• Nenhum resultado encontrado

Do ensino especializado à educação de jovens e adultos: análise das trajetórias escolares na perspectiva dos alunos, familiares e professores

N/A
N/A
Protected

Academic year: 2017

Share "Do ensino especializado à educação de jovens e adultos: análise das trajetórias escolares na perspectiva dos alunos, familiares e professores"

Copied!
153
0
0

Texto

(1)

81,9(56,'$'((67$'8$/3$8/,67$ ³-8/,2'(0(648,7$),/+2´

)DFXOGDGHGH&LrQFLDVH/HWUDV &DPSXVGH$UDUDTXDUD63

3URJUDPDGH3yV*UDGXDomRHP(GXFDomR(VFRODU

'2(16,12(63(&,$/,=$'2¬('8&$d­2'(

-29(16($'8/726$1È/,6('$675$-(7Ï5,$6

(6&2/$5(61$3(563(&7,9$'26$/8126

)$0,/,$5(6(352)(6625(6

(2)

*,25*,$&$52/,1(720$,12

'2(16,12(63(&,$/,=$'2¬('8&$d­2'(

-29(16($'8/726$1È/,6('$675$-(7Ï5,$6

(6&2/$5(61$3(563(&7,9$'26$/8126

)$0,/,$5(6(352)(6625(6

'LVVHUWDomR DSUHVHQWDGD DR 3URJUDPD GH 3yV *UDGXDomRHP (GXFDomR (VFRODU GD )DFXOGDGH GH &LrQFLDV H /HWUDV GD 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD FDPSXV GH$UDUDTXDUDFRPRSDUWHGRVUHTXLVLWRV SDUD D REWHQomR GR WtWXOR GH 0HVWUH HP (GXFDomR(VFRODU

(3)

7RPDLQR*LRUJLD&DUROLQH

'RHQVLQRHVSHFLDOL]DGRj(GXFDomRGH-RYHQVH$GXOWRVDQiOLVHGDV WUDMHWyULDVHVFRODUHVQDSHUVSHFWLYDGRVDOXQRVIDPLOLDUHVHSURIHVVRUHV 6LOYLD5HJLQD5LFFR/XFDWR6LJROR±

IFP

'LVVHUWDomR 0HVWUDGR HP (GXFDomR (VFRODU ± 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD )DFXOGDGH GH &LrQFLDV H /HWUDV &DPSXV GH $UDUDTXDUD

2ULHQWDGRU6LOYLD5HJLQD5LFFR/XFDWR6LJROR

(4)

*,25*,$&$52/,1(720$,12

'2(16,12(63(&,$/,=$'2¬('8&$d­2'(

-29(16($'8/726$1È/,6('$675$-(7Ï5,$6

(6&2/$5(61$3(563(&7,9$'26$/8126

)$0,/,$5(6(352)(6625(6

'LVVHUWDomR DSUHVHQWDGD DR 3URJUDPD GH 3yV *UDGXDomRHP (GXFDomR (VFRODU GD )DFXOGDGH GH &LrQFLDV H /HWUDV GD 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD FDPSXV GH$UDUDTXDUDFRPRSDUWHGRVUHTXLVLWRV SDUD D REWHQomR GR WtWXOR GH 0HVWUH HP (GXFDomR(VFRODU

%DQFD([DPLQDGRUD 3UHVLGHQWHH2ULHQWDGRUD

3URI'U6LOYLD5HJLQD5LFFR/XFDWR6LJROR

8QLYHUVLGDGH(VWDGXDO3DXOLVWD&DPSXVGH$UDUDTXDUD

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB ƒ([DPLQDGRUD

3URI'U$QD/XFLD$LHOOR

8QLYHUVLGDGH)HGHUDOGH6mR&DUORV8)6&DU

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB ƒ([DPLQDGRUD

3URI'U5RVHOL$SDUHFLGD3DUL]]L

8QLYHUVLGDGH(VWDGXDO3DXOLVWD&DPSXVGH$UDUDTXDUD

(5)

'HGLFRHVWHWUDEDOKRDRVDOXQRVSDUWLFLSDQWHVSRLVD SDUWLU GD ULTXH]D GH VXDV GHVFULo}HV RV FRPSUHHQGL HQTXDQWR SHVVRDV HVSHFLDLV QR VHQWLGR PDLV ERQLWR GDSDODYUD

(6)

$JUDGHFLPHQWRV

(VWH WUDEDOKR UHSUHVHQWD PDLV GR TXH D FRQTXLVWD GH XP REMHWLYR PDV D VXSHUDomR GH GLILFXOGDGHV H REVWiFXORV SDUD D UHDOL]DomR GH XP VRQKR 3RU LVVR DJUDGHoRDWRGRVTXHGHPDQHLUDGLUHWDRXLQGLUHWDFRQWULEXtUDPSDUDVXDUHDOL]DomR $R 'HXV IRQWH GH WRGD LQVSLUDomR SRU FRQGX]LUPH GXUDQWH HVWD LPSRUWDQWH MRUQDGDGDQGRPHVDEHGRULDHGLVFHUQLPHQWRHPFDGDSDVVRGDGR

$RPHXSDL$OFLGHVTXHGHQWURGHVXDVLPSOLFLGDGHHQVLQRXPHFRPJUDQGH]D DVOLo}HVGHKRQHVWLGDGHUHVSRQVDELOLGDGHHRUHVSHLWRDRSUy[LPR9RFrIRLSUHVHQoD LPSUHVFLQGtYHOSDUDDUHDOL]DomRGHVWHWUDEDOKRRVHXLQFHQWLYRHFRPSDQKLDHPWRGDV DVHWDSDVIL]HUDPPHVHQWLUPDLVIRUWHHVHJXUDSDUDWRPDUDVGHFLV}HVQHFHVViULDV ¬PLQKDPmH5HJLQDTXHFRPVXDIpHVDEHGRULDPHHQVLQRXDOXWDUSRULGHDLVH QmR GHVLVWLU GLDQWH GRV REVWiFXORV LPSRVWRV 3HOD FRQILDQoD H DSRLR SRLV VHP D VXD VLOHQFLRVDSRUpPIHFXQGDLQWHUFHVVmRQmRDOFDQoDULDHVWHREMHWLYR

$R *HWXOLR PHX QDPRUDGR DPLJR H PDLRU FRPSDQKHLUR SRU HVWDU VHPSUH DR PHX ODGR GDQGR VXSRUWH DPRU FDULQKR H LQFHQWLYR 3RU FRPSUHHQGHU D GLVWkQFLD DV UHQ~QFLDVPLQKDDQVLHGDGHHLUULWDo}HV6XDVVXJHVW}HVHFUtWLFDVIDYRUHFHUDPQmRVyR GHVHQYROYLPHQWRGHVWHWUDEDOKRPDVPHXFUHVFLPHQWRSHVVRDO

¬PLQKDLUPm*LRYDQDHDRPHXFXQKDGR7KLDJRTXHPHVPRGLVWDQWHVIRUDP PLQKDV UHIHUrQFLDV D TXH VH UHIHUH DR GHVHPSHQKR H DVSLUDo}HV SDUD D IRUPDomR DFDGrPLFDSRLVRVFRQVHOKRVHHVWtPXORVIRUDPLPSUHVFLQGtYHLV

$RVPHXVVREULQKRV*XLOKHUPHH$OLFHTXHFRPDDOHJULDLQRFHQWHGHFULDQoD RIHUHFLDPPH HP PHLR jV EULQFDGHLUDV D SRVVLELOLGDGH GH HQFRQWUDU IRUoDV SDUD GDU SURVVHJXLPHQWRDRWUDEDOKRFRPkQLPRUHQRYDGR

¬ PLQKD TXHULGD RULHQWDGRUD 6LOYLD 5HJLQD 5LFFR /XFDWR 6LJROR TXH GHVGH R LQtFLR DFUHGLWRX QD LGpLD GHVWH WUDEDOKR H QR GHFRUUHU GR WHPSR IRL DMXGDQGRPH D ODSLGiOR FRP pWLFD VHULHGDGH DWHQomR H VDEHGRULD (VWH SHUtRGR GH FRQYLYrQFLD IH] FRP TXH HX D DGPLUDVVH DLQGD PDLV FRPR SURILVVLRQDO PDV WDPEpP HQTXDQWR VHU KXPDQRFRPSUHHQVLYRVROLGiULRHKXPLOGH

$RJUXSRGHSHVTXLVD³'HVHQYROYLPHQWRHHGXFDomRQRFRQWH[WRGDIDPtOLDHGD HVFROD´ SRLV DV WURFDV GH H[SHULrQFLD H FRQKHFLPHQWR IDYRUHFHUDP GLUHWDPHQWH D HODERUDomRGHVWHWUDEDOKR0HQLQDVREULJDGD

¬ 3URIHVVRUD 'UD 0DULD -XOLD &DQD]]D 'DOO¶$FTXD H D 3URIHVVRUD 'UD 2OJD 0DULD5ROLP5RGULJXHVSHODVULFDVVXJHVW}HVGRH[DPHGHTXDOLILFDomR

¬6HFUHWDULDGH(GXFDomRGR0XQLFtSLRGH6mR&DUORVSRUDXWRUL]DUTXHIRVVH UHDOL]DGD QDV HVFRODV D FROHWD GH GDGRV SDUD HVWD SHVTXLVD ( SULQFLSDOPHQWH jV SURIHVVRUDVGH(GXFDomR(VSHFLDOTXHJHQWLOPHQWHFRQWULEXtUDPSDUDRHQULTXHFLPHQWR GHVWHWUDEDOKR

¬VIDPtOLDVGRVDOXQRVSDUWLFLSDQWHVSRUDFHLWDUHPDSURSRVWDGHVWHWUDEDOKRHVH FRORFDUHP D GLVSRVLomR $ UHFHSWLYLGDGH IRL LPSRUWDQWH SDUD R GHVHQYROYLPHQWR GDV HQWUHYLVWDV

¬3URIHVVRUD'UD$QD/XFLD$LHOORHD3URIHVVRUD'UD5RVHOL$SDUHFLGD3DUL]]L SHODSDUWLFLSDomRQRH[DPHGHGHIHVDHSHODVYDOLRVDVVXJHVW}HV

(7)

5(6802

$ SUHVHQWH SHVTXLVD DGRWD FRPR UHIHUHQFLDO WHyULFR D SHUVSHFWLYD ELRHFROyJLFD GH %URQIHQEUHQQHU 'H DFRUGR FRP R SUHVVXSRVWR RV FRQWH[WRV VmR VDOLHQWDGRV FRPR LPSRUWDQWHV LQIOXrQFLDV SDUD R GHVHQYROYLPHQWR KXPDQR QR GHFRUUHU GR FLFOR YLWDO UHVXOWDGRGDIXQomRFRQMXQWDGDVFDUDFWHUtVWLFDVGDSHVVRDHGRVSURFHVVRVSUR[LPDLVTXH VH HVWDEHOHFHP QHVVHV DPELHQWHV 2V REMHWLYRV GD SHVTXLVD IRUDP FRQVWLWXtGRV GDV GHVFULo}HVGDVWUDMHWyULDVHVFRODUHVGHDOXQRVRULXQGRVGHDPELHQWHVLQVWLWXFLRQDOL]DGRVH LQFOXtGRV HP HVFRODV UHJXODUHV HVSHFLILFDGDPHQWH HP XPD VDOD GH DXOD GR VHJPHQWR GD (-$ H D HODERUDomR GH XPD DQiOLVH FRPSDUDWLYD HQWUH RV GRLV DPELHQWHV GHVWDFDGRV QDV GHVFULo}HVDSDUWLUGDVFRQFHSo}HVGRVDOXQRVFRPGHILFLrQFLDHDVSHUVSHFWLYDVGHVHXV IDPLOLDUHVHSURIHVVRUDVVREUHRSURFHVVRGHLQFOXVmRHVFRODU2VSDUWLFLSDQWHVIRUDPVHLV DOXQRV FRP GHILFLrQFLD HJUHVVRV GH LQVWLWXLo}HV H TXH HVWDYDP IUHTXHQWDQGR D (-$ VHLV IDPLOLDUHV H TXDWUR SURIHVVRUDV VHQGR TXH GXDV PLQLVWUDP DXODV GH OtQJXD SRUWXJXHVD QD VDOD GD (-$ H GXDV VmR SURIHVVRUDV GD VDOD GH UHFXUVRV HVSHFLDOL]DGDV HP (GXFDomR (VSHFLDO2VLQVWUXPHQWRVXWLOL]DGRVIRUDPWUrVURWHLURVGHHQWUHYLVWDVVHPLHVWUXWXUDGR2V GDGRV GD SHVTXLVD IRUDP DJOXWLQDGRV HP TXDWUR FDWHJRULDV GH DQiOLVH 'HVFULomR GR DPELHQWH HVFRODU $SUHQGL]DJHP 5HODomR IDPtOLDHVFROD 3URFHVVR GH LQFOXVmR WRGRVVXEGLYLGLGRVHPWySLFRVWHPiWLFRVTXHGHVFUHYHPRVGRLVFRQWH[WRVGHVWDFDGRV2V UHVXOWDGRV REWLGRV UHYHODUDP TXH RV DOXQRV H VHXV IDPLOLDUHV QmR UHFRQKHFLDP D WHUPLQRORJLD ³LQFOXVmR HVFRODU´ H WmR VXD DSOLFDELOLGDGH RV SDUWLFLSDQWHV HVWDEHOHFHP FRPSDUDo}HV HVWUXWXUDLV HQWUH XP DPELHQWH H RXWUR SRLV GH DFRUGR FRP RV GDGRV ILFRX SHUFHSWtYHO TXH R DPELHQWH GDV LQVWLWXLo}HV GH DFRUGR FRP DV UHODo}HV HVWDEHOHFLGDV H D URWLQD GDV DWLYLGDGHV RIHUHFLD PDLRUHV RSRUWXQLGDGHV GH VRFLDOL]DomR HQTXDQWR TXH DV HVFRODVUHJXODUHVWUDEDOKDPSUHIHUHQFLDOPHQWHFRP DWUDQVPLVVmRGHFRQWH~GRVHVFRODUHV QmR SURSRUFLRQDQGR HVSDoRV SDUD DV UHODo}HV LQWHUSHVVRDLV SRLV RV PRGHORV GH RUJDQL]DomR H HVWUXWXUD GLIHUHQFLDGRV QmR SHUPLWLDP PHOKRUHV RSRUWXQLGDGHV SDUD HVWHV DOXQRVXPDYH]TXHRVFRQWH~GRVVmRIUDJPHQWDGRVGHYLGRDRWHPSROLPLWDGRGDVDXODVH DXVrQFLD GH RSRUWXQLGDGHV GH DGDSWDomR RX PHVPR GH XWLOL]DomR GH UHFXUVRV HVSHFLDOL]DGRV $ SDUWLFLSDomR GRV IDPLOLDUHV QR FRQWH[WR HVFRODU p GHVFULWR FRPR LPSRUWDQWHHHQULTXHFHGRUQRHQWDQWRRVIDPLOLDUHVDLQGDHVSHUDPGRFRQWH[WRHVFRODUDV FRQYRFDo}HVUHXQL}HVHHVFODUHFLPHQWRV$LQFOXVmRIRLGHVFULWDGHPDQHLUDSRVLWLYDSRU DTXHOHVTXHSURFXUDUDPFRQKHFHUDVXDLGpLDRULJLQDOFRQWXGRDSUHVHQWDUDPFULWLFDVVREUH D HVWUXWXUD GD (-$ R GLVWDQFLDPHQWR HQWUH SURIHVVRU H DOXQR H DV GLILFXOGDGHV GH UHODFLRQDPHQWR HQWUH RV DOXQRV SRU FRQWD GD KHWHURJHQHLGDGH GD WXUPD 'HVFUHYHP DV LQVWLWXLo}HV FRPR SURPRWRUDV GD VRFLDOL]DomR PDV FULWLFDP DV SRXFDV SRVVLELOLGDGHV GH WUDEDOKR UHODFLRQDGDV j DSUHQGL]DJHP $V DQiOLVHV GDV WUDMHWyULDV H DV FRPSDUDo}HV HVWDEHOHFLGDV HQWUH RV GRLV FRQWH[WRV VLQDOL]DUDP D DXVrQFLD GH SURSRVWDV SHGDJyJLFDV H RUJDQL]DFLRQDLVSDUDTXHVHSRVVDPJDUDQWLUQmRVyRDFHVVRDSHUPDQrQFLDPDVWDPEpP VXFHVVR QD DSUHQGL]DJHP GR DOXQR FRP GHILFLrQFLD HP XP DPELHQWH GHPRFUiWLFR H JHQXLQDPHQWHLQFOXVLYR

(8)

$%675$&7

7KH SUHVHQW UHVHDUFK DGRSWV WKH ELRHFRORJLFDO SHUVSHFWLYH RI %URQIHQEUHQQHU DV WKHRUHWLFDO UHIHUHQFH $FFRUGLQJ WR LWV WHQHW WKH FRQWH[WV DUH UHJDUGHG DV LPSRUWDQW LQIOXHQFHVIRU KXPDQGHYHORSPHQW WKURXJKRXWWKH OLIHF\FOHZKLFK LV WKHUHVXOWRIWKH FRPELQHGIXQFWLRQVRIWKHLQGLYLGXDO¶VFKDUDFWHULVWLFVDQGWKHQHDUE\SURFHVVHVWKDWDUH VHW LQ VXFK HQYLURQPHQWV 7KH JRDOV RI WKH UHVHDUFK ZHUH VHW IURP WKH GHVFULSWLRQV RI VFKRROEDFNJURXQGVRIVWXGHQWVZKRFRPHIURPLQVWLWXWLRQDOL]HGHQYLURQPHQWVDQGZKR DUHLQFOXGHGLQUHJXODUVFKRROVSDUWLFXODUO\LQFODVVURRPVRIWKH(-$VHJPHQWDQGDOVR IURPWKHFRQVWLWXWLRQRIDFRPSDUDWLYHDQDO\VLVEHWZHHQWKHWZRHQYLURQPHQWVZKLFKDUH KLJKOLJKWHG LQ WKH GHVFULSWLRQV WDNHQ IURP GLVDEOHG VWXGHQWV¶ FRQFHSWLRQV DQG WKHLU UHODWLYHV DQG WHDFKHUV¶ SHUVSHFWLYHV DERXW WKH LQFOXVLYH VFKRRO SURFHVV $V IRU WKH SDUWLFLSDQWV ZH KDG VL[ GLVDEOHG VWXGHQWV FRPLQJ IURP UDQGRP LQVWLWXWLRQV ZKR ZHUH DWWHQGLQJ WKH (-$ DV ZHOO DV VL[ UHODWLYHV DQG IRXU WHDFKHUV WKH WZR RI ZKRP ZHUH WHDFKLQJ 3RUWXJXHVH DW (-$¶V FODVVURRP ZKLOH WKH RWKHU WZR ZKR DUH VSHFLDOL]HG LQ 6SHFLDO (GXFDWLRQ ZRUN DV WHDFKHUV RI WKH OHDUQLQJ UHVRXUFH FHQWHU 7KH LQVWUXPHQWV XVHG LQ WKH UHVHDUFKZHUH WKUHHVHPLVWUXFWXUHG VFULSWHG LQWHUYLHZV 7KH FROOHFWHGGDWD ZHUHPHUJHGLQWRIRXUDQDO\WLFFDWHJRULHV'HVFULSWLRQRIWKHVFKRROHQYLURQPHQW /HDUQLQJ6FKRRO±IDPLO\UDSSRUW,QFOXVLYH3URFHVVDOORIZKLFKVXEGLYLGHGLQWR WKHPDWLFWRSLFVWKDWGHVFULEHWKHWZRKLJKOLJKWHGFRQWH[WV7KHREWDLQHGUHVXOWVUHYHDOHG WKDW WKH VWXGHQWV DQG WKHLU UHODWLYHV ZHUH QHLWKHU IDPLOLDU ZLWK WKH ³LQFOXVLYH VFKRRO´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¶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¶V DFFHVV DQG DWWHQGDQFH EXW DOVR WKHLU VXFFHVV LQ OHDUQLQJLQDGHPRFUDWLFDQGJHQXLQHO\LQFOXVLYHHQYLURQPHQW

(9)

/,67$'(48$'526

4XDGUR,&DUDFWHUL]DomRGRVDOXQRV 4XDGUR,,&DUDFWHUL]DomR GRVIDPLOLDUHV 4XDGUR,,,&DUDFWHUL]DomRGDVSURIHVVRUDV 4XDGUR,9&DWHJRULDVGHDQiOLVHGDVHQWUHYLVWDVFRPRVDOXQRVHIDPLOLDUHV 4XDGUR9&DWHJRULDVGHDQiOLVHGDVHQWUHYLVWDVFRPDVSURIHVVRUDV

(10)

680È5,2

$35(6(17$d­2

,1752'8d­2

3HUVSHFWLYD%LRHFROyJLFD

,QFOXVmR

(GXFDomRGH-RYHQVH$GXOWRV

2&DPLQKRHQWUHRHQVLQRHVSHFLDOL]DGRHDLQFOXVmRQRHQVLQRUHJXODUQD SHUVSHFWLYDGRVDOXQRV

0e72'2

&RQWH[WRV

(VFRODVUHJXODUHV

,QVWLWXLo}HVHVSHFLDOL]DGDV

3DUWLFLSDQWHV

3URFHVVRGHLGHQWLILFDomRGRVSDUWLFLSDQWHV

$OXQRV

)DPLOLDUHV

3URIHVVRUDV

,QVWUXPHQWRVGHFROHWDGHGDGRV

5RWHLURGHHQWUHYLVWDFRPRVDOXQRV

5RWHLURGHHQWUHYLVWDFRPRVIDPLOLDUHV 5RWHLURGHHQWUHYLVWDFRPDVSURIHVVRUDV 3URFHGLPHQWRGHFROHWDGHGDGRV 3URFHGLPHQWRGHDQiOLVHGHGDGRV

$QiOLVHGDVHQWUHYLVWDV

5(68/7$'26

352&(',0(172'(,'(17,),&$d­2(75$-(7Ï5,$6(6&2/$5(6'26

$/8126

&$5$&7(5,=$d­2'2&217(;72(6&2/$5

(11)

5RWLQDGDVDWLYLGDGHV

5HODomRSURIHVVRUDOXQR

25HODFLRQDPHQWRFRPRVFROHJDV

6LWXDo}HVGHGLVFULPLQDomR

3HUVSHFWLYDVSDUDRIXWXUR

$35(1',=$*(0126'2,6&217(;726(6&2/$5(6 &RQWH~GRVGHVHQYROYLGRV

2UJDQL]DomRGDVDXODV

5HFXUVRVHPpWRGRVGLIHUHQFLDGRV $IUHTXrQFLDHDSDUWLFLSDomRQDVDXODV

'LILFXOGDGHV

3HUFHSo}HVVREUHRHQVLQRRIHUHFLGR

5(/$d­2)$0,/,$(6&2/$

,PSRUWkQFLDGD5HODomR)DPtOLDHVFROD (QYROYLPHQWRGRVIDPLOLDUHVQDVTXHVW}HVHGXFDWLYDV 2ULHQWDo}HVVREUHDWUDQVIHUrQFLD 2352&(662'(,1&/86­2(6&2/$5

',6&866­2'265(68/7$'26

&216,'(5$d®(6),1$,6

5()(5Ç1&,$6

$3Ç1',&(6

(12)

$35(6(17$d­2

'XUDQWH R FXUVR GH JUDGXDomR HP 3HGDJRJLD IRUDP DSUHVHQWDGDV GLIHUHQWHV SRVVLELOLGDGHV SDUD R GHVHQYROYLPHQWR GH LQYHVWLJDo}HV FLHQWLILFDV QR FDPSR GD (GXFDomRPDVIRLRLQWHUHVVHSHOD (GXFDomR(VSHFLDO TXHFRQGX]LX HVWDSHVTXLVDGD KLSyWHVHDWpDVXDFRQFUHWL]DomR

$V H[SHULrQFLDV RFRUULGDV QRV SHUtRGRV GH HVWiJLR HP DPELHQWHV LQVWLWXFLRQDOL]DGRV SDUD SHVVRDV GHILFLHQWHV H D HVFROD UHJXODU RQGH IRUDP H[SHULHQFLDGDV DV VLWXDo}HV LQFOXVLYDV RFDVLRQDUDP LQGDJDo}HV VREUH TXDOLGDGH GH HQVLQRSRVVLELOLGDGHVHSHUVSHFWLYDVIXWXUDVSDUDRVDOXQRVGHILFLHQWHV

,QLFLDOPHQWH R SUREOHPD GH SHVTXLVD FRQVLVWLD HP UHFRQKHFHU DV RSLQL}HV GRV DOXQRV FRP GHILFLrQFLD VREUH R SURFHVVR GH LQFOXVmR HVFRODU 1R HQWDQWR DV LQTXLHWDo}HVVXVFLWDUDP R LQWHUHVVHHP UHFRQKHFHU H FRPSUHHQGHUPHOKRU D GLQkPLFD HVWDEHOHFLGDSHORSURFHVVRGDLQFOXVmRHVFRODU3DUDWDQWRIRUDPFRQVXOWDGDVEDVHVGH GDGRVELEOLRJUiILFRVSRGHQGRSHUFHEHUTXHRREMHWLYRGRHVWXGRpUHOHYDQWHFRQWXGRD SURGXomRDLQGDVHDSUHVHQWDHVFDVVD

'LDQWHGDVLQGDJDo}HVREVHUYDGDVHGDVODFXQDVTXHH[LVWLDPVREUHRSURFHVVR GHLQFOXVmRHVFRODUQDSHUVSHFWLYDGRVDOXQRVFRPGHILFLrQFLDRREMHWLYRGDSHVTXLVD FRQVLVWLXHPREWHUGRVDOXQRVFRPGHILFLrQFLDUHODWRVHGHVFULo}HVVREUHDLQVWLWXLomR HVSHFLDOL]DGD H R DPELHQWH HVFRODU LQFOXVLYR $ DQiOLVH GHVWHV GDGRV SHUPLWLX LGHQWLILFDUDVWUDMHWyULDVHSRVWHULRUPHQWHUHODFLRQiORVHHVWDEHOHFHUXPDFRPSDUDomR HQWUHRVGRLVFRQWH[WRVHGXFDWLYRVQmRQRVHQWLGRGHHVWUXWXUDUGHIHVDSDUDXPGHOHV HPGHWULPHQWRGRRXWURPDVSDUDYHULILFDUDVSRVVLELOLGDGHVDOFDQFHVHOLPLWDo}HVGH FDGD XPD GDV SURSRVWDV HGXFDFLRQDLV H SRGHU UHYLViODV GH PRGR D SURSRUFLRQDU D YHUGDGHLUDLQFOXVmRSDUDHVWHVDOXQRV

3DUD DWHQGHU DRV REMHWLYRV GH SHVTXLVD IRL DGRWDGD FRPR UHVSDOGR WHyULFR PHWRGROyJLFRDSHUVSHFWLYDELRHFROyJLFDGH%URQIHQEUHQQHUTXHVHPRVWURXDGHTXDGD SDUD DWHQGrORV XPD YH] TXH FRQVLGHUD QHFHVViULR FRQKHFHU RV FRQWH[WRV H DV LQWHUDo}HVHPWRGDFRPSOH[LGDGH

(13)

FRPDVLQIRUPDo}HVFDGDVWUDLVQmRHVWDYDPFRPSOHWRVHQmRKDYLDXPFDGDVWUR~QLFR GRV DOXQRV GHILFLHQWHV HJUHVVRV GH LQVWLWXLo}HV HVSHFLDOL]DGDV TXH HVWDYDP PDWULFXODGRVQDUHGH0XQLFLSDOGH(QVLQR3RUHVWHPRWLYRRWUDEDOKRGHPDSHDPHQWR H ORFDOL]DomR GRV DOXQRV SUHFLVRX VHU UHDOL]DGR DOpP GR OHYDQWDPHQWR FDGDVWUDO HP WRGDVDVHVFRODVTXHRIHUHFLDPR(QVLQR)XQGDPHQWDO

1HVVH SRQWR VXUJLX XP QRYR FULWpULR SRLV RV DOXQRV GHILFLHQWHV SUHFLVDULDP SHUWHQFHU D XPD IDL[D HWiULD TXH SXGHVVH IDYRUHFHU R DFHVVR jV VXDV PHPyULDV H GHVFUHYHURVDFRQWHFLPHQWRVIDWRVLQWHUDo}HVHDSUHFLDo}HVGHQWURGHVXDVWUDMHWyULDV HVFRODUHV

&RPHVWHQRYRFULWpULRDWUDMHWyULDGDSHVTXLVDVHJXLXXPQRYRFDPLQKRSRLV RVDOXQRVOHYDQWDGRVQDIDVHGHFDGDVWURHTXHSRVWHULRUPHQWHDFHLWDUDPSDUWLFLSDUGD LQYHVWLJDomRHVWDYDPQDIDL[DHWiULDFRPSUHHQGLGDHQWUHTXLQ]HHYLQWHHVHLVDQRVH QR PRPHQWR PDWULFXODGRV H IUHTXHQWDQGR XPD VDOD GD (GXFDomR SDUD -RYHQV H $GXOWRVFRQIRUPHRTXHHVWiGHILQLGRQDOHLQTXHGHWHUPLQDDV'LUHWUL]HVH %DVHVSDUDD(GXFDomR1DFLRQDOXPDYH]TXHRVDOXQRVPDLRUHVGHTXLQ]HDQRVQmR SRGHPIUHTXHQWDUR(QVLQR)XQGDPHQWDOQDVVDODVGHDXODFRPXP

'HDFRUGRFRPHVVDQRYDSRVVLELOLGDGHRXYLUHDQDOLVDURVUHODWRVGDWUDMHWyULD HVFRODUGRVDOXQRVGHILFLHQWHVRXVHMDGDGRVHPEDVDGRVHPVXDVPHPyULDVHQULTXHFHX D SHVTXLVD XPD YH] TXH VmR HVFDVVRV RV HVWXGRV FLHQWtILFRV TXH DERUGHP D WHPiWLFD LQFOXVmRQDyWLFDGRDOXQRGHILFLHQWHFRPLGDGHPDLVHOHYDGDHTXHIUHTXHQWHPR(-$ $PDLRUSDUFHODGHHVWXGRVHVWiYROWDGDSDUDDVFULDQoDVGHILFLHQWHVHQmRPHQFLRQD H[SHFWDWLYDVIXWXUDVSDUDHVWHVDOXQRVTXDQWRDRSURFHVVRGHHVFRODUL]DomRLQFOXVLYR 'H DFRUGR FRP %XHQR TXH UHDOL]RX XP EDODQoR ELEOLRJUiILFR GH SHVTXLVDV QD iUHD GD HGXFDomR RQGH RV DOXQRV FRP GHILFLrQFLD WDPEpP IRUDP LGHQWLILFDGRVFRPRREMHWRVGHLQYHVWLJDomRDVWHPiWLFDVLQFLGLUDPIXQGDPHQWDOPHQWH QDVFDUDFWHUtVWLFDV HVSHFtILFDV JHUDGDVSHODVGHILFLrQFLDV GLVIXQo}HV H GLVW~UELRV QmR VLQDOL]DQGR DV SUiWLFDV SHGDJyJLFDV H DV SRVVLELOLGDGHV GH UHQGLPHQWR HVFRODU DVVLP FRPRDVWUDMHWyULDVGHHVFRODUL]DomRGHDOXQRVLQFOXtGRVGRVHJPHQWRGD(-$XPDYH] TXHDPRGDOLGDGHGHHQVLQRSULRULWDULDPHQWHHVWXGDGDHUDDHGXFDomREiVLFDUHJXODU 3DUWLFLSDUDPGHVWDSHVTXLVDVHLVDOXQRVFRPGHILFLrQFLDVHLVIDPLOLDUHVHTXDWUR SURIHVVRUDV HVWHV GRLV ~OWLPRV JUXSRV GH SDUWLFLSDQWHV FRQWULEXtUDP FRP R GHOLQHDPHQWR GDV WUDMHWyULDV HVFRODUHV H DV GHVFULo}HV VREUH R GLDJQyVWLFR H DV SRVVLELOLGDGHVGHLQWHUYHQomR

(14)

,1752'8d­2

'LVFXWLUVHiSULPHLUDPHQWHDDGRomRGDSHUVSHFWLYDELRHFROyJLFDFRPRWHRULD TXH QRUWHDUi D SUHVHQWH SHVTXLVD WHQGR FRPR IRFR DV LQWHUFRQH[}HV RX VHMD DV LQIOXrQFLDVGH LQ~PHUDV IRQWHV SRU H[HPSOR SROtWLFDVGH LQFOXVmR DV GH FRPEDWH DR DQDOIDEHWLVPR H R DPELHQWH HVFRODU GDV LQVWLWXLo}HV TXH DWHQGHP SHVVRDV FRP GHILFLrQFLDHGD(GXFDomRGH-RYHQVH$GXOWRV

2 VHJXQGR WHPD DSUHVHQWDGR VHUi R SURFHVVR GH LQFOXVmR TXH HQIDWL]DUi HP VHXV DVSHFWRV KLVWyULFRV DV SROtWLFDV HGXFDFLRQDLV FRQGLo}HV RUJDQL]DFLRQDLV H SRVVLELOLGDGHVGHDSULPRUDPHQWR

$WHPiWLFDGD(GXFDomR GH-RYHQV H$GXOWRV FRUUHVSRQGHjWHUFHLUDWHPiWLFD SRLV FRQVLVWLX QR FRQWH[WR LQFOXVLYR SRUPHQRUL]DGR QHVWD SHVTXLVD $V TXHVW}HV SROtWLFDVGHFRPEDWHDRDQDOIDEHWLVPRQR%UDVLODVSROtWLFDVS~EOLFDVQD(-$DRORQJR GDKLVWyULDQDFLRQDOEHPFRPRRDXPHQWRQDVPDWUtFXODVQHVWHVHJPHQWRHGXFDFLRQDO )LQDOL]DQGR QD TXDUWD WHPiWLFD Ki XPD DSUHVHQWDomR GRV DOXQRV TXH HVWmR LQVHULGRVQRVHJPHQWRGD(-$HGRVGDGRVHVWDWtVWLFRVTXHHVERoDPRVDOWRVtQGLFHVGH LQFOXVmR GRV DOXQRV FRP GHILFLrQFLD QHVWH FRQWH[WR HVFRODU SDUD FRQFOXtUHP VHXV HVWXGRVRXPHVPRUHJXODUL]DURSURFHVVRGHHVFRODUL]DomR

3HUVSHFWLYD%LRHFROyJLFD

(15)

$SHUVSHFWLYDELRHFROyJLFDPRVWUDVHFRPRXPHPEDVDPHQWRWHyULFRDGHTXDGR DRSUREOHPDGHSHVTXLVDSURSRVWRQDPHGLGDHPTXHSHUPLWHDQDOLVDUDVUHODo}HVTXH VHHVWDEHOHFHPHQWUHRLQGLYtGXRHRVFRQWH[WRVHVFRODUHV

1D WHRULD ELRHFROyJLFD ³>@ RV SURFHVVRV SVLFROyJLFRV SDVVDP D VHU SURSULHGDGHVGHVLVWHPDVQDVTXDLVDSHVVRDpDSHQDVXPGRVHOHPHQWRVVHQGRIRFR SULQFLSDO RV SURFHVVRV H DV LQWHUDo}HV´ 1$59$= .2//(5 S 6HQGR DVVLPH[LVWHPSRVVLELOLGDGHVGHGHVHQYROYLPHQWRTXDQGRRPHLRpHVWLPXODGRUDVVLP FRPRDFRQWHFHPPRGLILFDo}HVQRDPELHQWHDWUDYpVGHLQWHUDo}HVFRPRLQGLYtGXRRX VHMDpXPSURFHVVRELGLUHFLRQDO

'HDFRUGRFRPHVWDSHUVSHFWLYDDWUDQVLomRHFROyJLFDRXVHMDDVPXGDQoDVGH XPDPELHQWHSDUDRRXWURVmRLPSRUWDQWHVSDUDRGHVHQYROYLPHQWRGRLQGLYtGXR3DUD RV DOXQRV SDUWLFLSDQWHV GHVWD SHVTXLVD D LQFOXVmR HVFRODU UHSUHVHQWRX XPD WUDQVLomR HFROyJLFDSRLVQRDPELHQWHLQFOXVLYRIRLSUHFLVRDVVXPLUXPSDSHOGLIHUHQFLDGRFRP QRYDVLPSOLFDo}HVHHVWtPXORVRXVHMDVmRDWLYLGDGHVHVFRODUHVUHODo}HVHLQWHUDo}HV GLIHUHQFLDGDV GR DPELHQWH HVFRODU LQVWLWXFLRQDOL]DGR H FRP LVVR SRGHP UHSUHVHQWDU SURFHVVRV GH GHVHQYROYLPHQWR RX QmR 3DUD %URQIHQEUHQQHU FDGD WUDQVLomR HFROyJLFD p WDQWR FRQVHTXrQFLD GH PXGDQoDV TXDQWR SURPRWRUD GH SURFHVVRV TXH RFRUUHPQRGHVHQYROYLPHQWR

$ UHOHYkQFLD GHVVDV PXGDQoDV GH SDSpLV HVWi HP DOWHUDU D PDQHLUD GH DJLU SHQVDUHVHQWLUGRLQGLYLGXRHWDPEpPDPDQHLUDSHODTXDOHOHpWUDWDGRSHODVRXWUDV SHVVRDV

&RPRDUJXPHQWD%URQIHQEUHQQQHUS

&DGD WUDQVLomR HFROyJLFD p WDQWR XPD FRQVHTXrQFLD TXDQWR XPD LQYHVWLJDomR GH SURFHVVRV GHVHQYROYLPHQWDLV &RQIRUPH RV H[HPSORV LQGLFDP DV WUDQVLo}HV VmR IXQo}HV FRQMXQWDV GH PXGDQoDV ELROyJLFDV H FLUFXQVWkQFLDV DOWHUDGDV QR PHLR DPELHQWH DVVLP HODV VmR H[HPSORV SRU H[FHOrQFLD GR SURFHVVR GH P~WXD DFRPRGDomR HQWUH R RUJDQLVPR H VHXV DUUHGRUHV TXH p R IRFR SULPiULR GR TXH FKDPHL GH HFRORJLD GR GHVHQYROYLPHQWR KXPDQR $OpP GLVVR DV DOWHUDo}HV QR PHLR SRGHP RFRUUHUHPTXDOTXHUXPGRVTXDWURQtYHLVGRPHLRDPELHQWHHFROyJLFR

(16)

2GHVHQYROYLPHQWRKXPDQRpRSURFHVVRSRUPHLRGRTXDODSHVVRDVTXHVH GHVHQYROYHDGTXLUHXPDFRQFHSomRPDLVDPSOLDGDGLIHUHQFLDGDHYiOLGDGR PHLR DPELHQWH HFROyJLFR H VH WRUQD PDLV PRWLYDGD H PDLV FDSD] GH VH HQYROYHU HP DWLYLGDGHV TXH UHYHODP VXDV SURSULHGDGHV VXVWHQWDP RX UHHVWUXWXUDP DTXHOH DPELHQWH HP QtYHLV GH FRPSOH[LGDGH VHPHOKDQWH RX PDLRUGHIRUPDHFRQWH~GR$IDPtOLDpYLVWDSRUHVWDSHUVSHFWLYDFRPRXP GRV FRQWH[WRV QR TXDO R GHVHQYROYLPHQWR RFRUUH VHP GHVFRQVLGHUDU DV LQWHUFRQH[}HVFRPRXWURVDPELHQWHVQDVRFLHGDGH

'H DFRUGR FRP D FRQFHSomRELRHFROyJLFD R GHVHQYROYLPHQWR UHSUHVHQWDXPD WUDQVIRUPDomR TXH DWLQJH R LQGLYtGXR QR TXH GL] UHVSHLWR DR FRQWH[WR RX VLWXDomR H[SHULHQFLDGD H[LJLQGR XPD UHRUJDQL]DomR FRQWtQXD TXH HQYROYH DV SHUFHSo}HV DWLYLGDGHVHLQWHUDo}HVFRPRVHXPXQGR2GHVHQYROYLPHQWRKXPDQRpHVWLPXODGRRX LQLELGR SHOR JUDX GH LQWHQVLGDGH QDV LQWHUDo}HV FRP DV SHVVRDV TXH RFXSDP XPD YDULHGDGHGHSDSpLVHSHOD SDUWLFLSDomRHPGLIHUHQWHVDPELHQWHV3RUWDQWRpSRVVtYHO HVWDEHOHFHU TXH R GHVHQYROYLPHQWR DFRQWHoD GH PDQHLUD FRQWtQXD H UHFtSURFD 'H DFRUGRFRP3RO{QLDH6LOYDQRLQWHUMRJRHQWUHDVSHFWRVELROyJLFRVSVLFROyJLFRV H DPELHQWDLV HP TXH DV IRUoDV TXH SURGX]HP D HVWDELOLGDGH H D PXGDQoD QDV FDUDFWHUtVWLFDVELRSVLFROyJLFDV GDSHVVRDGXUDQWH VXFHVVLYDVJHUDo}HVVmR SHUFHELGDV FRQVLGHUDQGRRVSURFHVVRVHYROXWLYRVHDVWUDQVIRUPDo}HVRSHUDGDVQDSHVVRDHQRVHX DPELHQWH

2 FRQWH[WR RX DPELHQWH p FRQVWLWXtGR SRU XP FRQMXQWR GH VLVWHPDV LQWHUGHSHQGHQWHVFRQILJXUDGRHPQtYHLVHVWUXWXUDLVGLIHUHQFLDGRV

'HDFRUGRFRP%URQIHQEUHQQQHU RVLQGLYtGXRVHVWmRLQVHULGRVHPXP DPELHQWH HFROyJLFR R TXDO p FRQFHELGR SRU XP FRQMXQWR GH HVWUXWXUDV FRQFrQWULFDV RQGH FDGD XPD DEDUFD SURJUHVVLYDPHQWH D RXWUD VHQGR DVVLP GHQRPLQDGDV FRPR 0LFUR([R0HVRH0DFUR

2 0LFURVVLVWHPD p R QtYHO PDLV LQWHUQR GDV HVWUXWXUDV SRU LVVR LGHQWLILFDVH FRP D FDVD RX D VDOD GH DXOD FXMD FRQILJXUDomR VH HVWUXWXUD HP XP SDGUmR GH DWLYLGDGHV SDSpLV H UHODo}HV LQWHUSHVVRDLV H[SHULHQFLDGRV SHOD SHVVRD HP GHVHQYROYLPHQWRQXPGDGRDPELHQWHFDUDFWHUL]DGRItVLFDHPDWHULDOPHQWH

(17)

FXUUtFXOR2VSDSpLVTXHDSHVVRDGHVHPSHQKDQRFRQWH[WRHPTXHYLYHUHSUHVHQWDPR FRQMXQWR GH H[SHFWDWLYDV DWLYLGDGHV H DWLWXGHV HVSHUDGDV VRFLDOPHQWH D UHVSHLWR GD DWXDomRGRLQGLYtGXRQRDPELHQWHRQGHVHHVWDEHOHFHPDVUHODo}HV3DUDRVDOXQRVTXH SHUSDVVDP R SURFHVVR GH LQFOXVmR HVFRODU HVWH FRQFHLWR VLQDOL]D D TXHVWmR GD GLVFULPLQDomR SRLV DR ORQJR GH VXDV WUDMHWyULDV HVFRODUHV VmR LGHQWLILFDGDV UHSUHVHQWDo}HVQHJDWLYDVUyWXORVHHVWLJPDVDLQGDTXHHPPHLRDDGMHWLYRVDWHQXDGRV $V UHODo}HV LQWHUSHVVRDLV RFRUUHP VHPSUH TXH XPD SHVVRD SUHVWD DWHQomR QR TXH D RXWUD HVWi UHDOL]DQGR RX FRPSDUWLOKDP DWLYLGDGHV HP XP PHVPR DPELHQWH 'HQWURGDSHUVSHFWLYDGHVWHWUDEDOKRDVUHODo}HVLQWHUSHVVRDLVHYLGHQFLDUDPDVSUiWLFDV GH VRFLDOL]DomR SRLV RV LQGLYtGXRV DVVXPHP R PHVPR SDSHO SHUDQWH D VRFLHGDGH HP DWLYLGDGHV FRQMXQWDV PDV PHQFLRQDP GH PDQHLUD QHJDWLYD DV UHODo}HV GHQWUR GR FRQWH[WRLQFOXVLYRSRLVQmRKiHVWUHLWDPHQWRDIHWLYR

2 VHJXQGR QtYHO HVWUXWXUDO p R 0HVRVVLVWHPD TXH DSUHVHQWD DV LQWHUFRQH[}HV HQWUHGRLVRXPDLVDPELHQWHVQRVTXDLVRLQGLYtGXRWHPSDUWLFLSDomRDWLYD

2 WHUFHLUR QtYHO SHUWHQFHQWH DR DPELHQWH HFROyJLFR p R ([RVVLVWHPD TXH VH GHILQH FRPR XPD LQWHUFRQH[mR HQWUH DPELHQWHV TXH LQIOXHQFLDP R FRWLGLDQR GR LQGLYtGXRPHVPRTXHHOHQmRSDUWLFLSHDWLYDPHQWHHPDPERV

2QtYHOPDLVH[WHUQRpRFKDPDGR0DFURVVLVWHPDGHQRPLQDGRXPVLVWHPDGH LGpLDVYDORUHVFUHQoDVHLGHRORJLDVVXEMDFHQWHVjIRUPDGRVFRQWH~GRVGR0LFUR0HVR H ([RVVLVWHPD 'HVVD IRUPD VDOLHQWDVH D LPSRUWkQFLD GRV QtYHLV HVWUXWXUDLV H DV UHODo}HVHVWDEHOHFLGDVHQWUHHOHVSRLVXPDPELHQWHSDUDIXQFLRQDUFRPRXPFRQWH[WR GH GHVHQYROYLPHQWR SDUD R LQGLYtGXR GHSHQGH ³GD H[LVWrQFLD H QDWXUH]D GDV LQWHUFRQH[}HV VRFLDLV HQWUH DPELHQWHV LQFOXLQGR D SDUWLFLSDomR FRQMXQWD D FRPXQLFDomR H D H[LVWrQFLD GH LQIRUPDomR HP FDGD DPELHQWH D UHVSHLWR GR RXWUR´ FRPRGHVWDFD%URQIHQEUHQQQHUS

$SUHRFXSDomRGHVWDSHVTXLVDFRPUHODomRjVSHUFHSo}HVGRVDOXQRVIDPLOLDUHV SURIHVVRUDVVREUHRSURFHVVRGHLQFOXVmRHVFRODUSHUPLWHLQVHULODGHQWURGDSHUVSHFWLYD ELRHFROyJLFD HP XP PRGHOR GH 0LFURVVLVWHPD TXH p FRQVWLWXtGR SRU SDGU}HV GH DWLYLGDGHVSDSpLVHUHODo}HVLQWHUSHVVRDLVH[SHULHQFLDGRVSHORVLQGLYtGXRVHPXPGDGR DPELHQWH QR TXDO VXDV FDUDFWHUtVWLFDV ItVLFDV VRFLDLV H VLPEyOLFDV SDUWLFXODUHV IXQFLRQDPGHPDQHLUDDHVWLPXODURXLQLELUDVUHODo}HVLQWHUSHVVRDLV

(18)

(-$ H UHFRQKHFHU RV SDSpLV DWLYLGDGHV H UHODo}HV LQWHUSHVVRDLV TXH RV DOXQRV FRP GHILFLrQFLDGHVHQYROYHPGXUDQWHRVHXWUDMHWRHVFRODU

,QFOXVmR

)DODUVREUHLQFOXVmRpDOJRTXHVHLPS}HFDGDYH]PDLVQRPXQGRDWXDO([LVWH XPDWHQGrQFLDSUHVHQWHQDSROtWLFDVRFLDOQDV~OWLPDVGpFDGDVGHIRPHQWDUDLQFOXVmRH D SDUWLFLSDomR GH SHVVRDV TXH KLVWRULFDPHQWH YLYHUDP j PDUJHP GD VRFLHGDGH $ H[FOXVmRFRPREHPGHILQH%RQHWL

>@ p PDLV GR TXH VHSDUDU VHJUHJDU GLVFULPLQDU JUXSRV VRFLDLV SRU GHWHUPLQDGDV FDUDFWHUtVWLFDV LQDWDV RX GHVHQYROYLGDV ([FOXLU VLJQLILFD H[SXOVDUGRPXQGRGRPLQDQWHVLJQLILFDOLWHUDOPHQWHFRORFDUSDUDIRUDGRV SDUkPHWURV H GDV QRUPDV TXH UHJHP DV UHODo}HV VRFLDLV QmR DSHQDV PDUJLQDOL]DU H VLP GHVFRQVLGHUDU D H[LVWrQFLD KXPDQD %21(7, S

'HDFRUGRFRP2PRWHQRGHFRUUHUGRVSHUtRGRVKLVWyULFRVGHHYROXomR HDSHUIHLoRDPHQWRGDYLGDFROHWLYDRKRPHPDGRWRXGLIHUHQWHVIRUPDVGHOLGDUFRPD SUHVHQoD GH LQGLYtGXRV FRP GHILFLrQFLDV RX GLIHUHQoDV H[SUHVVLYDV HP DOJXPDV FDUDFWHUtVWLFDVFRQVLGHUDGDVLPSRUWDQWHVHPFDGDpSRFD(VVDFDPLQKDGDFRQILJXUDVH GHVGHDVIRUPDVH[WUHPDVGHH[FOXVmRFRPRDHOLPLQDomRItVLFDRXDEDQGRQR DWpDV IRUPDVDWXDLVHPTXHVHOXWDSDUDSRUHPSUiWLFDDSROtWLFDGHLQFOXVmRHVFRODU

6HJXQGR0HQGHVDWpDGpFDGDGHDVSURYLV}HVHGXFDFLRQDLVSDUD DVSHVVRDVFRPGHILFLrQFLDHUDPYROWDGDVSDUDDVFULDQoDVHMRYHQVTXHHUDPLPSHGLGRV GH DFHVVDU D HVFROD FRPXP GR HQVLQR UHJXODU RX SDUD DTXHOHV UHWLUDGRV GDV FODVVHV FRPXQVSRUQmRDYDQoDUHPQRSURFHVVRHGXFDFLRQDOHDVHJUHJDomRHUDUHDOL]DGDVRER DUJXPHQWR GH TXH HOHV VHULDP PHOKRU DWHQGLGRV HP VXDV QHFHVVLGDGHV VH IRVVHP HQFDPLQKDGRV SDUD DV FODVVHV RX HVFRODV HVSHFLDLV $ HGXFDomR HVSHFLDO IRL VH FRQVWLWXLQGRFRPRXPVLVWHPDSDUDOHORDRVLVWHPDHGXFDFLRQDOJHUDO

(19)

GHILFLrQFLDGHYHULDPH[SHULHQFLDUDPELHQWHVDVVHPHOKDGRVDRVTXHHUDPIUHTXHQWDGRV SRUVHXVSDUHVGHPHVPDLGDGHSRUpPVHPGHILFLrQFLD

2 FRQWH[WR KLVWyULFR GD GpFDGD GH DSRQWDYD SDUD XP DYDQoR FLHQWtILFR UHSUHVHQWDGR WDQWR SHOD FRPSURYDomR GDV SRWHQFLDOLGDGHV HGXFDFLRQDLV GDV SHVVRDV FRP GHILFLrQFLD TXDQWR SHOR FULWLFLVPR FLHQWtILFR GLUHFLRQDGR DRV VHUYLoRV HGXFDFLRQDLVVHJUHJDGRVH[LVWHQWHV3DUDOHODPHQWHRFRUULDDH[SORVmRGDGHPDQGDSRU HQVLQRHVSHFLDORFDVLRQDGDSHODLQFRUSRUDomRGDFOLHQWHODTXHFDGDYH]PDLVSDVVRXD VHU H[FOXtGD GR HQVLQR UHJXODU R TXH RFDVLRQRX D FRQVROLGDomR GD iUHD H WDPEpP SURPRYHX D RUJDQL]DomR GH JUXSRV SROtWLFRV TXH SDVVDUDP D SUHVVLRQDU H[LJLQGR PXGDQoDV0(1'(6

$VLQGLFDo}HVGHDSULPRUDPHQWRQHVWDTXHVWmRHGXFDFLRQDODFRQWHFHUDPFRPR HVWDEHOHFLPHQWR GH EDVHV OHJDLV TXH LQVWLWXtUDP JUDGXDOPHQWH D REULJDWRULHGDGH GR SRGHU S~EOLFR TXDQWR j RIHUWD GH RSRUWXQLGDGHV HGXFDFLRQDLV SDUD SHVVRDV FRP GHILFLrQFLDV HP VHUYLoRV HGXFDFLRQDLV FRP R PtQLPR SRVVtYHO GH VHJUHJDomR 1R %UDVLODSURSRVWDGDLQWHJUDomRHVFRODUIRLDSRLDGDSHOD/HLGH'LUHWUL]HVH%DVHVGD (GXFDomR /HLQƒ TXHMi HPGHIHQGLD TXH DHGXFDomRGRV DOXQRVFRP GHILFLrQFLDVVHHQTXDGUDVVHDRPi[LPRDRSHUILOGDHGXFDomRJHUDOGRSDtVHWDPEpP JDUDQWLDRDWHQGLPHQWRHVSHFLDOL]DGR'HVVDIRUPDHVWDYDPHVWDEHOHFLGDVDVEDVHVSDUD R VXUJLPHQWR GD LQWHJUDomR HVFRODU D SDUWLU GD GpFDGD GH SRU PHLR GR DWHQGLPHQWRHPHVFRODVFRPXQVRXSHORPHQRVHPFODVVHVHVSHFLDLVRXGHUHFXUVR

$GLIXQGLGDLGpLDGHFRORFDomRQRDPELHQWHFRPRPtQLPRSRVVtYHOGH UHVWULomR WUDGX]LD D OLPLWDomR TXDQWR DR XVR GH XPD FRQFHSomR PDLV DPSOLDGD GR FRQFHLWR GH LQWHJUDomR TXH LPSOLFDULD QD FRORFDomR GH WRGR H TXDOTXHU DOXQR QD FODVVH FRPXP GD HVFROD UHJXODU 7RGRV RV PRGHORV SURSRVWRV SUHVVXSXQKDP D PDQXWHQomR GRV VHUYLoRV Mi H[LVWHQWHVHXPDRSomRSUHIHUHQFLDOSHODLQVHUomRQDHVFRODUHJXODUH PDLVHVSHFLILFDPHQWHQDFODVVHFRPXPPDVDGPLWLDVHDQHFHVVLGDGH GHPDQWHURFRQWLQXXPGHVHUYLoRVFRPGLIHUHQWHVQtYHLVGHLQWHJUDomR 0(1'(63

$VFUtWLFDVTXHVXUJLUDPSRVWHULRUPHQWHDRPRGHORGHFRQWLQXXP GHVHUYLoRV EDVHDUDPVHQDFRQVWDWDomRGHTXHDSDVVDJHPGHDOXQRVFRPGHILFLrQFLDVGHXPQtYHO GH VHUYLoRV PDLV VHJUHJDGR SDUD RXWUR VXSRVWDPHQWH PDLV LQWHJUDGRU GHSHQGLD

(20)

XQLFDPHQWHGRV SURJUHVVRV GRVDOXQRVPDV HVVDV WUDQVLo}HVUDUDPHQWH DFRQWHFLDPR TXHFRPSURPHWLDRVSUHVVXSRVWRVGDLQWHJUDomRHVFRODU

&DUYDOKRUHVVDOWDDLQGDTXHDVFUtWLFDVTXHVmRGLULJLGDVDHVVHSURFHVVR UHIHUHPVH DR IDWR GH TXH D LQWHJUDomR GHPRQVWUDYDVH SUDWLFDPHQWH LQH[LVWHQWH SRLV GHSHQGLD GR SURJUHVVR GR DOXQR $R LQYpV GH SUHSDUDU R DOXQR FRP GHILFLrQFLD HP DPELHQWHV VHJUHJDGRV FRPR FODVVHV HVSHFLDLV GH IRUPD WUDQVLWyULD REMHWLYDQGR D LQVHUomR QD FODVVH FRPXP HOHV SHUPDQHFLDP SRU WHPSR GHPDVLDGDPHQWH ORQJR QDV FODVVHVHVSHFLDLV

0HQGHV GHVFUHYH TXH D GpFDGD GH IRL LQVDWLVIDWyULD SDUD DOJXQV HGXFDGRUHVHPUHODomRDRVUHVXOWDGRVREWLGRVDSDUWLUGDSROtWLFDGHLQWHJUDomRHVFRODU 'LDQWHGHVVHFRQWH[WRSDUDDQmRVHJUHJDomRGRDOXQRGHILFLHQWHVXUJHDQHFHVVLGDGH GH XPD UHHVWUXWXUDomR QD HGXFDomR SDUD SHVVRDV FRP GHILFLrQFLD RX VHMD D (GXFDomR(VSHFLDO

)RUPDOPHQWH D SURSRVWD GH LQFOXVmR HVFRODU VXUJLX HP PHDGRV GD GpFDGD GH QRVLVWHPDHGXFDFLRQDOQRUWHDPHULFDQRTXDQGRIRLGHWHFWDGRTXHDLQWHJUDomR DSUHVHQWDYD IUDFDVVRV H R LQVXFHVVR GD HVFROD S~EOLFD GLIXQGLUDPVH PHGLGDV WDLV FRPRIOH[LELOL]DomRHVFRODUUHVSHLWRjGLYHUVLGDGHTXHVHWUDQVIRUPDPQRVSULQFtSLRV TXHUHJHPDSROtWLFDGDLQFOXVmRHVFRODUDRQtYHOPXQGLDO

'HQWUH RV PDUFRV PXQGLDLV SDUD D IRUPDOL]DomR GD SURSRVWD GD HGXFDomR LQFOXVLYD SRGHVH FLWDU D ³&RQIHUrQFLD 0XQGLDO GH (GXFDomR SDUD 7RGRV VDWLVIDomR GDV QHFHVVLGDGHV EiVLFDV GH DSUHQGL]DJHP´ TXH IRL UHDOL]DGD HP -RPWLHQ 7DLOkQGLD UHVXOWDQGR QD ³'HFODUDomR 0XQGLDO VREUH (GXFDomR SDUD 7RGRV´ H D ³&RQIHUrQFLD 0XQGLDO VREUH 1HFHVVLGDGHV (GXFDFLRQDLV (VSHFLDLV DFHVVR H TXDOLGDGH´UHDOL]DGDHPSHORJRYHUQRGD(VSDQKDUHVXOWDQGRQD³'HFODUDomRGH 6DODPDQFD´ RV TXDLV GHIHQGLDP UHVSHFWLYDPHQWH R GHVHQYROYLPHQWR GH XPD HGXFDomR GH TXDOLGDGH SDUD WRGRV H WDPEpP D FRQVWLWXLomR GH VLVWHPDV HGXFDFLRQDLV TXHIRVVHPUHJLGRVSHORVSULQFtSLRVLQFOXVLYRV

(21)

LQFOXVLYHDTXHODV TXHSRVVXDPGHVYDQWDJHQVPDLVVHYHUDV 'HDFRUGR FRP&DUYDOKRS

2 %UDVLO DR VHU VLJQDWiULR GD 'HFODUDomR 0XQGLDO GH (GXFDomR SDUD 7RGRV DVVXPLX FRPSURPLVVRV FRP D FRQVWLWXLomR GH HVFRODV GH TXDOLGDGH ( FRP D 'HFODUDomR GH 6DODPDQFD RQGH ILFRX DVVXPLGR R FRPSURPLVVR GH SURPRYHU Do}HV WUDQVIRUPDGRUDV QRV VLVWHPDV HGXFDFLRQDLV SDUD TXH IRVVHP PDLV LQFOXVLYRV 6HJXQGR0HQGHVDSRVLomRGR%UDVLOUHSUHVHQWDXPDOLQKDPHQWRDRPRGLVPR TXHDSULQFtSLRQmRWHPODVWURKLVWyULFRQDQRVVDUHDOLGDGHTXHDVXVWHQWH7DOVLWXDomR FXOPLQRX FRP YiULDV PHGLGDV GRV yUJmRV UHVSRQViYHLV SHOD FRQGXomR GDV SROtWLFDV HGXFDFLRQDLVEUDVLOHLUDVQDiUHDGD(GXFDomR(VSHFLDO

'HDFRUGRFRPD&RQVWLWXLomRGD5HSXEOLFD)HGHUDWLYDGR%UDVLOHD/HL GH'LUHWUL]HVH%DVHVGD(GXFDomR1DFLRQDO1ƒGHTXHHVWDEHOHFHPTXHD HGXFDomR VHMD GLUHLWR GH WRGRV H R (VWDGR GHYH JDUDQWLU D HGXFDomR HP VLVWHPDV HGXFDFLRQDLV TXH UHFRQKHoDPD GLYHUVLGDGH GR DOXQDGR $ HVFRODGHYH VH DGDSWDUDR DOXQRHQmRRFRQWUiULR'HVWDPDQHLUDRHQVLQRHVSHFLDOL]DGRILFDWDPEpPJDUDQWLGR SRU OHL $ &RQVWLWXLomR )HGHUDO DVVLP HVWDEHOHFH ³DWHQGLPHQWR HGXFDFLRQDO HVSHFLDOL]DGR DRV SRUWDGRUHV GH GHILFLrQFLD SUHIHUHQFLDOPHQWH QD UHGH UHJXODU GH HQVLQR´%UDVLO

&RQWXGR9HOWURQHVLQDOL]DTXHDOHJLVODomRDSUHVHQWDHPVHXWH[WRXPD DPELJLGDGHTXHSRGHJHUDULQWHUSUHWDo}HVTXHVHFRORFDPHPRSRVLomRDRPRYLPHQWR GHLQFOXVmRHVFRODUTXDQGRGHVFUHYHTXHRDWHQGLPHQWRDRDOXQRFRPGHILFLrQFLDGHYH VHUSUHIHUHQFLDOPHQWHQDUHGHUHJXODUGHHQVLQR6HJXQGRDDXWRUDRWHUPRSUHIHUHQFLDO SRGHYDULDUFRQIRUPHRVFRQWH[WRVFXOWXUDLVHVRFLDLVVHQmRIRUPRQLWRUDGRSRGHVHU XWLOL]DGRFRPRMXVWLILFDWLYDSDUDTXHRVDOXQRVFRPGHILFLrQFLDVHMDPPDUJLQDOL]DGRV GDFODVVHFRPXP

(22)

PDLRULD HQFRQWUDPVH DLQGD HP VLWXDomR LQFLSLHQWH GLDQWH GHVWH SURMHWR %H\HU

6HJXQGR *ODW S ³>@ VHP XPD PRGLILFDomR HVWUXWXUDO GR VLVWHPD HGXFDFLRQDO EUDVLOHLUR D LQFOXVmR GH DOXQRV SRUWDGRUHV GH GHILFLrQFLDV QXQFD VHUi FRQFUHWL]DGD´(PGHFRUUrQFLDGHVVDQHFHVVLGDGHKiXPJUDQGHGHVDILRSDUDDHVFROD RGHLQFOXLUFRPr[LWRWRGRVRVDOXQRVLQGHSHQGHQWHPHQWHGHVXDVGLIHUHQoDVGHRUGHP VRFLRHFRQ{PLFDFXOWXUDO UDFLDOGHLQWHUHVVHGH FDSDFLGDGHHGH SHUVRQDOLGDGH 3DUD KDYHU LQFOXVmR SRUWDQWR QmR p VXILFLHQWH LQVHULU R DOXQR DSHQDV ILVLFDPHQWH HP XP DPELHQWHFRPXPHVWHpDSHQDVRSULPHLURSDVVR3DUD9H\HUpQHFHVViULRTXH HVWH VHMD XP LQWHJUDQWH HIHWLYR GHVWH DPELHQWH VH UHODFLRQDQGR FRP RV FROHJDV UHFHEHQGR H H[HUFHQGR LQIOXrQFLDV WHQGR XPD LGHQWLILFDomR FRP R JUXSR VHQGR YDORUL]DGRUHTXLVLWDGRDFRQWULEXLUGHIRUPDFRPSDWtYHOFRPDVVXDVFRQGLo}HVHDR PHVPRWHPSRFRPRVVXSRUWHVTXHIRUHPQHFHVViULRV

$RVHGHIHQGHUDHTXLSDUDomRGHRSRUWXQLGDGHVUHFRQKHFHVHTXHDGLYHUVLGDGH GHYHVHUUHVSHLWDGD3RUWDQWRUHFRQKHFHUTXHWRGRVRVDOXQRVVmRSROLWLFDPHQWHLJXDLV QmR LPSOLFD HP XP PHVPR DWHQGLPHQWR SDUD WRGRV PDV VLP QD RUJDQL]DomR GH DWHQGLPHQWRVTXHGrHPFRQWDGHDWHQGHUVDWLVIDWRULDPHQWHDVGLYHUVLGDGHV

$V VLWXDo}HV TXH HQYROYHP D TXHVWmR GR HQVLQRDSUHQGL]DJHP GHYHP VHU RUJDQL]DGDVUHVSHLWDQGRDVOLPLWDo}HVGRHGXFDQGR'HDFRUGRFRP5RGULJXHV SDUD DV GLIHUHQoDV H[LVWHQWHV QD VDOD GH DXOD p SUHFLVR IOH[LELOL]DU DV SUiWLFDV SHGDJyJLFDV REMHWLYRV H HVWUDWpJLDV PHWRGROyJLFDV $V DGHTXDo}HV FXUULFXODUHV RX VHMD DV PRGLILFDo}HV UHDOL]DGDV QR SODQHMDPHQWR FRPR WDPEpP QRV REMHWLYRV FRQWH~GRV DWLYLGDGHV HVWUDWpJLDV GH DSOLFDomR GHVWHV FRQWH~GRV H GH DYDOLDomR QR FXUUtFXORFRPRXPWRGRRXHPDVSHFWRVGHOH(ODVGHYHUmRVHUGHVHQYROYLGDVSDUDGDU FRQWDGDVGLIHUHQoDVHGDVQHFHVVLGDGHVHVSHFtILFDV0$&+$'2HWDO

2 VXFHVVR GD LQFOXVmR HVFRODU GHSHQGHUi HP JUDQGH PHGLGD GR WUDEDOKR SHGDJyJLFR GR SURIHVVRU GD FODVVH FRPXP SRLV HVWH GHYH HVWDU TXDOLILFDGR SDUD UHVSRQGHU jV QHFHVVLGDGHV GLIHUHQFLDGDV GRV DOXQRV GH PDQHLUD VDWLVIDWyULD 0HQGHV DILUPD TXH XPD SROtWLFD GH IRUPDomR GH SURIHVVRU p XP GRV SLODUHV SDUD D FRQVWLWXLomR GD LQFOXVmR HVFRODU SRLV D PXGDQoD UHTXHU XP SRWHQFLDO LQVWDODGR HP WHUPRV GH UHFXUVRV KXPDQRV HP FRQGLomR GH WUDEDOKR SDUD TXH SRVVD VHU SRVWD HP SUiWLFD

(23)

FRQWH[WRHVFRODU(VSHUDVHTXHRSURIHVVRUHVWHMDDSWRSDUDDUHDOL]DomRGHDGDSWDo}HV HRUJDQL]DomRGRVFRQWH~GRVSDUDTXHVHMDYDORUL]DGDDUHODomRHQVLQRDSUHQGL]DJHP 3DUD%XHQRpLPSRUWDQWHGHVWDFDUTXHDIRUPDomRGHSURIHVVRUHVYROWDGD SDUDXPDSHUVSHFWLYDLQFOXVLYDLPSOLFDQDQmRLQVHUomRGHDOJXPDVGLVFLSOLQDVVREUH GLDJQyVWLFRV H SHUVSHFWLYDV FOtQLFDV GDV GHILFLrQFLDV PDV VLP HP XPD IRUPDomR YROWDGD HIHWLYDPHQWH SDUD RV SULQFtSLRV GD LQFOXVmR RV TXDLV SRGHUmR JDUDQWLU XPD PDLRUTXDOLGDGHQRHQVLQRHDWHQGLPHQWRVTXHEXVTXHPQDVLQWHUYHQo}HVSHGDJyJLFDV DVSRVVLELOLGDGHVGHVXFHVVRQDDSUHQGL]DJHP

2 GLVFXUVR LPSRUWDGR GD LQFOXVmR HVFRODU FRQVLVWH HP XP GRV JUDQGHV SUREOHPDVTXHSUHFLVDPVHUHQIUHQWDGRVSRLVHVWHSURFHVVRSUHFLVDVHUFRQWH[WXDOL]DGR GHQWUR GD UHDOLGDGH HGXFDFLRQDO EUDVLOHLUD FDUDFWHUL]DGD SRU LQVWDODo}HV ItVLFDV LQVXILFLHQWHV VDODV GH DXOD VXSHUORWDGDVHVFDVVH] GH PDWHULDLV H UHFXUVRV EiVLFRV H D IRUPDomRLQDGHTXDGDGRVSURIHVVRUHVFXMDSURILVVmRHQFRQWUDVHGHVYDORUL]DGD'HQWUR GHVWD SHUVSHFWLYD HGXFDFLRQDO PDWULFXODU RV DOXQRV FRP GHILFLrQFLD QmR JDUDQWH VXFHVVRHSHUPDQrQFLDQRDPELHQWHHVFRODULQFOXVLYR

8P H[HPSOR GD SUHFDULHGDGH RUJDQL]DFLRQDO H OHJDO GR VLVWHPD HGXFDFLRQDO EUDVLOHLURpRFDVRGHDOXQRVFRPGHILFLrQFLDTXHDSUHVHQWDPLGDGHVXSHULRUDTXLQ]H DQRV TXH DR VHUHP LQFOXtGRV QR VLVWHPD UHJXODU GH HQVLQR VmR HQFDPLQKDGRV SDUD R VHJPHQWRGD(GXFDomRGH-RYHQVH$GXOWRVFXMDSROtWLFDpDGHHVWLPXODUSURJUDPDV TXHYLVDPDUHJXODUL]DomRGDGHIDVDJHPLGDGHVpULHRXVHMDDSRVVLELOLGDGHGHDFHVVR DXPVLVWHPDTXHHVWiSURSRVWRWDPEpPSDUDFRUULJLUXPSURFHVVRGHH[FOXVmR

$(GXFDomRGH-RYHQVH$GXOWRVGHDFRUGRFRPD/'%RIHUHFHD RSRUWXQLGDGHSDUDRVDOXQRVFRPLGDGHVXSHULRUDRVTXLQ]HDQRVLQJUHVVDUHPQR(QVLQR )XQGDPHQWDOHDRVDOXQRVPDLRUHVGHGH]RLWRDQRVLQJUHVVDUHPQR(QVLQR0pGLRSDUD UHJXODUL]DUHP VHXV SURFHVVRV GH HVFRODUL]DomR &RQWXGR QmR VmR DSUHVHQWDGRV SURJUDPDVGHDGDSWDomRGRVHVSDoRVHFXUUtFXORVRXPHVPRSROtWLFDVHGXFDFLRQDLVTXH RIHUHoDP FDSDFLWDomR SURILVVLRQDO H UHFXUVRV GLYHUVLILFDGRV SDUD D UHDOL]DomR GR WUDEDOKRLQFOXVLYR

(24)

8PD PDQHLUD EDVWDQWH HILFD] GH DYDOLDU H PRQLWRUDU DV SUiWLFDV LQFOXVLYDV GH QRVVRV VLVWHPDV HVFRODUHV p VDEHU GRV SULQFLSDLV DWRUHV GR SURFHVVR FRPR HOHV HVWmR YLYHQFLDQGR VHXV SURFHVVRV GH HVFRODUL]DomR GHQWUR GR FRQWH[WR LQFOXVLYR $ SDUWLU GLVWR SRGHVH SURGX]LU LQGLFDGRUHV SDUD TXH SRVVtYHLV DGDSWDo}HV FXUULFXODUHV RUJDQL]DFLRQDLVHSHGDJyJLFDVVHMDPGHVHQYROYLGDV

%XHQR UHDOL]RX XPD DQiOLVH VREUH WHVHV H GLVVHUWDo}HV EUDVLOHLUDV GHIHQGLGDV QRV SURJUDPDV GH SyVJUDGXDomR HP HGXFDomR QR SHUtRGR HQWUH D FRP D SUHWHQVmR GH FRQWULEXLU SDUD TXH IRVVHP UHIOHWLGRV VREUH TXDLV VmR RV ³DOXQRV´TXHDVSURGXo}HVFLHQWLILFDVWHPFRQVWUXtGRFRPRREMHWRGHLQYHVWLJDomRFRP GHVWDTXHSDUDRVDOXQRV³HVSHFLDLV´

(VWH HVWXGR DSHVDU GH VXD GHIDVDJHP HP PDLV GH GH] DQRV p XP SRQWR GH SDUWLGDSDUDXPDSHVTXLVDTXHSUHWHQGHLQYHVWLJDUDRSLQLmRHH[SHFWDWLYDGRVDOXQRV 6HQGR DVVLP SHUFHEHVH TXH Ki XPD SURGXomR FRQVLGHUiYHO VREUH R DOXQR GHILFLHQWH FDEHQGRGHVWDFDUTXHGLIHUHQWHPHQWHGRTXHVHYHULILFRXQRFDPSRWHPiWLFRJHUDOR Q~PHURGHHVWXGRVpUHODWLYDPHQWHUHGX]LGRTXDQGRDWHPiWLFDpDUHODomRGRVDOXQRV GHILFLHQWHV H RV VDEHUHV HVFRODUHV R TXH SDUHFH GHQRWDU D SRXFD SUHRFXSDomR FRP D DSUHQGL]DJHP HVFRODU SRU SDUWH GRV SHVTXLVDGRUHV GD iUHD 1HVVH VHQWLGR HVWDV SURGXo}HVSDUHFHPLPSXWDUjVFDUDFWHUtVWLFDVLQWUtQVHFDVGRVVXMHLWRVDVGLILFXOGDGHVGH HVFRODUL]DomR(QWUHWDQWRYDOHDSHQDPHQFLRQDUTXHRPHVPRHVWXGRDSUHVHQWRXXPD DOWD LQFLGrQFLD GH UHVXPRV GRV WUDEDOKRV QD iUHD GH HGXFDomR HVSHFLDO TXH QmR DSUHVHQWDYDP TXDOTXHU PHQomR DR QtYHO GH HQVLQR LVWR p VmR HVWXGRV TXH VH SUHRFXSDPFRPRLQGLYtGXRFRPGHILFLrQFLDHQmRFRPRVHXSDSHOGHDOXQR

$V SHVTXLVDV GHL[DUDP GH IRFDU RV DOXQRV FRP GHILFLrQFLD H VXD WUDMHWyULD GH HVFRODUL]DomR SRXFRV IRUDP RV WtWXORV HQFRQWUDGRV FRP D WHPiWLFD SHUPLWLQGR DR DOXQRFRQWDUVXDKLVWyULDRXH[SRUVXDVQHFHVVLGDGHVTXDQGRHVWHFDPLQKRSDUHFHVHUR PDLV VHJXUR SDUD JDUDQWLU D SDUWLFLSDomR GR DOXQR GHILFLHQWH QDV GHFLV}HV VREUH VHX SURFHVVR HGXFDFLRQDO (VWD SRVLomR DQWHV GH WXGR p pWLFD SRUTXH VXSHUD R IDODU H R GHFLGLUSHORRXWURWmRFRPXPQDVSUiWLFDVVRFLDLVTXHHQYROYHPHVWDVSHVVRDV

1HVWH WUDEDOKR R IRFR GR FRQWH[WR LQFOXVLYR LQFLGH QD (GXFDomR GH -RYHQV H $GXOWRV HP IXQomR GD LGDGH GRV DOXQRV H QtYHO GH HVFRODULGDGH SDVVDUHPRV D ID]HU DOJXPDVFRQVLGHUDo}HVVREUHD(-$

(25)

2V IUDJPHQWRV GH KLVWyULD GD (GXFDomR GRV -RYHQV H $GXOWRV QR %UDVLO GHPRQVWUDUDP TXH GHVGH R VHX LQtFLR UHSUHVHQWD XP DSrQGLFH GD HGXFDomR SRU LVVR RFDVLRQRXPDUFDVGHH[FOXVmR

6HJXQGR R OHYDQWDPHQWR UHDOL]DGR SRU 'L 3LHUUR -yLD H 5LEHLUR D HGXFDomRGHDGXOWRVFRPHoRXDVHUGLVFXWLGDQRkPELWRGD(GXFDomRGR%UDVLODSDUWLU GDGpFDGDGHTXDQGRXPVLVWHPDS~EOLFRGHHGXFDomRHOHPHQWDUFRPHoRXDVHU FRQVROLGDGR PDV IRL QD GpFDGD GH TXH HIHWLYDPHQWH KRXYH XPD H[WHQVmR GR HQVLQR HOHPHQWDU DRV DGXOWRV GLVVHPLQDQGR FDPSDQKDV GH DOIDEHWL]DomR SRU WRGR WHUULWyULR EUDVLOHLUR FRP R REMHWLYR GH RIHUHFHU RV EHQHItFLRV GD HVFRODUL]DomR D HVVD FDPDGDGDSRSXODomRTXHDWpHQWmRQXQFDKDYLDIUHTXHQWDGRDHVFROD

(PVREDGLUHomRGH/RXUHQoR)LOKRIRLFULDGDD&DPSDQKD1DFLRQDOGH (GXFDomRSDUD$GXOWRVXPDSROtWLFDJRYHUQDPHQWDOTXHDOPHMRXRDXPHQWRGRQtYHO HGXFDFLRQDO H FXOWXUDO GD SRSXODomR 1HVWD FDPSDQKD IRL SRVVtYHO GLVFXWLU YLV}HV SUHFRQFHLWXRVDV VREUH RV DQDOIDEHWRV TXH ORQJH GH VHUHP PDUJLQDLV H LQFDSD]HV SRGHULDP VHU FRQVLGHUDGRV LQGLYtGXRV FDSD]HV FRQWXGR QmR IRUDP SURGX]LGDV SURSRVWDVPHWRGROyJLFDVHVSHFLILFDVSDUDRWUDEDOKRGHDOIDEHWL]DomRGRVDGXOWRV

$ FDPSDQKD GH HGXFDomR GH DGXOWRV QD GpFDGD GH IRL PDUFDGD SRU FUtWLFDVSRUFRQWDGDVXSHUILFLDOLGDGHHLQDGHTXDomRGRPpWRGR1RHQWDQWRVRPHQWH HP TXH VXUJLX XP QRYR PRGHOR SHGDJyJLFR IRL 3DXOR )UHLUH TXH GLUHFLRQRX H[SHULrQFLDVGHHGXFDomRSRSXODUGHDGXOWRV5,%(,52

3DUD3DXOR)UHLUHDDomRHGXFDWLYDGHYHULDHVWDUSDXWDGDQDFXOWXUDHEDVHDGD QRGLiORJRVHQGRTXHDOHLWXUDGRPXQGRGHYHSUHFHGHUDOHLWXUDGDSDODYUD3DUWLQGR GHVWHV SUHVVXSRVWRV RV PRYLPHQWRV VRFLDLV RUJDQL]DGRV FRPHoDUDP LQFRUSRUDU D DOIDEHWL]DomRGHDGXOWRV

(26)

'XUDQWH D GpFDGD GH R 02%5$/ VH H[SDQGLX FRQWXGR VRIUHX FRP VpULDV FUtWLFDV VREUH D TXDOLGDGH H R GHVHPSHQKR QR HQVLQR GD OHLWXUD H GD HVFULWD &RPR UHVSRVWD D HVWDV FUtWLFDV R JRYHUQR FULRX R 3URJUDPD GH (GXFDomR ,QWHJUDGD HTXLYDOHQWH jV TXDWUR SULPHLUDV VpULHV GR HQVLQR IXQGDPHQWDO FXMR GHVGREUDPHQWR SHUPLWLX D FRQWLQXLGDGH GD DOIDEHWL]DomR HP SURJUDPDV GH HGXFDomR SDUD MRYHQV H DGXOWR'L3,(552-Ï,$5,%(,52

4XDQGRR%UDVLOSDVVDYDSHODDEHUWXUDSROtWLFDHPIRLH[WLQWRRSURFHVVR GH DOIDEHWL]DomR SHOR 02%5$/ SRLV VHJXQGR 6]DQWR HVWH IRL XP SURJUDPD TXHQmRFXPSULXVXDVPHWDVGH³HUUDGLFDomRGRDQDOIDEHWLVPR´RDXWRUDSUHVHQWDHP VHXHVWXGRXPDFRPSDUDomRHQWUHRVFHQVRVGHHRQGHIRLFRQVWDWDGRTXH HPGH]DQRVHPkPELWRQDFLRQDORPRYLPHQWRFRQVHJXLXUHGX]LUQmRPDLVTXHGD WD[DGHDQDOIDEHWLVPR

(PERUD D OHL IHGHUDO GH FRQVDJUH D H[WHQVmR GD HGXFDomR EiVLFD REULJDWyULDGHTXDWURSDUDRLWRDQRVHGLVS}HUHJUDVSDUDHGXFDomRVXSOHWLYDGHMRYHQVH DGXOWRV VXJHULQGR D UHSRVLomR GD HVFRODULGDGH D IRUPDomR SDUD R WUDEDOKR H D SURILVVLRQDOL]DomR

&RPD&RQVWLWXLomRGD5HSXEOLFD)HGHUDWLYDGR%UDVLOGHIRLDVVHJXUDGR DRVMRYHQVHDGXOWRVRGLUHLWRjHGXFDomREiVLFD&RPDSURPXOJDomRGD&RQVWLWXLomR SDUWHV GR JRYHUQR IHGHUDO H GD VRFLHGDGH FLYLO WRPDUDP D LQLFLDWLYD GH HUUDGLFDU R DQDOIDEHWLVPR QR SUD]R GH GH] DQRV 1R HQWDQWR R WUDEDOKR UHDOL]DGR SHOD )XQGDomR (GXFDUUHVSRQViYHOSHORVSURJUDPDVGHVHQYROYLGRVSHOR02%5$/HSHOR0LQLVWpULR GD (GXFDomR HP SDUD D UHDOL]DomR GR ³$QR ,QWHUQDFLRQDO GD $OIDEHWL]DomR´ GHILQLGR SDUD SHOD 81(6&2 IRL LQWHUURPSLGR GXUDQWH R JRYHUQR )HUQDQGR &ROORU GH 0HOR SRLV D (GXFDomR GH -RYHQV H $GXOWRV SDVVRX D VHU DVVXPLGD SHORV PRYLPHQWRVVRFLDLVH21*V

(27)

(P QR JRYHUQR GH )HUQDQGR +HQULTXH &DUGRVR XPD HPHQGD FRQVWLWXFLRQDO VXSULPLX REULJDWRULHGDGH GR (QVLQR )XQGDPHQWDO QR DWHQGLPHQWR D -RYHQVH$GXOWRV'HVWDIRUPDR(VWDGRHVWDYDLVHQWRGHFRPSURPHWHUVHFRPSROtWLFDV HGXFDFLRQDLVSDUDVROXFLRQDUDSUREOHPiWLFDGRDQDOIDEHWLVPRDGXOWRQRSDtVDOpPGH GLVSHQViOR GH DSOLFDU YHUEDV QD HGXFDomR GRV MRYHQV H DGXOWRV 3,(552 -Ï,$ 5,%(,52

$ SDUWLU GH 'H]HPEUR GH TXDQGR HQWURX HP YLJRU D /HL GH 'LUHWUL]HV H %DVHV TXH HVWDEHOHFHX TXH D (GXFDomR GH -RYHQV H $GXOWRV UHSUHVHQWDVVH DSHQDV FXUVRV H H[DPHV VXSOHWLYRV H LQFOXVLYH DFDUUHWRX QD UHGXomRGD LGDGH SDUD SUHVWDU RV H[DPHVGHGH]RLWRDQRVSDUDTXLQ]HQRHQVLQRIXQGDPHQWDOHGHYLQWHHXPDQRVSDUD GH]RLWR SDUD R QtYHO PpGLR R TXH VHJXQGR 6]VDQWR R DQR GH VLJQLILFRX XP URPSLPHQWRFRPRHQVLQRSRLVRVDOXQRVVHULDPLQFHQWLYDGRVDDEDQGRQDUDVFODVVHV UHJXODUHV

(P R JRYHUQR ODQoRX R SURJUDPD ³$OIDEHWL]DomR 6ROLGiULD´ TXH WLQKD FRPRSULQFLSDOREMHWLYRFRPEDWHURDQDOIDEHWLVPRGHDFRUGRFRP6]DQWRFRQVLVWLXHP XP SURJUDPD TXH IRL XVDGR FRPR LQVWUXPHQWR GD SROtWLFD QHROLEHUDO H SURSDJDQGD JRYHUQDPHQWDO 1R HQWDQWR H[LVWLX DWp R ILQDO GR PDQGDWR GH )HUQDQGR +HQULTXH &DUGRVRSRVWHULRUPHQWHSDVVRXjFDWHJRULDGH21*

(PDRVHUHPHQFHUUDGRVRVWUDEDOKRVFRQMXQWRVSURSRVWRVQD&RQIHUHQFLD 0XQGLDOGH(GXFDomRSDUD7RGRVHPUHODomRjHGXFDomRQRPXQGR6HJXQGR+DGGDG R %UDVLO QmR KDYLD FXPSULGR R DFRUGR GH UHGX]LU RV HOHYDGRV tQGLFHV GH DQDOIDEHWLVPRHPERUDKRXYHVVHSHVTXLVDVHSURSDJDQGDVVLQDOL]DQGRRFRQWUiULR 'H DFRUGR FRP R 3DUHFHU &1(&% TXH GLVS}H VREUH DV 'LUHWUL]HV &XUULFXODUHV 1DFLRQDLV SDUD D (GXFDomR GH -RYHQV H $GXOWRV D (-$ SRVVXL WUrV IXQo}HVDVDEHUDUHSDUDGRUDTXH³VLJQLILFDQmRVyDHQWUDGDQRFLUFXLWRGRVGLUHLWRV FLYLVSHODUHVWDXUDomRGHXPGLUHLWRQHJDGRRGLUHLWRDXPDHVFRODGHTXDOLGDGHPDV WDPEpP R UHFRQKHFLPHQWR GDTXHOD LJXDOGDGH RQWROyJLFD GH WRGR H TXDOTXHU VHU KXPDQR´$IXQomRHTXDOL]DGRUDSRLV³DHTXLGDGHpDIRUPDSHODTXDOVHGLVWULEXHPRV EHQV VRFLDLV GH PRGR D JDUDQWLU XPD UHGLVWULEXLomR H DORFDomR HP YLVWD GH PDLV LJXDOGDGH FRQVLGHUDGDV DV VLWXDo}HV HVSHFtILFDV´ ( D IXQomR SHUPDQHQWH RX TXDOLILFDGRUDFRPD³WDUHIDGHSURSLFLDUDWRGRVDDWXDOL]DomRGHFRQKHFLPHQWRVSDUDD YLGD´

(28)

$OIDEHWL]DGR2REMHWLYR GHVVHSURJUDPD LQLFLDOPHQWHIRLHUUDGLFDUR DQDOIDEHWLVPR SRUpPVXDRUJDQL]DomRHHVWUXWXUDQmRGLIHUHQFLDYDPGRVGHPDLVSURJUDPDVH[LVWHQWHV DR ORQJR GD KLVWyULD (P R 0LQLVWpULR GD (GXFDomR UHXQLX GLYHUVRV SURJUDPDV SDUD D &RRUGHQDomR GD (GXFDomR GH -RYHQV H $GXOWRV GD 6HFUHWDULD GD (GXFDomR &RQWLQXDGD $OIDEHWL]DomR H 'LYHUVLGDGH 6(&$' SDUD TXH HP IRVVHP UHDOL]DGDVDVDOWHUDo}HVQR3URJUDPDFRPRDHOHYDomRGRVUHFXUVRVSDUDDIRUPDomRGH DOIDEHWL]DGRUHVHD HODERUDomRGH LQVWUXPHQWRV SDUDDYDOLDomRH DFRPSDQKDPHQWRGH GHVHPSHQKRHHILFiFLDGRSURJUDPD',3,(552

1R%UDVLODSUySULDFRQMXQWXUDVRFLDOSRGHVHUFRQVLGHUDGDFRPRH[FOXGHQWHH RDQDOIDEHWLVPRpXP H[HPSORDVHUGHVFULWRSRUTXHpUHVXOWDGRGHIDWRUHVSROtWLFRV HFRQ{PLFRVHVRFLDLV$VSROtWLFDVHGXFDFLRQDLVLQWHQFLRQDOPHQWHEXVFDPGLPLQXLURV WUDoRVH[FOXVLYRVQRVLVWHPDHVFRODUKDMDYLVWDRVGLIHUHQWHVSURJUDPDVGHVHQYROYLGRV HPQtYHOQDFLRQDOSHOR0LQLVWpULRGD(GXFDomRHHPQtYHLV(VWDGXDLVH0XQLFLSDLV 1R HQWDQWR HVVDV SROtWLFDV HGXFDFLRQDLV QmR HVWmR JDUDQWLQGR R SULQFtSLR pWLFR GD LQFOXVmR VRFLDO D XPD SDUFHOD VLJQLILFDWLYD GD SRSXODomR EUDVLOHLUD DR FRQWUiULR WHP FRQWULEXtGR SDUD D FRQILJXUDomR GH XP VLVWHPD HGXFDFLRQDO TXH SULYLOHJLD R (QVLQR )XQGDPHQWDOPDVGHVFXLGDGDSHUPDQrQFLDHGDTXDOLGDGHGRHQVLQRSDUDDSRSXODomR TXHQHFHVVLWDGHUHJXODUL]DomRGHVXDHVFRODUL]DomR

2VDYDQoRVRFRUULGRVQRHQVLQR)XQGDPHQWDOFRPXPTXDQWRjREULJDWRULHGDGH GRDFHVVRRSUREOHPDGDGHIDVDJHPLGDGHVpULHSRUUHSHWrQFLDDEDQGRQRHUHWRUQRj HVFROD QmR JDUDQWHP D SHUPDQrQFLD TXH DLQGD HVWi FRQILJXUDGD FRPR XP JUDQGH GHVDILRSRLVDVPDUFDVGDGHVLJXDOGDGHGDVRFLHGDGHEUDVLOHLUDFXMDH[FOXVmRVRFLDOH HGXFDFLRQDO UHFDL GH IRUPD GLUHFLRQDGD VREUH R JUXSR PHQRV SURYLGR GH FDSLWDO HFRQ{PLFRVRFLDOHFXOWXUDO

$V SROtWLFDV S~EOLFDV QDFLRQDLV RV WUDEDOKRV UHDOL]DGRV HP SDUFHULDV FRP yUJmRV S~EOLFRV H RUJDQL]Do}HV QmR JRYHUQDPHQWDLV YROWDGRV SDUD D HUUDGLFDomR GR DQDOIDEHWLVPR H SDUD D PDWUtFXOD H PDQXWHQomR GD FULDQoD QD HVFROD QmR IRUDP VXILFLHQWHVSDUDTXHXPJUDQGHQ~PHURGHMRYHQVHDGXOWRVQmRILFDVVHVHPRDFHVVRDR (QVLQR)XQGDPHQWDORX0pGLRQDLGDGHUHJXODU$(-$IRLjPRGDOLGDGHGHHQVLQRTXH SRVVLELOLWRX D QRYD LQVHUomR GHVWHV DOXQRV TXH HVWDYDP FRP VXDV VLWXDo}HV GH HVFRODUL]DomRHPGHIDVDJHP

(29)

2 &HQVR (VFRODU GH VLQDOL]RX TXH PDWUtFXODV GH DOXQRV FRP DOJXPD GHILFLrQFLD IRUDP HIHWLYDGDV QR VHJPHQWR GD (-$ QR QtYHO HTXLYDOHQWH DR HQVLQR IXQGDPHQWDO 1R HQWDQWR VXUJHP TXHVWLRQDPHQWRV TXDQWR j RUJDQL]DomR HVWUXWXUDO H SHGDJyJLFD GR VHJPHQWR XPD YH] TXH VHX JUXSR GH IUHTXHQWDGRUHV p H[WUHPDPHQWH KHWHURJrQHR SHVVRDV DGXOWDV H LGRVDV TXH SRU PRWLYRV GLYHUVRV QmR SURVVHJXLUDP RX PHVPR LQLFLDUDP VHXV SURFHVVRV GH HVFRODUL]DomR H GH PDQHLUD SUHRFXSDQWH HVWmR RV MRYHQV TXH QmR FRQFOXtUDP R (QVLQR )XQGDPHQWDO H 0pGLR GHQWURGDLGDGHUHJXODUHTXHUHSUHVHQWDPRPDLRUSHUFHQWXDOQDFRQVWLWXLomRGDVVDODV GHDXOD

2XWURIDWRUSUHRFXSDQWHVmRDVFRQGLo}HVGHWUDEDOKRRXVHMDDTXDOLGDGHGR HQVLQRHSUiWLFDVRIHUHFLGDVSRLVRVDOWRVtQGLFHVGHPDWUtFXODVQD(-$QmRFRLQFLGHP FRPR PHVPR SHUFHQWXDO GH DOXQRV TXH GHPRQVWUDP LQWHUHVVH H SUHWHQVmR HP GDU FRQWLQXLGDGHDRSURFHVVRGHHVFRODUL]DomRHDOFDQoDUR1tYHO6XSHULRU,1(3 6HJXQGRRVGDGRVGD6HFUHWDULD(VWDGXDO GD(GXFDomRDTXDVHWRWDOLGDGHGRV DOXQRVGRVHJPHQWRGD(-$VmRWUDEDOKDGRUHVTXHSURFXUDPGDUVHJPHQWRDRVHVWXGRV HD KDELOLWDomRSDUDR PHUFDGRGH WUDEDOKR 'HQWUHRV DOXQRVTXH IUHTHQWDP D(-$ HVWmR DV SHVVRDV GD WHUFHLUD LGDGH DGXOWRV H MRYHQV TXH QmR REWLYHUHP VXFHVVR H D SHUPDQrQFLDQRHQVLQRUHJXODURVDOXQRVFRPGHILFLrQFLDTXHDSyVVHUHPLQFOXtGRVH DSUHVHQWDUHPLGDGHVXSHULRUDTXLQ]HDQRVIRUDPHQFDPLQKDGRVSDUDHVWHVHJPHQWRGH HGXFDomR

'HDFRUGRFRPD6HFUHWDULDGH(GXFDomRGR(VWDGRDHVWUXWXUDomRGD(GXFDomR GH -RYHQV H $GXOWRV FRQILJXUDVH QR (VWDGR GH 6mR 3DXOR SRU PHLR GH FXUVRV SUHVHQFLDLVRXFXUVRVGHDWHQGLPHQWRLQGLYLGXDOL]DGRRQGHDSUHVHQoDp IOH[tYHO 1R (VWDGR H[LVWHP YLQWH FHQWURV GH HGXFDomR VXSOHWLYD TXH WUDEDOKDP GHQWUR GRV UHJLPHQWRV GR 3URJUDPD GH $OIDEHWL]DomR H ,QFOXVmR 3$, ODQoDGR HP H TXH REMHWLYD DWHQGHU RV DOXQRV TXH QHFHVVLWHP GD HVFRODULGDGH HTXLYDOHQWH DR , &LFOR GR )XQGDPHQWDO

1RVPXQLFtSLRVD(-$pRIHUHFLGDHPDQWLGDSHOD6HFUHWDULDGH(GXFDomRGRV 0XQLFtSLRV GH 6mR 3DXOR QDV VHJXLQWHV PRGDOLGDGHV 6XSOrQFLD , H ,, 3URJUDPDV &,(-$&HQWUR,QWHJUDGRGH(GXFDomRGH-RYHQVH$GXOWRVHR029$0RYLPHQWR GH$OIDEHWL]DomRGH-RYHQVH$GXOWRV

(30)

HP GRLV WHUPRV GH VXSOrQFLD H HP VXD WRWDOLGDGH RIHUHFHP R HQVLQR HTXLYDOHQWH DR (QVLQR)XQGDPHQWDOFRPXP

'HVGH DFRQWHFH QD FLGDGH HP SDUFHULD FRP R JRYHUQR IHGHUDO R 3URJUDPD %UDVLO $OIDEHWL]DGR FXMR REMHWLYR p GHVHQFDGHDU XP SURFHVVR GH DOIDEHWL]DomRHXQLYHUVDOL]DomRGRHQVLQRDVVHJXUDQGRDRVDOXQRVRGLUHLWRDRSURFHVVR HGXFDWLYR FRQWULEXLQGR SDUD R SOHQR H[HUFtFLR GD FLGDGDQLD HVWLPXODQGR VXDV SDUWLFLSDo}HV VRFLDLV IDYRUHFHQGR D GLPLQXLomR GR SUHFRQFHLWR HP UHODomR DRV DQDOIDEHWRV H IDFLOLWDQGR D LQVHUomR QR PHUFDGR GH WUDEDOKR VHJXQGR RV GDGRV FROHWDGRVQRVLWHGDSUHIHLWXUD HVSHFLILFDGDPHQWH QROLQN GD6HFUHWDULD 0XQLFLSDOGH (GXFDomRGR0XQLFtSLRGH6mR&DUORV

$GLYHUVLGDGHGHSURJUDPDVSDUDHUUDGLFDURDQDOIDEHWLVPRHRIHUHFHU(GXFDomR SDUD-RYHQVH$GXOWRVFRQILJXURXVHFRPRTXHVWmRIUHTXHQWHDRORQJRGDKLVWyULDQR HQWDQWR DV SROtWLFDV S~EOLFDV DV OLPLWDo}HV HVWUXWXUDLV H D DSOLFDELOLGDGHV LQHILFD]HV WRUQDUDPHVVDPRGDOLGDGHGHHGXFDomRH[FOXGHQWHSRUTXHIDYRUHFHRFRPRGLVPRSDUD DTXHOHV TXH QmR FRQFOXtUDP VXD HVFRODUL]DomR HP LGDGH UHJXODU H DXVrQFLD GH TXDOLGDGHSDUDDTXHOHVTXHEXVFDPDRTXHVHREMHWLYRXRVHJPHQWRGD(-$UHJXODUL]DU RSURFHVVRHGXFDFLRQDORXPHVPRLQLFLDUDWUDMHWyULDHVFRODU

'HDFRUGRFRPDV'LUHWUL]HV&XUULFXODUHV1DFLRQDLVSDUDD(GXFDomRGH-RYHQV H $GXOWRV HVWH VHJPHQWR SRVVXL D IXQomR GH UHSDUDU DV IUDJPHQWDo}HV QRV SURFHVVRV HVFRODUHV GH DOXQRV TXH QmR FRQVHJXLUDP FRQFOXLU R (QVLQR )XQGDPHQWDO H R (QVLQR 0pGLR HP LGDGHV SUySULDV (VVH p R FRQWH[WR HP TXH RV DOXQRV GHILFLHQWHV VmR LQFOXtGRVHPERUDQmRHVWHMDPDGHTXDGRVDRTXHIRLSURSRVWRSHOD&RQVWLWXLomR)HGHUDO H SHOR 'HFUHWR &RQYHQomR GD *XDWHPDOD RQGH VmR FLWDGRV FRPR LQGLVSHQViYHLVDRVHVWDEHOHFLPHQWRVGHHQVLQRDHOLPLQDomRGHEDUUHLUDVDUTXLWHW{QLFDV SHGDJyJLFDV H GH FRPXQLFDomR DGRWDQGR PpWRGRV H SUiWLFDV GH HQVLQR HVFRODU DGHTXDGDVjVGLIHUHQoDVHDOWHUQDWLYDVTXHFRQWHPSOHPDGLYHUVLGDGHGRVDOXQRV

6LOYD6LOYHVWUHH1DVFLPHQWRVLQDOL]DPUHIOH[}HVVREUHD(-$DSDUWLU GH GDGRV HVWDWtVWLFRV GLYXOJDGRV DWp 1R HQWDQWR DR UHDOL]DUHP XPD UHWRPDGD KLVWyULFD VREUH R DQDOIDEHWLVPR H VXDV LPSOLFDo}HV VRFLDLV PHQFLRQDP D H[FOXVmR HVFRODUGDTXHOHVPHQRVSURYLGRVGHFDSLWDOHFRQ{PLFRVRFLDOHFXOWXUDO

(31)

PLOK}HVGHDFRUGRFRPR&HQVR(VFRODU (PERUDFRQVLVWLVVHHPXPDSURSRVWD HGXFDFLRQDO UHSDUDGRUD RX VHMD TXH UHJXODUL]DULD R SURFHVVR GH HVFRODUL]DomR GLIHUHQWHPHQWH JDUDQWH D FRQWLQXLGDGH GH HVWXGRV SDUD PXLWRV MRYHQV DGXOWRV H WDPEpPDOXQRVGHILFLHQWHVTXHQmRFRQFOXtUDPVHXVHVWXGRVHPLGDGHDGHTXDGD

2 FDPLQKR HQWUH R HQVLQR HVSHFLDOL]DGR H D LQFOXVmR QR HQVLQR UHJXODU QD SHUVSHFWLYDGRVDOXQRV

$UHYLVmRELEOLRJUiILFDHYLGHQFLDXPDJUDQGHODFXQDQRFRQMXQWRGHSHVTXLVDV UHDOL]DGDVFRPSHVVRDVSRUWDGRUDVGHGHILFLrQFLDVSULQFLSDOPHQWHTXDQGRVHSUHWHQGH FROHWDU DV LQIRUPDo}HV HQWUHYLVWDQGR RV SUySULRV DOXQRV RX VHMD DSUHHQGHU VXDV RSLQL}HV VREUH R SURFHVVR GH LQFOXVmR HVFRODU DR TXDO HVWmR VXEPHWLGRV H SURFHGHU D DQiOLVH FRPSDUDWLYD VREUH D WUDMHWyULD HVFRODU GHVWHV MRYHQV H DGXOWRV TXH SDUWLFLSDP GHVWHHVWXGR

'HQWUH RV WUDEDOKRV LGHQWLILFDGRV QD UHYLVmR ELEOLRJUiILFD DOJXQV GHVVHV DSUHVHQWDP SRQWRV GH DSUR[LPDomR FRP D SHVTXLVD HP TXHVWmR H SRU HVWD UD]mR VmR GHVFULWRVPDLVSRUPHQRUL]DGDPHQWH$SUHVHQWDPFRQYHUJrQFLDVQRTXHGL]HPUHVSHLWR jWUDQVLomRGHXPDPELHQWHHVFRODUSDUDRXWURVHEDVHLDPHPGHSRLPHQWRVGRVDOXQRV FRP GHILFLrQFLD H DERUGDP WHPDV FRPR GHVHQYROYLPHQWR GH FRQWH~GRV DFDGrPLFRV SDUWLFLSDomRQDVDWLYLGDGHVHVFRODUHVVRFLDOL]DomRHLQWHUDomR

2V WUDEDOKRV DSRQWDP DLQGD FRPR REVWiFXORV D DXVrQFLD GH LQIRUPDomR HVWUXWXUDGDVHVFRODVHIRUPDomRSURILVVLRQDOHFRPRSRQWRVSRVLWLYRVHPRWLYDGRUHVDV LQWHUDo}HVFRPRVGHPDLVDOXQRVHDVUHODo}HVDGHTXDGDVFRPSURILVVLRQDLVGDHVFROD 1RHQWDQWRDSHVDUGLVVRSUHIHUHPDVHVFRODVHFODVVHVHVSHFLDLVHRWUDEDOKRUHDOL]DGR QHVVHVDPELHQWHV

(32)

GHILFLrQFLD2SURFHGLPHQWRGHFROHWDHQYROYHXHQWUHYLVWDVHPLHVWUXWXUDGDHGHVHQKRV DFRPSDQKDGRVGHLQWHUURJDWLYDV

2VUHVXOWDGRVDSRQWDPTXHDSUiWLFDGHLQFOXVmRHVFRODUFRPSUHHQGLGDFRPRD HVFRODUL]DomR HP FODVVH FRPXP GH HVFROD UHJXODU SDUHFH SURGX]LU EHQHItFLRV SDUD D PDLRULDGRVDOXQRVHQWUHWDQWRWDOSUiWLFDQmRSRGHVHUYLVWDDSULRULFRPRDGHTXDGDRX LQDGHTXDGDSRLVVHREVHUYDTXHRVDOXQRVFRPGHILFLrQFLDPHQWDOYrHPWDQWRDVSHFWRV SRVLWLYRVTXDQWRQHJDWLYRVQHVWDIRUPDGHHVFRODUL]DomR

2 WUDEDOKR UHDOL]DGR SRU 0RUHMyQ QR PXQLFtSLR GH 6DQWD 0DULD56 REMHWLYRXHVWDEHOHFHUHVWUDWpJLDVSDUDTXHRHQVLQRGDVSHVVRDVFRPGHILFLrQFLDPHQWDO IRVVHDSULPRUDGR3DUWLFLSDUDPRLWRDOXQRVFRPGHILFLrQFLDPHQWDOGHDPERVRVVH[RV TXH IUHTXHQWDYDP R HQVLQR UHJXODU SUHFLVDPHQWH QD TXDUWD H TXLQWD VpULH H TXH Mi KDYLDP SDUWLFLSDGR GR HQVLQR HVSHFLDOL]DGR DSUHVHQWDQGR LGDGH HQWUH H DQRV 3DUWLFLSDUDPWDPEpPSURIHVVRUHVHSDLVTXHFRQWULEXtUDPFRPDPDLRUSDUWHGDV LQIRUPDo}HV DFHUFD GR SURFHVVR GH DSUHQGL]DJHP QXP FRQWH[WR GH LQFOXVmR 3ULPHLUDPHQWHDDXWRUDDSUHVHQWRXRVTXHVWLRQDPHQWRV VREUHDHVFDVVH]GHWUDEDOKRV TXH LQYHVWLJDP GLUHLWDPHQWH R DOXQR HVSHFLDO RX VHMD SRXFRV VmR RV HVWXGRV TXH DQDOLVDPRVDQVHLRVDQJ~VWLDVHSHUVSHFWLYDVGHDOXQRVGHILFLHQWHVHPEDVDGRVHPVXDV SUySULDVSHUFHSo}HV2VUHVXOWDGRVDSRQWDPTXHRVDOXQRVFRPGHILFLrQFLDPHQWDOTXH IUHTHQWDP DV FODVVHV FRPXQV HQFRQWUDPVH LQVHULGRV HP XP DPELHQWH RQGH RV SURIHVVRUHVQmRDSUHVHQWDPIRUPDomRHSUHSDUDomRSDUDRWUDEDOKRLQFOXVLYRJHUDQGR WUDEDOKRV VHP VLJQLILFDGRV H TXH DFDEDP UHSUHVHQWDQGR VLQDLV GH H[FOXVmR SRU DXVrQFLDV GH RULHQWDo}HV VREUH DV SUiWLFDV SHGDJyJLFDV PDLV DGHTXDGDV H DGDSWDGDV SDUDRVDOXQRVGHILFLHQWHV

$ DXWRUD GHVWDFD D LPSRUWkQFLD GH RXYLU R DOXQR PDV WDPEpP RV VHXV SDLV H SURIHVVRUHVVREUHDQHFHVVLGDGHGHVHSURSRUXPDHGXFDomRTXHVHMDJHUDGRUDIHFXQGD GH DOWHUQDWLYDV SDUD R SURFHVVR GH GHVHQYROYLPHQWR JOREDO GD SHVVRD H GD SUySULD VRFLHGDGH

(33)

PHGLDQWH RV LQVXFHVVRV HVFRODUHV HUDP HQFDPLQKDGRV SDUD DV FODVVHV HVSHFLDLV SDUD GHILFLHQWHV PHQWDLV H SRVWHULRUPHQWH UHWRUQDUDP DR HQVLQR FRPXP IRL SRVVtYHO HQFRQWUDUMRYHQVHDGXOWRVTXHYLYHQFLDUDPHVVHPRPHQWRHTXHSRVVLELOLWDUDPWUD]HUD WRQDVXDVSHUVSHFWLYDVHRSDSHOGDHGXFDomRHVSHFLDOQHVVHSURFHVVRHSULQFLSDOPHQWH UHFXSHUDUVXDVKLVWyULDVGHYLGD$RGDUYR]DHVVHVMRYHQVHDGXOWRVDWUDYpVGHUHODWRV RUDLVRSRUWXQL]RXVHDVSRVVLELOLGDGHVSDUDVHH[SUHVVDUHPHDYDOLDUHPDFRQWHFLPHQWRV GHVXDVWUDMHWyULDV

2VGDGRVPRVWUDUDP TXH SDUDRQ]H SDUWLFLSDQWHV D FODVVH HVSHFLDO SDUHFHXVH FRQVWLWXLUHPXPHVSDoRGHVXFHVVRGDQGROKHVDRSRUWXQLGDGHSDUDSHUPDQHFHUHPH SURJUHGLUHP QRV HVWXGRV SRLV VH QmR WLYHVVHP HVVD RSomR SURYDYHOPHQWH WHULDP HYDGLGRDQWHVGHFRQFOXLUDVpULHGR(QVLQR)XQGDPHQWDO$VVLPDFODVVHHVSHFLDO SDUD HVVHV DOXQRV IRL D SRVVLELOLGDGH GH UHWRUQDU DR HQVLQR UHJXODU PLQLPL]DQGR R IUDFDVVR HVFRODU LQLFLDO DSHVDU GRV UyWXORV H HVWLJPDV TXH OKHV IRUDP DWULEXtGRV (PERUD UHFRQKHFHQGR TXH D FODVVH HVSHFLDO FRQWULEXLX SDUD D DOIDEHWL]DomR XP SDUWLFLSDQWHDILUPRXTXHVRIUHXPXLWRVSUHFRQFHLWRVSRUWHUIUHTXHQWDGRHVVDVDODHTXH LQGHSHQGHQWHPHQWH GHOD WHULD FRQGLo}HV GH DSUHQGHU QR HQVLQR UHJXODU 5HVVDOWDVH DTXLTXHHVWHDOXQRIRLDSURYDGRQRYHVWLEXODUGHSDUDRFXUVRGHPDWHPiWLFDGD 8QLYHUVLGDGH)HGHUDOGH0DWR*URVVRGR6XO(VWHHVWXGRVHFRQVWLWXLXHPXPDIRQWH LPSRUWDQWHGHFRQKHFLPHQWRSDUDGHVYHODUFRPRHVVHVSDUWLFLSDQWHVSHUFHEHUDPDVXD SDVVDJHP SHOD FODVVH HVSHFLDO SDUD GHILFLHQWHV PHQWDLV FRPR SDUWH GH VXD WUDMHWyULD HVFRODU

(34)

6RFLRORJLD GD (GXFDomR HVSHFLDOPHQWH DTXHOHV TXH WrP FRQWULEXtGR SDUD D FRPSUHHQVmR H DQiOLVH GRV VLVWHPDV H SUiWLFDV HGXFDFLRQDLV TXH QRV SHUPLWHP FRPSUHHQGHUDVWUDMHWyULDVHVFRODUHVGRVDOXQRVQRFRQWH[WRGDVUHODo}HVVRFLDLV

2REMHWLYRHRHQIRTXHPHWRGROyJLFRUHFRQKHFHPDVWUDMHWyULDVHVFRODUHVGHH[ DOXQRV GH FODVVHV HVSHFLDLV SDUD GHILFLHQWHV PHQWDLV H RV UHVXOWDGRV DOFDQoDGRV QR SURFHVVR GH HVFRODUL]DomR 2SWRXVH HP GDU D SDODYUD DR DOXQR FRP GHILFLrQFLD SDUD TXH HOH DWUDYpV GRV UHODWRV SXGHVVH UHFRQVWUXLU VXD WUDMHWyULD HVFRODU 3DUWLFLSDUDP FLQFR DOXQRV FRP GHILFLrQFLDPHQWDO TXH HVWDYDP QD IDL[D HWiULDGRV YLQWHGRLV DQRV DRVYLQWHQRYH DQRVHTXHSRVVXtDP HVFRODULGDGHFRUUHVSRQGHQWHjVVpULHVLQLFLDLVGR (QVLQR)XQGDPHQWDODWpR(QVLQR0pGLRFRPSOHWR

3DUD DQiOLVH GDV WUDMHWyULDVIRL DGRWDGD D DERUGDJHPTXDOLWDWLYD H FRQVWUXtGDV WUrV FDWHJRULDV DPELHQWH IDPLOLDU HVFRODUL]DomR H FRQYtYLR VRFLDO 2V UHVXOWDGRV VLQDOL]DUDPTXHDVWUDMHWyULDVHVFRODUHVHPERUDIRVVHPVLQJXODUHVLQFLGLUDPHPWUDoRV GHFRQIRUPLGDGHFRPUyWXORVGHLQFDSD]HVHFRPRIUDFDVVRHVFRODUVRIULGRDRORQJR GRSURFHVVRGHHVFRODUL]DomR1DPDLRULDGDVWUDMHWyULDVGHVFULWDVDEDL[DHVFRODULGDGH DOFDQoDGDRLVRODPHQWRVRFLDODTXHIRUDPVXEPHWLGRVWDQWRQRkPELWRIDPLOLDUFRPR HVFRODU DV SRXFDV FKDQFHV GH DFHLWDomR QRV JUXSRV VRFLDLV HP GHFRUUrQFLD GRV IUDFDVVRVVRIULGRVYLDELOL]DUDPDHVWHVDOXQRVDXVrQFLDGHSHUVSHFWLYDVTXDQWRjHVFROD FRQYtYLRVRFLDOHRSRUWXQLGDGHVGHWUDEDOKR

$ SURSRVWD GHVWH WUDEDOKR IRL DQDOLVDU DV WUDMHWyULDV HVFRODUHV GH DOXQRV FRP GHILFLrQFLD TXH Mi IUHTXHQWDUDP R HQVLQR HVSHFLDOL]DGR H TXH SRVWHULRUPHQWH IRUDP PDWULFXODGRVHPXPDVDOD GRVHJPHQWRGD(GXFDomRGH -RYHQV H$GXOWRV SRLV HVWHV GDGRVIRUQHFHPHPEDVDPHQWRTXHSRVVLELOLWDPDLGHQWLILFDomRGHSUiWLFDVSROtWLFDVRX FRQFHSo}HV TXH YLJRUDP PDV QmR DWHQGHP DV UHDLV QHFHVVLGDGHV GRV DOXQRV FRP GHILFLrQFLD$DQiOLVHFRPSDUDWLYDHQWUHRDPELHQWHHVFRODULQVWLWXFLRQDOL]DGRHD(-$ HQTXDQWR DPELHQWH LQFOXVLYR VmR DQDOLVDGRV GHQWUR GDV SHUVSHFWLYDV RUJDQL]DFLRQDO SHGDJyJLFD PHWRGROyJLFD H LQFOXVLYD YLDELOL]DQGR LQVWUXPHQWRV SDUD DSULPRUDU SROtWLFDVS~EOLFDVSUiWLFDVHSURFHVVRVIRUPDWLYRV

(VVHWUDEDOKR REMHWLYRX DQDOLVDUDV WUDMHWyULDVHVFRODUHV GH DOXQRV RULXQGRVGH DPELHQWHV HGXFDFLRQDLV LQVWLWXFLRQDOL]DGRV H TXH IRUDP WUDQVIHULGRV SDUD HVFRODV UHJXODUHVRQGHIUHTXHQWDYDPVDODVGRVHJPHQWRGH(GXFDomRSDUD-RYHQVH$GXOWRVGD UHGHPXQLFLSDOGHHQVLQRGDFLGDGHGH6mR&DUORV63

(35)

GRV DOXQRV FRP GHILFLrQFLD H GRV IDPLOLDUHV TXH FRQWULEXtUDP QR VHQWLGR GH RIHUHFHU XPDYLVmRFRQWtQXDGRSURFHVVRGHHVFRODUL]DomRGHVWHVDOXQRV

2VUHODWRVGRVDOXQRVIRLRSRQWRFHQWUDOGHVVHHVWXGRFRQWXGRRVGHSRLPHQWRV GH VHXV IDPLOLDUHV H SURIHVVRUHV QmR IRUDP UHTXHULGRV SDUD UHIRUoiORV PDV SDUD IDYRUHFHUHPRGHOLQHDPHQWRGDVWUDMHWyULDVHHQULTXHFHUHPDVGHVFULo}HVGRVDPELHQWHV HVFRODUHV

(36)

0e72'2

6HQWLPRV TXH QD EDVH GDV WHQGrQFLDV DWXDLV GD SHVTXLVD HP HGXFDomR VH HQFRQWUD XPD OHJtWLPD H ILQDOPHQWH GRPLQDQWH SUHRFXSDomR FRP RV SUREOHPDVGHHQVLQR$tVHVLWXDPDVUDt]HVGRVSUREOHPDVTXHUHSHUFXWHP FHUWDPHQWH HP WRGRV RV DVSHFWRV GD HGXFDomR HP QRVVR SDtV e Dt TXH D SHVTXLVDGHYHDWDFDU PDLVIURQWDOPHQWH SURFXUDQGRSUHVWDUDFRQWULEXLomR TXHVHPSUHGHYHXDHGXFDomR/8'.(H$1'5eS

$WXDOPHQWH SDUWH VLJQLILFDWLYD GR FDPSR GH FRQKHFLPHQWR GD (GXFDomR (VSHFLDOWHPFLUFXQVFULWRFRPRREMHWRGHHVWXGRDVSHVVRDVHPFRQGLomRGHGHILFLrQFLD HVXDVH[SHULrQFLDVYLYHQFLDGDVHPXPFRQWH[WRGHLQFOXVmRHVFRODUeSUHFLVRGHVWDFDU D UHOHYkQFLD GH SHVTXLVDV TXH DSUHVHQWDP FRPR SRQWR FHQWUDO RV DOXQRV FRP GHILFLrQFLD VXDV FRQFHSo}HV H WUDMHWyULDV GH HVFRODUL]DomR TXH VH LQLFLDP HP LQVWLWXLo}HV HVSHFLDOL]DGDV SDUD SRVWHULRUPHQWH VH LQVHULUHP HP HVFRODV GH HQVLQR IXQGDPHQWDO

$SyVDGHILQLomRGRREMHWRGHSHVTXLVDRSWRXVHSRUXPSHUFXUVRPHWRGROyJLFR TXH SRVVLELOLWDVVH D FDSWDomR GDV FRQFHSo}HV GRV DOXQRV FRP GHILFLrQFLD H VHXV IDPLOLDUHVSULQFLSDOPHQWHQRTXHGL]UHVSHLWRDRSHUFXUVRYLYHQFLDGRHPVXDKLVWyULD HVFRODU

$GRWRXVH D DERUGDJHP TXDOLWDWLYD SRLV SHUPLWH PDLRU DSUR[LPDomR H HQYROYLPHQWR HQWUH R SHVTXLVDGRU H RV VXMHLWRV HQYROYLGRV QR HVWXGR QR VHQWLGR GH FRPSUHHQGHURVLJQLILFDGRGDVDo}HVHLQWHUSUHWDUGRTXHIRLUHODWDGR

(37)

(VVDSHVTXLVDIRLUHDOL]DGDQRPXQLFtSLRGH6mR&DUORVLQWHULRUGR(VWDGRGH 6mR 3DXOR 6HJXQGR GDGRV GR ,%*( ,QVWLWXWR %UDVLOHLUR *HRJUDILD H (VWDWtVWLFD GH DFLGDGHFRQWDFRPKDELWDQWHV$SRSXODomRpHPVXDPDLRULDXUEDQDH GHDFRUGRFRPRVHQVRUHDOL]DGRHPVLQDOL]DTXHGHVWDpDOIDEHWL]DGD 2VDOXQRVSDUWLFLSDQWHVHVWDYDPPDWULFXODGRVHPHVFRODVGDUHGHPXQLFLSDOGH HGXFDomR H IUHTXHQWDYDP VDODV GR VHJPHQWR GD (-$ QR SHUtRGR QRWXUQR $V HVFRODV ORFDOL]DYDPVHHPEDLUURVSHULIpULFRVGDFLGDGHSUy[LPDVjVUHVLGrQFLDVGRVDOXQRV

(VFRODVUHJXODUHV

$VHVFRODVUHJXODUHVTXHFRQWH[WXDOL]DUDPRDPELHQWHLQFOXVLYRGHVWDSHVTXLVD VmR GHQRPLQDGDV QR PXQLFtSLR GH (0(% (VFROD 0XQLFLSDO (GXFDomR %iVLFD SRLV LQFRUSRUDPRHQVLQRIXQGDPHQWDOHQRSHUtRGRQRWXUQRDOJXPDVSRVVXHPRVHJPHQWR GD (GXFDomR GH -RYHQV H $GXOWRV RQGH KDYLDP HIHWLYDGR VXD PDWULFXOD H HVWDYDP IUHTXHQWDQGRQRPRPHQWRGDFROHWDGHGDGRVRVDOXQRVSDUWLFLSDQWHVGHVWHHVWXGR 2V VHLV DOXQRV SDUWLFLSDQWHV HVWDYDP FXUVDQGR R , 7HUPR GR ,, 6HJPHQWR GD (-$ R TXH GH DFRUGR FRP D HVWUXWXUDomR VHULD HTXLYDOHQWH DR ƒ DQR GR HQVLQR IXQGDPHQWDO FRPXP FXMR FXUUtFXOR DEUDQJLD GLIHUHQWHV FRQWH~GRV DWLYLGDGHV H DYDOLDo}HV

$VDXODVHVWDYDPRUJDQL]DGDVGHVHJXQGDDVH[WDIHLUDQRSHUtRGRQRWXUQRGH KPLQ jVKPLQ$VDWLYLGDGHVHVFRODUHV HVWDYDPGLVWULEXtGDV GLDULDPHQWHHP FLQFRDXODVFRPGXUDomRGHTXDUHQWDPLQXWRVFDGDHGLVSXQKDPGHXPLQWHUYDORHQWUH WUrVDXODVFRPGXUDomRGHYLQWHPLQXWRV

2V DOXQRV TXH VmR HJUHVVRV GH LQVWLWXLo}HV HVSHFLDOL]DGDV H RV GHPDLV TXH DSUHVHQWHP GLILFXOGDGHV QR SHUFXUVR GD DSUHQGL]DJHP SRGHP SDUWLFLSDU GR DWHQGLPHQWRFRPXPSURIHVVRUGH(GXFDomR(VSHFLDO(VVHDWHQGLPHQWRpIDFXOWDWLYR LQGLYLGXDORXHPSHTXHQRVJUXSRVHDFRQWHFHXPDYH]SRUVHPDQDQDVDODGHUHFXUVRV GDHVFRODHPSHUtRGRRSRVWRFRPGXUDomRPpGLDGHXPDKRUDHPHLD

(38)

$V DWLYLGDGHV SURSRVWDV SDUD HVVH DWHQGLPHQWR HUDP GLYHUVLILFDGDV H RUJDQL]DGDV GH DFRUGR FRP DV GLILFXOGDGHV XWLOL]DYDPVH FRPR UHFXUVRV MRJRV SHGDJyJLFRV MRJRV PXOWLPtGLD RX DWLYLGDGHV HODERUDGDV SHOR SUySULR SURIHVVRU GH (GXFDomR (VSHFLDO ,QLFLDOPHQWH RV DOXQRV HUDP DYDOLDGRV SHORV SURIHVVRUHV GH (GXFDomR (VSHFLDO DWUDYpV GH XPD DYDOLDomR GLDJQyVWLFD TXH SURFXUDYD GHWHFWDU GH IRUPD JOREDO DV GLILFXOGDGHV SDUD TXH SRVWHULRUPHQWH IRVVHP HVWUXWXUDGRV RV DWHQGLPHQWRV TXH WLQKDP GXUDomR VHPHVWUDO SRGHQGR VHU SURORQJDGRV SDUD XP DQR 'HQWURGHVVHFRQWH[WRDYDOLDWLYRRVSURILVVLRQDLVGD(GXFDomR(VSHFLDOVROLFLWDYDPD SDUWLFLSDomR GRV IDPLOLDUHV H GRV SURIHVVRUHV GD VDOD UHJXODU SDUD TXH KRXYHVVH LQWHUDomR HQWUH R DPELHQWH IDPLOLDU H HVFRODU FRP R REMHWLYR GH DOFDQoDU UHVXOWDGRV SRVLWLYRVSDUDRGHVHQYROYLPHQWRGRVDOXQRV

,QVWLWXLo}HVHVSHFLDOL]DGDV

2V DOXQRV SDUWLFLSDQWHV IRUDP RULXQGRV GH GXDV LQVWLWXLo}HV TXH RIHUHFLDP R HQVLQR HVSHFLDOL]DGR FLQFR GHVWHV DOXQRV IUHTXHQWDUDP D LQVWLWXLomR TXH QR WH[WR IRL GHQRPLQDGDGH,QVWLWXLomR$HXPDOXQRTXHSDUWLFLSRXGDLQVWLWXLomRGHQRPLQDGDGH ,QVWLWXLomR%

$ SURSRVWD SHGDJyJLFD GD ,QVWLWXLomR $ DEUDQJH RV VHUYLoRV HGXFDFLRQDLV H DYDOLDo}HV GLDJQyVWLFDV SRLV DWHQGHP VHPDQDOPHQWH JUXSRV GH SHVVRDV TXH VmR HQYLDGDVSHORVHWRUGDVD~GHRXGD(GXFDomRSDUDDYDOLDo}HV

2 VHUYLoR GH DWHQGLPHQWR HGXFDFLRQDO FRPSUHHQGH D IDL[D HWiULD TXH FRUUHVSRQGHDR(QVLQR)XQGDPHQWDOQRQtYHOLQLFLDORXVHMDGHSULPHLUDDTXDUWDVpULH GHVHQYROYHQGR XP FXUUtFXOR DGDSWDGR FXMR REMHWLYR p R GH DWHQGHU SHVVRDV FRP ³1HFHVVLGDGHV (GXFDFLRQDLV (VSHFLDLV´ SURPRYHQGR D VXD LQGHSHQGrQFLD H DXWRQRPLD HP DWLYLGDGHV GH YLGD GLiULD H HVWLPXODQGR D VXD FRPXQLFDomR H VRFLDOL]DomR

(39)

jVVXDVFRQGLo}HVSHVVRDLVRGRPtQLRGDOHLWXUDGDHVFULWDGDVRSHUDo}HVPDWHPiWLFDV EiVLFDVHGRFRQKHFLPHQWRVREUHDQDWXUH]DHDVRFLHGDGH

$HTXLSHWpFQLFDGD,QVWLWXLomR$UHDOL]DWHVWHVHDYDOLDo}HVLQLFLDLVDVVLPVHXV UHVXOWDGRV LQGLFDP DV GLILFXOGDGHV H SUREOHPDV SDUD TXH SRVWHULRUPHQWH VHMDP IRUPDGDV DV VDODV RQGH FDGD XPD SRVVXL XP SURJUDPD GH WUDEDOKR H DWHQGLPHQWR HVSHFtILFRRXVHMDDVDWLYLGDGHVVHUmRDGHTXDGDVDFDGDQHFHVVLGDGHHVSHFLDO

$ ,QVWLWXLomR % FRQILJXUDVH FRPR XPD DVVRFLDomR SDUD RULHQWDomR H GHVHQYROYLPHQWRGRDOXQRGHILFLHQWHeXPDHQWLGDGHILODQWUySLFDVHPILQVOXFUDWLYRV IXQGDGDHPSRUXPJUXSRGHPmHVTXHEXVFDYDPXPDWHQGLPHQWRHVSHFLDOL]DGR SDUDVHXVILOKRVSRUWDGRUHVGHGHILFLrQFLD

'HVGHHQWmR D ,QVWLWXLomR % YLVD D ORQJRSUD]R GHVHQYROYHU HP VHXV DOXQRV VXDV TXDOLGDGHV DSULPRUDQGR DV FDSDFLGDGHV H LQFHQWLYDQGR VXD LQGHSHQGrQFLD H D LQFOXVmRVRFLDO

'HDFRUGRFRPRVREMHWLYRVSURSRVWRVHPVHXSURMHWRSHGDJyJLFRDSULRULGDGH pD FDSDFLWDomRGHVHXV DOXQRVSDUDRPHUFDGRGH WUDEDOKR DWUDYpVGH SDUFHULDVFRP HVWDEHOHFLPHQWRV FRPHUFLDLV GD FLGDGH GH 6mR &DUORV63 $ ,QVWLWXLomR DWHQGH XPD SHTXHQD SDUFHOD GH DOXQRV 1R DQR GH IRUDP DWHQGLGRV WULQWD DOXQRV FRP GHILFLrQFLDPHQWDOTXHIUHTXHQWDYDPDVDWLYLGDGHVHPSHUtRGRLQWHJUDO

'HQWUHRVREMHWLYRVRVTXHVHDSUHVHQWDPHPPDLRUGHVWDTXHVmRDVRILFLQDVRX VHMDRQtYHORFXSDFLRQDOHQTXDQWRDHGXFDomRHVFRODUpFDUDFWHUL]DGDDSHQDVSRUVXD HWDSD EiVLFD UHFRQKHFLPHQWR H GLVFULPLQDomR GH ILJXUDV FRUHV DV TXHVW}HV GH WHPSRUDOLGDGHHHVSDoRSDUDTXHRDOXQRDGTXLUDPDLRUDXWRQRPLD

3DUWLFLSDQWHV

2SURFHVVRGHLGHQWLILFDomRGRVSDUWLFLSDQWHV

(40)

TXH IRUDP HQWUHJXHV D FDUWD GH DSUHVHQWDomR $SrQGLFH H R SURMHWR LQLFLDO GD SHVTXLVD SDUD TXH IRVVHP VXEPHWLGRV DRV WUkPLWHV EXURFUiWLFRV GD 6HFUHWDULD GH (GXFDomR GH DQiOLVH H DXWRUL]DomR SDUD R GHVHQYROYLPHQWR GR WUDEDOKR QD UHGH PXQLFLSDOGHHQVLQR$SrQGLFH

'XUDQWH RV PHVHV GH IHYHUHLUR H PDUoR GH IRUDP UHDOL]DGDV YLVLWDV VLVWHPiWLFDV jV VHFUHWDULDV GDV HVFRODV FRP D ILQDOLGDGH GH DQDOLVDU ILFKDV GH PDWUtFXODV KLVWyULFRV HVFRODUHV H SURQWXiULRV SDUD D LGHQWLILFDomR GH SURYiYHLV SDUWLFLSDQWHV QHVWD SHVTXLVD &RQWXGR DSyV PXLWDV WHQWDWLYDV FRQVWDWRXVH D SUHFDULHGDGH GDV IRQWHV GH LQIRUPDo}HV SRLV IDOWDYDP UHJLVWURV DWXDOL]DGRV H GRFXPHQWDomRGHDOXQRVHJUHVVRVGHLQVWLWXLo}HV

3RU RULHQWDomR GH IXQFLRQiULRV GD SUySULD VHFUHWDULD GH HGXFDomR D SHVTXLVDGRUD SDUWLFLSRX GH UHXQL}HV FRP DV SURIHVVRUDV GH (GXFDomR (VSHFLDO GR PXQLFtSLR SRLV HODV REWLQKDP GDGRV VREUH RV DOXQRV GHILFLHQWHV TXH KDYLDP IUHTXHQWDGR LQVWLWXLo}HV HVSHFLDOL]DGDV H TXH HVWDYDP PDWULFXODGRV QDV HVFRODV PXQLFLSDLV 'XUDQWHRPrVGHDEULOGHSHUFRUUHUDPVHDVHVFRODVLGHQWLILFDGDV UHFROKHQGRGDGRVMXQWRjVILFKDVGHPDWUtFXODHKLVWyULFRVDUTXLYDGRVQDVVHFUHWDULDVH SULQFLSDOPHQWHFRPDVSURIHVVRUDVGD(GXFDomR (VSHFLDOTXHSRVVXtDP LQIRUPDo}HV PDLVGHWDOKDGDVVREUHHVWHVDOXQRVHVHXVIDPLOLDUHV

2VGDGRVFROHWDGRVMXQWRjVSURIHVVRUDVLQGLFDYDPXPWRWDOGHTXLQ]HDOXQRV VHQGRRLWRGRVH[RIHPLQLQRHVHWHGRPDVFXOLQRFRPLGDGHVHQWUHRLWRHYLQWHHVHLV DQRVPDWULFXODGRVHPTXDWURHVFRODVGLVWLQWDV$SrQGLFH

(P IXQomR GD KHWHURJHQHLGDGH GR JUXSR GH DOXQRV RSWRXVH SHOR HVWDEHOHFLPHQWRGHFULWpULRVSDUDVHOHFLRQDURVSURYiYHLVSDUWLFLSDQWHV

$ ,GDGH DFLPD GH TXLQ]H DQRV SRLV VHULD WUDEDOKDGR FRP RV UHODWRV GDV WUDMHWyULDV HVFRODUHV H HVWDV FRQGLo}HV IDYRUHFHULDP R DFHVVR jV PHPyULDV SDUD TXH IRVVHPGHVFULWDVDVH[SHULrQFLDVQDLQVWLWXLomRHDVSRVVLELOLGDGHVHYLYrQFLDVQDHVFROD UHJXODU

%)UHTXrQFLD DR (-$ 2V DOXQRV TXH SDUWLFLSDP GR VHJPHQWR GD (-$ IRUDP FRQVLGHUDGRV HP IXQomR GD UHODomR LGDGHVpULH RX VHMD SDUD HVWD PRGDOLGDGH VmR HQFDPLQKDGRV RV DOXQRV FRP LGDGH LJXDO RX VXSHULRU D TXLQ]H DQRV SRLV HVWD IDL[D HWiULD QmR FRUUHVSRQGH PDLV DR HQVLQR IXQGDPHQWDO FRPXP 'H DFRUGR FRP D /HL

(41)

HPVHXDUWLJRILFDGHWHUPLQDGRTXHRLQJUHVVRQD(GXFDomRGH-RYHQVH $GXOWRVQRVQtYHLVIXQGDPHQWDOHPpGLRVHMDPUHVSHFWLYDPHQWHTXLQ]HHGH]RLWRDQRV

$ SDUWLU GD DSOLFDomR GH FULWpULRV IRUDP LGHQWLILFDGRV RLWR DOXQRV SDUD SDUWLFLSDUHPGDSHVTXLVD

(VWDEHOHFHXVHHQWmR R FRQWDWR LQLFLDO H R FRQYLWH SDUDSDUWLFLSDU GD SHVTXLVD TXHIRLDFHLWRSRUVHLVMRYHQVHVHXVIDPLOLDUHV'RLVGHOHVUHFXVDUDPDSDUWLFLSDomRSRU FRQWDGHSUREOHPDVGHVD~GHQDIDPtOLD

$VVLP IL]HUDP SDUWH GD SHVTXLVD VHLV DOXQRV TXH KDYLDP SDUWLFLSDGR GH XPD LQVWLWXLomRHVSHFLDOL]DGDHTXHHPHQFRQWUDYDPVHPDWULFXODGRVHIUHTXHQWDQGR RSURJUDPDGH(GXFDomRSDUD-RYHQVH$GXOWRV(-$GDUHGHPXQLFLSDOGHHQVLQRQD FLGDGHGH6mR&DUORV63VHXVIDPLOLDUHVHSURIHVVRUDVGDVDODUHJXODUHGD(GXFDomR (VSHFLDO

$ SDUWLFLSDomR GRV IDPLOLDUHV VH MXVWLILFD SHOR IDWR GH VHUHP FRODERUDGRUHV FDSD]HV GH RIHUHFHU LQIRUPDo}HV TXH SRGHP IDYRUHFHU D UHFRQVWUXomR GD KLVWyULD HVFRODUGHVVHV DOXQRV DSUHVHQWDQGR HOHPHQWRV TXH SRVVLELOLWDP XPD DYDOLDomRGHVWDV H[SHULrQFLDV Mi TXH RV GRFHQWHV Vy SRGHUmR DSUHVHQWDU LQIRUPDo}HV H DYDOLDo}HV GD H[SHULrQFLDHVFRODUQRPRPHQWRDWXDO2VGDGRVDGYLQGRVGRFRQWH[WRIDPLOLDUSRGHUmR RIHUHFHULQIRUPDo}HV VREUH DV FRQWLQXLGDGHV H UXSWXUDV TXH DFRQWHFHUDP QR SURFHVVR GHHVFRODUL]DomRGRVDOXQRVHQDWUDQVLomRGRFRQWH[WRGDLQVWLWXLomRHVSHFLDOL]DGDSDUD D HVFROD UHJXODU 2V UHODWRV QmR IRUDP XWLOL]DGRV FRPR XPD FRQILUPDomR GRV GDGRV DGYLQGRV GRV DOXQRV PDV FRPR XPD SRVVLELOLGDGH GH RIHUHFHU LQIRUPDo}HV FRPSOHPHQWDUHV

$VSURIHVVRUDVSDUWLFLSDQWHVVmR DVGH(GXFDomR(VSHFLDOVHQGR XPDGHFDGD HVFROD H DV SURIHVVRUDV GD VDOD UHJXODU UHVSRQViYHLV SHOD GLVFLSOLQD GH /tQJXD 3RUWXJXHVDSRLVRIDWRGHSRVVXtUHPPDLRUQ~PHURGHDXODVQHVWHVHJPHQWRSURSLFLRX PDLVWHPSRGHSHUPDQrQFLDFRPRVDOXQRVIDYRUHFHQGRDVVLPUHODWRVPDLVGHWDOKDGRV VREUHDVH[SHULrQFLDVHVFRODUHVGHVWHVDOXQRV

$ SDUWLFLSDomR GDV SURIHVVRUDV MXVWLILFRXVH SHODV GHVFULo}HV GR FRQWH[WR GD HVFRODUHJXODURXVHMDFRQWULEXtUDPFRPDFDUDFWHUL]DomRGRWUDEDOKRUHDOL]DGRDSyVD LQFOXVmRGHVWHVDOXQRVQDUHGHUHJXODUGHHQVLQR

(42)

2TXDGUR ,GHVFUHYH RVDOXQRVSDUWLFLSDQWHVGHVWD SHVTXLVDVHQGRTXHRVVHLV DOXQRV HVWDYDP PDWULFXODGRV H IUHTXHQWDYDP DV HVFRODV UHJXODUHV LGHQWLILFDGDV FRPR (&H('HVmRHJUHVVRVGHLQVWLWXLo}HVHVSHFLDOL]DGDVLGHQWLILFDGDVFRPR,$H,% 'HDFRUGRFRPRVGDGRVDSUHVHQWDGRVQR4XDGUR,TXDWURGRVVHLVSDUWLFLSDQWHV VmR GR VH[R IHPLQLQR HDSUHVHQWDP LGDGHV HQWUH H DQRV RV RXWURV GRLV VmR GR VH[RPDVFXOLQRHFRPLGDGHYDULDQGRHQWUHHDQRV 'RVVHLVDOXQRVWUrVIUHTXHQWDYDPD(&HHUDPHJUHVVRVGD,$HRVRXWURVWUrV DOXQRVIUHTXHQWDYDPD('VHQGRTXHGRLVHUDPHJUHVVRVGD,$HXPGD,% 2VDOXQRVSHUPDQHFHUDPQRDPELHQWHLQVWLWXFLRQDOHVSHFLDOL]DGRSRUXPSHUtRGRTXH YDULRXGHTXDWURDWUH]HDQRVHRWHPSRHPTXHHVWDYDPPDWULFXODGRVQDHVFRODUHJXODU YDULDYDGHXPDRLWRDQRV $LQIRUPDomRGHTXHRVDOXQRVSRVVXHPXPDGHILFLrQFLDHVWmRHPEDVDGDVHP GDGRV REWLGRV HP SURQWXiULRV HVFRODUHV H IRUQHFLGRV SHORV IDPLOLDUHV QR GHFRUUHU GH VHXVGHSRLPHQWRV 1RPH ,GDGH DQRV 6H[R ,GDGHGH PDWULFXOD QD LQVWLWXLomR 7HPSRGH SHUPDQrQFLD QD ,QVWLWXLomR (VFRODDWXDO $QRGH PDWULFXOD QDHVFROD UHJXODU 7HUPRGH VHJPHQWR GR(-$ 'LDJQyVWLFR

/XFLD )HPLQLQR ,$

(VFROD& ,WHUPRGR VHJPHQW

R,,

'HILFLrQ FLD 0HQWDO

-RDTXLP 0DVFXOLQR ,%

(VFROD& 'HILFLrQ FLD 0HQWDO 5LFDUGR 0DVFXOLQR ,$

(VFROD& 'HILFLrQFLD 0HQWDO 7DOLWD )HPLQLQR ,$

(VFROD' 'HILFLrQFLD

0HQWDOH FRPSRUWD PHQWDO 5RVD )HPLQLQR ,$

(VFROD' '$XGLWL

YD

(43)

0LFKHOL )HPLQLQR ,$

(VFROD' 7ULVVRPL

DGR WLSR 0RVDLFR 4XDGUR,&DUDFWHUL]DomRGRVDOXQRV

)RQWH(ODERUDomRSUySULD

)DPLOLDUHV

3DUWLFLSDUDPWDPEpP IDPLOLDUHV TXH WLYHUDP D SRVVLELOLGDGH GH DFRPSDQKDU R DOXQR GXUDQWH D VXD WUDMHWyULD HVFRODU GHVGH R VHX LQtFLR DWp R SURFHVVR GH LQFOXVmR DWXDO

&RQVWLWXtUDPRJUXSRGHIDPLOLDUHVTXDWURPmHVXPSDLHXPLUPmRFRPIDL[D HWiULDHQWUHHDQRV$VIDPtOLDVDSUHVHQWDUDPUHQGDVDODULDOGHXPVDOiULRPtQLPR YDORUGH UHIHUrQFLDGRVDOiULR PtQLPR QRPrVGH MXOKR GH±5 DVHLV VDOiULRVPtQLPRVHDHVFRODULGDGHGRVSDLVYDULDYDGHVGHDQDOIDEHWRDWpQtYHOVXSHULRU VHQGR TXH D PDLRULD GHOHV FXUVRX R HQVLQR IXQGDPHQWDO LQFRPSOHWR FRQIRUPH R TXH GHPRQVWUDRTXDGUR,,

(44)
(45)

)D

PLOL DUHV 0mH 3DL 0mH 3DL

,UPmR 0mH 3DL 0DGUDV WD 0mH 3$, 0mH 3DL

$OXQR V /XF LD -RDT XL P 5LFDUG R 7D OLW D 5R VD 0LF KH OL 4XDGUR,,&DUDFWHUL]DomRGRVIDPLOLDUHV )RQWH(ODERUDomRSUySULD 3URIHVVRUDV 2TXDGUR,,,DSUHVHQWDDFDUDFWHUL]DomRGDVTXDWURSURIHVVRUDVTXHSDUWLFLSDUDP GDSHVTXLVD7RGDVVmRGRVH[RIHPLQLQRQDIDL[DHWiULDHQWUHHDQRVFRPWHPSR GH GRFrQFLD HQWUH FLQFR H YLQWH H RLWR DQRV $V SURIHVVRUDV SDUWLFLSDQWHV OHFLRQDYDP QDVHVFRODVSHVTXLVDGDVGHGRLVDVHLVDQRV

4XDQWR j IRUPDomR GXDV SURIHVVRUDV GD (GXFDomR (VSHFLDO TXH WUDEDOKDYDP QDV VDODV GH UHFXUVRV FXUVDUDP DOpP GR 0DJLVWpULR R FXUVR GH 3HGDJRJLD H VmR KDELOLWDGDVHP(GXFDomR(VSHFLDO$VRXWUDVSURIHVVRUDVTXHDWXDYDPQDVDODUHJXODU± (-$ XPD DSUHVHQWD DSHQDV R 0DJLVWpULR SRLV DQWHULRUPHQWH WUDEDOKDYD QD iUHD GD $GYRFDFLDHDRXWUDSURIHVVRUDpIRUPDGDHP/HWUDVHOHFLRQDDXODVGHSRUWXJXrV

1RPH ,GDGH 3URIHVVRUGRVDOXQRV )RUPDomR

7HPSR GH GRFrQFLD 7HPSRHP TXHOHFLRQD QDHVFROD SHVTXLVDGD (VWDGR FLYLO )LOKRV +HOHQD 6DODGH 5HFXUVRV

DQRV -RDTXLP/XFLD 5LFDUGR 0DJLVWpULR 3HGDJRJLD +DELOLWDomR (GXFDomR (VSHFLDO

$QRV 7UrVDQRV 'HVTXLWDGD 8PDILOKD

(OLDQH 6DODGH 5HFXUVRV

DQRV 7DOLWD5RVD 0LFKHOL 0DJLVWpULR 3HGDJRJLD +DELOLWDomR (GXFDomR (VSHFLDO

$QRV &LQFRDQRV &DVDGD 'RLVILOKRV

0DULD (-$ DQRV /XFLD -RDTXLP 5LFDUGR 0DJLVWpULR

'LUHLWR &LQFRDQRV 'RLVDQRV 6ROWHLUD =HUR

7DLV

(46)

0LFKHOL ,QJOrVH (VSDQKRO

4XDGUR,,,&DUDFWHUL]DomRGDVSURIHVVRUDV )RQWH(ODERUDomRSUySULD

,QVWUXPHQWRVGHFROHWDGHGDGRV

2V LQVWUXPHQWRV XWLOL]DGRV SDUD D FROHWD GRV GDGRV IRUDP HQWUHYLVWDV VHPL HVWUXWXUDGDV DSOLFDGDV DRV DOXQRV VHXV IDPLOLDUHV H SURIHVVRUDV TXH DFHLWDUDP SDUWLFLSDUGHVVDSHVTXLVD

2URWHLURGHHQWUHYLVWDIRLFRPSRVWRSRULQWHUURJDWLYDVYROWDGDVjFDUDFWHUL]DomR GRV VXMHLWRV GD VLWXDomR HVFRODU DQWHULRU H DWXDO H GH VXDV H[SHFWDWLYDV HVFRODUHV H SURILVVLRQDLV IXWXUDV 'H DFRUGRFRP /XGNH H $QGUp DV HQWUHYLVWDV SHUPLWHP FDSWDU DV LQIRUPDo}HV GHVHMDGDV GH IRUPD FRUUHQWH H LPHGLDWD SHUPLWLQGR TXH VH DERUGHPTXHVW}HVGHQDWXUH]DHVWULWDPHQWHSHVVRDOHtQWLPDFRPRWDPEpPFRPSOH[D 2XWURSRQWRSRVLWLYRTXHDWRUQDXPLQVWUXPHQWRHILFD]pTXHSUHVVXS}HXPDLQWHUDomR HQWUHRHQWUHYLVWDGRUHRHQWUHYLVWDGRHSRUWDQWRSHUPLWHDSRVVLELOLGDGHGHFRUUHo}HV HVFODUHFLPHQWRVHDGDSWDo}HV

2VURWHLURVIRUDPHODERUDGRVWRPDQGRSRUEDVHDOLWHUDWXUDQDiUHDGHHGXFDomR HVSHFLDOHDEDUFDQGRRREMHWLYRGDSHVTXLVD)RUDPHODERUDGRVWUrVURWHLURVHVSHFtILFRV SDUDFDGDJUXSRGHSDUWLFLSDQWHVVHQGRHOHVRVDOXQRVVHXVIDPLOLDUHVUHVSRQGHQWHVHDV SURIHVVRUDV

5RWHLURGHHQWUHYLVWDVSDUDRVDOXQRV$SrQGLFHIRLRUJDQL]DGRHPGXDV HWDSDV SRLV DV TXHVW}HV VHULDP UHIHUHQWHV SULPHLUDPHQWH j LQVWLWXLomR TXH R DOXQR IUHTXHQWDUDHSRVWHULRUPHQWHHPXPDVHJXQGDHWDSDiVTXHVW}HVVHULDPVREUHDHVFROD UHJXODUeSUHFLVRGHVWDFDUTXHDQDWXUH]DGDVTXHVW}HVVHGLYHUVLILFRXSULPHLUDPHQWH IRUDP GHVFULWLYDV H SRVWHULRUPHQWH DYDOLDWLYDV 'XUDQWH D HODERUDomR GHVWH URWHLUR SUHRFXSRXVHFRPRYRFDEXOiULRSDUDJDUDQWLUFRPSUHHQVmRGRREMHWLYRFHQWUDOGHFDGD TXHVWmR

Referências

Documentos relacionados

Three years after the experiment was set up, in the soil tillage treatment weed composition was dominated by annual broad-leaved species, namely five Geraniaceae species,

Este trabalho tem como tema o projeto de um Centro de Oncologia Pediátrica habilitado pelo SUS (Sistema Único de Saúde) para funcionar como uma Unidade de Alta Complexidade

$V IROKDV WUDWDGDV GLUHWDPHQWH HIHLWR ORFDO FRP VROXomR GH XOYDQD EHP FRPR DV IROKDV VXSHULRUHV SURWHJLGDV FRP RV VDFRV SOiVWLFRV GXUDQWH D

F HOHPHQWRV FRQWH[WXDOL]DGRUHV GH IRFDOL]DomR REVHUYDPRV TXH D DWLYLGDGH DSUHVHQWD XP WH[WR FRPR SDQR GH IXQGR SDUD WDO SURGXomR (FOHVLDVWHV PDV QmR H[SORUD RV HOHPHQWRV TXH

$ SDUWLU GD SHUVSHFWLYD GD SVLFDQiOLVH GH TXH R VXMHLWR YLYH FRPR VH IRVVH LPRUWDOSRLVQRLQFRQVFLHQWHQmRKiXPDLQVFULomRSVtTXLFDSDUDDPRUWHHGHTXH QmR VH SRVVXL GH IDWR D H[SHULrQFLD

(QWUH RV YDORUHV FXOWLYDGRV SRU HVVD VRFLHGDGH GHVWDFDPRV D YDORUL]DomR GR FDVDPHQWR YLVWR FRPR R LQtFLR GH XPD GDV PDLV LPSRUWDQWHV LQVWLWXLo}HV VRFLDLV

Thus, the objective of this study was to analyze the functional connectivity between cortical areas corresponding to the visual processing dorsal pathway

Em termos económicos, avaliou-se na sequência estudada (O/O ZeQ P/P) a opção de utilizar o estágio de deslenhificação Z em vez de um estágio D (Dióxido de Cloro), no pressuposto