• Nenhum resultado encontrado

Utilização de células mononucleares na regeneração de lesão aguda do VII par craniano : estudo experimental em ratos

N/A
N/A
Protected

Academic year: 2017

Share "Utilização de células mononucleares na regeneração de lesão aguda do VII par craniano : estudo experimental em ratos"

Copied!
105
0
0

Texto

(1)

',2*20$5,/,20$57,16

87,/,=$d­2'(&e/8/$6021218&/($5(61$

5(*(1(5$d­2'(/(6­2$*8'$'29,,3$5

&5$1,$12(678'2(;3(5,0(17$/(05$726

2ULHQWDGRU3URI'U-HIIHUVRQ/XLV%UDJDGD6LOYD &RRULHQWDGRU'U0DUFRV5LFDUGRGH2OLYHLUD-DHJHU

3RUWR$OHJUH

'LVVHUWDomR DSUHVHQWDGD j )DFXOGDGH GH 0HGLFLQDGD3RQWLItFLD8QLYHUVLGDGH&DWyOLFD GR 5LR *UDQGH GR 6XO FRPR SDUWH GRV UHTXLVLWRVQHFHVViULRVSDUDREWHQomRGHWtWXOR GH0HVWUHHP&OtQLFD&LU~UJLFD

(2)

LL 0X0DUWLQV'LRJR0DULOLR

8WLOL]DomR GH FpOXODV PRQRQXFOHDUHV QD UHJHQHUDomR GH OHVmR DJXGD GR 9,, SDU FUDQLDQR HVWXGR H[SHULPHQWDO HP UDWRV 'LRJR 0DULOLR 0DUWLQV RULHQW -HIIHUVRQ %UDJD GD 6LOYD FRRULHQW 0DUFRV 5LFDUGR GH 2OLYHLUD -DHJHU 3RUWR $OHJUH 38&56

IJUiILOWDE

'LVVHUWDomR0HVWUDGR±3RQWLItFLD 8QLYHUVLGDGH &DWyOLFD GR 5LR *UDQGH GR 6XO )DFXOGDGH GH 0HGLFLQD 3URJUDPD GH 3yV*UDGXDomR HP 0HGLFLQD H &LrQFLDV GD 6D~GH ÈUHD GH &RQFHQWUDomR &OtQLFD &LU~UJLFD

3DUDOLVLD )DFLDO1HUYR )DFLDO5HJHQHUDomR 1HUYRVD

(3)

LLL

0(675$1'2',2*20$5,/,20$57,16

(1'(5(d2$Y*DQ]R3RUWR$OHJUH56 &(3

(0$,/GLRJRPPDUWLQV#WFDFRPEU 7(/()21(

(4)

LY

'HGLFRHVWDGLVVHUWDomRDRDPRUGDPLQKD

'HGLFRHVWDGLVVHUWDomRDRDPRUGDPLQKD

'HGLFRHVWDGLVVHUWDomRDRDPRUGDPLQKD

'HGLFRHVWDGLVVHUWDomRDRDPRUGDPLQKD

YLGD(GQDSHO

YLGD(GQDSHO

YLGD(GQDSHO

YLGD(GQDSHODFRQILDQoDFRPSDQKHLULVPR

DFRQILDQoDFRPSDQKHLULVPR

DFRQILDQoDFRPSDQKHLULVPR

DFRQILDQoDFRPSDQKHLULVPR

HLQFHQWLYR

HLQFHQWLYR

HLQFHQWLYR

HLQFHQWLYR$RVPHXVTXHULGRVSDLV

$RVPHXVTXHULGRVSDLV

$RVPHXVTXHULGRVSDLV

$RVPHXVTXHULGRVSDLVSHOR

SHOR

SHOR

SHOR

H[HPSORGHYLGDHFDUiWHUH

H[HPSORGHYLGDHFDUiWHUH

H[HPSORGHYLGDHFDUiWHUH

(5)

Y

$*5$'(&,0(1726

$JUDGHoR D PLQKD QRLYD (GQD H D PLQKD LUPm 0DQRHOD SRU WHUHP GLVSHQVDGR YiULDV KRUDVQR/DERUDWyULRSDUDDGLItFLOHGRORURVDFROHWDGHGDGRV

$R3URI'U-HIIHUVRQ/XLV%UDJDGD6LOYDSHODRULHQWDomRHRSRUWXQLGDGH

$R 'U 0DUFRV 5LFDUGR GH 2OLYHLUD -DHJHU SHOD FRRULHQWDomR LQFHQWLYR H RUGHQDomR GHVWDGLVVHUWDomR

$R 6U *LOPDU GR /DERUDWyULR SHOD DJLOLGDGH GLVSRQLELOLGDGH H GLFDV GXUDQWH R GHVHQYROYLPHQWRGRVSURFHGLPHQWRV

$RV DFDGrPLFRV GH PHGLFLQD 9LWRU %HWLQD 3DXOD H :LOOLDQ SHOD DMXGD QRV SURFHGLPHQWRVHFROHWDGHGDGRV

$RV DPLJRV GR ,QVWLWXWR GH 3HVTXLVDV %LRPpGLFDV -HUHPLDK 5RJHU H &ULVWLDQR SHOD DMXGDQDWpFQLFDGHREWHQomRHSUHSDUDomRGDVFpOXODV

$R 3URI 'U 9LQtFLXV 'XYDO GD 6LOYD H DR 7LDJR SHOD GLVSRQLELOL]DomR GRV HTXLSDPHQWRVFRQIHFomRGHOkPLQDVHOHLWXUDGRVUHVXOWDGRVKLVWROyJLFRV

$R3URI'U0iULR:DJQHUSHORVHQVLQDPHQWRVHDX[tOLRQDDQiOLVHHVWDWtVWLFD $R'U*XVWDYR6FKDHIHUSHODGLVSRVLomRHPDMXGDU

$RV SURIHVVRUHV H FROHJDV GR SURJUDPD GH SyVJUDGXDomR SHOR HVWtPXOR DR DSUHQGL]DGR

(6)

YL

5(6802

,QWURGXomR$SDUDOLVLDIDFLDOSHULIpULFDWUD]LPSDFWRVLJQLILFDWLYRQDYLGDGRVSDFLHQWHV$V FDXVDV WUDXPiWLFDV ILFDP DWUiV VRPHQWH GD 3DUDOLVLD GH %HOO H WrP SURJQyVWLFR YDULiYHO $QDVWRPRVHVWpUPLQRWHUPLQDLVVmRYLiYHLVHPSRXFRVFDVRV$VFpOXODVPRQRQXFOHDUHVWrP PRVWUDGR ERQV UHVXOWDGRV QD UHJHQHUDomR GH QHUYRV SHULIpULFRV SRUpP QmR H[LVWHP HVWXGRV FRPRVpWLPRSDUFUDQLDQR

2EMHWLYRV(VWXGDUDUHFXSHUDomRIXQFLRQDOGRQHUYRIDFLDODSyVOHVmRDJXGDFRPUHSDUDomR LPHGLDWDXWLOL]DQGRFpOXODVPRQRQXFOHDUHVHPXPPRGHORH[SHULPHQWDO

0DWHULDO H 0pWRGR (VWXGR H[SHULPHQWDO FRQWURODGR FHJDGR H UDQGRPL]DGR )RUDP LQFOXtGRVGH]HVVHLVUDWRV:LVWDUGLYLGLGRVHPGRLVJUXSRV)RLUHDOL]DGDUHVVHFomRGHTXDWUR PLOtPHWURVGRWURQFRGRQHUYRIDFLDOHHQWmRLQWHUSRVWRXPWXERGHVLOLFRQHSUHHQFKLGRFRP FpOXODV PRQRQXFOHDUHV QR JUXSR H FRP YHtFXOR JHOLILFDGR QR JUXSR 2V DQLPDLV IRUDP DYDOLDGRV SRU WHVWH IXQFLRQDO DQiOLVH GR PRYLPHQWR GDV YLEULVVDV GR IHFKDPHQWR GD ULPD RFXODU H VRPDWyULR YLEULVVDVROKRV GXUDQWH GLDV 7DPEpP IRL UHDOL]DGR H[DPH PDFURVFySLFR H KLVWROyJLFR QR ILQDO GR HVWXGR $ FRPSDUDomR GRV JUXSRV IRL UHDOL]DGD SRU PHLRGDVPHGLDQDVDYDOLDGDVSHORWHVWH8GH0DQQ:KLWQH\2QtYHOGHVLJQLILFkQFLDDGRWDGR IRL

5HVXOWDGRV2'(/7$YDORUILQDO±YDORULQLFLDOSDUDRVRPDWyULRYLEULVVDVROKRVIRL SDUDRJUXSRHSDUDRJUXSRPRVWUDQGRXPDUHFXSHUDomRIXQFLRQDOVDWLVIDWyULDHP DPERV RV JUXSRV FRP XPD PHOKRUD SUHFRFH QR IHFKDPHQWR GD ULPD RFXODU QR JUXSR GDV FpOXODVPRQRQXFOHDUHVHYLGHQFLDGDSHODVPHGLDQDVHQWUHDVHJXQGDHWHUFHLUDVHPDQDV$iUHD VRE D FXUYD TXH HYLGHQFLD R HIHLWR JOREDO GRV WUDWDPHQWRV QmR UHVXOWRX HP GLIHUHQoD HVWDWLVWLFDPHQWHVLJQLILFDWLYDHQWUHRVJUXSRV

&RQFOXV}HV 2V GRLV JUXSRV FpOXODV PRQRQXFOHDUHV H FRQWUROH REWLYHUDP UHFXSHUDomR GD PtPLFDIDFLDOQRWHVWHIXQFLRQDODSyVDOHVmRDJXGDGR9,,SDUFUDQLDQRQRSHUtRGRGHGLDV VHQGR TXH R JUXSR TXH XWLOL]RX DV FpOXODV PRQRQXFOHDUHV DSUHVHQWRX UHFXSHUDomR PDLV SUHFRFHQRFULWpULRIHFKDPHQWRGDULPDRFXODU

(7)

YLL

$%675$&7

,QWURGXFWLRQ3HULSKHUDOIDFLDOSDUDO\VLVKDVVLJQLILFDQWLPSDFWRQSDWLHQW¶VOLIH2QO\%HOOV SDOV\ LV PRUH FRPPRQ RI WKH WUDXPDWLF FDXVHV ZKRVH SURJQRVLV LV YDULDEOH (QGWRHQG DQDVWRPRVLV LV YLDEOH LQ YHU\ IHZ FDVHV 0RQRQXFOHDU FHOOV KDYH VKRZQJRRGUHVXOWVLQWKH SHULSKHUDOQHUYHVUHJHQHUDWLRQDOWKRXJKWKHUHDUHQRVWXGLHVRIWKHVHYHQWKFUDQLDOQHUYH 2EMHFWLYHV7RVWXG\WKHIXQFWLRQDOUHFRYHU\RIIDFLDOQHUYHDIWHUDFXWHLQMXU\ZLWKLPPHGLDWH UHSDLUXVLQJPRQRQXFOHDUFHOOVLQDQH[SHULPHQWDOPRGHO

0DWHULDODQG0HWKRGV([SHULPHQWDOFRQWUROOHGUDQGRPL]HGDQGEOLQGVWXG\6L[WHHQ :LVWDUUDWVZHUHGLYLGHGLQWRWZRJURXSV,WZDVSHUIRUPHGDIRXUPLOOLPHWHUVUHVHFWLRQRIWKH IDFLDOQHUYHWUXQNDQGWKHQLQWHUSRVHGDVLOLFRQHWXEHILOOHGZLWKPRQRQXFOHDUFHOOVLQJURXS DQGYHKLFOHLQJURXS7KHDQLPDOVZHUHHYDOXDWHGE\IXQFWLRQDOWHVWREVHUYDWLRQRI

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

(8)
(9)

L[

)LJXUD 5HVXOWDGRGDSDUDOLVLDGRQHUYRIDFLDOGLUHLWRGRUDWR±SRVLFLRQDPHQWR SRVWHULRUGDVYLEULVVDVHIHFKDPHQWRRFXODUSUHMXGLFDGR

4XDGUR (VFDODGHSRQWXDomRSDUDPRYLPHQWRGDVYLEULVVDV

4XDGUR (VFDODGHSRQWXDomRSDUDIHFKDPHQWRGDULPDRFXODU

7DEHOD 9DORUHVGDVPHGLDQDVSRUGLDV'(/7$H$8&GRVHVFRUHVGH PRYLPHQWDomRGDVYLEULVVDVIHFKDPHQWRGDULPDRFXODUHVRPDWyULR

YLEULVVDVROKRV

*UiILFR 0HGLDQDVGRHVFRUHPRYLPHQWRGDVYLEULVVDVHPUHODomRDRWHPSRGH

REVHUYDomR

*UiILFR 0HGLDQDVGRHVFRUHIHFKDPHQWRGDULPDRFXODUHPUHODomRDRWHPSRGH

REVHUYDomR

*UiILFR 0HGLDQDVGRHVFRUHVRPDWyULRYLEULVVDVROKRVHPUHODomRDRWHPSRGH

REVHUYDomR

)LJXUD 1HUYRQRUPDOFRORUDomRKHPDWR[LOLQDHRVLQDFRPDXPHQWRV

)LJXUD 1HUYRUHJHQHUDGRDSyVGLDVFRORUDomRKHPDWR[LOLQDHRVLQDFRP

DXPHQWRV

(10)

[

/,67$'($%5(9,$785$6

$03F $GHQRVLQDPRQRIRVIDWRFtFOLFR $8& $UHDXQGHUWKHFXUYH

&(3 &RPLWrGHeWLFDHP3HVTXLVD

&01 &pOXODVPRQRQXFOHDUHV

&2%($ &ROpJLR%UDVLOHLURGH([SHULPHQWDomR$QLPDO +( +HPDWR[LOLQDHRVLQD

+30& +LGUR[LSURSLOPHWLOFHOXORVH

3$&$3 3HSWtGHRGHDWLYDomRGHDGHQLODWRFLFODVHSLWXLWiULRV

(11)
(12)

[LL

2EWHQomRH3UHSDURFHOXODU

$QHVWHVLD

3URFHGLPHQWR2SHUDWyULR

3yVRSHUDWyULR

$QiOLVHDSyVRSURFHGLPHQWR

7HVWH)XQFLRQDO

(XWDQiVLD

$QiOLVH+LVWROyJLFD

$1È/,6((67$7Ë67,&$

7DPDQKRGH$PRVWUD

9DULiYHLV

$QiOLVH(VWDWtVWLFD

$63(&726%,2e7,&26

5(68/7$'26

',6&866­2

&21&/86­2

5()(5Ç1&,$6

$3Ç1',&($±7HVWHIXQFLRQDOGHFDGDUDWR $3Ç1',&(%±$UWLJR2ULJLQDO

(13)

,1752'8d­2

2 VpWLPR SDU FUDQLDQR p XP QHUYR PLVWR SUHSRQGHUDQWHPHQWH PRWRU e R JUDQGH UHVSRQViYHO SHOD PRWULFLGDGH GD KHPLIDFH KRPRODWHUDO H GH DOJXQV P~VFXORV FHUYLFDLV HVWi HQYROYLGRQDHIHUrQFLDGRUHIOH[RGRP~VFXORHVWDSpGLRQDVHQVLELOLGDGHGHSDUWHGDRUHOKD H[WHUQDQDFDSDFLGDGHJXVWDWLYDSRLVLQHUYDRVGRLVWHUoRVDQWHULRUHVGDOtQJXDHQRFRQWUROH DXWRQ{PLFRGHJOkQGXODVH[yFULQDVFRPRVDOLYDUHVHODFULPDLV

$ 3DUDOLVLD )DFLDO 3HULIpULFD p XPD HQWLGDGH FRPXP QRV FRQVXOWyULRV PpGLFRV H HPHUJrQFLDV KRVSLWDODUHV 'HYLGR D VXD FOtQLFD HYLGHQWH RV SDFLHQWHV SRGHP SURFXUDU GLUHWDPHQWH SRU DWHQGLPHQWR HVSHFLDOL]DGR GHYHQGR VXD HWLRORJLD VHU SURQWDPHQWH LGHQWLILFDGD SDUD R WUDWDPHQWR DGHTXDGR $V PDQLIHVWDo}HV FOtQLFDV PDLV FRPXQV VmR D DOWHUDomR GD VLPHWULD IDFLDO R IHFKDPHQWR RFXODU LQFRPSOHWR ± SRGHQGR FDXVDU ~OFHUDV GH FyUQHD RX SHUGD GD DFXLGDGH YLVXDO ± H D GLILFXOGDGH GH PDVWLJDomR 'HILQLU R GLDJQyVWLFR HWLROyJLFR p GH IXQGDPHQWDO LPSRUWkQFLD WDQWR SDUD R WUDWDPHQWR GD GRHQoD FRPR SDUD R SURJQyVWLFR $V VHTHODV SRGHP VHU GUDPiWLFDV H PXLWDV YH]HV FDXVDU GHILFLrQFLDV IXQFLRQDLV SHUPDQHQWHV2 LPSDFWR GH XPD OHVmR GR QHUYR IDFLDO QD YLGD GR SDFLHQWH HVWi UHODFLRQDGRDRVSUHMXt]RVFRVPpWLFRVIXQFLRQDLVHSVLFROyJLFRVHQYROYLGRV

(14)

(15)

5()(5(1&,$/7(Ï5,&2

&/$66,),&$d­2'$6/(6®(61(85$,6

1D DYDOLDomR GH SDFLHQWHV DIHWDGRV SHOD SDUDOLVLD IDFLDO SHULIpULFD p QHFHVViULR HVWDEHOHFHUSDUkPHWURVSDUDRJUDXGHFRPSURPHWLPHQWRGDDWLYLGDGHPRWRUD$FODVVLILFDomR p IXQGDPHQWDO SDUD R WUDWDPHQWR H DFRPSDQKDPHQWR FOtQLFR GH OHV}HV GR QHUYR IDFLDO EHP FRPR SDUD GRFXPHQWDomR FLHQWtILFD GHVWLQDGD D FRPSDUDU UHVXOWDGRV IXQFLRQDLV H KLVWROyJLFRV3DUDOLVLD p GHILQLGD FRPR XPD SHUGD FRPSOHWD GRV PRYLPHQWRV PXVFXODUHV HQTXDQWR SDUHVLD p XPD SDUDOLVLD LQFRPSOHWD$ EXVFD SRU XP PpWRGR LQWHUQDFLRQDOPHQWH DFHLWiYHOGHFODVVLILFDURQtYHOGHGpILFLWPRWRUGRQHUYRIDFLDOUHVXOWRXHPXPJUDQGHQ~PHUR GHVLVWHPDVGHDYDOLDomRGHVHQYROYLGRVSRUYiULRVDXWRUHV

$FODVVLILFDomRGH6XQGHUODQGGHpXPVLVWHPDQHXURKLVWRSDWROyJLFRHFOtQLFR TXHGHVFUHYHFLQFRIDVHVGDOHVmRQHXUDOHFRUUHODFLRQDFRPDUHSHUFXVVmRFOtQLFD$OHVmRGH SULPHLURJUDXQHXURSUD[LDUHIHUHVHDXPQHUYRDQDWRPLFDPHQWHLQWDFWRTXHDSUHVHQWDXP EORTXHLR WHPSRUiULR QD FRQGXomR QHUYRVD FDXVDGD SRU REVWUXomR QR LQIOX[R D[RSOiVPLFR QRUPDOPHQWH FRUUHVSRQGH D XPD OHVmR SRU FRPSUHVVmR H DQy[LD 2 SURJQyVWLFR GD QHXURSUD[LDpUHFXSHUDomRFRPSOHWDXVXDOPHQWHHQWUHDOJXQVGLDVHWUrVVHPDQDV$OHVmRGH VHJXQGR JUDX D[RQRWPHVH UHIOHWH XPD LQWHUUXSomR QD FRQWLQXLGDGH GR D[{QLR PDV D LQWHJULGDGHQHXUDOpPDQWLGD$VOHV}HVGHWHUFHLURTXDUWRHTXLQWRJUDXVQHXURWPHVHVmR FDUDFWHUL]DGDV SHOR GDQR FDXVDGR DR HQGRQHXUR SHULQHXUR H HSLQHXUR WUDQVHFomR WRWDO UHVSHFWLYDPHQWH &RP D SURJUHVVmR GR JUDX R ULVFR GH GLVIXQomR FOtQLFD H VtQGURPH SyV SDUDOtWLFDDXPHQWDP

(16)

SURJQyVWLFR UHVHUYDGR 9 VHYHUD H 9, SDUDOLVLD WRWDO FRUUHVSRQGHP D XP SLRU SURJQyVWLFR

5(&83(5$d­21(85$/

/HV}HV SRU FRPSUHVVmR RX HVPDJDPHQWR GR QHUYR HYROXHP TXDVH VHPSUH FRP UHFXSHUDomRWRWDOGRLQIOX[RQHUYRVRHQTXDQWRDVHFomRGRQHUYRFRPRXVHPDFULDomRGH GHIHLWRGHGHVFRQWLQXLGDGHUHVXOWDHPSURJQyVWLFRVYDULiYHLV$QDWXUH]DGDOHVmRHRWHPSR GHHYROXomRGDSDUDOLVLDIDFLDOVmRIDWRUHVLPSRUWDQWHVQDUHJHQHUDomRQHUYRVDHUHFXSHUDomR IXQFLRQDO 2 VXFHVVR QR WUDWDPHQWR GD SDUDOLVLD IDFLDO SHULIpULFD p EDVHDGR HP XP ERP HQWHQGLPHQWRGDDQDWRPLDHILVLRORJLDGRQHUYRIDFLDOHVXDVDSOLFDo}HVFOtQLFDV

2 LQWHUHVVH SHOD UHFXSHUDomR GRV QHUYRV SHULIpULFRV RFXSD JUDQGH SDUFHOD GRV HVWXGRV DWXDOPHQWH (P GHVFREULXVH R FRQMXQWR GH IHQ{PHQRV TXH RFRUUH QR D[{QLR GLVWDO D XPD OHVmR QHUYRVD FRQKHFLGR FRPR GHJHQHUDomR ZDOOHULDQD 3RVWHULRUPHQWH REVHUYRXVHTXHHVWHSURFHVVRVHFRPSOHWDHPWRUQRGHGLDVHREURWDPHQWRGHILEUDVGR FRWRSUR[LPDOFRPRLQtFLRGDLQYDVmRGRFRWRGLVWDOHPWRUQRGRRGLD

$V WHQWDWLYDV GH UHSDUDomR GH OHV}HV GR QHUYR IDFLDO LQLFLDUDP QR VpFXOR ;9,, PDV VRPHQWH HP p UHODWDGR XP FDVR GH VXFHVVR+i FRQVHQVR GH TXH UHFRQVWUXo}HV LPHGLDWDVGHOHV}HVWUDQVIL[DQWHVGRQHUYRIDFLDOSRUDQDVWRPRVHWpUPLQRWHUPLQDOSURGX]HP RV UHVXOWDGRV PDLV VDWLVIDWyULRV ,VWR p HVSHFLDOPHQWH YHUGDGHLUR QDV OHV}HV GH UDPRV GLVWDLV GR QHUYR SRUpP D DQDVWRPRVH WpUPLQRWHUPLQDO p SRVVtYHO HP GDV OHV}HV WUDQVIL[DQWHVGRWURQFRSULQFLSDOGRQHUYRIDFLDOHGDVOHV}HVHPUDPRVVHFXQGiULRV

$DERUGDJHPWUDGLFLRQDOSDUDUHSDURGDVVHFo}HVHGHIHLWRVGRQHUYRIDFLDOpDVXWXUDRX LQWHUSRVLomRGHHQ[HUWRV0DQHMRFXLGDGRVRFRPRPtQLPRWUDXPDHPHQRUWHQVmRSRVVtYHOp IXQGDPHQWDO SDUD R VXFHVVR GD VXWXUD 6HQGR DVVLP TXDQGR LVVR QmR IRU SRVVtYHO D LQWHUSRVLomRGHXPHQ[HUWRpSUHIHUtYHO

(17)

UHJHQHUDomRWrPVLGRXVDGRVLQFOXLQGRDUWpULDVRVVRVP~VFXORIDVFLDVLOLFRQHFROiJHQRH iFLGRSROLJOLFyLFR

2UHSDURGHQHUYRVXVDQGRWXERVGHPDWHULDLVQmRELROyJLFRVFRPRRVLOLFRQHWHPVLGR XVDGR SDUD JUDQGHV GHIHLWRV TXH QmR SRGHP VHU WUDWDGRV SRU HQ[HUWR GH QHUYR 7RGDYLD R FRPSULPHQWRGHSHUGDVGHQHUYRVTXHSRGHVHUWUDWDGRSRUWXERVVHPDXWLOL]DomRGHXPIDWRU QHXURWUyILFRWDPEpPpOLPLWDGR$VVLPHVWXGRVDQDOLVDQGRRHIHLWRGHIDWRUHVGHFUHVFLPHQWR H[yJHQRV IDWRUHV QHXURWUyILFRV H SURWHtQDV GH PDWUL] H[WUDFHOXODU TXDQGR DGLFLRQDGRV DR PDWHULDOGHWXEXOL]DomRYrPPRVWUDQGRUHVXOWDGRVSURPLVVRUHVHQWUHWDQWRRIDWRU QHXURWUyILFRLGHDODLQGDQmRIRLGHVFREHUWR

(P PRGHORV GH UHJHQHUDomR GR QHUYR FLiWLFR HP UDWRV GHIHLWRV GH GH] PLOtPHWURV RX PHQRUHVVmRJHUDOPHQWHFRQVLGHUDGRVSDUDWXEXOL]DomRFRPPDWHULDLVQmRELROyJLFRVFRPRR VLOLFRQHSRUpPHPGHIHLWRVGHDSUR[LPDGDPHQWHTXLQ]HPLOtPHWURVH[LVWHDWHQGrQFLDDRXVR GHIDWRUHVQHXURWUyILFRVFRPRDVFXOWXUDVQHXUDLVGHFpOXODVWURQFR1RHQWDQWRHPUHODomR DRQHUYRIDFLDOQmRVHHQFRQWUDPHVWXGRVTXHGHILQDPDH[WHQVmRGDOHVmRFUtWLFD HDOJXQV DXWRUHV GHPRQVWUDUDP TXH HVWH QHUYR QmR UHVSRQGH j UHSDUDomR GH PRGR VHPHOKDQWH DRV QHUYRV SHULIpULFRV 6HQGR DVVLP QmR SRGHPRV VLPSOHVPHQWH DGRWDU UHVXOWDGRV GH SHVTXLVDVHPQHUYRVSHULIpULFRVSDUDOHV}HVGR9,,SDUFUDQLDQR

'HVVD IRUPD SHOD FRPSUHHQVmR GH TXH DOJXQV WHFLGRV SRGHULDP VHUYLU GH EDVH SDUD D GLIHUHQFLDomR GH RXWURV WHFLGRV DEULXVH HVSDoR SDUD QRYDV DERUGDJHQV WHUDSrXWLFDV TXH FRPHoDPDVHUWHVWDGDVUHODFLRQDQGRRXVRGHFpOXODVWURQFRjUHSDUDomRGHOHV}HVGHQHUYRV SHULIpULFRVHSDUHVFUDQLDQRVPHVPRTXHHPIDVHH[SHULPHQWDO

$1$720,$(;75$7(0325$/'21(592)$&,$/'25$72

2 QHUYR IDFLDO HPHUJH GR WURQFR HQFHIiOLFR SHOR ERUGR YHQWURODWHUDO GD PHGXOD UHYHODQGR XP OHYH DEDXODPHQWR R JkQJOLR JHQLFXODGR TXDQGR HOH FUX]D D UDL] GR QHUYR WULJrPLR H SHQHWUD QR FDQDO GR IDFLDO GHQWUR GR TXDO WHP XP WUDMHWR FXUWR HPHUJLQGR SHOR IRUkPHQHVWLORPDVWRLGHR$SyVLQLFLDVXDUDPLILFDomRH[WUDWHPSRUDOTXHVHGLYLGHHPUDPRV GRSHVFRoRHUDPRVGDJOkQGXODSDUyWLGD

(18)

R HVWLORKLRLGHR DEDL[R GR DXULFXODU SRVWHULRU H LQHUYD D SRUomR SRVWHULRU GR P~VFXOR GLJiVWULFRHRHVWLORKLRLGHRSRUVXDYH]YDLHPGLUHomRDRP~VFXORHVWLORKLRLGHR

2V UDPRV GD JOkQGXOD SDUyWLGD VmR GLYLGLGRV HP WHPSRURIDFLDLV H FHUYLFRIDFLDLV 2V WHPSRUDRIDFLDLVRVUDPRVVXSHUILFLDLVGRWHPSRUDOSDVVDPDQWHULRUPHQWHDRDUFR]LJRPiWLFR SDUD VXSULU D UHJLmR DQWHULRU GD RUHOKD D JOkQGXOD ODFULPDO R P~VFXOR IURQWDOLV H D SDUWH VXSHULRUGRRUELFXODULVRFXOL8PUDPRSURIXQGRR]LJRPiWLFRPHQRUTXHQRKRPHPpXPD SRUomRGREXFDOQRUDWRRULJLQDVHGRWHPSRUDOLQHUYDQGRRVP~VFXORVGRQDUL]REXFLQDGRU HRRUELFXODULVRFXOL2UDPR]LJRPiWLFRpSHTXHQRHHVWHQGHVHSDUDIUHQWHHSDUDFLPDSDUD LQHUYDUDSRUomRVXSHULRUGRRUELFXODULVRFXOL2VUDPRVFHUYLFRIDFLDLVVmRREXFDOTXHFUX]D R PDVVHWHU H LQHUYD RV P~VFXORV VXSHUILFLDLV GD IDFH GR QDUL] H OiELR VXSHULRU R PDUJLQDO PDQGLEXODU TXH VH RULHQWD SDUD IUHQWH DFRPSDQKDGR SHOR GXFWR SDURWtGHR H LQHUYD R OiELR LQIHULRUHRFHUYLFDOYDLSDUDRSODWLVPDDWUDYpVGDJOkQGXODSDUyWLGD

0Ë0,&$)$&,$/125$72

7HQGR HP YLVWD TXH D LQHUYDomR GD PXVFXODWXUD IDFLDO p VHPHOKDQWH HP KXPDQRV H URHGRUHVUDWRVHFRHOKRVVmRIUHTHQWHPHQWHXWLOL]DGRVFRPRPRGHORVSDUDHVWXGDUDIXQomR GRQHUYRIDFLDOHVXDUHJHQHUDomR$OpPGLVVRDPXVFXODWXUDRFXODUHGDVYLEULVVDVpEDVWDQWH DFHVVtYHOQHVWHVDQLPDLVGHIRUPDTXHRVPRYLPHQWRVIDFLDLVSRGHPVHUFRQVLGHUDGRVERQV PDUFDGRUHVGRJUDXGHOHVmRQHUYRVDHGDUHFXSHUDomRIXQFLRQDOGRQHUYRIDFLDO([LVWHP GRLV HVWXGRV YLVDQGR REMHWLYDU H SDGURQL]DU RV DFKDGRV GH REVHUYDomR GRV PRYLPHQWRV H SRVLomR GDV YLEULVVDV H IHFKDPHQWR GD ULPD RFXODU JHUDQGR WDEHODV SDUD JUDGXDomR GRV UHVXOWDGRV

(19)

5HJHQHUDomRQHUYRVD

2EVHUYDVHDSyVXPDVHFomRWRWDOGRWURQFRGRQHUYRIDFLDOHPUDWRVVREUHWXGRDSyV D WHUFHLUD VHPDQD R VXUJLPHQWR GH DJUXSDPHQWRV GH ILEUDV PLHOtQLFDV H Ki LQWHQVLILFDomR GHVWHSURFHVVRQDVVHPDQDVVHJXLQWHVFRPDXPHQWRGRGLkPHWURGDVILEUDV$SyVDDVHPDQD WDPEpP DFRQWHFH XP DXPHQWR JUDGDWLYR QD FRQWDJHP GH ILEUDV PLHOtQLFDV DWLQJLQGR YDORU SUy[LPRDRGRQHUYRQRUPDOQDVpWLPDVHPDQDHXOWUDSDVVDQGRDSyVDQRQDVHPDQD

9iULRVHVWXGRVPRVWUDPTXHDFRQWDJHPGDVILEUDVGHUHJHQHUDomRQHUYRVDDSyVFLQFR VHPDQDV GR UHSDUR GH OHV}HV DJXGDV p VLPLODU D FRQWDJHP GH FRQWUROHV QRUPDLV 3RUpP 6SHFWRUHWDOPRVWURXTXHDSyVFLQFRVHPDQDVGRUHSDURDVILEUDVDPLHOtQLFDVFRUUHVSRQGHPD DSUR[LPDGDPHQWHGRWRWDOGDSRSXODomRGHD[{QLRVUHJHQHUDGRVVHQGRTXHHVWDVILEUDV QmRFRQWULEXHPVLJQLILFDWLYDPHQWHSDUDDDWLYLGDGHPRWRUDGHPDQHLUDTXHVRPHQWHDSyVD TXLQWDVHPDQDDFRQWHFHUiRDXPHQWRGRYROXPHGDVILEUDVPLHOtQLFDV

$VRPDWRWRSLDIHQ{PHQRTXHRUJDQL]DRSURFHVVRGHUHJHQHUDomRQHUYRVDVRIUHXP SURFHVVR GH GHVUHJXODomR DSyV R GDQR GR QHUYR R TXH SRGH JHUDU VLQFLQHVLDV (VWD GHVRUJDQL]DomR QD VRPDWRWRSLD GR QHUYR DSyV VHFomR H UHSDUR QmR PRVWURX VHU PHOKRUDGD SHODDSOLFDomRGHFXOWXUDVGHFpOXODVFDQGLGDWDV DIDFLOLWDURDOLQKDPHQWRHRUJDQL]DomRGDV ILEUDVUHJHQHUDGDVQRVtWLRGDOHVmR8PHVWXGRFRPRXVRGHDQWLFRUSRVQHXWUDOL]DQWHVGH IDWRUHVGHFUHVFLPHQWRHYLGHQFLRXXPDUHGXomRVLJQLILFDWLYDQDUDPLILFDomRD[RQDOFRODWHUDO DSDUWLUGRFRWRSUR[LPDOHXPDPHOKRUDLPSRUWDQWHQDTXDOLGDGHGDUHLQHUYDomR

2XWURDXWRUDYDOLRXRHIHLWRQHXURWUyILFRGRSHSWtGHRGHDWLYDomRGHDGHQLODWRFLFODVH SLWXLWiULRV 3$&$3 DSyV VHFomR H FULDomR GH XP GHIHLWR GH GRLV PLOtPHWURV QR WURQFR GR QHUYR IDFLDO GH SRUFRVGDtQGLD H FRQFOXLX TXH KRXYH XP DXPHQWR QR Q~PHUR GH ILEUDV PLHOtQLFDVUHJHQHUDGDVIDFLOLWDQGRDUHFXSHUDomRQHUYRVD

(20)

5HFXSHUDomR)XQFLRQDO

8P HVWXGR FRP UDWRV GD HVSpFLH :LVWDU UHDOL]RX D VHFomR FRPSOHWD GR WURQFR GR QHUYRIDFLDOHSRVWHULRUVXWXUDHSLQHXUDOSURYRFDQGRSDUDOLVLDFRPSOHWDGDPRYLPHQWDomRGDV YLEULVVDV H IHFKDPHQWR GD ULPD RFXODU JUDX 9 GH 6XQGHUODQG Mi QR SULPHLUR GLD DSyV R SURFHGLPHQWRHPTXDVHGRVUDWRV2VDQLPDLVUHFXSHUDPSDXODWLQDPHQWHRPRYLPHQWR PXVFXODUDWLQJLQGRXPDPpGLDGHSRQWRVMiQRVHJXQGRPrVGHVHJXLPHQWRQXPDHVFDOD GH D VHQGR TXH R SDUkPHWUR IHFKDPHQWR RFXODU SDUHFH VHU R VLQDO PDLV SUHFRFHPHQWH UHFXSHUDGRRTXHYDLDRHQFRQWURGHRXWURVHVWXGRV

(VWDSHVTXLVDWDPEpPUHODWDTXHDPHOKRUDQDUHJHQHUDomRQHUYRVDHQDUHFXSHUDomR IXQFLRQDOpJUDGDWLYDDWpDWLQJLUXPSODW{HQWUHDVpWLPDHQRQDVHPDQDPRPHQWRQRTXDOD UHJHQHUDomRQHUYRVD FRQWLQXDPHOKRUDQGRSRUpPDUHFXSHUDomRFOtQLFD HVWDELOL]DIDWRTXH VHJXQGR RV DXWRUHV SRGH HVWDU UHODFLRQDGR DRV OLPLWHV GD H[SUHVVmR IDFLDO GR UDWR TXDQGR FRPSDUDGRFRPRVKXPDQRVHWDPEpPDQmRFRUUHVSRQGrQFLDHQWUHRDXPHQWRQRQ~PHURGH ILEUDVHDIXQFLRQDOLGDGHGDVPHVPDVDFKDGRUHVVDOWDGRSRUYiULRVDXWRUHV

0HVPRHPHVWXGRVTXHPRVWUDPPHOKRUDQDTXDOLGDGHGDUHLQHUYDomRFRPRXVRGH IDWRUHV QHXURWUyILFRV SDUHFH QmR KDYHU GLIHUHQoD QD UHFXSHUDomR IXQFLRQDO HP UHODomR DRV DQLPDLVGRJUXSRFRQWUROH

&e/8/$67521&2

$V FpOXODVWURQFR VmR XP FRQMXQWR GH FpOXODV LPDWXUDV LQGLIHUHQFLDGDV H QmR HVSHFLDOL]DGDVTXHSRGHPVHUHJHQHUDUHRULJLQDUGLIHUHQWHVOLQKDJHQVFHOXODUHVID]HQGRSDUWH GRGHVHQYROYLPHQWRHPEULRQiULRHGDUHSDUDomRWHFLGXDO9iULRVHVWXGRVWrPUHYHODGRXP VLJQLILFDWLYRSRWHQFLDOFOtQLFRGHVWDVFpOXODVHPGLYHUVDVGRHQoDV

(21)

FDSDFLGDGH GH RULJLQDU FHQWHQDV GH OLQKDJHQV FHOXODUHV SRUpP VHX XVR p DOYR GH VpULDV GLVFXVV}HVELROyJLFDVpWLFDVHOHJDLVSULQFLSDOPHQWHQRV~OWLPRVDQRV

3RVWHULRUPHQWH VH HYLGHQFLRX TXH R RUJDQLVPR DGXOWR WDPEpP SRVVXL XPD UHVHUYD GH FpOXODVWURQFR DGXOWDV RX VRPiWLFDV TXH VmR UHVSRQViYHLV SHOR UHVWDEHOHFLPHQWR WHFLGXDO GXUDQWH RV DQRV GH YLGD H HVWmR SUHVHQWHV HP WRGRV RV WHFLGRV (VWDV FpOXODV WrP VLGR XWLOL]DGDVKiPXLWRVDQRVQRWUDWDPHQWRGHGRHQoDVKHPDWROyJLFDVSRUPHLRGRWUDQVSODQWHGH PHGXODyVVHD

&pOXODVWURQFRGD0HGXODÏVVHD

$VFpOXODVGDPHGXODyVVHDVmRSOXULSRWHQWHVHDSUHVHQWDPFDSDFLGDGHGHGLIHUHQFLDomR HPXPDDPSODJDPDGHFpOXODVGHRULJHPPHVHQTXLPDOHQGRGpUPLFDHHFWRGpUPLFD(ODV SRGHPVRIUHUGRLVSURFHVVRVGHGLIHUHQFLDomRGHSHQGHQWHGRPHLRGHH[SRVLomRHPFpOXODV PRQRQXFOHDUHV LQGLIHUHQFLDGDV RX PXOWLQXFOHDUHV 'HQWUH DV PRQRQXFOHDUHV H[LVWHP DV KHPDWRSRLpWLFDV TXH SRGHP RULJLQDU WRGDV DV FpOXODV VDQJtQHDV H DV PHVHQTXLPDLV TXH SRGHP RULJLQDU GLYHUVDV FpOXODV FRPR PXVFXODUHV QHUYRVDV KHSDWyFLWRV DGLSyFLWRV RVWHyFLWRV

$OJXQV HVWXGRV HP PRGHORV H[SHULPHQWDLV VXJHUHP TXH D XWLOL]DomR GH FpOXODV PRQRQXFOHDUHV &01 UHWLUDGDV GD PHGXOD yVVHD SHUPLWH XPD PHOKRUD VLJQLILFDWLYD QD UHJHQHUDomRGHQHUYRVSHULIpULFRVSRUpPQmRIRUDPHQFRQWUDGRVHVWXGRVH[SHULPHQWDLV QD OLWHUDWXUD UHYLVDGD VREUH R XVR GH &01 GH PHGXOD yVVHD QR UHSDUR GH OHV}HV GR QHUYR IDFLDO

02'(/2(;3(5,0(17$/'(3$5$/,6,$)$&,$/3(5,)e5,&$

(22)

PDVWRLGHRJHUDQGRXPDSHUGDFRPSOHWDGD PRYLPHQWDomRGDPtPLFDIDFLDO5DWRV

H FRHOKRV VmR RV DQLPDLV PDLV FRPXPHQWH XWLOL]DGRV FRPR PRGHORV

SRUpPH[LVWHPHVWXGRVFRPJDWRVKDPVWHUFDPXQGRQJRVSRUFRVGDtQGLDHSRUFRV /HV}HV SRU HVPDJDPHQWR FRPSUHVVmR H VHFomR GR QHUYR VmR XWLOL]DGDV HP DPERV RV PRGHORV SDUD R HVWXGR GD UHJHQHUDomR QHUYRVD H UHFXSHUDomR IXQFLRQDO GR VpWLPR SDU FUDQLDQRHQFRQWUDQGRVHJUDQGHGLYHUVLGDGHPHWRGROyJLFDQDOLWHUDWXUDGHIRUPDTXHDEXVFD SHORPHOKRUPRGHORSDUDHVWXGRVGDSDUDOLVLDIDFLDOSHULIpULFDFRQWLQXD

$ DQDWRPLD H[WUDWHPSRUDO GR QHUYR IDFLDO GH UDWRV HVWi EHP GHVFULWD QD OLWHUDWXUD

GHVGHVHQGRTXHVHXWURQFRpIiFLOHFRQVWDQWHPHQWHDFHVVDGRSRUYLDUHWURDXULFXODU QmR VRIUH LQIOXHQFLD TXDQWR DR SHVR GR DQLPDO H WHP H[WHQVmR PpGLD GH VHLV PLOtPHWURV GH FRPSULPHQWR

2 UDWR GD HVSpFLH :LVWDU p XP PRGHOR DPSODPHQWH XWLOL]DGR HP SHVTXLVDV VREUH R QHUYRIDFLDO-iH[LVWHPHVWXGRVSDGURQL]DQGRDVWpFQLFDVGHVHFomRHDYDOLDomR GDPtPLFDIDFLDOQHVWHPRGHOR$OpPGLVVRRPRGHORpGHIiFLOREWHQomRMXQWRDRELRWpULR GHQRVVD,QVWLWXLomRFRPURWLQDVGHPDQLSXODomRDQHVWHVLDHFXLGDGRVEHPHVWDEHOHFLGRV

$ VHFomR FRPSOHWD FRP UHVVHFomR GH SDUWH GR QHUYR WUDWDVH GH XPD OHVmR UHSURGXWtYHO JHUDQGR XPD SDUDOLVLD JUDX 9 QD FODVVLILFDomR GH 6XQGHUODQG HP WRGRV RV SURFHGLPHQWRV$UHSDUDomRSRUVXWXUDHSLQHXUDOFRPLQWHUSRVLomRGHWXERGHVLOLFRQHMi IRLGHVFULWDHPHVWXGRVFRPQHUYRVSHULIpULFRV

-867,),&$7,9$

7HQGRHPYLVWDTXHDSDUDOLVLDIDFLDOSHULIpULFDpFRPXPHQWHHQFRQWUDGDQRFRWLGLDQR GRDWHQGLPHQWRPpGLFRHDVVpULDVVHTHODVSURYRFDGDVSHODVLQM~ULDVDRQHUYRIDFLDOID]VH QHFHVViULR R HVWXGR GH UHFXUVRV TXH IDFLOLWHP D UHJHQHUDomR QHUYRVD H SRU FRQVHTrQFLD D UHFXSHUDomRIXQFLRQDOGRVpWLPRSDUFUDQLDQR

(23)

QHFHVViULRRGHVHQYROYLPHQWRGHXPPRGHORH[SHULPHQWDOSDUDDSOLFDomRGHVWDVWpFQLFDVMi TXHHVWXGRVPRVWUDPTXHQmRSRGHPRVWUDQVSRU UHVXOWDGRVGHQHUYRVSHULIpULFRVSDUDSDUHV FUDQLDQRV

(24)

2%-(7,92

2%-(7,92*(5$/

(VWXGDU D UHFXSHUDomR IXQFLRQDO GR QHUYR IDFLDO DSyV OHVmR DJXGD FRP UHSDUDomR LPHGLDWDHPXPPRGHORH[SHULPHQWDO

2%-(7,926(63(&Ë),&26

(VWXGDURXVRGH&01QDUHSDUDomRGDOHVmRDJXGDGRQHUYRIDFLDO

9HULILFDUDUHFXSHUDomRIXQFLRQDOSRUPHLRGDREVHUYDomRGDPRYLPHQWDomRHSRVLomR GDVYLEULVVDVGRIHFKDPHQWRGDULPDRFXODUHGRVRPDWyULRYLEULVVDVROKRV

(25)

0$7(5,$/(0e72'2

2 SURMHWR GH SHVTXLVD IRL DSURYDGR SHOR &RPLWr GH eWLFD HP 3HVTXLVD &(3 GD 3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LR*UDQGHGR6XO38&56VREUHJLVWUR&(3 $QH[R $ 2V SURWRFRORV H[SHULPHQWDLV XWLOL]DGRV VHJXLUDP DV QRUPDV LQWHUQDFLRQDLV GH H[SHULPHQWDomR HP DQLPDLV GH ODERUDWyULR H DV QRUPDV GR &ROpJLR %UDVLOHLUR GH ([SHULPHQWDomR $QLPDO &2%($ 7RGRV RV SURFHGLPHQWRV IRUDP UHDOL]DGRV WRPDQGR RV FXLGDGRV QHFHVViULRV SDUD UHGX]LU DR Pi[LPR R Q~PHUR GH DQLPDLV HPSUHJDGRV H R VHX VRIULPHQWR GH PRGR TXH QmR KRXYH SHUGDV GXUDQWH RV SURFHGLPHQWRV H DSyV R WpUPLQR GR HVWXGRWRGRVRVDQLPDLVIRUDPGLVSRQLELOL]DGRVSDUDRXWURVXVRVQRODERUDWyULR

'(/,1($0(172

(26)

$02675$

)RUDPXWLOL]DGRVUDWRVDOELQRVGDOLQKDJHP:LVWDULVRJrQLFRVSHVDQGRHQWUHH JUDPDV 2V DQLPDLV IRUDP DGTXLULGRV QR ELRWpULR GR /DERUDWyULR GH 0LFURFLUXUJLD GD )DFXOGDGHGH0HGLFLQD GD38&56HIRUDPPDQWLGRVHPJDLRODVLQGLYLGXDLVHPDPELHQWHV FOLPDWL]DGRV FRP FLFOR FODURHVFXUR GH KRUDV UHFHEHQGR iJXD H FRPLGDDG OLELWXP 2V DQLPDLVIRUDPPDQLSXODGRVHPDPELHQWHVLOHQFLRVRHDGHTXDGR

'RVDQLPDLVGRLVIRUDPVDFULILFDGRVSDUDDREWHQomRGDV&01GDPHGXODyVVHD2V GHPDLVDQLPDLVIRUDPGLYLGLGRVHPGRLVJUXSRVGHFRPSDUDomRFRQWHQGRDQLPDLVFDGD

*UXSRVGHFRPSDUDomR

ƒ *UXSR&01VHFomRGRWURQFRGRQHUYRIDFLDOXQLODWHUDOFRPVXDUHVVHFomR SDUFLDO SURGX]LQGR XP GHIHLWR GH PLOtPHWURV H LQWHUSRVLomR GH WXER GH VLOLFRQH GD HVSHVVXUDGRQHUYRVRQGDGHDVSLUDomRWUDTXHDOQ~PHURFRPVXWXUDSUR[LPDOHGLVWDOH SUHHQFKLPHQWRGHVWHWXERFRPSUHSDUDGRGH&01

(27)

0e72'26

$QiOLVH3UpYLD

2V DQLPDLV GRV GRLV JUXSRV IRUDP VXEPHWLGRV j DQiOLVH GD PtPLFD IDFLDO (VWD DYDOLDomR IRL UHDOL]DGD SHOR PHVPR REVHUYDGRU SUHYLDPHQWH DR SURFHGLPHQWR SDUD H[FOXLU DOWHUDo}HVSUpYLDVQDPtPLFDIDFLDOTXHFRPSURPHWDPDYDOLDomRSRVWHULRU

2EWHQomRH3UHSDUR&HOXODU

1RJUXSRIRUDPXWLOL]DGDV&01REWLGDVGDPHGXODyVVHDGHRVVRVORQJRVIrPXU WtELDH~PHURGHGRLVDQLPDLVGDPHVPDOLQKDJHPLVRJrQLFDTXHIRUDPVDFULILFDGRVSDUDHVWD ILQDOLGDGHQRLQtFLRGRH[SHULPHQWR

$SyVRVDFULItFLRGRVDQLPDLVIRUDPUHPRYLGRVRVIrPXUHVWtELDVH~PHURVILJXUD HDSyVUHPRomRGDVHStILVHVyVVHDVILJXUDRFRQWH~GRGDPHGXODyVVHDIRLUHPRYLGRSRU ODYDJHPFRPVROXomRVDOLQDILJXUD

(28)

)LJXUD±2VVRVORQJRVUHPRYLGRVSDUDREWHQomRGRFRQWH~GRGDPHGXODyVVHD

)LJXUD±5HPRomRGDVHStILVHVGHXPGRVIrPXUHV

(29)

)LJXUD±([WUDomRGRFRQWH~GRGDPHGXODyVVHD

3DUDDVHSDUDomRGDVFpOXODVWURQFRDVFpOXODVREWLGDVGDPHGXODyVVHDIRUDPGLOXtGDV HPPHLR530,*LEFRŠ(8$(VWDVXVSHQVmRIRLIUDFLRQDGDHPXPJUDGLHQWH GHGHQVLGDGHJHUDGRSRUFHQWULIXJDomRVREUH+LVWRSDTXHŠQDGHQVLGDGHGHJ/6LJPD $OGULFKŠ (8$ D J GXUDQWH PLQXWRV D ž& $ IUDomR PRQRQXFOHDU VLWXDGD VREUH D LQWHUIDFHFRPR+LVWRSDTXHŠILJXUDIRLFROHWDGDHODYDGDGXDVYH]HVFRPVROXomRVDOLQD HVWpULO $ YLDELOLGDGH FHOXODU IRL DYDOLDGD SHOR PpWRGR GH H[FOXVmR FRP 7U\SDQ %OXH 6WDLQ*LEFR(8$

(30)

)LJXUD±)UDomRPRQRQXFOHDUVREUHDLQWHUIDFHGH+LVWRSDTXHŠ

$SyVYHULILFDGDYLDELOLGDGHGHDVFpOXODVIRUDPDGLFLRQDGDVDRPHLRJHOLILFDGR GH+30&QXPDFRQFHQWUDomRGH[FpOXODVSRUPLFUROLWURVILJXUDHFRORFDGR QXPDVHULQJDGHPLOLOLWURSUHHQFKHQGRPLFUROLWURVILJXUDSDUDDSOLFDomRSRVWHULRU

(31)

(32)

$QHVWHVLD

2V DQLPDLV IRUDP VXEPHWLGRV j DQHVWHVLD JHUDO DSyV SHUtRGR GH KRUDV GH MHMXP SUpYLRFRPFORUSURPD]LQDPONJHTXHWDPLQDPONJLQWUDSHULWRQHDOHPDQWLGRV VREYHQWLODomRHVSRQWkQHD

3URFHGLPHQWR2SHUDWyULR

)RL UHDOL]DGD WULFRWRPLD GD UHJLmR UHWURDXULFXODU QR ODGR D VHU RSHUDGR (QWmR RV DQLPDLV IRUDP SRVLFLRQDGRV HP GHF~ELWR ODWHUDO )LJXUD H LQILOWURXVH OLGRFDtQD FRP YDVRFRQVWULWRUGDQGRVHLQtFLRDRSURFHGLPHQWRFLU~UJLFR2SURFHGLPHQWRIRLUHDOL]DGRSRU XP~QLFRFLUXUJLmRFRPDXWLOL]DomRGH0LFURVFySLRÏSWLFR')9DVFRQFHORVFRPOHQWHGH PLOtPHWURV H DXPHQWR GH D YH]HV 2V SURFHGLPHQWRV IRUDP GRFXPHQWDGRV SRU IRWRJUDILDFRPFkPHUDGLJLWDO1LNRQ&RROSL[6

5HDOL]RXVH XPD LQFLVmR UHWURDXULFXODU FRP H[WHQVmR DQWHULRU FHUFD GH FLQFR FHQWtPHWURVHGLVVHFomRSRUSODQRV±SHOHWHFLGRFHOXODUVXEFXWkQHRHSODWLVPD2P~VFXOR SODWLVPD IRL LGHQWLILFDGR H VHFFLRQDGR H[SRQGR D JOkQGXOD SDUyWLGD R UDPR ]LJRPiWLFR R UDPREXFDOHRUDPRPDQGLEXODUGRQHUYRIDFLDO)LJXUDTXHIRUDPVHJXLGRVQRVHQWLGR SUR[LPDO DWp D LGHQWLILFDomR GD YHLD MXJXODU H[WHUQD D TXDO IRL OLJDGD SHUPLWLQGR D YLVXDOL]DomR FRPSOHWD GR WURQFR GR QHUYR IDFLDO H VHX OLPLWH SUR[LPDO QR IRUkPHQ HVWLOR PDVWRLGHR)LJXUD2WURQFRGRQHUYRIDFLDOIRLVHFFLRQDGRFRPPLFURWHVRXUDSUy[LPRDR IRUkPHQHVWLORPDVWRLGHR)LJXUD

(33)

)LJXUD±3RVLomRRSHUDWyULD±'HF~ELWRODWHUDO

)LJXUD±'LVVHFomRSRUSODQRVFRPYLVXDOL]DomRGRVUDPRVGRQHUYRIDFLDO

(34)

)LJXUD±7URQFRGRQHUYRIDFLDOFRPVHXVUDPRV]LJRPiWLFREXFDOHPDQGLEXODU

)LJXUD±7URQFRGRQHUYRIDFLDOVHFFLRQDGRSUy[LPRDRIRUkPHQHVWLORPDVWRLGHR

(35)

$SyVIRLUHDOL]DGRRVSURFHGLPHQWRVGHDFRUGRFRPRVGRLVJUXSRV*UXSR&01± UHVVHFomRSDUFLDOGRWURQFRJHUDQGRXPGHIHLWRGHTXDWURPLOtPHWURVGHQHUYRGLVWDODVHFomR )LJXUD H LQWHUSRVLomR GH WXER GH VLOLFRQH GH VHLV PLOtPHWURV GH FRPSULPHQWR FRP HVSHVVXUD FRPSDWtYHO FRP D HVSHVVXUD GR QHUYR ± VRQGD GH DVSLUDomR WUDTXHDO Q~PHUR )LJXUD VXWXUDGR QRV FRWRV SUR[LPDO H GLVWDO FRP PRQRQ\ORQ XP SRQWR HP FDGD H[WUHPLGDGHHQWUDQGRGHIRUDSDUDGHQWURGRWXERSDVVDQGRSHORHSLQHXURHYROWDQGRQRWXER GHGHQWURSDUDIRUD)LJXUDH)LJXUDDQWHVGDVXWXUDGLVWDORWXERIRLSUHHQFKLGRFRP PLFUROLWURVGHSUHSDUDGRGH&01FRPFRQFHQWUDomRGH[FpOXODVSRUPLFUROLWURV )LJXUD *UXSR FRQWUROH ± DQWHV GD VXWXUD GLVWDO GR QHUYR R WXER GH VLOLFRQH IRL SUHHQFKLGRFRPPLFUROLWURVGRJHO+30&$SHOHIRLVXWXUDGDFRPPRQRQ\ORQ )LJXUD

)LJXUD±4XDWURPLOtPHWURVGRQHUYRIDFLDOUHWUDtGRDSyVVHFomR

(36)

)LJXUD±7XERGHVLOLFRQHGHVHLVPLOtPHWURVGHFRPSULPHQWRDRODGRGRGHIHLWRFULDGR SHODUHVVHFomRGRWURQFRGRQHUYRIDFLDO

)LJXUD±6XWXUDGRWXERGHVLOLFRQHDRHSLQHXURGRFRWRSUR[LPDOGRWURQFRGRQHUYR IDFLDO

(37)

)LJXUD±,QWHUSRVLomRGRWXERGHVLOLFRQHFRPSRQWRSUR[LPDOHGLVWDO

)LJXUD±3UHHQFKLPHQWRGRWXERGHVLOLFRQHFRPSUHSDUDGRGHFpOXODVPRQRQXFOHDUHV

(38)

)LJXUD±6XWXUDGDSHOHFRPPRQRQ\ORQ

3yVRSHUDWyULR

$SyV R SURFHGLPHQWR RV DQLPDLV ILFDUDP HP REVHUYDomR SRU XPD KRUD )RUDP GHYROYLGRV SDUD VXDV JDLRODV LQGLYLGXDLV TXDQGR EHP DFRUGDGRV H FRP GpELWR XULQiULR SUHVHQWH )RL UHDOL]DGD DQDOJHVLD SyVRSHUDWyULD FRP SDUDFHWDPRO JRWDV XPD JRWD SRU TXLORJUDPDGHSHVRGLOXtGRHPiJXD

$QiOLVHDSyVRSURFHGLPHQWR

(39)

JUDYDo}HVIRUDPDYDOLDGDVSRUH[DPLQDGRUFHJDGRTXDQWRDRJUXSRGRDQLPDOHDQRWDGDVHP IROKDHVSHFtILFDSDUDFDGDUDWR$SrQGLFH$6HVVHQWDHTXDWURGLDVDSyVRVSURFHGLPHQWRV RVUDWRVIRUDPDQHVWHVLDGRVQRYDPHQWHSDUDUHPRomRGRQHUYRIDFLDORTXDOIRLOHYDGRSDUD HVWXGR PDFURVFySLFR H KLVWRSDWROyJLFR H RV UDWRV IRUDP GLVSRQLELOL]DGRV SDUD RXWURV SURFHGLPHQWRVQR/DERUDWyULR

)LJXUD±5HVXOWDGRGDSDUDOLVLDGRQHUYRIDFLDOGLUHLWRGRUDWR±SRVLFLRQDPHQWRSRVWHULRU

GDVYLEULVVDVHIHFKDPHQWRRFXODUSUHMXGLFDGR

7HVWH)XQFLRQDO

(40)

LQGLYLGXDOPHQWH HP XPD FDL[D GH LVRSRU [[FP FRP D IDFH LQWHUQD SLQWDGD QD FRU SUHWD 2 ODGR QmR RSHUDGR VHUYLX FRPR FRQWUROH UHIOH[R GH SLVFDPHQWR SUHVHQWH FRP IHFKDPHQWRRFXODUFRPSOHWRPRYLPHQWDomRGDVYLEULVVDVSUHVHQWHHSRVLFLRQDPHQWRDQWHULRU GDVPHVPDV

(VFRUH 0RYLPHQWRH3RVLomR 6HPPRYLPHQWR

7UHPRUOHYHFRPSRVLFLRQDPHQWRSRVWHULRUL]DGRH DPSOLWXGHHIUHTrQFLDLQIHULRUDRODGRFRQWUDODWHUDO 7UHPRUPDLRUFRPSRVLFLRQDPHQWRSRVWHULRUL]DGRH

DPSOLWXGHHIUHTrQFLDLQIHULRUDRODGRFRQWUDODWHUDO 0RYLPHQWDomRHIHWLYDFRPSRVLFLRQDPHQWR

SRVWHULRUL]DGRHDPSOLWXGHHIUHTrQFLDLQIHULRUDRODGR FRQWUDODWHUDO

0RYLPHQWDomRHIHWLYDFRPSRVLFLRQDPHQWR

DPSOLWXGHHIUHTrQFLDVHPHOKDQWHVDRFRQWUDODWHUDO 4XDGUR(VFDODGHSRQWXDomRSDUDPRYLPHQWRGDVYLEULVVDV )RQWH$GDSWDGRGH%RULQ$HWDOHGH)DULD6'HWDO

(VFRUH 0RYLPHQWR 6HPPRYLPHQWRSHUFHSWtYHO

&RQWUDomRPDVVHPIHFKDPHQWRSHUFHSWtYHODWp

)HFKDPHQWRGHDWp

)HFKDPHQWRGHDWp

)HFKDPHQWRGHDWp

4XDGUR(VFDODGHSRQWXDomRSDUDIHFKDPHQWRGDULPDRFXODU )RQWH$GDSWDGRGH%RULQ$HWDOHGH)DULD6'HWDO

(41)

(XWDQiVLD

)RL UHDOL]DGD QRV GRLV DQLPDLV XWLOL]DGRV SDUD REWHQomR GDV &01 FRP LQMHomR LQWUDYDVFXODUGDPHVPD VROXomRXWLOL]DGDSDUDDQHVWHVLDJHUDO$SyVDPRUWHHUHPRomRGRV IrPXUHV~PHURVHWtELDVGRVUDWRVRVPHVPRVIRUDPGHVSUH]DGRVHPOL[RKRVSLWDODU

$QiOLVH+LVWROyJLFD

2 FUHVFLPHQWR D[RQDO IRL DYDOLDGR FRP D IL[DomR GR VHJPHQWR QHXUDO HP SDUDIRUPDOGHtGR H FULRSUHVHUYDomR )RUDP FRQIHFFLRQDGRV FRUWHV VHPLILQRV GH PLFU{PHWURV H FRORUDomR FRP KHPDWR[LOLQDHRVLQD +( SDUD YHULILFDomR GH DVSHFWRV KLVWROyJLFRVJHUDLV

$VOkPLQDVIRUDPDYDOLDGDVHPPLFURVFySLRySWLFRFRPRVILOWURVDSURSULDGRV

$1È/,6((67$7Ë67,&$

7DPDQKRGH$PRVWUD

(VSHUDQGRVHXPDGLIHUHQoDQDVYDULiYHLVGHGHVIHFKRGHPDJQLWXGHJUDQGHRXVHMD PDLRU RX LJXDO D GRLV GHVYLRVSDGUmR PDQWHQGRVH SRGHU HVWDWtVWLFR GH H QtYHO GH VLJQLILFkQFLDGHIRLFDOFXODGRXPWDPDQKRGHDPRVWUDGHVHWHUDWRVSRUJUXSR

(42)

9DULiYHLV

ƒ 3UHGLWRUDXVRGH&01

ƒ 'HVIHFKR0RYLPHQWRGDVYLEULVVDVIHFKDPHQWRGDULPDRFXODUHVRPDWyULRGH YLEULVVDVROKR

$QiOLVH(VWDWtVWLFD

7RGRV RV HVFRUHV IRUDP GHVFULWRV SRU PHGLDQD H D FRPSDUDomR GRV JUXSRV SRQWR D SRQWRDYDOLDGDSHORWHVWH8GH0DQQ:KLWQH\3DUDFRQVLGHUDomRGRHIHLWRJOREDODRORQJRGR SHUtRGR XVDPRV D DERUGDJHP GD iUHD VRE D FXUYD $8& DUHD XQGHU WKH FXUYH $GLFLRQDOPHQWHSDUDDYDOLDURSURFHVVRGHUHFXSHUDomRIXQFLRQDOXWLOL]DPRVDDERUGDJHPGR '(/7$ YDORU ILQDO ± YDORU LQLFLDO 2 QtYHO GH VLJQLILFkQFLD DGRWDGR IRL GH DOID H D DQiOLVHGRVGDGRVIRLUHDOL]DGDSRUPHLRGRSURJUDPD6366YHUVmR

$63(&726%,2e7,&26

(43)

5(68/7$'26

7RGRV RV UDWRV GRV GRLV JUXSRV DSUHVHQWDYDP RV PRYLPHQWRV GDV YLEULVVDV H IHFKDPHQWRRFXODUVHPDOWHUDo}HVDQWHVGRVSURFHGLPHQWRVRXVHMDVRPDWyULRYLEULVVDVROKRV LJXDOD1HQKXP UDWRTXHHQWURXQR HVWXGRIRLSHUGLGRGHPDQHLUDTXHWRGRVFKHJDUDP YLYRV DR ~OWLPR GLD GR HVWXGR ' 7RGRV RV UDWRV IRUDP DYDOLDGRV QR GLD LQLFLDO ' ''''''''''''''''' H'

)RLUHDOL]DGDDPHGLDQDGRHVFRUHREWLGRSRUFDGDUDWRSDUDPRYLPHQWRGDVYLEULVVDV IHFKDPHQWRGDULPDRFXODUHVRPDWyULRYLEULVVDVROKRV$RILQDOGRHVWXGRQRVH[DJpVLPR TXDUWR GLD QR FULWpULR YLEULVVDV D PHGLDQD GRV HVFRUHV GR JUXSR IRL FRQWUD GR JUXSR S QR SDUkPHWUR IHFKDPHQWR RFXODU D PHGLDQD GRV HVFRUHV GR JUXSR IRL FRQWUDGRJUXSRS HQRVRPDWyULRYLEULVVDVROKRVRHVFRUHIRLSDUD JUXSRHSRQWRVSDUDJUXSRS

(44)

7DEHOD±9DORUHVGDVPHGLDQDVSRUGLDV'(/7$DH$8&EGRVHVFRUHVGHPRYLPHQWDomR

GDVYLEULVVDVIHFKDPHQWRGDULPDRFXODUHVRPDWyULRYLEULVVDVROKRV 9LEULVVDV 2OKRV 6RPDWyULR *UXSR *UXSR SF *UXSR *UXSR SF *UXSR *UXSR SF

' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' '(/7$D $8&E D±'(/7$GLIHUHQoDHQWUHYDORUILQDOPHQRVYDORULQLFLDO E±$8&iUHDVREDFXUYD F±SVLJQLILFkQFLDHVWDWtVWLFD7HVWH8GH0DQQ:KLWQH\

(45)

$GLIHUHQoDHQWUHRVYDORUHVILQDLVPHQRVRVYDORUHVLQLFLDLVpREVHUYDGRQRSDUkPHWUR '(/7$ WDPEpP H[SOtFLWR QD WDEHOD PRVWUDQGR TXH DPERV RV JUXSRV HVWXGR H FRQWUROH REWLYHUDPXPDUHFXSHUDomR IXQFLRQDOVDWLVIDWyULDSUDWLFDPHQWHUHWRUQDQGRDVPHGLDQDVGRV YDORUHV LQLFLDLV GH IRUPD TXH R '(/7$ SDUD VRPDWyULR YLEULVVDVROKRV IRL GH SDUD R JUXSRHSDUDRJUXSRQmRPRVWUDQGRGLIHUHQoDHVWDWLVWLFDPHQWHVLJQLILFDWLYDHQWUHRV JUXSRVS $iUHDVREDFXUYD$8&REVHUYDGDQDWDEHODHYLGHQFLDRHIHLWRJOREDO GRVWUDWDPHQWRV(VWHFULWpULRWDPEpPQmRIRLHVWDWLVWLFDPHQWHVLJQLILFDWLYR

3DUD PHOKRU YLVXDOL]DomR GD FDUDFWHUtVWLFD GD UHFXSHUDomR IXQFLRQDO GH FDGD JUXSR IRUDPFULDGRVRVJUiILFRVHTXHFRUUHVSRQGHPDRPRYLPHQWRGDVYLEULVVDVIHFKDPHQWR GD ULPD RFXODU H VRPDWyULR YLEULVVDVROKRV UHVSHFWLYDPHQWH 2V JUiILFRV PRVWUDP XPD PHOKRUD HP WRGRV RV FULWpULRV QR GHFRUUHU GRV GLDV GH HVWXGR PRVWUDQGR XPD VXSHULRULGDGH GR JUXSR TXH XWLOL]RX DV &01 HP SUDWLFDPHQWH WRGRV RV GLDV HP TXH IRL UHDOL]DGRRWHVWHIXQFLRQDOSRUpPHVWDGLIHUHQoDQmRIRLHVWDWLVWLFDPHQWHVLJQLILFDWLYD

*UiILFR±0HGLDQDVGRHVFRUHPRYLPHQWRGDVYLEULVVDVHPUHODomRDRWHPSRGHREVHUYDomR

(46)

*UiILFR±0HGLDQDVGRHVFRUHIHFKDPHQWRGDULPDRFXODUHPUHODomRDRWHPSRGH

(47)

*UiILFR±0HGLDQDVGRHVFRUHVRPDWyULRYLEULVVDVROKRVHPUHODomRDRWHPSRGH

REVHUYDomR

$ILJXUDPRVWUDDHVWUXWXUDKLVWROyJLFDGHXPQHUYRQRUPDOGRODGRFRQWUDODWHUDOj OHVmRGRIDFLDOGRUDWRGRJUXSRFRQWUROHQDTXDOVHHYLGHQFLDDUTXLWHWXUDQRUPDOGDVILEUDV QHUYRVDV HQTXDQWR R FUHVFLPHQWR GH QRYDV ILEUDV QHUYRVDV HP PHLR D WHFLGR LQWHUVWLFLDO H QHRYDVFXODUL]DomRLQWHQVDpHYLGHQFLDGRQDILJXUDTXHFRUUHVSRQGHDXPQHUYRUHJHQHUDGR DSyVGLDVGHSURFHGLPHQWRUHDOL]DGRQRUDWRGRJUXSRFRQWUROH

(48)

)LJXUD±1HUYRQRUPDOFRORUDomRKHPDWR[LOLQDHRVLQDFRPDXPHQWRV

)LJXUD±1HUYRUHJHQHUDGRDSyVGLDVFRORUDomRKHPDWR[LOLQDHRVLQDFRP

(49)

',6&866­2

2SWRXVHSRUWUDEDOKDUFRPRUDWRGDHVSpFLH:LVWDUSRUVHUXPPRGHORXWLOL]DGRHP RXWURV HVWXGRV GR QHUYR IDFLDO SRU KDYHU XPD SDGURQL]DomR GDV WpFQLFDV GH VHFomR H DYDOLDomR GD PtPLFD IDFLDO QHVWH PRGHOR $OpP GLVVR R PRGHOR p GH IiFLO REWHQomR MXQWR DR ELRWpULR GH QRVVD ,QVWLWXLomR FRP URWLQDV GH PDQLSXODomR DQHVWHVLD H FXLGDGRV EHP HVWDEHOHFLGRV $ DQDWRPLD H[WUDWHPSRUDO GR QHUYR IDFLDO GR UDWR Mi HVWi EHP GHVFULWD QD OLWHUDWXUD VHQGR TXH VHX WURQFR p IiFLO H FRQVWDQWHPHQWH DFHVVDGR SRU YLD UHWURDXULFXODUHQmRVRIUHLQIOXHQFLDTXDQWRDRSHVRGRDQLPDO

4XDQWRDRWLSRGHOHVmRQHXUDOHVFROKHXVHDVHFomRFRPSOHWDFRPUHVVHFomRGHSDUWH GRQHUYRSRUWUDWDUVHGHXPDOHVmRUHSURGXWtYHOFRPDLQWHQomRGHJHUDUXPDSDUDOLVLDJUDX 9 QD FODVVLILFDomR GH 6XQGHUODQG HP WRGRV RV SURFHGLPHQWRV 1D UHSDUDomR XWLOL]RXVH VXWXUD HSLQHXUDO FRP LQWHUSRVLomR GH WXER GH VLOLFRQH SRLV Mi IRL GHVFULWD HP HVWXGRV FRP QHUYRVSHULIpULFRV

$REMHWLYLGDGHQRPRGHORH[SHULPHQWDOGHSDUDOLVLDIDFLDOSHULIpULFDpDFDUDFWHUtVWLFD EiVLFD SDUD R HVWXGR GD UHJHQHUDomR GR QHUYR IDFLDO SRUpP QmR SRGH IDOWDU SUDWLFLGDGH HILFiFLD H UHSURGXWLELOLGDGH DR VLVWHPD GH DYDOLDomR GD PtPLFD IDFLDO 6LVWHPDV PXLWR VRILVWLFDGRVFRPRRXWLOL]DGRSRU+HDWRQVmRPXLWRSUHFLVRVPDVVmRGHGLItFLODFHVVRFDURV H LPSUDWLFiYHLV QR QRVVR PHLR 3RU LVWR IRL XWLOL]DGR XP VLVWHPD DGDSWDGR FRP PDLRU IDFLOLGDGH QD H[HFXomR WRGDYLD FRP DOJXPDV UHVWULo}HV WDLV FRPR GLILFXOGDGH SDUD REVHUYDomRGDPRYLPHQWDomRGDPXVFXODWXUDGRUDWRHPVHXKDELWDW7DPEpPIRLREVHUYDGR SUREOHPDQDUHSURGXWLELOLGDGHGRVDFKDGRVHQWUHREVHUYDGRUHVGLIHUHQWHVQDFODVVLILFDomRGR JUDXGHUHFXSHUDomRGRVPRYLPHQWRVGRVUDWRVRTXHQmRIRLRPRWLYRGRSUHVHQWHHVWXGR

(50)

$SyVRSURFHGLPHQWRTXHJHUDDSDUDOLVLDHYLGHQFLDVHXPGHVYLRGDFRPLVVXUDQDVDO SDUD R ODGR FRQWUDODWHUDO DR SDUDOLVDGR HP GRV UDWRV HVWXGDGRV SULQFLSDOPHQWH DVVRFLDGRDRDWRGRUDWRIXoDUH[SORUDQGRRDPELHQWH(VWHGDGRQmRIRLUHODFLRQDGRFRPR UHVXOWDGRSRUTXHDFODVVLILFDomRXWLOL]DGDQmRSUHYLDHVWDDOWHUDomRHQmRHQFRQWUDPRVQHQKXP HVWXGR QD OLWHUDWXUD ID]HQGR UHIHUrQFLD D WDO DFKDGR GH PDQHLUD TXH QmR IRL SRVVtYHO SDGURQL]DUDDQiOLVHGDUHFXSHUDomRGHVWHIHQ{PHQR

$ LQH[LVWrQFLD GH GLIHUHQoD HVWDWLVWLFDPHQWH VLJQLILFDWLYD HQWUH RV GRLV JUXSRV HVWXGDGRVSRGHHVWDUUHODFLRQDGDDRWDPDQKRDPRVWUDORTXDOIRLHVWDEHOHFLGRHVSHUDQGRVH XPD GLIHUHQoD GH JUDQGH PDJQLWXGH GH QR PtQLPR GRLV GHVYLRVSDGUmR 'D PHVPD IRUPD QmRIRLHQFRQWUDGRQDOLWHUDWXUDHVWXGDGDQHQKXPDUHIHUrQFLDDRWDPDQKRGDOHVmRFUtWLFDGR QHUYRIDFLDOQHPHPKXPDQRVTXDQWRPHQRVHPUDWRV6DEHPRVSRUHVWXGRVDQWHULRUHVTXH D OHVmR FUtWLFD SDUD R QHUYR FLiWLFR HP UDWRV p GH GH] PLOtPHWURV SRUpP HVWH WDPDQKR GH OHVmR SDUD XP QHUYR FRP PpGLD GH VHLV PLOtPHWURV GH WURQFR FRPR p R FDVR GR QHUYR HP HVWXGR p LPSUDWLFiYHO 5HDOL]RXVH D UHVVHFomR GH TXDWUR PLOtPHWURV GR WURQFR GR QHUYR R TXH IRL SRVVtYHO HP GRV DQLPDLV WRGDYLDHP QHQKXP UDWR KDYHULD D SRVVLELOLGDGH GH XPDUHVVHFomRPDLRU

2VUDWRVGRJUXSRFRQWUROHDSUHVHQWDUDPXPDERDUHFXSHUDomRGDIXQFLRQDOLGDGH GRQHUYRIDFLDODRPHQRVQRTXHGL]UHVSHLWRDRVSDUkPHWURVHVWXGDGRVVHQGRTXHQRFULWpULR VRPDWyULRYLEULVVDVROKRVDGLIHUHQoDHQWUHRVYDORUHVGDVPHGLDQDVILQDLVHLQLFLDLVIRLGH '(/7$ GHPDQHLUDTXHILFRXGLItFLOSDUDDYHULJXDUXPDGLIHUHQoD DFHQWXDGD GRV UDWRV GR JUXSR &01 Mi TXH DV PHGLDQDV ILQDLV IRUDP PXLWR SUy[LPDV jV LQLFLDLV PHVPR QR JUXSR FRQWUROH $SHVDU GLVWR KRXYH XPD GLVFUHWD VXSHULRULGDGH QD UHFXSHUDomR IXQFLRQDOGRVUDWRVGRJUXSRGXUDQWHRVVHVVHQWDHTXDWURGLDVGHVHJXLPHQWR

&RPR HP RXWURV HVWXGRV R SDUkPHWUR IHFKDPHQWR RFXODU SDUHFH VHU R PDLV SUHFRFHPHQWH UHFXSHUDGR DWLQJLQGR XPD ERD PHOKRUD IXQFLRQDO Mi QR SULPHLUR PrV DSyV R GDQR H UHSDUR $LQGD HVWH FULWpULR IRL R ~QLFR D UHYHODU XPD GLIHUHQoD HVWDWLVWLFDPHQWH VLJQLILFDWLYDHQWUHDVHJXQGDHWHUFHLUDVHPDQDVHPIDYRUGRJUXSRWUDWDGRFRP&01

(51)

&21&/86­2

2V GRLV JUXSRV &01 H FRQWUROH REWLYHUDP UHFXSHUDomR GD PtPLFD IDFLDO QR WHVWH IXQFLRQDODSyVDOHVmRDJXGDGR9,,SDUFUDQLDQRQRSHUtRGRGHGLDV

2 JUXSR TXH XWLOL]RX DV &01 DSUHVHQWRX UHFXSHUDomR IXQFLRQDO PDLV SUHFRFH QR FULWpULRIHFKDPHQWRGDULPDRFXODUHQWUHDVHJXQGDHWHUFHLUDVHPDQDV

1mRKRXYHGLIHUHQoDHVWDWLVWLFDPHQWHVLJQLILFDWLYDHQWUHRJUXSRFRQWUROHHRJUXSRGH &01HPUHODomRjUHFXSHUDomR IXQFLRQDOSRU PHLRGDDQiOLVHGDPRYLPHQWDomRHSRVLomR GDVYLEULVVDVGRIHFKDPHQWRGDULPDRFXODUHUHIOH[RGHSLVFDPHQWRHGRVRPDWyULRYLEULVVDV ROKRVQRSHUtRGRGRHVWXGR

(52)

5()(5Ç1&,$6

%HQWR5)0LQLWL$&RPSDULVRQEHWZHHQILEULQWLVVXHDGKHVLYHHSLQHXUDOVXWXUHDQG QDWXUDO XQLRQ LQ WKH LQWUDWHPSRUDO IDFLDO QHUYH RI FDWV $FWD 2WRODU\QJRO 6XSSO

.KRPXUD ( <XJXFKL 7 <RVKLPLQH 7 )XMLQDND 7 .RVHNL 1 6DQR $ HW DO %'1) DWHORFROODJHQ PLQLSHOOHW DFFHOHUDWHV IDFLDO QHUYH UHJHQHUDWLRQ %UDLQ 5HV

&KRL ' 'XQQ /7 )DFLDO QHUYH UHSDLU DQG UHJHQHUDWLRQ DQ RYHUYLHZ RI EDVLF SULQFLSOHVIRUQHXURVXUJHRQV$FWD1HXURFKLU:LHQ

/D]DULQL350LWUH(,6]DMXERN$3DUDOLVLDIDFLDOSHULIpULFD,Q&DPSRV&$+&RVWD +227UDWDGRGH2WRUULQRODULQJRORJLD6mR3DXOR5RFDS

%HQWR 5) %ULWR 59 7UDWDPHQWR GDV SDUDOLVLDV IDFLDLV ± SUHVHQWH H IXWXUR ,Q /DYLQVN\/7UDWDPHQWRHP2WRORJLD5LRGH-DQHLUR5HYLQWHUS

'LD]/06WHHOH0+*XHUUD$%$XEHUW)(6ORRS*''LD]+$HWDO7KHUROHRI WRSLFDOO\ DGPLQLVWHUHG ). WDFUROLPXV DW WKH WLPH RI IDFLDO QHUYH UHSDLU XVLQJ HQWXEXODWLRQQHXURUUKDSK\LQDUDEELWPRGHO$QQ3ODVW6XUJ

6HOHVQLFN 6+ 3DWZDUGKDQ $ $FXWH IDFLDO SDUDO\VLV HYDOXDWLRQ DQG HDUO\ PDQDJHPHQW$P-2WRODU\QJRO

9DXJKDQ (' 5LFKDUGVRQ ' )DFLDO QHUYH UHFRQVWUXFWLRQ IROORZLQJ DEODWLYH SDURWLG VXUJHU\%U-2UDO0D[LOORIDF6XUJ

(53)

$GRXU .. 6ZDQVRQ 3- )DFLDO SDUDO\VLV LQ FRQVHFXWLYH SDWLHQWV HPSKDVLV RQ WUHDWPHQW UHVSRQVH LQ SDWLHQWV ZLWK %HOO¶V SDOV\ 7UDQV $P $FDG 2SKWKDOPRO 2WRODU\QJRO

%RWPDQ-:0-RQJNHHV/%:7KHUHVXOWVRILQWUDWHPSRUDOWUHDWPHQWRIIDFLDOSDOV\ 3UDFW2WRUUKLQRODULQJRO

6PLWK,00XUUD\-$&XOO5(6ODWWHUU\-)DFLDOZHDNQHVV$FRPSDULVRQRIFOLQLFDO DQG SKRWRJUDSKLF PHWKRGV RI REVHUYDWLRQ $UFK 2WRODU\QJRO +HDG 1HFN 6XUJ

+RXVH -: %UDFNPDQQ '( )DFLDO QHUYH JUDGLQJ V\VWHP 2WRODU\QJRO +HDG 1HFN 6XUJ

+RXVH-:)DFLDOQHUYHJUDGLQJV\VWHPV/DU\QJRVFRSH

6SHFWRU *- 1HXUDO UHSDLU LQ IDFLDO SDUDO\VLV FOLQLFDO DQG H[SHULPHQWDO VWXGLHV (XU $UFK2WRUUKLQRODU\QJRO66

0XUDNDPL 7 )XMLPRWR < <DVXQDJD < ,VKLGD 2 7DQDND 1 ,NXWD < HW DO 7UDQVSODQWHGQHXURQDOSURJHQLWRUFHOOVLQDSHULSKHUDOQHUYHJDSSURPRWHQHUYHUHSDLU %UDLQ5HV

*RUGRQ 7 6XODLPDQ 2 %R\G * ([SHULPHQWDO VWUDWHJLHV WR SURPRWH IXQFWLRQDO UHFRYHU\DIWHUSHULSKHUDOQHUYHLQMXULHV-3HULSKHU1HUY6\VW

7HUHQJKL * 3HULSKHUDO QHUYH UHJHQHUDWLRQ DQG QHXURWURSKLF IDFWRUV - $QDW

*OXFN78HEHU7UDQVSODQWDWLRQUHJHQHUDWLRQXQGHQW]QGOLFKHQHXELOGXQJ%HUO.OLQ :RFKHQVFKU

%XQQHO66XWXUHRIWKHIDFLDOQHUYHZLWKLQWKHWHPSRUDOERQHZLWKDUHSRUWRIWKHILUVW VXFFHVVIXOFDVH6XUJ*\QHFRO2EVWHW

6SHFWRU*-0LPHWLFVXUJHU\IRUWKHSDUDO\]HGIDFH/DU\QJRVFRSH 6SHFWRU*-/HH33HWHUHLQ-5RXID')DFLDOQHUYHUHJHQHUDWLRQWKURXJKDXWRORJRXV

QHUYHJUDIWVDFOLQLFDODQGH[SHULPHQWDOVWXG\/DU\QJRVFRSH 3LQQD%57HVWD-5*)XNXGD<(VWXGRGHSDUDOLVLDVIDFLDLVWUDXPiWLFDVDQiOLVHGH

FDVRVFOtQLFRVHFLU~UJLFRV5HY%UDV2WRUULQRODULQJRO

(54)

:HEHU 5$ %UHLGHQEDFK :& %URZQ 5( -DEDOH\ 0( 0DVV '3 5DQGRPL]HG SURVSHFWLYH VWXG\ RI SRO\JO\FRLF DFLG FRQGXLWV IRU GLJLWDO QHUYH UHFRQVWUXFWLRQ LQ KXPDQV3ODVW5HFRQWU6XUJ

7HUULV '- 7RIW .0 0RLU 0 /XP - :DQJ 0 %UDLQGHULYHG QHXURWURSKLF IDFWRU HQULFKHGFROODJHQWXEXOHDVDVXEVWLWXWHIRUDXWRORJRXVQHUYHJUDIWV$UFK2WRODU\QJRO +HDG1HFN6XUJ

6SHFWRU -* /HH 3 'HUE\ $ )ULHUGLFK * %XUNH -- 9RJOHU *3 HW DO )DFLDO QHUYH UHJHQHUDWLRQ WURXJK VHPLSHUPHDEOH FKDPEHUV LQ WKH UDEELW /DU\QJRVFRSH

&KHQ <6 :DQJ%HQQHW /7 &RNHU 1- )DFLDO QHUYH UHJHQHUDWLRQ LQ WKH VLOLFRQH FKDPEHULQIOXHQFHRIQHUYHJURZWKIDFWRU([S1HXURO

:RROOH\ $/ +ROORZHOO -3 5LFK .0 )LEURQHFWLQODPLQLQ FRPELQDWLRQ HEKDQFHV SHULSKHUDO QHUYH UHJHQHUDWLRQ DFURVV ORQJ JDSV 2WRODU\QJRO +HDG 1HFN 6XUJ

'HOORQ $/ 0DFNLQQRQ 6( $Q DOWHUQDWLYH WR WKH FODVVLFDO QHUYH JUDIW IRU WKH PDQDJHPHQWRIWKHVKRUWQHUYHJDS3ODVW5HFRQVWU6XUJ

6SHFWRU -* /HH S 'HUE\ $ 5RXID '* &RPSDULVRQ RI UDEELW IDFLDO QHUYH UHJHQHUDWLRQ LQ QHUYH JURZWK IDFWRUFRQWDLQLQJ VLOLFRQH WXEHV WR WKDW LQ DXWRORJRXV QHXUDOJUDIW$QQ2WRO5KLQRO/DU\QJRO

6SHFWRU-*/HH3'HUE\$)ULHUGLFK*(1HLVHV*5RXID'*5DEELWIDFLDOQHUYH UHJHQHUDWLRQLQ1*)FRQWDLQLQJVLODVWLFWXEHV/DU\QJRVFRSH

6SHFWRU -* /HH 3 'HUE\ $ 5DEELW IDFLDO QHUYH UHJHQHUDWLRQ LQ DXWRORJRXV QHUYH JUDIWVDIWHUDQWHFHGHQWLQMXU\/DU\QJRVFRSH

*UHHQH(&1HUYRXV6\VWHP,Q*UHHQ(&$QDWRP\RIWKHUDW1HZ<RUN+DIQHU S

$QJHORY '1 *XQWLQDV/LFKLXV 2 :HZHW]HU . 1HLVV :) 6WUHSSHO 0 $[RQDO EUDQFKLQJ DQG UHFRYHU\ RI FRRUGLQDWHG PXVFOH DFWLYLW\ DIWHU WUDQVDFWLRQ RI WKH IDFLDO QHUYHLQDGXOWVUDWV$GY$QDW(PEU\RO&HOO%LRO

*XQWLQDV/LFKLXV2,ULQWFKHY$6WUHSSHO0/HQ]HQ0*URVKHYD0:HZHW]HU.HW DO)DFWRUVOLPLWLQJPRWRUUHFRYHU\DIWHUIDFLDOQHUYHWUDQVDFWLRQLQWKHUDWFRPELQHG VWUXFWXUDODQGIXQFWLRQDODQDO\VHV(XU-1HXURVFL

(55)

%RULQ $ 7ROHGR 51 )DULD 6' 7HVWD -5 &UX] 2/ %HKDYLRUDO DQG KLVWRORJLF H[SHULPHQWDO PRGHO RI IDFLDO QHUYH UHJHQHUDWLRQ LQ UDWV %UD] - 2WRUUKLQRODU\QJRO

GH )DULD 6' 7HVWD -5 %RULQ $ 7ROHGR 51 6WDQGDUGL]DWLRQ RI WHFKQLTXHV XVHG LQ IDFLDOQHUYHVHFWLRQDQGIDFLDOPRYHPHQWHYDOXDWLRQLQUDWV%UD]-2WRUKLQRODU\QJRO

+HDWRQ -7 .RZDOHVNL -0 %HUPHMR 5 =HLJOHU +3 $KOJUHQ '- +DGORFN 7$ $ V\VWHP IRU VWXG\LQJ IDFLDO QHUYH IXQFWLRQ LQ UDWV WKURXJK VLPXOWDQHRXV ELODWHUDO PRQLWRULQJRIH\HOLGDQGZKLVNHUPRYHPHQWV-1HXURVFL0HWKRGV /HZLQ6/8WOH\'6&KHQJ(79HULW\$17HUULV'-6LPXOWDQHRXVWUHDWPHQWZLWK %'1) DQG &17) DIWHU SHULSKHUDO QHUYH WUDQVDFWLRQ DQG UHSDLU HQKDQFHV UDWH RI IXQFWLRQDO UHFRYHU\ FRPSDUHG ZLWK %'1) WUHDWPHQW DORQH /DU\QJRVFRSH

&KRL'5DLVPDQ*6RPDWRWRSLFRUJDQL]DWLRQRIWKHIDFLDOQXFOHXVLVGLVUXSWHGDIWHU OHVLRQ DQG UHJHQHUDWLRQ RI WKH IDFLDO QHUYH 7KH KLVWRORJLFDO UHSUHVHQWDWLRQ RI V\QNLQHVLV1HXURVXUJHU\

&KRL ' 5DLVPDQ * 'LVRUJDQL]DWLRQ RI WKH IDFLDO QXFOHXV DIWHU QHUYH OHVLRQLQJ DQG UHJHQHUDWLRQLQWKHUDWHIHFWVRIWUDQVSODQWLQJFDQGLGDWHUHSDUDWLYHFHOOVWRWKHVLWHRI LQMXU\1HXURVXUJHU\

.LPXUD + .DZDWDQL 0 ,WR ( ,VKLNDZD . (IIHFWV RI SLWXLWDU\ DGHQ\ODWH F\FODVH DFWLYDWLQJ SRO\SHSWLGH RQ IDFLDO QHUYH UHFRYHU\ LQ WKH JXLQHD SLJ /DU\QJRVFRSH

%RULQ$7ROHGR51+R3/7HVWD-5&UX]2/)XNXGD<,QIOXHQFHRIF\FOLF$03 RQIDFLDOQHUYHUHJHQHUDWLRQLQUDWV%UD]-2WRUUKLQRODU\QJRO

-RQHV.-5HFRYHU\IURPIDFLDOSDUDO\VLVIROORZLQJFUXVKLQMXU\RIWKHIDFLDOQHUYHLQ KDPVWHUV GLIIHUHQWLDO HIIHFWV RI JHQGHU DQG DQGURJHQ H[SRVXUH ([S 1HXURO

(56)

+DDV6:HLGQHU1:LQNOHU-$GXOWVWHPFHOOWKHUDS\LQVWURNH&XUU2SLQ1HXURO

'DOH\ *4 *RRGHOO 0$ 6Q\GHU (< 5HDOLVWLF SURVSHFWV IRU VWHP FHOO WKHUDSHXWLFV +HPDWRORJ\$P6RF+HPDWRO(GXF3URJUDP

5LFH&06FROGLQJ1-$GXOWVWHPFHOOVUHSURJUDPPLQJQHXURORJLFDOUHSDLU"/DQFHW

*XDULWD6RX]D/&&DUYDOKR.$75HEHODWWR&6HQHJDJOLD$+DQVHQ3)XUXWD0HW DO &RPSDULVRQ RI PRQRQXFOHDU DQG PHVHQFK\PDO VWHP FHOO WUDQVSODQWDWLRQ LQ P\RFDUGLXPLQIDUFWLRQ%UD]-&DUGLRYDVF6XUJ

/XQGH . 6ROKHLP 6 $DNKXV 6 $UQHVHQ + $EGHOQRRU 0 (JHODQG 7 HW DO ,QWUDFRURQDU\ LQMHFWLRQ RI PRQRQXFOHDU ERQH PDUURZ FHOOV LQ DFXWH P\RFDUGLDO LQIDUFWLRQ1(QJO-0HG

7RKLO 0 7HUHQJKL * 6WHPFHOO SODVWLFLW\ DQG WKHUDS\ IRU LQMXULHV RI WKH SHULSKHUDO QHUYRXVV\VWHP%LRWHFKQRO$SSO%LRFKHP

*RUGRQ 7 6XODLPDQ 2 %R\G -* ([SHULPHQWDO VWUDWHJLHV WR SURPRWH IXQFWLRQDO UHFRYHU\DIWHUSHULSKHUDOQHUYHLQMXULHV-3HULSKH1HUY6\VW

*XQWLQDV/LQFKLXV 2 6WUHSSHO 0 $QJHORY '1 6WHQQHUW ( 1HLVV :) (IIHFW RI GHOD\HG IDFLDOIDFLDO VXWXUH RQ IDFLDO QHUYH UHJHQHUDWLRQ D KRUVHUDGLVK SHUR[LGDVH WUDFLQJVWXG\LQWKHUDW$FWD2WRODU\QJRO

-HUJRYLF ' 6WDO 3 /LQGPDQ ' /LQGYDOO % +LOGHEUDQG & &KDQJHV LQ D UDW IDFLDO QHUYHDIWHUIDFLDOQHUYHLQMXU\DQGUHSDLU0XVFOH1HUYH

6DQGULQL)$3HUHLUD-~QLRU('*D\(VFRGD&5DEELWIDFLDOQHUYHDQDVWRPRVLVZLWK ILEULQ JOXH QHUYH FRQGXFWLRQ YHORFLW\ HYDOXDWLRQ %UD] - 2WRUUKLQRODU\QJRO

&RVWD+-6LOYD&).RUQ*3/D]DULQL353RVWWUDXPDWLFIDFLDOQHUYHUHJHQHUDWLRQLQ UDEELWV%UD]-2WRUUKLQRODU\QJRO

.LQGHUPDQ 1% -RQHV .- ¬[RWRP\LQGXFHG FKDQJHV LQ ULERVRPDO 51$ OHYHOV LQ IHPDOH KDPVWHU IDFLDO PRWRQHXURQV GLIIHUHQWLDO HIIHFWV RI JHQGHU DQG DQGURJHQ H[SRVXUH([S1HXURO

(57)

'DYLG '0 )DFLDO QHUYH WUDXPD RSWLPDO WLPLQJ IRU UHSDLU /DU\QJRVFRSH

0DWWR['()HOL[+6XUJLFDODQDWRP\RIWKHUDWIDFLDOQHUYH$P-2WRO 6HPED . (JJHU 0' 7KH IDFLDO ³PRWRU´ QHUYH RI WKH UDW FRQWURO RI YLEULVVDO

PRYHPHQW DQG H[DPLQDWLRQ RI PRWRU DQG VHQVRU\ FRPSRQHQWV - &RPS 1HXURO

*XQWLQDV/LQFKLXV2(IIHQEHUJHU.$QJHORY'1.OHLQ-6WUHSSHO06WHQQHUW(HW DO 'HOD\HG UDW IDFLDO QHUYH UHSDLU OHDGV WR DFFHOHUDWHG DQG HQKDQFHG PXVFOH UHLQQHUYDWLRQZLWKUHGXFHGFROODWHUDOD[RQDOVSURXWLQJGXULQJDGHILQLWLYHGHQHUYDWLRQ SHULRGXVLQJDFURVVDQDVWRPRVLVSDUDGLJP([S1HXURO

*XQWLQDV/LFKLXV21HLVV:)6FKXOWH(6WHQQHUW(4XDOLWDWLYHLPDJHDQDO\VLVRI WKHFKURPDWRO\VLVLQUDWIDFLDOQHUYHDQGK\SRJORVVDOPRWRQHXURQVIROORZLQJD[RWRP\ ZLWKDQGZLWKRXWUHLQQHUYDWLRQ&HOO7LVVXH5HV

%UDVLO6HQDGR)HGHUDO6XEVHFUHWDULDGH,QIRUPDo}HV'HFUHWRGHOHL1GH GH MXOKR GH (VWDEHOHFH PHGLGDV GH SURWHomR DRV DQLPDLV >,QWHUQHW@ %UDVtOLD ±

>FDSWXUDGR HP MDQ @ 'LVSRQtYHO HP

KWWSZZZVHQDGRJRYEUOHJLVODFDR/LVWD3XEOLFDFRHVDFWLRQ"LG

%UDVLO 3UHVLGrQFLD GD 5HS~EOLFD &DVD &LYLO /HL GH GH RXWXEUR GH 5HJXODPHQWDRLQFLVR9,,GR†žGRDUWGD&RQVWLWXLomR)HGHUDOHVWDEHOHFHQGR SURFHGLPHQWRVSDUDRXVRFLHQWtILFRGHDQLPDLVUHYRJDD/HLQžGHGHPDLRGH H Gi RXWUDV SURYLGrQFLDV %UDVtOLD ± >FDSWXUDGR IHY @ 'LVSRQtYHO HP KWWSZZZSODQDOWRJRYEUFF,9,/BB$WR/HL/KWP

(58)

$3Ç1&,'($

7HVWHIXQFLRQDOGHFDGDUDWR

5DWRQ~PHURFRQWUROH

'LD 'DWD 9LEULVVDV 2OKRV 6RPD

',5 (64 ',5 (64 ',5 (64

',

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž ž

ž

ž

ž

')

(59)

5DWRQ~PHURFRQWUROH

'LD 'DWD 9LEULVVDV 2OKRV 6RPD

',5 (64 ',5 (64 ',5 (64

',

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž ž

ž

ž

ž

')

(60)

5DWRQ~PHURFDVR

'LD 'DWD 9LEULVVDV 2OKRV 6RPD

',5 (64 ',5 (64 ',5 (64

',

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

') 5HPRomRGDSHoDSDUDIL[DomR

(61)

5DWRQ~PHURFDVR

'LD 'DWD 9LEULVVDV 2OKRV 6RPD

',5 (64 ',5 (64 ',5 (64

',

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

') 5HPRomRGDSHoDSDUDIL[DomR

(62)

5DWRQ~PHURFDVR

'LD 'DWD 9LEULVVDV 2OKRV 6RPD

',5 (64 ',5 (64 ',5 (64

',

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

') 5HPRomRGDSHoDSDUDIL[DomR

(63)

5DWRQ~PHURFDVR

'LD 'DWD 9LEULVVDV 2OKRV 6RPD

',5 (64 ',5 (64 ',5 (64

',

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

') 5HPRomRGDSHoDSDUDIL[DomR

(64)

5DWRQ~PHURFRQWUROH

'LD 'DWD 9LEULVVDV 2OKRV 6RPD

',5 (64 ',5 (64 ',5 (64

',

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

') 5HPRomRGDSHoDSDUDIL[DomR

(65)

5DWRQ~PHURFRQWUROH

'LD 'DWD 9LEULVVDV 2OKRV 6RPD

',5 (64 ',5 (64 ',5 (64

',

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

') 5HPRomRGDSHoDSDUDIL[DomR

(66)

5DWRQ~PHURFRQWUROH

'LD 'DWD 9LEULVVDV 2OKRV 6RPD

',5 (64 ',5 (64 ',5 (64

',

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž ž

ž

ž

ž

ž

ž

ž

ž

ž

') 5HPRomRGDSHoDSDUDIL[DomR

(67)

5DWRQ~PHURFRQWUROH

'LD 'DWD 9LEULVVDV 2OKRV 6RPD

',5 (64 ',5 (64 ',5 (64

',

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž ž

ž

ž

ž

ž

ž

ž

ž

ž

') 5HPRomRGDSHoDSDUDIL[DomR

(68)

5DWRQ~PHURFRQWUROH

'LD 'DWD 9LEULVVDV 2OKRV 6RPD

',5 (64 ',5 (64 ',5 (64

',

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

') 5HPRomRGDSHoDSDUDIL[DomR

(69)

5DWRQ~PHURFRQWUROH

'LD 'DWD 9LEULVVDV 2OKRV 6RPD

',5 (64 ',5 (64 ',5 (64

',

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

') 5HPRomRGDSHoDSDUDIL[DomR

(70)

5DWRQ~PHURFDVR

'LD 'DWD 9LEULVVDV 2OKRV 6RPD

',5 (64 ',5 (64 ',5 (64

',

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

') 5HPRomRGDSHoDSDUDIL[DomR

(71)

5DWRQ~PHURFDVR

'LD 'DWD 9LEULVVDV 2OKRV 6RPD

',5 (64 ',5 (64 ',5 (64

',

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

') 5HPRomRGDSHoDSDUDIL[DomR

(72)

5DWRQ~PHURFDVR

'LD 'DWD 9LEULVVDV 2OKRV 6RPD

',5 (64 ',5 (64 ',5 (64

',

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

') 5HPRomRGDSHoDSDUDIL[DomR

(73)

5DWRQ~PHURFDVR

'LD 'DWD 9LEULVVDV 2OKRV 6RPD

',5 (64 ',5 (64 ',5 (64

',

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

ž

') 5HPRomRGDSHoDSDUDIL[DomR

(74)

$3Ç1',&(%

$UWLJR2ULJLQDO

(75)

(76)

(77)

(78)

(79)

(80)

(81)

(82)

(83)

(84)

(85)

(86)

(87)

(88)

(89)

(90)

(91)

$1(;2$±

&DUWDGHDSURYDomRGR&RPLWrGHeWLFDHP3HVTXLVD

Referências

Documentos relacionados

Este artigo visa obter o modelo descritivo do reef Unidade Superior no depósito Jacobina SE (Morro do Cruzeiro), segundo modelos previamente adotados para reefs

Nesse sentido, o presente trabalho busca identificar e quantificar as métricas de custos que podem ser utilizadas para tomada de decisão gerencial e, posteriormente, gerar

It is based on the parameterization of the coordinate transformation and the use of the least squares method (LSM) presented in [ 10 ] to reduce the anisotropy in the carpet

)LJXUD Áreas de influência do impacto “congestionamentos”, ligadas a cada empreendimento dos setores destacados...156.. )LJXUD Áreas de influência do impacto

annos chega ás 4 horas da manhã á casa de saúde do Faubourg Saint-Dénis, já tomada de fortes dores; muito apertada no seu espartilho, mas nada dizendo da sua gravidez. Dentro

Esta onipresença das redes sociais virtuais possibilita, então, que as práticas de consumo colaborativo se estabeleçam dentro desta sociedade conectada e muitos dos

O objetivo deste estudo éavaliar as pessoas com doença falciforme atendidas pelo Serviço Social da Clínica de Hematologia da Universidade Federal Triângulo Mineiro- UFTM

1º Fica instituído, sob a gestão do Ministério da Educação, o Programa Universidade para Todos - PROUNI, destinado à concessão de bolsas de estudo integrais