• Nenhum resultado encontrado

Experiências da colonização eslava no centro sul do Paraná (Prudentópolis, 1895-1995)

N/A
N/A
Protected

Academic year: 2017

Share "Experiências da colonização eslava no centro sul do Paraná (Prudentópolis, 1895-1995)"

Copied!
219
0
0

Texto

(1)

81,9(56,'$'((67$'8$/3$8/,67$³-Ò/,2'(0(648,7$),/+2´ )$&8/'$'('(&,Ç1&,$6+80$1$6(62&,$,6

2',1(,)$%,$125$026

(;3(5,Ç1&,$6'$&2/21,=$d­2(6/$9$12 &(175268/'23$5$1È358'(17Ï32/,6

)5$1&$

(2)

2',1(,)$%,$125$026

(;3(5,Ç1&,$6'$&2/21,=$d­2(6/$9$12 &(175268/'23$5$1È358'(17Ï32/,6

7HVH DSUHVHQWDGD DR 3URJUDPD GH 3yV *UDGXDomR GD )DFXOGDGH GH &LrQFLDV +XPDQDV H 6RFLDLV GD 8QLYHUVLGDGH (VWDGXDO3DXOLVWD±&DPSXVGH)UDQFDFRPR UHTXLVLWR SDUFLDO j REWHQomR GR WtWXOR GH 'RXWRUHP+LVWyULD

ÈUHDGH&RQFHQWUDomR+LVWyULDH&XOWXUD 2ULHQWDGRUD3URI'UD,GD/HZNRZLF]

(3)

2',1(,)$%,$125$026

(;3(5,Ç1&,$6'$&2/21,=$d­2(6/$9$12 &(175268/'23$5$1È358'(17Ï32/,6

7HVHDSUHVHQWDGDDR3URJUDPDGH3yV*UDGXDomRGD)DFXOGDGHGH&LrQFLDV +XPDQDV H 6RFLDLV GD 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD ± &DPSXV GH )UDQFD FRPRUHTXLVLWRjREWHQomRGRWtWXORGH'RXWRUHP+LVWyULD6RERULHQWDomRGD 3URI'UD,GD/HZNRZLF]

$SURYDGRHP

%$1&$(;$0,1$'25$

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

352)'5,'$/(:.2:,&=±352*5$0$'(3Ï6*5$'8$d­2(0 +,67Ï5,$±25,(17$'25$

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

352) '5 -$,5 $1781(6 ± 81,9(56,'$'( (67$'8$/ '2 &(1752 2(67(35

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

352)'5 7e5&,2 3(5(,5$ ', *,$11, ± 35()(,785$ 081,&,3$/ '( )5$1&$

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

352) '5 0$5,6$ 6$(1= /(0( ± '(3$57$0(172 '( +,67Ï5,$)$&8/'$'('(&,Ç1&,$6+80$1$6(62&,$,6

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

352) '5/e/,2 /8,= '( 2/,9(,5$ /(0( ± '(3$57$0(172 '( +,67Ï5,$)$&8/'$'('(&,Ç1&,$6+80$1$6(62&,$,6

(4)

(5)

$*5$'(&,0(1726

0DQLIHVWRDTXLPHXVDJUDGHFLPHQWRVjTXHOHVTXHGHDOJXPDIRUPD FRQWULEXtUDPSDUDDUHDOL]DomRGHVWHWUDEDOKR&HUWDPHQWHQmRFRQVHJXLUHL HQXPHUDUWRGDVDVSHVVRDVSRUWHUHPWLGRSDUWLFLSDomRGLIHUHQFLDGDjVYH]HV VLQJXODUSRUpPVLJQLILFDWLYDV $PLQKDRULHQWDGRUD,GD/HZNRZLF]SHODVVXDVFRQWULEXLo}HVYDOLRVDV DVVLVWrQFLDGHGLFDGDVXDFRPSUHHQVmRHSDFLrQFLDHSULQFLSDOPHQWHSRUWHU

PHGDGROLEHUGDGHGHVHJXLUPHXVREMHWLYRVHGHRXVDUQDSURGXomRGHVVH WUDEDOKR $RVSURIHVVRUHV0DULVD6DHQ]/HPHH7pUFLR3HUHLUDGL*LDQQLSHODVFUtWLFDVH GLUHFLRQDPHQWRVTXHDX[LOLDUDPQDFRQVWUXomRGHVVDWHVH $RVSURIHVVRUHVHFROHJDVGDSyVJUDGXDomRFRPRVTXDLVPXLWRGLVFXWLH DSUHQGL(PHVSHFLDOD3URI'U0DUJDULGD0DULDGH&DUYDOKR3URI'U-HDQ 0DUFHO&DUYDOKR)UDQoDH3URI'U-RVp(YDOGRGH0HOOR'RLQ $JUDGHoRWDPEpPDRVDPLJRV$QGUp³.XSHVFD´=DNDOXJHPH(OLDQH/XSHSVD SHODVFRUUHULDVHPEXVFDGHIRQWHV $WRGRVTXHHQWUHYLVWHLFRQYHUVHL³LQFRPRGHL´WURTXHLLGpLDVSHODDWHQomR FRQWULEXLomRHFDULQKRUHFHELGR $RVSURIHVVRUHVHDFDGrPLFRVGD81(63$5±3DUDQDJXiTXHWDQWR FRODERUDUDPSDUDPLQKDFDPLQKDGD 0HXVVLQFHURVDJUDGHFLPHQWRV

(6)

5$0262GLQHL)DELDQR(;3(5,Ç1&,$6'$&2/21,=$d­2(6/$9$12 &(175268/ '2 3$5$1È 358'(17Ï32/,6 I 7HVH 'RXWRUDGR HP +LVWyULD )DFXOGDGH GH &LrQFLDV +XPDQDV H 6RFLDLV 8QLYHUVLGDGH3DXOLVWD³-~OLRGH0HVTXLWD)LOKR´)UDQFD

5(6802

$ SUHVHQWH SHVTXLVD WHP SRU REMHWLYR DQDOLVDU GH TXH IRUPD D QRomR GH SHUWHQFLPHQWR WHP VLGR UHLYLQGLFDGD SRU GHVFHQGHQWHV GH SRORQHVHV H XFUDQLDQRV QD FLGDGH GH 3UXGHQWySROLV (VWDGR GR 3DUDQi H HP HVSHFLDO R SDSHO TXH RV FDVDPHQWRV LQWHUpWQLFRV WrP GHVHPSHQKDGR QD FRQVWUXomRWUDQVIRUPDomR GD LGHQWLGDGH VRFLRFXOWXUDO GHVVHV JUXSRV pWQLFRV 3HUFHEHVH R PXQLFtSLR GH 3UXGHQWySROLV FRPR ORFDO GH VRFLDELOLGDGH YLVWR QRWDUDSUHVHQoDPDVVLYDGHLPLJUDQWHVXFUDQLDQRVHVHXVGHVFHQGHQWHVEHP FRPRVXDVLQIOXHQWHVFRUUHODo}HVGHLQWHUHVVHVSDUDFRPRVGHVFHQGHQWHVGH SRORQHVHVHGHVFHQGHQWHVGDSHTXHQDSRSXODomRTXHMiKDELWDYDDUHJLmRQR SHUtRGRDQWHULRUjLPLJUDomR2SWRXVHFRPRUHFRUWHWHPSRUDOSDUDDSUHVHQWH SHVTXLVDSHORVDQRVGHDSHUtRGRHPTXHDLPLJUDomRIRLLQWHQVD QD UHJLmR H TXDQGR DV UHODo}HV VRFLDLV GHVVHV JUXSRV pWQLFRV HUDP GHWHUPLQDGDV RUD SHOR (VWDGR RUD SHOD ,JUHMD 3DUD SHUFHEHU D LQIOXrQFLD GHVVDVLQVWLWXLo}HVQDFRQVWUXomRLGHQWLWiULDGDSRSXODomRSUXGHQWRSROLWDQDH FRQVHTXHQWHPHQWH GRV VHXV LQGLYtGXRV VHUi IHLWD D DQiOLVH GR LPDJLQiULR H GDV UHSUHVHQWDo}HV FROHWLYDV GRV LPLJUDQWHV QD FRORQL]DomR GR PXQLFtSLR VXSUDFLWDGR

3$/$95$6&+$9(,PLJUDomRLPDJLQiULRVRFLDELOLGDGH

(7)

5$026 2GLQHL )DELDQR(;3(5,(1&(6 2) 7+( 6/$9,& &2/21,=$7,21 ,1 7+( 6287+&(17(5 5(*,21 2) 3$5$1È 358'(17Ï32/,6 7KHVLV 'RFWRUDWH LQ +LVWRU\ ± 3DXOLVWD 6WDWH 8QLYHUVLW\ ³-~OLR GH 0HVTXLWD)LOKR´)UDQFD

$%675$&7

7KH SUHVHQW UHVHDUFK DLPV WR DQDO\]H KRZ WKH QRWLRQ RI EHORQJLQJ KDV EHHQ H[SUHVVHG E\ WKH GHVFHQGDQWV RI 3ROLVK DQG 8NUDLQLDQ SHRSOH DW WKH FLW\ RI 3UXGHQWySROLV6WDWHRI3DUDQiSDUWLFXODUO\FRQFHUQLQJWKHUROHWKDWLQWHUHWKQLF PDUULDJHKDVSOD\HGLQWKHFRQVWUXFWLRQWUDQVIRUPDWLRQRIWKRVHHWKQLFJURXSV VRFLRFXOWXUDO LGHQWLW\ 3UXGHQWySROLV LV SHUFHLYHG WR EH D SODFH RI VRFLDELOLW\ VLQFHRQHFDQREVHUYHDPDVVLYHSUHVHQFHRI8NUDLQLDQLPPLJUDQWVDQGWKHLU GHVFHQGDQWV DV ZHOO DV WKHLU LQIOXHQWLDO FRUUHODWLRQ RI LQWHUHVWV WRZDUGV GHVFHQGDQWV RISROLVK SHRSOH DV ZHOO DV GHVFHQGDQWV RIWKH VPDOO SRSXODWLRQ LQKDELWLQJWKDWUHJLRQSULRUWRWKHLPPLJUDWLRQSURFHVV7KLVUHVHDUFKFRPSULVHV WKH±SHULRGLQZKLFKLPPLJUDWLRQLQWKDWUHJLRQZDV LQWHQVHDQG ZKHQVRFLDOUHODWLRQVKLSVRIWKRVHHWKQLFJURXSVZHUHGHWHUPLQHGHLWKHUE\WKH 6WDWHRUE\WKH&KXUFK9LHZLQJWRSHUFHLYHWKHLQIOXHQFHRIWKRVHLQVWLWXWLRQVLQ WKH FRQVWUXFWLRQ RI 3UXGHQWySROLV SRSXODWLRQ LGHQWLW\ DQG LQ FRQVHTXHQFH RI WKHLU LQGLYLGXDOV DQ DQDO\VLV RI WKH LPPLJUDQWV LPDJLQDU\ DQG FROOHFWLYH UHSUHVHQWDWLRQV LQ WKH FRORQL]DWLRQ RI WKH DERYHPHQWLRQHG FLW\ ZLOO EH DFFRPSOLVKHG

.(<:25'6,PPLJUDWLRQLPDJLQDU\VRFLDELOLW\

(8)

5$0262GLQHL)DELDQR(;3(5,(1&,$6'(/$&2/21,=$&,Ï1(6/$9$ (1(/&(1752685'(/(67$'2'(3$5$1È358'(17Ï32/,6 K7HVLV'RFWRUDGRHP+LVWyULD±8QLYHUVLGDG(VWDWDO3DXOLVWD³-~OLR GH0HVTXLWD)LOKR´)UDQFD

5(680(1

(O REMHWLYR GH HVWD LQYHVWLJDFLyQ HV H[DPLQDU GH TXH PDQHUD OD QRFLyQ GH SHUWHQFLDKDVLGRUHFODPDGDSRUORVGHVFHQGLHQWHVGHSRODFRV\XFUDQLDQRVHQ ODFLXGDGGH3UXGHQWySROLV(VWDGRGH3DUDQi\HQ SDUWLFXODU ODLPSRUWDQFLD TXH ORV PDWULPRQLRV HQWUH HWQLDV GLVWLQWDV WLHQHQ HQ OD FRQVWUXFFLyQ \R WUDQVIRUPDFLyQ GH OD LGHQWLGDG VRFLRFXOWXUDO GH HVWRV JUXSRV pWQLFRV 3UXGHQWySROLV VH HQVHxD FRPR XQ OXJDU GH VRFLDELOLGDG HQ YLUWXG GH OD SUHVHQFLD PDVLYD GH LQPLJUDQWHV XFUDQLDQRV \ VXV GHVFHQGLHQWHV DVL FRPR VXV FRUUHODFLRQHV GH LQWHUpV TXH LQIOX\HURQ ORV GHVFHQGLHQWHV GH SRODFRV \ GHVFHQGLHQWHV GH OD SHTXHxD SREODFLyQ TXH YLYLD HQ OD UHJLyQ HQ HO SHULRGR DQWHULRUDODLQPLJUDFLyQ3DUDHVWHHVW~GLRVHKDHOLJLGRFRPRPDUFRGHWLHPSR HOSHULRGRHQWUHORVDxRVDHQTXHODLQPLJUDFLyQIXHLQWHQVDHQOD UHJLyQ \ FXDQGR ODV UHODFLRQHV VRFLDOHV GH HVWHV JUXSRV pWQLFRV IXHURQ GHWHUPLQDGDV SRU HO (VWDGR R SRU OD ,JOHVLD 3DUD GHWHUPLQDU OD LQIOXHQFLD GH HVWDV LQVWLWXFLRQHV HQ OD IRUPDFLyQ GH OD LGHQWLGDG GH OD SREODFLyQ GH 3UXGHQWySROLV\FRQVHFXHQWHPHQWHGHVXVKDELWDQWHVVHKDUiXQHVWXGLRGHO LPDJLQDULR \ GH ODV UHSUHVHQWDFLRQHV FROHFWLYDV GH ORV LQPLJDQWHV HQ OD FRORQL]DFLyQGHHVWDFLXGDG

3DODEUDVFODYHLQPLJUDFLyQLPDJLQDULRVRFLDELOLGDG

(9)

/,67$'(,/8675$d®(6

),*85$1ž±/2&$/,=$d­2'$8&5Æ1,$

),*85$1ž0$3$'2,03e5,2$86752+Ò1*$52

),*85$ 1ž ± /,67$ '( ,0,*5$17(6 (175$'26 12 (67$'2 '2

3$5$1ȱ

),*85$1ž0$3$3529Ë1&,$'(6­23$8/2±

),*85$1ž0$3$'$3529Ë1&,$'23$5$1È

),*85$1ž0$3$'2(67$'2'23$5$1È12,1Ë&,2'26e&8/2;;

±

),*85$1ž3/$17$'$&2/Ð1,$'(358'(17Ï32/,6±,1',&$d­2

'$6/,1+$6(/27(6',675,%8Ë'26$26&2/2126

),*85$1ž/2&$/,=$d­2'2081,&Ë3,2'(358'(17Ï32/,6

),*85$1ž'(6&(1'(17(6(0'(6),/(&Ë9,&2

),*85$1ž+$Ë/.$1$,*5(-$1266$6(1+25$'23$752&Ë1,2

/,1+$(63(5$1d$358'(17Ï32/,6

(10)

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

7$%(/$1ž727$/'(&$6$0(1726(0358'(17Ï32/,635

7$%(/$1ž727$/'(&$6$0(1726(0358'(17Ï32/,635

7$%(/$1ž727$/'(&$6$0(1726(0358'(17Ï32/,635

7$%(/$1ž727$/'(&$6$0(1726(0358'(17Ï32/,635

7$%(/$1ž727$/'(&$6$0(1726(0358'(17Ï32/,635

7$%(/$1ž727$/'(&$6$0(1726(0358'(17Ï32/,635

(11)

680È5,2

,1752'8d­2

%LEOLRJUDILDIXQGDPHQWDOVREUHRWHPD

(VWUXWXUDomRGDSHVTXLVD

&$3Ë78/2 ± $6 )5217(,5$6 *(2*5È),&$6 ( $ &20326,d­2

+,67Ï5,&$'(80081'2(0'(6&203$662

±8&5Æ1,$(32/Ð1,$$63(&726*(2*5È),&26(+,67Ï5,&26

&$3Ë78/2 ± ',$/e7,&$ '$ 0,*5$d­2 48(0 0,*5$ ( 32548(

0,*5$

48(00,*5$(32548(0,*5$&2028&5$1,$126(

32/21(6(69­23$5$5(0358'(17Ï32/,6"

8FUDQLDQRVHPWHUULWyULREUDVLOHLUR

7DPEpPFKHJDPRVSRORQHVHV

5(6,67,5(281(*2&,$5

&$3Ë78/2 &216758,1'2 2 /2&$/ $ 9,/$ $ &2/Ð1,$ ( 2

081,&Ë3,2

2/8*$5(2/2&$/358'(17Ï32/,6

(12)

26 48( &+(*$5$0 ( 2 48( )250$5$0 5(/$d®(6 '(

$/7(5,'$'(12081,&Ë3,2'(358'(17Ï32/,6

&$3Ë78/2 ± (175( $ )5217(,5$ ,'(17,7È5,$ ( $ ,17(*5$d­2 e71,&$80$%$55(,5$7Ç18(325e03(5&(37Ë9(/

2-2*2'$(71,&,'$'(±75$16326,d­2'()5217(,5$6(26

&217$726,17(5e71,&26

-RJRGDVLGHQWLGDGHVHDFRQVWLWXLomRGDHWQLFLGDGH $',1Æ0,&$'$6,'(17,'$'(6(2352&(662'(,17(*5$d­2

8&5$1,$126(32/21(6(66(7251$0%5$6,/(,526(72'266(

7251$0358'(17232/,7$126

$V GLIHUHQoDV VmR GLIHUHQoDV RX DSHQDV GLVFXUVRV" 2V GRLV ODGRVGHXPDPHVPDPRHGD

&$3Ë78/2 ± $6 5(35(6(17$d®(6 &2/(7,9$6 &202 &2167,78,'25$6'$,17(*5$d­2e71,&$

&$6$0(1726 ,17(5e71,&26 (0 358'(17Ï32/,6 5,726

&5(1',&(6((6758785$6)$0,/,$5(6

&DVDPHQWRSRORQrVHXFUDQLDQRIRUPDVHFDUDFWHUtVWLFD

'LYLVmRWUDGLFLRQDOGRVSDSHLVFRQMXJDLVHIDPLOLDUHV±TXHPYDL

PRUDUFRPTXHP"

±23UiFLDHRLGLRPDXFUDQLDQR

*KDJKLON\H9RORWFKLOQH

(13)

&21&/86­2

%,%/,2*5$),$ $3Ç1',&(6

$1(;26

(14)

,1752'8d­2

'LVVHUWDU VREUH JUXSRV LPLJUDQWHV H VXDV UHODo}HV LQWHUpWQLFDV SDUHFH XPDWDUHIDiUGXDSRLVGHVHQFDGHLDXPDPXOWLSOLFLGDGHGHIDWRUHVTXHPH[HP FRP UDQoRV WUDGLFLRQDLV DLQGD HP JUDQGH PHGLGD DUUDLJDGRV QR LPDJLQiULR SRSXODUFRWLGLDQRGRORFDO6LWXDo}HVVmRFULDGDVQRVOXJDUHVGHUHFHSomRGRV JUXSRVpWQLFRVTXHDYLYDPDQWDJRQLVPRVRULXQGRVGDUHJLmRGHSURFHGrQFLD DVVLP FRPR D VLWXDomR LQYHUVD FDXVD XP LPSDFWR LUUHYHUVtYHO QD HVWUXWXUD FXOWXUDOGHJUDQGHSHUPDQrQFLD

$iUHDRQGHKRMHVHVLWXDRPXQLFtSLRGH3UXGHQWySROLVDJUHJDHPWRUQR GHVLXPDPLVFHOkQHDGHWUDGLo}HVGDVPDLVYDULDGDVSRLVVHXDSRUWHFXOWXUDO IRUPDGRSRUSRORQHVHVXFUDQLDQRVLQGtJHQDVHFDERFORVGHWRGDPRQWDSRGH VHU H[SHULHQFLDGR FRWLGLDQDPHQWH QR PRGXV YLYHQGL GR LQGLYtGXR SUXGHQWRSROLWDQR 0DV WDOLGHQWLGDGH SUXGHQWRSROLWDQD H[LVWHQWH KRMH QmR IRL FRQVWUXtGD VHP FRQIOLWRV ,PDJLQDUVH D DORFDomR GH JUXSRV FXOWXUDLV WmR GtVSDUHVHQWUHVLHPXPPHVPRHVSDoRVHPTXHHVWHFRQYtYLRWHQKDJHUDGR HPEDWHVVHULDLQJHQXLGDGHGHQRVVDSDUWH7DOUHODomRFRQIOLWXRVDQmRSRGHULD GHL[DU GH DOL DIORUDU SRLV DSDUHFHP GHVGH DV GLIHUHQoDV TXDQWLWDWLYDV GH LQGLYtGXRVHPFDGDJUXSRTXDQWRQDIRUPDGHDMXGDRILFLDOHH[WUDRILFLDOTXH FDGDXPREWHYHEHPFRPRQDVUHVHUYDVPRQHWiULDVHPHVPRGHPDWHULDOTXH FDGDJUXSRWURX[HGHDOpPPDURXREWHYHHPVXDFKHJDGD

(15)

FRPXPWHULDVLGRIRUPDGDDSDUWLUGHXPSURFHVVRGHLQWHJUDomRTXHS{GHVHU YLVXDOL]DGRFRPGRDXPHQWRVLJQLILFDWLYRGRVFDVDPHQWRVLQWHUpWQLFRV

$VVLPRHVWXGRGHSRSXODo}HVGHRULJHPHGHFXOWXUDGLIHUHQWHVEHP FRPR VXDV UHODo}HV DR HQWUDUHP HP FRQWDWR QR VHLR GH XPD PHVPD VRFLHGDGHDMXGDDFDUDFWHUL]DURREMHWRGHVVHWUDEDOKR

$ SUHPLVVD SDUWH GD QHFHVVLGDGH GH FRPSUHHQGHU D VRFLHGDGH SUXGHQWRSROLWDQDSRUPHLRGRDPiOJDPDFXOWXUDOIRUPXODGRSHODFXPSOLFLGDGH DGTXLULGDPHVPRTXHDWUDYpVGRGLVWDQFLDPHQWRSDUDFRPRRXWUR3RUpPR TXHLPSRUWDDTXLpFRPSUHHQGHUDVIURQWHLUDVLGHQWLWiULDVQmRFRPRXPDIRUPD GH UHMHLWDU D LGHQWLGDGH GR RXWUR PDV VLP D GH QHJRFLDU RV TXDGURV UHSUHVHQWDWLYRVTXHLUmRGHILQLUDFRQVWUXomRGHXPDQRYDLGHQWLGDGHSDXWDGD QDLQWHJUDomRpWQLFD

'LDQWH GDV TXHVW}HV IRUPXODGDV D SUREOHPiWLFD GD SHVTXLVD FRQVLVWH HP DQDOLVDU R SURFHVVR GH VRFLDELOLGDGH GLDQWH D FRORQL]DomR XFUDQLDQD QR PXQLFtSLR GH 3UXGHQWySROLV QR SHUtRGR GH EHP FRPR D SHUPDQrQFLD HRX GHVFRQWLQXLGDGH GH YDORUHV FXOWXUDLV H VXD LQIOXrQFLD QR SURFHVVRGHLGHQWLILFDomRpWQLFDHFXOWXUDOGRPXQLFtSLRRTXHSRUPXLWDVYH]HV EDWHX GH IUHQWH FRP UHSUHVHQWDo}HV FROHWLYDV WDQWR GH SRORQHVHV FRPR GH FDERFORV $ DQiOLVH GHVVH PDWHULDO SRGHUi LQGLFDU D LQWHJUDomR pWQLFD HP GHWULPHQWR DRV PRYLPHQWRV GH H[SXOVmR FRQVWLWXtGRV D SDUWLU GDV FRQVROLGDo}HVGHIURQWHLUDVLGHQWLWiULDV

%LEOLRJUDILDIXQGDPHQWDOVREUHRWHPD

$REXVFDUHDQDOLVDUDVSURGXo}HVTXHHYLGHQFLDPDFRPSRVLomRpWQLFD GRPXQLFtSLRGH3UXGHQWySROLVFKHJRXVHDXPFRPSrQGLRGHSHVTXLVDVTXH EXVFDPHYLGHQFLDURUDRLPLJUDQWHHVXDVIURQWHLUDVRUDRVGRORFDO,QLFLRHVVD H[SRVLomRFRPDREUDGH*RPHV3UXGHQWySROLVVXDWHUUDVXDJHQWH

(16)

SUHRFXSDo}HV GH FXQKR WHyULFR PHWRGROyJLFR EHP FRPR DSUHVHQWD VLJQLILFDWLYRDFHUYRGRFXPHQWDO

3HUFRUUHQGRHQWmRDKLVWRULRJUDILDVREUHRPXQLFtSLRGH3UXGHQWySROLV SHUFHEHVH TXH RV KLVWRULDGRUHV ORFDLV WHFHUDP HP GLIHUHQWHV SDVVDJHQV VtQWHVHV KLVWyULFDV GR PXQLFtSLR VHP VDOLHQWDU D FRQWULEXLomR FXOWXUDO GRV SRYRVTXHFRPS}HPRTXDGURVRFLDOGDUHJLmRHTXDQGRRIL]HUDPIRLGHIRUPD ODF{QLFD HPHWyGLFD *RPHV FRPRMi FLWDGDDSHQDVID] XPDVtQWHVH KLVWyULFD GR PXQLFtSLR GH 3UXGHQWySROLV GHL[DQGR GH VDOLHQWDU D LPSRUWkQFLD GRV GLIHUHQWHV JUXSRV TXH FRPSXQKDP D SRSXODomR SUXGHQWRSROLWDQD 9DOH UHDILUPDU TXH HVVH p XP OLYUR FRPHPRUDWLYR H TXH QmR IRL HVFULWR SRU XP KLVWRULDGRU R TXH SRGHULD H[SOLFDU D IDOWD GH DUJXPHQWRV WHyULFRV 1mR SRGHPRV GHL[DU GH DFHLWDU D FRQWULEXLomR GHVVDV SURGXo}HV YLVWR TXH p DWUDYpV GHODV TXH DQDOLVDPRV D HVWUXWXUD LGHDO GRV PDQWHQHGRUHV GR SRGHU SROtWLFRVRFLDO $WUDYpV GRV YXOWRV KLVWyULFRV DOL HQDOWHFLGRV SHUFHEHPRV RV GLIHUHQWHV SDSpLV GH XFUDQLDQRV ± FRPR RV UHVSRQViYHLV SHOR SURJUHVVR HFRQ{PLFR GR PXQLFtSLR H RV GR ORFDO UHVSRQViYHLV SHOD VXD RUJDQL]DomR SROtWLFD

)D]HQGR UHIHUrQFLD DRV HOHPHQWRV PLWROyJLFRV QRV FRQWRV SRSXODUHV XFUDQLDQRV .25&=$*,1 ± &RORQL]DomR SUXGHQWRSROLWDQD ± QmR SUHRFXSDVH HP GHL[DU FODUR RV PRWLYRV TXH OHYDYDP HVVHV XFUDQLDQRV D FUHUHPQHVVDVDOHJRULDV(P3$678&+±8FUDQLDQRVHP3UXGHQWySROLV

HQFRQWUDPRVFLWDo}HVVREUHUHVVXUUHLomRHHWHUQLGDGHQRVFRQWRVXFUDQLDQRV PDVVHPHOXFLGDUVHHVVHVFRQWRVID]HPSDUWHGRLPDJLQiULRGRVXFUDQLDQRV LQVWDODGRVHP3UXGHQWySROLV$RILPGHVVDVOHLWXUDVQmRVDEHPRVDVUHODo}HV TXHFULDUDPPDQWLYHUDPHGLIXQGLUDPHVVDVFUHQoDV

eLPSRUWDQWHUHFRQKHFHUTXHHVVHVFRQWRVDX[LOLDUDPQDFRQVWUXomRGH DVSHFWRV GD LGHQWLGDGH XFUDQLDQD SRLV WUD]LDP DOHJRULDV TXH HUDP LGHQWLILFDGDVFRPRPtVWLFDVSHORVXFUDQLDQRVHVHXVGHVFHQGHQWHVHVHUYLUDP FRPRHOHPHQWRGHGLIHUHQFLDomRHQWUHXFUDQLDQRVHRVGHPDLVJUXSRVpWQLFRV TXHQmRFRQKHFLDPWDLVFRQWRV

2V WUDEDOKRV PRQRJUiILFRV H GLVVHUWDWLYRV WDPEpP YDORUL]DUDP DV

(17)

TXHDVVXPRGHPLQKDDXWRULDHTXHHVSHURWUDQVSRUFRPHVVDSHVTXLVD(OD VHUYLX FRPR EDVH SDUD HVVH WUDEDOKR YLVWR TXH D GLVFXVVmR QmR FHVVD H DV UHVSRVWDVVXVFLWDPQRYRVTXHVWLRQDPHQWRV

$R DQDOLVDU DV SURGXo}HV KLVWRULRJUiILFDV QR (VWDGR GR 3DUDQi SHUFHEHPRV TXH H[LVWHP FRQWULEXLo}HV VLJQLILFDWLYDV GH UHOHYkQFLD WHyULFD DFHUFDGDWHPiWLFDHPTXHVWmR&RQVLGHUDVHFRPRH[HPSORRVHVWXGRVIHLWRV SHODSHVTXLVDGRUDGD8QLYHUVLGDGH)HGHUDOGR3DUDQi0DULD/XL]D$QGUHD]]D HPVHXOLYUR23DUDtVRGDV'HOtFLDVXPHVWXGRGDLPLJUDomRXFUDQLDQD EHP FRPR RXWURV DUWLJRV TXH PHVPR WHQGR FRPR UHFRUWH HVSDFLDO RXWURV PXQLFtSLRV GD UHJLmR FRQWULEXHP FRPR IRQWH SDUD IXWXUDV SHVTXLVDV VREUHRWHPDHSDUDRHVWXGRGHXFUDQLDQRVHP3UXGHQWySROLV1mRSRGHPRV GHL[DUGHFLWDURHVWXGRGH2NVDQD%RUXV]HQNRHPVXDREUD2VXFUDQLDQRVH$ LPLJUDomR XFUDQLDQD QR 3DUDQi TXH DX[LOLDUDP GLYHUVRV KLVWRULDGRUHV D FRPSRUHPVXDVUHIHUrQFLDVELEOLRJUiILFDV

4XDQGRIDODPRVVREUHLPLJUDomRXFUDQLDQDQRWDPRVTXHH[LVWHPYiULRV HVWXGRVTXHQRVVHUYHPGHUHIHUrQFLDHTXHVHUmRXWLOL]DGRVQR GHFRUUHU GD SUHVHQWH SHVTXLVD 6mR H[HPSORV %XUNR :RXN +DQLF] .XVPD,YDQFKLFKHQ5DPRV*XpULRV/XSHSVD 9DOH UHVVDOWDU TXH H[LVWH XPD GLVFXVVmR PXLWR DFHQWXDGD VHQGR IHLWD SHOR 1~FOHR GH (VWXGRV (VODYRV GD 81,&(175235 HP SDUFHULD FRP R 0HVWUDGR GH +LVWyULD TXH FRQGX] VXDV WHPiWLFDV HP WRUQR GD HVODYLFLGDGHH LPLJUDomR (VVD GLVFXVVmR FHUWDPHQWH FRQWULEXLUi SDUD D FRQVWUXomR GH XPD EDVHWHyULFDPDLVVyOLGDSDUDRHVWXGRGDGLQkPLFDGDVIURQWHLUDVpWQLFDVHGR SURFHVVRGHFRQVWUXomRGHQRYDVLGHQWLGDGHV

&RP EDVH QHVWH PDWHULDO H FRP D LQFXUVmR QD ELEOLRJUDILD KLVWyULFD SRGHVH DQDOLVDU DV GLYHUVDV UHODo}HV H[LVWHQWHV HQWUH RV FDERFORV H RV LPLJUDQWHV QR SHUtRGR GH H H GLDQWH GHVWDV FRQVLGHUDo}HV SHUFHEHVHTXHRHVWXGRGRLPDJLQiULRHGDVUHSUHVHQWDo}HVFROHWLYDVGRSRYR SUXGHQWRSROLWDQR p VHP G~YLGD XP REMHWR GD KLVWyULD SRLV PXLWR FRQWULEXLUi SDUDRVGLYHUVRVHVWXGRVVREUHDSUHVHQoDGRVLPLJUDQWHVXFUDQLDQRVHVXDV FRUUHODo}HVFRPRVGHPDLVSRYRVLQVWDODGRVQR%UDVLO

(18)

KLVWyULFR DFHUFD GR LPDJLQiULR TXH SRYRRX H SRYRD D PHQWH GR SRYR SUXGHQWRSROLWDQRQRSHUtRGRSURSRVWR

(VWUXWXUDomRGDSHVTXLVD

$UHFRUUrQFLDGHGHWHUPLQDGRVWHPDVHWHUPRVXWLOL]DGRVQHVVHWUDEDOKR SRGHVHUFRQIURQWDGDFRPLQIRUPDo}HVFRQWLGDVHPOLYURVGHKLVWyULDORFDOEHP FRPR DWUDYpV GH UHODWRV RUDLV TXH FDUDFWHUL]DP D FRQVWLWXLomR GR FRWLGLDQR )RUPDUDP WDPEpP R DOLFHUFH GH GLYHUVDV DQiOLVHV GLVFXVV}HV H SHVTXLVDV DQWHULRUHVPDVTXHEXVFDYDPXPREMHWLYR)RLHVVDUHFRUUrQFLDTXHSHUPLWLX DPDGXUHFHURREMHWRGHHVWXGRDSRQWRGHSHUFHEHUQmRVRPHQWHDVGLIHUHQWHV LGHQWLGDGHV pWQLFDV H VXDV IURQWHLUDV DSHQDV FRPR IyUPXODV SDUD UHMHLWDU R RXWUR PDV FRPR D QHJRFLDomR GH XPD QRYD LGHQWLGDGH HP FRQVWUXomR D SUXGHQWRSROLWDQDTXHVXUJHFRPRFRQVHTXrQFLDGHXPSURFHVVRGHLQWHJUDomR pWQLFD

2VDSRQWDPHQWRVGRVUHVXOWDGRVGDSHVTXLVDIRUDPGLYLGLGRVHPFLQFR FDStWXORV 1R SULPHLUR SURFXUDPRV GHVFUHYHU R SDQRUDPD GR WHUULWyULR HVODYR HVSHFLILFDPHQWH XFUDQLDQR H SRORQrV TXH SRVVLELOLWRX RX REULJRX TXH PLOKDUHV GH IDPtOLDV GHL[DVVHP VHXV SDUHQWHV H DQWHSDVVDGRV SDUD WUiV H LPLJUDVVHP SDUD WHUUDV WmR GLVWDQWHV PXLWRV SDUD QXQFD PDLV UHWRUQDU )DUHPRV DTXL XPD FRQWH[WXDOL]DomR KLVWyULFD GRV GRLV SDtVHV HP TXHVWmR PRVWUDQGRRFRQWH[WRFXOWXUDOGHFDGDXPSRLVDPERVIRUDPIRUPDGRVjEDVH GH OXWDV LQWHUQDV JXHUUDV H MXJR H VXEMXJR GH VHXV YL]LQKRV e GR UHVXOWDGR GHVWDVOXWDVLQWHUQDVHH[WHUQDVHGDIRUPDomRGHXPDHFRQRPLDGHPHUFDGR TXHPXLWRVFDPSRQHVHVVHYLUDPH[SURSULDGRVGHVXDVWHUUDVEHQVPDWHULDLV HPHVPRGHVHXVFRVWXPHV9HQGRSRUWDQWRQDPLJUDomRSDUDRXWUDWHUUDD SRVVLELOLGDGH GH FXUD GDV PD]HODV TXH DTXHOHV WHPSRV GLItFHLV OKHV KDYLD LPSRVWR3RGHUHPRVFRPSUHHQGHUTXDLVRVFRQGLFLRQDQWHVSDUDDFRQVWUXomR GRLPDJLQiULRGRDOpPPDUHGHSRLVHQWHQGHUTXHDVIURQWHLUDVHVWDEHOHFLGDV HPVRORSUXGHQWRSROLWDQRIRUDPDGLIXVmRGDVDQWHULRUPHQWHFRQVWLWXtGDV

(19)

GLIHUHQWHVIRUPDVHSRUGLIHUHQWHVLQGLYtGXRV6HULDPWUrVPXQGRVSRUPXLWDV YH]HVGLVWLQWRVRSURPHWLGRRVRQKDGRHRHQFRQWUDGR(VVDUHODomRGHILQLULD R SDSHO GR LPLJUDQWH QD FKHJDGD DR ORFDO GH KRVSHGDJHP H VH WRUQD D GLVFXVVmRGRVHJXQGRFDStWXORGHVVDSHVTXLVD

1RWHUFHLURFDStWXORSURFXUDUHPRVPRVWUDUFRPRVHGHUDPDFKHJDGDH RV LQtFLRV GD FRORQL]DomR QR DWXDO PXQLFtSLR GH 3UXGHQWySROLV 0RVWUDUHPRV VLWXDo}HV FRPR D GLItFLO UHODomR FRP RV Mi HVWDEHOHFLGRV FDERFORV H LQGtJHQDV D GLILFXOGDGH GH FRPXQLFDomR D QHFHVVLGDGH GH GHUUXEDGD GD PDWD SDUD IRUPDomR GR URoDGR D DGDSWDomR j FXOLQiULD ORFDO H D GLItFLO LPSRVLomRHPDQXWHQomRGHVHXVDQWLJRVFRVWXPHV6REUHWXGRDDQJ~VWLDFRP DVHQVDomRGHDEDQGRQRHDVDXGDGHGRORFDOGHRULJHP7DPEpPVHUiREMHWR GHVVH FDStWXOR D IRUPDomR GD FLGDGH H DV OXWDV SHOD KHJHPRQLD SROtWLFD UHOLJLRVD H HFRQ{PLFD ± RQGH JHUDOPHQWH HVWHV WUrV HOHPHQWRV HVWLYHUDP DWUHODGRVjVPmRVGHDSHQDVXPRXSRXFRVLQGLYtGXRVDRPHVPRWHPSR

(VVD SULPHLUD SDUWH GD SHVTXLVD LQGLFD R UHFRUWH HVSDoRWHPSRUDO H EXVFDDSRQWDUGHQWURGHFHUWDFURQRORJLDDVUHODo}HVSROtWLFDVHVRFLRFXOWXUDLV GHXFUDQLDQRVHSRORQHVHVDLQGDHPWHUULWyULRHXURSHXHRVDUUDQMRVWHUULWRULDLV GHILQLGRV SHOR *RYHUQR GR (VWDGR GR 3DUDQi SDUD D UHFpP FULDGD ILQDO GR VpFXOR ;; FRO{QLD GH LPLJUDomR XFUDQLDQD QR TXH IXWXUDPHQWH VHULD GHQRPLQDGR GH 3UXGHQWySROLV $WUDYpV GHVVHV FDStWXORV VHUmR FRPSRVWRV TXDGURVGHFDUDFWHUtVWLFDVItVLFDVHKLVWyULFDVTXHGHWHUPLQDUDPDVOLPLWDo}HV LPSRVWDV DRV JUXSRV pWQLFRV TXH VH HVWDEHOHFHUDP QR ORFDO 0XLWDV GDV UHVSRVWDV DGDSWDWLYDV YHULILFDGDV QRV SULPHLURV WHPSRV GH DORFDomR IRUDP UHVSRQViYHLV SHOD IRUPXODomR GR OXJDU H GR ORFDO FRQVWLWXLQGR XP QRYR SDUDGLJPDLGHQWLWiULR

1D VHJXQGD SDUWH TXH VH LQLFLD FRP R TXDUWR FDStWXOR WUDWDUHPRV GD GHILQLomRGRVSULQFLSDLVFRQFHLWRVXWLOL]DGRVQHVWHWUDEDOKRH TXHSRVVLELOLWDP WHRUL]DU DFHUFD GRV LQGLYtGXRV H D FROHWLYLGDGH SUXGHQWRSROLWDQD HP VXDV SUiWLFDVFRWLGLDQDV6mRHOHVLGHQWLGDGH±HQWHQGLGDFRPRFRQFLOLDomRFXOWXUDO HQWUHRVJUXSRVHPWRUQRGHSUiWLFDVFXOWXUDLVFRPXQV±IURQWHLUDLPDJLQiULRH LQWHJUDomR

(20)

SHORUHFRQKHFLPHQWRGRVPHVPRVSHODSRSXODomRSUXGHQWRSROLWDQDpSRVVtYHO FRQVWLWXLURLPDJLQiULRSRSXODUHRXFROHWLYRHGHVVDIRUPDUHSUHVHQWDUDQRYD LGHQWLGDGHORFDOGHILQLGDSHODLQWHJUDomRHQWUHRVJUXSRV

1R TXLQWR H ~OWLPR FDStWXOR SURFXUDUHPRV ID]HU XPD DSOLFDomR GDV QRo}HVGHLGHQWLGDGHHIURQWHLUDVLPEyOLFDVSDUDFRPSUHHQGHUPRVFRPRWHULD VHGDGRDFRQVWUXomRGDLGHQWLGDGHSUXGHQWRSROLWDQDDRORQJRGHPDLVGHXP VpFXORGHFRQYtYLRHQWUHDVHWQLDVDOLSUHVHQWHV3DUDWDOWRUQDVHQHFHVViULR SHUFHEHU R PDWHULDO H R DSHJR VLPEyOLFR GD SRSXODomR SUXGHQWRSROLWDQD j GLYHUVLGDGHGHUHSUHVHQWDo}HVFROHWLYDVDQWHVYLVWDVFRPRSULPRUGLDLVDRVHX JUXSR pWQLFR GHWHUPLQDGR R XFUDQLDQR R SRORQrV H R EUDVLOHLUR VH WRUQDP SUXGHQWRSROLWDQRVDWUDYpVGHXPFRQVWDQWHSURFHVVRGHLQWHJUDomR(VVDVHUi D UHSURGXomR SUiWLFD H UHFRUUHQWH GH LPLJUDQWHV VREUH D SHUVSHFWLYD GD LGHQWLGDGHIURQWHLUDHLQWHJUDomR

3HUFHEHVHTXHDVIURQWHLUDVIRUDPVHPRYHQGRFRPRSDVVDUGRWHPSR H VH FRQVWLWXLQGR HPRXWUDVQRYDV WDOYH] PDLV WrQXHVHPDLVIOH[tYHLV H GH PDLRUWROHUkQFLD

3DUD HVVH ILP QRV XWLOL]DUHPRV GRV UHJLVWURV SDURTXLDV UHODWLYRV DRV FDVDPHQWRVVREUHWXGROHYDQGRHPFRQVLGHUDomRRVFDVDPHQWRVLQWHUpWQLFRV RV TXDLV LQLFLDOPHQWHHUDPSURLELGRV H SRVWHULRUPHQWHGLIXQGLUDPVH HQWUH RV FDVDLV GH MRYHQV HQDPRUDGRV DOKHLRV D WDLV UDQoRV GD WUDGLomR FDOFDGD QD VXSRVWD ³SXUH]D UDFLDO´ DSUHJRDGD SHORV PDLV DQWLJRV $VVLP HVWHV FDVDPHQWRVWHULDPVLGRD³SURYDPDWHULDO´GHTXHXPDQRYDLGHQWLGDGH PDLV ³XQLYHUVDO´ VH LPS{V GHILQLX D QRYD SHUVSHFWLYD FXOWXUDO H GHWHUPLQRX XPD QRYDFDUDFWHUL]DomRGRLPDJLQiULRFROHWLYRSUXGHQWRSROLWDQR

(21)

&$3Ë78/2±$6)5217(,5$6*(2*5È),&$6($&20326,d­2 +,67Ï5,&$'(80081'2(0'(6&203$662

e GLItFLO FRPSUHHQGHU DV SRVVtYHLV WUDQVIRUPDo}HV GH XPD LGHQWLGDGH TXH QmR FRQKHFHPRV ± D WUDQVIRUPDomR GD LGHQWLGDGH SUXGHQWRSROLWDQD p DQDOLVDGD HP UHODomR D TXDO RXWUD LGHQWLGDGH" 4XDO p R SDUkPHWUR HVWDEHOHFLGR" (VVDV WDOYH] VHULDP LQTXLHWDo}HV GH OHLWRUHV TXH QmR FRQKHFHPDFRPSRVLomRGDLGHQWLGDGHXFUDQLDQDHSRORQHVDQRTXHDQWHFHGH DLPLJUDomR3DUDHYLWDUWDOVLWXDomRRSURSyVLWRGHVVHFDStWXORpUHDOL]DUXPD VtQWHVH KLVWyULFD GD 8FUkQLD H GD 3RO{QLD H DQDOLVDU PHVPR TXH GH IRUPD VXFLQWDDLGHQWLGDGHQDFLRQDOGHFDGDXPGRVSDtVHVYLVWRVSHORVDJHQWHVGH FRORQL]DomRFRPRLJXDLV

7UDEDOKDUFRPRKLVWyULFRGHVVHVSDtVHVSDUHFHXPSRXFRIRUoDGRHHP YiULRV PRPHQWRV GLItFLO SRLV VmR FRQVWUXo}HV GH FRQKHFLPHQWR IHLWDV SRU LPLJUDQWHV H GHVFHQGHQWHV H SRU LVVR FDUUHJDGDV GH VDXGRVLVPR TXH FRQVWDQWHPHQWHVmRUHYLYLGRVSHORVGLVFXUVRVTXHHQDOWHFHPDDQWLJDSiWULDD ILP GH EXVFDU HOHPHQWRV TXH RV GLIHUHQFLHP GRV GHPDLV SRYRV GD UHJLmR SURGX]LQGRHUHIRUoDQGRVXDLGHQWLGDGH

7DPEpP p GLItFLO HVFDSDU GR WRP PHWyGLFR TXH DFDED WUDQVSDUHFHQGR HPWDLVSURGXo}HVSULQFLSDOPHQWHSHORFRQVWDQWHDSHJRDRFURQROyJLFRHDRV YXOWRV KLVWyULFRV 8PD KLVWyULD ULWPDGD IUDJPHQWDGD H QRVWiOJLFD WRUQD HVVD OHLWXUDPRURVDHVLVWHPiWLFD$OJXQVDXWRUHVVHUmRXWLOL]DGRVFRPRUHIHUrQFLD SDUDDHVWUXWXUDGRFDStWXOR'HVWDFDPVH%XUNR:RXN3LPHQWHO .XVPD ,YDQFKLFKHQ 6FKQHLGHU 5DPRV *XpULRV

&RPSUHHQGHU RV DVSHFWRV JHRJUiILFRV H KLVWyULFRV GHVVHV SDtVHV VH WRUQDQHFHVViULRSDUDHQWHQGHUTXDLVIRUDPRVFRQGLFLRQDQWHVGDLPLJUDomRGH XFUDQLDQRVHSRORQHVHV7DOFRPSUHHQVmRVHUYHSDUDDQDOLVDUGHTXHIRUPDDV IURQWHLUDVLGHQWLWiULDVVHFRQVWURHPHVHPRGLILFDPQRGHFRUUHUGHVpFXORVGH MXJR H VXEMXJR SDUD GHSRLV HQWHQGHU R SRUTXr GDV EDUUHLUDV VHUHP HQFRQWUDGDVHFRQVWUXtGDVHPWHUULWyULREUDVLOHLUR

(22)

±8&5Æ1,$(32/Ð1,$$63(&726*(2*5È),&26(+,67Ï5,&26

e HYLGHQWH TXH QmR VHULD SRVVtYHO GHWDOKDU D +LVWyULD GD 8FUkQLD H 3RO{QLDGHVGHVHXSULQFtSLRDWpSRUTXHIXJLULDGRSURSyVLWRGHVVHFDStWXORTXH p R GH HVFODUHFHU R OHLWRU $SHQDV VLWXiORV QR FRQWH[WR TXH DQWHFHGH D LPLJUDomR SDUHFH R PDLV FDEtYHO QHVVH PRPHQWR &ODUR TXH DOJXPDV UHFRUUrQFLDV DR SDVVDGR UHFHQWH VHUmR QHFHVViULDV SDUD WUD]HU j WRQD D GLVFXVVmRVREUHDLGHQWLGDGHHDVIURQWHLUDVFULDGDVSHORFRQIURQWR SROtWLFR H VRFLRFXOWXUDOGHVVHVSDtVHV

7RUQDVH XPD WHQWDWLYD H[WUHPDPHQWH DUULVFDGD YLVXDOL]DU R WHUULWyULR XFUDQLDQR VHP VH SHUGHU H VH SUHQGHU QDV WUDQVIRUPDo}HV KLVWyULFDV GHFRUUHQWHVGHVpFXORVGHYDULDo}HVHFRQ{PLFRVRFLDLVSULQFLSDOPHQWHSRUVH WUDWDUGHXPWHUULWyULRFRELoDGRSHORVSDtVHVYL]LQKRVSRUFDXVDGDIHUWLOLGDGH GRVROR

$ 8FUkQLD SRVVXL XPD iUHD GH NPð VHQGR DVVLP R VHJXQGR PDLRUSDtVGD(XURSD2WHUULWyULRHVWiVLWXDGRHQWUHR0DU1HJURHRGH$VRY ID]HQGR SDUWH GD UHJLmR FHQWURRHVWH GR FRQWLQHQWH HXURSHX $R QRUWH D 8FUkQLDID]IURQWHLUDFRPD%LHORUU~VVLDDOHVWHFRPD5~VVLDDRVXOFRPR 0DU1HJURTXHWHPGRRXWURODGRGHVXDPDUJHPD7XUTXLDHDRHVWHHVWi VHXPDLRUQ~PHURGHYL]LQKRVVHQGRHOHVD5RPrQLDD0ROGiYLDD+XQJULDH D3RO{QLDFRPRVTXDLVWLYHUDPDVSULQFLSDLVUHODo}HVEHOLFRVDVPDVWDPEpP GHSUR[LPLGDGHVFXOWXUDLV.860$

(23)

),*85$1ž/2&$/,=$d­2'$8&5Æ1,$

)217($FHUYRGR0XVHXGR0LOrQLR

9LVXDOL]DURHVSDoRJHRJUiILFRGD8FUkQLDSHUPLWHFRPSUHHQGHUTXHDV IURQWHLUDVHVWDEHOHFLGDVKLVWRULFDPHQWHVRIUHUDPVLJQLILFDWLYDVWUDQVIRUPDo}HV DLQGDPDLVTXDQGRVHSHUFHEHTXHDVIURQWHLUDVWHUULWRULDLVXFUDQLDQDVIRUDP FRQVWDQWHPHQWH DODUJDGDV H UHGX]LGDV HP GLIHUHQWHV pSRFDV SULQFLSDOPHQWH SHODUHODomREHOLFRVDFRPVHXVYL]LQKRVGHQWUHHOHVD3RO{QLD),*85$1ž

'HDFRUGRFRP5DPRV

$WUDYpV GHOD SRGHPRV FKHJDU D GLIHUHQWHV IRUPDV GH H[LVWrQFLDGRVJUXSRVTXHRKDELWDPHKDELWDUDPDUHJLmR GD8FUkQLDHPGLIHUHQWHVPRPHQWRVGDKLVWyULD0DVHVVH HVSDoR QmR VH UHGX] DR YLVtYHO SRLV VHPSUH HVWHYH HP FRQVWDQWH PRYLPHQWR GH WUDQVIRUPDomR WDQWR WHUULWRULDO TXDQWR LGHQWLWiULR 2 HVSDoR JHRJUiILFR XFUDQLDQR IRL DVVLPFRPRRXWURVDWUDYpVGDKLVWyULDRUJDQL]DGRSRUXP FDPSRGHIRUoDVGHIOX[RVGHUHODo}HVGHLQWHUHVVHVTXH Vy VmR UHYHODGRV D SDUWLU GH XPD FXLGDGRVD DQiOLVH KLVWyULFD5$026S

(24)

3DUWLQGR GR SULQFtSLR GH TXH DV IRUPDV H DV HVWUXWXUDV GR HVSDoR JHRJUiILFR SURYrHP GDV Do}HV KXPDQDV SRGHPRV SHUFHEHU TXH R KRPHP LPSULPH VHX PRGR GH YLGD VXDV VLQJXODULGDGHV FXOWXUDLV FULDQGR RX WUDQVIRUPDQGRVHXPRGRGHVHUHODFLRQDUFRPRVRXWURV

'XUDQWHVpFXORVD8FUkQLDUHVLVWLXjVLQYHVWLGDVGHGLYHUVRVSRYRVTXH WHQWDYDP VXEMXJDU VXD SRSXODomR R TXH FHUWDPHQWH DMXGRX D FULDU H D WUDQVIRUPDUDLGHQWLGDGHpWQLFDHQDFLRQDOGRSRYRXFUDQLDQR

$R ORQJR GH VXD KLVWyULD RV XFUDQLDQRV WHQGHUDP D VHU DEVRUYLGRV SHOD FRUUHQWH PDMRULWiULD GR JUXSR HVODYR SULQFLSDOPHQWH SHORV SRORQHVHV FRP RV TXDLV SRVVXtDP PDLRU DILQLGDGH FXOWXUDO DSHVDU GD GLVWLQomR GDV GXDV FXOWXUDV R TXH pIDFLOPHQWH FRQVWDWDGRDRVH UHWRPDU D FULVWLDQL]DomR QR VpFXOR ; TXDQGR R UHLQR GD 8FUkQLD VROLGLILFRXVXDFXOWXUDHVODYDTXHQDVVXDVSHFXOLDULGDGHV HUDLQWHJUDGDSRUHOHPHQWRVEL]DQWLQRV=$526., S

$FULDomRGHXPD³QRYD´LGHQWLGDGHQmRDFRQWHFHXHPFXUWRHVSDoRGH WHPSRRTXHWRUQDQHFHVViULRTXHUHPRQWHPRVHVVHTXHEUDFDEHoDKLVWyULFR SDUDTXHSRVVDPRVHQWHQGHUPHOKRUHVVHIHQ{PHQR

$V WUDQVIRUPDo}HV JHRJUiILFDV IURQWHLULoDV H OLPtWURIHV VmR GHWHUPLQDGDVSHODVDo}HVGHGLIHUHQWHVJUXSRVHPVXDVFRQVWDQWHVUHODo}HV FRP RV RXWURV R TXH LQHYLWDYHOPHQWH DFDED SRU LQIOXHQFLDU D FRQVWUXomRWUDQVIRUPDomR GD IURQWHLUD LGHQWLWiULD 2 WHUULWyULR XFUDQLDQR SRU H[HPSOR HVWDYD ORFDOL]DGR QR FUX]DPHQWR GDV URWDV OHVWHRHVWH RQGH PDQWLYHUDP FRQWDWR FRP RV SRYRV Q{PDGHV (VVD ORFDOL]DomR WLQKD FRPR FRQVHTXrQFLDV DV LQYDV}HV GH SRYRV FRQVLGHUDGRV EiUEDURV FRQGLo}HV FOLPiWLFDVHVSHFtILFDVTXHUHVXOWDYDPQXPVRORSURStFLRSDUDRSODQWLRHSRU LVVRFRELoDGRSHORVJUDQGHVLPSpULRVGDpSRFD%85.2

(25)

(VVDV RFRUUrQFLDV SRU YH]HV FRPSOH[DV QRV DMXGDP D HQWHQGHU RX SHOR PHQRV LQLFLDU D FRPSUHHQGHU RV IDWRUHV TXH OHYDUDP j FULDomR GH XP LPDJLQiULR FROHWLYR YROWDGR SDUD D GHVFRQILDQoD HP UHODomR DR RXWUR H GH WHPRUHVSDUDFRPRGLIHUHQWH

(VVDVFRQVWDQWHVLQYDV}HVDSULQFtSLRVHGHYLDPDRIDWRGDVWHUUDVGD 8FUkQLD VHJXQGR ,YDQFKLFKHQ HVWDUHP VLWXDGDV QXPD iUHD GH ³WFKRUQR]HQ´ TXH HP UD]mR GD DJULFXOWXUD PRYLPHQWRX D HFRQRPLD QDFLRQDO

XFUDQLDQD

,QLFLDGRFRPDGLVSXWDSHODWHUUDSURGXWLYDVHWRUQRXFRQVWDQWHWDPEpP DOXWDSHODKHJHPRQLDSROtWLFDGDUHJLmR'LVFXUVRVHUDPFULDGRVHUHFULDGRVQD PHGLGD HP TXH RV GRQRV GR SRGHU ORFDO WDPEpP VH PRGLILFDYDP (UDP GLVFXUVRV RUD QDFLRQDOLVWDV RUD LPSRVWRV SHORV GRPLQDQWHV SRUpP TXH GHWHUPLQDUDP D FRQVWUXomRWUDQVIRUPDomR GD LGHQWLGDGH XFUDQLDQD H LPSXVHUDPDFDUDFWHUL]DomRGRWLSRLGHDOGRXFUDQLDQRSRORQrVDXVWUtDFR

1DFRQVWUXomRGRVPLWRVIXQGDFLRQDLVIXQGDPHQWDLVSDUDDFRQVWUXomR GH VXD KLVWyULD RV XFUDQLDQRV UHPRQWDP VXD RULJHP HP GXDV WHRULDV JHQHDOyJLFDV TXH DFDEDP SRU GLILFXOWDU DLQGD PDLV D FRPSUHHQVmR GH VHX SDVVDGR SRLV QmR SRVVXHP IRQWHV VXILFLHQWHV RX FRQILiYHLV SDUD TXH SRVVDPRVID]HUXPDDQiOLVHFRQFUHWDGDVXDIRUPDomR

$SULPHLUDDILUPDTXHDIRUPDomRKLVWyULFDGRSRYRXFUDQLDQRFRPHoRX DFHUFDGHWUrVPLODQRVDQWHVGDHUDFULVWmQDFKDPDGD³&XOWXUDGHFHUkPLFD SLQWDGD´TXHIRLGHVFREHUWDQD8FUkQLDQRDQRGH.860$S $RXWUDPDLVGLIXQGLGDHQWUHHVWXGLRVRVGDWHPiWLFDpDOHYDQWDGDSRU%XUNR TXH GL] TXH RV SULPHLURV KDELWDQWHV GD UHJLmR TXH PDLV WDUGH VH WRUQDULDD8FUkQLDHUDPRV&LWDVSRUpPLQH[LVWHQWHVWDPEpPVmRRVGDGRV

³7FKRUQR]HQ´ p XPD UHJLmR GH WHUUDV QHJUDV TXH p FRQVLGHUDGD D PDLV ULFD GR FRQWLQHQWH HXURSHX

4XDQGR PH UHILUR D XPD IRUPDomRWUDQVIRUPDomR GD LGHQWLGDGH p FRPSUHHQGHQGR TXH D

LGHQWLGDGHDRPHVPRWHPSRHPTXHHVWiVHQGRWUDQVIRUPDGDSRUGLVFXUVRVHWHPRUHVWRPD RXWURV DVSHFWRV TXH ID]HP FRP TXH HOD SDUHoD HVWDU VH IRUPDQGR QRYDPHQWH DGTXLULQGR DVSHFWRVGLIHUHQWHVGRVKDELWXDLVFRQIXQGLQGRRTXHpWUDGLFLRQDOFRPRTXHpQRYRHTXHQmR ID] SDUWH GH VHXV PHLRV GH LGHQWLILFDomR p DOJR HPSUHVWDGR 1RWDPRV TXH QHQKXPD LGHQWLGDGH p FRQVWUXtGD SRU FRPSOHWR PDV HOD p D WUDQVIRUPDomR GH RXWUDV LGHQWLGDGHV Mi HQYROWDVSRUWRGRXPSURFHVVRJOREDOL]DQWHHTXHSUHFLVDPVHDGHTXDUjVQHFHVVLGDGHVGHVVH

PXQGRTXHPXGDFDGDYH]PDLVUiSLGR

2V&LWDVHUDXPSRYRQ{PDGHTXHPLJURXGDÈVLDQRVpFXOR9,,,D&HUDPVDOWHDGRUHVTXH

(26)

TXHFRQILUPHPTXHUHDOPHQWHIRUDPRV&LWDVTXHGHUDPRULJHPDRSRYRHVODYR HHPVXDGHULYDomRRXFUDQLDQR

2V HVODYRV HUDP JUXSRV GH SHVVRDV H IDPtOLDV TXH DFDPSDYDPSHUWRGHIORUHVWDVHSkQWDQRVQRWHUULWyULRTXH KRMH DEUDQJHULD D UHJLmR RQGH VH ORFDOL]D D 3RO{QLD D 5~VVLD H D 8FUkQLD 1HVVD UHJLmR RV HVODYRV FULDUDP SHTXHQRVHVWDGRVHIrPHURVTXHPDLVWDUGHIRUPDULDPD (VORYiTXLD (VORYrQLD &URiFLD +XQJULD 0DFHG{QLD GHQWUHRXWURV5$026S

1mR QRV GHWHUHPRV QXPD KLVWyULD UHPRWD H FRP LQIRUPDo}HV SRXFR FRQILiYHLV$VVLPFRPXPDYDQoRWHPSRUDOVLJQLILFDWLYRFKHJDPRVDRVpFXOR 9,, TXDQGR VH LQLFLD R SURFHVVR GH XQLILFDomR GH VHWH WULERV HVODYDV (VVD XQLILFDomRWHYHFRPRREMHWLYRIRUWDOHFHURJUXSRTXHVHYLDIUDJLOL]DGRSHUDQWH RXWURVJUXSRVTXHLQYDGLDPRVGRPtQLRVGDVVHWHWULERVTXHMiVHPRVWUDYDP GLItFHLV GH VHUHP FRQWURODGRV H PDQWLGRV (VVD XQLILFDomR FULRX XP (VWDGR IRUWHHFRPSDFWRFKDPDGRGH(VWDGRGD5XV¶GH.\LYTXHVHHVWHQGHXGHVGH RVPRQWHV&DUSDWRVDWpR5LR9ROJD

$ 5XV¶ GH .\LY IRL GH JUDQGH LQIOXrQFLD SROtWLFR HFRQ{PLFD QD (XURSD GHYLGR DRV VHXV FRQWDWRV FRP R LPSpULR %L]DQWLQR 3RO{QLD %RrPLD +XQJULD %XOJiULD H (VFDQGLQiYLD WRUQDQGRVH DVVLP XP PHGLDGRU HQWUH RV JUDQGHVLPSpULRVGDpSRFD,9$1&+,&+(1S

'DGLQDVWLDGRV5XULFRY\WFKGHRULJHPQRUPDQGDGHULYDDJHQHDORJLD GR SRGHU XFUDQLDQR SHUDQWH RV GHPDLV JUXSRV YLVWR TXH D HOD VH GHYH D IRUPDomRGR(VWDGRGH.LHY)RLGXUDQWHRUHLQDGRGH2OHK5XULFRY\WFK± TXH RV OLPLWHV GR (VWDGR GH .LHY IRUDP DODUJDGRV SDVVDQGR D VH HVWHQGHUGHVGHRULR'RQDOHVWHDWpRV&DUSDWRVDRHVWHDXPHQWDQGRDVVLP VHX WHUULWyULR DWp DV GXDV PDUJHQV GR ULR 'QLSUy 2V OLPLWHV GR WHUULWyULR XFUDQLDQRQmRSDUDYDPGHFUHVFHUSRLVRVVXFHVVRUHVGH2OHKFRQWLQXDYDP DODUJDQGRDVIURQWHLUDVID]HQGRFRPTXHD8FUkQLDVHWRUQDVVHXPGRVPDLV YDVWRVLPSpULRV.860$

(27)

XFUDQLDQRV VH GLVWDQFLDUDP GH VHXV YL]LQKRV DXPHQWDQGR VXD DSUR[LPDomR FRPR,PSpULR%L]DQWLQRHUHVXOWDQGRHPFRQVWDQWHVFRQWDWRVHDFRUGRVFRP HVVHSRGHURVRLPSpULR

&RP RV GLYHUVRV DFRUGRV FRPHUFLDLV H SROtWLFRV YHLR WDPEpP D DSUR[LPDomR UHOLJLRVD 4XDQGR D 5DLQKD 2OJD YL~YD GR SUtQFLSH ,JRU

DEDQGRQRX SRU YH] R SDJDQLVPR DGRWRX R FULVWLDQLVPR FRPR UHOLJLmR LQIOXHQFLDQGR D SRSXODomR XFUDQLDQD SDUD TXH WDPEpP R IL]HVVH SRLV GHVWH PRGRSRGHULDHVWUHLWDUDVUHODo}HVFRPR,PSpULR%L]DQWLQR

$WUDQVLomRGRSDJDQLVPRSDUDRFULVWLDQLVPRIRLHQWmRFRQVHTXrQFLDGD UHODomR GH LQWHUHVVH HQWUH GRLV JUDQGHV LPSpULRV R TXH UHVXOWRX QXPD WUDQVIRUPDomR LGHQWLWiULD TXH GHSRLV GH DVVXPLGD JUDGDWLYDPHQWH SHOD SRSXODomRIRLWUDQVIHULGDMXQWRFRPDVIDPtOLDVQRPRPHQWRGDLPLJUDomR$ FULVWDQGDGH HQWmR Mi HUD FRQVWLWXWLYD GR LPDJLQiULR FROHWLYR TXH SRGH VHU SHUFHELGRHDQDOLVDGRHPGLYHUVDVSDUWHVGRPXQGRRQGHKRXYHDLPLJUDomR XFUDQLDQDLQFOXVLYHQR%UDVLOQmRVHQGRXPDH[FHomRRFDVRGH3UXGHQWySROLV HUHJLmRRQGHVHSRGHQRWDUDGHYRomRDRFDWROLFLVPR

3RUpPRFDWROLFLVPRVyVHWRUQDUHOLJLmRRILFLDOGR(VWDGRXFUDQLDQRQR ILQDO GR VpFXOR ; TXDQGR R SUtQFLSH 9RORG\PLU R *UDQGH 6DQWR 9DOGRPLUR FRQYHUWHVH DR FULVWLDQLVPR )RL FRQVHTXrQFLD GH VHX FDVDPHQWR FRP $QQD LUPmGRLPSHUDGRUEL]DQWLQR3,0(17(/

$LQGD VHJXQGR 3LPHQWHO S R ³VXFHVVRU GH 9RORG\PLU IRL ,DURVODY R ViELR )RLHOH TXH UHHGLILFRX .LHY FRQVWUXLQGR LJUHMDV WRUQDQGRD FDSLWDOXPDJUDQGHPHWUySROH´'HDFRUGRFRPRDXWRURPDLRUIHLWR

UHDOL]DGRSRU,DURVODYIRLDFRGLILFDomRGDVOHLVH[LVWHQWHVQD8FUkQLD±5XVND

)RLDSULPHLUDPXOKHUTXHRFXSRXRSULQFLSDGRHDSULPHLUDSULQFHVDTXHQRDQRGHG&

EDWL]RXVHQD,JUHMD8QD6DQWD&DWyOLFDH$SRVWyOLFDHQDIp2UWRGR[D

2JUmRSUtQFLSH9RORG\P\UHUDQHWRGDSULQFHVD2OJD)RL9RORG\PLUTXHEDWL]RXD8FUkQLD

SRLVGXUDQWHERDSDUWHGD,GDGH0pGLDD8FUkQLDHUDFKDPDGDGH5XWKHQLDHHUDFRQVWLWXtGD SRUGLYHUVRVSULQFLSDGRV(PFRQVHTXrQFLDRVXFUDQLDQRVHUDPFKDPDGRVGHUXWKHQRVTXHp XPD IRUPD ODWLQL]DGD GH ³UXVVR´ (VVD GHVLJQDomR ³SHUVHJXH´ RV XFUDQLDQRV DWp RV GLDV GH KRMHTXHQmRJRVWDPGHVHUHPFKDPDGRVGHVVDPDQHLUD2WHUPR³UXWKHQR´IXQFLRQDFRPR XPPHFDQLVPRGHFRPEDWHjIURQWHLUDpWQLFD YLVWR TXHHOH WHQGHD KRPRJHQHL]DURVSRYRV HVODYRV ID]HQGR FRP TXH RV XFUDQLDQRV SRORQHVHV H UXVVRV SDUHoDP XP ~QLFR SRYR 5$026

'HDFRUGRFRP.XVPD,DURVODYFRQVWUXLXPXLWDVLJUHMDVHQWUHHODVD&DWHGUDOGHVDQWD

(28)

3UDYGD ±TXH IRL GH VXPD LPSRUWkQFLD SDUD TXH D 8FUkQLD LQWHUDJLVVH FRP GLYHUVRVSDtVHVHLPSpULRVLQFOXVLYHR%L]DQWLQR

&RPDPRUWHGH,DURVODYR(VWDGRGH.LHY FRPHoD D GHFDLU SRLV DV FRQVWDQWHV LQYDV}HV GH SRYRV DVLiWLFRVGHVHQFDGHDUDPXPDJXHUUDSDUDDFRQTXLVWDGR WURQR WRUQDQGR LQVXVWHQWiYHO D PDQXWHQomR GD RUGHP GHQWURGR(VWDGR(QIUDTXHFLGDDFDSLWDO.LHYIRLWRPDGD H GHVWUXtGD SHODV KRUGDV 0RQJyLV R TXH VLJQLILFRX D TXHGD GD 5XV¶GH .LHY H WDPEpP GD KHJHPRQLD XFUDQLDQDQDUHJLmRREULJDQGRDVVLPTXHDYLGDSROtWLFDH FXOWXUDO GD 8FUkQLD IRVVH WUDQVIHULGD SDUD IDL[D PDLV RFLGHQWDO GH VHXV GRPtQLRV PDLV SUHFLVDPHQWH SDUD D UHJLmR TXH FRPSUHHQGH D *DOtFLD H D 9RO\QLD .860$ S

$V IURQWHLUDV WHUULWRULDLV XFUDQLDQDV YROWDUDP D VHU PRGLILFDGDV FRP DV FRQVWDQWHV PXGDQoDV SROtWLFDV TXH RFRUULDP VRE R GRPtQLR GLQiVWLFR )RL FULDGR SRU H[HPSOR R SULQFLSDGR GD *DOtFLD9RO\QLD TXH EXVFRX GHIHQGHU D FXOWXUDKHUGDGDGH.LHYHVHWRUQRXRSULQFLSDOSRQWRGHUHVLVWrQFLDFRQWUDDV LQYDV}HV DVLiWLFDV )RL IXQGDGD D FLGDGH GH /LHY FLGDGH GRV OH}HV D TXDO VHUYLXGHFDSLWDOGRLPSpULRGXUDQWHVHXGRPtQLR

6RE FRQVWDQWHV LQYDV}HV WiUWDUDV TXH FRQWLQXDYDP GHYDVWDQGR H SDUDOLVDQGR R GHVHQYROYLPHQWR FXOWXUDO H SROtWLFR GD (XURSD RFLGHQWDO D 8FUkQLD EXVFDYD UHFRQTXLVWDU VXD LQGHSHQGrQFLD Mi TXH WHYH VXDV WHUUDV LQYDGLGDVHGLYLGLGDVSHORVJUDQGHVLPSpULRV

&RP D XQLmR GH /XEOLQ DOpP GH DQH[DU D *DOtFLD D 3RO{QLD

DGTXLULX R GLUHLWR VREUH WRGDV DV WHUUDV TXH DQWHV SHUWHQFLDP j 8FUkQLD $ /LWXkQLD RFXSRX D 9RO\QLD H RV GHPDLV WHUULWyULRV ILFDUDP VREUH R VXEMXJR HVWUDQJHLUR 2 WHUULWyULR XFUDQLDQR DFDERX SRU VHU VXEPHWLGR D XP DFHOHUDGR SURFHVVR GH SRORQL]DomR TXH PDLV WDUGH JHUDULD XPD UHODomR KRVWLO HQWUH DV GXDVHWQLDV.860$

3RUpPGHDFRUGRFRP3LPHQWHO

3ULPHLUR&yGLJRGHOHLVHVFULWRQRPXQGRHVODYR

$ *DOtFLD HUD XP SULQFLSDGR DXW{QRPR FXMD FDSLWDO HUD .KDOLWFK 7HYH XP HOHYDGR

(29)

1mRHVWDQGRQHPD/LWXkQLDQHPD3RO{QLDHPFRQGLo}HV GHSURWHJHURSRYRXFUDQLDQRGRVWiUWDURVPRQJyLV TXH LQYDGLDPUHSHWLGDPHQWHD8FUkQLDOHYDQWRXVHGHQRYRR SRYR XFUDQLDQR HP DXWRGHIHVD 0DV DLQGD RV VHQKRUHV SRORQHVHV KDYLDP LQWURGX]LGR HQWUH RV FDPSRQHVHV GD 8FUkQLD XPD HVFUDYLGmR DWp HQWmR GHVFRQKHFLGD )RL QHVWD IDVH TXH RV ROKRV FRQILDQWHV GR SRYR XFUDQLDQR HUJXHUDPVH SDUD D RUJDQL]DomR GRV FDPSRQHVHV SHVFDGRUHV H FDoDGRUHV DUPDGRV FKDPDGRV .RVDN\ FRVVDFRV3,0(17(/S

'HVHMDQGROLEHUGDGHHLQGHSHQGrQFLDRVFRVVDFRVVHGHVORFDUDPSDUD

DV HVWHSHV GR EDL[R 'QLSUy QD TXDO VH RUJDQL]DUDP H FRQVWUXtUDP XPD IRUWDOH]DFKDPDGDGH=DSRUR]¶ND6LWFK.860$

'HVHMDQGR XPD YLGD OLYUH H LQGHSHQGHQWHIRUDPSDUD DV HVWHSHV GR EDL[R 'QLSUy QR TXDO VH RUJDQL]DUDP H QR DQR GH SRU WUiV GDV &DWDUDWDV GR ULR 'QLSUy FRQVWUXtUDPXPDIRUWDOH]DDIDPRVD=DSRUR]¶ND6LWFK2V FRUDMRVRV FRVVDFRV SUHSDUDUDPVH SDUD JXHUUHDU FRQWUD TXDOTXHU LQLPLJR SRORQrV PRVFRYLWD WiUWDUR RX WXUFR .860$S

2V DQRV GH RSUHVVmR GR LPSpULR SRORQrV H RV FRQVHTXHQWHV OHYDQWHV FRQWUD HVWHV IH] FRP TXH RV FRVVDFRV IRVVHP YLVWRV FRP GHVSUH]R SHORV SDtVHVYL]LQKRVTXHRVYLDPFRPRSHUWXUEDGRUHVHDUUXDFHLURV

2OHYDQWHGRV.RVDNrVHGHXWDPEpPFRQWUDDRSUHVVmR SRORQHVD QHVVD pSRFD R FKHIH GHVVHV JXHUUHLURV HUD 2WLPiQ 6HYHUrQ 1DOHYDLNR TXH FRP XP FRQWLQJHQWH IRUPDGRSRUSDXSpUULPDJHQWHHOHGHVWUXtDDVSRVVHVGD QREUH]D SRORQHVD H DWDFDYD DV FLGDGHV VRE GRPtQLR WiUWDUR.860$S

2V OHYDQWHV QmR SDUWLDP DSHQDV GRV LQGLYtGXRV VHQGR TXH R SUySULR (VWDGRFRVVDFRRUJDQL]DYDLQFXUV}HVPLOLWDUHVHPGHIHVDGRSRYRXFUDQLDQRH

6HJXQGR,YDQFKLFKHQRVFRVVDFRVVmRJXHUUHLURVOLYUHVTXHVHPRVWUDUDPFDQVDGRV

GD VHUYLGmR LPSRVWD SHORV ODWLIXQGLiULRV 6mR FDPSRQHVHV SHVFDGRUHV H FDoDGRUHV TXH KDELWDYDPDUHJLmRHTXHIRUPDUDPJUXSRVGHQRPLQDGRV³.R]DN\´SDUDOXWDUFRQWUDRVXEMXJR

$V =DSRUR]¶ND 6LWFK HUDP QD YHUGDGH PXUDOKDV RQGH VH FDYDYDP YDORV H FRQVWUXtDPVH

EDVHV SDUD RV FDQK}HV $R ODGR GHVVDV PXUDOKDV HUDP FRQVWUXtGRV FDVHEUHV GHQRPLQDGRV .~UHQHTXHVHUYLDPGHUHI~JLRSDUDRVFRVVDFRVTXHHUDPREULJDGRVDWHUVHXSUySULRFDYDOR HVXDVSUySULDVDUPDV

(30)

HP PHDGRV GR VpFXOR ;9,, RV XFUDQLDQRV GHUURWDP RV SRORQHVHV H FRQVHJXHPHVWDEHOHFHUVXDLQGHSHQGrQFLD

0DV D HPDQFLSDomR QmR IRL WmR WUDQTXLOD FRPR SRGH SDUHFHU 2V FRQVWDQWHV FRQIOLWRV HQWUH ODWLIXQGLiULRV SRORQHVHV H FDPSRQHVHV XFUDQLDQRV IH] FRP TXH RV QREUHV FKHJDVVHP DR SRQWR GH H[LJLU LQGHQL]DomR SHORV SUHMXt]RVFDXVDGRVSHODHPDQFLSDomRRTXHOHYRXRVFDPSRQHVHVjH[WUHPD SREUH]D$1'5($==$S

2 HVWDGR FRVVDFR WLQKD GLILFXOGDGHV SDUD PDQWHU VXD VREHUDQLD SRLV RV SRORQHVHV H RV WXUFRV KRVWLOL]DYDP VXDV IURQWHLUDV $OpP GLVVR RV FRVVDFRV WDPEpP HUDP FRQVWDQWHPHQWH UHSULPLGRV SHOR &]DU 0RVFRYLWD EHP FRPR SHORV WiUWDURV TXH DPELFLRQDYDP R WHUULWyULR GR (VWDGRFRVVDFR.860$S

3RUpP D LQGHSHQGrQFLD XFUDQLDQD WHYH FXUWD GXUDomR 2 &]DU 5XVVR TXH DWp HQWmR DMXGDYD D VDOYDJXDUGDU R WHUULWyULR XFUDQLDQR HQWUD HP DFRUGR FRP RV SRORQHVHV UHVXOWDQGR DVVLP QXPD QRYD SDUWLOKD GDV WHUUDV DQWHV LQGHSHQGHQWHV0HVPRVREDWXWHODGR&]DU5XVVRQRLQtFLRGRVpFXOR;9,,,R (VWDGR XFUDQLDQR DJRUD QRYDPHQWH SRORQrV QmR UHVLVWLX jV SUHVV}HV H[WHUQDVHIRLOLTXLGDGRSHORV0RVFRYLWDVTXHDSURQWDUDPXPDFKDFLQDFRQWUD RV XFUDQLDQRV 2 GHVPRURQDPHQWR GR (VWDGR XFUDQLDQR VH GHX GXUDQWH R UHLQDGR GH &DWDULQD TXH H[SDQGLX R LPSpULR UXVVR H FRORFRX RV XFUDQLDQRVGRPLQDGRVDQWHVSHOD3RO{QLDVRERGRPtQLRUXVVRDXVWUtDFR%RD SDUWH GDV WHUUDV IpUWHLV IRUDP GHVWLQDGDV DRV JUDQGHV DULVWRFUDWDV UXVVRV R TXH IH] FRP TXH PXLWDV IDPtOLDV XFUDQLDQDV ILFDVVHP VHP WHUUD SDUD SURYHU VHXVXVWHQWR3,0(17(/DSXG5$026

7RGRVRVKDELWDQWHVHQWUHHOHVLGRVRVMRYHQVPXOKHUHV H FULDQoDV IRUDP SHQDOL]DGRV FRP FUXpLV FDVWLJRV RV VHLRVGDVPXOKHUHVHUDPH[WLUSDGRVDVFULDQoDVMRJDGDV QDV IRJXHLUDV KRPHQV HVSHWDGRV VREUH SRQWLDJXGRV SDODQTXHV DPDUUDGRV jV URGDV H SUHJDGRV QDV FUX]HV 769,(7.29S

(31)

HUDP GHYLGDV DRV QREUHV TXH GHWLQKDP R GRPtQLR WHUULWRULDO DR HVWDGR H j ,JUHMD

2XWUR DJUDYDQWH SDUD D WUDQVIRUPDomR GD LGHQWLGDGH XFUDQLDQD IRL D LQYDVmR UXVVD QR ILQDO GR VpFXOR ;9,,, YLVWR TXH R QRYR UHJLPH FHUFRX H RSULPLX DV PDQLIHVWDo}HV FXOWXUDLV HVSHFLDOPHQWH DV UHOLJLRVDV H OLQJXtVWLFDV GDSRSXODomRXFUDQLDQDTXHGXUDQWHPXLWRVDQRVPDQWLQKDPVHXVFRVWXPHVH PDQLIHVWDo}HV FXOWXUDLV D VDOYR GD DFXOWXUDomR D TXDO HVWDYDP VHQGR VXEPHWLGRV5$026

2V SRHWDV IRUDP SURLELGRV GH SURQXQFLDU H SXEOLFDU VHXV OLYURV SRLV JHUDOPHQWH VHXV SRHPDV HUDP FRQWUD D VREHUDQLD UXVVD H j DGRomR GH XP QRYRHVWLORGHYLGDRQGHDOLEHUGDGHOKHVKDYLDVLGRVXUUXSLDGD2SRHWD7DUiV &KHYWFKHQNR p XP H[HPSOR SRLV XVDYD SDODYUDV TXH HVWLPXODYDP D UHVLVWrQFLD j LQYDVmR UXVVD ILFDQGR FRQKHFLGR PXQGLDOPHQWH H UHFHEHQGR

KRPHQDJHQVHPWRGRFDQWRGRPXQGR.860$

(PVHXVYHUVRVHOHFODPDYD

³/HYDQWDLURPSHLRVJULOK}HV´769,(7.29S

3DJRXDOWRSUHoRSHODVXDUHEHOGLDFRQWUDRLPSpULRSDVVDQGRSRULVVR DPDLRUSDUWHGDVXDYLGDHPSULV}HV

8P ERPEDUGHLR GH SRHPDV TXH H[DOWDYDP R VHQWLPHQWR QDFLRQDOLVWD RFRUUHXFRPRWpUPLQRGR(VWDGRFRVVDFR3RGHVHFLWDURSUySULR7DUiV,YiQ )UDQNRH/pVVLD8FUDtQND(VVDVSURGXo}HVHVWLPXODUDPRSRYRXFUDQLDQR D OXWDUSHODPDQXWHQomRGHVXDFXOWXUDHVXDLGHQWLGDGHID]HQGRFRPTXHHODV UHQDVFHVVHP FRP IRUoD H LQFLWDQGR R SRYR XFUDQLDQR SDUD XPD FRQVFLrQFLD QDFLRQDOLVWDTXHYLVDVVHjOLEHUWDomRGRGRPtQLRUXVVR

6HJXQGR 3,0(17(/ RFRUUHUDP QD 8FUkQLD VpFXOR ;,; PRYLPHQWRV GH OLEHUWDomR H QDFLRQDOLVPR (VVHV PRYLPHQWRV IRUDP UHVSRQViYHLV SRU GLYHUVDV UHEHOL}HV HP WRGR R WHUULWyULR TXH HVWDYD VRE R GRPtQLRUXVVR1RLQtFLRGRVpFXOR;;GHSRLVGHGLYHUVRVOHYDQWHVGHUHEHOGHV XFUDQLDQRVIRLTXHD5~VVLDYLXVHHQIUDTXHFLGDWRUQDQGRSRVVtYHOTXHGHSRLV

7DUiV&KHYWFKHQNRWHPXPDSUDoDFRPRVHXQRPHQD FLGDGH GH 3UXGHQWySROLV (ODILFD

(32)

GH ORQJRV DQRV RV XFUDQLDQRV UHFRQTXLVWDVVHP R GLUHLWR GH SXEOLFDU VXDV PDQLIHVWDo}HVQDVXDOtQJXDPDWHUQD

$QWHV PHVPR GH UHDGTXLULU VHXV GLUHLWRV GH PDQLIHVWDo}HV FXOWXUDLV PXLWRV XFUDQLDQRV Mi KDYLDP PLJUDGR SDUD GLYHUVDV SDUWHV GR PXQGR $ GLILFXOGDGH HP SUHFLVDU RV PRPHQWRV GH RFXSDomR H SULQFLSDOPHQWH HP SUHFLVDUDLGHQWLGDGHGHVVHVPLJUDQWHVpTXHGLYHUVRVXFUDQLDQRVFKHJDPDR %UDVLO SRU H[HPSOR FRPR UXVVRV DXVWUtDFRV H SRORQHVHV YLVWR TXH VHX WHUULWyULRHVWDYDGLYLGLGRHQWUHHVVHVSDtVHV),*85$1ž

),*85$1ž0$3$'2,03e5,2$86752+Ò1*$52

)217('$17$6

(33)

5HS~EOLFD $XW{QRPD 2FLGHQWDO TXH HP GH MDQHLUR GH VH XQH j 5HS~EOLFD3RSXODUGD8FUkQLD3,0(17(/

3RUpP GXUDQWH D 3ULPHLUD *UDQGH *XHUUD R SRYR XFUDQLDQR SHUGHX QRYDPHQWH RV GLUHLWRV DGTXLULGRV FRP D DQH[DomR GR WHUULWyULR XFUDQLDQR DR GRPtQLR VRYLpWLFR $TXHOHV TXH OXWDYDP FRQWUD D WLUDQLD FRPXQLVWD IRUDP OHYDGRVjVSULV}HV

&RP VHXV FDPSRV DEDQGRQDGRV H DOGHLDV GHVWUXtGDV FRP VXDV ³WHUUDV QHJUDV´ UHSLVDGDV VXDV HVWUDGDV DUUXLQDGDV DJLJDQWDQGRVH R HVSHFWUR GD IRPH QR KRUL]RQWH H DPHDoDQGR WUD]HU FRQVLJR R WLIR D FyOHUDD SHVWLOrQFLD H D PLVpULD GH WRGR JrQHUR D 8FUkQLD D PHPRUDQGD YHOKD ³5XV´ GHEDL[R GH EDLRQHWDV UXVVDV H YHUPHOKDV IRL LQFRUSRUDGD j 8QLmR 6RYLpWLFD VRE GHQRPLQDomR GH ³5HS~EOLFD 6RFLDOLVWD 6RYLpWLFD 8FUDQLDQD´3,0(17(/S

&RPRILPGD3ULPHLUD*UDQGH*XHUUDHFRPDTXHGDGR,PSpULR$XVWUR +~QJDUR DV WHUUDV IRUDP GLYLGLGDV HQWUH D 3RO{QLD 7FKHFR(VORYiTXLD H D 5RPrQLDILFDQGRRSRYRXFUDQLDQRPDLVXPDYH]VRERGRPtQLRHVWUDQJHLUR$ LQGHSHQGrQFLD GD 8FUkQLD &HQWUDO DFDERX DQXODGD SHOR WUDWDGR GH 5LJD GH H HP D 5HS~EOLFD 8FUDQLDQD p DQH[DGD j 8QLmR GDV 5HS~EOLFDV 6RFLDOLVWDV 6RYLpWLFDV ILFDQGR HQYROWD SHOD ³FRUWLQD GH IHUUR´ VRE D TXDO RV SDtVHVVRFLDOLVWDVIRUDPVXEPHWLGRV5$026

$ SROtWLFD GH FROHWLYL]DomR HVWDEHOHFLGD SHOR JRYHUQR VRYLpWLFR GHVDSURSULRX PLOKDUHV GH FDPSRQHVHV TXH WLYHUDP TXH EXVFDU QRYDV WHUUDV PXLWDV GHODV HP SDtVHV GHVFRQKHFLGRV 0RUUHUDP PDLV GH VHWH PLOK}HV GH XFUDQLDQRV VHQGR HOHV UHYROWRVRV RX VLPSOHV FDPSRQHVHV TXH QmR TXHULDP GHL[DUVXDVWHUUDV

1RVDQRVGHDHPFRQVHTrQFLDGDPRUWHH SHOD IRPH QD 8FUkQLD PRUUHUDP VHWH PLOK}HV GH LQRFHQWHV VHUHV KXPDQRV PDV HVWD IRPH IRUD SDVVDGD QRV SRU}HV GRV FDPSRV GH FRQFHQWUDomR EROFKHYLVWDV DOpP GH PRUUHU GH IRPH IRUDP WRUWXUDGRV PLOK}HV GH XFUDQLDQRV4XHPRXVDVVHID]HUPtQLPDRSRVLomRDHVWH SRGHU HVWD VXMHLWR D LPHGLDWD H[HFXomR 769,(7.29 S

(34)

6RERSUHVVmRVRYLpWLFDHPD8FUkQLDIRLLQYDGLGDSHOD$OHPDQKD TXH HP DQH[RX DR VHX WHUULWyULR D 8FUkQLD &DUSiWLFD $VVLP FRP DOJXPDV H[FHo}HV RV XFUDQLDQRV SDVVDUDP SDUD D WXWHOD VRYLpWLFD Mi TXH D 5RPrQLDFHGHXD0RVFRXERDSDUWHGRWHUULWyULRTXHHVWDYDHPVHXSRGHU

$V OXWDV QDFLRQDOLVWDV SHOD PDQXWHQomR GD LGHQWLGDGH XFUDQLDQD QmR FHVVDYDP $OPHMDQGR UHYHU VHX SDtV OLYUH RV XFUDQLDQRV FULDP D 208 2UJDQL]DomR GRV 0LOLWDUHV 8FUDQLDQRV TXH IRL IRUPDGD SRU MRYHQV JXHUULOKHLURV (VVDV UHYROWDV H UHEHOL}HV RFRUUHP HP WHUUDV RFXSDGDV SHOD 3RO{QLD5RPrQLD7FKHFR(VORYiTXLDHQDSUySULD5HS~EOLFD6RYLpWLFD (VVH PRYLPHQWR IRL UHSULPLGR FRP R LQtFLR GD 6HJXQGD *UDQGH *XHUUD SRLV D +XQJULD DVVRFLDGD j $OHPDQKD LQYDGLX D 8FUkQLD H D 3RO{QLD DQH[DQGR D *DOtFLD j 5HS~EOLFD 6RFLDOLVWD 6RYLpWLFD GD 8FUkQLD D 5RPrQLD GHYROYHX D %HVVDUiELD H %XNRY\QD TXH WDPEpP SDVVDP D ID]HU SDUWH GD 5HS~EOLFD 6RYLpWLFD (P D 8566 p LQYDGLGD SHOD $OHPDQKD VHQGR D 5HS~EOLFD XFUDQLDQDDSULPHLUDDVHURFXSDGDHGHYDVWDGD769,(7.29

1DWHQWDWLYDGHLQLFLDUXPDUHWRPDGDGHSRGHUQD8FUkQLDHPD 2UJDQL]DomR GRV 1DFLRQDOLVWDV 8FUDQLDQRV SURFODPRX D LQGHSHQGrQFLD HP /YLY(VVHPRYLPHQWROHYDVHXVOtGHUHVjSULVmRHVHPGLUHLWRDRMXOJDPHQWR HOHVVmRHQYLDGRVDRVFDPSRVGHFRQFHQWUDomRGHRQGHSRXFRVVDtUDPYLYRV 2V PRYLPHQWRV GH UHVLVWrQFLD FRQWLQXDP PDV RV LQLPLJRV SDUHFHP VH PXOWLSOLFDUHGHVVDYH]RSRYRXFUDQLDQROXWDFRQWUDGRLVLQYDVRUHVD5~VVLD FRPXQLVWDHD$OHPDQKDQD]LVWD

(35)

JHRSROtWLFDV TXH QmR PDLV WUD]LD D DQWHULRU PDUFD GD GLYLVmROHVWHRHVWHHQHPPDLVRYHOKRFRQIURQWRHQWUHR EORFR FDSLWDOLVWD H R VRFLDOLVWD $SUHVHQWDQGR QRYDV FDUDFWHUtVWLFDV GHVWDFDGDPHQWH H FRPSOHWD KHJHPRQLD GDRUGHPFDSLWDOLVWDYLWRULRVDHFRPSRQGRRTXHDOJXQV SUHIHUHP FKDPDU GH QRYD RUGHP LQWHUQDFLRQDO 0,&+$/,&+(1S

$ 6HJXQGD *UDQGH *XHUUD DFDERX PDV R FHUFR GD 8566 FRQWLQXRX (VVHFHUFRpDLQGDPDLVIRUWHYLVWRTXHFRPDSHUGDGDJXHUUDHUDQHFHVViULR PDQWHUDVIURQWHLUDVHDGHQVLGDGHGHPRJUiILFD(UDQHFHVViULRUHFRQVWUXLUR YHOKRFRQWLQHQWHWDUHIDTXHSHVRXSULQFLSDOPHQWHVREUHDVQDo}HVVXEMXJDGDV TXHVHYLUDPFHUFDGDVSHOD³FRUWLQDGHIHUUR´

$V OHYDV PLJUDWyULDV GH XFUDQLDQRV SDUD R %UDVLO GLPLQXLUDP GUDVWLFDPHQWH FRP D SROtWLFD VRYLpWLFD EHP FRPR D YRQWDGH GR *RYHUQR EUDVLOHLUR HP UHFHEHU LPLJUDQWHV GDV UHJL}HV SHUWHQFHQWHV DR WHUULWyULR FRPXQLVWD

$ KLVWyULD GD 3RO{QLD H GD 8FUkQLD VH FRQIXQGH SRLV DOpP GH IURQWHLULoRV RV SRYRV VmR GH XPD PHVPD UDL] JHQHDOyJLFD H PHVPR TXH FRQVLGHUDGRVGLIHUHQWHVIRLHYLGHQWHRFRQVWDQWHFRQWDWRHQWUHHOHV

&RPRHVWDGRXQLWiULRDKLVWyULDGD3RO{QLDVHLQLFLRXQRVpFXOR;GDHUD FULVWmPDLVSUHFLVDPHQWHVRERUHLQDGRGH0LHV]NR,VREHUDQRGDHVWLUSHGR 3LDVWTXHGHVGHVHXUHLQDGRRILFLDOL]RXRFULVWLDQLVPRFRPRUHOLJLmRGR(VWDGR SRORQrV6HXWHUULWyULRVRIUHUDFRPDVGLYHUVDVLQYDV}HVGRVSRYRVEiUEDURVH FRPR FRQVHTXrQFLD WHYH VXDV IURQWHLUDV PRGLILFDGDV SRU XP SHUtRGR TXH VRPRXTXDVHXPPLOrQLRGHKLVWyULD

2 FULVWLDQLVPR DGRWDGR SHOD 3RO{QLD IRL XPDV GDV SULQFLSDLV FDUDFWHUtVWLFDVTXHDX[LOLDUDPQDFRQVWUXomRGHXPDLGHQWLGDGHpWQLFDGLIHUHQWH GDGHVHXVYL]LQKRVFRPRDGRVXFUDQLDQRVSRUH[HPSOR$3RO{QLDDGRWRXR ULWXDORFLGHQWDOGRFULVWLDQLVPRVHQGRTXHRVSULQFLSDLVSDtVHVGROHVWHHXURSHX DGRWDUDPRULWXDOGLVVHPLQDGRSHORLPSpULREL]DQWLQR5$026

(36)

WUDEDOKR YROWDGR TXDVH TXH H[FOXVLYDPHQWH D WHUUD R TXH IH] FRP TXH HVVH SHUtRGR IRVVH PDUFDGR SRU FRQIOLWRV H JXHUUDV TXH WLQKDP FRPR REMHWLYR D FRQTXLVWDGHGRPtQLRVWHUULWRULDLV

9HQFHGRUD GH GLYHUVRV FRQIOLWRV D 3RO{QLD DFDED VH WRUQDQGR JUDQGH SRWrQFLD GD pSRFD DJUHJDQGR DVVLP YiULRV WHUULWyULRV LQFOXVLYH D UHJLmR GD *DOtFLDDQWHVSHUWHQFHQWHj8FUkQLD

$VUHODo}HVGHKRVWLOLGDGHHQWUHXFUDQLDQRVHSRORQHVHVVXUJLULDFRPR UHVXOWDGR GD RSUHVVmR TXH VH LQLFLRX FRP D LQWHQVLILFDomR GD WHQVmR VRFLDO HQWUH HVVHV GRLV JUXSRV (P PHDGRV GR VpFXOR ;,; HVVD VLWXDomR VH LQWHQVLILFRX DLQGD PDLV SRLV D QREUH]D ODWLIXQGLiULD GH PDLRULD SRORQHVD FRQWLQXDYD GHWHQGR R SRGHU LQVWLWXtGR FRPR SURSULHWiULRV GH WHUUDV $R FDPSRQrV SRORQrV H XFUDQLDQR UHVWDYD YLYHU QD RSUHVVmR QD YLROrQFLD H QD LJQRUkQFLDVHPSHUVSHFWLYDSDUDVLQHPSDUDVHXVILOKRV

1mRFRQVHJXLQGRPDQWHURVWHUULWyULRVFRQTXLVWDGRVD3RO{QLDGRVpFXOR ;,; DFDERX HQWUDQGR QXPD GHSUHVVmR HFRQ{PLFD WHQGR HQWmR VHX WHUULWyULR GLYLGLGRHQWUHWUrVJUDQGHVSRWrQFLDVRFXSDQWHVÈXVWULD3U~VVLDH5~VVLD

RJRYHUQRDXVWUtDFRGHVGHRVILQDLVGDGpFDGDGH SDVVRX HIHWLYDPHQWH D LQFHQWLYDU D HGXFDomR REULJDWyULD HPWRGDVDVUHJL}HVGR,PSpULREHPFRPRIDYRUHFHUXPD UHODWLYD OLEHUGDGH GH LPSUHQVD &RQWXGR QDV FRQGLo}HV GD*DOtFLDVREUHDKHJHPRQLDGDQREUH]DSRORQHVDHVVD LQLFLDWLYDQmRIRLLQWHJUDOPHQWHLPSOHPHQWDGD$VLWXDomR UHIOHWLXVH QR TXDGUR GHVRODGRU SDUD D UHJLmR HP VRPHQWH GRV KRPHQV H GDV PXOKHUHV FRQVHJXLDP OHU H HVFUHYHU ,VWR GHVWRDYD GR WRWDO GR ,PSpULR RQGH DV SRUFHQWDJHQV HUDP H UHVSHFWLYDPHQWH GH KRPHQV H PXOKHUHV DOIDEHWL]DGRV $1'5($==$S

(37)

TXH FRPR SULPHLUR GHFUHWR VXEVWLWXtUDP RV QRPHV SRORQHVHV H[LVWHQWHV QD WRSRQtPLDGHFLGDGHVUXDVHSUDoDV5$026

4XDQWRjUHOLJLRVLGDGH

R SURFHVVR GH JHUPDQL]DomR DWLQJLX D ,JUHMD )RUDP SURLELGRVRVVHUP}HVHPSRORQrVEHPFRPRRHQVLQRGR FDWHFLVPRQHVWDOtQJXDRTXHUHVXOWRXQDSULVmRHH[tOLR GH GLYHUVRV ELVSRV $V FRQJUHJDo}HV UHOLJLRVDV IRUDP SURLELGDV RV FRQYHQWRV IHFKDGRV H FHQWHQDV GH SDGUHV DSULVLRQDGRV:$&+2:,&=S

(UDFRQVLGHUDYHOPHQWHQtWLGDDGLYLVmRGHFODVVHVVRFLDLVQD3RO{QLD &RQFHQWUDQGRHPVXDVPmRVFRQVLGHUiYHLVH[WHQV}HVGHWHUUDVWHPRV.PLHF TXH PHVPR DVVLP QmR HUDP FRQVLGHUDGRV ODWLIXQGLiULRV PDV TXH VH VREUHVVDtDP DV GHPDLV FDWHJRULDV DOGHmV JUDoDV D VXD PHOKRU FRQGLomR GH YLGD(QTXDQWRLVVRDPDLRUSDUWHGDSRSXODomRSRORQHVDHUDFRQVWLWXtGDSRU SHTXHQRVSURSULHWiULRVRVFKDOXSQLNLTXHSRVVXtDPFHUFDGHDKHFWDUHVGH WHUUD R TXH QmR HUD VXILFLHQWH SDUD PDQWHU WRGD D IDPtOLD &RP LVVR RV SRORQHVHV VH YLDP REULJDGRV D HPSUHJDUHPVH FRPR WUDEDOKDGRUHV EUDoDLV QDVJUDQGHVSURSULHGDGHV1DEDVHGDSLUkPLGHVRFLDODOGHmHQFRQWUDYDPVH RVWUDEDOKDGRUHVUXUDLVTXHQDGDSRVVXtDPDQmRVHUDIRUoDGHWUDEDOKR

6HJXQGR:$&+2:,&=TXDQGRHVVDVFODVVHVHUDPUHXQLGDV QD LJUHMD SRU H[HPSOR HODV PDQWLQKDP FHUWD GLVWkQFLD HQWUH VL VHQGR TXH TXDQWRPDLVHOHYDGRRQtYHOVRFLDOPDLVSUy[LPRDRDOWDUWLQKDGLUHLWRGHILFDU

2UGHQDGRV D REHGHFHU DR SRGHU GHFLVyULR GDV SRWrQFLDV RFXSDQWHV TXHQDUHDOLGDGHTXHULDPH[WHUPLQDUFRPRTXHIRLRWHUULWyULRGD3RO{QLDHFRP RV SRORQHVHV RV JUDQGHV SURSULHWiULRV JHUDOPHQWH UXVVRV SHUVHJXLUDP RV SHTXHQRVSURSULHWiULRVSRORQHVHVDWpRPRPHQWRTXHGHFLGLVVHPYHQGHUVXDV WHUUDV

1R ILQDO GR VpFXOR ;,; WDQWR XFUDQLDQRV TXDQWR SRORQHVHV VH YLUDP VXEMXJDGRVSRUQDo}HVRFXSDQWHV8FUkQLDH3RO{QLDDQWHVUHFRQKHFLGDVFRPR SDUWtFLSHV GR JUXSR GH SRWrQFLDV HXURSHLDV DJRUD HVWDYDP j PHUFr GDV GHFLV}HVSROtWLFDVHGDVLQIOXrQFLDVVRFLDLVHFXOWXUDLVGRV³LQYDVRUHV´

(38)

3RUpPRIHQ{PHQRPLJUDWyULRGHXFUDQLDQRVHSRORQHVHVDR%UDVLOQmR DFRQWHFHX DSHQDV HP GHFRUUrQFLD GD FRQVWDQWH WURFD GH SRGHUHV ORFDLV )DWRUHVHFRQ{PLFRVWHUULWRULDLVRFXSDomRFRORQL]DomRFXOWXUDLVFRQFRUUHUDP SDUDDWUDLULPLJUDQWHVOLJDGRVDWHUUDDRSDtVKRVSHGHLUR

(39)

&$3Ë78/2±',$/e7,&$'$0,*5$d­248(00,*5$( 32548(0,*5$

'LVFXWLU R SURFHVVR GH LQWHJUDomR VH DSUHVHQWD FRPR XPD iUGXD

WDUHID SRLV VXD GHILQLomR p VXJHULGD D SDUWLU GH RXWURV FRQFHLWRV TXH RUD R FRPSOHWDP RUD R WRUQDP FRPSOH[R &RP EDVH QR SUHVVXSRVWR GH TXH SDUD LQWHJUDU p QHFHVViULR TXH DOJR HVWHMD VHSDUDGR GLVWLQWR D IRUPXODomR GR FRQFHLWRGHLQWHJUDomRpFRPSUHHQGLGDDSDUWLUGDGLQkPLFDHPSUHHQGLGDSHODV GLIHUHQWHV FROHWLYLGDGHV e DWUDYpV GDV VLWXDo}HV FRWLGLDQDV GH FRQWDWR GH DSHJRTXHH[LVWHDSRVVLELOLGDGHGHWUDQVFHQGHURSDVVDGRRXVHQHFHVViULR OKHVHUILHOFULDQGRPHFDQLVPRVGHPDQXWHQomRGRWUDGLFLRQDO

3DUWHVHGRSUHVVXSRVWRGHTXHDVDo}HVFRWLGLDQDV SUpHVWDEHOHFLGDV SHORVDWRUHVVRFLDLVGHWHUPLQDPDUHSURGXomRGHFRQGXWDVQRkPELWRGHFXUWD GXUDomR ID]HQGR FRP TXH SHUVRQDJHQV KLVWyULFDV VHMDP WHQWDGRV D PDQWHU VHXVEHQVLPDWHULDLV0DVVHSHUFHEHQXPTXDGURFRQMXQWXUDOTXHDWUDYpVGR OLDPHGDVJHUDo}HVHODVVHWRUQDPIDWRUHVDJUHJDGRUHVQRPRPHQWRHPTXH VmRUHFRQKHFLGRVSHODFRPXQLGDGHHPJHUDOFRQVHTXrQFLDGDQHJRFLDomRGD LGHQWLGDGHORFDO

3RUHVVDQHJRFLDomR/(66(5FRQVWLWXtGDDSDUWLUGRFRQFHLWRGH IURQWHLUD%$57+RVJUXSRVLPLJUDQWHVVmRFRQVWDQWHPHQWHDFXVDGRV GHFRPSURPHWLPHQWRHFXPSOLFLGDGHFRPDLGHRORJLDUDFLVWDQRPRPHQWRHP TXH GHWHUPLQDP VHXV SDGU}HV LGHDLV WUD]LGRV GR DOpPPDU HP GHWULPHQWR GDTXHOHVTXHQmRFRPSDUWLOKDPGHXPDPHVPDHVVrQFLDFXOWXUDO72'2529

$LPLJUDomRHPPDVVDSDUDR%UDVLOVHULDHQWmRDGLDOpWLFDHQWUHRIDWRH D HVWUXWXUD YLVWR TXH UHVXOWDULD LUUHIXWDYHOPHQWH QD WUDQVIRUPDomR GH XPD FRPXQLGDGH HVWDEHOHFLGD EHP FRPR SHORV JUXSRV TXH VH HVWDEHOHFLDP QR QRYR SDtV (VVD WUDQVIRUPDomR QmR SRGH VHU GHOHJDGD DSHQDV DR JUXSR UHFHSWRUTXHYrVXDWHUUDLQYDGLGDSRUJUXSRVGLVWLQWRVHFRPDo}HVVRFLDLVTXH GHVWRDP GH VXDV Do}HV FRWLGLDQDV $ UHFtSURFD WRUQDVH YHUGDGHLUD QR

2FRQFHLWRGHLQWHJUDomRDTXLGHVWDFDGRVXUJHGRGLVFXUVRGH/HVVHUTXHYrHVVH

(40)

PRPHQWR TXH RV JUXSRV pWQLFRV YLQGRV FRP DV FRUUHQWHV PLJUDWyULDV QmR HQFRQWUDPQR%UDVLOXPDUHSUHVHQWDomRSROtWLFDTXHROKDVVHSRUHOHVID]HQGR FRPTXHIRVVHPGLYHUVDVDVGLILFXOGDGHVHQFRQWUDGDVQRQRYRSDtVVHQGRD DGDSWDomRGLItFLOHPRURVD

(VVDVLWXDomRVHGHYHDRIDWRGHTXHQLQJXpPPLJUDSRUDFDVRFRPR DILUPD $QGUHD]]D $ LPLJUDomR GH LQGLYtGXRV H IDPtOLDV VH GHYH D IDWRUHV H[WHUQRVHVXEMHWLYRVTXHDWUDHPRXH[SXOVDPDVFRPXQLGDGHVGHVHXVSDtVHV GHRULJHPHPEXVFDGHXPDLOXVmRPLJUDWyULD$1'5($==$

'HQWUH RV IDWRUHV GH H[SXOVmR SDUHFH VHU HVVH R WHUPR PDLV DSURSULDGR HVWDYD D UHODomR H[LVWHQWH HQWUH D IDOWD GH WHUUDV TXH SRVVLELOLWDVVHP D PDQXWHQomR GR FDPSHVLQDWR H D VLJQLILFDWLYD GHQVLGDGH GHPRJUiILFDFRQVWLWXtGDSHORVSDGU}HVIDPLOLDUHVGDpSRFDHVWDEHOHFLGRVSHOR SUySULRVLVWHPD

1R %UDVLO FRPR HP WRGR R QRYR PXQGR H[LVWLD XPD LQYHUVmR GHVVD VLWXDomR$GHQVLGDGHGHPRJUiILFDHUDLQVLJQLILFDQWHHPDOJXPDVUHJL}HVHD TXDQWLGDGHGHWHUUDVGHYROXWDVHUDVXUSUHHQGHQWHPHQWHJUDQGHSULQFLSDOPHQWH VHFRPSDUDGDDSDGU}HVHXURSHXV&RQIRUPH.OHLQS³QD(XURSD DWHUUDHUDFDUDHDPmRGHREUDEDUDWD1D$PpULFDDWHUUDHUDDEXQGDQWHH HVWDYDGLVSRQtYHO(QWUHWDQWRDPmRGHREUDHUDHVFDVVDSRUWDQWRFDUD´

$SUySULDLPLJUDomRVHWRUQDQHJyFLRHWUD]YDQWDJHQVDJRYHUQRVHD SDUWLFXODUHVTXHHVSHFXODPHVVHVPRYLPHQWRV

$LPLJUDomRpXPLQYHVWLPHQWRFRPSHQVDGRUGHXPODGR R LPLJUDQWH VLJQLILFD FDSLWDO GH WUDEDOKR GH RXWUR p SRUWDGRU GH EHQV FXOWXUDLV TXH HQULTXHFHP D VRFLHGDGH GH DGRomR $OpP GLVVR D VXD PmRGHREUD VLJQLILFRX D LPSODQWDomR GR UHJLPH GH WUDEDOKR OLYUH SURSLFLRX WUDQVIRUPDo}HV QD HVWUXWXUD DJUiULD EUDVLOHLUD H GHPRFUDWL]RXRXVRGDWHUUDSRVVLELOLWDQGRRVXUJLPHQWR GHXPDFODVVHPpGLDUXUDO%2586=(1.2S

&RP LVVR GLYHUVRV JUXSRV pWQLFRV IRUDP DWUDtGRV SDUD R QRYR PXQGR DWUDYpVGDSURSDJDQGDLPLJUDWyULDEUDVLOHLUD

(41)

48(00,*5$(32548(0,*5$&2028&5$1,$126(32/21(6(6 9­23$5$5(0358'(17Ï32/,6"

$KLVWyULDGD$PpULFDDWUDYpVGRGLVFXUVRHXURFrQWULFRHHWQRFrQWULFR VH FDUDFWHUL]D HQTXDQWR FLYLOL]DomR DWUDYpV GDV FRQVWDQWHV FRUUHQWHV PLJUDWyULDVTXHWUD]HPDRQRYRPXQGRRWLSRLGHDO

3DUWLQGRGHVVDSUHPLVVDVHUiDSDUWLUGRVpFXOR;,;TXHXPDLPLJUDomR GLYHUVLILFDGDSDUWHHPGLUHomRDVWHUUDVGRQRYRPXQGR$PDLRULDGRVSDtVHV DPHULFDQRVMiKDYLDDGTXLULGRVXDLQGHSHQGrQFLDQDFLRQDOHWLQKDPRLQWHUHVVH GHPDQWHUVXDKHJHPRQLDSROtWLFDSRVVtYHOSHODPDQXWHQomRGHVXDVIURQWHLUDV JHRJUiILFDVTXHDLQGDHVWDYDPHPGLVSXWD

2 JRYHUQR LPSHULDO SRUWXJXrV FRPR H[HPSOR VH YLX REULJDGR D LQWHQVLILFDU D FRORQL]DomR GDV UHJL}HV IURQWHLULoDV RQGH D GHQVLGDGH GHPRJUiILFDHUDLQVLJQLILFDQWHIDWRUTXHLPSRVVLELOLWDYDDUHDOPDQXWHQomRGR YDVWRWHUULWyULRLPSHULDO

([S}H %DOKDQD TXH D RFXSDomR GR WHUULWyULR GDV QDo}HV UHFpP LQGHSHQGHQWHVVHWRUQDDSULRULGDGHGRVJRYHUQRVFRQVWLWXtGRVTXHYLDPQHVVD RFXSDomR DOpP GD JDUDQWLD GD VREHUDQLD QDFLRQDO D YDORUL]DomR HFRQ{PLFD GHFRUUHQWH GD H[SORUDomR GDV WHUUDV DWp HQWmR YLVWDV FRPR YD]LRV GHPRJUiILFRV 2 DSHOR j LPLJUDomR VH GHYH GHQWUH RV IDWRV DFLPD UHODFLRQDGRVDRXUJHQWHDXPHQWRGHPRJUiILFRHDWUDQVIRUPDomRGRVKiELWRV GH WUDEDOKR SRVVtYHO DSHQDV FRP D LPLJUDomR (VVD DILUPDomR DMXGD D HQWHQGHURMDUJmR³1D$PpULFDJRYHUQDUpSRYRDU´758'$S

$ LPLJUDomR VHULD HQWmR XPD HVWUDWpJLD RSHUDFLRQDO LQVWLWXtGD SRU SURMHWRVQDFLRQDLVHUHJLRQDLV$WUDYpVGHGLVSRVLWLYRVOHJDLVEXVFDYDPSRYRDU SRQWRV HVWUDWpJLFRV GR WHUULWyULR EUDVLOHLUR FRP R LQWXLWR GH JXDUQHFHU DV IURQWHLUDVGRLPSpULRHSRVWHULRUPHQWHGDUHS~EOLFD

2 GLVFXUVR GRV DJHQWHV GH LPLJUDomR DVVRFLDGR DRV IDWRUHV GH H[SXOVmRGHSRSXODo}HVQRFRQWLQHQWHHXURSHXDMXGDUDPDFRQVWUXLUR%UDVLO FRP D LPDJHP GH XP YHUGDGHLUR SDUDtVR HQWUDQKDGR QDV WHUUDV GR QRYR PXQGR

(42)

$SUHRFXSDomRFRPRVYD]LRVGHPRJUiILFRVGRILPGR VpFXOR;,;QmR IRUDXPD QRYLGDGH QDV WHUUDVEUDVLOHLUDV VHQGR XPD HVWUDWpJLD XWLOL]DGD SHOR UHJHQWH 'RP -RmR 9, TXDQGR SHUPLWLX D FRQFHVVmR GH WHUUDV D HVWUDQJHLURV LQWHUHVVDGRVHPGHL[DUDVXDWHUUDGHRULJHPHPGLUHomRjFRO{QLDSRUWXJXHVD

8PFRQMXQWRGHPHGLGDVFRORFDGDVHPSUiWLFDSDUDGDUVXVWHQWDomRD HVVH SURMHWR FXOPLQRX QR GHFUHWR GH GH QRYHPEUR GH TXH YHLR D HVWDEHOHFHUDVQRYDVGLUHWUL]HVSDUDDSRVVHGHWHUUDQR%UDVLO

(VVHFRQMXQWRGHPHGLGDVGHWHUPLQRXGLYHUVDVRXWUDVTXHPDQWLYHUDP XPDWrQXHUHODomRHQWUHDHVFDVVH]GHPmRGHREUDHDDEXQGkQFLDGHWHUUDV IDWRU TXH GHWHUPLQRX H GLUHFLRQRX D SROtWLFD H D SURSDJDQGD LPLJUDWyULD EUDVLOHLUD

)LFRX HYLGHQWH HVVD VLWXDomR FRP D IRUPXODomR GD /HL GH 7HUUDV GH TXH YLVRX VHJXQGR .OLHPDQQ IDFLOLWDU R DFHVVR j WHUUD D ~QLFD IRUPD GH DGTXLULU WHUUDV GHYROXWDV HUD DWUDYpV GD FRQFHVVmR GH VHVPDULDV VHQGR TXH D SDUWLU GH IRL H[WLQWD D SRVVLELOLGDGH GH FHVVmR JUDWXLWD GH WHUUDVS~EOLFDV(ODVHWRUQDXPEHPPHUFDQWLOVHQGRDGTXLULGDDSHQDVDWUDYpV GD FRPSUD MXQWR DR (VWDGR *87,(55(= UHRUJDQL]DU D SURGXomR DWUDYpV GH QRYRV FXOWLYRV VDWLVID]HU RV DQVHLRV GRV LQWHOHFWXDLV DQWLHVFUDYDJLVWDV H SXULILFDU R VDQJXH H D FXOWXUD EUDVLOHLUD DWUDYpV GD LPLJUDomR$SURPXOJDomRGHVVDOHLDMXGRXDVXVFLWDUDLPLJUDomRSDUDR%UDVLO VHQGR FRQVLGHUDGD FRPR XP GRV IDWRUHV GH DWUDomR GH JUXSRV TXH DQWHULRUPHQWH VH YLDP SUHVVLRQDGRV VRFLDOPHQWH SHOR VLJQLILFDWLYR DXPHQWR GHPRJUiILFRGD(XURSD

$OpP GDV VXSUDFLWDGDV RXWUD HUD D SUHRFXSDomR TXDQWR D SRSXODomR EUDVLOHLUD IHQRWtSLFD ,VVR VH GHYH DR VLJQLILFDWLYR DXPHQWR GH QHJURV QR SHUtRGRHVFUDYDJLVWD

QR LQtFLR GR VpFXOR ;,; D SRSXODomR EUDVLOHLUD p FRQVWLWXtGD GH XP PLOKmR GH LQGtJHQDV XP PLOKmR QRYHFHQWRV H RLWHQWD H VHWH PLO QHJURV HP VXD PDLRULD DEVROXWD HVFUDYRV VHLVFHQWRV H YLQWH RLWR PLO PHVWLoRV

8PH[HPSORpHQFRQWUDGRQRWUHFKRFRQWLGRQRWUDEDOKRGH7UXGDSUHIHUHQWHj

(43)

2V EUDQFRV VRPDYDP RLWRFHQWRV H TXDUHQWD H FLQFRPLO '5(+(5S

$KLSyWHVHVXVWHQWDGDSRU'UHKHUHYLGHQWHTXHQmRD~QLFDpTXHXPD GDV FDXVDV PDLRU QD LPLJUDomR JHUDOPHQWH QmR p REMHWR GH HVWXGRV PLJUDWyULRVREUDQTXHDPHQWRGDUDoD'5(+(5SRXFDLDPHQWRGD SRSXODomR:$&+2:,&=S

2 WHPRU HUD GH TXH R Q~PHUR GH QHJURV VXVFLWDVVH XPD VpULH GH UHYROWDV FRPR Mi HVWDYD DFRQWHFHQGR H TXH HVVH TXDGUR FULDVVH D WUDQVIRUPDomRGDLGHQWLGDGHQDFLRQDODLQGDHPFRQVWUXomRHPXPDLGHQWLGDGH EDVHDGD H IXQGDPHQWDGD QD DIULFDQD 6HJXLQGR HVVD DILUPDomR D SROtWLFD LPLJUDWyULD EXVFD DWUDLU LPLJUDQWHV GH SUHIHUrQFLD HXURSHXV FRP R LQWXLWR GH EUDQTXHDUDSRSXODomREUDVLOHLUD

$ SROtWLFD LPLJUDWyULD TXH FRPR GLWR DQWHULRUPHQWH WRPRX SURSRUo}HV VLJQLILFDWLYDV D SDUWLU GD OHL GH WHUUDV GH HQFRQWURX DOJXQV IDWRUHV TXH IDFLOLWDUDP VXD GLVVHPLQDomR ([HPSOR GLVVR IRL D HPDQFLSDomR SROtWLFD GR 3DUDQiTXHQHFHVVLWDYDSUHHQFKHURVYD]LRVGHPRJUiILFRVFRPRMXVWLILFDWLYDj VXD VHSDUDomR GD 3URYtQFLD GH 6mR 3DXOR $ RFXSDomR GHYHULD VHU UiSLGD H HIHWLYD VHQGR D FULDomR GH FRO{QLDV GH LPLJUDQWHV HXURSHXV D VDtGD TXH JDUDQWLULDHVVHUHVXOWDGR$FULDomRGDVFRO{QLDVGHLPLJUDQWHVVHWRUQDSROtWLFD GH JRYHUQRV FRPR LQIRUPDGRV QRV UHODWyULRV GH SUHVLGHQWHV GH SURYtQFLD D

SDUWLUGH

(VWLPXODGRVSHODSROtWLFDLPLJUDWyULDpTXHRVSULPHLURVLPLJUDQWHVOLYUHV GHL[DP D (XURSD WHQGR FRPR GHVWLQR DV WHUUDV DPHULFDQDV 7LQKDP HP

PHQWH TXH D SHUPDQrQFLD QR GHVFRQKHFLGR SDtV HUD SURYLVyULD H TXH ORJR YROWDULDPSDUDRSDtVTXHGHL[DUDPSDUDWUiV$JHQHUDOL]DomRQmRpDFHLWDQR FDVR GH XFUDQLDQRV H SRORQHVHV TXH IXJLDP GDV GLILFXOGDGHV SROtWLFDV H HFRQ{PLFDVGHVHXVSDtVHVQmRDSUHVHQWDQGRDVVLPH[SHFWDWLYDGHUHYHUWHU RSURFHVVRPLJUDWyULR

2VUHODWyULRVGRV3UHVLGHQWHVGH3URYtQFLDVHHQFRQWUDPQRDFHUYRGR$UTXLYR3~EOLFRGR

(VWDGRGR3DUDQi

'HDFRUGRFRP-HDQ5RFKHDPLJUDomRSDUDR%UDVLOIRLGLULJLGD³1DGDHUDPDLVSUy[LPR

(44)

1DWUDQVLomRGRVpFXOR;,;DR;;DVLWXDomREUDVLOHLUDH[LJLDGHIRUPD PDLV FRQWXQGHQWH D LPLJUDomR 2 FUHVFLPHQWR HFRQ{PLFR FRQVHTXrQFLD GR DXPHQWRGDVSODQWDo}HVGHFDIpQRQRUWHGR(VWDGRGR3DUDQiDFRQVWUXomR GHHVWUDGDVGHOLQKDVWHOHJUiILFDVFULDomRGHJDGRRDXPHQWRGRFRPpUFLRGH PDGHLUD QD UHJLmR &HQWUR6XO H R ILP GD HVFUDYDWXUD VmR H[HPSORV GH VLWXDo}HVTXHID]HPGDLPLJUDomRXPyWLPRQHJyFLRSDUDRJRYHUQREUDVLOHLUR SDUDDVFRPSDQKLDVPDUtWLPDVHSDUDRVJUDQGHVODWLIXQGLiULRVTXHXWLOL]DULDP GD PmRGHREUD SRU YH]HV HVSHFLDOL]DGD 7DPEpP DV FRPSDQKLDV PDGHLUHLUDVWLQKDPVXDVUHSUHVHQWDo}HVQD(XURSDHHVWDVXVDYDPGHWRGRV RVUHFXUVRVHDUWLItFLRVDILPGHLQFHQWLYDUDLPLJUDomR

1R 3DUDQi D SULPHLUD WHQWDWLYD GH FRQWUDWR FRP XPD FRPSDQKLDSDUWLFXODUGHPLJUDomRIRLRDFRUGRILUPDGRHP PDLR GH FRP 0DQRHO 0LUDQGD 5RVD (VVH DFRUGR IRUQHFH XP UHWUDWR GR TXH VHULD R SURFHVVR LGHDO GH FRORQL]DomRQDFRQFHSomRGRVHFUHWiULRTXHPDLVWHPSR HVWHYH j IUHQWH GR VHUYLoR R 'U &kQGLGR GH $EUHX 2 FRQWUDWRILUPDGRSRU&kQGLGRGH$EUHXFRP0DQRHO5RVD SUHYLD D ORFDOL]DomR GH LPLJUDQWHV 3DUD WDQWR FRQFHGLDDiUHDGHXPPLOKmRGHKHFWDUHVQRQRURHVWHGR (VWDGR MXVWDPHQWH D UHJLmR PHQRV FRQKHFLGD H H[SORUDGD GH VHX WHUULWyULR 3HOD VHJXQGD FOiXVXOD GR FRQWUDWR 0DQRHO 5RVD VH FRPSURPHWLD D PHGLU R SHUtPHWURGDiUHDDWpRILQDOGRDQRVHJXLQWHHLQLFLDUD FRQVWUXomR GH HVWUDGDV H D GHPDUFDomR GH ORWHV DWp

QRYHQWDGLDVDSyVDPHGLomRGRSHUtPHWURDFDGDFLQFR DQRVGHYHULDPHVWDURUJDQL]DGDVHRSHUDQWHVRLWRQRYDV FRO{QLDVFRPFLQFRPLOKDELWDQWHVFDGD*8e5,26 SQRWDLQVHULGDSHORDXWRU

&RPHVVDSHUVSHFWLYDRVLPLJUDQWHVXFUDQLDQRVFKHJDUDPjFRO{QLDGH 3UXGHQWySROLV D SDUWLU GR DQR GH (VVD GLIHUHQoD FURQROyJLFD HQWUH RV

'HDFRUGRFRP3LPHQWHOHUDH[LJLGRGRVLPLJUDQWHVTXHGHIRUPDLPHGLDWDRVORWHV

IRVVHPGHVEDVWDGRVFHUFDGRVHSURYLGRVGHXPDWHUUDSURYLVyULDGHLQVWUXPHQWRVDJUtFRODV QHFHVViULRV H VHPHQWHV 7XGR FRP R VXEVtGLR LQGLYLGXDO TXH UHFHELDP SHORV WUDEDOKRV GH XWLOLGDGHFRPXP

5HIHULQGRVHDRV5HODWyULRVGRV3UHVLGHQWHVGH3URYtQFLDGRDQRGH*XpULRV

(45)

SULPHLURVLPLJUDQWHVQR%UDVLOVHGHYHDRIDWRGDSURSDJDQGDLPLJUDWyULDWHU

GHPRUDGRDVXUWLURHIHLWRGHVHMDGRQD8FUkQLDSRLVRPHGRGRGHVFRQKHFLGR H D IDOWD GH UHFXUVRV LPSRVVLELOLWDUDP D WUDYHVVLD GR DWOkQWLFR HP EXVFD GH QRYDV SHUVSHFWLYDV$ SULQFtSLR DSHQDV DOJXPDVIDPtOLDV H SHTXHQRVJUXSRV GHLQGLYtGXRVFRUUHUDPRULVFRGHHQIUHQWDUHVVDDYHQWXUDDTXDOGLVVHPLQDUDP HQWUHVHXVIDPLOLDUHVDILPGHLQFHQWLYiORVDID]HURPHVPR

(VVDVLWXDomRIRLIDFLOLWDGDDSDUWLUGDFHUWH]DTXHRJRYHUQREUDVLOHLUR JDUDQWLULDSDVVDJHQVSDUDRWUDVODGR

$QWHULRUPHQWHMiDVVLQDYD.OREXNRZVNLS

7RGDDRUJDQL]DomRGHWUDQVSRUWHSDUDRQDYLRFRQVLVWLD QXPD RSHUDomR $ FRPSDQKLD 0HWURSROLWDQD GR 5LR GH -DQHLUR UHFHELD GR *RYHUQR %UDVLOHLUR XPD VRPD HP GLQKHLUR SRU H[HPSOR IUDQFRV SRU DGXOWR SRU FULDQoDHQWUHDDQRVHSRUFULDQoDGHDDQRV $FRPSDQKLDWLQKDSRVVLELOLGDGHVGHWUD]HURVLPLJUDQWHV SRUSUHoRVEHPLQIHULRUHV3RUHVVDUD]mRHPSDWDYDVHX FDSLWDO SDUD WUD]rORV (VVDV LPSRUWkQFLDV HUDP GHYROYLGDVHPGLDVQRPi[LPRDSyVRGHVHPEDUTXH

$OpP GR WUDQVSRUWH R *RYHUQR )HGHUDO WDPEpP DMXGDULD DWUDYpV GRV (VWDGRVHGDFRQWUDWDomRGHFRPSDQKLDVGHLPLJUDomRDHQFRQWUDUOXJDUSDUD RV LPLJUDQWHV VH HVWDEHOHFHUHPH jWHUUD SDUD WUDEDOKDUHP(VVD FHUWH]DIH] FRPTXHJUXSRVPDLRUHVTXDQWRDRQ~PHURGHLQGLYtGXRVDUULVFDVVHPGHL[DU VHXSDtVHVHGLULJLUDXPSDtVGHVFRQKHFLGR

2 *RYHUQR )HGHUDO FRP VHGH QR 5LR GH -DQHLUR DMXGD VLPSOHVPHQWHRV(VWDGRVHSDUWLFXODUHVSDUDDIXQGDomR GHSRYRDGRVPHGLDQWHFUpGLWRVHRXWUDVIDFLOLGDGHV3RU H[HPSOR ILQDQFLD D DOJXQV (VWDGRV R WUDQVSRUWH GH LPLJUDQWHV GD (XURSD H OKH HPSUHVWD GLQKHLUR SDUD R HVWDEHOHFLPHQWR GH FRO{QLDV LVWR SDUD D ³GHVFREHUWD´ UHFRQKHFLPHQWR GR VROR GHPDUFDomR GDV FKiFDUDV GRWDomR GDV PHVPDV FRP D FRPXQLFDomR HVWUDGDV FDVDV H LQYHQWiULRV EHP FRPR SDUD D PDQXWHQomR GRV

'H DFRUGR FRP %RUXV]HQNR ³R JRYHUQR EUDVLOHLUR DVVLQRX FRQWUDWR FRP YiULDV

(46)

LPLJUDQWHV DWp TXH FRQVLJDP VXD SURSULHGDGH

./2%8.2:6.,S

0HVPRDVVLPDGHFLVmRGHPLJUDUQmRHUDIiFLO8FUDQLDQRVHSRORQHVHV TXHVHGHVWLQDUDPDRLQWHULRUGR3DUDQiHVWDYDPGHWHUPLQDGRVDSHUPDQHFHU QR SDtV GHL[DQGR SDUD WUD] R VHQWLPHQWR GH VXEMXJR VHPSUH UHFRUUHQWH HP WHUUDVHXURSHLDV

(VVHVGHVORFDPHQWRVHUDPPRWLYDGRVSHODFRQVWUXomRGH XPDQRYDUHDOLGDGH1LQJXpPPLJUDORQJDGLVWkQFLDVHP TXH H[LVWD XP LPSXOVR PXLWR VXEMHWLYR GD HVIHUD GD HVSHUDQoD FKDPDGR SRU DOJXQV GH LOXVmR PLJUDWyULD &HUWDPHQWHDPRELOLGDGHVRFLDOFRQVLVWLDQXPLQJUHGLHQWH DWLYR GHVWD LOXVmR j PHGLGD TXH ³R ID]HU D $PpULFD´ QR VpFXOR;,;LPSOLFDYDSDUWLFLSDUGHXPPRYLPHQWRQRTXDO R IOX[R GHVWLQDYDVH SDUD D SHULIHULD GR PXQGR LQGXVWULDOL]DGRFLYLOL]DGReSURYiYHOTXHRVSDUWLFLSDQWHV GDTXHOD DYHQWXUD LPLJUDWyULD WLYHVVHP D ILUPH FUHQoD QD IRUoD GH PHFDQLVPRV FRPSHQVDWyULRV FDSD]HV GH OKH JDUDQWLU PHOKRUHV SRVLo}HV VRFLDLV $1'5($==$ SJULIRGRDXWRU

7DO HUD R GHVFRQKHFLPHQWR GR ORFDO RQGH IRUDP DORFDGRV TXH PXLWRV DFUHGLWDYDPHVWDUHPHPORFDLVDPLOKDUHVGHGLVWkQFLDSRLVDVFRPSDQKLDVGH LPLJUDomRQHPVHPSUHFRQKHFLDPRUHDOGHVWLQRGHVVHVLPLJUDQWHV2GHVWLQR SRGHULDVHUGHILQLGRHRXPRGLILFDGRQRPHLRGDYLDJHPVHQGRTXHSRGHULDVHU RORFDOGHILQLWLYRRXWHPSRUiULR

D LPLJUDomR FRQGHQDVH D HQJHQGUDU XPD VLWXDomR TXH SDUHFH GHVWLQiOD DXPD GXSOD FRQWUDGLomR QmR VH VDEH PDLVVHVHWUDWDGHXPHVWDGRSURYLVyULRTXHVHJRVWDGH SURORQJDULQGHILQLGDPHQWHRXDRFRQWUiULRVHVHWUDWDGH XP HVWDGR PDLV GXUDGRXUR PDV TXH VH JRVWD GH YLYHU FRP XP LQWHQVR VHQWLPHQWR GR SURYLVRULHGDGH 6$<$' S

(VWDQLVODX .OREXNRZVNL QDVFHX QD 3RO{QLD HP 'XUDQWH VXD YLGD SROtWLFD GHGLFRXVH

(47)

2VLPLJUDQWHVIRUDPDWUDtGRVSHODSURSDJDQGDLPLJUDWyULDTXHSURSDJRX DLPDJHPGHXPPXQGRXWySLFRRQGHRPHOHVFRUULDSHODVIROKDVGDViUYRUHV RQGHRVIUXWRVFUHVFLDPVHPDQHFHVVLGDGHGHSODQWDUHSHODFHUWH]DGHTXH HQFRQWUDULDP D DOPHMDGD SD] HP WHUUDV TXH SRGHULDP VH WRUQDU VXD SURSULHGDGH'HDFRUGRFRP%RUXV]HQNRS³DTXLVHULDIXQGDGRXP

UHLQR IHOL] RQGH WRGRV VHULDP LJXDLV RQGHQRV ULRV QmR FRUUHULDP iJXD PDV VLPOHLWHHKLGURPHO´

%XVFDYDVH

HQFKHUGHSRSXODomRDWLYDRYDVWRWHUULWyULRGD3URYtQFLD RQGH WXGR IORUHVFH j IRUoD GD QDWXUH]D RQGH R FRORQR HXURSHX GHSDUD FRP XP FOLPD DQiORJR DR GH VHX SDtV QDWDO5(/$7Ï5,2S

3RUpPpLQJrQXDDLGHLDGHGHWHUPLQDUDYLQGDGHLPLJUDQWHDSHQDVSRU IDWRUHVGHDWUDomRYLVWRTXHGLYHUVRVIRUDPRVTXHIL]HUDPFRPTXHRVSRYRV QHVVH FDVR XFUDQLDQRV H SRORQHVHV GHL[DVVHP VXDV WHUUDV &RQVWDQWHV LQYDV}HVGHWHUULWyULRDVFRQVHTXHQWHVPXGDQoDVGHSRGHUDIDOWDGHWHUUDV FXOWLYiYHLV JUDoDV DR DXPHQWR GH JUDQGHV ODWLI~QGLRV TXH RSULPLDP RV FDPSRQHVHVHVXEMXJRVRFLDORFDVLRQDGRSHODGLIHUHQoDHFRQ{PLFDIRUPDUDP RVIDWRUHVTXHWDPEpPLQIOXHQFLDUDPDLPLJUDomRHPPDVVD

8P IDWRU GH H[SXOVmR GR SRYR XFUDQLDQR SRGH VHU SHUFHELGR QDV SDODYUDVGHXPSiURFRXFUDQLDQRTXHGL]

$ SUHSRWrQFLD GRV ULFRV VREUH RV SREUHV IRL D FDXVD SRUTXHRSRYRLDDRVSRXFRVDEDQGRQDQGRDWHUUDGRVHX EHUoRFRPRLQWXLWRGHDOpPGRYDVWRRFHDQRPHOKRUDUD VXD GHSORUiYHO FRQGLomR ± 3ULPHLUDPHQWH HUDP D $PpULFD GR 1RUWH H R &DQDGi RV SDtVHV DRQGH R SRYR DIIOXLD DILP GH Oi JUDQJHDUVH XP VRIULGR VXVWHQWR ± 6y PDLV WDUGH IRL FRQVLGHUDGR R %UDVLO FRPR R SDUDtVR GDV GHOtFLDV DR TXDO SULQFLSLRX HP HPPLJUDU R QRVVR SRYRXFUDQLDQRGD*DOtFLDRULHQWDO

6HJXQGR D DXWRUD GLYHUVRV HUDP RV DJHQWHV TXH SURPHWLDP WHUUDV LOLPLWDGDV H IpUWHLV IORUHVWDV H FDVDV JDGR FDYDORV H GLQKHLUR SDUD DV GHVSHVDV LQLFLDLV *HUJROHWWR DJHQWH GH LPLJUDomRFKHJRXDRSRQWRGHSURPHWHUTXHVHULDIXQGDGRQR%UDVLOR³UHLQRUXWKHQR´OLYUHGD H[SORUDomRGDQREUH]D%2586=(1.2S

&$3Î78/2,

/,952 7RPER GR &XUDWR GH $QW{QLR 2O\QWKR $UTXLYR GD 3DUyTXLD 1RVVD

(48)

.860$SWDPEpPID]UHIHUrQFLDDRVPRWLYRVTXHOHYDUDPRV XFUDQLDQRV D GHL[DU D 8FUkQLD HP GLUHomR SULQFLSDOPHQWH GR FRQWLQHQWH DPHULFDQR

$LPLJUDomRXFUDQLDQDSRGHVHUGLYLGLGDHPWUrVHWDSDV 1DSULPHLUDHWDSDIRUDPYiULRVRVPRWLYRVTXHOHYDUDPR SRYR XFUDQLDQR D LPLJUDU 'HQWUH HVVHV PRWLYRV HVWi R SROtWLFR SRLV RV JRYHUQRV GH RFXSDomR GLWDYDP VXDV UHJUDVSURLELQGRDSUiWLFDGHVXDOtQJXDVHXVFRVWXPHV VHX ULWR 2XWUR IDWRU IRL VRFLRHFRQ{PLFR SRLV D 8FUkQLD WLQKD XPD EDL[D LQGXVWULDOL]DomR DOpP GR PDLV HUD VXSHUSRSXORVD (QWmR D VROXomR HQFRQWUDGD SHORV XFUDQLDQRVIRLDVHH[SDWULDUHP

$VGLILFXOGDGHVQRSDtVGHRULJHPIRUDPDJUDYDGDVSHODPiGLVWULEXLomR GH WHUUDV R VLJQLILFDWLYR DXPHQWR GHPRJUiILFR D LQVHJXUDQoD HP UHODomR j OLEHUGDGHHSUiWLFDGHVXDUHOLJLmR-XQWDPHQWHFRPRVIDWRUHVGHDWUDomRHVWHV IRUPDPRVPRWLYRVTXHGHVHQFDGHDUDPDLPLJUDomRHPPDVVDSDUDWRGRVRV FRQWLQHQWHV

8FUDQLDQRVHPWHUULWyULREUDVLOHLUR

$ LPLJUDomR XFUDQLDQD H SRORQHVDHP GLUHomR DR %UDVLO WHP VHX LQtFLR DLQGDQRILQDOGRVpFXOR;,;FRPOHYDVGHPLOKDUHVGHLQGLYtGXRVHIDPtOLDVHP GLUHomRDRQRYRPXQGR(VWHVLPLJUDQWHVWUD]LDPHPVXDVPDODVRSRXFRTXH OKHUHVWDUDGRDQWLJRSDtVHHPVXDVDOPDVDJUDQGHHVSHUDQoDHRVRQKRGH GLDVPHOKRUHVHPWHUUDVIpUWHLVTXHOKHVHVSHUDYDPSDUDSURGX]LUHPRVIUXWRV GHXPIXWXURPHOKRU

(49)

(VVHV IDWRUHV DOLDGRV DRV HVIRUoRV GDV DXWRULGDGHV SDUDQDHQVHV DFDEDUDPSRUIRPHQWDUDLPLJUDomRDR(VWDGR2VHVIRUoRVVHMXVWLILFDYDPSRU DOJXPDVVLWXDo}HV

D 2 3DUDQi HUD XPD 3URYtQFLD TXH UHFHEHUD D VXD HPDQFLSDomR SROtWLFD Ki SRXFR WHPSR H YLD QD RFXSDomRWHUULWRULDOXPDIRUPDGHJDUDQWLUVHXHVSDoR SROtWLFR

E +DYLD SUHFDULHGDGH HP PpWRGRV H LQVXILFLrQFLD HP TXDQWLGDGHGDODYRXUDGHVXEVLVWrQFLD

F ([LVWLDDQHFHVVLGDGHGHDWLYDUPHLRVGHWUDQVSRUWHH FRPXQLFDomRFRPRWDPEpPGHHIHWXDUREUDVS~EOLFDV XUEDQDV

G (UD SUHFLVR UHVROYHU R LPSDVVH FRQVWLWXtGR SHOD DPHDoDGHH[WLQomRGRVLVWHPDHVFUDYLVWD

$1'5($==$S

$SyVRGHVPHPEUDPHQWRGR3DUDQiMXQWRj3URYtQFLDGH6mR3DXORR *RYHUQR GD QRYD 3URYtQFLD QD ILJXUD GH =DFDULDV GH *yHV H 9DVFRQFHORV LQVWLWXLXPDSROtWLFDLPLJUDWyULDHPFRPSOHPHQWRDGHOHLGHWHUUDVGHTXH HVWDEHOHFLDDVGLUHWUL]HVGR*RYHUQR,PSHULDODFHUFDGDVIRUPDVGHDFHVVRj WHUUDHDFRQFHVVmRDORWHVFRORQLDLV

=DFDULDVGH*yHVH9DVFRQFHORV3UHVLGHQWHGD3URYtQFLD GR3DUDQi

)DoR VDEHU D WRGRV RV KDELWDQWHV TXH D DVVHPEOpLD /HJLVODWLYD SURYLQFLDO GHFUHWRX H HX VDQFLRQHL D VHJXLQWH OHL

$UWž)LFDRJRYHUQRDXWRUL]DGRDSURPRYHUDLPLJUDomR GH HVWUDQJHLURV SDUD HVWD SURYtQFLD HPSUHJDQGR QHVWH VHQWLGR RV PHLRV TXH MXOJDU PDLV FRQYHQLHQWHV H SUHIHULQGRVHPSUHDWUDLURVFRORQRVHGHPDLVHVWUDQJHLURV TXHVHDFKDUHPHPTXDOTXHUGDVSURYtQFLDVGR%UDVLO

(VVDV OHLV SHUPDQHFHULDP TXDVH LQDOWHUDGDV PHVPR DSyV D PXGDQoD GR UHJLPH PRQiUTXLFR SDUD R UHSXEOLFDQR (VWDULD LQVHULGD D SULPHLUD H[SHULrQFLD FRP XP SHTXHQR JUXSR GH RLWR IDPtOLDV GD *DOtFLD 2ULHQWDO

9HPRVTXHHVVDMXVWLILFDWLYDYDLGHHQFRQWURFRPRVSULQFtSLRVEiVLFRVGDOHLGHWHUUDVGH

3$5$1È/HL Qž GH GH PDUoR GH (VWDEHOHFH FULWpULRV SDUD D HQWUDGD GH

(50)

HVWDEHOHFLGDV QXPD UHJLmR SUy[LPD DR PXQLFtSLR GH 3DOPHLUD D TXDO IRL GHQRPLQDGD 6DQWD %iUEDUD (P SHTXHQR Q~PHUR HVVH JUXSR QmR DEDORX D HVWUXWXUDORFDO(VVDVLWXDomRWRPRXRXWUDVSURSRUo}HVDSDUWLUGRDQRGH TXDQGR XP Q~PHUR VLJQLILFDWLYR GH IDPtOLDV H LQGLYtGXRV YHLR HP OHYDV GH LPLJUDQWHVHVODYRV6RPDYDPFHUFDGHLQGLYtGXRVTXHGHVHPEDUFDUDP QRVSRUWRVGH3DUDQDJXi6DQWRVH5LRGH-DQHLUR.860$

1R DQR VHJXLQWH IDPtOLDV H LQGLYtGXRV IRUDP GLULJLGRV D VXD DORFDomR GHILQLWLYD 2 GHVWLQR HUD 3UXGHQWySROLV HQWmR FRO{QLD GH ,PLJUDomR H VHXV DUUHGRUHV FRPR 0DUHFKDO 0DOOHW 'RUL]RQ ÈJXD $PDUHOD DWXDO $QW{QLR 2O\QWKR H -DQJDGD 8QLmR GD 9LWyULD (P WHUULWyULR SDUDQDHQVH SDUWLDP GH 3DUDQDJXiD&XULWLEDHGHSRLVSDUDVXDUHVLGrQFLDGHILQLWLYD

$ YLDJHP HQWUH 3DUDQDJXi H &XULWLED p XPD GDV PDLV OLQGDV GR PXQGR e XPD REUD SULPD GH FRQVWUXomR )RL DEDQGRQDGRRWUDoDGRTXHGHYHULDOHYDURVWULOKRVSHODYLD *UDFLRVD ± HVWUDGD GH URGDJHP ± TXH SRU PXLWR WHPSR HUDR~QLFRPHLRGHFRPXQLFDomRGRLQWHULRUGR3DUDQi FRPRSRUWR./2%86.2:6.,S

,PSRVVtYHO SUHFLVDU R Q~PHUR GH LPLJUDQWHV XFUDQLDQRV TXH VH GHVWLQDUDP DR %UDVLO SRLV PXLWRV HQWUDUDP QR %UDVLO FRP VHX GRFXPHQWR LQGLFDQGRDQDFLRQDOLGDGHDXVWUtDFDUXVVDHSRORQHVD

2 GHVHQYROYLPHQWR KLVWyULFR GD LPLJUDomR XFUDQLDQD QR %UDVLO PXLWDV YH]HV IRL H FRQWLQXD VHQGR GUDPiWLFR SDUD R LPLJUDQWH FRQGLomR D TXH QmR ILFD LPXQH R SHVTXLVDGRUGHVVDLPLJUDomRXPGRVJUDYHVSUREOHPDVp D IDOWD GH GDGRV HVWDWtVWLFRV FRPSDUDWLYRV TXH OHYHP jV FLIUDVH[DWDVUHODWLYDVDHVVDFRUUHQWHLPLJUDWyULDMiTXH VmR PXLWR HVFDVVRV RV GRFXPHQWRV QRV DUTXLYRV SRUWXiULRV RX VLPLODUHV (VVD HVFDVVH] p DJUDYDGD SRU FRQWLQJrQFLDV KLVWyULFDV FRPR SRU H[HPSOR DV GLYLV}HV JHRJUiILFDVGD(XURSDTXDQGRSRSXODo}HVGHGLIHUHQWHV IRUPDo}HVpWQLFRFXOWXUDLVSDVVDPSRUGRPtQLRVSROtWLFRV GLYHUVRV UHVXOWDQGR LVVR HP TXH PXLWRV LPLJUDQWHV HQWUDYDP QR SDtV FRP SDVVDSRUWH GR JRYHUQR DR TXDO HVWDYDPVXEPHWLGRV%2586=(1.2S

Referências

Documentos relacionados

(VWD SHVTXLVD WHYH FRPR REMHWLYR DYDOLDU SRU PpWRGRV KLVWROyJLFRV WRPRJUiILFRV H ItVLFRV R HIHLWR GR ODVHU GH EDL[D SRWrQFLD ///7 ± QP QR RVVR QHRIRUPDGR

Existem diversos fatores ambientais que também podem influenciar e contribuir para o desenvolvimento de comportamentos de bullying, que incluí a inexistência ou baixa

&amp;RP R REMHWLYR GH DQDOLVDU D FRPSUHHQVmR GH WH[WRV MRUQDOtVWLFRV GR JrQHUR UHSRUWDJHP SRU DOXQRV GR (QVLQR 0pGLR GH XPD (VFROD 3~EOLFD GR (VWDGR GH 6mR

(VWD SHVTXLVD WHP SRU REMHWLYR DQDOLVDU D DQWHFLSDomR GD WXWHOD QD SHUVSHFWLYD MXVIXQGDPHQWDOLQYHVWLJDQGRVHGHTXHPDQHLUDRVPDQGDGRVGDSURSRUFLRQDOLGDGH LQIOXHP QD FRQFHVVmR GH

$ XQLGDGH *HRPHWULD DQDOtWLFD WHP FRPR IXQomR WUDWDU DOJHEULFDPHQWH DV SURSULHGDGHV H RV HOHPHQWRV JHRPpWULFRV 2 DOXQR GR HQVLQR PpGLR WHUi D RSRUWXQLGDGH GH FRQKHFHU HVVD IRUPD

$ SDWRJHQLFLGDGH H YLUXOrQFLD GH WUDQVIRUPDQWHV GH 0 JULVHD , REWLGRV SRU WUDQVIRUPDomR FRQYHQFLRQDO H SULQFLSDOPHQWH SRU 5(0, IRUDP DYDOLDGDV HP SODQWDV GH DUUR] 1HQKXP

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

A problemática analisada neste trabalho, abrange os reflexos e problemas sociais e ambientais atribuídos à mineração realizada na área de estudo, bem como o