• Nenhum resultado encontrado

Contribuições da leitura e escrita para a aprendizagem da matemática com textos de diferentes contextos

N/A
N/A
Protected

Academic year: 2017

Share "Contribuições da leitura e escrita para a aprendizagem da matemática com textos de diferentes contextos"

Copied!
46
0
0

Texto

(1)

$/,1('(&$0326$/0(,'$)(51$1'(6'$6,/9$

&2175,%8,d®(6'$/(,785$((6&5,7$3$5$$$35(1',=$*(0'$ 0$7(0È7,&$&207(;726'(',)(5(17(6&217(;726

(2)

&2175,%8,d®(6'$/(,785$((6&5,7$3$5$$$35(1',=$*(0'$ 0$7(0È7,&$&207(;726'(',)(5(17(6&217(;726

7UDEDOKRGH*UDGXDomRDSUHVHQWDGRDR&RQVHOKRGH &XUVR GH *UDGXDomR HP /LFHQFLDWXUD HP 0DWHPiWLFDGD)DFXOGDGHGH(QJHQKDULDGR&DPSXV GH *XDUDWLQJXHWi 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD FRPRSDUWHGRVUHTXLVLWRVSDUDREWHQomRGRGLSORPD GH*UDGXDomRHP/LFHQFLDWXUDHP0DWHPiWLFD

2ULHQWDGRUD3URI'U5RVD0RQWHLUR3DXOR

(3)

6 F

6LOYD$OLQHGH&DPSRV$OPHLGD)HUQDQGHVGD

&RQWULEXLo}HVGDOHLWXUDHHVFULWDSDUDDDSUHQGL]DJHPGDPDWHPiWLFD FRPWH[WRVGHGLIHUHQWHVFRQWH[WRV$OLQHGH&DPSRV$OPHLGD)HUQDQGHV GD6LOYD±*XDUDWLQJXHWi>VQ@

I

%LEOLRJUDILDI

7UDEDOKRGH*UDGXDomRHP/LFHQFLDWXUDHP0DWHPiWLFD± 8QLYHUVLGDGH(VWDGXDO3DXOLVWD)DFXOGDGHGH(QJHQKDULDGH *XDUDWLQJXHWi

2ULHQWDGRUD3URI'U5RVD0RQWHLUR3DXOR

0DWHPiWLFD±HVWXGRHHQVLQR)HQRPHQRORJLD,7tWXOR

(4)

(5)

$JUDGHoRSULPHLUDPHQWHD'HXVHD-HVXV&ULVWRPHX6HQKRUH6DOYDGRU7XGRRTXH HXWHQKRWXGRRTXHVRXHRTXHYLHUDVHUXPGLDGHSHQGH'HOHHGHGLFRD(OH

$R PHX DPDGR HVSRVR 5HQDQ REULJDGD SHOR DPRU SHOR FDULQKR SDFLrQFLD H FRPSUHHQVmR SHODV RUDo}HV SHOD FRPSDQKLD H WXGR R PDLV 'HSRLV GD VDOYDomR HP -HVXV YRFrIRLDPHOKRUFRLVDTXHPHDFRQWHFHX

$JUDGHoR WDPEpP DRV PHXV SDLV (GVRQ H ,JQHV SRU VHPSUH PH SURSRUFLRQDUHP DV PHOKRUHV FRQGLo}HV GH HVWXGRV SRU WRGR LQFHQWLYR H DSRLR PDV SULQFLSDOPHQWH SRU PH RIHUHFHUHPDIRUPDomRHDHGXFDomRTXHQHQKXPDLQVWLWXLomRSRGHULDPHGDU

¬PLQKDLUPm.DULQHPLQKDDPLJDHFRPSDQKHLUDGHWRGDVDVKRUDVDRORQJRGHWRGRV HVVHVDQRV

¬ PLQKD RULHQWDGRUD 3URIHVVRUD 5RVD 0RQWHLUR 3DXOR 3URIHVVRUD VHP VXD FRQWULEXLomRHVWHWUDEDOKRQmRH[LVWLULD

$R 3URJUDPD ,QVWLWXFLRQDO GH %ROVDV GH ,QLFLDomR j 'RFrQFLD 3,%,' DR 3URIHVVRU -RVp 5LFDUGR =HQL H GHPDLV SURIHVVRUHV FRODERUDGRUHV SHOD JUDQGH FRQWULEXLomR j PLQKD IRUPDomR

$RVPHXVFROHJDV%UXQR+HQULTXHH0LOLDPPXLWRREULJDGDSHODJUDQGHFRQWULEXLomR FRPDDWLYLGDGHGHFDPSRXWLOL]DGDSRUPLPQHVWHWUDEDOKR

¬VPLQKDVDPLJDV'LDQDH5HEHFD)RLPDUDYLOKRVRFRPSDUWLOKDUGHSHUWRFRPYRFrVDV DOHJULDV DV WULVWH]DV H DV SUHRFXSDo}HV GHVVHV TXDWUR DQRV &DGD DXOD FDGD WUDEDOKR FDGD PRPHQWRGHHVWXGRFDGDYLDJHPIRLWXGRPXLWRHVSHFLDO&RPSDUWLOKDUDIRUPDWXUDYDLVHU DLQGDPHOKRU

$RV FROHJDV ]HURRLWR GD /LFHQFLDWXUD HP 0DWHPiWLFD PDQ &DGD XP WHYH VXD FRQWULEXLomR H GHL[RX VXD PDUFD UHJLVWUDGD DWp PHVPR DTXHOHV FRP TXHP QmR WLYH R SULYLOpJLRGHFRQYLYHUSRUPXLWRWHPSR

3RU ILP DRV PHXV DPLJRV H SDLV QD Ip )HOL] H $OH[DQGUH SRU WRGDV DV RUDo}HV H FRQVHOKRVHPWRGDVDVWHPSHVWDGHVHQIUHQWDGDVDWpDTXL

(6)

*UDGXDomR HP /LFHQFLDWXUD HP 0DWHPiWLFD ± )DFXOGDGH GH (QJHQKDULD GR &DPSXV GH *XDUDWLQJXHWi8QLYHUVLGDGH(VWDGXDO3DXOLVWD*XDUDWLQJXHWi

5(6802

2 REMHWLYR GHVWH WUDEDOKR p HVWXGDU DWUDYpV GH XPD SHVTXLVD TXDOLWDWLYD GH DERUGDJHP IHQRPHQROyJLFDTXDLVDVFRQWULEXLo}HVGDOHLWXUDHHVFULWDGHWH[WRVGHGLYHUVRVFRQWH[WRV SDUDDDSUHQGL]DJHPGDPDWHPiWLFD3DUDWDQWRIRUDPGHVHQYROYLGDVDWLYLGDGHVHQYROYHQGR OHLWXUD HVFULWD H PDWHPiWLFD HP DXODV GR ž DQR GR (QVLQR )XQGDPHQWDO GH XPD HVFROD S~EOLFD HVWDGXDO GH *XDUDWLQJXHWi 7DLV DWLYLGDGHV VH FRQVWLWXtUDP QRV GDGRV GD SHVTXLVD FRPRSDUWHGRWUDEDOKRGHFDPSR2VGDGRVIRUDPDQDOLVDGRVVHJXLQGRRVSURFHGLPHQWRVGD SHVTXLVD IHQRPHQROyJLFD WDO TXDO HOHV VmR GHVFULWRV SRU %LFXGR )LQL H0DFKDGRHQDVSHVTXLVDVVREUHOHLWXUDHVFULWDHPDWHPiWLFDDSUHVHQWDGDVSRU 1DFDUDWR /RSHV 6PROH )RQVHFD HQWUH RXWURV 1DV DQiOLVHV EXVFDPRV HVFODUHFHU FRPR VLWXDo}HV H[SUHVVLYDV GH FRQWH[WRV GLYHUVRV DX[LOLDP QR GHVHQYROYLPHQWRGHKDELOLGDGHVGHOHLWXUDHVFULWDHLQWHUSUHWDomRGRDOXQRTXHSRUVXDYH] DX[LOLDPQDFRPSUHHQVmRPDWHPiWLFD5HDOL]DGDDDQiOLVHGRVGDGRVGDSHVTXLVDFKHJDPRVD GXDVFDWHJRULDVDEHUWDVQRPHDGDV'LILFXOGDGHGH([SUHVVmRH)DFLOLGDGHVGH&RPXQLFDomR $LQWHUSUHWDomRGDVFDWHJRULDVQRVSHUPLWHFRPSUHHQGHUTXHKiSRUSDUWHGRVVXMHLWRVXPD LQWHQomRFRPXQLFDWLYDTXHpH[SUHVVDQRVWH[WRV

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

)HQRPHQRORJLD/HLWXUD(VFULWD$SUHQGL]DJHP0DWHPiWLFD

(7)

)DFXOGDGH GH (QJHQKDULD GR &DPSXV GH *XDUDWLQJXHWi 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD *XDUDWLQJXHWi

$%675$&7

7KLVZRUNDLPVGHVFULEHWKURXJKDSKHQRPHQRORJLFDODSSURDFKWRTXDOLWDWLYHUHVHDUFKZKLFK DUH WKH FRQWULEXWLRQV RI UHDGLQJ DQG ZULWLQJ RI WH[WV IURP GLIIHUHQW FRQWH[WV IRU OHDUQLQJ PDWKHPDWLFV)RUWKLVSXUSRVHZHGHYHORSHGDFWLYLWLHVLQYROYLQJUHDGLQJZULWLQJDQGPDWKLQ FODVVHVLQWKHWKJUDGHRIHOHPHQWDU\VFKRROWRDVWDWHVFKRRO*XDUDWLQJXHWi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

.(<:25'6

3KHQRPHQRORJ\5HDGLQJ:ULWLQJ/HDUQLQJ0DWKHPDWLFV

(8)

)LJXUD±&DSDGR*UXSR )LJXUD±3DLQHOGR*UXSR )LJXUD±&DSDGR*UXSR )LJXUD±3DLQHOGR*UXSR )LJXUD±3DLQHOGR*UXSR )LJXUD±3DLQHOGR*UXSR )LJXUD±3DLQHOGR*UXSR )LJXUD±6HLVSLSDVHXPEDUFR )LJXUD±2QDWDOHVSHFLDO )LJXUD±$VIpULDVGH3HGUR )LJXUD±6HPWtWXOR )LJXUD±$VDVVRPEUDo}HVGR6DFL

(9)
(10)

,1752'8d­2

/(,785$(6&5,7$(0$7(0È7,&$

/HLWXUDHPDWHPiWLFD

7LSRVGHWH[WRVXWLOL]DGRVQDVSUiWLFDVGHOHLWXUDHPDXODVGHPDWHPiWLFD

(VFULWDH0DWHPiWLFD

'LILFXOGDGHVQDSUiWLFDGHDWLYLGDGHVGHOHLWXUDHHVFULWDQDVDXODVGHPDWHPiWLFD

0(72'2/2*,$'(3(648,6$

3HVTXLVD4XDOLWDWLYDGHDERUGDJHP)HQRPHQROyJLFD

$3(648,6$'(&$032

2FRQWH[WRHRVVXMHLWRVGDSHVTXLVD

'HVFULomRGD$WLYLGDGHGH&DPSR

,PDJHQVGRVWUDEDOKRVSURGX]LGRVSHORVDOXQRVDSDUWLUGDKLVWyULD$9LDJHPGDVVHWH

SHoDV

,PDJHQVGRVSDLQpLVHWUDQVFULomRGDVKLVWyULDVSURGX]LGDVSHORVDOXQRV

6HLVSLSDVHXPEDUFR

21DWDOHVSHFLDO

$VIpULDVGH3HGUR

6HPWtWXOR

$VDVVRPEUDo}HVGR6DFL

$1$/,6((,17(535(7$d­2'26'$'26'$3(648,6$

&216,'(5$d®(6),1$,6

5()(5Ç1&,$6

(11)

,1752'8d­2

(VWHWUDEDOKRIRLSURGX]LGREXVFDQGRFRPSUHHQGHUTXDLVDVFRQWULEXLo}HVGDOHLWXUDH HVFULWD GH WH[WRV GH FRQWH[WRV GLIHUHQWHV GR GD PDWHPiWLFD SDUD D DSUHQGL]DJHP GHVVD GLVFLSOLQD

&RP HVVH REMHWLYR UHDOL]DPRV SULPHLUDPHQWH XPD UHYLVmR ELEOLRJUiILFD EXVFDQGR R TXH SHVTXLVDGRUHV GD (GXFDomR 0DWHPiWLFD DILUPDP VREUH R WHPD 3RVWHULRUPHQWH IRUDP UHDOL]DGDV FRP DOXQRV GR ž DQR GR (QVLQR )XQGDPHQWDO GH XPD HVFROD GD UHGH S~EOLFD HVWDGXDO GH *XDUDWLQJXHWi DWLYLGDGHV HQYROYHQGR OHLWXUD H HVFULWD FRP D ILQDOLGDGH GH FRPSUHHQGHURPRGRSHORTXDORVDOXQRVVHHQYROYHPFRPWDUHIDVGHVVDQDWXUH]D

$ DQiOLVH GRV GDGRV FROHWDGRV QD SHVTXLVD GH FDPSR IRL IHLWD VHJXLQGR D DERUGDJHP IHQRPHQROyJLFDGHSHVTXLVD

7UD]HPRVQHVWHWH[WRRWUDEDOKRHVWUXWXUDGRGDVHJXLQWHPDQHLUD

1R FDSLWXOR /HLWXUD HVFULWD H PDWHPiWLFD VDOLHQWDPRV D LPSRUWkQFLD GR GHVHQYROYLPHQWR GDV FRPSHWrQFLDV OHLWRUD H HVFULWRUD GR DOXQR SDUD TXH HVWH SRVVD FRPSUHHQGHU H LQWHUSUHWDU LQIRUPDo}HV GH RXWUDV iUHDV GH FRQKHFLPHQWR %DVHDGRV HP SHVTXLVDVUHDOL]DGDVSRUDXWRUHVFRPR1DFDUDWR0HQJDOLH3DVVRV6RX]DH2OLYHLUD 2OLYHLUD H 3LUHV GHVWDFDPRV DV FRQWULEXLo}HV GDV DWLYLGDGHV TXH HQYROYHP OHLWXUDHHVFULWDSDUDDDSUHQGL]DJHPGDPDWHPiWLFD

1RFDStWXOR0HWRGRORJLDGH3HVTXLVDGHVFUHYHPRVDLGHLDGDSHVTXLVDTXDOLWDWLYDGH DERUGDJHPIHQRPHQROyJLFDVHXULJRUHSURFHGLPHQWRVWDOTXDOQRVPRVWUDP%LFXGR 0DFKDGR H )LQL 6HJXLPRV RV FULWpULRV GHVWD DERUGDJHP GH SHVTXLVD SDUD D DQiOLVHGRVGDGRVGRWUDEDOKRGHFDPSRHH[SOLFLWDomRGRVHQWLGRGRTXHFRPSUHHQGHPRV

1R FDStWXOR 3HVTXLVD GH FDPSR WUD]HPRV D GHVFULomR GDV DWLYLGDGHV GH FDPSR UHDOL]DGDV FRP RV DOXQRV GR ž DQR GH (QVLQR )XQGDPHQWDO $ DWLYLGDGH VH FRQVWLWXLX GD SURGXomRGHKLVWyULDVSHORVDOXQRV(VVDVKLVWyULDVGHYHULDPWHUXPFHQiULRFRQVWLWXtGRSRU ILJXUDV PRQWDGDV FRP DV SHoDV GR TXHEUDFDEHoD FKLQrV7DQJUDP $R ILQDO GR FDStWXOR GHVFUHYHPRVDVKLVWyULDVSURGX]LGDVHDVIRWRVGRVSDLQpLVTXHRVDOXQRVPRQWDUDP

(12)

(13)

/(,785$(6&5,7$(0$7(0È7,&$

6HJXQGR /RSHV H )HOLVEHUWR OHU HVFUHYHU H LQWHUSUHWDU VmR IXQGDPHQWRV QHFHVViULRVSDUDTXDOTXHUiUHDGRFRQKHFLPHQWR3RUWDQWRRSURIHVVRUGHTXDOTXHUGLVFLSOLQD SRGHFRPVHXWUDEDOKRFRQWULEXLUQRGHVHQYROYLPHQWRGDVFRPSHWrQFLDVOHLWRUDHHVFULWRUD $DSUHQGL]DJHPGHOHUHHVFUHYHUWRUQDVHHQWmRXPFRPSURPLVVRGHWRGDVDViUHDV

/RSHVH)HOLVEHUWRSUHVVDOWDPDLQGDTXH

DWULEXLUH[FOXVLYDPHQWHjVDXODVGHOtQJXDSRUWXJXHVDDUHVSRQVDELOLGDGHGHWRUQDU RV DOXQRV FRPSHWHQWHV OHLWRUHV H HVFULWRUHV GLVWDQFLD DLQGD PDLV D PDWHPiWLFD GR PXQGRUHDOSRLVHODSDVVDDVHUYLVWDDSHQDVFRPRQ~PHURVVHPVLJQLILFDGRV

1HVVH VHQWLGR HQWHQGHVH TXH DV DXWRUDV DWULEXHP j OHLWXUD PDWHPiWLFD XPD VLJQLILFDomR SDUD DOpP GD GHFRGLILFDomR GH VHXV VtPERORV 2 SURIHVVRU GH PDWHPiWLFD HVSHFLILFDPHQWHWHPXPSDSHOHVVHQFLDOQRWUDEDOKRGHGHVHQYROYLPHQWRGHVVDVFRPSHWrQFLDV HSRGHFRQWULEXLUGHFLVLYDPHQWHSDUDDLQFRUSRUDomRGHHVWUDWpJLDVGHOHLWXUDHHVFULWDSHORV DOXQRVDRIRFDUHPVXDVDXODVWDOWHPiWLFD1DFDUDWRH/RSHVFRUURERUDPFRPHVVHSHQVDU DILUPDQGRTXH

QR HQVLQR H DSUHQGL]DJHP GD PDWHPiWLFD RV DVSHFWRV OLQJtVWLFRV SUHFLVDP VHU FRQVLGHUDGRVLQVHSDUiYHLVGRVDVSHFWRVFRQFHLWXDLVSDUDTXHDFRPXQLFDomRHSRU H[WHQVmRDDSUHQGL]DJHPDFRQWHoDP1$&$5$72/23(6S

1D PHVPD GLUHomR GDV DXWRUDV OLGDV RV SULQFtSLRV QRUWHDGRUHV SDUD D iUHD GH 0DWHPiWLFD QR (QVLQR )XQGDPHQWDO DSUHVHQWDGRV SHORV 3&1 ID]HP UHIHUrQFLD DR SDSHO GD OLQJXDJHPHGDOHLWXUDHHVFULWDQDDSUHQGL]DJHPGDPDWHPiWLFD

2 HQVLQR GH 0DWHPiWLFD GHYH JDUDQWLU R GHVHQYROYLPHQWR GH FDSDFLGDGHV FRPR REVHUYDomR HVWDEHOHFLPHQWRV GH UHODo}HV FRPXQLFDomR GLIHUHQWHV OLQJXDJHQV DUJXPHQWDomRHYDOLGDomRGHSURFHVVRVHRHVWtPXORjVIRUPDVGHUDFLRFtQLRFRPR LQWXLomRLQGXomRGHGXomRDQDORJLDHVWLPDWLYD

1R HQVLQR GD 0DWHPiWLFD GHVWDFDPVH GRLV DVSHFWRV EiVLFRV XP FRQVLVWH HP UHODFLRQDU REVHUYDo}HV GR PXQGR UHDO FRP UHSUHVHQWDo}HV HVTXHPDV WDEHODV ILJXUDVHVFULWDVQXPpULFDVRXWURFRQVLVWHHPUHODFLRQDUHVVDVUHSUHVHQWDo}HVFRP SULQFtSLRV H FRQFHLWRV PDWHPiWLFRV 1HVVH SURFHVVR D FRPXQLFDomR WHP JUDQGH LPSRUWkQFLDHGHYHVHUHVWLPXODGDOHYDQGRVHRDOXQRD³IDODU´HD³HVFUHYHU´VREUH 0DWHPiWLFD D WUDEDOKDU FRP UHSUHVHQWDo}HV JUiILFDV GHVHQKRV FRQVWUXo}HV D DSUHQGHUFRPRRUJDQL]DUHWUDWDUGDGRV%5$6,/S

(14)

2X VHMD RV 3&1 UHFRPHQGDP WDPEpP XP WUDEDOKR QD DXOD GH PDWHPiWLFD TXH YDORUL]H R PRGR GH H[SUHVVmR GR DOXQR GH WDO PRGR TXH R SURIHVVRU VHMD FDSD] GH SURSRU VLWXDo}HV HP TXH D OLQJXDJHP HQWHQGLGD FRPR IRUPDV GH H[SUHVVmR RX FRPXQLFDomR VHMD YDORUL]DGD 0DLV XPD YH] YrVH TXH R SURIHVVRU GH PDWHPiWLFD SRGH DVVXPLU XP SDSHO LPSRUWDQWHQRGHVHQYROYLPHQWRGHSUiWLFDVGHOHLWXUDHHVFULWDQRkPELWRHVFRODU62$5(6

DSXG2/,9(,5$H3,5(6SRLVDRYDORUL]DUDVSUiWLFDVGHOHLWXUDQRWUDEDOKRGH FRQVWUXomR GD OLQJXDJHP PDWHPiWLFD OHYD R DOXQR DR SHQVDU VREUH R PRGR FRPR D FRPXQLFDomRSRGHVHUHVWDEHOHFLGDQRTXHGL]UHVSHLWRjVLGHLDVPDWHPiWLFDV

/HLWXUDHPDWHPiWLFD

6HJXQGR2OLYHLUDH3LUHVDVSUiWLFDVVRFLDLVGRPXQGROHWUDGRVHPXOWLSOLFDUDP GH IRUPD FRPSOH[D HP HVSHFLDO DTXHODV TXH H[LJHP GR LQGLYtGXR FRPSHWrQFLDV OHLWRUDV UHODFLRQDGDVDRFRQKHFLPHQWRPDWHPiWLFRVHMDSDUDOHULQIRUPDo}HVQXPpULFDVYHLFXODGDVQD WHOHYLVmR HP SDUWLFXODU QDV SURSDJDQGDV GH SURGXWRV VHMD SDUD FRPSUHHQGHU XP WH[WR GR OLYURGLGiWLFRXVDGRQDSUySULDHVFROD

2 WUDEDOKR FRP D OHLWXUD GH DFRUGR FRP )RXFDPEHUW DSXG 2OLYHLUD H 3LUHV

SSRGHVHUGHVHQYROYLGRHPVHLVHWDSDV1DSULPHLUDHWDSDGHYHVHUHQIDWL]DGDD SHUFHSomRGDLQWHQFLRQDOLGDGHHPUHODomRDRWH[WRDRVREMHWLYRVGDOHLWXUDRXVHMDGHYHVH QHVWD HWDSD SURFXUDU FRPSUHHQGHU GH PRGR JHUDO D LQWHQomR FRPXQLFDWLYD GR DXWRU VXD PHQVDJHPHVHXSURSyVLWR1DVHJXQGDRFRQKHFLPHQWRSUpYLRGROHLWRUGHYHVHUSRVWRHP DomRGHPRGRTXHDDWULEXLomRGHVLJQLILFDGRDRWH[WRDFRQWHoD1DWHUFHLUDFRQVLGHUDVHD H[SHULrQFLDOLQJtVWLFDLVWRpDFDSDFLGDGHGHROHLWRUWUDQVIRUPDUDLQIRUPDomRJUiILFDHP VLJQLILFDGRV DWULEXtGRV (VWD HWDSD HP QRVVR HQWHQGHU p ULTXtVVLPD QR TXH GL] UHVSHLWR D FRPSHWrQFLDOHLWRUDQDVDXODVGHPDWHPiWLFDXPDYH]TXHPXLWDVYH]HVRWH[WRPDWHPiWLFRp FRPXQLFDGRDSDUWLUGHJUiILFRVWDEHODVH[SUHVV}HVTXHFDUHFHPGHVLJQLILFDomR1DTXDUWD HWDSDFRQVLGHUDVHRWLSRGHLQYHVWLJDomREXVFDGDFRPDOHLWXUDRTXHOHYDROHLWRUDRWH[WR RXVHMDRSURSyVLWRGROHLWRU1DTXLQWDHWDSDpYDORUL]DGDDSRVVLELOLGDGHGHHPDQFLSDomRGR OHLWRU R DXPHQWR GR LQWHUHVVH H D YRQWDGH GH EXVFD GH RXWURV WH[WRV GH WDO IRUPD TXH D

62$5(602OLYURGLGiWLFRHDHVFRODUL]DomRGDOHLWXUD(QWUHYLVWDFRQFHGLGDDRSURJUDPD6DOWRSDUDR

)XWXUR GR ZHEVLWH GD 79( %UDVLO RXW 'LVSRQtYHO HP

KWWSZZZWYHEUDVLOFRPEUVDOWRHQWUHYLVWDVPDJGDBVRDUHVKWP$FHVVRHPPDU

)28&$0%(57-$&ULDQoDR3URIHVVRUHD/HLWXUD7UDGXomRGH0DUOHLQH&RKHQH&DUORV0HQGHV5RVD

(15)

FRPSHWrQFLD OHLWRUD HP FRQVWUXomR Yi WRPDQGRR GH XP LQWHUHVVH SRU QRYDV OHLWXUDV SHOD DPSOLDomRGRYRFDEXOiULRSHORFRQKHFLPHQWRPDLVDPSORGRWHPDTXHDOHLWXUDOKHRIHUHFH 1D VH[WD H ~OWLPD HWDSD HQIDWL]DVH TXH WRGD OHLWXUD p XPD OHLWXUD HP UHGH RX VHMD RV VLJQLILFDGRVVmRDWULEXtGRVQXPFHUWRFRQWH[WRHQXQFDGHPRGRLVRODGR

(VVDVFDUDFWHUtVWLFDVTXHGHILQHP DVFRPSHWrQFLDVOHLWRUDVGHVFULWDVSHORVDXWRUHV H TXH R DOXQR SUHFLVD GHVHQYROYHU FRQMXQWDPHQWH FRP R WUDEDOKR SURSLFLDGR SHOR SURIHVVRU VHJXQGRQRVVDFRPSUHHQVmRQmRGL]HPUHVSHLWRDSHQDVjOtQJXDPDWHUQDPDVDTXDOTXHUiUHD GRFRQKHFLPHQWRLQFOXVLYHjPDWHPiWLFD

2VDXWRUHVHQIDWL]DPTXHWH[WRPDWHPiWLFRDRDSUHVHQWDUDVSHFWRVHVSHFtILFRVGDiUHD QHFHVVLWDGHFRQKHFLPHQWRVSRUSDUWHGROHLWRUUHODWLYRVDRVFRQWH~GRVGDGLVFLSOLQDHQHVWH FDVRRSURIHVVRUGHPDWHPiWLFDpRPHGLDGRUTXDOLILFDGRSDUDSURPRYHUDLQWHUDomRDWLYDGR DOXQR GXUDQWH R SURFHVVR GH FRPSUHHQVmR H LQWHUSUHWDomR GR WH[WR RX VHMD GR GHVHQYROYLPHQWR GD FRPSHWrQFLD OHLWRUD HP PDWHPiWLFD 2 GHVHQYROYLPHQWR GH WDLV FRPSHWrQFLDVGHFRPSUHHQVmRHLQWHUSUHWDomRGRVWH[WRVDVVXPHXPDLPSRUWkQFLDFHQWUDOQD UHVROXomRGHSUREOHPDVPDWHPiWLFRVXPDYH]TXHOHYDRDOXQRDFRPSUHHQVmRGDPHQVDJHP HDXPDSRVWXUDDWLYDGLDQWHGRTXHpFRPSUHHQGLGR2/,9(,5$H3,5(6S

&RQWXGR 6RX]D H 2OLYHLUD GHIHQGHP TXH D UHODomR HQWUH D OHLWXUD H D PDWHPiWLFDQmRVHOLPLWDDSHQDVjUHVROXomRGHSUREOHPDVPDWHPiWLFRVPDVSHUPLWHWDPEpP LQVHULUSUREOHPDVGRGLDDGLDHGHRXWUDViUHDVGRFRQKHFLPHQWRQHVVDGLVFLSOLQD$VDXWRUDV DLQGD FLWDP .OLPDQ H 5LFKDUGV TXH DSRQWDP TXH RV DOXQRV SRGHP FULDU VXDV SUySULDV KLVWyULDV VREUH VLWXDo}HV TXH OKHV VmR IDPLOLDUHV H HQYROYHP XP SUREOHPD TXH SRGH VHU UHVROYLGRSRULGHLDVPDWHPiWLFDV'LVVRHQWHQGHVHTXHDFRPSHWrQFLDOHLWRUDWDPEpPQDV DXODVGHPDWHPiWLFDSRGHYDORUL]DUDFRPSUHHQVmRGDPHQVDJHPGRWH[WRDYDORUL]DomRGD H[SUHVVmRGRDOXQRWLGRFRPROHLWRUDDWULEXLomRGHVLJQLILFDGRDRFRQWH[WRGHVSHUWDQGRR DOXQRSDUDDOHLWXUDGHPRGRTXHHOHVHVLQWDPRWLYDGRDEXVFDGRWH[WRPDWHPiWLFR

1RVVDV OHLWXUDV QRV PRVWUDP TXH R IDWR GH R SURIHVVRU WUDEDOKDU FRQWH~GRV PDWHPiWLFRVID]HQGRXVRGHOLWHUDWXUDDX[LOLDRLQFOXVLYHDXPDPXGDQoDGHSRVWXUDTXHS}H RV DOXQRV FRPR FRSDUWLFLSDQWHV QD SURGXomR GR FRQKHFLPHQWR H RV SHUPLWHP H[SRU VHXV FRQKHFLPHQWRVSUpYLRVHVXDVLGHLDVDOpPGHFULDUXPDPELHQWHGHFRPXQLFDomRTXHIDYRUHFH DV LQWHUDo}HV DOXQRDOXQR DOXQRFRQWH~GR H DOXQRSURIHVVRU 3RUpP GH TXH IRUPD HVVD FRPXQLFDomRQRDPELHQWHGHVDODGHDXODSRGHRFRUUHU"

./,0$1 0 5,&+$5'6 - :ULWLQJ VKDULQJ DQG GLVFXVVLQJ PDWKHPDWLFV VWRULHV$ULWKPHWLF 7HDWKHU

(16)

&RQVLGHUDQGR DV LGHLDV H[SRVWDV SRU 0DWRV H 6HUUD]LQD 6RX]D H 2OLYHLUD LGHQWLILFDP WUrV IRUPDV FRPXQLFDWLYDV TXH FRPXPHQWH SRGHP HVWDU SUHVHQWHV QD VDOD GH DXODRH[SRURH[SOLFDUHRFRQMHFWXUDU

$ H[SRVLomR p XVDGD TXDQGR R GRFHQWH DSUHVHQWD XP QRYR FRQWH~GR>@ (VVD H[SRVLomR p XP GRV SRQWRV GH SDUWLGD SDUD TXH RV DOXQRV SRVVDP H[SORUDU H UHFRQVWUXLUDVLGHLDVRUJDQL]DUVHXVSHQVDPHQWRV

>@([SRUpGLIHUHQWHGHH[SOLFDUSRLVTXDQGRXPSURIHVVRUH[SOLFDDOJRHOHHVWi HPEXVFDGHWHQWDUFRPSUHHQGHURSHQVDPHQWRGRDOXQRHDMXGiORDWHUPDLVFHUWH]D VREUHRVLJQLILFDGRGRVWHUPRVHGDVLGHLDV

>@&RQMHFWXUDVVmRIRUPDVGHGL]HUDOJRTXHVHDFUHGLWDYHUGDGHLUR0DVHVVHGL]HU QmRVLJQLILFDTXHQmRSRVVDKDYHUQHFHVVLGDGHGHPRGLILFDURTXHVHSHQVD628=$ H2/,9(,5$S

1DPDLRULDGDVYH]HVDFRPXQLFDomRHVWDUHVWULWDDRµH[SRU¶HµH[SOLFDU¶GRSURIHVVRU 2SURIHVVRUH[S}HRFRQWH~GRID]H[HPSORVHRVDOXQRVWrPDWDUHIDGHRXYLUFRPSUHHQGHUH UHSURGX]LU3RUpPH[SRUHH[SOLFDUWDPEpPVmRWDUHIDVULFDVDRDOXQRTXHDRHPSUHHQGHODV WrPXPSURFHVVRGHRUJDQL]DomRGRSHQVDPHQWRTXHOHYDRDRVHQWLGRGRTXHSHORSURIHVVRUp DSUHVHQWDGRQDH[SRVLomRHH[SOLFDomR2SURFHVVRGHFRQMHFWXUDUVHSUHVHQWHQDVDXODVGH PDWHPiWLFD OHYDP D FRQVWUXomR GH DUJXPHQWRV TXH VHMDP FDSD]HV GH VXVWHQWDU KLSyWHVHV /HYD WDPEpP DR RXYLU SRLV SDUD DFHLWDU RX UHIXWDU DUJXPHQWRV D FRPXQLFDomR QmR SRGH UHVWULQJLUVHDIDODGHXP2SURIHVVRUGHPDWHPiWLFDSUHRFXSDGRFRPRGHVHQYROYLPHQWRGR SHQVDUPDWHPiWLFRWHPQDFRPSHWrQFLDOHLWRUDRSRUWXQLGDGHGHYDORUL]DomRGRDWRGHID]HU FRQMHFWXUDV (VVH SHQVDU TXH YDORUL]D XPD IRUPD RUJDQL]DGD GH H[SRVLomR WDQWR TXDQWR R GL]HUHRRXYLUVmRLPSRUWDQWHVSDUDDSUySULDYLGDHPVRFLHGDGH

3DUD /HUQHU DSXG 2OLYHLUD H 3LUHV S D OHLWXUD QD HVFROD DSDUHFH

GHVYLQFXODGDGRVSURSyVLWRVTXHOKHGmRVHQWLGRQRXVRVRFLDO&DGDVLWXDomRGHOHLWXUDGHYH DSUHVHQWDUGRLVSURSyVLWRV(QVLQDUHDSUHQGHUDOJRVREUHDSUiWLFDVRFLDOGDOHLWXUDHWHUXP VHQWLGRLPHGLDWRSDUDRDOXQR3RUpPVHJXQGR)RQVHFDH&DUGRVRRTXHPXLWDVYH]HV DFRQWHFH p D DWLYLGDGH GH OHLWXUD WRUQDUVH DUWLILFLDO HP TXH R OHLWRU p FKDPDGR SDUD OHU VRPHQWH SDUD ³HQFRQWUDU DV LQIRUPDo}HV PDLV LPSRUWDQWHV´ TXH QD RSLQLmR GR SURIHVVRU VHUYLUmRGHUHVSRVWDVSDUDRVLWHQVGRH[HUFtFLR3RUWDQWRDDomRHGXFDWLYDFRPDOHLWXUDSDUD VHU HIHWLYD WRUQDVH XPD LQLFLDWLYD TXH WHP FRPR SUHVVXSRVWR D DUWLFXODomR GRV REMHWLYRV GLGiWLFRV±UHIHUHQWHVDRHQVLQRHjDSUHQGL]DJHP±HDRVSURSyVLWRVLPHGLDWRVGDVLWXDomR VRFLDOTXHOKHFRQIHUHPVHQWLGR,VVRQRVID]DWHQWRVDRPRGRFRPRRVDXWRUHVGH(GXFDomR

(17)

0DWHPiWLFD GLVFXWHP DV SRVVLELOLGDGHV GR WUDEDOKR FRP OHLWXUD H HVFULWD QDV DXODV GH PDWHPiWLFD

7LSRVGHWH[WRVXWLOL]DGRVQDVSUiWLFDVGHOHLWXUDHPDXODVGHPDWHPiWLFD

6HJXQGR )RQVHFD H &DUGRVR DV SUiWLFDV GH OHLWXUD HP VDOD GH DXOD SRGHP RFRUUHU GH WUrV IRUPDV XVDQGR WH[WRV GH PDWHPiWLFD QR HQVLQR GD PDWHPiWLFD WH[WRV GH RXWURVFRQWH[WRVSDUDHQVLQDUPDWHPiWLFDHWH[WRVTXHVHYDOHPGRFRQKHFLPHQWRPDWHPiWLFR SDUDWUDWDUGHRXWURVFRQWH[WRV

D7H[WRVGH0DWHPiWLFDQRHQVLQRGD0DWHPiWLFD

1HVWD PRGDOLGDGH R IRFR HVWi QRV HQXQFLDGRV GH TXHVW}HV H SUREOHPDV H WH[WRV GLGiWLFRVGHPDWHPiWLFD

1RFDVRGRVHQXQFLDGRV)RQVHFDH&DUGRVRDLQGDDILUPDPTXHRVSURIHVVRUHV MXVWLILFDPRVLQVXFHVVRVQRDSUHQGL]DGRGDPDWHPiWLFDGHVHXVDOXQRVDOHJDQGRDGLILFXOGDGH TXH HOHV WrP GH LQWHUSUHWDUHP HVVHV WH[WRV H VXSRQGR VHU HVWD XPD GLILFXOGDGH DSHQDV HP /tQJXD3RUWXJXHVDGHL[DPDFDUJRGRSURIHVVRUGHVVDGLVFLSOLQDRUHIRUoRQDVDWLYLGDGHVGH LQWHUSUHWDomR0DVVHJXQGR6PROHH'LQL]

DGLILFXOGDGHTXHRVDOXQRVHQFRQWUDPHPOHUHFRPSUHHQGHUWH[WRVGHSUREOHPDVHVWiHQWUH RXWURV IDWRUHV OLJDGD j DXVrQFLD GH XP WUDEDOKR HVSHFtILFR FRP R WH[WR GR SUREOHPD 2 HVWLORQRTXDORVSUREOHPDVGHPDWHPiWLFDJHUDOPHQWHVmRHVFULWRVDIDOWDGHFRPSUHHQVmR GH XP FRQFHLWR HQYROYLGR QR SUREOHPD R XVR GH WHUPRV HVSHFtILFRV GD PDWHPiWLFD TXH SRUWDQWRQmRID]HPSDUWHGRFRWLGLDQRGRDOXQRHDWpPHVPRSDODYUDVTXHWrPVLJQLILFDGRV GLIHUHQWHV QD PDWHPiWLFD H IRUD GHOD ± WRWDO GLIHUHQoD tPSDU PpGLD YROXPH SURGXWR ± SRGHPFRQVWLWXLUVHHPREVWiFXORVSDUDTXHRFRUUDDFRPSUHHQVmRS

7DOWUDEDOKRVHJXQGRDVDXWRUDVFRORFDRSURIHVVRUGHPDWHPiWLFDFRPRUHVSRQViYHO SHODLQYHVWLJDomRHDo}HVSHGDJyJLFDVHVSHFtILFDVTXHOHYHPRDOXQRDRGHVHQYROYLPHQWRGH HVWUDWpJLDV GH OHLWXUD DQiOLVH GH HVWLORV D GLVFXVVmR GH FRQFHLWRV H GH DFHVVR DRV WHUPRV HQYROYLGRVSDUDTXHRFRQWH[WRPDWHPiWLFRVHMDFRPSUHHQGLGR

(18)

LQVWUXo}HV H FRQKHFLPHQWRV TXH RV WH[WRV SRGHP SURSRUFLRQDU 1HVVD SUiWLFD R SURIHVVRU FRUUHRULVFRGHYROWDUDH[SRVLomRHH[SOLFDomRGLVFXWLGDDFLPD

E7H[WRVGHRXWURVFRQWH[WRVQRHQVLQRGD0DWHPiWLFD

7UDWDVHDTXLGHWH[WRVGHGLYHUVRVWHPDVHH[SUHVVRVGHIRUPDVYDULDGDVDQ~QFLRV PDSDVFRQWDVGHVHUYLoRVS~EOLFRVTXHRVSURIHVVRUHVXVDPSDUDRHQVLQRGDPDWHPiWLFD YLVDQGR FRQWH[WXDOL]DU HVVH HQVLQR QD UHDOLGDGH GRV DOXQRV 3RU PHLR GD FRQWH[WXDOL]DomR UHDOL]DVHWDPEpPDWUDQVSRVLomRGRFRQKHFLPHQWRIRUPDOSDUDXPFRQKHFLPHQWRDSOLFiYHO 6HJXQGR RV 3&1 XP FRQKHFLPHQWR Vy p SOHQR VH IRU PRELOL]DGR HP VLWXDo}HV GLIHUHQWHV GDTXHODVTXHVHUYLUDPSDUDOKHGDURULJHP(QWUHWDQWRDSHVDUGHVVHVHVIRUoRVSDUDDSUR[LPDU DVSUiWLFDVHVFRODUHVGDVSUiWLFDVVRFLDLVHVVDV~OWLPDVVmRVXEPHWLGDVDRULWXDOHVFRODUHRV GLYHUVRV WH[WRV DFDEDP VHQGR XVDGRV DSHQDV D VHUYLoR GR HQVLQR GD PDWHPiWLFD 2 TXH DFRQWHFHpTXHRDOXQRpOHYDGRDOHUDSHQDVSDUDHQFRQWUDULQIRUPDo}HVLPSRUWDQWHVSDUDXP H[HUFtFLRHQmRSDUDUHVSRQGHUVXDVSUySULDVLQGDJDo}HVRTXHLQLEHDDXWRQRPLDGROHLWRU

6HJXQGR&KDUWLHUDSXG)RQVHFDH&DUGRVRS³>@RTXHpSUHFLVRp

WUDQVIRUPDUUDGLFDOPHQWHDVSUiWLFDVHVFRODUHVGHOHLWXUDµGHVHVFRODUL]iODV¶SDUDDSUR[LPi ODV GDTXHODV GD VRFLHGDGH FRQWHPSRUkQHD´ S 1HVVH VHQWLGR HQWHQGHPRV TXH D RSRUWXQLGDGH GH WUDEDOKDU FRP WH[WRV GH QDWXUH]D GLYHUVD PHVPR TXH QmR GLUHWDPHQWH UHODFLRQDGRVDRFRQWH[WRPDWHPiWLFRSRGHVHULPSRUWDQWHXPDYH]TXHDX[LOLDRDOXQRQD DTXLVLomR GR KiELWR GH OHLWXUD H SHUPLWH DR SURIHVVRU LGHQWLILFDU DV SRWHQFLDOLGDGHV GH FRPSUHHQVmRTXHRDOXQRWHPGLDQWHGHXPDPHQVDJHPHVFULWD

F7H[WRVTXHVXS}HPRXPRELOL]DPFRQKHFLPHQWRPDWHPiWLFRSDUDRWUDWDPHQWRGHTXHVW}HV GHRXWURVFRQWH[WRV

1HVWD ~OWLPD SRVVLELOLGDGH FRQVLGHUDPVH WH[WRV TXH FRQWHQKDP FRQFHLWRV YRFDEXOiULR SURFHGLPHQWRV RX UHODo}HV SUySULRV GR FRQKHFLPHQWR PDWHPiWLFR PDV VHP R REMHWLYRGHHQVLQDUPDWHPiWLFD$HVVHWLSRGHOHLWXUDDVVRFLDVHDLGHLDGHTXHDPDWHPiWLFDp QHFHVViULDSDUDDFRPSUHHQVmRGHDOJXQVWH[WRVTXHHVWmRSUHVHQWHVWDQWRQDHVFRODFRPRQD VRFLHGDGH1HVVHVHQWLGRD0DWHPiWLFDpQmRVyXPLQVWUXPHQWRFRPRWDPEpPXPPRGRGH

&+$57,(5 $QQH0DULH $ HVFULWD QD HVFROD H QD VRFLHGDGH RV HIHLWRV SDUDGR[DLV GH XPD GLVWkQFLD

(19)

FRPSUHHQGHUHH[SUHVVDUDUHDOLGDGHSUySULDGHXPDFXOWXUDHDVVLPRVWH[WRVGHL[DPGHHVWDU DVHUYLoRGDPDWHPiWLFDPDVDPDWHPiWLFDSDVVDDHVWDUDVHUYLoRGDOHLWXUDGRVWH[WRV

(PDWLYLGDGHVGHOHLWXUDGHVVHWLSRRSURIHVVRUDVVXPHRULVFRGHRWH[WRGHPDQGDU FRQKHFLPHQWRVLQFRPSDWtYHLVFRPRVGHVHXVDOXQRVHDUHVSRQVDELOLGDGHGHGHVHQYROYrOR GHL[DQGR GH ODGR R SDUDGLJPD GR SUpUHTXLVLWR +i WDPEpP D GLILFXOGDGH GR WUDEDOKR LQWHUGLVFLSOLQDU XPD YH] TXH WDLV WH[WRV SRGHP H[LJLU XP WUDEDOKR FROHWLYR HQWUH GLVWLQWDV iUHDV (VVD GLILFXOGDGH TXH RV SURIHVVRUHV SRGHP YLU D DSUHVHQWDU PXLWDV YH]HV JHUD XPD IUDJPHQWDomRGHWDUHIDVHFRPSURPHWHDIRUPDomRGRDOXQRFRPROHLWRUFUtWLFRPDVTXDQGR VXSHUDGD R WUDEDOKR LQWHUGLVFLSOLQDU SRGH DFRQWHFHU H VHJXQGR .OHLPDQ H 0RUDHV

DSXG)RQVHFDH&DUGRVRS³DOHLWXUDpDDWLYLGDGHHORTXHWUDQVIRUPDRVSURMHWRV GHXPSURIHVVRUHPSURMHWRVLQWHUGLVFLSOLQDUHV´

6HJXQGR QRVVD FRPSUHHQVmR HVVD PRGDOLGDGH GH WUDEDOKR FRP OHLWXUD SRGH QmR VHU LQLFLDORXVHMDHQWHQGHPRVTXHKiRXWUDVSRVVLELOLGDGHVGHLQVHUomRGRDOXQRQDOHLWXUDSDUD TXHDFRPSHWrQFLDSRVVDVHUGHVHQYROYLGD

(VFULWDH0DWHPiWLFD

$HVFULWDQDVDXODVGHPDWHPiWLFDFXPSUHXPSDSHOLPSRUWDQWHSDUDDDSUHQGL]DJHP GRVDOXQRVSRLVGiDHOHVDRSRUWXQLGDGHGHUHSHQVDUHDSURIXQGDURVHQWLGRGRTXHIL]HUDP UHJLVWUDUVXDVUHIOH[}HVSHUFHSo}HVHRTXHGHVFREULUDPVREUHXPGDGRFRQFHLWRRXPHVPR VREUHXPDVLWXDomRYLYLGD3DUDRSURIHVVRUDSURGXomRHVFULWDGiQmRDSHQDVXPDERDLGpLD GRTXHRJUXSRDSUHQGHXVREUHRTXHIRLGHVHQYROYLGRQDVDXODVPDVWDPEpPSHUPLWHOKHYHU FRPRRVDOXQRVH[SUHVVDPVXDVLGpLDVHTXDLVGLILFXOGDGHVHOHVDSUHVHQWDPQRPRPHQWRGR WUDEDOKR

3DUD1DFDUDWR0HQJDOLH3DVVRVS

UHJLVWUR p TXDOTXHU JrQHUR GH WH[WR SURGX]LGR SHORV DOXQRV UHJLVWUR GH XPD HVWUDWpJLD XWLOL]DGD SDUD UHVROYHU XPD VLWXDomRSUREOHPD UHODWyULR FDUWD GLiULR QDUUDWLYD PDSD FRQFHLWXDO DXWRELRJUDILD GHVHQKR HQWUH RXWURV (VVHV UHJLVWURV VmR FRQVLGHUDGRV XPD ³HVFULWD H[SUHVVLYD´ SRLV QHOD RV DOXQRV FRORFDP VXDV FUHQoDVFRQVWURHPVHXVVLJQLILFDGRVSDUWLFXODUHVHUHIOHWHPVREUHHOHV

./(,0$1$%025$(66(/HLWXUDHLQWHUGLVFLSOLQDULGDGHWHFHQGRUHGHVQRVSURMHWRVGDHVFROD

(20)

6HJXQGR DV DXWRUDV WUDEDOKDU FRP D HVFULWD QDV DXODV GH PDWHPiWLFD IDYRUHFH D DXWRQRPLDLQWHOHFWXDOGRDOXQRDOpPGHHQULTXHFHUVHXYRFDEXOiULR1RHQWDQWRWUDWDVHGH XPDSUiWLFDTXHUHTXHULQWHUYHQomRFRQVWDQWHGRSURIHVVRUDSRQWDQGRSUREOHPDVVXJHULQGRD UHHVFULWDGRWH[WRHYDORUL]DQGRDVSURGXo}HVGRVDOXQRV

8PD SHVTXLVD IHLWD SHODV DXWRUDV DSRQWD R H[HPSOR GH XPD SURIHVVRUD GRV DQRV LQLFLDLVGR(QVLQR)XQGDPHQWDOGDUHGHS~EOLFDPXQLFLSDOGRHVWDGRGH6mR3DXORTXHHPVXD SUiWLFDXVDWH[WRVGHQtYHLVPDLVSUREOHPiWLFRVSDUDXPWUDEDOKRGHUHHODERUDomRFROHWLYD2 WH[WR p UHHVFULWR DWp TXH WRGRV RV DOXQRV GD FODVVH FRQFRUGHP TXH R WH[WR SRGH VHU EHP LQWHUSUHWDGRSRUHOHV(VVDURWLQDSRVVLELOLWDGHVSHUWDUQRVDOXQRVXPLQWHUHVVHPDLRUSDUDHVVD SUiWLFDTXHGHVGHRLQtFLRWHPRREMHWLYRGHHVFODUHFHU³RYHUGDGHLURVHQWLGRGHVHHVFUHYHU XP WH[WR ± D LGHLD GH TXH HVVD DomR SUHVVXS}H XP OHLWRU SRU LVVR DR HVFUHYHU GHYHVH SURSRUFLRQDU DR OHLWRU D SRVVLELOLGDGH GH ERD LQWHUSUHWDomR GHVVH WH[WR´ 1$&$5$72 0(1*$/,H3$6626S

'LILFXOGDGHVQDSUiWLFDGHDWLYLGDGHVGHOHLWXUDHHVFULWDQDVDXODVGHPDWHPiWLFD

$VGLILFXOGDGHVTXHRVDOXQRVHQFRQWUDPHPSURGX]LUOHUHFRPSUHHQGHUWH[WRVHVWmR HQWUHRXWUDVFRLVDVOLJDGDVjDXVrQFLDGHXPWUDEDOKRHVSHFtILFRFRPDOHLWXUDHHVFULWDGH PRGR JHUDO QDV GLVFLSOLQDV TXH QmR HVWmR GLUHWDPHQWH UHODFLRQDGDV D OtQJXD PDWHUQD H GH PRGRSDUWLFXODUQDVDXODVGH0DWHPiWLFD(VVDDXVrQFLDGHXPWUDEDOKRPDLVYROWDGRSDUDD OHLWXUDHHVFULWDRFRUUHSRUTXHHVVHVSURFHVVRVQmRVmRVLPSOHVHQDWXUDLVHVSHFLDOPHQWHQDV DXODVGHPDWHPiWLFDHSRULVVRH[LJHPPXLWRHPSHQKRHLQWHUYHQomRGRSURIHVVRU

2VDXWRUHVOLGRVQRVPRVWUDPTXHpQHFHVViULRXPWUDEDOKRFRQVWDQWHFRPOHLWXUDH HVFULWDHPWRGDVDVVpULHVHVFRODUHVSRLVVHUiDSHQDVHQIUHQWDQGRDIRUPDomRGROHLWRUHGR HVFULWRUFRPRXPDWDUHIDGHWRGRVRVSURIHVVRUHVGDHVFRODLQFOXVLYHGH0DWHPiWLFDTXHVHUmR FULDGDV RSRUWXQLGDGHV SDUD TXH RV DOXQRV GHVHQYROYDP KDELOLGDGHV TXH VmR HVVHQFLDLV SDUD TXHSRVVDPDSUHQGHUTXDOTXHUFRQWH~GRHPTXDOTXHUWHPSRGRSURFHVVRGHHVFRODUL]DomR

(21)

SRU HVVHV SURIHVVRUHV SDUD R VHX UHVWULWR UHSHUWyULR GH OHLWXUDV p D HVFROKD SHOD iUHD GR FRQKHFLPHQWRHPTXHSUHWHQGHUDPVHIRUPDUHDWXDUXPDYH]TXHHQWHQGHPTXHDiUHDGH H[DWDVLQLEHXPPDLRUFRQWDWRFRPREUDVOLWHUiULDV

$ SHVTXLVD GHVFULWD SHORV DXWRUHV DLQGD PRVWUD TXH D PDLRULD GRV SURIHVVRUHV GH PDWHPiWLFD QmR WHP XPD OHPEUDQoD GH OHLWXUD HP PDWHPiWLFD R TXH WDPEpP GLILFXOWD VHX WUDEDOKRFRPHVVHWLSRGHDWLYLGDGHVQDVDODGHDXODHPTXHDWXDPFRPRGRFHQWHV

2VSURIHVVRUHVGHPDWHPiWLFDSHVTXLVDGRVSHORVDXWRUHVFRQVLGHUDPTXHDDWLYLGDGH FRPWH[WRQDVDXODVGHPDWHPiWLFDHQYROYHGHVDILRVFRPRDUHODomRHQWUHGXDVOLQJXDJHQV GLIHUHQWHV±DVSDODYUDVHRVVtPERORVPDWHPiWLFRV

0XLWRVSURIHVVRUHVUHODWDPTXHDWLYLGDGHVFRPSUiWLFDVGHOHLWXUDQmRHVWmRSUHVHQWHV HP VXDV FODVVHV SRU HQFRQWUDUHP GLILFXOGDGHV UHODFLRQDGDV jV FRPSHWrQFLDV OHLWRUDV QmR LQFRUSRUDGDVSHORDOXQRHPHVSHFLDODVKDELOLGDGHVGHLQWHUSUHWDomRHHQWHQGLPHQWRGHWH[WR 2 WUDEDOKR FRP RV VLJQLILFDGRV H D VLPERORJLD GD PDWHPiWLFD ILFD SUHMXGLFDGR GHYLGR j GLILFXOGDGHGRDOXQRHPFRPSUHHQGHURWH[WR

2XWUR DVSHFWR TXH DV SHVTXLVDV QRV UHYHODP VLJQLILFDWLYR p R DPELHQWH HP TXH DV WDUHIDV GH OHLWXUD H HVFULWD VmR SURSRVWDV HP DXOD 3LUHV H 2OLYHLUD DILUPDP TXH DV VLWXDo}HV GH DSUHQGL]DJHP HP SDUWLFXODU DV TXH HQYROYHP OHLWXUD H HVFULWD GHYHP WHU WUrV PRPHQWRV GHVWDFDGRV R DQWHV R GXUDQWH H R GHSRLV $V DWLYLGDGHV GHYHP VHU VHPSUH SUHYLDPHQWHSODQHMDGDVSUHYHQGRRTXDQWRVHUiRXQmRXPGHVDILRSDUDRDOXQRHPVDODGH DXOD R DPELHQWH GHYH VHU IDYRUiYHO SDUD TXH RV DOXQRV SRVVDP WURFDU LGHLDV QHJRFLDU HVWUDWpJLDVHEXVFDUXPDVtQWHVHTXHSRVVDVHUDSUHVHQWDGDDRSURIHVVRUHDRVGHPDLVFROHJDV DOpP GLVVR HVVH DPELHQWH SRVVLELOLWD TXH RV FRQKHFLPHQWRV TXH RV DOXQRV WUD]HP ± PDWHPiWLFRVRXQmR±SRVVDPFLUFXODUSHODVDODGHDXODHDPSOLDUVHXVVLJQLILFDGRVHSRUILP GHYHKDYHUXPPRPHQWRSDUDDUHIOH[mRHGLVFXVVmR

(22)

3HVTXLVD4XDOLWDWLYDGHDERUGDJHP)HQRPHQROyJLFD

6HJXQGR-RHO0DUWLQVDSXG)LQLS³SHVTXLVDUpWHUXPDLQWHUURJDomRH

DQGDUHPWRUQRGHODGHIRUPDDH[SORUDUDRPi[LPRDTXLORTXHVHGHVHMDFRPSUHHQGHU´H SDUDFRPSUHHQGHUQmRH[SOLFDUXPGHWHUPLQDGRIHQ{PHQRQmRpVXILFLHQWHDSHQDVYLYrOR PDVFLUFXQGiORDSDUWLUGDLQWHUURJDomRFRQVWUXtGD2XVHMDDLQWHUURJDomRpRTXHSHUPLWH DR SHVTXLVDGRU LU EXVFDQGR PRGRV GH ROKDU SDUD R REMHWR LQWHUURJDGR VHJXQGR GLIHUHQWHV SHUVSHFWLYDV RX SRQWRV GH YLVWD (VVD LQWHUURJDomR QXQFD VH HVJRWD SRLV VHPSUH Ki DOJR D PDLVSDUDVHFRQKHFHUVREUHRREMHWRSHVTXLVDGR

$V GLIHUHQWHV iUHDV GR FRQKHFLPHQWR SURSRUFLRQDP GLIHUHQWHV SRVVLELOLGDGHV GHOLQHDPHQWRVHPHWRGRORJLDVGHHODERUDomRGHSHVTXLVDV3RGHVHREVHUYDUHPWH[WRVTXH GLVFXWHPDSHVTXLVDTXDOLWDWLYDWDLVFRPRRVGH)LQL0DFKDGRHQWUHRXWURVD GLIHUHQFLDomR HQWUH DV SHVTXLVDV UHDOL]DGDV QDV iUHDV GH VD~GH H ELROyJLFDV GDV SHVTXLVDV VRFLDLV H DLQGD GDV SHVTXLVDV GH PHUFDGR SRU H[HPSOR (VVD GLIHUHQFLDomR RFRUUH WDQWR GR SRQWRGHYLVWDGDHODERUDomRTXDQWRGDDQiOLVHLQWHUSUHWDomRULJRUFLHQWLILFRJHQHUDOL]Do}HV HFRQFOXV}HVDUHVSHLWRGRDVVXQWRDERUGDGRRXGRTXHHGHVHMDLQYHVWLJDU

$SULPHLUDGLVWLQomRREVHUYDGDHQWUHWDLVSHVTXLVDVpUHODWLYDjDERUGDJHPTXHVHLUi VHJXLU RX VHMD p D RSomR SRU XP HVWXGR TXDQWLWDWLYR RX TXDOLWDWLYR (QTXDQWR HVWXGRV GH FXQKR TXDQWLWDWLYR SURFXUDP VHJXLU ULJRURVDPHQWH XP SODQR SUHYLDPHQWH HVWDEHOHFLGR D SHVTXLVD TXDOLWDWLYD VHJXQGR 1HYHV FRVWXPD VHU GLUHFLRQDGD DR ORQJR GH VHX GHVHQYROYLPHQWR H DOpP GLVVR QmR EXVFD HQXPHUDU RX PHGLU HYHQWRV H JHUDOPHQWH QmR HPSUHJDDHVWDWtVWLFDSDUDDQiOLVHGHGDGRV6HXIRFRGHLQWHUHVVHSDUWHGHXPDSHUVSHFWLYD GLIHUHQWHGDDGRWDGDSHORVPpWRGRVTXDQWLWDWLYRV)D]SDUWHGDSHVTXLVDTXDOLWDWLYDDREWHQomR GHGDGRVGHVFULWLYRVPHGLDQWHFRQWDWRGLUHWRGRSHVTXLVDGRUFRPDVLWXDomRLQYHVWLJDGDRXR REMHWRGHHVWXGR

1DV SHVTXLVDV TXDOLWDWLYDV p IUHTHQWH TXH R SHVTXLVDGRU SURFXUH HQWHQGHU RV IHQ{PHQRV LVWR p DTXLOR TXH HOH HVWi LQYHVWLJDQGR VHJXQGR D SHUVSHFWLYD GRV VXMHLWRV SDUWLFLSDQWHV GD VLWXDomR HVWXGDGD H D SDUWLU GDt VLWXH VXD LQWHUSUHWDomR GRV IHQ{PHQRV

)LQLDSRQWDTXHWDOLQIRUPDomRFRQVWDGDVQRWDVGHDXODGR3URI-RHO0DUWLQVQRVFXUVRVGH3yV*UDGXDomRGD

(23)

HVWXGDGRVVHJXLQGRFULWpULRVRXSURFHGLPHQWRVGLVWLQWRVRULXQGRVGDRSomRPHWRGROyJLFDTXH HOHIH]

1R kPELWR GD SHVTXLVD TXDOLWDWLYD H[LVWHP GLYHUVDV PHWRGRORJLDV H GLIHUHQWHV SRVVLELOLGDGHV WDQWR GH FRQGXomR GD SHVTXLVD SURFHGLPHQWRV TXDQWR GH DQiOLVH GH GDGRV GHSHQGHQGR GR WHPD H GR REMHWLYR TXH VH SUHWHQGH DOFDQoDU FRP R HVWXGR 6HJXQGR )LQL WUDWDQGRVH GH SHVTXLVD HP (GXFDomR HVSHFLILFDPHQWH HP (GXFDomR 0DWHPiWLFD D IHQRPHQRORJLDVHPRVWUDXPDDERUGDJHPIDYRUiYHOSRUTXHQHVWHWLSRGHDERUGDJHPQmRKi QHXWUDOLGDGHGRSHVTXLVDGRUSHORFRQWUiULRKiXPHQYROYLPHQWRGHOHFRPRDWRGHSHVTXLVDU

2V SURFHGLPHQWRV GD SHVTXLVD IHQRPHQROyJLFD FRPR GH RXWUDV DERUGDJHQV VmR ULJRURVRVHVHJXHPGHWHUPLQDGRVDVSHFWRVTXHWRUQDPHVVHQFLDLVSDUDTXHRLQYHVWLJDGRSRVVD VHUFRPSUHHQGLGR3HVTXLVDUIHQRPHQRORJLFDPHQWHFRQVLVWHHPGHVFUHYHUIHQ{PHQRVHQmR H[SOLFiORVQmRVHQGRQHFHVViULDVMXVWLILFDWLYDV XPDYH]TXHVHGHVFUHYHRSHUFHELGRRXR GLVFXUVR GR VXMHLWR 1HVVD DERUGDJHP R SHVTXLVDGRU WHP VXDV G~YLGDV H D SDUWLU GHVVDV IRUPXODVXDLQWHUURJDomR(VVDVG~YLGDVHVWmRQRFRQWH[WRHPTXHDSHVTXLVDDFRQWHFHHTXH VH FRQVWLWXLUi FRPR WUDMHWyULD GH SHVTXLVD 1HVWH WLSR GH SHVTXLVD QmR VH EXVFD XP FRQKHFLPHQWRXQLYHUVDOL]DGRPDVVLPDFRPSUHHQVmRGRIHQ{PHQRQRFRQWH[WRHPTXHHVWi VLWXDGR(VVHIHQ{PHQRTXHRSHVTXLVDGRUGHVHMDFRPSUHHQGHUPRVWUDVHQRVGDGRVGHPRGR SHUVSHFWLYDO XPD YH] TXH R SHVTXLVDGRU ³DQGD HP WRUQR´ GH VXD LQWHUURJDomR H YDL JUDGDWLYDPHQWH FRPSUHHQGHQGR R TXH VH PRVWUD $OpP GLVVR VHPSUH KDYHUi RXWUR VXMHLWR SDUDRTXDORVGDGRVVHPRVWUDUmRGHXPDPDQHLUDGLIHUHQWH

2SULPHLURPRPHQWRGHVVDDERUGDJHPGHSHVTXLVDFKDPDVHSUpUHIOH[LYRQRTXDOR SHVTXLVDGRUWHPXPDG~YLGDVREUHDOJRPDVDOJRTXHDLQGDQmRHVWiEHPFODURSDUDHOH$ LQWHUURJDomRRFDPSRGHHVWXGRHRSUySULRIHQ{PHQRLQGLFDPRFDPLQKRDVHUVHJXLGR2 IHQ{PHQR RX R TXH R SHVTXLVDGRU GHVHMD FRPSUHHQGHU SDVVD D VHU WHPDWL]DGR LQGR GR FRQKHFLPHQWRSUpUHIOH[LYRSDUDDUHIOH[mR

$FROHWDGHGDGRVpIHLWDDWUDYpVGDVGHVFULo}HVGDVVLWXDo}HVYLYLGDVSHORVVXMHLWRV (VWHV GDGRV QmR H[LVWHP D SULQFtSLR YmR VXUJLQGR FRP DV H[SHULrQFLDV LVWR p QR HQYROYLPHQWRGRSHVTXLVDGRUFRPRDWRGHSHVTXLVDU2VGDGRVYDULDPGHVXMHLWRSDUDVXMHLWR Mi TXH D H[SHULrQFLD YLYLGD WHP VLJQLILFDGRV GLIHUHQWHV SDUD FDGD XP H DV H[SUHVV}HV GRV VXMHLWRV VmR PXLWR SDUWLFXODUHV &DEH DR SHVTXLVDGRU ID]HU D FRQYHUJrQFLD GRV GLIHUHQWHV VLJQLILFDGRVEXVFDUDTXLORTXHQDVGLIHUHQWHVH[SUHVV}HVFRQVWLWXHPVHHPDVSHFWRVFRPXQV GDVGHVFULo}HV

(24)

TXDQWLGDGH GH VXMHLWRV 1HVWD DERUGDJHP WUDEDOKDVH FRP XP Q~PHUR PHQRU GH VXMHLWRV FRPSDUDGR D RXWUDV PRGDOLGDGHV GH SHVTXLVD LVVR SRUTXH D SDUWLU GH FHUWR Q~PHUR GH GHVFULo}HVMipSRVVtYHODRSHVTXLVDGRUFRQVWUXLUVLJQLILFDGRVHFRPSUHHQGHURIHQ{PHQR

$DQiOLVHGRVGDGRVpIHLWDDWUDYpVGHXPDOHLWXUDFXLGDGRVDGHWRGDVDVGHVFULo}HVGRV VXMHLWRV DV TXDLV QHP VHPSUH FRQWpP VLJQLILFDGRV H[SOtFLWRV (VVD DQiOLVH p IHLWD HP GRLV PRPHQWRV$QiOLVH,GHRJUiILFDH$QiOLVH1RPRWpWLFD

1D DQiOLVH LGHRJUiILFD EXVFDVH GHVRFXOWDU DV LGHLDV GRV VXMHLWRV H[SUHVVDV HP VXDV GHVFULo}HVHVSRQWkQHDVRXVHMDHPVXDOLQJXDJHPQDWXUDOPHVPRTXHFRPHUURVJUDPDWLFDLV RX YtFLRV GH OLQJXDJHP XPD YH] TXH HOD H[SUHVVD D FRPSUHHQVmR GR VXMHLWR DFHUFD GD VLWXDomRYLYLGD(VWDpSRUWDQWRXPDIDVHHPTXHRSHVTXLVDGRUEXVFDLQWHUSUHWDURGL]HUGRV VXMHLWRV LQGLYLGXDLV $QDOLVD FDGD GHVFULomR H WHQWD FRPSUHHQGHU R TXH R VXMHLWR IDOD RULHQWDGRSRUXPVHQWLGRTXHpGDGRLQWXLWLYDPHQWHSHODVXDLQWHUURJDomR'DSULPHLUDOHLWXUD R SHVTXLVDGRU EXVFD FRPSUHHQGHU R VHQWLGR GR WRGR 1XPD VHJXQGD OHLWXUD HOH GHVWDFD DV XQLGDGHV GH VLJQLILFDGR RX VHMD RV WUHFKRV GR GLVFXUVR GRV VXMHLWRV TXH LQGLTXHP SRVVLELOLGDGHV GH FRPSUHHQVmR GR TXH p LQWHUURJDGR e LPSRUWDQWH QHVVH LQVWDQWH TXH R SHVTXLVDGRU GHL[H GH ODGR VHX FRQKHFLPHQWR SUpYLR H VHXV SUpFRQFHLWRV D UHVSHLWR GR IHQ{PHQRSDUDTXHVHMDRULHQWDGRDSHQDVSHORGLVFXUVRGRVVXMHLWRVHDVXDLQWHUURJDomR

(PVHJXLGDFRQYHUWHHVVDVXQLGDGHVGHVLJQLILFDGRHPDVVHUo}HVTXHLQGLTXHPRPDLV ILHOPHQWHSRVVtYHODVLGHLDVDSUHVHQWDGDVQRGLVFXUVRGRVXMHLWR$VDVVHUo}HVWrPDILQDOLGDGH GHWUD]HUDIDODGRVXMHLWRSDUDDOLQJXDJHPGRSHVTXLVDGRULVWRpIRUPDO'HVVDVDVVHUo}HVR SHVTXLVDGRUEXVFDRVLQYDULDQWHVRXDTXLORTXHQRVGLIHUHQWHVGLVFXUVRVVHPDQWpP3DVVDVH HQWmRDQRYDIDVHRXPRPHQWRGDDQiOLVHTXHYLVDjHVWUXWXUDGRIHQ{PHQRRXDTXLORTXHQRV GLVFXUVRV GRV GLIHUHQWHV VXMHLWRV YDL DSRQWDQGR SDUD D FRPSUHHQVmR GR TXH p LQYHVWLJDGR $GHQWUDVHDDQiOLVHQRPRWpWLFD

2WHUPRQRPRWpWLFRGHULYDVHGHQRPRVTXHVLJQLILFDXVRGHOHLVSRUWDQWRQRUPDWLYLGDGH RX JHQHUDOLGDGH DVVXPLQGR XP FDUiWHU GH SULQFtSLR RX GH OHL $ DQiOLVH QRPRWpWLFD QD SHVTXLVDTXDOLWDWLYDLQGLFDXPPRYLPHQWRGHSDVVDJHPGRQtYHOLQGLYLGXDOSDUDRJHUDORX VHMDPRYHVHGRDVSHFWRSVLFROyJLFRLQGLYLGXDOSDUDRSVLFROyJLFRJHUDOGDPDQLIHVWDomR GRIHQ{PHQR$HVWUXWXUDSVLFROyJLFDJHUDOpUHVXOWDQWHGDFRPSUHHQVmRGDVFRQYHUJrQFLDV HGLYHUJrQFLDVGRVDVSHFWRVTXHVHPRVWUDPQDVDQiOLVHVLGHRJUiILFDV(VWDGLUHFLRQDOLGDGH SDUD D JHQHUDOLGDGH p REWLGD SHOR SHVTXLVDGRU DR DUWLFXODU DV UHODo}HV GDV HVWUXWXUDV LQGLYLGXDLVHQWUHVL0$&+$'2S

(25)

'HVVHPRGRHQWHQGHVHTXHDDQiOLVHQRPRWpWLFDUHYHODRTXHRIHQ{PHQRDQDOLVDGR SRVVXLGHDVSHFWRVJHUDLVDSDUWLUGRVSDUWLFXODUHV2SHVTXLVDGRUEXVFDDVFRQYHUJrQFLDVHDV GLYHUJrQFLDVGRVLQYDULDQWHVHQFRQWUDGRVQDDQiOLVHLGHRJUiILFD$VFRQYHUJrQFLDVPRVWUDPDV JHQHUDOLGDGHV GR IHQ{PHQR RX RV DVSHFWRV JHUDLV GHQRPLQDGRV FDWHJRULDV DEHUWDV 7DLV FDWHJRULDV QR kPELWR GD SHVTXLVD IHQRPHQROyJLFD VmR µDEHUWDV¶ D LQWHUSUHWDomR GR SHVTXLVDGRUVHJXQGRVXDFRPSUHHQVmRGRTXHpLQYHVWLJDGRHVXDYLYrQFLD-iDVGLYHUJrQFLDV UHYHODPRVDVSHFWRVSDUWLFXODUHVGDTXHOHFRQWH[WRRXDVLGLRVVLQFUDVLDV

(26)

$3(648,6$'(&$032

2FRQWH[WRHRVVXMHLWRVGDSHVTXLVD

$VDWLYLGDGHVGHFDPSRUHDOL]DGDVSDUDHVVDSHVTXLVDDFRQWHFHUDPHPXPDHVFRODGD UHGHS~EOLFDHVWDGXDOGRPXQLFtSLRGH*XDUDWLQJXHWi±63VHQGRHVWDXPDHVFRODGHSHULIHULD TXHDWHQGHFHUFDGHDOXQRV$HVFRODRIHUHFHHQVLQRIXQGDPHQWDOFLFOR,,H(QVLQR0pGLR HFHUFDGHGHVHXVDOXQRVUHFHEHPDOJXPWLSRGHDX[tOLRILQDQFHLURGRJRYHUQRFRPRR %ROVD )DPtOLD SRU H[HPSOR $OLiV GHYLGR j VLWXDomR ILQDQFHLUD H DR IDWR GH SUHFLVDUHP WUDEDOKDU PXLWR FHGR PXLWRV DOXQRV QmR WrP SUHWHQV}HV GH SURVVHJXLU HP VHXV HVWXGRV H FXUVDUR(QVLQR6XSHULRU$OJXQVQHPVHTXHUFRQFOXHPR(QVLQR0pGLR

'LDQWH GHVWD UHDOLGDGH RV SURIHVVRUHV PXLWDV YH]HV HQFRQWUDP GLILFXOGDGHV HP PRWLYDURVDOXQRVDSDUWLFLSDUHPGDVDXODVHGHDWLYLGDGHVGLIHUHQFLDGDV&RPRXPDIRUPDGH DPHQL]DUHVVDVGLILFXOGDGHVDFRQWHFHQDHVFROD3,%,'TXHpXPSURMHWRGD&$3(6HTXH WHPFRPRREMHWLYRLQVHULUOLFHQFLDQGRVQRFRWLGLDQRGHHVFRODVGDUHGHS~EOLFDGHHGXFDomR 2 VXESURMHWR GHVHQYROYLGR HP *XDUDWLQJXHWi QD iUHD GH PDWHPiWLFD FRQWD FRP D SDUWLFLSDomR GH GH] EROVLVWDV DOXQRV GR FXUVR GH /LFHQFLDWXUD HP 0DWHPiWLFD GD )(*81(63HWDPEpPWHPSDUFHULDFRPR,*&(81(63GH5LR&ODUR±63

2V GH] EROVLVWDV QXP SULPHLUR PRPHQWR DVVLVWLUDP DXODV PLQLVWUDGDV SHORV SURIHVVRUHVGHPDWHPiWLFDGDHVFRODSDUWLFLSDUDPGHJUXSRVGHHVWXGRVQDXQLYHUVLGDGHRQGH HVWXGDUDPHGLVFXWLUDPGRFXPHQWRVWDLVFRPRRV3&1D3URSRVWD&XUULFXODUGH0DWHPiWLFD GR(VWDGRGH6mR3DXORHDUWLJRVGHGLYHUVRVDXWRUHVGDiUHDGH(GXFDomR0DWHPiWLFDSDUD FRQKHFLPHQWRGDVSURSRVWDVUHODWLYDVDRHQVLQRGHPDWHPiWLFD'DVXDSDUWLFLSDomRQDHVFROD FRQWDPDLQGDUHXQL}HVGH+73&HQWUHRXWUDVDWLYLGDGHVSDUDTXHSXGHVVHPFRPSUHHQGHUD HVWUXWXUD GD HVFROD D UHODomR SURIHVVRUDOXQR H DV DWLYLGDGHV GLIHUHQFLDGDV GHVHQYROYLGDV FRP R REMHWLYR GH IDYRUHFHU D DSUHQGL]DJHP H SURPRYHU R LQWHUHVVH GRV DOXQRV SRU GHWHUPLQDGRVFRQWH~GRVPDWHPiWLFRV

(27)

2HQYROYLPHQWRQHVVDVWDUHIDVGHVHQYROYLGDVSHODHVFRODDOLDGRjIRUPDomRGDGDQRV JUXSRVGHHVWXGRQD)(*SRVVLELOLWRXDRVEROVLVWDVDHODERUDomRGHDOJXPDVDWLYLGDGHVSDUD VHUHPUHDOL]DGDVQDHVFRODFRPRDFRQWDomRGHXPDKLVWyULDDGDSWDGDGROLYUR2+RPHPTXH &DOFXODYD GH 0DOED 7DKDQ FRP R REMHWLYR GH WUDEDOKDU D OHLWXUD H HVFULWD QD DXOD GH PDWHPiWLFD XPD DWLYLGDGH GH FRQVWUXomR GH PDTXHWHV GH FDVDV HQYROYHQGR FRQFHLWRV GH JHRPHWULDSODQDDXODVFRPXVRGH6RIWZDUHVSDUDRWUDEDOKRFRPWULJRQRPHWULDHSRUILP DWLYLGDGHV FRP R XVR GR7DQJUDPHP TXH VH S{GH DOLDU D OHLWXUD H HVFULWD FRP R WUDEDOKR UHODFLRQDGRDRVQ~PHURVUDFLRQDLV

$VDWLYLGDGHVGRSURMHWR3,%,'WrPFRQWULEXtGRGHIRUPDHIHWLYDSDUDDPRWLYDomRH SDUDDDSUHQGL]DJHPPDWHPiWLFDGRVDOXQRV1HVWHWUDEDOKRIRFDPRVDDWLYLGDGHGHVHQYROYLGD FRPRXVRGR7DQJUDPSDUDHIHWXDUXPDDQiOLVHPDLVGHWDOKDGD

'HVFULomRGD$WLYLGDGHGH&DPSR

$ WDUHID GHVFULWD SDUD D DWLYLGDGH GH FDPSR IRL UHDOL]DGD FRP DOXQRV GR ž DQR GR (QVLQR)XQGDPHQWDOGDHVFRODS~EOLFDHVWDGXDOGHVFULWDDFLPD-iID]LDSDUWHGRSURJUDPDGD SURIHVVRUDGDWXUPDUHDOL]DUDWLYLGDGHVTXHXWLOL]DVVHPRTXHEUDFDEHoDFKLQrV7DQJUDPHD KLVWyULD$ 9LDJHP GDV VHWH SHoDVFRPR UHFXUVRV GLGiWLFRV SDUD WUDEDOKDU R FRQWH~GR GH Q~PHURVUDFLRQDLV$SDUWLUGLVVRRVEROVLVWDVGR3,%,'VXJHULUDPLQFRUSRUDUDHVVDSURSRVWD XPDDWLYLGDGHTXHHQYROYHVVHOHLWXUDHHVFULWD2REMHWLYRGDDWLYLGDGHHUDID]HUFRPTXHRV DOXQRVSURGX]LVVHPXPWH[WRDSDUWLUGHXPFHQiULRPRQWDGRSRUHOHVXWLOL]DQGRDVVHWHSHoDV GR7DQJUDP3DUD WDQWR HOHV WHULDP FRPR UHIHUrQFLD D KLVWyULD$ 9LDJHP GDV VHWH SHoDV FRQWDGDSHORSURIHVVRUHPVDODGHDXODHHPJUXSRVLULDPSURGX]LURVVHXVWH[WRV

$UHIHULGDWXUPDWHPFHUFDGHDOXQRVTXHIRUDPRUJDQL]DGRVHPJUXSRVGHD DOXQRV SDUD D UHDOL]DomR GD WDUHID SURSRVWD $V DXODV HUDP GXSODV PLQXWRV FDGD H DV WDUHIDV IRUDP GHVHQYROYLGDV HP VHLV DXODV 7UrV GDV TXDLV R SURIHVVRU XWLOL]RX SDUD D SULPHLUD SDUWH GD DWLYLGDGH DEDL[R GHVFULWD H WUrV SDUD D SURGXomR GRV DOXQRV WDPEpP GHVFULWDDEDL[R

1D SULPHLUD SDUWH GD DWLYLGDGH IRUDP GLVWULEXtGRV7DQJUDQV GH PDGHLUD SDUD FDGD JUXSR2VDOXQRVRXYLUDPDKLVWyULD$YLDJHPGDVVHWHSHoDVHDHVFUHYHUDPHPVHXFDGHUQR (PVHJXLGDIRLGLVWULEXtGRSDSHOTXDGULFXODGRSDUDRVJUXSRVSDUDTXHXWLOL]DQGRRTXHEUD

(VVDKLVWyULDpXPDDGDSWDomRIHLWDSHODSURIHVVRUDGDWXUPDGH.2=0,16.,(/$V7UrV3DUWHV6mR

(28)

FDEHoDGHPDGHLUDFRPRPROGHIL]HVVHPYiULRVRXWURV7DQJUDQVTXHVHULDPXWLOL]DGRVSDUDD FRQVWUXomRGRVSHUVRQDJHQVGDKLVWyULD

3DUDDX[LOLDURVDOXQRVQDFRQVWUXomRGDVSHoDVGR7DQJUDPQRSDSHOTXDGULFXODGRD SURIHVVRUDWDPEpPIH]RVGHVHQKRVQDORXVD2V7DQJUDQVIRUDPIHLWRVFRPPHGLGDGHRLWR TXDGUDGLQKRV GH ODGR FRQVLGHUDQGR D TXDGULFXOD GR SDSHO TXDGULFXODGR $SyV HVVH PRPHQWR IRL GLVWULEXtGD XPD FDUWROLQD SDUD FDGD JUXSR SDUD TXH PRQWDVVHP SDLQpLV UHHVFUHYHQGRDKLVWyULD$9LDJHPGDVVHWHSHoDVHFRODQGRRVSHUVRQDJHQVPRQWDGRVFRPR 7DQJUDP$OJXQVJUXSRVRSWDUDPSRUID]rORHPIRUPDGHOLYURGREUDQGRDFDUWROLQDDRPHLR HRXWURVIL]HUDPHPIRUPDGHKLVWyULDHPTXDGULQKRVFRPDFDUWROLQDDEHUWD1HVVH~OWLPR FDVR RV JUXSRV TXHULDP GLYLGLU D FDUWROLQD HP QRYH SDUWHV LJXDLV XPD YH] TXH D KLVWyULD FRQWpPQRYHFHQDVRTXHJHURXFHUWDGLILFXOGDGH+RXYHLQWHUIHUrQFLDGRSURIHVVRUSDUDTXH RSUREOHPDIRVVHUHVROYLGR

(QTXDQWRDOJXQVDOXQRVWHUPLQDYDPGHGHVHQKDUUHFRUWDUHSLQWDURV7DQJUDQVRXWURV WUDEDOKDYDPFRPDFDUWROLQDID]HQGRDVPDUJHQVHHVFUHYHQGRDKLVWyULD

2VDOXQRVVHPRVWUDUDPHQYROYLGRVQDDWLYLGDGHDSHVDUGHWHUHPDSUHVHQWDGRDOJXPDV GLILFXOGDGHV FRP UHODomR DR FRQWH~GR PDWHPiWLFR WDLV FRPR R PRGR SHOR TXDO DV ILJXUDV JHRPpWULFDVVHULDPGHVHQKDGDVDHVFDODHDGLYLVmRGDFDUWROLQD1RHQWDQWRHPDOJXQVFDVRV QRWDPRVJUDQGHKDELOLGDGHFRPRVGHVHQKRVHFRQVWUXomRGR7DQJUDP'HVWDFDPRVWDPEpP DFRRSHUDomRHQWUHRVDOXQRVQRVJUXSRVTXHRVOHYRXDVXSHUDomRGHPXLWDVGLILFXOGDGHV

1DVGXDVDXODVVHJXLQWHVRVDOXQRVWHUPLQDUDPGHHVFUHYHUDKLVWyULDQDFDUWROLQDH FRPHoDUDPDPRQWDURVSHUVRQDJHQVFRPR7DQJUDPHDFROiORVQDVUHVSHFWLYDVFHQDV1HVVH PRPHQWRHVWDYDFRQFOXtGDDSULPHLUDSDUWHGDDWLYLGDGH

$VHJXQGDSDUWHGDDWLYLGDGHFRQVLVWLDQDSURGXomRGHWH[WRVKLVWyULDVSHORVJUXSRV 1DSULPHLUDDXODRVDOXQRVIRUDPUHGLYLGLGRVHPRXWURVFLQFRJUXSRV&DGDDOXQRGR JUXSR UHFHEHX XP7DQJUDP GHVHQKDGR HP SDSHO EUDQFR (OHV GHYHULDP SLQWDU VHX TXHEUD FDEHoDFRQIRUPHVHXJRVWRHHQWmRHVFROKHUTXDWURRXFLQFRSHoDVGHQWUHDVVHWHGRWDQJUDP SDUDFULDURVSHUVRQDJHQVGHXPDKLVWyULD

1DVHJXQGDDXODGHVWDVHJXQGDHWDSDGDWDUHIDFDGDDOXQRMiWLQKDVHXSHUVRQDJHP PRQWDGR2JUXSRGHYHULDHQWmRMXQWDURVSHUVRQDJHQVHXWLOL]DQGRWRGRVHOHVHVFUHYHUXPD KLVWyULDGHWHPDOLYUH

1D WHUFHLUD DXOD IRUDP GLVWULEXtGDV IROKDV GH SDSHO SDUGR SDUD TXH RV JUXSRV HVFUHYHVVHPVXDKLVWyULDHFRODVVHPRVSHUVRQDJHQVFULDGRVFRQVWUXLQGRXPFHQiULR

(29)

,PDJHQVGRVWUDEDOKRVSURGX]LGRVSHORVDOXQRVDSDUWLUGDKLVWyULD$9LDJHPGDV VHWHSHoDV

2WUDEDOKRGRVGRLVSULPHLURVJUXSRVPRVWUDGRVDEDL[RIRLUHDOL]DGRHPIRUPDWRGH OLYURSDUDLVVRRVDOXQRVGREUDUDPDFDUWROLQDDRPHLRHIL]HUDPWDPEpPXPDFDSD

)LJXUD±&DSDGR*UXSR

)LJXUD±3DLQHOGR*UXSR

(30)

)LJXUD±&DSDGR*UXSR

)LJXUD±3DLQHOGR*UXSR

(31)

)LJXUD±3DLQHOGR*UXSR

)LJXUD±3DLQHOGR*UXSR

(32)

)LJXUD±3DLQHOGR*UXSR

,PDJHQVGRVSDLQpLVHWUDQVFULomRGDVKLVWyULDVSURGX]LGDVSHORVDOXQRV

1RV LWHQV D VHJXLU WUDQVFUHYHPRV DV KLVWyULDV WDO TXDO HODV IRUDP SURGX]LGDV SHORV JUXSRVPDQWHQGRLQFOXVLYHDVLQFRUUHo}HVGHOLQJXDJHP(VVDRSomRMXVWLILFDVHSHODLQWHQomR GDDQiOLVHIHQRPHQROyJLFDTXHYLVDjGHVFULomRGRVVXMHLWRV7LYHPRVFLQFRSURGXo}HVXPD GHFDGDJUXSR

6HLVSLSDVHXPEDUFR

(33)

(D5DLR³DSDURX´D7URYmRTXHTXDQGRR5DLRVXELXFRPDSLSDHOH³SLFRX´DUDELROD GHOD(DVVLPFRQWLQXRXDGLVSXWDHQWUHHODVDWpRVROGHS{UHRYHQWRDFDEDU

)LJXUD±*UXSR6HLVSLSDVHXPEDUFR

21DWDOHVSHFLDO

(VWDYDFKHJDQGRR1DWDOHR5LYDOGRHVWDYDWULVWHSRLVPRUDYDVR]LQKRHQmRWLQKD QLQJXpPSDUDSDVVDUR1DWDOFRPHOH

8PEHORGLD5LYDOGRUHVROYHXSDVVHDUQDIORUHVWDHDFDERXHQFRQWUDQGRRVDFLSHUHUrH FRPHoDUDPDFRQYHUVDUHR5LYDOGRIH]XPFRQYLWHSURVDFLSHUHUr

9RFrTXHULUQDPLQKDIHVWDGH1DWDO" (RVDFLUHVSRQGHX

6LPFRPFHUWH]D4XHKRUDVYDLVHU" (R5LYDOGRUHVSRQGHX

¬VKRUDVGDQRLWH

25LYDOGRILFRXIHOL]SRUTXHRVDFLDFHLWRXRFRQYLWHGHOHHHOHQmRLDSDVVDUR1DWDO VR]LQKR

(34)

6LPSRVVROHYDUPHXJDWRHPLQKDVUHQDVWDPEpP" &ODURjYRQWDGH

9ROWDQGRSDUDVXDFDVD5LYDOGRHQFRQWURX$OLFH $OLFHYRFrTXHULUQDPLQKDIHVWDGH1DWDO" 6LPSRVVROHYDURPHXSHL[H"

6LPFODUR

5LYDOGRILFRXPDLVIHOL]DLQGD(OHFRPSURXXPDiUYRUHQD1DWDOHHQIHLWRXDiUYRUH ILFRXOLQGDHEULOKDQWHFRPYiULDVEROLQKDV

&KHJRXGH'H]HPEUR25LYDOGRFRQYLGRXPDLVXPDSHVVRDFKDPDGD-RmR $VKRUDVRVFRQYLGDGRVFKHJDUDPHFRPHPRUDUDPR1DWDO

5LYDOGRILFRXPXLWRIHOL]GHQmRILFDUVR]LQKRQRVHXERQLWR1DWDO(HVWHIRLRPHOKRU 1DWDOGHVXD YLGD

)LJXUD±*UXSR2QDWDOHVSHFLDO

±$VIpULDVGH3HGUR

(35)

1RRXWURGLD3HGURIH]XPDFLGDGHGHEULQTXHGRSDUDEULQFDUFRPVHXEDUTXLQKRHOH PRQWRX XP EDUFR SHL[H IORU XP PHQLQR H XP µFRHOLQKR¶ 3HGUR OHYRX WRGRV HVVHV EULQTXHGRVSDUDDFDVDGH&DUORVSDUDEULQFDUMXQWRV

)LJXUD±*UXSR$VIpULDVGH3HGUR

±6HPWtWXOR

8PGLDXPPHQLQRFKDPDGR%UXQRTXHULDVROWDUSLSDPDVFRPRVRIUHXXPDFLGHQWH QmRWLQKDFRPRUHDOL]DUVHXGHVHMRSRLVSUHFLVDYDGHDMXGDGRVRXWURVSDUDWXGR

5RJpULRVHXLUPmRPDLVYHOKRYHQGRVXDWULVWH]DIRLFRQYHUVDUFRPHOH 3RUTXHYRFrQmRWHQWDXVDURVSpVSDUDID]HUDVFRLVDV"

,VVRHXMiWHQWHLPDVQmRGHXFHUWR 7HQWHRXWUDYH]

(VWiEHP

(QWmR5RJpULRDMXGRXRXVDQGRVHXVSpVSDUDPRVWUiORRTXHSRGLDID]HU2JDURWR FRPHoRXDWUHLQDUHYLXTXHUHDOPHQWHHUDSRVVtYHO3UDWLFRXWRGRVRVGLDVDWpTXHFRQVHJXLX SHJDURMHLWR

(36)

)LQDOPHQWHHOHUHDOL]RXRVHXVRQKRHDSUHQGHXTXHRLPSRVVtYHOpSRVVtYHOTXDQGRVH WHPIp

)LJXUD±*UXSR6HPWtWXOR

±$VDVVRPEUDo}HVGR6DFL

1XPD IORUHVWD KDYLD PXLWDV FRLVDV Oi WLQKD XP ULDFKR 1R GLD GH VHWHPEUR XP KRPHPSDVVDYDFRPXPEDUFRQDTXHOHULDFKRHGHORQJHDYLVWRXXPDFDVDHTXHGHQWURGD FDVDKDYLDXPKRUUtYHOVDFLTXHDVVRPEUDYDDVSHVVRDVTXHDOLPRUDYDP

(GHUHSHQWHDTXHOHVDFLILFRXFRPIRPHHIRLDRULDFKRSDUDFRPHUXPSHL[H$WpTXHDTXHOH KRPHP TXH SDVVDYD FRP DTXHOH EDUFR H FRP R EDUXOKR GD HVSLQJDUGD R VDFL DFDERX VH DIRJDQGRQRULDFKR

(37)

)LJXUD±*UXSR$VDVVRPEUDo}HVGR6DFL

(38)

$1È/,6((,17(535(7$d­2'26'$'26'$3(648,6$

'HDFRUGRFRP%UXQVWHLQHWDOS

2FRQKHFLPHQWRWDOFRPRYHLFXODGRSHODHVFRODVyDGTXLUHVHQWLGRVHIRUDSURSULDGR SHOR DOXQR HQTXDQWR LQVWUXPHQWR TXH OKH SHUPLWD H[SUHVVDUVH FRP SUHFLVmR DQDOLVDUFRPSDUDUUHVROYHUSUREOHPDVHQILPLQWHUSUHWDUHDWXDUVREUHDUHDOLGDGHD VXD YROWD &RPR LQVWUXPHQWRV SULYLOHJLDGRV GH FRPSUHHQVmR GH PXQGR H GH H[HUFtFLRGHFLGDGDQLDOHLWXUDHHVFULWDDVVXPHPQDYLGDXPOXJDUIXQGDPHQWDO

3DUDFRPSUHHQGHUHWHUXPDDSUHQGL]DJHPVLJQLILFDWLYDGRVFRQWH~GRVPDWHPiWLFRVR DOXQRSUHFLVDFRQVHJXLUOHULQWHUSUHWDUHVDEHUH[SUHVVDUVHPDWHPDWLFDPHQWH

6HJXQGR6RX]DH2OLYHLUDDHVFRODQHJOLJHQFLDDH[LVWrQFLDGDFRQH[mRHQWUHD PDWHPiWLFDHDOtQJXDPDWHUQDSRUpP0DFKDGRDILUPDTXHDPDWHPiWLFDQmRSRVVXL RUDOLGDGHSUySULDRXVHMDQDPDWHPiWLFDQmRpSRVVtYHORFRUUHUXPDFRPXQLFDomRTXHVHMD LQGHSHQGHQWHGDHVFULWDRXGDOtQJXDPDWHUQD

'HVVDIRUPDXPDDWLYLGDGHTXHHQYROYDPDWHPiWLFDHOLWHUDWXUDSRVVLELOLWDDFULDomR GHVLWXDo}HVGHHQVLQRTXHSHUPLWDPDRSURIHVVRUH[SORUDUWDQWRDVUHODo}HVH[LVWHQWHVHQWUHD OtQJXDPDWHUQDHDPDWHPiWLFD628=$H2/,9(,5$STXDQWRRPRGRSHORTXDO RDOXQRVHHQYROYHFRPDVWDUHIDVHpFDSD]GHSURGX]LUWH[WRH[SUHVVDQGRLGHLDVFRQVWUXLQGR DUJXPHQWRVFRPXQLFDQGRRPRGRGHYHURPXQGR

3DVVDPRV QHVWH FDStWXOR D DQDOLVDU DV VLWXDo}HV YLYLGDV QD SHVTXLVD GH FDPSR 1D SULPHLUDSDUWHGDDWLYLGDGHRQGHKRXYHDFRQWDomRGHKLVWyULDSHORSURIHVVRUHPERUDQmR WHQKDVLGRXPDWDUHIDSUHYLDPHQWHSUHYLVWDSDUDHVWHWUDEDOKRFRQVLGHUDPRVVLJQLILFDWLYDDR GHVHQYROYLPHQWRGDVFRPSHWrQFLDVOHLWRUDVHHVFULWRUDVSRLVFRPRDILUPDP%UXQVWHLQHWDO S

8PD YH] FRPSUHHQGLGRV RV SURFHVVRV GH OHLWXUD H GH HVFULWD VXDV VHPHOKDQoDV H GLIHUHQoDVWRUQDVHSRVVtYHOSHUFHEHUTXHH[LVWHXPDSRLRUHFtSURFRHQWUHRVGRLV RXVHMDDOHLWXUDDMXGDDHVFULWDHDHVFULWDDMXGDDOHLWXUDeSRVVtYHOOHUVHPQXQFD WHUHVFULWRPDVQmRpSRVVtYHOHVFUHYHUVHPQXQFDWHUOLGR

'HVVH PRGR DV DQiOLVHV GDV SURGXo}HV GRV DOXQRV TXH D VHJXLU ID]HPRV VmR VXEVLGLDGDVSRUHVVDOHLWXUDTXHHVWHYHVXVWHQWDQGRDVSURGXo}HV

(39)

QRV OHYHP jV FDWHJRULDV 7UD]HPRV D VHJXLU RV SURFHGLPHQWRV GD DQiOLVH LGHRJUiILFD FRP YLVWDVjQRPRWpWLFD(QIDWL]DPRVTXHGDGDDQDWXUH]DGRVGDGRVTXHWHPRVSDUDDDQiOLVHR PRYLPHQWR GD LGHRJUiILFD TXH SHUPLWLX R GHVWDTXH GDV XQLGDGHV GH VLJQLILFDGR IRUDP QRV HQFDPLQKDQGR SDUD DV FRQYHUJrQFLDV RX EXVFD GRV LQYDULDQWHV $SUHVHQWDPRV D VHJXLU R PRYLPHQWRGHVVDDQiOLVH

1DKLVWyULD6HLVSLSDVHXPEDUFROHPRV

$5HOkPSDJRTXHHVWDYDPDLVHPEDL[RUHVROYHXVXELUHD5DLRFRUWRXHODFDLQGR FDLQGRDWpSDUDUQREDUFRTXHHVWDYDSDVVHDQGRSHODFDFKRHLUD(VDLFRUUHQGRTXH

YLXD5DLR³ILQFDQGR´UHVROYHXVXELUSDUDILFDUPDLVDYRQWDGH*UXSR

2TXHWDOXQLGDGHGHVLJQLILFDGRQRVUHYHODDFHUFDGRFRQKHFLPHQWRGRDOXQR"(VWDpD TXHVWmR TXH GLULJLPRV DR WH[WR EXVFDQGR H[SRU R TXH VH PRVWUD ,QWHUSUHWDPRV TXH QHVWH WUHFKRPRVWUDVHTXHDOpPGDVLQFRUUHo}HVJUDPDWLFDLVRVDOXQRVQmRFRQVHJXHPFRQVWUXLU IUDVHV TXH H[SUHVVHP VXDV LGHLDV FRP FODUH]D 3RU H[HPSOR D SLSD 5HOkPSDJR IRL FRUWDGD SHOD SLSD 5DLR 0DV Ki ³DOJXpP´ TXH VDL FRUUHQGR 4XHP" 1mR Ki SHOD H[SUHVVmR FRPR FRPSUHHQGHU D LQWHQomR GR JUXSR 3RGHVH ID]HU FRQMHFWXUDV PDV QmR VH WHP FHUWH]D GR SHQVDU,VVRVHJXQGRRTXHRVDXWRUHVHVWXGDGRVQRVPRVWUDPSRGHVHUUHOHYDQWHDRROKDUGR SURIHVVRUGHPDWHPiWLFDTXHDRWUDEDOKDUSRUH[HPSORFRPSUREOHPDVHPVDODGHDXODSRGH HQIUHQWDU D IDOWD GH FODUH]D QD IRUPD GH GL]HU GRV DOXQRV ,VVR OKH DFHQD SRVVLELOLGDGHV GH WUDEDOKRTXHYDORUL]HPDOHLWXUDHHVFULWDFRPYLVWDVDOHYDURVHXJUXSRDH[SUHVVmRGRVHX SHQVDU

1DKLVWyULD$V)pULDVGH3HGURGR*UXSRQRWDPRVTXHQmRKiXPDFRHUrQFLDHQWUH RWtWXORHRFRQWH~GR1RWDPRVWDPEpPTXHQmRKiXPDFRQWLQXLGDGHQDKLVWyULD2JUXSR XWLOL]DIUDVHVLVRODGDVGHWDOIRUPDTXHHPFDGDXPDVXUJHXPFHQiULRRXXPSHUVRQDJHP GLIHUHQWH $ IDOWD GH FRHUrQFLD UHYHODGD SHOR JUXSR HP VXD IRUPD GH H[SUHVVmR SRGH YLU D FRPSURPHWHU D LQWHUSUHWDomR GH WH[WRV PDWHPiWLFRV H PHVPR R PRGR SHOR TXDO R DOXQR FRPXQLFDVH$V³IUDVHVVROWDV´QmRGL]HPGRWRGRHSRUWDQWRQmRVmRFDSD]HVGHH[SUHVVDU XPDLGHLDJHUDORXXPDFRPSUHHQVmR

(40)

%XVFDQGR RV LQYDULDQWHV SUHVHQWHV QHVVDV XQLGDGHV GHVWDFDGDV QRV WUDEDOKRV LQGLYLGXDLVGRJUXSRLQWHUSUHWDPRVTXHHVVHVWUHFKRVUHYHODPXPDµGLILFXOGDGHGHH[SUHVVmR¶ PDQLIHVWDQDHVFULWDGRJUXSR2VLQYDULDQWHVTXHOHYDPDHVVDSHUFHSomRSRVVLELOLWDPQRVD FRQVWUXomRGHWDOFDWHJRULD

6HJXQGRRVDXWRUHVOLGRVYLPRVTXHXPDSURSRVWDGHUHOHLWXUDHUHHVFULWDGRVWH[WRV FRPDLQWHQomRGHTXHRVDOXQRVIL]HVVHPDOJXPDVFRUUHo}HVHWDPEpPEXVFDVVHPPDQHLUDV PDLV FODUDV GH H[SUHVVDU VXDV LGHLDV VHULD UHFRPHQGDGR $ SURGXomR FROHWLYD HP TXH R SURIHVVRUFKDPDDDWHQomRGRJUXSRSDUDDLQWHQomRFRPXQLFDWLYDWDPEpPpXPDRSomRGH FRQWLQXLGDGHGRWUDEDOKR%UXQVWHLQHWDODILUPDPTXHDHVFULWDHQYROYHDOHLWXUDD UHOHLWXUDHDUHHVFULWDGRWH[WRTXHHVWiVHQGRSURGX]LGRHpHVWHH[HUFtFLRTXHHQULTXHFHUiR YRFDEXOiULRGRDOXQRHGHVHQYROYHUiVXDVKDELOLGDGHVGHHVFULWDGHOHLWXUDHGHLQWHUSUHWDomR GHWH[WRV9DORUL]DUXPWUDEDOKRGHVVDQDWXUH]DQDVDXODVGHPDWHPiWLFDVmRVLJQLILFDWLYRV SRLV VHJXQGR 1DFDUDWR 0HQJDOL H 3DVVRV S DV SUiWLFDV GH OHLWXUD H HVFULWD VmR HVVHQFLDLVQDHODERUDomRFRQFHLWXDOHPPDWHPiWLFD$VDXWRUDVDLQGDDILUPDPTXH

'HYHVHDSUHVHQWDUDRDOXQRGHWHUPLQDGDIXQomRSDUDDSURGXomRGHWH[WRGHPRGR TXHHOHFRPSUHHQGDTXHRWH[WRGHYHVHUHVFULWRSDUDLQIRUPDURXWUDVSHVVRDV>@2X VHMD p QHFHVViULR HVFUHYHU SDUD TXH RXWUDV SHVVRDV OHLDP ± Vy DVVLP KDYHUi XPD SUHRFXSDomR PDLRU SRU SDUWH GR DOXQR QD KRUD GH HVFUHYHU H HOH VH VHQWLUi HVWLPXODGRDGHVHQYROYHUHDSULPRUDUQmRVyDHVFULWDPDVWDPEpPDUHHVFULWDGH VHXVUHJLVWURV1$&$5$720(1*$/,3$6626S

,QIHOL]PHQWH QRVVR WUDEDOKR GH FDPSR QmR GLVS{V GH WHPSR SDUD DFRPSDQKDU R GHVGREUDPHQWR GDV DWLYLGDGHV SHOD SURIHVVRUD 3RUpP GLVFXWLPRV WDO SRVVLELOLGDGH H VXJHULPRVTXHDHVFULWDGHYHID]HUSDUWHGDURWLQDGRVDOXQRVWDOFRPRVXJHUHP%UXQVWHLQHW DO

4XDQGR FRQVHJXLPRV VHSDUDU FLQFR RX GH] PLQXWRV GR GLD SDUD HVFUHYHU H LQFRUSRUDPRV HVVD DWLYLGDGH HP QRVVD URWLQD PXGDQoDV VLJQLILFDWLYDV HP QRVVD HVFULWD FRPHoDP D DFRQWHFHU H UHGHVFREULPRV QRVVD DSWLGmR OLWHUiULD >@ $V FULDQoDV DSUHQGHP D OHU OHQGR H D HVFUHYHU HVFUHYHQGR 3RUWDQWR p QHFHVViULR JDUDQWLU WHPSR SDUD TXH SRVVDP SUDWLFDU D OHLWXUD H D HVFULWD %58167(,1 HW DO S

(41)

3RU RXWUR ODGR QD KLVWyULD 6HLV SLSDV H XP EDUFR HQFRQWUDPRV RXWUR WUHFKR VLJQLILFDWLYRSDUDDFRPXQLFDomR1RWUHFKR³(D5DLRµDSDURX¶D7URYmRTXHTXDQGRR5DLR VXELXFRPDSLSDHOHµSLFRX¶DUDELRODGHOD´*UXSRSHUFHEHVHRXVRGHXPYRFDEXOiULR SUySULRGRFRQWH[WRGRµHPSLQDUSLSD¶,VVRUHYHODRFRQKHFLPHQWRSUpYLRGRDOXQRDFHUFDGH XPFRQWH[WRSRUHOHYLYLGR'LIHUHQWHPHQWHGRTXHGHVWDFDPRVQDFDWHJRULDDQWHULRUQRWDVH TXHRJUXSRPRVWUDSHODHVFULWDXPDSUHRFXSDomRFRPDH[SOLFDomRGRVWHUPRVTXHXVDDR HVFUHYHUµ$ WHUFHLUD TXH HUD D 5DLR HVWDYD ³ILQFDQGR´ GHVFHQGR SDUD ³DSDUDU´ D SLSD 7URYmR¶

,QWHUSUHWDPRVTXHHVVHWUHFKRUHYHODµIDFLOLGDGHVGHFRPXQLFDomR¶DOpPGRXVRGHXP GL]HUH[SOLFDWLYRSHORJUXSR7HPRVQRPRYLPHQWRGHDQiOLVHQRVVDVHJXQGDFDWHJRULD$V µIDFLOLGDGHV¶VmRLQWHUSUHWDGDVSHODµLQWHQomRGRGL]HU¶2JUXSRWHPFODUH]DGRYRFDEXOiULR HVSHFtILFRTXHHVWiXVDQGR5HFRQKHFHTXHHOHWHPXPVHQWLGRQRFRQWH[WRHPTXHpXVDGRH GDGDDLQWHQomRFRPXQLFDWLYDEXVFDRIHUHFHUFRQGLo}HVGHFRPSUHHQVmRDROHLWRU2JUXSR EXVFDVLQ{QLPRVTXHGL]HPGDLGHLDSUySULDGH XPFRQWH[WRSDUD XPOHLWRUTXDOTXHU ,VVR VHJXQGR R TXH SXGHPRV HQWHQGHU QRV DXWRUHV OLGRV Gi LQGtFLRV GD µIDFLOLGDGH¶ GH R DOXQR FRPXQLFDUVXDVLGHLDVDRRXWURIDYRUHFHQGRDFRPXQLFDomR

1DKLVWyULD21DWDO(VSHFLDOHPERUDQmRVHWHQKDXPWUHFKRHVSHFtILFRTXHUHYHOH XPDXQLGDGHVLJQLILFDWLYDDKLVWyULDFRPRXPWRGRQRVSHUPLWHYHUDIDFLOLGDGHGHH[SUHVVmR ,QWHUSUHWDVHDLQWHQomRGRJUXSR2QDWDOpHVSHFLDOSRLVpIHVWLYR2TXHRWRUQDHVSHFLDOVmR DVSHVVRDVFRQYLGDGDVSDUDDIHVWD2JUXSRSURFXUDPRVWUDUDLQWHQomRGHTXHXPDIHVWDp HVSHFLDOSHODVSHVVRDVTXHQHODHVWmR1RWDVHTXHDYDORUL]DomRGDH[SUHVVmRGRDOXQRSRGH VHU VLJQLILFDWLYD DR SURIHVVRU TXDQGR HOD UHYHOD D LQWHQomR 1R FRQWH[WR GR HQVLQR GH PDWHPiWLFD HVVD LQWHQomR p LPSRUWDQWH SDUD TXH R DOXQR LQWHUSUHWH SRU H[HPSOR RV SUREOHPDV6HJXQGRQRVVDFRPSUHHQVmRDYDORUL]DomRGDHVFULWDGHWH[WRVGHVVDQDWXUH]DHD GLVFXVVmRFRPDWXUPDGDPHQVDJHPTXHRWH[WRWUDQVPLWHSRGHDX[LOLiORVDTXHVWLRQDUR WH[WRGRVSUREOHPDVSURFXUDQGRGHVWDFDURHQUHGRHDTXHVWmRDVHUUHVSRQGLGD

'HDFRUGRFRP1DFDUDWR0HQJDOLH3DVVRVS

2V DOXQRV SUHFLVDP DSUHQGHU D OHU PDWHPiWLFD H OHU SDUD DSUHQGHU SRLV SDUD LQWHUSUHWDU XP WH[WR PDWHPiWLFR p QHFHVViULR IDPLOLDUL]DUVH FRP D OLQJXDJHP H FRPRVVtPERORVSUySULRVGHVVHFRPSRQHQWHFXUULFXODUHHQFRQWUDUVHQWLGRQDTXLOR TXHOrFRPSUHHQGHQGRRVLJQLILFDGRGDVIRUPDVHVFULWDV

(42)

XVDRHVSDoRGDHVFULWDSDUDH[SUHVVDURPRGRFRPRYrDSRVVLELOLGDGHGHWUDEDOKDUFRPD GLIHUHQoD (PERUD RV WH[WRV WHQKDP VLGR SURGX]LGRV QD DXOD GH PDWHPiWLFD HOHV QmR WrP QHFHVVDULDPHQWH UHODomR GLUHWD FRP RV FRQWH~GRV GD GLVFLSOLQD 2X VHMD R FDVR TXH HVWD SHVTXLVDVHGLVS{VDDQDOLVDUYLVDYDDFRPXQLFDomRGRDOXQR3RUpPQRSURVVHJXLPHQWRGD SURSRVWDKiXPGHVHQYROYLPHQWRGHWDUHIDVTXHYLVDPDRWUDEDOKRFRPQ~PHURVPHGLGDVH JHRPHWULDSHORSUySULRREMHWRXVDGRFRPRUHFXUVR±R7DQJUDP3RUpPSRUWXGRTXHOHPRV SDUDHVVHWUDEDOKRHQWHQGHVHTXHYDORUL]DUDH[SUHVVmRGRDOXQRpXPPRGRGHRSURIHVVRU SRGHUHQWHQGHURVHXSHQVDU

$DQiOLVHGDFDWHJRULD)DFLOLGDGHGHFRPXQLFDomRQRVPRVWUDTXHHPDOJXQVWH[WRV RDOXQRQmRWHPDGTXLULGRDOLQJXDJHPIRUPDOSRLVVXDHVFULWDDSUHVHQWDHUURVGHGLYHUVDV QDWXUH]DV 0DV Ki VHPSUH XPD LQWHQomR FRPXQLFDWLYD H QRVVRV VXMHLWRV DILUPDP R TXH TXHUHPGL]HU3RUWDQWRLQYHVWLUQDUHHVFULWDGRWH[WRHPFDVRVHPTXHDOLQJXDJHPQmRVH DSUR[LPDGRTXHDHVFRODH[LJHSRGHUiSRVVLELOLWDUDPpGLRSUD]RDDTXLVLomRGDOLQJXDJHP SHORDOXQR

&RQWXGRLQWHUSUHWDPRVTXHSDUDRFDVRTXHQRVLQWHUHVVDPHVPRTXHDOLQJXDJHP QmRVHMDDIRUPDOKiXPGL]HU6HULDSRVVtYHOXPDFRPXQLFDomRGHVVDQDWXUH]DVREUHRSHQVDU PDWHPiWLFR" (VVD p XPD TXHVWmR TXH QR kPELWR GHVWH WUDEDOKR R WHPSR QmR QRV SHUPLWH UHVSRQGHU

(43)

3DUD6DQWRVS

$OLQJXDJHPHVFULWDQDVDXODVGH0DWHPiWLFDDWXDFRPRPHGLDGRUDLQWHJUDQGRDV H[SHULrQFLDV LQGLYLGXDLV H FROHWLYDV QD EXVFD GD FRQVWUXomR H DSURSULDomR GRV FRQFHLWRVDEVWUDWRVHVWXGDGRV$OpPGLVVRFULDRSRUWXQLGDGHVSDUDRUHVJDWHGDDXWR HVWLPDSDUDDOXQRVSURIHVVRUHVHSDUDDVLQWHUDo}HVGDVDODGHDXOD(VVHSURFHVVR IDYRUHFH D WUDQVSDUrQFLD GH HPRo}HV H DIHWLYLGDGH QmR Vy GH DVSHFWRV QHJDWLYRV FRPR R PHGR D IUXVWUDomR H D WULVWH]D PDV WDPEpP GD FRUDJHP GR VXFHVVR GD DOHJULDHGRKXPRU

'LDQWH GLVWR HVWH WUDEDOKR IRL UHDOL]DGR FRP R REMHWLYR GH FRPSUHHQGHU FRPR DWLYLGDGHVGHOHLWXUDHHVFULWDFRQWULEXHPSDUDDDSUHQGL]DJHPPDWHPiWLFDGHDOXQRVGRžDQR

GR(QVLQR)XQGDPHQWDO

$DQiOLVHGDVDWLYLGDGHVUHDOL]DGDVQDSHVTXLVDGHFDPSRIXQGDPHQWDGDSRUDXWRUHV WDLVFRPR1DFDUDWR0HQJDOLH3DVVRV%UXQVWHLQHWDO2OLYHLUDH3LUHV 6RX]D H 2OLYHLUD HQWUH RXWURV QRV SHUPLWLX FKHJDU D GXDV FDWHJRULDV DEHUWDV 'LILFXOGDGHGHH[SUHVVmRH)DFLOLGDGHVGH&RPXQLFDomR$SULPHLUD FDWHJRULDQRVUHYHOD D GLILFXOGDGH GRV DOXQRV HP H[SUHVVDU FODUDPHQWH VXDV LGHLDV D VHJXQGD UHYHOD XPD SUHRFXSDomR GR DOXQRDXWRU FRP R OHLWRU DR SRQWR GH H[SOLFDU R VLJQLILFDGR GH WHUPRV HVSHFtILFRVXWLOL]DGRVQRWH[WR

$ SDUWLU GDV DWLYLGDGHV IRL SRVVtYHOFRQFOXLU TXH D SUiWLFD GD OHLWXUD QDV DXODV GH PDWHPiWLFDDX[LOLDUiRVDOXQRVQDLQWHUSUHWDomRGHWH[WRVHSUREOHPDVPDWHPiWLFRVHWDPEpP HVWLPXODUi R SURFHVVR GH HVFULWD H D HVFULWD TXDQGR UHDOL]DGD QDV DXODV GH PDWHPiWLFD IDYRUHFH D DXWRQRPLD GR DOXQR HQULTXHFH VHX YRFDEXOiULR H ³DX[LOLD QD FRQVWUXomR GD PHPyULD XPD YH] TXH PXLWDV GLVFXVV}HV RUDLV SRGHULDP ILFDU SHUGLGDV VHP R UHJLVWUR HP IRUPDGHWH[WR´1$&$5$720(1*$/,3$6626S

6HJXQGR3RQWHS

DVDFWLYLGDGHVIXQGDPHQWDLVHPTXHVHGHVHQYROYHRVDEHUPDWHPiWLFRVmRDDFomRH D UHIOH[mR $ DFomR WHP D YHU FRP D PDQLSXODomR GH REMHFWRV H PXLWR HVSHFLDOPHQWHGHUHSUHVHQWDo}HV$UHIOH[mRFRQVLVWHQRSHQVDUVREUHDDFomRHp HVWLPXODGD SHOR HVIRUoR GH H[SOLFDomR H SHOD GLVFXVVmR GDt D LPSRUWkQFLD GD FRPXQLFDomRHGDLQWHUDFomR

(44)

,QWHUSUHWDPRV TXH VH DFRPXQLFDomR WDO TXDO GHIHQGH 3RQWH p HVVHQFLDO j DWLYLGDGH PDWHPiWLFD D YDORUL]DomR GD OHLWXUD H HVFULWD QDV DXODV GH PDWHPiWLFD IDYRUHFHP R SHQVDU HQYROYLGRQHVVDFLrQFLD

&RQFRUGDFRPWDOSHQVDU$OURH6NRYVPRVHDSXG1DFDUDWR0HQJDOLH3DVVRV

TXDQGRDILUPDPTXH³RFRQWH[WRHPTXHVHGiDFRPXQLFDomRDIHWDDDSUHQGL]DJHPGRV HQYROYLGRVQRSURFHVVR´(VVDFRPXQLFDomRQDFRQFHSomRGRVDXWRUHVHQYROYHDOLQJXDJHP VHMDHODHVFULWDRXRUDOHPVXDVGLIHUHQWHVIRUPDVGHH[SUHVVmRPDWHPiWLFDJHVWXDOYLVXDO HWF 1R DWR GH FRPXQLFDUVH HVWmR SUHVHQWHV DV LQWHUDo}HV TXH IDYRUHFHP D QHJRFLDomR GH VLJQLILFDGRV TXH VmR HVVHQFLDLV SDUD D DSUHQGL]DJHP PDWHPiWLFD (QWHQGHPRV TXH WDO QHJRFLDomRHQYROYHRGHVHQYROYLPHQWRGRSRGHUDUJXPHQWDWLYRTXHpXVDGRSDUDYDOLGDURX UHIXWDU KLSyWHVHV $OUR H 6NRYVPRVH HQWHQGHP TXH HVVH p R SURFHVVR GH FRQVWUXomR H SURGXomRGRFRQKHFLPHQWR

1DFDUDWR 0HQJDOL H 3DVVRV GHIHQGHP TXH R PRYLPHQWR GH FRPXQLFDomR H QHJRFLDomRGHVLJQLILFDGRVGHSHQGHHVWULWDPHQWHGRUHJLVWURHVFULWRHGDRUDOLGDGHHTXHWDO SUiWLFDGHYHULDSHUPHDUWRGDVDVGLVFLSOLQDVHVFRODUHVLQFOXVLYHDPDWHPiWLFD$ILUPDPDLQGD TXH³HVFUHYHUQmRpXPSURFHVVRWmRVLPSOHVH[LJHXPWUDEDOKRSHUVLVWHQWHGRSURIHVVRU(VVD SUiWLFD HPERUD SRVVD VHU QDWXUDO QDV VpULHV LQLFLDLV >@ p SRXFR XVXDO QDV DXODV GH PDWHPiWLFD´

5HWRPDQGR QRVVD TXHVWmR RULHQWDGRUD GD SHVTXLVD TXDLV DV FRQWULEXLo}HV GH DWLYLGDGHVTXHHQYROYHPOHLWXUDHHVFULWDSDUDDDSUHQGL]DJHPPDWHPiWLFDWDQWRRVDXWRUHV TXDQWRV RV GDGRV GD SHVTXLVD GH FDPSR LQWHUSUHWDGRV PRVWUDPQRV TXH DV FRQWULEXLo}HV HQYROYHP D FRPXQLFDomR H D H[SUHVVmR SDUD TXH R DPELHQWH GH DSUHQGL]DJHP VHMD SRVVLELOLWDGR1DFDUDWR0HQJDOLH3DVVRVQRVSHUPLWHPHQWHQGHUTXHHVVHDPELHQWHGH DSUHQGL]DJHP PDWHPiWLFD GHYH VHU XP HVSDoR ³SDUD DWLYLGDGH LQWHOHFWXDO HP TXH D PDWHPiWLFDVHMDPHGLDGDSHORGLiORJRHSHODOHLWXUDHHVFULWD´SSURSLFLDQGRDUHVROXomR GH SUREOHPDV IXQGDPHQWDO DR ID]HU PDWHPiWLFR H SRWHQFLDOL]DGRUD GD FRPXQLFDomR H GD SURGXomRGHVLJQLILFDGRV

$/52 + 6.296026( 2'LiORJR H $SUHQGL]DJHP HP (GXFDomR 0DWHPiWLFD 7UDG

(45)

5()(5Ç1&,$6

%,&8'2 0 $ 9 $VSHFWRV GD 3HVTXLVD 4XDOLWDWLYD HIHWXDGD HP XPD DERUGDJHP IHQRPHQROyJLFD ,Q %,&8'2 0 $ 9 2UJ3HVTXLVD 4XDOLWDWLYD VHJXQGR D YLVmR IHQRPHQROyJLFD6mR3DXOR&RUWH]S %58167(,15/HWDO$OXQRV/HLWRUHVH(VFULWRUHV3URGXomRGH7H[WRHP6DODGH$XOD ,Q&(1752'(3(648,6$63$5$('8&$d­2(&8/785$2ILFLQDVGH0DWHPiWLFD HGH/HLWXUDH(VFULWD6mR3DXOR3OH[XVS

%5$6,/ 6HFUHWDULD GH (GXFDomR )XQGDPHQWDO 3DUkPHWURV &XUULFXODUHV 1DFLRQDLV 0DWHPiWLFD%UDVtOLD0(&6() )(/,6%(572.*GH//23(6&(/HLWXUDH(VFULWDQD$SUHQGL]DJHPGH0DWHPiWLFD ,Q(1&217521$&,21$/'(('8&$d­20$7(0È7,&$%HOR+RUL]RQWH $QDLVGR%HOR+RUL]RQWH6RFLHGDGH%UDVLOHLUDGH(GXFDomR0DWHPiWLFD'LVSRQtYHO HPZZZVEHPFRPEUILOHVL[BHQHPKWPOSRVWHUHVKWPO$FHVVRHP

),1, 0 , 6REUH D 3HVTXLVD 4XDOLWDWLYD HP (GXFDomR TXH WHP D )HQRPHQRORJLD FRPR 6XSRUWH,Q%,&8'20$9(6326,729+&3HVTXLVD4XDOLWDWLYDHP(GXFDomR 3LUDFLFDED(GLWRUD81,0(3 )216(&$0GD&)5&$5'262&GH$(GXFDomR0DWHPiWLFDHOHWUDPHQWRWH[WRV SDUDHQVLQDU0DWHPiWLFD0DWHPiWLFDSDUDOHURWH[WR,Q1$&$5$72$0/23(6&( 2UJV(VFULWDVH/HLWXUDVQD(GXFDomR0DWHPiWLFD%HOR+RUL]RQWH$XWrQWLFDS

/23(6 & ( 1$&$5$72 $ 0 2UJV(GXFDomR PDWHPiWLFD OHLWXUD H HVFULWD DUPDGLOKDVXWRSLDVHUHDOLGDGHV&DPSLQDV0HUFDGRGH/HWUDV

0$&+$'22903HVTXLVD4XDOLWDWLYD0RGDOLGDGH)HQ{PHQR6LWXDGR,Q%,&8'2 0$9H(6326,729+&3HVTXLVD4XDOLWDWLYDHP(GXFDomR3LUDFLFDED(GLWRUD 81,0(3 0$&+$'21-0DWHPiWLFDHOtQJXDPDWHUQDDDQiOLVHGHXPDLPSUHJQDomRP~WXD HG6mR3DXOR&RUWH]

(46)

1$&$5$72$00(1*$/,%/GD63$6626&/%$0DWHPiWLFDQRVDQRV LQLFLDLV GR HQVLQR IXQGDPHQWDO7HFHQGR ILRV GR HQVLQDU H GR DSUHQGHU %HOR +RUL]RQWH $XWrQWLFD(GLWRUD

1(9(6 - / 3HVTXLVD 4XDOLWDWLYD ± &DUDFWHUtVWLFDV 8VRV H 3RVVLELOLGDGHV&DGHUQR GH 3HVTXLVDVHP$GPLQLVWUDomR6mR3DXORYQžžVHP

2/,9(,5$(&GH3,5(6&0&8PDUHIOH[mRDFHUFDGDVFRPSHWrQFLDVOHLWRUDVHGDV FRQFHSo}HVHFUHQoDVVREUHSUiWLFDVGHOHLWXUDQDVDXODVGH0DWHPiWLFD%ROHPD5LR&ODURY QžSGH]

3217( - 3 &RQFHSo}HV GRV SURIHVVRUHV GH PDWHPiWLFD H 3URFHVVRV GH )RUPDomR ,Q 3217( - 3 (G(GXFDomR 0DWHPiWLFD 7HPDV GH ,QYHVWLJDomR/LVERD ,QVWLWXWR GH ,QRYDomR(GXFDFLRQDOSS

6$1726 6 $ ([SORUDo}HV GD OLQJXDJHP HVFULWD QDV DXODV GH 0DWHPiWLFD ,Q 1$&$5$72$0/23(6&(2UJV(VFULWDVH/HLWXUDVQD(GXFDomR0DWHPiWLFD %HOR+RUL]RQWH$XWrQWLFDS

602/( . 6 H ',1,= 0, RUJV/HU HVFUHYHU H UHVROYHU SUREOHPDV KDELOLGDGHV EiVLFDVSDUDDSUHQGHU0DWHPiWLFD3RUWR$OHJUH$UWPHG

Referências

Documentos relacionados

Assim sendo, o objetivo desse artigo é descrever a experiência vivenciada, por um acadêmico do curso de Odontologia da Universidade Estadual da Paraíba – Campus VIII/Araruna, durante

Avaliação de inseticidas para controle da Grapholita molesta BUSCK, 1916 Lepidoptera: tortricidae em pomares de pessegueiro sob produção integrada na região da Campanha do

Através da SFE assistida por ultrassom, obteve-se óleo de semente de maracujá, nas diferentes condições do planejamento experimental. Não foi possível quantificar polifenóis

O Agente Vendedor publicita no mercado as suas capacidades, de acordo com a ontologia Ont estabelecida. Fornece, ainda, informação sobre se autoriza, ou não, a divulgação dos

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

Nesse contexto, o presente estudo se justifica não só pela relevância do tema para a sociedade, mas também por evidenciar a representatividade das mulheres nos escritórios

5-Benefícios esperados: Espera-se que essa pesquisa possa trazer uma diminuição no descarte dos resíduos sólidos eletrônicos das escolas estaduais participantes do Projeto UCA da

avaliação judicial. Valor de mercado da empresa: modelos de avaliação econômico-financeira de empresas, exemplos de avaliação com cálculo de valores, subsídios para