• Nenhum resultado encontrado

Ligiane Pigatto de Castro

N/A
N/A
Protected

Academic year: 2018

Share "Ligiane Pigatto de Castro"

Copied!
124
0
0

Texto

(1)

!

" !

"#

$# "

!

"

%

&#

(2)

!

" !

"#

$# "

!

"

%

&#

- - .

!

" #

"

$ $ # % & '

(3)

(

! " ! "# $# " ! " % &# '

)*+ '

,# -' *.))'

'

/ / 01 2 1 "

1

1 3 0 / / ( 4

(4)
(5)
(6)

" !

# 1 5 1

" 1 ' 0 6

7 1 8

9 1 # % & :

; 1

: : 1 ' <" !

; ; 1 '

/ 1 ' = 6

" : 1 1 7 ' <"

! " 1 '

9 1

' ! ' 0

' 9 1 0 ;

' /

7 '

9 1 4 : " : 1 >

' <"

" 1 1 '

9 ? 1 @ ' <"

1 : " @

'

9 : ; 1 '

0 5 1 1' A ! 1 B

7 ' / 0

(7)

/ : 3 A

0 4 " % C ( 5 #

5 # & #B D # 01 ; ( ' <"

1 ; " ? '

9 #B # " E ; #B C C ' /

& ' A ! 1 ' <" '

9 ( # ; ' # ( ;

" ; " 1 '

/ : 1

1 : 3

1 '

/ + F 1 ? " 1

: '

/ G /

? 1

B@ B@ 1B@ 6 1 7 '

/ < 4%/ C

0 / / "

1 6 ! B '

/ 4=/0// " "

; " 1 " 1 ?'

/ A 5 " 1 1

1 0//'

/ : " : :

(8)

!

" #

(9)

.

H " 1

6 " :

' 4 : " : 1 6 :

7 , @ B : 7B

1 - : '

0 "

:

B "6 : !

6 : 1 !

: : ' & B 1

! ;

: @ @

0 / / '

1 : "

' E : " 1

1 ' / 6 " F : :

: 1

' :

6 : '

6 B ! :

1B :

!

' : : :

: 1 '

# 1 ! B 3

I @ J' " : F

" 1 $ = ,E )KKLM 4

4 )KL)- : B @

(10)

' ( " @ ; 1 :

: ' /

: : " " : :

" ; '

"

1 1 : 1

: 1 F

7 F '

" : 6 *..) 1 !

" 1 " 0 / /

: B 7B 1 ' =

7 ! : : F :

"6 " : 1 1 @

'

" 1

F ! "

>

F ' ;

N 0 4 > &

@ : F 1

" '

: 1 @ "

1 ! 3

> ! '

& : :

7

" F : @

(11)

-: ;

6

: "7 F @

'

; " 0 / " 0

/ / ' 0 @ : ; :

:

' & ;

? '

! @

B ; B ? ' <" @

: ! @

' < @

' / @ B

; : ' "

: 1

:

'

(12)

/

E 1 " 1 : 1 2 1 O 1

1 : " 1 1 1

1 1 @ 2 1 1 1

2 1 1 ' 0 1 " 1 / 1

01 2 1 / / 01 2 O ' 01

1 : " 2

1 1 1 1 2 ' /

O O 1 1 1 2 O O 1 1 1 " P O

O 1 1 1 O 1 ' 1 2 1

@ 1 O 1 1 1 2

2 O ' 4 O " 1 1 1 2 2 1

@ 1 1 1 1 1 ' 01 @ 1

" 1 1 O 1 1

1 2 1 2 1 ' 01

1 @ 1 O P 1 1 1

2 1 1 D 1 1

' / 1 1 1 1 1 1 " 1

2 1 " 1 " 1 1

" 2 1 1 2 1 1 1

1 1 1 Q '

(13)

-:

; )R

+ " % ! &# )S

/ T0 (< )@ F )L

)') )L

)'* )L

)'U # *)

)'+ " **

) ! " ! &# 2 !<& *S

/ T0 (< * N F *L

*') *L

*'* < " *K

*'U / UU

= 4 %> " $# " " ! " % UR

/ T0 (< U N F F !

UV

U') 1 4 F ! UV

U'* " F 0 / UL

? "' " ! "# $# " "&< " " &@ " +*

/ T0 (< + N 0 / / +U

+') / 1 1 @ +U

+'* 0 / / ,0//- +S

+'U " 0 / / +K

+'+ ! R)

+'R < R*

A 1# R+

/ T0 (< R N <"7 RR

/ T0 (< V N #6 RV

V') N / : RV

(14)

V'U N ; : RS

V'+ N RS

V'+') N RS

V'+'* N : RL

V'+'U N / : RK

V'+'+ N < @

: V.

V'+'R N < F 1

; : VU

V'R N 4 V+

V'R') N V+

V'R'* N (? 0// VR

V'R'U N VR

V'V N B VV

V'S N F 6 VL

/ T0 (< S N / S.

S') N / " S*

S')') N SU

S')'* N 4 ! LS

;B )..

C / / . : ).+

0 ))*

/= W< 4 N /5 5 <= 0/= 4/ < < <#40X Y04 / ))* /= W< 44 N 0 5#< <= =04# =0< (4A5 (/5 4 < ))R /= W< 444 N 5<0 45< =05 A4 0/ #4 05 0 5/ /

/5/ 4 E=Z 04 < # 40 /[\< ( 0< ))L /= W< 4A N =%< / 54# 45/ \< )*.

/= W< A N =%< / E = / \< )*)

(15)

,1752'8d­2

2REMHWLYRGHVWDSHVTXLVDpRGHFRPSUHHQGHUDVLPSOLFDo}HVGDLQVHUomRGH XPFmRFRWHUDSHXWDQRSURFHVVRSVLFRGLDJQyVWLFRGHFULDQoDVHQOXWDGDV

3RU SVLFRGLDJQyVWLFR FRPSUHHQGHPRV R SURFHVVR GH DYDOLDomR SVLFROyJLFD FRP SURSyVLWRV FOtQLFRV &81+$ H GHQWUR GD SURSRVWD GHVWD SHVTXLVD R SVLFRGLDJQyVWLFR FRQWHPSOD DVHVSHFLILFLGDGHV GDV VLWXDo}HV GH OXWR LQIDQWLO 1HVWH FRQWH[WR HQWHQGHPRV TXH R WUDEDOKR LQYHVWLJDWLYR GR SVLFyORJR p YROWDGR SDUD D FRPSUHHQVmR GR HQIUHQWDPHQWR GR SURFHVVR GH OXWR GD FULDQoD H GH FRPR LVWR UHSHUFXWHQRSURFHVVRGHHODERUDomRGHVWDSHUGD

3DUD WDQWR EXVFDUHPRV VXEVtGLRV QD 7HRULD GR $SHJR GH -RKQ %RZOE\ D E D E H QD OLWHUDWXUD VREUH /XWR H 7HUDSLD $VVLVWLGDSRU$QLPDLV

3RU PHLR GH UHYLVmR GH OLWHUDWXUD LQLFLDUHPRV FRP D DSUHVHQWDomR GR FRQFHLWR GH OXWR TXH DGRWDPRV QHVWH WUDEDOKR SDUD HQWmR IDODUPRV DFHUFD GD FRPSUHHQVmR TXHD FULDQoD WHP VREUH D PRUWHH VREUH RV HIHLWRV GDPRUWH GHXP JHQLWRU $ERUGDUHPRV WDPEpP RV IDWRUHV H DV YDULiYHLV TXH LQIOXHQFLDP QR DQGDPHQWR GR OXWR GD FULDQoD H QD DGDSWDomR GD FULDQoD j SHUGD UHIOHWLQGR LQFOXVLYHVREUHRSURFHVVRGHFRQVWUXomRGHVLJQLILFDGRSDUDROXWR

1RFDStWXORWUDWDUHPRVGRVLPSDFWRVTXHRDGRHFLPHQWRHDPRUWHWrPQD IDPtOLD7RUQDVHLPSRUWDQWHDDERUGDJHPGHVWHDVVXQWRXPDYH]TXHDFULDQoDp VLJQLILFDWLYDPHQWHDIHWDGDSHODGLQkPLFDIDPLOLDUHPTXHHVWiLQVHULGDUHSHUFXWLQGR QDIRUPDFRPRVHXOXWRpSURFHVVDGR

(16)

HPRo}HV PDLV LQWHQVDV VXUJHP GXUDQWH D IRUPDomR PDQXWHQomR H UXSWXUD GDV UHODo}HVGHDSHJR%2:/%<>@

2 PHVPR DXWRU E GHILQH SHVDU FRPR D DIOLomR H[SHULPHQWDGD SHOD SHVVRDTXHSHUGHDOJXpPTXHOKHpLPSRUWDQWHHDVHTXrQFLDGHHVWDGRVVXEMHWLYRV TXH DFRPSDQKDP R HQOXWDPHQWR 2 OXWR p FRQVLGHUDGR R WUDEDOKR SVtTXLFR GH HODERUDomR GHVVD SHUGD 6HJXQGR .HOHPDQ R OXWR p R SURFHVVR GH LQFRUSRUDomR GD SHUGD QDV QRVVDV YLGDV 'H DFRUGR FRP 3DUNHV RV FRPSRQHQWHVHVVHQFLDLVTXHGHILQHPROXWRVmRDH[SHULrQFLDGDSHUGDXPDUHDomR GHDQVHLRLQWHQVRSHORREMHWRSHUGLGRHDQVLHGDGHGHVHSDUDomR

'DQGR VHTXrQFLD DERUGDUHPRV D WUDMHWyULD GD UHODomR KRPHPDQLPDO DWp D VXDGRPHVWLFDomRGDQGRrQIDVHjLQFOXVmRGHDQLPDLVHPFRQWH[WRVWHUDSrXWLFRV SDUDHQWmRIDODUPRVGD7HUDSLD$VVLVWLGDSRU$QLPDLV7$$GLVSRVLWLYRWHUDSrXWLFR XWLOL]DGRQHVWDSHVTXLVDSDUDDH[HFXomRGRSVLFRGLDJQyVWLFR

'H DFRUGR FRP R ,QVWLWXWR 1DFLRQDO GH $o}HV H 7HUDSLDV $VVLVWLGDV SRU $QLPDLV ,1$7$$ VHGLDGR HP 6mR 3DXOR63 D 7$$ WHP FRPR REMHWLYR D LQWURGXomRGRDQLPDOMXQWRDXPLQGLYtGXRRXJUXSRRQGHRDQLPDOpSDUWHLQWHJUDQWH GRSURFHVVRGHWUDWDPHQWReGLULJLGDHRXUHDOL]DGDSRUXPRXPDLVSURILVVLRQDLVGR VHUYLoR GH VD~GH FRP SHUtFLD HVSHFLDOL]DGD H GHQWUR GR HVSDoR GD SUiWLFD GH VXD SURILVVmR

4XDQWR j MXVWLILFDWLYD GHVWD SHVTXLVD HVWD p SDXWDGD QD H[SHULrQFLD SURILVVLRQDO GD SHVTXLVDGRUD QR DWHQGLPHQWR D FULDQoDV HQOXWDGDV EHP FRPR QD H[SHULrQFLD FRP D 7HUDSLD $VVLVWLGD SRU $QLPDLV 2V EHQHItFLRV REVHUYDGRV QD LQWURGXomR GH DQLPDLV FRWHUDSHXWDV QD SUiWLFD HP SVLFRORJLD FOtQLFD H KRVSLWDODU VXVFLWDUDP R GHVHMR GH LQRYDU HVWHQGHQGR SDUD R FRQWH[WR GH DYDOLDomR HP VLWXDo}HVGHOXWRLQIDQWLO'LDQWHGLVWRVXUJLUDPQRVTXHVWLRQDPHQWRVHPUHODomRjV LPSOLFDo}HV TXH D LQVHUomR GH XP FmR FRWHUDSHXWD WHULD QR SVLFRGLDJQyVWLFR GH FULDQoDVHQOXWDGDVWRUQDQGRVHRREMHWLYRLQYHVWLJDWLYRGHVWDSHVTXLVD

$ UHOHYkQFLD GHVWH HVWXGR HVWi HP FRQWULEXLU SDUD D LQVWUXPHQWDOL]DomR GR SVLFyORJR SDUD GHVHQYROYHU WpFQLFDV GH LQWHUYHQomR QR DWHQGLPHQWR D FULDQoDV HQOXWDGDVWHQGRRFmRFRWHUDSHXWDFRPRLQVWUXPHQWRDX[LOLDUQRVHXWUDEDOKR

(17)

3$57(

(18)

&$3Ë78/2&216,'(5$d®(6$5(63(,72'$&5,$1d$ ',$17('$0257(('2/872

'HILQLomRHFRQFHLWXDomRGHOXWRLQIDQWLO

1RVVR FRQFHLWR GH OXWR HVWi SDXWDGR QDV SURSRVLo}HV GH %RZOE\ >@ TXH R GHVFUHYH FRPR XPD UHVSRVWD DR URPSLPHQWR GH XP YtQFXOR VLJQLILFDWLYR SDUD R LQGLYtGXR SRUWDQWR XPD UHVSRVWD HVSHUDGD DSyV XPD SHUGD LPSRUWDQWH VHMD HOD UHDO RX VLPEyOLFD $LQGD FRQVLGHUDPRV R OXWR FRPR XP SURFHVVR SRU WUDWDUVH GH XPD H[SHULrQFLD TXH QmR VH FRORFD HVWDWLFDPHQWH HP GDGR PRPHQWR GD YLGD GR LQGLYtGXR TXH UHTXHU TXH HYHQWRV DFRQWHoDP GHSHQGHQWHV GH SHUFHSo}HV DFHUFD GRV PHVPRV H TXH QRYDV VLWXDo}HV VH DSUHVHQWHP H SRVVDP VHU VLJQLILFDGDV 2 SURFHVVR GH OXWR p GHVWD IRUPD HVSHFtILFRVXEMHWLYRSDUWLFXODUHVLQJXODUSDUDFDGDLQGLYtGXRXPDYH]TXHQmRKi GRLV SURFHVVRV LGrQWLFRV DVVLP FRPR QmR H[LVWHP GXDV UHODo}HV VLJQLILFDWLYDV LJXDLV)5$1&2

(P UHODomR j VLQWRPDWRORJLD DSUHVHQWDGD SHOD FULDQoD HQOXWDGD 0D]RUUD DILUPDTXHFULDQoDVSRGHPDSUHVHQWDURVVHJXLQWHVVLQWRPDVGLILFXOGDGHVQR SHQVDPHQWRHQDFRQFHQWUDomRUHWUDLPHQWRVRFLDOLGHDomRVXLFLGDFKRURGLVIRULD IDGLJDSHUGDGHSUD]HULUULWDELOLGDGHHDQVLHGDGHGHVHSDUDomR'DPHVPDIRUPDp FRPXP TXH FULDQoDV DSUHVHQWHP VRPDWL]Do}HV DFLGHQWHV GLILFXOGDGH GH FRQFHQWUDomRHDSUHQGL]DJHPHGLPLQXLomRGDDXWRHVWLPD:25'(1

(PFRQGLo}HVIDYRUiYHLVWDQWRROXWRLQIDQWLOFRPRRGRDGXOWRFDUDFWHUL]DP VH SHOD WULVWH]D VDXGDGH H UHFRUGDo}HV SHUVLVWHQWHV GD SHVVRD PRUWD (VVDV UHDo}HV VmR JHUDOPHQWH DFHQWXDGDV HP UHXQL}HV GH IDPtOLD H GDWDV LPSRUWDQWHV %2:/%<E>@

&RPSUHHQVmRGDFULDQoDDUHVSHLWRGDPRUWH

'HDFRUGRFRP'RND)U\3HQQHOOVH6PLWKDVFULDQoDV

(19)

FRPRHRTXHFRQWDUjVFULDQoDVDUHVSHLWRGDPRUWHGHSHQGHUiGDFDSDFLGDGHGH FRPSUHHQVmRTXHHVWiLQWLPDPHQWHOLJDGDDHVWHVIDWRUHV

(PUHODomRDRVUHFXUVRVFRJQLWLYRVGDFULDQoD7RUUHVHQWHQGHTXHHOD Vy p FDSD] GH FRPSUHHQGHU D LUUHYHUVLELOLGDGHGD PRUWH TXDQGRDWLQJH R PRGR GH SHQVDPHQWRRSHUDWyULRFRQFUHWRSURSRVWRSRU3LDJHWHPWRUQRGRVVHWHDQRV GHLGDGH$QiORJRDLVWRDGLILFXOGDGHGHFRPSUHHQVmRGDLUUHYHUVLELOLGDGHGDPRUWH SRGH GLILFXOWDU R SURFHVVR GH HODERUDomR GD SHUGD QD PHGLGD HP TXH D FULDQoD SRGHHVSHUDUTXHDSHVVRDPRUWDYROWHjYLGD

&RQIRUPH VXJHUHP 3HQQHOOV H 6PLWK D FULDQoD GH D DQRV H[SHULHQFLDVHQWLPHQWRVGHSHUGDPDVQmRpFDSD]GHFRPSUHHQGHUDSHUPDQrQFLD GDPRUWH1RHVWiJLRGRGHVHQYROYLPHQWRGHDDQRVDFULDQoDWHPXPDPDLRU FRPSUHHQVmR VREUH R FRQFHLWR GH PRUWH PDV DLQGD QmR GHVHQYROYHX D FRPSUHHQVmRGHLUUHYHUVLELOLGDGH3DUDDFULDQoDGHWUrVDQRVSRUH[HPSORDPRUWH p UHYHUVtYHO H WHP FRPR EDVH R SHQVDPHQWR PiJLFR JDUDQWLQGR TXH DTXLOR TXH PRUUH SRGH YROWDU D YLYHU DVVLP FRPR D SHVVRD TXH GRUPH SRGH DFRUGDU D TXDOTXHUPRPHQWR1HVWDIDL[DHWiULDDFULDQoDGHPRQVWUDSUHRFXSDo}HVGHRUGHP SUiWLFD FRP D SHVVRD PRUWD WDO FRPR DOLPHQWDomR D HVFXULGmR H IDOWD GH DU QR FDL[mRIHFKDGR

(QWUHDVLGDGHVGHDDQRVDFULDQoDVHWRUQDPDLVFXULRVDDUHVSHLWRGD PRUWHHGRVULWXDLVUHODFLRQDGRVHPDLVFRQVFLHQWHDUHVSHLWRGDVUHDo}HVGHRXWUDV SHVVRDVXPDYH]TXHMiWHPGHVHQYROYLGDVQHVWDIDVHDVKDELOLGDGHVEiVLFDVSDUD LQWHJUDomRVRFLDO$FULDQoDHQWUHHDQRVFRPSUHHQGHDILQDOLGDGHGDPRUWHR TXHSRGHVXVFLWDUVHQWLPHQWRVGHPHGRIUHQWHDRUHFRQKHFLPHQWRGDSRVVLELOLGDGH GHVXDSUySULDPRUWH3(11(//6(60,7+

(20)

HPRFLRQDO H LQWHOHFWXDO FRUUHVSRQGHQWH j IDVH GR GHVHQYROYLPHQWR HP TXH VH HQFRQWUDpXPDEDVHVHJXUDSDUDRHQIUHQWDPHQWRGRSURFHVVRGHOXWR

6HJXQGR 3HQQHOOV H 6PLWK D FULDQoD QmR WHP GHVHQYROYLGDV DV PHVPDV KDELOLGDGHV FRQFHLWXDLV TXH RV DGXOWRV H SRGH WHU PDLRU GLILFXOGDGH HP YHUEDOL]DU VHXV VHQWLPHQWRV (P IXQomR GLVWR p FRPXP TXH D IRUPD HQFRQWUDGD SDUDGHPRQVWUDUVXDDQJ~VWLDVHMDSRUPHLRGHVHXFRPSRUWDPHQWR

:HEEUHIHULQGRVHDRSURFHVVRGHFRPSUHHQVmRHHQIUHQWDPHQWRGD PRUWHSRUSDUWHGDFULDQoDDFUHVFHQWDDVHJXLQWHUHIOH[mRVHRVDGXOWRVDFKDPD PRUWH WmR DVVXVWDGRUD QmR p GH VXUSUHHQGHU TXH D FULDQoD WHQKD WDPEpP XPD JUDQGH GLILFXOGDGHGHFRPSUHHQGHU H OLGDU FRP D UHDOLGDGH H R LPSDFWRHPRFLRQDO UHODFLRQDGR DR ILP GD YLGD 'D PHVPD IRUPD FRPR SRGHPRV HVSHUDU TXH XPD FULDQoD VHMD FDSD] GH H[SUHVVDU YHUEDOPHQWH VHXV VHQWLPHQWRV VHQGR TXH R FRQWDWR SUpYLR TXH PXLWDV FULDQoDV WHP FRP D PRUWH p SHTXHQR RX PHVPR LQH[LVWHQWH VRPDGR j TXHVWmR GR UHSHUWyULR UHVWULWR GH SDODYUDV SDUD GHVFUHYHU HPRo}HV WmR FRPSOH[DV VXVFLWDGDV SHOD SHUGD GH XPD SHVVRD LPSRUWDQWH SDUD D FULDQoD"

3DUD&RUUDOJXPDVFULDQoDVQmRWHPSHUPLVVmRRXRSRUWXQLGDGHSDUD H[SUHVVDU VHX SHVDU GLDQWH GD PRUWH GH XP HQWH TXHULGR 2XWUDV SRGHP QmR VH VHQWLUVHJXUDVHPID]rORWDOYH]SRUTXHWHQKDPPHGRGDVVXDVUHDo}HVRXSRUTXH VH FXOSHP SHOR DFRQWHFLGR 4XDQGR RV PHPEURV GD IDPtOLD QmR VH PRVWUDP GLVSRQtYHLV SDUD SHUFHEHU H DFROKHU DV FULDQoDV HVWDV SRGHP IDODU OLYUHPHQWH GH VXDSHUGDHVRIULPHQWRDHVWUDQKRVRXLQHVSHUDGDPHQWHOHYDQWDUTXHVW}HVHLGpLDV TXHHVWmRHPVXDVPHQWHV

(21)

0RUWHGHXPJHQLWRU

6HJXQGR )UDQFR H 0D]RUUD D PRUWH GH XP JHQLWRU p XPD GDV H[SHULrQFLDVPDLVLPSDFWDQWHVTXHDFULDQoDSRGHYLYHQFLDUSRLVMXQWRFRPRVSDLV PRUUHWDPEpPDLOXVmRQDUFtVLFDGDRQLSRWrQFLDLQIDQWLOHPXPPRPHQWRHPTXHHOD p QHFHVViULD FRPR IRQWH GH VHJXUDQoD 'LDQWH GD DXVrQFLD LUUHYHUVtYHO GH XP YtQFXORSURYHGRUGHVXVWHQWDomRDFULDQoDVHGHSDUDFRPSURIXQGRVVHQWLPHQWRVGH GHVDPSDURHLPSRWrQFLD&RPDPRUWHGHXPJHQLWRUDFULDQoDSHUGHRPXQGRTXH FRQKHFLDDTXHOHHPTXHRJHQLWRUSRGLDDIDVWDUVHHDRTXDOUHWRUQDYD$JRUDVHX PXQGR HVWi HQOXWDGR WRUQDVH GLItFLO OLGDU FRP WRGD D JDPD GH VHQWLPHQWRV TXH SDUHFHP LQYDGLOD FRP R GHVPRURQDPHQWR GD IDPtOLD 2 OXWR p R SURFHVVR GH UHFRQVWUXomRHGHUHRUJDQL]DomRGLDQWHGDPRUWHGHVDILRHPRFLRQDOHFRJQLWLYRFRP RTXDOHODWHPGHOLGDU

$VVLP FRPSUHHQGHVH TXH FULDQoDV WrP QHFHVVLGDGHV HVSHFtILFDV UHODFLRQDGDVjSHUGDGHXPDSHVVRDVLJQLILFDWLYDHVSHFLDOPHQWHHPVHWUDWDQGRGH XP RX DPERV RV SDLV $GHPDLV HVWDV QHFHVVLGDGHV HVWmR YLQFXODGDV DR GHVHQYROYLPHQWR SVLFROyJLFR GD FULDQoD R TXH WRUQD GLItFLO D JHQHUDOL]DomR GRV HIHLWRVGROXWRQDSRSXODomRLQIDQWLO)5$1&2

6HJXQGR :DOVK H )UDQFR D UHDomR GH XP ILOKR j PRUWH SUHPDWXUD GRV SDLV HVWi LQWLPDPHQWH UHODFLRQDGD DR HVWDGR HPRFLRQDO GR JHQLWRU VREUHYLYHQWH$FDSDFLGDGHGHHQIUHQWDPHQWRHDGDSWDomRSURYpPGHVWDIRUPDGR HVIRUoRGHVWHSDLPmHTXHVREUHYLYHHPSURYHUFXLGDGRVDGHTXDGRVHJDUDQWLUSRU PHLR GD FRQVWkQFLD GHVWHV FXLGDGRV TXH QmR VHUmR DEDQGRQDGRV 1R TXH GL] UHVSHLWR DRV LUPmRV DV FULDQoDV TXH QmR VmR VHSDUDGDV GRV VHXV H[LEHPPHOKRU DMXVWDPHQWRjVLWXDomRGHSHUGDSRLVRVYtQFXORVIUDWHUQRVVmRXPUHFXUVRFUXFLDO SDUDDUHVLOLrQFLD

(22)

PDLRU IUHTXrQFLD WRUQDPVH DPDGXUHFLGDV DQWHV GR WHPSR DVVXPLQGR SDSpLV H UHVSRQVDELOLGDGHVSDUHQWDLV&RPRDOWHUQDWLYDSRGHPOLJDUVHLQWHQVDPHQWHDXPD SHVVRDTXHVHUiLGHQWLILFDGDFRPDSHVVRDTXHPRUUHXFRPRWHQWDWLYDGHPDQWHUD OHPEUDQoDHRYtQFXORSHUGLGR

'HDFRUGRFRP5DSKDHODSXG3$5.(6DVFULDQoDVDSUHVHQWDPXPD WHQGrQFLD D LGHDOL]DU D OHPEUDQoD GR JHQLWRU TXH PRUUHX WHFHQGR FRPSDUDo}HV GHPDVLDGRFUtWLFDVDRJHQLWRUVREUHYLYHQWH

(PUHODomRDRJrQHUR3DUNHVUHIHUHTXHpFRPXPPHQLQRVUHDJLUHP DJUHVVLYDPHQWH DR OXWR PDLV GR TXH DV PHQLQDV VHQGR TXH HVWDV FRPXPHQWH WRUQDPVHFXLGDGRUDVFRPSXOVLYDV

7HQGR HP YLVWD WDO FRPSUHHQVmR D UHVSHLWR GRV HIHLWRV TXH D PRUWH GH XP JHQLWRUWHPVREUHRFRPSRUWDPHQWRHGHVHQYROYLPHQWRLQIDQWLOSRGHPRVFRQVLGHUDU TXH SDUD R HQIUHQWDPHQWR GR SURFHVVR GH OXWR VDXGiYHO p QHFHVViULR TXH VH LGHQWLILTXH D GLVSRQLELOLGDGH GH UHGHV GH DSRLR IDPLOLDUHV H VRFLDLV 2V SDUHQWHV SUy[LPRVHRVDPLJRVSRGHPQmRVHDFKDUFDSD]HVGHSURIHULUSDODYUDVGHFRQIRUWR HGHIDWRPXLWDVYH]HVSHFDPDRID]HUFRQVLGHUDo}HVLQDGHTXDGDVDUHVSHLWR1R HQWDQWRRIDWRGHRIHUHFHUDSRLRDRVSDLVHQOXWDGRVSDUDILFDUFRPDVFULDQoDVSRU DOJXPDVKRUDVSRGHSURSRUFLRQDUDHODVH[SHULrQFLDVGHXPDUHGHGHFXLGDGRTXH HP FDVD SRGH HVWDU YXOQHUiYHO 3DUD RV SUySULRV SDLV LVWR VH WRUQD IRQWH GH DOtYLR XPD YH] TXH SRGHP XWLOL]DU R WHPSR SDUD GHVFDQVDU RX PHVPR GHVDEDIDU Mi TXH PXLWRVSDLVHQOXWDGRVUHODWDPVHQWLUVHVXJDGRVSHODGHPDQGDGHFXLGDGRVFRPRV ILOKRV SHTXHQRV IDOWDQGR WHPSR SDUD VHQWLU D SHUGD RX UHFXSHUDUVH GRV HIHLWRV ItVLFRVGHVWD

3URFHVVRGHHODERUDomRGROXWRLQIDQWLO

(23)

SRGHULD VHU FRQVLGHUDGR FRPR OXWR FRPSOLFDGR SDUD R DGXOWR SRGH VHU R SURFHVVR DGHTXDGRSDUDDFULDQoD0$=255$

'H DFRUGR FRP %RZOE\ E H :RUGHQ DV YDULiYHLV TXH LQIOXHQFLDP QR DQGDPHQWR GR OXWR GD FULDQoD H QD DGDSWDomR GD FULDQoD j SHUGD HVWmRUHODFLRQDGDVDRVVHJXLQWHVIDWRUHVUHODomRFRPRIDOHFLGRIXQFLRQDPHQWRGR SDL VREUHYLYHQWH H VXD KDELOLGDGH HP FXLGDU GD FULDQoD EHP FRPR D TXDOLGDGH GHVWHFXLGDGRFDXVDVHFLUFXQVWkQFLDVGDSHUGDSULQFLSDOPHQWHQRTXHVHUHIHUHDR TXHpFRQWDGRjFULDQoDHjVRSRUWXQLGDGHVTXHHODWHPGHSHUJXQWDUVREUHRTXH DFRQWHFHXULWXDLVLQIOXrQFLDVGDIDPtOLDWDPDQKRHVWUXWXUDHVWLORGHHQIUHQWDPHQWR GROXWRDSRLRFRPXQLFDomRHVWUHVVRUHVHPXGDQoDQRFRWLGLDQRGDFULDQoDUHGH GH DSRLR GLVSRQtYHO H FDUDFWHUtVWLFDV GD FULDQoD FRPR LGDGH JrQHUR DXWR SHUFHSomRHDFRPSUHHQVmRTXHWHPGDPRUWH

$LQGD R PHVPR DXWRU SURS}H DOJXQV SULQFtSLRV UHIHUHQWHV jV WDUHIDV TXHRVLQGLYtGXRVYLYHQFLDPGXUDQWHRSURFHVVRGHOXWR:RUGHQFRQVLGHUDTXHDV WDUHIDVGROXWRSHUPLWHPXPDFRPSUHHQVmRPDLVDFXUDGDGRSURFHVVRGHOXWRXPD YH]TXHWHPXPFDUiWHUGLQkPLFRHLPSOLFDPXPDDWLYLGDGHSRUSDUWHGRHQOXWDGRQR SURFHVVRGHOXWR$VWDUHIDVQmRSUHFLVDPVHUFXPSULGDVHPXPDRUGHPHVSHFtILFD H SRGHP VHU UHWUDEDOKDGDV QD PHGLGD HP TXH KRXYHU QHFHVVLGDGH $GHPDLV H[SOLFLWDP DV QHFHVVLGDGHV GR HQOXWDGR HP FDGD PRPHQWR GR SURFHVVR GH HODERUDomR GR OXWR -i DV IDVHV GHVFULWDV SRU %RZOE\ D WHP SRU ILQDOLGDGH GHVFUHYHU DV UHDo}HV H VHQWLPHQWRV YLYLGRV SHOR HQOXWDGR DR ORQJR GR SURFHVVRGHHODERUDomR6HJXQGR0D]RUUDWDQWRDVWDUHIDVGROXWRFRPRDV IDVHVGROXWRDX[LOLDPDFRPSUHHQGHUDYLYrQFLDHPRFLRQDOGRLQGLYtGXRHQOXWDGRHD DWHQWDUFRPRHVWiRSURFHVVRGHHODERUDomRGROXWRVHHVWiVHQGRSRVVtYHORXQmR 3DUDILQVGLGiWLFRVDSUHVHQWDUHPRVDVHJXLUDVWDUHIDVGROXWRGHVFULWDVSRU:RUGHQ

$SULPHLUDWDUHIDGL]UHVSHLWRjQHFHVVLGDGHGHWRUQDUVHPDLVFLHQWHGHTXHD SHUGDUHDOPHQWHRFRUUHXSRLVJHUDOPHQWHKiDVHQVDomRGHLUUHDOLGDGHGHTXHWXGR SHUPDQHFHLJXDO'HVWDIRUPDGL]UHVSHLWRjDFHLWDomRGDUHDOLGDGHGDSHUGD

(24)

LVWR p LPSRUWDQWH HVWLPXODU RV VREUHYLYHQWHV D IDODUHP VREUH RV VHQWLPHQWRV HYRFDGRVSHODPRUWHEHPFRPRGHVFUHYrODFRPRDFRQWHFHXTXHPOKHFRQWRXR TXHVHQWLXRQGHHVWDYDTXDQGRILFRXVDEHQGR2SDSHOGRSURILVVLRQDOFRQVLVWHHP DMXGDUDVSHVVRDVDHQWHQGHUHPVHXVVHQWLPHQWRVDFHLWiORVHQDPDLRUSDUWHGDV YH]HV GHVPLVWLILFDU PXLWRV GHOHV XPD YH] TXH SRU PHLR GD WHUDSLD SRGHPRV UHYLVLWDUFRPRSDFLHQWHYiULDVGDVFHQDVYLYLGDVHHQWHQGHUTXHQmRKiFXOSDGRV $VVLPDVHJXQGDWDUHIDGL]UHVSHLWRjHODERUDomRGDGRUGDSHUGD

2 WHUFHLUR SULQFtSLR EDVHLDVH HP DMXGDU R SDFLHQWH D YLYHU VHP D SHVVRD IDOHFLGD IDFLOLWDQGR D VXD KDELOLGDGH HP WRPDU GHFLV}HV GH IRUPD LQGHSHQGHQWH $VVLP D WHUFHLUD WDUHID HVWi LPSOLFDGD QR DMXVWDPHQWR D XP DPELHQWH RQGH HVWi IDOWDQGRDSHVVRDTXHIDOHFHX

-i R TXDUWR SULQFtSLR HVWi UHODFLRQDGR FRP R IRUQHFLPHQWR GH WHPSR SDUD R OXWR SRLV D IDPtOLD JHUDOPHQWH WHP GLILFXOGDGHV HP HQWHQGHU H DFHLWDU HVWD QHFHVVLGDGH H HOXFLGiOD IDFLOLWD R SURFHVVR GH HODERUDomR ± p FRPR DXWRUL]DU DV IDPtOLDV D VH SHUPLWLUHP HVSHUDU R WHPSR QHFHVViULR SDUD TXH DV FRLVDV VH HQFDL[HP QR VHX OXJDU 2XWUR SRQWR LPSRUWDQWH p LGHQWLILFDU SDUD DV IDPtOLDV R FRPSRUWDPHQWR GLWR ³QRUPDO´ GR OXWR VDOYR TXDQGR R FXUVR GR OXWR p FRPSOLFDGR XPD YH] TXH IUHQWH D XPD SHUGD LPSRUWDQWH SULQFLSDOPHQWH GH XP ILOKR PXLWDV SHVVRDV WrP D VHQVDomR GH TXH HVWmR HQORXTXHFHQGR RX TXH YmR HQORXTXHFHU &ODULILFDU UHDo}HV QRUPDLV GHVWH SURFHVVR WUD] PDLRU VHJXUDQoD H QRomR GH UHDOLGDGH jV IDPtOLDV H SRGH VHU WDUHID GH XP DFRQVHOKDPHQWR GH OXWR 'LDQWH GH WXGRLVVRDTXDUWDWDUHIDGROXWRGL]UHVSHLWRDRPRYLPHQWRGHUHSRVLFLRQDPHQWRHP WHUPRVHPRFLRQDLVGRLQGLYtGXRTXHIDOHFHXHVHJXLUHPIUHQWH

7HPRV HQWmR TXH HVWD SHUVSHFWLYD DSUHVHQWDGD EXVFD FRPSUHHQGHU R SURFHVVR GH OXWR VRE XPD SHUVSHFWLYD GH H[LVWrQFLD GH XP WHPSR SDUD D VXD YLYrQFLD FRPR TXH KDYHQGR XP WHPSR SUHYLVWR SDUD D GXUDomR GR OXWR (VWD SRVLomR QR HQWDQWR YHP VHQGR FDGD YH] PDLV TXHVWLRQDGD VREUHWXGR TXDQGR FRQVLGHUDPRV R FRQFHLWR GH UHVLOLrQFLD QHVWH FHQiULR FRPR XP FRPSRQHQWH IXQGDPHQWDOSDUDDFRPSUHHQVmRGHGLIHUHQoDVLQGLYLGXDLV)5$1&2

(25)

'LDQWHGLVWRH[LVWHXPDIRUWHWHQGrQFLDQDDWXDOLGDGHTXHEXVFDUHDSUHQGHUR PXQGR SRU PHLR GD FRQVWUXomR GH VLJQLILFDGRV SDUD R OXWR HP XP SURFHVVR VHSDUDGRTXHOHYDHPFRQVLGHUDomRDVIDVHVSUHYLVWDVSDUDHOH(PERUDFRQWLQXH VHQGRXPSURFHVVRHVVDYLVmRSHUPLWHXPDFRPSUHHQVmRPDLVGLQkPLFDHSUy[LPD GDYLYrQFLDSDUWLFXODUHVLQJXODUGROXWRGRPHVPRPRGRFRPRHUDDUHODomRDQWHV GRURPSLPHQWR$VVLPIDODUHPXPSURFHVVRGHFRQVWUXomRGHVLJQLILFDGRVSDUDR OXWR VXJHUH D SRVVLELOLGDGH GH TXH VHMDP IHLWDV UHYLV}HV GH LGHQWLGDGH UHODo}HV VRFLDLVQDUHODomRFRPRHQWHTXHULGRIDOHFLGRHQRVLVWHPDGHFUHQoDV)5$1&2 E

3RUWDQWR OLGDU FRP R OXWR LPSOLFD VHJXQGR 'RND DFHLWDU D UHDOLGDGH GD SHUGD HQIUHQWDU DV HPRo}HV GR SHVDU DMXVWDUVH j YLGD VHP R HQWH TXHULGR UHFRQVWUXLUDLGHQWLGDGHHDYLGDVHPDSHVVRDHQFRQWUDUPDQHLUDVDGHTXDGDVSDUD OHPEUDU D SHVVRD PRUWD H UHFRQVWUXLU D Ip H RV VLVWHPDV ILORVyILFRV DEDODGRV HP IXQomRGDSHUGD

2SURFHVVRGHOLGDUFRPROXWRSRUWDQWRGL]UHVSHLWR

j QHFHVVLGDGH GH UHFRQKHFHU D SDUWLFXODULGDGH GD H[SHULrQFLD SDUD R LQGLYtGXRHSDUDDIDPtOLDUHTXHUHQGRGRSURILVVLRQDOFXLGDGRVDIRUPDomR XPD YH] TXH R IHQ{PHQR SRGH IDFLOPHQWH VHU FRQIXQGLGR FRP RXWURV GH PDLRU FRPSOH[LGDGH H WHU VXD FRQGXomR SRU YLDV QmR DGHTXDGDV j GHPDQGD´)5$1&2ES

&RQWXGRVHJXQGRDPHVPDDXWRUDLGHPQHVWHSURFHVVRGHFRQVWUXomRGH VLJQLILFDGRV SDUD R OXWR QHP WRGRV RV VLJQLILFDGRV VmR SRVLWLYRV $OLDGR D RXWURV IDWRUHV GH ULVFR Mi GHVFULWRV R OXWR SRGH WRPDU XPD FRQILJXUDomR SDWRJrQLFD GR SRQWRGHYLVWDGRFRPSURPHWLPHQWRGDVD~GHGRHQOXWDGRPHQWDOHItVLFDDRTXH 5DQGRGHQRPLQDOXWRFRPSOLFDGR(VWHFRQFHLWRIRLLQLFLDOPHQWHFKDPDGRSRU /LQGHPDQQGHOXWRSDWROyJLFR

(26)

$VVLP QHVVHV FDVRV YDOH REVHUYDU TXH R TXH DV FULDQoDV FRPXPHQWH DSUHVHQWDP VmR FDUDFWHUtVWLFDV VLPLODUHV jV REVHUYDGDV HP DGXOWRV FXLGDGR FRPSXOVLYRHPUHODomRDRXWUDVSHVVRDVDQVHLRLQFRQVFLHQWHSHODSHVVRDSHUGLGD DVVRFLDGRjDXWRDFXVDomRFRQVFLHQWHGHVFUHQoDQRFDUiWHUSHUPDQHQWHGDSHUGD HXIRULD H GHVSHUVRQDOL]DomR VLQWRPDV GH LGHQWLILFDomR DFLGHQWHV H TXHL[DV GH SUREOHPDVGHVD~GHVHPHOKDQWHVDRVGDSHVVRDPRUWD%2:/%<E

3DUD HVWDV VLWXDo}HV D WHUDSLD GR OXWR SRGH SURYHU WUDWDPHQWR H FXLGDGRV QHFHVViULRV SDUD R HQIUHQWDPHQWR GDV GLILFXOGDGHV LQHUHQWHV DR SURFHVVR 1R HQWDQWR PXLWDV FULDQoDV HQOXWDGDV SRGHP QmR UHTXHUHU DVVLVWrQFLD HVSHFLDOL]DGD SDUDRHQIUHQWDPHQWRGRSURFHVVRGHOXWR:(%%

(27)

3$57(

(28)

&$3Ë78/2±&216,'(5$d®(6$5(63(,72 '2,03$&72'$0257(('2/8721$)$0Ë/,$

&RQFHLWXDQGRIDPtOLD

3DUD D PHOKRU FRPSUHHQVmR GR LPSDFWR TXH R DGRHFLPHQWR H D PRUWH WrP VREUH RV PHPEURV GR VLVWHPD IDPLOLDU HP TXH D FULDQoD HVWi LQVHULGD WRUQDVH LPSRUWDQWH LQWURGX]LU R FRQFHLWR GH IDPtOLD HOHLWR QHVWD SHVTXLVD 1HVVH VHQWLGR HQWHQGHPRVXPDIDPtOLDFRPRXPJUXSRGHSHVVRDVFRQHFWDGDVSRUHPRomRHRX VDQJXH TXH YLYHX MXQWR R WHPSR VXILFLHQWH SDUD WHU GHVHQYROYLGR SDGU}HV GH LQWHUDomRHKLVWyULDVTXHMXVWLILFDPHH[SOLFDPHVWHVSDGU}HVGHLQWHUDomR(PVXDV LQWHUDo}HVSDGURQL]DGDVHQWUHVLRVPHPEURVIDPLOLDUHVFRQVWURHPXQVDRVRXWURV 0,18&+,1/(((6,021

6HJXQGR)UDQFRH[LVWHPPRYLPHQWRVGHQWURGRVLVWHPDIDPLOLDUTXH SURFXUDP FRQVWDQWHPHQWH R HTXLOtEULR SRU PHLR GD LQVWLWXLomR GH SDSpLV UHJUDV SDGU}HV GH FRPXQLFDomR H[SHFWDWLYDV H SDGU}HV GH FRPSRUWDPHQWR TXH UHIOHWHP VXDVHVWUDWpJLDVGHHQIUHQWDPHQWRVXDVFUHQoDVHQWUHRXWURV$DGDSWDomRQDWXUDO jV UHJUDV IDPLOLDUHV IDYRUHFH R IXQFLRQDPHQWR D DQWHFLSDomR GH UHVSRVWDV D VHJXUDQoD D OHDOGDGH H D KDUPRQLD HQWUH RV PHPEURV TXH FRPS}HP R VLVWHPD IDPLOLDU 0,18&+,1 /(( ( 6,021 2V PHVPRV DXWRUHV FRQVLGHUDP TXH FDGDVLVWHPDIDPLOLDUHQJOREDYiULRVVXEVLVWHPDVHTXHFDGDLQGLYtGXRQDIDPtOLDp XP VXEVLVWHPD GD PHVPD $OJXQV FULWpULRV GHWHUPLQDP D FULDomR GH VXEVLVWHPDV FRPRGLIHUHQoDVGHLGDGHFULDQoDVDGXOWRVJrQHURGHQWUHRXWURV

'H DFRUGR FRP &HUYHQ\ HP GHFRUUrQFLD GDV PXGDQoDV HVWUXWXUDLV TXHDIDPtOLDYHPVRIUHQGRDRORQJRGRVWHPSRVVREHVWDGHQRPLQDomRH[LVWHXPD SOXUDOLGDGHGHFRPSRVLo}HVTXHLQFOXHPUHODo}HVQmRIRUPDOL]DGDVSRUSDUHQWHVFR IDPtOLDFRQMXJDOHH[WHUQDQ~FOHRGRPpVWLFRHIDPtOLDQmROHJLWLPDGDMXULGLFDPHQWH HQWUH RXWUDV 'HVWD IRUPD D IDPtOLD SyVPRGHUQD p FDUDFWHUL]DGD SRU ODoRV YROXQWiULRVGHJUDQGHLPSRUWkQFLDSDUDRVLQGLYtGXRVTXHSRGHPHVWDUFLUFXQVFULWRV GHQWURRXIRUDGDXQLGDGHQXFOHDUTXHFRPS}HRVLVWHPDIDPLOLDU

(29)

SDUFHLURV GRPpVWLFRVWDQWR KRPR FRPRKHWHURVVH[XDLV 'HDFRUGR FRPRV GDGRV GR FHQVR GR ,%*( GLYXOJDGRV QR SRUWDO GR LQVWLWXWR HP QRYHPEUR GH R Q~PHURGHFDVDPHQWRVFDLXHPSHODSULPHLUDYH]GHVGHQDSRSXODomR GH RX PDLV DQRV GH LGDGH 1R TXH GL] UHVSHLWR j JXDUGD GRV ILOKRV DSHVDU GD JXDUGDPDWHUQDGRVILOKRVDLQGDVHUPDMRULWiULDHPRVGLYyUFLRVFRP JXDUGDFRPSDUWLOKDGDDXPHQWDUDPGHHPSDUDHP

(P UHODomR j GHILQLomR H GHVFULomR GH IDPtOLD )UDQFR UHIHUH FLQFR GLPHQV}HV FRPR VHQGR DV PDLV IUHTXHQWHV UHODFLRQDGDV D SDGU}HV GH FRPXQLFDomRIURQWHLUDVHQWUHDVUHODo}HVLQGLYLGXDLVGRVPHPEURVTXHDFRPS}HP IDPtOLD FRPR XP WRGR H FRP R PXQGR IOH[LELOLGDGH QD GLVWULEXLomR H DVVXQomR GH SDSpLVGHQWURGDIDPtOLDDOLDQoDVQRVVXEVLVWHPDVGDIDPtOLDHDVUHJUDVIDPLOLDUHV 8PD YH] GHVFULWR R FRQFHLWR GH IDPtOLD TXH DGRWDPRV QHVWD SHVTXLVD SURVHJXLPRVSDUDHOXFLGDUDFRPSUHHQVmRGRLPSDFWRTXHRDGRHFLPHQWRHDPRUWH WrPVREUHRVPHPEURVGRVLVWHPDIDPLOLDURQGHDFULDQoDHVWiLQVHULGD

2LPSDFWRGDPRUWHHGROXWRVREUHRVLVWHPDIDPLOLDU

eGHFRPXPDFRUGRHQWUHRVHVWXGLRVRVGDiUHDGROXWRTXHRVLPSDFWRVGD PRUWHHGROXWRVREUHRVLVWHPDIDPLOLDUWrPLQIOXrQFLDVREUHRSURFHVVRGHOXWRGD FULDQoD %2:/%< E %/$&. 7255(6 %520%(5* 0$=255$ 'HVWD IRUPD FRPSUHHQGHPRV D QHFHVVLGDGH GH DERUGDU WDLV LQIOXrQFLDVDRSRQWRGHDPSOLDUPRVDFRPSUHHQVmRGRSURFHVVRGHOXWRLQIDQWLO $ IDPtOLD SRGH VHU SHQVDGD FRPR XP VLVWHPD FRPSOH[R QR TXDO H[LVWHP P~OWLSORVPHFDQLVPRVUHJXODGRUHV$HQIHUPLGDGHGHVWDIRUPDpYLVWDFRPRSDUWH GH XPD GLQkPLFD GH DMXVWHV DGDSWDWLYRV FRQVWDQWHV HQWUH RV VLVWHPDV ELROyJLFRV SVLFROyJLFRVHLQWHUSHVVRDLV%$/,(,52(&(59(1<

'LDQWHGLVVRUHFRUUHPRVjWHRULDVLVWrPLFDIDPLOLDUTXHSURS}HDSUHHQGHUD GRHQoDFRPRXPVLVWHPD$VVLPSRGHPRVFRPSUHHQGHUTXHTXDQGRXPPHPEUR pDFRPHWLGRSRUXPDGRHQoDJUDYHTXHHQYROYHULVFRGHYLGDHVWHHYHQWRDGTXLUHR SRGHU GH LQWHUIHULU QD GLQkPLFD GH IXQFLRQDPHQWR IDPLOLDU FDXVDQGR PXLWDV PXGDQoDVQDRUJDQL]DomRHQDVUHODo}HVLQWHUQDVHH[WHUQDVGDIDPtOLD52//$1'

(30)

DGRHFLPHQWR RX SRU PHLR GD LQVHUomR GH XPD QRYD URWLQD TXH HQYROYH FRQVXOWDV PpGLFDV H[DPHV GHFLV}HV GH FRQGXWDV D VHUHP VHJXLGDV $ GLQkPLFD IDPLOLDU VRIUH QD PDLRULD GDV YH]HV DV FRQVHTXrQFLDV GHVWDV DOWHUDo}HV HP VXD URWLQD )UDQFR DILUPD TXH HVWD IDVH SUpGLDJQyVWLFD HQYROYH PXLWD DQVLHGDGH H LQFHUWH]D SDUD RV IDPLOLDUHV H SDUD R GRHQWH SRGHQGR UHVXOWDU HP FRQVHTXrQFLDV QRVSDGU}HVGHFRPXQLFDomRUHODFLRQDPHQWRVH[XDOHUHODo}HVGHSRGHU

1DIDVHGRGLDJQyVWLFRHPTXHDIDPtOLDHRGRHQWHWRPDPFRQKHFLPHQWRGH TXDOpRDJHQWHFDXVDGRUGDVPXGDQoDVMiH[SHULPHQWDGDVHRTXHHOHUHSUHVHQWDUi QD PRGLILFDomR GD HVWUXWXUD H IXQFLRQDPHQWR GD GLQkPLFD IDPLOLDU p FRPXP TXH DSDUHoDP GLILFXOGDGHV UHODFLRQDGDV DR PDQHMR GD QRWtFLD )UDQFR GHVWDFD TXHDOJXPDVSHVVRDVHYLWDPFRPSDUWLOKDURGLDJQyVWLFRFRPDOJXQVRXDWpPHVPR WRGRV RV PHPEURV GD IDPtOLD LQFOXLQGR R SUySULR SDFLHQWH (VWH IHQ{PHQR p FKDPDGR GH FRQVSLUDomR GR VLOrQFLR VHQGR SRWHQFLDOPHQWH SUHMXGLFLDO SDUD RERP IXQFLRQDPHQWRGDFRPXQLFDomRHDSRLRIDPLOLDU3RVWHULRUPHQWHHOHSRGHDFDUUHWDU VHQWLPHQWRV GH UDLYD UHVVHQWLPHQWR H FXOSD WDQWR SURYLQGRV GH TXHP QHJD D LQIRUPDomRFRPRSRUSDUWHGHTXHPQmRWHYHDFHVVRDHOD

(P UHODomR jV UHSHUFXVV}HV TXH DV KRVSLWDOL]Do}HV H WUDWDPHQWRV GH ORQJR SUD]R WrP VREUH D GLQkPLFD IDPLOLDU WHPRV TXH RV PHPEURV GD IDPtOLD TXH DVVXPHP RV FXLGDGRV SULQFLSDLV FRP R GRHQWH SUHFLVDP FRQFLOLDU RV SDSpLV GHVHPSHQKDGRV DQWHV GR DGRHFLPHQWR H RV DGTXLULGRV DSyV R DFRPHWLPHQWR SHOD GRHQoD1HVWHFDVRWRUQDVHFRPXPTXHRFXLGDGRUSULQFLSDODEGLTXHGRHPSUHJR SDUD GHGLFDUVH H[FOXVLYDPHQWH DR GRHQWH PXLWDV YH]HV JHUDQGR VREUHFDUJD D RXWURV PHPEURV GD IDPtOLD TXH WHUmR TXH FRPSHQVDU D GLPLQXLomR GH UHFXUVRV ILQDQFHLURV JHUDGD SHOD VXD DXVrQFLD 2V IDPLOLDUHV YLYHQFLDP SRUWDQWR QmR Vy SHUGDV FRQFUHWDV FRPR WDPEpP VLPEyOLFDV WDQWR UHODFLRQDGDV DR HQWH TXHULGR FRPRDVVXDVSUySULDVQRkPELWRLQGLYLGXDO&$6752*(1(=,1,(5266, (P UHODomR jV PXGDQoDV QD GLQkPLFD IDPLOLDU RV PRYLPHQWRV GH DSUR[LPDomRHGHDIDVWDPHQWRHQWUHRVPHPEURVGDIDPtOLDVmRFRPXQVIUHQWHDR DGRHFLPHQWRDSUR[LPLGDGHGHSHUGDHDSHUGDSURSULDPHQWHGLWD)DPtOLDVLVRODGDV GH DPLJRV H SDUHQWHV VmR PDLV VXVFHWtYHLV GR TXH DTXHODV TXH FRQWDP FRP XP ERPVXSRUWHGDUHGHIDPLOLDUHVRFLDO&$57(5(0&*2/'5,&.

(31)

DRV Mi HQYROYLGRV FRP RV FXLGDGRV GXUDQWH R SURFHVVR GD GRHQoD FRPR WDPEpP QRYDVSHVVRDVQHFHVVLWDUHPVHUHPLQFOXtGDVSDUDUHIRUoDUDUHGHGHFXLGDGRVQHVWD IDVH

$V DOWHUDo}HV ItVLFDV D HYROXomR GD GRHQoD H D SUR[LPLGDGH GD PRUWH SRU VXDYH]UHSUHVHQWDPXPFKRTXHGHUHDOLGDGHSDUDRVHQYROYLGRVTXHWmRORJRWHP GH LQLFLDU D DFHLWDomR GD LGHLD GD SHUGD $ LVWR VH FKDPD D YLYrQFLD GR OXWR DQWHFLSDWyULR TXH FRQVLVWH QD YLYrQFLD GH FRQMXQWR GH VHQWLPHQWRV UHODFLRQDGRV j GRU GD QRWtFLD GD H[LVWrQFLD GH XPD GRHQoD HP HVWiJLR DYDQoDGR RX GD SHUGD LPLQHQWH GH DOJXP PHPEUR GR VLVWHPD IDPLOLDU TXH SRGH VHU H[SHULHQFLDGR QDV HVIHUDVFRJQLWLYDHPRFLRQDOHFRPSRUWDPHQWDO)216(&$

$ IRUPD FRPR FDGD IDPtOLD OLGDUi FRP D TXHEUD GD KRPHRVWDVH GH VHX IXQFLRQDPHQWRHUHDJLUiGLDQWHGDVGLILFXOGDGHVVXVFLWDGDVSHODFULVHGHSHQGHUiGH DOJXQV IDWRUHVIDFLOLWDGRUHV H FRPSOLFDGRUHV )UDQFR DSRQWDRV FRPR VHQGR GDVHJXLQWHRUGHP

)DFLOLWDGRUHVHVWUXWXUDIDPLOLDUIOH[tYHOTXHSHUPLWDUHRUJDQL]DomRGHSDSpLV

GHVHPSHQKDGRV SRU VHXV PHPEURV ERD FRPXQLFDomR LQWUD H H[WUD IDPLOLDU LQFOXLQGR DHTXLSH SURILVVLRQDO GHSUHVWDomR GH FXLGDGRV DR GRHQWH FRQKHFLPHQWR HPUHODomRDRVVLQWRPDVHFXUVRGDGRHQoDSDUWLFLSDomRQDVGLIHUHQWHVIDVHVSDUD REWHQomRGHVHQVRGHFRQWUROHVLVWHPDVGLVSRQtYHLVGHDSRLRLQIRUPDOHIRUPDO

&RPSOLFDGRUHV SUHVHQoD GH SDGU}HV GLVIXQFLRQDLV GH UHODFLRQDPHQWR

LQWHUDomR FRPXQLFDomR H VROXomR GH SUREOHPDV DXVrQFLD RX LQVXILFLrQFLD GH VLVWHPDV GH VXSRUWH IRUPDO H LQIRUPDO H[LVWrQFLD GH RXWUDV FULVHV IDPLOLDUHV VLPXOWkQHDVjGRHQoDIDOWDGHUHFXUVRVHFRQ{PLFRVHVRFLDLVFXLGDGRVPpGLFRVGH SRXFD TXDOLGDGH GLILFXOGDGH GH FRPXQLFDomR FRP D HTXLSH PHGLFD GRHQoDV HVWLJPDWL]DQWHVHSRXFDDVVLVWrQFLD

(32)

VHQGR FDSD] WDPEpP GH FRQWHU RV HVWUHVVHV WUDQVLFLRQDLV DWp TXH VHMD SRVVtYHO VHJXLUHPIUHQWH:$/6+3DUDHQFDUDUDPRUWHQDIDPtOLDpQHFHVViULRTXH KDMD XP UHDUUDQMR GR VLVWHPD IDPLOLDU H DVVLP D FRQVWUXomR GH XPD LGHQWLGDGH FDSD]GHVXVWHQWDUXPQRYRQtYHOGHHTXLOtEULR%520%(5*2DSRLRVRFLDO HIDPLOLDUJHUDOPHQWHGXUDPHQRVGRTXHRSURFHVVRGHOXWRRTXHPRVWUDPXLWDV YH]HV D QHFHVVLGDGH GH XPD WHUDSLD SDUD R HQOXWDGR HVSDoR HVWH TXH DX[LOLD D IDPtOLDQDUHFRQILJXUDomRGHVXDHVWUXWXUDHWDPEpPQDDVVXQomRGHQRYRVSDSpLV SRUVHXVPHPEURV

0LQXFKLQFRQVLGHUDTXHDPXGDQoDQDFRPSRVLomRIDPLOLDUSRUHYHQWR GDDXVrQFLDGHXPGHVHXVPHPEURVFRPRQRFDVRGHPRUWHSRGHJHUDUHVWUHVVH H FRQIOLWRV HQWUH RV PHPEURV GXUDQWH D DGDSWDomR DR SURFHVVR GH QHJRFLDomR GH QRYDVUHJUDVIDPLOLDUHV

(PUHODomRDRFLFORGHYLGDIDPLOLDUDPRUWHWHPXPVLJQLILFDGRGLIHUHQWHSDUD FDGD XP GH VHXV PHPEURV GD PHVPD IRUPD TXH SDUD FDGD XPD GDV IDVHV HVSHFtILFDVGHVVHFLFOR%520%(5*2OXWRpGHILQLGRFRPRXPDGDVFULVHV YLYHQFLDGDV SHOR LQGLYtGXR DR ORQJR GR FLFOR YLWDO LVWR SRUTXH R LPSDFWR GD PRUWH SURYRFD XPD GHPDQGD HP WRGR R VLVWHPD IDPLOLDU SVLFRORJLFDPHQWH H QR kPELWR GDVUHODo}HVDOpPGRTXHDIDPtOLDSRGHGDUFRQWDVHPTXHVHMDSUHFLVRUHFRUUHUj DMXGDH[WHUQD

6HJXQGR:DOVKDFDSDFLGDGHHPDFHLWDUDSHUGDHVWiQRkPDJRGH WRGDV DV KDELOLGDGHV QRV VLVWHPDV IDPLOLDUHV VDXGiYHLV H p UXPR D HVWD DFHLWDomR TXH VH FDPLQKD TXDQGR VH LPDJLQD XPD IDPtOLD IXQFLRQDO QXP SURFHVVR GH HQOXWDPHQWRXPDIDPtOLDUHVLOLHQWH

$UHVLOLrQFLDIDPLOLDUSRUVXDYH]UHIHUHVHDRVSURFHVVRVGHHQIUHQWDPHQWR HDGDSWDomRGDIDPtOLDFRPRXQLGDGHIXQFLRQDO'HVWDIRUPDDPDQHLUDFRPRXPD IDPtOLDHQIUHQWDHOLGDFRPXPDH[SHULrQFLDGLItFLOUHVLVWHDRHVWUHVVHVHUHRUJDQL]D GH PRGR HILFLHQWH H VHJXH D YLGD LQIOXHQFLDUi D DGDSWDomR LPHGLDWD H HP ORQJR SUD]R GH WRGRV RVPHPEURV GDIDPtOLD HDSUySULD VREUHYLYrQFLDH REHPHVWDU GD XQLGDGH IDPLOLDU :$/6+ $VVLP IUHQWH D HVWD SHUVSHFWLYD HQIUHQWDU R OXWR LPSOLFDHQFRQWUDUPDQHLUDVGHH[WUDLUVLJQLILFDGRVGDH[SHULrQFLDGHSHUGDHLQWHJUi ODV DRV VLJQLILFDGRV GD YLGD FDSDFLWDQGR RV LQGLYtGXRV SDUD DV H[SHULrQFLDV VXEVHTXHQWHVGDYLGDLQFOXLQGRRXWUDVSHUGDV

(33)

DGRHFLPHQWR RX PRUWH GH XP GH VHXV PHPEURV WrP VREUH R SURFHVVR GH OXWR LQIDQWLO7RUQDVHSRVVtYHOHQWmRSHQVDUROXJDUTXHDFULDQoDRFXSDQHVVHVLVWHPD FRPRVHUiDSUHVHQWDGRDVHJXLU

$FULDQoDGLDQWHGDPRUWHHGROXWRQRVLVWHPDIDPLOLDU

&RQIRUPH)UDQFRTXDQGRDHVWUXWXUDIDPLOLDUpIXQFLRQDODGRHQoDH D PRUWH SRGHP YLU D IRUWDOHFHU RV ODoRV DIHWLYRV GH VHXV PHPEURV LQFOXVLYH RV UHODWLYRV j FULDQoD IRUQHFHQGROKH R VXSRUWH QHFHVViULR 1R HQWDQWR TXDQGR D HVWUXWXUDpGLVIXQFLRQDODFULDQoDSRGHVRIUHURVHIHLWRVGDGHVRUJDQL]DomRHVHQWLU VHUHMHLWDGD'HDFRUGRFRP)U\SDUDHQOXWDUVHDFULDQoDSUHFLVDVHQWLUTXH Ki XP HVSDoR VHJXUR SDUD D H[SUHVVmR GH VHXV VHQWLPHQWRV $OJXQV IDWRUHV LQWHUIHUHPQHVWHSURFHVVRFRPRDVSHUGDVVHFXQGiULDVjPRUWHPXGDQoDUHSHQWLQD GH FDVD HPSREUHFLPHQWR IDPLOLDU DFROKLPHQWR SRU IDPtOLD DGRWLYD H GHSUHVVmR SDUHQWDO &RPR FRQVHTXrQFLD D FULDQoD SRGHUi LJQRUDU RX UHSULPLU VHXV VHQWLPHQWRV EHP FRPR H[SUHVViORV GH IRUPD LQDGHTXDGD R TXH SRGH GHL[iOD FRQJHODGDQHVWDWDUHIDHLQFDSD]GHVHGHVHQYROYHUGHIRUPDVDXGiYHO

&RPIUHTXrQFLDDFULDQoDpH[FOXtGDGRSURFHVVRGHDGRHFLPHQWRHPRUWHQD IDPtOLDSHORMXOJDPHQWRHUU{QHRGDLQFDSDFLGDGHGHFRPSUHHQGHURTXHDFRQWHFH RXPHVPRFRPLQWXLWRGHSURWHomR1RHQWDQWRDFULDQoDFRQYLYHFRPDVPXGDQoDV GHFRUUHQWHVGRDGRHFLPHQWRHPRUWHQDIDPtOLDPXGDQoDGDURWLQDUHGLVWULEXLomRGH SDSpLV PDV QmR p SDUWLFLSDGD D UHVSHLWR GR SRUTXr JHUDQGR DQVLHGDGH H GHVRUJDQL]DomR 6HJXQGR 'RND R VLOrQFLR R DWR GH H[FOXLU D FULDQoD GR SURFHVVR GH DGRHFLPHQWR H PRUWH Vy DXPHQWD R PHGR H JHUD VHQWLPHQWRV GH GHVDPSDURHUHVVHQWLPHQWR'DPHVPDIRUPDVHJXQGR)U\DFRPXQLFDomR HYDVLYDFKHLDGHURGHLRVHPTXHRDVVXQWRGDPRUWHpUHGLUHFLRQDGRWRGDYH]TXH DERUGDGRWUD]SUHMXt]RVVLJQLILFDWLYRVDFDUUHWDQGRRLVRODPHQWRGDFULDQoDMXQWRD VHXVPHGRV

(34)

(35)

3$57(

(36)

&$3Ë78/2±&216,'(5$d®(6$&(5&$'$6,17(59(1d®(6 36,&27(5$3Ç87,&$6&20&5,$1d$6

3DQRUDPDKLVWyULFRGDVLQWHUYHQo}HVSVLFRWHUDSrXWLFDVFRPFULDQoDV

(VWH FDStWXOR WHP FRPR REMHWLYR DSUHVHQWDU GH IRUPD VXVFLQWD D WUDMHWyULD GRV WHyULFRV TXH IXQGDPHQWDP D SUiWLFD FOtQLFD GD SVLFRORJLD LQIDQWLO 3URFXUDPRV DVVLPIDFLOLWDUDFRQWH[WXDOL]DomRGRPRPHQWRKLVWyULFRHPTXHD7HUDSLD$VVLVWLGD SRU$QLPDLVVXUJLXFRPRLQVWUXPHQWRWHUDSrXWLFRQDFOtQLFDSVLFRORJLFDDTXDOVHUi DERUGDGRDRORQJRGHVWDSHVTXLVD

(37)

DWXDOLGDGHUHODWLYDVjVUHIOH[}HVGROXJDUGRVSDLVQDDQiOLVHGHFULDQoDVGHPDQGD HVLQWRPDQDFXUDDQDOtWLFDDVP~OWLSODVWUDQVIHUrQFLDVDTXHRDQDOLVWDGHFULDQoDV VH Yr VXEPHWLGR D GLVWLQomR HQWUH YtQFXOR H WUDQVIHUrQFLD HQWUH RXWUDV TXH WrP LPSOLFDo}HVLPSRUWDQWHVQDSRVLomRGRDQDOLVWDQRWUDEDOKRFRPFULDQoDV'HDFRUGR FRP0DUFHOOL$QQD)UHXGFRQVLGHURXDLPSRUWkQFLDGDREVHUYDomRGLUHWDGD FULDQoD SDUD HVWDEHOHFHU R TXH FKDPRX GH SVLFRORJLD SVLFDQDOtWLFD GD FULDQoD $FUHVFHQWRX TXH D REVHUYDomR GLUHWD SRVVLELOLWD TXH VH HYLGHQFLH R SDSHO IXQGDPHQWDOGRDPELHQWHQRGHVHQYROYLPHQWRGDFULDQoD$VVLPDGHSHQGrQFLDGD FULDQoD HP UHODomR DR DPELHQWH LQWURGX] XPD QRYD GLPHQVmR QD FRQFHSomR GH SDWRORJLDUHODWLYDDRVFRQIOLWRVGHDGDSWDomRHFRQIOLWRVUHDFLRQDLV

6RDUHVH2QRHQWHQGHPTXHSDUD0HODQLH.OHLQRLPSXOVRGHEULQFDU VHULDUHVXOWDGRGDQHFHVVLGDGHLQIDQWLOGHHODERUDUVXDVIDQWDVLDVPDVWXUEDWyULDVHP WRUQRGDFHQDSULPiULD6XDVFRQWULEXLo}HVSDUDDSVLFDQiOLVHGHFULDQoDVDSRQWDP TXHDGLIHUHQoDHQWUHDLQWHUYHQomRFRPDGXOWRVHFULDQoDVUHVLGHQRPpWRGRHQmR HPVHXVSULQFtSLRVEiVLFRVSRVWXODQGRRMRJRFRPRVXEVWLWXWRGDDVVRFLDomROLYUH :LQQLFRWWHPH[S}HDFRQFHSomRGHREMHWRWUDQVLFLRQDOWUD]HQGRXPDQRYD GLPHQVmRDRFRQFHLWRGHWUDQVIHUrQFLD3DUDHOHREULQFDUSRUVLVypWHUDSrXWLFRH VHJXQGR3LWOLXNREULQFDUSRVVLELOLWDDH[SHULPHQWDomRGDYLYrQFLDGRH[LVWLU VHP QHQKXPD LQWHQomR HP TXH QmR VH EDVHLD HP H[SHFWDWLYDV H UHIHUrQFLDV H[WHUQDV VHQGR SRVVtYHO HQWmR VH VXUSUHHQGHU FRP R TXH VH p FDSD] GH FULDU SURGX]LUVLPSOHVPHQWHVHQGR

'H DFRUGR FRP 6RDUHV H 2QR PHVPR TXH /DFDQ QmR WHQKD VH RFXSDGRFRPDFOtQLFDGHFULDQoDVDVFRQWULEXLo}HVRULXQGDVGRVDQDOLVWDVTXHVH GHGLFDUDP D HVWH FDPSR IRUDP VHX REMHWR GH LQWHUHVVH H HVWmR SUHVHQWHV QR GHVHQYROYLPHQWRGHPXLWDVGHVXDVIRUPXODo}HVWHyULFDV$H[HPSORGLVWRWHPRVDV VXDV SULPHLUDV DSUHVHQWDo}HV VREUH R UHJLVWUR GR 6LPEyOLFR GR 5HDO H GR ,PDJLQiULRHPTXHFRPHQWDRFDVR'LFNGH0HODQLH.OHLQ2FDVRpUHIHUHQWHDXP PHQLQRTXHKRMHSRGHULDVHUSHQVDGRFRPDXWLVWD

(38)

E $ VHJXLU DSUHVHQWDUHPRV DV FRQWULEXLo}HV GD 7HRULD GR $SHJR SDUD R SVLFRGLDJQyVWLFRLQIDQWLOGHVHQYROYLGRQHVWDSHVTXLVD

3VLFRGLDJQyVWLFRLQIDQWLOHDVFRQWULEXLo}HVGD7HRULDGR$SHJR

$U]HQR DSRQWD TXDWUR ILQDOLGDGHV SDUD R SVLFRGLDJQyVWLFR SULPHLUR SURFXUDUGHILQLUGLDJQyVWLFRRXVHMDFRPSUHHQGHURTXHDFRQWHFHFRPRSDFLHQWH DOpPPHVPRGRTXHHOHpFDSD]GHFRPXQLFDUDRSVLFyORJRGHIRUPDFRQVFLHQWH VHJXQGR VHUYLU GH LQVWUXPHQWR SDUD DYDOLDU D HYROXomR GR WUDWDPHQWR WHUFHLUR IRUPD GH IDYRUHFHU D FRPXQLFDomR HQWUH SVLFyORJR H SDFLHQWH H TXDUWR FRPR UHFXUVRLQYHVWLJDWLYR

1RSVLFRGLDJQyVWLFRLQIDQWLORSVLFyORJRGHVHQYROYHFRPRVSDLVXPSURFHVVR GH H[SORUDomR GR VLJQLILFDGR GD TXHL[D WUD]LGD GRV VLQWRPDV DSUHVHQWDGRV SHOD FULDQoDDFRPSUHHQVmRTXHHOHVWrPGHVXDSUySULDVLWXDomRHGHVXDUHODomRFRP RILOKR<(+,$6HJXQGRDDXWRUDRSVLFRGLDJQyVWLFRFRQILJXUDVHFRPRXPD RSRUWXQLGDGHSDUDRVSDLVSUHVWDUHPDWHQomRSHUFHEHUHPHSHQVDUHPVREUHRTXH HVWiDFRQWHFHQGRFRPRVILOKRV

'H DFRUGR FRP 6DQWLDJR R SVLFRGLDJQyVWLFR QmR GHYH VHU FRPSUHHQGLGR FRPR DSHQDV XP UHIHUHQFLDO SDUD HQFDPLQKDPHQWR SVLFRWHUiSLFR WDPSRXFRTXHVHXYDORUVHMDDSHQDVFRPSUHHQVLYRXPDYH] TXHRSDFLHQWHSRGH REWHUEHQHItFLRVGRVHIHLWRVWHUDSrXWLFRVGRSURFHVVRHPTXHVWmR

'HQWUR GR FRQWH[WR GH SVLFRGLDJQyVWLFR HP VLWXDo}HV GH OXWR HQWHQGHPRV TXH R WUDEDOKR LQYHVWLJDWLYR GR SVLFyORJR p YROWDGR SDUD D FRPSUHHQVmR GR HQIUHQWDPHQWRGRSURFHVVRGHOXWRGDFULDQoDHFRPRLVWRUHSHUFXWHQRSURFHVVRGH HODERUDomRGHVWDSHUGD

$R ILQDO GR SURFHVVR SVLFRGLDJQyVWLFR HVSHUDVH TXH R SVLFyORJR SRVVD WHU XPDFRPSUHHQVmRPDLRUHPDLVFODUDDUHVSHLWRGRVIDWRUHVHQYROYLGRVQRSURFHVVR GHOXWRGDFULDQoDFLUFXQVWkQFLDVGDPRUWHGLQkPLFDIDPLOLDUUHODomRFRPRIDOHFLGR H UHFXUVRV GH HQIUHQWDPHQWR GD FULDQoD VHQGR SRVVtYHO HQWmR ID]HU RV GHYLGRV HQFDPLQKDPHQWRVSDUDWHUDSLDGHOXWRTXDQGRDVVLPVHIL]HUQHFHVViULR

3DUD WDQWR UHVSDOGDPRQRV QDV FRQWULEXLo}HV GD7HRULDGR $SHJR TXH WUD] RV DSRUWHV IXQGDPHQWDLV D UHVSHLWR GH FRPR VH Gi R SURFHVVR GH HODERUDomR GR OXWRDSUHVHQWDGRVDVHJXLU

(39)

YtQFXORV DIHWLYRV H D VXD 7HRULD GR $SHJR YHUVD VREUH D WHQGrQFLD GRV VHUHV KXPDQRV D HVWDEHOHFHUHP IRUWHV YtQFXORV DIHWLYRV FRP DOJXQV RXWURV EHP FRPR VREUHDVUHDo}HVHSHUWXUEDo}HVGDSHUVRQDOLGDGHTXHVmRRULJLQDGDVHPVLWXDo}HV GHVHSDUDomRHSHUGDLQYROXQWiULDV

$7HRULDGR $SHJR FRPSDUWLOKD FRPD 3VLFDQiOLVH R HQWHQGLPHQWR GH TXH R YtQFXOR LQLFLDO GD FULDQoD FRP D PmH p GH XPD LPSRUWkQFLD LQHJiYHO H GLVFXWH DV UHODo}HV REMHWDLV SHOD yWLFD GH FRPSRUWDPHQWRV GH DSHJR 1R HQWDQWR %RZOE\ DEDEXVDXPDWHUPLQRORJLDSUySULDUHIHULQGR VH DDSHJR HILJXUD GH DSHJRGLIHUHQWHPHQWH GR TXHp XWLOL]DGRQD SVLFDQiOLVH $ WHRULDGH%RZOE\LGHPHPERUDWHQKDVXDVEDVHVQDSVLFDQiOLVHGLIHUHGDPHVPD TXDQGRSURFXUDHVWDEHOHFHUDRORQJRGRGHVHQYROYLPHQWRRVHIHLWRVGDSULYDomRGD ILJXUDPDWHUQDQDVLGDGHVVHQVtYHLVGRGHVHQYROYLPHQWR

%RZOE\ FRQVLGHUD TXH H[LVWH XPDIRUWH UHODomR FDXVDO HQWUH DV H[SHULrQFLDV GHXPLQGLYtGXRFRPDVILJXUDVSULPiULDVSDLPmHHVXDFDSDFLGDGHSRVWHULRUGH HVWDEHOHFHUYtQFXORVDIHWLYRV¬SHVVRDHPTXHPVHFRQILDFKDPDVHGHILJXUDGH DSHJR

%RZOE\ >@ FKDPD D DWHQomR SDUD GRLV SRQWRV QR PRGR FRPR RV SDLVGHVHPSHQKDPVHXVSDSpLVRJUDXHPTXHRVSDLVIRUQHFHPXPDEDVHVHJXUD H HVWLPXODP D FULDQoD D H[SORUDU R PXQGR D SDUWLU GHVWD EDVH 1R GHVHPSHQKR GHVVHVSDSpLVRPDLVLPSRUWDQWHpRJUDXHPTXHRVSDLVUHFRQKHFHPHUHVSHLWDP R GHVHMR H D QHFHVVLGDGH TXH D FULDQoD WHP GH XPD EDVH VHJXUD H SURFXUDP DGDSWDU VHX FRPSRUWDPHQWR jV PHVPDV &DEH GHVWD IRUPD R UHFRQKHFLPHQWR GR FRPSRUWDPHQWR GH DSHJR GD FULDQoD EHP FRPR VXD VDWLVIDomR H IUXVWUDomR QRV PRPHQWRVFHUWRV

$VFULDQoDVTXHWrPHVWHVSUHVVXSRVWRVEiVLFRVVDWLVIHLWRVVmRFRQVLGHUDGDV SHOD7HRULDGR$SHJRFRPRWHQGRFRQVWUXtGRXPPRGHORUHSUHVHQWDFLRQDOGHVLTXH FRQFHEH D SRVVLELOLGDGH GH DMXGDUVH H WDPEpP PHUHFHU DMXGD IUHQWH jV DGYHUVLGDGHV%RZOE\>@

(40)

HILFD]PHQWHFRPRVHQGRIDWRUSULPRUGLDOSDUDRGHVHQYROYLPHQWRGHDXWRFRQILDQoDH FRPSHWrQFLDVVRFLDLVUHVXOWDGRVGHXPDSHJRVHJXUR

6HJXQGR%RZOE\>@DSDUWLUGDSULPHLUDUHODomRHVWDEHOHFHVHQR LQGLYtGXR XP PRGR GH IXQFLRQDPHQWR R 0RGHOR 2SHUDWLYR ,QWHUQR $ FULDQoD TXH WHPHPVXDH[SHULrQFLDXPPRGHORVHJXURGHDSHJRYDLGHVHQYROYHUH[SHFWDWLYDV SRVLWLYDVHPUHODomRDRPXQGRDFUHGLWDQGRQDSRVVLELOLGDGHGHVDWLVIDomRGHVXDV QHFHVVLGDGHV-iRXWUDFULDQoDFRPXPPRGHORPHQRVVHJXURSRGHUiGHVHQYROYHU HP UHODomR DR PXQGR H[SHFWDWLYDV PHQRV SRVLWLYDV 2V EHErV FULDP 0RGHORV 2SHUDWLYRV,QWHUQRVDSDUWLUGHVXDVLQWHUDo}HVFRPRVSDLVHILJXUDVLPSRUWDQWHVH SHORV TXDLV D FULDQoD YHUi R PXQGR H D VL PHVPD (VVHV PRGHORV LQWHUQRV GH UHODo}HV GH DSHJR WrP FRPR HOHPHQWRV FRQVWLWXLQWHV D FRQILDQoD RX IDOWD GH FRQILDQoDGHTXHDILJXUDGHDSHJRHVWDUiGLVSRQtYHORXVHUiFRQILiYHOH[SHFWDWLYD GDFULDQoDGHDIHWRRXUHMHLomRHDVHJXUDQoDGHTXHDILJXUDGHDSHJRpXPDEDVH VHJXUDSDUDH[SORUDomR

%RZOE\ >@ XWLOL]DVH GR VLVWHPD GH FDWHJRULDV GH 0DU\ $LQVZRUWK DSXG %2:/%< >@ SDUD GLIHUHQFLDU SDGU}HV GH DSHJR (VVH VLVWHPDGHFDWHJRULDVIRLUHVXOWDGRGHXPSURFHGLPHQWRGHQRPLQDGRSRU$LQVZRUWK H FRODERUDGRUHV GH ³6LWXDomR (VWUDQKD´ FXMR S~EOLFR DOYR HUD FULDQoDV GH IDL[D HWiULD HQWUH H PHVHV $V FODVVLILFDo}HV GRV SDGU}HV GH DSHJR VmR GH WUrV WLSRV VHJXUDPHQWH DSHJDGRV LQVHJXUDPHQWH DSHJDGRVUHMHLWDGRUHV H LQVHJXUDPHQWH DSHJDGRVDPELYDOHQWHV UHVLVWHQWH $LQVZRUWK DSXG %2:/%< >@ VXJHULX XP TXDUWR JUXSR D TXH FKDPRX ,QVHJXUDPHQWH DSHJDGRVGHVRUJDQL]DGRV

7HQGRHPYLVWDRVHVWLORVGHDSHJRHUHVSHFWLYRVPRGHORVRSHUDWLYRVLQWHUQRV GHVFULWRVDFLPDSRGHPRVSHQVDUTXHDVLJQLILFDomRGDVH[SHULrQFLDVGHYLGDLUiVH DSUHVHQWDU QHVWH TXDGUR $VVLP GLDQWH GD YLYrQFLD GH XPD SHUGD LPSRUWDQWH SHOD PRUWH GH XPD SHVVRD TXHULGD GHYHPRV DWHQWDU DRV PRGHORV RSHUDWLYRV SDUD FRPSUHHQGHUPRV R SURFHVVR GH FRQVWUXomR GH VLJQLILFDGR DWULEXtGR D HVWD SHUGD 0$=255$

(41)

LQWHUDo}HV HQWUH RV SHUVRQDJHQV GR SVLFRGLDJQyVWLFR FULDQoD WHUDSHXWD H FmR FR WHUDSHXWD

(42)

3$57(

(43)

&$3Ë78/2±7(5$3,$$66,67,'$325$1,0$,6

$HYROXomRKLVWyULFDGDUHODomRKRPHPDQLPDO

'H DFRUGR FRP/HYLQVRQ DSHVDU GH QmR VHU FRQKHFLGD DGDWD H[DWD HPTXHRKRPHPFRPHoRXDGRPHVWLFDUDQLPDLVQmRKiG~YLGDVGHTXHRVDQLPDLV WLYHUDP XP SDSHO PXLWR VLJQLILFDWLYR QR GHVHQYROYLPHQWR KXPDQR $V SULPHLUDV H[SUHVV}HVDUWtVWLFDVGRKRPHPIRUDPUHWUDWRVGHDQLPDLV$VSLQWXUDVHPSUHWRH YHUPHOKRGRSXORGRELVmRHGRJDORSHGRFDYDORIHLWDVSHORKRPHPSDOHROtWLFRQDV FDYHUQDVGH$OWDPLUDVmROLVWDGDVSRUFUtWLFRVGHDUWHHQWUHDVDILUPDo}HVDUWtVWLFDV PDLV H[SUHVVLYDV Mi IHLWDV SHOR KRPHP /(:,162+1 DSXG /(9,1621

&KLHSSDDSRQWDTXHRSURJUHVVRGDKXPDQLGDGHHRVDFRQWHFLPHQWRV KLVWyULFRVTXHWHPPDUFDGRRGHVWLQRGRVSRYRVWrPDSUHVHQoDGRDQLPDOQHVWH FRQWH[WRGHXPDIRUPDGHWHUPLQDQWH([HPSORGLVWRHVWiQDLQYHQomRGDURGDTXH SHUPLWLXXPDYDQoRFRQVLGHUiYHOQDVIRUPDVGHWUDQVSRUWHGRKRPHPXPDYH]TXH HVWDYDLQWLPDPHQWHOLJDGDjWUDomRDQLPDO

'HDFRUGRFRP0RQWDJQHUHPWRGDVDVpSRFDVRVKXPDQRVUHWLUDUDP GRV DQLPDLV TXH GRPHVWLFDUDP R PDLRU EHQHItFLR SRVVtYHO SDUD JDUDQWLU DR PHQRU FXVWR IXQo}HV PXLWDV YH]HV YLWDLV H VHPSUH HVVHQFLDLV 2V SULQFLSDLV EHQHItFLRV GL]HP UHVSHLWR j DOLPHQWDomR j H[SORUDomR GR PHLR H GRV VHXV UHFXUVRV HFRQ{PLFRVjSURWHomRGHIHVDVHJXUDQoDjSURWHomRFRQWUDGRHQoDVEHPFRPR j H[SORUDomR GH TXDOLGDGHV ItVLFDV ILVLROyJLFDV H FRPSRUWDPHQWDLV GH TXH HVWmR FDUHQWHV4XHVW}HVUHODWLYDVjSHUSHWXDomRGDHVSpFLHWDPEpPLQFOXHPDSUHVHQoD GHWHUPLQDQWH GH DQLPDLV *UXSRV IDPLOLDUHV TXH VH EHQHILFLDYDP GD SUHVHQoD GH DQLPDLV ~WHLV WLQKDP XPD SUREDELOLGDGH PDLRU TXH RV RXWURV GH GHL[DU XPD GHVFHQGrQFLD PDLV QXPHURVD EHP DOLPHQWDGD SURWHJLGD WDPEpP DUPDGD SDUD HQIUHQWDUDVDJUHVV}HVHLPSRVLo}HVGRPHLRHPTXHYLYLDP

(44)

HOHPHQWR IXQGDPHQWDO QD FXOWXUD DIHWDQGR D YLGD GRV VHUHV KXPDQRV H GH RXWUDV HVSpFLHV7DOLQWHUDomRFRPRHPWRGRVRVSURFHVVRVHYROXWLYRVID]SDUWHHFRPS}H XPWRGRVRFLDO

&KLHSSD DSUHVHQWD KLVWRULFDPHQWH D HYROXomR GD UHODomR KRPHP DQLPDODRORQJRGRVPLOrQLRVSRUPHLRGHWUrVIDVHV

3ULPHLUDIDVH±&RQFHSomRDUFDLFDGRDQLPDORKRPHPVHUHODFLRQDFRP

R DQLPDO FRPR XPD GLYLQGDGH &RPR H[HPSOR GLVWR WHPRV DV FLYLOL]Do}HV PHVRSRWkPLFDVGDWDGDVGHD&HVSHFLDOPHQWHDHJtSFLDHPTXHRVDQLPDLV DVVXPLDPIRUPDVGHGHXVHVHUHSUHVHQWDYDPREHPHRPDO

6HJXQGDIDVH±&RQFHSomRHFRQ{PLFDIXQFLRQDOGRDQLPDOQHVWDIDVHR

DQLPDOpFRQVLGHUDGR~WLOHVWijGLVSRVLomRGRKRPHPHGHVXDVQHFHVVLGDGHVVHMD SDUD FRQVXPR IRUoD GH WUDEDOKR HRX PDWpULD SULPD SDUD SURGXomR GH DUWHIDWRV FRPHUFLDOL]iYHLVOmFRXURHWF

7HUFHLUD IDVH ± &RQFHSomR pWLFD GR DQLPDO FRUUHVSRQGH j YLVmR

FRQWHPSRUkQHDGRKRPHPHPUHODomRDRDQLPDOFRQVLGHUDQGRRXPVHUVHQVtYHO HPFRQGLo}HVGHSHUFHSo}HVFRQVFLHQWHVGHSUD]HUHGRUeXPDUHODomREDVHDGD QRUHVSHLWRTXHFRPSUHHQGHXPDOHJLVODomRGHWXWHODSDUDRVGLUHLWRVGRVDQLPDLV HPWRGRVRVSDtVHVPDLVGHVHQYROYLGRVLQFOXVLYHSHORVEHQHItFLRVItVLFRHPRFLRQDLV RIHUHFLGRVDRKRPHP6XUJHPDVUHIOH[}HVUHIHUHQWHVDRXVRGHDQLPDLVFRPILQV GH HQWUHWHQLPHQWR HP TXH D VD~GH H EHP HVWDU GR DQLPDO p FRORFDGD HP ULVFR 6DQV}HVOHJDLVFRPRPRUDLVVmRLPSRVWDVjTXHOHVTXHXWLOL]DPDQLPDLVSDUDRXWURV ILQV TXH WDPEpP WUDJDP VRIULPHQWR H GRU DRV PHVPRV LQFOXLQGR VLWXDo}HV QDV TXDLV R DQLPDO GRPHVWLFDGR p PDQWLGR HP UHVLGrQFLDV HP FRQGLo}HV LQVDOXEUHV 6HJXQGR'RPLQJXHVHYLGHQFLDVHDVVLPXPSDQRUDPDGHVRFLDOL]DomRGRV DQLPDLVTXHUHIOHWHHPPXGDQoDVQRFRPSRUWDPHQWRKXPDQRTXDQWRjVLJQLILFDomR FXOWXUDOGDUHODomRKRPHPDQLPDO

(45)

DWXDOLGDGH SRLV Ki XPD PXGDQoD GH SDUDGLJPD GHVWD LQWHUDomR 2 FUHVFLPHQWR H[SRQHQFLDO GD DGRomR GH DQLPDLV GH FRPSDQKLD p XP H[HPSOR FDWHJyULFR GHVWH QRYROXJDUGRDQLPDOQDYLGDGRKRPHPDWUDLQGRWDPEpPXPQ~PHURH[SUHVVLYR GHHVWXGLRVRVQDFRPXQLGDGHFLHQWtILFDDHVWHUHVSHLWR

2 DQLPDO GH HVWLPDomR SDVVD HQWmR D VHU FRQVLGHUDGR XP PHPEUR LQWHJUDQWHGDIDPtOLDSDUWHGRFRPSOH[RVRFLDOGRPpVWLFRGHDFRUGRFRP/HYLQVRQ 1HVWD GLQkPLFD SRUpP FDGD LQGLYtGXR GR VLVWHPDIDPLOLDU HVWDEHOHFH XPD UHODomR HVSHFtILFD FRP R DQLPDO H H[LJH TXH R PHVPR DWHQGD D GLIHUHQWHV QHFHVVLGDGHV LQGLYLGXDLV 2PHVPR DXWRUREVHUYRX TXH D SUHVHQoD GR DQLPDO QDV UHVLGrQFLDV UHIOHWHVH HP PXGDQoDV QDV UHODo}HV LQWUDIDPLOLDUHV WRUQDQGRDV PDLV FRPSOH[DV$VLQWHUDo}HVFRPRDQLPDOSDUWHPGHXPDLQLFLDWLYDLQGLYLGXDOGHFDGD PHPEURGDIDPtOLDHGRVLVWHPDIDPLOLDUFRPRXQLGDGH6HJXQGR0DQQLQJRV SDGU}HVGHFRPXQLFDomRIDPLOLDUHVWDPEpPSRGHPVRIUHUDOWHUDo}HVSHODSUHVHQoD GR DQLPDO HP FDVDIDPtOLDV FRP GLILFXOGDGHV GH FRPXQLFDomR WHQGHP D FRQYHUJLU VHQWLPHQWRVGHDJUHVVmRRXGHDIHWRSDUDRDQLPDO(PRXWURVFDVRVRDQLPDOSRGH RFXSDUROXJDUGHILOKRVRXGHFRPSDQKHLURVKXPDQRV

'HQWUR GD SHUVSHFWLYD GH PXGDQoD GD UHODomR KRPHPDQLPDO DR ORQJR GD KLVWyULDGDKXPDQLGDGHDUHODomRGHDMXGDHDVVLVWrQFLDDSHVVRDVWDPEpPVRIUHX PRGLILFDo}HV 0RQWDJQHU UHIHUHVH DR SDSHO GR DQLPDO QD KLVWyULD GRV KRPHQV H GH VXDV VRFLHGDGHV FRPR LQGLVSHQViYHO R TXH DLQGD VXVWHQWDVH QRV WHPSRV DWXDLV e FUHVFHQWH D H[SDQVmR GDV IXQo}HV H RV FRQWH[WRV HP TXH HVWHV DQLPDLVVmRLQVHULGRVSDUDDX[LOLDURKRPHPDSDUWLUGHVXDVFRPSHWrQFLDVVHMDP HODV LQDWDV RX DGTXLULGDV 3DUD HOH RV DQLPDLV VXSUHP DLQGD DV QHFHVVLGDGHV EiVLFDVGRKRPHPGHVGHDVPDWHULDLVDWpDVHPRFLRQDLV

(46)

DFLRQDQGR R VHUYLoR GH HPHUJrQFLD WLUDQGR R IRQH GR JDQFKR H DSHUWDQGR ERW}HV FRPRIRFLQKRRXFRPDSDWD

&RQIRUPH 'RWWL HP UHODomR DRV FmHV GH DVVLVWrQFLD DOJXPDV HQWLGDGHV DPHULFDQDV FRPR D &&, &DQLQH &RPSDQLRQV IRU ,QGHSHQGHQFH D 3:$& 3DZV :LWK D &DXVH H D,QGHSHQGHQFH 'RJV ,QF WUHLQDP FmHV SDUD D DVVLVWrQFLDDSDFLHQWHVFRPGLIHUHQWHVWLSRVGHSDWRORJLDVFRPRGLVWURILDPXVFXODU HVFOHURVH P~OWLSOD SDUDOLVLD FHUHEUDO 3DUNLQVRQ 'HYLGR DR IDWR GH TXH DV QHFHVVLGDGHV GRV SURSULHWiULRV PXGDP DR ORQJR GR SURFHVVR GH HYROXomR GD GRHQoDHGRWUDWDPHQWRRVFmHVQHFHVVLWDPGHUHFLFODJHPHPVHXVWUHLQDPHQWRV DGHTXDQGRVHDRWUDEDOKRTXHGHVHPSHQKDP

2V FmHV JXLD VmR FRQKHFLGRV GHQWUH RV FmHV GH DVVLVWrQFLD SHOR SDSHO TXH GHVHPSHQKDP QR DX[tOLR D LQGLYtGXRV FRP GHILFLrQFLD YLVXDO SURSLFLDQGR PDLRU DXWRQRPLD QD H[HFXomR GH WDUHIDV GLiULDV FRPR DWUDYHVVDU D UXD GHVYLDU GH REVWiFXORV ORFDOL]DU D HQWUDGD H VDtGD GH HVWDEHOHFLPHQWRV VLQDOL]DU TXDQGR Ki GHVQtYHLVGHVRORQRFDPLQKRGHQWUHLQ~PHUDVRXWUDVIXQo}HV'HDFRUGRFRP'RWWL R SURFHGLPHQWR GH IRUPDomR GH XP FmR JXLD p XP GRV PDLV FRPSOH[RV H GLVSHQGLRVRV GR SRQWR GH YLVWD GH WHPSR UHFXUVRV KXPDQRV H ILQDQFHLURV 2 SURFHVVRWRGRGHPRUDGHGRLVDWUrVDQRVHQRVSDtVHVGHVHQYROYLGRVLPSOLFDXP LQYHVWLPHQWRHPFHUFDGHRLWHQWDDFHPPLOGyODUHVSRUDQLPDO

2V FmHV GH UHVJDWH SRU VXD YH] VmR DQLPDLV WUHLQDGRV SDUD DX[LOLDU R KRPHP QR UHVJDWH GH SHVVRDV RX PHVPR GH RXWURV DQLPDLV HP VLWXDo}HV GH HPHUJrQFLD H FDWiVWURIHV QD EXVFD HP DFLGHQWHV H QR GHVDSDUHFLPHQWR GH SHVVRDV2VFmHVGHUHVJDWHGHYHPWHUXPIDURDSXUDGRFRQFHQWUDomRHGLVFLSOLQD 6mRFRQKHFLGRVSHORWUDEDOKRTXHGHVHPSHQKDPDRODGRGRVERPEHLURVDH[HPSOR GDDWXDomRQRHYHQWRGRVDWDTXHVDR:RUOG7UDGH&HQWHUHP1RYD<RUNHPGH VHWHPEURGH

(47)

'HILQLomRGH7HUDSLD$VVLVWLGDSRU$QLPDLV7$$

6HJXQGR 'RWWL QR kPELWR DFDGrPLFR D 7$$ p UHFRQKHFLGD PXQGLDOPHQWH WDQWR TXH RV (VWDGRV 8QLGRV R &DQDGi H SDtVHV GD (XURSD WrP DGRWDGR HVWD PRGDOLGDGH WHUDSrXWLFD QRV ~OWLPRV DQRV 1R QRVVR SDtV DWXDOPHQWH H[LVWH XP Q~PHUR FUHVFHQWH GH SURMHWRV GH 7$$ DVVLP FRPR p FUHVFHQWHRLQWHUHVVHHDEXVFDSRULQIRUPDo}HVDUHVSHLWRGHVWDSUiWLFDWHUDSrXWLFD 3DUD WDQWR DPSOLDPVH DV SHUVSHFWLYDV GH FRQWULEXLomR DFDGrPLFD D UHVSHLWR GD WHPiWLFDEXVFDQGRFRPSUHHQGHURVGLYHUVRVFRQWH[WRVHPTXHD7HUDSLD$VVLVWLGD SRU $QLPDLV SRGH VHU XWLOL]DGD LQFOXLQGR D DSURSULDomR H DGDSWDomR GDV YiULDV GLVFLSOLQDVGHVD~GHRVEHQHItFLRVGD7$$GHQWUHLQ~PHUDVRXWUDVTXHVW}HV

(PIXQomRGDGLYHUVLGDGHGHWHUPLQRORJLDVXWLOL]DGDVQDVGpFDGDVGHD SDUD DV DWLYLGDGHV UHDOL]DGDV FRP DQLPDLV VXUJLX D QHFHVVLGDGH GR HVWDEHOHFLPHQWR GH XPD OLQJXDJHP FRPXP jTXHOHV TXH WUDEDOKDVVHP FRP D LQWHUDomRKRPHPDQLPDO'HDFRUGRFRP'RWWLPXLWRVWHUPRVIRUDPHDLQGD SHUPDQHFHPVHQGRXWLOL]DGRVDRORQJRGDKLVWyULDGD7$$SHWWHUDSLDWHUDSLDFRP DQLPDLV WHUDSLD PHGLDGDIDFLOLWDGD SRU DQLPDLV YLVLWDV FRP DQLPDLV ]RRWHUDSLD FLQRWHUDSLDQRFDVRGHFmHV1RHQWDQWRJUDQGHSDUWHGHVWDWHUPLQRORJLDOHYRXj FRPSUHHQVmRHUU{QHDGRVREMHWLYRVGRWUDEDOKRSURSRVWR3HWWHUDSLDSRUH[HPSOR SRGHOHYDUDRHQWHQGLPHQWRGHTXHpXPDWHUDSLDSDUDDQLPDLVGHHVWLPDomRFRP SUREOHPDV GH FRPSRUWDPHQWR $OpP GLVVR D GHILQLomR JHQHUDOL]D D XWLOL]DomR GH WRGRVRVDQLPDLVGHHVWLPDomRSDUDRWUDEDOKRHDRPHVPRWHPSRH[FOXLDXWLOL]DomR GHDQLPDLVQmRGRPpVWLFRVFRPRFDYDORSRUFRSRUH[HPSOR

3DUD SURFXUDU QRUPDWL]DU H XQLIRUPL]DU D OLQJXDJHP GH WRGRV RV HQYROYLGRV FRP D iUHD GH HVWXGR H SUiWLFD UHODFLRQDGRV j LQWHUDomR KRPHPDQLPDO D'HOWD

6RFLHW\ XP RUJDQLVPR LQWHUQDFLRQDO VHP ILQV OXFUDWLYRV FULDGR HP FRP R REMHWLYR GH SURPRYHU D VD~GH KXPDQD FRP R DX[tOLR GRV DQLPDLV QD GpFDGD GH GHILQLXDLQWHUDomRGRKRPHPFRPDQLPDLVQDVVHJXLQWHVEDVHV

$WLYLGDGH $VVLVWLGD SRU $QLPDLV $$$ FRQVLVWH QD DWLYLGDGH TXH

(48)

RV OHYDP SDUD YLVLWDU SHVVRDV LQVWLWXFLRQDOL]DGDV FRPR LGRVRV HP DVLORV SRU H[HPSOR

7HUDSLD $VVLVWLGD SRU $QLPDLV 7$$ 6HJXQGR 'RWWL D 7$$

FDUDFWHUL]DVHSRUXPDLQWHUYHQomRFRPREMHWLYRVFODURVHPTXHXPDQLPDOTXHWHP FDUDFWHUtVWLFDV HVSHFtILFDV SDUD HVWD IXQomR WRUQDVH SDUWH LQWHJUDQWH GR SURFHVVR GR WUDWDPHQWR e GHVHQYROYLGD SDUD SURILVVLRQDLV GD iUHD GD VD~GH H HGXFDomR $ 7$$ p SURMHWDGD SDUD SURPRYHU D PHOKRULD QR IXQFLRQDPHQWR ItVLFR VRFLDO HPRFLRQDOHRXGDVIXQo}HVFRJQLWLYDVKXPDQDV

2 SURILVVLRQDO TXH VH XWLOL]D GD 7$$ UHFRUUH DR DQLPDO FRPR HVWUDWpJLD WHUDSrXWLFDDX[LOLDUGHQWURGDDWXDomRQDVXDHVSHFLDOLGDGH6HQGRDVVLPGHDFRUGR FRP 'RWWL QD 7$$ R DQLPDO SRGH VHU FRQVLGHUDGR R HOR HQWUH R WUDWDPHQWR SURSRVWR H R SDFLHQWH 1R FDVR GR FRQWH[WR GR DWHQGLPHQWR SVLFROyJLFR R DQLPDO HQWUDFRPRXPUHFXUVRDX[LOLDURULHQWDGRSDUDDPHWDWHUDSrXWLFD

6HJXQGR $OWKDXVHQ DV SHVTXLVDV IHLWDV QHVWD iUHD WrP EXVFDGR UHIRUoDUFRPSURYDU D HILFiFLD GDV LQWHUYHQo}HV DVVLVWLGDV SRU DQLPDLV DWULEXLQGR YDORUWHUDSrXWLFRDRDQLPDOHPVLGHL[DQGRSRXFRFODUDDLQIOXrQFLDGRIDWRUKXPDQR QDFRQGXomRGDWHUDSLDRTXHDFDUUHWDGLVWRUo}HVGRVSDSpLVGHVHPSHQKDGRVSRU FDGD XP GRV LQWHJUDQWHV GD FHQD WHUDSrXWLFD e FRPXP D LQWHUSUHWDomR GH TXH R DQLPDOpRDJHQWHGDLQWHUYHQomRHQmRXPPHGLDGRUIDFLOLWDGRUPRWLYDGRUSDUDD UHDOL]DomR GRV REMHWLYRV SUHYLDPHQWH HVWDEHOHFLGRV SHOR SURILVVLRQDO TXH FRQGX] D WHUDSLD

(49)

'HVWD IRUPD GH DFRUGR FRP 6DQWRV p SUHFLVR FRQVLGHUDU TXH HP QHQKXP PRPHQWR D 7$$ VXEVWLWXL DV DWXDo}HV GRV SURILVVLRQDLV GDV GHPDLV PRGDOLGDGHV WHUDSrXWLFDV SVLFyORJRV ILVLRWHUDSHXWDV WHUDSHXWDV RFXSDFLRQDLV PpGLFRVHQIHUPHLURVHQWUHRXWURVPDVVLPDVFRPSOHPHQWDP

3DQRUDPDEUDVLOHLURGD7HUDSLD$VVLVWLGDSRU$QLPDLV

7RUQDVH LPSUHVFLQGtYHO GHVWDFDU R WUDEDOKR GD 'U 1LVH GD 6LOYHLUD QR +RVSLWDO'RP3HGUR,,HP(QJHQKRGH'HQWUR5-FRPSDFLHQWHVHVTXL]RIUrQLFRV QD GpFDGD GH 3LRQHLUD QD 7$$ QR %UDVLO 1LVH GD 6LOYHLUD WHYH PXLWDV GLILFXOGDGHV GH PDQWHU VHX WUDEDOKR FRP DQLPDLV QDTXHOH FHQWUR SRLV PHVPR RV SURILVVLRQDLV QmR HVWDYDP SUHSDUDGRV SDUD XPD LQWHUYHQomR WmR LQRYDGRUD 'H TXDOTXHU IRUPD 1LVH GD 6LOYHLUD p R PDUFR LQLFLDO GD KLVWyULD EUDVLOHLUD QR WUDEDOKR FRP D LQWHUDomR KRPHPDQLPDO QDV LQVWLWXLo}HV H HOD PHVPD GHVFUHYHX RV EHQHItFLRVGHVWDLQWHUDomR

H[FHOHQWHV FDWDOLVDGRUHV VmR RV FRWHUDSHXWDV QmR KXPDQRV 'HVGH D DGRomR GD SHTXHQD FDGHOD &DUDOkPSLD SRU XP GRHQWH TXH IUHTXHQWDYDXPDGHQRVVDVRILFLQDVYHULILTXHLDVYDQWDJHQVGDSUHVHQoDGH DQLPDLV QR KRVSLWDO SVLTXLiWULFR 6REUHWXGR R FmR UH~QH TXDOLGDGHV TXH R ID]HP PXLWR DSWR D WRUQDUVH XP SRQWR GH UHIHUrQFLD HVWiYHO QR PXQGR H[WHUQR1XQFDSURYRFDIUXVWUDo}HVGiLQFRQGLFLRQDODIHWRVHPQDGDSHGLU HPWURFDWUD]FDORUHDOHJULDDRIULRDPELHQWHKRVSLWDODU2VJDWRVWrPXP PRGRGHDPDUGLIHUHQWH'LVFUHWRVHVTXLYRVWDOYH]VHMDPPXLWRDILQVFRP RV HVTXL]RIUrQLFRV QD VXD PDQHLUD SHFXOLDU GH TXHUHUHP EHP 6,/9(,5$ S

2SDQRUDPDDWXDOGR%UDVLOFRQWDFRPXPFUHVFHQWHQ~PHURGHSURMHWRVTXH WrP FRPR SURSRVWD GLIHUHQFLDO D LQVHUomR GR DQLPDO FRPR IDFLOLWDGRU GR SURFHVVR WHUDSrXWLFR SURSRVWR 1LVWR LQFOXHPVH GLYHUVDV HVSHFLDOLGDGHV H FDPSRV GH DWXDomR QD iUHD GD VD~GH FRPR ILVLRWHUDSLD IRQRDXGLRORJLD WHUDSLD RFXSDFLRQDO HGXFDomRItVLFDHQWUHRXWUDV$VHJXLUFLWDUHPRVDOJXQVSURMHWRVEUDVLOHLURVTXHWHP DSURSRVWDGRWUDEDOKRFRPD7$$FRPREMHWLYRGHVLWXDUROHLWRUGHQWURGRFRQWH[WR EUDVLOHLUR 'HVWD IRUPD QmR WHPRV D SUHWHQVmR GH DSUHVHQWDU WRGRV PHVPR FRQVLGHUDQGR D YDVWD JDPD GH SURMHWRV FRP H[FHOHQWH TXDOLGDGH WpFQLFD H FRP UHVXOWDGRVH[SUHVVLYRV

(50)

SRSXODo}HVHVSHFLDLV FRPR FULDQoDV H DGXOWRV KRVSLWDOL]DGRV FULDQoDV SRUWDGRUDV GH QHFHVVLGDGHV HVSHFLDLV H LGRVRV &RQIRUPH /HDO H 1DWDOLH R SURMHWR WUDEDOKDFRPYiULDVHVSpFLHVGHDQLPDLVFRPRWDUWDUXJDJDWRVFKLQFKLODVFRHOKRV H FmHV WUD]HQGR EHQHItFLRV P~OWLSORV GRV TXDLV VH GHVWDFDP DX[tOLR DRV LGRVRV DVVLVWLGRV D UHOHPEUDU IDWRV GD MXYHQWXGH PRWLYDomR GH SDFLHQWHV SDUD R HQIUHQWDPHQWRGHSURFHGLPHQWRVGHQWURGHWUDWDPHQWRVGHVFRQIRUWiYHLVHGRORURVRV FRP PHQRV UHVLVWrQFLD IDYRUHFLPHQWR GD UHFXSHUDomR ItVLFD HVWLPXODomR GD FULDWLYLGDGHHDWXDomRMXQWRjSUHGLVSRVLomRDRDSUHQGL]DGRGHFULDQoDVFRPDWUDVRV QR GHVHQYROYLPHQWR ItVLFR RX PHQWDO H HVWLPXODomR GH SURFHVVRV PQHP{QLFRV H FRJQLWLYRV

7DPEpP QR WUDEDOKR FRP LGRVRV LQVWLWXFLRQDOL]DGRV HP FDVDV GH UHSRXVR H DEULJRVHP6mR3DXORWHPRVDDWXDomRGR3URMHWR&mRGR,GRVRFRRUGHQDGRSHOD

2UJDQL]DomR %UDVLOHLUD GH ,QWHUDomR +RPHP$QLPDO &mR &RUDomR 2%,+$&& IXQGDGD HP DJRVWR GH H TXH GHVHPSHQKRX DWp R DQR GH GDWD GR HQFHUUDPHQWRGRVWUDEDOKRV$WLYLGDGHV$VVLVWLGDVSRU$QLPDLV7HUDSLDV$VVLVWLGDV SRU$QLPDLVFXUVRVHFRQJUHVVRVQDiUHDGHLQWHUDomRKRPHPDQLPDO2VWUDEDOKRV HUDPHVWHQGLGRVDKRVSLWDLVHDVLORVGHQWUHRVTXDLVVHGHVWDFDPRDWHQGLPHQWRD DGXOWRVHFULDQoDVFDUGLRSDWDVHPVXDVQHFHVVLGDGHVHPRFLRQDLVFRJQLWLYDVItVLFDV H VRFLDLV $ 7HUDSLD $VVLVWLGD SRU $QLPDLV 7$$ HUD DSOLFDGD HP WUDWDPHQWRV YDULDGRV H IXQFLRQDYD FRPR XP HVWtPXOR SDUD RV WUDWDPHQWRV GH ILVLRWHUDSLD H SVLFRORJLDSURSRVWRVSHORVSURILVVLRQDLVYROXQWiULRVGRSURMHWRSURPRYHQGRREHP HVWDU SUHYHQomR GH TXDGURV FU{QLFRV GH VD~GH H PHVPR D UHDELOLWDomR GH SDFLHQWHV 0XLWRV GRV LQWHJUDQWHV GD 21* EHP FRPR VHXV YROXQWiULRV H FmHV WHUDSHXWDVPLJUDUDPSDUDD21*,1$7$$,QVWLWXWR1DFLRQDOGH$o}HVH7HUDSLDV $VVLVWLGDV SRU $QLPDLV FRQVWLWXtGD FRP REMHWLYRV VHPHOKDQWHV DOpP GR WUHLQDPHQWRHHQWUHJDGHFmHVGHVHUYLoRHDVVLVWrQFLD

(51)

DFHLWR SRU FULDQoDV FRP VtQGURPH GH 'RZQ DXWLVWDV SDUDOLVDGRV FHUHEUDLV KLSHUDWLYRVHQWUHRXWURV

%HQHItFLRVRULXQGRVGDLQVHUomRGHDQLPDLVHPFRQWH[WRVWHUDSrXWLFRV

6DQWRV GHVWDFD TXH HQWUH DV LQ~PHUDV YDQWDJHQV GD LQVHUomR GH DQLPDLV HP FRQWH[WRV WHUDSrXWLFRV HVWi R IDWR GH R DQLPDO DWXDU FRPR DJHQWH IDFLOLWDGRU GDV PRGDOLGDGHV WHUDSrXWLFDV WUDGLFLRQDLV R TXH SRGH DFHOHUDU D UHFXSHUDomRGRVSDFLHQWHVFRPUHVXOWDGRVVDWLVIDWyULRV+iWDPEpPXPEHQHItFLR SVLFRVVRFLDOTXHLQFOXLDUHODomRGLUHWDFRPRDQLPDOFRPRVPHPEURVGDHTXLSH WHUDSrXWLFD QR FDVR GH HTXLSHV PXOWLSURILVVLRQDLV H HQWUH PHPEURV GR FtUFXOR VRFLDOHPTXHRSDFLHQWHHVWiLQVHULGRPRWLYDomRSDUDRGHVHPSHQKRGHDWLYLGDGHV RFXSDFLRQDLVUHFUHDWLYDVHGHDXWRFXLGDGRHQWUHRXWUDV

%XVWDGUHIHUHTXHWHPVLGRPRVWUDGRVEHQHItFLRVQRkPELWRGDVD~GH GDVFULDQoDVTXHLQWHUDJHPFRPDQLPDLVFXLGDGRVDPHQWHVHOHFLRQDGRV

'H DFRUGR FRP 'HODULVVD R DQLPDO GH HVWLPDomR SRGH DX[LOLDU QR GHVHQYROYLPHQWR SVtTXLFR LQIDQWLO XPD YH] TXH GHVHPSHQKD DOJXPDV GDVIXQo}HV GHXPREMHWRWUDQVLFLRQDOSHUPLWLQGRjFULDQoDHODERUDUDVIUXVWUDo}HVHDQVLHGDGH GHFRUUHQWHV GD DPHDoD GH VHSDUDomR GD ILJXUD PDWHUQD DVVLP FRPR RXWURV FRQIOLWRVDGYLQGRVGDUHODomRFRPDVILJXUDVSDUHQWDLV

(52)

'R SRQWR GH YLVWD GRV EHQHItFLRV SDUD R WHUDSHXWD /HYLQVRQ DLQGD FRQVLGHUDTXHDLQWURGXomRGHDQLPDLVGHHVWLPDomRQRFRQWH[WRWHUDSrXWLFRIDFLOLWD DWDUHIDGHREVHUYDomRGRWHUDSHXWDHPUHODomRDRFRPSRUWDPHQWRGDFULDQoD'H DFRUGR FRP 'RWWL D SUHVHQoD GH DQLPDLV HP WHUDSLD IDFLOLWD R HVWDEHOHFLPHQWRGHFRQILDQoDHQWUHWHUDSHXWDHSDFLHQWH6HJXQGR'HODULVVD SRU PHLR GD FRPSUHHQVmR GHSUHHQGLGD GR EULQFDU FRP R DQLPDO R WHUDSHXWD FRQVHJXHIRUWDOHFHUVXDUHODomRFRPDFULDQoD

2SHUILOGRVDQLPDLVVXDVHOHomRHVXDDSOLFDomR

9iULDVHVSpFLHVGHDQLPDLVVmRXWLOL]DGDVQDV$$$7$$EHPFRPRQD($$ (GXFDomR$VVLVWLGDSRU$QLPDLV'HDFRUGRFRP'RWWLVmRXWLOL]DGRVFmHV JDWRVFDYDORVDQLPDLVGHID]HQGDPDPtIHURVHPJHUDOWDLVFRPRFRHOKRVIXU}HV KDPVWHUVSRUTXLQKRVGDtQGLDOKDPDVSiVVDURVSHL[HVWDUWDUXJDVRXWURVUpSWHLV H WDPEpPPROXVFRVFRPRRHVFDUJRW $ HVFROKD GD HVSpFLH H GD UDoD Mi GHILQHP JUDQGH SDUWH GR SHUILO GH DWXDomR GHXPDQLPDO WHQGrQFLDV HPIXQomRGRV VHXV WUDoRVHDWULEXWRV/DQW]PDQDFUHVFHQWDTXHDVFDUDFWHUtVWLFDVGHFDGDUDoD UHSUHVHQWDP SDGU}HV HVSHUDGRV PDV TXH QmR H[FOXL D SRVVLELOLGDGH GH KDYHU GHVYLRVQHVWHVSDGU}HV3RUWDQWRpQHFHVViULDXPDVHOHomRHDYDOLDomRPLQXFLRVD GRV FULWpULRV Mi GHVFULWRV DQWHULRUPHQWH TXDQWR DR SHUILO H VD~GH GR DQLPDO SRU XP SURILVVLRQDOHVSHFLDOL]DGR

&DYDORVVmRXWLOL]DGRVHP7$$PRGDOLGDGHFRQKHFLGDFRPRHTXRWHUDSLD'H DFRUGRFRP'RWWLSRUPHLRGRVPRYLPHQWRVGLQkPLFRVHUtWPLFRVSUySULRVGR DQLPDOPXLWRVP~VFXORVGRFRUSRGRSDFLHQWHDVVLVWLGRQDWHUDSLDVmRHVWLPXODGRV PHOKRUDQGRRHTXLOtEULRHDFRRUGHQDomRPRWRUDyWLPDIHUUDPHQWDSDUDRWUDEDOKR GRVILVLRWHUDSHXWDVTXHYLVDPHVWDPHWDWHUDSrXWLFDSRUH[HPSOR$VVLPRFDYDOR DWXDUiGHIRUPDDYLDELOL]DUSRWHQFLDOL]DUDREWHQomRGRVUHVXOWDGRVHVSHUDGRVSHOR SURILVVLRQDOHPUHODomRDRVHXSDFLHQWH

(53)

8PDREVHUYDomRLPSRUWDQWHHVWiUHODFLRQDGDDRORFDORQGHVHUiUHDOL]DGDD WHUDSLD e HVVHQFLDO DYDOLDU VH R OXJDU RQGH VHUi GHVHQYROYLGD D DWLYLGDGH RX D WHUDSLDFRPSRUWDDSUHVHQoDGRDQLPDO0XLWDVYH]HVRSHUILOGRDQLPDOpLQGLFDGR SDUDRWUDEDOKRPDVQmRFRQGL]DRVHWWLQJWHUDSrXWLFR$VVLPpRFDVRGHFDYDORV TXH QHFHVVLWDP GH XP DPELHQWH HVSHFtILFR RX PHVPR FDFKRUURV GH JUDQGH SRUWH HPSUpGLRVFRPHUFLDLVTXHQmRVmRDGPLWLGRV

$WpRSUHVHQWHPRPHQWRIRLDSUHVHQWDGRRSDQRUDPDGDVLQWHUYHQo}HVFRP FULDQoDV H R SDQRUDPD GH LQWHUYHQo}HV XWLOL]DQGRVH DQLPDLV FRPR UHFXUVR WHUDSrXWLFR$UHYLVmRGHOLWHUDWXUDDSUHVHQWDGDDWpDJRUDYLVDSRVVLELOLWDUDROHLWRU XPDFRPSUHHQVmRPDLVDEUDQJHQWHGDWHPiWLFDSURSRVWD

(54)

3$57(

(55)

&$3Ë78/22%-(7,92

(56)

&$3Ë78/2±0e72'2

±$SHVTXLVD

3DUD FRPSUHHQGHU DV LPSOLFDo}HV GD LQVHUomR GH XP FmR FRWHUDSHXWD QR SURFHVVR SVLFRGLDJQyVWLFR GH FULDQoDV HQOXWDGDV UHDOL]DPRV XPD SHVTXLVD GH QDWXUH]DTXDOLWDWLYDHLQWHUSUHWDWLYDWHQGRFRPRUHFXUVRRHVWXGRGHFDVR

2PpWRGRTXDOLWDWLYRIRLRHVFROKLGRHPYLUWXGHGHSHUPLWLUXPDFRPSUHHQVmR HPSURIXQGLGDGHGRIHQ{PHQRTXHVHGHVHMDSHVTXLVDUFRQIRUPH'HQ]LQH/LQFROQ 3DUD 0LQD\R R PpWRGR TXDOLWDWLYR p R TXH VH DSOLFD DR HVWXGR GD KLVWyULD GDV UHODo}HV GDV UHSUHVHQWDo}HV GDV FUHQoDV RSLQL}HV H SHUFHSo}HV EHP FRPR GRV SURGXWRV GDV LQWHUSUHWDo}HV TXH RV KXPDQRV ID]HP D UHVSHLWR GH FRPRYLYHPVHQWHPHSHQVDP

'HDFRUGRFRP.XEOLNRZVNLS

RHVWXGRGHFDVRpDVVLPFRPRDHQWUHYLVWDXPGRVPpWRGRVPDLVDQWLJRV HPDLVXWLOL]DGRQDVFLrQFLDVKXPDQDVWDQWRQDSUiWLFDTXDQWRQDSHVTXLVD FOtQLFDDSUHVHQWDGRGHIRUPDDDOFDQoDUDOyJLFDGHXPDKLVWyULDGHYLGD VLQJXODUTXHVHFRQVWLWXLHPVLWXDo}HVFRPSOH[DVHQHFHVVLWDGHOHLWXUDHP GLIHUHQWHVQtYHLV

6HQGRDVVLPRHVWXGRGHFDVRpRSURFHVVRGHDSUHQGHUVREUHRFDVRDVHU LQYHVWLJDGR H FRPR QmR p SRVVtYHO FRPSUHHQGHU XP FDVR HP WRGD D VXD FRPSOH[LGDGH FDEH DR SHVTXLVDGRU FRPSUHHQGHU D VLQJXODULGDGH GR PHVPR LQVHULGR HP XP FRQWH[WR SUySULR TXH LQIOXHQFLD H GR TXDO UHFHEH LQIOXrQFLD GR DPELHQWHPDLVDPSORFRQIRUPHDILUPD6WDNH

'HVWD IRUPD GH DFRUGR FRP 7XUDWR R HVWXGR GH FDVR SRVVLELOLWD D FRPSUHHQVmR H FRUUHODomR GH TXHVW}HV SHVVRDLV VRFLDLV SROtWLFDV H KLVWyULFDV DPSOLDQGRDVSRVVLELOLGDGHVGHDQiOLVHVGHVVDVTXHVW}HVOHYDQGRHPFRQVLGHUDomR DVXDFRPSOH[LGDGH2SHVTXLVDGRUDVVXPHXPDSRVWXUDGHUHVSHLWRjFRQWULEXLomR GH RXWURV DXWRUHV HQWUHODoDQGR RV UHVXOWDGRV GH RXWUDV SHVTXLVDV H IDWRV GH PDQHLUDGLDOpWLFDDSDUWLUGDVXDUHOHYkQFLD2OHYDQWDPHQWRELEOLRJUiILFRDFHUFDGR WHPDVHUYHFRPRHPEDVDPHQWRSDUDXPGLiORJRFUtWLFRQDGLVFXVVmRGRVUHVXOWDGRV DOFDQoDGRV

(57)

±2SDSHOGRSHVTXLVDGRU

2 SHVTXLVDGRUHP SHVTXLVD TXDOLWDWLYD GHYH VHU FRPSUHHQGLGR FRPR SDUWH LQWHJUDQWH GR SURFHVVR XPD YH] TXH VXDV REVHUYDo}HV LPSUHVV}HV VHQWLPHQWRV HYRFDGRV DR ORQJR GD H[HFXomR GR HVWXGR VmR IRQWH LPSRUWDQWH GH GDGRV GH SHVTXLVD $VVLP SDUD *XED H /LQFROQ QR SURFHVVR GH SHVTXLVD RV GDGRV VmR SURGX]LGRV WDQWR SHOR SDUWLFLSDQWH GD SHVTXLVD FRPR SHOR SHVTXLVDGRU 2 SHVTXLVDGRUQmRREMHWLYDDLPSDUFLDOLGDGHHQHXWUDOLGDGHDEVROXWDVYLVWRTXHVXDV FRQWULEXLo}HVSRGHPSURYLUMXVWDPHQWHGDVXDSDUWLFLSDomRQRSURFHVVRLQYHVWLJDWLYR GRHVWXGR

±&DUDFWHUL]DomRGDLQVWLWXLomRRQGHDSHVTXLVDIRLGHVHQYROYLGD

$ SHVTXLVD IRL UHDOL]DGD QR (VWDo}HV ,QVWLWXWR GH 3VLFRORJLD VLWXDGR QD FLGDGHGH6mR3DXOR

2(VWDo}HVIRLIXQGDGRHPHpIRUPDGRSRUXPJUXSRGHSURILVVLRQDLV GH3VLFRORJLDTXHWUDEDOKDFRPDSURSRVWDGHDWXDomRHPVHUYLoRVHVSHFLDOL]DGRV HP SHUGDV H OXWR &RQWD WDPEpP FRP XPD FOtQLFD HVFROD SDUD DWHQGLPHQWRV D HQOXWDGRVFRPSRXFRVUHFXUVRVILQDQFHLURV

±3URFHGLPHQWRVSDUDFROHWDGHGDGRV

±3DUWLFLSDQWH

2SDUWLFLSDQWHGHVWDSHVTXLVDIRL0LJXHODFRPSDQKDGRGHVXDPmH3DWUtFLD 0LJXHO WHP DQRV H SHUGHX R SDL (OLDV SRU FkQFHU 2 WHPSR GHFRUULGR DSyV D PRUWH HUD GH XP DQR 0LJXHO WHP XP LUPmR 3HGUR GH DQRV 0LJXHO HVWi QD  VpULHGRHQVLQRIXQGDPHQWDO

7RGRVRVQRPHVFLWDGRVDRORQJRGHVWDSHVTXLVDVmRILFWtFLRVSDUDSURWHJHU DLGHQWLGDGHGRSDUWLFLSDQWHHGRVGHPDLVHQYROYLGRV

(58)

±(QFRQWUDQGRRSDUWLFLSDQWHHFROHWDQGRRPDWHULDOGHSHVTXLVD

'HILQLGR R ORFDO SDUDD UHDOL]DomR GD SHVTXLVD HQWUDPRVHP FRQWDWR FRPD GLUHWRUDFLHQWtILFDGR(VWDo}HV,QVWLWXWRGH3VLFRORJLDSDUDDSUHVHQWDURSURMHWRGH SHVTXLVD 1HVWH HQFRQWUR IRUDP H[SOLFDGRV RV SURFHGLPHQWRV GD SHVTXLVD LQIRUPDQGR RV FXLGDGRV TXH VHULDP WRPDGRV SDUD SUHVHUYDomR GR DPELHQWHItVLFR YLVWR TXH RV DWHQGLPHQWRV FRQWDULDP FRP D SUHVHQoD GR FmR WHUDSHXWD $ GLUHWRUD PRVWURXVHVROtFLWDHGLVVHVHUSRVVtYHOHQFDPLQKDUSDFLHQWHVGDFOtQLFDHVFRODTXH SUHHQFKHVVHP RV FULWpULRV GH LQFOXVmR SDUD D SHVTXLVD SDUD SDUWLFLSDUHP GR SURFHVVRSVLFRGLDJQyVWLFRFRPRHQIRTXHGD7HUDSLD$VVLVWLGDSRU$QLPDLV(PERUD KRXYHVVH OLVWD GH HVSHUD GH FULDQoDV TXH SUHHQFKHVVHP DOJXQV GRV FULWpULRV GH LQFOXVmR JRVWDU GH DQLPDLV WHU SHUGLGR XP RX DPERV RV JHQLWRUHV SRU HYHQWR GH PRUWH QHQKXPD GDV FULDQoDV DWHQGLD j IDL[D HWiULD H[LJLGD HP LGDGH HVFRODU H DOIDEHWL]DGDV

'HILQLXVH TXH R SDUWLFLSDQWH VHULD XPD FULDQoD HP LGDGH HVFRODU XPD YH] TXHFRUUHVSRQGHjIDL[DHWiULDHPTXHDFDSDFLGDGHFRJQLWLYDSHUPLWHFRPSUHHQGHU DLUUHYHUVLELOLGDGHGDPRUWHGHDFRUGRFRP7RUUHV

(P IXQomR GD GLILFXOGDGH HP HQFRQWUDU XP SDUWLFLSDQWH TXH SUHHQFKHVVH WRGRV RV FULWpULRV RSWDPRV SRU DPSOLDU D EXVFD SHOR PHFDQLVPR GH LQGLFDomR LQWHUSHVVRDO 6&+5$,%(5 LQIRUPDQGR VREUH D SHVTXLVD DRV SURILVVLRQDLV SVLFyORJRV FRP TXHP D SHVTXLVDGRUD WLQKD FRQWDWR VROLFLWDQGR TXH LQGLFDVVHP SDUWLFLSDQWHV FRP R SHUILO PHQFLRQDGR (VWH FRQWDWR IRL IHLWR SHVVRDOPHQWH H SRU PHLRHOHWU{QLFR

(59)

FmR FRWHUDSHXWD SDUD VDEHU VH KDYHULD DOJXPD UHVWULomR SRU SDUWH GD PmH H GD FULDQoD 1HVWH SULPHLUR PRPHQWR WDPEpP IRUDP LQWURGX]LGDV DV SULPHLUDV LQIRUPDo}HVDFHUFDGRVLJLORHFRQILGHQFLDOLGDGHGDVLGHQWLGDGHVHLQIRUPDo}HVGRV SDUWLFLSDQWHV

1HVWH PHVPR WHOHIRQHPD IRUDP GHILQLGRV KRUiULR H ORFDO SDUD DQDPQHVH D TXDODPmHGDFULDQoDSDUWLFLSDQWHFRPSDUHFHXVHPDSUHVHQoDGRILOKR

3DWUtFLD PRVWURXVH PXLWR GLVSRQtYHO FRUGLDO H EHP KXPRUDGD GHVGH R SULPHLURFRQWDWR1mRRIHUHFHXUHVLVWrQFLDSDUDDPDUFDomRGRSULPHLURHQFRQWURH QRVGHPDLVDWHQGLPHQWRVIRLSRQWXDOOLJDQGRDOJXQVPLQXWRVDQWHVTXDQGRSHUFHELD TXH LULD VH DWUDVDU 2V GRLV ILOKRV HVWDYDP GH IpULDV FRP YLDJHP PDUFDGD SDUD D SUDLDQDVHPDQDGRVDWHQGLPHQWRVHSDUDTXHSXGHVVHFRPSDUHFHUDRVHQFRQWURV 3DWUtFLDDGLRXDYLDJHP)RUDPGXDVVHPDQDVGHGHVHQYROYLPHQWRGDSDUWHSUiWLFD GD SHVTXLVD FRPSUHHQGHQGR HQWUHYLVWD GH DQDPQHVH HQWUHYLVWDV O~GLFDV FRP D FULDQoD H HQWUHYLVWD GHYROXWLYD SDUD D PmH ,QLFLDOPHQWH IRUDP SURJUDPDGRV FLQFR HQFRQWURV PDV IRL QHFHVViULR HVWHQGHU SDUD VHLV Mi TXH R SURFHVVR GRV DWHQGLPHQWRVFRPDFULDQoDQmRSRGHVHUHQFHUUDGRQRWHUFHLURHQFRQWURXPDYH] TXHDFULDQoDQmRHVWDYDSUHSDUDGDSDUDRWpUPLQR$VVLPIRLDFUHVFLGDPDLVXPD VHVVmRWRWDOL]DQGRVHLVHQFRQWURV

e LPSRUWDQWH UHVVDOWDU TXH QR SULPHLUR HQFRQWUR FRP D PmH GD FULDQoD SDUWLFLSDQWHIRLHQWUHJXHR7HUPRGH&RQVHQWLPHQWR/LYUHH(VFODUHFLGR$QH[R,, (OH IRL OLGR FRQMXQWDPHQWH VHQGR DVVHJXUDGR R FRPSURPLVVR GH VLJLOR GH VXD LGHQWLGDGH

±$UHVSHLWRGRDQLPDOVHOHFLRQDGRSDUDHVWDSHVTXLVD

2 DQLPDO HVFROKLGR SDUD HVWD SHVTXLVDIRLXP FmRIrPHD GD UDoD*ROGHQ

5HWULHYHUTXHDWHQGH SRU%DO~ H SUHHQFKH RV FULWpULRV GHVFULWRV SRU 'RWWL

UHODFLRQDGRVjVD~GHHFRPSRUWDPHQWRGRDQLPDOGHQWUHRVTXDLVVHGHVWDFDP

(60)

x 6D~GH SHUIHLWD R DQLPDO HVWHYH HP GLD FRP WRGDV DV YDFLQDo}HV H H[DPHV H[LJLGRV SHOR PpGLFR YHWHULQiULR UHVSRQViYHO SHOR DQLPDO 7HYH GXDV FRQVXOWDVFRPRPHVPRDILPGHHVWDEHOHFHUXPPRQLWRUDPHQWRGRVHXHVWDGRGH VD~GHGXUDQWHWRGRRSHUtRGRGDSHVTXLVDJDUDQWLQGRTXHRDQLPDOHVWLYHVVHOLYUH GH ]RRQRVHV FRPSURPHWHQGR VXD VD~GH H GRV KXPDQRV HQYROYLGRV (VWDV FRQVXOWDVDFRQWHFHUDPDQWHVGHLQLFLDUDSHVTXLVDHQRWpUPLQRGDPHVPD

± 2 SURFHVVR GH VHOHomR H SUHSDUDomR GR FmR FRWHUDSHXWD GHVWD SHVTXLVD

&RQVLGHUDPRVVHUUHOHYDQWHLQIRUPDUTXHRUHODWRTXHVHJXLUiVHUiHVFULWRQD SULPHLUD SHVVRD GR VLQJXODU SRU WUDWDUVH GH H[SHULrQFLD HP kPELWR LQGLYLGXDO GD SHVTXLVDGRUD

(61)

VH HVTXLYD DR FRQWDWR FRP HVWUDQKRV 2 PHVPR SHUtRGR GH FRQYDOHVFHQoD LQYLDELOL]RX D HWDSD GH VRFLDOL]DomR D TXH HOD GHYHULD VHU VXEPHWLGD SHOR IDWR GH QmR SRGHU VDLU GH FDVD 'HVWD IRUPD SHQVDQGR QD PHOKRU PDQHLUD GH YLDELOL]DU D SHVTXLVD PLQKDDWHQomR YROWRXVH SDUD D SRVVLELOLGDGHGH TXH RDQLPDO WHUDSHXWD IRVVHHQWmRXPFmR

'XUDQWHDVVHVV}HVGHWHUDSLDDVVLVWLGDQR,'3&DFRPSDQKHLRWUDEDOKRGD SVLFyORJDTXHWDPEpPHUDGLUHWRUDGDiUHDGHFRPSRUWDPHQWRFDQLQRGD21*TXH RULHQWRXPHDFHUFD GRV DWULEXWRVQHFHVViULRV SDUD D HOHLomR GHXP FmR WHUDSHXWD &ULWpULRV GH SHUILO GR DQLPDO GHVFULWRV SRU 'RWWL IRUDP OHYDGRV HP FRQVLGHUDomR DVSHFWRV HPRFLRQDLV H FRPSRUWDPHQWDLV GR DQLPDO FRPR WHPSHUDPHQWRVHSUHYLVtYHOFRQWUROiYHOGLJQRGHFRQILDQoDVRFLDOL]DomROHYDQGR HPFRQWDDHVSRQWDQHLGDGHGRDQLPDOIUHQWHDGLYHUVDVVLWXDo}HVHGHPRQVWUDomR GHQmRLUULWDELOLGDGHDRVHULQVLVWHQWHPHQWHDIDJDGRHPDQLSXODGRQDFDEHoDFRUSR HFDXGD

1R HQWDQWR DV SURYHLWRVDV FRQWULEXLo}HV GD SVLFyORJD PH OHYDUDP D FRPSUHHQGHUDQHFHVVLGDGHGHTXHSDUDRWUDEDOKRFRPDQLPDLVDHPSDWLDHQWUH WHUDSHXWD H DQLPDO GHYHULD VHU PXLWR LQWHQVD $LQGD PDLV D FRPSUHHQVmR GDV FDUDFWHUtVWLFDV GD SHUVRQDOLGDGH GR FmR YLULD PXLWR GD FRQYLYrQFLD FRP HOH IDFLOLWDQGR D DQWHFLSDomR GH VXDV UHDo}HV 3RU HVWH PRWLYR HQWHQGL TXH VHULD LPSRUWDQWH WHU D SRVVH GH XP FmR H SDUD LVWR EXVTXHL XP TXH FRQYLYHVVH KDUPRQLRVDPHQWHFRPDHVWUXWXUDGHPLQKDFDVDXPDSDUWDPHQWRGHSRUWHPpGLRH GRLVJDWRVUHVLGHQWHVGHQWUHHOHV%ULJLWK

e LPSRUWDQWH UHVVDOWDU TXH D HQWUDGD GH XP QRYR DQLPDO GH HVWLPDomR HP XPD FDVD GH IDPtOLD PHVPR TXH R SURSyVLWR TXH PRWLYH D VXD LQVHUomR VHMD SURILVVLRQDO LQWHUIHUH QD URWLQD IDPLOLDU (P IXQomR GLVWR D HVFROKD GR FmR SDVVRX WDPEpP SRU XP FULWpULR GH HPSDWLD GD IDPtOLD D UDoD SHOD TXDO VH WLQKD PDLV VLPSDWLD QRPH TXH JRVWDULDP TXH WLYHVVH DWp FKHJDU DRV DFRUGRV HP UHODomR DR WDPDQKRGRDQLPDOHPIXQomRGRHVSDoRHUHVSRQVDELOLGDGHVFRPRDQLPDO

(62)

,GRVRQHVWHFDVRFULDQoDVHDGXOWRV'DGDDJUDQGHHPSDWLDTXHWLYHFRPRVFmHV GHVWD UDoD H WDPEpP j JUDQGH DFHLWDomR GD LGpLD GH PLQKD IDPtOLD HP WHU XP *ROGHQFRPHFHLDSURFXUDSRUFDQLVLG{QHRVSDUDSRGHUYHULILFDUDSURFHGrQFLDGR DQLPDOGLPLQXLQGRDVSRVVLELOLGDGHVGHDGTXLULUXPDQLPDOFRPGRHQoDVJHQpWLFDV 7HQGRHQFRQWUDGRXPFDQLOFRPyWLPDVUHIHUrQFLDVIL]FRQWDWRHDJHQGHLXPDYLVLWD SDUD FRQKHFrOR 6HJXQGR /RWXIR H &DPDFKR p LPSRUWDQWH FRQIHULU SHVVRDOPHQWH FRPRRV JHQLWRUHVGRV FmHVVH FRPSRUWDP H FRPSURYDU VXD VD~GH DXVrQFLD GH GLVSODVLD VDUQD GHPRGpFLFD FDVRV GH FkQFHU HWF +DYLD XPD QLQKDGDGHVHWHFmHVGHWUrVPHVHVGHLGDGH&RQKHFLDJHQLWRUDGDQLQKDGDHIRL PH DSUHVHQWDGD WRGD D GRFXPHQWDomR SDUD DWHVWDU D yWLPD SURFHGrQFLD GRV DQLPDLV$WHVWDGRVHVWHVFULWpULRVFRQKHFLDQLQKDGDDWHQWDDRVVHJXLQWHVFULWpULRV GHVFULWRVSRU$LHOORUHODWLYRVDRSHUILODGHTXDGRGHXPFmRSDUDWUDEDOKDUQD 7$$ R DQLPDO GHYHULD VHU UHFHSWLYR D HVWUDQKRV SHUPLWLU VHU WRFDGR QmR VH LQFRPRGDU FRP D SUHVHQoD GH RXWURV FmHV UHDJLU FRP VHJXUDQoD HP VLWXDo}HV LQHVSHUDGDV VHU FDOPR GyFLO PDQVR H FRQILDQWH $VVLP HVFROKL D %DO~ FmR WHUDSHXWDGHVWDSHVTXLVD

%DO~ SDVVRX SRU XP SURFHVVR GH VRFLDOL]DomR D SDUWLU GR ž PrV GH YLGD 6HJXQGR$LHOOR D VRFLDOL]DomR p RSURFHVVR GHDGDSWDomRGHXP VHU DXP JUXSRVRFLDO/RWXIRH&DPDFKRLQGLFDPTXHDVRFLDOL]DomRpFDUDFWHUL]DGD SHORSURFHVVRGHH[SRVLomRGRDQLPDODXPDVpULHGHVLWXDo}HVGLIHUHQWHVSDUDTXH SRVVD FRQKHFHU H VH DFRVWXPDU ,QLFLDOPHQWH p LPSRUWDQWH SHUPLWLU TXH R FmR LQWHUDMD FRP RXWURV FmHV IRUWDOHFHQGR R VHQVR GH SHUWHQoD D XPD PDWLOKD 'H DFRUGRFRP$LHOORQDPDWLOKDDVVLPFRPRHPXPDIDPtOLDVmRRVHORVHQWUH VHXVPHPEURVTXHVROLGLILFDPDVUHODo}HVHDRUJDQL]DomRGHVVHJUXSRVHGiHP IXQomR GR VWDWXV TXH FDGD FmR HVWDEHOHFH QR JUXSR KDYHQGR DVVLP XPD KLHUDUTXLD 7mR LPSRUWDQWH TXDQWR D VRFLDOL]DomR GR FmR FRP RXWURV FmHV p D H[SRVLomRDGLYHUVRVFRQWH[WRVFRPRSRUH[HPSORSDVVHLRFRPRFmRSRUVKRSSLQJ

FHQWHUVSUDoDV EHP FRPR D DSUR[LPDomR D SHVVRDV GDV PDLV YDULDGDV UDoDV FXOWXUDVIDL[DVHWiULDVHFODVVHVVRFLDLV7DPEpPVHWRUQDLPSUHVFLQGtYHORHVWtPXOR O~GLFRGRFmRSRUPHLRGHEULQFDGHLUDVFRPEROLQKDVHGHHVFRQGHHVFRQGH

(63)

DQLPDOGXUDQWHDVSRVWHULRUHVVHVV}HVGHSVLFRWHUDSLDDTXHVHULDH[SRVWDGXUDQWH RGHVHQYROYLPHQWRGHVWDSHVTXLVD

2XWURSDVVRLPSRUWDQWHGDSUHSDUDomRGHXPFmRSDUDRWUDEDOKRFRP7$$p R WHVWH FRPSRUWDPHQWDO D TXH R FmR p VXEPHWLGR SHOR HVSHFLDOLVWD HP FRPSRUWDPHQWR DQLPDO SDUD TXH VHMDP DYDOLDGDV DV DSWLG}HV GR FmR 'H DFRUGR FRPR&*&7HVW 3URFHGXUHV &DQLQH *RRG&LWL]HQ 3URJUDP ± 86$HR &DQDGLDQ

&DQLQH *RRG &LWL]HQ 7HVW DGDSWDGR SRU $LHOOR SDUD R SDGUmR EUDVLOHLUR GH

UHODomRKRPHPFmRRVSULQFLSDLVFULWpULRVDVHUHPDYDOLDGRVVmR

$SWLG}HV LQDWDV R FmR Mi QDVFH FRP WHQGrQFLD D WHU GHWHUPLQDGRV

FRPSRUWDPHQWRV H FRP WHPSHUDPHQWR DSURSULDGR FRPR SRU H[HPSOR TXDQGR FKDPDGRSRUHVWUDQKRVRFmRUHVSRQGHLQGRHPVXDGLUHomR

$SWLG}HV DGTXLULGDV FDSDFLGDGH GR FmR HP DSUHQGHU D VH FRPSRUWDU GH

IRUPDDGHTXDGDSDUDRWUDEDOKRHP7$$([HPSORDSUHQGL]DGRGRFmRHPIRFDUQD DWLYLGDGHSURSRVWDVHPGHVYLDUVXDDWHQomR

3HUFHSomR DRV HVWtPXORV H[WHUQRV IRUPD FRPR R FmR UHDJH D HVWtPXORV

H[WHUQRVFHUWLILFDQGRQDDYDOLDomRTXHQmRLUiUHDJLUDJUHVVLYDPHQWHRXGHIRUPD LQHVSHUDGDTXDQGRHVWLYHUHP7$$([HPSORRFmRQmRLUiODWLUVHHQFRQWUDURXWUR FmREHPFRPRQmRWHQWDUiIXJLUTXDQGRRXYLUEDUXOKRVGHFRLVDVFDLQGR

1tYHOGHREHGLrQFLDFDSDFLGDGHGHDWHQGHUDRVFRPDQGRVEiVLFRVGRGRQR

SDUDTXHSRVVDDWHQGHUDHOHTXDQGRVROLFLWDGR

'LDQWHGHVWHVFULWpULRV%DO~IRLDYDOLDGDHDSURYDGDSDUDRWUDEDOKRGH7$$ SHODSVLFyORJDHHVSHFLDOLVWDHPFRPSRUWDPHQWRDQLPDOEHPFRPRSHORYHWHULQiULR UHVSRQViYHO SHOR FRQWUROH H PDQXWHQomR GH VXD VD~GH 'HVGH HQWmR %DO~ YHP GHVHQYROYHQGRWUDEDOKRVHPKRVSLWDLVHQDFOtQLFDSVLFROyJLFD

± 2V SURFHGLPHQWRV SDUD FRQVHUYDomR GDV FRQGLo}HV GH KLJLHQH

GRSDFLHQWHHGDVDODGHDWHQGLPHQWRRQGHIRLUHDOL]DGDDSHVTXLVD

Referências

Documentos relacionados

medium without BAP. b) Start of formation of embryogenic calli from internodal segments in the absence of cytokinin. c) Greater formation of embryogenic calli from internodal

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

Como cada aluno do Colégio Shalom pode ser um agente multiplicador do que aprendeu sobre ecologia e suas ações podem ser inspiradoras de outras ações de outras pessoas, natural

O resultado das negociações - escolha do dólar americano como moeda padrão para transações internacionais; indexação da taxa de câmbio entre o dólar e as demais

$WXDOPHQWH REVHUYDVH XPD PXGDQoD QR SDUDGLJPD HP UHODomR DR SURJQyVWLFR GR SDFLHQWH RQFROyJLFR TXH SDVVD D VHU YLVWR FRPR XP SRUWDGRU GH XPD GRHQoD FU{QLFD FRP UHDO SRVVLELOLGDGH GH

Farmyard manure soil contains higher aromatic and carboxyl units, indicating that this type of manure can be effectively used to minimize the residual toxicity of EE2 and

Com a crescente globalização e o consequente aumento da importância das empresas multinacionais, as políticas de marketing tornam-se mais agressivas de modo a mudar as atitudes

niloticus por meio de Ensaio Cometa e Teste de Micronúcleo, além de analisar a qualidade da água por meio de parâmetros físico-químico.. 1.1.2