Atividade antioxidante do extrato etanólico de folhas de azeitona da terra (Syzygium Cumini L.) e seu efeito contra estresse induzido por paracetamol

(1)

81,9(56,'$'()('(5$/'2&($5È &(1752'(&,Ç1&,$6

'(3$57$0(172'(%,248Ë0,&$(%,2/2*,$02/(&8/$5 352*5$0$'(3Ï6*5$'8$d2(0%,248Ë0,&$

&$5,1(181(6'($/0$'$

$7,9,'$'($17,2;,'$17('2(;75$72(7$1Ï/,&2'()2/+$6'($=(,721$'$7(55$ 6\]\JLXPFXPLQL/(6(8()(,72&2175$(675(66(,1'8=,'23253$5$&(7$02/

(2)

&$5,1(181(6'($/0$'$

$7,9,'$'($17,2;,'$17('2(;75$72(7$1Ï/,&2'()2/+$6'($=(,721$'$7(55$ 6\]\JLXPFXPLQL/(6(8()(,72&2175$(675(66(,1'8=,'23253$5$&(7$02/

'LVVHUWDomR DSUHVHQWDGD j &RRUGHQDomR GR 3URJUDPD GH 3yV*UDGXDomR HP %LRTXtPLFD GD 8QLYHUVLGDGH )HGHUDO GR &HDUi FRPR UHTXLVLWR SDUFLDO SDUD REWHQomR GR 7tWXOR GH 0HVWUH HP %LRTXtPLFD

2ULHQWDGRUD 3URI 'UD 'LUFH )HUQDQGHV GH0HOR

&RRULHQWDGRUD 3URI 'UD (ULND )UHLWDV 0RWD

)257$/(=$

(3)

(4)

&$5,1(181(6'($/0$'$

$7,9,'$'($17,2;,'$17('2(;75$72(7$1Ï/,&2'()2/+$6'($=(,721$'$7(55$ 6\]\JLXPFXPLQL/(6(8()(,72&2175$(675(66(,1'8=,'23253$5$&(7$02/

'LVVHUWDomR DSUHVHQWDGD j &RRUGHQDomR GR 3URJUDPD GH 3yV*UDGXDomR HP %LRTXtPLFD GD 8QLYHUVLGDGH )HGHUDO GR &HDUi FRPR UHTXLVLWR SDUFLDO SDUD REWHQomR GR 7tWXOR GH 0HVWUH HP %LRTXtPLFD

',66(57$d2$3529$'$(0BBBBBBBBBB

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

3URID'UD'LUFH)HUQDQGHVGH0HOR2ULHQWDGRUD

8QLYHUVLGDGH)HGHUDOGR&HDUi±8)&

3URID'UD(ULND)UHLWDV0RWD&R2ULHQWDGRUD 8QLYHUVLGDGH)HGHUDOGR&HDUi±8)&

3URID'UD0DULD7HUHVD6DOOHV7UHYLVDQ

'UD1HX]D)HOL[*RPHV

(5)

$RVPHXVSDLV

(6)

$*5$'(&,0(1726

$ 'HXV SRU VXD SUHVHQoD HP PLQKD YLGD VHPSUH JXLDQGR LOXPLQDQGR H DEHQoRDQGRRVPHXVFDPLQKRV

¬PLQKDRULHQWDGRUD3URID'UD'LUFH)HUQDQGHVGH0HORSRUWHUDFUHGLWDGR HP PLP H PH DFROKLGR WmR EHP SRU WRGRV HVVHV DQRV SHOR LQFHQWLYR SDFLrQFLD FDULQKRDWHQomRLQWHUHVVHHGHGLFDomRjRULHQWDomRGHVVHWUDEDOKR

¬ PLQKD FRRULHQWDGRUD 3URID 'UD (ULND )UHLWDV 0RWD SHOR DSRLR DMXGD HQVLQDPHQWRVLQWHUHVVHHDX[tOLRQHVWHWUDEDOKR

¬3URID'UD0DULD7HUHVD6DOOHV7UHYLVDQSHORDSRLRFRQILDQoDHYDORURVDV VXJHVW}HVHSRUWHUIRUQHFLGRRH[WUDWRHWDQyOLFRGHIROKDVGHD]HLWRQDGDWHUUD$OpP GHWHUPHUHFHELGRWmREHPHGLVSRQLELOL]DGRR/DERUDWyULRGH3URGXWRV1DWXUDLVGR 'HSDUWDPHQWRGH4XtPLFD2UJkQLFDH,QRUJkQLFDGD8)&HWDPEpPSRUWHUDFHLWDGR RFRQYLWHSDUDSDUWLFLSDUGHVWDEDQFD

¬ 3URID 'UD $QD &ODXGLD 0DULQKR GD 6LOYD SRU VXD DMXGD HVVHQFLDO DSRLR DWHQomRLQFHQWLYRHDPL]DGH

¬ 3URID 'UD 'LDQD &pOLD 6RXVD 1XQHV 3LQKHLUR SHODV VXJHVW}HV H DMXGD QHVWHWUDEDOKR

¬ 3URID 'UD 0DULD 5DTXHO $OFkQWDUD GH 0LUDQGD SRU VXD FRODERUDomR H GLVSRQLELOL]DomR GR /DERUDWyULR GH )LVLRORJLD GRV )UXWRV GR 'HSDUWDPHQWR GH %LRTXtPLFDH%LRORJLD0ROHFXODUGD8)&

¬ 'UD 1HX]D )HOL[ *RPHV SRU VHU VHPSUH WmR DWHQFLRVD HVWDQGR VHPSUH GLVSRVWD D DMXGDU SRU VXDV YDOLRVDV FRQWULEXLo}HV SRU VXD DPL]DGH H SRU WHU DFHLWDGRRFRQYLWHSDUDSDUWLFLSDUGHVWDEDQFD

(7)

$ WRGRV RV SURIHVVRUHV DOXQRV H IXQFLRQiULRV GR 'HSDUWDPHQWR GH %LRTXtPLFD H %LRORJLD 0ROHFXODU GD 8)& TXH FRQWULEXtUDP GH FHUWD IRUPD SDUD D UHDOL]DomRGHVVHWUDEDOKR

$RVDOXQRVGR/DERUDWyULRGH3URGXWRV1DWXUDLVGR'HSDUWDPHQWRGH4XtPLFD 2UJkQLFDH,QRUJkQLFDHGR/DERUDWyULRGH)LVLRORJLDGRV)UXWRVGR'HSDUWDPHQWRGH %LRTXtPLFDH%LRORJLD0ROHFXODUGD8)&SHODDMXGDDWHQomRHJHQWLOH]D

$RV PHXV DPLJRV GR /DERUDWyULR GH %LRHQHUJpWLFD SHORV FRQKHFLPHQWRV FRPSDUWLOKDGRV FRODERUDomRH DPL]DGH (P HVSHFLDOD WRGRVRV DPLJRV GR JUXSR GD ,PXQRORJLD $OEHUW $QGUHVLDQH %HDWUL] &DPLOD 'DOWRQ 'HERUDK )UDQFLVFD *HyUJLD -RDQQD /tYLD 0LFKHOOH 1D\DUD H 6DPLOO\ SRU WRGR R FDULQKR DPL]DGH FRPSDQKHLULVPRDMXGDIRUoDHSHORVERQVPRPHQWRVSDVVDGRVMXQWRV

¬VPLQKDVDPLJDV%UXQDH-HVVLNDSHORFRPSDQKHLULVPRHDPL]DGHHVWDQGR SUHVHQWHV QRV PRPHQWRV GLItFHLV H SRU DFRPSDQKDUHP WDPEpP DV FRQTXLVWDV H DOHJULDV

$RVPHXVSDLV5DLPXQGRH6LOYDQDSHORDPRULQFRQGLFLRQDOSHODHGXFDomRH SHORDSRLRLQFDQViYHO

¬VPLQKDVTXHULGDVLUPmV&DUROH&DPLODSHORDPRUDPL]DGHFXPSOLFLGDGH DSRLRFRPSUHHQVmRFDULQKRSDFLrQFLDLQFHQWLYRFRQILDQoDHSRUVHPSUHWRUFHUHP SRUPLP

¬WRGDDPLQKDIDPtOLDHDPLJRVSHODWRUFLGDHSRUVHPSUHWHUHPDFUHGLWDGR HPPLP

$R&13TSHORDSRLRILQDQFHLURGXUDQWHWRGRRFXUVR

$WRGRVTXHGHDOJXPDIRUPDFRQWULEXtUDPSDUDDUHDOL]DomRGHVVHWUDEDOKR

(8)

³6HYRFrSRGHVRQKDUYRFrSRGHID]HU´

:DOW'LVQH\

(9)

5(6802

6\]\JLXP FXPLQL p XPD SODQWD RULJLQiULD GD ËQGLD H DGDSWDGD DR %UDVLO

SRSXODUPHQWH FRQKHFLGD FRPR D]HLWRQD GD WHUUD DPHL[D SUHWD MDPEROmR H MDPXQ 1HVWHHVWXGRDVDWLYLGDGHVDQWLR[LGDQWHVHSURWHWRUDVGRH[WUDWRHWDQyOLFR((GH IROKDVGHD]HLWRQDGDWHUUDIRUDPDYDOLDGDVFRQWUDGDQRVLQGX]LGRVSRUSDUDFHWDPRO QR ItJDGR GH FDPXQGRQJRV $ DWLYLGDGH DQWLR[LGDQWH WRWDO IRL GHWHUPLQDGD DWUDYpV GRV PpWRGRV $%76 H '33+ H RV WHRUHV GH YLWDPLQD & SROLIHQRLV H[WUDtYHLV DQWRFLDQLQDV IODYRQRLGHV DPDUHORV H FDURWHQRLGHV IRUDP DYDOLDGRV SRU GLIHUHQWHV PpWRGRV $ WR[LFLGDGH GR (( IRL DYDOLDGD FRP GLIHUHQWHV GRVHV DWp PJ.J DGPLQLVWUDGDVSRUYLDRUDOGXUDQWHRLWRGLDVFRQVHFXWLYRV3RVWHULRUPHQWHGRVHVGR ((HPJ.JGHSHVRIRUDPDGPLQLVWUDGDVSRUJDYDJHGXUDQWHGLDV

FRQVHFXWLYRVDQWHVGRWUDWDPHQWRFRPGRVH~QLFDGHSDUDFHWDPROPJ.JSRU YLD RUDO H R VHX HIHLWR KHSDWRSURWHWRU IRL HVWXGDGR DWUDYpV GR PRQLWRUDPHQWR GH SDUkPHWURV ELRTXtPLFRV 2 H[WUDWR DSUHVHQWRX HOHYDGD DWLYLGDGH DQWLR[LGDQWH QRV HQVDLRVGH$%7607UROR[JGHDPRVWUDH'33+ JGHDPRVWUDJ'33+2VSROLIHQRLVH[WUDtYHLVSUHGRPLQDUDPHQWUHRVILWRTXtPLFRV GHWHUPLQDGRV (P UHODomR j WR[LFLGDGH (( QmR DSUHVHQWRX HIHLWRV Wy[LFRV QDV GRVHV DYDOLDGDV (( PJNJ DSUHVHQWRX HIHLWR KHSDWRSURWHWRU TXH IRL HYLGHQFLDGR SHOD GLPLQXLomR QDV DWLYLGDGHV GH DODQLQD DPLQRWUDQVIHUDVH DVSDUWDWR DPLQRWUDQVIHUDVH H IRVIDWDVH DOFDOLQD QR VRUR GH DQLPDLV WUDWDGRV FRP (( PJNJ H VXEPHWLGRV D LQJHVWmR GH SDUDFHWDPRO JUXSR ((3 HP FRPSDUDomR FRP R JUXSR SDUDFHWDPRO 1R WHFLGR KHSiWLFR KRXYH GLPLQXLomR GH H GRV WHRUHV GH PDORQGLDOGHtGR H HOHYDomR GH H GD DWLYLGDGH GD VXSHUy[LGR GLVPXWDVH QRV JUXSRV((3((3H((3UHVSHFWLYDPHQWHTXDQGRFRPSDUDGRVFRP R JUXSR SDUDFHWDPRO $GHPDLV RV JUXSRV VXOILGULODV QmR SURWHLFRV QR ItJDGR DXPHQWDUDP H QRV JUXSRV ((3 H ((3 TXDQGR FRPSDUDGRVFRPRJUXSRSDUDFHWDPRO2H[WUDWRHWDQyOLFRGHIROKDVGHD]HLWRQDGD WHUUDFRQIHULXKHSDWRSURWHomRFRQWUDHVWUHVVHSRUSDUDFHWDPROSRGHQGRHVVHHIHLWR HVWDUDVVRFLDGRjVXDHOHYDGDDWLYLGDGHDQWLR[LGDQWH

3DODYUDVFKDYH6\]\JLXP FXPLQL MDPEROmR SDUDFHWDPRO ILWRTXtPLFRV DWLYLGDGH

DQWLR[LGDQWHKHSDWRSURWHomR

(10)

$%675$&7

6\]\JLXP FXPLQL LV D SODQW RULJLQDWHG IURP ,QGLD DQG DGDSWHG LQ %UD]LO SRSXODUO\

NQRZQ DV EODFN SOXP MDPERODQ DQG MDPXQ ,Q WKLV VWXG\ WKH DQWLR[LGDQW DQG SURWHFWLYH DFWLYLWLHV RI HWKDQROLF OHDYHV H[WUDFW RI 6\]\JLXP FXPLQL (( ZHUH

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

5HJDUGLQJ WR[LFLW\ (( VKRZHG QR WR[LF HIIHFWV DW WKH GRVHV HYDOXDWHG((

PJNJSUHVHQWHGKHSDWRSURWHFWLYHHIIHFWWKDWZDVHYLGHQFHGE\WKHGHFUHDVHLQWKH DFWLYLWLHV RI DODQLQH DPLQRWUDQVIHUDVH DVSDUWDWH DPLQRWUDQVIHUDVH DQGDONDOLQHSKRVSKDWDVHLQWKHVHUXPRIDQLPDOVWUHDWHGZLWK(( PJNJDQGVXEMHFWHGWRLQJHVWLRQRISDUDFHWDPRO((3JURXSFRPSDUHG ZLWKWKHJURXSSDUDFHWDPRO,QOLYHUWLVVXHWKHUHZDVDGHFUHDVHRI

DQG RI WKH PDORQGLDOGHK\GH OHYHOV DQG HOHYDWLRQ RI DQG RIWKHGLVPXWDVHVXSHUR[LGHDFWLYLW\LQ((3((3DQG((3 JURXSVUHVSHFWLYHO\ZKHQFRPSDUHGZLWKWKHSDUDFHWDPROJURXS)XUWKHUPRUHQRQ SURWHLQVXOIK\GU\OVJURXSVLQWKHOLYHULQFUHDVHGDQGLQ((3DQG ((3JURXSVZKHQFRPSDUHGZLWKWKHSDUDFHWDPROJURXS7KHHWKDQROLFOHDYHV H[WUDFW RI 6\]\JLXP FXPLQL FRQIHUUHG KHSDWRSURWHFWLRQ DJDLQVW VWUHVV E\

SDUDFHWDPROWKLVHIIHFWPD\EHDVVRFLDWHGWRLWVKLJKDQWLR[LGDQWDFWLYLW\

.H\ZRUGV6\]\JLXP FXPLQL MDPERODQ SDUDFHWDPRO SK\WRFKHPLFDOV DQWLR[LGDQW

DFWLYLW\KHSDWRSURWHFWLRQ

(11)

/,67$'(),*85$6

)LJXUD $]HLWRQDGDWHUUD6\]\JLXPFXPLQL

)LJXUD 0HFDQLVPRVGHGHIHVDDQWLR[LGDQWH

)LJXUD 2[LGDomRGRiFLGRDVFyUELFR

)LJXUD (VWUXWXUDTXtPLFDGRWRFRIHUROHWRFRWULHQRO

)LJXUD (VWUXWXUDTXtPLFDGROLFRSHQRHEFDURWHQR

)LJXUD 3ULQFLSDLVFODVVHVGHSROLIHQyLV

)LJXUD (IHLWR GD DGPLQLVWUDomR GH H[WUDWR HWDQyOLFR GH IROKDV GH D]HLWRQD GD WHUUD VREUH D DWLYLGDGH GD DODQLQD DPLQRWUDQVIHUDVH$/7

)LJXUD (IHLWR GD DGPLQLVWUDomR GH H[WUDWR HWDQyOLFR GH IROKDV GH D]HLWRQD GD WHUUD VREUH D DWLYLGDGH GD DVSDUWDWR DPLQRWUDQVIHUDVH$67

)LJXUD (IHLWR GD DGPLQLVWUDomR GH H[WUDWR HWDQyOLFR GH IROKDV GH D]HLWRQDGDWHUUDVREUHDSHUR[LGDomROLStGLFD

)LJXUD (IHLWR GD DGPLQLVWUDomR GH H[WUDWR HWDQyOLFR GH IROKDV GH D]HLWRQDGDWHUUD6\]\JLXPFXPLQLVREUHDPXFRVDJiVWULFD

)LJXUD (IHLWR GD DGPLQLVWUDomR GH H[WUDWR HWDQyOLFR GH IROKDV GH

6\]\JLXPFXPLQLQRVQtYHLVGHDODQLQDDPLQRWUDQVIHUDVH$/7

HPVRURGHFDPXQGRQJRVWUDWDGRVFRPSDUDFHWDPRO

6\]\JLXP FXPLQL QRV QtYHLV GH DVSDUWDWR DPLQRWUDQVIHUDVH

$67HPVRURGHFDPXQGRQJRVWUDWDGRVFRPSDUDFHWDPRO

6\]\JLXP FXPLQL QRV QtYHLV GH IRVIDWDVH DOFDOLQD $/3 HP

VRURGHFDPXQGRQJRVWUDWDGRVFRPSDUDFHWDPRO

6\]\JLXPFXPLQLQRVQtYHLVGHSHUR[LGDomROLStGLFD0'$HP

ItJDGRGHFDPXQGRQJRVWUDWDGRVFRPSDUDFHWDPRO

6\]\JLXPFXPLQLQRVQtYHLVGHJUXSRVVXOILGULODVQmRSURWHLFRV

136+ HP ItJDGR GH FDPXQGRQJRV WUDWDGRV FRP SDUDFHWDPRO

(12)

6\]\JLXP FXPLQL QRV QtYHLV GH VXSHUy[LGR GLVPXWDVH 62'

HPItJDGRGHFDPXQGRQJRVWUDWDGRVFRPSDUDFHWDPRO

)LJXUD (IHLWR GD DGPLQLVWUDomR GH H[WUDWR HWDQyOLFR GH IROKDV GH D]HLWRQD GD WHUUD 6\]\JLXP FXPLQL VREUH D PXFRVD JiVWULFD

GHFDPXQGRQJRVWUDWDGRVFRPSDUDFHWDPRO

(13)

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

7DEHOD &DUDFWHUL]DomR ILWRTXtPLFD GR H[WUDWR HWDQyOLFR GH IROKDV GH

6\]\JLXPFXPLQL

7DEHOD 7HRU GH FRPSRVWRV ELRDWLYRV HP H[WUDWR HWDQyOLFR GH IROKDV

6\]\JLXPFXPLQL

7DEHOD $WLYLGDGH DQWLR[LGDQWH GR H[WUDWR HWDQyOLFR GH IROKDV GH

6\]\JLXPFXPLQL

7DEHOD $YDOLDomR GD WR[LFLGDGH GR H[WUDWR HWDQyOLFR GH IROKDV GH

6\]\JLXPFXPLQL

7DEHOD (IHLWRGDDGPLQLVWUDomRGHGLIHUHQWHVGRVHVGHH[WUDWRHWDQyOLFR GH6\]\JLXP FXPLQL QR SHVR GR FRUSR H QR SHVR UHODWLYR GRV

yUJmRVGHDQLPDLVVXEPHWLGRVDHVWUHVVHSRUSDUDFHWDPRO

(14)

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

$$ ÈFLGRDVFyUELFR

$%76 ¶D]LQRELVHWLOEHQ]RWLD]ROLQDiFLGRVXOI{QLFR $/3 )RVIDWDVHDOFDOLQD

$/7 $ODQLQDDPLQRWUDQVIHUDVH $129$ $QiOLVHGH9DULkQFLD $3[ $VFREDUWRSHUR[LGDVH $67 $VSDUWDWRDPLQRWUDQVIHUDVH %6$ $OEXPLQDVpULFDERYLQD &$7 &DWDODVH

&(3$ &RPLWrGHeWLFDHP3HVTXLVD$QLPDO

&21&($ &RQVHOKR1DFLRQDOGH&RQWUROHGH([SHULPHQWDomR$QLPDO '+$ ÈFLGRGHKLGURDVFyUELFR

'062 'LPHWLOVXOIy[LGR

'33+ GLIHQLOSLFULOKLGUD]LO '71% ÈFLGRGLWLRQLWUREHQ]yLFR

('7$ ÈFLGRHWLOHQRGLDPLQRWHWUDFpWLFR

(( ([WUDWRHWDQyOLFRGHIROKDVGHD]HLWRQDGDWHUUD )'$ )RRGDQG'UXJ$GPLQLVWUDWLRQ

*$( (TXLYDOHQWHVGHiFLGRJiOLFR *3[ *OXWDWLRQDSHUR[LGDVH

*6+ *OXWDWLRQDUHGX]LGD

+2 ÈJXD

+2 3HUy[LGRGHKLGURJrQLR +2 5DGLFDOKLGUR[LO

LJ ,QWUDJiVWULFD

/'+ /DFWDWRGHVLGURJHQDVH 0'$ 0DORQGLDOGHtGR

1$34, 1DFHWLOSEHQ]RTXLQRQDLPLQD 1%7 1LWURD]XOGHWHWUD]yOLFR

12 Ï[LGRQtWULFR

136+ *UXSRVVXOILGULODVQmRSURWpLFRV 2 ÆQLRQVXSHUy[LGR

(15)

2122 3HUR[LQLWULWR

3(7 3ROLIHQRLV([WUDtYHLV7RWDLV 516 (VSpFLHV5HDWLYDVGH1LWURJrQLR 526 (VSpFLHV5HDWLYDVGH2[LJrQLR 62' 6XSHUy[LGRGLVPXWDVH

7*2 7UDQVDPLQDVHJOXWkPLFRR[DODFpWLFD 7*3 7UDQVDPLQDVHJOXWkPLFRSLU~YLFD

(16)

680È5,2

,1752'8d2

2%-(7,926

2EMHWLYR*HUDO

2EMHWLYRV(VSHFtILFRV

5(9,62%,%/,2*5È),&$

3ODQWDVPHGLFLQDLVHSURSULHGDGHVGDD]HLWRQDGDWHUUD

(VSpFLHVUHDWLYDVGHR[LJrQLR526HQLWURJrQLR516

(VWUHVVHR[LGDWLYR

'DQRVKHSiWLFRVSRUHVWUHVVHR[LGDWLYR

(VWUHVVHR[LGDWLYRSRUSDUDFHWDPRO

'HIHVDDQWLR[LGDQWH

$QWLR[LGDQWHVHQ]LPiWLFRV

$QWLR[LGDQWHVQmRHQ]LPiWLFRV

9LWDPLQD&H(

&DURWHQRLGHV

*OXWDWLRQDUHGX]LGD*6+

3ROLIHQRLV

0$7(5,$/

0DWHULDOYHJHWDO

$QLPDLV

5HDJHQWHV

0pWRGRV

3UHSDUDomR GR H[WUDWR HWDQyOLFR GH IROKDV GH D]HLWRQD GD WHUUD

6\]\JLXPFXPLQL

&DUDFWHUL]DomRILWRTXtPLFDGRH[WUDWRHWDQyOLFRGHIROKDVGHD]HLWRQD

GDWHUUD6\]\JLXPFXPLQL

3UHSDUR GDV DPRVWUDV D SDUWLU GR H[WUDWR SDUD GHWHUPLQDomR GRV ILWRTXtPLFRV

'HWHUPLQDomRGHIHQRLVHWDQLQRV

'HWHUPLQDomRGHIODYRQRLGHV

'HWHUPLQDomR GH IODYRQRLV IODYDQRQDV IODYDQRQRLV H [DQWRQDV

(17)

'HWHUPLQDomRGHFDWHTXLQDV

'HWHUPLQDomRGHHVWHURLGHVHWULWHUSHQRLGHV

'HWHUPLQDomRGHVDSRQLQDV

'HWHUPLQDomRGHDOFDORLGHV

(VWXGR GD DWLYLGDGH DQWLR[LGDQWH WRWDO H GRV DQWLR[LGDQWHV QmR HQ]LPiWLFRV

3UHSDURGRVH[WUDWRV

$WLYLGDGH$QWLR[LGDQWHWRWDO

0pWRGR$%76

0pWRGR'33+

$WLYLGDGHGRVDQWLR[LGDQWHVQmRHQ]LPiWLFRV

'HWHUPLQDomRGHYLWDPLQD&

'HWHUPLQDomRGHDQWRFLDQLQDV

'HWHUPLQDomRGHIODYRQRLGHVDPDUHORV

'HWHUPLQDomRGHSROLIHQRLVWRWDLV

'HWHUPLQDomRGHFDURWHQRLGHVWRWDLV

$YDOLDomRGDWR[LFLGDGHGRH[WUDWRHWDQyOLFRGHIROKDVGHD]HLWRQDGD

WHUUD6\]\JLXPFXPLQL

*UXSRVH[SHULPHQWDLV

'HWHUPLQDomR GD DWLYLGDGH GDV HQ]LPDV DODQLQD DPLQRWUDQVIHUDVH $/7 DVSDUWDWR DPLQRWUDQVIHUDVH $67 QR VRUR GH FDPXQGRQJRV

&ROHWDGHVRUR

$WLYLGDGHGDVHQ]LPDV$/7H$67

'HWHUPLQDomR GD SHUR[LGDomR OLStGLFD QR ItJDGR GH FDPXQGRQJRV

$QiOLVHGDVOHV}HVGRVHVW{PDJRV

'HWHUPLQDomR GR HIHLWR SURWHWRU GR H[WUDWR HWDQyOLFR GH IROKDV GH D]HLWRQD GD WHUUD 6\]\JLXP FXPLQL FRQWUD R HVWUHVVH

R[LGDWLYR

3UHSDUDomRGHSDUDFHWDPRO

*UXSRVH[SHULPHQWDLV

'HWHUPLQDomR GD DWLYLGDGH GDV HQ]LPDV DODQLQD DPLQRWUDQVIHUDVH $/7 DVSDUWDWR DPLQRWUDQVIHUDVH $67 H IRVIDWDVH DOFDOLQD $/3

(18)

QRVRURGHFDPXQGRQJRV

&ROHWDGHVRUR

$WLYLGDGHGDVHQ]LPDV$/7$67H$/3

'HWHUPLQDomR GD SHUR[LGDomR OLStGLFD QR ItJDGR GH FDPXQGRQJRV

'HWHUPLQDomR GH JUXSRV VXOILGULODV QmR SURWHLFRV 136+ QR ItJDGR GHFDPXQGRQJRV

'HWHUPLQDomR GD DWLYLGDGH GD HQ]LPD VXSHUy[LGR GLVPXWDVH 62' QRItJDGRGHFDPXQGRQJRV

&RQFHQWUDomRGHSURWHtQDV

$QiOLVHGDVOHV}HVGRVHVW{PDJRV

$QiOLVHHVWDWtVWLFD

5(68/7$'26

3HUILO ILWRTXtPLFR GR H[WUDWR HWDQyOLFR GH IROKDV GH D]HLWRQD GD WHUUD

6\]\JLXPFXPLQL

$YDOLDomRGRSRWHQFLDODQWLR[LGDQWHGRH[WUDWRHWDQyOLFRGHIROKDVGH

D]HLWRQDGDWHUUD6\]\JLXPFXPLQL

'HWHUPLQDomRGHDQWLR[LGDQWHVQmRHQ]LPiWLFRV

$WLYLGDGHDQWLR[LGDQWHWRWDO

$YDOLDomRGDWR[LFLGDGHGRH[WUDWRHWDQyOLFRGHIROKDVGHD]HLWRQDGD

WHUUD6\]\JLXPFXPLQL

$YDOLDomRGRHIHLWRSURWHWRUGRH[WUDWRHWDQyOLFRGHIROKDVGHD]HLWRQD GD WHUUD 6\]\JLXP FXPLQL FRQWUD HVWUHVVH R[LGDWLYR LQGX]LGR SRU

SDUDFHWDPRO

',6&8662

&21&/86®(6

5()(5Ç1&,$6

(19)

,1752'8d2

$ XWLOL]DomR GH SODQWDV QD PHGLFLQD SRSXODU YHP JDQKDQGR FDGD YH] PDLV GHVWDTXHQmRVRPHQWHSRUVXDVSURSULHGDGHVWHUDSrXWLFDVPDVWDPEpPSRUVHUHP PDLV DFHVVtYHLV HFRQRPLFDPHQWH 2 %UDVLO DSUHVHQWD XPD JUDQGH GLYHUVLGDGH GH YHJHWDLVHXPQ~PHURFRQVLGHUiYHOGRVPHVPRVYHPVHQGRXWLOL]DGRFRPRSODQWDV PHGLFLQDLVSHODSRSXODomR$SHVDUGHVHXXVRVHUEDVWDQWHGLIXQGLGRJUDQGHSDUWH GHVVDV SODQWDV DLQGD QmR IRL HVWXGDGD HRX YDOLGDGD TXDQWR DR VHX HPSUHJR PHGLFLQDO)2*/,2HWDO

$VVLP H[LVWH QR %UDVLO XP GpILFLW HQWUH RIHUWD GH SODQWDV H TXDQWLGDGH GH SHVTXLVDVRTXHGHWHUPLQDXPHOHYDGRSRWHQFLDOGHHVWXGRQHVVDiUHD'HQWUHDV YiULDV HVSpFLHV GH SODQWDV D D]HLWRQD GD WHUUD6\]\JLXP FXPLQL IRL VHOHFLRQDGD

SDUDVHUWHVWDGDSRUDSUHVHQWDUXPJUDQGHSRWHQFLDODQWLR[LGDQWH(VWXGRVPRVWUDP TXH D SODQWD p ULFD HP GLYHUVRV ILWRTXtPLFRV EHQpILFRV SDUD D VD~GH WDLV FRPR FDURWHQRLGHV IODYRQRLGHV H iFLGRV IHQyOLFRV RV TXDLV DSUHVHQWDP SRWHQFLDO DQWLR[LGDQWH%$/,*$HWDO)$5,$0$548(60(5&$'$17(/,0$

HWDO58$1=+$1*/,1

+iHYLGrQFLDVTXHXPDyWLPDFRPELQDomRGHFRPSRVWRVDQWLR[LGDQWHVSRGH GHVHPSHQKDU XP LPSRUWDQWH SDSHO SDUD D PHOKRULD GRVWDWXV DQWLR[LGDQWH GRV

VLVWHPDVELROyJLFRV/,8HWDO'DGRVGDOLWHUDWXUDPRVWUDPTXHRH[WUDWRGH

IROKDV GH D]HLWRQD GD WHUUD SRVVXL SRWHQWH DWLYLGDGH DQWLR[LGDQWH H TXH D PHVPD SRGH HVWDU UHODFLRQDGD FRP VHXV FRPSRVWRV IHQyOLFRV DSUHVHQWDQGR XPD VLJQLILFDWLYD UHODomR HQWUH SRWHQFLDO DQWLR[LGDQWH H WHRU GH FRPSRVWRV IHQyOLFRV 58$1 =+$1* /,1 2XWURV DXWRUHV GHPRQVWUDUDP R HIHLWR EHQpILFR DR WHFLGRKHSiWLFRGHUDWRVVXEPHWLGRVDHVWUHVVHSRUSDUDFHWDPROGRH[WUDWRHWDQyOLFR GDSROSDGHD]HLWRQDGDWHUUD'$66$50$HDDWLYLGDGHKHSDWRSURWHWRUDGR H[WUDWRDTXRVRGDVIROKDVGHD]HLWRQDGDWHUUDHPUDWRVVXEPHWLGRVDHVWUHVVHSRU WHWUDFORUHWR GH FDUERQR 025(6&2 HW DO &RQWXGR QHQKXP GHVVHV

WUDEDOKRVDYDOLRXDFDSDFLGDGHSURWHWRUDGRH[WUDWRHWDQyOLFRGHIROKDVGHD]HLWRQD GDWHUUDFRQWUDHVWUHVVHR[LGDWLYRSRUSDUDFHWDPROHPFDPXQGRQJRV

(20)

SRUpP R XVR H[FHVVLYR GHVVH IiUPDFR SRGH GDQLILFDU P~OWLSORV yUJmRV SULQFLSDOPHQWHRItJDGR&29(5HWDO*5<3,27,HWDO

(21)

2%-(7,926

2EMHWLYR*HUDO

$YDOLDURSRWHQFLDODQWLR[LGDQWHGRH[WUDWRHWDQyOLFRGHIROKDVGHD]HLWRQDGD WHUUD 6\]\JLXP FXPLQL / H VHX HIHLWR SURWHWRU FRQWUD GDQRV R[LGDWLYRV LQGX]LGRV

SRUSDUDFHWDPROHPFDPXQGRQJRV

2EMHWLYRV(VSHFtILFRV

x $YDOLDURSHUILOILWRTXtPLFRGRH[WUDWRHWDQyOLFRGHIROKDVGHD]HLWRQDGDWHUUD

x 'HWHUPLQDU D FRQFHQWUDomR GH SROLIHQRLV WRWDLV DQWRFLDQLQDV IODYRQRLGHV

DPDUHORVFDURWHQRLGHVWRWDLVHYLWDPLQD&GRH[WUDWRHWDQyOLFRGHIROKDVGH D]HLWRQDGDWHUUD

x $YDOLDU D FDSDFLGDGH DQWLR[LGDQWH WRWDO GR H[WUDWR HWDQyOLFR GH IROKDV GH

D]HLWRQDGDWHUUD

x 9HULILFDU D WR[LFLGDGHLQ YLYR GR H[WUDWR HWDQyOLFR GH IROKDV GH D]HLWRQD GD

WHUUD

x $YDOLDURHIHLWRGRWUDWDPHQWRFRPH[WUDWRHWDQyOLFRGHIROKDVGHD]HLWRQDGD

WHUUD VREUH DV DWLYLGDGHV GDV HQ]LPDV DODQLQD DPLQRWUDQVIHUDVH $/7 DVSDUWDWR DPLQRWUDQVIHUDVH $67 H IRVIDWDVH DOFDOLQD $/3 QR VRUR GH FDPXQGRQJRVVXEPHWLGRVDHVWUHVVHR[LGDWLYRSRUSDUDFHWDPRO

x ,QYHVWLJDURHIHLWRGRWUDWDPHQWRFRPH[WUDWRHWDQyOLFRGHIROKDVGHD]HLWRQD

GDWHUUDVREUHDSHUR[LGDomROLStGLFDQRItJDGRGHFDPXQGRQJRVVXEPHWLGRV DHVWUHVVHR[LGDWLYRSRUSDUDFHWDPRO

(22)

WHUUDVREUHRVQtYHLVGHJUXSRVVXOILGULODVQmRSURWHLFRV136+QRItJDGRGH FDPXQGRQJRVVXEPHWLGRVDHVWUHVVHSRUSDUDFHWDPRO

WHUUDVREUHDDWLYLGDGHGDHQ]LPDVXSHUy[LGRGLVPXWDVH62'QRItJDGRGH FDPXQGRQJRVVXEPHWLGRVDHVWUHVVHSRUSDUDFHWDPRO

x ,QYHVWLJDURHIHLWRGRWUDWDPHQWRFRPH[WUDWRHWDQyOLFRGHIROKDVGHD]HLWRQD

GD WHUUD VREUH RV HVW{PDJRV GH FDPXQGRQJRV VXEPHWLGRV DR HVWUHVVH R[LGDWLYRSRUSDUDFHWDPRO

(23)

5(9,62%,%/,2*5È),&$

3ODQWDVPHGLFLQDLVHSURSULHGDGHVGDD]HLWRQDGDWHUUD

'HVGH RV WHPSRV DQWLJRV RV SURGXWRV QDWXUDLV VmR XWLOL]DGRV SHOD KXPDQLGDGH 2 JUDQGH FRQKHFLPHQWR GD QDWXUH]D SHORV SRYRV SULPLWLYRV H LQGtJHQDVEHPFRPRDFRQYLYrQFLDHRDSUHQGL]DGRFRPRVPDLVGLIHUHQWHVJUXSRV pWQLFRV FRQWULEXtUDP SDUD D GHVFREHUWD GH VXEVWkQFLDV PHGLFDPHQWRVDV H R GHVHQYROYLPHQWRGHSHVTXLVDVQDiUHDGHSURGXWRVQDWXUDLV9,(*$6-5%2/=$1, %$55(,52 (VWHV VmR IRQWHV LPSRUWDQWHV GH QRYRV IiUPDFRV REWLGRV GH SODQWDVRXRXWUDVIRQWHVELROyJLFDV&$/,;72)2*/,2HWDO6&+0,'7

HWDO

3ODQWDV PHGLFLQDLV VmR GHVFULWDV FRPR PDWHULDLV RX SUHSDUDo}HV GH RULJHP YHJHWDO FRP DomR WHUDSrXWLFD RX RXWURV EHQHItFLRV SDUD D VD~GH KXPDQD TXH FRQWHQKDPWDQWRLQJUHGLHQWHVLQQDWXUDFRPRSURFHVVDGRVGHXPDRXPDLVSODQWDV

(VVDV SRGHP VHU FODVVLILFDGDV HP WUrV JUXSRV PDWHULDLV GH SODQWDV PDWHULDLV j EDVHGHSODQWDVLQQDWXUDRXSURFHVVDGDVSURGXWRVWUDGLFLRQDLVjEDVHGHSODQWDV

FRPSULPLGRV StOXODV RX FiSVXODV FRQWHQGR PDWHULDLV j EDVH GH SODQWDV EUXWDV RX H[WUDWRV EUXWRV H SURGXWRV SDGURQL]DGRV j EDVH GH SODQWDV IRUPXODo}HV SDGURQL]DGDVFRQWHQGRH[WUDWRVRXVXEVWkQFLDVSXULILFDGDV=+$1*HWDO

$VSODQWDVSRGHPVHUXWLOL]DGDVFRPIRQWHGHFRPSRVWRVWHUDSrXWLFRVGHYLGR D VXD YDVWD FDSDFLGDGH ELRVVLQWpWLFD $ SULQFLSDO YDQWDJHP p D VXD FRPSRVLomR FRPSOH[D TXH FRQVLVWH HP XP FRQMXQWR GH FRPSRVWRV UHODFLRQDGRV FRP YiULDV DWLYLGDGHVTXHLQWHUDJHPSDUDXPDPDLRUDWLYLGDGH6&+0,'7HWDO*UDQGH

SDUWHGDVGURJDVDYDOLDGDVFRPRDJHQWHVWHUDSrXWLFRVGHULYDPGHSURGXWRVQDWXUDLV %$/81$6.,1*+251

2 XVR GDV SODQWDVp PXLWDV YH]HV R ~QLFR UHFXUVR GDV FRPXQLGDGHV SDUDD FXUDHDOtYLRGHGRHQoDV0$&,(/HWDO6HJXQGRD2UJDQL]DomR0XQGLDOGH 6D~GH GD SRSXODomR PXQGLDO XWLOL]DPQDV SULQFLSDOPHQWH QRV SDtVHV HP GHVHQYROYLPHQWR *85,%)$.,0 1HVVHV SDtVHV RV ILWRWHUiSLFRV

(24)

ULTXH]D YHJHWDO H TXDQWLGDGH GH SHVTXLVDV TXH IRUQHoDP XP UHVSDOGR FLHQWtILFR TXDQWRDHILFiFLDHVHJXUDQoDHPUHODomRDRVHXXVR)2*/,2HWDO$VVLP

D SHVTXLVD GH SURSULHGDGHV IDUPDFROyJLFDV GH SODQWDV H SURGXWRV QDWXUDLV SRGH SURSRUFLRQDU D GHVFREHUWDUHFRQKHFLPHQWR GH VXEVWkQFLDV FRP LPSRUWDQWHV DSOLFDo}HV WHUDSrXWLFDV $:2'(/(HW DO &+2, HW DO 67,&.(/

6&+833$1

8PD VpULH GH SODQWDV PHGLFLQDLV GHQWUH HVVDV SODQWDV R6\]\JLXP FXPLQL

WHP DSUHVHQWDGR HIHLWRV SURPLVVRUHV QR WUDWDPHQWR GH GLYHUVDV GRHQoDV HP HVSHFLDODVKHSiWLFDV025(6&2HWDO

6\]\JLXP FXPLQL 6\]\JLXP MDPERODQD (XJHQLD FXPLQL RX (XJHQLD

MDPERODQD SHUWHQFH j IDPtOLD 0\UWDFHDH VHQGR SRSXODUPHQWH FRQKHFLGD FRPR

MDPEROmRD]HLWRQDGDWHUUDDPHL[DSUHWD-DPXQH-DPX(VVDSODQWDpRULJLQDGD GDËQGLDDGDSWDGDDR%UDVLOHGLVWULEXtGDSRUWRGRROLWRUDOEUDVLOHLUR'$66$50$

6,/9$HWDO6:$0,HWDOeFRQVLGHUDGDXPDHVSpFLHDUEyUHD

0$726 $VIROKDV VmR OLVDV HOtSWLFDV EULOKDQWHV HGH QDWXUH]D ILEURVD 2V IUXWRV SRVVXHP XPD VHPHQWH FHQWUDO VmR UHGRQGRV RX REOtTXRV FRP D FHQWtPHWURV GH FRPSULPHQWR H VmR HQFRQWUDGRV HP JUXSR GH 4XDQGR PDGXURV VXD FRORUDomR YDULD GH UR[R HVFXUR D SUHWR 2VIUXWRVVmR FRPHVWtYHLV H DSUHVHQWDPXPVDERUDGVWULJHQWHTXHFRPELQDGRFHHD]HGR)LJXUD$<<$1$5 68%$6+%$%8 6 FXPLQL p FRQKHFLGR SRU SRVVXLU GLYHUVRV ILWRTXtPLFRV

EHQpILFRV SDUD D VD~GH (VWXGRV PRVWUDP TXH D SROSD GD IUXWD p ULFD HP FDURWHQRLGHV)$5,$0$548(60(5&$'$17(DQWRFLDQLQDVGHOILQLGLQDV

SHWXQLGLQDVPDOYLGLQDGLJOLFRVtGHRVVHQGRHVVHVFRPSRVWRVUHVSRQViYHLVSRUVXD FRUUR[DEULOKDQWH/,HWDO6$*5$:$70$11.+$5<$9(,*$6HW

DO

1DV VHPHQWHV Mi IRUDP UHODWDGDV DV SUHVHQoDV GH ȕVLWRWHURO MDPERVLQR iFLGR JiOLFR iFLGR HOiJLFR TXHUFHWLQD FRULODJLQD KH[DKLGUR[LGLIHQROJOLFRVH H KH[DLGUR[LGLIHQROJOLFRVH6$*5$:$70$11.+$5<$

$FDVFDGRFDXOHSRVVXLiFLGREHWXOtQLFRIULHGHOLQDIULHGHODQROȕVLWRVWHURO ȕVLWRVWHURO'JOLFRVtGHR NDHPSIHURO iFLGR JiOLFR iFLGR HOiJLFR PLULFHWLQD JDORWDQLQRVHHODJLWDQLQRV6$*5$:$70$11.+$5<$

(25)

PLULFLWULQD H R IODYRQRLGHV JOLFRVtGHRV H IODYRQRLV JOLFRVtGHRV DFLODGRV 0$+028'

HW DO 6$*5$:$7 0$11 .+$5<$ WDQLQRV /,0$HW DO H

iFLGRIHU~OLFR58$1=+$1*/,1

)LJXUD$]HLWRQDGDWHUUD6\]\JLXPFXPLQL)RQWH%$/,*$HWDO

$VVHPHQWHVHWRGDVDVRXWUDVSDUWHVGDSODQWDHWrPXPDORQJDKLVWyULDGH XVR PHGLFLQDO QRV YiULRV VLVWHPDV SRSXODUHV GH PHGLFLQD $<<$1$5 68%$6+ %$%8 (VWXGRV WrP PRVWUDGR TXH R H[WUDWR KLGURHWDQyOLFR GH IROKDV /2*8(5&,2HWDO2/,9(,5$HWDOH[WUDWRDTXRVRGRFDXOH'-,3$

'(/0e(48(7,1/(&/(5&4HH[WUDWRVDTXRVRHDFHW{QLFRGHVHPHQWHV FDXOHHIROKDV0858*$1HWDOSRVVXHPHIHLWRDQWLPLFURELDQR)RLWDPEpP

REVHUYDGRRHIHLWRDQWLR[LGDQWHLQYLWURGRIUXWR%$1(5-(('$6*837$'(

%(1+(5/$/$5808*+$1

3RGHVHUFLWDGDWDPEpPDDomRDQWLLQIODPDWyULDGRH[WUDWRHWDQyOLFRGHFDXOH 0858*$1$1'$1HW DO H H[WUDWR GH IROKDV /,0$HW DO $OpP GH

SURSULHGDGHV DQDOJpVLFD GR H[WUDWR KLGURHWDQyOLFR $9,/$3(1$HW DO H

DQWLDOpUJLFDGHH[WUDWRDTXRVRGHIROKDVGHD]HLWRQDGDWHUUD%5,72HWDO

$GHPDLV6\]\JLXP FXPLQL p PXLWR HVWXGDGR SRU VXD DomR DQWLGLDEpWLFD H

(26)

VHPHQWHV 35,1&( .$0$/$..$11$1 0(121 6+$50$

%$/20$-80'(552<HHPH[WUDWRHWDQyOLFRGHIROKDV6&+2(1)(/'(HW

DO

2 HIHLWR UDGLRSURWHWRU -$*(7,$ 6+(77< 9,'<$6$*$5 H DQWLFDUFLQRJrQLFR 3$50$5HW DO IRUDP WDPEpP HYLGHQFLDGRV ([WUDWR GH

SROSDDSUHVHQWRXDomREHQpILFDFRQWUDFpOXODVGHFkQFHUGHPDPD/,HWDO

$GHPDLV IRUDP REVHUYDGDV D DomR JDVWURSURWHWRUD H DQWL XOFHURJrQLFD GR IUXWR &+$7859(',HW DO GH IROKDV 9,'<$HW DO H GH WDQLQRV

LVRODGRV GH VHPHQWHV 5$0,5(= 52$ GH D]HLWRQD GD WHUUD 2 HIHLWR EHQpILFR GRH[WUDWR HWDQyOLFR GD SROSD H H[WUDWR DTXRVR GDVIROKDV GH D]HLWRQD GD WHUUD DR WHFLGR KHSiWLFR GH UDWRV VXEPHWLGRV D HVWUHVVH SRU SDUDFHWDPRO H WHWUDFORUHWR GH FDUERQR UHVSHFWLYDPHQWH WDPEpP IRUDP UHODWDGRV '$6 6$50$

025(6&2HWDO

(VSpFLHVUHDWLYDVGHR[LJrQLR526HQLWURJrQLR516

(VSpFLHVUHDWLYDVGHR[LJrQLRHGHQLWURJrQLRDWXDPQDUHJXODomRGDIXQomR FHOXODUQRUPDO526(1)(/'7HWDO526H516VmRQRUPDOPHQWHJHUDGDV

SRUHQ]LPDVIRUWHPHQWHUHJXODGDVWDLVFRPRLVRIRUPDVGH1$'3+R[LGDVHH12 VLQWDVH126UHVSHFWLYDPHQWH9$/.2HWDO

$V526H516PDLVDEXQGDQWHVHPVLVWHPDVELROyJLFRVVmRRUDGLFDOkQLRQ VXSHUy[LGR 2 UDGLFDO KLGUR[LO +2 y[LGR QtWULFR 12 SHUR[LQLWULWR 2122 H SHUy[LGR GH KLGURJrQLR +2 /$.6+0,HW DO 0(1'(6 9$/.2HW

DO

526 SRGHP VHU WDQWR SUHMXGLFLDLV FRPR EHQpILFDV SDUD RV VLVWHPDV YLYRV (IHLWRV EHQpILFRV RFRUUHP HP FRQFHQWUDo}HV EDL[DV RX PRGHUDGDV H HQYROYHP SURWHomR FRQWUD DJHQWHV LQIHFFLRVRV H YLDV GH VLQDOL]DomR FHOXODU (P FRQWUDVWH TXDQGR HP DOWDV FRQFHQWUDo}HV DWXDP FRPR PHGLDGRUDV GH GDQRV ELROyJLFRV GHQRPLQDGRHVWUHVVHR[LGDWLYR9$/.2HWDO

$VXSHUSURGXomRGH516pFRQKHFLGDFRPRHVWUHVVHQLWURVDWLYR(VWHSRGH FRQGX]LUDUHDo}HVGHQLWURVLODomRTXHOHYDPDDOWHUDo}HVQDHVWUXWXUDGDVSURWHtQDV HLQLELomRGDVXDIXQomRQRUPDO9$/.2HWDO

(27)

(VWUHVVHR[LGDWLYR

2HVWUHVVHR[LGDWLYRpGHILQLGRFRPRXPGHVEDODQFHDPHQWRHQWUHR[LGDQWHVH DQWLR[LGDQWHV D IDYRU GRV SULPHLURV SRGHQGR OHYDU D GDQRV R[LGDWLYRV SDUD R RUJDQLVPR .$7$/,1,&HW DO 75$867$'277,5HW DO ,VVR RFRUUH

TXDQGRKiXPDSURGXomRH[FHVVLYDGH526H516GHXPODGRHXPDGHILFLrQFLD GH DQWLR[LGDQWHV HQ]LPiWLFRV H QmR HQ]LPiWLFRV GR RXWUR $V 526 HP H[FHVVR SRGHPGDQLILFDUOtSLGLRVSURWHtQDVH'1$DOWHUDQGRRXLQLELQGRDVIXQo}HVQRUPDLV GHVVDVPROpFXODV'52*(

$VVLPHVVHGHVHTXLOtEULRHQWUHDWD[DGHSURGXomRHDWD[DGHUHPRomRGH 526 H 516 FRQWULEXL SDUD R HQYHOKHFLPHQWR H RFRUUrQFLD GH YiULDV GRHQoDV KXPDQDV 9$/.2 HW DO FRPR GLVW~UELRV FDUGLRYDVFXODUHV '+$//$

7(06$+1(77,&$'$1/$.6+0,HWDOFkQFHU9$/.2HWDO

GRHQoDVQHXURGHJHQHUDWLYDV-(11(51,.$0HWDO6$<5(60,7+

3(55< 877$5$ HW DO REHVLGDGH H UHVLVWrQFLD j LQVXOLQD

0$57Ë1(= FRPR WDPEpP DF~PXOR GH PDFURPROpFXODV H RUJDQHODV GDQLILFDGDVLQFOXLQGRPLWRF{QGULDV7(50$1*867$)6621%581.

5HLGHFRODERUDGRUHVGHPRQVWUDUDPTXHDOpPGHGRHQoDVFU{QLFDVR HVWUHVVH R[LGDWLYR SRGH WDPEpP GHVHPSHQKDU XP SDSHO IXQGDPHQWDO QD KHSDWRWR[LFLGDGH DJXGD GH YiULDV GURJDV (VWXGRV WrP PRVWUDGR TXH GXUDQWH R PHWDEROLVPRGRSDUDFHWDPRORFRUUHDSURGXomRGH526HFRQVHTXHQWHHYROXomRGR HVWUHVVH R[LGDWLYR LQGX]LQGR SHUR[LGDomR OLStGLFD H LQM~ULDV QR ItJDGR 0$129 +,56+,$1&8<286()HWDO

'DQRVKHSiWLFRVSRUHVWUHVVHR[LGDWLYR

2 ItJDGR p R SULQFLSDO yUJmR QR FRUSR UHVSRQViYHO SHOD PDQXWHQomR GH GLYHUVDV IXQo}HV PHWDEyOLFDV EHP FRPR SHOR PHWDEROLVPR H GHWR[LILFDomR GH GURJDV2PHVPRHVWiVXMHLWRDXPDYDULHGDGHGHOHV}HVVHQGRXPDGDVFDXVDV PDLVFRPXPDKHSDWRWR[LFLGDGHLQGX]LGDSRUGURJDV%+$:1$.80$5

(28)

HOHYDomR GH PDUFDGRUHV ELRTXtPLFRV WDLV FRPR DODQLQD DPLQRWUDQVIHUDVH $/7 DVSDUWDWRDPLQRWUDQVIHUDVH$67IRVIDWDVHDOFDOLQD$/3HODFWDWRGHVLGURJHQDVH /'+ +85.$'$/(HW DO /,8 /8 3(1* 6(77< HW DO

<286()HWDO

$ OLSRSHUR[LGDomR p R SURFHVVR GH GHJUDGDomR R[LGDWLYD GRV iFLGRV JUD[RV SROLQVDWXUDGRV GRV IRVIROLStGHRV GDV PHPEUDQDV FHOXODUHV 6$%,5HW DO

(VVH SURFHVVR OLEHUD PDORQGLDOGHtGR 0'$ FRPR SURGXWR ILQDO 6+$50$HW DO

$ TXDQWLILFDomR GHVVH FRPSRVWR IXQFLRQD FRPR XP PDUFDGRU GH GDQR R[LGDWLYR DVVLP FRPR SHUPLWH XPD HVWLPDWLYD GD LQWHQVLGDGH GR SURFHVVR +$//,:(//:+,7(0$1$SHUR[LGDomROLStGLFDGDVPHPEUDQDVFHOXODUHV pGHYDVWDGRUDSDUDDLQWHJULGDGHIXQFLRQDOGHVVDVHVWUXWXUDVHVHRGDQRIRUJUDYH DPRUWHFHOXODUpLQHYLWiYHO6(1(56(+,5/,$<$12*/8'8/*(5

(Q]LPDV GHVHPSHQKDP SDSHO FHQWUDO QRV SURFHVVRV ELRTXtPLFRV H ILVLROyJLFRV 7RGRV HVVHV SURFHVVRV VmR DOWDPHQWH UHJXODGRV GH IRUPD D PDQWHU D KRPHRVWDVH 4XDOTXHU DOWHUDomR QHVVH VLVWHPD TXDQGR QmR UHVROYLGD SRGHUi RULJLQDU XPD DQRPDOLD H FRQVHTXHQWHPHQWH SDWRORJLDV FRPR SRU H[HPSOR XPD OHVmRQRWHFLGRKHSiWLFR62(7$1$,<(/$$*%(2/$,<$

$PLQRWUDQVIHUDVHV RX WUDQVDPLQDVHV VmR HQ]LPDV LPSRUWDQWHV QD UHJXODomR FHOXODU 8PD DOWHUDomR QD TXDQWLGDGH RX DWLYLGDGH GDV HQ]LPDV SUHVHQWHV HP GHWHUPLQDGRyUJmRRXWHFLGRSRGHVHULQGLFDWLYRGHDQRUPDOLGDGH'8)285 HW DO

*,$11,1,7(67$6$9$5,12

$ $/7 RX WUDQVDPLQDVH JOXWkPLFRSLU~YLFD 7*3 FDWDOLVD D UHDomR GH WUDQVIHUrQFLDGHXPJUXSRDPLQDGH/DODQLQDSDUDRĮFHWRJOXWDUDWRSDVVDQGRD SLUXYDWR H JOXWDPDWR UHVSHFWLYDPHQWH *,$11,1, 7(67$ 6$9$5,12 62(7$1 $,<(/$$*%( 2/$,<$ $ $/7 p XP PDUFDGRU HVSHFtILFR GH GRHQoDV KHSiWLFDV SRLV VH VLWXD SULQFLSDOPHQWH QR FLWRSODVPD GDV FpOXODV GR SDUrQTXLPDQRItJDGR'8)285HWDO*,$11,1,7(67$6$9$5,12

(29)

IXQFLRQDQGR WDPEpP FRPR XP PDUFDGRU GH GRHQoDV KHSiWLFDV '8)285HW DO

$ $/3 HVWi SUHVHQWH HP SUDWLFDPHQWH WRGRV RV WHFLGRV 1R ItJDGR p VHFUHWDGDSHORVKHSDWyFLWRVHSHODVFpOXODVGDPXFRVDGRWUDWRELOLDU(VVDHQ]LPD WDPEpP p HQFRQWUDGD QRV RVVRV ULP LQWHVWLQR GHOJDGR H SODFHQWD *,$11,1, 7(67$ 6$9$5,12 $ IRVIDWDVH DOFDOLQD SRGH WHU VXD FRQFHQWUDomR VpULFD DXPHQWDGD QDV REVWUXo}HV ELOLDUHV LQWUD RX H[WUDV KHSiWLFDV H WDPEpP QD FLUURVH

'8)285HWDO*,$11,1,7(67$6$9$5,12

$ /'+ HVWi SUHVHQWH HP YiULRV WHFLGRV FRPR FRUDomR KHPiFLDV ItJDGR P~VFXOR HVTXHOpWLFR ULP FpUHEUR H WHFLGRV OLQIyLGHV 'HVVH PRGR D ODFWDWR GHVLGURJHQDVHSRGHWHUVXDFRQFHQWUDomRVpULFDDXPHQWDGDHPXPDYDULHGDGHGH VLWXDo}HVFOtQLFDV62(7$1$,<(/$$*%(2/$,<$

(VWUHVVHR[LGDWLYRSRUSDUDFHWDPRO

2SDUDFHWDPRORXDFHWDPLQRIHQRpXPDQDOJpVLFRHDQWLSLUpWLFRFRQVLGHUDGR VHJXUR HP QtYHLV WHUDSrXWLFRV DPSODPHQWH XWLOL]DGR HVSHFLDOPHQWH QD LQIkQFLD (VVD GURJD p PHWDEROL]DGD SULPHLUDPHQWH SHOR ItJDGR H H[FUHWDGD SHORV ULQV 6HX XVRHPH[FHVVRRXSRUWHPSRSURORQJDGRSRGHFDXVDUHIHLWRKHSDWRWy[LFR&29(5

HWDO*5<3,27,HWDO1RV(VWDGRV8QLGRVpFRQVLGHUDGDDSULQFLSDO

FDXVDGHLQVXILFLrQFLDKHSiWLFDDJXGD38*+HWDO

$ WR[LFLGDGH GR SDUDFHWDPRO p UHODFLRQDGD DR VHX PHWDEROLVPR (P GRVHV WHUDSrXWLFDVGDGURJDVmRPHWDEROL]DGDVSRUFRQMXJDomRJOLFXURQLGDomRH VXOIDWDomR SDUD IRUPDU SDUDFHWDPROJOLFXURQtGHR H SDUDFHWDPROVXOIDWR TXH VmR VRO~YHLVHPiJXDHHOLPLQDGRVSULQFLSDOPHQWHSHODXULQD%(66(069(50(8/(1 9$/((QTXDQWRVmRR[LGDGRVSRUHQ]LPDVR[LGDVHVGHIXQomR PLVWDVLVWHPDGHPHWDEROL]DomRGHGURJDVFLWRFURPR3DXPDIRUPDDOWDPHQWH UHDWLYD 1DFHWLOSEHQ]RTXLQRQD LPLQD 1$34, TXH p LPHGLDWDPHQWH FRQMXJDGR FRP D JOXWDWLRQD H SRVWHULRUPHQWH H[FUHWDGR FRPR FLVWHtQD H FRQMXJDGRV PHUFDSWXUDWR $SHQDV GH XPD GRVH WHUDSrXWLFD GH SDUDFHWDPRO VmR H[FUHWDGRVLQDOWHUDGRVQDXULQD'$+/,1HWDO9$/(

(30)

GHGHVDWLYDURPHWDEyOLWRWy[LFR1$34,,VVRSRUTXHDGHVLQWR[LFDomRGR1$34,p FDWDOLVDGDQRItJDGRSHODJOXWDWLRQDUHGX]LGD*6+SDUDIRUPDUXPFRQMXJDGR*6+ SDUDFHWDPRO%(66(069(50(8/(19$/((VWDOLJDomRUHVXOWDQD UHGXomRGHLQVXILFLrQFLDKHSiWLFD38*+HWDO

(QWmRTXDQGRDSURGXomRH[FHGHDFDSDFLGDGHGHGHVLQWR[LFDomRGD*6+ 1$34, VH OLJD FRYDOHQWHPHQWH D YiULDV SURWHtQDV GD FpOXOD H IRUPD FRQMXJDGRV %(66(069(50(8/(1'$+/,1HWDO(VWHVFRQMXJDGRVSURWHLFRV

SRGHP FDXVDUGDQRV LUUHYHUVtYHLV FRPR OHVmR KHSiWLFD HQHFURVH KHSiWLFD FHOXODU SRUYiULRVPHFDQLVPRV38*+HWDO<$0$0272HWDO$OpPGLVVR

WHP VLGR SRVWXODGR TXH 1$34, SRGH OHYDU D GDQRV R[LGDWLYRV GH QXPHURVRV FRPSRQHQWHVFHOXODUHV0858*(6+HWDO

$VVLP DOWDV GRVHV GH SDUDFHWDPRO RULJLQDP 1$34, PHWDEyOLWR Wy[LFR TXH SRGHDOTXLODUHR[LGDU*6+LQWUDFHOXODUHRVJUXSRVWLROGHSURWHtQDVRTXHUHVXOWD QDGHSOHomRGH*6+HSRVWHULRUPHQWHDXPHQWRQDSHUR[LGDomROLStGLFDHGDQRVDR ItJDGR/,8/83(1*0$/+,*25(6/(0$67(562PHFDQLVPR JHUDOGHKHSDWRWR[LFLGDGHLQGX]LGDSRUGURJDVHQYROYHSRVVLYHOPHQWHDIRUPDomRGH PHWDEyOLWR UHDWLYR GHSOHomR GH DQWLR[LGDQWHV H DOTXLODomR GH SURWHtQDV $0,1

+$0=$38*+HWDO

(P R FRPLWr FRQVXOWLYR GD )RRG DQG 'UXJ $GPLQLVWUDWLRQ )'$ UHFRPHQGRXTXHQRYDVUHVWULo}HVGHYHPVHULPSOHPHQWDGDVLPSRVWDVSDUDSURWHJHU DV SHVVRDV GRV HIHLWRV SRWHQFLDOPHQWH Wy[LFRV GR SDUDFHWDPRO /,8 /8 3(1* 7RGRVRVIDWRVFLWDGRVMXVWLILFDPDFRQWLQXLGDGHGHSHVTXLVDVQHVVDiUHDH GHVHQYROYLPHQWRGHPHGLFDPHQWRVXWLOL]DGRVSDUDWUDWDUOHV}HVQRItJDGRFDXVDGDV SRUSDUDFHWDPRO(VWXGRVWrPGHPRQVWUDGRTXHDOJXPDVHUYDVSRVVXHPDWLYLGDGHV EHQpILFDVQRWUDWDPHQWRGHGLVW~UELRVKHSiWLFRV/((HW DO/,8/83(1*

$ DomR SURWHWRUD SRGH HVWDU UHODFLRQDGD DR DOWR WHRU GH IODYRQyLGHV HQFRQWUDGRV QHVVDV HUYDV H FRPSURYDGRV SHODV SHVTXLVDV .+$/,' 6+(,.+ $1:$5/,8/83(1*

'HIHVDDQWLR[LGDQWH

(31)

$QWLR[LGDQWHSRGHVHUGHILQLGRFRPRXPDPROpFXODTXHPHVPRSUHVHQWHHP EDL[DV FRQFHQWUDo}HV p FDSD] GH UHWDUGDU RX SUHYHQLU D R[LGDomR GH RXWUDV PROpFXODV7$/$8/,.$50$1<21'$

6LVWHPDV DQWLR[LGDQWHV HQ]LPiWLFRV VmR UHSUHVHQWDGRV SRU VXSHUy[LGR GLVPXWDVH 62' JOXWDWLRQD SHUR[LGDVH *3[ FDWDODVH &$7 H DVFRUEDWR SHUR[LGDVH$3[$QWLR[LGDQWHVQmRHQ]LPiWLFRVLQFOXHPDVYLWDPLQDVRVPLQHUDLV FDURWHQRLGHV JOXWDWLRQD *6+ FRPSRVWRV IHQROLFRV WDLV FRPR IODYRQRLGHV H WDQLQRV(PFRQGLo}HVILVLROyJLFDVQRUPDLVH[LVWHXPHTXLOtEULRHQWUHDVDWLYLGDGHVH RV QtYHLV LQWUDFHOXODUHV GHVWHV DQWLR[LGDQWHV (VVH HTXLOtEULR p HVVHQFLDO SDUD D VD~GHHVREUHYLYrQFLDGRVRUJDQLVPRV9$/.2HWDO

2V DQWLR[LGDQWHV FRQIHUHP SRWHQFLDO WHUDSrXWLFR H VmR UHVSRQViYHLV SRU HIHLWRV EHQpILFRV QD SUHYHQomR GH GRHQoDV KXPDQDV WDLV FRPR GRHQoDV FDUGLRYDVFXODUHVJiVWULFDVFkQFHUHSDWRORJLDVKHSiWLFDV*21=È/(=*$//(*2 6È1&+(=&$0326 78fÏ5 (P FRQVHTXrQFLD Ki XP JUDQGH LQWHUHVVH HP SHVTXLVDV GH SULQFtSLRV DQWLR[LGDQWHV YLVDQGR LGHQWLILFDU SRWHQFLDLV IRQWHV QDWXUDLV2/,9(,5$HWDO6$%,552&+$D

$QWLR[LGDQWHVHQ]LPiWLFRV

62' *3[ H &$7 HVWmR ORFDOL]DGDV HP FpOXODV H IOXLGRV FRUSRUDLV (VVDV HQ]LPDVWUDEDOKDPMXQWDVSDUDSUHYHQLURGDQRR[LGDWLYRSRUOLPLWDomRQRVQtYHLVGH

526)LJXUD'(+$$1HWDO),1.(/+2/%522.

$62'pFRQVLGHUDGDDSULPHLUDOLQKDGHGHIHVDFRQWUD526SRUFDWDOLVDUD GLVPXWDomR GR kQLRQ VXSHUy[LGR 2 D SHUy[LGR GH KLGU{JHQLR +2 H R[LJrQLR 2 =(/.2 ,1 0$5,$1, 7- )2/= 5- $ *3[ DVVLP FRPR D &$7 H $3[ GHFRPS}H +2 j iJXD +2 HP GLIHUHQWHV FRPSDUWLPHQWRV FHOXODUHV '(

+$$1HWDO),1.(/+2/%522.8=,/'$<HWDO

(32)

)LJXUD 0HFDQLVPRV GH GHIHVD DQWLR[LGDQWH )RQWH 526(1)(/'7 HW DO FRP PRGLILFDo}HV

$QWLR[LGDQWHVQmRHQ]LPiWLFRV

$QWLR[LGDQWHVQmRHQ]LPiWLFRVH[YLWDPLQDVFDURWHQRLGHV*6+HSROLIHQRLV SRGHP VHU VLQWHWL]DGRV QR SUySULR RUJDQLVPR RX REWLGRV GD GLHWD (VVHV HVWmR SUHVHQWHV HP FRQFHQWUDomR PDLRUHV TXH RV HQ]LPiWLFRV H FRQIHUHP SURWHomR FRQYHUWHQGRR[LGDQWHVHPSURGXWRVILQDLVQmRUDGLFDODUHVRXWUDQVIHUHPRVUDGLFDLV SDUDiUHDVHPTXHRVVHXVHIHLWRVQRFLYRVVmRPHQRVSUHMXGLFLDLV2/,9(,5$HWDO

526(1)(/'7HWDO

2XWURV DQWLR[LGDQWHV QmR HQ]LPiWLFRV WDPEpP SDUWLFLSDP GR VLVWHPD GH GHIHVD FRQWUD DV 526 FRPR D XELTXLQRQD iFLGR ~ULFR HQWUH RXWURV $ XELTXLQRQD SURWHJH D HVWDELOLGDGH GDV PHPEUDQDV FHOXODUHV H GDQRV QR '1$ LQGX]LGRV SRU UDGLFDLV OLYUHV H WDPEpP p FDSD] GH UHFLFODU H UHJHQHUDU RXWURV DQWLR[LGDQWHV WDLV FRPRiFLGRDVFyUELFRHĮWRFRIHURO526(1)(/'7HWDO

9LWDPLQD&H(

(33)

1RV WHFLGRV YHJHWDLV D YLWDPLQD & HQFRQWUDVH DPSODPHQWH GLVWULEXtGD H SRGHHVWDUSUHVHQWHQDIRUPDUHGX]LGDHELRORJLFDPHQWHDWLYDFRPRiFLGRDVFyUELFR $$ RX QD IRUPD R[LGDGD FRPR iFLGR GHKLGURDVFyUELFR '+$ TXH WDPEpP DSUHVHQWD IXQomR ELROyJLFD '$9(<HW DO '(876&+ $ ILJXUD

UHSUHVHQWDDUHDomRGHR[LGDomRGR$$D'+$

)LJXUD2[LGDomRGRiFLGRDVFyUELFR)RQWH+(51È1'(=/2%2*21=È/(=

&RPR R RUJDQLVPR KXPDQR QmR FRQVHJXH VLQWHQWL]DU DVFRUEDWR D GLHWD ULFD HP YHJHWDLV H IUXWDV p D SULQFLSDO IRQWH GH YLWDPLQD & +(51È1'(= /2%2

*21=È/(=

2SULQFLSDOSDSHOGDYLWDPLQD&pQHXWUDOL]DUHHOLPLQDUDV526XPDYH]TXH p KLGURVVRO~YHO SRGH IXQFLRQDU WDQWR GHQWUR FRPR IRUD GDV FpOXODV (VVD YLWDPLQD WHP HIHLWR KHSDWRSURWHWRU H SURWHJH R '1$ GDV FpOXODV GH GDQRV FDXVDGRV SRU UDGLFDLV OLYUHV $OpP GLVVR SRGH DWXDU QD UHJXODomR GDV GHIHVDV DQWLR[LGDQWHV HQGyJHQDV(/*(1'<HWDO$$WDPEpPWHPDFDSDFLGDGHGHPDQWHURĮ

WRFRIHUROOLJDGRjPHPEUDQDDWXDQGRFRPRFRIDWRUQDPDQXWHQomRGDDWLYLGDGHGH HQ]LPDVFRPRVXEVWUDWRSDUDELRVVtQWHVHGHWDUWDUDWRHR[DODWRHGHVHPSHQKDQGR

XPSDSHOQDUHVLVWrQFLDDRHVWUHVVH'$9(<HWDO

$YLWDPLQD(pFRQVWLWXtGDSRUWRFRIHURLVHWRFRWULHQRLV)LJXUDVHQGRRD WRFRIHURORPDLVDWLYR=,1**(VVDYLWDPLQDFRQVWLWXLQWHVRO~YHOHPOLStGHRV HQFRQWUDVHQRSODVPDHQDVFDPDGDVGXSODVGHOtSLGHRVLQWUDFHOXODUHVQDVTXDLV LQLEHDSHUR[LGDomROLStGLFDHIXQFLRQDFRPRXPHVWDELOL]DGRUGDPHPEUDQDFHOXODU %85.,77 '$<8$1 HW DO $SUHVHQWD SDSHO QD UHGXomR GD

(34)

)LJXUD (VWUXWXUD TXtPLFD GR WRFRIHURO H WRFRWULHQRO )RQWH &(548(,5$ 0('(,526 $8*8672

&DURWHQRLGHV

&DURWHQRLGHVVmRFRPSRVWRVLVRSUHQRLGHVOLSRItOLFRVDPSODPHQWHGLVWULEXtGRV

QD QDWXUH]D RVSULQFLSDLV LQFOXHP RVKLGURFDUERQHWRV OLFRSHQR HEFDURWHQR FXMDV HVWUXWXUDV HVWmR UHSUHVHQWDGDV QD ILJXUD *UXSR GH DQWLR[LGDQWHV TXH VmR VLQWHWL]DGRV SRU WRGRV RV RUJDQLVPRV IRWRVVLQWpWLFRV HP DOJXPDV EDFWpULDV QmR IRWRVVLQWpWLFDV H IXQJRV 2UJDQLVPRV KXPDQRV QmR SRGHP VLQWHWL]DU FDURWHQRLGHV PDVSRGHPREWrORVDSDUWLUGDGLHWD:$/7(5675$&.

(35)

(VVHV SLJPHQWRV QDWXUDLV VmR UHVSRQViYHLV SRU PXLWDV GDV FRORUDo}HV DPDUHOD ODUDQMD H YHUPHOKD QDV IUXWDV H YHJHWDLV +$1128)$ +266$,1 $VIXQo}HVHEHQHItFLRVjVD~GHGRVFDURWHQRLGHVLQFOXHPRVHXSDSHOJHUDOFRPR DQWLR[LGDQWH(PKXPDQRVDOJXQVH[HUFHPHIHLWRQDUHGXomRGRULVFRGHGRHQoDV FDUGLRYDVFXODUHVFHUWRVWLSRGHFkQFHUHGRHQoDVUHODFLRQDGDVDRHQYHOKHFLPHQWR

2 EFDURWHQR SUHFXUVRU GD YLWDPLQD $ DWXD SHUPLWLQGR D YLVmR GH FRUHV QD SUHYHQomR GD GHJHQHUDomR PDFXODU GR ROKR H QD UHJXODomR GRV UHWLQRLGHV :$/7(5675$&.

*OXWDWLRQDUHGX]LGD*6+

$ JOXWDWLRQD UHGX]LGD p XPD GDV PROpFXODV PDLV LPSRUWDQWHV QD GHIHVD FHOXODU FRQWUD FRPSRVWRV UHDWLYRV H TXLPLFDPHQWH Wy[LFRV RX HVWUHVVH R[LGDWLYR 6(1(5 6(+,5/, $<$12*/8'8/*(5 (VVD p HQFRQWUDGD GH IRUPD DEXQGDQWH QR FLWRVRO Q~FOHR H PLWRF{QGULD VHQGR FRQVLGHUDGD R SULQFLSDO DQWLR[LGDQWHVRO~YHOQHVVHVFRPSDUWLPHQWRVFHOXODUHV9$/.2HWDO

(QWUHRVSDSpLVSULQFLSDLVGD*6+FRQWUDRHVWUHVVHR[LGDWLYRHVWmRLQFOXtGRV FRIDWRU GH YiULDV HQ]LPDV GHVLQWR[LFDQWHV SRU H[HPSOR JOXWDWLRQD SHUR[LGDVH *3[SDUWLFLSDomRQRWUDQVSRUWHGHDPLQRiFLGRVDWUDYpVGDPHPEUDQDSODVPiWLFD HOLPLQDomRGHIRUPDGLUHWDGRVUDGLFDLVKLGUR[LODHR[LJrQLRVLQJOHWHFDSDFLGDGHGH

UHJHQHUDUDVYLWDPLQDV&H(0$6(//$HWDO

'LPLQXLomR QRV QtYHLV GH *6+ LQWUDFHOXODU SRGH OHYDU j VHQVLELOL]DomR GDV FpOXODV D FHUWDV GURJDV 'RVHV HOHYDGDV GH SDUDFHWDPRO SRGHP RFDVLRQDU D GHSOHomRGH*6+HVXEVHTXHQWHDXPHQWRGDSHUR[LGDomROLStGLFDHGDQRVQRItJDGR /,8/83(1*6(1(56(+,5/,$<$12*/8'8/*(5

3ROLIHQRLV

(36)

IHU~OLFRiFLGRFDIHtFRiFLGRJiOLFROLJQDQDVSLQRUHVLQROHHVWLOEHQRVUHVYHUDWURO

(%5$+,0,6&+/8(6(1(5)5$*$HWDO

2VIODYRQRLGHVUHSUHVHQWDPDPDLRUIDPtOLDHQWUHRVSROLIHQyLVPDLVGH MiIRUDPLVRODGRVHLGHQWLILFDGRV5$0$66$0<(VVHVSRGHPVHUGLYLGLGRV HP YiULDV FODVVHV )LJXUD WDLV FRPR DQWRFLDQLQDV GHULYDGDV GH DQWRFLDQLGLQDV H[ FLDQLGLQD GHOILQLGLQD PDOYLGLQD SHWXQLGLQD IODYRQRLV PLULFHWLQD NDHPSIHURO TXHUFHWLQD UXWLQD IODYDQRLV FDWHTXLQD HSLFDWHTXLQD IODYDQRQDV EXWLQD KHVSHUHWLQD KHVSHULGLQDQDULQJHQLQDIODYRQDV OXWHROLQD DSLJHQLQD H LVRIODYRQDV GDLG]HtQDJHQLVWHtQD(%5$+,0,6&+/8(6(1(5

)LJXUD3ULQFLSDLVFODVVHVGHSROLIHQyLV)RQWH5$0$66$0<

(37)

JUDX GH FRQMXJDomR HVWUXWXUDO H GR QtYHO GH JOLFRVLODomR 0$6(//$HW DO

5$0$66$0<

$VDo}HVEHQpILFDVGRVSROLIHQRLVVmRSULQFLSDOPHQWHDWULEXtGDVDRVHXSRGHU DQWLR[LGDQWH RX VHMD j VXD FDSDFLGDGH GH QHXWUDOL]DU FRQGLo}HV GH HVWUHVVH R[LGDWLYRGHSHQGHQGRGDVXDHVWUXWXUDTXtPLFDSRGHPDWXDUQDTXHEUDGHFDGHLDV RX FRPR VHTXHVWUDGRUHV GH UDGLFDLV 3RGHP WDPEpP DWLYDU R VLVWHPD GH GHIHVD HQGyJHQR&+2,HWDO0$6(//$HWDO

+iXPLQWHUHVVHFUHVFHQWHQRVFRPSRVWRVIHQyOLFRVGHYLGRDYiULRVHVWXGRV TXH UHODFLRQDP VXD DWLYLGDGH DQWLR[LGDQWH FRP D SUHYHQomR GH FHUWDV GRHQoDV FU{QLFDVFRPRFkQFHU','20(1,&2HWDOPDOGH$O]KHLPHU&+2,HWDO

GRHQoDVFDUGLRYDVFXODUHV/(,)(57$%(<:$5'(1$HGLDEHWHVWLSR 5,=9,=$,'2VHXHIHLWREHQpILFRHPDOHUJLDVDVPDKLSHUWHQVmRWDPEpP IRL UHODWDGR 5È021 0,5$1'$ 9(5*$5$ $OpP GLVVR HVVHV FRPSRVWRV SRVVXHPSURSULHGDGHVDQWLEDFWHULDQD%$<'$5HW DODQWLI~QJLFD-81*HW

DO DQWLYLUDO &+$9(= HW DO LPXQRPRGXODGRUD DQWLLQIODPDWyULD

7(55$ HW DO H KHSDWRSURWHWRUD LQFOXVLYH FRQWUD GDQRV LQGX]LGRV SRU

SDUDFHWDPRO/,8/83(1*<286()HWDO

(38)

0$7(5,$/

0DWHULDOYHJHWDO

)RUDPXWLOL]DGDVIROKDVGHD]HLWRQDGDWHUUD6\]\JLXPFXPLQL/FROKLGDVHP

RXWXEURQRYHPEUR GH ORFDOLGDGH GH 8EHUDED PXQLFtSLR GH %HEHULEH QR HVWDGRGR&HDUi$LGHQWLILFDomRERWkQLFDGDSODQWDIRLUHDOL]DGDQR+HUEiULR3ULVFR %H]HUUDGR'HSDUWDPHQWRGH%RWkQLFDH%LRORJLDGD8QLYHUVLGDGH)HGHUDOGR&HDUi 8)&RQGHIRLGHSRVLWDGDUHFHEHQGRR³YRXFKHU´GHQ~PHUR

$QLPDLV

)RUDP XWLOL]DGRV FDPXQGRQJRV VZLVV PDFKRV SHVDQGR HQWUH J SURYHQLHQWHVGHFRO{QLDVGR%LRWpULR&HQWUDOGD8QLYHUVLGDGH)HGHUDOGR&HDUi2V DQLPDLV IRUDP PDQWLGRV QD VDOD GH H[SHULPHQWDomR DQLPDO GR /DERUDWyULR GH %LRHQHUJpWLFD QD 8QLYHUVLGDGH )HGHUDO GR &HDUi HP FDL[DV SOiVWLFDV VRE FRQGLo}HVDGHTXDGDVGHOX]HWHPSHUDWXUDUHFHEHQGRUDomRHiJXDjYRQWDGH

2 SURWRFROR H[SHULPHQWDO IRL DSURYDGR SHOD &RPLVVmR GH eWLFD HP 3HVTXLVD $QLPDO&(3$GD8)&QRHRVDQLPDLVIRUDPPDQLSXODGRVGHDFRUGRFRP DV QRUPDV GR &RQVHOKR 1DFLRQDO GH &RQWUROH GD ([SHULPHQWDomR $QLPDO &21&($

5HDJHQWHV

7RGRVRVUHDJHQWHVOLVWDGRVQDPHWRGRORJLDIRUDPGHJUDXDQDOtWLFR

(39)

0e72'26

3UHSDUDomRGRH[WUDWRHWDQyOLFRGHIROKDVGHD]HLWRQDGDWHUUD6\]\JLXP FXPLQL

2 H[WUDWR HWDQyOLFR IRL SUHSDUDGR GDV IROKDV GD SODQWD DGXOWD QR /DERUDWyULR GH 3URGXWRV 1DWXUDLV GR 'HSDUWDPHQWR GH 4XtPLFD 2UJkQLFD H ,QRUJkQLFD GD 8QLYHUVLGDGH )HGHUDO GR &HDUi$V IROKDV IRUDP WULWXUDGDV H VHFDV j WHPSHUDWXUD DPELHQWHGHSRLVIRUDPVXEPHWLGDVjH[WUDomRH[DXVWLYDFRPKH[DQRDIULRGXUDQWH VHWH GLDV 3DUD WDQWR XWLOL]DUDPVH DSUR[LPDGDPHQWH OLWURV GH KH[DQR H SRVWHULRUPHQWHPHVPDTXDQWLGDGHGHHWDQRO)RUDPUHDOL]DGDVGXDVH[WUDo}HVFRP FDGD VROYHQWH $ HYDSRUDomR GRV VROYHQWHV IRL UHDOL]DGD VRE SUHVVmR UHGX]LGD HP HYDSRUDGRUURWDWyULRPDUFD)LVDWRP±PRGHOR7PDQWHQGRVHDWHPSHUDWXUDGR EDQKRHPWRUQRGH&HSRVWHULRUPHQWHH[SRQGRVHjWHPSHUDWXUDDPELHQWHSDUD HOLPLQDUUHVTXtFLRGHVROYHQWHUHVXOWDQGRHQWmRRH[WUDWRHWDQyOLFRFRQFHQWUDGR

&DUDFWHUL]DomR ILWRTXtPLFD GR H[WUDWR HWDQyOLFR GH IROKDV GH D]HLWRQD GD WHUUD6\]\JLXPFXPLQL

3UHSDUR GDV DPRVWUDV D SDUWLU GR H[WUDWR SDUD GHWHUPLQDomR GRV ILWRTXtPLFRV

$ FDUDFWHUL]DomR ILWRTXtPLFD IRL UHDOL]DGD VHJXLQGR D PHWRGRORJLD GH 0DWRV FRPPRGLILFDo}HVJGHH[WUDWRFRQFHQWUDGRIRUDPGLOXtGRVHPP/GH iOFRROHWtOLFR$VROXomRIRLGLYLGLGDHPSRUo}HVGHP/FRORFDGDVHPWXERVGH HQVDLRQXPHUDGRVGHD'XDVSRUo}HVGHP/IRUDPFRORFDGDVHPEpTXHUHV QXPHUDGRVGHHHVXEPHWLGDVDEDQKRPDULDDWpVHFDJHP

'HWHUPLQDomRGHIHQRLVHWDQLQRV

(40)

'HWHUPLQDomRGHIODYRQRLGHV

3DUDYHULILFDUDSUHVHQoDGHIODYRQRLGHVRWXERIRLDOFDOLQL]DGRDS+$ REVHUYDomR GH PXGDQoD GH FRORUDomR QR PHLR DOFDOLQR S+ SDUD YHUPHOKR ODUDQMDLQGLFDSRVVtYHOSUHVHQoDGHIODYDQRQRLVMiSDUDDPDUHODSRVVtYHOSUHVHQoD GHIODYRQDVIODYRQRLVH[DQWRQDV

'HWHUPLQDomRGHIODYRQRLVIODYDQRQDVIODYDQRQRLVH[DQWRQDV

3DUD D GHWHFomR GH IODYRQRLV IODYDQRQDV IODYDQRQRLV H [DQWRQDV IRUDP DGLFLRQDGRVJGHPDJQpVLRJUDQXODGRHP/GHiFLGRFORUtGULFRFRQFHQWUDGR DRWXER$SyVRWpUPLQRGDUHDomRDYLVXDOL]DomRGDPXGDQoDGHFRORUDomRSDUD YHUPHOKRLQGLFDSUHVHQoDGHWDLVFRPSRVWRV

'HWHUPLQDomRGHFDWHTXLQDV

3DUDYHULILFDUDSUHVHQoDGHFDWHTXLQDVRWXERIRLDFLGXODGRSHODDGLomRGH iFLGRFORUtGULFRDS+HDTXHFLGRHPXPDODPSDULQDSRUPLQXWRV$PXGDQoDGH FRORUDomRSDUDSDUGRDPDUHODGRGHWHUPLQDDSUHVHQoDGHFDWHTXLQDV

'HWHUPLQDomRGHHVWHURLGHVHWULWHUSHQRLGHV

$ SUHVHQoD RX DXVrQFLD GH HVWHURLGHV H WULWHUSHQRLGHV IRL GHWHUPLQDGD GD VHJXLQWH IRUPD R UHVtGXR VHFR QR EpTXHU IRL H[WUDtGR FRP P/ GH FORURIyUPLR WUrVYH]HVIRUPDQGRXPDVROXomRFORURIyUPLFDTXHIRLILOWUDGDHPXPIXQLOIHFKDGR FRP XP IUDJPHQWR GH DOJRGmR FREHUWR FRP J GH VXOIDWR GH VyGLR DQLGUR (P VHJXLGD IRL DGLFLRQDGR P/ GH DQLGULGR DFpWLFR H JRWDV GH iFLGR VXOI~ULFR FRQFHQWUDGR$PXGDQoDGHFRORUDomRGDVROXomRGHD]XOHYDQHVFHQWHSDUDYHUGH SHUPDQHQWHLQGLFDSUHVHQoDGHHVWHURLGHVOLYUHVHQTXDQWRDPXGDQoDGHFRORUDomR SDUDSDUGDLQGLFDSUHVHQoDGHWULWHUSHQRLGHV

(41)

'HWHUPLQDomRGHVDSRQLQDV

$ SUHVHQoD RX DXVrQFLD GH VDSRQLQDV IRL GHWHUPLQDGD D SDUWLU GR UHVtGXR LQVRO~YHO HP FORURIyUPLR REWLGR GR WHVWH DQWHULRU TXH IRL GLVVROYLGR HP iJXD GHVWLODGDHILOWUDGRSDUDXPWXERGHHQVDLR2OtTXLGRREWLGRGDILOWUDomRIRLDJLWDGR SRU PLQXWRV H D IRUPDomR GH HVSXPD SHUVLVWHQWH IRL LQGLFDWLYR GD SUHVHQoD GH VDSRQLQDV

'HWHUPLQDomRGHDOFDORLGHV

$ SUHVHQoD RX DXVrQFLD GH DOFDORLGHV IRL GHWHUPLQDGD D SDUWLU GR UHVtGXR VHFRQREpTXHUTXHIRLGLVVROYLGRHPP/GH+&ODHVHSDUDGDSRUomRGH P/HPWXERGHHQVDLR(PVHJXLGDIRLDGLFLRQDGDJRWDGHUHDWLYRGH'UDJHQGRUII $YLVXDOL]DomRGHSUHFLSLWDGRIORFXORVRYHUPHOKRWLMRORLQGLFDSUHVHQoDGHDOFDORLGHV

(VWXGRGDDWLYLGDGHDQWLR[LGDQWHWRWDOHGRVDQWLR[LGDQWHVQmRHQ]LPiWLFRV

3UHSDURGRVH[WUDWRV

2H[WUDWRXWLOL]DGRSDUDGHWHUPLQDomRGDDWLYLGDGHDQWLR[LGDQWHWRWDOPpWRGR $%76 H '33+ H SROLIHQRLV WRWDLV IRL REWLGR D SDUWLU GH J GH (( FRQFHQWUDGR VHJXLQGR D PHWRGRORJLD GH /DUUDXUL 5XSpUH] H 6DXUD&DOL[WR )RUDP SHVDGRV J GH (( FRQFHQWUDGR HP XP EpTXHU DGLFLRQDGRV P/ GH PHWDQRO KRPRJHQHL]DGRV H GHL[DGRV HP UHSRXVR SRU PLQXWRV j WHPSHUDWXUD DPELHQWH(QWmRVXEPHWLGRDFHQWULIXJDomRDUSPGXUDQWHPLQXWRV$SyV FHQWULIXJDomR R VREUHQDGDQWHIRL UHFROKLGRHPXPEDOmR YROXPpWULFR GHP/H GHQRPLQDGR VREUHQDGDQWH $R SUHFLSLWDGR GD SULPHLUD H[WUDomR IRUDP DGLFLRQDGRVP/GHDFHWRQDVHQGRKRPRJHQHL]DGRHGHL[DGRHPUHSRXVR SRU PLQXWRV D WHPSHUDWXUD DPELHQWH )RL IHLWD XPD QRYD FHQWULIXJDomR D USP GXUDQWH PLQXWRV VHQGR R VREUHQDGDQWH UHFROKLGR VREUHQDGDQWH H DGLFLRQDGRDREDOmRYROXPpWULFRFRQWHQGRRVREUHQDGDQWH2YROXPHILQDOEDOmR IRLDMXVWDGRSDUDP/FRPiJXDGHVWLODGD

(42)

$WLYLGDGHDQWLR[LGDQWHWRWDO

0pWRGR$%76

$DQiOLVHGDDWLYLGDGHDQWLR[LGDQWHWRWDOIRLUHDOL]DGDSHORPpWRGR$%76¶ D]LQRELV HWLOEHQ]RWLD]ROLQDiFLGR VXOI{QLFR FRQIRUPH GHVFULWR SRU 0LOOHUHW DO

FRPPRGLILFDo}HV,QLFLDOPHQWHDSDUWLUGRH[WUDWRREWLGRIRUDPSUHSDUDGDV WUrV GLIHUHQWHV FRQFHQWUDo}HV H SSP (P WXERV GH HQVDLR IRUDP DGLFLRQDGRV HP DPELHQWH HVFXUR / GH FDGD GLOXLomR GR H[WUDWR H P/ GD VROXomR GR UDGLFDO ¶D]LQRELV >HWLOEHQ]RWLD]ROLQDiFLGR VXOI{QLFR@ $%76Ɣ GLOXtGRHPiOFRROHWtOLFRDWpREWHQomRGHXPDDEVRUEkQFLDHPFRPSULPHQWRGHRQGD GHDQP(VVDVROXomRGRUDGLFDOIRLSUHSDUDGDDSDUWLUGDVROXomR HVWRTXHGH$%76P0HSHUVXOIDWRGHSRWiVVLRP0KRUDVDQWHVGDDQiOLVH $ VROXomR GR DQWLR[LGDQWH VLQWpWLFR KLGUR[LWHWUDPHWLOFKURPDQiFLGR FDUER[tOLFR 7UROR[6LJPD0 SUHSDUDGDHP iOFRRO HWtOLFRIRL XWLOL]DGD FRPR DQWLR[LGDQWH SDGUmR $ DWLYLGDGH DQWLR[LGDQWH WRWDO IRL FDOFXODGD FRP EDVH HP XPD FXUYD SDGUmR GH GRVHV GHFUHVFHQWHV GH 7UROR[ $V OHLWXUDV IRUDP UHDOL]DGDV HP HVSHFWURIRW{PHWURHPFRPSULPHQWRGHRQGDGHQPPLQXWRVDSyVDDGLomRGD VROXomRGRUDGLFDO$%76ƔHRVUHVXOWDGRVH[SUHVVRVHP07UROR[JGHH[WUDWR

0pWRGR'33+

2XWURPpWRGRXWLOL]DGRSDUDDYDOLDUDDWLYLGDGHDQWLR[LGDQWHWRWDOIRLRPpWRGRGR UDGLFDO GLIHQLOSLFULOKLGUD]LO '33+ SURSRVWR SRU %UDQG:LOOLDPV &XYHOLHU H %HUVHWFRPSHTXHQDVPRGLILFDo}HV(VVHPpWRGRWHPSRUEDVHDUHGXomRGR UDGLFDO '33+ TXH DSUHVHQWD XP Pi[LPR GH DEVRUomR D QP ,QLFLDOPHQWH D SDUWLUGRH[WUDWRREWLGRIRUDPSUHSDUDGDVWUrVGLIHUHQWHVFRQFHQWUDo}HVH SSP(PWXERVGHHQVDLRHPDPELHQWHHVFXURIRUDPDGLFLRQDGRVP/GH FDGDGLOXLomRGRH[WUDWRHP/GRUDGLFDO'33+2GHFUpVFLPRQDDEVRUEkQFLDD QPIRLPHGLGRDWpVXDHVWDELOL]DomR$DWLYLGDGHDQWLR[LGDQWHWRWDOIRLFDOFXODGD FRP EDVH HP XPD FXUYD SDGUmR GH GRVHV FUHVFHQWHV GH '33+ VHQGR H[SUHVVD FRPR D FRQFHQWUDomR GH DQWLR[LGDQWH UHTXHULGD SDUD UHGX]LU D TXDQWLGDGH GH UDGLFDLVOLYUHVHPHRVYDORUHVH[SUHVVRVFRPRJGHH[WUDWRJ'33+

(43)

'HWHUPLQDomRGHYLWDPLQD&

$ YLWDPLQD & IRL GHWHUPLQDGD GH DFRUGR FRP PpWRGR GH 6WURKHFNHU H +HQQLQJ $PRVWUDV GH J GH H[WUDWR FRQFHQWUDGR IRUDP KRPRJHQHL]DGDV FRP VROXomR H[WUDWRUD iFLGR R[iOLFR VHQGR R YROXPH FRPSOHWDGR DWp P/ 'HSRLVXPDDOtTXRWDGHP/IRLUHWLUDGDHDGLFLRQDGDHP(UOHQPH\HUP/R YROXPH FRPSOHWDGR FRP iJXD DWp P/ H D DPRVWUD IRL WLWXODGD FRP VROXomR SDGURQL]DGD GH GLFORURIHQROLQGRIHQRO 2 SRQWR GH YLUDJHP IRL GHWHFWDGR YLVXDOPHQWH7RGDVDVDQiOLVHVIRUDPIHLWDVHPGXSOLFDWDHRVUHVXOWDGRVH[SUHVVRV HPPJGHYLWDPLQD&JGHDPRVWUD

'HWHUPLQDomRGHDQWRFLDQLQDV

2WHRUGHDQWRFLDQLQDVWRWDLVIRLGHWHUPLQDGRGHDFRUGRFRPRPpWRGRGH)UDQFLV $PRVWUDVGHJGHH[WUDWRFRQFHQWUDGRIRUDPKRPRJHQHL]DGDVFRPP/ GHVROXomRGHHWDQRO+&O1HWUDQVIHULGDVSDUDXPEDOmRYROXPpWULFRP/ VHQGRRYROXPHDIHULGRFRPHWDQRO+&O1HGHL[DGRHPUHSRXVRDR&SRUXPD QRLWH2PDWHULDOIRLILOWUDGRSDUDXPEpTXHUP/HHPVHJXLGDDDEVRUEkQFLDIRL PHGLGDDQP2EUDQFRIRLFRPSRVWRDSHQDVGDVROXomRGHHWDQRO+&O1 7RGDV DV DQiOLVHV IRUDP IHLWDV HP GXSOLFDWD H RV UHVXOWDGRV H[SUHVVRV HP PJ GH DQWRFLDQLQDVJGHH[WUDWRXVDQGRDIyUPXOD

$EVRUEkQFLD[IDWRUGHGLOXLomR

'HWHUPLQDomRGHIODYRQRLGHVDPDUHORV

(44)

HWDQRO+&O 1 7RGDV DV DQiOLVHV IRUDP IHLWDV HP GXSOLFDWD H RV UHVXOWDGRV H[SUHVVRVHPPJGHIODYRQyLGHVDPDUHORVJGHH[WUDWRXWLOL]DQGRDIyUPXOD

$EVRUEkQFLD[IDWRUGHGLOXLomR

'HWHUPLQDomRGHSROLIHQRLVWRWDLV

$ TXDQWLILFDomR GH FRPSRVWRV IHQyOLFRV IRL UHDOL]DGD FRQIRUPH GHVFULWR SRU 2EDQGD H 2ZXRU (VVH PpWRGR HQYROYH D UHGXomR GR UHDJHQWH )ROLQ &LRFDOWHDXSHORVFRPSRVWRVIHQyOLFRVGDVDPRVWUDVFRPFRQFRPLWDQWHIRUPDomRGH XP FRPSOH[R D]XO FXMD LQWHQVLGDGH DXPHQWD OLQHDUPHQWH D QP (P WXERV GH HSSHQGRUIIRUDPDGLFLRQDGRVHPDPELHQWHHVFXURȝ/GHH[WUDWRSUHSDUDGRQR LWHPȝ/GDVROXomR)ROLQ&LRFDOWHDXȝ/GDVROXomRGHFDUERQDWRGH VyGLRDQLGUR1D&2Dȝ/GHiJXDGHVWLODGDHHPVHJXLGDDPLVWXUDGH UHDomR IRL KRPRJHQHL]DGD H GHL[DGD HP UHSRXVR j WHPSHUDWXUD DPELHQWH SRU PLQXWRV$VOHLWXUDVIRUDPUHDOL]DGDVHPOHLWRUGHPLFURSODFDVHPFRPSULPHQWRGH RQGD GH QP $V FRQFHQWUDo}HV GH SROLIHQRLV VRO~YHLV WRWDLV IRUDP FDOFXODGDV FRPEDVHHPXPDFXUYDSDGUmRGHGRVHVFUHVFHQWHVGHiFLGRJiOLFR2VUHVXOWDGRV IRUDPH[SUHVVRVHPPJGHiFLGRJiOLFRJGHH[WUDWR

'HWHUPLQDomRGHFDURWHQRLGHVWRWDLV

2V FDURWHQRLGHV WRWDLV IRUDP GHWHUPLQDGRV SHOR PpWRGR GH /LFKWHQWKDOHU H :HOOEXUQ $PRVWUD GH H[WUDWR FRQFHQWUDGR IRL KRPRJHQHL]DGD FRP DFHWRQD HPiJXD(PVHJXLGDRH[WUDWRIRLILOWUDGRGLUHWDPHQWHQXPEDOmRYROXPpWULFR GHP/HGHSRLVRYROXPHGREDOmRIRLFRPSOHWDGRFRPDFHWRQD$VOHLWXUDV IRUDPUHDOL]DGDVHPHQPHRVUHVXOWDGRVH[SUHVVRVHPPJJGH DPRVWUDXVDQGRDIyUPXOD

&ORURILODD$EV±$EV &ORURILODE$EV±$EV

(45)

$YDOLDomRGDWR[LFLGDGHGRH[WUDWRHWDQyOLFRGHIROKDVGHD]HLWRQDGDWHUUD 6\]\JLXPFXPLQL

*UXSRVH[SHULPHQWDLV

3DUDDYDOLDomRGHSRVVtYHLVHIHLWRVWy[LFRVGR((RVDQLPDLVIRUDPGLYLGLGRVHP VHLVJUXSRVQ HVXEPHWLGRVDRVVHJXLQWHVWUDWDPHQWRVSRUGLDVFRQVHFXWLYRV

x *UXSR&RQWUROHDQLPDLVTXHUHFHEHUDP/GHVROXomRVDOLQDSRUYLDLJ

x *UXSR'062DQLPDLVTXHUHFHEHUDP/GH'062SRUYLDLJ

x *UXSR((DQLPDLVTXHUHFHEHUDP/GHH[WUDWRHWDQyOLFRGHIROKDV

GHD]HLWRQDGDWHUUDPJ.JSRUYLDLJ

2 HQVDLR GH WR[LFLGDGH IRL UHDOL]DGR FRP EDVH QR HVWXGR GH 6DELU H 5RFKD D FRP PRGLILFDo}HV 2V DQLPDLV UHFHEHUDP SRU YLD LQWUD JiVWULFD LJ RV WUDWDPHQWRV SRU GLDV FRQVHFXWLYRV 'XUDQWH WRGR R SHUtRGR GR WUDWDPHQWR IRUDP REVHUYDGRV VLQDLV GH WR[LFLGDGH FRPR GLVWLQWRV SDUkPHWURV FRPSRUWDPHQWDLV H ILVLROyJLFRV WDLV FRPR IUHTXrQFLDV UHVSLUDWyULD H FDUGtDFD GLDUUpLD ODFULPHMDPHQWR VLDORUUpLD HULoDPHQWR GH SHORV SHVR PRUWDOLGDGH DYDOLDomR PDFURVFySLFD GRV HVW{PDJRVHGHWHUPLQDomRGHSDUkPHWURVELRTXtPLFRV

(46)

2V HVW{PDJRV IRUDP WDPEpP UHPRYLGRV ODYDGRV FRP iJXD GHVWLODGD H XWLOL]DGRV SDUDFRQIHFomRGDVOkPLQDVSDUDDYDOLDomRGDVOHV}HV

'HWHUPLQDomRGDDWLYLGDGHGDVHQ]LPDVDODQLQDDPLQRWUDQVIHUDVH$/7 DVSDUWDWRDPLQRWUDQVIHUDVH$67QRVRURGHFDPXQGRQJRV

&ROHWDGHVRUR

2 VDQJXH GRV DQLPDLV IRL FROHWDGR LQGLYLGXDOPHQWH H GHL[DGR HP UHSRXVR GXUDQWH KRUDV j WHPSHUDWXUD DPELHQWH SDUD UHWUDomR GR FRiJXOR $SyV HVVH WHPSR R VRUR IRL VHSDUDGR GR FRiJXOR SRU FHQWULIXJDomR D USP SRU GH] PLQXWRV SDUD REWHQomR GH XP VRUR OtPSLGR OLYUH GH KHPiFLDV TXH IRL HQWmR DUPD]HQDGRj & SDUDDQiOLVHV SRVWHULRUHV GDV DWLYLGDGHV GDV HQ]LPDV$/7H $67

$WLYLGDGHGDVHQ]LPDV$/7H$67

)RL XWLOL]DGR R PpWRGR FLQpWLFR SDUD D GHWHUPLQDomR GD DWLYLGDGH VpULFD GDV HQ]LPDV$/7H$67VHJXLQGRDVUHFRPHQGDo}HVGRIDEULFDQWH.LW/DEWHVW

'HWHUPLQDomRGDSHUR[LGDomROLStGLFDQRItJDGRGHFDPXQGRQJRV

$ SHUR[LGDomR OLStGLFD IRL PHGLGD SRU HVWLPDomR GR PDORQGLDOGHtGR 0'$ VHJXLQGR R PpWRGR GH 2KNDZD 2KLVKL H <DJL 2 WHFLGR J IRL KRPRJHQHL]DGR FRPP/GH WDPSmR DFHWDWR S+ H FHQWULIXJDGR D USP SRU PLQ D & $ / GR VREUHQDGDQWH IRUDP DGLFLRQDGRV / iFLGR WLREDUELW~ULFR H / GH GRGHFLO VXOIDWR GH VyGLR H OHYDGRV DR EDQKR PDULD D R& SRU K (P VHJXLGD D VROXomR IRL UHWLUDGD H GHL[DGD j WHPSHUDWXUDDPELHQWH$VOHLWXUDVIRUDPUHDOL]DGDVHPHVSHFWURIRW{PHWURDQP 2VUHVXOWDGRVIRUDPH[SUHVVRVHPQPROGH0'$JGHWHFLGRQPROJWHFLGR

(47)

$QiOLVHGDVOHV}HVGRVHVW{PDJRV

2V DQLPDLV IRUDP VDFULILFDGRV SRU GHVORFDPHQWR FHUYLFDO H RV HVW{PDJRV UHPRYLGRVODYDGRVFRPiJXDGHVWLODGDHFRORFDGRVHPOkPLQDV$SyVSUHSDUDomR GDVOkPLQDVRVGDQRVGRVHVW{PDJRVIRUDPDYDOLDGRVYLVXDOPHQWH

'HWHUPLQDomRGRHIHLWRSURWHWRUGRH[WUDWRHWDQyOLFRGHIROKDVGHD]HLWRQD GDWHUUD6\]\JLXPFXPLQLFRQWUDRHVWUHVVHR[LGDWLYR

3UHSDUDomRGH3DUDFHWDPRO

3DUDFHWDPRO HP FRPSULPLGR PDUFD W\OHQRO IRL PDFHUDGR H GLVVROYLGR HP iJXD D & VHJXLQGR PHWRGRORJLD GH 2ODOH\H H 5RFKD )RL XWLOL]DGD GRVH DJXGDGHSDUDFHWDPROPJ.JFRPRSURSRVWRSRU*LULVKHWDODHE

*UXSRVH[SHULPHQWDLV

2VDQLPDLVIRUDPGLYLGLGRVHPGH]JUXSRVQ

x *UXSR&RQWUROHDQLPDLVTXHUHFHEHUDPSRUYLDLJ/GHVROXomRVDOLQD

GXUDQWHGLDVFRQVHFXWLYRV

x *UXSR '062 DQLPDLV TXH UHFHEHUDP SRU YLD LJ / GH '062

GXUDQWHGLDVFRQVHFXWLYRV

x *UXSR((DQLPDLVTXHUHFHEHUDPSRUYLDLJ/GHH[WUDWRHWDQyOLFR

GHIROKDVGHD]HLWRQDGDWHUUDPJ.JGXUDQWHGLDVFRQVHFXWLYRV

x *UXSR 3DUDFHWDPRO DQLPDLV TXH UHFHEHUDP SRU YLD LJ / GH VROXomR

(48)

x *UXSR'0623DQLPDLVTXHDQLPDLVTXHUHFHEHUDPSRUYLDLJ/GH

'062GXUDQWHGLDVFRQVHFXWLYRVHTXHIRUDPVXEPHWLGRVjLQJHVWmRGH GRVH DJXGD GH SDUDFHWDPRO PJNJ SRU YLD LJ QR VpWLPR GLD GR WUDWDPHQWR

x *UXSR ((3 DQLPDLV TXH UHFHEHUDP SRU YLD LJ / GH H[WUDWR

HWDQyOLFR GH IROKDV GH D]HLWRQD GD WHUUD PJ.J GXUDQWH GLDV FRQVHFXWLYRV H TXH IRUDP VXEPHWLGRV j LQJHVWmR GH GRVH DJXGD GH SDUDFHWDPROPJNJSRUYLDLJQRVpWLPRGLDGRWUDWDPHQWR

2 HQVDLR GH SURWHomR IRL UHDOL]DGR FRP EDVH QR HVWXGR GH 5DPDQDWKDQ H .LWWXVDP\FRPDOJXPDVPRGLILFDo}HV2VDQLPDLVUHFHEHUDPSRUYLDLJRV WUDWDPHQWRV GXUDQWH GLDV FRQVHFXWLYRV 2V JUXSRV 3DUDFHWDPRO '0623 ((3((3H((3UHFHEHUDPQRVpWLPRGLDKRUDDSyVRVGHYLGRV WUDWDPHQWRVXPDGRVHDJXGDGHSDUDFHWDPROPJ.JSRUYLDLJ$VDPRVWUDV GHVDQJXHIRUDPFROHWDGDVSHORSOH[RUHWURRUELWDODQWHVGRLQtFLRGRVWUDWDPHQWRVH KRUDV DSyV D LQJHVWmR GR SDUDFHWDPRO H R VRUR IRL REWLGR SDUD SRVWHULRUHV DQiOLVHVGDVHQ]LPDV$/7$67H$/3(PVHJXLGDRVDQLPDLVIRUDPHXWDQDVLDGRV SRU GHVORFDPHQWR FHUYLFDO H RV yUJmRV WLPR EDoR ULP H ItJDGR IRUDP UHPRYLGRV REVHUYDGRV PDFURVFRSLFDPHQWH H SHVDGRV 2V ItJDGRV IRUDP FRORFDGRV LPHGLDWDPHQWHHPQLWURJrQLROtTXLGR&HUDSLGDPHQWHDUPD]HQDGRVD& SDUD DQiOLVHV SRVWHULRUHV GD SHUR[LGDomR OLStGLFD DWLYLGDGH GD HQ]LPD VXSHUy[LGR GLVPXWDVHHWHRUHVGHJOXWDWLRQDUHGX]LGD2VHVW{PDJRVIRUDPUHPRYLGRVODYDGRV FRP iJXD GHVWLODGD H XWLOL]DGRV SDUD FRQIHFomR GDV OkPLQDV SDUD DYDOLDomR PDFURVFySLFDGDVOHV}HV

(49)

'HWHUPLQDomRGDDWLYLGDGHGDVHQ]LPDVDODQLQDDPLQRWUDQVIHUDVH$/7 DVSDUWDWR DPLQRWUDQVIHUDVH $67 H IRVIDWDVH DOFDOLQD $/3 QR VRUR GH FDPXQGRQJRV

&ROHWDGHVRUR

2 VDQJXH GRV DQLPDLV IRL FROHWDGR LQGLYLGXDOPHQWH H GHL[DGR HP UHSRXVR GXUDQWH KRUDV j WHPSHUDWXUD DPELHQWH SDUD UHWUDomR GR FRiJXOR $SyV HVVH WHPSR R VRUR IRL VHSDUDGR GR FRiJXOR SRU FHQWULIXJDomR D USP SRU GH] PLQXWRV SDUD REWHQomR GH XP VRUR OtPSLGR OLYUH GH KHPiFLDV TXH IRL HQWmR DUPD]HQDGR j & SDUD DQiOLVHV SRVWHULRUHV GDV DWLYLGDGHV GDV HQ]LPDV $/7 $67H$/3

$WLYLGDGHGDVHQ]LPDV$/7$67H$/3

)RL XWLOL]DGR R PpWRGR FLQpWLFR SDUD D GHWHUPLQDomR GD DWLYLGDGH VpULFD GDV HQ]LPDV$/7$67H$/3VHJXLQGRDVUHFRPHQGDo}HVGRIDEULFDQWH.LW/DEWHVW

'HWHUPLQDomRGDSHUR[LGDomROLStGLFDQRItJDGRGHFDPXQGRQJRV

$SHUR[LGDomROLStGLFDIRLGHWHUPLQDGDSRUHVWLPDomRGRPDORQGLDOGHtGR0'$ XVDQGR R WHVWH GR iFLGR WLREDUELW~ULFR $*$5 HW DO 2 WHFLGR IRL

KRPRJHQHL]DGR HP WDPSmR .&O S+ SDUD SUHSDUDomR GR KRPRJHQDWR D 8P YROXPH GH ȝ/ GR KRPRJHQDWR IRL LQFXEDGR HP EDQKR PDULD D & SRU PLQXWRV $SyV D LQFXEDomR IRUDP DGLFLRQDGRV ȝ/ GH iFLGR SHUFOyULFR H DV DPRVWUDV FHQWULIXJDGDV D USP SRU PLQ $ ȝ/ GR VREUHQDGDQWH IRUDP DGLFLRQDGRV ȝ/ GH iFLGR WLREDUELW~ULFR H OHYDGRV DR EDQKR PDULD D & SRU PLQXWRV (P VHJXLGD D VROXomR IRL UHWLUDGD H GHL[DGD j WHPSHUDWXUD DPELHQWH 'HSRLV WUDQVIHULUDPVH ȝ/ GH FDGD WXER GH HSSHQGRUISDUDRVSRoRVGHXPDSODFDSRoRV$VOHLWXUDVIRUDPUHDOL]DGDVHP OHLWRUGHPLFURSODFDVHPFRPSULPHQWRGHRQGDGHQP$FXUYDSDGUmRIRLREWLGD XVDQGR WHWUDPHWR[LSURSDQR 2V UHVXOWDGRV IRUDP H[SUHVVRV HP QPRO GH 0'$JGHWHFLGR

(50)

'HWHUPLQDomR GH JUXSRV VXOILGULODV QmR SURWHLFRV 136+ QR ItJDGR GH FDPXQGRQJRV

$ FRQFHQWUDomR GH JUXSRV VXOILGULODV QmR SURWHLFRV IRL PHGLGD SHOR PpWRGR HVSHFWURIRWRPpWULFRGH6HGODNH/LQGVD\2WHFLGRIRLKRPRJHQHL]DGRFRP XPDVROXomRGH('7$0JHODGDSDUDSUHSDUDomRGRKRPRJHQDWRD(P VHJXLGD IRUDP DGLFLRQDGRV D XPD DOtTXRWD GH P/ GR KRPRJHQDWR P/ GH iJXD GHVWLODGD H P/ GH iFLGR WULFORURDFpWLFR H HQWmR DV DPRVWUDV IRUDP FHQWULIXJDGDVDUSPSRUPLQXWRV8PYROXPHGHP/IRLHQWmRUHWLUDGRGR VREUHQDGDQWH H DGLFLRQDGR P/ GH WDPSmR 7ULV 0 S+ H ȝ/ GH iFLGR GLWLRQLWUREHQ]yLFR'71%0$SyVPLQXWRVȝ/GHFDGDWXERHSSHQGRUI IRUDP WUDQVIHULGRV SDUD SODFDV FRP SRoRV $V DEVRUEkQFLDVIRUDP PHGLGDV HP OHLWRUGHPLFURSODFDVDQP$FRQFHQWUDomRGH136+IRLFDOFXODGDDWUDYpVGH XPDFXUYDSDGUmRGHJOXWDWLRQDUHGX]LGD*6+HRVUHVXOWDGRVH[SUHVVRVHPJGH 136+JGHWHFLGR

'HWHUPLQDomR GD DWLYLGDGH GD HQ]LPD VXSHUy[LGR GLVPXWDVH 62' QR ItJDGRGHFDPXQGRQJRV

(51)

&RQFHQWUDomRGHSURWHtQDV

$FRQFHQWUDomRGHSURWHtQDVIRLGHWHUPLQDGDSHORPpWRGRGH%UDGIRUG (P SODFD SRoRV IRUDP DGLFLRQDGRV HP FDGD SRoR ȝ/ GH DPRVWUD VREUHQDGDQWHSUHSDUDGRQRLWHPDQWHULRUHȝ/GHUHDJHQWHGH%UDGIRUG $SyV PLQXWRV D OHLWXUD IRL UHDOL]DGD HP OHLWRU GH PLFURSODFDV D QP $ FRQFHQWUDomRGHSURWHtQDVIRLFDOFXODGDDWUDYpVGHXPDFXUYDSDGUmRGHDOEXPLQD VpULFDERYLQD%6$HRVUHVXOWDGRVH[SUHVVRVHPPJGHSURWHtQDJGHWHFLGR

$QiOLVHGDVOHV}HVGRVHVW{PDJRV

2V DQLPDLV IRUDP VDFULILFDGRV SRU GHVORFDPHQWR FHUYLFDO H RV HVW{PDJRV UHPRYLGRVODYDGRVFRPiJXDGHVWLODGDHFRORFDGRVHPOkPLQDV$SyVSUHSDUDomR GDVOkPLQDVRVGDQRVGRVHVW{PDJRVIRUDPDYDOLDGRVYLVXDOPHQWH

$QiOLVHHVWDWtVWLFD

2 *UDSK3DG 3ULVPD VRIWZDUH YHUVLRQ IRL XVDGR SDUD D DQiOLVH HVWDWtVWLFD GRV GDGRV 2V UHVXOWDGRV IRUDP H[SUHVVRV FRPR D PpGLD GHVYLR SDGUmR3DUDRVUHVXOWDGRVSDUDPpWULFRVSDUDFRPSDUDURVGDGRVHQWUHRVJUXSRV IRL XWLOL]DGD D DQiOLVH GH YDULkQFLD $129$ VHJXLGD GR WHVWH GH 7XNH\3DUD RV UHVXOWDGRV QmR SDUDPpWULFRV IRL XWLOL]DGD D DQiOLVH GH YDULkQFLD $129$ VHJXLGD GRWHVWHGH.UXVNDO:DOOLV$VGLIHUHQoDVIRUDPFRQVLGHUDGDVVLJQLILFDWLYDVFRPXP QtYHOGHFRQILDQoDGHS

(52)

5(68/7$'26

3HUILO ILWRTXtPLFR GR H[WUDWR HWDQyOLFR GH IROKDV GH D]HLWRQD GD WHUUD 6\]\JLXPFXPLQL

$GHWHUPLQDomRTXDOLWDWLYDGDFRPSRVLomRILWRTXtPLFDGRH[WUDWRHWDQyOLFRGH IROKDV GH D]HLWRQD GD WHUUD (( UHYHORX D SUHVHQoD GH IHQRLV IODYRQDV IODYRQRLV [DQWRQDVWDQLQRVHVWHURLGHVHVDSRQLQDV7DEHOD

7DEHOD &DUDFWHUL]DomR ILWRTXtPLFD GR H[WUDWR HWDQyOLFR GH IROKDV GH6\]\JLXP FXPLQL

&RQVWLWXLQWHVILWRTXtPLFRV

)HQRLV

7DQLQRVFRQGHQVDGRV

7DQLQRVKLGUROLViYHLV

)ODYRQDVIODYRQRLVH[DQWRQDV

)ODYDQRQRLV

)ODYDQRQDV

&DWHTXLQDV

(VWHURLGHV

7ULWHUSHQRLGHV B

6DSRQLQDV

$OFDORLGHV B

3UHVHQoDH$XVrQFLD

(53)

$YDOLDomR GR SRWHQFLDO DQWLR[LGDQWH GR H[WUDWR HWDQyOLFR GH IROKDV GH D]HLWRQDGDWHUUD6\]\JLXPFXPLQL

'HWHUPLQDomRGHDQWLR[LGDQWHVQmRHQ]LPiWLFRV

$WDEHODPRVWUDRVWHRUHVGHFRPSRVWRVELRDWLYRVHPH[WUDWRHWDQyOLFRGH IROKDVGHD]HLWRQDGDWHUUD2WHRUGHYLWDPLQD&GHWHUPLQDGRIRLGHPJ JGHH[WUDWR2FRQWH~GRGHSROLIHQRLVH[WUDtYHLVWRWDLV3(7IRLGHPJ GH HTXLYDOHQWHV GH iFLGR JiOLFR *$( J GH H[WUDWR 2V UHVXOWDGRV REWLGRVSDUDDQWRFLDQLQDVIODYRQRLGHVDPDUHORVHFDURWHQRLGHVWRWDLVIRUDP PJPJHPJJGHH[WUDWRUHVSHFWLYDPHQWH

7DEHOD 7HRU GH FRPSRVWRV ELRDWLYRV HP H[WUDWR HWDQyOLFR GH IROKDV6\]\JLXP FXPLQL

&RPSRVWRVELRDWLYRV

9LWDPLQD&PJJH[WUDWR

3ROLIHQRLVH[WUDtYHLVWRWDLV

PJ*$(JH[WUDWR

$QWRFLDQLQDVPJJH[WUDWR

)ODYRQRLGHVDPDUHORV

PJJH[WUDWR

&DURWHQRLGHVWRWDLVPJJH[WUDWR

0pGLDGHVYLRSDGUmRGHDQiOLVHHPGXSOLFDWD

$WLYLGDGHDQWLR[LGDQWHWRWDO

(54)

7DEHOD$WLYLGDGHDQWLR[LGDQWHGRH[WUDWRHWDQyOLFRGHIROKDVGH6\]\JLXPFXPLQL

$WLYLGDGH$QWLR[LGDQWH

$%7607UROR[J

'33+JDPRVWUDJ'33+

0pGLDGHVYLRSDGUmRGHDQiOLVHHPGXSOLFDWD

$YDOLDomRGDWR[LFLGDGHGRH[WUDWRHWDQyOLFRGHIROKDVGHD]HLWRQDGDWHUUD 6\]\JLXPFXPLQL

3DUD DYDOLDU D WR[LFLGDGH R H[WUDWR HWDQyOLFR GH IROKDV GH D]HLWRQD GD WHUUD (( IRL DGPLQLVWUDGRSRU RLWRGLDV FRQVHFXWLYRV HP FDPXQGRQJRV SRU YLD RUDO QDV GRVHV GH H PJ.J H GLVWLQWRV SDUkPHWURV FRPSRUWDPHQWDLV ILVLROyJLFRVHELRTXtPLFRVIRUDPLJXDOPHQWHDYDOLDGRV

&RPR SRGH VHU REVHUYDGR QD WDEHOD (( QmR DSUHVHQWRX WR[LFLGDGH FRP QHQKXPDGDVGRVHVHVWXGDGDV1mRKRXYHPRUWHSHUGDGHSHVRHQHPDOWHUDo}HV FRPSRUWDPHQWDLV H ILVLROyJLFDV WDLV FRPR IUHTXrQFLDV UHVSLUDWyULD H FDUGtDFD GLDUUpLDODFULPHMDPHQWRVLDORUUpLDHHULoDPHQWRGHSHORV

(55)

7DEHOD $YDOLDomR GD WR[LFLGDGH GR H[WUDWR HWDQyOLFR GH IROKDV GH 6\]\JLXP FXPLQL

*UXSRV 0RUWDOLGDGH 3HVRJ

'LD

3HVRJ

'LD

6LQWRPDV

Wy[LFRV

&RQWUROH

'062

((

&RQWUROH*UXSRWUDWDGRFRPVROXomRVDOLQD'062*UXSRWUDWDGRFRP'062((((

H((*UXSRVWUDWDGRVFRPH[WUDWRHWDQyOLFRGHIROKDV6\]\JLXPFXPLQLQDVGRVHVGHH

PJ.JUHVSHFWLYDPHQWH9DORUHVVmRGDGRVFRPRPpGLDGHVYLRSDGUmRQ DXVrQFLD GHVLQWRPDVWy[LFRV

3DUDDYDOLDUDKHSDWRWR[LFLGDGHDVDWLYLGDGHVGDVHQ]LPDV$/7)LJXUDH $67)LJXUDQRVRURGRVFDPXQGRQJRVHDSHUR[LGDomROLStGLFDQRVKHSDWyFLWRV )LJXUD IRUDP GHWHUPLQDGDV 2V YDORUHV GD DWLYLGDGH GH $/7 PpGLD GHVYLR SDGUmRQ SDUDRJUXSRFRQWUROHH'062IRUDPH 8/UHVSHFWLYDPHQWH3DUDRVJUXSRVWUDWDGRVFRP((QDVGRVHVGH H PJ.J IRUDP H 8/UHVSHFWLYDPHQWH2VGDGRVGDDWLYLGDGHGH$67PpGLDGHVYLRSDGUmRQ SDUD R JUXSR FRQWUROH H '062 IRUDP H 8/ UHVSHFWLYDPHQWH3DUDRVJUXSRVWUDWDGRVFRP((QDVGRVHVGHH PJ.JIRUDPH8/ UHVSHFWLYDPHQWH 1mR IRUDP REVHUYDGDV PXGDQoDV VLJQLILFDWLYDV S ! QDV DWLYLGDGHVGH$/7H$67QRVJUXSRVWUDWDGRVFRPH[WUDWR(((((( H((TXDQGRFRPSDUDGRVFRPRJUXSRFRQWUROH)LJXUDVH

(56)

)LJXUD(IHLWRGD DGPLQLVWUDomRGHH[WUDWRHWDQyOLFRGHIROKDVGH D]HLWRQDGDWHUUD VREUH D DWLYLGDGH GD DODQLQD DPLQRWUDQVIHUDVH $/7$ DWLYLGDGH GD $/7 IRL GHWHUPLQDGD HP VRUR GH FDPXQGRQJRVDSyVGLIHUHQWHVWUDWDPHQWRVSRUGLDV2JUXSRFRQWUROHFRUUHVSRQGHDRVDQLPDLVTXH LQJHULUDPDSHQDVVROXomRVDOLQD2JUXSR'062FRUUHVSRQGHDRVDQLPDLVTXHUHFHEHUDP'062D 2V JUXSRV (( (( (( H (( FRUUHVSRQGHP DRV DQLPDLV TXH UHFHEHUDP H[WUDWR HWDQyOLFR GH IROKDV GH D]HLWRQD GD WHUUD QDV GRVHV GH H PJ.J UHVSHFWLYDPHQWH

)LJXUD(IHLWRGD DGPLQLVWUDomRGHH[WUDWRHWDQyOLFRGHIROKDVGH D]HLWRQDGDWHUUD VREUH D DWLYLGDGH GD DVSDUWDWR DPLQRWUDQVIHUDVH $67 $ DWLYLGDGH GD $67 IRL GHWHUPLQDGD HP VRUR GH FDPXQGRQJRVDSyVGLIHUHQWHVWUDWDPHQWRVSRUGLDV2JUXSRFRQWUROHFRUUHVSRQGHDRVDQLPDLVTXH LQJHULUDPDSHQDVVROXomRVDOLQD2JUXSR'062FRUUHVSRQGHDRVDQLPDLVTXHUHFHEHUDP'062D 2V JUXSRV (( (( (( H (( FRUUHVSRQGHP DRV DQLPDLV TXH UHFHEHUDP H[WUDWR HWDQyOLFR GH IROKDV GH D]HLWRQD GD WHUUD QDV GRVHV GH H PJ.J UHVSHFWLYDPHQWH

(57)

$ ILJXUD DSUHVHQWD RV UHVXOWDGRV GD OLSRSHUR[LGDomR QRV KHSDWyFLWRV 1mR KRXYH GLIHUHQoD VLJQLILFDWLYD QRV QtYHLV GH 0'$ HQWUH RV JUXSRV WUDWDGRV FRP H[WUDWRQDVGLIHUHQWHVGRVHV((((((H((HRJUXSRFRQWUROH S ! 2V YDORUHV GH 0'$ PpGLD GHVYLR SDGUmR Q SDUD RV JUXSRV FRQWUROH H '062 IRUDP H QPRO J GH WHFLGR UHVSHFWLYDPHQWH 3DUD RV JUXSRV WUDWDGRV FRP (( QDV GRVHV GH H PJ.JIRUDPHQPROJ GHWHFLGRUHVSHFWLYDPHQWH

)LJXUD(IHLWRGDDGPLQLVWUDomRGHH[WUDWRHWDQyOLFRGHIROKDVGHD]HLWRQDGDWHUUDVREUH DSHUR[LGDomROLStGLFD$IRUPDomRGHPDORQGLDOGHtGR0'$IRLGHWHUPLQDGDHPKRPRJHQDWRV GH ItJDGRV GH FDPXQGRQJRV DSyV GLIHUHQWHV WUDWDPHQWRV SRU GLDV 2 JUXSR FRQWUROH FRUUHVSRQGHDRVDQLPDLVTXHLQJHULUDPDSHQDVVROXomRVDOLQD2JUXSR'062FRUUHVSRQGHDRV DQLPDLV TXH UHFHEHUDP '062 D 2V JUXSRV (( (( (( H (( FRUUHVSRQGHPDRVDQLPDLVTXHUHFHEHUDPH[WUDWRHWDQyOLFRGHIROKDVGHD]HLWRQDGDWHUUDQDV GRVHVGHHPJ.JUHVSHFWLYDPHQWH

3DUDYHULILFDUVHRH[WUDWRHWDQyOLFRGHIROKDVGHD]HLWRQDGDWHUUDQDVGRVHV GH H PJ.J HVWDYDP LQGX]LQGR OHV}HV JiVWULFDV OkPLQDV GRV HVW{PDJRV GRV DQLPDLV IRUDP DQDOLVDGDV PDFURVFRSLFDPHQWH )LJXUD 2V HVW{PDJRV GH DQLPDLV WUDWDGRV FRP (( QmR DSUHVHQWDUDP OHV}HV QD PXFRVD JiVWULFD RX VHMD QmR IRUDP REVHUYDGDV YLVXDOPHQWH OHV}HV WHFLGXDLV HP QHQKXP HVW{PDJR GRV FDPXQGRQJRV WUDWDGRV FRP DV GLIHUHQWHV GRVHV GH H[WUDWR TXDQGR FRPSDUDGRVFRPDTXHOHVGRJUXSRFRQWUROH

(58)

D

E

F

G

H

I

)LJXUD (IHLWR GD DGPLQLVWUDomR GH H[WUDWR HWDQyOLFR GH IROKDV GH D]HLWRQD GD WHUUD

6\]\JLXP FXPLQL VREUH D PXFRVD JiVWULFD(VW{PDJRV GH DQLPDLV TXH UHFHEHUDP D VROXomR

VDOLQDE'062$FGHHIH[WUDWRHWDQyOLFRGHIROKDVGHD]HLWRQDGDWHUUDQDVGRVHV HPJ.JUHVSHFWLYDPHQWH

$YDOLDomRGRHIHLWRSURWHWRUGRH[WUDWRHWDQyOLFRGHIROKDVGHD]HLWRQDGD WHUUD6\]\JLXPFXPLQLFRQWUDHVWUHVVHR[LGDWLYRLQGX]LGRSRUSDUDFHWDPRO

(59)