• Nenhum resultado encontrado

Da estabilidade provisória por acidente de trabalho em face de contratos por prazo determinado

N/A
N/A
Protected

Academic year: 2021

Share "Da estabilidade provisória por acidente de trabalho em face de contratos por prazo determinado"

Copied!
92
0
0

Texto

(1) 81,9(56,'$'()('(5$/'2&($5È )$&8/'$'('(',5(,72 '(3$57$0(172'(0212*5$),$($7,9,'$'(6 &203/(0(17$5(6      526$-8/,$1$&$9$/&$17('$&267$      '$(67$%,/,'$'(3529,6Ï5,$325$&,'(17('(75$%$/+2(0 )$&('(&2175$72632535$=2'(7(50,1$'2             )257$/(=$   .

(2) . 526$-8/,$1$&$9$/&$17('$&267$        '$(67$%,/,'$'(3529,6Ï5,$325$&,'(17('(75$%$/+2(0 )$&('(&2175$72632535$=2'(7(50,1$'2      0RQRJUDILD VXEPHWLGD j &RRUGHQDomR GH $WLYLGDGHV &RPSOHPHQWDUHV H (ODERUDomR GH 0RQRJUDILDV GR &XUVR GH *UDGXDomR HP 'LUHLWR GD 8QLYHUVLGDGH )HGHUDO GR &HDUi FRPR UHTXLVLWR SDUFLDO SDUD REWHQomR GR WtWXOR GH%DFKDUHOHP'LUHLWR  ÈUHDGH&RQFHQWUDomR'LUHLWRGR7UDEDOKR  2ULHQWDGRU 3URIHVVRU 'U (PPDQXHO 7HyILOR )XUWDGR     .   .      )257$/(=$   . .

(3) . 526$-8/,$1$&$9$/&$17('$&267$    '$(67$%,/,'$'(3529,6Ï5,$325$&,'(17('(75$%$/+2(0)$&( '(&2175$72632535$=2'(7(50,1$'2    0RQRJUDILD VXEPHWLGD j &RRUGHQDomR GH $WLYLGDGHV &RPSOHPHQWDUHV H (ODERUDomR GH 0RQRJUDILDV GR &XUVR GH *UDGXDomR HP 'LUHLWR GD 8QLYHUVLGDGH )HGHUDO GR &HDUi FRPR UHTXLVLWR SDUFLDO SDUD D REWHQomR GR WtWXORGH%DFKDUHOHP'LUHLWR  $SURYDGDHPBBBBBBBBB      %$1&$(;$0,1$'25$   BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3URI'U(PPDQXHO7HyILOR)XUWDGR 2ULHQWDGRU

(4)  8QLYHUVLGDGH)HGHUDOGR&HDUi8)&   BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3URI'U)HUQDQGR%DVWR)HUUD] 8QLYHUVLGDGH)HGHUDOGR&HDUi8)&   BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB %HOD$QD.DUPHQ)RQWHQHOH*XLPDUmHV/LPD 8QLYHUVLGDGH)HGHUDOGR&HDUi8)&         . .

(5) . $*5$'(&,0(1726   $RV PHXV IDPLOLDUHV SHOD SHUVHYHUDQoD H SHOD IRUoD LQDEDOiYHLV GLDQWH GDV DGYHUVLGDGHVGLiULDV  $RV DPLJRV GR &XUVR 3DXOR )UHLUH SURIHVVRUHV H DOXQRV SRU SURSRUFLRQDUHP D PHOKRU H[SHULrQFLD DFDGrPLFD H D YLYrQFLD PDLV GHWHUPLQDQWH TXDQWR j UHDILUPDomR GH YDORUHV H j GHILQLomR GH HVFROKDV TXH GHVGH FHGR VH HVERoDUDP HP PLQKD YLGD ³(GXFDomR FRPRSUiWLFDGHOLEHUGDGH´  $RV DPLJRV GD 3URFXUDGRULD GD 5HS~EOLFD ,VDtDV $SDUHFLGD $QD *XLOKHUPH H )HOLSHSHODDPL]DGHHSHODFRODERUDomRQHVVHVPHVHVGHWUDEDOKRPRQRJUiILFR  ¬0DUJDULGD$SD*LOEHUWR7KLDJR'UeUORQH'U&URDFLSHODDPL]DGHHSHOD DSUHQGL]DJHPQD3URFXUDGRULDGR(VWDGRRQGHIXLUHFHELGDFRPEDVWDQWHFDULQKR  $RVDPLJRV7DOOHV'HQLV.DURO5XGPLOD5DIDHO'L&DUtFLDH7DOLWDFRPTXHP FRPSDUWLOKHLRVPRPHQWRVPDLVVLJQLILFDWLYRVGHPLQKDIRUPDomRDFDGrPLFD  $RVPHPEURVGD&RPLVVmR([DPLQDGRUDSHODFRQILDQoDHSHORDSRLRQRSURFHVVR GHHODERUDomRGHVWH7UDEDOKRGH&RQFOXVmRGH&XUVR  $RV VHUYLGRUHV H FRODERUDGRUHV GD )DFXOGDGH GH 'LUHLWR TXH VH HPSHQKDP HP KRQUDU D KLVWyULD GD ,QVWLWXLomR H TXH DSHVDU GDV DGYHUVLGDGHV SHUVLVWHP QD WDUHID GH IRUWDOHFrODGLDULDPHQWH           . .

(6) .                                             ³2 WHPSR p D PLQKD PDWpULD R WHPSR SUHVHQWH RV KRPHQV SUHVHQWHVDYLGDSUHVHQWH´  &DUORV'UXPPRQGGH$QGUDGH.  . . .

(7) . 5(6802    $QDOLVDDDSOLFDELOLGDGHGDHVWDELOLGDGHSURYLVyULDSRUDFLGHQWHGHWUDEDOKRDRVFRQWUDWRVSRU SUD]R GHWHUPLQDGR $SUHVHQWD RV IXQGDPHQWRV KLVWyULFRV H FRQVWLWXFLRQDLV GD PDWpULD DFLGHQWiULD FRQVXEVWDQFLDGRV QRV GLUHLWRV IXQGDPHQWDLV j VD~GH DR WUDEDOKR H DR GHVHQYROYLPHQWR HFRQ{PLFR H VRFLDO 'LVVHUWD VREUH R FRQFHLWR GH DFLGHQWH GH WUDEDOKR REVHUYDQGR VXDV FDUDFWHUtVWLFDV D FRPSHWrQFLD HP PDWpULD GH UHVVDUFLPHQWR SRU GDQR GHFRUUHQWH GH DFLGHQWH GH WUDEDOKR H SDUD REWHQomR GRV EHQHItFLRV SHUWLQHQWHV ([S}H D UHSHUFXVVmRSUHYLGHQFLiULD GR DFLGHQWH GHOLQHDQGRRVEHQHItFLRV UHODFLRQDGRV DR LQIRUW~QLR (VWXGD D HVWDELOLGDGH SURYLVyULD H GHWpPVH jTXHOD MXVWLILFDGD SHOR VLQLVWUR ([DPLQD R FRQWUDWR SRU SUD]R GHWHUPLQDGR H HQXPHUD VXDV PRGDOLGDGHV 3RQGHUD VREUH D 7HRULD $PSOLDWLYD GD HVWDELOLGDGH DFLGHQWiULD H SHUTXLUH GD VXD UD]RDELOLGDGH WHQGRVH HP YLVWD D QDWXUH]DGRFRQWUDWRRSULQFtSLRGDERDIpHDGLUHWUL]SURWHFLRQLVWDGDOHJLVODomRREUHLUDSDUD JDUDQWLUDVD~GHGRWUDEDOKDGRUHVXDGLJQLGDGHQRPHLRDPELHQWHODERUDO  3$/$95$6&+$9( (VWDELOLGDGH SURYLVyULD &RQWUDWR SRU SUD]R GHWHUPLQDGR 7HRULD $PSOLDWLYD                                . .

(8) . 5,$668172    $QDOL]]DO DSSOLFDELOLWjGHOODVWDELOLWj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j SURYYLVRULD WUDWWHQHQGRVL D TXHOOH JLXVWLILFDWH GDO VLQLVWUR (VDPLQD LO FRQWUDWWRDWHPSRGHWHUPLQDWRHGHQXPHUDOHVXHPRGDOLWj5LIOHWWHVXOODWHRULDHVSDQVLYDGHOOD VWDELOLWjHHVDPLQDODVXDUDJLRQHYROH]]DWHQHQGRFRQWRGHOODQDWXUDGHOFRQWUDWWRLOSULQFLSLR GLEXRQDIHGHHODOHJLVOD]LRQHSURWH]LRQLVWDGHO'LULWWRGHO/DYRURSHUJDUDQWLUHODVDOXWHGHL ODYRUDWRULHODORURGLJQLWjLQDPELHQWHODYRUDWLYR  3$52/(&+,$9(6WDELOLWjSURYYLVRULD&RQWUDWWRDWHPSRGHWHUPLQDWR7HRULD(VSDQVLYD                                  . .

(9) . 680È5,2   ,1752'8d­2 '2/,%(5$/,602$2(67$'23Ï662&,$/$6&2148,67$6 3$5$',*0È7,&$6 &RQVLGHUDo}HV,QLFLDLV (VWDGR/LEHUDOH/LEHUGDGHV,QGLYLGXDLV (VWDGR6RFLDO3ULPHLUDV&RQTXLVWDVGR7UDEDOKDGRU (VWDGR3yV6RFLDO  &RQVWLWXLomR )HGHUDO GH  H 2UGHQDPHQWR -XUtGLFR %UDVLOHLUR $FLGHQWH GH 7UDEDOKR $&,'(17('(75$%$/+2 %UHYHV&RQVLGHUDo}HV /HJLVODomR$FLGHQWiULDQR%UDVLO 'HILQLomRGH$FLGHQWHGH7UDEDOKR $FLGHQWHGH7UDEDOKRH'RHQoD2FXSDFLRQDO &RPSHWrQFLDHP0DWpULD$FLGHQWiULD 5HSHUFXVV}HV3UHYLGHQFLiULDVGR$FLGHQWHGH7UDEDOKR $SRVHQWDGRULDSRU,QYDOLGH] $X[tOLRDFLGHQWH $X[tOLRGRHQoD 3HQVmRSRU0RUWH (VWDELOLGDGH3URYLVyULD  (67$%,/,'$'( 3529,6Ï5,$ (0 )$&( '( &2175$726 325 35$=2 '(7(50,1$'2 %UHYH,QWUyLWR 'D7HRULD$PSOLDWLYDGD(VWDELOLGDGH3URYLVyULD &RQWUDWRSRU3UD]R'HWHUPLQDGR . .

(10) . +LSyWHVHVGH3DFWXDomRH3ULQFLSDLV&RQWUDWRVSRU3UD]R'HWHUPLQDGR &RQWUDWRGH6DIUD &RQWUDWRSRU2EUD&HUWD &RQWUDWRSDUD$WOHWD3URILVVLRQDO &RQWUDWRSRU3UD]R'HWHUPLQDGR /HLQž

(11)  (VWDELOLGDGH3URYLVyULDHD-XULVSUXGrQFLD%UDVLOHLUD  'D (VWDELOLGDGH 3URYLVyULD QR $FLGHQWH GH 7UDEDOKR )LQDOLGDGH H ÆPELWR GH $SOLFDELOLGDGH &216,'(5$d®(6),1$,6 5()(5Ç1&,$6. . .

(12) . . ,1752'8d­2  2HVWXGRGDHVWDELOLGDGHSURYLVyULDSRUDFLGHQWHGHWUDEDOKRHVXDDSOLFDELOLGDGH DRVFRQWUDWRVSRUSUD]RGHWHUPLQDGRGHOLQHDGRVGHPRGRVXFLQWRQRVFRPSrQGLRVGH'LUHLWR /DERUDO DLQGD QmR IRUDP FRQWHPSODGRV FRP R QHFHVViULR GHVYHOR SHOD PDLRULD GRV GRXWULQDGRUHVRTXHYHPDHVYD]LDUTXHVWLRQDPHQWRGHVLJQLILFDWLYDUHOHYkQFLDTXDQWRDRVHX kPELWRGHLQFLGrQFLDQDPRGDOLGDGHGHDMXVWHUHIHULGD  1D VHDUD MXULVSUXGHQFLDO SUHYDOHFH R HQWHQGLPHQWR GH TXH R LQVWLWXWR VHULD FRPSDWtYHODSHQDVFRPRSDFWRWHPSRUDOPHQWHLQGHWHUPLQDGRSUHVWDQGRVHjPDQXWHQomRGR REUHLURDFLGHQWDGRHPVXDDWLYLGDGHDLQGDTXHHPIXQomRGLYHUVDDILPGHREVWDUDGHVSHGLGD DUELWUiULDRXVHPMXVWDFDXVD4XDQWRDRVDMXVWHVDWHUPRQmRVHULDDGPLVVtYHODLQFLGrQFLDGR SUHFHLWR HVWDELOLWiULR XPD YH] TXH R WpUPLQR GR YtQFXOR VH GDULD SRU FDXVD GLYHUVD GD GHQ~QFLDYD]LD  $IURQWDQGRRSRVLFLRQDPHQWRWHyULFRHSUiWLFRFRQVROLGDGRQR3DtVJDQKDUHOHYR FRUUHQWH DLQGD PLQRULWiULD TXH GHIHQGH H[HJHVH PDLV IOH[tYHO DPSOLDWLYD GR DOFDQFH GR LPSHUDWLYROHJDOSDUDDWLQJLURVSDFWRVFXMRWHUPRIRUDSUHYLDPHQWHIL[DGR$SRLDQGRVHQD SULPD]LD GH GLUHWUL]HV GH QDWXUH]D HPLQHQWHPHQWH VRFLDO HP KDUPRQLD FRP RV GLWDPHV GD &RQVWLWXLomRGHDGYRJDSHODUD]RDELOLGDGHGRTXHVHGHQRPLQRXQHVWHWUDEDOKR7HRULD $PSOLDWLYDGD(VWDELOLGDGH3URYLVyULD  7HQGRVH HP FRQVLGHUDomR RV LQWHUHVVHV GRV WUDEDOKDGRUHV YLWLPDGRV SHOR LQIRUW~QLR PLVWHU SHUTXLULU R kPELWR GH DSOLFDELOLGDGH GR LQVWLWXWR WDQJHQFLDQGR RV UDPRV FRQVWLWXFLRQDO SUHYLGHQFLiULR H WUDEDOKLVWD SDUD FRQIHULU DR GLVSRVLWLYR DQiOLVH PXOWLGLVFLSOLQDU FRQGL]HQWH FRP VXD FRPSOH[LGDGH H GHVWH PRGR UHWLILFDU FRQFHSomR UHVWULWLYD LQFRPSDWtYHO FRP D LQWHUSUHWDomR PDLV DGHTXDGD GR PDQGDPHQWR GD /HL Qž   $ DSUHFLDomR GR DVVXQWR SHUPLWH SHVTXLVD DPSOD TXH GHQWUH RXWURV DVSHFWRV LPS}HRGHOLQHDPHQWRGRSDQRUDPDKLVWyULFRHSDUDGLJPiWLFRGDVFRQTXLVWDVRSHUiULDVTXDQWR DRVGLUHLWRVjVHJXUDQoDjVD~GHHjKLJLHQHHPDPELHQWHODERUDODDQiOLVHGRVLQLVWURHPVXD . .

(13) . . FRQFHSomR WpFQLFD H QRUPDWLYD DV UHSHUFXVV}HV SUHYLGHQFLiULDV GR LQIRUW~QLR H DLQGD D FRPSHWrQFLDSDUD DSUHFLDomR GH Do}HV UHODWLYDV DR JUDYDPHSDUD TXH VH DGHQWUHSRU ILP j SUREOHPiWLFD VXVFLWDGD D HVWDELOLGDGH SURYLVyULD LQWURGX]LGD SHOR DUWLJR  GD /HL GH %HQHItFLRV  0HGLDQWHDFRQFLOLDomRGHHVWXGRELEOLRJUiILFRHGHDYDOLDomRMXULVSUXGHQFLDOQDV HVIHUDV RUGLQiULD H H[WUDRUGLQiULD FRQVWUXLXVH DQiOLVH UHIOH[LYRGHVFULWLYD DWHQWD j PHOKRU WpFQLFDLQWHUSUHWDWLYDHDRVFULWpULRVGHSRQGHUDomRGHYDORUHVXWLOL]DGRVQRV7ULEXQDLVSiWULRV FXMRV DUJXPHQWRV DSUHFLDGRV j OX] GR FDUiWHU WXLWLYR GD OHJLVODomR WUDEDOKLVWD UHYHODP D WUDQVPXWDomRDLQGDTXHGHPRGROHQWRGRHQWHQGLPHQWRWUDGLFLRQDO  3UHVWLJLDQGRDSHUWLQrQFLDGDTXHVWmRDFLGHQWiULDREMHWLYDVHVHPDSUHWHQVmRGH H[DXULU D PDWpULD VXVFLWDU GLYHUJrQFLD DWXDO FXMD VROXomR UHTXHU FHOHULGDGH H UHVSHLWR DRV GLWDPHVGDOHJLVODomRWUDEDOKLVWDKRGLHUQD3URS}HVHRXWURVVLPXPDDQiOLVHDWHQWDDRVILQVD TXH VH SUHVWD D HVWDELOLGDGH SURYLVyULD SRU LQIRUW~QLR LQGHSHQGHQWHPHQWH GD PRGDOLGDGH FRQWUDWXDO SXJQDQGRVH SHOD SULPD]LD GD GLJQLGDGH H GD MXVWLoD VRFLDO SDUD VROXomR GD SUREOHPiWLFD                . . .

(14) . . '2/,%(5$/,602$2(67$'23Ï662&,$/$6 &2148,67$63$5$',*0È7,&$6  . &RQVLGHUDo}HV,QLFLDLV   2 HVWXGR GD PDWpULD DFLGHQWiULD GHYH VHU SUHFHGLGR SRU VXD IXQGDPHQWDomR FRQVWLWXFLRQDORTXHVHLPS}HSDUDFRPSUHHQVmRGRFRQWH~GRFRPSOH[RGRLQIRUW~QLRODERUDO 1mRVHSRGHULDWRPiOR H[FOXVLYDPHQWHSRUVXD GLVFLSOLQDQRUPDWLYDXPDYH]TXHR HVWXGR WmR VRPHQWHSRVLWLYLVWD GR WHPD HVYD]LDUOKHLD R WHRU YDORUDWLYR H KLVWyULFR TXHMXVWLILFRX D DWHQomRGLVSHQVDGDSHOR&RQVWLWXLQWH  3RU WDQJHQFLDU LQWHUHVVHV TXH VH FRQVROLGDUDP QRV ~OWLPRV VpFXORV LQVHULGRV QD &DUWD 0DLRU DIHWD GLUHLWRV GH RUGHP LQGLYLGXDO VRFLDO H XQLYHUVDO DVVRFLDQGR GH PDQHLUD GLUHWDYDORUHVFRPRDYLGDDVD~GHDVHJXUDQoDHRWUDEDOKR  2 GHOLQHDPHQWR KLVWyULFR GH WDLV GLUHLWRV IXQGDPHQWDLV SHUPLWH DQDOLVDU GH PDQHLUD VLVWHPiWLFD D FRQVWLWXFLRQDOL]DomR GH SUHFHLWRV GLUHWDPHQWH UHOHYDQWHV DR REMHWR GHVWH HVWXGR $ FRPHoDU SHOD OLEHUGDGH LQGLYLGXDO YLVXDOL]DQGRVH D OLYUH LQLFLDWLYD FRPR IDWRUSDUDLPSXOVmRGRPHUFDGRHPYRJDQD5HYROXomR,QGXVWULDOSDVVDQGRSHORLPSHUDWLYR GHDWHQWDUjVQHFHVVLGDGHVEiVLFDVGRVLQGLYtGXRVHPPDWpULDGHRUGHPVRFLDODEUDQJHQGRR GLUHLWRDRWUDEDOKRHjVD~GHSDUDDOFDQoDUILQDOPHQWHLQWHUHVVHVVXSUDQDFLRQDLVLQVWUXtGRV GHYDORUHVXQLYHUVDOL]DQWHVHUHJLGRVSHOROHPDGDIUDWHUQLGDGHPDWHULDOHPTXHVHGHVWDFDR SULPDGR GD SURWHomR DR PHLR DPELHQWH VHMD R QDWXUDO VHMD DTXHOH FRQVWUXtGR SHOR KRPHP DGPLWLQGRDVVLPRPHLRDPELHQWHODERUDO  -RVp $QW{QLR 5LEHLUR GH 2OLYHLUD 6LOYD WUDWDQGR GRV YDORUHV FHQWUDLV GHVVD UHWRPDGDKLVWyULFDFRPSUHHQGHTXHDOLEHUGDGHDLJXDOGDGHHDIUDWHUQLGDGHVHULDPGLUHLWRV LQDWRVDRVHUKXPDQRFRQYHUJLQGRUXPRjGLJQLILFDomRGDSHVVRDKXPDQD'HVVHPRGRQmR . .  6,/9$ -RVp $QW{QLR 5LEHLUR GH 2OLYHLUD $ 6D~GH GR 7UDEDOKDGRU &RPR 8P 'LUHLWR +XPDQR FRQWH~GR HVVHQFLDOGDGLJQLGDGHKXPDQD6mR3DXOR(GLWRUD/7US. . .

(15) . . VH SRGHULD FRJLWDU GD DQXODomR GH XP SUHFHLWR SRU RXWUR PDV GR HQULTXHFLPHQWR P~WXR SHUPLWLGRSHODLQVHUomRGHQRYRVYDORUHVQRSDQRUDPDGRVGLUHLWRVIXQGDPHQWDLV  2 FDUDFWHUH IXQGDPHQWDO GRV GLUHLWRV HP UHIHUrQFLD HVWi DVVHQWDGR HP VXD YLQFXODomR LQVXSHUiYHO R TXH LPS}H R HVWXGR GD QDWXUH]D H GR UHFRQKHFLPHQWR VHPSUH GH IRUPDFRQWH[WXDOL]DGDHGLQkPLFDRULHQWDGDSHORVPDWL]HVGDGLJQLGDGHKXPDQD1mRKiTXH VHDUJXLUSRUWDQWRDDSOLFDomRGHVLVWHPiWLFDDOWHUQDWLYDDH[FOXLUXPGLUHLWRSDUDDSOLFDomR HPFDUiWHUDEVROXWRGHRXWURTXHDVVLPVHSUHVWDULDDVDWLVID]HUWRGRVRVDQVHLRVVRFLDLV  (VVH UDFLRFtQLR WRUQD PDLV FRPSUHHQVtYHO D QHFHVViULD FRH[LVWrQFLD HQWUH R GHVHQYROYLPHQWR GR VHWRU SURGXWLYR H R GHVHPSHQKR GH XP RItFLR SHOR WUDEDOKDGRU FXMD VHJXUDQoDHLQWHJULGDGH GHYHPVHUDVVHJXUDGDV $VVLPSOHVDOWHUQDWLYDV GHH[WLQJXLUR UDPR HFRQ{PLFR RX UHFRPSHQVDU ILQDQFHLUDPHQWH R REUHLUR SHORV ULFRV RX GHVJDVWHV D TXH HVWi VXEPHWLGR VXMHLWDPVH D YLpV VXEVWLWXWLYR LQGHVHMiYHO 1HVVH FRQWH[WR Ki TXH VH EXVFDU UHIOH[mRPDLVGHWLGDVREUHDKDUPRQL]DomRHQWUH RVGLUHLWRVjVD~GHHjOLEHUGDGHLQGLYLGXDO QRVHWRUSURGXWLYRVHPROYLGDUVXDVFDUDFWHUtVWLFDVWUDGLFLRQDLVGHQWUHDVTXDLVVHGHVWDFDPD LUUHQXQFLDELOLGDGH H D HIHWLYLGDGH 2 GHVDILR SRUWDQWR HVWi HP KDUPRQL]DU GLUHWUL]HV SDUD SHUPLWLU VXD HIHWLYLGDGH HP FRH[LVWrQFLD VHP QHVVH SDVVR LQFOLQDUVH SDUD DOJXP GRV H[WUHPRVREVWDQGRVXDFRQFUHWL]DomR  1R 'LUHLWR GR 7UDEDOKR HVVD GLDOpWLFD HVWi SUHVHQWH QDV TXHVW}HV DFLGHQWiULDV GLUHWDPHQWHYLQFXODGDVDRGLUHLWRjVD~GHHjYLGD(OHYDGRVtQGLFHVGHLQIRUW~QLRODERUDORX GRHQoDV DGYLQGDV GR RItFLR HYLGHQFLDP GHVHTXLOtEULR HQWUH D SUHVHUYDomR GR REUHLUR H R H[HUFtFLRGDDWLYLGDGHHFRQ{PLFDSHORHPSUHJDGRU1mRVHQGRUD]RiYHOGDUWHUPRjDWLYLGDGH WDPSRXFRLJQRUDURVULVFRVDTXHHVWiVXMHLWRRWUDEDOKDGRUPLVWHUVHWRUQDHQIUHQWDUDTXHVWmR VRERIXQGDPHQWRGDSRQGHUDomRGHSULQFtSLRVHYDORUHV  . (VWDGR/LEHUDOH/LEHUGDGHV,QGLYLGXDLV   (P XP SULPHLUR PRPHQWR DV DWHQo}HV YROWDUDPVH j OyJLFD LQGLYLGXDOLVWD DFDWDQGRDGRXWULQDGR/LEHUDOLVPR6REUHRDVVXQWR3DXOR%RQDYLGHVGLVVHUWDTXHRPDUFR. . . . %21$9,'(63DXOR'R(VWDGR/LEHUDODR(VWDGR6RFLDOHG6mR3DXOR0DOKHLURVS. .

(16) . . KLVWyULFR GH VXD VXSUHPDFLD GHUDVH FRP D 5HYROXomR )UDQFHVD H[DWDPHQWH SHOR FDUiWHU EXUJXrVGRPRYLPHQWRHIHWLYDQGRVXDVGLUHWUL]HVQRSODQRFRQVWLWXFLRQDO  $QJDULDQGR R DSRLR SRSXODU SHOD GHIHVD GH SULQFtSLRV ILORVyILFRV GH DSDUHQWH DEUDQJrQFLD D EXUJXHVLD HOHYRX DV GLUHWUL]HV GD OLEHUGDGH LJXDOGDGH H IUDWHUQLGDGH FRPR Q~FOHRVEDVLODUHVGDQRYDRUGHP7DLVVXVWHQWiFXORVSRUpPQmRVHPRVWUDUDPHIHWLYRVPDV VLPSOHV SUHFHLWRV IRUPDLV HP IDYRU GH XP VLVWHPD TXH FRQVDJUDYD YDORUHV LQGLYLGXDOLVWDV 1HVVH FRQWH[WR H[DOWDUDPVH D SURSULHGDGH SULYDGD H D OLYUH LQLFLDWLYD SDUD FRQGXomR GR PHUFDGR$DWXDomRGR(VWDGRIRUDUHGX]LGDDRLQGLVSHQViYHOGHL[DQGRVHDRDUEtWULRGHFDGD LQGLYtGXRDFRQGXomRGDGLQkPLFDVRFLDOVREGHOLPLWDomRGDOHL  (YLGrQFLDGHVVDGLUHWUL] VyFLRSROtWLFDHVWiQDHGLomRGD 'HFODUDomRGRV 'LUHLWRV GR +RPHP H GR &LGDGmR HP  GH DJRVWR GH  2 GRFXPHQWR FRQVLVWLX HP GH]HVVHWH DUWLJRVTXHLQWHQWDUDPWUDoDURVGLUHLWRVGLWRVQDWXUDLVLQDOLHQiYHLVHVDJUDGRVGRKRPHPD ILPGHUHVJXDUGDUDVRFLHGDGHGDFRUUXSomRGRV*RYHUQRVHGRPDOHVFDXVDGRVSHORGHVSUH]R DRV GLUHLWRV GR LQGLYtGXR 2 GLSORPD DSRLDYDVH QR SULQFtSLR GH OHJDOLGDGH SDUD SURWHJHU R FLGDGmR HP VXDV OLEHUGDGHV EiVLFDV H UHVWULQJLU D LQJHUrQFLD HVWDWDO UHVWULWD jV KLSyWHVHV DOFDQoDGDV SHOR RUGHQDPHQWR MXUtGLFR 'HVWDTXHVH QHVVH DVSHFWR R DUWLJR ž TXH GHILQH OLEHUGDGH FRPR R SRGHU GH ID]HU WXGR R TXH QmR SUHMXGLTXH R SUy[LPR DR TXH VH VRPD D GHFODUDomR GH TXH RV GLUHLWRV QDWXUDLV DOL GHOLEHUDGRV QmR WrP OLPLWHV VHQmR DTXHOHV HVWDEHOHFLGRV SHOD OHL $VVLP UHVWULQJHVH R kPELWR GH PDQREUD GR 3RGHU ([HFXWLYR QD YLJLOkQFLDGDDWLYLGDGHSULYDGD  4XDQWR j SURSULHGDGH LQVWD SRQWXDU VHX VWDWXV GH GLUHLWR VDJUDGR H LQYLROiYHO UHVJXDUGDGD SRU GXDV JDUDQWLDV Pi[LPDV D QHFHVVLGDGH S~EOLFD FRPSURYDGD OHJDOPHQWH H D LQGHQL]DomR MXVWD H SUpYLD %XVFDVH FRP WDLV SUHFDXo}HV SURWHJHU R SDWULP{QLR LQGLYLGXDO HPIDFHGR(VWDGRFRQIHULQGROKHFDUiWHUTXDVHDEVROXWRDPLQRUDUVHDSHQDVGLDQWHGDOHLR TXH QmR VLJQLILFD TXH R IDoD HP SUHMXt]R GR SDUWLFXODU KDMD YLVWD D JDUDQWLD GH UHSDUDomR PRQHWiULD  . $UWž$OLEHUGDGHFRQVLVWHHPSRGHUID]HUWXGRTXHQmRSUHMXGLTXHRSUy[LPR$VVLPRH[HUFtFLRGRVGLUHLWRV QDWXUDLVGHFDGDKRPHPQmRWHPSRUOLPLWHVVHQmRDTXHOHVTXHDVVHJXUDPDRVRXWURVPHPEURVGDVRFLHGDGHR JR]R GRV PHVPRV GLUHLWRV (VWHV OLPLWHV DSHQDV SRGHP VHU GHWHUPLQDGRV SHOD OHL 'HFODUDomR GRV 'LUHLWRV GR +RPHPHGR&LGDGmR%LEOLRWHFD9LUWXDOGRV'LUHLWRV+XPDQRV8QLYHUVLGDGHGH6mR3DXOR863'LVSRQtYHO HP  KWWSZZZGLUHLWRVKXPDQRVXVSEULQGH[SKS'RFXPHQWRVDQWHULRUHV&$FULD&$& $RGD6RFLHGDGHGDV1D&$&%HVDW&$GHFODUDFDRGHGLUHLWRVGRKRPHPHGRFLGD GDRKWPO!$FHVVRHPIHY. . .

(17) . . 2XWUDSDVVDJHPUHOHYDQWHHVWiFRQWLGDQRDUWLJRžTXHGLVS}HVREUHDLJXDOGDGH HP GLUHLWRV GRV KRPHQV $RSDVVR HP TXH DILUPD HVVD LJXDOGDGH GH GLUHLWRV GLUHWUL] DOoDGD FRPR OHPD GR PRYLPHQWR UHYROXFLRQiULR IUDQFrV HVWDEHOHFH H[FHomR j VXD DSOLFDELOLGDGH FRQVWULQJLQGRVHXVXEVWUDWRPDWHULDO$VVLPDVGLVWLQo}HVVRFLDLVVHULDPWROHUDGDVGHVGHTXH VH IXQGDPHQWDVVHP QD XWLOLGDGH FRPXP 3RU WDO UD]mR +REVEDZP QmR WHPH DILUPDU TXH R PDQLIHVWRRS}HVHjVRFLHGDGHKLHUiUTXLFDGHSULYLOpJLRVQREUHVPDVQmRFKHJDDFRQILJXUDU VHFRPRDWRIDYRUiYHODXPDVRFLHGDGHGHPRFUiWLFDHLJXDOLWiULDGHIDWR  &RQVDJUDYDVH GHVVH PRGR XPD OLEHUGDGH DSDUHQWH YROWDGD DRV LQWHUHVVHV GD FODVVH GRPLQDQWH H SRUWDQWR GHYDVWDGRUDPHQWH GHVLJXDO 6XUJLD XPD FRQWUDGLomR FDGD YH] PDLVODWHQWHHLQVXVWHQWiYHOILUPDUDVHDOLEHUGDGHGHLPSRUVHHDLJXDOGDGHSDUDREHGHFHU IUHQWHjVXSUHPDFLDSROtWLFRHFRQ{PLFDHPYLJRU  1RSODQRWUDEDOKLVWDDVFRQVHTXrQFLDVIRUDPDLQGDPDLVHYLGHQWHVHFRODERUDUDP SDUDRGHFOtQLRGRVLVWHPDOLEHUDOFRUURPSLGRSRUVXDVSUySULDVLQFRQJUXrQFLDV$5HYROXomR ,QGXVWULDO DFHOHUDQGR D SURGXWLYLGDGH DWUDYpV GD H[SORUDomR GD PmRGHREUD H GR DSHUIHLoRDPHQWRGHWpFQLFDVHWHFQRORJLDVYHLRVRERSULVPDHFRQ{PLFRGRVYDORUHVOLEHUDLV DDJUDYDUDVSpVVLPDVFRQGLo}HVODERUDLVDTXHHUDPVXEPHWLGRVRVLQGLYtGXRVGHVWLWXtGRVGH GLUHLWRV H JDUDQWLDV TXH OKHV DVVHJXUDVVHP GLJQLGDGH RX VHJXUDQoD QR DPELHQWH RQGH GHVHPSHQKDYDPVXDVDWLYLGDGHV6REUHRDVVXQWRGHVWDFD%RQDYLGHV  $LGpLDGHDXVrQFLDGR(VWDGRYLQJRXQRUPDOPHQWHQDSULPHLUDIDVHGD5HYROXomR ,QGXVWULDO SRUTXDQWR DPDGXUHFLGR R FDSLWDOLVPR IDWRV LQH[RUiYHLV GD YLGD HFRQ{PLFD FRPR D FRQFHQWUDomR JLJDQWHVFD GH FDSLWDLV D IORUDomR GH WUXVWHV H PRQRSyOLRV R DEXVR GD OLEHUGDGH HFRQ{PLFD SDUWLFXODUPHQWH GD OLEHUGDGH GH FRQWUDWR SURYRFDQGR GH XP ODGR JUDQGHV FULVHV FtFOLFDV H GH RXWUR ODGR GHWHUPLQDQGRFRPRPHFDQLVPRGHGHIHVDDVH[LJrQFLDVDJUHVVLYDVGRRSHUDULDGR SROLWL]DGRTXHRVWHQWDYDQRVVLQGLFDWRVVyOLGDRUJDQL]DomRGHFODVVHVUHTXHVWDUDP GH PDQHLUD Mi LQDSHOiYHO D SUHVHQoD GR (VWDGR VHX LQGLVSHQViYHO LQWHUYHQFLRQLVPR.  $ 5HYROXomR ,QGXVWULDO GDWD GD VHJXQGD PHWDGH GR VpFXOR ;9,,, QmR KDYHQGR FRQVHQVR HQWUH RV KLVWRULDGRUHV TXDQWR DR PRPHQWR HVSHFtILFR GH IORUHVFLPHQWR KLVWyULFR 7DOYH] SRUTXH FRPR H[SOLFD (ULF - +REVEDZP QmR VH WUDWH GH XP HSLVyGLR FRP XP . . +2%6%$:0(ULF-$(UDGDV5HYROXo}HV(G6mR3DXOR(GLWRUD3D]H7HUUDS %21$9,'(63DXOR'R(VWDGR/LEHUDODR(VWDGR6RFLDOHG6mR3DXOR0DOKHLURV  +2%6%$:0(ULF-$(UDGDV5HYROXo}HV(G6mR3DXOR(GLWRUD3D]H7HUUDS . . .

(18) . . SULQFtSLRHXPILP$VSULPHLUDVH[SHULrQFLDVQHVVHVHQWLGRWHULDPRFRUULGRDLQGDQRVpFXOR ;,,, PDV DSHQDV D SDUWLU GH  DV HVWDWtVWLFDV UHYHODUDP FUHVFLPHQWR UHOHYDQWH GD FDSDFLGDGHSURGXWLYD DXWRUL]DQGR R HQWHQGLPHQWR GH TXH QDTXHOHSHUtRGR LQLFLDYDVH XPD WUDQVIRUPDomRVLJQLILFDWLYDQRVSODQRVHFRQ{PLFRHSRUFRQVHTXrQFLDVRFLDO  'HVHQYROYHUDVH SULPHLUDPHQWH QD *Um%UHWDQKD HP TXH VH REVHUYDYD D SUHGLVSRVLomRGHHOHPHQWRVSDUDPHOKRUFRQGXomRHDSHUIHLoRDPHQWRGDPDUFKDLQGXVWULDO$ SURSULHGDGHIpUWLOTXHHUDGRPLQDGDSHODFODVVHPDLVDEDVWDGDHDEULJDYDFRPRPmRGHREUD FDPSRQHVHVVHPSRVVHV HSHTXHQRVDJULFXOWRUHVMiVHWUDQVPXGDUDSDUDDVVXPLUQRYRSHUILO WHOHROyJLFR SUHVWDYDVH SRLV SDUD R DEDVWHFLPHQWR GRV FHQWURV XUEDQRV FDGD YH] PDLV KLSHUWURILDGRV SHOD PDVVD WUDEDOKDGRUD GDGR R FUHVFHQWH r[RGR H DR IRUQHFLPHQWR GH PDWpULDSULPDFRPRLQVXPRQDDWLYLGDGHXUEDQD  'HVWDFRXVHDLQG~VWULDGHEHQVGHFRQVXPRFRPRDGHEHELGDVHDGHDOLPHQWRV PDVDPDQXIDWXUDGRDOJRGmRVXSHURXDVGHPDLVDWLYLGDGHVPDLVFpOHUHHRUJDQL]DGDTXHVH PRVWURX HP VXD FRQMXQWXUD SURGXWLYD (P VXD VHJXQGD IDVH D 5HYROXomR DUYRURXVH QD SURGXomRGHEHQVGHFDSLWDOHPTXHKRXYHLQYHVWLPHQWRVYXOWRVRVQDSURGXomRGHIHUURHDoR $ LQG~VWULD GR FDUYmRSRU VXD YH] H[SDQGLXVH VLJQLILFDWLYDPHQWH PRYLGDSHOD FRQVWUXomR GH IHUURYLDV TXH DPSOLDYDP D iUHD GH FLUFXODomR H IDFLOLWDYDP R GHVORFDPHQWR GD PDWpULD EUXWD  $RODGRGDSUROLIHUDomRGHPDTXLQiULRHDSHUIHLoRDPHQWRWHFQROyJLFRHPSURYHLWR GR GHVHQYROYLPHQWR HFRQ{PLFR GHXVH D FRQVWULomR GRV VDOiULRV H R DJUDYDPHQWR GDV FRQGLo}HVGHWUDEDOKR1HPPHVPRPXOKHUHVHFULDQoDVIRUDPSRXSDGDVGDVORQJDVMRUQDGDV H GD URWLQD HVWDIDQWH 7UDWDQGRVH GH PmRGHREUD PDLV EDUDWD H GHVDUWLFXODGD HUD PHVPR SUHIHUHQFLDO SDUD DTXHODV IiEULFDV FXMR UHJLPH IRVVH DLQGD PDLV VHYHUR 2 DQVHLR GRV LQGXVWULDLV HP DPSOLDU D PDUJHP GH OXFUR FRQFLOLDQGR D LQWHQVLILFDomR GD SURGXomR H D H[SORUDomRGDPmRGHREUDIH]VXUJLUDLQVDWLVIDomRGRVREUHLURVTXHSDVVDUDPDUHLYLQGLFDU PHOKRUUHPXQHUDomRPDLRUTXDOLGDGHGRDPELHQWHODERUDOHVHJXUDQoDQDPDQXWHQomRGHVHXV SRVWRV GH RItFLR 5HODWD +REVEDZP TXH D PLVpULD H D LQVDWLVIDomR HQVHMDUDP RV SULPHLURV OHYDQWHV H R FUHVFLPHQWR GR DSRLR SRSXODU DRV PRYLPHQWRV FDUWLVWDV 5HVSRQVDELOL]DQGR R PDTXLQiULRSHODUHGXomRGDRIHUWDGHHPSUHJRHSHODSpVVLPDFRQGLomRGHWUDEDOKRH[LVWHQWH . . . +2%6%$:0(ULF-$(UDGDV5HYROXo}HV(G6mR3DXOR(GLWRUD3D]H7HUUDS. .

(19) . . RV WUDEDOKDGRUHV SURPRYHUDP D GHVWUXLomR GH PiTXLQDV DSRLDGRV SRU RXWURV VHWRUHV LJXDOPHQWHLQVDWLVIHLWRVSHORFUHVFLPHQWRLQGXVWULDO  $ &RQVWLWXFLRQDOL]DomR GH GLUHLWRV TXH SUHVWLJLDYDP DSHQDV LQWHUHVVHV GH RUGHP SULYDGDHLQGLYLGXDOLVWDQmRIRUDKiELOSDUDFRQWHURVDQVHLRVVRFLDLVHPDQDGRVGDVDVVLPHWULDV IiWLFDV TXH VH HYLGHQFLDYDP $ SHUSHWXDomR GR VLVWHPD FDSLWDOLVWD H[LJLD QHVWH PRPHQWR D LQFRUSRUDomRGHYDORUHVGHQDWXUH]DPDLVFROHWLYDUHGHILQLQGRRSDSHOGR(VWDGRQDJHUrQFLD SROtWLFRHFRQ{PLFDGD1DomR  . (VWDGR6RFLDO3ULPHLUDV&RQTXLVWDVGR7UDEDOKDGRU   $V WHQV}HV VRFLDLV UHYHODUDP D LPSRVVLELOLGDGH GH PDQXWHQomR GR VLVWHPD QRV PROGHV HP TXH VH SHUSHWXDUD QR VpFXOR ;9,,, 2 VpFXOR VHJXLQWH WURX[H DR SODQR FRQVWLWXFLRQDO D SUHRFXSDomR FRP YDORUHV TXH XOWUDSDVVDYDP RV LQWHUHVVHV LQGLYLGXDLV VRPDQGRDRVGLUHLWRVSROtWLFRVHFLYLVXPDSHUVSHFWLYDPDLVFROHWLYDDRRUGHQDPHQWRMXUtGLFR  2 (VWDGR DVVXPLX IXQomR SULPRUGLDO VXSHUDGD D IDVH DEVHQWHtVWD VRE R FUHGR OLEHUDOWRUQDQGRVHDJHQWHSURPRWRUGRVGLUHLWRVWRFDQWHVDREHPHVWDUGRFLGDGmR1mRPDLV FRQFHEHQGR D LJXDOGDGH PHUDPHQWH IRUPDO HQWUH RV LQGLYtGXRV DPSOLRX VXD iUHD GH LQJHUrQFLDDILPGHFRQIHULUVXEVWUDWRDRVGLUHLWRVGDFROHWLYLGDGHPHGLDQWHSROtWLFDVS~EOLFDV HPGLYHUVRVVHWRUHV  1HVVH SODQR GHVWDFDPVH RV GLUHLWRV VRFLDLV FXOWXUDLV H HFRQ{PLFRV DWDGRV DR SULQFtSLRGDLJXDOGDGHGHVWDIHLWDSURYLGRGHUHDOVXEVWUDWRHHIHWLYLGDGHQRSODQRIiWLFR6XD UHODomRFRPDTXHOHVFXMRFHUQHHVWiQRKRPHPLQGLYtGXRQmRVHIXQGDPHQWDHPXPDOyJLFD GHRSRVLomRFRPRVHSRGHULDLPDJLQDURTXHKiGHIDWRpDFRPSOHPHQWDomRGHGLUHWUL]HV DJRUDGLUHFLRQDGDQmRDSHQDVDXPFLGDGmRHPVXDLQGLYLGXDOLGDGHSHUDQWHRXWURVPHPEURV GD VRFLHGDGH RX HP IDFH GR (VWDGR PDV j FROHWLYLGDGH DVVLP FRQVLGHUDGD $ HVVH UHVSHLWR H[SOLFD3DXOR%RQDYLGHV . . . 6$50(172'DQLHO'LUHLWRV)XQGDPHQWDLVH5HODo}HV3ULYDGDV(G5LRGH-DQHLUR/~PHQ-~ULV S. . .

(20) . . $ QRYD XQLYHUVDOLGDGH GRV GLUHLWRV IXQGDPHQWDLV RV FRORFD DVVLP GHVGH R SULQFtSLRQXPJUDXPDLVDOWRGHMXULGLFLGDGHFRQFUHWXGHSRVLWLYLGDGHHHILFiFLDe XQLYHUVDOLGDGH TXH QmR H[FOXL RV GLUHLWRV GD OLEHUGDGH PDV SULPHLUR RV IRUWDOHFH FRPDVH[SHFWDWLYDVHRVSUHVVXSRVWRVGHPHOKRUFRQFUHWL]iORVPHGLDQWHDHIHWLYD DGRomRGRVGLUHLWRVGDLJXDOGDGHHGDIUDWHUQLGDGH.  'HQWUH RV UHIHULGRV GLUHLWRV HVWi DTXHOH UHIHUHQWH j VD~GH TXH GLUHFLRQD DV SROtWLFDV HVWDWDLV H HVWDEHOHFH FRPR FRUROiULR GR GLUHLWR j YLGD D JDUDQWLD GR EHPHVWDU GH WRGD D FRPXQLGDGH H D DWXDomR GRV WUrV 3RGHUHV QD SUHYHQomR H UHSDUDomR GRV PDOHV TXH YHQKDP D DIHWDU D TXDOLGDGH GH YLGD GDSRSXODomR 7UDWDVHSRUWDQWR GH GLUHLWR XQLYHUVDO H LQFRQGLFLRQDGR D TXDLVTXHU IDWRUHV D FDUJR GH XP (VWDGR FXMD iUHD GH LQJHUrQFLD IRUD DPSOLDGD UHFRQKHFHQGRVH D QHFHVVLGDGH GH VXD SDUWLFLSDomR SDUD TXH WDLV FRQTXLVWDV VH FRQFUHWL]DVVHP  ([SOLFD $OEXTXHUTXH2OLYHLUD TXH R YRFiEXOR VD~GH HP VXD HWLPRORJLD WHP RULJHPODWLQD HVLJQLILFDULD³HVWDGRGHVmR´RX³VDOYDomR´UHFHEHQGRLJXDOPHQWHGHILQLomR YROWDGDjPDWpULDODERUDOSHOD2UJDQL]DomR,QWHUQDFLRQDOGR7UDEDOKRLQVWLWXLomRVREUHDTXDO VHWUDWDUiPDLVDGLDQWH  (VWDEHOHFH D &RQYHQomR Qž  HP VHX DUWLJR ž TXH R WHUPR DOEHUJD QmR VRPHQWH³D DXVrQFLDGH DIHFo}HVRXGHGRHQoD PDVWDPEpPRVHOHPHQWRVItVLFRVHPHQWDLV TXHDIHWDPDVD~GHHHVWmRGLUHWDPHQWHUHODFLRQDGRVFRPDVHJXUDQoDHKLJLHQHQRWUDEDOKR´ $GHILQLomRWUDQVFULWDpSOHQDPHQWHYiOLGDQRSODQRMXUtGLFRSiWULRSRUTXHD&RQYHQomRIRUD LQFRUSRUDGD DR RUGHQDPHQWR HP SURPXOJDomR SHOR 'HFUHWR Qž  GH  GH VHWHPEUR GH DSyVVXEPLVVmRDR&RQJUHVVR1DFLRQDOHDSURYDomRSRUPHLRGH'HFUHWRQžGH GHPDUoRGH  5DWLILFRXVH DVVLP D FRPSUHHQVmR GH GLUHLWR j VD~GH TXH VH YROWD HVSHFLILFDPHQWH DR WUDEDOKDGRU DWHQGHQGR DRV DQVHLRV KLVWyULFRV GD PDVVD SRU JDUDQWLDV GH VHJXUDQoD H GLJQLGDGH HP VXDV DWLYLGDGHVSURGXWLYDV R TXHSRU FRQVHTXrQFLD OyJLFD H[LJH QmRDSHQDVGR(VWDGRPDVSRULJXDOGRHPSUHJDGRUDTXHPFRPSHWLUiQRPDLVGDVYH]HV RIHUHFHU XP DPELHQWH ODERUDO VDXGiYHO H FRQGLo}HV SDUD UHGX]LU TXDLVTXHU ULVFRV D TXH VHMD H[SRVWRRREUHLUR . . %21$9,'(63DXOR&XUVRGH'LUHLWR&RQVWLWXFLRQDO(G6mR3DXOR(GLWRUD0DOKHLURVS $/%848(548(2/,9(,5$3DXOR5RJpULR6D~GHGR7UDEDOKDGRUSHUDQWHRVGLUHLWRVIXQGDPHQWDLVXPD FUtWLFDSURSRVLWLYD5HYLVWDGD3UHYLGrQFLD6RFLDO6mR3DXOR/75SD . . .

(21) . . 'HYHVH UHVVDOWDU TXDQWR jV &RQVWLWXLo}HV SUHFXUVRUDV GR &RQVWLWXFLRQDOLVPR 6RFLDOD&DUWD0H[LFDQD6RELQIOXrQFLDGR$QDUFRVVLQGLFDOLVPRD&RQVWLWXLomR3ROtWLFDGRV (VWDGRV 8QLGRV 0H[LFDQRV GHVWDFDUDVH QD LQVHUomR GRV GLUHLWRV WUDEDOKLVWDV QR kPELWR GRV GLUHLWRVIXQGDPHQWDLV)iELR.RQGHU&RPSDUDWRH[SOLFDTXHDLPSRUWkQFLDGHVVDLQLFLDWLYD HVWi QD REVHUYDomR GH TXH WDO FRQVFLrQFLD VRPHQWH VH DILUPDUD QD (XURSD SULYLOHJLDQGR D GLPHQVmRVRFLDOQRkPELWRGDTXHOHVYDORUHVDSyVD3ULPHLUD*XHUUD0XQGLDO  2 DXWRU FRP VXSRUWH QHVVDV FRQVLGHUDo}HV DWULEXLOKH R PpULWR GD YDORUL]DomR KXPDQtVWLFD GR WUDEDOKR REVWDQGR D PHUFDQWLOL]DomR GD PmRGHREUD H SULYLOHJLDQGR D LJXDOGDGHMXUtGLFDPDWHULDOHQWUHREUHLURHHPSUHJDGRU  (P VHX WH[WR RULJLQDO D &RQVWLWXLomR GH  GHGLFD R 7tWXOR 6H[WR j PDWpULD WUDEDOKLVWD H j OHL SUHYLGHQFLiULD SUHYHQGR GHQWUH RXWURV GLUHLWRV D GXUDomR Pi[LPD GD MRUQDGDGHWUDEDOKRRGHVFDQVRVHPDQDOVDOiULRPtQLPRFRPSDWtYHOFRPRDWHQGLPHQWRGDV QHFHVVLGDGHV EiVLFDV GR WUDEDOKDGRU GLUHLWR GH JUHYH H DV EDVHV PtQLPDV GH 6HJXULGDGH 6RFLDO FXMD OHL p FRQVLGHUDGD GH XWLOLGDGH S~EOLFD 1R TXH WRFD D HVWH HVWXGR FRPSHWH GHVWDFDURVHJXLQWHH[FHUWRGRDUW$   /RVHPSUHVDULRVVHUiQUHVSRQVDEOHVGHORVDFFLGHQWHVGHOWUDEDMR\GH ODVHQIHUPHGDGHVSURIHVLRQDOHVGHORVWUDEDMDGRUHVVXIULGDVFRQPRWLYRRHQ HMHUFLFLR GH OD SURIHVLyQ R WUDEDMR TXH HMHFXWHQ SRU OR WDQWR ORV SDWURQRV GHEHUiQ SDJDU OD LQGHPQL]DFLyQ FRUUHVSRQGLHQWH VHJ~Q TXH KD\D WUDtGR FRPR FRQVHFXHQFLD OD PXHUWH R VLPSOHPHQWH LQFDSDFLGDG WHPSRUDO R SHUPDQHQWHSDUDWUDEDMDUGHDFXHUGRFRQORTXHODVOH\HVGHWHUPLQHQ(VWD UHVSRQVDELOLGDG VXEVLVWLUi DXQ HQ HO FDVR GH TXH HO SDWURQR FRQWUDWH HO WUDEDMRSRUXQLQWHUPHGLDULR  (O SDWURQR HVWDUi REOLJDGR D REVHUYDU HQ OD LQVWDODFLyQ GH VXV HVWDEOHFLPLHQWRVORVSUHFHSWRVOHJDOHVVREUHKLJLHQH\VDOXEULGDG\DGRSWDU ODV PHGLGDVDGHFXDGDVSDUDSUHYHQLUDFFLGHQWHVHQHOXVRGHODV PiTXLQDV LQVWUXPHQWRV \ PDWHULDOHV GH WUDEDMR DVt FRPR D RUJDQL]DU GH WDO PDQHUD pVWHTXHUHVXOWHSDUDODVDOXG\ODYLGDGHORVWUDEDMDGRUHVODPD\RUJDUDQWtD FRPSDWLEOHFRQODQDWXUDOH]DGHODQHJRFLDFLyQEDMRODVSHQDVTXHDOHIHFWR HVWDEOH]FDQODVOH\HV.  2 OHJLVODGRU PH[LFDQR WUDWRX GH GLVFLSOLQDU D SURWHomR DR WUDEDOKDGRU VRE GRLV DVSHFWRV R SUHYHQWLYR PHGLDQWH DSOLFDomR SHOR HPSUHJDGRU GDV QRUPDV GH KLJLHQH H GH VDOXEULGDGHQDVLQVWDODo}HVGRHVWDEHOHFLPHQWRHRUHSDUDWyULRHPTXHRFRUULGRVRDFLGHQWH . . &203$5$72)iELR.RQGHU$$ILUPDomR+LVWyULFDGRV'LUHLWRV+XPDQRV(G6mR3DXOR6DUDLYD S   0e;,&2 &RQVWLWXLomR 0H[LFDQD GH  'LVSRQtYHO HP KWWSFRQVWLWXFLRQUHGLULVHV SULQFLSDO FRQVWLWXFLRQHVPH[LFRBKWPW!$FHVVRHPIHY. . .

(22) . . RXDHQIHUPLGDGHGHFRUUHQWHGRRItFLRSRGHUVHLDDFLRQDURHPSUHViULRSDUDTXHSDJDVVH D LQGHQL]DomR GHYLGD IRVVH QRV FDVRV GH PRUWH GR WUDEDOKDGRU IRVVH QDTXHOHV HP TXH VH YHULILFDVVHDLQFDSDFLGDGHWHPSRUDO  2XWUR DVSHFWR GLJQR GH QRWD p UHVVDOWDGR SHOD 3URIHVVRUD GH 'LUHLWR &RQVWLWXFLRQDO 0DULD &OiXGLD %XFFKLDQHUL 3LQKHLUR TXH VDOLHQWD D SRXFD UHOHYkQFLD QR TXHVLWR TXDQWLWDWLYR GD FODVVH WUDEDOKDGRUD QR SURFHVVR UHYROXFLRQiULR D GHVSHLWR GD VLJQLILFDWLYD GLVSRVLomR GH GLUHLWRV FRQIHULGRV DRV WUDEDOKDGRUHV ¬ pSRFD GD 5HYROXomR 0H[LFDQD TXH SUHFHGHX D IHLWXUD GD &RQVWLWXLomR GH  D SRSXODomR HUD SUHGRPLQDQWHPHQWH FDPSRQHVD H R 3DtV DLQGD QmR KDYLD SDVVDGR SRU XP SURFHVVR GH LQGXVWULDOL]DomRTXHHQVHMDVVHDIRUPDomRGHXPDFODVVHRSHUiULD  $ UHIHULGD FRQVWLWXFLRQDOLVWD WDPEpP VH GHGLFRX j &RQVWLWXLomR GH :HLPDU HGLWDGD HP  TXH VXUJLUD HP FRQWH[WR KLVWyULFR WHQVR QD FULVH DGYLQGD GD GHUURWD QD 3ULPHLUD *XHUUD 0XQGLDO H GD GXUD GLVFLSOLQD GLWDGD SHORV SDtVHV YHQFHGRUHV SRU PHLR GR 7UDWDGR GH 9HUVDOKHV 3HUFHEHQGR D QHFHVVLGDGH GH DPSOLDomR GR FRPSURPLVVR FRP D FRPXQLGDGHKDMDYLVWDDIUDJLOL]DomRGDVFRQGLo}HVVyFLRHFRQ{PLFDVD$OHPDQKDHODERURX &DUWD 0DLRU TXH VRPRX jV OLEHUGDGHV GR LQGLYtGXR GLUHLWRV TXH FRQWHPSODYDP D VRFLHGDGH HPVXDLQWHLUH]D  )RUDPPDQWLGRVDVVLPRVGLUHLWRVjOLEHUGDGHjSULYDFLGDGHjLQYLRODELOLGDGHGR GRPLFtOLR H j H[SUHVVmR QR /LYUR , GLYLGLQGR HVSDoR QR /LYUR VHJXLQWH FRP GLUHLWRV GH QDWXUH]D PDLV DEUDQJHQWH TXH YDORUL]DYDP D HGXFDomR D FXOWXUD H R H[HUFtFLR pWLFR GH WDLV FRQTXLVWDV1HVVHVHQWLGRHVWiRDUWLJRTXHJDUDQWHDSURSULHGDGHSULYDGDDRWHPSRHP TXH HVWDEHOHFH REULJDo}HV HP GHFRUUrQFLD GH VXD DTXLVLomR QR TXH FRQFHUQH DR GHYHU GH SULPDU SHOR XVR UHVSRQViYHO HP SURYHLWR GDTXHOH TXH D GHWpP VHP ROYLGDU QR HQWDQWR D FRPXQLGDGHHPTXHVHLQVHUH  1R TXH VH UHIHUH j PDWpULD WUDEDOKLVWD UHOHYDQWHV VmR RV DUWLJRV  D  QRV TXDLV VH HVWDEHOHFH D SURWHomR HVSHFLDO j IRUoD GH WUDEDOKR H j VHJXULGDGH VRFLDO YLVDQGR j VD~GH GR FLGDGmR 2 SULPDGR GR WUDEDOKR SURGXWLYR DVVRFLDGR DRV GHPDLV GLUHLWRV VRFLDLV  .  3,1+(,52 0DULD &OiXGLD %XFFKLDQHUL $ &RQVWLWXLomR GH :HLPDU H RV GLUHLWRV IXQGDPHQWDLV VRFLDLV 'LVSRQtYHOHPKWWSZZZVHQDGRJRYEUZHEFHJUDIULO3GISGIB5SGI!$FHVVRHPIHY. . .

(23) . . SUHYLVWRV QD &DUWD $OHPm p H[SOLFLWDPHQWH DSUHVHQWDGR QR DUWLJR  R TXH LPS}H D SUHVHUYDomR GD GLJQLGDGH H GD VD~GH GR WUDEDOKDGRU SRU PHLR GH SROtWLFDV TXH JDUDQWDP DPELHQWHV VDOXEUHV H VHJXURV SDUD VXDV DWLYLGDGHV DOpP GDV RXWUDV SUHUURJDWLYDV WDLV FRPR VHJXURGHVHPSUHJR H GLUHLWR GH SDUWLFLSDomR HP FRQVHOKRV RSHUiULRV H HFRQ{PLFRV QD UHJXODomRGDVFRQGLo}HVGHWUDEDOKRHUHPXQHUDomR  (PFRWHMRGDVGXDV&RQVWLWXLo}HV%XFFKLDQHUL3LQKHLURFRQFOXLXTXHDSHVDUGR SLRQHLULVPR FURQROyJLFR GD &DUWD 0H[LFDQD QmR VH SRGH D HOD DWULEXLU D PDLRU UHSHUFXVVmR QDVOHJLVODo}HVSRVWHULRUHV6REUHVVDLXVHD/HL0DLRU$OHPmSRUDSUHVHQWDUUROVLVWHPDWL]DGR GH GLUHLWRV GD PDJQLWXGH GD (GXFDomRSUHYHQGRVH HQVLQRS~EOLFR REULJDWyULR H JUDWXLWR H GD3UHYLGrQFLDGDTXDOSDUWLFLSDULDGLUHWDPHQWHRVHJXUDGR$DXWRUDGHVVHPRGRDILUPDTXH VH FRQVHJXLX FRP r[LWR FRQFUHWL]DU DQVHLRV GH FDUiWHU PHQRV UHJLRQDO H PDLV XQLYHUVDO SRGHQGR DGDSWDUVH j UHDOLGDGH GH RXWURV (VWDGRV IDYRUHFHQGR D DGRomR GRV SUHFHLWRV LQVFXOSLGRVQD&RQVWLWXLomR*HUPkQLFD  . (VWDGR3yV6RFLDO   $ JOREDOL]DomR IDYRUHFLGD SHOR IRPHQWR WHFQROyJLFR SHOR IRUWDOHFLPHQWR GDV QHJRFLDo}HV HFRQ{PLFRILQDQFHLUDV QR SODQR LQWHUQDFLRQDO H SHOD UHYROXomR GRV VHWRUHV GH LQIRUPiWLFDHFRPXQLFDomRH[HUFHXVLJQLILFDWLYRLPSDFWRQRPRGHORHVWDWDOH[LVWHQWHTXHVH WUDQVILJXURXSDUDDGHTXDUVHDRQRYRSDQRUDPDSROtWLFRHKLVWyULFR  'DQLHO 6DUPHQWR DOXGLQGR DRV DVSHFWRV QHJDWLYRV GR TXH GHQRPLQRX (VWDGR 3yVVRFLDO UHIHULXVH j IUDJLOL]DomR GR GLULJLVPR HVWDWDO TXH QmR PDLV FRPSRUWDYD FRPR GDQWHV D VDWLVIDWyULD H[HFXomR GRV HQFDUJRV VRFLDLV TXH DVVXPLUD H SHUGLD HP SDUWH R FRQWUROHGDVYDULiYHLVWRFDQWHVDRSODQRHFRQ{PLFRHMXUtGLFR  . . $UWLNHO'DV5HLFKWULWWIUHLQH]ZLVFKHQVWDDWOLFKH5HJHOXQJGHU5HFKWVYHUKlOWQLVVHGHU$UEHLWHUHLQGLH IU GLH JHVDPWH DUEHLWHQGH .ODVVH GHU 0HQVFKKHLW HLQ DOOJHPHLQHV 0LQGHVWPD‰ GHU VR]LDOHQ 5HFKWH HUVWUHEW 9HUIDVVXQJ GHV 'HXWVFKHQ 5HLFKHV 

(24)  'LVSRQtYHO HP KWWSGHZLNLVRXUFHRUJZLNL9HUIDVVXQJ BGHV B'HXWVFKHQB5HLFKHVB 

(25) !$FHVVRHPIHY  3LQKHLUR0DULD&OiXGLD%XFFKLDQHUL$&RQVWLWXLomRGH:HLPDUHRVGLUHLWRVIXQGDPHQWDLVVRFLDLV'LVSRQtYHO HPKWWSZZZVHQDGRJRYEUZHEFHJUDIULO3GISGIB5SGI!$FHVVRHPIHY  6$50(172'DQLHO'LUHLWRV)XQGDPHQWDLVH5HODo}HV3ULYDGDVHG5LRGH-DQHLUR/~PHQ-~ULV S. . .

(26) . . 4XDQWRDHVWH~OWLPRDVSHFWRGHVWDFDDDPSOLDomRGRGLiORJRHQWUHRHQWHHVWDWDOH RV DJHQWHV GR VHWRU SULYDGR DOpP GD IOH[LELOL]DomR GR DQWLJR PRQRSyOLR QD FRQVWUXomR GR RUGHQDPHQWRGRPpVWLFRGHPRGRDSHUPLWLUTXHLQVWkQFLDVVXSUDQDFLRQDLVFRQWULEXDPFRPD UHJXODPHQWDomRMXUtGLFDGR(VWDGR  $SHVDUGHRDXWRUREVHUYDUWDLVFLUFXQVWkQFLDVFRPLQHJiYHLVUHVHUYDVWRFDQWHVj LQH[LVWrQFLDGHPHFDQLVPRVGHOHJLWLPDomRGHVVDVIRQWHVLPSUHVFLQGtYHODGPLWLUTXHDDomR GD FRPXQLGDGH LQWHUQDFLRQDO SRU PHLR GH LQVWLWXLo}HV TXH DJUHJDP VLJQDWiULRV GH GLYHUVRV PDWL]HV SROtWLFRV IRUD GHWHUPLQDQWH SDUD D FRQVROLGDomR GRV GLUHLWRV IXQGDPHQWDLV IRUWDOHFHQGRRVPHGLDQWHDFRUGRVHWUDWDGRVDILPGHDPSOLDUOKHVRkPELWRGHHIHWLYLGDGHH FRQIHULUOKHVWHRUXQLYHUVDO  1HVVHWHUFHLURPRPHQWRQRTXDOVHLQVHULXRGLUHLWRDRPHLRDPELHQWHGRWUDEDOKR VDGLRILUPRXVHVXEVWUDWRKXPDQtVWLFRHXQLYHUVDOL]DQWHDWpHQWmRQmRDWLQJLGRSHODVGHPDLV OLEHUGDGHVDQDOLVDGDV  3DXOR %RQDYLGHV MXVWLILFD D FRQFUHWL]DomR GHVVHV YDORUHV SHOD FRQVFLrQFLD GDV GHVLJXDOGDGHVHPkPELWRLQWHUQDFLRQDOHPXPPXQGRGLYLGLGRHQWUHQDo}HVGHVHQYROYLGDVH VXEGHVHQYROYLGDV RX HP GHVHQYROYLPHQWR H[LJLQGR XPD GLPHQVmR PDLV DEUDQJHQWH H SURIXQGD GRV GLUHLWRV IXQGDPHQWDLV 7DO FRQFHSomR XOWUDSDVVDULD DV IURQWHLUDV GH XP GHWHUPLQDGRJUXSRRX3DtVHVHILUPDULDFRPRGLUHLWRVXSUDQDFLRQDOWRFDQWHDWRGRHTXDOTXHU VHUKXPDQR  $OpPGRGLUHLWRDRPHLRDPELHQWH±TXHPDLVGHSHUWRLQWHUHVVDDHVWHHVWXGRR SHVTXLVDGRUFHDUHQVHHQXPHUDRXWURVGHLJXDOUHOHYkQFLDRGLUHLWRDRGHVHQYROYLPHQWRjSD] j SURSULHGDGH VREUH R SDWULP{QLR FRPXP GD KXPDQLGDGH H j FRPXQLFDomR ,QVWD HVFODUHFHU TXH D GHVSHLWR GD DSDUHQWH WD[DWLYLGDGH WUDWDVH GH URO DEHUWR IOH[tYHO j GLQkPLFD VRFLDO DVVLPVHQGRQmRSRGHUiVHUGLVFLSOLQDGRGHPDQHLUDHVWDQTXHGHYHQGRRHVWXGLRVRYROWDUVH jVXDUHDOLGDGHSDUDYHULILFDURIORUHVFLPHQWRGHQRYDVGLUHWUL]HVGHFDUDFWHUHVDILQV . . . . %21$9,'(63DXOR&XUVRGH'LUHLWR&RQVWLWXFLRQDOHG6mR3DXOR(GLWRUD0DOKHLURVS. .

(27) . . -RVp $QW{QLR GH 2OLYHLUD 6LOYD DR FRQWH[WXDOL]DU KLVWRULFDPHQWH HVVH SHUtRGR YROWDVHDR3yV6HJXQGD*XHUUDPRPHQWRHPTXHGLYHUVRVHOHPHQWRVWHULDPFRQYHUJLGRSDUD R SURFHVVR GH LQWHUQDFLRQDOL]DomR D GHVWDFDUVH D H[SDQVmR GH RUJDQL]Do}HV YROWDGDV DR IRPHQWR GD FRRSHUDomR LQWHUQDFLRQDO $ 2UJDQL]DomR GDV 1Do}HV 8QLGDV QDVFH QHVVH FRQWH[WR HP MXQKR GH  )RUPDGD D SULQFtSLR SRU FLQTXHQWD H XP SDtVHV HGLWRX VXD &DUWD GH IXQGDomR VRE RV IXQGDPHQWRV GR UHVSHLWR jVREHUDQLD QDFLRQDO PDV RULHQWDGDSHOD FRRSHUDomR HQWUH RV SDtVHV PHPEURV HP TXHVW}HV GH RUGHP HFRQ{PLFD VRFLDO FXOWXUDO H KXPDQLWiULDWHQGRVHHPYLVWDDSD]HDVHJXUDQoDPXQGLDO  (P$VVHPEOHLD*HUDODSURYRXD'HFODUDomR8QLYHUVDOGRV'LUHLWRVGR+RPHP HPGHGH]HPEURGHHSLVyGLRIXQGDPHQWDOSDUDDFRQVROLGDomRGRVGLUHLWRVMiFLWDGRV 7RGDYLDLQVWDSRQWXDURGRFXPHQWRRILFLDOSUHVWLJLDYDLJXDOPHQWHRVLQWHUHVVHVYLQFXODGRVj OLEHUGDGH FRPR D SURSULHGDGH H D SULYDFLGDGH H j LJXDOGDGH R GLUHLWR DR WUDEDOKR H j VHJXULGDGH VRFLDO SURPRYHQGR QHVVH VHQWLGR D SURIXVmR GDV OLEHUGDGHV FRQVROLGDGDV QR SODQRQRUPDWLYR  (VSHFLDOPHQWHTXDQWRDHVWHV~OWLPRVQHFHVViULRPHQFLRQDUDIXQGDPHQWDomRHP FRPXP GRV SUHFHLWRV WRGRV SDXWDGRV SHOR SULQFtSLR GD GLJQLGDGH KXPDQD $R WUDEDOKDGRU GHVWDUWH GHYHUi VHU DVVHJXUDGD UHPXQHUDomR MXVWD SHUPLWLQGROKH YLYHU HP VLWXDomR FRPSDWtYHO FRP DV QHFHVVLGDGHV TXH OKH VmR tQVLWDV HQTXDQWR VHU KXPDQR SUHVHUYDQGRVH LQGXELWDYHOPHQWH VXD GLJQLGDGH 3HOR PHVPR UDFLRFtQLR ILUPRXVH D SURWHomR FRQWUD R GHVHPSUHJR  1RTXHVHUHIHUHjVD~GHGLVSHQVDOKHLJXDODWHQomRD'HFODUDomR8QLYHUVDOSRU VH UHYHODU IDFHWD GD GLJQLGDGH QD FRQFUHWL]DomR GR GLUHLWR j YLGD DR TXH VH YLQFXOD HVWUHLWDPHQWH D QRomR GH VHJXULGDGH VRFLDO Mi TXH VH GHVWLQD DR DPSDUR GDTXHOHV WUDEDOKDGRUHV FXMD FDSDFLGDGH ODERUDO Mi QmR VH PRVWUH VXILFLHQWH ± RX VHTXHU SHUVLVWD QRV FDVRVGHLQYDOLGH]SHUPDQHQWH±SDUDDPDQXWHQomRHFXVWHLRGHTXDOLGDGHGHYLGDFRPSDWtYHO FRPRVGL]HUHVGHGLJQLGDGHHEHPHVWDUTXHOKHVmRDVVHJXUDGRV  $ DSURYDomR GR 3DFWR ,QWHUQDFLRQDO VREUH 'LUHLWRV (FRQ{PLFRV 6RFLDLV H &XOWXUDLV HP  GH GH]HPEUR GH  YHLR D FRQVROLGDU DV GLVSRVLo}HV GD '8'+  .  6,/9$ -RVp $QW{QLR 5LEHLUR GH 2OLYHLUD $ 6D~GH GR 7UDEDOKDGRU &RPR 8P 'LUHLWR +XPDQR FRQWH~GR HVVHQFLDOGDGLJQLGDGHKXPDQD6mR3DXOR(GLWRUD/7US. . .

(28) . . UHODWLYDPHQWH DRV GLUHLWRV VRFLDLV WUDEDOKLVWDV -RVp $QW{QLR 5LEHLUR GH 2OLYHLUD 6LOYD HP FRPHQWiULRVLQWpWLFRGHVWDFDRDUWLJR  1RDUWIRLUHFRQKHFLGRRGLUHLWRGHWRGDSHVVRDDGHVIUXWDURPDLVHOHYDGRQtYHO SRVVtYHO GH VD~GH ItVLFD H PHQWDO FRPSURPHWHQGRVH RV (VWDGRV 3DUWHV GR FLWDGR 3DFWRDDGRWDUDVPHGLGDVQHFHVViULDVSDUDDVVHJXUDU>@E

(29) µDPHOKRULDGHWRGRVRV DVSHFWRVGHKLJLHQHGRWUDEDOKRHGRPHLRDPELHQWHF

(30) µDSUHYHQomRHRWUDWDPHQWR GDVGRHQoDVHSLGrPLFDVHQGrPLFDVSURILVVLRQDLVHRXWUDVEHPFRPRDOXWDFRQWUD HVVDVGRHQoDV>@.  2 DXWRU UHVVDOWRX TXH R H[FHUWR HYLGHQFLDULD LQpGLWD DWHQomR HP GHFODUDo}HV GH GLUHLWRVKXPDQRVDRPHLRDPELHQWHGHWUDEDOKRUHODFLRQDQGRRDRWUDEDOKDGRUHDRGLUHLWRj VD~GH DPSDUDGR FRQVWLWXFLRQDOPHQWH 'LJQD GH QRWD HVWi D DVVRFLDomR GLUHWD HQWUH PHLR DPELHQWHGHWUDEDOKRVD~GHHGRHQoDVSURILVVLRQDLVUHVXOWDGRGDGLQkPLFDLQDGHTXDGDHQWUHR H[HUFtFLRGDDWLYLGDGHODERUDOHDSUHVHUYDomRGDLQWHJULGDGHItVLFDHPHQWDOGRREUHLUR  $OpP GD 2UJDQL]DomR GDV 1Do}HV 8QLGDV p LPSUHVFLQGtYHO PHQFLRQDU D 2UJDQL]DomR ,QWHUQDFLRQDO GR 7UDEDOKR TXH WHQGR VXUJLGR DQWHV WRUQRXVH KRGLHUQDPHQWH DJrQFLD HVSHFLDOL]DGD GDTXHOD D ILP GH SURPRYHU RV GLUHLWRV KXPDQRV GLULJLGRV j VHDUD WUDEDOKLVWD  &RQVRDQWH H[SOLFDomR GH 5~ELD =DQRWHOOL GH $OYDUHQJD D 2,7 IRUD FULDGD HP MXQKRGHSRURFDVLmRGD&RQIHUrQFLDGD3D]TXDQGRVHDVVLQRXR7UDWDGRGH9HUVDOKHV 2GRFXPHQWRIRLHODERUDGRSHORVSDtVHVFRQVDJUDGRVYHQFHGRUHVQD3ULPHLUD*UDQGH*XHUUD 0XQGLDOHYROWDYDVHjSURPRomRGDSD]HGDPHOKRULDGDVUHODo}HVGHWUDEDOKRKDMDYLVWDDV SpVVLPDVFRQGLo}HVDTXHHUDPVXMHLWRVRVRSHUiULRVQRH[HUFtFLRGHVXDVDWLYLGDGHVjpSRFD HPTXHPRYLGRVSHORUDFLRFtQLROLEHUDORVHPSUHJDGRUHVHVWDEHOHFLDPFRQWUDWRVGHWUDEDOKR H[SUHVVLYDPHQWHGHVLJXDLVHDEXVLYRV  ,Q~PHUDV FRQYHQo}HV HODERUDGDV SHOD 2,7 IRUDP DGRWDGDV SHOR %UDVLO REVHUYDQGR R WUkPLWH ILUPDGR SHOD &RQVWLWXLomR )HGHUDO  $ WtWXOR GH H[HPSOR SRGHP VHU FLWDGRVRV'HFUHWRVQžGHGHMXQKRGHUHIHUHQWHj&RQYHQomRQžGD2,7 VREUH DJHQWHV FDQFHUtJHQRV R 'HFUHWR Qž  GH  GH RXWXEUR GH  UHODWLYR j . . 6,/9$ -RVp $QW{QLR 5LEHLUR GH 2OLYHLUD $ 6D~GH GR 7UDEDOKDGRU &RPR 8P 'LUHLWR +XPDQR FRQWH~GR HVVHQFLDOGDGLJQLGDGHKXPDQD6mR3DXOR(GLWRUD/7US   $/9$5(1*$ 5~ELD =DQRWHOOL GH $ 2UJDQL]DomR ,QWHUQDFLRQDO GR 7UDEDOKR H D SURWHomR DRV GLUHLWRV KXPDQRV5HYLVWD/7UOHJLVODomRGR7UDEDOKR6mR3DXOR/7USDYIDV. . .

(31) . . &RQYHQomR Qž  FXMR REMHWR p D FRQWDPLQDomR GRDU UXtGRV H YLEUDo}HV H R 'HFUHWR Qž  GH  GH VHWHPEUR GH  TXH YHUVD VREUH VHJXUDQoD H VD~GH ODERUDLV H UHIOHWH DV GLVSRVLo}HVGD&RQYHQomRQžTXHGLVS}HVREUHDVHJXUDQoDHDVD~GHGRWUDEDOKDGRUHR PHLRDPELHQWHGHWUDEDOKR  $ ,QVWLWXLomR FRQWULEXLX VLJQLILFDWLYDPHQWH SDUD D FRQFUHWL]DomR GRV GLWDPHV SURWHFLRQLVWDV QR SODQR LQWHUQDFLRQDO IRPHQWDQGR D GHIHVD SRU PHLR GH WUDWDGRV H FRQYHQo}HV GD LQWHJULGDGH ItVLFD H GR EHPHVWDU GR REUHLUR HP RULHQWDomR SUHYHQWLYD DR LQIRUW~QLRODERUDO  . &RQVWLWXLomR)HGHUDOGHH2UGHQDPHQWR-XUtGLFR%UDVLOHLUR$FLGHQWH GH7UDEDOKR   $&RQVWLWXLomRGHQmRLQDXJXUDDLQVHUomRGHLQWHUHVVHVGHFXQKRVRFLDOQD RUGHPMXUtGLFDGRPpVWLFDPDVFRQVROLGDDDPSOLDomRGRUROGRVGLUHLWRVIXQGDPHQWDLVTXH DWpRLQtFLRGRVpFXORHVWDYDUHVWULWRjTXHODVOLEHUGDGHVLQGLYLGXDLVUHFODPDGDVQD5HYROXomR )UDQFHVD (VVH SURFHVVR Mi SRGLD VHU REVHUYDGR QD &DUWD GH  TXDQGR VH HVERoRX QDV SDODYUDVGH3DXOR%RQDYLGHVXP(VWDGRVRFLDOGHLQVSLUDomRDOHPmGLUHWDPHQWHYROWDGRDR KRPHPSHVVRDLVWRpDRLQGLYtGXRFRPRLQWHJUDQWHGHXPDFROHWLYLGDGHHSRUWDQWRLQVHULGR QDGLQkPLFDVRFLDOTXHH[LJLDPHGLGDVTXHSHUSDVVDVVHPDUHODomRYHUWLFDOHQWUHLQGLYtGXRH (VWDGR H DWLQJLVVHP D KRUL]RQWDOLGDGH GR FRQYtYLR HP VRFLHGDGH GHPDQGDQGR DWHQomR D QHFHVVLGDGHVSHUWLQHQWHVjFRQGLomRKXPDQD  $&RQVWLWXLomRYLJHQWHVXSHUDGRVRVSHUtRGRVGHPDLRURXPHQRUDXWRULWDULVPR UDWLILFRX DV GLVSRVLo}HV FRQVWDQWHV QDTXHOD &DUWD H DSURIXQGRX PDWHULDOPHQWH DV GLUHWUL]HV UHIHUHQWHVjGHPRFUDFLDjLJXDOGDGHHjOLEHUGDGHRTXHVHUHIOHWLXQDGLVFLSOLQDFRQIHULGDDR 'LUHLWR -XVODERUDO $VVLP HQWHQGH 6HEDVWLmR *HUDOGR GH 2OLYHLUD TXH DVVLQDOD ORJR QR DUWLJRžGD/HL0DLRURGHVWDTXHDRWUDEDOKRHQTXDQWRIXQGDPHQWRGD5HS~EOLFDEUDVLOHLUD HPKDUPRQLDFRPDVQRo}HVGHVREHUDQLDFLGDGDQLDHGLJQLGDGHKXPDQD2WUDEDOKRUHFHEH. . . %21$9,'(63DXOR&XUVRGH'LUHLWR&RQVWLWXFLRQDO(G6mR3DXOR(GLWRUD0DOKHLURVS 2/,9(,5$6HEDVWLmR*HUDOGRGH3URWHomR-XUtGLFDj6D~GHGR7UDEDOKDGRU6mR3DXOR(GLWRUD/7U S . . .

(32) . . VWDWXV GH GLUHLWR VRFLDO FRQWHPSODGR SHOR DUWLJR ž GR TXDO WDPEpP FRQVWDP D VD~GH H D SUHYLGrQFLDVRFLDO  2 SULQFtSLR GD GLJQLGDGH KXPDQD DSUHVHQWD WHRU GH iUGXD GHOLPLWDomR WHyULFD FRQVLGHUDQGRDGLYHUVLGDGHGHYDORUHVTXHFRQWHPSOD(PVXDGLPHQVmRRQWROyJLFDFRQVLVWH HPTXDOLGDGHLQHUHQWHDRLQGLYtGXRRTXHQmRGHYHVHUWRPDGRHPVHQWLGROLWHUDOGLYHUJLQGR GH FRQFHSomR HVWULWDPHQWH ELROyJLFD Mi VXSHUDGD 0DQWpP YLQFXODomR FRP RV SULQFtSLRV MXUtGLFRV GH OLEHUGDGH LJXDOGDGH H VROLGDULHGDGH YLVWRV QRV LWHQV SUHWpULWRV VREUH R TXH GLVVHUWD,QJR6DUOHWDOXGLQGRDWUDEDOKRGH0DULD&HOLQD%RGLQGH0RUDHV  'R VXEVWUDWR PDWHULDO GD GLJQLGDGH GHFRUUHP TXDWUR SULQFtSLRV MXUtGLFRV IXQGDPHQWDLVQRPHDGDPHQWHRVGDLJXDOGDGH TXHHPVXPDYHGDWRGDHTXDOTXHU GLVFULPLQDomR DUELWUiULD H IXQGDGD QDV TXDOLGDGHV GD SHVVRD

(33)  GD OLEHUGDGH TXH DVVHJXUD D DXWRQRPLD pWLFD H SRUWDQWR D FDSDFLGDGH SDUD D OLEHUGDGH SHVVRDO

(34)  GD LQWHJULGDGHItVLFDHPRUDO TXHQRQRVVRVHQWLULQFOXLDJDUDQWLDGHXPFRQMXQWRGH SUHVWDo}HV PDWHULDLV TXH DVVHJXUDP XPD YLGD FRP GLJQLGDGH

(35)  H GD VROLGDULHGDGH TXH GL] FRP D JDUDQWLD H SURPRomR GD FRH[LVWrQFLD KXPDQD HP VXDV GLYHUVDV PDQLIHVWDo}HV

(36) >@.  ,QVWDGHVWDFDURSULQFtSLRSHUWLQHQWHjLQWHJULGDGHItVLFDHPRUDOTXHGLUHWDPHQWH LQWHUHVVDjPDWpULDDFLGHQWiULD$GLUHWUL]LPSOLFDRUHVSHLWRDRLQGLYtGXRSHODFRPXQLGDGHH SHOR (VWDGR TXH GHYHUi SDXWDUVH SHOD SUHVHUYDomR GD SHVVRD HP VXD GLJQLGDGH H FRQFRPLWDQWHPHQWHWUDoDUSROtWLFDVTXHIRPHQWHPDHIHWLYDomRGHVVHYDORU2EVHUYDGDjOX] GDGLVFLSOLQDWUDEDOKLVWDFRQVLVWHGHVWDUWHQRDUFDERXoRSURWHWLYRjVHJXUDQoDGRREUHLURHj KLJLHQHQRPHLRDPELHQWHODERUDO$GHPDLVQRTXHWRFDjIDFHWDLQWHUVXEMHWLYDGDUHODomRGH WUDEDOKR LPS}H DR HPSUHJDGRU HJ GHYHUHV TXDQWR DR IRUQHFLPHQWR GH LQVWUXPHQWRV GH SURWHomR LQGLYLGXDO H FROHWLYD H j LQIRUPDomR TXDQWR jV WpFQLFDV SDUD XWLOL]DomR GH PDTXLQiULR  1HVVDSHUVSHFWLYDLQVHUHVHRXWUDGLPHQVmRGLJQLILFDQWHGRVXMHLWRGHGLUHLWRVD LQVWUXPHQWDO TXH WUDGX] D FULDomR GH PHFDQLVPRV SDUD DWHQGHU jV H[LJrQFLDV PDWHULDLV GH FRQFUHWL]DomR GRV SUHFHLWRV FRQGL]HQWHV FRP R EHPHVWDU GR FLGDGmR PRUPHQWH DTXHOHV GH RUGHPOHJLVODWLYD3HUWLQHQWHLQVHULUGHVVHPRGRWDPEpPDVQRUPDVYROWDGDVjVDOYDJXDUGD . .  6$5/(7 ,QJR :ROIJDQJ $V GLPHQV}HV GD GLJQLGDGH GD SHVVRD KXPDQD FRQVWUXLQGR XPD FRPSUHHQVmR MXUtGLFRFRQVWLWXFLRQDO QHFHVViULD H SRVVtYHO 'LPHQV}HV GD GLJQLGDGH HQVDLRV GH ILORVRILD GR GLUHLWR FRQVWLWXFLRQDO%pDWULFH0DXUHU>HWDO@RUJ,QJR:ROIJDQJ6DUOHWWUDG,QJR:ROIJDQJ6DUOHW/XtV0DUFRV 6DQGHU 3HGUR 6FKHUHU GH 0HOOR $OHL[R 5LWD 'RVWDO =DQLQL  HG 9HU ( DPSO ± 3RUWR $OHJUH /LYUDULD GR $GYRJDGR(GLWRUDS  6$5/(7,QJR:ROIJDQJRSFLWS. . .

(37) . . GR WUDEDOKDGRU TXDQGR GHELOLWDGR SHOD RFRUUrQFLD GR LQIRUW~QLR 7RUQDQGR j GRXWULQD GH 6DUOHWHVWiDtDGLPHQVmRG~SOLFHGDGLJQLGDGHDOpPGDUHIHUrQFLDjDXWRQRPLDGDSHVVRD HPSULVPDLQGLYLGXDOLVWDGHYHVHDWHQWDULJXDOPHQWHjQHFHVVLGDGHGHVDOYDJXDUGDUDLQWHLUH]D SULQFLSLROyJLFDGRPDQGDPHQWRVREUHWXGRTXDQGRIUDJLOL]DGR  6RERSULVPDWUDEDOKLVWDHPDLVHVSHFLILFDPHQWHTXDQWRjPDWpULDDFLGHQWiULDD YLRODomRGDUHIHULGDGLUHWUL]pYHULILFDGDSHODDQiOLVHGDVHVWDWtVWLFDVODQoDGDVSHOD3UHYLGrQFLD 6RFLDO H SHOR 0LQLVWpULR GR 7UDEDOKR H (PSUHJR &RQIRUPH R $QXiULR GH $FLGHQWHV GH 7UDEDOKRUHIHUHQWHDRELrQLRRtQGLFHREVHUYDGRQR%UDVLOPDQWHYHFUHVFLPHQWR FRQVLGHUiYHO UHVVDOYDGDV DV GRHQoDV RFXSDFLRQDLV 1R (VWDGR GR &HDUi SRU H[HPSOR R Q~PHUR GH LQIRUW~QLRV TXDVH GXSOLFRX HP GRLV DQRVSDVVDQGR GH  JUDYDPHV HP  SDUDQRDQRGH  $ SURWHomR D TXH VH UHIHUH D GLPHQVmR LQVWUXPHQWDO GD GLJQLGDGH KXPDQD p H[LJLGD SHOD JUDYLGDGH GDV LQIRUPDo}HV FROKLGDV GHWHUPLQDQGR D DWXDomR ILVFDOL]DGRUD H SXQLWLYDSDUDFXPSULPHQWRGDVQRUPDVGHVHJXUDQoDODERUDO  &RQVWLWXLQGR D VD~GH GLUHLWR GH WRGRV H GHYHU GR (VWDGR QRomR TXH DEUDQJH 8QLmR (VWDGRV H 0XQLFtSLRV D HIHWLYDomR GD OHJLVODomR WXLWLYD DR WUDEDOKDGRU GHYH QHFHVVDULDPHQWH SDVVDU SHODV FRQGLo}HV GH WUDEDOKR H SHOR DPELHQWH ODERUDO VDGLR R TXH FRPR QmR SRGHULD VHU GLIHUHQWH LPS}H WDPEpP DR HPSUHJDGRU D UHVSRQVDELOLGDGH SHOD FRH[LVWrQFLD LGHDO HQWUH D IRUoD GH WUDEDOKR HP SURYHLWR GD JHUDomR GH UHQGD H OXFUR H D TXDOLGDGHGHYLGDGDTXHOHVTXHFRQVWLWXHPIRUoDPRWUL]GDDWLYLGDGHHPSUHVDULDO  $TXHVWmRFRPXQLFDVHDLQGDFRPDRUGHPHFRQ{PLFDTXHGHYHUiDSRLDUVHQD YDORUL]DomR GR WUDEDOKR QD TXDOLGDGH GH GLUHWUL] SULPRUGLDO $ OLYUH LQLFLDWLYD DLQGD TXH SUHVWLJLDGDSHORVLVWHPDGHQRUPDVFRPRLQWHJUDQWHGRVGLUHLWRVFLYLVFRUROiULRGDOLEHUGDGH LQGLYLGXDO QmR SRGHUi VXEPHWHU R LQGLYtGXR D FRQGLo}HV GHJUDGDQWHV RX OHVLYDV D VXD LQWHJULGDGH ItVLFD H HPRFLRQDO D MRUQDGDV ORQJDV H DPELHQWHV GH WUDEDOKR LQVDOXEUHV RX . .  6$5/(7 ,QJR :ROIJDQJ $V GLPHQV}HV GD GLJQLGDGH GD SHVVRD KXPDQD FRQVWUXLQGR XPD FRPSUHHQVmR MXUtGLFRFRQVWLWXFLRQDO QHFHVViULD H SRVVtYHO 'LPHQV}HV GD GLJQLGDGH HQVDLRV GH ILORVRILD GR GLUHLWR FRQVWLWXFLRQDO%pDWULFH0DXUHU>HWDO@RUJ,QJR:ROIJDQJ6DUOHWWUDG,QJR:ROIJDQJ6DUOHW/XtV0DUFRV 6DQGHU 3HGUR 6FKHUHU GH 0HOOR $OHL[R 5LWD 'RVWDO =DQLQL  HG 9HU ( DPSO ± 3RUWR $OHJUH /LYUDULD GR $GYRJDGR(GLWRUDS  %5$6,/$QXiULRGH(VWDWtVWLFDVGH$FLGHQWHGH7UDEDOKR$($70LQLVWpULRGR7UDEDOKRH (PSUHJR>(7DO@Y 

(38) ±07(036. . .

(39) . . LQVHJXURV $ DWLYLGDGH ODERUDO QmR DSHQDV PDLV XPD PHUFDGRULD VXMHLWD jV FRQGLo}HV GH RIHUWD H SURFXUD GHYH VHU DQDOLVDGD HP VXD GLPHQVmR pWLFD HP GHWULPHQWR GD VLPSOHV FRPSHQVDomRPRQHWiULDSHODVLQWHPSpULHVDTXHHVWiVXEPHWLGRRRSHUiULR  $ PDWpULD WDPEpP UHFHEH DWHQomR LQIUDFRQVWLWXFLRQDO $ &RQVROLGDomR GDV /HLV GR 7UDEDOKR GHGLFD R &DStWXOR 9 DR WHPD 6HJXUDQoD H 0HGLFLQD /DERUDO HVWDEHOHFHQGR DWULEXLo}HVjV6XSHULQWHQGrQFLDV5HJLRQDLVGR7UDEDOKRH(PSUHJRTXDQWRjILVFDOL]DomRGR FXPSULPHQWRGDVQRUPDVHjDSOLFDomRGHSHQDOLGDGHVDRVLQIUDWRUHVDVVLPFRPRjVHPSUHVDV HDRVHPSUHJDGRVQDREVHUYkQFLDGDVGLUHWUL]HVGHVHJXUDQoDHQRDX[tOLRP~WXRSDUDHYLWDU DFLGHQWHVGHWUDEDOKR2DUWLJRGR'HFUHWR/HLQžIRUWDOHFHQGRDFRODERUDomRHQWUH RV (QWHV GD )HGHUDomR DXWRUL]D R 0LQLVWUR GR 7UDEDOKR PHGLDQWH FRQYrQLR D GHOHJDU D RXWURV yUJmRV IHGHUDLV HVWDGXDLV H PXQLFLSDLV DV DWULEXLo}HV SHUWLQHQWHV j ILVFDOL]DomR H RULHQWDomRGDVHPSUHVDV  $ SURWHomR H D UHFXSHUDomR GD VD~GH GR REUHLUR HP VHX RItFLR WDPEpP VmR RULHQWDGDV SRU GLWDPHV FRQVWDQWHV HP DSDUDWR QmRWUDEDOKLVWD $ /HL Qž  GH  GH VHWHPEURGHFDUDFWHUL]DRPHLRDPELHQWHQRTXHVHLQVHUHDTXHOHSHUWLQHQWHjH[HFXomR GD DWLYLGDGH ODERUDO FRPR HOHPHQWR GHWHUPLQDQWH H FRQGLFLRQDQWH DR ODGR GD PRUDGLD DOLPHQWDomR H VDQHDPHQWR EiVLFR DR TXDO VH GHYH GHGLFDU HVSHFLDO DWHQomR HQTXDQWR IDWRU FDSD]GHDOWHUDUVLJQLILFDWLYDPHQWHDTXDOLGDGHGDVD~GHLQGLYLGXDOHFROHWLYDHGLUHFLRQDUSRU FRQVHJXLQWHDVSROtWLFDVGHFXUWRPpGLRHORQJRSUD]RVSURPRYLGDVSHOR3RGHU3~EOLFR  4XDQWRjiUHDGHDWXDomRGR6LVWHPDÒQLFRGH6D~GHGHVWDTXHPVHQRDUWLJRž RV LQFLVRV , D UHODWLYR j VD~GH GR WUDEDOKDGRU H R 9 TXH UDWLILFDQGR D PHQomR DQWHULRU DWULEXL DR 686 R GHYHU GH SURWHomR DR PHLR DPELHQWH ODERUDO 6HJXLQGR HVVD RULHQWDomR REVHUYDVH GHILQLomR PDLV HVSHFtILFD GR REMHWR GHOLPLWDQGR D DWULEXLomR HP GXDV YHUWHQWHV SULQFLSDLV D SUHYHQWLYD LQFRUSRUDQGR R FRQMXQWR GH Do}HV GH YLJLOkQFLD HSLGHPLROyJLFD H VDQLWiULD H D UHSDUDWyULD FRP D UHFXSHUDomR H UHDELOLWDomR GRV WUDEDOKDGRUHV VXEPHWLGRV D FRQGLo}HV LQDGHTXDGDV GH DWLYLGDGH SURGXWLYD QR TXH VH LQFOXL R RSHUiULR YLWLPDGR SRU DFLGHQWHVGHWUDEDOKRRXDFRPHWLGRSRUGRHQoDVRFXSDFLRQDLV  2XWUDV DWULEXLo}HV GR 686 SUHYLVWDV SHOR DUWLJR ž †ž VmR D SDUWLFLSDomR HP HVWXGRVHSHVTXLVDVYROWDGDVDRFRQWUROHGRVULVFRVSRWHQFLDLVGDDWLYLGDGHDLQIRUPDomRDRV VLQGLFDWRV DVVRFLDGRV H HPSUHJDGRUHV VREUH RV ULVFRV GH DFLGHQWHV H GRHQoDV YLQFXODGDV DR . .

(40) . . SURFHVVR GH WUDEDOKR DOpP GD GLVSRQLELOL]DomR GR UHVXOWDGR GDV ILVFDOL]Do}HV DYDOLDo}HV DPELHQWDLV H H[DPHV GH VD~GH $GHPDLV FRPSHWHOKH D DWXDOL]DomR H UHYLVmR GD OLVWDJHP RILFLDO GH SDWRORJLDV DGYLQGDV GD DWLYLGDGH ODERUDO R TXH GHYH VHU IHLWR FRP DX[tOLR GDV HQWLGDGHVVLQGLFDLV7RGDVHVVDVDWLYLGDGHVYLVDPFRQWULEXLUSDUDDFRPSUHHQVmRGDVFDXVDVH GRV DJHQWHV HQYROYLGRV QRV DFLGHQWHV H GRHQoDV RFXSDFLRQDLV IDFLOLWDQGR R SODQHMDPHQWR S~EOLFRHSULYDGRQRFRQWUROHGRVtQGLFHVDFLGHQWiULRVHSHUPLWLQGRTXHDILVFDOL]DomRVHWRUQH PDLV HILFLHQWH QD PHGLGD HP TXH DWLQJH RV VHWRUHV PDLV GHILFLWiULRV QR TXH VH UHIHUH j VHJXUDQoDQRDPELHQWHODERUDO  $LQGDWDQJHQFLDQGRDUHGHLQIUDFRQVWLWXFLRQDOGHVDOYDJXDUGDDRWUDEDOKDGRUXUJH GHVWDFDU R DFHUYR VLJQLILFDWLYR GH GHFUHWRV SRUWDULDV UHVROXo}HV H LQVWUXo}HV QRUPDWLYDV D WUDWDU GH TXHVW}HV UHOHYDQWHVSDUD R WHPiULR DOJXPDV GHODV HVWXGDGDV QR &DStWXOR UHODWLYR D DFLGHQWHGHWUDEDOKR  $ UHIHUrQFLD DRV GLWDPHV FRQVWLWXFLRQDLV H j OHJLVODomR RUGLQiULD VDOLHQWD VREUHWXGR HP PDQGDPHQWRV GH QDWXUH]DSULQFLSLROyJLFD DSULPD]LD FRQIHULGD j VDOYDJXDUGD GRWUDEDOKDGRUHPVHXDPELHQWHGHWUDEDOKRGLQkPLFDFRHUHQWHFRPRGHOLQHDPHQWRKLVWyULFR WUDoDGRHFRPRKRGLHUQRFHQiULRGHPRFUiWLFRHVRFLDOYLJHQWHQR3DtV  $ SHUFHSomR GD UHOHYkQFLD FRQIHULGD j PDWpULD SHUPLWH FRPSUHHQGHU GH PDQHLUD PDLVDEUDQJHQWHRWHPDVHJXLQWHTXHFRPRMiIRUDDILUPDGRFRPXQLFDVHGLUHWDPHQWHFRP RV LQWHUHVVHV WUDWDGRV QHVWH LWHP HOHPHQWRV TXH SRU VXD PDJQLWXGH FRQIHUHP DR VLQLVWUR ODERUDOVXSHGkQHRTXDQWRDRYDVWRDFHUYRTXHWXWHODDSUHYHQomRHDUHSDUDomRDRWUDEDOKDGRU YtWLPDGHLQIRUW~QLR  'HVVH PRGR LQVWUXtGR SRU WDLV YDORUHV GLJQRV GD VDOYDJXDUGD FRQIHULGD SHOR RUGHQDPHQWR MXUtGLFR EUDVLOHLUR R HVWXGR SDVVD j DQiOLVH GR DFLGHQWH GH WUDEDOKR HP SHUVSHFWLYD HPLQHQWHPHQWH WpFQLFD D ILP GH H[DPLQDU VHXV HOHPHQWRV HVVHQFLDLV RV SUHVVXSRVWRVHDUHSHUFXVVmRQRSODQRVRFLDOHMXUtGLFR    . .

(41) . . $&,'(17('(75$%$/+2  . %UHYHV&RQVLGHUDo}HV   &RPSUHHQGLGRV RV FRQWRUQRV KLVWyULFRV TXH HP VH LQVHULX D OyJLFD SURWHWLYD DR REUHLUR DVVLP FRPR RV IXQGDPHQWRV FRQVWLWXFLRQDLV GD VDOYDJXDUGD j VD~GH j KLJLHQH H j VHJXUDQoDQRDPELHQWHGHWUDEDOKRSDVVDVHDRGHOLQHDPHQWRWpFQLFRHMXUtGLFRGRDFLGHQWH  3HUSDVVDQGRRDFHUYROHJDOEUDVLOHLURVREUHDPDWpULDGHVGHR&yGLJR&RPHUFLDO DWp D OHJLVODomR SUHYLGHQFLiULD HGLWDGD DSyV D &RQVWLWXLQWH GH  IDUVHi D DQiOLVH GRV HOHPHQWRVQHFHVViULRVjFDUDFWHUL]DomRGRLQIRUW~QLRGDVHTXLSDUDo}HVDOEHUJDGDVSHOD/HLQž HPFRQFHSomR ODWRVHQVRGRVLQLVWURHGDFRPSHWrQFLDSDUDDSUHFLDomRGRWHPiULR QRVkPELWRVDGPLQLVWUDWLYRHMXGLFLDOLQFOXVLYHGHDo}HVLQGHQL]DWyULDVHUHJUHVVLYDV  4XDQWR DRV HIHLWRV GHFRUUHQWHV GR JUDYDPH ODERUDO PHUHFHUmR GHVWDTXH DV UHSHUFXVV}HVSUHYLGHQFLiULDVPHGLDQWHHVWXGRGRVEHQHItFLRVHPHVSpFLHHQRTXHLQWHUHVVDD HVWHWUDEDOKRRGLUHLWRjHVWDELOLGDGHSURYLVyULDDRWUDEDOKDGRUDFLGHQWDGR  . /HJLVODomR$FLGHQWiULDQR%UDVLO   (P UHWURVSHFWR KLVWyULFR VREUH D OHJLVODomR EUDVLOHLUD DSOLFiYHO -RmR %DWLVWD /D]]DULYLVXDOL]DQR&yGLJR&RPHUFLDOGHRSULPHLURGLSORPDDYHUVDUVREUHJDUDQWLD DFLGHQWiULD FRQVLVWHQWH QR SDJDPHQWR GH WUrV PHVHV GH VDOiULR DR SUHSRVWR TXH VRIUHVVH DFLGHQWHHPVHUYLoRGHVGHTXHRLQIRUW~QLRVHGHVVHGHPRGRLPSUHYLVWRH³LQFXSDGR´QRV WHUPRVGRDUWGD/HLQžGHGHMXQKRGH  (P  HGLWRXVH D /HL Qž  GHGLFDGD HVSHFLILFDPHQWH j PDWpULD DFLGHQWiULD &RQWUDULDQGR DV GLVSRVLo}HV GR &yGLJR &LYLO GH  R GLSORPD DWULEXtD DR HPSUHJDGRU UHVSRQVDELOLGDGH REMHWLYD SHORV SUHMXt]RV j LQWHJULGDGH ItVLFD GR REUHLUR HP PROGHVPDLVUHVWULWRVTXHDTXHOHVFRQVDJUDGRVSHORRUGHQDPHQWRKRGLHUQR  . . &$6752&DUORV$OEHUWR3HUHULUDGH/$==$5,-RmR%DWLVWD0DQXDOGH'LUHLWR3UHYLGHQFLiULR6mR3DXOR /7US. . .

(42) . . 1R SODQR FRQVWLWXFLRQDO D &DUWD GH  LQRYRX DR WUDWDU GD SURWHomR FRQWUD DFLGHQWHV QR H[HUFtFLR GD DWLYLGDGH ODERUDO HQTXDQWR SUHVWDomR SUHYLGHQFLiULD FXMD IRQWH GH FXVWHLR DGYLULD HP LJXDO PHGLGD GD 8QLmR GR HPSUHJDGRU H GR HPSUHJDGR 2 DUWLJR  †ž ³K´ GHWHUPLQDYD DLQGD TXH D OHJLVODomR GR WUDEDOKR GHYHVVH REVHUYDU R SUHFHLWR GH DVVLVWrQFLDPpGLFDHVDQLWiULDDRWUDEDOKDGRUWHQGRVHHPYLVWDDSURWHomRVRFLDOGRREUHLURH RVLQWHUHVVHVHFRQ{PLFRVGR3DtV  $FLWDGDUHVWULomRDRFRQFHLWRGHDFLGHQWHGHWUDEDOKRIRUDUHWLILFDGDSHOR'HFUHWR /HL Qž  TXH LQFRUSRURX DV FRQFDXVDV H R SHUtRGR HP TXH D GHVSHLWR GH QmR VH HQFRQWUDUQR HVWDEHOHFLPHQWRRXGHVHPSHQKDQGR HIHWLYDPHQWHVHXRItFLR RWUDEDOKDGRU HVWi VRE VXERUGLQDomR GR FRQWUDWDQWH D H[HPSOR GR LQWHUYDOR GH WUDEDOKR H GR WUDMHWRSHUFRUULGR HQWUHDUHVLGrQFLDHRORFDOGHH[HFXomRGDVDWLYLGDGHV  $WpHQWmRR'HFUHWR/HLYLJHQWHDEULJDYDQRFRQFHLWRDFLGHQWiULRDSHQDVDTXHOH SURGX]LGR SRU FDXVD V~ELWD YLROHQWD H[WHUQD H LQYROXQWiULD QR H[HUFtFLR GR WUDEDOKR FDXVDQGROHV}HVTXHVHULDPPRWLYDomR~QLFDSDUDDSHUGDRXUHGXomRGDFDSDFLGDGHIXQFLRQDO RXSDUDDPRUWHHHPVHJXQGDKLSyWHVHDPROpVWLDFRQWUDtGDH[FOXVLYDPHQWHSHORH[HUFtFLR GR WUDEDOKR $ PRGLILFDomR OHJDO SHUPLWLX TXH VH UHVJXDUGDVVH R REUHLUR GRV LQFLGHQWHV RFRUULGRV HP DVVRFLDomR D IDWRUHV QmRODERUDLV H SRU JUDYDPHV IXQFLRQDLV IRUD GR kPELWR HVWULWRGRHVWDEHOHFLPHQWRHPSUHVDULDO  7RUQDQGRjPDWpULDFRQVWLWXFLRQDOGHYHVHUHVVDOWDUD&DUWDGHSHODGLODomR GRV PDQGDPHQWRV RULHQWDGRUHV GD OHJLVODomR ODERUDO FRQIHULQGR DR REUHLUR DVVLVWrQFLD VDQLWiULDHPpGLFDSUHYHQWLYDDVVRFLDGDjKLJLHQHHjVHJXUDQoDQRDPELHQWHGHODERU$OpP GD 3UHYLGrQFLD Mi DOEHUJDGD SHOR 7H[WR 0DLRU GH  WRUQRX REULJDWyULR R VHJXUR FRQWUD DFLGHQWHVGHWUDEDOKRFXMDLQVWLWXLomRILFDULDDFDUJRGRHPSUHJDGRUFRQIRUPHVHGHSUHHQGH GRDUW;9,,$LQWHJUDomRGR6$7j3UHYLGrQFLD6RFLDORFRUUHXFRPDHGLomRGD/HLQž TXHFRPLVVRDIDVWRXDDWXDomRGDVHPSUHVDVGHGLFDGDVDRUDPRQRVHWRUSULYDGR  $ &RQVWLWXLomR GH  H[SUHVVDQGR D VXSHUDomR GR SHUtRGR GH DXWRULWDULVPR GLWDWRULDO FRQVDJURX GLUHLWRV GH LQWHUHVVH FROHWLYR GDQGR SULPD]LD D TXHVW}HV VRFLDLV  . 520$125RJpULR1XQHV $FRPSHWrQFLDSDUDFRQKHFLPHQWRGDVDo}HVDFLGHQWiULDVHVXDVFRQWURYpUVLDV GLDQWHGD(PHQGD&RQVWLWXFLRQDOQž,QÆPELWR-XUtGLFR5LR*UDQGH>,QWHUQHW@'LVSRQtYHO HPKWWSZZZDPELWRMXULGLFRFRPEUVLWHLQGH[SKS"QBOLQN UHYLVWDBDUWLJRVBOHLWXUD DUWLJRBLG ! $FHVVR HPDEU. . .

(43) . . DWLQHQWHVLQFOXVLYHjFODVVHRSHUiULD1HVVHSDVVRUHDILUPRXDSROtWLFDGHUHGXomRGRVULVFRV GH DFLGHQWH ODERUDO PHGLDQWH QRUPDV VREUH VD~GH KLJLHQH H VHJXUDQoD H R VHJXUR FRQWUD DFLGHQWHV GH WUDEDOKR TXH QmR H[FOXLULD D LQGHQL]DomR DR WUDEDOKDGRU SHOR WRPDGRU GD REUD TXDQGR FDUDFWHUL]DGRV R GROR RX D FXOSD 4XDQWR j UHVSRQVDELOLGDGH FLYLO GR HPSUHJDGRU VHUmRGHOLQHDGDVDOJXPDVFRQVLGHUDo}HVHPLWHPHVSHFtILFR  6RERPDQWRGDGLUHWUL]FRQVWLWXFLRQDOIRUDPHGLWDGDVDVOHLVQžHHP MXOKR GH  TXH GLVFLSOLQDP UHVSHFWLYDPHQWH D RUJDQL]DomR GD 6HJXULGDGH 6RFLDO H RV 3ODQRV GH %HQHItFLRV GD 3UHYLGrQFLD 1HVWD QRUPD REVHUYDUVHmR D GHILQLomR OHJDO GH DFLGHQWH GH WUDEDOKR RV VHJXUDGRV H GHSHQGHQWHV DEUDQJLGRV SHOD SURWHomR DFLGHQWiULD H RV EHQHItFLRV GHYLGRV HP UD]mR GR LQIRUW~QLR EHP FRPR R QHFHVViULR FRWHMR GH VXD GLVFLSOLQD HP UHODomR DRV GLWRV EHQHItFLRV QmRDFLGHQWiULRV SHUPLWLQGR LQIHULU DV VLPLOLWXGHV H DV SHFXOLDULGDGHVHPFDGDHVSpFLHGHSUHVWDomR  . 'HILQLomRGH$FLGHQWHGH7UDEDOKR   2FRQFHLWROHJDOGHDFLGHQWHGHWUDEDOKRIRUDHVWDEHOHFLGRSHORDUWLJRGD/HLQž LQVHULGRQR&DStWXORGHGLFDGRjVSUHVWDo}HVSUHYLGHQFLiULDV&RQFHUQHQRLQIRUW~QLR RFRUULGR SHOR H[HUFtFLR GR WUDEDOKR D VHUYLoR GD HPSUHVD RX SHOR GHVHPSHQKR GH DWLYLGDGH SURGXWLYD QD TXDOLGDGH GH VHJXUDGR HVSHFLDO GH TXH UHVXOWH OHVmR FRUSRUDO RX SHUWXUEDomR IXQFLRQDO TXH FDXVH D PRUWH GR REUHLUR RX SURYRTXH D SHUGD RX D UHGXomR WHPSRUiULD RX SHUPDQHQWHGDFDSDFLGDGHSDUDRWUDEDOKR  $GHILQLomRUHFHEHDFUtWLFDGHDOJXQVHVWXGLRVRVSRUVHUHYHODULQVXILFLHQWHSDUD HVFODUHFHURIHQ{PHQRMXUtGLFR/D]]DULDRWUDWDUGDTXHVWmRDVVLPH[S}H  (P YHUGDGH R FRQFHLWR HP DSUHoR VRPHQWH VH SUHVWD D LQGLFDU TXHP VmR RV VHJXUDGRV TXH WrP GLUHLWR j SURWHomR DFLGHQWiULD 2X VHMD VRPHQWH ID]HP MXV D EHQHItFLRV SRU DFLGHQWH GH WUDEDOKR RV HPSUHJDGRV LQFOXVLYH RV WHPSRUiULRV

(44)  RV WUDEDOKDGRUHVDYXOVRVHRVVHJXUDGRVHVSHFLDLVDOpPGHVWHVRVPpGLFRVUHVLGHQWHV SRU IRUoD GD OHJLVODomR HVSHFLDO TXH UHJH D DWLYLGDGH /HL Q  FRP DV DOWHUDo}HVGD/HLQ

(45) >@.   . &$6752&DUORV$OEHUWR3HUHLUDGH/$==$5,-RmR%DWLVWD0DQXDOGH'LUHLWR3UHYLGHQFLiULR6mR3DXOR /7US. . .

(46) . . $DERUGDJHPGDQRUPDSUHYLGHQFLiULDGHIDWRSDXWDVHSHORHOHPHQWRVXEMHWLYR GRWHPiULR,QIHUHVHGRGLVSRVLWLYRTXHPHVPRFDUDFWHUL]DGDDOHVmRItVLFDRXIXQFLRQDOHP YLUWXGHGDDWLYLGDGHODERUDODSHQDVLQFLGLUiDFDXVDDFLGHQWiULDVHRREUHLURIRUHPSUHJDGR H[FOXtGRRGRPpVWLFRWUDEDOKDGRUDYXOVRRXVHJXUDGRHVSHFLDO 3RU HPSUHJDGR GHYHVH FRPSUHHQGHU DTXHOH TXH SUHVWD VHUYLoR VRE YtQFXOR HPSUHJDWtFLR FXMRV FDUDFWHUHV HOHPHQWDUHV VmR D SHVVRDOLGDGH D QmRHYHQWXDOLGDGH D VXERUGLQDomRMXUtGLFDSHODTXDORWUDEDOKDGRUVHVXMHLWDUiDRFRPDQGRGRWRPDGRUGRVHUYLoR HDRQHURVLGDGHXPDYH]TXHRREUHLURIDUiMXVDRUHFHELPHQWRGHUHPXQHUDomR  2 WUDEDOKDGRU DYXOVR p GHILQLGR SHOD /HL Qž  TXH QRV WHUPRV GR DUWLJR  LQFLVR 9, FRQFHLWXDR FRPR DTXHOH TXH ³SUHVWD D GLYHUVDV HPSUHVDV VHP YtQFXOR HPSUHJDWtFLR VHUYLoRV GH QDWXUH]D XUEDQD RX UXUDO´ FXMD UHJXODPHQWDomR SHOR 'HFUHWR Qž YHPDDFUHVFHUOKHDVSHFWRQmRGHVWDFDGRSHODQRUPDHPUHIHUrQFLDQmRVHH[LJHGR REUHLURTXHVHMDVLQGLFDOL]DGRPDVTXHKDMDDLQWHUPHGLDomRGHyUJmR*HVWRUGH0mRGH2EUD RXGRVLQGLFDWRGDFDWHJRULD2PHVPRGLVSRVLWLYRHVWDEHOHFHUHODomRGHWUDEDOKDGRUHVTXHVH LQVHUHPQDFDWHJRULDWDLVFRPRRDPDUUDGRUGHHPEDUFDomRRHQVDFDGRUGHFDIpRSUiWLFRGH EDUUDHPSRUWRHRJXLQGDVWHLUR  3RUILPWDPEpPFRPS}HHVWHURORVHJXUDGRHVSHFLDO7UDWDVHFRQVRDQWHRDUWLJR GD/HLQžGD³SHVVRDItVLFDUHVLGHQWHQRLPyYHOUXUDORXHPDJORPHUDGRXUEDQR RX UXUDOSUy[LPR D HOH TXH LQGLYLGXDOPHQWH RX HP UHJLPH GH HFRQRPLD IDPLOLDU DLQGD TXH FRP DX[tOLR HYHQWXDO GH WHUFHLURV D WtWXOR GH P~WXD FRODERUDomR´ DWXH QD FRQGLomR GH SURGXWRUVHMDSURSULHWiULRXVXIUXWXiULRSRVVXLGRUDVVHQWDGRSDUFHLURRXPHHLURRXWRUJDGRV FRPRGDWiULR RX DUUHQGDWiULR UXUDLV QD H[SORUDomR GH DWLYLGDGH DJURSHFXiULD HP iUHD GH DWp TXDWUR PyGXORV ILVFDLV WDPEpP R VHULQJXHLUR R SHVFDGRU DUWHVDQDO H R H[WUDWLYLVWD YHJHWDO FRPS}HP R TXDGUR GH VHJXUDGRV HVSHFLDLVSDUD TXHPQmR Ki D H[LJrQFLD WRFDQWH j iUHD GH H[SORUDomR 2V SDUFHLURV RX F{QMXJHV DOpP GRV ILOKRV PDLRUHV GH GH]HVVHLV DQRV GRV VHJXUDGRVMiFLWDGRVVmREHQHILFLDGRVSHODSURWHomRDFLGHQWiULDGHVGHTXHWUDEDOKHPFRPR JUXSRIDPLOLDUUHVSHFWLYR .  .  /,0$ )UDQFLVFR 0HWRQ 0DUTXHV GH (OHPHQWRV GR 'LUHLWR GR 7UDEDOKR H GR 3URFHVVR 7UDEDOKLVWD 6mR 3DXOR(GLWRUD/7UHGSH. . .

(47) . . 2 DFLGHQWH GH WUDEDOKR WRGDYLD FRQVLVWH HP IHQ{PHQR FXMD FRPSOH[LGDGH H[LJH PDLRU SHUTXLULomR SHUSDVVDQGR R VXMHLWR GR LQIRUW~QLR H DWLQJLQGROKH DV FDUDFWHUtVWLFDV SULPRUGLDLV D ILP GH SHUPLWLU VXD LGHQWLILFDomR SRU HOHPHQWRV TXH HP FRQMXQWR OKH VHMDP SHFXOLDUHV  1HVVH VHQWLGR 5XVVRPDQR R GHILQH FRPR DFRQWHFLPHQWR V~ELWR YLROHQWR H IRUWXLWRYLQFXODGRDRVHUYLoRGHWHUPLQDQGRDOHVmRFRUSRUDO$VXEWDQHLGDGHGL]UHVSHLWRDR FXUWR ODSVR HP TXH VH Gi D FRQILJXUDomR DFLGHQWiULD VHQGR SRUWDQWR EHP GHILQLGD WHPSRUDOPHQWH$YLROrQFLDID]UHIHUrQFLDDRHOHPHQWRKiELODSURYRFDUDPRUWHGRVHJXUDGR DSHUGDRXDUHGXomRGHVXDFDSDFLGDGHItVLFDRXIXQFLRQDO6XDLQWHQVLGDGHHYLJRURULJLQDP R JUDYDPH DR REUHLUR MXVWLILFDQGR R DPSDUR SUHYLGHQFLiULR VHP SUHMXt]R GR VHJXUR DFLGHQWiULRVREUHVSRQVDELOLGDGHGRHPSUHJDGRUHGHHYHQWXDOUHSDUDomRFLYLOFRPRVHYHUi PDLV DGLDQWH 'HYHVH VDOLHQWDU SRUpP TXH DOJXQV DXWRUHV QHJDP HVWH HOHPHQWR SDUD D FRQILJXUDomRGRDFLGHQWHFRQVLGHUDQGREDVWDQWHVSDUDHVWHILPRQH[RFDXVDOHDOHVLYLGDGH  $GHPDLVRDFLGHQWHGHYHHVWDUDVVRFLDGRjDWLYLGDGHGHVHQYROYLGDSHORRSHUiULR RTXHQmRVLJQLILFDTXHGHYDRFRUUHUQRDPELHQWHODERUDOPDVTXHWHQKDFDXVDSHUWLQHQWHDR RItFLR SHUPLWLQGR D YHULILFDomR GR QH[R GH FDXVDOLGDGH 1HFHVViULR DLQGD SDUD R SHVTXLVDGRUTXHVHMDIRUWXLWRLVWRpTXHRFRUUDGHPDQHLUDHYHQWXDOHLPSUHYLVWD  2 GHOLQHDPHQWR D TXH VH DGX]LX FRQGL] FRP R VHQWLGR UHVWULWR GR IHQ{PHQR DFLGHQWiULR&RPRH[SOLFD$QW{QLR/RSHV0RQWHLURRVHOHPHQWRVVXVFLWDGRVHVWmRSUHVHQWHV QR GHQRPLQDGR DFLGHQWHWLSR RX PDFURWUDXPD GLVFLSOLQDGR SHOR DUWLJR  GD /HL GH %HQHItFLRV .  .  586620$12 DSXG  &$6752 &DUORV $OEHUWR 3HUHLUD GH /$==$5, -RmR %DWLVWD 0DQXDO GH 'LUHLWR 3UHYLGHQFLiULR6mR3DXOR/7USH  $FLGHQWHGRWUDEDOKR3HUGDGDYLVmRGRROKRHVTXHUGR $PDXURVH FHJXHLUDWRWDOGHVVHROKR

(48) 3HUtFLDTXH DWHVWDRQH[RGHFDXVDOLGDGHHQWUHDOHVmRHRLQIRUW~QLRODERUDOHDUHGXomRSDUFLDOGHVXDFDSDFLGDGHODERUDWLYD $X[tOLRDFLGHQWH GHYLGR 7HUPR LQLFLDO GR EHQHItFLR &RUUHomR PRQHWiULD FRP EDVH QRV tQGLFHV SUHYLVWRV QD OHJLVODomR -XURV GH PRUD GH  DR PrV D SDUWLU GD FLWDomR 9HUED DOLPHQWDU +RQRUiULRV DGYRFDWtFLRV &RPSURYDGRTXHHPUD]mRGHDFLGHQWHGRWUDEDOKRRVHJXUDGRVRIUHXOHV}HV SHUGDGDYLVmRGRROKRHVTXHUGR

(49)  TXHRFDVLRQDUDPDUHGXomRGHVXDFDSDFLGDGHODERUDOGHYLGRpRDX[tOLRDFLGHQWH>@ 7-6&$SHODomR&tYHO Qž4XDUWD&kPDUDGH'LUHLWR3~EOLFR'HVHPEDUJDGRU5HODWRU-DLPH5DPRV'-

(50)    0217(,52 $QW{QLR /RSHV %(57$*1, 5REHUWR )OHXU\ GH 6RX]D $FLGHQWHV GR 7UDEDOKR H 'RHQoDV 2FXSDFLRQDLVFRQFHLWRSURFHVVRGHFRQKHFLPHQWRHGHH[HFXomRHVXDVTXHVW}HVSROrPLFDV6mR3DXOR(GLWRUD 6DUDLYDS. . .

Referências

Documentos relacionados

Complementares aos trabalhos de campo foram elaborados quatro perfis topográficos no sentido Leste – Oeste (dada a extensão do município de Presidente Prudente) e um Norte – Sul,

Este cuidado contínuo com a qualidade de cada processo inerente à acção de formação é ainda reforçado com a garantia de repetição de qualquer acção de

Esse trabalho teve como objetivo realizar o estudo de estabilidade preliminar durante um período de trinta dias das formas magistrais creme e gel

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

[...] é necessário ainda estabelecer vias para aceder a essa mesma informação, as quais se traduzem, em termos técnicos, no estabelecimento de pontos de acesso. É da

O trabalho tem por objetivo principal de utilizar, analisar e comprovar a aplicabilidade de diversos índices de vegetação obtidos por sensoriamento remoto orbital para a definição

A partir de 2014, las plazas pasaron a ser ofrecidas en el Sistema de Selección Unificada (Sisu), administrado por el Ministerio de Educación (MEC), a través del cual las

Neste trabalho é apresentado o desenvolvimento de um método de captura de incidentes não previstos pelo plano de emergência a ser aplicado no andamento da mesma através de