• Nenhum resultado encontrado

Piranhas de baixo, piranhas de cima, novas piranhas: conservação urbana patrimonial versus modernização em área de influência direta da UHE Xingó

N/A
N/A
Protected

Academic year: 2021

Share "Piranhas de baixo, piranhas de cima, novas piranhas: conservação urbana patrimonial versus modernização em área de influência direta da UHE Xingó"

Copied!
124
0
0

Texto

(1)81,9(56,'$'()('(5$/'(3(51$0%8&2 &(1752'(),/262),$(&,Ç1&,$6+80$1$6 352*5$0$'(3Ï6*5$'8$d­2(0+,67Ï5,$ 0(675$'2(0+,67Ï5,$       3,5$1+$6'(%$,;23,5$1+$6'(&,0$129$3,5$1+$6 &216(59$d­285%$1$3$75,021,$/9(568602'(51,=$d­2 (0È5($'(,1)/8Ç1&,$',5(7$'$8+('(;,1*Ï       ÈOYDUR$QW{QLR0RUHLUDGD6LOYD      5HFLIH .

(2) 81,9(56,'$'()('(5$/'(3(51$0%8&2 &(1752'(),/262),$(&,Ç1&,$6+80$1$6 352*5$0$'(3Ï6*5$'8$d­2(0+,67Ï5,$ 0(675$'2(0+,67Ï5,$     3,5$1+$6'(%$,;23,5$1+$6'(&,0$129$3,5$1+$6 &216(59$d­285%$1$3$75,021,$/9(568602'(51,=$d­2 (0È5($'(,1)/8Ç1&,$',5(7$'$8+('(;,1*Ï .    ÈOYDUR$QW{QLR0RUHLUDGD6LOYD   'LVVHUWDomR DSUHVHQWDGD DR 3URJUDPD GH 3yV*UDGXDomR HP +LVWyULD GD 8QLYHUVLGDGH )HGHUDO GH 3HUQDPEXFR FRPR UHTXLVLWRSDUFLDOjREWHQomRGRWtWXORGH0HVWUHHP+LVWyULD 2ULHQWDGRUD3URI'UD0DULDGR6RFRUUR)HUUD]%DUERVD     5HFLIH .

(3)                           .  6LOYDÈOYDUR$QW{QLR0RUHLUDGD.  3LUDQKDV GH EDL[R SLUDQKDV GH FLPD QRYD SLUDQKDV FRQVHUYDomRXUEDQDSDWULPRQLDOYHUVXVPRGHUQL]DomRHP iUHD GH LQIOXrQFLD GLUHWD GD 8+( GH ;LQJy  ÈOYDUR $QW{QLR0RUHLUDGD6LOYD±5HFLIH2$XWRU IROKDVLOIRWRVILJPDSDVTXDGURV  'LVVHUWDomR PHVWUDGR

(4)  ± 8QLYHUVLGDGH )HGHUDO GH 3HUQDPEXFR&)&++LVWyULD ,QFOXLELEOLRJUDILDDQH[RVHDSrQGLFHV.   .  +LVWyULD%UDVLO3DWULP{QLRKLVWyULFR,QVHUomR UHJLRQDO6HWRUHOpWULFR,7tWXOR   &'8  8)3(  HG

(5)  %&)&+ &'' HG

(6). .

(7) .

(8)                . $RVPHXVSDLV 0RDFLUH0DULrWD0RUHLUD 3HORDPRUYLYHQFLDGR 3HODVRUDo}HVHVROLGDULHGDGH 4XHFDUDFWHUL]DPDIDPtOLD  $PLQKDHVSRVD6XHO\ 1RVVRVILOKRV0DULDQD&ODUDHÈOYDUR*RPHV0RUHLUD 3HODH[LVWrQFLDGRDPRU.

(9) $*5$'(&,0(1726     $ PLQKD RULHQWDGRUD SURIHVVRUD 'UD 0DULD GR 6RFRUUR )HUUD] %DUERVD SHOD FRQILDQoD FRQVWDQWHLQFHQWLYRHFRPSUHHQVmRVHPRVTXDLVQmRWHULDFRQVHJXLGRFKHJDUDRILQDOPHXV VLQFHURVDJUDGHFLPHQWRV $7RGRVTXHID]HPHVWH3URJUDPDGH3yV*UDGXDomRHP+LVWyULDSDUWLFXODUPHQWHD/XFLDQH %RUEDH0DUO\&DUULOKR ¬ &KHVI H DRV JHUHQWHV 5LFDUGR &DYDOFDQWL )XUWDGR TXH SHUPLWLX R LQtFLR GHVWD HWDSD SURILVVLRQDO H )UDQFLVFR -RVp /\UD 0DFLHO TXH FRQWULEXLX SDUD YLDELOL]DU HVWH WUDEDOKR GH SHVTXLVD $RV FROHJDV GR 'HSDUWDPHQWR GH 0HLR $PELHQWH SDUWLFXODUPHQWH (GQHLGH 6DQWDQD$GROIR%RWHOKR)UDQFLVFR %RUJHV 9DOpULD %UDVLO $QGUpD :DOWHU &ODUDH 9DOpULD &DUD]DL $ 'DOYD 2OLYHLUD %LEOLRWHFD GD &KHVI

(10)  3HGUR 6HOYD ,YDOGLU 3HUHLUD 6LOYD (GVRQ 6DQWRV H $QD 3LPHQWHO &HQWUR GH 'RFXPHQWDomR 7pFQLFD

(11)  ,YRQHWH 0HOR 1H\GH &RQGH 0{QLFDH=LWRGD&RRUGHQDGRULDGH5HODo}HV,QVWLWXFLRQDLV $R 'U 'RXJODV $SUDWWR 7HQyULR SHOD ³DEHUWXUD GRV FDPLQKRV´ $R  'U -DLPH /XVWRVD GH $OWDYLOD 'U /XL] 1RJXHLUD %DUURV H FRODERUDGRUHV GR ,QVWLWXWR +LVWyULFR *HRJUiILFR GH $ODJRDV $RFROHJDDUTXLWHWR-HQQHU*ODXEHU'6{QLDH-DTXHOLQH5RGULJXHV%ULWDPDRFDVDO'LRQHH (XJrQLRHD(OLHWH)HUQDQGHVSHORSDUWLOKDUGDVORQJDVHVFXWDVHGLVFXVV}HVVREUH3LUDQKDV ¬3UHIHLWXUD0XQLFLSDOGH3LUDQKDV,QiFLR/RLROD'DPDVFHQR)UHLWDV SUHIHLWR

(12) H-DLUR/XL] 2OLYHLUD GLUHWRUGHFXOWXUDHWXULVPR

(13)  $RVSLUDQKHQVHVPHXVVLQFHURVDJUDGHFLPHQWRV.       .

(14) 5(6802  2 SUHVHQWH WUDEDOKR 3LUDQKDV GH %DL[R 3LUDQKDV GH &LPD 1RYD 3LUDQKDV FRQVHUYDomR XUEDQDSDWULPRQLDOYHUVXVPRGHUQL]DomRHPiUHDGHLQIOXrQFLDGLUHWDGD8VLQD+LGUHOpWULFD GH;LQJyDERUGDDUHODomRHQWUHRSDWULP{QLRKLVWyULFRGDFLGDGHGH3LUDQKDVHDLPSODQWDomR GD 8+( ;LQJy $SHVDU GR UHFRUWH GHILQLGR  D  IRL QHFHVViULD XPD GLVWHQVmR GR WHPSRMXVWLILFDGDSHODLPSRUWkQFLDGDFRQWH[WXDOL]DomRHHQWHQGLPHQWRGRSDVVDGRKLVWyULFR GD FLGDGH 7HPiWLFDV FRPR LQVHUomR UHJLRQDO PRWLYDGD SHOD LPSODQWDomR GH JUDQGHV HPSUHHQGLPHQWRV QDYHJDomR IHUURYLD XVLQD KLGUHOpWULFD IRL REMHWR GH UHIOH[mR SRU WHUHP GHVHPSHQKDGRSDSpLVGHJUDQGHUHOHYkQFLDQDIRUPDomRWHUULWRULDOXUEDQDGH3LUDQKDVHFRPR WHQWDWLYDVGHPRGHUQL]DomRUHJLRQDO$FRQVWUXomRGRDFDPSDPHQWRSHOD&KHVIRULJLQDQGR RV EDLUURV GH ;LQJy H GH 1 6 GD 6D~GH UHSUHVHQWRX XPD JUDQGH H[SDQVmR GD FLGDGH SURPRYHXDFRQYLYrQFLDGHGRLVPXQGRVXUEDQRVFRPSOHWDPHQWHGLIHUHQWHVHGHVDVVRFLDGRV RDQWLJRHRQRYR3HORVIDWRVDSUHVHQWDGRVILFDFODUDDLPSRUWkQFLDGRULRGR6mR)UDQFLVFR QDRULJHPRFXSDomRHHYROXomRXUEDQDGDFLGDGHHDSDUWLFLSDomRGR(VWDGRDWUDYpVGR6HWRU (OpWULFR QD FRQFHSomR H FRQVWUXomR GD 8VLQD $SHVDU GR IRUWH LPSDFWR UHJLVWUDGR D FLGDGH PDQWpPFRQVHUYDGRVVHXSDWULP{QLRPDWHULDOHLPDWHULDO7RPEDGDSHOD3UHIHLWXUD0XQLFLSDO HP  DJXDUGD RV UHVSHFWLYRV UHFRQKHFLPHQWRV SUHVHUYDFLRQLVWDV QRV QtYHLV HVWDGXDO H IHGHUDO ( FRPR H[SHFWDWLYD GH GHVHQYROYLPHQWR VXUJH FRPR XP GRV YHWRUHV R VHJPHQWR WXUtVWLFRDWUDYpVGDSRWHQFLDOL]DomRGRVEHQVGDQDWXUH]DHFXOWXUDO  3DODYUDVFKDYHSDWULP{QLRKLVWyULFRLQVHUomRUHJLRQDOVHWRUHOpWULFR            .

(15) $%675$&7  7KHSUHVHQWSURMHFW3LUDQKDVGH%DL[R3LUDQKDVGH&LPD1RYD3LUDQKDVXUEDQSDWULPRQLDO FRQVHUYDWLRQ YHUVXV PRGHUQLVDWLRQ LQ WKH DUHD XQGHU GLUHFW LQIOXHQFH RI ;LQJy +LGUHOHFWULF 3RZHU6WDWLRQDSSURDFKHVWKHUHODWLRQVKLSEHWZHHQ3LUDQKDVFLW\KLVWRULFDOSDWULPRQ\DQGWKH LQVWDOODWLRQRI8+(;LQJy'HVSLWHWKHGHILQHGGHOLPLWDWLRQWRLWZDVQHFHVVDU\D GLVWHQVLRQRIWLPHMXVWLILHGE\WKHLPSRUWDQFHRIWKHFRQWH[WXDOL]DWLRQDQGFRPSUHKHQVLRQRI WKHSDVWRIWKHFLW\,VVXHVVXFKDVUHJLRQDOLQWHJUDWLRQGULYHQE\ODUJHHQWHUSULVHVQDYLJDWLRQ UDLOK\GURHOHFWULFIDFWRU\ZDVWKHVXEMHFWRIGHEDWHEHFDXVHWKH\SOD\HGYHU\LPSRUWDQWUROHV LQ 3LUDQKDCV XUEDQ WHUULWRU\ IRUPDWLRQ DQG DV DWWHPSWV WR PRGHUQL]H WKH UHJLRQDO DUHDV 7KH FRQVWUXFWLRQ RI WKH FDPSLQJ ZKLFK RULJLQDWHG WKH VXEXUEV RI ;LQJy DQG 16 GD 6D~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±KLVWRULFDOKHULWDJHUHJLRQDOLQWHJUDWLRQWKHHOHFWULFVHFWRU             .

(16) /,67$'(),*85$6  )LJXUD±&DQRDVGH7ROGD )LJXUD±9DSRUGD&RPSDQKLDGH1DYHJDomRQR&DLVGH3LUDQKDV )LJXUD/RFRPRWLYDTXHID]LDRWUHFKR3LUDQKDV-DWREi3( )LJXUD&DFKRHLUDGH3DXOR$IRQVR%$ )LJXUD7RUUHGR5HOyJLR  )LJXUD(VWDomR)HUURYLiULDGH3LUDQKDV )LJXUD$QWLJR$OPR[DULIDGR )LJXUD2ILFLQD )LJXUD9LVWDDpUHDGR3UpGLRGD(VWDomR)HUURYLiULDGH3LUDQKDV )LJXUD&DVDULR )LJXUD&DVDULR )LJXUD3UpGLR'3HGUR,,6HGHGD3UHIHLWXUD0XQLFLSDOGH3LUDQKDV )LJXUD,JUHMD16GD6D~GH9LVWD)URQWDO )LJXUD,JUHMD16GD6D~GH9LVWD3RVWHULRU )LJXUD9LVWDSDUFLDOGDFLGDGH )LJXUD9LVWDGD(VWUDGDGH)HUURGHVDWLYDGDHQWUHRULR6mR)UDQFLVFRHVtWLRKLVWyULFRGH3LUDQKDV )LJXUDVH)HLUDOLYUHQR3iWLRGR&RPpUFLR ILQDOGDGpFDGDGH

(17)  )LJXUD$FHUYRGR0XVHXGR6HUWmR/LD5RGULJXHV3LUDQKDV )LJXUD8+(;LQJy$FHUYR&KHVI'HSDUWDPHQWRGH0HLR$PELHQWH )LJXUD9LVWDGD8+(;LQJy)RWR:LOOH0DUFHO )LJXUD(VFROD81(;,%DLUURGH;LQJy )LJXUD9LVWDSDUFLDOGDiUHDFRPHUFLDOGREDLUUR;LQJy )LJXUD9LVWDGD3RQWH'HOPLUR*RXYHLDLQWHUOLJDQGRRVHVWDGRVGH$ODJRDVH6HUJLSH )LJXUD%DLUUR16GD6D~GH )LJXUD81(;,,%DLUUR16GD6D~GH )LJXUD$ORMDPHQWRV )LJXUD&OXEH3DMXoDUD )LJXUD&OXEH$WDODLD )LJXUD6LQDOL]DomRLQWHUSUHWDWLYD )LJXUD&DVDGD'LUHWRULDRXGH+yVSHGHV )LJXUD,JUHMDGH6mR)UDQFLVFRFRQVWUXtGDSHOD&KHVIQREDLUUR;LQJR )LJXUD9LVWD3DUFLDOGH3LUDQKDVGH&LPD )LJXUD9LVWDGRFDVDULRSLUDQKDVGH&LPD )LJXUD)HLUDOLYUH3LUDQKDVGH&LPD ILQDOGH

(18)  )LJXUD)HLUDOLYUH3LUDQKDVGH&LPD ILQDOGH

(19)  )LJXUD3LUDQKDVHPpSRFDGHHVWLDJHP )LJXUD3LUDQKDVHPpSRFDGHFKXYD )LJXUD*UXSR(VFRODU0DQRHO3RUItULR±3LUDQKDVGH&LPD )LJXUD)RWRGDSUDLQKDGH3LUDQKDVHPILQDOGHVHPDQD 6HGH0XQLFLSDO

(20)  )LJXUD3URFLVVmRGH16GD6D~GH )LJXUDVH0LVVDGR9DTXHLUR)HVWDGH16GD6D~GH )LJXUD2UTXHVWUDGH0~VLFD0DHVWUR(Ot]LR )LJXUD0LVVDFDPSDOGRV9DTXHLURV )LJXUD3URFLVVmRGH16GD6D~GH )LJXUDVH,PDJHQVGD3URFLVVmRGH16GD6D~GH )LJXUDVH9LVWDGRFDVDULRGH(QWUHPRQWHV )LJXUD,JUHMDGH16GD&RQFHLomR±(QWUHPRQWHV3LUDQKDV )LJXUDVH3UDWRVGDFXOLQiULDGH3LUDQKDV )LJXUD&DFKDoDGH$QJLFRV. . 4XDGUR3LUDQKDVSRSXODomRWRWDOXUEDQDHUXUDOH.

(21) . 680È5,2.   ,1752'8d­2. . . . . . . . . . . &$3Ë78/2$IRUoDTXHYHPGRULR6mR)UDQFLVFR . . . . . . . . . &$3Ë78/23LUDQKDVGH&LPDDFRQVDJUDomRGHXPOXJDU. . . . . . . . . . . . . . .  +LGURYLDFRPRIDWRUGHRFXSDomRHLQWHJUDomRFRPRVHUWmR  &$3Ë78/23LUDQKDVGH%DL[RRQDVFHUGHXPDFLGDGH 2ULJHPHUHVLVWrQFLD  $&RQVWUXomRGDIHUURYLD  &$3Ë78/2129$3,5$1+$6DVHGXomRXUEDQDGDUHJLmR $&KHVID8VLQDHR$FDPSDPHQWR  &$3Ë78/2±'RLVPXQGRVHQWUHRDQWLJRHRQRYR  3LUDQKDVKRMHHPGDGRVUHDLV 1RYDVDSURSULDo}HVHQHJDomRDRSDVVDGR . . 27RPEDPHQWRGRVEHQVSDWULPRQLDLVGDQDWXUH]DHFXOWXUDLVGH3LUDQKDV. .  &216,'(5$d®(6),1$,6. . . . . . . . . . . . . . . .  5()(5Ç1&,$6%,%/,2*5È),&$6  $3Ç1',&( . . . . . . . . . . .  $1(;26. . . . . . . . . . . .

(22) . ,1752'8d­2  $HVFROKDGHXPWHPDGHXPDGLVVHUWDomRSDVVDQHFHVVDULDPHQWHSRUP~OWLSODVUD]}HV 1HVWH FDVR WHP VXD RULJHP QR GHVHPSHQKR GR H[HUFtFLR SURILVVLRQDO DUTXLWHWR QR 'HSDUWDPHQWRGH0HLR$PELHQWHGD&RPSDQKLD+LGUR(OpWULFDGR6mR)UDQFLVFR&+(6) )RLDWUDYpVGDLPSODQWDomRGD8VLQD+LGUHOpWULFD;LQJy 8+(

(23) TXHPDQWLYHRFRQWDWRFRPR REMHWRGHHVWXGRGRSUHVHQWHWUDEDOKR 1RLQtFLRGDGpFDGDGHIXLFRQYRFDGRSDUDUHDOL]DUHVWXGRVHLQWHUYHQo}HVQDiUHD GH LQIOXrQFLD GD 8+( GH ;LQJy ,QLFLDYD XP QRYR PRPHQWR SURILVVLRQDO QD (PSUHVD SRLV QXQFDWLQKDHVWDGRWmRSHUWRGDLPSODQWDomRGHXPHPSUHHQGLPHQWRGHWDOPDJQLWXGH&RPR HPSUHHQGLPHQWR GD 8+( ,WDSDULFD KDYLD FRQWULEXtGR DSHQDV FRP SURMHWRV DUTXLWHW{QLFRV SRQWXDLV&RPD8+(;LQJyWXGRHUDQRYLGDGHHWXGRVHDSUHVHQWDYDQXPDHVFDODGHJUDQGHV SURSRUo}HV$FRQYLYrQFLDFRPDUHDOLGDGHORFDOHRSURFHVVRYLYHQFLDGRGDVWUDQVIRUPDo}HV GRHVSDoRWHUULWRULDOXUEDQRGH3LUDQKDVGHVSHUWRXXPLQWHUHVVHPDLRUGHLQYHVWLJDomRVREUHD RULJHP GDTXHOH OXJDU 2 FRQWDWR FRP DV SRSXODo}HV HQYROYLGDV ORFDO H DWUDtGD TXH DR VH FRQIURQWDUHPSURGX]LUDPXPDDFXOWXUDomRTXHGHILQLXXPQRYRPRPHQWRSHODWURFDGHQRYDV SDXWDV FXOWXUDLV FULDQGR QRYRV KiELWRV H FRVWXPHV QXP HPDUDQKDGR GH QyLV FXOWXUDLV HVWDEHOHFHQGR YHUGDGHLUR SURGXWR GH FXOWXUD KtEULGD (VWH FRQWDWR IDYRUHFHX XP PHOKRU HQWHQGLPHQWRHLQWHUSUHWDomRGDTXHOHVPXQGRVTXHVHHQFRQWUDYDP 'RLV PXQGRV ILFDYDP PXLWR FODURV QDV LQGDJDo}HV 2 SULPHLUR UHSUHVHQWDGR SHOR SDWULP{QLR KLVWyULFR GD FLGDGH GH 3LUDQKDV QmR WLQKD FRPR QmR SHUFHErOR R VHJXQGR UHSUHVHQWDGR SHOR DFDPSDPHQWR GD REUD GD 8+( GH ;LQJy ORFDO H[WUHPDPHQWH PRGHUQR (VVD SHUFHSomR GHVHQFDGHRX IRUPXODo}HV H TXHVWLRQDPHQWR TXH EXVFDYDP UHVSRVWDV H GHVSHUWRXDQHFHVVLGDGHGHXPDFRPSUHHQVmRPDLVDSURIXQGDGDGDTXLORTXHHVWDYDRFRUUHQGR QDTXHOHWHUULWyULR(VVHVGRLVPRWHVFRQGX]LUDPjIRUPXODomRGDVLGpLDVHEXVFDGDOLWHUDWXUD VREUH D TXHVWmR GD FRQVHUYDomR XUEDQD H SHODV LQYHVWLGDV GH SURMHWRV HVWUXWXUDGRUHV H PRGHUQL]DGRUHVSHOR(VWDGRQRVHUWmRQRUGHVWLQR )RL YLYHQFLDQGR H REVHUYDQGR HVVDV GXDV VLWXDo}HV EDVWDQWH HQULTXHFHGRUDV TXH SRU UHSUHVHQWDUHPSHUVSHFWLYDVGHLQWHUHVVHVGLIHUHQWHVSRULVVRPHVPRFRQWUDGLWyULDVGHILQLQGR XP SHQVDU GHQWUR GH XP SURFHVVR GLDOpWLFR 3ROLFLHLPH PXLWDV YH]HV SDUD HQ[HUJDU D UHDOLGDGHGRVIDWRVQmRFDLUQDWHQWDomRGDSDUFLDOLGDGHDFUHGLWDQGRTXHRFRQIOLWRHQWUHDV SDUWHVQRVFRORFDQRYHUGDGHLURFDPLQKRGDUHIOH[mR 2 HQYROYLPHQWR FRP D FLGDGH DQWLJD VtWLR KLVWyULFR GH 3LUDQKDV Mi HUD HVSHUDGR 3DVVHLDHVWXGiODHFRRUGHQDUSURMHWRVGHUHOHYkQFLDSDWURFLQDGRVSHOD&KHVITXHVHPRVWUDYD . .

(24) . H[WUHPDPHQWHUHFHSWLYDSDUDSDWURFLQDURVHVWXGRVSDUDDSUHVHUYDomRHFRQVHUYDomRXUEDQD GHWRGRDTXHOHDFHUYRGHEHQVSDWULPRQLDLV $VVLP HP  D &+(6) DWUDYpV GR 'HSDUWDPHQWR GH 0HLR $PELHQWH ± '0$ LQLFLD RV HVWXGRV QHFHVViULRV YLVDQGR R WRPEDPHQWR H DVVRFLDGR D HVWH XP SODQR GH JHVWmR SDUD3LUDQKDV $ SUHVHQWH SHVTXLVD WHP FRPR FHQiULR R VHPLiULGR QRUGHVWLQR QD UHJLmR GR %DL[R 6mR )UDQFLVFR QXPD FRQIOXrQFLD GH EHQV SDWULPRQLDLV GR PHLR DPELHQWH QDWXUDO H GR PHLR DPELHQWHFRQVWUXtGR&HQiULRVQDWXUDLVGDSDLVDJHPGDFDDWLQJDH[SUHVVDGRVSHORKRPHPGR 6HUWmRFOLPDYHJHWDomRIDXQDDSUHVHQoDGRULR6mR)UDQFLVFRFRPRHOHPHQWRHVWUXWXUDGRU GHVVD SDLVDJHP R DPELHQWH FRQVWUXtGR GR SDVVDGR UHSUHVHQWDGR SHOR VtWLR KLVWyULFR GH 3LUDQKDV H R DPELHQWH FRQVWUXtGR FRQWHPSRUkQHR UHSUHVHQWDGR SHOD 8VLQD +LGUHOpWULFD GH ;LQJy H $FDPSDPHQWR FRQVWUXtGRV SHOD &+(6)  &RPSDQKLD +LGUR (OpWULFD GR 6mR )UDQFLVFR(PSUHVDGR*UXSR(OHWUREUiV . eFRPHQIRTXHQHVVHVGRLVDPELHQWHVSDVVDGRYHUVXVFRQWHPSRUkQHRHDQDOLVDQGRDV. YDULiYHLV GDV WUDQVIRUPDo}HV VRIULGDV QD FRQILJXUDomR HVSDFLDO FRQVHUYDomR XUEDQD H PRGHUQL]DomRGDFLGDGHGH3LUDQKDVHVWDEHOHFLGDDSyVDLPSODQWDomRGD8+(GH;LQJyTXH GLUHFLRQDPRVQRVVRWUDEDOKR . 3LUDQKDV GH %DL[R 3LUDQKDV GH &LPD 1RYD 3LUDQKDV FRQVHUYDomR XUEDQD. SDWULPRQLDOHPRGHUQL]DomRHPiUHDGHLQIOXrQFLDGLUHWDGD8+(GH;LQJyEXVFDRUHJLVWUR H R HQWHQGLPHQWR GD WUDMHWyULD KLVWyULFD GD FLGDGH HP IUHQWH jV LQWHUYHQo}HV LQYROXQWiULDV VRIULGDV SRU SURMHWRV SDWURFLQDGRV SHOR (VWDGR YLVDQGR VXD PRGHUQL]DomR H R GHVHQYROYLPHQWR UHJLRQDO 1R SULPHLUR PRPHQWR DWUDYpV GD LPSODQWDomR GD QDYHJDomR D YDSRUHPHORJRDVHJXLUSHOD)HUURYLDLQDXJXUDGDHP)LQDOPHQWHDSyVTXDVH FHP DQRV FRP D LPSODQWDomR GD 8+( ;LQJy SHOD &+(6) 7RGRV HVVHV LQYHVWLPHQWRV VmR RFDVLRQDGRV SHOD ORFDOL]DomR ItVLFD JHRJUiILFD SULYLOHJLDGD YRFDomR QDWXUDO H HVWUDWpJLFD GD FLGDGH . 1RVVRIRFRGHHVWXGRWHPUHFRUWHHQWUHHMXVWLILFDGRSHORH[DWRLQtFLRGD. FRQVWUXomR GD 8VLQD &RPR GHPDUFDomR WHUULWRULDO ILFRX HVWDEHOHFLGD D UHODomR HQWUH R $FDPSDPHQWRHDFLGDGHGH3LUDQKDV±6HGHGR*RYHUQR0XQLFLSDO . $SHVDU GR UHFRUWH GHILQLGR IRL QHFHVViULD XPD GLVWHQVmR GR WHPSR SDUD PDLRU. HQWHQGLPHQWRGDVTXHVW}HVHYDULiYHLVTXHRWHPDH[LJLX)RLYLVLWDGRROHJDGRKLVWyULFRGH 3LUDQKDVTXHDMXGRXVXEVWDQFLDOPHQWHQRHQWHQGLPHQWRGDDSURSULDomRHH[SDQVmRWHUULWRULDO XUEDQD . .

(25) . 2HVWXGRIRLSHQVDGRHIRFDGRHPGRLVPRPHQWRV2DQWHVGDFRQVWUXomRGD8VLQDHR GHSRLVGHVWDFRQVWUXomRFRQVWLWXLQGRVHDVVLPRVPDUFRVGDSHVTXLVDFRPIRFRQDVLQYHVWLGDV PRGHUQL]DGRUDVYHUVXVFRQVHUYDomRGRVEHQVSDWULPRQLDLV$VLQGDJDo}HVVXUJLUDPDSDUWLUGD LQWHUSUHWDomRGDTXHOHVPRPHQWRVHRTXHRVPHVPRVUHSUHVHQWDUDPHSURPRYHUDPDQtYHOGH WUDQVIRUPDo}HVQRWHUULWyULRSLUDQKHQVHHQRTXHRVPHVPRVVHGLIHUHQFLDUDP $ PHWRGRORJLD XWLOL]DGD SULRUL]RX D SULQFtSLR D XWLOL]DomR GH GRFXPHQWRV RILFLDLV SURGX]LGRV SHOR SRGHU S~EOLFR QD IRUPD GH SODQRV SURJUDPDV H SURMHWRV ± HVWUDWpJLDV H LQWHQo}HV GH JRYHUQRV HP GLIHUHQWHV PRPHQWRV 2XWUDV IRQWHV IRUDP UHJLVWUDGDV FRPR SHULyGLFRVUHJLVWURVQmRRILFLDLVHQWUHYLVWDVHDTXLVLomRGHPDSDVHGHVHQKRV $ OLWHUDWXUD SHUFRUULGD EXVFRX R HQWHQGLPHQWR GDV UHODo}HV GH RFXSDomR H DV VXDV FRQVWDQWHV PRWLYDo}HV SHOD GRPLQDomR GH WHUULWyULR GHVHQYROYLPHQWR H PRGHUQL]DomR )RL YLVLWDGDDKLVWyULDGRHVWDGRGH$ODJRDVDUHDOL]DomRGHHQWUHYLVWDVFRPPRUDGRUHVGROXJDUH RV DWUDtGRV SHOD REUD ± SULYLOHJLDQGR DTXL DV IRQWHV RUDLV H OHYDQWDPHQWR IRWRJUiILFR $ SDUWLFLSDomR H DFRPSDQKDPHQWR GRV SURMHWRV H[HFXWDGRV SHODV 8QLYHUVLGDGH )HGHUDO GH $ODJRDV ± 8)$/ 8QLYHUVLGDGH )HGHUDO GH 3HUQDPEXFR  8)3( H 8QLYHUVLGDGH )HGHUDO GH 6HUJLSH±8)6HQULTXHFHXRFRQWH~GRGHVHMDGRGDFRPSUHHQVmR$FRPSDQKDUQRGLDDGLDR 3URMHWR $UTXHROyJLFR GH ;LQJy  3$; H SDUDOHODPHQWH R QDVFHGRXUR GR 0XVHX GH $UTXHRORJLDGH;LQJy±0$;IRUWDOHFHXDLQGDPDLVDVFRQVWDWDo}HVSHUFHELGDV 5HVVDOWDPRV DLQGD DV EXVFDV SHODV UHIHUrQFLDV H GRFXPHQWRV DFHVVDGRV QRV DUTXLYRV GR ,QVWLWXWR +LVWyULFR *HRJUiILFR GH $ODJRDV QRV DUTXLYRV GD SUySULD &KHVI TXH SXGHVVHP QRV JDUDQWLU PDWHULDO H IRQWHV VHJXUDV SDUD FRQVROLGDomR GRV HVWXGRV $VVLP IRL SRVVtYHO DERUGDUR(VWDGRFRPRSURSXOVRUHVWLPXODGRUHH[HFXWRUGRSURFHVVRGHGHVHQYROYLPHQWRHD FLGDGHFRPRUHFHSWRUDGDVLQLFLDWLYDVHGRVSURMHWRVHVWUXWXUDGRUHV 'HVVDIRUPDIRUDPLQFRUSRUDGRVHVWXGRVVREUHRULR6mR)UDQFLVFRRXVRGDKLGURYLD HDLPSODQWDomRGD(VWUDGDGH)HUURGH3DXOR$IRQVRFRPRYDULiYHLVWHPiWLFDVH[WUHPDPHQWH LPSRUWDQWHVQDFRQIRUPDomRHFRQILJXUDomRXUEDQDGDFLGDGH (VWHWUDEDOKRHVWiGLYLGLGRHPFLQFRFDStWXORVTXDLVVHMDP³$IRUoDTXHYHPGR5LR 6mR )UDQFLVFR´ ³3LUDQKDV GH %DL[R R QDVFHU GH XPD FLGDGH 3LUDQKDV GH &LPD D FRQVDJUDomRGHXPOXJDU1RYD3LUDQKDVDVHGXomRXUEDQDFRQWHPSRUkQHDGDUHJLmRH'RLV PXQGRVHQWUHRDQWLJRHRQRYR 2SULPHLURFDStWXOR³$IRUoDTXHYHPGR5LR 6mR)UDQFLVFR´pGHGLFDGRDRULR6mR )UDQFLVFRVXDLPSRUWkQFLDQDIRUPDomRGDPDOKDXUEDQDGDFLGDGH7UDWDGRFRPRHOHPHQWR PDLVIRUWHGDSDLVDJHPHUHVSRQViYHOSHODRFXSDomRHLQWHJUDomRFRPRVHUWmReDSDUWLUGD . .

(26) . H[SORUDomR GHVVH ULR TXH R Q~FOHR GH SHVFDGRUHV VH HVWDEHOHFH GDQGR RULJHP j FLGDGH GH 3LUDQKDV 2VHJXQGRFDStWXOR3LUDQKDVGH%DL[RRQDVFHUGHXPDFLGDGHpUHODWDGDDSULPHLUD H[SHULrQFLDGRSRYRDGRTXHGHXRULJHPDFLGDGHGH3LUDQKDVTXHDOLVHLPSODQWDILQFDUDt]HV GR ULR WLUD D JDUDQWLD GH VREUHYLYrQFLD H GH WRGDV DV YLYrQFLDV GHVVHGHQWDomR DOLPHQWDomR KLJLHQHOD]HUWUDQVSRUWHHWF

(27) pUHVSRQViYHOSRUODQoDUDVEDVHVSULPHLUDVGDRFXSDomRGD6HGH PXQLFLSDO 2 WHUFHLUR FDStWXOR 3LUDQKDV GH &LPD D FRQVDJUDomR GH XP OXJDU GLVFRUUH VREUH R GHVHQYROYLPHQWRGROXJDUFRPRFLGDGHTXHSRUDSUHVHQWDUPHOKRUHVFRQGLo}HVILVLRJUiILFDV YRFDomR SRUWXiULD DVVRFLDGD j XWLOL]DomR GD KLGURYLD IUDQFLVFDQD H DLQGD HVWLPXODGD SHOD LPSODQWDomRGD(VWUDGDGH)HUURGH3DXOR$IRQVRFRQVROLGDVHFRPRFLGDGH 2 TXDUWR FDStWXOR 1RYD 3LUDQKDV D VHGXomR XUEDQD FRQWHPSRUkQHD GD UHJLmR p GHVHQYROYLGR D WHPiWLFD GD LPSODQWDomR SHOD &KHVI GR DFDPSDPHQWR HP DWHQGLPHQWR D FRQVWUXomRGD8VLQD8+(;LQJy 2 TXLQWR H ~OWLPR FDStWXOR 'RLV PXQGRV HQWUH R DQWLJR H R QRYR FRQWHPSOD D SUREOHPiWLFD GHVVDV GLIHUHQoDV 5HYHOD D VLWXDomR DWXDO GH 3LUDQKDV IUHQWH DV PRGLILFDo}HV LPSULPLGDV SHOD FKHJDGD GD XVLQD H UHODFLRQD RV EHQV SDWULPRQLDLV FXOWXUDLV PDWHULDLV H LPDWHULDLVHOHLWRVQDSURSRVWDGHWRPEDPHQWRGDFLGDGH $ DWUDWLYLGDGH ODQoDGD SHOR PXQLFtSLR GH 3LUDQKDV IRFDGD QR VtWLR KLVWyULFR QD WHPiWLFD GRV EHQV FXOWXUDLV p SRU GHPDLV UHOHYDQWH SHOD LPSRUWkQFLD GHVVH OXJDU QD KLVWyULD VRFLDO H HFRQ{PLFD QR HVWDGR GH $ODJRDV UHYHVWLQGRVH SHOD VLQJXODULGDGH GR SDWULP{QLR QDWXUDO H FXOWXUDO QR SDVVDGR H QR SUHVHQWH FRQIHULQGROKH XPD LGHQWLGDGH SUySULD (VWD LGHQWLGDGHKRMHDOWHUDGDHVXMHLWDDXPDGLYHUVLGDGHGHSUHVV}HVHLQWHUIHUrQFLDVH[WHUQDVH LQWHUQDVQRVID]UHFRUGDUXPSDVVDGRUHFHQWHGHGHFDGrQFLD HFRQ{PLFDHVRFLDO

(28) TXHDFLGDGH VRIUHXTXDQGRGDGHVDWLYDomRGDIHUURYLDQDGpFDGDGH 3LUDQKDV HVWi ORFDOL]DGD QR VHUWmR GH $ODJRDV QR H[WUHPR VXGHVWH GR HVWDGR SRVVXLQGR XPD iUHD GH  NPð HP FOLPD VHPLiULGR 3RVLFLRQDVH R PXQLFtSLR D XPD GLVWkQFLD UHDO GH  NP GD FLGDGH GH 0DFHLy FDSLWDO GR HVWDGR GH $ODJRDV 3RVVXL XPD WRSRJUDILDPXLWRPRQWDQKRVDHHVWDLPSODQWDGDGHQWURGRFkQLRQGR6mR)UDQFLVFR2VRORp SHGUHJRVR H FREHUWR SHOD YHJHWDomR WtSLFD GD FDDWLQJD $V YLDV GH FRPXQLFDomR VH ID]HP DWUDYpVGRULR6mR)UDQFLVFRRXGDURGRYLDHVWDGXDO$/ 2VtWLRKLVWyULFRSRVVXLXPDLPSODQWDomROLPLWDGDGHXPODGRSHORULR6mR)UDQFLVFR GH RXWUR SRU VHUUDV DOJXPDV FREHUWDV SHOD YHJHWDomR WtSLFD GD UHJLmR D FDDWLQJD GH RXWUR SRUURFKDDSDUHQWHHVWDVLWXDomRFRQILQDGDHQWUHDVVHUUDVHRULRDLPSHGLXGHXPDH[SDQVmR . .

(29) . XUEDQDDRPHVPRWHPSRHPTXHDSURWHJHXGHSRVVtYHLVHPDLRUHVGHVFDUDFWHUL]Do}HVQRVHX FRQMXQWRDUTXLWHW{QLFR $VORFDOLGDGHVGRWUHFKRGRULR6mR)UDQFLVFRWLYHUDPSRURULJHPSRQWRVGHMRUQDGDV RXSRXVRVGRVSULPHLURVGHVEUDYDGRUHVGRVHUWmRRVEDQGHLUDQWHVHVHLVPHLURVSRURFDVLmRGR LQtFLR GR FLFOR GR JDGR QR %UDVLO QR ILQDO GR VpFXOR ;9, DR LQtFLR GR VpFXOR ;9,, $ DTXLVLomRGDVWHUUDVGRVHUWmRIRUDIHLWDHPSURSULHGDGHVGHJUDQGHVH[WHQV}HVSHUWHQFHQWHVD ODWLIXQGLiULRVGRVFHQWURVSRODUL]DGRUHVGDpSRFD±2OLQGD5HFLIHH6DOYDGRU . $QDYHJDomRDYDSRULQLFLDGD HP  HVWDEHOHFHX OLQKD UHJXODU HQWUH DV FLGDGHVGH. 3HQHGRH3LUDQKDVHDHVWUDGDGHIHUURPXGRXDVFRQGLo}HVGHFRPXQLFDomRHQWUHROLWRUDOHR VHUWmR QRUGHVWLQR 6mR DFRQWHFLPHQWRV PRGHUQL]DGRUHV SURSLFLDGRV SHOR GHVHQYROYLPHQWR WHFQROyJLFRUHVSHFWLYRjVHJXQGDPHWDGHGRVpFXOR;,;TXHURPSHUDPRFXUVRGDKLVWyULD GRVHUWmRDODJRDQR . $FLGDGHDWUDYHVVRXSHUtRGRVGHJUDQGHSURVSHULGDGHHFRQ{PLFDHQWUHILQDOGRVpFXOR. ;,;DWpPHDGRVGRVpFXOR;;LQLFLDOPHQWHSHODLPSRUWkQFLDGHVXDORFDOL]DomRFRPR~OWLPR SRUWR GR %DL[R 6mR )UDQFLVFR GH RQGH DGYpP WRGR R YLJRU GH VHX FRPpUFLR FRPR OXJDU GH HVFDPERGHPHUFDGRULDVWHQGRQDKLGURYLDIOXYLDOVHXPDLVIRUWHFRPSRQHQWHGHFRPXQLFDomR TXHVHIRUWDOHFHXTXDQGRGDLPSODQWDomRGDIHUURYLD . 6RPHQWHDSDUWLUGDGpFDGDGHSRURFDVLmRGDFRQVWUXomRGD8VLQD+LGURHOpWULFDGH. ;LQJy DWUDYpV GD &RPSDQKLD +LGUR (OpWULFD GR 6mR )UDQFLVFR ± &+(6) 3LUDQKDV YHU UHQRYDGDVXDVSRVVLELOLGDGHVHFRQ{PLFDV&RPRLQLFLRGDVREUDVGD8VLQD+LGURHOpWULFDGH ;LQJyHPRPXQLFtSLRGH3LUDQKDVSDVVRXSRUWUDQVIRUPDo}HVVLJQLILFDWLYDVQRTXHVH UHIHUH DRV DVSHFWRV HFRQ{PLFRV VRFLDO SROtWLFRV H FXOWXUDLV GDQGR RULJHQV D EDLUURV RQGH UHVLGHjSRSXODomRDWUDtGDSHODSHUVSHFWLYDGHWUDEDOKRJHUDGRSHODFRQVWUXomRGDXVLQD&RP JUDQGH SRWHQFLDO WXUtVWLFR 3LUDQKDV WHVWHPXQKD QRYR LPSDFWR GHVHQYROYLPHQWLVWD UHSUHVHQWDGRSRUHVWDFRQVWUXomR $ 8+( ;LQJy SURGX] PDLV GH  GD HOHWULFLGDGH TXH R 1RUGHVWH FRQVRPH 6XD FRQVWUXomR FRQWRX FRP FRQGLo}HV WRSRJUiILFDV H JHROyJLFDV H[WUHPDPHQWH IDYRUiYHLV EHQHILFLDQGRVH FRP D IRUPDomR GH XP UHVHUYDWyULR WRWDOPHQWH HQFDL[DGR QR FkQLRQ PLQLPL]DQGRRLPSDFWRDPELHQWDO &RP R LQtFLR GDV REUDV GD 8VLQD HP  R PXQLFtSLR GH 3LUDQKDV SDVVRX SRU WUDQVIRUPDo}HV VLJQLILFDWLYDV QR TXH VH UHIHUH DRV DVSHFWRV HFRQ{PLFRV VRFLDLV SROtWLFRV H FXOWXUDLV  . )857$'25LFDUGR&DYDOFDQWLHWDO3LUDQKDV7RPEDPHQWRH3ODQRGH*HVWmR5HFLIH$FULDUWHV. . .

(30) . 3LUDQKDV WHYH XP DFUpVFLPR SRSXODFLRQDO QD RUGHP GH  KDELWDQWHV )RL QHFHVViULR SDUD DWHQGHU HVVD GHPDQGD XPD DOWHUDomR UDGLFDO QD HVWUXWXUD HVSDFLDO XUEDQD $ FRQVWUXomRGRDFDPSDPHQWREDLUURGH;LQJyUHSUHVHQWRXXPDJUDQGHH[SDQVmRXUEDQD DWp KRMH DVVRFLDGD DR PHLR UXUDO SHOR ,%*( 

(31)  QR PXQLFtSLR SURPRYHQGR HQWUH RXWURV LPSDFWRV D FRQYLYrQFLD GH GRLV ³PXQGRV XUEDQRV´ FRPSOHWDPHQWH GLIHUHQWHV H GHVDVVRFLDGRVR6tWLR+LVWyULFRHREDLUURGH;LQJy(VWHVGRLVOXJDUHVGHFDUiWHUWmRSUySULRV FRORFDUDP D FLGDGH D H[SHULHQFLDU XP FRQIOLWR HQWUH R QRYR H R DQWLJR &RP D DFXOWXUDomR HVWDEHOHFLGDRFDVLRQRXPXGDQoDVHSHUGDVXEVWDQFLDOGDPHPyULDFROHWLYD $FRPSHWLWLYLGDGHHVWDEHOHFLGDWHPFRPSURYDGRTXHRHVSDoRXUEDQRDQWLJRWHPVLGR VXERUGLQDGRDRQRYRSHODVSHUGDVDFXPXODGDVGRVVHUYLoRVLQIUDHVWUXWXUDVDQHDPHQWR VD~GHHGXFDomRWUDQVSRUWHHWF 2VEDLUURVGH;LQJyH1RVVD6HQKRUDGD6D~GHFRQWDFRPDLPSODQWDomRGHWRGDXPD DWUDWLYDHVHGXWRUDLQIUDHVWUXWXUDFDXVDQGRXPDFHQWUDOL]DomRGDVDWLYLGDGHVFRPHUFLDLVHGH VHUYLoRV QD iUHD GD FRPXQLFDomR VHJXUDQoD DEDVWHFLPHQWR GH HQHUJLD H iJXD VDQHDPHQWR WUDQVSRUWHHGXFDomRVD~GHHWF5HSUHVHQWDSULQFLSDOPHQWHjpSRFDGDFRQVWUXomRGDXVLQD DVQRYDVWHQGrQFLDVHRSRUWXQLGDGHVGHGHVHQYROYLPHQWRHFRQ{PLFRQDUHJLmRHFRPRFHQWUR SURPRWRUGHJHUDomRGHHPSUHJRHGHUHQGDFULDDVFRQGLo}HVQHFHVViULDVSDUDSUROLIHUDomRH FUHVFLPHQWRGHQRYRVQHJyFLRVPHVPRTXHSHTXHQRVQDSHULIHULD 1RYD 3LUDQKDV FUHVFH H VH GHVHQYROYH DEVRUYH D WRWDOLGDGH GR FRPpUFLR H VHUYLoRV 3LUDQKDVGH&LPDSDUHFHHVWDFLRQDGDUHVLVWHFRPDVHGHGD3UHIHLWXUD0XQLFLSDOH&kPDUDGH 9HUHDGRUHVDWUDYpVGDVXDSRSXODomRORFDOILpLVjVWUDGLo}HVSUHGRPLQDQWHPHQWHUHVLGHQFLDO TXHFRQWULEXLXSDUDDFRQVHUYDomRHPDQXWHQomRGHVHXFDVDULRHGHVHXVFRVWXPHV3LUDQKDV GH%DL[RPDQWpPVHLVRODGD &RQWXGR Mi VH WRUQD YLVtYHO R HVWDGR DWXDO GH DEDQGRQR H GH GHVFDUDFWHUL]DomR GR FRQMXQWR GH VHX SDWULP{QLR KLVWyULFR HGLILFDGR GD IDOWD GH SHUVSHFWLYDV GD SRSXODomR H GD DXVrQFLD GH XP SURMHWR HVWUXWXUDGRU TXH SRVVD UHGHILQLU XP PRGHOR GH GHVHQYROYLPHQWR HFRQ{PLFR DOLDGR j FRQVHUYDomR GRV EHQV SDWULPRQLDLV H TXH SHUPLWD XPD UHDO PHOKRULD GD TXDOLGDGHGHYLGDGDVSHVVRDV $SHVDUGHVWDFRQYLYrQFLDFRPRPXQGRXUEDQRPRGHUQRGH3LUDQKDVGH&LPDKi DQRV R 6tWLR +LVWyULFR GH 3LUDQKDV GH %DL[R QmR UHVROYHX VHXV SUREOHPDV EiVLFRV GH LQIUD HVWUXWXUD FRPR R HVJRWDPHQWR VDQLWiULR DEDVWHFLPHQWR G¶iJXD GUHQDJHP GH iJXDV SOXYLDLV UHDELOLWDomRGHVHXVLPyYHLVLPSODQWDomRGHiUHDVHHTXLSDPHQWRVGHUHFUHDomRHOD]HUQHP PHVPR XPD PHOKRU GHILQLomR GH XVRV FRPSDWtYHLV FRP VXD YRFDomR H FRQWLQXD GHVDILDQGR . .

(32) . SURSRVWDV H LGpLDV SDUD FRQVROLGDomR GD SHUPDQrQFLD H FRQVHUYDomR GRV VHXV EHQV SDWULPRQLDLVFXOWXUDLVHDPELHQWDLV )DWRVGHFDUiWHUWHFQROyJLFRSURPRYHUDPDOWHUDo}HVQRWHUULWyULRGH3LUDQKDV$VVLPD FDGHLD SURGXWLYD QDYHJDomRIHUURYLDFRPpUFLR p DOWHUDGD FRP D LQWURGXomR GH RXWURV HOHPHQWRV FRQVWUXWLYRV QR WHUULWyULR HVWDEHOHFHQGR D H[LVWrQFLD GH XPD FLGDGH FRP GRLV OXJDUHVHXPFUHVFLPHQWRSRSXODFLRQDO GD RUGHP GH  (VWDV PXGDQoDVQRV PRGRVGH YLGDSRGHPVHUUHVXPLGDVFRPRXPVXUWRGHXUEDQL]DomRPRGHUQL]DGRUD 2V GRLV IDWRV QDYHJDomRIHUURYLD H HQHUJLDXVLQD FRQVWLWXHP GRLV PRPHQWRV GH UXSWXUDV FRQGX]LGRV SRU Do}HV PRGHUQL]DGRUDV HP FRQWUDSRVLomR DR LVRODPHQWR H j HVWDJQDomRHFRQ{PLFD$o}HVRXDWRVTXHFRQGX]HPjPRGHUQL]DomRSRGHPVHUHQWHQGLGRV FRPRSUiWLFDVGHLQGLYtGXRVRXDWRUHVVRFLDLVYLVDQGRLQWURGX]LURQRYRRPRGHUQR e QHVWH FRQWH[WR TXH VH FRQFHQWUD QRVVD SURSRVWD GH SHVTXLVD TXH WHP FRPR HL[R WHPiWLFRRVGHVDILRVHQWUHDFRQVHUYDomRXUEDQDSDWULPRQLDOHPRGHUQL]DomR                . /(*2))-DFTXHV+LVWyULDH0HPyULDHG&DPSLQDV(GLWRUDGD81,&$03SS 6HJXQGR/H*RIIRVDWRVGHPRGHUQL]DomRSRGHPGLVWLQJXLUVHSHODPDQXWHQomRGRDQWLJRSHODVXDGHVWUXLomR RXSHODFRQFLOLDomRGRDQWLJRFRPRQRYR. . .

(33) . &DStWXOR$IRUoDTXHYHPGR5LR6mR)UDQFLVFR  . $+LGURYLDFRPRIDWRUGHRFXSDomRHLQWHJUDomRFRPRVHUWmR.  1R QRUGHVWH EUDVLOHLUR DSDUHFHP FRPR OHJDGR GH XP SDVVDGR UHPRWR YHVWtJLRV GRV SULPHLURVKDELWDQWHVTXHVmRDVVLPGHVFULWRVSRU*DEULHOD0DUWLQ  RVSULPHLURVKRPHQVTXHFKHJDUDPDR1RUGHVWHEUDVLOHLURHUDPSHORVGDGRV TXHDWpDJRUDSRVVXtPRVFRPRRVtQGLRVDWXDLV5DFLDOPHQWHSHUWHQFLDPD JUXSRVPRQJROyLGHVFRPRDOLiVWRGRVRVKDELWDQWHVGDV$PpULFDVDQWHULRUHV jFRORQL]DomRHXURSpLD. . (FRPSOHPHQWDDGPLWHVHTXHRVtQGLRVEUDVLOHLURVFKHJDGRVDR1RUGHVWHVmRRV GHVFHQGHQWHVGHOHYDVDUFDLFDVTXHDWUDYHVVDUDPRHVWUHLWRGH%HULQJDOJXQVPLOKDUHVGHDQRV DQWHV´ (VWDpD7HRULDDFHLWDFLHQWLILFDPHQWHSHODDXVrQFLDGHSURYDVGHRXWUDVYLDVGHDFHVVR GHJUXSRVKXPDQRVWHUHPFKHJDGRDWpD$PpULFD 6REUH D GDWDomR GHVVDV RFXSDo}HV KXPDQDV QR %UDVLO QmR H[LVWHP HYLGrQFLDV DQWHULRUHV D  DQRV DQWHV GR SUHVHQWH GH RVVDGDV KXPDQDV 1R 1RUGHVWH WHPRV DYDQoDGRQRVHVWXGRVHSHVTXLVDVQDiUHDGH$UTXHRORJLDGHYLGRVHQWUHRXWUDVjLPSODQWDomR GHJUDQGHVXVLQDVKLGUHOpWULFDVTXHIRUPDOL]DPJUDQGHViUHDVDVHUHPLQXQGDGDVHGHVWLQDGDV DVHXVUHVHUYDWyULRV $ SDUWLU GD H[LVWrQFLD GR ULR 6mR )UDQFLVFR D RFXSDomR GR %DL[R 6mR )UDQFLVFR UHPRQWDDDOJXQVPLOKDUHVGHDQRVHFRQWDFRPYiULRVUHJLVWURVGHVVDRFXSDomRDWUDYpVGRV WHPSRV PDUFDV TXH VmR PRWLYDomR GH PXLWRV HVWXGRV H SHVTXLVDV $VVLP VREUH R DVVXQWR *DEULHOD0DUWLQVLVWHPDWL]D  $JUDQGHEDFLDGR6mR)UDQFLVFRIRLXPFHQWURGHDWUDomRHFDPLQKRQDWXUDO GHJUXSRVLQGtJHQDVSUpKLVWyULFRVGHVGHWHPSRVUHPRWRVPLOKDUHVGHDQRV DQWHV GD FRORQL]DomR SRUWXJXHVD $ SDUWLU GRV UHODWRV GRV PLVVLRQiULRV DYHQWXUHLURV H YLDMDQWHV TXH VH DGHQWUDUDP QRV VHUW}HV GR 6mR )UDQFLVFR GHVGH RV FRPHoRV GD FRQTXLVWD WHPRV LQIRUPDo}HV VREUH RV KDELWDQWHV LQGtJHQDV GR JUDQGH YDOH GD VXD UHVLVWrQFLD H VHX SDXODWLQR H[WHUPtQLR RX IXJD SDUD DV VHUUDV FLUFXQGDQWHV 1D DWXDOLGDGH RV 3DQNDUDUX $WLNXP H .LPELZD QD PDUJHP SHUQDPEXFDQD RV 7UXND GD LOKD GD $VVXQomR H RV .LULUL7X[iH3DQNDUDUpQD%DKLDVmRUHPDQHVFHQWHVGDTXHODVSRSXODo}HV SUpKLVWyULFDV TXH HP OHYDV VXFHVVLYDV IRUDP RFXSDQGR R YDOH.  . 0$57,1*DEULHOD3Up+LVWyULDGR1RUGHVWHHG5HFLIH(GLWRUDGD8)3(S 0$57,1*DEULHOD25LR6mR)UDQFLVFRDQDWXUH]DHRKRPHP5HFLIH&+(6). . . .

(34) . . VDQIUDQFLVFDQR ( FLWD FRPR SULQFLSDLV IRQWHV EiVLFDV GH FRQKHFLPHQWR GD PDWpULD  RV UHODWRV GRV PLVVLRQiULRV TXH SHOD SULPHLUD YH] HQWUDUDP HP FRQWDWRFRPHVVDVSRSXODo}HVFRPRRGRFDSXFKLQKRIUDQFrVIUHL0DUWLQGH 1DQWHV DXWRU GD 5HODomR GH XPD 0LVVmR QR 5LR 6mR )UDQFLVFR H GH IUHL %HUQDUGR VHX FRPSDQKHLUR RV WUDEDOKRV GRV SULPHLURV HWQyORJRV &DUORV (VWHYmRGHROLYHLUDH(VWHYmR3LQWRDXWRUHVWH~OWLPRGDREUD2VLQGtJHQDV GR1RUGHVWHHVFULWDHSXEOLFDGDHQWUHHDOpPGRVUHVXOWDGRVGDV SHVTXLVDV DUTXHROyJLFDV GH FDPSR UHDOL]DGDV SULQFLSDOPHQWH D SDUWLU GDV PLVV}HV GH VDOYDPHQWR DSRLDGDV SHOD &KHVI GXUDQWH D FRQVWUXomR GRV UHVHUYDWyULRVGH6REUDGLQKR,WDSDULFDH;LQJy. 7XGR OHYD D FUHU TXH HP pSRFDV DLQGD PDLV UHPRWDV H EDVHDGR QR VXSRUWH DUTXHROyJLFRGHVFREHUWRVSHOR3URMHWRGH$UTXHRORJLDGH;LQJyTXHDVRFXSDo}HVQR%DL[R 6mR )UDQFLVFR WUHFKR 3DXOR $IRQVR3LUDQKDV IRUD UHDOL]DGDV SRU JUXSRV KXPDQRV TXH DWHQGHUDP IRUWH DR DSHOR GDV EHQHVVHV RIHUHFLGDV SHOR ULR SULQFLSDOPHQWH SHOD RIHUWD GH SHL[HV GDV PDLV YDULDGDV HVSpFLHV SDUD $E 6iEHU DVVLP GHVFULWDV 8P ODUJR ULR SHUHQH iJXDV OtPSLGDV IOX[RV PRYLPHQWDGRV GH FRUUHGHLUDV HP XPD VLWXDomR LGHDO SDUD SHL[H OrQWLFR ( FRPSOHPHQWD (VSDoRV GH YLYrQFLD QmR LQWHLUDPHQWH DWUDHQWH SDUD JUXSRV FRPSHWLGRUHVRXLQLPLJRV(VWDREVHUYDomRID]UHIHUrQFLDDRHVSDoRGHRFXSDomRHVWUHLWRVH LQFOLQDGRV WHUUDoRV VLWXDGRV QD EDVH GH tQJUHPHV SDUHGHV URFKRVDV 5HODFLRQD DLQGD D RFXSDomR GD iUHD GHYLGR j SLUDFHPD TXH WRUQDYD DLQGD PDLV PRWLYDGRUD SDUD D VHGHQWDUL]DomRGRVJUXSRVLQGtJHQDVTXHKDELWDUDPDUHJLmRGHVGHDQRVDWpDRDGYHQWR GHJXHUULGRVWXSLJXDUDQLVTXHSRVVLYHOPHQWHGHVDORMDUDPVHXVDQWHFHVVRUHV(QDH[DXVWmR GHVXDFRQYLFomRVLQWHWL]D . . 2VJUXSRV+XPDQRVTXHVHHVWDEHOHFHUDPQRVWHUUDoRVDUHQRVRV GH;LQJy 3LUDQKDVWLQKDPDVHXIDYRUIOX[RVG iJXDSHUHQHVTXHDWHQGLDPDWRGDVDV VXDVQHFHVVLGDGHViJXDGHEHEHUiJXDSDUDFR]LQKDUDOLPHQWRViJXDSDUD SUHSDUDURSHL[HHiJXDSDUDVHEDQKDU. 7RGDVHVVDVYRFDo}HVGDQDWXUH]DGRULR6mR)UDQFLVFRQDUHJLmR;LQJy3LUDQKDVYmR. GDURULJHPSHODVFRQTXLVWDVGRFRORQL]DGRUSHODPLVWXUDGDVUDoDVHFXOWXUDVDXPDXQLGDGH GHXVRHDSURSULDomRGRULRTXHHPEOHPiWLFRVHGLVS}HDJDUDQWLUDVREUHYLYrQFLDHWRGDV DVYLYrQFLDVeDVVLPTXHVHLQDXJXUDRSULPHLURDVVHQWDPHQWRGH3LUDQKDVQRVpFXOR;9,,, HFRPRFRQWDDOHQGDDWUDYpVGHXPQ~FOHRGHSHVFDGRUHV  . $% 6È%(5$]L]1DFLE6DOYDPHQWR$UTXHROyJLFRGH;LQJy6HUJLSH8)63HWUREUiV&+(6)S 'HVFUHYHDVSRVVLELOLGDGHVGHXVRGRULRFRPHPEDUFDo}HVU~VWLFDVIHLWDVFRPDOJXPDVHVSpFLHVGHYHJHWDomR GLVSRQtYHLVQDUHJLmRHSURVVHJXH$LQWHUFRPXQLFDomRSRUiJXDHQWUHJUXSRVYL]LQKRVGHSURFHGrQFLDpWQLFDH FXOWXUDHGHFRPSRUWDPHQWRSDFtILFRSDUHFHVHUXPDYHUGDGHGHVGHWHPSRVLPHPRULDLV1DpSRFDGRVSURGXWRV H[FOXVLYDPHQWHOtWLFRVURFKDVHIUDJPHQWRVGHURFKDVpRTXHQmRIDOWDYDP  52'5,*8(65RVLDQH3LUDQKDVUHWUDWRGHXPDFLGDGH0DFHLy&DWDYHQWRS . . .

(35) . (P  $PpULFR 9HVS~FLR HQFRQWUD R 6mR )UDQFLVFR VRE R FRQKHFLPHQWR GDV GLYHUVDV QDo}HV LQGtJHQDV TXH KDELWDYDP DTXHOD UHJLmR $TXHODV iJXDV WLQKDP XP QRPH DQWLJR2SDUiTXHVLJQLILFDDOJRFRPR³ULRPDU´$SDUWLUGDFXOWXUDGRFRORQL]DGRUHVVHULR YDLVHFKDPDU6mR)UDQFLVFR&RPRGHVFUHYH3LHUVRQ . . >@ D IR] GR 6mR )UDQFLVFR IRL SURYDYHOPHQWH YLVWD SHOD SULPHLUD YH] SRU HXURSHXV D  GH RXWXEUR GH  'HVFHQGR D FRVWD QD GLUHomR QRUWHVXO -RmR GH 1RYD WHQGR $PpULFR 9HVSXFFL SRU FRPSDQKHLUR GDYD QRPH DRV OXJDUHVTXHGHVFREULDGHDFRUGRFRPRVDQWRGRGLD$VVLPR&DERGH6mR 5RTXH UHFHEHX HVVH QRPH D  GH DJRVWR R 5LR 6mR 0LJXHO D  GH VHWHPEUR R 5LR 6mR -HU{QLPR QR GLD VHJXLQWH H R 6mR )UDQFLVFR D  GH RXWXEUR. (PVXDVLPSUHVV}HVVREUHROLWRUDOEUDVLOHLURRLWDOLDQR$PpULFR9HVS~FLRDVHUYLoR GRUHL'0DQXHOUHJLVWURXQRVVRSDtVFRPRDPHQRYLoRVRHGHERDDSDUrQFLDFHUWDPHQWH RULR6mR)UDQFLVFRHVWDYDDOLLQFOXtGRHTXHDSyVTXDWURVpFXORVVRERROKDUGRVRFLyORJR )UH\UH SDUHFHQRV FRPSOHPHQWDU DTXHOD FLWDomR iJXDV PtWLFDV TXH IRUPDP JHQWHV FDUDFWHUL]DPSHUVRQDOLGDGHVUHJLRQDLVSDVVDPGHVHU1DWXUH]DDWRUQDUHPVH+LVWyULD 'DV MRUQDGDV SHOR GHVEUDYDPHQWR GRV VHUW}HV PXLWDV VH IL]HUDP HP GLUHomR DR 6mR )UDQFLVFR1HVVHUXPR&DSLVWUDQRGH$EUHXVLVWHPDWL]DRVHJXLQWHHVTXHPDGDV%DQGHLUDV. . D

(36)   %DQGHLUDV SDXOLVWDV OLJDQGR R 3DUDtED DR 6mR )UDQFLVFR DR 3DUQDtED DWpR3LDXtH0DUDQKmRSRUXPODGROLJDQGRR6mR)UDQFLVFRR'RFHR 3DUDLEXQD DR 3DUQDtED GR 6XO JDOJDQGR D VHUUD GRV ÏUJmRV SDUD WHUPLQDUQD*XDQDEDUD E

(37)  %DQGHLUDVEDLDQDVOLJDQGRR6mR)UDQFLVFRDR3DUQDtEDHFKHJDQGRDR 0DUDQKmRSHOR,WDSLFXUXEDQGHLUDVEDLDQDVOLJDQGRR6mR)UDQFLVFRDR 7RFDQWLQV EDQGHLUDV EDLDQDV TXH LQGR GR 6HUUR H 0LQDV 1RYDV SURFXUDPR5LRSHORFDPLQKRGDWHUUDGRRXUR F

(38)  %DQGHLUDV SHUQDPEXFDQDV HQWUH R &DSLEDULEH H D VHUUD GR ,ELDSDED PXLWR PHQRV LPSRUWDQWH TXH DV GXDV DQWHULRUHV WUDoDGDV D PHQRU GLVWkQFLD GR OLWRUDO SHOR VHUWmR D IRUD UHFHEHQGR PXLWD JHQWH GLUHWDPHQWH GR OLWRUDO SHOR VHUWmR D IRUD UHFHEHQGR PXLWD JHQWH GLUHWDPHQWHGROLWRUDOVXELQGRRVULRVTXHQHOHGHVHPERFDP G

(39)  %DQGHLUDV PDUDQKHQVHV GH SRXFR DOFDQFH OLJDQGR R ,WDSLFXUX DR 3DUQDLEDH6mR)UDQFLVFRHR3DUQiLEDjVWHUUDVDTXpPGR,ELDSDED. )D] UHIHUrQFLD DLQGD jV EDQGHLUDV DPD]{QLFDV TXH VH OLJDP jV GH 6mR 3DXOR URWDV SURYDYHOPHQWHHVWLPXODGDVSHODSURFXUDGRRXUR. . .  3,(5621 'RQDOG 2 +RPHP QR 9DOH GR 6mR )UDQFLVFR 5LR GH -DQHLUR 0LQLVWpULR GR ,QWHULRU 689$/( 7RPR,  $%5(8&DSLVWUDQRGH&DStWXORVGD+LVWyULD&RORQLDOHRVFDPLQKRVDQWLJRVHSRYRDPHQWRGR%UDVLOHG %UDVtOLD(GLWRUDGD81%S. . .

(40) . 6REUH D DWULEXtGD IDOWD GH LPSRUWkQFLD JULIR QRVVR

(41)  jV EDQGHLUDV SHUQDPEXFDQDV H ID]HQGRVHUHODomRGRVIDWRVSRGHPRVOHYDQWDUTXHVWLRQDPHQWRVVHHVWDQmRREHGHFHXDXPD HVWUDWpJLD GH RFXSDomR FRP REMHWLYRV GH VH IHFKDU XP SROtJRQR SDUWLQGR GH 2OLQGD OLWRUDOVHUWmRYLDULR6mR)UDQFLVFRSRLVIRLGHVVDPDQHLUDTXHVHFRQVHJXLXXPDGHQVDPHQWR XUEDQR GDV SDUWHV H[WHUQDV H H[WUHPDV WHQGR ILFDGR R DJUHVWH DR FHQWUR LVWR p QD WUDQVLomR HQWUHOLWRUDOHVHUWmRFRORQL]DGRSRVWHULRUPHQWH(YLGHQFLDVHDLPSRUWkQFLDGRULRQRVXFHVVR GHVVHHYHQWRSURSRUFLRQDQGRRFXSDomRHSURWHomRGDVSRVVtYHLVLQYDV}HVGRVLQLPLJRV $SHVDUGDVUHODo}HVHVWDEHOHFLGDVFDEHQRVUHIRUoDURQRVVRLQWHQWRGHHQWHQGLPHQWR GR SURFHVVR GH RFXSDomR GR %DL[R 6mR )UDQFLVFR UHJLmR GR 6HUWmR GDV EDUUDQFDV H GR PXQLFtSLR GH 3LUDQKDV DGLFLRQDQGRVH R DFRQWHFLPHQWR GRV FLFORV HFRQ{PLFRV GD FDQDGH Do~FDUGDSHFXiULD HFRXUR

(42) HGRDOJRGmR 2V ULRV GHVHPSHQKDUDP SDSHO IXQGDPHQWDO QD SHQHWUDomR H RFXSDomR GR HOHPHQWR FRORQL]DGRUHGDHIHWLYDGRPLQDomRGDKLQWHUOkQGLDEUDVLOHLUD2ULR6mR)UDQFLVFRJDUDQWLD DRFRORQL]DGRUXPFDPLQKRVHJXURGHLGDVHYLQGDVGHDYDQoRVHGHUHFXRVVHDVVLPIRVVH QHFHVViULRGLDQWHGHDOJXPDVXUSUHVDGHUHVLVWrQFLDGDSRSXODomRQDWLYDLQGtJHQD2%DL[R 6mR )UDQFLVFR H[HUFHX QHVVH VHQWLGR QRV VpFXORV ;9, H ;9,, R SDSHO GH DJOXWLQDGRU GR PRYLPHQWR H[SDQVLRQLVWD YLQGR GH 3HUQDPEXFR H %DKLD H DWp KRMH SRGHPVH SHUFHEHU DWUDYpV GRV XVRV H FRVWXPHV H GD UHVLVWrQFLD GD SHGUD H FDO DV GLIHUHQFLDGDV FRQWULEXLo}HV GHVVHVGRLVSyORVQDIRUPDomRFXOWXUDOGDUHJLmR 1D RFXSDomR KLVWyULFD GR %DL[R 6mR )UDQFLVFR (XFOLGHV GD &XQKD GHVWDFD WUrV SHUVRQDJHQV UHVSRQViYHLV SHOR LQtFLR GRV DYDQoRV QD FRQTXLVWD GD UHJLmR LPSULPLQGR RV SULPHLURVFRQWH~GRVHYDORUHVGDQRYDFRO{QLDHGL]EDWHUDPOKHSRULJXDO DVPDUJHQV GR ULR6mR)UDQFLVFR

(43) REDQGHLUDQWHRMHVXtWDHRYDTXHLUR´ 2EDQGHLUDQWHFRUULDDWUiVGRRXURSHGUDVSUHFLRVDVHGRDSULVLRQDPHQWRGHLQGtJHQDV RMHVXtWDEXVFDYDGLIXQGLUDIpFDWHTXHVHVDOYDomRGDVDOPDVDWUDYpVGDVPLVV}HVHRYDTXHLUR HERLDGHLUREXVFDQGRSDVWRSDUDRJDGR 2(,$GD+LGUHOpWULFDGH;LQJyPHLRDQWUySLFRUHJLVWUDTXHDiUHDGHLQIOXrQFLD GRHPSUHHQGLPHQWR$,'H$,,  .  $R WUDWDU GD KLQWHUOkQGLD GR 1RUGHVWH GR %UDVLO p ERP UHVVDOWDU R SDSHO GR %UDVLO FRORQLDO HP UHODomR j PHWUySROHTXHVHUYLDGHUHWDJXDUGDUXUDOSDUDRVPHUFDGRVXUEDQRVHXURSHXV5HLV 

(44) TXHFRQWLQXDR SURFHVVR GH FRORQL]DomR WUDQVIHULD HP SULQFtSLR SDUD RV PHUFDGRV PHWURSROLWDQRV RV HIHLWRV GLQkPLFRV GHWHUPLQDGRVQRPHUFDGRXUEDQRSHODSURGXomRDJUtFRODGDVFRO{QLDVDVFRO{QLDVVmRDKLQWHUOkQGLDHFRPRWDLV GHYHPSHUPDQHFHU5(,61HVWRU*RXODUW6mR3DXOR('863S  &81+$(XFOLGHVGD2V6HUW}HVHG5LRGH-DQHLUR)UDQFLVFR$OYHVS  (678'2GH,PSDFWR$PELHQWDOGD8VLQD+LGUHOpWLFDGH;LQJy'LDJQyVWLFR$PELHQWDOGR0HLR$QWUySLFR 5LRGH-QHLUR(QJH5LR2VHVWXGRVDPELHQWDLVSDUDHODERUDomRHFRQIHFomRGR(,$GD+LGUHOpWULFDGH ;LQJyIRUDPUHDOL]DGRVHPPHVHV'H]HPEURGHDVHWHPEURGH. . .

(45) . . IRL LQLFLDOPHQWH RFXSDGD SRU JUXSRV KXPDQRV Q{PDGHV FDoDGRUHV H FROHWRUHV

(46) HVHGHQWiULRV DJULFXOWRUHV

(47) RVTXDLVVRIUHUDPWUDQVIRUPDo}HVFRP D FKHJDGD GR FRORQL]DGRU HXURSHX 9iULDV LQFXUV}HV GH H[SORUDGRUHV DFRQWHFHUDP QR VpF ;9, VHP FRQWXGR FDUDFWHUL]iOD FRPR HVSDoR LQWHJUDGRjFRO{QLD. (P  R SULPHLUR GRQDWiULR GD FDSLWDQLD GH 3HUQDPEXFR R SRUWXJXrV 'XDUWH &RHOKRIXQGDDFLGDGHGH3HQHGRHP$ODJRDV&RPDDXWRUL]DomRGDFRURDSRUWXJXHVDHP FRPHoDDFULDomRGHJDGRQDUHJLmRDWLYLGDGHHFRQ{PLFDTXHPDUFDDKLVWyULDGRYDOH GR6mR)UDQFLVFRTXHFKHJRXDVHUFKDPDGRGH³5LRGRV&XUUDLV´6DOLHQWDQGRVHTXHHVVHV IRUDPRVSULPHLURVSDVVRVSDUDRLQtFLRGDFRORQL]DomRHRFXSDomRGR%DL[R6mR)UDQFLVFR SRVWRTXHDH[SORUDomRVHDSUHVHQWDYDEDVWDQWHOLPLWDGDDROLWRUDOSULQFLSDOPHQWHSRUFDXVD GDVWULERVLQGtJHQDVTXHUHVLVWLDPQDGHIHVDGHVHXVWHUULWyULRVQRLQWHULRU 6HJXQGR$QGUDGH . . p QDV SULPHLUDV GpFDGDV GR VpFXOR ;9,, TXDQGR D FLYLOL]DomR GR Do~FDU DLQGDVHPDQWLQKDPIORUHVFHQWHQDUHJLmRFRVWHLUDGR1RUGHVWHWHYHLQtFLRD HIHWLYDRFXSDomRGRLQWHULRUSHORFRORQL]DGRUGHWHUPLQDGDSHODQHFHVVLGDGH GH SURYHU D iUHD DoXFDUHLUD GH DQLPDLV SDUD WUDEDOKR H DOLPHQWR (VVH SURFHVVRWHYHRULJHPHPGRLVSyORV6DOYDGRUH2OLQGD. 6DOLHQWHVH TXH HP 3HUQDPEXFR D SHFXiULD WHYH XP PHOKRU GHVHPSHQKR FRPR LQIRUPD &RXWR QR VHX 'HVDJUDYRV GR %UDVLO H JOyULDV GH 3HUQDPEXFR SRLV WUDWDVH GH  . ,QFLVR,,,GR$UWžGD5HVROXomRGHGR&RQVHOKR1DFLRQDOGH0HLR$PELHQWH&21$0$TXH GLVS}HGHILQLURVOLPLWHVGDiUHDJHRJUiILFDDVHUGLUHWDRXLQGLUHWDPHQWHDIHWDGDSHORVLPSDFWRVGHQRPLQDGD iUHDGHLQIOXrQFLDGRSURMHWRFRQVLGHUDQGRHPWRGRVRVFDVRVDEDFLDKLGURJUiILFDQDTXDOVHORFDOL]D1RFDVR GRHPSUHHQGLPHQWRGH;LQJyIRUDPGHILQLGDVÈUHDVGH,QIOXrQFLD'LUHWDH,QGLUHWD   ÈUHD GH ,QIOXrQFLD 'LUHWD $,' FRPSUHHQGH D ORFDOL]DomR GR HPSUHHQGLPHQWR GR FDQWHLUR GH REUDV LQVWDODomR GH QRYRV DVVHQWDPHQWRV UHVLGHQFLDLV LQWHQVLILFDomR H FRQYHUJrQFLDV GH IOX[RV GH SHVVRDV EHQV H UHFXUVRVILQDQFHLURVHFRPRÈUHDGH,QIOXrQFLD,QGLUHWD$,,DViUHDDIHWDGDVFDUDFWHUL]DGDVSHODVLQWHUUHODo}HV LPHGLDWDVFRPD$,'HLQFUHPHQWRQRVIOX[RVGHSHVVRDVEHQVHUHFXUVRVILQDQFHLURV$VFLGDGHGH3LUDQKDVQR (VWDGR GH $ODJRDV H D FLGDGH GH &DQLQGp GH 6mR )UDQFLVFR QR (VWDGR GH 6HUJLSH SHODV VXDV SUR[LPLGDGHV j 8+( GH ;LQJy IRL GHILQLGD SHOR (,$ GD KLGUHOpWULFD GH ;LQJy FRPR ÈUHD GH ,QIOXrQFLD 'LUHWD $,'

(48)  GR HPSUHHQGLPHQWR FRPR ÈUHD GH LQIOXrQFLD ,QGLUHWD $,,

(49)  IRUDP QRWLILFDGDV DV FLGDGHV GH 2OKRV ' ÈJXD GR &DVDGRH'HOPLUR*RXYHLDQR(VWDGRGH$ODJRDVH3RoR5HGRQGRQR(VWDGRGH6HUJLSH  eLPSRUWDQWHUHVVDOWDUTXHDRFXSDomRQR%UDVLOLQLFLDGDQROLWRUDOLPSODQWDomRGHYLODVHFLGDGHVDLQGDQR VpFXOR;9,DSUHVHQWDXPDVSHFWRFXULRVRTXHpDDQWHFLSDomRGRDPELHQWHXUEDQRHPUHODomRDRDPELHQWHUXUDO RSULPHLURVHFRQVWLWXLHVHFRQFUHWL]DSDUDLPSOHPHQWDUDSDUWLUGDRULJHPGHVXDVGHPDQGDVRPRGHORHRV PHLRVGHSURGXomRGRVHJXQGRYLVDQGRRDEDVWHFLPHQWRGRVHXPHUFDGR  $1'5$'(0DQXHO&RUUHLDGH2SURFHVVRGHRFXSDomRGRHVSDoRUHJLRQDOGR1RUGHVWH5HFLIH68'(1(   &2872'RPLQJRVGH/RUHWR'HVDJUDYRVGR%UDVLOHJOyULDVGH3HUQDPEXFR5LRGH-DQHLUR%LEOLRWHFD 1DFLRQDO  (P'HVDJUDYRVGR%UDVLO/RUHWR&RXWRGHVFUHYHVREUHRFRQVXPRGDFDUQHERYLQDHP3HUQDPEXFR ³'HJDGRYDFXPKiWDQWDDEXQGkQFLDHP3HUQDPEXFRTXHSREUHVHULFRVEUDQFRVHSUHWRVVHVXVWHQWDPGDVVXDV FDUQHV TXH VmR DV PDLV VDERURVDV GR SDtV´ ( H[SOLFD D UD]mR GHVVH FRQVXPR H R H[FHGHQWH SURGX]LGR FRP FDSDFLGDGH GH H[SRUWDomR SDUD RXWURV HVWDGRV GD UHJLmR QRUGHVWLQD ³7UH]H JrQHURV VH FRQWDP GH HUYD TXH. . .

(50) . XPD DWLYLGDGH TXH UHSUHVHQWRX JUDQGH FRQWULEXLomR QD RFXSDomR GHVVD UHJLmR 6REUH R DVVXQWR HQFRQWUDPRV QR UHODWR GR 3H -RmR $QWRQLR $QGUHRQL $QGUp -RmR $QWRQLO

(51)  TXHRPHVPRGHPDUFDDFKDPDGDFLYLOL]DomRGRFRXURQROLPLWHGR%DL[R6mR )UDQFLVFRHQWUHRVFXUUDLVEDLDQRVHSHUQDPEXFDQRVHDILUPDRVFXUUDHVGDSDUWHGD%DKLD HVWmR SRVWRV QD ERUGD GR ULR GH 6mR )UDQFLVFR H PDLV DGLDQWH FRPSDUD D TXDQWLGDGH GH FXUUDLVHQWUHRVGRLVHVWDGRV(SRVWRTXHVHMDPPXLWRVRVFXUUDHVGDSDUWHGD%DKLDFKHJDD PXLWRPDLRUQ~PHURRVGH3HUQDPEXFRFXMRVHUWmRVHHVWHQGHSHODFRVWDGHVGHDFLGDGHGH 2OLQGDDWpRULR6mR)UDQFLVFR &DVWUR 

(52) HP*HRJUDILDGD)RPHFRQILUPDHFRPSOHPHQWD  4XH DV FRQGLo}HV SURStFLDV j FULDomR GHVHQYROYHUDP QR 1RUGHVWH DV ID]HQGDVQmRVyGHJDGRYDFXPPDVGHFDYDORVHPXODVTXHFRQVWLWXtDPR PHLRGHWUDQVSRUWH~QLFRDWUDYpVGDVHOYDLQyVSLWD (QWUDQGR SRU 3HUQDPEXFR R JDGR VH HVSDOKRX HP FXUUDLV SHOR VHUWmR GR 1RUGHVWH ID]HQGRVH DV HQWUDGDV SHODV HVWUDGDV QDWXUDLV GRV ULRV SULQFLSDOPHQWH DWUDYpV GR 6mR )UDQFLVFR D JUDQGH DUWpULD YLYD GR FLFOR HFRQ{PLFRGRFRXURQR1RUGHVWH.  (FRQFOXL . . 2 JUDQGH PHUFDGR GH ERLV HP TXH FHGR VH FRQVWLWXLX D ]RQD GD 0DWD WmR QHFHVVLWDGD GH VXD IRUoD GH WUDomR SDUD RV WUDEDOKRV GRV HQJHQKRV H EHP DVVLPGHVXDFDUQHDSHWLWRVDSDUDDOLPHQWDomRGHSRSXODomRFDGDYH]PDLV GHQVD PDLV DEVRUYLGD QRH[FOXVLYR WUDEDOKR GR Do~FDU IRL XP GRV PRWLYRV LPSXOVLRQDGRUHVGDSHFXiULDQRDOWRVHUWmR. 2VXUWRGDPLQHUDomRIRLRHVWtPXORGHFLVLYRSDUDVROLGLILFDomRGHVVHPHUFDGRFRPR LQIRUPD &DVWUR 

(53)  HP *HRJUDILD GD IRPH ³9LQKDP GR 1RUGHVWH SHORV FDPLQKRV GRV FXUUDLV RV ERLV TXH GHYHULDP DOLPHQWDU DV SRSXODo}HV UHSHQWLQDPHQWH FRQFHQWUDGDV QRV FDPSRVGHPLQHUDomRGR6XO´ $ URWD GHVVD RFXSDomR SDUWLQGR GH 6DOYDGRU QD GLUHomR QRUWH H QRURHVWH DWLQJLX D PDUJHPGLUHLWDGRULR6mR)UDQFLVFRDOFDQoDQGRXPORFDOjMXVDQWHGH3DXOR$IRQVR6XE 0pGLR H 0pGLR 6mR )UDQFLVFR 2 SRYRDPHQWR SDUD R VXO D SDUWLU GH 2OLQGD

(54)  LQLFLDGR QR. . VHUYHPGHSDVWRDRVDQLPDLVSRUFXMDERQGDGHpHP3HUQDPEXFRWmRJUDQGHDFRWDGHJDGRYDFXPHFDYDODUTXH GHVWHVFRQVXPLGRVHLQILQLWRVQRVVHUYLoRVGHVWDV&DSLWDQLDVVDHPSDUDIRUDWRGRVRVDQRVPDLVGHVmR OLJHLURVQDFDUUHLUDGyFHLVDRHQVLQRHWmRIRUWHVQRWUDEDOKRTXHVDLQGR GH3HUQDPEXFRSDUDDV0LQDV*HUDLV FRPDFDUJDGHDUUREDVDQGDPOpJXDVGHVIHUUDGRVHFKHJDPVHPGLPLQXLomRQRVDOHQWRV´  $1721,/$QGUp-RmR&XOWXUDHRSXOrQFLDGR%UDVLO5HFLIH0XVHXGR$o~FDUS(GLomR)DF VtPLOHGH. . .

(55) . JRYHUQR GH 'XDUWH &RHOKR D DWLQJLU R 6mR )UDQFLVFR j PDUJHP GR TXDO IRL FRQVWUXtGD 3HQHGR $V EDQGHLUDV GHVHPSHQKDUDP SDSHO IXQGDPHQWDO QD RFXSDomR GD KLQWHUOkQGLD GR 1RUGHVWHEUDVLOHLUR$SDUWLUGDWHUFHLUDGpFDGDGRVpFXOR;9,,PDUFRGDRFXSDomRGDUHJLmR GR%DL[R6mR)UDQFLVFRVHJXQGRRKLVWRULDGRU&DSLVWUDQRGH$EUHXpTXDQGRRFRORQL]DGRU VH LQVWDOD GHILQLWLYDPHQWH QD iUHD $VVHJXUD TXH D SDUWLU GH  D iUHD Mi HVWDYD UHSDUWLGD HQWUHRVFRORQL]DGRUHV )LFD FODUR TXH D SROtWLFD GH XVR H RFXSDomR GR VROR SUHFRQL]DYD D VHSDUDomR GD DJULFXOWXUDFRPDViUHDVGHFULDomRHVWD~OWLPDVHUHDOL]DQGRHPFDPSRDEHUWRFRPRJDGRj VROWD´WHQGRDVXDGLVSRVLomRDYHJHWDomRGDFDDWLQJDDSHUHQLGDGHGRULR6mR)UDQFLVFRH SHORFOLPDVHPLiULGR(VWHIDWRIRLGHWHUPLQDQWHQDRFXSDomRGDUHJLmRFRQVHJXLQGRIHFKDU XP SROtJRQR GHPDUFDGR SRU XPD H[WHQVD RFXSDomR WHUULWRULDO FRP SHTXHQD GHQVLGDGH SRSXODFLRQDO (VVDSROtWLFDDWHQGLDDRVLQWHUHVVHVGRVJUDQGHVODWLIXQGLiULRVUHVLGHQWHVHP6DOYDGRU H2OLQGD2VPHVPRVUHFHELDPJUDQGHVH[WHQV}HVGHWHUUDVDVVHVPDULDVTXHFRQVWLWXtDPRV YDVWRVODWLI~QGLRVGDHUDFRORQLDO8PDFDUWDGHGRDomRHUDRSDSHORILFLDOGDVXDFRQTXLVWD 1R6mR)UDQFLVFRRJUDQGHODWLIXQGLiULRIRLD&DVDGD7RUUHIXQGDGDSHORSURSULHWiULR*DUFLD G ÈYLOD$PSDUDGRSRU7RPpGH6RX]DFRQVHJXLXHQWUHR6mR)UDQFLVFRHR3DUQDtEDPDLV GH  OpJXDV (VWDV HUDP GLYLGLGDV HP VtWLRV H HQWUHJXHV YDTXHLURV GHVWD IRUPD RV SHTXHQRV FULDGRUHV DOXJDYDP VtWLRV H RV DJULFXOWRUHV VH WRUQDYDP UHQGHLURV H WRGRV JULIR QRVVR

(56) GHSHQGHQWHVGRVJUDQGHVODWLIXQGLiULRV $VORFDOLGDGHVGR9DOHGR6mR)UDQFLVFRWLYHUDPSRURULJHPRVSRQWRVGHMRUQDGDRX SRXVRV GRV SULPHLURV SHQHWUDGRUHV GRV VHUW}HV SRU RFDVLmR GR LQtFLR GR FLFOR GR JDGR QR %UDVLO DLQGD QR VpFXOR ;9, (QTXDQWR D FDQDGHDo~FDU H[SDQGLDVH QDV iUHDV GR OLWRUDO D SHFXiULDHPFDUiWHUH[WHQVLYRRFXSDYDHSRYRDYDRVHUWmR $ FULDomR GH JDGR HUD UHDOL]DGD SRU SRYRDGRUHV TXH QmR GLVSRQGR GH FDSLWDO SDUD D PRQWDJHP GH HQJHQKRV QR OLWRUDO RFXSDYDP WHUUDV VHUWDQHMDV TXH QmR LQWHUHVVDYDP DRV  . $1'5$'(0DQXHO&RUUHLDGH2SURFHVVRGHRFXSDomRGRHVSDoRUHJLRQDOGR1RUGHVWH5HFLIH68'(1(   $%5(8&DSLVWUDQRGH&DStWXORVGHKLVWyULDFRORQLDOH2VFDPLQKRVDQWLJRVHSRYRDPHQWRGR%UDVLOHG %UDVtOLD(GLWRUD81%S  (678'2GH,PSDFWR$PELHQWDOGD8VLQD+LGUHOpWLFDGH;LQJy'LDJQyVWLFR$PELHQWDOGR0HLR$QWUySLFR 5LRGH-QHLUR(QJH5LRS7RPR,,  ,ELGHPS  0('(,5261(72/XL]+LVWyULDGR6mR)UDQFLVFR0DFHLy&DVD5DPDOKR  (678'2GH,PSDFWR$PELHQWDOGD8VLQD+LGUHOpWLFDGH;LQJy'LDJQyVWLFR$PELHQWDOGR0HLR$QWUySLFR 5LRGH-QHLUR(QJH5LRS7RPR,,. . .

(57) . µVHQKRUHV¶SDUDLQVWDODomRGHHQJHQKRV'LPLQXLQGRRVFRQIOLWRVHQWUHDFODVVHSURSULHWiULDH DLQGDSURSRUFLRQDQGRDUWLFXODo}HVGHLQWHUHVVHVHQWUHRVID]HQGHLURVGHJDGRHRVGRQRVGH HVFUDYRV TXH UHSUHVHQWDYDP XP PHUFDGR FRQVXPLGRU FRQVWDQWH SDUD SHFXiULD $OpP GH IRUQHFHU DQLPDLV GH WUDEDOKR SDUD DV DWLYLGDGHV GD ]RQD DoXFDUHLUD H SRVWHULRUPHQWH SDUD D UHJLmRGHPLQHUDomRDSHFXiULDIRUQHFLDFDUQHDVSRSXODo}HVGHVWDVUHJL}HV $VID]HQGDVVHVLWXDYDPQDVSUR[LPLGDGHVRXQDVHQFRVWDVULEHLULQKDVHPIXQomRGD XWLOL]DomRGRWUDQVSRUWHKLGURYLiULR$UHJLmRGDPDWDHDVPDUJHQVGRULR6mR)UDQFLVFRHUDP RVORFDLVSUHGLOHWRVGHIL[DomRGRVFRORQRVSRUWXJXHVHV 'XUDQWHRFLFORGRJDGRRULR6mR)UDQFLVFRSDVVRXDVHUFRQKHFLGRFRPR³5LRGRV &XUUDLV´SRUFRQWDGDH[SDQVmRGDSHFXiULDHPVXDVPDUJHQVSRYRDQGRHID]HQGRVXUJLUDV SULPHLUDVHVWUDGDV 3URYDYHOPHQWHR,PSpULRGHIHQGHQGRVHXVLQWHUHVVHVH[SDQVLRQLVWDVYLVDQGRjIL[DomR GHSRSXODo}HVQRLQWHULRUGRVHUWmRHGRVLQWHUHVVHVGRVVHQKRUHVGHHQJHQKRSUHVVLRQDYDD LQWHULRUL]DomRGRJDGRIRUPDEDUDWDGHRFXSDomR$VVLPHP'3HGUR,,GH3RUWXJDO HPFDUWDUpJLDSURLELXDFULDomRGHJDGRDPHQRVGHGH]OpJXDVGROLWRUDO 2VYDTXHLURVSDUWLFLSDYDPGRSURGXWRRXHUDPDVVDODULDGRVHVWDQGRVXERUGLQDGRVDR FDSDWD] RX DR ID]HQGHLUR $OpP GHVWHV HQFRQWUDYDVH D ILJXUD GR ERLDGHLUR RX SDVVDGRU GH JDGR WUDEDOKDGRUHV FRQWUDWDGRV SDUD FRQGX]LU FRPSUDU H YHQGHU R JDGR QDV IHLUDV H GR PRUDGRU RX HPSUHJDGR TXH QDV ID]HQGDV SUHVWDYD VHUYLoRV RFDVLRQDLV QDV PDLRUHV SURSULHGDGHV 'LIHUHQWH GRV PRUDGRUHV GRV HQJHQKRV HOHV QmR SDJDYDP GLUHLWR SHODV WHUUDV TXHRFXSDYDP $ PDUJHP HVTXHUGD GR ULR IRL SRYRDGD SRU FULDGRUHV SHUQDPEXFDQRV UHJLmR GH LQWHUHVVHGLUHWRGHVWHVHVWXGRVVHJXLUDPHPGLUHomRjUHJLmRGHH[SORUDomRGRRXURTXHHUDP FHQWURV FRQVXPLGRUHV LPSRUWDQWHV FXMR SRGHU DTXLVLWLYR HUD RULJLQiULR GRV OXFURV GD PLQHUDomR$WpHVVDPDUJHPGR6mR)UDQFLVFRSHUWHQFHXD3HUQDPEXFRVHQGRGHSRLV DQH[DGDj%DKLDFRPRPHGLGDSXQLWLYDj&RQIHGHUDomRGR(TXDGRUHP &RQVROLGDVHDVVLPDDWLYLGDGHSHFXiULDDVVRFLDGDjDJULFXOWXUDYDTXHLURHDJULFXOWRU &RQVHTXHQWHPHQWH LQVWDODVH R FRUWXPH $VVRFLHVH D HVVD FDGHLD FRP IRUoD FDSD] GH SURGX]LU DOLPHQWRV D RIHUWD GR SHVFDGR 'Dt Ki R HQFRQWUR GR YDTXHLUR GR DJULFXOWRU H GR SHVFDGRU &RP D TXHGD GRV SUHoRV GR Do~FDU HP PHDGRV GR VpFXOR ;9,, SHOD HOHYDomR GRV SUHoRV QR PHUFDGR LQWHUQDFLRQDO D SHFXiULD VH GHVHQYROYHX SDUD DWHQGLPHQWR DR PHUFDGR LQWHUQR $ H[SDQVmR GD DWLYLGDGH VH DODVWUD SHORV VHUW}HV D RHVWH H VXGHVWH GR 1RUGHVWH  FDPLQKRVSRURQGHDOFDQoDUDPRQRUWHGH0LQDV*HUDLVH*RLiV . .

(58) . 2 (VWXGR GH ,PSDFWR $PELHQWDO GH ;LQJy 

(59)  GHVFUHYH TXH R FLFOR GD SHFXiULD FRPRDWLYLGDGHFRPHUFLDOFRPHoRXDVRIUHUDOWHUDo}HVDSDUWLUGRVpFXOR;9,,,TXDQGRWHYH LQtFLRRFXOWLYRGRDOJRGmR(VVHDFRQWHFLPHQWRSURGX]XPDXPHQWR QDSRSXODomRDWUDtGR SHODV QRYDV RSRUWXQLGDGHV GH UHQGD YLVXDOL]DGDV QD LQVHUomR GR DUUDQMR FRQVRUFLDGR GD SHFXiULD FRP R DOJRGmR H HVWH FRP RXWUDV FXOWXUDV FRPR R IHLMmR D IDYD R PLOKR H D PDQGLRFD'HVVDFRPELQDomRVHHVWDEHOHFHQR%DL[R6mR)UDQFLVFRXPJUDQGHPRYLPHQWRGH FRPHUFLDOL]DomR GH SURGXWRV GHVORFDPHQWRV GH UHEDQKRV LQVWDODomR GH FXUWXPHV EHQHILFLDPHQWRGRDOJRGmRTXHYmRGDURULJHPDYiULRVQ~FOHRVSRSXODFLRQDLV &RP R GHFOtQLR GD SRVLomR QR PHUFDGR LQWHUQDFLRQDO GR DOJRGmR HP ILQV GR VpFXOR ;,;IUHQWHjSURGXomRDPHULFDQDHVVDSURGXomRpDEVRUYLGDSHORVRXWURVFRQVXPLGRUHVGR VXOHVXGHVWHGR%UDVLO &RPR XPD GDV SULPHLUDV LQLFLDWLYDV GH QDWXUH]D HVWUXWXUDGRUD PRGHUQLVWD H SURMHWR JRYHUQDPHQWDOHPpLQWURGX]LGDDQDYHJDomRDYDSRUQR%DL[R6mR)UDQFLVFR .  )LJXUD±&DQRDVGH7ROGD$FHUYR0D[±0XVHXGH$UTXHRORJLDGH;LQJy. .  )LJXUD±9DSRUGD&RPSDQKLDGH1DYHJDomRQR&DLVGH3LUDQKDV    . . .

(60) .   R FUHVFLPHQWR GHVVHV PXQLFtSLRV HVWi UHODFLRQDGR DRV SULPHLURV LQYHVWLPHQWRV S~EOLFRV HIHWXDGRV QD UHJLmR 3DUD GRWiOD GH XP VLVWHPD GH FRPXQLFDo}HV H WUDQVSRUWHV FRP R REMHWLYR GH SHUPLWLU R HVFRDPHQWR GD SURGXomR SHOHV FRXUR H DOJRGmR

(61)  FRPR WDPEpP SDUD PLQLPL]DU RV SUREOHPDVGDVVHFDVSHULyGLFDVDLQGDQRSHUtRGRGR,PSpULRIRLFRQFHELGR XPSODQRGHQDYHJDomRLQWHUOLJDGDDXPDIHUURYLD$QDYHJDomRSHUPLWLULDR WUiIHJR HQWUH 3LUDSRUD-XD]HLUR H HQWUH 3HQHGR H 3LUDQKDV HQTXDQWR D IHUURYLDGHYHULDFRQWRUQDURVLQWHUYDORVGDVFDFKRHLUDVGH3DXOR$IRQVRGH ,WDSDULFD. . ,QDXJXUDVH R TXH VHULD GH H[WUHPD QHFHVVLGDGH SDUD R VXFHVVR GR DVVHQWDPHQWR XUEDQR GH 3LUDQKDV R WUDQVSRUWH KLGURYLiULR ÒOWLPR SRUWR VHJXUR ILQDO GH MRUQDGD VXUJH D YRFDomRSRUWXiULDHVHGHGHGRUPLWyULRGHTXHPYLQKDGROHVWHHGRRHVWH6mRDVHPEDUFDo}HV TXHUHDOL]DPRWUDMHWR3HQHGR3LUDQKDVFRPWLSRORJLDVGLIHUHQFLDGDVHQWUHVLFRPRDV&DQRDV GH 7ROGD TXH WUDQVSRUWDYDP PHUFDGRULDV GH WRGDV DV HVSpFLHV H DWp SDVVDJHLURV DR OX[XRVR QDYLR D YDSRU &RPHQGDGRU 3HL[RWR 6LQLPE~ H 3HQHGLQKR 4XH UHDOL]DYD XPD YLDJHP VHPDQDO GR SRUWR GH 3HQHGR FLGDGH ORFDOL]DGD QD IR] GR ULR 6mR )UDQFLVFR DR SRUWR GH 3LUDQKDV FKHJDQGR QHVWD jV TXDUWDVIHLUDV TXDQGR VH UHDOL]DYD D IHLUD OLYUH QR SiWLR GR FRPpUFLR$KLGURYLDLQWHJUDDVFLGDGHVYLODVHSRYRDGRVGR%DL[R6mR)UDQFLVFRjVUHJL}HV GRVHUWmR3LUDQKDVVHFRQVROLGDFRPRHQWUHSRVWRFRPHUFLDOHQWUHROLWRUDOHR6HUWmR               . . (678'2GH,PSDFWR$PELHQWDOGD8VLQD+LGUHOpWLFDGH;LQJy'LDJQyVWLFR$PELHQWDOGR0HLR$QWUySLFR 5LRGH-QHLUR(QJH5LRS7RPR,,. . .

(62) . &DStWXOR3LUDQKDVGH%DL[RRQDVFHUGHXPDFLGDGH  2ULJHPHUHVLVWrQFLD $ RSomR GH HVWXGDU XPD FLGDGH p SRU GHPDLV GHVDILDGRUD H H[LJH QR PtQLPR D UHFRQVWLWXLomRGRVSDVVRVGHVXDIRUPDomRKLVWyULFDGHVHXGHVHQYROYLPHQWRHVVHQFLDOPHQWH KXPDQR. . 

(63)  XPD &LGDGH MDPDLV GHL[D GH VHU KXPDQD SRLV VmR RV FLFORV GD YLGDTXHDWRUQDPGLQkPLFDOKHGmRYLGD. 6DQWRV UHJLVWUD GHILQLU R TXH p FLGDGH GR SRQWR GH YLVWD GD DUTXLWHWXUD p WHQWDU FRPSUHHQGrODWDPEpPFRPRHVSDoRGHUHSUHVHQWDomRGHH[SHULrQFLDVFROHWLYDVLQDOLHQiYHLV RXVHMDFRPRHVSDoRFXMDVLJQLILFDomRVLPEyOLFDH[WUDSRODHPPXLWRRYDORUIXQFLRQDOGDV HGLILFDo}HV TXH VH HUJXHP EHP FRPR R HVSDoR TXH FRQVWURHP ( DLQGD QRV UHYHOD TXH ³FRPSUHHQGHUDYLGDQRHVSDoRFRQVWUXtGRpFRPSUHHQGHURVHUKXPDQRQDVXDGLYHUVLGDGHH FRPSOH[LGDGH´DFLGDGHSRLVHVWDULDH[SRVWDjVPDLVGLYHUVDVSRVVLELOLGDGHVGHH[LVWLUFRPR VHMDPQXPD³FRPELQDomRTXHUFRPDVH[SHULrQFLDVLPDJLQiULRH[SHFWDWLYDV´ 1RHQWDQWRRHVWXGRGDFLGDGHVXDWUDMHWyULDQRWHPSRQRHVSDoRHQDFXOWXUDGHVVDV FRQIRUPDo}HVXUEDQDVpFLWDGRSRU0XQIRUGFRPRXPDFDGHLDDVVRFLDGD . . 6HTXLVHUPRVLGHQWLILFDUDFLGDGHGHYHPRVVHJXLUDWULOKDSDUDWUiVSDUWLQGR GDV PDLV FRPSOHWDV HVWUXWXUDV H IXQo}HV XUEDQDV FRQKHFLGDV SDUD RV VHXV FRPSRQHQWHVRULJLQiULRVSRUPDLVUHPRWRVTXHVHDSUHVHQWHPQRWHPSRQR HVSDoRHQDFXOWXUDHPUHODomRDRVSULPHLURVWHOOVTXHIRUDPDEHUWRV$QWHV GDFLGDGHKRXYHDSHTXHQDSRYRDomRRVDQWXiULRHDDOGHLDDQWHVGDDOGHLD R DFDPSDPHQWR R HVFRQGHULMR D FDYHUQD R PRQWmR GH SHGUDV H DQWHV GH WXGR LVVR KRXYH FHUWD SUHGLVSRVLomR SDUD D YLGD VRFLDO TXH R KRPHP FRPSDUWLOKDHYLGHQWHPHQWHFRPGLYHUVDVRXWUDVHVSpFLHVDQLPDLV. 3LUDQKDV DR ORQJR GH VXD H[LVWrQFLD WHP WHVWHPXQKDGR XPD H[SDQVmR WHUULWRULDO XUEDQD TXH YHP VHQGR LPSRVWD SHORV LQYHVWLPHQWRV H[WHUQRV GH SURMHWRV HVWUXWXUDGRUHV 2V FLFORV HFRQ{PLFRV YLYHQFLDGRV WrP VH PRVWUDGR DWp HQWmR LQHILFD]HV TXDQWR D VXD VXVWHQWDomRHSHUPDQrQFLDV(VVDRFXSDomRWHUULWRULDOXUEDQDYHPVHHVWDEHOHFHQGRHPHWDSDV HVSDoDGDVDRORQJRGRVWHPSRVHQRVSHUtRGRVGHVXDVRFRUUrQFLDVFRQVHJXHDWLQJLURVVHXV  . %26,(FOpD0HPyULDHVRFLHGDGHOHPEUDQoDGHYHOKRV6mR3DXOR&RPSDQKLDGDV/HWUDV  6$1726 /~FLD /HLWmR 2V PRYLPHQWRV GHVHMDQWHV GD FLGDGH XPD LQYHVWLJDomR VREUH RV SURFHVVRV LQFRQVFLHQWHVQDDUTXLWHWXUDGDFLGDGH5HFLIH&RQWH[WRS  &$/9,12ËWDOR$VFLGDGHVLQYLVtYHLV6mR3DXOR&RPSDQKLDGDV/HWUDV   081)25' /HZLV $ FLGDGH QD KLVWyULD VXDV RULJHQV WUDQVIRUPDo}HV H SHUVSHFWLYDV  HG 6mR 3DXOR 0DUWLQV)RQWHVS (QVLQR6XSHULRU

(64)  . . .

(65) . LQWHQWRV3RUpPFRPRYHPRFRUUHQGRVmRDEUXSWDPHQWHLQWHUURPSLGDVFDXVDQGRWUDQVWRUQRV VRFLDOHFRQ{PLFRFXOWXUDOHSROtWLFRjFLGDGH 2V SULPHLURV KDELWDQWHV GH 3LUDQKDV GH %DL[R HQFRQWUDUDP DV FRQGLo}HV EiVLFDV QHFHVViULDV SDUD DOL VH IL[DUHP SUR[LPLGDGH H RIHUWD GH iJXD FRQGLo}HV GH DEULJR SDUD UHSRXVR FRP VHJXUDQoD H FDSDFLGDGH H[WUDWLYLVWD RX GH SURGXomR GH DOLPHQWRV 6REUH VXD RULJHP0RWWDHVFODUHFH  6DEHVH TXH R DUUDLDO GDV 3LUDQKDV GDWD GR VpFXOR ;9,,, )DOD D OHQGD HP GXDVIDPtOLDVTXHWHULDPSUHGRPLQDGRQDUHJLmRRV)HLWRVDVHRV$OYHV$ ORFDOLGDGHHUDHQWmRFRQKHFLGDFRPR7DSHUD&RQWDVHTXHHPXPULDFKR TXHKRMHpFKDPDGRGDV3LUDQKDVXPFDERFORSHVFRXXPDJUDQGHSLUDQKD 3UHSDURX H VDOJRX R SHL[H OHYDQGRR SDUD VXD UHVLGrQFLD /i FKHJDQGR YHULILFRXTXHVHHVTXHFHUDGRFXWHOR(YROWRXVHSDUDRILOKRGL]HQGROKH FRPrQIDVHµ9iDRSRUWRGDSLUDQKDHWUDJDRPHXFXWHOR¶(VWDYHUVmRIRL SDVVDQGR GH JHUDomR HP JHUDomR H VHJXQGR SDUHFH ILFRX R OXJDU GHQRPLQDGR3LUDQKDV(FRPR7DSHUDFRPRGHFRUUHUGRWHPSRORQJHGRV HVFRPEURVHSUpGLRVHVSDOKDGRVSDVVRXDVHUXPDSRYRDomRRUJDQL]DGDR QRPHGH3LUDQKDVIRLVHHVWHQGRGHVGHRULDFKRDWpDSRYRDomR 3DUD RV TXH GRV VHUW}HV GH 3HUQDPEXFR %DKLD H RXWUDV SDUWHV GD UHJLmR EDQKDGDSHORULR6mR)UDQFLVFRWLQKDPGHYLDMDUSDUDROLWRUDOHYLFHYHUVD IRLVHPSUHRSRUWRGH3LUDQKDVRHVFROKLGRSRUHVWkQFLDRXHQWUHSRVWRRQGH WHUPLQDYDP DV MRUQDGDV SRU WHUUD GRV TXH GHVFLDP H DV YLDJHQV SRU iJXD GRV TXH VXELDP YLVWR VHU GDt TXH HPERUD QmR GH WRGR GHVLPSHGLGD FRPHoDDVHUSUDWLFiYHODQDYHJDomRGREDL[RULR3RULVVRWRPRX3LUDQKDV LPSXOVR QR GHVHQYROYLPHQWR FRPHUFLDO DLQGD QRV WHPSRV HP TXH WLQKD UHGX]LGtVVLPRQ~FOHRGHSRSXODomR 'L]HP TXH R VHX SURJUHVVR PXLWR GHYH DR WUDEDOKR GH GRLV DQWLJRV SURSULHWiULRVGD)D]HQGD&DLoDUD$QW{QLR)HUUHLUDH0DQXHO)HUUHLUDFXMD SURSULHGDGHILFDYDQRORFDORQGHVHDFKDKRMHD]RQDVXEXUEDQDGDFLGDGH FRQKHFLGDFRPR³3LUDQKDVGH%DL[R´. . $VVLPFRQKHFLGRRSRYRDGRGH3LUDQKDVGH%DL[RVHHQFRQWUDDEDL[RGH3LUDQKDVGH. &LPD QR VHQWLGR H GLUHomR GDV iJXDV GR ULR VDQIUDQFLVFDQR TXH FRUUHP H GHViJXDP QR RFHDQR$WOkQWLFR 2 OXJDU GD LPSODQWDomR GD FLGDGH RIHUHFLD WRGDV DV H[LJrQFLDV &RQWDYD SULPHLUDPHQWH FRP D SUHVHQoD GR ULR GHVVHGHQWDomR KLJLHQL]DomR H OLPSH]D DOLPHQWDomR FRPXQLFDomRHOD]HU

(66) 6XDYRFDomRSRUWXiULDWLQKDLPSRUWkQFLDSRUVHUR~OWLPRSRUWRVHJXUR GR%DL[R6mR)UDQFLVFRDSURSRUFLRQDUXPDFRQVWDQWHFRPXQLFDomRFRPRVYLDMDQWHVHRXWUDV FRPXQLGDGHV3HODORFDOL]DomRDQWHULRUjVFRUUHGHLUDVHFDFKRHLUDGH3DXOR$IRQVRWRUQDVH QXPH[FHOHQWHSRQWRGHUHSRXVRGRVYLDMDQWHVTXHYLQKDPGROLWRUDOSDUDRVHUWmRDVVXPLQGR RSDSHOGH³FLGDGHGRUPLWyULR´WHQGRQDVXDKLVWyULDRUHJLVWURGRLOXVWUHKyVSHGHLPSHUDGRU  . 0277$+LOWRQ&(QFLFORSpGLDGRVPXQLFtSLRVDODJRDQRV6HUJLSH6HUJDVDS. . .

(67) . ' 3HGUR ,, e WDPEpP XP SRQWR GH WURFD GH PHUFDGRULDV TXH DFHOHUD R IRUWDOHFLPHQWR GR FRPpUFLR $ IRUPD LQLFLDO GH RFXSDomR HVSDFLDO GH 3LUDQKDV p R WUDQVODGR GDV FXOWXUDV HQYROYLGDV 3URYDYHOPHQWH YiULDV SHVVRDV GH RULJHQV H GH ORFDOLGDGHV GLIHUHQWHV VH HVWDEHOHFHUDPQROXJDUHDWUDYpVGHVXDVPDQHLUDVGHFRQYLYrQFLDSUiWLFDVHSDXWDVFXOWXUDLV WUD]LGDVFRQFHEHUDPGHIRUPDHFRQWH~GRRTXHYLULDDVHUDYLODGHSHVFDGRUHVFRJQRPLQDGD GH3LUDQKDVGH%DL[R (VVHV SULPHLURV KDELWDQWHV GH 3LUDQKDV H VHXV UHSHUWyULRV DGTXLULGRV GDV VXDV H[SHULrQFLDV DQWHULRUHV HVWDEHOHFHUDP RV FRPSRQHQWHV EiVLFRV TXH FRQVWLWXtUDP R OHJDGR FXOWXUDO GD FLGDGH DTXL QDVFHX 3LUDQKDV e D SDUWLU GDt TXH IRUDP ODQoDGDV DV SULPHLUDV IRUPDVGHUHODFLRQDPHQWRUHVSRQViYHLVSHODGLQkPLFDGDFRQVHUYDomRFXOWXUDOUHLQWHUSUHWDGD SHODVFRQVWDQWHVSURYRFDo}HVGHVHQYROYLPHQWLVWDVLPSRVWDVDROXJDU 2 SURFHVVR GH FUHVFLPHQWR XUEDQR GD FLGDGH SRGH VHU YLVWR FRPR VXFHVVLYDV LQWHUYHQo}HV DFRQWHFLGDV QR DPELHQWH XUEDQR 1R VHQWLGR UHDO DFRQWHFHX XP HVFDORQDPHQWR FRQVWUXWLYR QDV EDUUDQFDV GR FkQLRQ GR 6mR )UDQFLVFR D SDUWLU GH 3LUDQKDV GH %DL[R TXH HYROXLSDUD3LUDQKDVGH&LPDHDWXDOPHQWHSDUD1RYD3LUDQKDV&RQMXQWDPHQWHjH[SDQVmR GDFLGDGHRVQ~FOHRVDQWHFHVVRUHVYmRUHSDVVDQGRVXDVIXQo}HVWUDQVIHULQGRDVDWHQGHQGRDR SURFHVVR GH FUHVFLPHQWR HFRQ{PLFR GR OXJDU $ SULQFtSLR 3LUDQKDV GH %DL[R VH LPSODQWD H ODQoDDEDVHGHVVDHVWUXWXUDGHRFXSDomRHVSDFLDOHFXOWXUDOGDFLGDGH 3LUDQKDV GH %DL[R p R OXJDU RQGH D FLGDGH WHYH VXD RULJHP SRUpP QmR FRQWRX FRP FRQWLQXLGDGHQDRFXSDomRGRVRORSRUVHDFKDUFRQILQDGDHQWUHRULRHRSDUHGmRURFKRVRGR FkQLRQ$VVLPHVVHFRQMXQWRpLVRODGRGRVGHPDLV DSUR[LPDGDPHQWHRLWRFHQWRVPHWURVGR FHQWUR XUEDQR GH 3LUDQKDV GH &LPD RX VHMD GD 3UDoD 1HPp]LR 7HL[HLUD

(68)  DSUHVHQWDQGR SHTXHQR H VLQJHOR WHFLGR XUEDQR FRP R FDVDULR H D ,JUHMD GH 6DQWR $QW{QLR ( DLQGD D UXD SULQFLSDO TXH VH HVWHQGH QR VHQWLGR ORQJLWXGLQDO DR ULR

(69)  WDPEpP GHQRPLQDGD GH 6DQWR $QW{QLR TXH FRQVLVWH QD YLD DUWLFXODGRUD GH WRGR R FRQMXQWR XUEDQR VRIUHQGR SRXFDV DOWHUDo}HVQRWUDoDGRHFRQVHUYDQGRDVFDUDFWHUtVWLFDVGRVHXFDVDULRMXVWLILFDGDVSHOREDL[R SRGHUDTXLVLWLYRGHVXDSRSXODomRSDUDLQYHVWLPHQWRHPUHIRUPDVRXDPSOLDo}HV &RPSOHWDPHQWH HQFDL[DGD QR FkQLRQ D LPSODQWDomR GD YLOD VHJXH SDUDOHODPHQWH R OHLWR GR ULR VHQWLGR ORQJLWXGLQDO GLUHomR OHVWHRHVWH 7UrV FDVDV TXHEUDP R ULWPR FRP LPSODQWDomRSHUSHQGLFXODUDRULRHIRUPDOL]DPDPDUFDomRQHFHVViULDSDUDDFHVVRDRSiWLRGD ,JUHMDGH6DQWR$QW{QLRGH/LVERD5HVHUYDGRjVIHVWDVWHPLPSODQWDomRJDUDQWLGDDFLPDGD UXD SULQFLSDO GDQGROKH DOFDQFH YLVXDO H QRWDGDPHQWH GHVWDTXH HQWUH DV RXWUDV HGLILFDo}HV $OJXPDVRXWUDVHGLILFDo}HVLVRODGDVQDVHUUDFRPSOHPHQWDPRFHQiULRGHRFXSDomRGROXJDU . .

(70) . HQWUHURFKDVHYHJHWDomRGD&DDWLQJD/iPDLVDOWRHQFRQWUDVHRFHPLWpULRHQFREHUWRSHODV FDWLQJXHLUDVHDUEXVWRV 3HODV HGLILFDo}HV DLQGD H[LVWHQWHV 3LUDQKDV GH %DL[R UHWUDWD FRP ILGHOLGDGH DV FRQGLo}HV HP TXH R SRYRDGR YLYLD $ ,JUHMD GH 6DQWR $QW{QLR GH /LVERD H R VHX SiWLR PDUFDP D FRQWULEXLomR EDUURFD QR DVVHQWDPHQWR SURYDYHOPHQWH FRQVWUXtGRV QR LQtFLR GR 6pFXOR;9,,,$OLUHDOL]DPVHDVWUH]HSULPHLUDVQRLWHVGRPrVGHMXQKRGHGLFDGDVDR6DQWR FDVDPHQWHLUR FRP UH]DV FkQWLFRV H QRLWHLURV TXH VH UHYH]DP GXUDQWH D WUH]HQD DR ILQDO GR HQFRQWURRIHUHFHPPXQJXQ]iDUUR]GRFHRXERORGHPLOKR )RJRVGHDUWLItFLRVFRPSOHPHQWDPDIHVWDTXHRXWURUDMiVHDSUHVHQWRXFRPRJUDQGH IHVWHMRGROXJDUPDUFDGRSHODSURFLVVmRGH6DQWR$QW{QLRVHPSUHQRGLDGDTXHOHPrV TXDQGRDFRPXQLGDGHGHSHVFDGRUHVID]TXHVWmRGHFDUUHJDUDLPDJHP EHORH[HPSOREDUURFR HPPDGHLUDFURPDGDHPDQGRUHQIHLWDGRSHORVPRUDGRUHVQDVSULQFLSDLVUXDVGH3LUDQKDVGH %DL[RHGH&LPD

(71)  2FDVDULRFRORQLDOPDUFDGRQRVFDL[LOKRVHSRUWDLVHPDUFREDWLGRVHDVSODQWDVEDL[DV GHVXDVHGLILFDo}HVWUDGX]HPDVLPSOLFLGDGHGHVHXVKDELWDQWHVHWrP UHEDWLPHQWRQRHVWLOR FRORQLDODWpKRMHGHQXQFLDGRQDYLOD2FHPLWpULRGH3LUDQKDVGH%DL[RJXDUGDFLQFRREMHWRV HGLILFDGRVGDDUTXLWHWXUDIXQHUiULDHDSHGUDHRFDOIRUDPUHVSRQViYHLVSHODVXDVH[LVWrQFLDV 'XDV FDWDFXPEDV VmR EHP HODERUDGDV QHRFOiVVLFDV QR HQWDQWR VHP GDWDV GH VXDV FRQVWUXo}HV$VGHPDLVH[LVWHQWHV Mi DVVXPLUDP FRQGXWD FRQWHPSRUkQHD ± FRYDV UDVDVVHP FRQVWUXo}HV 3RXFR IUHTXHQWDGR SRUpP DLQGD XVDGR SDUD HQWHUUDPHQWRV 'R DOWR GD VHUUD RQGH VH ORFDOL]D YLVOXPEUDPVH EHODV SHUVSHFWLYDV GH EHOH]D FrQLFD GR FRQMXQWR GH VHUUDV YHJHWDomRURFKDVULRHFpX 7HPVH D LQIRUPDomR GH TXH KDYLD GXDV ERGHJDV FRPR DILUPD &HOVR 5RGULJXHV LQIRUPDomRYHUEDO

(72) TXHYHQGLDPGHVGHFHUHDLVDSLQJD$WXDOPHQWHVXDVHGLILFDo}HV VmR TXDVH H[FOXVLYDPHQWH UHVLGHQFLDLV DSHQDV R EDU GR &KLFR TXHEUD R DOLQKDPHQWR GHVVH FRQMXQWRUHVLGHQFLDO(VVHHVSDoRGHVHPSHQKDUHOHYDQWHSDSHOGHFHQWURGHFRQYHUJrQFLDGH HQFRQWUR GH EDWHSDSR GR JROH GH SLQJD GR UXQ PRQWLOOD FRP FRFDFROD H GD FHUYHMD GD SLDEDIULWDFRPIDURIDGRSLWXWRUUDGRRXQDPRTXHFDHDLQGDGRFDULQDEUDVDeRSRQWRGH LQIRUPDo}HV H GDV GLVFXVV}HV SROtWLFDV VHPSUH SUHVHQWHV QD YLGD GRV SLUDQKHQVHV TXHU QD PHVDGDVLQXFDHQRMRJRGRGRPLQyHVVHVXVXiULRVEULQFDQWHVSDVVDPSHORWHPSRHQWUHXP WUDJRHRXWURGHFDFKDoD.  . &HOVR5RGULJXHV±XPGRVHQWUHYLVWDGRVSHORDXWRUIRLSUHIHLWRGRPXQLFtSLRSRUYH]HV. . .

(73) . $V RFXSDo}HV HP VXD PDLRULD HVWmR UHODFLRQDGDV FRP D SHVFD FRQIHFomR GH SHWUHFKRV FRYRV UHGHV WDUUDIDV  H FDUSLQWHLURV GH EHLUD ULR TXH FRQVWURHP H FRQVHUWDP HPEDUFDo}HV 2 VpFXOR ;,; SULQFLSDOPHQWH VXD VHJXQGD PHWDGH WURX[H LQRYDo}HV WHFQROyJLFDV TXH FXOPLQDUDP FRP DFRQWHFLPHQWRV PRGHUQL]DGRUHV H TXH GHUDP JUDQGH LPSXOVRGHVHQYROYLPHQWLVWDjVRFXSDo}HVGRVVHUW}HV e DWUDYpV GR GHVHQYROYLPHQWR GD QDYHJDomR D YDSRU  TXH 3LUDQKDV GH &LPD FRPHoDDVHGHVHQYROYHUSHORHVWDEHOHFLPHQWRGHOLQKDUHJXODUHQWUHDVFLGDGHVGH3HQHGRH 3LUDQKDV UHIRUoDGD SHOD LPSODQWDomR GD IHUURYLD SRXFRV DQRV PDLV WDUGH (VVD FDGHLD DVVRFLDGD PXGRX WRWDOPHQWH DV FRQGLo}HV GH FRPXQLFDomR HQWUH R OLWRUDO H R VHUWmR SRVVLELOLWDQGRRFUHVFLPHQWRHDXWRQRPLDGH3LUDQKDV (PPHDGRVGHVVHVpFXORYiULDVLQFXUV}HVIRUDPUHDOL]DGDVSRUYLDMDQWHVHVWUDQJHLURVD HVVD UHJLmR $Yp/DOOHPDQW IRL XP YLDMDQWH DOHPmR TXH HP VXDV LQYHVWLGDV SHOR %DL[R 6mR )UDQFLVFRID]H[DOWDomRD3LUDQKDVHFLWD(QWUHPRQWHVKRMHGLVWULWRGH3LUDQKDV . . $t DV iJXDV SDUGDFHQWDV GR 6 )UDQFLVFR FRUULDP DLQGD HP YLROHQWR UHGHPRLQKDUEUDPLQGRHQWUHDVDOFDQWLODGDVURFKDVGHVXDVPDUJHQV&RPDV iJXDV PDLV EDL[DV VHX OHLWR HQFKHVH GH FDOKDXV H SHQKDVFRV FRQWXGR JUDQGHV FDQRDV QHOH SRGHP QDYHJDU VHP JUDQGHV ULVFRV 

(74)  GHL[DU D SRYRDomRGH3LUDQKDVSHQGXUDGDFRPRXPQLQKRGHDQGRULQKDSRUFLPDGR ULR DR ORQJR GD HQFRVWD RQGH VH QRWDP DOJXP FRPpUFLR 

(75)  SHUVSHFWLYDV PDUDYLOKRVDV H PXLWRV WUHFKRV GH URFKDV SRGHULDP GHVSHUWDU QRV YLDMDQWHV UHFRUGDo}HV GR 5HQR 

(76)  6y XPD YH] R OXJDUHMR (QWUHPRQWHV QRV GHX PRVWUDGHFLYLOL]DomR1RFHQWURGDSHTXHQDSRYRDomRHOHYDVHERQLWDLJUHMD  EUDQFD . $QDYHJDELOLGDGHQR%DL[R6mR)UDQFLVFRIRLXPGRVPRWLYRVGDYLDJHPGH'3HGUR ,, HP  FRP YLVWD j H[SDQVmR FRPHUFLDO H DR DFHVVR j FDFKRHLUD GH 3DXOR $IRQVR $ HPEDUFDomRTXHRFRQGX]LXDWp3URSULiIRLXPGRVSULPHLURVEDUFRVDYDSRUDVXELUHVVHULR (P  R JRYHUQR GD 3URYtQFLD GDV $ODJRDV H D &RPSDQKLD &RVWHLUD %DLDQD DVVLQDP FRQWUDWRTXHLQDXJXUDDQDYHJDomRDYDSRUQRSHUFXUVR3HQHGR±3LUDQKDV 6REUHRIDWR)HUUHLUDUHJLVWUDVXDVLPSUHVV}HVHMXVWLILFDDFRQILJXUDomRGDFLGDGH  2 HVWDEHOHFLPHQWR GD QDYHJDomR D YDSRU HP DJRVWR GH  ID]HQGR R SHUFXUVR3HQHGR±3LUDQKDVYHLRGDUQRYRLPSXOVRDRPXQLFtSLR(QWUHWDQWR RIDWRUGRVHXGHVHQYROYLPHQWRGHYHVHjFRQVWUXomRGDHVWUDGDGHIHUUR.  . $9(/$//(0$17 5REHUW 9LDJHQV SHODV SURYtQFLDV GD %DKLD 3HUQDPEXFR $ODJRDV H 6HUJLSH %HOR +RUL]RQWH,WDWLDLD6mR3DXOR('863S  )857$'25LFDUGR&DYDOFDQWLHWDO3LUDQKDVSURSRVWDGHWRPEDPHQWRHSODQRGHJHVWmR5HFLIH$FULDUWHV S  )(55(,5$-XUDQG\U3LUHV(QFLFORSpGLDGRVPXQLFtSLRVEUDVLOHLURV>VO@$GROSKR)UHMDWS. . .

(77) . >@ $SHUWDGD HQWUH D PDUJHP GR ULR H D PRQWDQKD TXH GD PHVPD PDUJHP FRPHoD D HUJXHUVH D SRSXODomR YLDVH VHP HVSDoR VXILFLHQWH SDUD VH H[SDQGLU$IHUURYLDGH3DXOR$IRQVRLQGRGH3LUDQKDVD-DWREiQRHVWDGR GH 3HUQDPEXFR YHLR UHPRYHU HP JUDQGH SDUWH RV REVWiFXORV FULDGRV SHOD QDWXUH]DHDEULUPDUJHPSDUDRDODUJDPHQWRGDORFDOLGDGH. . (VVD FRQMXJDomR QDYHJDomR D YDSRUIHUURYLD ID] 3LUDQKDV SDVVDU SRU XP SHUtRGR GH SURVSHULGDGHHFRQ{PLFD(PpHOHYDGDjFRQGLomRGHIUHJXHVLDHPGHFRPDUFDH HPGHFLGDGH$SyVDFRQVDJUDomRGH3LUDQKDVGH&LPDFRPRSRUWRVHJXURQDYHJDomR HLPSODQWDomRGDIHUURYLD3LUDQKDVH[SHULPHQWDDTXHFLPHQWRQDVXDHFRQRPLD3LUDQKDVGH &LPDVHLPS}H3LUDQKDVGH%DL[RFDLQRLVRODPHQWRSHUGHQGRVXDLPSRUWkQFLDFRPRFHQWUR XUEDQRHFRPHUFLDO                        . .

Referências

Documentos relacionados

The aim of this study was to expose the literature review in order to discuss the use of Cone Beam Computed Tomography (CBCT) for evaluation the paranasal sinus; correlate the

Se concordarmos que a leitura é uma prática social, fundamental para entender melhor o mundo, tem que haver várias formas de trabalhar com leitura em sala de aula, a apresentação

À arte, como as sujeitos, compete a liberdade plena (“Quero a arte livre em sua contextura”), embora saiba o eu lírico tratar-se de uma utopia, já que a obra: “deve

Male gender was the determining factor of significant CAD, multivessel disease, high calcium score and calcified and partially calcified plaques, while SAH was a predictor of the

Cabe ressaltar, porém, que alguns autores, como por exemplo Gómez- Pompa & Kaus (2000) observam que tais atores sociais têm uma concepção da relação entre os humanos e a

Partindo desse pressuposto, percebe-se a necessidade de certo afunilamento das pesquisas sobre formação de perfis empreendedores femininos no Brasil, inseridos no

Thus, this study aimed to identify stress conditions in soybean crops, in three cultivation environments, using images obtained by UAV processing techniques, leaf and soil

Destinados a satisfazer as necessidades de lactentes saudáveis aquando do seu desmame e de crianças pequenas saudáveis como suplemento do seu regime alimentar excluindo