2009LuisaFacenda

Texto

(1)81,9(56,'$'('(3$662)81'2 /XLVD&DGRULP)DFHQGD . 32/Ë7,&$6'()250$d2'2&(17(&217,18$'$ 1$3(563(&7,9$'$&2167,78,17((6&2/$5±5,2 *5$1'('268/ 3DVVR)XQGR .

(2) . . /XLVD&DGRULP)DFHQGD . 32/Ë7,&$6'()250$d2'2&(17(&217,18$'$ 1$3(563(&7,9$'$&2167,78,17((6&2/$5±5,2 *5$1'('268/ 'LVVHUWDomR DSUHVHQWDGD DR 3URJUDPD GH 3yV JUDGXDomR HP (GXFDomR ± 33*('8 GD )DFXOGDGH GH (GXFDomR GD 8QLYHUVLGDGH GH 3DVVR )XQGR FRPR UHTXLVLWR SDUFLDO SDUD REWHQomR GR WtWXOR GH 0HVWUHHP(GXFDomRVREDRULHQWDomRGD3URIHVVRUD 'UD5RVLPDU6HUHQD6LTXHLUD(VTXLQVDQL. 3DVVR)XQGR .

(3) . . ¬VPLQKDVDYyV7HUH]LQKDH-XGLWKPXOKHUHVGHFDUiWHULQGHVFULWtYHO DVTXDLVDWUDYpVGDGRFrQFLDFRQWULEXtUDPSDUDDSULPRUDUDHGXFDomR HP6DQDQGXYD3URIHVVRUDVTXHIL]HUDPKLVWyULDQRPXQLFtSLRGHODV KHUGHLDSURILVVmRHDIRUoDGHYRQWDGHSDUDEXVFDUVHPSUHPDLVWDQWR QDGLPHQVmRSHVVRDOFRPRQDSURILVVLRQDO.

(4) . . $JUDGHoR SHOR DSRLR UHVSHLWR H FDULQKR D WRGRV TXH PH LQFHQWLYDUDPHDFRPSDQKDUDPQHVWDWUDMHWyULDLQWHOHFWXDO 0HX UHFRQKHFLPHQWR j 8QLYHUVLGDGH GH 3DVVR ± 83) j )DFXOGDGH GH (GXFDomR )$(' H j &RRUGHQDomR GH $SHUIHLoRDPHQWRGH3HVVRDOGH1tYHO6XSHULRU±&$3(6TXHDWUDYpV GHVHXSURJUDPDGHEROVDVGHHVWXGRR3URJUDPDGH6XSRUWHj3yV *UDGXDomR GH ,QVWLWXLo}HV GH (QVLQR 3DUWLFXODUHV FRQWULEXL SDUD D FRQVROLGDomRGDSyVJUDGXDomRVWULFWRVHQVXVRPHQWHFRPDEROVDGH HVWXGRV 352683&$3(6 PHX VRQKR WRUQRXVH UHDOLGDGH GH RXWUR PRGR MDPDLV FRQVHJXLULD GDU FRQWLQXLGDGH j PLQKD TXDOLILFDomR DFDGrPLFD6RXPXLWRJUDWDSRUHVVDRSRUWXQLGDGH 0HX HVSHFLDO DJUDGHFLPHQWR j PLQKD RULHQWDGRUD SURIHVVRUD 'UD 5RVLPDU 6HUHQD 6LTXHLUD (VTXLQVDQL TXH FRP SDFLrQFLD H GHGLFDomRDFRPSDQKRXDFRQVWUXomRGHVWHWUDEDOKR $JUDGHoR DRV PHPEURV GD EDQFD H[DPLQDGRUD SURIHVVRUD 'UD 5RVDQH &DUQHLUR 6DUWXUL SURIHVVRU 'U 7HOPR 0DUFRQ H SURIHVVRU 'U $OWDLU $OEHUWR )iYHUR VXSOHQWH

(5) FXMD OHLWXUD H FUtWLFD SRVVLELOLWDUDP DSHUIHLoRDU FRP GLQDPLFLGDGH HVWH WUDEDOKR 7DPEpP DJUDGHoRDRVGRFHQWHVGR3URJUDPDGH3yV*UDGXDomRHP(GXFDomR TXH WUDEDOKDUDP GLVFLSOLQDV FRP D WXUPD SURIHVVRUHV &OiXGLR 7DWLDQD -DLPH 5RVLPDU H 6RODQJH SURIHVVRUHV TXH FRP DXWHQWLFLGDGH. KXPLOGDGH. HVPHUR. FRPSHWrQFLD. H. PXLWR. FRQKHFLPHQWR PLQLVWUDUDP DXODV LQHVTXHFtYHLV GH LJXDO IRUPD DRV PHXV FROHJDV GD WXUPD HP HVSHFLDO j 0iUFLD j $QGUpD H j &DUODSHORV PRPHQWRV GHDOHJULD GLVFXVVmR DQJ~VWLDH UHIOH[mRTXH FRPSDUWLOKDPRV.

(6) . . ¬ SURIHVVRUD 6HOLQD 'DO 0RUR FRP FXMD FRODERUDomR WLYH R SULYLOpJLR GH FRQWDU SDUD D UHDOL]DomR GHVWD SHVTXLVD ¬ GLUHWRUD GD (VFROD 0XQLFLSDO GH (QVLQR )XQGDPHQWDO 6DQWD 7HUHVLQKD HP 6DQDQGXYD5R]HPHULTXHFRPJDUUDHFRUDJHPDMXGRXPHDVXSHUDU DVDGYHUVLGDGHVGRFRWLGLDQR$LQGDjVSURIHVVRUDV1HOFLH0DULVWHOD 6HFUHWiULDV GH (GXFDomR GR PXQLFtSLR GH 6DQDQGXYD QR SHUtRGR GH D TXH PH DX[LOLDUDP QD RUJDQL]DomR GR H[HUFtFLR GH PLQKDIXQomRQDHVFRODHWDPEpPQDOLEHUDomRSDUDRVHVWXGRV $RVDOXQRVUD]mRSHODTXDOVHEXVFDTXDOLILFDomRSHUPDQHQWH SDUD H[HUFHU D GRFrQFLD FRP GRPtQLR GH FRQWH~GR VHJXUDQoD FRPSURPHWLPHQWRHUHVSHLWR ¬PLQKDIDPtOLDSDLVDY{VWLRVSULPRVHPHVSHFLDOjPLQKD PmH H LUPm TXH PXLWR WRUFHUDP DSRLDUDP H UH]DUDP SRU PLP H HQWHQGHUDPDPLQKDDXVrQFLDQHVVHVGRLVDQRV $R$GULDQRPHXQRLYRDPLJRLQVHSDUiYHOFRPSDQKHLURTXH PHLQFHQWLYDFRQVWDQWHPHQWH.

(7) . . 5(6802 $ SUHVHQWH GLVVHUWDomR UHODFLRQD R WHPD SROtWLFD GH IRUPDomR GRFHQWH FRQWLQXDGD H D &RQVWLWXLQWH(VFRODUGR5LR*UDQGHGR6XODomRGLUHFLRQDGDjHGXFDomRGHVHQFDGHDGDSHOD 6HFUHWDULDGH(VWDGRQRSHUtRGRGHD&RPSUHHQGRTXHXPDSROtWLFDGHIRUPDomR GRFHQWH FRQWLQXDGD HVWi FRQWHPSODGD GHQWUR GD SROtWLFD HGXFDFLRQDO D TXDO QRUPDWL]D H UHJXODPHQWDRTXHFRQFHUQHjHGXFDomRGDRUJDQL]DomRGRVLVWHPDGHHQVLQRjIRUPDomRGRV SURIHVVRUHV7DOSROtWLFDVHUHYHODFRPRSURFHVVRHPFDGDpSRFDKLVWyULFD$VVLPDSUHVHQWRR WHUPR IRUPDomR GRFHQWH FRQWLQXDGD SDXWDGR QD LGHLD GH TXH HOD WHP XP FRPHoR GHILQLGR HQWUHWDQWRQmRWHPILP3RUWDQWRFRQVLGHURFRPRSROtWLFDGHIRUPDomRGRFHQWHFRQWLQXDGDDV Do}HV SODQHMDGDV HODERUDGDV H LPSOHPHQWDGDV SRU XP GHWHUPLQDGR JRYHUQR YROWDGDV D JDUDQWLUIRUPDomRLQIRUPDomRDSULPRUDPHQWRHDYDQoRGRVSURILVVLRQDLV$TXHVWmRFHQWUDO TXHSHUPHLDRSUHVHQWHWUDEDOKRJUDYLWDHPWRUQRGRVDVSHFWRVTXHHYLGHQFLDPD&RQVWLWXLQWH (VFRODU &( HQTXDQWR SROtWLFD GH IRUPDomR GRFHQWH FRQWLQXDGD 3DUD UHVSRQGrOD WHPVH FRPRREMHWLYRSULQFLSDOUHODWDUVXDJrQHVHHLGHQWLILFDURVDVSHFWRVTXHDDVVHJXUDUDPFRPR XPDSROtWLFDS~EOLFDGHIRUPDomRGRFHQWHFRQWLQXDGDSDUDGHVVHPRGRDQDOLVDUDFRQFHSomR GHIRUPDomRGHSURIHVVRUHVTXHDQRUWHRX3DUD HODERUDUDSHVTXLVDXWLOL]HLFRPRPpWRGRD SHUVSHFWLYDTXDOLWDWLYDGDDQiOLVHGRFXPHQWDO$&RQVWLWXLQWH(VFRODURFRUUHXQRSHUtRGRSyV /'%(1HDERUGDHQWUHRXWUDVTXHVW}HVDIRUPDomRFRQWLQXDGD$DomRGRJRYHUQR GR (VWDGR GR 56 GHXVH HP XPD GpFDGD HP TXH VH HYLGHQFLRX YHUGDGHLUD SURIXVmR GH SURSRVWDV H FRQFHSo}HV GH IRUPDomR GH SURIHVVRUHV (OD VLQDOL]D WUDoRV GH XPD SROtWLFD GH JRYHUQR TXHSUHWHQGHXVHU GH (VWDGRSRLVSHUSDVVDYD D LGHLD GHFRQWLQXLGDGHSDUD DOpPGD JHVWmRJRYHUQDPHQWDOHQWUHWDQWRDRWHUPLQDURJRYHUQR2OtYLR'XWUDD&(WDPEpPFKHJRX DR ILP &RP R GHVHQYROYLPHQWR GD SHVTXLVD HQWHQGR TXH D FRQVWUXomR GH XP 3URMHWR 3ROtWLFR3HGDJyJLFR SRGH FRPSUHHQGHU XP SURFHVVR GH IRUPDomR GRFHQWH FRQWLQXDGD $ RUJDQL]DomRGDUHIHULGD IRUPDomRGHYHWRPDU FRPRSRQWR GHSDUWLGDRSUySULR H[HUFtFLRGR PDJLVWpULR WRUQDQGR D HVFROD ³GHPRFUiWLFD´ HQTXDQWR HVSDoR IRUPDGRU H IRUWDOHFHGRU GD LQVWLWXLomR GH HQVLQR QD PHGLGD HP TXH EXVFD SURPRYHU D SDUWLFLSDomR GD FRPXQLGDGH HVFRODU DOXQRV SDLV SURIHVVRUHV IXQFLRQiULRV H HTXLSH GLUHWLYD

(8) GLUHFLRQDU R ROKDU SDUD R FRQWH[WR QR TXDO VH UHDOL]D R WUDEDOKR GRFHQWH UHVJDWDU H SUREOHPDWL]DU SDUD VROXFLRQDU TXHVW}HV GR FRWLGLDQR HVFRODU &RQVLGHUR R LQYHVWLPHQWR QD IRUPDomR GRFHQWH FRQWLQXDGD FRPR HOHPHQWR HVVHQFLDO SDUD D FRQVHFXomR GH DYDQoRV QD PHOKRULD GD TXDOLGDGH GD HGXFDomR SRUWDQWR WDO DomR SRGH VH WRUQDU GLUHWUL] SULPRUGLDO GDV SROtWLFDV S~EOLFDV HGXFDFLRQDLV SRLV Ki TXH VH LU DOpP GH SURJUDPDV SRQWXDLV H LPSODQWDU XPD SHUPDQHQWH SROtWLFDGHIRUPDomRHPkPELWRGH(VWDGR 3DODYUDVFKDYH )RUPDomR FRQWLQXDGD GH GRFHQWHV 3ROtWLFDV S~EOLFDV 4XDOLGDGH GD HGXFDomREiVLFD&RQVWLWXLQWH(VFRODU .

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

(11) . . /,67$'(48$'526 4XDGUR . 'RFXPHQWRVUHOHYDQWHVGD&RQVWLWXLQWH(VFRODU.

(12) . . $1'(6. /,67$'(6,*/$6($%5(9,$785$6 6LQGLFDWR1DFLRQDOGRV'RFHQWHVGDV,QVWLWXLo}HVGH(QVLQR6XSHULRU. $1)23(. $VVRFLDomR1DFLRQDOSHOD)RUPDomRGRV3URILVVLRQDLVGD(GXFDomR. &$3(6. &RRUGHQDomRGH$SHUIHLoRDPHQWRGH3HVVRDOGH1tYHO6XSHULRU. &(. &RQVWLWXLQWH(VFRODU. &3(56. &HQWUR GRV 3URIHVVRUHV GR (VWDGR GR 5LR *UDQGH GR 6XO ± 6LQGLFDWR GRV7UDEDOKDGRUHVHP(GXFDomR. &5(. &RRUGHQDGRULD5HJLRQDOGH(GXFDomR. /'%(1. /HLGH'LUHWUL]HVH%DVHVGD(GXFDomR1DFLRQDO. 0(&. 0LQLVWpULRGD(GXFDomRH&XOWXUD. 2&'(. 2UJDQL]DomRSDUDD&RRSHUDomRH'HVHQYROYLPHQWR(FRQ{PLFR. 3&%. 3DUWLGR&RPXQLVWD%UDVLOHLUR. 3'(3(. 3ULQFtSLRVH'LUHWUL]HVGD(GXFDomR3~EOLFD(VWDGXDO. 3'6. 3DUWLGR'HPRFUiWLFR6RFLDO. 3'7. 3DUWLGR'HPRFUiWLFR7UDEDOKLVWD. 30'%. 3DUWLGRGR0RYLPHQWR'HPRFUiWLFR%UDVLOHLUR. 318'. 3URJUDPDGDV1Do}HV8QLGDVSDUDR'HVHQYROYLPHQWR. 333. 3URMHWR3ROtWLFR3HGDJyJLFR. 36%. 3DUWLGR6RFLDOLVWD%UDVLOHLUR. 36'%. 3DUWLGRGD6RFLDO'HPRFUDFLD%UDVLOHLUD. 37. 3DUWLGRGRV7UDEDOKDGRUHV. 56. 5LR*UDQGHGR6XO. 6(. 6HFUHWDULDGH(VWDGRGD(GXFDomR. 6(%. 6HFUHWDULDGH(GXFDomR%iVLFD. 81',0(. 8QLmR1DFLRQDOGRV'LULJHQWHV0XQLFLSDLVGH(GXFDomR. 81(6&2. 2UJDQL]DomR GDV 1Do}HV 8QLGDV SDUD D (GXFDomR D &LrQFLD H D &XOWXUD. .

(13) . . 680È5,2 ,1752'8d2 7UDMHWyULDGHYLGDDOJXQVHOHPHQWRVGDH[SHULrQFLDGLVFHQWHHGRFHQWH &RQVWLWXLQWH(VFRODUXPDH[SHULrQFLDQDHVIHUDHGXFDFLRQDOQRHVWDGRGR5LR*UDQGHGR 6XO (QIRTXHPHWRGROyJLFR %5(9(,1&85621$32/Ë7,&$('8&$&,21$/%5$6,/(,5$(32/Ë7,&$ '()250$d2'2&(17(&217,18$'$ &RQFHLWXDQGRSROtWLFDV $VSROtWLFDVHGXFDFLRQDLVHDIRUPDomRGRFHQWH %UHYHLQFXUVmRQRKLVWyULFRGHLPSODQWDomRGD/'%(1Q $ &2167,78,17( (6&2/$5 '2 5,2 *5$1'( '2 68/

(14) &21&(,72635(668326726(68-(,726 2VGLIHUHQWHVPRPHQWRVGD&RQVWLWXLQWH(VFRODU )250$d2 '2&(17( &217,18$'$ (/(0(1726 '$ 7(25,$ $&(5&$ '2(,;2)250$d2'(352)(6625(6'$('8&$d2%È6,&$ %UHYHLQFXUVmRVREUHDIXQomRGDHVFRODQDVRFLHGDGH (OHPHQWRV LGHQWLILFDGRV QRV GRFXPHQWRV TXH PRVWUDP D &RQVWLWXLQWH (VFRODU FRPR XP HVSDoRGHIRUPDomRGRFHQWHFRQWLQXDGD &216,'(5$d®(6),1$,6 5()(5Ç1&,$6 .

(15) . . ,1752'8d2 $VSHVTXLVDV QD iUHDGHSROtWLFDV HGXFDFLRQDLV UHDOL]DGDV QRV ~OWLPRVDQRVQR %UDVLO YrP SHUPLWLQGR PXLWR PDLV GR TXH GHVYHODU SUiWLFDV GH JHVWmR GD HGXFDomR GH GLIHUHQWHV LGHRORJLDVHFRQWH[WRVHODVWDPEpPSRVVLELOLWDPDLGHQWLILFDomRGRVSDGU}HVHGDH[WHQVmRGH XPD SROtWLFD GHPRFUiWLFD $]HYHGR S

(16) GHVWDFD D LPSRUWkQFLD GH WDLV SHVTXLVDV DR DILUPDU TXH ³QR LQtFLR GD GpFDGD GH RV HVWXGRV VREUH DV SROtWLFDV S~EOLFDV SDVVDUDP D JDQKDU XPD FHQWUDOLGDGH QR %UDVLO SRVVLELOLWDQGR D DILUPDomR GH XP FDPSR LQYHVWLJDWLYR D UHVSHLWRGHVWDWHPiWLFD´ 1R%UDVLODVVLPFRPRHPPXLWRVRXWURVSDtVHVDHGXFDomRFRPRXPWRGRpXPWHPD UHFRUUHQWH REMHWR GH XP UHIRUPLVPR SHUPDQHQWH ± UHIRUPDV DOLiV TXH QmR LPSOLFDP QHFHVVDULDPHQWH DYDQoRV ± QHVVH VHQWLGR JRYHUQRV H JHVWRUHV HGXFDFLRQDLV SURPRYHUDP YiULDV PXGDQoDV WDLV FRPR LQRYDomR QD JHVWmR GDV LQVWLWXLo}HV HGXFDFLRQDLV H GH VHXV UHFXUVRVILQDQFHLURVPDLRUDXWRQRPLDSDUDDVHVFRODVPXGDQoDVFRQWXGRTXHPXLWDVYH]HV RFRUUHUDPGHPDQHLUDIUDJPHQWDGDQmROHYDQGRDUHVXOWDGRVVDWLVIDWyULRV0LFKHOV S

(17) LOXVWUD WDO LQVDWLVIDomR DR DILUPDU TXH ³D DWXDO UHIRUPD HGXFDFLRQDO VH HVIRUoD SDUD SURPRYHU PXGDQoDV SRUpP QmR SURS}H D WUDQVIRUPDomR GD SUySULD HVFROD XPD YH] TXH PDQWpPDVUHODo}HVMiH[LVWHQWHV´GHVWDFDQGRTXH³DUHIRUPDHGXFDFLRQDOQR%UDVLOSHUSDVVD SRU DOJXQV SRQWRV FUXFLDLV FRPR D JHVWmR R ILQDQFLDPHQWR D DYDOLDomR D IRUPDomR GH SURIHVVRUHVRFXUUtFXORDLQFOXVmR´ )UHLWDJDRDSRQWDUTXHVW}HVUHODFLRQDGDVjUHIRUPDQRkPELWRHGXFDFLRQDOID]FRURD 0LFKHOVGHVWDFDQGRDLPSRUWkQFLDGDYDORUL]DomRGRSDSHOGRFHQWH $ WHQWDWLYD GH UHVROYHU SUREOHPDV SROtWLFRV H SHGDJyJLFRV GD HVFROD PHGLDQWH LQWURGXomR GH QRYDV WHFQRORJLDV FRQVWLWXL R YHOKR H UHSHWLGR HUUR GH WRGDV DV LQLFLDWLYDVGHUHIRUPDGRHQVLQRSURPRYLGDVHPQtYHOPXQLFLSDOHVWDGXDOHPHVPR IHGHUDO>@$VVROXo}HVPDLVSUy[LPDVyEYLDVHFRUUHWDVVmRHPJHUDODTXHODVQDV.

(18) . . TXDLVVRPHQWHVHSHQVDUiTXDQGRWRGDVDVRXWUDVPDLVGLVWDQWHVHGLVSHQGLRVDVMi WLYHUHPIUDFDVVDGR(PWRGDVDVUHIRUPDVGHHQVLQRGRV~OWLPRVDQRVSHQVRXVHHP UHHVWUXWXUDURVQtYHLVGHHQVLQRSDVVDUGRPRGHORIUDQFrVDRDPHULFDQRLQWURGX]LU PRGHUQDWHFQRORJLDDOWHUDURVLVWHPDGHDYDOLDomRSURSRUQRYDVPHWRGRORJLDVGH HQVLQRVXJHULUQRYRVPpWRGRVGLGiWLFRV6RPHQWHQmRVHSHQVRXQDYDORUL]DomRGR SURIHVVRU SDJDQGROKH PHOKRUHV VDOiULRV TXDOLILFDQGRR H UHFLFODQGRR S

(19) . $UHIRUPDHGXFDFLRQDOGHYHULDDFRQWHFHUDSDUWLUGHPXGDQoDVHVWUXWXUDLVQDUDL]GRV YiULRV SUREOHPDV TXH Ki DQRV VH LGHQWLILFDP QDV HVFRODV WDLV FRPR D TXDOLILFDomR H D YDORUL]DomRGRVSURIHVVRUHVS~EOLFRV$VVLPVHQGR DSUHVHQWDVHFRPR XP GRVSUHVVXSRVWRV GHVVDGLVVHUWDomRRIDWRGHTXHLQYHVWLUHPIRUPDomRGRFHQWHFRQWLQXDGDpXPGRVHOHPHQWRV SURSXOVRUHVGHXPDUHIRUPDHGXFDFLRQDOGHVHMDGD $HGXFDomRHPHVSHFLDODIRUPDOpXPDTXHVWmRVHPSUHGHVDILDQWHHDVDGYHUVLGDGHV QmRSDUHFHPGHVDSDUHFHUFRPRWHPSROHYDQGRRVTXHVHHQYROYHPFRPHODSULQFLSDOPHQWH RVSURILVVLRQDLVGDHGXFDomRDEXVFDUHPDOWHUQDWLYDVFRQGL]HQWHVFRPDVQHFHVVLGDGHVDWXDLV GDGHPDQGDVRFLDOHHGXFDFLRQDO8PJUDQGHGHVDILRDVHUYHQFLGRHPQRVVDVHVFRODVFRPRR DSRQWD 0LFKHOV S

(20) DR LQGLFDU TXH ³HP YiULRV GRFXPHQWRV LQWHUQDFLRQDLV HVWi GHVWDFDGDDLPSRUWkQFLDGRSDSHOGRVSURIHVVRUHVSDUDUHVSRQGHUHPjVGHPDQGDVGDVQRYDV WDUHIDVGDHGXFDomR $IDOWDGHSUHSDUR GRVSURIHVVRUHVEUDVLOHLURV p DSRQWDGDSHORVyUJmRV RILFLDLVFRPRXPDGDVFDXVDVPDLVUHOHYDQWHVGRLQVXFHVVRHVFRODUGRVDOXQRV´(QWUHWDQWR VRPHQWHRHVPHURHRHQWXVLDVPRGRSURIHVVRUQmRUHVROYHPRVSUREOHPDVTXHDHVFRODHR HQVLQRHQIUHQWDPKLVWRULFDPHQWH0LFKHOV S

(21) REVHUYDTXH³FUHUTXHEDVWDDERD YRQWDGHGRVSURIHVVRUHVSDUDTXHRVSUREOHPDVHGXFDFLRQDLVVHUHVROYDP´SRGHVHFRQILJXUDU FRPR PDQHLUD GH HVFDPRWHDU TXHVW}HV WDLV FRPR R VDOiULR H DV FRQGLo}HV GH WUDEDOKR GRV SURIHVVRUHVTXHDIHWDPRFRWLGLDQRGHWDLVSURILVVLRQDLV 2V GHVDILRV SRVWRV j HGXFDomR VmR GH QDWXUH]D YDULDGD QR %UDVLO D HOHV GHYH VHU DFUHVFHQWDGR R FUHVFLPHQWR GHPRJUiILFR DFHQWXDGR SULQFLSDOPHQWH GRV H[WUDWRV GH UHQGD LQIHULRU FRPR VH HYLGHQFLD HP UHODWyULR FRRUGHQDGR VROLFLWDGR SHOR 1~FOHR GH $VVXQWRV (VWUDWpJLFRVGD3UHVLGrQFLDGD5HS~EOLFD (QWUH RV QDVFLGRV QHVVH SHUtRGR VHULDP SHUWHQFHQWHV DR VHJPHQWR PDLV SREUHGDSRSXODomRRXVHMDFRPPHQRVGHPHLRVDOiULRPtQLPRGHUHQGDIDPLOLDU SHUFDSLWD(VHVmRDFUHVFHQWDGRVDTXHOHVQDVFLGRVGHIDPtOLDFRPUHQGDLQIHULRUD XP VDOiULR PtQLPR FKHJDVH TXDVH D 0HVPR OHYDQGR HP FRQWD DV LPSHUIHLo}HV GR H[HUFtFLR QmR VHULD GLItFLO LPDJLQDU TXH D JUDQGH PDLRULD GRV QDVFLGRVVHUmRGHIDPtOLDVSREUHV %5,72

(22) .

(23) . . &XU\ HQIDWL]D TXH D GHVLJXDOGDGH VRFLRHFRQ{PLFD p XPD TXHVWmR D VHU FRQVLGHUDGD XPDYH]TXHLQIOXHQFLDRGHVHPSHQKRGRVDOXQRV3DUDRDXWRU $ H[WUHPD GHVLJXDOGDGH VRFLRHFRQ{PLFD TXH DWHQGH SHOR QRPH GH SREUH]D RX GH PLVpULD H VLJQLILFD H[FOXVmR KLVWyULFD H DWXDO GH XP Q~PHUR VLJQLILFDWLYR GH HVWXGDQWHV SURYLQGRV GH IDPtOLDV GH EDL[D UHQGD (VVD GHVLJXDOGDGH KRMH PHGLGD SRUYiULRVLQVWUXPHQWRVGHDQiOLVH GRWLSR,'+

(24) ID]FRP TXHKDMDSUREOHPDV QD HVFRODHTXHQmRVmRGDHVFRODHSRULVVRPHVPRQmRpGHVSUH]tYHORLPSDFWRGHVWD VLWXDomRGHIDWRVREUHRFRQMXQWRGRVLVWHPDHGXFDFLRQDO &85<DS

(25) . $OpP GHVWH IDWRU Ki D LQGHILQLomR GR SDSHO GR (VWDGR HP UHODomR DR SDSHO D VHU GHVHPSHQKDGR QD LPSOHPHQWDomR GH SROtWLFDV QD HVIHUD HGXFDFLRQDO (YDQJHOLVWD H 6KLURPD DILUPDP TXH ³VH XP (VWDGRQDomR HVSHFtILFR QmR p FDSD] GH LPSOHPHQWDU DV SROtWLFDV DGHTXDGDV>@DVHVWUXWXUDVGDVRFLHGDGHPXQGLDOSURYLGHQFLDUmRDUHVSHFWLYDDMXGD S

(26) ± ILQDQFLDUmR PRQLWRUDUmR H SUHVFUHYHUmR RV FDPLQKRV TXH WRUQDUmR PDLV HILFLHQWH R GHVHPSHQKRGDPiTXLQDJRYHUQDPHQWDO '$/(DSXG(9$1*(/,67$H6+,520$ S

(27) $OpP GHVWD LQGHILQLomR WDPEpP R SURJUHVVR FLHQWtILFR H WHFQROyJLFR D YLROrQFLD H XPDLPHQVDIDOWDGHYDORUHVKXPDQRVFDUDFWHUL]DPRFRQWH[WRKLVWyULFR (VWDPRV YLYHQGR XPD QRYD UHYROXomR WpFQLFRFLHQWtILFD TXH HQJORED WUrV JUDQGHV UHYROXo}HVFRPHQRUPHVFRQVHTXrQFLDVSDUDDYLGDKXPDQDLQGLYLGXDOHFROHWLYD ³D UHYROXomR PLFURHOHWU{QLFD´ TXH PXGRX R SDGUmR GH SURGXomR LQGXVWULDO D ³UHYROXomR PLFURELROyJLFD´ FRP VXD UHVXOWDQWH D HQJHQKDULD JHQpWLFD H D ³UHYROXomR HQHUJpWLFD´ 2 HOHPHQWR FHQWUDO QHVWH SURFHVVR p D VXEVWLWXLomR GD HOHWURPHFkQLFD SHOD HOHWU{QLFD FRPR EDVH GH DXWRPDomR RX VHMD p D LPSODQWDomR GD ³WHFQRORJLD GH LQIRUPDomR´ FRPR HL[R IXQGDQWH GR SURFHVVR SURGXWLYR $ WHQGrQFLDEiVLFDTXHMiVHUHYHODpDDVVXQomRFDGDYH]PDLVLQWHQVDSHORVLVWHPD SURGXWLYRGHFRPSXWDGRUHVPDLVSRGHURVRVHPDLVEDUDWRVGRWDGRVGHLQWHOLJrQFLD DUWLILFLDOFDSD]HVGHDWXDUHPGLIHUHQWHVQtYHLVHGHSRVVLELOLWDUWpFQLFDVDYDQoDGDV GHLQWHJUDomR,VWRVLJQLILFDGL]HUTXHVHUDGLFDOL]DHPQRVVRVGLDVXPDWHQGrQFLD TXHYHPPDUFDQGRRFDSLWDOLVPRGHVGHRVpFXORSDVVDGRDFLrQFLDVHWUDQVIRUPDQD ³SULPHLUD IRUoD SURGXWLYD´ H FRQVHTXHQWHPHQWH R WUDEDOKR FULDWLYR H LQWHOHFWXDO 6&+$))DSXG)(55(,5$S

(28) . 7RGDV HVVDV PXGDQoDV H[LJHP XP WLSR GH WUDEDOKDGRU DTXL HP kPELWR JHUDO DOWDPHQWH TXDOLILFDGR UHVSRQViYHO H TXH WHQKD DXWRQRPLD IOH[LELOLGDGH LQWHOHFWXDO SDUD HQIUHQWDUDVVLWXDo}HVTXHYHQKDPDVXUJLUGHDFRUGRFRPVXDIXQomR0DVQHPRVGRFHQWHV.

(29) . . XVXIUXHP WDO FRQWH[WR (YDQJHOLVWD H 6KLURPD S

(30) UHSRUWDP TXH RV SURIHVVRUHV HQIUHQWDPXPDUHDOLGDGHVREUHFDUUHJDGDGHWUDEDOKR 2V VLQWRPDV GR VREUHWUDEDOKR GRFHQWH SRGHP VHU YHULILFDGRV QXPD ORQJD OLVWD GH VLWXDo}HVTXHSUHQXQFLDPRDODUJDPHQWRGDVIXQo}HVGRFHQWHVDWHQGHUPDLVDOXQRV QD PHVPD FODVVH SRU YH]HV FRP QHFHVVLGDGHV HVSHFLDLV H[HUFHU IXQo}HV GH SVLFyORJR DVVLVWHQWH VRFLDO H HQIHUPHLUR SDUWLFLSDU QRV PXWLU}HV HVFRODUHV SDUWLFLSDomR HP DWLYLGDGHV FRP SDLV DWXDU QD HODERUDomR GR SURMHWR SROtWLFR SHGDJyJLFRGDHVFRODSURFXUDUFRQWURODUDVVLWXDo}HVGHYLROrQFLDHVFRODUHGXFDU SDUD R HPSUHHQGHGRULVPR D SD] H D GLYHUVLGDGH HQYROYHUVH QD HODERUDomR GH HVWUDWpJLDVSDUDFDSWDomRGHUHFXUVRVSDUDDHVFROD . )UHQWHDHVVDUHDOLGDGHSHUJXQWDVHTXHPVmRRVUHVSRQViYHLVSHODHGXFDomRIRUPDO" ( PDLV FRP R FUHVFHQWH GHVHQYROYLPHQWR GD LQIRUPDomR H D H[SDQVmR GRV FRQKHFLPHQWRV FRPRID]HUFRPTXHRVSURIHVVRUHVVHPDQWHQKDPSHUPDQHQWHHPIRUPDomRSDUDDFRPSDQKDU RVDYDQoRV" $LGHLDTXHVHWLQKDDOJXQVDQRVDWUiVGHTXHDHGXFDomRVHULDDVDOYDGRUDGRPXQGR SUHFLVD VHU GHVPLVWLILFDGD RX UHSHQVDGD &XU\ D S

(31) FRUURERUD QHVVH VHQWLGR DR DUJXPHQWDU TXH ³VDEHPRV TXH QmR VH GHYH H[LJLU GD HVFROD R TXH QmR p GHOD VXSHUDQGR D FRQFHSomRGHXPDHGXFDomRVDOYtILFDHUHGHQWRUD$RGLVFRUUHUVREUHWDOTXHVWmRUHPHWRPHD 6DYLDQLRTXDOHPVHXFpOHEUHOLYUR³(VFRODH'HPRFUDFLD´ID]UHIHUrQFLDDXPD7HRULDGD (GXFDomR GH DFRUGR FRP D TXDO SDUD TXH D HVFROD SRVVD FXPSULU VXD IXQomR SUHFLVD VHU HTXDOL]DGRUD QD TXHVWmR GDPDUJLQDOLGDGHHWDPEpPFRPSHQVDU DVGHILFLrQFLDVGDVFULDQoDV FDUHQWHV&RQIRUPH6DYLDQL >@DHGXFDomRFRPSHQVDWyULDFRPSUHHQGHXPFRQMXQWRGHSURJUDPDVGHVWLQDGRVD FRPSHQVDU GHILFLrQFLDV GH GLIHUHQWHV RUGHQV GH VD~GH H QXWULomR IDPLOLDUHV HPRWLYDVFRJQLWLYDVPRWRUDVOLQJXtVWLFDVHWF7DLVSURJUDPDVDFDEDPFRORFDQGR VRE D UHVSRQVDELOLGDGH GD HGXFDomR XPD VpULH GH SUREOHPDV TXH QmR VmR HVSHFLILFDPHQWHHGXFDFLRQDLVRTXHVLJQLILFDQDYHUGDGHDSHUVLVWrQFLDGDFUHQoD LQJrQXDQRSRGHUUHGHQWRUGDHGXFDomRHPUHODomRjVRFLHGDGH S

(32) . 3HUFHEHVHQRWUHFKRDFLPDGHVFULWRTXHKRXYHKLVWRULFDPHQWHDWHQWDWLYDGHDWULEXLU XP HPDUDQKDGR GH UHVSRQVDELOLGDGHV TXH GH IDWR QmR SHUWHQFLDP j HVIHUD SHGDJyJLFD TXH QRUWHLD D LQVWLWXLomR HVFRODU (QWUHWDQWR DV SHVVRDV GHQWUR GDV VXDV FRPXQLGDGHV H RV SURILVVLRQDLV GD HGXFDomR GHQWUR GDV HVFRODV SRGHP FRQWULEXLU SDUD PRGLILFDU DVSHFWRV.

(33) . . QHJDWLYRV GD VRFLHGDGH GH DFRUGR FRP VHXV OLPLWHV H VHXV SDSpLV GHVGH TXH KDMD WDPEpP DOJXpP SHQVDQGR QHVVDV SHVVRDV TXH HQIUHQWDP GLDULDPHQWH D UHDOLGDGH GDV HVFRODV SULQFLSDOPHQWHGDVS~EOLFDV 2 PXQGR FRQIRUPH %ORQGHO S

(34) QHFHVVLWD ³FRQVWUXLU XPD VROLGDULHGDGH FRQVFLHQWH >@ SDUD HQIUHQWDU MXQWRV HVVHV SHULJRV TXH VR]LQKRV QmR VRPRV FDSD]HV GH FRQWHU´1HVVHVHQWLGRSRGHUS~EOLFRHVRFLHGDGHFLYLOSRGHPFDPLQKDUODGRDODGRQDEXVFD SRU VROXo}HV SODXVtYHLV SDUD DV GHPDQGDV FRPR SRU H[HPSOR DWUDYpV GD TXDOLILFDomR GRV SURIHVVRUHV 3DUD3DSDGRSRXORV S

(35) DVYiULDVTXHVW}HVTXHVmRSHUWLQHQWHVQDIRUPXODomR GH XPD SROtWLFD HGXFDFLRQDO UHPHWHP j VHJXLQWH FRQFOXVmR ³j QHFHVVLGDGH GH ID]HU WRGR R SRVVtYHO SDUD DYDQoDU UXPR D XP ³QRYR KXPDQLVPR´ QR kPELWR GD HGXFDomR´ ( R DXWRU HVFUHYH DLQGD TXH ³D DSUHQGL]DJHP WRUQDVH XP HOHPHQWR HVVHQFLDO GXUDQWH WRGD D YLGD GR LQGLYtGXR VHMD SDUD XPD PHOKRU DGDSWDomR j YLGD SURILVVLRQDO VHMD SRU UHSUHVHQWDU XPD DWLYLGDGH DXW{QRPD >@ GHYHPRV HQFRQWUDU QRYRV FRQFHLWRV SDUD QRYDV SROtWLFDV TXH SHUPLWDPDSUHQGHUHPTXDOTXHULGDGH´ 'HVVDIRUPDDRVHWUDWDUGRVSURILVVLRQDLVGDHGXFDomRHPHVSHFLDOGRVSURIHVVRUHVD IRUPDomR FRQWLQXDGD VH ID] LPSUHVFLQGtYHO SULQFLSDOPHQWH XPD IRUPDomR TXH QmR WHQKD DSHQDV XPD SUHRFXSDomR WpFQLFD PDV TXH SRVVLELOLWH GLiORJR UHIOH[mR GDV SUiWLFDV H DOWHUQDWLYDVSDUDPXGDQoDV$VSROtWLFDVHGXFDFLRQDLVSUHFLVDPGHIDWRJDUDQWLUPRPHQWRVGH IRUPDomR D HVVHV SURILVVLRQDLV H RV JRYHUQRV GHYHP RSRUWXQL]DU FRQFUHWDPHQWH WDLV PRPHQWRV 3DUD 1yYRD HVWXGLRVR GD WHPiWLFD D IRUPDomR SUHFLVD VH GDU QD HVFROD (VWH HVSDoR SUHFLVD VHU FRPSUHHQGLGR SHORV JHVWRUHV HVFRODUHV FRPR ORFDO GH DSUHQGL]DJHP GRV SURILVVLRQDLV GD HGXFDomR $V VLWXDo}HV UHDLV YLYHQFLDGDV QR FRWLGLDQR HVFRODU RIHUHFHP RSRUWXQLGDGHVSDUDSUDWLFDURTXHIRLHQVLQDGRDRVSURIHVVRUHVQRVEDQFRVDFDGrPLFRV$OpP GLVVR FRQVWLWXLU FRP RV SURIHVVRUHV PRPHQWRV GH HVWXGR SRVVLELOLWD DRV PHVPRV UHVJDWDU R WUDEDOKR GHVHQYROYLGR H EXVFDU QR FROHWLYR DV SRVVtYHLV VROXo}HV SDUD TXDOLILFDU D SUiWLFD SHGDJyJLFDGRFRQWH[WRHPTXHHVWmRLQVHULGRV 7UDMHWyULDGHYLGDDOJXQVHOHPHQWRVGDH[SHULrQFLDGLVFHQWHHGRFHQWH $R LQLFLDU R H[HUFtFLR GD GRFrQFLD DLQGD DQWHV GH WHUPLQDU PLQKD JUDGXDomR HP 3HGDJRJLD EURWRX HP PLP D SUHRFXSDomR FRP D IRUPDomR GRV SURIHVVRUHV SULQFLSDOPHQWH.

(36) . . DSyVDIRUPDomRLQLFLDO4XHVWLRQDYDPHRTXHID]HUDSyVDUHDOL]DomRGDJUDGXDomR"2TXH GH IDWR FRQWULEXLULD SDUD DSHUIHLoRDU PLQKD SUiWLFD QD HVFROD" 6HUi TXH HX WUDEDOKDULD HP HVFRODVTXHSRVVXHPJUXSRVGHHVWXGRVGHSURIHVVRUHV"4XHPGHYHULDVHUHVSRQVDELOL]DUSHOD IRUPDomRFRQWLQXDGDGRVSURIHVVRUHV"6HUiTXHRVGHPDLVSURILVVLRQDLVWDPEpPVHQWHPHVVD QHFHVVLGDGH" 2V JRYHUQRV UHDOPHQWH GLUHFLRQDP SURMHWRV H Do}HV SDUD PHOKRUDU DV HVFRODV S~EOLFDVHTXDOLILFDURVGRFHQWHV"(QILPDVLQGDJDo}HVHUDPPXLWDV 3URVVHJXL PLQKD FDPLQKDGD DFDGrPLFD H FRQFOXt D JUDGXDomR VHJXL R WUDEDOKR FRP WXUPDV GH $QRV ,QLFLDLV GR (QVLQR )XQGDPHQWDO HP GXDV HVFRODV S~EOLFDV QR PXQLFtSLR GH 6DQDQGXYDXPDHVWDGXDOHRXWUDPXQLFLSDO(DVDQJ~VWLDVHQHFHVVLGDGHVSDLUDYDPDRPHX UHGRU (QWmR EXVTXHL HP XP 3URJUDPD GH 3yV*UDGXDomR SDUD UHDOL]DU 0HVWUDGR HP (GXFDomR FRP D LGHLD GH TXH HQFRQWUDULD QHVVH HVSDoR SHVVRDV FXULRVDV H OHLWXUDV PDLV DSURIXQGDGDVDFHUFDGDHGXFDomRRTXHUHDOPHQWHVHFRQFUHWL]RX $ PLQKD WUDMHWyULD SURILVVLRQDO SRVVLELOLWRX YHU H RXYLU PXLWR DWp KRMH WDQWR GH SURILVVLRQDLVGDHGXFDomRTXDQWRGHRXWURVSURILVVLRQDLVHJRYHUQDQWHVRTXHPHOHYDDWHUD FHUWH]DGHTXHDGRFrQFLDpGDVDWLYLGDGHVSURILVVLRQDLVDPDLVFRPSOH[D4XDQGRSHQVRTXH VRXSURIHVVRUDTXHFRQWULEXLSDUDDIRUPDomRGHLQGLYtGXRVDUUHSLDVHDPLQKDDOPDWDPDQKD D UHVSRQVDELOLGDGH TXH VLQWR (VVD SUHRFXSDomR FRP D IRUPDomR GH SURIHVVRUHV YHP VH WRUQDQGRSDUWHGHPLPMiKiDOJXPWHPSR $WXDOPHQWH EXVFR HQWHQGHU R TXH IRL R PRYLPHQWR GHQRPLQDGR GH &RQVWLWXLQWH (VFRODUTXHDFRQWHFHXQR5LR*UDQGHGR6XOHQWUHRVDQRVGHDSHUtRGRHPTXH HX UHDOL]DYD R (QVLQR 0pGLR WDPEpP EXVFR YHULILFDU GH TXH PRGR VH GHX QHVVD pSRFD D IRUPDomRGRVSURIHVVRUHVS~EOLFRVHVWDGXDLVRSRUWXQL]DGDSHORJRYHUQRGR(VWDGR,PEXtGD GDFXULRVLGDGHTXHPRYHDSHVTXLVDIDUHLRHVWXGRGHVVHPRYLPHQWRDILPGHLGHQWLILFDUDV SURSRVWDVHDIXQGDPHQWDomRWHyULFDGRPHVPR$MXVWLILFDWLYDGRHVWXGRWUDQVFHQGHSRUpPD HVIHUD LQGLYLGXDO H MXVWLILFDVH DFDGHPLFDPHQWH SRLV FRPR DWHVWD 6RX]D S

(37) ³Mi WHPRV HVWXGRV LPSRUWDQWHV VREUH SROtWLFDV S~EOLFDV QDFLRQDLV H VREUH SROtWLFDV ORFDLV PDV VDEHPRVDLQGDPXLWRSRXFRVREUHTXHVW}HVFUXFLDLVQDHVIHUDHVWDGXDO´ $SURGXomRGHVWHWH[WRTXHWHPFRPRHL[RFRQGXWRUDSROtWLFDGHIRUPDomRGRFHQWH FRQWLQXDGD HVWi YLQFXODGD j OLQKD GH SHVTXLVD 3ROtWLFDV (GXFDFLRQDLV GR 3URJUDPD GH 3yV *UDGXDomR HP (GXFDomR GD 8QLYHUVLGDGH GH 3DVVR )XQGR D TXDO RIHUHFH FRQGLo}HV DRV . &RQVWLWXLQWH 4XH FRQVWLWXL >@ 4XH WHP DWULEXLo}HV FRQVWLWXtGDV SHOR SRYR HRX SHOR JRYHUQR SDUD HODERUDU UHGLJLU RX UHIRUPDU D FRQVWLWXLomR 5HODWLYR D DVVHPEOpLD RX D FRUWHV FRQVWLWXLQWHV 'LFLRQiULR $XUpOLR±6pFXOR;;,

(38) 2 JRYHUQR GR HVWDGR GR 5LR *UDQGH GR 6XO QR SHUtRGR GH D VH DXWRGHQRPLQDYD ³GHPRFUiWLFR H SRSXODU´.

(39) . . PHVWUDQGRVSDUDGLVFXWLUHPHDSURIXQGDUHPTXHVW}HVVREUH DVDo}HVGR(VWDGRGRVSRGHUHV S~EOLFRV VREUH SROtWLFDV SDUD D HGXFDomR EiVLFD SROtWLFDV SDUD D IRUPDomR GH SURIHVVRUHV PRYLPHQWRV H RUJDQL]Do}HV VRFLDLV JHVWmR GR HQVLQR VXSHULRU SROtWLFDV QD H SyV D /HL GH 'LUHWUL]HV H %DVHV GD (GXFDomR 1DFLRQDO Q SURPXOJDGD HP GH]HPEUR GH DEUDQJHQGRDVSROtWLFDVHGXFDFLRQDLVHPQtYHOORFDOUHJLRQDOQDFLRQDOHLQWHUQDFLRQDO $IRUPDomRFRQWLQXDGDUHSUHVHQWDQDDWXDOLGDGHXPDPDQHLUDH[FHOHQWHGHYDORUL]DU RWUDEDOKDGRUGDHGXFDomRGHSRVVLELOLWDUPRPHQWRVGHUHIOH[mRGHGLiORJRHWDPEpPXPD PDQHLUDGHEXVFDUTXDOLGDGHSDUDHGXFDomRFRQVWUXomRGHFRQKHFLPHQWRDHPDQFLSDomRGRV VXMHLWRV H R H[HUFtFLR GD FLGDGDQLD FRQIRUPH D SURSRVWD GD &RQVWLWXLQWH (VFRODU D TXDO FRQVWDQR&DGHUQR±7H[WREDVHGD&RQVWLWXLQWH(VFRODU &RQVWLWXLQWH (VFRODU XPD H[SHULrQFLD QD HVIHUD HGXFDFLRQDO QR HVWDGR GR 5LR *UDQGHGR6XO 2 5LR *UDQGH GR 6XO XP GRV YLQWH VHWH HVWDGRV GR %UDVLO p IRUPDGR SRU PXQLFtSLRVHVHORFDOL]DQDUHJLmRVXOHOHSRVVXLSDSHOPDUFDQWHQDKLVWyULDGR%UDVLOSRLVIRL VHGHGD*XHUUDGRV)DUUDSRVDPDLVORQJDJXHUUDFLYLOGRSDtV 'HDFRUGRFRPGDGRVGRFHQVRGHPRJUiILFRGHR5LR*UDQGHGR6XOWLQKDXPD SRSXODomRGHKDELWDQWHVRTXHRWRUQDYDRVH[WRHVWDGRPDLVSRSXORVRGR%UDVLO FRQFHQWUDQGRGDSRSXODomREUDVLOHLUDeLQWHUHVVDQWHVDOLHQWDUTXHDSRSXODomRXUEDQD VXSHUDYDDUXUDOGRVJD~FKRVPRUDYDPQDVFLGDGHV (PUHODomRDRËQGLFHGH'HVHQYROYLPHQWR+XPDQRR5LR*UDQGHGR6XOHQFRQWUDYD VHQDpSRFDGRJRYHUQRDERUGDGRQHVWHHVWXGRHQWUHDVUHJL}HVFRQVLGHUDGDVGHDOWRJUDXGH GHVHQYROYLPHQWR FRP XP tQGLFH GH $ WD[D GH DQDOIDEHWLVPR SRU H[HPSOR HUD GH HQTXDQWRQDUHJLmR1RUGHVWHGRSDtVHUDGHHQDUHJLmR&HQWUR2HVWHGH-iD. . (QWHQGR TXH D &RQVWLWXLQWH (VFRODU p XP HVSDoR GHPRFUiWLFR GH FRQVWUXomR GH XP SURMHWR HGXFDFLRQDO QRV DVSHFWRV SHGDJyJLFR H DGPLQLVWUDWLYR R TXDO p IRUPDGR SRU WRGRV RV LQWHJUDQWHV GD FRPXQLGDGH HVFRODU QR FRQWH[WR RQGH HVWmR LQVHULGRV REVHUYDQGR R GLUHLWR GD DXWRQRPLD SHGDJyJLFD $WUDYpV GHOD VH SUHSDUDP VHPLQiULRVFRQJUHVVRVHVmRHODERUDGDVDVGLUHWUL]HVGDSROtWLFDHGXFDFLRQDO $ *XHUUD GRV )DUUDSRV RX 5HYROXomR )DUURXSLOKD VmR RV QRPHV SHORV TXDLV ILFRX FRQKHFLGD D UHYROXomR RX JXHUUDUHJLRQDOGHFDUiWHUUHSXEOLFDQRFRQWUDRJRYHUQRLPSHULDOGR%UDVLOQDHQWmRSURYtQFLDGH6mR3HGURGR 5LR*UDQGHGR6XOHTXHUHVXOWRXQDGHFODUDomRGHLQGHSHQGrQFLDGDSURYtQFLDFRPRHVWDGRUHSXEOLFDQRRTXH RULJLQRXD5HS~EOLFD5LR*UDQGHQVH ,QIRUPDo}HVVREUHRVSULPyUGLRVGDFDSLWDO%UDVLO(VFROD

(40) (ODERUDGRSHOR318' 3URJUDPDGDV1Do}HV8QLGDVSDUDR'HVHQYROYLPHQWR

(41) 'LVSRQtYHOHPKWWSZZZLEJHJRYEU$FHVVRHPMXQ.

(42) . . WD[D QDFLRQDO GH DQDOIDEHWLVPR HP HUD GH $VVLP p SRVVtYHO FRQVLGHUDU TXH D WD[DGR(VWDGRGR56pUHODWLYDPHQWHEDL[DVHFRPSDUDGDjVGHPDLVUHJL}HVGR%UDVLO $R UHVVDOWDU DOJXQV DVSHFWRV SROtWLFRV GR HVWDGR HP TXHVWmR p IXQGDPHQWDO GHVWDFDU TXHRSRGHUH[HFXWLYRGRHVWDGRVHGiSHORJRYHUQDGRURTXDOpHOHLWRHPVXIUiJLRXQLYHUVDOH YRWR GLUHWR H VHFUHWR VHQGR RV PDQGDWRV FRP XPD GXUDomR GH TXDWUR DQRV SRGHQGR VHU R JRYHUQDQWH UHHOHLWR SDUD XP VHJXQGR PDQGDWR $ VHGH GR JRYHUQR GR HVWDGR p R 3DOiFLR 3LUDWLQL QR FHQWUR GH 3RUWR $OHJUH PXQLFtSLR TXH p D FDSLWDO GR 5LR *UDQGH GR 6XO 2V JRYHUQDGRUHV PDLV UHFHQWHV VmR -DLU 6RDUHV

(43) 3'6 3HGUR 6LPRQ

(44) 30'% 6LQYDO *XD]]HOOL

(45) 3'6 $OFHX GH 'HXV &ROODUHV

(46) 3'7 $QW{QLR%ULWWR

(47) 30'%2OtYLR'XWUD

(48) 37*HUPDQR5LJRWWR

(49) 30'%H<HGD&UXVLXV

(50) 36'% $R ID]HU R UHFRUWH GDV SROtWLFDV S~EOLFDV GLUHFLRQDGDV j HGXFDomR QR 5LR*UDQGH GR 6XO FRQVLGHUHL SDUD ILQV GH LQYHVWLJDomR R JRYHUQR QR SHUtRGR GH D D ILP GH DQDOLVDU D &RQVWLWXLQWH (VFRODU QD SHUVSHFWLYD GD IRUPDomR FRQWLQXDGD GRV SURIHVVRUHV S~EOLFRV HVWDGXDLV e LQWHUHVVDQWH HQIDWL]DU DTXL R VLJQLILFDGR GH SHUVSHFWLYD TXH YHP GR ODWLPWDUGLR³SHUVSHFWLYXVTXHGHULYDGHGRLVYHUERV³SHUVSHFWR´TXHVLJQLILFD³ROKDUDWpR ILP H[DPLQDU DWHQWDPHQWH´ H GH SHUVStFLR TXH VLJQLILFD ³ROKDU DWUDYpV YHU EHP ROKDU DWHQWDPHQWHH[DPLQDUFRPFXLGDGRUHFRQKHFHUFODUDPHQWH´ 2JRYHUQRHPSDXWDYLVDYD jSDUWLFLSDomR GDFRPXQLGDGHHVFRODUQDIRUPXODomRQD JHVWmRHWDPEpPQDILVFDOL]DomRGDVSROtWLFDVS~EOLFDVQmRVySDUDDHGXFDomRPDVWDPEpP SDUD D DJULFXOWXUDSDUD DLQG~VWULDRXVHMDQDV LQVWkQFLDVHPTXH WLYHVVHPHQYROYLPHQWR H LQWHUHVVH GH DFRUGR FRP R 'LVFXUVR GH 3RVVH GR *RYHUQDGRU 2OtYLR 'XWUD GH MDQHLUR GH 1R &DGHUQR 7H[WR EDVH GD &RQVWLWXLQWH (VFRODU GHIHQGLDVH XPD HVFROD HVWDGXDO S~EOLFD GH IDWR H FRP EDVH QR DUWLJR GD &RQVWLWXLomR )HGHUDO D ³HGXFDomR FRPR XP GLUHLWR GH WRGRV H GHYHU GD IDPtOLD H GR (VWDGR´ H WDPEpP FRPR SURPRWRUD GR. . 2*RYHUQRGR(VWDGRGR5LR*UDQGHGR6XOFRQVWLWXtGRSHODDOLDQoDGD)UHQWH3RSXODUQRSHUtRGRGH HUD LQWHJUDGR SRU SDUWLGRV GR FDPSR GHPRFUiWLFR H SRSXODU 373&GR%3&%36% H3'7 $SHQDV HVWH ~OWLPRSDUWLGRQRHQWDQWRLQWHJURXRJRYHUQRDWpDVHOHLo}HVPXQLFLSDLVGH 'LFLRQiULR(VFRODU/DWLQR3RUWXJXrVGH(UQHVWR)DULD 1DVFLGR HP EDQFiULR IRUPDGR HP /HWUDV IRL XP GRV IXQGDGRUHV GR 37 3UHVLGLX R 6LQGLFDWR GRV %DQFiULRVGR5LR*UDQGHGR6XOHOLGHURXDJUHYHGDFDWHJRULDHP(PSUHVLGLXQDFLRQDOPHQWHR37 IXQomRTXHMiKDYLDRFXSDGRHPQtYHOHVWDGXDO)RLGHSXWDGRIHGHUDOFRQVWLWXLQWHHPHHOHJHXVHSUHIHLWR GH3RUWR$OHJUHHP)RLHOHLWRJRYHUQDGRUGR5LR*UDQGHGR6XOHJRYHUQRXRGHD'HD IRLPLQLVWURGDV&LGDGHVGR*RYHUQR/XOD 'LVSRQtYHOHPKWWSZZZHVWDGRUVIRYEUSDODFLRSLUDWLQL JRYHUQDQWHVKWP!$FHVVRHPMXQ

(51) .

(52) . . GHVHQYROYLPHQWR &RQIRUPH %HGLQ H 'DO 0RUR S

(53) ³D SROtWLFD HGXFDFLRQDO SURPHWLD D WUDQVIRUPDomR GR HVSDoR HVFRODU WRUQDQGRR XP HVSDoR SHUPDQHQWH GH HQVLQRDSUHQGL]DJHP JDUDQWLQGR DOpP GD GHPRFUDWL]DomR GR DFHVVR D GHPRFUDWL]DomR GR FRQKHFLPHQWRHGDJHVWmRDYDORUL]DomRGRVWUDEDOKDGRUHVHP(GXFDomR´ 9LVDQGRDSHUFHEHUFRPRVHGHVHQYROYHXRPRYLPHQWR&RQVWLWXLQWH(VFRODUHODERUHL FRPRSUREOHPDFHQWUDOGHVWHHVWXGRRVHJXLQWHTXHVWLRQDPHQWR4XHDVSHFWRVHYLGHQFLDPD &RQVWLWXLQWH (VFRODU 56

(54) FRPR XPD SROtWLFD GH IRUPDomR GRFHQWH FRQWLQXDGD" 1HVVH VHQWLGR R SUREOHPD GHVGREUDVH HP RXWUDV TXHVW}HV

(55) 4XDLV DVSHFWRV HYLGHQFLDP D &( FRPR XPD SROtWLFD S~EOLFD" 4XH HOHPHQWRV JDUDQWHP TXH IRL"

(56) 7DO PRYLPHQWR FRQILJXURXVH FRPR XPD SROtWLFD GH JRYHUQR RX GH (VWDGR" 4XH HOHPHQWRV FRPSURYDP XP RX RXWUR PRGHOR"

(57) 4XDO D FRQFHSomR GH IRUPDomR FRQWLQXDGD TXH HVWDYD LPEULFDGDQHVVHPRYLPHQWR" 2 REMHWLYR SULQFLSDO GHVWH HVWXGR p UHODWDU R PRYLPHQWR &RQVWLWXLQWH (VFRODU H UHFRQKHFHURVDVSHFWRVTXHFDUDFWHUL]DUDPWDOPRYLPHQWRHQTXDQWRSROtWLFDS~EOLFDGH IRUPDomRGRFHQWHFRQWLQXDGD6HXVREMHWLYRVHVSHFtILFRVVmR 5HVJDWDURTXHIRLRPRYLPHQWR&RQVWLWXLQWH(VFRODU ,QYHVWLJDUWDOPRYLPHQWRFRPRXPDSROtWLFDHGXFDFLRQDOGHIRUPDomRGRFHQWHFRQWLQXDGD 5HYHODU D FRQFHSomR GH IRUPDomR FRQWLQXDGD TXH QRUWHRX R PRYLPHQWR &RQVWLWXLQWH (VFRODU (QIRTXHPHWRGROyJLFR 3DUD R GHVHQYROYLPHQWR GHVWH WUDEDOKR XWLOL]HL FRPR PpWRGR D SHUVSHFWLYD TXDOLWDWLYDGHDQiOLVHGRFXPHQWDO7UDWDVHGHXPDSHVTXLVDGHVHQYROYLGDDSDUWLUGHPDWHULDLV Mi HODERUDGRV REWLGRV SRU PHLR GH OHYDQWDPHQWR GRFXPHQWDO RV TXDLV IRUDP DQDOLVDGRV FDWHJRUL]DGRV H SRVWHULRUPHQWH LQWHUSUHWDGRV 3DUD D HODERUDomR GR WH[WR XWLOL]RXVH GXDV DERUGDJHQVHVSHFtILFDVDDQiOLVHGHFRQWH~GRHDUHYLVmRELEOLRJUiILFD 1HVVDGLUHomRHPUHODomRjSULPHLUDDERUGDJHPSDUWLGDFRQFHSomRVHJXQGRDTXDOD DQiOLVH GH FRQWH~GR ³VH SUHVWD SDUD R HVWXGR GDV PRWLYDo}HV DWLWXGHV YDORUHV FUHQoDV . 7HQGRHPYLVWDTXH'DO0RURpXPDGDVDXWRUDVTXHHVFUHYHVREUHD&RQVWLWXLQWH(VFRODUGRSRQWRGHYLVWDGH TXHP HVWDYD QR JHUHQFLDPHQWR JRYHUQDPHQWDO GD SURSRVWD VXD SXEOLFDomR QHVVH HVWXGR IRL DORFDGD FRPR ³IRQWHGRFXPHQWDO´.

(58) . . WHQGrQFLDV H DFUHVFHQWDPRV QyV SDUD R GHVYHQGDU GDV LGHRORJLDV TXH SRGHP H[LVWLU QRV GLVSRVLWLYRVOHJDLVSULQFtSLRVGLUHWUL]HVHWFTXHjVLPSOHVYLVWDQmRVHDSUHVHQWDPFRPD GHYLGD FODUH]D´ %$5',1 DSXG 75,9,f26 S

(59) D DERUGDJHP UHIHULGD Gi FRQWD GD DQiOLVH GH PDWHULDLV GDV PDLV GLYHUVDV IRQWHV WDLV FRPR OLYURV DWDV LQIRUPHV H SXEOLFDo}HVRILFLDLV 3DUD%DUGLQDDQiOLVHGHFRQWH~GRp >@ XP FRQMXQWR GH WpFQLFDV GH DQiOLVH GDV FRPXQLFDo}HV YLVDQGR SRU SURFHGLPHQWRV VLVWHPiWLFRV H REMHWLYRV GH GHVFULomR GR FRQWH~GR GDV PHQVDJHQV REWHULQGLFDGRUHVTXDQWLWDWLYRVRXQmRTXHSHUPLWDPDLQIHUrQFLDGHFRQKHFLPHQWRV UHODWLYRV jV FRQGLo}HV GH SURGXomRUHFHSomR YDULiYHLV LQIHULGDV

(60) GDV PHQVDJHQV´ %$5',1DSXG75,9,f26S

(61) . $VVLP VHQGR D ³LQWHQomR p XVDU R PpWRGR GH DQiOLVH GH FRQWH~GR QDV PHQVDJHQV HVFULWDVSRUTXH HVWDV VmR PDLVHVWiYHLVHFRQVWLWXHPXPPDWHULDO REMHWLYRDR TXDOSRGHPRV YROWDUWRGDVDVYH]HVTXHGHVHMDUPRV´ 75,9,f26S

(62) 3DUD UHDOL]DU D DQiOLVH GH FRQWH~GR RSWHL SRU DOJXPDV TXHVW}HV TXH GH FHUWR PRGR QRUWHDUDPDOHLWXUDGRV GRFXPHQWRV H FRQWULEXtUDPSDUDDWHQWDWLYD GH UHVSRQGHU DTXHVWmR SUREOHPDGHVWDSHVTXLVDLVWRpEXVFRLGHQWLILFDUQRVGRFXPHQWRVSXEOLFDGRVSHORJRYHUQRGR 5LR*UDQGHGR6XODH[LVWrQFLDGHDVSHFWRVTXHVLQDOL]DPLQGLFDPHDSRQWDPD&RQVWLWXLQWH (VFRODUFRPRXPDSROtWLFDGHIRUPDomRGRFHQWHFRQWLQXDGD 1HVVD SHUVSHFWLYD SDUD UHDOL]DU D DQiOLVH GH FRQWH~GR HOHJL DV VHJXLQWHV FDWHJRULDV SROtWLFDV HGXFDFLRQDLV IRUPDomR GRFHQWH IRUPDomR GRFHQWH FRQWLQXDGD HGXFDomR H GHPRFUDFLD IXQomR GD HVFROD 2V GRFXPHQWRV XWLOL]DGRV SDUD ILQV GH LQYHVWLJDomR H RUJDQL]DomRGDSHVTXLVDIRUDPGLYLGLGRVHPPDWHULDLVHVVHQFLDLVHVXEVLGLiULRVRVSULPHLURV GmR FRQWD EDVLFDPHQWH GD TXHVWmR FHQWUDO GR WUDEDOKR XWLOL]DGRV SDUD FRQWDU D KLVWyULD GD &RQVWLWXLQWH (VFRODU R &DGHUQR ± 7H[WR %DVH GD &RQVWLWXLQWH (VFRODU R &DGHUQR ± &RQVWLWXLQWH(VFRODUUHDOLGDGHVRFLRHFRQ{PLFDGR5LR*UDQGHGR6XO±GDGRVHGXFDFLRQDLV R &DGHUQR ± &RQVWLWXLQWH (VFRODU VLVWHPDWL]DomR GR VHJXQGR PRPHQWR RV &DGHUQRV 7HPiWLFRV YLQWHHFLQFR

(63) HR&DGHUQRTXHFRQWpPRV3ULQFtSLRVH'LUHWUL]HVSDUDD(GXFDomR 3~EOLFD(VWDGXDO'HQWUHRVPDWHULDLVVXEVLGLiULRVGHVWDFRR'LVFXUVRGHSRVVHGRJRYHUQDGRU 2OtYLR'XWUDGHMDQHLURGHR&DGHUQRTXHFRQWpPWH[WRVSDUDXPVHPLQiULRHVWDGXDOGH.

(64) . . SUHSDUDomR SDUD D VLVWHPDWL]DomR GDV LGHLDV OLYUR H GLVVHUWDomR SXEOLFDGRV SHOD SURIHVVRUD /XFLD&DPLQLHXPDUWLJRSXEOLFDGRSRU'DO0RURH%HGLQ 3DUDWDQWRHPTXHSHVHDGHVFULomRVXSUDPHQFLRQDGDDSUHVHQWDVHR4XDGURTXHGH PDQHLUD RUGHQDGD DUUROD RV PDWHULDLV XWLOL]DGRV H SULRULWiULRV QD SHVTXLVD SDUD YLDELOL]DU D GLVVHUWDomRDFHUFDGD&RQVWLWXLQWH(VFRODU 7tWXOR. 'HVFULomR 3HUtRGR 4XDQWLGDGH 2WH[WRFRQWpPRGLVFXUVRGHSRVVHGR 'LVFXUVRGRJRYHUQDGRU2OtYLR'XWUD JRYHUQDGRU QD $VVHPEOHLD -DQHLUR /HJLVODWLYD 3HTXHQR FDGHUQR FRP SiJLQDV SXEOLFDGR SHOD 6HFUHWDULD GH (VWDGR 7H[WREDVHGDFRQVWLWXLQWHHVFRODU $EULO GD(GXFDomRSDUDGLYXOJDURSURFHVVR GD&RQVWLWXLQWH(VFRODU &DGHUQR FRP SiJLQDV TXH &RQVWLWXLQWHHVFRODUUHDOLGDGH DSUHVHQWD LQIRUPDo}HV VREUH DV VRFLRHFRQ{PLFDGR56±GDGRV HVFRODVHVWDGXDLVGHHGXFDomREiVLFD HGXFDFLRQDLV FDGHUQR

(65) $SUHVHQWD HP SiJLQDV XP HVWXGR &RQVWLWXLQWHHVFRODUVLVWHPDWL]DomRGR GD UHDOLGDGH GDV HVFRODV HVWDGXDLV GR VHJXQGRPRPHQWR FDGHUQR

(66) 56 H R UHVJDWH GDV SUiWLFDV SHGDJyJLFDVGDVPHVPDV &DGHUQR FRP WH[WRV TXH IRUDP HGH 6HPLQiULRHVWDGXDOGHSUHSDUDomRSDUDD XWLOL]DGRV SHORV SURIHVVRUHV SDUD QRYHPEUR VLVWHPDWL]DomR HVWXGRHVLVWHPDWL]DomR (ODERUDGRV SDUD R WHUFHLUR PRPHQWR GD&RQVWLWXLQWH(VFRODUSDUDHVWXGRH &DGHUQRVWHPiWLFRV 0DLR DSURIXQGDPHQWR GH WHPDV TXH VXUJLUDPQRGHFRUUHUGRPRYLPHQWR &DGHUQR SXEOLFDGR SHOD 6HFUHWDULD (VWDGXDO GD (GXFDomR FRPSRVWR GH WUrV FDStWXORV 2 PRYLPHQWR 3ULQFtSLRVHGLUHWUL]HVSDUDDHGXFDomR &RQVWLWXLQWH(VFRODUVHXVSULQFtSLRVH S~EOLFDHVWDGXDO GLUHWUL]HV H SDUWH GR SURJUDPD GH JRYHUQRSDUDDHGXFDomRQR56 &DGHUQR TXH DSUHVHQWD SDUWH GR 3ROtWLFDHGXFDFLRQDOGR56±HGXFDomR FRQMXQWR GD SURGXomR WHyULFD GDV D GHTXDOLGDGHVRFLDO SROtWLFDVS~EOLFDVGHHGXFDomRQR56 &$0,1, /XFLD RUJ

(67) (GXFDomR 3~EOLFD GH 4XDOLGDGH 6RFLDO /LYUR FRQTXLVWDV H GHVDILRV 3HWUySROLV 9R]HV &$0,1,/XFLD2SURFHVVRGH FRQVWUXomRGDSROtWLFDHGXFDFLRQDOQR 'LVVHUWDomR 5LR*UDQGHGR6XOGHD UHODo}HVOLPLWHVFRQWUDGLo}HVH DYDQoRV3RUWR$OHJUH8)5*6. . /~FLD&DPLQLpSURIHVVRUDS~EOLFDHVWDGXDO$WXRXMXQWRjGLUHomRGR&HQWURGRV3URIHVVRUHVGR(VWDGRGR5LR *UDQGHGR6XO±6LQGLFDWRQDVGpFDGDVGHD)RLSUHVLGHQWHGR6LQGLFDWRQRSHUtRGRGHD H SRVWHULRUPHQWH DVVXPLX D UHVSRQVDELOLGDGH FRPR 6HFUHWiULD (VWDGXDO GD (GXFDomR GH D (P YLUWXGHGH&DPLQLWHUDWXDGRGLUHWDPHQWHQRGHFRUUHUGRJRYHUQRGH2OtYLR'XWUDFRPR6HFUHWiULDGH(GXFDomR R VHX OLYUR H VXD GLVVHUWDomR XWLOL]DGRV SDUD D SURGXomR GHVWH WUDEDOKR IRUDP DORFDGRV FRPR ³IRQWH GRFXPHQWDO´ 2WH[WRGH'DO0RURH%HGLQpWUDWDGRFRPR³IRQWHGRFXPHQWDO´GHYLGRDRIDWRGHDSURIHVVRUD6HOLQD'DO 0RURWHUDWXDGRFRPR6HFUHWiULD$GMXQWDGH(GXFDomRQRSHUtRGRGRJRYHUQR2OtYLR'XWUD.

(68) . . '$/ 0252 6HOLQD %(',1 6tOYLR $QWRQLR23URPHWLGRHR5HDOL]DGR GD FRQVWUXomR j UHDOL]DomR GD &RQVWLWXLQWH (VFRODU ,Q ),25(=( $UWLJR &ULVWLQD 0$5&21 7HOPR 2UJV

(69) 23RSXODUHD(GXFDomRPRYLPHQWRV VRFLDLV SROtWLFDV S~EOLFDV H GHVHQYROYLPHQWR,MXt(GLWRUD8QLMXt S 4XDGUR'RFXPHQWRVUHOHYDQWHVGD&RQVWLWXLQWH(VFRODU )RQWH'DGRVGDSHVTXLVD. . . . 24XDGURSHUPLWHHYLGHQFLDUDVHWDSDVGRSURFHVVRGHIRUPDWDomRHLPSOHPHQWDomR GD&RQVWLWXLQWH(VFRODU6HXVHOHPHQWRVYmRGHVGHRGLVFXUVRGHSRVVHGRJRYHUQDGRU2OtYLR 'XWUD TXH WLQKD FRPR FHUQH GH VHX JRYHUQR DV TXHVW}HV HGXFDFLRQDLV SDVVDQGR SHOD HODERUDomRGHVHXWH[WREDVH QRLQtFLRGRPDQGDWR H[HFXWLYRHROHYDQWDPHQWRGD UHDOLGDGH VRFLRHFRQ{PLFDHGXFDFLRQDOGR(VWDGRSHODHTXLSHGD6HFUHWDULDGD(GXFDomR (P VHJXLGD Mi QD IDVH GH LPSODQWDomR GD &RQVWLWXLQWH (VFRODU VXUJH D SURSRVWD GH UHDOL]DomRGRVVHPLQiULRVHVWDGXDLVHHQFRQWURVUHJLRQDLVREMHWLYDQGRDSURIXQGDUDVWHPiWLFDV GHPDQGDGDVSHORVSURILVVLRQDLVGDHGXFDomR 3RU ILP FRQVLGHUDQGR DV HWDSDV DQWHULRUHV GR SURFHVVR SRGHVH HODERUDU R WH[WR GHILQLWLYR TXH DSUHVHQWD RV SULQFtSLRV H GLUHWUL]HV SDUD HGXFDomR S~EOLFD GR (VWDGR GR 5LR *UDQGHGR6XO $R GLVFRUUHU VREUH R WHUPR GLUHWUL] DFUHGLWR TXH D LQWHQomR GR JRYHUQR HVWDGXDO GH HUD GH XWLOL]iOR FRPR XPD RULHQWDomR XP FDPLQKR SDUD QRUWHDU R WUDEDOKR QD HVIHUDHGXFDFLRQDO1HVVHVHQWLGRSDUD&XU\ 2WHUPRGLUHWUL]VLJQLILFDFDPLQKRVSURSRVWRVSDUDHFRQWUDULDPHQWHjLPSRVLomR GH FDPLQKRV HOH GHQRWD XP FRQMXQWR GH LQGLFDo}HV SHOR TXDO RV FRQIOLWRV VH UHVROYHP SHOR GLiORJR H SHOR FRQYHQFLPHQWR $ GLUHWUL] VXS}H QR FDVR XPD FRQFHSomR GH VRFLHGDGH H XPD LQWHUORFXomR PDGXUD H UHVSRQViYHO HQWUH RV YiULRV VXMHLWRVVHMDPHOHVSDUFHLURVVHMDPHOHVQRFDPSRSROtWLFRGLULJHQWHVHGLULJLGRV 'HVVDLQWHUORFXomRHVSHUDVHRWUDoDGRGHGLIHUHQWHVPRGRVGHVHFDPLQKDUSDUDD HIHWLYDomR GRV ILQV FRPXQV REHGHFHQGRVH j GLYHUVLGDGH GH FLUFXQVWkQFLDV VRFLRFXOWXUDLVDRUHVSHLWRDRVYDORUHVFXOWXUDLVHDUWtVWLFRVQDFLRQDLVHUHJLRQDLV FIDUW

(70) HjUHFXVDDRPRQRSyOLRGDYHUGDGH DS

(71) . &XU\DFUHVFHQWDWDPEpPQHVVDSHUVSHFWLYDTXH .

(72) . . 'LUHWUL]HVVmROLQKDVJHUDLVTXHDVVXPLGDVFRPRGLPHQV}HVQRUPDWLYDVWRUQDPVH UHJXODGRUDV GH XP FDPLQKR FRQVHQVXDO FRQTXDQWR QmR IHFKDGR D TXH KLVWRULFDPHQWHSRVVDYLUDWHUXPRXWURSHUFXUVRDOWHUQDWLYRSDUDVHDWLQJLUDXPD ILQDOLGDGH PDLRU 1DVFLGDV GR GLVVHQVR XQLILFDGDV SHOR GLiORJR HODV QmR VmR XQLIRUPHVQmRVmRWRGDDYHUGDGHSRGHPVHUWUDGX]LGDVHPGLIHUHQWHVSURJUDPDV GH HQVLQR H FRPR WRGD H TXDOTXHU UHDOLGDGH QmR VmR XPD IRUPD DFDEDGD GH VHU DS

(73) . 'HVVHPRGRSRUVHWUDWDUGHXPDSHVTXLVDTXHSHUSDVVDTXHVW}HVSROtWLFDVGHXPGDGR PRPHQWR GH IRUPDomR GH SURIHVVRUHV HP XPD GHWHUPLQDGD pSRFD p SHUWLQHQWH H[SOLFLWDU R VHQWLGRGDH[SUHVVmR³GLUHWUL]HV´XPJRYHUQRTXHVHDXWRGHQRPLQDYDGHPRFUiWLFRHSRSXODU GHYHULDQHFHVVDULDPHQWHDRIRUPXODUDVGLUHWUL]HVFHOHEUDUDSDUWLFLSDomRGDSRSXODomRSDUD WUDoDUFDPLQKRVSDUDDHGXFDomR $SDUWLUGDVUHLQFLGrQFLDVWHPiWLFDVGDOHLWXUDHGDFDWHJRUL]DomRDSUHVHQWRHQWmRD UHYLVmR ELEOLRJUiILFD D PHWRGRORJLD GH FRQGXomR H D FRQVWUXomR GR WH[WR D SDUWLU GR WUDWDPHQWR GDV IRQWHV GRFXPHQWDLV %XVTXHL UHDOL]DU OHYDQWDPHQWR ELEOLRJUiILFR WDQWR SDUD FRPSUHHQGHU FRQFHLWRV IXQGDPHQWDLV QR kPELWR GDV SROtWLFDV HGXFDFLRQDLV FRPR SDUD FRPSUHHQGHURVSURFHVVRVGHIRUPDomRGRFHQWHUHODFLRQDGRVj&RQVWLWXLQWH(VFRODU 'HVVHPRGRR WH[WR GDSHVTXLVDHVWi GLYLGLGRHPWUrV PRPHQWRV2SULPHLUREXVFD FRQFHLWXDU R TXH VmR SROtWLFDV S~EOLFDV VRFLDLV HGXFDFLRQDLV SURJUDPD GH JRYHUQR EHP FRPRSROtWLFDGH(VWDGRHGHJRYHUQRDILPGHRIHUHFHUXPFRQMXQWRGHGHILQLo}HVHUHIOH[}HV SDUD TXH SRVWHULRUPHQWH VHMD SRVVtYHO YHULILFDU DQDOLVDU H SURSRU UHVSRVWD jV TXHVW}HV SUREOHPDGHVWHWUDEDOKR 2 VHJXQGR PRPHQWR EXVFD UHODWDU R TXH IRL D &RQVWLWXLQWH (VFRODU HOXFLGDU RV PRPHQWRVTXHDFRPSXVHUDPFRPrQIDVHQRVDVSHFWRVUHODFLRQDGRVDXPDSRVVtYHOIRUPDomR GRFHQWHFRQWLQXDGDFRPRSURSyVLWRGHDSUHVHQWDUHOHPHQWRVSDUDTXHVHSRVVDFDUDFWHUL]DU± RXQmRD&(HQTXDQWRSROtWLFDGHIRUPDomRGRFHQWH &RQWH[WXDOL]DQGR D &RQVWLWXLQWH (VFRODU R WHUFHLUR PRPHQWR EXVFD IXQGDPHQWDU D FRPSUHHQVmRGRSURFHVVRGHVHQYROYLGRQDVHVFRODVS~EOLFDVHGHVXDVLPSOLFDo}HVSDUDFRPD IRUPDomRFRQWLQXDGDGRVSURIHVVRUHVGDUHGHHVWDGXDOGR56GDHGXFDomREiVLFD3DUDWDQWR LQLFLDOPHQWHIDUVHiDDSUHVHQWDomRDSDUWLUGHDXWRUHVFRPR1yYRD H

(74) H%HQLQFi

(75) GRTXHVHHQWHQGHSRUIRUPDomRGRFHQWHHSRUIRUPDomRFRQWLQXDGDFRPRSURSyVLWR GHVHEXVFDUFRQKHFHUHDQDOLVDUDFRQFHSomRGHIRUPDomRGRFHQWHFRQWLQXDGDTXHSHUPHDYDD &RQVWLWXLQWH(VFRODU &RQWXGRQmRFDEHDTXLDQDOLVDURVUHVXOWDGRVGHVVDSROtWLFDDSHQDVVHWHPDSUHWHQVmR GHFRQYLGDUROHLWRUVHMDHOHSURILVVLRQDOGDHGXFDomRRXQmRDSHQVDURTXHFRPSHWHDFDGD.

(76) . . XPSDUDFRQFUHWL]DUXPDSROtWLFDGHIRUPDomRGRFHQWHFRQWLQXDGDTXHUHDOPHQWHVHMDFDSD]GH PRELOL]DURVSURIHVVRUHVHSURYRFDUPXGDQoDVHVWUXWXUDLVQDHVFRODS~EOLFDGR5LR*UDQGHGR 6XO .

(77) . . %5(9(,1&85621$ 32/Ë7,&$('8&$&,21$/%5$6,/(,5$( 32/Ë7,&$ '()250$d2'2&(17(&217,18$'$ $ HGXFDomR p DOYR GH UHIRUPDV Ki PXLWR WHPSR QR %UDVLO GH DFRUGR FRP 7HGHVFR S

(78) VHWHQWRXGHWXGRQRkPELWRGDHGXFDomR³>@PXGDQoDVSHUPDQHQWHVGHFLGLGDV VHP FRQVXOWD QHP DYDOLDomR GRV UHVXOWDGRV GHVSURILVVLRQDOL]DomR GRV IXQFLRQiULRV ± DFHQWXDGDQD~OWLPDGpFDGDVREUHWXGRQRVSDtVHVHPGHVHQYROYLPHQWRSHODGLPLQXLomRGRV VDOiULRVHPGHFRUUrQFLDGHSROtWLFDVGHDMXVWH´ 2VSURIHVVRUHVVmRPHPEURVIXQGDPHQWDLVWDQWRQRGLVFXUVRTXDQWRQDPRQWDJHPGH TXDOTXHU HVWUDWpJLD GH UHIRUPD HRX SROtWLFD HGXFDFLRQDO SULQFLSDOPHQWH TXDQGR VH UHIHUH j HGXFDomRIRUPDOpRTXHDUJXPHQWD0LFKHOV S

(79) >8P@´SRQWRIXOFUDOGDUHIRUPD HGXFDFLRQDO HP IRFR HVWi FRORFDGR VREUH R VXMHLWR TXH p YLVWR FRPR R HOR GH OLJDomR GHVVD SROtWLFDFRPDVRFLHGDGHTXDOVHMDRSURIHVVRU´$LQGDGHDFRUGRFRP7HGHVFR S

(80) ³DRORQJRGDV~OWLPDVWUrVGpFDGDVSDUDID]HUIUHQWHDRVQRYRVGHVDILRVGRGHVHQYROYLPHQWR VRFLDO RV VLVWHPDV HGXFDFLRQDLV HP PXLWRV SDtVHV IRUDP REMHWR GH VXFHVVLYDV H YDULDGDV SURSRVLo}HVGHUHIRUPD´3DUDRDXWRU S

(81) ³DUHIRUPDHGXFDFLRQDOYDLPXLWRDOpPGDV PRGLILFDo}HVHVWUXWXUDLVHDJRUDFKHJDjVDODGHDXOD´7HGHVFRFRPSOHWDDUJXPHQWDQGRTXH ³XPGRVWUDoRVPDLVLQRYDGRUHVGDVWHQGrQFLDVDWXDLVGDUHIRUPDHGXFDFLRQDOp>@RSDSHO DWLYR DWULEXtGR j GHPDQGD VRFLDO´ ( DLQGD ³$V PXGDQoDV HP HGXFDomR GHSHQGHP GD LQWHUDomRGHP~OWLSORVIDWRUHVTXHDJHPGHIRUPDVLVWrPLFD´ &RQWXGRDIRUPXODomRRXDUHIRUPXODomRGDVOHLVDFRQVWUXomRGHSODQRVHPkPELWR IHGHUDOHVWDGXDOHPXQLFLSDOSUHFLVDFRQWDUFRPRVSURILVVLRQDLVGDHGXFDomRSDUDTXHGHVVD PDQHLUD RV SURIHVVRUHV H D SRSXODomR HP JHUDO VHMDP VHQVLELOL]DGRV H DV PRGLILFDo}HV VH FRQVROLGHP 'HVVH PRGR SRGHVH FRQVLGHUDU TXH DV SROtWLFDV H Do}HV LPSOHPHQWDGDV SRGHULDPFRQWDUFRPRSULQFtSLRGDGHPRFUDFLDSDUDDVXDHODERUDomRQmRFRQWDQGRVRPHQWH FRP D FRQVXOWD D SRXFRV HVSHFLDOLVWDV PDV VLP FRP D SDUWLFLSDomR GRV GLUHWDPHQWH HQYROYLGRVFRPRWUDEDOKRQDHGXFDomREUDVLOHLUD(PUHODomRDRPRYLPHQWRSHODGHPRFUDFLD.

(82) . . GDHVFRODS~EOLFDDWUDYpVGHDo}HVFRPRSODQHMDPHQWRDQXDOFRQVWUXtGRFRPRHQYROYLPHQWR GDFRPXQLGDGHQDTXDOHHVFRODHVWiVLWXDGDYHPVHGHVHQYROYHQGRH[SHULrQFLDVGHVXFHVVR HP YiULRV HVWDGRV H PXQLFtSLRV TXH GHVHQFDGHDUDP R SURFHVVR FRP D LPSODQWDomR GRV FRQVHOKRVHFROHJLDGRVHVFRODUHVHDHOHLomRGHGLULJHQWHVGHXQLGDGHVGHHQVLQRPHFDQLVPRV FRQVROLGDGRV DSDUWLUGD &RQVWLWXLomRGH TXHOHJLWLPDD JHVWmR GHPRFUiWLFD GR HQVLQR S~EOLFR QR VHX $UW ,QFLVR 9, H GD /HL GH 'LUHWUL]HV H %DVHV GD (GXFDomR 1DFLRQDO /'%(1

(83) Q GH GH GH]HPEUR GH QR VHX $UW ,QFLVR 9,,, 'HVVH PRGR *DGRWWL H 5RPmR D S

(84) DILUPDP TXH ³D JHVWmR GHPRFUiWLFD ID] SDUWH GD SUySULD QDWXUH]D GR DWR SHGDJyJLFR (OD VH IXQGDPHQWD QXPD FRQFHSomR GHPRFUiWLFD GD HGXFDomR FRQWUDXPDFRQFHSomRFHQWUDOL]DGRUDHDXWRULWiULD´$VVLPVHQGRHQWHQGRTXHQmRpSRUDFDVR TXHD&RQVWLWXLomRGHSURS{VDJHVWmRGHPRFUiWLFDGDHVFRODS~EOLFD $ SROtWLFD HGXFDFLRQDO EUDVLOHLUD YHP VHQGR DOWHUDGD PRGLILFDGD FRP LGHDLV UHIRUPLVWDVKiWHPSRHGHDFRUGRFRP6KLURPD0RUDHVH(YDQJHOLVWD 'HVGH PHDGRV GD GpFDGD GH FUHVFLD XP PRYLPHQWR FUtWLFR UHLYLQGLFDQGR PXGDQoDV QR VLVWHPD HGXFDFLRQDO 'LDJQyVWLFRV GHQ~QFLDV H SURSRVWDV SDUD D HGXFDomR HUDP YHLFXODGRV SRU PHLR GRV QRYRV SDUWLGRV GH RSRVLomR ± FULDGRV OHJDOPHQWHHPSRUUHFpPFULDGDVDVVRFLDo}HVFLHQWtILFDVHVLQGLFDLVGDiUHD FRPRD$VVRFLDomR1DFLRQDOGH3yV*UDGXDomRH3HVTXLVDHP(GXFDomR $13(G

(85) D$VVRFLDomR1DFLRQDOGH'RFHQWHVGR(QVLQR6XSHULRU $1'(6

(86) ´ S

(87) . 1DVUHIRUPDVHGXFDFLRQDLVLQVWDXUDGDVQDGpFDGDGHDHGXFDomRHDIRUPDomRGH SURIHVVRUHVDGTXLULUDPDOJXPYDORUDSDUWLUGDSURPXOJDomRGD/HLGH'LUHWUL]HVH%DVHVGD (GXFDomR1DFLRQDO±/'%(1,VVRVHGHYHjUHLYLQGLFDomRKLVWyULFDGHPRYLPHQWRV VRFLDLVDTXDOGHXLQtFLRDXPDORQJDFDPLQKDGDDWpDFRQFUHWL]DomRHPkPELWRQDFLRQDOGD YDORUL]DomRGRVSURIHVVRUHVHVHWRUQDUXPGLVSRVLWLYROHJDOQRWtWXOR9,RVDUWLJRVD GHILQHP D IRUPDomR DR PDJLVWpULR VHQGR D IRUPDomR LQLFLDO SDUD SURIHVVRUHV GD HGXFDomR . . $SUHVHQWRDTXLGXDVH[SHULrQFLDVUHODFLRQDGDVjTXHVWmRGRV&RQVHOKRV(VFRODUHVXPDQRHVWDGRGR56HD RXWUD QR $PD]RQDV ³2 PXQLFtSLR GH &DFKRHLULQKD DYDQoRX QR SURFHVVR GH GHPRFUDWL]DomR GD JHVWmR DR LPSODQWDU RV &RQVHOKRV (VFRODUHV H DR HVWDEHOHFHU XP SURJUDPD GH IRUPDomR FRQWLQXDGD DPSOLDQGR D SDUWLFLSDomRGRVSDLVDOXQRVSURIHVVRUHVHIXQFLRQiULRVQRDFRPSDQKDPHQWRHSURSRVLomRGHSROtWLFDVS~EOLFDV FRPSURPHWLGDVFRPREMHWLYRVGHPRFUiWLFRVFRQVWLWXLQWHVGHXPDQRYDTXDOLGDGHGHHQVLQR´ 0$)$66,2/, S

(88) 1HVVD SHUVSHFWLYD D 8QLYHUVLGDGH GD $PD]{QLD 8QDPD

(89) FULRX R SURMHWR ³&RQVHOKRV (VFRODUHV ± 8PD H[SHULrQFLD GH 'HPRFUDWL]DomR GD (GXFDomR H GH (QIUHQWDPHQWR GR $QDOIDEHWLVPR (VFRODU QD $PD]{QLD´ $ H[SHULrQFLD p GHVHQYROYLGD HP SDUFHULD FRP R &RQVHOKR 0XQLFLSDO GH (GXFDomR 6HFUHWDULD 0XQLFLSDO GH (GXFDomRH6HFUHWDULD([HFXWLYDGH(GXFDomR9LGH2OLYHLUD

(90) 'HDFRUGRFRP6KLURPD0RUDHVH(YDQJHOLVWD ³RFRQFHLWRGHSROtWLFDHQFDGHRXVHDVVLPDRGRSRGHUGR (VWDGR >@ HP DWXDU SURLELU RUGHQDU SODQHMDU OHJLVODU LQWHUYLU FRP HIHLWRV YLQFXODGRUHV D XP JUXSR VRFLDO GHILQLGRHDRH[HUFtFLRGRGRPtQLRH[FOXVLYRVREUHXPWHUULWyULRHGDGHIHVDGHVXDVIURQWHLUDV´ S

(91) .

(92) . . EiVLFDDSHGDJyJLFDSDUDSURILVVLRQDLVGLSORPDGRVTXHDOPHMDPDWXDUQRHQVLQRHDGHFDUiWHU FRQWtQXRTXHGHYHVHURIHUHFLGDDRVSURIHVVRUHV2DUWLJRGD/'%(1SUHVFUHYH HQWUH RXWURV DVSHFWRV D YDORUL]DomR GRV SURILVVLRQDLV GD HGXFDomR H R DSHUIHLoRDPHQWR SURILVVLRQDO FRQWLQXDGR HQWUHWDQWR p SHUWLQHQWH OHPEUDU TXH D OHL DSHQDV SUHFRQL]D D YDORUL]DomR RX QmR GRV SURILVVLRQDLV VH FRQVWLWXL HP XP SURFHVVR D VHU FRQFUHWL]DGR ( WDPEpPWDOYH]QmRVHWHQKDGDGRDGHYLGDrQIDVHjIRUPDomRGHSURIHVVRUHVQDSURPXOJDomR GHVWDOHLQDFLRQDOSRLV6DUWXULH$LWDDILUPDPTXH 3RGHVHREVHUYDUDDWHQomRGLVSHQGLGDSHODOHJLVODomRQRTXHVHUHIHUHjIRUPDomR GRSURILVVLRQDOGDHGXFDomRRQGHVHYrTXHHVWDQmRpXPDSULRULGDGHQDOHJLVODomR EUDVLOHLUD SRLV DERUGD XP WHPD GHVWD LPSRUWkQFLD HP DSHQDV GRLV GH VHXV LQ~PHURV DUWLJRV H GH XPD IRUPD JHQHUDOL]DGD QHP PHVPR FRPSURPHWHQGR DV HVFRODVSDUDRFXPSULPHQWR GHVWHQHFHVViULRWUDEDOKRHP YLVWDDTXDOLGDGHSDUDD HGXFDomREUDVLOHLUDDPSODPHQWHGHIHQGLGDQHVWDPHVPDOHJLVODomR S

(93) . $VOXWDVHPUHODomRjHGXFDomRIRUPDOQR %UDVLOQmRVH FRQFUHWL]DUDP GHXPGLDD RXWURFRQIRUPHVHSHUFHEHQRWUHFKRTXHVHJXH ([SUHVVDQGRRHVStULWRGDpSRFDDVEDQGHLUDVGHOXWDHSURSRVWDVGRVHGXFDGRUHV FREULDP XP DPSOR HVSHFWUR GH UHLYLQGLFDo}HV D FRPHoDU SHOD H[LJrQFLD GH FRQVWLWXLomR GH XP VLVWHPD QDFLRQDO GH HGXFDomR RUJkQLFR ± SURSRVWD UHFRUUHQWH GHVGH D GpFDGD GH 7DPEpP VH ILUPRX D FRQFHSomR GH HGXFDomR S~EOLFD H JUDWXLWDFRPRGLUHLWRS~EOLFRVXEMHWLYRHGHYHUGR(VWDGRFRQFHGrOD'HIHQGLDPVH D HUUDGLFDomR GR DQDOIDEHWLVPR H D XQLYHUVDOL]DomR GD HVFROD S~EOLFD YLVDQGR j IRUPDomRGHXPDOXQRFUtWLFR 6+,520$025$(6H(9$1*(/,67$ S

(94) . 1HVVH VHQWLGR SHUFHEHVH TXH HQWUH DV SUHRFXSDo}HV UHFRUUHQWHV FRP D HGXFDomR FRP D PHOKRULD GD VXD TXDOLGDGH HVWDYDP TXHVW}HV FRPR D IRUPDomR GRFHQWH H D GHPRFUDWL]DomR $VVLP 6KLURPD 0RUDHV H (YDQJHOLVWD DSRQWDP S

(95) TXH ³UHLYLQGLFDYDVH >@ D JHVWmR SDUWLFLSDWLYD GRV QHJyFLRV HGXFDFLRQDLV D HOHLomR GLUHWD H VHFUHWD SDUD GLULJHQWHV GH LQVWLWXLo}HV GH HQVLQR D FRQVWLWXLomR GH FRPLVV}HV PXQLFLSDLV H HVWDGXDLV>@FRPSRVWDVSDUDDFRPSDQKDPHQWRHDWXDomRQDVSROtWLFDVHGXFDWLYDV´&RQWXGR OHJLVODo}HV QmR JDUDQWHP D GHPRFUDWL]DomR VH QmR IRUHP FRORFDGDV HP SUiWLFD SRU VXMHLWRV KLVWyULFRVHPFRQGLomRGHFRQFUHWL]DUDVSUHVFULo}HVOHJDLV.

(96) . . 1HVWD OLQKD WDOYH] XPD GDV PDLV IHOL]HV LQLFLDWLYDV GRV JRYHUQRV VHMD LQYHVWLU QD TXDOLILFDomR H FRQVHTXHQWH YDORUL]DomR GRV SURIHVVRUHV GD HGXFDomR EiVLFD )UHLWDJ HVFUHYH FRPSURSULHGDGHTXH $ WHQWDWLYD GH UHVROYHU SUREOHPDV SROtWLFRV H SHGDJyJLFRV GD HVFROD PHGLDQWH LQWURGXomR GH QRYDV WHFQRORJLDV FRQVWLWXL R YHOKR H UHSHWLGR HUUR GH WRGDV DV LQLFLDWLYDVGHUHIRUPDGRHQVLQRSURPRYLGDVHPQtYHOPXQLFLSDOHVWDGXDOHPHVPR IHGHUDOQDV~OWLPDVGpFDGDV1mRpRVDWpOLWHD79(GXFDWLYDRXRFRPSXWDGRUTXH FRQVHJXLUmRDOIDEHWL]DURVPLOK}HVGHEUDVLOHLURVDWpDJRUDH[FOXtGRVGHWRGDH TXDOTXHU HGXFDomR IRUPDO 1mR VmR HOHV TXH YmR HYLWDU DV WD[DV GH HYDVmR H UHSURYDomRHVFRODUQDVSULPHLUDVVpULHV1mRVHUiDWUDYpVGHOHVTXHRHQVLQRGH JUDX SRGHUi YROWDU D WHU QtYHLV HIHWLYDPHQWH ³DFDGrPLFRV´ GH SDGUmR TXDOLWDWLYR LQWHUQDFLRQDO $V VROXo}HV PDLV SUy[LPDV yEYLDV H FRUUHWDV VmR HP JHUDO DTXHODV QDVTXDLVVRPHQWHVHSHQVDUiTXDQGRWRGDVDVRXWUDVPDLVGLVWDQWHVHGLVSHQGLRVDV MiWLYHUHPIUDFDVVDGR(PWRGDVDVUHIRUPDVGHHQVLQRGRV~OWLPRVDQRVSHQVRXVH HP UHHVWUXWXUDU RV QtYHLV GH HQVLQR SDVVDU GR PRGHOR IUDQFrV DR DPHULFDQR LQWURGX]LU PRGHUQD WHFQRORJLD DOWHUDU R VLVWHPD GH DYDOLDomR SURSRU QRYDV PHWRGRORJLDVGHHQVLQRVXJHULUQRYRV PpWRGRVGLGiWLFRV6RPHQWHQmRVHSHQVRX QD YDORUL]DomR GR SURIHVVRU SDJDQGROKH PHOKRUHV VDOiULRV TXDOLILFDQGRR H UHFLFODQGRR S

(97) . $ SROtWLFD HGXFDFLRQDO GHVHQKDGD DWp RV DQRV QHP VHPSUH WULOKRX FDPLQKRV GHPRFUiWLFRV FRQIRUPH VH SRGH LQIHULU D SDUWLU GR VHJXLQWH UHJLVWUR GH 6KLURPD 0RUDHV H (YDQJHOLVWD S

(98) TXDQGRFDUDFWHUL]DPDHWDSDGHFRQVWUXomRGD&DUWD(GXFDomR³IRL XPPRPHQWRHPTXHDVHFUHWiULDGH3ROtWLFD(GXFDFLRQDO(XQLFH'XUKDPDQWHFLSRXDVHOHWR JUXSRGDVRFLHGDGHFLYLODVSURSRVWDVTXHYLULDPDUHIRUPDUDHGXFDomRQRSDtV´ 'HVWH PRGR RFRUUHX D HODERUDomR GD &DUWD (GXFDomR HP DSDUHQWHPHQWH VHP FRQVLGHUDU D RSLQLmR GH VLJQLILFDWLYD SDUFHOD GRV SURILVVLRQDLV GD HGXFDomR H VHP XP DFRPSDQKDPHQWR PDLV VLVWHPiWLFR GRV SURIHVVRUHV 1D PHVPD GpFDGD KRXYH WDPEpP D SROrPLFD FRQVWUXomR GRV 3DUkPHWURV &XUULFXODUHV 1DFLRQDLV 3&1¶V

(99) TXH VH FDUDFWHUL]DP FRPR XPD DomR SROtWLFD TXH SRXFR FRQWRX FRP D SDUWLFLSDomR GD SRSXODomR LQFOXVLYH GRV SURIHVVRUHVGDHGXFDomREiVLFDFRQIRUPHDILUPD.UDPHUHPUHODomRj SROrPLFD HP WRUQR GRV FKDPDGRV 3DUkPHWURV &XUULFXODUHV 1HVVH FRQWH[WR TXHVW}HVGHFDUiWHUSROtWLFRFRPRQmRSRGHULDGHL[DUGHVHUGDGDDQDWXUH]DSROtWLFD GR FDPSR HGXFDFLRQDO HVWmR VXEMDFHQWHV WDQWR j SURSRVWD GR JRYHUQR TXDQWR jV FUtWLFDVDHODGLUHFLRQDGDV'HPLQKDSDUWHFRQVLGHUHLJUDYHHPWRGRHVWHSURFHVVR. . $&DUWD(GXFDomRIRLDSURYDGDHPGHMXQKRGHQR)yUXP&DSLWDO7UDEDOKRTXHDFRQWHFHXQD863H UHXQLX HPSUHViULRV JRYHUQR H XQLYHUVLGDGHV $ &DUWD DSUHVHQWD XP GLDJQyVWLFR GR VLVWHPD HGXFDFLRQDO EUDVLOHLUR.

(100) . . DPHWRGRORJLDDGRWDGDSDUDDHODERUDomRGRVSDUkPHWURVFXUULFXODUHVQDFLRQDLV3RU TXr"3RUWHUSUHYLVWRXPFDPLQKRSRXFRFODURSDUDVXDHODERUDomRRTXHSDUHFHX PH LULD FRPSURPHWHU VXD LPSOHPHQWDomR %XVFDQGR SDUHFHUHV GH HVSHFLDOLVWDV LVRODGRV VHP IRPHQWDU D GLVFXVVmR DPSOD H RUJDQL]DGD GH VHWRUHV H FDWHJRULDV SURILVVLRQDLVGHGLIHUHQWHVQtYHLV SURIHVVRUHVSHVTXLVDGRUHVFLHQWLVWDV

(101) HGHWRGRV RV LQWHUHVVDGRV QHVVD TXHVWmR VHP SURYRFDU D SDUWLFLSDomR GD SRSXODomR TXH QD KLVWyULD GHVWH SDtV WHP VLGR DOLMDGD GHVWH SURFHVVR VHP WHU XPD GLPHQVmR IRUPDGRUDSURGXWRUDGHLQTXLHWDo}HVGHOHYDQWDPHQWRGHSHUJXQWDVHGHEXVFDGH UHVSRVWDV SDUHFHXPH GHVGH R LQtFLR TXH HVWiYDPRV UHWRPDQGR URWDV Mi SHUFRUULGDV 6REUHWXGR LQFRPRGDYDPH R IDWR GH TXH Mi VDEtDPRV TXH D SUiWLFD SHGDJyJLFDQmRpWUDQVIRUPDGDDSDUWLUGHSURSRVWDVEHPHVFULWDVQHFHVVDULDPHQWH DWUDQVIRUPDomRH[LJHFRQGLo}HVFRQFUHWDVGHWUDEDOKRHVDOiULRHPRGRVREMHWLYRV TXH RSHUDFLRQDOL]HP D DPSOD SDUWLFLSDomR QD SURGXomR GD SURSRVWD GH FRPSUHHQVmR H GH HVWXGR PXLWDV YH]HV QHFHVViULR GH FRQIURQWR GH LGHLDV H GH WHPSRSDUDDWRPDGDGHGHFLV}HVRUJDQL]DGDV,VVRWXGRFRQILJXUDULDXPDVLWXDomR GH OHJLWLPLGDGH LPSUHVFLQGtYHO SDUD TXH D HGXFDomR IRVVH FRORFDGD HP TXHVWmR H TXH QRYRV SDUkPHWURV IRVVHP GHILQLGRV TXH VH SXGHVVH GLVFXWLU SURSRU IRUPDV SRVLWLYDV GH FRQFUHWL]iOD FRP TXDOLGDGH H UHSHQVDU DV H[SHULrQFLDV H[LVWHQWHV H LVVR IHLWR FRP HPDQFLSDomR FXOWXUDO DSUHQGL]DGR H FRP H[HUFtFLR GH FLGDGDQLD S

(102) . (QWUHWDQWRDOJXPDVVLWXDo}HVQR%UDVLOHPWHUPRVGHGHFLV}HVSROtWLFDVFRPHoDUDPDVH PRGLILFDU FRP D WUDQVLomR GDV pSRFDV H FRP R VXUJLPHQWR GH PRYLPHQWRV SRSXODUHV H D LQWURGXomRGHPHPEURVGDVXQLYHUVLGDGHVQRVGHEDWHVFRPRVHQRWDQRVHJXLQWHWUHFKR $ YLWyULD GH SDUWLGRV GH RSRVLomR QR LQtFLR GRV DQRV HP DOJXPDV HOHLo}HV HVWDGXDLV H PXQLFLSDLV SRVVLELOLWRX D SUHVHQoD QDV DGPLQLVWUDo}HV GH LQWHOHFWXDLV RULXQGRV GDV XQLYHUVLGDGHV GRV SDUWLGRV H GRV PRYLPHQWRV VRFLDLV TXH WDPEpP HUDP UHVSRQViYHLV SRU SDUFHOD VLJQLILFDWLYD GD SURGXomR FUtWLFD QD iUHD 6+,520$025$(6H(9$1*(/,67$S

(103) . eQHFHVViULROHPEUDUTXHR%UDVLOGXUDQWHRVDQRVGHDHVWHYHLPHUVRHP XP UHJLPH DXWRULWiULR 'HVVH PRGR R ILQDO GH GpFDGD GH FDUDFWHUL]DVH FRPR XP SHUtRGRGHWUDQVLomRSROtWLFDHPTXHDVRFLHGDGHFLYLOHVSHFLDOPHQWHEXVFRXHVWUDWpJLDVTXH DEROLVVHP R UHJLPH GLWDWRULDOPLOLWDU QR SDtV $VVLP DFHUFD GD UHGHPRFUDWL]DomR QRV DQRV UHPHWRPHDRVHJXLQWHWUHFKRGHXPVRFLyORJRRTXDOHOXFLGDHVVDTXHVWmR 1RV DQRV QD HVWHLUD GR SURFHVVR GH UHGHPRFUDWL]DomR GR SDtV PRYLPHQWRV VRFLDLVSLSRFDUDPSRUGLYHUVDVUHJL}HV2 PDLVSXMDQWHGHWRGRVIRLRPRYLPHQWR VLQGLFDOFRPGHVWDTXHSDUDDVJUHYHVSURWDJRQL]DGDVSHORVPHWDO~UJLFRVVHJXLGRV SRUSHWURTXtPLFRVEDQFiULRVSURIHVVRUHVHWUDEDOKDGRUHVUXUDLV$GLWDGXUDPLOLWDU KDYLDLPSRVWRWDOOLPLWDomRjDomRS~EOLFDDOpPGHXPPRGHORGHGHVHQYROYLPHQWR WmR VHOHWLYR TXH RV PRYLPHQWRV VRFLDLV TXH HPHUJLDP QR FHQiULR SROtWLFR HUDP PDUFDGRVSHODGHVFRQILDQoDHUHYROWD6HXVOtGHUHVLQYDULDYHOPHQWHDGRWDYDPXP.

(104) . . VHPEODQWH IHFKDGR HUDP LU{QLFRV GLVFXUVDYDP UDLYRVDPHQWH GHQXQFLDYDP RV GHVPDQGRV GRV JRYHUQRV H QmR DFHLWDYDP SDUWLFLSDomR HP QHQKXPD LQVWkQFLD GH JRYHUQR 5,&&,

(105) . 1HVVD SHUVSHFWLYD $UWXUL Gi VXD FRQWULEXLomR QR HVFODUHFLPHQWR GR SURFHVVR GH UHGHPRFUDWL]DomRQR%UDVLO $ORQJDHJUDGXDOWUDQVLomRQR%UDVLOSHUPLWHGLVWLQJXLUFRPFODUH]DHVVHVSHUtRGRV 2 SULPHLUR YDL GH PDUoR GH D PDUoR GH H DEUDQJH RV GRLV ~OWLPRV JRYHUQRV PLOLWDUHV DV SUHVLGrQFLDV GRV JHQHUDLV *HLVHO

(106) H )LJXHLUHGR

(107) $ VHJXQGD HWDSD ± D FRQVWUXomR GD GHPRFUDFLD ± GHVHQYROYHVH GXUDQWH R JRYHUQR FLYLO GH -RVp 6DUQH\

(108) 4XDQWR DR SURFHVVR GH FRQVROLGDomR GR QRYR UHJLPH GHPRFUiWLFR XPD HVSpFLH GH VHJXQGD WUDQVLomR HOD LQLFLDVHFRPDSUHVLGrQFLDGH)HUQDQGR&ROORUGH0HOORHPPDUoRGH HOHLWR SRU VXIUiJLR XQLYHUVDO H DIDVWDGR GR SRGHU SRU XP SURFHVVR GH LPSHDFKPHQW HP GH]HPEURGH

(109) HHQFRQWUDVHDLQGDHPDQGDPHQWR S

(110) . 1R ERMR GDV WUDQVIRUPDo}HV SROtWLFDV H VRFLDLV LQLFLDGDV QRV DQRV LPSRUWD HQWHQGHU TXH QD HVIHUD HVWDGXDO QR DQR GH IRL HVFROKLGR SHOD SRSXODomR JD~FKD XP JRYHUQDGRUKHUGHLURGRVDQRVXPJRYHUQRFRPSURSRVWDVEDVHDGDVQDGHPRFUDFLDHQR GLiORJR FRPR VH SHUFHEH QR VHJXLQWH WUHFKR GR &DGHUQR ± 7H[WR EDVH GD &RQVWLWXLQWH (VFRODU S

(111) ³QD VRFLHGDGH TXH TXHUHPRV R FLGDGmR WHP R SDSHO GH VXMHLWR QD FRQVWUXomRGDVSROtWLFDVS~EOLFDV$VGHFLV}HVVmRGHPRFUiWLFDVTXDQGRSURGX]LGDVDWUDYpVGD SDUWLFLSDomR SRSXODU GR GHEDWH GD GLVFXVVmR FROHWLYD´ ( TXH WLQKD FRPR SURSRVWD SDUD HGXFDomR UHDOL]DU D &RQVWLWXLQWH (VFRODU 352*5$0$ '( *29(512 3$5$ $ ('8&$d256

(112) RIRFRSULQFLSDOGHVWDSHVTXLVD 2UHIHULGRJRYHUQRHQTXDGUDVHQXPSHUILORSRVLFLRQLVWDjVLGHLDVGRJRYHUQRIHGHUDO GD GpFDGD GH &RQIRUPH 2OtYLR 'XWUD R VHX JRYHUQR DSUHVHQWDYD XP ³SURMHWR SDUWLFLSDWLYR H WUDQVIRUPDGRU´

(113) 6HX JRYHUQR HUD FRQVWLWXtGR SRU SHVVRDV RULXQGDV GH PRYLPHQWRVVRFLDLVHSURMHWDYDPXPDQRYDHUDSDUDRHVWDGR1HVVHVHQWLGRDSUHVHQWRXP WUHFKRTXHHOXFLGDRTXHVLJQLILFRXDHOHLomRGH'XWUD . ³2VSDUWLGRVGRFDPSRSRSXODUGHPRFUiWLFRWrPUHODo}HVULFDVFRPRPRYLPHQWRVRFLDOQRFDPSRHQDFLGDGH FRP R SUySULR VRIULPHQWR GRV SHTXHQRV PLFURV H PpGLRV HPSUHHQGHGRUHV GD DJULFXOWXUD H SHFXiULD GHVVH (VWDGR1DWXUDOPHQWHRQRVVRWUDEDOKRFRQWtQXRHVpULRVHHVSDOKRXFDGDYH]PDLVMXQWRFRPXPSURJUDPDTXH WRFDYDQDVTXHVW}HVHPRVWUDYDDOWHUQDWLYDVGHVHGHVHQYROYHUR(VWDGRGHXPRXWURMHLWRTXHQmRHVVHTXHHVWDYD Dt´ '875$

(114) .

(115) . . $RV DQRV 2OtYLR GH 2OLYHLUD 'XWUD XP WtSLFR JD~FKR PLVVLRQHLUR FKHJD DR 3DOiFLR 3LUDWLQL &RP HVWD IDoDQKD ± WHQGR HP YLVWD D IRUoD GR DGYHUViULR RV UHFXUVRVILQDQFHLURVHGHFRPXQLFDomRTXHHQIUHQWRX±RH[EDQFiULRIRUPDGRHP /HWUDVSHOD8IUJVTXHKiGH]DQRVLQDXJXURXDVDGPLQLVWUDo}HVGD)UHQWH3RSXODU HP3RUWR$OHJUHUHDOL]DRVRQKRGHPLOKDUHVGHPLOLWDQWHVGHHVTXHUGDQmRVyGR 5LR*UDQGHGR6XOeTXHRH[SUHIHLWRGDFDSLWDOFRQWRXFRPDWRUFLGDGHRXWURV PLOKDUHV GH PLOLWDQWHV HP WRGR R %UDVLO SHOR PHQRV SRU GRLV PRWLYRV 3ULPHLUR SRUTXHpXPVtPERORGR37HGDOXWDGRFDPSRGHPRFUiWLFRSRSXODUHVXDHOHLomRD JRYHUQDGRU HVWi SDUD R 5LR *UDQGH GR 6XO DVVLP FRPR D HOHLomR GH /XOD HVWDULD SDUD R %UDVLO 6HJXQGR SRUTXH JRYHUQDUi XP (VWDGR TXH p UHIHUrQFLD SROtWLFD QDFLRQDO H RQGH R SURMHWR KHJHP{QLFR QR SDtV PDLV VH LPSOHPHQWDUD FRP R JRYHUQRGH$QW{QLR%ULWWReSRVVtYHODILUPDUTXHDHOHLomRGH2OtYLR'XWUDGHSRLV GH XPD GLVSXWD DFLUUDGtVVLPD H GHVLJXDO LPS{V j SROtWLFD QHROLEHUDO XPD GHUURWD VLJQLILFDWLYD TXH UHSHUFXWLUi HP WRGR R SDtV QRV SUy[LPRV TXDWUR DQRV &$0$5$12RXW

(116) . &RQWXGRRWUDEDOKRQmRWHPDSUHWHQVmRGHUHVSRQGHUVHRJRYHUQRHPTXHVWmR FRUUHVSRQGHX DRV DQVHLRV GD VRFLHGDGH H FRQFUHWL]RX VXDV SURSRVWDV LQLFLDLV &RPR FRQWULEXLomR FLHQWtILFD R SUHVHQWH WUDEDOKR SUHWHQGH DSUHVHQWDU D SURSRVWD GLUHFLRQDGD j HGXFDomRVHJXLGDGHDQiOLVHDSDUWLUGRUHIHUHQFLDOWHyULFRGLVFXWLQGRSROtWLFDVGHIRUPDomR GRFHQWHFRQWLQXDGD 6KLURPD

(117) DILUPDTXH³FRPSUHHQGHURVHQWLGRGHXPDSROtWLFDS~EOLFDUHFODPDULD WUDQVFHQGHUVXDHVIHUD HVSHFtILFD H HQWHQGHURVLJQLILFDGR GRSURMHWR VRFLDOGR (VWDGR FRPR XPWRGRHDVFRQWUDGLo}HVJHUDLVGRPRYLPHQWRKLVWyULFRHPTXHVWmR´7DUHIDTXHFRQVLGHUR SUHWHQVLRVD SDUD R WHPSR H HVSDoR GHVWD GLVVHUWDomR 5HDOL]R D WHQWDWLYD GH FRPSUHHQGHU D &RQVWLWXLQWH (VFRODU FDUDFWHUL]DQGRD HQTXDQWR SROtWLFD S~EOLFD GH IRUPDomR GRFHQWH FRQWLQXDGD &RQFHLWXDQGRSROtWLFDV 3DUD(VTXLQVDQL S

(118) ³DOJXQVFRQFHLWRVVmRWmRXWLOL]DGRVTXHSDVVDPDID]HU SDUWH GH XP FHUWR VHQVR FRPXP TXH RV UHFRQKHFH FRPR IDPLOLDUHV VHP D GHYLGD FODUH]D WHyULFRFRQFHLWXDO´ $VVLP SDUD D FRPSUHHQVmR GD TXHVWmR FHQWUDO GHVWH WUDEDOKR QmR Ki RXWUD PDQHLUD VHQmR GLVVHUWDU VREUH DOJXQV FRQFHLWRV UHODFLRQDGRV j HGXFDomR GHQWUH HOHV SROtWLFDV S~EOLFDV HGXFDFLRQDLV GH IRUPDomR GRFHQWH EHP FRPR HVWDGR SROtWLFDV VRFLDLV SODQRGHJRYHUQR.