• Nenhum resultado encontrado

3URI 'U BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB SURYDGD HP BBB BBB BBBB

N/A
N/A
Protected

Academic year: 2019

Share "3URI 'U BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB SURYDGD HP BBB BBB BBBB"

Copied!
73
0
0

Texto

(1)

3217,)Ë&,$81,9(56,'$'(&$7Ï/,&$'(6­23$8/2

38&63

*LVHO\%HOLFKGH6RXVD

$XGLomRGHMRYHQVGHDDQRVHVWXGRGR

HQWDOKHDXGLRPpWULFR

0(675$'2(0)212$8',2/2*,$

6­23$8/2

(2)

3217,)Ë&,$81,9(56,'$'(&$7Ï/,&$'(6­23$8/2

38&63

*LVHO\%HOLFKGH6RXVD

$XGLomRGHMRYHQVGHDDQRVHVWXGRGR

HQWDOKHDXGLRPpWULFR

6­23$8/2

(3)

*LVHO\%HOLFKGH6RXVD

$XGLomRGHMRYHQVGHDDQRVHVWXGRGR

HQWDOKHDXGLRPpWULFR

3UHVLGHQWHGD%DQFDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

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

3URI'UBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

3URI'UBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

3URI'UBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

(4)

$XWRUL]R H[FOXVLYDPHQWH SDUD ILQV DFDGrPLFRV H FLHQWtILFRV D

UHSURGXomR SDUFLDO RX WRWDO GHVWD GLVVHUWDomR SRU SURFHVVR GH

IRWRFRSLDGRUDVRXHOHWU{QLFRV

$VVLQDWXUDBBBBBBBBBBBBBBBBBB/RFDOH'DWDBBBBBBBBBBBBBBBBB

(5)

L

'(',&$7Ï5,$

$RVPHXVSDLV0DULDH(OLYDOGRPLQKDHWHUQDJUDWLGmRSRUWDQWDV UHQ~QFLDVHDEGLFDo}HVHPQRPHGHPLQKDFULDomRHHGXFDomRSRUWRGD OXWDHGHGLFDomRSDUDRPHXFUHVFLPHQWRSHVVRDOHSURILVVLRQDO6DLEDPTXH

YRFrVVmRSUHFLRVRVHVmRRVPDLRUHVUHVSRQViYHLVSRUHVVDFRQTXLVWDTXH WDPEpPpGHYRFrV0XLWR2EULJDGR

$RPHXPDULGR%UHQRHWHUQRHYHUGDGHLURDPRU3HORLQFHQWLYRDX[tOLR FRPSDQKHLULVPRDPL]DGHFDULQKRHSDODYUDVDPLJDV&DPLQKRGHEDWDOKD

DOHJULDFRQTXLVWDHFUHVFLPHQWR$YRFrRPHXPXLWRREULJDGD

$RPHXILOKR+HLWRUTXHDLQGDQDEDUULJDGDPDPmHWURX[HDOHJULDH GHVFRQWUDomRDRPH[HUSHODSULPHLUDYH]HPXPGRVPRPHQWRVGHWHQVmR

QDUHDOL]DomRGRWUDEDOKR

¬VPLQKDVLUPmV0DULHO\H0LFKHO\SHORDPRUHFXPSOLFLGDGHTXHQRVXQH HTXHPHVPRGLVWDQWHVVHPSUHPHLQFHQWLYDUDPDUHDOL]DURVPHXV

VRQKRV

(6)

LL

$*5$'(&,0(172(63(&,$/

$JUDGHoRHVSHFLDOPHQWHjPLQKDRULHQWDGRUD3URID'UD,rGD&KDYHV 3DFKHFR5XVVRXPH[HPSORGHH[FHOrQFLDHP)RQRDXGLRORJLDTXHQRV

RUJXOKDSHORVHXSUHVWtJLRQDFLRQDOHLQWHUQDFLRQDOQRFRPSURPLVVR LQFDQViYHOGHHQJUDQGHFHUDSURILVVmR

1RVVDFRQYLYrQFLDGHVGHDHVSHFLDOL]DomRDWpRPHVWUDGRPHSRVVLELOLWRX QmRDSHQDVDSURIXQGDULQ~PHURVFRQKHFLPHQWRVPDVWDPEpPDSUHQGHU PXLWRSULQFLSDOPHQWHHPQRVVDVFRQYHUVDVQDVFDURQDVTXHPHRIHUHFLD GHSRLVGDVDXODVHDWHQGLPHQWRVVREUHJHQHURVLGDGHVHQVDWH]UHVSHLWR DFROKLPHQWRWmRLPSRUWDQWHHQHFHVViULRSDUDYHQFHUPRVRVREVWiFXORVHP

XPWUDEDOKRDFDGrPLFR

9RFrDSDUHFHXHPPLQKDYLGDHSHUPDQHFHUiVHPSUHFRPRSURILVVLRQDO VHUKXPDQRDPLJDFRPSDQKHLUDPHVPRHXHVWDQGRWmRGLVWDQWHQR1RUWH

SRGHVWHUFHUWH]DTXHFRQVWUXtVWHXPDILOKDRXPHOKRUWHQVDJRUDXPD IDPtOLDTXHOKHHVSHUDGHEUDoRVDEHUWRVSDUDUHWULEXLUGHDOJXPDIRUPDWRGR

VHXDFRQFKHJRQHVWDPLQKDWUDMHWyULD

0XLWR2EULJDGD3URIHVVRUD,rGDSRUVXDWDPDQKDVDEHGRULDVXDOX]UHIOHWH SRURQGHSDVVDVHID]WRGRVVHHQFDQWDUHPFRPVHXHVSOrQGLGRFDULVPD

(7)

LLL

$*5$'(&,0(1726

3ULPHLUDPHQWH D'HXV SHODPLQKD YLGD SRU WRGDIRUoD H SURWHomR GXUDQWH HVWDFDPLQKDGD

$3URID'UD,rGD&KDYHV3DFKHFR5XVVRSHORFDULQKRGLVSRQLELOLGDGHH SDFLrQFLD QRV HQVLQDPHQWRV H RULHQWDo}HV FRQFHGLGDV DX[LOLDQGR QD HODERUDomRGHVWHHVWXGR

$R 'U 6DPLU =DFFDURI 9DVVLOLDGHV GLUHWRU GR +RVSLWDO 3DXOLVWD GH 2WRUULQRODULQJRORJLDSHODVXDJHQWLOH]DHFRQILDQoDHPSHUPLWLUDUHDOL]DomR GDFROHWDGHGDGRVQRKRVSLWDO

¬&RRUGHQDomRGH$SHUIHLoRDPHQWR3HVVRDOGH1tYHO6XSHULRU&DSHVSHOD FRQFHVVmR GD EROVD GH PHVWUDGR SDUD R GHVHQYROYLPHQWR H HODERUDomR GHVWHWUDEDOKR

¬ 3URIHVVRUD 0V 0DULD &HFtOLD *UHFR SHOD VXD SDUWLFLSDomR H FRQWULEXLo}HV RIHUHFLGDV QR SUpSURMHWR GXUDQWH D GLVFLSOLQD 6HPLQiULR GH 'LVVHUWDomR,,

¬ 3URIHVVRUD 'UD $QD &OiXGLD )LRULQL SHODV GLVFXVV}HV VXJHVW}HV FRUUHo}HV H SUHFLRVDV FRQWULEXLo}HV QR H[DPH GH TXDOLILFDomR H SHORV PRPHQWRV PDUDYLOKRVRV GH DSUHQGL]DGR H DOHJULD QRV DWHQGLPHQWRV QD '(5',&63 TXH IRUDP GH H[WUHPD LPSRUWkQFLD SURILVVLRQDO SDUD PLQKD DWXDomRHP$XGLRORJLD&OtQLFD6HQWLUHLVDXGDGHV

(8)

LY

$R -RmR 0DWLDV SHOD VXD GLVSRQLELOLGDGH HP DMXGDU H D HQVLQDU QD IRUPDWDomRHQDVSHVTXLVDVELEOLRJUiILFDVLPSUHVFLQGtYHLVSDUDDUHDOL]DomR GHVWHHVWXGRVHPSUHDWHQFLRVRHSUHVWDWLYRQRVUHFHEHQGRFRPXPVRUULVR QRURVWR

$R(VWDWtVWLFR-LPP\$GDQVSHODUHDOL]DomRGDDQiOLVHHVWDWtVWLFD

¬ 9LUJtQLD VHFUHWiULD GR 3URJUDPD GH (VWXGRV 3yV*UDGXDGRV HP )RQRDXGLRORJLD GD 38&63 SHOD DWHQomR H GLVSRQLELOLGDGH HP QRV DMXGDU FRPVXDVH[SOLFDo}HVEXURFUiWLFDV

¬V TXHULGDV DPLJDV )RQRDXGLyORJDV TXH HVWLYHUDP SUHVHQWHV HP PRPHQWRVYDOLRVRVHDRPHVPRWHPSRVDFULILFDQWHVGXUDQWHRVGRLVDQRVGH 0HVWUDGRFDGDXPDFRPVXDVTXDOLGDGHVXQLmRHVVDLPSUHVFLQGtYHOQHVWD FDPLQKDGD

(P HVSHFLDO j DPLJD)JD 0V 0LOOHQD1REUHJD SHODV VXDV H[SOLFDo}HV FLHQWtILFDV H DMXGD QD FRQVWUXomR GRV UHVXOWDGRV GHVWH HVWXGR H FDULQKR QHVWDHWDSDWmRLPSRUWDQWHHPPLQKDYLGD6HPSDODYUDV

$ WRGRV TXH GLUHWDPHQWH RX LQGLUHWDPHQWH FRQWULEXtUDP SDUD D UHDOL]DomR GHVWHWUDEDOKR

0

XLWR2EULJDGD

(9)

Y

5(6802

6RXVD *% $XGLomR GH MRYHQV GH D DQRV HVWXGR GR HQWDOKH DXGLRPpWULFR 6mR 3DXOR >'LVVHUWDomR GH 0HVWUDGR ± 3RQWLItFLD 8QLYHUVLGDGH&DWyOLFDGH6mR3DXOR±38&63@

,QWURGXomR1RV~OWLPRVDQRVWHPFUHVFLGRDSUHRFXSDomRGHDXGLRORJLVWDV FRPDVD~GHDXGLWLYDGDSRSXODomRMRYHPHPGHFRUUrQFLDGDH[SRVLomRDR UXtGR XUEDQR H j P~VLFD HP LQWHQVLGDGH H[FHVVLYD OHYDQGR D HIHLWRV DXGLWLYRV H H[WUDDXGLWLYRV SUHMXGLFLDLV j VD~GH 7HP VLGR FDGD YH] PDLV FRPXP RV MRYHQV VXEPHWLGRV j DXGLRPHWULD WRQDO OLPLQDU DSUHVHQWDUHP OLPLDUHVTXHVHDIDVWDPGRG%1$HDSUR[LPDPVHGRVRXG%1$ FDUDFWHUL]DQGRRHQWDOKHDXGLRPpWULFR7UDWDVHGHXPUHEDL[DPHQWRGHQWUR GDQRUPDOLGDGHQDVIUHTrQFLDVGHNNRXN+]HPSUHVHQoDGHXPD GLIHUHQoD GH SHOR PHQRV G% GD IUHTrQFLD DQWHULRU RX SRVWHULRU j DQDOLVDGD 2 HQWDOKH SRGH LQGLFDU XPD WHQGrQFLD DR GHVHQFDGHDPHQWR GD SHUGDDXGLWLYD LQGX]LGD SRU UXtGR DR ORQJRGR WHPSR2EMHWLYR ,GHQWLILFDU D SUHVHQoD GR HQWDOKH DXGLRPpWULFR HP MRYHQV GH D DQRV D SDUWLU GD DQiOLVH GDV DXGLRPHWULDV WRQDLV OLPLQDUHV UHDOL]DGDV HP XP KRVSLWDO SDUWLFXODU GR PXQLFtSLR GH 6mR 3DXOR QR SHUtRGR GH D YHULILFDQGR VH[R R ODGR GD RUHOKD D IUHTrQFLD H R WLSR GH HQWDOKH VmR IRQWHV GH YDULDELOLGDGH 0pWRGR 2 HVWXGR p GR WLSR UHWURVSHFWLYR H TXDQWLWDWLYRHRSURFHGLPHQWRFRQVWRXQROHYDQWDPHQWRGRVDXGLRJUDPDVGH SDFLHQWHV QRUPR RXYLQWHV VHQGR LQGLYtGXRV GR VH[R IHPLQLQRHGRVH[RPDVFXOLQRHPLGDGHVYDULDQGRGHD DQRV5HVXOWDGRV +RXYH SUHVHQoD GH HQWDOKH DXGLRPpWULFR HP GRV VXMHLWRV HVWXGDGRV VHQGR PDLV IUHTXHQWH SDUD RV GR VH[R IHPLQLQR±GRTXHSDUDRVH[RPDVFXOLQR±+RXYH GLIHUHQoDHVWDWLVWLFDPHQWHVLJQLILFDQWHHQWUHDVIUHTrQFLDVQDRUHOKDGLUHLWD SDUD N+] H SDUD DV IUHTrQFLDV GH H N+] QD RUHOKD HVTXHUGD +RXYH SUHYDOrQFLD GH HQWDOKH DXGLRPpWULFR GR WLSR XQLODWHUDO ± HVWDQGRRWLSRELODWHUDOSUHVHQWHHPDSHQDV&RQFOXVmR2VUHVXOWDGRV GHPRQVWUDUDPVLJQLILFkQFLDHVWDWtVWLFDQDSUHVHQoDGRHQWDOKHDXGLRPpWULFR SDUD WRGDV DV YDULiYHLV HVWXGDGDV R TXH VXJHUH TXH HVWD SRSXODomR FRQVWLWXL XP JUXSR GH ULVFR SDUD IXWXUDV SHUGDV DXGLWLYDV VH PHGLGDV QmR IRUHP WRPDGDV QR VHQWLGR GH SUHVHUYDU H PDQWHU D VD~GH DXGLWLYD GRV MRYHQVHPQRVVRPHLR

(10)

YL

$%675$&7

6RXVD *% +HDULQJ LQ \RXQJVWHUV IURP WR \HDUV ROG D VWXG\ RI WKH DXGLRPHWULF QRWFK 6mR 3DXOR >0DWHUV 'LVVHUWDWLRQ ± 3RQWLItFLD 8QLYHUVLGDGH&DWyOLFDGH6mR3DXOR±38&63@

,QWURGXFWLRQ ,Q UHFHQW \HDUV KDV EHHQ LQFUHDVLQJ WKH FRQFHUQ RI $XGLRORJLVWV UHODWHG WR WKH KHDULQJ KHDOWK RI \RXQJVWHUV H[SRVHG WR XUEDQ QRLVHDQGORXGPXVLFZKLFKSURYRNHVDXGLWRU\DQGH[WUDDXGLWRU\HIIHFWV,W¶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mR3DXORIURPWRYHULI\LQJLI JHQGHUIUHTXHQF\HDUDQGW\SHRIQRWFKDUHVRXUFHVRIYDULDELOLW\0HWKRG 7KLV VWXG\ LV UHWURVSHFWLYH TXDQWLWDWLYH DQG WKH SURFHGXUH FRQVLVWHG LQ WKH LQYHVWLJDWLRQ RI DXGLRJUDPV RI QRUPDO KHDULQJ VXEMHFWV EHLQJ IHPDOH DQG PDOHV5HVXOWV 7KH KHDULQJ QRWFK ZDV SUHVHQW LQ RI WKH VWXGLHG VDPSOH EHLQJ PRUH SUHYDOHQW IRU IHPDOH WKDQ PDOH ±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

(11)

YLL

680È5,2

'(',&$7Ï5,$ ,

$*5$'(&,0(172(63(&,$/ ,,

$*5$'(&,0(1726 ,,,

5(6802 9

$%675$&7 9,

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

/,67$'(6,*/$687,/,=$'$6 ;,,

,1752'8d­2

2%-(7,92

5(9,6­2'(/,7(5$785$

5XtGRQtYHLVLQF{PRGRHVHXVHIHLWRV

+iELWRV6RQRURV

9DULiYHLVTXHLQIOXHQFLDPDGHWHUPLQDomRGRVOLPLDUHVWRQDLV &RORFDomRGRVIRQHVGHRXYLGR (VWXGRVDXGLROyJLFRVUHDOL]DGRVFRPMRYHQV

0e72'2

7LSRGHHVWXGR

&DUDFWHUL]DomRGRORFDO

3URFHGLPHQWRGH&ROHWD

&DVXtVWLFD

&ULWpULRVSDUDDQiOLVHGRVUHVXOWDGRV

5(68/7$'26

',6&866­2

&21&/86­2

5()(5Ç1&,$6%,%/,2*5È),&$6

(12)

YLLL

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

7DEHOD'LVWULEXLomRGDSRSXODomRHVWXGDGDVHJXQGRDVYDULiYHLVVH[RH

LGDGH

7DEHOD 'LVWULEXLomR GD PpGLD PHGLDQD GHVYLR SDGUmR TXDUWLV R LQWHUYDORGHFRQILDQoDHRSYDORUGRVOLPLDUHVDXGLRPpWULFRVSRURUHOKD HPFDGDIUHTrQFLDSDUDRVH[RIHPLQLQR 7DEHOD 'LVWULEXLomR GD PpGLD PHGLDQD GHVYLR SDGUmR R LQWHUYDOR GH FRQILDQoD H R SYDORU GRV OLPLDUHV DXGLRPpWULFRV SRU RUHOKD HP FDGD IUHTrQFLDSDUDRVH[RPDVFXOLQR 7DEHOD3UHYDOrQFLDGHHQWDOKHDXGLRPpWULFRQDSRSXODomRHVWXGDGD 7DEHOD'LVWULEXLomRGHHQWDOKHDXGLRPpWULFRVHJXQGRDYDULiYHOVH[R 7DEHOD3UHYDOrQFLDGHHQWDOKHDXGLRPpWULFRXQLODWHUDOHELODWHUDO 7DEHOD 'LVWULEXLomR GD PpGLD PHGLDQD GHVYLR SDGUmR TXDUWLV R LQWHUYDOR GH FRQILDQoD H R SYDORU SRU RUHOKD HP FDGD IUHTrQFLD QD RFRUUrQFLDGHHQWDOKHDXGLRPpWULFRSDUDRVH[RIHPLQLQR

7DEHOD 'LVWULEXLomR GD PpGLD PHGLDQD GHVYLR SDGUmR TXDUWLV R LQWHUYDOR GH FRQILDQoD H R SYDORU SRU RUHOKD HP FDGD IUHTrQFLD QD RFRUUrQFLDGHHQWDOKHDXGLRPpWULFRSDUDRVH[RPDVFXOLQR

(13)

L[

7DEHOD 'LVWULEXLomR GR HQWDOKH DXGLRPpWULFR HP IXQomR GD IUHTrQFLD DQDOLVDGDLVRODGDVHHPJUXSRV 7DEHOD 'LVWULEXLomR GR HQWDOKH DXGLRPpWULFR HP IXQomR GD RUHOKD DQDOLVDGDHPFDGDIUHTrQFLD

(14)

[

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

)LJXUD'LVWULEXLomRGDSRSXODomRHVWXGDGDVHJXQGRDVYDULiYHLVVH[RH

LGDGH

)LJXUD 'LVWULEXLomR GDV PpGLDV GHVYLRVSDGUmR H HUURVSDGUmR GRV OLPLDUHVDXGLRPpWULFRVGD2' )LJXUD 'LVWULEXLomR GDV PpGLDV GHVYLRVSDGUmR H HUURVSDGUmR GRV OLPLDUHVDXGLRPpWULFRVGD2( )LJXUD3UHYDOrQFLDGHHQWDOKHQDSRSXODomRHVWXGDGD

)LJXUD'LVWULEXLomRGHHQWDOKHDXGLRPpWULFRVHJXQGRDYDULiYHOVH[R

)LJXUD3UHYDOrQFLDGHHQWDOKHDXGLRPpWULFRXQLODWHUDOHELODWHUDO )LJXUD 'LVWULEXLomR GD RFRUUrQFLD GH HQWDOKH DXGLRPpWULFR QD RUHOKD HVTXHUGDSDUDRVH[RPDVFXOLQR )LJXUD 'LVWULEXLomR GD RFRUUrQFLD GH HQWDOKH DXGLRPpWULFR QD RUHOKD GLUHLWDSDUDRVH[RPDVFXOLQR )LJXUD 'LVWULEXLomR GD RFRUUrQFLD GH HQWDOKH DXGLRPpWULFR QD RUHOKD

HVTXHUGDSDUDRVH[RIHPLQLQR

)LJXUD 'LVWULEXLomR GH RFRUUrQFLD GH HQWDOKH DXGLRPpWULFR QD RUHOKD

GLUHLWDSDUDRVH[RIHPLQLQR

(15)

[L

(16)

[LL

/,67$'(6,*/$687,/,=$'$6

$&2(0 $PHULFDQ&ROOHJHRI2FFXSDWLRQDODQG(QYLURQPHQWDO0HGLFLQH

$7/ $OWHUDomR7HPSRUiULDGR/LPLDU

&&( &pOXODV&LOLDGDV([WHUQDV G% 'HFLEHO

G%$ 'HFLEHOFRP&XUYDGH&RPSHQVDomR$ G%1$ 'HFLEHO1tYHOGH$XGLomR

G%136 'HFLEHO1tYHOGH3UHVVmR6RQRUD +] +HUW]

N+] .LOR+HUW]

/HT 1tYHO6RQRUR(TXLYDOHQWH 0$, 0~VLFD$PSOLILFDGD,QGLYLGXDO 0$( 0HDWR$F~VWLFR([WHUQR

07/ 0XGDQoD7HPSRUiULDGR/LPLDU$XGLWLYR 136 1tYHOGH3UHVVmR6RQRUD

2' 2UHOKD'LUHLWD 2( 2UHOKD(VTXHUGD

206 2UJDQL]DomR0XQGLDOGH6D~GH

3$,136( 3HUGD$XGLWLYD,QGX]LGDSRU1tYHLVGH3UHVVmR6RQRUD(OHYDGRV 3$,5 3HUGD$XGLWLYD,QGX]LGDSRU5XtGR

376 3HUPDQHQW7KUHVKROG6KLIW

61$& 6LVWHPD1HUYRVR$XGLWLYR&HQWUDO 776 7HPSRUDU\7KUHVKROG6KLIW

(17)

,1752'8d­2

$2UJDQL]DomR0XQGLDOGH6D~GH206FRQVLGHUDDSROXLomRVRQRUD D WHUFHLUD PDLRU GR PHLR DPELHQWH SHUGHQGR DSHQDV SDUD D SROXLomR GD iJXD H GR DU 1R %UDVLO Mi p XPD TXHVWmR GH VD~GH S~EOLFD DSUR[LPDGDPHQWHPLOK}HVGHLQGLYtGXRVVRIUHPHVWHLPSDFWRDPELHQWDO GLDQWHGRUXtGRIRUDGHFRQWUROHPXLWDVYH]HVHPQtYHLVGHSUHVVmRVRQRUD DFLPD GR OLPLWH SHUPLWLGR SRU OHL 1HVVHV ~OWLPRV DQRV DXPHQWRX D LQFLGrQFLD GH SHUGDV DXGLWLYDV DGTXLULGDV HP GHFRUUrQFLD GRV ULVFRV DPELHQWDLVDRVTXDLVDSRSXODomRHVWiH[SRVWDRTXHpSUHRFXSDQWHSDUD RV)RQRDXGLyORJRVTXHDWXDPQDSUHVHUYDomRGDVD~GHDXGLWLYD

$V IRQWHV GH UXtGR QmR VH UHVWULQJHP DSHQDV j DPELHQWHV SURILVVLRQDLVFRPRDVJUDQGHVLQG~VWULDVHQJOREDWDPEpPRVUXtGRVGHYLGD GLiULD FRPR RV DXWRPyYHLV H XWLOLWiULRV RV DODUPHV FRQWUD URXERV RV WUDQVSRUWHV FROHWLYRV R FRPpUFLR DPEXODQWH DV VLUHQHV GH DPEXOkQFLD ERPEHLURV FDUURV GH SROtFLD PRWRUHV HQYHQHQDGRV DOJD]DUUDV H KHOLFySWHURV

6HJXQGR 5XVVR R UXtGR p XP WLSR GH VRP GH RQGDV FRPSOH[DV DVVRFLDGDV D XP VRP GHVDJUDGiYHO LQGHVHMiYHO FRP IUHTrQFLDVLUUHJXODUHVFRQVWDQWHVHLQVWiYHLVeXPDJHQWHItVLFRTXHSRGH FDXVDUGDQRVDRRUJDQLVPRKXPDQR

(18)

LQWHQVLGDGH OHVD DV FpOXODV VHQVRULDLV DXGLWLYDV $OpP GLVVR Ki RXWUDV TXHL[DVGHVD~GHUHODFLRQDGDVDHVVDH[SRVLomRWDLVFRPRDOWHUDo}HVQRV VLVWHPDVFDUGLRYDVFXODUJiVWULFRHPXVFXODUGLVW~UELRGRVRQRVHQGRXP JUDQGHJHUDGRUGHDQVLHGDGHQHUYRVLVPRLUULWDELOLGDGHPXGDQoDGHKXPRU HQWUHRXWUDV

$PDQHLUDFRPRXPFLGDGmRpDIHWDGRSHORLQF{PRGRRXSHORSUD]HU GHXPVRPLQWHQVRMiTXHpXPVHQWLPHQWRHVWULWDPHQWHSDUWLFXODUSHVVRDO p GHVFRQKHFLGD $ P~VLFD SRU H[HPSOR p XP VRP SUD]HURVR H SRUWDQWR PXLWRVQmRDFUHGLWDPTXHHODSRVVDVHUSUHMXGLFLDOjDXGLomR'HSHQGHQGR GR ULWPR D P~VLFD WHP R SRGHU GH DFDOPDU UHOD[DU RX HVWLPXODU 3RUpP TXDQGR DSUHVHQWDGD HP QtYHLV VRQRURV HOHYDGRV SRGH RFDVLRQDU XPD SURGXomR H[FHVVLYD GH DGUHQDOLQD QRUDGUHQDOLQD H GH VHXV UHVSHFWLYRV UHFHSWRUHV TXH SRGH OHYDU j GHSHQGrQFLD GH HVFXWiOD HP QtYHLV VRQRURV FDGDYH]PDLRUHVHFRPLVVRJHUDUDOJXPSUHMXt]RDXGLWLYR

&RP D HYROXomR WHFQROyJLFD D SRWrQFLD H D TXDOLGDGH GRV HTXLSDPHQWRV GH VRP DXPHQWDUDP FRQVLGHUDYHOPHQWH (QWUHWDQWR HVVH DYDQoRHOHWU{QLFRSRGHJHUDUVLWXDo}HVSUREOHPiWLFDVFRPRDH[SRVLomRj P~VLFDH[FHVVLYDPHQWHDPSOLILFDGDQmRVHSUHRFXSDQGRHPWRPDUPHGLGDV SUHYHQWLYDV H UHSDUDGRUDV WDLV FRPR WUDWDPHQWR DF~VWLFR QR DPELHQWH PRQLWRUDPHQWR DXGLROyJLFR DOpP GR XVR GH SURWHWRUHV DXGLWLYRV $OJXQV DXWRUHV SUHRFXSDGRV FRP R UXtGR SURYHQLHQWH GR OD]HU DQDOLVDUDP H SHUFHEHUDP TXH PXLWRV GHVWHV UXtGRV HUDP HVVHQFLDOPHQWH SUHMXGLFLDLV j VD~GH GR KRPHP :HVW (YDQV <DVVLHW DO =HQQHUHW DO

(19)

GDQFHWHULDVHHTXLSDPHQWRVGHVRPLQVWDODGRVQRLQWHULRUGHDXWRPyYHLVRV TXDLV ID]HP SDUWH GD URWLQD GH MRYHQV H DGROHVFHQWHV TXH UHVLGHP QDV JUDQGHV FLGDGHV 1D DWXDOLGDGH R DEXVR H[FHVVLYR GRV VRQV PXVLFDLV SUHVHQWHV QDV UHXQL}HV QRV FLQHPDV WHDWURV H GLVFRWHFDV SURYRFDUDP RXWUDV DVVRFLDo}HV j P~VLFD FRPR DOJR SUHMXGLFLDO DR EHP HVWDU ItVLFR H PHQWDOGRVLQGLYtGXRV

'HQWUH DV LQ~PHUDV DWLYLGDGHV GH OD]HU GRV MRYHQV HVWi R XVR GRV HTXLSDPHQWRV VRQRURV SRUWiWHLV FRP IRQHV GH RXYLGR FRQKHFLGRV KRMH HP GLD FRPR ³L3RG´ ³03´ RX ³03´ 8PD SHVTXLVD UHDOL]DGD SHOD$PHULFDQ 6SHHFK+HDULQJ/DQJXDJH $VVRFLDWLRQ$6+$ DYDOLRX GH] PRGHORV GH HVWpUHRV SHVVRDLV FRPHUFLDOL]DGRV QRV (VWDGRV 8QLGRV PHGLGRV HP GLIHUHQWHVSRVLo}HVGHYROXPH³2QtYHOGRVRPFKHJRXHQWUHG%H PHVPR QR YROXPH PtQLPR DOJXQV DOFDQoDUDP QtYHLV DFLPD GRV HVWDEHOHFLGRVFRPRVHJXURVSHODOHJLVODomRIHGHUDO´

$OJXQV DXWRUHV OHYDQWDUDP D TXHVWmR GR ULVFR GH OHVmR DXGLWLYD HP MRYHQV IUHTHQWDGRUHV GH GLVFRWHFDV RX XVXiULRV GH VLVWHPDV GH DPSOLILFDomR VRQRUD FRP IRQHV GH RXYLGR TXHVWLRQDQGR DLQGD VH RV OLPLDUHVDXGLWLYRVGDMXYHQWXGHHVWDULDPVHPRGLILFDQGRGLDQWHGDFUHVFHQWH SROXLomRVRQRUDDTXHHVWDSRSXODomRHVWiH[SRVWDQRVFHQWURVXUEDQRV

1LVNDU HW DO GR &HQWURGH &RQWUROHH 3UHYHQomRGH 'RHQoDV GR(8$UHYHODUDPXPGDGREDVWDQWHSUHRFXSDQWHDYDOLDUDPDDXGLomRGH MRYHQV H FRQVWDWDUDP TXH DSUHVHQWDUDP SHUGD DXGLWLYD LQGX]LGD SRU VRQV LQWHQVRV QmR UHODFLRQDGD D SUREOHPD GH RUHOKD PpGLD HPXPDRXDPEDVDVRUHOKDVDIHWDQGRQRPtQLPRXPDIUHTrQFLDDOWDR TXH SRGH GLILFXOWDU SRU H[HPSOR D GLVFULPLQDomR GH VRQV GDIDODFRPR DV FRQVRDQWHV

(20)

HPSUHVHQoDGHXPDGLIHUHQoDGHSHORPHQRVG%GDIUHTrQFLDDQWHULRU RX SRVWHULRU j DQDOLVDGD 2 HQWDOKH SRGH LQGLFDU XPD WHQGrQFLD DR GHVHQFDGHDPHQWRGDSHUGDDXGLWLYDLQGX]LGDSRUUXtGRDRORQJRGRWHPSR

$OpPGLVVRWHPVLGRFDGDYH]PDLVFRPXPRVMRYHQVVXEPHWLGRVj DYDOLDomR FRQYHQFLRQDO GD DXGLomR RX VHMD j DXGLRPHWULD WRQDO OLPLQDU DSUHVHQWDUHPOLPLDUHVTXHVHDIDVWDPGRG%1$HDSUR[LPDPVHGRV RXG%1$SULQFLSDOPHQWHQDIDL[DGHIUHTrQFLDVDSDUWLUGHN+]

$ SDUWLU GHVWD UHDOLGDGH OHYDQWDPRV D KLSyWHVH GH TXH QRV DXGLRJUDPDVGDSRSXODomRGHMRYHQVGHYHDXPHQWDUDSUHVHQoDGHHQWDOKH DXGLRPpWULFR HP GHFRUUrQFLD GD VXSHU H[SRVLomR D QtYHLV GH SUHVVmR VRQRUDHOHYDGRVGHUXtGRHP~VLFD

(21)

2%-(7,92

*HUDO

2 REMHWLYR JHUDO GHVWD SHVTXLVD p LGHQWLILFDU D SUHVHQoD GR HQWDOKH DXGLRPpWULFR HP MRYHQV GH D DQRV D SDUWLU GDV DXGLRPHWULDV WRQDLV OLPLQDUHVUHDOL]DGDVHPXPKRVSLWDOSDUWLFXODUGRPXQLFtSLRGH6mR3DXORQR SHUtRGRGHD

(VSHFtILFR

x &RPSDUDU RV OLPLDUHV DXGLRPpWULFRV YHULILFDQGR VH R VH[R D

(22)

5(9,6­2'(/,7(5$785$

(VWH FDStWXOR FRQWpP R UHIHUHQFLDO TXHFRQVWLWXL D IXQGDPHQWDomR WHyULFD GD SUHVHQWH LQYHVWLJDomR 3DUD HIHLWRV GLGiWLFRV RSWDPRV SRU VXEGLYLGLOR HP TXDWUR SDUWHV SULRUL]DQGR R HQFDGHDPHQWR GDV LGpLDV QR WH[WRHPDOJXQVWySLFRVHDFURQRORJLDGDVFLWDo}HVGRVDXWRUHVHPRXWURV

5XtGRQtYHLVLQF{PRGRHVHXVHIHLWRV

2UXtGRSRGHVHUGHILQLGRFRPR³RVRPLQGHVHMiYHO´'RSRQWRGHYLVWD DF~VWLFR R VRP H R UXtGR FRQVWLWXHP R PHVPR IHQ{PHQR GH IOXWXDomR GD SUHVVmRDWPRVIpULFDVREUHDSUHVVmRPpGLDRGLIHUHQFLDOpH[FOXVLYDPHQWH VXEMHWLYR 2 TXH p VRP SDUD DOJXQV SRGH VHU UXtGR SDUD RXWURV &RP R GHVHQYROYHU GH pSRFDV PRGHUQDV R UXtGR DSDUHFHX FRPR XP SHULJR VpULR SDUDDVD~GHDXPHQWDQGRDRFRUUrQFLDGHSHUGDDXGLWLYDLQGX]LGDSRUUXtGR +DQVHQ

(23)

(VSHFLILFDPHQWH QD DXGLomR RV HIHLWRV GR UXtGR YDULDP GHVGH DOWHUDo}HVSDVVDJHLUDVDWpSHUGDVDXGLWLYDVLUUHYHUVtYHLV(VWDYDULDELOLGDGH GHSHQGHGHGLIHUHQWHVIDWRUHVDVDEHU

6XVFHSWLELOLGDGH LQGLYLGXDO GHSHQGH HQWUH RXWURV IDWRUHV GRV PHFDQLVPRV QHUYRVRV DXGLWLYRV FLUFXODWyULRV RX GH RXWUDV SDWRORJLDVFRPRGLDEHWHVVtILOLVLQVXILFLrQFLDKHSiWLFDLQWR[LFDomR SRUDJHQWHVTXtPLFRVHWF

,QWHQVLGDGHGRUXtGRDFLPDGHG%$VmRQRFLYRVjVD~GHGDV SHVVRDV

7HPSR GH H[SRVLomR DR UXtGR H[LVWH XPD FRUUHODomR HQWUH R WHPSR GH H[SRVLomR H D LQWHQVLGDGH GR UXtGR 4XDQWR PDLRU R WHPSR GH H[SRVLomR DR UXtGR PDLRU p D SRVVLELOLGDGH GR VXMHLWR DGTXLULUXPDSHUGDDXGLWLYD

,GDGH R IDWRU LGDGH GHYH VHU FRQVLGHUDGR DR VHU DQDOLVDGD D DXGLomRGHXPLQGLYtGXR0RPHQVRKQ6DQWRV5XVVR

(24)

FRPSUHHQVmR GH IDOD UHODWDGD SRU SRUWDGRUHV GH SHUGD DXGLWLYD VHQVyULR QHXUDODOpPGRGDQRSHULIpULFR

0F)DGGHQHW DO FRQVWDWDUDP TXH DR H[SRU D FyFOHD DR UXtGR RFRUUH R DXPHQWR GD SURGXomR GH HVSpFLHV GH R[LJrQLR UHDWLYR UHDFWLYH R[\JHQ VSHFLHV TXH SRGHP FDXVDU GDQRV R[LGDWLYRV HP GLIHUHQWHV HVWUXWXUDV FHOXODUHV GHVGH D PHPEUDQD DWp DR '1$ GD FpOXOD ,VWR RFRUUH FDVR HVVDV HVSpFLHV GH R[LJrQLR UHDWLYR QmR VHMDP QHXWUDOL]DGDV SRU DQWLR[LGDQWHV GH GHIHVD 2V DQWLR[LGDQWHV DWXDP QD UHJXODUL]DomR GD SURGXomR GDV HVSpFLHV GH R[LJrQLR UHDWLYR H VmR IXQGDPHQWDLV SDUD PLQLPL]DU RV GDQRV FRFOHDUHV SULQFLSDOPHQWH RV DVVRFLDGRV DR HQYHOKHFLPHQWRHjH[SRVLomRDRUXtGRHOHYDGR

(25)

)LRULQLGHVFUHYHXR7HPSRUDU\7KUHVKROG6KLIW776WDPEpP GHILQLGR FRPR $7/ FRQVLVWH QD UHGXomR GR OLPLDU DXGLWLYR DSyV DOJXPDV KRUDV GH H[SRVLomR D QtYHLV VRQRURV PXLWR LQWHQVRV DFRPSDQKDGR GD TXHL[D GH ]XPELGR $ UHFXSHUDomR SRGHUi RFRUUHU ORJR DSyV FHVVDGD D H[SRVLomRGHQWURGHSRXFRVPLQXWRVRXHPDOJXQVFDVRVSHUPDQHFHUSRU YiULDVKRUDV

0LUDQGD UHODWRX TXH D SHUGD DXGLWLYD p SURGX]LGD TXDQGR D H[SRVLomRD136VHUHSHWHGHPDQHLUDTXHRRXYLGRQmRGHVFDQVDRXVHMD QmR Ki WHPSR GR UHSRXVR DXGLWLYR HQWUH XPD H[SRVLomR H RXWUD $ UHFXSHUDomR YDULD GH GXDV KRUDV DWp KRUDV GHSRLV GH FHVVDGD D H[SRVLomR

2&RPLWr1DFLRQDOGH5XtGRH&RQVHUYDomR$XGLWLYDGHILQLXH FDUDFWHUL]RX3$,5FRPRVHQGRXPDSHUGDDXGLWLYDJUDGXDORFDVLRQDGDSHOD H[SRVLomR SHOD H[SRVLomR FRQWLQXDGD D HVWtPXOR VRQRUR LQWHQVR e QHXURVVHQVRUDO TXDVH VHPSUH ELODWHUDO H UDUDPHQWH DWLQJH JUDX GH SHUGD SURIXQGRJHUDOPHQWHQmRXOWUDSDVVDRVG%1$QDVIUHTrQFLDVEDL[DVH RVG%1$QDVIUHTXrQFLDVDOWDV$FRPHWHLQLFLDOPHQWHDVIUHTXrQFLDVGH N+]N+]HRXN+]HFRPSURJUHVVmRGHOHVmRDIHWDDVIUHTXrQFLDVGH N+]N+]N+]N+]HN+]

%RQDUGLHW DO GHVFUHYHUDP FRPR FRQILJXUDomR DXGLRPpWULFD UHODFLRQDGDj3$,5LQLFLDOPHQWHGHVYLRVQDIDL[DGHN+]FRPH[WHQVmR GRSURFHVVRSDUDD]RQDGHN+]HDVHJXLUDGHN+]3RVWHULRUPHQWH QD IDL[D GH N+] KDYHULD XPD DFHQWXDomR PDLRU H VRPHQWH QDV HWDSDV PDLVDYDQoDGDVRFRUUHULDDDJUHVVmRDRXWUDV]RQDVWRQDLV

(26)

LUUHYHUVLELOLGDGH H D SURJUHVVmR JUDGXDO GH DFRUGR FRP R WHPSR GH H[SRVLomR TXDVH VHPSUH p ELODWHUDO FRP SDGU}HV DXGLRPpWULFRV VHPHOKDQWHV HP DPERV RV ODGRV DFRPHWH LQLFLDOPHQWH RV OLPLDUHV DXGLRPpWULFRV HP XPD RX PDLV IUHTrQFLDV GD IDL[D GH D +] SRUpP DV IUHTrQFLDV PDLV DOWDV H PDLV EDL[DV SRGHUmR OHYDU PDLV WHPSR SDUD VHUHP DIHWDGDV TXDVH QXQFD p GH JUDX SURIXQGR LVWR p RV OLPLDUHV SDUDDVSHUGDVHPEDL[DVIUHTrQFLDVHVWmRSUy[LPRVDG%1$QtYHOGH DXGLomRHHPDOWDVIUHTrQFLDVHPWRUQRGHG%1$XPDYH]FHVVDGDD H[SRVLomRQmRKDYHUiSURJUHVVmRGDSHUGDDXGLWLYD

+XHWDOHVWXGDUDPRHQYROYLPHQWRGDDSRSWRVHQDPRUWHGDV FpOXODVFLOLDGDVH[WHUQDV&&(GHFKLQFKLODVH[SRVWDVDXPUXtGRGHEDQGD HVWUHLWD GH N+] D G%$ SRU XPD KRUD ([DPHV PRUIROyJLFRV GRV Q~FOHRV GDV &&( UHYHODUDP D FRQGHQDomR H D IUDJPHQWDomR QXFOHDU FDUDFWHUtVWLFDV GH XPD DSRSWRVH GDV &&( TXH VH GHVHQYROYHX DVVLPHWULFDPHQWH HP GLUHomR DR iSLFH H jV SRUo}HV EDVDLV GDV FyFOHDV DSyV D H[SRVLomR DR UXtGR LQWHQVR 'RLV GLDV DSyV HVWD H[SRVLomR DLQGD H[LVWHP DOWHUDo}HV QDV &&( DWLYDV FRP Q~FOHRV FRQGHQVDGRV H IUDJPHQWDGRV QD SRUomR EDVDO GDV FyFOHDV $ GHVFREHUWD GD DWLYDomR GR FDVSDVHXPPDUFDGRULQWUDFHOXODUSDUDDSRSWRVHGHPRQVWURXFODUDPHQWH R HVSDoR HQWUH R Q~FOHR DSRSWyWLFR H R FDVSDVH DWLYDGR 2V DXWRUHV FRQFOXtUDPTXHDSyVDH[SRVLomRGDFyFOHDDRUXtGRLQWHQVRDPRUWHGDV &&(RFRUUHXGHIRUPDSURJUDPDGD

(27)

<DQJ HW DO FRPSDUDUDP D SUHYDOrQFLD GD DSRSWRVH H GD QHFURVH FRPR IRUPDV GH PRUWH GDV FpOXODV FLOLDGDV H[WHUQDV &&( FRQVLGHUDQGR D YDULiYHO WHPSR DSyV D H[SRVLomR DRV GLIHUHQWHV QtYHLV VRQRURV $V FKLQFKLODV IRUDP H[SRVWDV SRU XPD KRUD DR UXtGR GH EDQGD HVWUHLWD GH G% $ RX GH G% $ 2V DXWRUHV UHDOL]DUDP D DQiOLVH GDV &&( HP WUrV SHUtRGRV GH WHPSR VHQGR R SULPHLUR QR TXDUWR H QR WULJpVLPR GLD DSyV D H[SRVLomR DR UXtGR LQWHQVR 2 Q~PHUR GH PRUWHV FHOXODUHV SRU DSRSWRVH RX SRU QHFURVH IRL LGHQWLILFDGR H GRFXPHQWDGR SRU LQWHUPpGLR GD DSOLFDomR GH XPD FRPELQDomR GH HQ]LPD FRPR R 781(/ D FDVSDVH H R LRGDGR GH SURStGLR SURSLGLXP LRGLGH 2V DXWRUHV H[DPLQDUDP DV FyFOHDV GDV FREDLV QR SULPHLUR H QR TXDUWR GLD DSyV D H[SRVLomRDG%$TXHUHYHODUDPVLJQLILFDWLYDPHQWHPDLVDSRSWRVHGR TXH QHFURVHGDV &&( 1R WULJpVLPR GLD DDSRSWRVH H D QHFURVH GDV &&( FRQWLQXDUDP HPERUD HP PHQRU HVFDOD VHP GLIHUHQoD VLJQLILFDQWH HP UHODomRjTXDQWLGDGHQRVGRLVWLSRVGHPRUWHFHOXODU$VFKLQFKLODVH[SRVWDV DRUXtGRGHG%$PRVWUDUDPXPDGLIHUHQoDVLJQLILFDQWHQRQ~PHURGH DSRSWRVH H QHFURVH GDV &&( QR SULPHLUR GLD DSyV D H[SRVLomR DR UXtGR &RQWXGRHVWDGLIHUHQoDQmRIRLFRQVLGHUDGDHVWDWLVWLFDPHQWHVLJQLILFDQWHQR TXDUWRHQRWULJpVLPRGLDV2VUHVXOWDGRVLQGLFDUDPTXHDSULPHLUDH[SDQVmR GD OHVmR FRFOHDU VHULD DWULEXtGD SULQFLSDOPHQWH j DSRSWRVH H D IDVH PDLV WDUGLDGDH[SDQVmRGDOHVmRVHULDSURYDYHOPHQWHGHFRUUHQWHGDFRQWULEXLomR LJXDOLWiULDGDDSRSWRVHHGDQHFURVH

(28)

GH HVSpFLHV GH R[LJrQLR UHDWLYR TXH GDQLILFDULD R '1$ H D PHPEUDQD FHOXODU DWXDQGR FRP XP HOLFLDGRU GH DSRSWRVH 2 UHVXOWDGR VHULD D PRUWH FHOXODUGHYLGRjFRPELQDomRGDQHFURVHHGHDSRSWRVHFDXVDQGRDSHUGD DXGLWLYD

$OpP GD SHUGD DXGLWLYD RXWURV HIHLWRV UHODFLRQDGRV DR VLVWHPD DXGLWLYR VmR FRPXPHQWH REVHUYDGRV HP LQGLYtGXRV H[SRVWRV D QtYHLV GH SUHVVmR VRQRUD HOHYDGRV WDLV FRPR ]XPELGR KLSHUDFXVLD GLVWRUomR H GLSODFXVLD 2 ]XPELGR p GHILQLGR FRP D VHQVDomR GH SHUFHEHU VRQV QD DXVrQFLD GH XPD IRQWH VRQRUD H[WHUQD 6RQV GLIHUHQWHV JHUDOPHQWH GHVFULWRVFRPRGHSLWFKDJXGRSRGHPVHUSHUFHELGRVHPXPDRXDPEDVDV RUHOKDV RX PHVPR HP DOJXPD UHJLmR GD FDEHoD $ KLSHUDFXVLD p GHVFULWD FRPR XPD KLSHUVHQVLELOLGDGH D VRQV GH LQWHQVLGDGH PRGHUDGD RX OLJHLUDPHQWH DFLPD GR OLPLDU DXGLRPpWULFR DFRPSDQKDGD GH GHVFRQIRUWR H LQF{PRGRDHVVHVVRQV2VVRQVWROHUDGRVSHODPDLRULDGDVSHVVRDVFRPR ULVDGDV RX R WHOHIRQH WRFDQGR VmR WLGRV FRPR GHVFRQIRUWiYHLV RX LQWROHUiYHLV$GLVWRUomRRXDOWHUDomRQDFXUYDGHVLQWRQLDILQDpDSHUFHSomR GRV VRQV IRUD GH VLQWRQLD DOJXPDV IUHTrQFLDV HRX VHXV KDUP{QLFRV VmR SHUFHELGRV GLIHUHQWHPHQWH GR VRP RULJLQDO SDUHFHQGR SRXFR QtWLGR RX LQGLVWLQWR $ GLSODFXVLD p FDUDFWHUL]DGD SRU XPD DOWHUDomR SDWROyJLFD QD FRPELQDomR GH IUHTrQFLD QD TXDO R DXPHQWR GD IUHTrQFLD GH XP GHWHUPLQDGR VRP p SHUFHELGR DSHQDV FRPR DXPHQWR QD VHQVDomR GH LQWHQVLGDGH.lKlULHWDO.lKlULHWDO(LQKRUQ1LTXHWH

(29)

3HWLDQ UHDOL]RX XPHVWXGR WUDQVYHUVDO FRP WUDEDOKDGRUHV GH HVWDEHOHFLPHQWRV FRPHUFLDLV VLWXDGRV QD ]RQD FHQWUDO GR PXQLFtSLR GH 6mR 3DXOR 2 LQVWUXPHQWR XWLOL]DGR IRL XP TXHVWLRQiULR TXH FRQWLQKD TXHVW}HV VREUH GDGRV VyFLRDPELHQWDLV UXtGR H LQF{PRGRV SRU HOH FDXVDGRV&RPUHODomRDRVUHVXOWDGRVRUXtGRDSDUHFHHPTXDUWRFRORFDGR HQWUHRVLQF{PRGRVQRPXQLFtSLRHHPSULPHLUROXJDUQRORFDOGHWUDEDOKRH QD UHVLGrQFLD 'R WRWDO DFKDYDP QR HVWXGR R ORFDO GH WUDEDOKR UXLGRVR H VH PRVWUDUDP LQFRPRGDGRV FRP R UXtGR QHVWH ORFDO 2V SULQFLSDLV SUREOHPDV FDXVDGRV RX DJUDYDGRV SHOR UXtGR QD RSLQLmR GRV WUDEDOKDGRUHV IRUDP SHUGD DXGLWLYD HVWUHVVH LUULWDELOLGDGH GRUGHFDEHoDQHUYRVLVPRHDOWHUDo}HVGRVRQR&RP RV UHVXOWDGRV GHVWH HVWXGR D DXWRUD SRGH LQIHULU TXH RV WUDEDOKDGRUHV FRQKHFLDPWDQWRRULVFRItVLFRGRVUXtGRVTXDQWRDRLQF{PRGRTXHHOHSRGH FDXVDU

(30)

+iELWRV6RQRURV

'HDFRUGRFRP5LQWHOPDQQ%RUXVH6SHDNVHWDORV HVSHWiFXORVFRPP~VLFDDPSOLILFDGDSRGHPJHUDUQtYHLVGHSUHVVmRVRQRUD TXHXOWUDSDVVDPDOJXPDVGDVH[SRVLo}HVDRUXtGRRFXSDFLRQDOLQFOXVLYHRV OLPLWHV LPSRVWRV SHORV yUJmRV S~EOLFRV UHJXODPHQWDGRUHV )RUDP REVHUYDGRVQtYHLVTXHYDULDUDPGHDG%$QRVFRQFHUWRVGH5RFN $OpP GLVVR DV FDUDFWHUtVWLFDV DF~VWLFDV GR5RFN TXHDSUHVHQWDXPDIDL[D GH IUHTrQFLD GLQkPLFD H DPSOLILFDGD GHWHUPLQDP XPD JUDQGH SHULFXORVLGDGHSDUDDRUHOKDGRP~VLFR6DPHOOL6FKRFKDW

&KDVLQDILUPRXTXHDSHUGDDXGLWLYDSRUH[SRVLomRDUXtGRHD SHUGD SRU H[SRVLomR j P~VLFD VmR VLPLODUHV HPPXLWRV FDVRVQmR SRGHP VHU GLVWLQJXLGDV 2 HQWDOKH DXGLRPpWULFR pQD UHJLmR HQWUH N+] H N+] SRUpP GLIHUHQWHPHQWH GD SHUGD FDXVDGD SHOR UXtGR XPD SHUGD DXGLWLYD GHFRUUHQWHGDP~VLFDSRGHDSUHVHQWDUDVVLPHWULDVQDVTXDLVXPDRUHOKDp PHOKRUGRTXHDRXWUD

0RUDWDUHODWRXTXHRWHUPRSHUGDDXGLWLYDLQGX]LGDSRUP~VLFD 3$,0DVVHPHOKDVHj3$,5$SHUGDDXGLWLYDGHFRUUHQWHWDQWRGDP~VLFD TXDQWR GR UXtGR p FDUDFWHUL]DGD SRU XP HQWDOKH QD UHJLmR GH IUHTXrQFLDV HQWUH N+] H N+] HVWi OLJDGD D XPD H[SRVLomR FU{QLFD H SURJULGH SURSRUFLRQDOPHQWHjVFRQGLo}HVGDH[SRVLomR

(31)

(P XPD SHVTXLVD UHDOL]DGD SRU /RXUHLUR R QtYHO HTXLYDOHQWH /HT GH UXtGR PHQVXUDGR QDV GDQFHWHULDV YDULRX HQWUH H G% $ VHQGRRPDLRUQtYHOREWLGRQDSLVWDGHGDQoD7RGRVRVYDORUHVHQFRQWUDGRV HVWmR DFLPD GR OLPLWH Pi[LPR UHFRPHQGDGR $OpP GLVVR GRV WUDEDOKDGRUHV DYDOLDGRV DSUHVHQWDUDP HQWDOKH DXGLRPpWULFR PDLRU QDIUHTrQFLDGH+]$SUHVHQoDGRHQWDOKHLQGLFRXXPDWHQGrQFLDDR GHVHQFDGHDPHQWR GH SHUGD DXGLWLYD LQGX]LGD SRU UXtGR XPD YH] TXH R WHPSRPpGLRGHH[SRVLomRjP~VLFDDPSOLILFDGDIRLGHXPDFLQFRDQRV

&DVVDQRHWDODYDOLDUDPRQtYHOGHSUHVVmRVRQRUDHQFRQWUDGR QRFHQWURGHXPDGLVFRWHFDDILPGHHVWLPDUDGRVHGHH[SRVLomRjP~VLFD DPSOLILFDGD&DOFXODUDPTXHRQtYHOGHH[SRVLomRVRQRUDGLiULDHUDGH G%$HDH[SRVLomRVHPDQDOHUDGHG%$YDORUHVTXHLQGLFDPULVFR SDUDRGHVHQYROYLPHQWRGHXPDSHUGDGHDXGLomR

(VSHFLDOLVWDV GD $6+$ UHFRPHQGDUDP RV WHPSRV Pi[LPRV SDUDDOJXPDVDWLYLGDGHVVHQGR

KRUDVDG%HTXLYDOHQWHDXPPRWRUGHEDUFR KRUDVDG%HTXLYDOHQWHDXPFRUWDGRUGHJUDPD KRUDVDG%HTXLYDOHQWHDXPDPRWRFLFOHWD

KRUDVDG%HTXLYDOHQWHDXPYHtFXORSDUDQHYH KRUDDG%HTXLYDOHQWHDXPDPRWRVHUUD

PLQXWRVDG%HTXLYDOHQWHDXPFRQFHUWRGHURFN PLQXWRVDG%HTXLYDOHQWHDXPFLQHPDRXGLVFRWHFD

(32)

DYDOLDUDP RV KiELWRV GH XVR GH XVXiULRV GH WRFDGRUHV GH 03 R YROXPH PpGLRXVDGRQDKRUDGHRXYLUP~VLFDVDSHUGDDSDUHQWHGHDXGLomRRTXH OHYDRVXVXiULRVDHOHYDUHPDLQGDPDLVRYROXPHHSURMHWDUDPRGDQRTXH HVVH KiELWR SRGHULD FDXVDU DRV RXYLGRV D ORQJR SUD]R 2 HVWXGR FRQFOXLX TXH GRV MRYHQV EULWkQLFRV QD IDL[D HWiULD HQWUH H DQRV XVDP VHXVWRFDGRUHVSRUPDLVGHXPDKRUDGLiULDHXVDPSRUPDLVGHWUrV KRUDV SRU GLD KRUDV VHPDQDLV 5HYHORX DLQGD TXH GRV TXDVH XVXiULRV GH WRFDGRUHV GLJLWDLV HQWUHYLVWDGRV GHVFRQKHFHP RV GDQRV FDXVDGRV SRU RXYLU P~VLFD HP YROXPHV HOHYDGRV 2 HVWXGR DOHUWRX TXH TXDOTXHU IRQWH VRQRUD FRQVWDQWH FRP YROXPH DFLPD GH G% $ SRGH SUHMXGLFDU D DXGLomR SHUPDQHQWHPHQWH PXLWRV WRFDGRUHV SRGHP JHUDU YROXPH Pi[LPR GHDWp G% $ 3DUD SUHYHQLU SUREOHPDV QDDXGLomR D HQWLGDGH UHFRPHQGD D µUHJUD ¶ XVXiULRV QmR GHYHULDP RXYLU P~VLFDV DFLPDGHGRYROXPHPi[LPRRXSRUPDLVGHXPDKRUDPLQXWRV

(33)

2 SUy[LPR LWHP GHVWH FDStWXOR VHUi DSUHVHQWDGR GH IRUPD VXFLQWD FRPRSURSyVLWRGHHOXFLGDUDH[LVWrQFLDGHDOJXPDVYDULiYHLVGHFRQIXVmR SDUD R HQWDOKH DXGLRPpWULFR TXH FRPXPHQWH VmRHQFRQWUDGDV QD SUiWLFD FOtQLFD GRV DXGLRORJLVWDV H TXH SRGHP LQWHUIHULU QRV UHVXOWDGRV GH VXDV DYDOLDo}HV DR IRUPXODUHP FRQFOXV}HV LQFRPSDWtYHLV FRP R OLPLDU DXGLRPpWULFRUHDO

9DULiYHLVTXHLQIOXHQFLDPDGHWHUPLQDomRGRVOLPLDUHVWRQDLV

&RORFDomRGRVIRQHVGHRXYLGR

*HUIDQG UHODWRX TXH D SUHVVmR GRV IRQHV VXSUDDXUDLV QD SRUomR FDUWLODJLQRVD GR PHDWR DF~VWLFR H[WHUQR SRGH SURYRFDU XP FRODEDPHQWR GXUDQWH D SHVTXLVD GH OLPLDU DXGLWLYR GH YLD DpUHD FDXVDQGR XPDSHUGDFRPJDSDpUHRyVVHRQDVIUHTrQFLDVDOWDV(VWDSHUGDSRGHUi VHUUHYHUWLGDVHIRULQVHULGRQRPHDWRDF~VWLFRGRVXMHLWRXPWXERRXVRQGD SDUDHYLWDURFRODEDPHQWRRXVROWDQGRRVIRQHVGDVKDVWHVHVHJXUDQGRRV SUy[LPR GD RUHOKD PHOKRUDQGR DVVLP RV OLPLDUHV DXGLWLYRV GH YLD DpUHD H IHFKDQGRRJDSDpUHRyVVHRHQFRQWUDGRDQWHULRUPHQWH

(34)

GH +] DSUHVHQWRXRPDLRU tQGLFH GHPHOKRUDGH OLPLDU DXGLWLYR QR UH WHVWHQmRHQFRQWURXSUHYDOrQFLDGHVH[RQHPGHRUHOKDHPVHXVUHVXOWDGRV H R UHDMXVWH GR IRQH HRX D FRORFDomR GD ROLYD LPLWDQFLRPpWULFD QR PHDWR DF~VWLFRH[WHUQRSRGHPFRQWULEXLUSDUDDREWHQomRGHOLPLDUHVDXGLWLYRVPDLV SUy[LPRVGRUHDOSULQFLSDOPHQWHQDIUHTrQFLDGH+]

(VWXGRVDXGLROyJLFRVUHDOL]DGRVFRPMRYHQV

$[HOVVRQHWDODYDOLDUDPMRYHQVGHHVFRODVWpFQLFDVFRP LGDGHPpGLDGHDQRV&DGDLQGLYtGXRUHVSRQGHXSHUJXQWDVVREUHVXDV GLIHUHQWHVDWLYLGDGHVGHOD]HUPXVLFDLVRXQmRHRVOLPLDUHVDXGLWLYRVIRUDP GHWHUPLQDGRVSRUPHLRGHDXGLRPHWULDGHWRPSXURQDVIUHTrQFLDVGH +]DN+]4XDQWRDRVUHVXOWDGRVDIUHTrQFLDPDLVDFRPHWLGDIRLDGH N+] QDV GXDV RUHOKDV $ RUHOKD HVTXHUGD IRL SLRU TXH D GLUHLWD QDV IUHTrQFLDV GH D N+] 2V DXWRUHV REVHUYDUDP TXDQWR DRV KiELWRV GH P~VLFDRXYLDPUHJXODUPHQWHFRPIRQHVGHRXYLGR$SUR[LPDGDPHQWH XPWHUoRGRVMRYHQVIUHTHQWDYDGLVFRWHFDVDRPHQRVXPDYH]DFDGDGXDV VHPDQDV HQTXDQWR D IUHTrQFLD D FRQFHUWRV HUD PDLV UDUD 0HWDGH GRV MRYHQV DGPLWLX TXH R YROXPH GD P~VLFD HUD VHPSUH PXLWR LQWHQVR VHQGR TXHGHVWHVHUDPP~VLFRVGHSRS

(35)

-RUJH-UHVWXGRXRVKiELWRVGRVMRYHQVHPUHODomRjPXVLFD HOHWURQLFDPHQWH DPSOLILFDGD HP GLVFRWHFDV ± P~VLFD DPSOLILFDGD LQGLYLGXDO 0$, H R XVR GH HTXLSDPHQWRV GH VRP FRP IRQHV GH RXYLGR 2 DXWRU DYDOLRXRVOLPLDUHVDXGLWLYRVGHMRYHQVHVWXGDQWHVQDIDL[DHWiULDGH D DQRV GH DPERV RV VH[RV SRU PHLR GH XP SUHHQFKLPHQWR GH XP TXHVWLRQiULR H GH DXGLRPHWULD WRQDO $YDOLRX RV OLPLDUHV DXGLWLYRV H FRPSDURXFRPXPJUXSRGHMRYHQVTXHQmRDSUHVHQWDYDPRPHVPRKiELWR 2EVHUYRXHQWmRTXHJUDQGHSDUWHGHVVHVVXMHLWRVQmRVHH[SXQKDj0$,$ PDLRULD HUD IUHTHQWHPHQWH H[SRVWD j P~VLFD DPSOLILFDGD LQGLYLGXDO 0$, 1mR REVHUYRX GLIHUHQoDV HVWDWLVWLFDPHQWH VLJQLILFDQWHV HQWUH RV JUXSRV H[SRVWRVHQmRH[SRVWRVPDVIRLFRQVWDWDGRTXHRJUXSRTXHIUHTHQWDYD DPELHQWHV UXLGRVRV PDLV GH XPD YH] SRU VHPDQD DSUHVHQWDYD DV IUHTrQFLDV GH H N+] PDLV DIHWDGDV 'H DFRUGR FRP R DXWRU D VXVFHWLELOLGDGH H D H[SRVLomR UHSHWLGD VmR IDWRUHV LPSRUWDQWHV SDUD R DSDUHFLPHQWRGHXPDOHVmRDXGLWLYD

+HOOVWURPHW DO DYDOLDUDP RV OLPLDUHV DXGLWLYRV GH MRYHQV GRVH[RPDVFXOLQRHGRVH[RIHPLQLQRFRPGLIHUHQWHVKiELWRVDXGLWLYRV PXVLFDLV TXH HVFROKHUDP VXD P~VLFD IDYRULWD SDUD HVFXWDU QRZDONPDQ GXUDQWHXPDKRUD2QtYHOGHSUHVVmRVRQRUDGDP~VLFDIRLPHGLGRFRPXP PLFURIRQHVRQGD LQVHULGR QR PHDWR DF~VWLFR H[WHUQR SHUWR GD PHPEUDQD WLPSkQLFD 2V UHVXOWDGRV GHPRQVWUDUDP TXH DV PXOKHUHV DSUHVHQWDUDP PDLRUPXGDQoDQROLPLDUDXGLWLYRHTXHDPDLRULDGRVVXMHLWRVWHYHDOWHUDomR WHPSRUiULD GR OLPLDU DSyV XPD KRUD GH H[SRVLomR j P~VLFD DSHVDU GRV QtYHLVVRQRURVHVWDUHPHQWUHG%$

(36)

PHQRVXPGRVRXYLGRVVREWHVWH&RPUHODomRjSUHVHQoDGHHQWDOKHIRUDP HQFRQWUDGRV RV VHJXLQWHV UHVXOWDGRV $XGLomR QRUPDO VHP D SUHVHQoD GH HQWDOKH VXMHLWRV $XGLomR QRUPDO FRP D SUHVHQoD GH HQWDOKH XQLODWHUDO VXMHLWRV $XGLomR QRUPDO FRP D SUHVHQoD GH HQWDOKH ELODWHUDOVXMHLWRV

:LOOLDPVUHODWRXTXHRVSURILVVLRQDLVGDVD~GHTXHFXLGDPGD DXGLomRH[SUHVVDPIUHTHQWHPHQWHRLQWHUHVVHVREUHRVULVFRVGRUXtGRHR VHXSRWHQFLDOSDUDDSHUGDDXGLWLYDSRGHQGRVHUUHVXOWDQWHGDDVFHQVmRGR XVRGRHVWpUHRSHVVRDOSHODVRFLHGDGH2DXWRUDQDOLVRXDVPHGLGDVIHLWDV FRP XPD DPRVWUD GH LQGLYtGXRV TXH XVDP HVWpUHR SHVVRDO HP &KDWVZRRG QD $XVWUiOLD FRPR SDUWH GH VXD DWLYLGDGH GLiULD SRU PHLR GH TXHVWLRQiULRHDYDOLDomRDXGLRPpWULFD2EVHUYRXTXHPpGLDHUDHTXLYDOHQWH D RLWR KRUDV GLiULDV GH XVR D XP QtYHO GH H[SRVLomR GH G% $ FRP XPD GLIHUHQoD HVWDWLVWLFDPHQWH VLJQLILFDQWH HQWUH KRPHQV H PXOKHUHV GH G%$HG%$UHVSHFWLYDPHQWH1mRKRXYHQHQKXPDFRUUHODomR HQWUH D SHUGD GD DXGLomR DXWRUHODWDGD HRX D LQFLGrQFLD GH ]XPELGR 2V UHVXOWDGRV GD H[SRVLomR GH UXtGR QmR LQGLFDUDP TXH KRXYH XP DXPHQWR VLJQLILFDWLYRQRULVFRSRWHQFLDOGHSHUGDDXGLWLYDLQGX]LGDSHORXVRLVRODGRGH HVWpUHRSHVVRDO

(37)

DGROHVFHQWHV DILUPRX TXH QmR DFHLWDULD TXDOTXHU LQWHUIHUrQFLD HP VHXV KiELWRV GHH[SRVLomRj P~VLFD &RPR FRQFOXV}HV$V LQWHUYHQo}HV MXQWR D HVWXGDQWHV GDV HVFRODV SUpXQLYHUVLWiULRV GHYHP FHQWUDUVH VREUH R FRQKHFLPHQWR GRV DGROHVFHQWHV DRV ULVFRV GH P~VLFD DOWD H FRPR VH SURWHJHU $OpP GD LQVWUXomR GD DXGLomR SDUD DGROHVFHQWHV H PRGLILFDo}HV WpFQLFDVGRV03RVUHJXODPHQWRVGRQtYHOGHYROXPHSDUDRVXVXiULRVGH 03SRGHPVHUDXWRUL]DGRV

.HLWKHWDOUHDOL]DUDPXPHVWXGRQR&DQDGiFRPXVXiULRVGH HTXLSDPHQWRV GH HVWpUHRV SHVVRDLV SDUD DYDOLDU RV QtYHLV Pi[LPRV GH LQWHQVLGDGH TXH SRGHP VHU H[SHULPHQWDGRV SRU MRYHQV HP VHXV PRGHUQRV ³DXGLRSOD\HU´GLJLWDLV2PDWHULDOWHVWDGRLQFOXLDVGH]P~VLFDVPDLVWRFDGDV SDUDR S~EOLFR QDIDL[D HWiULD HQWUH H DQRV(VWH HVWXGR PHGLXQRYH PRGHORVGHWRFDGRUHVGHiXGLRGLJLWDOHIRQHVGHRXYLGR$PHWRGRORJLD GHPHQVXUDomRREHGHFHXjVQRUPDVGHSDGU}HVHXURSHXV%6(0 VHQGR FRPSDUDGRV RV UHVXOWDGRV FRP GRLV SDGU}HV %ULVWLVK 6WDQGDUGV ,QVWLWXWLRQ2VQtYHLVVRQRURVHPYROXPHPi[LPRYDULDUDPGH G%$DG%$2VQtYHLVHVWLPDGRVGRVRXYLQWHVIRUDPGHD G% 1$ GHSHQGHQGR GRV VHJXLQWHV IDWRUHV YHGDomR GR IRQH GH RXYLGRTXHSUHVVLRQDDRUHOKDYROWDJHPGHVDtGDGR³iXGLRSOD\HU´ VHQVLELOLGDGHGRIRQHGHRXYLGRYROXPHGDJUDYDomRGDP~VLFD&RPXP ULJRURVR DMXVWH R PDLRU YDORU PHGLGR IRL GH G% $ VHQGR HVWH XP YDORU WUDXPiWLFR DRV RXYLGRV SRGHQGR JHUDU GDQRV j DXGLomR $V LQIRUPDo}HVGHVWDSHVTXLVDIRUDPXVDGDVFRPREDVHFLHQWtILFDSDUDDGYHUWLU RVXVXiULRVVREUHDSHUGDDXGLWLYDDGYLQGDGRXVRGHVVHVHTXLSDPHQWRV

(38)

DGROHVFHQWHVGHXPDHVFRODSDUWLFXODUGH6mR3DXORQDIDL[DHWiULDHQWUH HDQRVXVXiULRVGHHVWpUHRVSHVVRDLV2VUHVXOWDGRVUHYHODUDPTXH GRV VXMHLWRV XVDP VHPSUH R (3 jV YH]HV H UDUDPHQWH XVDPQR PDLV GH XPD KRUD SRU GLD XVDP R FRQWUROH QD SRVLomR YDULDQGR GH PHWDGH j Pi[LPD DSHVDU GH DFKDUHP TXH R XVR GR HVWpUHR SHVVRDO HP YROXPH Pi[LPR SRGH FDXVDU XPD SHUGD DXGLWLYD 2V UHVXOWDGRV GD DYDOLDomR DXGLWLYD UHYHODUDP D SUHVHQoD GH HQWDOKHV DXGLRPpWULFRV HP N+] H N+] $SHVDU GRV DGROHVFHQWHV HVWDUHP

(39)

0e72'2

7LSRGHHVWXGR

)RL UHDOL]DGR XP HVWXGR UHWURVSHFWLYR GHVFULWLYR D SDUWLU GD DQiOLVH GH SURQWXiULRV GH XP KRVSLWDO GD FLGDGH GH 6mR 3DXOR 2EHGHFHQGR DRV SUHFHLWRV pWLFRV QD UHDOL]DomR GH SHVTXLVDV FRP VHUHV KXPDQRV HVWH WUDEDOKRIRLHQFDPLQKDGRDR&RPLWrGHeWLFDGR3URJUDPDGH(VWXGRV3yV *UDGXDGRV HP )RQRDXGLRORJLD GD 3RQWLItFLD 8QLYHUVLGDGH &DWyOLFD GH 6mR 3DXORWHQGRVLGRDSURYDGRFRPRSDUHFHUQž$QH[R

&DUDFWHUL]DomRGRORFDO

2 HVWXGR IRL UHDOL]DGR HP XP +RVSLWDO HVSHFLDOL]DGR HP RXYLGRV QDUL]HJDUJDQWDORFDOL]DGRQRPXQLFtSLRGH6mR3DXORFXMRFRUSRFOtQLFRp IRUPDGR SRU PpGLFRV RWRUULQRODULQJRORJLVWDV UHVSRQViYHLV SRU UHDOL]DU FRQVXOWDV H FLUXUJLDV H IRQRDXGLyORJDV SHORV H[DPHV DXGLWLYRV (VWHV H[DPHV VmR VROLFLWDGRV WDQWR SHORV PpGLFRV GR SUySULR +RVSLWDO FRPR SRU PpGLFRV H[WHUQRV Mi TXH Oi VmR DWHQGLGRV XVXiULRV GH GLYHUVRV SODQRV GH VD~GHFUHGHQFLDGRV2KRUiULRGHIXQFLRQDPHQWRpGHKRUDVGHVHJXQGD D GRPLQJR 2 +RVSLWDO DWHQGH SURQWRVRFRUUR H VHUYLoR DPEXODWRULDO HP RWRUULQRODULQJRORJLD UHDOL]DQGR HP PpGLD DWHQGLPHQWRV GLiULRV (P FDGDWXUQRWUDEDOKDPDSUR[LPDGDPHQWHGH]SURILVVLRQDLV

(40)

3URFHGLPHQWRGH&ROHWD

)RUDP OHYDQWDGRV SURQWXiULRV GRV SDFLHQWHV TXH IRUDP DWHQGLGRV QHVWH +RVSLWDO QR SHUtRGR GH D 'HVWHV SURQWXiULRV IRUDPVHOHFLRQDGRVRVSDFLHQWHVTXHVHHQFRQWUDYDPQDIDL[DHWiULDGHD DQRV H WRGRV QRV TXDLV FRQVWDYD DYDOLDomR DXGLROyJLFD WHQGR FRPR FULWpULR GH FODVVLILFDomR GRV DXGLRJUDPDV R FOtQLFR QR TXDO RV OLPLDUHV DXGLRPpWULFRV GHYHULDP HVWDU VLWXDGRV DWp G% 1$ QDV IUHTrQFLDV GH D +] SDUD TXH R LQGLYtGXR IRVVH FRQVLGHUDGR RXYLQWH QRUPDO $OpP GHVVD FODVVLILFDomR IRL OHYDGD WDPEpP HP FRQVLGHUDomR D FRQILJXUDomR DXGLRPpWULFD 3DUD LVVR IRL XWLOL]DGD D VXJHVWmR GH )LRULQL TXH VH IXQGDPHQWD QR SHUILO DXGLRPpWULFR FRP D SUHVHQoD GH HQWDOKH 2HQWDOKH DXGLRPpWULFR FDUDFWHUL]DVH SRU XPD GLIHUHQoDPDLRU RX LJXDO D G% 1$ QDV IUHTrQFLDV GH HRX HRX FRP UHODomRjDQWHULRUHRXSRVWHULRUGHQWURGDQRUPDOLGDGH

2V H[DPHV IRUDP UHDOL]DGRV SHOD HTXLSH GH IRQRDXGLyORJDV GR +RVSLWDO TXH WRWDOL]D HP FLQFR SURILVVLRQDLV REHGHFHQGR DRV FULWpULRV SURSRVWRV SRU 0RPHQVRKQ6DQWRV 5XVVR 2 HTXLSDPHQWR XWLOL]DGR IRLRDXGL{PHWURGDPDUFD0DLFR0$FDOLEUDGRVHJXQGRDQRUPDGD,62 HPFDELQDDFXVWLFDPHQWHWUDWDGDFDOLEUDGDVHJXQGRDQRUPD $16,6

&DVXtVWLFD

(41)

LGDGHYDULRXGHDDQRVFRPPpGLDGHHGHVYLRSDGUmRGH

&ULWpULRVSDUDDQiOLVHGRVUHVXOWDGRV

2 EDQFR GH GDGRV IRL FRQVWUXtGR D SDUWLU GD GLJLWDOL]DomR HP PLFURFRPSXWDGRU XVDQGRVH R SURJUDPD ([FHO SDUD SRVWHULRU DQiOLVH HVWDWtVWLFD 2V UHVXOWDGRV IRUDP WDEXODGRV HP IXQomR GDV VHJXLQWHV YDULiYHLV LGDGH VH[R H D DXGLRPHWULD WRQDO OLPLQDU SRU YLD DpUHD 9$ GHWHUPLQDQGR RV OLPLDUHV GH DXGLELOLGDGH 3RVWHULRUPHQWH IRL UHDOL]DGD D DQiOLVHGHFRQVLVWrQFLDGRVGDGRVDILPGHGHWHFWDUTXDOTXHUWLSRGHHUURGH GLJLWDomRTXHSXGHVVHLQWHUIHULUQDDQiOLVH

$ DQiOLVH GRV GDGRV FRQVLVWLX HP GXDV HWDSDV DQiOLVH FOtQLFD H DQiOLVH HVWDWtVWLFD 1D DQiOLVH FOtQLFD FDGD XP GRV H[DPHV UHDOL]DGRV DXGLRPHWULD IRL LQWHUSUHWDGR FRQIRUPH VHXV UHVSHFWLYRV SDGU}HV GH QRUPDOLGDGHRXGHRFRUUrQFLDSRVLWLYDFRQIRUPHGHVFULWRDEDL[R

2V DXGLRJUDPDV IRUDP FODVVLILFDGRV FRQIRUPH VXJHVWmR GH )LRULQL FRP REMHWLYR GH IDFLOLWDU D DSUHVHQWDomR GRV UHVXOWDGRV 1HVVD GHVFULomR RV WUDoDGRV DXGLRPpWULFRV VmR GLYLGLGRV HP GXDV VXEGLYLV}HV FRQVLGHUDQGRRVUHVXOWDGRVGHDPEDVDVRUHOKDVFRQMXQWDPHQWHDVDEHU

$XGLRJUDPDV VXJHVWLYRV GH DXGLomR GHQWUR GRV SDGU}HV GH QRUPDOLGDGHYDORUHVGRVOLPLDUHVREWLGRVELODWHUDOPHQWHLJXDLVRXPHQRUHVD G%1$

D 1RUPDOLGDGH FRP HQWDOKH XQLODWHUDO FRP HQWDOKH DXGLRPpWULFR HP DSHQDVXPDRUHOKD

(42)

3DUD D DQiOLVH HVWDWtVWLFD GRV UHVXOWDGRV RV OLPLDUHV WRQDLV IRUDP WDEXODGRV IXQomR GDV YDULiYHLV VH[R RUHOKDV GLUHLWD H HVTXHUGD H HQWDOKH DXGLRPpWULFR 1HVWD DQiOLVH IRUDP XWLOL]DGRV RV VRIWZDUHV 6366 9 0LQLWDEH([FHO2IILFH

7RGRV RV UHVXOWDGRV IRUDP VXEPHWLGRV j DQiOLVH HVWDWtVWLFD VHQGR HPSUHJDGRVRVWHVWHVGH)ULHGPDQ:LOFR[RQ0DQQ:KLWQH\,JXDOGDGHGH 'XDV3URSRUo}HV7HVWHGH&RUUHODomRGH6SHDUPDQSDUDFRPSOHWDUPRVD DQiOLVH GHVFULWLYD IL]HPRV XVR GD WpFQLFD GH ,QWHUYDOR GH &RQILDQoD SDUD PpGLD )RL GHILQLGR SDUD HVWH WUDEDOKR XP QtYHO GH VLJQLILFkQFLD TXDQWR DGPLWLPRV HUUDU QDV FRQFOXV}HV HVWDWtVWLFDV RX VHMD R HUUR HVWDWtVWLFR TXH HVWDPRV FRPHWHQGR QDV DQiOLVHV GH /HPEUDPRV WDPEpP TXH WRGRV RV LQWHUYDORV GH FRQILDQoD FRQVWUXtGRV DR ORQJR GR WUDEDOKR IRUDP FRQVWUXtGRV FRP GH FRQILDQoD HVWDWtVWLFD 2V YDORUHV FRQVLGHUDGRV HVWDWLVWLFDPHQWHVLJQLILFDQWHVIRUDPDVVLQDODGRVFRPXPDVWHULVFR

(43)

5(68/7$'26

1HVWHFDStWXORVHUmRDSUHVHQWDGRVQDIRUPDGHWDEHODHJUiILFRVRV UHVXOWDGRVHQFRQWUDGRVQRSUHVHQWHHVWXGR $DPRVWUDIRLFRPSRVWDSRULQGLYtGXRVVHQGRTXHGR VH[RIHPLQLQRHGRVH[RPDVFXOLQR $WDEHODHDILJXUDPRVWUDPDGLVWULEXLomRGDSRSXODomRHVWXGDGD IXQomR GD LGDGH H GR VH[R 3RGHPRV REVHUYDU TXH D DPRVWUD HVWi EDODQFHDGDTXDQWRDHVVDVYDULiYHLV 7DEHOD'LVWULEXLomRGDSRSXODomRHVWXGDGDVHJXQGRDVYDULiYHLVVH[RHLGDGH ,GDGH 6H[R ) 0 )LJXUD'LVWULEXLomRGDSRSXODomRHVWXGDGDVHJXQGRDVYDULiYHLVVH[RHLGDGH ) 0

DQRV DQRV DQRV DQRV D

DQRV DQRV

&RP UHODomR j YDULiYHO LGDGH RV LQGLYtGXRV HVWXGDGRV DSUHVHQWDUDP YDORUHV GD PpGLD PHGLDQD GHVYLR SDGUmR

(44)

3RGHPRV YHULILFDU TXH D YDULDELOLGDGH p EDL[D R TXH GHPRQVWUD TXH RV GDGRVWDPEpPHVWmRKRPRJrQHRV$LGDGHPpGLDIRLGH“DQRV

5HVXOWDGRVGDDXGLRPHWULDWRQDOOLPLQDU

9DPRVLQLFLDURVUHVXOWDGRVFRPSDUDQGRRVOLPLDUHVHQWUHDVRUHOKDV HPFDGDIUHTrQFLDVHSDUDGDPHQWHSRUVH[RFRPRPRVWUDPDVWDEHODH 3RGHPRV QRWDU TXH D IUHTrQFLD GH N+] DSUHVHQWRX VLJQLILFkQFLD HVWDWtVWLFD SDUD R VH[R IHPLQLQR Mi QR VH[R PDVFXOLQR KRXYH VLJQLILFkQFLD QDVIUHTrQFLDVGH+]N+]N+]HN+]

7DEHOD 'LVWULEXLomR GD PpGLD PHGLDQD GHVYLR SDGUmR TXDUWLV R LQWHUYDOR GH FRQILDQoD H R SYDORU GRV OLPLDUHV DXGLRPpWULFRV SRU RUHOKD HP FDGD IUHTrQFLD SDUDRVH[RIHPLQLQR

)HPLQLQR 0pGLD 0HGLDQD 'HVYLRSDGUmR 4 4 1 ,& YDORUS

2'

+]

2(

2'

+] 2(

2'

N+] 2(

2'

N+] 2(

2'

N+] 2(

2'

N+] 2(

2'

N+] 2(

2'

N+]

2(

(45)

7DEHOD'LVWULEXLomRGDPpGLDPHGLDQDGHVYLRSDGUmRRLQWHUYDORGHFRQILDQoD HRSYDORUGRVOLPLDUHVDXGLRPpWULFRVSRURUHOKDHPFDGDIUHTrQFLDSDUDRVH[R PDVFXOLQR

0DVFXOLQR 0pGLD 0HGLDQD 'HVYLRSDGUmR 4 4 1 ,& YDORUS

2' +] 2( 2' +] 2( 2' N+] 2( 2' N+] 2( 2' N+] 2( 2' N+] 2( 2' N+] 2( 2' N+] 2(

$V ILJXUDV H PRVWUDP HP %R[SORWV R FiOFXOR GD PpGLD GHVYLR SDGUmR H HUURVSDGUmR GRV OLPLDUHV DXGLRPpWULFRV GD 2' H 2( GH FDGD XPD GDV IUHTXrQFLDV DXGLRPpWULFDV &RPR SRGHPRV REVHUYDPRV DV IUHTXrQFLDVGHHN+]LQGLFDPRVSLRUHVOLPLDUHVDXGLWLYRVVHQGRD GHN+]DPDLVDIHWDGD

)LJXUD 'LVWULEXLomR GDV PpGLDV GHVYLRVSDGUmR H HUURVSDGUmR GRV OLPLDUHV DXGLRPpWULFRVGD2' “6WG'HY “6WG(UU 0HDQ +] G %1 $

N N N N N N

(46)

)LJXUD 'LVWULEXLomR GDV PpGLDV GHVYLRVSDGUmR H HUURVSDGUmR GRV OLPLDUHV DXGLRPpWULFRVGD2(

“6WG'HY “6WG(UU 0HDQ

+]

G

%

1

$

N N N N N N

$ WDEHOD H D ILJXUD PRVWUDP D SUHYDOrQFLD GH HQWDOKHV DXGLRPpWULFRV GD SRSXODomR HVWXGDGD FRP SUHVHQoD HP GRV VXMHLWRVDQDOLVDGRV

7DEHOD3UHYDOrQFLDGHHQWDOKHDXGLRPpWULFRQDSRSXODomRHVWXGDGD (17$/+(

$8',20e75,&2

1

$XVrQFLD 3UHVHQoD

)LJXUD3UHYDOrQFLDGHHQWDOKHQDSRSXODomRHVWXGDGD

Q

$XVrQFLD 3UHVHQoD

(47)

$ WDEHOD H D ILJXUD DSUHVHQWDP D GLVWULEXLomR GRV HQWDOKHV DXGLRPpWULFRVHPIXQomRGRVH[RWHQGRXPDRFRUUrQFLDPDLRUSDUDRVH[R IHPLQLQR

7DEHOD'LVWULEXLomRGHHQWDOKHDXGLRPpWULFRVHJXQGRDYDULiYHOVH[R (17$/+($8',20e75,&2

1

)HPLQLQR 0DVFXOLQR

7RWDO

)LJXUD'LVWULEXLomRGHHQWDOKHDXGLRPpWULFRVHJXQGRDYDULiYHOVH[R

Q

)HPLQLQR 0DVFXOLQR

$WDEHODHDILJXUDDSUHVHQWDPDXQLODWHUDOLGDGHRXELODWHUDOLGDGH GRV HQWDOKHV DXGLRPpWULFRV KDYHQGR XPD FRQFHQWUDomR VLJQLILFDWLYD GH HQWDOKHXQLODWHUDO

(48)

7DEHOD3UHYDOrQFLDGHHQWDOKHDXGLRPpWULFRXQLODWHUDOHELODWHUDO

(17$/+($8',20e75,&2

1

8QLODWHUDO %LODWHUDO

7RWDO

)LJXUD3UHYDOrQFLDGHHQWDOKHDXGLRPpWULFRXQLODWHUDOHELODWHUDO

Q

8QLODWHUDO %LODWHUDO

(49)

7DEHOD 'LVWULEXLomR GD PpGLD PHGLDQD GHVYLR SDGUmR TXDUWLV R LQWHUYDOR GH FRQILDQoD H R SYDORU SRU RUHOKD HP FDGD IUHTrQFLD QD RFRUUrQFLD GH HQWDOKH DXGLRPpWULFRSDUDRVH[RIHPLQLQR

)HPLQLQR 0pGLD 0HGLDQD 'HVYLR3DGUmR 4 4 1 ,& SYDORU

(50)

7DEHOD 'LVWULEXLomR GD PpGLD PHGLDQD GHVYLR SDGUmR TXDUWLV R LQWHUYDOR GH FRQILDQoD H R SYDORU SRU RUHOKD HP FDGD IUHTrQFLD QD RFRUUrQFLD GH HQWDOKH DXGLRPpWULFRSDUDRVH[RPDVFXOLQR

0DVFXOLQR 0pGLD 0HGLDQD 3DGUmR'HVYLR 4 4 1 ,& SYDORU

(51)

)LJXUD 'LVWULEXLomR GD RFRUUrQFLD GH HQWDOKH DXGLRPpWULFR QD RUHOKD HVTXHUGD SDUDRVH[RPDVFXOLQR

)LJXUD'LVWULEXLomRGDRFRUUrQFLDGHHQWDOKHDXGLRPpWULFRQDRUHOKDGLUHLWDSDUD RVH[RPDVFXOLQR

(52)

)LJXUD 'LVWULEXLomR GD RFRUUrQFLD GH HQWDOKH DXGLRPpWULFR QD RUHOKD HVTXHUGD SDUDRVH[RIHPLQLQR

)LJXUD'LVWULEXLomRGHRFRUUrQFLDGHHQWDOKHDXGLRPpWULFRQDRUHOKDGLUHLWDSDUD RVH[RIHPLQLQR

$VWDEHODVHPRVWUDPDGLVWULEXLomRGDPpGLDPHGLDQDGHVYLR SDGUmR TXDUWLV R LQWHUYDOR GH FRQILDQoD H R SYDORU SRU RUHOKD HP FDGD IUHTXrQFLDQRVWLSRVGHHQWDOKHVDXGLRPpWULFRVSDUDDPERVRVVH[RV

(53)

7DEHOD 'LVWULEXLomR GD PpGLD PHGLDQD GHVYLR SDGUmR TXDUWLV R LQWHUYDOR GH FRQILDQoDHRSYDORUSRURUHOKDHPFDGDIUHTrQFLDQRWLSRGHHQWDOKHDXGLRPpWULFR SDUDRVH[RIHPLQLQR

)HPLQLQR 0pGLD 0HGLDQD 3DGUmR'HVYLR 4 4 1 ,& SYDORU

(54)

7DEHOD'LVWULEXLomRGDPpGLDPHGLDQDGHVYLRSDGUmRTXDUWLVRLQWHUYDORGH FRQILDQoDHRSYDORUSRURUHOKDHPFDGDIUHTrQFLDQRWLSRGHHQWDOKHDXGLRPpWULFR SDUDRVH[RPDVFXOLQR

0DVFXOLQR 0pGLD 0HGLDQD 'HVYLR3DGUmR 4 4 1 ,& SYDORU

(55)

$VILJXUDVHDSUHVHQWDPDGLVWULEXLomRGDVPHGLDQDVH TXDUWLV GRV WLSRV GH HQWDOKHV DXGLRPpWULFRV HP DPEDV DV RUHOKDV SDUD R VH[RPDVFXOLQRHSDUDRVH[RIHPLQLQR

)LJXUD 'LVWULEXLomR GD RFRUUrQFLD GH WLSR GH HQWDOKH DXGLRPpWULFR QD RUHOKD HVTXHUGDSDUDRVH[RPDVFXOLQR

)LJXUD 'LVWULEXLomR GD RFRUUrQFLD GH WLSR GH HQWDOKH DXGLRPpWULFR QD RUHOKD GLUHLWDSDUDRVH[RPDVFXOLQR

(56)

)LJXUD 'LVWULEXLomR GD RFRUUrQFLD GR WLSR GH HQWDOKH DXGLRPpWULFR QD RUHOKD HVTXHUGDSDUDRVH[RIHPLQLQR

)LJXUD 'LVWULEXLomR GD RFRUUrQFLD GR WLSR GH HQWDOKH DXGLRPpWULFR QD RUHOKD GLUHLWDSDUDRVH[RIHPLQLQR

(57)

$WDEHODDSUHVHQWDDGLVWULEXLomRGRVHQWDOKHVDXGLRPpWULFRVHP IXQomR GD IUHTrQFLD DQDOLVDGD LVRODGDV H HP JUXSRV VHQGR TXH DV PDLV DFRPHWLGDVIRUDPDVIUHTrQFLDVGHN+]HN+]

7DEHOD'LVWULEXLomRGRHQWDOKHDXGLRPpWULFRHPIXQomRGDIUHTrQFLDDQDOLVDGD LVRODGDVHHPJUXSRV

$ WDEHOD DSUHVHQWD D GLVWULEXLomR GRV HQWDOKHV DXGLRPpWULFRV HP IXQomR GD RUHOKD DQDOLVDGD HP FDGD IUHTrQFLD FRP XPD SUHYDOrQFLD GH HQWDOKHDXGLRPpWULFRQDIUHTrQFLDN+]HPDPEDVDVRUHOKDV

7DEHOD'LVWULEXLomRGRHQWDOKHDXGLRPpWULFRHPIXQomRGDRUHOKDDQDOLVDGDHP FDGDIUHTrQFLD

(17$/+($8',20e75,&2 1

DSHQDVQDIUHTXrQFLDGHN+] DSHQDVQDIUHTXrQFLDGHN+] DSHQDVQDIUHTXrQFLDGHN+] QDVIUHTXrQFLDVGHHN+] QDVIUHTXrQFLDVGHHN+] QDVIUHTXrQFLDVGHHN+] QDVIUHTXrQFLDVGHHN+]

727$/

(17$/+($8',20e75,&2

2UHOKD'LUHLWD2' 2UHOKD(VTXHUGD2( )UHTXrQFLD

1 1

N+]

N+]

(58)

',6&866­2

1HVWHFDStWXORVHUiUHDOL]DGDDGLVFXVVmRGRVUHVXOWDGRVGDSUHVHQWH LQYHVWLJDomR EXVFDQGR FRQWHPSODU WRGRV RV GDGRV DQDOLVDGRV3DUD ILQV GLGiWLFRV LUHPRV GLYLGLOR QRV PHVPRV WySLFRV DERUGDGRV QRV UHVXOWDGRV ILQDOL]DQGR R FDStWXOR FRP DOJXPDV FRQVLGHUDo}HV VREUH R HVWXGR H RV FRPHQWiULRV D UHVSHLWR GR TXH SRGH VHU IHLWR QD iUHD GH $XGLRORJLD SDUD DWXDUPRVHPSUHYHQomRGDSHUGDDXGLWLYDLQGX]LGDSRUUXtGRHP~VLFD

$QWHV GH VHUHP HIHWXDGRV RV FRPHQWiULRV VREUH RV UHVXOWDGRV GR SUHVHQWHHVWXGRVHUiUHDOL]DGDXPDEUHYHUHVHQKDDUHVSHLWRGRUHIHUHQFLDO WHyULFRXWLOL]DGR

$ SDUWLU GD 5HYLVmR GH /LWHUDWXUD VHOHFLRQDGD IRL YHULILFDGR TXH RV HIHLWRV GR UXtGR QD DXGLomR QmR VH UHVWULQJHP DSHQDV D XP SUREOHPD SHULIpULFR KDYHQGR LQWHUFRUUrQFLDV FHQWUDLV IXQGDPHQWDLV H LPSRUWDQWHV FRPR R UHFUXWDPHQWR GDORXGQHVVR ]XPELGR D SREUH VHOHWLYLGDGH GH IUHTrQFLDVRFRPSURPHWLPHQWRQRSURFHVVDPHQWRWHPSRUDODDOWHUDomRGD FXUYD GH VLQWRQLD H D GLILFXOGDGH QD SHUFHSomR GH IDOD +HQGHUVRQ 6DOYL .lKlULHWDO.lKlULHWDO(LQKRUQ1LTXHWH .DWEDPQD)ODPPH

(59)

e LPSRUWDQWH UHVVDOWDU R YDORU GH VH HVWXGDU D ILVLRSDWRORJLD FRFOHDU RV UDGLFDLV OLYUHV SUHVHQWHV DSyV H[SRVLomR DR UXtGR VXDV FRQVHTrQFLDV EHPFRPRRVDYDQoRVWHFQROyJLFRVH[LVWHQWHVQDDWXDOLGDGHSDUDDSURWHomR GRRXYLGRFRQWUDOHV}HV

1HVWH LWHP IRL YHULILFDGD D SUHVHQoD GH QtYHLV DXPHQWDGRV GD HVSpFLHGHR[LJrQLRUHDWLYR5HDFWLYH2[\JHQ6SHFLHV±526HGRVUDGLFDLV OLYUHV QD FyFOHD HP GHFRUUrQFLD GH VXD H[SRVLomR DR UXtGR LQWHQVR (OHV VHULDP FDSD]HV GH GDQLILFDU R '1$ URPSHU RV OLStGLRV H DV PROpFXODV GH SURWHtQDEHP FRPR GLVSDUDU D OHVmR RXDPRUWHGDV FpOXODV FLOLDGDV &RP LVVRR526SRGHULDGDQLILFDURWHFLGRFRFOHDUSRULQWHUPpGLRGDDSRSWRVHH GD QHFURVH FHOXODU $V FpOXODV FLOLDGDV VmR LQVXEVWLWXtYHLV QD FyFOHD H VXD PRUWHSRGHVHUHYLWDGDSRUPHLRGRXVRGHDQWLR[LGDQWHVDILPGHHOLPLQDUR 526SUHMXGLFLDOHLQWHUURPSHUDDSRSWRVHHQHFURVHELRTXtPLFD0F)DGGHQ

HWDO+XHWDO<DQJHWDO+HQGHUVRQHWDO (VWH DYDQoR VREUH R FRQKHFLPHQWR GRV GDQRV FRFOHDUHV FDXVDGRV SHOD H[SRVLomRDR UXtGR SUHFLVD VHU DPSODPHQWH H[SORUDGR FRP R REMHWLYR GH LQWHUYLU QD SUHVHUYDomR GDV FpOXODV FLOLDGDV YLVDQGR D LQWHJULGDGH GD DXGLomRHDFRPXQLFDomRGRVVHUHVKXPDQRV

2XWUR LWHP DERUGDGR QD UHYLVmR GD OLWHUDWXUD IRL UHODWLYR DRV IDWRUHV SVLFRPpWULFRV H DV YDULiYHLV TXH SRGHP LQWHUIHULU QR UHVXOWDGR DXGLRPHWULD WRQDO OLPLQDU SULQFLSDOPHQWH QDV IUHTrQFLDV DOWDV 7DLV YDULiYHLV VmR FRODEDPHQWR GD SRUomR FDUWLODJLQRVD GR PHDWR DF~VWLFR H[WHUQR H SRVLomR LQDGHTXDGDGRVIRQHVGHRXYLGR*HUIDQG-XQTXHLUD

(60)

GH SUHVVmR VRQRUD FRP YDORUHV DFLPD GRV SHUPLWLGRV SRU OHL RIHUHFHQGR ULVFRSDUDRGHVHQYROYLPHQWRGHXPDSHUGDDXGLWLYD$OpPGDIUHTrQFLDD HVVHVORFDLVIRUDPOHYDQWDGDVSHVTXLVDVTXHDSRQWDPRXVRFRQVWDQWHGH HVWpUHRV SHVVRDLV HP YROXPH H[FHVVLYR HQWUH DGROHVFHQWHV GR PXQGR LQWHLURH[SRVWRVDQtYHLVVRQRURVVXSHULRUHVDRVGHVHMiYHLV+HOOVWURPHWDO -RUJH-U:LOOLDPV.HLWKHWDO5XVVRHWDO

'LVFXVVmRGRVUHVXOWDGRVGDDXGLRPHWULDWRQDOOLPLQDU

$QWHVGHLQLFLDUPRVDGLVFXVVmRGRVUHVXOWDGRVGDDXGLRPHWULDWRQDO OLPLQDUYDPRVUHVVDOWDURVUHVXOWDGRVGDWDEHODHILJXUDTXHQmRH[LVWH GLIHUHQoDHVWDWLVWLFDPHQWHVLJQLILFDQWHGDSURSRUomRGHKRPHQVHPXOKHUHV HP IXQomR GD LGDGH GD SRSXODomR HVWXGDGD 3RGHPRV REVHUYDU TXH D DPRVWUDHVWiEDODQFHDGDTXDQWRDHVVDVYDULiYHLV

2VUHVXOWDGRVGDDXGLRPHWULDWRQDOOLPLQDULQGLFDUDPTXHRVOLPLDUHV HQWUHDVRUHOKDVHPFDGDIUHTrQFLDVHSDUDGDPHQWHSRUVH[RDSUHVHQWDUDP VLJQLILFkQFLDHVWDWtVWLFDSDUDRVH[RIHPLQLQRQDIUHTrQFLDGHN+]SDUDR VH[RPDVFXOLQRKRXYHVLJQLILFkQFLDHPPDLVIUHTrQFLDVN+]N+] N+] H N+] FRPR IRL DSRQWDGR QDV WDEHODV H 1D WDEHOD SRGHPRV REVHUYDUTXHRVVXMHLWRVDSUHVHQWDYDPOLPLDUHVDXGLWLYRVGHQWUR GRV SDGU}HV GH QRUPDOLGDGH HQWUH H G% 1$ SRUpP SRVVXHPRHQWDOKHDXGLRPpWULFR(VWHUHVXOWDGRFRUURERUDFRPRHVWXGRGH 5XVVR HW DO TXH HVWXGDUDP R XVR GH HTXLSDPHQWRV HVWpUHRV SHVVRDLV HP MRYHQV DGROHVFHQWHV H WLYHUDP HP VHXV UHVXOWDGRV GD DYDOLDomRDXGLWLYDDSUHVHQoDGHHQWDOKHVDXGLRPpWULFRVHPN+]HN+] &RQIRUPHIRLPRVWUDGRQDWDEHODDSUHYDOrQFLDGRHQWDOKHIRLPDLRUSDUDR VH[R IHPLQLQR GR TXH SDUD R VH[R PDVFXOLQR (VWH UHVXOWDGR WDPEpP FRUURERUD FRP R HVWXGR GH +HOOVWURPHW DO

(61)

DXGLWLYRVPXVLFDLVHWLYHUDPHPVHXVUHVXOWDGRVDSUHYDOrQFLDGHPXOKHUHV TXHDSUHVHQWDUDPPDLRUPXGDQoDQROLPLDUDXGLWLYR

1D WDEHOD SRGHPRV REVHUYDU TXH KRXYH PDLRU Q~PHUR GH HQWDOKH XQLODWHUDO HVWDQGR SUHVHQWH HP VXMHLWRV HP FRQWUDSDUWLGD R HQWDOKHELODWHUDOHVWHYHSUHVHQWHHP(VWHGDGRFRQFRUGDFRPRV GHVFULWRV QD OLWHUDWXUD DR DSRQWDU TXH D SHUGD DXGLWLYD GHFRUUHQWH GD H[SRVLomR j P~VLFD H[FHVVLYDPHQWH DPSOLILFDGD JHUDOPHQWH p DVVLPpWULFD DIHWDQGRDSHQDVXPDRUHOKD&KDVLQ0DUFRQ3RUpPGLIHUHGD SHUGD FDXVDGD SHOD H[SRVLomR DR UXtGR TXH QD VXD PDLRULD p TXDVH VHPSUH VLPpWULFD 1RLVH DQG +HDULQJ &RQVHUYDWLRQ &RPPLWWH GR $PHULFDQ &ROOHJH RI 2FFXSDWLRQDO 0HGLFLQH 2 &RPLWr 1DFLRQDO GH 5XtGR H &RQVHUYDomR$XGLWLYD(QWUHWDQWRpLPSRUWDQWHGHVWDFDUTXHDPEDV VmRVLPLODUHVSRUVHUHPGHLQVWDODomRJUDGXDORFDVLRQDGDSHODH[SRVLomR FRQWLQXDGDDHVWtPXORVRQRURLQWHQVR&KDVLQ0RUDWD

$V WDEHODV H UHYHODP D GLVWULEXLomR GR HQWDOKH DXGLRPpWULFR HP FDGDIUHTrQFLDHODGRGDRUHOKDVHJXQGRDYDULiYHOVH[R+RXYHGLIHUHQoDV HVWDWLVWLFDPHQWHVLJQLILFDQWHVDSDUWLUGDIUHTXrQFLDGHN+]SDUDDPEDVDV RUHOKDV H VH[RV 3RUpP QDV PXOKHUHV WDPEpP HQFRQWUDPRV VLJQLILFkQFLD QDVIUHTrQFLDVGH+]HN+]

$VWDEHODVHPRVWUDPDGLVWULEXLomRGRHQWDOKHDXGLRPpWULFRHP FDGDIUHTrQFLD ODGRGD RUHOKD H WLSR GH HQWDOKH SDUD RV VXMHLWRV GR VH[R IHPLQLQR H PDVFXOLQR UHVSHFWLYDPHQWH 3DUD DPERV RV VH[R KRXYH SUHGRPtQLR GR HQWDOKH XQLODWHUDO VHQGR TXH KRXYH GLIHUHQoDV HVWDWLVWLFDPHQWHVLJQLILFDQWHVSDUDRVGRLVVH[RVDSDUWLUGDIUHTrQFLDGH N+]1DVPXOKHUHVWDPEpPHQFRQWUDPRVGLIHUHQoDHQWUHRVWLSRVGHHQWDOKH QDVIUHTrQFLDVGH+]HN+]

(62)

+RXYHJUDQGHFRQFHQWUDomRGHOLPLDUHVSLRUHVQDVIUHTrQFLDVLVRODGDVGH N+]HN+]VHQGRDGHN+]DPDLVDIHWDGD (P UHODomR DRV JUXSRV GH IUHTrQFLDV R YDORU PDLRU IRL QD GH N+] H

N+]4XDQGRFRPSDUDGDDSUHVHQoDGHHQWDOKHQDVIUHTrQFLDV GH N+] N+] H N+] FRP R ODGR GD RUHOKD R ODGR HVTXHUGR UHYHORX PDLRUQ~PHURGHUHVSRVWDVQDVIUHTrQFLDVGHN+]HN+] HQDRUHOKDGLUHLWDDIUHTrQFLDGHN+]

(VVHV UHVXOWDGRV FRQILUPDP D WHQGrQFLD GH TXH DV SULPHLUDV IUHTrQFLDVDVHUHPDFRPHWLGDVQRSURFHVVRGHGHVHQFDGHDPHQWRGHXPD SHUGDDXGLWLYDLQGX]LGDSRUH[SRVLomRDQtYHLVGHSUHVVmRVRQRUDHOHYDGRV GH P~VLFD H UXtGR VmR H[DWDPHQWH HVWDV $[HOVVRQHW DO &KDVLQ -RUJH -U &RPLWr 1DFLRQDO GH 5XtGR H &RQVHUYDomR $XGLWLYD %RQDUGLHWDO/RXUHLUR$PHULFDQ&ROOHJHRI2FFXSDWLRQDO DQG (QYLURQPHQWDO 0HGLFLQH $&2(0 0RUDWD 5XVVRHW DO

3RU HVWD UD]mR p LPSUHVFLQGtYHO LQYHVWLJDU RV HIHLWRV TXH R UXtGR DFDUUHWD j DXGLomR 2V H[SHULPHQWRV LQWHUQDFLRQDLV UHDOL]DGRV HP FREDLDV YHULILFDUDP TXH DSyV D H[SRVLomR DR UXtGR LQWHQVR RV UDGLFDLV OLYUHV GH R[LJrQLRQDFyFOHDFDXVDULDPVHYHURVGDQRVjDXGLomR0F)DGGHQHWDO 2OLYHLUD +XHW DO <DQJHW DO +HQGHUVRQHW DO

(63)

6DPHOOL 6FKRFKDW -RUJHHW DO /RXUHLUR .HLWKHW DO 5XVVRHW DO TXH WDPEpP DSRQWDP R KiELWR GH MRYHQV HP UHODomRDRXVRGHHTXLSDPHQWRVGHVRPFRPIRQHVGHRXYLGRHPYROXPHV

H[FHVVLYRV FRPR VHQGR SUHMXGLFLDO H SRGHQGR FRPSURPHWHU D DXGLomR GH VHXVXVXiULRVDPpGLRHORQJRSUD]R

9LYHPRV QRV GLDV DWXDLV XPD VLWXDomR SUREOHPiWLFD SDUD D VD~GH DXGLWLYD GRV MRYHQV TXH Mi SRGHP VH FRQVLGHUDU IXWXURV FDQGLGDWRV D XP GLDJQyVWLFR DXGLRPpWULFR GH SHUGD DXGLWLYD 2V GpILFLWV DXGLWLYRV GHOD GHFRUUHQWHV SRGHP SURYRFDU R UHFUXWDPHQWR GDORXGQHVV R ]XPELGR D SREUH VHOHWLYLGDGH GH IUHTrQFLD FRPSURPHWLPHQWR QR SURFHVVDPHQWR WHPSRUDODDOWHUDomRGDFXUYDGHVLQWRQLDHDGLILFXOGDGHQDSHUFHSomRGH IDOD GHVHQFDGHDQGR PXGDQoDV QR SURFHVVDPHQWR GD LQIRUPDomR +HQGHUVRQ 6DOYL .lKlULHW DO (LQKRUQ 1LTXHWH

3RU LVVR p IXQGDPHQWDO TXH WRPHPRV DOJXPDV PHGLGDV FRPR R DXPHQWR GD LQVWUXomR S~EOLFD SRLV PXLWRV MRYHQV GHVFRQKHFHP RV GDQRV DXGLWLYRV FDXVDGRV SRU RXYLU P~VLFD HP YROXPH HOHYDGR WUDQVPLWLQGR PHQVDJHP VREUH SUHYHQomR DXGLWLYD SDUD DVVLP VH WRUQDUHP PDLV UHFHSWLYRV QRV FRQVHOKRV GRV SURILVVLRQDLV H SURSHQVRV D DOWHUDUHP VHXV FRPSRUWDPHQWRV IUHQWH DR ULVFR .DWEDPQD )ODPPH 9RJHOHW DO 5XVVRHWDO

(64)

VRFLDO H WDPEpP QR SURFHVVDPHQWR GH LQIRUPDomR FRP GLILFXOGDGHV GH FRPSUHHQVmR $OJXQV DXWRUHV FLWDGRV QD UHYLVmR GH OLWHUDWXUD GHVWDFDUDP WDLV DOWHUDo}HV HP VXDV SHVTXLVDV 3LPHQWHO6RX]D 0RUDWDHW DO $UD~MR5HJD]]L5LR3HWLDQ

&RQVLGHUDo}HV)LQDLV

$JUDQGHRFRUUrQFLDGRHQWDOKHDXGLRPpWULFRQRVFKDPRXDDWHQomR SRLVDOpPGHWRUQDUDFRQILJXUDomRGDFXUYDDXGLRPpWULFDVHPHOKDQWHjGD 3$,5 SRGH LQGLFDU XPD WHQGrQFLD DTXLVLomR GHVWD $ LPSODQWDomR GH XP SURJUDPDGHSUHYHQomRpQHFHVViULDSRUSDUWHGRVSURILVVLRQDLVGDiUHDGH SUHVHUYDomR DXGLWLYD FRP LQWXLWR GH FRQVFLHQWL]DU HVVHV MRYHQV VREUH RV SHULJRV GDV LQWHQVLGDGHV H[FHVVLYDV GH P~VLFD XPD YH] TXH VRPHQWH TXDQGRHOHV WLYHUHP D FRQKHFLPHQWRGRV VLQDLV H VLQWRPDV GHFRUUHQWHV GD H[SRVLomR D QtYHLV HOHYDGRV GH SUHVVmR VRQRUD D SUHVHUYDomR DXGLWLYD SRGHUiVHULPSODQWDGDFRPPDLRUHILFLrQFLD

2XWUR SRQWR LPSRUWDQWH GH VHU UHVVDOWDGR QHVWD SHVTXLVD p TXH DSHVDU GH VHU XP HVWXGR GR WLSR UHWURVSHFWLYR QmR VHQGR UHDOL]DGR XP DFRPSDQKDPHQWR ORQJLWXGLQDO GH FDGD FDVR SRVVLELOLWRX DOFDQoDUPRV XP Q~PHUR VLJQLILFDWLYR GH H[DPHV QD SRSXODomR HVWXGDGD D ILP GH DQDOLVDUPRV D SUHVHQoD GRV HQWDOKHV DXGLRPpWULFRV QHVWH JUXSR GH MRYHQV FRP IDL[D HWiULD HQWUH D DQRV 3RUpP DV UHVSRVWDV GHYHP VHU DQDOLVDGDV HP FRQMXQWR FRP RXWURV UHVXOWDGRV SRLV VDEHPRV TXH D DXGLRPHWULD WRQDO DSUHVHQWD VXDV OLPLWDo}HV QD LGHQWLILFDomR GH DOWHUDo}HV DXGLWLYDV HP HVWiJLR LQLFLDO Mi TXH VmR HQFRQWUDGDV DOWHUDo}HV QHVWH WHVWH DSHQDVTXDQGRMiHVWmRDWLQJLGDVDVFpOXODVFLOLDGDVLQWHUQDV

(65)

DXGLWLYDV XPD YH] TXH HVWDUtDPRV WRPDQGR PHGLGDV SUHYHQWLYDV YLVDQGR GLPLQXLURVULVFRVjTXHHVWmRH[SRVWRV

&RPRHPWRGRWUDEDOKRGHSHVTXLVDH[LVWHPOLPLWDo}HVTXHSRGHPH GHYHPVHUFRUULJLGDVFRPRpRFDVRGDVXEMHWLYLGDGHGDDXGLRPHWULDWRQDO OLPLQDU$VVLPSDUDTXHSRVVDPRVFRPSOHPHQWDUHDXPHQWDUDHILFiFLDGRV UHVXOWDGRV HQFRQWUDGRV RXWURV HVWXGRV GHYHP VHU HIHWXDGRV FRP R HPSUHJR GH PpWRGRV HOHWURDF~VWLFRV FRPR R UHJLVWUR GDV HPLVV}HV RWRDF~VWLFDV TXH SRGH LQGLFDU XP FRPSURPHWLPHQWR LQLFLDO GDV FpOXODV FLOLDGDV H[WHUQDV FRP DPSOLWXGHV XP SRXFR PHQRUHV TXDQGR FRPSDUDGDV jV UHVSRVWDV GH LQGLYtGXRV QmR H[SRVWRV D QtYHLV HOHYDGRV GH SUHVVmR VRQRUDRXDXVrQFLDGHUHVSRVWDVPHVPRFRPOLPLDUHVWRQDLVQRUPDLV&RP LVVRDV(2$3'FRQVWLWXHPXPLPSRUWDQWHLQVWUXPHQWRGHDYDOLDomRFOtQLFD H DFRPSDQKDPHQWR GRV LQGLYtGXRV H[SRVWRV D QtYHLV HOHYDGRV GH SUHVVmR VRQRUDGHUXtGRHP~VLFD

(66)

&21&/86­2

'LDQWH GRV UHVXOWDGRV GD SUHVHQWH SHVTXLVD TXH YLVRX LGHQWLILFDU D SUHVHQoDGRHQWDOKHDXGLRPpWULFRHPMRYHQVGHDDQRVFRPSDUDURV OLPLDUHV DXGLRPpWULFRV VHJXQGR DV YDULiYHLV VH[R IUHTrQFLD H ODGR GD RUHOKDHWLSRGHHQWDOKHSXGHPRVFKHJDUjVVHJXLQWHVFRQFOXV}HV

x +RXYH SUHYDOrQFLD GH HQWDOKH DXGLRPpWULFR HP GRV VXMHLWRV HVWXGDGRV VHQGR PDLV IUHTHQWH SDUD RV GR VH[R IHPLQLQR GRTXHSDUDRVGRVH[RPDVFXOLQR

x &RP UHODomR jV IUHTrQFLDV HVWXGDGDV IRUDP HQFRQWUDGRV OLPLDUHV SLRUHVQDVIUHTrQFLDVLVRODGDVGHH+]VHQGRDGH +]DPDLVDWLQJLGD

x &RPUHODomRjSUHVHQoDGHHQWDOKHVHJXQGRRODGRGDRUHOKDKRXYH PDLRUQ~PHURGHUHVSRVWDVQDVIUHTrQFLDVH+]SDUDD RUHOKDHVTXHUGDHQDIUHTrQFLDGH+]SDUDDRUHOKDGLUHLWD

(67)

5()(5Ç1&,$6%,%/,2*5È),&$6

$PHULFDQ&ROOHJHRI2FFXSDWLRQDODQG(QYLURQPHQWDO0HGLFLQH1RLVH ,QGXFHG+HDULQJ/RVV-2(0-XQ

$PHULFDQ&ROOHJHRI2FFXSDWLRQDO0HGLFLQH1RLVHDQG+HDULQJ

&RQVHUYDWLRQ&RPPLWWHH2FFXSDWLRQDOQRLVHLQGXFHGKHDULQJORVV-2FFXS 0HG

$PHULFDQ6SHHFK+HDULQJ/DQJXDJH$VVRFLDWLRQ±$6+$3XEOLF$ZDUHQHVV &DPSDLJQ>,QWHUQHW@6mR3DXOR63'LVSRQtYHOHPKWWS

ZZZDVKDRUJWXUQGRZQWKHYROXPH

$UD~MR*0$5HJD]]L5'3HUtFLDHDYDOLDomRGHUXtGRHFDORUSDVVRD SDVVRWHRULDHSUiWLFDVQ5LRGH-DQHLUR

$[HOVVRQ$(OLDVVRQ$,VUDHOVVRQ%+HDULQJLQSRSURFNPXVLFLDQVD IROORZXSVWXG\(DU+HDU

$[HOVVRQ$-HUVRQ7/LQGJUHQ)1RLV\OHLVXUHWLPHDFWLYLWLHVLQWHHQDJH

ER\V$P,QG+\J$VVRF-&DOGDV1/HVVD)1HWR6&/D]HUFRPRULVFRjVD~GH±RUXtGRGRVWULRV HOpWULFRVHDDXGLomR5HY%UDV2WRUULQRODULQJRO &DVVDQR)%DYDUR3'H0DULQLV*$ORLVH,1RRFFXSDWLRQDOH[SRVXUHWR QRLVH*,WDO0HG/DY(UJRQ

&RPLWr1DFLRQDOGH5XtGRH&RQVHUYDomR$XGLWLYDGH%ROHWLP1R 3HUGD$XGLWLYDLQGX]LGDSHORUXtGRUHODFLRQDGDDRWUDEDOKR6mR3DXOR &RVWD)LOKR$2&HODQL$&2UXtGRHPDWLYLGDGHVGHOD]HUSDUDFULDQoDVH MRYHQV5HYLVWD3Uy)RQR

(LQKRUQ.7KHPHGLFDODVSHFWVRIQRLVHLQGXFHGRWRORJLFGDPDJHLQ PXVLFLDQV5HYLHZPDU'LVSRQtYHOHP

KWWSZZZKHDULQJUHYLHZFRPDUWLFOHSKS"V +5

(68)

)LRULQL$&&RQVHUYDomR$XGLWLYD(VWXGRVREUHRPRQLWRUDPHQWR

DXGLRPpWULFRHPWUDEDOKDGRUHVGHXPDLQG~VWULDPHWDO~UJLFD>GLVVHUWDomR@ 6mR3DXOR3RQWLItFLD8QLYHUVLGDGH&DWyOLFD

)LRULQL$&5XtGRXPSUREOHPDGHVD~GHS~EOLFD6mR3DXOR-RUQDO TXHEUDQGRRVLOrQFLR

*HOIDQG6(VVHQWLDOVRI$XGLRORJ\3XUH7RQH$XGLRPHWU\1<7KLHPH S

+DQVHQ&+&XUUHQWDQGIXWXUHLQGXVWULDODSOLFDWLRQVRIDFWLYHQRLVHFRQWURO 1RLVHFRQWUROHQJLQQHULQJMRXUQDO

+HOOVWURP3$$[HOVVRQ$&RVWD27HPSRUDU\WKUHVKROGVKLIWLQGXFHGE\ PXVLF6FDQG$XGLRO6XSSO

+HQGHUVRQ'%LHOHIHOG(&+DUULV.&+X%7KHUROHRIR[LGDWLYHVWUHVVLQ QRLVHLQGXFHGKHDULQJORVV(DU+HDU

+HQGHUVRQ'6DOYL5-(IIHFWVRQQRLVHH[SRVXUHRQWKHDXGLRWRU\ IXQFFWLRQV6FDQG$XGLRO6XSSO6XSSO

+X+%+HQGHUVRQ'1LFRWHUD70,QYROYHPHQWRIDSRSWRVLVLQSURJUHVVLRQ RIFRFKOHDUOHVLRQIROORZLQJH[SRVXUHWRLQWHQVHQRLVH+HDU5HV

-RUJH-U--$OHJUH$&0*UHFR0&$QJHOLQL0&$%DUURV30+iELWRVH OLPLDUHVDXGLRPpWULFRVGHMRYHQVHPUHODomRjH[SRVLomRjP~VLFD

HOHWURQLFDPHQWHDPSOLILFDGDHPGLVFRWHFDV5HY%UDV2WRUULQRODULQJRO ±

-RUJH-U--$OHJUH$&0$DXGLomRGRVMRYHQVHVXDUHODomRFRPKiELWRVGH H[SRVLomRjP~VLFDHOHWURQLFDPHQWHDPSOLILFDGD,QWURGXomRDRWHPDHXPD UHYLVmRELEOLRJUiILFD5HY%UDV2WRUULQRODULQJRO

-RUJH-U--$YDOLDomRGRVOLPLDUHVDXGLWLYRVGHMRYHQVHVXDUHODomRFRP KiELWRVGHH[SRVLomRjP~VLFDHOHWURQLFDPHQWHDPSOLILFDGD6mR3DXOR 7HVWHGH'RXWRUDGR)0863

-XQTXHLUD&$2(VWXGRVGRVHIHLWRVGRUHDMXVWHGRIRQHQDRUHOKDHGD FRORFDomRGDROLYDLPLWDQFLRPpWULFDQR0$(QRVOLPLDUHVWRQDLV

>PRQRJUDILD@6mR3DXOR&(',$8

(69)

.DKDUL.5$[HOVVRQ$+HOOVWURP3$=DFKDX*+HDULQJDVVHVVPHQWRI FODVVLFDORUFKHVWUDOPXVLFLDQV6FDQG$XGLRO

.HLWK6(HWDO(YDOXDWLQJWKHPD[LPXPSOD\EDFNVRXQGOHYHOVIURPSRUWDEOH GLJLWDODXGLRSOD\HUV-RXUQDO$FRXVWLFDO6RFLHW\RI$PHULFDS

/RXUHLUR69/2VHIHLWRVDXGLWLYRVHH[WUDDXGLWLYRVGDH[SRVLomRjP~VLFD HOHWURQLFDPHQWHDPSOLILFDGDHPWUDEDOKDGRUHVGHGDQFHWHULD>GLVVHUWDomR@ )ORULDQySROLV8QLYHUVLGDGH)HGHUDOGH6DQWD&DWDULQD

0DUFRQ6,(VWXGRVVREUHDDOWHUDomRWHPSRUiULDGROLPLDUDXGLWLYRHP

MRYHQVGRVH[RIHPLQLQRGDFLGDGHGH)DUURSLOKD±56>GLVVHUWDomR@3DUDQi 8QLYHUVLGDGH7XLXWtGR3DUDQi

0F)DGGHQ6/2KOHPLOOHU..'LQJ'6KHUR06DOYLQ5-7KHLQIOXHQFHRI VXSHUR[LGHGLVPXWDVHDQGJOXWDWKLRQHSHUR[LGDVHGHILFLHQFLHVRQQRLVH LQGXFHGKHDULQJORVVLQPLFH1RLVH+HDOWK

0LUDQGD&5'LDV&53HUGDDXGLWLYDLQGX]LGDSHORUXtGRHPWUDEDOKDGRUHV HPEDQGDVHHPWULRVHOpWULFRVGH6DOYDGRU%DKLD0RQLWRUODQG>RQOLQH@ >FLWDGRRXW@'LVSRQtYHO

HP85/KWWSZZZPRQLWRUODQGFRPEUSHUGDDXGLWLYDKWP

0LUDQGD-5&5XtGR(IHFWRVVREUHODVDOXG\&ULWHULRGHVX(YDOXDFtRQDO ,QWHULRUGH5HFLQWRV&LHQFH7UDE

0RPHQVRKQ6DQWRV705XVVR,&3RUJ3UiWLFDGD$XGLRORJLD&OtQLFD HG6mR3DXOR&RUWH]

0RUDWD7&)LRULQL$&)LVFKHU)0&RODFLRSSR6:DOLQJIRUG.0.ULHJ() 'XQQ'(*D]]ROL/3DGUmR0$&pVDU&/*7ROXHQH±LQGXFHGKHDULQJ ORVVDPRQJURWRJUDYXUHSULQWLQJZRUNHUV6FDQG-:RUN(QYLURQ+HDOWK

0RUDWD7&<RXQJSHRSOH7KHLUQRLVHDQGPXVLFH[SRVXUHVDQGWKHULVNRI KHDULQJORVV,QW-$XGLRO

1LTXHWWH3+HDULQJSURWHFWLRQIRUPXVLFLDQV5HYLHZPDU'LVSRQtYHO

HPKWWSZZZKHDULQJUHYLHZFRPDUWLFOHSKS"V +5

1LVNDU$6.LHV]DN60+ROPHV$((VWHEDQ(5XELQ&%URG\'-(VWLPDWHGSUHYDOHQFHRIQRLVHLQGXFHGKHDULQJWKUHVKROGVKLIWVDPRQJ FKLOGUHQWRDJH7KH7KLUG1DWLRQDO+HDOWKDQG1XWULWLRQ([DPLQDWLRQ 6XUYH\3HGLDWULFV(DU+HDU

2OLYHLUD-$$3UHYHQomRHSURWHomRFRQWUDSHUGDDXGLWLYDLQGX]LGDSRUUXtGR

(70)

$XGLWLYD,QGX]LGDSHOR5XtGR9ROXPH,,5LRGH-DQHLUR5HYLQWHU S

3HWLDQ$,QF{PRGRHPUHODomRDRUXtGRXUEDQRHQWUHWUDEDOKDGRUHVGH HVWDEHOHFLPHQWRVFRPHUFLDLVQRPXQLFtSLRGH6mR3DXOR>7HVHGH 'RXWRUDGR@6mR3DXOR)DFXOGDGHGH0HGLFLQDGD8QLYHUVLGDGHGH6mR 3DXOR

3LPHQWHO6RX]D)(IHLWRVGD3ROXLomR6RQRUDQR6RQRHQD6D~GHHP *HUDO±ÇQIDVH8UEDQD5HYLVWD$F~VWLFDH9LEUDo}HV 5LQWHOPDQQ:)%RUXV-)1RLVHLQGXFHGKHDULQJORVVDQGURFNDQGUROO PXVLF$UFK2WRODU\QJRO

5LRV$/(IHLWRVWDUGLRGRUXtGRQDDXGLomRHQDTXDOLGDGHGRVRQRHP LQGLYtGXRVH[SRVWRVDQtYHLVHOHYDGRV>'LVVHUWDomRGH0HVWUDGR@5LEHLUmR 3UHWR)DFXOGDGHGH0HGLFLQDGH5LEHLUmR3UHWR±863

5XVVR,&3)LUVW'$EXG1&%(OXVRGHHVWpUHRSHUVRQDOHOFRQRFLPLHQWR \ODFRQFLHQFLDGHORVDGROHVFHQWHV%XHQRV$LUHV5HYLVWD)RQRDXGLROyJLFD QRSUHOR

5XVVR,&36DQWRV700%XVJDLE%%2VWHUQH)-98PHVWXGRFRPSDUDWLYR VREUHRVHIHLWRVGDH[SRVLomRjP~VLFDHPP~VLFRVGHWULRVHOpWULFRV9HU %UDV2WRUULQRODULQJRO

5XVVR,&3(VWpUHRVSHVVRDLV±LQRYDomRWHFQROyJLFDYHUVXVULVFRV DXGLWLYRV,Q-RUQDOGR&))D%UDVtOLDSiJ

5XVVR,&31Ro}HVGH$F~VWLFDH3VLFRDF~VWLFDDSOLFDGDVD)RQRDXGLRORJLD HG6mR3DXOR/RYLVH

6DPHOOL$*6FKRFKDW(3HUGDDXGLWLYDLQGX]LGDSRUQtYHOGHSUHVVmR

VRQRUDHOHYDGRHPXPJUXSRGHP~VLFRVSURILVVLRQDLVGHURFNDQGUROO$FWD $:+2

6RDUHV($$OWHUDomRDXGLWLYDLQGX]LGDSHODH[SRVLomRjP~VLFDSRSXODUHP iUHDVGHOD]HUHHTXLSDPHQWRHOHWURQLFDPHQWHDPSOLILFDGRV6mR3DXOR >'LVVHUWDomRGH0HVWUDGR±)DFXOGDGHGH&LrQFLDV0pGLFDVGD6DQWD &DVDGH6mR3DXOR@

6SHDNV&1HOVRQ':DUG:'+HDULQJORVVLQURFNDQGUROOPXVLFLDQV-2FFXS0HG

(71)

9RJHO,%UXJ-+RVOL(-9DQ'HU3ORHJ&3%+HLQ5DDW0'03SOD\HUV DQGKHDULQJORVV$GROHVFHQWVSHUFHSWLRQVRIORXGPXVLFDQGKHDULQJ

FRQVHUYDWLRQ-3HGLDWU

:HVW3'(YDQV()(DUO\GHWHFWLRQRIKHDULQJGDPDJHLQ\RXQJOLVWHQHUV UHVXOWLQJIURPH[SRVXUHWRDPSOLILHGPXVLF%U-$XGLRO :LOOLDPV:1RLVHH[SRVXUHOHYHOVIURPSHUVRQDOVWHUHRXVH,QW-$XGLRO

<DQJ:3+HQGHUVRQ'+X%+1LFRWHUD704XDQWLWDWLYHDQDO\VLVRI DSRSWRWLFDQGQHFURWLFRXWHUKDLUFHOOVDIWHUH[SRVXUHWRGLIIHUHQWOHYHOVRI FRQWLQXRXVQRLVH+HDU5HV2FW

<DVVL$3ROORFN17UDQ1&KHDQJ05LVNVWRKHDULQJIURPDURFNFRQFHUW &DQ)DP3K\VLFDQ

=HQQHU+36WUXZH96FKXVFKNH*6SUHQJ06WDQJH*3ODWK3HWDO +HDULQJORVVFDXVHGE\OHLVXUHQRLVH+12

(72)

$1(;26

$QH[R ± 3DUHFHU GR &RPLWr GH eWLFD HP 3HVTXLVD GR

3URJUDPDGH3yVJUDGXDomRHP)RQRDXGLRORJLDGD38&63

(73)

$QH[R&$57$'(62/,&,7$d­2'($8725,=$d­2

$R'U6DPLU=DFFDURI9DVVLOLDGHV

'LUHWRUGR+RVSLWDO3DXOLVWDGH2WRUULQRODULQJRORJLD

6ROLFLWR DXWRUL]DomR SDUD FRQVXOWD GRV SURQWXiULRV GH H[DPHV DXGLROyJLFRV UHDOL]DGRV HP MRYHQV GH D DQRV QHVWH +RVSLWDO QR SHUtRGR GH D SDUD UHDOL]DomR GD FROHWD GH GDGRV GD SHVTXLVD LQWLWXODGD $XGLomR GH MRYHQV GH D DQRV HVWXGR GR HQWDOKH DXGLRPpWULFR UHIHUHQWH j GLVVHUWDomR GH 0HVWUDGR UHDOL]DGD QD 3RQWLItFLD 8QLYHUVLGDGH&DWyOLFDGH6mR3DXOR

*LVHO\%HOLFKGH6RXVD 3HVT5HVSRQViYHO

'HFODUR TXH DXWRUL]R D XWLOL]DomR GR UHIHULGR HVSDoR GR KRVSLWDO SDUD D UHDOL]DomRGRHVWXGRFLWDGRDFLPD

'U6DPLU=DFFDURI9DVVLOLDGHV 'LUHWRUGR+RVSLWDO

6mR3DXORBBBBBBBBBBBBBB

Referências

Documentos relacionados

- AFBNB, solicita, em ofício, realização de audiência para tratar sobre o possível encerramento das atividades da Agência de Brasília.Foram enviados documentos para Rui

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

expressão de negação ou uma cláusula adversativa, e a realização do marcador discursivo em forma simples e no modo indicativo (IND) do verbo; quanto aos aspectos

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

From the chromatograms of PS samples with different polymerization times shown in Figure 1(c) it is possible to observe the growth of molecular weights without concomitant broadening

número de folhas para oviposição, atividade de vocalização, altura do poleiro e tamanho do território ao número de desovas por macho, indicou que a atividade de.. vocalização é

Our data show that the distribution of the L55M and Q192R haplotypes of the Paraoxonase 1 gene of the Ama- zonian Amerindian tribes investigated by us are different from those

Porosidade, distribuição de tamanho de poros, constantes de permeabilidade, diâmetro crítico, pressão capilar, módulo de ruptura e fases cristalográficas presentes foram