livro_introdução à bioquímica clínica veterinária ufrgs.pdf

174
VERSÃO PRELIMINAR 99.2 3_^SUYd_c 2vcYS_c C_RbU =UdQR_\Yc]_ 9! 9 3?>359D?C 2´C93?C C?2B5 =5D12?<9C=? , %LRHQHUJpWLFD $ SDUWH GD ItVLFD TXH HVWXGD DV WURFDV GH HQHUJLD HQWUH RV VLVWHPDV PDWHULDLV p FRQKHFLGD FRPR WHUPRGLQkPLFD 2 PHVPR HVWXGR TXDQGR UHDOL]DGR QRV VHUHV YLYRV UHFHEH R QRPH GH ELRHQHUJpWLFD $V OHLV ItVLFDV GD WHUPRGLQkPLFD VmR DSOLFDGDV GH LJXDO IRUPD DRV VHUHV YLYRV H DRV VLVWHPDV PDWHULDLV 2V VHUHV YLYRV SUHFLVDP SURGX]LU HQHUJLD SDUD SRGHU PDQWHU R HTXLOtEULR GH VXD HVWUXWXUDæ SDUD VH ORFRPRYHUHPæ SDUD D UHSURGXomRæ SDUD PDQWHU DV IXQo}HV QRUPDLV QRV GLIHUHQWHV SURFHVVRVæ WDLV FRPR FUHVFLPHQWRæ JHVWDomRæ ODFWDomRæ RYLSRVLomR H FLFOLFLGDGH UHSURGXWLYD (VWD HQHUJLD p REWLGD D SDUWLU GH SURFHVVRV TXtPLFRV TXH RFRUUHP QR LQWHULRU GDV FpOXODV , (QHUJLD OLYUH $ HQHUJLD FDSD] GH SURGX]LU XP WUDEDOKR p GHQRPLQDGD HQHUJLD OLYUH ([LVWHP YiULDV IRUPDV GH HQHUJLDæ DV TXDLV SRGHP VHU LQWHUFRQYHUWLGDV HQWUH VLª HQHUJLD SRWHQFLDOæ FLQpWLFDæ WpUPLFDæ HOpWULFDæ UDGLDQWHæ TXtPLFDæ QXFOHDUæ FDOyULFDæ KLGUiXOLFDæ HyOLFD 1R SURFHVVR GH LQWHUFRQYHUVmR GH XPD IRUPD GH HQHUJLD D RXWUD VHPSUH Ki XPD SHUGD GH HQHUJLD ~WLO 1DV PiTXLQDV p DSURYHLWiYHO DWp ºLl GD HQHUJLD HP XPD LQWHUFRQYHUVmRæ HQTXDQWR TXH QRV SURFHVVRV ELROyJLFRV D HILFLrQFLD GH FRQVHUYDomR GD HQHUJLD HP XPD LQWHUFRQYHUVmR p GD RUGHP GH Œl 1RV DQLPDLVæ D HQHUJLD p REWLGD D SDUWLU GD R[LGDomR GH FRPSRVWRV RUJkQLFRV 6HJXQGR /DYRLVLHUæ XP GRV SLRQHLURV QR HVWXGR GD ELRHQHUJpWLFDæ ƒRV DQLPDLV TXH UHVSLUDP VmR YHUGDGHLURV FRUSRV FRPEXVWtYHLV TXH VH TXHLPDP H FRQVRPHP D VL PHVPRV § SRGHULDVH GL]HU TXH ƒ D WRFKD GD YLGD VH DFHQGH SHOD SULPHLUD YH] QR PRPHQWR HP TXH VH QDVFH H VRPHQWH VH H[WLQJXH FRP D PRUWH§ ,º /HLV GD WHUPRGLQkPLFD (P WHUPRGLQkPLFD XP VLVWHPDæ GR SRQWR GH YLVWD ItVLFRæ p GHILQLGR FRPR XPD SDUWH OLPLWDGD GR XQLYHUVRæ FDUDFWHUL]DGD SRU XP FRQMXQWR ILQLWR GH YDULiYHLV TXH R LGHQWLILFDP 8P VLVWHPD SRGH VHU XP RUJDQLVPRæ XPD FpOXODæ XPD RUJDQHOD FLWRSODVPiWLFD RX RV FRPSRQHQWHV GH XPD UHDomR TXtPLFD 2 VLVWHPD p ƒDEHUWR§ TXDQGR HVWi HP FRQWDWR FRP XP PHLR FRP R TXDO WHP WURFD GH PDWpULD H HQHUJLDæ FRPR p R FDVR GRV VLVWHPDV YLYRV (VWHV QXQFD HVWmR HP HTXLOtEULR FRP VHX PHLRæ SRLV R QtYHO GH RUJDQL]DomR LQWHUQD GRV VLVWHPDV p PDLRU TXH R GR PHLR $ SULPHLUD OHL GD WHUPRGLQkPLFD p R SULQFtSLR GD FRQVHUYDomR GD HQHUJLDæ D TXDO HVWDEHOHFH TXH HP TXDOTXHU PXGDQoD ItVLFD RX TXtPLFDæ D HQHUJLD GR VLVWHPD PDLV D HQHUJLD GR PHLRæ LVWR pæ D HQHUJLD GR XQLYHUVR SHUPDQHFH LJXDO (P RXWUDV SDODYUDVæ D HQHUJLD SRGH WUDQVIRUPDUVH GH XPD IRUPD D RXWUDæ PDV QmR SRGH VHU FULDGD QHP GHVWUXtGD $ VHJXQGD OHL GD WHUPRGLQkPLFD DVVLQDOD TXH WRGDV DV PXGDQoDV ItVLFDV RX TXtPLFDV WHQGHP D VH UHDOL]DUæ GH IRUPD HVSRQWkQHDæ QDTXHOD GLUHomR TXH OHYH D HQHUJLD GR XQLYHUVR D VH GHJUDGDU SDUD XPD IRUPD PDLV GLVSHUVD 3RUWDQWRæ DV UHDo}HV ItVLFR TXtPLFDV TXH DFRQWHFHP QD QDWXUH]D WHQGHP DR DXPHQWR GD HQWURSLD (P WRGRV RV SURFHVVRVæ D HQWURSLD GR XQLYHUVR ıVLVWHPD PHLR WHQGH D DXPHQWDU DWp DWLQJLU R HTXLOtEULRæ LVWR pæ DWp TXH D HQHUJLD GR VLVWHPD VHMD LJXDO j HQHUJLD GR PHLR ’H FHUWR PRGRæ D HQWURSLD SRGH VHU LQWHUSUHWDGD FRPR D WHQGrQFLD j GHVRUGHP RX j DOHDWRULHGDGH GRV SURFHVVRV $ VHJXQGD OHL GD WHUPRGLQkPLFD HVWDEHOHFHæ SRUWDQWRæ TXH R GLUHFLRQDPHQWR GRV SURFHVVRV ItVLFR TXtPLFRV QR XQLYHUVR HVWi GHWHUPLQDGR SHOD WHQGrQFLD SDUD DWLQJLUHP XP YDORU Pi[LPR GH HQWURSLD ,Œ (QWURSLD $ HQWURSLD p XPD IRUPD GH HQHUJLD QmR XWLOL]iYHOæ RX VHMD XPD HQHUJLD ƒLQ~WLO§ $V PXGDQoDV GH HQWURSLD HP XP VLVWHPD RX HP XPD UHDomR TXtPLFD SRGHP VHU PHGLGDV D SDUWLU GD YDULDomR GH HQHUJLD OLYUHæ GHILQLGD VHJXQGR D HTXDomR GD HQHUJLD OLYUH GH *LEEVª * +76 RQGHª * YDULDomR GD HQHUJLD OLYUH GR VLVWHPD ıHP -PRO + YDULDomR GD HQWDOSLD GR VLVWHPD ıHP -PRO 7 WHPSHUDWXUD QD TXDO p UHDOL]DGR R SURFHVVR ıHP . & ºŒ. 6 YDULDomR GD HQWURSLD GR VLVWHPD ıHP -. 3RUWDQWRæ D YDULDomR GH HQHUJLD OLYUH GH XP VLVWHPD HVWi GHWHUPLQDGD SHOD YDULDomR GD HQWDOSLDæ SHOD WHPSHUDWXUD GR PHLR H SHOD YDULDomR GD HQWURSLD $ HQWDOSLD p GHILQLGD FRPR R FRQWH~GR FDOyULFR GH XP VLVWHPD (P VLVWHPDV TXtPLFRVæ UHIHUHVH DR Q~PHUR H DR WLSR GH OLJDo}HV HQWUH RV iWRPRV GH XPD PROpFXODæ GH IRUPD TXH TXDQWR PDLV OLJDo}HV WLYHU D PROpFXOD H TXDQWR PDLRU IRU D HQHUJLD GHVVDV OLJDo}HV PDLRU p D HQWDOSLD GR VLVWHPD 4XDQGR XPD UHDomR TXtPLFD p WHUPRGLQDPLFDPHQWH IDYRUiYHOæ LVWR pæ TXDQGR HOD SRGH RFRUUHU HVSRQWDQHDPHQWHæ D UHDomR VH UHDOL]D DWp DWLQJLU R VHX SRQWR GH HTXLOtEULRæ DXPHQWDQGR D HQWURSLD GR VLVWHPD ,VWR VLJQLILFD TXH WRGD UHDomR FRP WHQGrQFLD D RFRUUHU GH IRUPD HVSRQWkQHD WHUi XPD YDULDomR GH HQWURSLD ı6 FRP YDORU SRVLWLYRæ LVWR pæ D HQWURSLD GR VLVWHPD DXPHQWD TXDQGR D UHDomR VH UHDOL]D 2UDæ VHJXQGR D HTXDomR GH *LEEVæ FRQFRPLWDQWH FRP R DXPHQWR GD HQWURSLD Ki GLPLQXLomR GD HQHUJLD OLYUH GR VLVWHPDæ RX VHMDæ TXH * ıYDULDomR GH HQHUJLD OLYUH WHUi XP YDORU QHJDWLYR 3RU RXWUD SDUWHæ QXPD UHDomR IDYRUiYHOæ R VLVWHPD GLPLQXL D VXD HQHUJLD LQWHUQD ıHQWDOSLDæ SRLV SHUGH

Upload: carollina

Post on 13-Sep-2015

36 views

Category:

Documents


0 download

DESCRIPTION

Livro de Bioquimica para o curso de medicina veterinaria

TRANSCRIPT

  • VERS

    O PR

    ELIMI

    NAR 9

    9.2

    3_^SUYd_c 2vcYS_c C_RbU =UdQR_\Yc]_ 9!

    9 3?>359D?C 2C93?C C?2B5 =5D12?

  • VERS

    O PR

    ELIMI

    NAR 9

    9.2

    )pOL[ + 'tD] *RQ]iOH] H 6pUJLR &HURQL GD 6LOYD

    9" 9^db_Te|z_ w 2Y_ae]YSQ 3\^YSQ FUdUbY^vbYQ

    RUJDQL]DomR LQWHUQD 'HVWD IRUPD DXPHQWD DGHVRUGHP GR VLVWHPD LVWR p DXPHQWD D HQWURSLD(P FRPSHQVDomR D UHDomR OLEHUD HQHUJLD TXH SRGHVHU DSURYHLWDGD HP DOJXP WUDEDOKR HQHUJLD ~WLO 6H DHQHUJLD OLYUH QmR IRU XWLOL]DGD SDUD XP WUDEDOKR SRGHVHU GLVVLSDGD QD IRUPD GH FDORU

    &RPR H[HPSOR SRGHP VHU FLWDGDV DV UHDo}HVGH R[LGDomR GD JOLFRVH TXH VmR D IRUPD FRPR RVDQLPDLV VXSHULRUHV WRPDP HQHUJLD GR PHLR 1RSURFHVVR XPD PROpFXOD GH JOLFRVH &+2 H GH2 VmR FRQYHUWLGDV HP PROpFXODV GH &2 H GH+2 FRP SURGXomR GH HQHUJLD OLYUH (VVDV UHDo}HVVmR WHUPRGLQDPLFDPHQWH IDYRUiYHLV SRLV D HQHUJLDFRQWLGD QD JOLFRVH HQWDOSLD p PDLRU TXH D HQHUJLD GR&2 H GD iJXD $V UHDo}HV DFRQWHFHP FRP PDLRUYHORFLGDGH QDV FpOXODV SRU DomR GDV HQ]LPDV TXH VmRFDWDOLVDGRUHV ELROyJLFRV $ HQHUJLD SURGX]LGD QRSURFHVVR GH R[LGDomR p XWLOL]DGD SDUD VLQWHWL]DUELRPROpFXODV FRPSOH[DV H SDUD UHDOL]DU RXWURVWUDEDOKRV ELROyJLFRV 2X VHMD D JOLFRVH DXPHQWRX VXDHQWURSLD SRLV PROpFXODV IRUDP WUDQVIRUPDGDV HP PDV R RUJDQLVPR JDQKRX RUJDQL]DomR HVWUXWXUDODR VLQWHWL]DU ELRPROpFXODV GLPLQXLX VXD HQWURSLD

    &RQIRUPH D VHJXQGD OHL GD WHUPRGLQkPLFD DWHQGrQFLD DR DXPHQWR GD HQWURSLD QR XQLYHUVR p R TXHGLUHFLRQD RV SURFHVVRV ItVLFRTXtPLFRV 3RU LVVR RVRUJDQLVPRV YLYRV VLVWHPDV SRGHP PDQWHU VXDHVWUXWXUD RUJDQL]DGD SRLV p D SDUWLU GHVWDV UHDo}HVTXH REWrP D HQHUJLD QHFHVViULD SDUD RV SURFHVVRVUHTXHULGRV QD PDQXWHQomR GD VXD RUJDQL]DomRHPERUD LVVR RFRUUD D H[SHQVD GR DXPHQWR GDGHVRUGHP GR PHLR

    4XDQGR RV SURGXWRV GH XPD UHDomR VmR PHQRVFRPSOH[RV RX PDLV GHVRUGHQDGRV GR TXH RVVXEVWUDWRV D UHDomR JDQKD HQWURSLD LVWR p OLEHUDHQHUJLD 1HVVH FDVR WUDWDVH GH XPD UHDomRH[RHUJ{QLFD TXH VHPSUH WHUi XP '* QHJDWLYR SRLV RVLVWHPD OLEHUD HQHUJLD 8PD YH] TXH FRQIRUPH DVHJXQGD OHL GD WHUPRGLQkPLFD D WHQGrQFLD QDWXUDOGRV SURFHVVRV p GH JDQKDU HQWURSLD DV UHDo}HVWHUPRGLQDPLFDPHQWH IDYRUiYHLV VmR DTXHODV TXH WrP'* QHJDWLYR

    3RU RXWUR ODGR DV UHDo}HV FRP '* SRVLWLYRGHYHP JDQKDU HQHUJLD SDUD TXH SRVVDP RFRUUHU LVWRp GHYHP SHUGHU HQWURSLD QmR VHQGRWHUPRGLQDPLFDPHQWH IDYRUiYHLV D PHQRV TXH RFRUUDHQWUDGD GH HQHUJLD QR VLVWHPD (VWDV VmR DV FKDPDGDVUHDo}HV HQGRHUJ{QLFDV

    , )OX[R GD HQHUJLD QD ELRVIHUD2 IOX[R GD HQHUJLD ELROyJLFD WHP WUrV IDVHV

    D QXPD SULPHLUD IDVH D HQHUJLD p OLEHUDGD D SDUWLUGD IXVmR QXFOHDU TXH RFRUUH QR VRO

    +o +H HR SyVLWURQ HQHUJLD UDGLDQWH

    (VWD UHDomR p SRVVtYHO GHYLGR jV HOHYDGDVWHPSHUDWXUDV SUHVHQWHV QR LQWHULRU GR VRO PLOK}HV GH& $ HQHUJLD OLEHUDGD QR SURFHVVR GH IXVmRWHUPRQXFOHDU VDL QD IRUPD GH IyWRQV TXDQWD GHHQHUJLD OXPLQRVD

    E D HQHUJLD OXPLQRVD p DEVRUYLGD SHODV FpOXODVIRWRVVLQWpWLFDV SUHVHQWHV QRV RUJDQLVPRV DXWRWUyILFRVUHSUHVHQWDGRV SRU GRV PLFURUJDQLVPRV GR PDU HSHODV IROKDV YHUGHV GDV SODQWDV

    9 &25 . 9 +52

    JOLFRVH . 9 25

    HQHUJLDOXPLQRVD

    (VWD UHDomR WHP XPD YDULDomR GH HQHUJLD OLYUHDOWDPHQWH SRVLWLYD '* N-PRO RX VHMDGHYH DEVRUYHU JUDQGH TXDQWLGDGH GH HQHUJLD SDUD TXHSRVVD RFRUUHUF XWLOL]DomR GDV PROpFXODV SURGX]LGDV QDV FpOXODVIRWRVVLQWpWLFDV SRU SDUWH GRV RUJDQLVPRVKHWHURWUyILFRV FDUERLGUDWRV JRUGXUDV H SURWHtQDV VmRR[LGDGRV SDUD SURGX]LU HQHUJLD TXtPLFD QD IRUPD GH$73 QHFHVViULD SDUD RV WUDEDOKRV ELROyJLFRV

    2V WUDEDOKRV ELROyJLFRV TXH GHPDQGDPHQHUJLD LQFOXHPD RV WUDEDOKRV TXtPLFRV WDLV FRPR D ELRVVtQWHVH GHPROpFXODV FRPSOH[DV FRPR '1$ 51$ H SURWHtQDVE RV WUDEDOKR RVPyWLFRV FRPR R WUDQVSRUWH DWLYRDWUDYpV GH PHPEUDQDV H D DWLYLGDGH HOpWULFD QDFRQGXomR GH LPSXOVRV QHUYRVRV 2 WUDEDOKR GHWUDQVSRUWH LQWHUPHPEUDQDO p XP GRV TXH PDLVFRQVRPH HQHUJLD VHQGR D ERPED GH 1D. $73DVH HPWRGDV DV FpOXODV GR RUJDQLVPR UHVSRQViYHO SRU PDQWHUFRQVWDQWH D FRQFHQWUDomR GHVVHV tRQV 1D HVWi PDLVFRQFHQWUDGR QR H[WHULRU GDV FpOXODV HQTXDQWR TXH .

    HVWi PDLV FRQFHQWUDGR QR LQWHULRUF RV WUDEDOKRV PHFkQLFRV FRPR D FRQWUDomRPXVFXODU H D PRYLPHQWDomR GH FtOLRV H IODJHORV

    2V WUDEDOKRV ELROyJLFRV FLWDGRV DQWHULRUPHQWHVmR SURFHVVRV LUUHYHUVtYHLV XPD YH] TXH SURYRFDPDXPHQWR GD HQWURSLD FDXVDQGR GLVVLSDomR GD HQHUJLDSDUD R PHLR

    7DEHOD , 5HODomR HQWUH FRQVWDQWH GHHTXLOtEULR .HT H YDULDomR GH HQHUJLDOLYUH ''*

    .HT ''* N-PRO

  • VERS

    O PR

    ELIMI

    NAR 9

    9.2

    3_^SUYd_c 2vcYS_c C_RbU =UdQR_\Yc]_ 9#

    , 5HODomR HQWUH HQHUJLD OLYUH H FRQVWDQWHGH HTXLOtEULR GH XPD UHDomR

    (P WRGD UHDomR TXtPLFD H[LVWH XPD FRQVWDQWHGH HTXLOtEULR LQGLFDGRUD GD YHORFLGDGH GD UHDomR 3RUH[HPSOR QD UHDomR

    $l %

    D FRQVWDQWH GH HTXLOtEULR p

    > @> @$%

    .HT

    &RQIRUPH D VHJXQGD OHL GD WHUPRGLQkPLFDSDUD TXH XPD UHDomR H[SRQWkQHD VHMD HQHUJHWLFDPHQWHSRVVtYHO GHYH WHU XPD '* QHJDWLYD RX VHMD GHYHRFRUUHU GLPLQXLomR GD HQHUJLD OLYUH GR VLVWHPD $TXDQWLGDGH GH HQHUJLD OLEHUDGD QR SURFHVVR SRGHHQWmR UHDOL]DU XP WUDEDOKR TXDQGR D UHDomRH[RHUJ{QLFD HVWi DFRSODGD D RXWUD UHDomR TXH UHTXHUHQHUJLD UHDomR HQGRHUJ{QLFD

    6H D FRQVWDQWH GH HTXLOtEULR GD UHDomR IRUPDLRU TXH D UHDomR WHQGH D VH UHDOL]DUHVSRQWDQHDPHQWH QD GLUHomR $o % WHQGR '*

    QHJDWLYR UHDomR H[RHUJ{QLFD 6H SHOR FRQWUiULR IRUPHQRU TXH D UHDomR WHQGHUi D VH UHDOL]DU QR VHQWLGR%o $ H R YDORU GH '* GHYHUi VHU SRVLWLYR UHDomRHQGRHUJ{QLFD

    $ UHODomR HQWUH R YDORU GD FRQVWDQWH GHHTXLOtEULR H D YDULDomR GH HQHUJLD OLYUH GD UHDomR HVWiGHILQLGD SRU XPD UHODomR PDWHPiWLFD H[SUHVVDGD QDVHJXLQWH HTXDomR

    '* 57 OQ.HT

    RQGH'* YDULDomR GH HQHUJLD OLYUH VRE FRQGLo}HV SDGUmR

    S+ WHPSHUDWXUD GH & SUHVVmR GH DWP HFRQFHQWUDo}HV GR VXEVWUDWR H GR SURGXWR GH 05 FRQVWDQWH XQLYHUVDO GRV JDVHV -PROR.7 WHPSHUDWXUD SDGUmR . &.HT FRQVWDQWH GH HTXLOtEULR GD UHDomR

    1D 7DEHOD , p DSUHVHQWDGD D UHODomRQXPpULFD HQWUH D FRQVWDQWH GH HTXLOtEULR GH XPDUHDomR H D YDULDomR GH HQHUJLD OLYUH SDGUmR

    2 VLQDO GH '* LQGLFD D GLUHomR GR SURFHVVR8PD UHDomR TXH SURFHGD SDUD D GLUHLWD $o % WHUiVLQDO QHJDWLYR LQGLFDQGR GLPLQXLomR GD HQHUJLD OLYUHGR VLVWHPD VHQGR WHUPRGLQDPLFDPHQWH IDYRUiYHO8PD UHDomR TXH SURFHGD SDUD D HVTXHUGD %o $WHUi VLQDO SRVLWLYR LQGLFDQGR TXH R VLVWHPD GHYHJDQKDU HQHUJLD SDUD TXH D UHDomR RFRUUD

    $V FRQGLo}HV H[LVWHQWHV QD FpOXOD VmRGLIHUHQWHV GDV FRQGLo}HV SDGUmR PDV SRU FRQYHQomRWRGDV DV UHDo}HV VmR FDOFXODGDV FRPR YDULDomR GHHQHUJLD OLYUH SDGUmR '* VDEHQGR DLQGD TXH DYDULDomR GH HQHUJLD OLYUH UHDO '* p JHUDOPHQWHPDLRU GR TXH D '* QDV FRQGLo}HV SDGUmR

    $ YDULDomR GH HQHUJLD OLYUH UHDO '* LVWR p DTXH RFRUUH VRE DV FRQGLo}HV UHDLV GD FpOXOD HVWiGHWHUPLQDGD SHOD VHJXLQWH HTXDomR

    '* '* 57 OQ.HT

    3DUD YLVXDOL]DU D GLIHUHQoD HQWUH D YDULDomR GHHQHUJLD OLYUH SDGUmR H D UHDO SRGH VHU FRQVLGHUDGR RH[HPSOR GD UHDomR GD KLGUyOLVH GR $73 QR HULWUyFLWR

    $73 +2o $'3 3L

    &RQVLGHUDQGR XP YDORU GH N-PRO SDUD'* H DV VHJXLQWHV FRQFHQWUDo}HV LQWUDFHOXODUHV GRVUHDJHQWHV H GRV SURGXWRV>$73@ P0 0>$'3@ P0 0>3L@ P0 0

    H VXEVWLWXLQGRVH HVWHV YDORUHV QD HTXDomR WHUHPRVTXH

    uuu '

    OQ*

    RX VHMD '* N-PRO ,VWR VLJQLILFD TXH DHQHUJLD OLYUH SURGX]LGD SHOD KLGUyOLVH GR $73 QRHVSDoR LQWUDFHOXODU GR HULWUyFLWR p PDLRU N-PRO GR TXH D SURGX]LGD VRE FRQGLo}HV SDGUmR GHODERUDWyULR N-PRO

    , 2 $73 H D WUDQVIHUrQFLD GH HQHUJLDTXtPLFD

    2 $73 FRQVWLWXL R YtQFXOR HQWUH DV UHDo}HVSURGXWRUDV H DV UHDo}HV FRQVXPLGRUDV GH HQHUJLD'XUDQWH R FDWDEROLVPR D SURGXomR GH HQHUJLD OLYUHREWLGD PHGLDQWH D R[LGDomR GRV VXEVWUDWRV GLVSRQtYHLV

    2 3 2

    2

    2

    3 2

    2

    2

    3 2

    2

    21

    2 1

    1

    2+2+

    &+5

    1

    1+5

    2 3 2+

    2

    2

    2 3 2

    2

    2

    3 2

    2

    21

    2 1

    1

    2+2+

    &+5

    1

    1+5

    +52 .

    .

    DDEEJJ

    $73

    $'33L

    )LJXUD , 5HDomR GH KLGUyOLVH GR $732V GLIHUHQWHV JUXSDPHQWRV IRVIDWR GR $73 HVWmRLQGLFDGRV SHODV OHWUDV JUHJDV FRUUHVSRQGHQWHV

  • VERS

    O PR

    ELIMI

    NAR 9

    9.2

    )pOL[ + 'tD] *RQ]iOH] H 6pUJLR &HURQL GD 6LOYD

    9$ 9^db_Te|z_ w 2Y_ae]YSQ 3\^YSQ FUdUbY^vbYQ

    p FRQVHUYDGD QD IRUPDomR GH $73 D SDUWLU GH$'3 3L UHDomR GH IRVIRULODomR GR $'3 'HSRLVQR DQDEROLVPR TXDQGR HQHUJLD p UHTXHULGD SDUD RVGLIHUHQWHV WUDEDOKRV ELROyJLFRV R $73 p KLGUROLVDGRHP $'3 3L VHQGR WUDQVIHULGD D HQHUJLD GHVWDUHDomR SDUD DV UHDo}HV DFRSODGDV TXH DVVLP RUHTXHUHP

    $ UHDomR GH KLGUyOLVH GR $73 SRVVXL XPDYDULDomR GH HQHUJLD OLYUH DOWDPHQWH QHJDWLYD'* N-PRO R TXH VLJQLILFD TXH WHP XPDDOWD WHQGrQFLD D VH UHDOL]DU IDWR TXH p IDYRUHFLGR SRUYiULRV IDWRUHVD R $73 SRVVXL HP PpGLD FDUJDV QHJDWLYDV QRS+ FHOXODU HP VHXV JUXSRV KLGUR[LOD GLVVRFLiYHLVH RV SURGXWRV GD KLGUyOLVH WHQGHP D VH UHSHOLU SRUFDXVD GH VXDV FDUJDV )LJXUD ,

    $73 +2o $'3 +32

    E RV SURGXWRV HVSHFLDOPHQWH R tRQ IRVIDWR WHQGHP DVH HVWDELOL]DU FRPR KtEULGRV GH UHVVRQkQFLD GXSODXQLmR FRP FDUiWHU GH VLPSOHV H YLFHYHUVD FRQWHQGRSRUWDQWR PHQRV HQHUJLD OLYUH PDLRU HVWDELOLGDGHF RV FRPSOH[RV GH 0J FRIDWRU SDUWLFLSDQWH GDUHDomR WHP PDLRU DILQLGDGH SHOR $73 GR TXH SHOR$'3

    $ HQHUJLD FRQWLGD QD XQLmR IRVIDWR QmR HVWiGHWHUPLQDGD SHOD TXHEUD GHVWD XQLmR IRVIDWR H VLPSHOD GLIHUHQoD HQWUH D HQHUJLD OLYUH GRV SURGXWRV H DHQHUJLD OLYUH GRV VXEVWUDWRV

    2 $73 HQWUHWDQWR QmR p R FRPSRVWR IRVIDWDGRGH PDLRU HQHUJLD RFXSDQGR XP OXJDU LQWHUPHGLiULRHQWUH HOHV 7DEHOD , $TXHOHV FRPSRVWRV IRVIDWDGRVFXMD HQHUJLD OLYUH GH KLGUyOLVH VHMD PHQRU TXH N-PRO VmR FRQVLGHUDGRV GH EDL[D HQHUJLDHQTXDQWR TXH DTXHOHV FRP PDLRU YDORU VmRFRQVLGHUDGRV GH DOWD HQHUJLD FRPR p R FDVR GR $73

    2 $73 H R $'3 VmR UHDJHQWHV REULJDWyULRV HPTXDVH WRGDV DV UHDo}HV HQ]LPiWLFDV GH WUDQVIHUrQFLDGH JUXSRV IRVIDWR 2 $'3 VHUYH FRPR R LQWHUPHGLiULRUHFHSWRU GR JUXSR IRVIDWR TXH SURYpP GRV FRPSRVWRVIRVIDWDGRV GH DOWD HQHUJLD H R $73 FRPR GRDGRU GRJUXSR IRVIDWR SDUD FRPSRVWRV GH EDL[D HQHUJLD

    $V UHDo}HV HQGRHUJ{QLFDV RX FRQVXPLGRUDV GHHQHUJLD DV TXDLV HVWmR UHODFLRQDGDV SULQFLSDOPHQWHFRP RV SURFHVVRV GH VtQWHVH SRGHP VHU UHDOL]DGDV QRPHWDEROLVPR GHYLGR HVWDUHP DFRSODGDV FRP UHDo}HVH[RHUJ{QLFDV FRPR D UHDomR GH KLGUyOLVH GR $73'HVWD IRUPD DV UHDo}HV DFRSODGDV VHUYHP SDUDFRQVHUYDU D HQHUJLD GD R[LGDomR TXH VH HQFRQWUD VRED IRUPD GH $73

    $V UHDo}HV DFRSODGDV UHSUHVHQWDP SURFHVVRV GHGXDV HWDSDV 1D SULPHLUD HWDSD R JUXSR IRVIDWR pWUDQVIHULGR D XP VXEVWUDWR PHGLDQWH XQLmR FRYDOHQWHFRQVHUYDQGR D DOWD HQHUJLD GD XQLmR IRVIDWR 1DVHJXQGD HWDSD R JUXSR IRVIDWDGR p GHVORFDGR SDUDIRUPDU 3L H D HQHUJLD OLYUH GHVWD KLGUyOLVH pDSURYHLWDGD SDUD GLUHFLRQDU D UHDomR HQGRHUJ{QLFDDFRSODGD ,VWR LPSOLFD TXH DV HQ]LPDV SDUWLFLSDQWHVQHVWH WLSR GH UHDomR WHQKDP VtWLRV GH XQLmR WDQWR SDUDR $73 TXDQWR SDUD RV GHPDLV VXEVWUDWRV

    &RPR H[HPSOR GH UHDomR DFRSODGD SRGH VHUFLWDGD D FRQVHUYDomR GD HQHUJLD GH R[LGDomR GRJOLFHUDOGHtGR VRE IRUPD GH $73 )LJXUD , 1DSULPHLUD UHDomR D HQHUJLD REWLGD SHOD R[LGDomR GRJOLFHUDOGHtGRIRVIDWR p XWLOL]DGD SDUD IRVIRULODU RSURGXWR QR & FRQYHUWHQGRR HP XP FRPSRVWR GHDOWD HQHUJLD 1D VHJXQGD UHDomR R FRPSRVWRHQHUJL]DGR WUDQVIHUH R JUXSR IRVIDWR GH & SDUD R$'3 FRQVHUYDQGR D HQHUJLD VRE D IRUPD GH $73 2YDORU GH '* FRQVLGHUDGDV DV GXDV UHDo}HV p GH N-PRO VHQGR SRUWDQWR IDYRUiYHO SDUD TXH DUHDomR WRWDO RFRUUD

    2 $73 QmR p DUPD]HQDGRU GH HQHUJLD PDV XPLQWHUPHGLiULR WUDQVPLVVRU GH HQHUJLD HQWUHFRPSRVWRV -i D IRVIRFUHDWLQD FRPSRVWR IRUPDGR QRWHFLGR PXVFXODU D SDUWLU GD FUHDWLQD p XPDUPD]HQDGRU GH HQHUJLD TXDQGR D FRQFHQWUDomR GH$73 QR P~VFXOR VH HQFRQWUD HOHYDGD

    $'3$731+5

    & 1

    &+5

    &2

    2

    &+61+5.

    3 1+

    & 1

    &+5

    &2

    2

    &+61+5.

    2

    2

    2

    FUHDWLQD FUHDWLQDIRVIDWR

    4XDQGR D FRQFHQWUDomR GH $73 GLPLQXL

    7DEHOD , 9DULDomR GH HQHUJLD OLYUH GDKLGUyOLVH GH FRPSRVWRV IRVIDWDGRV GH DOWDHQHUJLD

    &RPSRVWR IRVIDWDGR ''* N-PROIRVIRHQROSLUXYDWR GLIRVIRJOLFHUDWR IRVIRFUHDWLQD $73 JOLFRVHIRVIDWR IUXWRVHIRVIDWR JOLFRVHIRVIDWR JOLFHUROIRVIDWR

    1$'. 1$'+ . +.

    $'3

    .326

    &

    &+

    &+5

    2 +

    2+

    2

    326

    &

    &+

    &+5

    2 2

    2+

    2

    +32750

    326

    326

    &

    &+

    &+5

    2 2

    2+

    2

    ''* N-PRO

    ''* N-PRO

    50

    50

    50

    50

    $73

    JOLFHUDOGHtGR3

    GLIRVIRJOLFHUDWR

    IRVIRJOLFHUDWR

    )LJXUD , 6tQWHVH GH $73 HP QtYHO GHVXEVWUDWR SHOD R[LGDomR GR JOLFHUDOGHtGR

  • VERS

    O PR

    ELIMI

    NAR 9

    9.2

    3_^SUYd_c 2vcYS_c C_RbU =UdQR_\Yc]_ 9%

    GXUDQWH D FRQWUDomR PXVFXODU D UHDomR p GHVORFDGDSDUD D HVTXHUGD D ILP GH UHJHQHUDU R $73 QHFHVViULR

    ([LVWHP DOJXPDV UHDo}HV TXH FRQVRPHP PDLVHQHUJLD GR TXH D JHUDGD FRP D KLGUyOLVH VLPSOHV GR$73 1HVVHV FDVRV R $73 SRGH VRIUHU SLURIRVIRUyOLVHUHDomR GH KLGUyOLVH QR JUXSR IRVIDWR E DR LQYpV GRJUXSR J FRPR QD KLGUyOLVH FRPXP &RP LVVR pJHUDGR $03 H XP JUXSR SLURIRVIDWR 33L +32

    3RVWHULRUPHQWH R 33L p GHVGREUDGR HP GXDVPROpFXODV GH 3L +32

    $ UHDomR GH SLURIRVIRUyOLVHSURGX] XPD TXDQWLGDGH GH HQHUJLD OLYUH PDLRU'* N-PRO TXH D KLGUyOLVH QRUPDO'* N-PRO

    , &LFORV GD PDWpULD QD ELRVIHUD2 IOX[R GH HQHUJLD QD ELRVIHUD p GH YLD ~QLFD

    $VVLP D HQHUJLD VRODU p FDSWDGD SHORV RUJDQLVPRVDXWRWUyILFRV RV TXDLV D DSURYHLWDP SDUD UHDOL]DU DIRWRVVtQWHVH H D WUDQVIHUHP SDUD RV RUJDQLVPRVKHWHURWUyILFRV 1HVWHV HP FDGD XPD GDV UHDo}HVTXtPLFDV SDUWH GD HQHUJLD p DSURYHLWDGD SDUDSURGXomR GH WUDEDOKR H SDUWH p GLVVLSDGDHVSHFLDOPHQWH HP IRUPD GH FDORU 'HVWD IRUPD DPDWpULD & + 2 1 p UHFLFODGD VHQGR D HQHUJLD OLYUHGHJUDGDGD (P RXWUDV SDODYUDV & 2 1 H +2 VmRUHFLFODGRV QD ELRVIHUD HQWUH RV VHUHV DXWRWUyILFRV H RVKHWHURWUyILFRV VHQGR D HQHUJLD VRODU D IRUoD GLUHFLRQDOGHVWHV SURFHVVRV 2V FLFORV ELRJHRTXtPLFRV HQYROYHPD UHWLUDGD H R UHWRUQR GRV HOHPHQWRV TXtPLFRV QDELRVIHUD

    , &LFOR GR FDUERQR$ YLGD QD ELRVIHUD GHSHQGH GR VRO H GRV

    RUJDQLVPRV DXWRWUyILFRV RV TXDLV XWLOL]DP D HQHUJLDOXPLQRVD SDUD D SDUWLU GR &2 GD DWPRVIHUD H GD+2 VLQWHWL]DU FRPSRVWRV RUJkQLFRV ~QLFDV IRQWHV GHFDUERQR XWLOL]iYHLV SHORV VHUHV YLYRV KHWHURWUyILFRV([HPSORV GH RUJDQLVPRV DXWRWUyILFRV VmR DV EDFWpULDVIRWRVVLQWpWLFDV H DV IROKDV YHUGHV GDV SODQWDV (VVHVRUJDQLVPRV UHGX]HP R &2 SDUD VLQWHWL]DUFDUERLGUDWRV

    2V RUJDQLVPRV KHWHURWUyILFRV QmR SRGHPXWLOL]DU R &2 GD DWPRVIHUD GHYHQGR XWLOL]DU FRPRIRQWH GH HQHUJLD RV FRPSRVWRV VLQWHWL]DGRV SHORVRUJDQLVPRV DXWRWUyILFRV R[LGDQGRRV JUDoDV DRR[LJrQLR DWPRVIpULFR 1HVWH SURFHVVR R &2 H D +2VmR OLEHUDGRV SDUD R PHLR 2 &2 p UHFLFODGR VHQGRUHXWLOL]DGR SHORV RUJDQLVPRV DXWRWUyILFRV (VWH HYHQWRFRQVWLWXLVH QR FLFOR GR FDUERQR QD ELRVIHUD

    $SUR[LPDGDPHQWH [ WRQHODGDV GH &2VmR OLEHUDGDV DQXDOPHQWH QD DWPRVIHUD SHORVRUJDQLVPRV KHWHURWUyILFRV D PDLRU SDUWH GR TXDO pUHFLFODGD SHORV RUJDQLVPRV DXWRWUyILFRV 0XLWR GR &SRGH ILFDU UHWLGR SRU ORQJRV SHUtRGRV GH WHPSR QDIRUPD GH FRPEXVWtYHLV IyVVHLV FDUYmR SHWUyOHRKDYHQGR SRUWDQWR XPD WURFD GHPRUDGD GH & QDELRVIHUD GLIHUHQWH GD WURFD UiSLGD TXH H[LVWH HQWUH R&2 XWLOL]DGR QD IRWRVVtQWHVH SHODV SODQWDV H ROLEHUDGR QD UHVSLUDomR SHORV DQLPDLV

    $ FRPEXVWmR FRPSOHWD GRV FRPSRVWRVRUJkQLFRV OLEHUD GLy[LGR GH FDUERQR &2 HQTXDQWR

    TXH D FRPEXVWmR LQFRPSOHWD FRPR D TXH RFRUUH QRVPRWRUHV GH FRPEXVWmR LQWHUQD OLEHUD PRQy[LGR GHFDUERQR &2 R TXDO p Wy[LFR SDUD RV DQLPDLV $FRQFHQWUDomR GH &2 QD DWPRVIHUD DXPHQWRX HP QD ~OWLPD GpFDGD GHYHQGR DWLQJLU YDORUHV SUy[LPRVGH QR DQR 3DUD TXH HVWH H[FHVVR GH &2SRVVD VHU UHFLFODGR PHGLDQWH IRWRVVtQWHVH VHULDQHFHVViULR DXPHQWDU HP R Q~PHUR GH SODQWDV

    , &LFOR GR R[LJrQLR2 R[LJrQLR UHSUHVHQWD GD DWPRVIHUD

    HVWDQGR SULQFLSDOPHQWH FRPR 2 &2 H +2 2XWUDVIRQWHV VmR QLWUDWRV 12

    H VXOIDWRV 62 2 PDLV

    LPSRUWDQWH SURFHVVR IRUPDGRU GH 2 p D IRWRVVtQWHVH2 FLFOR GR R[LJrQLR HVWi GLUHWDPHQWH UHODFLRQDGR FRPR FLFOR GR FDUERQR 2V DQLPDLV H YHJHWDLV IL[DPGLUHWDPHQWH R 2 GD DWPRVIHUD PDV RV YHJHWDLVGLIHUHQWHPHQWH GRV DQLPDLV WDPEpP OLEHUDP 2 QRSURFHVVR GD IRWRVVtQWHVH IRWyOLVH GD iJXD 1R FDVRGRV DQLPDLV R R[LJrQLR p OLEHUDGR VRE IRUPD GH &2H QmR OLYUH FRPR p R FDVR GRV YHJHWDLV

    $ IRWRVVtQWHVH H D UHVSLUDomR SRU VHUHPFtFOLFDV VH FRQWUDEDODQoDP QmR KDYHQGR DOWHUDomR QDTXDQWLGDGH GH 2 QD DWPRVIHUD $ PDLRU SDUWH GR 2DWPRVIpULFR p SURGX]LGR SHORV RUJDQLVPRV PDULQKRV HRXWUD JUDQGH SDUWH SHODV IORUHVWDV

    , &LFOR GR QLWURJrQLR2 QLWURJrQLR p R PDLRU FRPSRQHQWH

    DWPRVIpULFR GR DU (QWUHWDQWR R QLWURJrQLR HPIRUPD VRO~YHO LVWR p QD IRUPD ELRORJLFDPHQWH ~WLO pHVFDVVR QD QDWXUH]D 6XD IRUPD PDLV DEXQGDQWH pFRPR QLWURJrQLR PROHFXODU 1 SUHVHQWH QR DU H DSDUWLU GHOH GHYH VHU LQFRUSRUDGR QRV VHUHV YLYRV$OJXQV PLFURUJDQLVPRV SRGHP XWLOL]DU HVVHQLWURJrQLR YROiWLO DWUDYpV GR SURFHVVR GHQRPLQDGRIL[DomR ELROyJLFD GR QLWURJrQLR QR TXDO R 1DWPRVIpULFR p UHGX]LGR D DP{QLD 1+ (QWUH HVVHVRUJDQLVPRV HVWmR DV EDFWpULDV GRV JrQHURV 1LWUREDFWHUH 5KL]RELXP HVWH ~OWLPR DVVRFLDGR jV UDt]HV GHOHJXPLQRVDV H DV DOJDV FLDQRItFHDV

    8P Q~PHUR UHODWLYDPHQWH DEXQGDQWH GHEDFWpULDV GR VROR FRPR DTXHODV GR JrQHUR1LWURVVRPRQDV DV TXDLV REWrP VXD HQHUJLD PHGLDQWHD R[LGDomR GD 1+ DVVLPLOD D DP{QLD R[LGDQGRDSDUD IRUPDU QLWULWRV 12 3RVWHULRUPHQWH DVEDFWpULDV GR JrQHUR 1LWUREDFWHU R[LGDP RV QLWULWRV DQLWUDWRV 12

    2 SURFHVVR GH R[LGDomR GD DP{QLD DWp QLWUDWR pFRQKHFLGR FRPR QLWULILFDomR FRQVWLWXLQGR D IRUPDSHOD TXDO SUDWLFDPHQWH WRGD D 1+ SUHVHQWH QR VROR pFRQVHUYDGD TXH GH RXWUD IRUPD VH YRODWLOL]DULD

    2XWUDV IRQWHV GH QLWUDWRV QR VROR VmR DFRPELQDomR GLUHWD GH 1 FRP 2 SHOD DomR GHGHVFDUJDV HOpWULFDV UDLRV D GHFRPSRVLomR GH PDWpULDRUJkQLFD H RV IHUWLOL]DQWHV QLWURJHQDGRV &RQWXGR DIL[DomR ELROyJLFD GR QLWURJrQLR FRQWULEXL FRP FHUFDGH GR 1 IL[DGR QD ELRVIHUD

    2V QLWUDWRV H QLWULWRV SURGX]LGRV SHODVEDFWpULDV QLWULILFDQWHV VmR FDSWDGRV SHODV SODQWDV DVTXDLV RV UHGX]HP GH QRYR D 1+ SRU DomR GDV

  • VERS

    O PR

    ELIMI

    NAR 9

    9.2

    )pOL[ + 'tD] *RQ]iOH] H 6pUJLR &HURQL GD 6LOYD

    9& 9^db_Te|z_ w 2Y_ae]YSQ 3\^YSQ FUdUbY^vbYQ

    HQ]LPDV QLWUDWRUHGXWDVHV QR SURFHVVR FRQKHFLGRFRPR GHVQLWULILFDomR $ 1+ GHQWUR GDV FpOXODVYHJHWDLV p XWLOL]DGD SDUD D ELRVVtQWHVH GH DPLQRiFLGRVH GH SURWHtQDV (VWDV SURWHtQDV YHJHWDLV VmR GHSRLVXVDGDV SHORV DQLPDLV SDUD FREULU DV GHPDQGDV GHDPLQRiFLGRV &RP D PRUWH GRV DQLPDLV VXDVSURWHtQDV VmR GHJUDGDGDV JHUDQGR FRPR SURGXWRQLWURJHQDGR D 1+ TXH p GHYROYLGD DR VROR SDUD VHUFRQYHUWLGD QRYDPHQWH HP QLWUDWRV H QLWULWRV SHODVEDFWpULDV QLWULILFDQWHV IHFKDQGR DVVLP R FLFOR GRQLWURJrQLR SODQWDDQLPDODWPRVIHUD

    2 QLWURJrQLR SRGH VHU H[FUHWDGR QRV DQLPDLVQD IRUPD GH XUpLD PDPtIHURV iFLGR ~ULFR DYHV HUpSWHLV RX DP{QLD SHL[HV 'H TXDOTXHU IRUPD RSURGXWR ILQDO GD GHFRPSRVLomR VHPSUH p D DP{QLD

    2 QLWUDWR WDPEpP SRGH VHU UHGX]LGR D DP{QLDSHOD DomR GDV EDFWpULDV GHVQLWULILFDQWHV 3VHXGRPRQDVVSLULOLXP H R 1 UHWRUQDU j DWPRVIHUD SRUYRODWLOL]DomR GD 1+ e HVWLPDGR TXH PLOK}HV GHWRQHODGDV GH 1 FLUFXODP HQWUH D DWPRVIHUD H DELRVIHUD DQXDOPHQWH

    2V RUJDQLVPRV IL[DGRUHV GR QLWURJrQLR SRGHPVHU GH YiULRV WLSRVD FLDQREDFWpULDV H DOJDV YHUGHD]XLV SUHVHQWHV QRVROR H QDV iJXDV GRFHV H VDOJDGDVE $]RWREDFWHU RX EDFWpULDV SUHVHQWHV HP IRUPDDEXQGDQWH QR VRORF EDFWpULDV HP VLPELRVH FRP SODQWDV OHJXPLQRVDV

    (QWUH HVWDV ~OWLPDV VmR LPSRUWDQWHV DVEDFWpULDV GR JrQHUR 5KL]RELXP DV TXDLV VH ORFDOL]DPQRV QyGXORV GDV UDt]HV GDV OHJXPLQRVDV 5KL]RELXPIL[D R QLWURJrQLR SDUD VXD PXOWLSOLFDomR H SDUD XVR GDSODQWD UHFHEHQGR HP WURFD FRPSRVWRV QHFHVViULRVSDUD R SUySULR SURFHVVR GH IL[DomR GH QLWURJrQLR TXHD SODQWD SRGH VLQWHWL]DU PDV QmR XWLOL]D HP VHXPHWDEROLVPR $VVLP D SODQWD VLQWHWL]D D SRUomR KHPHGD OHJKHPRJORELQD SURWHtQD GH DOWD DILQLGDGH SHORR[LJrQLR TXH D EDFWpULD SUHFLVD SDUD PDQWHU EDL[RV RVQtYHLV GH 2 R TXDO p LQLELGRU GR SURFHVVR GH IL[DomRGH 1

    2 SURFHVVR GH IL[DomR GH QLWURJrQLR p EDVWDQWHFRPSOH[R H p UHDOL]DGR SHOR VLVWHPD HQ]LPiWLFRQLWURJHQDVH 1HVVH SURFHVVR RFRUUH UHGXomR GH XPDPROpFXOD GH 1 SDUD SURGX]LU GXDV PROpFXODV GH 1+

    1 + o 1+

    (VWD UHDomR p EDVWDQWH H[RHUJ{QLFD'* N-PRO HVWDQGR GLUHFLRQDGD SDUD DGLUHLWD VRE FRQGLo}HV SDGUmR (QWUHWDQWR D IRUWHOLJDomR FRYDOHQWH HQWUH RV GRLV 1 GD PROpFXOD GH 11{1 UHSUHVHQWD XPD JUDQGH EDUUHLUD HQHUJpWLFD GHDWLYDomR HQHUJLD GH OLJDomR GH N-PRO D TXDOSRGH VHU VXSHUDGD SHOR VLVWHPD QLWURJHQDVH H SHODHQHUJLD GH KLGUyOLVH GR $73 2 $73 WDPEpP WHPXPD IXQomR FDWDOtWLFD DOpP GH WHUPRGLQkPLFD QRSURFHVVR SRLV VH XQH j HQ]LPD FDXVDQGR XPDPXGDQoD FRQIRUPDFLRQDO TXH FRQWULEXL SDUD GLPLQXLUD HQHUJLD GH DWLYDomR GR VLVWHPD 2V iWRPRV GH + VmRGRDGRV SHOD FRHQ]LPD 1$'3+ DWUDYpV GDIHUUHGR[LQD XPD SURWHtQD IHUURVXOIXUDGD TXHWUDQVIHUH RV HOpWURQV DR 1 2V + LQLFLDLV VmR REWLGRVSHOD R[LGDomR GR SLUXYDWR $ UHDomR FRPSOHWD GDIL[DomR GR QLWURJrQLR DWPRVIpULFR p PRVWUDGD QD)LJXUD ,

    2 FRPSOH[R QLWURJHQDVH HVWi IRUPDGR SRU GXDVHQ]LPDV $ SULPHLUD GHODV D GLQLWURJHQDVH UHGXWDVH pXP KRPRGtPHUR FRP SHVR PROHFXODU WRWDO GH N'TXH SRVVXL XP FHQWUR IHUURVXOIXUDGR )H6 GHUHGXomRR[LGDomR $ VHJXQGD p D GLQLWURJHQDVH XPWHWUkPHUR TXH FRQWpP GXDV VXEXQLGDGHV GLIHUHQWHVUHSHWLGDV SHVR PROHFXODU WRWDO GH N' H XPFHQWUR GH )H H 0R GH y[LGRUHGXomR

    2V HOpWURQV QHFHVViULRV QD UHDomR SDUDUHGX]LU R 1 H SDUD SURGX]LU + FRPR SDUWHREULJDWyULD GR PHFDQLVPR GD UHDomR VmR WUDQVIHULGRVSHOD GLQLWURJHQDVH UHGXWDVH HP HWDSDV VXFHVVLYDV

    1+ 1+ 1+5 1+5 5 1+61 1

    5H0

    5+.

    5H0

    5+.

    5H0

    5+.

    2 VLVWHPD QLWURJHQDVH p PXLWR OiELO QDSUHVHQoD GH R[LJrQLR $VVLP DV EDFWpULDV DHUyELFDVWrP PHFDQLVPRV SDUD HYLWDU R DXPHQWR GH 2 HP VHXLQWHULRU WDLV FRPR SDUHGHV PDLV JURVVDV TXHGLILFXOWDP D GLIXVmR GHVDFRSODPHQWR GD FDGHLD GHWUDQVSRUWH GH HOpWURQV SDUD FRQVXPLU UDSLGDPHQWH R2 H D DomR GD OHJKHPRJORELQD QDV EDFWpULDVVLPELyWLFDV FRP OHJXPLQRVDV $ OHJKHPRJORELQD pXPD SURWHtQD GH DOWD DILQLGDGH SRU 2 OHYDQGRRGLUHWDPHQWH D VHXV UHFHSWRUHV QR VLVWHPD GH WUDQVSRUWHHOHWU{QLFR GD EDFWpULD LPSHGLQGR TXH ILTXH VRO~YHO HDXPHQWH VXD FRQFHQWUDomR

    *UDoDV j IL[DomR GR QLWURJrQLR DWPRVIpULFRSHODV EDFWpULDV 5KL]RELXP HP VLPELRVH FRP DVOHJXPLQRVDV RV VRORV SRGHP VHU HQULTXHFLGRVPHGLDQWH D XWLOL]DomR GHVVDV FXOWXUDV IHLMmR DOIDIDWUHYR DPHQGRLP GLPLQXLQGR DVVLP R XVR GHIHUWLOL]DQWHV TXtPLFRV 2V HVWXGRV GH ELRORJLDPROHFXODU H DV WpFQLFDV GR '1$ UHFRPELQDQWH WUDWDPGH LGHQWLILFDU H FDUDFWHUL]DU RV JHQHV UHODFLRQDGRVFRP R FRPSOH[R QLWURJHQDVH SDUD LQFRUSRUiORV HPEDFWpULDV H SODQWDV RUJDQLVPRV WUDQVJrQLFRV TXHQDWXUDOPHQWH QmR SRGHP FDSWDU R 1 DWPRVIpULFR 2

    .

    .. ; H0&257

    15

    49 $'3 49 3L +5. .1+7.

    5

    6+ &R$7

    ; H0.49 $73 . 43 +.

    &+6

    &

    2

    &2

    27 &+

    6&

    2

    6 &R$7

    IHUUHGR[LQDUHGX]LGD

    IHUUHGR[LQDR[LGDGD

    SLUXYDWRDFHWLO&R$

    )LJXUD , 5HDo}HV TXtPLFDV GD IL[DomRELROyJLFD GR QLWURJrQLR DWPRVIpULFR

  • VERS

    O PR

    ELIMI

    NAR 9

    9.2

    3_^SUYd_c 2vcYS_c C_RbU =UdQR_\Yc]_ 9'

    GHVDILR p FRQVHJXLU WDPEpP LQFRUSRUDU RVPHFDQLVPRV SDUD HYLWDU D DomR LQLELWyULD GR 2 QRVLVWHPD EHP FRPR RV PHFDQLVPRV GH UHJXODomR GDH[SUHVVmR GHVVHV JHQHV

    , 0HWDEROLVPR LQWHUPHGLiULR2 PHWDEROLVPR FRUUHVSRQGH DR WRWDO GH UHDo}HV

    TXtPLFDV TXH RFRUUHP HP XPD FpOXOD RX HP XPRUJDQLVPR UHDo}HV TXH VmR UHDOL]DGDV HP IRUPDSHUIHLWDPHQWH FRRUGHQDGD H TXH OHYDP j WURFD GHPDWpULD H GH HQHUJLD HQWUH D FpOXOD H VHX PHLR SDUD DPDQXWHQomR GRV SURFHVVRV YLWDLV GR RUJDQLVPR 1DVGLIHUHQWHV YLDV PHWDEyOLFDV H[LVWHP JHUDOPHQWH RVFRPSRVWRV SUHFXUVRUHV YiULRV PHWDEyOLWRVLQWHUPHGLiULRV H RV SURGXWRV ILQDLV

    2 WHUPR PHWDEROLVPR LQWHUPHGLiULR pIUHTXHQWHPHQWH XWLOL]DGR SDUD UHIHULUVH D WRGDV DVUHDo}HV LQWHUPHGLiULDV GDV GLIHUHQWHV HWDSDV TXHFRPS}HP DV YLDV PHWDEyOLFDV

    $V IXQo}HV HVSHFtILFDV GR PHWDEROLVPR VmRD REWHQomR GH HQHUJLD TXtPLFD D SDUWLU GH PROpFXODVFRPEXVWtYHLV QR FDVR GRV RUJDQLVPRV KHWHURWUyILFRVRX D SDUWLU GD DEVRUomR GH OX] VRODU QR FDVR GRVRUJDQLVPRV DXWRWUyILFRV 2V SULPHLURV UHTXHUHPIRUPDV UHGX]LGDV GH FDUERLGUDWRV FRPR D JOLFRVHFRPR IRQWH EiVLFD GH HQHUJLD HQTXDQWR TXH RV ~OWLPRVUHTXHUHP VRPHQWH &2 FRPR IRQWH GH FDUERQRH[yJHQR DOpP GD HQHUJLD VRODUE FRQYHUVmR GDV PROpFXODV H[yJHQDV QXWULHQWHV HPXQLGDGHV HVWUXWXUDLV GDV ELRPROpFXODV FRPSRQHQWHVGR RUJDQLVPR DQLPDOF PRQWDJHP GHVWDV XQLGDGHV SDUD IRUPDUELRPROpFXODV PDLV FRPSOH[DV FRPR DV SURWHtQDV RViFLGRV QXFOpLFRV RV OLStGLRV H RV SROLVVDFDUtGLRVG IRUPDomR H GHJUDGDomR GH ELRPROpFXODVIXQFLRQDLV FRPR DV HQ]LPDV RV KRUP{QLRV RVUHFHSWRUHV RV WUDQVSRUWDGRUHV H DV FRHQ]LPDV

    2 PHWDEROLVPR DSHVDU GH VXD DSDUHQWHFRPSOH[LGDGH GH YLDV H UHDo}HV SRGH VHU UHVXPLGRHP GXDV IDVHV FDWDEROLVPR H DQDEROLVPR

    2 FDWDEROLVPR WDPEpP p FKDPDGR GH IDVHGHJUDGDWLYD RX R[LGDWLYD 1DV YLDV FDWDEyOLFDV DVPROpFXODV H[yJHQDV RX DV PROpFXODV GH UHVHUYD VmRGHJUDGDGDV PHGLDQWH R[LGDomR UHVXOWDQGR HPPROpFXODV PDLV VLPSOHV WDLV FRPR DFHWLO&R$ODFWDWR &2 H 1+ (VWH SURFHVVR HVWi DFRPSDQKDGRGH SURGXomR GH HQHUJLD TXtPLFD PHGLDQWH UHDo}HVR[LGDWLYDV TXH OHYDP j FRQVHUYDomR GD HQHUJLD QDIRUPD GH $73 H GH FRHQ]LPDV UHGX]LGDV 1$'+ H1$'3+

    1R DQDEROLVPR WDPEpP FRQKHFLGR FRPR IDVHELRVVLQWpWLFD RX UHGXWLYD RFRUUH D ELRVVtQWHVHHQ]LPiWLFD GH PROpFXODV FRPSOH[DV D SDUWLU GHXQLGDGHV VLPSOHV 1HVWH SURFHVVR p FRQVXPLGDHQHUJLD TXtPLFD D TXDO p IRUQHFLGD SHOR $73 HRFRUUHP UHDo}HV GH UHGXomR SDUD R TXH VmR XWLOL]DGDVDV FRHQ]LPDV UHGX]LGDV 1$'+ H 1$'3+

    $V HWDSDV P~OWLSODV SUHVHQWHV QDV YLDVPHWDEyOLFDV VmR QHFHVViULDV SDUD ID]HU PDLV IOH[tYHO HYHUViWLO R PHWDEROLVPR LQWHUPHGLiULR H UHDOL]DU LQWHUFRQYHUV}HV 6H DV URWDV RFRUUHVVHP HP XPD ~QLFD

    HWDSD R PHWDEROLVPR VHULD PXLWR UtJLGR H LUUHYHUVtYHO7DPEpP DWUDYpV GHVWDV HWDSDV p SRVVtYHO PD[LPL]DUD SURGXomR GH $73 FRP D HQHUJLD HVSHFtILFDUHTXHULGD HP FDGD HVWiJLR 'H RXWUD IRUPD VHRFRUUHVVH XPD HWDSD Vy RX XPDV SRXFDV HWDSDVHQHUJLD H[FHVVLYD VHULD OLEHUDGD HP SRXFDV UHDo}HVSURGX]LQGRVH PXLWR FDORU H RFRUUHQGR JUDQGH SHUGDGH HQHUJLD

    $V YLDV PHWDEyOLFDV SRGHP VHU OLQHDUHVFtFOLFDV RX UDPLILFDGDV (VWDV ~OWLPDV SRGHP VHUFRQYHUJHQWHV FDWDEROLVPR RX GLYHUJHQWHVDQDEROLVPR

    2 PHWDEROLVPR GH IRUPD JOREDO FRPSUHHQGHD LQWHJUDomR GH WUrV IDVHVD GHJUDGDomR HRX VtQWHVH GH PROpFXODV FRPSOH[DV DSDUWLU GH XQLGDGHV VLPSOHVE SURGXomR GH ELRPROpFXODV VLPSOHV TXH VmRFRPSRVWRV LQWHUPHGLiULRV FRPXQV GDV URWDVPHWDEyOLFDV WDO FRPR R DFHWLO&R$F R[LGDomR FRPSOHWD GRV FRPSRVWRV LQWHUPHGLiULRVFRPXQV DWp &2 H +2

    (VWD ~OWLPD IDVH WDPEpP IRUQHFH DV PROpFXODVSUHFXUVRUDV QHFHVViULDV SDUD DV URWDV ELRVVLQWpWLFDVUHFHEHQGR R QRPH GH IDVH DQILEyOLFD RX VHMD HVWDIDVH SRGH WHU UHDo}HV GHJUDGDWLYDV RX ELRVVLQWpWLFDVGHSHQGHQGR GDV QHFHVVLGDGHV PHWDEyOLFDV

    $V URWDV FDWDEyOLFD H DQDEyOLFD JHUDOPHQWH WrPGLIHUHQWHV HQ]LPDV HPERUD jV YH]HV FRPSDUWLOKHPFDPLQKRV HQ]LPDV FRPXQV 1R FRQWUROH GRPHWDEROLVPR p REVHUYDGR TXH DV YLDV GHJUDGDWLYD H GHVtQWHVH WrP URWDV GLIHUHQWHV R TXDO p QHFHVViULRSRUTXH D R UHYHUVR GD URWD FDWDEyOLFD p XPLPSRVVtYHO HQHUJpWLFR E D UHJXODomR GR DQDEROLVPRH GR FDWDEROLVPR p GLIHUHQWH H LQGHSHQGHQWH R TXHVLJQLILFD TXH VH XPD URWD HVWLYHU DWLYD D RXWUD GHYHHVWDU LQWHUURPSLGD H F DV URWDV RFRUUHP JHUDOPHQWHHP GLIHUHQWHV FRPSDUWLPHQWRV FHOXODUHV 3RU H[HPSORD R[LGDomR GRV iFLGRV JUD[RV RFRUUH QD PLWRF{QGULDHQTXDQWR TXH D VtQWHVH GRV PHVPRV RFRUUH QR FLWRVVRO

    $V YLDV PHWDEyOLFDV VmR UHJXODGDV HP WUrVQtYHLVD SHOD DomR GDV HQ]LPDV DORVWpULFDV DV TXDLVFRQWURODP YLDV PHWDEyOLFDV SRU PRGLILFDomR GDV VXDVDWLYLGDGHV DWUDYpV GH PRGXODGRUHV HVWLPXODWyULRV RXLQLELWyULRVE SRU PHLR GRV KRUP{QLRV RV TXDLV VmR PHQVDJHLURVTXtPLFRV TXH UHJXODP R PHWDEROLVPR GH yUJmRVWHFLGRV H HP RFDVL}HV GH DSDUHOKRV H VLVWHPDV HVWHQtYHO GH FRQWUROH SRGH WHU HIHLWRV GH PDLRU DOFDQFHTXH DV HQ]LPDV DORVWpULFDVF SHOD YHORFLGDGH GDV HWDSDV PHWDEyOLFDV D TXDO HVWiHP IXQomR GD FRQFHQWUDomR GDV HQ]LPDVFRUUHVSRQGHQWHV LVWR p GD WD[D GH VtQWHVH HGHJUDGDomR GHVVDV HQ]LPDV R TXH GHSHQGH GRFRQWUROH GD H[SUHVVmR JrQLFD QDV FpOXODV

    'LDQWH GD JUDQGH TXDQWLGDGH GH UHDo}HVTXtPLFDV H[LVWHQWHV QR PHWDEROLVPR H D ILP GHHQFRQWUDU VHQWLGR HP GHWHUPLQDGD UHDomR RX YLDPHWDEyOLFD p QHFHVViULR SHUJXQWDUD TXH YDQWDJHP WHP SDUD D FpOXOD H SDUD RRUJDQLVPR D UHDOL]DomR GHVVD UHDomR RX YLD

  • VERS

    O PR

    ELIMI

    NAR 9

    9.2

    )pOL[ + 'tD] *RQ]iOH] H 6pUJLR &HURQL GD 6LOYD

    9( 9^db_Te|z_ w 2Y_ae]YSQ 3\^YSQ FUdUbY^vbYQ

    PHWDEyOLFD"E TXH UHODomR H[LVWH HQWUH HVVD UHDomR RX YLD FRPRXWUDV YLDV PHWDEyOLFDV H FRPR HODV IDYRUHFHP RFUHVFLPHQWR HRX D PDQXWHQomR GDV IXQo}HV GRRUJDQLVPR"F GH TXH IRUPD RV QtYHLV GH FRQWUROH GR PHWDEROLVPRTXH DWXDP VREUH HVVD YLD HP SDUWLFXODU FRQWULEXHPSDUD PDQWHU R HTXLOtEULR GR RUJDQLVPR"

    , )XQomR GR $73 H GR 1$' QRPHWDEROLVPR

    $ JUDQGH PDLRULD GD HQHUJLD OLYUH REWLGD SHODR[LGDomR GRV QXWULHQWHV GXUDQWH R FDWDEROLVPR pFRQVHUYDGD PHGLDQWH UHDo}HV DFRSODGDV j VtQWHVH GH$73 D SDUWLU GH $'3 H GH IRVIDWR LQRUJkQLFR

    7DQWR $73 TXDQWR $'3 H 3L HVWmR SUHVHQWHVHP WRGRV RV VHUHV YLYRV H VHUYHP XQLYHUVDOPHQWHFRPR VLVWHPDV GH WUDQVPLVVmR GH HQHUJLD

    $ HQHUJLD SUHVHQWH QR $73 p XWLOL]DGDSRVWHULRUPHQWH QRV SURFHVVRV FHOXODUHV TXH UHTXHUHPHQHUJLD ELRVVtQWHVH FRQWUDomR H PRWLOLGDGHWUDQVSRUWH DWLYR H WUDQVPLVVmR GD LQIRUPDomRJHQpWLFD SRLV R $73 WUDQVIHUH VXD HQHUJLD TXDQGRRFRUUH D SHUGD KLGUyOLVH GH VHX JUXSR IRVIDWR HTXDQGR HVWD UHDomR p DFRSODGD FRP DTXHODV UHDo}HVTXH GHPDQGDP HQHUJLD

    2 $'3 UHVXOWDQWH GD KLGUyOLVH GR $73 pIRVIRULODGR QRYDPHQWH HP UHDo}HV DFRSODGDV GRFDWDEROLVPR TXH SURGX]HP HQHUJLD VXILFLHQWH SDUDUHJHQHUDU $73 IRVIRULODo}HV R[LGDWLYD H HP QtYHO GHVXEVWUDWR 'HVWD IRUPD p JHUDGR XP FLFOR GH HQHUJLDQD FpOXOD QR TXDO R $73 VHUYH GH WUDQVPLVVRU GHHQHUJLD TXH OLJD DV UHDo}HV SURGXWRUDV GH HQHUJLD FRPDV UHDo}HV FRQVXPLGRUDV GH HQHUJLD

    8PD VHJXQGD IRUPD GH WUDQVIHULU D HQHUJLDTXtPLFD GR FDWDEROLVPR SDUD R DQDEROLVPRVLPXOWkQHD FRP D IRVIRULODomR GH $'3 p PHGLDQWH RWUDQVSRUWH GH iWRPRV GH + RX GH HOpWURQV 2VKLGURJrQLRV RX RV HOpWURQV VmR REWLGRV D SDUWLU GDR[LGDomR GRV VXEVWUDWRV DOLPHQWtFLRV SRUGHVLGURJHQDVHV HVSHFtILFDV TXH RV UHFHEHP GRVVXEVWUDWRV UHGX]LGRV H RV WUDQVIHUHP jV FRHQ]LPDVR[LGDGDV 1$' H 1$'3

    1$' H + o 1$'+ +

    1$'3 H + o 1$'3+ +

    (VVDV FRHQ]LPDV DR ILFDUHP HP IRUPDUHGX]LGD 1$'+ H 1$'3+ VHUYHP GHWUDQVSRUWDGRUHV GH HOpWURQV HQHUJL]DGRV RV TXDLV VmRWUDQVIHULGRV GDV UHDo}HV FDWDEyOLFDV jV UHDo}HV GHVtQWHVH TXH GHPDQGDP HOpWURQV QRV SURFHVVRVUHGXWLYRV

    $ FRQFHQWUDomR WRWDO GH 1$' 1$'+ QDPDLRULD GRV WHFLGRV HVWi SRU YROWD GH 0 H D GH1$'3 1$'3+ p GH 0 4XDQGR D UHODomR1$'1$'+ p DOWD QD FpOXOD VmR IDYRUHFLGRV RVSURFHVVRV R[LGDWLYRV SDUD REWHU D WUDQVIHUrQFLD GHHOpWURQV SDUD 1$' H DVVLP DXPHQWDU D FRQFHQWUDomRGH 1$'+ ,QYHUVDPHQWH TXDQGR D UHODomR

    1$'1$'+ p EDL[D VmR IDYRUHFLGRV RV SURFHVVRVUHGXWLYRV LVWR p D WUDQVIHUrQFLD GH HOpWURQV DVXEVWUDWRV R[LGDGRV

    6mR FRQKHFLGDV PDLV GH HQ]LPDV y[LGRUHGXWDVHV RX GHVLGURJHQDVHV TXH UHTXHUHP 1$' RX1$'3 HP UHDo}HV GH R[LGDomR GH VXEVWUDWR RX1$'+ RX 1$'3+ HP UHDo}HV GH UHGXomR GHVXEVWUDWR 2XWUDV FRHQ]LPDV TXH SDUWLFLSDP HPUHDo}HV GH WUDQVIHUrQFLD GH HOpWURQV VmR RVQXFOHRWtGHRV IODYtQLFRV )01 H )$' GHULYDGRV GDULERIODYLQD FXMDV IRUPDV UHGX]LGDV VmR )01+ H)$'+

    , $ GLYLVmR GR WUDEDOKR QR PHWDEROLVPR&DGD FpOXOD FDGD WHFLGR H FDGD yUJmR QR

    RUJDQLVPR DQLPDO WrP XPD IXQomR HVSHFtILFD IDWRTXH p UHIOHWLGR HP VXD DQDWRPLD H VXD DWLYLGDGHPHWDEyOLFD 2 P~VFXOR HVTXHOpWLFR XVD D HQHUJLDPHWDEyOLFD SDUD R PRYLPHQWR R WHFLGR DGLSRVRDUPD]HQD H OLEHUD JRUGXUDV TXH VHUYHP FRPRFRPEXVWtYHO QDV RXWUDV FpOXODV GR RUJDQLVPR H RVQHXU{QLRV GR VLVWHPD QHUYRVR XWLOL]DP R WUDQVSRUWH GHtRQV H QHXURWUDQVPLVVRUHV DWUDYpV GD PHPEUDQD SDUDSURSDJDomR GH LQIRUPDomR

    2V SULQFLSDLV WHFLGRV GR RUJDQLVPR DQLPDO H RWUDEDOKR TXH HOHV GHVHPSHQKDP VHUmR GLVFXWLGRV DVHJXLU

    , 2 ItJDGR2 ItJDGR H[HUFH XP SDSHO FHQWUDOL]DGRU QR

    PHWDEROLVPR VLQWHWL]DQGR H GLVWULEXLQGR QXWULHQWHVDRV yUJmRV SHULIpULFRV SHOD FLUFXODomR VDQJXtQHD $LPSRUWkQFLD GR ItJDGR FRPR yUJmR FHQWUDOL]DGRU ILFDFODUDPHQWH H[SUHVVDGD QR IDWR GH RV RXWURV yUJmRV HWHFLGRV VHUHP FKDPDGRV GH H[WUDKHSiWLFRV RXSHULIpULFRV

    'XUDQWH D GLJHVWmR QR WUDWR JDVWURLQWHVWLQDODV SULQFLSDLV FODVVHV GH QXWULHQWHV FDUERLGUDWRVSURWHtQDV H OLStGLRV VRIUHP KLGUyOLVH HQ]LPiWLFD SDUDVHUHP FRQYHUWLGRV HP VHXV PRQ{PHURV EiVLFRV (VWDTXHEUD p QHFHVViULD SRUTXH DV FpOXODV GR HSLWpOLRLQWHVWLQDO VRPHQWH SRGHP DEVRUYHU PROpFXODVSHTXHQDV PRQRVVDFDUtGLRV DPLQRiFLGRV iFLGRVJUD[RV PRQRJOLFHUtGLRV 2V UXPLQDQWHV DEVRUYHPiFLGRV JUD[RV YROiWHLV H DP{QLD QR U~PHQ

    'HSRLV GD DEVRUomR D PDLRULD GRVPRQRVVDFDUtGLRV H DPLQRiFLGRV EHP FRPR DOJXQVWULJOLFHUtGLRV VmR OHYDGRV SHOR VLVWHPD SRUWDO KHSiWLFRDR ItJDGR $OJXQV WULJOLFHUtGLRV YmR YLD OLQIiWLFD jFLUFXODomR VDQJXtQHD H DOFDQoDP R WHFLGR DGLSRVR

    1R ItJDGR RV QXWULHQWHV DEVRUYLGRV VmRWUDQVIRUPDGRV HP FRPEXVWtYHLV RX HP PROpFXODVSUHFXUVRUDV TXH VHUmR UHTXHULGDV HP RXWURV WHFLGRVSHULIpULFRV 2 ItJDGR DMXVWD VHX PHWDEROLVPR GH XPDIRUPD IOH[tYHO H UiSLGD HP IXQomR GR WLSR GHQXWULHQWH TXH R RUJDQLVPR UHFHEH

    1D )LJXUD , p DSUHVHQWDGR XP HVTXHPDVLPSOLILFDGR GR PHWDEROLVPR KHSiWLFR FRP DV URWDVPHWDEyOLFDV QXPHUDGDV TXH VHUmR UHIHUHQFLDGDV QRWH[WR D VHJXLU HQWUH FROFKHWHV

    $ JOLFRVH TXH FKHJD DR ItJDGR p IRVIRULODGD H

  • VERS

    O PR

    ELIMI

    NAR 9

    9.2

    3_^SUYd_c 2vcYS_c C_RbU =UdQR_\Yc]_ 9)

    FRQYHUWLGD HP JOLFRVHIRVIDWR SHOD HQ]LPDJOLFRTXLQDVH >@ 2XWURV PRQRVVDFDUtGLRV FRPRIUXWRVH JDODFWRVH RX PDQRVH VmR FRQYHUWLGRV HPJOLFRVHIRVIDWR SRU YLDV PHWDEyOLFDV DOWHUQDWLYDV >@

    $ JOLFRVHIRVIDWR HVWi HP XP FUX]DPHQWR GHFDPLQKRV GDV URWDV GRV FDUERLGUDWRV QR ItJDGR (ODSRGH WRPDU SRVVtYHLV URWDV GHSHQGHQGR GDVQHFHVVLGDGHV PHWDEyOLFDV GR RUJDQLVPR (VWDV URWDVHVWmR FRQWURODGDV SRU HQ]LPDV UHJXODGRUDV HQ]LPDVDORVWpULFDV RX SRU KRUP{QLRV TXH FRQWURODP DDWLYLGDGH GH FHUWDV HQ]LPDV $V SRVVtYHLV URWDV GDJOLFRVHIRVIDWR QR ItJDGR VmR DV VHJXLQWHVD SRGH VHU GHVIRVIRULODGD SHOD HQ]LPDJOLFRVHIRVIDWDVH JHUDQGR JOLFRVH OLYUH D TXDO pH[SRUWDGD SDUD PDQWHU D FRQFHQWUDomR GH JOLFRVH QRVDQJXH >@ 7DO FRQFHQWUDomR GHYH HVWDU VHPSUHFRQVWDQWH P0 SDUD TXH R DSRUWH GH HQHUJLD DRFpUHEUR H D RXWURV WHFLGRV VHMD PDQWLGRE VH QmR KRXYHU QHFHVVLGDGH GH JOLFRVH QR VDQJXH DJOLFRVHIRVIDWR p FRQYHUWLGD HP JOLFRJrQLR KHSiWLFRH DUPD]HQDGR >@F SRGH VHU R[LGDGD SDUD D SURGXomR GH HQHUJLD YLDJOLFyOLVH >@ GHVFDUER[LODomR GR SLUXYDWR >@ H FLFORGR iFLGR FtWULFR >o@ 1R HQWDQWR QR ItJDGR RFRPEXVWtYHO SUHIHULGR SDUD D SURGXomR GH HQHUJLD VmRRV iFLGRV JUD[RVG TXDQGR Ki XP H[FHVVR GH LQJHVWmR GHFDUERLGUDWRV QmR VHQGR QHFHVViULR UHSRU D JOLFRVHVDQJXtQHD H TXDQGR R ItJDGR VDWXUD VXD FDSDFLGDGHGH DUPD]HQDPHQWR GH JOLFRJrQLR D JOLFRVHIRVIDWR

    p GHJUDGDGD YLD JOLFyOLVH DWp DFHWLO&R$ >o@ (VWHp XVDGR SDUD VLQWHWL]DU iFLGRV JUD[RV >@ RV TXDLV VmRLQFRUSRUDGRV DRV WULJOLFHUtGLRV >@ IRVIROLStGLRV >@H FROHVWHURO >@ (VVHV OLStGLRV VmR OHYDGRV SDUDRXWURV WHFLGRV PHGLDQWH DV OLSRSURWHtQDV >@H ILQDOPHQWH D JOLFRVHIRVIDWR SRGH HQWUDU QD URWDGDV SHQWRVHVIRVIDWR >@ SDUD SURGX]LU D FRHQ]LPDUHGX]LGD 1$'3+ >@ QHFHVViULD SDUD D ELRVVtQWHVHGH iFLGRV JUD[RV H FROHVWHURO H ULERVHIRVIDWRQHFHVViULD SDUD D ELRVVtQWHVH GH QXFOHRWtGHRV

    1RV DQLPDLV UXPLQDQWHV JHUDOPHQWH QmRRFRUUH H[FHVVR GH JOLFRVH SRLV RV FDUERLGUDWRV GD GLHWDVmR FRQYHUWLGRV QR U~PHQ HP iFLGRV JUD[RV YROiWHLV7DLV iFLGRV VmR DEVRUYLGRV SHOR HSLWpOLR GR U~PHQ HWUDQVSRUWDGRV SHOR VDQJXH DR ItJDGR SULQFLSDOPHQWHSURSLRQDWR H DFHWDWR RX DR WHFLGR DGLSRVRSULQFLSDOPHQWH EXWLUDWR H EKLGUR[LEXWLUDWR $PDQXWHQomR GRV QtYHLV GH JOLFRVH VDQJXtQHD QRVUXPLQDQWHV HVWi SULQFLSDOPHQWH GHWHUPLQDGD SHODFRQYHUVmR GR SURSLRQDWR HP JOLFRVH YLDJOLFRQHRJrQHVH

    2V DPLQRiFLGRV TXH FKHJDP DR ItJDGR WrPYiULDV URWDV PHWDEyOLFDVD SRGHP DWXDU FRPR SUHFXUVRUHV GH SURWHtQDV SDUDXVR GHQWUR GR SUySULR ItJDGR RX SDUD IRUPDU SURWHtQDVSODVPiWLFDV >@E SRGHP SDVVDU j FRUUHQWH VDQJXtQHD H LU DRV yUJmRVSHULIpULFRV RQGH VmR XWLOL]DGRV FRPR SUHFXUVRUHV GHSURWHtQDVF SRGHP VHUYLU GH SUHFXUVRUHV GH FRPSRVWRV QmR

    YLD GDVSHQWRVHV0IRVIDWR

    1$'3+

    iFLGRVJUD[RV

    LQWHUPHG1&1 .UHEV

    FRUSRVFHW{QLFRV

    DFHWLO0&R$

    WULJOLFHUtGLRV

    IRVIROLStGLRV

    FROHVWHURO

    SURWHtQDVSODVPiWLFDV

    1+6 XUpLD

    VDLVELOLDUHV

    DPLQRiFLGRV

    SLUXYDWR

    DSROLSRSURWHtQDV

    OLSRSURWHtQDV

    JOLFRVH093

    JOLFtGLRV

    &1 .UHEV

    $73

    JOLFRVH

    iFLGRVJUD[RV

    FRUUHQWH FLUFXODWyULD

    53

    55

    5648

    41D@ >JOLFRVH@ >XUpLD@

    ,, $OWHUDo}HV GR HTXLOtEULR iFLGREiVLFR$V DOWHUDo}HV iFLGREiVLFDV GR VDQJXH SRGHP

    VHU GHYLGDV D XP GH TXDWUR SRVVtYHLV HVWDGRV DFLGRVHUHVSLUDWyULD DFLGRVH PHWDEyOLFD DOFDORVH UHVSLUDWyULDH DOFDORVH PHWDEyOLFD 2 SULQFLSDO iFLGR GR VDQJXHHVWi UHSUHVHQWDGR SHOR &2 H D SULQFLSDO EDVH SHORELFDUERQDWR +&2

    $ DFLGRVH SRGH VHU XP H[FHVVRGH iFLGR RX XPD GHILFLrQFLD GH EDVH HQTXDQWR TXH DDOFDORVH SRGH VHU XP H[FHVVR GH EDVH RX XPDGHILFLrQFLD GH iFLGR $V SULQFLSDLV DOWHUDo}HV GRHTXLOtEULR iFLGREiVLFR RV UHVSHFWLYRV SDUkPHWURVDOWHUDGRV H DV UHVSRVWDV FRPSHQVDWyULDV VmR PRVWUDGDVQD 7DEHOD ,,

    ,, $FLGRVH PHWDEyOLFD$ DFLGRVH PHWDEyOLFD p FDUDFWHUL]DGD SRU XPD

    TXHGD QR S+ H QD FRQFHQWUDomR GH +&2 3RGH VHU

    FDXVDGD SHOR DXPHQWR GH tRQV + RX SHOD SHUGD GHELFDUERQDWR 2 SULPHLUR HYHQWR SRGH VHU GHYLGR DRDF~PXOR GH iFLGR OiFWLFR RX GH FRUSRV FHW{QLFRViFLGRV DFHWRDFpWLFR RX EKLGUR[LEXWtULFR HP DOJXQVHVWDGRV ILVLROyJLFRV FRPR H[HUFtFLR H[DJHUDGR MHMXPSURORQJDGR GLDEHWHV RX FHWRVH HP YDFDV UHFpPSDULGDV RX HP RYHOKDV FRP JHVWDomR DYDQoDGD 2VHJXQGR HYHQWR SRGH VHU GHYLGR D IDOKDV UHQDLV TXHOHYHP D XPD PHQRU FDSDFLGDGH SDUD UHWHU +&2

    RXSDUD H[FUHWDU + RX WDPEpP GHYLGR DV SHUGDV GHELFDUERQDWR HP XPD GLDUUpLD VHYHUD 7DPEpP SRGH

    VHU GHYLGD D LQJHVWmR GH VDOLFLODWRV SDUDOGHtGRPHWDQRO RX HWLOHQRJOLFRO

    $ UHVSRVWD FRPSHQVDWyULD LQLFLDO p IHLWD SHORVVLVWHPDV WDPSmR H[WUDFHOXODUHV HVSHFLDOPHQWH RWDPSmR ELFDUERQDWR 2V VLVWHPDV WDPSmRLQWUDFHOXODUHV SURWHtQDV H IRVIDWR WDPEpPFRQWULEXHP QR SURFHVVR GH WDPSRQDPHQWR

    1D DFLGRVH R H[FHVVR GH + H[WUDFHOXODULQYDGH R HVSDoR LQWUDFHOXODU GHVORFDQGR R . GHGHQWUR SDUD IRUD GD FpOXOD WURFD FDWL{QLFD (VWHHYHQWR DMXGD D SUHYHQLU R DXPHQWR H[FHVVLYR GH +

    H[WUDFHOXODU (VVD WURFD SRGH FDXVDU KLSHUFDOHPLDPHVPR TXH DV UHVHUYDV GH SRWiVVLR QR RUJDQLVPRHVWHMDP GLPLQXtGDV GHYLGR D SHUGDV QR ULP RX QRLQWHVWLQR

    2 HIHLWR FRPSHQVDWyULR UiSLGR VHUi IHLWR SHORSXOPmR 2 GHFUpVFLPR GR S+ p FDSWDGR SHORV TXLPLRUHFHSWRUHV GRV JUDQGHV YDVRV HVWLPXODQGR XPDKLSHUYHQWLODomR TXH FDXVD XPD GLPLQXLomR GD S&2GH PP+J SDUD PP+J (VWH HIHLWRFRQWXGR p GH FXUWD GXUDomR 2 HIHLWR FRPSHQVDWyULR DORQJR SUD]R UHTXHU D DomR GR ULP 4XDQGR QmR KiOHVmR UHQDO RV W~EXORV DXPHQWDP D UHDEVRUomR GH+&2

    H D H[FUHomR GH + HVSHFLDOPHQWH VRE IRUPDGH tRQ DP{QLD 1+

    XPD YH] TXH D H[FUHomR GH +

    YLD IRVIDWR QmR WHP FDSDFLGDGH SDUD DXPHQWDU PXLWR$ FRPSHQVDomR GH XPD DFLGRVH PHWDEyOLFD SRGH HVWDUFRPSURPHWLGD TXDQGR Ki PDO IXQFLRQDPHQWR UHQDO

    ,, $FLGRVH UHVSLUDWyULD(VWi FDUDFWHUL]DGD SRU GLPLQXLomR GR S+ H SRU

    DXPHQWR QD S&2 2FRUUH GHYLGR D XPDKLSRYHQWLODomR SXOPRQDU TXH OHYD DR DF~PXOR GH&2 (VWD KLSRYHQWLODomR SRGH VHU RFDVLRQDGD SRUSUREOHPDV TXH SURYRTXHP IDOKDV QD WURFD GH JDVHVQRV DOYpRORV WDLV FRPR REVWUXo}HV GR WUDWRUHVSLUDWyULR SQHXPRQLD SQHXPRWyUD[ HQILVHPDWUDQVWRUQRV QHXURPXVFXODUHV GRHQoDV RX GURJDV TXHGHSULPDP R VLVWHPD QHUYRVR FHQWUDO FHQWURUHVSLUDWyULR RX VLPSOHVPHQWH LQDODomR GH &2 HPH[FHVVR 'H HVSHFLDO LPSRUWkQFLD p D DQHVWHVLD JHUDOFRP DJHQWHV YROiWHLV HP VLVWHPD IHFKDGR 1HVWHVFDVRV D S2 PDQWpP QtYHLV HOHYDGRV SRUpP VH DDEVRUomR GR &2 QR VLVWHPD GH DQHVWHVLD HVWLYHULQHILFLHQWH Ki XP DF~PXOR GHVWH JiV FRP FRQVHTHQWHDFLGRVH UHVSLUDWyULD

    $ UHVSRVWD FRPSHQVDWyULD GH FXUWR SUD]R HVWiLQRSHUDQWH GHYLGR DR FRPSURPHWLPHQWR SXOPRQDUVHQGR SRUWDQWR GHSHQGHQWH GRV PHFDQLVPRVFRPSHQVDWyULRV UHQDLV GH ORQJR SUD]R (VWD UHVSRVWDFRPSHQVDWyULD VHUi IHLWD PHGLDQWH D UHWHQomR GH+&2

    H R DXPHQWR GD H[FUHomR GH + 1HVWHV FDVRVQmR p DFRQVHOKiYHO IRUQHFHU ELFDUERQDWR H[yJHQRSRLV R PHVPR VHUi H[FUHWDGR VHP DIHWDU DFRQFHQWUDomR ILQDO GH +&2

    VDQJXtQHR

    ,, $OFDORVH PHWDEyOLFD$ DOFDORVH PHWDEyOLFD p FDUDFWHUL]DGD SRU XPD

    HOHYDomR QR S+ H QD FRQFHQWUDomR GH ELFDUERQDWR (PUXPLQDQWHV HVWH TXDGUR VH DSUHVHQWD DVVRFLDGR DGLVW~UELRV GLJHVWLYRV FRP SHUGD H[FHVVLYD GH OtTXLGRV

  • VERS

    O PR

    ELIMI

    NAR 9

    9.2

    1\dUbQ|Uc T_ 5aeY\RbY_ SYT_2vcYS_ U 8YTb_U\Udb_\dYS_ 99!#

    FRPR QR VHTHVWUR GH IOXLGRV QRV SUpHVW{PDJRV (PRXWURV DQLPDLV SRGH VHU GHYLGR D LQJHVWmR H[FHVVLYDGH iOFDOLV FRPR QR XVR H[FHVVLYR GH ELFDUERQDWR GHVyGLR FRPR DQWLiFLGR RX PDLV FRPXPHQWH SRU SHUGDDQRUPDO GH iFLGR GR RUJDQLVPR FRPR RFRUUH QRY{PLWR SURORQJDGR GHYLGR j SHUGD GH +&O 7DPEpPD DGPLQLVWUDomR GH GLXUpWLFRV SRGH FDXVDU SHUGD GHiFLGR QD XULQD 2XWUDV FDXVDV LQFOXHP D SHUGD UHQDOGH + DVVRFLDGD FRP H[FHVVR GH PLQHUDORFRUWLFyLGHV HEDL[R FRQVXPR GH &O $ SHUGD GH . WDPEpP SRGHFDXVDU SHUGD GH + GR IOXLGR H[WUDFHOXODU SDUD RLQWUDFHOXODU $ DGPLQLVWUDomR H[FHVVLYD GHELFDUERQDWR SRGH VHU XPD FDXVD GH DOFDORVHPHWDEyOLFD HVSHFLDOPHQWH TXDQGR Ki GpILFLW QRYROXPH HIHWLYR FLUFXODQWH RX GpILFLW GH . RX GH &OFDVRV QRV TXDLV R ELFDUERQDWR QmR SRGHUi VHUH[FUHWDGR SHOR ULP GH IRUPD QRUPDO FULDQGRFRQGLo}HV SDUD PDQXWHQomR GD DOFDORVH

    'H TXH IRUPD D GLPLQXLomR GR YROXPH HIHWLYRFLUFXODQWH IDYRUHFH D PDQXWHQomR GD DOFDORVH" 1DKLSRYROHPLD D UHDEVRUomR GH 1D DXPHQWD SDUD DMXGDUQR UHVWDEHOHFLPHQWR GR YROXPH SODVPiWLFR QRUPDO $PDQXWHQomR GD HOHWURQHXWUDOLGDGH UHTXHU TXH DUHDEVRUomR GH 1D QRV W~EXORV SUR[LPDLV VHMDDFRPSDQKDGD GD UHDEVRUomR GH &O HQTXDQWR TXH QRVW~EXORV GLVWDLV D UHDEVRUomR GH 1D HVWi DVVRFLDGD FRPD VHFUHomR GH XP FiWLRQ JHUDOPHQWH + RX HPPHQRU TXDQWLGDGH R . 8PD YH] TXH D H[FUHomRUHQDO GH + HVWi GLUHWDPHQWH UHODFLRQDGD FRP DUHDEVRUomR GH ELFDUERQDWR QmR VHULD SRVVtYHO DHOLPLQDomR GR ELFDUERQDWR HP H[FHVVR WHQGHQGR DDOFDORVH D FRQWLQXDU (VWD p D UD]mR GD FKDPDGD XULQDSDUDGR[DO XPD XULQD iFLGD SURGX]LGD SRU SDFLHQWHVFRP DOFDORVH PHWDEyOLFD

    $ KLSRFDOHPLD WDPEpP FRQWULEXL SDUD DPDQXWHQomR GD DOFDORVH PHWDEyOLFD 1D KLSRFDOHPLDRFRUUH DXPHQWR GD FRQFHQWUDomR LQWUDFHOXODU GH tRQV+ TXH HQWUDP SDUD PDQWHU R HTXLOtEULR HOHWUROtWLFRLQWUDFHOXODU &RP LVWR R DXPHQWR GH + QR LQWHULRUGD FpOXODV WXEXODUHV UHQDLV SURYRFD XP DXPHQWR QDH[FUHomR GH + H SRUWDQWR QD UHDEVRUomR GHELFDUERQDWR

    $ UHVSRVWD FRPSHQVDWyULD QD DOFDORVHPHWDEyOLFD p IHLWD SHOR SXOPmR UHGX]LQGR D WD[D GH

    YHQWLODomR (VWH HIHLWR p FRQWURODGR SHORV TXLPLRUHFHSWRUHV GR FHQWUR UHVSLUDWyULR H GRV FRUSRVFDURWtGHRV RV TXDLV FDSWDP R YDORU HOHYDGR GH S+FRP R HIHLWR ILQDO GH DXPHQWR GD S&2 GH PP+JSDUD PP+J

    ,, $OFDORVH UHVSLUDWyULD(VWi FDUDFWHUL]DGD SRU DXPHQWR QR S+ H

    GLPLQXLomR GD S&2 3RGH VHU GHYLGR D XPDKLSHUYHQWLODomR SXOPRQDU TXH SRGH RFRUUHU QRVVHJXLQWHV FDVRVD FRPSHQVDomR UHVSLUDWyULD KLSHUYHQWLODomR GLDQWHGH XPD KLSR[HPLD DVVRFLDGD FRP GRHQoDVSXOPRQDUHV FRPR DV TXH RFDVLRQDP D DFLGRVHUHVSLUDWyULD QDV IDOKDV FDUGtDFDV RX HP DQHPLDVVHYHUDVE GLVW~UELRV SVLFRJrQLFRV RX QHXUROyJLFRV TXHHVWLPXODP R FHQWUR UHVSLUDWyULR GD PHGXODF IHEUH VHSWLFHPLDG LQWR[LFDomR SRU VDOLFLODWRH YHQWLODomR DUWLILFLDO H[DJHUDGDI DQVLHGDGH RX LQWHQVD GRU RX HVWUHVVHJ VXSHUDTXHFLPHQWR HP FmHV JDWRV H RXWURVDQLPDLV TXH QmR VXDP H TXH XWLOL]DP D YHQWLODomRFRPR IRUPD GH SHUGHU FDORUK GLPLQXLomR GD SUHVVmR DWPRVIpULFD EDL[D S2FRPR D REVHUYDGD D JUDQGHV DOWLWXGHV DFLPD GH P DFLPD GR QtYHO GR PDU $ S&2 SRGH FDLU GR YDORUQRUPDO GH PP+J DWp YDORUHV GH PP+J RXPHQRV

    $ UHVSRVWD FRPSHQVDWyULD LQLFLDO p IHLWD DWUDYpVGR WDPSRQDPHQWR SHOR VLVWHPD ELFDUERQDWR 2 HIHLWRFRPSHQVDWyULR SRVWHULRU p IHLWR SHOR ULP RQGHRFRUUHUi D GLPLQXLomR WDQWR GD H[FUHomR GH + FRPRGD UHDEVRUomR GH +&2

    $ GLPLQXLomR QDFRQFHQWUDomR SODVPiWLFD GR ELFDUERQDWR p HTXLOLEUDGDSHOR DXPHQWR QD UHWHQomR GH &O SDUD PDQWHU DHOHWURQHXWUDOLGDGH OHYDQGR D XPD KLSHUFORUHPLD GHFRPSHQVDomR $ KLSHUFORUHPLD WDPEpP SRGH VHUREVHUYDGD QD DFLGRVH PHWDEyOLFD FRPSHQVDGD SRLV DFRQFHQWUDomR GH &O WHQGH D YDULDU LQYHUVDPHQWH FRPD FRQFHQWUDomR GH ELFDUERQDWR 2 OLPLWH GHFRPSHQVDomR UHQDO QD DOFDORVH UHVSLUDWyULD p DWLQJLGRTXDQGR D FRQFHQWUDomR GH ELFDUERQDWR FKHJD D

    7DEHOD ,, 'HVHTXLOtEULRV iFLGREiVLFRV H UHVSRVWDV FRPSHQVDWyULDV$V VHWDV FRUUHVSRQGHQWHV DRV SDUkPHWURV DOWHUDGRV SHOD FDXVD SULPiULD GR WUDQVWRUQR iFLGREiVLFR HVWmRLQGLFDGDV HP YHUPHOKR HQTXDQWR TXH DTXHODV FRUUHVSRQGHQWHV DV UHVSRVWDV FRPSHQVDWyULDV HVWmR LQGLFDGDVHP YHUGH 1& QmR FRPSHQVDGD & FRPSHQVDGD DXPHQWR GLPLQXLomR VHP DOWHUDomR

    $&,'26( $/&$/26(9DORU 0HWDEyOLFD 5HVSLUDWyULD 0HWDEyOLFD 5HVSLUDWyULD

    3DUkPHWUR QRUPDO 1& & 1& & 1& & 1& &

    S+ >+&2

    @ >&2@ >+&2

    @ P(TO D S&2 PP+J

  • VERS

    O PR

    ELIMI

    NAR 9

    9.2

    )pOL[ + 'tD] *RQ]iOH] H 6pUJLR &HURQL GD 6LOYD

    99!$ 9^db_Te|z_ w 2Y_ae]YSQ 3\^YSQ FUdUbY^vbYQ

    PPROO D FRQFHQWUDomR QRUPDO p GH PPROO&RPR SULQFtSLR JHUDO GD FRPSHQVDomR iFLGR

    EiVLFD GHYHPRV FRQVLGHUDU TXH QD DOWHUDomR GH XPGRV WHUPRV GD UHODomR +&2

    &2 R RUJDQLVPR FDXVDXPD DOWHUDomR FRPSHQVDWyULD GR RXWUR WHUPR $FRPSHQVDomR QmR WHQGH D UHVWDEHOHFHU DVFRQFHQWUDo}HV QRUPDLV GH +&2

    H GH &2 PDV VLP DPDQWHU D UHODomR FRQVWDQWH LVWR p D FRPSHQVDomR pXPD DOWHUDomR VHFXQGiULD TXH WHP R HIHLWR GHHTXLOLEUDU D DOWHUDomR SULPiULD 0XGDQoDV QDFRQFHQWUDomR GH +&2

    VmR FRPSHQVDGDV FRPPXGDQoDV QD FRQFHQWUDomR GH &2 QD PHVPDSURSRUomR 7DEHOD ,,

    $ PHGLomR GH +&2 QR VDQJXH p GD PDLRU

    LPSRUWkQFLD QD FOtQLFD SRUTXH LQGLFD D FDSDFLGDGH GRRUJDQLVPR HP PDQHMDU TXDQWLGDGHV DGLFLRQDLV GHiFLGRV RUJkQLFRV &RPR HVFUHYH %DJJRWW PHGLU VRPHQWH R S+ p FRPR FDPLQKDU VREUH XPDILQD FDPDGD GH JHOR SRGHPRV REVHUYDU VH DLQGDHVWDPRV RX QmR QD VXSHUItFLH PDV QmR SRGHPRV WHUXPD LGpLD GH TXDQGR SRGH RFRUUHU R DIXQGDPHQWR 2FRQKHFLPHQWR GD >+&2

    @ Gi XPD LQIRUPDomRHTXLYDOHQWH D FRQKHFHU TXmR SHUWR HVWiVH GD UXSWXUDGR JHOR H TXmR SURIXQGD HVWi D iJXD DEDL[R 9DORUHVGH +&2

    PXLWR GLVWDQWHV GD QRUPDOLGDGH FRP YDORUHVDQRUPDLV GH S+ H &2 LQGLFDP TXH RV PHFDQLVPRVFRPSHQVDWyULRV QmR HVWmR DFLRQDGRV R TXH SRGHDFRQWHFHU SRU H[HPSOR HP TXDGURV GH DFLGRVH RXDOFDORVH PLVWRV UHVSLUDWyULDV H PHWDEyOLFDV7DEHOD ,,

    ,, $OWHUDo}HV GR HTXLOtEULR HOHWUROtWLFR3DUD HIHLWRV GH GLVFXVVmR FRQYpP VHSDUDU RV

    GHVHTXLOtEULRV KtGULFRV GRV HOHWUROtWLFRV (QWUHWDQWRQD SUiWLFD p PDLV FRPXP REVHUYDU D FRPELQDomR GHDOWHUDo}HV KtGULFDV HOHWUROtWLFDV H iFLGREiVLFDV 2VGDGRV FOtQLFRSDWROyJLFRV FRVWXPDP HVWDU DIHWDGRVQmR VRPHQWH SHORV SUREOHPDV SULPiULRV H VXDVUHVSRVWDV FRPSHQVDWyULDV VHFXQGiULDV PDV WDPEpPSHOD WHUDSLD DSOLFDGD e LPSRUWDQWH FRQVLGHUDU DSUHVHQoD GH GRHQoDV UHQDLV XVR GH GLXUpWLFRV RXGURJDV QHIURWy[LFDV FRQVXPR GH iJXD H DOLPHQWRWUDQVWRUQRV TXH LPSHoDP R FRQVXPR QRUPDO GH iJXDWUDQVWRUQRV QHXUROyJLFRV OHV}HV QD FDEHoD QRSHVFRoR QD ERFD OtQJXD RX IDULQJH REVWUXo}HV QRWUDWR JDVWURLQWHVWLQDO RX VLPSOHVPHQWH HUURV GHPDQHMR WXEXODo}HV GH iJXD URPSLGDV RX TXHEUDGDV7DPEpP VmR LPSRUWDQWHV DV FDXVDV GH SHUGDV GHIOXtGRV FRPR Y{PLWR GLDUUpLD SROL~ULD VXGRUHVHH[FHVVLYD SRU H[HUFtFLR HP HTLQRV IHULPHQWRV HTXHLPDGXUDV

    ,, 'LVW~UELRV GR VyGLR,, +LSRQDWUHPLD

    2 VyGLR PRELOL]iYHO HVWi ORFDOL]DGR QR HVSDoRH[WUDFHOXODU R TXDO FRQWpP DSUR[LPDGDPHQWH GRVyGLR GR FRUSR 2 UHVWDQWH GR VyGLR HVWi QRV RVVRV GHIRUPD QmR PRELOL]iYHO

    8PD IDOVD KLSRQDWUHPLD SRGH RFRUUHU HPTXDGURV GH KLSHUOLSHPLD H KLSHUSURWHLQHPLD /LStGLRVH SURWHtQDV TXDQGR HP DOWDV TXDQWLGDGHV RFXSDP XP

    HVSDoR VLJQLILFDWLYR QR SODVPD 8PD YH] TXH DPHGLomR GRV HOHWUyOLWRV p IHLWD QD IUDomR DTXRVD GRSODVPD GR SODVPD p iJXD QHVWHV FDVRV HPERUDD TXDQWLGDGH WRWDO GH VyGLR HVWHMD QRUPDOUHODWLYDPHQWH DR YROXPH GH SODVPD VXD FRQFHQWUDomRHVWDUi GLPLQXtGD 'D PHVPD IRUPD REVHUYDVH IDOVDKLSRQDWUHPLD QD KLSHUJOLFHPLD SRLV D JOLFRVH HPH[FHVVR SURYRFD DXPHQWR QD RVPRODOLGDGH GR SODVPDH LQGX] R GHVORFDPHQWR GH iJXD GR HVSDoRLQWUDFHOXODU SDUD R SODVPiWLFR GLOXLQGRR 2 VyGLRSODVPiWLFR GLPLQXL PPROO SDUD FDGD DXPHQWR GDFRQFHQWUDomR GH JOLFRVH GH PJGO

    $V PXGDQoDV QR HTXLOtEULR KtGULFR VmR DVSULQFLSDLV UHVSRQViYHLV SHODV PXGDQoDV QDFRQFHQWUDomR GH VyGLR $VVLP D KLSRQDWUHPLD SRGHVHU FRQVLGHUDGD FRPR XP H[FHVVR UHODWLYR GH iJXD(QWUH DV FDXVDV GH KLSRQDWUHPLD HVWmRD SHUGDV QR YROXPH HIHWLYR FLUFXODQWH HPERUD QHVWHFDVR LQLFLDOPHQWH RFRUUD KLSHUQDWUHPLD TXDQGR KiSHUGD VLJQLILFDWLYD GH iJXD GHYLGR D Y{PLWR GLDUUpLDVXGRUHVH H[FHVVLYD HTLQRV GHUPDWLWH HVIROLDWLYDTXHLPDGXUDV WHUDSLD GLXUpWLFD RX LQVXILFLrQFLDDGUHQDO DOGRVWHURQD D GHVLGUDWDomR LQGX] UHVSRVWDVQHXURKRUPRQDLV TXH UHVXOWDP HP DXPHQWR GRFRQVXPR GH iJXD YLD DXPHQWR GD VHGH H DFRQVHUYDomR UHQDO GH iJXDE KHPRUUDJLDV FRPSHQVDGDV SRU DXPHQWR QRFRQVXPR GH iJXDF VHTHVWUR GH IOXLGRV TXH FRQWHQKDP VyGLR HPFDYLGDGHV FRPR UHVXOWDGR GH DVFLWH SHULWRQLWHREVWUXomR LQWHVWLQDO HIXVmR SOHXUDO RX QD UXSWXUD GDEH[LJDG FRQVXPR H[FHVVLYR GH iJXD GHYLGR D SUREOHPDVSVLFRJrQLFRVH GRHQoD UHQDO FRP GHILFLHQWH UHDEVRUomR GH 1DI GHILFLHQWH VHFUHomR GH $'+ RQGH QmR RFRUUHUHDEVRUomR GH iJXD H SRUWDQWR GH 1D

    &RQKHFHU D FRQFHQWUDomR GH VyGLR QD XULQD p~WLO SDUD DMXGDU D GLIHUHQFLDU RV YiULRV WLSRV GHKLSRQDWUHPLDV 1RV FDVRV GH SHUGDV GH IOXLGRV FRPRQD GLDUUpLD H QR Y{PLWR D UHVSRVWD UHQDOFRPSHQVDWyULD PDQWpP XPD DGHTXDGD UHDEVRUomR GHVyGLR H D XULQD WHP XPD EDL[D FRQFHQWUDomR GH VyGLR1D LQVXILFLrQFLD DGUHQDO D GLPLQXLomR GH DOGRVWHURQDSURYRFD UHGXomR QD UHDEVRUomR GH VyGLR H QD H[FUHomRGH SRWiVVLR RFRUUHQGR KLSRQDWUHPLD FRPKLSHUFDOHPLD DR PHVPR WHPSR TXH D XULQD WHP XPDFRQFHQWUDomR GH VyGLR HOHYDGD 1D GHILFLrQFLD GH$'+ D KLSRQDWUHPLD YHP DFRPSDQKDGD GH DOWRVQtYHLV GH VyGLR QD XULQD QmR RFRUUH UHDEVRUomR 1DSROLGLSVLD SVLFRJrQLFD D KLSRQDWUHPLD HVWiDFRPSDQKDGD GH XULQD FRP EDL[D FRQFHQWUDomR GHVyGLR

    $ GHILFLrQFLD GH VyGLR p UDUD QD GLHWD QRUPDOGRV DQLPDLV LQFOXVLYH QRV KHUEtYRURV RQGH RVYHJHWDLV VmR QRUPDOPHQWH EDL[RV HP VyGLR (P YDFDVODFWDQWHV GH DOWD SURGXomR RFRUUHP SHUGDV GH VyGLR QROHLWH H HP GLHWDV EDL[DV GH VDO SRGH DFRQWHFHUGHILFLrQFLD GH VyGLR FRP KLSRQDWUHPLD 1DV PDVWLWHVWDPEpP DXPHQWDP DV SHUGDV GH VyGLR QR OHLWH

  • VERS

    O PR

    ELIMI

    NAR 9

    9.2

    1\dUbQ|Uc T_ 5aeY\RbY_ SYT_2vcYS_ U 8YTb_U\Udb_\dYS_ 99!%

    ,, +LSHUQDWUHPLD$ KLSHUQDWUHPLD HVWi TXDVH VHPSUH DVVRFLDGD

    FRP HOHYDomR GD RVPRODOLGDGH GR SODVPD 2FRUUH HPDQLPDLV GHVLGUDWDGRV TXDQGR DV SHUGDV GH iJXDH[FHGHP jV SHUGDV GH HOHWUyOLWRVD HVWiJLRV LQLFLDLV GH Y{PLWR GLDUUpLD H GRHQoDUHQDOE TXHLPDGXUDV FXWkQHDVF XVR H[DJHUDGR GH GLXUpWLFRVG UHVSLUDomR RIHJDQWHH GLDEHWHV LQVtSLGD VH RFRUUHU UHVWULomR GH iJXDI IDOWD GH iJXD GH EHEHUJ DGPLQLVWUDomR GH VROXomR VDOLQD KLSHUW{QLFD RXELFDUERQDWR GH VyGLR FRP UHVWULomR GH iJXD GH EHEHUK LQWR[LFDomR FRP VDO FRPELQDGD FRP IDOWD GH iJXDL H[FHVVR GH PLQHUDORFRUWLFyLGHV

    2 H[FHVVR GH VyGLR QR SODVPD YHPDFRPSDQKDGR JHUDOPHQWH GH DXPHQWR QD iJXDFRUSRUDO SURYRFDQGR XPD VREUHLGUDWDomR LVRW{QLFDTXH FDXVD KLSHUWHQVmR H HGHPD JHQHUDOL]DGR 2SUREOHPD SULPiULR QHVWHV FDVRV p D UHWHQomR GHVyGLR 6HFXQGDULDPHQWH R H[FHVVR GH iJXD UHWLGD RXLQJHULGD SDUD GLOXLU R VyGLR UHVXOWDUi HP SUREOHPDVWDLV FRPR LQVXILFLrQFLD FDUGtDFD FRQJHVWLYDKLSRDOEXPLQHPLD H ILEURVH KHSiWLFD $QWHV TXH RHGHPD VHMD YLVtYHO GHYH RFRUUHU XPD H[SDQVmR GRYROXPH H[WUDFHOXODU HP SHOR PHQRV $ WHUDSLD

    GH IOXLGRV FRP VyGLR HP SDFLHQWHV FRP GDQR UHQDOWDPEpP p FDXVD LDWURJrQLFD GH KLSHUQDWUHPLD TXHSRGH OHYDU DR HGHPD

    $ LQWR[LFDomR FRP VDO SRGH DFRQWHFHU HPDQLPDLV TXH SDVWDP SHUWR GH SkQWDQRV GH iJXDVDOREUD RX HP DOLPHQWRV FRQWDPLQDGRV VHPSUH TXHQmR IRU IRUQHFLGD iJXD GRFH 1D LQWR[LFDomR FRPVyGLR DSDUHFHP VLQWRPDV QHXUROyJLFRV GHYLGR DRHGHPD GR FyUWH[ FHUHEUDO SRU DXPHQWR GR IOXLGRFHUHEURHVSLQDO TXDGUR HVWH PDLV REVHUYDGR HPVXtQRV

    ,, 'LVW~UELRV GR SRWiVVLR$SUR[LPDGDPHQWH GR SRWiVVLR

    PRELOL]iYHO HVWi QR HVSDoR LQWUDFHOXODU $ UHODomR.LQWUDFHOXODU.

    H[WUDFHOXODU p PDQWLGD PHGLDQWH D ERPED

    1D. $73DVH D TXDO SHUPLWH D VDtGD GH VyGLR H DHQWUDGD GH SRWiVVLR QDV FpOXODV (VWH HTXLOtEULRPDQWpP D H[FLWDELOLGDGH QHXURPXVFXODU H FDUGtDFDPHGLDQWH D PDQXWHQomR GR SRWHQFLDO GH PHPEUDQDGDV FpOXODV

    ,, +LSRFDOHPLD$V PXGDQoDV QD FRQFHQWUDomR GH SRWiVVLR WHP

    SURIXQGRV HIHLWRV QHXURPXVFXODUHV FDXVDGRV SRUPXGDQoDV QR SRWHQFLDO GH PHPEUDQD GDV FpOXODV (PJHUDO D KLSRFDOHPLD GLPLQXLomR GD FRQFHQWUDomR

    7DEHOD ,, 3ULQFLSDLV TXDGURV SDWROyJLFRV TXH FXUVDP FRP DOWHUDo}HV GR HTXLOtEULR iFLGREiVLFR HKLGURHOHWUROtWLFR

    4XDGUR SDWROyJLFR 7LSR GH DOWHUDomR

    'LDUUpLD GHVLGUDWDomR KLSR RX KLSHUFDOHPLD KLSRQDWUHPLD DFLGRVH PHWDEyOLFDSHUGD GH ELFDUERQDWR H UHGXomR QD H[FUHomR GH + D]RWHPLD SUpUHQDO

    7RUomR GH DERPDVR ERYLQRV KLSRFORUHPLD VHTHVWUR GH &O QR DERPDVR KLSRFDOHPLD DOFDORVHPHWDEyOLFD DXPHQWR GH ELFDUERQDWR FRP XULQD iFLGD GHVLGUDWDomR

    $FLGRVH OiFWLFD UXPLQDQWHV DFLGRVH PHWDEyOLFD GHVLGUDWDomR

    $QHVWHVLD HP VLVWHPD IHFKDGRHTLQRV

    DFLGRVH UHVSLUDWyULD

    2EVWUXomR LQWHVWLQDO HTLQRV DFLGRVH PHWDEyOLFD GHVLGUDWDomR

    ([HUFtFLR H[WHQXDQWH DFLGRVH PHWDEyOLFD DF~PXOR GH ODFWDWR

    ,QVXILFLrQFLD UHQDO GHVLGUDWDomR FRP LVRVWHQ~ULD DFLGRVH PHWDEyOLFD UHGXomR QD H[FUHomRGH + H QD UHDEVRUomR GH ELFDUERQDWR KLSHUFDOHPLD KLSRQDWUHPLD

    9{PLWR GHVLGUDWDomR DOFDORVH PHWDEyOLFD SRU SHUGD GH iFLGR KLSRFDOHPLDKLSRFORUHPLD

    'LDEHWHV PHOOLWXV DFLGRVH PHWDEyOLFD FHWRDFLGRVH KLSRQDWUHPLD SRU GLXUHVHKLSHUFDOHPLD FRP KLSRFDOHPLD DSyV FRUUHomR GD DFLGRVH

    'LDEHWHV LQVLSLGD GHVLGUDWDomR

    ,QVXILFLrQFLD DGUHQDO 6tQGURPHGH $GLVVRQ

    KLSHUFDOHPLD KLSRQDWUHPLD KLSRYROHPLD GHVLGUDWDomR

    &KRTXH KLSRYROrPLFR DFLGRVH PHWDEyOLFD SRU KLSy[LD WLVVXODU FRP DF~PXOR GH &2

    ,QVXILFLrQFLD FDUGtDFD FRQJHVWLYD GHVLGUDWDomR SRU DXPHQWR GH IOXLGR H[WUDFHOXODU FRP KLSRSURWHLQHPLD

    $QRUH[LD GHVLGUDWDomR FRP WHQGrQFLD D DFLGRVH PHWDEyOLFD

  • VERS

    O PR

    ELIMI

    NAR 9

    9.2

    )pOL[ + 'tD] *RQ]iOH] H 6pUJLR &HURQL GD 6LOYD

    99!& 9^db_Te|z_ w 2Y_ae]YSQ 3\^YSQ FUdUbY^vbYQ

    SODVPiWLFD GH SRWiVVLR DXPHQWD R SRWHQFLDO GHPHPEUDQD SURGX]LQGR XP EORTXHLR SRUKLSHUSRODUL]DomR TXH UHVXOWD HP GHELOLGDGH PXVFXODUH SDUDOLVLD 1D KLSHUFDOHPLD DXPHQWR GDFRQFHQWUDomR SODVPiWLFD GH SRWiVVLR GLPLQXL RSRWHQFLDO GH PHPEUDQD FDXVDQGR KLSHUH[FLWDELOLGDGH

    $ FRQFHQWUDomR GH SRWiVVLR QR SODVPD SRGHUHYHODU WDQWR IDWRUHV LQWHUQRV GH HTXLOtEULR GR SRWiVVLRDWUDYpV GDV PHPEUDQDV FHOXODUHV HQWUH RV IOXLGRVH[WUD H LQWUDFHOXODUHV TXDQWR IDWRUHV H[WHUQRV GHHTXLOtEULR HQWUH R FRQVXPR H D H[FUHomR GH SRWiVVLR

    (QWUHWDQWR DV UHVSRVWDV FRPSHQVDWyULDV jVPXGDQoDV QR YROXPH FLUFXODWyULR H R HTXLOtEULR iFLGREiVLFR SRGH PRVWUDU TXDGURV FRQIXVRV RX DWpFRQWUDGLWyULRV 3RU H[HPSOR QR FDVR GH EH]HUURV FRPGLDUUpLD DJXGD H[LVWH SHUGD GH IOXtGRV H GH HOHWUyOLWRVHQWUH HOHV R SRWiVVLR 3RUpP D FRQFHQWUDomRSODVPiWLFD GH SRWiVVLR QHVVHV DQLPDLV SRGH HVWDUQRUPDO RX DWp DXPHQWDGD FRPR UHVXOWDGR GDGHVLGUDWDomR H GD DFLGRVH SRU VXD YH] FDXVDGRV SHODSHUGD GH VyGLR H D GHILFLrQFLD UHQDO SDUD H[FUHWDU +2 DXPHQWR GH + SURYRFD DFLGRVH KDYHQGR XPDWHQGrQFLD D TXH R + HP H[FHVVR HQWUH QR HVSDoRLQWUDFHOXODU FRP D HTXLYDOHQWH VDtGD GH . R TXDO pPRELOL]DGR SDUD R HVSDoR H[WUDFHOXODU 2 WUDWDPHQWRQHVVHV DQLPDLV LQFOXL WHUDSLD GH IOXLGRV H HOHWUyOLWRV1D . HPERUD D FRQFHQWUDomR GH SRWiVVLR HVWHMDQRUPDO RX HOHYDGD SRLV D LQWHUSUHWDomR FOtQLFD GHYHDYDOLDU R FRQVXPR H DV SHUGDV GH IOXLGRV EHP FRPR RHVWDGR UHQDO H R HTXLOtEULR iFLGREiVLFR

    $ KLSRFDOHPLD p UHODWLYDPHQWH IUHTHQWH QRVDQLPDLV GRPpVWLFRV FRPR UHVXOWDGR GD SHUGD GRVGHSyVLWRV GH SRWiVVLR RX GH UHGLVWULEXLomR GH SRWiVVLRHQWUH RV HVSDoRV H[WUD H LQWUDFHOXODUHV (QWUH DVSULQFLSDLV FDXVDV GH KLSRFDOHPLD HVWmRD SHUGDV GH RULJHP JDVWURLQWHVWLQDO SRU Y{PLWR HGLDUUpLDE SHUGDV UHQDLV SRU H[FHVVR GH PLQHUDORFRUWLFyLGHVGLXUpWLFRV RX SRU DOWHUDomR GD IXQomR WXEXODU UHQDOF GHILFLrQFLD GH SRWiVVLR QD GLHWD D TXDO p UDUD SRLVR SRWiVVLR HVWi HP FRQFHQWUDomR UHODWLYDPHQWH DOWDQRV DOLPHQWRV SDUD DQLPDLV HQWUHWDQWR DFRPSHQVDomR UHQDO GLDQWH GH XPD GHILFLrQFLDDOLPHQWDU RX XPD SHUGD GH SRWiVVLR QmR p PXLWRHILFLHQWHG PRYLPHQWR GH SRWiVVLR GR HVSDoR H[WUDFHOXODUSDUD R LQWUDFHOXODU HP DOFDORVH DJXGD R +

    LQWUDFHOXODU WHQGH D VDLU GDV FpOXODV SDUD FRPSHQVDUGHYHQGR HQWUDU SRWiVVLR SDUD PDQWHU R SRWHQFLDO GHPHPEUDQDH XVR H[DJHUDGR GH GLXUpWLFRV H H[FHVVR GHPLQHUDORFRUWLFyLGHV

    $ KLSRFDOHPLD SRGH FDXVDU DOpP GD DOWHUDomRQR SRWHQFLDO GH PHPEUDQD GLPLQXLomR QR YROXPHLQWUDFHOXODU H DOWHUDomR GR S+ LQWUDFHOXODU R TXDO pDFLGLILFDGR SHOD HQWUDGD GH + SDUD FRPSHQVDU D VDtGDGH . 7DPEpP Ki DOWHUDo}HV GD DWLYLGDGH GH HQ]LPDVGHSHQGHQWHV GH . 2V VLQDLV FOtQLFRV LQFOXHPGHELOLGDGH PXVFXODU DUULWPLDV FDUGtDFDVUDEGRPLyOLVH H DOWHUDo}HV UHQDLV

    ,, +LSHUFDOHPLD$ KLSHUFDOHPLD SRGH VHU SURGX]LGD

    LDWURJHQLFDPHQWH TXDQGR VmR DGPLQLVWUDGRV VDLV GHSRWiVVLR HP SDFLHQWHV FRP IXQomR UHQDOFRPSURPHWLGD 3RGH VHU REVHUYDGD XPD IDOVDKLSHUFDOHPLD HP DPRVWUDV KHPROLVDGDVHVSHFLDOPHQWH HP HVSpFLHV FRP DOWD FRQFHQWUDomR GHSRWiVVLR QRV HULWUyFLWRV YDFD FDYDOR SRUFR RYHOKD(QWUH DV FDXVDV GH KLSHUFDOHPLD HVWmRD GRHQoD GH $GGLVRQE GRHQoDV UHQDLV FRP RX VHP KLSRYROHPLDF PRYLPHQWR GH SRWiVVLR GR LQWHULRU GDV FpOXODV SDUDR HVSDoR H[WUDFHOXODU HP DFLGRVH PHWDEyOLFDG QHFURVH GH WHFLGRVH GLDEHWHVI H[HUFtFLR H[DJHUDGR

    ,, 'LVW~UELRV GR FORUR(QWUH DV FDXVDV GDV DOWHUDo}HV GD FRQFHQWUDomR

    GH FORUR HVWmR DTXHODV DVVRFLDGDV DR VyGLR HP IXQomRGD DVVRFLDomR GHVVHV GRLV HOHWUyOLWRV (QWUHWDQWRH[LVWHP DOWHUDo}HV QR FORUR LQGHSHQGHQWHV GRV QtYHLVGH VyGLR DV TXDLV HVWmR UHODFLRQDGDV FRP R HTXLOtEULRiFLGREiVLFR

    ,, +LSHUFORUHPLD$ KLSHUFORUHPLD H[FHVVR GH FRQFHQWUDomR

    SODVPiWLFD GH &O FRP DXPHQWR SURSRUFLRQDO GHVyGLR p REVHUYDGD QD GHVLGUDWDomR $ KLSHUFORUHPLDVHP DXPHQWR SURSRUFLRQDO GH VyGLR p REVHUYDGD QDDFLGRVH PHWDEyOLFD H QD DOFDORVH UHVSLUDWyULDFRPSHQVDGD $ FRQFHQWUDomR GH FORUR WHQGH D YDULDULQYHUVDPHQWH FRP D FRQFHQWUDomR GH ELFDUERQDWR+&2

    IDWRU LPSRUWDQWH D FRQVLGHUDU SDUD HQWHQGHUDV DOWHUDo}HV GR FORUR 1D DOFDORVH UHVSLUDWyULD KiGLPLQXLomR GD S&2 H D FRPSHQVDomR LQFOXL DH[FUHomR UHQDO GH ELFDUERQDWR D TXDO HVWi DVVRFLDGDFRP R DXPHQWR GD UHDEVRUomR GH &O $ DFLGRVHPHWDEyOLFD KLSHUFORUrPLFD SRGH HVWDU DVVRFLDGD FRPXPD GLIHUHQoD DQL{QLFD QRUPDO RX EDL[D H SRGH VHUYLVWD FRPR XPD UHVSRVWD FRPSHQVDWyULD D XPDDOFDORVH UHVSLUDWyULD SULPiULD

    ,, +LSRFORUHPLD&DVRV GH KLSRFORUHPLD FRP GLPLQXLomR

    VLPXOWkQHD GH VyGLR VmR REVHUYDGRV QD VREUHLGUDWDomR4XDQGR QmR Ki GLPLQXLomR SURSRUFLRQDO QDFRQFHQWUDomR GH VyGLR D KLSRFORUHPLD HVWi DVVRFLDGDD XPD DOFDORVH PHWDEyOLFD RX D FRPSHQVDomR GH XPDDFLGRVH UHVSLUDWyULD 1D DFLGRVH UHVSLUDWyULD KiDXPHQWR GD S&2 H D FRPSHQVDomR p IHLWD SHORDXPHQWR GD UHWHQomR GH ELFDUERQDWR FRP SHUGD GH&O R TXH WHQGH D DOFDORVH PHWDEyOLFD

    ,, 5HIHUrQFLDV ELEOLRJUiILFDV$OEHUW\ 5$ &RUQLVKERZGHQ $ 7KH S+

    GHSHQGHQFH RI WKH DSSDUHQW HTXLOLEULXP FRQVWDQW. RI D ELRFKHPLFDO UHDFWLRQ 7UHQGV %LRFKHP6FL

    %DJJRWW - *DV WUDQVSRUW DQG S+ UHJXODWLRQ ,Q70 'HYOLQ (G 7H[WERRN RI %LRFKHPLVWU\ ZLWK

  • VERS

    O PR

    ELIMI

    NAR 9

    9.2

    1\dUbQ|Uc T_ 5aeY\RbY_ SYT_2vcYS_ U 8YTb_U\Udb_\dYS_ 99!'

    &OLQLFDO &RUUHODWLRQV 1HZ

  • VERS

    O PR

    ELIMI

    NAR 9

    9.2

    )pOL[ + 'tD] *RQ]iOH] H 6pUJLR &HURQL GD 6LOYD

    99!( 9^db_Te|z_ w 2Y_ae]YSQ 3\^YSQ FUdUbY^vbYQ

  • VERS

    O PR

    ELIMI

    NAR 9

    9.2

    2Y_ae]YSQ 3\^YSQ TU 7\YSTU_c 999!

    999 29?AE=931 3931 45 7

  • VERS

    O PR

    ELIMI

    NAR 9

    9.2

    )pOL[ + 'tD] *RQ]iOH] H 6pUJLR &HURQL GD 6LOYD

    999" 9^db_Te|z_ w 2Y_ae]YSQ 3\^YSQ FUdUbY^vbYQ

    UDPLILFDGRV IRUPDGRV SRU DWp PROpFXODV GHJOLFRVH $ HQ]LPD LQWHVWLQDO LVRPDOWDVH DGH[WULQDVHKLGUROLVD D GH[WULQD OLPLWH DWp JOLFRVH H PDOWRVH $VFpOXODV LQWHVWLQDLV WDPEpP VHFUHWDP ODFWDVH H VDFDUDVHTXH KLGUROLVDP ODFWRVH H VDFDURVH UHVSHFWLYDPHQWHSDUD SURGX]LU JOLFRVH JDODFWRVH H IUXWRVH

    'HVWD IRUPD RV SURGXWRV ILQDLV GD GLJHVWmR GRVJOLFtGHRV QRV PRQRJiVWULFRV VmR RV PRQRVVDFDUtGHRVVLPSOHV TXH SRGHP VHU DEVRUYLGRV SHODV YLORVLGDGHVLQWHVWLQDLV PHGLDQWH SURFHVVRV QRV TXDLV SDUWLFLSDPWUDQVSRUWDGRUHV HVSHFtILFRV $ DEVRUomR SRGH RFRUUHUGH GXDV IRUPDV SRU GLIXVmR IDFLOLWDGD H SRU WUDQVSRUWHDWLYR GHSHQGHQWH GH 1D VLVWHPD V\PSRUW $ JOLFRVHH D JDODFWRVH VmR DEVRUYLGDV UDSLGDPHQWH HQTXDQWRTXH D IUXWRVH p DEVRUYLGD PDLV OHQWDPHQWH 1DFLUFXODomR HQWHURKHSiWLFD RV PRQRVVDFDUtGHRVDSDUHFHP HP IRUPD OLYUH H LQJUHVVDP QR ItJDGRPHGLDQWH WUDQVSRUWH SDVVLYR IDFLOLWDGR FRPWUDQVSRUWDGRU

    (P DOJXQV JUXSRV KXPDQRV SULQFLSDOPHQWHRULHQWDLV iUDEHV H MXGHXV REVHUYDVH EDL[D SURGXomRGH ODFWDVH HP DGXOWRV LPSRVVLELOLWDQGR D KLGUyOLVH GDODFWRVH H LPSHGLQGR VXD DEVRUomR LQWHVWLQDO R TXHFDXVD VXD IHUPHQWDomR QR LQWHVWLQR FRP SURGXomR GHJDVHV H GLDUUpLD (VWD GRHQoD GH FDXVDV JHQpWLFDV pFRQKHFLGD FRPR LQWROHUkQFLD j ODFWRVH $ ODFWRVH QmRDEVRUYLGD p XWLOL]DGD SHODV EDFWpULDV LQWHVWLQDLV DVTXDLV SURGX]HP VXEVWkQFLDV Wy[LFDV UHVSRQViYHLV SHORVVLQWRPDV

    ,,, $QLPDLV UXPLQDQWHV$V SULQFLSDLV IRQWHV GH JOLFtGHRV QRV

    UXPLQDQWHV VmR FHOXORVH KHPLFHOXORVH H SHFWLQDV HHP PHQRU SURSRUomR DPLGR H GLVVDFDUtGHRV 2 DPLGRp FRPSRQHQWH LPSRUWDQWH TXDQGR D GLHWD p D EDVH GHJUmRV FRQFHQWUDGRV

    $ FHOXORVH p R SROLVVDFDUtGHR HVWUXWXUDO PDLVDEXQGDQWH QD QDWXUH]D (OD IRUPD SDUWH GD SDUHGHFHOXODU GRV YHJHWDLV (VWi FRPSRVWD GH XQLGDGHV GHJOLFRVH N'D D N'D XQLGDV SRU OLJDo}HV EOLQHDUHV H JHRPHWULFDPHQWH HVWHQGLGD VRIUHQGRDJUHJDo}HV TXH FRQILJXUDP ILEUDV PXLWR UHVLVWHQWHVGHYLGR DV SRQWHV GH KLGURJrQLR IRUPDGDV HQWUH XPDFDGHLD H RXWUD

    $ FHOXORVH p LQVRO~YHO H VRPHQWH SRGH VHUKLGUROLVDGD SRU FHUWRV IXQJRV H EDFWpULDV TXH SRVVXHPD HQ]LPD FHOXODVH HQWUH RV TXDLV HVWmR DOJXQVPLFURRUJDQLVPRV GR U~PHQ GRV DQLPDLV SROLJiVWULFRVH GR LQWHVWLQR JURVVR GR FDYDOR H GR FRHOKR $FHOXORVH JHUDOPHQWH HVWi FRPELQDGD FRP OLJQLQD XPDVXEVWkQFLD SROLPpULFD QmR JOLFtGLFD FRPSRVWD SRUGHULYDGRV GH IHQLOSURSDQR $ OLJQLQD HQFRQWUDVH HPPDLRU SURSRUomR QDV SRUo}HV OHQKRVDV GDV SODQWDV RXQDV IRUUDJHQV PDLV PDGXUDV 'HYLGR DV OLJDo}HV GDOLJQLQD FRP D FHOXORVH D GLJHVWLELOLGDGH GDV SDVWDJHQVp UHGX]LGD TXDQGR H[LVWH PDLRU SURSRUomR GH OLJQLQDHP SDVWDJHQV GH PDLRU LGDGH SRLV HVWH FRPSRVWR QmRSRGH VHU KLGUROLVDGR SRU QHQKXPD HQ]LPD

    2XWURV SROLVVDFDUtGHRV DVVRFLDGRV FRP DSDUHGH FHOXODU YHJHWDO VmR D KHPLFHOXORVH H D SHFWLQDDPERV KHWHURSROLVVDFDUtGHRV $ KHPLFHOXORVH HVWiFRPSRVWD SRU XQLGDGHV GH JOLFRVH [LORVH PDQRVHDUDELQRVH H JDODFWRVH HQFRQWUDQGRVH WDPEpPDVVRFLDGD FRP D OLJQLQD $ SHFWLQD p XP SROtPHUR TXH

    FRQWpP GXDV VXEXQLGDGHV TXH VH UHSHWHPVHTXHQFLDOPHQWH iFLGRV JDODFWXU{QLFRV XQLGRV SRUOLJDomR E LQWHUFDODGRV FRP UDPQRVHV HP XQL}HVE 'HYLGR D VXD FDSDFLGDGH SDUD UHWHU iJXD DSHFWLQD p XVDGD FRPR PDWpULD SULPD QR LQJUHGLHQWH GHFRPSRVWRV IDUPDFrXWLFRV LQGLFDGRV SDUD UHGX]LU RVVLQWRPDV GD GLDUUpLD

    7RGRV RV SROLVVDFDUtGHRV TXH IRUPDP SDUWH GDSDUHGH GD FpOXOD YHJHWDO WrP YDORU QXWULWLYR SDUD RVDQLPDLV KHUEtYRURV SRLV HVWDV ELRPROpFXODV SRGHP VHUGHJUDGDGDV D VXDV XQLGDGHV EiVLFDV SHODV EDFWpULDVUXPLQDLV $ OLJQLQD QmR SRVVXL FRQWH~GR QXWULWLYR HTXDQGR HVWi HP PDLRU SURSRUomR HQWUHODoDSROLVVDFDUtGHRV GLILFXOWDQGR VXD GLJHVWmR 1R HQWDQWRXPD SRXFD SURSRUomR GH OLJQLQD p FRQVLGHUDGDEHQpILFD SRU HVWLPXODU RV PRYLPHQWRV SHULVWiOWLFRV GRLQWHVWLQR

    $ SDUHGH FHOXODU YHJHWDO HVWi FRPSRVWD SRUFHOXORVH HP D KHPLFHOXORVH HP D SHFWLQD HP D H OLJQLQD HQWUH D FRQWHQGR WDPEpP XPD SRUomR GH SURWHtQD

    'LIHUHQWHPHQWH GRV PRQRJiVWULFRV RVVXEVWUDWRV DOLPHQWtFLRV QRV UXPLQDQWHV VmR VXEPHWLGRVD IHUPHQWDomR PLFURELDQD QR UHWtFXORU~PHQ)LJXUD ,,, 2V SROLVVDFDUtGHRV VmR KLGUROLVDGRV QRU~PHQ DWp VXDV XQLGDGHV EiVLFDV PRQRVVDFDUtGHRV MiTXH RV PLFURUJDQLVPRV UXPLQDLV SRVVXHP WRGDV DVHQ]LPDV SDUD URPSHU DV OLJDo}HV JOLFRVtGLFDV WDQWR E

    )LJXUD ,,, )HUPHQWDomR GH JOLFtGHRV QRU~PHQ

  • VERS

    O PR

    ELIMI

    NAR 9

    9.2

    2Y_ae]YSQ 3\^YSQ TU 7\YSTU_c 999#

    TXDQWR D 1D SULPHLUD HWDSD WRGRV RV JOLFtGHRV VmRFRQYHUWLGRV D PRQRVVDFDUtGHRV SULQFLSDOPHQWHJOLFRVH H SRVWHULRUPHQWH D JOLFRVH p FRQYHUWLGD YLDJOLFyOLVH HP iFLGRV JUD[RV YROiWHLV iFLGRV JUD[RVFRP PHQRV GH &

    $ SURSRUomR GRV GLIHUHQWHV iFLGRV JUD[RVYROiWHLV SURGX]LGRV YDULD HP IXQomR GD GLHWD 1XPDDOLPHQWDomR j EDVH GH SDVWDJHQV D SURSRUomRDSUR[LPDGD p GH GH iFLGR DFpWLFR GH iFLGRSURSL{QLFR GH iFLGR EXWtULFR H GH RXWURViFLGRV HQWUH HOHV R YDOpULFR R LVRYDOpULFR H RLVREXWtULFR 1XPD DOLPHQWDomR j EDVH GH FRQFHQWUDGRVD SURSRUomR GH SURSLRQDWR SURGX]LGR p DXPHQWDGRVLJQLILFDWLYDPHQWH DV H[SHQVDV GR DFHWDWR ILFDQGR DSURSRUomR HP GH SURSLRQDWR H GH DFHWDWR

    2XWURV SURGXWRV ILQDLV GD IHUPHQWDomR UXPLQDOFRPR IRUPLDWR &2 H KLGURJrQLR VmR FRQYHUWLGRVSHODV EDFWpULDV PHWDQRJrQLFDV HP PHWDQR &+ JiVTXH QmR p DSURYHLWDGR H TXH GHYH VHU H[SXOVR IRUD GRU~PHQ VHMD SHOR UHIOH[R GD HUXWDomR VHMD SHOR WUDWRJDVWURLQWHVWLQDO SRVWHULRU

    2 WLSR GH PLFURUJDQLVPR SUHGRPLQDQWH QRU~PHQ GHSHQGH GRV VXEVWUDWRV DOLPHQWtFLRV IDWR TXHSRU VXD YH] YDL LQIOXLU QRV SURGXWRV ILQDLV GDIHUPHQWDomR $VVLP FRP DOLPHQWDomR j EDVH GHSDVWDJHQV SUROLIHUDP DV EDFWpULDV FHOXOROtWLFDV TXHGHJUDGDP FHOXORVH H WrP FRPR SULQFLSDLV SURGXWRVILQDLV GD IHUPHQWDomR DFHWDWR EXWLUDWR H &2HQTXDQWR TXH FRP DOLPHQWDomR j EDVH GH JUmRVSUROLIHUDP DV EDFWpULDV DPLOROtWLFDV TXH GHJUDGDPDPLGR H SURGX]HP PDLV SURSLRQDWR H PHQRV &2 (VWHJiV p GHSRLV FRQYHUWLGR HP PHWDQR &+ H FRQVWLWXLSHUGD GH HQHUJLD GH IRUPD TXH DV GLHWDV j EDVH GHDPLGR WRUQDPVH PDLV HILFLHQWHV QR DSURYHLWDPHQWR GDHQHUJLD GRV DOLPHQWRV $ PDQLSXODomR GD IORUDPLFURELDQD UXPLQDO PHGLDQWH R XVR GH DJHQWHVLRQyIRURV FRPR D PRQHQVLQD WHP VLGR XVDGD SDUDUHGX]LU D SRSXODomR GH EDFWpULDV TXH SURGX]HP PDLVDFHWDWR H EXWLUDWR H HVWLPXODU DV TXH SURGX]HP PDLVSURSLRQDWR

    ([LVWH XPD FRPSOH[D H GHOLFDGD LQWHUDomR QDSRSXODomR PLFURELDQD GR U~PHQ GH IRUPD TXH TXDQGRD GLHWD p PXGDGD FDXVDQGR SRUWDQWR PXGDQoD GRVVXEVWUDWRV XWLOL]DGRV SHORV PLFURRUJDQLVPRV pQHFHVViULR XP SURFHVVR GH DGDSWDomR QmR LQIHULRU D GLDV SDUD HVWDELOL]DU D IORUD PLFURELDQD VRE ULVFR GHDFRQWHFHU VpULRV WUDQVWRUQRV GLJHVWLYRPHWDEyOLFRVFRPR D DFLGRVH OiFWLFD

    2 U~PHQ p XP PHLR DOWDPHQWH UHGXWRU SHODTXDQWLGDGH GH KLGURJrQLR SURGX]LGR QR SURFHVVRIHUPHQWDWLYR 3DUWH GHVVH + VDL FRP R JiV PHWDQRFRQVWLWXLQGR XPD SHUGD GH HQHUJLD XPD Yr] TXH QmRSRGH VHU PHWDEROL]DGR 2V iFLGRV JUD[RV YROiWHLV VmRDEVRUYLGRV GLUHWDPHQWH QR U~PHQ H HP PHQRUSURSRUomR QR UHWtFXOR RPDVR H LQWHVWLQR JURVVRPHGLDQWH XP SURFHVVR GH GLIXVmR SDVVLYD QR TXDO RiFLGR GHYH HVWDU HP VHX HVWDGR QmR GLVVRFLDGR5&22+ 6HQGR R S. GHVVHV iFLGRV GH DPDLRULD GHOHV VH HQFRQWUDULD QD IRUPD GLVVRFLDGD QRS+ UXPLQDO TXH HVWi SRU YROWD GH (QWUHWDQWRFRPR D IRUPD 5&22+ p DEVRUYLGD UDSLGDPHQWH DGLUHomR GD UHDomR GH GLVVRFLDomR p IDYRUHFLGD QRVHQWLGR 5&22 o 5&22+

    2V iFLGRV JUD[RV YROiWHLV DEVRUYLGRV VRIUHP

    PHWDEROL]DomR QR HSLWpOLR UXPLQDO &HUFD GH GREXWLUDWR p FRQYHUWLGR HP DFHWRDFHWDWR HEKLGUR[LEXWLUDWR FRUSRV FHW{QLFRV GH IRUPD TXH RVQtYHLV GH EXWLUDWR QR VDQJXH SRUWDO H VLVWrPLFR VmREDL[RV $ FRQFHQWUDomR GRV FRUSRV FHW{QLFRV QRSODVPD p XP SDUkPHWUR GH LPSRUWkQFLD QRV HVWXGRVPHWDEyOLFRQXWULFLRQDLV GRV UXPLQDQWHV 1R HSLWpOLRUXPLQDO DSUR[LPDGDPHQWH GR SURSLRQDWR SRGHVHU PHWDEROL]DGR D ODFWDWR RX SLUXYDWR

    2V UXPLQDQWHV SUDWLFDPHQWH QmR DEVRUYHPJOLFRVH QR WUDWR JDVWURLQWHVWLQDO SRLV HOD pFRPSOHWDPHQWH IHUPHQWDGD HP iFLGRV JUD[RV YROiWHLVQR U~PHQ D PHQRV TXH D GLHWD VHMD SDUWLFXODUPHQWHULFD HP VDFDURVH $ PDQXWHQomR GRV QtYHLV GH JOLFRVHVDQJXtQHD QRV UXPLQDQWHV GHSHQGH HP VXD PDLRU SDUWHGD VtQWHVH GH JOLFRVH QRYD D SDUWLU GR SURSLRQDWR HRXWURV SUHFXUVRUHV 2 WUDWR JDVWURLQWHVWLQDO GRVUXPLQDQWHV ODFWHQWHV p HTXLYDOHQWH DR GRVPRQRJiVWULFRV DWp TXH R U~PHQ VH GHVHQYROYDDQDW{PLFD H ELRTXLPLFDPHQWH IDWR TXH GHSHQGH GDLQJHVWmR GH IRUUDJHQV

    ,,, 0HWDEROLVPR GRV JOLFtGHRV2V JOLFtGHRV HVSHFLDOPHQWH D JOLFRVH VmR RV

    SULQFLSDLV FRPEXVWtYHLV XWLOL]DGRV SHOR RUJDQLVPRSDUD UHDOL]DU RV GLIHUHQWHV WUDEDOKRV ELROyJLFRV $IRUPD GH H[WUDLU HQHUJLD GD JOLFRVH p DWUDYpV GH VXDR[LGDomR HP YiULDV HWDSDV

    $ HQHUJLD OLYUH TXH PRO GH JOLFRVH JHUD DSDUWLU GH VXD FRPSOHWD R[LGDomR DWp &2 H +2 p GH N- $ JOLFRVH GHYH HVWDU VHPSUH GLVSRQtYHO SDUDWRGDV DV FpOXODV H SRU LVVR VH HQFRQWUD VRO~YHO QRVDQJXH PDQWHQGR QtYHLV GHQWUR GH LQWHUYDORV VHPSUHHVWiYHLV TXH YDULDP FRQIRUPH D HVSpFLH7DEHOD ,,, 'HQWUR GH FDGD HVSpFLH RFRUUHPYDULDo}HV GD JOLFHPLD SULQFLSDOPHQWH HP IXQomR GDGLHWD GD LGDGH H GDV FRQGLo}HV ILVLROyJLFDV

    2V JOLFtGHRV QmR VRPHQWH VHUYHP FRPR IRQWHGH HQHUJLD SDUD D FpOXOD PDV WDPEpP IXQFLRQDPFRPR SUHFXUVRUHV GH PHWDEyOLWRV LQWHUPHGLiULRVHVVHQFLDLV WDLV FRPR DPLQRiFLGRV QXFOHRWtGHRV HFRHQ]LPDV $OJXQV FRPSRVWRV GHULYDGRV GRVPRQRVVDFDUtGHRV TXH WrP LPSRUWkQFLD PHWDEyOLFD VmRRV VHJXLQWHVD GHULYDGRV DPLQRJOLFRVtGLFRV TXH ID]HP SDUWH GH

    7DEHOD ,,, 1tYHLV GH JOLFRVHVDQJXtQHD HP YiULDV HVSpFLHV

    &RQFHQWUDomR(VSpFLH PJGO PPROO%RYLQRV (TLQRV 2YLQRV &DSULQRV 6XtQRV &DQLQRV )HOLQRV +RPHP .DQHNR HW DOLL

  • VERS

    O PR

    ELIMI

    NAR 9

    9.2

    )pOL[ + 'tD] *RQ]iOH] H 6pUJLR &HURQL GD 6LOYD

    999$ 9^db_Te|z_ w 2Y_ae]YSQ 3\^YSQ FUdUbY^vbYQ

    ROLJRVVDFDUtGHRV GH PHPEUDQDVE GHULYDGRV iFLGRV QR & iFLGRV DOG{QLFRV RX QR& iFLGRV XU{QLFRV HVVHV FRPSRVWRV VmR ~WHLV QDGHWR[LILFDomR GH FRPSRVWRV H[yJHQRV H QDPHWDEROL]DomR GH VXEVWkQFLDV HQGyJHQDV JUDoDV D VXDSURSULHGDGHV GH VROXELOL]DomR QR VDQJXH R TXH IDFLOLWDD H[FUHomR UHQDOF GHULYDGRV IRVIDWDGRV D SUHVHQoD GHVWHV JUXSRVIRVIDWR TXH VH HQFRQWUDP GLVVRFLDGRV H SRUWDQWR FRPFDUJD QHJDWLYD LPSHGHP D SDVVDJHP GD PROpFXODDWUDYpV GDV PHPEUDQDV SODVPiWLFDVG iFLGR VLiOLFR GHULYDGR iFLGR GD1DFHWLOPDQRVDPLQD LPSRUWDQWH PRQRVVDFDUtGHR GH FDUERQRV TXH ID] SDUWH GH JOLFRSURWHtQDV H GHJOLFROLStGHRV

    ,,, $UPD]HQDJHP GD JOLFRVH R JOLFRJrQLR$ JOLFRVH p DUPD]HQDGD QD IRUPD GH

    JOLFRJrQLR SULQFLSDOPHQWH QR ItJDGR H QR P~VFXOR 2VDQLPDLV PRQRJiVWULFRV WrP PDLRUHV TXDQWLGDGHV GHJOLFRJrQLR KHSiWLFR GR TXH RV UXPLQDQWHV 2JOLFRJrQLR QR FmR SRGH FRUUHVSRQGHU D GR SHVRGR ItJDGR HQTXDQWR TXH QRV ERYLQRV R YDORU p GH 2 ItJDGR GRV DQLPDLV MRYHQV FRQWpP PDLVJOLFRJrQLR TXH R GRV DGXOWRV $VVLP R OHLWmR UHFpPQDVFLGR WHP HQTXDQWR TXH R SRUFR DGXOWR WHPDSHQDV

    2 JOLFRJrQLR p PDLV DEXQGDQWH QR ItJDGR RQGHSRGH VHU DUPD]HQDGR HP DWp GR SHVR GR yUJmR H QRP~VFXOR HVTXHOpWLFR RQGH FKHJD D GR SHVR GDPDVVD PXVFXODU 'HYLGR D VXD HVWUXWXUD R JOLFRJrQLRHVWi RUJDQL]DGR HP IRUPD KHOLFRLGDO (VWD IRUPD GHDUPD]HQDJHP GD JOLFRVH QDV FpOXODV HYLWD JUDQGHVPXGDQoDV QD RVPRODOLGDGH LQWUDFHOXODU TXHDFRQWHFHULDP FDVR D JOLFRVH HVWLYHVVH OLYUH H QmR FRPRJOLFRJrQLR GHQWUR GRV JUkQXORV FLWRSODVPiWLFRV

    ,,, *OLFRJHQyOLVH R JOLFRJrQLR FRPRIRQWH GH JOLFRVH

    2 JOLFRJrQLR SRGH VHU GHJUDGDGRHQ]LPDWLFDPHQWH SDUD D REWHQomR GH JOLFRVH SDUD TXHHVWD SRVVD HQWUDU QDV URWDV R[LGDWLYDV YLVDQGR DREWHQomR GLUHWD GH HQHUJLD $ SURGXomR GH JOLFRVH DSDUWLU GR JOLFRJrQLR p FKDPDGD GH JOLFRJHQyOLVH

    PHFDQLVPR TXH SRVVXL FRQWUROH HQGyFULQR QR TXDOLQWHUYrP DV HQ]LPDV JOLFRJrQLRIRVIRULODVHDJOLFRVLGDVH H IRVIRJOLFRPXWDVH $ JOLFRJrQLRIRVIRULODVH FDWDOLVD D VHJXLQWH UHDomR

    JOLFRVHQ 3Lo JOLFRVHQ JOLFRVHIRVIDWR

    1HVWD UHDomR RFRUUH TXHEUD GD XQLmRJOLFRVtGLFD FRP LQWURGXomR GH XPD PROpFXOD GHIRVIDWR VHP LQWHUYHQomR GH $73 IRVIRUyOLVH $IRVIRULODVH DWXD QR JOLFRJrQLR VREUH RV H[WUHPRV QmRUHGXWRUHV GDV XQLGDGHV GH JOLFRVH URPSHQGR DVOLJDo}HV D DWp HQFRQWUDU SRQWRV GH UDPLILFDomRFRP OLJDo}HV D RQGH D HQ]LPD QmR SRGH DWXDU

    'HVVD IRUPD RV SURGXWRV ILQDLV GD DomR GDIRVIRULODVH VmR XQLGDGHV GH JOLFRVHIRVIDWR H IUDo}HVGH GH[WULQD OLPLWH 6REUH DV IUDo}HV GH GH[WULQD OLPLWHDWXD D HQ]LPD DJOLFRVLGDVH RX HQ]LPDGHVUDPLILFDQWH D TXDO URPSH DV OLJDo}HV JOLFRVtGLFDVD

    $ JOLFRVHIRVIDWR OLEHUDGD SHOD DomR GDIRVIRULODVH QmR SRGH HQWUDU QR PHWDEROLVPR DLQGDGHYHQGR DQWHV VHU WUDQVIRUPDGD HP JOLFRVHIRVIDWRSRU DomR GD HQ]LPD IRVIRJOLFRPXWDVH

    $ IRVIRULODVH p XPD HQ]LPD DORVWpULFD RXUHJXODWyULD TXH DSDUHFH HP GXDV IRUPDV XPD DWLYDFKDPDGD IRVIRULODVH D TXH SRVVXL VXEXQLGDGHVLGrQWLFDV XQLGDV H IRVIRULODGDV QRV UHVtGXRV GH VHULQDFRP SHVR PROHFXODU GH N'D H RXWUD LQDWLYDFKDPDGD IRVIRULODVH E VHSDUDGD HP SDUHV GHVXEXQLGDGHV GHIRVIRULODGDV

    $ IRVIRULODVH FRPR HQ]LPD DORVWpULFD WHPPHWDEyOLWRV UHJXODGRUHV TXH D IRVIRULODP DWLYDP RX DGHIRVIRULODP LQDWLYDP (VWDV Do}HV VmR UHDOL]DGDVSRU GXDV HQ]LPDV GLIHUHQWHV D IRVIRULODVHTXLQDVHIRVIRULOD H D IRVIRULODVHIRVIDWDVH GHIRVIRULOD 3RUVXD YH] D HQ]LPD DWLYDGRUD IRVIRULODVHTXLQDVH pUHJXODGD SHOD DGUHQDOLQD KRUP{QLR GD PHGXOD DGUHQDOH SHOR JOXFDJRQ KRUP{QLR GR SkQFUHDV (VVHVKRUP{QLRV DWXDP VREUH R ItJDGR H R P~VFXOR yUJmRVRQGH VH HQFRQWUD DUPD]HQDGR R JOLFRJrQLR

    3RU RXWUR ODGR D LQVXOLQD HVWLPXOD D DomR GDHQ]LPD LQDWLYDGRUD D IRVIRULODVHIRVIDWDVH DR PHVPRWHPSR TXH LQLEH D HQ]LPD DWLYDGRUD D IRVIRULODVH

    1

    1+

    2

    2 3 2

    2

    2

    3 2

    2

    2

    3 2

    2

    22

    2+2+

    &+5

    2

    2 3 2

    2

    2

    2+

    2+2+

    2+2

    &+5

    232

    2

    22+2+

    2+2

    2+ &+5

    232

    2

    22+2+

    2+2

    2+ &+5 1

    1+

    2

    3 2

    2

    22

    2+2+

    &+5

    2

    2 3 2

    2

    2

    3 2+

    2

    2

    JOLFRVH3 JOLFRVH3

    873

    8'3JOLFRVH

    33L 3L

    +52

    2 3 2+

    2

    2

    5

    )LJXUD ,,, )RUPDomR GD 8'3JOLFRVH$V HQ]LPDV HQYROYLGDV VmR >@ IRVIRJOLFRPXWDVH >@ 8'3JOLFRVH SLURIRVIRULODVH

  • VERS

    O PR

    ELIMI

    NAR 9

    9.2

    2Y_ae]YSQ 3\^YSQ TU 7\YSTU_c 999%

    TXLQDVH 3RUWDQWR D JOLFRJHQyOLVH p HVWLPXODGD SHODDGUHQDOLQD H R JOXFDJRQ H p LQLELGD SHOD LQVXOLQD

    1R ItJDGR R JOLFRJrQLR FRQVWLWXL D ~QLFDUHVHUYD SDUD PDQWHU R QtYHO GH JOLFRVH VDQJXtQHD 1RP~VFXOR R JOLFRJrQLR p XVDGR FRPR UHVHUYDHQHUJpWLFD H[FOXVLYDPHQWH SDUD D FRQWUDomR PXVFXODU2 ItJDGR p R ~QLFR yUJmR TXH SRGH H[SRUWDU JOLFRVHOLYUH SDUD R VDQJXH Mi TXH SRVVXL JOLFRVHIRVIDWDVHHQ]LPD TXH FDWDOLVD D VHJXLQWH UHDomR

    JOLFRVHIRVIDWRo JOLFRVH 3L

    ,,, *OLFRJrQHVH D VtQWHVH GH JOLFRJrQLR$ JOLFRJrQHVH p R SURFHVVR PHWDEyOLFR TXH

    OHYD j IRUPDomR GH JOLFRJrQLR D SDUWLU GD JOLFRVHH[FHGHQWH (VWH SURFHVVR p UHDOL]DGR QR FLWRVRO GDVFpOXODV GH WRGRV RV WHFLGRV HPERUD WHQKD PDLRULPSRUWkQFLD QDV FpOXODV GR ItJDGR H GR WHFLGRPXVFXODU HVTXHOpWLFR

    $ JOLFRVH TXH HQWUD QD IRUPDomR GH JOLFRJrQLRFRPR JOLFRVHIRVIDWR p FRQYHUWLGD HPJOLFRVHIRVIDWR SHOD HQ]LPD IRVIRJOLFRPXWDVH SDUDSRVWHULRUPHQWH VHU FRQYHUWLGD QR FRPSRVWR DWLYR8'3JOLFRVH FRQIRUPH DV UHDo}HV PRVWUDGDV QD)LJXUD ,,,

    $ VHJXQGD UHDomR p FDWDOLVDGD SHOD HQ]LPD8'3JOLFRVH SLURIRVIRULODVH H DWXD FRPR SRQWR GHFRQWUROH GD JOLFRJrQHVH $ UiSLGD KLGUyOLVH TXH VRIUH RSLURIRVIDWR 33L o 3L SHUPLWH R VHXGHVDSDUHFLPHQWR IDYRUHFHQGR D UHDomR QR VHQWLGR GDIRUPDomR GH 8'3JOLFRVH

    2 VXEVWUDWR SDUD D ELRVVtQWHVH GH JOLFRJrQLR p D8'3JOLFRVH 2V PRQRVVDFDUtGHRV XQLGRV D XULGLQDQXFOHRWtGHRV HVWmR PDUFDGRV SDUD SDUWLFLSDU HPUHDo}HV GH VtQWHVH H QmR GH GHJUDGDomR $8'3JOLFRVH WDPEpP p LQWHUPHGLiULD QD VtQWHVH GHJDODFWRVH SDUD D IRUPDomR GH ODFWRVH

    $ 8'3JOLFRVH VH LQFRUSRUD DR JOLFRJrQLR HPXPD UHDomR FDWDOLVDGD SHOD HQ]LPD JOLFRJrQLRVLQWHWDVH

    8'3JOLFRVH JOLFRVHQ o JOLFRVHQ 8'3

    $ JOLFRJrQLR VLQWHWDVH p XPD HQ]LPD DORVWpULFDFRQWURODGD KRUPRQDOPHQWH VHQGR HVWLPXODGD SHODLQVXOLQD H LQLELGD SHOR JOXFDJRQ 3RVVXL VXEXQLGDGHVH WHP XP SHVR PROHFXODU GH N'D (OD QmR SRGH

    FDWDOLVDU XQL}HV D SDUD REWHQomR GDV UDPLILFDo}HVGR JOLFRJrQLR 1HVWH WLSR GH OLJDomR SDUWLFLSD D HQ]LPDUDPLILFDQWH 2 HIHLWR ELROyJLFR GDV UDPLILFDo}HV pWRUQDU R JOLFRJrQLR PDLV VRO~YHO H DXPHQWDU R Q~PHURGH OLJDo}HV QmR UHGXWRUDV GHL[DQGRR PDLV UHDWLYR jDomR GDV HQ]LPDV GH GHJUDGDomR H GH VtQWHVH

    &RPR D HQ]LPD JOLFRJrQLR VLQWHWDVH UHTXHU XPSULPHU GH JOLFRJrQLR SDUD LQFRUSRUDU D 8'3JOLFRVHFDEH D SHUJXQWD FRPR p FULDGD D SULPHLUD PROpFXOD GHJOLFRJrQLR" $ SURGXomR GHVVH SULPHU p UHDOL]DGD SRUXPD SURWHtQD FKDPDGD JOLFRJHQLQD FRP SHVRPROHFXODU GH N'D TXH DWXD HOD SUySULD FRPR VHIRVVH XP SULPHU DR TXDO VH XQH D SULPHLUD JOLFRVHDWXDQGR VLPXOWDQHDPHQWH FRPR HQ]LPD GH VXD SUySULDUHDomR RX VHMD p VXEVWUDWR H DR PHVPR WHPSR HQ]LPD'HSRLV D JOLFRJrQLR VLQWHWDVH VH XQH D JOLFRJHQLQDSDUD IRUPDU XP FRPSOH[R VREUH R TXDO YmR VH XQLQGRRXWUDV JOLFRVHV VREUH D SULPHLUD DWp WHU XP Q~PHURVXILFLHQWH PDLRU TXH PRPHQWR HP TXH DJOLFRJrQLR VLQWHWDVH p OLEHUDGD GR FRPSOH[R

    ,,, 5HJXODomR GD JOLFRJrQHVH H GDJOLFRJHQyOLVH

    $ VtQWHVH H D GHJUDGDomR GR JOLFRJrQLR VmRSURFHVVRV TXH HVWmR UHFLSURFDPHQWH UHJXODGRV SHODDomR KRUPRQDO D LQVXOLQD HVWLPXOD D VtQWHVH HQTXDQWRTXH D DGUHQDOLQD H R JOXFDJRQ HVWLPXODP DGHJUDGDomR 2V KRUP{QLRV UHJXODP D DWLYLGDGH GDVHQ]LPDV FRQWURODGRUDV GRV SURFHVVRV PHGLDQWHPRGLILFDo}HV FRYDOHQWHV

    $ HQ]LPD JOLFRJrQLR VLQWHWDVH H[LVWH HP GXDVIRUPDV GHSHQGHQGR GH VHX HVWDGR GH IRVIRULODomR DIRUPD DWLYD GHIRVIRULODGD FKDPDGD JOLFRJrQLRVLQWHWDVH D H D IRUPD LQDWLYD IRVIRULODGD FKDPDGDJOLFRJrQLR VLQWHWDVH E $ IRVIRULODomR LQDWLYDomR GDVLQWHWDVH p UHDOL]DGD SRU XPD SURWHtQDTXLQDVH H DGHIRVIRULODomR DWLYDomR SRU XPD IRVIRSURWHtQDIRVIDWDVH $V Do}HV GD SURWHtQDTXLQDVH H GDIRVIRSURWHtQDIRVIDWDVH VmR UHJXODGDV SHOD DomRKRUPRQDO D LQVXOLQD DWXD HVWLPXODQGR D GHIRVIRULODomRGD JOLFRJrQLR VLQWHWDVH WRUQDQGRD DWLYD HIDYRUHFHQGR D VtQWHVH GH JOLFRJrQLR

    2 UHFHSWRU GD LQVXOLQD p XPD SURWHtQDTXLQDVHTXH VH DXWRIRVIRULOD H TXH FRQWpP GXDV FDGHLDV DLGrQWLFDV TXH ILFDP H[SRVWDV QR H[WHULRU GD PHPEUDQDSODVPiWLFD DV TXDLV VmR R VtWLR GH XQLmR GD LQVXOLQD HGXDV FDGHLDV E GR ODGR FLWRVyOLFR GD PHPEUDQD FRP

    7DEHOD ,,, &RQGLo}HV PHWDEyOLFDV H KRUPRQDLV HP VtQWHVH RX GHJUDGDomRGH JOLFRJrQLR

    (YHQWR 6tQWHVH 'HJUDGDomR(VWDGR PXVFXODU UHSRXVR FRQWUDomR

    (VWDGR KHSiWLFR JOLFRJrQHVH JOLFRJHQyOLVH

    &RQGLomR PHWDEyOLFD n $73n JOLFRVHIRVIDWR

    p $73p JOLFRVHIRVIDWR

    (IHLWR KRUPRQDO p F$03p JOLFRQHRJrQHVH

    n F$03n JOLFRQHRJrQHVH

    Ludier K. Santos-SilvaRealce

  • VERS

    O PR

    ELIMI

    NAR 9

    9.2

    )pOL[ + 'tD] *RQ]iOH] H 6pUJLR &HURQL GD 6LOYD

    999& 9^db_Te|z_ w 2Y_ae]YSQ 3\^YSQ FUdUbY^vbYQ

    FDSDFLGDGH IRVIRULODQWH $ SURWHtQDTXLQDVH DXWRIRVIRULODGD SRU DomR GD LQVXOLQD ILFD DWLYDGD SDUDIRVIRULODU RXWUDV SURWHtQDV TXH YmR FDXVDU RV HIHLWRVLQWUDFHOXODUHV GD LQVXOLQD DOWHUDQGR D DWLYLGDGH GHXPD RX PDLV HQ]LPDV

    $ GHJUDGDomR GR JOLFRJrQLR p UHJXODGD SRUXPD HQ]LPD WDPEpP VHQVtYHO D DomR KRUPRQDO DIRVIRULODVH GH IRUPD LQYHUVD D UHJXODomR TXH RFRUUH QDJOLFRJrQLR VLQWHWDVH $VVLP D IRVIRULODVH GHYH HVWDUIRVIRULODGD SDUD HVWDU DWLYD LVWR p SDUD FDWDOLVDU DGHJUDGDomR GR JOLFRJrQLR $ IRVIRULODomR GDIRVIRULODVH p UHDOL]DGD SRU XPD SURWHtQDTXLQDVHGHSHQGHQWH GH $03 FtFOLFR F$03 2 F$03 pSURGX]LGR D SDUWLU GH $73 SRU DomR GD HQ]LPDDGHQLOFLFODVH SUHVHQWH QD PHPEUDQD SODVPiWLFD (VWDHQ]LPD GH PHPEUDQD p DWLYDGD SHOD LQWHUDomR GDDGUHQDOLQD RX GR JOXFDJRQ FRP VHX UHVSHFWLYRUHFHSWRU QD PHPEUDQD 2 F$03 DWLYD DV SURWHtQDTXLQDVHV SDUD TXH HVWDV IRVIRULOHP D IRVIRULODVHTXLQDVH (VWD SRU VXD YH] IRVIRULOD D IRVIRULODVHWRUQDQGRD DWLYD

    $V FRQGLo}HV UHJXODGRUDV GR PHWDEROLVPR GRJOLFRJrQLR HVWmR DSUHVHQWDGDV QD 7DEHOD ,,,

    ,,, 0HWDEROLVPR GD JOLFRVH$ LPSRUWkQFLD GD JOLFRVH QR PHWDEROLVPR HVWi

    UHODFLRQDGD FRP DV VHJXLQWHV IXQo}HVD IRQWH GH HQHUJLD SDUD WRGDV DV FpOXODV HP HVSHFLDOSDUD R WHFLGR QHUYRVR RV HULWUyFLWRV D PHGXOD UHQDORV WHVWtFXORV H RV WHFLGRV HPEULRQiULRVE IRQWH GH JOLFHURO SDUD D ELRVVtQWHVH GHWULJOLFHUtGHRV QR WHFLGR DGLSRVRF PDQXWHQomR GD DGHTXDGD FRQFHQWUDomR GRVLQWHUPHGLiULRV GR FLFOR GH .UHEVG IRQWH GH HQHUJLD SDUD D FRQWUDomR GR P~VFXORHVTXHOpWLFR HP FRQGLo}HV DQDHUyELFDVH SUHFXUVRUD GD ODFWRVH QD JOkQGXOD PDPiULDI ~QLFD IRQWH GH HQHUJLD SDUD R IHWR GXUDQWH DJHVWDomRJ IRQWH GH iFLGR DVFyUELFR QD PDLRULD GRVPDPtIHURVK DWXD QD PHWDEROL]DomR GRV SURGXWRV ILQDLV GRPHWDEROLVPR H GRV Wy[LFRV

    3DUD FXPSULU SDUWH GHVVDV IXQo}HV D JOLFRVHSRGH VHU R[LGDGD PHGLDQWH YiULDV YLDV SRVVtYHLV $URWD PDLV FRPXP p D R[LGDomR YLD JOLFyOLVH SDUDSURGX]LU SLUXYDWR VRE FRQGLo}HV DHUyELFDV RX ODFWDWRVRE FRQGLo}HV DQDHUyELFDV 7DPEpP SRGH VHJXLU XPDR[LGDomR DOWHUQDWLYD YLD SHQWRVHVIRVIDWR RX YLD iFLGRDVFyUELFR 6RE FRQGLo}HV GH EDODQoR HQHUJpWLFRSRVLWLYR D JOLFRVH p DUPD]HQDGD HP IRUPD GHJOLFRJrQLR

    ,,, 5RWDV R[LGDWLYDV GD JOLFRVH JOLFyOLVH$ JOLFyOLVH IRL D SULPHLUD YLD PHWDEyOLFD D VHU

    HOXFLGDGD 2V WUDEDOKRV IRUDP LQLFLDGRV FRP %FKQHUHP FRP D GHVFREHUWD GD IHUPHQWDomR DOFRyOLFDGD JOLFRVH SHODV OHYHGXUDV H WHUPLQDUDP FRP D WRWDOHOXFLGDomR GD YLD SRU /LSPDQQ H .DOFNDU HP (P DOJXQV WHFLGRV GRV PDPtIHURV FRPR RV HULWUyFLWRVR FpUHEUR D PHGXOD UHQDO H RV HVSHUPDWR]yLGHV DJOLFRVH p D ~QLFD IRQWH GH HQHUJLD 2XWURV WHFLGRVSRGHP XVDU DOWHUQDWLYDPHQWH RXWURV FRPEXVWtYHLV WDLVFRPR RV FRUSRV FHW{QLFRV RX RV iFLGRV JUD[RV $

    JOLFRVH IRUQHFH HQHUJLD jV FpOXODV DWUDYpV GD URWDR[LGDWLYD GD JOLFyOLVH FRQVWLWXLQGR D PDLV LPSRUWDQWHYLD FDWDEyOLFD GD JOLFRVH

    $ JOLFyOLVH SRGH VHU DHUyELFD RX DQDHUyELFDGHSHQGHQGR GD GLVSRQLELOLGDGH GH R[LJrQLR QDVFpOXODV 1RV DQLPDLV VXSHULRUHV RFRUUH JHUDOPHQWHJOLFyOLVH DHUyELFD (QWUHWDQWR H[LVWHP DOJXPDV FpOXODVQRV DQLPDLV FRP FDSDFLGDGH SDUD UHDOL]DU JOLFyOLVHDQDHUyELFD FRPR RV HULWUyFLWRV DV FpOXODV GR P~VFXORHVWULDGR D UHWLQD H R FpUHEUR $ JOLFyOLVH p UHDOL]DGDQR FLWRVRO H VHX SURGXWR ILQDO p R SLUXYDWR VREFRQGLo}HV DHUyELFDV RX R ODFWDWR VRE FRQGLo}HVDQDHUyELFDV

    $Wp D IRUPDomR GR SLUXYDWR D JOLFyOLVHDHUyELFD FRQVWD GH GH] UHDo}HV 3RGH VHU FRQVLGHUDGRTXH D YLD HVWi FRPSRVWD SRU GXDV IDVHV D IDVH

    232

    2

    2

    2+

    2

    &+5&

    &+5

    2 3 2

    2

    2

    2

    2+

    &+

    &+&+5

    232

    2

    2

    2 3 2

    2

    2

    2+

    2+2+

    2 &+5

    &+&+

    &+&+5

    2 3 2

    2

    22+

    2+

    2+2+

    2 &+5&+5

    2 3 2

    2

    2

    2+

    2+2+

    2+2

    &+5

    2+

    2+

    2+2+

    2+2

    &+5

    JOLFRVH

    JOLFRVH3

    IUXWRVH3

    IUXWRVHGL3

    JOLFHUDOGHtGR3 GLKLGUR[LDFHWRQD3

    $'3

    $73 3L

    +52

    $'3

    $73 3L

    +52

    )LJXUD ,,,$ )DVH SUHSDUDWyULD GD JOLFyOLVH$V HQ]LPDV HQYROYLGDV VmR >@ JOLFRTXLQDVHKH[RTXLQDVH >@ JOLFRVHIRVIDWDVH>@ IRVIRJOLFRVH LVRPHUDVH >@ IRVIRIUXWRTXLQDVH>@ GLIRVIRIUXWRVH IRVIDWDVH >@ DOGRODVH H>@ WULRVHIRVIDWR LVRPHUDVH

  • VERS

    O PR

    ELIMI

    NAR 9

    9.2

    2Y_ae]YSQ 3\^YSQ TU 7\YSTU_c 999'

    SUHSDUDWyULD RQGH D JOLFRVH p IRVIRULODGD H FRQYHUWLGDHP VHX LV{PHUR IUXWRVH WHUPLQDQGR FRP D TXHEUDGHVWD PROpFXOD SDUD IRUPDU GXDV WULRVHVIRVIDWR HE IDVH R[LGDWLYD RQGH p SURGX]LGR $73 PHGLDQWH RDSURYHLWDPHQWR GD HQHUJLD GH R[LGDomR SDUD IRVIRULODU$'3 )LJXUD ,,,

    ,,, )DVH SUHSDUDWyULD GD JOLFyOLVH3DUD LQJUHVVDU HP TXDOTXHU YLD PHWDEyOLFD D

    JOLFRVH GHYH VHU IRVIRULODGD QR LQWHULRU GD FpOXOD $UHDomR p FDWDOLVDGD HP WRGDV DV FpOXODV SHOD HQ]LPDKH[RTXLQDVH H FRQVWLWXL D SULPHLUD UHDomR GD YLD GDJOLFyOLVH

    2 ItJDGR TXH UHFHEH YLD SRUWDO D PDLRULD GRVVXEVWUDWRV DEVRUYLGRV QR LQWHVWLQR SRVVXL XP

    PHFDQLVPR HVSHFLDO SDUD SRGHU DEVRUYHU JOLFRVH HPJUDQGHV TXDQWLGDGHV GXUDQWH R SHUtRGR SyVSUDQGLDOPHGLDQWH D HQ]LPD JOLFRTXLQDVH $V HQ]LPDVKH[RTXLQDVH H JOLFRTXLQDVH FDWDOLVDP D PHVPD UHDomRGH IRVIRULODomR GD JOLFRVH )LJXUD ,,, >@

    $V GXDV HQ]LPDV UHTXHUHP R FiWLRQ 0J FRPRFRIDWRU $ KH[RTXLQDVH SUHGRPLQD HP WRGDV DV FpOXODVH[FHWR QRV KHSDWyFLWRV H WHP HVSHFLILFLGDGH UHODWLYDLVWR p SRGH IRVIRULODU TXDOTXHU KH[RVH HQTXDQWR TXH DJOLFRTXLQDVH p H[FOXVLYD GR ItJDGR H WHP FRPR ~QLFRVXEVWUDWR D JOLFRVH 2V UXPLQDQWHV TXH DEVRUYHPTXDQWLGDGHV PtQLPDV GH JOLFRVH SRU YLD LQWHVWLQDO QmRSRVVXHP D JOLFRTXLQDVH

    $ GLIHUHQoD HQWUH D KH[RTXLQDVH H DJOLFRTXLQDVH HVWi GHWHUPLQDGD IXQGDPHQWDOPHQWH SRUVXDV FDUDFWHUtVWLFDV FLQpWLFDV D D FRQVWDQWH GH0LFKDHOLV .P GD KH[RTXLQDVH p YH]HV PHQRU GRTXH D .P GD JOLFRTXLQDVH H P0UHVSHFWLYDPHQWH E D KH[RTXLQDVH p LQLELGD SHORSURGXWR GD UHDomR JOLFRVHIRVIDWR HQTXDQWR TXH DJOLFRTXLQDVH QmR VRIUH LQLELomR SHOR SURGXWR (VWDVFDUDFWHUtVWLFDV ID]HP FRP TXH D KH[RTXLQDVH QmR DWXHHP FRQFHQWUDo}HV GH JOLFRVH VXSHULRUHV D O P0HQTXDQWR D JOLFRTXLQDVH VRPHQWH p VDWXUDGD FRPFRQFHQWUDo}HV GH JOLFRVH PDLRUHV GH P0 $FRQFHQWUDomR PpGLD GH JOLFRVH QR VDQJXH SHULIpULFRHVWi HQWUH D P0 $ FRQFHQWUDomR GH JOLFRVH QRVDQJXH SRUWDO HP HVWDGR SyVSUDQGLDO SRGH VHU DWpGXDV YH]HV PDLRU

    $ KH[RTXLQDVH p XPD GDV HQ]LPDV UHJXODWyULDVGD YLD JOLFROtWLFD VHQGR LQLELGD SRU VHX SURGXWR DJOLFRVHIRVIDWR TXH DWXD FRPR PRGXODGRU QHJDWLYR

    $ )LJXUD ,,,$ DSUHVHQWD DV UHDo}HVHQYROYLGDV QD IDVH SUHSDUDWyULD GD JOLFyOLVH

    ,,, )DVH R[LGDWLYD GD JOLFyOLVH1D IDVH SUHSDUDWyULD GD JOLFyOLVH VH IRUPDP

    PROpFXODV GH JOLFHUDOGHtGRIRVIDWR SRU FDGD PRO GHJOLFRVH $ VHJXLUFRQWLQXD D IDVH R[LGDWLYD RXSURGXWRUD GH HQHUJLD GD JOLFyOLVH )LJXUD ,,,%

    ,,, &RQWUROH GD JOLFyOLVH4XDQGR RFRUUH JOLFyOLVH DQDHUyELFD R JDVWR GH

    JOLFRVH p PXLWR PDLRU GR TXH TXDQGR RFRUUH JOLFyOLVHDHUyELFD GHYLGR D TXH QD SULPHLUD D SURGXomR GHHQHUJLD p PXLWR PHQRU $73 GR TXH QD VHJXQGDFRQVLGHUDQGR D R[LGDomR WRWDO GD JOLFRVH DWp &2 H+2 $73 (VWH IDWR p GHQRPLQDGR HIHLWR3DVWHXU H RFRUUH SRUTXH R IOX[R GH JOLFRVH SDUD DJOLFyOLVH HVWi UHJXODGR SHORV QtYHLV GH $73 TXH DWXDPFRPR PRGXODGRUHV VREUH D DWLYLGDGH GH DOJXPDVHQ]LPDV DORVWpULFDV HVSHFLDOPHQWH DIRVIRIUXWRTXLQDVH 3). H D SLUXYDWR TXLQDVH3URGX]LQGR PHQRV $73 D JOLFyOLVH DQDHUyELFD SX[DPDLV JOLFRVH SDUD TXH RFRUUD JOLFyOLVH

    $ JOLFRVHIRVIDWR SRGH LU SDUD RXWUDV YLDVVHFXQGiULDV GH R[LGDomR VHQGR D HQ]LPD 3). TXHPGLUHFLRQD D JOLFRVH SDUD D URWD JOLFROtWLFD $ 3). pXPD HQ]LPD DORVWpULFD TXH p LQLELGD SHOR $73 R TXDOVH XQH DR VtWLR DORVWpULFR GD HQ]LPD GLPLQXLQGR VXDDILQLGDGH SHOD IUXWRVHIRVIDWR VHX VXEVWUDWR QDWXUDO2 $'3 H R $03 SRGHP UHYHUWHU D LQLELomR FDXVDGDSHOR $73 R TXH RV WRUQD PRGXODGRUHV HVWLPXODWyULRVGD 3). 2 FLWUDWR SULPHLUR PHWDEyOLWR

    2 3 2

    2

    2

    2

    2+

    &+

    &+&+5

    232

    2

    2

    &

    2 3 2

    2

    2

    2

    2+&+&+5

    2&

    2 3 2

    2

    2

    2

    2+&+&+5

    2+ &+5232

    2

    2

    &+

    2&2

    &+5232

    2

    2

    &

    2&2

    &+62

    &

    2&2

    $'3

    1$'+ . +.

    1$'. . 3L

    $73

    $'3

    $73

    +52

    1$'+.+.

    1$'.

    &+62+

    &+

    2&2

    JOLFHUDOGHtGR3

    GLIRVIRJOLFHUDWR

    IRVIRJOLFHUDWR

    IRVIRJOLFHUDWR

    IRVIRHQROSLUXYDWR

    ODFWDWRSLUXYDWR

    )LJXUD ,,,% )DVH R[LGDWLYD GD JOLFyOLVH$V HQ]LPDV HQYROYLGDV VmR >@ JOLFHUDOGHtGR3GHVLGURJHQDVH >@ IRVIRJOLFHUDWR TXLQDVH>@ IRVIRJOLFHUDWR PXWDVH >@ HQRODVH>@ SLUXYDWR TXLQDVH >@ ODFWDWR GHVLGURJHQDVH

  • VERS

    O PR

    ELIMI

    NAR 9

    9.2

    )pOL[ + 'tD] *RQ]iOH] H 6pUJLR &HURQL GD 6LOYD

    999( 9^db_Te|z_ w 2Y_ae]YSQ 3\^YSQ FUdUbY^vbYQ

    LQWHUPHGLiULR GR FLFOR GH .UHEV LQFUHPHQWD R HIHLWRLQLELWyULR GR $73 VREUH D 3). SRLV VXD SUHVHQoD pLQGLFDWLYD GH TXH DV QHFHVVLGDGHV GH HQHUJLD GD FpOXODHVWmR FREHUWDV

    &RQWXGR R UHJXODGRU DORVWpULFR PDLVVLJQLILFDWLYR GD 3). p D IUXWRVHGLIRVIDWRPHWDEyOLWR TXH DWLYD IRUWHPHQWH D HQ]LPD (VWHPHWDEyOLWR p SURGX]LGR SHOD HQ]LPD 3). D SDUWLU GHIUXWRVHIRVIDWR PHVPR VXEVWUDWR GD 3). $VVLPTXDQGR RV QtYHLV GH IUXWRVHIRVIDWR DXPHQWDP D YLDJOLFROtWLFD DXPHQWD VXD YHORFLGDGH GHYLGR D DomR GDIUXWRVHGLIRVIDWR (VWH PHWDEyOLWR WDPEpP LQLEH DHQ]LPD IUXWRVHGLIRVIDWDVH TXH SDUWLFLSD QDJOLFRQHRJrQHVH LQLELQGR HVWH SURFHVVR ELRVVLQWpWLFRTXDQGR HVWi RFRUUHQGR D JOLFyOLVH $IUXWRVHGLIRVIDWR p GHVIRVIRULODGD SHOD HQ]LPDIUXWRVHGLIRVIDWDVH )%3 TXH HVWi UHJXODGD SHORKRUP{QLR JOXFDJRQ YLD F$03 (VWH KRUP{QLRHVWLPXOD D JOLFRQHRJrQHVH 3RUWDQWR TXDQGR GLPLQXL RQtYHO GH IUXWRVHGLIRVIDWR p LQLELGD D JOLFyOLVH HHVWLPXODGD D JOLFRQHRJrQHVH

    $ SLUXYDWR TXLQDVH VHJXQGD HQ]LPD UHJXODWyULDGD JOLFyOLVH p LQLELGD SRU DOWRV QtYHLV GH $73 HPIRUPD DORVWpULFD GLPLQXLQGR D DILQLGDGH GD HQ]LPDSRU VHX VXEVWUDWR 3(3 7DPEpP p LQLELGD SRUDFHWLO&R$ H SRU iFLGRV JUD[RV GH FDGHLD ORQJD RVTXDLV WDPEpP FRQVWLWXHP FRPEXVWtYHLV GR FLFOR GH.UHEV

    ,,, 'HVWLQR GR SLUXYDWR2 SURGXWR ILQDO GD JOLFyOLVH R SLUXYDWR SRGH

    VHJXLU HVVHQFLDOPHQWH WUHV URWDVD HP FpOXODV DHUyELFDV SRGH VRIUHUR[LGDomRGHVFDUER[LODomR QDV PLWRF{QGULDV SDUDSURGX]LU DFHWLO&R$ PHWDEyOLWR TXH SRVWHULRUPHQWH pR[LGDGR QR FLFOR GH .UHEV SDUD SURGXomR GH $73E HP FpOXODV VRE FRQGLo}HV DQDHUyELFDV RX HP FHUWDVFpOXODV GR RUJDQLVPR R SLUXYDWR VRIUH UHGXomR SDUDSURGX]LU ODFWDWR XWLOL]DQGR R 1$'+ SURGX]LGR QDIDVH R[LGDWLYD (VWD UHDomR RFRUUH REULJDWRULDPHQWHQRV HULWUyFLWRV FpOXODV TXH HPERUD WHQKDP PHLRDHUyELFR FDUHFHP GH PLWRF{QGULDV 7DPEpP RFRUUHHYHQWXDOPHQWH QR P~VFXOR HVTXHOpWLFR GXUDQWH RH[HU