Avaliação postural computadorizada de colaboradores no ambiente de trabalho

8QLYHUVLGDGH(VWDGXDO3DXOLVWD³-~OLRGH0HVTXLWD)LOKR´

+HPRFHQWURGD)DFXOGDGHGH0HGLFLQDGH%RWXFDWX

3URJUDPDGHSyVJUDGXDomR6

WULFWX

VHQVX

±0HVWUDGR3URILVVLRQDO

3HVTXLVDH'HVHQYROYLPHQWR%LRWHFQRORJLD0pGLFD

-())(

5

6

21

%8

5*2

3(

5,*2/2

$YDOLDomR3RVWXUDO&RPSXWDGRUL]DGDGH&RODERUDGRUHVQR

$PELHQWHGH7UDEDOKR

%RWXFDWX±

6

3

8QLYHUVLGDGH(VWDGXDO3DXOLVWD³-~OLRGH0HVTXLWD)LOKR´

+HPRFHQWURGD)DFXOGDGHGH0HGLFLQDGH%RWXFDWX

3URJUDPDGHSyVJUDGXDomR6

WULFWX

VHQVX

±0HVWUDGR3URILVVLRQDO

3HVTXLVDH'HVHQYROYLPHQWR%LRWHFQRORJLD0pGLFD

-())(

5

6

21

_%8

5*2

₃₍

5,*2/2

$YDOLDomR3RVWXUDO&RPSXWDGRUL]DGDGH&RODERUDGRUHVQR

$PELHQWHGH7UDEDOKR

'LVVHUWDomR DSUHVHQWDGD FRPR UHTXLVLWR SDUD

REWHQomR GR WtWXOR GH PHVWUH HP 3HVTXLVD H

'HVHQYROYLPHQWR %LRWHFQRORJLD 0pGLFD VRE

RULHQWDomR GR 3URI 3DXOR (GXDUGR GH $EUHX

0DFKDGR0'3K'

'HGLFDWyULD

'HGLFDWyULD

'HGLFDWyULD

'HGLFDWyULD

­'HXVSHODYLGDHSRUWXGRTXHHOHPHFRQFHGHHVHPSUHPH

FRQFHGHXVD~GHSD]HVSHUDQoDVXFHVVRHPXLWRDPRU

$RVPHXVDY{V7HUH]LQKDH0DULQRHDRWLRDY{-RVp%XUJRV

TXHIL]HUDPSRVVtYHLVWRGDVDVPLQKDVFRQTXLVWDVYRFrVVmRSHVVRDVPDLV

TXHPDUDYLOKRVDVHGHYRWXGRDYRFrV

$RV PHXV SDLV -RVp (GXDUGR H 6LOYDQD TXH VHPSUH IL]HUDP R

SRVVtYHOGHQWURGHVHXVOLPLWHVSDUDHXHQIUHQWDUPLQKDFDPLQKDGDHSHOR

DPRULQVXEVWLWXtYHOGHSDLHPmH

­PLQKDIXWXUDHVSRVD/XFLDQDHVVDOX]TXH'HXVFRORFRXHP

PLQKDYLGD$PRU(WHUQR

'HGLFR WDPEpP D HVVH DQR GLYLQR TXH YDPRV YLYHU FKHLR GH

FRQTXLVWDVHDPDLRUUHDOL]DomRTXHXPKRPHPSRGHEXVFDUFRQVWLWXLU

VXDSUySULDIDPtOLD

(StJUDIH

(StJUDIH

(StJUDIH

(StJUDIH

´1mRLPSRUWDRTXHYRFrVHMDTXHPYRFrVHMDRXRTXH

GHVHMDGDYLGDDRXVDGLDHPVHUGLIHUHQWHUHIOHWHQDVXD

SHUVRQDOLGDGH QR VHX FDUiWHU QDTXLOR TXH YRFr p ( p

DVVLPTXHDVSHVVRDVOHPEUDUmRGHYRFrXPGLDµ

$\UWRQ6HQQD

$\UWRQ6HQQD

$\UWRQ6HQQD

$\UWRQ6HQQD

$JUDGHFLPHQWRV

$JUDGHFLPHQWRV

$JUDGHFLPHQWRV

$JUDGHFLPHQWRV

$RPHXRULHQWDGRU3URI'U3DXOR(GXDUGRGH$EUHX0DFKDGR

XPD SHVVRD PDUDYLOKRVD GH IXQGDPHQWDO LPSRUWkQFLD HP PLQKD

FDPLQKDGDHGXFDFLRQDOHSURILVVLRQDO

$RVPHXVSDLVDY{VWLRVWRGDVDVSHVVRDVTXHHVWmRDRPHXODGR

HPHGHVHMDPREHP

$RV PHXV FROHJDV GH WUDEDOKR TXH FRODERUDUDP PXLWR SDUD R

GHVHQYROYLPHQWRGHPHXSURMHWRHDLQGDSRUSDUWLFLSDUHPGRPHXGLDD

GLD

$ HVVD SHVVRD PDUDYLOKRVD H HVVHQFLDO HP PLQKD YLGD /XFLDQD

)HUUHLUDQHVWHPRPHQWRWmRHVSHFLDOHPTXHYLYRQRVVDXQLmRIDUiFRP

TXHWXGRLVVRVHMDLQHVTXHFtYHO

3HULJROR-HIIHUVRQ%XUJR$YDOLDomR3RVWXUDO&RPSXWDGRUL]DGDGH&RODERUDGRUHVQR $PELHQWHGH7UDEDOKR'LVVHUWDomRGH0HVWUDGR

,QWURGXomR3RVWXUDpDGLVSRVLomRUHODWLYDGRFRUSRH[HUFHQGRDWLYLGDGHHVSHFtILFDHP

GHWHUPLQDGRPRPHQWRFRPSRVWRGHSRVLo}HVGDVGLIHUHQWHVDUWLFXODo}HV'HIRUPDJHUDOD

SRVWXUDFRUUHWDpDSRVLomRQDTXDOXPHVWUHVVHPtQLPRpLPSRVWRVREUHFDGDDUWLFXODomR

$YDOLDomRSRVWXUDOpLPSRUWDQWHSDUDPHQVXUDUPRVRVGpILFLWVHGHVHTXLOtEULRVGRFRUSRTXH

HVWmRVHQGRFDXVDGRVSHODSRVWXUDLQDGHTXDGDHDJLUSDUDVXDFRUUHomR&ROXQDYHUWHEUDO

WHPVLGRWHPDGHPXLWRVHVWXGRVMiTXHHODpRHL[RGRFRUSRTXHGHYHFRQFLOLDUDULJLGH]H

DIOH[LELOLGDGH2LQGLYtGXRVHQWDGRHPSRVWXUDLQFRUUHWDFRPIOH[mRDQWHULRUGRWURQFRIDOWD

GHDSRLRORPEDUHIDOWDGHDSRLRGRDQWHEUDoRSRGHWHUDOWHUDo}HVSRWHQFLDOL]DGDVVHQGR

TXHDSUHVVmRLQWUDGLVFDODXPHQWDSDUDPDLVGH4XDQGRIDODPRVHPSRVWXUDVHQWDGD

UHODWDVHTXHpPDLRUDSUHVVmRVREUHRVGLVFRVLQWHUYHUWHEUDLVTXDQGRDGRWDGDHVVD

SRVWXUDFHUFDGHDPDLVTXHDSRVLomRRUWRVWiWLFD(VWXGRHPDXWRSVLDVLQGLFRXTXH

TXDQGRRVGLVFRVHUDPLQFOLQDGRVSDUDIUHQWHHPžDSUHVVmRLQWUDGLVFDOHUDDXPHQWDGD

HP NJFP_{FRUUHVSRQGHQGRDDSUR[LPDGDPHQWH NJGHFDUJDH[WHUQD 4XDQGRVH}

DXPHQWDDLQFOLQDomRSDUDIUHQWHGRDVVHQWRGDFDGHLUDDFROXQDORPEDUVHHVWHQGHFRP žGHLQFOLQDomRGRDVVHQWRRLQGLYLGXRVHQWDGRDSUHVHQWDDSHQDVžGHIOH[mRORPEDU

SRGHQGRVHUUHGX]LGDDžFRPRDVVHQWRLQFOLQDGRDžSDUDIUHQWH2EMHWLYRV$QDOLVDUD

SRVWXUDHHUJRQRPLDQRORFDOGHWUDEDOKRGRVFRODERUDGRUHVGD8QLYHUVLGDGH&RUSRUDWLYDGR

+RVSLWDO $PDUDO &DUYDOKR H D SRVVtYHO LQIOXrQFLD QDTXDOLGDGH GH YLGD LGHQWLILFDQGR

SRVWXUDV HUU{QHDV TXH SRGHP FDXVDU 'LVW~UELRV 2VWHRPXVFXODUHV 5HODFLRQDGRV DR

7UDEDOKRHDWUDYpVGRVUHVXOWDGRVFULDUPHLRVGHFRUUHomR0DWHULDLVH0pWRGRV$RLQLFLR

GRWUDEDOKRIRLHPSUHJDGRR7HUPRGH&RQVHQWLPHQWR/LYUHH(VFODUHFLGR)RUDPFROHWDGDV

DVLPDJHQVHPXPDHVWDomRGHWUDEDOKRSDGUmRRQGHRVLQGLYtGXRVIRUDPIRWRJUDIDGRVQD

SRVLomRRUWRVWiWLFDVHQWDGDHPSRVLomRKRUL]RQWDOHVHQWDGDFRPLQFOLQDomRDž$V

LPDJHQVIRUDPWUDQVIHULGDVSDUDR6RIWZDUHGH$YDOLDomR3RVWXUDO 6$32GLVSRQLELOL]DGR

JUDWXLWDPHQWHSHOD )$3(63 H DVVLP IRUD HPSUHJDGR D PHGLGDGH kQJXORV OLYUHV H

DQDOLVDGDV DV LPDJHQV )RL HQWmR HPSUHJDGR R TXHVWLRQiULR GH TXDOLGDGH GH YLGD :+242/GD2UJDQL]DomR0XQGLDOGD6D~GH5HVXOWDGRVH'LVFXVVmR2VUHVXOWDGRV

REWLGRVPRVWUDUDPTXHDSRVLomRVHQWDGDHPLQGLYtGXRVVHPRULHQWDomRGRWHUDSHXWDSDUD

FRUULJLUDSRVWXUDpGLYHUVLILFDGDHDOWHUDGDIUHTHQWHPHQWHGXUDQWHRSHUtRGRHPTXHHOH

SHUPDQHFHQHVVDSRVLomR2VPHPEURVVXSHULRUHVSRGHPVHUDIHWDGRVSHORVPRYLPHQWRV

UHSHWLWLYRV GH XP WUDEDOKR DGPLQLVWUDWLYR DVVLP FRPR SRU FRPSUHVVmR PHFkQLFD

SULQFLSDOPHQWHRVSXQKRVSRUpPSRGHWDPEpPWHULQIOXHQFLDGDIOH[mRH[FHVVLYDGRV

PHPEURV2VPHPEURVLQIHULRUHVSRGHPVRIUHUDOpPGHSUREOHPDVPXVFXODUHVSHODIOH[mR

HQFRQWUDGDQDSRVLomRVHQWDGDVRIUHPWDPEpPFRPHGHPDVHLQFKDoRTXHVmRFDXVDGRV

SHODPiFLUFXODomRSRGHQGRGHVHQFDGHDUYDUL]HV$FROXQDYHUWHEUDOpDPDLVDIHWDGD

QHVVDSRVWXUDDFHUYLFDOHDWRUiFLFDWHYHJUDQGHVJUDXVGHIOH[mRQDPDLRULDDXPHQWDGD

TXDQGRXWLOL]DGRRDVVHQWRLQFOLQDGRDž$FROXQDORPEDUVRIUHFRPXPDUHWLILFDomRR

TXHSRGHJHUDUGLYHUVRVSUREOHPDVFRPRDKpUQLDGHGLVFR'HVVDIRUPDRVPHOKRUHV

UHVXOWDGRVFRPRDVVHQWRLQFOLQDGRIRUDPGRVPHPEURVSRUpPDFROXQDYHUWHEUDOVRIUH

LJXDOPHQWHFRPDSRVWXUDVHQWDGD&RQVLGHUDo}HV)LQDLV2FXVWREHQHILFLRGHVHWHUXP

WHUDSHXWDLQVWUXLQGRRVWUDEDOKDGRUHVQRORFDOGHWUDEDOKRpPXLWRPDLRUHLPSRUWDQWHTXH

UHDOL]DUPXLWDVDGDSWDo}HVTXHJHUDULDPDOWRVFXVWRVHDLQGDDVVLPQmRWHULDPERQV

UHVXOWDGRVGHYLGRDDWLWXGHFRPSRUWDPHQWDOGRFRUSRGHFDGDLQGLYLGXR2XVHMDGLPLQXLULD

FXVWRVPDWHULDLVHDEULULDPDLVSRVWRVGHWUDEDOKRSDUDILVLRWHUDSHXWDVRFXSDFLRQDLV

3DODYUDVFKDYH3RVWXUD0HGLFLQDGR7UDEDOKR&ROXQD9HUWHEUDO(UJRQRPLD

3HULJROR -HIIHUVRQ %XUJR 3RVWXUDO $VVHVVPHQW &RPSXWHG (PSOR\HHV LQ WKH

:RUNSODFH'LVVHUWDWLRQ

,QWURGXFWLRQ3RVWXUHLVWKHSURYLVLRQIRUH[HUFLVLQJVSHFLILFDFWLYLW\RIWKHERG\DWDQ\JLYHQ

WLPHFRQVLVWLQJRIGLIIHUHQWSRVLWLRQVRIWKH MRLQWV ,QJHQHUDOWKHFRUUHFWSRVWXUHLVWKH

SRVLWLRQLQZKLFKDPLQLPDOVWUHVVLVLPSRVHGRQHDFKMRLQW3RVWXUDOHYDOXDWLRQLVLPSRUWDQW

WRPHDVXUHWKHGHILFLWVDQGLPEDODQFHVRIWKHERG\WKDWDUHFDXVHGE\SRRUSRVWXUHDQGDFW

WRFRUUHFWLW6SLQHKDVEHHQWKHVXEMHFWRIPDQ\VWXGLHVVLQFHLWLVWKHD[LVRIWKHERG\WKDW

PXVWUHFRQFLOHWKHULJLGLW\DQGIOH[LELOLW\7KHSHUVRQVLWWLQJLQSRRUSRVWXUHZLWKIOH[LRQRIWKH

WUXQNODFNRIOXPEDUVXSSRUWDQGODFNRIVXSSRUWRIWKHIRUHDUPFDQEHSRWHQWLDWHGFKDQJHV

DQGLQWUDGLVFDOSUHVVXUHLQFUHDVHVWRPRUHWKDQ:KHQZHWDONDERXWVLWWLQJSRVWXUHLW

LVUHSRUWHGWKDWWKHUHLVJUHDWHUSUHVVXUHRQWKHLQWHUYHUWHEUDOGLVFV ZKHQDGRSWHGWKLV

DSSURDFKDERXWPRUHWKDQWKHVWDQGLQJSRVLWLRQ$XWRSV\VWXG\LQGLFDWHGWKDWZKHQWKH

GLVNV ZHUHLQFOLQHGIRUZDUG DW ž LQWUDGLVFDO SUHVVXUH ZDV LQFUHDVHGE\ NJFP

FRUUHVSRQGLQJWRDSSUR[LPDWHO\NJRIH[WHUQDOORDG:KHQLQFUHDVLQJWKHEHQGLQJIRUZDUG

RIWKHVHDWRIWKHFKDLUWKHOXPEDUVSLQHH[WHQGVZLWKžWLOWRIWKHVHDWWKHLQGLYLGXDOVLWWLQJ

KDVRQO\GHJUHHVRIOXPEDUIOH[LRQZKLFKFDQEHUHGXFHGWRžZLWKWKHVHDWWLOWHGž

IRUZDUG2EMHFWLYHV7RDQDO\]HSRVWXUHDQGHUJRQRPLFVLQWKHZRUNSODFHRIHPSOR\HHVRI

WKH8QLYHUVLW\&RUSRUDWH+RVSLWDO$PDUDO&DUYDOKRDQGSRVVLEOHLQIOXHQFHRQWKHTXDOLW\RI

OLIHE\LGHQWLI\LQJIDXOW\SRVWXUHVWKDWFDQFDXVH ZRUNUHODWHGPXVFXORVNHOHWDOGLVRUGHUV

WKURXJKWKHUHVXOWVDQGFUHDWHDPHDQVRIFRUUHFWLRQ 0DWHULDOV DQG 0HWKRGV$WWKH

EHJLQQLQJRIWKH ZRUN ZHHPSOR\HGWKHWHUPRIFRQVHQW ,PDJHV ZHUHFROOHFWHGRQD

VWDQGDUGZRUNVWDWLRQZKHUHLQGLYLGXDOVZHUHSKRWRJUDSKHGVWDQGLQJVLWWLQJVLWWLQJKRUL]RQWDO

DQGLQFOLQHGDW ƒ7KHLPDJHV ZHUHWUDQVIHUUHGWRWKH3RVWXUDO$VVHVVPHQW6RIWZDUH 3$62DYDLODEOHIRUIUHHE\)$3(63DQGVRKDGEHHQXVHGWRPHDVXUHDQJOHVDQG

DQDO\]HGWKHLPDJHVIUHH7KHQWKHHPSOR\HHTXDOLW\RIOLIHTXHVWLRQQDLUH:+242/RI

WKH :RUOG+HDOWK 2UJDQL]DWLRQ 5HVXOWV DQG 'LVFXVVLRQ7KHUHVXOWVVKRZHGWKDWLQ

LQGLYLGXDOVVLWWLQJSRVLWLRQZLWKRXWJXLGDQFHIURPWKHWKHUDSLVWWRFRUUHFWSRVWXUHLVGLYHUVLILHG

DQGFKDQJHGIUHTXHQWO\GXULQJWKHSHULRGKHUHPDLQVLQWKDWSRVLWLRQ7KHXSSHUOLPEVPD\

EHDIIHFWHGE\WKHPRYHPHQWVRIDUHSHWLWLYHDGPLQLVWUDWLYH ZRUNDV ZHOODVPHFKDQLFDO

FRPSUHVVLRQ HVSHFLDOO\WKH ZULVWV EXWPD\DOVRKDYHH[FHVVLYHLQIOXHQFHRIEHQGLQJ

PHPEHUV7KHOHJVPD\DOVRVXIIHUIURPPXVFOHSUREOHPVIRXQGE\EHQGLQJLQDVLWWLQJ

SRVLWLRQDOVRVXIIHUIURPHGHPDDQGVZHOOLQJWKDWDUHFDXVHGE\SRRUFLUFXODWLRQYDULFRVH

YHLQVFDQWULJJHU7KHVSLQHLVWKHPRVWDIIHFWHGLQWKLVSRVWXUHWKHQHFNDQGFKHVWKDGODUJH

GHJUHHVRIIOH[LRQLQFUHDVHGZKHQXVHGLQWKHPDMRULW\LQFOLQHGWRWKHVHDW7KHOXPEDU

VSLQHVXIIHUVDFRUUHFWLRQZKLFKFDQFDXVHYDULRXVSUREOHPVVXFKDVKHUQLDWHGGLVF7KXV

WKHEHVWUHVXOWVZLWKWKHVHDWWLOWHGZHUHPHPEHUVEXWDOVRVXIIHUVWKHVSLQHZLWKDVLWWLQJ

SRVWXUH )LQDO 7KRXJKWV7KHFRVWEHQHILWRIKDYLQJDWKHUDSLVWLQVWUXFWLQJ ZRUNHUVLQWKH ZRUNSODFHLVPXFKPRUHLPSRUWDQWWRUHDOL]HPDQ\DGDSWDWLRQVWKDWJHQHUDWHKLJKFRVWVDQG

VWLOOQRWKDYHJRRGUHVXOWVEHFDXVHRIEHKDYLRUDODWWLWXGHRIWKHERG\RIHDFKLQGLYLGXDO7KDW

LVGHFUHDVHPDWHULDOFRVWVDQGRSHQXSPRUHMREVIRURFFXSDWLRQDOWKHUDSLVWV

680È5,2

,1752'8d­2««««««««««««««««««««««««««

2%-(7,926«««««««««««««««««««««««««««

0$7(5,$,6(0e72'26

5(68/7$'26(',6&866­2

&DVR

&DVR

&DVR

&DVR

&DVR

&DVR

&DVR

&DVR

&216,'(5$d®(6),1$,6

5()(5Ç1&,$6%,%/,2*5È),&$6

$1(;26

$QH[R$±$SURYDomRGR&RPLWrGHeWLFDHP3HVTXLVD $QH[R%±7HUPRGH&RQVHQWLPHQWR/LYUHH(VFODUHFLGR $QH[R&±4XHVWLRQiULRGH4XDOLGDGHGH9LGD

,1752'8d­2

3RVWXUDpDGLVSRVLomRUHODWLYDGRFRUSRH[HUFHQGRDWLYLGDGHHVSHFtILFDHP

GHWHUPLQDGRPRPHQWRFRPSRVWRGHSRVLo}HVGDVGLIHUHQWHVDUWLFXODo}HV'HIRUPD

JHUDODSRVWXUDFRUUHWDpDSRVLomRQDTXDOXPHVWUHVVHPtQLPRpLPSRVWRVREUH

FDGDDUWLFXODomR

(VWUXWXUDVLQHUWHVTXHVXSRUWDPRFRUSRVmROLJDPHQWRVIiVFLDVRVVRVH

DUWLFXODo}HVP~VFXORVHWHQG}HVVmRHVWUXWXUDVGLQkPLFDVTXHID]HPPDQWHUH

PXGDUDSRVWXUD

$YDOLDomRSRVWXUDOpLPSRUWDQWHSDUDPHQVXUDUPRVRVGpILFLWVHGHVHTXLOtEULRV

GRFRUSRTXHHVWmRVHQGRFDXVDGRVSHODSRVWXUDLQDGHTXDGDHDJLUSDUDVXD

FRUUHomR0iSRVWXUDpXPVpULRSUREOHPDGHVD~GHS~EOLFDWHQGRHPYLVWDDVXD

SUHYDOrQFLDVREUHDSRSXODomRLQFDSDFLWDQGRDGHILQLWLYDPHQWHRXWHPSRUDULDPHQWH

GHVXDVDWLYLGDGHVSURILVVLRQDLV

&ROXQDYHUWHEUDOWHPVLGRWHPDGHPXLWRVHVWXGRV MiTXHHODpRHL[RGR

FRUSRTXHGHYHFRQFLOLDUDULJLGH]HDIOH[LELOLGDGH7RGDVDVIXQo}HVGDFROXQDVmR UHJLGDVSHORVLVWHPDQHUYRVRFHQWUDOHVXDIOH[LELOLGDGHVHGiSHODVXDFRQILJXUDomR

GHP~OWLSODVSHoDVVREUHSRVWDVXQLGDVSRUOLJDPHQWRVHP~VFXORV(ODpFRQVWLWXtGD

SRU YpUWHEUDV LQGLYLGXDOL]DGDV FLQFRIXVLRQDGDVIRUPDQGR RVDFURH TXDWUR IXVLRQDGDVIRUPDQGRRFyFFL[

$FROXQDYHUWHEUDODSUHVHQWDTXDWURFXUYDWXUDVQRSODQRVDJLWDODVDFUDOGH

FRQFDYLGDGHDQWHULRUORUGRVHORPEDUGHFRQFDYLGDGHSRVWHULRUFLIRVHGRUVDOGH

FRQYH[LGDGHSRVWHULRUHDORUGRVHFHUYLFDOGHFRQFDYLGDGHSRVWHULRUFRPRPRVWUDGR QDILJXUDDEDL[R

2VPDLRUHVSUREOHPDVSRVWXUDLVRFRUUHPVREUHDFROXQDYHUWHEUDOTXHp

FRQVWLWXtGDSRUYpUWHEUDVIRUPDGDVSRUVLVWHPDVyVVHRVWUDEHFXODUHVHPVHXLQWHULRU

2FRUSRYHUWHEUDOFRQVLVWHHPILQDFDPDGDH[WHUQDGHRVVRFRUWLFDOVHQGRTXHHOH WHQGHULD DR FRODSVR VH QmR IRVVHP LQWHUQDPHQWH GH RVVR HVSRQMRVR FXMDV WUDEpFXODVDJHPFRPRDSRLRVHPWRUQiORSHVDGR

$V DUWLFXODo}HV VmR LGHQWLILFDGDV FRPR DV GLDUWURVHV FRP VXSHUItFLH

FDWLODJLQRVD OtTXLGR VLQRYLDO H FiSVXOD $QILDUWURVHV QmR VmR YHUGDGHLUDPHQWH

DUWLFXODo}HVPDLVSHUPLWHPPRYLPHQWRQmRWHPOtTXLGRVLQRYLDOVmRIRUPDGDSHODV IDFHWDVDUWLFXODUHVGDVYpUWHEUDVHWDPEpPLQFOXHPDDUWLFXODomRDWODQWRD[yLGHD

FRPRFUkQHR

'LVFRVLQWHUYHUWHEUDLVVmRIRUPDGRVSRUXPDSDUWHFKDPDGDDQQXOXVHQ~FOHR SXOSRVR 2 DQQXOXV p IRUPDGR SRU ODPHODV ILEURHOiVWLFDV DUUDQMDGDV HP IRUPD GLDJRQDOPDVSULQFLSDOPHQWHFRQFrQWULFDVTXHPPDQWpPVRESUHVVmRRQ~FOHR SXOSRVRTXHpIRUPDGRSRUXPKLGURJHOGHYLGRDSUHVHQoDGH iJXDSHUPLWLQGRD

DEVRUomRGHIRUoDV FRPSUHVVLYDV DOpP GH SHUPLWLURGHVORFDPHQWR GR Q~FOHR FRQIRUPHDDomRGHVWDIRUoD

$UHVLVWrQFLDGDFROXQDYHUWHEUDOpDXPHQWDGDSHORVVHXVOLJDPHQWRVWHQGR IXQomRUHVWULWLYDVmROLJDGRVDRVGLVFRVUHIRUoDQGRVXDHODVWLFLGDGH 2OLJDPHQWR

ORQJLWXGLQDOSRVWHULRUSHUFRUUHWRGDDFROXQDGHVGHDUHJLmRFHUYLFDODWpRVDFUR RQGHHOHVHHVWUHLWDHPVHXPHQRUWDPDQKR

2ULItFLRGH FRQMXJDomRRX IRUkPHQLQWHUYHUWHEUDO FRQVWLWXLDDEHUWXUDTXH SHUPLWHDVDtGDGRQHUYRHVSLQKDOHDHQWUDGDGHYDVRVHUDPRVQHUYRVRV 2V

OLPLWHVGHVWHRULItFLRYDULDPFRQIRUPHDUHJLmRGDFROXQDQDFHUYLFDOHOHVHOLPLWDQD IUHQWHSHODVDSyILVHVXQFLIRUPHVHQDSDUWHSRVWHULRUHQFRQWUDPRVDVDUWLFXODo}HV LQWHUDSRILViULDV1DUHJLmRWyUDFRORPEDUQROLPLWHDQWHULRUHQFRQWUDPRVROLJDPHQWR

ORQJLWXGLQDO H QD SRUomR SRVWHULRU R OLJDPHQWR DPDUHOR H DV DUWLFXODo}HV LQWHUDSRILViULDV

2V P~VFXORV DQWHULRUHV GR WURQFR VmR UHVSRQViYHLV SULQFLSDOPHQWH SHOD IOH[mRIOH[mRODWHUDOHURWDomRGRWURQFRDVVLPWDPEpPFRPRSURWHomR

$VGXDVSULPHLUDVYpUWHEUDVFHUYLFDLVVmRHVWUXWXUDVGHGLFDGDVDVXVWHQWDomR GR FUkQLR $V DUWLFXODo}HV DWODQWRRFFLSLWDLV SHUPLWHP XPD IOH[mR H H[WHQVmR FRQVLGHUiYHOGDFDEHoD DDUWLFXODomRWHP XPDFiSVXODIURX[DUHIRUoDGDSHORV

OLJDPHQWRVDWODQWRRFFLSLWDLVDQWHULRUSRVWHULRUHODWHUDO 2 i[LVVHJXQGDYpUWHEUD FHUYLFDO WHPXPGHQWHTXHVHHVWHQGHSDUDRIRUDPHYHUWHEUDOGRDWODVHVWH SURFHVVRVHUYHFRPRSLY{SDUDRDWODVJLUDUOLYUHPHQWHWRQDQGRSRVVtYHOJLUDUH EDODQoDU D FDEHoD 2 UHVWR GD UHJLmR FHUYLFDO p FRQVWLWXtGD GH DUWLFXODo}HV ]LJRDSRILViULDVTXHSHUPLWHPDIOH[mRHH[WHQVmRQRSODQRVDJLWDOIOH[mRODWHUDOQR SODQRIURQWDOHURWDomRQRSODQRWUDQVYHUVDO

1DUHJLmRWRUiFLFDHQFRQWUDPRVDVDUWLFXODo}HV]LJRDSRILViULDVTXHSHUPLWHP XPDIOH[mRODWHUDOHURWDomRDIOH[mRHH[WHQVmRVmREHPUHVWULWDVQHVVDUHJLmR

DLQGDPDLVSHODFRQVWLWXLomRGDVFRVWHODV

$UHJLmRORPEDUWHPXPDJUDQGHUHVWULomRQDURWDomRQRSODQRWUDQVYHUVR GHYLGRVHXDOLQKDPHQWRPDLVSHUPLWHXPDERDIOH[mRHH[WHQVmRSDUDHVVDUHJLmR

DVVLPFRPRIOH[mRODWHUDO

2VP~VFXORVDQWHULRUHV GRWURQFR SURWDJRQL]DP GLYHUVRVPRYLPHQWRV GR

VHJPHQWRVHQGRHOHVDIOH[mRIOH[mRODWHUDOHURWDomRGRWURQFR

*UXSRSUpYHUWHEUDOGHP~VFXORVFRQVLVWHQRORQJRGRSHVFRoRHORQJRGD FDEHoD(VWHVP~VFXORVSURIXQGRVID]HPDIOH[mRGDFDEHoDHYpUWHEUDVFHUYLFDLV PHQRV R ORQJR GR SHVFRoR DWXDQWH VRPHQWH VREUH DV YpUWHEUDV FHUYLFDLV $ FRQWUDomRXQLODWHUDOGHVVHVFDXVDPIOH[mRODWHUDOGDVYpUWHEUDVFHUYLFDLVRXURWDomR GDFDEHoD 2VP~VFXORVKLyLGHRVDWXDPQDIOH[mRFHUYLFDOFRQWUDXPDUHVLVWrQFLD PDLRUTXHDGRVHJPHQWRPDVVmRXVDGRVSULQFLSDOPHQWHQDGHJOXWLomR

2 HVWHUQRFOHLGRPDVWyLGHR WDPEpP IOHWH D FDEHoD H YpUWHEUDV FHUYLFDLV $WXDQGRXQLODWHUDOPHQWHFDXVDDIOH[mRODWHUDOGDVYpUWHEUDVFHUYLFDLVHURWDomRGD FDEHoDSDUDRODGRRSRVWR

2V P~VFXORV HVFDOHQRV DQWHULRU PpGLR H SRVWHULRU VLWXDPVH PDLV

ODWHUDOPHQWHHVmRLPSRUWDQWHVQDUHVSLUDomRSRUpPWDPEpPIOHWHPDVYpUWHEUDV FHUYLFDLVLQFOXVLYHODWHUDOPHQWH

$UHJLmRWRUiFLFDpPXLWRUHVWULWDDPRYLPHQWRVGHVVDIRUPDDLQIOXrQFLD PXVFXODUVREUHVHXVPRYLPHQWRVpPXLWRSRXFD

2VP~VFXORVDEGRPLQDLVVmRUHVSRQViYHLVSHODIOH[mRORPEDUHVmRWDPEpP LPSRUWDQWHVQDFRQVWULomRGDFDYLGDGHDEGRPLQDO(VWDIXQomRHOHYDDSUHVVmRLQWUD

DEGRPLQDOTXHDOpPGHHVWDUDVVRFLDGDjHOLPLQDomRGHUHVtGXRVUHGX]DVFDUJDV

VRIULGDVSHODVYpUWHEUDVORPEDUHVGXUDQWHGHWHUPLQDGDVDWLYLGDGHV

2UHWRGRDEGRPHGHVFHYHUWLFDOPHQWHQHVVDUHJLmRHVXDVSDUWHVGLUHLWDH HVTXHUGDVmRVHSDUDGDVSHODOLQKDEUDQFDWHQGtQHDHVWHpDJRQLVWDSDUDDIOH[mR GDFROXQDYHUWHEUDOHXPIOH[RUODWHUDOTXDQGRXWLOL]DGRXQLODWHUDOPHQWH

0~VFXORVREOtTXRVLQWHUQRHH[WHUQRGRDEGRPHFREUHPDVSRUo}HVDQWHULRUH

2VP~VFXORVGRJUXSRSRVWHULRUWUDEDOKDPFRPRHUHWRUHVGDHVSLQKDIOH[RUHV

ODWHUDLVHUHDOL]DPDURWDomRSDUDRODGRRSRVWR

2JUXSRHUHWRUGDHVSLQKDTXDQGRDVFHQGHQDFROXQDYHUWHEUDOGLYLGHVHHP WUrVFROXQDVSULQFLSDLV$GLYLVmRTXHRFRUUHQRQtYHOORPEDUVXSHULRUUHVXOWDQD IRUPDomRGRVP~VFXORVLOLRFRVWDOORQJXtVVLPRHHVSLQKDOFRQVLGHUDGRVFRPRRV HUHWRUHVGDHVSLQKD1DUHJLmRWRUiFLFDHORPEDURP~VFXORVDFURHVSLQKDOpFREHUWR SHOD IiVFLD WRUDFRORPEDU HVWUXWXUD SDUWLFXODUPHQWH UHOHYDQWH WHQGR HP YLVWD D SUHYDOrQFLDGDVtQGURPHGHORPEDOJLDHDUHODomRGHXPDPDLRUIRUoDGRVP~VFXORV

DEGRPLQDLVFRPDUHGXomRGDVFDUJDVVREUHDFROXQDYHUWHEUDO 2WUDQVYHUVRGR

DEGRPHHDSRUomRLQIHULRUGDRULJHPGRREOtTXRLQWHUQRGRDEGRPHQDVFHPGHVVD IiVFLD$GHPDLVDSRUomRLQIHULRUGDRULJHPGRREOtTXRH[WHUQRMXVWDS}HVHDXPD SDUWHGRJUDQGHGRUVDOGRVTXDLVR~OWLPRWDPEpPpLQFRUSRUDGRjIiVFLD

0~VFXORLOLRFRVWDODPDLVODWHUDOGDVWUrVFROXQDVGLYLGHVHHPWUrVSDUWHV UHJLRQDLVRVLOLRFRVWDLVORPEDUWRUiFLFRHGRSHVFRoR(VWHVP~VFXORVVHUYHPSDUD HVWHQGHUDFROXQDYHUWHEUDOHPGLYHUVRVQtYHLV$FRQWUDomRXQLODWHUDOGRP~VFXOR LOLRFRVWDOHGRORQJXtVVLPRGRWyUD[FDXVDIOH[mRODWHUDOHURWDomRSDUDRPHVPR

ODGR$IOH[mRODWHUDOHURWDomRGDVYpUWHEUDVFHUYLFDLVHFDEHoDVmRSURGX]LGDV SHORVORQJXtVVLPRVGRSHVFRoRHGDFDEHoDUHVSHFWLYDPHQWH2VHVSLQKDLVGRWyUD[ HGRSHVFRoRFRQWUDLQGRVHXQLODWHUDOPHQWHWDPEpPFDXVDPIOH[mRODWHUDO

2VP~VFXORVHVSOrQLFRVGRSHVFRoRHGDFDEHoDVmRFRQVLGHUDGRVSDUWHGR JUXSRHUHWRUGDHVSLQKDDPERVVHUYHPFRPRH[WHQVRUHVGDVYpUWHEUDVFHUYLFDLVH SRGHPFDXVDUURWDomRGHVVDVHWDPEpPGDFDEHoD

2V HVSLQKDLV SRVWHULRUHV SURIXQGRV LQFOXHP RV LQWHUWUDQVYHUViULRV LQWHUHVSLQKDLVURWDGRUHVHPXOWtILGRVWRGRVRVTXDLVDWXDPSDUDHVWHQGHUDFROXQD YHUWHEUDO$WXDQGRXQLODWHUDOPHQWHHVWHVP~VFXORVFDXVDPIOH[mRODWHUDOHURWDomR SDUDRODGRRSRVWR

'RUHVQDFROXQDVmRWmRFRPXQVQDSRSXODomRTXHSRGHVHUGLWDFRPRXPD GRHQoDHSLGrPLFDVRFLDO MiTXHDIHWDDPDLRULDGDSRSXODomRDWpDLGDGHDGXOWD (VVDDIHFomR HOHYD DWD[D GH DIDVWDPHQWRVFULDQGR WUDQVWRUQRVWDQWRSDUD R HPSUHJDGRHVXDIDPtOLDTXDQWRSDUDRHPSUHJDGRUSRUpPPXLWDVYH]HVQmRpYLVWD FRPVHULHGDGHSHORVDGPLQLVWUDGRUHVGDVHPSUHVDV

LQWHUYHUWHEUDLVSRXFRLQHUYDGRVDVSRVLo}HVLPSRVWDVDHOHVSHODSRVWXUDHUU{QHD FDXVDPGHIRUPDo}HVTXHDIHWDPRVOLJDPHQWRVHVXDVLQHUYDo}HV

'RUQDUHJLmRFHUYLFDORXFHUYLFDOJLDpRUHVXOWDGRGHDJUHVVmRDVUDt]HV QHUYRVDV QD UHJLmR FHUYLFDO SRGHQGR VHU LUUDGLDGD R TXH FDUDFWHUL]DULD XP FHUYLFREUDTXLDOJLD(ODSRGHVHUDWULEXtGDPXLWDVYH]HVDDWLYLGDGHVRFXSDFLRQDLV SRVWXUDV DQRUPDLV HVWUHVVHV DQVLHGDGH GHSUHVVmR KpUQLDV GLVFDLV WUDXPDV WXPRUHVHLQIHFo}HVH[FHVVLYDIOH[mRRXH[WHQVmRH[FHVVRGHSHVRDRFDUUHJDU PDWHULDLV

$ UHJLmR GRUVDO LPSOLFD QD PDLRU SDUWH GD UHJLmR GD FROXQD H D GRU RFDVLRQDGDQHVVDUHJLmRVHGDFRPRGRUVDOJLDSRUpPHODpPHQRVDFRPHWLGD GHYLGR D VXD PHQRU PRELOLGDGH GHVVD IRUPD DV GRUHV QHVVD UHJLmR HVWmR

DVVRFLDGDV D SDWRORJLDV PDLV UDUDV FRPR R DFKDWDPHQWR GH YpUWHEUDV RVWHRSRUyWLFDVHJHUDOPHQWHpRFDVLRQDGDWDPEpPSRUDQRUPDOLGDGHVSRVWXUDLV

'RUQDUHJLmRORPEDURXORPEDOJLDpDPDLVFRPXPHQWUHWRGDVIDWRUHV SRVWXUDLVRFXSDFLRQDLVItVLFRLQIOXHQFLDPQHVVDVGRUHV3HUPDQHFHUVHQWDGRSRU PXLWRWHPSRH[SRUVHDPRYLPHQWRVYLEUDWyULRVPiSRVWXUDIUDTXH]DGRVP~VFXORV

DEGRPLQDLVHIDOWDGHFRQGLFLRQDPHQWRItVLFRVmRRVSULQFLSDLVIDWRUHVWHQGRHP YLVWDWDPEpPTXHDSUiWLFDGHDWLYLGDGHVItVLFDVQmRVXSHUYLVLRQDGDVRXUHDOL]DGDV GHIRUPDLQDGHTXDGDWDPEpPLPSOLFDPQDORPEDOJLDTXHSRGHDLQGDVHULUUDGLDGD FDXVDQGRDORPERFLDWDOJLD

$ORUGRVHORPEDUYDULDGHXPLQGLYLGXRDRRXWURWXGRLVVRVHGiGHYLGRDR IDWRGDHVWUXWXUDItVLFDIRUoDPXVFXODUHELyWLSRVHQGRTXHHPPXOKHUHVJUiYLGDV RXLQGLYtGXRVFRPVREUHSHVRDWHQGrQFLDGHXPDKLSHUORUGRVHpPDLR2VDOWRDOWR XVDGRFRQVWDQWHPHQWHWDPEpPLPSOLFDQXPDPiSRVWXUDTXHSUHMXGLFDDUHJLmR

ORPEDUMiTXHRFHQWURGHJUDYLGDGHGRFRUSRpWUDQVIHULGRSDUDIUHQWHDVVRFLDQGR XPDXPHQWRGDLQFOLQDomRSpOYLFDHDFHQWXDQGRDORUGRVH

4XDQGRH[DPLQDGDSHODIDFHSRVWHULRUDFROXQDYHUWHEUDOSRGHDSUHVHQWDU XPDFXUYDODWHUDOFKDPDGDGHHVFROLRVHSRGHQGRVHUQRWDGDHPDOJXQVLQGLYtGXRV (VVDVFXUYDVVmRFRPXQVQDUHJLmRWRUiFLFDHORPEDUHSRGHPVHUFODVVLILFDGDV FRPRFXUYDVQmRHVWUXWXUDLVTXDQGRQmRSRVVXLDQRUPDOLGDGHHVWUXWXUDOVXEMDFHQWH H SRGHP VHU FRUULJLGDV WHPSRUDULDPHQWH FRP PXGDQoD SRVWXUDO RX WUDomR RX HVFROLRVHHVWUXWXUDOTXDQGRH[LVWHPDQRUPDOLGDGHVGDVYpUWHEUDVHFRVWHODV

VHQWDGDDXPHQWDHPDSUR[LPDGDPHQWHDSUHVVmRLQWHUQDQRQ~FOHRGRGLVFR LQWHUYHUWHEUDOHWRGDVDVHVWUXWXUDV OLJDPHQWRVSHTXHQDVDUWLFXODo}HVHQHUYRV TXHILFDPQDSDUWHSRVWHULRUVmRHVWLFDGDV±LVVRVHRVXMHLWRHVWLYHUVHQWDGRQDV PHOKRUHVFRQGLo}HVSRVVtYHLV$OpPGRVSUREOHPDVORPEDUHVDSRVWXUDVHQWDGD SURORQJDGDWHQGHDUHGX]LUDFLUFXODomRGHUHWRUQRGRVPHPEURVLQIHULRUHVJHUDQGR HGHPD QRV SpV H WRUQR]HORV H WDPEpP SURPRYH GHVFRQIRUWRV QD UHJLmR GR SHVFRoRHPHPEURVVXSHULRUHV

&DVRRLQGLYtGXRVHQWDGRUHDOL]HSRVWXUDVLQFRUUHWDVSRUORQJRSHUtRGR± IOH[mRDQWHULRUGRWURQFRIDOWDGHDSRLRORPEDUHIDOWDGHDSRLRGRDQWHEUDoR±DV

DOWHUDo}HVVmRSRWHQFLDOL]DGDVVHQGRTXHDSUHVVmRLQWUDGLVFDODXPHQWDSDUDPDLV GH (VWHIDWRSRGHSUHGLVSRURLQGLYtGXRDPDLRUHV tQGLFHVGHGHVFRQIRUWRV JHUDLVWDLVFRPRGRUVHQVDomRGHSHVRHIRUPLJDPHQWRHPGLIHUHQWHVSDUWHVGR FRUSRHSULQFLSDOPHQWHDSURFHVVRVGHJHQHUDWLYRVFRPRDKpUQLDGHGLVFR

8PDIRUPDGHPLQLPL]DURVHIHLWRVDGYHUVRVGDSRVWXUDVHQWDGDSDUDDV HVWUXWXUDVP~VFXORHVTXHOpWLFRpRSODQHMDPHQWRHRXUHSODQHMDPHQWRGRDPELHQWH ItVLFRFRPDGRomRGHPRELOLiULRDMXVWiYHODGLIHUHQWHVUHTXLVLWRVGDWDUHIDH jV PHGLGDVDQWURSRPpWULFDVLQGLYLGXDLV$SHQDVHVWDIRUPDGHLQWHUYHQomRFRQWXGR QmRpVXILFLHQWHSDUDPLQLPL]DURSUREOHPD

2VSURJUDPDVGHWUHLQDPHQWRVSUHYHQWLYRVVmRRXWUDIRUPDGHUHGX]LUVREUHR RUJDQLVPRKXPDQRRVHIHLWRVGDSRVWXUDVHQWDGD

2 LQWXLWR GH SUHYHQLU DV SRVVtYHLV DOWHUDo}HV SRVWXUDLV H GH UHGX]LU R

DJUDYDPHQWRGDVH[LVWHQWHVDOpPGHPHOKRUDUDTXDOLGDGHGHYLGDDXPHQWDR UHQGLPHQWRGRVLQGLYtGXRVeGHIXQGDPHQWDOLPSRUWkQFLDXPHVWXGRVREUHRSRVWR GHWUDEDOKRTXHGHWHFWHRVSULQFLSDLVGHVFRQIRUWRVSRVWXUDLVIRUQHFHQGRVXEVtGLRV SDUDTXHVHSRVVDVXJHULUPXGDQoDV

-XVWLILFDVHPXLWDVYH]HVDDGRomRGDSRVWXUDHPSpSULQFLSDOPHQWHHP

DOJXQV SRVWRV GH WUDEDOKR SRU HOD PDQWHU R DOLQKDPHQWR GH FROXQD H VXDV FXUYDWXUDV ILVLROyJLFDV VHQGR TXH DV SUHVV}HV QRV GLVFRV LQWHUYHUWHEUDLV VmR PHQRUHVTXHQDSRVLomRVHQWDGD3RUpPUHODWDVHTXHRVP~VFXORVSRVWXUDLVTXH

VXVWHQWDPRWURQFRQmRVmRIRUWHVRVXILFLHQWHSDUDPDQWHUHVWDSRVLomRFDXVDQGR PXLWDVYH]HVGHVFRQIRUWRVMiTXHXPDGHVXDVSULQFLSDLVIXQo}HVpDPXGDQoDGH SRVWXUDHQmRVXDVXVWHQWDomRSURORQJDGD

H[WUHPLGDGHV GR FRUSR Mi TXH H[LVWH XPD UHVLVWrQFLD PDLRU QD FLUFXODomR

VDQJtQHD(VWipXPDSRVLomRTXHGLILFXOWDRXVRGRVSpVPXLWDVYH]HVTXDQGR ILFDPRVSRUPXLWRWHPSRHPSpQHFHVVLWDPRVWURFDURDSRLRHQWUHRGLUHLWRHR HVTXHUGRDILPGHHYLWDUXPGHVFRQIRUWRHDLQGDDVVLPjVYH]HVXWLOL]DPRVGHRXWURV PHLRVFRPRRDSRLRGHPmRVHEUDoRVFRPSHQVDQGRDGLVWULEXLomRGRSHVRFRUSRUDO

4XDQGRXWLOL]DPRVGDSRVWXUDHPSpHPDOJXQVSRVWRVGHWUDEDOKRWHPRV QRVVDYLVmRGRVHUYLoRIRUDGRFDPSRGHYLVmRFRPLVVRXWLOL]DPRVGDIOH[mRGR SHVFRoRSDUDWHUPRVDFHVVRYLVXDO(VWDSRVWXUDTXDQGRDVVXPLGDFDXVDIDGLJD QRVP~VFXORVGRSHVFRoRHGRRPEURGHYLGRDPDQXWHQomRGRSHVRGDFDEHoDTXH HVWDHPWRUQRGH j NJ&RPXPHQWHDVGRUHVFRPHoDPDVXUJLUTXDQGRD FDEHoDHVWiFRPXPDLQFOLQDomRPDLRUTXHžVHQGRTXHRLGHDOUHODWDGRSHORV

DXWRUHVVHULDGHDWpžSDUDHYLWDUXPGHVFRQIRUWR

$PDQXWHQomRGDSRVWXUDHPSpWHPPXLWDVGHVYDQWDJHQVVHQGRTXHD SULQFLSDO p R DFXPXOR TXH VDQJXH QDV SHUQDV SUHGLVSRQGR D XPD SRVVtYHO LQVXILFLrQFLD YDOYXODU YHQRVD GHVVHV PHPEURV UHVXOWDQGR QR DSDUHFLPHQWR GH YDUL]HV$WHQVmRPXVFXODUH[LJLGDSDUDHVVDSRVWXUDWDPEpPGLILFXOWDPRYLPHQWRV GHSUHFLVmRVHQGRDLQGDPDLVGLILFXOWDGDVHRWUDEDOKRH[LJLUSRVWXUDVRQGHRHL[R GREUDoRHVWDHPIOH[mRPXLWDVYH]HVDFLPDGRVRPEURV6HQVDomRGHGRUHVQRV SpVSULQFLSDOPHQWHQDUHJLmRSODQWDUGRUHVQRV MRHOKRVHTXDGULVWDPEpPVmR GHVYDQWDJHQVGDSRVWXUDVXSUDFLWDGD

$VGLYHUVDVSRVWXUDVDVVXPLGDVSRUXPORQJRWHPSRSRGHPSURYRFDUIRUWHV GRUHVQRVFRQMXQWRVGHP~VFXORVVROLFLWDGRV

3RVWXUD 5LVFRGH'RUHV

(PSp 3pVHSHUQDV

6HQWDGRFRPHQFRVWR 0~VFXORVH[WHQVRUHVGRGRUVR $VVHQWRDOWR 3HUQDVMRHOKRVHSpV

%UDoRVHVWLFDGRV 2PEURVHEUDoRV

8VRLQDGHTXDGRGHIHUUDPHQWDV $QWHEUDoRV

7DEHOD,,'$,WLUR(UJRQRPLDSURMHWRHSURGXomR6mR3DXOR(GJUDG%OFKHU

$FROXQDYHUWHEUDOWHPXPPHFDQLVPRFRPSOH[RSHUIHLWDPHQWHDGDSWDGR j

VXDIXQomReWDPEpPXPDIHUUDPHQWDIUiJLOTXHPXLWDVYH]HVVXSRUWDPDODVXD

HQYHOKHFLPHQWRSUHMXGLFDPDLVDLQGDVXDHVWUXWXUDVHQGRTXHDSyVRVDQRVGH LGDGHKiXPDUHGXomRHPVXDUHVLVWrQFLD

4XDQGRIDODPRVHPSRVWXUDVHQWDGD0RUDHVUHODWDTXHpPDLRUDSUHVVmR

VREUHRVGLVFRVLQWHUYHUWHEUDLVTXDQGRDGRWDGDHVVDSRVWXUDFHUFDGHPDLRU TXHDSRVLomRRUWRVWiWLFDHDLQGDTXDQGRIOH[LRQDPRVRWURQFRDVLWXDomRWHQGHD SLRUDUVHQGRTXHDVERUGDVGDVYpUWHEUDVIURQWDLVDFDEDPVHQGRSUHVVLRQDGDVXPD FRQWUDDVRXWUDVGHIRUPDFRQVLGHUiYHO$SUHVVmRLQWUDGLVFDOpFHUFDGHPDLRU QDSRVLomRVHQWDGDTXHQDHPSpHVWHIDWRSRGHOHYDUDOHV}HVWDQWRQRVGLVFRV FRPRQDVYpUWHEUDVHiUHDVSHULIpULFDVGDFROXQD

3HVTXLVDUHDOL]DGD SRU 9LHO PRVWURX RTXDQWRDOJXPDV FULDQoDV

VRIUHPFRPSUREOHPDVGHFROXQDGHYLGRDXPDORQJDMRUQDGDVHQWDGDHPFDUWHLUDV HVFRODUHVHWDPEpPDRIDWRGHUHDOL]DUHPVHXVHVWXGRHPFDVDQDPHVPDSRVLomR

2DXWRUUHIHUHTXHDIUHTrQFLDGHGRUQDVFRVWDVDQDOLVDGDSHODSHVTXLVDpDOWD

VHQGRTXHPXLWDVYH]HVDWLYLGDGHVItVLFDVGHDOWDLQWHQVLGDGHSRGHVHUUHVSRQViYHO SHORDXPHQWRGDWD[DGHGHVFRQIRUWR

(VWXGRVHIHWXDGRVVREUHHVSpFLPHVGHDXWRSVLDVLQGLFDUDPTXHTXDQGRRV GLVFRVHUDPLQFOLQDGRVSDUDIUHQWHHPžDSUHVVmRLQWUDGLVFDOHUDDXPHQWDGDHP NJFPFRUUHVSRQGHQGRDDSUR[LPDGDPHQWHNJGHFDUJDH[WHUQD6HJXQGRR

DXWRUDUD]mRSDUDDXPHQWRGHVVDSUHVVmRQHVWDSRVLomRpGHYLGRDDWLYLGDGHGD SRUomRYHUWHEUDOGRSVRDVPDLRURTXDOWHPXPDLQIOXrQFLDHVWDELOL]DQWHVREUHD FROXQDORPEDUHDRPHVPRWHPSRXPHIHLWRFRPSUHVVLYRDVVLPFRQWULEXLQGRFRP XPD FDUJD FRQVLGHUiYHO HP DFUpVFLPR jV IRUoDV GD JUDYLGDGH 2XWUD TXHVWmR FRORFDGDpTXHTXDQGRDSHVVRDVHQWDDFROXQDORPEDUDSUHVHQWDDOJXPJUDXGH IOH[mRRTXHDXPHQWDDSUHVVmRSHUPLWLQGRXPDWUDQVIHUrQFLDPDLRUGHFDUJDGDV

DUWLFXODo}HVDSRILViULDVSDUDRVGLVFRV

1DFKHPVRQUHODWRXTXHTXDQGRXPLQGLYLGXRLQFOLQDYDVHSDUDIUHQWH žDFDUJDVREUHRVGLVFRVHUDDXPHQWDGDSDUD±NJ(PERUDDDWLYLGDGHGR SVRDVIRVVHUHGX]LGDDGRVHUHWRUHVDXPHQWDYDQRLQWXLWRGHSUHYHQLULQFOLQDomR

DGLFLRQDOGRWURQFRDVVLPUHDOL]DQGRXPHIHLWRFRPSUHVVLYRDRVGLVFRV

2HL[RGHVXSRUWHGRUVDOVHQWDGRpXPDOLQKDQRSODQRFRUSRUDOTXHSDVVD

DWUDYpVGDSURMHomRGRSRQWRPDLVEDL[RGDVWXEHURVLGDGHVLVTXLiWLFDVVREUHD

VXSHUItFLHGRDVVHQWR4XDQGRVHQWDGRFHUFDGHGRSHVRWRWDOGRFRUSRHVWi

FRPSUHVVmRPXLWRDOWDVREUHD iUHDFDXGDOGDQiGHJD(VWDVFRPSUHVV}HVVmR HVWLPDGDVHP D NJFPVHQGRTXHDVPHVPDVWHQGHPDFDXVDUIDGLJDH GHVFRQIRUWR UHVXOWDQGR QXPD FRQVWDQWH PXGDQoD GH SRVWXUD SDUD DOLYLDU HVWD FRQGLomR

1DSRVLomRVHQWDGDRFRUSRTXHSDUHFHHPUHSRXVRQDUHDOLGDGHQmRHVWD HPDWLYLGDGHHVWiWLFDHOHpUHODWDGRFRP%UDQWRQDSXG3$1(52FRPRXP RUJDQLVPRYLYRHPHVWDGRGLQkPLFRGHFRQWLQXDDWLYLGDGH

8PHVWXGRPHGLXDGLVWULEXLomRGDSUHVVmRVREUHRDVVHQWRHRHVWLUDPHQWR GRVP~VFXORVGRUVDLVFLQFRFRPELQDo}HVGH kQJXORVGDEDVHGRDVVHQWRHGD

DUWLFXODomR GR TXDGULO IRUDP XVDGDV 2 UHVXOWDGR LQGLFRX TXH Ki XP PHQRU HVWLUDPHQWRGRVP~VFXORVHXPDGLVWULEXLomRPDLVHTXLOLEUDGDGDSUHVVmRVREUHDV

VHVV}HVDQWHULRUPHGLDOHSRVWHULRUGRDVVHQWRTXDQGRHOHpHOHYDGRDžSHOD ERUGDSRVWHULRUSRUpPDLQGDUHODWDTXHDVXJHVWmRGHYHVHUYLVWDFRPFDXWHOD Mi TXHH[LVWHDWHQGrQFLDGRFRUSRHVFRUUHJDUSDUDIUHQWHHGHVHVWDELOL]DU

2OLYHU _{WDPEpP UHODWD jV UHFRPHQGDo}HV GH 0DQGDO H VXJHUH D}

LQFOLQDomRGRV DVVHQWRV SDUDIUHQWH (P VHXHVWXGRHOH DILUPDTXH D SRVWXUD HVSLQKDOVRIUHLQIOXrQFLDGRJUDXGHLQFOLQDomRGDFDGHLUD)LJXUD

4XDQGRVHDXPHQWDDLQFOLQDomRSDUDIUHQWHDFROXQDORPEDUVHHVWHQGH PDLVFRPžGHLQFOLQDomRGRDVVHQWRRLQGLYLGXRVHQWDGRDSUHVHQWDDSHQDVžGH IOH[mRORPEDUSRGHQGRVHUUHGX]LGDDžFRPRDVVHQWRLQFOLQDGRDžSDUD IUHQWH(VWHDVVHQWRWDPEpPLQFOLQDRFRUSRSDUDPDLVSUy[LPRGDVXSHUItFLHGH WUDEDOKRRTXHSURSRUFLRQDPDLVFRQIRUWR

(VWXGR UHDOL]DGR SRU (NOXQG H &RUOHWW RQGH IRUDP DYDOLDGRV RSHUiULRVHPOLQKDGHPRQWDJHPQDSRVLomRVHQWDGDXWLOL]DQGRDVVHQWRVFRPGRLV WLSRVGHLQFOLQDomRGLIHUHQWHVVHQGRXPDVVHQWRFRPLQFOLQDomRSDUDIUHQWHHXP FRQYHQFLRQDOHPOLQKDKRUL]RQWDORDVVHQWRLQFOLQDGRPRVWURXFDXVDUSHUGDPHQRU QDDOWXUDGRVGLVFRVKDYHQGRVREUHFDUJDELRPHFkQLFDPHQRUPHQRVGHVFRQIRUWR GDFROXQDHHVWLPXODomRGHXPDSRVWXUDPHQRVIOHWLGD

3RGHPRVYHULILFDUQDILJXUDDEDL[RDVPRGLILFDo}HVSRVWXUDLVTXHSRGHP UHGX]LU D SUHVVmR GH WUDomR H FRPSUHVVmR PHVPR XWLOL]DQGR D FDGHLUD FRQYHQFLRQDO

2OLYHU UHVVDOWDTXHXPDVVHQWREHPSURMHWDGRSRGHWHUDSUHVVmR LQWUDGLVFDOLQIHULRUTXHDTXHODREVHUYDGDQDSRVLomRHPSp

2Q~PHURGH'LVW~UELRV2VWHRPXVFXODUHV5HODFLRQDGRVDR7UDEDOKR'257 YHPDXPHQWDQGRDFDGDGLDHPGLYHUVRVVHWRUHVGHWUDEDOKRVHQGRDPiSRVWXUD GXUDQWH R WUDEDOKR DV FDXVDV PDLV LQIOXHQWHV GHVVHV DIDVWDPHQWRV H FRQVHTHQWHPHQWHDSLRUDGDTXDOLGDGHGHYLGDGHVVHVFRODERUDGRUHVFRPLVVR HVWHWUDEDOKRYLVDDQDOLVDUHLGHQWLILFDURVSUREOHPDVHGHILFLrQFLDVSRVWXUDLVTXH LQIOXHQFLDP GLUHWDPHQWH QD TXDOLGDGH GH YLGD GHVVDV SHVVRDV GHVVD IRUPD SRGHQGRDGHTXDURLQGLYLGXRHRDPELHQWHGDPHOKRUPDQHLUDSRVVtYHODILPGH HYLWDUSRVVtYHLVGLVW~UELRVGHIRUPDIiFLOHSUiWLFD

2%-(7,926

$QDOLVDUDSRVWXUDHHUJRQRPLDQRORFDOGHWUDEDOKRGRVFRODERUDGRUHVGD 8QLYHUVLGDGH&RUSRUDWLYDGR+RVSLWDO$PDUDO&DUYDOKRHDSRVVtYHOLQIOXrQFLDQD TXDOLGDGHGHYLGDLGHQWLILFDQGRSRVWXUDVHUU{QHDVTXHSRGHPFDXVDU'LVW~UELRV

2VWHRPXVFXODUHV5HODFLRQDGRVDR7UDEDOKR'257HDWUDYpVGRVUHVXOWDGRVFULDU PHLRVGHFRUUHomR

0$7(5,$,6(0e72'26

$RLQtFLRGRWUDEDOKRVHUiH[SOLFDGRWRGRRFRQWH~GRHFDVRRDFHLWHGRV

VHOHFLRQDGRVGHYHUiVHUDSOLFDGRR7HUPRGH&RQVHQWLPHQWR /LYUHH(VFODUHFLGR

7&/(

1DDYDOLDomRSRVWXUDOGRVLQGLYtGXRVSDUWLFLSDQWHVGHVWHHVWXGRVHUiXWLOL]DGD XPDFkPHUDGLJLWDO6RQ\&\EHUVKRW0HJD3L[HOVHR6RIWZDUHGH$YDOLDomR 3RVWXUDO6$32TXHpGLVSRQLELOL]DGRJUDWXLWDPHQWHSHOD)XQGDomRGH$PSDURD 3HVTXLVDGR(VWDGRGH6mR3DXOR)$3(63SDUDDQiOLVHGDSRVWXUDRVLQGLYtGXRV GHYHUmRLPSUHWHULYHOPHQWHHVWDUHPWUDMHVDGHTXDGRVHPDPELHQWHGHWUDEDOKR LQGLFDGRSHORLQYHVWLJDGRUSDUDDFDSWXUDGDVLPDJHQVVHUiFRORFDGRXPILRGH SUXPRDRODGRGRLQGLYLGXRTXHGHYHUiHVWDULPyYHOSDUDFDSWXUDGDVLPDJHQVTXH

VHUmRIHLWDVQDSRVLomRODWHUDOHVTXHUGDGLUHLWDSRVWHULRUHDQWHULRUHPSRVLomR

VHQWDGDHRUWRVWiWLFD$SyVDFDSWXUDGDVLPDJHQVDVPHVPDVVHUmRLGHQWLILFDGDV

DSHQDVSHODVLQLFLDLVGRVSDUWLFLSDQWHVVHQGRGHVVDIRUPDSUHVHUYDGDDLQWHJULGDGH GRVPHVPRVDVVLPVHUmRODQoDGDVQRVRIWZDUHRQGHVHUiUHDOL]DGDDDYDOLDomRH FRQVHTHQWHPHQWHDVSRVVtYHLVLQWHUYHQo}HVSyVDQiOLVH

3DUDDQiOLVHGDTXDOLGDGHGHYLGDVHUiXWLOL]DGRRTXHVWLRQiULR:+242/ GD2UJDQL]DomR0XQGLDOGD6D~GH206HPDQH[RQHVWHWUDEDOKR

7RGDVDVLPDJHQVHDDSOLFDomRGRTXHVWLRQiULRVHUmRUHDOL]DGDVHPVDODV UHVWULWDVGHXVRVRPHQWHGRLQYHVWLJDGRUVHUiGLVSRQLELOL]DGRXPEDQKHLURSDUD WURFDGHURXSDVDVVLPFRPRWRGRRPDWHULDOGHXVRLQYHVWLJDFLRQDO

5(68/7$'26(',6&866­2

,QLFLDOPHQWHIRLH[SOLFDGRWRGRRFRQWH~GRLQGLYLGXDOPHQWHDFDGDSDUWLFLSDQWH HDSOLFDGRR7&/()RUDPLQFOXtGRVQHVWH(VWXGRSDUWLFLSDQWHVVHQGRKRPHQVH

PXOKHUHVFRPLGDGHPpGLDGHDQRV

$VDODXWLOL]DGDFRQVWLWXtGDGHPyYHLVSDGURQL]DGRVXWLOL]DGRVQDLQVWLWXLomR FRQWRXFRPXPDPHVDGH FPGHDOWXUD FPGHSURIXQGLGDGHHPFPGH

ODUJXUDFDGHLUDFRPFPGHDOWXUDDWpRDVVHQWRFPGHDOWXUDWRWDODVVHQWRGH

[FPHHQFRVWRGH[FP6REUHDPHVDHVWDYDPSUHVHQWHVXPFRPSXWDGRU FRPSOHWRFRQWHQGRPRQLWRUPRXVHWHFODGRHJDELQHWH

$FROHWDGHLPDJHQVIRLUHDOL]DGDHPWUrVIDVHVVHPSUHFRPDRULHQWDomR SDUDTXHRLQGLYLGXRILFDVVHDYRQWDGHQRFRPSXWDGRU

3ULPHLUD IDVH IRL FROHWDGD LPDJHQV QD SRVLomR VHQWDGD SHOD ODWHUDO HVTXHUGDODWHUDOGLUHLWDHSRVWHULRU

6HJXQGDIDVHIRLDGLFLRQDGDDRDVVHQWRXPDPDGHLUDFRPLQFOLQDomRGHž SDUDIUHQWHHQRYDPHQWHIRUDPFROHWDGDVDVPHVPDVLPDJHQV

7HUFHLUDIDVHDVLPDJHQVIRUDPFROHWDGDVHPSpDRODGRGRILRGHSUXPR QDVSRVLo}HVUHVSHFWLYDVDSHQDVLQFOXLQGRDSRVLomRDQWHULRU

$V LPDJHQV FROHWDGDV IRUDP DGLFLRQDGDV DR FRPSXWDGRU XWLOL]DGR QD

DYDOLDomRRPHVPRGHXVRUHVWULWRGRLQYHVWLJDGRUTXHGHYLGDPHQWHLGHQWLILFDGDV

DV PHVPDV IRUDP DGLFLRQDGDV QR SURJUDPD 6$32 FDOLEUDGDV GDQGR LQLFLR D

DYDOLDomRGRVkQJXORV

1DIDVHXPHGRLVDYDOLRXVHRVkQJXORVGDFHUYLFDOWyUD[ORPEDUFRWRYHOR TXDGULOMRHOKRHWRUQR]HORQDVLPDJHQVODWHUDLVHRkQJXORGDFDEHoDFRPUHODomR

DRRPEURQDLPDJHPSRVWHULRU$IDVHWUrVDYDOLRXRV kQJXORVGDFDEHoDFRP UHODomRDRRPEUR kQJXORGRRPEURHDOLQKDGRSHVFRoRDRRPEURQDVLPDJHQV

DQWHULRUHSRVWHULRU1DVLPDJHQVODWHUDLVIRUDPDYDOLDGRVRVkQJXORVGRTXHL[RFRP UHODomRDRHVWHUQRFHUYLFDOWyUD[HORPEDU

&DVR$$VH[RIHPLQLQRPHFPGHDOWXUDNJH,0&GH

$YDOLDomR 1HVVDV LPDJHQV SRGHVH YHULILFDU XP kQJXOR PHQRU HQWUH D FDEHoDHRRPEURGRODGRHVTXHUGRUHVSHFWLYDPHQWHžDRODGRGLUHLWRHžGR

ODGR HVTXHUGR VHQGR TXH R WUDEDOKR DSUHVHQWRX HP DOJXQV FDVRV GLIHUHQoDV Pi[LPDVGHDWpžSDUDFLPDRXSDUDEDL[RGXUDQWHDPXGDQoDGHSRVLomR

$VLPDJHQVH DYDOLDUDP$$VHQWDGDQDSRVLomRSRVWHULRUFRPHVHP LQIOXrQFLDGDLQFOLQDomRDQWHULRUGRDVVHQWRGDFDGHLUD 1HVWHFDVRFRPHODQD SRVLomRVHQWDGDR kQJXORHQWUHFDEHoDHRPEURIRLPHQRUGRODGRGLUHLWR ž FRQWUDžGRODGRHVTXHUGRQDIDVHHžFRQWUDžQDIDVHOHPEUDQGR TXHDSRVWXUDQmRHUDFRUULJLGDSHORSHVTXLVDGRUDRULHQWDomRVHPSUHIRLTXHR

DYDOLDGRILFDVVHDYRQWDGHQRXVRGRFRPSXWDGRU3RUpPSRGHPRVREVHUYDUQDV LPDJHQVTXHDFDEHoDGH$$HVWDLQFOLQDGDODWHUDOPHQWHRTXHSRGHMXVWLILFDUHVVD GLIHUHQoDQRkQJXOR

&RPSDUDQGRDVDYDOLDo}HVQD LPDJHP FRPRLQGLYLGXRVHQWDGRQD KRUL]RQWDODYDOLDomRLPDJHPFRPRDVVHQWRHPLQFOLQDomRHQDLPDJHP HPSRVLomRRUWRVWiWLFDWLYHPRVRVVHJXLQWHVUHVXOWDGRV

$QJXODomR

$$ $Y $Y $Y &HUYLFDO 7RUiFLFD

/RPEDU %UDoRV

4XDGULO -RHOKR 7RUQR]HOR

,PDJHP±$$SRVLomRVHQWDGDSRVWHULRUVHP LQFOLQDomR GRDVVHQWR

,PDJHP±$$SRVLomRVHQWDGDSRVWHULRUFRP LQFOLQDomR GRDVVHQWRDž

'HVVDIRUPDREVHUYDPRVTXHQDDYDOLDomRWLYHPRVPHOKRUHVUHVXOWDGRV QRV kQJXORV GR WyUD[ EUDoRV TXDGULO MRHOKR H WRUQR]HOR HVWDQGR HOHV PDLV SUy[LPRVGHXPkQJXORGHUHSRXVRRTXHPHOKRUDDVFRQGLo}HVGHGRUHVHUHWRUQR GRIOX[RVDQJtQHR3RUpPQDDYDOLDomRRVUHVXOWDGRVGDLQFOLQDomRGDFHUYLFDOH

ORPEDUIRUDPPHOKRUHVRTXHSRGHULDTXHVWLRQDUDOJXPDVDGDSWDo}HVItVLFDVGR

DPELHQWH2XWURGHWDOKHpTXHDVDYDOLDo}HVHQWUHODGRHVTXHUGRHODGRGLUHLWRGDV LPDJHQVWLYHUDPXPDGLYHUJrQFLDGHQRPi[LPRJUDXVDVTXHWLYHUDPUHVXOWDGRV

DFLPD GHVVH YDORU VH MXVWLILFD SHOR GHVHQYROYLPHQWR GR WUDEDOKR RQGH R SHVTXLVDGRUHPQHQKXPPRPHQWRLQIOXHQFLRXQDVSRVWXUDVDGTXLULGDVPXLWRPHQRV QRVPRYLPHQWRVTXHHUDPUHDOL]DGRVSHORVLQGLYtGXRVGXUDQWHDDYDOLDomRRTXH

MXVWLILFDULDDOJXQVUHVXOWDGRVHQWUHODGRHVTXHUGRHGLUHLWRGLVFUHSDQWHV

3DUDDQDOLVDUDVDGDSWDo}HVFRUULJLPRVDSRVWXUDGH$$FRPDFDGHLUDHP LQFOLQDomRHDLQGDDFUHVFHPRVDDOWXUDGDWHODGRFRPSXWDGRUHP FPDVVLPRV UHVXOWDGRVIDYRUHFHUDPRXVRGDFDGHLUDHPLQFOLQDomRSRUpPFRPLQIOXHQFLDYHUEDO SDUDFRUUHomRGDSRVWXUD

$Y

$Y $Y

&RQGXWD $SyV DV DQiOLVHV REVHUYDPRV TXH p PXLWR LPSRUWDQWH R

DORQJDPHQWRGXUDQWHRSHUtRGRGHH[SHGLHQWHPDLVUHOHYDQWHTXHDVDGDSWDo}HV HVVHVH[HUFtFLRVSURPRYHPREHPHVWDUHDORQJDRVP~VFXORVHWHFLGRVTXHILFDP PXLWRWHPSRQDPHVPDSRVLomRHDOJXQVDWpPHVPRVREFRPSUHVVmRDVVLPSDUD $$RDORQJDPHQWRSRVWHULRUGDVSHUQDVHWURQFRSRGHVHUIHLWRHPSpLQFOLQDQGRR FRUSRDIUHQWHFRPDILQDOLGDGHGHWRFDURVSpVFRPDVSRQWDVGRVGHGRVGDPmR $ORQJDPHQWR HP IRUPD GH FtUFXORV GR SHVFRoR WDPEpP VH WRUQD LPSRUWDQWH PHOKRUDQGRDOJXQVGHVFRQIRUWRV$ORQJDPHQWRGRVIOH[RUHVHH[WHQVRUHVGHSXQKR pLPSRUWDQWHSDUDDOLYLDURHVWUHVVHFDXVDGRSHODGLJLWDomRHORQJRWHPSRQRXVRGR PRXVHDVVLPFRPRWDPEpPRDORQJDPHQWRGDUHJLmRSRVWHULRUGRWURQFRSRGHQGR

VHU UHDOL]DGRV QR SUySULR ORFDO GH WUDEDOKR HP XP SHTXHQR HVSDoR VHQGR LPSRUWDQWHDUHSHWLomRGRVH[HUFtFLRVSRUWUrVYH]HVPDQWHQGRDSRVLomRSRUDR PHQRVjVHJXQGRV

$YDOLDomRVHP

RULHQWDomR $YDOLDomRFRP

RULHQWDomR

,PDJHP±$YDOLDomRFRPLQFOLQDomR GRDVVHQWRHRULHQWDGDSHORWHUDSHXWD

&DVR-&=VH[RIHPLQLQRPHFPGHDOWXUDNJH,0&

$YDOLDomR 1D DQDOLVH GDV LPDJHQV H HP SRVLomR RUWRVWiWLFD REVHUYDPRVRRPEURGLUHLWRPDLVHOHYDGRTXHRHVTXHUGRFRPXPkQJXORGHž SDUDžGRODGRHVTXHUGRWDODQJXODomR MXVWLILFDVHSHODLQFOLQDomRGDFDEHoD SDUDRODGRHVTXHUGRID]HQGRFRPTXHHVVHkQJXORVHMDPHQRU

$VLPDJHQVHFROHWDGDVSRVWHULRUPHQWHXPDQDSRVLomRKRUL]RQWDOGD FDGHLUDHRXWUDFRPLQFOLQDomRPRVWUDUDPQDLPDJHPXPDDQJXODomRPDLRUQR

ODGRGLUHLWRžFRQWUD žGRODGRHVTXHUGRHQDLPDJHPDDQJXODomRIRL YLVLYHOPHQWH DOWHUDGD VHQGR ž FRQWUD ž GR ODGR HVTXHUGR 0XLWR LPSRUWDQWHpGHVFUHYHUTXHDSDFLHQWHUHODWRXDH[LVWrQFLDGHXPDHVFROLRVHRTXH SRGH MXVWLILFDURGHVYLRGRHL[RGDFDEHoDQDVLPDJHQVHWDPEpPGDDQJXODomR PDLRUVHUSUHYDOHQWHQDVLPDJHQV

$QDOLVDQGRDVDYDOLDo}HVQDSRVLomRVHQWDGDODWHUDOPHQWHREVHUYDPRVHQWUH

ODGRHVTXHUGRHGLUHLWRXPDGLVFUHSkQFLDGHDWpžWRGRVRVUHVXOWDGRVTXHHVWDYDP

DFLPDGHVVHYDORUVHGHXSHORPRYLPHQWRGRLQGLYLGXRHPHVWXGR MiTXHQmRIRL

VROLFLWDGDFRUUHomRSRVWXUDOSHORLQYHVWLJDGRUHPQHQKXPPRPHQWRGHVWDFROHWD

$QJXODomR

-&= $Y $Y $Y &HUYLFDO 7RUiFLFD

/RPEDU %UDoRV

4XDGULO -RHOKR 7RUQR]HOR

,PDJHP±-&=SRVLomRVHQWDGDSRVWHULRU VHPLQFOLQDomR GRDVVHQWR

,PDJHP±-&=SRVLomRVHQWDGDSRVWHULRU FRPLQFOLQDomR GRDVVHQWR

&RPSDUDQGRRVUHVXOWDGRVGDDYDOLDomRLPDJHPDVVHQWRHPSRVLomR KRUL]RQWDOHDYDOLDomRLPDJHPFRPDVVHQWRHPLQFOLQDomRREVHUYDPRVTXH QHVWH LQGLYLGXR RV UHVXOWDGRV IRUDP PHOKRUHV TXDQGR XWLOL]DGR R DVVHQWR HP LQFOLQDomRREVHUYDQGRDSHQDVXPUHVXOWDGRTXHQmRIDYRUHFHXRkQJXORGDFROXQD FHUYLFDO TXH IRLDXPHQWDGR GHYLGR DHOHYDomR GRDVVHQWR 6XJHULPRVHQWmR D HOHYDomRGRPRQLWRUHPFPRTXHPHOKRURXDLQFOLQDomRGDFDEHoD

,PDJHQVH±$YDOLDomRODWHUDOGLUHLWDVHPLQFOLQDomRGRDVVHQWR$YDOLDomRODWHUDOGLUHLWD FRPLQFOLQDomRGRDVVHQWR$YDOLDomRODWHUDOGLUHLWDHPSRVLomRRUWRVWiWLFD

&RQGXWD 2VH[HUFtFLRVGHDORQJDPHQWRVXJHULGRVDHVVHLQGLYLGXRVmR UHJLmRSRVWHULRUGDVSHUQDVSRGHQGRVHUUHDOL]DGRHPSpWHQWDQGRWRFDUDVSRQWDV GRVSpVFRPDVPmRVDORQJDPHQWRGHIOH[RUHVH[WHQVRUHVGHSXQKRDORQJDPHQWR FHUYLFDOSRGHQGRVHUUHDOL]DGRHPURWDomRHRDORQJDPHQWRGDFDGHLDPXVFXODUGD

ODWHUDOGLUHLWDGRFRUSRFRQWUDVXDHVFROLRVHSDUDTXHQmRIDYRUHoDVHXGHVYLR GHYHVHUHSHWLURVH[HUFtFLRVSRUWUrVYH]HVPDQWHQGRRVSRUjVHJXQGRV

&DVR5$6VH[RPDVFXOLQRPHFPGHDOWXUDNJH,0&

$YDOLDomR $SUHVHQWRX ERD VLPHWULD QRV kQJXORV GRV RPEURV WDQWR QD SRVLomRDQWHULRUTXDQWRQDSRVWHULRUVHQGRDDQWHULRUžDRODGRGLUHLWRHž

DRHVTXHUGR3RVLomRSRVWHULRUžODGRGLUHLWRHžDRODGRHVTXHUGR

VHPSUHUHVVDOWDQGRQRUPDOXPDGLIHUHQoDGHDWpžQDFROHWDGDVLPDJHQV

$YDOLDQGR5$6QDSRVLomRVHQWDGDSRVWHULRUPHQWHQDSRVLomRKRUL]RQWDOGD FDGHLUDDGLIHUHQoDGH kQJXORVIRLGHžDRODGRGLUHLWRFRQWUDžGRODGR HVTXHUGRHFRPRDVVHQWRLQFOLQDGRDžRUHVXOWDGRIRLGHžDGLUHLWDHžD HVTXHUGDGHVVDIRUPDFRPDLQFOLQDomRRVUHVXOWDGRVIRUDPDSUR[LPDGRVGHXP

ODGRSDUDRRXWURSRUpPIRUDPDXPHQWDGRVFRPUHODomRDSRVLomRRUWRVWiWLFDR TXHVHGHYHDLQFOLQDomRGRWURQFRSDUDIUHQWHGHYLGRDRXVRGRHTXLSDPHQWRGH WUDEDOKR

$QJXODomR

5$6 $Y $Y $Y

&HUYLFDO 7RUiFLFD

/RPEDU %UDoRV

4XDGULO -RHOKR 7RUQR]HOR

1DVDYDOLDo}HVVXJHULGDVQRWDPRVTXHQRLQGLYLGXR5$6RXYHDOWHUQkQFLDQD PHOKRUDGRVUHVXOWDGRVHQWUHSRVLomRKRUL]RQWDOHLQFOLQDGDVHQGRTXHQDSRVLomR KRUL]RQWDORVUHVXOWDGRVIDYRUHFHUDPDVUHJL}HVFHUYLFDOORPEDUHDGRTXDGULO 2

DVVHQWRLQFOLQDGRIDYRUHFHXDVUHJL}HVGRWyUD[EUDoRVMRHOKRVHWRUQR]HORV

2EVHUYDPRVDLQGDDTXHVWmRGDVSHUQDVIOHWLGDVTXHSRGHVHUUHVXOWDGRGH XP,0&HOHYDGRMiTXHXPLQGLYtGXRDFLPDGRSHVRWHQGHDUHDOL]DUDUHWURYHUVmR SpOYLFD

,PDJHP±5$6SRVLomRVHQWDGD SRVWHULRUVHPLQFOLQDomRGRDVVHQWR

,PDJHP±5$6SRVLomRVHQWDGD SRVWHULRUFRPLQFOLQDomRGRDVVHQWR

&RQGXWD 1HVVHFDVRVXJHULPRVR DORQJDPHQWRGDUHJLmRSRVWHULRU GDV SHUQDVHPSpIOH[LRQDQGRRWURQFRSDUDIUHQWHFRPRLQWXLWRGHWRFDUDVSRQWDVGRV SpV FRP DV PmRV $ORQJDPHQWR GRV IOH[RUHV H H[WHQVRUHV GH SXQKR 5HJLmR FHUYLFDOSRGHQGRVHUUHDOL]DGDFRPURWDomRGDFDEHoDHUHJLmRDQWHULRUGDFROXQD SRGHQGRVHUUHDOL]DGDFRPDVPmRVQDFLQWXUDLQFOLQDQGRRFRUSRSDUDWUiV

&DVR6/6VH[RPDVFXOLQRPHFPGHDOWXUDNJ,0&

$YDOLDomRÆQJXORGLUHLWRDSUHVHQWRXXPYDORUGHžQDLPDJHPDQWHULRU HžQDSRVWHULRUHRkQJXORHVTXHUGRDSUHVHQWRXRVYDORUHVGHžQDLPDJHP

DQWHULRUHžQDSRVWHULRURTXHLQGLFDERDVLPHWULDGHVVHVkQJXORV1DLPDJHP SRGHPRVREVHUYDUFHUWDGLIHUHQoDQDDOWXUDGRRPEURGLUHLWRFRPUHODomRDR HVTXHUGRSRUpPQmRSRGHPRVDILUPDUTXHLVVRVHMDGHYLGRDXPGpILFLWSRVWXUDO FRPRHVFROLRVH

$VLPDJHQV H FROHWDGDV SRVWHULRUPHQWH FRPRLQGLYLGXR VHQWDGR

DSUHVHQWDUDPRVVHJXLQWHVGDGRVkQJXORGRRPEURDRODGRGLUHLWRVHPLQFOLQDomR žDRODGRHVTXHUGRžkQJXORGRRPEURDRODGRGLUHLWRFRPLQFOLQDomRGR

DVVHQWRžHDRODGRHVTXHUGRž

$GLVFUHSkQFLDYLVWDQHVWDVLPDJHQVVmRUHVXOWDGRVGRXVRGRFRPSXWDGRU FRPRUHODWDGRRVXMHLWRSHVTXLVDGRIRLRULHQWDGRDXVDURHTXLSDPHQWROLYUHPHQWH

VHPLQWHUIHUrQFLDGRSHVTXLVDGRUGHVVDIRUPDSRGHPRVYHUHVVHGHVHTXLOtEULRGR

kQJXOR GRV RPEURV GHYLGR DR PHPEUR GLUHLWR HVWDU DSRLDGR QR PRXVH PDLV

DQWHULRUL]DGRHRPHPEURHVTXHUGRDSRLDGRQRWHFODGRPDLVSUy[LPRDRFRUSR

$QJXODomR

6/6 $Y $Y $Y

&HUYLFDO 7RUiFLFD

/RPEDU QG

%UDoRV

4XDGULO -RHOKR 7RUQR]HOR

$VDYDOLDo}HVODWHUDLVQDSRVLomRVHQWDGDPRVWUDUDPTXHSDUDDUHJLmRGD FROXQDRDVVHQWRQDKRUL]RQWDOVHPLQFOLQDomRWHYHPHOKRUHVUHVXOWDGRVVHQGR

DFRQVHOKDGDSDUDPHOKRULDXPDHOHYDomRGRPRQLWRURTXHUHVROYHULDRkQJXORGD UHJLmRFHUYLFDO

2EVHUYDPRVTXHQDVDYDOLDo}HVFRPDVVHQWRLQFOLQDGRRVPHPEURVWLYHUDP PHOKRUHVUHVXOWDGRVSRUpPGHYHVHOHYDUHPFRQVLGHUDomRDSRVLomRDVVXPLGDGDV SHUQDVGXUDQWHDVFROHWDVGDVLPDJHQVFRPRRLQGLYLGXRIRLLQVWUXtGRDRXVROLYUH GDHVWDomRGHWUDEDOKRHOHDGRWRXSRVWXUDVGLIHUHQWHVGXUDQWHDVGXDVFROHWDVRTXH SRGHMXVWLILFDUHVVDPHOKRUDQRDVVHQWRLQFOLQDGR

,PDJHP±6/6SRVLomRVHQWDGD SRVWHULRUVHPLQFOLQDomRGRDVVHQWR

,PDJHP±6/6SRVLomRVHQWDGD SRVWHULRUFRPLQFOLQDomRGRDVVHQWR

1D FROHWD GDV LPDJHQV HP SRVWXUD RUWRVWiWLFD R LQGLYLGXR DGRWRX XPD SRVWXUDFRPRVEUDoRVYROWDGRVSDUDWUiVRTXHLPSRVVLELOLWRXDFROHWDGHGDGRVGD UHJLmRORPEDUQHVVDSRVLomR

&RQGXWD3DUDHVWHLQGLYLGXRVHJXHDLPSRUWkQFLDGRDORQJDPHQWRGDUHJLmR SRVWHULRUGDVSHUQDVSRGHQGRVHUUHDOL]DGRHPSpLQFOLQDGRRFRUSRSDUDIUHQWHD ILPGHWRFDUDVSRQWDVGRVSpVFRPDVPmRV,PSRUWDQWHWDPEpPRDORQJDPHQWRGH IOH[RUHVHH[WHQVRUHVGHSXQKRIDFLOPHQWHUHDOL]DGRQRSUySULRORFDOGHWUDEDOKR UHJLmRFHUYLFDOSRGHQGRUHDOL]DUURWDo}HVHWDPEpPUHJLmRDQWHULRUGRWURQFR

&DVR-&6%VH[RIHPLQLQRPFPGHDOWXUDNJ,0&

$YDOLDomR-&6%DSUHVHQWRXXPkQJXORPDLRUDRODGRGLUHLWRVHQGRžQD LPDJHPDQWHULRUHžQDSRVWHULRUFRQWUDžGDDQWHULRUHžGDSRVWHULRU

DRODGRHVTXHUGR3RGHPRVREVHUYDUHVVDDOWHUDomRSHODVLPDJHQVHRQGHR RPEURHVTXHUGRDSUHVHQWDVHPDLVHOHYDGR

3RUpPQmRSRGHPRVDILUPDUTXHDSDFLHQWHDSUHVHQWDXPDHVFROLRVHSDUD LVVRpQHFHVViULRXPDLQYHVWLJDomRPLQXFLRVDDWUDYpVGHLPDJHQVUDGLRJUiILFDVH H[DPHVItVLFRV

1DVLPDJHQVHFROHWDGDVHPSRVLomRVHQWDGDSRVWHULRUVHPHFRP LQFOLQDomRGRDVVHQWRDSUHVHQWDUDPRVVHJXLQWHVUHVXOWDGRVVHPLQFOLQDomRR

kQJXORGLUHLWRGRRPEURIRLGHžHRHVTXHUGRGHžFRPLQFOLQDomRRkQJXOR GLUHLWRIRLGHžHRHVTXHUGRGHž

(VVDV GLIHUHQoDVSRGHPVHU MXVWLILFDGDV SHOR DWROLYUH GH PRYLPHQWDomR

DGRWDGRSHORSHVTXLVDGRU2EVHUYDPRVDLQGDTXH-&6%DGRWRXSRVWXUDVGLIHUHQWHV GRVPHPEURVGXUDQWHDFROHWDGDVLPDJHQVVHQGRTXHQDSULPHLUDVHXPHPEUR GLUHLWRHVWDVREUHRPRXVHHQDVHJXQGDLPDJHPHOHHVWDVREUHRWHFODGRRTXH

DMXGDULDQDMXVWLILFDWLYDGHDOWHUDomRGRVkQJXORVDYDOLDGRV

,PDJHP±-&6%SRVLomRRUWRVWiWLFD DQWHULRU

$QJXODomR

-&6% $Y $Y $Y

&HUYLFDO 7RUiFLFD

/RPEDU %UDoRV

4XDGULO -RHOKR 7RUQR]HOR

(P-&6%YLPRVXPUHVXOWDGRIDYRUiYHODRDVVHQWRFRPLQFOLQDomRGHž

VHQGRTXHIRLDSHQDVDUHJLmRORPEDUHWRUQR]HORGHVIDYRUHFLGRSHODLQFOLQDomR $QDOLVDPRVDLQGDRFDVRGR,0&DOWRID]HQGRFRPTXHRLQGLYLGXRWHQKDXPD UHWURYHUVmRDVVLPTXDQGRVHQWDGRDWHQGrQFLDpTXHVXDVSHUQDVILTXHPIOHWLGDV PDLVSUy[LPDVDRFRUSR

,PDJHP±-&6%SRVLomRVHQWDGD SRVWHULRUVHPLQFOLQDomRGRDVVHQWR

,PDJHP±-&6%SRVLomRVHQWDGD SRVWHULRUFRPLQFOLQDomRGRDVVHQWR

&RQGXWD 1HVVH FDVR VXJHULXVH R DORQJDPHQWR GD SDUWH SRVWHULRU GDV SHUQDVHPSpOHYDQGRDVPmRVSDUDWRFDUDVSRQWDVGRVSpVRDORQJDPHQWRGRV IOH[RUHVHH[WHQVRUHVGHSXQKRUHJLmRFHUYLFDOSRGHQGRVHUUHDOL]DGRHPURWDomRH RDORQJDPHQWRGDUHJLmRODWHUDOGRWURQFRFRQWUDRVHQWLGRGDHVFROLRVH

&DVR&&VH[RIHPLQLQRPHFPNJH,0&

$YDOLDomR 1DDYDOLDomRHPSRVWXUDRUWRVWiWLFDWDQWRQDSRVLomRDQWHULRU TXDQWRQDSRVLomRSRVWHULRU&&DSUHVHQWRXERDVLPHWULDGRVkQJXORVGRVRPEURV

VHQGRUHVSHFWLYDPHQWHQDLPDJHP DQWHULRUžDRODGRGLUHLWRHžR

ODGRHVTXHUGRHQDLPDJHPSRVWHULRUžDGLUHLWDHžDHVTXHUGD

1DVLPDJHQV H FROHWDGDVSRVWHULRUPHQWHFRP&&VHQWDGDPRVWURX YDULDo}HVGXUDQWHDFROHWDVHQGRTXHQRDVVHQWRHPSRVLomRKRUL]RQWDORkQJXOR GLUHLWRGRRPEURIRLGHžFRQWUD žGRODGRHVTXHUGRHFRPRDVVHQWRHP LQFOLQDomRGHžRODGRGLUHLWRDSUHVHQWRXžHRHVTXHUGRž

2V kQJXORVDSUHVHQWDUDPHVVDFHUWDYDULDomRSRLVD~QLFDRULHQWDomRGDGD

DRLQGLYLGXRHUDTXHHOHXWLOL]DVVHRFRPSXWDGRUFRPRSODWDIRUPDGHWUDEDOKRGHVVD IRUPDRPHVPRDOWHUQDYDPXLWDVYH]HVVXDSRVWXUDRTXHJHUDDOJXPDVDOWHUDo}HV QDVPHGLGDVGRVkQJXORV

$QJXODomR

&& &HUYLFDO QG QG QG

7RUiFLFD

/RPEDU %UDoRV

4XDGULO -RHOKR 7RUQR]HOR

3RGHPRVREVHUYDUHP&&XPDFHUWDPHOKRUDQRVkQJXORVPHGLGRVTXDQGR XWLOL]DGRRDVVHQWRFRPLQFOLQDomRDžD~QLFDUHJLmRTXHYHULILFDPRVXPDSLRUD IRLDUHJLmRORPEDU MiTXHDFHUYLFDOQmRIRLSRVVtYHOID]HUDPHGLGDGH kQJXORV

OLYUHPHQWH

,PDJHP±&&SRVLomRVHQWDGDSRVWHULRU VHPLQFOLQDomRGRDVVHQWR

,PDJHP±&&SRVLomRVHQWDGDSRVWHULRU FRPLQFOLQDomRGRDVVHQWR

&RQGXWD3DUDHVWHFDVRYLPRVTXHRDORQJDPHQWRGRVIOH[RUHVGDVSHUQDV SRGHQGRVHUUHDOL]DGRHPSpOHYDQGRDVPmRVHPGLUHomR jVSRQWDVGRVSpV

DORQJDPHQWRGHIOH[RUHVHH[WHQVRUHVGHSXQKRPDLVRDORQJDPHQWRGRWURQFRSDUWH

DQWHULRUVmRLPSRUWDQWHSDUDXPDPHOKRULDQDTXDOLGDGHGHYLGDGHQWURGRDPELHQWH GHWUDEDOKR

&DVR0$6VH[RPDVFXOLQRPHFPGHDOWXUDNJ,0&

$YDOLDomR$VLPDJHQVHGH0$6QDSRVLomRRUWRVWiWLFDPRVWURXERD

VLPHWULDQR kQJXORGRVRPEURVVHQGRUHVSHFWLYDPHQWHQDSRVLomRDQWHULRUž

DRODGRGLUHLWRHžGRODGRHVTXHUGR 1DSRVLomRSRVWHULRURUHVXOWDGRIRLGH žGRODGRGLUHLWRHžGRODGRHVTXHUGROHYDQGRHPFRQVLGHUDomRRV ž TXHSRGHPYDULDUQDPHGLomRGHkQJXORV

1DDYDOLDomRHPSRVWXUDVHQWDGDQRXVRGRFRPSXWDGRUDQDOLVDPRVERD

VLPHWULDQRkQJXORGRVRPEURVSULQFLSDOPHQWHQRDVVHQWRVHPLQFOLQDomRRQGHIRL GH žGRODGRGLUHLWRH žGRODGRHVTXHUGR&RPRDVVHQWRHPLQFOLQDomR KRXYHXPDYDULDomRXPSRXFRPDLRUVHQGR žGRODGRGLUHLWRFRQWUDžR HVTXHUGR(VVDYDULDomRQRDVVHQWRLQFOLQDGRGHYHVHDRIDWRGRDXPHQWRGDDOWXUD GRDVVHQWRGHVVDIRUPDRLQGLYLGXRSDUDXVDURPRXVHGRFRPSXWDGRUWHYHTXH

DGRWDUXPDSRVWXUDGLIHUHQWHGRVPHPEURVVXSHULRUHVDILPGHDOFDQoiORV

,PDJHP±0$6SRVLomRRUWRVWiWLFD DQWHULRU

$QJXODomR

0$6 $Y $Y $Y

&HUYLFDO 7RUiFLFD QG /RPEDU QG

%UDoRV

4XDGULO -RHOKR 7RUQR]HOR QG

$VDYDOLDo}HVODWHUDLVGDSRVWXUDVHQWDGDGHPRQVWUDUDPXPUHVXOWDGRPHOKRU FRP R DVVHQWR LQFOLQDGR SULQFLSDOPHQWH HP PHPEURV 3RGHPRV REVHUYDU QDV LPDJHQVDEDL[RFRPRRULHQWDGRRLQGLYLGXRGHYHULDILFDUDYRQWDGHQRXVRGR FRPSXWDGRUHDLPDJHPPRVWURXXPDSRVWXUDWRWDOPHQWH HUUDGDGRVPHPEURV LQIHULRUHVTXDQGRXWLOL]DGRRDVVHQWRVHPLQFOLQDomR

&RP UHODomRDRV GDGRV GD UHJLmRWRUiFLFD H ORPEDU QmRIRL SRVVtYHO D FRPSDUDomR FRP D SRVLomR RUWRVWiWLFD GHYLGR D YHVWLPHQWD XWLOL]DGD SHOR FRODERUDGRU

,PDJHP±0$6SRVLomRVHQWDGD SRVWHULRUVHPLQFOLQDomRGRDVVHQWR

,PDJHP±0$6SRVLomRVHQWDGD SRVWHULRUFRPLQFOLQDomRGRDVVHQWR

&RQGXWD3DUDHVWHLQGLYLGXRRDORQJDPHQWRGRVP~VFXORVSRVWHULRUHVGDV SHUQDVVmRGHJUDQGHLPSRUWkQFLDGHVVDIRUPDGHYHVHUHDOL]DURPHVPRHPSp IOH[LRQDQGRRWURQFRSDUDIUHQWHDILPGHWRFDUDVSRQWDVGRVSpVFRPDVPmRV $ORQJDPHQWRGRVIOH[RUHVHH[WHQVRUHVGHSXQKRGHYLGRDRXVRSURORQJDGRGR FRPSXWDGRU$ORQJDPHQWRGDUHJLmRFHUYLFDOSRGHQGRVHUUHDOL]DGRHPPRYLPHQWRV

OHYHVHFLUFXODWyULRVHRDORQJDPHQWRGDUHJLmRDQWHULRUGRWURQFRVHQGRUHDOL]DGR FRPDVPmRVQDFLQWXUDLQFOLQDQGRRFRUSRSDUDWUiV

&DVR-06VH[RPDVFXOLQRPHFPNJ,0&

$YDOLDomR1DVSRVLo}HVRUWRVWiWLFDVRLQGLYLGXRDSUHVHQWRXERDVLPHWULDGRV RPEURVVHQGRQDDQWHULRUžDGLUHLWDHžDHVTXHUGD 1DLPDJHP SRVWHULRURUHVXOWDGRIRLGHžDGLUHLWDHžDHVTXHUGD

1DSRVLomRVHQWDGDRV kQJXORVPHGLGRVGRVRPEURVWDPEpPWLYHUDPERD

VLPHWULDWDQWRFRPRDVVHQWRQDKRUL]RQWDOTXDQWRHPLQFOLQDomR6HPLQFOLQDomRRV

kQJXORVIRUDPGHžGRODGRGLUHLWRHžGRODGRHVTXHUGR&RPLQFOLQDomRRV

kQJXORVIRUDPGHžDGLUHLWDHžDHVTXHUGD

,PDJHP±-06SRVLomRRUWRVWiWLFDDQWHULRU ,PDJHP±-06SRVLomRRUWRVWiWLFDSRVWHULRU

,PDJHP±-06SRVLomRVHQWDGDSRVWHULRU VHPLQFOLQDomRGRDVVHQWR

$QJXODomR

-06 $Y $Y $Y

&HUYLFDO 7RUiFLFD QG /RPEDU QG

%UDoRV

4XDGULO -RHOKR 7RUQR]HOR

1DVDYDOLDo}HVODWHUDLVREVHUYDPRVXPDPHOKRUDFRPUHODomRDRDVVHQWR LQFOLQDGR SULQFLSDOPHQWHHP PHPEURV $UHJLmR FHUYLFDO DSUHVHQWRX UHVXOWDGRV

VHPHOKDQWHVHDUHJLmRWRUiFLFDHORPEDUVyIRUDPFRPSDUDGDVHQWUHLVLSRLVGHYLGR

DYHVWLPHQWDRVkQJXORVPHGLGRVHPSRVLomRRUWRVWiWLFDODWHUDOQmRIRUDPSRVVtYHLV GHVHFROHWDU

&RQGXWD 6HJXLQGR R PHVPR SDGUmR HVWDEHOHFLGR HP WRGR R WUDEDOKR

DORQJDPRV DV SULQFLSDLV FDGHLDV DIHWDGDV SHOD SRVLomR VHQGR SULRULWiULR R

DORQJDPHQWRGRVP~VFXORVSRVWHULRUHVGDVSHUQDVIOH[RUHVHH[WHQVRUHVGHSXQKR UHJLmRFHUYLFDOHSDUWHDQWHULRUGRWURQFRSRGHQGRHVVHVVHUHPUHDOL]DGRVHPORFDO GHWUDEDOKRHHPFXUWRHVSDoRGHWHPSR

$SyVDVDYDOLDo}HVUHDOL]DGDVDQDOLVDPRVRVTXHVWLRQiULRVGHTXDOLGDGHGH YLGD3DUDHVWHWUDEDOKRGHPRVHQIRTXHSULQFLSDOQDVTXHVW}HVTXHVHUHIHULDPD GRUGHVFRQIRUWRItVLFRFDQVDoRVRQRHDPELHQWHRQGHYLYH

$VTXHVW}HVSULRUL]DGDVIRUDP

49RFrVHSUHRFXSDFRPVXDGRURXGHVFRQIRUWRItVLFR"

4(PTXHPHGLGDYRFrDFKDGHVXDGRUItVLFDLPSHGHYRFrGHID]HUR TXHSUHFLVD"

44XmRIDFLOPHQWHYRFrILFDFDQVDGR"

49RFrWHPDOJXPDGLILFXOGDGHSDUDGRUPLUFRPRVRQR" 49RFrVHVHQWHLQLELGRSRUVXDDSDUrQFLD"

4 4XmR VDXGiYHO p VHX DPELHQWH ItVLFR FOLPD EDUXOKR SROXLomR

DWUDWLYRV"

&RPUHODomRjSUHRFXSDomRDRGHVFRQIRUWRItVLFRDPDLRULDGRVHQWUHYLVWDGRV UHODWRXVHUEDVWDQWHSUHRFXSDGRVFRPHVVDTXHVWmRHDLQGDUHODWDUDPTXHVXDGRU ItVLFDSRGHLPSHGLUHPVHXVDID]HUHV

$PDLRULDDLQGDUHODWRXTXHQRGLDDGLDFRVWXPDPILFDUPHLRFDQVDGRV

VHJXLGRSHORVTXHUHODWDUDPILFDUPXLWRSRXFRFDQVDGRV

'LILFXOGDGHSDUDGRUPLUpXPSUREOHPDFRQVLGHUDGRVpULRHUHODWDGRFRPR EDVWDQWHSHODPDLRULDGRVHQWUHYLVWDGRVDVVLPFRQVLGHUDPRVTXHDPDLRULDWHP EDVWDQWHGLILFXOGDGHHPOKHGDUFRPRVRQR

$SDUrQFLD ItVLFD SRGHPRV YHU TXH QmR p QHQKXP SUREOHPD SDUD RV HQWUHYLVWDGRVTXHUHODWDUDPHVWDUVDWLVIHLWRVFRPVXDDSDUrQFLD

2 DPELHQWH ItVLFR RQGH YLYHP LQFOXLQGR FDVD ORFDO GH WUDEDOKR FOLPD EDUXOKRDWUDWLYRVHQWUHRXWURVIRLFRQVLGHUDGRFRPRPDLVRXPHQRVVDXGiYHOSHOD PDLRULDRTXHSRGHLQGLFDUSUREOHPDVItVLFRVDPELHQWDLVGHQWURGHVXDFDVDRXORFDO GHWUDEDOKR

'HVFUHYHVH HP XP HVWXGR TXH D ERD SRVWXUD p R HTXLOtEULR HQWUH DV HVWUXWXUDVGHVXSRUWHGRFRUSRP~VFXORVRVVRVOLJDPHQWRVHRXWURVGHIRUPDTXH RVPHVPRVHVWHMDPSURWHJLGRVFRQWUDXPDDJUHVVmRRXGHIRUPLGDGHDVVLPVHQGR

DSRVWXUDLGHDOpDTXHHVVHVFRPSRQHQWHVGRFRUSRKXPDQRVHHQFRQWUHPHPXPD SRVLomRTXHQmRVRIUDDJUHVVmR

0iSRVWXUDpUHODWDGDFRPRDTXHODQDTXDOH[LVWHXPDIDOKDQDUHODomRHQWUH

DVHVWUXWXUDVFRUSRUDLVLQGX]LQGRDXPDXPHQWRGHDJUHVVmRDVHVWUXWXUDVGH

VXSRUWH GR FRUSR UHVXOWDQGR HP XP GHVHTXLOtEULR $ SRVWXUD VH OLJD DV FDUDFWHUtVWLFDV ItVLFDV H DQDW{PLFDV H HVWD OLJDGD DV OLPLWDo}HV HVSHFLILFDV REHGHFHQGRDVOHLVGD)tVLFDH%LRPHFkQLFD

$OH[DQGUHPRVWUDFRPRXPDDWLYLGDGHSRGHVHUSUHMXGLFLDOGHYLGRDV PiV SRVWXUDV DGRWDGDV R PHVPR DSUHVHQWRX HP VHX HVWXGR SRVWXUDV H PRYLPHQWRVDGRWDGRVSRU XPORQJR SHUtRGRGH WHPSRHP XPPHVPR WLSRGH WUDEDOKRRQGHREVHUYRXDIHFo}HVPXVFXODUHVHyVVHDVSULQFLSDOPHQWHGDFROXQDH PHPEURVTXHDRSDVVDUGRWHPSRIRUDPFULDQGRGHIRUPLGDGHVHOHV}HV

4

4

4

4

4

4

QDGD PXLWRSRXFR PDLVRXPHQRV EDVWDQWH H[WUHPDPHQWH

2 WUDEDOKR UHDOL]DGR PRVWUD DV YDULDo}HV SRVWXUDLV RFRUULGDV GXUDQWH R SHUtRGRGHWUDEDOKRHFRPRVmRDVGLIHUHQoDVSRVWXUDLVGHLQGLYtGXRVFRPELyWLSRV GLIHUHQWHVHPXPORFDORQGHDVHVWDo}HVGHWUDEDOKRVmRSDGURQL]DGDV

&RPR SRGHPRV REVHUYDU DV YDULDo}HV GRV kQJXORV SRVWXUDLV PHGLGRV GLYHUJHPFRPUHODomRDRELyWLSRGDSHVVRDRQGHSHVVRDVPDLVDOWDVWHQGHPQHVVD HVWDomRGHWUDEDOKRHVWXGDGDDWHUXPPDLRU kQJXORGDUHJLmRFHUYLFDOHPHQRU

kQJXORGRVPHPEURVVXSHULRUHV

2VLQGLYtGXRVFRP,0&PDLVHOHYDGRVWHQGHPDIOH[LRQDUDVSHUQDVTXDQGR

VHQWDGRVHLVVRVHUHODFLRQDDUHWURYHUVmRTXHpHQFRQWUDGDHPSHVVRDVFRP

VREUHSHVR(VVDSRVWXUDDGRWDGDFRPIOH[mRGDVSHUQDVSRGHPWUD]HUGLYHUVRV PDOHItFLRVVHQGRXPGHOHVDGLILFXOGDGHQDFLUFXODomRVDQJXtQHDGHVVHVPHPEURV TXHDFDUUHWDLQFKDoRGHVVHPHPEURGRUHVH DWpPHVPRYDUL]HVDR ORQJRGR WHPSR

2HGHPDGRVPHPEURVLQIHULRUHVpXPIDWRUQDTXHGDGHTXDOLGDGHGHYLGD SRLVJHUDFDQVDoRGRUHVHQVDomRGHSHVR$IDOWDGHDFRPSDQKDPHQWRGHVVHV LQGLYtGXRV PDLV R FRPSRUWDPHQWR WDQWR DOLPHQWDU TXDQWR ItVLFR H SRVVtYHLV SDWRORJLDVDVVRFLDGDVSRGHPOHYDUDXPDGHVFRPSHQVDomRGRVLVWHPDYHQRVR FXMDFRPSOLFDomRSRGHFXOPLQDUHPXPDLQVXILFLrQFLDYHQRVDFU{QLFD

&RPUHODomRDRVPHPEURVVXSHULRUHVYLPRVXPDPHOKRUDTXDQGRRDVVHQWR LQFOLQDGRDDQJXODomRREWHYHXPDPHOKRUDDWpPHVPRGHYLGRDRDXPHQWRGDDOWXUD GD FDGHLUD ID]HQGR FRP TXH RV PHPEURV HVWLYHVVHP HP SRVLo}HV PDLV FRQIRUWiYHLV2VSXQKRVYHPRVQDVLPDJHQVFROHWDGDVODWHUDOPHQWHpXPSUREOHPD GLVWLQWRTXHWDPEpPGHYHVHUOHYDGRHPFRQVLGHUDomRRXVRGRPRXVHHGRWHFODGR

DIHWDPXLWRVXDSRVLomRTXHSURORQJDGDSRGHVHUDOYRGHSDWRORJLDVLQFOXVLYHGD

VtQGURPHGRW~QHOGRFDUSR

,QIODPDo}HV GRV P~VFXORV WHQG}HV IiVFLDV H QHUYRV GRV PHPEURV

VXSHULRUHVYrPFKDPDQGRDWHQomRSHORDXPHQWRGHVXDLQFLGrQFLD(QFRQWUDVH HQWUH VXDV RULJHQV DV DWLYLGDGHV TXH H[LJHP HVIRUoRV SRVWXUDV LQDGHTXDGDV UHSHWLWLYLGDGHHFRPSUHVVmRPHFkQLFDGDVHVWUXWXUDVGRPHPEURVXSHULRU

1RVLQGLYtGXRVDQDOLVDGRVYLPRVYDULDVGLIHUHQoDVFRPUHODomRDDQDOLVH SRVWXUDO GD FROXQD YHUWHEUDO'HQWUH DV DQDOLVHV REVHUYDPRV TXH D FHUYLFDO p

DIHWDGD SULQFLSDOPHQWH SHOD EDL[D DOWXUD GR PRQLWRU D PDLRULD GRV DYDOLDGRV

WUDEDOKRSRGHWUD]HUGLYHUVRVPDOHItFLRVFRPRUHODWDGRSRU,,'$RSHVRGD

FDEHoDLQFOLQDGDSDUDIUHQWHSRGHWUD]HUXPSHVRH[WUDDRFRQMXQWRGHDWpNJRTXH FDXVDXPDIDGLJDPXVFXODUDFRPSDQKDGDGHGRUHV

$VVtQGURPHVGRORURVDVPLRIDVFLDLVGDUHJLmRFHUYLFDOpDSULQFLSDODIHFomR GDUHJLmRFHUYLFDOHODpFDXVDGDSRUDQRUPDOLGDGHVGHJHQHUDWLYDVLQIODPDWyULDV

DWLYLGDGHVRFXSDFLRQDLVHVWUHVVHVDQVLHGDGHHGHSUHVVmR(VVDVSRGHPWDPEpP

DFRPSDQKDUDVKpUQLDVGLVFDLVWUDXPDWLVPRVLQIHFo}HVHWXPRUHV$GRURFRUUH QRUPDOPHQWHHPSHVVRDVSURSHQVDVDOHV}HVFHUYLFDLVRXRFXSDFLRQDLV

2XWUR IDWRU LPSRUWDQWH QDV DYDOLDo}HV GD UHJLmR FHUYLFDO IRL R UHVXOWDGR FRPSDUDGRHQWUHRVDVVHQWRVLQFOLQDGRVHRVQRUPDLVSRGHPRVREVHUYDUTXHKRXYH XPDPHOKRUDHPPHWDGHGRVDYDOLDGRVLVVRGHYLGRDLQFOLQDomRDQWHULRUGDFDGHLUD TXHPHOKRURXRFDPSRGHYLVmRSRUpPDRXWUDSDUWHGRVDYDOLDGRVQmRWLYHUDPXPD PHOKRUDVHQGRTXHXPDQmRIRLSRVVtYHOUHDOL]DUDFROHWDGRkQJXORGHVVDUHJLmR

1DUHJLmR WRUiFLFDD PHOKRUDGD DQJXODomR FRP R DVVHQWRLQFOLQDGR IRL SUHYDOHQWH QD PDLRULD GRV DYDOLDGRV GHVVD IRUPD SRGHPRV YHU XP UHVXOWDGR

VLJQLILFDQWHSDUDHVWHWLSRGHDVVHQWRTXDQGRUHODFLRQDGRDHVVDUHJLmRGDFROXQDe XPD PHOKRUD LPSRUWDQWH SDUD VH HYLWDU XPD SRVWXUD DUFDGD TXH SRGH JHUDU

DIHFo}HVHGHVYLRVSRVWXUDLVFRPRWHPSR

$VSULQFLSDLVHWLRORJLDVGDGRUVDOJLDSRGHPHVWDUUHODFLRQDGDVDYLVFHURSDWLDV FRPRDIHFo}HVSXOPRQDUHVRXSOHXUDLVLQIHFFLRVDVFRPRDRVWHPLHOLWHHLQIHFo}HV GLVFDLVWXPRUDOPHWDEyOLFDVFRPRDRVWHRSRURVHHDGLDEHWHPHOOLWXVHDVSULQFLSDLV TXHVmRDVPHFkQLFDV$VPHFkQLFDVVHHQFDL[DPQRTXHEXVFDPRVHYLWDUFRPD UHDOL]DomRGHVWHWUDEDOKR H HODHVWD DVVRFLDGD DV KpUQLDVGLVFDLV RVWHRDUWULWH HVWHQRVHGRFDQDOYHUWHEUDOIUDWXUDVHDVVtQGURPHVGRORURVDVPLRIDVFLDLVTXHVmR

DVPDLVFRPXQVGDUHJLmRWRUiFLFD(VVDVtQGURPHDSDUHFHPXLWDVYH]HVSHODPi SRVWXUDHRH[FHVVRGHXVRGDPXVFXODWXUDGHVVDUHJLmRSRGHQGRHVWDUDVVRFLDGR WDPEpPFRPRVREUHSHVRGRLQGLYLGXR

$UHJLmRORPEDUpXPDGDVPDLVDIHWDGDVSRUDIHFo}HVHFRQVHTHQWHPHQWH SRUGRUHV1HVVHHVWXGRYLPRVTXHRVUHVXOWDGRVFRPRDVVHQWRHPLQFOLQDomRQmR IDYRUHFHUDP HVVD UHJLmR DSUHVHQWDUDP PDLRU GLIHUHQoD GH DQJXODomR TXDQGR FRPSDUDGRFRPDSRVLomRRUWRVWiWLFDDVVLPDFRQGLomRLPSRVWDVREUHHVVDUHJLmR SRGHVHUSUHMXGLFLDOHWUD]HUSRVVtYHLVDOWHUDo}HVSRVWXUDLVHGRORURVDV

SUHVVmRLQWUDGLVFDOUHVLVWrQFLDPXVFXODUWUDEDOKRItVLFROHYDQWDPHQWRGHSHVRRX LQFOLQDomRHIHLWRVLQIODPDWyULRVWHQGRTXHOHYDUHPFRQVLGHUDomRWDPEpPRELyWLSR GDSHVVRDVHQGRTXHQRVREHVRVDSURSHQVmRGHVHWHUXPDGRUORPEDUpPXLWR PDLRUDVVLP FRPRHP SHVVRDVGH DOWDHVWDWXUD $FRQMXJDomR HQWUHORFDO GH WUDEDOKRLQDGHTXDGRSDUDRELyWLSRGDSHVVRDHHVWUHVVHRFXSDFLRQDOSRGHVHUXP IDWRUUHOHYDQWHSDUDRGHVHQFDGHDPHQWRGDORPEDOJLD

(VVHWUDEDOKRLGHQWLILFDDVDOWHUDo}HVPDLVFRPXQVVRIULGDVSHODSRVWXUDQD HVWDomRGHWUDEDOKRTXDQGRQmRVHHPSUHJDDYR]GRWHUDSHXWDSDUDFRUUHomR HVVDVSRVWXUDVDGRWDGDVSRGHPYLUDWUD]HUSUHMXt]RVSRVWXUDLVIXWXURVTXHSRGHP LQWHUIHULUGLUHWDPHQWHQDTXDOLGDGHGHYLGDGHVVHVLQGLYtGXRV&RPRREVHUYDGRD KLSHUFLIRVHWRUiFLFDIRL DDOWHUDomRPDLV FRPXPLGHQWLILFDGDTXDQGR XWLOL]DGRR

DVVHQWRQDSRVLomRKRUL]RQWDOGLIHUHQWHPHQWHGHTXDQGRVHXWLOL]DRDVVHQWRFRP LQFOLQDomRGHžQHVWDSRGHPRVREVHUYDUXPDUHWLILFDomRORPEDURTXHWDPEpP SRGHWUD]HUSUHMXt]RVHGHSHQGHQGRGRJUDXGHREHVLGDGHGRLQGLYLGXRDWpPHVPR KpUQLDVGLVFDLVTXHVHFDUDFWHUL]DFRPRXPDOHVmRJUDYH

$KpUQLDGHGLVFRpXPDGHVRUGHPP~VFXORHVTXHOpWLFDTXHYHPVHQGRPXLWR IUHTHQWHHQWUHWRGDSRSXODomRHODpDSULQFLSDOUHVSRQViYHOSHODORPERFLDWDOJLDe XPSURFHVVRHPTXHRFRUUHDUXSWXUDGRDQHOILEURVRFRPGHVORFDPHQWRGDPDVVD FHQWUDOGRVGLVFRVQRHVSDoRLQWHUYHUWHEUDOFRPXQVQRDVSHFWRGRUVDOHGRUVR

ODWHUDO2VSUREOHPDVJHUDGRVSRUHVVDOHVmRWrPVLGRDVUD]}HVPDLVIUHTHQWHVGH GLVSHQVDGRWUDEDOKRSRULQFDSDFLGDGH

$VGRUHVFDXVDGDVSHODKpUQLDVHGmRSHODGHJHQHUDomRGRVGLVFRVHSHOD HVWHQRVH GR FDQDO HVSLQDO SRUpP HVVHV SURFHVVRV QmR VmR SRU VL Vy RV UHVSRQViYHLVSRUHVVDGRUGHYHVHWDPEpPOHYDUHPFRQVLGHUDomRDFRPSUHVVmR PHFkQLFDHDVPXGDQoDVLQIODPDWyULDVDRUHGRUGRVGLVFRVHGDUDL]GRQHUYR

'HVVD IRUPD p PXLWR LPSRUWDQWH R XVR GD JLQiVWLFD ODERUDO H GRV

DORQJDPHQWRVGXUDQWHRSHUtRGRGHWUDEDOKRFRPDLQWHQomRGHDOLYLDUDVWHQV}HV ([LVWHPGLILFXOGDGHVGHLPSOHPHQWDUHVVHWLSRGHVHUYLoRGHQWURGDVHPSUHVDVQmR

VySHODGLILFXOGDGHGHDFHLWDomRGRIXQFLRQiULRFRPRWDPEpPRVFXVWRVJHUDGRV SDUDDHPSUHVDTXHPXLWDVYH]HVQHJDPHVVHUHFXUVRSRUGLPLQXLUXPSRXFRD GHPDQGDGHSURGXomR3RUpPYDOHUHVVDOWDUTXHXPIXQFLRQiULRVDXGiYHOUHQGH PXLWRPDLVRTXHUHOHYDDLPSRUWkQFLDGHVVHTXHVLWRGHQWURGDVHPSUHVDV

VHQWDGRIRFDQGRVHPSUHDVGLVIXQo}HVYLVWDVQDDYDOLDomR 2EVHUYDPRVTXHQD PDLRULD GRV LQGLYtGXRV RV DORQJDPHQWRV IRUDP LJXDLV SULRUL]DQGR RV P~VFXORV SRVWHULRUHVGDVSHUQDVUHJLmRFHUYLFDOIOH[RUHVHH[WHQVRUHVGRSXQKRHUHJLmR

DQWHULRUGRWURQFRIRUDPDORQJDPHQWRVVLPSOHVHUiSLGRVTXHSRXFRLQWHUIHULULDPHP

VXDSURGXWLYLGDGHHDLQGDOKHWUDULDPPXLWRVEHQHItFLRV

*LQiVWLFD/DERUDOQDGDPDLVpTXHH[HUFtFLRVUHDOL]DGRVQRORFDOGHWUDEDOKR FRPGXUDomRGHDWpPLQXWRVHDWXDGHIRUPDDSUHYHQLURVFDVRVGHOHV}HV HQIDWL]DQGRRDORQJDPHQWRHDFRPSHQVDomRGDVHVWUXWXUDVPXVFXODUHVHQYROYLGDV QDVWDUHIDVRFXSDFLRQDLV

&216,'(5$d®(6),1$,6

2PpWRGRHVWXGDGRSRUDOJXQVDXWRUHVFRPUHODomRDRDVVHQWRLQFOLQDGRWHP

DOJXQV UHVXOWDGRV SRVLWLYRV SRUpP FRPR YLPRV QHVWH WUDEDOKR QHP WRGDV DV SHVVRDVVHDGDSWDPFRUUHWDPHQWHDHOHVHQGRTXHVHPLQVWUXo}HVHVVHVLQGLYtGXRV

VHQWDPHVHDGDSWDPDVPXGDQoDVFRQIRUPHDSRVLomRDGTXLULGDOKHSURSRUFLRQD PDLRUFRQIRUWR QmRTXH HVVD SRVLomRVHMD DPDLV EHQpILFDPDLV VLPD PDLV FRQIRUWiYHOQRPRPHQWR

eLPSRVVtYHOPDQWHUXPDSRVLomRFRUUHWDRULHQWDGDSRUXPWHUDSHXWDHP XPORQJRSHUtRGRGHWHPSRMiTXHDSRVLomRVHQWDGDPHVPRFRUUHWDPHQWH FRP R WHPSR JHUD GHVFRQIRUWRV TXH ID]HP FRP TXH D SHVVRD GHVORTXH R FRUSRSDUDSRVLo}HVLQFRUUHWDVDILPGHOKHSURSRUFLRQDUXPPDLRUFRQIRUWRH HYLWDUSRVVtYHLVGRUHV

0RVWUDPRVDLQGDTXHDSRVLomRVHQWDGDQDHVWDomRGHWUDEDOKRUHIHULGD LQWHUIHUHHPWRGDHVWUXWXUDFRUSRUDOVHJXLGDSHORVPHPEURVVXSHULRUHVTXHSRGHP HVWDUHPXPDIOH[mRH[DJHUDGDRXDWpPHVPRSHODFRPSUHVVmRPHFkQLFDGRV SXQKRV

&ROXQD YHUWHEUDO WHP WRGD VXD HVWUXWXUD DQDW{PLFD PRGLILFDGD WDQWR QR

DVVHQWRKRUL]RQWDOTXDQWRQRLQFOLQDGRVHQGRTXHREVHUYDPRVXPDPDLRUIOH[mRGD FHUYLFDOHGDWRUiFLFDHXPDUHWLILFDomRORPEDUTXHSRUXPSHUtRGRSURORQJDGRSRGH

VHUXPDJUDYDQWHQmRVRPHQWHQDSRVWXUDPDLVWDPEpPSRGHYLUDRFDVLRQDUD KpUQLDGHGLVFRWXGRLVVRGHYLGRDRDXPHQWRGDSUHVVmRJHUDGDSHORSHVRGRFRUSR

VREUHDFROXQDQDSRVLomRVHQWDGD

$SRVLomRGRVPHPEURVLQIHULRUHVPXLWDVYH]HVpDGRWDGDHPIOH[mRHP

DOJXQVFDVRVH[DJHUDGDPHQWHRTXHSRGHRFDVLRQDUQmRVySUREOHPDVPXVFXODUHV HQHUYRVRVFRPRWDPEpPSUREOHPDVJUDYHVQDFLUFXODomRTXHRFDVLRQDPHGHPDV PXLWDVYH]HVVHJXLGRVGHGRU(VVHVSUREOHPDVDORQJRSUD]RSRGHPVHDJUDYDUH JHUDUYDUL]HV

8PDGDVDGDSWDo}HVTXHYLPRVUHVXOWDGRpDHOHYDomRGRPRQLWRUSDUD SHVVRDVGHDOWDHVWDWXUDHVVDLQIOXHQFLDQDGLPLQXLomRGDIOH[mRFHUYLFDOHWHULD ERQVUHVXOWDGRV

(P YLVWD GLVVR UHIHULPRV TXH R LQYHVWLPHQWR FOtQLFR SDUD DWHQomR H LQVWUXomR VREUH SRVWXUD DOpP GD JLQiVWLFD ODERUDO WHULD PHOKRUHV UHVXOWDGRV FRP UHODomR D FHUWDV DGDSWDo}HV FRPR R DVVHQWR LQFOLQDGR 3RLV FRP XP WHUDSHXWDYROWDGRDHVVHH[HUFtFLRRVEHQHItFLRVVHULDPPDLRUHV2WHUDSHXWD LQVWUXLQGR RV GHYLGRV DORQJDPHQWRV TXH SRGHP VHU UHDOL]DGRV QR SUySULR ORFDO GH WUDEDOKR HP SHUtRGRV GHWHUPLQDGRV PHOKRUDULD D TXDOLGDGH GH YLGD GRV WUDEDOKDGRUHV H HYLWDULD SRVVtYHLV PDOHItFLRV SHOD SRVWXUD LQFRUUHWD DGTXLULGDDRORQJRGRGLD

$VVLPSRGHPRVGL]HUTXHRFXVWREHQHILFLRGHWHUXPWHUDSHXWDLQVWUXLQGRRV WUDEDOKDGRUHVQRORFDOGHWUDEDOKRpPXLWRPDLRUHLPSRUWDQWHTXHUHDOL]DUPXLWDV

DGDSWDo}HVTXHJHUDULDPDOWRVFXVWRVHDLQGDDVVLPQmRWHULDPERQVUHVXOWDGRV GHYLGRDDWLWXGHFRPSRUWDPHQWDOGRFRUSRGHFDGDLQGLYLGXR

2XVHMDGLPLQXLULDFXVWRVPDWHULDLVHDEULULDPDLVSRVWRVGHWUDEDOKRSDUD ILVLRWHUDSHXWDVRFXSDFLRQDLV

5()(5Ç1&,$6%,%/,2*5È),&$6

%UXQQVWURP6&LQHVLRORJLD&OtQLFDGH%UXQQVWURP6mR3DXOR0DQROH

0DJHH'-$YDOLDomR0~VFXORHVTXHOpWLFD(G6mR3DXOR(G0DQROH SS

.LVVQHU&&ROE\/$([HUFtFLRVWHUDSrXWLFRV±)XQGDPHQWRVH7pFQLFDV(G 6mR3DXOR(G0DQROHSS

0DQVROR $& 1REUH '3 $YDOLDomR SRVWXUDO HP QDGDGRUHV IHGHUDGRV SUDWLFDQWHVGRQDGRERUEROHWDQDVSURYDVGHHPHWURV20XQGRGD6D~GH

.DSDQGML$,)LVLRORJLD$UWLFXODU±7URQFRH&ROXQD9HUWHEUDOHGLomR(GLWRULDO 0pGLFD3DQDPHULFDQD

.QRSOLFK-(QIHUPLGDGHVGD&ROXQD9HUWHEUDOXPDYLVmRFOtQLFDHILVLRWHUiSLFD

5REH(GLWRULDO(GLomR

:LQWHU'$%LRPHFKDQLFVRIKXPDQPRYHPHQWH1HZ<RUN-RKQ:LOH\

$PDGLR$&&RVWD3+&6DFFR,&16HUUmR-&$UDXMR5&0RFKL]XNL

/'XDUWH0,QWURGXomRjDQiOLVHGRPRYLPHQWRKXPDQR±GHVFULomRHDSOLFDomR GRVPpWRGRVGHPHGLomR5HY%UDV)LVLR±

2OLYHU-PLGGOHGLFK$$QDWRPLDIXQFLRQDOGDFROXQDYHUWHEUDO6mR3DXOR 5HYLQWHU

&RXU\ +-& 3URJUDPD DXWRLQVWUXFLRQDO SDUD R FRQWUROH GH GHVFRQIRUWRV SRVWXUDLV HP LQGLYtGXRV TXH WUDEDOKDP VHQWDGRV 'LVVHUWDomR GH GRXWRUDGR

)DFXOGDGHGH(GXFDomR8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV&DPSLQDV SS

6WDPPHUV 5 3DWULFN - 7KH SV\FKRORJ\ RI WUDLQLQJ (G0HWKXHQ

/RQGUHV

*UDQGMHDQ(0DQXDOGHHUJRQRPLDDGDSWDQGRRWUDEDOKRDRKRPHP3RUWR $OHJUH$UWHV0pGLFDV

$GDPV0$+XWWRQ:&7KHHIIHFWRISRVWXUHRQWKHUROHRIDSRSK\VHDOMRLQWV

LQUHVLVWLQJLQWHUYHUWHEUDOFRPSUHVVLYHIRUFHV-%RQH-W6XUJ

,LGD,(UJRQRPLDSURMHWRHSURGXomR6mR3DXOR(GJUDG%OFKHU

9LHO((VQDXOW0/RPEDOJLDVH&HUYLFDOJLDVGD3RVLomR6HQWDGD6mR3DXOR (GLWRUD0DQROH

0RUDHV$'LDJQyVWLFRHUJRQ{PLFRGRVSRVWRVGHWUDEDOKRGRGLJLWDGRU7HVHGH 'RXWRUDGR&(VFRODGHFRPXQLFDomR8QLYHUVLGDGHGR5LRGH-DQHLUR

1DFKHPVRQ $ (OIVWURP * ,QWUDYLWDO '\QDPLF 3UHVVXUH 0HDVXUHPHQWV LQ /XPEDU'LVFV6FDQ-5HKDELOLWDWLRQ0HGLFLQH

3DQHUR- =HOQLN0 /DV GLPHQVLRQHV KXPDQDVHQORVHVSDFLRVLQWHULRUV HVWDQGiUHVDQWURSRPpWULFRV%DUFHORQD*XVWDYR*LOLS

0DQGDO$&7KHVHDWHGPDQ+RPR6HGHQV7KHVHDWZRUNSRVLWLRQ7KHRU\

DQGSUDFWLFH$SSOLHG(UJRQRPLFV

(NOXQG-$(&RUOHWW(1([SHULPHQWDODQGELRPHFKDQLFDQDO\VLVRIVHDWLQJ

,Q 7KH(UJRQRPLFV RI :RUNLQJ3RVWXUHV (GV 1 &RUOHWW- :LOVRQDQG , 0DQHQLFD7D\ORU )UDQFLV/RQGRQDQG3KLODGHOSKLD

.QRSOLFK-(QGLUHLWHDVFRVWDV6mR3DXOR,%5$6$

$OH[DQGUH 10& &RQWULEXLomR DR HVWXGR GDV FHUYLFRGRUVRORPEDOJLDV HP SURILVVLRQDLVGHHQIHUPDJHP5LEHLUmR3UHWRS7HVH'RXWRUDGR(VFROD GH(QIHUPDJHPGH5LEHLUmR3UHWR8QLYHUVLGDGHGH6mR3DXOR

%HOF]DN &(4 *RGR\ -03 6HLGHO $& 6LOYD -$ &DYDOKHUL *-U %HOF]DN64 ,QIOXrQFLDGDDWLYLGDGHGLiULDQDYROXPHWULDGRVPHPEURVLQIHULRUHV PHGLGDSRUSHULPHWULDHSRUSOHWLVPRJUDILDGHiJXD-9DVF%UDV

%HOF]DN&(4&DYDOKHUL *-U *RGR\-03&DIIDUR 5$%HOF]DN64

5HODomRHQWUHDPRELOLGDGHGDDUWLFXODomRWDORFUXUDOHD~OFHUDYHQRVD-9DVF%UDV

&DVWUR0GH&&KURQLFYHQRXVLQVXIILFLHQF\RIWKHORZHUOLPEVDQGLWVVRFLR HFRQRPLFVLJQLILFDQFH,QW$QJLRO

5HJLV)*/RSHV0&$VSHFWRVHSLGHPLROyJLFRVHHUJRQ{PLFRVGHOHV}HVSRU HVIRUoRUHSHWLWLYRHPFLUXUJL}HVGHQWLVWDV5HY$3&'

%RQLFD--6ROD$(1HFNSDLQ,Q%RQLFD--HG7KHPDQDJHPHQWRISDLQ

HG3KLODGHOSKLD/HD )HELJHUS

7UDYHOO-*6LPRQV'*0\RIDVFLDOSDLQDQGG\VIXQFWLRQWKHWULJJHUSRLQW

PDQXDOHG3KLODGHOSKLD:LOOLDPVDQG:LONLQVYSW

0F&DLQ *$ )LEURP\DOJLD DQG P\RIDVFLDOSDLQV\QGURPHV ,Q :DOO 3' 0HO]DFN 5HG7H[WERRN RISDLQ HG(GLQEXUJK &KXUFKLOO /LYLQJVWRQ

S

&RXWR+$(UJRQRPLDUHDOLGDGHLQVWLJDQWH5HYLVWDSURWHomR6mR3DXOR03)

3XEOLFDo}HVHGDQR;,,,SVHW

&KLDUDGLD-0(UJRQRPLDHRVHIHLWRVGDJOREDOL]DomR 5HYLVWD&,3$ 1RYR

+DPEXUJRHGSDQR;;,PDUoR

%DUURV )ž7 %DVLOH -U5 &ROXQD YHUWHEUDO 'LDJQyVWLFR H 7DWDPHQWR GDV 3ULQFLSDLV3DWRORJLDV6DUYLHU(GLWRUD6mR3DXORS

$WODV6-&KDQJ<.DPPDQQ(.HOOHU5%'H\R5$6LQJHU'(/RQJ WHUPGLVDELOLW\DQGUHWXUQWRZRUNDPRQJSDWLHQWVZKRKDYHDKHUQLDWHGOXPEDUGLVF

WKHHIIHFWRIGLVDELOLW\FRPSHQVDWLRQ-%RQH-RLQW6XUJ$P

0DJQDHV%6XUJLFDOWUHDWPHQWRIORZEDFNSDLQ7LGVVNU 1RU/DHJHIRUHQ

&RUWHW%%RXUJHRLV3&DXVHVDQGPHFKDQLVPVRIVFLDWLFDSDLQV9HU3UDW

&DxHWH,'HVDILRGDHPSUHVDPRGHUQDDJLQiVWLFDODERUDOFRPRXPFDPLQKR

HG6mR3DXORËFRQH

$1(;2$

$1(;2%

7(502'(&216(17,0(172/,95(((6&/$5(&,'2

7tWXORGR3URMHWR³$YDOLDomR3RVWXUDO&RPSXWDGRUL]DGDGH&RODERUDGRUHVQR$PELHQWHGH7UDEDOKR´

3HVTXLVDGRU-HIIHUVRQ%XUJR3HULJROR

(QGHUHoR5XD3ULPHLURGH0DUoR-D~±63

&RQWDWRHPDLOMHIIHUVRQEXUJR#KRWPDLOFRP

(VWHSURMHWRGHSHVTXLVDYLVDDQDOLVDUVXDSRVWXUDHPDPELHQWHGHWUDEDOKRSDUDLGHQWLILFDUPRVRV

SRVVtYHLVHUURVSRVWXUDLVHGRDPELHQWHGHWUDEDOKRFRPDILQDOLGDGHGHPHOKRUDUPRVVXDTXDOLGDGHGHYLGDH

FULDUPRVIRUPDVGH DGDSWDomR HYLWDQGR SRVVtYHLV SUREOHPDV GH SRVWXUDRXDWp PHVPR SUREOHPDV Mi

LGHQWLILFDGRV

+RMHHPGLDDPiSRVWXUDpLGHQWLILFDGDFRPRXPSUREOHPDGHVD~GHS~EOLFDSRGHQGRDWLQJLUPLOK}HV

GHSHVVRDVDPiSRVWXUDSULQFLSDOPHQWHHPDPELHQWHWUDEDOKRORFDORQGHSDVVDPRVDPDLRUSDUWHGRGLD

SRGHWUD]HUSUREOHPDVGHVD~GHFRPRGRUHVHGHVYLRVSRVWXUDLVFRPRDHVFROLRVHTXHLGHQWLILFDPRVFRPRR

GHVYLRGDFROXQDSDUDRODGRTXDQGRROKDPRVXPDSHVVRDSHODVFRVWDVHVVHVSUREOHPDVSRGHPVHDJUDYDU

FRPRWHPSRHSUHMXGLFDUVXDTXDOLGDGHGHYLGDDVVLPHVVHSURMHWRYLVDDQDOLVDUVXDSRVWXUDQRDPELHQWHGH

WUDEDOKRSDUDPHOKRUDUPRVVXDTXDOLGDGHGHYLGD

3DUDDYDOLDomRGDSRVWXUDVHUmRWLUDGDVIRWRJUDILDVGHYRFrQDSRVLomRVHQWDGDHHPSpFRPURXSD

DSURSULDGDGLVSRQLELOL]DUHPRVEDQKHLURSDUDDWURFDGHURXSDVHQHFHVViULRHORFDOVHSDUDGRSDUDDFDSWXUDGH

LPDJHQVSUHVHUYDQGRVXDLQWHJULGDGHVHUmRWLUDGDVIRWRVODWHUDLVGHIUHQWHHGHFRVWDVFRPYRFrVHQWDGRQD

FDGHLUDFRPPHVDHPIUHQWHDRFRPSXWDGRUTXHGLVSRQLELOL]DUHPRVHGHSRLVHPSpHPIUHQWHDXPDSDUHGHHP

ORFDOUHVHUYDGR7RGDVDVIRWRJUDILDVVHUmRLGHQWLILFDGDVSHODVLQLFLDLVGHVHXVQRPHVHDVPHVPDVVHUmR

ODQoDGDVHPXPSURJUDPDGHFRPSXWDGRUTXHDMXGDRSHVTXLVDGRUDDQDOLVDUVXDSRVWXUDDVIRWRJUDILDVVHUmR

WDUMDGDVSUHVHUYDQGRVXDLGHQWLGDGHHSRGHUmRVHUXWLOL]DGDVQRWUDEDOKRFRPRIRUPDGHDYDOLDomR

$SyVDFDSWXUDGDVLPDJHQVVHUiDSOLFDGRXPTXHVWLRQiULRFRPGLYHUVDVTXHVW}HVVREUHVXDTXDOLGDGH

GHYLGDFRPDILQDOLGDGHGHLGHQWLILFDUDTXDOLGDGHGHVD~GHItVLFDHPHQWDOGRWUDEDOKDGRUHPTXHVWmR

$TXHOHV TXH IRUQHFHUHP GDGRV HVSRQWDQHDPHQWH SyVHVFODUHFLPHQWR WHUmR VXDV LGHQWLGDGHV

SUHVHUYDGDVPHVPRDSyVFRQFOXVmRGRWUDEDOKR

(VWHSURMHWRQmRWUDUi{QXVILQDQFHLURRXTXDOTXHURXWURSUREOHPDLQVWLWXFLRQDODRSDUWLFLSDQWHFDVRKDMD

G~YLGDVHPTXDOTXHUPRPHQWRSRGHUiHQWUDUHPFRQWDWRFRPRSHVTXLVDGRUHFDVRKDMDG~YLGDVREUHR

SURFHVVRpWLFRGDSHVTXLVDSRGHUiWDPEpPHQWUDUHPFRQWDWRFRPR&RRUGHQDGRUGR&RPLWrGHeWLFDHP

3HVTXLVDGD)XQGDomR$PDUDO&DUYDOKR'UeGHUVRQ 5REHUWRGH0DWWRVDWUDYpVGRWHOHIRQH

UDPDO

2SURMHWRQmRSUHYrQHQKXPWLSRGHUHVVDUFLPHQWRDRSDUWLFLSDQWHTXHGHYHUiID]rORSRUOLYUHH

(VWHWHUPRHPGXDVYLDVFHUWLILFDTXHHXFRQFRUGRHPSDUWLFLSDUYROXQWDULDPHQWHGDSHVTXLVD PHQFLRQDGDIRUQHFHQGRWRGRVRVGDGRVVROLFLWDGRV

(VWRXFLHQWHGHTXHRDQRQLPDWRGDTXHOHVTXHFRQWULEXtUHPFRPRVGDGRVIRUQHFLGRVSRGHUiRXQmR

FRQWULEXLUSDUDDPHOKRULDGDTXDOLGDGHGHYLGDGRVLQGLYtGXRVHPDPELHQWHGHWUDEDOKR

(VWRXFLHQWHGHTXHDSHVTXLVDQmRLPSOLFDUiHPULVFRVDPLQKDSHVVRD

)LQDOL]DQGRIXLHVFODUHFLGRVREUHWRGRRSURMHWRHGHTXHWRGDVDVG~YLGDVTXHVXUJLUHPSRGHUmRVHU

HVFODUHFLGDVSHORSHVTXLVDGRUDRGHFRUUHUGRSURMHWREHPFRPRSRGHUHLWHUDFHVVRDRVUHVXOWDGRVILQDLVGHVVH

SURMHWRFDVRWHQKDLQWHUHVVH

(XBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBDEDL[RDVVLQDGRFRQFRUGRHPSDUWLFLSDUGR

HVWXGR³$YDOLDomR3RVWXUDO&RPSXWDGRUL]DGDGH&RODERUDGRUHVQR$PELHQWHGH7UDEDOKR´FRPRVXMHLWR

)XLGHYLGDPHQWHLQIRUPDGRHHVFODUHFLGRSHORSHVTXLVDGRU-HIIHUVRQ%XUJR3HULJRORVREUHDSHVTXLVDRV

SURFHGLPHQWRVQHODHQYROYLGRVDVVLPFRPRRVSRVVtYHLVULVFRVHEHQHItFLRVGHFRUUHQWHVGHPLQKDSDUWLFLSDomR

)RLPHJDUDQWLGRRVLJLORGDVLQIRUPDo}HVHTXHSRVVRUHWLUDUPHXFRQVHQWLPHQWRDTXDOTXHUPRPHQWRVHPTXH

LVWROHYHjTXDOTXHUSHQDOLGDGH

/RFDOHGDWDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

1RPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

$VVLQDWXUDGRVXMHLWRRXUHVSRQViYHOBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

3HVTXLVDGRU-HIIHUVRQ%XUJR3HULJROR

$VVLQDWXUDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

'DWDBBBBBBBBBBBGHBBBBBBBBBBBBBBBBBBBBBBGH