Corpos modernos e vigorexia na rede social virtual: ideais midiáticos e suas influências na imagem corporal masculina

81,9(56,'$'((67$'8$/3$8/,67$ ´-Ô/,2'(0(648,7$),/+2µ ,167,7872'(%,2&,È1&,$6²5,2 &/$52

XQHVS

)/$9,2)5$1&,6&2'(=$1

'LVVHUWDomR DSUHVHQWDGD DR ,QVWLWXWRGH%LRFLrQFLDVGR&DPSXV GH 5LR &ODUR 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD FRPR SDUWH GRV UHTXLVLWRV SDUD REWHQomR GR WtWXOR GH 0HVWUH HP 'HVHQYROYLPHQWR +XPDQRH7HFQRORJLDV

81,9(56,'$'((67$'8$/3$8/,67$ ,167,7872'(%,2&,È1&,$6

&2532602'(5126(9,*25(;,$1$5('(62&,$/9,578$/ ,'($,60,',É7,&26(68$6,1)/8È1&,$61$,0$*(0&25325$/

0$6&8/,1$

)/$9,2)5$1&,6&2'(=$1 2ULHQWDGRU3URI'U$)2162$1721,20$&+$'2

'LVVHUWDomR DSUHVHQWDGD DR ,QVWLWXWR GH %LRFLrQFLDV GR &DPSXV GH 5LR &ODUR 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD FRPR SDUWH GRV UHTXLVLWRV SDUD REWHQomR GR WtWXOR GH 0HVWUHQR33*'HVHQYROYLPHQWR+XPDQRH 7HFQRORJLDV 6XEiUHD GH 7HFQRORJLD &RUSR H &XOWXUD

5,2&/$5263

'H]DQ)ODYLR)UDQFLVFR 'F&RUSRVPRGHUQRVHYLJRUH[LDQDUHGHVRFLDOYLUWXDOLGHDLV PLGLiWLFRVHVXDVLQIOXHQFLDVQDLPDJHPFRUSRUDOPDVFXOLQD )ODYLR)UDQFLVFR'H]DQ5LR&ODUR>VQ@ ILOILJVIRWV 'LVVHUWDomRPHVWUDGR8QLYHUVLGDGH(VWDGXDO 3DXOLVWD,QVWLWXWRGH%LRFLrQFLDVGH5LR&ODUR 2ULHQWDGRU$IRQVR$QWRQLR0DFKDGR

L

'(',&$7Ï5,$

ÈPLQKDILOKD%HDWUL]

&DULQKRVDPHQWHGHGLFRHVWHWUDEDOKRDRVPHXVSDLV-RmRH*LVODLQHH DRVPHXVLUPmRV%UXQRH/DL]

'HGLFR WDPEpP GH PDQHLUD HVSHFLDO j PLQKD HVSRVD 0HOLVVD SRU WRGRVRVPRPHQWRVSDVVDGRVDRORQJRGRGHVHQYROYLPHQWRGHVVHWUDEDOKRH SHORDSRLRHFRQILDQoDLQFRQGLFLRQDLV

$RPHXRULHQWDGRUHDPLJR3URIHVVRU'U$IRQVR$QWRQLR0DFKDGRSHOD RSRUWXQLGDGHFRQILDQoDHLPSRUWkQFLDGHSRVLWDGDVHPPLPSDUDGHVHQYROYHU HVWHWUDEDOKRHVXDVLQ~PHUDVFRQWULEXLo}HV

LL

$*5$'(&,0(1726

$JUDGHoR DRV PHPEURV GR /DERUDWyULR GH (VWXGRV H 3HVTXLVDV HP 3VLFRORJLD GR (VSRUWH ± /(3(63( ± SHODV LQ~PHUDV GLVFXVV}HV TXH HQULTXHFHUDPDLQGDPDLVHVWHWUDEDOKR

0HXV VLQFHURV DJUDGHFLPHQWRV DRV PHPEURV GD EDQFD H[DPLQDGRUD 'DQLHO3UHVRWRH&DUORV0DUWLQVSHODVFRQWULEXLo}HVYDOLRVDV

$JUDGHoRDWRGRVTXHGHPDQHLUDGLUHWDRXLQGLUHWDFRQWULEXtUDPSDUD RGHVHQYROYLPHQWRGHVWHWUDEDOKR

)LQDOL]RPHXVDJUDGHFLPHQWRVID]HQGRXPDMXVWDHVLQFHUDKRPHQDJHP jTXHOH TXH ID] MXV DR WtWXOR GH SURIHVVRU H PDLV DLQGD RULHQWDGRU 3URI 'U $IRQVR$QWRQLR0DFKDGR

08,722%5,*$'2

LLL

(3Ë*5$)(

LY

5(6802

$ DERUGDJHP GR WHPD FRUSR p GH H[WUHPD UHOHYkQFLD HP HVSHFLDO TXDQGR SDVVDPRVDHVWXGDUHQIRTXHVHVSHFLDLVQRVDVVXQWRVUHODFLRQDGRVjYLJRUH[LD HQmRVHPHIHLWRGLUHFLRQiODDRS~EOLFRPDVFXOLQRDSHVDUGHVWHGLVW~UELRGH LPDJHPQmRVHUHVWULQJLUVRPHQWHDRVKRPHQV$WHFQRORJLDVHID]SUHVHQWHQR FRWLGLDQR GDV SHVVRDV HP VXDV PDLV YDULDGDV IRUPDV TXHU VHMD DWUDYpV GD PtGLD GDV WpFQLFDV GH LQWHUYHQomR FLU~UJLFDV QRV SURGXWRV GH EHOH]D DSDUHOKRV SDUD JLQiVWLFD HWF QmR SRGHUtDPRV GHL[DU GH UHVVDOWDU R IDWR GH TXH R FRUSR SDVVD D VHU REMHWR GH GHVHMRV H DWHQo}HV TXH UHPHWHP D VL SUySULRVHXGHVWLQRHFRQVWUXomRQRWRFDQWHDRTXHSRGHRXQmRVHUYDORUL]DGR QD FXOWXUD RQGH HVWH VH LQVHULX $ EXVFD SHOR FRUSR SHUIHLWR WHP R HIHLWR GH SURGX]LUGLVFXUVRVGXSORVTXHVHMXVWLILFDPSRUUHODFLRQDUDVDWLYLGDGHVItVLFDV FRPRSURPRWRUDVGHERDVD~GHHYHtFXORGHFUHGLELOLGDGHVRFLDOEHPFRPRVHU REMHWRGHGHVHMRPDVQmRGHL[DPFODURRXSHORPHQRVQmRID]HPTXHVWmRGH UHYHODU TXDLV RV SURFHVVRV SHORV TXDLV SDVVDP RV TXH Mi DGTXLULUDP R WmR GHVHMDGR FRUSR SHUIHLWR ILFDQGR VRPHQWH VXD LPDJHP FRPR IRQWHV GH LQVSLUDomR H GHVHMR 3DUWLFLSDUDP GHVWH HVWXGR LQGLYtGXRV GR VH[R PDVFXOLQR PDLRUHV GH DQRV H XVXiULRV GD UHGH VRFLDO YLUWXDO 2UNXW 3DUD GHVHQYROYHURHVWXGRXWLOL]DPRQRVGDVXEPLVVmRGHTXHVWLRQiULRVRQOLQHEHP FRPR HQWUHYLVWDV YLD FRPXQLFDomR VtQFURQD HP VXD LQWHUIDFH GH YLGHRFKDPDGD VLWH 061 TXDQGR QHFHVViULR QD WHQWDWLYD GH PLQLPL]DU D DYDOLDomRGHSHUILV³IDNHV´1mRIRUDPDQDOLVDGDVTXHVW}HVVRFLRHFRQ{PLFDV 2 HVWXGR SURFXURX HVWDEHOHFHU FRQH[}HV HQWUH R TXDGUR FRUSRUDO DWXDO FRP LQ~PHUDVH[LJrQFLDVHTXHVW}HVDVHYDORUL]DUTXDQGRSHQVDPRVQRFRUSRH VXDV UHSUHVHQWDo}HV $WXDOPHQWH R FRUSR SRU VL Vy QmR UHSUHVHQWD DOJR VRFLDOPHQWHYDORUL]DGRDPHQRVTXHHVWHMDSHUSDVVDGRSRULQ~PHURVFXLGDGRV TXHRFDUDFWHUL]HFRPRXPFRUSRYDORUL]DGR&RPEDVHQDDQiOLVHHGLVFXVVmR GRVGDGRVSRGHPRVFRQFOXLUTXHRVGLVW~UELRVGHLPDJHPVHID]HPSUHVHQWHV HP JUDQGH Q~PHUR HP XVXiULRV GD UHGH XPD YH] TXH QRVVRV SDUWLFLSDQWHV GHUDPLQGtFLRVVLJQLILFDWLYRVGDRFRUUrQFLDGHYLJRUH[LDHPVHXVGHSRLPHQWRVH LQWHUDo}HV FRP VHXV SDUHV $ UHGH PXQGLDO GH FRPSXWDGRUHV FRP VXDV LQ~PHUDVSRVVLELOLGDGHVpYHtFXORWDPEpPSDUDRHVWDEHOHFLPHQWRGHYtQFXORV HSDGU}HVHVWpWLFRVTXHWUDQVFHQGHPRPXQGRGDVDFDGHPLDVGHJLQiVWLFDH PXVFXODomRpWHUUHQRIpUWLOSDUDFXOWLYRGH³DPL]DGHV´HDPL]DGHVTXHIDoDP VHXVSDUWLFLSDQWHVVHVHQWLUHPDFROKLGRVHYDOLGDGRVHPVHXVHVWLORVGHYLGD 3DODYUDVFKDYH 9LJRUH[LD ,PDJHP FRUSRUDO 5HGH VRFLDO YLUWXDO 'HVHQYROYLPHQWRKXPDQR7HFQRORJLDV

Y

$%675$&7

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´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

.H\ZRUGV9LJRUH[\%RG\LPDJH6RFLDOQHWZRUNLQJVLWH+XPDQGHYHORSPHQW 7HFKQRORJ\

680È5,2

,QWURGXomR

2EMHWLYRV

-XVWLILFDWLYD

5HYLVmRGH/LWHUDWXUD

<XSSLHVH0HWURVVH[XDLV

<XSSLHV

0HWURVVH[XDLV

)RUPDomRGDLPDJHPFRUSRUDOQHJDWLYD

9LJRUH[LD

5HGHV6RFLDLV9LUWXDLV

3URFHGLPHQWRV0HWRGROyJLFRV

3RSXODomR

7UDWDPHQWRGH'DGRV

$QiOLVHHGLVFXVVmRGRVGDGRV

&RQVLGHUDo}HV)LQDLV

5HIHUrQFLDV

$1(;26

$1(;2,

3HUJXQWDV*HUDGRUDVGH(QWHQGLPHQWR

$1(;2,,

3HVVRDVFLWDGDVSHORVSDUWLFLSDQWHVGDSHVTXLVDFRPRUHIHUrQFLDVFRUSRUDLV

$1(;2,,,

&RPXQLGDGHV9LUWXDLVFLWDGDVQRWUDEDOKR

$1(;2,9

,QWURGXomR

$ DERUGDJHP GR WHPD FRUSR FRP XP HQIRTXH HVSHFLDO QRV DVVXQWRV UHODFLRQDGRVjYLJRUH[LDHQmRVHPHIHLWRGLUHFLRQiODDRS~EOLFRPDVFXOLQR KDMD YLVWD TXH HVWH GLVW~UELR GH LPDJHP QmR VH UHVWULQJH VRPHQWH DRV KRPHQVpGHH[WUHPDUHOHYkQFLD

1RV GLDV DWXDLV RQGH D WHFQRORJLD HVWi SUHVHQWH QR FRWLGLDQR GDV SHVVRDV HP VXDV PDLV YDULDGDV IRUPDV TXHU VHMD DWUDYpV GD PtGLD GDV WpFQLFDV GH LQWHUYHQomR FLU~UJLFDV QRV SURGXWRV GH EHOH]D DSDUHOKRV SDUD JLQiVWLFDHWFQmRSRGHUtDPRVGHL[DUGHUHVVDOWDURIDWRGHTXHRFRUSRSDVVD D VHU REMHWRGH GHVHMRV H DWHQo}HV TXH UHPHWHP D VL SUySULR VHX GHVWLQRH FRQVWUXomRQRWRFDQWHDRTXHSRGHRXQmRVHUYDORUL]DGRQDFXOWXUDRQGHHVWH VHLQVHULX

$ EXVFD SHOR FRUSR SHUIHLWR WHP R HIHLWR GH SURGX]LU GLVFXUVRV GXSORV TXHVHMXVWLILFDPSRUUHODFLRQDUDVDWLYLGDGHVItVLFDVFRPRSURPRWRUDVGHERD VD~GHHYHtFXORGHFUHGLELOLGDGHVRFLDOEHPFRPRVHUREMHWRGHGHVHMRPDV QmR GHL[DP FODUR RX SHOR PHQRV QmR ID]HP TXHVWmR GH UHYHODU TXDLV RV SURFHVVRV SHORV TXDLV SDVVDP RV TXH Mi DGTXLULUDP R WmR GHVHMDGR FRUSR SHUIHLWRILFDQGRVRPHQWHVXDLPDJHPFRPRIRQWHVGHLQVSLUDomRHGHVHMR

2 DFHVVR IDFLOLWDGR GH LQIRUPDo}HV SDUD TXH R LQGLYtGXR VH WRUQH UHVSRQViYHOSRUVLHSHODFRQVWUXomRFRUSRUDOUHVYDODQRTXHpVHUYDORUL]DGR HPXPDGHWHUPLQDGDFXOWXUDHpSRFDSRLVYLYHPRVHPXPDFXOWXUDRQGHRV FRUSRV TXH UHSUHVHQWDP YDORU VmR DTXHOHV GLWRV ³VDUDGRV´ FRP PXVFXODWXUD DSDUHQWH DWLYRV VHPSUH HP EXVFD GH XPD EHOH]D SHUIHLWD SRU LVVR WHPRV VHPSUHFRUSRVHPFRQVWUXomR

2VFRUSRVJDQKDPFRQWRUQRVGHWUDQVLWRULHGDGH

2FRUSRTXHWHQKRKRMHSRGHQmRVHUYDORUL]DGRDPDQKmDRSDVVRTXH VHPHHPSHQKDUXPSRXFRPDLVPHOKRUDUPHXVWUHLQDPHQWRVPHDOLPHQWDU PHOKRUSRGHUHLVHUWHURPRGHORGHFRUSRSHUIHLWR

9HPRVTXHVHHVWDEHOHFHXPDUHODomRGHFXOWRDRFRUSRHGHYRWDVHD HOHFRPWDQWRIHUYRUTXDQWRHPpSRFDVQmRWmRGLVWDQWHVTXDQGRVHUHQHJDYD VXD H[LVWrQFLD HQTXDQWR H[SUHVVmR LGHQWLWiULD GD FRQGLomR KXPDQD

2DVFHWLVPRFRUSRUDODGTXLUHQRYRVFRQWRUQRVHVWDEHOHFHPRVUHODo}HV WmR HVWUHLWDV FRP QRVVDV UHGHV GH YDORUHV TXH VRPRV FDSD]HV GH QRV SURSRUFLRQDUSDWRORJLDVUHODFLRQDGDVDHVWDVSUiWLFDV

2VH[HUFtFLRVItVLFRVTXHRXWURUDHUDPVRPHQWHYLVWRVFRPRXPYHtFXOR ~QLFR H LQFRQWHVWH GH SURPRomR GH VD~GH H EHP HVWDU SDVVDP SRU WUDQVIRUPDo}HVVLJQLILFDWLYDV

2DSDUHFLPHQWRGDYLJRUH[LDVXUJHFRPRIRUPDGHH[SUHVVmRFRUSRUDO RXHVWLORGHYLGDFRPRSUHIHUHPUHIHULUDVLSUySULRVRVDFRPHWLGRVSRUHVWH GLVW~UELRGHLPDJHPFXMRREMHWLYRSULQFLSDOpDREWHQomRGRFRUSRSHUIHLWRPDV QXQFDHVWDUVDWLVIHLWRFRPHVWDSHUIHLomR

7DOIDWRpXPDGDVPDQHLUDVGHREWHUPRVLQFLVLYDPHQWHLQGtFLRVGHTXH RFRUSRPDVFXOLQRQmRpVRPHQWHDOJRDVHUFRQVLGHUDGRVRPHQWHFRPRIRUoD GHWUDEDOKRSRLVQRVGLDVDWXDLVVHXYDORUVRFLDOVHGiHPPDLRUPHGLGDjV VXDV IRUPDV H HP VHX HPSHQKR QD DGPLQLVWUDomR H FRQVWDQWHV UHFRQVWUXo}HV

2 LPSDFWR GDV QRYDV WHFQRORJLDV VREUH D FRQVWUXomR GRV FRUSRV QmR GHYH VH OLPLWDU VRPHQWH DRV DSULPRUDPHQWRV FRUSRUDLV DWUDYpV GR GHVHQYROYLPHQWRGHWpFQLFDVFLU~UJLFDVURWLQDVGHH[HUFtFLRVHPDSDUHOKDJHQV PRGHUQDVDGPLQLVWUDomRGHQRYDVGURJDVSDUDDXPHQWRGHPDVVDPXVFXODU HWFGHYHVHDWHQWDUSDUDRIDWRGHTXHHVWDVSHVVRDVTXHHVWmRjSURFXUDGR FRUSRSHUIHLWRHQFRQWUDPQDLQWHUQHWXPPHLRGHGLYXOJDomRSHVTXLVDGHEDWH H DXWRSURPRomR EDVWDQWH HILFLHQWH GH DOFDQFH H SRWHQFLDOLGDGHV ³YLUWXDOPHQWH´LOLPLWDGRV

$V UHGHV VRFLDLV YLUWXDLV WDLV FRPR 2UNXW )DFHERRN HWF ID]HP FRP TXHKDMDXPDDSUR[LPDomRHQWUHSHVVRDVTXHWHQKDPXPPHVPRREMHWLYRRX TXH EXVTXHP REWHU LQIRUPDo}HV VREUH RVPDLV GLYHUVRV DVVXQWRV JUDoDV DV VXDV ³FRPXQLGDGHV´ ³WySLFRV GH GLVFXVVmR´ H LQWHUDomR HP WHPSR UHDO RX TXDVHHPWHPSRUHDOFRPTXDOTXHUSHVVRDHPTXDOTXHUSDUWHGRPXQGR

YDORUL]DomRGDTXLORTXHVHID]SDUWHKDYHQGRLQWHUDomRHQWUHRVPHPEURVRX QmR R SHUWHQFHU RX PHOKRU R ID]HU SDUWH GD FRPXQLGDGH p R TXH SDVVD D LPSRUWDU

1HVWHVHQWLGRTXDQWRPDLRURQ~PHURGH³FRPXQLGDGHV´TXDQWRPDLRU R Q~PHUR GH ³DPLJRV´ PDLV DFROKLGR HVWi PHVPR TXH HVWH DFROKLPHQWR H LQWHUDomR RFRUUDP FRP DTXHOHV TXH VmR PHXV HVFROKLGRV QR PHX GLDDGLD ILFDQGR DRV 2XWURV GLVWDQWHV H YLUWXDLV D IXQomR GH ID]HUHP SDUWH GH XP ³HVWLORGHYLGD´HVFROKLGRSUHYLDPHQWH

6HGLPHQWDVHDLGpLDGHFRPSDUWLOKDPHQWRGHH[SHULrQFLDVGHVGHTXH HVWDV HVWHMDP GH DFRUGR FRP VXDV H[SHFWDWLYDV SRLV QDV FRPXQLGDGHV YLUWXDLVHVFROKHVHRTXHVHTXHUOHUHH[SRUHPVXDSiJLQDSHVVRDODEXVFD FRQVWDQWH SHOD SHUIHLomR HQFRQWUDGD HP VHXV FRUSRV JDQKD HVSDoR WDPEpP QDV SDJLQDV SHVVRDLV FRP FRQVWDQWHV UHWRTXHV DWXDOL]Do}HV H HPEHOH]DPHQWRV

'HVWD PDQHLUD XWLOL]DQGR GDV UHGHV GH FRPXQLFDomR VRFLDO H SDUWLFLSDQGR GH EDWHSDSRV HQWUHYLVWDV H REVHUYDo}HV SRU PHLR GH ZHEFDP EXVFDPRV XPD LPHUVmR QDV FRPXQLGDGHV GH PHPEURV DVVXPLGDPHQWH SRUWDGRUHV GR GLVW~UELR GH LPDJHP FRUSRUDO YLJRUH[LD SDUD UHDOL]DU QRVVD SHVTXLVD DTXL GHVHQYROYLGD $SUHQGHPRV PXLWR GHVGH DV PDLV VLPSOHV FRQFHLWXDo}HV H FRQWH[WXDOL]Do}HV DWp R FRPSOLFDGR XVR GH IHUUDPHQWDV WHFQROyJLFDVFRPWRGRVRVSHUFDOoRVHIDFLOLWDGRUHVGHODVDGYLQGRV

0DLV TXH WXGR DSUHQGHPRV TXH QR FLEHUHVSDoR R ³UHDO´ JDQKD XP GXSORQR³YLUWXDO´

2EMHWLYRV

x 9HULILFDUDRFRUUrQFLDGHGLVW~UELRGHLPDJHPHPXVXiULRVGDUHGH

x $QDOLVDU D LQWHUIHUrQFLD GD PtGLD QD IRUPDomR GR GLVW~UELR GH LPDJHP HQFRQWUDGRQRVXVXiULRVGHVWDVFRPXQLGDGHV

-XVWLILFDWLYD

&RPR HGXFDGRU ItVLFR DWXDQWH GXUDQWH XP SHUtRGR FRQVLGHUiYHO GH PLQKD FDUUHLUD SURILVVLRQDO FRPR SURIHVVRU GH PXVFXODomR H JLQiVWLFD TXHVW}HVUHIHUHQWHVDRFRUSRHVHXVFXLGDGRVVHPSUHIRUDPREMHWRVGHPLQKD DWHQomR

$ LQWHQVLILFDomR GRV FXLGDGRV FRUSRUDLV H DSUHVHQWDomRH[SRVLomR GH FRUSRVEHPGHVHQYROYLGRVVHWRUQDUDPVtPERORVGHXPDMXVWHVRFLDODVVHUWLYR (QWHQGHPRV TXH DTXLOR TXH RXWURUD HUDP SUHRFXSDo}HV GH XP S~EOLFR PDMRULWDULDPHQWH IHPLQLQR VH IH] SUHVHQWH HP XP XQLYHUVR WRPDGR SRU SUHFRQFHLWRV H UHVWULo}HV FRPSRVWR SRU SHVVRDV TXH DQWHULRUPHQWH QmR GHPRQVWUDYDPWDQWDSUHRFXSDomRFRPVXDHVWpWLFDFRUSRUDORXVHMDKRPHQV

$R GLUHFLRQDU DV DWHQo}HV SDUD HVWH S~EOLFR YHPRV TXH HVWH QmR WHP HVSDoRQRWRFDQWHjVVXDVLQTXLHWDo}HVHDQJ~VWLDVFRUSRUDLVHTXDQGRpIRFR GHDWHQomRDFDEDVHQGRWUDWDGRGHPDQHLUDDUHODWLYL]DUVHXVSUREOHPDVHQmR FRPDVHULHGDGHTXHOKHVFDEHpTXDVHTXHXPDDWUDomRjSDUWHPHQRU

'LWR LVVR HVWH HVWXGR WDPEpP HQFRQWUD MXVWLILFDWLYD SHOD HVFDVVH] GH HVWXGRV UHODFLRQDGRV DR WHPD SURSRVWR FRPR Mi PHQFLRQDGR DFLPD SRU VH UHIHULUDXPS~EOLFRTXHHPVXDPDLRULDpFRPSRVWRSRUKRPHQV

2XWUR IDWRU GH EDVWDQWH LQWHUHVVH QR GHVHQYROYLPHQWR GR WHPD IRL R DOFDQFHLQWHUDo}HVVHPOLPLWHVGDVFRQH[}HVLQWHUSHVVRDLVQDUHGHPXQGLDOGH FRPSXWDGRUHV GLYXOJDQGR H VROLGLILFDQGR XP HVWLOR GH YLGD SRWHQFLDOPHQWH QRFLYR

5HYLVmRGH/LWHUDWXUD

1RGHFRUUHUGRV~OWLPRVDQRVSHUFHEHXVHHPJUDQGHHVFDODRDXPHQWR GH LQWHUHVVH QRV DVVXQWRV UHODFLRQDGRV DR XQLYHUVR PDVFXOLQR HP HVSHFLDO GHVWDTXHRFXOWRDRFRUSRHVXDVFRQVHTrQFLDVVRFLDLV

1mRIDODPRVDTXLGHTXDOTXHUFRUSRHYLGHQFLDUHPRVDTXHOHFRUSRGLWR SHUIHLWR TXH YHQGH SURGXWRV GH JULIHV IDPRVDV TXH WHP JUDQGH DSHOR PLGLiWLFR HVWDEHOHFHQGR SDGU}HV GH EHOH]D H GH JUDQGH DFHLWDomR H DGPLUDomRVRFLDORFRUSRGLWR³PDOKDGR´WUDEDOKDGRKRUDVDILRHPVDODVGH PXVFXODomRSDUDREWHUUHVXOWDGRVPi[LPRV

3DUDGHVHQYROYHUWDOHVWXGRIRFDPRVQRVVDVDWHQo}HVQRIDWRGHTXH HVWHFRUSRGLWRSHUIHLWRHGHVHMiYHOWUD]FRQVLJRLQ~PHUDVFRQVHTrQFLDVDWp HQWmR VRPHQWH LPDJLQiYHLV HP DPELHQWHV GH JLQiVLRV GH ILVLFXOWXULVWDV RX DWOHWDVGHDOWRQtYHO

$ SUR[LPLGDGH GDV UHDOLGDGHV GRV DPELHQWHV VXSUDFLWDGRV H D YLGD FRWLGLDQD GDV SHVVRDV TXH IRJHP D HVWDV FDUDFWHUL]Do}HV p FDGD YH] PDLV SDOSiYHOVHDWHQWDUPRVSDUDRIDWRGHDVPtGLDVHVWDEHOHFHUHPODoRVHVWUHLWRV FRP D SRSXODomR HP JHUDO H GHVWH PHLR HVWDU FDGD YH] PDLV VHQGR LQIOXHQFLDGRHVHQGRLQIOXHQFLDGRUHPWRGRVRVQtYHLVVRFLDLV

$ LQWHUQHW FRPR XP PHLR GH LQWHUDomR GLYXOJDomR GDV PDLV YDULDGDV IRUPDV GH QRWtFLDV HQWUHWHQLPHQWR HQWUH RXWURV DWULEXWRV H[HUFH IRUWH LQIOXrQFLDQRTXHWDQJHDRVFRPSRUWDPHQWRVHDWLWXGHVVRFLDLVYDOLGDGDVFRPR VHQGRDFHLWiYHLVHUHSURGX]tYHLVRTXHDFDEDWUD]HQGRFRQVLJRVLWXDo}HVTXH QHP VHPSUH VHUmR DV PHOKRUHV RSo}HV TXDQGR DQDOLVDGDV GH XPD PDQHLUD VpULDHFUtWLFD

3HQVDURFRUSRpSHQVDUHPWRGRDVSHFWRTXHRFHUFDHWRGRVRVIDWRUHV TXH LQIOXHQFLDP VXD FRQVWUXomR DR ORQJR GR WHPSR LVVR HQYROYH PXLWR PDLV TXH D XPD VLPSOHV GHILQLomR GH DSDUrQFLD ItVLFD RX VHMD VLPSOHVPHQWH VHX IRUPDWRQHVWDVRFLHGDGHGHLQtFLRGHVpFXOR

'HEUXoDPRQRV PHVPR TXH LQLFLDOPHQWH QR TXH 0DO\VVH UHIHULQGRVHD'XIORW3ULRWTXDQGRHVWHUHODWDDDSDUrQFLDItVLFDFRPR

³ R FRUSR H RV REMHWRV XVDGRV SHOR FRUSR RX DLQGD FRPR XP FRQMXQWR GH FDUDFWHUtVWLFDV ItVLFDV FRQVWDQWHV RX TXH YDULDP OHQWDPHQWH GH DWLWXGHV FRUSRUDLV SRVWXUDV H[SUHVV}HV JHVWRV H DWULEXWRV URXSDV SHQWHDGRVHDFHVVyULRV2XVHMDDDSDUrQFLDpDSDUWH YLVtYHO TXH D SHVVRD RIHUHFH j SHUFHSomR VHQVRULDO GR RXWURHWRGRDWRVRFLDOTXHXWLOL]DDDSDUrQFLDRFRUUHHP XPDPELHQWHYLVXDO´0$/<66(S

)DWRUHVGLVWLQWRVFRPS}HPDUHODomRYLVXDOVRFLDOXPGRVIDWRUHVpRGD DSDUrQFLDItVLFDFRQVLGHUDGDFRPRDSULPHLUDIRQWHGHLQIRUPDomRQDLQWHUDomR VRFLDODUHDOLGDGHItVLFDFRPRMiH[SOLFLWDGDDFLPDIDWRUHVWHTXHSRGHRXQmR VHU JHUDGRU GH LQVDWLVIDo}HV FRUSRUDLV XPD YH] TXH SHVVRDV TXH SRVVXHP DSDUrQFLDItVLFDFRQGL]HQWHFRPRVFkQRQHVGHEHOH]DDWXDLVSRGHPVHVHQWLU EHPFRQVLJRPHVPRVRXQmR

2 FRQWUiULR WDPEpP VH DSOLFD SRLV QmR SRVVXLU XP FRUSR SDGUmR GH EHOH]DSDUDLQ~PHUDVSHVVRDVSRGHQmRVHUIDWRUGHLQVDWLVIDomRFRUSRUDOR TXHQRVOHYDDSHQVDUHPDOJRTXHHQYROYDWRGDVXDSHUFHSomRVXEMHWLYDGR FRUSRVXDVYLYrQFLDVHH[SHULrQFLDVFRUSRUDLVRXVHMDDLPDJHPTXHID]HPRV GRQRVVRFRUSRQRVVDLPDJHPFRUSRUDO

$ LPDJHP FRUSRUDO p D UHSUHVHQWDomR GR FRUSR TXH FDGD SHVVRD FRQVWUyLHPVXDPHQWHEHPFRPRDYLYrQFLDTXHWHPGHVWHPHVPRFRUSRH VHJXQGR&DVKH3UX]LQVN\7RPSVRQFLWDGRVSRU6DODEHUULDHW DO p FRPSRVWD SRU YDULiYHLV GH DVSHFWRV SHUFHSWLYRV DVSHFWRV FRJQLWLYRDIHWLYRVHDVSHFWRVFRQGXWDLV

2VDVSHFWRVSHUFHSWLYRVVHEDVHLDPQDSUHFLVmRTXHRLQGLYLGXRWHPGR WDPDQKRSHVRIRUPDGRVHXFRUSRHPVXDWRWDOLGDGHRXSDUWHVGHOHVHQGR TXHDVDOWHUDo}HVQDSHUFHSomRFRUSRUDOSRGHPGDUOXJDUDVXSHUHVWLPDo}HV RXVXEHVWLPDo}HVFRUSRUDLV

2V DVSHFWRV FRQGXWDLV HQFDPSDP DV FRQGXWDV TXH GHULYDP GD SHUFHSomRHGRVVHQWLPHQWRVDVVRFLDGRVDRFRUSRSRGHQGRVHUVXDH[SRVLomR RXHYLWDomRDFRPSURYDomRVHXVULWXDLVRXVHXVGLVIDUFHVHWF

3DXO6FKLOGHUUHIRUoDRFDUiWHUPXOWLGLPHQVLRQDOGDIRUPDomRGD LPDJHPFRUSRUDOHYLGHQFLDQGRTXHDOpPGHQRVVDVLPSUHVV}HVSDVVDGDVDV UHODo}HV FRP R PHLR H[WHUQR H FRP QyV PHVPRV ID]HP SDUWH GD LPDJHP FRUSRUDO VHQGR HVWD DOJR TXH ³ QmR VH EDVHLD DSHQDV HP DVVRFLDo}HV PHPyULDV H H[SHULrQFLDV PDV WDPEpP HP LQWHQo}HV DVSLUDo}HV H WHQGrQFLDV´6&+,/'(5S

$QDOLVDQGRRVWUDEDOKRVGH6FKLOGHU7XUWHOOLH7DYDUHVUHODWDP TXHRDXWRUFRQVWDQWHPHQWHUHPHWHDFRPRID]HPSDUWHGRVQRVVRVDVSHFWRV ILVLROyJLFRVDVQRVVDVH[SHULrQFLDVSVLFROyJLFDVHGHPDQHLUDLQYHUVDFRPR QRVVRV DVSHFWRV ILVLROyJLFRV LQHYLWDYHOPHQWH HVWmR HP QRVVDV H[SHULrQFLDV SVLFROyJLFDVGHQyVPHVPRVHVWDQGRHPQRVVDFDSDFLGDGHHQHFHVVLGDGHGH QRVUHSUHVHQWDUPRVSDUDQyVPHVPRVHQRPRGRFRPRRID]HPRV$VVLP

³6HJXQGR R DXWRU >6FKLOGHU@ QmR SRGHPRV DILUPDU TXH H[LVWDP HP QyV GLPHQV}HV VRPHQWH ILVLROyJLFDV RX VRPHQWH SVLFROyJLFDV 9HPRV QHVVD SHUVSHFWLYD DSUHVHQWDGDSHORDXWRUDEXVFDGHXPDYLVmRLQWHJUDOGR FRUSR XPD WHQWDWLYD GH VXSHUDomR GD GXDOLGDGH UHSUHVHQWDGD SHOR ³FRUSR´ H SHOD ³PHQWH´´ 7(578//, 7$9$5(6S

(VWDGLVFXVVmRVREUHRTXHpGHFDUiWHUELROyJLFRHRTXHpGHFDUiWHU ILVLROyJLFR QD GHILQLomR GD LPDJHP FRUSRUDO VH GiSHORIDWR GH DXWRUHV FRPR 2OLYLHU'ROWRGHQWUHRXWURVVHJXQGR7HUWXOOLH7DYDUHV FRQVLGHUDUHP TXH D LPDJHP FRUSRUDO HQFDPSD DVSHFWRV SVLFROyJLFRV FODVVLILFDQGRRVDVSHFWRVILVLROyJLFRVFRPRHVTXHPDVFRUSRUDLV

FRUSRUDO OLJDGD DR SUySULR FRPSRUWDPHQWR HP UHODomR DR RXWUR H HVTXHPD FRUSRUDODSHQDVFRPUHODomRDVLPHVPR

6KRQW] ID] FUtWLFD D DPSOLWXGH GH XWLOL]DomR GR WHUPR LPDJHP FRUSRUDOFRORFDQGRTXHDLPDJHPFRUSRUDOYHPVHQGRXWLOL]DGDHGHILQLGDGH GLYHUVDVPDQHLUDVWHQGRFRPRXPDGHVXDVFRQVHTrQFLDVDSHUGDGHVHX VLJQLILFDGR HVSHFtILFR H VXDV UHODo}HV FRP RXWUDV FRQVWUXo}HV WHyULFDV WHP VLGR LJQRUDGDV RX GHVFULWD GH FRP WDQWD LPSUHFLVmR TXH DR LQYpV GH SURSRUFLRQDUXPERPHQWHQGLPHQWRID]FRPTXHVHFRQIXQGDP

2DXWRUWDPEpPWUD]XPDSUHRFXSDomRGHRUGHPSUiWLFDRTXHQHVWH FDVR YHP D VHU GH JUDQGH UHOHYkQFLD D HVWH WUDEDOKR SRLV FRP WRGR HVWH RIXVFDPHQWR H GLVSHUVmR GH WHUPLQRORJLDV DV SHVVRDV TXH VRIUHP GH GLVW~UELRV GH LPDJHP FRUSRUDO WHP GLILFXOGDGHV GH HQFRQWUDU OLWHUDWXUDV FLHQWLILFDV HVSHFtILFDV TXH SRVVDP JXLDU GHVFULo}HV H WUDWDPHQWRV SDUD GLVW~UELRVGHLPDJHPFRUSRUDOSDUDHVWDFXOWXUDGRVpFXOR;;,

3DUD WDQWR 6KRQW] HP XPD WHQWDWLYD GH FODULILFDU H VH ID]HU HQWHQGHU VREUH VXD FRQFHLWXDomR GR TXH p LPDJHP FRUSRUDO FLWD WUrV LGpLDV TXHLPSHGHPXPDDERUGDJHPDGHTXDGDGRDVVXQWR

$LPDJHPFRUSRUDOQmRpXPGHVHQKRXPDIRWRRXXPGLDJUDPDGR FRUSR6HXPDLPDJHPYLVXDOGRFRUSRIRVVHQHFHVViULDSDUDTXH SXGpVVHPRVQRVORFRPRYHUDGHTXDGDPHQWHFRPRH[SOLFDUTXHXP FDoDGRU SULPLWLYR SXGHVVH FRUUHU DWUiV GD FDoD VHP QXQFD WHU VH YLVWRQRHVSHOKRRXWHUDFDSDFLGDGHGHVHUHFRQKHFHUHPXPDIRWR" 3DUDFDoDURFDoDGRUQmRSUHFLVDOLWHUDOPHQWHVHYHUFRUUHQGRDWUiV GDFDoD

,PDJHP FRUSRUDO QmR p XP yUJmR GR FRUSR UHVVDOWDQGR TXH D LPDJHP FRUSRUDO p ILVLROyJLFD H WDPEpP SVLFROyJLFD SRGHQGR VHU PRGLILFDGD WDQWR SRU DOWHUDo}HV QD HVWUXWXUD FRUSRUDO TXDQWR SHOR DSUHQGL]DGR

$ FRQFHSomR GH TXH D LPDJHP FRUSRUDO SDUD 6FKLOGHU p DOJR IOXLGR H PXWiYHO SRGHQGRHQFROKHU RX VHH[SDQGLU SRGH GDU SDUWHV VXDVDR PXQGRH[WHUQRRXSRGHVHDSRGHUDUGHSDUWHVGHOH'HVWHPRGR

³4XDQGRWRFDPRVXPREMHWRFRPDH[WUHPLGDGHGHXPD YDUHWDDVHQVDomRpSHUFHELGDQDSRQWDGDYDUHWD(VWD VH WRUQD UHDOPHQWH SDUWH GD LPDJHP FRUSRUDO´ 6+,/'(5S

$R FRQVLGHUDU ³LPDJHQV FRUSRUDLV SULPiULDV´ 6FKLOGHU DV FODVVLILFDFRPRDOJRUHODWLYDPHQWHUtJLGRHFRPWHQGrQFLDVjFULVWDOL]DomRSRLV DRQRVPRYHUPRVDRXWLOL]DUPRVURXSDVDGHUHoRVPDQXVHDPRVREMHWRVHGH DFRUGRFRPQRVVRVHVWDGRVHPRFLRQDLVPRGLILFDPRVHVVDVLPDJHQVSDUDXP SRVWHULRUUHWRUQRDXPDGHVVDV³LPDJHQVFRUSRUDLVSULPiULDV´PDVHVWHUHWRUQR ID] FRP TXH VHMDP XP SRXFR GLIHUHQWHV GD LPDJHP DQWHULRU SRLV VHJXQGR 'DPiVLRFLWDGRSRU7HUWXOOLH7DYDUHVQmRWHPRVFRPRVHPSUH UHWRUQDU D XPD LPDJHP GHPDQHLUD LGrQWLFD SRLV HVWDPRV VHPSUH FULDQGR H UHFULDQGRDVLPDJHQVQRSUHVHQWH

3RUWDQWRVHJXQGR1DVLRDLPDJHPGRFRUSRpVHQmRDSUySULD VXEVWkQFLDGRQRVVRHXQmRVHQGRRFRUSRVRPHQWHGHFDUQHHRVVRVRPRVR TXHVHQWLPRVHYHPRVGRQRVVRFRUSR1RVVRHXpDLGpLDtQWLPDTXHIRUMDPRV GRQRVVRFRUSRLVWRpDUHSUHVHQWDomRPHQWDOGHQRVVDVVHQVDo}HVFRUSRUDLV TXHpPXWDQWHHLQFHVVDQWHPHQWHLQIOXHQFLDGDSRUQRVVDLPDJHPGRHVSHOKR VHQGR FRPSRVWR GH GXDV LPDJHQV FRUSRUDLV GH QDWXUH]DV GLIHUHQWHV H LQGLVVRFLiYHLVDLPDJHPPHQWDOGHQRVVDVVHQVDo}HVFRUSRUDLVHDLPDJHP HVSHFXODUGDDSDUrQFLDGRQRVVRFRUSR

LPSRUWDQWH SDUD R VXMHLWR VHUi LQH[RUDYHOPHQWH GHIRUPDGD SHOD LQIOXrQFLD GH DPRUHyGLRFRQVFLHQWHRXQmR

$LQGD VHJXQGR 1iVLR D LPDJHP FRUSRUDO SRGH VHU GHIRUPDGD SHORVXUJLPHQWRGHXPDDQWLJDHPRomRLQIDQWLOHGHIRUPDGDSHODSUHVHQoDGR RXWURVHQGRHVWHDRPHVPRWHPSRDSUHVHQoDLQWHULRUL]DGDGHWRGRVDTXHOHV TXHIRUDPVmRRXVHUmRPHXVHOHLWRVEHPFRPRGHPDQHLUDPDLV JOREDOD LQIOXHQFLDVRFLDOHFRQ{PLFDHFXOWXUDOGRPXQGRHPTXHYLYR

(PVXPDRYRFDEXOiULR³JUDQGH2XWUR´UHFREUHWDQWRWRGDVDVSHVVRDV TXH PDUFDP PLQKD H[LVWrQFLD FRPR DV GHWHUPLQDQWHV VRFLDLV TXH PH FRQGLFLRQDP1$6,2

6HQGRDVVLP³QRVVDLPDJHPFRUSRUDOVyDGTXLUHVXDVSRVVLELOLGDGHV HH[LVWrQFLDSRUTXHQRVVRFRUSRQmRpLVRODGR8PFRUSRpQHFHVVDULDPHQWH XP FRUSR HQWUH FRUSRV 3UHFLVDPRV WHU RXWURV j QRVVD YROWD´ 6&+,/'(5 FLWDGRSRU&$0$5*26H$6681d­2S

2TXHSRGHPRVLGHQWLILFDUQRVGLDVDWXDLVpRIDWRGHRFRUSRWHUREWLGR XP JUDX GH GHVWDTXH GH H[WUHPD UHOHYkQFLD DR ORQJR GD KLVWyULD FRPR QRV LOXVWUD 0DWWRV FLWDQGR 9LJDUHOOR HP TXH HVWH DXWRU UHODWD D RFRUUrQFLDGHXPDYHUGDGHLUDPHWDPRUIRVHQRVFRUSRVDRORQJRGRVpFXOR;; RVFRUSRVPDJURVILQRVPXVFXORVRVHEURQ]HDGRVFRQTXLVWDUDPVHXHVSDoR

$VPDUFDVGHL[DGDVQRVFRUSRVSHODVDWLYLGDGHVItVLFDVGDQGRHVSHFLDO rQIDVH DR GHVHQYROYLPHQWR GDPXVFXODWXUD H SHOR EDQKR GH VRO EURQ]HDGR WRUQDUDPVH DWULEXWRV IRUWHPHQWH YDORUL]DGRV SHODV SHVVRDV +RXYH DVVLP XPDWUDQVIRUPDomRGRFRUSRHDEHOH]DWRUQRXVHXPDGDVSULQFLSDLVUHFHLWDV GDMXYHQWXGHQHVWDpSRFDGRVDQRV

$VLOKXHWDHVEHOWDHHVSRUWLYDRVPHPEURVPXVFXORVRVHVHPJRUGXUD ORFDOL]DGDWRUQDUDPVHLGHDLVGHEHOH]D$FXOWXUD GHPDVVDOHJLWLPDGDSHOR GLVFXUVR PpGLFRFLHQWtILFR SURGX] XP FRQMXQWR GH PHGLGDV DV TXDLV WRGRV GHYHPVHHQFDL[DU

SHVVRD TXH DLQGD QmR WHQKD GHPRQVWUDGR LQFOLQDomR SDUD H[SHULPHQWDU RV VXSRVWRVHIHLWRVLQFRQWHVWiYHLVGHVWDVDWLYLGDGHVjVXDVD~GH

$LQGD QHVWD SHUVSHFWLYD GH TXH R LQGLYLGXR p R ~QLFR UHVSRQViYHO SRU REWHU XP HVWLOR GH YLGD VDXGiYHO H XP FRUSR GH DFRUGR FRP RV SDGU}HV HVWDEHOHFLGRVSRUXPDVRFLHGDGHGHFRQVXPRYRUD]WDOFXOSDELOL]DomRSRUQmR FRQVHJXLUREWHUWDLVDWULEXWRVUHFDLQDSUHPLVVDGHTXHVHRFRPSRUWDPHQWRGH YLGD DWLYD IRVVH DGRWDGR WDQWR VXD VD~GH YLVWR DJRUD FRPR DXVrQFLD GH GRHQoDVHVXDFRQIRUPDomRItVLFDYLVWRFRPRDXVrQFLDGHJRUGXUDFRUSRUDOH TXDQWLGDGHFRQVLGHUiYHOGHPXVFXODWXUDDSDUHQWHVySRGHULDPVHUSRVVtYHLV VHRVFRPSRUWDPHQWRVSUHFRQL]DGRVIRVVHPDGRWDGRV

$SURSULDQGRVHGHVWHTXDGURFLWDGRDFLPDRVQ~PHURVTXHTXDOLILFDPR FRUSRDVD~GHHDEHOH]DLQYDGHPDVUHYLVWDVHDWHOHYLVmR

'HSDUDPRQRV FRP D FRQVWUXomR GH FRUSRV TXH VmR YDORUL]DGRV FDGD YH] PDLV SHORV PHLRV GH FRPXQLFDomR HP PDVVD H R HVWDEHOHFLPHQWR GH HVWHUHyWLSRV FRUSRUDLV ID] FRP TXH HVWHV FRUSRV WRUQHP±VH PRGHORV SDUD TXHP TXHU REWHU VXFHVVR HP VXDV PDLV YDULDGDV IRUPDV TXHU VHMD SURILVVLRQDO DIHWLYR VH[XDO HWF SRLV R FRUSR EHP VXFHGLGR p DTXHOH TXH DSUHVHQWDDVFDUDFWHUtVWLFDVYDORUL]DGDVjVXDpSRFD

3HQVDQGR R FRUSR D SDUWLU GR TXH R ILOyVRIR )RXFDXOW GL] FRQIRUPH FLWDGR SRU 0DUWLQV H $OWPDQQ HP PHDGRV GR VpFXOR ;9,, Ki R GHVHQYROYLPHQWR GH XP SRGHU SROtWLFR TXH WLQKD FRPR WDUHID JHULU D YLGD GR FRUSR VRFLDO H FXMRV GHVGREUDPHQWRV VH GHUDP HP GRLV SyORV TXH VH LQWHUOLJDPDWUDYpVGHXPFRQMXQWRGHUHODo}HVLQWHUPHGLiULDVXPFRUSRYLVWR FRPRPiTXLQDHRXWURFRUSRYLVWRFRPRRFRUSRHVSpFLHQRVGLUHFLRQDQGRD DVSHFWRVUHOHYDQWHVTXHQRVOHYDPDDFUHGLWDUTXHWDOFRUSRQmRpDOJRLVHQWR GHLQIOXrQFLDVH[WHUQDVWDPSRXFRHPERWDDLQIOXrQFLDVREUHRTXHUHFDLVREUH VLSRLV

H[HUFH ILVLFDPHQWH DWUDYpV GH GLIHUHQWHV GLVSRVLWLYRV H SRU RXWUR ODGR VH LQVFUHYH VREUH RV FRUSRV HP VXD PDWHULDOLGDGH )RXFDXOW LQYHVWLJD R DSDUHFLPHQWR DUWLFXODomRHGHVHQYROYLPHQWRGHXPDWHFQRORJLDSROtWLFD GR FRUSR HQWHQGLGD FRPR R HQWUHFUX]DPHQWR GDV UHODo}HVGHSRGHUFRPRVDEHUHRFRUSR(VVDWHFQRORJLD QmR pIL[iYHO QHP VH H[HUFH HP XPD ~QLFD H H[FOXVLYD LQVWLWXLomRHRXDSDUHOKRHVWDWDODLQGDTXHVHMDSRUHOHV XWLOL]DGD6HXVPHFDQLVPRVHHIHLWRVVLWXDPVHHPRXWUR QtYHO DTXHOH GRV ULWXDLV PLQXFLRVRV H GHWDOKDGRV GR SRGHURQtYHOPLFURItVLFR´0$57,16 $/70$11 S

³$ SDUWLU GRV DQRV GR VpFXOR ;; D FRQVWUXomR GH XPD EHOH]D DXWrQWLFDHDLGpLDGHTXHµVypIHLDTXHPTXHU¶VmRHQIDWL]DGDV´0$57,16 $/70$11SQmRGHYHQGRDVVLPVRIUHUSHODIDOWDGHODXPDYH] TXHWRGDXPDVRUWHGHDSDUDWRVHWpFQLFDVSDUDRHPEHOH]DPHQWRIHPLQLQRIRL GHVHQYROYLGDHYHPVHQGRDSHUIHLoRDGDDRORQJRGRWHPSRWDLVFRPRFUHPHV WpFQLFDV GH PDVVDJHP H FLU~UJLFDV DSDUHOKRV SDUD JLQiVWLFD H SURILVVLRQDLV FDGDYH]PDLVHVSHFLDOL]DGRVQHVVDVQRYDVWHFQRORJLDVTXHYHPVXUJLQGRQR GHFRUUHUGRVDQRV

$FDUJRGHWRGDHVVDHYROXomRWpFQLFDWHFQROyJLFDGRTXHFHUFDRFRUSR YHP D UHERTXH XPD VpULH GH FRPSOLFDo}HV DGYLQGDV GH WDPDQKD H[LJrQFLD FRP RV FXLGDGRV FRP R FRUSR WDLV FRPR GHVRUGHQV DOLPHQWDUHV H[DJHURV FLU~UJLFRVH[FHVVRVGHWRGDRUGHPSDUDPDQWHUDTXHOHFRUSRTXHRXWURUDIRL UHOHJDGRDRDFDVRDR³QDWXUDO´KRMHJDQKDVWDWXVGHDXW{QRPRGHGRQRGH VHXSUySULRGHVWLQRPHVPRTXHDRPHVPRSDVVRTXHVHREWpPWDOVWDWXVVH HVWDEHOHFH XPSDUDGR[R RQGH R FRUSR EHOR HDXW{QRPR SHUGH VXD OLEHUGDGH SDUD WRGR R DSDUDWR GH HPEHOH]DPHQWR FRP VXDV UHJUDV H SDGU}HV HVWHUHRWLSDGRVFRPEHPLOXVWUD&RXUWLQH

³ R LQGLYLGXR VHP QHQKXPD G~YLGD DPSOLRX VHX SRWHQFLDO GH DomR H R FRUSR JDQKRX XPD OLEHUGDGH LQpGLWDGHPRYLPHQWR>@2RUJDQLVPRpRREMHWRGHXPD JHVWmRDQVLRVD$VD~GHHPTXHRVSXULWDQRVGHRXWURUD QmR YLDP PDLV GR TXH XPEHP D FRQVHUYDU WHQGHD VH WUDQVIRUPDUQRREMHWRGHXPDDWLYLGDGHIHEULO2DPRUSHOR EHPHVWDUSURGX]LXVXDVVHUYLG}HV(QWUHHODVRFXOWRDR FRUSR´&2857,1(S

1RWRFDQWHDRH[SRVWRDFLPDDRORQJRGRVDQRVIRUDPVHQGROLEHUWDGDV DOJXPDV DPDUUDV TXH UHOHJDYDP DR FRUSR PDVFXOLQR VHU VRPHQWH DOJR GH SURGXomR LQWHOHFWXDO RX GH IRUoD EUXWD GH WUDEDOKR WHQGR HVWH FRUSR XPD IXQomRHVSHFtILFDHPVXDXWLOL]DomRTXHQmRHUDRGHRVWHQWDUTXDOTXHUDWUDWLYR ItVLFR SHOD VXD IRUPD FRPR D FRQKHFHPRV KRMH R TXH DFDED SRU UHIRUoDU D LGpLDGHTXHRQRVVRFRUSRHVWiHPFRQVWDQWHWUDQVIRUPDomRHVRIUHDVDo}HV GRTXHpYDORUL]DGRjVXDpSRFD

6HQGRDVVLPRVKRPHQVSDVVDUDPDFRQVWUXLUYDORUHVDVVRFLDGRVDRV VHXV FRUSRV TXH SHUPHLDP DV YDLGDGHV VRPHQWH SHQVDGDV QR FRWLGLDQR GDV PXOKHUHV VHP SHUGHUHP VXD PDVFXOLQLGDGH PDV WDPEpP FRORFDQGR WDO VLWXDomRjSURYDXPDYH]TXHWDLVFDUDFWHUtVWLFDVHFXLGDGRVHUDPHDLQGDVmR FDUDFWHUL]DGRUDVGHXPXQLYHUVRPDVVLYRIHPLQLQR

2 GXDOLVPR HQWUH FRUSR H PHQWH YHP j WRQD R FRUSR DSDUHFH FRPR REMHWRVREUHRTXDODWXDRSRGHUGDPHQWHHpQDVDFDGHPLDVGHPXVFXODomR TXH VH HQFRQWUDP RV KRPHQV UHVSRQViYHLV SRU GHOLQHDUHP VHXV FRUSRV GH VXFHVVR VHXV FRUSRV QRYRV DSUHVHQWDGRV H DSUHVHQWiYHLV HP VXDV FDUDFWHUtVWLFDV PDLV YDORUL]DGDV SRXFD JRUGXUD FRUSRUDO H PXLWD PDVVD PXVFXODU

7DLVEHQIHLWRULDVVmRDOFDQoDGDVJUDoDVDRGRPtQLR GDPHQWHVREUHR FRUSRXPDYH]TXHRVHVIRUoRVQHFHVViULRVSDUDVHREWHUUHVXOWDGRGLJQRGH DGPLUDomR FROHWLYD SDVVDP SRU JUDQGHV GRVHV GH GRU H VRIULPHQWR FRUSRUDO DXWRLPSRVWR

3DUD 6DELQR SHUFHEHVH QDV DFDGHPLDV GH PXVFXODomR TXH R LQGLYtGXRpFRQVLGHUDGRUHVSRQViYHOSHORFRQWUROHGRVHXFRUSRHWDOFRQWUROH GHVHQYROYHVHJUDGDWLYDPHQWHHPXPFUHVFHQGRTXHDFDEDSRUVHWRUQDUXPD HVSpFLHGHFRQYHUVmRGHUHVVLJQLILFDomRGRPXQGRDTXDOVHUHFRQKHFHHP XPDDQiOLVHFRPSDUDWLYDGRDQWHVHGHSRLVGHLQJUHVVDUHPVXDV URWLQDVGH WUHLQDPHQWRV H FXLGDGRV FRP VHXV FRUSRV H HVVD FRQFHSomR LQGLYLGXDOLVWD FRQIHUHjSHVVRDDFDSDFLGDGHGHIDEULFDUVHXSUySULRGHVWLQR

$VLQIRUPDo}HVFRQWLGDVQHVVHVPHLRVGHFRPXQLFDomRWrPRREMHWLYR GH FRORFDU DTXHOHV TXH EXVFDP R FRUSR LGHDO GLDQWH GH VXD LPDJHP LGHDO JHUDQGR WHQV}HV H H[SHFWDWLYDV VREUH HVWH FRUSR LGHDOL]DGR DLQGD TXH HVWH QmRVHMDRVHX

5HFHLWDVGHERDIRUPDItVLFDVmRIRUQHFLGDVHWRGRVRV³WUXTXHV´SDUDVH REWHU RV UHVXOWDGRV LGHDLV VmR WUDWDGRV GH PDQHLUD VLPSOHV H FRUULTXHLUD PHVPRTXHQDUHDOLGDGHGRGLDDGLDWDLVIDWRVQmRVHFRQFUHWL]HP

&ULDVH DVVLP XP QRYR SDGUmR GH FRUSR RV FRUSRV PLGLDWL]DGRV VRIUHQGR H LQIOXHQFLDQGR WRGD XPD VpULH GH VLWXDo}HV HP TXH HVWH H[HUFH SDSHO FHQWUDO DV DWHQo}HV YROWDPVH SDUD R FXLGDGR FRP R FRUSR H VXD LPDJHPHQTXDQWRFDWDOLVDGRUDGHSRWHQFLDLVVRFLDLV

2XWUR IDWRU TXH SDVVD D VHU IUXWR GH PDLRUHV DWHQo}HV p R GH TXH D PtGLDDWUDYpVGHVXDSXEOLFLGDGHVHDSURSULDGDFRPXQLFDomRQmRYHUEDOSDUD GLIXQGLU VXDV LGpLDV H SURGXWRV HVWDQGR HP WRGR R SURFHVVR FRPXQLFDWLYR FRPRVHSRGHQRWDUTXDQGRUHFULDPSHUVRQDJHQVJHVWRVDPELHQWHVLPDJHQV IRUPDVFRUHVHWFQXPDFXOWXUDGRVpFXOR;;,

/R]DQR FLWDGR SRU 3H\Uz LOXVWUD TXH R REMHWLYR GDV SURSDJDQGDV SXEOLFLWiULDV p SULPHLUDPHQWH FKHJDU DR VHX GHVWLQR SDUD SRVWHULRUPHQWHSHUVXDGLORV GH VXDV LGpLDVXWLOL]DQGRVH GH WUrVIDWRUHVSDUD ORJUDUr[LWRGDUFUHGLELOLGDGHWHUDFHLWDomRHFRQVHJXLUSHUVXDGLU

(P IXQomR GHVWHV REMHWLYRV D PtGLD XWLOL]DVH GR HURWLVPR GRV DUTXpWLSRV H HVWHUHyWLSRV FRPR SULQFLSDLV YHtFXORV GH SURSDJDQGD XPD YH] TXHDXWLOL]DomRGHPHQVDJHQVLPDJHQVHYDORUHVVRFLDLVTXHVHDVVRFLDPDR SURGXWR RX VHUYLoR H TXH SHUWHQFHP DR LPDJLQiULR FROHWLYR VmR FRQVFLHQWHPHQWHVLPSOLILFDGRVSDUDXPDUiSLGDHIiFLOUHFHSomR'HVWDIRUPD

GH FRQWURODU SHUVXDGLU H PDQLSXODU HP IXQomR GH REMHWLYRVUDUDPHQWHDOWUXtVWDV´)(55(5526(/Ñ FLWDGRSRU3(<5ÑS

&pVDU 6DELQR DR WUDWDU GR DVVXQWR QR OLYUR 1X H 9HVWLGR GD DXWRUD0LULDQ*ROGHQEHUJUHODWDTXH

³QmRVHWUDWDGHWRPDUDGR[DPLGLiWLFDFRPRSDGUmRGH FRQKHFLPHQWR VRFLROyJLFR PDV GH OHYDU HP FRQWD R VXUJLPHQWRGHQRYDVWHQGrQFLDVHSRVWXUDVVRFLDLVTXHD PtGLDH[SUHVVD´6$%,12SJ

4XDQGRHVWHID]DOXVmRDPDWpULDVGHMRUQDLVHUHYLVWDHPTXHRFRUSR PDVFXOLQR H IHPLQLQR HVWi FDGD YH] PDLV SDGURQL]DGR H DWHQGHQGR DRV LQWHUHVVHVFRPHUFLDLVGHJULIHVGHURXSDVIDPRVDVRXSDUDDH[SRVLomRGHVVHV FRUSRV HP HYHQWRV GH JUDQGH SRUWH FRPR R FDUQDYDO H FRQWLQXD DLQGD HQIDWL]DQGR

³ XPD WHQGrQFLD pWLFRHVWpWLFD DWXDO D TXDO GHQRPLQHL DQGURODWULDDGRUDomRWDQWRSRUSDUWHGHKRPHQVTXDQWR GHPXOKHUHVGRVSULQFtSLRV PRUDLVH pWLFRV FRQVWLWXWLYRV GD PDVFXOLQLGDGH KHJHP{QLFD FRQVLGHUDGRV FRPR VtPERORVGHVXSHULRULGDGHHVXFHVVRHFRQ{PLFRHVRFLDO´ 6$%,12SJ

3RGHPRVGHVWDFDUWDPEpPRDYDQoRWHFQROyJLFRFRPRXPGRVIDWRUHV GHWHUPLQDQWHV SDUD R HVWDEHOHFLPHQWR GH DOJR TXH FKDPR GH ³,QG~VWULD GD ,QVDWLVIDomR &RUSRUDO´ SRLV FRP D H[SDQVmR GDV WHOHFRPXQLFDo}HV H FRQVHTHQWH PDVVLILFDomR GD H[SRVLomR GH FRUSRV H QmR VmR FRUSRV TXDLVTXHU VmR RV FRUSRV SHUIHLWRV REWLGRV HP VXD PDLRULD JUDoDV DRV UHWRTXHVGHSURJUDPDVGHFRPSXWDGRUHVHVSHFtILFRVSDUDR³HPEHOH]DPHQWR´ GHPRQVWUDQGR DVVLP FODUD LQWHQomR GH WRUQDU SHUIHLWR H HOLPLQDU TXDOTXHU LQGtFLRGHQmRSHUIHLomR

VXSOHPHQWRV DOLPHQWDUHV HWF H TXH DV DFDGHPLDV GH PXVFXODomR H DFUHVFHQWRWDPEpPJLQiVWLFD±VXUJHPFRPRIiEULFDVGHSURGXomRGDIRUPD IDEULFDQGRFRUSRVSDUDVHUHPFRQVXPLGRVSHODOyJLFDGRPHUFDGR

&RP R DGYHQWR GDV QRYDV WHFQRORJLDV GH LQWHUYHQo}HV FRUSRUDLV SDUD VXDSRWHQFLDOL]DomRVRFLDOHUHFULDo}HVGHFRUSRVQRYRVSDUDDREWHQomRGH XPDEHOH]DPXWDQWHQmRVHULDGHVHHVWUDQKDUTXHRSDGUmRGHEHOH]DHVWHMD VHPSUHHPEXVFDGHDOJRPDLVGHXPDSHUIHLomRDLQGDPDLVSHUIHLWDTXHD DQWHULRU

3DUDWDQWRWRGRXPDSDUDWRGHWpFQLFDVSURGXWRVHQRYRVSURILVVLRQDLV VmRFULDGRVSDUDDWHQGHUDHVVHPHUFDGRGRFRUSRPXWDQWHHFDGDYH]PDLV H[LJHQWH2VHUEHORHSHUIHLWRHQYROYHPDLVGRTXHVXEPHWHUVHKRUDVDILRHP WDLVSURFHGLPHQWRVVHJXQGR&DPDUJRVH$VVXQomR

³GLUHWDPHQWHUHODFLRQDGDjEHOH]DItVLFDHVWijLGpLDGH TXH KRPHQV H PXOKHUHV EHORV GHYHP VHU DOHJUHV FRPXQLFDWLYRVEHPVXFHGLGRVLQWHOLJHQWHVDJUDGiYHLVH HYRODU HQFDQWR QR HVSDoR VRFLDO RQGH HVWmR LQVHULGRV 3RUWDQWR JUDQGH SDUWH GD FLYLOL]DomR FRQWHPSRUkQHD DFDED SRU LGRODWUDU D EHOH]D $ EXVFD SHOR VHU EHOR p DEVRUYHQWH H GHL[D RV LQGLYtGXRV YXOQHUiYHLV D SDJDUHP TXDOTXHU TXH VHMD R YDORU HPRFLRQDO PRUDO ILQDQFHLUR HWF SRU HVWH VWDWXV 1HVVH VHQWLGR VmR LQFRQWiYHLV RV WLSRVGHSURFHGLPHQWRVH[LVWHQWHVSDUDDGTXLULUDXPHQWDU RXSUHVHUYDUDEHOH]DHHOHVSRGHPVHMXVWLILFDUSRUPHLR GDV UHFRPSHQVDV HPRFLRQDLV VRFLDLV H DWp PDWHULDLV SURSRUFLRQDGDV SHOD VHQVDomR GH HVWDU EHOR 3RU RXWUR ODGRRGHVHMRGHVHQWLUVHEHORVHGLVWRUFHHSUHFDUL]Dj PHGLGDTXHDHVWpWLFDGDEHOH]DVHWRUQDRHOHPHQWRPDLV LPSRUWDQWHSDUDDJHUDomRGHSUD]HUHGHEHPHVWDUIDWR TXHVHDFHQWXDFRPRDSRLRGDVLQG~VWULDVPLOLRQiULDVH GD PtGLD TXH FULDP LPDJHQV GR EHOR H DV WUDILFD FRPR GURJDV SDUD D VRFLHGDGH H VH YLDELOL]DP SRU LQWHUPpGLR GDLQYHMDHGDFRELoD´&$0$5*26$6681d­2 S

<XSSLHVH0HWURVVH[XDLV

3RGHVHFDUDFWHUL]DUEUHYHPHQWHHVVD³FXOWXUDGHVL´SHOR IDWRGHTXHDDUWHGDH[LVWrQFLD±DWHFKQHWRXELRXVREDV VXDVGLIHUHQWHVIRUPDV±QHODVHHQFRQWUDGRPLQDGDSHOR SULQFtSLRVHJXQGRRTXDOpSUHFLVR³7HUFXLGDGRFRQVLJR´ pHVVHSULQFtSLRGRFXLGDGRGHVLTXHIXQGDPHQWDDVXD QHFHVVLGDGHFRPDQGDRVHXGHVHQYROYLPHQWRHRUJDQL]D DVXDSUiWLFD)28&$8/7LQ*$5&,$S

7UDoDPRV XP SDUDOHOR HQWUH HVVDV GXDV FDUDFWHUL]Do}HV H D YLJRUH[LD SHORIDWRGHUHSUHVHQWDUHPHPVXDPDLRULDMRYHQVXUEDQRVREFHFDGRVSHOD DSDUrQFLDVXSHUILFLDOHTXHQmRPHGHPHVIRUoRVWDQWRGHRUGHPItVLFDTXDQWR ILQDQFHLUDSDUDDWLQJLUHPVHXVREMHWLYRVHRXDQVHLRVFRUSRUDLVHVRFLDLVHWDLV GHVLJQDo}HV VmR UHSOHWDV GH VLJQRV FDUDFWHUtVWLFRV TXH XPD GDGD FXOWXUD H pSRFDLQVHUHPHPVHXVDWRUHVDJHQWHVVRFLDLVID]HQGRFRPTXHHVWHVVHMDP UHFRQKHFLGRVHYDORUL]DGRVSRUVXDVFDUDFWHUtVWLFDV

6HJXQGR )HUUDUL RV DWRUHV DJHQWHV RX VXMHLWRV VmR RV SHUVRQDJHQV PDLV LPSRUWDQWHV GD VRFLHGDGH H GH DFRUGR FRP D WHRULD GD DomR RV ³DWRUHV´ VmR DJHQWHV RX SHVVRDV TXH LQGLYLGXDOL]DGRV FRQVWLWXHP RUJDQLVPRVILVLROyJLFRVGRPHVPRPRGRTXHFROHWLYL]DGRVFRQWLQXDUmRDVHU RUJDQLVPRVILVLROyJLFRVHGHQWURGRFRQWH[WRVRFLHWiULRRDWRUpFRQVLGHUDGR GHQWUR GH VXD LPSRUWkQFLD GLUHFLRQDO GHVHQYROYHQGR VXD FRJQLomR VHQWLPHQWRV H WHQGrQFLDV SDUD DJLU FRP UHODomR j VRFLHGDGH HP TXH YLYH /RJR

$V UHGHV VRFLDLV DV TXDLV HVWHV DWRUHV DJHQWHV RX VXMHLWRV HVWmR LQVHULGRVVmRGHJUDQGHLPSRUWkQFLDQDDQiOLVHGHVXDVDo}HVILFDQGRDVVLP GLIXVDV H SROLI{QLFDV VHP LGHQWLILFDomR SUHFLVD GHVWDV SRLV QmR VH VDEH DR FHUWR TXDQGR HVWHV HVWmR VHQGR LQIOXHQFLDGRV RX VHQGR RV LQIOXHQFLDGRUHV GHVWDVDo}HVJUDoDVjHQRUPHJDPDGHLQWHUDo}HVTXHVHIRUPDPHQWUHHOHV GHYLGRjHIHUYHVFrQFLDGDVUHGHVVRFLDLVYLUWXDLVRXUHGHVGHUHODFLRQDPHQWR RQOLQH6mRUHGHVIOXLGDVTXHWrPDLQWHQomRGHHQYROYHUPDLVSHVVRDVGH IRUPDUiSLGDHDWHPSRUDO

7DQWR<XSSLHVTXDQWR0HWURVVH[XDLVWHPFRPRFDUDFWHUtVWLFDRGHVHMR GH VHUHP YLVWRV H UHFRQKHFLGRV FRPR WDO R TXH FDUUHJD FRQVLJR WRGRV RV VLJQRV FDUDFWHUtVWLFRV SUySULRV H GH VHXV SDUHV H QRV GLDV GH KRMH FRP D IDFLOLGDGH GH DJUXSDPHQWR VRFLDO DWUDYpV GH UHGHV VRFLDLV YLUWXDLV WDLV LQGLYtGXRV JDQKDP XPD IHUUDPHQWD SRGHURVD GH H[LELomR H SRUTXH QmR GH DILUPDomRHGLYXOJDomRGHVLHGHVHXVSDUHVHVWDQGRMXQWRVQDSHUPDQHQWH EXVFDGHREVHUYDGRUHVRXFXULRVRVSHORVHXSDGUmRFRUSRUDO

&RPHIHLWR$JXLDUFLWDTXH

³ DWXDOPHQWH Ki GH]HQDV GH VLWHV TXH RIHUHFHP ³VHUYLoRVGHUHGHVVRFLDLV´FDGDTXDOEXVFDQGRXP³QLFKR GH PHUFDGR´ UHODFLRQDGR D DOJXP WLSR GH VXEFXOWXUD DGROHVFHQWHVP~VLFRVSDUWLFLSDQWHVGHMRJRVEDVHDGRV HP DYDWDUHV HQWUH RXWURV GRV TXDLV FRQFHQWUDP D DXGLrQFLD HP WRGR R PXQGR JHRHVWUDWHJLFDPHQWH GLVWULEXtGRVVHQGRGRVDFHVVRVQD$PpULFDGR1RUWH (8$H&DQDGi$VFRQVHTrQFLDVGRXVRGHVVHVVLWHV SDUD DV UHODo}HV GH DPL]DGH H SDUD DV QRo}HV GH LGHQWLGDGH SULYDFLGDGH DXWHQWLFLGDGH FRPXQLGDGH H VRFLDELOLGDGHHVWmRDSHQDVGHVSRQWDQGR1HVVDYLVmRGH PHUFDGR D SDODYUD ³DPLJRV´ IRL JDQKDQGR XP VHQWLGR PXLWR GLIHUHQWH GDV UHODo}HV DIHWLYDV WUDGLFLRQDLV TXH SUHVVXS}HP UHFLSURFLGDGH FRQILDQoD LQWLPLGDGH VLQFHULGDGH H VHQGR DVVRFLDGD D XPD FRPSHWLWLYLGDGH DQWDJ{QLFDDRHVStULWRVROLGiULRGDVUHGHVVRFLDLVGDYLGD FRWLGLDQDHGRVFRQWH[WRVVRFLRSROtWLFRV´$*8,$5 S

$GLQkPLFDGHLQWHUDomRHQWUHVHXVSDUHVQDVUHGHVVRFLDLVYLUWXDLVID] DOXVmRDRTXH&DOOLJDULVFLWDTXDQGRUHODWDTXH

³ QDUUDUVH QmR p GLIHUHQWH GH LQYHQWDUVH XPD YLGD 'HEUXoDUVH VREUH VXD LQWLPLGDGH QmR p GLIHUHQWH GH LQYHQWDUVH XPD LQWLPLGDGH 2 DWR DXWRELRJUiILFR p FRQVWLWXWLYR GR VXMHLWR H VHX FRQWH~GR´ &$//,*$5,6 S

2 DXWRU WDPEpP GHVWDFD D IXQomR SX]]OH TXHEUDFDEHoDV RSHUDGD SHORVGLiULRVOLYURVGHPHPyULDVHDXWRELRJUDILDVFXMDVFRQILJXUDo}HVSRGHP IDFLOPHQWH VHUHP SHUFHELGDV HP FRPXQLGDGHV YLUWXDLV GD LQWHUQHW FRPR R 2UNXW)DFHERRN7ZLWWHU0\6SDFHHQWUHRXWURV

<XSSLHV

1RFRPHoRGDGpFDGDGHVXUJLXXPDGHVLJQDomRSDUDMRYHQVTXH VH DSURYHLWDUDP GDV JUDQGHV RSRUWXQLGDGHV TXH VXUJLDP FRP DV PRYLPHQWDo}HV ILQDQFHLUDV GDV EROVDV GH YDORUHV QRV (VWDGRV 8QLGRV HOHV HUDP FRQKHFLGRV FRPR <833,(6 QRPH HVWH GHULYDGR GD VLJOD <83 <RXQJ 8UEDQ3URIHVVLRQDOV

(VWDVSHVVRDVVmRFDUDFWHUL]DGDVSRUMRYHQVKRPHQVGHQHJyFLRVFXMD WHQGrQFLD p D GH WRUQDUHPVH ULFRV SRLV WUDEDOKDP HP XPD SURILVVmR EHP UHPXQHUDGD H TXH YLYHP HRX WUDEDOKDP HP XPD JUDQGH FLGDGH RX SUy[LPR GHOD 0DV R WHUPR SRGH DJRUD VHU XVDGR SDUD GHVFUHYHU DOJXpP TXH YDL DSURYHLWDU TXDOTXHU RSRUWXQLGDGH SDUD RVWHQWDU VXD DEXQGkQFLD ILQDQFHLUD VHQGR R GLQKHLUR YHUGDGHLUR RX QmR SRLV VHX VWDWXV H DSDUrQFLD GHYHP VHU LQGLFDGRUHVGHVXDSRVLomRVRFLDOEHPHVWDEHOHFLGD

2 DXWRU DLQGD FLWD R IDWRV GHVWHV MRYHQV SRVVXLUHP HVSDoRV GH FRPXQKmR HVSHFtILFRV RX VHMD ORFDLV GH HQFRQWURV H[FOXVLYRV WDLV FRPR FOXEHV EDUHV UHVWDXUDQWHV H DFDGHPLDV GH JLQiVWLFD DOWDPHQWH UHVWULWLYRV WUDQTXLORVHLQDFHVVtYHLV

(VWHV MRYHQV VmR EDVLFDPHQWH SHVVRDV TXH HQFRQWUDP D VXD DXWR HVWLPDDWUDYpVGHPDUFDVHQRPHVGHDWLYLGDGHVGHDOWRVWDWXVVRFLDOVHQGR REULJDGRVDDSUHFLDUHVVDVFRLVDVSRUTXHDVRFLHGDGHHPTXHHVWmRLQVHULGRV GL]TXHHODVVmRDJUDGiYHLVHEHPYDORUL]DGDVSURSRUFLRQDQGRXPQtYHOVRFLDO GLIHUHQFLDGRSDUDDTXHOHVTXHDVSRVVXHP

(OHV FRPSUDP DV PDUFDV QmR VRPHQWH SRU JRVWDUHP RX WHUHP DSUHQGLGRDJRVWDUGRVLWHQVTXHFRPSUDPPDVSDUDGHPRQVWUDUTXHHVWmRHP QtYHLV VRFLDLV VXSHULRUHV TXH RV GHPDLV R TXH SRGH VHU QRWDGR SHOR IDWR GHVWHVHVWDUHPVHPSUHDWXDOL]DGRVHSRVVXLUHPTXDVHWXGRRTXHKiGHPDLV PRGHUQR QR PHUFDGR GH FRQVXPR WDLV FRPR WHOHIRQHV FHOXODUHV H FRPSXWDGRUHV

7DO GHPDQGD SRU XP VWDWXV GLIHUHQFLDGR QmR SRGHULD GHL[DU GH ODGR D SUHRFXSDomR TXH HVWHV SURILVVLRQDLV WLQKDP FRP VXDV DSDUrQFLDV SRLV SDUD REWHUHPJUDQGHVXFHVVRHDFHLWDomRVRFLDOHVWHVGHYHULDPDSUHVHQWDUVHGH PDQHLUD LPSHFiYHO HP VXDV FDUDV YHVWLPHQWDV H FXLGDGRV FRPVHXV FRUSRV HPHVSHFLDOGHVWDTXHSDUDRVFXLGDGRVFRPVHXVURVWRV

3HQVDPRV YDOHU D SHQD WUDEDOKDU FRP HVWHV DVSHFWRV VRFLDLV YDORUL]DGRV HP XP GHWHUPLQDGD pSRFD SRUTXH YHPRV VHPHOKDQoDV QR TXH WDQJH RV FXLGDGRV FRP D DSDUrQFLD ItVLFD H R VLJQLILFDGR TXH HVWD SRVVXL H WUDQVPLWHDRVGHPDLVQHVWHFDVRDHQIDVHpGDGDTXDVHTXHH[FOXVLYHPHQWH QRVURVWRVPDLVYLVWRVHGHPDLRUGHWDTXHGDVRFLHGDGHWHQGRDtXPPRGHOR DVHUVHJXLGRSHORVGHPDLVSRVWXODQWHVDXPDQRYDVLWXomRVRFLDO

1HVWD VLWXDomR R FRUSR FRPR YHPRV KRMH QmR DSUHVHQWDYD JUDQGH GHVWDTXH R TXH GHYHULD VHU YLVWR HUD XP KRPHP MRYHP FRP JHO QR FDEHOR SHUIHLWDPHQWH DUUXPDGR SDUD GHPRQVWUDU IUHVFRU H SDVVDU XPD LPDJHP GH VHPSUHHVWDUSURQWRSDUDRWUDEDOKRHTXDOTXHURXWUDVLWXDomRVRFLDODOLDGRD LVVRURVWRVEDUEHDGRVjSHUIHLomRRXEDUEDVDSDUDGDVPLOLPHWULFDPHQWH

³QmRVmRWRGRVTXHVHHQWUHJDPFRPFRQVWkQFLDTXH H[LEHPRPHVPRDUGRUFROKHPDVPHVPDVDOHJULDVRXRV PHVPRV VRIULPHQWRV 7RGDYLD HODV VmR SDUWLFXODUPHQWH LGHQWLILFDGDV FRPR R ³HVWLOR GH YLGD´ TXH VH WRUQRX R HPEOHPDGRVDQRVRV\XSSLHV

(VVHV ³MRYHQV SURILVVLRQDLV XUEDQRV´ iYLGRV SHOD DXWR UHDOL]DomR DWUDYpV GRVXFHVVRPDWHULDO SUDWLFDQWHVPDLV DVVtGXRVGDWUDQVSLUDomRHOHWU{QLFDIL]HUDPGHVWHWLSRGH DSDUHOKDJHPXPVLJQRHVVHQFLDOGHSHUWHQFLPHQWRDVHX JUXSR DV PiTXLQDV GH UHPDU SHGDODU VLPXODU D VXELGD GHGHJUDXVGHHVFDGDSDVVDUDPDVHUXPHOHPHQWRGH GHFRUDomRGRPpVWLFDXPDSHoDGRPRELOLiULRFRORFDGDj YLVWD >@ 6mR SUiWLFDV GHVWLQDGDV D GHPRQVWUDU XPD LQWHJUDomR jVQRUPDV FRUSRUDLV HP YLJRU D IRUQHFHUXP WHVWHPXQKR GH FRPXQKmR FRP D FXOWXUD GR FRUSR´ &RXUWLQHS

$ DPELomR SRU VWDWXV GLIHUHQFLDGR H SRU QmR HQ[HUJDUHP OLPLWHV SDUD VXD DVFHQVmR DFDERX SRU RFDVLRQDU GLYHUVDV VLWXo}HV RQGH RV \XSSLHV WRUQDUDPVHWUDEDOKDGRUHVFRQWXPDVHVRVFRQKHFLGRV³ZRUNDKROLFV´

6XDV DGLo}HV TXH HP SULPHLUD LQVWkQFLD HUDP WUDEDOKR SURGXWRV GH ~OWLPD WHFQRORJLD H URXSDV GH JULIHV IDPRVDV SDVVRX D WHU FRPSDQKLD GD FRFDtQD TXH HUD FRQKHFLGD FRPR D GURJD GD HOLWH XPD GURJD FDSD] GH VHU XWLOL]DGDWDQWRSDUDILQVVRFLDLVFRPRIHVWDVHRXFRPRSRGHURVRHVWLPXODQWH SDUDVXSRUWDUHPWDPDQKDFDUJDGHWUDEDOKR

3DUD7RP+HDGDFRFDtQDHPSyIRLRFKDPSDQKHGDVGURJDVH IRLDVVRFLDGRPDLVIUHTHQWHPHQWHFRP\XSSLHVEUDQFRVGRTXHRXWUDVGURJDV TXHMiHVWDYDPQDLPDJLQDomRGRS~EOLFRFRPRSRUH[HPSORDKHURtQDPDLV UHODFLRQDGDVFRPRDIULFDQRDPHULFDQRHDPDFRQKDFRPRVODWLQRV

$ FRPSXOVLYLGDGH SRU WUDEDOKDU H DV SHVDGDV UHVSRQVDELOLGDGHV TXH HVWH SURILVVLRQDO FDUUHJDYD HUD PRWLYR SDUD TXH SURFXUDVVHP PHLRV SDUD VXSRUWDUHP WDPDQKD FDUJD GH WUDEDOKR VHP SHUGD GH SURGXWLYLGDGH H HP FDVFDWDSHUGDGHGLQKHLURSRVLomRVRFLDOHSUHVWLJLRID]HQGRFRPVHXQtYHO GHYLGDSDVDVVHGHH[WUDRUGLQiULRSDUDRUGLQiULR

0HWURVVH[XDLV

1HVWH PRPHQWR DR GLUHFLRQDUPRV QRVVR IRFR GH DWHQomR SDUD R PHWURVVH[XDO YHULILFDPRV TXH VH WUDWD WDPEpP GH XP MRYHP XUEDQR GH FODVVH PpGLDDOWD TXH DSDUHQWD PDQWHU VXD YLULOLGDGH GH IRUPD WUDQTLOD DSHVDUGHPXLWDVFDUDFWHUL]Do}HVHFXLGDGRVFRPRFRUSRDWpHQWmRLQHUHQWHV DRXQLYHUVRIHPLQLQR

6HJXQGR *DUFLD D QRomR GH PHWURVVH[XDO GHILQHVH SRU XPD PDVFXOLQLGDGH QDUFtVLFD HJRFrQWULFD YDLGRVD XUEDQD H VDWXUDGD SHOD H[SORUDomRQDPtGLD'L]TXHpXPKRPHPFRP+PDL~VFXORTXHJHUDOPHQWH YLYH HP FLGDGHV JUDQGHV $OJXQV QmR VH DVVXPHP FRPR WDO H VH GL]HP VLPSOHVPHQWH YDLGRVRV RXWURV DWp GLVIDUoDP HVVD YDLGDGH WHPHQGR R SUHFRQFHLWRSRUSDUWHGRVGLWRV³PDFK}HV´2KRPHPFRQWHPSRUkQHRSHUFHEH TXHQmRSUHFLVDVHUGHVOHL[DGRSDUDDILUPDUDPDVFXOLQLGDGH

2FRQIOLWRTXHDSDUHQWHPHQWHSRGHULDFDXVDUHPVHWRUQDUDOJXpPFRP FDUDFWHUL]Do}HV GH RXWUR VH[R QR WRFDQWH DRV LQ~PHURV FXLGDGRV FRUSRUDLV DFDED SRU VHU DOJR TXH LPSXOVLRQD WDO FRPSRUWDPHQWR XPD YH] TXH HVWHV KRPHQV ILFDP DWHQWRV D WXGR R TXH SRVVD VHU QRYLGDGH H TXH WHQKD DOJXP LQGtFLRGHEHQHItFLRVDRVVHXVFRUSRVWRUQDQGRRVPDLVDWUDHQWHVHVDWLVIHLWRV FRQVLJR PHVPRV DLQGD TXH SRU XP WHPSR UHODWLYDPHQWH FXUWR Mi TXH R PHUFDGRGDEHOH]DpSURGLJRHPVHUHLQYHQWDU

2 PHWURVVH[XDO H[SORUD VHX FRUSR DWOpWLFR FRPR IHUUDPHQWD GH XP GLVFXUVRSURHPLQHQWHHVHGXWRUVHQGRDVVLPpXPQDUFLVLVWDFRQYLFWRVHPVH SUHRFXSDU FRP RV ROKDUHV GHVFRQKHFLGRV TXH LQYDGHP RV PDLV UHF{QGLWRV HVSDoRVFRUSRUDLVGHOLQHDGRVHPORQJRVWUDWDPHQWRVGHEHOH]DRXVHVV}HVGH JLQiVWLFD*$5&,$'Dt

³$ TXHVWmR VH p KRPRVVH[XDO ELVVH[XDO RX Vy WHP UHODo}HV FRP R VH[R RSRVWR QmR LPSRUWD SRUTXH R PHWURVVH[XDO FRORFDVH FRPR REMHWR GR SUySULR GHVHMR SRLVFRQIRUPHMiDQXQFLDGRpH[WUHPDPHQWHQDUFLVLVWD´ *$5&,$S

HUDP UHGXWRV GH XP RX GH RXWUR VH[R UHDORFD FRUSRV FRPSRUWDPHQWRV H LGpLDVTXHHVWDEHOHFHPHQWUHOXJDUHV'HVWDPDQHLUD

³ SRUWDQWR DFUHGLWDVH QD IDOrQFLD GRV SDSpLV LGHQWLWiULRVVH[XDLVHVRFLDLVFRPRXPPRWRUUHJXODUGD GLYHUVLGDGH FXOWXUDO H VH[XDO VREUHWXGR QR VLQFUHWLVPR JOREDOL]DGR SHOD PLVWXUDV pWQLFDV H PXOWLFXOWXUDLV 3RUWDQWRDPHWURVVH[XDOLGDGHRFRUUHQDVPHWDQDUUDWLYDV KtEULGDVGHFRQVWDQWHVLQWHUUXSo}HVHUHDJUXSDPHQWRV´ *$5&,$S

2PHWURVVH[XDOVHWRUQDXPtFRQHGHPDVFXOLQLGDGHVHQVtYHOHTXHQmR VHLPSRUWDHPDVVXPLUHVWHODGRIHPLQLQRFDUDFWHUL]DGRSHODVHQVLELOLGDGHH YDLGDGH VHP TXH LVVR DIHWH VXD VH[XDOLGDGH 1D SUiWLFD HVWH PHWURVVH[XDO QmRVHSUHRFXSDFRPVXDLGHQWLGDGHVXDVSUHRFXSDo}HVVmRIRFDGDVHPVXD DSDUrQFLDHPVXDLPDJHP

2FRUSRGRPHWURVVH[XDOSRGHVHFDUDFWHUL]DUSHORYROXPHPXVFXODUQmR H[DJHUDGR DTXHOH FRUSR FRQVLGHUDGR GH ³PRGHORV GH SDVVDUHOD´ RQGH D GHILQLomR PXVFXODU p DSDUHQWH PDV VHP R JUDQGH YROXPH LQHUHQWH DRV ILVLFXOWXULVWDVDSHVDUGHDPERVGLVSHQVDUHPVHQmRRPHVPRJUDXGHDWHQomR FRPHVWHDVSHFWRGLIHUHQoDVVXWLV

3RGHVH GL]HU TXH VRE D PRUDO GD ³ERD IRUPD´ XP FRUSR WUDEDOKDGR FXLGDGRVHPPDUFDVLQGHVHMiYHLVHVHPH[FHVVRVpR~QLFRTXHPHVPRVHP URXSD HVWi GHFHQWHPHQWH YHVWLGR FRPR LOXVWUD &RXUWLQH DR WUDWDU GR GHVYHODPHQWR GR FRUSR PDVFXOLQR QRV (VWDGRV 8QLGRV GR ILQDO GR VpF ;,; FLWDQGR TXH XP FRUSR GH KRPHP VH p PXVFXORVR QmR HVWi MDPDLV YHUGDGHLUDPHQWHQX

&RQWLQXDPRV D QRV DWHQWDU VREUH RV DSRQWDPHQWRV TXH RV DXWRUHV FLWDGRV DFLPD ID]HP VREUH DV SROtWLFDV GD EHOH]D H GD ERD IRUPD ItVLFD QR WRFDQWH D HVWHV IDWRUHV QmR VHUHP PDLV SHUFHELGRV H YDORUL]DGRV FRPR DOJR GDGR DGYLQGRV GD ³REUD GD 1DWXUH]D RX GR 'LYLQR´ H VLP FRPR DOJR D VHU FRQVWUXtGR H D VHUHP FRQFHELGRV FRPR UHVXOWDGR GH XP WUDEDOKR VREUH VL PHVPR ID]HQGR SHVDU VREUH RV LQGLYtGXRV D UHVSRQVDELOLGDGH SRU VXD DSDUrQFLDItVLFD(

³QHVWHSURFHVVRGHUHVSRQVDELOL]DomRGRLQGLYLGXRSHOR VHXFRUSRDSDUWLUGRSULQFLSLRGHDXWRFRQVWUXomRDPtGLD HHVSHFLDOPHQWHDSXEOLFLGDGHWHPSDSHOIXQGDPHQWDO2 FRUSR YLURX ³R PDLV EHOR REMHWR GH FRQVXPR´ H D SXEOLFLGDGH TXH DQWHV Vy FKDPDYD D DWHQomR SDUD XP SURGXWR H[DOWDQGR VXDV YDQWDJHQV KRMH HP GLD VHUYH SULQFLSDOPHQWH SDUD SURGX]LU R FRQVXPR FRPR HVWLOR GH YLGD SURFULDQGR XP SURGXWR SUySULR R FRQVXPLGRU SHUSHWXDPHQWH LQWUDQTLOR H LQVDWLVIHLWR FRP VXD DSDUrQFLD &RP LVVR VDHP JDQKDQGR HQWUH RXWURV RV PHUFDGRV GRV FRVPpWLFRV GDV FLUXUJLDV HVWpWLFDV H GD PDOKDomR´*2/'(1%(5*5$026S

3RUWDQWRHVWHV³QRYRV´KRPHQVVXEPHWHPVHDWUDWDPHQWRVHVWpWLFRVH FLUXUJLDVSOiVWLFDVSDUDSRGHUHPLQYHVWLUQHVWHQRYRFRUSRXPFRUSRVHPSUH MRYHPHDWHQWRDWRGDHTXDOTXHUQRYLGDGHTXHHQFRQWUDQDPtGLDXPYHLFXOR GHGLYXOJDomRGHVWHVLGHDLVEDVWDQWHHILFLHQWH

*DUFLDLOXVWUDTXHHVVHLPSHUPHiYHOSDUDQmRGL]HU³LPSHFiYHO´ KRPHP FRQWHPSRUkQHR WHQWD VHJXUDU R WHPSR QDV PmRV SDUD FRQVHUYDUVH SHUPDQHQWHPHQWHSOHQRGHDWUDWLYRVVHGXWRUHVDRWHQWDUJDUDQWLUDEHOH]DGD MXYHQWXGH$RHQULMHFHURVP~VFXORVWDPEpPID]XPUtJLGRUHJLPHGHDOHUWDH SHUVHJXLomRGHUXJDVJRUGXUDV7RUQDVHSRUWDQWRHVFUDYRGRERPJRVWRQD UHFRPSHQVDGHWHQWDUSUHHQFKHUVHXSUySULRGHVHMR2PHWURVVH[XDOSUHJDD VDWLVIDomRGHUHDELOLWDUVH³QRYR´

$SHUVHJXLomRSHODPHQRUTXDQWLGDGHGHJRUGXUDFRUSRUDOSDUDTXHD PXVFXODWXUDWRUQHVHPDLVDSDUHQWHHSDUDTXHHVWHIDWRGHPRQVWUHGRPtQLR VREUHIDWRUHVFRQVLGHUDGRVFRPRIDOWDGHDWHQomRFRPRFRUSRHRXGHVOHL[R RVPHWURVVH[XDLVID]HQGRDOXVmRDRTXH0DWWRVUHODWDTXDQGRFLWDTXH FULDP PRGHORV LGHDLV GH VXMHLWRV EDVHDGRV QD SHUIRUPDQFH ItVLFD H HVWDEHOHFHPVHQRYRVSDUkPHWURVGHPpULWRHUHFRQKHFLPHQWRQRYRVYDORUHV FRPEDVHHPUHJUDVKLJLrQLFDVHUHJLPHVGHRFXSDomRGHWHPSR

$V Do}HV LQGLYLGXDLV VmR GLULJLGDV SDUD D REWHQomR GD PHOKRU IRUPD ItVLFD PDLV ORQJHYLGDGH H SURORQJDPHQWR GD MXYHQWXGH 2 UHVXOWDGR p D FRQVWLWXLomR GH XP LQGLYtGXR UHVSRQViYHO TXH RULHQWD VXDV HVFROKDV FRPSRUWDPHQWRVHHVWLORVGHYLGDSDUDDSURFXUDGDVD~GHHGRFRUSRSHUIHLWR LVWRpPDJUR³VDUDGR´MRYHPHVHP³PDUFDVGHLGDGH´HPVHXVURVWRV

H[WUHPR SDVVRX D VHU DOJR IUHTHQWH H p D SULPHLUD RSomR TXDQGR QmR VH REWpPUHVXOWDGRVVDWLVIDWyULRVFRPSURGXWRVGHEHOH]DFRPDWLYLGDGHVItVLFDV RXQmRWHPWHPSRRXYRQWDGHGHVXEPHWHUVHDURWLQDVGLiULDVGHJLQiVWLFDRX PXVFXODomRFRPRUHODWD*OyULD.DOLOHPVHXOLYUR&KLF±+RPHP±0DQXDOGH 0RGDH(VWLORSXEOLFDGRHPRQGHDDXWRUDGL]TXH

³ VH DV EROVDV GHEDL[R GRV VHXV ROKRV HVWmR DWRUPHQWDQGR VXD H[LVWrQFLD VH VXDV SiOSHEUDV HVWmR FDLQGRGHL[DQGRVXDFDUDGHVHVSHUDGDPHQWHWULVWHRXVH YRFr WHP YRQWDGH GH HVFRQGHU R TXHL[R WRGD YH] TXH DOJXpP DSDUHFH FRP XPD PDTXLQD IRWRJUiILFD ± QmR GHVFDUWH D LGpLD GH XPD FLUXUJLD (OD UHVROYH HVVHV DVVXQWRV GH IRUPD UDGLFDO 2 TXH YRFr WHP TXH ID]HU p LQIRUPDUVHVREUHWXGRRTXHYDLDFRQWHFHUDQWHVGXUDQWH HGHSRLV$LYRFrUHVROYH´.$/,/S

6HJXQGR D PHVPD DXWRUD KRXYH XP DXPHQWR QD SURFXUD GHVWHV SURFHGLPHQWRVFLU~UJLFRVQRV~OWLPRVDQRVSDVVDQGRGHXPDPpGLDGH SDUD H DV FLUXUJLDV PDLV DGRWDGDV SHORV KRPHQVIRUDP DVFLUXUJLDV GH SiOSHEUDV WUDQVSODQWH GH FDEHORV OLSRDVSLUDomR SDUD UHWLUDU D JRUGXUD QD FLQWXUD GLPLQXLU D EDUULJD UHWLUDGD GR TXHL[R GXSOR LVWR p SDSDGD VRE R TXHL[RULQRSODVWLDHOLIWLQJSDUDOHYDQWDUDSHOHHUHSRVLFLRQDUDPXVFXODWXUD GRURVWRHSHVFRoR

3RGHVH QRWDU TXH D SURFXUD SRU XP FRUSR PDLV EHOR MRYHP H KDUPRQLRVR QmR ILFD UHVWULWR VRPHQWH DRV DQ~QFLRV GH SURGXWRV H WpFQLFDV SDUD HVWHV ILQV R PHUFDGR GH WUDEDOKR ID] FRP TXH R KRPHP SURFXUH WDLV SURFHGLPHQWRV SDUD TXH SRVVD REWHU XP PDLRU JUDX GH FUHGLELOLGDGH H DVFHQVmRSURILVVLRQDOSRLVFRPRMiFLWDGRDFLPDRJRYHUQRVREUHVHXSUySULR FRUSRGHPRQVWUDGLVFLSOLQDHFRPSURPHWLPHQWRIDWRUHVEHPYDORUL]DGRVSHOR PHUFDGRGHWUDEDOKR

2KRPHPHPTXHVWmRSDVVDDVHUHVFUDYRGHVLPHVPRTXDQGRHVWHV IDWRUHVWRUQDPVHFDGDYH]PDLVSUHVHQWHVHYDORUL]DGRVHPVHXPHLRVRFLDOH D IDOWD GH EHOH]D RX DWUDWLYRV ItVLFRV SDVVDP D VHU FRQVLGHUDGRV IDOKD GH FDUiWHU HRX SHUGD GH SHUVRQDOLGDGH H FRQVHTHQWH GHVSUHVWLJLR VRFLDO HRX SURILVVLRQDO TXH p R TXH VH SRGH LGHQWLILFDU TXDQGR OHYDPRV DOJXPDV FRQVLGHUDo}HV IHLWDV SRU SHVVRDV UHVSRQViYHLV HP VHOHFLRQDU SRVWXODQWHV D XPDYDJDGHHPSUHJRHPHPSUHVDVGHJUDQGHSRUWHSRLV

³ XP HVWXGR IHLWR SHOD &DWKR HPSUHVD GH UHFXUVRV KXPDQRVFRPVHLVPLOJHVWRUHVGHHPSUHVDVEUDVLOHLUDV PRVWURXTXHGRVSUHVLGHQWHVHGLUHWRUHVH GRV JHUHQWHV H VXSHUYLVRUHV WrP UHVHUYDV TXDQWR j FRQWUDWDomRGHTXHPHVWiDFLPDGRSHVR$LQWROHUkQFLD VH PDQLIHVWD FRP ULJRU VHPHOKDQWH QR DOWR HVFDOmR GDV HPSUHVDV$MXVWLILFDWLYDpDGHTXHTXHPHVWiJRUGLQKR HVWi PDLV VXMHLWR D GRHQoDV GD REHVLGDGH FRPR KLSHUWHQVmR H GLDEHWHV 0DV VDEHVH TXH D TXHVWmR GD HVWpWLFD SHVD SULQFLSDOPHQWH QDV SRVLo}HV GH FKHILD ³4XHP RFXSD FDUJRV LPSRUWDQWHV VDEH TXH WHUi GH DSDUHFHU HP XPD HQWUHYLVWD RX XPD DSUHVHQWDomR H TXDQGR LVVR DFRQWHFHU TXHU HVWDU FRP WXGR HP FLPD´ /2(6S

3RUHVWDEUHYHDQiOLVHGHXPDJHQHDORJLDGRVFRUSRVDRORQJRGHXP SHUtRGRTXHFRPSUHHQGHRVDQRVGRVpFXOR;;DWpRVGLDVDWXDLVHPTXH SDVVDPRV GH XP FRUSR REFHFDGR SRU VH PRVWUDU DWUDYpV GD WHFQRORJLD LQFRUSRUDGD DR VHX GLDDGLD FRPR GHPRQVWUDWLYR GH SURHPLQrQFLD VRFLDO FRPRQRFDVRGRV\XSSLHVSDVVDPRVSHORVPHWURVVH[XDLVHWRGDVXDJDPD GHDSDUDWRVSDUDDFRQVWUXomRGHXPFRUSREHORFRPFDUDFWHUL]Do}HVWDQWRGH RUGHPPDVFXOLQDTXDQWRGHRUGHPIHPLQLQDID]HQGRFRPTXHKRXYHVVHXPD PLVWXUDGHFDUDFWHUL]Do}HVQRWRFDQWHDRVFXLGDGRVFRPRFRUSRLQFRUSRUDQGR HPVHXFRWLGLDQRURWLQDVGHHPEHOH]DPHQWRDWpHQWmRVRPHQWHSHQVDGDVSDUD RS~EOLFRIHPLQLQR

YHUVmR SRLV LQFRUSRUDUDP WRGD XPD VRUWH GH DSDUDWRV H WpFQLFDV GH UHFRQVWUXomR FRUSRUDO VHPSUH WRPDQGR FRPR EDVH DV IDVHV DQWHULRUHV PHVPRTXHHVWHVIDWRVHPVXDPDLRUSDUWHSDVVHPGHVSHUFHELGRVSRUVHXV DWXDLVDWRUHVVRFLDLV

)RUPDomRGDLPDJHPFRUSRUDOQHJDWLYD

6DODEHUULDHWDOGHVWDFDTXHQDIRUPDomRGDLPDJHPFRUSRUDO H[LVWHP GXDV YDULiYHLV GH H[WUHPD UHOHYkQFLD D LPSRUWkQFLD GD LPDJHP FRUSRUDOSDUDDDXWRHVWLPDHDVDWLVIDomRRXLQVDWLVIDomRFRPDPHVPDYLVWR TXH SDUD D IRUPDomR GD LPDJHP FRUSRUDO QHJDWLYD IDWRUHV WDQWR GH RUGHP KLVWyULFDRXGHSUHGLVSRVLomRHIDWRUHVGHPDQXWHQomRWRPDPOXJDUSULQFLSDO GHDWHQomR

2V IDWRUHV GH SUHGLVSRVLomR FRPS}HP YDULiYHLV GH RUGHP VRFLDLV H FXOWXUDLV PRGHORV IDPLOLDUHV H GH DPL]DGHV FDUDFWHUtVWLFDV SHVVRDLV GHVHQYROYLPHQWR ItVLFR HIHHGEDFN VRFLDO GHQWUH RXWURV REHVLGDGH LQIDQWLO DFLGHQWHV WUDXPiWLFRV GRHQoDVDEXVR VH[XDO H[SHULrQFLDV GRORURVDV FRPR FRUSRKDYHUIUDFDVVDGRHPDOJXPHVSRUWHGHVHXDJUDGRHWF

(P VXDV DQiOLVHV VREUH RV IDWRUHV GHVFULWRV DFLPD 6DODEHUULD HW DOH[SOLFDPTXHDVYDULiYHLVGHRUGHPVRFLDOHFXOWXUDOYLJHQWHVQHVWH LQtFLRGHVpFXOR;;,VmRDTXHODVTXHSURS}HPXPLGHDOHVWpWLFRUHODFLRQDQGR R FRP D DXWRHVWLPD FRP D DWUDWLYLGDGH H D FRPSHWrQFLD SHVVRDO FRPR SRU H[HPSOR D UHODomR GH TXH VHU EHOR p VHU ERP H SRVVXLU PHOKRU DFHLWDomR VRFLDO D HVWLJPDWL]DomR GD JRUGXUD FRPR DOJR LQGHVHMiYHO H VRFLDOPHQWH UHSURYiYHODYDORUL]DomRGRVHUPDJURHRXVHUIRUWH

$VVLQDOD WDPEpP TXH D SUHVVmR FXOWXUDO VREUH D PXOKHU SDUD TXH HOD VHMD PDJUD H GR KRPHP SDUD TXH VHMD IRUWH VmR FRQVLGHUDGRV IDWRUHV GH SUHGLVSRVLomRSDUDTXHVHWHQKDXPDLPDJHPFRUSRUDOQHJDWLYD

LQWHULRUL]HHYDORUL]HHVWHVFRQFHLWRVHVHUFULWLFDGRRXVRIUHUFRQVWUDQJLPHQWRV SRUSDUWHGHXPJUXSRGHLJXDLVSRWHQFLDOL]DVXDYXOQHUDELOLGDGH

$V FDUDFWHUtVWLFDV SHVVRDLV FRPR D EDL[D DXWRHVWLPD LQVHJXUDQoD GLILFXOGDGHV HP REWHU r[LWR HP VXD DXWRQRPLD H VHQWLPHQWRV GH LQHILFiFLD SRGHP ID]HU FRP TXH HVWDV SHVVRDV WHQWHP FRPSHQVDU HP VHX FRUSR WRGD HVWDIUXVWUDomRVRFLDO

0XGDQoDVRFRUULGDVQDSXEHUGDGHRGHVHQYROYLPHQWRFRUSRUDOSUHFRFH RXWDUGLRFRPWRGDVXDJDPDGHDOWHUDo}HVRtQGLFHGHPDVVDFRUSRUDORXVHX SHVREHPFRPRDVFDUDFWHUtVWLFDVGRFRUSRH[HUFHPJUDQGHLQIOXrQFLDHVmR DVSHFWRV GH YXOQHUDELOLGDGH SDUD R GHVHQYROYLPHQWR GD LPDJHP FRUSRUDO QHJDWLYD

$ H[SRVLomR GR FRUSR R FRQWUROH VRFLDO DV FRPSDUDo}HV VRFLDLV R SHGLGRGHPXGDQoDVFRUSRUDLVGHDOJXpPSUy[LPRVmRVLWXDo}HVTXHDWLYDPR HVTXHPD GH LPDJHP FRUSRUDO GR WLSR QHJDWLYR SURGX]LQGR PDO HVWDU H FRQGX]LQGR D HYLWDomR VRFLDO ULWXDLV GH FRPSURYDomR DWLYDP SHQVDPHQWRV H DXWRDYDOLDo}HVQHJDWLYDV

$V HPRo}HV SUHRFXSDo}HV H SHQVDPHQWRV SURYRFDGRV SRU HVWDV VLWXDo}HV VmR FRQVLGHUDGRV IDWRUHV GH PDQXWHQomR GHVWH WUDQVWRUQR GH LPDJHPFRUSRUDO

3DUDDDYDOLDomRGDLPDJHPFRUSRUDO5RVHQHWDOFLWDTXHQDV GpFDGDV GH H RV HVWXGRV VH FHQWUDYDP DSHQDV QRV DVSHFWRV SHUFHSWLYRV GD LPDJHP FRUSRUDO DR SDVVR TXH Mi QD GpFDGD GH DV DYDOLDo}HV FHQWUDYDPVH HP DVSHFWRV VXEMHWLYRV H DWLWXGLQDLV XPD YH] TXH SDUD XPD FRUUHWD SHUFHSomR FRUSRUDO QmR VH GHYH VXSRU D LQH[LVWrQFLD GD LQVDWLVIDomRFRPHOHPHVPR

3DUDLVVRRPHVPRDXWRUUHODWDTXHSDUDVHDYDOLDUDLPDJHPFRUSRUDO GHYHPVHLQFOXLUDVVHJXLQWHViUHDV

x 3HUFHSomRHHVWLPDWLYDGRWDPDQKRHIRUPDGRFRUSR

x $VSHFWRV FRQGXWDLV FRPR D HYLWDomR D FDPXIODJHP GR GHIHLWR ULWXDLVEXVFDVGHLQIRUPDo}HVWUDQTLOL]DGRUDVHWF

x 2XWURV SUREOHPDV SVLFROyJLFRV FRPR GHSUHVVmR WUDQVWRUQRV DOLPHQWDUHVDQVLHGDGHGLVIXQo}HVVH[XDLVHWF

x 'LPHQV}HV GD SHUVRQDOLGDGH DXWRHVWLPD KDELOLGDGHV VRFLDLV QtYHLVGHDGDSWDomRJOREDO

9LJRUH[LD

1HVWH WUDEDOKR WHP HVSHFLDO GHVWDTXH R TXH LQLFLDOPHQWH GHXVH R QRPH GH ³DQRUH[LD UHYHUVD´ DWUDYpV GDV SHVTXLVDV GR PpGLFR SVLTXLDWUD +DUULVVRQ3RSH-UHPSDUDSRVWHULRUPHQWHFRPRVDXWRUHV+DUULVVRQ 3RSH -U .DWKDULQH 3KLOOLSV H 5REHUWR 2OLYDUGLD QR DQR WHU D GHQRPLQDomRGH³&RPSOH[RGH$G{QLV´RX9LJRUH[LD

(VWD p XPD SVLFRSDWRORJLD FDUDFWHUL]DGD SHOD GLVWRUomR GD LPDJHP FRUSRUDO RX VHMD XPD GHVRUGHP HPRFLRQDO TXH VH FDUDFWHUL]D SRU SURGX]LU GHVRUGHPHPVXDSHUFHSomRVRPiWLFDID]HQGRFRPTXHRVDIHWDGRVSRUHVWH GLVW~UELR VH SHUFHEDP IUDFRV SHTXHQRV VHP TXDOTXHU DWUDWLYR ItVLFR GHQWUH RXWUDVFDUDFWHUtVWLFDVQmRLPSRUWDQGRRTXmRPXVFXORVRVHVWHMDP

2VDFRPHWLGRVSRUHVWHGLVW~UELRJHUDOPHQWHPDVQmRH[FOXVLYDPHQWH VmRKRPHQVFRPLGDGHVYDULDQGRHQWUHHDQRVHSULPDPSRUUHDOL]DUHP SUiWLFDV HVSRUWLYDV ± HVSHFLDOPHQWH PXVFXODomR ± GH IRUPD LQWHQVLYD H FRQWtQXDFRPRLQWXLWRGHDXPHQWDUDPDVVDPXVFXODUHREWHURPi[LPRGH GHILQLomR PXVFXODU VHP VH LPSRUWDUHP FRP DV SURYiYHLV FRQVHTrQFLDV DGYLQGDVGHWDOURWLQD

'LVFLSOLQDUVHDSRQWRGHUHDOL]DUWUHLQDPHQWRVHPGRPLQJRVHIHULDGRV VDFULILFDUDYLGDVRFLDOUHODFLRQDPHQWRVHPSUHJRHWHUDSHUFHSomRGHTXH VH QmR UHDOL]DU RV WUHLQDPHQWRV VHX FRUSR ³SHUGHX PDVVD PXVFXODU´ GHQWUH RXWUDVVmRFDUDFWHUtVWLFDVGHYLJRUH[LDFRQIRUPHGHWHFWDUDP3RSH3KLOOLSVH 2OLYDUGLD

LQJHVWmRGHSHULJRVRVVXSOHPHQWRVDOLPHQWDUHVHFRPSOH[RVYLWDPtQLFRVEHP FRPRHVWHUyLGHVDQDEyOLFRVVHPDPHQRURULHQWDomRSURILVVLRQDODGHTXDGD

2TXHSRGHPRVGHWHFWDUpRIDWRGHTXHDVLQIRUPDo}HVDFHUFDGHRQGH FRPSUDU FRPR XWLOL]DU VXSOHPHQWRV HRX HVWHUyLGHV URWLQDV GH WUHLQDPHQWRV HWF VmR UHSDVVDGDV SRU DTXHODV SHVVRDV TXH VH WRUQDP UHIHUrQFLD RX PHOKRUTXHSRVVXHPRFRUSRLGHDODRVROKRVGRRXWURQXQFDGHOHSUySULR

2VDXWRUHVFLWDGRVDFLPDDLQGDOLVWDPXPDVpULHGHVLWXDo}HVRQGHVH SRGHPSHUFHEHUVLQDLVGHYLJRUH[LDGHIRUPDEDVWDQWHFODUDXPDYH]TXHRV DFRPHWLGRVSRUHVWHGLVW~UELRUHVSRQGHUmRSRVLWLYDPHQWHDSHORPHQRVTXDWUR RXFLQFRGHVWDVVLWXDo}HV

6mRHODV

3UHRFXSDomR IUHTHQWH GH TXH VHX FRUSR QmR VHMD VXILFLHQWHPHQWHPDJURHPXVFXORVR

3HUGD GH RSRUWXQLGDGHV VRFLDLV TXH WHULD XVXIUXtGR HP RXWUDV FLUFXQVWkQFLDVHVSHFLDOPHQWHSRUWHUTXHPDOKDUQDDFDGHPLD 7HUTXHPDOKDULQWHUIHULXHPVHXHPSUHJR

)D]HUGLHWDVHVSHFLDLVFRPDOWRWHRUGHSURWHtQDVHEDL[RWHRUGH JRUGXUD RX WHP XWLOL]DGR JUDQGHV TXDQWLGDGHV GH SURWHtQDV RX RXWURV VXSOHPHQWRV DOLPHQWDUHV FRP R LQWXLWR GH DXPHQWDU D PXVFXODWXUD

*DVWDU PXLWR GLQKHLUR HP DOLPHQWRV HVSHFLDLV RX VXSOHPHQWRV GLHWpWLFRV SURWHtQD HP Sy DPLQRiFLGRV FUHDWLQD HWF SDUD DXPHQWDUDPXVFXODWXUD

5HFXVDU FRQYLWHV SDUD LU D UHVWDXUDQWHV RX VLWXDo}HV TXH HQYROYDPFRPLGDSRUFDXVDGHH[LJrQFLDVGLHWpWLFDVHVSHFLDLV (YLWDU VLWXDo}HV RQGH SRVVDP YHU VHX FRUSR SLVFLQD SUDLD

YHVWLiULRVSRUQmRVHDFKDUVXILFLHQWHPHQWHPXVFXORVR

8WLOL]DU URXSDV SHVDGDV SDUD FREULU VHX FRUSR SRU QmR VH DFKDU VXILFLHQWHPHQWHPXVFXORVR

8WLOL]DUjVYH]HVYiULDVFDPDGDVGHURXSDVSDUDID]rORSDUHFHU PDLRU

0HGLUVH IUHTHQWHPHQWH FRPR SRU H[HPSOR EtFHSV WyUD[ FLQWXUDHWF

0DOKDUHPVLWXDo}HVGHUHVWULomRPpGLFDRXOHVLRQDGRSRUUHFHLR GHSDUDUHSHUGHUPDVVDPXVFXODU

,QJHULU GURJDV SDUD WRUQDUVH PDLV PXVFXORVR WDLV FRPR HVWHUyLGHVDQDEyOLFRV

&RPSDUDU VXD PXVFXODWXUD FRP D GH RXWURV KRPHQV GH VHX FRQYtYLRVRFLDOSRUSHQVDUTXHHVWHVVmRPDLRUHVTXHYRFr

$RYHUXPKRPHPFODUDPHQWHPDLVPXVFXORVRTXHYRFrSHQVD QLVVRRXILFDFRPLQYHMDGXUDQWHDOJXPWHPSRGHSRLV

$GDSWDGRGH323(3+,/,362/,9$5',$S

7RUQDVH LPSRVVtYHO WHQWDU H[SOLFDU D YLJRUH[LD H VHX GHVHQYROYLPHQWRDWUDYpVGHFDXVD~QLFDWDOWUDQVWRUQRWHPVXDH[SOLFDomR QDUHODomRH[LVWHQWHHQWUHGLYHUVRVIDWRUHVSDWROyJLFRVDVFDUDFWHUtVWLFDVGR VXMHLWRHRHQWRUQRRQGHHVWDEHOHFHPHVVDVUHODo}HVSRLV

³ DWXDOPHQWH D WHQGrQFLD p FRQVLGHUDU HVVH WLSR GH WUDQVWRUQR FRPR IHQ{PHQRV KHWHURJrQHRV H PXOWLGLPHQVLRQDLV VXUJLGRV GDV LQWHUDo}HV GH GLIHUHQWHV IDWRUHV SVLFROyJLFRV IDPLOLDUHV VRFLRFXOWXUDLV H ELROyJLFRV´3(<5ÏS

3H\Uy FLWD DLQGD TXH QR ILQDO GR 6pFXOR ;; DFRQWHFH D FRQVROLGDomR GR SUHVWtJLR GD MXYHQWXGH H GD VXD LPDJHP WHQGR FRPR VHXV HVWDQGDUWHVDEHOH]DRDWUDWLYRItVLFRHRFXOWRDRFRUSR

7DLV DWULEXWRV HQFRQWUDP VHJXQGR R PHVPR DXWRU XP PHLR GH FRPXQLFDomR TXH RV VXSRUWD GH PDQHLUD EDVWDQWH VyOLGD DWUDYpV GD SURSDJDQGD H VXDV PtGLDV GH DOFDQFH VRFLDO QDV PDLV YDULDGDV IUHQWHV DWLQJLQGR XP S~EOLFR FDGD YH] PDLV MRYHP FULDQGR DVVLP XP DPELHQWH SURStFLRSDUDDGLYXOJDomRGHLGHDLVFRUSRUDLVHHVWDEHOHFLPHQWRGHFRQGXWDV

$ FRQFHLWXDomR GH FRUSR HVWi HVWUHLWDPHQWH UHODFLRQDGD QR TXH WDQJH GHILQLo}HV WDQWR GH FDUiWHU ItVLFR TXDQWR SVLFROyJLFRV VRE DV PDLV GLYHUVDV DERUGDJHQV FRQVWLWXLQGRVH GH KiELWRV LPSUHVVRV HP VXD PDWpULD SRU FyGLJRVVtPERORVHOLQJXDJHQVFXOWXUDLVTXHHGXFDPWDLVFRUSRVDRORQJRGD YLGD

$RYROWDUPRVQRVVDVDWHQo}HVSDUDRIDWRGHTXHFDGDYH]PDLVVRPRV DERUGDGRVGHIRUPDDJUHVVLYDSRUPRGHORVGHEHOH]DLGHDLVHDWULEXWRVItVLFRV WLGRV FRPR VHQGR GHVHMiYHLV H LPSUHVFLQGtYHLV SDUD D REWHQomR GH VXFHVVR QmR QRV FDXVD HVWUDQKH]D R VXUJLPHQWR GH GLVW~UELRV UHODFLRQDGRV FRP LQJHVWmR GH VXEVWkQFLDV GHVWLQDGDV D HVWH ILP H RV GLVW~UELRV UHODFLRQDGRV FRPDLPDJHPFRUSRUDOYLVWRTXHRVSDGU}HVHVWpWLFRVHVWmRFDGDYH]PDLV UtJLGRVHDOFDQoiYHLVVRPHQWHSRUDOJXQVSRXFRVHVFROKLGRVHPVLWXDo}HVTXH QHPVHPSUHVmRHVFODUHFLGDVFDXVDQGRVHPSUHDG~YLGDGHFRPRSRGHPRV REWHU XP FRUSR GHVHMiYHO H SHUIHLWR VHP XWLOL]DU GH UHFXUVRV H[WUHPRV RX GHVHQYROYHUDOJXPWLSRGHSDWRORJLD

'HDFRUGRFRP%HFNHUH7DYDUHVDVSHVVRDVDSUHQGHPD DYDOLDU VHXV FRUSRV DWUDYpV GD LQWHUDomR FRP R DPELHQWH DVVLP VXD DXWR LPDJHPpGHVHQYROYLGDHUHDYDOLDGDFRQWLQXDPHQWHGXUDQWHWRGDDYLGDPDV DVQHFHVVLGDGHVGHRUGHPVRFLDLVRIXVFDPDVQHFHVVLGDGHVLQGLYLGXDLVVHQGR SUHVVLRQDGRVHPQXPHURVDVFLUFXQVWkQFLDVDFRQFUHWL]DUHPQRVVRVFRUSRVR FRUSRLGHDOGHQRVVDFXOWXUD

$ YLJRUH[LD VHJXQGRRV DXWRUHV GR OLYUR ³2 FRPSOH[R GH $G{QLV´ YHP DIHWDQGRHPJUDQGHHVFDODDSRSXODomRGRVH[RPDVFXOLQRJUDoDVjH[WUHPD H[SRVLomR GR TXH HVWHV FKDPDP GH ³VXSHUPDFKRV´ ([SRVLo}HV TXH QmR VH OLPLWDPPDLVVRPHQWHjVDFDGHPLDVGHJLQiVWLFDRXPDWHULDLVH[FOXVLYRVSDUD D GLYXOJDomR GH DOJRTXH Vy FRPSHWH DRPXQGR GRILVLFXOWXULVPR RXDILQVR DSHORDRFRUSRLGHDOHPXVFXORVRYHPVHQGRGLYXOJDGRGHPDQHLUDRVWHQVLYD HPWRGRVHJPHQWRVRFLDOHHQFRQWUDQDOyJLFDGHPHUFDGRXPQLFKREDVWDQWH SURPLVVRUSDUDDGLYXOJDomRGHVHXVLGHDLV

8P GRV JUDQGHV SUREOHPDV DSRQWDGRV SHORV DXWRUHV 3RSH 3KLOOLSV H 2OLYDUGLDpRIDWRGHDVRFLHGDGHHDPtGLDSUHJDUHPXPDSHUWXUEDGRUD PHQVDJHP GXSOD GH TXH D DXWRHVWLPD GH XP KRPHP GHYH EDVHDUVH SULQFLSDOPHQWH HP VXD DSDUrQFLD HPERUD SHORV SDGU}HV GDV LPDJHQV GRV VXSHUPDFKRV PRGHUQRV SUDWLFDPHQWH QHQKXP KRPHP FRQVLJD DWLQJLOD WRUQDQGRVH FRPSUHHQVtYHO TXH PLOK}HV GH KRPHQV PRGHUQRV VH VLQWDP LQIHOL]HVFRPRTXHYrHPQRHVSHOKR

3DUD0LFKDHO.LPHOOFLWDGRSRU6DELQRQmRH[LVWHDSHQDV XPWLSRGHPDVFXOLQLGDGHPDVYiULDVVXERUGLQDGDVjUHSUHVHQWDomRGRTXHp VHUKRPHPEHPVXFHGLGRHSRUWDQWRGHIDWRHPQRVVDVVRFLHGDGHVIRUWH FRPSHWLWLYR GHVWDFDGR EHP VLWXDFLRQDGR HFRQRPLFDPHQWH UHVLVWHQWH j GRU ItVLFDHHPRFLRQDOYLULOHTXHMDPDLVIRJHGRVGHVDILRV$TXHOHVKRPHQVTXH QmR VH HQTXDGUDP QHVVHV SDUkPHWURV IDULDP SDUWH GH PDVFXOLQLGDGHV VHFXQGiULDVSHULIpULFDVHVXERUGLQDGDV1mRVHULDPDVVLPQHVVHFRQMXQWRGH UHSUHVHQWDo}HVHSUiWLFDVVRFLDLVFRQVLGHUDGRVKRPHQVSOHQRV

7DLV DWULEXWRV GHVFULWRV DFLPD QRV WUDoDP XP SDQRUDPD EDVWDQWH FRPSOH[R TXDQGR YROWDPRV QRVVDV DWHQo}HV SDUD D FRQVWUXomR GR FRUSR LGHDOL]DGR SRLV SDUD TXH VH REWHQKD WDO FRUSR VmR QHFHVViULD LQWHUYHQo}HV VREUHHOHTXHEHLUDPDRIDQDWLVPRWHQGRFRPR³UHOLJLmR´DERDIRUPDItVLFD HPTXHSHVHRIDWRGHVWDERDIRUPDQmRVHUFRQVHJXLGDVHPRDX[LOLRGH³DOJR PDLV´RXVHMDRFRQVXPRGHVXSOHPHQWRVDOLPHQWDUHVGHVWLQDGRVDRDXPHQWR GHPDVVDPXVFXODUVXEVWkQFLDVGHVHQYROYLGDVFRPDILQDOLGDGHGHSHUGDGD JRUGXUD FRUSRUDO H R UHFXUVR PDLV H[WUHPR RV DQDEROL]DQWHV TXH 6DELQR FRQVLGHUDFRPR

³ XP ULWR TXH FRQVDJUD D GLIHUHQoD LQVWLWXLQGRD (VVH ULWR UHVVDOWD D OLQKD GH SDVVDJHP GH XPVWDWXV ± R GH LQGLYtGXRFRPXP±SDUDDFRQGLomRGHDVSLUDQWHDRXWUD SRVLomR VXSHULRU 2 TXH GHYH VHU IULVDGR p TXH D KLHUDUTXLD GH SDSpLV QDV DFDGHPLDV GH PXVFXODomR VH LQVFUHYH QR FRUSR SRU PHLR GD IRUPD TXH HVWH JUDGDWLYDPHQWH DGRWD LVWR p PXGDQoD ItVLFD IDEULFDGD VLJQLILFDPXGDQoDGHVWDWXVSRLVHVWDWUDGX]DDTXLVLomR GH FDSLWDO GH FRPSHWrQFLD ± RQGH FRPSUDU GURJDV FRP TXHP TXDLV RV HIHLWRV GH FDGD XPD SDUD TXDO REMHWLYR FDGD XPD GHODV SUHVWD DOpP GH FDSLWDO FRUSRUDO´ 6$%,12S

'HVFREULXVH XP XQLYHUVR EDVWDQWH JUDQGH H UHQWiYHO DWUDYpV GDV SUHRFXSDo}HV FRUSRUDLV TXH RV KRPHQV KRMH HP GLD GHPRQVWUDP GDGR R JUDQGH Q~PHUR GH SURGXWRV YROWDGRV D HVWH ILP R TXH GH IDWR QRV FKDPD D DWHQomRQmRpVRPHQWHRTXHHVWHVSURGXWRVTXHVmRYHQGLGRVVmRFDSD]HV RXQmRGHID]HUHVLPDPDQHLUDFRPRHVWmRVHQGRYHLFXODGRVHVWHVSURGXWRV DIRUPDFRPRVmRWUDWDGRVRVKRPHQVTXHVHVXEPHWHPDRVHQFDQWDPHQWRVH LPDJHQVFRUSRUDLVTXHVHUHODFLRQDPFRPRVWDLVSURGXWRV

2FRUSRpKRMHDOJRYHQGiYHOXPDGHPRQVWUDomRGHTXHSRGHPRVWHU XP FRUSR GHVHMiYHO H EHP VXFHGLGR TXDQWR PDLV HVEHOWRV H PXVFXORVRV IRUPRV D HVSHOKR GRV PRGHORV PLGLiWLFRV WmR GLIXQGLGRV WUD]HQGR FRQVLJR WRGD XPD VRUWH GH DWUDWLYLGDGH ItVLFD H DVFHQVmR VRFLDO HPEXWLGDV QD YHLFXODomRGHVWHVFRUSRVEHPVXFHGLGRV

'DGRDIDOWDGHHVWXGRVUHIHUHQWHVDRDVVXQWRSURSRVWRDYLJRUH[LDHDV LQIOXrQFLDV PLGLiWLFDV HP HVSHFLDO GHVWDTXH D LQWHUQHW FRP VXDV P~OWLSODV IDFHWDVID]VHQHFHVViULRGHVHQYROYHUXPHVWXGRTXHVHDSUR[LPHGHPDQHLUD FODUDHFRHUHQWHGHVWHVWySLFRVHVHXVGHVGREUDPHQWRV

1RWDVH SHORV LQ~PHURV HVWXGRV H DERUGDJHQV VREUH R WHPD FRUSR 1RYDHV H 9LOKHQD $OPHLGDHW DO $QGUDGH H %RVVL .QLMQLNH6LP}HVHQWUHRXWURVTXHRFRUSRIHPLQLQRWHPHVHPSUHWHUi JUDQGHLQWHUHVVHGHHVWXGRHWHPDVLQHVJRWiYHLVQDVPDLVYDULDGDVIUHQWHVR TXHSHQVDPRVVHUGHJUDQGHYDOLDHUHOHYkQFLD

2TXHQmRSRGHPRVHQmRGHYHUtDPRVGHL[DUHPVHJXQGRSODQRRXHP XPSODQRPHQRUGHUHOHYkQFLDpRIDWRGHRKRPHPHVWDUVHQGRFDGDYH]PDLV DFRPHWLGR SRU VLWXDo}HV GH JUDYLGDGH VHPHOKDQWH jV TXH DFRPHWHP DV PXOKHUHVHHVWHVQmRVHUHPWUDWDGRVFRPLJXDODWHQomRHULJRUGHSHVTXLVD &RPRFLWDPRVDXWRUHV$VVXQomR=DPRUDHWDODVVLP FRPRD2UWRUH[LDTXDGURQRTXDORLQGLYtGXRVHSUHRFXSDH[FHVVLYDPHQWHFRP D SXUH]D GRV DOLPHQWRV FRQVXPLGRV D 9LJRUH[LD DLQGD QmR IRL UHFRQKHFLGD FRPR GRHQoD H HVWH DLQGD p XP TXDGUR QmR YDOLGDGR QHP SUHVHQWH QRV PDQXDLV GLDJQyVWLFRV HP SVLTXLDWULD &,' H '60,9 R TXH DFDED SRU DFHQWXDU GH PDQHLUD EDVWDQWH LQFLVLYD D IDOWD GH FXLGDGRV FRP HVWH WLSR GH GLVW~UELRGHLPDJHP

PtGLDYRUD]SRUQRYRVPRGLVPRVQmRQRVFDXVDHVWUDQKH]DRVXUJLPHQWRGH SDWRORJLDV RX SVLFRSDWRORJLDV UHODFLRQDGDV FRP HVWH FRQWH[WR KDMD YLVWD PDWpULDVVREUHFRPRJHUHQFLDUHGRXWULQDURVFRUSRVSDUDTXHVHSRVVDREWHU FRUSRVSHUIHLWRVHPUHYLVWDVGHJUDQGHFLUFXODomRWDLVFRPR9HMD,VWRe%RD )RUPDHQWUHRXWUDVHGLYHUVRVSURJUDPDVWHOHYLVLYRVYROWDGRVSDUDHVWHILP

3H\UyGHVWDFDTXHRFRUSRpXPHQYROWyULRRQGHFDGDXPPRVWUD DLPDJHPTXHWHPGHVLSUySULRVHQGRTXHDHODERUDomRGDLPDJHPFRUSRUDO SRGHVHFDUDFWHUL]DUHPWUrVQtYHLVVRFLDOLQWHUSHVVRDOHLQGLYLGXDO

6HQGRTXH

³ R SULPHLUR HVWi FRQILJXUDGR SHORV PHLRV GH FRPXQLFDomR VRFLDO Mi TXH HVWHV MRJDP FRP XP SDSHO SUHSRQGHUDQWH ODQoDQGR H LPSRQGR GH IRUPD FRQWtQXD XPLGHDOHVWpWLFRDWUDYpVGDXWLOL]DomRGHSHUVRQDJHQVH PRGHORV TXH UHVSRQGHP jV H[SHFWDWLYDV GH XP FkQRQH GH EHOH]D FRUSRUDO GHWHUPLQDGR R QtYHO LQWHUSHVVRDO UHFRUUHjVHQVLELOLGDGHGRVHORJLRVRXFUtWLFDVGRVGHPDLV VREUHRFRUSRLQIOXLQGRQDLPDJHPFRUSRUDOTXHVHSRVVXL H QR QtYHO LQGLYLGXDO HQFRQWUDPRV D DXWRHVWLPD YDORUDomRTXHVHID]GRSUySULRDWUDWLYRItVLFRHTXHLQIOXL HP FRPR VH PDQWpP DV LQWHUDo}HV FRP RV RXWURV QRV JUDXV GH DXWRHVWLPD WDPEpP GHSHQGHUi R JUDX GH HYLWDomR VRFLDO H D LQVDWLVIDomR FRP R SUySULR FRUSR LQIOXLUi QD UHODomR TXH SRVVDP SURGX]LU FRP R JUXSR´ 3(<5ÑS

'HQWURGDVVRFLHGDGHVSyVPRGHUQDVRSURFHVVRVRFLDOGHFRQVWUXomR GD LGHQWLGDGHHVWi YLQFXODGRGLUHWDPHQWHDRV YDORUHV GD FXOWXUD GH FRQVXPR TXHSUHGRPLQDPQDDWXDOLGDGH1RSURFHVVRGHSHUVRQDOL]DomRGRLQGLYtGXR VH LPS}H XPD VRFLHGDGH EDVHDGD QD DXWRQRPLD H QD UHDOL]DomR SHVVRDO LPHGLDWDDTXDOSHUPLWHDH[SDQVmRGDVRFLHGDGHGHFRQVXPRIDFHDRkPELWR SULYDGR ID]HQGR FRP TXH HVWH SDVVH D IRUPDU SDUWH GD FLUFXODomR GH PHUFDGRULDVHPREMHWRVGHFRQVXPR

2FRUSRHQRVVDSUySULDLPDJHPRFXSDPOXJDUFHQWUDOQRSURFHVVRGH PHGLDomRGDH[SHULrQFLDKXPDQDFRQYHUWHQGRVHHPXPPHLRHHPYDORUHV FXMDVIRUoDVVmRREMHWRVGHFXOWRHPEHQVGHXVRHFRQVXPRHVREUHHOHV UHFDHPH[SUHVV}HVVLPEyOLFDVHILJXUDWLYDVGHSHUIHLomRHIHOLFLGDGH

GDHFRQRPLDGDVLPEROL]DomRHGRHPSUHJRGRFRUSRQmRVRPHQWHFRPRXP EHPXWLOLWiULRPDVWDPEpPFRPRXPEHPFRPXQLFDWLYR

$IRUPDomRGDQRVVDLGHQWLGDGHSHVVRDOHVRFLDOSDVVDSHORFRUSRHR ³HJR´ VHJXQGR 3H\Uy VH PDQLIHVWD DWUDYpV GR FRUSRUDO 7RGDV DV YLYrQFLDVH[SHULrQFLDVVHQVDo}HVHSHUFHSo}HVUHFHEHPRVDWUDYpVGRFRUSR H HP XPD VRFLHGDGH RQGH R GHVIUXWDU R SUD]HU H R SUHVHQWH VmR HOHLWRV YDORUHVLGHDLVWDLVFDUDFWHUL]Do}HVVmRDOFDQoDGDVDWUDYpVGDQRVVDUHDOLGDGH FRUSyUHDSRLV

³ R FXOWR DR SUySULR FRUSR VH YLYH FRP R FXLGDGR H D PDQXWHQomRGDPDWpULDTXHVHID]RHXHRWHPSR6HX FRUSR p R FRPSRQHQWH PDWHULDO H p FRP HOH TXH VH UHODFLRQD FRP RV RXWURV 7HQV TXH FXLGiOR SRUTXH RV GHPDLV R QHFHVVLWDP H R GHVHMDP´ 3(<5Ñ S

6HJXQGR RV DXWRUHV 3H\Uz 3RSH 3KLOLSV H 2OLYDUGLD H[LVWH XPD UHODomR EDVWDQWH tQWLPD HQWUH VDWLVIDomR FRUSRUDO H DXWRHVWLPD HVWiYHOHPDUFDGDLQGHSHQGHQWHPHQWHGRWLSRGHDYDOLDomRTXHVHIDoDGHVWHV FRQFHLWRVDLGDGHGRVVXMHLWRVHDVH[SHULrQFLDVFRUSRUDLVH[LVWHQWHV

$ PDQHLUD FRPR VH SHUFHEH R FRUSR PDLV RX PHQRV IDYRUiYHO RFXSD SDSHO FHQWUDO QRV SURFHVVRV PDLV DPSORV TXH HQFDPSDP VXD SUySULD H[SHULrQFLDFRUSRUDOHVXDDYDOLDomR

2V HIHLWRV SVLFROyJLFRV SRVLWLYRV GH PHOKRUDU D DSDUrQFLD FRQWULEXHP WDPEpP SDUD PHOKRUDU D DXWRHVWLPD FRPR SRGHPRV SHUFHEHU HP XP GRV UHODWRVGDVSHVTXLVDVIHLWDVSHORVDXWRUHV3RSH3KLOLSVH2OLYDUGLDHP TXHRHQWUHYLVWDGRFLWDTXH

³HUDVHPSUHPHQRUGRTXHRVRXWURVJDURWRVGRSRQWR GHYLVWDDWOpWLFRTXDQGRHVWDYDQDHVFRODSULPiULDHOHV SRGLDP SHJDU XPD EROD PHOKRU GR TXH HX DWLUiOD FRP PDLV SUHFLVmR GR TXH HX H EULJDYDP PHOKRU GR TXH HX 1XQFD PH VHQWL PXLWR EHP D PHX UHVSHLWR 4XDQGR FRPHFHLDOHYDQWDUSHVRVQDHVFRODVHFXQGiULDLVVRDEULX XPQRYRPXQGRSDUDPLP4XDQGRYLTXHHVWDYDILFDQGR PDLRUPLQKDDXWRFRQILDQoDVXELXLQFULYHOPHQWH´323( 3+,/,362/,9$5',$S

SDXWDVHSULQFLSDOPHQWHDWUDYpVGRFRUSRXPPRGHORFRHUHQWHHLQWHJUDGRGH VXDLGHQWLGDGHSHVVRDOTXHVHFRQVWUyLHPXPFRQWH[WRUHODFLRQDOHDEHUWR

$LPDJHPFRUSRUDOHQRVVDSUySULDLPDJHPVmRUHVXOWDQWHVGRVHQWLGR TXH D FRQFHGHPRV HP QRVVD H[LVWrQFLD H D PDQHLUD HP TXH D FXOWXUD PHGLDWL]D QRVVDV H[SHULrQFLDV VHQGR TXH D UHDOLGDGH FRUSRUDO VH FRQYHUWHX HPVtPERORH[SUHVVLYRGRSRVLFLRQDPHQWRVRFLDOGRLQGLYLGXRSRUWDQWRRYDORU VRFLDO TXH DGTXLUH R FRUSR LPSOLFD HP VHU XP PHLR GH UHDOL]DomR H GHVHQYROYLPHQWRSHVVRDOFRPRREMHWLYRGHDOFDQoDUXPLGHDOLPDJLQiULR

0DWWRV FLWDQGR *ROGHQEHUJ H 9LQVRQQHDX LOXVWUD TXH R FRUSR LQYHMDGR GHVHMDGR H DGPLUDGR SHODV SHVVRDV p XP FRUSR ³WUDEDOKDGR´ ³PDOKDGR´ ³VDUDGR´ ³GHILQLGR´ XP FRUSR FXOWLYDGR TXH VRE D PRUDO GD ³ERD IRUPD´ VXUJH FRPR PDUFD LQGLFDWLYD GH FHUWD YLUWXGH VXSHULRU GDTXHOHTXHRSRVVXL$EHOH]DSRUWDQWRDGTXLUHXPYDORUQmRDSHQDVVRFLDO PDVWDPEpPPRUDO

'HVWD PDQHLUD XP FRUSR FREHUWR GH VLJQRV GLVWLQWLYRV WRUQDVH XP FDSLWDO2FRUSRpHQWmRXPDSURGXomRVRFLDOHLVVRILFDFODURDRREVHUYDUPRV TXH DV VRFLHGDGHV VmR FRPSRVWDV SRU FyGLJRV FXOWXUDLV GLVWLQWRV TXH SUHVFUHYHPGLIHUHQWHVWUDWDPHQWRVHXVRVGRVFRUSRV8VRHVVHTXHKRMHVH FRQFHQWUDQXPDYLGDFHQWUDGDQDDSDUrQFLDItVLFD

2VpFXOR;;,pWLGRFRPRRVpFXORGDVLPDJHQVHSRGHPRVQRWDURIDWR GHVWDVHVWDUHPFRORFDQGRVHHPOXJDUSULYLOHJLDGRQRVPHLRVGHFRPXQLFDomR HHVWDVLPDJHQVVHUHPGHWHUPLQDQWHVGHFRPSRUWDPHQWRVHDWLWXGHVTXHKRMH HQFRQWUDPRVQRGLDDGLD

0LOKDUHV GH SHVVRDV FRORFDPVH HP SRVLomR GH DXWRUHV GH VXDV SUySULDV LPDJHQV YHLFXODQGRDV SDUD DV PDLV GLYHUVDV ILQDOLGDGHV QRV PDLV GLYHUVRV PHLRV GH FRPXQLFDomR H QHVWH FRQWH[WR FRP RV DYDQoRV WHFQROyJLFRV RV YtGHRV VH WRUQDUDP FDGD YH] PDLV SRSXODUHV SRLV TXDOTXHU LQGLYtGXRDJRUDSRGHUiFULDUHGLVSRQLELOL]DUVHXPDWHULDODWUDYpVGHVHUYLGRUHV FRPR *RRJOH 9tGHRV <DKRR 9tGHRV <RX7XEH HWF /LVE{D %RWWHQWXLW -U &RXWLQKR

3HVTXLVD IHLWD SHOD DXWRUD 6XVDQ 1DQIHOGWUHODWD TXH GD

XPDSHVVRDTXHRYrSHODSULPHLUDYH]pRVXILFLHQWHSDUDTXHHODWLUHWRGDVDV LPSUHVV}HVVREUHYRFrEDVHDGDHPVXDDSDUrQFLDSHVVRDO

,VVRQRVLOXVWUDFRPRDDSDUrQFLDHVXDDSUHVHQWDomRGLDQWHGRVGHPDLV RFXSDP OXJDU FHQWUDO QD PHGLDomR GH H[SHULrQFLDV UHODWLYDV DRV PHLRV GH GLYXOJDomRGHVWDVLPDJHQVKDMDYLVWDRGHVSUHVWtJLRTXHDPiXWLOL]DomRGH XPD LPDJHP SRGH YLU D FDXVDU TXHU VHMD SRU VXD Pi TXDOLGDGH SHOR QmR WUDWDPHQWR DGHTXDGR GHVWD j VLWXDomR SURSRVWD RX SHOR VLPSOHV IDWR GHVWD LPDJHPTXHHVWiVHQGRYHLFXODGDQmRDWHQGHUDRVSDGU}HVHVWpWLFRVYLJHQWHV QDTXHOHGDGRPRPHQWR

3DUD LVVR QRV DWHQWDPRV SDUD R TXH 3H\Uz DR DQDOLVDU D YHLFXODomRGDVLPDJHQVSXEOLFLWiULDVHVXDVLQIOXrQFLDVVRFLDLVIHLWDVDWUDYpV GDSHVTXLVDGH&DVVHWWLH'L&KLRHPVREUHDLPDJHPWHOHYLVLYDUHODWD TXH VXDV VLJQLILFDo}HV VmR MXVWDSRVLo}HV GH WUrV QtYHLV XP QtYHO GHQRWDWLYR TXH LQGLFD D FDSDFLGDGH GH XP VLJQR UHPHWHU D VXD UHIHUrQFLD LPHGLDWDXP QtYHOFRQRWDWLYRTXHLQGLFDDFDSDFLGDGHGHXPVLJQRUHPHWHUDXPDGLPHQVmR FXOWXUDOHDIHWLYDHjVYH]HVID]rODSDUHFHUFRPRVHQGRDOJR³QDWXUDO´HXP QtYHO LGHROyJLFR TXH LQGLFD D FDSDFLGDGH GR VLJQR UHSURGX]LU QR SODQR GR GLVFXUVRDVGLIHUHQoDVVRFLDLV

([HPSORV GLVVR VmR RV HVWXGRV GH 3pUH] 5XL] H %DFD /DJRV FLWDGRV SRU 3H\Uz HP TXH HVWHV FRPSDUDP FDUDFWHUtVWLFDV ItVLFDVGHSHVVRDVTXHDSDUHFHPHPSURJUDPDVGHWHOHYLVmRHSHVVRDVTXH DWXDP HP DQ~QFLRV SXEOLFLWiULRV H VXDV SHVTXLVDV VmR MXVWLILFDGDV SHOD UHOHYkQFLDGRWHPDHPIXQomRGRSDSHOVRFLDOTXHGHVHPSHQKDPRVPHLRVGH FRPXQLFDomR HP PDVVD WHOHYLVmR H VHXV IRUPDWRV SXEOLFLGDGH SRU UHIOHWLUHP HP VHXV FRQWH~GRV FDUDFWHUtVWLFDV GDV VRFLHGDGHV DV TXDLV HVWmR LQVHULGDV

3RVWRHPGHVWDTXHRTXDGURDFLPDYHPRVTXHDVSHFWRVIDYRUiYHLVDR VXUJLPHQWR GH LQVDWLVIDo}HV FRUSRUDLV VmR UHFRUUHQWHV XPD YH] TXH RV PRGHORVFRUSRUDLVHPGHVWDTXHSHODVPDLVYDULDGDVPtGLDVVmRGHWHQWRUHVGH TXDOLGDGHVItVLFDVLGHDLVSDUDTXDLVTXHUFRUSRV