• Nenhum resultado encontrado

A repercussão de um diagnóstico de síndrome de Down no cotidiano familiar: perspectiva da mãe.

N/A
N/A
Protected

Academic year: 2017

Share "A repercussão de um diagnóstico de síndrome de Down no cotidiano familiar: perspectiva da mãe."

Copied!
8
0
0

Texto

(1)

A repercussão de um diagnóstico de síndrome de Down no

cotidiano familiar: perspectiva da mãe*

7KHLPSDFWRID'RZQ6\QGURPHGLDJQRVLVRQWKHIDPLO\G\QDPLFPRWKHUVSHUVSHFWLYH

/DUHSHUFXVLyQGHXQGLDJQyVWLFRGH6tQGURPHGH'RZQHQHOFRWLGLDQRIDPLOLDUSHUVSHFWLYDGHODPDGUH

5HJLQD&iWLD6XQHODLWLV'pERUD&ULVWLQD$UUXGD6RQLD6LOYD0DUFRP

RESUMO

2EMHWLYRV,GHQWLILFDUFRPRDPmHSHUFHEHRSURFHVVRGHUHYHODomRGRGLDJQyVWLFRGH6tQGURPHGH'RZQ6'HDVUHSHUFXVV}HVGLVWRQRFRWLGLDQR IDPLOLDURFRQKHFLPHQWRVREUHD6'HDVH[SHFWDWLYDVHPUHODomRDRIXWXURGRILOKR0pWRGRV(VWXGRGHVFULWLYRGHQDWXUH]DTXDOLWDWLYD2V LQIRUPDQWHVIRUDPWUrVPmHVGHFULDQoDVPHQRUHVGHXPDQRTXHHVWLYHUDPLQWHUQDGDVQD8QLGDGHGH7HUDSLD,QWHQVLYDSHGLiWULFDGR+RVSLWDO 8QLYHUVLWiULRGD8QLYHUVLGDGH(VWDGXDOGH0DULQJiQRVDQRVGHH5HVXOWDGRV2VGDGRVUHYHODUDPTXHjVYH]HVHVWHGLDJQyVWLFRp LQIRUPDGRHPFLUFXQVWkQFLDVHPRPHQWRVLQDGHTXDGRVTXHDVPmHVFRQKHFHPSRXFRVREUHD6'HTXHTXDQGRRVSUREOHPDVGHVD~GHVmRPXLWRV VXDVH[SHFWDWLYDVVHUHVWULQJHPDPHOKRULDHDYDQoRVHPFXUWRSUD]R&RQFOXVmR2GHVFRQKHFLPHQWRDVUHDo}HVHDWLWXGHVGDVIDPtOLDVFRPRSRU H[HPSORHVFRQGHURGLDJQyVWLFRGDIDPtOLDDPSOLDGDHDWpPHVPRGRSDLFRQVWLWXHPLQGLFDWLYRVGDQHFHVVLGDGHGHDSRLRSURILVVLRQDODHVVDVPmHV IDPtOLDV

'HVFULWRUHV)DPtOLD6tQGURPHGH'RZQ5HODo}HVIDPLOLDUHV

ABSTRACT

2EMHFWLYHV7RGHVFULEHPRWKHUV·SHUFHSWLRQRIWKHLQIRUPDWLRQSURFHVVRIWKHGLDJQRVLVRI'RZQ6\QGURPHDQGLWVLPSDFWRQWKHIDPLO\G\QDPLF DQGWRGHVFULEHPRWKHUV·NQRZOHGJHRI 'RZQ6\QGURPHDQGH[SHFWDWLRQVUHJDUGLQJWKHLUFKLOG·VIXWXUH0HWKRGV7KLVZDVDTXDOLWDWLYH GHVFULSWLYHVWXG\7KHVDPSOHFRQVLVWHGRIWKUHHPRWKHUVRIFKLOGUHQXQGHUPRQWKV\HDUVROGZKRZHUHLQSDWLHQWVLQD3HGLDWULF,QWHQVLYH&DUH 8QLWRID8QLYHUVLW\+RVSLWDOLQDQG5HVXOWV7KHILQGLQJVVXJJHVWHGWKDWVRPHWLPHVWKHLQIRUPDWLRQSURFHVVRIWKHGLDJQRVLVRI'RZQ V\QGURPHLVLQDSSURSULDWHPRWKHUVODFNNQRZOHGJHRIWKH'RZQV\QGURPHDQGPRWKHUV·H[SHFWDWLRQVUHJDUGLQJWKHLUFKLOG·VIXWXUHDUHIRFXVHGRQ VKRUWWHUPSURJUHVVHVDQGLPSURYHPHQWV&RQFOXVLR/DFNRINQRZOHGJHDQGXQFHUWDLQW\RIEHKDYLRUVDQGDWWLWXGHVRIIDPLO\PHPEHUVUHJDUGLQJ WKHGLDJQRVLVRI'RZQV\QGURPHOHDGPRWKHUVWRKLGHWKHGLDJQRVLVIURPH[WHQGHGIDPLO\PHPEHUVDQGLQPDQ\LQVWDQFHVHYHQIURPWKHIDWKHU 7KHVHVXJJHVWWKHQHHGRISURIHVVLRQDOVXSSRUWIRUWKHPRWKHUVDQGWKHLUIDPLO\

.H\ZRUGV)DPLO\'RZQ6\QGURPH)DPLO\UHODWLRQV0RWKHUFKLOGUHODWLRQV$FWLYLWLHVRIGDLO\OLYLQJ

RESUMEN

2EMHWLYRV,GHQWLILFDUFyPRSHUFLEHODPDGUHHOSURFHVRGHUHYHODFLyQGHOGLDJQyVWLFRGH6tQGURPHGH'RZQ6'\ODVUHSHUFXVLRQHVGHpVWHHQHO FRWLGLDQRIDPLOLDUHOFRQRFLPLHQWRVREUHHO6tQGURPHGH'RZQ\ODVH[SHFWDWLYDVHQUHODFLyQDOIXWXURGHOKLMR0pWRGRV(VWXGLRGHVFULSWLYRGH QDWXUDOH]DFXDOLWDWLYD/RVLQIRUPDQWHVIXHURQWUHVPDGUHVGHQLxRVPHQRUHVGHXQDxRTXHHVWXYLHURQLQWHUQDGRVHQOD8QLGDGGH&XLGDGRV ,QWHQVLYRVSHGLiWULFDGHO+RVSLWDO8QLYHUVLWDULRGHOD8QLYHUVLGDGH(VWDGXDOGH0DULQJiHQORVDxRV\5HVXOWDGRV/RVGDWRVUHYHODURQ TXHDYHFHVHVWHGLDJQyVWLFRHVLQIRUPDGRHQFLUFXQVWDQFLDV\PRPHQWRVLQDGHFXDGRVTXHODVPDGUHVFRQRFHQSRFRVREUHHO6tQGURPHGH'RZQ\ TXHHQFXDQWRDORVSUREOHPDVGHVDOXGVRQPXFKRVVXVH[SHFWDWLYDVVHUHVWULQJHQDODPHMRUtD\DYDQFHVDFRUWRSOD]R&RQFOXVLRQ(O GHVFRQRFLPLHQWRODVUHDFFLRQHV\DFWLWXGHVGHODVIDPLOLDVFRPRSRUHMHPSORHVFRQGHUHOGLDJQyVWLFRDODIDPLOLDDPSOLDGD\KDVWDDOPLVPRSDGUH FRQVWLWX\HQLQGLFDWLYRVGHODQHFHVLGDGGHDSR\RSURIHVLRQDODHVDVPDGUHVIDPLOLDV

'HVFULSWRUHV)DPLOLD6tQGURPHGH'RZQ5HODFLRQHVIDPLOLDUHV5HODFLRQHVPDGUHKLMR$FWLYLGDGHVFRWLGLDQDV

$XWRU &RUUHVSRQGHQWH6RQLD 6LOYD 0DUFRQ $UWLJR UHFHELGR HP H DSURYDGR HP

7UDEDOKRUHDOL]DGRQD8QLGDGHGH7HUDSLD,QWHQVLYDGR+RVSLWDO8QLYHUVLWiULRGDFLGDGHGH0DULQJi35 (QIHUPHLUDGR+RVSLWDOH0DWHUQLGDGH6mR0DUFRV6mR3DXOR63%UDVLO

0HVWUH(QIHUQHLUDGR6HUYLoRGH3HGLDWULDGR+RVSLWDO8QLYHUVLWiULRGH0DULQJi0HVWUHHP&LrQFLDVGD6D~GHSHOD8QLYHUVLGDGH(VWDGXDOGH0DULQJi ²8(00DULQJi35%UDVLO

(2)

,1752'8d®2

$IDPtOLDFRQVWLWXLXPFRQMXQWRRUJDQL]DGRGHSHVVRDV TXHVHUHODFLRQDPHLQWHUDJHPFDGDXPGHVHXVPHPEURV H[HUFHQGRXPSDSHOHVSHFtILFRGHWHUPLQDGRSRUTXHVW}HV FXOWXUDLVHSHODVQHFHVVLGDGHVLQGLYLGXDLVHGRJUXSR 4XDOTXHUDOWHUDomRRXPXGDQoDQXPGRVPHPEURVSRGH UHSHUFXWLUHPWRGRVRVGHPDLVeSRUHVVDUD]mRTXHR FRPSURPHWLPHQWRGDVD~GHGRVPHPEURVSRGHFDXVDUXP HVWDGRGHFULVHTXHGHVRUJDQL]DDHVWUXWXUDIDPLOLDU

2VHIHLWRVVREUHDHVWUXWXUDIDPLOLDUGHSHQGHPGRPHPEUR DFRPHWLGRGRWHPSRGHSHUPDQrQFLDGRDJUDYRHDLQGDGH VXDJUDYLGDGH$GRHQoDFU{QLFRGHJHQHUDWLYDHPHVSHFLDOD GHXPDFULDQoDUHTXHUGDIDPtOLDPDLRUWHPSRHGHGLFDomR SDUDRFXLGDGRHGRVSURILVVLRQDLVGHVD~GHPDLRUHPSHQKR QRVHQWLGRGHHQYROYHUHDRPHVPRWHPSRYROWDUVXDVDo}HV SDUD D XQLGDGH IDPLOLDU FRP YLVWD D IRUWDOHFrOD H LQVWUXPHQWDOL]iODDGHTXDGDPHQWHSDUDRGHVHPSHQKRHILFD] GHVXDVIXQo}HVMXQWRDWRGRVRVVHXVPHPEURVHGHPDQHLUD SDUWLFXODUMXQWRjTXHOHVGHSHQGHQWHVGHFXLGDGRV

$FULDQoDSRUDLQGDHQFRQWUDUVHHPIDVHGHFUHVFLPHQWR HGHVHQYROYLPHQWRGHSHQGHGHXPFXLGDGRUSRLVQHFHVVLWD GHHVWtPXORVDWHQomRFDULQKRFRPSUHHQVmRHSURWHomR 3RUHVWDUD]mRDIDPtOLDpWmRLPSRUWDQWHQHVVHSHUtRGR PDLVDLQGDQRVFDVRVGHFULDQoDVFRPQHFHVVLGDGHVHVSHFLDLV FRPRDVSRUWDGRUDVGD6tQGURPHGH'RZQ6'

8PDVSHFWRLPSRUWDQWHTXHHQYROYHHVWDFRQGLomRpR GHVFRQKHFLPHQWRDLQGDH[LVWHQWHQDSRSXODomRHPJHUDOVREUH HVWDVtQGURPH$VSHVVRDVRXYHPIDODUSRXFRVREUHDPHVPD HGLDQWHGHXPFDVRQDIDPtOLD VHQWHPVHLQVHJXUDV H GHVDPSDUDGDV3RUHVVDUD]mRRVSURILVVLRQDLVGHVD~GHSRVVXHP XPSDSHOPXLWRLPSRUWDQWHMXQWRDHVVDVIDPtOLDVHVXDVDo}HV GHYHPVHUQRVHQWLGRGHLQIRUPDUHSUHVWDUHVFODUHFLPHQWRV FRPRWDPEpPHVWLPXODURYtQFXORFRPDFULDQoD

(PERUDRVSDLVVHPSUHWHPDPDSRVVLELOLGDGHGHXPD Pi IRUPDomR R ILOKR HVSHUDGR H LPDJLQDGR p VHPSUH VDXGiYHOH´OLQGRµ3RUpPQRVFDVRVHPTXHRILOKRUHDO GLIHUHGRLPDJLQiULRDVUHVSRVWDVGHQHJDomRRXGHDFHLWDomR VHUHIOHWLUmRQRYtQFXORTXHpHVWDEHOHFLGRHSRUFRQVHJXLQWH QRV FXLGDGRV GLVSHQVDGRV DR ILOKR EHP FRPR QR VHX FUHVFLPHQWRHGHVHQYROYLPHQWR ,VVR SRUTXH TXDQWR PHOKRUIRUHPDWHQGLGDVDVQHFHVVLGDGHVEiVLFDVGDFULDQoD GH DIHWR H FDULQKR PDLV SRVLWLYDV VHUmR DV UHVSRVWDV DSUHVHQWDGDVGHDGDSWDomRHGHVHQYROYLPHQWR1mREDVWD FXLGDUHDWHQGHUjVQHFHVVLGDGHVILVLROyJLFDVpSUHFLVRIDODU WRFDUDFDULFLDUHHVWLPXODUHLVVRWHQGHDDFRQWHFHUGHIRUPD PDLVQDWXUDOTXDQGRH[LVWHYtQFXOR

'LDQWHGRH[SRVWRHGRHQWHQGLPHQWRGHTXHDFULDQoD KRVSLWDOL]DGDGHYHVHUYLVWDVHPSUHjOX]GHVXDFRQVWHODomR IDPLOLDUHQmRLVRODGDPHQWHHTXHDPHWDGRFXLGDGRj FULDQoDGHYHHVWDUVHPSUHIRFDGDQDIDPtOLDDRFRUUrQFLD UHODWLYDPHQWHIUHTHQWHGHLQWHUQDomRGHFULDQoDVFRP6' HPQRVVRORFDOGHWUDEDOKRGHVSHUWRXQRVRLQWHUHVVHHP GHVHQYROYHURSUHVHQWHHVWXGRFRPRREMHWLYRGHLGHQWLILFDU

FRPRDPmHSHUFHEHRSURFHVVRGHUHYHODomRGRGLDJQyVWLFR GH6tQGURPHGH'RZQHDVUHSHUFXVV}HVGHVWDUHDOLGDGHQR FRWLGLDQRIDPLOLDURFRQKHFLPHQWRVREUHD6tQGURPHHDV H[SHFWDWLYDVUHODFLRQDGDVFRPDYLGDIXWXUDGRILOKR

(VSHUDPRVTXHRVUHVXOWDGRVGHVHQFDGHLHPUHIOH[}HV GH PRGR D IDYRUHFHU XPD DWXDomR SURILVVLRQDO TXH XOWUDSDVVH DV EDUUHLUDV GR FXLGDGR FOtQLFR H SULRUL]H R IDYRUHFLPHQWRHIRUWDOHFLPHQWRGDWUtDGHPmHILOKRSDL

0e72'26

2HVWXGRpGHVFULWLYRGHQDWXUH]DTXDOLWDWLYDHIRL GHVHQYROYLGRQDFLGDGHGH0DULQJi²35MXQWRDWUrV IDPtOLDVORFDOL]DGDVDSDUWLUGROHYDQWDPHQWRGDVLQWHUQDo}HV GHFULDQoDVSRUWDGRUDVGH6'RFRUULGDVQRVDQRVGHH QD8QLGDGHGH7HUDSLD,QWHQVLYD3HGLiWULFD87,3GH XPKRVSLWDOHVFROD(VVHKRVSLWDOpS~EOLFRHFRQVWLWXL UHIHUrQFLDSDUDDOWDFRPSOH[LGDGHGR6LVWHPDÓQLFRGH6D~GH 686QRkPELWRGD5HJLRQDOGH6D~GHGR3DUDQi

2VGDGRVIRUDPFROHWDGRVQRPrVGHGH]HPEURGH SRUPHLRGHHQWUHYLVWDVHPLHVWUXWXUDGD2LQVWUXPHQWRXWLOL]DGR QDFROHWDGHGDGRVIRLXPURWHLURFRQVWLWXtGRGHGXDVSDUWHVD SULPHLUDFRQWHQGRGDGRVGHFDUDFWHUL]DomRVRFLRHFRQ{PLFD GDIDPtOLDHDVHJXQGDGDGRVUHODFLRQDGRVFRPDH[SHULrQFLD YLYLGDSRURFDVLmRGRFRQKHFLPHQWRGRGLDJQyVWLFRGH6' PDLVHVSHFLILFDPHQWHFRPRPRGRFRPRRGLDJQyVWLFRIRL LQIRUPDGRHDVUHDo}HVGHFRUUHQWHVRFRQKHFLPHQWRVREUH 6'HH[SHFWDWLYDVUHODFLRQDGDVDRIXWXURGDFULDQoD

1RSHUtRGRLQYHVWLJDGRHVWLYHUDPLQWHUQDGDVQD87,3 FLQFRFULDQoDVPDVVyWUrVUHVLGLDPQRPXQLFtSLRHIRUDP VHOHFLRQDGDVSDUDRHVWXGR'HVWDVWUrVFULDQoDVGXDVHVWDYDP LQWHUQDGDVSRURFDVLmRGDFROHWDGHGDGRVVHQGRTXHXPD GHODVHVWDYDLQWHUQDGDGHVGHRQDVFLPHQWRHDRXWUDKDYLDVLGR LQWHUQDGDSHODVHJXQGDYH]QD87,RTXHGHVSHUWRXRLQWHUHVVH HPUHDOL]DURHVWXGR$VHQWUHYLVWDVIRUDPSUHYLDPHQWH DJHQGDGDV1DVIDPtOLDV%H&IRUDPUHDOL]DGDVQRGRPLFtOLR HQDIDPtOLD$SRUVROLFLWDomRGDLQIRUPDQWHUHDOL]RXVHHP VDODUHVHUYDGDQRSUySULRKRVSLWDODSyVRKRUiULRGHYLVLWDQD 87,37HQGRHPYLVWDPDLRULQWHUDomRSHVTXLVDGRUSHVTXLVDGR DSyVDXWRUL]DomRH[SUHVVDDVHQWUHYLVWDVIRUDPJUDYDGDVH WLYHUDPDGXUDomRPpGLDGHPLQXWRV

3DUDHIHLWRVGHFROHWDGHGDGRVDVIDPtOLDVHVWLYHUDP UHSUHVHQWDGDVSRUPXOKHUHVPmHVHPIXQomRGHVHXSDSHOGH FXLGDGRUWDQWRHPVLWXDo}HVGHVD~GHTXDQWRGHGRHQoDH WDPEpPSRUTXHQDPDLRULDGRVHVWXGRVUHDOL]DGRVFRPIDPtOLDV HVSHFLDOPHQWHTXDQGRRIRFRpDFULDQoDDPmHWHPVLGRD LQIRUPDQWHSULQFLSDOSRLVDVPXOKHUHVVmRLGHQWLILFDGDVFRPR SRUWDYR]HVGDYLGDSULYDGDRXVHMDGDYLGDHPIDPtOLD

(3)

UHIOHWLGRVSDUDHVFDQomRHRUHDJUXSDPHQWRHPVLVWHPD GHFDWHJRULDV

2HVWXGRREHGHFHXDRSUHFRQL]DGRSHOD5HVROXomRQž GR0LQLVWpULRGD6D~GHWHQGRVLGRDSURYDGRSHOR &RPLWrGHeWLFDHP3HVTXLVDFRP6HUHV+XPDQRVGR&HQWUR 8QLYHUVLWiULRGH0DULQJi²&(680$5HDVWUrVPmHV DVVLQDUDPR7HUPRGH&RQVHQWLPHQWR/LYUHH(VFODUHFLGR

5(68/7$'26

$VWUrVFULDQoDVWLQKDPPHQRVGHXPDQRTXDQGRGR LQWHUQDPHQWRQD87,$FULDQoDGDIDPtOLD$WLQKDFLQFR PHVHVHHVWDYDLQWHUQDGDGHVGHRQDVFLPHQWRDVRXWUDVGXDV QHFHVVLWDUDPGHLQWHUQDPHQWRSRUSUREOHPDVUHVSLUDWyULRV $VWUrVIDPtOLDVHQFRQWUDYDPVHHPXPDLPSRUWDQWHIDVH GRVHXFLFORGHGHVHQYROYLPHQWRRXVHMDDGHDTXLVLomR VmRGRWLSRQXFOHDUHSRGHPVHUFRQVLGHUDGDVSHTXHQDV SRLVWrPQRPi[LPRGRLV)%H)&RXWUrVILOKRV)$

2V SDLV WLQKDP LGDGH HQWUH H DQRV HUDP DOIDEHWL]DGRV FRP QR PtQLPR R HQVLQR IXQGDPHQWDO FRPSOHWRVyRSDLGD)&LQLFLRXXPFXUVRVXSHULRU'XDV PmHVDSyVRQDVFLPHQWRGDFULDQoDGHL[DUDPGHWUDEDOKDU SDUD FXLGDU GR ILOKR 1R FDVR GD PmH TXH FRQWLQXRX WUDEDOKDQGRIRUDGHFDVDpLPSRUWDQWHUHVVDOWDUTXHDFULDQoD QXQFDFKHJRXDLUSDUDFDVDSRLVVHPSUHHVWHYHLQWHUQDGDQD 87,QHRQDWDOHSHGLiWULFDHTXHDDWLYLGDGHODERUDOGDPmH p GHVHQYROYLGD HP HPSUHVD IDPLOLDU R TXH SHUPLWH IOH[LELOLGDGHQRKRUiULRSDUDDVYLVLWDV2VSDLVGHVHQYROYLDP DWLYLGDGHVDXW{QRPDVHDUHQGDGDVIDPtOLDV$H%HUDGH TXDWURVDOiULRVPtQLPRVHDGD&HUDGHXPVDOiULRPtQLPR 3DUDIDFLOLWDUDLQWHUSUHWDomRHGLVFXVVmRGRVGDGRV FROHWDGRVWUDGX]LPRVDVTXHVW}HVGRLQVWUXPHQWRXWLOL]DGR QDVHQWUHYLVWDVHPWySLFRVVHTHQFLDLV

$ SHUFHSomR GD PmH VREUH D UHYHODomR GR GLDJQyVWLFRGD6tQGURPHGH'RZQ

1DVWUrVIDPtOLDVRGLDJQyVWLFRRXDVXVSHLWDIRUDP FRPXQLFDGRV j PmH LQGLYLGXDOPHQWH H ORJR DSyV R QDVFLPHQWRGDFULDQoDGHVHQFDGHDQGRWHQVmRDQJ~VWLDH HVWUHVVH$VPmHVUHYHODUDPUHVVHQWLUVHGRIDWRGHQmRWHUHP VLGRSUHSDUDGDVSDUDRQDVFLPHQWRGHXPILOKRFRP6' 5HODWDUDPWHUUHDOL]DGRDGHTXDGDPHQWHRSUpQDWDOFRP DFHVVRDUHFXUVRVFRPRXOWUDVRQRJUDILD$FUHGLWDPTXHHVWH H[DPHSRGHULDWHUDQWHFLSDGRRGLDJQyVWLFRHTXHRVPpGLFRV GHYHULDPWHUSUHSDUDGRDIDPtOLDSDUDUHFHEHUHVVHILOKR

3DUDD)$HD)&DDERUGDJHPIRLVLQJXODUHVXEMHWLYDHIHLWD QXPPRPHQWRHPTXHRGLDJQyVWLFRHUDVyXPDSRVVLELOLGDGH

$PpGLFDHVWDYDVXVSHLWDQGRHODIDORXSDUDQyVTXHHOHQmRWLQKD WRGDVDVFDUDFWHUtVWLFDVGH'RZQDtFKDPDUDPYiULRVSHGLDWUDVHOHV ILFDUDPHPG~YLGDGHPRURXXQVTXDWURPHVHVSDUDVDLURUHVXOWDGRHOH IH]RFDULyWLSRGXDVYH]HVDtTXHDJHQWHILFRXVDEHQGR)&

(PFRQWUDSDUWLGDQRUHODWRGDPmHGDIDPtOLD%R

GLDJQyVWLFRIRLUHODWDGRQDKRUDGRQDVFLPHQWRHTXDQGRD PmHHVWDYDVR]LQKD

2GLDJQyVWLFRFKHJRXSDUDPLP´QDODWDµ)RLKRUUtYHO2SHGLDWUD IDORXQDKRUDTXHHODQDVFHXPHXPDULGRQmRHVWDYD(OHSHUJXQWRX VHPHXPDULGRHUDMDSRQrVHXGLVVHTXHQmRHOHGLVVHTXHPLQKDILOKD WLQKDXPSUREOHPDHTXHDPDQKmDJHQWHFRQYHUVDYD1RRXWURGLD HOHGLVVHTXHDFKDYDTXHPLQKDILOKDWLQKD6'HTXHLDSHGLURFDULyWLSR )%

$UHYHODomRGHVWHGLDJQyVWLFRQRUPDOPHQWHGHVHQFDGHLD VHQWLPHQWRVGHGHFHSomRFKRTXHUHYROWDHRXWURV

(XQHPVHLH[SOLFDUFRPRPHVHQWLSRUTXHpXPDFRLVDTXHQLQJXpP HVSHUD$JHQWHHVSHUDQRYHPHVHVSHQVDQGRVHUXPDFULDQoDSHUIHLWD HHXIDODUSDUDYRFrTXHDJHQWHHVSHUDXPDFULDQoDFRP6'RXDOJXpP FRPSUREOHPDpPHQWLUDHXGHPRUHLEDVWDQWHSDUDPHUHFXSHUDU )%

(XDGHVHMHLWDQWRVDEHGHVGHRSULPHLURGLDHXDGHVHMHLGHPDLV (UDPSODQRVHSODQRVQRPHVWXGRURXSDVEULQTXHGRV1mRYLDD KRUDGHHODQDVFHU6yTXHIRLPXLWDFRLVDSDUDPLPTXHHVSHUDYD WDQWRWDQWRIRLXPFKRTXHXPDWUiVGRRXWUR6DEHRTXHpXPEHEr VHXQDVFHUHDHQIHUPHLUDROKDUSDUDYRFrHIDODUDVVLPYRFrYLXRVHX EHErHSHUJXQWRXHODpSHUIHLWDHXIDOHLQmR)$

5HDomRGDPmHGLDQWHGDFRQILUPDomRGD6tQGURPH GH'RZQ

(PVHXVUHODWRVDVPmHVUHYHODUDPTXHQXPSULPHLUR PRPHQWRHVFRQGHUDPRGLDJQyVWLFRGHDOJXQVPHPEURV GDIDPtOLDDPSOLDGDHDWpGRSDLGDFULDQoD

(VVHSUREOHPDGH'RZQPHDIHWRXDIHWRXRPHXPDULGR$ IDPtOLDQmRVDEHQyVQmRTXLVHPRVFRPHQWDUSUDIDPtOLDSRUTXHD JHQWHVRIUHYDPRVVRIUHUQyVGRLVDJRUDQp(XQmRTXHURSHQDGH QLQJXpP)$

(XFRQWHLSDUDRPHXPDULGRVyGHSRLVTXHWLYHFHUWH]DGLDV GHSRLV)%

5HYHODUDPDLQGDRVRIULPHQWRSRUPHGRGHDFULDQoD ILFDUGRHQWHHVHUYtWLPDGHSUHFRQFHLWR

eFODURTXHTXDQGRFKHJDDVVLPSDUDYRFrHIDODTXHWHXILOKRp 'RZQYRFrOHYDXPFKRTXH(XVRIULPXLWRSRUPHGRTXHHOHILFDVVH GRHQWHpRPHGRGHHOHYLUDVRIUHUSUHFRQFHLWRSRUTXHHXVHLTXHDSHVDU GHWHUEDVWDQWHHVFODUHFLPHQWRKRMHHPGLDDWHOHYLVmRHVFODUHFHEDVWDQWH DVFULDQoDVWUDEDOKDPHWXGRPDVQLQJXpPROKDSDUDXPDFULDQoD DVVLPHYrXPDSHVVRDQRUPDO)&

$OpPGLVVRVHQWLPHQWRVGHQHJDomRHSXQLomR

(4)

(WDPEpPTXHSUHFLVDPGHDOJXPWHPSRSDUDVH FRQVFLHQWL]DUGHTXHWXGRpUHDOHVHPYROWD

)RLXPFKRTXH0DVHXSUDWHIDODUDYHUGDGHSDUDIDODUSDUD RPHXPDULGRGHPRURXXPDVHPDQD)$

,QFOXVLYHUHYHODUDPTXHRIDWRGHMiWHUFRQYLYLGRFRP RXWUDV FULDQoDV FRP 6' QmR FKHJD D PLQLPL]DU R VRIULPHQWRTXDQGRVHWUDWDGHXPILOKRSRGHQGRDWpSLRUDU

(XWUDEDOKHLQXPDIXQGDomRTXHHXWLQKDFULDQoDVTXHHX FXLGDYDHGHODVHUDP'RZQHQWmRYRFrWHPXPDFRQYLYrQFLDPDV QmRpDPHVPDFRLVDTXHWHUXPILOKRFRP6'QpGDtTXHYRFrWHPD QRomRGRTXHp)%

/DFXQDV QR FRQKHFLPHQWR GD PmH VREUH D 6tQGURPHGH'RZQ

$RVHUHPTXHVWLRQDGDVVREUHVHXFRQKHFLPHQWRVREUHD 6'DVPmHVPDQLIHVWDUDPTXHPHVPRMiWHQGRSDVVDGRDOJXP WHPSRDFULDQoDPDLVQRYDMiWLQKDFLQFRPHVHVDLQGDVDELDP PXLWRSRXFRVREUH6'HJRVWDULDPGHVDEHUPDLV

2TXHDJHQWHVDEHDVVLPQDWHRULDpTXHQmRpXPDGRHQoDHTXH YDLGHPRUDUXPSRXTXLQKRPDLVPDVHOHYDLWHUXPDYLGDQRUPDO 7HPDVOLPLWDo}HVpFODURHDVGRHQoDVTXHYrPMXQWRTXHpSLRUTXH GHSHQGHPXLWRGDIDPtOLDSDUDDFULDQoDGHVHQYROYHUTXDQWRPDLVHOH ILFDSDUDGRPDLVHOHYDLGHPRUDUSDUDGHVHQYROYHUSDUDDSUHQGHU FRLVDV)&

5HYHODUDPDLQGDTXHYHtFXORVGHFRPXQLFDomRGH PDVVDFRPRDWHOHYLVmRSRUH[HPSORWrPQDVDX[LOLDGR QDFRPSUHHQVmRGRSUREOHPDGHVD~GHGRILOKR

1DGDRTXHHXVHLpRTXHHXRXoRSRUWHOHYLVmR0DVHXJRVWDULD GHVDEHURTXHHODWHPGHGLIHUHQWHRTXHSRGHUiDFRQWHFHUQDYLGDGHOD GHGLIHUHQWHHPUHODomRDXPDFULDQoDQRUPDO)$

([SHFWDWLYDVGDPmHHPUHODomRDRIXWXURGRILOKR

(PUHODomRDRIXWXURREVHUYRXVHTXHDVGXDVPmHV TXHMiFRQYLYHPGLXWXUQDPHQWHFRPDFULDQoDDSUHVHQWDP H[SHFWDWLYDV GLYHUVDV $ PmH GD IDPtOLD % DSHVDU GH WHPHURVDHLQVHJXUDYLVWRTXHDILOKDHVWDYDLQWHUQDGDQD 87,3SHODVHJXQGDYH]HPPHQRVGHXPDQRGHPRQVWURX SRVVXLU H[SHFWDWLYDV SRVLWLYDV HP UHODomR R VHX GHVHQYROYLPHQWRHIXWXUR

(XHVSHURTXHHODFRQVLJDVDLUGHVVDDOHUJLDSRUTXHIRUDLVVRHOD YDLVHUXPDFULDQoDSUDWLFDPHQWHQRUPDOSRUTXHp´*UDoDVD'HXVµ TXHD6'GHODpOHYHQmRpXPDFRLVDDVVLPPDLVFRPSOLFDGD(ODp DVVLPEDVWDQWHLQWHOLJHQWHRTXHYRFrHQVLQDSDUDHODpDVVLPFRLVD UiSLGDQp(ODGHPRURXSDUDFRPHoDUDVHQWDUDtHODID]LDDTXHOH HVIRUoR(ODLQVLVWHQDTXLORTXHHODTXHUID]HU(ODpXPDFULDQoD EHPDWLYD'HSRLVGHWHPSRTXHHXYLPVDEHUTXHTXHPp'RZQ

GHPRUDPDLVDVVLPQDSDUWHPRWRUD$JHQWHID]RSRVVtYHOSDUDHOD SRGHUPHOKRUDUDSDUWHFOtQLFDGHOD)%

-iDPmHGDIDPtOLD&SUHIHULDFRPRHODPHVPDGL] ´YLYHUXPGLDGHFDGDYH]µRXVHMDVHPFULDUWDQWDV H[SHFWDWLYDV

6LQFHUDPHQWHHXQHPSHQVRDVVLPFRPRHOHYDLHVWDUGDTXLD DQRVSRUTXHpPHOKRUYLYHUXPGLDGHFDGDYH](XSHQVRDVVLPKRMH HOHHVWiEHP´*UDoDVD'HXVµHXQmRSHQVRGDTXLDDQRVQmR SHQVRVHHOHYDLHVWDUDQGDQGRVHHOHYDLHVWDUIDODQGR(XVHLTXHHOH SRGHYLUDIDODUDDQGDUPDVHXQmRSHQVRTXDQGRLVVRYDLDFRQWHFHU &RPRHXQmRFRQKHoRRXWUREHErFRP6'HQWmRHXQmRVHLVHR GHVHQYROYLPHQWRGHOHHVWiPXLWRDWUDVDGRHPUHODomRDRVRXWURV1mR pTXHHXQmRWHQKRH[SHFWDWLYDHXQmRSHQVRHXQmRPHSUHRFXSRPXLWR FRPRHOHYDLHVWDU)&

1mRREVWDQWHDPmHGDIDPtOLD$UHYHORXWRGDDVXD GHVFUHQoDQDSRVVLELOLGDGHGHVREUHYLYrQFLDGDILOKDIDWR TXHYHLRDVHFRQILUPDUPDLVWDUGHMiTXHDFULDQoDIDOHFHX DRVVHWHPHVHVVHPQXQFDWHUVDtGRGD87,

3DUDIDODUDYHUGDGHHXQmRVHLQmRVHLVHHODYDLFRQVHJXLUVDLU GDTXLYLYD7RGDYH]TXHYDLPHOKRUDQGRWHPXPDUHFDtGDHQWmRHX QmRVHLFRPRYDLVHUQmRYHMRPXLWDVDtGD)$

',6&866®2

2EVHUYDPRV QRV UHODWRV TXH H[LVWHP GLIHUHQWHV PDQHLUDVGHRVSURILVVLRQDLVFRPXQLFDUHPDRVSDLVGHXP UHFpPQDVFLGRRGLDJQyVWLFRGHXPDGRHQoDFRQJrQLWD FRPRD6'$IRUPDFRPRDDERUGDJHPIRLIHLWDFRPD PmHGD)&IRLEHPDFHLWDSRUHVWDTXHYDORUL]RXRIDWRGH RPpGLFRQmRHVFRQGHUDVXVSHLWDLQIRUPiODVREUHR VLJQLILFDGRGDGRHQoDHGDVSRVVLELOLGDGHVSDUDFRQILUPDomR GRGLDJQyVWLFR2TXHVHS{GHSHUFHEHUpTXHRSURILVVLRQDO DR PHVPR WHPSR HP TXH SUHSDUDYD D IDPtOLD SDUD R UHFHELPHQWR GH XP GLDJQyVWLFR LQGHVHMiYHO WDPEpP GHPRQVWURX LQWHUHVVH HP HVFODUHFHU R IDWR H LVVR IRL SHUFHELGRGHIRUPDPXLWRSRVLWLYDSHODIDPtOLD

(PFRQWUDSDUWLGDQRUHODWRGDPmHGDIDPtOLD%p SRVVtYHOSHUFHEHUTXHDIRUPDFRPRHVWHGLDJQyVWLFRIRL FRPXQLFDGRUHVXOWRXQXPDSHUFHSomRPXLWRUXLPVREUH HVWDH[SHULrQFLD2VIDWRVTXHPDUFDUDPHVVDPmHIRUDP RFDVRWHUOKHVLGRFRPXQLFDGRORJRDSyVRSDUWRHHP PRPHQWRHPTXHHODHVWDYDVR]LQKDHDLQGDRPpGLFR ID]HUUHIHUrQFLDDXPSUREOHPDVHPHVSHFLILFDUTXDO$ DVVRFLDomRGHWRGRVHVWHVDVSHFWRVIDYRUHFHXDH[DFHUEDomR GDDQJ~VWLDHGRVRIULPHQWRGHVVDPmHGHWDOIRUPDTXH HODQmRVHVHQWLXVHJXUDSDUDEXVFDUDMXGDQHPPHVPR FRPRSDLGDFULDQoDHSRUHVWDUD]mRVyDSyVGLDVWHYH FRUDJHPGHIDODUFRPHOHVREUHRSUREOHPD

(5)

RV SDLV HP HVSHFLDO SDUD DV PmHV TXH VH PRVWUDP GHFHSFLRQDGDV DR PHVPR WHPSR HP TXH OXWDP SDUD HODERUDUDSHUGDGRILOKRLPDJLQiULR

$VPmHVUHYHODUDPWHUVHQWLGRQHFHVVLGDGHGHDSRLRQR PRPHQWRHPTXHWRPDUDPFRQKHFLPHQWRGRGLDJQyVWLFR HLVWRpFRPSUHHQVtYHOSRLVD´FKHJDGDµGHXPILOKRHQFRQWUD VHHQWUHRVDFRQWHFLPHQWRVVLJQLILFDWLYRVTXHPDUFDPXPD LPSRUWDQWHPXGDQoDGHFLFORQRGHVHQYROYLPHQWRIDPLOLDU eXPDFRQWHFLPHQWRTXHHPERUDFRQVLGHUDGRQRUPDO GHPDQGDGRFDVDOHGDIDPtOLDXPDVpULHGHPHFDQLVPRVGH DMXVWHSDUDRHQIUHQWDPHQWRHLQFRUSRUDomRGDQRYDVLWXDomR SURYRFDQGRDOWHUDo}HVQDGLQkPLFDIDPLOLDU1RVFDVRV HP TXH RFRUUH R QDVFLPHQWR GH XP ILOKR FRP DOJXP SUREOHPD GH VD~GH RX QHFHVVLGDGH HVSHFLDO LVWR p SDUWLFXODUPHQWH H[DFHUEDGR DIHWDQGR WRGD D GLQkPLFD IDPLOLDU

3RUHVWDUD]mRRPRPHQWRHDIRUPDFRPRRGLDJQyVWLFR GHDOJXPDVFRQGLo}HVFRPRD6'pFRPXQLFDGRjIDPtOLD FRQVWLWXL XP DVSHFWR LPSRUWDQWH SDUD R SURFHVVR GH DGDSWDomRIDPLOLDU$OJXQVHVWXGRVWrPDSRQWDGRTXHR GLDJQyVWLFRGD6'WHPVLGRUHYHODGRDRVSDLVGHIRUPD LQFRUUHWD H HP PRPHQWRV LQRSRUWXQRV GHVWDFDQGR RV SUREOHPDVTXHLVWRSRGHWUD]HUQRHVWDEHOHFLPHQWRGRYtQFXOR

FRPDFULDQoDHQDVXSHUDomRGROXWR3RUH[HPSORRV

SDLVSHUFHEHPTXHPXLWRVGRVSUREOHPDVHPHGRVTXH H[SHULHQFLDUDP H H[SHULHQFLDP VmR GHFRUUHQWHV GH LQIRUPDo}HVWDUGLDVHUUDGDVHLQFRPSOHWDV

6HQGRDVVLPpGHVXSRUTXHTXDQWR DQWHV RV SDLV WRPDUHPFRQWDWRFRPRGLDJQyVWLFRSURYDYHOPHQWHPDLV RVEHErVSRUWDGRUHVGH6'VHUmREHQHILFLDGRV(QWUHWDQWR LVWRQmRpYiOLGRSDUDWRGRVMiTXHFDGDLQGLYtGXRWHP XPDPDQHLUDSUySULDGHUHDJLUDRVIDWRVHHYHQWRVTXH PDUFDP D YLGD 3RU HVWD UD]mR FDGD FDVR GHYH VHU FRQVLGHUDGR HP SDUWLFXODU 6H R FRQKHFLPHQWR GR GLDJQyVWLFRRFRUUHDLQGDGXUDQWHDJHVWDomRpGHVXSRU TXHRVSDLVWHUmRPDLRURSRUWXQLGDGHGHVHSUHSDUDUSDUD DDFHLWDomRGDFRQGLomRGDFULDQoDSRUpPQmRSRGHPRV GHL[DUGHFRQVLGHUDUTXHSRUXPERPWHPSRRXVHMDDWpR QDVFLPHQWRHOHVWDPEpPLUmRFRQYLYHUFRPDDQJ~VWLDGR GHVFRQKHFLGR H D SUHRFXSDomR TXDQWR DR JUDX GH FRPSURPHWLPHQWR

6H R GLDJQyVWLFR Vy p IHLWR DSyV R QDVFLPHQWR R PRPHQWR GH FRPXQLFiOR DRV SDLV GHYH OHYDU HP FRQVLGHUDomRVXDVQHFHVVLGDGHVHWDPEpPDVGREHEre LPSRUWDQWHSHUPLWLUTXHRVSDLVYLYHQFLHPRVSULPHLURV FRQWDWRVFRPRUHFpPQDVFLGRHWHQKDPDRSRUWXQLGDGH GHLQLFLDUDIRUPDomRGRYtQFXORDIHWLYRRTXDOQmRVH GiDSHQDVSHORQDVFLPHQWR(VWHpXPSURFHVVRJUDGXDO SUHFLVD GH XP WHPSR VHQGR D DPDPHQWDomR XP IDWRU LPSRUWDQWHSDUDTXHDPmHHREHErLQLFLHPHVWHSURFHVVR 'HVWDIRUPDDFUHGLWDVHTXHVHULDPHOKRUSDUDRVSDLVH WDPEpP SDUD RV EHErV TXH R GLDJQyVWLFR IRVVH GDGR

SHOR PHQRV K DSyV R SDUWR $OJXQV HVWXGRV

LGHQWLILFDUDP TXH DV PmHV FRQVLGHUDP LGHDO VHU

LQIRUPDGDVHQWUHRžHžGLDVDSyVRQDVFLPHQWRGR

EHErSRUWDQWRQXQFDQRPRPHQWRGRSDUWRFRPR

RFRUUHXSDUDDPmHGD)&

$FLUFXQVWkQFLDHPTXHRGLDJQyVWLFRpFRPXQLFDGRp UHOHYDQWH(VWXGRVUHDOL]DGRVMXQWRDSDLVGHILOKRVHVSHFLDLV WrPLGHQWLILFDGRTXHHOHVVHUHVVHQWHPPXLWRGDIRUPDFRPR DQRWtFLDIRLGDGD3RUH[HPSORVHPSUHTXHIRUSRVVtYHO pLPSRUWDQWHGDUDQRWtFLDTXDQGRRVF{QMXJHVHVWLYHUHP MXQWRVSRLVRVSDLVUHODWDPDQJ~VWLDHVRIULPHQWRPXLWR JUDQGHTXDQGRDQRWLFLDpGDGDVHSDUDGDPHQWHHFRP IUHTrQFLDTXHPUHFHEHXSULPHLURDQRWtFLDILFDSRUXP

WHPSRVHPFRUDJHPGHFRQWDUDRRXWUR $OpPGLVVR

GHSRLPHQWRV GH PmHV UHODWDQGR FRPR VRXEHUDP GR GLDJQyVWLFR GH 6' UHYHODP FRP PXLWD IUHTrQFLD D SRVWXUDQHJDWLYDGHDOJXQVSURILVVLRQDLVQHVVHPRPHQWR

FDUDFWHUL]DGD SHOR IDWR GH QmR IRUQHFHUHP DV

H[SOLFDo}HVQHFHVViULDVGHL[DUHPDVSHVVRDVDQJXVWLDGDV SDUD R HQIUHQWDPHQWR GD QRYD VLWXDomR QmR VDEHUHP WUDQVPLWLUDPSDURHVHJXUDQoDQHPHVWDUHPSUHSDUDGRV RXVHMDQmRSRVVXtUHPFRQKHFLPHQWRTXHOKHVSHUPLWD H[SOLFLWDU LQIRUPDo}HV GH IRUPD DGHTXDGD jV SHVVRDV FRPSHWHQWHV

&RPUHODomRDHVWHDVSHFWRPLVWHUVHID]HVFODUHFHUTXH QmRH[LVWHXPDUHFHLWDDVHUVHJXLGDPDVVLPDVSHFWRVD VHUHPFRQVLGHUDGRVFRPYLVWDVDDPHQL]DURFKRTXHTXH VHPSUHYDLH[LVWLUDRVHWRPDUFRQKHFLPHQWRGHWDOIDWRe SUHFLVRSRUH[HPSORWHUVHQVLELOLGDGHHpWLFDSDUDUHFRQKHFHU TXHFDGDIDPtOLDWHPXPDKLVWyULDGHYLGD~QLFDHSRULVWR VXDVQHFHVVLGDGHVWDPEpPVmR~QLFDV3RUHVWDUD]mRp LPSRUWDQWHTXHRSURILVVLRQDOTXHYDLGDUDQRWtFLDHVWHMD SUHSDUDGRSDUDWDOGHYHHVWDULPEXtGRGRVVHQWLPHQWRVTXH DQRWtFLDYDLGHVHQFDGHDUHWHUUHVSHLWRHHPSDWLDFRPDV SHVVRDVTXHYmRUHFHEHURGLDJQyVWLFR1HVWHFRQWH[WR QHFHVViULRVHID]WRPDUFXLGDGRDWpPHVPRFRPRWRPGH YR]FRPDH[SUHVVmRFRPRXVRGDVSDODYUDVFRPRORFDO

HRPRPHQWRSDUDGDUDQRWtFLD6XDSRVWXUDWDPEpPp

LPSRUWDQWH SRLV VH IL]HU HVWD FRPXQLFDomR GH IRUPD SHVVLPLVWD FDUUHJDGD GH VHQWLPHQWRV H IDWRV QHJDWLYRV RX VH VLPSOHVPHQWH MRJDU XP PRQWH GH LQIRUPDo}HV VHP GDU WHPSR SDUD D IDPtOLD HODERUiODV ID]HU TXHVWLRQDPHQWRVFKRUDUHVHUHYROWDUDRLQYpVGHDMXGDU YDLFRODERUDUSDUDRDJUDYDPHQWRGDIDVHGROXWRTXH QDWXUDOPHQWHRFRUUHUi

$OpPGLVVRRSURILVVLRQDOGHYHHVWDUDWXDOL]DGRQRTXH GL]UHVSHLWRjVtQGURPHGHIRUPDDWHUFRQGLo}HVGHIRUQHFHU LQIRUPDo}HVVXILFLHQWHVSDUDDTXHODHWDSDGDYLGDGDFULDQoD VHPGHL[DUGHHQIDWL]DUDVSRVVLELOLGDGHVGHGHVHQYROYLPHQWR DIHWLYRVRFLDOHFRJQLWLYRGHVWDVFULDQoDVTXDQGRHVWLPXODGDV DGHTXDGDPHQWHHWDPEpPGHUHVSRQGHUDWRGDVDVTXHVW}HV DSUHVHQWDGDVSHODIDPtOLD

(6)

SURILVVLRQDOSUHFLVDWHUVHQVLELOLGDGHSDUDSHUFHEHURTXH HOHV UHDOPHQWH QHFHVVLWDP GHVHMDP H TXHUHP VDEHU QDTXHOH PRPHQWR VHP GHL[DU GH FRQVLGHUDU TXH D DQJ~VWLD D DQVLHGDGH H DWp PHVPR D QmRDFHLWDomR GDTXHOHEHErSRGHPDIORUDU

2XWUR SDSHO LPSRUWDQWH GRV SURILVVLRQDLV MXQWR D HVVDVIDPtOLDVGL]UHVSHLWRDRSUHSDURSDUDDDOWDMiTXH OHYDURILOKRSDUDFDVDQmRpIiFLOSDUDRVSDLV(OHVWrP PHGRSRUQmRVDEHUFRPRFXLGDUGHVHXILOKRHDTXHP UHFRUUHU HP VLWXDo}HV GHVFRQKHFLGDV 1HVWD RFDVLmR GHYHP VHU UHVVDOWDGRV RV UHFXUVRV GD FRPXQLGDGH GLVSRQtYHLV RV SRVVtYHLV ORFDLV RQGH SRVVDP EXVFDU DSRLR GLDQWH GH LQWHUFRUUrQFLDV H VXEVtGLRV TXH RV DX[LOLHPQHVVDFDPLQKDGD

1RTXHGL]UHVSHLWRjVUHDo}HVDSyVRGLDJQyVWLFR GH 6' REVHUYRXVH TXH DV WUrV PmHV QXP SULPHLUR PRPHQWR WHQWDUDP QHJDU HVWH GLDJQyVWLFR ,VVR IRL LGHQWLILFDGRDSDUWLUGRUHODWRGHDOJXPDVDWLWXGHVFRPR SRU H[HPSOR D GH HVFRQGHU R GLDJQyVWLFR GH DOJXQV PHPEURVGDIDPtOLDDPSOLDGDHDWpPHVPRGRHVSRVR eLPSRUWDQWHFRQVLGHUDUTXHRIDWRGHDPmHQmRFRQWDU SDUDRXWUDVSHVVRDVSRGHLQGLFDUTXHHODDLQGDQmRVH VHQWHIRUWDOHFLGDSDUDIDODUVREUHHVVHDVVXQWR

$ DGDSWDomR GR ILOKR LGHDOL]DGR SDUD R UHDO p XP SURFHVVRTXHGHPDQGDWHPSRHpYLYHQFLDGDGHIRUPD FRQIOLWXRVD SRGHQGR VHU FRQVLGHUDGD XPD YLYrQFLD PDUFDQWHSDUDWRGRVRVHOHPHQWRVGDIDPtOLD1RHQWDQWR HPERUD R FKRTXH GLDQWH GR GLDJQyVWLFR GH 6' VHMD LQHYLWiYHO HP HVSHFLDO SDUD D PmH QRUPDOPHQWH D PDLRULDGDVIDPtOLDVVXSHUDDFULVHHDWLQJHXPHTXLOtEULR 3RUHVWDUD]mRRIDWRGHGXDVPmHVWHUHPRSWDGRSRU QmRFRPSDUWLOKDUGXUDQWHDOJXPWHPSRRFRQKHFLPHQWR GRGLDJQyVWLFRDWpPHVPRFRPRSDLGDFULDQoDIH] FRP TXH HODV VH SULYDVVHP GR DSRLR TXH SRGHULDP

UHFHEHUQDTXHOHPRPHQWRGLItFLOGHVXDVYLGDVDOpP

GHUHWDUGDURDOFDQFHGRHTXLOtEULRIDPLOLDU0DVHVWHDR TXHSDUHFHpXPWHPSRTXHHODVSUHFLVDP

$DMXGDHDPHGLDomRGHSURILVVLRQDLVSRGHPPLQLPL]DU RLPSDFWRPRVWUDQGRDVSRVVLELOLGDGHVSRVLWLYDVHQmR VRPHQWHRVDVSHFWRVQHJDWLYRV4XDQWRPDLVDGHTXDGDIRU D UHYHODomR GR GLDJQyVWLFR PHQRU VHUi D VLWXDomR GH GHVDPSDURHQIUHQWDGDSHORVSDLV&RPUHODomRDHVWH DVSHFWRpLPSRUWDQWHFRQVLGHUDUTXHHPERUDQRUPDOPHQWH FDLEDDRPpGLFRFRPXQLFDUDRVSDLVRGLDJQyVWLFRRV SURILVVLRQDLVGHHQIHUPDJHPVmRRVTXHSHUPDQHFHP KRUDVSRUGLDQRVKRVSLWDLVHSRULVVRRVTXHWHUmRPDLRU FRQWDWRFRPDSXpUSHUDHVHXEHEr3RUHVWDUD]mRHVVH SURILVVLRQDOWHPXPSDSHOPXLWRLPSRUWDQWHMXQWRDRV PHPEURVGHXPDIDPtOLDTXHYLYHQFLDWDOVLWXDomRGHYHQGR SRLVHVWDUSUHSDUDGRSDUDFXLGDUGDIDPtOLDHHPHVSHFLDO GDPmHDSyVDQRWtFLD'HTXHIRUPD"(VWDQGRMXQWR SHUWRDSRLDQGRRXYLQGRWRFDQGRSHUPLWLQGRRFKRURH D UHYROWD ,VWR WXGR SRUTXH VHJXQGR RV SDLV PXLWDV SHUJXQWDVGHL[DPGHVHUIHLWDVSHORFKRTXHGDLQIRUPDomR

RX SRU QmR VDEHUHP QHP DR PHQRV TXH VH WUDWD GD VtQGURPHDW{QLWRVQmRVDEHPRTXHHFRPRSHUJXQWDU 'HSRLVGRSULPHLURLPSDFWRTXDQGRFRPHoDPDUHIOHWLU VREUH DV LQIRUPDo}HV UHFHELGDV VXUJHP YiULRV TXHVWLRQDPHQWRVHQRUPDOPHQWHHODVQmRWrPFRPTXHP FRQYHUVDURTXHOKHVFDXVDPXLWRVRIULPHQWR

$V SULPHLUDV H[SHULrQFLDV GH LQWHUDomR GRV SDLV H IDPLOLDUHVFRPDFULDQoDSRGHPILFDUFRPSURPHWLGDVSHOR LPSDFWRSURGX]LGRQDIDPtOLDSHODQRWtFLDGHWHUXPILOKR FRPHVVDVtQGURPH3RUHVVDUD]mRpWmRLPSRUWDQWHTXH SDLVGHILOKRVVLQGU{PLFRVUHFHEDPRPDLVSUHFRFHPHQWH SRVVtYHODSRLRHLQFHQWLYRSDUDSURFXUDUHPDVPHOKRUHV FRQGLo}HVGHFUHVFLPHQWRHGHVHQYROYLPHQWRGRILOKR PHGLDQWHHVWtPXORVItVLFRVPRWRUHVHLQWHOHFWXDLV7DPEpP QmRSRGHPRVGHL[DUGHFRQVLGHUDUTXHDVIDPtOLDVGLIHUHP HPVXDUHDomRGLDQWHGRQDVFLPHQWRGDFULDQoDFRP6' HP IXQomR GH VHX HVWiJLR GH YLGD IDPLOLDU GR SDSHO GHVHPSHQKDGRSHODFULDQoDQDFRQILJXUDomRIDPLOLDUGR LPSDFWRGDQRWtFLDGRVLJQLILFDGRGHVVDFRQGLomRSDUDRV FRPSRQHQWHVIDPLOLDUHVGDSHUVRQDOLGDGHGHFDGDPmH HFDGDSDLGRUHODFLRQDPHQWRHQWUHHOHVGHVXDVH[SHULrQFLDV

HGHVXDVFUHQoDV$OJXPDVSDVVDPSRUXPSHUtRGRGH

FULVHDJXGDUHFXSHUDQGRVHJUDGDWLYDPHQWH2XWUDVWrP PDLVGLILFXOGDGHVHGHVHQYROYHPXPDVLWXDomRGHWULVWH]D FU{QLFD2VSURILVVLRQDLVSUHFLVDPHVWDUDWHQWRVDHVWD TXHVWmRSRLVVHRVPHPEURVGDIDPtOLDVmRLQVWiYHLVRX SHUPDQHFHPDEDODGRVVHPFRQVHJXLUVXSHUDUDFKHJDGD GR ILOKR FRP QHFHVVLGDGHV HVSHFLDLV H DOFDQoDU R WmR QHFHVViULR UHHTXLOtEULR HVVD FULDQoD SRGHUi WHU VHX FUHVFLPHQWRHGHVHQYROYLPHQWRSUHMXGLFDGRV

3DUDTXHDDFHLWDomRRFRUUDDIDPtOLDWHUiTXHVHSHUPLWLU H[SHULHQFLDURVGLIHUHQWHVHVWiJLRVUHODFLRQDGRVFRPDV SHUGDVDWpDWLQJLURSRQWRHPTXHDVPXGDQoDVQRULWPR GHYLGDHVWHMDPLQFRUSRUDGDVHDDFHLWDomRGDFULDQoDHGH VXDVOLPLWDo}HVVHMDDOFDQoDGD1RUPDOPHQWHGLDQWHGHXPD SHUGDDVSHVVRDVSDVVDPSRUYiULRVHVWiJLRVFKRTXH QHJDomR UDLYD QHJRFLDomR GHSUHVVmR H RUJDQL]DomR

HPRFLRQDOFRPDFRQVHTHQWHDFHLWDomR

2VGDGRVUHYHODUDPTXHRIDWRGHFRQKHFHUHPHVPR WHUFRQYLYLGRFRPRXWUDVSHVVRDVFRPRPHVPRSUREOHPD QmRpFDSD]SRUVLVyGHIDFLOLWDUDDFHLWDomRGHVWDFRQGLomR QRLQWHULRUGDIDPtOLDFRQIRUPHUHYHODGRSHODPmHGD IDPtOLD%HDRTXHSDUHFHLQWHUIHUHQHVWDH[SHULrQFLDR PHGRGRSUHFRQFHLWRTXHDFULDQoDSRVVDYLUDVRIUHU+i TXHVHFRQVLGHUDUTXHDSUHRFXSDomRpDSDUHQWHPHQWH UHODFLRQDGDjDWLWXGHGDVRFLHGDGHSDUDFRPDFULDQoD,VVR VHMXVWLILFDSHORIDWRGHTXHFDGDXPGHQyVWrPLGpLDV SUHFRQFHELGDVHPUHODomRjVSHVVRDVFRPQHFHVVLGDGHV HVSHFLDLVRTXHLQIOXLUiHPQRVVDVDWLWXGHVHLQWHUDo}HVFRP HODV

(7)

WHPRVXPORQJRFDPLQKRDSHUFRUUHUDWpTXHPXGDQoDV DWLWXGLQDLVUHODFLRQDGDVFRPDLQFOXVmRVRFLDOVHMDPDW{QLFD HPQRVVRPHLR

1mRREVWDQWHXPDVSHFWRTXHLQWHUIHUHVREUHPDQHLUDQR PRGRGHDIDPtOLDOLGDUFRPRSUREOHPDpRFRQKHFLPHQWR TXHHODWHPVREUHDVtQGURPH 2EVHUYRXVH TXH HVVH FRQKHFLPHQWRpOLPLWDGRPHVPRGHSRLVGHGXDVGHODVMi WHUHPFRQYLYLGRGLXWXUQDPHQWHFRPWDOFRQGLomRGXUDQWH DOJXP WHPSR UHYHODQGR XPD IDOKD LPSRUWDQWH GRV SURILVVLRQDLV GH VD~GH FRP HVWDV IDPtOLDV ,VWR p H[WUHPDPHQWHSUHRFXSDQWHSRLVDDWXDomRGDIDPtOLDMXQWR jFULDQoDFRP6'GHSHQGHGRFRQKHFLPHQWRTXHHODWHQKD VREUHDVtQGURPHHWDPEpPVREUHDVSRVVLELOLGDGHVGH WUDWDPHQWR(VWHpXPSUREOHPDUHDO(VWXGRUHDOL]DGRQD FLGDGHGH6REUDO²&(LGHQWLILFRXTXHPDLVGDPHWDGHGDV PmHVFXLGDGRUDVGHSRUWDGRUHVGH6'QmR FRQKHFLD H WDPEpPQmRWLQKDQHQKXPDLQIRUPDomRVREUHDVtQGURPH

HDVQHFHVVLGDGHVGRVSRUWDGRUHV

1HVWHHVWXGRDVPmHVPRVWUDUDPVHQWLUPHGRGHYLGR SULQFLSDOPHQWHDQmRVDEHUFRPRFXLGDURTXHSRGHULD DFRQWHFHUFRPHOHHVHRILOKRLULDFRQVHJXLUID]HURTXH ID]HP DV FULDQoDV GLWDV QRUPDLV 5HYHODUDP SRUWDQWR QHFHVVLGDGH GH DOJXpP TXH DV DMXGDVVH D DRV SRXFRV FRPSUHHQGHUDFHLWDUWHUHVSHUDQoDVHDPDUVHXILOKR,VWR p PXLWR LPSRUWDQWH SRLV j PHGLGD TXH UHFHEHP H[SOLFDo}HVHLQIRUPDo}HVYROWDGDVSDUDRTXHUHDOPHQWH TXHUHPHQHFHVVLWDPVDEHUPDLRUFRPSUHHQVmRVREUHD 6'HGHFRPRDJLUGLDQWHGHODYDLVHQGRFRQVWUXtGD

2VSDLVSUHFLVDPVDEHUSRUH[HPSORTXHWHUDFHVVRj WHFQRORJLDHDSURILVVLRQDLVTXDOLILFDGRVpLPSRUWDQWHPDV QmRpWXGR$SDUWLFLSDomRDWLYDHRHQYROYLPHQWRGDIDPtOLD QRSURFHVVRGHWUDWDPHQWRGRILOKRVmRGHJUDQGHYDOLD SDUDRHVWiJLRGHGHVHQYROYLPHQWRTXHDFULDQoDDOFDQoDUi )DPtOLDVTXHFRQVHJXHPPDQWHUOLJDomRDIHWLYDHVWUHLWDH SRVLWLYDFRPDFULDQoDIDYRUHFHPXPGHVHQYROYLPHQWRH

FUHVFLPHQWRFRPPDLVVHJXUDQoDHDXWRQRPLD

(VWHpXPSDSHODRTXDORSURILVVLRQDOGHVD~GHQmR SRGHVHIXUWDU(OHGHYHDWXDUFRPRREMHWLYRGHIRUWDOHFHU DIDPtOLDSDUDRVHQIUHQWDPHQWRV$VIDPtOLDVGHSHQGHP QHVVH PRPHQWR GH UHFRQKHFLPHQWR GR SUREOHPD GR ILOKRGHDo}HVIDFLOLWDGRUDVSDUDFRPSUHHQGHUDVVLWXDo}HV YLYLGDVHTXDQWRPDLVHVFODUHFLGDVHVWLYHUHPPHOKRUVHUi

VHXHPSHQKRQRFXLGDGRGRILOKR

2VSDLVSUHFLVDPSRUH[HPSORVHUHVFODUHFLGRVGHTXH GHVGHRVSULPHLURVPHVHVDFULDQoDFRP6'WHPGLILFXOGDGHV SDUDPDQWHUDDWHQomRHHVWDUDOHUWDDRVHVWtPXORVH[WHUQRV (PJHUDOpPHQRVLQWHUDWLYDHUHVSRQGHPHQRVDRVDGXOWRV PDVLVVRQmRVLJQLILFDTXHQmRVHMDFDSD]GHGHVHQYROYHUWDO WLSRGHFRPSRUWDPHQWR$H[SORUDomRGRDPELHQWHID]SDUWH GDFRQVWUXomRGRPXQGRGDFULDQoDHRFRQKHFLPHQWRTXH HODREWpPGHVVDPDQHLUDIRUPDUiVXDEDJDJHPSDUDVH UHODFLRQDUFRPRDPELHQWH

2VSULPHLURVDQRVGHYLGDGHXPDFULDQoDFRQVWLWXHP XPSHUtRGRFUtWLFRHPVHXGHVHQYROYLPHQWRFRJQLWLYRHR

SDSHOGDIDPtOLDQHVVHSHUtRGRpIXQGDPHQWDOSULQFLSDOPHQWH QRVFDVRVGHFULDQoDVFRPQHFHVVLGDGHVHVSHFLDLVYLVWRTXH VHXGHVHQYROYLPHQWRQmRGHSHQGHVyGRJUDXHPTXHVmR DIHWDGDVLQWHOHFWXDOPHQWHPDVWDPEpPGHYiULRVRXWURV IDWRUHVVHQGRRDPELHQWHIDPLOLDURSULQFLSDOGHOHV

3RUHVVDUD]mRQDVFULDQoDVFRP6'RGHVHQYROYLPHQWR GDLQWHOLJrQFLDQmRGHSHQGHDSHQDVGDDOWHUDomRJHQpWLFD PDV WDPEpP GDV LPSRUWDQWHV LQIOXrQFLDV H VLWXDo}HV FDSDFLWDGRUDVGRPHLRHPTXHHODVHVWmRLQVHULGDV$VVLP FDSDFLGDGHVFRJQLWLYDVHPRWRUDVGHVGHTXHVHMDPWUHLQDGDV HIDoDPSDUWHGDYLGDVRFLDOGDVFULDQoDVFRP6'YLUmRDVH GHVHQYROYHU GH PRGR UiSLGR H VXUSUHHQGHQWH SRLV D LQWHOLJrQFLDQmRVHGHILQHQmRWHPXPJUDXHVWDEHOHFLGRHOD VHFRQVWUyLGHSHQGHQGRGRFRQWH[WRIDPLOLDUVRFLDOHHVFRODU GHTXHDFULDQoDSDUWLFLSD7DOIDWRPDLVXPDYH]UHVVDOWD RLPSRUWDQWHSDSHOGRVSURILVVLRQDLVGHVD~GHMXQWRDHVWDV IDPtOLDVHVFODUHFHQGRHLQFHQWLYDQGRDSUHFRFLGDGHGH HVWtPXORVDGHTXDGRVRTXHQmRVLJQLILFDDSHQDVDFHVVRD HTXLSDPHQWRVHSURILVVLRQDLVHVSHFLDOL]DGRV

2IDWRGHGXDVPmHVWHUHPUHYHODGRTXHQmRFULDUDP H[SHFWDWLYDVHPUHODomRDRIXWXURGRILOKRSRGHUHSUHVHQWDU XPDDWLWXGHGHGHIHVDPDVWDPEpPSRGHHVWDUUHODFLRQDGR DR GHVFRQKHFLPHQWR VREUH DV SRVVLELOLGDGHV GH GHVHQYROYLPHQWRGDFULDQoDRTXHDVOHYDDSUHIHULU´YLYHU XPGLDGHFDGDYH]µ2VSURILVVLRQDLVQRHQWDQWRGHYHP ILFDUDWHQWRVSDUDSHUFHEHUDWpTXHSRQWRLVWRFRPSURPHWH DVSRVVLELOLGDGHVGDFULDQoD

2GHVFRQKHFLPHQWRVREUHDVFRQGLo}HVLGHDLVUHODFLRQDGDV DRGHVHQYROYLPHQWRLQIDQWLOpQRWDGRSRUH[HPSORTXDQGR DPmHUHODWDQmRVDEHUVHRILOKRHVWiHPFRQGLomRGHDWUDVR HPUHODomRDRXWUDVFULDQoDV6HDIDOWDGHLQIRUPDomRH RULHQWDomRFRQVWLWXLIDWRUTXHGLILFXOWDDDFHLWDomRHDDWXDomR GDIDPtOLDGLDQWHGD6'DRUHFRQKHFHUPRVHVWDFRQGLomR QDVIDPtOLDVHPHVWXGRYLVOXPEUDPRVTXDQWRQRVVDDWXDomR MXQWRDHVVDVIDPtOLDVHVWiVHQGRIDOKD

&21&/86®2

$VPmHVHPHVWXGRUHYHODUDPRLPSDFWRVRIULGRDR UHFHEHUHP R GLDJQyVWLFR GH 6' SRUpP HQTXDQWR SURILVVLRQDLVGHVD~GHFKDPRXQRVDDWHQomRRIDWRGHHVWH GLDJQyVWLFR WHU VLGR GDGR HP FRQGLo}HV H PRPHQWRV LQDSURSULDGRV'HYHULDWHUVLGRFRPXQLFDGRjIDPtOLDHQmR VRPHQWHjPmHTXHUHYHORXFDUUHJDUVR]LQKDSRUXPWHPSR RSHVRGHVVHIDWR$OpPGLVVRHVWDFRPXQLFDomRGHYHULDVHU SODQHMDGDWHQGRHPYLVWDRDSRLRRHVFODUHFLPHQWRGH G~YLGDVHDPHOKRUFRPSUHHQVmRSRVVtYHOSRUSDUWHGD IDPtOLDDUHVSHLWRGDVLWXDomR

(8)

TXHPXLWDVYH]HVRSWDPSRUQmRUHYHODURGLDJQyVWLFRQHP VHTXHUSDUDDIDPtOLDDPSOLDGD

1mRREVWDQWHDIDPtOLDQmRSRGHVHSULYDUGRDSRLR GHVXDUHGHVRFLDODTXDOSRGHUiFRODERUDUQRFXLGDGRj FULDQoDHHPVXDSUySULDUHHVWUXWXUDomR,VWRSRUTXHD HVWUXWXUDomRSVLFROyJLFDGDIDPtOLDHRXXPDUHGHGH VXSRUWHDWXDQWHFRQVWLWXHPDPHOKRUIHUUDPHQWDSDUDR FXLGDGRDRILOKRFRPQHFHVVLGDGHVHVSHFLDLV

2VSURILVVLRQDLVGHVD~GHSRUVXDYH]WrPXPSDSHO LPSRUWDQWHDGHVHPSHQKDUMXQWRDHVWDVIDPtOLDVGHXP ODGR SUHFLVDP DMXGiODV D UHFRQKHFHU VXDV IRUoDV H SRWHQFLDOLGDGHVEHPFRPRVXDVIUDJLOLGDGHVHQHFHVVLGDGHV HGHRXWURDRUHFRQKHFHUHPRLPSRUWDQWHSDSHOGDIDPtOLD MXQWRDHVVDVFULDQoDVSUHFLVDPHIHWLYDPHQWHHVWDUMXQWR FRPHODVDSRLDQGRDVHLQVWUXPHQWDOL]DQGRDVSDUDTXH SRVVDPUHVSHLWDQGRVHXVOLPLWHVHGLILFXOGDGHVFXLGDUGH VHXPHPEURIDPLOLDUGDPHOKRUPDQHLUDSRVVtYHO

,VWRVLJQLILFDIRUQHFHULQIRUPDo}HVGHIRUPDJUDGDWLYD H FRQVWDQWH DWp TXH D IDPtOLD HVWHMD VXILFLHQWHPHQWH HVFODUHFLGDHSURQWDSDUDDMXGDUHPHVVHILOKR$IDPtOLDQmR GHYHVHU´HQJDQDGDµHSRULVWRjPHGLGDTXHDVGHPDQGDV FKHJDPDVLQIRUPDo}HVQmRGHYHPVHURPLWLGDVPDVp SUHFLVRUHVSHLWDURULWPRDLQGLYLGXDOLGDGHHRWHPSRGH FDGDIDPtOLDMiTXHQRUPDOPHQWHQmRHVWmRSUHSDUDGDV SDUDVDEHUWXGRGHXPDVyYH]

$VVLPHPVXDVLQWHUDo}HVFRPDVIDPtOLDVHHPHVSHFLDO FRP D SXpUSHUD R SURILVVLRQDO SUHFLVD GHVHQYROYHU D FDSDFLGDGH GH RXYLODV VREUH VHXV PHGRV G~YLGDV H QHFHVVLGDGHVHDFLPDGHWXGRXWLOL]DUVHGHWHUPRVVLPSOHVH DGHTXDGRVHDLQGDHVWDUDWHQWRSDUDDQHFHVVLGDGHGHVHPSUH FKHFDUVHXHQWHQGLPHQWRVREUHDVLQIRUPDo}HVRIHUHFLGDV

0LVWHUVHID]FRQVLGHUDUTXHHVWDUMXQWRFRPDIDPtOLDH DSRLiODQmRVLJQLILFDVDEHUUHFRQKHFHURVPRPHQWRV RSRUWXQRV DSHQDV SDUD DFUHVFHQWDU LQIRUPDo}HV PDV WDPEpPSDUDSURPRYHULQWHUDo}HVRXVHMDpSUHFLVRWHU HPPHQWHTXHDVFRQGLo}HVHQHFHVVLGDGHVGDVIDPtOLDV GHYHPVREUHSRUVHDRVSURWRFRORVHVWDEHOHFLGRV$VVLP VHSRUXPODGRID]VHQHFHVViULRHVWLPXODUHSURPRYHUR HVWDEHOHFLPHQWRGHYtQFXORVHQWUHDIDPtOLDHDFULDQoDSDUD REHPHVWDUGHWRGRVQDIDPtOLDHSULQFLSDOPHQWHSDUDR GHVHQYROYLPHQWRGDFULDQoDSRURXWURpSUHFLVRTXHVH FRQVLGHUHTXHLVWRQmRSRGHVHULPSRVWRWHPTXHVHU FRQTXLVWDGRSURPRYLGR

$RVHID]HUSUHVHQWHDRSDUWLOKDUFRPDPmHIDPtOLDVXDV LQTXLHWXGHVHVRIULPHQWRVHQILPDRGHL[iODVSHUFHEHUTXHQmR HVWmRVyVQRHQIUHQWDPHQWRGHVWDGLItFLOVLWXDomRVHPG~YLGDR SURILVVLRQDOHVWDUiFRQWULEXLQGRSDUDDSURPRomRGHFRQGLo}HV IDYRUiYHLVDRHVWDEHOHFLPHQWRGRYtQFXORFRPDFULDQoD

5()(5È1&,$6

$OWKRI&5'HOLQHDQGRXPDDERUGDJHPWHyULFDVREUHR

SURFHVVRGHFRQYLYHUHPIDPtOLD,Q(OVHQ,0DUFRQ666LOYD 0562YLYHUHPIDPtOLDHVXDLQWHUIDFHFRPDVD~GHHD GRHQoDDHG0DULQJi(GXHPS

%DUERVD(&9+XPDQL]DomRQDVUHODo}HVFRPDIDPtOLDXP GHVDILRSDUDDHQIHUPDJHPHP87,3HGLiWULFD$FWD6FL+HDOWK 6FL

9RLYRGLF0$6WRUHU0562FRJQLWLYRGDVFULDQoDVFRPGH 'RZQjOX]GDVUHODo}HVIDPLOLDUHV3VLFRO7HRU3UiW

0DUFRQ66(OVHQ,8P HVWXGR WULJHUDFLRQDO VREUH D H[SHULrQFLDGHIDPtOLDVDRFULDUHPVHXVILOKRV&LrQFLD &XLGDGRH6D~GH6HW

%HUWKRXG&0(9LVLWDQGRDIDVHGHDTXLVLomR,Q&HUYHQ\ &02%HUWKRXG&0(9LVLWDQGRDIDPtOLDDRORQJRGRFLFOR YLWDO6mR3DXOR&DVDGR3VLFyORJRS

0LQD\R0&62GHVDILRGRFRQKHFLPHQWRSHVTXLVD TXDOLWDWLYDHPVD~GHDHG6mR3DXOR+XFLWHF 9DVK&/(QIUHQWDQGRDGHILFLrQFLDDPDQLIHVWDomRD

SVLFRORJLDDUHDELOLWDomR6mR3DXOR3LRQHLUD 0DUWLQV'$&XLGDQGRGRSRUWDGRUGHVtQGURPHGH'RZQ

HVHXVLJQLILFDQWH&LrQFFXLGDGVD~GH ,HUYROLQR $6 (VWXGR GDV SHUFHSo}HV VHQWLPHQWRV H

FRQFHSo}HVSDUDHQWHQGHUROXWRGHIDPLOLDUHVGHSRUWDGRUHV GDVtQGURPHGH'RZQGDFLGDGHGH6REUDO²&HDUi>WHVH@ 6mR3DXOR8QLYHUVLGDGHGH6mR3DXOR)DFXOGDGHGH6D~GH 3~EOLFD

0XVWDFFKL=6tQGURPHGH'RZQ,Q0XVWDFFKL=3HUHV 6*HQpWLFDEDVHDGDHPHYLGrQFLDVVtQGURPHVHKHUDQoDV >&'520@6mR3DXOR&HQWUR,VUDHOLWDGH$VVLVWrQFLDDR 0HQRU

0DUFXFFL01LQJXpPHVWiSUHSDUDGRSDUDWHUXPILOKR GLIHUHQWH ,Q 0RUR $) RUJDQL]DGRU $ERUGDJHP PXOWLSURILVVLRQDO HP PHGLFLQD IHWDO 6mR 3DXOR 5RFD S

6LOYD1/3'HVVHQ0$&ULDQoDVFRP6tQGURPHGH'RZQH VXDVLQWHUDo}HVIDPLOLDUHV3VLFRO5HIOH[&ULW

6LOYD6)([SHULrQFLDVHQHFHVVLGDGHVGHPmHVDSyVRGLDJQyVWLFR GHGHILFLrQFLDPHQWDOGRILOKR>WHVH@6mR&DUORV8QLYHUVLGDGH )HGHUDOGH6mR&DUORV

5LEHLUR155$IDPtOLDHQIUHQWDQGRDGRHQoDJUDYHGDFULDQoD ,Q(OVHQ,0DUFRQ666LOYD0562YLYHUHPIDPtOLDHVXD LQWHUIDFHFRPDVD~GHHDGRHQoDDHG0DULQJi(GXHP S

&DVDULQ6$VSHFWRVSVLFROyJLFRVGD6tQGURPHGH'RZQ6mR 3DXOR0HPQRQ

$PDUDO/$&RQKHFHQGRDGHILFLrQFLDHPFRPSDQKLDGH +pUFXOHV6mR3DXOR5RE(GLWRULDO

.OXEHU²5RVV(6REUHDPRUWHHRPRUUHU7UDG3DXOR

0HQH]HVWKHG6mR3DXOR0DUWLQV)RQWHV 6RX]D0-GH)DPtOLDSHVVRDSRUWDGRUDGHVtQGURPHGH

'RZQQDyWLFDGDPmHXPDFRQWULEXLomRSDUDDSUiWLFDGH FXLGDUQDHQIHUPDJHP>WHVH@5LRGH-DQHLUR8QLYHUVLGDGH )HGHUDOGR5LRGH-DQHLUR²(VFRODGH(QIHUPDJHP$QQD 1HU\

Referências

Documentos relacionados

Purpose: This thesis aims to describe dietary salt intake and to examine potential factors that could help to reduce salt intake. Thus aims to contribute to

25 15544 CATETER PARA INJECAO DE CORANTE - CATETER CONFECCIONADO EM TEFLON COM ACO INOXIDAVEL NA EXTREMIDADE, AUTOCLAVAVEL, EXTREMIDADES NAO

O que vamos observar é que o aumento do passivo externo (tanto o bruto quanto o líquido) tendem a piorar esta tendência e podem representar um grave problema para o Brasil,

It encom- passes four main steps: (i) the development of an analytical model of performance indicators usually used for warehouse man- agement; (ii) the denition of

SAULO DALTRO MOREIRA SILVA, OUTRO(S)).. Decisão: Vistos, relatados e discutidos os autos em epígrafe, a eminente Turma Julgadora proferiu a seguinte decisão: POR

Mesmo nos depoimentos do Espírito Santo e de alguns dos entrevistados por Ana Rios em comunidades negras de Minas Gerais, que têm seu mito de origem na abolição da escravidão, uma

No que diz respeito à estrutura silábica, podemos tecer os seguintes comentários: i a sílaba mínima é V; ii todos os segmentos consonantais podem ocupar a posição de onset

Após encerrado o período de inscrição, não será possível enviar um novo formulário ou ainda alterar a(s) vaga(s) para as quais o candidato tenha se candidatado.. INSTITUTO