O suporte durante o processo de parturição: a visão do acompanhante.

(1)

2VXSRUWHGXUDQWHRSURFHVVRGHSDUWXULomRDYLVmRGR

DFRPSDQKDQWH

6XSSRUWGXULQJWKHODERUDQGGHOLYHU\SURFHVVHVYLHZSRLQWRI FRPSDQLRQVRI ZRPHQJLYLQJELUWK

(ODS\RGXUDQWHHOSURFHVRGHOSDUWRODySWLFDGHODFRPSDxDQWH

$QD0iUFLD6SDQy1DNDQR

_{/XFLHQH$PRULQ6LOYD}

_$QD

&DUROLQD 6DUWRUDWR %HOH]D

_{-XOLDQD 6WHIDQHOOR}

_)OiYLD

**$]HYHGR*RPHV**

5(6802

2EMHWLYR2EMHWLYRXVHQHVWHHVWXGRFRPSUHHQGHURVLJQLILFDGRGHVHUDFRPSDQKDQWHGHXPDPXOKHUHPWUDEDOKRGHSDUWRHSDUWR2V VXMHLWRVGRHVWXGRIRUDPDFRPSDQKDQWHVGHSDUWXULHQWHVDVVLVWLGDVHPXPDPDWHUQLGDGH0pWRGRV$DERUGDJHPPHWRGROyJLFDXWLOL]DGD IRLDTXDOLWDWLYDHDDQiOLVHGRVGDGRVIRLIXQGDPHQWDGDQDWpFQLFDGHDQiOLVHGHFRQWH~GR5HVXOWDGR2VVLJQLILFDGRVREVHUYDGRVSDUDD SDUWLFLSDomRGRDFRPSDQKDQWHIRUDP´GDUIRUoDµ´ILFDUMXQWRDRODGRµH´REVHUYDUWXGRµ1RHVSDoRKRVSLWDODUGHGRPtQLRPpGLFRR DFRPSDQKDQWHUHODWRXTXH´TXHPID]pRPpGLFRµDOJXPDVYH]HVVHSHUFHEHUDP´VHPFRUDJHPµH´VHPDWLWXGHµ&RQFOXVmR'LDQWHGHWDLV UHVXOWDGRVYHULILFRXVHTXHpSUHFLVRGDUYR]DRVDJHQWHVHQYROYLGRVGLUHWDPHQWHQRSURFHVVRGHSDUWXULomRTXHPXLWDVYH]HVVHQWHPVH LQWLPLGDGRV SHORV SURILVVLRQDLV GH VD~GH GHVHQFRUDMDGRV GH SDUWLFLSDU RX DVVXPLQGR XP SDSHO ILVFDOL]DGRU QD WHQWDWLYD GH REWHU XPD DVVLVWrQFLDVHJXUDSDUDDSDUWXULHQWH

'HVFULWRUHV$FRPSDQKDQWHVGHSDFLHQWH7UDEDOKRGHSDUWR3DUWR6D~GHGDPXOKHU

$%675$&7

3XUSRVH7KHDLPRIWKLVVWXG\ZDVWRXQGHUVWDQGZKDWLWPHDQVWREHDFRPSDQLRQRIZRPHQGXULQJWKHODERUDQGGHOLYHU\SURFHVVHV

0HWKRGV7KHVDPSOHFRQVLVWHGRI FRPSDQLRQVRI ZRPHQJLYLQJELUWKLQD%UD]LOLDQPDWHUQLW\$TXDOLWDWLYHGHVLJQZDVXVHGWRFRQGXFW WKHVWXG\'DWDIURPLQWHUYLHZVZHUHH[DPLQHGZLWKFRQWHQWDQDO\VLV5HVXOWV7KHILQGLQJVVXJJHVWWKDWEHLQJDFRPSDQLRQPHDQV´WRJLYH VXSSRUWµ´WREHWRJHWKHUDWWKHVLGHµDQG´WRREVHUYHHYHU\WKLQJµ,QWKHGRPDLQREVHUYLQJPHGLFDOFDUHLQDKRVSLWDOVHWWLQJFRPSDQLRQV VWDWHG ´WKH SK\VLFLDQ GRHV DOO WKH ZRUNµ DQG VRPHWLPHV FRPSDQLRQV UHJDUGHG WKHPVHOYHV ´ZLWKRXW FRXUDJHµ DQG ´ZLWKRXW DWWLWXGHµ

&RQFOXVLRQ,WLVQHFHVVDU\WRJLYHDYRLFHWRFRPSDQLRQVGXULQJWKHODERUDQGGHOLYHU\SURFHVVHV&RPSDQLRQVYHU\RIWHQIHHOLQWLPLGDWHG E\KHDOWKSURIHVVLRQDOVGLVFRXUDJHGRUMXVWDVVXPLQJDQREVHUYHUUROHZKHQDWWHPSWLQJWRVXSSRUWZRPHQJLYLQJELUWK

NH\ZRUGV3DWLHQW (VFRUW 6HUYLFH /DERU 2EVWHWULF 3DUWXULWLRQ :RPHQ·V KHDOWK

5(680(1

2EMHWLYR(QHVWHHVWXGLRVHWXYRFRPRREMHWLYRFRPSUHQGHUHOVLJQLILFDGRGHVHUDFRPSDxDQWHGHXQDPXMHUHQWUDEDMRGHSDUWR\SDUWR /RVVXMHWRVGHOHVWXGLRIXHURQDFRPSDxDQWHVGHSDUWXULHQWDVDVLVWLGDVHQXQDPDWHUQLGDG0pWRGRV(ODERUGDMHPHWRGROyJLFRXWLOL]DGR IXHHOFXDOLWDWLYR\HODQiOLVLVGHORVGDWRVVHIXQGDPHQWyHQODWpFQLFDGHODQiOLVLVGHFRQWHQLGR5HVXOWDGRV/RVVLJQLILFDGRVREVHUYDGRVSDUD ODSDUWLFLSDFLyQGHODFRPSDxDQWHIXHURQ´GDUIXHU]Dµ´TXHGDUVHMXQWRDOODGRµ\´REVHUYDUWRGRµ(QHOHVSDFLRKRVSLWDODULRGHGRPLQLR PpGLFRHODFRPSDxDQWHUHODWyTXH´TXLHQKDFHHVHOPpGLFRµDOJXQDVYHFHVVHSHUFLELHURQ´VLQFRUDMHµ\´VLQDFWLWXGµ&RQFOXVLyQ)UHQWH DWDOHVUHVXOWDGRVVHYHULILFyTXHHVSUHFLVRGDUYR]DORVDJHQWHVLQYROXFUDGRVGLUHFWDPHQWHHQHOSURFHVRGHOSDUWRTXHPXFKDVYHFHVVH VLHQWHQLQWLPLGDGRVSRUORVSURIHVLRQDOHVGHVDOXGFRKLELGRVGHSDUWLFLSDURDVXPLHQGRXQSDSHOILVFDOL]DGRUHQHOLQWHQWRGHREWHQHUXQD DVLVWHQFLDVHJXUDSDUDODSDUWXULHQWD

'HVFULSWRUHV$FRPSDxDQWHVGHOSDFLHQWH7UDEDMRGHSDUWR3DUWR6DOXGGHODPXMHU

$XWRU &RUUHVSRQGHQWH $QD 0iUFLD 6SDQy 1DNDQR

$Y GRV %DQGHLUDQWHV 0RQWH $OHJUH 5LEHLUmR 3UHWR 63 $UWLJR UHFHELGR HP H DSURYDGR HP

_{7UDEDOKR UHDOL]DGR QD 0DWHUQLGDGH GR &RPSOH[R $HURSRUWR 0$7(5 HQWLGDGH ILODQWUySLFD PDQWLGD SHOD )XQGDomR 0DWHUQLGDGH 6LQKi -XQTXHLUD}

5LEHLUmR 3UHWR 63 %UDVLO

3URIHVVRUD$VVRFLDGDGR'HSDUWDPHQWRGH(QIHUPDJHP0DWHUQR,QIDQWLOH6D~GH3~EOLFDGD(VFRODGH(QIHUPDJHPGD8QLYHUVLGDGHGH6mR3DXOR863 5LEHLUmR3UHWR63%UDVLO

(QIHUPHLUD7UDLQHHGR+RVSLWDOH0DWHUQLGDGH6mR/XL]6mR3DXOR63%UDVLO(VSHFDLOL]DQGDHP(QIHUPDJHP2EVWpWULFDGD 8QLYHUVLGDGH)HGHUDO GH6mR3DXOR81,)(636mR3DXOR63%UDVLO

0HVWUHHP(QIHUPDJHPHP6D~GH3~EOLFD'RFHQWHGD8QLYHULVGDGH3DXOLVWD81,3H)DFXOGDGHV,QWHJUDGDV)DILEH6mR3DXOR63%UDVLO 3URIHVVRUD$VVLVWHQWHGR'HSDUWDPHQWRGH(QIHUPDJHP0DWHUQR,QIDQWLOH6D~GH3~EOLFDGD(VFRODGH(QIHUPDJHPGH5LEHLUmR3UHWRGD8QLYHUVLGDGHGH 6mR3DXOR8635LEHLUmR3UHWR63%UDVLO

(2)

,1752'8d®2

&RP D LQVWLWXFLRQDOL]DomR GR SDUWR DV PXOKHUHV GHL[DUDPGHSDULUHPVHXVODUHVQRDPELHQWHIDPLOLDU YLYHQGRDUXSWXUDGRVKiELWRVGHVROLGDULHGDGHIHPLQLQD H GR HVSDoR GD YLGD FRWLGLDQD $V SUiWLFDV LQVWLWXtGDV EDVHDGDV HP QRUPDV H URWLQDV WRUQDUDP DV PXOKHUHV SDVVLYDVHLPSRVVLELOLWDUDPDSUHVHQoDGHSHVVRDVGHVHX FRQYtYLRVRFLDOSDUDDSRLiODV_{$LQVWLWXFLRQDOL]DomRGR}

SDUWRIRLGHWHUPLQDQWHSDUDDIDVWDUDIDPtOLDGRSURFHVVR GHQDVFLPHQWRHSDUWRDWHQGHQGRjVQHFHVVLGDGHVGRV SURILVVLRQDLVGHVD~GHHPGHWULPHQWRGDVQHFHVVLGDGHV GDVSDUWXULHQWHV

&RQVLGHUDPRVTXHDWHFQRORJLDHDKXPDQL]DomRQmR VmRH[FOXGHQWHVDPEDVVmRQHFHVViULDVDXPERPFXLGDGR j VD~GH &RP D LQVWLWXFLRQDOL]DomR GR SURFHVVR UHSURGXWLYRDPXOKHUDGTXLULXRDFHVVRjWHFQRORJLDH DRDWHQGLPHQWRSRUXPSURILVVLRQDOTXDOLILFDGRHPERUD WDO UHDOLGDGH QmR VHMD H[WHQVLYD D WRGDV DV PXOKHUHV EUDVLOHLUDV

$2UJDQL]DomR0XQGLDOGH6D~GHUHFRPHQGDSUiWLFDV UHFRQKHFLGDPHQWHEHQpILFDVSDUDDVVLVWrQFLDDRSDUWRGH EDL[RULVFR23URMHWR0DWHUQLGDGH6HJXUDFULDGRHP SUHFRQL]DXPPRGHORGHDWHQomRDRSDUWRHDRQDVFLPHQWR PHQRVLQWHUYHQFLRQLVWDHPDLVKXPDQL]DGR_'HQWUHRV

SULQFtSLRV SDUD DVVLVWrQFLD KXPDQL]DGD p LQFOXtGD D SUHVHQoD GH XP DFRPSDQKDQWH GXUDQWH R WUDEDOKR GH SDUWRTXHSRGHVHURFRPSDQKHLURRXDOJXpPGDIDPtOLD 2 0LQLVWpULR GD 6D~GH HVWDEHOHFH XP SURWRFROR DVVLVWHQFLDOLQGLFDQGRDQHFHVVLGDGHGHTXHDSDUWXULHQWH

GLVSRQKDGHXPDFRPSDQKDQWHGHVXDHVFROKD_(VVH

DFRPSDQKDPHQWR YLVD D SUHVWDomR GH DSRLR H HQFRUDMDPHQWRFRQVWDQWHVjPXOKHURTXHSURSRUFLRQD PDLRUVHJXUDQoDHFRQIRUWRGXUDQWHRWUDEDOKRGHSDUWR HSDUWR

(VWXGRVWrPFRPSURYDGRTXHRDSRLRFRQWtQXRGXUDQWH RWUDEDOKRGHSDUWREHQHILFLDDVSDUWXULHQWHVHFRQWULEXLSDUD UHGXomRGDVWD[DVGHFHVDULDQDGDGXUDomRGRWUDEDOKRGH SDUWRLQFHQWLYDRDOHLWDPHQWRHDPXOKHUGHVHQYROYHXPD SHUFHSomRSRVLWLYDVREUHHVVHVHYHQWRV

$SHVDUGDVHYLGrQFLDVFLHQWtILFDVVREUHRVEHQHItFLRV GRDFRPSDQKDQWHSDUDDPHOKRULDGREHPHVWDUGDPmH H UHFpPQDVFLGR D LQFRUSRUDomR GHVWD SUiWLFD SHORV SURILVVLRQDLV H LQVWLWXLo}HV DLQGD QmR VH FRQVWLWXL XPD UHDOLGDGH HP PXLWRV VHUYLoRV $ LPSOHPHQWDomR GHVWD SUiWLFD GHPDQGD UHYLVmR GH FRQFHLWRV GH DVVLVWrQFLD 0XLWRVSURILVVLRQDLVSRVVXHPFUHQoDVHYDORUHVDUUDLJDGRV TXHUHMHLWDPDLGpLDGDSUHVHQoDGRDFRPSDQKDQWHQR

SDUWR

(VIRUoRV FRQMXQWRV GD 5HGH GH +XPDQL]DomR GR 1DVFLPHQWR 5HGH 1DFLRQDO )HPLQLVWD GH 6D~GH H GD $VVRFLDomR %UDVLOHLUD GH 2EVWHWUL]HV H (QIHUPHLUDV

2EVWpWULFDV_{FRQWULEXtUDPSDUDTXHD/HLQGH}

GHDEULOGHIRVVHDSURYDGDHVDQFLRQDGD(VWD

OHLREULJDRVVHUYLoRVGHVD~GHGR6LVWHPDÓQLFRGH6D~GH DSHUPLWLUHPDSUHVHQoDGHXPDFRPSDQKDQWHHVFROKLGR SHODSDUWXULHQWHGXUDQWHRSHUtRGRGHWUDEDOKRGHSDUWR

SDUWRHSyVSDUWRLPHGLDWR

(VWD OHL QmR QHFHVVDULDPHQWH JDUDQWH D HIHWLYD SDUWLFLSDomRGRDFRPSDQKDQWHFRPRSHVVRDTXHRIHUHoD FRQVHOKRV PHGLGDV GH FRQIRUWR ItVLFR H HPRFLRQDO j SDUWXULHQWH$SUHVHQoDGHXPDFRPSDQKDQWHPHVPR TXHHVFROKLGRSHODSDUWXULHQWHSRUVLVyQmRpFRQVLGHUDGD VLQ{QLPRGHVXSRUWHSDUDWDQWRpSUHFLVRGDUFRQGLo}HV SDUDDUHDOL]DomRGHVVDDWLYLGDGH

$WXDQGRHPXPD0DWHUQLGDGHQRLQWHULRUGR(VWDGR GH6mR3DXORSLRQHLUDHPRIHUHFHUHVWDVDo}HVWHPRV UHIOHWLGRVREUHDHIHWLYLGDGHGDKXPDQL]DomRQRWUDEDOKR GHSDUWRHSDUWR$REVHUYDomRQmRVLVWHPDWL]DGDVREUH D DWXDomR GR DFRPSDQKDQWH QRV PRVWUD TXH HVWH VH DSUHVHQWD FRPR XP ILJXUDQWH QmR H[HUFHQGR D SDUWLFLSDomR SOHQD HQTXDQWR VXMHLWR GR SURFHVVR GH VXSRUWH j SDUWXULHQWH 1HVVH VHQWLGR DFUHGLWDPRV VHU QHFHVViULRSULPHLUDPHQWHGDUYR]DRVDFRPSDQKDQWHV DFHUFD GH VXD SDUWLFLSDomR QR SURFHVVR GH SDUWXULomR 3DUD WDO SDUWLPRV GDV VHJXLQWHV TXHVW}HV QRUWHDGRUDV &RPR RV DFRPSDQKDQWHV SHUFHEHP VXD SUHVHQoD QR FRQWH[WRLQVWLWXFLRQDOL]DGRGHDVVLVWrQFLDDRSDUWR"&RPR LGHQWLILFDP VXD SDUWLFLSDomR MXQWR j SDUWXULHQWH" 4XH VHQWLPHQWRV LGpLDV H YDORUHV WDLV YLYHQFLDV OKHV GHVSHUWDUDP

3UHVVXSRPRV TXH RV VLJQLILFDGRV DWULEXtGRV SHORV DFRPSDQKDQWHVVREUHVXDSDUWLFLSDomRMXQWRjSDUWXULHQWH HYLGHQFLHPGLVVRQkQFLDVFRPRPRGHORSUHFRQL]DGRGH DVVLVWrQFLDKXPDQL]DGDQRTXDORVXSRUWHHVSHUDGRpGH SURSRUFLRQDU DSRLR HPRFLRQDO H FRQIRUWR ItVLFR 1R FRQWH[WR LQVWLWXFLRQDOL]DGR GR FXLGDGR R HVSDoR GH DWXDomRGRDFRPSDQKDQWHpDLQGDUHVWULWRHPUD]mRGDV UHODo}HVKLHUiUTXLFDVHQWUHSURILVVLRQDOGHVD~GHHXVXiULR GR PRGHOR WpFQLFR H LQVWUXPHQWDO GR FXLGDGR GR GHVFRQKHFLPHQWR H GR GHVSUHSDUR GR DFRPSDQKDQWH SDUD H[HUFHU XP SDSHO DWLYR QR VXSRUWH D PXOKHU QR WUDEDOKRGHSDUWR

'LDQWH GR H[SRVWR R REMHWLYR GHVWH HVWXGR IRL FRPSUHHQGHU R VLJQLILFDGR GH VHU DFRPSDQKDQWH GD PXOKHUGXUDQWHSURFHVVRGHSDUWXULomRSUHVVXSRQGRTXH WDOHVWXGRWUDULDVXEVtGLRVQDHODERUDomRGHHVWUDWpJLDV GH SUHSDUDomR GRV DFRPSDQKDQWHV SDUD TXH SRVVDP H[HUFHUXPHIHWLYRVXSRUWHjSDUWXULHQWHSRVVLELOLWDQGR OKHVYLYHUH[SHULrQFLDVSRVLWLYDVHPUHODomRDHVWHSDSHO

0e72'26

(3)

QRVLVWHPDGHUHIHUrQFLDSHOD5HGH%iVLFDGH6D~GHSDUD UHVROXomRGHSDUWRVGHEDL[RULVFRHPPDLVGHFLGDGHV GDUHJLmRGH5LEHLUmR3UHWRUHDOL]DQGRHPWRUQRGH SDUWRVSRUPrV

(VWD LQVWLWXLomR p GHVWLQDGD H[FOXVLYDPHQWH DR DWHQGLPHQWRGHSDFLHQWHVRULXQGDVGR6LVWHPDÓQLFRGH 6D~GH 2 FRUSR FOtQLFR GD 0$7(5 p IRUPDGR SRU PpGLFRVHSyVJUDGXDQGRVGHUHVLGrQFLDPpGLFDQDViUHDV GHREVWHWUtFLDHQHRQDWRORJLD$HTXLSHGHHQIHUPDJHPp IRUPDGD SRU HQIHUPHLUDV REVWpWULFDV DX[LOLDUHV GH HQIHUPDJHPHHQIHUPHLUDVUHVLGHQWHVHP(QIHUPDJHP 2EVWpWULFDH1HRQDWDO'RWRWDOGHSDUWRVDVVLVWLGRVSHOD HTXLSHVmRUHDOL]DGRVSRUHQIHUPHLUDVREVWpWULFDV

2V VXMHLWRV GR HVWXGR LQFOXHP DFRPSDQKDQWHV GH SDUWXULHQWHV DVVLVWLGDV QHVVD LQVWLWXLomR $ HVFROKD GD DPRVWUDIXQGDPHQWRXVHQDFRQFHSomRGHTXHDDPRVWUD LGHDOpDTXHODFDSD]GHSULYLOHJLDURVVXMHLWRVVRFLDLVTXH SRVVXHPRVDWULEXWRVTXHVHSUHWHQGHHVWXGDUGHIRUPD TXHDWHQGDDRVREMHWLYRVGDSHVTXLVD_{6HQGRDVVLPIRUDP}

FRQVLGHUDGRVRVDFRPSDQKDQWHVTXHHVWLYHUDPSUHVHQWHV LQWHJUDOPHQWHRXGXUDQWHSDUWHGRSURFHVVRGHSDUWXULomR 2WDPDQKRGDDPRVWUDIRLGHILQLGRFRPEDVHQRFULWpULR GH VDWXUDomR RX H[DXVWmR GRV GDGRV FRQWLGRV QDV HQWUHYLVWDV

&ROHWDGH'DGRV

)RUDPVHJXLGDVDVQRUPDVSDUDSHVTXLVDHQYROYHQGR VHUHVKXPDQRVHVWDEHOHFLGDVSHOD5HVROXomRQ GR&RQVHOKR1DFLRQDOGH6D~GH2SURMHWRIRLVXEPHWLGR DR&RPLWrGHeWLFDHP3HVTXLVDGD((538632V VXMHLWRV TXH FXPSULDP RV FULWpULRV GH LQFOXVmR IRUDP FRQYLGDGRVDSDUWLFLSDUGDSHVTXLVDHPHGLDQWHDFHLWDomR IRLVROLFLWDGRTXHDVVLQDVVHPR7HUPRGH&RQVHQWLPHQWR /LYUH H (VFODUHFLGR &RP R REMHWLYR GH JDUDQWLU R DQRQLPDWRGRVVXMHLWRVSHVTXLVDGRVQRVIUDJPHQWRVGDV HQWUHYLVWDVIRUDPXWLOL]DGRVFyGLJRVGHLGHQWLILFDomR

2V GDGRV IRUDP FROHWDGRV DWUDYpV GH HQWUHYLVWDV LQGLYLGXDLVJUDYDGDVSDUDDVTXDLVVHDGRWRXDWpFQLFDGH GHSRLPHQWR SHVVRDO 7DO WpFQLFD SHUPLWH HVWLPXODU DV SHVVRDVDIDODUHPFRPRSHQVDPHID]HPDVFRLVDVDFHUFD GRWHPDHPTXHVWmRHSHUPLWHDRSHVTXLVDGRUIRFDOL]DU HDSURIXQGDUPDLVRVDVSHFWRVUHODWLYRVDRVREMHWLYRVGR HVWXGRPDQWLGDDSUHRFXSDomRGHXOWUDSDVVDUDGLPHQVmR LQGLYLGXDOGRVUHODWRVSDUDHQFRQWUDUQHOHVRFROHWLYR

$QiOLVHGRV'DGRV

$SyV D WUDQVFULomR GDV HQWUHYLVWDV FRP RV DFRPSDQKDQWHVSDUDRWUDWDPHQWRGRVGDGRVIRLXWLOL]DGD DDQiOLVHGHFRQWH~GRWHPiWLFDTXH´FRQVLVWHHPGHVFREULURV ¶Q~FOHRVGHVHQWLGR·TXHFRPS}HPDFRPXQLFDomRHFXMDSUHVHQoDRX IUHTrQFLDGHDSDULomRSRGHVLJQLILFDUDOJXPDFRLVDSDUDRREMHWLYR DQDOtWLFR HVFROKLGRµ_{1HVVH SURFHGLPHQWR DQDOtWLFR}

LGHQWLILFDPVH RV ´Q~FOHRV GH VHQWLGRµ XQLGDGHV GH VLJQLILFDomRQRFRQMXQWRGHXPDFRPXQLFDomR

5(68/7$'26

1RSUHVHQWHHVWXGRSDUWLFLSDUDPDFRPSDQKDQWHV $QDOLVDQGR DV FDUDFWHUtVWLFDV VRFLDLV GHVWHV VXMHLWRV REVHUYRXVHTXHRVPHVPRVWLQKDPPpGLDGHLGDGHGH DQRV3RUQRUPDGDLQVWLWXLomRHVWXGDGDQmRVmR SHUPLWLGRVDFRPSDQKDQWHVPHQRUHVGHDQRV

4XDQWRjHVFRODULGDGHGRVHQWUHYLVWDGRV FXUVDUDPRHQVLQRPpGLRFRPSOHWRHSRVVXtDP HQVLQR IXQGDPHQWDO FRPSOHWR 2 HQVLQR IXQGDPHQWDO LQFRPSOHWRIRLFXUVDGRSRUGRVHQWUHYLVWDGRV HXPHUDDQDOIDEHWR

$QDOLVDQGRRVDFRPSDQKDQWHVFRPUHODomRDRVH[R YHULILFDPRVTXHDPDLRULDHUDGRVH[RIHPLQLQR HHUDPGRVH[RPDVFXOLQR

&RQVLGHUDQGR R YtQFXOR HQWUH DFRPSDQKDQWHV H SDUWXULHQWHVREVHUYDPRVTXHVmRSHVVRDVSUy[LPDVVHQGR TXH HUDP DV PmHV HUDP RV FRPSDQKHLURVHLJXDOSHUFHQWXDOGHSDUDLUPmH FRPDGUHUHVSHFWLYDPHQWH

1D,QVWLWXLomRHPTXHRSUHVHQWHHVWXGRIRLUHDOL]DGR D SUHVHQoD GR DFRPSDQKDQWH p WLGD FRPR QRUPD H p LQFHQWLYDGD6mRRIHUHFLGRVFXUVRVUHJXODUHVGHRULHQWDomR jVJHVWDQWHVHVHXVDFRPSDQKDQWHV(QWUHWDQWRFKDPD QRVDDWHQomRRIDWRGHTXHGRVDFRPSDQKDQWHV QmRWHUHPSDUWLFLSDGRGRFXUVRRIHUHFLGRSHODLQVWLWXLomR $SHQDVUHFHEHUDPRULHQWDomRQRSUpQDWDO

'HSUHHQGHPRVGDVIDODVGRVVXMHLWRVGRHVWXGRWUrV FDWHJRULDV WHPiWLFDV FHQWUDLV D SRVWXUD H SUiWLFD GRV DFRPSDQKDQWHV QR SURFHVVR GH SDUWXULomR R GRPtQLR GR ´ID]HUµ SHOR SURILVVLRQDO GH VD~GH QR FRQWH[WR LQVWLWXFLRQDOL]DGRGHDVVLVWrQFLDDRSDUWRHUHFRQKHFHQGR DFRQGLomRGRDFRPSDQKDQWH

6REUHDSULPHLUDFDWHJRULDWHPiWLFDFHQWUDODSRVWXUD HSUiWLFDGRVDFRPSDQKDQWHVQRSURFHVVRGHSDUWXULomR LGHQWLILFDPRVFRPRQ~FOHRVGHVHQWLGR´GDUIRUoDµ´ILFDU MXQWRDRODGRµH´REVHUYDUWXGRµ

2VXSRUWHSURYLGRSHORDFRPSDQKDQWHjSDUWXULHQWH FRQWHPSODQDSUiWLFDRVDVSHFWRVHPRFLRQDLVHQFRUDMDU WUDQTLOL]DULQFHQWLYDU

´$KeLPSRUWDQWHHXYLPILFDUGRODGRQp3RUTXHGiXPD

IRUoDSUDSHVVRDµ$PmH

´3HGLSUDHODWHUFDOPDSRUTXHWXGRLDGDUFHUWR$KVHLOi HXDSRLDYDPXLWRHODSHGLDSUDILFDUPDLVFDOPDTXHLDFRUUHUWXGR

EHPµ$FRPSDQKHLUR

(4)

´(XGL]LDTXHDWHQGrQFLDGDVGRUHVHUDSLRUDUPHVPR0DV TXHDVVLPTXHQDVFHVVHYLULDDUHFRPSHQVDµ$PmH

´(XILTXHLDOLMXQWRGHODGDQGRXPDIRUoD7RGDYH]TXHHOD VHQWLDGRUHXSHGLDSUDHODPDQWHUDFDOPDTXHHODWLQKDTXH SHQVDUQRQHQrTXHHODWLQKDTXHDMXGDUDID]HUIRUoDµ$PmH

'HSUHHQGHPRV DLQGD TXH SDUWLFLSDU FRPR DFRPSDQKDQWHUHYHVWHVHGHXPDSRVWXUDILVFDOL]DGRUD GRVHUYLoRSUHVWDGRSHORVHUYLoRGHVD~GH

´$K(XILTXHLROKDQGRQp2EVHUYDQGRWXGRSRUTXHHXVRX PXLWRFXULRVD(XILTXHLROKDQGR(XSHUJXQWDYDWXGRRTXHYLD

GHGLIHUHQWHµ$FRPDGUH

´2TXHHXIL]ROKDQGRRVLVWHPDFRPRpTXHHOHVHVWDYDP

DWHQGHQGRµ$FRPSDQKHLUR

2FRPSDUWLOKDUDVH[SHULrQFLDVFRPDSDUWXULHQWHp SHUPHDGR SRU FXULRVLGDGH H DR PHVPR WHPSR SRU FRQWUROHRTXHSRGHVHFRQVWLWXLUGHXPLPSRUWDQWHIDWRU GH UHFXVD GRV SURILVVLRQDLV GH VD~GH HP DVVLVWLU j SDUWXULHQWHQDSUHVHQoDGRDFRPSDQKDQWH$OJXQVVXMHLWRV GR HVWXGR PHQFLRQDUDP TXH IRUDP FRQYLGDGRV SHOR PpGLFRDVHUHWLUDUVREDMXVWLILFDWLYDGHTXHXPGDGR SURFHGLPHQWRVHULDUHDOL]DGR

1RHVSDoRLQVWLWXFLRQDOL]DGRDVPXOKHUHVHQWUHJDP VHFRPVLPSOLFLGDGHHFRQILDQoDjVQRUPDVHURWLQDVGR VHUYLoR VXEPHWHQGRVH D UHJUDV GR VDEHU FLHQWtILFR H WHFQROyJLFR1HVWHHVSDoRRGRPtQLRPpGLFRVHXVDEHU SRGHU p SHUFHELGR SHORV DFRPSDQKDQWHV FRPR XP HVSDoRHPTXHVXDSRVLomROKHVSDUHFHGHVYLDQWHFRPR HYLGHQFLDGR QD VHJXQGD FDWHJRULD WHPiWLFD FHQWUDO R GRPtQLR GR ´ID]HUµ SHOR SURILVVLRQDO GH VD~GH QR FRQWH[WRLQVWLWXFLRQDOL]DGRGHDVVLVWrQFLDDRSDUWR1HVWD FDWHJRULDLGHQWLILFDPRVRVVHJXLQWHVQ~FOHRVGHVHQWLGR ´TXHP ID] p R PpGLFRµ UHGX]LQGR D SDUWLFLSDomR GR DFRPSDQKDQWHQRSURFHVVRGHSDUWXULomRHP´GDUHVSDoR SDUDHOHVID]HUHPRWUDEDOKRGHOHVµ

´3RUTXHHXVHLTXHVyTXHPID]pRPpGLFR(XQmRSRVVRID]HU QDGDQmRSRVVRSHJDUHPQDGDTXHDVLQIHFo}HVTXHGiHQWmRRV PpGLFRVWrPPDLVSUiWLFD0DVVHHOHSHGLVVHHXDMXGDYDµ$ FRPDGUH

1XPD VLWXDomR GH GHSHQGrQFLD RV DFRPSDQKDQWHV UHODWLYL]DPVXDVDo}HVDPHUFrGHFRQGLo}HVHPTXHVHMD SHUPLWLGRDWXDUHPGHPRGRDQmRDWUDSDOKDUDHTXLSH PpGLFDHGHVD~GHQDH[HFXomRGRVHXWUDEDOKR

´VHPSUHQDKRUDTXHHOHVID]LDPDOJXPDWHQGLPHQWRID]LD DOJXPDFRLVDHXILFDYDORQJHPHLRGHVWDFDGRSUDQmRDWUDSDOKDU

HOHVQpµ$FRPSDQKHLUR

´(XIL]PDVVDJHPQDEDUULJDGHODFRQYHUVHLFRPHODSUDHOD ILFDUFDOPDIDODYDSDUDHODDMXGDURVPpGLFRVQmRDWUDSDOKDU

ID]HUIRUoDPHVPRµ$PmH

1HVWH VHQWLGRR PpGLFR p D ILJXUD FHQWUDO

DGPLQLVWUDQGRRVSURFHGLPHQWRVHRWHPSRQDFRQGXomR GR SURFHVVR GH SDUWXULomR FDEHQGR j SDUWXULHQWH VHU SDFLHQWHHFRODERUDWLYDHDRDFRPSDQKDQWHDMXGiODD PDQWHUVHQHVWDGLVSRVLomR

2VDFRPSDQKDQWHVHYLGHQFLDPHOHPHQWRVFHQWUDLVTXH FRQILJXUDPDVXDUHODomRGHVLJXDOFRPRSURILVVLRQDOGH VD~GHSRUVHUHVWHGRWDGRGHVDEHUHSRGHUSHUFHEHQGR VHDRVROKRVGRRXWURSURILVVLRQDOHPVHJXQGRSODQR QD DWHQomR DR PHVPR WHPSR HP TXH VH FRQVLGHUDP VDWLVIHLWRVSRUHVWHVUHVSRQGHUHPVHXVTXHVWLRQDPHQWRV FRPHGXFDomR

´$FKRTXHHOHVDWpLJQRUDPDJHQWH2LPSRUWDQWHpDSDFLHQWHµ $PmH

´(OH H[SOLFDYD GLUHLWLQKR QmR HUD DVVLP EUXWRµ$ FRPDGUH

$UHFHSWLYLGDGHGRSURILVVLRQDOGHVD~GHSDUDFRPD SDUWXULHQWHHVHXVIDPLOLDUHVVHUHYHVWHGHYDORUHVDWLVIDomR FRQVLGHUDQGRRVPRPHQWRVGHLQVHJXUDQoDVHG~YLGDV TXHHQYROYHPRSDUWR

5HSRUWDQGRQRVDWHUFHLUDH~OWLPDFDWHJRULDWHPiWLFD FHQWUDOUHFRQKHFHQGRDFRQGLomRGRDFRPSDQKDQWHRV DFRPSDQKDQWHV VH SHUFHEHP ´VHP FRUDJHPµ ´VHP DWLWXGHµ´VHPVDEHURTXHID]HUµ

´HX HVWDYD PHLR DQVLRVR H QmR FRQVHJXLD WRPDU DWLWXGH

QHQKXPDµ$FRPSDQKHLUR

´(XQmRWLYHFRUDJHPGHDMXGDU(XHVWDYDFRPRVHGL] FRPDVPmRVDWDGDV1mRWLQKDH[SHULrQFLDQHQKXPDSDUDDMXGDU

HODµ$FRPSDQKHLUR

&RQVLGHUDQGRTXHDPDLRULDGRVDFRPSDQKDQWHVQmR SDUWLFLSRX GR FXUVR RIHUHFLGR SHOD LQVWLWXLomR RX GH TXDOTXHURXWURFXUVRUHODFLRQDGRDRWHPDHPTXHVWmR MXVWLILFDVH D FRQGLomR ILJXUDWLYD GRV DFRPSDQKDQWHV $WUHODGR D LVWR Ki XPD GLVVRFLDomR HQWUH R TXH VH SUHFRQL]D SRU FXLGDGR KXPDQL]DGR H D SUiWLFD QR FRQWH[WR LQVWLWXFLRQDO KRVSLWDODU RQGH SUHGRPLQD R PRGHORQRUPDWL]DGRHWHFQLFLVWDGRFXLGDGRVXVWHQWDGR QRULVFRSRWHQFLDOjVD~GHPDWHUQDHGDFULDQoD

',6&866®2

$DQiOLVHGRSHUILOGRVDFRPSDQKDQWHVVXMHLWRVGHVWH HVWXGRHYLGHQFLDDFRQGLomRGHRULJHPGRHYHQWRSDUWR FRPR HVVHQFLDOPHQWH IHPLQLQR $ HVVH UHVSHLWR p QHFHVViULROHPEUDUTXHKLVWRULFDPHQWHDJUDYLGH]RSDUWR HDPDWHUQLGDGHIRUDPFRQVLGHUDGRVFRPRDWULEXWRVGH H[FOXVLYLGDGHGRPXQGRIHPLQLQRQmRVHQGRSHUPLWLGD DSDUWLFLSDomRGRVKRPHQVDQmRVHUFRPRSURFULDGRUHV

SURYHGRUHVHSRVVXLGRUHVGHXPDGHVFHQGrQFLD_,VVR

(5)

HP TXH HP VLWXDo}HV FRPR R QDVFLPHQWR H SDUWR R HVSHUDGRpTXHVHHVFROKDDOJXpPGDIDPtOLDSDUDSDUWLFLSDU FRPRHYLGHQFLDGRQHVWHHVWXGR

(P XPD SHVTXLVD HWQRJUiILFD VREUH R SHUILO GH DFRPSDQKDQWHVGHSDUWXULHQWHVWDPEpPVHREVHUYRXD WHQGrQFLDGHXPDPDLRUSDUWLFLSDomRIHPLQLQDHP

XPDDPRVWUDGHDFRPSDQKDQWHV_{9DOHGHVWDFDUTXH}

DSDUWLFLSDomRPDVFXOLQDQRVSURFHVVRVGDPDWHUQLGDGH YHP VH WRUQDQGR PDLV H[SUHVVLYD QD DWXDOLGDGH QRV GLIHUHQWHV FRQWH[WRV PRVWUDQGR XP LQGtFLR GH WUDQVIRUPDomRQDFRQVWUXomRGHJrQHURHIDPtOLD

2 VLJQLILFDGR GD SDUWLFLSDomR FRPR DFRPSDQKDQWH VHDQFRUDQRDSRLRHPRFLRQDO7HPVXDPDLRUH[SUHVVmR SRUWUDQVPLWLUDSDUWXULHQWHPDLRUVHJXUDQoDHFRQIRUWR HPXPPRPHQWRHPTXHDVROLGmRHRPHGRVHID]HP SUHVHQWHV6HUGHL[DGDVR]LQKDGXUDQWHRWUDEDOKRGHSDUWR

UHSUHVHQWDXPDDPHDoDjPXOKHU

'HQWUHDVDWLYLGDGHVGHVXSRUWHTXHRDFRPSDQKDQWH SRGH SURYHU j SDUWXULHQWH HQFRQWUDPVH GH DWLYLGDGHV GH DSRLR HPRFLRQDO DTXHODV GH FRQIRUWR ItVLFR FRPR DX[LOLDU QR EDQKR H QD GHDPEXODomR H HQFRUDMDU QR SHUtRGRH[SXOVLYR_{(VWXGRVYHULILFDUDPXPDHOHYDGD}

VDWLVIDomRGDVPXOKHUHVFRPDH[SHULrQFLDGRSDUWRTXDQWR DR IDWR GH WHUHP UHFHELGR VXSRUWH HPRFLRQDO VHMD SRU GRXODV_{RXSRUIDPLOLDUHV}

$ GRU GH SDULU p XPD PDQLIHVWDomR HVSHUDGD SHODV PXOKHUHV$SHUFHSomRGDVHQVDomRGHGRUID]SDUWHGH XPDSUHQGL]DGRTXHGL]UHVSHLWRDVLJQLILFDGRVVRFLDOPHQWH FRPSDUWLOKDGRV 3DUWLFXODUPHQWH D GRU GH SDUWR p YDORUL]DGDFRPRXPDGRUTXHWHPUHFRPSHQVDFRPR REVHUYDGR QD IDOD GDV DFRPSDQKDQWHV 7DO FRQFHSomR DGYpP GH FRQVWUXo}HV VRFLDLV H FXOWXUDLV VREUH

PDWHUQLGDGH_{FRQVWUXtGDVREDVEDVHVGDDEQHJDomRH}

VDFULItFLR

1XPFRQWH[WRDWXDOHPTXHDTXDOLGDGHGDDVVLVWrQFLD j VD~GH WHP VLGR SDOFR GH FRQVWDQWHV FUtWLFDV SRU GHILFLrQFLDVOLJDGDVDIDWRUHVGLYHUVRVDSDUWLFLSDomRGR DFRPSDQKDQWHJDQKDLPSRUWkQFLDGHDJHQWHILVFDOL]DGRU 3DUWLFXODUPHQWH QD DVVLVWrQFLD REVWpWULFD DV PHGLGDV LQWHUYHQFLRQLVWDVWrPUHVXOWDGRHPLDWURJHQLDVVXVFLWDQGR XPDOHUWDJHUDOGHFRQWUROHHILVFDOL]DomRGRVVHUYLoRVGH VD~GH

$FXULRVLGDGHHFRQWUROHPDQLIHVWRHPDWLWXGHVHDo}HV GRV DFRPSDQKDQWHV WrP UHIOH[RV QD IRUPD FRPR RV

SURILVVLRQDLVRVSHUFHEHP(VWXGRUHDOL]DGRHP

DWUDYpVGHREVHUYDo}HVHHQWUHYLVWDVFRPSURILVVLRQDLV PpGLFRREVWHWUDQHRQDWRORJLVWDHQIHUPHLUDHDX[LOLDUGH HQIHUPDJHPVREUHVXDVH[SHULrQFLDVFRPDFRPSDQKDQWHV QRSDUWRLGHQWLILFRXTXHRVSURILVVLRQDLVWrPFUHQoDVH YDORUHV QHJDWLYRV HP UHODomR DRV DFRPSDQKDQWHV SHOD SRVVLELOLGDGHGRVPHVPRVLQWHUIHULUHPHPVXDVDo}HVH TXHVWLRQDUHPVXDVFRQGXWDV

$LQVWLWXFLRQDOL]DomRGRSDUWRQRVpFXOR;;LQFRUSRURX GLYHUVRVDYDQoRVWHFQROyJLFRVDRPHVPRWHPSRHPTXH

RSURFHVVRGHSDUWXULomRSDVVRXDVHUGHDSURSULDomRH OHJLWLPDomRGHXPVDEHUSHORSURILVVLRQDOGHVD~GH

1HVWH VHQWLGR D SDUWLFLSDomR GR DFRPSDQKDQWH PRVWUDVHOLPLWDGDSHODVEDVHVGRVDEHUWpFQLFRHFLHQWtILFR DV PHVPDV EDVHV TXH SRVLFLRQDUDP RV PpGLFRV FRPR GHWHQWRUHV OHJtWLPRV GDV SUiWLFDV WHUDSrXWLFDV H GD DVVLVWrQFLDjVD~GH$HVWUXWXUDOyJLFDGHVWHVDEHUGHWHUPLQD FRPR FDGD HQYROYLGR GHYH VH FRPSRUWDU 2 GRPtQLR PpGLFRVHOHJLWLPDWDPEpPHQWUHRVPHPEURVGDIDPtOLD GDSDUWXULHQWHFXMDSDUWLFLSDomRVHID]VREDXWRUL]DomR GDLQVWLWXLomRPpGLFD

1RHVSDoRLQVWLWXFLRQDOHYLGHQFLDPDVSURSULHGDGHV DWXDQWHVGRVDJHQWHVSURILVVLRQDLVGHVD~GHSDUWXULHQWHH DFRPSDQKDQWHPRVWUDPVHSUHVHQWHVQDPHGLGDHPTXH ´VmRWLGDVHPFRQVLGHUDomRFRPRSULQFtSLRGHFRQVWUXomR GRHVSDoRVRFLDOµ

2GRPtQLRPpGLFRVHH[SUHVVDHPXPFRQWH[WRGH SDUWXULomRHPTXHDQRomRGHULVFRPRVWUDVHSUHVHQWH $ WHFQRORJLD PpGLFD DSUHVHQWDVH FRPR UHVSRVWD DR FRQWUROHGHVVHULVFR(VWDOyJLFDOHYDGDDRH[WUHPRSDVVD DMXVWLILFDUDXWLOL]DomRLQFRQGLFLRQDOGHLQWHUYHQo}HVQD FRQGXomR GR WUDEDOKR GH SDUWR H SDUWR 7DO FRQGLomR UHIRUoDRVDEHUSRGHUPpGLFRHPGHWULPHQWRGHTXDOTXHU SDUWLFLSDomR DWLYD GD PXOKHU H GR DFRPSDQKDQWH QR SURFHVVRGHSDUWXULomRUHVWULQJLQGRVHDRSDSHOGH´QmR DWUDSDOKDUµ

1HVWHFDPSRGHIRUoDVHPTXHRSHUDPDVUHODo}HV HQWUHSURILVVLRQDOGHVD~GHSDUWXULHQWHHDFRPSDQKDQWH GHIRUPDVLQJXODURVDFRPSDQKDQWHVH[SUHVVDPDLPDJHP TXHWrPGRVSURILVVLRQDLVQRHVSDoRLQVWLWXFLRQDOL]DGRGD DVVLVWrQFLDDRSDUWR1HVWHHVSDoRRUJDQL]DFLRQDORID]HU ILFDUHVHUYDGRSDUDTXHPpGRWDGRGHVDEHURPpGLFR

$SHVDU GRV VHUYLoRV LQFRUSRUDUHP FRPR QRUPD LQVWLWXFLRQDODSDUWLFLSDomRGRDFRPSDQKDQWHQRSURFHVVR GDSDUWXULomRHVWDPRVPXLWRDTXpPGHFXPSULUFRPRV SUHFHLWRV GD KXPDQL]DomR $ YLJrQFLD GH XP PRGHOR WHFQRFUiWLFRLQFRUSRUDGRSURIXQGDPHQWHjVSUiWLFDVp XPJUDQGHREVWiFXORSDUDDKXPDQL]DomR

$DVVLVWrQFLDjPXOKHUHPHVSHFLDODRSDUWRWHPVH WRUQDGRXPDWRWpFQLFRHLPSHVVRDOQmRDEULQGRHVSDoR SDUDTXHVHHVWDEHOHoDXPDLQWHUDomR9DOHFRQVLGHUDUTXH UHODomRKXPDQDpXPIHQ{PHQRGHFLVLYRSDUDGHWHUPLQDU DGLPHQVmRGRSURFHVVRGHDFROKLPHQWRHVLQWRQLDHQWUH DVSHVVRDVSDUDHIHWLYDomRGRFXLGDGR

(6)

$QDOLVDQGRD~OWLPDFDWHJRULDWHPiWLFDDLQVDWLVIDomR GRVDFRPSDQKDQWHVTXDQWRjPDQHLUDFRPTXHSDUWLFLSDP GRSURFHVVRGHSDUWXULomRSRGHVHUHYLGHQFLDGDFRPR ´VHPFRUDJHPµ´VHPDWLWXGHµ´VHPVDEHURTXHID]HUµ HQWUHWDQWRRDFRPSDQKDQWHGHYHVHUYLVWRFRPRDOJXpP TXH HVWi YLYHQFLDQGR XP PRPHQWR HVSHFLDO ORJR HOH WDPEpPSUHFLVDVHUDFROKLGRSHODHTXLSHGHVD~GHRTXH SRGHUi FRQWULEXLU SDUD TXH VH VLQWD FRQILDQWH H UHFRQKHFLGRQRVHXSDSHOUHIOHWLQGRQDVXDSDUWLFLSDomR FRPRVXSRUWHjSDUWXULHQWH

&21&/86®2

2VUHVXOWDGRVGHVWHHVWXGRSRVVLELOLWDUDPSHUFHEHUD SURGXomRGHVLJQLILFDGRVDXWRHKHWHURUHIHULGRVDXP FRQMXQWR SHUWLQHQWH GH UHODo}HV VRFLDLV H HOHPHQWRV LQVWLWXFLRQDLV DWUDYpV GDV IDODV GRV DFRPSDQKDQWHV GH PXOKHUHVQRHVSDoRLQVWLWXFLRQDOL]DGRGHDVVLVWrQFLDDRSDUWR $SUHVHQoDGRDFRPSDQKDQWHGXUDQWHDDVVLVWrQFLDDR WUDEDOKRGHSDUWRHSDUWRpXPDGDVSUiWLFDVUHFRQKHFLGDV FRPR EHQpILFDV SHOD 206 SDUD DWHQomR GH SDUWRV GH EDL[R ULVFR HQWUHWDQWR WDLV EHQHItFLRV HVWmR QD GHSHQGrQFLD GH IDWRUHV WDLV FRPR DV FDUDFWHUtVWLFDV DVVLVWHQFLDLVGRVKRVSLWDLVGRWLSRGHSURYHGRUGRVXSRUWH HGDGXUDomRGRVXSRUWH

7HQGR SRU EDVH RV DFKDGRV GHVWH HVWXGR VREUH D FRQVWLWXLomR VXEMHWLYD GR HVSDoR H DomR GRV DFRPSDQKDQWHVSRGHPRVFRQVLGHUDUTXHDSDUWLFLSDomR OLPLWDGDGRDFRPSDQKDQWHpGHFRUUHQWHGRPRGHORGH DWHQomR LQWHUYHQFLRQLVWD DR SDUWR GRV SUHFRQFHLWRV H GHVFUpGLWR IUHQWH DRV EHQHItFLRV TXH WDO SUiWLFD SRGH SURSRUFLRQDULQFRUUHQGRQDIDOWDGHFRPSURPLVVRGRV SURILVVLRQDLV GH VD~GH HP SUHSDUDU H LQVHULU R DFRPSDQKDQWHQRSURFHVVR

&RQVLGHUDPRV LPSRUWDQWH D LPSOHPHQWDomR GH HVWUDWpJLDVPDLVHIHWLYDVQRTXHWDQJHDVHQVLELOL]DomRGRV SURILVVLRQDLVGHVD~GHSDUDDDFHLWDomRHLQWHJUDomRGR DFRPSDQKDQWHQRSURFHVVRGHSDUWXULomREHPFRPRGH FRQVWUXLU R HVSDoR GR DFRPSDQKDQWH QXP FRQWH[WR LQVWLWXFLRQDOGHVD~GH)UHQWHDHVWDVLWXDomRRVFXUVRVGH RULHQWDomRQRSUpQDWDOWRUQDPVHIXQGDPHQWDLVSDUDTXH RDFRPSDQKDQWHVLQWDVHSUHSDUDGRHPRFLRQDOPHQWHH WHQKDFODUH]DGHFRPRSRGHUiDMXGDUQRSURFHVVR

$ VRFLDELOLGDGH p XP SUpUHTXLVLWR DR ERP DWHQGLPHQWRQDPHGLGDHPTXHHODSHUPLWHDDEHUWXUD DRVRXWURVHDRPXQGRH[WHULRU2SURILVVLRQDOGHVD~GH QmRpDSHQDVYDORUL]DGRSHODKDELOLGDGHWpFQLFDSHODSURQWD UHVROXWLYLGDGHPDVWDPEpPSHORVHXODGRKXPDQR'HVWD IRUPDRDFRPSDQKDQWHVHVHQWLUiDFROKLGRFRPRDOJXpP TXHYHLRDMXGDUHQmRDWUDSDOKDU

5()(5È1&,$6

%UJJHPDQQ203DUSLQHOOL0$2VLV0-'(YLGrQFLDV

VREUHRVXSRUWHGXUDQWHRWUDEDOKRGHSDUWRSDUWRXPD

UHYLVmRGDOLHUDWXUD&DG6D~GH3~EOLFD 5HS3XEOLF+HDOWK

'LQL] &6* (QWUH D WpFQLFD H RV GLUHLWRV KXPDQRV SRVVLELOLGDGHVHOLPLWHVGDKXPDQL]DomRGDDVVLVWrQFLDDR SDUWR >WHVH@ 6mR 3DXOR )DFXOGDGH GH 0HGLFLQD GD 8QLYHUVLGDGHGH6mR3DXOR

2UJDQL]DomR0XQGLDOGH6D~GH7HFQRORJLDDSURSULDGDSDUD QDVFLPHQWRHSDUWR7UDGX]LGRSRU+RWPLQVN\615HY 9HQkQFLR6,S

:RUOG+HDOWK2UJDQL]DWLRQ&DUHLQQRUPDOELUWKDSUDFWLFDO JXLGH0DWHUQDODQG1HZERUQ+HDOWK6DIH0RWKHUKRRG 8QLW*HQHYD:+2

%UDVLO0LQLVWpULRGD6D~GH3RUWDULDQGHGHMXQKR GH 'LVS}H VREUH D FULDomR GR 3URJUDPD GH +XPDQL]DomRDR3UpQDWDOHQDVFLPHQWRQRkPELWRGR 6LVWHPDÓQLFRGH6D~GH'LiULR2ILFLDOGD8QLmR%UDVtOLD ')-XQ6HomR

/LHEHUPDQ$%(DVLQJODERUSDLQWKHFRPSOHWHJXLGHWRD PRUHFRPIRUWDEOHDQGUHZDUGLQJELUWK%RVWRQ+DUYDUG &RPPRQ3UHVV

=KDQJ-%HUQDVNR-:/H\ERYLFK()DKV0+DWFK0* &RQWLQXRXV ODERU VXSSRUW IURP ODERU DWWHQGDQW IRU SULPLSDURXVZRPHQDPHWDDQDO\VLV2EVWHW*\QHFRO 3W

+RGQHWW (' &DUHJLYHU VXSSRUW IRU ZRPHQ GXULQJ FKLOGELUWK&RFKUDQHUHYLHZ,Q7KH&RFKUDQH/LYUDU\ 2[IRUG8SGDWH6RIWZDUH

3LQWR &06 +RJD /$. ,PSODQWDFLyQ GHO SUR\HFWR GH LQVHUFLyQGHODFRPSDxDQWHHQHOSDUWRH[SHULHQFLDVGHORV SURIHVLRQDOHV&LHQF(QIHUP

5DWWR.01eSRVVtYHOKXPDQL]DUDDVVLVWrQFLDDRSDUWR" $YDOLDomRGHGRLVDQRVGD0DWHUQLGDGH/HLOD'LQL]6D~GH )RFR

)ORUHQWLQR /& $ SDUWLFLSDomR GR DFRPSDQKDQWH QR SURFHVVRGHQDVFLPHQWRQDSHUVSHFWLYDGHKXPDQL]DomR >WHVH@6mR3DXOR(VFRODGH(QIHUPDJHPGD8QLYHUVLGDGH GH6mR3DXOR

5HGH 1DFLRQDO )HPLQLVWD GH 6D~GH 'LUHLWRV 6H[XDLV H 5HSURGXWLYRV'RVVLrGHKXPDQL]DomRGRSDUWR6mR3DXOR 5HGH 1DFLRQDO )HPLQLVWD GH 6D~GH 'LUHLWRV 6H[XDLV H 5HSURGXWLYRV

%UDVLO/HLQ$OWHUDD/HLQGHGHVHWHPEUR GHSDUDJDUDQWLUjVSDUWXULHQWHVRGLUHLWRjSUHVHQoDGH DFRPSDQKDQWHGXUDQWHRWUDEDOKRGHSDUWRSDUWRHSyV SDUWRLPHGLDWRQRkPELWRGR6LVWHPDÓQLFRGH6D~GH 686'LiULR2ILFLDOGD8QLmR%UDVtOLD')$EU 0LQD\R 0&6 2 GHVDILR GR FRQKHFLPHQWR SHVTXLVD

TXDOLWDWLYDHPVD~GHDHG6mR3DXOR+XFLWHF$EUDVFR

5LJRWWR50$VWpFQLFDVGHUHODWRRUDLVHHVWXGRVGDV UHSUHVHQWDo}HVVRFLDLVHPVD~GH&LrQF6D~GH&ROHWLYD

-RQHV5+3DLHSDWHUQLGDGH>WH[WRQD,QWHUQHW@>FLWDGR 'H]@'LVSRQtYHOHPKWWSZZZDPLJDVGRSDUWR FRPEUDFKWPO

+RWLPVN\61$OYDUHQJD$7$GHILQLomRGRDFRPSDQKDQWH QRSDUWRXPDTXHVWmRLGHROyJLFD"5HY(VWXG)HP

.ODXV0+.HQQHOO-+3DLVEHErDIRUPDomRGRDSHJR 3RUWR$OHJUH$UWHV0pGLFDV

(7)

DFRPSDQKDQWHQRSDUWRDWLYLGDGHVGHVHQYROYLGDVHDYDOLDomR GDH[SHULrQFLD5(0(5HY0LQ(QIHUP /HmR 05& %DVWRV 0$5 'RXODV DSRLDQGR PXOKHUHV

GXUDQWHRWUDEDOKRGHSDUWRH[SHULrQFLDGR+RVSLWDO6RILD )HOGPDQ5HY/DWLQRDP(QIHUPDJHP 6DQWRV 20 6LHEHUW (5 7KH KXPDQL]DWLRQ RI ELUWK

H[SHULHQFHDWWKH8QLYHUVLW\RI6DQWD&DWDULQDPDWHUQLW\ KRVSLWDO,QW-*\QDHFRO2EVWHW6XSSO6 +HOPDQ&*&XOWXUDVD~GHHGRHQoDDHG3RUWR$OHJUH

$UWHV0pGLFDV

6FDYRQH/,PSDFWRVGDVWHFQRORJLDVPpGLFDVQDIDPtOLD,Q 6FDYRQH/'DUDYLGDHFXLGDUGDYLGDIHPLQLVPRHFLrQFLDV VRFLDLV6mR3DXOR(GLWRUD81(63S %RXUGLHX 3 2 SRGHU VLPEyOLFR D HG 5LR GH -DQHLUR

%HUWUDQG%UDVLO