Uma biblioteca para a formação de professores: a biblioteca Joaquim Nabuco do Instituto Coração de Jesus, Santo André - SP (1959-1974)

81,9(56,'$'((67$'8$/3$8/,67$³-Ò/,2'(0(648,7$),/+2´

)$&8/'$'('(),/262),$(&,Ç1&,$6±&$0386'(0$5Ë/,$

0$5,$1$*$//8==,'(6È

80$%,%/,27(&$3$5$)250$d­2'(352)(6625(6 $%,%/,27(&$-2$48,01$%8&2'2,167,7872&25$d­2'(-(686

6$172$1'5e±63±

0DUtOLD

0$5,$1$*$//8==,'(6È

80$%,%/,27(&$3$5$)250$d­2'(352)(6625(6 $%,%/,27(&$-2$48,01$%8&2'2,167,7872&25$d­2'(-(686

6$172$1'5e±63±

'LVVVHUWDomR DSUHVHQWDGD j EDQFD H[DPLQDGRUD GR 3URJUDPD GH 3yV *UDGXDomR HP (GXFDomR GD )DFXOGDGH GH )LORVRILD H &LrQFLDV GD 8QLYHUVLGDGH (VWDGXDO3DXOLVWD³-~OLRGH0HVTXLWD)LOKR´ ± 81(63))& FRPR SDUWH GRV UHTXLVLWRV SDUDREWHQomRGRWtWXORGH0HVWUH

ÈUHD GH FRQFHQWUDomR 3ROtWLFDV 3~EOLFDV H $GPLQLQVWUDomRGD(GXFDomR%UDVLOHLUD

/LQKD GH 3HVTXLVD )LORVRILD H +LVWyULD GD (GXFDomRQR%UDVLO

%ROVD&DSHV

2ULHQWDGRUD 3URI 'U $QD &ODUD %RUWROHWR 1HU\

0DUtOLD

0$5,$1$*$//8==,'(6È

80$%,%/,27(&$3$5$)250$d­2'(352)(6625(6 $%,%/,27(&$-2$48,01$%8&2'2,167,7872&25$d­2'(-(686

6$172$1'5e±63±

%DQFDH[DPLQDGRUD

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3URI'U$QD&ODUD%RUWROHWR1HU\

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3URI'U0DULD&ULVWLQD0HQH]HV

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3URI'U6WHOD0LOOHU

0DUtOLD

$JUDGHFLPHQWRV

$JUDGHoR

x ¬SURIHVVRUD$QD&ODUD%RUWROHWR1HU\SHORDSRLRRULHQWDo}HVHSRUWXGRTXHFRP HODDSUHQGL

x ¬&$3(6SHORILQDQFLDPHQWR

x $RV PHPEURV GD EDQFD GH TXDOLILFDomR H GD H[DPLQDGRUD 3URI 'DJREHUWR %XLP $UHQD 3URI 6WHOD 0LOOHU H 3URI 0DULD &ULVWLQD 0HQH]HV SHODV YDOLRVDV FRQVLGHUDo}HVHSHORDSRLRHLQFHQWLYR

x $RVPHPEURVGR*(3$()(SHORFRPSDQKHLULVPRHSHODVWURFDV

x $R 3URI 'U :HOOLQJWRQ GH 2OLYHLUD GLUHWRU GR ,QVWLWXWR &RUDomR GH -HVXV SHOD DWHQomRHFRODERUDomR

x ¬,UPm7HUH]LQKDSHODVYDOLRVDVFRQYHUVDVTXHWDQWRPHDX[LOLDPQHVWDSHVTXLVD

x ¬ ELEOLRWHFiULD GR ,QVWLWXWR &RUDomR GH -HVXV 7kQLD $SDUHFLGD 6LOYD SRU WRGR R DSRLRDWHQomRSDFLrQFLDHFRPSUHHQVmRH

5HVXPR

80$%,%/,27(&$3$5$)250$d­2'(352)(6625(6 $%,%/,27(&$-2$48,01$%8&2'2,167,7872&25$d­2'(-(686

6$172$1'5e±63±

$ SUHVHQWH SHVTXLVD GH PHVWUDGR ILQDQFLDGD SHOD &DSHV WHP FRPR REMHWLYR LGHQWLILFDU TXDLV DV SUiWLFDV FXOWXUDLV TXH VH HVWDEHOHFHUDP QD %LEOLRWHFD (VFRODU ³-RDTXLP1DEXFR´FRQVLGHUDGDHVSDoRGHGLVSRQLELOL]DomRHFLUFXODomRGHVDEHUHV SURILVVLRQDOL]DQWHVQRkPELWRGDIRUPDomRGHSURIHVVRUHVSRUPHLRGDXWLOL]DomRGH OLYURV GH GHVWLQDomR SHGDJyJLFD QD %LEOLRWHFD 3DUD LVVR UHDOL]RXVH DQiOLVH H LGHQWLILFDomR GR DFHUYR GHVWLQDGR D IRUPDomR GH SURIHVVRUHV VHOHFLRQDQGR OLYURV DLQGD SUHVHQWHV QHVVH HVSDoR H REVHUYDQGR SDUWH GHVVH PDWHULDO D ILP GH FRPSUHHQGHURVLGHDLVGHIRUPDomRGHSURIHVVRUHVSRUHOHVYHLFXODGRV$OHLWXUDH DQiOLVH GHVVDV IRQWHV IRL UHDOL]DGD FRQVLGHUDQGR DVSHFWRV GH VXDPDWHULDOLGDGH HQWHQGLGDFRPRHOHPHQWRVTXHSHUPHLDPRWH[WRGHVGHDHVFULWDGRDXWRUSDVVDQGR SHODHGLWRUDomRDWpDVIRUPDVSHODVTXDLVHOHFKHJDDROHLWRUHTXHGmRVHQWLGRDR WH[WR $VVLP FRPR IRUPD GH LGHQWLILFDU GH TXH PDQHLUD R HQVLQR GH VDEHUHV FRQVLGHUDGRVLPSRUWDQWHVSDUDDIRUPDomRGHSURIHVVRUDVVHFRQILJXURXQRHVSDoR HVFRODU IRL UHDOL]DGD OHLWXUD DEUDQJHQWH GDV IRQWHV VHQGR FRQVLGHUDGRV RV HOHPHQWRV SUHVHQWHV QR WH[WR EHP FRPR DTXHOHV H[WHUQRV D HOH WRPDGRV RV DXWRUHV H VXD IRUPDomR D HGLWRUD FROHo}HV D TXH SHUWHQFHP HVWLOR GH HVFULWD FRQWH~GR DXWRUHV FLWDGRV FRUUHQWHV GH SHQVDPHQWR H[SOtFLWDV FRQWH[WR HVSDoR WHPSRUDO HP TXH VH LQVHUHP EHP FRPR WRGR H TXDOTXHU HOHPHQWR TXH SRVVD GHWHUPLQDURXVXJHULULQGtFLRVGDFXOWXUDSHGDJyJLFDYHLFXODGDSRUHVVHVLPSUHVVRV )RL SRVVtYHO REVHUYDU TXH RV OLYURV GLVSRQtYHLV QD ELEOLRWHFD LQVHUHPVH HP XP FRQMXQWR GH LPSUHVVRV TXH EDVHLDPVH QRV SUHFHLWRV GR PRYLPHQWR (VFROD 1RYD YROWDGDSDUDXPDHGXFDomRFULVWmFRPEDVHQDIRUPDomRGRDOXQRHGDIDPtOLD

$EVWUDFW

$/,%5$5<)257($&+(5¶6)250$7,217+(6&+22//,%5$5< -2$48,01$%8&2,1,167,7872&25$d­2'(-(6866$172$1'5e63

±

7KLVPDVWHUVUHVHDUFKIXQGHGE\&DSHVDLPVLGHQWLI\FXOWXUDOSUDFWLFHVWKDWZHUH HVWDEOLVKHG LQ WKH VFKRRO OLEUDU\ ³-RDTXLP 1DEXFR´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

/LVWDGH)LJXUDV

)LJXUD&DSDHIROKDGHURVWRGH³-DUGLPGD,QIkQFLD´±S

)LJXUD&DSDHIROKDGHURVWRGH³2TXHp-DUGLPGD,QIkQFLD´±S )LJXUD)ROKDGHURVWRGH³,QWURGXomRj'LGiWLFD*HUDO´±S

)LJXUD&DSDHIROKDGHURVWRGH³9RFrHD(GXFDomR´±S

)LJXUD&DSDHIROKDGHURVWRGH³1Ro}HVGH3VLFRORJLDGRDGROHVFHQWH´±S )LJXUD&DSDHIROKDGHURVWRGH³1Ro}HVGH)LORVRILDGD(GXFDomR´±S )LJXUD)ROKDGHURVWRGH³1Ro}HVGH+LVWyULDGD(GXFDomR´±S

)LJXUD)ROKDGHURVWRGH³$SUHQGDD(GXFDUVHXILOKR´±S )LJXUD&DSDHIROKDGHURVWRGH³0DQXDOGH3VLFRORJLD´±S )LJXUD3iJLQDVGH³0DQXDOGH3VLFRORJLD´±S

)LJXUD&DSDSiJLQDHIROKDGHURVWRGH³0DQXDOGH)LORVRILD´±S )LJXUD&DSDHIROKDGHURVWRGH³0DQXDOGH6RFLRORJLD´±S )LJXUD)ROKDGHURVWRGH³(GXFDUSHOD5HFUHDomR´±S

)LJXUD&DSDHIROKDGHURVWRGH³7DPEpPRVSDLVYmRjHVFROD´±S )LJXUD&DSDHIROKDGHURVWRGH³2ULHQWDomR(GXFDFLRQDO´±S

680È5,2

,1752'8d­2 S

&$3Ë78/2±%,%/,27(&$75$-(7Ï5,$6($%25'$*(16« S ±%LEOLRWHFDVHVFRODUHVFRPRREMHWRGHHVWXGRQR%UDVLO

XPEUHYHSDQRUDPD S ±%LEOLRWHFD&RQFHLWXDQGR S ±%LEOLRWHFDV(VFRODUHV±DVSHFWRVKLVWyULFRV S

&$3Ë78/2 ,, ± 80$ %,%/,27(&$ &$7Ï/,&$ 3$5$ )250$d­2 '( 352)(6625(6«

S

±%LEOLRWHFDHIRUPDomRGHSURIHVVRUHV S ±2(QVLQR&DWyOLFRQR%UDVLO« S ±0RYLPHQWRHGLWRULDOHFDWROLFLVPR« S

&$3Ë78/2,,,±%,%/,27(&$-2$48,01$%8&2« S

±2VOLYURVGH1D]LUD)HUHV$EL6iEHU« S

±2VOLYURVGH,PtGHR*LXVHSSH1pULFL« S

±2VOLYURVGH7KHREDOGR0LUDQGD6DQWRV S

±2VOLYURVGH0DULD-XQTXHLUD6FKPLGW««««««««««« S

&216,'(5$d®(6),1$,6« S

)217(6(5()(5Ç1&,$6 S

,QWURGXomR

'XUDQWH PLQKD ,QLFLDomR &LHQWtILFD QD 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD HP KLVWyULD GD HGXFDomR SURFXUDQGR FRPSUHHQGHU DVSHFWRV DFHUFD GD IRUPDomR GH SURIHVVRUHVQR%UDVLOQRPHX~OWLPRDQRGHJUDGXDomRDQDOLVHLRPDQXDOGHHQVLQR LQWLWXODGR ³0HWRGRORJLD GD /LQJXDJHP´ GH 2UODQGR /HDO &DUQHLUR TXH IRL XWLOL]DGRQRVFXUVRVGHIRUPDomRGHSURIHVVRUHVHP(VFRODV1RUPDLVH,QVWLWXWRVGH (GXFDomRQR SHUtRGRHP TXHIRL SXEOLFDGR (VVH HVWXGR PH OHYRX D YROWDU PLQKD DWHQomRVREUHRVSHUFXUVRVFDPLQKRVSHORVTXDLVXPWH[WRSHUFRUUHDRVHUHVFULWR WDQWR HGLWRULDLV FRPR FRPHUFLDLV DWp FKHJDU DR OHLWRU EHP FRPR DV IRUPDV GH OHLWXUDVSUHYLVWDVSDUDRVOHLWRUHVSUHVFULWRV&+$57,(5

$R UHIOHWLU VREUH HVVDV TXHVW}HV SHUFHEL TXH KDYLD LQ~PHUDV SRVVLELOLGDGHV GH GDU FRQWLQXLGDGH DRV PHXV HVWXGRV DFDGrPLFRV SRLV Ki PXLWR R TXH VH SHVTXLVDU QR kPELWRGRV OLYURV GH GHVWLQDomR SHGDJyJLFD HGHPDLV LPSUHVVRV QD IRUPDomRGRFHQWH'HVVDPDQHLUDRSWHLSRUGLUHFLRQDUPHXVHVWXGRVHPQtYHOGH PHVWUDGR SDUD D DQiOLVH GH XPD ELEOLRWHFD GHVWLQDGD DR XVR GH SURIHVVRUHV HP IRUPDomR QR PHVPR SHUtRGR GR PDQXDO DQDOLVDGR DQWHULRUPHQWH (VVD RSomR VH GHX HP SDUWH SHOR IDWR GH TXH D ELEOLRWHFD SRGH VHU FRQVLGHUDGD XP LPSRUWDQWH FHQWURGHIRUPDomRHSURSDJDomRGHFXOWXUDHHPSDUWHGHYLGRj LPSRUWkQFLDGDV ELEOLRWHFDVQDIRUPDomRGRFHQWHQRSHUtRGRGHVWDFDGR

3RU VHU QDWXUDO GR PXQLFtSLR GH 6DQWR $QGUp QXWUL HVSHFLDO LQWHUHVVH HP HVWXGDU XP ,QVWLWXWR ORFDOL]DGR HP PLQKD FLGDGH QDWDO H DSyV GLYHUVDV YLVLWDV DR 0XVHX GH 6DQWR $QGUp H D DOJXPDV HVFRODV WUDGLFLRQDLV GD UHJLmR HVFROKL D ELEOLRWHFD GR ,QVWLWXWR &RUDomR GH -HVXV FRPR REMHWR GR WUDEDOKR TXH DTXL DSUHVHQWR (VVD HVFROKD VH GHXGHYLGR j LPSRUWkQFLD TXHHVVDELEOLRWHFD WHYHDR ORQJR GRV DQRV QD IRUPDomR GH PXLWDV SURIHVVRUDV GR PXQLFtSLR H SRU WHU VLGR VLWXDGDHPXPDHVFRODTXHRIHUHFHXRFXUVR1RUPDOGXUDQWHDQRV

VHX QRPH HUD HP KRPHQDJHP DR SULPHLUR YLJiULR GR PXQLFtSLR GH 6DQWR $QGUp7UDWDYDVHGHXPDHVFRODGHHGXFDomRSULPiULDHTXHRIHUHFLDWDPEpP³>@ XPFXUVRVHFXQGiULRSDUDRVILOKRVGDVIDPtOLDVPDLVDEDVWDGDV>@´0(16$*(,52 3$52&+,$/GLULJLGDSHODVIUHLUDVVDOHVLDQDV2FXUVRQRUPDOSDVVRXDVHU PLQLVWUDGR QD LQVWLWXLomR QR DQR GH H SHUPDQHFHX HP IXQFLRQDPHQWR DWp R DQRGH

2,QVWLWXWR&RUDomRGH-HVXVpDWXDOPHQWHXPDGDVHVFRODVSDUWLFXODUHVPDLV WUDGLFLRQDLVGDFLGDGHGH6DQWR$QGUp±63HRIHUHFHDOpPGD(GXFDomR,QIDQWLO HQVLQRV )XQGDPHQWDO H 0pGLR UHJXODUHV IRUPDomR SURILVVLRQDO HP QtYHLV 0pGLR H 6XSHULRUWHQGRIRUPDGRPXLWDVSURIHVVRUDVQDFLGDGHDRORQJRGHDQRV2FXUVR VXSHULRULQLFLRXVXDVDWLYLGDGHVQRDQRGHDQRHPTXHDLQVWLWXLomRSDVVRXSRU GLYHUVDV PXGDQoDV HVWUXWXUDLV FULDQGRVH DV ³)DFXOGDGHV ,QWHJUDGDV &RUDomR GH -HVXV´)$,1&

'HDFRUGRFRPLQIRUPDo}HVREWLGDVQRVLWHGD)$,1&D%LEOLRWHFDGR*LQiVLR 3DGUH/XtV&DSUDSULPHLURQRPHGR,QVWLWXWRREMHWRGHHVWXGRGRSUHVHQWHWH[WR IRLIXQGDGDHPFRPXPDFHUYRLQLFLDOGHYROXPHV1RDQRGHSDVVRX D DGRWDU R QRPH GH ³%LEOLRWHFD -RDTXLP 1DEXFR´ VRE UHVSRQVDELOLGDGH GD DOXQD $QHWH 6RPHUD 'H D DV DOXQDV 'DUFL %RPEDQD H 1HXVD 7RUQHOOL FRODERUDUDPSDUDRGHVHQYROYLPHQWRGD%LEOLRWHFDTXHSDVVRXDVHUDGPLQLVWUDGD SHOD,UPm1LOGH7LVVRWHPSHUPDQHFHQGRDWpRDQRGH(PGHDJRVWR GH SDVVD D FKDPDU VH ³%LEOLRWHFD &HFtOLD 0HLUHOHV´ FRP D SHUVSHFWLYD GD DEHUWXUD GDV )DFXOGDGHV FRQIRUPH UHJLVWUR QR ,QVWLWXWR 1DFLRQDO GR /LYUR VRE Qƒ DLQGDQDFDWHJRULDGH%LEOLRWHFD(VFRODU(PYLVLWDDR,QVWLWXWRIXLLQIRUPDGD SHOD ELEOLRWHFiULD TXH SDUWH GR DFHUYR GD ELEOLRWHFD FRQVLGHUDGR KLVWyULFR IRL UHWLUDGD GDV SUDWHOHLUDV H JXDUGDGD HP VDOD VHSDUDGD D ILP GH VH RUJDQL]DU IXWXUDPHQWHXPDELEOLRWHFDKLVWyULFD

$SyV REVHUYDU RV GDGRV VXSUDFLWDGRV GHFLGL GHOLPLWDU HVWH WUDEDOKR DR SHUtRGRFRPSUHHQGLGRHQWUHRVDQRVGH±DQRHPTXHRFXUVR1RUPDOSDVVDD VHURIHUHFLGRSHODLQVWLWXLomRH±~OWLPRDQRGDELEOLRWHFD³-RDTXLP1DEXFR´ DSyV R TXDO R PXGDVH R QRPH SDUD &HFtOLD 0HLUHOHV H WRUQDVH XPD ELEOLRWHFD XQLYHUVLWiULDFRPJUDQGHVDOWHUDo}HVHPUHODomRjSULPHLUD

REUDV GHVWLQDGDV j IRUPDomR GH SURIHVVRUHV FRQWLGDV QD ELEOLRWHFD ³-RDTXLP 1DEXFR´FRQFHELDPHRUJDQL]DYDPRFRQWH~GRQHFHVViULRDRSURFHVVRGHIRUPDomR GHVVHVSURILVVLRQDLV

$OpP GHVVH IRUDP WUDoDGRV REMHWLYRV HVSHFtILFRV D VDEHU ORFDOL]DU LGHQWLILFDU VHOHFLRQDU H GLJLWDOL]DU DV REUDV GH GHVWLQDomR SHGDJyJLFD GR DFHUYR ³-RDTXLP1DEXFR´DLQGDSUHVHQWHVQRDFHUYR³&HFtOLD0HLUHOHV´VHOHFLRQDUDOJXQV OLYURVFRQVLGHUDGRVUHSUHVHQWDWLYRVGRDFHUYRSDUDDQiOLVHGHVWDFDURVDVSHFWRV IRUPDLVGDREUDFDUDFWHUtVWLFRVGHVXDPDWHULDOLGDGHFRQWH[WXDOL]DUDSURGXomRGD pSRFDGHVWLQDGDjIRUPDomRGHSURIHVVRUHVQRXQLYHUVRGRDFHUYRSHVTXLVDGRSHOD EXVFD GH LQIRUPDo}HV VREUH YLGD H REUD GRV DXWRUHV UHIHUHQFLDGRV QD DPRVWUD HYLGHQFLDURPRGRFRPRRVDXWRUHVGDDPRVWUDVHOHFLRQDGDFRQFHELDPRSURFHVVR GH IRUPDomR GH SURIHVVRUHV SRU PHLR GD H[SOLFLWDomR GR FRQWH~GR WUDEDOKDGR SRU HOHVHPVXDVREUDVHGDIRUPDFRPRWDOFRQWH~GRVHDSUHVHQWDRUJDQL]DGRQHODV

3DUD DOFDQoDU HVVHV REMHWLYRV IRL QHFHVViULD XPD EXVFD GH HVWXGRV Mi UHDOL]DGRVVREUHRWHPDEHPFRPRROHYDQWDPHQWRGHGDGRVQDELEOLRWHFDHPIRFR HOHQFDQGRRVOLYURVTXHIL]HUDPSDUWHGRDFHUYRQRSHUtRGRSURSRVWRHGRFXPHQWRV GDHVREUHDELEOLRWHFD'XUDQWHHVWHOHYDQWDPHQWRIRLUHDOL]DGDDGLJLWDOL]DomRGRV OLYURVHGRFXPHQWRVSDUDDPRQWDJHPGHXPEDQFRGHGDGRVGDSHVTXLVDJUDYDGR HPPtGLDGLJLWDO2VGDGRVTXHIRUDPSULYLOHJLDGRVVmRFDSDVGDGRVFDWDORJUiILFRV SHUWHQFLPHQWR j FROHomR tQGLFHV H VXPiULRV DQRWDo}HV PDQXVFULWDV FDULPERV ILFKDVGHUHWLUDGDHIRUPDVGHDTXLVLomR

$OpP GRV OLYURV GLJLWDOL]DGRV TXH IRUDP GH IXQGDPHQWDO LPSRUWkQFLD SDUD D FDUDFWHUL]DomR GR DFHUYR R OLYUR WRPER GD ELEOLRWHFD ³-RDTXLP 1DEXFR´ VH FRQILJXURXFRPRSRQWRGHSDUWLGDSDUDDFRQVWLWXLomRGHXPTXDGURFRPRVGDGRV GD SDUWH VHOHFLRQDGD GR DFHUYR$OpP GHOH IRUDP ORFDOL]DGRV RXWURV GRFXPHQWRV TXH FRODERUDP FRP D UHDOL]DomR SDUD D FRPSUHHQVmR GD FRQVWLWXLomR H IXQFLRQDPHQWRGDELEOLRWHFD

$ILPGHRUJDQL]DUDSHVTXLVDFRQVLGHURLPSRUWDQWHGHILQLUDOJXQVFRQFHLWRV SDUD WUDoDU D PHWRGRORJLD TXH VHUi XWLOL]DGD GXUDQWH R WUDEDOKR (QWHQGR FXOWXUD FRQIRUPHGXDVGHILQLo}HVGLVWLQWDVDSUHVHQWDGDVSRU&KDUWLHUVHQGR

$TXHODTXHGHVLJQDDVREUDVHRVJHVWRVTXHQXPDGDGDVRFLHGDGH MXVWLILFDP XPD DSUHHQVmR HVWpWLFD H LQWHOHFWXDO H DTXHOD TXH WUDWD GDV SUiWLFDV FRPXQV VHP TXDOLGDGHV TXH H[SULPHP D PDQHLUD DWUDYpVGDTXDOXPDFRPXQLGDGHQmRLPSRUWDHPTXHHVFDODYLYH H SHQVD D VXD UHODomR FRP R PXQGR FRP RV RXWURV H FRP HOD PHVPDS

(QWHQGRDELEOLRWHFDHVFRODUGHHVFRODGHIRUPDomRGHSURIHVVRUHVFRPRXP FRQMXQWR GH LPSUHVVRV GHVWLQDGRV DR XVR HVFRODU TXH ³RUJDQL]DP H FRQVWLWXHP D FXOWXUDSHGDJyJLFDUHSUHVHQWDGDFRPRQHFHVViULDDRGHVHPSHQKRHVFRODUGHVHX GHVWLQDWiULR R SURIHVVRU´ &$59$/+2 S VHQGR DVVLP XP HVSDoR HP TXH VH FRQVWLWXL XPD FXOWXUD SHGDJyJLFD HVSHFLDOPHQWH QR FDVR GDV HVFRODV HP TXH RIHUHFHP FXUVRV GH IRUPDomR GH SURIHVVRUHV VHQGR FRQVWLWXtGD SRU OLYURV SHULyGLFRVHRXWURVPDWHULDLVGHOHLWXUDTXHVHGHVWLQDPjIRUPDomRGRFHQWHHVmR XWLOL]DGRV SHORV VHXV XVXiULRV GH GLYHUVDV IRUPDV D ILP GH PHVPR TXH QmR LQWHQFLRQDOPHQWHDGTXLULUHSURGX]LUFXOWXUD

2V LPSUHVVRV TXH FRQVWLWXHP R DFHUYR GD ELEOLRWHFD VmR FRQVLGHUDGRV PDWHULDLV HGXFDWLYRV TXH FRQIRUPH SURS}HP &DWWHHXZ 'HSDHSH H 6LPRQ VmR DUWHIDWRV FXOWXUDLV TXH VH GHVWLQDP D XP S~EOLFR EHP GHILQLGR 8PD GH VXDV FDUDFWHUtVWLFDV p D SUHVHQoD GH FODUD IXQomR FRJQLWLYD H VmR H[SUHVVDPHQWH GHVWLQDGRVDILQVSHGDJyJLFRVWRPDGRVFRPRWUDQVPLVVRUHVGHHOHPHQWRVFXOWXUDLV $ H[SRVLomR GHVVHV PDWHULDLV QDV SUDWHOHLUDV GH XPD ELEOLRWHFD HVFRODU RV WRUQD UHFRQKHFtYHLVFRPRWDOMXQWRDRS~EOLFR

WDPEpP D IRUPD TXH R HQVLQR DVVXPLX QD SUiWLFD HVFRODU &DWWHHXZ'HSDHSHH6LPRQS

$VVLP FRPR IRUPD GH LGHQWLILFDU GH TXH PDQHLUD R HQVLQR GH VDEHUHV FRQVLGHUDGRVLPSRUWDQWHVSDUDDIRUPDomRGHSURIHVVRUDVVHFRQILJXURXQRHVSDoR HVFRODU IRL UHDOL]DGD OHLWXUD DEUDQJHQWH GDV IRQWHV VHQGR FRQVLGHUDGRV RV HOHPHQWRV SUHVHQWHV QR WH[WR EHP FRPR DTXHOHV H[WHUQRV D HOH WRPDGRV RV DXWRUHV H VXD IRUPDomR D HGLWRUD FROHo}HV D TXH SHUWHQFHP HVWLOR GH HVFULWD FRQWH~GRDXWRUHVFLWDGRVFRUUHQWHVGHSHQVDPHQWRH[SOtFLWDVFRQWH[WRKLVWyULFRHP TXH VH LQVHUHP EHP FRPR WRGR H TXDOTXHU HOHPHQWR TXH SRVVD GHWHUPLQDU RX VXJHULULQGtFLRVGDFXOWXUDSHGDJyJLFDYHLFXODGDSRUWDOLPSUHVVR

(P UHODomR DR HVSDoR ItVLFR FRQVLGHUDQGR TXH D FRQVWLWXLomR ItVLFD GR HVSDoR TXH RFXSD XP GHWHUPLQDGR DPELHQWH HP XPD LQVWLWXLomR HVFRODU HVWi GLUHWDPHQWH UHODFLRQDGD FRP D LPSRUWkQFLD TXH D GLUHomR RX RXWUD LQVWkQFLD GH SRGHUUHODFLRQDDHVVHDPELHQWHVHJXLQGRDFRQFHSomRGHHVSDoRDSUHVHQWDGRSRU 9LxDR IRUDP DQDOLVDGDV QmR Vy DV GLVFXVV}HV WHyULFDV VREUH R HVSDoR GHVWLQDGRjELEOLRWHFDHVFRODUPDVWDPEpPDXWLOL]DomRGHVVHHVSDoRSRUPHLRGRV SURFHVVRVGHVXDDSURSULDomRHDGDSWDomRDILPGHFRPSUHHQGHUTXDLVRVLGHDLV SURSRVWRV DR XVR GHVVH DPELHQWH EHP FRPR GH TXH IRUPD LVVR IRL DFHLWR SHOD FRPXQLGDGH HVFRODU H FRPR SURIHVVRUDV H DOXQDV VH DSURSULDYDP GR DFHVVR jV ELEOLRWHFDVFRQILJXUDGDV³FRPROXJDUHFRPRWHUULWyULR´9,1$2

(VWDSHVTXLVDVHLQLFLRXDSDUWLUGDEXVFDGHLQIRUPDo}HVVREUHDIRUPDomR GHSURIHVVRUHVQRPXQLFtSLRGH6DQGR$QGUp63DILPGHFRPSUHHQGHURQGHFRPR H D SDUWLU GH TXDQGR VH IRUPDYDP SURIHVVRUHV QHVWD FLGDGH 3DUD LVVR UHDOL]HL DOJXPDVYLVLWDVDR³0XVHXGH6DQWR$QGUp´ORFDOL]DGRQRSUpGLRGRSULPHLURJUXSR HVFRODU GD FLGDGH 2 PXVHX FRQWD D KLVWyULD GHVVH PXQLFtSLR H[SRQGR GLYHUVRV REMHWRVHGRFXPHQWRVKLVWyULFRVTXHHVWDEHOHoDPUHODomRFRPRPHVPRLQFOXVLYH QDiUHDGHHGXFDomR

RIHUHFLGRSHOR³,QVWLWXWR&RUDomRGH-HVXV´HQWUHRVDQRVGHH2EVHUYHL TXH D DWXDO ELEOLRWHFD HVFRODU GHVVH LQVWLWXWR GHWpP R PDLRU DFHUYR SDUWLFXODU GR PXQLFtSLRHDLQGDSUHVHUYDPXLWRVOLYURVXWLOL]DGRVGHVGHRLQtFLRGRFXUVR1RUPDOH TXHSRGHULDPVHUYLUGHEDVHSDUDLQYHVWLJDUDIRUPDomRGHSURIHVVRUHVQRPXQLFtSLR HPTXHVWmR

$R YLVLWDU D ELEOLRWHFD GR ,QVWLWXWR IXL UHFHELGD FRP PXLWD DWHQomR SHOD ELEOLRWHFiULD EHP FRPR SHOD GLUHomR GR FROpJLR TXH QmR PHGLUDP HVIRUoRV HP FRODERUDUFRPHVWDSHVTXLVDTXHHVWDYDFRPHoDQGRDVHGHVHQKDU2EVHUYHLTXH PXLWRV GRFXPHQWRV GR SHUtRGR TXH GHOLPLWHL QmR H[LVWHP PDLV SRU WHUHP VLGR GHVWUXtGRVHQWUHWDQWRPXLWRVOLYURVGHGHVWLQDomRSHGDJyJLFDDLQGDVHFRQVHUYDP QDHVFRODHHVWmRVHQGRSUHVHUYDGRVDOJXQVDLQGDQDVSUDWHOHLUDVGDELEOLRWHFDH RXWURV HP XPD VDOD HVSHFtILFD MXQWDPHQWH FRP RXWURV OLYURV DQWLJRV GH GLYHUVDV iUHDV SRU VHUHP FRQVLGHUDGRV FRPR UHSUHVHQWDWLYRV GD KLVWyULD GD ,QVWLWXLomR PXLWRVGHOHVREUDVUDUDV

$SyVHVVHFRQWDWRLQLFLDOFRPD,QVWLWXLomRGH(QVLQRGHOLQHHLPHXSURMHWRH DSUHVHQWHL DR 3URJUDPD GH 3yVJUDGXDomR GD 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD FDPSXV GH 0DUtOLD WHQGR VLGR DSURYDGD &RPHFHL HQWmR D LQYHVWLJDU XP SRXFR VREUHDKLVWyULDGR,QVWLWXWRHGRFXUVRQRUPDOOiRIHUHFLGR/RFDOL]HLDOJXPDV$WDV GH UHXQL}HV HP SURO GD FRQVWUXomR GHVVH FROpJLR GDV TXDLV GHVWDFR R VHJXLQWH WUHFKR

$RV GR PrV GH MXOKR GH QD UHVLGrQFLD GR 5HYPR 3 $XJXVWR5L]]L9LJiULRGD3DUyTXLDGH6$QGUpKRXYHXPDUHXQLmR DILPGHVHWUDWDUGDIXQGDomRGH8P$VLOR,QIDQWLO

7RPDQGR D 3DODYUD R 5HY 3 5L]]L GHPRQVWURX FRP HORTXHQWH GLVFXUVRTXDQWRVHLPSXQKDHVVDREUD

3DUD SRLV FRQWLQXDU QmR VRPHQWH DV LGpLDV GH VHX DQWHFHVVRU 3 /XL] &DSUD PDV SHUSHWXDUOKH D PHPRULD GDUVHLD DR QRYR HVWDEHOHFLPHQWRRQRPHGDTXHOHVDFHUGRWH

$LQGD TXH QDGD VH SRVVXtVVH H[RUWRX RV SUHVHQWHV D QmR HVPRHFHUHPQDDUGXDWDUHIDTXHOKHVSURSXQKDHDSHODQGRSDUDRV VHQWLPHQWRV GH KXPDQLGDGH H 5HOLJLmR FRQILDQWH QD 'LYLQD 3URYLGrQFLD PDQLIHVWRX D VXD SOHQD HVSHUDQoD TXH WRGRV VH KDYHULDP GH GH HVIRUoDU SDUD TXH WDO LGpLD VH WRUQDVVH XP IDWR GDQGRFDGDXPVHXDX[tOLRFRQIRUPHDSUySULDSRVVLELOLGDGH

GHVVHSURYHLWRDHVVDLQLFLDWLYD

8PDYH]DGTXLULGRRWHUUHQRHVWXGDUVHLDRPHOKRUPRGRSRVVtYHO DFRQVWUXomRGHXPSUpGLR>«@VHQGRHQWUHJXHRIXQFLRQDPHQWRGD REUD D XPD &RQJUHJDomR GH 5HOLJLRVDV$WDGD UHXQLmRHP SURO GDFRQVWUXomRGHXP$VLOR,QIDQWLOHP6DQWR$QGUp

'H DFRUGR FRP HVVD $WD R ,QVWLWXWR FRPHoRX D VHU LGHDOL]DGR QR DQR GH SHORV YLJiULRV GR PXQLFtSLR SDUD DWHQGHU DRV ILOKRV GH WUDEDOKDGRUHV LPLJUDQWHV LWDOLDQRV TXH QmR WLQKDP RQGH ILFDU HQTXDQWR RV SDLV WUDEDOKDYDP QDV IiEULFDV6HJXQGRR9LJiULR$XJXVWR5L]]LVHJXQGRYLJiULRGRPXQLFtSLRGH6DQWR $QGUp D FRPXQLGDGH SUHFLVDYD GH XP DEULJR GLXUQR SDUD GHL[DUHP VHXV ILOKRV GXUDQWHRWUDEDOKR2WHUPR³$VLOR´IRLXWLOL]DGRGHYLGRDRIDWRGHTXHRVLPLJUDQWHV LWDOLDQRV XWLOL]DYDP HVVH WHUPR SDUD GHQRPLQDU R TXH FKDPDPRV GH ³HVFROD´ 2 SULPHLURWHUUHQRSDUDDFRQVWUXomRGDHVFRODIRLFRPSUDGRQRPHVPRGLDGDUHXQLmR ORJRDSyVDIRUPDomRGHXPDFRPLVVmRHQWUHRVSUHVHQWHV

1HVVHV GRFXPHQWRV GHVFREUL WDPEpP TXH QR DQR GH D SODQWD GR SULPHLURSUpGLRHVWDYDSURQWDSURMHWDGDSHORDUTXLWHWR$FKLOOHV3DOOLQLHPRGLILFDGD SHOR 3H 5L]]L 1mR IRL SRVVtYHO ORFDOL]DU TXDLV IRUDP DV PRGLILFDo}HV GD SODQWD LQLFLDOPDVRIDWRGHWHUVLGRPRGLILFDGDSHORYLJiULRGHPRQVWUDRLQWHUHVVHGHOHQR FRQWUROHGHVVHDVSHFWRGRSURMHWR$VREUDVLQLFLDUDPQRPHVPRDQRHDSULPHLUD SDUWHFRQVWUXtGDIRLDUHVLGrQFLDGDVLUPmVTXHWRPDULDPFRQWDGDHVFRODDV)UHLUDV GD&RQJUHJDomR6DOHVLDQDFRQFOXtGDHP1RDQRVHJXLQWHLQLFLDUDPDVREUDV GRSUpGLRSULQFLSDOGHGRLVDQGDUHVHDUTXLWHWXUDUHEXVFDGD

$ HVFROD LQLFLRX VHXIXQFLRQDPHQWRQRDQR GH FRP VXDVREUDVDLQGD QmRILQDOL]DGDV$VLUPmVFKHJDPjFLGDGHHPGHMXOKRGHDQRVDSyVD SULPHLUD UHXQLmR H IRUDP UHFHELGDV FRP JUDQGH IHVWD 1HVVH GLD p GDGR R LQtFLR RILFLDO GDV DWLYLGDGHV HVFRODUHV 2 SULPHLUR SUpGLR IRL FRQVWUXtGR FRP XPD DUTXLWHWXUD LPSRQHQWH H FRQVWLWXtD XP VtPEROR HGXFDFLRQDO SDUD D SRSXODomR GD FLGDGH$WpHQWmRDLQGDQmRKDYLDFXUVRVGHIRUPDomRGHSURIHVVRUHVQRPXQLFtSLR HWRGDVDVDXODVHUDPPLQLVWUDGDVSRUIUHLUDVGDRUGHP6DOHVLDQD

LQFOXVLYH SHOD WHQGrQFLD DUTXLWHW{QLFD GD pSRFD H FRPSRUWD XP PDLRU Q~PHUR GH VDODV1HVVHHGLItFLRWDPEpPQmRKDYLDVLGRSODQHMDGDXPDELEOLRWHFDHVFRODU

1D GpFDGD GH FRP D FULDomR GR *LQiVLR TXH Mi HVWDYD HP IXQFLRQDPHQWRGHVGHR DQRGHIRL FRQVWUXtGR R WHUFHLUR SUpGLR 2V HGLItFLRV IRUDPVHQGRFRQVWUXtGRVDRUHGRUGRSiWLRIRUPDQGRXPDHVSpFLHGHSDQySWLFR2 WHUFHLUR HGLItFLR Mi IRL SURMHWDGR SDUD FRPSUHHQGHU XPD ELEOLRWHFD VHQGR HQWmR IXQGDGD QR DQR GH D ELEOLRWHFD HVFRODU TXH SDVVRX D VHU FKDPDGD GH ³-RDTXLP1DEXFR´

(VVHWHUFHLURSUpGLRFRPWUrVDQGDUHVWHPDELEOLRWHFDORFDOL]DGDQRWpUUHR HP XPD VDOD DPSOD FRP MDQHODV YROWDGDV SDUD R LQWHULRU GD HVFROD$ ORFDOL]DomR GHVVH HVSDoR QR WpUUHR GR HGLItFLR GHPRQVWUD TXH D LQWHQomR HP UHODomR D HVVH DPELHQWH HUD WRUQiOR DFHVVtYHO DRV DOXQRV H HP ORFDO YLVtYHO HP IUHQWH DR SiWLR RQGH SUDWLFDYDP HVSRUWHV WRUQDQGR R DPELHQWH FRQYLGDWLYR &RPR D ELEOLRWHFD VHPSUHIRLDEHUWDjFRPXQLGDGHVXDORFDOL]DomRWpUUHDWDPEpPIDYRUHFHRDFHVVR GHSHVVRDVGHIRUDGHPRGRTXHQmRVHMDQHFHVViULRSDVVDUSHODUHJLmRGDVVDODV GH DXOD SDUD FKHJDUVH D HOD (P WRGDV DV YLVLWDV DR ,QVWLWXWR &RUDomR GH -HVXV REWLYH LQIRUPDo}HV UHOHYDQWHV VREUH VXD KLVWyULD IRUPDomR H IXQFLRQDPHQWR $ VtQWHVHGHVVHVGDGRVpDSUHVHQWDGDDRORQJRGRVFDStWXORVVHJXLQWHV

&$3Ë78/2,±%,%/,27(&$75$-(7Ï5,$6($%25'$*(16

%LEOLRWHFDV HVFRODUHV FRPR REMHWR GH HVWXGR QR %UDVLO XP EUHYH SDQRUDPD

5HDOL]DU XP SDQRUDPD DEUDQJHQGR DV SHVTXLVDV HP +LVWyULD GD (GXFDomR TXHWHQKDPFRPRREMHWRGHHVWXGRELEOLRWHFDVHVFRODUHVQmRpWDUHIDIiFLOXPDYH] TXHQmRVmRPXLWRVRVWUDEDOKRVDFDGrPLFRVTXHROKDPDHVFRODHPHVSHFLDOQD IRUPDomRGHSURIHVVRUHVVREHVVHkQJXOR$SHVDUGHFRPSOLFDGRHVVHSDQRUDPD VHID]QHFHVViULRXPDYH]TXHDELEOLRWHFDHVFRODUHQWHQGLGDFRPRXPFRQMXQWRGH LPSUHVVRVHPHVSHFLDOGHOLYURVTXHGHVWLQDGRVDRXVRGHSURIHVVRUHVHjOHLWXUD HVFRODU p XP HVSDoR TXH GHWHYH HVSHFLDO LPSRUWkQFLD QD IRUPDomR GRFHQWH HP HVSHFLDO QR SHUtRGR DTXL GHOLPLWDGR ± HP TXH R PRYLPHQWR ³(VFROD 1RYD´ HUD EDVWDQWH GLIXQGLGR H D IRUPDomR GH SURIHVVRUHV QD PDLRULD GDV LQVWLWXLo}HVVHEDVHDYDHPVHXVSUHFHLWRV

(VWH SDQRUDPD DTXL SURSRVWR YLVD PDSHDU EUHYHPHQWH R FDPSR GH SHVTXLVDVDFDGrPLFDVUHDOL]DGDVHP+LVWyULDGD(GXFDomRTXHWrPFRPRREMHWRGH HVWXGRELEOLRWHFDVHVFRODUHV3DUDWDQWRIRUDPUHDOL]DGDVEXVFDVHPDOJXQVEDQFRV GHGDGRVFRQVLGHUDGRVLPSRUWDQWHVQRkPELWRDFDGrPLFRHVHOHFLRQDGRVWUDEDOKRV TXHDERUGDPHVVDWHPiWLFDGHPDQHLUDGLUHWDRXLQGLUHWDDILPGHGHVWDFDUDOJXPDV SHVTXLVDVTXHWHQKDPPDLRUUHODomRFRPRWHPDDTXLSURSRVWRSDUDDQiOLVHPDLV DSURIXQGDGD $ XWLOL]DomR GD ELEOLRWHFD FRPR REMHWR GH SHVTXLVD p XP HOHPHQWR DLQGDQRYRQRkPELWRGDVSHVTXLVDVDFDGrPLFDVVHQGRSRVVtYHOFLWDUQRFDPSRGD KLVWyULD GD HGXFDomR RV QRPHV GH 0DUWD &DUYDOKR 'LDQD 9LGDO 0DULD &ULVWLQD 0HQH]HVH$QD&ODUD%RUWROHWR1HU\

GH 6mR 3DXOR OLYURV GH IRUPDomR SURILVVLRQDO H FLUFXODomR GH PRGHORV FXOWXUDLV´ ³(VWUDWpJLD HGLWRULDO H FRQILJXUDomR GH PRGHORV SHGDJyJLFRV DQiOLVH PDWHULDO GH ELEOLRWHFDV SDUD SURIHVVRUHV´ ³/LYURV PRGHORV SHGDJyJLFRVHPDUFDVGHOHLWXUDQDELEOLRWHFDSDUWLFXODUGHXP'LUHWRUGD,QVWUXomR 3~EOLFDSDXOLVWD´³8PD%LEOLRWHFDSDUDIRUPDUSURIHVVRUHVQD(VFROD1RUPDO 6mR 3DXOR ´ ³$ &ROHomR FRPR HVWUDWpJLD HGLWRULDO GH GLIXVmR GH PRGHORVSHGDJyJLFRVRFDVRGD%LEOLRWHFDGH(GXFDomRRUJDQL]DGDSRU/RXUHQoR )LOKR´³/RXUHQoR)LOKRHD%LEOLRWHFDGH(GXFDomRXPDHVWUDWpJLDHGLWRULDO GHLQWURGXomRGD(VFROD1RYDQR%UDVLO´³(VWUDWpJLDHGLWRULDOHFRQILJXUDomR GHPRGHORVSHGDJyJLFRVDQiOLVHPDWHULDOGHELEOLRWHFDVSDUDSURIHVVRUHV´ ³%LEOLRWHFDV SDUD SURIHVVRUHV H PRGHOL]DomR GDV SUiWLFDV GH OHLWXUD XPD DQiOLVH PDWHULDO GDV FROHo}HV$WXDOLGDGH 3HGDJyJLFDV H %LEOLRWHFD GD (GXFDomR´ ³/RXUHQoR)LOKRHD%LEOLRWHFDGH(GXFDomRXPDHVWUDWpJLDHGLWRULDOGHLQWURGXomR GD(VFROD1RYDQR%UDVLO´HQWUHRXWURV

0XLWRVGHVVHVWtWXORVDERUGDPRWHPDELEOLRWHFDVREXPDRXWUDyWLFDTXHQmR DDTXLSURSRVWDFRPRQRFDVRGDVFROHo}HVGHOLYURVGHQRPLQDGDVELEOLRWHFDVTXH VHFRQILJXUDPFRPRRXWURLPSRUWDQWHHOHPHQWRGHHVWXGRHTXHDSHVDUGDPHVPD GHQRPLQDomR GLIHUHQFLDVH GR FRUSXV DTXL HVWXGDGR $LQGD DVVLP VmR WtWXORV LPSRUWDQWHV SRLV FDGD XPD GHVVDV SXEOLFDo}HV GH &DUYDOKR FRPSUHHQGHP UHOHYDQWHV HOHPHQWRV KLVWyULFRV H WHyULFRV TXH SHUPLWHP DSURIXQGDU RV HVWXGRV FRUUHODWRV 2XWURV GRV WtWXORV GH SXEOLFDo}HV GH &DUYDOKR VXSUD FLWDGRV XWLOL]DP FRPR REMHWR GH HVWXGR ELEOLRWHFDV HVFRODUHV H HVVHV VH DVVHPHOKDPPDLVFRPRTXHDTXLpSURSRVWRHDSRLDPDFRQVWUXomRGRSDQRUDPD DTXLH[SRVWR

2XWUR SRQWR UHOHYDQWH WUDWDGR SHOD DXWRUD WDPEpP DVVRFLDGR DR IXQFLRQDPHQWR GD ELEOLRWHFD p R LQFHQWLYR TXH D DGPLQLVWUDomR DQLVLDQD SURPRYLD DRV SURIHVVRUHV TXH DSUHVHQWDVVHP SURGXomR OLWHUiULD 2V SURIHVVRUHV TXH HVFUHYHVVHPOLYURVHUDPQmRVySUHPLDGRVFRPYDQWDJHQVVDODULDLVFRPRWDPEpP VXDVREUDVHUDPDGTXLULGDVSHODELEOLRWHFD$SURGXomROLWHUiULDDOpPGHLQFHQWLYDGD HUDFRQVLGHUDGDFRPRQHFHVViULDSDUDRDSHUIHLoRDPHQWRGDDWLYLGDGHGRFHQWHSRU GDU rQIDVH j SHVTXLVD H WDPEpP SRU JHUDU R PDWHULDO TXH VHUYLULD GH DSRLR DR SURIHVVRU HP VXDV DWLYLGDGHV GRFHQWHV$ ELEOLRWHFD VHUYLX QmR Vy FRPR OXJDU GH GLVSRVLomRELEOLRJUDILDHVSHFtILFDVREUHRPDJLVWpULRVHQGRFRPSRVWDLQFOXVLYHSRU SXEOLFDo}HV GH SURIHVVRUHV GD SUySULD HVFROD FRPR WDPEpP VHUYLX GH IRQWH GH SHVTXLVDSDUDRVGRFHQWHV

6HDELEOLRWHFDGHHGXFDomRDOLPHQWRXELEOLRJUDILDHVSHFtILFDSDUDD iUHD HGXFDFLRQDO FRPSOHPHQWDQGR LQGLFDo}HV ELEOLRJUiILFDV GDV GLVFLSOLQDV GD (VFROD GH (GXFDomR IRL WDPEpP DOLPHQWDGD SRU SHVTXLVDV SURGX]LGDV SRU SURIHVVRUHV GR ,QVWLWXWR (P SXEOLFDYD&RPRVHHQVLQDDKLVWyULDGH-{QDWKDV6HUUDQRHP $HVFULWDQD(VFROD3ULPiULDGH2UPLQGD0DUTXHVHP2&{UR 2UIHmR GH &HLomR GH %DUURV %DUUHWR H HP GH +HORtVD 0DULQKR$OLQJXDJHPGRSUpHVFRODUIUXWRVGDH[SHULrQFLDHGXFDWLYD GHVHQYROYLGDQR,QVWLWXWRGH(GXFDomR9,'$/

$ DXWRUD FRQFOXL R WH[WR DILUPDQGR TXH IRUDP GHVWDFDGDV REUDV GH DXWRUHV PDLVLQGLFDGRVHSURFXUDGRVQDELEOLRWHFDSRUpPRFDStWXORQmRDERUGDDPDQHLUD FRPRRVOLYURVHUDPOLGRVQHPWDPSRXFRDVWpFQLFDVRXRULHQWDo}HVGHOHLWXUD2V SURIHVVRUHVHDGPLQLVWUDGRUHVDILUPDQmRVHSUHRFXSDYDPDSHQDVHPYDORUL]DUR OLYURPDVWDPEpPHPRWLPL]DUDOHLWXUDSRUPHLRQDQRUPDWL]DomRGHVHXVKiELWRV ³)RUPDV FRUUHWDV GH OHU H HVWXGDU HUDP LQGLFDGDV DRV DOXQRV H FREUDGDV HP DWLYLGDGHVIRUDHGHQWURGDVDODGHDXOD´9,'$/S

DXWRUD DERUGD R PRYLPHQWR GD ELEOLRWHFD HVFRODU GD DQWLJD (VFROD 1RUPDO GH &DPSLQDVHPXPSHUtRGRGHIRUWHPRYLPHQWDomRHSUHVWtJLRHGHPRQVWUDDSDUWLUGD DQiOLVHGRV5HODWyULRVGD%LEOLRWHFDHVFULWRVSHODELEOLRWHFiULDGDLQVWLWXLomRFRPR ³>@RPRYLPHQWRGHGHFOtQLRGHVWHLPSRUWDQWHVHWRUHVFRODUQmRGHL[DGHUHIOHWLUR PRYLPHQWRGHGHFOtQLRGHLQVWLWXLo}HVHGXFDFLRQDLVGRJrQHURGR,QVWLWXWR´S

0HQH]HVDILUPDTXHDQWHVGHVHID]HUHPRVUHODWyULRVTXHDQDOLVDMi KDYLDOLYURVGHUHJLVWURVQRVTXDLVHUDGHVFULWDDFRQVWLWXLomRGRDFHUYR(VVHVOLYURV GHUHJLVWURFRQWLQXDUDPDH[LVWLUPHVPRGHSRLVGDLQVWLWXLomRGRVUHODWyULRV$SDUWLU GD DQiOLVH GHVVH PDWHULDO D SHVTXLVDGRUD S{GH REVHUYDU LQ~PHURV IDWRUHV LPSRUWDQWHVSDUDDFRPSUHHQVmRGRIXQFLRQDPHQWRGDELEOLRWHFDEHPFRPRDQDOLVDU DUHODomRGHVVHHVSDoRFRPRIXQFLRQDPHQWRGDLQVWLWXLomR

$OpP GR PRYLPHQWR GD ELEOLRWHFD H GD VXD RUJDQL]DomR FRPR UHJLVWURV DUTXLYtVWLFRV WUD]HUHP SLVWDV LPSRUWDQWHV SDUD RXWURV HVWXGRV WDLV FRPR SUiWLFDV FRWLGLDQDV GH HQIUHQWDPHQWR GH SUREOHPDVFRPRDIDOWDGHSURIHVVRUHVDVDXODVGHUHOLJLmRTXDQGR DOXQRVILFDYDPVHPDWLYLGDGHVHDELEOLRWHFDHUDRHVSDoRSDUDVXSULU HVVDVIDOKDV 3RU RXWURODGR YHULILFDPRV XP HVSDoR RUGHQDGRTXH VHFRQVWLWXLFRPRDSRUWHGHXPWUDEDOKRSURILVVLRQDOFULWHULRVRTXH WDPEpP PRVWUD R GHFOtQLR GDV LQVWLWXLo}HV GH IRUPDomR GH SURIHVVRUHV TXDQGR D FRQVWLWXLomR GH ELEOLRWHFDV HVSHFLDOL]DGDV FRPDSRVVLELOLGDGHGHFRPSUDUOLYURVDVVLQDUSHULyGLFRVHVXSULUDV UHSDUWLo}HVH[LVWHQWHVFRPXPTXDGURGHIXQFLRQiULRVFDSD]GHOHYDU RV VHUYLoRV GD PHVPD DRV YiULRV WXUQRV GH IXQFLRQDPHQWR GD LQVWLWXLomR WDPEpP FRPHoD D GHFOLQDU H SHUGHU SHVVRDO PDWHULDO H YHUEDSDUDDPDQXWHQomR0(1(=(6S

$DXWRUDDILUPDTXHRDUWLJRDSUHVHQWDDSHQDVHQVDLRSUHOLPLQDUTXHDQDOLVD XPDFHUYRTXHQRSHUtRGRGHOLPLWDGRDQRVWHYHJUDQGHFUHVFLPHQWR VHPFRQWDUFRPSHUGDVRXH[WUDYLRVHFRQFOXLTXH

YHVWtJLRVHQXQFLDGRVSURYRFDo}HVLGHPS

$QD &ODUD %RUWROHWR 1HU\ FRRUGHQD R *(3$()( ± *UXSR GH (VWXGRV H 3HVTXLVDHP$GPLQLVWUDomR(VFRODUH)RUPDomRGH(GXFDGRUHVTXHWHPFRPRXP GH VHXV SULQFLSDLV SURMHWRV D SHVTXLVD ³%LEOLRWHFD +LVWyULFD GD (VFROD 1RUPDO GH 3LUDFLFDEDFXOWXUDSHGDJyJLFDHFLUFXODomRGHLPSUHVVRV´SHVTXLVDHPDQGDPHQWR VREUH D TXDO DOJXQV DUWLJRV H[WUHPDPHQWH VLJQLILFDWLYRV Mi IRUDP SXEOLFDGRV GRV TXDLV GHVWDFR R LQWLWXODGR ³/LYURV GD (VFROD 1RUPDO 3ULPiULD GH 3LUDFLFDED FRQVWLWXLomRGRVDEHUSHGDJyJLFR´SXEOLFDGRHPQR³,,6HPLQiULR%UDVLOHLUR /LYUR H +LVWyULD (GLWRULDO´ 1R DUWLJR D DXWRUD DERUGD R HVWXGR GRV LPSUHVVRV SUHVHQWHV QD ELEOLRWHFD GD (VFROD 1RUPDO GH 3LUDFLFDED VRE XPD SHUVSHFWLYD GH FRQMXQWRWHQGRFRPRREMHWLYRYHULILFDURSURFHVVR GHFRQVWLWXLomRGRDFHUYREHP FRPRDVSROtWLFDVGHIRUPDomRGHSUiWLFDVGHOHLWXUDGRVDOXQRVHQWHQGLGRVFRPR OHLWRUHVSURIHVVRUHVFRQWLGDVQHVVHSURFHVVR

2 WUDEDOKR VH EDVHLD QR HVWXGR GD PDWHULDOLGDGH GRV OLYURV XWLOL]DQGR RV FRQFHLWRVSURSRVWRVSRU&KDUWLHU'HDFRUGRFRP1HU\S

2V OLYURV VmR DQDOLVDGRV SRUWDQWR D SDUWLU GH XPD VpULH GH HOHPHQWRV TXH FRQWULEXHP FRP D FRQVWUXomR GRV VHQWLGRV 7tWXOR DXWRU HGLWRUD FRPSRVLomR WLSRJUiILFD IRUPD GH HQWUDGD QR DFHUYR LQGLFDo}HVGHOHLWXUDDOpPGDWHPiWLFDVmRIRFDGRVQHVWHHVWXGR2 SRQWR GH SDUWLGD SDUD D FRPSRVLomR GH WtWXORV p D SUHVHQoD GH FDULPERVGD(VFROD1RUPDO3ULPiULDQRVOLYURV$VPDUFDVGHOHLWXUD HGHFLUFXODomRWDPEpPVmRHOHPHQWRVHVVHQFLDLVGDDQiOLVH

UHFRPHQGDGDVPRGHORVGHIRUPDomRGROHLWRUVmRPDWHULDOL]DGDV1HU\S DILUPDTXH

2V FULWpULRV GH HVFROKD GR PDWHULDO DV SROtWLFDV GH DTXLVLomR GRV IXQGRVELEOLRJUiILFRVRVUHSHUWyULRVELEOLRJUiILFRVSURSULDPHQWHGLWRV D HVFULWXUDomR H RUJDQL]DomR PDWHULDO GHVVH UHSHUWyULR RV PRGRV FRPRDVELEOLRWHFDVIRUDPGLVSRVWDVHVSDFLDOPHQWHSDUDVHXXVRRV PRGRVSHFXOLDUHVGHHPSUpVWLPRRXGHFRQVXOWDUHYHODPDVIRUPDV SHODVTXDLVVHXVDGPLQLVWUDGRUHVHJHVWRUHVSXVHUDPDIXQFLRQDUDV SROtWLFDVHUHSUHVHQWDo}HVGHIRUPDomRGRDOXQRPHVWUHQDVHVFRODV HPIRFR

'HVVD PDQHLUD ID]VH SRVVtYHO UHFRQKHFHU TXH HP XP HVSDoR FRPR D ELEOLRWHFDHPTXHHVWmRGLVSRVWRVEDOF}HVHVWDQWHVHOLYURVQDGDpDOHDWyULRQHPD HVFROKD GRV OLYURV QHP RV HVSDoRV GHVWLQDGRV j GLVSRVLomR GDV HVWDQWHV QHP PHVPR D ORFDOL]DomR GH FDGD OLYUR HVWDQGR PDLV j DOWXUD GRV ROKRV RX PHVPR SUy[LPRVGHRXWURVOLYURVFRPLGHLDVDQWDJ{QLFDV7XGRpFRQVHTXrQFLDGHLGHDLVGH IRUPDomR GH OHLWRU GHQWUR GH XPD GHWHUPLQDGD EDUUHLUD PRUDO PDLV RX PHQRV DSHUWDGD SUHFRQL]DGRV SRU VHXV RUJDQL]DGRUHV $VVLP VHQGR R HVWXGR GH XPD ELEOLRWHFD SRGH IRUQHFHU DR SHVTXLVDGRU LQ~PHURV LQGtFLRV DFHUFD GRV HOHPHQWRV FRQVLGHUDGRV LPSRUWDQWHV SDUD D IRUPDomR GH XP OHLWRU GHWHUPLQDGR QR FDVR R IXWXURGRFHQWH

2V OLYURV DQDOLVDGRV SHOD SHVTXLVDGRUD IRUDP VHOHFLRQDGRV HQWUH RV DLQGD SUHVHQWHVQRDFHUYRKLVWyULFRGD%LEOLRWHFDWRPDQGRVHFRPRFULWpULRVGHVHOHomR RVOLYURVGDiUHDGHHGXFDomRHDGDWDGHHQWUDGDQRDFHUYR±jGDWDD TXDO VH GHOLPLWD D SHVTXLVD REVHUYDGD SHOR FDULPER GD LQVWLWXLomR 'RV OLYURV DQDOLVDGRV D DXWRUD REVHUYRX TXH D PDLRULD p GH WtWXORV HVWUDQJHLURV Ki SUHGRPLQkQFLDGHGLYHUVRVWHPDVJHQpULFRVHPHGXFDomRFRPIRUWHSUHGRPtQLRGD 3HGDJRJLD0RGHUQDWHQGRrQIDVHQRHQVLQRLQWXLWLYR

UHJL}HVGRSDtV$ROHURVWH[WRVHVFULWRVSHORVDXWRUHVHPVXDSHVTXLVDVpSRVVtYHO QRWDUFRPRHVVHREMHWRGHHVWXGRSRGHUVHUREVHUYDGRVRELQ~PHURVDVSHFWRVHDV SRVVLELOLGDGHVGHSHVTXLVDVmRLQ~PHUDV&RPRHVWiGHVFULWRDVHJXLUQRVWUDEDOKRV GH6RXVD9HOORVR6JDUEL3HUHV$ORQVR6RX]D 6LOYDH6DQWRV

5RGULJR6LOYD&D[LDVGH6RXVDQDGLVVHUWDomRDSUHVHQWDGDj8QLYHUVLGDGH GH3DVVR)XQGRLQWLWXODGD³$ELEOLRWHFDXQLYHUVLWiULDFRPRHVSDoRSHGDJyJLFRHD IRUPDomR GH SURIHVVRUHV´ UHDOL]D XPD DERUGDJHP GD ELEOLRWHFD D SDUWLU GD PRGHUQL]DomR UHDOL]DGD SHODV WHFQRORJLDV GD LQIRUPDomR H FRPXQLFDomR HQWHQGHQGR D ELEOLRWHFD FRPR HVSDoR SHGDJyJLFR 2 REMHWLYR DSUHVHQWDGR SHOR DXWRUpRGHFRPSUHHQGHURXVRGDELEOLRWHFDDSDUWLUGDDYHULJXDomRGDXWLOL]DomR GH UHFXUVRV HOHWU{QLFRV GH LQIRUPDomR QD IRUPDomR GH SURIHVVRUHV WHQGR FRPR REMHWRGHHVWXGRWUrVELEOLRWHFDVXQLYHUVLWiULDVGR(VWDGRGR5LR*UDQGHGR6XOD 8QLYHUVLGDGH )HGHUDOGR 5LR *UDQGH GR6XO D 3RQWLItFLD 8QLYHUVLGDGH &DWyOLFD GR (VWDGR GR 5LR *UDQGH GR 6XO H D 8QLYHUVLGDGH GH 3DVVR )XQGR 2 DXWRU XWLOL]RX FRPRPHWRGRORJLDGHSHVTXLVDDDSOLFDomRGHTXHVWLRQiULRVDDOXQRVGRFXUVRGH SHGDJRJLDDSURIHVVRUHVHDELEOLRWHFiULRVWRGRVXVXiULRVGDVELEOLRWHFDV

(VVD SHVTXLVD p YROWDGD SDUD R FDPSR GD HGXFDomR H GD ELEOLRWHFRQRPLD 6LWXDVH QR SHUtRGR FRQWHPSRUkQHR HVWDQGR IRUD GR WHPSR DTXL GHOLPLWDGR PDV GHYHVHUFRQVLGHUDGDQRSUHVHQWHSDQRUDPDSRLVHQWHQGHDELEOLRWHFDFRPRHVSDoR GHHQVLQRHDSUHQGL]DJHPHDQDOLVDDVFDUDFWHUtVWLFDVFRQVLGHUDGDVVHJUHJDGRUDV VREXPDVSHFWRKLVWyULFRTXDQWRjRULJHPGDELEOLRWHFDHGRVHXSDSHOHGXFDWLYR HVWDEHOHFHQGRUHODomRFRPRDSDUHFLPHQWRGRELEOLRWHFiULRHRVLPSDFWRVDGYLQGRV GR FRPSXWDGRU TXH FXOPLQDUDP QD DXWRPDomR GRV SURFHVVRV H VHUYLoRV ELEOLRWHFiULRVRTXHDILUPDDLPSRUWkQFLDGDELEOLRWHFDDLQGDQRVGLDVDWXDLVPHVPR FRPRGRPtQLRGRVFRPSXWDGRUHV

HOHWU{QLFRV

2 DXWRU FRQFOXL TXH D ELEOLRWHFD DLQGD p ³>@ FRQFHELGD FRPR ORFDO GH DUPD]HQDPHQWR GH PDWHULDLV GH LQIRUPDomR TXDVH TXH LQH[LVWLQGR HQWUH RV FXUUtFXORVGRVFXUVRVGHIRUPDomRGHSURIHVVRUHV´6286$3DUDHOHRXVR GD ELEOLRWHFD p UHVWULQJLGR QD PDLRULD GDV YH]HV DR PRYLPHQWR GH FLUFXODomR GH OLYURVRTXHVHJXQGRRDXWRUGHVFRQILJXUDVHXSDSHOHGXFDWLYR

8PDRXWUDDERUGDJHPTXHWDPEpPHQYROYHRHVWXGRGDELEOLRWHFDPDVQR FDPSRGDV&LrQFLDV6RFLDLVpRWUDEDOKRGH$QD3DXOD0H\HU9HOORVRLQWLWXODGR ³%LEOLRWHFDV SDUWLFXODUHV H GLVSRVLWLYRV GH OHLWXUD´ GLVVHUWDomR DSUHVHQWDGD j 3RQWLItFLD 8QLYHUVLGDGH &DWyOLFD GH 6mR 3DXOR TXH DQDOLVD D LPSRUWkQFLD GD ELEOLRWHFDSHVVRDO QDIRUPDomR GH OHLWRUHV(VVDIRUPD GH ROKDU SDUD DELEOLRWHFD VREXPDSHUVSHFWLYDVRFLROyJLFDSHUPLWHSHUFHEHUGHTXHPDQHLUDDFRQVWLWXLomRGH XPDELEOLRWHFDVHMDHODS~EOLFDRXSDUWLFXODUSHUWHQFHQGRDXPDLQVWLWXLomRRXQmR QmRVHGiGHPDQHLUDDOHDWyULDPDVEDVHLDVHHPSUHVVXSRVWRVTXH QRV SHUPLWH LGHQWLILFDU DSDUWLU GDDQiOLVH GH VXD FRQVWLWXLomR TXDLV RV LGHDLV GH IRUPDomR GR OHLWRU XVXiULR GD ELEOLRWHFD HUDP GHIHQGLGRV SRU VHXV SUHFRQL]DGRUHV PHVPR QR FDVR GH XPD FROHomR SDUWLFXODU HP TXH R SUySULR LGHDOL]DGRU p VXMHLWR GH VXDV OHLWXUDVFRPRQDSHVTXLVDGH9HOORVR3DUDDDXWRUD³>@RGRQRGDELEOLRWHFDWHPR SRGHU GH GHFLGLU TXDLV OLYURV IDUmR SDUWH GH VXD FROHomR H SULQFLSDOPHQWH R OHLWRU WHPDOLEHUGDGHGHHVFROKHURTXHVHUiOLGR´S

$DXWRUDDQDOLVDDELEOLRWHFDSHVVRDOHRKiELWRGHOHLWXUDHQWHQGLGRVFRPR VtPERORVGHSRGHUEDVHDQGRVHHPHVWXGRVVREUHRKDELWXVHRHVWLORGHYLGDGH 3LHUUH %RXUGLHX 2 UHIHUHQFLDO WHyULFR p WDPEpP EDVHDGR QRV HVWXGRV GH 5RJHU &KDUWLHUVREUHOHLWXUDVHOHLWRUHVQD)UDQoDGR$QWLJR5HJLPHFRPGLVWLQo}HVHQWUH DVFODVVHVSRSXODUHGRPLQDQWHeUHDOL]DGDXPDDQiOLVHDSURIXQGDGDGHLQYHQWiULRV H SHVTXLVDV VREUH KiELWRV GH OHLWXUD VHQGR REVHUYDGDV GLIHUHQWHV IRUPDV GH LPSUHVVRDQiOLVHGRPRELOLiULRXWLOL]DGRSDUDRDUPD]HQDPHQWRGHOLYURVQDpSRFD EHPFRPRURXSDVXWLOL]DGDVSDUDOHLWXUDHDVGLIHUHQWHVIRUPDVGHDSURSULDomRGR WH[WR

LQVWUXPHQWRVQHFHVViULRVQmRSURPRYLGRVSHODHGXFDomRIDPLOLDUQHPSHORVLVWHPD HVFRODU GH IRUPD TXH LJQRUDP RV YDORUHV GHVVD FXOWXUD GRPLQDQWH DSHVDU GH UHFRQKHFrORVFRPRVHQGRLPSRUWDQWHVHWHQWDUHPUHSURGX]LORVRXDSUR[LPiORVGH VXDVYLGDV

$ DXWRUD XWLOL]D FRPR PDWHULDO GH SHVTXLVD GHSRLPHQWRV GH SHVVRDV TXH SRVVXHPHPFDVDFROHomRGHOLYURVRUJDQL]DGDGHIRUPDDFRQILJXUDUXPDELEOLRWHFD SHVVRDO WH[WRV DXWRELRJUiILFRV RX PHPRULDOLVWDV EHP FRPR SDUWHV GH URPDQFHV SURWDJRQL]DGRV SRU SHUVRQDJHQV OHLWRUHV RX ELEOLRWHFiULRV D ILP GH WUDoDU XPD ³KLVWyULDGDPDQHLUDGHOHU´DSDUWLUGDLGHQWLILFDomRGDVGLVSRVLo}HVHVSHFtILFDVTXH GLIHUHQFLDPRVKiELWRVGHOHLWXUDHDVFRPXQLGDGHVGHOHLWRUHV

9HOORVR DQDOLVRX DV HQWUHYLVWDV UHDOL]DGDV OHYDQGR HP FRQWD FDUDFWHUtVWLFDVFRPRLGDGHIRUPDomRDWLYLGDGHSURILVVLRQDOVH[RHRXWUDV$SHVDU GH HQFRQWUDU PXLWDV VHPHOKDQoDV HQWUH R TXH p OLGR HQFRQWURX WDPEpP PXLWDV GLIHUHQoDV QD IRUPD GH RUJDQL]DomR H QR KiELWR GH OHLWXUD GRV HQWUHYLVWDGRV 2V GDGRVREWLGRVIRUDPWDEXODGRVHDVLQIRUPDo}HVFUX]DGDVDILPGHSHUPLWLUDQiOLVH LQWHUSUHWDWLYD$DXWRUDFRQFOXLTXHRJRVWRSHODOHLWXUDSURYpPGHXPOHJDGRHTXH RV SURSULHWiULRV GH ELEOLRWHFDV SHVVRDLV IRUDP LQFHQWLYDGRV SRU DOJXP SDUHQWH GXUDQWHDLQIkQFLDHJXDUGDPOLYURVKHUGDGRV$ELEOLRWHFDSDUWLFXODUDILUPDpPRWLYR GHRUJXOKRHVtPERORGHGLVWLQomRTXHWUD]UHFRQKHFLPHQWRHQWUHIDPLOLDUHV7RGDV DV ELEOLRWHFDV DSUHVHQWDP IRUPDV SDUWLFXODUHV GH RUJDQL]DomR GRV OLYURV PXLWR UHODFLRQDGDFRPDSHUVRQDOLGDGHGHVHXVGRQRVTXHWHQGHPDFRPSUDUPDLVOLYURV GRTXHFRQVHJXHPOHUHDSUHVHQWDPKiELWRVGHOHLWXUDEHPGHPDUFDGRVGHOLPLWDQGR ORFDLVHULWXDLVGHOHLWXUD

HQWHQGLGR DLQGD FRPR YHtFXOR GH GLVVHPLQDomR GH FXOWXUD H SRU HVVH PRWLYR HVWDEHOHFHUHODomRtQWLPDFRPRREMHWRTXHDTXLVHWHQWDFDUDFWHUL]DU

2DXWRUDSUHVHQWDFRPRUHVXOWDGRLPSRUWDQWHGDSHVTXLVDDSRVVLELOLGDGHGH VHFRQKHFHUSRUPHLRGDDQiOLVHGRPDWHULDOLPSUHVVRTXHFLUFXODHPXPHVSDoRGH GLVVHPLQDomRGHFXOWXUDDVFRQFHSo}HVSHGDJyJLFDVGHHGXFDGRUHVFDWyOLFRVTXH GHWHUPLQDUDPDVHVWUDWpJLDVHGLWRULDLVUHYHODWDPEpPDLPSRUWkQFLDGHVHDQDOLVDUR PDWHULDOLPSUHVVRWRPDGRSRU³REMHWRFXOWXUDOTXHJXDUGDDVPDUFDVGHVHXXVR´$ DERUGDJHP FRPSDUDWLYD HQWUH DV GXDV LQVWLWXLo}HV SHUPLWH FRPSUHHQGHU TXDLV FDUDFWHUtVWLFDVVmRPDLVUHFRUUHQWHVHTXDLVGHILQHPXPDLGHQWLGDGHFXOWXUDO

5HWRPDQGRDELEOLRWHFDFRPRHVSDoRItVLFRHDQDOLVDQGRDLQGDDVLQ~PHUDV SRVVLELOLGDGHV GH SHVTXLVD TXH R HVSDoR SURSRUFLRQD SRU VHU XP DPELHQWH GH GLVVHPLQDomR H FLUFXODomR GH FXOWXUD FRP GLYHUVDV PDQHLUDV GH XWLOL]DomR GRV HVSDoRV H LGHLDV D GLVVHUWDomR GH (OLDQH 7HUHVLQKD 3HUHV LQWLWXODGD ³7HPSOR GH /X] 2V &XUVRV 1RWXUQRV 0DVFXOLQRV GH ,QVWUXomR 3ULPiULD GD %LEOLRWHFD 3~EOLFD 3HORWHQVH%33´DSUHVHQWDGDHPj8QLYHUVLGDGH)HGHUDOGR5LR *UDQGHGR6XODQDOLVDDH[SHULrQFLDGHLQVWUXomRSRSXODUTXHRFRUUHXQDFLGDGHGH 3HORWDVQD%LEOLRWHFD3~EOLFDGRPXQLFtSLR

$DXWRUDSURS{VVHDDQDOLVDUDVUHODo}HVTXHHVWDEHOHFHUDPHQWUHRVDOXQRV RULXQGRV GH FODVVHV SRSXODUHV GR FXUVR SULPiULR RIHUHFLGR QD ELEOLRWHFD H RV ³KRPHQV GD ELEOLRWHFD´ TXH SURSRUFLRQDUDP R HQVLQR SULPiULR QRWXUQR DRV DOXQRV DGXOWRV DWp D GpFDGD GH H FRPSUHHQGHU TXDLV RV LGHDLV LPSOtFLWRV QHVVD LQLFLDWLYD 2 SRQWR FKDYH QHVVH FDVR QmR p D ELEOLRWHFD PDV R FXUVR RIHUHFLGR QHVVH HVSDoR FRQWXGR R IDWR GH DFRQWHFHU HP XPD ELEOLRWHFD XWLOL]DQGR VHX HVSDoROHYDQWDKLSyWHVHVTXHSRGHPVHUDERUGDGDVQHVVHVHQWLGR

$DXWRUDUHDOL]DXPDUHYLVmRGDOLWHUDWXUDDFHUFDGRWHPDOHLWXUDQDHVFRODH GH ELEOLRWHFDV HVFRODUHV H DQDOLVD GDGRV FROHWDGRV SRU DOXQRV GD GLVFLSOLQD GH 0HWRGRORJLD GR (QVLQR GH /tQJXD 3RUWXJXHVD GD 8QLYHUVLGDGH GH 6mR 3DXOR $QDOLVDWDPEpPRVGRFXPHQWRVRILFLDLVDFHUFDGDVELEOLRWHFDVQDHVFRODDILPGH FRPSUHHQGHUDIRUPDSHODTXDODVGLVFXVV}HVVHGmRDWXDOPHQWHQRkPELWRRILFLDO$ SDUWLU GHVVD DQiOLVH GRFXPHQWDO H ELEOLRJUiILFD $ORQVR SUHWHQGH UHIOHWLU DV PDQHLUDVSHODVTXDLVRWUDEDOKRFRPOHLWXUDHDELEOLRWHFDHVFRODUHVWmRUHODFLRQDGRV QD UHDOLGDGH HVFRODU DWXDO H DLQGD FRPSUHHQGHU D IXQomR GR HGXFDGRU QHVVH SURFHVVR%XVFDDLQGDSHQVDUGHTXHIRUPDDELEOLRWHFDHVFRODUVHLQVHUHQDHVFROD YHULILFDQGRTXDOVHXSDSHOQDIRUPDomRGROHLWRUTXDLVVXDVIXQo}HVHRVXVRVVmR IHLWRVGHVVHHVSDoRSHORVVHXVXVXiULRVVHQGRSURIHVVRUHVDOXQRVHIXQFLRQiULRV

$DXWRUDDILUPDTXH

'HQWUH RV GLIHUHQWHV PRGHORV FRQKHFLGRV GH ELEOLRWHFD SRGHVH DILUPDUTXHXPGHOHVDELEOLRWHFDHVFRODUWHYHVHXSDSHOFRQVWUXtGR HP QRVVD VRFLHGDGH HP FRQVRQkQFLD FRP DV GLIHUHQWHV HVFRODV H FRP DV SROtWLFDV LPSOHPHQWDGDV QD HGXFDomR FRQVLGHUDQGRVH WDPEpPRFRQWH[WRKLVWyULFRHVRFLDO

$R OHU DXWRUHV FRPR $QQH 0DULH &KDUWLHU H -HiQ +pEUDUG *XJOLHOPR&DYDOORH5RJHU&KDUWLHUTXHEXVFDPUHFRQVWLWXLUD KLVWyULD GD HGXFDomR QR %UDVLO VREUHWXGR DTXHOHV TXH GHVHQYROYHUDPVXDVSHVTXLVDVGHQWURGHPHVPRSDUDGLJPDWHyULFR TXH R GHVWH WUDEDOKR p SRVVtYHO GHOLQHDU UHODo}HV GH LQWHUVHFomR HQWUH DV GHPDQGDV H QHFHVVLGDGHV GDV GLIHUHQWHV VRFLHGDGHV H RV PRGHORV GH ELEOLRWHFD HVFRODU TXH HUDP DSUHVHQWDGRV FRPR UHIHUrQFLDGHXPHVSDoRSHGDJyJLFRQDHVFRODQRVPDLVGLIHUHQWHV PRPHQWRV GD KLVWyULD GD HGXFDomR GR %UDVLO H GH SDtVHV FRPR D

)UDQoD$/2162S

UHVSHLWRHIXQGDPHQWDQGRVHXWUDEDOKRQDWUDMHWyULDGDELEOLRWHFD$SUHVHQWDDLQGD H[HPSORV HVWUDQJHLURV GH DWLYLGDGHV UHDOL]DGDV HP 3RUWXJDO H QD )UDQoD TXH FRQFLOLDPOHLWXUDHDWLYLGDGHVQDELEOLRWHFDHGHTXHIRUPDLVVRVHDSOLFDUHVJDWDQGR H[HPSORVGHSODQRVHGXFDFLRQDLVGHVVHVSDtVHVEHPFRPRVXDVSROtWLFDVS~EOLFDV GLUHFLRQDGDVSDUDHVVHHVSDoRSHGDJyJLFR6HJXQGRDDXWRUD

'RPHVPRMHLWRHPTXHVHEXVFDPDOWHUQDWLYDVSDUDDDSUR[LPDomR GR DOXQR DR HVSDoR GD ELEOLRWHFD p QHFHVViULR SHQVDU HP HVWUDWpJLDVSDUDDSUR[LPDURSURIHVVRUGRXQLYHUVRTXHHOHGLVS}H SRLVVRPHQWHDSyVVHXFRQKHFLPHQWRHOHSRGHUiSURSRUHVWUDWpJLDV GLIHUHQFLDGDVGHXWLOL]DomRGHVVHHVSDoRSHGDJyJLFR$ELEOLRWHFDp XPGHQWUHROHTXHGHUHFXUVRVGLGiWLFRVTXHDHVFRODGLVSRQLELOL]DDR SURIHVVRUSDUDTXHHOHDWLQMDRVREMHWLYRVGHVHXFXUVR6HXREMHWLYR SULPRUGLDO VHULD GHVHQYROYHU H IRPHQWDU D OHLWXUD H D LQIRUPDomR $/2162S

$ELEOLRWHFDWHPXPSDSHOLPSRUWDQWHVHJXQGRDDXWRUDQmRVyQDTXHVWmR GH GHVHQYROYHU SUiWLFDV GH OHLWXUD VDXGiYHLV TXH IDYRUHoDP D DSUHQGL]DJHP HVFRODUPDVYDLDOpPQDPHGLGDHPTXHSRGHVHUXPYHtFXORGHIDYRUHFLPHQWRGD WUDQVIRUPDomR VRFLDO QD SHUVSHFWLYD GH %RXUGLHX 5RPSHU FRP R PRGHOR GH UHSURGXomR VH DV GLUHWUL]HV RILFLDLV TXH IXQGDPHQWDP R WUDEDOKR TXH GHYH VHU HIHWXDGR QHVVH HVSDoR IRVVHP VHJXLGDV SHODV HVFRODV RIHUHFHQGR IRUPDomR DR SURIHVVRU UHFXUVRV H PDWHULDLV DGHTXDGRV IRVVHP GH IDWR DSOLFDGDV p XPD SRVVLELOLGDGH GH VHU DOFDQoDGD HP QRVVD VRFLHGDGH FRP R DSRLR GD ELEOLRWHFD HVFRODU

$ FRQVWUXomR GH XP FXUUtFXOR HVFRODU TXH YDORUL]H DV WUDGLo}HV VRFLDLV GH FDGD JUXSR GH IRUPD D TXHEUDU SRU PHLR GD HGXFDomR HVFRODUL]DGD FRP D UHSURGXomR GH XP PRGHOR GH VRFLHGDGH RULXQGR GDV VRFLHGDGHV GRPLQDQWHV IDYRUHFHULDDLQVHUomRVRFLDOGDVFULDQoDVRULXQGDVGHFODVVHVGRPLQDGDVXPDYH] TXHWHULDPQDHVFRODIXQGDPHQWRVFXOWXUDLVTXHDVFULDQoDVSHUWHQFHQWHVDFODVVHV GRPLQDQWHVWrPHPFDVD

SURSRVWD TXH HQYROYD R FRPSURPHWLPHQWR HP IDYRUHFHU R DFHVVR GR HGXFDQGR D WRGDV DV IRUPDV GH FXOWXUD 8P JUDQGH DOLDGR QD PXGDQoD GH SDUDGLJPDV HVWDEHOHFLGRVQRROKDUGHSURIHVVRUHVHELEOLRWHFiULRVHPUHODomRDRVWHPDVOHLWXUDH ELEOLRWHFDVHULDRLQWHUFkPELRGHVDEHUHVQDIRUPDomRLQLFLDOGHVVHVSURILVVLRQDLVGH IRUPDDJHUDUXPDLQWHUIHUrQFLDVRFLDO

8PD RXWUD SHVTXLVD UHDOL]DGD HP kPELWR GH PHVWUDGR DSUHVHQWDGD j 8QLYHUVLGDGH GH 6mR 3DXOR WDPEpP p EDVWDQWH VLJQLILFDWLYD SDUD FRPSRU HVVH SDQRUDPDSRLVDSUHVHQWDXPHVWXGRVREUHDLQVWLWXLomRGHELEOLRWHFDVQRVJUXSRV HVFRODUHVGR(VWDGRGH6mR3DXORQRSHUtRGRGHD(VVDGLVVHUWDomR LQWLWXODGD³$LQVWLWXLomRGHELEOLRWHFDVQRVJUXSRVHVFRODUHVGR(VWDGRGH6mR3DXOR ´IRLHVFULWDSRU/XFLHQH6RDUHVGH6RX]DQRDQRGH

2SHUtRGRGHVWDFDGRpSUpYLRDRDTXLGHOLPLWDGRFRQWXGRRWUDEDOKRDERUGD XP LPSRUWDQWH PRPHQWR QD KLVWyULD GDV ELEOLRWHFDV HVFRODUHV R GH VXD FULDomR$ DXWRUDDILUPDTXHHVVHHVSDoRGHVWLQDGRjFRQVHUYDomRGRVOLYURVHjOHLWXUDHVWDYD SUHYLVWR HP GHFUHWRV GR JRYHUQR H QDV SODQWDV GH PXLWDV HVFRODV QR LQtFLR GD 5HS~EOLFD

$ILPGHFRPSUHHQGHUDVSUiWLFDVHGXFDFLRQDLVGHVHQYROYLGDVQRkPELWRGR WUDEDOKRFRPDELEOLRWHFDQRLQtFLRGD5HS~EOLFD6RX]DEXVFRXFRPSUHHQGHU FRPR VH FRQVWLWXLX XP HVSDoR HVSHFtILFR GH VXSRUWH j IRUPDomR SHGDJyJLFD GH DOXQRV H SURIHVVRUHV HP *UXSRV (VFRODUHV SRU PHLR GD DQiOLVH GH IRQWHV GRFXPHQWDLVFRPRUHODWyULRVGHFUHWRVOHLVUHJXODPHQWDo}HVDQXiULRVHSURMHWRV TXH ORFDOL]RX QR $UTXLYR GR (VWDGR GH 6mR 3DXOR DOpP GDV SXEOLFDo}HV HGXFDFLRQDLV$(VFKROD3XEOLFDH5HYLVWDGH(QVLQR'H DFRUGRFRPDDXWRUD

DVELEOLRWHFDVSDVVDUDPDVHUFDGDYH]PDLVFRQVLGHUDGDVFRPRXP PHLRSDUDDIRUPDomRGROHLWRUHSDUDXPDPDLRUGLIXVmRGDOLWHUDWXUD LQIDQWRMXYHQLO QD HVFROD H D SDUWLU GLVVRIRUDP GHIHQGLGDVIRUPDV GHUHHVWUXWXUDomRGHVVHHVSDoRSDUDTXHHVWHVHWRUQDVVHXPOXJDU DWUDWLYRGLQkPLFRO~GLFRHIXQFLRQDVVHFRPRLQFHQWLYDGRUHGLIXVRU GDOHLWXUDQRHVSDoRHVFRODU,VVRRFRUUHXSULQFLSDOPHQWHQDPHWDGH GRV DQRV FRP DV QRYDV GHPDQGDV HGXFDFLRQDLV UHSUHVHQWDGDVSHODVSROtWLFDVS~EOLFDVFRQILJXUDGDVQRV3DUkPHWURV &XUULFXODUHV 1DFLRQDLV ± 3&1V RV TXDLV RULHQWDUDP FRPR H R TXH GHYHULDVHUHQVLQDGRHDSUHQGLGRQR(QVLQR)XQGDPHQWDO628=$ S

$SHVDU GH VHUHP FRQVLGHUDGDV FRPR XP PHLR LPSRUWDQWH GH IRUPDomR GR OHLWRU YiULRV VmR RV SUREOHPDV H[LVWHQWHV HP UHODomR DR IXQFLRQDPHQWR GDV ELEOLRWHFDV HQWUH HOHV IDOWD GH IRUPDomR HVSHFtILFD SDUD R SURIHVVRU IDOWD GH LQVWDODo}HV RX LQVWDODo}HV HP PiV FRQGLo}HV H DWp PHVPR ELEOLRWHFDV HP FRQGLo}HV DGHTXDGDV GH XVR TXH SHUPDQHFHP IHFKDGDV $ SDUWLU GD YHULILFDomR GHVVHSUREOHPDDDXWRUDEXVFRXFRPSUHHQGHUGHTXHPDQHLUDVHGHXDFULDomRGDV SULPHLUDV ELEOLRWHFDV HP JUXSRV HVFRODUHV QR %UDVLO GHOLPLWDQGR VXD SHVTXLVD DR SHUtRGRGHDTXDQGRVXUJLUDPDVSULPHLUDVELEOLRWHFDVHVFRODUHV

$DXWRUDDERUGDHPVHXWH[WRTXHVW}HVFRPRRSDSHOGDELEOLRWHFDQDFXOWXUD HVFRODUDRUJDQL]DomRDGPLQLVWUDWLYDGRVJUXSRVHVFRODUHVHGRHQVLQRSULPiULRR VXUJLPHQWR D RUJDQL]DomR H D OHJLVODomR DFHUFD GDV ELEOLRWHFDV QRV JUXSRV HVFRODUHVDOpPGDGLVFXVVmRHDQiOLVHGHDOJXPDVREUDV6RX]DFRQFOXLTXH HVVHLPSRUWDQWHHVSDoRHVFRODUDELEOLRWHFDID]SDUWHGDFXOWXUDGDHVFRODVHQGR DVVLPVXDRULJHPHRUJDQL]DomRHVWmRUHODFLRQDGDVFRPRVGLVFXUVRVHPWRUQRGRV REMHWLYRV PpWRGRV GH HQVLQR H PDWHULDLV D VHUHP DGRWDGRV TXH SHUPHDUDP R FDPSRHGXFDFLRQDOQRILPGRVpF;,;HLQtFLRGRVpF;;3DUDHOD

$ ELEOLRWHFD HVFRODU IRL H WHP VLGR R UHVXOWDGR GH XP FRQMXQWR GH GHWHUPLQDo}HV H GLVFXUVRV $ SULPHLUD GHVVDV GHWHUPLQDo}HV p R HVWDEHOHFLPHQWR GH XP HVSDoR HVFRODU GH JXDUGD H DFHVVR DRV OLYURVXPOXJDUGHQWURGDHVFROD(VVHOXJDUSRGHQmRVHUXPDVDOD XPHVSDoRItVLFRFRQVWLWXtGRFRPRQRFDVRGHXPDFROHomRGHOLYURV TXHILFDQRJDELQHWHGRGLUHWRURXMXQWRDRXWURVPDWHULDLVHVFRODUHV $ HVVHV HVSDoRV GHQRPLQDGRV ELEOLRWHFDV VmR DWULEXtGRV HVWDWXWRV VLPEyOLFRVTXHSRVVXHPHPVLDFRQVWLWXLomRGHXPDUHODomRHQWUHD HVFROD RV OLYURV H RV OHLWRUHV GHVVHV OLYURV SURIHVVRUHV RX DOXQRV 628=$S

-iDGLVVHUWDomRGH5LWDGH&iVVLD*RQoDOYHV3DFKHFRGRV6DQWRVLQWLWXODGD ³$%LEOLRWHFDGR,QVWLWXWRGH(GXFDomRGR3DUDQi3URIHVVRU(UDVPR3LORWWRDFHUYRH OHLWXUD QD IRUPDomR GR FRQKHFLPHQWR KLVWyULFR GRV DOXQRV GR PDJLVWpULR´ DSUHVHQWDGD HP j 8QLYHUVLGDGH )HGHUDO GR 3DUDQi DQDOLVD R DFHUYR GD %LEOLRWHFDGR,QVWLWXWRGH(GXFDomRGR3DUDQi3URIHVVRU(UDVPR3LORWWRGH&XULWLED 3DUDQiREVHUYDQGRDVSRVVLELOLGDGHVGHOHLWXUDGHFRUUHQWHVGHVXDFRQVWLWXLomR

+LVWRULRJUDILDUHSUHVHQWDGDVWHPDWLFDPHQWHVHJXQGRRVFULWpULRVGH&ODVVLILFDomRGH '(:(<&''$ELEOLRWHFDWRPDGDFRPRFRUSXVGDSHVTXLVDIRLDGR,QVWLWXWRGH (GXFDomRGR3DUDQi3URIHVVRU(UDVPR3LORWWR±,(33(3RQGHIRUDPOHYDQWDGRVRV WtWXORVGLGiWLFRVGH+LVWyULDHGH(VWXGRV6RFLDLVHGRVWtWXORVUHODWLYRVjSURGXomR +LVWRULRJUiILFD 'HQWUH HVVHV WtWXORV D DXWRUD FRQWRX TXH IRUDP DQDOLVDGRV TXDQWLWDWLYDPHQWH D ILP GH FDUDFWHUL]DU VXD FRQVWLWXLomR $ TXDQWLGDGH GH DOXQRV LQVFULWRVQDELEOLRWHFDWDPEpPIRLYHULILFDGDFODVVLILFDQGRRVHQWUHPDWULFXODGRVQR FXUVRGLXUQRHPDWULFXODGRVQRFXUVRQRWXUQRDILPGHVHYHULILFDUDVFRQVXOWDVDR PDWHULDOGHVWDFDGRREVHUYDQGRPDLRURXPHQRULQFLGrQFLDGHUHWLUDGDVHQWUHRVGRLV JUXSRV

$OpPGLVVRDDXWRUDUHDOL]RXHQWUHYLVWDFRPDELEOLRWHFiULDGR,QVWLWXWREHP FRPROHYDQWDPHQWRGHGDGRVVREUHDFRQWULEXLomRGRVDXWRUHVVREUHDTXHVWmRGD FXOWXUD RULJHP GDV REUDV ORFDO GH SXEOLFDomR H HGLWRUDV PDLV UHSUHVHQWDGDV QR DFHUYR UHSUHVHQWDWLYLGDGH GRV DXWRUHV OHLWXUDV H VXDV SRVVLELOLGDGHV EHP FRPR DFHUFDGD³>@LPSRUWkQFLDGDELEOLRWHFDHVFRODUFRPRIDWRUUHOHYDQWHQDIRUPDomR SURILVVLRQDOGRHJUHVVRGRFXUVRGR0DJLVWpULR´6$1726S

$DXWRUDFRQFOXLTXHKi

XPD JUDQGH SUHVHQoD GH DXWRUHV GH OLYURV GLGiWLFRV UHODWLYRV jV VXEFDWHJRULDV +LVWyULD *HUDO H GR %UDVLO H XP Q~PHUR UHGX]LGR GH DXWRUHV GH OLYURV GLGiWLFRV UHODWLYRV jV VXEFDWHJRULD +LVWyULD GR 3DUDQi H (VWXGRV 6RFLDLV )RL FRQVWDWDGD WDPEpP D SUHVHQoD GH DXWRUHV GH OLYURV GH +LVWRULRJUDILD FRQVLGHUDGRV FOiVVLFRV $ YLGD PpGLDGRDFHUYRDFLPDGHTXLQ]HDQRVSDUDDVREUDVGHFDWHJRULD +LVWyULDHGHDQRVSDUDDFDWHJRULD+LVWRULRJUDILDIRLFRQVLGHUDGD FOiVVLFD&RQVLGHUDDLQGDDH[LVWrQFLDGHXPDLQYHUVmRQRSDSHOGD ELEOLRWHFDHVFRODUSRLVHODVHDSUHVHQWDQmRVRPHQWHFRPRHVSDoR GH SHVTXLVD H OHLWXUD PDV FRPR XPD LQVWLWXLomR SUHVWDGRUD GH

VHUYLoRV6$1726

VHGi2REMHWLYRGHVVDSHVTXLVDIRLRGHDQDOLVDU FRPRVHIRUPD R OHLWRU OLWHUiULR SURFXUDQGR FRPSUHHQGHU TXDLV RV HOHPHQWRV LPSRUWDQWHV QD VRFLDOL]DomR GHVVHV LQGLYtGXRV SDUD D JrQHVH H DWXDOL]DomR GHVVD GLVSRVLomR FXOWXUDO $ ELEOLRWHFD HVFRODUGHXPDHVFRODS~EOLFDGRPXQLFtSLRGH%HOR+RUL]RQWHIRLRSRQWRGHSDUWLGD SDUDDVHOHomRGRVVXMHLWRVSHVTXLVDGRVHDREVHUYDomRGDVSUiWLFDVGHOHWUDPHQWR OLWHUiULRHVFRODU$DXWRUDDILUPDTXHDRDGHQWUDURHVSDoRGDELEOLRWHFDHVWDEHOHFHX

>«@FRQWDWR FRP GLYHUVRV OHLWRUHV RV DOXQRV TXH D IUHTHQWDYDP GLDULDPHQWH &RP D LQVHUomR QHVVH DPELHQWH SURFXUDPRV FRPSUHHQGHU DWUDYpV GD REVHUYDomR GH VXD GLQkPLFD DV FRQFHSo}HV GH OHLWXUD VXEMDFHQWHV j VXD RUJDQL]DomR DV SRVVLELOLGDGHVGHOHWUDPHQWRTXHVHDSUHVHQWDYDPQHVVHHVSDoRH DLQGD TXH Do}HV GH SURPRomR GD OHLWXUD WHULDP HIHLWRV VREUH RV VXMHLWRV TXH DOL FLUFXODYDP 'HVVD IRUPD HVWD ELEOLRWHFD VH GHILQLX FRPRRFRQWH[WRHVFRODUFRPLQWHUIHUrQFLDVPDLVVLJQLILFDWLYDVVREUH DVDWXDOL]Do}HVGDVGLVSRVLo}HVOHLWRUDVGRVSHVTXLVDGRV

$HVFROKDGRVVXMHLWRVVHGHXDSDUWLUGHXPTXHVWLRQiULRTXHVHUYLX FRPRPHFDQLVPRGHVHOHomRGHXPJUXSRPHQRUGHLQGLYtGXRVTXH DSDUHQWHPHQWH DSUHVHQWDYDP GLIHUHQoDV HP VXDV FRQILJXUDo}HV IDPLOLDUHVUHODWLYDV j SRVLomR VRFLDO H SUiWLFDVIDPLOLDUHV GH OHLWXUD LQIHULGDV D SDUWLU GDV UHVSRVWDV HVFULWDV H QDV UHODo}HV TXH HOHV SUySULRV WLQKDP HVWDEHOHFLGR FRP D OHLWXUD OLWHUiULD $WUDYpV GH HQWUHYLVWDV VHPLHVWUXWXUDGDV SURFXUDPRV DSURIXQGDU QRVVD FRPSUHHQVmR DFHUFD GDV GLVSRVLo}HV FXOWXUDLV GHVVH JUXSR SULQFLSDOPHQWHUHODWLYDVjOHLWXUDOLWHUiULD6,/9$S

6LOYD GHILQH TXDWUR SHUILV GH OHLWRUHV VHOHFLRQDGRV GH PRGR D UHSUHVHQWDUGLIHUHQWHVFRQILJXUDo}HVIDPLOLDUHVQRTXHVHUHIHUHDRFDSLWDOFXOWXUDO HVFRODU H j SUHVHQoDDXVrQFLD GH SUiWLFDV GH OHLWXUD OLWHUiULD QHVVH DPELHQWH$ DXWRUD FRQFOXL TXH D SDUWLU GH XP DFHUYR YDULDGR QD ELEOLRWHFD VmR JHUDGDV GHPDQGDV HVSHFtILFDV GH OHLWRUHV Ki DLQGD D QHFHVVLGDGH GH VH UHRULHQWDU DV DWLYLGDGHV HVFRODUHV UHODFLRQDGDV j OHLWXUD OLWHUiULD ³>@ YLVDQGR D DPSOLDomR GRV FRQKHFLPHQWRV GRV MRYHQV UHODWLYRV D HVVH FDPSR D ILP GH IRUQHFrORV FULWpULRV SDUDTXHSRVVDPFRQVWUXLURVHXFkQRQHSHVVRDOHPGLiORJRFRPRFRQMXQWRGHVVD SURGXomRFXOWXUDO´6,/9$S

$SyV GLVFRUUHU VREUH R WUDEDOKR GH GLYHUVRV DXWRUHV VREUH ELEOLRWHFDV HVFRODUHVVHQGRSHVTXLVDVHPKLVWyULDGDHGXFDomRRXTXHVHXWLOL]HPGDKLVWyULD SDUDHVWUXWXUDURWUDEDOKRILFDPHYLGHQWHVDVLQ~PHUDVIDFHWDVTXHXPDSHVTXLVD QDiUHDGHHGXFDomRSRGHDGRWDUWRPDQGRDELEOLRWHFDGHXPDHVFRODFRPRREMHWR GHHVWXGR0XLWDVVmRDVSRVVLELOLGDGHVGHLQYHVWLJDomRSRVVtYHLVDSDUWLUGDDQiOLVH GHVVH FRUSXV VHMD ROKDQGR SDUD VHXV XVXiULRV VHMD DQDOLVDQGR VHX DFHUYR QD WRWDOLGDGHRXHPSDUWHVHMDREVHUYDQGRVXDDUTXLWHWXUDDGLVSRVLomRGRVPDWHULDLV QDVSUDWHOHLUDVEHPFRPRRVXVRVTXHVHSRGHID]HUGHVVHVPDWHULDLVHRVLQGtFLRV TXHOHYDPDFUHURTXHPRWLYRXDHVFROKDRXQmRGDVREUDVGLVSRQtYHLVHQILPKi XPDJDPDGHSRVVLELOLGDGHVDVHUH[SORUDGDQHVVHREMHWRGHSHVTXLVDHDLQGDKi PXLWRSRXFDVSHVTXLVDVFRPHVVHHQIRTXHSULQFLSDOPHQWHQRSHUtRGRGHWHUPLQDGR 'HVVD IRUPD SRGHVH FRQVLGHUDU HVWH WUDEDOKR YLiYHO GHYLGR D LPSRUWkQFLD GH VHX FRUSXVQDIRUPDomRGHSURIHVVRUHVQRPXQLFtSLRHPTXHVHORFDOL]D

±%LEOLRWHFD&RQFHLWXDQGR

6mRYiULDVDVYLV}HVTXHUHFRUUHQWHPHQWHWHPVHGHXPDELEOLRWHFD 9LVWD SRU YH]HV FRPR XP OXJDU VDJUDGR RQGH VH JXDUGDP REMHWRV FRQVLGHUDGRV WDPEpP VDJUDGRV FXMR GHOHLWH GHVVH HVSDoR p SHUPLWLGRVRPHQWHSDUDDOJXQVHVFROKLGRVRXWUDVYH]HVDELEOLRWHFD SULQFLSDOPHQWHQRVGLDVDWXDLVpYLVWDFRPRXPDLQVWLWXLomRHQYROWD SRU EXURFUiWLFRV SURFHVVRV GH GLVSRQLELOLGDGH j FRQVXOWD H j SHVTXLVD3DUHFHPHVPRVHUXPOXJDURQGHVHGHIURQWDRSUD]HUGD OHLWXUDGRFRQKHFLPHQWRHGDLQIRUPDomR

2DFHVVRjLQIRUPDomRSRGHVHUXPGRVHL[RVTXHSHUPHLDPRVLJQLILFDGRGH ³ELEOLRWHFD´XPDYH]TXHWHQGRRXQmRPXURVVHQGRRXQmRXPDFROHomRGHOLYURV RX PHVPR XP DUPiULR HP XPD HVFROD VXD IXQomR SULPRUGLDO p D GH JXDUGDU LQIRUPDo}HVHGLVSRQLELOL]iODVGHDFRUGRFRPFULWpULRVPDLVRXPHQRVUtJLGRVDXP S~EOLFRHVSHFtILFR$VVLPRFRQFHLWRGHLQIRUPDomRSRGHVHFRQILJXUDUFRPRFKDYH SDUD D FRPSUHHQVmR GD ILQDOLGDGH RULJLQDO GD ELEOLRWHFD 'H DFRUGR FRP -DFRE LQIRUPDomR

QmRpXPVLJQRHVLPXPDUHODomRHVWDEHOHFLGDHQWUHGRLVOXJDUHVR SULPHLURRTXHVHWRUQDXPDSHULIHULDHRVHJXQGRTXHVHWRUQDXP

FHQWURVREDFRQGLomRGHTXHHQWUHRVGRLVFLUFXOHXPYHtFXORTXH GHQRPLQDPRV PXLWDV YH]HV IRUPD PDV TXH SDUD LQVLVWLU HP VHX DVSHFWRPDWHULDOHXFKDPRLQVFULomRSJULIRVGRDXWRU

$LQIRUPDomRpDTXLORTXHVHOHYDGHXPOXJDUDRXWURVHPTXHVHQHFHVVLWH FDUUHJDUDPDWpULDpID]HUFRPTXHRRXWURVDLEDDTXLORTXHVHTXHUVDEHUVHPTXH QHFHVVDULDPHQWHYHMDRXWRTXHQRVLQGtFLRVPDWHULDLVGRTXHVHTXHUWUDQVPLWLU3DUD HVVD WUDQVPLVVmR H[LVWH XPD QHFHVVLGDGH GH DEVWUDomR GR HOHPHQWR TXH VH TXHU LQIRUPDUHVXDQRYDPDWHULDOL]DomRHPXPDQDUUDWLYDIRWRJUDILDRXHPXPLPSUHVVR HWFDILPGHTXHVHSRVVDDOFDQoDURPDLRUQ~PHURGHSHVVRDVHPPHQRVWHPSR HFRPPHQRVUHFXUVRV³$SURGXomRGHLQIRUPDo}HVSHUPLWHSRLVUHVROYHUGHPRGR SUiWLFR SRU RSHUDo}HV GH VHOHomR D FRQWUDGLomR HQWUH D SUHVHQoD QXP OXJDU H D DXVrQFLDGHVVHOXJDU´-$&2%S

ItVLFR RX DLQGD HP XP PHVPR HVSDoR DEVWUDWR FRQILJXUDQGRVH SRU PHLR GHVVD UHXQLmRGHPDWHULDLVGHOHLWXUDXPDELEOLRWHFDTXHVHHPXPHVSDoRItVLFRSRGHVH FRQVWLWXLU SRU XPDHVWDQWH GH OLYURV RUJDQL]DGDQRV FRUUHGRUHV GH XPDHVFROD RX SRUDPSODVDODSURYLGDGHHVWDQWHVEDOFmRPHVDVHFDGHLUDVHVHHPXPHVSDoR DEVWUDWR SRGH VH FRQVWLWXLU SRU XPD FROHomR GH OLYURV SXEOLFDGRV SRU XPD HGLWRUD TXHQmRQHFHVVLWDPHVWDUHPXPPHVPRHVSDoRItVLFRSDUDID]HUHPSDUWHGHXPD ELEOLRWHFD EDVWD TXH VH RUJDQL]HP D SDUWLU GH XPD WHPiWLFD HP FRPXP PDLV RX PHQRVDPSOD

$ ELEOLRWHFD HQTXDQWR LQVWLWXLomR RUJDQL]DGD HP XP HVSDoR ItVLFR DVVXPH WDPEpPLPSRUWDQWHIXQomRFXOWXUDOSDUDDVRFLHGDGHXPDYH]TXHVHFRQVWLWXLFRPR HVSDoR GH OHLWXUD H DGTXLUH FDUiWHU HVSHFtILFR FRP UHJUDV FODUDV WRUQDQGRVH DR ORQJRGRWHPSRXPHVSDoREXVFDGRSDUDVHOHUHPVLOrQFLRHUHDOL]DUSHVTXLVDVGDV PDLVGLYHUVDVQDWXUH]DVHPWHPSRVHHVSDoRVGLVWLQWRVPDVFRPFDUDFWHUtVWLFDVHP FRPXP

$SHVDU GDV LQ~PHUDV PXGDQoDV TXH HVVHHVSDoR ItVLFR RX QmR FXOWXUDO DGTXLULX GHVGH D IDPRVD ELEOLRWHFD GH $OH[DQGULD DWp RV GLDV DWXDLV HP TXH VH GLVSRQLELOL]DPDFHUYRVGLJLWDLVHPWRGDVDVSDUWHVGRPXQGRD³ELEOLRWHFD´JXDUGD DLQGDVXDIXQomRSULQFLSDOGHWUDQVPLWLULQIRUPDo}HVHGHGLVVHPLQDUFXOWXUDHGHWpP GHVGHVHXLQtFLRPXLWRVVHQWLGRVTXHVHDWULEXHPDHOD

3RGHPRV WHQWDU FRPSUHHQGHU R VLJQLILFDGR GDV ELEOLRWHFDV D SDUWLU GRVPXLWRVVHQWLGRVDWULEXtGRVjVPHVPDV'HVHXVHQWLGRRULJLQDO HVWDEHOHFLGR QD $QWLJXLGDGH GH GHSyVLWR GH WH[WRV HVFULWRV RUGHQDGRVSRUPHLRGHXPDFROHomRGHURORVGHSDSLURSHUJDPLQKRV RXOLYURVHQWHQGHVHTXHDELEOLRWHFDUHSUHVHQWDHUHIOHWHRSDSHOGRV WH[WRVFRPRDOJRYDOLRVRSDUDVHUJXDUGDGR628=$S

XVR GD ELEOLRWHFD HP XP GHWHUPLQDGR FRQWH[WR HVSHFtILFR p IDWRU GHILQLWLYR SDUD GHWHUPLQDU D LPSRUWkQFLD TXH HVVH HVSDoR REWpP H FRPR VH FRORFD HP XPD UHDOLGDGH ORJR p WDPEpP IDWRU TXH GHILQH R FRQFHLWR GH ³ELEOLRWHFD´ SRLV HVWD Vy DJUHJDVHQWLGRXPDYH]TXHpXWLOL]DGDSDUDILQVGHWHUPLQDGRV

'HVVDIRUPDSDUDHVWXGDURFRQFHLWRGHELEOLRWHFDGHYHVHHPSULPHLUROXJDU FRPSUHHQGHU FRPR DV SHVVRDV VHDSURSULDP &+$57,(5 GRV HOHPHQWRV DSUHVHQWDGRV QHVVH HVSDoR VHMDP HOHV FXOWXUDLV VRFLDLV RX LQIRUPDWLYRV VHQGR R HVSDoR XP HVSDoR FRQFUHWR H ItVLFR RX PHVPR XP HVSDoR DEVWUDWR H LQYLVtYHO FRQVWLWXtGRSRUXPDIRUPDGHDJUXSDPHQWRSUHYLDPHQWHGHILQLGDSRUXPDHGLWRUDRX DXWRU RUJDQL]DGRU FRPR QR FDVR GDV FROHo}HV GHQRPLQDGDV ³ELEOLRWHFDV VHP PXURV´&+$57,(5

$OHLWXUDHDHVFULWDDGTXLUHPIXQomRUHOHYDQWHQHVVHFRQWH[WRXPDYH]TXH VHQGR XPD GHSHQGHQWH GD RXWUD SRLV Vy VH HVFUHYH SDUD TXH DOJXpP SRVVD OHU SRVWHULRUPHQWH H Vy VH Or DTXLOR TXH Mi IRL HVFULWR SRLV p D SDUWLU GHODV TXH D LQIRUPDomR FRQWLGD HP XPD ELEOLRWHFD VH PDWHULDOL]D WRUQDQGRVH GLVSRQtYHO DR OHLWRUTXHHVWiOLYUHSDUDID]HUDOHLWXUDTXHMXOJDUFRQYHQLHQWHGRPDWHULDOGLVSRQtYHO HPXPH[HUFtFLRFRQVFLHQWHRXQmRGHVHOHomRORFDOL]DomRUHGXomRHUHIOH[mR

/XJDU GD PHPyULD QDFLRQDO HVSDoR GH FRQVHUYDomR GR SDWULP{QLR LQWHOHFWXDOOLWHUiULRHDUWtVWLFRXPDELEOLRWHFDWDPEpPpRWHDWURGH XPDDOTXLPLDFRPSOH[DHPTXHVRERHIHLWRGDOHLWXUDGDHVFULWDH GH VXD LQWHUDomR VH OLEHUDP DV IRUoDV RV PRYLPHQWRV GR SHQVDPHQWR e XP OXJDU GH GLiORJR FRP R SDVVDGR GH FULDomR H LQRYDomR H D FRQVHUYDomR Vy WHP VHQWLGR FRPR IHUPHQWR GRV VDEHUHV H PRWRU GRV FRQKHFLPHQWRV D VHUYLoR GD FROHWLYLGDGH

LQWHLUD-$&2%S

)D]HU XVR GD OHLWXUD RUJDQL]DU OLYURV HP XPD HVWDQWH WUDQVPLWLU FXOWXUD SRU PHLR GH XP LPSUHVVR HOHQFDU PDWHULDO SDUD XPD FROHomR VHOHFLRQDU LGHLDV SDUD FRPSRU XP OLYUR VLQWHWL]DU FRQFHLWRV SDUD PRQWDU XPD LGHLD HQWUH RXWUDV VmR SUiWLFDVFXOWXUDLVKXPDQDVTXHWDQJHPDELEOLRWHFDHQTXDQWRLQVWLWXLomREHPFRPR HQTXDQWR FRQFHLWR DEVWUDWR PDWHULDOL]DGR HP HOHPHQWRV ItVLFRV (VVH FRQMXQWR GH SUiWLFDV FXOWXUDLV TXH ID] FLUFXODU D QHFHVVLGDGH GHREWHU H WUDQVPLWLU LQIRUPDomR WRUQDDELEOLRWHFDWDQWRSRVVtYHOFRPRQHFHVViULDQDPHGLGDHPTXHDRUJDQL]DomR GH PDWHULDLV GH OHLWXUD SURGX]LGRV SHUPLWH D FRQVWLWXLomR GH XPD ELEOLRWHFD H D H[LVWrQFLD GHOD SRVVLELOLWD R DFHVVR DR FRQKHFLPHQWR SDUD D IRUPXODomR GH QRYDV LGHLDV H FRQFHLWRV ID]HQGR FRP TXH D ELEOLRWHFD VH DOLPHQWH FRP VHX SUySULR FRQWH~GR

/HU QXPD ELEOLRWHFD p LQVWDXUDU XPD GLDOpWLFD FULDGRUD HQWUH D WRWDOLGDGH H VXDV SDUWHV HQWUH D SURPHVVD GH XPD PHPyULD XQLYHUVDO PDV TXH XOWUDSDVVD R ROKDU GH WRGR R LQGLYtGXR H RV LWLQHUiULRV SDFLHQWHV SDUFLDLV H DWtSLFRV GHVHQYROYLGRV SRU FDGD OHLWRUeWHQWDUFRQFLOLDUXPGHVHMRGHXQLYHUVDOLGDGHHDQHFHVVLGDGH GH HVFROKD GH VHOHomR DWp PHVPR GH HVTXHFLPHQWR FRPR DV SUySULDVFRQGLo}HVGHOHLWXUDHGRSHQVDPHQWR-$&2%S

4XDQGR R OHLWRU DGHQWUD D ELEOLRWHFD GHSDUD FRP XPD TXDQWLGDGH GH OLYURV PXLWRPDLRUGRTXHDVXDFDSDFLGDGHGHOHUDOFDQoD1HVVHPRPHQWRRFRUUHXPD VHQVDomRGHGHVOXPEUHFRQVFLHQWHRXQmRSURYRFDGDSHODJUDQGH]DLPSRVWDSHOR DPELHQWH e XP PRPHQWR GH GHIURQWDU R DPSOR H LQLFLDU XP HVIRUoR GH VHOHomR PRYLGR SHOD HVFROKD TXH SRGH VHU WDQWR REMHWLYD TXDQWR VXEMHWLYD H UHVXOWD QD ORFDOL]DomRGRVPDWHULDLVHVFROKLGRVHVHOHomRGDVLQIRUPDo}HVDVHUHPDEVRUYLGDV -$&2%

$ELEOLRWHFDHQTXDQWRHVSDoRGHOHLWXUDSURSRUFLRQDDRLQGLYtGXRDFRQGLomR GH FRQKHFHU XPD DPSOLWXGH GH OLYURV VREUH GHWHUPLQDGR DVVXQWR H DSHVDU GD LPSRVVLELOLGDGHGHVHFULDUXPDELEOLRWHFDXQLYHUVDOFRPWRGRVRVOLYURVSXEOLFDGRV QRPXQGRSURYRFDDVHQVDomRGHPDJQLWXGHFXOWXUDOSRUWHUJUDQGHSRWHQFLDOGH SURSRUFLRQDUDFHVVRjFXOWXUD

2WUDEDOKRQDELEOLRWHFDpRGRUHFXUVRDRVOLYURVFRPRGHSyVLWRGH FRQKHFLPHQWRV FRPR HWDSD QD JHUDomR GH QRYRV OLYURV H QRYRV VDEHUHV R WUDEDOKR VREUH D ELEOLRWHFD p R TXH REMHWLYD FDSWXUDU RV HIHLWRV FRJQLWLYRV LQHUHQWHV j DFXPXODomR GRV OLYURV D VXD PDWHULDOLGDGH DRV ODoRV TXH WHFHP HQWUH VL H FRP R PXQGR H TXH SHUPLWHPDIRUPDomRGHJHUDo}HVGHOHLWRUHVVHMDPHVSHFLDOL]DGRV ± SURIHVVRUHV LQWHOHFWXDLV OLWHUDWRV VHMD R GR OHLWRU FRPXP 1(5<S

(VWXGDUDELEOLRWHFDHQTXDQWRHVSDoRGHIRUPDomRHGLVVHPLQDomRGHFXOWXUD p REVHUYiOD VRE XPD yWLFD TXH YDL DOpP GRV DVSHFWRV ItVLFRV TXH H[LVWHP QHVVH HVSDoR p DVVXPLU R SDSHO GH LQYHVWLJDGRU TXH HVWi HP EXVFD GH GHVYHQGDU DV SUiWLFDVFXOWXUDLVTXHH[LVWLUDPQHVVHHVSDoRDEVRUYHUVXDPDWHULDOLGDGHDQDOLViOD H FRQVLGHUDU DV IRUPDV GHDSURSULDomR TXH VHXV XVXiULRV OHLWRUHV SRU GHILQLomR WLYHUDPVREUHVHXDFHUYRHVREUHVHXHVSDoR

eSUHFLVRREVHUYDUGXDVIXQo}HVLQLFLDLVTXHSHUPHLDPDELEOLRWHFDXPDTXH VHUHIHUHjVHOHomRHDRUHFRUWHGDJUDQGHTXDQWLGDGHGHSXEOLFDo}HVFRQVLGHUDGDV DSURSULDGDVDROHLWRUTXHIRUDPVHOHFLRQDGDVHDGTXLULGDVDSDUWLUGHXPDLGHRORJLD SUpGHILQLGD GH PRGR D RUJDQL]DU H GLVSRU GH PDQHLUD TXH VH FRQVLGHUH D PDLV DGHTXDGDDRFRQMXQWRGHPDWHULDLVGHOHLWXUDGLVSRQtYHOHRXWUDTXHFRQVLGHUDHVVH HVSDoRHQTXDQWRLQVWLWXLomRGHIRUPDomRHGHVHQYROYLPHQWRGRLQGLYtGXRHWDPEpP GDVVRFLHGDGHV1(5<S

'HILQHVH SHOD OLJDomR GLDOpWLFD HQWUH R TXH -DFRE FKDPD GH XP SURMHWR XWySLFR GH DJUXSDU HP XP PHVPR HVSDoR WRGR R SHQVDPHQWR KXPDQR WUDGX]LGR HP OLYURV H DV UHVWULo}HV LPSRVWDV SHORV DVSHFWRVItVLFRV FRPRHVSDoR FRQVHUYDomRGLVSRVLomRHFRPXQLFDomRGRVWH[WRV(DRPHVPRWHPSRFRQILJXUD VH FRPR XP ³GHVtJQLR LQWHOHFWXDO´ XP SURMHWR XP FRQFHLWR TXH DWULEXL VHQWLGR H VLJQLILFDGRjVSUiWLFDVGHOHLWXUDHVFULWDHLQWHUSUHWDomR3DUD-DFRE³>@XPD ELEOLRWHFD QmR p QHFHVVDULDPHQWH XP HGLItFLR FRPR QRV PRVWUDP DV HVWDQWHV GH $OH[DQGULD RX RV SURYHGRUHV GLGiWLFRV TXH WUDQVPLWHP KRMH j GLVWkQFLD OLYURV RX DUWLJRVGLJLWDOL]DGRV´S

GHILQLGR SRU $OH[DQGULD PDUFRX XPD LGHQWLGDGH FXOWXUDO H FRQFHLWXRX D LGHLD GH ELEOLRWHFDWDOFRPRVHWHPKRMH$ELEOLRWHFDpXPHVSDoRXPDLQVWLWXLomR

±%LEOLRWHFDV(VFRODUHV±DVSHFWRVKLVWyULFRV

e LPSUHVFLQGtYHO GLVFXWLU D DPSOLWXGH D TXH VH DWULEXL R WHUPR%LEOLRWHFD H HVFODUHFHUQHVWHSRQWRTXHDELEOLRWHFDTXHVHGLVFXWHQHVWHWH[WRpDTXHODTXHVH FRQVWLWXLFRPRHVSDoRItVLFRGHVWLQDGDjIRUPDomRGHSURIHVVRUHVFRQWHQGROLYURV GHHGXFDomRPDQXDLVGHHQVLQRHPHVPRELEOLRWHFDVSHGDJyJLFDVDJRUDVLPQR VHQWLGRGHFROHomRGHOLYURVFRPRDVTXHFRPHoDPDVHUHPHGLWDGDVQDVSULPHLUDV GpFDGDVGR VpFXOR ;; HP XPPRYLPHQWR GH LQVWDXUDomR GD SHGDJRJLD FKDPDGD ³(VFROD1RYD´

$V SULPHLUDV ELEOLRWHFDV GDV (VFRODV 1RUPDLV FRPHoDP D VH FRQVWLWXLUGHIDWRDSDUWLUGDDPSOLDomRGDVHVFRODVGHIRUPDomRGH SURIHVVRUHV HP 6mR 3DXOR HP PRPHQWR HP TXH SDVVDP D FRQWDU FRP UHFXUVRV HVSHFtILFRV SDUD D DTXLVLomR GH OLYURV H GH PyYHLV2HVWXGRGDRUJDQL]DomRGHWDLVELEOLRWHFDVYROWDGDVSDUDD IRUPDomR GR SURIHVVRU WUD] D WRQD HOHPHQWRV FRQVWLWXWLYRV GD IRUPDomR FXOWXUDO H SHGDJyJLFD H GR HVWDEHOHFLPHQWR GH SUiWLFDV HVSHFtILFDVTXHSHUPLWHPXPDPHOKRUFRPSUHHQVmRGRSHUtRGRHP

IRFR1(5<S

(VVHHVIRUoRGHFRQVWLWXLUXPDELEOLRWHFDHVFRODUHPFDGDHVFRODGHIRUPDomR GH SURIHVVRUHV TXH VH LQLFLD SRU YROWD GH QR %UDVLO Mi KDYLD VH LQLFLDGR DQWHULRUPHQWHGHPDQHLUDVHPHOKDQWHHPSDtVHVHXURSHXVFRPRQD)UDQoDTXHHP VH SURPXOJD D OHL *XL]RW TXH REULJD FDGD PXQLFtSLR D FULDU H PDQWHU XPD HVFRODQRSUD]RGHVHLVDQRV(PGHFRUUrQFLDGHVVDOHLHGDFRQVHTXHQWHFULDomR GHFDVDVHVFRODVHPGLYHUVRVPXQLFtSLRVDRORQJRGRVDQRVHPR0LQLVWUR GD,QVWUXomR3~EOLFD*XVWDYH5RXODQGGHPRQVWUDHVWDUVDWLVIHLWRFRPDFULDomRGDV HVFRODVHPDFRUGRFRPDOHJLVODomRFRPVDODVGHDXODDPSODVHHPFRQGLo}HVGH DVVHJXUDUDKLJLHQH

'H DFRUGR FRP +pEUDUG ³RV SURIHVVRUHV QmR VDELDP DGPLQLVWUDU VHX SDWULP{QLR LQVWUXPHQWDO SUHVHUYiOR GRV GHVJDVWHV GR WHPSR H GDV PDQLSXODo}HV GRV DOXQRV´ S $ ILP GH VROXFLRQDU HVVH SUREOHPD *XVWDYH 5RXODQG GHWHUPLQRX TXH FDGD SUHIHLWR LQVWDODVVH QDV SDUHGHV HVFRODV XP PRELOLiULR TXH DVVHJXUDVVH D FRQVHUYDomR GRV OLYURV H PDWHULDLV GH HQVLQR GDV HVFRODV 6XUJH DVVLPDELEOLRWHFDDUPiULRXPPyYHOIL[DGRQDSDUHGHFRPEDWHQWHVPHWURGH ODUJXUDHPGHDOWXUD$VSRUWDVSRGHULDPVHUFRPSOHWDGDVFRPYLGURVRXFRP PDGHLUDHQWUHRVEDWHQWHV2REMHWLYRGDFULDomRGHVVDVELEOLRWHFDVDUPiULRQmRp RXWUR VHQmR R PHVPR TXH LPSXOVLRQRX D FULDomR GH ELEOLRWHFDV SRSXODUHV GHVWLQDGDVDRVWUDEDOKDGRUHVDILPGHWRUQDURVOLYURVDFHVVtYHLVDHVVDFDPDGDGD SRSXODomR

'H DFRUGR FRP +pEUDUG R 0LQLVWUR5RXODQG GLIXQGH D LGHLD GH XPD HVFRODFRPPDLRUSRGHUGHDFXOWXUDomRGRVDOXQRVHGDSRSXODomRHPXPSHUtRGR HPTXHRFOLPDpHPIDYRUGDVELEOLRWHFDVPXQLFLSDLVFRQIRUPHRSLQLmRS~EOLFDHR GLYXOJDGRSHORVMRUQDLV2JRYHUQRVHHQJDMDHQWmRHPXPPRYLPHQWRGHDVVHJXUDU DSDUWLFLSDomRGRVSURIHVVRUHVSULPiULRVRTXHDFDERXSRUFRQTXLVWDUDKRVWLOLGDGH GD RSLQLmR ERQDSDUWLVWD DR ORQJR GR LPSpULR VHQGR DFXVDGRV LQFOXVLYH GH FDXVDGRUHVGHSUREOHPDV

'HQWUH DV LQ~PHUDV VXJHVW}HV GRV SURIHVVRUHV TXDQGR TXHVWLRQDGRV HP SHVTXLVDVVREUHDLPSRUWkQFLDHFRQVWLWXLomRGDVELEOLRWHFDVFHUFDGHXPWHUoRGRV TXHUHVSRQGHUDPjSHVTXLVDGHHUDPDIDYRUGDFULDomRGHELEOLRWHFDV SRSXODUHV'HVWHVIDYRUiYHLVjFULDomRGHVVDVELEOLRWHFDVDSHQDVVXJHULUDP TXHHODVIRVVHPFRQWURODGDVSRUSURIHVVRUHVSULPiULRVJUDWXLWDPHQWHVROXomRHVVD TXH IRL DGRWDGD SHOR 0LQLVWUR DR WUDQVIRUPDU D ELEOLRWHFDDUPiULR HP XPD LQVWLWXLomRD%LEOLRWHFD(VFRODU

'XDV IXQo}HV VmR GH LQtFLR DWULEXtGDV D HVVD ELEOLRWHFD GH XPD IRUPD HIHWLYDPHQWH RULJLQDO VDOYDJXDUGDU RV PDQXDLV GLGiWLFRV H SDUWLFXODUPHQWH RV TXH D HVFROD SRGHUi GRUDYDQWH HPSUHVWDU jV FULDQoDVQHFHVVLWDGDVGLVSHQVDGDVGHSDJDUDFRQWULEXLomRHVFRODU RV DOXQRV³JUDWXLWRV´HPSUHVWDU jVIDPtOLDV OLYURV H[SUHVVDPHQWH

SUHYLVWRVSDUDHVVHILP+e%5$5'S

SUREOHPDVGLVWLQWRVTXHWRUQDPLQHILFD]HVDVUHIRUPDVHVFRODUHV2SULPHLURpHP UHODomR DR GHVHQYROYLPHQWR GR PpWRGR VLPXOWkQHR QDV HVFRODV 3DUD VHU EHP VXFHGLGR R PpWRGR UHTXHU TXH WRGRV RV DOXQRV WHQKDP RV PHVPRV OLYURV &RPR PXLWDVIDPtOLDV QmR WLQKDP FRQGLo}HVGH FRPSUDU R PDWHULDO D LPSOHPHQWDomRGR PpWRGR ILFDYD GLItFLO SRUpP FRP D FRWL]DomR YROXQWiULD HPSUHJDGD DRV DOXQRV SDJDQWHV SDUD R XVR GD ELEOLRWHFD DFUHVFLGD GH XPD VXEYHQomR PXQLFLSDO HVVH PDWHULDOSRGHULDVHUFRPSUDGRSDUDRVDOXQRV³JUDWXLWRV´

2 VHJXQGR UHIHUHVH DR DFHVVR GHVVH DFHUYR WDPEpP DRV DGXOWRV TXH SRGHULDPID]HUHPSUpVWLPRVQDVELEOLRWHFDVHVFRODUHV&RPRDFHVVRDHVVHVOLYURV DVIDPtOLDVUXUDLVSRGHULDPUHDOL]DUOHLWXUDVSDUDRFXSDURWHPSRRFLRVRQDVORQJDV YLJtOLDVGHLQYHUQRHYLWDQGRDSURPLVFXLGDGHGHVVDVSHVVRDVJUDQGHSUHRFXSDomR GD LJUHMD H RIHUHFHQGR D SRVVLELOLGDGH GH GHVHQYROYHU R KiELWR GH OHU OLYURV FRQVLGHUDGRVGHTXDOLGDGH

$ FRPSHWLomR FRP R PHUFDGR HGLWRULDO p FRPSOLFDGD SRLV HVVH PHUFDGR LQYHVWH QD GLVWULEXLomR GH OLYURV TXH DWHQGHP jV H[SHFWDWLYDV GRV OHLWRUHV QmR OHWUDGRVTXHGHYHPVHUVXEVWLWXtGRVGHDFRUGRFRPD,JUHMDHFRPR0LQLVWURSHORV ERQV OLYURV 3DUD D ,JUHMD HVVHV VHULDP RV OLYURV GH SLHGDGH H SDUD R 0LQLVWUR D HVFROKD GRV ERQV OLYURV GHYH VHU PDLV HVFODUHFLGD 'HVVD IRUPD IRL LPSODQWDGD DPSODFHQVXUDHPUHODomRDRTXHVHULDRIHUHFLGRQHVVDVELEOLRWHFDVHVFRODUHVDILP GH GLVSRQLELOL]DU DSHQDV OLYURV TXH GH DFRUGR FRP R MXOJDPHQWR GD ,JUHMD RIHUHFHVVHPjSRSXODomRLGHLDVYHUGDGHLUDPHQWHViELDVSURYLQGDV GH VHQWLPHQWR QDFLRQDOHLPSDUFLDOLGDGH

7HQWDQGRDSDUWDUDFROSRUWDJHPDVVLPFRPRRJDELQHWHGHOHLWXUDDV ELEOLRWHFDV ID]HP GR LPSUHVVR XP REMHWR FRQWURODGR HP VXD SURGXomRHGLIXVmRPDVWDOYH]PDLVDLQGDWHUULWRULDOL]DQGRHPVHX XVR &RQWUDULDPHQWH DR OLYUR FRPSUDGR RX HPSUHVWDGR QDV UHGHV KDELWXDLV QDV VRFLHGDGHV GH OHLWXUD SULYDGDV RX FRPHUFLDLV R OLYUR OLGR QD RX SHOD ELEOLRWHFD VH LPS}H DR OHLWRU HP XP HVSDoR H XPD WHPSRUDOLGDGHTXHSRXFROKHSHUWHQFHP7RGDDSURSULDomRFRQFUHWD UHDORXVLPEyOLFDGRREMHWRFRQVHUYDomRSDUDUHOHLWXUDFRPHQWiULR DQRWDomRHWFpSURLELGDDTXHPHPSUHVWDROLYURHSRGHPHVPRVHU VDQFLRQDGD7RGDUHFLSURFLGDGHQDWURFD±TXHVHVDEHpSUySULDGDV VRFLHGDGHVGHOHLWXUDOHWUDGDVRXQmR±FKRFDVHFRPRDQRQLPDWR GR HPSUpVWLPR H D QHFHVViULD URWDomR GDV REUDV )D]HU GR OHLWRU PHVPR TXH Mi WHQKD VDtGR GR FLUFXLWR GD HVFRODUL]DomR XP OHLWRU DFRPSDQKDGR WHPVH Dt R REMHWLYR FHQWUDO GD LPSODQWDomR GDV

$VVLPVHQGRpSRVVtYHODILUPDUTXHRIHUHFHUjSRSXODomROLYURVSURYHQLHQWHV GHXPDELEOLRWHFDSHUPLWHTXHDTXHOHVTXHWrPRSRGHUGHFRQWURODUDVHQWUDGDVH DVVDtGDVGHOLYURVH[HUFHPWDPEpPRFRQWUROHVREUHRTXHDVSHVVRDVTXHXWLOL]DP HVVH VHUYLoR OHHP H FRPR HODV ID]HP XVR GHVVH PDWHULDO DFUHGLWDQGRVH GHVVD IRUPDFRQWURODURWLSRGHLQIRUPDomRTXHFKHJDQDVFDVDVGDVIDPtOLDVHRFRQWH~GR GRRSLQLmRS~EOLFDTXHVHGHVHMDIRUPDU'HVVDIRUPDDFROSRUWDJHPYHQGDGHOLYURV GH SRUWD HP SRUWD SHUGHULD WHUUHQR SRLV D SRSXODomR WHULD DFHVVR DRV OLYURV GD ELEOLRWHFD2LQWHUHVVHHPIRUPDUHVVDVELEOLRWHFDVpJUDQGHHR0LQLVWURPRVWUDVHX HVIRUoRPDLVXPDYH]TXDQGRHPHQWUHJDXPORWHGHOLYURVDRVPXQLFtSLRVTXH WLQKDPDELEOLRWHFDDUPiULRQDVHVFRODV

³1RGLDGHIHYHUHLURLQGLFDVHDRVUHLWRUHVTXHDVREUDVFRPSUDGDVSHOR JRYHUQR ± XP RUoDPHQWR GH IUDQFRV IRL OLEHUDGR SDUD HVVH ILP ± IRUDP UHXQLGDV HP XPD FROHomR D %LEOLRWHFD GR &DPSR GD TXDO R 0LQLVWUR FXLGD SHVVRDOPHQWH´ +e%5$5' S (VVD FROHomR DSUHVHQWD REUDV VHOHFLRQDGDV HVSHFLDOPHQWH SDUD VHUHP OLGDV SHODV SHVVRDV GR FDPSR FRQWHQGR OLYURVGHYXOJDUL]DomRFLHQWtILFDDGDSWDGDVDRPHLRUXUDOOHLWXUDVSDUDDVKRUDVGH YLJtOLD H DV REUDV GR ,PSHUDGRU $ SDUWLU GHVVH PRPHQWR RV PXQLFtSLRV WrP D SRVVLELOLGDGHGHFRORFDUHPIXQFLRQDPHQWRD%LEOLRWHFD(VFRODUSDUDLVVREDVWDTXH RPXQLFtSLRSURYHTXHLQVWDORXDGHTXDGDPHQWHRDUPiULRHSRVVXDRVPDQXDLVGH HQVLQRHPTXDQWLGDGHVXILFLHQWHDRVDOXQRVTXHUHFHEHUiRVOLYURVSDUDLQDXJXUDU VXDELEOLRWHFD

&ULDPVHDVVLPDVSULPHLUDV%LEOLRWHFDV(VFRODUHVQD(XURSDGR VpF ;,; 8PD VRFLHGDGH TXH FODUDPHQWH PDQLIHVWD VXD SUHRFXSDomR FRP D HGXFDomR H D DFXOWXUDomR GDV SRSXODo}HV VRFLDOPHQWH PHQRV SULYLOHJLDGDV H FRQVLGHUD DV ELEOLRWHFDVHVFRODUHVFRPRIRUPDGHWRUQDUDFHVVtYHLVRVOLYURVjSRSXODomRFRPD SRVVLELOLGDGHGHH[HUFHURFRQWUROH

IXQo}HV GD HGXFDomR VH IRUPD H D UHOHYkQFLD GDGD DR HVWXGR j SHVTXLVD H j UHDOL]DomRGHOHLWXUDVGHPDQXDLVGHHQVLQRSRUPHLRGRVSURIHVVRUDQGRVDOXQRV GDV(VFRODV1RUPDLVSDVVDDVHUPXLWRJUDQGH9,'$/

)HUQDQGR GH$]HYHGR DR DVVXPLU D 'LUHomR*HUDO GD ,QVWUXomR 3~EOLFD GR 'LVWULWR)HGHUDOLQLFLRXXPWUDEDOKRHPSUROGDFULDomRGHHVSDoRVGHSUHVHUYDomR GD FXOWXUD EUDVLOHLUD &RPR XPD GDV UHVROXo}HV ³$ SDUWLU GH FDGD HVFROD ILFDYDREULJDGDDPDQWHUGXDVELEOLRWHFDVHVFRODUHVXPDSDUDDOXQRVHRXWUDVSDUD SURIHVVRUHV´,GHPS

'HVVD PDQHLUD ILFD HYLGHQWH TXH D SUHRFXSDomR FRP D OHLWXUD SRU PHLR GH DOXQRVHSURIHVVRUHVHPIXQomRGHXPDPDLRUGLVVHPLQDomRGHFXOWXUDHUDXPGRV SUHVVXSRVWRVGHIHQGLGRVSHORVLGHDOL]DGRUHVGRPRYLPHQWR(VFROD1RYD

2QRYRFRQFHLWRGHIRUPDomRGHSURIHVVRUHVSURSRVWRSHODUHIRUPD DQLVLDQDLQIOXtDGHFLVLYDPHQWHSDUDDDPSOLDomRGDVFRQVXOWDVHGR Q~PHURGHREUDVGDELEOLRWHFDGR,QVWLWXWR2VLVWHPDGHHQVLQR>«@ HUD GH VHPLQiULRV (VWDYDP SULYLOHJLDGDV DV DWLYLGDGHV GH OLYUH SHVTXLVD ELEOLRJUiILFD RX H[SHULPHQWDO VREUH WHPDV VXUJLGRV HP VDODGHDXOD$SHVTXLVDHUDVHJXLGDGHGLVFXVV}HVHDQiOLVHVVREUH R PDWHULDO FROHWDGR 2 KiELWR GD OHLWXUD GD LQYHVWLJDomR HP IRQWHV

VHFXQGiULDVHUDHVWLPXODGR9,'$/S

$ ILP GH ID]HU FRP TXH RV DOXQRV IUHTXHQWDVVHP D ELEOLRWHFD R 'LUHWRU GD (VFROD 6HFXQGiULD HUD HQFDUUHJDGR GH LQFOXLU QR KRUiULR GRV DOXQRV WHPSR GHVWLQDGRjSHVTXLVDQDELEOLRWHFDUHODFLRQDGDDRVWHPDVWUDEDOKDGRVHPDXOD2 PDWHULDOSHVTXLVDGRSHORVDOXQRVHUDGLVFXWLGRHPDXODHDOHLWXUDHDSHVTXLVDGH IRQWHVGRFXPHQWDLVHUDPDVVLPHVWLPXODGDV9,'$/S$VHVWDWtVWLFDV PRVWUDYDP TXH FRP HVVD LQLFLDWLYD R Q~PHUR GH FRQVXOWDV GHQWUR GD ELEOLRWHFD H[FHGLDDRQ~PHURGHUHWLUDGDV

(VVDV HVWUDWpJLDV GH GLVVHPLQDomR GH FXOWXUD SRGHP VHU UHIOHWLGDV QD LQWHQFLRQDOLGDGHTXHVHFRQILJXUDSHODSURSULDFULDomRGHVVDVELEOLRWHFDVQDPHGLGD HP TXH ³>@ FRQVWLWXHP UHSHUWyULRV VHOHFLRQDP FODVVLILFDP H GLVS}HP GLIHUHQWHV PDWHULDLVSDUDDUHDOL]DomRGDIRUPDomRGHQRYRVOHLWRUHVHVSHFLDOL]DGRV´1(5< S

SURIHVVRUHVDVHUHPIRUPDGRVFRPROLYURVOLWHUiULRVHGHOLWHUDWXUDLQIDQWLOGHYLGRDR SDSHOGRSURIHVVRUFRPRIRUPDGRUGHQRYRVOHLWRUHV

&$3Ë78/2,,±80$%,%/,27(&$&$7Ï/,&$3$5$)250$d­2'(

352)(6625(6

%LEOLRWHFDHIRUPDomRGHSURIHVVRUHV

$REXVFDUDUHDOLPSRUWkQFLDGDELEOLRWHFDFRPRHVSDoRItVLFRHLGHROyJLFRGH GLVVHPLQDomRGHFXOWXUDHLQIRUPDomRQDIRUPDomRGRFHQWHSRUPHLRGRHVWXGRGH GRFXPHQWRVRILFLDLVHSHVTXLVDVTXHWUDWHPGRDVVXQWRGLUHWDPHQWHRXPHVPRTXH DSUHVHQWHP LQGtFLRV TXH SRVVDP QRVPRVWUDU LQGLUHWDPHQWH FRPR VH FRQILJXURX R XVR GHVVHORFXV H TXDO VXD UHOHYkQFLD QD IRUPDomR GH SURIHVVRUHV p QHFHVViULR TXHRSHVTXLVDGRUDWHQKDVHDRIDWRGHTXHQHPVHPSUHRXVRDTXHVHGHVWLQRXR HVSDoRDRVHULGHDOL]DGRHFRQVWUXtGRIRLGHIDWRRXVRTXHUHDOPHQWHVHIH]GHOHH KiGHVHWHUFDXWHODDRUHDOL]DUHVVHWLSRGHHVWXGRSDUDQmRLQFRUUHUQRHTXtYRFRGH DILUPDU FDWHJRULFDPHQWH TXH RV XVRV IRUDP WDLV FRPR DSDUHFHP HP WH[WRV H GRFXPHQWRVRILFLDLV

3RURXWURODGRGHYHVHVDEHUUHFRQKHFHUDVOLPLWDo}HVFODUDVLPSRVWDVSHOR WHPSR HSHODVIDOWDVGHIRQWHVH GLVFXWLU DEHUWDPHQWH R DVVXQWR DSUHVHQWDQGR RV LQGtFLRVHQFRQWUDGRVQRVHVWXGRVGHRXWURVKLVWRULDGRUHVHHVWXGLRVRVLPSRUWDQWHV GRWHPDHDSUHVHQWDUDQiOLVHFDXWHORVDTXHPRVWUHFRPFODUH]DDLPSRUWkQFLDTXH VH GHX j ELEOLRWHFD HVFRODU QR kPELWR GD IRUPDomR GH SURIHVVRUHV QRV GLVFXUVRV RILFLDLVGLVFXWLQGRGHQWURGDVSRVVLELOLGDGHVDVSHFWRVFXOWXUDLVTXHHQYROYHUDPD DSURSULDomRGHSURIHVVRUDQGRVGRHVSDoRHPTXHVWmR

PDWHULDORXRXWURVDLQGDUHODFLRQDGRVjFXOWXUDORFDOHRXWHPSRUDOGDFRPXQLGDGH OHLWRUDTXHYHQKDDID]HUXVRGHVVHPDWHULDO'HDFRUGRFRP&KDUWLHUS

$OHLWXUDpVHPSUHDSURSULDomRLQYHQomRSURGXomRGHVLJQLILFDGRV 6HJXQGRDEHODLPDJHPGH0LFKHOGH&HUWHDXROHLWRUpXPFDoDGRU TXHSHUFRUUHWHUUDVDOKHLDV$SUHHQGLGRSHODOHLWXUDRWH[WRQmRWHP GHPRGRDOJXP±RXDRPHQRVWRWDOPHQWH±RVHQWLGRTXHOKHDWULEXL VHXDXWRUVHXHGLWRURXVHXVFRPHQWDGRUHV7RGDKLVWyULDGDOHLWXUD VXS}H HP VHX SULQFtSLR HVVD OLEHUGDGH GR OHLWRU TXH VH GHVORFD H VXEYHUWH DTXLOR TXH R OLYUR OKH SUHWHQGH LPSRU 0DV HVWD OLEHUGDGH OHLWRUDQmRpMDPDLVDEVROXWD(ODpFHUFDGDSRUOLPLWDo}HVGHULYDGD GDV FDSDFLGDGHV FRQYHQo}HV H KiELWRVTXH FDUDFWHUL]DPHPVXDV GLIHUHQoDVDVSUiWLFDVGHOHLWXUD

'HDFRUGRFRP&DUYDOKRS³$VHVWUDWpJLDVGHFRQIRUPDomRGDV SUiWLFDV HVFRODUHV PXLWRIUHTXHQWHPHQWHIUDFDVVDP H RVPDWHULDLV LPSUHVVRV TXH HODV SXVHUDP HP FLUFXODomR UHVLVWHP JDQKDQGR YLGD DXW{QRPD QDV URWLQDV HVFRODUHV´1HPVHPSUHXPPDWHULDOLPSUHVVRWHPVHXXVREDVHDGRQDTXLORTXHR DXWRUSUHYLDSDUDHOHDVVLPGHWHUPLQDURVXVRVSUHVFULWRVGHXPLPSUHVVRpWDUHID UHODWLYDPHQWH VLPSOHV FRQWXGR HVVD GHWHUPLQDomR QmR VDWLVIDUi QHP SRGHUi VHU FRQVLGHUDGD FRPRILGHGLJQDDR XVR TXH GHIDWRIRLIHLWR GHVVH PDWHULDO$ UHODomR HQWUHRVXVRVGHXPLPSUHVVRHVXDVSUHVFULo}HVpXPDUHODomRFRPSOH[D

7RGR LPSUHVVR DR VHU SURGX]LGR SURYpP GH XPD VpULH GH FDUDFWHUtVWLFDV SUHVFULWLYDV HP UHODomR jV FRQFHSo}HV GH HQVLQR TXH VH WHP H TXH VH TXHU WUDQVPLWLUPDVDSDUWLUGRPRPHQWRHPTXHHQWUDHPFLUFXODomRRLPSUHVVRSRGH SDVVDU D VHU XVDGR GH PDQHLUDV GLYHUVDV jTXHODV SUHVFULWDV SHORV VHXV LGHDOL]DGRUHVSRGHQGRLQFOXVLYHYDULDUPXLWRGHIRUPDVGHXWLOL]DomRHPHVSDoRVH WHPSRVGLIHUHQWHV³>@GHWHUPLQDUDVHVWUDWpJLDVSROtWLFDVSHGDJyJLFDVHHGLWRULDLV TXH SURGX]LUDP H IL]HUDP FLUFXODU XP LPSUHVVR p FRQGLomR QHFHVViULD PDV QmR VXILFLHQWHSDUDVHGDUFRQWDGRVVHXVXVRV´&$59$/+2S

DSHQDVSDUDDVSUHVFULo}HVLQVFULWDVQRVVDEHUHVSRUHOHVYHLFXODGRVQmRVHDWHQGR jVUHJUDVTXHHQYROYHPDGLIXVmRHDSURSULDomRGRVVDEHUHVEHPFRPRjVUHJUDV FXOWXUDOPHQWHHQUDL]DGDVQDVFRQFHSo}HVGHSHGDJRJLDTXHFRQILJXUDPIRUPDVGH DSURSULDomR

$V FRQFHSo}HV DFHUFD GR FRQFHLWR GH HQVLQDU H WDPEpP GH DSUHQGHU XP SRXFRPDLVWDUGHIRUDPVHQGRDOWHUDGDVQRSHQVDPHQWRGHHVWXGLRVRVGDHGXFDomR FRPRSDVVDUGRVDQRVHDHGXFDomRFRQVHTXHQWHPHQWHIRLVRIUHQGRDOWHUDo}HVHP VHXPRGRGHVHUSRVWDHPSUiWLFDDRORQJRGRVWHPSRVDSHVDUGHFRPRpVDELGR QHPVHPSUHWHUKDYLGRUHODomRGLUHWDHQWUHWHRULDHSUiWLFDVHGXFDFLRQDLV

$SyV SDVVDU SRU XPD IDVH GH ³PRQXPHQWDOLGDGH´ GXUDQWH D 5HS~EOLFD HP TXH ³DSUHQGHU YHQGR´ HUD XP GRV FHUQHV GD SHGDJRJLD HP TXHVWmR H DV FRQVWUXo}HVPRQXPHQWDLVGRVSUpGLRVHVFRODUHVGHL[DYDPFODUDDLPSRUWkQFLDTXHD 5HS~EOLFDGDYDjHGXFDomRDHVFRODFRPHoDDVHUSHQVDGDFRPRXPDPELHQWHGH H[SHULrQFLDVSUiWLFDVHPTXHSDUDDSUHQGHUpQHFHVViULRTXHDFULDQoDFRSLHOLo}HV HREVHUYHH[HPSORV$SHGDJRJLDFRPR³DUWHGHHQVLQDU´FRQIRUPHDILUPD&DUYDOKR HVWiIRUWHPHQWHOLJDGDjPDWHULDOLGDGHGRVLPSUHVVRVHREMHWRVXVDGRVQDHVFROD³$ DUWH GH HQVLQDU WRUQDVH ODUJDPHQWH GHSHQGHQWH GD FDSDFLGDGH GH REVHUYDU SDUD LPLWDU´SRVDOXQRVGRVFXUVRVGHPDJLVWpULRSUHFLVDYDPREVHUYDUDV DXODV GH SURIHVVRUHV Mi IRUPDGRV SDUD DVVLP DSUHQGHUHP D HQVLQDU GD PHVPD IRUPD TXH RV DOXQRV SULPiULRV SUHFLVDYDP YHU REMHWRV H PDWHULDLV GLYHUVRV SDUD DSUHQGHUHP