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PONTIFÍCIA UNIVERSIDADE CATÓLICA DE SÃO PAULO
PUC-SP
Abmael da Cruz Farias
ERRATA
Políticas públicas de acesso à educação superior, beneficiários, objetivos e resultados,
em Vitória da Conquista:
FIES e PROUNI
MESTRADO EM CIÊNCIAS SOCIAIS
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ĂĚŽƐ ĚŽ /ŶƐƚŝƚƵƚŽ EĂĐŝŽŶĂů ĚĞ ƐƚƵĚŽƐ Ğ WĞƐƋƵŝƐĂƐ ĚƵĐĂĐŝŽŶĂŝƐ ŶşƐŝŽ dĞŝdžĞŝƌĂ ;/EWͿ ŵŽƐƚƌĂŵƋƵĞŶŽƌĂƐŝů͕ŶŽƉĞƌşŽĚŽĚĞϮϬϬϬăϮϬϬϴ͕ƉƌŽĐƵƌĂƌĂŵĂĐĞƐƐĂƌĂůŐƵŵĂŝŶƐƚŝƚƵŝĕĆŽ ĚĞ ĞĚƵĐĂĕĆŽ ƐƵƉĞƌŝŽƌ ƵŵĂ ŵĠĚŝĂ ĂŶƵĂů ĂƉƌŽdžŝŵĂĚĂ ĚĞ ϰ͕ϵ ŵŝůŚƁĞƐϭ ĚĞ ĞƐƚƵĚĂŶƚĞƐ͕ ĚŽƐ ƋƵĂŝƐ͕ĞŵŵĠĚŝĂ͕Ϯϳ͕ϱйĐŽŶƐĞŐƵŝƌĂŵĂůĐĂŶĕĂƌƐĞƵƐŝŶƚĞŶƚŽƐ͕ƐĞŶĚŽϲϬйƉĞƌƚĞŶĐĞŶƚĞăĨĂŝdžĂ ĞƚĄƌŝĂ ĚĞ ϭϴ ă Ϯϰ ĂŶŽƐ Ğ Ž ƌĞƐƚĂŶƚĞ ĐŽŵ ŝĚĂĚĞ ĂĐŝŵĂ ĚĞƐƐĂ͘ ƋƵŝǀĂůĞ ĚŝnjĞƌ ƋƵĞ͕ ĚŽƐ Ϯϰ͕ϴ ŵŝůŚƁĞƐ ĚŽƐ ũŽǀĞŶƐ͕ ŶĂ ĨĂŝdžĂ ĞƚĄƌŝĂ ĞŶƚƌĞ ϭϴ Ğ Ϯϰ ĂŶŽƐ͕ ĚĞĨŝŶŝĚĂƐ ƉĞůĂ >Ğŝ ĚĞ ŝƌĞƚƌŝnjĞƐ Ğ ĂƐĞƐ ;>Ϳ ĐŽŵŽ ĨĂŝdžĂ ŝĚĞĂů ƉĂƌĂ ĞƐƐĞ ŶşǀĞů ĚĞ ĞĚƵĐĂĕĆŽ͕ ĂƉĞŶĂƐ ϯ͕ϯй ĐŽŶƐĞŐƵŝƌĂŵ ŝŶŐƌĞƐƐĂƌ ŶĞƐƐĞ ŶşǀĞů ĚĞ ĞŶƐŝŶŽ͘ EĂƐ /^ ƉĂƌƚŝĐƵůĂƌĞƐ͕ ƉŽƵĐŽ ŵĞŶŽƐ ĚĂ ŵĞƚĂĚĞ ĚŽƐ ƋƵĞ ĞŶƚƌĂŵ ŶŽ ƉƌŽĐĞƐƐŽ ĞĚƵĐĂĐŝŽŶĂů Ğŵ ƌĞĨĞƌġŶĐŝĂ ;ϰϮ͕ϬϯйͿ ĐŽŶƐĞŐƵĞ ĐŽŶĐůƵŝƌ Ž ĐƵƌƐŽ ĞƐĐŽůŚŝĚŽ͘ ŵ ŽƵƚƌĂƐ ƉĂůĂǀƌĂƐ͕ ŵĂŝƐ ĚĂ ŵĞƚĂĚĞ ĚĞƐŝƐƚĞ ƉŽƌ ĂůŐƵŵ ŵŽƚŝǀŽ͘ ƉĂƌƚŝƌ ĚĞƐƐĂƐ ŝŶĨŽƌŵĂĕƁĞƐ͕ƉŽĚĞͲƐĞŝŵĂŐŝŶĂƌƋƵĞĞdžŝƐƚĞƵŵĂĨĂŝdžĂĚĞĞdžĐůƵƐĆŽ͕ƐƵƉĞƌŝŽƌĂϵϬйĚŽƐũŽǀĞŶƐ Ğ ĂĚƵůƚŽƐ ďƌĂƐŝůĞŝƌŽƐ͕ ƋƵĞ ŶĆŽ ĐŽŶƐĞŐƵĞŵ ĂĐĞƐƐŽ ŽƵ Ă ƉĞƌŵĂŶġŶĐŝĂ ŶŽ ĞŶƐŝŶŽ ƐƵƉĞƌŝŽƌ͕ ĐŽŶƐŝĚĞƌĂŶĚŽ ŝŶĐůƵƐŝǀĞ͕ ĂƐ ǀĂŐĂƐ ŽĐŝŽƐĂƐ ƋƵĞ ƐĞ ĂŵƉůŝĂŵ ĂŶƚĞƐ Ğ ĚƵƌĂŶƚĞ Ž ƉƌŽĐĞƐƐŽ ĞĚƵĐĂĐŝŽŶĂů͘ KƵƚƌĂ ŝŶĨŽƌŵĂĕĆŽ ŝŶƚĞƌĞƐƐĂŶƚĞ ĞƐƚĄ ŶŽ ĨĂƚŽ ĚĞ ƋƵĞ ŵĂŝƐ ĚĞ ϳϰй ĚŽƐ ƋƵĞ ŝŶŐƌĞƐƐĂŵŶŽƚĞƌĐĞŝƌŽŐƌĂƵƐĞĚŝƌŝŐĞŵƉĂƌĂ/^ƉĂƌƚŝĐƵůĂƌĞƐ͘ĠĞdžĂƚĂŵĞŶƚĞŶĞƐƐĞƵŶŝǀĞƌƐŽ͕ ĨŽĐĂĚŽ Ğŵ ƐƚƵĚĂŶƚĞƐ Ğ /ŶƐƚŝƚƵŝĕƁĞƐ ĚĞ ŶƐŝŶŽ ^ƵƉĞƌŝŽƌ ƉƌŝǀĂĚĂ͕ ƋƵĞ Ž &ƵŶĚŽ ĚĞ &ŝŶĂŶĐŝĂŵĞŶƚŽ ĚŽ ƐƚƵĚĂŶƚĞ ĚŽ ŶƐŝŶŽ ^ƵƉĞƌŝŽƌ ;&/^Ϳ Ğ Ž WƌŽŐƌĂŵĂ hŶŝǀĞƌƐŝĚĂĚĞ ƉĂƌĂ dŽĚŽƐ;WZKhE/Ϳ͕ĂƚƵĂŵ͕ĚĞƐƉĞƌƚĂŶĚŽĚƷǀŝĚĂƐƐŽďƌĞŽĂůĐĂŶĐĞĚĞƐĞƵƐŽďũĞƚŝǀŽƐĞƐŽďƌĞĂ ĐĂƉĂĐŝĚĂĚĞ ĚĞůĞƐ ĚĞ ƉƌŽŵŽǀĞƌĞŵ ŵƵĚĂŶĕĂƐ ŶĂ ƌĞĂůŝĚĂĚĞ ĚĞ ƐĞƵƐ ďĞŶĞĨŝĐŝĄƌŝŽƐ͕ ĞŶƋƵĂŶƚŽ ĂĕĆŽĞƐƚĂƚĂůĚŝƌŝŐŝĚĂ͘
^ĞƉŽƌƵŵůĂĚŽĂƐ/^ƉƌŝǀĂĚĂƐƐŽĨƌĞŵĐŽŵŽŶĆŽƉƌĞĞŶĐŚŝŵĞŶƚŽĚĂƐǀĂŐĂƐĞĐŽŵĂĞǀĂƐĆŽ ĚŽƐ ĂůƵŶŽƐ ĚƵƌĂŶƚĞ ƉƌŽĐĞƐƐŽ ĞĚƵĐĂƚŝǀŽ͕ ƉŽƌ ŽƵƚƌŽ ůĂĚŽ͕ ŽƐ ĞƐƚƵĚĂŶƚĞƐ ƚĂŵďĠŵ ƐĆŽ ĂƐƐŽůĂĚŽƐ ƉĞůĂ ĨĂůƚĂ ĚĞ ƌĞĐƵƌƐŽƐ ĨŝŶĂŶĐĞŝƌŽƐ Ğ Ă ĨĂůƚĂ ĚĞ ƉƌŽŶƚŝĚĆŽ ;ŚĂďŝůŝĚĂĚĞƐ Ğ ĐŽŵƉĞƚġŶĐŝĂƐͿŶĞĐĞƐƐĄƌŝĂƐƉĂƌĂƚƌĂŶƐƉŽƌĂƐďĂƌƌĞŝƌĂƐĞŵƋƵĞƐĞƚƌĂŶƐĨŽƌŵĂƌĂŵŽƐƉƌŽĐĞƐƐŽƐ ƐĞůĞƚŝǀŽƐĞŽƉĂŐĂŵĞŶƚŽĚĂƐŵĞŶƐĂůŝĚĂĚĞƐĚŽƐĐƵƌƐŽƐ͘
Ϯ
ĨĂůƚĂĚĞĐŽŶĚŝĕƁĞƐĚŽƐĞƐƚƵĚĂŶƚĞƐƉĂƌĂƉĂŐĂƌĂƐŵĞŶƐĂůŝĚĂĚĞƐ͕ŐĞƌĂůŵĞŶƚĞ͕ůĞǀĂăĞǀĂƐĆŽ ĚĞůĞƐ͕ĂůĠŵĚĞƌĞĚƵnjŝƌĂƋƵĂŶƚŝĚĂĚĞĚĞĂĐĞƐƐŽƐăƐŐƌĂĚƵĂĕƁĞƐ͘ŽŶƐĞƋƵĞŶƚĞŵĞŶƚĞ͕ƋƵĂŶƚŽ ŵĞŶŽƌŽŶƷŵĞƌŽĚĞĂůƵŶŽƐ͕ŵĂŝƐĚŝĨŝĐƵůĚĂĚĞƐƚĞƌĆŽĂƐ/^ĞŵĐŽŶƚŝŶƵĂƌŽƉĞƌĂŶĚŽ͘WŽƌŽƵƚƌŽ ůĂĚŽ͕ Ž ĂƉƌŽǀĞŝƚĂŵĞŶƚŽ ĚĂ ŽƉŽƌƚƵŶŝĚĂĚĞ ĚĞ ĂĐĞƐƐĂƌ Ă ĞĚƵĐĂĕĆŽ ƐƵƉĞƌŝŽƌ͕ ƉĞůŽ ĂůƵŶŽ͕ ƚĂŵďĠŵƐĞƚŽƌŶĂŵĂŝƐĚŝĨşĐŝů͘KƋƵĞƐĞĞƐƉĞƌĂĠƋƵĞĞƐƐĂƐĚŝĨŝĐƵůĚĂĚĞƐƉŽƐƐĂŵƐĞƌĂƚĞŶƵĂĚĂƐ ĐŽŵĂĂƉůŝĐĂĕĆŽĚŽ&/^͕ĚŽWZKhE/ŽƵĚĞĂŵďŽƐ͕ĂŽŵĞƐŵŽƚĞŵƉŽ͘KĨĂƚŽƌĞĐŽŶƀŵŝĐŽĞ ĨŝŶĂŶĐĞŝƌŽĠĂĞƐƐġŶĐŝĂĞŵĂŵďŽƐŽƐĐĂƐŽƐ͕ŵĂƐƉĂƌĂŽĂůƵŶŽĂƐĨĂůŚĂƐŶĂĞĚƵĐĂĕĆŽƌĞĐĞďŝĚĂ ƉŽĚĞŵƌĞƉƌĞƐĞŶƚĂƌĚŝĨŝĐƵůĚĂĚĞƐĂĚŝĐŝŽŶĂŝƐ͕ƐĞŶĆŽůŚĞĚĞƌĐŽŶĚŝĕƁĞƐŝŐƵĂŝƐĚĞĐŽŵƉĞƚŝƌĐŽŵ ŽƐĚĞŵĂŝƐĂůƵŶŽƐ͘ŵďŽƌĂĂƋƵĂůŝĚĂĚĞĚĞĞŶƐŝŶŽŝŶƚĞƌĨŝƌĂŶĂĂŵƉůŝĂĕĆŽĚŽĂĐĞƐƐŽ͕ĞůĂŶĆŽ ƐĞƌĄƚƌĂƚĂĚĂŶĞƐƚĞƚƌĂďĂůŚŽ͘
EĞƐƐĞ ƐĞŶƚŝĚŽ͕ Ă ĨĂůƚĂ ĚĞ ĐŽŶĚŝĕĆŽ ĞĐŽŶƀŵŝĐĂ Ğ ĨŝŶĂŶĐĞŝƌĂ Ğ Ă ŵĄ ƋƵĂůŝĚĂĚĞ ĚĂ ĞĚƵĐĂĕĆŽ ƉŽĚĞŵƐĞƌĐŽŶĚŝĕĆŽĞdžĐůƵĚĞŶƚĞĞĚĞƌĞĚƵĕĆŽĚŽĂƉƌŽǀĞŝƚĂŵĞŶƚŽĚĂƐ͞ŽƉŽƌƚƵŶŝĚĂĚĞƐ͟ƋƵĞ ĂƉĂƌĞĐĞŵ ŶŽ ŵĞƌĐĂĚŽ ĚĞ ƚƌĂďĂůŚŽ͘ ƐƐĞƐ ĨĂƚŽƌĞƐ ƚŽƌŶĂŵ ŵĂŝƐ ĚŝĨşĐĞŝƐ͕ ƉĂƌĂ ďŽĂ ƉĂƌƚĞ ĚĂ ƉŽƉƵůĂĕĆŽ͕ Ă ƌĞĂůŝnjĂĕĆŽ ĚĞ Ƶŵ ƐŽŶŚŽ͗ Ă ĞĚƵĐĂĕĆŽ ƐƵƉĞƌŝŽƌ ĨĂĐŝůŝƚĂĚŽƌĂ ĚĞ ĂĐĞƐƐŽƐ ʹ ĂŽƐ ŵĞůŚŽƌĞƐƉŽƐƚŽƐ ĚĞ ƚƌĂďĂůŚŽ͕ ĂŽƐƌĞĐƵƌƐŽƐŶĞĐĞƐƐĄƌŝŽƐ ƉĂƌĂ ŝŶƐĞƌĕƁĞƐ ƐŽĐŝĂŝƐ Ğ ĐƵůƚƵƌĂŝƐ Ğ͕ ĂƐƐŝŵ͕ ƐƵĐĞƐƐŝǀĂŵĞŶƚĞ͘ ĞƐƐĂ ĨŽƌŵĂ͕ Ž ĨŝůƚƌŽ ĞĐŽŶƀŵŝĐŽ Ğ Ž ĨŝůƚƌŽ ĚĂ ƋƵĂůŝĚĂĚĞ ĚŽ ĐŽŶŚĞĐŝŵĞŶƚŽ ŽƵ ŚĂďŝůŝĚĂĚĞƐ ĞƐĐŽůĂƌĞƐ ƐĆŽ ůĞŐŝƚŝŵĂĚŽƐ ŶŽƐ ƉƌŽĐĞƐƐŽƐ ƐĞůĞƚŝǀŽƐ ĐŽŵŽ ŽƐ ǀĞƐƚŝďƵůĂƌĞƐ͕džĂŵĞEĂĐŝŽŶĂůĚĞŶƐŝŶŽDĠĚŝŽ;EDͿ͕ǀĂůŝĂĕĆŽ^ĞƌŝĂĚĂŶŽŶƐŝŶŽDĠĚŝŽ͕ ǀĂůŝĂĕĆŽ ĚĞ ĚĂĚŽƐ ƉĞƐƐŽĂŝƐ Ğ ƉƌŽĨŝƐƐŝŽŶĂŝƐ͕ ĚĞŶƚƌĞ ŽƵƚƌĂƐ͘ 'ƌĂŶĚĞ ƉĂƌƚĞ ĚŽƐ ĂůƵŶŽƐ ŶĆŽ ĐŽŶƐĞŐƵĞ ĂƉƌŽǀĂĕĆŽ Ğŵ ƚĂŝƐ ƐĞůĞĕƁĞƐ͘ EĆŽ ƌĞƐƚĂŶĚŽ ĂůƚĞƌŶĂƚŝǀĂ͕ ƐĂůǀŽ ŽƉƚĂƌ ƉĞůĂƐ ŝŶƐƚŝƚƵŝĕƁĞƐƉƌŝǀĂĚĂƐ͕ŽŶĚĞŽĂĐĞƐƐŽĞĂƉĞƌŵĂŶġŶĐŝĂƐĆŽĨĂĐŝůŝƚĂĚŽƐƉŽƌƉƌŽŐƌĂŵĂƐĐŽŵŽŽ &/^ĞŽWZKhE/͘
ϯ
ĨĂƚŽ ƋƵĞ ũĄ Ġ ŚŝƐƚſƌŝĐŽ Ğŵ ŶŽƐƐŽ ƉĂşƐ͖ ϯͿ Ž ĚĞƐĞŵƉĞŶŚŽ ŵşŶŝŵŽ ŶĂ ĂƉƌĞŶĚŝnjĂŐĞŵ ƉĂƌĂ Ž ĂůƵŶŽ͕ĞŶƋƵĂŶƚŽƌĞƋƵŝƐŝƚŽƉĂƌĂŵĂŶƵƚĞŶĕĆŽĚĞůĞƐ͕ŶŽƉƌŽŐƌĂŵĂ͖ϰͿŽĞƐƚşŵƵůŽĂŽĞdžĞƌĐşĐŝŽ ĚĂĐŝĚĂĚĂŶŝĂĚŽƐĞƐƚƵĚĂŶƚĞƐďƌĂƐŝůĞŝƌŽƐĚĞďĂŝdžĂƌĞŶĚĂ͕ĂƉĂƌƚŝƌĚŽƵƐŽĚŽƐƐĞƵƐĚŝƌĞŝƚŽƐ͕Ğ ĂƉƌŽǀĞŝƚĂŵĞŶƚŽ ĚĂƐ ŽƉŽƌƚƵŶŝĚĂĚĞƐ ĚĞ ǀŝĚĂ͖ ϱͿ ůĠŵ ĚŝƐƐŽ͕ ƚĞŵ ƐŝĚŽ Ƶŵ ĨŽƌƚĞ ŝŶĐĞŶƚŝǀŽ ăƋƵĞůĞƐĐŽŵƚĞŶĚġŶĐŝĂƐŵŝŐƌĂƚſƌŝĂƐ͕ƐĞĨŝdžĂƌĞŵŶĂƌĞŐŝĆŽ͕ĂƉĞƐĂƌĚĂŐƌĂŶĚĞŵĂŝŽƌŝĂŶĆŽƚĞƌ͕ ƐĞ ƋƵĞƌ͕ Ă ƉŽƐƐŝďŝůŝĚĂĚĞ ĚĞ ŵŝŐƌĂƌ ƉĂƌĂ ŽƵƚƌĂƐ ůŽĐĂůŝĚĂĚĞƐ ƉŽƌ ƌĂnjƁĞƐ ũĄ ĚŝƐĐƵƚŝĚĂƐ͘ ŶŽ ƐĞŐƵŶĚŽĐĂƐŽ͕ƉŽĚĞƐĞƌĚĞƐƚĂĐĂĚŽ͗ϭͿŽĨŽƌƚĂůĞĐŝŵĞŶƚŽĞĐŽŶƀŵŝĐŽĚĂƐŝŶƐƚŝƚƵŝĕƁĞƐƉƌŝǀĂĚĂƐ͖ Ğ ϮͿ ƐĞƵ ĞŶŐĂũĂŵĞŶƚŽ͕ ĐŽŵ ƐƵĂƐ ƌĞƐƉĞĐƚŝǀĂƐ ĞƐƚƌƵƚƵƌĂƐ͕ ŶŽ ĂƚĞŶĚŝŵĞŶƚŽ ĚĂ ƉŽƉƵůĂĕĆŽ ďƌĂƐŝůĞŝƌĂ͘
K &/^ ĞŽ WZKhE/ƉŽƐƐŝďŝůŝƚĂƌĂŵ Ă ŝŶĐůƵƐĆŽ ĚĞŵĂŝƐ ĚĞ ϴϵϬ ŵŝů ĂůƵŶŽƐ͕ ĐŽŶĨŽƌŵĞ ƌĞůĂƚĂ Ă ZĞǀŝƐƚĂWZKhE/ĞĚŝƚĂĚĂƉĞůŽDͬ^^h͕ĞĞŶǀŽůǀĞƌĂŵƌĞĐƵƌƐŽƐĞƐƚŝŵĂĚŽƐĞŵƚŽƌŶŽĚĞϱ͕ϯ ďŝůŚƁĞƐ͕ ĚĞƐĚĞ Ă ƌĞƐƉĞĐƚŝǀĂ ŝŵƉůĂŶƚĂĕĆŽ͗ ϭϵϵϵ Ğ ϮϬϬϱ͕ ƉĞƌşŽĚŽ Ğŵ ƋƵĞ Ž &/^ ĂƚĞŶĚĞƵ ϱϬϲ͘ϬϬϬĞƐƚƵĚĂŶƚĞƐ͕ŶƵŵĂŵĠĚŝĂĂŶƵĂůĚĞϳϮ͘Ϯϴϲ͕ĂƵŵĐƵƐƚŽƚŽƚĂůĚĞZΨϰ͕ϴďŝůŚƁĞƐƉĂƌĂŽ ĂůƵŶŽ͕ ĨŝŶĂŶĐŝĂĚŽƐ ƉĞůŽ ƐƚĂĚŽ͕ ĂƚƌĂǀĠƐ ĚĂ ĂŝdžĂ ĐŽŶƀŵŝĐĂ &ĞĚĞƌĂů͕ ĞŶƋƵĂŶƚŽ Ž WZKhE/ ĐŽŶƚĞŵƉůŽƵ ϯϴϱ͘ϬϬϬ ĚŝƐĐĞŶƚĞƐ͕ ĚĞƐĚĞ ƐƵĂ ŝŵƉůĂŶƚĂĕĆŽ Ğŵ ϮϬϬϱ͕ ŶƵŵĂ ŵĠĚŝĂ ĂŶƵĂů ĚĞ ϭϮϴ͘ϯϯϰ͕ĐŽŶƐŝĚĞƌĂŶĚŽŽĂŶŽĞŵƋƵĞĨŽŝƉƵďůŝĐĂĚĂĞƐƐĂƌĞǀŝƐƚĂ;ϮϬϬϴͿ͘ŵŽƵƚƌĂƐƉĂůĂǀƌĂƐ͕ ƉĂƌĂĐĂĚĂĂůƵŶŽĨŝŶĂŶĐŝĂĚŽƉĞůŽ&/^͕ŚĄƉĞůŽŵĞŶŽƐĚŽŝƐĞƐƚƵĚĂŶƚĞƐƐĞďĞŶĞĨŝĐŝĂŶĚŽĐŽŵ ďŽůƐĂĚŽWZKhE/͘
EŽ ąŵďŝƚŽ ŐĞƌĂů ĚŽƐ ϰ͕ϵ ŵŝůŚƁĞƐ͕ Ğŵ ŵĠĚŝĂ͕ ƋƵĞ ďƵƐĐĂŵ Ž ĞŶƐŝŶŽ ƐƵƉĞƌŝŽƌ ĂƉĞŶĂƐ ϭ͕Ϭϯй ƵƐĂ Ž &/^ Ğ Ϯ͕ϲϮй Ž WZKhE/͕ ĂƚĞŶĚĞŶĚŽ ϯ͕ϲϱй ĚĞƐƐĂ ŵĂƐƐĂ ĚĞ ĂůƵŶŽƐ͕ ƐĞŵ ĞdžĐůƵŝƌ /^ ƉƵďůŝĐĂƐ ŽƵ ƉƌŝǀĂĚĂƐ͘ ŵĞƐŵĂ ĐŽŵƉĂƌĂĕĆŽ ƉŽĚĞ ƐĞƌ ĨĞŝƚĂ ĐŽŵ ŽƐ ŝŶŐƌĞƐƐĂŶƚĞƐ ŶĂƐ /^ ƉĂƌƚŝĐƵůĂƌĞƐ͕ ŽŶĚĞ ĐĞƌĐĂ ĚĞ ϱй ƐĆŽ ĂůƵŶŽƐ &/^ Ğ ϭϮ͕ϵй WZKhE/͘ /ŵƉůŝĐĂ ĚŝnjĞƌ ƋƵĞ͕ ϭϳ͕ϵй ĚŽƐĞƐƚƵĚĂŶƚĞƐƋƵĞŝŶŐƌĞƐƐĂŵŶĂƐŝŶƐƚŝƚƵŝĕƁĞƐƉƌŝǀĂĚĂƐƐĆŽĂƚĞŶĚŝĚŽƐƉŽƌĞƐƐĞƐƉƌŽŐƌĂŵĂƐ͘ ƐƐĂƐŝŶĨŽƌŵĂĕƁĞƐĐŽŶĨŝƌŵĂŵ͗ϭͿĂƌĞůĞǀąŶĐŝĂĚŽƐƉƌŽŐƌĂŵĂƐƉĂƌĂƐƚƵĚĂŶƚĞƐĞ/^ƉƌŝǀĂĚĂƐ͖ ϮͿ ƋƵĞ Ă ƉĞƌĐĞŶƚĂŐĞŵ ĚĞ ďĞŶĞĨŝĐŝĄƌŝŽƐ͕ Ğŵ ƌĞůĂĕĆŽ ĂŽ ƵŶŝǀĞƌƐŽ ŝŶŝĐŝĂů͕ ĂŝŶĚĂ Ġ ďĂƐƚĂŶƚĞ ƌĞĚƵnjŝĚĂƉĂƌĂĂůĐĂŶĕĂƌĂŵĞƚĂĚĞϯϬйĚŽƐϮϰ͕ϴŵŝůŚƁĞƐĚĞƉƌŽǀĄǀĞŝƐĚŝƐĐĞŶƚĞƐ͕ĚĞƐƐĞŶşǀĞů ĚĞ ĞŶƐŝŶŽ͕ Ğŵ ϮϬϬϴ͖ ϯͿ Ă ĞdžŝƐƚġŶĐŝĂ ĚĞ ĂůŐƵŵĂ ĐŽŶƚƌŝďƵŝĕĆŽ ĚĞƐƐĞƐ ƉƌŽŐƌĂŵĂƐ ƉĂƌĂ ŽƐ ƉŽŶƚŽƐĂŶƚĞƌŝŽƌŵĞŶƚĞĚĞƐƚĂĐĂĚŽƐ͘
ϰ
ďĞŶĞĨŝĐŝĄƌŝŽƐ͕ ŽďũĞƚŝǀŽƐ Ğ ƌĞƐƵůƚĂĚŽƐ͖ ŶƵŵĂ ĂǀĂůŝĂĕĆŽ ƋƵĞ ĐŽŶƐŝĚĞƌĂ͗ ϭͿ ƋƵĞ ĞƐƐĞƐ ƚƌġƐ ĞůĞŵĞŶƚŽƐ ĞƐƚĆŽ ŝŶƚŝŵĂŵĞŶƚĞ ůŝŐĂĚŽƐ Ğ ĨŽƌŵĂŵ Ă ĞƐƐġŶĐŝĂ ĚĞ ĂŵďŽƐ ŽƐ ƉƌŽŐƌĂŵĂƐ͖ ϮͿ Ž ĐŽŶƚĞdžƚŽĞŵƋƵĞĞƐƚĆŽŝŶƐĞƌŝĚŽƐ͖ĞϯͿĂƐƵĂĞĨŝĐĄĐŝĂĞĞĨĞƚŝǀŝĚĂĚĞ͕ĐƌŝƚĠƌŝŽƐĚĞĂǀĂůŝĂĕĆŽƋƵĞ ƌĞƋƵĞƌĞŵ ĂŶĄůŝƐĞ ĚŽƐ ŽďũĞƚŝǀŽƐ͕ Ğŵ ĐŽŵƉĂƌĂĕĆŽ ĐŽŵ Ă ƌĞĂůŝĚĂĚĞ ĚŽƐ ĨĂƚŽƐ͕ ƐĞŶĚŽ ŶĞĐĞƐƐĄƌŝŽƵŵůĞǀĂŶƚĂŵĞŶƚŽĚĞŝŶĨŽƌŵĂĕƁĞƐĚŽƐĞƐƚƵĚĂŶƚĞƐ͕ĂƚĞŶĚŝĚŽƐŶĞƐƐĞƐƉƌŽŐƌĂŵĂƐ͕ ďĞŵĐŽŵŽĚĂƐ/^ƉƌŝǀĂĚĂƐƋƵĞŽƐǀŝĂďŝůŝnjĂ͘ƉĂƌƚŝƌĚŽƋƵĞƐĞƉƀĚĞĂŶĂůŝƐĂƌ͕ĂƐŵƵĚĂŶĕĂƐ ƉƌŽƉŽƌĐŝŽŶĂĚĂƐ ƉĂƌĂ ĐĂĚĂ Ƶŵ͕ Ğŵ ĚĞƚĞƌŵŝŶĂĚŽ ƉĞƌşŽĚŽ͕ ƐĞŵ͕ ĞŶƚƌĞƚĂŶƚŽ͕ ĚĞŝdžĂƌ ĚĞ ĨŽĐĂƌ ĂƐƉĞĐƚŽƐ ĐŽŵŽ͗ ƐŽĐŝĂŝƐ͕ ĐƵůƚƵƌĂŝƐ͕ ĂƐ ĐŽŶĚŝĕƁĞƐ ĞĐŽŶƀŵŝĐĂƐ Ğ ĨŝŶĂŶĐĞŝƌĂƐ͘ ŵ ƐƵŵĂ͕ Ž ŽďũĞƚŝǀŽĚĞƐƚĞĞƐƚƵĚŽĠĂǀĂůŝĂƌŽ&/^ĞWZKhE/͕ƐŽďŽƐĂƐƉĞĐƚŽƐĚĂĞĨŝĐĄĐŝĂĞĞĨĞƚŝǀŝĚĂĚĞ͕ŶŽ ŵƵŶŝĐşƉŝŽĚĞsŝƚſƌŝĂĚĂŽŶƋƵŝƐƚĂ͕ĂƉĂƌƚŝƌĚĂŝŵƉůĂŶƚĂĕĆŽĚĞĐĂĚĂƵŵĚĞůĞƐ͕ĞƐƉĞĐŝĂůŵĞŶƚĞ ĚŝƌŝŐŝĚŽƉĂƌĂŽƐĞƐƚƵĚĂŶƚĞƐĞ/^ƉƌŝǀĂĚĂƐ͘ĞĨŝĐĄĐŝĂĞƐƚĄƌĞůĂĐŝŽŶĂĚĂĂŽŐƌĂƵĚĞĂůĐĂŶĐĞĚĞ ƐĞƵƐ ŽďũĞƚŝǀŽƐ Ğ ĞĨĞƚŝǀŝĚĂĚĞ ĂŽ ŐƌĂƵ ĚĞ ŵƵĚĂŶĕĂ ĚĂ ƌĞĂůŝĚĂĚĞ ĚĞ ƐĞƵƐ ďĞŶĞĨŝĐŝĄƌŝŽƐ͕ ƉƌŽǀŽĐĂĚĂƉĞůĂĂĕĆŽĞƐƚĂƚĂů͘
ĂǀĂůŝĂĕĆŽ ĚŽ WZKhE/ Ğ &/^ ƐĞ ũƵƐƚŝĨŝĐĂ ƉŽƌ ŵŽƐƚƌĂƌ Ă ŝŵƉŽƌƚąŶĐŝĂ ƐŽĐŝĂů͕ ĞĐŽŶƀŵŝĐŽ Ğ ĐƵůƚƵƌĂů ĚĞƐƐĞƐ ƉƌŽŐƌĂŵĂƐ͕ ŵĂƐ ƚĂŵďĠŵ ƉĞůĂ ŶĞĐĞƐƐŝĚĂĚĞ ĚĞ ĂƉƌŝŵŽƌĄͲůŽƐ ĚĞ ĨŽƌŵĂ ƋƵĞ ĞůĞƐ ƉŽƐƐĂŵ ĂũƵĚĂƌ Ă ƌĞĚƵnjŝƌ͕ ĂŝŶĚĂ ŵĂŝƐ͕ ĂƐ ĚŝĨŝĐƵůĚĂĚĞƐ ĚĂƋƵĞůĞƐ ƋƵĞ͕ ƐĞŐƵŶĚŽ ĂƐƚĞů Ğ tĂŶĚĞƌůĞLJ;ϮϬϬϳ͕Ɖ͘ϰϮͿ͕ĞŶĐŽŶƚƌĂŵͲƐĞĞŵƉƌŽĐĞƐƐŽĚĞĞdžĐůƵƐĆŽƐſĐŝŽͲĞĐŽŶƀŵŝĐĂĞĐƵůƚƵƌĂů͕ ŐĞƌĂĚĂĂƉĂƌƚŝƌĚĂĚĞŐƌĂĚĂĕĆŽĚĂƐĐŽŶĚŝĕƁĞƐĚĞƚƌĂďĂůŚŽŽƵĂĨƌĂŐŝůŝnjĂĕĆŽĚŽƐƐƵƉŽƌƚĞƐĚĞ ƐŽĐŝĂďŝůŝĚĂĚĞ;/ŶƐƚŝƚƵŝĕƁĞƐĚĞŶƐŝŶŽ^ƵƉĞƌŝŽƌʹ/^Ϳ͘ůĠŵĚĞƉŽĚĞƌƚƌĂnjĞƌŝŶĨŽƌŵĂĕƁĞƐƷƚĞŝƐ ƉĂƌĂ ĂƉŽŝĂƌ ĂƐ ĚĞĐŝƐƁĞƐ ĚĂƐ /^͕ ŝŶĐůƵƐŝǀĞ ƋƵĂŶƚŽ ĂŽ ƉĞƌĨŝů ĚŽ ƉƷďůŝĐŽ ĂƚĞŶĚŝĚŽ ƉŽƌ ĞƐƐĞƐ ƉƌŽŐƌĂŵĂƐ͕ƉƌŽǀŽĐĂŶĚŽŵƵĚĂŶĕĂƐŶŽĂƚĞŶĚŝŵĞŶƚŽ͕ƐĞŶĞĐĞƐƐĄƌŝŽĨŽƌ͘dƵĚŽŝƐƐŽĂĐĂďĂƉŽƌ ĂůŝŵĞŶƚĂƌŽŝŶĞĚŝƚŝƐŵŽĚĞƐƚĞƚƌĂďĂůŚŽ͕ĂůĠŵĚĂƌĞĨĞƌġŶĐŝĂƋƵĞƐĞĨĂnjăƌĞĂůŝĚĂĚĞĚĞsŝƚſƌŝĂ ĚĂ ŽŶƋƵŝƐƚĂ͕ ŽŶĚĞ ƐĞ ĚĞƐƚĂĐĂ Ž ƉſůŽ ĞĚƵĐĂĐŝŽŶĂů ĚŽ ƐƵĚŽĞƐƚĞ ďĂŝĂŶŽ͕ ĐŽŵ ǀĄƌŝĂƐ ŝŶƐƚŝƚƵŝĕƁĞƐĚĞĞĚƵĐĂĕĆŽƐƵƉĞƌŝŽƌ͕ƉƷďůŝĐĂƐĞƉƌŝǀĂĚĂƐ͕ĞŽŶĚĞŶĆŽŚĄƋƵĂůƋƵĞƌĞƐƚƵĚŽŶĞƐƐĞ ƐĞŶƚŝĚŽ͘ůŝĄƐ͕ĂĐƵƌŝŽƐŝĚĂĚĞĞŵƚŽƌŶŽĚĞĂŵďŽƐŽƐƉƌŽŐƌĂŵĂƐƐĞĚĞƵĚĞǀŝĚŽĂŽĐŽŶƚĂƚŽƋƵĞ ŽƉĞƐƋƵŝƐĂĚŽƌƚĞǀĞĐŽŵĞůĞƐŶĂƐ/^ƉĂƌƚŝĐƵůĂƌĞƐĚŽŵƵŶŝĐşƉŝŽ͘
ϱ
ĐŽŶƐŝƐƚġŶĐŝĂăƐĂŶĄůŝƐĞƐĞĂǀĂůŝĂĕƁĞƐ͘^ŽďƌĞƚƵĚŽ͕ĨŽƌĂŵƌĞƐƉŽŶĚŝĚĂƐĂƐƐĞŐƵŝŶƚĞƐƋƵĞƐƚƁĞƐ͗ ŵƋƵĞĐŽŶƚĞdžƚŽƐſĐŝŽͲĞĐŽŶƀŵŝĐŽĞƐƚĄŝŶƐĞƌŝĚŽŽWZKhE/ĞŽ&/^͍ƐƐĞƐƉƌŽŐƌĂŵĂƐĨŽƌĂŵ ĞĨŝĐĂnjĞƐ Ğ ĞĨĞƚŝǀŽƐ ŶŽ ŵƵŶŝĐşƉŝŽ ĚĞ sŝƚſƌŝĂ ĚĂ ŽŶƋƵŝƐƚĂ͍ džŝƐƚĞŵ ƌĞƐƵůƚĂĚŽƐ ŐĞƌĂĚŽƐ ƉĞůĂ ĂƉůŝĐĂĕĆŽĚŽWZKhE/Ğ&/^ƋƵĞǀĆŽĂůĠŵĚĂƋƵĞůĞƐĨŽƌŵĂůŵĞŶƚĞŽďũĞƚŝǀĂĚŽƐ͕ƌĞůĂĐŝŽŶĂĚŽƐă ĂƵƚŽŶŽŵŝĂ͕ ŶŽ ĐĂƐŽ ĚĂƐ /^͕ ŽƵ ƌĞůĂĐŝŽŶĂĚŽƐ ă ĐŝĚĂĚĂŶŝĂ͕ ŶŽ ĐĂƐŽ ĚŽƐ ĞƐƚƵĚĂŶƚĞƐ͍ Ž ŵĞƐŵŽ ƚĞŵƉŽ Ğŵ ƋƵĞ ƐĞ ďƵƐĐŽƵ ĐŽŶĨƌŽŶƚĂƌ Ă ƌĞĂůŝĚĂĚĞ ĚŽƐ ĨĂƚŽƐ͕ ĞŶƋƵĂŶƚŽ ƌĞƐƵůƚĂĚŽƐ ĞĨĞƚŝǀŽƐĚĂĂƉůŝĐĂĕĆŽĚŽWZKhE/Ğ&/^ĐŽŵĂůŐƵŶƐĚĞƐĞƵƐŽďũĞƚŝǀŽƐĞƉĂƌąŵĞƚƌŽƐƚƌĂĕĂĚŽƐ͘
&ŽƌĂŵƵƚŝůŝnjĂĚĂƐĨŽŶƚĞƐĚĞƉĞƐƋƵŝƐĂƐƉƌŝŵĄƌŝĂƐĞƐĞĐƵŶĚĄƌŝĂƐ͕ĚĞŶƚƌĞĂƐƋƵĂŝƐ͗ƐşƚŝŽƐŽĨŝĐŝĂŝƐ ĚŽ DŝŶŝƐƚĠƌŝŽ ĚĂ ĚƵĐĂĕĆŽ ;DͿ͕ /ŶƐƚŝƚƵƚŽ EĂĐŝŽŶĂů ĚĞ ƐƚƵĚŽƐ Ğ WĞƐƋƵŝƐĂƐ ĚƵĐĂĐŝŽŶĂŝƐ ŶşƐŝŽ dĞŝdžĞŝƌĂ ;/EWͿ͕ WƌŽŐƌĂŵĂ hŶŝǀĞƌƐŝĚĂĚĞ ƉĂƌĂ dŽĚŽƐ ;WZKhE/Ϳ͕ ^ŝƐƚĞŵĂ EĂĐŝŽŶĂů ĚĞ ǀĂůŝĂĕĆŽ ĚĂ ĚƵĐĂĕĆŽ ^ƵƉĞƌŝŽƌ ;^/E^Ϳ͕ ĂŝdžĂ ĐŽŶƀŵŝĐĂ &ĞĚĞƌĂů ;&Ϳ͕ ĂŶĐŽ ĞŶƚƌĂů ;EͿ͕ /ŶƐƚŝƚƵƚŽ ƌĂƐŝůĞŝƌŽ ĚĞ 'ĞŽŐƌĂĨŝĂ Ğ ƐƚĂƚşƐƚŝĐĂ ;/'Ϳ͖ Ă ůĞŐŝƐůĂĕĆŽ ĐŽŵƉŽƐƚĂ ƉĞůĂ ŽŶƐƚŝƚƵŝĕĆŽ &ĞĚĞƌĂů ĚĞ ϭϵϴϴ͕ >Ğŝ ĚĞ ŝƌĞƚƌŝnjĞƐ Ğ ĂƐĞ ;> Ͳ >Ğŝ ϵ͘ϯϵϰͬϵϲͿ͕ Ă ůĞŐŝƐůĂĕĆŽ ƌĞůĂĐŝŽŶĂĚĂƐĂŽWZKhE/ĞĂŽ&/^͗ůĞŝƐ͕ƉŽƌƚĂƌŝĂƐ͕ŵĞĚŝĚĂƐƉƌŽǀŝƐſƌŝĂƐ͕ĚĞĐƌĞƚŽƐ͕ŝŶƐƚƌƵĕƁĞƐ ŶŽƌŵĂƚŝǀĂƐ͘ ůĠŵ ĚĞ ůŝǀƌŽƐ͕ ũŽƌŶĂŝƐ͕ ĂƌƚŝŐŽƐ͕ ƐŝŶŽƉƐĞƐ͕ ƌĞůĂƚſƌŝŽƐ ĚĞ ĂĚŵŝŶŝƐƚƌĂĕĆŽ͕ ƋƵĂĚƌŽƐ ĞƐƚĂƚşƐƚŝĐŽƐ ĚŽ D͕ ĚĂ & Ğ ĚĂƐ /^ ƉĂƌƚŝĐƵůĂƌĞƐ ĚĞ sŝƚſƌŝĂ ĚĂ ŽŶƋƵŝƐƚĂ͕ ƐĞŵ ĨĂůĂƌ ĚŽƐ ƉƌſƉƌŝŽƐĞƐƚƵĚĂŶƚĞƐďĞŶĞĨŝĐŝĄƌŝŽƐĚŽWZKhE/ŽƵŽ&/^͕ŶĞƐƐĞŵƵŶŝĐşƉŝŽ͘
&ŽƌĂŵ ĂŶĂůŝƐĂĚŽƐ ϭ͘ϳϳϯ ƋƵĞƐƚŝŽŶĄƌŝŽƐ ƐſĐŝŽƐ ĞĐŽŶƀŵŝĐŽƐ ƋƵĞ ƐĞ ƌĞĨĞƌŝĂŵ ĂŽ ƉĞƌşŽĚŽ ĚĞ ϮϬϬϬĂϮϬϬϴ͕ĚĞŶƚƌĞŽƐƋƵĂŝƐϳϴйĨŽƌĂŵƌĞƐƉŽŶĚŝĚŽƐƉŽƌĂůƵŶŽƐĚŽ&/^ĞϮϮйƉŽƌĂůƵŶŽƐĚŽ WZKhE/ ĐŽŵ Ă ĨŝŶĂůŝĚĂĚĞ ĚĞ ƚƌĂĕĂƌ Ƶŵ ƉĞƌĨŝů ƐſĐŝŽ ĞĐŽŶƀŵŝĐŽ ĚĞƐƐĞƐ ĞƐƚƵĚĂŶƚĞƐ ƋƵĞ͕ ŝŶĐůƵƐŝǀĞ͕ ƐƵďƐŝĚŝŽƵ Ă ĚŝƐĐƵƐƐĆŽ ƐŽďƌĞ Ă ŝŐƵĂůĚĂĚĞ Ğ ĞƋƵŝĚĂĚĞ͘ ^ĞŐƵŶĚŽ ĞƐƐĞƐ ĚĂĚŽƐ͕ ĞdžŝƐƚĞŵ͕ ĂƉƌŽdžŝŵĂĚĂŵĞŶƚĞ͕ ĐŝŶĐŽ ĨŝŶĂŶĐŝĂĚŽƐ ƉĂƌĂ ĐĂĚĂ ďŽůƐŝƐƚĂ͘ dĂŝƐ ƋƵĞƐƚŝŽŶĄƌŝŽƐ ƐĆŽ ĂƌƋƵŝǀĂĚŽƐƉĞůĂƐ/^͕ĨŝĐĂŶĚŽăĚŝƐƉŽƐŝĕĆŽĚŽƐƉĞƐƋƵŝƐĂĚŽƌĞƐ͘ŶƚƌĞƚĂŶƚŽ͕ŶĞŵƚŽĚŽƐĨŽƌĂŵ ĂŶĂůŝƐĂĚŽƐƉŽƌƋƵĞĂůŐƵŶƐĞƐƚĂǀĂŵŝŶĐŽŵƉůĞƚŽƐŽƵŶĆŽĨŽƌĂŵĞŶĐŽŶƚƌĂĚŽƐ͘