Baixe o app para aproveitar ainda mais
Prévia do material em texto
6REUH (GLWRULDO &RUSR�(GLWRULDO )$4 )DOH�&RQRVFR $VVLQDU %XVTXH�GRHQoDV��UHPpGLRV��DUWLJRV��� � %XVFDU ËQGLFH ,1752'8d2 7(25,$6�'2�(19(/+(&,0(172 &$5',29$6&8/$5 (19(/+(&,0(172�&$5',29$6&8/$5 ),6,2/Ï*,&2 75$7$0(172�'(�'2(1d$6 &$5',29$6&8/$5(6�(�68$6 3$57,&8/$5,'$'(6�(0�,'2626 $UULWPLDV $UULWPLDV�6XSUDYHQWULFXODUHV $UULWPLDV�9HQWULFXODUHV 7pFQLFDV�,QYDVLYDV )LEULODomR�$WULDO 7UDWDPHQWR +LSHUWHQVmR�$UWHULDO�HP�,GRVRV 7UDWDPHQWR 'RHQoD�$UWHULDO�&RURQDULDQD '$&�&U{QLFD 6tQGURPHV�&RURQDULDQDV�$JXGDV (QYHOKHFLPHQWR�&DUGLRYDVFXODU�H 'RHQoDV�&DUGLRYDVFXODUHV�HP�,GRVRV $XWRUHV� 0DWHXV�6LOYD�GH�2OLYHLUD 0pGLFR�(VSHFLDOLVWD�HP�*HULDWULD�H�*HURQWRORJLD�H 0HGLFLQD�GH�)DPtOLD�H�&RPXQLGDGH� 3DXOR�&XU\�5H]HQGH 5HVLGHQWH�GH�&DUGLRORJLD�GR�,QVWLWXWR�GR�&RUDomR�GR +RVSLWDO�GDV�&OtQLFDV�GD�)DFXOGDGH�GH�0HGLFLQD�GD 8QLYHUVLGDGH�GH�6mR�3DXOR��,1&25���+&�)0863� 5LFDUGR�&DVDOLQR�6DQFKHV�GH�0RUDHV (VSHFLDOLVWD�HP�&DUGLRORJLD�SHOR�,QVWLWXWR�GR�&RUDomR GR�+RVSLWDO�GDV�&OtQLFDV�GD�)DFXOGDGH�GH�0HGLFLQD GD�863 0pGLFR�&RODERUDGRU�GR�*UXSR�GH�9iOYXOD�GR�,QVWLWXWR GR�&RUDomR�GR�+RVSLWDO�GDV�&OtQLFDV�GD�)DFXOGDGH GH�0HGLFLQD�GD�863 ÒOWLPD�UHYLVmR������������ &RPHQWiULRV�GH�DVVLQDQWHV��� 9RFr�HVWi�HP��,QLFLDO� �UHYLVRHV� &DUGLRORJLD� ,1752'8d2 $� GLVWLQomR� HQWUH� RV� FRQFHLWRV� GH� VHQHVFrQFLD� �DOWHUDo}HV� IXQFLRQDLV� H� HVWUXWXUDLV� UHODFLRQDGDV� DR HQYHOKHFLPHQWR�QRUPDO��H� VHQLOLGDGH� �DOWHUDo}HV�FDXVDGDV�SRU�GRHQoDV�� UHSUHVHQWD�XP�JUDQGH�GHVDILR�QD�DQiOLVH�GR HQYHOKHFLPHQWR�SRU�FDXGD�GD�IRUWH�FRUUHODomR�H[LVWHQWH�HQWUH�RV�GRLV�IHQ{PHQRV� 2� %UDVLO�� FRPR� ERD� SDUWH� GRV� SDtVHV� HP� GHVHQYROYLPHQWR�� VRIUH� XP� JUDGXDO� SURFHVVR� GH� HQYHOKHFLPHQWR SRSXODFLRQDO��(VWLPD�VH�TXH�D�SRSXODomR�FRP�PDLV�GH����DQRV��TXH�UHSUHVHQWDYD����HP������H����HP�������DWLQMD���� HP�������WRWDOL]DQGR�PDLV�GH����PLOK}HV�GH�SHVVRDV� &RP�D�HYROXomR�GRV�SURFHVVRV�GLDJQyVWLFRV�H�R�DXPHQWR�GD�VREUHYLGD�GD�SRSXODomR�PXQGLDO��PXLWR�GR�TXH�VH UHODFLRQDYD� DR� HQYHOKHFLPHQWR� QRUPDO� DGTXLUH� VWDWXV� SDWROyJLFR�� H� TXDQGR� D� DERUGDJHP�SUHFRFH� H� DGHTXDGD� VH� ID] SUHVHQWH��WDQWR�D�ORQJHYLGDGH�TXDQWR�D�TXDOLGDGH�GH�YLGD�VRIUHP�DOWHUDo}HV� 2�HQYHOKHFLPHQWR�DWXDOPHQWH� FRQVLVWH� HP�XP�FRPSOH[R�SURFHVVR�ELROyJLFR� UHODFLRQDGR�D� IDWRUHV� LQWUtQVHFRV� FRPR�DSRSWRVH��PRUWH�FHOXODU�SURJUDPDGD���H�H[WUtQVHFRV��FRPR�GRHQoDV�H�HVWLOR�GH�YLGD��(VWXGRV�HSLGHPLROyJLFRV�WrP GHPRQVWUDGR�TXH�DOWHUDo}HV�JHQ{PLFDV��PHWDEROLVPR�OLStGLFR��GLDEHWHV�PHOLWR�H�VHGHQWDULVPR�VmR�RV�SULQFLSDLV�IDWRUHV GH� ULVFR�SDUD�SDWRORJLDV�FRURQDULDQDV��-i�KLSHUWHQVmR�DUWHULDO�� LQVXILFLrQFLD�FDUGtDFD�H�DFLGHQWH�YDVFXODU�FHUHEUDO� VmR FRQVLGHUDGDV� DV� GRHQoDV� FDUGLRYDVFXODUHV� PDLV� SUHYDOHQWHV�� 1R� HQWDQWR�� D� LGDGH� p� R� SULQFLSDO� IDWRU� GH� ULVFR FDUGLRYDVFXODU�JOREDO� (VVHV�IDWRUHV�GH�ULVFR�VH�WRUQDP�PDLV�SUHYDOHQWHV�H�PDLV�JUDYHV�FRP�R�DXPHQWR�GD�LGDGH��DOpP�PDLRU�WHPSR�GH H[SRVLomR�� 0XLWDV� YH]HV�� SURFHVVRV� SDWROyJLFRV� QmR� VmR� YLVtYHLV�� PDV� DOWHUDo}HV� IXQFLRQDLV� H� DQDW{PLFDV� DWXDP PRGLILFDQGR�D�HVWUXWXUD�FDUGLRYDVFXODU��SURSRUFLRQDQGR�PDLRU�IUDJLOLGDGH�D�PHFDQLVPRV�ILVLRSDWROyJLFRV� � 7(25,$6�'2�(19(/+(&,0(172�&$5',29$6&8/$5 $OWHUDo}HV�QD�PDWUL]�SURWHLFD�H[WUDFHOXODU��HVSHFLDOPHQWH�QR�FROiJHQR�GR�FRUDomR�H�YDVRV�GR� LGRVR�� MXVWLILFDP XP� DXPHQWR� SURJUHVVLYR� GD� ULJLGH]� SHULFiUGLFD�� YDOYXODU�� PLRFiUGLFD� H� YDVFXODU�� 2V� YDVRV� VDQJXtQHRV� H� R� FRUDomR VRIUHP� DOWHUDo}HV�PRUIRWHFLGXDLV�PHVPR� FRP� R� HQYHOKHFLPHQWR� QRUPDO�� UHODFLRQDGDV� j� VHQLOLGDGH� QmR� SDWROyJLFD� RX ³SUHVELFiUGLD´� )DWR�p�TXH�R�FRPSOH[R�FDUGLRYDVFXODU�VRIUH�UHGXomR�JOREDO�GH�FDSDFLGDGH�IXQFLRQDO�H�WROHUDELOLGDGH�DR�HVIRUoR FRP�R�HQYHOKHFLPHQWR��(QWUHWDQWR��HP�UHSRXVR��R�FRUDomR�LGRVR�QmR�DSUHVHQWD�UHGXomR�LPSRUWDQWH�QR�GpELWR�FDUGtDFR� -i� HP� VLWXDo}HV� GH� PDLRU� GHPDQGD�� ILVLROyJLFDV� RX� SDWROyJLFDV�� RV� PHFDQLVPRV� FRPSHQVDWyULRV� SRGHP� IDOKDU� UHVXOWDQGR�HP�DOWHUDo}HV�IXQFLRQDLV�FOLQLFDPHQWH�PDLV�LPSRUWDQWHV�H�HP�HYHQWRV�LVTXrPLFRV� 'LYHUVRV�IDWRUHV�VmR�LPSOLFDGRV�QDV�PRGLILFDo}HV�VRIULGDV�SHOR�FRUDomR�VHQLO��SRU�H[HPSOR� � ������GDQR�FHOXODU�R[LGDWLYR�GLUHWR�UHODFLRQDGR�D�UDGLFDLV�OLYUHV� � � � � � �HUURV�QR�PHFDQLVPR�GH� UHSDUR�FURPRVV{PLFR�H�SHUGD�GH� LQIRUPDomR�JHQpWLFD�HP�UD]mR�GR�HQFXUWDPHQWR WHORPpULFR�UHVXOWDQGR�HP�DF~PXOR�GH�PXWDo}HV�VRPiWLFDV�H�DOWHUDo}HV�QD�VtQWHVH�SURWHLFD� ������IDOKDV�QD�UHJXODomR�DSRSWyWLFD�UHVXOWDQGR�QD�VXEVWLWXLomR�ILEURVD�GRV�PLyFLWRV�H�WHFLGR�GH�FRQGXomR� ������KLSHUWURILD�GRV�PLyFLWRV�UHVWDQWHV� ������DF~PXOR�GH�DJUHVV}HV�DPELHQWDLV�UHVXOWDQGR�HP�GpILFLW�IXQFLRQDO�SURJUHVVLYR� ������DWHURVFOHURVH�H�HQULMHFLPHQWR�YDVFXODU�JOREDO� ������VXEVWLWXLomR�ILEURVD�H�FDOFLILFDomR�YDOYDU�PDLV�HYLGHQWH�HP�PLWUDO�H�DyUWLFD� � (19(/+(&,0(172�&$5',29$6&8/$5�),6,2/Ï*,&2 2�HQYHOKHFLPHQWR�FDUGLRYDVFXODU�ILVLROyJLFR�p�FDUDFWHUL]DGR�SRU�XPD�VpULH�GH�DOWHUDo}HV� � ������DXPHQWR�SURJUHVVLYR�QD�SUHVVmR�VDQJXtQHD�VLVWyOLFD�H��FRQVHTXHQWHPHQWH��QD�SUHVVmR�GH�SXOVR� ������DXPHQWR�GD�YHORFLGDGH�GH�RQGD�GH�SXOVR� ������DXPHQWR�GD�PDVVD�YHQWULFXODU�HVTXHUGD� ������UHGXomR�GR�SUHHQFKLPHQWR�GLDVWyOLFR�LQLFLDO�GR�YHQWUtFXOR�HVTXHUGR� ������UHGXomR�GD�IUHTXrQFLD�H�GR�GpELWR�FDUGtDFRV�Pi[LPRV� ������UHGXomR�GD�FDSDFLGDGH�DHUyELFD�Pi[LPD�RX�FRQVXPR�Pi[LPR�GH�2���92��PD[�� ������UHGXomR�GR�DXPHQWR�GD�IUDomR�GH�HMHomR�LQGX]LGD�SHOR�H[HUFtFLR� ������UHGXomR�GDV�UHVSRVWDV�UHIOH[DV�GD�IUHTXrQFLD�FDUGtDFD�H�GD�YDULDELOLGDGH�GD�IUHTXrQFLD�FDUGtDFD� ������PHQRU�YDVRGLODWDomR�HP�UHVSRVWD�D�HVWtPXORV�EHWD�DGUHQpUJLFRV�RX�YDVRGLODWDGRUHV�PHGLDGRV�SHOR�HQGRWpOLR� ������LQFLGrQFLD�DXPHQWDGD�GH�GRHQoD�DUWHULDO�FRURQDULDQD�H�ILEULODomR�DWULDO� � &RP�R�HQYHOKHFLPHQWR��RFRUUH�PLJUDomR�GH�FpOXODV�PXVFXODUHV�OLVDV�YDVFXODUHV�DWLYDGDV�SDUD�GHQWUR�GD�FDPDGD tQWLPD�GRV�YDVRV�DUWHULDLV��R�TXH�DXPHQWD�D�SURGXomR�GH�PDWUL]�H[WUDFHOXODU��(VWLPXODGD�SHOD�DQJLRWHQVLQD�,,��RFRUUH�XPD DOWHUDomR� QD� DWLYLGDGH� GH�PHWDORSURWHLQDVHV� GH�PDWUL]�� UHVXOWDQGR� HP�PDLRU� SURGXomR� GH� FROiJHQR� H� SHUGD� GH� ILEUDV HOiVWLFDV�� 7DLV� DOWHUDo}HV� UHVXOWDP� HP� GLODWDomR� H� FDOFLILFDomR� DUWHULDO� H� DXPHQWR� GD� HVSHVVXUD� GD� FDPDGD� tQWLPD� OHYDQGR�j�ULJLGH]�YDVFXODU�DXPHQWDGD� +i�WDPEpP�UHGXomR�GD�SURGXomR�GH�y[LGR�QtWULFR�SHOR�HQGRWpOLR�FRP�R�DYDQoDU�GD�LGDGH��UHVXOWDQGR�HP�UHVSRVWD YDVRGLODWDGRUD�UHGX]LGD�HP�YDVRV�FRURQDULDQRV�H�SHULIpULFRV��$V�UHVSRVWDV�YDVRGLODWDGRUDV�D�FRPSRVWRV�QmR�GHULYDGRV GR�HQGRWpOLR��FRPR�DRV�QLWUDWRV��HVWmR�SUHVHUYDGDV� -i�p�DVVLQDQWH" 5HYLV}HV ,QWHUQDFLRQDLV 5HYLV}HV�H� $OJRULWPRV $XODV�HP� 9tGHR $UWLJRV &RPHQWDGRV &DVRV� &OtQLFRV &DOFXODGRUDV� 0pGLFDV %35�*XLD�GH 5HPpGLRV %LEOLRWHFD� /LYUH 4XDOLGDGH�H VHJXUDQoD Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce (P� UHODomR� DR� PLRFiUGLR�� R� HQYHOKHFLPHQWR� OHYD� D� PXGDQoDV� HP� VXD� PDWUL]� H[WUDFHOXODU�� FRP� DXPHQWR� GR FROiJHQR�H�GR�HQWUHFUX]DPHQWR�GH�VXDV�PROpFXODV��DXPHQWR�QR�GLkPHWUR�GDV� ILEULODV�PXVFXODUHV��PDLRU�SURSRUomR�GH FROiJHQR� WLSR� ,�HP�UHODomR�DR� WLSR� ,,,�� UHGXomR�GR�FRQWH~GR�GH�HODVWLQD�H�DXPHQWR�GD� ILEURQHFWLQD��2�HTXLOtEULR�HQWUH�D SURGXomR� H� D� GHJUDGDomR� GD�PDWUL]� H[WUDFHOXODU� SHODV�PHWDORSURWHLQDVHV� H� SHORV� LQLELGRUHV� GDV�PHWDORSURWHLQDVHV� p DOWHUDGR�� IDYRUHFHQGR�D�DomR�GRV� LQLELGRUHV�H��GHVVD� IRUPD�� OHYDQGR�D�PDLRU�SURGXomR�GH�PDWUL]��$OpP�GLVVR�� IDWRUHV WHFLGXDLV� GH� FUHVFLPHQWR�� FRPR� D� DQJLRWHQVLQD�� R� IDWRU� GH� QHFURVH� WXPRUDO� DOID� �71)�DOID�� H� R� IDWRU� GH� FUHVFLPHQWR GHULYDGR�GH�SODTXHWDV��3'*)���IDYRUHFHP�D�SUROLIHUDomR�GH�ILEUREODVWRV� 7RGDV�HVVDV�DOWHUDo}HV�UHVXOWDP�HP�SHUGD�FHOXODU�H�DOWHUDomR�GD� IXQomR�FHOXODU�QR�PLRFiUGLR��1RV�iWULRV��SRUH[HPSOR��WDLV�DOWHUDo}HV�SUHGLVS}HP�D�GLVIXQomR�GR�Qy�VLQXVDO�H�D�ILEULODomR�DWULDO��FRP�VXDV�UHVSHFWLYDV�FRQVHTXrQFLDV DGYHUVDV��4XDQGR� FRPSURPHWH� RXWUDV� SRUo}HV� GR� VLVWHPD� GH� FRQGXomR� FDUGtDFR�� FRPR� R� Qy� DWULRYHQWULFXODU� RX� RV UDPRV��SRGHP�OHYDU�D�DQRUPDOLGDGHV�FRPR�RV�EORTXHLRV�DWULRYHQWULFXODUHV�H�RV�EORTXHLRV�GH�UDPR��TXDQGR�HQYROYHP�R DQHO�YDOYDU��SRGHP�RFDVLRQDU�FDOFLILFDo}HV�H�HVWHQRVHV�YDOYDUHV� 2�DPELHQWH�LQWUDYDVFXODU�WDPEpP�VRIUH�DOWHUDo}HV��+i�DXPHQWR�GDV�FRQFHQWUDo}HV�GH�ILEULQRJrQLR��GRV�IDWRUHV GH� FRDJXODomR�9�� 9,,,� H� ,;� H� RXWURV�� VHP� DXPHQWRV� FRQFRPLWDQWHV� HP� SURWHtQDV� DQWLFRDJXODQWHV��+i�PDLRU� DWLYLGDGH SODTXHWiULD�HP�YLUWXGH�GD�PDLRU� OLJDomR�GH�3'*)�j�SDUHGH�DUWHULDO��+i�DXPHQWR�GRV�QtYHLV�GR� LQLELGRU�GR�DWLYDGRU�GH SODVPLQRJrQLR� �3$,����� UHVXOWDQGR� HP� ILEULQyOLVH� SUHMXGLFDGD�� +i� DXPHQWR� GH� FLWRFLQDV� SURWURPEyWLFDV�� FRPR� D LQWHUOHXFLQD����SRGHQGR�HVWD�WHU�SDSHO�QD�SDWRJrQHVH�GDV�VtQGURPHV�FRURQDULDQDV�DJXGDV� 2�VLVWHPD�QHUYRVR�DXW{QRPR�WDPEpP�VRIUH�DOWHUDo}HV�FRP�D�LGDGH��FRPR� � ������UHGXomR�GR�Q~PHUR�GH�UHFHSWRUHV�EHWD�DGUHQpUJLFRV� ������VLQDOL]DomR�DOWHUDGD�GD�YLD�GD�SURWHtQD�*� ������UHGXomR�GH�UHFHSWRUHV�DOID�DGUHQpUJLFRV�SODTXHWiULRV� ������UHGXomR�GD�UHVSRVWD�FRQWUiWLO�FDUGtDFD�D�HVWtPXOR�GRSDPLQpUJLFR� ������UHGXomR�GD�VHQVLELOLGDGH�H�GD�UHVSRVWD�D�HVWtPXOR�SDUDVVLPSiWLFR�QRV�WHFLGRV�FDUGtDFR�H�YDVFXODU� ������UHGXomR�GD�IXQomR�EDURUUHIOH[D�D�IDWRUHV�GH�HVWUHVVH�ILVLROyJLFR� � 7DEHOD����'LIHUHQFLDomR�HQWUH�PXGDQoDV�UHODFLRQDGDV�j�LGDGH�H�'&9�HP�LGRVRV $OWHUDo}HV 0XGDQoDV�UHODFLRQDGDV�j�LGDGH 'RHQoD�FDUGLRYDVFXODU 9DVFXODWXUD (VSHVVDPHQWR� LQWLPDO�� HQULMHFLPHQWR� DUWHULDO�� SUHVVmR� GH SXOVR�DXPHQWDGD��YHORFLGDGH�GH�RQGD�GH�SXOVR�DXPHQWDGD� YDVRGLODWDomR�PHGLDGD�SHOR�HQGRWpOLR�GLPLQXtGD� +LSHUWHQVmR� VLVWyOLFD�� REVWUXomR DUWHULDO� FRURQDULDQD�� REVWUXomR DUWHULDO�SHULIpULFD��REVWUXomR�DUWHULDO FDURWtGHD� ÈWULRV $XPHQWR�GR�iWULR�HVTXHUGR��FRPSOH[RV�SUHPDWXURV�DWULDLV� )LEULODomR�DWULDO 1y�VLQXVDO )UHTXrQFLD� FDUGtDFD� Pi[LPD� GLPLQXtGD�� YDULDELOLGDGH� GRV EDWLPHQWRV�FDUGtDFRV�GLPLQXtGD� 'LVIXQomR�GR�Qy�VLQXVDO��GRHQoD�GR Qy�VLQXVDO 1y DWULRYHQWULFXODU 7HPSR�GH�FRQGXomR�DXPHQWDGR %ORTXHLR�WLSR�,,��%$97 9DOYDV (VFOHURVH��FDOFLILFDomR� (VWHQRVH��UHJXUJLWDomR� 9HQWUtFXOR 7HQVmR� GH� SDUHGH� YHQWULFXODU� HVTXHUGD� DXPHQWDGD� FRQWUDomR� PLRFiUGLFD� SURORQJDGD�� WD[D� GH� HQFKLPHQWR GLDVWyOLFR� SUHFRFH� SURORQJDGD�� GpELWR� FDUGtDFR� Pi[LPR GLPLQXtGR��EORTXHLR�GH�UDPR�GLUHLWR��FRPSOH[RV�YHQWULFXODUHV SUHPDWXURV� +LSHUWURILD� YHQWULFXODU� HVTXHUGD� LQVXILFLrQFLD�FDUGtDFD��FRP�RX�VHP IXQomR� VLVWyOLFD� SUHVHUYDGD�� WDTXLFDUGLD� YHQWULFXODU�� ILEULODomR YHQWULFXODU� � 75$7$0(172� '(� '2(1d$6� &$5',29$6&8/$5(6� ( 68$6�3$57,&8/$5,'$'(6�(0�,'2626 $UULWPLDV (P� LGRVRV�� R� WUDoDGR� HOHWURFDUGLRJUiILFR� p� GH� IXQGDPHQWDO� LPSRUWkQFLD� FRPR� PpWRGR� FRPSOHPHQWDU� SDUD� D DYDOLDomR� FDUGLRYDVFXODU�� (QWUHWDQWR�� DOJXPDV� SDUWLFXOLDULGDGHV� GHYHP� VHU� FRQVLGHUDGDV� SDUD� VXD� UHDOL]DomR� H LQWHUSUHWDomR�HILFD]HV��)DWRUHV�DVVRFLDGRV��FRPR�GpILFLWV�FRJQLWLYRV�H�SDUNLQVRQLVPR��GHPDQGDP�LPSOLFDo}HV�WpFQLFDV HVSHFtILFDV� H�PXLWD� SDFLrQFLD� QD� H[HFXomR� GR� H[DPH��'LIHUHQWHPHQWH� GR� DGXOWR� MRYHP��PXLWDV� GURJDV� SRGHP�DOWHUDU VLJQLILFDWLYDPHQWH�R�WUDoDGR�HOHWURFDUGLRJUiILFR�GR�LQGLYtGXR�LGRVR� ,GRVRV� VDXGiYHLV� SRGHP� DSUHVHQWDU� WUDoDGRV� HOHWURFDUGLRJUiILFRV� FRPSDWtYHLV� FRP� D� QRUPDOLGDGH�� PDV� D JUDQGH�PDLRULD�DSUHVHQWD�DOWHUDo}HV�GHWHFWiYHLV� UHODFLRQDGDV�DR�SUySULR�SURFHVVR�GH�SUHVELFiUGLD�RX� UHODFLRQDGDV�D SURFHVVRV�SDWROyJLFRV�VXEMDFHQWHV� $OWHUDo}HV� UHODFLRQDGDV� DR� SURFHVVR� VHQLO� GRV� WHFLGRV� GH� FRQGXomR� HOpWULFD� WDPEpP� SRGHP� UHVXOWDU� HP DOWHUDo}HV�GHWHFWiYHLV�HOHWURFDUGLRJUDILFDPHQWH��'HQWUH�WDLV�DOWHUDo}HV��FLWDP�VH�FRPR�PDLV�FRPXQV� � ������EUDGLDUULWPLDV�H�DWUDVRV�QD�FRQGXomR�DWULRYHQWULFXODU��EORTXHLRV�DWULRYHQWULFXODUHV��SDUFLDLV�RX�WRWDLV� ������KLSHUWURILD�RX�VREUHFDUJD�YHQWULFXODU�HVTXHUGD� ������DOWHUDo}HV�GH�VHJPHQWR�67�H�RQGD�7� ������ILEULODomR�DWULDO� ������H[WUDVVtVWROHV�VXSUD�H�RX�YHQWULFXODUHV� � 2�DFKDGR�LVRODGR�GH�GLVW~UELRV�GH�FRQGXomR�H�DUULWPLDV�HP�LGRVRV�QmR�VLJQLILFD�QHFHVVDULDPHQWH�SUHVHQoD�GH GRHQoD�GH�EDVH�FRQFRPLWDQWH� $� VHJXLU�� VmR� IHLWDV� DOJXPDV� FRQVLGHUDo}HV� VREUH� DV� SDUWLFXOLDULGDGHV� GDV� DVVLP� FKDPDGDV� DUULWPLDV� QRV SDFLHQWHV�LGRVRV� � $UULWPLDV�6XSUDYHQWULFXODUHV 7RGD� D� JDPD� GH� DUULWPLDV� VXSUDYHQWULFXODUHV� SRGH� VHP� HQFRQWUDGD� HP� LQGLYtGXRV� LGRVRV� H� VXD� IUHTXrQFLD DXPHQWD� SURJUHVVLYDPHQWH� FRP� D� LGDGH�� (VWLPD�VH� TXH� DWp� ���� GRV� LQGLYtGXRV� FRP� PDLV� GH� ��� DQRV� GH� LGDGH DSUHVHQWHP�DOJXPD�IRUPD�GH�DUULWPLD�VXSUDYHQWULFXODU��$�IUHTXrQFLD�H�D�FRPSOH[LGDGH�GDV�DUULWPLDV�VXSUDYHQWULFXODUHV QRV� LGRVRV� SDUHFHP� HVWDU� UHODFLRQDGDV� DR� WDPDQKR� GR� iWULR� HVTXHUGR� H� jV� DOWHUDo}HV� HVWUXWXUDLV� PLRFiUGLFDV UHODFLRQDGDV�DR�HQYHOKHFLPHQWR�FDUGtDFR� � ������([WUDVVtVWROHV�VXSUDYHQWULFXODUHV e�QHFHVViULR� HOLPLQDU� DOJXQV� IDWRUHV� GHVHQFDGHDQWHV� GH� H[WUDVVtVWROHV�� FRPR�R� XVR� H[FHVVLYR� GH� FDIHtQD�� R WDEDJLVPR��R�HWLOLVPR��XVR�GH�GURJDV�FRPR�RV�LQLELGRUHV�GH�DSHWLWH�GH�DomR�FHQWUDO�H�R�KLSHUWLUHRLGLVPR��$�SUHVHQoD�GH H[WUDVVtVWROHV� VXSUDYHQWULFXODUHV� HP� LGRVRV� p� EDVWDQWH� FRPXP�� JHUDOPHQWH� EHQLJQD� H� FRVWXPD� PDQLIHVWDU�VH� QR UHSRXVR��GHVDSDUHFHQGR�GXUDQWH�R�H[HUFtFLR�ItVLFR� 1mR�HVWi�LQGLFDGR�R�WUDWDPHQWR�GH�H[WUDVVtVWROHV�VXSUDYHQWULFXODUHV�TXH�QmR�DSUHVHQWDP�PDQLIHVWDo}HV�FOtQLFDV� 1D� SUHVHQoD� GH� VLQWRPDV�� D� DERUGDJHP� WHUDSrXWLFD� GHYH� VHU� LQGLYLGXDOL]DGD�� SRGHQGR�VH� RSWDU� SRU� DQWLDUUtWPLFRV� GD FODVVH�,,�RX�,,,��GHYHQGR�VH�HYLWDU�R�XVR�GRV�GD�FODVVH�,� � ������7DTXLFDUGLD�VXSUDYHQWULFXODU $�FDUGLRYHUVmR�HOpWULFD�p�R�WUDWDPHQWR�GH�HVFROKD�SDUD�RV�HSLVyGLRV�FRP�UHSHUFXVVmR�KHPRGLQkPLFD��KLSRWHQVmR VLQWRPiWLFD�� LQVXILFLrQFLD�FDUGtDFD�RX�DQJLQD�SHUVLVWHQWH��0DQREUDV�YDJDLV�H�XVR�GH�EHWDEORTXHDGRUHV�WDPEpP�SRGHP VHU�FRQVLGHUDGRV�FDVR�R�SDFLHQWH�QmR�DSUHVHQWH�FRQWUDLQGLFDo}HV��2V�DQWLDUUtWPLFRV�GDV�FODVVHV� ,�� ,,�H� ,,,�SRGHP�VHU XWLOL]DGRV�FRP�FDXWHOD��SRU�VHX�HIHLWR�SUy�DUUtWPLFR� � $UULWPLDV�9HQWULFXODUHV &RP�D�LGDGH��R�WUDWDPHQWR�GDV�DUULWPLDV�YHQWULFXODUHV�WRUQD�VH�FRPSOH[R�H�FRP�PDXV�UHVXOWDGRV��([WUDVVtVWROHV YHQWULFXODUHV� VmR� GH� DOWD� LQFLGrQFLD� H� VXDV� FRPSOLFDo}HV� FRVWXPDP� VHU� GLUHWDPHQWH� SURSRUFLRQDLV� j� LGDGH� H� j DVVRFLDomR�FRP�SDWRORJLD�FDUGtDFD�VXEMDFHQWH� 2�WUDWDPHQWR�YLVD�DR�DOtYLR�GRV�VLQWRPDV�H�j�SUHYHQomR�GD�GHJHQHUDomR�GR�ULWPR�FDUGtDFR�H�PRUWH�V~ELWD� &RPRUELGDGHV�DVVRFLDGDV�TXH�SRGHP�JHUDU�VLQWRPDV�GXUDQWH�RV�HSLVyGLRV�GH�DUULWPLDV�GHYHP�VHU�DERUGDGDV FRP� WHUDSrXWLFD� HVSHFtILFD�� DVVLP� FRPR� D� LQVXILFLrQFLD� FDUGtDFD� H� RV� GLVW~UELRV� HOHWUROtWLFRV�� 2� ULVFR�EHQHItFLR� GD WHUDSrXWLFD�PHGLFDPHQWRVD�GHYH�VHPSUH�VHU�FRQVLGHUDGR�HP�SDFLHQWHV�LGRVRV� � ������([WUDVVtVWROHV�YHQWULFXODUHV 1D�DXVrQFLD�GH�VLQWRPDV��DV�H[WUDVVtVWROHV�LVRODGDV��PRQRPyUILFDV�RX�QmR��IUHTXHQWHV�RX�QmR��VHP�DVVRFLDomR FRP�FDUGLRSDWLD�GH�EDVH�QmR�GHYHP�VHU�WUDWDGDV��6H�VLQWRPiWLFDV��PDV�VHP�FDUGLRSDWLD�DVVRFLDGD��RV�EHWDEORTXHDGRUHV VmR� D� PHOKRU� RSomR�� -i� VH� KRXYHU� DVVRFLDomR� FRP� FDUGLRSDWLD�� SRGH�VH� HVFROKHU� HQWUH� RV� EHWDEORTXHDGRUHV� H� D DPLRGDURQD��VHQGR�FRQWUDLQGLFDGRV�RV�DQWLDUUtWPLFRV�GD�FODVVH�,� � ������7DTXLFDUGLD�YHQWULFXODU�VXVWHQWDGD�PRQRPyUILFD 6H� KRXYHU� UHSHUFXVVmR� KHPRGLQkPLFD�� HVWi� LQGLFDGD� D� FDUGLRYHUVmR� HOpWULFD�� 1D� DXVrQFLD� GH� UHSHUFXVVmR KHPRGLQkPLFD�� SURFDLQDPLGD� RX� DPLRGDURQD� VmR� DV� GURJDV� PDLV� LQGLFDGDV�� $� DPLRGDURQD� WDPEpP� HVWi� LQGLFDGD Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce NatáliaRealce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce SURILODWLFDPHQWH�SDUD�HYLWDU�D�UHFRUUrQFLD�GRV�HSLVyGLRV� � 7pFQLFDV�,QYDVLYDV ,PSODQWH�GH�PDUFD�SDVVR��DEODomR�SRU�PHLR�GH�UDGLRIUHTXrQFLD�H�ODVHU��XOWUDVVRP��PLFUR�RQGDV�H�FULRWHUDSLD�VmR WpFQLFDV� TXH� WrP� HYROXtGR� PXLWR� HP� VHJXUDQoD� H� DWXDOPHQWH� FRQVWLWXHP� WHUDSrXWLFD� GH� SULPHLUD� HVFROKD� HP�PXLWDV FLUFXQVWkQFLDV�HQWUH�LGRVRV� 1R� %UDVLO�� Ki� PXLWRV� FHQWURV� GH� UHIHUrQFLD� SDUD� UHDOL]DomR� GHVVHV� SURFHGLPHQWRV�� FRP� EDL[R� tQGLFH� GH FRPSOLFDo}HV� � )LEULODomR�$WULDO $� SUHYDOrQFLD� GH� ILEULODomR� DWULDO� DXPHQWD� SURJUHVVLYDPHQWH� FRP� D� LGDGH�� (VWLPD�VH� TXH� FHUFD� GH� ��� GD SRSXODomR�DFLPD�GH����DQRV�GH�LGDGH�H����DFLPD�GH����DQRV�DSUHVHQWHP�HYLGrQFLDV�HOHWURFDUGLRJUiILFDV�GH�ILEULODomR DWULDO�� 1RV� (VWDGRV� 8QLGRV�� UHSUHVHQWD� DSUR[LPDGDPHQWH� ���� GDV� KRVSLWDOL]Do}HV� UHODFLRQDGDV� D� DUULWPLDV�� HVWDQGR UHODFLRQDGD�D�DOWD�LQFLGrQFLD�GH�UHGXomR�GD�IXQomR�YHQWULFXODU��LQWROHUkQFLD�DR�H[HUFtFLR�H�SUHMXt]R�GD�TXDOLGDGH�GH�YLGD� &RPR� IDWRUHV�GH� ULVFR�SDUD�R�GHVHQYROYLPHQWR�GD� ILEULODomR�DWULDO��SRGHP�VH�FLWDU�D� LGDGH��R�GLDEHWHV�PHOLWR��D KLSHUWHQVmR� DUWHULDO� H� DV� YDOYRSDWLDV�� &RP� R� HQYHOKHFLPHQWR� GD� SRSXODomR�� D� SUHYDOrQFLD� GH� ILEULODomR� DWULDO� WHQGH� D DXPHQWDU� SURSRUFLRQDOPHQWH�� DVVLP� FRPR� DV� FDUGLRSDWLDV� HVWUXWXUDLV�� WRUQDQGR�VH� XP� JUDQGH� GHVDILR� DR� PpGLFR DVVLVWHQWH� 2�ULVFR�GH�IHQ{PHQRV�HPEyOLFRV�HP�SDFLHQWHV�SRUWDGRUHV�GHVVD�DUULWPLD�DXPHQWD�GH������DRV����DQRV�GH�LGDGH SDUD�����DRV����DQRV��7DLV� IHQ{PHQRV�HVWmR� IUHTXHQWHPHQWH� UHODFLRQDGRV�D� LQFDSDFLGDGH� ItVLFD�� GpILFLWV� FRJQLWLYRV� OHV}HV� QHXUROyJLFDV� JUDYHV� H� PRUWH�� 2� DXPHQWR� GR� ULVFR� GH� HPEROLD� HP� SDFLHQWHV� SRUWDGRUHV� GH� ILEULODomR� DWULDO UHODFLRQD�VH�WDPEpP�D�KLVWyULD�GH�KLSHUWHQVmR�DUWHULDO��LQVXILFLrQFLD�FDUGtDFD�UHFHQWH��WURPERHPEROLVPR�SUpYLR��WDPDQKR GR� iWULR� HVTXHUGR� H� GLVIXQomR� YHQWULFXODU�� &RP� D� DQWLFRDJXODomR� QRV� SDFLHQWHV� LGRVRV�� DXPHQWD� WDPEpP� R� ULVFR� GH KHPRUUDJLDV�� SDUWLFXODUPHQWH� D� LQWUDFUDQLDQD� QRV� SDFLHQWHV� FRP� PDLV� GH� ��� DQRV� GH� LGDGH�� HP� KLSHUWHQVRV� H� QRV SDFLHQWHV�DQWLFRDJXODGRV�SRU�SHUtRGR�SURORQJDGR� $� HWLRORJLD� GD� ILEULODomR� DWULDO� HVWi� UHODFLRQDGD� D� SDWRORJLD� FDUGtDFD� RX� H[WUDFDUGtDFD� SUHFLSLWDQWH�� GHQWUH� HODV� SRGHP� VHU� FLWDGDV�� PLRFDUGLRSDWLD� KLSHUWHQVLYD� HVSHFLDOPHQWH� TXDQGR� DFRPSDQKDGD� GH� KLSHUWURILD� YHQWULFXODU� FRURQDULRSDWLD��GLVIXQomR�YHQWULFXODU�HVTXHUGD��FDUGLRSDWLD�KLSHUWUyILFD��HVWHQRVH�DyUWLFD�� LQVXILFLrQFLD�PLWUDO��SDWRORJLDV GR� VLVWHPD� GH� FRQGXomR�� PLRFDUGLWH�� SHULFDUGLWH�� KLSHUWLUHRLGLVPR�� GLVW~UELRV� KLGURHOHWUROtWLFRV�� DQHPLD�� LQIHFomR� WURPERHPEROLVPR� SXOPRQDU�� SDWRORJLDV� SXOPRQDUHV� FU{QLFDV�� DSQHLD� GR� VRQR�� FLUXUJLDV� H� LQWR[LFDo}HV�� (P� LGRVRV�� p QHFHVViULD� XPD� DYDOLDomR� GHWDOKDGD� SDUD� WHQWDU� LGHQWLILFDU� FDXVDV� GH� ILEULODomR� DWULDO� UHODFLRQDGDV� jV� IUHTXHQWHV PDQLIHVWDo}HV�DWtSLFDV�GH�DOJXPDV�SDWRORJLDV�QHVVHV�SDFLHQWHV� $�ILEULODomR�DWULDO�FODVVLILFD�VH�HP� � ������LQLFLDO�RX�QRYR�GLDJQyVWLFR��UHIHUHHQWH�j�SULPHLUD�YH]�HP�TXH�p�IHLWR�R�GLDJQyVWLFR�RX�DR�GLDJQyVWLFR�GH�QRYRV HSLVyGLRV� � � � � � � SDUR[tVWLFD�� HSLVyGLRV� TXH� WHUPLQDP� HVSRQWDQHDPHQWH�� VHP� DomR� GH� IiUPDFRV� RX� QHFHVVLGDGH� GH FDUGLRYHUVmR� HOpWULFD�� *HUDOPHQWH� GXUDP� PHQRV� GH� ��� KRUDV�� SRU� PHQRV� GH� �� GLDV�� SRGHQGR� RX� QmR DSUHVHQWDU�UHFRUUrQFLDV� ������SHUVLVWHQWH��HSLVyGLRV�TXH�QmR�VH�LQWHUURPSHP�VHP�FDUGLRYHUVmR�HOpWULFD�RX�FRP�IiUPDFRV��1RUPDOPHQWH�VmR HSLVyGLRV� TXH� GXUDP� PDLV� GH� �� GLDV� H� WDPEpP� SRGHP� RX� QmR� UHFRUUHU�� (VWi� LQFOXtGD� QHVWD� FDWHJRULD� D ILEULODomR�DWULDO�FRP�GXUDomR�VXSHULRU�D���DQR��FKDPDGD�GH�)$�SHUVLVWHQWH�GH�ORQJD�GXUDomR� � � � � � �SHUPDQHQWH��ILEULODomR�DWULDO�HP�TXH�DV� WHQWDWLYDV�GH�UHYHUVmR� IDOKDUDP�RX�QD�TXDO�VH� IH]�D�RSomR�SRU�QmR WHQWDU�D�UHYHUVmR� � (VVDV�IRUPDV�VmR�LQGHSHQGHQWHV��PDV�RV�SDFLHQWHV�SRGHP�VRIUHU�PLJUDomR�GH�XPD�IRUPD�SDUD�RXWUD� $V� PDQLIHVWDo}HV� FOtQLFDV� VmR� PXOWLYDULDGDV�� GHVGH� FDVRV� WRWDOPHQWH� DVVLQWRPiWLFRV� DWp� TXDGURV� GH FRPSURPHWLPHQWR� KHPRGLQkPLFR� JUDYH��*HUDOPHQWH�PDQLIHVWDo}HV�PDLV� LQWHQVDV� VmR� UHODFLRQDGDV� j� FRH[LVWrQFLD� GH SDWRORJLDV�FDUGLRYDVFXODUHV�FRP�DOWHUDo}HV�GLDVWyOLFDV�TXH�H[LJHP�PDLRU�GHSHQGrQFLD�GD�FRQWUDomR�DWULDO� 2V�VLQWRPDV�UHODFLRQDP�VH�PXLWDV�YH]HV�FRP�D�HOHYDomR�GD�IUHTXrQFLD�FDUGtDFD��UHVXOWDQGR�HP�VHQVDomR�GH SDOSLWDomR�QRV�SDFLHQWHV�LGRVRV� � 7UDWDPHQWR 2� WUDWDPHQWR� GHYH� VHU� LQGLYLGXDOL]DGR� H� YLVD� j� SUHYHQomR� GR� WURPERHPEROLVPR�� DR� FRQWUROH� GD� IUHTXrQFLD FDUGtDFD�H�j�SUHYHQomR�GDV�UHFRUUrQFLDV� (P�SDFLHQWHV�FRP�)$�LQLFLDO�RX�HP�SDFLHQWHV�TXH�DSUHVHQWHP�LQVWDELOLGDGH�KHPRGLQkPLFD��D�WHUDSrXWLFD�GHYH�WHU FRPR� DOYR� D� UHVWDXUDomR� H� D�PDQXWHQomR� GR� ULWPR� VLQXVDO�� &HUFD� GH� ���� GHVWHV� SDFLHQWHV� SRGHP� UHWRPDU� R� ULWPR VLQXVDO�HVSRQWDQHDPHQWH�HP�DWp����KRUDV�H�R�VXFHVVR�GD�FDUGLRYHUVmR�GHSHQGH�GR� WHPSR�GH� LQVWDODomR�GD�)$��(P SDFLHQWHV�LGRVRV��SRU�FDXVD�GR�LPSDFWR�GRV�VLQWRPDV�VREUH�D�TXDOLGDGH�GH�YLGD��Ki�PDLRU�LQWHUHVVH�HP�VH�UHFXSHUDU�R ULWPR�VLQXVDO� $� FDUGLRYHUVmR� SRGH� VHU� HOpWULFD� RX� IDUPDFROyJLFD�� (P� SDFLHQWHV� FRP� LQVWDELOLGDGH� KHPRGLQkPLFD� RX� TXH DSUHVHQWHP� SUp�H[FLWDomR� YHQWULFXODU�� D� FDUGLRYHUVmR� HOpWULFD� p� R� PpWRGR� GH� HVFROKD�� 3HOR� HIHLWR� SUy�DUUtWPLFR� GDV PHGLFDo}HV�� UHFRPHQGD�VH� D� KRVSLWDOL]DomR� H� PRQLWRUDomR� FDUGtDFD�� HVSHFLDOPHQWH� QRV� SDFLHQWHV� FRP FRPSURPHWLPHQWR�GD� IXQomR�YHQWULFXODU��&RP�R�REMHWLYR�GH�PHOKRUDU�D�VLQWRPDWRORJLD��SUHYHQLU�D� WDTXLFDUGLRPLRSDWLD�H HYLWDU� HIHLWRV� SUy�DUUtWPLFRV�� GHYH�VH� FRQWURODU� D� IUHTXrQFLD� YHQWULFXODU�� &RPR� DOYR� SULQFLSDO�� UHFRPHQGD�VH� XPD IUHTXrQFLD�YHQWULFXODU�GH����D����ESP�HP�UHSRXVR�H����D�����ESP�QR�H[HUFtFLR� 4XDQGR�D�DSOLFDomR�GD�WHUDSrXWLFD�IDUPDFROyJLFD�p�LQHILFD]�RX�LQWHUURPSLGD�SRU�FDXVD�GRV�HIHLWRV�FRODWHUDLV�GDV GURJDV��SRGH�VH�WHQWDU�D�DEODomR�GD�MXQomR�DWULRYHQWULFXODU�SRU�FDWHWHU��FXMD�GHVYDQWDJHP�p�D�QHFHVVLGDGH�GH�LPSODQWH GH�PDUFD�SDVVR�SHUPDQHQWH� $V�SULQFLSDLV�GURJDV�DQWLDUUtWPLFDV�XWLOL]DGDV�SDUD�D�FDUGLRYHUVmR� IDUPDFROyJLFD�GD� ILEULODomR�DWULDO�H�GH�RXWUDV DUULWPLDV��DVVLP�FRPR�VHXV�SULQFLSDLV�HIHLWRV�FRODWHUDLV�HP�LGRVRV��VmR�FLWDGDV�QD�7DEHOD��� � 7DEHOD����'URJDV�DQWLDUUtWPLFDV &ODVVHV ,QGLFDo}HV &XLGDGRV�HP�LGRVRV ,�$ 4XLQLGLQD )OXWWHU� DWULDO�� ILEULODomR� DWULDO�� 79 PRQRPyUILFD� H� VXVWHQWDGD� WDTXLFDUGLD�QRGDO� +LSRWHQVmR�� WLQLWXV�� YHUWLJHQV�� GLVW~UELRV� YLVXDLV� H� VtQFRSH� $XPHQWD� D� FRQFHQWUDomR� SODVPiWLFD� GD� GLJR[LQD�� 3RGH SUHFLSLWDU�%$9�WRWDO�H�WRUVDGH�GH�SRLQWHV� 3URFDLQDPLGD )LEULODomR� DWULDO�� WDTXLFDUGLD VXSUDYHQWULFXODU� SDUR[tVWLFD� WDTXLFDUGLD�YHQWULFXODU� 3RGH�SUHFLSLWDU�DODUJDPHQWR�GR�456�H�%$9�WRWDO��+LSRWHQVmR� 'LVRSLUDPLGD 7DTXLFDUGLD� YHQWULFXODU� H[WUDVVtVWROHV�YHQWULFXODUHV� 5HWHQomR�XULQiULD��VtQFRSH� ,�% /LGRFDtQD 7DTXLFDUGLD�YHQWULFXODU 6RQROrQFLD��KLSRWHQVmR� 0H[LOHWLQD 7DTXLFDUGLD�YHQWULFXODU 7RQWXUDV��OHXFRSHQLD� )HQLWRtQD $UULWPLD� DWULDO� H� YHQWULFXODU� SRU LQWR[LFDomR� GLJLWiOLFD�� DQHVWHVLD JHUDO�H�FLUXUJLD�FDUGtDFD� &RQIXVmR�PHQWDO��GLVFLQHVLDV��DSODVLD�PHGXODU� ,�& )OHFDLQLGD 7DTXLFDUGLD� YHQWULFXODU�� ILEULODomR DWULDO��IOXWWHU�DWULDO� %UDGLFDUGLD��OHXFRSHQLD� 3URSDIHQRQD 7DTXLFDUGLD� YHQWULFXODU� H[WUDVVtVWROHV�YHQWULFXODUHV� +LSRWHQVmR��VRQROrQFLD��EUDGLFDUGLD��EURQFRHVSDVPR��FmLEUDV� ,,�±�%HWDEORTXHDGRUHV 3URSUDQRORO� DWHQRORO� H PHWRSURORO 7DTXLFDUGLD� UHHQWUDQWH� VLQXVDO� WDTXLFDUGLD� VLQXVDO�� WDTXLFDUGLD DWULDO�PXOWLIRFDO� 'HSUHVVmR� PHQWDO�� EUDGLFDUGLD�� EURQFRHVSDVPR��WRQWXUDV� FRQIXVmR�PHQWDO� ,,,�±�%ORTXHDGRUHV�GH�FDQDLV�GH�SRWiVVLR $PLRGDURQD )LEULODomR� DWULDO�� IOXWWHU� DWULDO� WDTXLFDUGLD� IXQFLRQDO�� WDTXLFDUGLD YHQWULFXODU� %UDGLFDUGLD�� WUHPRUHV�� DWD[LD�� QHXURWR[LFLGDGH�� KLSR� RX KLSHUWLUHRLGLVPR� 6RWDORO 7DTXLFDUGLD� YHQWULFXODU�� ILEULODomR DWULDO��WDTXLFDUGLD�DWULDO� 'LVSQHLD��WRQWXUDV��EUDGLFDUGLD��KLSRWHQVmR� ,9�±�%ORTXHDGRUHV�GH�FDQDLV�GH�FiOFLR 'LOWLD]HP &RQWUROH� GH� UHVSRVWD� YHQWULFXODU HP� )$� H� IOXWWHU�� WDTXLFDUGLD� DWULDO� WDTXLFDUGLD�YHQWULFXODU� 7RQWXUDV��KLSRWHQVmR� 9HUDSDPLO 7DTXLFDUGLD� SRU� UHHQWUDGD� QRGDO $9 (GHPD��EUDGLFDUGLD��KLSRWHQVmR� � Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce 'HYH�VH�UHDOL]DU�D�WHUDSLD�DQWLFRDJXODQWH���VHPDQDV�DQWHV�GD�FDUGLRYHUVmR�HOpWULFD�RX�IDUPDFROyJLFD�HP�WRGRV RV� SDFLHQWHV� FRP� )$� FRP� PDLV� GH� ��� KRUDV� GH� LQtFLR�� HVVD� WHUDSLD� GHYH� VHU� PDQWLGD� SRU� �� VHPDQDV� DSyV� R SURFHGLPHQWR��1RV�FDVRV�HP�TXH�VH�GLVS}H�GH�HFRFDUGLRJUDPD�WUDQVHVRIiJLFR�HYLGHQFLDQGR�DXVrQFLD�GH�WURPER�DWULDO� SRGH�VH� UHDOL]DU� D� FDUGLRYHUVmR� SUHFRFH� FRP� KHSDULQL]DomR� VHJXLGD� GH� DQWLFRDJXODomR� RUDO� SRU� �� VHPDQDV� DSyV� R SURFHGLPHQWR��$�DQWLFRDJXODomR�YLVD�DR�51,�HQWUH���H����R�TXH�p�REWLGR�FRP�GRVHV�PpGLDV�GH���PJ�VHPDQD�GH�ZDUIDULQD� (P� LGRVRV�� RV� DQWLFRDJXODQWHV� RUDLV� GHYHP� VHU� LQLFLDGRV� HP� GRVHV� EDL[DV�� HP� UD]mR� GDV� DOWHUDo}HV� GH IDUPDFRFLQpWLFD�QHVVD�IDL[D�HWiULD� � +LSHUWHQVmR�$UWHULDO�HP�,GRVRV &RP�R�DYDQoR�GD�LGDGH��RFRUUH�XP�DXPHQWR�VLJQLILFDWLYR�QD�SUHYDOrQFLD�GD�KLSHUWHQVmR�DUWHULDO�VLVWrPLFD��+$6�� WUDQVIRUPDQGR�HVVH�GLDJQyVWLFR�HP�XP�GRV�SULQFLSDLV�IDWRUHV�GH�ULVFR�FDUGLRYDVFXODU�GHVVD�SRSXODomR��(VWLPD�VH�XPD SUHYDOrQFLD�GH�KLSHUWHQVmR�� GHILQLGD� FRPR�SUHVVmR�DUWHULDO� VLVWyOLFD� �����PP+J�H�RX�SUHVVmR�DUWHULDO� GLDVWyOLFD� ��� PP+J��GH�����HQWUH�EUDQFRV�H�����HQWUH�QHJURV�FRP�PDLV�GH����DQRV�GH�LGDGH��H�TXH�PDLV�GH�����GHVVHV�SDFLHQWHV QmR�UHFHEHP�WUDWDPHQWR�DGHTXDGR� $�DVVRFLDomR�GD�+$6�H�RXWUDV�SDWRORJLDV�FDUGLRYDVFXODUHV�UHODFLRQDGDV�DR�HQYHOKHFLPHQWR�FRQWULEXL�DLQGD�PDLV SDUD�R�DXPHQWR�GR�ULVFR�GH�FRPSOLFDo}HV��H[LJLQGR�PHGLGDV�DGHTXDGDV�SDUD�SUHYHQomR��GLDJQyVWLFR�SUHFRFH��FRQWUROH�H SUHYHQomR�GH�OHV}HV�HP�yUJmRV�DOYR� 0XLWRV� HVWXGRV� HSLGHPLROyJLFRV� UHODFLRQDP� GLUHWD� RX� LQGLUHWDPHQWH� D� +$6� FRP� RXWUDV� SDWRORJLDV�� FRPR� R DFLGHQWH�YDVFXODU�HQFHIiOLFR��D�GRHQoD�FRURQDULDQD��D� LQVXILFLrQFLD�FDUGtDFD�FRQJHVWLYD�H�D� LQVXILFLrQFLD�UHQDO�FU{QLFD� (YLGrQFLDV�VXJHUHP�TXH�R� WUDWDPHQWR�GD�KLSHUWHQVmR�QR� LGRVR� UHGX]�D� LQFLGrQFLD�GH�GpILFLW� FRJQLWLYR�H�GHPrQFLD��1R HVWXGR�GH�)UDPLQJKDP��R� ULVFR�GH�GHVHQYROYLPHQWR�GH� LQVXILFLrQFLD� FDUGtDFD� IRL� GH���D��� YH]HV�PDLRU�HP� LQGLYtGXRV KLSHUWHQVRV�TXH�QRV�QRUPRWHQVRV� $�SHUGD�GH�GLVWHQVLELOLGDGH�H�HODVWLFLGDGH�GRV�YDVRV�GH�JUDQGH�FDSDFLWkQFLD�H[SOLFDP�R�DXPHQWR�SURJUHVVLYR�GD SUHVVmR�VLVWyOLFD�REVHUYDGR�HP�LQGLYtGXRV�LGRVRV��$�SUHVVmR�GLDVWyOLFD�WHQGH�D�SHUPDQHFHU�HP�YDORUHV�QRUPDLV�RX�DWp PHVPR�EDL[RV� 1D�PHGLGD�GD�SUHVVmR�DUWHULDO�GR�LGRVR��H[LVWHP���DVSHFWRV�LPSRUWDQWHV� � � � � � � �PDLRU� IUHTXrQFLD�GH�KLDWR�DXVFXOWDWyULR��TXH�FRQVLVWH�QR�GHVDSDUHFLPHQWR�GRV�VRQV�QD�DXVFXOWD�GXUDQWH�D GHIODomR�GR�PDQJXLWR��JHUDOPHQWH�HQWUH�R�ILQDO�GD�IDVH�,�H�R�LQtFLR�GD�IDVH�,,�GRV�VRQV�GH�.RURWNRII��7DO�DFKDGR SRGH�VXEHVWLPDU�D�YHUGDGHLUD�SUHVVmR�VLVWyOLFD�RX�VXSHUHVWLPDU�D�SUHVVmR�GLDVWyOLFD� � � � � � � SVHXGR�KLSHUWHQVmR�� FDUDFWHUL]DGD� SRU� QtYHO� GH� SUHVVmR� DUWHULDO� VXSHUHVWLPDGR� HP� GHFRUUrQFLD� GR HQULMHFLPHQWR�GD�SDUHGH�GD�DUWpULD��3RGH�VHU�GHWHFWDGD�SHOD�PDQREUD�GH�2VOHU��TXH�FRQVLVWH�QD�LQIODomR�GR PDQJXLWR�QR�EUDoR�DWp�R�GHVDSDUHFLPHQWR�GR�SXOVR�UDGLDO��6H�D�DUWpULD�IRU�SDOSiYHO�DSyV�HVVH�SURFHGLPHQWR� VXJHULQGR�HQULMHFLPHQWR��R�SDFLHQWH�p�FRQVLGHUDGR�2VOHU�SRVLWLYR� ������KLSHUWHQVmR�GR�DYHQWDO�EUDQFR�WDPEpP�p�PDLV�IUHTXHQWH�QR�LGRVR� � $�SRVLomR�HP�GHF~ELWR�GRUVDO�p�D�PDLV�DSURSULDGD��'HYH�VH�REWHU�LGHDOPHQWH���D���PHGLGDV�FRP�LQWHUYDOR�GH�� PLQXWRV�HQWUH�HODV��H�D�PHGLGD�GHYH�VHU�UHSHWLGD�HP�WRGDV�DV�FRQVXOWDV� $�REWHQomR�GD�SUHVVmR�DUWHULDO�HP�PDLV�GH�XPD�SRVLomR�SRGH�DX[LOLDU�QR�GLDJQyVWLFR�GH�KLSRWHQVmR�SRVWXUDO��TXH p�D�TXHGD�GH����PP+J�QD�SUHVVmR�VLVWyOLFD�H�RX����PP+J�QD�SUHVVmR�GLDVWyOLFD� $� KLSHUWHQVmR� DUWHULDO� VHFXQGiULD� HP� LGRVRV� QmR� p� IUHTXHQWH�� PDV� FDXVDV� HQGyFULQDV�� HVSHFLDOPHQWH� DV UHODFLRQDGDV� FRP� D� VXSUDUUHQDO�� FRPR� R� IHRFURPRFLWRPD�� RX� FRP� D� VHFUHomR� GH� DOGRVWHURQD� H� GH� JOLFRFRUWLFRLGHV� GHYHP�VHU�FRQVLGHUDGDV��$�HVWHQRVH�XQL�RX�ELODWHUDO�GH�DUWpULDV�UHQDLV�SRGH�VHU�FDXVD�GH�KLSHUWHQVmR�DUWHULDO�VHFXQGiULD HP�LGRVRV� � 7UDWDPHQWR $� GHFLVmR� GH� VH� LQLFLDU� R� WUDWDPHQWR� DQWL�KLSHUWHQVLYR� HP� SDFLHQWHV� LGRVRV� GHYH� OHYDU� HP� FRQVLGHUDomR� QmR VRPHQWH�RV�QtYHLV�SUHVVyULFRV��PDV�WDPEpP�D�SUHVHQoD�GH�RXWURV�IDWRUHV�GH�ULVFR�FDUGLRYDVFXODU�H�D�SUHVHQoD�RX�QmR GH�OHV}HV�HP�yUJmRV�DOYR��$�LGDGH�DFLPD�GH����DQRV��VHP�GLVWLQomR�HQWUH�RV�VH[RV��SRU�VL�Vy�Mi�p�FRQVLGHUDGD�XP�IDWRU GH�ULVFR��2XWURV�IDWRUHV�GH�ULVFR�TXH�GHYHP�VHU�FRQVLGHUDGRV�VmR��WDEDJLVPR��GLDEHWHV��GLVOLSLGHPLD�H�KLVWyULD�IDPLOLDU�GH GRHQoD�FDUGLRYDVFXODU� &RPR� OHV}HV� HP� yUJmRV�DOYR�� FRQVLGHUDP�VH� KLSHUWURILD� YHQWULFXODU� HVTXHUGD�� DQJLQD� RX� LQIDUWR� GR� PLRFiUGLR SUpYLR�� UHYDVFXODUL]DomR� PLRFiUGLFD� SUpYLD�� LQVXILFLrQFLD� FDUGtDFD�� QHIURSDWLD�� GRHQoD� YDVFXODU� DUWHULDO� SHULIpULFD� HSLVyGLR�LVTXrPLFR�RX�DFLGHQWH�YDVFXODU�HQFHIiOLFR�H�UHWLQRSDWLD�KLSHUWHQVLYD� $V�PHGLGDV�GLHWpWLFDV�FRP�D�UHGXomR�QD� LQJHVWD�GH�VDO�H�DV�PXGDQoDV�GH�KiELWRV�GH�YLGD�GHYHP�VHPSUH�VHU HVWLPXODGDV�HP�TXDOTXHU�IDL[D�HWiULD��7DLV�PHGLGDV��HP�DOJXQV�LQGLYtGXRV��SRGHP�VHU�D�~QLFD�HVWUDWpJLD�WHUDSrXWLFD�FRP ERQV�UHVXOWDGRV� $V�LQGLFDo}HV�PHGLFDPHQWRVDV�VmR�DV�PHVPDV�GRV�LQGLYtGXRV�DGXOWRV�MRYHQV��FDEHQGR�UHVVDOWDU�D�QHFHVVLGDGH GH�WLWXODomR�FXLGDGRVD�GH�GRVHV�SDUD�VH�HYLWDU�HYHQWRV�KLSRWHQVLYRV�FRP�FRQVHTXrQFLDV�JUDYHV��FRPR�TXHGDV��$WHQomR HVSHFLDO� GHYH� VHU� GLVSHQVDGD� j� XWLOL]DomR� GH� P~OWLSODV� PHGLFDo}HV�� SRWHQFLDOL]DQGR� R� ULVFR� GH� LQWHUDo}HV PHGLFDPHQWRVDV� HP� LQGLYtGXRV� LGRVRV�� 2V� SDFLHQWHV� GHYHP� UHFHEHU� RULHQWDo}HV� TXDQWR� DRV� HIHLWRV� FRODWHUDLV� H LQWHUDo}HV� PHGLFDPHQWRVDV� GRV� DQWL�KLSHUWHQVLYRV�� 7DPEpP� p� SUHFLVR� GDU� DWHQomR� j� XWLOL]DomR� GH� PHGLFDo}HV� RX DOLPHQWRV� SRWHQFLDOPHQWH� KLSHUWHQVRUHV�� GHVWDFDQGR�VH� DQWL�LQIODPDWyULRV� QmR� HVWHURLGDLV�� DQWL�KLVWDPtQLFRV� H GHVFRQJHVWLRQDQWHV��DQWLGHSUHVVLYRV�WULFtFOLFRV��FRUWLFRLGHV��KRUP{QLRV�WLUHRLGLDQRV��DQWLiFLGRV�ULFRV�HP�VyGLR�H�FDIHtQD� 8PD�DERUGDJHP�PXOWLSURILVVLRQDO�H�D�SDUWLFLSDomR�DWLYD�GD� IDPtOLD�DXPHQWDP�DV� WD[DV�GH�DGHVmR�H�HILFiFLD�GR WUDWDPHQWR��2�DOYR�WHUDSrXWLFR�GHYH�VHU�DWLQJLGR�GH�IRUPD�JUDGXDO��REVHUYDQGR�VH�D�UHVSRVWD�LQGLYLGXDO�H�D�PDQXWHQomR GD�TXDOLGDGH�GH�YLGD� 0HVPR� HP� LGDGHV� DYDQoDGDV�� R� WUDWDPHQWR� GD� KLSHUWHQVmR� DUWHULDO� VLVWyOLFD� LVRODGD� GHYH� VHU� FRQVLGHUDGR QHFHVViULR��7RGDV�DV�FODVVHV�GH�PHGLFDPHQWRV�DQWL�KLSHUWHQVLYRV��FRP�H[FHomR�GRV�YDVRGLODWDGRUHV�GLUHWRV��SRGHP VHU�FRQVLGHUDGDV�FRPR�WHUDSLD�LQLFLDO�HP�PRQRWHUDSLD�RX�DVVRFLDGRV�HP�SDFLHQWHV�LGRVRV��2V�SHUFHQWXDLV�GH�FRQWUROH GH�SUHVVmR�DUWHULDO�VmR�PXLWR�EDL[RV��DSHVDU�GDV�HYLGrQFLDV�GH�TXH�R�WUDWDPHQWR�DQWL�KLSHUWHQVLYR�p�HILFD]�HP�GLPLQXLU�D PRUELGDGH� H� D� PRUWDOLGDGH� FDUGLRYDVFXODUHV�� HP� UD]mR� GD� EDL[D� DGHVmR� DR� WUDWDPHQWR�� )D]�VH� QHFHVViULD� XPD DERUGDJHP�HILFLHQWH�GR�SDFLHQWH�KLSHUWHQVR��HVSHFLDOPHQWH�GR�LGRVR��FRP�HVWUDWpJLDV�GH�HGXFDomR�HP�VD~GH�SDUD�TXH RV� tQGLFHV�GH� DGHVmR� DR� WUDWDPHQWR� PHOKRUHP�� $� VHQVLELOL]DomR� GR� SURILVVLRQDO� GH� VD~GH� TXDQWR� j� LPSRUWkQFLD� GR WUDWDPHQWR� DGHTXDGR� GR� LGRVR� KLSHUWHQVR� p� LPSRUWDQWH� SDUD� TXH� VH� LQFOXD� D� KLSHUWHQVmR� DUWHULDO� HQWUH� RV� SURFHVVRV SDWROyJLFRV� GR� HQYHOKHFLPHQWR�� H� QmR� TXH� VHMD� FRQVLGHUDGR� DSHQDV� FRPR� XP� SURFHVVR� QDWXUDO�� PXLWDV� YH]HV QHJOLJHQFLDGR�SHOD�HTXLSH�GH�VD~GH� � 'RHQoD�$UWHULDO�&RURQDULDQD '$&�&U{QLFD 7DQWR�D�SUHYDOrQFLD�TXDQWR�D�JUDYLGDGH�GH�GRHQoD�DUWHULDO�FRURQDULDQD��'$&��DWHURVFOHUyWLFD�DXPHQWDP�FRP�D LGDGH��$SyV�RV����DQRV��Ki�DXPHQWR�GH�'$&�HP�WURQFR�GH�FRURQiULD�HVTXHUGD�H�WULDUWHULDO��2�ULVFR�GH�GHVHQYROYHU�'$& VLQWRPiWLFD�GXUDQWH�D�YLGD�p�HVWLPDGR�HP�����SDUD�KRPHQV�H�����SDUD�PXOKHUHV��FRP�R�VXUJLPHQWR�GRV�VLQWRPDV����DQRV DQWHV� QRV� KRPHQV� HP� UHODomR� jV� PXOKHUHV�� $RV� ��� DQRV� GH� LGDGH�� D� IUHTXrQFLD� GH� GRHQoD� DUWHULDO� FRURQDULDQD VLQWRPiWLFD�VH�HTXLSDUD�HP�DPERV�RV�VH[RV��VHQGR�GH�FHUFD�GH����D����� � ������'LDJQyVWLFR 1RV�LGRVRV��Ki�PDLRU�SUREDELOLGDGH�GH�LVTXHPLD�VLOHQFLRVD�H�GH�VLQWRPDV�DWtSLFRV�HP�UHODomR�DRV�PDLV�MRYHQV� 2V�VLQWRPDV� LVTXrPLFRV�QR� LGRVR�SRGHP�VHU�GLVSQHLD��GRU�QDV�FRVWDV�RX�QR�RPEUR�� IUDTXH]D�� IDGLJD�RX�GHVFRQIRUWR HSLJiVWULFR��3RU� VXD�PDLRU� UHVWULomR� ItVLFD�H� DOWD� LQFLGrQFLD� GH�GLDEHWH�PHOLWR�� SRGHP�DSUHVHQWDU� VLQWRPDV� LVTXrPLFRV SRXFR�DVVRFLDGRV�DR�HVIRUoR��SRGHQGR�DSUHVHQWi�ORV�HP�UHSRXVR�RX�DVVRFLDGRV�DR�HVWUHVVH�HPRFLRQDO��$OWHUDo}HV�QR VHQVyULR�SRGHP�OLPLWDU�D�SUHFLVmR�GD�KLVWyULD�FOtQLFD� $� DXVrQFLD� GH� VLQWRPDV� GXUDQWH� HYLGrQFLD� GH� LVTXHPLD� PLRFiUGLFD� HP� HOHWURFDUGLRJUDILD�� FDUDFWHUL]DQGR HSLVyGLRV�GH�LVTXHPLD�VLOHQFLRVD��IRL�UHODWDGD�HP����D�����GH�SDFLHQWHV�FRP����DQRV�RX�PDLV� $� HOHWURFDUGLRJUDILD� GH� HVIRUoR� HP� LGRVRV� DSUHVHQWD� PHQRU� HVSHFLILFLGDGH� SDUD� LQVXILFLrQFLD� FRURQDULDQD� HP UD]mR�GD�PDLRU�IUHTXrQFLD�GH�DQRUPDOLGDGHV�QR�VHJPHQWR�67�7�HP�UHSRXVR��$OpP�GLVVR��PXLWRV�LGRVRV�VmR�LQFDSD]HV GH�VH�H[HUFLWDU�VREUH�D�HVWHLUD��R�TXH�GLILFXOWD�VXD�LQGLFDomR�SDUD�HVVH�JUXSR�GH�SDFLHQWHV��(VWLPD�VH�VHQVLELOLGDGH�GH ����H� HVSHFLILFLGDGH� GH� ����SDUD� GHWHFomR� GH� LQVXILFLrQFLD� FRURQDULDQD� HP�SDFLHQWHV� DFLPD� GH� ��� DQRV� SHOR� WHVWH HUJRPpWULFR� 2XWURV�PpWRGRV�TXH�XWLOL]DP�HVWUHVVH�IDUPDFROyJLFR��FRPR�D�FLQWLORJUDILD�PLRFiUGLFD�FRP�WiOLR�DQWHV�H�DSyV�XVR GH�DGHQRVLQD�RX�GLSLULGDPRO�H�R�HFRFDUGLRJUDPD�VRE�HVWUHVVH�FRP�GREXWDPLQD��SRGHP�VHU�XWLOL]DGRV�SDUD�LQYHVWLJDomR GLDJQyVWLFD�RX�DYDOLDomR�SURJQyVWLFD�HP�SDFLHQWHV�LPSRVVLELOLWDGRV�GH�VH�H[HUFLWDU�VREUH�D�HVWHLUD� $� LQFLGrQFLD� HOHYDGD� GH� FDOFLILFDomR� FRURQDULDQD� VHP� REVWUXomR� VLJQLILFDWLYD� DR� IOX[R� p� XP� IDWRU� TXH� SRGH DWUDSDOKDU�D�LQWHUSUHWDomR�GD�DQJLRWRPRJUDILD�FRURQDULDQD�HP�LGRVRV� � ������7UDWDPHQWR 2V�REMHWLYRV�GR�WUDWDPHQWR�GRV�SDFLHQWHV�LGRVRV�FRP�'$&�FU{QLFD�QmR�GLIHUHP�GRV�SDFLHQWHV�PDLV�MRYHQV��7DLV REMHWLYRV�� HP� ~OWLPD� DQiOLVH�� VmR� PHOKRUDU� D� VREUHYLGD� �SUHVHUYDQGR� D� IXQomR� YHQWULFXODU� HVTXHUGD��� UHGX]LU� ULVFRV �GLPLQXLQGR�D�FKDQFH�GH�,$0�H�RXWURV�HYHQWRV��H�DOLYLDU�VLQWRPDV�DQJLQRVRV� 1mR�Ki�UHVWULomR�GH�LGDGH�SDUD�R�WUDWDPHQWR�GD�GRHQoD�DUWHULDO�FRURQDULDQD��D�PHQRV�TXH�D�H[SHFWDWLYD�GH�YLGD VHMD�LQIHULRU�D���DQRV��&RQWXGR��SURFHGLPHQWRV�LQYDVLYRV�GHYHP�VHU�DYDOLDGRV�FRP�FDXWHOD��GHYHQGR�VH�SHVDU�RV�ULVFRV Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce H� RV� EHQHItFLRV� GDV� LQWHUYHQo}HV�� FRPR� D� DQJLRSODVWLD� SHUFXWkQHD� H�� VREUHWXGR�� D� FLUXUJLD� GH� UHYDVFXODUL]DomR� GR PLRFiUGLR� (P�UHODomR�DR�WUDWDPHQWR�FOtQLFR�GD�GRHQoD�DUWHULDO�FRURQDULDQD��Ki�SRXFRV�HVWXGRV�TXH�LQFOXHP�SDFLHQWHV�FRP PDLV�GH����DQRV��8P�GHVVHV�HVWXGRV�IRL�R�+HDUW�3URWHFWLRQ�6WXG\��TXH�REVHUYRX�RV�HIHLWRV�GD�VLQYDVWDWLQD�HP�SDFLHQWHV FRP�GRHQoD�DUWHULDO�FRURQDULDQD�GH����D����DQRV�GH�LGDGH��'HPRQVWURX�PRUWDOLGDGH�WRWDO�UHGX]LGD�HP�YiULRV�VXEJUXSRV GH�SDFLHQWHV�� LQFOXVLYH�QDTXHOHV�FRP�PDLV�GH����DQRV�GH�LGDGH��(P�UHODomR�D�HVWXGRV�GH�SUHYHQomR�SULPiULD��QmR�Ki GDGRV�SXEOLFDGRV�VREUH�HVVD�SRSXODomR� +i�PDLRU�IUHTXHQFLD�GH�HIHLWRV�FRODWHUDLV�FRP�R�XVR�GH�PHGLFDPHQWRV�SDUD�R�WUDWDPHQWR�GH�LGRVRV�FRP�'$&��$ LGDGH�DXPHQWD�D�LQFLGrQFLD�GH�PLRSDWLD�LQGX]LGD�SRU�HVWDWLQD�H�HVWD�SRGH�VHU�GH�GLItFLO�UHFRQKHFLPHQWR�QRV�LGRVRV��'HYH� VH�XVDU�D�PHQRU�GRVH�HILFD]�GH�HVWDWLQD��H�VLQDLV�H�VLQWRPDV�GHYHP�VHU�PRQLWRUDGRV��GHYHQGR�KDYHU�EDL[R�OLPLDU�SDUD FROHWD�GH�WHVWHV�ODERUDWRULDLV� $OJXQV�QLWUDWRV�SRGHP�SURYRFDU�KLSRWHQVmR�SRVWXUDO�HP�LGRVRV��VHQGR�SUHIHULGRV�RV�PRQRQLWUDWRV�RX�DTXHOHV�GH IRUPXODomR� WUDQVGpUPLFD��2V�EHWDEORTXHDGRUHV�QmR�DXPHQWDP�D� LQFLGrQFLD�GH�GHSUHVVmR�HP�HVWXGRV� UDQGRPL]DGRV� SRUpP� VDEH�VH� TXH� RV� QmR� OLSRItOLFRV� �DWHQRORO�� QDGRORO�� SRGHP� SURGX]LU� PHQRV� HIHLWRV� QR� VLVWHPD� QHUYRVR� FHQWUDO� %ORTXHDGRUHV�GH�FDQDLV�GH�FiOFLR��HVSHFLDOPHQWH�RV�GL�KLGURSLULGtQLFRV��SRGHP�FDXVDU�HGHPD�GH�PHPEURV�LQIHULRUHV�FRP PDLRU�IUHTXrQFLD�QRV�LGRVRV��)RUPXODo}HV�GH�DomR�FXUWD�GHYHP�VHU�HYLWDGDV��SRLV�SRGHP�FDXVDU�KLSRWHQVmR�SRVWXUDO��2 YHUDSDPLO�SRGH�H[DFHUEDU�D�FRQVWLSDomR��%HWDEORTXHDGRUHV�H�EORTXHDGRUHV�GH�FDQDLV�GH�FiOFLR�GHYHP�VHU�HYLWDGRV�HP SDFLHQWHV�FRP�GRHQoD�GR�Qy�VLQXVDO� $V�IRUPDV�GH�WUDWDPHQWR�GH�UHYDVFXODUL]DomR�PLRFiUGLFD��WDQWR�FLU~UJLFD�TXDQWR�SHUFXWkQHD��WrP�VLGR�UHDOL]DGDV FRP� IUHTXrQFLD�FDGD�YH]�PDLRU�HP�SDFLHQWHV� LGRVRV�� VHQGR�TXH�DWXDOPHQWH�PHWDGH�GRV�SDFLHQWHV�VXEPHWLGRV�D� WDLV SURFHGLPHQWRV� WrP�PDLV� GH� ��� DQRV��$V� LQGLFDo}HV� VmR�DV�PHVPDV�SDUD� RV�PDLV� MRYHQV�� OHVmR�JUDYH�GH� WURQFR�GH FRURQiULD� HVTXHUGD�� '$&� WULDUWHULDO� SULQFLSDOPHQWH� VH� KRXYHU� GLVIXQomR� YHQWULFXODU�� ELDUWHULDLV� FRP� '$� HQYROYLGD� � GLVIXQomR�YHQWULFXODU�RX�,&R�GHPRQVWUDGD�SRU�WHVWH�QmR�LQYDVLYR��WHVWH�QmR�LQYDVLYR�GH�DOWR�ULVFR��S�H[���H[WHQVD�iUHD�GH PLRFiUGLR�LVTXrPLFR���VREUHYLYHQWHV�GH�3&5�RX�796�RX�LQVXFHVVR�QR�WUDWDPHQWR�FOtQLFR� $SHVDU�GH�SUHVHQWHV�HP�Q~PHUR�OLPLWDGR�GH�HVWXGRV��HVVH�JUXSR�GH�SDFLHQWHV�WHP�DSUHVHQWDGR�ERQV�UHVXOWDGRV FRP�WDLV�HVWUDWpJLDV��2�HVWXGR�%$5,��%\SDVV�$QJLRSODVW\�5HYDVFXODUL]DWLRQ�,QYHVWLJDWLRQ��p�XP�GRV�PDLRUHV�UHJLVWURV HQYROYHQGR�SDFLHQWHV� FRP�PDLV� GH����DQRV�GH� LGDGH��3DFLHQWHV� FRP����D� ���DQRV� FRP�GRHQoD�DUWHULDO� FRURQDULDQD PXOWLDUWHULDO� IRUDP� UDQGRPL]DGRV� SDUD� UHYDVFXODUL]DomR�PLRFiUGLFD� FLU~UJLFD� �50�� RX� DQJLRSODVWLD� SHUFXWkQHD� �$7&�� 3DFLHQWHV�VXEPHWLGRV�j�50�DSUHVHQWDUDP�PRUELPRUWDOLGDGH�PDLRU�H�PDLV�SUHFRFH�H�$9&��SRUpP�DSUHVHQWDUDP�PDLRU DOtYLR�GH�DQJLQD�H�PHQRU�UHLQWHUYHQo}HV��&RQWXGR��DSyV�SHUtRGR�GH���DQRV��DSUHVHQWDUDP�WD[D�GH�VREUHYLGD�VHPHOKDQWH DR�JUXSR�$7&������SDUD�50�YV��������SDUD�$7&���3UHFRFHPHQWH��R�JUXSR�$7&�DSUHVHQWRX�PDLV�LQVXILFLrQFLD�FDUGtDFD H�HGHPD�SXOPRQDU� 'DGRV�GH�UHJLVWUR�VXJHUHP�PRUWDOLGDGH�LQWUD�KRVSLWDODU�SDUD�$7&�PHQRU�TXH����HP�SDFLHQWHV�FRP�PHQRV�GH��� DQRV��DXPHQWDQGR�SDUD����QDTXHOHV�DFLPD�GH����DQRV��(P�UHODomR�j�50��D�PRUWDOLGDGH�LQWUD�KRVSLWDODU�p�GH�PHQRV�GH ���HP�SDFLHQWHV�FRP�PHQRV�GH����DQRV�H�HQWUH���H����QRV�SDFLHQWHV�FRP�PDLV�GH����DQRV��$FLPD�GH����DQRV�GH LGDGH��D�PRUWDOLGDGH�LQWUD�KRVSLWDODU�p�GH�TXDVH������0XOKHUHV�FRP�PDLV�LGDGH�VmR�R�VXEJUXSR�GH�PDLRU�ULVFR� &RPSOLFDo}HV�QmR� IDWDLV� WDPEpP�VmR�PDLV� IUHTXHQWHV�DSyV�SURFHGLPHQWRV�HP� LGRVRV��$9&�RFRUUH�HP�SRXFR PHQRV�GH����DSyV�$7&�H�HP���D����DSyV�50�HP�SDFLHQWHV�DFLPD�GH����DQRV��$OpP�GLVVR��VmR�PDLV�IUHTXHQWHV�QRV LGRVRV�� YHQWLODomR� PHFkQLFD� PDLV� SURORQJDGD�� PDLRU� QHFHVVLGDGH� GH� VXSRUWH� LQRWUySLFR� H� EDOmR� LQWUD�DyUWLFR�� PDLRU LQFLGrQFLD� GH� VDQJUDPHQWRV�� GHOLULXP�� LQVXILFLrQFLD� UHQDO�� LQIDUWR� SHULRSHUDWyULR� H� LQIHFo}HV�� $OpP� GLVVR�� D� GXUDomR� GD LQFDSDFLGDGH�H�D�UHDELOLWDomR�VmR�PDLV�SURORQJDGDV�QHVVHV�SDFLHQWHV�2�HVWXGR�7,0(��7ULDO�RI�,QYDVLYH�YHUVXV�0HGLFDO�7KHUDS\�LQ�(OGHUO\�3DWLHQWV��FRPSDURX�WUDWDPHQWR�LQYDVLYR��$7& RX�50�� FRP� WHUDSLD� FOtQLFD� RWLPL]DGD� HP� SDFLHQWHV� FRP� GRHQoD� DUWHULDO� FRURQDULDQD� FRP�PDLV� GH� ��� DQRV� GH� LGDGH DSUHVHQWDQGR� DQJLQD� UHIUDWiULD� j� WHUDSLD� SDGUmR�� (PERUD� WHQKD� PRVWUDGR� XPD� YDQWDJHP� SDUD� 50� HP� �� PHVHV�� D YDQWDJHP� QmR� HVWDYD� PDLV� SUHVHQWH� DSyV� �� DQR�� $� 50� DSUHVHQWRX� PDLRU� ULVFR� SUHFRFH� GH� PRUWH� H� FRPSOLFDo}HV� HQTXDQWR� TXH�D� WHUDSLD� FOtQLFD� GHPRQVWURX�PDLRU� FKDQFH�GH�HYHQWRV� SRVWHULRUHV� �KRVSLWDOL]DomR�H� UHYDVFXODUL]DomR�� VHP�XPD�YDQWDJHP�HQWUH�DV�GXDV�HVWUDWpJLDV� 7HQGR�HP�YLVWD�SURFHGLPHQWRV�GH�UHYDVFXODUL]DomR�GR�PLRFiUGLR��D�LGDGH�SRU�VL�Vy�QmR�GHYH�VHU�XWLOL]DGD�FRPR FULWpULR�LVRODGR�SDUD�D�HVFROKD�GD�RSomR�GH�WUDWDPHQWR��)DWRUHV�FOtQLFRV�H�VWDWXV�IXQFLRQDO�WDPEpP�GHYHP�VHU�OHYDGRV HP�FRQVLGHUDomR��DVVLP�FRPR�R�GHVHMR�GR�SDFLHQWH�H�DV�H[SHFWDWLYDV�GD�IDPtOLD� � 6tQGURPHV�&RURQDULDQDV�$JXGDV &HUFD�GH�����GRV�SDFLHQWHV�DGPLWLGRV�HP�XP�KRVSLWDO�SRU�,$0�DSUHVHQWDP�PDLV�GH����DQRV�GH�LGDGH��&RP�R DXPHQWR�GD�LGDGH��D�SURSRUomR�HQWUH�KRPHQV�H�PXOKHUHV�VH�HTXLSDUD�HQWUH�DV�LGDGHV�GH����D����DQRV��H��DFLPD�GHVWD LGDGH��Ki�PDLRU�SUHYDOrQFLD�GH�PXOKHUHV�FRP�VtQGURPHV�FRURQDULDQDV�DJXGDV� $SyV�RV����DQRV�GH� LGDGH��Ki�PDLRU� LQFLGrQFLD�GH�SDFLHQWHV�FRP� OLPLWDo}HV� IXQFLRQDLV�� LQVXILFLrQFLD�FDUGtDFD� GRHQoD� DUWHULDO� FRURQDULDQD� SUpYLD� H� LQVXILFLrQFLD� UHQDO�� $SyV� RV� ��� DQRV�� Ki�PHQRU� SURSRUomR� GH� SDFLHQWHV� TXH� VH DSUHVHQWDP�FRP�GRU�WRUiFLFD�RX�HOHYDomR�GR�VHJPHQWR�67�QDV�SULPHLUDV�KRUDV�GRV�VLQWRPDV� $�PRUWDOLGDGH�p���YH]HV�PDLRU�HP�SDFLHQWHV�FRP�PDLV�GH����DQRV�GH�LGDGH�HP�UHODomR�D�SDFLHQWHV�FRP�PHQRV GH����DQRV��'RU�RX�GHVFRQIRUWR�WRUiFLFR�VmR�RV�VLQWRPDV�PDLV�IUHTXHQWHV��SRUpP�SDFLHQWHV�LGRVRV�SRGHP�DSUHVHQWDU RXWUDV� TXHL[DV� GHFRUUHQWHV� GH� LVTXHPLD� FRURQDULDQD� DJXGD�� FRPR� GLVSQHLD�� HGHPD� SXOPRQDU��PDO�HVWDU� RX� VLQWRPDV QHXUROyJLFRV�FRPR�VtQFRSH��$9&�RX�FRQIXVmR�PHQWDO��$� LQWHUSUHWDomR� LQLFLDO�GR�(&*�WDPEpP�SRGH�VHU�GLILFXOWDGD�SRU DOWHUDo}HV�GHFRUUHQWHV�GH�KLSHUWURILD�YHQWULFXODU��DOWHUDo}HV�GH�FRQGXomR�LQWUDYHQWULFXODU�RX�GLVW~UELRV�GR�ULWPR�FDUGtDFR� 4XDQWR�DR�WUDWDPHQWR�GDV�VtQGURPHV�FRURQDULDQDV�DJXGDV��Ki�DOJXPDV�SDUWLFXODULGDGHV�QRV�LGRVRV� � ������Ki�SRXFRV�HVWXGRV�HP�SDFLHQWHV�FRP�PDLV�GH����DQRV�GH�LGDGH� ������DWp����DQRV��Ki�UHGXomR�GD�PRUWDOLGDGH�FRP�D�WHUDSLD�ILEULQROtWLFD�HP�VtQGURPHV�FRURQDULDQDV�DJXGDV�FRP VXSUDGHVQLYHODPHQWR�GR�VHJPHQWR�67��FRPR�RFRUUH�HP�SDFLHQWHV�PDLV�MRYHQV� ������DFLPD�GH����DQRV��Ki�PDLRU�ULVFR�GH�VDQJUDPHQWRV��VHQGR�R�SULQFLSDO�D�KHPRUUDJLD�LQWUDFUDQLDQD��7DPEpP�Ki PDLRU�ULVFR�GH�UXSWXUD�FDUGtDFD� � � � � � �DVSLULQD� UHGX]� D�PRUWDOLGDGH� HP� SDFLHQWHV� DFLPD� GH� ��� DQRV�� SRUpP� p�PHQRV� XWLOL]DGD� QHVVH� JUXSR� GH SDFLHQWHV� ������FORSLGRJUHO�DVVRFLDGR�D�DVSLULQD�UHGX]�HYHQWRV�HP�SDFLHQWHV�FRP�PHQRV�H�PDLV�GH����DQRV�GH�LGDGH��QmR�Ki GDGRV�VLJQLILFDWLYRV�HP�SDFLHQWHV�FRP�PDLV�GH����DQRV� ������RV�LQLELGRUHV�GH�*3�,,E�,,,D�SDUHFHP�HILFD]HV�HP�SDFLHQWHV�FRP�PDLV�GH����DQRV�GH�LGDGH��HPERUD�SRVVDP DXPHQWDU�R�ULVFR�GH�VDQJUDPHQWRV�JUDYHV��VHQGR�D�KHPRUUDJLD�LQWUDFUDQLDQD�R�ORFDO�PDLV�FRPXP� � � � � � � SDFLHQWHV� LGRVRV� FRP� VtQGURPH� FRURQDULDQD� DJXGD� FRP� VXSUDGHVQLYHODPHQWR� GH� 67� EHQHILFLDP�VH� GH DQJLRSODVWLD�SULPiULD�TXDQGR�FRPSDUDGRV�DR�WUDWDPHQWR�ILEULQROtWLFR��DSHVDU�GH�KDYHU�PDLRU�VDQJUDPHQWR�HP ORFDO�GH�DFHVVR�YDVFXODU�H�PDLRU�LQFLGrQFLD�GH�LQVXILFLrQFLD�UHQDO�DVVRFLDGD�DR�FRQWUDVWH� ������EHWDEORTXHDGRUHV�VmR�LQGLFDGRV�QR�WUDWDPHQWR�GH�SDFLHQWHV�LGRVRV�FRP�VtQGURPHV�FRURQDULDQDV�DJXGDV��PDV GHYH�VH�DWHQWDU�SDUD�R�IDWR�GH�TXH�RV�LGRVRV�DSUHVHQWDP�PDLRU�ULVFR�GH�FKRTXH�FDUGLRJrQLFR��GHYHQGR�VH� SRUWDQWR�� WHU� FDXWHOD� QD� LQWURGXomR�H� QD� WLWXODomR�GD�GRVH�HP�SDFLHQWHV� FRP�PDLV� GH����DQRV��$SyV�DOWD� XWLOL]DU�GRVHV�DSURSULDGDV�H�GH�DFRUGR�FRP�D�WROHUDELOLGDGH�GR�SDFLHQWH��HYLWDQGR�LQWHUQDo}HV�SRU�LQVXILFLrQFLD FDUGtDFD�H�Pi�DGHVmR� ������RV�,(&$�GHYHP�VHU�LQWURGX]LGRV�QDV�SULPHLUDV����KRUDV�DSyV�LQIDUWR�DJXGR�GR�PLRFiUGLR��,$0���HVSHFLDOPHQWH HP�SDFLHQWHV�FRP�GLVIXQomR�YHQWULFXODU�HVTXHUGD�RX� ,$0�GH�SDUHGH�DQWHULRU��6mR� UHFRPHQGDGRV�DSyV��� KRUDV�SDUD�WRGRV�RV�RXWURV�SDFLHQWHV�FRP�,$0��SRUpP�VmR�LQGLFDGDV�GRVHV�LQLFLDLV�PHQRUHV�H�WLWXODomR�PDLV OHQWD��FRP�PRQLWRUDomR�DWHQWD�GD�IXQomR�UHQDO� ������WHUDSLD�GH�UHSRVLomR�KRUPRQDO�FRP�IRUPXODo}HV�FRPELQDGDV�GH�HVWURJrQLR�FRP�SURJHVWHURQD�RX�HVWURJrQLR LVRODGR�QmR�DSUHVHQWDP�EHQHItFLR�QD�PRUELPRUWDOLGDGH�FDUGLRYDVFXODU� � $FLGHQWH�9DVFXODU�&HUHEUDO�H�'RHQoD�$UWHULDO�&DURWtGHD 2� DFLGHQWH� YDVFXODU� FHUHEUDO� �$9&�� p� D� SULQFLSDO� FDXVD� GH� PRUWH� H� LQFDSDFLGDGH� QR� %UDVLO�� VHJXQGR� GDGRV HSLGHPLROyJLFRV�GH�������6XD�LQFLGrQFLD�DXPHQWD�FRP�D�LGDGH��'DGRV�GR�HVWXGR�GH�)UDPLQJKDP�HVWLPDP�SUREDELOLGDGH GH�$9&�HP����DQRV�GH�����HP�KRPHQV�H����HP�PXOKHUHV�QD�LGDGH�GH����DQRV��$RV����DQRV��D�SUREDELOLGDGH�DXPHQWD SDUD����H�����SDUD�KRPHQV�H�PXOKHUHV�HP����DQRV� &HUFD�GH�����GRV�$9&V�VmR�GH�RULJHP� LVTXrPLFD��1HVVHV�FDVRV��RV�SULQFLSDLV�PHFDQLVPRV� ILVLRSDWROyJLFRV VmR�D�WURPERVH�GH�JUDQGHV�DUWpULDV��D�WURPERVH�GH�SHTXHQDV�DUWpULDV�H�D�HPEROLD�GH�RULJHP�FDUGtDFD� $�SULQFLSDO�FDXVD�GH�WURPERVH�p�D�DWHURVFOHURVH��TXH�SRGH�HQYROYHU�WDQWR�RV�YDVRV�LQWUD�TXDQWR�H[WUDFUDQLDQRV� SRUpP� DIHWD� FRP�PDLRU� IUHTXrQFLD� R� EXOER� FDURWtGHR�� D� DUWpULD� FDUyWLGD� HP� VXD� SRUomR� LQWUDFUDQLDQD� �QtYHO� GR� VLImR FDURWtGHR���D�RULJHP�GDV�DUWpULDV�YHUWHEUDLV�H�D�WUDQVLomR�GDV�YHUWHEUDLV�FRP�D�DUWpULD�EDVLODU��$�HVWHQRVH�FDURWtGHD�p UHVSRQViYHO�SRU�FHUFD�GH�����GRV�$9&� 'LDJQyVWLFR�GH�HVWHQRVH�VLJQLILFDWLYD�p� UHDOL]DGR�TXDQGR�Ki�FRPSURPHWLPHQWR�PDLRU�TXH����D�����GR� O~PHQ� LGHQWLILFDGR�SRU�XOWUDVVRQRJUDILD�DVVRFLDGD�DR�'RSSOHU��DQJLRUUHVVRQkQFLD�RX�DQJLRWRPRJUDILD�FDURWtGHD��6RSURV�SRGHP HVWDU�SUHVHQWHV�RX�QmR��H�D�GRHQoD�GH�FDUyWLGD�SRGH�VHU�DVVLQWRPiWLFD� 2V� WUDWDPHQWRV� SULPiULR� H� VHFXQGiULR� HQYROYHP�R� FRQWUROH� GRV� IDWRUHV� GH� ULVFR�PRGLILFiYHLV� UHODFLRQDGRV� DR SURFHVVR� GH� DWHURVFOHURVH�� FRPR� FRQWUROH� GD� KLSHUWHQVmR�� UHGXomR� GRV� QtYHLV� OLStGLFRV�� FRQWUROH� GR� GLDEHWHV� PHOLWR� DEVWLQrQFLD�DR�WDEDJLVPR��SUiWLFD�GH�DWLYLGDGHV�ItVLFDV�DHUyELFDV�H�UHGXomR�GD�REHVLGDGH� $�WHUDSLD�DQWLSODTXHWiULD�FRP�$$6�RX�FORSLGRJUHO�WDPEpP�HVWi�LQGLFDGD��HVSHFLDOPHQWH�HP�SDFLHQWHV�GH�DOWR�ULVFR� FRPR� DTXHOHV� FRP� DWDTXH� LVTXrPLFR� WUDQVLWyULR�� $9&� SUpYLR� RX� HVWHQRVH� FDURWtGHD� JUDYH�� $V� HVWDWLQDV� LQGHSHQGHQWHPHQWH� GRV� QtYHLV� GH� FROHVWHURO�� WDPEpP� GHYHP� VHU� XWLOL]DGDV� YLVDQGR� j� HVWDELOL]DomR� GD� SODFD DWHURVFOHUyWLFD��1RV�SDFLHQWHV�GLVOLSLGrPLFRV��D�PHWD�GH�/'/�FROHVWHURO�GHYH�VHU�LQIHULRU�D������GH�SUHIHUrQFLD�LQIHULRU�D ��� 3DUD� RV� SDFLHQWHV� VLQWRPiWLFRV� H� FRP� HVWHQRVHV� PDLRUHV� TXH� ����� LQWHUYHQo}HV� FRPR� D� HQGDUWHUHFWRPLD FDURWtGHD� RX� D� DQJLRSODVWLD� SHUFXWkQHD� FRP� VWHQW� WDPEpP� HVWmR� LQGLFDGDV�� SHOR� ULVFR� DXPHQWDGR� GH� UHFRUUrQFLD� GH VLQWRPDV�PHVPR�HP�YLJrQFLD�GH� WUDWDPHQWR�FOtQLFR��(P�FDVRV�GH� LVTXHPLD�GR�VLVWHPD�YHUWHEUREDVLODU��FRP�HVWHQRVH Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce DFLPD�GH�����GD�DUWpULD�YHUWHEUDO��SRGH�VH�WHQWDU�D�DQJLRSODVWLD�GHVVD�DUWpULD�FRP�LPSODQWH�GH�VWHQW� 3DFLHQWHV�FRP�FDUGLRSDWLDV�DVVRFLDGDV�D�$9&�GHYHP�VHU�FRQVLGHUDGRV�SDUD�R�LQtFLR�GH�WHUDSLD�DQWLFRDJXODQWH� � ,QVXILFLrQFLD�&DUGtDFD (SLGHPLRORJLD $� SUHYDOrQFLD� H� D� LQFLGrQFLD� GH� LQVXILFLrQFLD� FDUGtDFD� �,&�� QD� SRSXODomR� DFLPD� GH� ��� DQRV� GH� LGDGH� YrP DXPHQWDQGR��(VWLPD�VH�TXH��HP�SDFLHQWHV�DFLPD�GH����DQRV��D�LQFLGrQFLD�SRVVD�FKHJDU�D����FDVRV�������LGRVRV�DQR��e PDLV�FRPXP�HP�KRPHQV�GR�TXH�HP�PXOKHUHV��SRUpP��SHOD�PDLRU�ORQJHYLGDGH�GHODV��D�GHVFRPSHQVDomR�p�PDLV�FRPXPQR�VH[R�IHPLQLQR�H��PHQRV�IUHTXHQWHPHQWH��WrP�HWLRORJLD�LVTXrPLFD� $� YDULiYHO� LGDGH� p� IDWRU� LQGHSHQGHQWH� GH� SLRU� SURJQyVWLFR� QD� LQVXILFLrQFLD� FDUGtDFD�� DVVLP� FRPR� D� GLVIXQomR YHQWULFXODU��2V�SDFLHQWHV�FRP�FRPSURPHWLPHQWR�VLVWyOLFR�WrP�SLRU�SURJQyVWLFR�TXDQGR�FRPSDUDGRV�FRP�RV�SRUWDGRUHV GH�GLVIXQomR�GLDVWyOLFD��''�� � $OWHUDomR�GD�)XQomR�9HQWULFXODU�5HODFLRQDGD�FRP�D�,GDGH 2V�SDFLHQWHV�WHQGHP�D�DSUHVHQWDU�VLQDLV�H�VLQWRPDV�GH�LQVXILFLrQFLD�FDUGtDFD�FRP�FDYLGDGH�YHQWULFXODU�QRUPDO�H VHP�GLVIXQomR�HVTXHUGD��([LVWH�GLVIXQomR�GLDVWyOLFD�HP�DWp�����GRV�FDVRV��QD�TXDO�D�FDYLGDGH�YHQWULFXODU�QmR�WHP�p FDSD]�GH�DFRPRGDU�JUDQGHV�YROXPHV�H�D�SUHVVmR�GLDVWyOLFD�YHQWULFXODU�VH�HOHYD�UDSLGDPHQWH��FXOPLQDQGR�QD�VtQGURPH FOtQLFD� 2V� PLyFLWRV� GRV� SDFLHQWHV� FRP� GLVIXQomR� GLDVWyOLFD� DSUHVHQWDP� PDLRU� GHQVLGDGH� GH� PLRILEULODV�� PDLRU VHQVLELOLGDGH�DR�FiOFLR�H�PDLRUHV�GLkPHWURV� � 'LDJQyVWLFR 2V� SDFLHQWHV� LGRVRV�� TXDQGR� FRPSDUDGRV� FRP� SDFLHQWHV� PDLV� MRYHQV�� DSUHVHQWDP� PDLRU� IUHTXrQFLD� GH VHGHQWDULVPR�H��SRU�LVVR��GHPRUDP�D�DSUHVHQWDU�VLQWRPDV�GH�LQVXILFLrQFLD�FDUGtDFD� 'LVSQHLD�� IDGLJD� H� LQWROHUkQFLD� DR� H[HUFtFLR� VmR� DV� PDQLIHVWDo}HV� PDLV� FRPXQV�� (QWUHWDQWR�� QmR� VH� GHYH HVTXHFHU�GRV�GLDJQyVWLFRV�GLIHUHQFLDLV��TXH�VmR� � ������DQHPLD� ������KLSRWLUHRLGLVPR� ������GHSUHVVmR� ������WURPERHPEROLVPR�SXOPRQDU� ������GRHQoDV�SXOPRQDUHV� � 9DOH� OHPEUDU� WDPEpP�TXH�DOJXQV� VLQWRPDV�VmR�DOWDPHQWH� VXJHVWLYRV�GH� LQVXILFLrQFLD� FDUGtDFD�� FRPR�GLVSQHLD SDUR[tVWLFD�QRWXUQD��2�HGHPD�GH�PHPEURV�LQIHULRUHV�SRGH�GHFRUUHU�GH�FDXVDV�VHFXQGiULDV��FRPR�LQVXILFLrQFLD�YHQRVD SHULIpULFD��H�p� IUHTXHQWH�HP�SDFLHQWHV�DFDPDGRV��7XUJrQFLD� MXJXODU�H� ULWPRV�GH�JDORSH�FRP�%���,&�VLVWyOLFD��H�%���,& GLDVWyOLFD��SRGHP�HVWDU�SUHVHQWHV� 1RV�SDFLHQWHV�FRP�LQVXILFLrQFLD�FDUGtDFD��R�DSDUHFLPHQWR�GH�ILEULODomR�DWULDO�SRGH�OHYDU�j�GHVFRPSHQVDomR��SRLV D�SHUGD�GD�FRQWUDomR�DWULDO�GLPLQXL�R�HQFKLPHQWR�YHQWULFXODU�H�R�GpELWR�FDUGtDFR��$�ILEULODomR�DWULDO�p�PXLWR�IUHTXHQWH�QD SRSXODomR�LGRVD�H�FRP�,&�GLDVWyOLFD� 5DGLRJUDILD�GH�WyUD[�GHPRQVWUD�FDUGLRPHJDOLD�QD�,&�VLVWyOLFD�H�FRUDomR�GH�WDPDQKR�QRUPDO�QRV�SDFLHQWHV�FRP�,& H�IUDomR�GH�HMHomR�QRUPDO��1D�IDVH�GH�GHVFRPSHQVDomR��REVHUYD�VH�FHIDOL]DomR�GD�WUDPD�YDVFXODU��GHUUDPH�SOHXUDO�H OLQKDV�GH�.HUOH\� 2� XVR� GH� %13� WLSR� %� H� SUR�%13� SRGH� DX[LOLDU� QR� GLDJQyVWLFR� GHVVHV� SDFLHQWHV�� VREUHWXGR� QDTXHOHV� TXH� VH DSUHVHQWDP�HP�LQYHVWLJDomR�GH�TXDGUR�FRP�GLVSQHLD��e�LPSRUWDQWH�IULVDU�TXH�LGDGH�DYDQoDGD��VH[R�IHPLQLQR�H�GLVIXQomR UHQDO�HVWmR�DVVRFLDGRV��LQGHSHQGHQWHPHQWH�FRP�HOHYDomR�GR�%13� � 7UDWDPHQWR ������,&�VLVWyOLFD 7UDWDPHQWR�QmR�IDUPDFROyJLFR 5HVWULomR�GH�VyGLR��DWLYLGDGH�ItVLFD�PRGHUDGD�H�FHVVDomR�GH�WDEDJLVPR� � 7UDWDPHQWR�IDUPDFROyJLFR 2�WUDWDPHQWR�PHGLFDPHQWRVR�SRGH�VHU�GYLGLGR�GLGDWLFDPHQWH�HP�GRLV��DV�PHGLFDo}HV�GH�DOtYLR�GH�VLQWRPDV�H�DV PHGLFDo}HV�TXH�DOWHUDP�D�VREUHYLGD�GR�SDFLHQWH��(P�UHODomR�DRV�LGRVRV��H[LVWH�XPD�LPSRUWDQWH� OLPLWDomR��D�PpGLD�GH LGDGH�GRV�SDFLHQWHV�LQFOXtGRV�QRV�HVWXGRV�HVWi�HP�HQWUH����H����DQRV��FRP�XPD�PLQRULD�GH�RFWDJHQiULRV� 3DUD� DOtYLR� GRV� VLQWRPDV�� R� SULQFLSDO� JUXSR� GH�PHGLFDo}HV� VmR� RV� GLXUpWLFRV� �7DEHOD� ���� TXH� SRGHP� FDXVDU GLVW~UELR�KLGURHOHWUROLWLFRV��SUHGLVSRU�D�FiOFXORV�GH�FiOFLR��GLVOLSLGHPLD�H�OHYDU�D�KLSRWHQVmR�RUWRVWiWLFD��FDXVD�FRPXP�GH TXHGD�HP�LGRVR��$�GRVH�GH�GLXUpWLFR�GHYH�VHU�D�PtQLPD�QHFHVViULD�SDUD�PDQWHU�XPD�FODVVH�IXQFLRQDO�yWLPD��PHVPR�TXH LVVR�UHVXOWH�HP�GLVFUHWD�SLRUD�GD�IXQomR��QtYHLV�QmR�GLDOLWLFRV�VmR�WROHUDGRV�±�&U������ 2V�GLXUpWLFRV�GH�DOoD�VmR�FRPXPHQWH�XWLOL]DGRV�QD�IDVH�LQLFLDO��(P�SDFLHQWHV�FRP�FODVVH�IXQFLRQDO�DYDQoDGD�H QHFHVVLGDGHV�FUHVFHQWHV�GH�GLXUpWLFRV��RSWD�VH�SHOD�DVVRFLDomR�GHVVDV�PHGLFDo}HV��GLXUpWLFRV�GH�DOoD���WLD]tGLFR���HP UD]mR�GD�UHVLVWrQFLD�GLXUpWLFD��$�GLJR[LQD�p�RXWUD�PHGLFDomR�XWLOL]DGD�SDUD�FRQWUROH�GH�VLQWRPDV��6HX�XVR�p�OLPLWDGR�SHODV EUDGLDUULWLPLDV�H�SHOD�LQWR[LFDomR�TXH�RFRUUH�SULQFLSDOPHQWH�HP�SDFLHQWHV�FRP�GLVIXQomR�UHQDO��$�GRVH�UHFRPHQGDGD�p PHLR� FRPSULPLGR�GLD�� HQWUHWDQWR�� UHFRPHQGD�VH� D� PRQLWRUDomR� GD� GRVH� VpULFD�� 1tYHLV� HQWUH� ���� H� ���� QJ�P/ GHPRQVWUDUDP�XP�SRVVtYHO�EHQHItFLR�QD�PRUWDOLGDGH�QD�VXEDQiOLVH�GR�HVWXGR�',*� � 7DEHOD����'LXUpWLFRV�XWLOL]DGRV�QR�WUDWDPHQWR�GD�LQVXILFLrQFLD�FDUGtDFD 0HGLFDPHQWR 'RVH�LQLFLDO 'RVH�Pi[LPD 'LXUpWLFRV�GH�DOoD � � )XURVHPLGD ���PJ ����PJ %XPHWDQLGD ����D���PJ ���PJ 7LD]tGLFRV � � +LGURFORURWLD]LGD ���PJ ����PJ 0HWROD]RQD ����PJ ���PJ ,QGDSDPLGD ����PJ ��PJ 3RXSDGRUHV�GH�SRWiVVLR � � (VSLURQRODFWRQD ���PJ ���PJ $PLORULGD ����PJ ���PJ 7ULDQWHUHQR ���PJ ����PJ � $V�PHGLFDo}HV�TXH�DOWHUDP�D�PRUWDOLGDGH�VmR�LQLELGRUHV�GD�(&$��L(&$���DQWDJRQLVWDV�GD�DOGRVWHURQD��LQLELGRUHV GR� UHFHSWRU�$7��GD�DQJLRWHQVLQD� ,,�� EHWDEORTXHDGRUHV�H�D�DVVRFLDomR�GH�KLGUDOD]LQD�H�PRQRFRUGLO� �7DEHOD� ���� (VVDV PHGLFDo}HV�GHYHP�HVWDU�VHPSUH�QD�GRVH�Pi[LPD� WROHUDGD�SHOR�SDFLHQWH�VHP�TXH�DSDUHoDP�RV�HIHLWRV�FRODWHUDLV�GD PHGLFDomR��3DUD�DWLQJLU�HVVD�GRVH�Pi[LPD��D�FDGD�UHWRUQR�DPEXODWRULDO�D�GRVH�GHYH�VHU�DXPHQWDGD�SURJUHVVLYDPHQWH� HP�HVSHFLDO�RV�EHWDEORTXHDGRUHV� 2V�L(&$�HVWmR�LQGLFDGRV�QD�IDVH�LQLFLDO�GD�GRHQoD��WrP�HIHLWRV�SUp�H�SyV�FDUJD�H�QR�UHPRGHODPHQWR�PLRFiUGLFR� $V�OLPLWDo}HV�SDUD�VHX�XVR�VmR�LQVXILFLrQFLD�UHQDO�DJXGD��KLSHUFDOHPLD�H�DOHUJLD�DRV�FRPSRQHQWHV�GR�IiUPDFR� 2V� EHWDEORTXHDGRUHV� VmR� GURJDV� TXH�� GD� PHVPD� IRUPD�� DWXDP� QR� UHPRGHODPHQWR� PLRFiUGLFR� OHYDQGR� DR DXPHQWR� GD� H[SUHVVmR� GRV� UHFHSWRUHV� EHWD�DGUHQpUJLFRV� H� PHOKRUDQGR� D� DWLYLGDGH� FRQWUiWLO� D� ORQJR� SUD]R�� $V PHGLFDo}HV� GHVVD� FODVVH� DSURYDGDV� SDUD� R� XVR� VmR� ELVRSURORO�� VXFFLQDWR� GH� PHWRSURORO� H� FDUYHGLORO�� $V FRQWUDLQGLFDo}HV�SDUD�VHX�XVR�VmR�EURQFRHVSDVPR��EORTXHLRV�DWULRYHQWULFXODUHV�H�FKRTXH�FDUGLRJrQLFR��1D�IDVH�DJXGD GH�GHVFRPSHQVDomR��R�XVXiULR�FU{QLFR�GH�EHWDEORTXHDGRUHV�SRGH�WHU�VXD�PHGLFDomR�VXVSHQVD�RX�UHGX]LGD�HP�����GD GRVH��D�GHSHQGHU�GD�JUDYLGDGH�QD�DSUHVHQWDomR�H�D�UHVSRVWD�D�WHUDSLD�LQVWLWXtGD� 2V�LQLELGRUHV�GR�UHFHSWRU�$7��GD�DQJLRWHQVLQD�,,��7DEHOD����WrP�VXD�SULQFLSDO�LQGLFDomR�QRV�LQWROHUDQWHV�D�L(&$ �SULQFLSDOPHQWH� SRU� WRVVH��� VXD� YDQWDJHP� p� D� IDFLOLGDGH� QD� DGHVmR�PHGLFDPHQWRVD�� SRLV� D�PDLRULD� p� DGPLQLVWUDGD� � YH]�GLD�� (P� DOJXPDV� VLWXDo}HV�� FRPR� LQVXILFLrQFLD� UHQDO� FU{QLFD� H� ,&� VLQWRPiWLFR� HP� XVR� GH�PHGLFDo}HV�� SRGH� VHU XVDGD�D�DVVRFLDomR�FRP�L(&$��DSHVDU�GDV�SRXFDV�HYLGrQFLDV��$V�FRQWUDLQGLFDo}HV�VmR�DV�PHVPDV�GR�XVR�GH�L(&$� 2V� DQWDJRQLVWDV� GD� DOGRVWHURQD� VmR� PHGLFDo}HV� TXH� DOWHUDP� D� PRUELPRUWDOLGDGH� GR� SDFLHQWH� DWXDQGR� QR UHPRGHODPHQWR�FDUGtDFR��'HYHP�VHU�LQLFLDGRV�QRV�SDFLHQWHV�FRP�FODVVH�,,,�H�,9��$V�FRQWUDLQGLFDo}HV�VmR�LQVXILFLrQFLD UHQDO��&U�!�����HP�PXOKHUHV�H�&U�!�����HP�KRPHQV��H�KLSHUFDOHPLD��.�!������ $� DVVRFLDomR� GH� KLGUDOD]LQD� H� PRQRFRUGLO� DWXD� QD� SUp� H� QD� SyV�FDUJD�� VHQGR� VXD� SULQFLSDO� LQGLFDomR� QRV SDFLHQWHV�FRP�LQVXILFLrQFLD�UHQDO�DJXGD� � 7DEHOD����0HGLFDPHQWRV�XWLOL]DGRV�QR�WUDWDPHQWR�GD�LQVXILFLrQFLD�FDUGtDFD 0HGLFDPHQWR 'RVH�LQLFLDO��OYR )UHTXrQFLD�GH�XVR ,�(&$ � � 5DPLSULO �������PJ ��YH]�GLD Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce &DSWRSULO ��������PJ ��YH]HV�GLD /LVLQRSULO ����D������PJ ��YH]�GLD (QDODSULO �������PJ ��YH]HV�GLD 3HULQGRSULO �����PJ ��YH]�GLD %HWDEORTXHDGRUHV � � %LVRSURORO ��������PJ ��YH]�GLD 1HELYRORO ��������PJ ��YH]�GLD 6XFFLQDWR�GH�PHWRSURORO ���������PJ ��YH]�GLD &DUYHGLORO ���������PJ ��YH]HV�GLD %5$ � � &DQGHVDUWDP �����PJ ��YH]�GLD /RVDUWDP �������PJ ��YH]�GLD 9DOVDUWDP �������PJ ��YH]HV�GLD� 2XWURV�WUDWDPHQWRV 2�XVR�GH�GLVSRVLWLYRV�HP�SDFLHQWHV�LGRVRV�DLQGD�p�WHPD�GH�GLVFXVVmR��2V�JUDQGHV�HVWXGRV�HQYROYHQGR�WHUDSLDV GH�UHVVLQFURQL]DomR�H�FDUGLRGHVILEULODGRUHV�LPSODQWiYHLV��&',��QmR�FRQVHJXLUDP�PRVWUDU�HYLGrQFLDV�VXILFLHQWHV�SDUD�VHX XVR� QD� SRSXODomR� LGRVD� DFLPD� GH� ��� DQRV�� &RPR� UHJUD� JHUDO�� R� XVR� GR� PDUFD�SDVVR� PXOWLVVtWLR� HVWi� LQGLFDGR� HP SDFLHQWHV�FRP�,&�VLVWyOLFD�HP�XVR�GH�PHGLFDo}HV�HP�GRVHV�Pi[LPDV�WROHUiYHLV�TXH�SRVVXDP�456�DFLPD�GH�����PP� RX�456�HQWUH�����H�����PP�QD�SUHVHQoD�GH�GLVVLQFURQLD�LQWUDYHQWULFXODU�H�LQWHUYHQWULFXODU�HP�H[DPHV�FRPSOHPHQWDUHV� 2� FDUGLRGHVILEULODGRU� LPSODQWiYHO� HVWi� LQGLFDGR� HP� WRGRV� RV� SDFLHQWHV� FRP� PRUWH� V~ELWD� DERUWDGD� H� EHP GRFXPHQWDGD�QR�kPELWR�GD�,&�VLVWyOLFD��H[FOXLQGR�VH�FDXVDV�MXVWLILFiYHLV�SDUD�R�HYHQWR��HQWUHWDQWR��R�SDFLHQWH�SUHFLVD�WHU XPD�VREUHYLGD�PDLRU�TXH���DQR� � ������,&�GLDVWyOLFD $�WHUDSLD�QD�,&�GLDWyOLFD�p�EDVHDGD�HP���SLODUHV� � ������FRQWUROH�GD�KLSHUWHQVmR�VLVWyOLFD�H�GLDVWyOLFD� ������FRQWUROH�GD�IUHTXrQFLD�FDUGtDFD�HP�SDFLHQWHV�FRP�ILEULODomR�DWULDO� ������FRQWUROH�GD�FRQJHVWmR�SXOPRQDU�H�GR�HGHPD�GH�PHPEURV�LQIHULRUHV� ������UHYDVFXODUL]DomR�PLRFiUGLFD�HP�SDFLHQWHV�FRP�LVTXHPLD� � 'XUDQWH�D�WHUDSLD��p�SUHFLVR�HVWDU�DWHQWR�SDUD�UHGXo}HV�QD�SUp�FDUJD��SRLV�R�SDFLHQWH�FRP�,&�GLDVWyOLFD�WHP�EDL[D FRPSODFrQFLD�YHQWULFXODU�H�QHFHVVLWD�GH�DOWD�SUp�FDUJD�SDUD�ERQV�HQFKLPHQWR�YHQWULFXODU�H�GpELWR�FDUGtDFR� $V�PHGLFDo}HV�XWLOL]DGDV�VmR�EHWDEORTXHDGRUHV��LQLELGRUHV�GD�DQJLRWHQVLQD�,,��DQWDJRQLVWDV�GD�DOGRVWHURQD��L(&$� GLXUpWLFRV� H� DQWDJRQLVWDV� GH� FiOFLR�� (VVDV� PHGLFDo}HV� QmR� DOWHUDUDP� GH� IRUPD� VLJQLILFDWLYD� R� GHVIHFKR� FOtQLFR VLJQLILFDWLYR� HP� QHQKXP� GRV� HVWXGRV� �S�H[��� &+$50�3UHVHUYHG� H� ,�35(6(59(��� RV� EHQHItFLRV� IRUDP� HQFRQWUDGRV DSHQDV�FRP�GHVIHFKRV�HFRFDUGLRJUiILFRV� � 'RHQoDV�9DOYDUHV )LVLRSDWRORJLD 2� FRUDomR� VRIUH� DOWHUDo}HV� HVWUXWXUDLV� FRP� D� LGDGH�� LQFOXLQGR� D� GHJHQHUDomR� PL[RPDWRVD� H� D� HVFOHURVH �GHSRVLomR�GH�FROiJHQR���(VWD�SUHGRPLQD�QD�YDOYD�DyUWLFD�H�SRGH�HVWDU�SUHVHQWH�HP�����GRV�LGRVRV��DXPHQWDQGR�VXD SUHYDOrQFLD�D�SDUWLU�GRV����DQRV�GH�LGDGH��$OpP�GDV�DOWHUDo}HV�VXSUDFLWDGDV��D�FDOFLILFDomR�YDOYDU�H�GH�VXDV�F~VSLGHV SRGH� DMXGDU� QD� SURJUHVVmR� GD� GRHQoD� H� OHYDU� D� HVWHQRVHV� YDOYDUHV� FRP� JUDGLHQWHV� LPSRUWDQWHV� H� FDXVDU� OLPLWDomR IXQFLRQDO� QRV�SDFLHQWHV� LGRVRV��$�GRHQoD�HVFOHUyWLFD� YDOYDU� RFRUUH�HP�SDUDOHOR� FRP�D�GRHQoD�DWHURVFOHUyWLFD�� H�� SRU LVVR�� RV� SDFLHQWHV� HVWmR� PDLV� SUHGLVSRVWRV� D� VtQGURPHV� FRURQDULDQDV�� 2V� IDWRUHV� GH� ULVFR� SDUD� D� GRHQoD� H� VXD SURJUHVVmR�VmR� � ������KLSHUWHQVmR� ������GLVOLSLGHPLD� ������WDEDJLVPR� ������LQVXILFLrQFLD�UHQDO�FU{QLFD� ������YDOYD�ELF~VSLGH� ������GLDEHWHV�PHOLWR� ������EDL[D�HVWDWXUD� ������VH[R�IHPLQLQR� � )LEURVH�H�FDOFLILFDomR�VmR�DV�FDXVDV�PDLV�GH�FRPXP�GH�HVWHQRVH�DyUWLFD�QR�LGRVR��$V�OHV}HV�UHJXUJLWDWLYDV�VmR VHFXQGiULDV�j�PLRFDUGLRSDWLD�KLSHUWHQVLYD�H�RFRUUHP�SyV�HYHQWR� LVTXrPLFR��1R� ODGR�GLUHLWR��GRHQoDV�SXOPRQDUHV�H� ,& VmR� UHVSRQViYHLV� SHOR� DFRPHWLPHQWR� GDV� YDOYDV� SXOPRQDUHV� H� WULF~VSLGH��1R� QRVVR� SDtV�� QmR� VH� SRGH� HVTXHFHU� GD GRHQoD�UHXPiWLFD��TXH�FHUWDPHQWH�HVWi�HQWUH�DV�SULQFLSDLV�HWLRORJLDV�GDV�OHV}HV�YDOYDUHV� $V�OHV}HV�YDOYDUHV�VmR�IDWRUHV�SUHGLVRQHQWHV�SDUD�HQGRFDUGLWH�LQIHFFLRVD�H�WDPEpP�SRGHP�OHYDU�j�GHVWUXLomR�GR DSDUDWR�YDOYDU�FRP�OHV}HV�UHJXUJLWDWLYDV� � 'RHQoD�$yUWLFD (VWHQRVH�$yUWLFD $V�FRQVHTXrQFLDV�ILVLRSDWROyJLFDV�GD�HOHYDomR�GD�SyV�FDUJD�LQFOXHP�KLSHUWURILD�YHQWULFXODU�FRQFrQWULFD�HP�VpULH� HOHYDomR� GD� SUHVVmR� GLDVWyOLFD� YHQWULFXODU� H� GLPLQXLomR� GR� GpELWR� FDUGtDFR�� 2� FRUDomR� FRP� HVVDV� DOWHUDo}HV� YDL WHQWDQGR��DR�ORQJR�GR�WHPSR��VH�DGDSWDU�DR�QRYR�HVWDGR�KHPRGLQkPLFR��2V�SDFLHQWHV�PDLV�MRYHQV�WrP�PDLRU�FDSDFLGDGH DGDSWDWLYD�� SRUpP�� VmR� PDLV� DWLYRV� H�� SRU� LVVR�� SRGHP� VHU� PDLV� VLQWRPiWLFRV�� 2V� LGRVRV� WrP� PHQRU� FDSDFLGDGH DGDSWDWLYD�� HQWUHWDQWR�� VmR�PHQRV�DWLYRV�H�SRGHP�QmR�DSUHVHQWDU� VLQWRPDV��PHVPR�HP� OHV}HV�JUDYHV��0HWDGHV�GRV SDFLHQWHV�FRP�HVWHQRVH�JUDYH�DSUHVHQWDP�GRHQoD�FRURQDULDQD� � ������'LDJQyVWLFR 2� GLDJQyVWLFR� p� GHSHQGHQWH� GR� H[DPH� ItVLFR�� YLVWR� TXH� D� VLQWRPDWRORJLD� p� WDUGLD� H� Vy� RFRUUH� QRV� FDVRV� GH GRHQoD�DYDQoDGD��$R�H[DPH��R�DFKDGR�PDLV�FRPXP�p�R�VRSUR�VLVWyOLFR�HP�ERUGD�HVWHUQDO�DOWD�GLUHLWD�FRP� LUUDGLDomR SDUD�R�SHVFRoR��Mi�RV�VLQDLV�H�VLQWRPDV�TXH�LQGLFDP�D�JUDYLGDGH�GD�OHVmR�YDOYDU�VmR� � ������VRSUR�VLVWyOLFR�WDUGLR� ������IHQ{PHQR�GH�*DOODYDUGLQ��VLPXOD�LQVXILFLrQFLD�PLWUDO�� ������KLSRIRQHVH�GH�VHJXQGD�EXOKD��FRPSRQHQWH�DyUWLFR�� ������SXOVR�SDUYXV�HW�WDUGXV� ������SUHVVmR�FRQYHUJHQWH�FRP�VLQDLV�GH�KLSRSHUIXVmR� � 1HQKXP� DFKDGR� QR� H[DPH� ItVLFR� SRGH� SUHGL]HU�� GH� IRUPD� FRQFUHWD�� R� DSDUHFLPHQWR� GH� VLQWRPDV�� SRLV� HVWH GHSHQGH� GD� FDSDFLGDGH� DGDSWDWLYD� DR� QRYR� HVWDGR� KHPRGLQkPLFR�� 3HOD� OLPLWDomR� IXQFLRQDO� GD� SRSXODomR� LGRVD�� R DSDUHFLPHQWR�GH�VLQWRPDV�SRGH�VHU�PXLWR�WDUGLR�H�HVVH�p�R�SULQFLSDO�UHVSRQViYHO�SHOD�LQGLFDomR�FLU~UJLFD� 2�SDFLHQWH�SRGH�HYROXLU� FRP� ,&� �PDLV�FRPXP��� VtQFRSH�H�DQJLQD��(P�DOJXQV�SDFLHQWHV��D�HVWHQRVH�DyUWLFD�p GLDJQRVWLFDGD�DSyV�HSLVyGLR�GH�KHPRUUDJLD�GLJHVWLYD�EDL[D�SRU�DQJLRGLVSODVLDV�FRO{QLFDV��(VVD�DVVRFLDomR�p�FRQKHFLGD FRPR�VtQGURPH�GH�+H\GH�H��FRP�FRUUHomR�GD�OHVmR�YDOYDU��Ki�UHJUHVVmR�GR�TXDGUR�LQWHVWLQDO� $OpP�GDV�PDQLIHVWDo}HV�FOtQLFDV��RV�H[DPHV�FRPSOHPHQWDUHV�WDPEpP�DX[LOLDP�QR�GLDJQyVWLFR�H�SRGHP�DMXGDU QR� DFRPSDQKDPHQWR� H� QR�PRPHQWR� GD� GHFLVmR� FLU~UJLFD�� 2� HFRFDUGLRJUDPD� IRUQHFH� D� YHORFLGDGH� GR� MDWR� DyUWLFR�� R JUDGLHQWH� 9(�$R� H� FDOFXOD� R� WDPDQKR� GD� iUHD� YDOYDU� FRP� DQiOLVH� GH� VXD� PRUIRORJLD�� 1RV� SDFLHQWHV� FRP� GLVIXQomR YHQWULFXODU��p�SRVVtYHO�XVDU�LQRWUySLFRV�RX�YDVRGLODWDGRUHV�SDUD�HVWLPDU�PHOKRU�R�JUDGLHQWH�H�D�JUDYLGDGH�GD�HVWHQRVH� 2� FDWHWHULVPR� p� SRXFR� XVDGR� SDUD� GLDJQyVWLFR�� HQWUHWDQWR�� RV� SDFLHQWHV� VmR� VXEPHWLGRV� GH� URWLQD� SDUD LQYHVWLJDomR�GH�GRHQoD�FRURQDULDQD� � ������7UDWDPHQWR 2�WUDWDPHQWR�SURSRVWR�QD� IDVH� LQLFLDO�p�R�FRQWUROH�GRV� IDWRUHV�GH�ULVFR�TXH� LQWHUIHUHP�QD�HYROXomR�GD�GRHQoD� SRUpP��HP�XP�HVWXGR� UDQGRPL]DGR�GXSOR�FHJR��R�XVR�GH�KLSROLSHPLDQWH�QmR�GHPRQVWURX�DOWHUDomR�QD�SURJUHVVmR�GD HVWHQRVH�DyUWLFD��4XDQGR�R�SDFLHQWH�QmR�DSUHVHQWD�FRPRUELGDGHV�TXH� MXVWLILTXHP�R�XVR�GH�PHGLFDo}HV��QmR�H[LVWHP HYLGrQFLDV� SDUD� XVR� GH� TXDLVTXHU� IiUPDFRV� QD� GRHQoD� YDOYDU�� (P� SDFLHQWHV� VLQWRPiWLFRV� H� FRP� UHPRGHODPHQWR YHQWULFXODU�H[FHVVLYR��R�UDFLRQDO�SDUD�XVR�GH�LQLELGRUHV�GH�(&$�H�DQWDJRQLVWDV�GH�DOGRVWHURQD�DLQGD�QmR�IRL�FRPSURYDGR HP�HQVDLRV� FOtQLFRV� H�� SRU� LVVR�� VHX� XVR� QmR� p� UHFRPHQGDGR� GH� URWLQD�� $R� VH�PHGLFDU� SRUWDGRUHV� GH� YDOYRSDWLDV�� R PpGLFR�FOLQLFR�H�R�SDFLHQWH�GHYHP�HVWDU�SUHSDUDGRV�SDUD�R�SURFHGLPHQWR�FLU~UJLFR�QR�FXUWR�SUD]R��SRLV�D�IDUPDFRWHUDSLD SRGH�PDVFDUDU�RV�VLQWRPDV�H�ID]HU�R�FOtQLFR�SHUFD�R�PRPHQWR�H[DWR�GD� LQGLFDomR�FLU~UJLFD��YLVWR�TXH�D�PDQLIHVWDomR FOtQLFD�p�R�SULQFLSDO�FULWpULR�XWLOL]DGR�SDUD�LQGLFDU�FLUXUJLD� 1RV�SDFLHQWHV�LQWHUQDGRV�FRP�HVWHQRVH�DyUWLFD�H�LQVXILFLrQFLD�FDUGtDFD�GHVFRPSHQVDGD��XPD�RSomR�VHULD�XVR GH�QLWURSUXVVLDWR�GH�VyGLR�DVVRFLDGR�D�GURJDV�LQRWUySLFDV�H�GLXUpWLFRV��-i�QRV�FDVRV�JUDYHV��UHIUDWiULRV�H�VHOHFLRQDGRV� Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce Natália Realce R�XVR�GH�YDOYXORSODVWLD�SRU�FDWHWHU�EDOmR� IXQFLRQD�FRPR�SRQWH�FLU~UJLFD��PDV�QXQFD�FRPR�WUDWDPHQWR�GHILQLWLYR��SRLV�D PRUWDOLGDGH�GR�SURFHGLPHQWR�SHUFXWkQHR�p�VLPLODU�j�GRV�SDFLHQWHV�VLQWRPiWLFRV�QmR�VXEPHWLGRV�j�FLUXUJLD� 2� WUDWDPHQWR� GH� HOHLomR� p� R� FLU~UJLFR�� SRLV� FRUULJH� R� SUREOHPD� KHPRGLQkPLFR� H�� HP� �� VHPDQD�� Mi� p� SRVVtYHO YLVXDOL]DU�D�UHFXSHUDomR�GR�PLRFiUGLR��SURFHVVR�FRQKHFLGR�FRPR�UHPRGHODPHQWR�UHYHUVR��([LVWHP�LQ~PHURV�IDWRUHV�TXHLQWHUIHUHP�QD�PRUELPRUWDOLGDGH�GR�SURFHGLPHQWR��FRPR� � ������JUDX�GH�KLSHUWURILD�PLRFiUGLFD� ������SUHVHQoD�GH�LQVXILFLrQFLD�FDUGtDFD� ������FLUXUJLD�GH�HPHUJrQFLD� ������SUHVHQoD�GH�LQVXILFLrQFLD�UHQDO� ������FRQFRPLWkQFLD�GH�GRHQoD�FRURQDULDQD� ������FLUXUJLD�FRPELQDGD� � 1D� GHFLVmR� VREUH� D� HVFROKD� GD� SUyWHVH�� p� SUHFLVR� WHU� HP� PHQWH� RV� ULVFRV� H� RV� EHQHItFLRV� GR� XVR� GD DQWLFRDJXODomR�RUDO��$&2���SRLV�VDEH�VH�TXH�WDLV�PHGLFDo}HV�HYLWDP�IHQ{PHQRV�HPEyOLFRV��PDV�DXPHQWDP��GH�IRUPD VLJQLILFDWLYD�� R� ULVFR� GH� VDQJUDPHQWR��$V� SUyWHVHV�PHWiOLFDV� QHFHVVLWDP�REULJDWRULDPHQWH� GH� DQWLFRDJXODomR� RUDO�� SRU LVVR�VmR�SUHIHULGDV�QRV�SDFLHQWHV�TXH�Mi�SRVVXHP�LQGLFDomR�GH�DQWLFRDJXODomR�RUDO��FRPR�SRUWDGRUHV�GH�ILEULODomR�DWULDO FU{QLFD��$�SUyWHVH�ELROyJLFD�p�D�GH�HOHLomR��SRLV�QmR�Ki�QHFHVVLGDGH�GH�DQWLFRDJXODomR�RUDO�FRQWtQXD�H�D�GXUDomR�GD SUyWHVH�HP�SDFLHQWHV�DFLPD�GH����DQRV�GH�LGDGH�p�PXLWR�ERD��SRGHQGR�XOWUDSDVVDU���DQRV� � ,QVXILFLrQFLD�$yUWLFD $�SUHYDOrQFLD�GD� LQVXILFLrQFLD�DyUWLFD� �,$R��PtQLPD�HP�SDFLHQWHV�FRP� LGDGH�DFLPD�GH����DQRV�SRGH�FKHJDU�D ����� $V� OHV}HV� YDOYDUHV� GLVFUHWDV� QmR� FRVWXPDP� FDXVDU� UHSHUFXVVmR� KHPRGLQkPLFD� H� Vy� QHFHVVLWDP� GH DFRPSDQKDPHQWR�� $V� OHV}HV� PRGHUDGDV� H� JUDYHV� FRVWXPDP� FDXVDU� PXLWD� UHSHUFXVVmR� KHPRGLQkPLFD� FRP UHPRGHODPHQWR�FDUGtDFR�H�D�SUHVHQoD�GH�VLQWRPDV�GHSHQGH�GR�WHPSR�H�GD�DGDSWDomR�YHQWULFXODU� $R� H[DPH�� HQFRQWUDP�VH� tFWXV� GHVYLDGR�� VRSUR� GLDVWyOLFR� HP� IRFR� DyUWLFR�� SUHVVmR� DUWHULDO� GLYHUJHQWH�� SXOVR DPSOR� �SRXFR� IUHTXHQWH� QRV� LGRVRV�� H� VLQDLV� H� VLQWRPDV� FRPSDWtYHLV� FRP� ,&�� j� UDGLRJUDILD� GH� WyUD[�� QRWD�VH FDUGLRPHJDOLD�H�VLQDLV�GH�FRQJHVWmR� 2�WUDWDPHQWR�GD�OHVmR�YDOYDU�HVWi�LQGLFDGR�QRV�FDVRV�VLQWRPiWLFRV�H�D�WHUDSLD�GH�HVFROKD�p�D�VXEVWLWXLomR�YDOYDU� � &DOFLILFDomR�$QXODU�0LWUDO e�XP�SURFHVVR�GHJHQHUDWLYR�FU{QLFR�PDLV�FRPXP�HP�PXOKHUHV�H�HP�SDFLHQWHV�DFLPD�GH����DQRV�GH�LGDGH��$ SUHYDOrQFLD� HVWi� DXPHQWDGD� HP� SRUWDGRUHV� GH� KLSHUWHQVmR� DUWHULDO�� SURODSVR� GH� YDOYD� PLWUDO�� HVWHQRVH� DyUWLFD� LQVXILFLrQFLD� UHQDO� FU{QLFD�� ILEULODomR� DWULDO� H� KLSHUSDUDWLUHRLGLVPR�� $V� FRPSOLFDo}HV� DVVRFLDGDV� VmR� HVWHQRVH� PLWUDO� LQVXILFLrQFLD�PLWUDO��HQGRFDUGLWH�EDFWHULDQD�H�DUULWPLDV�VXSUDYHQWULFXODUHV� � (VWHQRVH�0LWUDO 1R�%UDVLO��XPD�GDV�SULQFLSDLV�FDXVDV�p�D�HVWHQRVH�PLWUDO�UHXPiWLFD��PDV�D�HYROXomR�GD�FDOFLILFDomR�WDPEHP�p XPD�FDXVD� LPSRUWDQWH� GH� OHVmR� YDOYDU��2V�SDFLHQWHV�DSUHVHQWDP�VLQDLV� GH� FRQJHVWmR�SXOPRQDU� H� SRGHP�DSUHVHQWDU WDTXLVVXSUD�DUULWPLDV��QRV�FDVRV�GH�HWLRORJLD�QmR�UHXPiWLFD��D�KLSHUIRQHVH�GH�SULPHLUD�EXOKD�H�R�HVWDOLGR�GH�DEHUWXUD�GD YDOYD�PLWUDO�HVWmR�DXVHQWHV��$�JUDYLGDGH�GD�OHVmR�YDOYDU�p�PHQVXUDGD�FOLQLFDPHQWH�H�SRU�PHLR�GR�HFRFDUGLRJUDPD��FRP PHQVXUDomR�GR�JUDGLHQWH�$(�9(�H�GD�DpUHD�YDOYDU� 2� WUDWDPHQWR�HVWi� LQGLFDGR�QRV� FDVRV�VLQWRPiWLFRV�� VHPSUH� OHYDQGR�HP�FRQVLGHUDomR�R�JUDX�GH� OLPLWDomR�GH FDGD� SDFLHQWH�� 2� PDQHMR� WHUDSrXWLFR� LGHDO� GHSHQGH� GD� LQWHUDomR� HQWUH� D� IDUPDFRWHUDSLD� H� R� PRPHQWR� LGHDO� GR SURFHGLPHQWR� LQYDVLYR�� 2V� PHGLFDPHQWRV� QmR� LQWHUIHUHP� QD� HYROXomR� GD� GRHQoD�� DSHQDV� FRQWURODP� RV� VLQWRPDV JHUDGRV� SHOD� UHSHUFXVVmR� KHPRGLQkPLFD�� 2V� PHGLFDPHQWRV� REULJDWyULRV� QRV� SRUWDGRUHV� GH� HVWHQRVH� PLWUDO�� VDOYR FRQWUDLQGLFDomR�� VmR� RV� EHWDEORTXHDGRUHV�� TXH� DXPHQWDP� R� WHPSR� GH� HQFKLPHQWR� YHQWULFXODU� H� IDYRUHFHP� R� GpELWR FDUGtDFR��0XLWDV�YH]HV��DVVRFLDP�VH�GLXUpWLFRV�QRV�SDFLHQWHV�FRP�TXDGURV�GH�FRQJHVWmR� 2�WUDWDPHQWR�LQYDVLYR�SHUFXWkQHR�WHP�VXD�JUDQGH�DSOLFDomR�QRV�SDFLHQWHV�MRYHQV��SRLV��QRV�LGRVRV��RV�tQGLFHV GH�FRPSOLFDo}HV�SRGHP�FKHJDU�D�����GRV�FDVRV��SHOR�DOWR�JUDX�GH�FDOFLILFDomR�H�DFRPHWLPHQWR�GR�DSDUHOKR�VXEYDOYDU� $�VXEVWLWXLomR�GD�YDOYD�PLWUDO�p�R�WUDWDPHQWR�GH�HOHLomR��GHYHQGR�VH��FRPR�VHPSUH��SHVDU�R�ULVFR�GH�FRPSOLFDo}HV�GD FLUXUJLD� � ,QVXILFLrQFLD�0LWUDO 3RGH�RFRUUHU�SRU�GHJHQHUDomR�PL[RPDWRVD�VHFXQGiULD�DR�SURODSVR��VHFXQGiULD�D�GRHQoD�DUWHULDO�FRURQDULDQD�H LVTXHPLD�GH�P~VFXOR�SDSLODU��DFRPHWLPHQWR�PLWUDO�UHXPiWLFR�H�VHFXQGiULD�D�HQGRFDUGLWH�LQIHFFLRVD� $V� PDQLIHVWDo}HV� FOtQLFDV� H� RV� DFKDGRV� QR� H[DPH� ItVLFR� GLUHFLRQDP� SDUD� R� GLDJQyVWLFR�� Mi� RV� VLQWRPDV GHSHQGHP�GD�JUDYLGDGH�GR�DFRPHWLPHQWR�YDOYDU�H�GR�WHPSR�GH�LQVWDODomR�GD�GRHQoD� 2�SURODSVR�FRP�GHJHQHUDomR�PL[RPDWRVD�FRVWXPD�HYROXLU�SRU�ORQJRV�SHUtRGRV�DVVLQWRPiWLFRV�H�VR�p�GHWHFWDGR FRP�PDQREUDV��9DOVDOYD��GXUDQWH�H[DPH�ItVLFR��QR�TXDO�VH�HQFRQWUD�HVWDOLGR�GH�DEHUWXUD�H�XP�VRSUR�PHVRWHOHVVLVWyOLFR QR� IRFR�PLWUDO��$� LUUDGLDomR�GR�VRSUR�GHSHQGH�GR� IROKHWR�DFRPHWLGR��QR� IROKHWR�DQWHULRU�j� LUUDGLDomR��p�SDUD�R�GRUVR�H iSLFH��Mi�QR�SRVWHULRU��D�LUUDGLDomR�p�DQWHULRU�H�SDUD�EDVH��4XDQGR�R�SDFLHQWH�SLRUD�DJXGDPHQWH��GHYH�VH�H[FOXLU�UXSWXUD GR� IROKHWR� H� HQGRFDUGLWH� LQIHFFLRVD�� YLVWR� TXH� D� SLRUD� GHYH� VHU� OHQWD� H� SURJUHVVLYD�� $V� PHGLFDo}HV� XVDGDV� DOLYLDP VLQWRPDV�H�VmR�EDVLFDPHQWH�GLXUpWLFRV�H�YDVRGLODWDGRUHV��2� WUDWDPHQWR�GH�HOHLomR�p�FLU~UJLFR��D�VXEVWLWXLomR�YDOYDU�p SUHIHUHQFLDO�TXDQGR�H[LVWH�DFRPHWLPHQWR�GR�IROKHWR�DQWHULRU�H�D�SOiVWLFD�YDOYDU�p�SUHIHUHQFLDO�TXDQGR�R�DFRPHWLPHQWR�p SRVWHULRU� 1D�GRHQoD�UHXPiWLFD��R�SDFLHQWH�YDL�VRIUHQGR�UHPRGHODPHQWR�GR�PLRFiUGLR�DWp�SHUGHU�D�FDSDFLGDGH�GH�VXSRUWDU R�QRYR�HVWDGR�KHPRGLQkPLFR�H�ILFDU�VLQWRPiWLFR��$�SDUWLU�GDt��HVWi�LQGLFDGD�FLUXUJLD�GD�WURFD�YDOYDU��1R�H[DPH�ItVLFR��Ki VLQDLV� H� VLQWRPDV� GH� FRQJHVWmR� H� VRSUR� KRORVVLVWyOLFR� FRP� LUUDGLDomR� SDUD� D[LOD�� H� p� IUHTXHQWH� R� DFRPHWLPHQWR FRQFRPLWDQWH�GD�YDOYD�DyUWLFD�RX�GXSOD�OHVmR�PLWUDO� 1D�GRHQoD�LVTXrPLFD��R�DFRPHWLPHQWR�YDOYDU�p�DJXGR�H��FRPR�QmR�H[LVWH�WHPSR�GH�DGDSWDomR�SDUD�QRYR�HVWDGR KHPRGLQkPLFR��R�SDFLHQWH�ILFD�PXLWR�VLQWRPiWLFR�H�WHP�LQGLFDomR�GH�FLUXUJLD�FRPELQDGD�GH�HPHUJrQFLD��R�TXH�DXPHQWD PXLWR� D�PRUELPRUWDOLGDGH� GR� SURFHGLPHQWR�� 7DQWR� QD� GRHQoD� FRURQDULDQD� FRPR�QD� HQGRFDUGLWH� EDFWHULDQD�� R� JUDX� GH DFRPHWLPHQWR�GD�YiOYXOD�SRGH�YDULDU�GH�OHYH�D�LPSRUWDQWH�H�D�SUHVHQoD�GH�VLQWRPDV�p�TXH�GHILQH�R�WHPSR�GD�FLUXUJLD� � (QGRFDUGLWH�%DFWHULDQD 1D� HQGRFDUGLWH� EDFWHULDQD�� R� SDFLHQWH� DSUHVHQWD� R� TXDGUR� LQIHFFLRVR� FRP� LQGLFDomR� GH� DQWLELRWLFRWHUDSLD� SRU WHPSR�SURORQJDGR��6H�HVWiYHO�HP�YLJrQFLD�GH�PHGLFDomR��R�LGHDO�p�DJXDUGDU�R�WpUPLQR�GR�DQWLELyWLFR�H�DYDOLDU�R�JUDX�GH DFRPHWLPHQWR� YDOYDU��&DVR� KDMD� GLVIXQomR� VLJQLILFDWLYD�� LQGLFDU� WUDWDPHQWR� FLU~UJLFR�� 6H� R� SDFLHQWH� HVWLYHU� LQVWiYHO� QD DSUHVHQWDomR��HVWi�LQGLFDGR�R�SURFHGLPHQWR�FLU~UJLFR��LQGHSHQGHQWHPHQWH�GR�WpUPLQR�GR�DQWLELyWLFR� � 7UDWDPHQWR�3HUFXWkQHR (VVD� PRGDOLGDGH� GH� WUDWDPHQWR� HVWi� FDGD� YH]� PDLV� GLIXQGLGD� SHOR� PXQGR�� 1D� $PpULFD� /DWLQD�� D� FXUYD� GH DSUHQGL]DGR�HVWi�HP�IDVH�LQLFLDO�H��DWXDOPHQWH��p�XPD�RSomR�SDUD�RV�SDFLHQWHV�FRP�ULVFR�FLU~UJLFR�HOHYDGR�H�TXH�QmR VmR�ERQV�FDQGLGDWRV�SDUD�FLUXUJLD��&RPSOLFDo}HV�FRPR�EORTXHLRV�DWULRYHQWULFXODUHV��DFLGHQWH�YDVFXODU�H�UXSWXUD�GH�DRUWD VmR�FRPSOLFDo}HV�GHVFULWDV� � %,%/,2*5$),$ ������%UDXQZDOG�(��=LSHV�'3��/LEE\�3��%RQRZ�52��%UDXQZDOG��7UDWDGR�GH�GRHQoDV�FDUGLRYDVFXODUHV����HG��(OVHYLHU������� ������+HDUW�3URWHFWLRQ�6WXG\�&ROODERUDWLYH�*URXS��05&�%+)�+HDUW�3URWHFWLRQ�6WXG\�RI�FKROHVWHURO�ORZHULQJ�ZLWK�VLPYDVWDWLQ LQ��������KLJK�ULVN�LQGLYLGXDOV��D�UDQGRPL]HG�SODFHER�FRQWUROOHG�WULDO��/DQFHW��������� ������0XOODQ\�&��0RFN�0��%URRNV�0�HW�DO��(IIHFW�RI�DJH�LQ�WKH�%\SDVV�$QJLRSODVW\�5HYDVFXODUL]DWLRQ�,QYHVWLJDWLRQ��%$5,� UDQGRPL]HG�WULDO��$QQ�7KRUDF�6XUJ�������������� ������3ILVWHUHU�0��%XVHU�3��2VVZDOG�6�HW�DO��� IRU� WKH�7ULDO�RI� ,QYDVLYH�YHUVXV�0HGLFDO�7KHUDS\� LQ�(OGHUO\�3DWLHQWV��7,0(� ,QYHVWLJDWRUV��2XWFRPH� RI� HOGHUO\� SDWLHQWV�ZLWK� FKURQLF� V\PSWRPDWLF� FRURQDU\� DUWHU\� GLVHDVH�ZLWK� DQ� LQYDVLYH� YV� RSWLPL]HG�PHGLFDO�WUHDWPHQW�VWUDWHJ\��2QH�\HDU�UHVXOWV�RI�WKH�UDQGRPL]HG�7,0(�WULDO��-$0$���������������� ������=LPHUPDQ�/,��)HQHORQ�*��0DUWLQHOOL�)LOKR�0��*UXSL�&��$WLp�-��/RUJD�)LOKR�$�HW�DO��6RFLHGDGH�%UDVLOHLUD�GH�&DUGLRORJLD� 'LUHWUL]HV�%UDVLOHLUDV�GH�)LEULODomR�$WULDO��$UT�%UDV�&DUGLRO������������VXSO���������������3DVWRUH�&$��3LQKR�&��*HUPLQLDQL�+��6DPHVLPD�1��0DQR�5�HW�DO��6RFLHGDGH�%UDVLOHLUD�GH�&DUGLRORJLD��'LUHWUL]HV�GD 6RFLHGDGH�%UDVLOHLUD�GH�&DUGLRORJLD�VREUH�$QiOLVH�H�(PLVVmR�GH�/DXGRV�(OHWURFDUGLRJUiILFRV��$UT�%UDV�&DUGLRO������ �����VXSO��������� ������0LRQ�'��.RKOPDQQ�2��0DFKDGR�&$��$PRGHR�&��9�'LUHWUL]HV�%UDVLOHLUDV�GH�+LSHUWHQVmR�$UWHULDO��$UT�%UDV�&DUGLRO������ ����VXSSO���������� ������)UHLWDV�(9��3\�/��&DQoDGR�)$;��7UDWDGR�GH�JHULDWULD�H�JHURQWRORJLD����HG��5LR�GH�-DQHLUR��*XDQDEDUD�.RRJDQ������� ��� � � �:KHOWRQ� 63��&KLQ� $�� ;LQ� ;�� +H� -�� (IIHFW� RI� DHURELF� H[HUFLVH� RQ� EORRG� SUHVVXUH�� D�PHWD�DQDO\VLV� RI� UDQGRPL]HG� 7ZHHW 9ROWDU 7RSR FRQWUROOHG�WULDOV��$QQ�,QWHUQ�0HG������������������� ����(XURSHDQ�6RFLHW\�RI�+\SHUWHQVLRQ�:RUNLQJ�*URXS�RQ�%ORRG�3UHVVXUH�0RQLWRULQJ��3UDFWLFH�JXLGHOLQHV�RI�WKH�(XURSHDQ 6RFLHW\�RI�+\SHUWHQVLRQ�IRU�FOLQLF��DPEXODWRU\�DQG�VHOI�EORRG�SUHVVXUH�PHDVXUHPHQW��-�+\SHUWHQV������������������ ����6JDPEDWWL�06��3LHULQ�$��0LRQ�-U��'��$�PHGLGD�GD�SUHVVmR�DUWHULDO�QR�LGRVR��5HY�%UDV�+LSHUWHQVmR��������������� ����/HVVD�,��)RQVHFD�-��5DoD��DGHUrQFLD�DR�WUDWDPHQWR�H�RX�FRQVXOWDV�H�FRQWUROH�GD�KLSHUWHQVmR�DUWHULDO��$UT�%UDV�&DUGLRO ���������������� ����)HLQEHUJ� :0�� %ODFNVKHDU� -/�� /DXSDFLV� $� HW� DO�� 3UHYDOHQFH�� DJH� GLVWULEXWLRQ�� DQG� JHQGHU� RI� SDWLHQWV� ZLWK� DWULDO ILEULOODWLRQ��$QDO\VLV�DQG�LPSOLFDWLRQV��$UFK�,QWHUQ�0HG������������������ ����)XUEHUJ�&'��3VDW\�%0��0DQROLR�7$�HW�DO��3UHYDOHQFH�RI�DWULDO�ILEULOODWLRQ�LQ�HOGHUO\�VXEMHFWV��WKH�&DUGLRYDVFXODU�+HDOWK 6WXG\���$P�-�&DUGLRO����������������� ����3VDW\�%0��0DQROLR�7$��.XOOHU�/+�HW�DO��,QFLGHQFH�RI�DQG�ULVN�IDFWRUV�IRU�DWULDO�ILEULOODWLRQ�LQ�ROGHU�DGXOWV��&LUFXODWLRQ������ ����������� ����:ROI�3$��$EERWW�5'��.DQQHO�:%��$WULDO�ILEULOODWLRQ��D�PDMRU�FRQWULEXWRU�WR�VWURNH�LQ�WKH�HOGHUO\��7KH�)UDPLQJKDP�6WXG\� $UFK�,QWHUQ�0HG������������������ 2XWURV�$UWLJRV�GR�V��PHVPR�V��DXWRU�HV�� �������������(OHWURFDUGLRJUDPD������5LFDUGR�&DVDOLQR�6DQFKHV�GH�0RUDHV �������������$QHXULVPD�H�'LVVHFomR�GH�$RUWD���5LFDUGR�&DVDOLQR�6DQFKHV�GH�0RUDHV �������������3UHYHQomR�GD�QHIURSDWLD�SRU�FRQWUDVWH�SRU�XP�DQiORJR�GD�SURVWDFLFOLQD���5LFDUGR�&DVDOLQR 6DQFKHV�GH�0RUDHV �������������*HVWDomR�H�'RHQoD�&DUGLRYDVFXODU���3DXOR�&XU\�5H]HQGH �������������1RYDV�5HFRPHQGDo}HV�SDUD�%/6�H�$&/6�±�$WXDOL]Do}HV���5LFDUGR�&DVDOLQR�6DQFKHV�GH 0RUDHV %XODV 5HYLV}HV &,'��� $UWULWH�5HXPDWRLGH 5LVFR�GH�7URPERVH�9HQRVD�3URIXQGD 7LURWULFLQD &LFODGRO 3URFDLQDPLGD 'LJREDO 7LFDUFLOLQD���&ODYXODQDWR�GH�3RWiVVLR 9DVFXOLWH�&RP�*UDQXORPDWRVH��RX ��7UDWDPHQWR�GD�0DOiULD $QiOLVHV�(FRQ{PLFDV 9DORU�3UHGLWLYR�1HJDWLYR�GH�XP�7HVWH )ORJHQH 'H[DGHUPLO )HQD]RSLULGLQD 7HVWH�GD�0HWLUDSRQD 0HJDHV{IDJR�&KDJiVLFR ,PSDFWR�GD�&LUURVH�HP�3ROLWUDXPD 7UDQVWRUQRV�GR�+XPRU�±�+DVDQ�$� $VFLWH�±�$YDOLDomR�'LDJQyVWLFD 0HWDQiOLVH (PHUJrQFLDV�3VLTXLiWULFDV�HP &kQFHU�GH�&ROR�8WHULQR������0LQ )LEULODomR�$WULDO�±�*UHJRU\�)��0LFKDXG 0LWR[DQWURQD &RQWUROH�GH�)HEUH�HP�&KRTXH�6pSWLFR )yUPXOD�GH�%DUWK�3DUD�'RVH�GH�'LiOLVH )ODWRO�0D[ $UWHULWH�GH�&pOXODV�*LJDQWHV �������,QLELGRUHV�GD�(Q]LPD 3ODTXHWRSHQLD &RQWH~GRV�0DLV�$FHVVDGRV &RQHFWH�VH 6REUH�R�0HGLFLQD1(7 2� 0HGLFLQD1(7� p� R� PDLRU� SRUWDO� PpGLFR� HP� SRUWXJXrV� 5H~QH� UHFXUVRV� LQGLVSHQViYHLV� H� FRQWH~GRV� GH� SRQWD FRQWH[WXDOL]DGRV� j� UHDOLGDGH� EUDVLOHLUD�� VHQGR� D� PHOKRU IHUUDPHQWD� GH� FRQVXOWD� SDUD� WRPDGD� GH� GHFLV}HV� UiSLGDV� H HILFD]HV� 0HGLFLQD1(7���7RGRV�RV�GLUHLWRV�UHVHUYDGRV� 7HUPRV�GH�8VR�GR�3RUWDO 0HGLFLQDQHW�,QIRUPDo}HV�GH�0HGLFLQD�6�$ $Y��-HU{QLPR�GH�2UQHODV�������6DOD���� 3RUWR�$OHJUH��56����������� &QSM�������������������� �������������� LQIR#PHGLFLQDQHW�FRP�EU ��*RVWR
Compartilhar