UEA UNIVERSIDADE DO ESTADO DO AMAZONAS VESTIBULAR - 2004 TIPO 2 PROVA - 1ª ETAPA Preencha as quadrículas a seguir: Nome do candidato: Número de Inscrição: Assinatura do candidato 1. Você receberá do fiscal o material descrito abaixo: a) uma folha destinada às RESPOSTAS DAS QUESTÕES formuladas na prova; b) este caderno com o enunciado das 70 questões, sem repetição ou falha, sendo que as questões de Inglês e Espanhol (Língua estrangeira) têm a mesma numeração (65 a 70); 2. Verifique se o material está em ordem, se seu nome e seu número de inscrição são os que aparecem na Folha de Respostas; caso contrário, notifique imediatamente o fiscal. 3. Ao receber a Folha de Respostas, é obrigação do candidato: a) conferir seu nome e número de inscrição; b) assinar a Folha de Respostas. 4. As questões são identificadas pelo número que se situa acima do seu enunciado. 5. Reserve os 20 (vinte) minutos finais para marcar a Folha de Respostas. 6. O rascunho no caderno de questões não será levado em consideração. 7. Quando terminar, entregue a Folha de Respostas ao fiscal. 8. O tempo disponível para esta prova objetiva é de 4 (quatro) horas. ISAE Instituto Superior de Administração e Economia I:\conc04\UEA_04\Editora ªo\Provas\Capa_prova.cdr ter a-feira, 6 de julho de 2004 12:19:57 GETULIO VARGAS 3URYDBLQGG 32578*8Ç6 $VVLQDOH D DOWHUQDWLYD HP TXH R WHUPR H[HUoD QR WH[WR IXQomR VLQWiWLFDGLIHUHQWHGRVGHPDLV $ GRSDWDPDUKLVWyULFRDQWHULRU/ % GHVVHVGDGRVPDLVUHFHQWHV/ & GHVXDOLEHUDomR/ ' DRGHVPDWDPHQWRLOHJDO/ ( GHPDGHLUDVQREUHV/ 7H[WR 1mRpGHKRMHTXHRVQtYHLVGHGHVPDWDPHQWRQD$PD]{QLD FDXVDP SUHRFXSDomR jV SHVVRDV H RUJDQL]Do}HV TXH VH GHGLFDPDRVWHPDVVRFLRDPELHQWDLV'HVGHRLQtFLRGRVDQRV RV GDGRV GR ,QVWLWXWR 1DFLRQDO GH 3HVTXLVDV (VSDFLDLV ,13( WrP VH PDQWLGR QR H[WUDYDJDQWH SDWDPDU GH PLO NPDQR (VVHVQtYHLVFRORFDPR%UDVLOHQWUHRVFLQFRPDLRUHVHPLVVRUHV DWXDLVGHFDUERQRSDUDDDWPRVIHUDWHUUHVWUHHFRPRRFDPSHmR HQWUHRVSDtVHVTXHPDLVGHVPDWDP $ FDGD DQR H D FDGD QRYR GDGR GLYXOJDGR RV JRYHUQRV DQXQFLDP PHGLGDV GH FDUiWHU HPHUJHQFLDO SDUD FRPEDWHU R GHVPDWDPHQWR 1R HQWDQWR HVVDV PHGLGDV ± TXDVH VHPSUH GH FDUiWHUQRUPDWLYRHVXSHUHVWUXWXUDO±WrPVLGRLQVXILFLHQWHVSDUD UHYHUWHUDSHUYHUVDWHQGrQFLDKLVWyULFD1RLQtFLRGHR,13( GLYXOJRX R GDGR UHIHUHQWH DR DQR GH GH FHUFD GH PLO NP GHVPDWDGRVPXLWRDFLPDGRVPLONP HVWLPDGRVXPDQR DQWHVHWDPEpPGLYXOJRXDHVWLPDWLYDGHPLONP SDUD XPUHFRUGHKLVWyULFRVXSHUDGRDSHQDVSHORtQGLFHGHGH PLO NP 3RUWDQWR YHULILFDVH XPD WHQGrQFLD UHFHQWH GH VXSHUDomRGRSDWDPDUKLVWyULFRDQWHULRU 9DOHUHJLVWUDUTXHDGLYXOJDomRGHVVHVGDGRVPDLVUHFHQWHV IRL SUHFHGLGD GH VXD OLEHUDomR QD tQWHJUD D XP FRQMXQWR GH RUJDQL]Do}HVS~EOLFDVHGDVRFLHGDGHFLYLO±LQFOXVLYHR,3$0± TXHGLVS}HPGHFDSDFLGDGHWpFQLFDSDUDDQDOLViORVVXEVLGLDQGR D SUySULD DYDOLDomR GR JRYHUQR 2V WpFQLFRV GR ,13( GLVSXVHUDPVH D SDUWLFLSDU GH XP VHPLQiULR SDUD GLVFXWLORV H SURSRUPHGLGDVWHQGRRJRYHUQRIHGHUDOFRQVWLWXtGRXPJUXSRGH WUDEDOKR SDUD DQDOLViODV FRP XP JDQKR LQHVWLPiYHO SDUD D WUDQVSDUrQFLDGRVHXWUDEDOKR 1R HQWDQWR FRQVROLGDVH D FRQYLFomR QD VRFLHGDGH FLYLO EUDVLOHLUDGHTXHRFRPEDWHDRGHVPDWDPHQWRLOHJDODVVLPFRPR R IRPHQWR jV DWLYLGDGHV GH PDQHMR VXVWHQWiYHO GRV UHFXUVRV QDWXUDLV TXH SRGHP UHGX]LU R GHVPDWDPHQWR OHJDO GHPDQGDP XP FRQMXQWR GH SROtWLFDV GH FRQWUROH H GH LQFHQWLYR DR GHVHQYROYLPHQWR VXVWHQWiYHO FDSD] GH HQYROYHU ± GH IRUPD FRQWLQXDGDHQmRDSHQDVFLUFXQVWDQFLDO±RVyUJmRVDPELHQWDLV HRVYiULRVVHJPHQWRVVRFLDLVHSURGXWLYRVFRUUHODWRV 2GHVPDWDPHQWRpXPIHQ{PHQRGHQDWXUH]DFRPSOH[DTXH QmR SRGH VHU DWULEXtGR D XP ~QLFR IDWRU 6DEHVH TXH D H[SORUDomR VHOHWLYD H SUHGDWyULD GH PDGHLUDV QREUHV IXQFLRQD FRPR XPD HVSpFLH GH FDEHoDGHSRQWH GR GHVIORUHVWDPHQWR 0LOKDUHVGHTXLO{PHWURVGHHVWUDGDVFODQGHVWLQDVVmRDEHUWRVQD PDWD YLDELOL]DQGR D H[SDQVmR GDV PLJUDo}HV H GD JULODJHP GH WHUUDV S~EOLFDV DVVLP FRPR GH SURMHWRV GH FRORQL]DomR H GH SHFXiULD H[WHQVLYD 7DPEpP Ki HYLGrQFLDV GH TXH D DJULFXOWXUD LQWHQVLYD ± HVSHFLDOPHQWH D OLJDGD DR DJURQHJyFLR GD VRMD ± PDLVFDSLWDOL]DGDWHPDPSOLDGRDVXDSDUWLFLSDomRQDFRQYHUVmR GD FREHUWXUD YHJHWDO QDWLYD QmR DSHQDV QD UHJLmR GH FHUUDGR PDV WDPEpP HP iUHDV GH IORUHVWD DOpP GH ³HPSXUUDU´ RXWUDV IUHQWHVGHH[SDQVmRVREUHDUHJLmRDPD]{QLFD 0DVpSUHFLVRFRQVLGHUDUHVSHFLDOPHQWHHQWUHDVFDXVDVGR GHVPDWDPHQWR R SDSHO LQGXWRU GR SUySULR (VWDGR TXH DR SURPRYHU D LPSODQWDomR GH JUDQGHV REUDV GH LQIUDHVWUXWXUD HP UHJL}HVVHQVtYHLVHVSHFLDOPHQWHDDEHUWXUDHDSDYLPHQWDomRGH URGRYLDV H SURMHWRV QD iUHD GH HQHUJLD VHP R QHFHVViULR SODQHMDPHQWRHVWUDWpJLFRGDRFXSDomRGRWHUULWyULRDFDEDVHQGR R SULQFLSDO IDWRU GD SURPRomR GR GHVPDWDPHQWR $VVLP VH FDUDFWHUL]D D FRQWUDGLomR HQWUH HVVDV SROtWLFDV HVWUXWXUDLV TXH HPSXUUDP RV tQGLFHV SDUD FLPD H DV PHGLGDV HPHUJHQFLDLV GH SRXFDHILFiFLDTXHYLVDPUHGX]LORV 2WH[WRQRVSHUPLWHHQWHQGHUTXHRGHVPDWDPHQWR $ p GH UHVSRQVDELOLGDGH H[FOXVLYD GR (VWDGR FDUDFWHUL]DGR SHOD FRQVWUXomR GH LQIUDHVWUXWXUD SDUD R DODUJDPHQWR GDV FLGDGHVHDQHFHVViULDRFXSDomRGDUHJLmR % pXPSUREOHPDDVHUWUDWDGRSHODVRFLHGDGHFLYLOFDEHQGRDR (VWDGR R SDSHO GH UHJXODU DV GHFLV}HV TXH HOD WRPDU VHP LQWHUIHUrQFLDGRVyUJmRVDPELHQWDLV & p XPD TXHVWmR QDFLRQDO TXH GHPDQGD HVIRUoR FRQMXQWR GRV yUJmRV DPELHQWDLV GR (VWDGR H GD VRFLHGDGH FLYLO TXH QmR SRGH FRQWHPSODU IRUPDV GH GHVHQYROYLPHQWR HP GHWULPHQWR GDSHUGDGRSRWHQFLDOGHUHIORUHVWDPHQWR ' p XP SUREOHPD TXH GHYH VHU YLVWR SRU YiULRV kQJXORV DQDOLVDGR HP FRQMXQWR SHORV yUJmRV DPELHQWDLV JRYHUQR H VRFLHGDGH H TXH QmR SRGH VHU WUDWDGR WmRVRPHQWH FRP PHGLGDVHPHUJHQFLDLV ( p FDXVDGR SRU XP GHVFRQWUROH GR JRYHUQR HP UHODomR jV IUHQWHV GH WUDEDOKR JHUDGDV FRP D H[SDQVmR GD DWLYLGDGH DJURSHFXiULDFRQVHTrQFLDGDIDOWDGHILVFDOL]DomRSRUSDUWH GRVyUJmRVDPELHQWDLV 2WH[WRWHPQDWXUH]D $ GHVFULWLYD & HSLVWRODU ( RUDWyULD $VVLP VH FDUDFWHUL]D D FRQWUDGLomR HQWUH HVVDV SROtWLFDV HVWUXWXUDLV TXH HPSXUUDP RV tQGLFHV SDUD FLPD H DV PHGLGDV HPHUJHQFLDLVGHSRXFDHILFiFLDTXHYLVDPUHGX]LORV/ 2WHUPRJULIDGRSRGHULDVHUVXEVWLWXtGRVHPSUHMXt]RVHPkQWLFRSRU $ 'HVVDIRUPD % 'HVWDIRUPD & 1mRREVWDQWH ' (QWUHWDQWR ( 3RUFRQVHJXLQWH 9DOHUHJLVWUDUTXHDGLYXOJDomRGHVVHVGDGRVPDLVUHFHQWHVIRL SUHFHGLGD GH VXD OLEHUDomR QD tQWHJUD D XP FRQMXQWR GH RUJDQL]Do}HVS~EOLFDVHGDVRFLHGDGHFLYLO±LQFOXVLYHR,3$0± TXH GLVS}HP GH FDSDFLGDGH WpFQLFD SDUD DQDOLViORV VXEVLGLDQGRDSUySULDDYDOLDomRGRJRYHUQR/ $VVLQDOH D DOWHUQDWLYD TXH FRQWHQKD UHVSHFWLYDPHQWH FRUUHWD FODVVLILFDomRGDVRFRUUrQFLDVGR48(QRWUHFKRDFLPD $ FRQMXQomRLQWHJUDQWHSURQRPHUHODWLYR % SURQRPHUHODWLYRFRQMXQomRLQWHJUDQWH & FRQMXQomRLQWHJUDQWHFRQMXQomRLQWHJUDQWH ' SURQRPHUHODWLYRSURQRPHUHODWLYR ( SURQRPHUHODWLYRFRQMXQomRVXERUGLQDWLYDFRQVHFXWLYD 0iUFLR 6DQWLOOL ,Q $OHQFDU $QH HW DOLL 'HVPDWDPHQWR QD $PD]{QLD LQGR DOpP GD HPHUJrQFLDFU{QLFD%HOpP,3$0 $VVLQDOHDDOWHUQDWLYDHPTXHDSDODYUDWHQKDVLGRIRUPDGDSHOR PHVPRSURFHVVRTXHFDEHoDGHSRQWH/ $ GHVPDWDPHQWR/ % VXSHUHVWUXWXUDO/ & DJURQHJyFLR/ ' LQIUDHVWUXWXUD/ ( SODQHMDPHQWR/ 3DUDDSUHVHQWDUVXDVLGpLDVRDXWRUVy12VHXWLOL]DGH $ GDGRVHVWDWtVWLFRV % FLWDo}HV & UHIHUrQFLDDyUJmRVGHFUHGLELOLGDGH ' FRPSDUDo}HV ( RSRVLomRGHLGpLDV 3URYDBLQGG % QDUUDWLYD ' DUJXPHQWDWLYD 3URYD(WDSD7LSR 0LOKDUHVGHTXLO{PHWURVGHHVWUDGDVFODQGHVWLQDVVmRDEHUWRVQD PDWD YLDELOL]DQGR D H[SDQVmR GDV PLJUDo}HV H GD JULODJHP GH WHUUDV S~EOLFDV DVVLP FRPR GH SURMHWRV GH FRORQL]DomR H GH SHFXiULDH[WHQVLYD/ 1R WUHFKR DFLPD HPSUHJDUDPVH FRUUHWDPHQWH DV UHJUDV GH FRQFRUGkQFLD YHUEDO H QRPLQDO $VVLQDOH D DOWHUQDWLYD HP TXH LVVR 12WHQKDRFRUULGR $ (PDQH[RVHJXHPRVGRFXPHQWRVVROLFLWDGRV % (ODVPHVPDVUHFRQKHFHUDPRSUREOHPD & 6mR QHFHVViULRV YiULRV DQRV GH HVWXGR SDUD XPD ERD IRUPDomR ' eSURLELGRHQWUDGDVHPSHUPLVVmR ( (ODYHLRSHGLUHPSUHVWDGRQRVVDELFLFOHWD $IXQomRGDOLQJXDJHPQRWH[WR,pSUHGRPLQDQWHPHQWH $ IiWLFD % PHWDOLQJtVWLFD & HPRWLYD ' UHIHUHQFLDO ( FRQDWLYD /,7(5$785$ 1RWH[WR,,³RVSiVVDURVQmRWrPSRXVR´FHUWDPHQWHSRUTXH $ DOLPHQWDPVHDSHQDVSRULQVWDQWH % HVSDQWDPVHFRPPmRVYD]LDV & YLYHPGRHVSDQWRGHVHUHPOLYUHV ' SDUWHPSDUDXPDOoDSmR ( FKHJDPLQHVSHUDGRV 7H[WR, 3RpWLFD 4XHpD3RHVLD" XPKRPHP TXHWUDEDOKDRSRHPD FRPRVXRUGRVHXURVWR 8PKRPHP TXHWHPIRPH FRPRTXDOTXHURXWUR KRPHP &DVVLDQR5LFDUGR $VSDODYUDVQDSRHVLDPXLWDVYH]HVDRLQYpVGHWRUQDUHPPDLV FODUDDPHQVDJHPDHQFREUHP (VVDGLILFXOGDGHGHVHFKHJDU DRXQLYHUVRSRpWLFRpFRQRWDGDQRWH[WR,SHODSDODYUD $ URVWR % IRPH & ODGRV ' FHUFDGD ( SDODYUDV 7H[WR,, 5HODFLRQDQGRRSHUtRGROLWHUiULRLQLFLDGRQR%UDVLOHPDR SHUtRGRLPHGLDWDPHQWHDQWHULRUpFRUUHWRDILUPDUTXH $ 2 FDUiWHU GHPROLGRU IRL DEDQGRQDGR QD VHJXQGD IDVH GR 0RGHUQLVPR EUDVLOHLUR REMHWLYDQGR RV DXWRUHV GDU j RUGHP HVWpWLFDXPDQRYDIHLomR % $GpFDGDGHVHGLPHQWRXRPRYLPHQWRGHDFUHVFHQGRR GHXPWRPDQiUTXLFR & $SHQDV QD GpFDGD VHJXLQWH DV LQRYDo}HV OLWHUiULDV GH VHULDPSRVWDVHPSUiWLFD ' 2V DXWRUHV GD VHJXQGD IDVH GR 0RGHUQLVPR EUDVLOHLUR WRPDUDPFRPRDUPDVGHFRPEDWHDRVSXULVWDVRGHERFKHR HVFkQGDORHDDJLWDomR ( $V IRUPDV RUWRGR[DV GH H[SUHVVmR IRUDP GHVWUXtGDV QD GpFDGD GH D GHVDJUHJDomR GDV LGpLDV H GRV WHPDV WUDGLFLRQDLVpDUHSUHVHQWDomRGDGpFDGDGH 2V3RHPDV 2VSRHPDVVmRSiVVDURVTXHFKHJDP QmRVHVDEHGHRQGHHSRXVDP QROLYURTXHOrV 4XDQGRIHFKDVROLYURHOHVDOoDPY{R FRPRGHXPDOoDSmR (OHVQmRWrPSRXVR QHPSRUWR DOLPHQWDPVHXPLQVWDQWHHPFDGDSDUGHPmRV HSDUWHP (ROKDVHQWmRHVVDVWXDVPmRVYD]LDV QRPDUDYLOKDGRHVSDQWRGHVDEHUHV TXHRDOLPHQWRGHOHVMiHVWDYDHPWL 0DULR4XLQWDQD 2VYHUVRVHGRWH[WR,HYLGHQFLDPFRPVXDFRQVWUXomRTXH RWH[WRpGHFDUiWHU $ UHOLJLRVR % KLVWyULFR & FRQIHVVLRQDO ' HSLVWRODU ( GLGiWLFR $TXHSRGHPVHUFRPSDUDGRVRV³SiVVDURV´WH[WR,,VHID]HP SDUWHGDLPDJHPSRpWLFD" $ ¬VSDODYUDV % ¬VPmRV & ¬VSiJLQDVGROLYUR ' $RFRQKHFLPHQWR ( $RVVDEHUHV 3URYD(WDSD7LSR 3URYDBLQGG $OtULFDEUDVLOHLUDGiSUHIHUrQFLDjSRHVLDFRQIHVVLRQDOHjSRHVLD TXHVWLRQDGRUD6HQGRDVVLPRWH[WR,,SRGHH[HPSOLILFDUDFHUFD GDSRpWLFD $ RGRPtQLRGDPHWDOLQJXDJHP % DSUHGRPLQkQFLDGDIXQomRHPRWLYD & RDVSHFWRFRQIHVVLRQDOHFRQIOLWDQWHHQWUHSRHWDHOHLWRU ' DWHRULDUHIHUHQFLDOHDFUtWLFDVREUHDOHLWXUD ( RGRPtQLRFODURGDIXQomRDSHODWLYD 4XHpR3RHWD" 6H R SRHWD PRGHUQR p XP FULDGRU GH HQLJPDV TXH SDODYUD GR WH[WR,,WHPHVVDFRQRWDomR" $ 3iVVDURV % /LYUR & $OoDSmR ' 3RUWR ( 0mRV XPDLOKD FHUFDGD GHSDODYUDV SRUWRGRV RVODGRV 0$7(0È7,&$ 8P WDEXOHLUR GH [DGUH] p [ RLWR OLQKDV H RLWR FROXQDV 'H TXDQWRV PRGRV SRGHPRV VHOHFLRQDU GXDV FDVDVGHVVH WDEXOHLUR TXHWHQKDPXPODGRFRPXP" $ % & ' ( [ [ $VROXomRGRVLVWHPDGHLQHTXDo}HV ® p ¯ [ [ $ [ % [ & [ ' [! ( [! 2PRGHORVLPSOLILFDGRGHXPiWRPRGHKLGURJrQLRFRQVWDGHXP Q~FOHR RFXSDGR SRU XP ~QLFR SUyWRQ H JLUDQGR HP WRUQR GHOH XP~QLFRHOpWURQFRPRVHPRVWUDQDILJXUDDVHJXLU 6H WDQ[ H [ QmR SHUWHQFH DR VHJXQGR TXDGUDQWH TXDQWR YDOHFRV[" $ & ( % ' &RQVLGHUHTXH , WDQWR R SUyWRQ FRPR R HOpWURQ SRVVXHP FDUJDV GH YDORU &HPPyGXOR ,, RUDLRGDyUELWDGRHOpWURQpGDRUGHPGHP ,,, D FRQVWDQWH HOHWURVWiWLFD YDOH XQLGDGHV 6, 6LVWHPD ,QWHUQDFLRQDO 1HVWH FDVR SRGHPRV FDOFXODU TXH D IRUoD FHQWUtSHWD TXH DWXD VREUHRHOpWURQHPyUELWDpGDRUGHPGH 2SROLQ{PLR3[ [[NpGLYLVtYHOSHORSROLQ{PLR'[ [ 4XDQWRYDOHN" $ % & ' ( $ 1 % 1 & 1 ' 1 6REUHXPDPHVDGHODERUDWyULRHQFRQWUDPRVXPDSLOKD(GRLV UHVLVWRUHV 5 XP DPSHUtPHWUR $ XP YROWtPHWUR 9 H ILRV GH OLJDomRGHUHVLVWrQFLDGHVSUH]tYHO 6mRIHLWDVHQWmRWUrVPRQWDJHQV OLP [ [ [ $ & ( 1 ( % ' 2SURGXWRGRVFRPSOH[RVLHLYDOH $ L % L & ' L ( L &KDPDGR GH $ $ H $ DV OHLWXUDV GRV DPSHUtPHWURV QDV PRQWDJHQVHUHVSHFWLYDPHQWHSRGHPRVDILUPDUTXH $ $ $ $ % $ $ $ $DUHVWDGHXPFXERPHGHFP4XDQWRYDOHDGLVWkQFLDHQWUHRV FHQWURVGHGXDVIDFHVDGMDFHQWHVGHVVHFXER" $ FP % FP & FP & $ $ $ ' $ $ $ ( $ $ $ ' FP 1D VLWXDomR DSUHVHQWDGD D VHJXLU XPD IRQWH GH OX] ) SURYHQLHQWH GH XPD ODQWHUQD HVSHFLDO HPLWH XP IHL[H GH UDLRV OXPLQRVRVSDUDOHORV 2 IHL[H LQFLGH VREUH XPD FDL[D & WUDQVSDUHQWH FRQWHQGR XP HOHPHQWRySWLFRUHVSRQViYHOSHORIHL[HHPHUJHQWH ( FP $HTXDomR[\ UHSUHVHQWDQRSODQRFDUWHVLDQRXPD $ UHWD % FLUFXQIHUrQFLD & HOLSVH ' KLSpUEROH ( SDUiEROD )Ë6,&$ 'HQWUR GD IDPtOLD GH RQGDV HOHWURPDJQpWLFDV D PDLV FRPXP SDUDDVSHVVRDVpVHPG~YLGDDOX] &RP UHODomR jV RQGDV OXPLQRVDV TXDO GDV DILUPDo}HV D VHJXLU 12pYHUGDGHLUD" $ 3RGHPVHUUHIOHWLGDVHPXPDQWHSDUR % 3RGHPVHUSRODUL]DGDVHPXPILOWUR & 3RGHPVHUGLIUDWDGDVSRUXPDMDQHODDEHUWD ' 3URSDJDPVHQRYiFXR ( 6mRGHRVFLODomRWUDQVYHUVDO 3HOD DQiOLVH GR IHL[H HPHUJHQWH SRGHPRV FRQFOXLU TXH QR LQWHULRUGDFDL[DSRGHH[LVWLU $ XPHVSHOKRSODQR % XPDOHQWHELF{QFDYD & XPDOHQWHELFRQYH[D ' XPHVSHOKRHVIpULFRF{QFDYR ( XPHVSHOKRHVIpULFRFRQYH[R 3URYDBLQGG 3URYD(WDSD7LSR 8P FRUSR p DEDQGRQDGR HP TXHGD OLYUH GH XPD GHWHUPLQDGD DOWXUD 2EVHUYDVH TXH QRV GRLV SULPHLURV VHJXQGRV GH VHX PRYLPHQWRHOHFDL [PHWURV-iQRVGRLVVHJXQGRVVHJXLQWHVR [ FRUSRVHGHVORFD\PHWURV$UD]mR YDOHSRUWDQWR \ 'RFUX]DPHQWRGHXPMXPHQWRFRPXPDpJXDUHVXOWDDPXOD 6DEHQGRVH TXH DV FpOXODV GR MXPHQWR DSUHVHQWDP FURPRVVRPRVHDVGDpJXDDSUHVHQWDPpFRUUHWRDILUPDUTXH R Q~PHUR GH FURPRVVRPRV GDV FpOXODV UHVXOWDQWHV GH XPD PLWRVHQDPXODp $ % & ' ( $ % ( & ' $ GLJHVWmR LQWUDFHOXODU p SUHFHGLGD GD LQJHVWmR GH SDUWtFXODV DOLPHQWDUHV TXH GHSRLV VmR GLJHULGDV QR LQWHULRU GR YDF~ROR GLJHVWLYR $LQJHVWmRGHWDLVSDUWtFXODVDOLPHQWDUHVUHVXOWDGHXPSURFHVVRGH $ GLIXVmR % RVPRVH & WUDQVSRUWHDWLYR ' FODVPRFLWRVH ( IDJRFLWRVH $ILJXUDDVHJXLUPRVWUDXPGLVSRVLWLYRPHFkQLFRWLSRDODYDQFD XVDGRSDUDDPDVVDUODWLQKDVGHDOXPtQLR 6DEHPRV TXH WDLV ODWLQKDV FRPHoDP D HQFROKHU TXDQGR D IRUoD VREUHHODVXOWUDSDVVDNJI 2VHTHQFLDPHQWRFRPSOHWRGRJHQRPDKXPDQRDQXQFLDGRHP MXOKRpVHPG~YLGDXPJUDQGHSDVVRQRHVIRUoRGRVFLHQWLVWDV SDUD FRPSUHHQGHU RV PHFDQLVPRV EiVLFRV GR PHWDEROLVPR KXPDQRHPHVPRGDHYROXomRGDYLGDQDWHUUD &LrQFLD+RMHYROQ1RY 4XDO R YDORU PtQLPR GD IRUoD D VHU DSOLFDGD SHOD PmR VREUH D H[WUHPLGDGHGDDODYDQFDSDUDDPDVVDUDODWLQKD" $ NJI % NJI & NJI ' NJI ( NJI *HQRPDpXPFRQFHLWRTXHFRUUHVSRQGHD $ Q~PHURGHFURPRVVRPRVGHXPDFpOXODKDSOyLGH % Q~PHURGHFURPRVVRPRVGHXPDFpOXODGLSOyLGH & FRQMXQWRGHJHQHVGHXPDFpOXODKDSOyLGH ' FRQMXQWRGHJHQHVGHXPDFpOXODGLSOyLGH ( JHQyWLSRGHXPLQGLYtGXR 'LVSRPRV GH GXDV SDQHODV LGrQWLFDV FRP FDSDFLGDGH GH WUrV OLWURVFDGDXPD$SULPHLUDHVWiFKHLDDWpDPHWDGHFRPiJXDD &HDVHJXQGDFRPiJXDD&DWpGHWHUPLQDGDDOWXUD 0LVWXUDQGR R FRQWH~GR GDV GXDV SDQHODV YHULILFDPRV TXH D WHPSHUDWXUDGRFRQMXQWRSDVVDDVHU& 6XSRQGR XPD WURFD GH FDORU LGHDO VHP SHUGDV SDUD IRUD GR VLVWHPDTXDODIUDomRGHiJXDQDVHJXQGDSDQHOD" % $ ' & ( 1XPDH[SHULrQFLDIRUDPUHWLUDGDVGXDVDPRVWUDVGHVDQJXHGH YDVRV SUy[LPRV DR FRUDomR GH XP SHTXHQR PDPtIHUR $SHVDU GH QmR WHUHP VLGR DQRWDGRV RV ORFDLV SUHFLVRV GDV FROHWDV IRL YHULILFDGRTXHDDPRVWUD,DSUHVHQWDYDWHRUGHR[LJHQDomRPXLWR PDLRUTXHDDPRVWUD,, $VVLPpFRUUHWRDILUPDUTXHDVDPRVWUDVGHVDQJXHSRGHULDPWHU VLGRUHWLUDGDVGRVVHJXLQWHVYDVRV DPRVWUD, DPRVWUD,, $ YHLDSXOPRQDU DUWpULDSXOPRQDU % DUWpULDSXOPRQDU YHLDSXOPRQDU & DUWpULDSXOPRQDU DUWpULDDRUWD ' DUWpULDDRUWD YHLDSXOPRQDU ( YHLDFDYD YHLDSXOPRQDU (VWDEHOHoDHPMRXOHVDRUGHPGHJUDQGH]DGDHQHUJLDFLQpWLFD DVVRFLDGD D XPD FDPLQKRQHWH GH GXDV WRQHODGDV TXDQGR GHVHQYROYHXPDYHORFLGDGHFRQVWDQWHGHNPK $ % & 2HVTXHPDDFLPDUHSUHVHQWDSDUWHGRFLFORGRQLWURJrQLRRQGHRV SURFHVVRVLQGLFDGRVSRU,H,,FRUUHVSRQGHPUHVSHFWLYDPHQWHD $ GHVQLWULILFDomRHIRWRVVtQWHVH % GHVQLWULILFDomRHQLWULILFDomR & IRWRVVtQWHVHHQLWULILFDomR ' QLWULILFDomRHUHVSLUDomR ( GHFRPSRVLomRHQLWURVDomR ' ( %,2/2*,$ 8PD GDV FDUDFWHUtVWLFDV PDUFDQWHV GR ILOR &RUGDGRV TXH RV GLIHUHQFLDGRVGHPDLVILORVpDSUHVHQoDGH $ FROXQDYHUWHEUDO % FRUDomRYHQWUDO & VLVWHPDQHUYRVRYHQWUDO ' QRWRFyUGLRSRUWRGDDYLGD ( ERFDRULJLQDGDGREODVWySRUR 3URYD(WDSD7LSR 3URYDBLQGG &RQVLGHUDQGR TXH HP SDUWRV DSHQDV FRUUHVSRQGHP D JrPHRV H TXH RV JrPHRV PRQR]LJyWLFRV FRUUHVSRQGHP D DSHQDV QDVFLPHQWRV HP D IUHTrQFLD GH JrPHRV GH VH[RVGLIHUHQWHVp $ % & ' ( &HUWRV FRPSRVWRV SURGX]LGRV SRU FpOXODV HVSHFLDOL]DGDV GR FRUSRVmRODQoDGRVQRVDQJXHHDJHPVREUHEDFWpULDVWR[LQDVH RXWURVLQYDVRUHVGHVWUXLQGRRVRXQHXWUDOL]DQGRRV (VVHVFRPSRVWRVVmRFRQKHFLGRVFRPR $ YDFLQDV % DQWtJHQRV & DQWLFRUSRV ' DQWLELyWLFRV ( DQWLKHPROtWLFRV $ FLUFXODomR GH EHQV H GH SHVVRDV QD $PD]{QLD FRQWD FRP XPD UHGH IOXYLDO QDWXUDO GH JUDQGH LPSRUWkQFLD 1R HQWDQWR HP GHWHUPLQDGDV iUHDV D XWLOL]DomR GHVVD UHGH IOXYLDO DSUHVHQWD GLILFXOGDGHV (QWUHDVUD]}HVGHVVDVGLILFXOGDGHV12VHLQFOXL $ RWUDoDGRVLQXRVRGRVULRVTXHDXPHQWDRWHPSRGHYLDJHP % R SUHGRPtQLR GH HPEDUFDo}HV H[FOXVLYDV SDUD R WUDQVSRUWH GHSHVVRDVVHPFRQGLo}HVGHWUDQVSRUWHGHFDUJDV & RV VHGLPHQWRV WUDQVSRUWDGRV DWp R ULR HP FRQVHTrQFLD GRV GHVPDWDPHQWRV TXH GLPLQXHP D SURIXQGLGDGH GRV OHLWRVIOXYLDLV ' RSHUtRGRGHYD]DQWHDVVRFLDGRjHVWLDJHPHTXHSUHMXGLFD DFLUFXODomRGDVHPEDUFDo}HVGHPDLRUFDODGR ( RV SHTXHQRV DWUDFDGRXURV LQGLYLGXDLV XWLOL]DGRV SHODV HPEDUFDo}HVGHSHTXHQRFDODGRHTXHQmRWrPLQIUDHVWUXWXUD SDUDPRYLPHQWDomRGHFDUJDHDUPD]HQDJHP *(2*5$),$ $SyV D 6HJXQGD *XHUUD 0XQGLDO D H[SDQVmR GDV HPSUHVDV PXOWLQDFLRQDLV VH UHDOL]D JUDoDV D WUrV SURFHVVRV LQWHU UHODFLRQDGRV RV PRYLPHQWRV LQWHUQDFLRQDLV GH FDSLWDLV D SURGXomRFDSLWDOLVWDLQWHUQDFLRQDOL]DGDHDVDo}HVJRYHUQDPHQWDLV HPQtYHOLQWHUQDFLRQDO $GDSWDGRGH$ULRYDOGR8GH2OLYHLUDLQ$0XQGLDOL]DomRGR&DSLWDOLVPR 3URFXUDQGRDFRPSDQKDUDWHQGrQFLDPXQGLDOGRVDQRVGH FULDU PHUFDGRV VXSUDQDFLRQDLV HP TXH DV IURQWHLUDV DOIDQGHJiULDVVmRUHGX]LGDVRXHOLPLQDGDVR%UDVLOD$UJHQWLQD R8UXJXDLHR3DUDJXDLFULDUDPHPR0HUFRVXO &RPUHODomRDR0HUFRVXO $ R &KLOH H D %ROtYLD IRUDP DGPLWLGRV D SDUWLU GH FRPR PHPEURVSOHQRV % R DXPHQWR GDV WURFDV FRPHUFLDLV HQWUH RV SDtVHV PHPEURV LVRODREORFRGRVIOX[RVFRPHUFLDLVLQWHUQDFLRQDLV & D SULQFLSDO HFRQRPLD LQGXVWULDO GR EORFR p D GD $UJHQWLQD H SRU LVVR HOD p R SULQFLSDO PHUFDGR SDUD DV H[SRUWDo}HV EUDVLOHLUDV ' DV LQG~VWULDV HVWUDQJHLUDV LQVWDODGDV HP XP GRV SDtVHV PHPEURVDWHQGHPDWRGRREORFR ( DRFRUUrQFLDGHXPDFULVHHPXPGRVLQWHJUDQWHVLQWHQVLILFD DVWURFDVFRPHUFLDLVHQWUHRVGHPDLVPHPEURV $VVLQDOH D DOWHUQDWLYD TXH 12 DSUHVHQWD XPD FDUDFWHUtVWLFD GHVVHSHUtRGR $ $GHVHVWUXWXUDomRGRVPRQRSyOLRVSURGXWLYRV % $IRUPDomRGHEORFRVHFRQ{PLFRVVXSUDQDFLRQDLV & $ H[LVWrQFLD GH XPD HVWUXWXUD SURGXWLYD PXQGLDOPHQWH LQWHJUDGD ' $GLVSXWDSRUPHUFDGRVHIRQWHVGHPDWpULDVSULPDVHQWUHDV HPSUHVDV ( $DomRGHRUJDQLVPRVLQWHUQDFLRQDLVFRPRR%DQFR0XQGLDO HR)0, (PDEULOGHRVMRUQDLVEUDVLOHLURVWUD]LDPFRPRPDQFKHWHV RVFRQIOLWRVRFRUULGRVHQWUHRVtQGLRVFLQWDVODUJDVHJDULPSHLURV HP5RUDLPD (QWUHRVIDWRUHVTXHH[SOLFDPHVVHVFRQIOLWRV12VHLQFOXL $ DLQYDVmRGRWHUULWyULRUHVHUYDGRSDUDRVLQGtJHQDV % RHQYROYLPHQWRGRVtQGLRVHPQHJyFLRVGRPHUFDGRFDSLWDOLVWD & D FRELoD GRV GLIHUHQWHV JUXSRV VRFLDLV QRV UHFXUVRV GH DOWR YDORUH[LVWHQWHVQDVUHVHUYDV ' DSROtWLFDDPELHQWDOLVWDTXHSURtEHDH[SORUDomRGHGLDPDQWHV ( D LQHILFLrQFLD GR (VWDGR FRPR SURYHGRU GD RUGHP H GD VHJXUDQoD $VDQiOLVHVVREUHRVGHVDILRVTXHRPXQGRWHUiTXHHQIUHQWDUQR VpFXOR;;,FRQYHUJHPSDUDDTXHVWmRDPELHQWDO $UHVSHLWRGDTXHVWmRDPELHQWDODQDOLVHDVDILUPDWLYDVDVHJXLU , DV Do}HV GR KRPHP VREUH R DPELHQWH UHIOHWHP R VRPDWyULR GH Do}HV LQGLYLGXDLV H FROHWLYDV HP QtYHLV ORFDO UHJLRQDO H SODQHWiULR ,, D HOLPLQDomR GD FREHUWXUD YHJHWDO GLPLQXL D FDSDFLGDGH GH UHWHQomRGHHQHUJLDVRODUSHODVXSHUItFLHHLQLEHDIRUPDomR GRVIOX[RVGHDUDVFHQGHQWHFKDPDGRV³FRUUHQWHVWpUPLFDV´ GLPLQXLQGRDSRVVLELOLGDGHGHIRUPDomRGHFKXYDV ,,, D H[SDQVmR GDV DWLYLGDGHV LQGXVWULDLV UHVXOWRX QR DXPHQWR GHVFRQWURODGR GDV iUHDV XUEDQDV FXMD FRQVHTrQFLD SULQFLSDOIRLRVXUJLPHQWRGHXP³FOLPDXUEDQR´FDUDFWHUL]DGR SHODV³LOKDVGHFDORU´ ,9 RV JUDQGHV YROXPHV GH JDVHV LQGXVWULDLV ODQoDGRV QD DWPRVIHUD IRUPDP ³SOXPDV´ GH SROXLomR TXH LUmR EORTXHDU R FDORULUUDGLDGRSHODVXSHUItFLHHOHYDQGRDWHPSHUDWXUD 9 DV PXGDQoDV FOLPiWLFDV SRGHP DIHWDU D YLGD HFRQ{PLFD DR LQWHUIHULUQDVDWLYLGDGHVDJUtFRODVQDJHUDomRGHHQHUJLDHP JUDQGHHVFDODHGHIRUPDLQGLUHWDHPWRGRRVHWRUSURGXWLYR $VVLQDOH $ VHVRPHQWHDVDILUPDWLYDV,,,H9HVWLYHUHPFRUUHWDV % VHVRPHQWHDVDILUPDWLYDV,,9H9HVWLYHUHPFRUUHWDV & VHVRPHQWHDVDILUPDWLYDV,,,,,H,9HVWLYHUHPFRUUHWDV ' VHVRPHQWHDVDILUPDWLYDV,,,,,,9H9HVWLYHUHPFRUUHWDV ( VHDVDILUPDWLYDV,,,,,,,9H9HVWLYHUHPFRUUHWDV &RPEDVHQRPDSDSRGHPRVDILUPDUTXH $ D PDLRU SDUWH GR WHUULWyULR DXVWUDOLDQR HQFRQWUDVH QD ]RQD WHPSHUDGD % D FLGDGH GH 'DUZLQ HQFRQWUDVH HP XPD ODWLWXGH VXSHULRU D R VXO & D FLGDGH GH 0HOERXUQH ORFDOL]DVH DR QRUWH GD FLGDGH GH &DPEHUUD R ' DFLGDGHGH$OLFH6SULQJVHVWiSUy[LPDGRPHULGLDQRGH OHVWH ( DHVFDODXWLOL]DGDGH DSUHVHQWDPDLRUHVGHWDOKHVTXH DHVFDODGH 3URYDBLQGG 3URYD(WDSD7LSR ³$ LQGXVWULDOL]DomR GD DJULFXOWXUD EUDVLOHLUD p SDUDOHOD DR SURFHVVRGHLQWHUQDFLRQDOL]DomRGDQRVVDHFRQRPLD´ (VVD DILUPDWLYD SHUPLWH FRQFOXLU TXH D PRGHUQL]DomR GD DJULFXOWXUDHVWiYLQFXODGDjGtYLGDH[WHUQD3RULVVRDSURGXomR DJURLQGXVWULDOEUDVLOHLUDHVWiFRPSURPHWLGDFRP $ DVH[SRUWDo}HV % RVDYDQoRVWpFQLFRV & DHVWUXWXUDIXQGLiULD ' RVWUDEDOKDGRUHVDVVDODULDGRV ( RVVLVWHPDVSURGXWLYRVWUDGLFLRQDLV ³1HPDVLPSOHVMXVWDSRVLomRQHPDPHVFODUXGLPHQWDUSRGHULDP OLEHUWDUXPQRYRPRGRGHSURGXomRJHUDOFDSD]GHXOWUDSDVVDUR LPSDVVH GD HVFUDYLGmR H GR FRORQDWR H FRP LVWR XPD QRYD H LQWHUQDPHQWH FRHUHQWH RUGHP VRFLDO $ VtQWHVH KLVWyULFD TXH QDWXUDOPHQWH RFRUUHX IRL R IHXGDOLVPR´ H FRP HOH DV UHODo}HV IHXGDLVGHSURGXomR $VVLQDOH D DOWHUQDWLYD TXH FDUDFWHUL]D DV UHODo}HV VRFLDLV GH SURGXomRIHXGDLVGLIHUHQFLDQGRDGRHVFUDYLVPRDQWLJR $ 2V VHUYRV HUDP RV HVFUDYRV GD ,GDGH 0pGLD IHXGDO FXMD PDLRURXPHQRUVXEPLVVmRDRVHQKRUYDULDYDGHUHJLmRSDUD UHJLmR % 1D HVFUDYLGmR DQWLJD R WUDEDOKDGRU HUD SURSULHGDGH GR VHQKRUHPHUFDGRULDDVHUFRPSUDGDHYHQGLGDPDVRVHUYR PHGLHYDOHPERUDQmRSXGHVVHVHUYHQGLGRHUDSURSULHGDGH GRVHQKRUIHXGDOWUDQVPLWLGDSRUKHUDQoD & 2VHUYRHUDDGVWULWRjWHUUDGDTXDOWLQKDDSRVVHHSDJDYD FRUYpLD HP UHWULEXLomR j SURWHomR GR VHQKRU HQTXDQWR R HVFUDYRDQWLJRHUDSURSULHGDGH ' 2 HVFUDYR DQWLJR HUD SURWHJLGR SRU OHLV TXH OKH JDUDQWLDP D LQWHJULGDGH H D VXD DXWRULGDGH VREUH RV ILOKRV HQTXDQWR RV VHUYRVIHXGDLVQmRWLQKDPGLUHLWRV ( $VHUYLGmRIHXGDOVHGHILQLDSHORIDWRGHRWUDEDOKDGRUSDJDU SDUD WUDEDOKDU VHQGR HVWD D SULQFLSDO GLIHUHQoD HP UHODomR DRHVFUDYR ³$V PLJUDo}HV LQWHUQDV HQWUH iUHDV H UHJL}HV GR %UDVLO YrP RFRUUHQGR GHVGH D pSRFD FRORQLDO HPERUD VH WHQKDP LQWHQVLILFDGRDSDUWLUGRLQtFLRGRVpFXOR;;QRWDGDPHQWHDSyVD 6HJXQGD*XHUUD0XQGLDO´ -RVp:LOOLDP9HVHQWLQL $UHVSHLWRGRVPRYLPHQWRVPLJUDWyULRVEUDVLOHLURVGRVpFXOR;; DQDOLVHDVDILUPDWLYDVDVHJXLU , DV SULQFLSDLV PLJUDo}HV LQWHUUHJLRQDLV IRUDP DV GH SRSXODo}HV QRUGHVWLQDV H PLQHLUDV SDUD DV JUDQGHV FLGDGHV GR &HQWUR6XO SRU FDXVD GR FUHVFLPHQWR HFRQ{PLFR GHVWD UHJLmR ,, D HPLJUDomR GR 1RUGHVWH p H[SOLFDGD SHOR VHX GHFOtQLR HFRQ{PLFR FDXVDGR WDQWR SHOD GLPLQXLomR GD GHPDQGD LQWHUQDFLRQDO SRU VHXV SURGXWRV DJUtFRODV GH H[SRUWDomR FRPRSHODHVWDJQDomRGRVHXVHWRULQGXVWULDO ,,, QDV ~OWLPDV GpFDGDV HVSHFLDOPHQWH D SDUWLU GH DOJXPDV PLFURUUHJL}HV GR 1RUGHVWH FRPHoDUDP D UHFHEHU LPLJUDQWHV HPERUD R VDOGR PLJUDWyULR GD 5HJLmR VHMD DLQGD QHJDWLYR ,9 RGHVORFDPHQWRGDIURQWHLUDDJUtFRODSDUDR&HQWUR2HVWHH D $PD]{QLD QDV ~OWLPDV GpFDGDV GR VpFXOR SDVVDGR DWUDLX JUDQGH TXDQWLGDGH GH LPLJUDQWHV RULXQGRV GR 1RUGHVWH GR 6XOHDWpGR6XGHVWHGRSDtV $VVLQDOH $ VHVRPHQWHDVDILUPDWLYDV,H,9HVWLYHUHPFRUUHWDV % VHVRPHQWHDVDILUPDWLYDV,,H,,,HVWLYHUHPFRUUHWDV & VHVRPHQWHDVDILUPDWLYDV,,,H,,,HVWLYHUHPFRUUHWDV ' VHVRPHQWHDVDILUPDWLYDV,,,,,H,9HVWLYHUHPFRUUHWDV ( VHDVDILUPDWLYDV,,,,,,H,9HVWLYHUHPFRUUHWDV 'HVGH DV VXDV RULJHQV SRGHVH GLVWLQJXLU QR WHQHQWLVPR GXDV FRUUHQWHV GLVWLQWDV GR SRQWR GH YLVWD LGHROyJLFR D SROtWLFD H D VRFLDO 1R $PD]RQDV RV UHEHOGHV FULDUDP R 7ULEXWR GH 5HGHQomR H VXVWHQWDUDPVHQRSRGHUSRUGLDV $VVLQDOHDDOWHUQDWLYDFRUUHWDVREUHD&RPXQDGH0DQDXV $ $OLGHUDQoDFRPXQLVWDGH/XtV&DUORV3UHVWHVpPDUFDQWHQR PRYLPHQWR WHQHQWLVWD GR $PD]RQDV SHOR UDGLFDOLVPR VRFLDOL]DQWHHDQWLLPSHULDOLVWDGD&RPXQDGH0DQDXV % 'R $PD]RQDV DR 5LR *UDQGH GR 6XO R WHQHQWLVPR QmR DSUHVHQWRX R HVSHUDGR UHIRUPLVPR VRFLDO H SROtWLFR PDV D GRPLQkQFLD GR SHQVDPHQWR URPkQWLFR H SHTXHQREXUJXrV LGHQWLILFDQGRDomRLQGLYLGXDOHVLWXDomRKLVWyULFD & (P 6mR 3DXOR VREUHVVDtD R UHIRUPLVPR SROtWLFR QR 6XO R VRFLDO PDV QR 1RUWH D FULDomR GR 7ULEXWR GH 5HGHQomR UHVWDXUD D WUDGLomR FDWyOLFD QDV OXWDV VRFLDLV LQLFLDGD QD GpFDGDGHSHOR&{QHJR%DWLVWDGH&DPSRV ' $ &RPXQD GH 0DQDXV EXVFRX UHDOL]DU QD SUiWLFD PHGLGDV VRFLDLVGHVRFRUURDRVSREUHV FRPEDWHDHVSHFXODGRUHVGH DOLPHQWRVGLVFLSOLQDGRVLQWHUHVVHVHVWUDQJHLURVHSURPRomR GHMXVWLoDVRFLDO ( $DXVrQFLDGHUHIRUPLVPRSROtWLFRHGHGLVVHQV}HVFRPRDV TXH GLYLGLDP R H[pUFLWR QR 6XGHVWH IH] VXUJLU R UDGLFDOLVPR VRFLDOLVWDQRWHQHQWLVPRDPD]RQHQVHHP +,67Ï5,$ $VVLQDOH D DOWHUQDWLYD FRUUHWD D UHVSHLWR GD LQGXVWULDOL]DomR EUDVLOHLUD $ $ HFRQRPLD EUDVLOHLUD DQWHV GD 3ULPHLUD *XHUUD 0XQGLDO HUD WRWDOPHQWHDJUtFRODHIRLFRQWLGDVREUHWXGRSHODSUHGRPLQkQFLD GRV LQWHUHVVHV GRV FDIHLFXOWRUHV TXH DFRPSDQKDYDP RV XVLQHLURVDRSURFODPDUD³YRFDomRDJUiULD´GR%UDVLO³FHOHLURGR PXQGR´ % $ LQGXVWULDOL]DomR EUDVLOHLUD Vy YHLR D RFRUUHU QD GpFDGD GH DSyVD3ULPHLUD*XHUUD0XQGLDOFRPRDOWHUQDWLYDSDUD XPDHFRQRPLDDJUiULDGHSHQGHQWHGDVH[SRUWDo}HV & $GHSHQGrQFLDH[WHUQDJHUDGD SHODDJURH[SRUWDomRLPSHGLD R PtQLPR GH DXWRQRPLD SDUD TXH D HFRQRPLD EUDVLOHLUD VH RULHQWDVVHSDUDDLQGXVWULDOL]DomR ' 7RGRVRVUHFXUVRVGHFDSLWDOPmRGHREUDWUDQVSRUWHHHQHUJLD HUDP PRQRSROL]DGRV SHOD DJURH[SRUWDomR UHWDUGDQGR SDUD DV LPHGLDo}HVGD6HJXQGD*XHUUD0XQGLDORLQtFLRGRFUHVFLPHQWR LQGXVWULDOGR%UDVLO ( 2 FUHVFLPHQWR LQGXVWULDO LQLFLDO GHYHXVH HP JUDQGH SDUWH DR FDSLWDO DFXPXODGR SHOD H[SDQVmR FDIHHLUD H VXD PmRGHREUD OLYUH H j LQIUDHVWUXWXUD SDUD VHUYLU j FDIHLFXOWXUD FRPR DV IHUURYLDVHDVXVLQDVHOpWULFDV 3URYD(WDSD7LSR 3URYDBLQGG $VVLQDOH D DOWHUQDWLYD (55$'$ D UHVSHLWR GR SURFHVVR GH LQGHSHQGrQFLDGDVFRO{QLDVHVSDQKRODVQD$PpULFD $ (P D (VSDQKD DEULX RV SRUWRV GH VXDV FRO{QLDV DRV SDtVHV QHXWURV PDV UHYRJRX D PHGLGD HP YROWDQGR GDt HP GLDQWH D H[HUFHU R VHX SDSHO GH LQWHUPHGLiULD HQWUH DVFRO{QLDVHRVPHUFDGRVHXURSHXV % 1R SURFHVVR GH LQGHSHQGrQFLD GD $PpULFD (VSDQKROD R LQWHUHVVH EULWkQLFR DSRLDYD R OLYUH FRPpUFLR H SRUWDQWR D HPDQFLSDomR & $ LQIOXrQFLD GRV (VWDGRV 8QLGRV QR SURFHVVR GH LQGHSHQGrQFLD GD $PpULFD (VSDQKROD FDUDFWHUL]RXVH SHOD LQWHQVLILFDomR GR FRPpUFLR H SHOD GLYXOJDomR HQWUH RV FULRXORVGHWUDGXo}HVGR&RPPRQ6HQVHGH7KRPDV3DLQH ' 7DPEpP LQWHUHVVDGRV HP DPSOLDU RV VHXV QHJyFLRV FRP DV LQVXUJHQWHVFRO{QLDVHVSDQKRODVRV(VWDGRV8QLGRVWLYHUDP HVVD SUHWHQVmR OLPLWDGD QR SHUtRGR GD 6HJXQGD *XHUUD GH ,QGHSHQGrQFLDFRQWUDD,QJODWHUUDHQWUHH ( $ DEHUWXUD GRV SRUWRV GD $PpULFD HVSDQKROD DRV QDYLRV QHXWURVGHFRUUHXGDLQFDSDFLGDGHHVSDQKRODQRTXDGURGRV FRQIOLWRV HXURSHXV H HQYROYLGD QD JXHUUD FLYLO GH PDQWHU FRPpUFLRUHJXODUFRPVXDVFRO{QLDV ³ $ DWHQomR GD ,QJODWHUUD HP VXDV UHODo}HV FRP R %UDVLO GXUDQWH D SHUPDQrQFLD GD &RUWH SRUWXJXHVD QR 5LR FRQFHQWURXVH HP WUrV SULQFLSDLV FRUUHQWHV GH LQWHUHVVH 8PD GHODV HUD D DWLWXGH TXH D PRQDUTXLD SRUWXJXHVD DGRWRX HP UHODomR j %DQGD 2ULHQWDO D RXWUD HUD FRPHUFLDO H D WHUFHLUD HQYROYLD D VXSUHVVmR GR WUiILFR HVFUDYR ´ $FRQFHQWUDomR GRFDSLWDOLQGXVWULDOHVXDDVVRFLDomRDRFDSLWDO ILQDQFHLUR GRV EDQFRV JHURX XPD DFXPXODomR FXMR YROXPH HUD WDPDQKR TXH DSHQDV SHTXHQD SDUWH SRGLD VHU LQYHVWLGD QR PHUFDGRQDFLRQDORXHPRXWURVSDtVHVGD(XURSD $VVLQDOH D DOWHUQDWLYD TXH H[SOLFD FRUUHWDPHQWH D FRQVHTrQFLD KLVWyULFDSULQFLSDOGHVVHSURFHVVR $ 1RV (VWDGRV 8QLGRV D *XHUUD GH 6HFHVVmR IRL D FRQVHTrQFLDGDOXWDSHORSURWHFLRQLVPRDOIDQGHJiULRHSHOR ILP GD HVFUDYLGmR FRPR IRUPD GH GDU YD]mR DRV FDSLWDLV H[FHGHQWHV % $ 3ULPHLUD *XHUUD 0XQGLDO IRL WUDYDGD VREUHWXGR SDUD DWHQGHU DRV LQWHUHVVHV GD LQG~VWULD EpOLFD H FRPR IRUPD GH UHVROYHUDFULVHGRPHUFDGRGRDoR & 2V SDtVHV HXURSHXV TXHULDP UHFRQTXLVWDU PHUFDGRV QRV FRQWLQHQWHV VXEGHVHQYROYLGRV DLQGD QmR SURWHJLGRV SRU WDULIDV HOHYDGDV SULQFLSDOPHQWH D ILP GH UHDWLYDU VXDV LQG~VWULDV ' 2V FRQIOLWRV ORFDOL]DGRV H D WHQVmR LQWHUQDFLRQDO IRUDP IRUPDV GH GDU YD]mR jV ULYDOLGDGHV TXH DPHDoDYDP R HTXLOtEULRPXQGLDO ( 2 LPSHULDOLVPR H R FRORQLDOLVPR VREUH SDtVHV GD $PpULFD /DWLQD GD ÈVLD H GD ÈIULFD EXVFDYDP PHUFDGRV SDUD RQGH H[SRUWDU RV FDSLWDLV H[FHGHQWHV SDUD HPSUpVWLPR RX LQYHVWLPHQWR $ODQ0DQFKHVWHU $V DILUPDWLYDV VHJXLQWHV UHIHUHPVH jV QHJRFLDo}HV HQWUH D ,QJODWHUUD H R ,PSpULR EUDVLOHLUR SHOR UHFRQKHFLPHQWR GD ,QGHSHQGrQFLD , R DFRUGR GH H[WLQomR GR WUiILFR QmR FKHJRX D VHU FXPSULGR SHOR JRYHUQR EUDVLOHLUR TXH QHVVH DVSHFWR IH]YDOHUDVREHUDQLDUHFpPFRQTXLVWDGD ,, DV SUHVV}HV GDV SRWrQFLDV GD 6DQWD $OLDQoD VREUH R JRYHUQR GH /LVERD SDUD GLILFXOWDU R UHFRQKHFLPHQWR GD ,QGHSHQGrQFLD GR %UDVLO DXPHQWDUDP D YXOQHUDELOLGDGH GH 'RP 3HGUR , jV H[LJrQFLDV SROtWLFDV H ILQDQFHLUDV GH 3RUWXJDOH,QJODWHUUD ,,, D LQGLJQDomR FRP TXH RV GHSXWDGRV EUDVLOHLURV UHDJLUDP j FRQYHQomR GH LPSRVWD SHOD ,QJODWHUUD SDUD UHFRQKHFHU D LQGHSHQGrQFLD GHPRQVWUD D LPSRUWkQFLD GR WUiILFR GH HVFUDYRV SDUD D FODVVH GRPLQDQWH H VHX SHVR QD GHSRVLomR GR LPSHUDGRU HP ,9 D *Um%UHWDQKD GHX SULRULGDGH jV GLVFXVV}HV VREUH D LQFRUSRUDomR GD %DQGD 2ULHQWDO GDGD D LPSRUWkQFLD GHVVHWHUULWyULRFRPRPHLRGHHVWDEHOHFHURVHXFRQWUROH FRPHUFLDOQD$PpULFD/DWLQD $VVLQDOH $ VHVRPHQWHDVDILUPDWLYDV,H,,HVWLYHUHPFRUUHWDV ³1RV ~OWLPRV DQRV GD GpFDGD GH H QRV SULPHLURV DQRV RFRUUHXDIDQWiVWLFDGHUURFDGDGR/HVWHHXURSHXTXHOLTXLGRXR PXQGR GD JXHUUD IULD H PRVWURX D IDOrQFLD GD HFRQRPLD HVWDWL]DGDVREFRQWUROHWRWDOLWiULR2LGHiULROLEHUDOQDHFRQRPLD HQDSROtWLFDJDQKRXHQRUPHSURMHomR´ %RULV)DXVWR $VVLQDOHDDOWHUQDWLYDFRUUHWDDUHVSHLWRGHVVHLGHiULROLEHUDO $ 7HQWDQGRDFRPSDQKDUDWHQGrQFLDDWXDOGRVSDtVHVFHQWUDLV GHHOHYDURQtYHOGHEHPHVWDUGDVVXDVSRSXODo}HVR%UDVLO SURGX]LX SURJUDPDV JRYHUQDPHQWDLV GH LQFUHPHQWR jV SURWHo}HVWUDEDOKLVWDV % 8P HIHLWR PDUFDQWH GD JOREDOL]DomR IRL D SURSRVWD GH UHGXomR GD SURWHomR WUDEDOKLVWD H GRV EHQHItFLRV SUHYLGHQFLiULRV FRHUHQWH FRP UHIRUPDV SUHFRQL]DGDV SRU DOJXQVSDtVHVGRFKDPDGR3ULPHLUR0XQGR & $ OLPLWDGD OLEHUGDGH VLQGLFDO EUDVLOHLUD SHUPLWH TXH DYDQFH R SURMHWR GH (VWDGR PtQLPR H GD VXSUHVVmR GH JDUDQWLDV WUDEDOKLVWDVHVRFLDLV ' *UDoDV j UHVLVWrQFLD GD FODVVH WUDEDOKDGRUD D LQIOXrQFLD GD JOREDOL]DomR HFRQ{PLFD H GR VHX PRGHOR QHROLEHUDO UHVWULQJLXVHQR%UDVLOjSULYDWL]DomRGHDOJXPDVHVWDWDLV ( 2 DYDQoR GD HVWUXWXUD GH DWHQGLPHQWR GRV VHWRUHV PDLV FDUHQWHV GD VRFLHGDGH IRL SUDWLFDGR FRP r[LWR QD VHJXQGD PHWDGH GD GpFDGD GH H[SUHVVDGR QR OHPD ³WXGR SHOR VRFLDO´ % VHVRPHQWHDVDILUPDWLYDV,H,9HVWLYHUHPFRUUHWDV & VHVRPHQWHDVDILUPDWLYDV,,H,,,HVWLYHUHPFRUUHWDV ' VHVRPHQWHDVDILUPDWLYDV,,H,9HVWLYHUHPFRUUHWDV ( VHVRPHQWHDVDILUPDWLYDV,,,H,9HVWLYHUHPFRUUHWDV ³$JXHUUDSHORPHQRVKDYLDDQLTXLODGRRQD]LVPRRIDVFLVPRH R XOWUDQDFLRQDOLVPR MDSRQrV 0DV GHL[DYD IUHQWH D IUHQWH RFLGHQWDLV H FRPXQLVWDV FRP VXDV LGHRORJLDV FRQWUDGLWyULDV H WRGRV RV FRQIOLWRV TXH LVWR LPSOLFDYD 3URJUHVVLYDPHQWH RV KRPHQV VH GHUDP FRQWD GH TXH D YLWyULD QmR HUD WXGR H TXH D SROtWLFD LQWHUQDFLRQDO PDQWLQKD VREUH R VHX GHVWLQR D VRPEUD HVSDQWRVDGDJXHUUD´ 'XURVHOOH $VVLQDOH D DOWHUQDWLYD TXH LQWHUSUHWD FRUUHWDPHQWH R FRPHQWiULR DFLPD $ $ VRPEUD HVSDQWRVD GD JXHUUD HUD R SURFHVVR GH GHVFRORQL]DomR YLROHQWR QD PDLRULD GRV FDVRV HVSHFLDOPHQWHQD$PpULFD/DWLQD 48Ë0,&$ % $ VRPEUD GD JXHUUD HUD D JXHUUD IULD XP HVWDGR GH WHQVmR LQWHUQDFLRQDO SURGX]LGR SRU XPD LQWHQVD JXHUUD GH SURSDJDQGDHFRQIOLWRVORFDOL]DGRV 2 TXDGUR VHJXLQWH IRUQHFH RV YDORUHV H[SHULPHQWDLV GH SRWHQFLDLVGHLRQL]DomR3,GHXPHOHPHQWRTXtPLFR; & $ YLWyULD QmR HUD WXGR SRLV DV OXWDV GH FODVVHV H GH OLEHUWDomR QDFLRQDO VXEVLVWLULDP HPERUD DSHQDV HP iUHDV FRPRD$PpULFD/DWLQD 3RWHQFLDLVGHLRQL]DomRH9 3, 3, 3, 3, 3, ' $ GHUURWD KXPLOKDQWH GD $OHPDQKD H R ERPEDUGHLR DW{PLFR GR -DSmR SURGX]LUDP R WHPRU GH UHWDOLDo}HV IXWXUDV SURYRFDGDV SRU UHVVHQWLPHQWRV FRPR RV JHUDGRV SHOD GHUURWDQD3ULPHLUD*XHUUD0XQGLDO &RP EDVH QD FODVVLILFDomR SHULyGLFD DVVLQDOH R HOHPHQWR FXMDV FDUDFWHUtVWLFDV VmR FRPSDWtYHLV FRP DV DSUHVHQWDGDV SDUD R HOHPHQWR ; $ 6yGLR % &iOFLR & &ORUR ' $UJ{QLR ( $OXPtQLR ( $YLWyULDQmRHUDWXGRSRLVDVOXWDVGHFODVVHVVXSHUDYDPR H[SDQVLRQLVPR QDFLRQDO H DV OXWDV GH GHVFRORQL]DomR HP YLROrQFLDHPRUWHV 3URYDBLQGG 3URYD(WDSD7LSR (PXPFHUWRH[SHULPHQWRXPTXtPLFRDTXHFHXXPDPLVWXUDGH JGHIHUURHJGHHQ[RIUHREWHQGRXPDVXEVWkQFLDQHJUD WHQGRILFDGRDLQGDVHPUHDJLUJGHHQ[RIUH &KDPDQGRVHUHVSHFWLYDPHQWHGHPHPDVPDVVDVGHIHUUR H GH HQ[RIUH TXH UHDJLUDP DVVLQDOH D RSomR TXH LQGLFD FRUUHWDPHQWHDVUD]mRHQWUHPHP 2HWDQRORXiOFRROHWtOLFRWHPQRHVWDGROtTXLGRGHQVLGDGHLJXDO DJFP $VVLQDOH R YROXPH D VHU RFXSDGR SRU / GH HWDQRO OtTXLGR DSyVYDSRUL]DomRD&HDWP 'DGR5DWP /. PRO $ / % / & / ' / ( / $ P P % P P & P P ' P P 'DU iJXD FRP Do~FDU D XPD SHVVRD TXH DFDERX GH OHYDU XP VXVWR QD WHQWDWLYD GH DFDOPiOD p XP KiELWR PXLWR DQWLJR TXH YHPDWUDYHVVDQGRPXLWDVJHUDo}HV $VVLQDOH R Q~PHUR GH iWRPRV GH FDUERQR LQJHULGRV SRU XPD SHVVRD TXH DSyV SDVVDU SRU XP VXVWR IRL IRUoDGD SRU VHXV IDPLOLDUHV D EHEHU P/ GH VROXomR DTXRVD 0 GH Do~FDU FRPXP&+2 P ( P (QWUHDVGURJDVPDLVXWLOL]DGDVQR%UDVLOHQFRQWUDPVHDTXHODV FXMRVYDSRUHVVmRLQDODGRVSHORVXVXiULRV $OJXQV WLSRV GH ODQoDSHUIXPH SRU H[HPSOR FDXVDP VpULDV OHV}HV DR ItJDGR H FRQWrP QD VXD FRPSRVLomR RV FRPSRVWRV TXtPLFRVFXMDVIyUPXODVHVWUXWXUDLVHVWmRUHSUHVHQWDGDVDVHJXLU % & ' ( , ,1*/Ç6 ,, &KLOGUHQ LQ VRPH FRXQWULHV GHYRWH KRXUV D ZHHN WR WHOHYLVLRQ YLGHRJDPHV &'V DQG WKH ,QWHUQHW ,Q WKLV QHZ HUD RI VXSHUFKDUJHG WHFKQRORJ\ FRXOG RXU FKLOGUHQ¶V LPDJLQDWLRQV EH DWULVN"$UHSUHWHQGFKDUDFWHUVDQGLPDJLQDU\IULHQGVORVLQJRXWWR WKHOLWHUDOQHVVRI*DPH%R\V DQG3OD\6WDWLRQV" ,VPDNHEHOLHYH DUHOLFRIWKHWKFHQWXU\"7KHUHDUHQRVLPSOHDQVZHUVDQGQRW DORWRIGDWD :KLOH KLJKWHFK WR\V DQG YLGHR DFWLRQ JDPHV KDYH WKHLU GHIHQGHUV ± UHFHQW UHVHDUFK VKRZV WKH\ EHQHILW NLGV E\ KRQLQJ WKHLUUHIOH[HVDQGYLVXDOVNLOOV±WKHUHLVDOVRJURZLQJFRQFHUQWKDW WKHJUHDWDGYDQFHVRIWKHGLJLWDOUHYROXWLRQFRXOGKDYHDQHJDWLYH LPSDFWRQFKLOGUHQ¶VLQWHOOHFWXDOGHYHORSPHQWDQGHYHQDGYHUVHO\ DIIHFW WKHLU FUHDWLYH WKLQNLQJ DV DGXOWV ³,I ZH JLYH WKHP DOO WKLV SURJUDPPHG VWXII DUH WKH\ JRLQJ WR FRPH RXW RI WKH ER[ DQG WKLQNOLNHJUHDWLQYHQWRUV"´DVNV'RURWK\6LQJHUDSV\FKRORJLVWDW <DOH8QLYHUVLW\ ,,, $VVLQDOHDDILUPDWLYD(55$'$DUHVSHLWRGRVFRPSRVWRVFLWDGRV $ 2FRPSRVWR,pXPiOFRRO % 2QRPHGRFRPSRVWR,,,pWULFORURPHWDQR & 2FRPSRVWR,,pXPpVWHU ' 2FRPSRVWR,SRGHVHUREWLGRSHODKLGUDWDomRGHXPDOFHQR FRPFDWiOLVHiFLGD+ ( 2QRPHGRFRPSRVWR,,pHWR[LHWDQR 2 FORUR GHVFREHUWR HP SHOR TXtPLFR VXHFR 6FKHHOH QmR VH HQFRQWUD OLYUH QD QDWXUH]D e HQFRQWUDGR SULQFLSDOPHQWH FRPELQDGRFRPPHWDLVQDIRUPDGHFORUHWRV $VVLQDOH D DILUPDWLYD FRUUHWD D UHVSHLWR GD FRPSDUDomR GR tRQ FORUHWR&A FRPRiWRPRQHXWURGHFORUR $ 2iWRPRQHXWURSRVVXLXPSUyWRQDPDLVGRTXHRtRQ % 2tRQSRVVXLXPSUyWRQDPDLVGRTXHRiWRPRQHXWUR & 2iWRPRQHXWURHRtRQSRVVXHPRPHVPRQ~PHURGHHOpWURQV ' 2iWRPRQHXWURSRVVXLXPHOpWURQDPDLVGRTXHRtRQ ( 2tRQSRVVXLXPHOpWURQDPDLVGRTXHRiWRPRQHXWUR ,QWKHWH[WDOOWKHIROORZLQJLWHPVDUHSOXUDOIRUPV(;&(37 $ FKLOGUHQOLQH % GDWDOLQH & WR\VOLQH ' VKRZVOLQH ( NLGVOLQH )URPSDUDJUDSKZHLQIHUWKDWQHZWHFKQRORJ\ $ KDVPDGHFKLOGUHQPRUHFXOWXUHG % KDVPDGHFKLOGUHQPRUHLPDJLQDWLYH & KHOSVFKLOGUHQXVHWKHLUIDQWDV\WRFUHDWHLPDJLQDU\IULHQGV ' FDQVSXUFUHDWLYLW\ ( PD\EHMHRSDUGL]LQJFKLOGUHQ¶VLPDJLQDWLRQ 8P FHUWR SURGXWR OLPSDGRU GH XVR GRPpVWLFR TXH FRQWpP R KLGUy[LGR GH DP{QLR SRVVXL FRQFHQWUDomR GH tRQV 2+ LJXDO D PROHVGHtRQVSRUOLWUR $VVLQDOHDRSomRTXHLQGLFDFRUUHWDPHQWHRS+GHVVHOLPSDGRU $ % & ' ( 5 ² &A UHSUHVHQWD XP FORUHWR GH DOTXLOD RSWLFDPHQWH DWLYR GH ,QWKHWH[W$75,6.OLQHPD\EHUHSODFHGZLWKRXWDQ\FKDQJH RIPHDQLQJE\ $ LQJRRGRUGHU % DWDORVV & DWSOD\ ' LQGDQJHU ( LQIDFW PDVVDPRODULJXDODJ PRO $VVLQDOHRQRPHGRUDGLFDODOTXLOD5 $ QEXWLO % VHFEXWLO & LVREXWLO ' QSURSLO ( LVRSURSLO 3URYD(WDSD7LSR WDNHQIURP7KH(QGRI0DNH%HOLHYHLQ1(:6:((.6HSWHPEHU 3URYDBLQGG $ 7KHWZRYLHZVRQKLJKWHFKQRORJ\SUHVHQWHGLQSDUDJUDSKDUH $ LQRSSRVLWLRQ % WKHVDPH & VLPLODU ' UHGXQGDQW ( DOLNH 7KHDXWKRU¶VLQWHQWLRQLQWKLVSDVVDJHLV $ WR FRQYLQFH WKH UHDGHU RI WKH EHQHILFLDO HIIHFWV HOHFWURQLF WHFKQRORJ\KDVRQNLGV % WR SUHVHQW KLJKWHFK HQWHUWDLQPHQW DV D FRQWURYHUVLDO LVVXH ZKLFKUHTXLUHVIXUWKHUUHVHDUFK & WRVKRZWKHGUDZEDFNVRIQHZWHFKQRORJ\ ' WR PDNH UHDGHUV DZDUH RI WKH GDQJHUV LQYROYHG LQ SUHWHQG SOD\ ( WR SHUVXDGH WKH UHDGHU WKDW 79 YLGHRV DQG FRPSXWHUV DUH PDNLQJFKLOGUHQLQWHOOHFWXDOO\KDQGLFDSSHG ³'HVD\XQR´OtQHDHVODFRPLGDTXH $ DQWHFHGHDODOPXHU]R\DODFHQD % DQWHFHGHDODFHQD\HVSRVWHULRUDODOPXHU]R & YLHQHDQWHVGHODFHQDSHURGHVSXpVGHODOPXHU]R ' YLHQHGHVSXpVGHODOPXHU]R\DQWHVGHODFHQD ( YLHQHWUDVHODOPXHU]R\DQWHVGHODFHQD ,QWKHWH[W7+(<OLQHUHIHUVWR $ WKHLUGHIHQGHUV % KLJKWHFKWR\V & KLJKWHFKWR\VDQGYLGHRDFWLRQJDPHV ' NLGV ( WKHLUUHIOH[HV (OWUDPRGHOWH[WRTXHFRQGHQVDHOWHUFHUSiUUDIRVHHQFXHQWUDHQ ODRSFLyQ $ ³&HOHEUDPRVORVFXPSOHDxRVFRQXQGHUURFKHGHJORWRQHUtD´ % ³(VXQKHFKRODKXPDQLGDGHVWiGRPLQDGDSRUHOSDODGDU´ & ³HO XQLYHUVR GH YDULDFLRQHV TXH VH HQVD\D SDUD FROPDU QXHVWURDSHWLWRHVLQILQLWR´ ' ³DPDU \ FRPHU VRQ GRV GH ODV FRVDV TXH PiV IDVFLQDFLyQ SURGXFHQDORVKXPDQRV´ ( ³3DUD REWHQHU DOLPHQWRV VH FRQTXLVWDURQ FRQWLQHQWHV VH JHVWDURQLPSHULRV´ (63$1+2/ (QORVSiUUDIRVVHJXQGR\WHUFHURTXHGDFODURTXHSDUDHODXWRU $ VHD SRU PHGLR GHO DPRU VHD SRU OD FRPLGD OD JHQWH QR VH GHMDUiFRQTXLVWDUVLQOXFKDU % OD FRPLGD KD VREUHSXMDGR DO DPRU HQ OR TXH VH UHILHUH D OD KLVWRULDGHODKXPDQLGDG & OREXHQRGHODKXPDQLGDGHVTXHWRGRVHUHVXHOYHSRUPHGLR GHODPRU\GHODFRPLGD ' XQD ILHVWD GH FXPSOHDxRV VXJHULUi VLHPSUH XQ GHUURFKH GH JORWRQHUtDDPRURVD ( HO HMH GH ODV JUDQGHV FRQTXLVWDV HVWi HQ HO KHFKR GH QR GHVSUHFLDUVHHODPRU $&20(548(/$0(6$(67È6(59,'$ (Q OD QRYHOD GH *HRUJH 2UZHOO ORV KDELWDQWHV GH XQ PXQGR IXWXUR VRQ WRUWXUDGRV SRU XQ (VWDGR WRWDOLWDULR (O VH[R HVWi SURKLELGR \ HO FKRFRODWH WLHQH JXVWR ³D KXPR GH EDVXUD´ £4XpKRUURU (VTXHGHVGHODPDQ]DQDEtEOLFDHQDGHODQWHDPDU\FRPHU VRQ GRV GH ODV FRVDV TXH PiV IDVFLQDFLyQ SURGXFHQ D ORV KXPDQRV 3DUD REWHQHU DOLPHQWRV VH FRQTXLVWDURQ FRQWLQHQWHV VH JHVWDURQ LPSHULRV \ VH GHVHQFDGHQDURQ UHYROXFLRQHV &HOHEUDPRV ORV FXPSOHDxRV FRQ XQ GHUURFKH GH JORWRQHUtD KDFHPRVQHJRFLRVGXUDQWHHOGHVD\XQR\FXDQGRDFRUGDPRVXQ HQFXHQWUR FRQ XQ DPLJR OR FRQFUHWDPRV IUHQWH D XQD PHVD GH FDIp 3RU HVR HO XQLYHUVR GH YDULDFLRQHV TXH VH HQVD\D SDUD FROPDU QXHVWUR DSHWLWR HV LQILQLWR /RV DPD]yQLFRV GHYRUDQ KRUPLJDV UHLQDV /RV PDOD\RV FHOHEUDQ VXV DFRQWHFLPLHQWRV LPSRUWDQWHV FRQ DUUR] /RV LQGLRV KRStV DGRUDQ HO PDt] /RV DQWLJXRV HJLSFLRV FUHtDQ TXH ODV FHEROODV VLPEROL]DEDQ ODV GLYHUVDV FDSDV GHO XQLYHUVR \ SURQXQFLDEDQ VXV MXUDPHQWRV ² ¢ODJULPHDQGR"²VREUHXQDFHEROOD/RVIUDQFHVHVGHOLUDQSRUORV FDUDFROHVFRQDMR(VXQKHFKRODKXPDQLGDGHVWiGRPLQDGDSRU HOSDODGDU $GDSWDGR GH /D 1DFLyQ ± DEULO GH 'LVSRQLEOH HQ $UWtFXORV SHULRGtVWLFRV ± YHQXVUGFSXFULREUDOLFLD /DRUDFLyQ$QRFKHBBBBBQHJRFLRVGXUDQWHODFHQDVHFRPSOHWD SRUHOYHUERFRQWHQLGRHQODDOWHUQDWLYD $ KDEUtDPRVKHFKR % KHPRVKHFKR & KDJDPRV ' KDUHPRV ( KLFLPRV (QHOWH[WRODUHIHUHQFLDDOD³PDQ]DQDEtEOLFD´OtQHDUHODFLRQD $ HOVH[RDODFRPLGD % ODFRPLGDDOVH[R & HOGHVHRDODPLUDGD ' ODPLUDGDDOGHVHR ( HOVH[RDODPLUDGD /DDILUPDFLyQTXHVLQWHWL]DODQRYHODGH*HRUJH2UZHOO(OVH[R HVWi SURKLELGR \ HO FKRFRODWH WLHQH JXVWR D KXPR GH EDVXUD OtQHDV\DOXGH $ DODVQRYHODVGHILFFLyQTXHHVWiQGHPRGDHQ(VSDxD % DOREXHQRGHXQ(VWDGRGHPRFUiWLFRGRQGHQDGDVHSURKtEH & DORPDORGHXQ(VWDGREXURFUiWLFRGRQGHWRGRVHSHUPLWH ' DO LQWHQVR GRORU SURYRFDGR HQ ORV KXPDQRV SRU QR FRPHU QL DPDU ( DOSUREOHPDTXHVXUJHFXDQGRVHFRPHRVHDPDHQGHPDVtD 3URYDBLQGG 3URYD(WDSD7LSR GABARITO UEA 2004 / 1ª ETAPA TIPO 2 PORTUGUÊS: 1-B 2-C 5-A 6-A 3-D 7-C 4-D 8-E LITERATURA: 9-E 10-A 13-C 14-A 11-B 15-D 12-D 16-A MATEMÁTICA: 17-D 18-E 21-E 22-A 19-C 23-B 20-A 24-C FÍSICA: 25-C 26-B 29-C 30-D 27-E 31-B 28-E 32-A BIOLOGIA: 33-B 34-D 37-A 38-B 35-E 39-D 36-C 40-C GEOGRAFIA: 41-A 42-D 45-D 46-E 43-B 47-A 44-D 48-E HISTÓRIA: 49-E 50-C 53-C 54-B 51-D 55-E 52-A 56-B QUÍMICA: 57-E 58-C 61-A 62-B 59-C 63-C 60-E 64-D INGLÊS: 65-D 66-E 68-A 69-B 67-D 70-C ESPANHOL: 65-E 66-A 68-A 69-C 67-D 70-B