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
DJURSHFXiULDFRQVHTrQFLDGDIDOWDGHILVFDOL]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
% PHWDOLQJtVWLFD
& 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
2VHTHQFLDPHQWRFRPSOHWRGRJHQRPDKXPDQRDQXQFLDGRHP
MXOKRpVHPG~YLGDXPJUDQGHSDVVRQRHVIRUoRGRVFLHQWLVWDV
SDUD FRPSUHHQGHU RV PHFDQLVPRV EiVLFRV GR PHWDEROLVPR
KXPDQRHPHVPRGDHYROXomRGDYLGDQDWHUUD
&LrQFLD+RMHYROQž1RY
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 IUHTrQFLD 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 FRQVHTrQFLD
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 FRQVHTrQFLD
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 FRQVHTrQFLD
KLVWyULFDSULQFLSDOGHVVHSURFHVVR
$ 1RV (VWDGRV 8QLGRV D *XHUUD GH 6HFHVVmR IRL D
FRQVHTrQFLDGDOXWDSHORSURWHFLRQLVPRDOIDQGHJiULRHSHOR
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
ž3, ž3, ž3, ž3, ž3,
' $ 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
Download

TIPO 2