Avaliação histológica, tomográfica e física do efeito da LLLT na distração osteogênica em mandíbulas de coelhos

3$8/2('8$5'2.5(,61(5

$9$/,$d­2+,672/Ï*,&$7202*5È),&$()Ë6,&$'2()(,72'$///7 1$',675$d­2267(2*Ç1,&$(00$1'Ë%8/$6'(&2(/+26

$9$/,$d­2+,672/Ï*,&$7202*5È),&$()Ë6,&$'2()(,72'$///7 1$',675$d­2267(2*Ç1,&$(00$1'Ë%8/$6'(&2(/+26

7HVH DSUHVHQWDGD FRPR SDUWH GRV UHTXLVLWRV REULJDWyULRV SDUD D REWHQomR GR WtWXOR GH 'RXWRU HP 2GRQWRORJLD QD iUHD GH FRQFHQWUDomR HP &LUXUJLDH7UDXPDWRORJLD%XFRPD[LORIDFLDOSHOR 3URJUDPD GH 3yV*UDGXDomR HP 2GRQWRORJLD GD 3RQWLItFLD 8QLYHUVLGDGH &DWyOLFD GR 5LR *UDQGH GR6XO

2ULHQWDGRUD3URID'UD0DUtOLD*HUKDUGWGH2OLYHLUD2GRQWRORJLD

&RRULHQWDGRU3URI'U5REHUWR+EOHU)tVLFD

¬1DWDVFKH %DOOHLSRU HVWDU DR PHX ODGR SHOR FRPSDQKHLULVPR FRPSUHHQVmR DPRUSRUDFUHGLWDUHPPLPHPHDSRLDUGXUDQWHRFXUVRGHSyVJUDGXDomRPHGDQGRIRUoD HLQVSLUDomRDRORQJRGHVWDFDPLQKDGD

¬)DFXOGDGHGH2GRQWRORJLDGD3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LR*UDQGHGR 6XO±38&56SHODPLQKDFRPSOHWDHLQHVWLPiYHOIRUPDomRFRPR&LUXUJLmR'HQWLVWDHFRPR &LUXUJLmR%XFRPD[LORIDFLDO

$R 3URJUDPD 3Uy%ROVDV GD 38&56 SRU WHU YLDELOL]DGR ILQDQFHLUDPHQWH D UHDOL]DomRGR'RXWRUDGR

$RV SURIHVVRUHV GR FXUVR GH SyVJUDGXDomR HP &LUXUJLD H 7UDXPDWRORJLD

%XFRPD[LORIDFLDO GD 38&56SHORHVIRUoR H HPSHQKR HP WUDQVPLWLU VHXV FRQKHFLPHQWRV H H[SHULrQFLDVWpFQLFDVFLHQWtILFDVHSHVVRDLV

¬ 3URID 'U 0DUtOLD *HUKDUGW 2OLYHLUD SHOD RULHQWDomR GHVWD SHVTXLVD PDV SULQFLSDOPHQWHSRUWHUPHDFRPSDQKDGRDSRLDGRHLQFHQWLYDGRGXUDQWHWRGDDWUDMHWyULDGD PLQKDIRUPDomRSURILVVLRQDOVHQGRXPH[HPSORDVHUVHJXLGR

$R 3URI 'U 5REHUWR +EOHU SHOD FRRULHQWDomR GHVWD SHVTXLVD DPL]DGH H FRQYLYrQFLDVHPRTXHQmRVHULDYLiYHODHODERUDomRHH[HFXomR

$RVIXQFLRQiULRV GR *(36,/01(GXDUGR%ODQGRH$QGUp/XtV0DULQ9DUJDVSRU HVWDUHP VHPSUH GLVSRQtYHLV FRODERUDGRUHV H UHFHSWLYRV WRUQDQGR R DPELHQWH GH WUDEDOKR VDXGiYHO

$R3URI 'U 0DQRHO 6DQW¶$QD )LOKR SRU WDPEpP HVWDU SUHVHQWH GXUDQWH WRGD D PLQKDIRUPDomRSURILVVLRQDOHVHULPSUHVFLQGtYHOSDUDDDQiOLVHKLVWROyJLFDGHVWDSHVTXLVD

$R ItVLFR5DIDHO 0HQH]HV 1XQHV SRU VXD GLVSRQLELOLGDGH DOpP GH SRVVLELOLWDU DV UHDOL]Do}HVGDVWRPRJUDILDV

$R3URI'U-RmR%DWLVWD%OHVVPDQQ:HEHUSHODDPL]DGHHSRUWHUOLGRFRUULJLGR PLQXFLRVDPHQWHHFRQWULEXtGRGHIRUPDIXQGDPHQWDOGXUDQWHDSUpGHIHVD

È 3URID 0DULD 5LWD 4XLQWHOOD SHOD PLQXFLRVD FRUUHomR GD OLQJXDJHP H j %LEOLRWHFiULD$QDPDULD)HUUHLUDSHODFXLGDGRVDIRUPDWDomRGDWHVH

$RVFROHJDV GH SyVJUDGXDomR$QGUp 7DNDKDVKL +HGHOVRQ 2GHQLU ,HFKHU %RUJHV /rRQLOVRQ*DLmR5RJHU/DQHV6LOYHLUD7DLDQH&RXWLQKRGH2OLYHLUDH9LQLFLXV1HU\9LHJDV SHOR FRQYtYLR H DOHJULD TXH SURSRUFLRQDUDP PRPHQWRV DJUDGiYHLV H DPL]DGHV TXH SHUGXUDUmRGXUDQWHWRGDDYLGD

$RDPLJRHFROHJD$OH[H\*DVSDU0DUWLQV)HUUHLUDXPGHPHXVPHOKRUHVDPLJRVH DJRUDFRPSDGUHTXHVHPSUHPHDSyLDHLQFHQWLYDFRPRSHVVRDHFRPRSURILVVLRQDO

$R DPLJR H FROHJD$QJHOR 0HQXFL 1HWRSRU VHPSUH VH OHPEUDU GH PLP DEULQGR RSRUWXQLGDGHVSHVVRDLVHSURILVVLRQDLVVHQGRXPH[HPSORFRPRSHVVRDHFRPRSURILVVLRQDO

$RDPLJRHFROHJD5REHUWRGH&DUYDOKRH6LOYD0DVVXORSHODDPL]DGHSRUPHDEULU DVSRUWDVGHVHXFRQVXOWyULRHSRUWHUFRQWULEXtGRQDPLQKDLQLFLDomRGRFHQWH

$RVDPLJRVHFROHJDV&DUORV$OEHUWR0HGHLURV0DUWLQV)UHGHULFR6DXHUHVVLJ3DXOR &DX\3HWU\H9LQLFLXV1HU\9LHJDVSHODDPL]DGHHFRPSDQKHLULVPR

$RFRUSRGHIXQFLRQiULRVGD)238&56SRUHVWDUHPVHPSUHHPSHQKDGRVHPID]HU RPHOKRUGHVLSHOD)DFXOGDGHHSDUDRDOXQRHPHVSHFLDORVIXQFLRQiULRVGD6HFUHWDULDGH 3yV*UDGXDomR

(VWD SHVTXLVD WHYH FRPR REMHWLYR DYDOLDU SRU PpWRGRV KLVWROyJLFRV WRPRJUiILFRV H ItVLFRV R HIHLWR GR ODVHU GH EDL[D SRWrQFLD ///7 ± QP QR RVVR QHRIRUPDGR HP PDQGtEXODVGHFRHOKRVVXEPHWLGDVjIUDWXUDVHPRXFRPGLVWUDomRRVWHRJrQLFD'2)RUDP XWLOL]DGRVFRHOKRVSDUDDVDQiOLVHVKLVWROyJLFDVTXDWURSDUDRJUXSRFRQWUROHHVHLVSDUDR H[SHULPHQWDO DOpP GH FLQFR FRHOKRV SDUD DV DQiOLVHV WRPRJUiILFDV H ItVLFDV XP QmR IUDWXUDGRQmRGLVWUDtGRHVHPLUUDGLDomRODVHUXPIUDWXUDGRQmRGLVWUDtGRHVHPLUUDGLDomR ODVHU XP IUDWXUDGR QmRGLVWUDtGR H FRP LUUDGLDomR ODVHU XP IUDWXUDGR GLVWUDtGR H VHP LUUDGLDomRODVHUXPIUDWXUDGRGLVWUDtGRHFRPLUUDGLDomRODVHU3DUDRVFRHOKRVTXHVRIUHUDP DORQJDPHQWRyVVHRSRU'2IRLDGRWDGRRVHJXLQWHSURWRFRORODWrQFLD±WUrVGLDVDWLYDomR± VHWH GLDV PPG H FRQVROLGDomR ± GLDV 3DUD RV DQLPDLV LUUDGLDGRV XWLOL]RXVH R ODVHU LQIUDYHUPHOKR*D$O$VȜ QPP:FRPRVHJXLQWHSURWRFRORGRVHSRQWXDOGH -FP _{GLUHWDPHQWH VREUH R VtWLR yVVHR VXEPHWLGR j IUDWXUD HRX '2 QR SHUtRGR GH} FRQVROLGDomRyVVHDUHVSHLWDQGRVHLQWHUYDORVGHKRUDV2SHUFHQWXDOGRRVVRQHRIRUPDGR IRL PDLRU QR JUXSR FRP ODVHU GR TXH QR FRQWUROH S FRQIRUPH REVHUYDGR QD DQiOLVH KLVWROyJLFD $ DQiOLVH WRPRJUiILFD UHYHORX DXPHQWR GD GHQVLGDGH PHGLGDHP8QLGDGHV+RXQVILHOG+8GRVRVVRVIUDWXUDGRVTXHIRUDPLUUDGLDGRVFRPODVHU &RP UHODomR jV SURSULHGDGHV ItVLFDV SDUHFHX QmR KDYHU JUDQGHV GLIHUHQoDV HQWUH RV JUXSRV TXH VRIUHUDP IUDWXUD 1RV RVVRV VXEPHWLGRV j '2 R ODVHU QmR SURPRYHX DOWHUDomR GD QDQRGXUH]DPDVPRGLILFRXRVYDORUHVGRPyGXORGHHODVWLFLGDGHQDDPRVWUDHVWXGDGD

3DODYUDV&KDYH2VWHRJrQHVHSRU'LVWUDomR/DVHUV0LFURVFRSLD7RPRJUDILD7HVWHVGH 'XUH]D

%LUHPH'HVFULWRUHVHP&LrQFLDVGD6D~GHKWWSGHFVEYVEU

7KH SXUSRVH RI WKLV UHVHDUFK ZDV WR HYDOXDWH WKH ERQH UHSDLU LQ GHIHFWV FUHDWHG E\ IUDFWXUH ZLWK RU ZLWKRXW GLVWUDFWLRQ RVWHRJHQHVLV LQ UDEELW ORZHU MDZV VWLPXODWHG ZLWK ORZ OHYHOODVHUWKHUDS\///7±QPE\KLVWRORJ\FRPSXWHUL]HGWRPRJUDSK\DQGPHFKDQLFDO SURSHUWLHVUDEELWVXQGHUZHQWVXUJHU\LQRUGHUWRKDYHKLVWRORJLFDQDO\VLVIRXUFRQWURODQG VL[H[SHULPHQWDODQGILYHUDEELWVWRWRPRJUDSKLFDQGPHFKDQLFDODQDO\VLVRQHQRWEURNHQ QRWGLVWUDFWHGDQGQRWLUUDGLDWHGRQHEURNHQQRWGLVWUDFWHGDQGQRWLUUDGLDWHGRQHEURNHQQRW GLVWUDFWHGEXWLUUDGLDWHGRQHEURNHQGLVWUDFWHGDQGQRWLUUDGLDWHGRQHEURNHQGLVWUDFWHGDQG LUUDGLDWHG,QRUGHUWRDFKLHYHWKHGLVWUDFWHGERQHWKHIROORZLQJSURWRFROZDVXVHGODWHQF\ SHULRG±WKUHHGD\VDFWLYDWLRQSHULRG±VHYHQGD\VPPGFRQVROLGDWLRQSHULRG±GD\V 7KHDQLPDOVZHUHLUUDGLDWHGZLWKLQIUDUHGODVHU*D$O$VȜ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

.H\ZRUGV'LVWUDFWLRQ2VWHRJHQHVLV/DVHUV0LFURVFRS\7RPRJUDSK\+DUGQHVV7HVWV

0HVK0HGLFDO6XEMHFW+HDGLQJVKWWSZZZQOPQLKJRYPHVKPHVKKRPHKWPO

4XDGUR 'LYLVmRGRVJUXSRVVXEPHWLGRVjDQiOLVHKLVWROyJLFD

4XDGUR $PRVWUDVXQLGDGHVH[SHULPHQWDLVVXEPHWLGDVjDQiOLVHWRPRJUiILFDHItVLFD 4XDGUR 5HVXPRGDVYDULDo}HVGHGHQVLGDGH+8HQFRQWUDGDVQDDPRVWUD

4XDGUR 5HVXPRGDVSURSULHGDGHVItVLFDVHQFRQWUDGDVQDDPRVWUD 4XDGUR 5HVXPRGDVSURSULHGDGHVWRPRJUiILFDVHItVLFDVHQFRQWUDGDVQDDPRVWUD

*UiILFR9DULDomRGHGHQVLGDGH+8GRFRHOKR$QmRIUDWXUDGRQmRGLVWUDtGRQHP

7DEHOD'LVWULEXLomRGRQ~PHURGHXQLGDGHVH[SHULPHQWDLVREWLGDVSRUDQLPDO

,1752'8d­2

352326,d­2

5(9,67$'(/,7(5$785$

',675$d­2267(2*Ç1,&$ $d­2'2/$6(51$',675$d­2267(2*Ç1,&$ &216,'(5$d®(6+,672/Ï*,&$6 $9$/,$d­2325,0$*(0 7(67(6,167580(17$'26'('85(=$±1$12'85(=$,+7

0(72'2/2*,$

352%/(0$ $02675$(',9,6­2'(*58326 (7$3$67e&1,&$6'$3(648,6$

(ODERUDomRGRGLVWUDWRURVWHRJrQLFR 6HTXrQFLDFLU~UJLFD

3HUtRGRSyVRSHUDWyULR

'LVWUDomRRVWHRJrQLFDGLDV

,UUDGLDomRFRPRODVHUQP 0RUWHGRVDQLPDLV

35(3$5$d­2'$6$02675$6(&2/(7$'('$'26

$QiOLVHKLVWROyJLFD

$QiOLVHVWRPRJUiILFDHItVLFD

$1È/,6((67$7Ë67,&$

5(68/7$'26

$1È/,6(+,672/Ï*,&$

$QiOLVHGHVFULWLYD

$QiOLVHGDSRUFHQWDJHPGHIRUPDomRyVVHD

$1È/,6(7202*5È),&$ $1È/,6()Ë6,&$ $1È/,6('265(68/7$'26(0&21-8172

$1(;2$±$SURYDomRGD3HVTXLVDSHOR&(338&56 $1(;2%±$SURYDomRGD3HVTXLVDSHOD&RPLVVmRGHeWLFDHP([SHULPHQWDomRGD

8QLYHUVLGDGH)HGHUDOGH3HORWDV56

$1(;2&±&DOLEUDomRGR/DVHUSHOR&HQWURGH3HVTXLVDH'HVHQYROYLPHQWRHP)tVLFD 38&56

$3Ç1',&(

$3Ç1',&($±3XEOLFDomRGD(TXLSH/DVHUV0HG6FL

,1752'8d­2

2 WUDWDPHQWR GDV GHIRUPLGDGHV IDFLDLV IUHTXHQWHPHQWH HQYROYH FLUXUJLDV P~OWLSODV H GHDOWRFXVWRVHQGRTXHPXLWDVYH]HVRVUHVXOWDGRVREWLGRVQmRVmRVDWLVIDWyULRV

$VUHFRQVWUXo}HVyVVHDVWrPVLGRFHUFDGDVGHGLILFXOGDGHVFRPRDDOWDPRUELGDGHSDUD D REWHQomR GH HQ[HUWRV HP TXDQWLGDGH VXILFLHQWH PXLWDV YH]HV FRP UHVXOWDGRV SRXFR VDWLVIDWyULRVQDiUHDGD&LUXUJLDH7UDXPDWRORJLD%XFRPD[LORIDFLDO

$ GLVWUDomR RVWHRJrQLFD '2 DSUHVHQWDVH FRPR XPD DOWHUQDWLYD SURPLVVRUD H FDGD YH]PDLVVHGLPHQWDGDHPUHFRQVWUXo}HVyVVHDVIDFLDLVSRGHQGRVHUHPSUHJDGDQRVFDVRVGH GHIRUPLGDGHVFRQJrQLWDVWUDXPDVRXDSyVFLUXUJLDVRQFROyJLFDV$'2pEDVHDGDQRHPSUHJR GHDSDUHOKRVGLVWUDWRUHVYLVDQGRSRVVLELOLWDURFUHVFLPHQWRyVVHRHPXPVtWLRGHIRUPDGR

$ HVWDELOLGDGH HP ORQJR SUD]R GRV UHVXOWDGRV REWLGRV SHOD '2 DLQGD QmR HVWi EHP GRFXPHQWDGD KDYHQGR UHODWRV GH LQVWDELOLGDGH H UHFLGLYDV 'LDQWH GLVVR GHWHUPLQDGRV DXWRUHVEXVFDPDFHOHUDURSURFHVVRGHPDWXUDomRyVVHDHPHOKRUDUDVSURSULHGDGHVItVLFDVGR VtWLRyVVHRDORQJDGR

2 XVR GR ODVHU WHUDSrXWLFR GHPRQVWURX DOJXP JUDX GH EHQHItFLR QR SURFHVVR GH UHSDUDomR HP WHFLGRVPROHVH yVVHRV_{$ '2 HQYROYH DWLYLGDGHV PHWDEyOLFDV TXH SRGHP} VHU SDVVtYHLV GH ELRPRGXODomR SHOR XVR GH ODVHU SRGHQGR UHGX]LU R WHPSR JOREDO GR WUDWDPHQWR

8PDGDVPDQHLUDVGHDYDOLDUTXDOLWDWLYDHTXDQWLWDWLYDPHQWHDQHRIRUPDomRyVVHDpD WRPRJUDILD FRPSXWDGRUL]DGD (VWH H[DPH SHUPLWH DYDOLDU D GHQVLGDGH H D JHRPHWULD yVVHD SURSRUFLRQDQGR LQIRUPDo}HV PDLV GHWDOKDGDV VREUH D TXDOLGDGH H D TXDQWLGDGH GH RVVR QHRIRUPDGR HP GHFRUUrQFLD GH VXD JUDQGH DFXUiFLD PtQLPR HUUR H UHODomR GLUHWD FRP RV DFKDGRVKLVWROyJLFRV3RUHVWDUD]mRDOLWHUDWXUDRUWRSpGLFDGHVFUHYHDFRPRRPpWRGRPDLV REMHWLYR SDUD DYDOLDU R RVVR GD iUHD VXEPHWLGD j GLVWUDomR $SHVDU GLVWR SRXFDV SHVTXLVDV FOtQLFDV RX H[SHULPHQWDLV VREUH LPDJHP WrP VLGR SXEOLFDGDV REMHWLYDQGR TXDQWLILFDU R SURFHVVRGHUHJHQHUDomRyVVHDQRHVTXHOHWRFUDQLRIDFLDO

$V GLYHUVDV DSOLFDo}HV GD '2 DOLDGD DR VHX XVR FUHVFHQWH HP 2GRQWRORJLD WRUQDP QHFHVViULR FRQKHFHU GH IRUPD SUHFLVD DV FDUDFWHUtVWLFDV H DV OLPLWDo}HV GDV SURSULHGDGHV PHFkQLFDVGRRVVRDORQJDGRSRUPHLRGHVWDWpFQLFD([SHULPHQWRVODERUDWRULDLVGHQRPLQDGRV WHVWHV LQVWUXPHQWDGRV GH GXUH]D ,+7 SHUPLWHP DOFDQoDU WDO SUHFLVmR SHOD VLPXODomR GH VLWXDo}HV PHFkQLFDV D TXH WHFLGRV VmR VXEPHWLGRV D ILP GH GHWHUPLQDU VXDV SURSULHGDGHV ItVLFDV

$GXUH]DpXPDGDVSURSULHGDGHVPHFkQLFDVPDLVLPSRUWDQWHVGHXPPDWHULDOHVWDQGR LQHUHQWHPHQWHUHODFLRQDGDjUHVLVWrQFLDTXHHOHDSUHVHQWD6XDPHQVXUDomRpLPSRUWDQWHSRU VHUXPLQGLFDWLYRSDUDDDYDOLDomRGHPDWHULDLVTXDQWRjVXDSHUIRUPDQFHIUHQWHjDSOLFDomR GH XPD WHQVmR 6XD LPSRUWkQFLD HVWi UHODFLRQDGD D JUDQGHV DSOLFDo}HV GH FDUJD D TXH RV PDWHULDLV QR FDVR R RVVR GLVWUDtGR VmR VXEPHWLGRV DX[LOLDQGR QD HVFROKD GDTXHOHV TXH UHVLVWDPDFRQGLo}HVEDVWDQWHDGYHUVDV2PyGXORGHHODVWLFLGDGHFRQKHFLGRFRPRPyGXORGH <RXQJ WDPEpP SRGH VHU DIHULGR GXUDQWH RV ,+7 (P WHUPRV SUiWLFRV R PyGXOR GH HODVWLFLGDGH SRGH VHU LQWHUSUHWDGR FRPR D ULJLGH] RX D UHVLVWrQFLD j GHIRUPDomR HOiVWLFD 3RUWDQWRTXDQWRPDLRUIRURPyGXORGHHODVWLFLGDGHGHXPPDWHULDOPDLVUtJLGRHOHVHUiLVWR pPHQRUpDGHIRUPDomRHOiVWLFDTXHUHVXOWDGDDSOLFDomRGHXPDGDGDWHQVmR$OpPGRPDLV R PyGXOR GH HODVWLFLGDGH SRGHVHU D TXDQWLGDGH GH GHIRUPDomR TXH SRGH VHU FDXVDGD D XP PDWHULDOVHPGHIRUPiORSHUPDQHQWHPHQWHLVWRpVHPFDXVDUGHIRUPDomRSOiVWLFD-XQWRFRP DVPHGLGDVGHGXUH]DRPyGXORGHHODVWLFLGDGHpHVVHQFLDOSDUDLQWHUSUHWDURFRPSRUWDPHQWR GRVPDWHULDLV

'LYHUVDVSHVTXLVDVXWLOL]DUDPRPRGHORDQLPDOSDUDHOXFLGDUHDSURIXQGDURSURFHVVR GHGLVWUDomRRVWHRJrQLFD'HQWURGHVWHFRQWH[WRLQ~PHURVDXWRUHVHPSUHJDUDPFRHOKRVSDUD HVWXGDURSURFHVVRGHDORQJDPHQWRyVVHR5HIHULGRSURFHVVRSDUHFHVHURLGHDOSDUD HVWXGRGDFLFDWUL]DomRHGDUHJHQHUDomRWHFLGXDO

352326,d­2

$YDOLDU KLVWRORJLFDPHQWH D DomR GR ODVHU LQIUDYHUPHOKR *D$O$V Ȝ QP P:QRSURFHVVRGHQHRIRUPDomRyVVHDHPPDQGtEXODVGLVWUDtGDVGHFRHOKRV

$YDOLDU SRU PHLR GH WRPRJUDILDV FRPSXWDGRUL]DGDV D DomR GR ODVHU LQIUDYHUPHOKR *D$O$VȜ QPP:QRSURFHVVRGHQHRIRUPDomRyVVHDHPPDQGtEXODVGHFRHOKRV IUDWXUDGDVVHPHFRPGLVWUDomRRVWHRJrQLFD

$YDOLDUSRUPHLRGHWHVWHVLQVWUXPHQWDGRVGHGXUH]D,+7DVSURSULHGDGHVItVLFDVGH QDQRGXUH]D H PyGXOR GH HODVWLFLGDGH GR RVVR IUDWXUDGR VHP H FRP GLVWUDomR RVWHRJrQLFD VXEPHWLGR RX QmR j LUUDGLDomR FRP ODVHU LQIUDYHUPHOKR *D$O$V Ȝ QP P: QR SURFHVVRGHQHRIRUPDomRyVVHDHPPDQGtEXODVGHFRHOKRV

5(9,67$'(/,7(5$785$

',675$d­2267(2*Ç1,&$

&RGYLOODDSXG6DPFKXNRY&KHUNDVKLQH&RSHHPIH]RSULPHLURUHODWRGH'2 HP %RORJQD QD ,WiOLD DR XWLOL]DU D WpFQLFD QR IrPXU GH XP SDFLHQWH FRP GLVFUHSkQFLD QR FRPSULPHQWRGDVSHUQDV7HQWRXREWHURFUHVFLPHQWRyVVHRSRULQWHUPpGLRGHXPGLVSRVLWLYR UXGLPHQWDUGHWUDomRH[WHUQD¬pSRFDRVUHVXOWDGRVQmRIRUDPVDWLVIDWyULRVRXPRWLYDGRUHV GHYLGRjDOWDIUHTXrQFLDGHFRPSOLFDo}HV

(P$EERWWDSXG6DPFKXNRY&KHUNDVKLQH&RSHIRLRSULPHLURDXWLOL]DUD'2 SDUD DORQJDPHQWR GD WtELD HP 0LVVRXUL QRV (VWDGRV 8QLGRV -i HQWmR IH] UHIHUrQFLD j QHFHVVLGDGHGHXPSHUtRGRGHODWrQFLDGHVHWHDGLDV'DPHVPDIRUPDVXDWpFQLFDQmR REWHYHJUDQGHDFHLWDomRFOtQLFDHPGHFRUUrQFLDGDJUDQGHPRUELGDGHHGHFRPSOLFDo}HVFRPR LQIHFo}HVHGHPDORFDOQHFURVHGHSHOHHFDOFLILFDomRLPSUHYLVtYHOQDV]RQDVH[SDQGLGDV

6RPHQWHHPWDPEpPQRV(VWDGRV8QLGRVHP8WDK6Q\GHUHWDOHPSUHJDUDPD '2QRHVTXHOHWRIDFLDO2VDXWRUHVFULDUDPXPGHIHLWRGHPPQDPDQGtEXODGHXPFmR LQFOXLQGRPXFRVDHRVVRFRORFDQGRRHPXPDRFOXVmRFODVVH,,HFRPXPGLVWUDWRUH[WHUQRH XP SURWRFROR GH XPD DWLYDomR GLiULD GH PP GXUDQWH GLDV IRL SRVVtYHO UHVWDEHOHFHU D RFOXVmR QRUPDO QR DQLPDO 2V SHVTXLVDGRUHV FRQVLGHUDUDP R SURFHGLPHQWR EHPVXFHGLGR D SDUWLUGHDYDOLDo}HVFOtQLFDVHUDGLRJUiILFDVUHDOL]DGDVDRILQDOGRSHUtRGRGHPDWXUDomRyVVHD GHVHLVVHPDQDV

D TXDQWRPDLVUtJLGDDIL[DomRHPDLVSUHVHUYDGDVDVHVWUXWXUDVGHDSRUWHVVDQJXtQHR

H FHOXODU FRP PtQLPD OHVmR GR SHULyVWHR H HQGyVWHR PDLRU VHUi R SRWHQFLDO RVWHRJrQLFR

E FRPRULWPRGHDWLYDomRVXSHULRUDPPGIRUPRXVHWHFLGRRVWHyLGH

F QRVFDVRVFRPOHVmRGDPHGXODUyVVHDIRUPRXVHWHFLGRQHFUyWLFR

G D GHFRUWLFDOL]DomR SDUFLDO RX WRWDO QmR LQWHUIHUH QD UHFRUWLFDOL]DomR GR VHJPHQWR

yVVHRDORQJDGR

H R ULWPR GH PPG GH DWLYDomR DSUHVHQWRXVH EHPWROHUDGR VHP TXH KRXYHVVH

XQLmRSUHFRFH

I D RVWHRJrQHVH RFRUUHX PDLV UDSLGDPHQWH j PHGLGD TXH DIUHTXrQFLD GH DWLYDo}HV

DXPHQWDYD

$WXDOPHQWH D '2 DSUHVHQWDVH FRPR XPD DOWHUQDWLYD SURPLVVRUD H FDGD YH] PDLV VHGLPHQWDGD VHQGR HPSUHJDGD HP UHFRQVWUXo}HV yVVHDV IDFLDLV HP FDVRV GH GHIRUPLGDGHV FRQJrQLWDV WUDXPDV RX DSyV FLUXUJLDV RQFROyJLFDV $ '2 p FRQVHJXLGD SRU PHLR GD LPSODQWDomRFLU~UJLFDGH DSDUHOKRVGLVWUDWRUHV REMHWLYDQGR XPFUHVFLPHQWR yVVHR OLQHDU HP XPVtWLRGHIRUPDGRDWUyILFRRXUHVVHFDGR

2SULQFtSLRGD'2pTXHRWUDFLRQDPHQWRJUDGXDOGRVWHFLGRVSURYRFDXPHVWUHVVHTXH HVWLPXOD H PDQWpP WDQWR D UHJHQHUDomR TXDQWR R FUHVFLPHQWR DWLYR GDV HVWUXWXUDV $ HVWLPXODomRPHFkQLFDJHUDGDSHORSURFHVVRGHDORQJDPHQWRLQGX]DXPDFDVFDWDGHUHVSRVWDV ELROyJLFDV $ VLQDOL]DomR PROHFXODU H FHOXODU p DPSOLILFDGD GXUDQWH R SURFHVVR GH GLVWUDomR RVWHRJrQLFDSHUVLVWLQGRDWpRWpUPLQRGHFLFDWUL]DomRyVVHD

SHUtRGR p FUXFLDO SDUD R VXFHVVR GD WpFQLFD 6RPHQWH DR ILQDO GHVWH SHUtRGR R DSDUHOKR GLVWUDWRUSRGHVHUUHPRYLGR

$SHVDUGDXWLOL]DomRFDGDYH]PDLVGLIXQGLGDD'2SRGHVHUGHJUDQGHGHVFRQIRUWR SDUD R SDFLHQWH HVSHFLDOPHQWH TXDQGR XWLOL]DGRV DSDUHOKRV GLVWUDWRUHV H[WHUQRV TXH SRGHP LQGX]LULQIHFo}HVGHVXSHUItFLHSDUHVWHVLDVFLFDWUL]HVKLSHUWUyILFDVHGLILFXOGDGHGHFRQYtYLR VRFLDO

$OpP GRV LQFRQYHQLHQWHV GR GLVWUDWRU H[WHUQR D HVWDELOLGDGH HP ORQJR SUD]R GRV UHVXOWDGRV REWLGRV SHOD '2 DLQGD QmR HVWi EHPGRFXPHQWDGD H[LVWLQGR UHODWRV GH LQVWDELOLGDGH H UHFLGLYDV _{'LDQWH GLVWR DOJXQV DXWRUHV EXVFDP DFHOHUDU R SURFHVVR GH} PDWXUDomRyVVHDHPHOKRUDUDVSURSULHGDGHVItVLFDVGRVtWLRyVVHRDORQJDGR

'LYHUVDVSHVTXLVDVXWLOL]DUDPRPRGHORDQLPDOSDUDHOXFLGDUHDSURIXQGDURSURFHVVR GH GLVWUDomR RVWHRJrQLFD 2V SULPHLURV PRGHORV IRUDP RV FmHV LQFOXLQGR WDPEpP RV FLQFR HVWXGRV FOiVVLFRV GH *DYULLO ,OL]DURY _{$SyV IRUDP HPSUHJDGRV FRHOKRV} PDFDFRVHRYHOKDV

$d­2'2/$6(51$',675$d­2267(2*Ç1,&$

&RQIRUPH Mi PHQFLRQDGR GLYHUVRV SHVTXLVDGRUHV EXVFDP DFHOHUDU R SURFHVVR GH PDWXUDomRyVVHDHPHOKRUDUDVSURSULHGDGHVItVLFDVGRVtWLRyVVHRDORQJDGRSRU'2

(PHVWXGRVDQWHULRUHVIRLGHPRQVWUDGDHFRPSURYDGDDXWLOL]DomRHRVHIHLWRVGRODVHU GHEDL[DSRWrQFLD///7QRUHSDURyVVHR)RLGHPRQVWUDGRTXHDLUUDGLDomRSRGHULDLQGX]LU DWLYLGDGH RVWHREOiVWLFD H FRQVHTXHQWH UHSDUR yVVHR QR ORFDO GD OHVmR (VWD FDSDFLGDGH GH DOWHUDU D DWLYLGDGH FHOXODU GHQRPLQDVH ELRPRGXODomR D TXDO SRGH VHU REWLGD SRU PHLR GD XWLOL]DomRGHXPDSDUHOKRGHODVHURSHUDGRHPEDL[DVSRWrQFLDVDP:FKDPDGRGH ODVHUGHEDL[DLQWHQVLGDGHRXODVHUWHUDSrXWLFR///7

FRP R ODVHU GH +H1H RIHUHFHQGR UHVXOWDGRV SRVLWLYRV DR DXPHQWDU D PLFURFLUFXODomR D VtQWHVHGHFROiJHQREHPFRPRDSUROLIHUDomRGHFpOXODVHSLWHOLDLVHILEUREODVWRVDOpPDWLYDUR VLVWHPDOLQIiWLFR3RULQWHUPpGLRGHWDOELRPRGXODomRHVVHWLSRGHWHUDSLDFRPOX]YLVtYHOp HPSUHJDGD YLVDQGR j REWHQomR GH HIHLWRV DQDOJpVLFRV DQWLLQIODPDWyULRV H UHJHQHUDWLYRV DWXDQGRHPHVSHFLDOHPWHFLGRVPROHV

0DLVUHFHQWHPHQWHWHPVLGRGHPRQVWUDGRTXHRODVHUDFHOHUDDUHJHQHUDomRGHIHULGDV WDQWR GH WHFLGRV PROHV TXDQWR GH GXURV HVWLPXODQGR ILEUREODVWRV WHFLGRV HVSHFLDOL]DGRV H HQGRWpOLRYDVFXODUHQWUHRXWURV3RUWDQWRRODVHUWHPDFDSDFLGDGHGHELRPRGXODUHDFHOHUDUR SURFHVVRGHUHSDURDWLYDQGRDSUROLIHUDomRFHOXODUHDYDVFXODUL]DomRGHWHFLGRVOHVDGRV(VWD ELRPRGXODomR SDUHFH HVWDU DVVRFLDGD DR SRWHQFLDO GR ODVHU HP DXPHQWDU D UHVSLUDomR PLWRFRQGULDOHDVtQWHVHGHDGHQRVLQDWULIRVIDWR$73

$WXDOPHQWH DV GLYHUVDV SHVTXLVDV YLVDQGR j ELRPRGXODomR GR WHFLGR yVVHR WrP XWLOL]DGR R ODVHU GH HVSHFWUR LQIUDYHUPHOKR 'H IRUPD JHUDO VXD XWLOL]DomR SURSRUFLRQD DRV SDFLHQWHV XP SyVRSHUDWyULR PDLV FRQIRUWiYHO DOpP GH SURPRYHU EHQHItFLRV QR TXH GL] UHVSHLWRjFLFDWUL]DomR

$ '2 WDPEpP HQYROYH DWLYLGDGHV PHWDEyOLFDV SRWHQFLDOPHQWH SDVVtYHLV GH ELRPRGXODomR SHOR GR XVR GH ODVHU TXH SRGHULD LJXDOPHQWH UHGX]LU R WHPSR JOREDO GH WUDWDPHQWR H SURSRUFLRQDU PDLRU FRQIRUWR DRV SDFLHQWHV 1R HQWDQWR VmR HVFDVVDV DV LQIRUPDo}HVTXHUHODFLRQDPDXWLOL]DomRGRODVHUDRSURFHVVRGH'2

(PSHVTXLVDUHDOL]DGDHPPDQGtEXODVGHRYHOKDVIRLDYDOLDGDDDomRGRODVHUGLRGR GH QP QR SURFHVVR GH DORQJDPHQWR yVVHR $R XWLOL]DU ODVHU GH $UVHQHWR GH *iOLR $OXPtQLR*D$O$VIRLREVHUYDGRDXPHQWRVLJQLILFDWLYRGDTXDQWLGDGHGHWUDEpFXODVyVVHDV QRJUXSRLUUDGLDGRDOpPGHVWHDSUHVHQWDUPDLRUUHVLVWrQFLDPHFkQLFDjWUDomR

2XWUR JUXSR GH SHVTXLVDGRUHV SURFXURX DYDOLDU VH R ODVHU DSOLFDGR GLUHWDPHQWH HP GHIHLWRVyVVHRVFULDGRVHPPDQGtEXODVGHUDWRVDFHOHUDULDRSURFHVVRGHIRUPDomRyVVHD3DUD WDQWRXVDUDPRODVHUGH*D$O$VQPP:-GLUHWDPHQWHVREUHRWHFLGRyVVHR GXUDQWHRSUHSDURGRGHIHLWRDQWHVGDUHDOL]DomRGDVXWXUD2VDQLPDLVIRUPDPRUWRVHP HGLDV2VUHVXOWDGRVKLVWROyJLFRVPRVWUDUDPIRUPDomRyVVHDHPDPERVRVJUXSRV1R HQWDQWR R JUXSR LUUDGLDGR DSUHVHQWRX UHVSRVWD WHFLGXDO PDLVDYDQoDGD HP UHODomRDR JUXSR FRQWUROH DEUHYLDQGR R WHPSR GH UHDomR LQIODPDWyULD LQLFLDO H SURPRYHQGR XPD IRUPDomR yVVHDPDLVUiSLGDHPHGLDV3RURXWURODGRQmRKRXYHGLIHUHQoDVVLJQLILFDWLYDVHQWUHRV JUXSRV DSyV GLDV 3RUWDQWR R ODVHU DSUHVHQWD HIHLWR ELRHVWLPXODWyULR QDV IDVHV LQLFLDLV PRGXODQGRDUHVSRVWDLQIODPDWyULDHDQWHFLSDQGRRSURFHVVRGHUHSDUR

6REUHRUHSDURyVVHRHPFDYLGDGHVSURGX]LGDVHPIrPXUGHUDWRVIRLXWLOL]DGRODVHU LQIUDYHUPHOKRQP-&PHP:HYHUPHOKRQP-FPHP:SDUD ELRPRGXODU D FLFDWUL]DomR 2V DQLPDLV UHFHEHUDP LUUDGLDomR FRP LQWHUYDOR GH KRUDV LQLFLDGD LPHGLDWDPHQWH DSyV D UHDOL]DomR GR GHIHLWR $PERV RV JUXSRV LUUDGLDGRV DSUHVHQWDUDP JUDXV GH IRUPDomR yVVHD H UHJHQHUDomR YHUWLFDO PDLRUHV GR TXH R JUXSR FRQWUROHRTXDOQmRIRLLUUDGLDGR(QWUHWDQWRQmRIRUDPHQFRQWUDGDVGLIHUHQoDVVLJQLILFDWLYDV FRPUHODomRDRJUDXGHFRUWLFDOL]DomR2VDXWRUHVFRQFOXtUDPTXHDODVHUWHUDSLDIRLHILFLHQWH QDSURPRomRGRUHSDURyVVHR

8PD SHVTXLVD UHFHQWH LQYHVWLJRX R HIHLWR GR ODVHU QD FLFDWUL]DomR GH IUDWXUDV SURGX]LGDVHPWtELDVGHFRHOKRV2ODVHUXWLOL]DGRIRLR*D$O$VQP-&PDSOLFDGR GLDULDPHQWHGXUDQWHPLQXWRVDSDUWLUGRTXDUWRGLDDWpRILQDOGRSyVRSHUDWyULRHPTXDWUR VHPDQDV $ IRUPDomR GR FDOR yVVHR H D GHQVLGDGH yVVHD IRUDP DYDOLDGDV SRU PHLR GH WRPRJUDILDVFRPSXWDGRUL]DGDV$OpPGLVVRUHDOL]DUDPVHWHVWHVSDUDDYDOLDUDVSURSULHGDGHV ELRPHFkQLFDV 2V UHVXOWDGRV GHPRQVWUDUDP PDLRU GHQVLGDGH yVVHD QR JUXSR LUUDGLDGR FRP ODVHU$WRPRJUDILDFRPSXWDGRUL]DGDPRVWURXDRORQJRGRFDORyVVHRXPDGHQVLGDGHGH 8QLGDGHV +RXQVILHOG +8 QR JUXSR FRQWUROH H GH +8 QR LUUDGLDGR &RP UHODomR DRV WHVWHVELRPHFkQLFRVQmRIRUDPYHULILFDGDVGLIHUHQoDVFRPUHODomRjIRUoDGHWHQVmRHQWUHR JUXSR FRP H VHP ODVHU 7DLV UHVXOWDGRV VXJHUHP TXH D XWLOL]DomR GR ODVHU SRGH IDYRUHFHU D IRUPDomR GR FDOR HP HVWiJLRV SUHFRFHV GR SURFHVVR GH FLFDWUL]DomR PDV FRP EHQHItFLRV GXYLGRVRVQDVSURSULHGDGHVELRPHFkQLFDV

&216,'(5$d®(6+,672/Ï*,&$6

2REMHWLYRGDVDYDOLDo}HVKLVWROyJLFDVpDYDOLDUDIRUPDomRyVVHDRHIHLWRGDODWrQFLD HDGXUDomRGRSHUtRGRGHIL[DomR

$IRUPDomRyVVHDQD'2OHPEUDPXLWRVDVSHFWRVGDFLFDWUL]DomRQRUPDOGHIUDWXUDV $SHVDU GH PXLWDV FLWRFLQDV IDWRUHV GH FUHVFLPHQWR KRUP{QLRV H FRPSRQHQWHV GH PDWUL] FHOXODU VHUHP FDSD]HV GH UHJXODU DVSHFWRV HVSHFtILFRV GD UHJHQHUDomR H GR UHPRGHODPHQWR yVVHR DV SURWHtQDV PRUIRJHQpWLFDV yVVHDV %03 FRQVWLWXHPVH QRV IDWRUHV RVWHRLQGXWLYRV PDLV SRWHQWHV 7DLV SURWHtQDV VmR FDSD]HV GH DFHOHUDU D UHJHQHUDomR GXUDQWH D GLVWUDomR RVWHRJrQLFD

1R SDVVDGR D iUHD GLVWUDtGD HUD FRQVLGHUDGD FRPR XPD IHULGD TXH IDYRUHFLD D LQWHUSRVLomRGHWHFLGRILEURVRPXLWDVYH]HVOHYDQGRDXPDDXVrQFLDGHXQLmRGRVVHJPHQWRV yVVHRVIUDWXUDGRV,VVRVypYHUGDGHLURQRVFDVRVGHGLVWUDo}HVJUDQGHVHUiSLGDVTXHSRGHP UHVXOWDUHPXQLmRILEURVDHQTXDQWRTXHDWLYDo}HVGHDPPSRUGLDUHVXOWDPHPIRUPDomR yVVHD

7DLVGLIHUHQoDVGHFRUUHPGRIDWRGHTXHDVFpOXODVQDUHJLmRGDGLVWUDomRSRGHPVHU GHULYDGDVGHFpOXODVRVWHRSURJHQLWRUDVGRSHULyVWHRGRFDQDOPHGXODUHGRVWHFLGRVDRUHGRU 6XD GLIHUHQFLDomR p FRQWURODGD SRU FRQGLo}HV PHFkQLFDV ORFDLV H SHOD YDVFXODUL]DomR 3RUWDQWRDGLIHUHQFLDomRGHFpOXODVRVWHRSURJHQLWRUDVpDIHWDGDSHODYHORFLGDGHGDGLVWUDomR 'HSHQGHQGRGDYHORFLGDGHILEUREODVWRVGRVWHFLGRVDRUHGRUSRGHPPLJUDUDQWHVGDVFpOXODV RVWHRJrQLFDV

REVHUYDUDP WUrV ]RQDV GLVWLQWDV XPD GH RVVR RULJLQDO RXWUD GH QHRIRUPDomR yVVHD H XPD WHUFHLUDLQWHU]RQDFHQWUDOPDLVILEURVD1mRIRLFRQVWDWDGDIRUPDomRGHFDUWLODJHP2SDGUmR GH IRUPDomR yVVHD VHJXLX XP WUDMHWR SHUSHQGLFXODU DR WUDoR GH IUDWXUD PDV SDUDOHOR DR DORQJDPHQWR$RVVLILFDomRREVHUYDGDIRLGRWLSRLQWUDPHPEUDQRVD

'DPHVPDIRUPDIRUDPDQDOLVDGDVDVFDUDFWHUtVWLFDVPLFURVFySLFDVGRHIHLWRGRODVHU GH EDL[D LQWHQVLGDGH QR SHUtRGR GH DWLYDomR H FRQVROLGDomR GH PDQGtEXODV GH RYHOKDV VXEPHWLGDV j '2 VHQGR RV DQLPDLV GLYLGLGRV HP WUrV JUXSRV 2 SULPHLUR IRL R FRQWUROH R TXDOQmRUHFHEHXLUUDGLDomRFRPODVHU2VHJXQGRUHFHEHXLUUDGLDomRQRSHUtRGRGHDWLYDomRH R WHUFHLUR QR GH FRQVROLGDomR R TXDO WRWDOL]RX GLDV (P WRGRV RV JUXSRV IRL SRVVtYHO LGHQWLILFDU R ORFDO GH RVVR PDGXUR ODPHODU SUHH[LVWHQWH FRP PDWUL] FDOFLILFDGD FDQDLV GH +DYHUV H DOJXQV RVWHyFLWRV 'LVWDQFLDQGRVH GR RVVR PDGXUR REVHUYDUDPVH WUDEpFXODV GH WHFLGRyVVHRPHQRVYROXPRVDVGLVSRVWDVQRVHQWLGRGRDORQJDPHQWR1DUHJLmRPDLVFHQWUDO KDYLDPDLRUYROXPHGHWHFLGRFRQHFWLYRILEURVREDVWDQWHYDVFXODUL]DGRHSHTXHQDV]RQDVGH FDOFLILFDomR 2V UHVXOWDGRV GHPRQVWUDUDP TXH RV JUXSRV LUUDGLDGRV FRP ODVHU *D$O$V DSUHVHQWDUDPPDLRUGLVSRVLomRGHWUDEpFXODVyVVHDVPLQHUDOL]DGDVHPUHODomRDRFRQWUROH1R JUXSR TXH UHFHEHX LUUDGLDomR QR SHUtRGR GH DWLYDomR IRL REVHUYDGD D SUHVHQoD GH WHFLGR FDUWLODJLQRVR3RUWDQWRRODVHUDWXRXGHIRUPDPDLVIDYRUiYHOTXDQGRXWLOL]DGRQRSHUtRGRGH FRQVROLGDomRDSyVRDORQJDPHQWRyVVHR

2XWURV SHVTXLVDGRUHV REVHUYDUDP RV HIHLWRV GR ODVHU GH EDL[D LQWHQVLGDGH QD '2 UHDOL]DGD HP PDQGtEXODV GH FRHOKRV $SyV XP SHUtRGR GH ODWrQFLD GH XP GLD RV DQLPDLV UHFHEHUDP DWLYDo}HV GLiULDV GH PPGLD GXUDQWH GLDV VHQGR PRUWRV GXDV TXDWUR H VHLV VHPDQDVDSyVRWpUPLQRGDDWLYDomR2VUHVXOWDGRVKLVWROyJLFRVPRVWUDUDPiUHDVGHIRUPDomR yVVHD HP WRGRV RV JUXSRV 2 JUXSR TXH UHFHEHX LUUDGLDomR FRP ODVHU DSUHVHQWRX JUDX PDLV DYDQoDGRGHQHRIRUPDomRyVVHDFRPPHQRULQWHUSRVLomRGHWHFLGRILEURYDVFXODU

)RL UHDOL]DGD XPD SHVTXLVD TXDQWLWDWLYD SDUD FRPSDUDU RV ULWPRV FRQWtQXRV H GHVFRQWtQXRV GH '2 HP FRHOKRV $SyV XP SHUtRGR GH ODWrQFLD GH WUrVGLDV RV RVVRV IRUDP GLVWUDtGRVPPGLDGXUDQWHGLDVGHWUrVPDQHLUDVGHDFRUGRFRPRJUXSR2SULPHLUR UHFHEHXDWLYDo}HV~QLFDVGLiULDVRVHJXQGRWUrVDWLYDo}HVGLiULDVHQTXDQWRRWHUFHLURUHFHEHX DWLYDomRFRQWtQXDWRGRVFRPDORQJDPHQWRGHPPGLD$SyVXPSHUtRGRGHFRQVROLGDomR GH WUrV VHPDQDV RV RVVRV UHJHQHUDGRV IRUDP DQDOLVDGRV SRU KLVWRPRUIRPHWULD 'H PDQHLUD JHUDO WRGRV RV JUXSRV PRVWUDUDP IRUPDomR GH WUDEHFXODGR yVVHR HQWUHPHDGRV SRU WHFLGR ILEURYDVFXODU 2 WUDEHFXODGR yVVHR HVWHYH DOLQKDGR HP GLUHomR DR YHWRU GD GLVWUDomR $ PDWXUDomRyVVHDQmRHVWHYHFRPSOHWDDSyVRSHUtRGRGHWUrVVHPDQDVGHPDWXUDomR$iUHD FHQWUDOGDUHJHQHUDomRPRVWURXPHQRUTXDQWLGDGHGHIRUPDomRyVVHDLQGLFDQGRTXHDPHVPD LQLFLRX QRV OLPLWHVERUGDV GR RVVR SUHH[LVWHQWH GLPLQXLQGR HP GLUHomR j iUHD FHQWUDO 8P JUDQGHQ~PHURGHRVWHREODVWRVIRLHQFRQWUDGRSHUILODGRVDRUHGRUGRRVVRQRYRHPIRUPDomR 'D PHVPD IRUPD PXLWRV RVWHyFLWRV IRUDP YLVXDOL]DGRV QR LQWHULRU GHVVH RVVR PDV LGHQWLILFDGRVSRXFRVRVWHRFODVWRV1mRRFRUUHXIRUPDomRGHFDUWLODJHP2JUXSRGHDWLYDomR FRQWtQXDDSUHVHQWRXPDLRUYROXPHGHUHJHQHUDomRyVVHDQDSDUWHFHQWUDOGDUHJHQHUDomRHP UHODomR DR PRGR GH DWLYDomR GHVFRQWtQXD $OpP GLVVR RV SHVTXLVDGRUHV REVHUYDUDP PDLRU DWLYLGDGHRVWHREOiVWLFDHPDLRUQ~PHURGHYDVRVVDQJXtQHRV0DLRUDSRVLomRPLQHUDOWDPEpP IRL YHULILFDGD QR JUXSR GH DWLYDomR FRQWtQXD 2V DXWRUHV FRQFOXtUDP TXH HVVH PRGR GH DWLYDomRDFHOHUDDIRUPDomRyVVHD

$9$/,$d­2325,0$*(0

$'2pXPDWpFQLFDIDVFLQDQWHHVWDQGRFDGDYH]PDLVSRSXODUL]DGDHUHYROXFLRQDQGR R WUDWDPHQWR GH GLYHUVDV PDOIRUPDo}HV FRQJrQLWDV RX DGTXLULGDV 1R HQWDQWR SRXFDV SHVTXLVDVFOtQLFDVRXH[SHULPHQWDLVVREUHLPDJHPWrPVLGRSXEOLFDGDVYLVDQGRTXDQWLILFDUR SURFHVVRGHUHJHQHUDomRyVVHDQRHVTXHOHWRFUDQLRIDFLDO

(QWUH RV PpWRGRV Mi XWLOL]DGRV SDUD DQiOLVH GH IHULGDV GLVWUDtGDV H[SHULPHQWDOPHQWH GHVWDFDPVHRH[DPHFOtQLFRUDGLRJUDILDVELGLPHQVLRQDLVWRPRJUDILDVFRPSXWDGRUL]DGDV _{XOWUDVVRQRJUDILDVWHVWHVELRPHFkQLFRVHKLVWRORJLD}

$V UDGLRJUDILDV ELGLPHQVLRQDLV WrP YDORU OLPLWDGR SDUD GRFXPHQWDU R LQWHUYDOR GH FLFDWUL]DomR yVVHD GHPRQVWUDQGR IRUPDomR yVVHD DSHQDV GHSRLV GH D UHJHQHUDomR HVWDU GHQVDPHQWHFDOFLILFDGD(VWDIDVHRFRUUHVRPHQWHDSyVRSHUtRGRGHIL[DomR$OpPGLVWRWDLV LPDJHQVIRUQHFHPLQIRUPDo}HVLQVXILFLHQWHVTXDQWRDRYROXPHyVVHRHSRUWDQWRWDPEpPQmR SRGHPSUHGL]HUDVSURSULHGDGHVELRPHFkQLFDV

3RU RXWUR ODGR DV WRPRJUDILDV FRPSXWDGRUL]DGDV SURSRUFLRQDP LQIRUPDo}HV PDLV GHWDOKDGDV VREUHD TXDOLGDGHH D TXDQWLGDGH GHRVVR QDV iUHDV GLVWUDtGDV(ODV VmR GHVFULWDV FRPR XP PpWRGR GH DQiOLVH TXDQWLWDWLYD GD GHQVLGDGH DSyV R DORQJDPHQWR 3RUWDQWR SHUPLWHP PHQVXUDU D GHQVLGDGH HDV YDULDo}HV GH GHQVLGDGH GRRVVRDORQJDGR JUDoDVj VXD JUDQGHDFXUiFLDPtQLPRHUURHFRUUHODomRGLUHWDFRPRVDFKDGRVKLVWROyJLFRV

'HQWUHDVYDQWDJHQVGDXWLOL]DomRGD7&REVHUYDVHTXHVmRPDLVVHQVtYHLVDRVWLSRV GHWHFLGRVTXDQGRFRPSDUDGDjVUDGLRJUDILDVFRQYHQFLRQDLVGHPDQHLUDTXHGLIHUHQoDVHQWUH WLSRV GH WHFLGRV SRGHP VHU PDLV FODUDPHQWH GHOLQHDGDV H HVWXGDGDV (P RXWUDV SDODYUDV D UDGLRJUDILD FRQYHQFLRQDO PRVWUD WHFLGRV TXH WHQKDP GLIHUHQoD GH SHOR PHQRV HP GHQVLGDGHDRSDVVRTXHD7&SRGHGHWHFWDUGLIHUHQoDVGHGHQVLGDGHHQWUHWHFLGRVGHRX DWpPHQRV

$7&pRSURFHVVRGHSURGXomRGHVHo}HVGHLPDJHQVGHXPFRUSRXVDQGRUDLRV;H FRPSXWDGRUHV2H[DPHFRQVLVWHGHXPQ~PHURGHFRUWHVGHLPDJHQVFRQWtQXDVSRUPHLRGH XPD iUHD GH LQWHUHVVH SHUPLWLQGR D YLVXDOL]DomR GLUHWD GDV HVWUXWXUDV LQWHUQDV GH WDO iUHD $OpP GLVVR p SRVVtYHO D UHDOL]DomR GH UHFRQVWUXo}HV WULGLPHQVLRQDLV GH DOWD TXDOLGDGH ,VWR IDFLOLWD D YLVXDOL]DomR UHFRQVWUXomR H HGLo}HV GH LPDJHP 'H PDQHLUD VLPLODU jV WpFQLFDV UDGLRJUiILFDV FRQYHQFLRQDLV D LQWHUSUHWDomR GDV LPDJHQV GH 7& UHTXHU XP FRQKHFLPHQWR SURIXQGRGDDQDWRPLDGDHVWUXWXUDDQDW{PLFDTXHHVWiVHQGRDQDOLVDGD

GHQVLGDGHItVLFDHVXDHVSHVVXUD(VWDVSURSULHGDGHVGHWHUPLQDUmRRPDLRURXPHQRUJUDXGH DWHQXDomRGRVUDLRV;

$ LPDJHP FDSWXUDGD SHOR WRPyJUDIR QDGD PDLV p GR TXH XPD PDWUL] IRUPDGD SRU TXDGURVGLVSRVWRVHPILODVHFROXQDVQDVTXDLVFDGDTXDGURpXPSL[HO)LJXUD'HDFRUGR FRPRJUDXGHDWHQXDomRHVVHSL[HOLUiUHFHEHUXPDFRUHVSHFtILFDGDHVFDODGHFLQ]DV$VVLP DPDWUL]FDUDFWHUL]DVHSRUXPDJUDGHIRUPDGDSRUOLQKDVHFROXQDVGHSL[HOV

)LJXUD5HSUHVHQWDomRHVTXHPiWLFDGHXPDPDWUL]IRUPDGDSRUTXDGURV RQGHFDGDTXDGURpXPSL[HO

)RQWHZZZWHFQRORJLDUDGLRORJLFDFRPGLJLWDOKWP

$SyVGLYHUVDVWUDQVPLVV}HVGHGDGRVGHUDLR;DDQDWRPLDUHFRQVWUXtGDQDIRUPDGH LPDJHPGLJLWDOpFRPSRVWDSRUXPJUDQGHQ~PHURGHEORFRVGLPLQXWRVHDORQJDGRV&DGDXP GHVVHV EORFRV UHSUHVHQWD XP YROXPH GH WHFLGR 7DLV EORFRV VmR GHQRPLQDGRV HOHPHQWR GH YROXPHFRQKHFLGRVSRUYR[HOV3RUWDQWRRVYR[HOVVmRHOHPHQWRVGHWHFLGRVWULGLPHQVLRQDLV FRPDOWXUDODUJXUDHSURIXQGLGDGH)LJXUD$SURIXQGLGDGHpGHWHUPLQDGDSHODHVSHVVXUD GR FRUWH FRQIRUPH VHOHFLRQDGR SHOR RSHUDGRU GRVFDQQHU $ HVSHVVXUD SRU VXD YH] p FRQWURODGDSHORFROLPDGRUGDIRQWHHYDULDGHDYiULRVPLOtPHWURV

)LJXUD5HSUHVHQWDomRHVTXHPiWLFDGRVHOHPHQWRVWULGLPHQVLRQDLVGHQRPLQDGRVYR[HOV RVTXDLVSRVVXHPDOWXUDODUJXUDHSURIXQGLGDGH

)RQWHKWWSFDDGDUFKHWK]FKWHDFKLQJQGVZVFRPSXWLQJFDGLPJVYR[HOJLI

&DGDYR[HO LUi UHFHEHU XP Q~PHUR SURSRUFLRQDO DR JUDX GH DWHQXDomR GH UDLR ; GDTXHODSRUomRGHWHFLGR)LJXUD1D7&WDLVGDGRVGHDEVRUomRGLIHUHQFLDOGHWHFLGRVSRU HOHPHQWRV GH YR[HO VmR FROHWDGRV H SURFHVVDGRV SHOD XQLGDGH GH SURFHVVDPHQWR GR FRPSXWDGRU 8PD YH] GHWHUPLQDGR R JUDX GH DWHQXDomR GH FDGDYR[HO R FRUWH GH WHFLGR WULGLPHQVLRQDO p SURMHWDGR QR FRPSXWDGRU FRPR XPD LPDJHP ELGLPHQVLRQDO D TXDO SRVVXL DSHQDV DOWXUD H ODUJXUD (VWD LPDJHP p FKDPDGD GH PDWUL] GH H[SRVLomR FRPSRVWD GH HOHPHQWRVGHLPDJHPFKDPDGRVGHSL[HOV3RUWDQWRFDGDYR[HOGHWHFLGRpUHSUHVHQWDGRQR PRQLWRUFRPRXPSL[HO

)LJXUD&DGDYR[HOUHFHEHXPQ~PHURGHDFRUGRFRPRJUDXGHDWHQXDomRGH5; )RQWHKWWSZZZLQIXIVFEUaDZDQJHQK,QIR0HG,PDJHJLI

2V Q~PHURV REWLGRV FRQIRUPH D DWHQXDomR GH UDLRV ; VmR FKDPDGRV GH XQLGDGHV +RXQVILHOG+81HODVRVPDWL]HVGHFLQ]DVmRUHODFLRQDGRVDRVQ~PHURVGH7&UHVXOWDQGR HPXPDLPDJHPWRPRJUiILFDHPHVFDODGHFLQ]D2VVFDQQHUVVmRFDOLEUDGRVGHIRUPDTXHD iJXDVHMDVHPSUH³´2RVVRFRUWLFDODSUHVHQWDYDORUGHDWpHQTXDQWRTXHRDU WHPYDORUGH)LJXUD(QWUHHVWHVH[WUHPRVHQFRQWUDPVHWHFLGRVHVXEVWkQFLDVTXH DSUHVHQWDPGLYHUVRVQ~PHURVGH7&GHDFRUGRFRPVXDDWHQXDomR

)LJXUD(VFDODGHFLQ]DFRPYDULDomRGHGHQVLGDGHGHDFRUGRFRPRJUDXGHDWHQXDomRGRVUDLRV;

$VVLP RVVR P~VFXOR H JRUGXUD DSDUHFHPWRGRV FRP DVSHFWR GLIHUHQWHHQWUH VL HP XPDLPDJHPGH7&GHYLGRjVXDDWHQXDomRHDRQ~PHURGH7&+8DWULEXtGRDFDGDXP 7HFLGRVGHQVRVDSDUHFHPHPEUDQFRHQTXDQWRRDUPRVWUDVHHPSUHWR*RUGXUDHP~VFXOR FXMDVGHQVLGDGHVVLWXDPVHHQWUHDVGRRVVRHDVGRDUDSDUHFHPFRPRPDWL]HVYDULDGRVGH FLQ]DFRQIRUPHVHSRGHYHUQD)LJXUD

7,32'(7(&,'2(1Ò0(52'(7&

7,32'(7(&,'2 1Ò0(526'(7& $63(&72

2VVRFRUWLFDO %UDQFR&LQ]D

0~VFXOR &LQ]DFODUR

6XEVWkQFLDEUDQFD &LQ]D

6XEVWkQFLDFLQ]HQWD &LQ]D

6DQJXH &LQ]D

OLQKDGHEDVH &LQ]DHVFXURDSUHWR

&LQ]DHVFXURDSUHWR

%UDQFRVHXVDGR

FRQWUDVWH

)LJXUD2VYiULRVWLSRVGHWHFLGRVDSDUHFHPGLIHUHQFLDGRVHQWUHVLQD7&HPGHFRUUrQFLDGRJUDXGHDWHQXDomR GRVUDLRV;HGDFRQVHTXHQWHGLIHUHQoDGH+8

)RQWH$GDSWDGRGH%2175$*(5

$U ÈJXD

3HORIDWRGHD7&RIHUHFHUWDLVSURSULHGDGHVFRPDVGLYHUVDVYDQWDJHQVDVVRFLDGDVHMi PHQFLRQDGDV HVWH WLSR GH H[DPH p DPSODPHQWH XWLOL]DGR QD 0HGLFLQD RUWRSpGLFD (P 2GRQWRORJLDDHVFDOD+RXQVILHOGpXVDGDHPHVSHFLDOQDLPSODQWRGRQWLDDILPGHH[DPLQDUD GHQVLGDGHyVVHDSDUDSRVWHULRULQVWDODomRGHLPSODQWHVGHQWiULRV

8PDSHVTXLVDIRLUHDOL]DGDFRPRREMHWLYRGHDYDOLDUSRUPHLRGH7&DUHJHQHUDomR yVVHD GXUDQWH D '2 SURGX]LGD HP PDQGtEXODV GH FmHV HP WUrV GLIHUHQWHV SHUtRGRV GH FRQVROLGDomR 3DUD WDQWR RV DXWRUHV XWLOL]DUDP DQLPDLV TXHDSyV VRIUHUHP DORQJDPHQWR yVVHRGHPPIRUDPGLYLGLGRVHPWUrVJUXSRVGHDFRUGRFRPRSHUtRGRGHFRQVROLGDomR TXDWURVHLVRXRLWRVHPDQDV1RUHIHULGRHVWXGRQmRIRLXWLOL]DGDD8QLGDGH+RXQVILHOGSDUD DYDOLDU D GHQVLGDGH yVVHD XPD YH] TXH WDLV YDORUHV REWLGRV IRUDP FRQYHUWLGRV SDUD XP HTXLYDOHQWHyVVHRPLQHUDOGH.+32VUHVXOWDGRVPRVWUDUDPGHQVLGDGHPpGLDSHTXHQDGD UHJHQHUDomRQRJUXSRGHTXDWURVHPDQDVTXDQGRFRPSDUDGRDRJUXSRGHVHLVHRLWRVHPDQDV 3RURXWURODGRRVSHVTXLVDGRUHVQmRYHULILFDUDPGLIHUHQoDVLJQLILFDWLYDHQWUHDVGHQVLGDGHV PpGLDV HQWUH RV JUXSRV GH VHLV H RLWR VHPDQDV 'H PDQHLUD JHUDO D GHQVLGDGH GR RVVR UHJHQHUDGR IRL PDLRU QD SHULIHULD GR TXH QD iUHD FHQWUDO GR RVVR DORQJDGR 7DPEpP IRL FRQVWDWDGR TXH D GHQVLGDGH yVVHD GD iUHD UHJHQHUDGD QXQFD FKHJRX DRV QtYHLV YHULILFDGRV DQWHVGRDORQJDPHQWRyVVHR&RPUHODomRDRRVVRDGMDFHQWHDUHJHQHUDomRPDVTXHQmRIRL DORQJDQGRIRUDPREVHUYDGRVQtYHLVGHGHQVLGDGHPHQRUHVGRTXHRVtQGLFHVSUpFLU~UJLFRV

(P SDFLHQWHV TXH LULDP UHFHEHU LPSODQWHV GHQWiULRV YHULILFDUDPVH DV YDULDo}HVGHGHQVLGDGHDWUDYpVGHWRPRJUDILDVFRPSXWDGRUL]DGDV)RUDPLGHQWLILFDGRVYDORUHV YDULiYHLV GH DWp +8 FRP XPD PpGLD GH “ +8 $OpP GLVWR ILFRX FRQVWDWDGD GLIHUHQoD VLJQLILFDWLYD HQWUH DV PpGLDV GH GHQVLGDGHV yVVHDV GD PDQGtEXOD “+8 H GD PD[LOD “ +8 2V SHVTXLVDGRUHV REVHUYDUDP DLQGD YDORUHV PpGLRVGH“+8QDUHJLmRDQWHULRUGHPDQGtEXOD“+8QDUHJLmRDQWHULRU GH PD[LOD “ +8 QD UHJLmR SRVWHULRU GH PDQGtEXOD H “ +8 QD UHJLmR SRVWHULRUGHPD[LOD&RQFOXtUDPTXHD7&GHPRQVWUDJUDQGHXWLOLGDGHDRDYDOLDUDGHQVLGDGH yVVHDGRRVVRSDUDSRVVtYHOLQVWDODomRGHLPSODQWHVGHQWiULRV

PDQGLEXODUDGHQVLGDGHyVVHDDOYHRODUREVHUYDGDIRLGHD+8HQTXDQWRQDUHJLmR EDVDOIRLGHD+8$GHQVLGDGHyVVHDIRLPDLRUQDPDQGtEXODGRTXHQDPD[LOD REVHUYDQGRVHDXPHQWRSURJUHVVLYRGDUHJLmRGHLQFLVLYRVSDUDDUHJLmRUHWURPRODU

2XWUD SHVTXLVD GHWHUPLQRX D YDULDomR GH GHQVLGDGH HP ORFDLV TXH LULDP UHFHEHU LPSODQWHVGHQWiULRV3DUDWDQWRRVDXWRUHVXWLOL]DUDP7&GHSDFLHQWHVH[DPLQDQGR UHJL}HV TXH LULDP UHFHEHU WDLV LPSODQWHV $ GHQVLGDGH IRL PHQVXUDGD SHOD XWLOL]DomR GD 8QLGDGH +RXQVILHOG )RUDP HQFRQWUDGRV YDORUHV TXH YDULDUDP HQWUH H +8 )RUDP HQFRQWUDGRVYDORUHVPpGLRVGH“““H“SDUDDUHJLmRDQWHULRU GH PDQGtEXOD SRVWHULRU GH PDQGtEXOD DQWHULRU GH PD[LOD H SRVWHULRU GH PD[LOD UHVSHFWLYDPHQWH2VSHVTXLVDGRUHVFRQFOXtUDPTXHD7&pXPH[DPH~WLOSDUDGHWHUPLQDUD GHQVLGDGHyVVHDGRVPD[LODUHVSUHYLDPHQWHjFRORFDomRGHLPSODQWHVGHQWiULRV

)RUDP DYHULJXDGDV DV GLIHUHQoDV GH GHQVLGDGHV yVVHDV HQWUH DV UDt]HV GHQWiULDV YLVDQGRjSRVWHULRULQVWDODomRGHPLQLLPSODQWHV$GHQVLGDGHyVVHDIRLDYDOLDGDDWUDYpVGH 7& SRU LQWHUPpGLR GD HVFDOD +RXQVILHOG +8 1D PDLRULD GDV UHJL}HV GHQVLGDGHV yVVHDV PDLRUHV TXH +8 IRUDP HQFRQWUDGDV 7DQWR QD PD[LOD TXDQWR QD PDQGtEXOD RFRUUHX DXPHQWR VLJQLILFDWLYR GH GHQVLGDGH GD FULVWD DOYHRODU HP GLUHomR DR RVVR EDVDO QD UHJLmR SRVWHULRU 1D UHJLmR DQWHULRU RV HVSHFLDOLVWDV REVHUYDUDP R FRQWUiULR 1D PDQGtEXOD D GHQVLGDGHyVVHDDXPHQWRXSURJUHVVLYDPHQWHGDUHJLmRDQWHULRUSDUDDSRVWHULRU

7(67(6,167580(17$'26'('85(=$±1$12'85(=$,+7

$VGLYHUVDVDSOLFDo}HVGD'2DOLDGDVDRVHXXVRFUHVFHQWHHP2GRQWRORJLDWRUQDP QHFHVViULR FRQKHFHU GH IRUPD SUHFLVD DV FDUDFWHUtVWLFDV H DV OLPLWDo}HV GDV SURSULHGDGHV PHFkQLFDV GR RVVR GLVWUDtGR 7DLV SURSULHGDGHV PHFkQLFDV GHWHUPLQDUmR R FRPSRUWDPHQWR yVVHRVREDDSOLFDomRGHXPDFDUJDRXIRUoD

$XPHQWDQGRDQHFHVVLGDGHGHTXDOLILFDUHTXDQWLILFDUDGXUH]DGRVPDWHULDLVGHIRUPDPDLV SUHFLVDQRYDVWpFQLFDVGHPHGLGDHVWmRKRMHVHQGRXWLOL]DGDV

$WXDOPHQWHSRUPHLRGHH[SHULPHQWRVODERUDWRULDLVpSRVVtYHODOFDQoDUHVWDSUHFLVmR TXDQGR GD VLPXODo}HV GH VLWXDo}HV D TXH RV WHFLGRV VmR VXEPHWLGRV UHSURGX]LGDV FRP R Pi[LPR GH ILGHOLGDGH SRVVtYHO D ILP GH GHWHUPLQDU VXDV SURSULHGDGHV ItVLFDV 2 JUDQGH DYDQoRQDWHFQRORJLDSHUPLWLXRGHVHQYROYLPHQWRGHHTXLSDPHQWRVGHDOWDUHVROXomRRTXH SRVVLELOLWDRFRQWUROHFRPSXWDGRUL]DGRGRVWHVWHVGHGXUH]DSHUPLWLQGRDLQGDDYDOLDURXWUDV SURSULHGDGHV PHFkQLFDV GH XP PDWHULDO $ GHPDQGD SRU PDWHULDLV TXH DSUHVHQWHP SURSULHGDGHV PHFkQLFDVFRQWUD GHVJDVWHFRUURVmR HGHIRUPDomRp FRQVWDQWH EHPFRPR SRU PDWHULDLVGHDOWDUHVLVWrQFLDHGXUDELOLGDGH2GHVHQYROYLPHQWRGHWpFQLFDVUHFHQWHVGHPLFUR H QDQRWHFQRORJLD WHP UHGLUHFLRQDGR DV SHVTXLVDV GH DYDOLDomR GDV SURSULHGDGHV PHFkQLFDV GHVWHVPDWHULDLV

$GXUH]DpXPDGDVSURSULHGDGHVPHFkQLFDVPDLVLPSRUWDQWHVGHXPPDWHULDOHVWDQGR LQHUHQWHPHQWH UHODFLRQDGD j UHVLVWrQFLD TXH R PHVPR DSUHVHQWD 6XD FDUDFWHUL]DomR p LPSRUWDQWHSRUVHUXPLQGLFDWLYRSDUDDDYDOLDomRGHPDWHULDLVTXDQWRDVHXFRPSRUWDPHQWR IUHQWHjDSOLFDomRGHXPDWHQVmR6XDLPSRUWkQFLDHVWiUHODFLRQDGDjVJUDQGHVDSOLFDo}HVGH FDUJD D TXH RV PDWHULDLV QR FDVR R RVVR GLVWUDtGR VmR VXEPHWLGRV DX[LOLDQGR QD HVFROKD GDTXHOHV TXH UHVLVWDP D FRQGLo}HV EDVWDQWH DGYHUVDV 2V WHVWHV GH QDQRGXUH]D VmR VLPSOHV UiSLGRVHQmRGHVWUXWLYRV

PyGXOR GH HODVWLFLGDGH IOXrQFLD H WHQDFLGDGH $ PDFURGXUH]D p DSOLFDGD QRV WHVWHV GH PDWHULDLVHPYROXPHSHUPLWLQGRDYDOLDUVXDGXUH]DIUHQWHDXPJUDQGHHVIRUoR2VWHVWHVGH QDQR H PLFURGXUH]D VmR HPSUHJDGRV SDUD DYDOLDomR GD GXUH]D GH VXSHUItFLHV H ILOPHV ILQRV

$SULQFLSDOIRUPDGHPHQVXUDUDGXUH]DGHXPPDWHULDOpRWHVWHGHLQGHQWDomRTXH FRQVLVWH EDVLFDPHQWH QR XVR GH XP SHQHWUDGRU ± TXH FRVWXPD VHU GH GLDPDQWH ± R TXDO p IRUoDGRFRQWUDDVXSHUItFLHGHXPDDPRVWUDHPXPDGLUHomRSHUSHQGLFXODUjPHVPD)LJXUD 2 YDORU GD GXUH]D HVWi UHODFLRQDGR FRP D PHGLGD ySWLFD GD iUHD LQGHQWDGD QD DPRVWUD VXEPHWLGD DR WHVWH 'H DFRUGR FRP R YDORU GD FDUJD DSOLFDGD R WHVWH GH LQGHQWDomR p FRQVLGHUDGR GH QDQR HRX PLFURGXUH]D $PERV RV WHVWHV XWLOL]DP YDORUHV EDL[RV GH

FDUJD

2 SHQHWUDGRU FRQVLVWH GH XPD H[WUHPLGDGH TXH SRGH VHU FRQVWLWXtGD GH GLYHUVRV PDWHULDLV DOpP GH SRVVXLU IRUPDV JHRPpWULFDV YDULDGDV $WXDOPHQWH FDUEHWRV H SRQWDV GH GLDPDQWHVWrPVLGRXWLOL]DGRVFRPIRUPDVF{QLFDVHVIpULFDVHSLUDPLGDLV8PDLQGHQWDomRpD LPSUHVVmRGHL[DGDSHORSHQHWUDGRUGRPDWHULDO

)LJXUD (P D R SHQHWUDGRU HVWi SUHSDUDGR SDUD SHQHWUDU D DPRVWUD HP E R SHQHWUDGRU HVWi GHIRUPDQGR D DPRVWUD SRU PHLR GD DSOLFDomR GH XPD FDUJD HP F D DPRVWUD HVWi LQGHQWDGD

)RQWH%ODQGR

R PyGXOR GH HODVWLFLGDGH SRGHVHU D TXDQWLGDGH GH GHIRUPDomR TXH SRGH VHU FDXVDGD D XP PDWHULDOVHPGHIRUPiORSHUPDQHQWHPHQWHLVWRpVHPFDXVDUGHIRUPDomRSOiVWLFD-XQWRFRP DVPHGLGDVGHGXUH]DRPyGXORGHHODVWLFLGDGHpHVVHQFLDOSDUDLQWHUSUHWDURFRPSRUWDPHQWR GRVPDWHULDLV

$QDQRLQGHQWDomRRXLQGHQWDomRSRUFDUJDVXOWUDEDL[DVpDWpFQLFDGHVHQYROYLGDSDUD DIHULU DV SURSULHGDGHV PHFkQLFDV GRV PDWHULDLV HP HVFDODV PXLWR SHTXHQDV 3RUWDQWR R SULQFLSDOREMHWLYRGHPHGLGDVGHQDQRLQGHQWDomRpDGHWHUPLQDomRGDGXUH]D+HGRPyGXOR GHHODVWLFLGDGH(GHILOPHVILQRVRXGHFDPDGDVVXSHUILFLDLVGHVyOLGRV(PXPDPHGLGDGH GXUH]D XPD IRUoD FDUJD 3 p DSOLFDGD D XP LQGHQWDGRU XPD SRQWD GLDPDQWH FRP XPD GHWHUPLQDGDIRUPDHPFRQWDWRFRPDVXSHUItFLHGDDPRVWUD)LJXUD

)LJXUD(PDXPSHQHWUDGRUGH9LFNHUVHPEDLQGHQWDomRFRUUHVSRQGHQWH

$VVLPDVDYDOLDo}HVGHQDQRHPLFURGXUH]DVSRGHPVHUUHDOL]DGDVSHODDSOLFDomRGH FLFORVGHFDUJDHGHVFDUJDFRPDPHGLGDVLPXOWkQHDGDFDUJDHSURIXQGLGDGHGHSHQHWUDomR TXHVHGLIHUHQFLDGRWHVWHGHLQGHQWDomRFRPXPHQWHEDVHDGRQDPHGLGDGDiUHDGHLPSUHVVmR 1R FLFOR XPD SHTXHQD LQGHQWDomR p IHLWD SHOR LQGHQWDGRU YLD XPD FDUJD VHJXLGD GH XPD GHVFDUJD8PFLFORWtSLFRGHFDUJDHGHVFDUJDHQYROYHGXDVFXUYDVXPDFXUYDGHFDUJDHXPD FXUYD GH GHVFDUJD $ FXUYD GH GHVFDUJD p HP JHUDO GHQRPLQDGD UHFXSHUDomR HOiVWLFD GR PDWHULDO2VGDGRVVmRUHJLVWUDGRVFRQWLQXDPHQWHGXUDQWHRFLFORFRQIRUPHPRVWUDD)LJXUD

)LJXUD$SOLFDomRGRVFLFORVGHFDUJDHGHVFDUJDGXUDQWHR,+7$)LJXUD DPRVWUDXPFLFORGHFDUJDHGHVFDUJDWtSLFRHQTXDQWREDSUHVHQWDXP FLFORGHFDUJDHGHVFDUJDHPXPRVVRFRUWLFDOHPHGXODUERYLQR

)RQWH:DQJHWDO

&RPRGXUDQWHDLQGHQWDomRRLQGHQWDGRUpGLULJLGRSDUDGHQWURGRPDWHULDORFRUUHP GHIRUPDo}HV HOiVWLFDV H SOiVWLFDV R TXH UHVXOWD QD IRUPDomR GH XPD LPSUHVVmR GH GXUH]D FRQIRUPH D IRUPD GR LQGHQWDGRU 1D UHPRomR GR LQGHQWDGRU GHVFDUJD VRPHQWH D SRUomR HOiVWLFDpUHVWDEHOHFLGD

$VVLP R PyGXOR GH HODVWLFLGDGH WDPEpP FRQKHFLGR FRPR PyGXOR GH <RXQJ SRGH VHUDIHULGRGXUDQWHRV,+7,VWRRFRUUHXPDYH]TXHGXUDQWHRFLFORGHGHVFDUJDDGHIRUPDomR HVWDUiGLUHWDPHQWHUHODFLRQDGDjUHFXSHUDomRHOiVWLFDGRPDWHULDO

$V JUDQGHV YDQWDJHQV GD WpFQLFD GH QDQRLQGHQWDomR RFRUUHP SRUTXH PXLWDV SURSULHGDGHVPHFkQLFDVSRGHPVHUGHWHUPLQDGDVSHODDQiOLVHGRVGDGRVGRVFLFORVGHFDUJDH GHVFDUJD LVRODGDPHQWH HYLWDQGR PDUFDo}HV GD LPSUHVVmR GR LQGHQWDGRU H PHGLQGR DV SURSULHGDGHVHPSHTXHQDHVFDODQDQRHVFDOD2XWUDYDQWDJHPpTXHDVPHGLGDVSRGHPVHU

D

UHDOL]DGDVVHPDQHFHVVLGDGHGHUHPRYHURILOPHRXDFDPDGDVXSHUILFLDOGRVXEVWUDWRRTXH IDFLOLWDRSUHSDURGDDPRVWUDHYLDELOL]DTXHDPHVPDQmRVHMDGHVWUXtGD

4XDQGR UHDOL]DGR R WHVWH GH LQGHQWDomR SDUD PHQVXUDomR GH QDQR H PLFURGXUH]D p DOWDPHQWHUHFRPHQGiYHOTXHDDPRVWUDDSUHVHQWHXPERPSROLPHQWR

2V 7HVWHV ,QVWUXPHQWDGRV GH 'XUH]D ,QVWUXPHQWHG +DUGQHVV 7HVWV ,+7 VmR RV WHVWHV GH LQGHQWDomR PDLV XWLOL]DGRV DWXDOPHQWH 2 XVR GH FRQWUROH FRPSXWDGRUL]DGR DVVRFLDGR D VHQVRUHV GH GHVORFDPHQWR WRUQD R WHVWH GLQkPLFR FDSD] GH REWHU UHVXOWDGRV LQVWDQWkQHRV GD GXUH]D GR PDWHULDO $ GLIHUHQoD HQWUH R WHVWH ,+7 H RV FRQYHQFLRQDLV GH SHQHWUDomR HVWi HVVHQFLDOPHQWH UHODFLRQDGD DR PRGR GH DSOLFDomR GD IRUoD H D IRUPD GH FDOFXODUDGXUH]DGRPDWHULDODQDOLVDGR(PXP,+7DPHGLGDGHGXUH]DRFRUUHPHGLDQWHD DSOLFDomRGHXPFLFORGHFDUJDGHVFDUJD

2V PDLRUHV FRPSRQHQWHV GR WHFLGR yVVHR VmR R FROiJHQR GR WLSR , H RV FULVWDLV GH KLGUR[LDSDWLWD$SDUWHPLQHUDOFRPSRVWDSHODKLGUR[LDSDWLWDRIHUHFHULJLGH]HFDSDFLGDGHGH VXSRUWDU FDUJDV $ PDWUL] RUJkQLFD FRPSRVWD GH FROiJHQR WLSR , SURSRUFLRQD WDQWR D UHVLVWrQFLD TXDQWR D IOH[LELOLGDGH GR RVVR DOpP GH GHWHUPLQDU VXD RUJDQL]DomR HVWUXWXUDO 3RUWDQWR DV SURSULHGDGHV PHFkQLFDV GR RVVR VmR GHSHQGHQWHV GDV SURSULHGDGHV GHVWHV FRQVWLWXLQWHV GHVGH VXD FRPSRVLomR DWp VXD RUJDQL]DomR HVWUXWXUDO $V SURSULHGDGHV PHFkQLFDV GR RVVR VmR GHWHUPLQDGDV SHOD FRPSRVLomR H SHOD RUJDQL]DomR TXDQWR j QDQRHVWUXWXUD ODPHODV PLFURHVWUXWXUD yVWHRQHVSDoR WUDEHFXODU H PDFURHVWUXWXUD FRPSDFWRHHVSRQMRVR(P'2DVSHVTXLVDVVREUHSURSULHGDGHVELRPHFkQLFDVFRQFHQWUDP VHHPkPELWRPDFURHPLFURHVWUXWXUDOHQTXDQWRTXHSRXFDVSHVTXLVDVQDQRHVWUXWXUDLVIRUDP UHDOL]DGDV

8PHVWXGRFRPSDURXRPyGXORGHHODVWLFLGDGHHQWUHRVVRVWUDEHFXODUHVHFRUWLFDLVGH GRDGRUHVGHRVVRVIHPXUDLVKXPDQRV3HODWpFQLFDGDQDQRLQGHQWDomRRVDXWRUHVHQFRQWUDUDP YDORUHVPpGLRVUHODWLYRVDRPyGXORGHHODVWLFLGDGHGH“*3DSDUDRRVVRWUDEHFXODU H GH “ *3D SDUD R FRUWLFDO 2V HVSHFLDOLVWDV FRQFOXtUDP QmR KDYHU GLIHUHQoDV HVWDWtVWLFDVTXDQWRDRPyGXORGHHODVWLFLGDGHGRRVVRFRUWLFDOHPHGXODU

8PD SHVTXLVD TXDQWLILFRX DV SURSULHGDGHV HOiVWLFDV GR RVVR QR QtYHO ODPHODU GH GLiILVHVHPHWiILVHVGHIrPXU$WpFQLFDGHQDQRLQGHQWDomRFRPXPVLVWHPDGHLUULJDomRIRL HPSUHJDGDSDUDPHGLUDIRUoDHRGHVORFDPHQWRGHXPDSRQWDGHGLDPDQWHSUHVVLRQGDQP QRWHFLGRyVVHR2PyGXORGHHODVWLFLGDGHIRLGH“*3DQRWHFLGRWUDEHFXODUGDPHWiILVH IHPXUDOGHXPDSDFLHQWHGRJrQHURIHPLQLQRHDQRVGHLGDGHDWp“*3DQRWHFLGR FRUWLFDO GDGLiILVH GHXPD SDFLHQWH GR JrQHUR IHPLQLQR GH DQRV GH LGDGH$V PpGLDV GH

GXUH]DYDULDUDPHQWUHH*3DH03D

2PyGXORGHHODVWLFLGDGHHDGXUH]DGRRVVRODPHODUXWLOL]DQGRDQDQRLQGHQWDomRIRL TXDQWLILFDGRHPHVWXGR2VVRVFRUWLFDLVDPHGXODUHVIRUDPREWLGRVGDGLiILVHHGDPHWiILVHGR IrPXU GR UiGLR GLVWDO H GD TXLQWD YpUWHEUD ORPEDU GH LQGLYtGXRV GR JrQHUR PDVFXOLQR HQWUHHDQRVGHLGDGH$VDPRVWUDVIRUDPWHVWDGDVFRPXPDSURIXQGLGDGHPi[LPDGH QP2RVVRGDGLiILVHDSUHVHQWRXPDLRUPyGXORGHHODVWLFLGDGHHDPDLRUGXUH]DGRTXHD PHWiILVH 2 RVVR WUDEHFXODU DSUHVHQWRX UHVXOWDGRV YDULiYHLV DR ORQJR GH VXD ORFDOL]DomR $ PHWiILVH IHPXUDO PRVWURXPDLRU PyGXOR GH HODVWLFLGDGHH GXUH]DGRTXHRUiGLR GLVWDO TXH SRUVXDYH]DSUHVHQWRXSURSULHGDGHVPHFkQLFDVVXSHULRUHVjTXLQWDYpUWHEUDORPEDU2RVVR FRPSDFWR DSUHVHQWRX PyGXOR GH HODVWLFLGDGH H GXUH]D FRP YDORUHV VXSHULRUHV DR RVVR WUDEHFXODUTXDQGRFRPSDUDGRVGHQWURGHXPDPHVPDORFDOL]DomR

UHVXOWDGRV VXJHUHP TXH DV VXWXUDV IDFLDLV H VXDV iUHDV DGMDFHQWHV DSUHVHQWDP FDSDFLGDGHV GLVWLQWDVGHGHIRUPDomRPHFkQLFD

'D PHVPD IRUPD IRUDP DYDOLDGDV DV SURSULHGDGHV ItVLFDV GDV VXWXUDV FUDQLDLV SyV QDWDLV DV TXDLV DSUHVHQWDP LPSRUWkQFLD SRU IDYRUHFHUHP R FUHVFLPHQWR H SHUPLWLUHP D DUWLFXODomRHQWUHRVRVVRVGRFUkQLR$SHVDUGDVSURSULHGDGHVPHFkQLFDVVHUHPGHLPSRUWkQFLD YLWDO DV PHVPDV VmR REMHWR GH SRXFR HVWXGR 2 REMHWLYR GD SHVTXLVD IRL FDUDFWHUL]DU DV SURSULHGDGHV QDQRHVWUXWXUDLV H QDQRPHFkQLFDV GD VXWXUD VDJLWDO Q H GD VXWXUD PHWySLFD Q GH SDFLHQWHV FRPPpGLD GHPHVHV GH LGDGH $ VXWXUD VDJLWDODSUHVHQWRX PyGXOR GH HODVWLFLGDGH GH “ 03D VLJQLILFDWLYDPHQWH PDLRU GR TXH D VXWXUD PHWySLFD D TXDO DSUHVHQWRXPyGXORGHHODVWLFLGDGHGH“03D32VGDGRVVXJHULUDPTXHDV YiULDVVXWXUDVFUDQLDQDVSRGHPDSUHVHQWDUGLIHUHQWHVFDUDFWHUtVWLFDVHVWUXWXUDLVHPHFkQLFDV

(PYpUWHEUDVHWtELDVERYLQDVIRUDPPHQVXUDUDGDVDGXUH]DHRPyGXORGHHODVWLFLGDGH GHDFRUGRFRPDWpFQLFDGDQDQRLQGHQWDomR2VSHVTXLVDGRUHVUHDOL]DUDPPHGLGDVWDQWRHP RVVRPHGXODUTXDQWRHPRVVRFRUWLFDOQRVHQWLGRORQJLWXGLQDOHQRWUDQVYHUVR&RPUHODomR DRRVVRFRUWLFDOQRVHQWLGRORQJLWXGLQDOIRUDPIHLWDVDVPHGLGDVQRVyVWHRQVFRPYDORUHVGH PyGXORGHHODVWLFLGDGHPpGLRGH“*3DHGXUH]DPpGLDGH“*3DHQDV ODPHODV LQWHUVLWLFLDLV FRP YDORUHV GH “ *3D SDUD R PyGXOR GH HODVWLFLGDGH H GH “ *3DSDUDD GXUH]D$LQGD VREUHRRVVR FRUWLFDO PDV QR VHQWLGR WUDQVYHUVR RV YDORUHVHQFRQWUDGRVGHPyGXORGHHODVWLFLGDGHPpGLRVIRUDPGH“*3DHGHGXUH]D GH“*3D(PVHWUDWDQGRGHRVVRPHGXODUREVHUYDUDPRVDXWRUHVYDORUHVPpGLRV GHPyGXORGHHODVWLFLGDGHQRVHQWLGRORQJLWXGLQDOGH“HQRVHQWLGRWUDQVYHUVDOGH“ *3D&RPUHODomRDHVVHPHVPRRVVRFRPUHODomRjGXUH]DYHULILFDUDPYDORUHVPpGLRV

GH“*3DHGH“*3DUHVSHFWLYDPHQWH

7DPEpPHPFDORyVVHRGHIrPXUGHUDWRVVXEPHWLGRVDIUDWXUDVIRUDPGHWHUPLQDGDVDV SURSULHGDGHVItVLFDVSHODQDQRLQGHQWDomR2PyGXORGHLQGHQWDomRYDULRXEDVWDQWHDRORQJR GRFDORyVVHRGH03DD03D(VVDJUDQGHYDULDomRRFRUUHXGHYLGRjSUHVHQoDGH GLYHUVRV WHFLGRV QD UHJLmR GD FLFDWUL]DomR 2 WHFLGR GH JUDQXODomR DSUHVHQWRX YDORUHV GH 03DD03DPpGLDGH03DRWHFLGRFDUWLODJLQRVRGH03DD03D

PpGLDGH03DHRRVVRGH03DD03DPpGLDGH03D

GH LPSODQWHV GHQWiULRV 3DUD HVWD SHVTXLVD XVDUDP PDQGtEXODV H PD[LODV HGrQWXODV GH FDGiYHUHV KXPDQRV IUHVFRV )RL PHGLGD D GXUH]D H R PyGXOR GH HODVWLFLGDGHV GH WDLV RVVRV SHODQDQRLQGHQWDomR4XDQWRDRVYDORUHVGHGXUH]DRVSHVTXLVDGRUHVREWLYHUDPXPDPpGLD GH *3D SDUD D PD[LOD H *3D SDUD D PDQGtEXOD &RP UHODomR DR PyGXOR GH HODVWLFLGDGHRVDXWRUHVREVHUYDUDPYDORUHVGH*3DSDUDDPD[LODHGH*3DSDUDD PDQGtEXOD

)RL UHDOL]DGD SHVTXLVD HP UDWRV VXEPHWLGRV j GLPLQXLomR GD JUDYLGDGH D ILP GH YHULILFDUFRPRDPHVPDDIHWDDVSURSULHGDGHVELRPHFkQLFDVGRRVVR3DUDWDQWRXWLOL]DUDP DQLPDLV GLYLGLGRV HP JUXSR H[SHULPHQWDO FRP VXEPLVVmR GRV HVSpFLPHV j GLPLQXLomR GH JUDYLGDGH H JUXSR FRQWUROH VHP GLPLQXLomR GD JUDYLGDGH $SyV GLDV SXGHUDP VHU YHULILFDGRVRVYDORUHVGHGXUH]DHPyGXORGHHODVWLFLGDGHGRIrPXUHQWUHRXWUDVSURSULHGDGHV &RPUHODomRjGXUH]DHQFRQWUDUDPYDORUHVGH“*3DSDUDRJUXSRH[SHULPHQWDOH GH“*3DSDUDRFRQWUROH4XDQWRVDRPyGXORGHHODVWLFLGDGHRVYDORUHVIRUDPGH “*3DSDUDRJUXSRH[SHULPHQWDOH“*3DSDUDRFRQWUROH

0(72'2/2*,$

(VWD SHVTXLVD IRL UHDOL]DGD MXQWR DR 3URJUDPD GH 3yV*UDGXDomR HP 2GRQWRORJLD GD 3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LR*UDQGHGR6XO38&56HP3RUWR$OHJUHQD/LQKD GH 3HVTXLVD 'LDJQyVWLFR H 7HUDSrXWLFDV $SOLFDGDV DSURYDGD SHOR &RPLWr GH eWLFD HP 3HVTXLVDGDPHVPDLQVWLWXLomR$1(;2$HSHOD&RPLVVmRGHeWLFDHP([SHULPHQWDomRGD 8QLYHUVLGDGH)HGHUDOGH3HORWDVGH3HORWDV56$1(;2%

352%/(0$

$///7QPDOWHUDDTXDQWLGDGHHDTXDOLGDGHGHRVVRQHRIRUPDGRQRVtWLRyVVHR SURGX]LGRSHOD'2"

$02675$(',9,6­2'(*58326

3DUD UHDOL]DU HVWHH[SHULPHQWRIRUDP VHOHFLRQDGRV FRHOKRVGD RUGHP/DJRPRUSKD JrQHUR2U\FWRODJRVHVSpFLH2U\FWRODJRVFXQLFXOXVUDoD1RYD=HOkQGLDYDULHGDGHEUDQFDH PDFKRV FRP LGDGH DGXOWD UHFRQKHFLGD H SHVR FRPSUHHQGLGR HQWUH H .J OLYUHV GH PDOIRUPDo}HVFRQJrQLWDVHIHULGDV

'H] GRV DQLPDLV VHOHFLRQDGRV IRUDP DGPLWLGRV QR ELRWpULR GD )XQGDomR (VWDGXDO GH 3URGXomRH3HVTXLVDHP6D~GH)(336HQTXDQWRRVRXWURVFLQFRDGPLWLGRVQR+RVSLWDOGH 0HGLFLQD 9HWHULQiULD GD 8QLYHUVLGDGH )HGHUDO GH 3HORWDV D SDUWLU GDV PHVPDV PDWUL]HV GD )(336

2VDQLPDLVIRUDPSHVDGRVLGHQWLILFDGRVHDORMDGRVHPJDLRODVLQGLYLGXDLVVXVSHQVDV )LJXUDDOLPHQWDGRVFRPGLHWDVyOLGDHDiJXDIRUQHFLGDDGOLELWXP$VLQVWDODo}HVHUDP FOLPDWL]DGDV PDQWHQGRRV VRE FRQGLo}HV QRUPDLV GH LOXPLQDomR XPLGDGH H WHPSHUDWXUD

7RGDV DV JDLRODV IRUDP GHYLGDPHQWH LGHQWLILFDGDV GXUDQWH WRGR R SHUtRGR GR H[SHULPHQWR FRQIRUPHRJUXSRDTXHSHUWHQFLDPRVDQLPDLV

$RILQDOGHXPDVHPDQDGHREVHUYDomRSHUtRGRWLGRFRPRQHFHVViULRSDUDDDGDSWDomR GRV DQLPDLV jV QRYDV FRQGLo}HV DPELHQWDLV RV PHVPRV IRUDP UHDYDOLDGRV FOLQLFDPHQWH SURFHGHQGRVHHQWmRjVFLUXUJLDV

)LJXUD&RHOKRVDORMDGRVHPJDLRODVLQGLYLGXDLVQRELRWpULRGD)(336

2V HVSpFLPHV GHVWH HVWXGR IRUDPGLYLGLGRVHPGRLV JUXSRV GH DFRUGRFRP D DQiOLVH KLVWROyJLFDRXWRPRJUiILFDItVLFDDTXHIRUDPVXEPHWLGRV

2 JUXSR VXEPHWLGR j DQiOLVH KLVWROyJLFD IRL FRPSRVWR SRU FRHOKRV WRGRV VXEPHWLGRVDRSURFHVVRGH'2'HVVHVVHLVIRUDPLUUDGLDGRVFRPODVHUHQTXDQWRRVRXWURV TXDWURVHUYLUDPFRPRFRQWUROH4XDGUR

*UXSR $QiOLVH '2 /DVHU 1

$ +( 6LP 6LP

% +( 6LP 1mR

4XDGUR'LYLVmRGRVJUXSRVVXEPHWLGRVjDQiOLVHKLVWROyJLFD

*UXSR $QiOLVH )UDWXUD 'LVWUDomR 2VWHRJrQLFD

/DVHU 1

$ 7&,+7 1mR 1mR 1mR

% 7&,+7 6LP 1mR 1mR

& 7&,+7 6LP 1mR 6LP

' 7&,+7 6LP 6LP 1mR

( 7&,+7 6LP 6LP 6LP

4XDGUR$PRVWUDVXQLGDGHVH[SHULPHQWDLVVXEPHWLGDVDDQiOLVHWRPRJUiILFDHItVLFD

(7$3$67e&1,&$6'$3(648,6$

(ODERUDomRGRGLVWUDWRURVWHRJrQLFR

3HORIDWRGHVHUXWLOL]DGRRPRGHORDQLPDOFRHOKRLPS{VVHDQHFHVVLGDGHGHHODERUDU XPDSDUHOKRGLVWUDWRURVWHRJrQLFRVHJXLQGRRVSUHFHLWRVGHELRpWLFDUHODFLRQDGDDSHVTXLVDV HPDQLPDLV$SHVDUGDH[LVWrQFLDGHH[SHULPHQWRVQHVWHPHVPRDQLPDOLQFOXVLYHQRPHVPR VtWLRGHDORQJDPHQWRyVVHRRSWRXVHSHODFRQIHFomRSUySULDSHODGLILFXOGDGHGHDFHVVRDWDLV GLVSRVLWLYRVPDVVREUHWXGRYLVDQGRVHREWHUXPDTXDOLGDGHTXHSXGHVVHVXSULURVREMHWLYRV GDSHVTXLVD

$SDUWLUGDREWHQomRGHXPDPDQGtEXODGHFRHOKRGLVVHFDGDUHDOL]RXVHXPSURWyWLSR GHDSDUHOKRGLVWUDWRUEDVHDGRQDTXHOHXWLOL]DGRSRU<D]DZDHWDORTXDOXWLOL]DYD RLWR SDUDIXVRV GH IL[DomR 2 DSDUHOKR LQLFLDOPHQWH FRQIHFFLRQDGR FRP TXDWUR SDUDIXVRV GH IL[DomRDSUHVHQWRXDOJXQVSUREOHPDVSULQFLSDOPHQWHUHODFLRQDGRVDRGLVSRVLWLYRGHIL[DomR R TXDO ILFRX PXLWR DOWR &RQVHTXHQWHPHQWH DSHQDV XPD SHTXHQD SDUWH GR SDUDIXVR SHUPDQHFLDGHQWURGRRVVRFRQIHULQGRXPDIDOWDGHHVWDELOLGDGHTXHSRGHULDFRPSURPHWHURV UHVXOWDGRV R TXH OHYRX D HTXLSH GH SHVTXLVD D DSHUIHLoRiOR H QRYDPHQWH WHVWiOR 3DUD R H[SHULPHQWR GHILQLWLYR IRUDP FRQIHFFLRQDGRV GLVWUDWRUHV RVWHRJrQLFRV FRP R DSRLR GD 35200Š_{,QG~VWULDGH0DWHULDLV&LU~UJLFRV/WGD}

2VDSDUHOKRVGLVWUDWRUHVIRUDPLQVWDODGRVHPWRGRVRVHVSpFLPHVTXHVRIUHUDPIUDWXUD 1RV TXH QmR VRIUHUDP DORQJDPHQWR yVVHR R REMHWLYR GD LQVWDODomR IRL SURSRUFLRQDU XPD HVWDELOL]DomRDRSDVVRTXHQRVDQLPDLVGLVWUDtGRVWHYHDIXQomRGHSURPRYHURDORQJDPHQWR TXDQGR GD VXD DWLYDomR EHP FRPR D SRVWHULRU HVWDELOL]DomR D ILP GH SURPRYHU R UHSDUR WHFLGXDO

6HTXrQFLDFLU~UJLFD

2V SURFHGLPHQWRV FLU~UJLFRV IRUDP UHDOL]DGRV QRV ODERUDWyULRV GH H[SHULPHQWDomR VHQGR HVWHV DPELHQWHV VHSDUDGRV $VVLP VHQGR RV DQLPDLV QmR ILFDUDP H[SRVWRV RX VRE WHQVmRGHUXtGRVRGRUHVHDWpPHVPRDYLVmRGRVSURFHGLPHQWRVTXHIRUDPUHDOL]DGRV

7RGDV DV HWDSDV GRV SURFHGLPHQWRV DQHVWpVLFRV IRUDP H[HFXWDGDV SRU PpGLFDV YHWHULQiULDV_{TXHDFRPSDQKDUDPRSUpRWUDQVHRSyVRSHUDWyULRVGRVDQLPDLV}

$DQHVWHVLDIRLREWLGDSRUXPDDVVRFLDomRGHGURJDV6ROXomR&ORULGUDWRGH;LOD]LQDD $QDFHGDQŠ _{H &ORULGUDWR GH =ROD]HSDP FRP &ORULGUDWR GH 7LOHWDPLQD =ROHWLO}Š ₂ SULPHLUR FDUDFWHUL]DVH FRPR PLRUUHOD[DQWH H DQDOJpVLFR R VHJXQGR XP DJHQWH DQHVWpVLFR GLVVRFLDWLYRFDSD]GHDWXDUVREUHRFyUWH[FHUHEUDOVHOHWLYDPHQWHFDXVDQGRDQDOJHVLDHSHUGD GD FRQVFLrQFLD $ DomR FRPSOHPHQWDU GHVWDV GXDV GURJDV DVVRFLDGDV SURSRUFLRQD XPD DQHVWHVLDHIHWLYDSDUDSURFHGLPHQWRVFLU~UJLFRVGHHVWtPXORVPRGHUDGRV

1DVDODGHSUpDQHVWHVLDSRUPHLRGHLQMHo}HVLQWUDPXVFXODUHVRVDQLPDLVUHFHEHUDP &ORULGUDWR GH ;LOD]LQD QD GRVH GH PJNJ GH SHVR H &ORULGUDWR GH =ROD]HSDP FRP &ORULGUDWRGH7LOHWDPLQDQDGRVHGHPJNJGHSHVRPLQLVWUDGRVQHVWDVHTXrQFLDFRPXP WHPSR PpGLR GH LQGXomR DQHVWpVLFD GH PLQXWRV H HYHQWXDOPHQWH GRVHV FRPSOHPHQWDUHV LQWUDPXVFXODUHVGHPDQXWHQomRFRUUHVSRQGHQGRDXPWHUoRGDGRVHLQLFLDO

$SyVDSHUGDGDFRQVFLrQFLDSHORVDQLPDLVDUHJLmRVXEPDQGLEXODUjGLUHLWDGHFDGD HVSpFLPH IRL WULFRWRPL]DGD FRP PiTXLQD HOpWULFD )LJXUD 2V HVSpFLPHV IRUDP HQWmR

OHYDGRVjVDODFLU~UJLFDSRVLFLRQDGRVHPGHF~ELWRODWHUDOGLUHLWRIL[DGRVjPHVDFLU~UJLFDSRU DPDUULOKRV$VHJXLUUHDOL]RXVHDQWLVHSVLDGDSHOHFRP&ORUH[LGLQD&DPSRVFLU~UJLFRV HVWpUHLVLVRODUDPDiUHDRSHUDWyULD

)LJXUD$QLPDOFRPWULFRWRPLDHDQWLVHSVLDUHDOL]DGDV

1D UHJLmR D VHU LQFLVDGD UHDOL]RXVH LQILOWUDomR ORFDO GH /LGRFDtQD D FRP (SLQHIULQDQRHVSDoRVXEFXWkQHRQDGRVHGHPOSRUDQLPDO$DGPLQLVWUDomR GH(QURIOR[DFLQD)ORWULOŠSRUYLDLQWUDPXVFXODUFRQVLVWLXQDDQWLELRWLFRSURILOD[LD

)LJXUD([SRVLomRGRFRUSRPDQGLEXODUGLUHLWR

$SyVDH[SRVLomRGDUHJLmRGHFRUSRPDQGLEXODUDUHJLmRGRIRUDPHPHQWRQLDQRIRL LGHQWLILFDGD VHQGR R QHUYR H RV YDVRV VDQJXtQHRV TXH SRU HOH HPHUJHP FXLGDGRVDPHQWH GLVVHFDGRV8PDFRUWLFRWRPLDYHVWLEXODUIRLUHDOL]DGDHQWUHRSULPHLURSUpPRODUHRIRUDPH PHQWRQLDQR XWLOL]DQGRVH EURFD GH DoR SDUD PLFURPRWRU FRP SRQWD WURQFRF{QLFD PP GH GLkPHWUR HP EDL[D URWDomR H VRE LUULJDomR FRQVWDQWH FRP VROXomR VDOLQD GH VRUR ILVLROyJLFRDHQYROYHQGRWRGDDIDFHYHVWLEXODUPDQGLEXODU'XUDQWHHVWHSURFHGLPHQWR RV WHFLGRV FXWkQHR H PXVFXODU IRUDP WUDFLRQDGRV SHORV UHSDURV $ FRUWLFDO OLQJXDO H VHX SHULyVWHRDGMDFHQWHIRUDPSUHVHUYDGRV)LJXUD

)LJXUD&RUWLFRWRPLDYHVWLEXODU

2GLVWUDWRURVWHRJrQLFRIRLLQVWDODGRDWUDYpVGDSHUIXUDomRGHGRLVRULItFLRVHPFDGD ODGR GD RVWHRWRPLD YHVWLEXODU H DEDL[R GR IRUDPH PHQWRQLDQRH GDV UDt]HV GHQWiULDV VHQGR IL[DGRFRPSDUDIXVRVELFRUWLFDLVGH[PP2GLVWUDWRURVWHRJrQLFRIRLDGDSWDGRHDWLYDGR HPGXDVYROWDVRXDWpTXHVHREWLYHVVHXPDIUDQFDUHVLVWrQFLDjDWLYDomRTXDQGRDIUDWXUDGD FRUWLFDOOLQJXDOSRGHVHUILQDOL]DGDFRPPRYLPHQWRVGHDODYDQFDFRPFLQ]pLV)LJXUD

)LJXUD'LVWUDWRURVWHRJrQLFRLQVWDODGR

$SyV LUULJDomR DEXQGDQWH SDUD D OLPSH]D GR OHLWR RSHUDWyULR D IHULGD FLU~UJLFD IRL IHFKDGD SRU SODQRV SURIXQGR H VXSHUILFLDO FRP ILR PRQRILODPHQWDU GH QiLORQ Qž HP SRQWRVLVRODGRV)LJXUD

)LJXUD6XWXUDFRPILRGHQ\ORQPRQRILODPHQWDU

3HUtRGRSyVRSHUDWyULR

1RSHUtRGRSyVRSHUDWyULRRVHVSpFLPHVSHUPDQHFHUDPQD)(336RXQR%LRWpULRGD 8)3HO QDV JDLRODV VXVSHQVDV LQGLYLGXDLV VRE FXLGDGRV GRV SHVTXLVDGRUHV H RULHQWDomR GD HTXLSHGHPpGLFDVYHWHULQiULDV

2V HVSpFLPHV UHFHEHUDP GXUDQWH RV WUrV SULPHLURV GLDV GRVHV GH JRWDV GH DQDOJpVLFR ,EXSURIHQR PJPO EHP FRPR GRVHV DQWLELyWLFDV (QURIOR[DFLQD PJGLD GXUDQWHWRGRRSHUtRGRH[SHULPHQWDOFRORFDGDVQRUHFLSLHQWHGHiJXDHPTXHEHELDP

$GLHWDFRQVLVWLXQDPHVPDUDomRDQWHULRUPHQWHPHQFLRQDGDXPLGLILFDGDFRPiJXDH WULWXUDGDFRPDX[tOLRGHXPDFROKHUDILPGHVHREWHUXPDFRQVLVWrQFLDSDVWRVD

)RUDPIHLWRVFRQWUROHVGLiULRVGHDOLPHQWDomRHFRQGLo}HVGHVD~GHGRVDQLPDLVVRE RULHQWDomRGDVPpGLFDVYHWHULQiULDVUHVSRQViYHLV

'LVWUDomRRVWHRJrQLFDGLDV

D3HUtRGRGHODWrQFLDWUrVGLDV

1RVWUrVSULPHLURVGLDVSyVRSHUDWyULRVRGLVWUDWRURVWHRJrQLFRQmRIRLDWLYDGRDSHQDV LQVSHFLRQDGRHKLJLHQL]DGRFRPFORUH[LGLQD

E3HUtRGRGHDWLYDomRVHWHGLDV

$ SDUWLU GR WHUFHLUR GLD SyVRSHUDWyULR WLYHUDP LQtFLR DV DWLYDo}HV GR DSDUHOKR GLVWUDWRUFRPRULWPRGHPPGHH[WHQVmRSRUGLDDWpTXHVHFRPSOHWDVVHPVHWHGLDVGH DWLYDomRDSUR[LPDGDPHQWHPPGHH[WHQVmR

F3HUtRGRGHFRQVROLGDomRGLDV

,UUDGLDomRFRPRODVHUQP 3DUDDLUUDGLDomRSHORODVHUQPIRLXWLOL]DGDXPDXQLGDGHGHODVHU7KHUD/DVHUŠ GHYLGDPHQWHFDOLEUDGDVHJXQGRRWHVWHHVSHFWURUDGLRPpWULFR$1(;2& 3DUDRFiOFXORGDGRVLPHWULDDSOLFRXVHDIyUPXODSDGUmR FP $ V W : 3 '(₌ × RQGH'(pDGHQVLGDGHGHHQHUJLDDVHUFDOFXODGDRXGRVLPHWULD3pDSRWrQFLDWpR WHPSRGHDSOLFDomRH$UHSUHVHQWDDiUHDXWLOL]DGD 1RVDQLPDLVTXHUHFHEHUDPLUUDGLDomRODVHUIRLHPSUHJDGDDVHJXLQWHGRVLPHWULDGRVH SRQWXDO GH -FP GH ODVHU FRP SRWrQFLD GH P: PRGR GH HPLVVmR FRQWtQXD GLUHWDPHQWH VREUH R VtWLR yVVHR VXEPHWLGR j '2 QR SHUtRGR GH FRQVROLGDomR yVVHD UHVSHLWDQGRVHLQWHUYDORVGHKRUDVWRWDOL]DQGR-FPSRUDQLPDO

0RUWHGRVDQLPDLV

4XDQGR DWLQJLUDP R SHUtRGR GH FRQVROLGDomR yVVHD RV HVSpFLPHV IRUDP PRUWRV HP FkPDUD GH GLy[LGR GH FDUERQR VHJXLQGR SUHFHLWRV pWLFRV GR &ROpJLR %UDVLOHLUR GH ([SHULPHQWDomR$QLPDO&2%($

$SyVDPRUWHDVPDQGtEXODVIRUDPGLVVHFDGDVLVRODGDVHVHSDUDGDVQDUHJLmRGRFRUSR FRP EURFDV D ILP GH TXH RV EORFRV yVVHRV IRVVHP VXILFLHQWHV SDUD TXH DV DYDOLDo}HV ODERUDWRULDLVSXGHVVHPVHUUHDOL]DGDV

_{'0&HTXLSDPHQWRV6mR&DUORV6mR3DXOR%UDVLO}

35(3$5$d­2'$6$02675$6(&2/(7$'('$'26

$QiOLVHKLVWROyJLFD

2V HVSpFLPHV SDUD D DQiOLVH KLVWROyJLFD IRUDP DUPD]HQDGRV HP IRUPDOLQD WDPSRQDGDHSRVWHULRUPHQWHSUHSDUDGRVQR/DERUDWyULRGH3DWRORJLD%XFDOGD)DFXOGDGH GH2GRQWRORJLDGD38&56

1HVVH/DERUDWyULRDVSHoDVUHFHEHUDPXPDQXPHUDomRQR/LYURGH5HJLVWURVHPR FRQKHFLPHQWRGRVSHVTXLVDGRUHVVREUHDTXHJUXSRSHUWHQFLDPFDUDFWHUL]DQGRVHHVWHHVWXGR FRPRFHJR

$V S HoDV IRUDP HQWmR GHVFDOFLILFDGDV FRP iFLGR FtWULFR D VXEPHWLGDV D SURFHGLPHQWR GH URWLQD SDUD LQFOXVmR HP SDUDILQD H FRORUDomR SRU +( REWHQGRVH DSyV FRUWHVGH—PGHHVSHVVXUDQRVHQWLGRODWHURPHGLDO)RUDPVHOHFLRQDGRVWUrVFRUWHVGHFDGD SHoD)LJXUD

)LJXUD&RUWHVUHDOL]DGRVSDUDDDQiOLVHPLFURVFySLFD$FRUWHODWHUDO%FRUWHPpGLR&FRUWH PHGLDO

ÈUHDVGRFRUWHFRPGREUDGXUDVRXVHSDUDo}HVGRWHFLGRIRUDPH[FOXtGDVRTXHOHYRXj YDULDomRQRQ~PHURGH8(VREWLGDVHPFDGDOkPLQD

$V LPDJHQV GDV 8(V IRUDP RUJDQL]DGDV HP DUTXLYRV FRP D PHVPD QXPHUDomR GR /LYURGH5HJLVWURGR/DERUDWyULRPDQWHQGRVHSRUWDQWRRFHJDPHQWRGRVH[DPLQDGRUHV

3DUD KLVWRPRUIRPHWULD GDViUHDV QHRIRUPDGDVHP SL[HOVTXDGUDGRV IRLHPSUHJDGR R VRIWZDUHOLYUH,PDJH7RROŠIRU:LQGRZV7KH8QLYHUVLW\RI7H[DV+HDOWK6FLHQFH&HQWHU LQ6DQ$QWRQLR(VWDGRV8QLGRV$SDUWLUGDPHQVXUDomRGDiUHDQHRIRUPDGD$1HGDiUHD WRWDO GD 8( $7 IRUDP FDOFXODGDV DV SRUFHQWDJHQV GD QHRIRUPDomR yVVHD $1$7

)LJXUD

)LJXUD([HPSORGHPHQVXUDomRGRRVVRQHRIRUPDGR

$QiOLVHVWRPRJUiILFDHItVLFD

$V DQiOLVHV WRPRJUiILFDV IRUDP UHDOL]DGDV QR &HQWUR GH 'LDJQyVWLFR SRU ,PDJHP &',GD)DFXOGDGHGH0HGLFLQDGD38&56ORFDOL]DGRQR+RVSLWDO6mR/XFDVGD38&56 HP3RUWR$OHJUH56

/01 GD )DFXOGDGH GH )tVLFD GD 38&56 ORFDOL]DGR QR &HQWUR GH 3HVTXLVD H 'HVHQYROYLPHQWRHP)tVLFDQR3DUTXH7HFQROyJLFRGD38&567(&1238&

2SUHSDURGDVDPRVWUDVIRLIHLWRHPTXDWURHWDSDV

D DV FLQFR KHPLPDQGtEXODV GLUHLWDV GRV FRHOKRV IRUDP GLVVHFDGDV UHPRYLGDV H

DUPD]HQDGDVHPJOXWDUDOGHtGRD

E DiUHDGHLQWHUHVVH)LJXUDIRLVHSDUDGDGDKHPLPDQGtEXODSRULQWHUPpGLR

GHVHFFLRQDPHQWRFRPGLVFRGHFDUERUXQGXPDFRSODGRHPPDQGULOSDUDSHoD GHPmRHPEDL[DURWDomRLQLFLDQGRQDUHJLmRDOYHRODUDWpDEDVHGDPDQGtEXOD

)LJXUDÈUHDVXEPHWLGDDOL[DPHQWRHSROLPHQWR

F HP VHJXLGD DV PHVPDV IRUDP HPEXWLGDV HP UHVLQD DFUtOLFD FRP D SRUomR

DQWHULRU GD PDQGtEXOD YLUDGD SDUD FLPD GHL[DQGR VXDV ERUGDV OHYHPHQWH SUHHQFKLGDVFRPXPH[FHVVRGHPDWHULDO

G DVXSHUItFLHDQWHULRUGDPDQGtEXODILFRXH[SRVWDVHQGROL[DGDHSROLGDFRPR

)LJXUD$PRVWUDLQFOXtGDHPUHVLQDDFUtOLFDDSyVOL[DPHQWRHSROLPHQWR

2REMHWLYRGHVWHSUHSDURIRLDREWHQomRGHXPDVXSHUItFLHSROLGDQRVtWLRGD'2HQDV VXDVDGMDFrQFLDVDILPGHSHUPLWLURWHVWHGHLQGHQWDomRGHDFRUGRFRPDQRUPD,62 UHODFLRQDGDDRVWHVWHVLQVWUXPHQWDGRVGHLQGHQWDomRSDUDGXUH]DHSDUkPHWURVGHPDWHULDLV

$SyV OL[DGDV H SROLGDV DV XQLGDGHV H[SHULPHQWDLV HVWLYHUDP SURQWDV SDUD VHUHP WRPRJUDIDGDVHVRIUHUHPRVWHVWHVLQVWUXPHQWDGRVGHGXUH]D

3DUD D DTXLVLomR GDV WRPRJUDILDV DV KHPLPDQGtEXODV LQFOXtGDV HP UHVLQD DFUtOLFD OL[DGDVHSROLGDVIRUDPUHXQLGDVHPXPDSHoD~QLFDLGHQWLILFDGDVHDDTXLVLomRGDLPDJHP GHWRGRVHOHVIRLIHLWDHPXPD~QLFDWRPDGDWRPRJUiILFD

2 HTXLSDPHQWR XWLOL]DGR IRL R 6LHPHQV 6RPDWRQ 3OXV $V DPRVWUDV IRUDP SRVLFLRQDGDVVREUHDPHVDGHH[DPHVHREWLGRVFRUWHVD[LDLV$VLPDJHQVIRUDPDUPD]HQDGDV HP IRUPDWR'LJLWDO ,PDJLQJ DQG &RPPXQLFDWLRQV LQ 0HGLFLQH ',&20 QR VHUYLGRU GH LPDJHQV GR UHIHULGR +RVSLWDO 2VRIWZDUH XWLOL]DGR SDUD UHFRQVWUXomR GDV LPDJHQV IRL R 2VLUL; ,PDJLQJ 6RIWZDUH 2SHQ 6RXUFH70 _{FDSD] GH UHDOL]DU SURFHVVDPHQWR} WULGLPHQVLRQDO2EWLYHUDPVHDLQGDUHQGHUL]Do}HVWULGLPHQVLRQDLVDSDUWLUGRVFRUWHVD[LDLV $OpPGLVVRRVRIWZDUHSHUPLWLXHVWDEHOHFHUOLPLDUHVGHDWHQXDomRSURGX]LQGRLPDJHQVFRP EDVHHPGHWHUPLQDGRVQ~PHURVGH7&XQLGDGHV+RXQVILHOG

$ILPGHUHDOL]DUDDQiOLVHGDVLPDJHQVHREWHUDGHQVLGDGHIRLXWLOL]DGRRVRIWZDUH ,PDJH -IUHHZDUHGHVHQYROYLGR SHOR 1DWLRQDO ,QVWLWXWHV RI +HDOWK )RLVHOHFLRQDGR R FRUWH PDLVDQWHULRUHQDPHVPDUHJLmRDSUR[LPDGDRQGHLULDVHUUHDOL]DGRR,+7IRLWUDoDGDXPD OLQKDFRPRLQWXLWRGHVHREWHUDV8QLGDGHV+RXQVILHOG+8DRORQJRGRWUDMHWR

(VVHVQ~PHURVREWLGRVHPIRUPDGHWDEHODIRUDPH[SRUWDGRVSDUDRSURJUDPD2ULJLQ 0LFURFDO 6RIWZDUH70 D ILP GH VH REWHU RV JUiILFRV GDV YDULDo}HV GH GHQVLGDGH GDV XQLGDGHVH[SHULPHQWDLVHP+8

2VWHVWHVLQWUXPHQWDGRVGHGXUH]D,+7IRUDPUHDOL]DGRVQDVGHSHQGrQFLDVGR*(36, /01VRERULHQWDomRGHItVLFRVH[SHULHQWHVVREDVQRUPDV,62

3DUD WDO IRL XWLOL]DGR R HTXLSDPHQWR )LVFKHUFRSH +9 R TXDO FRQVLVWH GH WUrV XQLGDGHVGLVWLQWDVDGHFRQWUROHHDYDOLDomRDGHSRVLFLRQDPHQWRHDGHSURFHVVDPHQWR(VWH VLVWHPD SRVVLELOLWD D UHDOL]DomR GH WHVWHV GLQkPLFRV GH LQGHQWDomR H WHVWHV FRP DSOLFDomR GLUHWDGHFDUJDIRUQHFHQGRPHGLGDVGHGXUH]DHGHPyGXORGHHODVWLFLGDGH)LJXUD

)LJXUD(TXLSDPHQWRXWLOL]DGRSDUDRVWHVWHVGHQDQRLQGHQWDomR

3DUD D UHDOL]DomR GRV WHVWHV LQVWUXPHQWDGRV GH GXUH]D PDUFRXVH D UHJLmR yVVHD DORQJDGD)LJXUDTXHIRLDQDOLVDGDSRUPHLRGRVWHVWHVItVLFRV

)LJXUD0DQGtEXODGHFRHOKRLQFOXtGDHPUHVLQD$SyVOL[DGDHSROLGDIRL PDUFDGDDUHJLmRGHLQWHUHVVHSDUDRVWHVWHVItVLFRV

$UHJLmRGHLQWHUHVVHIRLGLYLGLGDRXWUDVUHJL}HVQRVHQWLGRkQWHURSRVWHULRUFRP GLVWkQFLDGHPLFU{PHWURVHQWUHHODV)LJXUD

3DUDDYDOLDomRGDQDQRGXUH]DHGRPyGXORGHHODVWLFLGDGHUHDOL]DUDPVHPHGLGDV HPFDGDXPDGHVVDVUHJL}HVFRPXPDGLVWkQFLDGHSHORPHQRVPLFU{PHWURVHQWUHFDGD SRQWRPHGLGRHYLWDQGRVHDVVLPTXDOTXHULQIOXrQFLDHQWUHDVPHGLGDV&DGDLQGHQWDomRIRL UHDOL]DGD XWLOL]DQGRVH XP ~QLFR FLFOR GH FDUJD H GHVFDUJD GH DWp 1LOWRQ H GH DWp 1LOWRQFRPXPSHQHWUDGRUGRWLSR9LFNHUV

—P —P

$VVLP REWHYHVH XPD UHVSRVWD GR FRPSRUWDPHQWR GH GXUH]D H GH PyGXOR GH HODVWLFLGDGHGHFDGDDPRVWUD2VGDGRVIRUDPHQWmRH[SRUWDGRVSDUDRVRIWZDUH2ULJLQ 0LFURFDO 6RIWZDUH70 _{YLVDQGR j REWHQomR GH JUiILFRV PRVWUDQGR D YDULDomR DR ORQJR GD} DPRVWUD

$1È/,6((67$7Ë67,&$

1D DYDOLDomR KLVWROyJLFD IRL XWLOL]DGR RVRIWZDUH %LRVWDW S DUD D REWHQomR GR &RHILFLHQWH GH 5HODomR ,QWUDFODVVH &&, D ILP GH DYDOLDUVH D UHSOLFDELOLGDGH GDV PHGLGDV REVHUYDGDVSRUGRLVH[DPLQDGRUHVTXHUHFHEHUDPWUHLQDPHQWRGHSDWRORJLVWDH[SHULHQWH

$H[LVWrQFLDGHQRUPDOLGDGHGDVPHGLGDVKLVWRPRUIRPpWULFDVTXDQWRjYDULiYHORVVR QHRIRUPDGR IRL DYDOLDGD SHOR WHVWH .ROPRJRURY6PLUQRY 2 WHVWH W IRL XWLOL]DGR SDUD FRPSDUDU R SHUFHQWXDO GH QHRIRUPDomR yVVHD HQWUH RV JUXSRV 3DUD WDO ILP HPSUHJRXVH R VRIWZDUH6366Š

3DUD DV DQiOLVHV WRPRJUiILFDV H ItVLFDV XWLOL]RXVH D DQiOLVH HVWDWtVWLFD GHVFULWLYD DSUHVHQWDGDQDIRUPDGHJUiILFRV

_{3URI'U0DQRHO6DQW¶$QD)LOKR}

5(68/7$'26

2VUHVXOWDGRVVHUmRDSUHVHQWDGRVFRQIRUPHDRUGHPGHSUHSDURHH[SHULPHQWDomRGD DPRVWUDEHPFRPRGHREWHQomRGRVUHVXOWDGRVGDVDQiOLVHVUHDOL]DGDV

$1È/,6(+,672/Ï*,&$

$QiOLVHGHVFULWLYD

$QWHV GD DQiOLVH FRPSDUDWLYD UHODFLRQDGD j SRUFHQWDJHP GH IRUPDomR yVVHD QR VtWLR DORQJDGR DV OkPLQDV FRUDGDV SRU +( IRUDP HVWXGDGDV D ILP GH VH UHDOL]DU XPD DQiOLVH GHVFULWLYDGRVSURFHVVRVELROyJLFRVTXHHVWDYDPRFRUUHQGR

7DQWR QR JUXSR TXH QmR VRIUHX LUUDGLDomR FRP ODVHU TXDQWR QR TXH IRL LUUDGLDGR REVHUYRXVHIRUPDomRyVVHDQRVtWLRGHDORQJDPHQWR

1D iUHD GD '2 YHULILFRXVH R GHIHLWR SURYRFDGR SHOD LQVWDODomR GR SDUDIXVR UHVSRQViYHOSHODIL[DomRGRDSDUHOKRGLVWUDWRUDTXDOVHFDUDFWHUL]RXSRUXPHVSDoRUHGRQGRH YD]LR FRP DXVrQFLD GH WHFLGR FRQMXQWLYR RX WHFLGR yVVHR $OJXPDV OkPLQDV DSUHVHQWDUDP VLQDLV GH FRiJXOR HRX KHPRUUDJLD IDWR HVSHUDGR HP GHFRUUrQFLD GR WUDXPD FLU~UJLFR SDUD SHUIXUDomRHLQVWDODomRGRVSDUDIXVRV)LJXUD

$RUHGRUGDUHJLmRFRUUHVSRQGHQWHDRVRULItFLRVIRLREVHUYDGRRVVRPDGXURUHVXOWDGR SUHYLVtYHO YLVWR TXH D IL[DomR RFRUUHX QR RVVR SUHH[LVWHQWH 7DO RVVR DSUHVHQWRX XPD FDUDFWHUtVWLFD PDLV FRPSDFWD H RUJDQL]DGD FRP UHODomR j iUHD PDLV FHQWUDO GR DORQJDPHQWR yVVHRFRPPHQRUVLQDOGHDWLYLGDGHRVWHREOiVWLFDHLQIHULRUTXDQWLGDGHGHWHFLGRFRQMXQWLYR HQWUHDVWUDEpFXODVyVVHDV)LJXUD

HQWUH VL PDV SHUSHQGLFXODUHV DR WUDoR GH IUDWXUD FDUDFWHUL]DQGR R SURFHVVR ILVLROyJLFR GH UHSDURFRPYLVWDDSUHHQFKHURGHIHLWR)LJXUD

)LJXUD0LFURVFRSLDySWLFD+([$ILJXUDDDSUHVHQWDXPPRVDLFRGDUHJLmRGLVWUDtGDQD ILJXUDEHFSRGHPVHULGHQWLILFDGRV$GHIHLWRSURYRFDGRSHODLQVWDODomRGRSDUDIXVR% FRiJXOR&KHPRUUDJLD'RVVRPDGXUR(WHFLGRFRQMXQWLYR)QHRIRUPDomRyVVHD*YDVR VDQJXtQHR+RVWHyFLWRVQRYRV-RVWHREODVWRVSHUILODGRVHPDWLYLGDGH

D

E

$R VHU YHULILFDGR R SURFHVVR GH IRUPDomR yVVHD DWLYD QD iUHD DORQJDGD SDVVRXVH j HWDSDGHDYDOLDomRGDSRUFHQWDJHPGHIRUPDomRyVVHDQRVJUXSRVHVWXGDGRV

$QiOLVHGDSRUFHQWDJHPGHIRUPDomRyVVHD

3DUDVHUUHDOL]DGDHVWDDQiOLVHSURFHGHXVHjFDOLEUDomRGRVGRLVH[DPLQDGRUHVDSyV UHDOL]DUHPWUHLQDPHQWRFRPSDWRORJLVWDH[SHULHQWHDTXDOREWHYH&RHILFLHQWHGH&RUUHODomR ,QWUDFODVVH &&, GH 6HJXQGR )OHLVV R &&, REVHUYDGR LQGLFD ³5HSOLFDELOLGDGH([FHOHQWH´

$V PHQVXUDo}HV GD 8( IRUDP VXEPHWLGDV DR WHVWH GH .ROPRJRURY6PLUQRY S DUD YHULILFDomR GD QRUPDOLGDGH GDV PHGLGDV KLVWRPRUIRPpWULFDV TXDQWR j YDULiYHO RVVR QHRIRUPDGR7DEHODHPTXHVHYHULILFRXDQRUPDOLGDGHQDGLVWULEXLomRS$VVLP QDVDQiOLVHVVXEVHTXHQWHVIRUDPHPSUHJDGRVWHVWHVSDUDPpWULFRV

7DEHOD'LVWULEXLomRGRQ~PHURGHXQLGDGHVH[SHULPHQWDLVREWLGDVSRUDQLPDO

*UXSRV $QLPDO 8(V

&RQWUROH

([SHULPHQWDO

$VPpGLDVGHRVVRQHRIRUPDGRIRUDPREWLGDVDSDUWLUGDVPHQVXUDo}HVGDVXQLGDGHV H[SHULPHQWDLVGHFDGDOkPLQD

(VWDV PHQVXUDo}HV IRUDP VXEPHWLGDV DR WHVWH SDUDPpWULFR ³W´ SDUD DPRVWUDV LQGHSHQGHQWHV VHQGR REVHUYDGD PDLRU SRUFHQWDJHP GH QHRIRUPDomR yVVHD QR JUXSR H[SHULPHQWDO HP UHODomR DR JUXSR FRQWUROH S 7DLV UHVXOWDGRV LQGLFDUDPDDomRSRVLWLYDGR///7QRJUXSRH[SHULPHQWDOILJXUD

)LJXUD0LFURVFRSLDySWLFD+(±[D)LJXUDDDSUHVHQWDXPD8(GHFRHOKR LUUDGLDGR FRP ///7 JUXSR H[SHULPHQWDO HQTXDQWR TXH D E PRVWUD XPD 8( GH FRHOKR QmRLUUDGLDGR FRP ///7 JUXSR FRQWUROH $V VHWDV UHSUHVHQWDP DV GLYHUVDV ³LOKDV´GHQHRIRUPDomRyVVHD

D

$1È/,6(7202*5È),&$

(VWD DQiOLVH IRL IHLWD SRU DYDOLDomR GD GHQVLGDGH GD iUHD DORQJDGD XWLOL]DQGRVH D HVFDODGHGHQVLGDGH+RXQVILHOG

$V LPDJHQV PRVWUDP D WRPRJUDILD GR FRHOKR $ R TXDO VHUYLX GH FRQWUROH XPD YH] TXH QmR VRIUHX IUDWXUD QHP DORQJDPHQWR yVVHR H WDPSRXFR IRL LUUDGLDGR FRP ODVHU 1HVWH FDVRQmRKiOLQKDGHIUDWXUDHRWHFLGRyVVHRDSUHVHQWDVHFRPDVSHFWRQRUPDOVHPRIXURGH SDUDIXVRVRXOLQKDVGHIUDWXUD)LJXUD

)LJXUD&RHOKRDQmRIUDWXUDGRQmRGLVWUDtGRQHPLUUDGLDGRFRPODVHU1D)LJXUDDDPDQGtEXOD GHVWHHVSpFLPHLQFOXtGDHPUHVLQDHPED7&FRUUHVSRQGHQWH

$SHVDUGHRRVVRQRUPDOGRFRHOKRFRUWLFDOPDGXUDQmRDSUHVHQWDUGHQVLGDGHJUDQGH REVHUYRXVHSRXFDYDULDomRGDPHVPDDTXDOILFRXSUy[LPDGH+8*UiILFR

*UiILFR9DULDomRGHGHQVLGDGH+8GRFRHOKR$QmRIUDWXUDGRQmRGLVWUDtGRQHPLUUDGLDGRFRPODVHU

4XDQWRDRFRHOKRERTXDOVRIUHXIUDWXUDPDVQmRIRLDORQJDGRQHPLUUDGLDGRFRP ODVHUREVHUYRXVHXPDiUHDPDLVFHQWUDOFRUUHVSRQGHQWHjIUDWXUDFRPXPDGHQVLGDGHPHQRU HPUHODomRjVGHPDLViUHDVyVVHDV)LJXUDV

)LJXUD &RHOKR E IUDWXUDGR QmRGLVWUDtGR QHP LUUDGLDGR FRP ODVHU 1D ILJXUD D D PDQGtEXOD GHVWH HVSpFLPHLQFOXtGDHPUHVLQDHPED7&FRUUHVSRQGHQWH

$YDOLDQGRVHDGHQVLGDGHSHODHVFDOD+RXVILHOGYHULILFRXVHXPDGHQVLGDGHPHQRUGR TXH R RVVR TXH QmR VRIUHX IUDWXUD QHP DORQJDPHQWR yVVHR $ YDULDomRGD GHQVLGDGH IRL GH DSUR[LPDGDPHQWHDWp+8FRQIRUPH*UiILFR

*UiILFR9DULDomRGHGHQVLGDGH+8GRFRHOKR%IUDWXUDGRQmRGLVWUDtGRQHPLUUDGLDGRFRPODVHU

$ WRPRJUDILD GR FRHOKR & TXH VRIUHX IUDWXUD PDV QmR IRL DORQJDGR HPERUD WHQKD UHFHELGR LUUDGLDomRFRP ODVHU DSUHVHQWRX XPD LPDJHP VHPHOKDQWH DRDQLPDODQWHULRUFRP XPD iUHD FHQWUDO GH PHQRU GHQVLGDGH GR TXH DV GHPDLV FRUUHVSRQGHQWH j UHJLmR GD IUDWXUD )LJXUD

)LJXUD &RHOKR & IUDWXUDGR QmRGLVWUDtGR H LUUDGLDGR FRP ODVHU 1D ILJXUD D D PDQGtEXOD GHVWH HVSpFLPHLQFOXtGDHPUHVLQDHPED7&FRUUHVSRQGHQWH

2 *UiILFR VREUH YDULDomR GD GHQVLGDGH VHJXQGR D HVFDOD +RXQVILHOG PRVWURX YDULDomRGHGHQVLGDGHGHDWp+87DLVYDORUHVIRUDPPDLRUHVGRTXHRFRHOKR%R TXDOIRLIUDWXUDGRPDVQmRLUUDGLDGRFRPODVHU

*UiILFR9DULDomRGHGHQVLGDGH+8GRFRHOKR&IUDWXUDGRQmRGLVWUDtGRHLUUDGLDGRFRPODVHU

2 FRHOKR ' TXH VRIUHX IUDWXUD H GLVWUDomR RVWHRJrQLFD PDV QmR UHFHEHX LUUDGLDomR FRP ODVHU DSUHVHQWRX XPD iUHD PDLV DPSOD GH PHQRU GHQVLGDGH FRUUHVSRQGHQWH DR DORQJDPHQWRyVVHR)LJXUD

)LJXUD &RHOKR ' IUDWXUDGR GLVWUDtGR PDV QmRLUUDGLDGR FRP ODVHU 1D )LJXUD D D PDQGtEXOD GHVWH HVSpFLPHLQFOXtGDHPUHVLQDHPED7&FRUUHVSRQGHQWH

4XDQWR j YDULDomR GH GHQVLGDGH SHOD HVFDOD +RXQVILHOG REVHUYRXVH YDULDomR GH GHQVLGDGHHQWUHDSUR[LPDGDPHQWHH+8*UiILFR

*UiILFR9DULDomRGHGHQVLGDGH+8GRFRHOKR'IUDWXUDGRGLVWUDtGRPDVQmRLUUDGLDGRFRPODVHU

6HPHOKDQWHjDPRVWUDDQWHULRURFRHOKR(TXHVRIUHXIUDWXUDGLVWUDomRRVWHRJrQLFDH LUUDGLDomR FRP ODVHU DSUHVHQWRX XPD iUHD FHQWUDO GH PHQRU GHQVLGDGH FRUUHVSRQGHQWH DR DORQJDPHQWRyVVHR)LJXUD

)LJXUD &RHOKR ( IUDWXUDGR GLVWUDtGR H LUUDGLDGR FRP ODVHU 1D ILJXUD D D PDQGtEXOD GHVWH HVSpFLPH LQFOXtGDHPUHVLQDHPED7&FRUUHVSRQGHQWH

$DQiOLVHGDGHQVLGDGHSHODHVFDOD+RXQVILHOGPRVWURXYDULDomRGHDSUR[LPDGDPHQWH D+8FRPYDORUHVVHPHOKDQWHVDRFRHOKRTXHWDPEpPVRIUHXGLVWUDomRRVWHRJrQLFD HPERUDQmRWHQKDVLGRIRLLUUDGLDGRFRPODVHU*UiILFR

*UiILFR9DULDomRGHGHQVLGDGH+8GRFRHOKR(IUDWXUDGRGLVWUDtGRHLUUDGLDGRFRPODVHU

24XDGURUHVXPHRVYDORUHVGHGHQVLGDGHHQFRQWUDGRVQDDPRVWUD

&2(/+26 )UDWXUD 'LVWUDomR2VWHRJrQLFD /DVHU 9DORUHVGH'HQVLGDGH

$ 1mR 1mR 1mR

% 6LP 1mR 1mR

& 6LP 1mR 6LP

' 6LP 6LP 1mR

( 6LP 6LP 6LP

4XDGUR5HVXPRGDVYDULDo}HVGHGHQVLGDGH+8HQFRQWUDGDVQDDPRVWUD

$1È/,6()Ë6,&$

3DUD HVWD DQiOLVH IRUDP XWLOL]DGRV RV PHVPRV HVSpFLPHV GD DQiOLVH WRPRJUiILFD DSUHVHQWDGDDQWHULRUPHQWH

2V UHVXOWDGRV IRUDP LOXVWUDGRV SRU PHLR GH JUiILFRV TXH DSUHVHQWDP DV PHGLGDV GH GXUH]DHP0HJDSDVFDO03DHGHPyGXORGHHODVWLFLGDGHHP*LJDSDVFDO*3D

$R VH DYDOLDU D GXUH]D GR FRHOKR $ TXH QmR VRIUHX GLVWUDomR RVWHRJrQLFD QHP LUUDGLDomRFRPODVHUIRLREVHUYDGDYDULDomRDRORQJRGDUHJLmRDYDOLDGDGHD03D HQTXDQWRTXHRPyGXORGHHODVWLFLGDGHYDULRXGHD*3D*UiILFR

*UiILFR3URSULHGDGHVItVLFDVGRFRHOKR$ QmRIUDWXUDGRQmRGLVWUDtGR QHPLUUDGLDGRFRP ODVHU(PDDYDULDomRGHQDQRGXUH]DHPEDYDULDomRGRPyGXORGHHODVWLFLGDGH

D