Estudo de polimorfismo do cromossomo x na população da região sudeste do Brasil

81,9(56,'$'((67$'8$/3$8/,67$-8/,2'(0(648,7$),/+2 )DFXOGDGHGH&LrQFLDV)DUPDFrXWLFDV

-2<&($3$5(&,'$0$57,16/23(6)(55$=

(678'2'(32/,025),6026'2&520266202;1$

3238/$d­2'$5(*,­268'(67('2%5$6,/

$5$5$48$5$63

81,9(56,'$'((67$'8$/3$8/,67$-8/,2'(0(648,7$),/+2 )DFXOGDGHGH&LrQFLDV)DUPDFrXWLFDV

-2<&($3$5(&,'$0$57,16/23(6)(55$=

(678'2'(32/,025),6026'2&520266202;1$

3238/$d­2'$5(*,­268'(67('2%5$6,/

7HVHDSUHVHQWDGDj)DFXOGDGHGH&LrQFLDV)DUPDFrXWLFDV 8QLYHUVLGDGH(VWDGXDO3DXOLVWD-~OLRGH0HVTXLWD)LOKR FRPR SDUWH GRV UHTXLVLWRV SDUD REWHQomR GR 7tWXOR GH 'RXWRU HP %LRFLrQFLDV H %LRWHFQRORJLD $SOLFDGDV j )DUPiFLDÈUHDGHFRQFHQWUDomR%LRORJLD0ROHFXODU

2ULHQWDGRUD3URID'UD5HJLQD0DULD%DUUHWWR&LFDUHOOL &RRULHQWDGRU3URI'UÈQJHO&DUUDFHGR$OYDUH]

$5$5$48$5$63

$RV

0HXVSDLV*LOEHUWR0DUWLQVH=XOPLUD)XUODQ)UDJD0DUWLQVSHORVHQVLQDPHQWRVTXHPH WRUQDUDPXPDSHVVRDGLIHUHQFLDGDSHODGHGLFDomRDRPHXFUHVFLPHQWRSHVVRDOH

SURILVVLRQDOSHODIDPtOLDPDUDYLOKRVDH~QLFDTXHVRPRV

0HXV,UPmRV-DTXHOLQH0DUWLQV*LOEHUWR0DUWLQV)LOKRH-XOLDQD/DUD0DUWLQVSHORVODoRV GHDPRUHFDULQKRLQWHQVRTXHQRVXQHSHODVSDODYUDVYHUGDGHLUDVHRDSRLR

LQFRQGLFLRQDO

$RPHXPDULGR-RVp5REHUWR/RSHV)HUUD])LOKRSRUHVWDUHPPLQKDYLGDKiDQRVWRUQDQGRD PXLWRPDLVSUD]HURVDHWUDQTLODSRUDFRPSDQKDUPHXFUHVFLPHQWRHPHDSRLDUHPPLQKDV

HVFROKDVSRUVHUXPPDULGRHSDLH[HPSODU7HDPRDPRU

$RPHXILOKR-RmR3HGUR0DUWLQV/RSHV)HUUD]TXHHPWmRSRXFRWHPSRWURX[HJUDQGHV PXGDQoDVHPPLQKDYLGDID]HQGRPHUHIOHWLUVREUHGLYHUVRVDVSHFWRVTXHPHWRUQDPXPD

SHVVRDPHOKRU9RFrp~QLFRDPRU

$RPHXSULPHLURDILOKDGR0LJXHO0DUWLQV3ULXOLFXMRDSHOLGRp³$OHJULD´HMiPRVWUDR TXDQWRHVWiVHQGRJRVWRVRSRGHUYLYHQFLDUVHXFUHVFLPHQWRQHVVHVFLQFRPHVHV

¬ 3URIHVVRUD 5HJLQD 0DULD %DUUHWWR &LFDUHOOL SHOD RULHQWDomR FRQILDQoD H GLVSRVLomR HP WUDEDOKDUFRPSHVTXLVD3RUWHUFRQWULEXtGRHIHWLYDPHQWHQRPHXFUHVFLPHQWRDFDGrPLFR SURILVVLRQDO

$RSHVTXLVDGRUÈQJHO&DUUDFHGR$OYDUH]SHODFRRULHQWDomRUHFHSWLYLGDGHHGLVSRVLomRHP DMXGDUVHPSUH

¬V SHVTXLVDGRUDV /HRQRU *XVPmR H 3DXOD 6iQFKHV'L] SRU DFHLWDUHP FRQWULEXLU QHVVH SURMHWR SHOR HVFODUHFLPHQWR GH GLYHUVDV G~YLGDV j UHVSHLWR GR WHPD HVWXGDGR SHODV YDOLRVDVLQIRUPDo}HVIRUQHFLGDV

¬%iUEDUD.DZDPXUDDOXQDGHLQLFLDomRFLHQWtILFDTXHFRRULHQWRHTXHWHPVHGHGLFDGRH GHPRQVWUDGRJUDQGHLQWHUHVVHHPFRQWLQXDUFRPHVVDOLQKDGHSHVTXLVD

¬ 5DTXHO GH )UHLWDV )LJXHLUHGR H -HDQH &ULVWLQD &RVWD SHOD JUDQGH DPL]DGH H SHOR DSRLR WpFQLFRQRGHVHQYROYLPHQWRGHVVHSURMHWR9RFrVIRUDPIXQGDPHQWDLV

¬*UHLFLDQHSHODVHUHQLGDGHHFRPSDQKHLULVPRHPYiULRVPRPHQWRVSHODWURFDGHLGpLDVH SHORDX[tOLRQDFROHWDGDVDPRVWUDVXWLOL]DGDVQHVWHWUDEDOKR

$RJUXSRGDSDWHUQLGDGHSHODDPL]DGHHSHODDMXGDTXHPHSUHVWDPPXLWDVYH]HVjGLVWkQFLD $R SURIHVVRU 2WiYLR + 7KLHPDQQ GR ,QVWLWXWR GH )tVLFD GH 6mR &DUORV63 SRU SHUPLWLU D XWLOL]DomR GR DQDOLVDGRU JHQpWLFR HP VHX ODERUDWyULR H HP HVSHFLDO j 6XVDQD SHOR VXSRUWHWpFQLFRHFRQILDQoD

¬VFRPSDQKHLUDVGHUHS~EOLFD$QJpOLFD$QD6{QLDH0DUFHODSHODDPL]DGHSHORVPRPHQWRV GHDOHJULDHLQFHUWH]DVTXHMXQWDVYLYHQFLDPRVHSRUPHDSRLDUHPQDEXVFDGHVWHVRQKR ¬VDPLJDV&ODXGLDH6XHOLGRODERUDWyULRGH3DUDVLWRORJLDSHORVPRPHQWRVGHVFRQWUDtGRVH

PXLWRDJUDGiYHLVHVSHFLDOPHQWHQDKRUDGRDOPRoR

¬ &$3(6 &RRUGHQDomR GH $SHUIHLoRDPHQWR GH 3HVVRDO GH 1tYHO 6XSHULRU SHOD EROVD GH HVWXGRFRQFHGLGDGXUDQWHRGRXWRUDGR

$R 3$'&±81(63 3URJUDPD GH $SRLR DR 'HVHQYROYLPHQWR &LHQWtILFR GD 81(63 SHOR DX[tOLRILQDQFHLURSDUDDUHDOL]DomRGHVWHWUDEDOKR

¬)$3(63)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXORSHORDX[tOLRILQDQFHLUR SDUDDUHDOL]DomRGHVWHWUDEDOKR

$RVGHPDLVDPLJRVHIDPLOLDUHVTXHPHVPRGLVWDQWHWRUFHUDPSRUPLPHID]HPSDUWHGHVWD FRQTXLVWD

´´´´

2TXHYDOHQDYLGDQmRpRSRQWRGHSDUWLGDHVLPD

2TXHYDOHQDYLGDQmRpRSRQWRGHSDUWLGDHVLPD

2TXHYDOHQDYLGDQmRpRSRQWRGHSDUWLGDHVLPD

2TXHYDOHQDYLGDQmRpRSRQWRGHSDUWLGDHVLPDFDPLQKDGD

FDPLQKDGD

FDPLQKDGD

FDPLQKDGD

&DPLQKDQGRHVHPHDQGRQRILPWHUiVRTXHFROKHUµ

&DPLQKDQGRHVHPHDQGRQRILPWHUiVRTXHFROKHUµ

&DPLQKDQGRHVHPHDQGRQRILPWHUiVRTXHFROKHUµ

&DPLQKDQGRHVHPHDQGRQRILPWHUiVRTXHFROKHUµ

680È5,2

&$3Ë78/2,

5HVXPR

$EVWUDFW

/LVWDGH)LJXUDV

/LVWDGH7DEHODV

/LVWDGH$EUHYLDWXUDVH6LJODV

/LVWDGH6tPERORV

,QWURGXomR

5HYLVmR%LEOLRJUiILFD

0DUFDGRUHVELROyJLFRVSDUDLGHQWLILFDomRKXPDQD±SDQRUDPDKLVWyULFR *HQRPDKXPDQRHSROLPRUILVPRVJHQpWLFRV &URPRVVRPR; (YROXomRGRFURPRVVRPR; &DUDFWHUtVWLFDVGRFURPRVVRPR; /LJDomRHGHVHTXLOtEULRGHOLJDomRSDUDRFURPRVVRPR; $SOLFDo}HVGRVPDUFDGRUHVJHQpWLFRVGRFURPRVVRPR; $QiOLVHGHUHODo}HVELROyJLFDV $QiOLVHGHYHVWtJLRELROyJLFR $QFHVWUDOLGDGH 0DUFDGRUHV;675VLVWHPDVPXOWLSOH[HIUHTXrQFLDVDOpOLFDV

2EMHWLYRV

0DWHULDLVH0pWRGRV

&DVXtVWLFD &ROHWDGRPDWHULDOELROyJLFRHH[WUDomRGR'1$ 5HDomRGHDPSOLILFDomRGRV;675V 3UHSDURGDDPRVWUDSDUDHOHWURIRUHVH 3UHSDURGHDPRVWUDVSDUD$%, 3UHSDURGHDPRVWUDVSDUD$%, 'HWHUPLQDomRGRVSHUILVDOpOLFRVHDQiOLVHHVWDWtVWLFD $QiOLVHHVWDWtVWLFDQRVFDVRVGHUHODo}HVELROyJLFDV (ODERUDomRGREDQFRGHGDGRVEUDVLOHLURSDUD;675V

5HVXOWDGRVH'LVFXVVmR

$YDOLDomRGDPHWRGRORJLD

9DULDomRJHQpWLFD

&RQWULEXLGRUHV

&RQFOXV}HV 5HIHUrQFLDV%LEOLRJUiILFDV

$QH[RV

$QH[R$ $QH[R% $QH[R& $QH[R' $QH[R(

&$3Ë78/2,,

$UWLJRSXEOLFDGR

*HQHWLF SURILOH FKDUDFWHUL]DWLRQ RI ;675V LQ IRXU SRSXODWLRQV RI WKH VRXWKHDVWHUQUHJLRQRI%UD]LO

5(6802

2VPDUFDGRUHVSROLPyUILFRVVKRUWWDQGHPUHSHDWVGRFURPRVVRPR;;675VmRGH XWLOL]DomR UHFHQWH QD SUiWLFD IRUHQVH VHQGR DSOLFDGRV SULQFLSDOPHQWH FRP D ILQDOLGDGH GH FRPSOHPHQWDURVGDGRVREWLGRVFRPPDUFDGRUHVJHQpWLFRVDXWRVV{PLFRV7HQGRHPYLVWDD QHFHVVLGDGH GH DPSOLDomR GRV GDGRV GD SRSXODomR EUDVLOHLUD HP UHODomR DRV ;675V HVWH SURMHWRWHYHRREMHWLYRGHGHWHUPLQDUDVIUHTXrQFLDVDOpOLFDVHRVSDUkPHWURVHVWDWtVWLFRVGH LQWHUHVVH IRUHQVH SDUD ;675V QD SRSXODomR GH 6mR 3DXOR63 5LR GH -DQHLUR5- %HOR +RUL]RQWH%+ H 9LWyULD(6 6XGHVWH GR %UDVLO 3RVWHULRUPHQWH RV ;675V IRUDP JHQRWLSDGRVHPFDVRVGHILFLHQWHVGHUHODomRELROyJLFDHFRPRREMHWLYRGHFRPSLODURVGDGRV JHQpWLFRV SRSXODFLRQDLV EUDVLOHLURV SXEOLFDGRV SDUD ;675V HVWH SURMHWR GHVHQYROYHX R %DQFR*HQpWLFR%UDVLOHLURGR&URPRVVRPR;%*%;

3DUDLVVRIRUDPDQDOLVDGRVLQGLYtGXRVQmRUHODFLRQDGRVHUHVLGHQWHVQDVFLGDGHV GHVFULWDV DFLPD H FDVRV GHILFLHQWHV GH UHODomR ELROyJLFD 2V PDUFDGRUHV ;675V IRUDP DPSOLILFDGRVHPVLVWHPDGHFDSOH[HVXEPHWLGRVjHOHWURIRUHVHHPDQDOLVDGRUJHQpWLFR$%, H $%, 2V SURJUDPDV *HQH6FDQ H *HQH0DSSHU ,'; IRUDP XWLOL]DGRV SDUD D GHWHUPLQDomR DOpOLFD H D SODQLOKD ([FHO H R SURJUDPD $UOHTXLQ SDUD D GHWHUPLQDomR GDV IUHTXrQFLDV DOpOLFDV SDUkPHWURV HVWDWtVWLFRV H DQiOLVH GH GLVWkQFLD JHQpWLFD HQWUH GLIHUHQWHV SRSXODo}HV

IRUHQVHHGHPRQVWURXDQHFHVVLGDGHGHEDQFRGHGDGRVJHQpWLFRHVSHFtILFRSDUD;675V2 %*%; HVWi DFHVVtYHO HP ZZZEJE[FRPEU H DWp R PRPHQWR FRPSLORX LQIRUPDo}HV GH IUHTXrQFLDVDOpOLFDVSDUkPHWURVHVWDWtVWLFRVGHVHTXLOtEULRGHOLJDomRHKDSOyWLSRVGH;675 SDUDSRSXODo}HV(VWDSURSRVWDWHPLPHGLDWDDSOLFDomRIRUHQVHHSRUFHQWUDOL]DURVGDGRV EUDVLOHLURVIDFLOLWDDEXVFDGHVWHVQDZHEGLVVHPLQDGRDVSHVTXLVDVFRQGX]LGDVFRP;675V HPQRVVRSDtVHDXPHQWDQGRRQRVVRUHFRQKHFLPHQWRSHUDQWHDFRPXQLGDGHLQWHUQDFLRQDO

$%675$&7

7KH VKRUW WDQGHP UHSHDW SRO\PRUSKLF PDUNHUV RI ; FKURPRVRPH ;675 DUH RI UHFHQWXVHLQIRUHQVLFSUDFWLFHEHHQDSSOLHGPDLQO\LQRUGHUWRFRPSOHPHQWWKHGDWDREWDLQHG ZLWK DXWRVRPDO JHQHWLF PDUNHUV *LYHQ WKH QHHGV RI H[SDQVLRQ RI WKH %UD]LOLDQ SRSXODWLRQ GDWD LQ UHODWLRQ WR ;675V WKLV SURMHFW DLPHG WR GHWHUPLQH WKH DOOHOH IUHTXHQFLHV DQG WKH VWDWLVWLFDOSDUDPHWHUVRIIRUHQVLFLQWHUHVWWR;675VLQWKHSRSXODWLRQIURP6mR3DXOR63 5LRGH-DQHLUR5-%HOR+RUL]RQWH%+H9LWyULD(66RXWKHDVWRI%UD]LO6XEVHTXHQWO\WKH ;675V ZHUH JHQRW\SHG LQ GHILFLHQW NLQVKLS FDVHV DQG ZLWK WKH DLP RI FRPSLOLQJ WKH %UD]LOLDQJHQHWLFSRSXODWLRQGDWDSXEOLVKHGIRU;675VWKLVSURMHFWGHYHORSHGWKH%UD]LOLDQ *HQHWLF'DWDEDVHRI&KURPRVRPH;%*%;

)RU WKLV ZH KDYH DQDO\]HG XQUHODWHG LQGLYLGXDOV UHVLGHQWV LQ WKH FLWLHV SUHYLRXVO\GHVFULEHGDQGWKUHHGHILFLHQWNLQVKLSFDVHV7KH;675PDUNHUVZHUHDPSOLILHGLQ GHFDSOH[V\VWHPDQGVXEPLWWHGWRHOHFWURSKRUHVLVRQ$%,DQG$%,JHQHWLFDQDO\]HUV *HQH6FDQ DQG *HQH0DSSHU ,'; VRIWZDUHV ZHUH XVHG WR GHWHUPLQH WKH DOOHOH DQG ([FHO VSUHDGVKHHW DQG $UOHTXLQ VRIWZDUH IRU WKH GHWHUPLQDWLRQ RI DOOHOH IUHTXHQFLHV VWDWLVWLFDO SDUDPHWHUVDQGJHQHWLFGLVWDQFHDQDO\VLVEHWZHHQGLIIHUHQWSRSXODWLRQV

;675 KDSORW\SHV WR SRSXODWLRQV 7KLV SURSRVDO KDV LPPHGLDWH XVH LQ WKH IRUHQVLF SUDFWLFHDQGE\FHQWUDOL]LQJWKH%UD]LOLDQGDWDIDFLOLWDWHVWKHVHDUFKRIWKHVHGDWDRQWKH:HE GLVVHPLQDWLQJ WKH UHVHDUFK FRQGXFWHG ZLWK ;675V LQ RXU FRXQWU\ DQG LQFUHDVLQJ RXU UHFRJQLWLRQEHIRUHWKHLQWHUQDWLRQDOFRPPXQLW\

/,67$'(),*85$6 )LJXUD (VTXHPDGHXPPDUFDGRUPLQLVVDWpOLWH'6HXPPDUFDGRU675 7+

)LJXUD 5HSUHVHQWDomRHVTXHPiWLFDGRV FURPRVVRPRVVH[XDLV;H<FRPDV UHJL}HVGHKRPRORJLDFRORULGDVHQWUHWDLVFURPRVVRPRV««« )LJXUD 'LVWULEXLomRGHPDUFDGRUHV;675VGHXVRIRUHQVH

)LJXUD ,GLRJUDPD GR FURPRVVRPR ; FRP D ORFDOL]DomR FLWRJHQpWLFD H ItVLFD GRV;675VHVWXGDGRVQHVWHWUDEDOKR

)LJXUD (OHWURIHURJUDPD FRP SHUILO DOpOLFR GH DPRVWUD IHPLQLQD REWLGR HP $%, 0DUFDomR )$0 SDLQHO D]XO PDUFDGRUHV ';6 ';6 ';6 *$7$( 9,& SDLQHO YHUGH PDUFDGRUHV *$7$'';6';6H1('SDLQHOSUHWR';6 ';6';6««

)LJXUD (VWDGRVEUDVLOHLURVFRPGDGRVGH;675FDGDVWUDGRVQR%*%;DWpR PRPHQWRPDUFDGRVFRPXPFtUFXOR$RFOLFDUQRFtUFXORRVHVWXGRV FRUUHVSRQGHQWHVDHVWH(VWDGRVmROLVWDGRV

/,67$'(7$%(/$6 7DEHOD 7DEHOD(VWUXWXUDGHUHSHWLomRHQRPHQFODWXUDVXWLOL]DGDVSDUDRV ;675V

7DEHOD 6HTXrQFLDGRVSULPHUVSDUDRV;675VDGDSWDGDGH*860­2HW DO 7DEHOD 3HUILODOpOLFRGDVDPRVWUDVGH'1$SDGUmRXWLOL]DGDVFRPRUHIHUrQFLD DGDSWDGDGH*860­2HWDO

7DEHOD 7HVWH H[DWR SDUD GLIHUHQFLDomR GDV SRSXODo}HV PDVFXOLQD H IHPLQLQD GH6mR3DXOR5LRGH-DQHLUR9LWyULDH%HOR+RUL]RQWH« 7DEHOD )UHTXrQFLDDOpOLFDHGLYHUVLGDGHJrQLFDGRV;675VQDSRSXODomR GH6mR3DXOR5LRGH-DQHLUR9LWyULDH%HOR+RUL]RQWH 7DEHOD +HWHUR]LJRVHHVSHUDGDHREVHUYDGDHWHVWHH[DWRSDUDRHTXLOtEULRGH +DUG\:HLQEHUJFDOFXODGRVSDUDRV;675VQDSRSXODomRIHPLQLQD GH6mR3DXOR5LRGH-DQHLUR9LWyULDH%HOR+RUL]RQWH 7DEHOD &KDQFHPpGLDGHH[FOXVmRHPWULRVHQYROYHQGRILOKD0(&7SDUDRV ;675VQDSRSXODomRGH6mR3DXOR5LRGH-DQHLUR9LWyULDH%HOR +RUL]RQWH

7DEHOD 3RGHU GH GLVFULPLQDomR PDVFXOLQR 3'0 SDUD RV ;675V QD SRSXODomRGH6mR3DXOR5LRGH-DQHLUR9LWyULDH%HOR+RUL]RQWH

7DEHOD 3RGHU GH GLVFULPLQDomR IHPLQLQR 3') SDUD RV ;675V QD SRSXODomRGH6mR3DXOR5LRGH-DQHLUR9LWyULDH%HOR+RUL]RQWH

7DEHOD 9DORU GHS REWLGR QRWHVWH GH GHVHTXLOtEULR GH OLJDomR SDUD WRGRV RV SDUHV GH PDUFDGRUHV DQDOLVDGRV QD SRSXODomR GH 6mR 3DXOR 5LR GH -DQHLUR9LWyULD%HOR+RUL]RQWHH6XGHVWH 7DEHOD &RPSDUDomRSDUDORFXVVLPSOHVHQWUHSRSXODF}HVEUDVLOHLUDV'LVWkQFLD JHQpWLFD)67OLQKDHFRUUHVSRQGHQWHYDORUGHSDOLQKDHSYDORU

GRWHVWHH[DWRSDUDGLIHUHQFLDomRGDVSRSXODo}HVOLQKD

7DEHOD &RPSDUDomR HP QtYHO KDSORWtSLFR HQWUH SRSXODF}HV EUDVLOHLUDV 'LVWkQFLDJHQpWLFD)67DEDL[RGDGLDJRQDOHFRUUHVSRQGHQWHYDORUGH SDFLPDGDGLDJRQDOHQWUHSRSXODo}HVEUDVLOHLUDV

7DEHOD 'LVWkQFLD JHQpWLFD )67 SDUD QtYHO KDSORWtSLFR HQWUH SRSXODo}HV

EUDVLOHLUDVHLQWHUQDFLRQDLV

/,67$'($%5(9,$785$6(6,*/$6

$029$ $QDO\VLVRIPROHFXODUYDULDQFHDQiOLVHGHYDULDomRPROHFXODU

$6675 6KRUWWDQGHPUHSHDWVDXWRVV{PLFRV

%*%; %DQFR*HQpWLFR%UDVLOHLURGR&URPRVVRPR; &(3 &RPLWrGHeWLFDHP3HVTXLVD

&19 &RS\QXPEHUYDULDWLRQ

'* 'LYHUVLGDGHJrQLFD

'1$ ÈFLGRGHVR[LUULERQXFOpLFR

)2863 )DFXOGDGHGH2GRQWRORJLDGD8QLYHUVLGDGHGH6mR3DXOR

*+(3,6)* _{,QWHUQDFLRQDOGH*HQpWLFD)RUHQVH}*UXSR GH /tQJXDV (VSDQKROD H 3RUWXJXHVD GD 6RFLHGDGH +H +HWHUR]LJRVHHVSHUDGD

+/$ +XPDQ/HXFRF\WH$QWLJHQ

+(02(6 &HQWURGH+HPRWHUDSLDH+HPDWRORJLDGR(VStULWR6DQWR

+(020,1$6 )XQGDomR&HQWURGH+HPDWRORJLDH+HPRWHUDSLDGH0LQDV*HUDLV

+(025,2 ,QVWLWXWR(VWDGXDOGH+HPDWRORJLD$UWKXUGH6LTXHLUD&DYDOFDQWL

+R +HWHUR]LJRVHREVHUYDGD

,3 ËQGLFHGH3DWHUQLGDGH

,6)* ,QWHUQDWLRQDO6RFLHW\RI)RUHQVLF+DHPRJHQHWLFV

/' /LQNDJH'LVHTXLOLEULXPGHVHTXLOtEULRGHOLJDomR

/,1( /RQJ,QWHUVSHUVHG1XFOHDU(OHPHQWV

/5 /LNHOLKRRG5DWLRUD]mRGHYHURVVLPLOKDQoD

0(& 0HDQH[FOXVLRQFKDQFHFKDQFHPpGLDGHH[FOXVmR

0(&7 &KDQFH0pGLDGH([FOXVmRHP7ULRVHQYROYHQGRILOKD

0\64/ 6WUXFWXUHG4XHU\/DQJXDJH

1&%, 1DWLRQDO&HQWHUIRU%LRWHFKQRORJ\,QIRUPDWLRQ

20,0 2QOLQH0HQGHOLDQ,QKHULWDQFHLQ0DQ

3$5 3VHXGRDXWRVRPDO5HJLRQUHJLmRSVHXGRDXWRVV{PLFD

3') 3RGHUGHGLVFULPLQDomRIHPLQLQR

3'0 3RGHUGHGLVFULPLQDomRPDVFXOLQR

3K3 +\SHUWH[WSUHSURFHVVRU

3,& 3RO\PRUSKLVPLQIRUPDWLRQFRQWHQW_SROLPyUILFD FRQWH~GRGHLQIRUPDomR 6,1( 6KRUWLQWHUVSHUVHGQXFOHDUHOHPHQWV

613 6LQJOHQXFOHRWLGHSRO\PRUSKLVPV

665 6LPSOHVVHTXHQFHUHSHDWV

675 6KRUWWDQGHPUHSHDWV

81(63 8QLYHUVLGDGH(VWDGXDO3DXOLVWD-~OLRGH0HVTXLWD)LOKR

9175 9DULDQWQXPEHURIWDQGHPUHSHDWV

;$5 ;DGGHGUHJLRQ

;&5 ;FRQVHUYHGUHJLRQ

;675 6KRUWWDQGHPUHSHDWVGRFURPRVVRPR;

;75 ;WUDQVSRVHGUHJLRQ

/,67$'(6Ë0%2/26

J *UDPD

F0 &HQWL0RUJDQ

0 0RODU

0E 0HJDSDUGHEDVH

PP 0LOtPHWUR

P/ 0LOLOLWUR

QJ 1DQRJUDPD

SE 3DUGHEDVH

TVS 4XDQWLGDGHVXILFLHQWHSDUD USP 5RWDo}HVSRUPLQXWR

—/ 0LFUROLWUR

—0 0LFURPRODU

a DSUR[LPDGDPHQWH

SRUFHQWR

ž& *UDXV&HOVLXV

$ LGHQWLILFDomR KXPDQD SRU PHLR GD DQiOLVH GR iFLGR GHVR[LUULERQXFOpLFR '1$ FRQVWLWXL DWXDOPHQWH XPD IHUUDPHQWD LQGLVSHQViYHO QD *HQpWLFD 0RGHUQD DX[LOLDQGR GH IRUPD LPHQVXUiYHO WDQWR QDV TXHVW}HV GH LGHQWLILFDomR FLYLO FRPR QDV GH LGHQWLILFDomR FULPLQDO)5$1d$

2VH[DPHVIRUHQVHVGH'1$FRQVLVWHPHPWHVWHVFRPSDUDWLYRVGRSHUILOJHQpWLFRGR SHULFLDQGRFRPVHXVIDPLOLDUHV±DVFHQGHQWHVRXGHVFHQGHQWHV±RXFRPRSUySULRSHUILOGR LQGLYtGXRTXHVHEXVFDLGHQWLILFDUXPDYH]TXHRSHUILOSRGHVHUREWLGRHPTXDOTXHUPDWHULDO ELROyJLFRDSDUWLUGHREMHWRVGHXVRSHVVRDOGHVWH(PDPEDVDVVLWXDo}HVWrPVHDYDQWDJHP GHQmRKDYHUQHFHVVLGDGHGHUHJLVWURVDQWHULRUHVSDUDVHFKHJDUjLGHQWLILFDomRLQGLYLGXDO1R HQWDQWRpLPSRUWDQWHUHVVDOWDUTXHDDQiOLVHGR'1$FRQVWLWXLVHHPXPDHYLGrQFLDDPDLVQR FDVRQmRpDVHQWHQoD$DQiOLVHIRUHQVHGR'1$VHPSUHVHUiXPHOHPHQWRDVHVRPDUDR SURFHVVRLQYHVWLJDWLYR

7RGRVRVLQGLYtGXRVSRVVXHPXPSDWULP{QLRJHQpWLFRFRQVWLWXtGRSHODFRPELQDomRGH GLYHUVRV PDUFDGRUHV KHUGDGRV GRV VHXV SURJHQLWRUHV (VWHV PDUFDGRUHV FRUUHVSRQGHP D VHTXrQFLDVGH'1$TXHYDULDPGHXPLQGLYtGXRSDUDRXWURGHQRPLQDGRVSROLPRUILVPRV1D SUiWLFD IRUHQVH VmR DQDOLVDGRV SULQFLSDOPHQWH PDUFDGRUHV QXFOHDUHV DXWRVV{PLFRV H HP PHQRUHVFDODGRFURPRVVRPR<H'1$PLWRFRQGULDOVHQGRDXWLOL]DomRGRVPDUFDGRUHVGR FURPRVVRPR;DOJRUHFHQWH6=,%25HWDOD

0DUFDGRUHVELROyJLFRVSDUDLGHQWLILFDomRKXPDQD±SDQRUDPDKLVWyULFR

$LGHQWLILFDomRKXPDQDpRSURFHVVRFLHQWtILFRSHORTXDOVHGHWHUPLQDDLGHQWLGDGHGH XPD SHVVRD DWUDYpV GR HVWDEHOHFLPHQWR GH XP FRQMXQWR GH FDUDFWHUHV TXH D LQGLYLGXDOL]H ID]HQGRDLJXDODSHQDVDVLPHVPD)5$1d$'HQWUHRVSURFHVVRVGHLGHQWLILFDomR KXPDQDWHPVHRFDPSRGD&LrQFLDTXHHQYROYHDDQiOLVHGHPDUFDGRUHVELROyJLFRVSURWpLFRV HJHQpWLFRV

,QLFLDOPHQWH GLYHUVRV PDUFDGRUHV SURWpLFRV IRUDP WLSDGRV SDUD GHWHFWDU SROLPRUILVPRV TXH SRGHULDP VHU SRWHQFLDOPHQWH XVDGRV SDUD GLIHUHQFLDU LQGLYtGXRV 1R VpFXOR;;DGHVFREHUWDGRVJUXSRVVDQJXtQHRV$%2PDUFRXRLQtFLRGRVHVWXGRVPRGHUQRV VREUH D YDULDomR JHQpWLFD KXPDQD -25'( :$7.,16 %$06+$' VHQGR WDO VLVWHPD XWLOL]DGR SRU YiULDV GpFDGDV HP WHVWHV GH LGHQWLILFDomR KXPDQD H HP HYLGrQFLDV UHODFLRQDGDV D FULPHV 3RVWHULRUPHQWH RXWURV VLVWHPDV GH PDUFDGRUHV SURWpLFRV FRPR RV FRPSRQHQWHV JUXSRHVSHFtILFRV WUDQVIHUULQD DOEXPLQD FHUXORSODVPLQD KDSWRJORELQD IRVIRJOLFRPXWDVHIRVIDWDVHiFLGDHVWHUDVH'HWFPRVWUDUDPVHYDULiYHLVHQWUHRVJUXSRV SRSXODFLRQDLVHSDVVDUDPWDPEpPDVHUXWLOL]DGRV

0DUFDQGRXPDVHJXQGDIDVHHPIRLGHPRQVWUDGDDRFRUUrQFLDGHXPVLVWHPDGH KLVWRFRPSDWLELOLGDGH PHGLDGR SRU DQWtJHQRV QD VXSHUItFLH GRV OHXFyFLWRV FRQKHFLGR FRPR FRPSOH[R+/$+XPDQOHXFRF\WHDQWLJHQGHWHUPLQDGRSRUJHQHVDOpOLFRVPXLWRSUy[LPRV ORFDOL]DGRV QR EUDoR FXUWR GR FURPRVVRPR FRP DFHQWXDGR SRGHU GH GLVFULPLQDomR &$/$%5(=

$ WLSDJHP GH SROLPRUILVPRV JHQpWLFRV FRQWRUQRX PXLWDV GHVVDV OLPLWDo}HV GDQGR LQtFLR j WHUFHLUD IDVH GR GHVHQYROYLPHQWR GDV FLrQFLDV IRUHQVHV YROWDGDV j LGHQWLILFDomR KXPDQD

$ WLSDJHP GR PDWHULDO JHQpWLFR VXUJLX HP TXDQGR R JHQHWLFLVWD LQJOrV $OHF -HIIUH\VHVHXJUXSRGHWUDEDOKRGHVFREULUDPTXHHPXPGRVtQWURQVGRJHQHFRGLILFDGRUGD SURWHtQD PLRJORELQD KDYLD FHUWDV UHJL}HV GR '1$ TXH YDULDYDP GH XP LQGLYtGXR SDUD R RXWURSURGX]LQGRSHUILVJHQpWLFRVFRQKHFLGRVFRPR³LPSUHVVmRGLJLWDOGR'1$´RX³'1$

ILQJHUSULQWLQJ´-())5(<6:,/6217+(,1

$DQiOLVHGR'1$IRLXWLOL]DGDSRU-HIIUH\VRILFLDOPHQWHSHODSULPHLUDYH]HP QD,QJODWHUUDSDUDVROXFLRQDUXPSUREOHPDGHLPLJUDomRQRTXDOXPPHQLQRGHDQRVDSyV XPD ORQJD HVWDGLD FRP VHX SDL HP *DQD UHWRUQD VR]LQKR SDUD D ,QJODWHUUD H p GHWLGR SHOD LPLJUDomRVREDOHJDomRGHSDVVDSRUWHIRUMDGR-())5(<6%522.),(/'6(0(212))

8PDQRGHSRLVWDPEpPQD,QJODWHUUDHVWDWpFQLFDIRLXWLOL]DGDSHODSULPHLUDYH]HP XP FDVR FULPLQDO QR TXDO YiULRV KRPHQV HQWUH H DQRV IRUDP WLSDGRV SDUD TXH R YHUGDGHLUR HVWXSUDGRU H DVVDVVLQR GH MRYHQV IRVVH LGHQWLILFDGR 2 FDVR ILFRX FRQKHFLGR FRPR (QGHUE\ 4XHHQ [ 3LWFKIRUN H GHVGH HQWmR D DQiOLVH GR '1$ SDVVRX D VHU SRWHQFLDOPHQWHXWLOL]DGDQDURWLQDIRUHQVH7$1'(

*HQRPDKXPDQRHSROLPRUILVPRVJHQpWLFRV

QXFOHDU H HP XPD GXSOD ILWD FLUFXODU SUHVHQWH QR LQWHULRU GD RUJDQHOD FHOXODU PLWRF{QGULD GHQRPLQDGR'1$PLWRFRQGULDO%87/(5

2 '1$ QXFOHDU p ELSDUHQWDO PHWDGH GRV FURPRVVRPRV KHUGDGD GD PmH H D RXWUD PHWDGHKHUGDGDGRSDLHSRVVXLDSHQDVXPDFySLDSRUFpOXODHQTXDQWRR'1$PLWRFRQGULDO p XQLSDUHQWDO KHUGDGR DSHQDV GD PmH HP WRGRV RV LQGLYtGXRV H SRVVXL PXLWDV FySLDV SRU FpOXOD SRLV XPD ~QLFD FpOXOD SRGH WHU GH]HQDV D FHQWHQDV GH PLWRF{QGULDV H HP FDGD PLWRF{QGULD SRGHP H[LVWLU GH]HQDV D FHQWHQDV GH FySLDV GR '1$ PLWRFRQGULDO 52%,1 :21* 1RV JDPHWDV yYXOR H HVSHUPDWR]yLGH Ki GLIHUHQoD HP UHODomR DR '1$ QXFOHDU R TXDO p KDSOyLGH DSUHVHQWDQGR FURPRVVRPRV GH RULJHP PDWHUQD QR FDVR GR yYXORRXGHRULJHPSDWHUQDQRFDVRGRHVSHUPDWR]yLGH

8PDSULPHLUDYLVmRGDVHTXrQFLDGRJHQRPDKXPDQRIRLUHSRUWDGDHPFREULQGR a GR PDWHULDO HXFURPiWLFR H HPERUD XP PDUFR DLQGD HVWDYD DOWDPHQWH LPSHUIHLWD FRQWHQGRFHUFDGHPLOJDSVHPXLWRVHUURVQDVHTXrQFLDGHQXFOHRWtGHRV,QWHUQDWLRQDO +XPDQ*HQRPH6HTXHQFLQJ&RQVRUWLXP(PXPDVHTXrQFLDPDLVFRPSOHWDH FRPPHOKRUTXDOLGDGHIRLSXEOLFDGDSHUID]HQGRaGRJHQRPDHXFURPiWLFRaGR JHQRPD KXPDQR FRP DSHQDV JDSV H XP HUUR GH QXFOHRWtGHR SRU PLO EDVHV ,QWHUQDWLRQDO+XPDQ*HQRPH6HTXHQFLQJ&RQVRUWLXP

$ JUDQGH DSOLFDomR IRUHQVH GR '1$ GHFRUUH GR VHX DOWR SRGHU GH GLVFULPLQDomR RFDVLRQDGR SRU SROLPRUILVPRV JHQpWLFRV H[LVWHQWHV QR '1$ ,QFOXVLYH SDUD JrPHRV PRQR]LJyWLFRV SHVTXLVDV UHFHQWHV FRP FRS\QXPEHU YDULDWLRQ &19 WrP PRVWUDGR GLIHUHQoDVJHQpWLFDVHQWUHWDLVLQGLYtGXRV%58'(5HWDORTXHUHIRUoDDDSOLFDomR GR'1$QDLGHQWLILFDomRKXPDQD

2VSROLPRUILVPRVJHQpWLFRVGR'1$VmRFODVVLILFDGRVHPGRLVWLSRV

3ROLPRUILVPRVGHVHTXrQFLDRULJLQDGRVSRUVXEVWLWXLomRGHXPRXPDLVQXFOHRWtGHRV QXPDVHTXrQFLDGH'1$

3ROLPRUILVPRVGHFRPSULPHQWRRULJLQDGRVSRULQVHUo}HVRXGHOHo}HVGHXPRXPDLV QXFOHRWtGHRV

'HQWUH RV SROLPRUILVPRV GH VHTXrQFLD RV PDLV IUHTXHQWHV VmR RV6LQJOH 1XFOHRWLGH 3RO\PRUSKLVPV613V'HQWUHRVSROLPRUILVPRVGHFRPSULPHQWRGHVWDFDPRVRVPDUFDGRUHV JHQpWLFRV 9175V 9DULDQW 1XPEHU RI 7DQGHP 5HSHDWV RX PLQLVVDWpOLWHV UHSHWLo}HV FRQVHFXWLYDV GH XQLGDGHV FRQVWLWXtGDV SRU DSUR[LPDGDPHQWH D SDUHV GH EDVH SE XWLOL]DGRVLQLFLDOPHQWHQRVH[DPHVGH'1$HRVPDUFDGRUHVPLFURVVDWpOLWHV665RXPDLV XVXDOPHQWH FRQKHFLGRV SRU 6KRUW 7DQGHP 5HSHDWV 675V UHSHWLo}HV FRQVHFXWLYDV GH XQLGDGHV FRQVWLWXtGDV SRU D SE )LJXUD %87/(5 XWLOL]DGRV DWXDOPHQWH QD URWLQDIRUHQVH

)LJXUD(VTXHPDGHXPPDUFDGRUPLQLVVDWpOLWH'6HXPPDUFDGRU6757+

)RQWH%87/(5

2VPDUFDGRUHV675VmRFODVVLILFDGRVGHDFRUGRFRPRQ~PHURGHQXFOHRWtGHRVTXH IRUPDPRPRWLYRGLQXFOHRWtGHRVWULQXFOHRWtGHRVWHWUDQXFOHRWtGHRVHWFFRUUHVSRQGHQGRD DSUR[LPDGDPHQWH GR JHQRPD KXPDQR ,QWHUQDWLRQDO +XPDQ *HQRPH 6HTXHQFLQJ &RQVRUWLXP

6HJXQGR %XWOHU RV 675V GH PDLRU YDORU SDUD D LGHQWLILFDomR KXPDQD VmR DTXHOHVTXHDSUHVHQWDP

DOWR SRGHU GH GLVFULPLQDomR QRUPDOPHQWH PDLRU TXH FRP KHWHUR]LJRVH REVHUYDGD PDLRUTXH

WDPDQKRDSDUHQWHGRVDOHORVQDIDL[DGHSE7DPDQKRVPHQRUHVPHOKRUSDUDDQiOLVH GHDPRVWUDVGH'1$GHJUDGDGR

HVWUHLWD IDL[D GH WDPDQKR GH DOHORV UHGX]LQGR D SHUGD GH DOHORV QD JHQRWLSDJHP SHOD DPSOLILFDomRSUHIHUHQFLDOGHDOHORVPHQRUHV

EDL[DIRUPDomRGHVWXWWHUVIUDJPHQWRVGH'1$WLSLFDPHQWHFRPXPDRXPDLVXQLGDGHGH UHSHWLomRDPHQRVTXHRDOHORYHUGDGHLUREHQHILFLDQGRDDQiOLVHGHDPRVWUDVFRPPLVWXUDGH PDWHULDOELROyJLFRSURYHQLHQWHGHGLIHUHQWHVLQGLYtGXRV

$WXDOPHQWHDVDQiOLVHVIRUHQVHVHPSUHJDPPDUFDGRUHVJHQpWLFRVSUHVHQWHVWDQWRQR '1$QXFOHDUGRVFURPRVVRPRVDXWRVV{PLFRVEHPFRPRGRVFURPRVVRPRVVH[XDLV;H< HQR'1$PLWRFRQGULDOVHQGRTXHDVHOHomRGHXPRXRXWURWLSRGHPDUFDGRULUiGHSHQGHU GDVSDUWLFXODULGDGHVGHFDGDFDVR

0DUFDGRUHVGRFURPRVVRPR<VmRGLWRVGHOLQKDJHPSDWHUQDSRLVVmRSDVVDGRVGHSDL SDUDILOKRHQTXDQWRR'1$PLWRFRQGULDOpGHOLQKDJHPPDWHUQDVHQGRWUDQVIHULGRGDPmH SDUDVHXVILOKRV1RFDVRGRFURPRVVRPR;DPXOKHUKHUGDXPFURPRVVRPRGHFDGDXPGRV SDLV H R KRPHP KHUGD DSHQDV R FURPRVVRPR PDWHUQR 'LIHUHQWHPHQWH GRV PDUFDGRUHV DXWRVV{PLFRVHPTXHKRPHQVHPXOKHUHVKHUGDPGRLVFURPRVVRPRVXPGHKHUDQoDPDWHUQD HRRXWURGHKHUDQoDSDWHUQD(PYLUWXGHGRPHFDQLVPRGHWUDQVPLVVmRVRPHQWHPDWHUQD SDWHUQDRXDPEDVHGRWLSRGHSROLPRUILVPRVHTXrQFLDRXFRPSULPHQWRXPPDLRUSRGHUGH GLVFULPLQDomRpREWLGRFRPRVPDUFDGRUHV675DXWRVV{PLFRV$6675HSRUWDQWRHVWHVVmR RVGHHVFROKDQRVH[DPHVGH'1$

1RHQWDQWRFRPRYHUHPRVDVHJXLURXWURVPDUFDGRUHVSRGHPDX[LOLDUDDQiOLVHGRV WUDGLFLRQDLV $6675 $VVLP RV PDUFDGRUHV 675 GR FURPRVVRPR ; ;675V WHP R VHX

YDORUQDSUiWLFDIRUHQVHFRQVWLWXLQGRVHHPXPDLPSRUWDQWHIHUUDPHQWDHPFDVRVHVSHFtILFRV GHLQYHVWLJDomRGHUHODomRELROyJLFD

&URPRVVRPR;

(YROXomRGRFURPRVVRPR;

$VSURSULHGDGHVRULJLQDLVGHVWHFURPRVVRPRVmRXPDFRQVHTXrQFLDGDHYROXomRGRV FURPRVVRPRVVH[XDLVQRVPDPtIHURV7DLVFURPRVVRPRVHYROXtUDPGHXPSDUGHDXWRVVRPRV KRPyORJRVGHQRPLQDGRVSURWRFURPRVVRPRVVH[XDLVGHQWUHRV~OWLPRVPLOK}HVGHDQRV 2+12 TXDQGR R SURWRFURPRVVRPR < DGTXLULX XP JHQH GHWHUPLQDQWH GR VH[R PDVFXOLQRHSRVWHULRUPHQWHRXWURVJHQHVEHQpILFRVSDUDHVWHPDVQmRSDUDRVH[RIHPLQLQR $VVLPDILPGHVHPDQWHUDKHWHURJHQHLGDGHHQWUHRVFURPRVVRPRV;H<SRUPHFDQLVPRV GHVHOHomRXPDEDUUHLUDSDUDD UHFRPELQDomR IRLGHVHQYROYLGDHQWUHHOHVLVRODQGRUHJL}HV GHWHUPLQDQWHVGRVH[RDRORQJRGRVGRLVFURPRVVRPRV*860­2$/9(6

1DDXVrQFLDGHUHFRPELQDomRRDF~PXORGHHYHQWRVGHPXWDomROHYRXjGHJHQHUDomR GR FURPRVVRPR < WRUQDQGR RV FURPRVVRPRV VH[XDLV KHWHURPyUILFRV 1HVWH SURFHVVR R FURPRVVRPR < SHUGHX SUDWLFDPHQWH WRGRV RV WUDoRV GR DQFHVWUDO DXWRVV{PLFR H WHP GHVHQYROYLGR XP ~QLFR SDGUmR GH VHTXrQFLD UHSHWLWLYD 6.$/(76.< HW DO -2%/,1* 7</(560,7+ 3RU FRQWUDVWH RV HOHPHQWRV IXQFLRQDLV IRUDP FRQVHUYDGRVQRFURPRVVRPR;HHVWHpILVLFDPHQWHRPDLVHVWiYHOFURPRVVRPRQXFOHDUHQWUH RVPDPtIHURVSODFHQWiULRV6&+$))1(5

ORQJRGRFURPRVVRPR;DSUHVHQWDJUDQGHKRPRORJLDFRPREUDoRFXUWRGRFURPRVVRPRGH JDOLQKDHpIRUPDGRSRUXPDUHJLmRFRQVHUYDGD;FRQVHUYHGUHJLRQRX;&5GHVFHQGHQWH GH XP SURWRFURPRVVRPR ; Mi VHX EUDoR FXUWR DSUHVHQWD JUDQGH KRPRORJLD FRP R EUDoR ORQJRGRFURPRVVRPRGHJDOLQKDVHQGRFRQVWLWXtGRSRUXPDSHTXHQDUHJLmR;FHQ±S FRQVHUYDGD H SHOD DGLomR GH XP JUDQGH IUDJPHQWR GH '1$ ;DGGHG UHJLRQ RX ;$5 GHFRUUHQWHGDWUDQVORFDomRFRPXPVHJXQGRFURPRVVRPRDXWRVVRPRKiDSUR[LPDGDPHQWH PLOK}HVGHDQRV

&DUDFWHUtVWLFDVGRFURPRVVRPR;

2FURPRVVRPR;SRVVXLPXLWDVFDUDFWHUtVWLFDVTXHVmR~QLFDVQRJHQRPDFRPRRIDWR GDPXOKHUKHUGiORGHFDGDXPGRVSDLVPDVRKRPHPKHUGDUDSHQDVXPRPDWHUQR

(VWHpXPDPROpFXODGH'1$OLQHDUFRPaPHJDSDUHVGHEDVH0EXPDEDL[D GHQVLGDGH JrQLFD GR WRWDO GH JHQHV KXPDQRV JHQHV GH WDPDQKR SHTXHQR XP EDL[R tQGLFH GH &* FRPSDUDGR FRP D PpGLD GH GR JHQRPD H p DOWDPHQWH ULFR HP UHJL}HV UHSHWLWLYDV WDLV FRPRLQWHUVSHUVHG UHSHDWV a GD HXFURPDWLQD FRPSDUDGRV j PpGLDGHGRJHQRPDGXSOLFDo}HVGHVHJPHQWRVaHH[WHQVDVUHJL}HVGH'1$ VDWpOLWH )RUDP DQRWDGRV JHQHV SVHXGRJHQHV SURFHVVDGRV H QmR SURFHVVDGRVH613V5266HWDO

'HQWUH DV UHJL}HV UHSHWLWLYDV RV HOHPHQWRV LQWHUFDODUHV FXUWRV 6,1(V VKRUW LQWHUVSHUVHGQXFOHDUHOHPHQWVIRUDPHQFRQWUDGRVDEDL[RGDPpGLDHRVORQJRV/,1(VORQJ LQWHUVSHUVHG QXFOHDU HOHPHQWV GD IDPtOLD DSDUHFHUDP DFLPD GD PpGLD FRPSUHHQGHQGR GDVHTXrQFLDGRFURPRVVRPR;PpGLDGRJHQRPDpGH5266HWDO

FRP KHUDQoD PHQGHOLDQD WrP VLGR DWULEXtGDV D HVWH FURPRVVRPR ,VWR RFRUUH SHOR IDWR GR KRPHPKHUGDUDSHQDVXPFURPRVVRPR;UHYHODQGRGHIRUPDGLUHWDRIHQyWLSRGHFRUUHQWHGH XPDPXWDomRUHFHVVLYD0XLWDVGHVRUGHQVJHQpWLFDVLQFOXLQGRjVOLJDGDVDRFURPRVVRPR; SRGHP VHU DFHVVDGDV SHOD EDVH GH GDGRV 20,0 2QOLQH 0HQGHOLDQ ,QKHULWDQFH LQ 0DQ +$026+

$EDL[DGHQVLGDGHJrQLFDGRFURPRVVRPR;SRGHVLPSOHVPHQWHUHIOHWLUVHXDQFHVWUDO DXWRVV{PLFR1RHQWDQWRDFUHGLWDVHTXHDVHOHomRSRGHWHUIDYRUHFLGRDWUDQVSRVLomRGHFHUWD FODVVHGHJHQHVGRFURPRVVRPR;SDUDRVDXWRVVRPRVGXUDQWHDHYROXomRGRVPDPtIHURV7DO FODVVHGHYHULDDEUDQJHUJHQHVFXMRSURGXWRSURWpLFRVHULDUHTXHULGRHPGRVHGXSODHPDPERV RVVH[RVRXJHQHVFXMDPXWDomRHPWHFLGRVVRPiWLFRVPDVFXOLQRVVHULDOHWDO

&RPDILQDOLGDGHGHWRUQDUSURSRUFLRQDORVSURGXWRVJrQLFRVGRFURPRVVRPR;HQWUH KRPHQV H PXOKHUHV XP GRV FURPRVVRPRV ; GD PXOKHU p LQDWLYDGR QR LQtFLR GR GHVHQYROYLPHQWR&+2:HWDOHVRIUHXPDUHDWLYDomRQDVFpOXODVJHUPLQDWLYDVSDUD UHFRPELQDU FRP R RXWUR FURPRVVRPR ; IHPLQLQR 1R KRPHP R FURPRVVRPR ; QmR VH UHFRPELQD DR ORQJR GH WRGR R VHX FRPSULPHQWR VHQGR WDO SURFHVVR UHVWULWR jV UHJL}HV SVHXGRDXWRVV{PLFDV3$5SVHXGRDXWRVRPDOUHJLRQHORFDOL]DGDVQDVH[WUHPLGDGHVGRV EUDoRVGRVFURPRVVRPRVVH[XDLV

$ 3$5 ORFDOL]DGD QD H[WUHPLGDGH GR EUDoR FXUWR GRV FURPRVVRPRV ; H < FRPSUHHQGH 0E H RV JHQHV GHVWD UHJLmR HVWmR SUHVHQWHV HP GXDV FySLDV HP KRPHQV H PXOKHUHV QmR HVWDQGR VXMHLWRV DR SURFHVVR GH LQDWLYDomR GR FURPRVVRPR ; (VWD UHJLmR DSUHVHQWDXPDIUHTXrQFLDGHUHFRPELQDomRHOHYDGDHpQHFHVViULDSDUDDQRUPDOVHJUHJDomR GRVFURPRVVRPDVVH[XDLVGXUDQWHDPHLRVH(//,6*22')(//2:

1HVWDUHJLmRDUHFRPELQDomRQmRRFRUUHHPWRGDVDVPHLRVHVHDOJXQVJHQHVHVWmRVXMHLWRVj LQDWLYDomRGRFURPRVVRPR;UHIOHWLQGRDFRQGLomRGHVWHFURPRVVRPRDQWHVGDGXSOLFDomR )5(,-(HWDO5266HWDO

$OpP GDV 3$5 RV FURPRVVRPRV VH[XDLV DSUHVHQWDP KRPRORJLD HP UHJL}HV QmR UHFRPELQDQWHV )LJXUD ORFDOL]DGDV QD ;$5 H HP XPD UHJLmR GH WUDQVSRVLomR GR FURPRVVRPR ; ;75;WUDQVSRVHG UHJLRQ VLWXDGD QD ;&5 IRUPDGD SHOD GXSOLFDomR GH PDWHULDO GR ; SDUD R < Ki PLOK}HV GH DQRV 6.$/(76.< HW DO 3$*( HW DO

)LJXUD5HSUHVHQWDomRHVTXHPiWLFDGRVFURPRVVRPRVVH[XDLV;H<FRPDVUHJL}HVGHKRPRORJLD FRORULGDVHQWUHWDLVFURPRVVRPRV

2VPDUFDGRUHV;675DSOLFDGRVHPWHVWHVGHLGHQWLILFDomRKXPDQDHVWmRORFDOL]DGRV HP UHJL}HV QmR UHFRPELQDQWHV HQWUH RV FURPRVVRPRV VH[XDLV PDV D UHFRPELQDomR RFRUUH HQWUHRVFURPRVVRPRV;GDPXOKHUJDUDQWLGRDYDULDELOLGDGHGHVVHVPDUFDGRUHV$VVLPGD PHVPD IRUPD TXH RV DXWRVVRPRV R FURPRVVRPR ; VH UHFRPELQD QDV PXOKHUHV H VLPLODUPHQWH DR FURPRVVRPR < H '1$ PLWRFRQGULDO HP KRPHQV WHP XP PRGHOR TXH SHUPLWHGHWHUPLQDUGLUHWDPHQWHRKDSOyWLSR

'LVWLQWDVFDUDFWHUtVWLFDVJHQpWLFDVVmRSRUWDQWRHVSHUDGDVSDUDRFURPRVVRPR;HP UHODomRDRVDXWRVVRPRVSULQFLSDOPHQWH±XPDPHQRUGLYHUVLGDGHJHQpWLFDGHYLGRjPHQRU WD[DGHPXWDomRHPPXOKHUHVGRTXHHPKRPHQVHXPPHQRUWDPDQKRSRSXODFLRQDOHIHWLYR ,QWHUQDWLRQDO+XPDQ*HQRPH6HTXHQFLQJ&RQVRUWLXP/,<,0$.29$± XPD GHULYD JHQpWLFD PDLV DFHQWXDGD GHYLGR DR PHQRU WDPDQKR SRSXODFLRQDO HIHWLYR H FRQVHTXHQWHPHQWHXPDHVWUXWXUDJHQpWLFDPDLVSURQXQFLDGD±XPPDLRUGHVHTXLOtEULRGH OLJDomRXPDYH]TXHRFURPRVVRPR;UHFRPELQDDSHQDVQDPXOKHU6&+$))1(5

/LJDomRHGHVHTXLOtEULRGHOLJDomRSDUDRFURPRVVRPR;

3HOR IDWR GRV PDUFDGRUHV ;675 HVWDUHP ORFDOL]DGRV QR PHVPR FURPRVVRPR SRU DSHQDVGRVFURPRVVRPRV;VHUHFRPELQDUHPjFDGDJHUDomRHSRUVHUHPPDLVMRYHQVH DSUHVHQWDUHPPHQRUWD[DGHPXWDomRTXHRVPDUFDGRUHV$6675VOLJDomRHGHVHTXLOtEULRGH OLJDomR /' SRGHP RFRUUHU HQWUH RV ;675V VHQGR QHFHVViULR TXH WDLV SDUkPHWURV VHMDP DYDOLDGRV SDUD D SRVWHULRU XWLOL]DomR GHVWHV PDUFDGRUHV QD SUiWLFD IRUHQVH 6=,%25 HW DO D6=,%25

HVWDWtVWLFR TXH VH UHIHUH j DVVRFLDomR QmR UDQG{PLFD GH DOHORV GH GLIHUHQWHVORFL QmR QHFHVVDULDPHQWH QR PHVPR FURPRVVRPR PHGLQGR R GHVYLR GD IUHTXrQFLD KDSORWtSLFD GR SURGXWRGDVIUHTXrQFLDVGRVUHVSHFWLYRVDOHORVQDSRSXODomR6=,%25HWDOD6=,%25

3DUD XP FRQMXQWR GH PDUFDGRUHV D OLJDomR SRGH VHU DYDOLDGD SHOD GHWHUPLQDomR GD IUHTXrQFLDGHUHFRPELQDomRHQWUHHVWHVGHQWUHRVLQGLYtGXRVHPXPDIDPtOLDSHGLJUHH-iR /' SRGH VHU HVWLPDGR SHODV IUHTXrQFLDV DOpOLFDV H KDSORWtSLFDV REWLGDV HP XPD SRSXODomR 7,//0$5HWDO

$WD[DGHUHFRPELQDomRPHLyWLFDpHVWLPDGDSDUDSDUHVGHPDUFDGRUHVHWUDQVIRUPDGD HPGLVWkQFLDJHQpWLFDH[SUHVVDHPFHQWL0RUJDQF0VHQGRTXHF0HTXLYDOHDHVSHUDGD UHFRPELQDomR SRU PHLRVHV $ GLVWkQFLD ItVLFD H JHQpWLFD HQWUH PDUFDGRUHV QmR HVWmR HVWULWDPHQWH FRUUHODFLRQDGDV RX VHMD D GLVWkQFLD ItVLFD GH 0E QmR FRUUHVSRQGH D XPD GLVWkQFLD JHQpWLFD GH F0 3RUWDQWR D VXSRVLomR GH TXH PDUFDGRUHV HVWHMDP OLJDGRV EDVHDQGRVH QD GLVWkQFLD ItVLFD HQWUH HOHV GHYH VHU FRQILUPDGD SHOD DQiOLVH GD WD[D GH UHFRPELQDomR6=,%25HWDOD&RPSDUDo}HVHQWUHDIUDomRGHUHFRPELQDomRREWLGD GRSHGLJUHHHGR5XWJHUVFRPELQHGOLQNDJHSK\VLFDOPDSPDSDRQGHDGLVWkQFLDJHQpWLFDp LQIHULGDDSDUWLUGDGLVWkQFLDItVLFDFRQILUPRXTXHKRWVSRWVGHUHFRPELQDomRHVWmRSUHVHQWHV DR ORQJR GR FURPRVVRPR ; QmR VHQGR HVWD LQIOXHQFLDGD DSHQDV SHOD GLVWkQFLD ItVLFD HQWUH PDUFDGRUHV,17855,HWDO

JUDQGHXWLOLGDGHHPFDVRVGHUHFRQVWUXomRGRSHUILOGRVXSRVWRSDLDWUDYpVGDDQiOLVHGHVHXV DVFHQGHQWHVHRXGHVFHQGHQWHV

3RUWDQWRTXDQGRRVPDUFDGRUHVHVWmRLQWLPDPHQWHOLJDGRV/'SRGHRFRUUHUHWDOIDWR WHPVLGRUHODWDGRQDOLWHUDWXUD';6';6(/'(0$1HWDOD';6± ';6 ± ';6 6=,%25 HW DO H ';6 ± ';6 ± ';6 +(5,1*HWDO6HJXQGR+HULQJHWDOTXDQGRRVPDUFDGRUHVHVWmRVHSDUDGRV SRUF0R/'HQWUHHOHVMipLPSURYiYHO

1R HQWDQWR R /' QmR p GHWHUPLQDGR DSHQDV SHOD GLVWkQFLD JHQpWLFD HQWUH RV 675V SRGHQGRVHURFDVLRQDGRSRUYiULRVRXWURVIDWRUHVFRPRVHOHomRPXWDomRGHULYDDOHDWyULD HIHLWR IXQGDGRU PLVFLJHQDomR RX VXEGLYLVmR SRSXODFLRQDO &+$.5$9$57, =$55$%(,7,$ HW DO $VVLP RV GDGRV GH /' HP XPD SRSXODomR QmR SRGHP VHU H[WUDSRODGRVSDUDRXWUD3DUDPDUFDGRUHVFRPIRUWH/'DIUHTXrQFLDGRVKDSOyWLSRVQmRSRGH VHU HVWLPDGD SHODV IUHTXrQFLDV DOpOLFDV VHQGR QHFHVViULR REWHU WDO GDGR GLUHWDPHQWH GD SRSXODomR6=,%25HWDOD6=,%25

6]LERUHWDODHVWDEHOHFHUDPTXDWURJUXSRVGHOLJDomRSDUDRFURPRVVRPR; ORFDOL]DGRVHP;S;T;TDQG;THNLWVIRUDPGHVHQYROYLGRVFRPDLQFOXVmRGH PDUFDGRUHVSHUWHQFHQWHVDHVWHVJUXSRV

0HQW\SH $UJXV ;8/ %LRW\SH DQDOLVDYD XP PDUFDGRU SRU JUXSR GH OLJDomR ';6';6';6H+357%PDLVDDPHORJHQLQD

0HQW\SH $UJXV ; %LRW\SH DQDOLVD GRLV PDUFDGRUHV SRU JUXSR GH OLJDomR ';6';6';6';6';6';6';6+357% PDLVDDPHORJHQLQD

$SOLFDo}HVGRVPDUFDGRUHVJHQpWLFRVGRFURPRVVRPR;

(P YLUWXGH GR DOWR SRGHU GH LQGLYLGXDOL]DomR H SUDWLFDELOLGDGH D DQiOLVH GRV 675V WRUQRXVHXPDURWLQDDPSODPHQWHXWLOL]DGDQDSUiWLFDIRUHQVH$JUDQGHPDLRULDGRVH[DPHV GHYtQFXORELROyJLFRDERUGDRV675VORFDOL]DGRVHPDXWRVVRPRVHFURPRVVRPR<VHQGRD DQiOLVHGHPDUFDGRUHVGRFURPRVVRPR;DOJRDLQGDUHFHQWH

$ YDQWDJHP GD DSOLFDomR GRV ;675V HP FHUWDV VLWXDo}HV VH Gi SHOD GLIHUHQoD QR Q~PHUR GH FURPRVVRPRV H[LVWHQWH HQWUH RV WUDGLFLRQDLV PDUFDGRUHV DXWRVV{PLFRV H RV GR FURPRVVRPR;SDUDRVLQGLYtGXRVGRVH[RPDVFXOLQR(VWHVDSUHVHQWDPVHPSUHGRLVDOHORV SDUD RV PDUFDGRUHV DXWRVV{PLFRV H DSHQDV XP SDUD RV GR FURPRVVRPR ; $VVLP QR PHFDQLVPRGHKHUDQoDJHQpWLFDRSDLWUDQVIHUHGRVHXSHUILOJHQpWLFRKDSOyWLSRGH FURPRVVRPR;SDUDDILOKDRTXHQmRRFRUUHFRPRVDXWRVV{PLFRVQRVTXDLVDSHQDVGD LQIRUPDomRJHQpWLFDSDWHUQDpKHUGDGD

$QiOLVHGHUHODo}HVELROyJLFDV

DFDVRVFRPLQFRPSDWLELOLGDGHVHQWUHILOKDHVXSRVWRSDLGXRRXWULR

6HJXQGRQRUPDVGHSDGURQL]DomRGRVH[DPHVSHULFLDLVQR%UDVLO0,1,67e5,2'$ -867,d$6(1$63

2QGHQmRRFRUUHUFRLQFLGrQFLDHPQRPtQLPRGRLVORFLRXWURVPDUFDGRUHVGHYHUmR VHU DQDOLVDGRV SDUD VHU FHUWLILFDGD D H[FOXVmR RX FRQILUPDGD D RFRUUrQFLD GH PXWDomR

(P FDVRV GXR RX WULR XPD RX SRXFDV LQFRPSDWLELOLGDGHV VXJHUHP PXWDomR RX D SRVVLELOLGDGHGHUHODomRELROyJLFDHQWUHRVXSRVWRSDLWHVWDGRHRYHUGDGHLURSDLELROyJLFR 2V;675VVmRFDSD]HVGHFRPSOHPHQWDUDDQiOLVHGRVPDUFDGRUHVDXWRVV{PLFRVGH IRUPDPXLWRHILFLHQWHQHVWDVVLWXDo}HVSRLVFRPRRSDLWUDQVIHUHGRVHXSHUILOSDUDD ILOKDRV;675VDSUHVHQWDPPDLRUFKDQFHPpGLDGHH[FOXVmR0(&PHDQH[FOXVLRQFKDQFH

TXH RV DXWRVV{PLFRV FRP VHPHOKDQWH FRQWH~GR GH LQIRUPDomR SROLPyUILFD 3,&

SRO\PRUSKLVP LQIRUPDWLRQ FRQWHQW RX VHMD SRVVXHP XPD PDLRU FDSDFLGDGH GH H[FOXLU GH XPDVLWXDomRGHLQYHVWLJDomRGHSDWHUQLGDGHLQGLYtGXRVQmRUHODFLRQDGRVjFULDQoDWHVWDGD

SDLWHVWDGRGHYHULDVHURLUPmRGRYHUGDGHLURSDLELROyJLFR$DQiOLVHGH;675VIRLFDSD] GHH[FOXLUHPORFXVRLQGLYtGXRWHVWDGRFRPRSDLELROyJLFRGDFULDQoD

(P XP HVWXGR UHDOL]DGR SRU 6LOYHLUD HW DO TXDWUR FDVRV FRPSOLFDGRV GH SDWHUQLGDGH FRPSUHHQGHQGR GRLV WULRV PmHILOKDVXSRVWR SDL H GXDV GXSODV ILOKDVXSRVWR SDL REWLYHUDP EDL[R tQGLFH GH SDWHUQLGDGH GHYLGR j SUHVHQoD GH XPD VXSRVWD PXWDomR SDWHUQD SHUPDQHFHQGR LQFRQFOXVLYRV $R VH DQDOLVDU ;675V HP WRGRV RV FDVRV R KDSOyWLSRSDWHUQRIRLGLIHUHQWHGRDSUHVHQWDGRSHODILOKDHRVXSRVWRSDLIRLH[FOXtGRFRPRSDL ELROyJLFRGHVWD(PRXWURHVWXGR;675VFRQILUPDUDPDUHODomRSDWHUQDFDVRHPDWHUQD FDVRDSyVSUHVHQoDGHXPDPXWDomRHP675VDXWRVV{PLFRVNLW,GHQWLILOHU$SSOLHG %LRV\VWHPV&+(1HWDO$VVLPDDSOLFDomRGRV;675VPRVWURXVHUXPDSRGHURVD IHUUDPHQWD QD UHVROXomR GH FDVRV TXH DSUHVHQWDUDP SRXFDV LQFRQVLVWrQFLDV DSyV DQiOLVH GH DXWRVV{PLFRV

EFDVRVFRPGLILFXOGDGHGHVHDQDOLVDURPDWHULDOELROyJLFR

(PVLWXDo}HVGHSDUHQWHVFRFRPGLILFXOGDGHSDUDVHDQDOLVDURPDWHULDOELROyJLFRWDLV FRPRHPH[XPDomRHPERUDRPDWHULDODVHUJHQRWLSDGRpGRVXSRVWRSDLRQ~PHURGH675V DPSOLILFDGRVFRPVXFHVVRSRGHVHUPHQRUGRTXHJHUDOPHQWHVHREWpPFRPDPRVWUDVIUHVFDV FRPRVDQJXHHRODXGRSRGHSHUPDQHFHULQFRQFOXVLYR&RPRRV;675VSRVVXHPPDLRUHV YDORUHVGH0(&TXHDRVDXWRVV{PLFRVVXILFLHQWHSRGHUHVWDWtVWLFRSRGHVHUREWLGRTXDQGRXP SHTXHQRQ~PHURGHVWHVPDUFDGRUHVVmRDQDOLVDGRV6=,%25HWDOD

FFDVRVGHILFLHQWHVGHSDWHUQLGDGH

1HVWHVFDVRVRPDWHULDOELROyJLFRGRVXSRVWRSDLQmRHVWiGLVSRQtYHOHR'1$GHVHXV SDUHQWHVpDQDOLVDGRSDUDDUHFRQVWUXomRGRVHXSHUILOJHQpWLFR&RPDDQiOLVHGRVWUDGLFLRQDLV 675VDXWRVV{PLFRVHVWHVFDVRVSRGHPSHUPDQHFHULQFRQFOXVLYRVSRLVSDUDVHWHUXPDERD UHFRQVWUXomR GR SHUILO GR VXSRVWR SDL YiULRV SDUHQWHV GHVWH SUHFLVDP VHU JHQRWLSDGRV 1R HQWDQWRHVWHIDWRSRGHHQFDUHFHURFXVWRGRH[DPHHRXDOJXPDVSHVVRDVSRGHPVHQHJDUD GRDU R PDWHULDO ELROyJLFR HRX SRGHP KDYHU SRXFRV SDUHQWHV GLVSRQtYHLV REWHQGRVH XP EDL[RSRGHUHVWDWtVWLFRSDUDRYtQFXORELROyJLFRLQYHVWLJDGR

1D UHFRQVWUXomR FRP HPSUHJR GH ;675V D PmH GR VXSRVWR SDL p EDVWDQWH LPSRUWDQWHSRLVRVDOHORVSDWHUQRVSRGHPVHUIDFLOPHQWHGHWHUPLQDGRVDSDUWLUGHODMiTXHR SDLKHUGDDSHQDVXPFURPRVVRPR;RPDWHUQR5266HWDO$VVLPTXDQGRDVXSRVWD DYy SDWHUQD HVWi SUHVHQWH WDLV FDVRV SRGHP VHU IDFLOPHQWH VROXFLRQDGRV R TXH QmR RFRUUH FRP RV DXWRVV{PLFRV VHQGR QHFHVViULD D WLSDJHP GH PDLV SDUHQWHV GR VXSRVWR SDL $OpP GLVVRVHDVXSRVWDDYyQmRHVWiSUHVHQWHVHXSHUILOSRGHVHUIDFLOPHQWHGHWHUPLQDGRDWUDYpV GHVXDVILOKDVHPXLWRPDLVIDFLOPHQWHDSDUWLUGRVLUPmRVGRVXSRVWRSDLRTXHDXPHQWDDV FLUFXQVWkQFLDVHPTXHERQVUHVXOWDGRVSRGHPVHUREWLGRVFRPRV;675V6=,%25HW DO D(PFDVRVGHLQYHVWLJDomRGHYtQFXORELROyJLFRQRVTXDLVHVWDYDPSUHVHQWHVDPmH DFULDQoDHDVXSRVWDDYySDWHUQDDRDGLFLRQDU;675VjDQiOLVHDQWHULRUPHQWHIHLWDFRP DXWRVV{PLFRVNLW,GHQWLILOHU$SSOLHG%LRV\VWHPVE\/LIH7HFKQRORJLHVRYDORUGDUD]mRGH YHURVVLPLOKDQoDV/5IRLDYH]HVPDLRUGRTXHRREWLGRDSHQDVFRPDXWRVV{PLFRV $48,12HWDO

GLIHUHQWHV DOHORV HP XP PDUFDGRU GR FURPRVVRPR ; SHUPLWH D H[FOXVmR GD SDWHUQLGDGH FRPXP HQWUH HODV DWp PHVPR VH QHQKXP GRV SDLV ELROyJLFRV RX VHXV SDUHQWHV IRUHP DQDOLVDGRV 6=,%25 HW DO D $WUDYpV GH PDUFDGRUHV DXWRVV{PLFRV DPEDV SRGHULDP DSDUHQWDUVHUHPLUPmVMiTXHRSDLSRGHWHUGRDGRXPGHVHXVDOHORVSDUDXPDILOKDHRVHX RXWUR DOHOR SDUD D RXWUD 7XUULQD $W]HL 'H /HR XWLOL]DUDP DSHQDV ;675V SDUD DX[LOLDUQDUHVROXomRGHXPFDVRGHPHLDLUPmVQRTXDODDQiOLVHGHDXWRVV{PLFRVQmRIRL VXILFLHQWH

GFDVRVGHPDWHUQLGDGH

(P YLUWXGH GDV DOWDV WD[DV GH LOHJLWLPLGDGH SDWHUQD YLVWDV QD VRFLHGDGH PRGHUQD D LGHQWLILFDomRGHHVTXHOHWRVDWUDYpVGDDQiOLVHGHPmHILOKRpPDLVUHTXHULGDTXHDGHSDLILOKR 3DUD RV WHVWHV PmHVILOKDV RV ;675V VmR HTXLYDOHQWHV DRV DXWRVV{PLFRV QR HQWDQWR SDUD PmHVILOKRV WDLV PDUFDGRUHV VmR H[WUHPDPHQWH HILFLHQWHV Mi TXH R ILOKR SRVVXL DSHQDV XP DOHOR SDUD FDGD ;675 H HVWH GHYH REULJDWRULDPHQWH HVWDU SUHVHQWH QD PmH $ FKDQFH GH H[FOXVmRQHVVHVFDVRVpLGrQWLFDSDUDRVWHVWHVSDLILOKD6=,%25HWDOD'HDFRUGR FRP7RQL'RPHQLFL3UHVFLXWWLQLQHVWHVFDVRVRV0(&VREWLGRVVmRTXDVHGXDVYH]HV PDLRUHV TXH RV YDORUHV FRQVHJXLGRV SDUD 675V DXWRVV{PLFRV FRP PRGHUDGD KHWHUR]LJRVH

HFDVRVGHYLROrQFLDVH[XDOFRPIHWRGRVH[RIHPLQLQR

XWLOL]DGRV H D SURYD GH SDWHUQLGDGH UHFDL VREUH RV DOHORV GR HPEULmR TXH QmR VmR FRPSDUWLOKDGRVFRPDPmH&RPRSDUDRV;675VRKRPHPDSUHVHQWDDSHQDVXPDOHORHVWHV VmR PHOKRUHV TXH RV DXWRVV{PLFRV Mi TXH D SUREDELOLGDGH GH VH H[FOXLU XP LQGLYtGXR IDOVDPHQWH DFXVDGR p PDLRU (P FDVRV GH LQFHVWR SDLILOKD QR HQWDQWR D DSOLFDomR GRV ;675VILFDOLPLWDGDSRLVWRGRVRVDOHORVGRHPEULmRHVWmRSUHVHQWHVQDPmHDRFRQWUiULR GRV 675V DXWRVV{PLFRV QRV TXDLV SRGHVH REWHU DOHORV GR HPEULmR TXH IRUDP REULJDWRULDPHQWHKHUGDGRVGRSDL6=,%25HWDOD

$QiOLVHGHYHVWtJLRELROyJLFR

4XDQGR SUHFLVDPRV GHWHUPLQDU D LGHQWLGDGH GH XPD YHVWtJLR ELROyJLFR RX VHMD LGHQWLILFDUTXHPFRQWULEXLXSDUDDIRUPDomRGHWDOYHVWtJLRQRFDVRGHQmRKDYHUPLVWXUDGH PDWHULDO ELROyJLFR RV PDUFDGRUHV GR FURPRVVRPR ; SRVVXHP XPD FDSDFLGDGH GH GLVFULPLQDomR VHPHOKDQWH DRV DXWRVV{PLFRV TXDQGR R SHUILO p IHPLQLQR SRUpP D GLVFULPLQDomRpPHQRUVHRSHUILOIRUPDVFXOLQR$VVLPRVPDUFDGRUHVGRFURPRVVRPR;QmR VmRPDLVYDQWDMRVRVTXHRVDXWRVV{PLFRVQHVWDVVLWXDo}HV*860­2$/9(6

1R HQWDQWR HP FDVRV GH PLVWXUD TXDQGR GHVHMDPRV LGHQWLILFDU XP FRPSRQHQWH IHPLQLQRHPYHVWtJLRFRQWDPLQDGRFRPPDWHULDOGRDJUHVVRURV;675VmRGHJUDQGHYDOLD SRLVGLILFLOPHQWHRSHUILOIHPLQLQRVHUiLGrQWLFRDRPDVFXOLQR*860­2$/9(6

$QFHVWUDOLGDGH

FURPRVVRPR8PDYH]TXHHVWHHQFRQWUDVHSUHVHQWHHPDPERVRVVH[RVHDSUHVHQWDDIRUPD KDSORWtSLFD QR VH[R PDVFXOLQR VXD JHQHDORJLD p LQWHUHVVDQWH SRLV IRUQHFH LQIRUPDomR GRV FRPSRQHQWHV PDVFXOLQR H IHPLQLQR GD SRSXODomR $VVLP D FRPSDUDomR GD JHQHDORJLD GR FURPRVVRPR;FRPDVGRFURPRVVRPR<H'1$PLWRFRQGULDOGHYHVHULQIRUPDWLYDSDUDD KLVWyULDGDRULJHPJHQpWLFDGDVSRSXODo}HV6$1726/23(6HWDO

0DUFDGRUHV;675VLVWHPDVPXOWLSOH[HIUHTXrQFLDVDOpOLFDV

2SRWHQFLDOGRVPDUFDGRUHVJHQpWLFRVSUHVHQWHVQRVDXWRVVRPRVQRFURPRVVRPR<H QR'1$PLWRFRQGULDOWHPVLGRDPSODPHQWHH[SORUDGRSHODJHQpWLFDSRSXODFLRQDOHIRUHQVH QRHQWDQWRIDOWDXPDPDLRUFRQWULEXLomRGRFURPRVVRPR;$VVLPFUHVFHDLQYHVWLJDomRHP WDOFURPRVVRPRHGLYHUVRVPDUFDGRUHVWrPVLGRHVWXGDGRVSRUGLIHUHQWHVJUXSRV0DLVGH ;675V IRUDP GHVFULWRV H 6]LERU HP VXD UHYLVmR UHSRUWRX DV FDUDFWHUtVWLFDV GRV PDUFDGRUHVGHXVRIRUHQVHPDLVFRQKHFLGRVDWpDTXHODGDWD)LJXUD

)LJXUD'LVWULEXLomRGHPDUFDGRUHV;675VGHXVRIRUHQVH

9iULRV VLVWHPDV PXOWLSOH[ FRPHUFLDOPHQWH GLVSRQtYHLV WRUQDUDPVH DPSODPHQWH XWLOL]DGRV HP JHQpWLFD SRSXODFLRQDO H IRUHQVH SULQFLSDOPHQWH GHYLGR j IDFLOLGDGH GH XWLOL]DomRHDRVHXHOHYDGRSRGHUGHGLVFULPLQDomRWDLVFRPR3RZHU3OH[H3RZHU3OH[ ' 3URPHJD H $PS)/675 ,GHQWLILOHU H $PS)Ɛ675 0LQL)LOHU $SSOLHG %LRV\VWHPV E\ /LIH7HFKQRORJLHVSDUDDQiOLVHGH$6675VH0HQ3OH[$UJXV<0+%LRW\SH3RZHU3OH[ < 3URPHJD H $PS)O67570 <ILOHU $SSOLHG %LRV\VWHPV E\ /LIH 7HFKQRORJLHV SDUD LQYHVWLJDomR GH <675V 5HODWLYDPHQWH DRV ;675V FRPR Mi PHQFLRQDGR WUrV NLWV FRPHUFLDLV IRUDP GHVHQYROYLGRV 0HQW\SH $UJXV ;8/ %LRW\SH SULPHLURNLW SURGX]LGR GLVSRQtYHOQRPHUFDGRPDVQmRQR%UDVLOGHD0HQW\SH$UJXV;%LRW\SH ODQoDGRHPHGLVSRQtYHOFRPHUFLDOPHQWHQRPRPHQWRPDVQmRQR%UDVLOH,QYHVWLJDWRU $UJXV ; 4,$*(1 PDLV UHFHQWHNLW GLVSRQtYHO FRPHUFLDOPHQWH WDPEpP QR %UDVLO KWWSZZZFKU[VWURUJDFHVVRHPQRY

$OJXQVWUDEDOKRVDQDOLVDUDPPDUFDGRUHVFRQWLGRVQRVNLWVFRPHUFLDLV7,//0$5HW DO =$/È1 HW DO =$/È1 HW DO 9(5=(/(77, HW DO 7,( 8&+,*$6$. 26+,'$ =(1* HW DO ('(/0$11 HW DO 3RUpP PXLWRVJUXSRVGHVHQYROYHUDPVLVWHPDVPXOWLSOH[³LQKRXVH´SOH[/((HWDOSOH[ 32(76&+ HW DO SOH[ 52%,12 HW DO SOH[ %,1, HW DO SOH[ *860­2HWDOSOH[6+,1HWDOH5,%(,5252'5,*8(6HWDOH SOH[+:$HWDO

$OJXQVDXWRUHVQmRWrPREVHUYDGRGLIHUHQoDVVLJQLILFDWLYDVQDGLVWULEXLomRDOpOLFDGRV ;675VGHQWUHGLIHUHQWHVUHJL}HVGD(XURSD=$55$%(,7,$HWDO52%,12HWDO $/(5 HW DO 3RUpP GLIHUHQoDV VLJQLILFDWLYDV IRUDP UHODWDGDV HQWUH 1RUWH $PHULFDQRVFODVVLILFDGRVFRPRDIULFDQRVKLVSkQLFRVHDVLiWLFRV*20(6HWDODHQWUH DIULFDQRV *20(6 HW DO E *20(6 HW DO D HQWUH D SRSXODomR &RUHDQD H *HUPkQLFD &KLQHVD H (VSDQKROD 6+,1 HW DO HQWUH LWDOLDQRV H FKLQHVHV 9(5=(/(77,HWDOHQWUHDSRSXODomR,EpULFDH/DWLQR$PHULFDQD*860­2HWDO HQWUH SRSXODo}HV FKLQHVDV H LWDOLDQD HVSDQKROD JHUPkQLFD SDTXLVWDQHVD GHQWUH RXWUDV/,8HWDOFRQFOXLQGRTXHXPEDQFRGHGDGRVFRPXPQmRSRGHVHUXWLOL]DGR SDUDRVPDUFDGRUHV;675V

3RUILPHPIRLDQXQFLDGRXPEDQFRGHGDGRVSDUDPDUFDGRUHVGRFURPRVVRPR ;DFHVVDGRSHORHQGHUHoRZZZFKU[VWURUJ6=,%25+(5,1*('(/0$111R EDQFRSRGHVHHQFRQWUDULQIRUPDo}HVGHVWHVPDUFDGRUHVHVmRFDGDVWUDGRVGDGRVGHGLYHUVDV SRSXODo}HVSRUpPHVWHVQmRSUHFLVDPHVWDUSXEOLFDGRVGHVGHTXHDWHQGDPDFHUWRVSDGU}HVGH TXDOLGDGHHVWDEHOHFLGRVQREDQFR2%UDVLOFRPVXDSRSXODomRHPSURSRUomRFRQWLQHQWDOH PXLWRKHWHURJrQHDSDUDDTXDOMiVHWHPUHODWDGRGLIHUHQoDVQDGLVWULEXLomRDOpOLFDGH;675V *860­2HWDOQmRSRVVXLXPEDQFRGHGDGRVSDUDWDLVPDUFDGRUHV

2VREMHWLYRVGHVWHWUDEDOKRIRUDP

'HWHUPLQDU DV IUHTXrQFLDV DOpOLFDV GH UHJL}HV 675 GR FURPRVVRPR ; ';6 ';6 ';6 ';6 ';6 ';6 ';6 *$7$'

*$7$( ';6 HP LQGLYtGXRV EUDVLOHLURV UHVLGHQWHV HP 6mR 3DXOR63 5LRGH-DQHLUR5-9LWyULD(6H%HOR+RUL]RQWH0*

$YDOLDUDHILFLrQFLDIRUHQVHGHVVHVPDUFDGRUHVQDVSRSXODo}HVHVWXGDGDV

9HULILFDUVHKiGLIHUHQoDVLJQLILFDWLYDGHQWUHDVSRSXODo}HVDQDOLVDGDVHHQWUHHVWDVHRXWUDV FRPGDGRVUHODWDGRVQDOLWHUDWXUD

&RPSURYDU D HILFiFLD GR VLVWHPD ;675GHFDSOH[ HP FDVRV QmR VROXFLRQDGRV SHORV PDUFDGRUHVDXWRVV{PLFRVWUDGLFLRQDLV

$VSHFWRVeWLFRV

(VWHSURMHWRSRVVXLDDSURYDomRGR&RPLWrGHeWLFDHP3HVTXLVD&(3GR,QVWLWXWR (VWDGXDO GH +HPDWRORJLD $UWKXU GH 6LTXHLUD &DYDOFDQWL ± +(025,2 $1(;2 $ GD )XQGDomR&HQWURGH+HPDWRORJLDH+HPRWHUDSLDGH0LQDV*HUDLV+(020,1$6$1(;2 %GD)DFXOGDGHGH2GRQWRORJLDGD8QLYHUVLGDGHGH6mR3DXOR±)2863$1(;2&HGD )DFXOGDGH GH &LrQFLDV )DUPDFrXWLFDV GD 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD -~OLR GH 0HVTXLWD )LOKR81(63$UDUDTXDUD$1(;2'

&DVXtVWLFD

3DUDGHWHUPLQDUDVIUHTXrQFLDVDOpOLFDVGRVPDUFDGRUHV;675IRUDPHVWXGDGRV LQGLYtGXRVDSDUHQWHPHQWHVDXGiYHLVQmRDSDUHQWDGRVHUHVLGHQWHVHP6mR3DXOR63Q PXOKHUHV H KRPHQV 5LR GH -DQHLUR5- Q PXOKHUHV H KRPHQV 9LWyULD(6 Q PXOKHUHV H KRPHQV H %HOR +RUL]RQWH0* Q PXOKHUHVHKRPHQV

$VIUHTXrQFLDVDOpOLFDVREWLGDVQHVWHHVWXGRIRUDPDSOLFDGDVHPWUrVFDVRV$%H& GHGHWHUPLQDomRGRYtQFXORELROyJLFRSHODDQiOLVHGR'1$FRPSUHHQGHQGRDDQiOLVHGHQRYH DPRVWUDVELROyJLFDV&DVR$PmHFULDQoDHPmHGRVXSRVWRSDL&DVR%PmHFULDQoDPmH GRVXSRVWRSDLHILOKDELROyJLFDGRVXSRVWRSDL&DVR&FULDQoDHPmHGRVXSRVWRSDL

&ROHWDGRPDWHULDOELROyJLFRHH[WUDomRGR'1$

GR YtQFXOR ELROyJLFR H D HVWUXWXUD ODERUDWRULDO SDUD R GHVHQYROYLPHQWR GR SURMHWR IRUDP IRUQHFLGRV SHOR /DERUDWyULR GH ,QYHVWLJDomR GH 3DWHUQLGDGH GD )DFXOGDGH GH &LrQFLDV )DUPDFrXWLFDVGD81(63$UDUDTXDUD

7RGDV DV DPRVWUDV VDQJXH IRUDP FROHWDGDV HP SDSHO )7$ :KDWPDQ $V DPRVWUDV RULXQGDV GRV LQGLYtGXRV GD UHJLmR VXGHVWH IRUDP H[WUDtGDV GD VHJXLQWH IRUPD GLVFRPPGHSDSHO)7$IRLFRUWDGRFRPRDX[tOLRGR+DUULV0LFUR3XQFKHH&XWWLQJ 0DW:KDWPDQHGHSRVLWDGRHPPLFURWXERGHP/3URFHGHXVHjH[WUDomRFRP—/ GHVROXomR)7$3XULILFDWLRQ5HDJHQW:KDWPDQVHJXLQGRVHGHGXDVODYDJHQVFRP—/ GD PHVPD VROXomR SRVWHULRUPHQWH R GLVFR IRL WUDWDGR GXDV YH]HV FRP —/ GH VROXomR '1$5HK\GUDWLRQ3URPHJDLQFXEDGRjž&SRUXPDDGXDVKRUDVHDUPD]HQDGRjž& SRUQRPi[LPRXPDVHPDQD

$V QRYH DPRVWUDV LQFOXtGDV QRV FDVRV GH LQYHVWLJDomR GH YtQFXOR ELROyJLFR IRUDP H[WUDtGDV FRPR VHJXH GLVFR GH SDSHO )7$ IRL FRUWDGR FRP R DX[tOLR GR+DUULV 0LFUR 3XQFKH H &XWWLQJ 0DW :KDWPDQ H GHSRVLWDGR HP PLFURWXER GH P/ QR TXDO DGLFLRQRXVH —/ GH iJXD H LQFXERXVH SRU PLQXWRV j WHPSHUDWXUD DPELHQWH 3RVWHULRUPHQWHFHQWULIXJRXVHDUSPSRUPLQHGHVFDUWRXVHDiJXD$GLFLRQRXVH —/GH&KHOH[LQFXEDQGRVHDž&SRUKRUD9RUWH[RXVHLQFXERXVHDž&SRU PLQXWRV FHQWULIXJRXVH D USP SRU PLQXWRV H WUDQVIHULXVH R VREUHQDGDQWH SDUD QRYRPLFURWXERRTXDOIRLDUPD]HQDGRjž&

5HDomRGHDPSOLILFDomRGRV;675V

)LJXUD,GLRJUDPDGRFURPRVVRPR;FRPDORFDOL]DomRFLWRJHQpWLFDHItVLFDGRV;675V HVWXGDGRVQHVWHWUDEDOKR

)RQWH(VWHWUDEDOKR

$ HVWUXWXUD GH UHSHWLomR GRV PDUFDGRUHV ;675 H DV QRPHQFODWXUDV DOpOLFDV XWLOL]DGDV FRQIRUPH GHVFULWR SRU *XVPmR HW DO HVWmR DSUHVHQWDGDV QD 7DEHOD D VHJXLU

';60E

';60E

';60E

';60E

';60E

';60E*$7$'0E

*$7$(0E

';60E

7DEHOD(VWUXWXUDGHUHSHWLomRHQRPHQFODWXUDVXWLOL]DGDVSDUDRV;675V 0DUFDGRU (VWUXWXUDGHUHSHWLomR 5HIHUrQFLD

';6 &7$7Q (GHOPDQQHWDOE

';6 7$7&$7&7$7&Q +HULQJ6]LERU

';6 $7$*Q (GHOPDQQHWDOE

*$7$( $***±$*$7Q *RPHVHWDOE

*$7$' 7$*$Q (GHOPDQQHWDOE

';6 7&&$17&&$Q =DUUDEHLWLDHWDOD

';6 &7$7_$7&7Q$7&717$7&Q

Q1$7&7Q (GHOPDQQHWDO

';6 7&7$Q (GHOPDQQHWDOE

';6 7$*$Q *XVPmRHWDO

';6 7$7&7$7*Q7$7&Q +HULQJ.XKOLVFK6]LERU 2EV1mRHVWmRDSUHVHQWDGDVDVHVWUXWXUDVGRVDOHORVLQWHUPHGLiULRV

$VUHDo}HVGHDPSOLILFDomRIRUDPUHDOL]DGDVHPWRGDVDVDPRVWUDVGH'1$DWUDYpVGH XPD UHDomRGHFDSOH[ TXH SHUPLWLX DYDOLDU RV ;675V SURSRVWRV HP XPD ~QLFD UHDomR 8WLOL]RXVH R WHUPRFLFODGRU *HQH$PSŠ _{3&56\VWHP $SSOLHG %LRV\VWHPV E\ /LIH}

7HFKQRORJLHVHDUHDomRIRLSUHSDUDGDFRPSHTXHQDVPRGLILFDo}HVHPUHODomRjGHVFULWDSRU *XVPmRHWDOFRPRVHJXH

—/*ROG675;%XIIHU3URPHJD

—/3ULPHU0L[[LQFOXLWRGRVRVSULPHUVDXPDFRQFHQWUDomRGH—07DEHOD —/8GH3ODWLQXPŠ_{7DT'1$3RO\PHUDVH,QYLWURJHQ}

ÈJXDXOWUDSXUD0LOOL4DXWRFODYDGDTVSȝO

GLVFRGHSDSHO)7$FRP'1$RX—/GHVROXomRUHVXOWDQWHGDH[WUDomRFRP&KHOH[RX —/GDVDPRVWUDVGH'1$SDGUmR$HDQJ—/3URPHJD

&LFODJHP

ž&±PLQXWRV ž&±VHJXQGRV ž&±VHJXQGRV ž&±VHJXQGRV

$V DPRVWUDV SDGUmR $ 3URPHJD H 3URPHJD IRUDP XWLOL]DGDV FRPR FRQWUROHVQDUHDomRGHDPSOLILFDomR

ž&±VHJXQGRV

ž&±VHJXQGRV[ ž&±VHJXQGRV

ž&±PLQXWRV

7DEHOD6HTXrQFLDGRVSULPHUVSDUDRV;675VDGDSWDGDGH*860­2HWDO

3UHSDURGDDPRVWUDSDUDHOHWURIRUHVH

$VDPRVWUDVSURYHQLHQWHVGRVLQGLYtGXRVGDUHJLmRVXGHVWHIRUDPVXEPHWLGDVj FRUULGD HOHWURIRUpWLFD HP DQDOLVDGRU JHQpWLFR $%, $SSOLHG %LRV\VWHPV E\ /LIH 7HFKQRORJLHV H DV DPRVWUDV RULXQGDV GRV FDVRV GH GHWHUPLQDomR GR YtQFXOR ELROyJLFR j HOHWURIURUHVHFDSLODUHP$%,$SSOLHG%LRV\VWHPVE\/LIH7HFKQRORJLHVSUHSDUDQGRVH DVDPRVWUDVGHIRUPDVGLIHUHQWHV

675 2ULHQWDomR 0DUFDomR6HTXrQFLD 5HIHUrQFLD

';6 IRUZDUG )$077$**&$$&&&**7**7&& $&$$*$$&*$$$&7&&$$&7&

(GHOPDQQHWDOE

UHYHUVH

';6 IRUZDUG )$0&*$*&$&$&&7$&$$$$*&7* 7$**&7&$&&7&$&7*$*&$

*RPHVHWDOD

UHYHUVH

';6 IRUZDUG )$0&$&77&&$$$$****$$$$$ $&77*7$&77**7***$**$$

*XVPmRHWDO

UHYHUVH

*$7$( IRUZDUG )$0*&$$****$*$$**&7$*$$ 7&$*&7*$&$*$*&$&$*$*$

*XVPmRHWDO

UHYHUVH

*$7$' IRUZDUG 9,&7$*7**7*$7**77*&$&$* $7$$77*$$$*&&&**$77&

(GHOPDQQHWDOE

UHYHUVH

';6 IRUZDUG 9,&*7&77&&7*7&$7&7&&&$$& 7$*&77$*&*&&7**&$&$7$

(GHOPDQQHWDOE

UHYHUVH

';6 IRUZDUG 9,&7&&$7&777&7&7*$$&&77&& 7*&777$**&7*$7*7*$**

*RPHVHWDOD

UHYHUVH

';6 IRUZDUG 1('7&&&&7&7&$7&7$7&7*$&7* &$&7&&7**7*&&$$$&7&7

*RPHVHWDOD

UHYHUVH

';6 IRUZDUG 1('&7***7*$$*$*$$*&$**$ **&$$7$&$&$77&$7$7&$**$

*XVPmRHWDO

UHYHUVH

';6 IRUZDUG 1('&77&$77$7*7*&7****7$$$ $&&7&*7*$7&$7*7$$*77**

*RPHVHWDOD

3UHSDURGHDPRVWUDVSDUD$%,

—/3DGUmRLQWHUQRGHFRUULGD52;$SSOLHG%LRV\VWHPVE\/LIH7HFKQRORJLHV —/%OXH'H[WUDQ/RDGLQJ6ROXWLRQ3URPHJD

—/3URGXWRGHDPSOLILFDomR

$VDPRVWUDVIRUDPVXEPHWLGDVjFRUULGDHOHWURIRUpWLFDQRDQDOLVDGRUJHQpWLFR$%, $SSOLHG %LRV\VWHPV E\ /LIH 7HFKQRORJLHV H —/ IRUDP DSOLFDGRV QR JHO R TXDO IRL SUHSDURFRQIRUPHSURWRFRORDEDL[R

*HOSROLDFULODPLGDP/ JGH8UpLD3URPHJD

JGH$PEHUOLWH;$'6LJPD

P/GH/RQJ5DQJHU*HO6ROXWLRQ&DPEUH[ P/ÈJXDXOWUDSXUD0LOOL4DXWRFODYDGD

(VWHV UHDJHQWHV IRUDP KRPRJHQHL]DGRV HP XP DJLWDGRU PDJQpWLFR SRU PLQXWRV VHJXLQGRVHGHDGLomRGHP/GH7ULV%RUDWR('7$;0('7$0HUFN0 7ULVEDVH 86% 0 ÈFLGR %yULFR 86% S+ H GHDHUDomR SRU PLQXWRV 3RVWHULRUPHQWHDR JHOGHDHUDGRIRUDPDGLFLRQDGRV—/GH3HUVXOIDWRGH$P{QLR 6LJPD$OGULFKH—/GH7(0('$PUHVFR&RPXPDVHULQJDGHP/DSOLFRXVHR JHO VREUH R FRQMXQWR GH SODFDV SUHYLDPHQWH OLPSDV H PRQWDGDV TXH IRUDP FRORFDGDV QR DQDOLVDGRUSDUDDUHDOL]DomRGDFRUULGDHOHWURIRUpWLFD

3UHSDURGHDPRVWUDVSDUD$%,

—/3DGUmRGHFRUULGD*HQH6FDQ/,=$SSOLHG%LRV\VWHPVE\/LIH7HFKQRORJLHV —/+L'L)RUPDPLGH$SSOLHG%LRV\VWHPVE\/LIH7HFKQRORJLHV

—/3URGXWRGHDPSOLILFDomR

1D HOHWURIRUHVH XWLOL]RXVH R SROtPHUR 323 $SSOLHG %LRV\VWHPV E\ /LIH 7HFKQRORJLHVHFDSLODUGHFP$SSOLHG%LRV\VWHPVE\/LIH7HFKQRORJLHV

'HWHUPLQDomRGRVSHUILVDOpOLFRVHDQiOLVHHVWDWtVWLFD

$ DQiOLVH GRVDPSOLFRQV SDUD REWHQomR GRV UHVSHFWLYRV SHUILV DOpOLFRV IRL UHDOL]DGD FRPRDX[tOLRGRSURJUDPD*HQH6FDQ$SSOLHG%LRV\VWHPVE\/LIH7HFKQRORJLHVQRFDVRGR $%,H*HQH0DSSHUŠ,';Y$SSOLHG%LRV\VWHPVE\/LIH7HFKQRORJLHVQRFDVRGR $%,

$V DPRVWUDV SDGUmR IHPLQLQD $ 3URPHJD H PDVFXOLQD 3URPHJD IRUDP XWLOL]DGDVFRPRUHIHUrQFLDSDUDDGHWHUPLQDomRDOpOLFDHRSHUILOGHVWDVHVWmRDSUHVHQWDGRVQD 7DEHODDGDSWDGDGH*XVPmRHWDO

7DEHOD3HUILODOpOLFRGDVDPRVWUDVGH'1$SDGUmRXWLOL]DGDVFRPRUHIHUrQFLDDGDSWDGDGH *860­2HWDO

0DUFDGRU $ 5HIHUrQFLD

';6 6]LERUHWDOE

';6 *RPHVHWDOD

';6 6]LERUHWDOE

*$7$( *XVPmRHWDO

*$7$' 6]LERUHWDOE

';6 6]LERUHWDOE

';6 6]LERUHWDOE

';6 6]LERUHWDOE

';6 *XVPmRHWDO

';6 6]LERUHWDOE

&RPRDX[tOLRGRSURJUDPD$UOHTXLQY(;&2)),(5/$9$/6&+1(,'(5 IRUDP GHWHUPLQDGDV DV IUHTXrQFLDV DOpOLFDV GDV SRSXODo}HV HVWXGDGDV H UHDOL]DGR R WHVWH H[DWR SDUD DYDOLDU R GHVHTXLOtEULR GH OLJDomR H D GLYHUJrQFLD GR HTXLOtEULR GH +DUG\ :HLQEHUJ6HJXQGR'HVPDUDLVHWDOFRPRSURJUDPD([FHOIRUDPGHWHUPLQDGRVRV GLYHUVRV SDUkPHWURV HVWDWtVWLFRV GH DYDOLDomR IRUHQVH FKDQFH PpGLD GH H[FOXVmR HP WULRV HQYROYHQGRILOKD±0(&7FKDQFHPpGLDGHH[FOXVmRHPGXRSDLILOKD±0(&'SRGHUGH GLVFULPLQDomRPDVFXOLQR±3'0HSRGHUGHGLVFULPLQDomRIHPLQLQR3')

$OpP GLVVR SDUD DYDOLDU D H[LVWrQFLD RX QmR GH GLIHUHQoD VLJQLILFDWLYD GHQWUH DV SRSXODo}HVHVWXGDGDVHHQWUHHVWDVHRXWUDVUHODWDGDVQDOLWHUDWXUDWDPEpPFRPRSURJUDPD $UOHTXLQ IRUDP UHDOL]DGRV R WHVWH H[DWR GH GLIHUHQFLDomR GH SRSXODo}HV H R FiOFXOR GH GLVWkQFLDJHQpWLFD)67

$QiOLVHHVWDWtVWLFDQRVFDVRVGHUHODo}HVELROyJLFDV

2V FDVRV $ % H & SULPHLUDPHQWH IRUDP DQDOLVDGRV FRP PDUFDGRUHV $6675V H SRVWHULRUPHQWHFRPPDUFDGRUHV;675V

$WLSDJHPHDDQiOLVHHVWDWtVWLFDSDUDRV$6675VIRUDPHIHWXDGDVSHOR/DERUDWyULRGH ,QYHVWLJDomR GH 3DWHUQLGDGH GD 81(63 XWLOL]DQGRVH R .LW 3RZHU3OH[ 3URPHJD H R SURJUDPD)DPLOLDVY(*(/$1'HWDOUHVSHFWLYDPHQWH

$ WLSDJHP GH ;675V IRL IHLWD FRPR SDUWH GHVWH SURMHWR GH GRXWRUDGR FRQIRUPH SURWRFROR GHVFULWR DQWHULRUPHQWH 2 FiOFXOR GH /LNHOLKRRG 5DWLR /5 RX 5D]mR GH 9HURVVLPLOKDQoD IRL UHDOL]DGR HP SODQLOKD H[FHO VHJXQGR 3LQWR *XVPmR $PRULP XWLOL]DQGRVHRVGDGRVGHIUHTXrQFLDDOpOLFDREWLGRVQHVWHWUDEDOKRSDUDDSRSXODomRGH6mR 3DXOR

(ODERUDomRGREDQFRGHGDGRVEUDVLOHLURSDUD;675V

2 %DQFR IRL HODERUDGR HP SDUFHULD FRP $OH[DQGUH ( &DUGRVR 3URJUDPDGRU H

$YDOLDomRGDPHWRGRORJLD

2V HOHWURIHURJUDPDV GRV SHUILV DOpOLFRV REWLGRV HP DQDOLVDGRUHV JHQpWLFR $%, H $%, HVWmR DSUHVHQWDGRV QDV )LJXUDV H UHVSHFWLYDPHQWH 3RGHVH QRWDU TXH D PHWRGRORJLD IRL HILFD] XPD YH] TXH WRGRV RV PDUFDGRUHV IRUDP EHP DPSOLILFDGRV REWHQGRVHXPDSUHFLVDGHWHUPLQDomRDOpOLFD

)LJXUD(OHWURIHURJUDPDFRPSHUILODOpOLFRGHDPRVWUDIHPLQLQDREWLGRHP$%,0DUFDomR )$0SDLQHOD]XOPDUFDGRUHV';6';6';6*$7$(9,&SDLQHOYHUGH

PDUFDGRUHV*$7$'';6';6H1('SDLQHOSUHWR';6';6 ';6

)RQWH(VWHWUDEDOKR

';6 ';6 ';6 *$7$(

*$7$' ';6 ';6

)LJXUD(OHWURIHURJUDPDFRPSHUILODOpOLFRGHDPRVWUDIHPLQLQDREWLGRHP$%,0DUFDomR )$0SDLQHOD]XOPDUFDGRUHV';6';6';6*$7$(9,&SDLQHOYHUGH

PDUFDGRUHV*$7$'';6';6H1('SDLQHOSUHWR';6';6 ';6

)RQWH(VWHWUDEDOKR

9DULDomRJHQpWLFD

TXDOTXHU XP GRVORFL HVWXGDGRV $VVLP D IUHTXrQFLD DOpOLFD H GLYHUVLGDGH JrQLFD GRV ;675V HP 6mR 3DXOR 5LR GH -DQHLUR 9LWyULD H %HOR +RUL]RQWH IRUDP FDOFXODGDV FRQVLGHUDQGRVHDDPRVWUDWRWDO7DEHOD

7DEHOD7HVWHH[DWRSDUDGLIHUHQFLDomRGDVSRSXODo}HVPDVFXOLQDHIHPLQLQDGH6mR3DXOR 5LRGH-DQHLUR9LWyULDH%HOR+RUL]RQWH

6mR3DXOR 5LRGH-DQHLUR 9LWyULD %HOR+RUL]RQWH

';6

';6

';6

*$7$(

*$7$'

';6

';6

';6

';6

';6

7DEHOD)UHTXrQFLDDOpOLFDHGLYHUVLGDGHJrQLFDGRV;675VQDSRSXODomRGH6mR3DXOR 5LRGH-DQHLUR9LWyULDH%HOR+RUL]RQWH

6mR3DXOR 5LRGH-DQHLUR 9LWyULD _+RUL]RQWH%HOR

';6

1

'*

';6

1 '* ';6 1 '* 1Q~PHURGHFURPRVVRPRVDQDOLVDGRVPXOKHUHVVRPDPFURPRVVRPRVHKRPHQVFURPRVVRPR '*GLYHUVLGDGHJrQLFD &RQVLGHUDQGRVHDVTXDWURSRSXODo}HVDDOHORVIRUDPREVHUYDGRVHPFDGDORFXV FRPXPWRWDOGHDOHORVSDUDRV;675V2VYDORUHVGHGLYHUVLGDGHJrQLFDIRUDPDFLPD GHFRPRYDORUPpGLRHQWUHDVSRSXODo}HVYDULDQGRGHSDUD';6';6H ';6DSDUD ';65LRGH-DQHLURDSUHVHQWRXDPDLRU PpGLDGHGLYHUVLGDGH JrQLFD

3DUkPHWURVHVWDWtVWLFRVGHDYDOLDomRIRUHQVH

&RQIRUPH FLWDGR SRU 6]LERU HW DO D VHJXQGR DV UHFRPHQGDo}HV GD ,6)+

,QWHUQDWLRQDO6RFLHW\RI)RUHQVLF+DHPRJHQHWLFV%b5HWDOSDUDDDSOLFDomRIRUHQVH GH PDUFDGRUHV PLFURVVDWpOLWHV Ki D QHFHVVLGDGH GHVWHV SRVVXtUHP SURSULHGDGHV JHQpWLFR SRSXODFLRQDLV DGHTXDGDV HTXLOtEULR GH +DUG\:HLQEHUJ DOWR QtYHO GH SROLPRUILVPR GHVHTXLOtEULRGHOLJDomRFRQKHFLGRHQWUHRXWURV

$VVLPGLYHUVRVSDUkPHWURVHVWDWtVWLFRVSDUDDYDOLDomRIRUHQVHGRV;675VIRUDP GHWHUPLQDGRVHHVWmRDSUHVHQWDGRVQDV7DEHODVGHD

7DEHOD +HWHUR]LJRVH HVSHUDGD H REVHUYDGD H WHVWH H[DWR SDUD R HTXLOtEULR GH +DUG\ :HLQEHUJFDOFXODGRVSDUDRV;675VQDSRSXODomRIHPLQLQDGH6mR3DXOR5LRGH-DQHLUR 9LWyULDH%HOR+RUL]RQWH

6mR3DXOR 5LRGH-DQHLUR

+H +R 3+:( +H +R 3+:(

';6

';6

';6

*$7$(

*$7$'

';6

';6

';6

';6

';6

9LWyULD %HOR+RUL]RQWH

+H +R 3+:( +H +R 3+:(

';6

';6

';6

*$7$'

';6

';6

';6

';6

';6

6H XPD SRSXODomR HVWi HP HTXLOtEULR GH +DUG\:HLQEHUJ SUHVXPHVH TXH HVWD p LQILQLWDTXHQmRKiHYHQWRVGHPXWDomRHVHOHomRTXHRVFUX]DPHQWRVVmRDOHDWyULRVHTXHR IOX[RJrQLFRH[LVWHQWHQmRpFDSD]GHDOWHUDUDFRPSRVLomRDOpOLFDGHVWDSRSXODomR$VVLPDV IUHTXrQFLDVGHVHXVDOHORVSHUPDQHFHULDPLQDOWHUDGDVDRORQJRGDVJHUDo}HVHDVSURSRUo}HV JHQRWtSLFDVDWLQJLULDPXPHTXLOtEULRHVWiYHO%(,*8(/0$1(PERUDDVFRQGLo}HV HVWDEHOHFLGDV SDUD D REWHQomR GR HTXLOtEULR GH +DUG\:HLQEHUJ QmR VHMDP VDWLVIHLWDV FRPSOHWDPHQWH SRU QHQKXPD SRSXODomR UHDO QD SUiWLFD D PDLRULD GRV HVWXGRV UHDOL]DGRV GHPRQVWUDXPDGLVWULEXLomRJHQRWtSLFDGHDFRUGRFRPR(TXLOtEULRGH+DUG\:HLQEHUJ

(P QRVVR HVWXGR R GHVHTXLOtEULR S” IRL REVHUYDGR SDUD RV PDUFDGRUHV ';6*$7$(H';6HP6mR3DXOR';6H';6QR5LRGH-DQHLUR ';6 HP 9LWyULD H ';6 HP %HOR +RUL]RQWH $ SUHVHQoD GH DOHOR QXOR Mi IRL UHSRUWDGD SDUD R PDUFDGRU ';6 QD SRSXODomR GH 6mR 3DXOR H 1RUWH GH 3RUWXJDO *860­2HWDOHSRGHWHURFDVLRQDGRRDXPHQWRGHKRPR]LJRWRVQHVWHPDUFDGRU1R FDVRGRVPDUFDGRUHV';6H';6RGHVHTXLOtEULRSRGHVHUGHFRUUHQWHGDSUHVHQoD GH DOHORV UDURV QHVWHVORFL 2 ';6 H ';6 IRUDP RV PHQRV SROLPyUILFRV QDV UHVSHFWLYDV SRSXODo}HV HP TXH R GHVHTXLOtEULR IRL REVHUYDGR SRUpP HVWH QmR SRGH VHU MXVWLILFDGRSHODSUHVHQoDGHDOHORQXORXPDYH]TXHQmRKiH[FHVVRGHKRPR]LJRWRVHQmR WHPVLGRGHVFULWRDOHORQXORQDOLWHUDWXUDSDUDWDLVORFL$VVLPXPHVWXGRPDLVDSURIXQGDGR

6mR3DXOR 5LR-DQHLUR 9LWyULD %HOR+RUL]RQWH

';6 ';6 ';6 *$7$( *$7$' ';6 ';6 ';6 ';6 ';6

6mR3DXOR 5LR-DQHLUR 9LWyULD %HOR+RUL]RQWH

';6 ';6 ';6 *$7$( *$7$' ';6 ';6 ';6 ';6 ';6

SRGH VHU UHDOL]DGR SDUD XPD PHOKRU DYDOLDomR $SyV FRUUHomR GH %RQIHUURQL QtYHO GH VLJQLILFkQFLDGHQRHQWDQWRQHQKXPGHVHTXLOtEULRIRLREWLGR 7DEHOD&KDQFHPpGLDGHH[FOXVmRHPWULRVHQYROYHQGRILOKD0(&7SDUDRV;675V QDSRSXODomRGH6mR3DXOR5LRGH-DQHLUR9LWyULDH%HOR+RUL]RQWH

&RQVLGHUDQGRVHXPDVLWXDomRGHSDWHUQLGDGHFRPRWULRPmHILOKDHVXSRVWRSDLR 0(&7 LQGLFD D SUREDELOLGDGH PpGLD GH XP LQGLYtGXR TXDOTXHU GD SRSXODomR H QmR

UHODFLRQDGRjFULDQoDWHVWDGDVHUH[FOXtGRGDSDWHUQLGDGH2PHVPRpYiOLGRSDUDR0(&'

SRUpPQHVWDVLWXDomRWHPVHDSHQDVSDLHILOKD3DUDRVLVWHPDGHFDSOH[HVWXGDGRRVYDORUHV

FRPELQDGRVGH0(&7IRUDPHQWUHHHSDUDR0(&'ILFRXHQWUH H

&RQVLGHUDQGRXPDFULDQoDFRPJHQyWLSRKLSRWpWLFR$%FRPRQR0(&'WUDEDOKDVH QDDXVrQFLDGDPmHQmRpSRVVtYHOGHWHUPLQDUTXDLVDOHORVHVWDGRRXSDUDDILOKDSRUWDQWRR SDLGDFULDQoDSRGHUiVHUTXDOTXHUKRPHPGDSRSXODomRTXHWHQKDRDOHOR$RX%SUHVHQWHV QHVWD $VVLP SDUD RVORFL HP TXH D ILOKD p KHWHUR]LJRWD DXPHQWDPVH RV SDLV SRVVtYHLV H SRUWDQWRGLPLQXLVHR0(& 7DEHOD3RGHUGHGLVFULPLQDomRPDVFXOLQR3'0SDUDRV;675VQDSRSXODomRGH6mR 3DXOR5LRGH-DQHLUR9LWyULDH%HOR+RUL]RQWH 9HUGHPDLRUHVYDORUHV9HUPHOKRPHQRUHVYDORUHV

6mR3DXOR 5LR-DQHLUR 9LWyULD %HOR+RUL]RQWH

7DEHOD3RGHUGHGLVFULPLQDomRIHPLQLQR3')SDUDRV;675VQDSRSXODomRGH6mR 3DXOR5LRGH-DQHLUR9LWyULDH%HOR+RUL]RQWH 23RGHUGH'LVFULPLQDomRFRUUHVSRQGHjSUREDELOLGDGHGHVHHVFROKHUGRLVLQGLYtGXRV DRDFDVRQDSRSXODomRHHVWHVDSUHVHQWDUHPJHQyWLSRVGLIHUHQWHVHQWUHVLSDUDXPGHWHUPLQDGR PDUFDGRU 1HVWH WUDEDOKR DR DYDOLDU D HILFLrQFLD GR VLVWHPD FRPR XP WRGR R SRGHU GH GLVFULPLQDomRIHPLQLQRFRPELQDGRYDULRXHQWUHHHRSRGHU GH GLVFULPLQDomR PDVFXOLQR FRPELQDGR ILFRX HQWH H 2V YDORUHV GR SRGHU GH GLVFULPLQDomR VmR PHQRUHV HP KRPHQV SHOR IDWR GHVWHV DSUHVHQWDUHP DSHQDV XP FURPRVVRPR;

(P UHODomR DRV SDUkPHWURV HVWDWtVWLFRV FDOFXODGRV RV YDORUHV HVWLPDGRV IRUDP VHPHOKDQWHVSDUDWRGRVRVJUXSRVFRPR5LRGH-DQHLURVHQGRRPDLVGLYHUVRVHJXLGRSRU %HOR+RUL]RQWH9LWyULDH6mR3DXOR

2 PDUFDGRU ';6 IRL R PDLV GLVFULPLQDWLYR HP 6mR 3DXOR 5LR GH -DQHLUR H 9LWyULDHQTXDQWRRPDUFDGRU*$7$'IRLRPDLVGLVFULPLQDWLYRHP%HOR+RUL]RQWH ';6 IRL R PHQRV GLVFULPLQDWLYR QR 5LR GH -DQHLUR H %HOR +RUL]RQWH DVVLP FRPR R

6mR3DXOR 5LR-DQHLUR 9LWyULD %HOR+RUL]RQWH

';6IRLRPHQRVGLVFULPLQDWLYRHP6mR3DXORH9LWyULD1RJHUDORPDLVGLYHUVRORFXV IRL R ';6 HQTXDQWR ';6 ';6 H ';6 IRUDP RV PHQRV SROLPyUILFRV VHQGR TXH D RUGHP GHVWHV ~OWLPRV YDULRX HQWUH DV SRSXODo}HV EUDVLOHLUDV FRPSDUDGDV GH DFRUGRFRPGDGRVREWLGRVSRU*XVPmRHWDO

2VSDUkPHWURVFDOFXODGRVIRUDPFRPSDUDGRVjTXHOHVUHSRUWDGRVSRURXWUDVSRSXODo}HV QD OLWHUDWXUD H D PDLRULD GRV PDUFDGRUHV IRUDP PDLV GLVFULPLQDWLYRV QDV SRSXODo}HV EUDVLOHLUDV DTXL HVWXGDGDV GR TXH HP SRSXODo}HV ,EpULFDV GH 3RUWXJDO H (VSDQKD H /DWLQR $PHULFDQDVGH$UJHQWLQD&RVWD5LFDH&RO{PELD*860­2HWDO3RURXWURODGR HVWHV SDUkPHWURV DSUHVHQWDUDP YDORUHV PDLV DOWRV HP SRSXODo}HV DIULFDQDV GH $QJROD 0RoDPELTXHH8JDQGD*20(6HWDOE*20(6HWDODRTXHHUDHVSHUDGR XPD YH] TXH SHOD DQiOLVH GH PDUFDGRUHV DXWRVV{PLFRV GR FURPRVVRPR < H GR '1$ PLWRFRQGULDO SRSXODo}HV DIULFDQD VXEVDDULDQDV VmR FRQKHFLGDV SRU VHUHP R JUXSR KXPDQR PDLV GLYHUVLILFDGR *20(6 HW DO D 1R FDVR GR %UDVLO RV DOWRV tQGLFHV REWLGRV GHFRUUHP GD VXD KLVWyULD HWQROyJLFD D TXDO FRQVLVWH HP FLQFR VpFXORV GH PLVWXUD HQWUH SRSXODo}HVGHRULJHPHXURSpLDDIULFDQDHDPHUtQGLDSULQFLSDOPHQWH

$VVLP RV GDGRV REWLGRV FRQILUPDP D SRGHURVD DSOLFDomR GR VLVWHPDGHFDSOH[ SDUD LGHQWLILFDomRKXPDQDQDSRSXODomRGH6mR3DXOR5LRGH-DQHLUR9LWyULDH%HOR+RUL]RQWH

'HVHTXLOtEULRGH/LJDomRHQWUHRVPDUFDGRUHV;675

2WHVWHH[DWRSDUDDYDOLDomRGH/'IRLUHDOL]DGRSDUDWRGRVRVPDUFDGRUHVHVWXGDGRV XWLOL]DQGRVHRVGDGRVGDDPRVWUDPDVFXOLQDHHVWmRDSUHVHQWDGRVQD7DEHOD

7DEHOD 9DORU GHS REWLGR QR WHVWH GH GHVHTXLOtEULR GH OLJDomR SDUD WRGRV RV SDUHV GH PDUFDGRUHVDQDOLVDGRVQDSRSXODomRGH6mR3DXOR5LRGH-DQHLUR9LWyULD%HOR+RUL]RQWHH 6XGHVWH

3DUGH6751

6mR

3DXOR -DQHLUR5LRGH 9LWyULD +RUL]RQWH%HOR 6XGHVWH

';6±';6

';6±';6

';6±';6

';6±';6

';6±';6

';6±';6

*$7$(±';6

*$7$'±';6

';6±';6

';6±';6

';6±';6

';6±';6

1Q~PHURGHKRPHQVDQDOLVDGRV9DORUGHSVLJQLILFDQWHSDUDRQtYHOGHDSyVFRUUHomRGH%RQIHUURQL

$SyVFRUUHomRGH%RQIHUURQLYDORUGHSVLJQLILFDWLYRSDUDQtYHOGHDSHQDV XPYDORUGHSVLJQLILFDWLYRIRLREWLGRSDUDRSDUGHPDUFDGRUHV';6';6HP%HOR +RUL]RQWHS”RVTXDLVHVWmRPXLWRGLVWDQWHVQRFURPRVVRPR;PDLVGH0EH F0ZZZEJE[FRPEU2WHVWHGH/'QDDPRVWUDWRWDOGDUHJLmR6XGHVWHQmRFRQILUPRXD DVVRFLDomRHQWUHTXDOTXHUXPGRVSDUHVGHPDUFDGRUHVLQYHVWLJDGRV

&RPR Mi PHQFLRQDGR /' QmR p GHFRUUHQWH DSHQDV GD GLVWkQFLD JHQpWLFD HQWUH RV 675V SRGHQGR VHU RFDVLRQDGR SRU YiULRV RXWURV IDWRUHV FRPR VHOHomR PXWDomR GHULYD DOHDWyULD HIHLWR IXQGDGRU PLVFLJHQDomR RX VXEGLYLVmR SRSXODFLRQDO &+$.5$9$57, =$55$%(,7,$ HW DO $ SRSXODomR EUDVLOHLUD p PXLWR KHWHURJrQHD IRUPDGD SULQFLSDOPHQWH SRU XPD PLVWXUD GH (XURSHXV $IULFDQRV H $PHUtQGLRV SRUpP R GHVHTXLOtEULR REVHUYDGR HQWUH ';6';6 HP %HOR +RUL]RQWH SDUHFH HVWDU PDLV UHODFLRQDGR D HIHLWRV GH DPRVWUDJHP GR TXH j VXEHVWUXWXUD JHQpWLFD XPD YH] TXH HVWD DVVRFLDomR QmR IRL REVHUYDGD QDV RXWUDV WUrV PLVFLJHQDGDV SRSXODo}HV HVWXGDGDV QHVWH WUDEDOKRHHPRXWUDVSRSXODo}HVEUDVLOHLUDV*860­2HWDO

2 WUDEDOKR PDLV UHFHQWH SXEOLFDGR FRP GDGRV GH ;675V QD SRSXODomR EUDVLOHLUD DSUHVHQWD FLQFR SDUHV GH PDUFDGRUHV HP GHVHTXLOtEULR GH OLJDomR ';6';6 QR 3DUi ';6*$7$( QR &HDUi ';6';6 QR 5LR *UDQGH GR 6XO H *$7$'';6 H ';6';6 QR 0DUDQKmR RV TXDLV HVWmR D XPD GLVWkQFLD GH 0E ';6*$7$( RX PDLV $R DJUXSDU DV DPRVWUDV SRU UHJLmR JHRSROtWLFD WDPEpP QHQKXP GHVHTXLOtEULR IRL GHWHFWDGR 5,%(,5252'5,*8(6 HW DO

&RPSDUDomRHQWUHSRSXODo}HV

DOWDPHQWH PLVFLJHQDGD FRPSDUDo}HV IRUDP UHDOL]DGDV HQWUH RV JUXSRV HVWXGDGRV QHVWH WUDEDOKR6mR3DXOR5LRGH-DQHLUR9LWyULDH%HOR+RUL]RQWHHRXWUDVSRSXODo}HVEUDVLOHLUDV 3DUDQiH0DWR*URVVRGR6XO*860­2HWDOTXHDQDOLVDUDPRPHVPRFRQMXQWRGH ;675V $V FRPSDUDo}HV IRUDP IHLWDV DRV SDUHV SDUD VLPSOHVORFXV WHVWH H[DWR SDUD GLIHUHQFLDomR GDV SRSXODo}HV H GLVWkQFLD JHQpWLFD)677DEHOD H SDUD QtYHO KDSORWtSLFR

GLVWkQFLDJHQpWLFD)677DEHOD

7DEHOD &RPSDUDomR SDUD VLPSOHVORFXV HQWUH SRSXODo}HV EUDVLOHLUDV 'LVWkQFLD JHQpWLFD

)67OLQKDHFRUUHVSRQGHQWHYDORUGHSDOLQKDHSYDORUGRWHVWHH[DWRSDUDGLIHUHQFLDomR

GDVSRSXODo}HVOLQKD

635- 639 63%+ 63±06 6335 5-9 5-%+ 5-±06

3RSXODo}HVHVWXGDGDVQHVWHWUDEDOKR636mR3DXOR5-5LRGH-DQHLUR99LWyULD%+%HOR+RUL]RQWH3RSXODo}HVHVWXGDGDV SRU*XVPmRHWDO060DWR*URVVRGR6XO353DUDQi9DORUGHSVLJQLILFDQWHSDUDRQtYHOGHDSyVFRUUHomRGH %RQIHUURQL

7DEHODFRQWLQXDomR

5-35 9%+ 9±06 9±35 %+±06 %+35 0635

';6 ';6 ';6 *$7$( *$7$' ';6 ';6 ';6 ';6 ';6 3RSXODo}HVHVWXGDGDVQHVWHWUDEDOKR636mR3DXOR5-5LRGH-DQHLUR99LWyULD%+%HOR+RUL]RQWH3RSXODo}HV HVWXGDGDVSRU*XVPmRHWDO060DWR*URVVRGR6XO353DUDQi9DORUGHSVLJQLILFDQWHSDUDRQtYHOGH DSyVFRUUHomRGH%RQIHUURQL

7DEHOD&RPSDUDomRHPQtYHOKDSORWtSLFRHQWUHSRSXODo}HVEUDVLOHLUDV'LVWkQFLDJHQpWLFD

)67DEDL[RGDGLDJRQDOHFRUUHVSRQGHQWHYDORUGHSDFLPDGDGLDJRQDOHQWUHSRSXODo}HV

EUDVLOHLUDV

3DUD VLPSOHVORFXV FRQVLGHUDQGR DPEDV PHWRGRORJLDV RV UHVXOWDGRV 7DEHOD PRVWUDUDPYDORUHVGHSVLJQLILFDWLYRVDSyVFRUUHomRGH%RQIHUURQLSSDUD';6 HQWUH6mR3DXORH3DUDQiSDUD';6HQWUH6mR3DXORH5LRGH-DQHLUR%HOR+RUL]RQWH SDUD *$7$' HQWUH 5LR GH -DQHLUR H %HOR +RUL]RQWH3DUDQi H HQWUH 3DUDQi H 9LWyULD%HOR +RUL]RQWH0DWR *URVVR GR 6XO SDUD ';6 HQWUH 6mR 3DXOR H %HOR +RUL]RQWH0DWR*URVVRGR6XO2VPDUFDGRUHV';6';6';6';6 ';6 H *$7$( QmR DSUHVHQWDUDP GLIHUHQoDV VLJQLILFDWLYDV HQWUH DV SRSXODo}HV WHVWDGDV'RV;675VHVWXGDGRVSRU5LEHLUR5RGULJXHVHWDODDQiOLVHGHGLVWkQFLD JHQpWLFD )67 WDPEpP PRVWURX GLIHUHQoDV VLJQLILFDWLYDV QD SRSXODomR EUDVLOHLUD SDUD

PDUFDGRUHV';6';6+375%';6';6';6*$7$(

';6H';6

(PQtYHOKDSORWtSLFRUHVXOWDGRVVLJQLILFDWLYRVGHGLVWkQFLDJHQpWLFDSIRUDP HQFRQWUDGRVHQWUH3DUDQiHDVTXDWURSRSXODo}HVGDUHJLmRVXGHVWHEHPFRPRHQWUH6mR3DXOR

63 5- 9 %+ 35 06