Crescimento de plantas de Corymbia citriodora (Hook.) K. D. Hill & L. A. S. Johnson sob diferentes doses de potássio e níveis de umidade do solo

FACULDADE DE CIÊNCIAS AGRÁRIAS E VETERINÁRIAS

CAMPUS DE JABOTICABAL

CRESCIMENTO DE PLANTAS DE

Corymbia

citriodora

(HOOK.) K. D. HILL & L. A. S. JOHNSON SOB

DIFERENTES DOSES DE POTÁSSIO E NÍVEIS DE

UMIDADE DO SOLO

Ariadne Felicio Lopo de Sá

Bióloga

FACULDADE DE CIÊNCIAS AGRÁRIAS E VETERINÁRIAS

CAMPUS DE JABOTICABAL

CRESCIMENTO DE PLANTAS DE

Corymbia

citriodora

(HOOK.) K. D. HILL & L. A. S. JOHNSON SOB

DIFERENTES DOSES DE POTÁSSIO E NÍVEIS DE

UMIDADE DO SOLO

Ariadne Felicio Lopo de Sá

Orientador: Prof. Dr. Sérgio Valiengo Valeri

Dissertação apresentada à Faculdade de Ciências Agrárias e Veterinárias – Unesp, Campus de Jaboticabal, como parte das exigências para a obtenção do título de Mestre em Agronomia (Produção Vegetal).

S111e

Sá, Ariadne Felício Lopo

Crescimento de plantas de Corymbia citriodora (Hook.) K. D. Hill & L. A. S. Johnson sob diferentes doses de potássio e níveis de umidade do solo/Ariadne Felício Lopo de Sá. Jaboticabal, 2012

x, 50 f. : il. ; 28 cm

Dissertação (mestrado) – Universidade Estadual Paulista, Faculdade de Ciência Agrárias e Veterinárias, 2012.

Orientador: Sérgio Valiengo Valeri

Banca examinadora: Rinaldo César de Paula, Vitor Corrêa de Mattos Barretto.

Bibliografia

1. Eucalipto. 2. adubação. 3. déficit hídrico. 4 nutrição florestal. 5. seca I. Título. II. Jaboticabal - Faculdade de Ciências Agrárias e Veterinárias.

CDU: 631.811:634.0.2

Ficha catalográfica elaborada pela Seção Técnica de Aquisição e Tratamento da Informação – Serviço Técnico de Biblioteca e Documentação - UNESP, Câmpus de Jaboticabal.

ÃCgW_ W`UaTdW Se egSe fdS`eYdWeeŒWe `|a eWdx TW_

egUWV[Va _Se fWdeWx _[eWd[UˆdV[S ScgW^W cgW MSeO

Ua`XWeeSWSTS`Va`S 8W^[laZa_W_cgWUa`efS`fW_W`fW

eW`fWbShad_SeScgW^WcgWW`VgdWUWeWgUadS~|aUS[dxW_

US^S_[VSVW 5a_aa^W|acgWdgYWWagdeacgWSddW_WfW

aYahWd`S`fW[`ƒcgaeaTdWabahaVWUa`V[~|aZg_[^VW Ä

BdahdT[ae

BdahdT[ae

BdahdT[ae

BdahdT[ae$*,#%

$*,#%

$*,#%

$*,#%#'

#'

#'

#'

à Agh[efWecgWeWV[eeW,ÅFW`eVWS_SdafWgbdˆj[_aW

aV[Sd a fWg [`[_[Ya Æ @a W`fS`fa Wg hae V[Ya,

5a`f[`gS[SS_Sdaehaeeae[`[_[YaeWSadSdbW^aecgW

haebWdeWYgW_-bSdScgW_aefdW[eeWdX[^ZaeVWhaeeaBS[

cgWWefx`aeUgeh[efacgWW^WXSlaeWgEa^^WhS`fSdeW

eaTdW[`ƒcgaeWeaTdWTa`eWXSlUZahWdeaTdW\gefaeWeaTdW

[`\gefaeÄ

?SfWge

?SfWge

?SfWge

À Deus, YHWH (pronunciado Jeová ou Javé), por ter-me atraído para conhecer mais sobre a sua palavra, a bíblia, por ter-me provido: força para continuar superando os obstáculos, esperança para acreditar em um futuro melhor, sabedoria para aprender com as dificuldades, novos amigos e por sempre ouvir meus pedidos e atendê-los conforme a sua vontade.

Aos meus pais, Maria Aparecida e Antonio, por amarem tanto a mim e ao meu irmão, por fazer parte da família que vocês constituíram, por acreditarem em mim, pelo encorajamento que me deram para começar outro curso de Mestrado, pela paciência e pela contribuição no meu experimento.

Ao meu irmão, Tony Bryan Lopo, por ser meu amigão, meu ajudante, meu quebra-galho de todas as horas, por falar a verdade nua e crua e ainda de forma meiga, pelos feriados e férias que passou me ajudando no experimento bem como nos meus estudos.

Ao Prof. Dr. Sérgio Valiengo Valeri pela orientação profissional, pelos ensinamentos para a minha vida pessoal, pela amizade, paciência, compreensão das minhas limitações, por ter possibilitado a realização do meu curso de Mestrado em Produção Vegetal e pela proteção.

Ao funcionário Mauro César da Silva pela dedicação, ajuda, prontidão, paciência, amizade e palavras de encorajamento e pelas idéias criativas que contribuíram para o andamento do meu experimento.

ter trazido até a Monalisa para ajudar-nos.

Ao Guilherme P. Valeri pela bondade e disposição de ajudar-nos no encerramento do meu experimento.

Ao Wanderlei pela atenção dada a mim e pelo auxílio na lavagem da estufa.

Aos funcionários da Horta, Inauru e Cláudio Oian pela atenção.

Aos funcionários da Seção de Pós-graduação, Antônio, Bel, Diego, Edna, Fátima, Fernanda, Gabriela, Nina, Rodrigo, por gentilmente sempre me ajudarem nas questões relacionadas ao meu curso nesta unidade.

À Zezé, da Seção Técnica Acadêmica pela atenção e pela disposição em ajudar-me.

Aos Professores Doutores: Mara, Barbosa, Pavani e Piedade por me tratarem de forma educada, agradável e amigável, e pela considerável contribuição no meu projeto e dissertação, bem como a todos outros professores que contribuíram para a minha formação.

Ao Prof. Dr. Arthur Bernardes Cecílio Filho pela atenção, prontidão, ajuda e compreensão.

À FAPESP pela Bolsa de Mestrado (Processo: 2009/12660-0) concedida durante 24 meses, o que me possibilitou começar novamente um curso de Mestrado.

Aos contribuintes do Estado de São Paulo que subsidiam as atividades dessa instituição e que motivam nossos esforços.

SUMÁRIO

RESUMO...

SUMMARY...

I INTRODUÇÃO...

II REVISÃO DE LITERATURA... 2.1 Eucaliptocultura e Corymbia citriodora...

2.2 Limitação de Água, Crescimento e Nutrição Potássica das Plantas...

III MATERIAL E MÉTODOS ... 3.1 Local de Condução do Experimento... 3.2 Formação das Mudas... 3.3 Casa de Vegetação e Recipientes... 3.4 Solo, Correção e Adubação de Base...……....…………... 3.5 Tratamentos...………...………..……… 3.6 Determinação da Capacidade Máxima de Retenção de Água no Solo... 3.7 Plantio e Condução do Experimento…...………...…….…… 3.7.1 Controle Fitossanitário...

3.8 Delineamento Experimental... 3.9 Avaliações... 3.9.1 Características morfológicas... 3.9.1.1 Sistema radicular... 3.9.1.2 Área foliar e matéria seca... 3.9.2 Características fisiológicas... 3.9.3 Concentrações e quantidades de nutrientes nas folhas... 3.10 Análises Estatísticas...

IV RESULTADOS E DISCUSSÃO...

V CONCLUSÕES...

CRESCIMENTO DE PLANTAS DE Corymbia citriodora (HOOK.) K. D. HILL &

L. A. S. JOHNSON SOB DIFERENTES DOSES DE POTÁSSIO E NÍVEIS DE UMIDADE DO SOLO

RESUMO - O objetivo deste trabalho foi avaliar os efeitos de doses de potássio e níveis de umidade do solo no crescimento de plantas de Corymbia citriodora. Foram

aplicadas quatro doses de potássio (0, 40, 80 e 120 mg dm-3) e três níveis de umidade do solo (50-80%, 65-80% e 80% do volume máximo de água retido pelo solo em vaso), combinados em um esquema fatorial 4 x 3. O delineamento experimental foi inteiramente casualizado com seis repetições, e cada parcela foi composta por um vaso contendo duas plantas. Aos 94 dias após o plantio, foram avaliados: porcentagem de sobrevivência, altura, diâmetro do caule, número de folhas, área foliar, massa de matéria seca de folhas, de caule e ramos, da parte aérea, de raízes e total das plantas da parcela, comprimento e diâmetro das raízes, índice de conteúdo de clorofila, concentração de clorofilas, concentração e acúmulo foliar de macronutrientes e eficiência de utilização de potássio nas folhas. O aumento do nível de umidade do solo favoreceu o crescimento das plantas de Corymbia citriodora e a absorção de fósforo,

potássio, enxofre e magnésio. A aplicação de potássio não promoveu a amenização dos efeitos negativos da redução da disponibilidade de água no crescimento das plantas.

GROWTH OF Corymbia citriodora (HOOK.) K. D. HILL & L. A. S. JOHNSON

PLANTS UNDER DIFFERENT POTASSIUM DOSES AND SOIL MOISTURE LEVELS

SUMMARY - The objective of this work was to evaluate the effects of potassium and soil moisture levels on the growth of Corymbia citriodora plants. Four doses of

potassium were applied (0, 40, 80 and 120 mg dm-3) and three soil moisture levels were established (50-80%, 65-80% and 80% of maximum soil field capacity). The experiment was a 4 x 3 factorial arrangement of treatments within a randomized complete design with six replications for each treatment and one pot with two plants for each plot. At 94 days after planting, the plant growth parameters: survival percentage, height, stem diameter, leaf number and area, leaf dry mass, stem and branches dry mass, shoot dry mass, root dry mass, total dry mass, length and diameter of roots, chlorophyll content index, chlorophylls concentrations, leaf macronutrient contents and amounts, and efficiency of potassium utilization by leaves were measured. The increase of soil moisture level benefited the growth of Corymbiacitriodora plants and phosphorus, sulfur

and magnesium uptake. The potassium application did not promote alleviation of negative effects caused by low water availability on plant growth.

,,1752'8d­2

2V PHUFDGRV QDFLRQDO H LQWHUQDFLRQDO UHYHODP XPD GHPDQGD FUHVFHQWH SRU PDGHLUDSURYHQLHQWHGHIORUHVWDVSODQWDGDVHPGHFRUUrQFLDGRDXPHQWRGDFRQVFLrQFLD GHSUHVHUYDomRHGRXVRUDFLRQDOGDVIORUHVWDVQDWXUDLV1R%UDVLOHVVHVIDWRUHVWrP HVWLPXODGR R SODQWLR GH HVSpFLHV H[yWLFDV PDGHLUiYHLV GH FUHVFLPHQWR UiSLGR SRU SURGX]LUHPPDGHLUD~WLODRVGLIHUHQWHVVHWRUHVGDLQG~VWULDHGDFRQVWUXomRFLYLO(QWUH

DV HVSpFLHV GH YDORU HFRQ{PLFR GHVWDFDVH &RU\PELD FLWULRGRUD H[ (XFDO\SWXV

FLWULRGRUD FXMD PDGHLUD WHP VLGR HPSUHJDGD SULQFLSDOPHQWH QD FRQVWUXomR FLYLO H DV

IROKDVSDUDH[WUDomRGHyOHRHVVHQFLDO$HVSpFLHWDPEpPDSUHVHQWDYDORUDPELHQWDO SRUIL[DUJUDQGHTXDQWLGDGHGHFDUERQRHPFXUWRHVSDoRGHWHPSRFRQWULEXLQGRDVVLP FRPDVPHGLGDVTXHWHQWDPFRQWHURDTXHFLPHQWRJOREDOHDVSURSULHGDGHVItVLFDVGH VXDPDGHLUDVHHTXLSDUDPjVGDVHVSpFLHVWURSLFDLVQDWLYDVPXLWDVGHODVHVFDVVDVH GHXVRUHVWULWR

1R (VWDGR GH 6mR 3DXOR D H[SDQVmR GDV iUHDV GH IORUHVWDV FRPHUFLDLV WHP RFRUULGR HP WHUUHQRV FRP GHFOLYLGDGH VXSHULRU D 63$529(. HW DO DQWHULRUPHQWHFXOWLYDGRVFRPFDQDGHDo~FDURQGHDFROKHLWDPHFDQL]DGDGDFDQDp WHFQLFDPHQWHLQYLiYHOHQRSDtVGHIRUPDJHUDOHPiUHDVRQGHKiDFHQWXDGRGpILFLWGH iJXDHGHDOJXQVQXWULHQWHVSULQFLSDOPHQWHGHSRWiVVLRIyVIRURHERUR(VVDVHRXWUDV OLPLWDo}HV DPELHQWDLV TXH DV SODQWDV GH HXFDOLSWR VmR VXEPHWLGDV SRGHP VHU UHVSRQViYHLVSHODUHGXomRGRSRWHQFLDOPi[LPRGHSURGXomRGHPDGHLUD

3ODQWDVQXWULGDVDGHTXDGDPHQWHDFOLPDWDPVHPDLVIDFLOPHQWHjVFRQGLo}HVGH EDL[D GLVSRQLELOLGDGH KtGULFD HP SHUtRGRV GH VHFD R TXH UHGX] R JUDX GH FRPSURPHWLPHQWRGDSURGXWLYLGDGHGDFXOWXUD$DSOLFDomRGHSRWiVVLRSRGHSURPRYHU PDLRUHILFLrQFLDGRXVRGHiJXDSHODVSODQWDVHDPDQXWHQomRGDWXUJLGH]GRVWHFLGRV YHJHWDLV FRQIHULQGR D HVVH QXWULHQWH D FDSDFLGDGH GH DPHQL]DU HIHLWRV H GDQRV TXH SRGHPVHUFDXVDGRVSRUVXSULPHQWROLPLWDQWHGHiJXDQRVROR

3RXFRV WUDEDOKRV WrP LQYHVWLJDGR D UHODomR HQWUH QXWULomR H GLVSRQLELOLGDGH

KtGULFD VREUH R FUHVFLPHQWR GH PXGDV GH & FLWULRGRUD 7(,;(,5$ HW DO

$VVLP R SUHVHQWH WUDEDOKR WHYH SRU REMHWLYR DYDOLDU RV HIHLWRV GH GRVHV GH SRWiVVLRHQtYHLVGHXPLGDGHGRVRORHPFDUDFWHUtVWLFDVPRUIROyJLFDVHILVLROyJLFDVGH

&RU\PELDFLWULRGRUD+RRN.'+LOO /$6-RKQVRQ

,,5(9,6­2'(/,7(5$785$

(XFDOLSWRFXOWXUDH&RU\PELDFLWULRGRUD

$ HXFDOLSWRFXOWXUD RFXSD PLOK}HV GH KHFWDUHV DSUR[LPDGDPHQWH GD iUHD WRWDO GH IORUHVWDV SODQWDGDV QR %UDVLO 2V SURGXWRV GDV IORUHVWDV FRPHUFLDLV H[SRUWDGRV UHQGHUDP 86 ELOK}HV HP HTXLYDOHQWH D GR WRWDO GDV H[SRUWDo}HVGRSDtVFRPXP FUHVFLPHQWRGH HP UHODomR D 2 VDOGR GD EDODQoD FRPHUFLDO IORUHVWDO WRWDOL]RX 86 ELOK}HV UHSUHVHQWDQGR GR VDOGR JOREDOGRSDtVRTXHGHPRQVWUDDLPSRUWkQFLDGRHXFDOLSWRSDUDDHFRQRPLDGRSDtV $%5$)

([LVWHPPDLVGHHVSpFLHVGHHXFDOLSWR%2/$1'HWDO$VHVSpFLHV

FKDPDGDV GH ³EORRGZRRG´ GR JrQHUR(XFDO\SWXV IRUDP UHFODVVLILFDGDV IRUPDQGR XP

QRYR JrQHUR GHQRPLQDGR &RU\PELD FRP EDVH HP FDUDFWHUtVWLFDV PRUIROyJLFDV H

PROHFXODUHV+,// -2+1621$VHVSpFLHVPDLVGLIXQGLGDVGHVVHJrQHURQR

%UDVLOVmR&RU\PELDFLWULRGRUD&PDFXODWDH&WRUHOOLDQD*,0(1(=

& FLWULRGRUD p RULJLQiULD GD $XVWUiOLD RFRUUHQGR QD FRVWD OHVWH GR SDtV

DGHQWUDQGR XP SRXFR R LQWHULRU GH 4XHHQVODQG H 1HZ 6RXWK:DOHV %2/$1' HW DO $HVSpFLHRFRUUHQRVFOLPDV$Z%VK&IDH&IEGHDFRUGRFRPDFODVVLILFDomR GH .|SSHQ*HLJHU 3((/ HW DO 1R HQWDQWR PDLRU RFRUUrQFLD GD HVSpFLH p REVHUYDGD QDV UHJL}HV VHPSUH ~PLGDV GH YHU}HV TXHQWHV &ID RX EUDQGRV &IE VHQGRHQFRQWUDGDVFRQGLo}HVFOLPiWLFDVVHPHOKDQWHVQDUHJLmRVXOHVXGHVWHGR%UDVLO 3((/HWDO

$ViUYRUHVGH&FLWULRGRUDVmRGHSRUWHPpGLRDJUDQGHSRGHQGRDWLQJLUP

GH DOWXUD H P GH GLkPHWUR D DOWXUD GR SHLWR '$3 JHUDOPHQWH DSUHVHQWDP H[FHOHQWHIRUPDGRWURQFRHIROKDJHPUDOD,3()

,QGLYtGXRV GD HVSpFLH VHTXHVWUDP TXDQWLGDGHV H[SUHVVLYDV GH FDUERQR HP PHQRUSHUtRGRGHWHPSRTXHDViUYRUHVQDWLYDVGHYLGRDRVHXFUHVFLPHQWRUiSLGRHD

DOWDGHQVLGDGHGHVXDPDGHLUDTXHSRGHVHUVXSHULRUjGHMDWREi+\PHQDHDVSHP

GHPyYHLVRXFRQVWUXomRFLYLORFDUERQRSRGHILFDUUHWLGRSRUGpFDGDV-,1'$/HWDO

(VSpFLHV PDGHLUiYHLV GH IORUHVWDV WURSLFDLV GHPRUDP XP VpFXOR RX PDLV GHSHQGHQGRGRJUXSRVXFHVVLRQDOSDUDDWLQJLUHPGLkPHWURGHFRUWHHTXLYDOHQWHD

FP 6&2/)252 HW DO HQTXDQWR&FLWULRGRUD SRVVXL GLkPHWUR LQGLFDGR SDUD

FRUWH FRP FHUFD GH DSHQDV DQRV GH LGDGH ,3() $ PDGHLUD GD HVSpFLH DSUHVHQWD SURSULHGDGHV ItVLFDV VHPHOKDQWHV jV SULQFLSDLV PDGHLUDV QDFLRQDLV SDUD D FRQVWUXomR FLYLO H LQG~VWULDPRYHOHLUD 6,0®(6HWDOR TXH WRUQD YDQWDMRVR R VHXFXOWLYRHSRVVtYHORVXSULPHQWRGHSURGXWRVPDGHLUHLURVQRVPHUFDGRVQDFLRQDOH LQWHUQDFLRQDOVHPDQHFHVVLGDGHGHSURPRYHURFRUWHGHiUYRUHVGHHVSpFLHVQDWLYDV FRQWULEXLQGRDVVLPFRPDSUHVHUYDomRGDELRGLYHUVLGDGH

/LPLWDomRGHÈJXD&UHVFLPHQWRH1XWULomR3RWiVVLFDGDV3ODQWDV

(P IXQomR GD FUHVFHQWH GHPDQGD SRU PDGHLUD GH IORUHVWDV SODQWDGDV D H[SDQVmRGDFXOWXUDGHHXFDOLSWRWHPRFRUULGRHPiUHDVFRPHOHYDGDVWHPSHUDWXUDV GpILFLWKtGULFRHGHEDL[DIHUWLOLGDGHGRVROR3ODQWDo}HVGHHXFDOLSWRHPiUHDVTXHQWHV GR SODQHWD RFXSDYDP XPD iUHD PDLRU TXH PLOK}HV GH KHFWDUHV HP PHDGRV GD GpFDGD GH %52:1 HW DO 5HJL}HV FRP SUREOHPDV DPELHQWDLV FRPR HVFDVVH] GH iJXD WHPSHUDWXUDV H[WUHPDV VDOLQLGDGH GHVHUWLILFDomR LQXQGDo}HV H HVJRWDPHQWR GH QXWULHQWHV GR VROR WrP VH WRUQDGR PDLV FRPXQV GHYLGR jV Do}HV DQWUySLFDVHOLPLWDGRDSURGXomRDJUtFRODHIORUHVWDO2VHVWUHVVHVDELyWLFRVSRGHPVHU UHVSRQViYHLV SRU XPD UHGXomR GH DWp GR SRWHQFLDO Pi[LPR GH SURGXomR GDV FXOWXUDV%5$<HWDO

6REDOWDWHPSHUDWXUDHEDL[RDSRUWHGHiJXDQDUL]RVIHUDDVSODQWDVHQIUHQWDP GLILFXOGDGHVSDUDUHSRUDiJXDSHUGLGDSRUWUDQVSLUDomRRTXHOHYDHVVHVRUJDQLVPRVD GHVHQYROYHUHP PHFDQLVPRV TXH RV SURWHMD FRQWUD D GHVLGUDWDomR (QWUH RV YiULRV SURFHVVRVILVLROyJLFRVGHVWDFDVHRIHFKDPHQWRGRVHVW{PDWRVTXHOLPLWDDSHUGDGH iJXD QD IRUPD GH YDSRU SRU UHGX]LU R SRUR HVWRPiWLFR PDV WDPEpP UHVWULQJH R

IRUQHFLPHQWRGH&2DRVFORURSODVWRV7$,= =(,*(5&RQWXGRRGHFUpVFLPR

DXPHQWDQGRDHILFLrQFLDGRXVRGHiJXD3RUpPDPDQXWHQomRGHVVDFRQGLomRSRUXP ORQJRSHUtRGRSRGHUHVXOWDUQDGLPLQXLomRGDWD[DGHIRWRVVtQWHVHHFRQVHTXHQWHPHQWH QDUHGXomRGRFUHVFLPHQWR'(/8&,$ +(&.$7+251FLWDGRVSRU/,0$HWDO

$ GLPLQXLomR GH FRQWH~GR GH iJXD QD SODQWD UHVXOWD HP SHUGD GH WXUJRU H DWLYLGDGHVGHSHQGHQWHVGDWXUJHVFrQFLDFRPRH[SDQVmRGDiUHDIROLDUHDORQJDPHQWR GDV UDt]HV VmR FDUDFWHUtVWLFDV FRQVLGHUDGDV DOWDPHQWH VHQVtYHLV DR GHFUpVFLPR GR QtYHO GH XPLGDGH GR VROR $ UHGXomR GD iUHD IROLDU SURSRUFLRQD PHQRU WD[D GH WUDQVSLUDomRWRUQDQGRSRVVtYHODFRQVHUYDomRGRVXSULPHQWROLPLWDGRGHiJXDSRUXP SHUtRGRGHWHPSRPDLVORQJR7$,= =(,*(5

(P SODQWDV VRE HVWUHVVH KtGULFR WDPEpP VH YHULILFD UHGXomR GR Q~PHUR GH IROKDV GHYLGR SDUFLDOPHQWH j GLPLQXLomR GD TXDQWLGDGH GH UDPRV H GD WD[D GH FUHVFLPHQWRGHVVHVFRPSRQHQWHVGDSODQWDGHFRUUHQWHGDSURGXomRDFHQWXDGDPHQWH PDLRUGRKRUP{QLRHWLOHQR&RQWXGRWDQWRDH[SDQVmRFHOXODUTXDQWRRFUHVFLPHQWRGRV YHJHWDLVGHSHQGHGHRXWURVSURFHVVRVLQFOXVLYHELRTXtPLFRV7$,= =(,*(5

0XGDVGH(JOREXOXV/DELOOVXEPHWLGDVDQtYHLVGHHVWUHVVHKtGULFRPRGHUDGRH

VHYHURGXUDQWHDIDVHGHFUHVFLPHQWRDSUHVHQWDUDPUHGXomRVLJQLILFDWLYDQDELRPDVVD GRVFRPSRQHQWHVHQDiUHDIROLDUHPDLRUFUHVFLPHQWRGDVUDt]HVHPFRPSDUDomRDV SODQWDVDGHTXDGDPHQWHLUULJDGDV&2230$1HWDO

0DV QD IDVH ILQDO GD SURGXomR GDV PXGDV R PHQRU VXSULPHQWR KtGULFR p YDQWDMRVRSDUDDUXVWLILFDomRGDVSODQWDV0XGDQoDVPRUIROyJLFDVFDXVDGDVSHODEDL[D GLVSRQLELOLGDGHGHiJXDSRGHPWRUQDUDVPXGDVPDLVDSWDVjPDQXWHQomRGREDODQoR KtGULFRHQWUHDViUHDVGHDEVRUomRHGHWUDQVSLUDomR&+$9(6HWDODOpPGH DXPHQWDUHPDFDSDFLGDGHGDVSODQWDVGHJHUDUQRYDVUDt]HV&2230$1HWDO

'HYLGRDRXVRGHVRORVGHEDL[DIHUWLOLGDGHQDWXUDOHVXMHLWRVDRGpILFLWKtGULFR SHORVHWRUIORUHVWDORSRWiVVLRpRQXWULHQWHTXHPDLVWHPOLPLWDGRDSURGXWLYLGDGHGH HXFDOLSWRQR%UDVLO6*$5%,

6REHVWUHVVHKtGULFRKiUHGXomRGDIL[DomRGH&2GHFRUUHQWHGRIHFKDPHQWR

HVWRPiWLFR-,$1* =+$1*RFDVLRQDQGRPDLRUIRUPDomRGHHVSpFLHVUHDWLYDV GHR[LJrQLR5265HDFWLYH2[\JHQ6SHFLHVTXHFDXVDPGDQRVjVFpOXODV1HVVDV FRQGLo}HVDVSODQWDVQHFHVVLWDPGHPDLRUHVTXDQWLGDGHVGHSRWiVVLRSDUDFRQWHUDV UHDo}HVR[LGDWLYDV%2:/(5HWDO(/671(5 26:$/')2<(5HWDO &$.0$. (1*(/6(VVDQHFHVVLGDGHGHYHHVWDUUHODFLRQDGDFRPDV

IXQo}HV GR SRWiVVLR GHVHPSHQKDGDV QRV FORURSODVWRV RQGH RFRUUH D IL[DomR GH &2

IRWRVVLQWpWLFR DOpP GR TXH VH D SODQWD FUHVFHU FRP EDL[R VXSULPHQWR GH SRWiVVLR D SURGXomRGH526LQGX]LGDSHODEDL[DGLVSRQLELOLGDGHGHiJXDSRGHUiVHUPDLRUSRLV DGHILFLrQFLDGHSRWiVVLRSRGHUHVXOWDUHPGLVW~UELRVTXDQWRjV UHODo}HVKtGULFDV H j IRWRVVtQWHVH DXPHQWDQGR D SHUGD GHVVH QXWULHQWH SHORV FORURSODVWRV 0(1*(/ .,5.%<0$56&+1(5

5HVXOWDGRVTXHFRUURERUDPHVVDVUHODo}HVHQWUHXPLGDGHGRVRORHSRWiVVLRVmR H[HPSOLILFDGRVSRU7(,;(,5$HWDOTXHYHULILFDUDPTXHVREPDLRUVXSULPHQWR GH SRWiVVLR KRXYH DXPHQWR GD HILFLrQFLD GH XWLOL]DomR GH iJXD H PDLRU FRQWH~GR

UHODWLYRGHiJXDQDVIROKDVHP&FLWULRGRUDH(FDPDOGXOHQVLV

2 SRWiVVLR QmR ID] SDUWH GH FRPSRVWRV HVWUXWXUDLV QRV YHJHWDLV QmR p PHWDEROL]DGR SHUPDQHFH QD IRUPD L{QLFD VREUHWXGR QR FLWRVRO H QRV YDF~RORV H SDUWLFLSDGHGLYHUVRVSURFHVVRVFRPRDWLYDomRHQ]LPiWLFDH[SDQVmRFHOXODUWUDGXomR WUDQVSRUWH PHWDEyOLFR IXQFLRQDQGR FRPR FRQWUDtRQ H FRQWUROH HVWRPiWLFR 0$$7+8,60$56&+1(5

$ DEHUWXUD HVWRPiWLFD RFRUUH SRU PHLR GD HVWLPXODomR GD OX] D]XO TXH OHYD D

DWLYDomR GD ERPED GH +_{$73DVHH GR FDQDO SDVVLYR GH LQIOX[R GH . SUHVHQWHV QDV}

2 IHFKDPHQWR HVWRPiWLFR KLGURDWLYR VH Gi SHOD VLQDOL]DomR GH iFLGR DEVFtVLFR TXH p SURGX]LGR QDV UDt]HV VRE EDL[D GLVSRQLELOLGDGH KtGULFD H WUDQVSRUWDGR j SDUWH

DpUHD(VVHKRUP{QLROHYDDRDXPHQWRGDFRQFHQWUDomRFLWRSODVPiWLFDGH&D_TXH

SRUVXDYH]GHVDWLYDRFDQDOGHLQIOX[RGH._{GDVFpOXODVJXDUGDHDWLYDRVFDQDLVGH}

kQLRQ YROWDJHPVHQVtYHLV FRQVHTXHQWHPHQWH RFRUUH HOHYDomR GR S+ FLWRSODVPiWLFR

TXHSURYDYHOPHQWHDWLYDRVFDQDLVGHHIOX[RGH._{&RQWXGRRPHFDQLVPRGHDEHUWXUD}

GH FDQDLV GH . _{LQGX]LGR SHOR S+ SHUPDQHFH GHVFRQKHFLGR 0$&52%%,( 2}

HIOX[RGH._{OHYDDSHUGDGHWXUJRURTXHUHVXOWDQRIHFKDPHQWRGRSRURHVWRPiWLFR}

0$&52%%,(

$QXWULomRSRWiVVLFDSURPRYHDOWDFRQFHQWUDomRGHSUROLQDHPYHJHWDLV R TXH FRQIHUHPDLRUWROHUkQFLDDSHUtRGRVGHVHFD0$56&+1(5

2 VXSULPHQWR DGHTXDGR GH SRWiVVLR WDPEpP DXPHQWD R WUDQVSRUWH GH IRWRVVLQWDWRVSHORIORHPDXPDYH]TXHLQGX]DPHOKRUDGRVWDWXVHQHUJpWLFR$73GD SODQWD HVWLPXODQGR D DWLYLGDGH GH GUHQR R TXH FRQWULEXL SDUD R HIOX[R GH Do~FDU YLD DSRSODVWRGDVIROKDVIRQWHDOpPGHDXPHQWDUDSUHVVmRRVPyWLFDQRVWXERVTXHSRU VXDYH]IDYRUHFHDHQWUDGDGHIRWRVVLQWDWRVQRVyUJmRVGUHQRHDDEVRUomRGHiJXD SHODVUDt]HV0(1*(/ .,5%<0DVTXDQGRDVSODQWDVHVWmRGHILFLHQWHVHP SRWiVVLRQRWDVHEDL[DDORFDomRGHFDUERLGUDWRVSDUDRVLVWHPDUDGLFXODURTXHUHVXOWD HPSODQWDVFRPDOWDUD]mRGHPDWpULDVHFDGDSDUWHDpUHDVLVWHPDUDGLFXODU&$.0$. HWDO

$ IDVH VyOLGD GR VROR SRGH VHU FRQVLGHUDGD XP UHVHUYDWyULR SDUD R SRWiVVLR HQWUH RXWURV QXWULHQWHV PLQHUDLV HQTXDQWR D IDVH OtTXLGD GR VROR p R PHLR SDUD R

PRYLPHQWRGRFiWLRQ.DWpDVXSHUItFLHGDVUDt]HVGHPRGRTXHRFRQWH~GRGHiJXD

QRVRORDIHWDRFRQWDWRGRSRWiVVLRFRPDUDL]EHPFRPRDDEVRUomRGHVWHQXWULHQWH$ DEVRUomRGHSRWiVVLRJHUDOPHQWHRFRUUHSRUGLIXVmRPDVTXDQGRHPFRQFHQWUDo}HV H[WUDFHOXODUHV PXLWR EDL[DV D DEVRUomR GH SRWiVVLR RFRUUH DWLYDPHQWH FRP JDVWR GH $730$/$92/7$7$,= =(,*(5

SRWiVVLR SHODV SODQWDV HVWi UHODFLRQDGD FRP D FLQpWLFD GH DEVRUomR GHVVHV FDUUHJDGRUHVRTXHWRUQDSRVVtYHODREVHUYDomRGHSODQWDVFRPDOWDWD[DGHDEVRUomR GHSRWiVVLRHPVRORVFRPQtYHLVEDL[RVGHVVHQXWULHQWHGHYLGRjH[SUHVVmRGHFDQDLV GHDEVRUomRGHDOWDDILQLGDGHHPFRQGLo}HVGHEDL[DIHUWLOLGDGH/8$1HWDO

$VSURWHtQDVGHWUDQVSRUWHWDPEpPHVWmRHQYROYLGDVQDHILFLrQFLDGHXWLOL]DomR GRVQXWULHQWHVTXHpGHILQLGDSRU*5$+$0FRPRDKDELOLGDGHGHXPDHVSpFLH RXJHQyWLSRHPIRUQHFHUDOWDVSURGXo}HVPHVPRHPXPVRORFRPEDL[DGLVSRQLELOLGDGH GRQXWULHQWHHPHVWXGR&RPXPHQWHRFRUUHPGLIHUHQoDVQDHILFLrQFLDQXWULFLRQDOHQWUH DVHVSpFLHV025$,6HWDO)857,1,1(72HWDO6$17$1$HWDO HHQWUHRVFORQHVGHHXFDOLSWR/,0$HWDO0$77,(//2HWDO6HJXQGR 6$17$1$HWDODHILFLrQFLDQXWULFLRQDOGDVSODQWDVWDPEpPSRGHVHUDIHWDGD SHORVXSULPHQWRGHiJXDQRVROR

(P iUHDV VXMHLWDV DR GpILFLW KtGULFR RQGH RV VRORV VmR GH EDL[D IHUWLOLGDGH UHFRPHQGDVH R FXOWLYR GH HVSpFLHV TXH SRVVXHP DOWD HILFLrQFLD GH DEVRUomR H XWLOL]DomRGHQXWULHQWHV025$,6HWDO6$17$1$HWDO

,,,0$7(5,$/(0e72'26

/RFDOGH&RQGXomRGR([SHULPHQWR

2H[SHULPHQWRIRLFRQGX]LGRQR9LYHLUR([SHULPHQWDOGH3ODQWDV2UQDPHQWDLVH )ORUHVWDLV GD )DFXOGDGH GH &LrQFLDV $JUiULDV H 9HWHULQiULDV )&$9 GD 8QLYHUVLGDGH (VWDGXDO3DXOLVWD81(63&DPSXVGH-DERWLFDEDO63VLWXDGRDž¶Dž¶GH ODWLWXGH6XOHž¶GHORQJLWXGH2HVWH

)RUPDomRGDV0XGDV

$VPXGDVGH&RU\PELDFLWULRGRUD+RRN.'+LOO /$6-RKQVRQXVDGDVQR

H[SHULPHQWRIRUDPSURGX]LGDVQR9LYHLUR$JURPXGDV±5HIORUHVWDPHQWRQRPXQLFtSLR GH0DWmR63DSDUWLUGHVHPHQWHVFROHWDGDVHPGHRXWXEURGHGHiUYRUHV PDWUL]HV GD ÈUHD GH 3URGXomR GH 6HPHQWHV GD )&$9±81(63 $SyV D FROHWD DV VHPHQWHV IRUDP DUPD]HQDGDV HP VDFRV GH SOiVWLFR HP WHPSHUDWXUD DPELHQWH RQGH SHUPDQHFHUDPDWpDVHPHDGXUDQHVWHSHUtRGRHP0DWmRDWHPSHUDWXUDPpGLDIRLGH ž&RVFLODQGRGHž&Dž&

)RUDPXVDGRVUHFLSLHQWHVGHSOiVWLFRUtJLGRWXEHWHGHSROLSURSLOHQRGHFP

FRQWHQGRVXEVWUDWRjEDVHGHILEUDGHFRFRFDVFDFDUERQL]DGDGHDUUR]QDSURSRUomR GH H YHUPLFXOLWD HTXLYDOHQWH D GR YROXPH GD PLVWXUD )RL DGLFLRQDGR DR

VXEVWUDWRJGP_{GH2VPRFRWHOHYHPHQWHPRtGR}

2VUHFLSLHQWHVSDUDIRUPDomRGDVPXGDVIRUDPDFRQGLFLRQDGRVHPEDQGHMDVGH

$ VROXomR XVDGD QD IHUWLUULJDomR FRQWLQKD

HP J / UHVSHFWLYDPHQWH GH QLWUDWR GH FiOFLR

PRQRDP{QLRIRVIDWR0$3FORUHWRGHSRWiVVLRVXOIDWRGHPDJQpVLRXUpLD)HWULORQŠ iFLGREyULFRVXOIDWRGHPDQJDQrVVXOIDWRGH]LQFRHVXOIDWRGHFREUH

1DIDVHHPTXHDVSODQWDVHVWDYDPHPWXEHWHVIRLUHDOL]DGDDDSOLFDomRGH/ VROXomRGHOHLWHiJXDHOHLWHQDSURSRUomRGHFRPERPEDFRVWDOSRUFDQWHLURGH

SURGXomRSDUDFRQWUROHGHRtGLRV2LGLXPVS

&DVDGH9HJHWDomRH5HFLSLHQWHV

2H[SHULPHQWRIRLFRQGX]LGRHPFDVDGHYHJHWDomRGHP[PHSpGLUHLWR GHPGHDOWXUDFREHUWDFRPILOPHGHSOiVWLFR

)RLXVDGRYDVRGHSOiVWLFRSUHWRGHGPSDUDDFRQGXomRGRH[SHULPHQWR

FRQWHQGR VHLV RULItFLRV GH FP GH GLkPHWUR QR IXQGR 2V YDVRV IRUDP UHYHVWLGRV H[WHUQDPHQWHFRPSDSHOMRUQDOSDUDUHGX]LUDDEVRUomRGDUDGLDomRVRODUHDVVLPHYLWDU DTXHFLPHQWRGRVROR8PDWHODFLUFXODUGHSROLHWLOHQRGHPPGHPDOKDIRLFRORFDGD LQWHUQDPHQWHQRIXQGRGRYDVRSDUDLPSHGLUDSDVVDJHPGDVUDt]HVSHORVRULItFLRV

6ROR&RUUHomRH$GXEDomRGH%DVH

2 VROR XVDGR QR H[SHULPHQWR IRL /DWRVVROR 9HUPHOKR GLVWURIpUULFR FROHWDGR j SURIXQGLGDGHGHDFPHPXPDiUHDGHUHGHGHDOWDWHQVmRQD)D]HQGD*XDWDSDUi 6HWRU$QRPXQLFtSLRGH/XL]$QWRQLR632VRORQmRYLQKDVHQGRFXOWLYDGRKiDQRV

$DQiOLVHJUDQXORPpWULFDGRVRORIRLUHDOL]DGDQR/DERUDWyULRGH)tVLFDGR6ROR GR 'HSDUWDPHQWR GH 6RORV H $GXERV GD )&$981(63 2V UHVXOWDGRV REWLGRV LQGLFDUDPTXHRVRORXWLOL]DGRpGHWH[WXUDDUJLORVDFRPGHDUJLODGHVLOWH GHDUHLDILQDHGHDUHLDJURVVD

$V DQiOLVHV GH IHUWLOLGDGH GR VROR IRUDP IHLWDV GH DFRUGR FRP RV PpWRGRV GHVFULWRVHP5$,-HWDOQR/DERUDWyULRGH)HUWLOLGDGHGR6RORGR'HSDUWDPHQWR GH6RORVH$GXERVGD)&$981(63

'D DQiOLVH TXtPLFD GD DPRVWUD GR VROR XVDGR IRUDP REWLGRV RV VHJXLQWHV

UHVXOWDGRV3UHVLQDPJGP_{02JGPS+HP&D&O}

&DPPROFGP0JPPROFGP+$OPPROFGP&7&DS+PPROF

GPHVDWXUDomRSRUEDVHV9

&RP EDVH QRV UHVXOWDGRV GD DQiOLVH TXtPLFD IRUDP DSOLFDGRV FDUERQDWR GH FiOFLRHFDUERQDWRGHPDJQpVLRQDSURSRUomR&D0JGHFRPDILQDOLGDGHGHHOHYDU DSRUFHQWDJHPGHVDWXUDomRSRUEDVHV9GRVRORSDUD*21d$/9(6HWDO

HPJGP_{GH3XWLOL]DQGRVXSHUIRVIDWRWULSORHPSy}

$SyV UHFHEHU RV FDUERQDWRV H R DGXER IRVIDWDGR GP _{GH VROR IRUDP}

WUDQVIHULGRVSDUDRVYDVRVTXHUHFHEHUDPiJXDGHSRoRDWpDWLQJLUGDFDSDFLGDGH Pi[LPDGHUHWHQomRGHiJXDGRVRORFRQGLomRTXHIRLPDQWLGDGXUDQWHRSHUtRGRGH LQFXEDomRGHGLDV

$OpPGDFDODJHPQRGpFLPRGLDGHLQFXEDomRWRGRVRVWUDWDPHQWRVUHFHEHUDP

DV VHJXLQWHV GRVHV GH QXWULHQWHV H HP PJ GP

UHVSHFWLYDPHQWH GH1 % =Q &X 0Q H 0R XVDQGR FRPRIRQWHV VXOIDWR GH DP{QLR iFLGR EyULFR VXOIDWR GH ]LQFR VXOIDWR GH FREUH FORUHWR GH PDQJDQrV H PROLEGDWR GH DP{QLR SRU PHLR GH VROXomR FRP EDVH HP *21=$/(6 1HVVD RFDVLmR WDPEpPIRUDPDGLFLRQDGDVDVGRVHVGHSRWiVVLRUHIHUHQWHVDRVWUDWDPHQWRV$SyV

GLDVIRLUHWLUDGDXPDDPRVWUDGHDSUR[LPDGDPHQWHFPGHVRORGHFDGDYDVRTXH

IRLVHFDDRDUPLVWXUDGDHVXEPHWLGDjDQiOLVHTXtPLFDGHIHUWLOLGDGHVHJXQGR5$,-HW

DO6HQGRDVVLPRYROXPHILQDOGHVRORGHFDGDYDVRIRLGHGP

7UDWDPHQWRV

)RUDPDSOLFDGDVDVVHJXLQWHVGRVHVGHSRWiVVLRHPJGPGH.

XVDQGRVHFORUHWRGHSRWiVVLRGH.2$GHWHUPLQDomRGDVGRVHVGHSRWiVVLR

DSOLFDGDVIRLIHLWDSDUDDWLQJLURVOLPLWHVLQIHULRUHVXSHULRUGDFODVVHGHWHRUPpGLR

PPROFGPGH.HROLPLWHLQIHULRUGRWHRUDOWRHPVRORPPROFGPGH

._{FRQVLGHUDQGRDVFODVVHVGHLQWHUSUHWDomRSURSRVWDVSRU5$,-HWDO}

LQIHULRU GH XPLGDGH GR VROR GH FDGD XP GRV GRLV SULPHLURV WUDWDPHQWRV HUD DWLQJLGR DGLFLRQDYDVHDTXDQWLGDGHGHiJXDQHFHVViULDSDUDUHWRUQDUDROLPLWHVXSHULRU FRPEDVHQDSHVDJHPLQGLYLGXDOGHFDGDYDVR

7UrVGLDVDSyVRLQtFLRGDDSOLFDomRGHVVHVWUDWDPHQWRVDVSODQWDVGRVYDVRV TXH DWLQJLUDP R QtYHO GH XPLGDGH GR VROR GH DSUHVHQWDUDP PXUFKD DFHQWXDGD SUy[LPD DR SRQWR GHPXUFKD SHUPDQHQWH&RP EDVH QLVVR FRQVLGHURXVH TXH VHDV SODQWDV QmR HVWDYDP VXILFLHQWHPHQWH UXVWLILFDGDV SDUD VXSRUWDU R QtYHO GH GD FDSDFLGDGHUHWHQomR3RUWDQWRIRUDPDOWHUDGRVRVOLPLWHVLQIHULRUHVSDUDHGD FDSDFLGDGHPi[LPDGHUHWHQomRSDUDRVGRLVSULPHLURVWUDWDPHQWRVUHVSHFWLYDPHQWHH RWHUFHLURWUDWDPHQWRPDQWHYHVHRQtYHOGH

'HWHUPLQDomRGD&DSDFLGDGH0i[LPDGH5HWHQomRGHÈJXDQR6ROR

3DUDGHWHUPLQDURYROXPHPi[LPRGHiJXDUHWLGRSHORVRORHPYDVRFDSDFLGDGH Pi[LPDGHUHWHQomR&05IRLXVDGRRPpWRGRGHSHVDJHPGRFRQMXQWRGHYDVRV

FRPSUDWRVFRQWHQGRPDVVDGHVRORVHFRDRDUHTXLYDOHQWHDGP_SRUYDVR$SyVD

GHWHUPLQDomRGD PDVVD GH VROR VHFR 066 R VRORIRL VDWXUDGR FRP iJXD H R YDVR SURWHJLGR FRP VDFR GH SOiVWLFR SDUD HYLWDU HYDSRUDomR $SyV KRUDV IRL IHLWD D SHVDJHPSDUDGHWHUPLQDUDPDVVDGHVRORDSyVGUHQDJHP06'$PDVVDUHIHUHQWHj &05IRLREWLGDSHODPpGLDGDVGLIHUHQoDVHQWUH06'H066GRVUHVSHFWLYRVYDVRV

3ODQWLRH&RQGXomRGR([SHULPHQWR

$V PXGDV IRUDP VHOHFLRQDGDV SDUD SODQWLR HP YDVRV VHJXLQGR RV FULWpULRV GH ERP DVSHFWR ILWRVVDQLWiULR OLYUH GH SUDJDV H GRHQoDV DXVrQFLD GH GHIRUPDo}HV QR FDXOH YLJRU VHPHOKDQWH H XQLIRUPLGDGH TXDQWRj DOWXUDDR GLkPHWUR HDRQ~PHUR GH IROKDV

)RLUHDOL]DGRRSODQWLRGHGXDVPXGDVSRUYDVRVQRGLDGHVHWHPEURGH TXDQGRDVSODQWDVWLQKDPDSUR[LPDGDPHQWHWUrVPHVHVGHLGDGHFLQFRSDUHVGHIROKDV H FHUFD GH FP GH DOWXUD )LJXUD $ FDSDFLGDGH Pi[LPD GH UHWHQomR &05 IRL PDQWLGDHPGXUDQWHRVGLDVDSyVRSODQWLR$HVFROKDGHGXDVSODQWDVSRUYDVR IRLIHLWDSDUDUHGX]LURFRHILFLHQWHGHYDULDomR

),*85$±3ODQWLRGDVPXGDVGH&RU\PELDFLWULRGRUDQRVYDVRV

(IHWXRXVH URGt]LR GRV YDVRV VHPDQDOPHQWH GHVGH R SODQWLR GDV PXGDV DWp R HQFHUUDPHQWRGRH[SHULPHQWR

DIUHTXrQFLDGHJRWHMDPHQWRIRLHVWLPDGDSDUDIRUQHFHUDTXDQWLGDGHGHiJXDGHVHMDGD GXUDQWHKRUDVGLXUQDV

),*85$ ± 6LVWHPD GH JRWHMDPHQWR XVDGR QRV WUDWDPHQWRV HP TXH R QtYHO GH XPLGDGHHUDPDQWLGRDGDFDSDFLGDGHPi[LPDGHUHWHQomRiJXDGRVRORHPYDVR

2 FiOFXOR GD TXDQWLGDGH GH iJXD D VHU UHSRVWD HUD IHLWR FRP EDVH QD ~OWLPD SHVDJHPHPTXHRYDVRDSUHVHQWDYDDPDVVDUHIHUHQWHDROLPLWHVXSHULRUGHXPLGDGH QRVROR3DUDPLWLJDURHUURGHFRUUHQWHGRDXPHQWRGHPDVVDGDSODQWDFRPDLGDGH HVWLPDYDVH R LQFUHPHQWR GH PDVVD IUHVFD GDV SODQWDV VHPDQDOPHQWH GH PRGR D DMXVWDU D PDVVDGRVFRQMXQWRV YDVRV VROR H SODQWDV UHIHUHQWHVjV SRUFHQWDJHQV GH FDSDFLGDGHPi[LPDGHUHWHQomRGRVYDVRVGHFDGDWUDWDPHQWR

7RGRVRVWUDWDPHQWRVUHFHEHUDPDDGXEDomRGHFREHUWXUDFRPDDSOLFDomRGH

VXOIDWRGHDP{QLRSRUYDVRHTXLYDOHQWHDPJGP_{GH1HPJGPGH6DRV}

GLDVDSyVRSODQWLR

2 H[SHULPHQWR IRL FRQGX]LGR SRU GLDV DSyV R SODQWLR VHQGR TXH RV WUDWDPHQWRVGHQtYHLVGHXPLGDGHIRUDPSURPRYLGRVDSHQDVQRV~OWLPRVGLDV

&RQWUROH)LWRVVDQLWiULR

'XUDQWH D FRQGXomR GR H[SHULPHQWR YHULILFDUDPVH IROKDV FRP RtGLR 2LGLXP

VS H SXOJ}HV HP WRGRV RV WUDWDPHQWRV 3DUD R FRQWUROH GRV PHVPRV IRUDP IHLWDV DSOLFDo}HVVHPDQDLVGRIXQJLFLGDVLVWrPLFR5XELJDQ(&GH)HUDQLPROHGR LQVHWLFLGD GH FRQWDWR H LQJHVWmR 'HFLV 8OWUD (& GH 'HOWDPHWULQD

UHVSHFWLYDPHQWHQDVFRQFHQWUDo}HVGHP//_{HP//QRVGRLVSULPHLURVPHVHV}

GH FRQGXomR GR H[SHULPHQWR $V DSOLFDo}HV GR LQVHWLFLGD HUDP UHDOL]DGDV QR GLD VHJXLQWHDDSOLFDomRGRIXQJLFLGD

$RV H GLDV DSyV R SODQWLR IRL DSOLFDGR 3UHPLHU 3OXV GH ,PLGDFORSULGRHGH7ULDGLPHQROGHDomRIXQJLFLGDHLQVHWLFLGDQDFRQFHQWUDomRGH

P//

'XUDQWH D FRQGXomR GR H[SHULPHQWR DV IROKDV GDV SODQWDV HUDP OHYHPHQWH SXOYHUL]DGDVFRPiJXDGHSRoRGXDVYH]HVDRGLDFRPRPHGLGDDX[LOLDUQRFRQWUROHGD GRHQoD SRLV D XPLGDGH QDV IROKDV LQLEH R FUHVFLPHQWR GH RtGLRV 6$1726 HW DO

'HOLQHDPHQWR([SHULPHQWDO

2 H[SHULPHQWR IRL FRQGX]LGR HP GHOLQHDPHQWR LQWHLUDPHQWH FDVXDOL]DGR FRP TXDWURGRVHVGHSRWiVVLRHWUrVQtYHLVGHXPLGDGHGRVRORFRPELQDGRVQRHVTXHPD IDWRULDO[FRPVHLVUHSHWLo}HV&DGDSDUFHODIRLFRPSRVWDSRUXPYDVRFRQWHQGR GXDVSODQWDV

$YDOLDo}HV

1RHQFHUUDPHQWRGRH[SHULPHQWRDRVGLDVDSyVRSODQWLRIRUDPUHDOL]DGDVDV DYDOLDo}HV GH SRUFHQWDJHP GH VREUHYLYrQFLD DOWXUD GLkPHWUR GR FDXOH iUHD IROLDU PDVVDGHPDWpULDVHFDGHIROKDVGHFDXOHHUDPRVWRWDOGDSDUWHDpUHDGHUDt]HVH WRWDO GDV SODQWDV GD SDUFHOD FRPSULPHQWR H GLkPHWUR GDV UDt]HV Q~PHUR GH IROKDV tQGLFH GH FRQWH~GR GH FORURILOD FRQFHQWUDomR GH FORURILODV FRQFHQWUDomR H DF~PXOR IROLDUGHPDFURQXWULHQWHVHHILFLrQFLDGHXWLOL]DomRGHSRWiVVLRQDVIROKDV

&DUDFWHUtVWLFDVPRUIROyJLFDV

1D GHWHUPLQDomR GD DOWXUD GD SODQWD H GR GLkPHWUR GR FDXOH IRUDP XVDGRV UHVSHFWLYDPHQWH WUHQD PLOLPHWUDGD H SDTXtPHWUR GLJLWDO $EVROXWH 'LJLPDWLF ± 0,7872<2&RQVLGHURXVHFRPRDOWXUDGDSDUWHDpUHDRFRPSULPHQWRHQWUHDEDVHGR FDXOH HP FRQWDWR FRP R VROR H R iSLFH GR SDU GH IROKDV PDLV MRYHP 2 GLkPHWUR IRL REWLGRDFPGRVROR

6LVWHPDUDGLFXODU

$SyVRFRUWHGDSDUWHDpUHDDVUDt]HVIRUDPVHSDUDGDVGRVRXWURVFRPSRQHQWHV GD SODQWD ODYDGDV HP iJXD FRUUHQWH GH SRoR H DUPD]HQDGDV D ž& HP IUDVFRV GH YLGURFRQWHQGRVROXomRDOFRyOLFD

3RVWHULRUPHQWH IRUDP REWLGDV WUrV DPRVWUDV GH UDt]HV SRU SDUFHOD FDGD XPD FRQWHQGR GH J GH PDVVD IUHVFD $V DPRVWUDV IRUDP ODYDGDV HP iJXD FRUUHQWH GH WRUQHLUD H DFRQGLFLRQDGDV HP UHFLSLHQWHV GH SOiVWLFR FRQWHQGR VROXomR GH D]XO GH PHWLOHQR SDUD FRORULODV RQGH SHUPDQHFHUDP SRU GRLV PLQXWRV$SyV D FRORUDomR DV DPRVWUDV IRUDP ODYDGDV QRYDPHQWH (P VHJXLGD FDGD DPRVWUD IRL GLVSRVWD VHSDUDGDPHQWH VREUH XPD EDQGHMD FRP iJXD GH PRGR D HYLWDU DR Pi[LPR D VREUHSRVLomR GDV UDt]HV SDUD TXH IRVVHP GLJLWDOL]DGDV SRU XP VFDQQHU $7'HOWD 7 'HYLFHV'HOWD76FDQ$LPDJHPGHFDGDDPRVWUDIRLSURFHVVDGDSHORVRIWZDUHGR PHVPRHTXLSDPHQWRSDUDPHQVXUDomRGRFRPSULPHQWRHRGLkPHWURGHUDL]

)RL GHWHUPLQDGD D PDWpULD VHFD WRWDO GDV UDt]HV SRU SDUFHOD H D SDUWLU GR FRPSULPHQWRGDVDPRVWUDVGHUDt]HVIRLFDOFXODGRRFRPSULPHQWRWRWDOGDVUDt]HVSRU SDUFHOD 2 GLkPHWUR PpGLR GDV UDt]HV IRL GHWHUPLQDGR FDOFXODQGRVH D PpGLD GRV YDORUHVGHGLkPHWURREWLGRVFRPDVDPRVWUDVGHPHVPRWUDWDPHQWR

ÈUHDIROLDUHPDWpULDVHFD

$SDUWHDpUHDGDVSODQWDVIRLVXEGLYLGLGDHPIROKDVFDXOHHUDPRV$iUHDIROLDU IRLPHQVXUDGDSHORVLVWHPDGHDQiOLVHGHLPDJHQV'HOWD7,PDJH$QDO\VLV6\VWHP

3RVWHULRUPHQWH DV IROKDV IRUDP ODYDGDV HP VHTXrQFLD HP iJXD FRUUHQWH GH

GHVPLQHUDOL]DGDSDUDGHWHUPLQDomRGDVFRQFHQWUDo}HVGHQXWULHQWHV2VFRPSRQHQWHV GDSODQWDIRUDPDFRQGLFLRQDGRVHPVDFRVGHSDSHOLGHQWLILFDGRVHFRORFDGRVHPHVWXID FRPFLUFXODomRIRUoDGDGHDUDž&DWpPDVVDFRQVWDQWH)RUDPGHWHUPLQDGDVDV PDVVDVGHPDWpULDVHFDGHIROKDVFDXOHHUDPRVMXQWRVGDSDUWHDpUHDGHUDt]HVH WRWDO

&DUDFWHUtVWLFDVILVLROyJLFDV

)RUDPGHWHUPLQDGRVtQGLFHGHFRQWH~GRGHFORURILODFRPRXVRGHFORURILO{PHWUR SRUWiWLO&&02SWL6FLHQFHVHFRQFHQWUDo}HVGHFORURILODVDEHWRWDOSHORPpWRGR GH$5121 (VVDVPHGLGDVIRUDP UHDOL]DGDV HP DSHQDVTXDWUR UHSHWLo}HV GH FDGDWUDWDPHQWRVHQGRTXHFDGDPHGLGDIRLIHLWDHPXPDIROKDGHXPD~QLFDSODQWD SRU YDVR $V PHQVXUDo}HV IRUDP UHDOL]DGDV QR SHUtRGR GD PDQKm TXDQGR WRGRV RV WUDWDPHQWRV HVWDYDP HP VHXV UHVSHFWLYRV QtYHLV GH XPLGDGH PtQLPRV H

3DUDGHWHUPLQDomRGDVFRQFHQWUDo}HVGHFORURILODVSHORPpWRGRGHOHWpULRIRUDP REWLGDVDPRVWUDVGHJGHPDWpULDIUHVFDGHWHFLGRIROLDUGHFDGDSDUFHOD$VDPRVWUDV IRUDPPDFHUDGDVFRPP/GHQLWURJrQLROtTXLGRSDUDIDFLOLWDUDWULWXUDomRGRPDWHULDO HPVHJXLGDSURPRYHXVHDPDFHUDomRFRPDSUR[LPDGDPHQWHP/GHDFHWRQD YY 2 SURGXWR ILQDO IRL ILOWUDGR D YiFXR H R YROXPH FRPSOHWDGR DWp P/ FRP DFHWRQD 2VH[WUDWRV REWLGRVIRUDP VXEPHWLGRVjV PHGLGDVGH DEVRUEkQFLD QRV FRPSULPHQWRV GH RQGD GH H QP SDUD GHWHUPLQDU DV FRQFHQWUDo}HV GH FORURILODDFORURILODEFORURILODVWRWDLVDEUHVSHFWLYDPHQWHFRPEDVHQDVHTXDo}HV SURSRVWDVSRU$5121

$V FDUDFWHUtVWLFDV ILVLROyJLFDV PHQVXUDGDV QHVWH H[SHULPHQWR IRUDP UHDOL]DGDV HPIROKDVH[SDQGLGDVGRWHUFHLURYHUWLFLORGRWLSRREORQJDH[SRVWDVjUDGLDomRVRODU

&RQFHQWUDo}HVHTXDQWLGDGHVGHQXWULHQWHVQDVIROKDV

UHDOL]DGDFRQIRUPHRVPpWRGRVGHVFULWRVSRU6$558*( +$$*QR/DERUDWyULR GH 1XWULomR GH 3ODQWDV (VFROD 6XSHULRU GH $JULFXOWXUD ³/XL] GH 4XHLUR]´ 863 3LUDFLFDED63

2 QLWURJrQLR IRL GHWHUPLQDGR SHOR PpWRGR DQDOtWLFR VHPLPLFUR .MHOGDKO DSyV GLJHVWmRVXOI~ULFDHQTXDQWRDGLJHVWmRQtWULFRSHUFOyULFDIRLUHDOL]DGDSDUDGHWHUPLQDU RV GHPDLV PDFURQXWULHQWHV $V GHWHUPLQDo}HV GH IyVIRUR H SRWiVVLR IRUDP SRU FRORULPHWULD GHPHWDYDQDGDWR HIRWRPHWULDGH FKDPD UHVSHFWLYDPHQWH DV GH FiOFLR H PDJQpVLRSRUHVSHFWURIRWRPHWULDGHDEVRUomRDW{PLFDHRHQ[RIUHIRLGHWHUPLQDGRSRU WXUELGLPHWULD6$558*( +$$*

2V FRQWH~GRV GRV PDFURQXWULHQWHV QDV IROKDV IRUDP REWLGRV SHOD PXOWLSOLFDomR GRV YDORUHV GH PDWpULD VHFD IROLDU SHODV UHVSHFWLYDV FRQFHQWUDo}HV GRV QXWULHQWHV $ HILFLrQFLDGHXWLOL]DomRGHSRWiVVLR(8.QDVIROKDVIRLGHWHUPLQDGDGHDFRUGRFRPD HTXDomRSURSRVWDSRU6,'',4, */$66

(8. PDWpULDVHFDWRWDOGHIROKDV_{TXDQWLGDGHGHSRWiVVLRQDVIROKDV}

$QiOLVHV(VWDWtVWLFDV

)RUDP IHLWDV DV DQiOLVHV GH YDULkQFLD GRV GDGRV REWLGRV 2V HIHLWRV GRV WUDWDPHQWRV IRUDP DQDOLVDGRV DWUDYpV GH HTXDo}HV GH UHJUHVVmR SROLQRPLDO 0HVPR TXDQGRRYDORUGH)GDDQiOLVHGHYDULkQFLDSDUDHIHLWRGHWUDWDPHQWRVTXDWURGRVHV FUHVFHQWHV GH SRWiVVLR IRL QmR VLJQLILFDWLYR UHDOL]RXVH D DQiOLVH GH UHJUHVVmR SRU SROLQ{PLRV RUWRJRQDLV )RL XVDGR R SURJUDPD $JUR(VWDW GHVHQYROYLGR SHOR 'HSDUWDPHQWR GH &LrQFLDV ([DWDV GD )&$9±81(63 %$5%26$ 0$/'21$72

,95(68/7$'26(',6&866­2

$SyVFDODJHPHDSOLFDomRGHQXWULHQWHVLQFOXVLYHGRSRWiVVLRIRUDPREWLGRVRV

VHJXLQWHVUHVXOWDGRVPpGLRVGHIHUWLOLGDGHGRVRORGRVWUDWDPHQWRV3UHVLQDPJGP

_{02JGPS+HP&D&O}

&DPPROFGP0JPPROFGP+$O

PPROF GP &7& D S+ PPROF GP H VDWXUDomR SRU EDVHV 9 (VVHV

DWULEXWRVTXtPLFRVIRUDPFRQVLGHUDGRVDGHTXDGRVSDUDRFUHVFLPHQWRGHSODQWDVGH&

FLWULRGRUDHPYDVRVSDUDRSHUtRGRGHFRQGXomRGRH[SHULPHQWR

$VGRVHVGHSRWiVVLRDSOLFDGDVHOHYDUDPGHIRUPDOLQHDURWHRUGHSRWiVVLRQR VROR)LJXUDHQmRLQWHUIHULUDPQDVGHPDLVFDUDFWHUtVWLFDVGHIHUWLOLGDGHGRVROR

\ [5ð

.PJGP

.

P

P

ROF

G

P

)LJXUD ± 9DULDomR GR WHRU GH SRWiVVLR QR VROR HP IXQomR GDV GRVHV GH SRWiVVLR DSOLFDGDVDSyVGLDVGHLQFXEDomR

$VREUHYLYrQFLDGDVSODQWDVIRLGHDSUR[LPDGDPHQWHLQGHSHQGHQWHPHQWH GR WUDWDPHQWR 2EVHUYRXVH D PRUWH GH DSHQDV XPD SODQWD GXUDQWH R H[SHULPHQWR DSDUHQWHPHQWHFDXVDGDSRUDIRJDPHQWRGHFROHWR

1R WUDWDPHQWR GH PDLRU YDULDomR GH XPLGDGH GR VROR VH REVHUYDYD PXUFKD DFHQWXDGDGDVIROKDVGDVSODQWDVTXDQGRRVRORDWLQJLDVHROLPLWHLQIHULRUGHXPLGDGH

RXVHMDGHLQFOXVLYHGDVSODQWDVVXSULGDVFRPPDLRUHVTXDQWLGDGHVGHSRWiVVLR TXH DSUHVHQWDUDP SHUGD GH WXUJLGH] VHPHOKDQWH jV SODQWDV TXH QmR UHFHEHUDP SRWiVVLR R TXH QmR HUD HVSHUDGR YLVWR TXH DV PDLRUHV GRVHV GH SRWiVVLR QR VROR DFDUUHWDUDPPDLRUDF~PXORGHVVHHOHPHQWRQRVWHFLGRVYHJHWDLVRTXHWHRULFDPHQWH GHYHULDWHUFRQWULEXtGRSDUDRDXPHQWRHPDQXWHQomRGRWXUJRUPHVPRVREFRQGLo}HV GH EDL[R SRWHQFLDO KtGULFR IROLDU GHFRUUHQWH GD PHQRU GLVSRQLELOLGDGH GH iJXD 0$+28$&+, HW DO $SyV UHWRUQDU R QtYHO GH XPLGDGH D DV SODQWDV GR WUDWDPHQWR UHFXSHUDYDP D WXUJHVFrQFLD GDV IROKDV HP XP SHUtRGR LQIHULRU D PLQXWRV

2FUHVFLPHQWRHPDOWXUDGDVSODQWDVIRLUHGX]LGRQRVWUDWDPHQWRVHGH QtYHOGHXPLGDGHHPFRPSDUDomRDRGH1RWUDWDPHQWRDDOWXUDPpGLDGDV SODQWDVIRLLQIHULRUDRWUDWDPHQWR7DEHODH)LJXUD6,/9$HWDO HVWXGDQGR SODQWDV GD PHVPD HVSpFLH YHULILFDUDP UHGXomR PDLV DFHQWXDGD QR FUHVFLPHQWR HTXLYDOHQWH D TXDQGR FRPSDUDUDP D DOWXUD GDVSODQWDVPDQWLGDV SUy[LPDVjFDSDFLGDGHGHFDPSRFRPDVTXHSHUPDQHFHUDPDDSUR[LPDGDPHQWH GD FDSDFLGDGH Pi[LPD 2 PDLRU GHFUpVFLPR QR FUHVFLPHQWR REVHUYDGR SRU HVVHV DXWRUHV VH GHYH SURYDYHOPHQWH DR IDWR GH TXH RV QtYHLV GH XPLGDGH GR VRORIRUDP PDQWLGRV GXUDQWH WRGD D FRQGXomR GR H[SHULPHQWR GLIHUHQWHPHQWH GR SUHVHQWH WUDEDOKRHPTXHHUDDGLFLRQDGDiJXDDRVYDVRVSDUDTXHRQtYHOGHXPLGDGHGRVROR UHWRUQDVVHDORJRTXHRVOLPLWHVLQIHULRUHVGHXPLGDGHHUDPDWLQJLGRV

(PKtEULGRVGHHXFDOLSWRVREHVWUHVVHKtGULFRDDOWXUDIRLDSUR[LPDGDPHQWH

PHQRU TXH D REWLGD QR WUDWDPHQWR FRQWUROH 7(,;(,5$ HW DO 3ODQWDV GH&

FLWULRGRUD ( SHOOLWD( FDPDOGXOHQVLV ( FORH]LDQD( XURSK\OOD *21d$/9(6

3$6626 ( JOREXOXV *8$51$6&+(//, HW DO WDPEpP FUHVFHUDP

PHQRVHPDOWXUDTXDQGRVREEDL[DGLVSRQLELOLGDGHKtGULFD

2GLkPHWURGRFDXOHIRLDIHWDGRSHODVGRVHVGHSRWiVVLRPDVQmRSHORVQtYHLV GH XPLGDGH 2 FUHVFLPHQWR HP GLkPHWUR HVWLPDGR PP VHULD REWLGR FRP D

DSOLFDomRGHPJGPGH.7DEHODH)LJXUD

GHVVHQXWULHQWHQD]RQDGHGLIHUHQFLDomRRTXHSURPRYHXH[SDQVmRFHOXODU/$1*(5 HWDOHPDLRUFUHVFLPHQWRHPGLkPHWUR

7DEHOD±9DULiYHLVGHFUHVFLPHQWRGDVSODQWDVGH&RU\PELDFLWULRGRUDHPIXQomRGRV QtYHLVGHXPLGDGHGRVRORHGRVHVGHSRWiVVLRDRVGLDVDSyVRSODQWLRHPYDVR

8 . $ ' 1) $) 067 06& 06) 063$

PJGP _{FP PP FP}

0pGLDV

0pGLDV

0pGLDV

7HVWH)

8PLGDGH8 QV QV QV

'RVHVGH.. QV QV QV QV QV QV QV

.[8 QV QV QV QV QV QV QV

&9

9DORUHVPpGLRVGHSODQWDVYDVRVUHSHWLo}HV$±DOWXUD'±GLkPHWUR1)Q~PHURGH IROKDV$)iUHDIROLDU9DORUHVPpGLRVGDSDUFHOD 067PDWpULDVHFDWRWDO06&PDWpULD VHFDGHFDXOHHUDPRV06)PDWpULDVHFDGDVIROKDV063$PDWpULDVHFDGDSDUWHDpUHD

QV_{1mRVLJQLILFDWLYR3!H6LJQLILFDWLYRV3”H3”UHVSHFWLYDPHQWHSHOR}

WHVWH)

(P FORQHV GH (XFDO\SWXV D DSOLFDomR GH SRWiVVLR WDPEpP DXPHQWRX R

\ [5ð

8PLGDGH

$O

WX

UD

F

P

)LJXUD±9DULDomRGDDOWXUDGDVSODQWDVGH&RU\PELDFLWULRGRUDHPIXQomRGRVQtYHLV GHXPLGDGHGRVRORDRVGLDVDSyVRSODQWLR

\ [ð[5ð

.PJGP

'

LkP

HW

UR

P

P

)LJXUD ± 9DULDomR GR GLkPHWUR GR FDXOH GDV SODQWDV GH&RU\PELD FLWULRGRUD HP

IXQomRGDVGRVHVGHSRWiVVLRDRVGLDVDSyVRSODQWLR

'RVHVGH.PJGP_DSOLFDGDV

+RXYH HIHLWR GD LQWHUDomR HQWUH RV QtYHLV GH XPLGDGH GR VROR H DV GRVHV GH SRWiVVLR DSOLFDGDV QR Q~PHUR GH IROKDV 7DEHOD &RQWXGR QmR IRL SRVVtYHO GHWHUPLQDU XPD WHQGrQFLD HP UHVSRVWD j LQWHUDomR HQWUH RV IDWRUHV DR ID]HU R GHVGREUDPHQWRGRVWUDWDPHQWRV(PERUDRHIHLWRGRVWUDWDPHQWRVKtGULFRVQmRWHQKD VLGRVLJQLILFDWLYRLVRODGDPHQWHVREUHRQ~PHURGHIROKDVIRLSRVVtYHOREVHUYDUTXHGH PRGRJHUDORFRUUHXXPDXPHQWRQRQ~PHURGHIROKDVQRVPHQRUHVQtYHLVGHXPLGDGH GRVRORHEHPFRPRUHGXomRGDiUHDLQGLYLGXDOGDVIROKDV2DFUpVFLPRQR Q~PHURGHIROKDVQHVVHVWUDWDPHQWRVIRLLQVXILFLHQWHSDUDPDQWHURXDXPHQWDUDiUHD IROLDU WRWDO GD SODQWD 7DEHOD H )LJXUD &RQWXGR VHJXQGR .2=/2:6., 3$//$5'<VREEDL[DGLVSRQLELOLGDGHGHiJXDpPDLVFRPXPTXHDVSODQWDV SURGX]DP PHQRV IROKDV H GH PHQRU WDPDQKR FRPR XP PHFDQLVPR GH UHGXomR GH SHUGDGHiJXDSRUWUDQVSLUDomR

\ [5ð

8PLGDGHV

$)

P

P

)LJXUD±9DULDomRGDiUHDIROLDUGDVSODQWDVGH&RU\PELDFLWULRGRUDHPIXQomRGRV

QtYHLVGHXPLGDGHGRVRORDRVGLDVDSyVRSODQWLR

'XUDQWH D FRQGXomR GR H[SHULPHQWR IRL REVHUYDGD DEVFLVmR IROLDU H DV IROKDV HPLWLGDVSRVWHULRUPHQWHDSUHVHQWDUDPiUHDPHQRUGRTXHDVTXHFDtUDPSUHYLDPHQWH FRPR FRQVHTXrQFLD GH SURFHVVRV GH DFOLPDWDomR GHVHQYROYLGRV HP UHVSRVWD DV

FRQGLo}HVGHUHVWULWDGLVSRQLELOLGDGHGHiJXD.2=/2:6., 3$//$5'<HGH KHWHURILOLD

$VSODQWDVQDRFDVLmRGRSODQWLRHPYDVRVSRVVXtDPIROKDVGRWLSRREORQJDV FRPSHTXHQRVSrORVQDHSLGHUPHHILQDFXWtFXOD$SDUWLUGRVGLDVDSyVRSODQWLR FRPHoRX REVHUYDUVH D HPLVVmR GH IROKDV ODQFHRODGDV FRP DXVrQFLD GH SrORV QD OkPLQDHFXWtFXODPDLVHVSHVVD4XDQGRRH[SHULPHQWRIRLHQFHUUDGRDVSODQWDVDLQGD HVWDYDP QHVVD IDVH GH WUDQVLomR GH IROKDV MXYHQLV SDUD IROKDV DGXOWDV $VVLP p SURYiYHO TXH RV UHVXOWDGRV GH iUHD IROLDU REWLGRV WHQKDP VLGR LQIOXHQFLDGRVSRU HVVD

FDUDFWHUtVWLFDFRQKHFLGDFRPRKHWHURILOLD(VVDDOWHUDomRPRUIROyJLFDGDVIROKDVGH&

FLWULRGRUDIRLFLWDGDSRU%2/$1'HWDO

$V IROKDV ODQFHRODGDV SRVVXHP PHQRU iUHD IROLDU H FRQVHTXHQWHPHQWH D YDQWDJHPGHDSUHVHQWDUPHQRUWD[DGHWUDQVSLUDomR

(PDOJXQVFORQHVGHKtEULGRVGHHXFDOLSWRYHULILFRXVHTXHRtQGLFHGHiUHDIROLDU WRUQRXVHPHQRUFRPRDXPHQWRGDLGDGHHQWUHHPHVHV;$9,(5HWDO

+RXYHFRUUHODomRSRVLWLYDHQWUHDiUHDIROLDUHDPDWpULDVHFDWRWDOGH3 ”5HGXo}HVQDiUHDIROLDUJHUDOPHQWHUHVXOWDPHPPHQRUSHUGDGHiJXDSRU XQLGDGHGHELRPDVVDRTXHSRGHUHGX]LURFUHVFLPHQWRPDVDXPHQWDUDFDSDFLGDGH GDV SODQWDV VREUHYLYHUHP HP SHUtRGRV HP TXH R QtYHO GH XPLGDGH GR VROR p EDL[R $%5$06HWDO

1mR IRL YHULILFDGR HIHLWR GR SRWiVVLR QD iUHD IROLDU GH& FLWULRGRUD &RQWXGR

7(,;(,5$HWDOYHULILFDUDPTXHDiUHDIROLDUGHQRYHKtEULGRVGHHXFDOLSWRVRE GpILFLWKtGULFRVRIUHXXPDFUpVFLPRPpGLRGHFRPDDSOLFDomRGHSRWiVVLR

\ [5ð

8PLGDGHV

06

7

J

)LJXUD ± 9DULDomR GD SURGXomR GH PDWpULD VHFD WRWDO GDV SODQWDV GH&RU\PELD

FLWULRGRUDHPIXQomRGRVQtYHLVGHXPLGDGHGRVRORDRVGLDVDSyVRSODQWLR

$DSOLFDomRGHPJGP_{GHSRWiVVLRDXPHQWRXDSURGXomRGHPDWpULDVHFD}

WRWDO GH SODQWDV GH( XURSK\OOD [( SHOOLWD HP TXDWUR YH]HV TXDQGR HVVHV IRUDP

PDQWLGRV j FDSDFLGDGH GH FDPSR H HP YH]HV VRE EDL[D GLVSRQLELOLGDGH KtGULFD 7(,;(,5$HWDO

$ PDWpULD VHFD GH FDXOH H UDPRV IRL DIHWDGD SHORV QtYHLV GH XPLGDGH GR VROR )LJXUD2EDL[RVXSULPHQWRGHiJXDQRVRORSUHMXGLFDRFUHVFLPHQWRGDVFpOXODVHP GLkPHWUR Q~PHUR H WDPDQKREHP FRPR DHVSHVVXUD GDSDUHGHFHOXODU GR [LOHPD H HVVDV FDUDFWHUtVWLFDV VmR LPSRUWDQWHV QD IRUPDomR GD PDGHLUD GRV FDXOHV H UDPRV /,0$

1mR IRUDP REVHUYDGDV GLIHUHQoDV HQWUH DV GRVHV GH SRWiVVLR DSOLFDGDV QD SURGXomRGHELRPDVVDGHFDXOHHUDPRVDSHVDUGDDSOLFDomRGHSRWiVVLRWHUDIHWDGRR GLkPHWURGRFDXOHRTXHSRGHVHUXPLQGLFDWLYRGHTXHDVSODQWDVGRWUDWDPHQWR GHQtYHOGHXPLGDGHDSUHVHQWDUDPPDLRUHVYDORUHVGHPDWpULDVHFDGHFDXOHVHUDPRV GHYLGRjPDLRUSURGXomRRXFUHVFLPHQWRGRVUDPRV

1mRIRUDPYHULILFDGRVHIHLWRVGRVXSULPHQWRGHiJXDHGDDSOLFDomRGHSRWiVVLR QDSURGXomRGHELRPDVVDIROLDUDSHVDUGDiUHDIROLDUWHUVLGRDIHWDGDSHODVFRQGLo}HV KtGULFDV 7DEHOD 3URYDYHOPHQWH DV IROKDV WRUQDUDPVH PHQRV HVSHVVDV GHYLGR j PDLRU H[SDQVmR GD iUHD GR OLPER VHP QHFHVVDULDPHQWH LQFUHPHQWR QD SURGXomR GH WHFLGR IROLDU 'H DFRUGR FRP :,/621 HW DO D HVSHVVXUD H D iUHD IROLDU VmR FDUDFWHUtVWLFDV PRUIROyJLFDV DOWDPHQWH FRUUHODFLRQDGDV VHQGR TXH IROKDV PDLV ILQDV WHQGHPDPDLRUHViUHDVIROLDUHV

\ [5ð

8PLGDGHV

06

&

J

)LJXUD±9DULDo}HVQDSURGXomRGHPDWpULDVHFDGHFDXOHVHUDPRVGHSODQWDVGH

&RU\PELD FLWULRGRUD HP IXQomR GRV QtYHLV GH XPLGDGH GR VROR DRV GLDV DSyV R

SODQWLR

(PHVWXGRVFRP( XURSK\OOD(JUDQGLV ( FDPDOGXOHQVLVH(XURSK\OOD[(

JUDQGLV 7(,;(,5$ HW DO REVHUYDUDP HIHLWR VLJQLILFDWLYR GD LQWHUDomR HQWUH DV

GRVHVGHSRWiVVLRHDVTXDQWLGDGHVGHiJXDQRVRORQDPDVVDVHFDGHIROKDV

$SURGXomRGHPDWpULDVHFDGDSDUWHDpUHDWDPEpPDXPHQWRXOLQHDUPHQWHFRP R DXPHQWR GD XPLGDGH GR VROR )LJXUD WHQGR VLGR UHIOH[R GD YDULDomR GDPDWpULD VHFDGHFDXOHHUDPRV

\ [5ð

8PLGDGHV

0

63$

J

)LJXUD ± 9DULDomR GD SURGXomR GH PDWpULD VHFD GH SDUWH DpUHD GDV SODQWDV GH

&RU\PELD FLWULRGRUD HP IXQomR GRV QtYHLV GH XPLGDGH GR VROR DRV GLDV DSyV R

SODQWLR

$VYDULiYHLVGHFUHVFLPHQWRUDGLFXODUQmRIRUDPDIHWDGDVSHORVWUDWDPHQWRVGH QtYHLVGHXPLGDGHHGRVHVGHSRWiVVLR7DEHOD2YROXPHGRYDVRIRLFRQVLGHUDGR OLPLWDQWH SDUD R FUHVFLPHQWR UDGLFXODU GDV SODQWDV SDUD R SHUtRGR GH FRQGXomR GR H[SHULPHQWR FRP EDVH QRIDWR GH TXH QRPRPHQWRGD FROHWDGDV UDt]HV IRL QRWDGR LQWHQVR HQRYHODPHQWR GRV VLVWHPDV UDGLFLDLV GDV SODQWDV QR IXQGR GR YDVR (VVD OLPLWDomR GH HVSDoR SRGH WHU VLGR UHVSRQViYHO SHOD DXVrQFLD GH VLJQLILFkQFLD GRV WUDWDPHQWRVKtGULFRVQDVYDULiYHLVPDWpULDVHFDHFRPSULPHQWRGHUDt]HV

$ PDLRU SDUWH GDV UDt]HV HUD ILQD HP WRUQR GH PP GH GLkPHWUR LQGHSHQGHQWHPHQWH GR WUDWDPHQWR 7DEHOD 5Dt]HV ILQDV DSUHVHQWDP PDLRU UD]mR VXSHUItFLHYROXPH R TXH FRQIHUH PDLRU FDSDFLGDGH GH DEVRUomR 9,/(/$ $1*+,121,$SHUGDGHiJXDSHORVLVWHPDSODQWDHVRORHUDHPWRUQRGH P/ SRU GLD DVVLP R GHVHQYROYLPHQWR GH UDt]HV FDSD]HV GH DEVRUYHU HILFLHQWH H UDSLGDPHQWHDiJXDORJRTXHRQtYHOGHXPLGDGHIRVVHHOHYDGRDHUDGHH[WUHPD LPSRUWkQFLDSDUDPDQXWHQomRGRFUHVFLPHQWRHVREUHYLYrQFLDGDVSODQWDV

7DEHOD±9DULiYHLVGHFUHVFLPHQWRGHUDt]HVGDVSODQWDVGH&RU\PELDFLWULRGRUDHP IXQomRGRVQtYHLVGHXPLGDGHGRVRORHGRVHVGHSRWiVVLRDRVGLDVDSyVRSODQWLR HPYDVR

8 . 065 &7 '0

PJGP _{JYDVR P PP}

0pGLDV

0pGLDV

0pGLDV

7HVWH)

8PLGDGH8 QV QV QV

'RVHVGH.. QV QV QV

.[8 QV QV QV

&9

9DORUHVPpGLRVGDSDUFHOD065PDWpULDVHFDGDUDL]&7FRPSULPHQWRWRWDOGHUDL]'0 GLkPHWURPpGLRGHUDL]

QV_{1mRVLJQLILFDWLYR3!H6LJQLILFDWLYRV3”H3”UHVSHFWLYDPHQWHSHOR}

WHVWH)

2 GLkPHWUR GH UDt]HV GH SODQWDV GH( FDPDOGXOHQVLV FXOWLYDGDV HP YDVRV

FRQWHQGR/DWRVVRORVGHWH[WXUDVPXLWRDUJLORVDHIUDQFRDUHQRVDQmRFRPSDFWDGRVQD FDSDFLGDGHGHFDPSRYDULRXGHDPPDSyVGLDVGHSODQWLR6,/9$HWDO 2 GLkPHWUR PpGLR HQFRQWUDGR QR SUHVHQWH WUDEDOKR IRL SUy[LPR DR OLPLWH VXSHULRUGHLQWHUYDORGHYDORUHVREVHUYDGRVSDUDHVVDFDUDFWHUtVWLFDSRU6,/9$HWDO

GLIHUHQWHV PDWHULDLV JHQpWLFRV GH XPD PHVPD HVSpFLH DSUHVHQWDP GLIHUHQoDV VLJQLILFDWLYDVQDSURGXomRGHUDt]HV:,76&+25(&.HWDO

'H DFRUGR FRP D FODVVLILFDomR GH 5$,- HW DO DV FRQFHQWUDo}HV GH

SRWiVVLRHPPROFGPHQFRQWUDGDVQRVRORUHVXOWDQWHVGDVGRVHVHPJGP

_{UHVSHFWLYDPHQWHVmRFRQVLGHUDGDVEDL[DVSRUpPQmROLPLWDUDPRFUHVFLPHQWRGDV}

SODQWDVFRPH[FHomRGRGLkPHWURGRFDXOH7DEHOD

1DV FRQGLo}HV GR SUHVHQWH WUDEDOKR& FLWULRGRUD SDUHFHX VHU H[LJHQWH HP

XPLGDGH GR VROR H SRXFR H[LJHQWH HP SRWiVVLR SRLV YiULDV FDUDFWHUtVWLFDV GH FUHVFLPHQWRIRUDPDIHWDGDVSHORVQtYHLVGHXPLGDGHPDVQmRSHODVGRVHVDSOLFDGDV GRQXWULHQWH6HJXQGR%$5526 129$,6DVSODQWDVGHHXFDOLSWRQDIDVHGH PXGDJHUDOPHQWHQmRDSUHVHQWDPUHVSRVWDVjDGXEDomRSRWiVVLFDSURYDYHOPHQWHHP GHFRUUrQFLDGHXPDEDL[DH[LJrQFLDGHVWHQXWULHQWHQHVVDIDVHGHGHVHQYROYLPHQWR

7(,;(,5$HWDOYHULILFDUHPTXHDHVSpFLHSRVVXLUHVLVWrQFLDHVWRPiWLFD

LQIHULRUD(XURSK\OOD(SHOOLWD(JUDQGLV(WHUHWLFRUQLV(FORH]LQDH(VDOLJQDHP

FRQGLo}HVGHUHGXomRGDGLVSRQLELOLGDGHKtGULFDFRPRXVRGHSROLHWLOHQRJOLFRO3(* LVWR p DSUHVHQWD PDLRU SHUGD GH iJXD SRU WUDQVSLUDomR GR TXH DV RXWUDV HVSpFLHV SRUWDQWRPDLRUH[LJrQFLDGHXPLGDGH

1mRKRXYHHIHLWRGRVQtYHLVGHXPLGDGHHGDVGRVHVGHSRWiVVLRLVRODGDPHQWH QRtQGLFHGHFRQWH~GRGHFORURILOD7DEHODHDSHVDUGDLQWHUDomRWHUVLGRVLJQLILFDWLYD SDUD HVVD YDULiYHO R GHVGREUDPHQWR GDV GRVHV GH SRWiVVLR GHQWUR GRV QtYHLV GH XPLGDGHQmRUHYHORXXPDWHQGrQFLDGRHIHLWRLQWHUDWLYRHQWUHRVWUDWDPHQWRVQRtQGLFH GHFRQWH~GRGHFORURILOD

0XLWDVYH]HVDFRPSDUDomRHQWUHtQGLFHVFROHWDGRVHPHVWXGRVGLIHUHQWHVQmRp LQGLFDGDGHYLGRjVGLIHUHQoDVQDPRUIRORJLDIROLDUGHHVSpFLHVGLVWLQWDVHQRFRQWH~GR GHiJXDGDVIROKDVTXHDIHWDPRVSDUkPHWURVXVDGRVQDHVWLPDWLYDGRtQGLFHUHODWLYR GHFORURILODGRWHFLGRIROLDU5,&+$5'621HWDO

&251,& RX PHVPR DXPHQWR GR WHRU GH FORURILOD E H QHQKXPD DOWHUDomR QD FRQFHQWUDomR WRWDO GH FORURILOD TXDQGR DV SODQWDV HVWmR HP FRQGLo}HV GH DFHQWXDGR GpILFLWKtGULFR(67,//HWDO$6+5$)HWDO

7DEHOD ± 9DULiYHLV ILVLROyJLFDV GDV SODQWDV GH&RU\PELD FLWULRGRUD HP IXQomR GRV QtYHLVGHXPLGDGHGRVRORHGRVHVGHSRWiVVLRDRVGLDVDSyVRSODQWLRHPYDVR

8 . ,&& &KOD &KOE &KOWRWDO

PJGP _PJJ

0pGLDV

0pGLDV

0pGLDV

7HVWH)

8PLGDGH8 QV QV QV QV

'RVHVGH.. QV QV QV QV

.[8 QV QV QV

&9

,&&tQGLFHGHFRQWH~GRGHFORURILOD&KODFRQFHQWUDomRGHFORURILODD&KOEFRQFHQWUDomR GHFORURILODE&KOWRWDOFRQFHQWUDomRGHFORURILODWRWDODE

QV_{1mRVLJQLILFDWLYR3!H6LJQLILFDWLYRV3”H3”UHVSHFWLYDPHQWHSHOR}

WHVWH)

(P(JOREXOXVRFRUUHDOWHUDomRQDDQDWRPLDIROLDUHQDGLVWULEXLomRGRFRQWH~GR GH FORURILODV FRP R JUDX GH GHVHQYROYLPHQWR GDV IROKDV -$0(6 HW DO 1mR

IRUDPHQFRQWUDGRVHVWXGRVVHPHOKDQWHVHPIROKDVGH&FLWULRGRUD

$V FRQFHQWUDo}HV GH QLWURJrQLR FiOFLR H PDJQpVLR QDV IROKDV 7DEHOD QmR VRIUHUDP DOWHUDo}HV HP IXQomR GRV WUDWDPHQWRV HPERUD DV DEVRUo}HV GHVVHV QXWULHQWHV VHMDP DOWDPHQWH DIHWDGDV SHOR FRQWH~GR GH iJXD QR VROR XPD YH] TXH HVVHV QXWULHQWHV VmR DEVRUYLGRV SULQFLSDOPHQWH SRU IOX[R GH PDVVD 0$/$92/7$ H DSHVDU GR SRWiVVLR WHU HIHLWR DQWDJ{QLFR VREUH D DEVRUomR GRV FiWLRQV GLYDOHQWHVFRQIRUPHUHODWDGRSRU%h//HWDO

9HULILFDUDPVHHIHLWRVGRVWUDWDPHQWRVGHQtYHLVGHXPLGDGHQDVFRQFHQWUDo}HV IROLDUHV GH IyVIRUR SRWiVVLR H HQ[RIUH 7DEHOD 'H DFRUGR FRP %$;7(5 DOWHUDo}HV QDV FRQFHQWUDo}HV GH QXWULHQWHV QDV SODQWDV RFRUUHP HP GHFRUUrQFLD GH XPD YDULHGDGH GH IDWRUHV HQWUH HOHV PXGDQoDV QR VXSULPHQWR GH iJXD QR VROR $V DEVRUo}HV L{QLFDV UDGLFXODUHV GR IyVIRUR H SRWiVVLR RFRUUHP SUHIHUHQFLDOPHQWH SRU GLIXVmR HQTXDQWR D DEVRUomR GH HQ[RIUH RFRUUH SRU IOX[R GH PDVVD VHQGR TXH D GLVSRQLELOLGDGH GH iJXD OLPLWD HVVHV SURFHVVRV 0$/$92/7$ $VVLP DV FRQGLo}HV PDLV IDYRUiYHLV GH XPLGDGH GR VROR SURSLFLDUDP PDLRUHV DEVRUo}HV GH IyVIRURSRWiVVLRHHQ[RIUH

$ YDULDomR GD FRQFHQWUDomR GH IyVIRUR QDV IROKDV HP IXQomR GRV QtYHLV GH

XPLGDGH IRL UHSUHVHQWDGD SRU XP PRGHOR OLQHDU )LJXUD 3ODQWDV GH( JUDQGLV

VXEPHWLGDV D GRLV PDQHMRV KtGULFRV H TXDWUR GRVHV GH SRWiVVLR DSUHVHQWDUDP DOWHUDo}HV QDV FRQFHQWUDo}HV IROLDUHV GH IyVIRUR HP IXQomR DSHQDV GRV GLIHUHQWHV PDQHMRVKtGULFRV6,/9$

+RXYH HIHLWR GD XPLGDGH H GD DGXEDomR SRWiVVLFD QD FRQFHQWUDomR IROLDU GH SRWiVVLR 7DEHOD H DSHVDU GD LQWHUDomR QmR WHU VLGR VLJQLILFDWLYD IRL IHLWR R GHVGREUDPHQWRGRVJUDXVGHOLEHUGDGHGDPHVPDHYHULILFRXVHTXHDVFRQFHQWUDo}HV GHVVH QXWULHQWH IRUDP PDLRUHV QDV FRQGLo}HV GH PDLRU XPLGDGH FRP DXPHQWRV OLQHDUHVHPIXQomRGDVGRVHVGHSRWiVVLR)LJXUD

7DEHOD ± &RQFHQWUDomR GH PDFURQXWULHQWHV HP IROKDV GH&RU\PELD FLWULRGRUD HP IXQomRGRVQtYHLVGHXPLGDGHGRVRORHGRVHVGHSRWiVVLRDRVGLDVDSyVRSODQWLR HPYDVR

8 . 1 3 . &D 0J 6

PJGP _JNJ

0pGLDV

0pGLDV

0pGLDV

7HVWH)

8PLGDGH8 QV QV QV

'RVHVGH.. QV QV QV QV

.[8 QV QV QV QV QV QV

&9

&RQFHQWUDo}HV GH 1 QLWURJrQLR 3 IyVIRUR . SRWiVVLR &D FiOFLR 0J PDJQpVLR 6 HQ[RIUHQDVIROKDVDRVGLDVDSyVRSODQWLR

QV_{1mRVLJQLILFDWLYR3!H6LJQLILFDWLYRV3”H3”UHVSHFWLYDPHQWHSHOR}

WHVWH)

$ FRQFHQWUDomR GH IyVIRUR QDV IROKDV DXPHQWRX HP IXQomR GDV GRVHV GH SRWiVVLRVHJXQGRPRGHORTXDGUiWLFR)LJXUD

&RQFHQWUDo}HV GH SRWiVVLR SUy[LPDV RX DFLPD GH J NJ _{IRUDP REVHUYDGDV}

DSHQDVTXDQGRRVRORDSUHVHQWDYDPPROFGPGH.REWLGDVFRPDDSOLFDomRGH

PJGP_{GH.7DEHODH)LJXUD&RQFHQWUDo}HVGHSRWiVVLRQDVIROKDVYDULDQGR}

HQWUHHJNJ_{VmRFRQVLGHUDGDVDGHTXDGDVSDUDDFXOWXUDGHHXFDOLSWRHTXDQGR}

HVWLYHUHP DEDL[R GH J NJ _{GH . LQGLFDP TXH DV SODQWDV HVWmR GHILFLHQWHV GHVVH}

HOHPHQWR GH DFRUGR FRP 0$/$92/7$ HW DO 2V UHVXOWDGRV VXJHUHP TXH DV

SODQWDV GH& FLWULRGRUD TXH FRQWLQKDP FRQFHQWUDo}HV DEDL[R GHVVH YDORU TXDQGRRV

HPJGPGH.UHVSHFWLYDPHQWHSRGHULDPHVWDUGHILFLHQWHVHPSRWiVVLR5HVVDOYD VHTXHDGHWHUPLQDomRGDFRQFHQWUDomRGRVPDFURQXWULHQWHVIRLUHDOL]DGDHPSUHJDQGR

VHRFRQMXQWRGHIROKDVGHSODQWDVMRYHQVGH&FLWULRGRUDHQTXDQWR0$/$92/7$HWDO

XVDUDP IROKDV GLDJQyVWLFDV GR WHUFHLUR RX TXDUWR SDU GH IROKDV GH UDPRV

VLWXDGRVQRWHUoRVXSHULRUGDFRSDGDViUYRUHVGH(JUDQGLVHPFRQGLo}HVGHFDPSR

RTXHSRGHOLPLWDUDVLQWHUSUHWDo}HV

\ [5ð

8PLGDGHV

3

J

N

J

)LJXUD±9DULDomRGDFRQFHQWUDomRGHIyVIRURGDVIROKDVGH&RU\PELDFLWULRGRUDHP IXQomRGRVQtYHLVGHXPLGDGHGRVRORDRVGLDVDSyVRSODQWLR

$V FRQFHQWUDo}HV FRQVLGHUDGDV DGHTXDGDV SRU 6,/9(,5$ HW DO SDUD

IROKDVGH(JUDQGLVQDIDVHGHYLYHLURFRPGLDVGHLGDGHYDULDPHQWUHHJ

NJ _{H TXH VmR VXSHULRUHV DRV YDORUHV DGHTXDGRV SURSRVWRV SRU 0$/$92/7$ HW DO}

SDUDDVFRQGLo}HVGHFDPSR

$SHVDUGDVFRQFHQWUDo}HVGHSRWiVVLRHQFRQWUDGDVQHVWHWUDEDOKRWHUHPVLGR LQIHULRUHV jV LQGLFDGDV SRU 0$/$92/7$ HW DO H 6,/9(,5$ HW DO QmR IRUDPREVHUYDGRVVLQWRPDVQtWLGRVGHGHILFLrQFLDGHSRWiVVLRQHPGHRXWURVQXWULHQWHV

QDV IROKDV GH& FLWULRGRUD FRP EDVH QDV GHVFULo}HV H LOXVWUDo}HV DSUHVHQWDGDV SRU

6,/9(,5$ HW DO 1RWDVH TXH H[LVWH XPD YDULDomR QDV FRQFHQWUDo}HV GH QXWULHQWHVQDVIROKDVHQWUHHVSpFLHVHHQWUHLGDGHVGLIHUHQWHVGHSODQWDV

\ [ð[5ð

.PJGP

3

J

N

J

)LJXUD±9DULDomRGDFRQFHQWUDomRGHIyVIRURGDVIROKDVGH&RU\PELDFLWULRGRUDHP IXQomRGDVGRVHVGHSRWiVVLRDRVGLDVDSyVRSODQWLR

8 [5ð

.PJGP

.

J

N

J

8 [5ð 8 [5ð

)LJXUD±9DULDo}HVGDVFRQFHQWUDo}HVGHSRWiVVLRGDVIROKDV&RU\PELDFLWULRGRUD HPIXQomRGDVGRVHVGHSRWiVVLRDSOLFDGDVQRVGLIHUHQWHVQtYHLVGHXPLGDGHGRVROR

DRVGLDVDSyVRSODQWLR

'RVHVGH.PJGPDSOLFDGDV

2V QtYHLV GH XPLGDGH LQIOXHQFLDUDP D FRQFHQWUDomR GR HQ[RIUH QDV IROKDV )LJXUD 6,/9$ YHULILFRX HIHLWRV GD XPLGDGH GR VXEVWUDWR H GDV GRVHV GH SRWiVVLR QD FRQFHQWUDomR IROLDU GH SRWiVVLR H DSHQDV HIHLWR GD DGXEDomR SRWiVVLFD

PDVQmRGDXPLGDGHQDFRQFHQWUDomRIROLDUGHHQ[RIUHHP(JUDQGLVRTXHGLIHULXGR

SUHVHQWHWUDEDOKR

\ [5ð

8PLGDGHV

6

J

N

J

)LJXUD±9DULDomRGDFRQFHQWUDomRGHHQ[RIUHGDVIROKDVGH&RU\PELDFLWULRGRUDHP IXQomRGRVQtYHLVGHXPLGDGHGRVRORDRVGLDVDSyVRSODQWLR

2PHQRUVXSULPHQWRGHiJXDQRVWUDWDPHQWRVHDIHWRXQHJDWLYDPHQWHDV TXDQWLGDGHVGHIyVIRURSRWiVVLRPDJQpVLRHHQ[RIUHDFXPXODGDVQDVIROKDV7DEHOD )RL YHULILFDGR HIHLWR GD DSOLFDomR GH SRWiVVLR DSHQDV QR DF~PXOR GR SUySULR QXWULHQWH

5HGXo}HV QDV FRQFHQWUDo}HV IROLDUHV GH IyVIRUR SRWiVVLR H HQ[RIUH HP GHFRUUrQFLDGRPHQRUVXSULPHQWRGHiJXDQRVRORIRUDPSURYDYHOPHQWHUHVSRQViYHLV SHORPHQRUDF~PXORGHVVHVQXWULHQWHVQDVSODQWDVDRORQJRGRH[SHULPHQWR

2VQtYHLVGHXPLGDGHLQIOXHQFLDUDPRDF~PXORGHPDJQpVLRQDVIROKDV)LJXUD DSHVDU GH QmR WHUHP VLGR YHULILFDGDV GLIHUHQoDV HQWUH RV WUDWDPHQWRV QDV FRQFHQWUDo}HV IROLDUHV GHVVH QXWULHQWH $ UHGXomR GH TXDQWLGDGH GH PDJQpVLR QDV

IROKDV SRGH DIHWDU D WD[D GH VtQWHVH SURWpLFD H IXQFLRQDPHQWR GRV FORURSODVWRV 0$$7+8,6:+,7( %52$'/(<

7DEHOD±$F~PXORGHPDFURQXWULHQWHVHPIROKDVGH&RU\PELDFLWULRGRUDHPIXQomR GRVWUDWDPHQWRV9DORUHVWRWDLVGHGXDVSODQWDVSRUSDUFHODDRVGLDVDSyVRSODQWLR

8 . 1 3 . &D 0J 6

PJGP _JSDUFHOD

0pGLDV

0pGLDV

0pGLDV

7HVWH)

8PLGDGH8 QV QV

'RVHVGH.. QV QV QV QV QV

.[8 QV QV QV QV QV QV

&9

4XDQWLGDGHDFXPXODGDGH1QLWURJrQLR3IyVIRUR.SRWiVVLR&DFiOFLR0JPDJQpVLR6 HQ[RIUHQDVIROKDVDRVGLDVDSyVRSODQWLR(TXDo}HVUHODWLYDVDRVHIHLWRVGRVQtYHLVGH XPLGDGH[QDVTXDQWLGDGHVGRVQXWULHQWHV3 [5ð . [ 5ð 6 [5ð HTXDo}HVUHODWLYDVDRVHIHLWRVGDV GRVHVGHSRWiVVLR. [5ð

QV_{1mRVLJQLILFDWLYR3!H6LJQLILFDWLYRV3”H3”UHVSHFWLYDPHQWHSHOR}

WHVWH)

$ HILFLrQFLD GH XWLOL]DomR GH SRWiVVLR QDV IROKDV DSUHVHQWRX XP GHFOtQLR OLQHDU FRPRDXPHQWRGDVGRVHVGRQXWULHQWH)LJXUDHPGHFRUUrQFLDGDPDWpULDVHFDGH IROKDVPDQWHUVHFRQVWDQWHHDFRQFHQWUDomRGHSRWiVVLRWHUDXPHQWDGR

6,/9$ HW DO YHULILFDUDP XP HIHLWR TXDGUiWLFR GH GRVHV FUHVFHQWHV GH

SRWiVVLR QD HILFLrQFLD GH XWLOL]DomR GHVVH QXWULHQWH QDV SODQWDV GH( FDPDOGXOHQVLV

GH.HDSDUWLUGDGRVHVGHHPJNJGH.DFXUYDGDHILFLrQFLDGHXWLOL]DomR GRQXWULHQWHSDVVRXDVHUGHFUHVFHQWH

\ [ð[5ð

8PLGDGHV

0J

J

S

DU

FHO

D

)LJXUD±9DULDomRGDTXDQWLGDGHGHPDJQpVLRDFXPXODGDHPIROKDVGH&RU\PELD

FLWULRGRUDHPIXQomRGRVQtYHLVGHXPLGDGHDRVGLDVDSyVRSODQWLR

)LJXUD ± 9DULDomR GD HILFLrQFLD GH XWLOL]DomRGH SRWiVVLR QDV IROKDVGH&RU\PELD

FLWULRGRUDHPIXQomRGDVGRVHVGHSRWiVVLRDRVGLDVDSyVRSODQWLR

'RVHVGH.PJGP_DSOLFDGDV

(8.

J

J

\ [5ð

'RVHVGH.PJGPDSOLFDGDV

1tYHLVGHXPLGDGHGRVROR

2 SRWiVVLR DSDUHQWHPHQWH QmR FRQIHULX YDQWDJHQV jV SODQWDV GRV WUDWDPHQWRV HPTXHRQtYHOGHXPLGDGHQRVRORHUDPHQRUDSHVDUGHGLYHUVRVHVWXGRVLQGLFDUHP TXHHVVHQXWULHQWHSRVVXLDFDSDFLGDGHGHDX[LOLDUQRDMXVWHRVPyWLFRGHSODQWDVHQWUH RXWUDVIXQo}HVVREHVWUHVVHKtGULFRRTXHFRQIHUHDRSRWiVVLRRSRGHUGHDPHQL]DU HIHLWRV GHOHWpULRV FDXVDGRV SHOR VXSULPHQWR OLPLWDGR GH iJXD &RQWXGR R DMXVWH RVPyWLFR VH GHVHQYROYH OHQWDPHQWH HP UHVSRVWD j GHVLGUDWDomR 7$,= =(,*(5 DVVLPpSURYiYHOTXHQmRKRXYHSURPRomRGHDMXVWHRVPyWLFRQDVSODQWDVQHVWH WUDEDOKRGHYLGRDRIDWRGRVFLFORVGHEDL[DGLVSRQLELOLGDGHKtGULFDWHUHPVLGREUHYHVR TXHWDOYH]WHQKDFRQWULEXtGRSDUDDDXVrQFLDGRVHIHLWRVGRSRWiVVLRFRPRDPHQL]DGRU

9&21&/86®(6

2DXPHQWRGRQtYHOGHXPLGDGHGRVRORIDYRUHFHXRFUHVFLPHQWRGDVSODQWDVGH

&RU\PELDFLWULRGRUDHDDEVRUomRGHIyVIRURSRWiVVLRHQ[RIUHHPDJQpVLR

$ DSOLFDomR GH SRWiVVLR QmRSURPRYHX DDPHQL]DomRGRVHIHLWRV QHJDWLYRV GD UHGXomRGDGLVSRQLELOLGDGHGHiJXDQRFUHVFLPHQWRGDVSODQWDV

9,5()(5Ç1&,$6

$%5$) $VVRFLDomR %UDVLOHLUD GH 3URGXWRUHV GH )ORUHVWDV 3ODQWDGDV $QXiULR

HVWDWtVWLFR GD $%5$) DQR EDVH %UDVtOLD S 'LVSRQtYHO HP KWWSZZZDEUDIORURUJEUHVWDWLVWLFDV$%5$)%5SGI!$FHVVRHPMDQ

$%5$06 0 ' .8%,6.( 0 ( 02672//(5 6 $ 5HODWLQJ ZHW DQG GU\ \HDU LQ

HFRSK\VLRORJ\ WR OHDI VWUXFWXUH LQ FRQWUDVWLQJ WHPSHUDWXUH WUHH VSHFLHV (FRORJ\

:DVKLQJWRQYQS

$5121',&RRSHUHQ]\PHVLQLVRODWHGFKORSODVWSRO\SKHQROR[LGDVHLQ%HWDYXOJDULV

3ODQW3K\VLRORJ\5RFNYLOOHYQS

$6+5$)0<$=0,$5.+$1$+$/$6$(IIHFWRIZDWHUVWUHVVRQWRWDO

SKHQROV SHUR[LGDVH DFWLYLW\ DQG FKORURSK\OO FRQWHQW LQ ZKHDW 7ULWLFXP DHVWLYXP /

JHQRW\SHVXQGHUVRLOZDWHUGHILFLWV$FWD3K\VLRORJLDH3ODQWDUXP+HLGHOEHUJYS

%$5%26$ - & 0$/'21$'2 -5 : $JUR(VWDW 6LVWHPD SDUD $QiOLVHV

(VWDWtVWLFDVGH(QVDLRV$JURQ{PLFRV9HUVmR

%$5526 1 ) 129$,6 5 ) (XFDO\SW QXWULWLRQ DQG IHUWLOL]HU UHJLPHV LQ %UD]LO ,Q

$77,:,// 3 0 $'$06 0 $ (G1XWULWLRQ RI HXFDO\SWV &ROOLQJZRRG &6,52

S

%$;7(5,,RQRPLFVVWXG\LQJWKHVRFLDOQHWZRUNRIPLQHUDOQXWULHQWV&XUUHQW2SLQLRQ

%2/$1''-%522.(50,+&+,33(1'$/(*0+$//1+</$1'%3

0 -2+16721 5 ' ./(,1,* ' $ 0&'21$/' 0 :7851(5 - ')RUHVW

WUHHVRI$XVWUDOLDWKHG&ROOLQJZRRG&6,52S

%2:/(5&0217$*80,1=('6XSHUR[LGHGLVPXWDVHVDQGVWUHVVWROHUDQFH

$QQXDO5HYLHZRI3ODQW3K\VLRORJ\DQG3ODQW0ROHFXODU%LRORJ\3DOR$OWRYS

%5$<($%$,/(<6(55(6-:(5(7,/1<.(5HVSRQVHVWRDELRWLFVWUHVVHV,Q

*58,66(0 : %8&+$11$1 % -21(6 5 (G%LRFKHPLVWU\ DQG PROHFXODU

ELRORJ\ RI SODQWV 5RFNYLOOH $PHULFDQ 6RFLHW\ RI 3ODQW3K\VLRORJLVWV S

%52:1$*1$0%,$5(.6&266$/7(5&3ODQWDWLRQVIRUWKHWURSLFVWKHLU

UROHH[WHQWDQGQDWXUH,Q1$0%,$5(.6%52:1$*(G0DQDJHPHQWRI

VRLOQXWULHQWVDQGZDWHULQWURSLFDOSODQWDWLRQIRUHVWV&DQEHUUD$&,$5S

%h///7%2$5(772$(0(//2)$)62$5(6(,QIOXrQFLD GD UHODomR .&D0J GR VROR QD SURGXomR GH PDWpULD VHFD H QD DEVRUomR GH SRWiVVLR SRU JUDPtQHD H OHJXPLQRVD IRUUDJHLUDV ,, $EVRUomR GH SRWiVVLR HP IXQomR GD UHODomR

.&D0JQRFRPSOH[RGHWURFDGRVROR&LHQWtILFD-DERWLFDEDOYQS

&$.0$.,7KHUROHRISRWDVVLXPLQDOOHYLDWLQJGHWULPHQWDOHIIHFWVRIDELRWLFVWUHVVHVLQ

SODQWV-RXUQDORI3ODQW1XWULWLRQDQG6RLO6FLHQFH:HLQKHPYQS

&$.0$. , (1*(/6 & 5ROH RI PLQHUDO QXWULHQWV LQ SKRWRV\QWKHVLV DQG \LHOG

IRUPDWLRQ ,Q 5(1*(/ = (G 0LQHUDO 1XWULWLRQ RI &URSV PHFKDQLVPV DQG

LPSOLFDWLRQV1HZ<RUN7KH+DZRUWK3UHVVS

&$.0$.,+(1*(/(5&0$56&+1(5+&KDQJHVLQSKORHPH[SRUWRIVXFURVH LQ OHDYHV LQ UHVSRQVH WR SKRVSKRUXV SRWDVVLXP DQG PDJQHVLXP GHILFLHQF\ LQ EHDQ

SODQWV-RXUQDORI([SHULPHQWDO%RWDQ\2[IRUGYQS

&+$9(6 0 0 0$52&2 - 3 3(5(,5$ - 6 8QGHUVWDQGLQJ SODQW UHVSRQVHV WR

GURXJKWIURPJHQHVWRWKHZKROHSODQW)XQFWLRQDO3ODQW%LRORJ\&ROOLQJZRRGY

QS

&2230$15-$5È-&%5$92/$6È(=./0(//$*5(6&2%$55

&KDQJHVLQPRUSKRSK\VLRORJLFDODWWULEXWHVRI(XFDO\SWXVJOREXOXVSODQWVLQUHVSRQVHWR

GLIIHUHQW GURXJKW KDUGHQLQJ WUHDWPHQWV (OHFWURQLF -RXUQDO RI %LRWHFKQRORJ\

9DOSDUDLVRYQS

'¶$9,/$ ) 6 3$,9$ + 1 /(,7( + * %$5526 1 ) /(,7( ) 3 (IHLWR GR

SRWiVVLRQDIDVHGHUXVWLILFDomRGHPXGDVFORQDLVGHHXFDOLSWR5HYLVWDÈUYRUH9LoRVD

0*YQS

(/671(5()26:$/':0HFKDQLVPVRIR[\JHQDFWLYDWLRQGXULQJSODQWVWUHVV,Q

&5$:)25' 5 0 0 +(1'5< * $ ) *22'0$1 % $ (G2[\JHQ DQG

HQYLURQPHQWDOVWUHVVLQSODQWV(GLQEXUJK7KH5R\DO6RFLHW\RI(GLQEXUJKS

(67,//.'(/$1(<5+60,7+:.',77(5/,1(5/:DWHUUHODWLRQVDQG

SURGXFWLYLW\RIDOIDOIDOHDIFKORURSK\OOYDULDQWV&URS6FLHQFH0DGLVRQYS

)$52240:$+,'$.2%$<$6+,1)8-,7$'%$65$60$3ODQWGURXJKW

VWUHVV HIIHFWV PHFKDQLVPV DQG PDQDJHPHQW $JURQRP\ IRU 6XVWDLQDEOH

'HYHORSPHQW/HV8OLVYQS

)2<(5 & + /(/$1'$,6 0 .81(57 . - 3KRWRR[LGDWLYH VWUHVV LQ SODQWV

3K\VLRORJLD3ODQWDUXP2[IRUGYS

)857,1, 1(72 $ ( %$5526 1 ) *2'2< 0 ) 129$,6 5 ) (ILFLrQFLD

QXWULFLRQDOGHPXGDVGH(XFDO\SWXVHPUHODomRDIyVIRUR5HYLVWDÈUYRUH9LoRVD0*

YQS

*,0(1(=900(VWXGRGDUHFRPSRVLomRIORUtVWLFDGRFRPSRQHQWHDUEXVWLYR

DUEyUHR HP iUHDV XWLOL]DGDV SDUD R SODQWLR GH H[yWLFDV HP XP FHUUDGR GH /XL] $QW{QLR ± 63 I 'LVVHUWDomR 0HVWUDGR HP &LrQFLDV QD ÈUHD GH

&RQFHQWUDomRHP%LRORJLD&RPSDUDGD±)DFXOGDGHGH)LORVRILD&LrQFLDVH/HWUDVGH

5LEHLUmR3UHWR8QLYHUVLGDGHGH6mR3DXOR5LEHLUmR3UHWR

*21d$/9(6 - / 0 5$,- % *21d$/9(6 - & )ORUHVWDLV ,Q 5$,- %

&$17$5(//$ + *8$**,2 - $ )85/$1, $ 0 & (G5HFRPHQGDomR GH

DGXEDomRHFDODJHPSDUDR(VWDGRGH6mR3DXOR&DPSLQDV,QVWLWXWR$JURQ{PLFR GH&DPSLQDV)XQGDomR,$&S

*21d$/9(6503$6626&0$&UHVFLPHQWRGHFLQFRHVSpFLHVGHHXFDOLSWR

VXEPHWLGDVDGpILFLWKtGULFRHPGRLVQtYHLVGHIyVIRUR&LrQFLD)ORUHVWDO6DQWD0DULD

YQS

*21=$/(6 -/64XDOLGDGHILVLROyJLFDGHVHPHQWHVFUHVFLPHQWRHHILFLrQFLD

*5$+$0 5 ' %UHHGLQJ IRU QXWULWLRQDO FKDUDFWHULVWLFV LQ FHUHDOV ,Q 7,1.(5 3%

/$8&+/,$(G$GYDQFHVLQSODQWQXWULWLRQ1HZ<RUN3UDHJHUS

*8$51$6&+(//, $ % 35<6783$ 3 /(0&2)) - + 'URXJKW FRQGLWLRQLQJ

LPSURYHVZDWHUVWDWXVVWRPDWDOFRQGXFWDQFHDQGVXUYLYDORI(XFDO\SWXVJOREXOXVVXEVS

ELFRVWDWDVHHGOLQJV$QQDOVRI)RUHVW6FLHQFH/HV8OLVYQS

+,// . ' -2+1621 / $ 6 6LVWHPDWLF VWXGLHV LQ HXFDO\SWV $ UHYLVLRQ RI WKH

EORRGZRRGVJHQXV&RU\PELD0\UWDFHDH7HORSHD%DUWRQYS

,3(),QVWLWXWRGH3HVTXLVDH(VWXGRV)ORUHVWDLV,GHQWLILFDomRGHHVSpFLHVIORUHVWDLV

'LVSRQtYHO HP KWWSZZZLSHIEULGHQWLILFDFDRFLHIHVSHFLHVFLWULRGRUDDVS $FHVVR HP MDQ

-$0(66$60,7+:.92*(/0$117&2QWRJHQHWLFGLIIHUHQFHVLQPHVRSK\OO

VWUXFWXUHDQGFKORURSK\OOGLVWULEXWLRQLQ(XFDO\SWXVJOREXOXVVVSJOREXOXV0\UWDFHDH

$PHULFDQ-RXUQDORI%RWDQ\6W/RXLVYQS

-,$1* 0 < =+$1* - + ,QYROYHPHQW RI SODVPDPHPEUDQH 1$'3+ R[LGDVH LQ DEVFLVLF DFLG DQG ZDWHU VWUHVVLQGXFHG DQWLR[LGDQW GHIHQVH LQ OHDYHV RI PDL]H

VHHGOLQJV3ODQWD1HZ<RUNYS

-,1'$/56:$//2:%.(55-)RUHVWU\EDVHGFDUERQVHTXHVWUDWLRQSURMHFWVLQ

$IULFD3RWHQWLDOEHQHILWVDQGFKDOOHQJHV1DWXUDO5HVRXUFHV)RUXP2[IRUGYS

.2=/2:6., 77 3$//$5'< 6 *DFFOLPDWLRQ DQG DGDSWLYH UHVSRQVHV RI ZRRG\

SODQWVWRHQYLURQPHQWDOVWUHVVHV7KH%RWDQLFDO5HYLHZ1HZ<RUNYQS

/$1*(5.$&+(3*(,*(5'67,1=,1*$$5(1'0:,1'&5(*$1 6 )5200 - +('5,&+ 5 3RSODU SRWDVVLXP WUDQVSRUWHUV FDSDEOH RI FRQWUROOLQJ

._{KRPHRVWDVLVDQG.GHSHQGHQW[\ORJHQHVLV3ODQW-RXUQDO2[IRUGYS}

/$:/25 ' : &251,& * 3KRWRV\QWKHWLF FDUERQ DVVLPLODWLRQ DQG DVVRFLDWHG

PHWDEROLVPLQUHODWLRQWRZDWHUGHILFLWVLQKLJKHUSODQWV3ODQW&HOODQG(QYLURQPHQW

2[IRUGYQS

/,0$ $ 0 1 1(9(6 - & / 6,/9$ , 5 /(,7( ) 3 &LQpWLFD GH DEVRUomR H HILFLrQFLDQXWULFLRQDOGH.&DH0JHPSODQWDVMRYHQVGHTXDWURFORQHVGHHXFDOLSWR

5HYLVWD%UDVLOHLUDGH&LrQFLDGR6ROR9LoRVD0*YQS

/,0$:3$iJXDGRVRORHRFUHVFLPHQWRGDIORUHVWD3LUDFLFDED,3()S

&LUFXODU7pFQLFD

/,0$ : 3 -$59,6 3 5+,=2328/28 6 6WRPDWDO UHVSRQVHV RI (XFDO\SWXV

VSHFLHV WR HOHYDWHG &2 FRQFHQWUDWLRQ DQG GURXJKW VWUHVV 6FLHQWLD $JULFROD

3LUDFLFDEDYQS

/8$1 6 /$1 : /(( 6 & 3RWDVVLXP QXWULWLRQ VRGLXP WR[LFLW\ DQG FDOFLXP

VLJQDOLQJ FRQQHFWLRQV WKURXJK WKH &%/&,3. QHWZRUN &XUUHQW 2SLQLRQ LQ 3ODQW

%LRORJ\/RQGRQYQS

0$$7+8,6 ) - 0 3K\VLRORJLFDO IXQFWLRQV RI PLQHUDO PDFURQXWULHQWV &XUUHQW