Análise da freqüência de micronúcleos frente à utilização de colutórios bucais

3$0(/$$3$5(&,'$',1,=

$1È/,6('$)5(4hÇ1&,$'(0,&521Ò&/(26)5(17(¬

87,/,=$d­2'(&2/87Ï5,26%8&$,6

3$0(/$$3$5(&,'$',1,=

$1È/,6('$)5(4hÇ1&,$'(0,&521Ò&/(26)5(17(¬ 87,/,=$d­2'(&2/87Ï5,26%8&$,6

'LVVHUWDomR DSUHVHQWDGD j )DFXOGDGH GH 2GRQWRORJLD GH 6mR -RVp GRV &DPSRV 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD ³-~OLR GH 0HVTXLWD )LOKR´ FRPR SDUWHGRVUHTXLVLWRVSDUDREWHQomRGRWtWXORGH0(675(SHOR3URJUDPDGH 3yV*UDGXDomRHP%,23$72/2*,$%8&$/ÈUHD%LRSDWRORJLD%XFDO

2ULHQWDGRU3URI7LW6LJPDUGH0HOOR5RGH

$SUHVHQWDomRJUiILFDHQRUPDOL]DomRGHDFRUGRFRP

$OYDUH]6&RHOKR'&$*&RXWR5$2'XUDQWH$30*XLDSUiWLFR SDUD1RUPDOL]DomRGH7UDEDOKRV$FDGrPLFRVGD)26-&6mR-RVp GRV&DPSRV)26-&81(63

'D 'LQL]3DPHOD$SDUHFLGD

$QiOLVHGDIUHTrQFLDIUHQWHDXWLOL]DomRGHFROXWyULRVEXFDLV3DPHOD $SDUHFLGD'LQL]6mR-RVpGRV&DPSRV>VQ@

ILO

'LVVHUWDomR0HVWUDGRHP%LRSDWRORJLD%XFDO±)DFXOGDGHGH 2GRQWRORJLDGH6mR-RVHGRV&DPSRV8QLYHUVLGDGH(VWDGXDO3DXOLVWD

2ULHQWDGRU3URI7LW6LJPDUGH0HOOR5RGH

$QWLVVpSWLFRVEXFDLV7HVWHVSDUDPLFURQXFOHRVÈOFRRO 0XFRVD2UDO&kQFHU2UDO,5RGH6LJPDUGH0HOR,,8QLYHUVLGDGH (VWDGXDO3DXOLVWD)DFXOGDGHGH2GRQWRORJLDGH6mR-RVpGRV&DPSRV,,, 7tWXOR

W'

)LFKDFDWDORJUiILFDHODERUDGDSHOR6HUYLoR7pFQLFRGH%LEOLRWHFDH'RFXPHQWDomRGD )DFXOGDGHGH2GRQWRORJLDGH6mR-RVpGRV&DPSRV±81(63

$8725,=$d­2

$XWRUL]RDUHSURGXomRHGLYXOJDomRWRWDORXSDUFLDOGHVWHWUDEDOKRSRU TXDOTXHUPHLRFRQYHQFLRQDORXHOHWU{QLFRGHVGHTXHFLWDGDDIRQWH

6mR-RVpGRV&DPSRVGH-XQKRGH $VVLQDWXUD

(PDLOSDPHODGLQL]#IRVMFXQHVSEU

%$1&$(;$0,1$'25$

3URI7LW6LJPDUGH0HOOR5RGH2ULHQWDGRU )DFXOGDGHGH2GRQWRORJLDGH6mR-RVpGRV&DPSRV 81(638QLYHUVLGDGH(VWDGXDO3DXOLVWD

'UD&HOLQD)DLJ/LPD&DUWD 3URID'UD$GULDQD$LJRWWL+DEHUEHFN%UDQGmR

)DFXOGDGHGH2GRQWRORJLDGH6mR-RVpGRV&DPSRV 81(638QLYHUVLGDGH(VWDGXDO3DXOLVWD

6mR-RVpGRV&DPSRVGHMXOKRGH

'(',&$7³5,$

&XLGDVGHPLP6HLTXH7XFXLGDVGHPLP6HQKRU

$LQGDTXHHXDQGHSHORYDOH(RDWUDYHVVHDVRPEUDGDPRUWH &XLGDVGHPLP&XLGDVGHPLP0HVPRTXHHXQmRTXHLUDD7XDSUHVHQoD

0HVPRTXHHXPHDIDVWHGH7L&XLGDVGHPLPFXLGDVGHPLP

7HXDPRUpFRPRDURFKDTXHQmRVHTXHEUDMDPDLV7HXDPRUpFRPRRVROD QDVFHUWRGDPDQKmeXPDPRUTXHPHFRQVWUDQJH4XHPHHQYROYHHPH

DTXHFH

(VVHDPRUpV7X6HQKRUeVWX6HQKRU 3GH)iELRGH0HOR6&-

$RPHX³3$,(7(512´IRQWHGHWRGDVDEHGRULDH LQWHOLJrQFLDSHORYRVVRROKDUGHPLVHULFyUGLDHFRPSDL[mR LQGHVFULWtYHOSRUTXHQDGDVHULDSRVVtYHOVHPD68$YRQWDGHH68$ SHUPLVVmR $³1266$6(1+25$'$$3$5(&,'$´FRPSDQKHLUDGH YLDJHPVRFRUURGHPLQKDVDIOLo}HVROKDUPDWHUQRTXHPHFRQGX] $RVPHXVSDLV9DQGHUOHLH0DULDDPRUWmRJUDQGHTXH QHPFDEHQRSHLWRSHORDSRLRHSRUWRUQDUHPPHXVRQKRSRVVtYHO 4XDQGRWXGRSDUHFHSHUGLGRpQRVRUULVRGHYRFrVTXHPH HQFRQWURGDtHQWmRWHQKRDFHUWH]DGHTXHWXGRGDUiFHUWR9RFrV VmRPLQKDIRUoDURFKHGRLQVSLUDomRPHXVROPLQKDHVWUHODPHX PXQGR$PRYRFrV

$PLQKDLUPm$PDQGDRVRUULVRGRVPHXVOiELRVDPmR IRUWHHRDEUDoRTXHQWH2EULJDGDSHORLQFHQWLYRSRUQmRPH SHUPLWLUGHVDQLPDUREULJDGDSRUVRQKDUFRPLJR2EULJDGD SULQFLSDOPHQWHSRUDFUHGLWDUQRVPHXVVRQKRV

$PLQKDLUPm3DORPDHDRPHXFXQKDGR$UPDQGR DOHJULDVGRPHXFRUDomR([HPSORVHPPLQKDYLGD0RGHORDVHU VHJXLGRGHXQLmRVXSHUDomRJDUUDHHVSHFLDOPHQWHGHYLWyULD 2EULJDGDSRUHVWDUHPDRPHXODGRLQVSLUDQGRPHXVFDPLQKRV

$*5$'(&,0(1726(63(&,$,6

$DPLJD9DOpULD$GULDQR9LHLUDSHODFRPSDQKLDDPL]DGH HSULQFLSDOPHQWHSRUPHDFRPSDQKDUQRVPHXV³SRPRGRURV´ 2EULJDGDSRUVHPSUHWHUXPDSDODYUDGHFDULQKRHXPRPEUR DPLJRSHORkQLPRDFDGDGLDTXDQGRWXGRQRVOHYDYDD GHVDQLPDU $DPLJDFRQILGHQWHHFRPSDQKHLUDGHWUDEDOKR(OOHQ (GXDUGD)HUQDQGHV,QLFLDomR&LHQWtILFD&134SHODGHGLFDomRD HVWHSURMHWRSRUPHDMXGDUDGHVYHQGDURVPLVWpULRVGDSHVTXLVD FLHQWtILFDSRUVHUWmRGyFLOHSRUPXGDUVXDURWLQDHPSUROGH QRVVRWUDEDOKR2EULJDGD(OOHQ]LQKD

$PLQKDDPLJDHLUPm&'%LDQFD*LOOL0DUVRQTXH PHVPRjGLVWkQFLDPHLQFHQWLYDPHDFROKHHPHDSyLDGHVGHD JUDGXDomR0LQKDJUDQGHHYHUGDGHLUDDPLJD $RVPHXVDPLJRVHWHUQRV&DUORV(GXDUGR*XHGHV %HOFKLRU%UXQR0DFKDGRH5RGULJR6FKDOOREULJDGDSRUPHGHL[DU SDUWLOKDUGDSUHVHQoDGHYRFrVPHVPRQDGLVWkQFLDRXQD DXVrQFLDVHLTXHFRPLJRHVWmR

$JUDGHoRLPHQVDPHQWHDTXHOHVTXHSHUWRRXORQJHVRQKDUDP

FRPLJR3DUWLOKRFRPYRFrVQHVWHPRPHQWRPLQKDLPHQVDDOHJULD

$*5$'(&,0(1726

$)DFXOGDGHGH2GRQWRORJLDGH6mR-RVpGRV&DPSRV 81(63HVSHFLDOPHQWHDR3URJUDPDGH3yV*UDGXDomRHP %LRSDWRORJLD%XFDOHPHVSHFLDODVXDFRRUGHQDGRUD3URID$GM &ULVWLDQH<XPL.RJD,WRVRXLPHQVDPHQWHDJUDGHFLGDSHODDFROKLGD HSHODRSRUWXQLGDGHGHID]HUSDUWHGHVWHSURJUDPDQDFHUWH]DGH TXHH[FHOHQWHVIUXWRVVHUmRFROKLGRV $RVSURIHVVRUHVGR3URJUDPDGH3yV*UDGXDomRGH PDQHLUDHVSHFLDOD3URID$GM$GULDQD$LJRWWL+DEHUEHFN%UDQGmR SHODGHGLFDomRHSRUFRPSDUWLOKDUFRQRVFRVHXVFRQKHFLPHQWRVH H[SHULrQFLDVD3URID7LW<DVPLQ&DUYDOKR5RGDUWHH[HPSORDVHU VHJXLGRGHSURILVVLRQDOLVPRSDFLrQFLDHGRFLOLGDGH2EULJDGDSRU SDUWLOKDUFRQRVFRVXDVViELDVSDODYUDV

$R&HQWURGH%LRFLrQFLDV$SOLFDGRD3DFLHQWHV(VSHFLDLV± &(%$3(GHPDQHLUDHVSHFLDOj3URID$GM0{QLFD)HUQDQGHV *RPHVSHODVSRUWDVDEHUWDVFDULQKRDPDELOLGDGHH FRPSURPHWLPHQWRFRPDSHVVRDKXPDQD $R3URI,YDQ%DOGXFFLSHORDSRLRQDVDQiOLVHVHVWDWtVWLFDV SHODSDFLrQFLDHFDULQKRSDUDFRPPLQKDSHVTXLVD

6HDVFRLVDVVmRLQDWLQJtYHLVRUD

1mRpPRWLYRSDUDHXQmRTXHUrODV

4XHWULVWHVRVFDPLQKRVVHQmRIRUD

$SUHVHQoDGLVWDQWHGDVHVWUHODV

0iULR4XLQWDQD

680È5,2

5(6802 $%675$&7 ,1752'8d­2 5(9,6­2'$/,7(5$785$ (Q[DJXDWyULRV%XFDLV ÈOFRROH&DUFLQRJrQHVH (Q[DJXDWyULRV&RQWHQGRÈOFRRO;&kQFHU 7HVWHGH0LFURQ~FOHRVH%LRPRQLWRUDPHQWR*HQpWLFR

&ULWpULRVSDUDSRQWXDomRGRV0LFURQ~FOHRV

352326,d­2 0$7(5,$,6(0e72'26 $PRVWUD &ULWpULRVGH([FOXVmR 0HWRGRORJLDGD&LWRORJLD(VIROLDWLYD 7pFQLFDGH&RORUDomR $QiOLVHGDV/kPLQDV

$QiOLVH(VWDWtVWLFD

5(68/7$'26 &DUDFWHUL]DomRGD$PRVWUD )UHTrQFLD*HUDOGH0LFURQ~FOHRV

)UHTrQFLD*HUDOGH0LFURQ~FOHRV;'HPDLV9DULiYHLV

4XDOLWDWLYDV

5HVXOWDGRV&LWROyJLFRV ',6&866­2 &21&/86­2 5()(5Ç1&,$6 $3Ç1',&( $1(;2

'LQL] 3$ $QiOLVH GD IUHTrQFLD GH PLFURQ~FOHRV IUHQWH j XWLOL]DomR GH FROXWyULRV EXFDLV >GLVVHUWDomR@ 6mR -RVp GRV &DPSRV )DFXOGDGH GH 2GRQWRORJLD GH 6mR -RVp GRV &DPSRV 81(63 8QLY (VWDGXDO 3DXOLVWD

5(6802

QmRVmRLQGXWRUHVGHDOWHUDo}HVJHQRWy[LFDVQmRDOWHUDQGRGHVVDPDQHLUDD IUHTrQFLD01

3DODYUDVFKDYH$QWLVVpSWLFRVEXFDLV7HVWHVSDUDPLFURQ~FOHRVÈOFRRO 0XFRVD2UDO&kQFHU2UDO

'LQL] 3$ 0RXWKZDVK (YDOXDWLRQ RI WKH IUHTXHQF\ RI PLFURQXFOHL >GLVVHUWDWLRQ@ 6FKRRO RI 'HQWLVWU\ RI 6mR -RVp GRV &DPSRV 81(63 8QLY (VWDGXDO3DXOLVWD

$%675$&7

ZDVQRWVWDWLVWLFDOO\VLJQLILFDQW7KHUHVXOWVVXJJHVWWKDWWHVWHGPRXWKZDVKHV GRQRWLQGXFHJHQRWR[LFDOWHUDWLRQVFRQVHTXHQWO\WKH\GRQRWKDYHLQIOXHQFH LQWKH01IUHTXHQF\

.H\ZRUGV 0RXWKZDVK 0LFURQXFOHXV 7HVW $OFRKRO 2UDO 0XFRVD 2UDO &DQFHU

,1752'8d­2

$ 2GRQWRORJLD HVWi YROWDGD SDUD D SUHYHQomR GDV GRHQoDV EXFDLVHVHQGRDVVLPRFLUXUJLmRGHQWLVWDGHYHHVWDUFDSDFLWDGRSDUDDWXDU MXQWR DR SDFLHQWH GHQWUR GH XP FRQWH[WR DPSOR SURSRUFLRQDQGROKHV FRQGLo}HVRGRQWROyJLFDVIDYRUiYHLVHGHVD~GHSDUDXPERPUHODFLRQDPHQWR IDPLOLDUHVRFLDO$OEXTXHUTXHHWDO,QVHULGRQHVWHFRQWH[WRDSODFD EDFWHULDQDWRUQDVHXPIDFLOLWDGRUGDVFiULHVHGDVGRHQoDVSHULRGRQWDLVH WHP VLGR DPSODPHQWH FRQVLGHUDGD R SULQFLSDO IDWRU HWLROyJLFR GHVVDV GRHQoDV

2 FRQWUROH GD SODFD p EiVLFR SDUD D SUiWLFD RGRQWROyJLFD VHPHOHDKLJLHQHEXFDOQmRSRGHVHUDOFDQoDGDQHPSUHVHUYDGDHQHPRV UHVXOWDGRVGDWHUDSrXWLFDRGRQWROyJLFDDVVHJXUDGRV*HEUDQ*HEHUW

$ TXDOLGDGH GD KLJLHQH EXFDO UHDOL]DGD SHOR LQGLYtGXR DVVXPHFDUDFWHUtVWLFDIXQGDPHQWDO$UHPRomRPHFkQLFDGDSODFDPHGLDQWH HVFRYDomRDGHTXDGDDVVRFLDGDDRILRGHQWDODLQGDpFRQVLGHUDGDRSULQFLSDO PDLV HIHWLYRDFHVVtYHO H GLIXQGLGR PHLR GH SUHYHQomR GDV GRHQoDV EXFDLV &KLDSLQRWWR HW DO &RQFRPLWDQWHPHQWH R FRQWUROH TXtPLFR GD SODFD EDFWHULDQDSRUPHLRGRVHQ[DJXDWyULRVEXFDLVFRQVWLWXLXPPpWRGRHILFD] QR DX[tOLR GR FRQWUROH PHFkQLFR SRUpP VHP VXEVWLWXtOR 0DULQKR $UD~MR

2XVRGHFROXWyULRVRUDLVDXPHQWDRWHPSRGHH[SRVLomRGD PXFRVD RUDO DR iOFRRO WHP VLGR GHPRQVWUDQGR TXH HQ[DJXDWyULRV EXFDLV FRP DOWR WHRU GH iOFRRO SURGX]HP OHV}HV KLSHUTXHUDWLQL]DGDV WDQWR HP KXPDQRVTXDQWRHPDQLPDLVGHODERUDWyULR3HOiH]HWDOHYLGrQFLDV DILUPDP TXH R WDEDJLVPR H FRQVXPR GH iOFRRO HP H[FHVVR DXPHQWDP R ULVFR GH GHVHQYROYLPHQWR GH QHRSODVLDV PDOLJQDV GH ERFD H RURIDULQJH HP KXPDQRV )LJXHLUR5XL] HW DO 0DUVKDOO HW DO 0RUHQR /ySH] HW DO 'LDQWH GHVVDV DILUPDo}HV D RFRUUrQFLD GHVWHV FDUFLQRPDV HP LQGLYtGXRV QmR IXPDQWHV H TXH QmR FRQVRPHP EHELGDV DOFRyOLFDV LQIOXHQFLDUDP PXLWRV SHVTXLVDGRUHV D FRQVLGHUDUHP RXWURV SRVVtYHLVIDWRUHVGHULVFRHPSRWHQFLDO

0DLV UHFHQWHPHQWH R XVR UHJXODU GH ERFKHFKRV FRQWHQGR iOFRROHVSHFLDOPHQWHHQWUHRVQmRXVXiULRVGHWDEDFRHiOFRROWDPEpPWHP VLGRGLVFXWLGRFRPRIDWRUGHULVFRSDUDRFkQFHUEXFDO

2 WHVWH GR PLFURQ~FOHR p FRQVLGHUDGR XP SURFHGLPHQWR UiSLGR EDUDWR QmRLQYDVLYR TXH SRGH VHU UHSHWLGR YiULDV YH]HV SDUD D SUHYHQomR H PRQLWRUDPHQWR GH LQGLYtGXRV VRE ULVFR FDUFLQRJrQLFR FRPR FRQVXPR FU{QLFR H DEXVLYR GH iOFRRO WDEDFR HRX RXWUDV VXEVWkQFLDV PXWDJrQLFDV *DWWiV 5DPLUH] HW DO 2V PLFURQ~FOHRV VH RULJLQDP D SDUWLU GH IUDJPHQWRV GH FURPRVVRPRV RX FURPRVVRPRV LQWHLURV TXHVHDWUDVDPQDDQiIDVHGXUDQWHDGLYLVmRFHOXODU(VWHGDQRSRGHRFRUUHU GHYLGR j H[SRVLomR H[FHVVLYD D DJHQWHV QRFLYRV GHIHLWRV QD PLWRVH HRX SURFHVVRGHUHSDUDomRGR'1$+ROODQGHWDO

JHQRWy[LFRVHHVWiUHODFLRQDGRDRSURYiYHOGHVHQYROYLPHQWRGHFDUFLQRPDV GDPXFRVDRUDO6WLFK5|VLQ

3RUWDQWR D XWLOL]DomR GR WHVWH GR PLFURQ~FOHR SDUD DQDOLVDU DV SRVVtYHLV DOWHUDo}HV JHQRWy[LFDV GHFRUUHQWHV GR XVR IUHTHQWH GH HQ[DJXDWyULRV EXFDLV $YDOLDQGR HQWmR TXDQWLWDWLYDPHQWH PLFURQ~FOHRV GH LQGLYtGXRVXVXiULRVGHHQ[DJXDWyULRVEXFDLVDWUDYpVGHFLWRORJLDHVIROLDWLYD FRPDILQDOLGDGHGHYHULILFDUWDLVHIHLWRVJHQRWy[LFRV

5(9,6­2'(/,7(5$785$

(Q[DJXDWyULRV%XFDLV

2V SULPHLURV UHODWRV D UHVSHLWR GR XVR GH HQ[DJXDWyULRV EXFDLVVXUJLUDPHPPHDGRVGHFRQVROLGDQGRVHDWUDYpVGRVWHPSRV GHYLGR jV GLILFXOGDGHV GH UHPRomR GH GHWULWRV RUDLV $VDGRRULDQ $LQGD TXH R IRFR IRVVH VREUH D FiULH H D VXD SUHYHQomR QRV PHDGRV GH HVWXGRV UHODFLRQDUDP RV HQ[DJXDWyULRV DQWLPLFURELDQRV j SUHYHQomR GDJHQJLYLWHHSHULRGRQWLWH0DQGHO

$WXDOPHQWH UHFRQKHFHXVH TXH DV SUiWLFDV PHFkQLFDV GH KLJLHQH RUDO SRGLDP VHU LQVXILFLHQWHV SURSRUFLRQDQGR XP LPSXOVR GHWHUPLQDQWH SDUD R XVR GH HQ[DJXDWyULRV (PEDVDGR QHVWH DVSHFWR H DFHUFD GRV FRQKHFLPHQWRV VREUH RV IDWRUHV HWLROyJLFRV GDV GRHQoDV SHULRGRQWDLV D SODFD GHQWiULD WRUQDVH HQWmR R IDWRU HWLROyJLFR SULPiULR GH GXDV GDV PDLV SUHYDOHQWHV GRHQoDV EXFDLV FiULH GHQWiULD H GRHQoD SHULRGRQWDO3DJHHWDO

VXEVWLWXLU RV PpWRGRV PHFkQLFRV GH UHPRomR GD SODFD H VLP DWXDU FRPR DX[LOLDUHVGRVPHVPRV5RMDV6DQWRV$OHPDQ\

2VHQ[DJXDWyULRVEXFDLVDWXDPFRPRDGMXYDQWHQRFRQWUROH GD SODFD H GDV GRHQoDV SHULRGRQWDLV DJLQGR GH PRGR D LQLELU D DWLYLGDGH EDFWHULDQDVHQGREHQpILFRVQRWUDWDPHQWRHSUHYHQomRGHGLYHUVDVGRHQoDV RUDLVRXRURIDUtQJHDV+DTHWDO

$OpP GD DomR DJXGD GRV HQ[DJXDWyULRV 2WWHQ HW DO DILUPDUDP TXH WDQWR RV FUHPHV GHQWDLV FRPR RV HQ[DJXDWyULRV EXFDLV DQWLPLFURELDQRV VmR FDSD]HV GH DWXDU QRV PLFURRUJDQLVPRV GR ELRILOPH GHQWDO SHUPDQHFHQGR ELRGLVSRQtYHO TXDQGR DGHULGR DR ELRILOPH DQWLJR UHVXOWDQGR QD OLEHUDomR SURORQJDGD GH VXD DomR DQWLPLFURELDQD GHPDQGDQGR H[FHOHQWH LPSRUWkQFLD FOtQLFD Mi TXH JHUDOPHQWH RV SDFLHQWHV QmRVmRFDSD]HVGHUHPRYHUFRPSOHWDPHQWHRELRILOPHEXFDOFRPDOLPSH]D PHFkQLFD

$ XWLOL]DomR IUHTHQWH GH HQ[DJXDWyULRV EXFDLV YHP WRUQDQGRVHHVVHQFLDOPHQWHSRSXODUQRV~OWLPRVDQRV(VWDVROXomRpHILFD] QRFRQWUROHHUHGXomRGDSODFDHGDVJHQJLYLWHVVHXXVRDXPHQWDGRWHQGHX VHGHYLGRDUD]}HVVRFLDLVHFRVPpWLFDV*XUGDOHWDO

$ XWLOL]DomR GH HQ[DJXDWyULRV EXFDLV QR %UDVLO HQFRQWUDVH HPIUDQFDDVFHQVmRQDKLJLHQHRUDOFRPSOHPHQWDQGRRWULRHVFRYDFUHPH H ILR GHQWDO (QWUH D KRXYH XP DXPHQWR GH QDV YHQGDV UHSUHVHQWDQGR XPD SDUFHOD VLJQLILFDWLYD GD SRSXODomR VHJXQGR D $VVRFLDomR%UDVLOHLUDGH+LJLHQH3HVVRDOH&RVPpWLFRV$%,+3(&

0RQIULQH5LEHLURFLWDUDPFRPRSULQFLSDLVVXEVWkQFLDV DQWLPLFURELDQDV XWLOL]DGDV QDV IRUPXODo}HV GRV HQ[DJXDWyULRV EXFDLV RV IOXRUHWRV GH VyGLR FORUHWR GH FHWLOSHULGtQLR WULFORVDQ yOHRV HVVHQFLDLV WLURWULFLQDHQWUHRXWURV

PRQRYDOHQWH FDWL{QLFR WHQVRDWLYR SHUWHQFHQWH DR JUXSR GRV FRPSRVWRV TXDWHUQiULRV GH DP{QLD 0HQGHV HW DO $SUHVHQWD PDLRU HIHWLYLGDGH DQWLPLFURELDQD FRQWUD EDFWpULDV JUDPSRVLWLYDV SURYRFDQGR DXPHQWR GD SHUPHDELOLGDGHFHOXODUHURPSLPHQWRGDSDUHGHFHOXODUEDFWHULDQD*HEUDQ *HEHUWFOLQLFDPHQWHIRUQHFHXPEHQHItFLRPHVPRTXHSHTXHQRPDV VLJQLILFDWLYR QD UHGXomR GR DF~PXOR GH SODFD H GD LQIODPDomR JHQJLYDO +HUUHUD$NDQGHHPXPDDQiOLVHGHFDVRFRQWUROHDILUPDGD PHVPDPDQHLUDTXHRVHQ[DJXDWyULRVGHULYDGRVGHFORUHWRGHFHWLOSLULGtQHR IRUQHFHP XP DXPHQWR VLJQLILFDWLYR QD UHGXomR GD PLFURELRWD RUDO HP FRPSDUDomR DRV HQ[DJXDWyULRV FRQWHQGR FRPSRVWRV IHQyOLFRV WULFORVDQ RX yOHRVHVVHQFLDLV

2 XVR SURORQJDGR GHVVD VXEVWkQFLD SRUpP SRGH FDXVDU VHQVDomRGHTXHLPDomRGHVFRORUDomRGRVGHQWHVXOFHUDo}HVUHFRUUHQWHVH DXPHQWRGDIRUPDomRGRFiOFXOR*UDQMHLURHWDO

$ FORUH[LGLQD SRU VXD YH] p XPD ELVJXDQLGD FDWL{QLFD HQFRQWUDGDSULQFLSDOPHQWH HPIRUPD GH VDLV GH GLJOXFRQDWRGHFORUH[LGLQD 3RVVXL DPSOR HVSHFWUR VREUH EDFWpULDV JUDPSRVLWLYDV QHJDWLYDV IXQJRV H OHYHGXUDV&OLQLFDPHQWHDSUHVHQWDUHGXomRVLJQLILFDWLYDGHSODFDEDFWHULDQD SRLV DJH DIHWDQGR D DGHUrQFLD PLFURELDQD DXPHQWDQGR D SHUPHDELOLGDGH FHOXODU SRU PHLR GR URPSLPHQWR GD EDFWpULD $SUHVHQWD FRQFHQWUDo}HV YDULDQGRGHHVHQGRDFORUH[LGLQDDDPDLVLQGLFDGD GHYLGRjDVVRFLDomRGDHILFiFLDFRQWUDRVPLFURRUJDQLVPRVFRPDGLPLQXLomR GRV HIHLWRVDGYHUVRV TXDQGR FRPSDUDGDV jV VROXo}HVPDLV FRQFHQWUDGDV 0HQGHVHWDO*HEUDQ*HEHUW6RX]D$EUHX

DILQLGDGH FRP EDFWpULDV DQDHUyELDV DVVLP FRPR HVSRURV H IXQJRV GD HVSpFLH&kQGLGD6XDDomRRFRUUHSHODOLVHGDPHPEUDQDFLWRSODVPiWLFDGR PLFURRUJDQLVPR6DED&KXMIL0RQIULQ5LEHLUR

$WLURWULFLQDJUDPLFLGLQDDHWLURFLGLQDFHUFDGH SUHVHQWHQRHQ[DJXDWyULR0DOYDWULFLQŠ'DXGWpRULXQGDGR%DFLOOXVEUHYLV TXH GHSHQGHQGR GH VXD FRQFHQWUDomR SRGH WHU DomR EDFWHULRVWiWLFD RX EDFWHULFLGDDWXDQGRVREUHEDFWpULDVJUDPQHJDWLYDVHSRVVXLQGRDomRWySLFD GXUDGRXUD 0RQIULQ 5LEHLUR 2 HQ[DJXDWyULR WDPEpP DSUHVHQWD H[WUDWRGHPDOYDDOpPGHRXWURVFRPSRQHQWHVHPVXDFRPSRVLomRH[LVWLQGR IRUPXODo}HVVHPWLURWULFLQD

2 HQ[DJXDWyULR TXH DSUHVHQWD R PDLRU KLVWyULFR GH XVR p FRPSRVWR SRU VROXomR KLGURDOFRyOLFD GRV yOHRV HVVHQFLDLV WLPRO PHQWRO H HXFDOLSWRO (PERUD VHMDP QRUPDOPHQWH XWLOL]DGRV FRPR IODYRUL]DQWHV RV yOHRV HVVHQFLDLV SRGHP FRQWULEXLU FRP D SURSULHGDGH DQWLPLFURELDQD GR SURGXWR GHYLGR j SUHVHQoD GH FRPSRVWRV IHQyOLFRV FRPR VHXV SULQFLSDLV FRQVWLWXLQWHVRVTXDLVDJHPSULQFLSDOPHQWHVREUHEDFWpULDVJUDPSRVLWLYDVH OHYHGXUDV%XJQRHWDO

HQYROYLGRVWDPEpPQDUXSWXUDGDSDUHGHFHOXODUHLQLELomRHQ]LPiWLFD)LQH

6HJXQGR6KDUPDHWDORVyOHRVHVVHQFLDLVSRVVXHP HIHLWRDQWLSODFDPHQRUTXHDFORUH[LGLQDSRUpPDRORQJRGHXPSHUtRGRGH PHVHVHPLJXDOGDGHGHFRQGLo}HVDSUHVHQWDPUHVXOWDGRVHTXLSDUDGRVHP WHUPRVGHVHXVHIHLWRVDQWLJHQJLYLWHGHYLGRjVXDDomRDQWLLQIODPDWyULD

1R%UDVLOVHJXQGR$JrQFLD1DFLRQDOGH9LJLOkQFLD6DQLWiULD $19,6$ RV HQ[DJXDWyULRV EXFDLV VmR FODVVLILFDGRV FRPR SURGXWRV GHKLJLHQHSHVVRDOHFRVPpWLFR$VIRUPXODo}HVTXHDSUHVHQWDPLQGLFDo}HV HVSHFtILFDVFRPRDQWLVVpSWLFRVDQWLSODFDHGHXVRLQIDQWLOVmRFODVVLILFDGDV FRPRSURGXWRVGHJUDXHGHPDQGDPDFRPSURYDomRGDVXDVHJXUDQoDH HILFiFLDDQWLPLFURELDQD

ÈOFRROH&DUFLQRJrQHVH

2 FRQVXPR GH iOFRRO p XP GRV IDWRUHV GH ULVFR SDUD R GHVHQYROYLPHQWRGRFkQFHUEXFDOHQWUHWDQWRRVPHFDQLVPRVHQYROYLGRVQR GDQR JHUDGR SHOR iOFRRO VmR SDUFLDOPHQWH FRPSUHHQGLGRV 'HWHUPLQDGDV FRQFHQWUDo}HV GH iOFRRO FDXVDP DXPHQWR GD SHUPHDELOLGDGH GD PXFRVD EXFDO SRWHQFLDOL]DQGR D SHQHWUDomR GH FDUFLQyJHQRV $OpP GLVVR p UHVSRQViYHO SRU XP DXPHQWR QD SUROLIHUDomR HSLWHOLDO EHP FRPR SHOD PRGLILFDomRGRVHXSURFHVVRGHPDWXUDomR&DUUDUGHWDO

LQLFLDPHYHQWXDOPHQWHDSHUGDGHFRQWUROHGRFUHVFLPHQWRHDXWRQRPLDGDV FpOXODV6FXOO\

2V PHFDQLVPRV SHORV TXDLV DV EHELGDV DOFRyOLFDV H[HUFHP VHX HIHLWR FDQFHUtJHQR QmR VmR EHP FRPSUHHQGLGRV H SURYDYHOPHQWH GLIHUHPGHDFRUGRFRPRVVtWLRVGHDWXDomR%RIIHWWD+DVKLEH

8PDXPHQWRGDSUROLIHUDomRFHOXODUGHFRUUHQWHGRFRQVXPR FU{QLFRGHiOFRRO0DLHUHWDO+RPPDQHWDO0DLWRHWDO &DUUDUGHWDOHXPDXPHQWRGDDXWyOLVHRXPRUWHFHOXODU0DVFUHV -RO\ 0DUWLQH] HW DO 0DUWLQH] HW DO 6ORPLDQ\ HW DO SDUHFHP VHU SURFHVVRV UHODFLRQDGRV D LQIOXrQFLD GR FRQVXPR GH iOFRRO QR SURFHVVR GH UHQRYDomR FHOXODU (PERUD HVVHV UHVXOWDGRV SDUHoDP LQLFLDOPHQWH FRQWUDGLWyULRV QDGD LPSHGH TXH R DXPHQWR GD SUROLIHUDomR FHOXODU QDV FDPDGDV PDLV SURIXQGDV GR WHFLGR HSLWHOLDO VHMD XPD UHVSRVWD DGDSWDWLYDDRDXPHQWR GD PRUWH FHOXODU QDV FDPDGDV PDLV H[WHUQDV DILP GHTXHVHMDPDQWLGDDKRPHRVWDVH&DUUDUG&RQFOXLVHGHVVDIRUPD TXH R DXPHQWR GD SUROLIHUDomR FHOXODU HVWDULD DWXDQGR GH PDQHLUD FRPSHQVDWyULD SDUD PDQWHU D LQWHJULGDGH GR WHFLGR HSLWHOLDO H SRGHULD IDYRUHFHUXPDPDLRURFRUUrQFLDGHPXWDo}HVHGDQRVFXPXODWLYRVOHYDQGR DRGHVHQYROYLPHQWRGRFkQFHU&DUUDUG

eQRWDGDPHQWHUHFRQKHFLGRTXHRiOFRROpXPIDWRUGHULVFR GH JUDQGH LPSDFWR DVVRFLDGR DR FkQFHU RUDO 2 HWDQRO HP VL QmR p FDQFHUtJHQR %R\OH HW DO :+2 SRUpP R SULPHLUR SURGXWR PHWDEyOLFR R DFHWDOGHtGR WHP VLGR UHFRQKHFLGR FRPR XPD VXEVWkQFLD FDQFHUtJHQD ORFDO 6DODVSXUR DWXDQGR JHQRWy[LFDPHQWH VREUH DV FpOXODV %RIIHWWD +DVKLEH 2 DFHWDOGHtGR $$ p IRUPDGR HQGRJHQDPHQWH FRPR SURGXWR SULQFLSDO GD R[LGDomR PHWDEyOLFD GR HWDQRO GHSHQGHQWHGDHQ]LPDiOFRROGHVLGURJHQDVH:+2

DFHWDOGHtGR SHODV HQ]LPDV iOFRRO GHVLGURJHQDVH $'+ 2 DFHWDOGHtGR p HQWmRGHJUDGDGRHPDFHWDWRSHORDOGHtGRGHVLGURJHQDVH$/'+9DULDo}HV JHQpWLFDVQDVDWLYLGDGHVGHVVDVHQ]LPDV$'+H$/'+SRGHPLQIOXHQFLDUR UHVXOWDGRGDH[SRVLomRDRiOFRROHVXDFDUFLQRJHQLFLGDGH6FXOO\

$PXFRVDEXFDOQmRpRORFDOSUHIHUHQFLDOSDUDGHJUDGDomR GR iOFRRO SRUpP DOJXPD TXDQWLGDGH p DEVRUYLGD H PHWDEROL]DGD HP QtYHO WHFLGXDO GXUDQWH D GHJOXWLomR 'RQJ HW DO 0DKHU HQWmR R DFHWDOGHtGR p FRQYHUWLGR LPHGLDWDPHQWH HP DFHWDWR PDV HP DOJXPDV VLWXDo}HVSRGHKDYHUVHXDF~PXORFRQVXPRFRQWtQXRGHDOWDVGRVHVEHP FRPRGHJUDGDomRSDUFLDOGD$/'+6HJXQGR'HOODUFRRDFHWDOGHtGRp XPPHWDEyOLWRWy[LFRFDSD]GHSURYRFDUDTXHEUDGDGXSODILWDGH'1$HGH IRUPDU FRPSOH[RV DGXWRV FRP GLIHUHQWHV PROpFXODV SULQFLSDOPHQWH FRP SURWHtQDVRTXHFRPSURPHWHRPHWDEROLVPRFHOXODU

'HDFRUGRFRP,QWHUQDWLRQDO$JHQF\IRU5HVHDUFKRQ&kQFHU ,$5& HP HVWXGRV FRP DQLPDLV UHODWDUDP TXH D LQDODomR GH DFHWDOGHtGR SURPRYHX R VXUJLPHQWR GH WXPRUHV QR WUDWR UHVSLUDWyULR SDUWLFXODUPHQWH DGHQRFDUFLQRPDV H FDUFLQRPDV GH FpOXODV HVFDPRVDV QD PXFRVDQDVDOGHUDWRVHFDUFLQRPDVGHODULQJHHPKDPVWHUV

/DFKHQPHLHU DWUDYpV GH HVWXGR FDVRFRQWUROH LQYHVWLJRX RV QtYHLV GH DFHWDOGHtGR SUHVHQWHV QD VDOLYD DSyV R XVR GH HQ[DJXDWyULRV EXFDLV GHVVD PDQHLUD DILUPRX TXH RV QtYHLV HVWDYDP SUy[LPRV GDV FRQFHQWUDo}HV QRUPDOPHQWH HQFRQWUDGDV HP EHELGDV DOFRyOLFDV UHVVDOWDQGR DLQGD TXH HVVHV PHVPRV QtYHLV VmR FRPSDWtYHLV FRPDIRUPDomRDDGXWRVGH'1$HWURFDGDVFURPiWLGHVLUPmV

(Q[DJXDWyULRV&RQWHQGRÈOFRRO;&kQFHU

2V HQ[DJXDWyULRV EXFDLV QDV XOWLPDV GpFDGDV WrP VLGR XWLOL]DGRV SDUD XPD YDULHGDGH GH ILQDOLGDGHV HQWUH DV TXDLV D SUHVFULomR WHUDSrXWLFDSDUDWUDWDPHQWRVGDVGRHQoDVJHQJLYDLVPDQXWHQomRGDKLJLHQH EXFDOHQRFRQWUROHGDSODFDEDFWHULDQD*DJDUL.DEDQL

$ XWLOL]DomR GH iOFRRO QRV HQ[DJXDWyULRV EXFDLV DOpP GH VXDVSURSULHGDGHVDQWLVpSWLFDVSRVVXLDIXQomRGHVROYHQWHGRVSULQFtSLRV DWLYRV DOpP GD IXQomR GH SUHVHUYDU D FRPSRVLomR H D IyUPXOD /RUFD 6DUDxHUHWDO&LDQFLRHWDO

$VFRQFHQWUDo}HVDOFRyOLFDVGRVHQ[DJXDWyULRVSRGHPYDULDU GH DFRUGR FRP DV QHFHVVLGDGHV GH GLVVROXomR GRV SULQFtSLRV DWLYRV H GRV DJHQWHVDURPDWL]DQWHV4XDQGRXWLOL]DGRQRVHQ[DJXDWyULRVRHWDQROOLYUHp UHGX]LGR GHYLGR DR FRPSOH[R SURFHVVR GRV FRPSRQHQWHV IHQyOLFRV DWLYRV GHPRGRTXHRYHUGDGHLURQtYHOGHHWDQROGLVSRQtYHOpLQIHULRUDRLQGLFDGRQD URWXODJHP GRV SURGXWRV HVWD FRQFHQWUDomR DOFRyOLFD YDULD GH DQRV FRPSRVWRV GH FORUH[LGLQD H GH D QRV FRP yOHRV HVVHQFLDLV FRPSDUDQGR FRP DV EHELGDV DOFRyOLFDV WHPRV D FHUYHMD YDULDQGR HP VHX WHRU DOFRyOLFR GH D RV YLQKRV D H RV YLQKRV OLFRURVRV H GHVWLODGRVD:DOVK

$ VXSRVLomR GH TXH D VROXomR DOFRyOLFD SUHVHQWH QRV HQ[DJXDWyULRV EXFDLV SXGHVVH VHU FRQVLGHUDGD XP IDWRU GH ULVFR SDUD R FkQFHUEXFDOIRLUHODWDGRSULPHLUDPHQWHSRU:HDYHUHWDOHP

:HDYHUHWDOUHDOL]DUDPXPHVWXGRGHFDVRFRQWUROH UHODWDQGR TXH HP LQGLYtGXRV QmR IXPDQWHV H QmR FRQVXPLGRUHV GH EHELGDV DOFRyOLFDV XWLOL]DYDP HQ[DJXDWyULRV EXFDLV HP GRVHV GXSODV H GLiULDVKiPDLVGHDQRVHQ[DJXDWyULRVHVWHVFRPWHRUDOFRyOLFRHPWRUQR GH 1HVVD DPRVWUD RV HQ[DJXDWyULRV EXFDLV IRUDP FRQVLGHUDGRV IDWRU GHULVFRSDUDRFkQFHUEXFDOSRUpPDDILUPDomRQmRS{GHVHUVXVWHQWDGD TXDQGRIXPDQWHV HFRQVXPLGRUHVGH EHELGDVDOFRyOLFDVIRUDPLQFOXtGRV QD DPRVWUD UHVXOWDQGR HP XPD DPRVWUD OLPLWDGD H FRP GLILFXOGDGHV GH FRPSDUDELOLGDGHHQWUHRVJUXSRVFRPSDUDGRVVHJXQGRRVSUySULRVDXWRUHV

%ORWHWDOUHDOL]DUDPXPHVWXGRGHFDVRFRQWUROHD DPRVWUD HUD FRQVWLWXtGD SRU PXOKHUHV GLDJQRVWLFDGDV FRP FDUFLQRPDV HPERFDHRURIDULQJHHFRQWUROHVHVWHVHUDPLQGDJDGRVVREUHRXVRGH HQ[DJXDWyULRV&RQFOXtUDPTXHQmRH[LVWLDXPDXPHQWRVLJQLILFDWLYRHQWUHR ULVFRGDTXHOHVTXHXWLOL]DYDPFROXWyULRVFRQWHQGRiOFRRO

:\QGHUHWDODWUDYpVGHXPDLQYHVWLJDomRHPQtYHO KRVSLWDODU FRP LQGLYtGXRV FRP FDUFLQRPDV HP ERFD H RURIDULQJH &%2) H FRQWUROHV GHQWUH HVVHV PXOKHUHV IRUDP RXYLGDV GHPRQVWUDQGR XPD PRGHUDGD DVVRFLDomR HQWUH &%2) H HQ[DJXDWyULRV EXFDLV SRUpP QmR KRXYH UHODomR GRVHUHVSRVWD TXDQGR UHODFLRQDGR DR WHPSR GH XVR HP PXOKHUHV QmR IXPDQWHV H QmR FRQVXPLGRUDV GH EHELGDV DOFRyOLFDV 2V DXWRUHV FRQFOXtUDP TXH GHYLGR D XPD SRVVtYHO FRQIXVmR FDXVDGD SRU WDEDJLVPR H XVR GH iOFRRO QmR IRL SRVVtYHO HVWDEHOHFHU XPD UHODomR FDXVDO HQWUH HQ[DJXDWyULRV H FkQFHU GH ERFDHRURIDULQJH

DPRVWUD FRPSRVWD SRU KRPHQV HWLOLVWDV H WDEDJLVWD 4XHVWLRQiULRV IRUDP DSOLFDGRVQRVTXDLVIRUDPUHODWDGRVKLVWyULFDPpGLFDGDGRVGHPRJUiILFRVH XWLOL]DomRGHHQ[DJXDWyULRVEXFDLVDYDOLDQGRDVSRUFHQWDJHQVDOFRyOLFDVGRV SURGXWRV 2V UHVXOWDGRV QmR GHPRQVWUDUDP GLIHUHQoDV VLJQLILFDWLYDV QD IUHTrQFLD GH XVR HQWUH R JUXSR H[SHULPHQWDO H JUXSR FRQWUROH UHODWDQGR XPD SURSRUomR GH GH FDVRV QHVWD DPRVWUD FRQWUD QR JUXSR FRQWUROH$ILUPDQGRHQWmRTXHDVGLIHUHQoDVHQWUHHVWDVSRUFHQWDJHQVHUDP HVWDWLVWLFDPHQWHLQVLJQLILFDWLYDVQmRFRPSURYDQGRGHVWDPDQHLUDDVVRFLDomR HP&%2)HFROXWyULRVFRPiOFRRO

(P .DEDW HW DO DYDOLDUDP DWUDYpV GH LQYHVWLJDomR PXOWLKRVSLWDODU SRU PHLR GH HQWUHYLVWDV FRP PXOKHUHV SRUWDGRUDV GH FDUFLQRPDVRUDLVHRURIDUtQJHRVHFRQWUROHV$DVVRFLDomRQmRSRGHVHU HQFRQWUDGDSRLVDVSDUWLFLSDQWHVUHODWDUDPXWLOL]DUFROXWyULRVSDUDGLVIDUoDUR KiOLWRSURYRFDGRSHORXVRGHWDEDFRHEHELGDVDOFRyOLFDV

:LQQ HW DO FRQVLGHUDUDP D SRVVLELOLGDGH TXH D H[SRVLomRSURORQJDGDDFHUWRVFRPSRVWRVGRVFROXWyULRVSRGHULDPDXPHQWDU RULVFRGHFkQFHURUDO5HDOL]DUDPHQWmRXPDDQiOLVHDWUDYpVGHHQWUHYLVWD HP SRUWDGRUHV GH FDUFLQRPDV RUDLV H IDUtQJHRV H XP JUXSR FRQWUROH H D DPRVWUD IRL SDUHDGD SRU VH[R H LGDGH 2V UHVXOWDGRV UHODWDUDP TXH R XVR UHJXODUGHHQ[DJXDWyULRVDXPHQWRXHPRULVFRGH&%2)HQWUHKRPHQV H HQWUH DV PXOKHUHV DSyV XP DMXVWH SDUD WDEDJLVPR H EHELGDV DOFRyOLFDV2ULVFRIRLDXPHQWDGRHPDPERVRVVH[RVTXDQGRVHFRPSDURX GXUDomR ; IUHTrQFLD H DXPHQWDGR GH DFRUGR FRP DV FRQFHQWUDo}HV DOFRyOLFDV GRV HQ[DJXDWyULRV FRQVLVWHQWH FRP DXPHQWR GH ULVFR DVVRFLDGR FRPFRQVXPRGHEHELGDVDOFRyOLFDV

EHELGDV DOFRyOLFDV )RL REVHUYDGR XP ULVFR DXPHQWDGR HPERUD QmR VLJQLILFDWLYR HP LQGLYtGXRV QmR IXPDQWHV H TXH QmR FRQVXPLDP EHELGDV DOFRyOLFDVHQWUHRVTXDLVIRLREVHUYDGRXPHIHLWRGDXWLOL]DomRGHFROXWyULRV FRQWHQGR iOFRRO 3RUpP DILUPDUDP TXH QmR IRUDP FDSD]HV GH DYDOLDU FRP SUHFLVmRRUHODWRGHXVRGHWDEDFREHELGDVDOFRyOLFDVHFROXWyULRVFRQWHQGR iOFRRO2VDXWRUHVFRQFOXtUDPTXHQmRKRXYHHYLGrQFLDGHULVFRDXPHQWDGR GHQHRSODVLDVPDOLJQDVGHERFDHRURIDULQJHDVVRFLDGDVDRXVRGHFROXWyULRV FRPiOFRRO

(P *XKD HW DO QXP HVWXGR GH FDVR FRQWUROH PRVWUDUDP XPD OLJDomR VLJQLILFDWLYD HQWUH R XVR GLiULR GH HQ[DJXDWyULRV EXFDLV FRQWHQGR iOFRRO H R GHVHQYROYLPHQWR GH FkQFHU EXFDO HPSDFLHQWHV TXH UHODWDUDP HVWH XVR &RQFOXtUDP QHVWD PHWRGRORJLD TXH R XVR GH HQ[DJXDWyULRV FRQWHQGR iOFRRO SRGH VHU XP IDWRU GH ULVFR SDUD R GHVHQYROYLPHQWRGHQHRSODVLDVPDOLJQDVGHFDEHoDHSHVFRoRLQGHSHQGHQWH GRXVRGHWDEDFRHFRQVXPRGHiOFRRO4XDQGRVRPHQWHFRQVLGHUDPVHDV QHRSODVLDVPDOLJQDVGDFDYLGDGHRUDOIDULQJHHODULQJHRXVRGHFROXWyULRV DOFRyOLFRVGXDVYH]HVDRGLDDXPHQWRXDLQFLGrQFLDGHVWHFkQFHUHPQRYH YH]HV SDUD RV IXPDQWHV PDLV GH FLQFR YH]HV SDUD DTXHOHV TXH WDPEpP ID]HPRFRQVXPRGHEHELGDVDOFRyOLFDVHTXDVHFLQFRYH]HVSDUDDTXHOHV TXHQXQFDLQJHULUDPWDLVEHELGDV2VDXWRUHVSRUpPDILUPDUDPQmRVDEHUR WLSRGHHQ[DJXDWyULRVXWLOL]DGRQHPRVWHRUHVDOFRyOLFRVGRVPHVPRV

WXPRUHV GH IDULQJH GR TXH WXPRUHV GH ERFD H DILUPDQGR DLQGD TXH R XVR KDELWXDO GH HQ[DJXDWyULRV EXFDLV IRL IDWRU DVVRFLDGR FRP DV QHRSODVLDV PDOLJQDV RUDLV LQGHSHQGHQWHV GR WDEDJLVPR H FRQVXPR GH EHELGDV DOFRyOLFDV

&XOORXJK H )DUDKW HP DILUPDUDP EDVHDGRV HP UHYLV}HVOLWHUiULDVTXHMiKDYLDSURYDVVXILFLHQWHVSDUDDFHLWDUDSURSRVLomR GHTXHDSUREDELOLGDGHSDUDRGHVHQYROYLPHQWRGRFkQFHUpPDLRURXHQWmR DJUDYDGD SHOR XVR GH FROXWyULRV FRQWHQGR iOFRRO FLWDQGR DLQGD TXH GHVDFRQVHOKDP RV SURILVVLRQDLV HP UHFRPHQGDU R XVR HP ORQJR SUD]R GHVVHVWLSRVGHERFKHFKRV

(P 9HFFKLD XWLOL]DQGRVH GH XPD DQiOLVH FUtWLFD GRV GDGRVSXEOLFDGRVQDVXOWLPDVWUrVGpFDGDVUHYHORXTXHQmRKiHVWDEHOHFLGR XPDSRVVtYHOUHODomRHQWUHFROXWyULRVEXFDLVFRQWHQGRiOFRROHDVQHRSODVLDV PDOLJQDV RUDLV Mi TXH HVWHV HVWXGRV QmR VmR DSRLDGRV SRU HYLGrQFLDV HSLGHPLROyJLFDV WRUQDQGRRV LQFRQVLVWHQWHV 3HVDQGR DLQGD FRQWUD HVVD DVVRFLDomR HVWi R EDL[RULVFR GH GHVHQYROYLPHQWR GHQHRSODVLDV PDOLJQDV QRDSDUHOKRGLJHVWLYRGHYLGRDFRQFHQWUDo}HVPtQLPDVGHiOFRRO

7HOHV H 7HOHV HP DWUDYpV GH PHWDQiOLVH QmR HQFRQWUDUDPHYLGrQFLDQDOLWHUDWXUDTXHRXVRGHHQ[DJXDWyULRVFRPiOFRRO SXGHVVH DXPHQWDU R ULVFR GH FkQFHU EXFDO H RURIDUtQJHDQR FKDPDQGR D DWHQomR SDUD TXH D PDLRULD GRV WUDEDOKRV VREUH R DVVXQWR DSUHVHQWDYD VpULDVGHILFLrQFLDVSUHMXGLFDQGRRVUHVXOWDGRV

SRLV QDV SHVTXLVDV DQWHULRUHV Ki SRXFD LQIRUPDomR HVSHFtILFD VREUH RV SURGXWRVXWLOL]DGRVHVHXWHRUGHiOFRROEHPFRPRRVGDGRVGHIUHTrQFLD GHVWHXVR

7HVWHGH0LFURQ~FOHRVH%LRPRQLWRUDPHQWR*HQpWLFR

$ PROpFXOD GH '1$ p UHVSRQViYHO SHOR FRQWUROH GH WRGR R PHWDEROLVPRTXHDFpOXODGHVHPSHQKDGXUDQWHRFLFORFHOXODU$OWHUDo}HVQD HVWUXWXUD GD PROpFXOD GH '1$ SRGHP UHVXOWDU HP GHVFRQWUROH GDV IXQo}HV FHOXODUHV (YHQWRV TXH GHVUHJXOHP R FLFOR FHOXODU SRGHP VHU XPDV GDV FDXVDV TXH DQWHFHGHP D LQLFLDomR RX SURPRomR WXPRUDO &URPRVVRPRV DEHUUDQWHV IUHTrQFLD DXPHQWDGD GH PLFURQ~FOHRV H D WURFD HQWUH FURPiWLGHV LUPmV IUHTHQWHV VHMDP HVSRQWkQHRV RX LQGX]LGRV SRU DJHQWHV JHQRWy[LFRVVmRERQVLQGLFDGRUHVGHGDQRVELROyJLFRVDRPDWHULDOJHQpWLFR 'D&UX]

2 PLFURQ~FOHR p SRGH VHU GHILQLGR FRPR IUDJPHQWRV RX FURPRVVRPRVLQWHLURVDFrQWULFRVTXHQmRIRUDPLQFOXtGRVQRQ~FOHRSULQFLSDO QDV FpOXODV ILOKDV $ IRUPDomR GH PLFURQ~FOHRV SRGH VHU LQGX]LGD SRU VXEVWkQFLDV FODVWRJrQLFDV VXEVWkQFLDV TXH FDXVDP TXHEUDV FURPRVV{PLFDV RX DQHXJrQLFDV DJHQWHV TXH DIHWDP R UHSDUR GR IXVR PLWyWLFR%HOLHQHWDO

6XD IUHTrQFLD HOHYDGD QD PXFRVD RUDO p FRQVLGHUDGD XP LQGLFDWLYR GH HOHYDomR GDV WD[DV GH PXWDomR H HVWi UHODFLRQDGR DR GHVHQYROYLPHQWRGHFDUFLQRPDVGDPXFRVDRUDO6WLFKHWDO

$ PXFRVD EXFDO p FRQVWLWXtGD SRU HSLWpOLR HVFDPRVR HVWUDWLILFDGR TXH SHUPLWH XPD DERUGDJHP PLQLPDPHQWH LQYDVLYD SDUD DV FROHWDV FHOXODUHV VHQGR TXH GDV OHV}HV GH FkQFHU EXFDO VmR GHRULJHPHSLWHOLDO&DLUQV$XWLOL]DomRGHFpOXODVEXFDLVWHPJUDQGH SRWHQFLDO HSLGHPLROyJLFR WDQWR FRPR XP PHLR QmRLQYDVLYR SDUD DYDOLDomR JHQRWy[LFD TXDQWR QD LGHQWLILFDomR GH SRWHQFLDLV ELRPDUFDGRUHV SDUDDYDOLDomRGHGRHQoDVIXWXUDV7KRPDVHWDO

2ELRPRQLWRUDPHQWRJHQpWLFRUHYHODVHGHJUDQGHYDOLDFRPR PHGLGD GH HVWLPDWLYD GH H[SRVLomR DPELHQWDO D DJHQWHV JHQRWy[LFRV 3DUWLFXODUPHQWH D ELRPRQLWRUL]DomR GH SRSXODo}HV KXPDQDV H[SRVWDV D DJHQWHV SRWHQFLDOPHQWH PXWDJrQLFRV FLWRWy[LFRV RX PHVPR FDQFHUtJHQRV SRGHP IRUQHFHU XPD GHWHFomR SUHFRFH GR VLVWHPD GH GHVUHJXODPHQWDomR FHOXODUQRGHVHQYROYLPHQWRGRFkQFHU9DOYHUGH5RMDV

$ DQiOLVH GH GDQRV GH '1$ DWUDYpV GR WHVWH GH PLFURQ~FOHRV HP FpOXODV HVIROLDGDV GD FDYLGDGH EXFDO SURPHWH VHU XP PpWRGRDPSODPHQWHXWLOL]DGRVHQGRPLQLPDPHQWHLQYDVLYRHXWLOL]DGRSDUD PRQLWRUL]DomR GDV SRSXODo}HV H[SRVWDV D DJHQWHV JHQRWy[LFRV 2XWUD JUDQGHYDQWDJHPGRWHVWH01pDUHODomRFXVWRHILFLrQFLDXPDYH]TXHFRP XPLQYHVWLPHQWROLPLWDGRGHWHPSRHGLQKHLURRWRUQDXPDPHGLGDFRQILiYHO GH LQVWDELOLGDGH JHQpWLFD SRGHQGR VHU DSOLFDGD HP JUDQGHV SRSXODo}HV KXPDQDV&HSSLHWDO

LQIRUPDo}HV SRGHP VHU XVDGDV FRPR XP DOHUWD SUHFRFH GH ULVFR HP SRWHQFLDOHPGHVHQYROYHUSUREOHPDVGHVD~GHDORQJRSUD]R$X

2 WHVWH GR PLFURQ~FOHR p FRQVLGHUDGR XP SURFHGLPHQWR UiSLGR EDUDWR QmRLQYDVLYR TXH SRGH VHU UHSHWLGR YiULDV YH]HV SDUD D SUHYHQomR H PRQLWRUDPHQWR GH LQGLYtGXRV VRE ULVFR FDUFLQRJrQLFR FRPR FRQVXPR FU{QLFR H DEXVLYR GH iOFRRO WDEDFR HRX RXWUDV VXEVWkQFLDV PXWDJrQLFDV*DWWiV5DPLUH]HWDORXDLQGDFRQVLGHUDGRSRU /DGHLUDHWDOFRPRXPSURFHGLPHQWRVLPSOHVSUiWLFRGHEDL[RFXVWR SRGHQGR VHU XWLOL]DGR SDUD D SUHYHQomR H JHVWmR FOtQLFD GH WUDEDOKDGRUHV VXMHLWRV D ULVFRV RFXSDFLRQDLV FDQFHUtJHQRV RX VHMD DWUDYpVGDH[SRVLomRDXPDJHQWHJHQRWy[LFRWDLVFRPRIRUPDOGHtGR

'HVWD PDQHLUD D GHWHFomR GH PLFURQ~FOHRV QD FLWRORJLD HVIROLDWLYDGHYHVHULQWHUSUHWDGDFRPRH[SRVLomRUHFHQWHDFDUFLQyJHQRVRX UHSDURIUHQWHDHUURVHVSRQWkQHRVGXUDQWHDUHSOLFDomRGH'1$ %ORFKLQJ

&ULWpULRVSDUDSRQWXDomRGRVPLFURQ~FOHRV

8P DVSHFWR LPSRUWDQWH GD WpFQLFD GH PLFURQ~FOHRV HP FpOXODV GD PXFRVD EXFDO p R FULWpULR SDUD D LGHQWLILFDomR H FRQWDJHP GDV FpOXODV

7ROEHUWHWDOSURS}HFULWpULRVPDLVDFHLWRVH XWLOL]DGRVTXHVHUmRDSUHVHQWDGRVQDGHVFULomRGRVPDWHULDLVHPpWRGRV

352326,d­2

7LYHPRV FRPR SURSRVLomR D DQiOLVH GD IUHTrQFLD GH PLFURQ~FOHRV QDV FpOXODV HVIROLDGDV GD PXFRVD EXFDO HP VHUHV KXPDQRV DSyV R XVR GLiULR GH HQ[DJXDWyULRV D ILP GH FRQWULEXLU SDUD HOXFLGDU D UHVSHLWR GD SDUWLFLSDomR GR iOFRRO GRV HQ[DJXDWyULRV EXFDLV QD FDUFLQRJrQHVHRUDO

0$7(5,$,6(0e72'26

(VWHSURMHWRIRLDSURYDGRSHOR&RPLWrGHeWLFDHP3HVTXLVD GD )DFXOGDGH GH 2GRQWRORJLD GH 6mR -RVp GRV &DPSRV VRE R SURWRFROR Q~PHUR3+&(3$QH[R$

2V LQGLYtGXRV IRUDP RULHQWDGRV TXDQWR j XWLOL]DomR GH VHXV GDGRV PDWHULDO FLWROyJLFR H TXDQWR j LPSRUWkQFLD GD SHVTXLVD H VLJLOR GDV LQIRUPDo}HV$TXHOHVTXHFRQFRUGDUDPHPSDUWLFLSDUDVVLQDUDPRWHUPRGH FRQVHQWLPHQWR OLYUH H HVFODUHFLGR 7&/( $SrQGLFH $ SHUPLWLQGR D XWLOL]DomRGDVLQIRUPDo}HVHPDWHULDOFROHWDGRQDSHVTXLVD

$PRVWUD

$ DPRVWUD IRL FRPSRVWD DOXQRV JUDGXDomR SyV JUDGXDomRHSUpYHVWLEXODUGD)DFXOGDGHGH2GRQWRORJLDGH6mR-RVpGRV &DPSRV ± 81(63 FRP LGDGH HQWUH H DQRV VHQGR VHOHFLRQDGRV DOHDWRULDPHQWH

$DPRVWUDIRLGLVWULEXtGDGDVHJXLQWHPDQHLUD

*UXSR&ROJDWH3OD[6HPÈOFRROŠ)OXRUHWRGHVyGLR SSPGHIO~RUFORUHWRGHFHWLOSLULGLQRiJXDJOLFHULQDSURSLOHQRJOLFROEHQ]RDWR

GHVyGLRDURPDiFLGRIRVIyULFRHVDFDULQDVyGLFDLQGLYtGXRVXWLOL]DUDPQDIRUPD

GH ERFKHFKR PO GR FROXWyULR &ROJDWH 3OD[ VHP iOFRROŠ &ROJDWH 3DOPROLYH SRU VHJXQGRV GXDV YH]HV DR GLD PDQKm H QRLWH DSyV KLJLHQH RUDO GH DFRUGR FRP LQGLFDomR GR IDEULFDQWH SRU VHPDQDV VXEVHTHQWHV

*UXSR /LVWHULQHŠ -RKQVRQ -RKQVRQ 7LPRO HXFDOLSWRO VDOLFLODWR GH PHWLOD H PHQWRO )OXRUHWR GH VyGLR SSP GH )O~RU H[FLSLHQWH iJXD SXULILFDGD VROXomR GH VRUELWRO iOFRRO SROR[DPHU iFLGR EHQ]yLFR DURPD GH PHQWD VDFDULQD VyGLFD EHQ]RDWR GH VyGLR 1

SURSDQRO FRUDQWH DPDUHOR H FRUDQWH YHUGH LQGLYtGXRV XWLOL]DUDP QD

IRUPDGHERFKHFKRPOGRFROXWyULR/LVWHULQH0HQWD'HIHVDŠ-RKQVRQ -RKQVRQSRUVHJXQGRVGXDVYH]HVDRGLDPDQKmHQRLWHDSyVKLJLHQH RUDOGHDFRUGRFRPLQGLFDomRGRIDEULFDQWHSRUVHPDQDVVXEVHTHQWHV

4XDGUR 'LVWULEXLomR GRV JUXSRV H[SHULPHQWDLV VHJXQGR WUDWDPHQWR WHVWDGR

*UXSRV (Q[DJXDWyULRV

7HVWDGRV

'RVH 7HPSRGHERFKHFKR )UHTrQFLD 'XUDomRGR

WUDWDPHQWR *UXSR

&RQWUROH

ÈJXDGHVWLODGD PO VHJ [DRGLD PDQKmH QRLWH

VHPDQDV

*UXSR3OD[ 3OD[Š&ROJDWHVHP iOFRRO

PO VHJ [DRGLD

PDQKmH QRLWH

VHPDQDV

*UXSR /LVWHULQH

/LVWHULQHŠ -RKQVRQ -RKQVRQ

PO VHJ [DRGLD

PDQKmH QRLWH

VHPDQDV

&ULWpULRVGH([FOXVmR

$ DPRVWUD IRL FDUDFWHUL]DGD SHOD DSOLFDomR GH TXHVWLRQiULR FRQWHQGR LQGDJDo}HV D UHVSHLWR GH LGDGH VH[R KiELWRV GH FRQVXPR GH WDEDFR LQJHVWmR GH EHELGDV DOFRyOLFDV XVR GH HQ[DJXDWyULRV EXFDLV H H[SRVLomRDRXWURVDJHQWHVJHQRWy[LFRV

6HUmR LQVWLWXtGRV FRPR FULWpULRV SDUD H[FOXVmR GD DPRVWUD 5LHSHWDO

&RQVXPR GH EHELGD DOFRyOLFD GXUDQWH R SHUtRGR GH DYDOLDomR4XDQWLGDGHPi[LPDSHUPLWLGDVHPDQDOODWDGHFHUYHMDPO DiOFRRO JUDPDVGHHWDQRORXFRSRGHYLQKRPODiOFRRO JUDPDV GH HWDQRO VHJXQGR FULWpULRV$8',7 SDUD EHEHGRUHV GH EDL[RJUDX

&RQVXPRGHWDEDFR

8WLOL]DomRGHHQ[DJXDWyULRVEXFDLVQRPrVDQWHULRUDRLQtFLR GDVFROHWDVFLWROyJLFDV

3UHVHQoDGHGRHQoDSHULRGRQWDO

3UHVHQoD GHGRHQoDV VLVWrPLFDV TXH SRVVDPLQWHUIHULU QD LQWHJULGDGHGDPXFRVDMXJDO'LDEHWHVSrQILJRHO~SXV

,QGLYtGXRVFRPKLVWyULFRIDPLOLDUGHQHRSODVLDVPDOLJQDV

0HWRGRORJLDGD&LWRORJLD(VIROLDWLYD

)RUDPUHDOL]DGDVFROHWDVVHQGRSDUDFRQWUROHLQLFLDOH DV UHVWDQWHV VHPDQDOPHQWH SRU XP SHUtRGR GH VHPDQDV VXEVHTHQWHV

$V FROHWDV IRUDP UHDOL]DGDV HP GLDV H KRUiULRV SUpHVWDEHOHFLGRV SUHIHUHQFLDOPHQWHSHODPDQKmQRPtQLPRGXDVKRUDVDSyVD~OWLPDUHIHLomR

$FROHWDSURFHGHXVHSHODHVIROLDomRJHQWLOGRWHFLGRHSLWHOLDO PXFRVRREWLGDFRPRDX[tOLRGHHVFRYDF\WREUXVK'XDViUHDVGLVWLQWDVGD FDYLGDGH RUDOGHVVHV LQGLYtGXRVIRUDPVXEPHWLGDVjFROHWDGHFpOXODVSDUD DQiOLVHGHIUHTrQFLDGHPLFURQ~FOHRV

$PXFRVDMXJDOGRODGRHVTXHUGRDSUR[LPDGDPHQWHFP DEDL[RGRGXFWRGDSDUyWLGDSDUDOHODPHQWHDOLQKD$OEDH

%SRUomRPHGLDQDGDERUGDGHOtQJXDGRODGRHVTXHUGR 7RGRVRVYROXQWiULRVIRUDPVXEPHWLGRVDHVWHSURFHGLPHQWR QR SULPHLUR GLD DQWHV GR LQtFLR GRV WHVWHV $QWHULRUPHQWH D FDGD FROHWD FLWROyJLFDIRLUHDOL]DGRERFKHFKRGHGH]VHJXQGRVFRPiJXDGHVWLODGD

2V PDWHULDLV FLWROyJLFRV IRUDP IL[DGRV H SURFHVVDGRV GH DFRUGRFRPRPpWRGR)HXOJHQFRQWUDFRUDGRVFRP)DVW*UHHQ

$SyV D FROHWD RV PDWHULDLV IRUDP GLVSRVWRV VXDYHPHQWH VREUH DV OkPLQDV GH YLGUR H IL[DGRV HP VROXomR VSUD\ IL[DGRUD 9DJLVSHFŠ VROXomRGHSURSLOHQRJOLFROHiOFRRODEVROXWR9DJLVSHFŠ$GOLQ3OiVWLFRV/WGD %UDVLO 6RX]D HW DO DV DPRVWUDV IRUDP HQWmR HQFDPLQKDGDV DR /DERUDWyULR GR &(%$3( &HQWUR GH %LRFLrQFLDV $SOLFDGR D 3DFLHQWHV (VSHFLDLV SURFHGHQGR D FRORUDomR 0pWRGR)HXOJHQ FRQWUD FRUDGDV FRP )DVW*UHHQ

$VOkPLQDVSUHYLDPHQWHLGHQWLILFDGDVIRUDPDUPD]HQDGDVHP FDL[DVSRUWDOkPLQDV

$ ILJXUDV LOXVWUD DV FROHWDV FLWROyJLFDV IL[DomR H DUPD]HQDPHQWR

)LJXUDD&ROHWDGHFLWRORJLDHVIROLDWLYDHPERUGDODWHUDOGHOtQJXDGRODGRHVTXHUGRE FROHWD GHFLWRORJLD HVIROLDWLYD HP PXFRVD MXJDO GR ODGR HVTXHUGR F DSOLFDomR GR PDWHULDO

&

'

FROHWDGR VREUH D OkPLQD SUpLGHQWLILFDGD G IL[DomR GR PDWHULDO FROHWDGR FRP IL[DGRU 9DJLVSHFŠ$GOLQ%UDVLOHDUPD]HQDPHQWR GDVOkPLQDV HPFRQWDLQHUVSRUWDOkPLQDVSDUD SRVWHULRUFRORUDomR

7pFQLFDGH&RORUDomR

2 PpWRGR GH)HXOJHQp HVSHFtILFR SDUD '1$ FRQVLVWH HP XPDUHDomRGHQDWXUH]DHVWHTXLRPpWULFDHPTXHFDGDPROpFXODIL[DGDSHOR UHDWLYR GH 6FKLII FRUUHVSRQGH D XPD SRUomR FRQVWDQWH H HTXLYDOHQWH GD PROpFXOD GH '1$ $ WpFQLFD IRL GHVHQYROYLGD SRU 5REHUW )HXOJHQ H 5RVVHQEHFNHPSDUDLGHQWLILFDomRGHPDWHULDOQXFOHDU+DUGLHHWDO HIRUQHFHSUHSDUDo}HVOLPSDVHGHH[FHOHQWHFRQWUDVWH$VFURPiWLGHV DSDUHFHP FODUDPHQWH GHOLPLWDGRV FRP DV FRQVWULo}HV SULPiULDV H VHFXQGiULDVPDLVHYLGHQWHV6XDGHVYDQWDJHPpDLQVWDELOLGDGHGRFRUDQWH /DERUDWyULRGH%LRGLYHUVLGDGHH5HVWDXUDomRGH(FRVVLVWHPDV8(/

4XDGUR 7pFQLFD VHTHQFLDO GH FRORUDomR SDUD R PpWRGR )HXOJHQ FRQWLQXD

6HTrQFLD $omR 3URFHGLPHQWR

5HPRomRGD6ROXomR)L[DGRUD (Q[iJHHPiOFRRO

+LGUDWDomR +&O1SRUPLQXWRVHP

WHPSHUDWXUDDPELHQWH

&RORUDomR1XFOHDU 5HDJHQWH6FKLII0HUFNŠŠ

SRUPLQDž&VHP SUHVHQoDGHOX]

/DYDJHP PHUJXOKRVVHJXLGRVHP

4XDGUR 7pFQLFD VHTHQFLDO GH FRORUDomR SDUD R PpWRGR )HXOJHQ FRQFOXVmR

&RQWUD&RORUDomRGH)DVW*UHHQ

&RORUDomR&LWRSODVPiWLFD

PHUJXOKRHPVROXomRGH )DVW*UHHQ9HWHFŠ

'HVLGUDWDomR PHUJXOKRVVHJXLGRVHP

iOFRRODEVROXWR

&ODUHDPHQWR ;LORODPHUJXOKRVFDGD

0RQWDJHP3HUPLWHDOLJDomRHQWUHD

OkPLQDHODPtQXODSURWHJHRPDWHULDO GDGHVVHFDomRHDJHFRPRVHODGRU FRQWUDRR[LJrQLRSUHYHQLQGRR GHVERWDPHQWRGRFRUDQWH

(QWHODQHODPtQXOD

$GDSWDGRGH5DPLUH]H6DOGDQKD

$QiOLVHGDV/kPLQDV

$V OkPLQDV IRUDP H[DPLQDGDV VRE PLFURVFRSLD GH OX] XWLOL]DQGRRPLFURVFySLRySWLFRPRGHOR$;,26.23=HLVVŠFRPVLVWHPDGH IRWRLQWHJUDGR&DQRQLQLFLDOPHQWHFRPDXPHQWR[HSDUDFRQILUPDomRGRV PLFURQ~FOHRVDXPHQWR[

3DUD D DQiOLVH GH PLFURQ~FOHRV REVHUYRXVH QR PtQLPR FpOXODVVHJXLQGRRVSDGU}HVLQGLFDGRVSRU+ROODQGHWDO

2V FULWpULRV DGRWDGRV IRUDP RV HVWDEHOHFLGRV SRU 7ROEHUW HW DO SDUD VHOHomR LQFOXVmR Q~PHUR GH FpOXODV H LGHQWLILFDomR GH PLFURQ~FOHRV

D6HOHomR H Q~PHUR GH FpOXODV TXH IRUDP DYDOLDGDV

6HJXQGR +ROODQG HW DO UHFRPHQGDVH FpOXODVFRPXPDXPHQWRSDUDDFpOXODVVHPHQRVGHFLQFR01 IRUHP REVHUYDGRV DSyV D FRQWDJHP GH FpOXODV HPERUD WHQKD VLGR VXJHULGR FpOXODV SDUD VH REVHUYDU XP DXPHQWR HVWDWtVWLFR VLJQLILFDWLYR

E,QFOXVmRGHFpOXODV

E FLWRSODVPD GH FpOXODV LQWDFWRV H SRVLomR UHODWLYDPHQWHSODQDVREUHDOkPLQD

E SRXFD RX QHQKXPD VREUHSRVLomR FRP DV FpOXODV DGMDFHQWHV

ESRXFRVGHEULV

ESHUtPHWURQXFOHDUGLVWLQWRQRUPDOHLQWDFWR

F&ULWpULRVSDUDLGHQWLILFDomRGRVPLFURQ~FOHRV

F SHUtPHWUR DUUHGRQGDGR VXJHVWLYR GH XPD PHPEUDQD

FGLkPHWURLQIHULRUDXPWHUoRGRQ~FOHRPDVJUDQGH RVXILFLHQWHSDUDGLVFHUQLUDIRUPDHDFRU

F )HXOJHQ SRVLWLYR RX VHMD URVD TXDQGR LOXPLQDGD HPFDPSRFODUR

F D LQWHQVLGDGH GH FRORUDomR VHPHOKDQWH j GR Q~FOHR

FWH[WXUDVHPHOKDQWHjGRQ~FOHR FPHVPRSODQRIRFDOGRQ~FOHR

F LQH[LVWrQFLD GH VREUHSRVLomR RX OLJDomR FRP R Q~FOHR

$QiOLVH(VWDWtVWLFD

2VGDGRVFROHWDGRVIRUDPWDEXODGRVHVXEPHWLGRVjDQiOLVH HVWDWtVWLFD XWLOL]DQGR R WHVWH QmR SDUDPpWULFR GH .UXVNDO:DOOLV 0DQQ :KLWQH\HFRUUHODomRGH6SHDUPDQ

5(68/7$'26

&DUDFWHUL]DomRGDVDPRVWUDV

)RUDP DYDOLDGRV LQGLYtGXRV GLVWULEXtGRV HP JUXSRV H[SHULPHQWDLV

ƒ *UXSR &RQWUROH FRQVWLWXtGR SRU PXOKHUHV H KRPHQVDPpGLDGHLGDGHIRLGHDQRVYDULDQGRHQWUH DQRV

ƒ _{*UXSR 3OD[ FRQVWLWXtGR SRU PXOKHUHV H} KRPHQVDPpGLDGHLGDGHGHDQRVYDULDQGRGH DQRV

ƒ *UXSR /LVWHULQH FRQVWLWXtGR SRU PXOKHUHV H KRPHQVDPpGLDGHLGDGHIRLDQRVYDULDQGRGH DQRV

4XDQWR j HWQLD QR JUXSR &RQWUROH VH GHFODUDUDP EUDQFRV H SDUGRV QR JUXSR 3OD[ EUDQFRV SDUGRV H QHJURVQRJUXSR/LVWHULQHEUDQFRVHSDUGRV

QHJDWLYDPHQWH SDUD R XVR GH PHGLFDPHQWRV XVDYDP DQWLFRQFHSFLRQDLVHDQWLGHSUHVVLYRV

4XDQGR TXHVWLRQDGRV VREUH R XVR GH WDEDFR GRV LQGLYtGXRVDILUPDUDPTXHQmRID]LDPXVRGHWDEDFRTXDQWRDRFRQVXPRGH EHELGDV DOFRyOLFDV GR JUXSR FRQWUROH DILUPDUDP QmR WHU FRQVXPLGR EHELGDV DOFRyOLFDV GXUDQWH D SHVTXLVD GR JUXSR 3OD[ H GR JUXSR/LVWHULQHFRQVXPLUDPGXUDQWHDSHVTXLVDDGRVHPi[LPDSHUPLWLGDGH EHELGDVDOFRyOLFDV

$V DWLYLGDGHV SURILVVLRQDLV SULQFLSDLV IRUDP DVVLP FLWDGDV *UXSR &RQWUROH HVWXGDQWHV GHQWLVWDV H ELyORJRV *UXSR 3OD[ HVWXGDQWHV GHQWLVWDV PLOLWDUHV ELyORJRV H SURIHVVRUHV *UXSR /LVWHULQH HVWXGDQWHV GHQWLVWDV DVVLVWHQWHV DGPLQLVWUDWLYRV ELyORJRV SXEOLFLWiULRVHUHODo}HVS~EOLFDV

)UHTrQFLD*HUDOGH0LFURQ~FOHRV

$ WDEHOD FRPSDUD RV UHVXOWDGRV SDUD RV WUrV JUXSRV &RQWUROH3OD[H/LVWHULQHDWUDYpVGRWHVWHGH.UXVNDO:DOOLVSDUDIUHTrQFLD JHUDOGH01HFpOXODVPLFURQXFOHDGDVHPPXFRVDHOtQJXD

7DEHOD)UHTrQFLD7RWDOGH01H&pOXODV0LFURQXFOHDGDVHPPXFRVD MXJDO

7RWDOGH*HUDOGH01 7RWDO*HUDOGH&pOXODV 0LFURQXFOHDGDV

&RQWUROH 3OD[ /LVWHULQH &RQWUROH 3OD[ /LVWHULQH

0pGLD

0HGLDQD

'HVYLR

3DGUmR

SYDORU

7DEHOD)UHTrQFLD7RWDOGH01H&pOXODV0LFURQXFOHDGDVHPOtQJXD

.UXVNDO:DOOLVQtYHOGHVLJQLILFkQFLD

'LDQWHGRVQ~PHURVDQDOLVDGRVSRGHVHFRQVWDWDUXPOLJHLUR DXPHQWRQRQ~PHURGH01TXDQGRFRPSDUDGRRJUXSR&RQWUROHHPUHODomR DRVJUXSRV3OD[H/LVWHULQHHWDPEpPTXDQGRHVVHVVmRFRPSDUDGRVHQWUH VLSRUpPQmRRFRUUHXGLIHUHQoDHVWDWtVWLFDVLJQLILFDWLYD

4XDQGR DQDOLVDGR R VtWLR PXFRVD MXJDO R JUXSR &RQWUROH WHYHFRPRPpGLDXPWRWDOGH01HQWUH“RJUXSR3OD[DYDULDomR GH 01 IRL GH “ H SDUD R JUXSR /LVWHULQH IRL GH “ (P UHODomR jIUHTrQFLD GHFpOXODVPLFURQXFOHDGDVRVYDORUHVYDULDUDPSDUDR JUXSR&RQWUROH““SDUDRJUXSR3OD[H“SDUD RJUXSR/LVWHULQH

3DUD R VtWLR OtQJXD D PpGLD GH 01 SDUD R JUXSR &RQWUROH YDULRX HQWUH “ SDUD R JUXSR 3OD[ “ H SDUD R JUXSR /LVWHULQH“4XDQWRjIUHTrQFLDGHFpOXODVPLFURQXFOHDGDVRJUXSR &RQWUROH DSUHVHQWRX PpGLD GH “ R JUXSR 3OD[ “ H R JUXSR/LVWHULQH“

$VWDEHODVHFRPSDUDPRVUHVXOWDGRVGDVIUHTrQFLDV PpGLDVGHFpOXODVFRP01FpOXODVFRPPDLVGH01WRWDOGHFpOXODV PLFURQXFOHDGDV H WRWDO GH 01 SDUD RV WUrV JUXSRV &RQWUROH 3OD[ H /LVWHULQHDWUDYpVGRWHVWHGH.UXVNDO:DOOLVSDUDRVVtWLRVPXFRVDMXJDOH OtQJXD

7RWDOGH*HUDOGH01 7RWDO*HUDOGH&pOXODV 0LFURQXFOHDGDV

&RQWUROH 3OD[ /LVWHULQH &RQWUROH 3OD[ /LVWHULQH

0pGLD

0HGLDQD

'HVYLR

3DGUmR

7DEHOD)UHTrQFLD0pGLD&pOXODVFRP01&pOXODVFRPGH01 7RWDOGH&pOXODV0LFURQXFOHDGDVH7RWDOGH01SRUJUXSRQRVtWLRPXFRVD MXJDO 0XFRVD-XJDO &pOXODVFRP

01 &pOXODVFRPGH01 7RWDOGH&pOXODV0LFURQXFOHDGDV 7RWDOGH01

&RQWUROH 3OD[ /LVWHULQH .UXVNDO:DOOLVQtYHOGHVLJQLILFkQFLDS 7DEHOD)UHTrQFLD0pGLD&pOXODVFRP01&pOXODVFRPGH01 7RWDOGH&pOXODV0LFURQXFOHDGDVH7RWDOGH01SRUJUXSRQRVtWLR/tQJXD /tQJXD &pOXODVFRP

01 &pOXODVFRPGH01 7RWDOGH&pOXODV0LFURQXFOHDGDV 7RWDOGH01

.UXVNDO:DOOLVQtYHOGHVLJQLILFkQFLDSYDORU

)LJXUD 'LVWULEXLomR GD IUHTrQFLD GH PLFURQ~FOHRV GR VtWLR OtQJXD GH DFRUGRFRPDVVHPDQDVVXEGLYLGLGDVHPJUXSRV .UXVNDO:DOOLVQtYHOGHVLJQLILFkQFLDSYDORU )LJXUD'LVWULEXLomRGDIUHTrQFLDWRWDOGHFpOXODVPLFURQXFOHDGDVGRVtWLR PXFRVDMXJDO )UHTrQFLD*HUDOGH&pOXODV0LFURQXFOHDGDV 0XFRVD &p OXO DV 0 LFU RQXF OH DGD V &RQW

UROH _3OD[

$ ILJXUD GHPRQVWUD D IUHTrQFLD WRWDO GH FpOXODV PLFURQXFOHDGDV H[SUHVVDV HP OtQJXD HYLGHQFLDQGR GLVFUHWD HOHYDomR GD IUHTrQFLDGHFpOXODVPLFURQXFOHDGDVQRJUXSR3OD[HPFRPSDUDomRFRPR JUXSR&RQWUROH

.UXVNDO:DOOLVQtYHOGHVLJQLILFkQFLD3YDORU

)LJXUD'LVWULEXLomRGDIUHTrQFLDWRWDOGHFpOXODVPLFURQXFOHDGDVGRVtWLR OtQJXD

1DV ILJXUDV H FRPSDUDP RV UHVXOWDGRV SDUD RV WUrV JUXSRV &RQWUROH 3OD[ H /LVWHULQH DWUDYpV GR WHVWH GH .UXVNDO:DOOLV SDUD IUHTrQFLDJHUDOGH01HFpOXODVPLFURQXFOHDGDVHPPXFRVDMXJDOHOtQJXD

)UHTrQFLD*HUDOGH&pOXODV0LFURQXFOHDGDV /tQJXD

&p

OX

OD

V0

LF

UR

QX

FOH

DG

DV

&RQW

UROH 3OD[

/LVWHU LQH

)UHTXrQFLD0pGLD*HUDOGH01;,QGLYtGXR 0XFRVD &RQWUROH 3OD[ /LVWHULQH ,QGLYtGXRV )U HT Xr QFL D 0 pG LD * HU DOG H0 1

&RQWUROHSYDORU 3OD[SYDORU /LVWHULQHSYDORU !QV .UXVNDO:DOOLVQtYHOGHVLJQLILFkQFLD

)LJXUD 'LVWULEXLomR GD IUHTrQFLD PpGLD JHUDO GH PLFURQ~FOHRV SRU LQGLYtGXRHPPXFRVDMXJDO )UHTXrQFLD0pGLD*HUDOGH01;,QGLYtGXR /tQJXD &RQWUROH 3OD[ /LVWHULQH ,QGLYtGXRV )U HT Xr QF LD 0 pG LD * HU DOG H 0 1

&RQWUROHSYDORU 3OD[SYDORU /LVWHULQHSYDORU !QV .UXVNDO:DOOLVQtYHOGHVLJQLILFkQFLD

)LJXUD 'LVWULEXLomR GD IUHTrQFLD PpGLD JHUDO GH PLFURQ~FOHRV SRU LQGLYtGXRHPOtQJXD

)UHTrQFLD*HUDOGH0LFURQ~FOHRVH9DULiYHLV4XDOLWDWLYDV

$ TXDQWLILFDomR GH DVVRFLDomR HQWUH GXDV YDULiYHLV IRL DYDOLDGD SRU PHLR GD DQiOLVH GH FRUUHODomR GH 6SHDUPDQ $ FRUUHODomR GH 6SHDUPDQ p XPD SURYD QmR SDUDPpWULFD FRP D ILQDOLGDGH GH GHWHUPLQDU R JUDX GH DVVRFLDomR HQWUH GXDV YDULiYHLV 'HVVD PDQHLUD TXDQGR D FRUUHODomRpSRVLWLYDLQGLFDTXHDVYDULiYHLVVmRGLUHWDPHQWHSURSRUFLRQDLV 3DUD DX[LOLDU QHVVD FRUUHODomR IRL XWLOL]DGR R WHVWH GH FRHILFLHQWH GH YDULDomR RQGH R UHVXOWDGR GR SYDORU p XPD HVWDWtVWLFD XWLOL]DGD SDUD VLQWHWL]DURUHVXOWDGRGHXPWHVWHVGHKLSyWHVHVRQGHVHRSYDORUpPHQRU TXHRQtYHOGHVLJQLILFkQFLDRXDKLSyWHVHDYDOLDGDpFRQVLGHUDGD YHUGDGHLUD

)UHTrQFLD*HUDOGH01[,GDGH

$WDEHODGHPRQVWUDDWUDYpVGDFRUUHODomRGH6SHDUPDQD DVVRFLDomRHQWUHDIUHTrQFLDJHUDOGH01H,GDGH

7DEHOD±&RUUHODomRGH6SHDUPDQSDUD)UHTrQFLDGH01;,GDGH 5HVXOWDGR

&RUUHODomR &RUUHODomRQHJDWLYD

0XFRVD

-XJDO SYDORU 1mRVLJQLILFDQWH

&RUUHODomR &RUUHODomRSRVLWLYD

&RQWUROH

/tQJXD _{SYDORU 1mRVLJQLILFDQWH} &RUUHODomR &RUUHODomRSRVLWLYD

0XFRVD

MXJDO SYDORU 1mRVLJQLILFDQWH

&RUUHODomR &RUUHODomRQHJDWLYD

3OD[

/tQJXD _{SYDORU 1mRVLJQLILFDQWH} &RUUHODomR &RUUHODomRSRVLWLYD

0XFRVD

MXJDO SYDORU 1mRVLJQLILFDQWH

&RUUHODomR &RUUHODomRQHJDWLYD

/LVWHULQH

/tQJXD _{SYDORU 1mRVLJQLILFDQWH} +LSyWHVH6LJQLILFDWLYD

)UHTrQFLD*HUDOGH01[6H[R

(PERUDKDMDGLIHUHQoDVQDIUHTrQFLDGH01HQWUHRVVH[RV PDVFXOLQRHIHPLQLQRRVPHVPRVQmRIRUDPFRQVLGHUDGRVHVWDWLVWLFDPHQWH VLJQLILFDWLYRVSHORWHVWHGH0DQQ:KLWQH\FRPRGHVFULWRQDVWDEHODVDEDL[R

$V WDEHODV H GHPRQVWUDP D IUHTrQFLD JHUDO GH PLFURQ~FOHRV SRU VH[R H VtWLR GR JUXSRV &RQWUROH 3OD[ H /LVWHULQH UHVSHFWLYDPHQWH

7DEHOD±)UHTrQFLD0pGLDGH01SRUVH[RHSRUVtWLRJUXSR&RQWUROH

&21752/( 6H[R 1 0pGLD01 'HVYLR3DGUmR

/tQJXD )

0

0XFRVD-XJDO )

0

3YDORU !QV0DQQ:KLWQH\QtYHOGHVLJQLILFkQFLD

7DEHOD±)UHTrQFLD0pGLDGH01SRUVH[RHSRUVtWLRJUXSR3OD[

3/$; 6H[R 1 0pGLD01 'HVYLR3DGUmR

/tQJXD )

0

0XFRVD-XJDO )

0

3YDORU !QV0DQQ:KLWQH\QtYHOGHVLJQLILFkQFLD

7DEHOD±)UHTrQFLD0pGLDGH01SRUVH[RHSRUVtWLRJUXSR/LVWHULQH

/,67(5,1( 6H[R 1 0pGLD01 'HVYLR3DGUmR

/tQJXD )

0

0XFRVD-XJDO )

0

3YDORU ! !QV0DQQ:KLWQH\QtYHOGHVLJQLILFkQFLD

)UHTrQFLD*HUDOGH01['HPDLV9DULiYHLV4XDOLWDWLYDV

$V YDULiYHLV TXDOLWDWLYDV HWQLD PHGLFDPHQWRV WUDWDPHQWR PpGLFRVXSOHPHQWRVYLWDPtQLFRVHXVRGHEHELGDVDOFRyOLFDVQmRSXGHUDP

VHUDYDOLDGDVGHYLGRjPtQLPDYDULDomRQDDPRVWUD

5HVXOWDGRV&LWROyJLFRV

$VILJXUDVDEDL[RLOXVWUDPDDQiOLVHFLWROyJLFD

$ ILJXUD UHSUHVHQWD R HVIUHJDoR FRUDGR SHOR 0pWRGR GH

)HXOJHQ)DVW*UHHQ

$VILJXUDVHUHSUHVHQWDPFpOXODVPLFURQXFOHDGDV

)LJXUD(VIUHJDoRFRUDGRSHORPpWRGR)HXOJHQ)DVW*UHHQ

DSUHVHQWDQGRFLWRSODVPDYHUGHHQ~FOHRPDJHQWD[*UXSR&RQWUROH

)LJXUD&pOXODPLFURQXFOHDGDFRP01HP$FpOXODFRP01 HP%*UXSR/LVWHULQH[

$

)LJXUD&pOXODVPLFURQXFOHDGDV$*UXSR&RQWUROH%*UXSR3OD[&*UXSR /LVWHULQH[

%

',6&866­2

$RORQJRGDYLGDXP LQGLYLGXR p H[SRVWR D GLYHUVRVIDWRUHV DPELHQWDLV VXEVWDQFLDV TXtPLFDV DJHQWHV ItVLFRV H ELROyJLFRV TXH DVVRFLDGRVDIDWRUHV JHQpWLFRV KHUGDGRV RXQmR SRGHPDJLUVREUHFpOXODV QRUPDLV H DXPHQWDU D IUHTrQFLD GH DSDUHFLPHQWR GH PXWDo}HV FHOXODUHV SRGHQGR VHU FRUUHODFLRQDGDV DR GHVHQYROYLPHQWR GH QHRSODVLDV %RUDNV

(PkPELWRPXQGLDOWHPVHHQFRQWUDGDIRUWHUHODomRHQWUHD H[SRVLomR D DJHQWHV JHQRWy[LFRV H D SURGXomR GH HIHLWRV QRFLYRV j VD~GH KXPDQD GH PDQHLUD SHFXOLDU j LQFLGrQFLD GH FkQFHU HP SRSXODo}HV RFXSDFLRQDOPHQWHH[SRVWDV0iUTXH])HUQDQGp]HWDO

0~OWLSORV DJHQWHV JHQRWy[LFRV DWXDP QDV FpOXODV VHQGR UHODFLRQDGRVDYiULRVHVWiJLRVGDFDUFLQRJrQHVHQDFDYLGDGHRUDORWDEDFR WHP VLGR GHVFULWR FRPR R SULQFLSDO IDWRU GH ULVFR QR GHVHQYROYLPHQWR GH OHV}HV PDOLJQDV H SUpPDOLJQDV 5REHUWV $ LQJHVWmR GH iOFRRO SRU VXDYH]pFLWDGRFRPRIRUWHDJHQWHSRWHQFLDOL]DGRUQRGHVHQFDGHDPHQWRGH OHV}HVFDQFHURVDV6WLFK5|VLQ

2iOFRRODWXDQDVROXELOLGDGHGRVDJHQWHVDWLYRVGHGLYHUVRV HQ[DJXDWyULRVGLVSRQtYHLVFRPHUFLDOPHQWHHDSUHVHQWDPFRQFHQWUDomRFRP YDULDo}HV HQWUH D *DJDUL 'LDQWH GD DomR GR iOFRRO QD PXFRVD RUDO H SRU FRQVHJXLQWH VXD DomR QD HWLRORJLD GR FkQFHU GLYHUVRV DXWRUHV WrP TXHVWLRQDGR D SRVVtYHO UHODomR HQWUH R XVR GH HQ[DJXDWyULRV EXFDLV FRQWHQGR iOFRRO H VXD LQIOXrQFLD QR GHVHQFDGHDPHQWR GH OHV}HV RUDLV

2 SRVVtYHO HIHLWR QRFLYR GH HQ[DJXDWyULRV FRQWHQGR iOFRRO WHPVLGRVXJHULGRGHYLGRDRIDWRGH TXHPXLWRVGHVVHV ERFKHFKRVFRQWrP DOWDV FRQFHQWUDo}HV DOFRyOLFDV H RV ERFKHFKRV VmR PDQWLGRV QD FDYLGDGH RUDOHPFRQWDGRGLUHWRFRPDPXFRVDRUDOSRUSHUtRGRVPDLVORQJRVGRTXHR iOFRROGHEHELGDVDOFRyOLFDV&DUUHWHUR3HODH]HWDO

/LPD HW DO HP XP HVWXGR FRPSDUDWLYR GH SDFLHQWHV GHSHQGHQWHVTXtPLFRVHDEVWrPLFRVUHODWDUDPLQIOXrQFLDQDIUHTXrQFLDGH 01 HP LQGLYLGXRV XVXiULRV GH EHELGDV DOFRyOLFDV DVVLP FRPR 5DPLUH] H 6DOGDQKD HP XP HVWXGR SURVSHFWLYR GH LQGLYtGXRV DOFRyODWUDV FRP FDUFLQRPD GH ERFD H RURIDULQJH HP FRPSDUDomR FRP LQGLYtGXRV VDXGiYHLV TXH QmR FRQVXPLUDP QHQKXP WLSR GH EHELGD DOFRyOLFD HQFRQWUDQGR XPD DVVRFLDomRVLJQLILFDWLYDHQWUHDIUHTrQFLDGHPLFURQ~FOHRVHDGXUDomRGR FRQVXPRGHiOFRRO

$V LQWHUDo}HV GR '1$ FRP VXEVWkQFLDV TXtPLFDV VmR UHFRQKHFLGDPHQWH RV SULPHLURV SDVVRV QD LQLFLDomR GR FkQFHU GHVWD PDQHLUD PDLRU rQIDVH GHYH VHU GLVSHQVDGD DRV PHWRGRV TXH GHWHFWDP DWLYLGDGHJHQRWy[LFDHPKXPDQRV5HLV

2V PLFURQ~FOHRV VH RULJLQDP GH UHJL}HV FURPRVV{PLFDV DWUDVDGDV RXTXHPLJUDUDPLUUHJXODUPHQWH QD DQiIDVH(OHVSRGHPGHULYDU GH FURPRVVRPRV DFrQWULFRV RX IUDJPHQWRV FURPDWtGLFRV SURGX]LGRV SRU TXHEUDFURPRVV{PLFDRXSRUDWUDVRGHFURPiWLGHVRXFURPRVVRPRVLQWHLURV FDXVDGRSRUGLVW~UELRVGRIXVRPLWyWLFR6DUWR

'H DFRUGR FRP +VX FpOXODV H[SRVWDV D DJHQWHV JHQRWy[LFRV H TXH DSUHVHQWHP DOWHUDo}HV GH '1$ DOpP GH DXPHQWR QD IUHTrQFLDGHPLFURQ~FOHRVHUHVLVWrQFLDDRSURFHVVRDSRSWyWLFRSRGHPGDU RULJHPDQHRSODVLDVPDOLJQDV

$IRUPDomRGHPLFURQ~FOHRVpXPLQGLFDWLYRGHJHQRWR[LGDGH GH XP GHWHUPLQDGR DJHQWH FDSD] GH FDXVDU PXWDo}HV QD ILWD GH '1$ SULQFLSDOPHQWH JUDQGHV GHOHo}HV &RQVHTHQWHPHQWH RFRUUH XP DXPHQWR GDLQVWDELOLGDGHJHQpWLFDTXHpDFDXVDVXEMDFHQWH DRGHVHQYROYLPHQWR GH QHRSODVLDV&KDYHV$GLFLRQDOPHQWH RVHYHQWRVGHFDUiWHUFLWRWy[LFR H JHQRWy[LFR SRGHP UHVXOWDU HP PDWHULDO JHQpWLFR H[WUDQXFOHDU FRP D IRUPDomR GH HVWUXWXUD VHPHOKDQWH DR PLFURQ~FOHR FOiVVLFR DOpPGH VHUHP HYHQWRV FRUUHODFLRQDGRV FRP RV SURFHVVRV GH LQLFLDomR HRX SURPRomR WXPRUDO7ROEHUWHWDO

'HQWUH DV LQ~PHUDV WpFQLFDV R WHVWH GH PLFURQ~FOHRV GHVWDFDVH SRU DSUHVHQWDU YDQWDJHQV HP UHODomR DRV GHPDLV 6XD VLPSOLFLGDGH R WRUQD DWUDWLYR XPD YH] TXH JUDQGHQ~PHUR GH FpOXODV SRGH VHUDQDOLVDGR)ORUHV<DPDJXFKLDOpPGHSUDWLFLGDGHHEDL[RFXVWR &DUYDOKRHWDO

SRU LQGLYtGXRV TXH XWLOL]DUDP HQ[DJXDWyULRV EXFDLV TXH QmR FRQWLQKDP HP VXD IRUPXODomR iOFRRO R JUXSR H[SHULPHQWDO /LVWHULQH IRL FRQVWLWXtGR SRU LQGLYtGXRV TXH XWLOL]DYDP HQ[DJXDWyULRV EXFDLV FRQWHQGR iOFRRO HP VXD IRUPXODomRSRUILPRJUXSRFRQWUROHXWLOL]RXVHGHHQ[iJHEXFDOFRPiJXD GHVWLODGD

&RPDILQDOLGDGHGHJDUDQWLUUHVXOWDGRVILGHGLJQRVRSUHVHQWH HVWXGR IRL SDXWDGR GH DFRUGR FRP R SURMHWR +801 +XPDQ 0LFURQXFOHXV TXHWHPFRPRILQDOLGDGHUHVROYHUDVSULQFLSDLVTXHVW}HVWpFQLFDVWDLVFRPR RPpWRGRGHFRORUDomRGHFpOXODVEXFDLVFULWpULRVLGHDLVSDUDDFODVVLILFDomR GHFpOXODVFRQWDELOL]DomRGHPLFURQ~FOHRVHRXWUDVDQRUPDOLGDGHVDOpPGD KDUPRQL]DomR H SDGURQL]DomR GR WHVWH GH PLFURQ~FOHR SHUPLWLQGR XPD FRPSDUDomR PDLV FRQILiYHO GH GDGRV HQWUH DV SRSXODo}HV KXPDQDV H GH ODERUDWyULRV SHUPLWLQGR XPD DYDOLDomR GH GHVHPSHQKR GR WHVWH H FRQVROLGDomRGHVXDXWLOL]DomRDQtYHOPXQGLDOSDUDRELRPRQLWRUDPHQWRGH GDQRVDR'1$+ROODQGHWDO

3DUDDFROHWDGHFpOXODVHOHJHPRVDXWLOL]DomRGHHVIROLDomR JHQWLOGDPXFRVDMXJDOFRP³F\WREUXVK´ TXHMiVHPRVWURXPDLV DGHTXDGD SDUDDFROHWDLQWUDRUDOSURSRUFLRQDQGRPDLRUFRQIRUWRDRVLQGLYtGXRVDOpP GHSHUPLWLUTXHRFDERORQJRWHQKDIiFLODFHVVRjViUHDVPDLVGLItFHLVFRPR XWLOL]DGR SRU *DWWiV /LPD HW DO 6DQFKH]6LOHV 1mR RSWDPRVSHODXWLOL]DomRGDFROHWDGHFpOXODVFRPHVSiWXODGHPDGHLUDSRLV VHJXQGR $OPHLGD H &DEUDO D XWLOL]DomR GHVWD SRGH IDYRUHFHU DOWHUDo}HVFHOXODUHVSRUGHVLGUDWDomR

$SyVDDSOLFDomRGDVFpOXODVHPOkPLQDVSUHYLDPHQWHOLPSDV H LGHQWLILFDGDV R PDWHULDO FROHWDGR IRL IL[DGR SRU VROXomR IL[DGRUD VSUD\ LQLFLDOPHQWH XWLOL]DGD SDUD HVIUHJDoRV YDJLQDLV FRPR LQGLFDGR SRU 0DUWLQV GHYLGRjIDFLOLGDGHGHPDQXVHLRQmRHQFRQWUDPRVQDOLWHUDWXUDGDGRV SDUDFRPSDUDomRHPUHODomRjVFpOXODVGDPXFRVDEXFDO

'LYHUVRV PpWRGRV GH FRORUDomR VmR FLWDGRV QD OLWHUDWXUD SRUpP SUHIHUrQFLD GHYH VHU GDGD D FRORUDo}HV '1$HVSHFtILFRV SDUD FRORUDomRGHQ~FOHRVPLFURQ~FOHRVHRXWUDVDQRPDOLDVQXFOHDUHVSUHVHQWDV HP FpOXODV EXFDLV HVIROLDGDV $ FRORUDomR )HXOJHQ)DVW *UHHQ ))* p XWLOL]DGDSRUPXLWRVSHVTXLVDGRUHV*DWWDV5HLV&DUYDOKRHWDO 0DUWLQV /LPD HW DO -RVKL GHYLGR j VXD HVSHFLILFLGDGH GH '1$ IRUQHFHQGR XPD DSDUrQFLD FODUD H WUDQVSDUHQWH GR FLWRSODVPDTXHSHUPLWHDIiFLOLGHQWLILFDomRGHPLFURQ~FOHRV+ROODQGHWDO

HVSHFtILFD (VWHV UHVXOWDGRV LQGLFDP TXH DV DQRPDOLDV QXFOHDUHV H HYHQWXDOPHQWH JUkQXORV GH TXHUDWLQD SRGHP VHU LQWHUSUHWDGRV FRPR PLFURQ~FOHRV HP FRORUDo}HV '1$ LQHVSHFtILFDV H UHVXOWDQGR HP IDOVR SRVLWLYRV

)RUDP DQDOLVDGDV QR PtQLPR FpOXODV VHJXLQGR RV SDGU}HVLQGLFDGRVSRU7ROEHUWHWDO2VSULPHLURVHVWXGRVGDGpFDGD GH6WLFKDYDOLDUDPXPQ~PHURUHODWLYDPHQWHSHTXHQRGH FpOXODV 0DLV WDUGH 7ROEHUW HW DO UHFRPHQGDUDP R Q~PHUR PtQLPRGHFpOXODVFRPXPDXPHQWRSDUDDVHPHQRVGH FLQFRPLFURQ~FOHRVIRUHPREVHUYDGRVDSyVDFRQWDJHPGHFpOXODV$ PDLRULD GRV HVWXGRV SXEOLFDGRV WHP DQDOLVDGR HP WRUQR GH D FpOXODVHPERUDWHQKDVLGRVXJHULGRDFRQWDJHPGHFpOXODVSRGHVHU QHFHVViULR REVHUYDU SDUD VH XP DXPHQWR HVWDWLVWLFDPHQWH VLJQLILFDWLYR GH QDIUHTrQFLDGHPLFURQ~FOHRV%HOLHQ

0XLWRVIHQ{PHQRVGHJHQHUDWLYRVIRUDPHQFRQWUDGRVGXUDQWH D DQiOLVH GDV OkPLQDV SRGHPRV FLWDU RV EURNHQ HJJV QXFOHDU EXGV H FDULyOLVHTXHSRGHPVHUIDFLOPHQWHFRQIXQGLGRVFRP01HIRUDPH[FOXtGRV GDFRQWDJHP

1HVWH HVWXGR UHDOL]DGR QmR IRUDP HQFRQWUDGDV GLIHUHQoDV HVWDWLVWLFDPHQWHVLJQLILFDWLYDVHQWUHRVXVXiULRVFRQWtQXRVGHHQ[DJXDWyULRV EXFDLV3OD[H/LVWHULQHHPFRPSDUDomRFRPRJUXSR&RQWUROHSDUDRQ~PHUR WRWDOGHPLFURQ~FOHRVHFpOXODVPLFURQXFOHDGDVEHPFRPRSDUDDIUHTrQFLD GHVXUJLPHQWRGHWDLVHVWUXWXUDVHPFRPSDUDomRDRWHPSRGHXWLOL]DomRGH HQ[DJXDWyULRVEXFDLVWDQWRQRVVtWLRVPXFRVDMXJDOFRPRQRVtWLROtQJXD

&DUOLQHWDODYDOLDUDPFRPSDUDWLYDPHQWHRVGDQRVGH '1$ H PRUWH FHOXODU HP FpOXODV H[SRVWDV D YiULRV ERFKHFKRV GLVSRQtYHLV FRPHUFLDOPHQWH /LVWHULQH Š &HSDFRO Š &ROJDWH 3OD[ VHP iOFRRO Š 3HULRJDUG Š H &ROJDWH:KLWHQLQJ Š XWLOL]DQGR R WHVWH GH 01 SDUD DYDOLDU PXWDJHQLFLGDGH H FLWRWR[LGDGH LQ YLYR 2 VtWLR DQDOLVDGR IRL D PXFRVD MXJDO GLUHLWD FHUFD GH FpOXODV IRUDP DQDOLVDGDV D IUHTXrQFLD HP GH 01 HQFRQWUDGRV SDUD R HQ[DJXDWyULR /LVWHULQH IRL GH SDUD DQWHV GD H[SRVLomR H DSyVH[SRVLomRSDUDR HQ[DJXDWyULR&ROJDWH 3OD[VHP iOFRROSDUDDQWHVGDH[SRVLomRHDSyVDH[SRVLomRUHVXOWDQGR HP YDULDo}HV HVWDWLVWLFDPHQWH QmR VLJQLILFDWLYDV 1mR LQGX]LQGR TXDOTXHU VLQDO GH PXWDJHQLFLGDGH 4XDQGR DYDOLDGR HQ[DJXDWyULR EXFDO D EDVH GH JOXFRQDWRGHFORUH[LGLQD'DQWDVHWDOHPXPDDQiOLVHGDSUHVHQoD GH 01 HP LQGLYtGXRV H[SRVWRV FRPSDUDGRV D LQGLYtGXRV QmR H[SRVWRV DSUHVHQWDUDP XP DXPHQWR HVWDWLVWLFDPHQWH VLJQLILFDWLYR LQGLFDQGR TXH DOJXPFRPSRQHQWHGRFROXWyULRDQDOLVDGRSRVVXLHIHLWRPXWDJrQLFR

HVWXGRLQYLWURXWLOL]DUDPRHQ[DJXDWyULR&ROJDWH3OD[FRPHVHPiOFRROSDUD DIHULomR GH WR[LFLGDGH DILUPDUDP TXH D FLWRWR[LFLGDGH IRL GLUHWDPHQWH SURSRUFLRQDODRWHPSRGHH[SRVLomRjVFXOWXUDVGHFpOXODVFRQFOXLQGRTXH KDMD YLVWR TXH RV HQ[DJXDWyULRV VHP iOFRRO DSUHVHQWDUDP PHQRU FLWRWR[LFLGDGH TXH RV FRP iOFRRO PDV DLQGD DSUHVHQWDUDP FLWRWR[LFLGDGH TXDQGRFRPSDUDGRDRVJUXSRVFRQWUROHGHFpOXODHQHJDWLYR

2V HQ[DJXDWyULRV EXFDLV SURYDYHOPHQWH QmR LQGX]HP DOWHUDo}HVJHQRWy[LFDVHSRUVXDYH]DIRUPDomRGHPLFURQ~FOHRVRTXHQmR H[FOXL D SRVVLELOLGDGH GH FLWRWR[LFLGDGH VHQGR QHFHVViULR TXH JUXSRV PDLRUHVVHMDPDYDOLDGRVSDUDFRQILUPDomRGHWDOKLSyWHVH

-ipHVWDEHOHFLGDTXHDDomRGRiOFRROSURGX] DXPHQWRQD TXDQWLGDGH GH PLFURQ~FOHRV HVVD DOWHUDomR p DWULEXtGD SULQFLSDOPHQWH D TXDQWLGDGH DOFRyOLFD 5HLV HW DO FRQVLGHUDUDP TXH VHMD QHFHVViULR QtYHLV DOFRyOLFRV DFLPD GH PO GH HWDQROGLD SDUD DomR FDUFLQRJrQLFD GR iOFRROGHVVDPDQHLUDDTXDQWLGDGHDOFRyOLFDSUHVHQWHQRVHQ[DJXDWyULRVp QRWRULDPHQWHLQIHULRUDHVWHYDORUVHFRQVLGHUDUPRVRVFULWpULRV$8',7SDUD PHQVXUDU D TXDQWLGDGH DOFRyOLFD XWLOL]DQGR R IDWRU GH FRQYHUVmR GH HWDQRO GHHWDQROSXURTXHSHUPLWHFRQYHUWHUTXDOTXHUYROXPHGHiOFRROHP JUDPDVSDUDPLOLOLWURGHHWDQRORQGHSRUH[HPSOR

ƒ ODWD GH FHUYHMD PO GH [ YDORU DOFRyOLFR IDWRUGHFRQYHUVmR JUDPDVGHHWDQRORX FRSR GH YLQKR PO HP [ [ JUDPDVGHHWDQRO$8',7

&RP EDVH QHVVD SUHPLVVD D TXDQWLGDGH DOFRyOLFD GRV HQ[DJXDWyULRVVHULDSUy[LPDDJUDPDVGHiOFRROGLD

-XVWLILFDWLYDHVWDSDUDDEDL[DYDULDomRQDIUHTrQFLDGH01 GRJUXSR/LVWHULQHHQ[DJXDWyULRFRQWHQGRiOFRROSDUDFRPRVJUXSRV3OD[ FORUHWR GH FHWLOSHULGLQLR H &RQWUROH SRUpP )UHLWD HW DO DILUPDUDP TXH FRQWDWR GR iOFRRO FRP PXFRVD RUDO DWUDYpV GH ERFKHFKRV SRGHP VHU VXILFLHQWHV SDUD D H[SUHVVmR GRV HIHLWRV JHQRWy[LFRV GHVWD VXEVWkQFLD GLIHUHQWHPHQWH GR FRQWDWR HVWDEHOHFLGR QD LQJHVWmR GH EHELGDV DOFRyOLFDV TXH VH Gi KDELWXDOPHQWH GH PRGR IXJD] REYLDPHQWH TXH XWLOL]DQGR HVVD TXDQWLILFDomRGRWHRUDOFRyOLFRQmRIRLFRQVLGHUDGRRFRQWDWRGRiOFRROFRPD PXFRVDRUDOFRPRFLWDGRSRU)UHLWDHWDO

$SHVDUGRWHPSRGHH[SRVLomRGRVWHFLGRVRUDLVDRiOFRROGR HQ[DJXDWyULRDTXDQWLGDGHDOFRyOLFDGLiULDpPHQRUGRTXHDTXHODFLWDGDQD OLWHUDWXUDFRPRSURPRWRUDGHDOWHUDo}HVFLWRJHQpWLFDV

2 JUXSR /LVWHULQH DSUHVHQWRXVH QXPHULFDPHQWH PDLV H[SUHVVLYR QD PXFRVD MXJDO H R JUXSR 3OD[ PDLV H[SUHVVLYR QD ERUGD OLQJXDO DSHVDU GHVWD YDULDomR QD IUHTrQFLD QXPpULFD GH FpOXODV PLFURQXFOHDGDVHVWDWLVWLFDPHQWHIRLFRQVLGHUDGDQmRVLJQLILFDWLYD

2 UHVXOWDGR HVWDWLVWLFDPHQWH QmR VLJQLILFDWLYR SDUD D IUHTrQFLD GH FpOXODV PLFURQXFOHDGDV SDUD WRGRV RV VtWLRV HVWXGDGRV GH DFRUGRFRPRHQFRQWUDGRSRU5HLVHWDORQGHDYDOLDUDPDIUHTrQFLD GH FpOXODV PLFURQXFOHDGDV HP PXFRVD HP LQGLYtGXRV H[SRVWRV D HWDQRO UHVXOWDQGRHPGDGRVSRXFRVLJQLILFDWLYRV

1DOtQJXDDIUHTrQFLDPpGLDGHFpOXODVFRPPLFURQ~FOHR IRLHVWDWLVWLFDPHQWHVLJQLILFDWLYDSDUDRJUXSR3OD[“FRPSDUDGRDR /LVWHULQH“H&RQWUROH“3DUDFpOXODVTXHDSUHVHQWDYDP PDLV GH PLFURQ~FOHR &RQWUROH “ 3OD[ “ H /LVWHULQH “HYLGHQFLDQGRPtQLPDVGLIHUHQoDVQXPpULFDVFRUURERUDQGRFRP QRVVRV UHVXOWDGRV 6DUWR HW DO HP XPD DYDOLDomR GD SUHVHQoD GH PLFURQ~FOHRVQDPXFRVDRUDOGHIXPDQWHVHQmRIXPDQWHVFRQVWDWDUDPTXH DVIUHTrQFLDVGHPLFURQ~FOHRVUHVXOWDQWHVGDTXHEUDFURPRVV{PLFDFpOXODV FRP PLFURQ~FOHR DSUHVHQWDUDP FHUFD GR GREUR HP IXPDQWHV HP FRPSDUDomR FRP RV QmRIXPDQWHV H DV IUHTrQFLDV GH FpOXODV FRP GLVW~UELRV GR IXVR FpOXODV FRP PDLV GH PLFURQ~FOHR IRUDP TXDVH RV PHVPRVQRVGRLVJUXSRV

$V FpOXODV FRP XP ~QLFR 01 VmR DGYLQGDV GH UXSWXUDV FURPRVV{PLFDV UHVXOWDQWH GD DomR FODVWRJrQLFD GLUHWD H LQWHQVD Mi DV FpOXODVFRPPDLVGH01WHPRVHXDSDUHFLPHQWRGHYLGRDGLVW~UELRVGR IXVR H D DomR GR DJHQWH JHQRWy[LFR RFRUUH GH PDQHLUD LQGLUHWD H GH PDLV VXDYH

5DPLUH]H6DOGDQKDHPVHXHVWXGRDILUPDUDPTXHR VLQHUJLVPRHQWUHRVDJHQWHVJHQRWy[LFRViOFRROHWDEDFRDWLQJHPRQ~FOHR GDVFpOXODVGDFDPDGDEDVDOHVWDVFpOXODVSHUGHPLPHGLDWDPHQWHRFRQWUROH DSRSWyWLFRHGHVHQFDGHLDPXPSRVVLYHOSURFHVVRGHFDUFLQRJrQHVHOHYDQGR j IRUPDomR GH 01 VHQGR D RFRUUrQFLD GH PDLV GH XP PLFURQ~FOHR SRU FpOXOD LQGLFDWLYR TXH RV DJHQWHV PXWDJrQLFRV WRUQDUDPVH SHUVLVWHQWHV RX FRQVWDQWHV/LPDHWDOHPVHXHVWXGRREVHUYDUDPTXHRQ~PHURGH FpOXODV FRP DSHQDV 01 IRL PDLV VLJQLILFDQWH QR JUXSR H[SRVWR D FDUFLQyJHQRVLQGLFDQGR TXH D DomR GR DJHQWHPXWDJrQLFRIRLLQWHUURPSLGR RXDWHQXDGR

GLDQWH GDV LQIRUPDo}HV UHODFLRQDGDV DR DXWRUHODWR GH VXD DPRVWUD DILUPDUDPTXHRXVRGHHQ[DJXDWyULRV[DRGLDLQGLFRXDXPHQWRQDFKDQFH GH GHVHQYROYLPHQWR GH FDUFLQRPDV HP TXDVH VHLV YH]HV TXDQGR FRPSDUDGRV DRV SDFLHQWHV TXH UHODWDUDP QXQFD WHUHP XWLOL]DGRV HQ[DJXDWyULRVEXFDLVSRUpPVXDPHWRGRORJLDpDOWDPHQWHTXHVWLRQiYHOSRLV D PHWRGRORJLD DSOLFDGD QmR IRUQHFHX GDGRV HVVHQFLDLV HQ[DJXDWyULR XWLOL]DGR WHPSR GH XWLOL]DomR H XVR GH EHELGDV DOFRyOLFDV :HUQHU H 6H\PRXU DILUPDUDP TXH QD PHOKRU GDV KLSyWHVHV R HVWXGR FRQGX]LGRSRU*XKDHWDOH[SORUDDDVVRFLDomRHQWUHiOFRROHFkQFHUFRPR IDFLOLWDGRUDRLQYpVGHXPIDWRUFDXVDORXGHULVFRDOHJDUDPWDPEpPTXHD PHWRGRORJLD FDUHFLD GH SURIXQGLGDGH QD DQiOLVH GH TXHVW}HV FKDYH R TXH FRORFDHPTXHVWmRDYDOLGDGHGHVXDVFRQFOXV}HV6WLFKH5RVLQQmR REVHUYDUDP GLIHUHQoDV HVWDWLVWLFDPHQWH VLJQLILFDQWHV QD IUHTrQFLD GH PLFURQ~FOHRV GH LQGLYtGXRV TXH FRQVXPLDP IUHTHQWHPHQWH EHELGDV DOFRyOLFDV HVVHV UHVXOWDGRV IRUDP FRQWUiULRV DRV DFKDGRV SRU 5HLV HW DO RQGH D SUHVHQoD GH PLFURQ~FOHRV UHYHORXVH VLJQLILFDWLYDPHQWH HOHYDGD QD SUHVHQoD LVRODGD GR iOFRRO HP LQGLYtGXRV TXH ID]LDP XVR IUHTHQWHGHEHELGDVDOFRyOLFDV

1R PHVPR SHUtRGR QD ERUGD OLQJXDO R *UXSR /LVWHULQH “ H R JUXSR 3OD[ “ DSUHVHQWDUDP PDLRU IUHTrQFLD QXPpULFDHPUHODomRDR&RQWUROH“1RVVRVUHVXOWDGRVDSHVDUGH HVWDWLVWLFDPHQWHQmRVLJQLILFDWLYRVDSUHVHQWRXPDLRUIUHTrQFLDQXPpULFDGH PLFURQ~FOHRV HP GHVDFRUGR FRP RV DFKDGRV GH :LOWJHQ HVWH DQDOLVRX GDGRV REWLGRV SHOR XVR WHUDSrXWLFR GRV HQ[DJXDWyULRV &HSDFRO FORUHWR GH FHWLOSHULGLQLR GH FRQFHQWUDomR DOFRyOLFD 3HULRJDUG GLJOXFRQDWR GH FORUH[LGLQD D GH FRQFHQWUDomR DOFRyOLFD H 3OD[ 7ULFORVDQ GH FRQFHQWUDomR DOFRyOLFD DILUPDQGR TXH RV WUrV FROXWyULRVQmRIRUDPLQGXWRUHVGHPXWDo}HVFURPRVV{PLFDVRXUHODFLRQDGRV D SHUGD GH IUDJPHQWRV HP FpOXODV HVIROLDGDV GD PXFRVD EXFDO SRLV D IUHTrQFLD GH PLFURQ~FOHRV REVHUYDGR DSyV R WUDWDPHQWR IRL QR Pi[LPR VHPHOKDQWHDWD[DEDVDOHQFRQWUDGDHPGLYHUVDVSRSXODo}HVUHVVDOWDSRUpP TXH DSHVDU GD DXVrQFLD GH VLJQLILFkQFLD RV SDFLHQWHV WUDWDGRV FRP HQ[DJXDWyULR D EDVH GH FORUHWR GH FHWLOSHULGtQLR DSUHVHQWDUDP PDLRU IUHTrQFLDGHPLFURQ~FOHRV

8WLOL]DQGR HQWmR RV UHODWRV GH 6WLFK H 5RVLQ SRGHPRV MXVWLILFDU TXH D IUHTrQFLD QXPpULFD UHODWDGD QmR IRL GHYLGD D H[SRVLomRDRVHQ[DJXDWyULRVSRLVVHULDSODXVtYHOTXHFRPDFRQWLQXLGDGHGR XVRRQ~PHURGHPLFURQ~FOHRVQRPtQLPRVHPDQWLYHVVHFRQVWDQWHHQmR KRXYHVVHXPGHFUpVFLPRFRPRIRLRRFRUULGR

UHVXOWDGRVQmRVLJQLILFDWLYRVHQWUHRVJUXSRVGHHVWXGRVHPUHODomRjLGDGH H DXPHQWRV QD IUHTrQFLD GH PLFURQ~FOHRV HP LQGLYtGXRV DOFRyODWUDV HRX IXPDQWHV GD PHVPD PDQHLUD +DYHULF HW DO DYDOLDUDP D JHQRWR[LFLGDGHGHFRQVXPRGHFLJDUURHPIXPDQWHVMRYHQVHFRUUHODFLRQRX FRPDDQiOLVHFLWRJHQpWLFDHPOLQIyFLWRVGRVDQJXHSHULIpULFRHFpOXODVEXFDLV HVIROLDGDVQmRHQFRQWUDQGRFRUUHODo}HVVLJQLILFDWLYDVSDUDDLGDGHGXUDomR HLQWHQVLGDGHGRKiELWRGHIXPDUHIUHTrQFLDGHPLFURQ~FOHRVHPOLQIyFLWRV /DGHLUDHWDODWUDYpVGHVHXHVWXGRFRPSDUDQGRDIUHTrQFLDGH01 HPOLQIyFLWRVSHULIpULFRVHHPFpOXODVEXFDLVHPLQGLYtGXRVRFXSDFLRQDOPHQWH H[SRVWRVHQmRH[SRVWRVDRIRUPDOGHLGRHRXWURVDJHQWHVFRPRRWDEDFRHR iOFRRODILUPDUDPTXHDSHQDVDIUHTrQFLDGHPLFURQ~FOHRVHPOLQIyFLWRVIRL HVWDWLVWLFDPHQWHPDLRUHPLGRVRVGRJUXSRH[SRVWRDSUHVHQWDQGRHYLGrQFLD WDPEpP GD LQWHUDomR HQWUH LGDGH H VH[R HP GHVDFRUGR FRP RV DXWRUHV FLWDGRVDQWHULRUPHQWH%RQDVVLHWDOVXJHULUDPTXHDJUDQGHPDLRULD GHGDGRVUHODFLRQDQGR01HDJHQWHVJHQRWy[LFRVGHPRQVWUDPXPDXPHQWR XQLIRUPH GH 01 FRP D LGDGH HVSHFLDOPHQWH DFHQWXDGD DSyV RV DQRV SRGHQGRVHUMXVWLILFDGRSHORSURFHVVRILVLROyJLFRGHHQYHOKHFLPHQWRFHOXODU

%RQDVVL HW DO DILUPDUDP WDPEpP XP DXPHQWR GD IUHTrQFLDGH01HPPXOKHUHVVHQGRLQFRPSDWtYHOFRPQRVVRVUHVXOWDGRV TXHDSHVDUGHHVWDWLVWLFDPHQWHQmRVLJQLILFDQWHVDSUHVHQWDUDPXPGLVFUHWR DXPHQWRQXPpULFRGHPLFURQ~FOHRVHPLQGLYtGXRVGRVH[RPDVFXOLQRPDLRU DXPHQWRIRLFRQVWDWDGRQDPXFRVDMXJDOHOtQJXDGRJUXSR/LVWHULQH“ H “ UHVSHFWLYDPHQWH (UGHUPLU HW DO DILUPDUDP WDPEpPQmRWHUHQFRQWUDGRGLIHUHQoDVVLJQLILFDWLYDVHQWUHRVJrQHURVDVVLP FRPR/LPDHWDORQGHDILUPDUDPQmRWHUHQFRQWUDGRGLIHUHQoDVHQWUH RV VH[RV QmR VHQGR REVHUYDGR HIHLWR SURWHWRU KRUPRQDO SDUD R VH[R IHPLQLQR

DOFRyOLFDVHDWLYLGDGHRFXSDFLRQDOQDFRQWDJHPGHPLFURQ~FOHRVQmRIRUDP SDVVLYHLVGHDYDOLDomRSHODPtQLPDYDULDomRGDDPRVWUD

$V PtQLPDV YDULDo}HV GD IUHTrQFLD GH 01 HQFRQWUDGDV QHVVH HVWXGR QmR GHYHP VHU FRQVLGHUDGDV LQGLFDWLYR GH DXVrQFLD GH SUREDELOLGDGHGHDOWHUDo}HVFLWRJHQpWLFDVDGYLQGDVGRXVRGHHQ[DJXDWyULRV SULQFLSDOPHQWHDTXHOHVTXHFRQWrPiOFRROHPVXDIRUPXODomRSDUDTXHWDO KLSyWHVH VHMD FRQILUPDGD PDLV HVWXGRV GHYHP VHU UHDOL]DGRV &RQFRPLWDQWHPHQWH D HVVHV HVWXGRV RXWURV SRVVtYHLV IDWRUHV GH LQIOXrQFLD QDIUHTrQFLDGH01GHYHPVHUREVHUYDGRVFRPRRVRXWURVFRPSRQHQWHV GDIyUPXODSDUDLVVRQRYRVHVWXGRVGHYHPVHUGHVHQYROYLGRVFRQVLGHUDQGR RSRVVtYHOSRWHQFLDOJHQRWy[LFRGHVVDVVXEVWkQFLDV

&21&/86­2

$SyVDDQiOLVHGRVGDGRVRVUHVXOWDGRVREWLGRVVXJHUHP TXH

D /LJHLUDV HOHYDo}HV QXPpULFDV GH 01 IRUDP HQFRQWUDGDV QRV GRLV VtWLRV DYDOLDGRV TXDQGR FRPSDUDGRV RV HQ[DJXDWyULRV 3OD[ H /LVWHULQH DR &RQWUROH SRUpP QmR IRUDP REVHUYDGDV GLIHUHQoDV HVWDWtVWLFDVVLJQLILFDQWHVHQWUHHOHV

E &RQVLGHUDQGRVH D IUHTrQFLD GH 01 GRV JUXSRV H[SHULPHQWDLV HP FRPSDUDomR FRP D SURJUHVVmR GR XVR VHPDQDO GRV HQ[DJXDWyULRV R DSDUHFLPHQWR GH 01 PDQWHYHVH HP GHFUpVFLPR RX LQDOWHUDGR HVWDWLVWLFDPHQWHVXJHULQGRTXHRVHQ[DJXDWyULRVQmR VmRLQGXWRUHVGHDOWHUDo}HVJHQRWy[LFDV

F 1mR IRL YHULILFDGD FRUUHODomR SRVLWLYD HQWUH D IUHTrQFLD GH 01 H YDULiYHLV FRPR LGDGH H VH[R GLDQWHRXVRGHHQ[DJXDWyULRVEXFDLV

5()(5Ç1&,$6

$VVRFLDomR %UDVLOHLUD GD ,QG~VWULD GH +LJLHQH 3HVVRDO 3HUIXPDULD H &RVPpWLFRV3ODQLOKDFRPGDGRVGHFRQVXPRGHSURGXWRVGHKLJLHQHEXFDO QR %UDVLO HQWUH H 6mR 3DXOR 'LVSRQtYHO HP ZZZDELKSHFRUJEU&LWDGRHPGHIHYHUHLURGH

$OEXTXHUTXH -$3 6DQWRV $$ *RQoDOYHV 65- %RQILP $0$ &DODGR $$ 6DQWRV-$$LPSRUWkQFLDGR&LUXUJLmR'HQWLVWDQDSUHYHQomRGLDJQyVWLFRH WUDWDPHQWRGDKDOLWRVH2GRQWRORJLD&OtQ&LHQWtI

$NDQGH22$ODERUDWRU\HYDOXDWLRQRIWKHHIILFDF\RIDKHUEDOGHQWULILFHRQ GHQWDOFDULHVLQWKHUDW$IULFDQ-RI%LRPHG5HV

$OPHLGD-'&DEUDO/$*'LDJQRVWLFR GRFDUFLQRPD EXFDOXVRGD FLWRORJLD HVIROLDWLYDFRPRPpWRGRDX[LOLDU5HY*DXFKD2GRQWRO

$JrQFLD 1DFLRQDO GH 9LJLOkQFLD 6DQLWiULD ± >$FHVVDGR HP @ KWWSZZZDQYLVDJRYEUOHJLVSRUWDULDVBSGI

$VDGRRULDQ - &'+$ SRVLWLRQ SDSHU RQ FRPPHUFLDOO\ DYDLODEOH RYHUWKH FRXQWHU RUDO ULQVLQJ SURGXFWV &DQDGLDQ -RXUQDO RI GHQWDO K\JLHQH

$X::&\WRJHQHWLFDVVD\VLQPRQLWRULQJKXPDQH[SRVXUHDQGSUHGLFWLRQRI ULVN(QYLURQ0XWDJHQ&DUFLQRJ7HUDWRJHQ

BBBBBBBBBBBBBBBBBBBBBBBBBBBB

%DVHDGRHP