Efeitos da abamectina na bioenergética de mitocôndrias isoladas de fígado de rato: Juliana Carla Castanha Zanoli. -

81,9(56,'$'((67$'8$/3$8/,67$

³-Ò/,2'(0(648,7$),/+2´

)$&8/'$'('(0(',&,1$9(7(5,1È5,$ &$0386'($5$d$78%$

()(,726'$$%$0(&7,1$1$%,2(1(5*e7,&$

'(0,72&Ð1'5,$6,62/$'$6

'()Ë*$'2'(5$72

-XOLDQD&DUOD&DVWDQKD=DQROL

)DUPDFrXWLFD%LRTXtPLFD

$5$d$78%$63

81,9(56,'$'((67$'8$/3$8/,67$

³-Ò/,2'(0(648,7$),/+2´

)$&8/'$'('(0(',&,1$9(7(5,1È5,$ &$0386'($5$d$78%$

()(,726'$$%$0(&7,1$1$%,2(1(5*e7,&$

'(0,72&Ð1'5,$6,62/$'$6

'()Ë*$'2'(5$72

-XOLDQD&DUOD&DVWDQKD=DQROL 2ULHQWDGRU3URI'U)iELR(UPLQLR0LQJDWWR

'LVVHUWDomR DSUHVHQWDGD j )DFXOGDGH GH 0HGLFLQD 9HWHULQiULD GD 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD ³-~OLR GH 0HVTXLWD)LOKR´81(63&DPSXVGH$UDoDWXEDFRPR SDUWHGRVUHTXLVLWRVSDUDDREWHQomRGRWtWXORGH0HVWUH HP&LrQFLD$QLPDO)LVLRSDWRORJLD0pGLFDH&LU~UJLFD

$5$d$78%$63

&DWDORJDomRQD3XEOLFDomR&,3

6HUYLoR7pFQLFRGH%LEOLRWHFDH'RFXPHQWDomR±)2$81(63

=DQROL-XOLDQD&DUOD&DVWDQKD

=H (IHLWRVGDDEDPHFWLQDQDELRHQHUJpWLFDGHPLWRF{QGULDV LVRODGDVGHItJDGRGHUDWR-XOLDQD&DUOD&DVWDQKD=DQROL $UDoDWXED>VQ@

ILO&'520

'LVVHUWDomR0HVWUDGR±8QLYHUVLGDGH(VWDGXDO3DXOLVWD )DFXOGDGHGH0HGLFLQD9HWHULQiULD

2ULHQWDGRU3URI)iELR(UPLQLR0LQJDWWR

$EDPHFWLQD)R)$73DVH)RVIRULODomRR[LGDWLYD 0LWRF{QGULD6tQWHVHGH$73

&''

'$'26&855,&8/$5(6

-XOLDQD &DUOD &DVWDQKD =DQROL JUDGXDGD HP )DUPiFLD%LRTXtPLFD 0RGDOLGDGH$QiOLVHV&OtQLFDVSHOD8QLYHUVLGDGHGH 6mR3DXOR±863±5LEHLUmR 3UHWR63HPGH]HPEURGH(VSHFLDOLVWDHP7HUDSLD)ORUDO+RPHRSDWLDH 0HVWUDGRHP&LrQFLD$QLPDOSHOD81(63GH$UDoDWXED63QDiUHDGHÈUHDGH )LVLRSDWRORJLD 0pGLFD H &LU~UJLFD VRE RULHQWDomR GR 3URI 'U )iELR (UPLQLR 0LQJDWWRSURIHVVRUGDGLVFLSOLQDGH%LRTXtPLFD$QLPDOH4XtPLFD*HUDOGRFXUVRGH JUDGXDomR HP =RRWHFQLD GD 81(63 GH 'UDFHQD $WXDOPHQWH p D IDUPDFrXWLFD UHVSRQViYHOSHOD)DUPiFLDGH0DQLSXODomR)/25(66Ç1&,$VLWXDGDj5XD(GVRQ GD6LOYHLUD&DPSRVQ&(3'UDFHQD63

´$PHQWHTXHVHDEUHDXPDQRYDLGpLDMDPDLV

YROWDUiDRVHXWDPDQKRRULJLQDOµ

$OEHUW(LQVWHLQ

'(',&2

$RPHXHVSRVR5HQDWRJUDQGHLQFHQWLYDGRUHH[HPSOR

GH6HU+XPDQRHjVQRVVDVILOKDV/DtVH$QD/XtVD

7HVRXURV0DLRUHVFRQFHGLGRVSRU'(86

$*5$'(d2

­'(86SHOR'RPGD9LGD

$RV 0HXV 3DLV $QW{QLR H 6{QLD SHOD RSRUWXQLGDGH GHVWD H[LVWrQFLD H

HQVLQDPHQWRVWUDQVPLWLGRVQRGHFRUUHUGRVDQRVVHPSUHYLVDQGRREHPFRPR

REMHWLYRILQDO

$R 6U $QWHQRU H 6UD (O]D PHX VRJUR H PLQKD VRJUD SHOR DSRLR

LQFRQGLFLRQDOHFXLGDGRVGLVSHQVDGRVjVQRVVDVILOKDVHDRPHXPDULGRQDV

KRUDVHPTXHHVWLYHDXVHQWH

$R 3URIHVVRU $VV 'U )iELR (UPLQLR 0LQJDWWR H[HPSOR GH 3HVTXLVDGRU H

'RFHQWHSHODRSRUWXQLGDGHFRQILDQoDDFROKLPHQWRQRPHLRFLHQWtILFRDSRLR

HP WRGRV RV PRPHQWRV HQVLQDPHQWRV WUDQVPLWLGRV H SULQFLSDOPHQWH SHOD

DPL]DGHFRPSDUWLOKDGD

$RV DPLJRV GR /DERUDWyULR GH %LRTXtPLFD H IXQFLRQiULRV GR &XUVR GH

=RRWHFQLD GD 81(63 GH 'UDFHQD VHP RV TXDLV HVWD GLVVHUWDomR QmR WHULD

VLGRSRVVtYHO

0XLWR2EULJDGD

680È5,2

3iJLQD

,1752'8d­2

2EMHWLYR

2EMHWLYRJHUDO

2EMHWLYRHVSHFtILFR

+LSyWHVH

5(9,6­2'$/,7(5$785$

$YHUPHFWLQDVH0LOEHPLFLQDV

$EDPHFWLQDHLYHUPHFWLQD

$o}HVIDUPDFROyJLFDVHWR[LFROyJLFDV

0LWRF{QGULDV

&DGHLD WUDQVSRUWDGRUD GH HOpWURQV RX FDGHLD

UHVSLUDWyULD

&RPSOH[R,

&RPSOH[R,,

&RPSOH[R,,,

&RPSOH[R,9

&RPSOH[R9RX)R)$73DVH

)RVIRULODomRR[LGDWLYD

'HVDFRSODGRUHVGDIRVIRULODomRR[LGDWLYD

*HQHUDOLGDGHV6REUHR)tJDGRH+HSDWRWR[LFLGDGH

0$7(5,$/(0e72'2

$YDOLDomReWLFD

$QLPDLV

5HDJHQWHV

$EDPHFWLQD

,VRODPHQWRV GH 0LWRF{QGULDV ,QWDFWDV H 3UHSDUDomR GH 0LWRF{QGULDV

5RPSLGDV

'HWHUPLQDo}HVGDV3URWHtQDV0LWRFRQGULDLV

'HWHUPLQDomRGR&RQVXPRGH2[LJrQLR

'HWHUPLQDo}HV GDV $WLYLGDGHV GDV (Q]LPDV 5HODFLRQDGDV j &DGHLD 5HVSLUDWyULD 0LWRFRQGULDO 1$'+ 'HVLGURJHQDVH H 6XFFLQDWR

'HVLGURJHQDVH

'HWHUPLQDomRGR3RWHQFLDO(OpWULFRGH0HPEUDQD0LWRFRQGULDO¨Ȍ

4XDQWLILFDomRGH$730LWRFRQGULDO

'HWHUPLQDomRGD$WLYLGDGHGD)R)$73DVH0LWRFRQGULDO

'HWHUPLQDomRGD'HVSRODUL]DomRGR3RWHQFLDOGH0HPEUDQD,QGX]LGD

SRU$'3

$QiOLVH(VWDWtVWLFD

5(68/7$'26

(IHLWRVGD$EDPHFWLQD6REUHD9HORFLGDGHGH&RQVXPRGH2[LJrQLR

QR(VWDGRHP0LWRF{QGULDV,VRODGDVGH)tJDGRGH5DWR

(IHLWRV GD $EDPHFWLQD 6REUH D $WLYLGDGH GDV (Q]LPDV 1$'+

'HVLGURJHQDVHH6XFFLQDWR'HVLGURJHQDVH

(IHLWRV GD $EDPHFWLQD 6REUH R 3RWHQFLDO (OpWULFR GH 0HPEUDQD

0LWRFRQGULDO¨Ȍ

(IHLWRVGD$EDPHFWLQD6REUHD6tQWHVHGH$73

(IHLWRVGD$EDPHFWLQD6REUHD$WLYLGDGHGD)R)$73DVH

(IHLWRV GD $EDPHFWLQD 6REUH D 'HVSRODUL]DomR GR 3RWHQFLDO GH

0HPEUDQD¨Ȍ,QGX]LGDSRU$'3

',6&866­2

&21&/86­2

5()(5Ç1&,$6

/,67$'($%5(9,$785$6(6Ë0%2/26

¨Ȍ 3RWHQFLDO HOpWULFR GH PHPEUDQD PLWRFRQGULDO

LQWHUQD

$ED $EDPHFWLQD

$'3 $GHQRVLQDGLIRVIDWR

$17 7UDQVORFDGRUGH$'3$73

$73 $GHQRVLQDWULIRVIDWR

$75 $WUDFWLORVtGHR

%6$ $OEXPLQDGHVRURERYLQR

F$75 &DUER[LDWUDFWLORVtGHR

&&&3 &DUERQLOFLDQHWRPFORURIHQLOKLGUD]RQD

'D 'DOWRQ

'062 'LPHWLOVXOIy[LGR

'13 GLQLWURIHQRO

(*7$ $FLGR HWLOHQRJOLFRO ELVȕDPLQRHWLO pWHU 1111

WHWUDFpWLFR

(30 (UURSDGUmRGDPpGLD

)$' )ODYLQDDGHQLQDGLQXFOHRWtGHRIRUPDR[LGDGD

)$'+ )ODYLQDDGHQLQDGLQXFOHRWtGHRIRUPDUHGX]LGD

)&&3 &DUERQLOFLDQHWRSWULIOXRUPHWR[LIHQLOKLGUD]RQD

)01 )ODYLQDPRQRQXFOHRWtGHRIRUPDR[LGDGD

)01+Ɣ 5DGLFDOVHPLTXLQRQD

)01+ )ODYLQDPRQRQXFOHRWtGHRIRUPDUHGX]LGD

* )RUoDJUDYLWDFLRQDO

*$%$ &RPSOH[RUHFHSWRUGRiFLGRJDPDDPLQREXWtULFR

+ ËRQKLGURJrQLR

+2 3HUy[LGRGHKLGURJrQLR

+(3(6 ÈFLGR > KLGUR[LOHWLO SLSHUD]LQLO@ HWDQRVVXOI{QLFR

.&O &ORUHWRGHSRWiVVLR

.&1 &LDQHWRGHSRWiVVLR

.2+ +LGUy[LGRGHSRWiVVLR

PJ 0LOLJUDPD

P0 0LOLPRODU

1$' _{1LFRWLQDPLGD DGHQLQD GLQXFOHRWtGHR IRUPD}

R[LGDGD

1$'+ 1LFRWLQDPLGD DGHQLQD GLQXFOHRWtGHR IRUPD

UHGX]LGD

2ౠ_{5DGLFDOVXSHUy[LGR}

2 2[LJrQLRPROHFXODU

2 5DGLFDOSHUy[LGR

2+Ɣ _{5DGLFDOKLGUR[LOD}

2OLJR 2OLJRPLFLQD

S+ 3RWHQFLDOKLGURJHQL{QLFR

3L )RVIDWRLQRUJkQLFR

4RX84 &RHQ]LPD4RX8ELTXLQRQD

4+RX84+ &RHQ]LPD4UHGX]LGDRX8ELTXLQRQDUHGX]LGDRX 8ELTXLQRO

4+‡±RX84+‡± 6HPL8ELTXLQRQDRXkQLRQVHPLTXLQRQD

7&$ ÈFLGRWULFORURDFpWLFR

703' 1111WHWUDPHWLOSIHQLOHQRGLDPLQD

7ULV 7ULVKLGUR[LPHWLODPLQRPHWDQR

—/ 0LFUROLWUR

—0 0LFURPRODU

/,67$'(),*85$6

3iJLQD

),*85$ (VWUXWXUDVTXtPLFDVGDVPLOEHPLFLQDV

),*85$ (VWUXWXUDVTXtPLFDVGDVDYHUPHFWLQDVQDWXUDLV

),*85$ 6REUHSRVLomR GDV PROpFXODV GH PLOEHPLFLQD ' H

DYHUPHFWLQD%D

),*85$ (VWUXWXUDVTXtPLFDVGDVDEDPHFWLQDVHLYHUPHFWLQDV

),*85$ 5HSUHVHQWDomR VLPSOLILFDGD GD ODQoDGHLUD PDODWR

DVSDUWDWR

),*85$ 5HSUHVHQWDomRGDODQoDGHLUDJOLFHUROIRVIDWR

),*85$ 7UDQVORFDGRUGH$'3$73HIRVIDWRWUDQVORFDVH

),*85$ 0RGHORHVTXHPiWLFRGRIOX[RGHHOpWURQVSURYHQLHQWHV GR1$'+RXGRVXFFLQDWRSRUPHLRGRVFRPSOH[RV,,, ,,,H,9GDFDGHLDUHVSLUDWyULDDWpRR[LJrQLR

),*85$ &RPSOH[R,1$'+XELTXLQRQDy[LGRUHGXWDVH

),*85$ (VWUXWXUDVTXtPLFDVGDIODYLQDPRQRQXFOHRWtGHR

),*85$ 5HSUHVHQWDomRGRFHQWURIHUURHQ[RIUHGRWLSR)H6

),*85$ 5HSUHVHQWDomRGDVIRUPDVGDFRHQ]LPD4

),*85$ &RPSOH[R,,VXFFLQDWRXELTXLQRQDy[LGRUHGXWDVH

),*85$ 0RGHORUHSUHVHQWDWLYRGRFLFOR4

),*85$ &RPSOH[R,9FLWRFURPRFR[LGDVH

),*85$ )R)$73DVH

),*85$ (VTXHPD UHSUHVHQWDWLYR GR WUDQVSRUWH GH HOpWURQV H D IRVIRULODomRR[LGDWLYD

),*85$ (IHLWRV GD DEDPHFWLQD QR HVWDGR GD UHVSLUDomR HP PLWRF{QGULDV PJP/ LVRODGDV GH ItJDGR GH UDWR HQHUJL]DGDVFRPJOXWDPDWRP0PDODWRP0

),*85$ (IHLWRV GD DEDPHFWLQD QR HVWDGR GD UHVSLUDomR HP PLWRF{QGULDV PJP/ LVRODGDV GH ItJDGR GH UDWR HQHUJL]DGDV FRP VXFFLQDWR P0 DFUHVFLGR GH

URWHQRQDP0

),*85$ (IHLWR GD DEDPHFWLQD $ED ȝ0 QD UHVSLUDomR GH HVWDGRHYLGHQFLDGDDSyVRFRQVXPRWRWDOGH$'3HP

PLWRF{QGULDVLVRODGDVGHItJDGRGHUDWRPJP/ ),*85$ (IHLWRGR&&&3ȝ0VREUHRFRQVXPRGHR[LJrQLR

GH PLWRF{QGULDV PJP/ LVRODGDV GH ItJDGR GH UDWR HQHUJL]DGDV FRP VXFFLQDWR P0 LQLELGR SHOD ROLJRPLFLQD2OLJRȝJP/DWUDFWLORVtGHR$75ȝ0 RXDEDPHFWLQD$EDȝ0

),*85$ (IHLWRV GD ROLJRPLFLQD 2OLJR ȝJP/ DWUDFWLORVtGHR $75ȝ0RXDEDPHFWLQD$EDȝ0H.&1ȝ0QR FRQVXPR GH R[LJrQLR GH PLWRF{QGULDV PJP/ LVRODGDVGHItJDGRGHUDWRHQHUJL]DGDVFRPVXFFLQDWR P0HGHVDFRSODGDVSRU&&&3ȝ0

),*85$ (IHLWRV GD DEDPHFWLQD $ED QD DWLYLGDGH GD HQ]LPD 1$'+ GHVLGURJHQDVH HP PLWRF{QGULDV URPSLGDV PJP/LVRODGDVGHItJDGRGHUDWR

),*85$ (IHLWRV GD DEDPHFWLQD $ED QD DWLYLGDGH GD HQ]LPD VXFFLQDWRGHVLGURJHQDVHHPPLWRF{QGULDVURPSLGDV PJP/LVRODGDVGHItJDGRGHUDWR

),*85$ (IHLWRV GD DGLomR GH DEDPHFWLQD $ED ȝ0 ROLJRPLFLQD 2OLJR ȝJP/ RX DWUDFWLORVtGHR $75 ȝ0QRSRWHQFLDOGHPHPEUDQD¨ȌHPPLWRF{QGULDV PJP/ LVRODGDV GH ItJDGR GH UDWR HQHUJL]DGDV FRP JOXWDPDWRP0PDODWRP0

),*85$ (IHLWRVGDDEDPHFWLQDHROLJRPLFLQD2OLJRȝJP/QD VtQWHVHPLWRFRQGULDOGH$73

),*85$ (IHLWRV GD DEDPHFWLQD H ROLJRPLFLQD ȝJP/ QD DWLYLGDGH GD HQ]LPD )R)$73DVH HP PLWRF{QGULDV

LQWDFWDV PJP/ LVRODGDV GH ItJDGR GH UDWR H GHVDFRSODGDVFRP&&&3ȝ0

),*85$ (IHLWRV GD DEDPHFWLQD H ROLJRPLFLQD ȝJP/ QD DWLYLGDGH GD HQ]LPD )R)$73DVH HP PLWRF{QGULDV

URPSLGDVPJP/LVRODGDVGHItJDGRGHUDWR

),*85$ (IHLWRV GD DEDPHFWLQD VREUH D GHVSRODUL]DomR GR SRWHQFLDO GH PHPEUDQD ¨Ȍ LQGX]LGD SHOR $'3 HP

PLWRF{QGULDVLVRODGDVGHItJDGRGHUDWR

()(,726'$$%$0(&7,1$1$%,2(1(5*e7,&$'(0,72&Ð1'5,$6 ,62/$'$6'()Ë*$'2'(5$72

5(6802 $EDPHFWLQD p XPD ODFWRQD PDFURFtFOLFD SHUWHQFHQWH j IDPtOLD GDV DYHUPHFWLQDV XWLOL]DGD PXQGLDOPHQWH FRPR DJHQWH DQWLSDUDVLWiULR HP DQLPDLV GH FULDomRHHVWLPDomRDOpPGRHPSUHJRDJUtFRODFRPRSULQFtSLRDWLYRGRVLQVHWLFLGDV H QHPDWLFLGDV 0LWRF{QGULDV VmR UHVSRQViYHLV SHOD FRQYHUVmR GD HQHUJLD OLEHUDGD SHORWUDQVSRUWHGHHOpWURQVHDUPD]HQDPHQWRFRPRHQHUJLDGHOLJDomRQDPROpFXOD GH $73 XP FRPSRQHQWH PHWDEyOLFR HVVHQFLDO ,QWHUIHUrQFLDV HP VXD VtQWHVH RX XWLOL]DomR FDUDFWHUL]DP PHFDQLVPRV SHORV TXDLV RV [HQRELyWLFRV SRGHP H[SUHVVDU WR[LFLGDGH DJXGD RX FU{QLFD 1HVWH WUDEDOKR RV HIHLWRV GD DEDPHFWLQD QD ELRHQHUJpWLFD GH PLWRF{QGULDV LVRODGDV GH ItJDGR GH UDWR IRUDP DYDOLDGRV 1DV FRQFHQWUDo}HV XWLOL]DGDV D ȝ0 DEDPHFWLQD FDXVRX LQLELomR GD FDGHLD UHVSLUDWyULD VHP DIHWDU D DWLYLGDGH GDV HQ]LPDV 1$'+ GHVLGURJHQDVH VXFFLQDWR GHVLGURJHQDVHHRSRWHQFLDOGHPHPEUDQDFRPSRUWDQGRVHGHPDQHLUDVHPHOKDQWH j ROLJRPLFLQD H DR DWUDFWLORVtGHR $ SULQFLSDO DWXDomR GD DEDPHFWLQD IRL UHGX]LU R SRWHQFLDO PLWRFRQGULDO GH IRVIRULODomR R[LGDWLYD GLPLQXLQGR RV QtYHLV GH $73 SURYDYHOPHQWH FRPR UHVXOWDGRGH VXDDomR GLUHWD VREUHD )R)$73DVHXPD YH]

TXH LQLELX D DWLYLGDGH GHVWD HQ]LPD HRX VREUH R WUDQVORFDGRU GH $'3$73 $ LQLELomR PDLV DFHQWXDGD GD DWLYLGDGH IRVIRKLGURODVH HP PLWRF{QGULDV LQWDFWDV GHVDFRSODGDV GR TXH HP PLWRF{QGULDV URPSLGDV MXQWDPHQWH FRP D LQLELomR GD GHVSRODUL]DomR GR SRWHQFLDO GH PHPEUDQD LQGX]LGD SHOR $'3 VXJHUHP TXH D DEDPHFWLQDDWXRXLQLELQGRPDLVHVSHFLILFDPHQWHRWUDQVORFDGRUGH$'3$73GRTXH D)R)$73DVH

3DODYUDVFKDYH DEDPHFWLQD )R)$73DVH IRVIRULODomR R[LGDWLYD PLWRF{QGULD

UHVSLUDomRPLWRFRQGULDOVtQWHVHGH$73

())(&762)$%$0(&7,1,17+(%,2(1(5*(7,&62),62/$7('5$7/,9(5 0,72&+21'5,$

6800$5<$EDPHFWLQLVDPDFURF\FOLFODFWRQHEHORQJLQJWRWKHDYHUPHFWLQIDPLO\ XVHG ZRUOGZLGH DV DQWLSDUDVLWLF DJHQW LQ IDUP DQLPDOV DQG SHWV DQG DJULFXOWXUDO HPSOR\PHQW DV WKH DFWLYH LQJUHGLHQW RI LQVHFWLFLGHV DQG QHPDWLFLGHV 0LWRFKRQGULD DUHUHVSRQVLEOHIRUFRQYHUWLQJWKHHQHUJ\UHOHDVHGE\HOHFWURQWUDQVSRUWDQGVWRUDJH DVWKHELQGLQJHQHUJ\PROHFXOH$73DQHVVHQWLDOPHWDEROLFFRPSRQHQW,QWHUIHUHQFH LQ LWV V\QWKHVLV RU XWLOL]DWLRQ FKDUDFWHUL]H PHFKDQLVPV E\ ZKLFK [HQRELRWLFV FDQ H[SUHVV DFXWH RU FKURQLF WR[LFLW\ ,Q WKLV VWXG\ WKH HIIHFWV RI DEDPHFWLQ LQ WKH ELRHQHUJHWLFV RI PLWRFKRQGULD LVRODWHG IURP UDW OLYHU ZHUH HYDOXDWHG $W WKH FRQFHQWUDWLRQVXVHGP0DEDPHFWLQFDXVHGLQKLELWLRQRIWKHUHVSLUDWRU\FKDLQ ZLWKRXW DIIHFWLQJ WKH DFWLYLW\ RI HQ]\PHV 1$'+ GHK\GURJHQDVH VXFFLQDWH GHK\GURJHQDVH DQG WKH PHPEUDQH SRWHQWLDO EHKDYLQJ VLPLODUO\ WR ROLJRP\FLQ DQG $WUDFW\ORVLGH 7KH PDLQ DFWLYLW\ RI DEDPHFWLQ ZDV WR UHGXFH WKH SRWHQWLDO RI PLWRFKRQGULDOR[LGDWLYHSKRVSKRU\ODWLRQGHFUHDVLQJ$73OHYHOVSUREDEO\DVDUHVXOW RILWVGLUHFWDFWLRQRQWKH)R)$73DVHVLQFHLWLQKLELWHGWKHDFWLYLW\RIWKLVHQ]\PH

DQGRU WKH $'3$73 WUDQVORFDWRU 7KH PRUH SURQRXQFHG LQKLELWLRQ RI WKH IRVIRK\GURODVH DFWLYLW\ LQ LQWDFW XQFRXSOHG PLWRFKRQGULD WKDQ LQ GLVUXSWHG PLWRFKRQGULD LQ DGGLWLRQ WR WKH LQKLELWLRQ RI WKH $'3VWLPXODWHG GHSRODUL]DWLRQ RI PLWRFKRQGULDOPHPEUDQHSRWHQWLDOVXJJHVWWKDWDEDPHFWLQDFWHGPRUHVSHFLILFDOO\E\ LQKLELWLQJWKH$'3$73WUDQVORFDWRUWKDQWKH)R)$73DVH

.H\ZRUGV DEDPHFWLQ )R)$73DVH PLWRFKRQGULD R[LGDWLYH SKRVSKRU\ODWLRQ

PLWRFKRQGULDOUHVSLUDWLRQ$73V\QWKHVLV

,1752'8d­2

$V SDUDVLWRVHV JDVWULQWHVWLQDLV SURYRFDGDV SRU HQGR H HFWRSDUDVLWDV HVWmR DPSODPHQWHGLVVHPLQDGDVQDSHFXiULDGHVHQFDGHDQGRSHUGDVQDSURGXWLYLGDGHGD ERYLQRFXOWXUD EUDVLOHLUD $QLPDLV FRP LGDGH HQWUH H PHVHV VmR RV PDLV DFRPHWLGRVUHVXOWDQGRHPSUHMXt]RVHFRQ{PLFRV%,$1&+,1HWDO

2V SDUDVLWLFLGDV PDLV XWLOL]DGRV H FRPHUFLDOL]DGRV VmR DV ODFWRQDV PDFURFtFOLFDV UHSUHVHQWDGDV SHOR JUXSR GDV DYHUPHFWLQDV DEDPHFWLQD LYHUPHFWLQD HPLOEHPLFLQDV 6,/9(56 )8(17($/%$ $VDYHUPHFWLQDV VH GHVWDFDP XPD YH] TXH DSUHVHQWDP PDLRU Q~PHUR GH SURGXWRV FRPHUFLDLV SDUD WRGDV DV HVSpFLHV DQLPDLV +i QR %UDVLO DSHQDV SDUD D DEDPHFWLQD PDLV GH PDUFDVFRPHUFLDLVGLVSRQtYHLVGHGLIHUHQWHVODERUDWyULRV6,1'$1

$DEDPHFWLQDpREWLGDSHODIHUPHQWDomRQDWXUDOGR6WUHSWRP\FHVDYHUPLWLOLV VHQGR FRPSRVWD SRU XPD PLVWXUD GH DYHUPHFWLQDV FRP FRQFHQWUDomR • GD DYHUPHFWLQD %D H ” GH DYHUPHFWLQD %E $*$5:$/ (P IRL

LQWURGX]LGD QR PHUFDGR FRPR LQVHWLFLGD H DQWLSDUDVLWiULR 7$</25 $WXDOPHQWHpXVDGDHPYiULRVSDtVHVFRPRDJHQWHDQWLSDUDVLWiULRHPDQLPDLVGH FULDomRFRPRSULQFtSLRDWLYRGHQHPDWLFLGDVHLQVHWLFLGDVGHXVRDJUtFROD.2/$5HW DO

$ DEDPHFWLQD IH] SDUWH GD OLVWD GRV FRPSRQHQWHV DWLYRV SURSRVWRV SDUD UHDYDOLDomRSHOD$19,6$FRQIRUPH5HVROXomRGD'LUHWRULD&ROHJLDGD±5'&Qž GH GH IHYHUHLUR GH (VWXGRV UHDOL]DGRV HYLGHQFLDUDP UHVXOWDGRV SUHRFXSDQWHV FRP UHIHUrQFLD j WR[LFLGDGH DJXGD H VXVSHLWD GH WR[LFLGDGH UHSURGXWLYDGHVWHSULQFtSLRDWLYRHVHXVPHWDEyOLWRV%5$6,/'HDFRUGRFRP 6HL[DVHWDOLQWR[LFDomRSRUDEDPHFWLQDSURYRFRXHPTXDWURDQRVDPRUWH GHDQLPDLV

XP FRPSRQHQWH FHOXODU IXQGDPHQWDO PLWRF{QGULD SRU H[HPSOR H FRQVHTHQWH PRGXODomRGHVXDIXQomR0(<(5.8/.$51,

$ LQWR[LFDomR SRU DEDPHFWLQD SRGH SUHMXGLFDU D IXQomR GRV KHSDWyFLWRV 3HVTXLVDUHDOL]DGDSRU+VXHWDOHYLGHQFLRXHOHYDo}HVGRVQtYHLVGDHQ]LPD DVSDUWDWR DPLQRWUDQVIHUDVH $67 QR VRUR DSyV H[SRVLomR GH UDWRV :LVWDU j DEDPHFWLQDSRUJDYDJHPFRPGRVHVHQWUHHPJNJGHSHVRYLYR$DWLYLGDGH Pi[LPDIRLREWLGDFRPDGRVHGHPJNJGHSHVRYLYRKRUDDSyVDLQJHVWmRGD GURJD

0LWRF{QGULDVVmRRUJDQHODVUHVSRQViYHLVSHODVtQWHVHGDTXDVHWRWDOLGDGHGR $73QHFHVViULRjPDQXWHQomRGDHVWUXWXUDHIXQomRFHOXODUSRUPHLRGDIRVIRULODomR R[LGDWLYD e XP SURFHVVR TXH HQYROYH IOX[R GH HOpWURQV GRDGRV SRU VXEVWUDWRV R[LGiYHLV FRPR QLFRWLQDPLGD DGHQLQD GLQXFOHRWtGHR 1$'+ H IODYLQD DGHQLQD GLQXFOHRWtGHR)$'+SRUXPDFDGHLDGHWUDQVSRUWDGRUHVORFDOL]DGRVQDPHPEUDQD

PLWRFRQGULDOLQWHUQDGHQRPLQDGDFDGHLDUHVSLUDWyULD&RPSOH[RV,D,92VHOpWURQV VmR WUDQVIHULGRV DR 2 UHGX]LQGRR D +2 HWDSD GHQRPLQDGD GH UHVSLUDomR

PLWRFRQGULDO(VWHIOX[RGHHOpWURQVWDPEpPIRUQHFHHQHUJLDOLYUHTXHHVWiDFRSODGD DR WUDQVSRUWH GH SUyWRQV SDUD R HVSDoR LQWHUPHPEUDQDV 2 IOX[R GRV SUyWRQV WUDQVPHPEUDQD QR VHQWLGR GRV VHXV JUDGLHQWHV GH FRQFHQWUDomR YLD FDQDLV SURWpLFRVHVSHFtILFRVIRUQHFHHQHUJLDOLYUHSDUDDVtQWHVHGR$73TXHpFDWDOLVDGD SHOR FRPSOH[R SURWpLFR ORFDOL]DGR QD PHPEUDQD PLWRFRQGULDO LQWHUQD GHQRPLQDGR $73 VLQWDVH )R)$73DVH FDSD] GH DFRSODU R IOX[R GH SUyWRQV j IRVIRULODomR

R[LGDWLYD1(/621&2;

(YLGrQFLDV H[SHULPHQWDLV LQGLFDP TXH D PLWRF{QGULD UHSUHVHQWD XP DOYR SUHIHUHQFLDO H FUtWLFR SDUD D DomR GH GURJDV H WR[LQDV *$5&,$ HW DO 0,1*$772 HW DO

HOpWURQV SHOD FDGHLD WUDQVSRUWDGRUD GH HOpWURQV (VWD LQLELomR SURYRFD XPD

GLPLQXLomR QD WUDQVIHUrQFLD GH SUyWRQV SDUD R HVSDoR LQWHUPHPEUDQDV FRPSURPHWHQGR R IXQFLRQDPHQWR GD HQ]LPD )R)$73DVH %2(/67(5/,

$HVFROKDGRDJURWy[LFRDEDPHFWLQDFRPRREMHWRGHVWHHVWXGRIRLPRWLYDGD SHOR XVR H[WHQVLYR QD PHGLFLQD YHWHULQiULD H HP YiULDV FXOWXUDV DJUtFRODV FRPR FRPSRQHQWH DWLYR GH LQVHWLFLGDV DFDULFLGDV H QHPDWLFLGDV GLVSRQtYHLV FRPHUFLDOPHQWH H SHOR IDWR GH TXH RV HVWXGRV GRV PHFDQLVPRV GH WR[LFLGDGH GD DEDPHFWLQDVHUHVWULQJHPHPVXDJUDQGHPDLRULDDRVLVWHPDQHUYRVRFHQWUDO2XWUR IDWR GH JUDQGH LPSRUWkQFLD p TXH D LQWR[LFDomR SRU DEDPHFWLQD SRGH SURYRFDU SHUGDVDRDJURQHJyFLRGHYLGRjTXHGDQRGHVHPSHQKRSURGXWLYRGRVDQLPDLVRX DWpPHVPRDSHUGDGHDQLPDLVSRUPRUWH

2EMHWLYR

2EMHWLYRJHUDO

'HWHUPLQDU RV HIHLWRV GD DEDPHFWLQD VREUH PLWRF{QGULDV LVRODGDV GH ItJDGR

GH UDWR FRQVLGHUDQGR SDUkPHWURV UHODFLRQDGRV j ELRHQHUJpWLFD YLVDQGR FRQWULEXLU

SDUDRFRQKHFLPHQWRGRPHFDQLVPRGHDomRWy[LFDGHVWHDQWLSDUDVLWiULR

2EMHWLYRHVSHFtILFR

$YDOLDU RV HIHLWRV GD DEDPHFWLQD QR FRQVXPR GH R[LJrQLR GH PLWRF{QGULDV LVRODGDV GH ItJDGR GH UDWR UHVSLUDomR PLWRFRQGULDO QDV DWLYLGDGHV GDV HQ]LPDV 1$'+ GHVLGURJHQDVH H VXFFLQDWR GHVLGURJHQDVH SUHVHQWHV QD FDGHLD UHVSLUDWyULD QRVFRPSOH[RV,H,,UHVSHFWLYDPHQWHQRSRWHQFLDOHOpWULFRWUDQVPHPEUDQD¨ȌQD DWLYLGDGH GD HQ]LPD )R)$73DVH PLWRFRQGULDO QD VtQWHVH GH $73 H QD

GHVSRODUL]DomRGRSRWHQFLDOGHPHPEUDQDLQGX]LGDSRU$'3

+LSyWHVH

$ DEDPHFWLQD DIHWD D ELRHQHUJpWLFD GH PLWRF{QGULDV LVRODGDV GH ItJDGR GH UDWRGLPLQXLQGRDVtQWHVHGH$73HFRPSURPHWHQGRDIXQomRFHOXODU

5(9,6­2'$/,7(5$785$

$YHUPHFWLQDVH0LOEHPLFLQDV

$VDYHUPHFWLQDVHPLOEHPLFLQDVVmRODFWRQDVPDFURFtFOLFDVSURGX]LGDVSHOD IHUPHQWDomR GH DFWLQRPLFHWRV GR JrQHUR6WUHSWRP\FHV SUHVHQWHV QR VROR &RP DWLYLGDGHV ELROyJLFDV VHPHOKDQWHV UHYROXFLRQDUDP R FRQWUROH DQWLSDUDVLWiULR H DQWLSHVWLFLGDGXUDQWHD~OWLPDGpFDGD6+223052=,.),6+(5

$V PLOEHPLFLQDV )LJXUD PLOE iFDUR P\F IXQJR LQ SURGXWR IDUPDFrXWLFR IRUDP GHVFREHUWDV HP SRU FLHQWLVWDV GD 6DQN\R FRP IXQomR DFDULFLGD H LQVHWLFLGD YLVDQGR SURWHJHU DV FXOWXUDV 6+223 052=,. ),6+(5 6mR SURGX]LGDV SHOD IHUPHQWDomR GH 6WUHSWRP\FHV K\JURVFRSLFXV H

6WUHSWRP\FHV F\DQRJULVHXV VHQGR D PLOEHPLFLQD ' H D PR[LGHFWLQD LQWHJUDQWHV SULQFLSDLVGHVWDFODVVHGHIiUPDFRV7$.,*8&+,HWDO

0LOEHPLFLQDDOID$5 &+ 0LOEHPLFLQD2[LPD5RX&+RX&+&+

0LOEHPLFLQDDOID$5 &+&+

0LOEHPLFLQD' 5 &+&+

),*85$(VWUXWXUDVTXtPLFDVGDVPLOEHPLFLQDV)RQWH),6+(5052=,.

2SRWHQFLDOTXtPLFRGDVPLOEHPLFLQDVQmRIRLH[SORUDGRDWpDGHVFREHUWDGDV DYHUPHFWLQDV FRP DWLYLGDGH DFDULFLGD LQVHWLFLGD H QHPDWLFLGD SRU FLHQWLVWDV GR ODERUDWyULR 0HUFN HP (*(5721 HW DO 267/,1' &,)(//, /$1* $ DGLomR GHVWD ~OWLPD SURSULHGDGH SRVVLELOLWRX XPD QRYD RSRUWXQLGDGH QR WUDWDPHQWR GH LQIHFo}HV SRU HQGRSDUDVLWDV H LQIHVWDo}HV SRU HFWRSDUDVLWDV GH DQLPDLVHKXPDQRV6+223052=,.),6+(5

$V DYHUPHFWLQDV D VHP YHUPH YHUPH HFWR H[WHUQR LQ SURGXWR IDUPDFrXWLFRSHUWHQFHPDXPDIDPtOLDGHPHPEURVTXHDSUHVHQWDPVHPHOKDQoD HVWUXWXUDO DRV DQWLELyWLFRV EDFWHULRVWiWLFRV PDFUROtGHRV H DQWLI~QJLFRV SROLHQRV PDFURFtFOLFRV$SHVDUGHVWDVHPHOKDQoDQmRGHVHPSHQKDPWDLVDWLYLGDGHV%85* HWDO&$03%(//HWDO),6+(5052=,.

$IHUPHQWDomRGH6WUHSWRP\FHVDYHUPLWLOLVSURGX]RLWRWLSRVGHDYHUPHFWLQDV $D$E$D$E%D%E%DH%E)LJXUDVHQGRTXHRVWLSRV$D%DH%D

VmR SURGX]LGRV HP PDLRUHV TXDQWLGDGHV 2V FRPSRVWRV ³$´ SRVVXHP XP UDGLFDO PHWR[L OLJDGR DR FDUERQR GH Q~PHUR HQTXDQWR RV FRPSRVWRV ³%´ XP UDGLFDO KLGUR[LRVGRWLSRSRVVXHPGXSODOLJDomRHQWUHRVFDUERQRVHVHQGRTXHRV GRWLSRXPDOLJDomRVLPSOHVRJUXSR³D´UHSUHVHQWDXPUDGLFDOEXWLO&+OLJDGR

DRFDUERQRHRJUXSR³E´XPUDGLFDOLVRSURSLO&+),6+(5052=,.

),*85$(VWUXWXUDVTXtPLFDVGDVDYHUPHFWLQDVQDWXUDLV)RQWH3,7(51$HWDO

$V DYHUPHFWLQDV GR WLSR %D VmR DV PDLV LPSRUWDQWHV GHYLGR DR DPSOR

HVSHFWURGHDomRDQWLSDUDVLWiULDHHILFiFLDHOHYDGDHDVHSDUDomRGRVJUXSRV%DH

%E HP HVFDOD LQGXVWULDO p LQYLiYHO SHUPLWLQGR D IDEULFDomR H FRPHUFLDOL]DomR GDV

IRUPXODo}HV FRPR XPD PLVWXUD GRV JUXSRV ³D´ H ³E´ GHVHPSHQKDQGR DWLYLGDGH ELROyJLFDSUDWLFDPHQWHLGrQWLFDjREVHUYDGDHPFDGDJUXSRLVRODGDPHQWH6+223 62//

$GLIHUHQoDHVWUXWXUDOSULQFLSDOHQWUHDVDYHUPHFWLQDVHDVPLOEHPLFLQDVpD SUHVHQoDGHXPJUXSRGLVVDFDUtGHRHQFRQWUDGRQRFDUERQRGHSRVLomRGRDQHO PDFUROtGHR GDV DYHUPHFWLQDV VHQGR TXH HVWD SRVLomR QmR p VXEVWLWXtGD QD PLOEHPLFLQD),6+(5052=,.$VHVWUXWXUDVPROHFXODUHVVmRVREUHSRQtYHLV )LJXUD FDUDFWHUL]DQGR DV DYHUPHFWLQDV FRPR PLOEHPLFLQDV JOLFRVLODGDV H DV PLOEHPLFLQDVFRPRDYHUPHFWLQDVGHJOLFRVLODGDV6+223052=,.),6+(5

),*85$ 6REUHSRVLomR GDV PROpFXODV GH PLOEHPLFLQD ' H DYHUPHFWLQD %D 6+223 052=,.

),6+(5

2 JUXSR GDV DYHUPHFWLQDV p FRPSRVWR SHOD LYHUPHFWLQD DEDPHFWLQD GRUDPHFWLQDHSULQRPHFWLQDHVHODPHFWLQD0F.(//$5%(1&+$28,

$YHUPHFWLQD

$EDPHFWLQDHLYHUPHFWLQD

'HDFRUGRFRP&KDEDODHWDODLYHUPHFWLQDpXPGHULYDGRVLQWpWLFR GD DEDPHFWLQD )LJXUD 6XDV HVWUXWXUDV TXtPLFDV GLIHUHP VRPHQWH QD OLJDomR HQWUHRV&H&RQGHDDEDPHFWLQDWHPXPDGXSODOLJDomRHDLYHUPHFWLQD XPDOLJDomRVLPSOHVFRPiWRPRVDGLFLRQDLVGHKLGURJrQLR$PEDVFDUDFWHUL]DP XPDPLVWXUDGHSURGXWRVKRPyORJRV%DH%EGLIHUHQWHVHQWUHVLDSHQDVQDSRVLomR

GR & QD TXDO %DSRVVXL XP PHWLOHQR D PDLV (VWXGRV HYLGHQFLDUDP TXH RV

FRPSRQHQWHV LQGLYLGXDLV SRVVXHP SURSULHGDGHV ELROyJLFDV H WR[LFROyJLFDV VHPHOKDQWHVVHQGRFRQVLGHUDGRVHTXLYDOHQWHV/$1.$6*25'21

$EDPHFWLQD%D 55 ʊ&+ő&+ʊ 5 &+

$EDPHFWLQD%E 55 ʊ&+ő&+ʊ 5 &+

,YHUPHFWLQD+%D 55 ʊ&+ʊ&+ʊ 5 &+

,YHUPHFWLQD+%E 55 ʊ&+ʊ&+ʊ 5 &+

),*85$(VWUXWXUDVTXtPLFDVGDVDEDPHFWLQDVHLYHUPHFWLQDV)RQWH:8HWDO

LVRODUDP DPRVWUDV GH VROR MDSRQrV ORFDOL]DGR SUy[LPR D XP FDPSR GH JROIH HP .DZDQD&LGDGHGH,WR6KL]XRND-DSmR2H[WUDWRGH6WUHSWRP\FHVDYHUPHFWLQLXV

SUHVHQWHQDDPRVWUDPRVWURXWHUDWLYLGDGHFRQWUDYHUPHVSDUDVLWDVHPXPPRGHOR H[SHULPHQWDOHPSUHJDQGRFDPXQGRQJRV2FRPSRVWRIRLGHQRPLQDGRDYHUPHFWLQD (VWXGRVGHPRQVWUDUDPHPDDWLYLGDGHGDDYHUPHFWLQDFRQWUDDPSORQ~PHUR GHYHUPHVDUDFQtGHRVHLQVHWRVVHQGRRVSULPHLURVWUDEDOKRVVREUHDDYHUPHFWLQD HVHXVGHULYDGRVLQFOXVLYHDLYHUPHFWLQDSXEOLFDGRVHP$FRQVDJUDomRGD LYHUPHWLQD RFRUUHX HP FRP R ODQoDPHQWR GR SULPHLUR SURGXWR GHQRPLQDGR ,YRPHFŠFRQWHQGRHVWHSULQFtSLRDWLYRGHDPSORHVSHFWURVHQGRHPSUHJDGRQRXVR YHWHULQiULR2085$

$LYHUPHFWLQDpHILFD]FRQWUDXPDDPSODJDPDGHHQGRHHFWRSDUDVLWDVTXH DFRPHWHP DQLPDLV GRPpVWLFRV H VHOYDJHQV H VXD DOWD SRWrQFLD SHUPLWH IRUPXODU IRUPDV IDUPDFrXWLFDV HILFD]HV FRP GLIHUHQWHV DSUHVHQWDo}HV WDLV FRPR DGPLQLVWUDomRRUDOLQMHomRVXEFXWkQHDRXGLVWULEXLomRWUDQVGpUPLFDWySLFD),6+(5 052=,. e D GURJD GH HVFROKD SDUD ERYLQRV RYLQRV FDSULQRV VXtQRV H HTLQRV GHYLGR DR DPSOR HVSHFWUR GH DomR VHJXUDQoD FOtQLFD H HILFiFLD &$03%(//%(1=&$03%(//HWDO

(P KXPDQRV D LYHUPHFWLQD SRVVXL HILFiFLD UHOHYDQWH QR WUDWDPHQWR GD HVWURQJLORLGRVH *529( H DWXDOPHQWH p D GURJD GH HVFROKD SDUD D SUHYHQomR GRV HIHLWRV PDLV JUDYHV GD LQIHFomR SHOR QHPiWRGR ILODULDO2QFKRFHUFD YROYXOXV DJHQWH FDXVDGRU GD GRHQoD RQFRFHUFRVH FRQKHFLGD WDPEpP FRPR FHJXHLUDGHULR7$</25*5((1(

$o}HVIDUPDFROyJLFDVHWR[LFROyJLFDV

'LYHUVRV FRPSRVWRV GD IDPtOLD GDV ODFWRQDV PDFURFtFOLFDV IRUDP DYDOLDGRV HP HQVDLRVGH FXUWRHVSHFWURGH DomR DSyV R ODQoDPHQWR GD LYHUPHFWLQD $OJXQV DSUHVHQWDUDP HILFiFLD FRQWUD GHWHUPLQDGDV HVSpFLHV GH SDUDVLWRV (QWUHWDQWR R HPSUHJR GH XP FRPSRVWR TXH DJH DSHQDV HP XPD HVSpFLH p GHVIDYRUiYHO HP UHODomR D RXWUR FRPSRVWR GH DPSOR HVSHFWUR $VVLP VHQGR SULQFtSLRV DWLYRV HILFLHQWHVFRQWUDRPDLRUQ~PHURSRVVtYHOGHHVSpFLHVGHSDUDVLWRVIRUDPHVFROKLGRV 6+223052=,.),6+(5

GLIHUHQWHVRUJDQLVPRVFRPVHQVLELOLGDGHVGLVWLQWDVDRVVHXVHIHLWRVIDUPDFROyJLFRV H[HUFHU VXDV DWLYLGDGHV HP GLYHUVRV ORFDLV GH DomR EHP FRPR DSUHVHQWDU SRXFD VROXELOLGDGH HP VROXo}HV DTXRVDV (P H[SHULPHQWRV GLVWLQWRV UHVSRVWDV GLYHUVDV IRUDP HQFRQWUDGDV $R LQMHWDU DV DYHUPHFWLQDV GLUHWDPHQWH HP $VFDULV VXXP RFRUUHXUiSLGDSDUDOLVLDVHPULJLGH]HIODFLGH]QDLQFXEDomRFRPRQHPDWyLGHYLYR

&DHQRUKDEGLWLVHOHJDQVRFRUUHXSDUDOLVLDUtJLGDHQDLQFXEDomRFRP+DHPRQFKRXV FRQWRXUWRVQmRIRUDPREVHUYDGRVHIHLWRVQRWiYHLV7851(56&+$())(5

2 SULPHLUR PHFDQLVPR GH DomR SURSRVWR SDUD DV ODFWRQDV PDFURFtFOLFDV VXJHUH TXH HVWDV GURJDV DJHP FRPR DJRQLVWDV GR iFLGR JDPD DPLQR EXWtULFR *$%$ DXPHQWDQGR D SHUPHDELOLGDGH GRV tRQV FORUR &OØ GHVHQFDGHDQGR SDUDOLVLD PXVFXODU H HYHQWXDO PRUWH GR SDUDVLWR $/%(57 HW DO 0(//,1 %86&+ :$1* 3RU HVWH PHFDQLVPR VHULD SRVVtYHO H[SOLFDU SRUTXH DV DYHUPHFWLQDV QmR DWXDP VREUH FHVWyGHRV H WUHPDWyGHRV XPD YH] TXH HVWHV QmR SRVVXHP UHFHSWRUHV *$%$ FRP DOWD DILQLGDGH SDUD DV DYHUPHFWLQDV 6+223 052=,.),6+(5

2 FRPSRUWDPHQWR FLQpWLFR GD DEDPHFWLQD p VHPHOKDQWH DR FRPSRUWDPHQWR GHVFULWRSDUDYiULDVIRUPXODo}HVGHLYHUPHFWLQDV(QWUHWDQWRGLIHUHQWHVIRUPXODo}HV GH LYHUPHFWLQDV JHQpULFDV TXDQGR DGPLQLVWUDGDV HP EH]HUURV GHVHQFDGHLDP FRPSRUWDPHQWRVFLQpWLFRVGLVWLQWRVFDSD]HVGHUHIOHWLUQDHILFiFLDHSHUVLVWrQFLDGH VXDV DWLYLGDGHV DQWLSDUDVLWiULDV $VVLP VHQGR ID]VH QHFHVViULR XP FRQWUROH GH TXDOLGDGHSDGURQL]DGRGHVWDVIRUPXODo}HVHQGHFWRFLGDVFRQWULEXLQGRSDUDXPXVR DGHTXDGRHHILFD]/,)6&+,7=HWDO$HOXFLGDomRGDVYLDVSHODVTXDLVDV DYHUPHFWLQDVDWLQJHPRVSDUDVLWRVORFDOL]DGRVQRWXERJDVWURLQWHVWLQDOpLPSRUWDQWH SDUDFRPSUHHQGHUDIDUPDFRGLQkPLFDGHVWDVGURJDV/,)6&+,7=HWDO

2XWUDV SURSRVWDV SDUD R PHFDQLVPR GH DomR GDV ODFWRQDV PDFURFtFOLFDV WDPEpPVmRVXJHVWLYDV(P6FRWWH'XFHHYLGHQFLDUDPTXHHPJDIDQKRWRV

6FKLVWRFHUFDJUHJDULD RV IHL[HV PXVFXODUHV HVSHFtILFRV TXH UHFHEHUDP DSHQDV LQHUYDomR H[FLWDWyULD QmR VHQVtYHLV DR *$%$ PRVWUDUDP UHVSRVWD LUUHYHUVtYHO j LYHUPHFWLQD 2XWUDV SHVTXLVDV REVHUYDUDP TXH D LYHUPHFWLQD QmR DWXD HP FDQDLV *$%$HVLPHPRXWURVFDQDLVGHFORURGLIHUHQWHVTXDQGRHPSUHJDUDPXPPRGHOR H[SHULPHQWDOFRP$VFDULVVXXP0$57,13(11,1*721

YHtFXORV TXHSURSRUFLRQDPOHQWDDEVRUomRQRORFDO GHDSOLFDomRGDGURJDVHMDP HPSUHJDGRV QD WHQWDWLYD GH VROXELOL]iODV FRQWULEXLQGR SDUD XP HIHLWR UHVLGXDO SURORQJDGR/2HWDO

(P SHVTXLVD UHDOL]DGD SRU 3DOPD HW DO QD TXDO ERYLQRV IRUDP WUDWDGRV FRP DEDPHFWLQD SRU YLD RUDO GHWHFWRXVH UHVtGXRV GH DEDPHFWLQD HP PDLRUHVFRQFHQWUDo}HVQRVWHFLGRVGRItJDGRDSyVVHWHGLDVGHWUDWDPHQWRGHSRLV QRVWHFLGRVGHJRUGXUDULPHSRU~OWLPRQDVDPRVWUDVGHWHFLGRVPXVFXODUHV

$VDYHUPHFWLQDVGHYLGRDRDOWRSHVRPROHFXODUQmRDWUDYHVVDPIDFLOPHQWHD EDUUHLUD KHPDWRHQFHIiOLFD %+( *HUDOPHQWH QmR FDXVDP HIHLWRV Wy[LFRV DRV DQLPDLVGHYLGRjGLILFXOGDGHGHDWXDUHPQRVLVWHPDQHUYRVRFHQWUDO&28571(< 52%(5621 /$1.$6 *25'21 &DVRV GH LQWR[LFDomR SRGHP RFRUUHU VH D GRVH LQJHULGD SHOR DQLPDO SRU H[SRVLomR DFLGHQWDO RX DGPLQLVWUDomR FRQWUiULD jV UHFRPHQGDGDV 0225( IRU FDSD] GH SHQHWUDU D %+( $1'5$'(6$17$5e00225(6mRIiUPDFRVFRQWUDLQGLFDGRVHP FDVRVGHGRHQoDVTXHFDXVDPGDQRVj%+(12%0$11%$8(5)5,&.(5 75$&< :(%67(5 GHYHQGR VHU HPSUHJDGDV FRP FXLGDGR HP SDFLHQWHV TXH ID]HP XVR GH DJHQWHV GHSUHVVRUHV GR VLVWHPD QHUYRVR FHQWUDO 75$&< :(%67(5 %H]HUURV FRP PHQRV GH TXDWUR PHVHV URHGRUHV H FRHOKRV JHVWDQWHVVmRDOJXPDVHVSpFLHVGHDQLPDLVTXHSRVVXHPPDLRUVXVFHSWLELOLGDGHj LQWR[LFDomRSRUIiUPDFRVGHVWDIDPtOLD/$1.$6*25'21

(VWXGRSUpYLRUHDOL]DGRSRU+VXHWDOGHPRQVWURXTXHDDEDPHFWLQD SURYRFDHOHYDomRGDDWLYLGDGHVpULFDGDHQ]LPDDVSDUWDWRDPLQRWUDQVIHUDVH$67 2 DXPHQWR GD FRQFHQWUDomR GHVWD HQ]LPD UHIOHWH PDLRU SHUPHDELOLGDGH GD PHPEUDQDSODVPiWLFDGDVFpOXODVGRSDUrQTXLPDKHSiWLFRUHYHODQGRGDQRV3/$$ +(:,77VHQGRXWLOL]DGDGHVVDPDQHLUDQDGHWHFomRGHHIHLWRVGHOHWpULRVDR ItJDGR./$$66(1($5721$LQGD0DLROLHWDODYDOLDUDPRVHIHLWRV

LQYLWURGDDEDPHFWLQDVREUHKHSDWyFLWRVLVRODGRVGHUDWRFRPUHODomRjYLDELOLGDGH FHOXODU H SDUkPHWURV DVVRFLDGRV j ELRHQHUJpWLFD H VXJHULUDP TXH D DEDPHFWLQD GHVHQFDGHLD WR[LFLGDGH DRV KHSDWyFLWRV LQGX]LQGR D OLEHUDomR GD DODQLQD DPLQRWUDQVIHUDVH $/7 H GD DVSDUWDWR DPLQRWUDQVIHUDVH $67 DOpP GH DIHWDU D VtQWHVHGH$73$LQLELomRGDVtQWHVHGH$73HPPLWRF{QGULDVLVRODGDVGHItJDGRGH UDWRH[HUFLGDSHODDEDPHFWLQDHREVHUYDGDQHVWHHVWXGRLQGLFDXPDFDSDFLGDGHGR IiUPDFRHPGLPLQXLURSRWHQFLDOGHIRVIRULODomRR[LGDWLYD

,QWR[LFDo}HV GHFRUUHQWHV GR XVR GD DEDPHFWLQD SRGHP RFRUUHU HP VHUHV KXPDQRV(VWXGRVFRQGX]LGRVSRU&KXQJHWDODYDOLDUDPHQWUHRVPHVHVGH VHWHPEURDGH]HPEURGHGH]RLWRSDFLHQWHVLQWR[LFDGRVSRUDEDPHFWLQDHXP ~QLFRSRULYHUPHFWLQD$H[SRVLomRRFRUUHXQDPDLRULDGRVFDVRVGHYLGRjWHQWDWLYD GH VXLFtGLR VHQGR D LQJHVWmR RUDO D YLD GH H[SRVLomR PDLV FRPXP 'HVWHV SDFLHQWHV TXDWUR QmR DSUHVHQWDUDP VLQWRPDV RLWR PDQLIHVWDUDP VLQWRPDV OHYHV DSyVLQJHVWmRGHDPJNJGHDEDPHFWLQDFRPLQJHVWmRPpGLDGHPJNJ DSyVFRQWDWRGpUPLFRRXLQDODWyULR6LQWRPDVJUDYHVRFRUUHUDPHPVHWHSDFLHQWHV TXH UHFHEHUDP FXLGDGRV LQWHQVLYRV 2V SULQFLSDLV VLQWRPDV IRUDP FRPD LQVXILFLrQFLD UHVSLUDWyULD H KLSRWHQVmR DSyV LQJHVWmR PpGLD GH PJNJ GH DYHUPHFWLQD VHQGR PJNJ SDUD LYHUPHFWLQD H PJNJ GH DEDPHFWLQD $SHQDV XP SDFLHQWH YHLR D yELWR SRU IDOrQFLD P~OWLSOD GRV yUJmRV 2V DXWRUHV FRQFOXtUDP TXH LQJHVWmR GH GRVHV HOHYDGDV GH DYHUPHFWLQDV SRGH GHVHQFDGHDU VLQWRPDVJUDYHVHOHYDURLQGLYtGXRjPRUWH

(VWXGR SURSRVWR SRU $QGUHZ H +DOOH\ HYLGHQFLRX TXH D LYHUPHFWLQD QmRpPHWDEROL]DGDQRU~PHQGHRYLQRVHERYLQRVXPDYH]TXHQHQKXPPHWDEyOLWR IRLGHWHFWDGRDRORQJRGHKRUDVGHLQFXEDo}HVLQYLWURDž&GRFRPSRQHQWH +%DGHLYHUPHFWLQDPDUFDGRFRPWUtWLRQRIOXtGRUXPLQDO

$ SUHVHQoD GH GURJDV DQWLKHOPtQWLFDV QR OHLWH GRV DQLPDLV VXEPHWLGRV D WUDWDPHQWR p XP SURFHVVR FRPSOH[R TXH GHSHQGH GDV FDUDFWHUtVWLFDV ItVLFR TXtPLFDVHLQWHUDo}HVGHPHPEUDQDVDWpREWHQomRGHHTXLOtEULRUHYHUVtYHOGDGURJD HQWUHROHLWHHRSODVPDVDQJtQHRFDUDFWHUL]DQGRSHUILVVLPLODUHVHQWUHHVWHVGRLV FRPSDUWLPHQWRV+(11(66<$/9,1(5,($SDUWLomRGHGURJDVKLGURIyELFDV QRVFRPSRQHQWHVGRSODVPDGHVHPSHQKDXPSDSHOIXQGDPHQWDOQDGLVWULEXLomRGR IiUPDFR SHOR RUJDQLVPR 1R SODVPD VDQJtQHR GDV ODFWRQDV PDFURFtFOLFDV LQWHUDJHPFRPDVOLSRSURWHtQDVVHQGRTXHDGHOLJDPSUHIHUHQFLDOPHQWHjV OLSRSURWHtQDVGHDOWDGHQVLGDGH+'/$DEDPHFWLQDHPFRPSDUDomRFRPRXWUDV ODFWRQDV PDFURFtFOLFDV HVWi DVVRFLDGD jV OLSRSURWHtQDV GH GHQVLGDGH PXLWR EDL[D 9/'/%$66,66,$/9,1(5,(/(63,1(

(P &HUNYHQLN)ODMV HW DO DYDOLDUDP D FLQpWLFD GD GLVSRVLomR GH DEDPHFWLQDQRSODVPDVDQJtQHRHQROHLWHGHRYHOKDVOHLWHLUDVDSyVDGPLQLVWUDomR VXEFXWkQHD HPSUHJDQGR D GRVH WHUDSrXWLFD H FRQFOXtUDP TXH SDUD JDUDQWLU D TXDOLGDGH GR OHLWH DR FRQVXPLGRU DQLPDLV WUDWDGRV FRP DEDPHFWLQD GHYHULDP VHU UHWLUDGRVGDFDGHLDDOLPHQWDUSRUXPSHUtRGRGHXPPrVDSyVRWUDWDPHQWR

&HUFDGHGDGRVHDGPLQLVWUDGDGHODFWRQDVPDFURFtFOLDVVmRH[FUHWDGDV SHOROHLWHGHYLGRjVVXDVFDUDFWHUtVWLFDVIDUPDFRFLQpWLFDV$VVLPVHQGRpSURLELGRR XVRQDVIrPHDVHPODFWDomRTXHIRUQHFHUHPSURGXWRVSDUDRFRQVXPRKXPDQR$ UHFRPHQGDomRSDUDYDFDVJHVWDQWHVpGHXPDDGPLQLVWUDomRHPDWpGLDVDQWHV GRSDUWR$/9,1(5,(HWDO

0LWRF{QGULDV

$V PLWRF{QGULDV VmR RUJDQHODV LQWUDFHOXODUHV FRP GLPHQV}HV H IRUPDV GLYHUVDV GHSHQGHQGR GRV WHFLGRV H HVWDGRV PHWDEyOLFRV QRV TXDLV VH ORFDOL]DP '$80 3RGHP DSUHVHQWDU GH D ȝP GH GLkPHWUR GH D ȝ0 GH FRPSULPHQWRHVmRUHVSRQViYHLVSHODUHVSLUDomRFHOXODU3,0(17(/

SULPHLURV DXWRUHV D GHVFUHYrODV FRPR HVWUXWXUDV FRPSRVWDV SRU VLVWHPDV GH PHPEUDQDV )5(< 0$1(//$ 2 FRQKHFLPHQWR DWXDO SHUPLWH GL]HU TXH D PLWRF{QGULD p FRQVWLWXtGD SRU GXDV PHPEUDQDV GLVWLQWDV GHQRPLQDGDV PHPEUDQD PLWRFRQGULDO H[WHUQD H LQWHUQD GHILQLQGR GRLV FRPSDUWLPHQWRV R HVSDoR LQWHUPHPEUDQDVHDPDWUL]PLWRFRQGULDO3,0(17(/

$PHPEUDQDPLWRFRQGULDOH[WHUQDSRVVXLVXSHUItFLHPHQRUVHQGRFRQVWLWXtGD SULQFLSDOPHQWH SRU IRVIDWLGLOFROLQD H IRVIDWLGLOHWDQRODPLQD '$80 e SHUPHiYHO SHUPLWLQGR D SDVVDJHP GRV VXEVWUDWRV GD FDGHLD UHVSLUDWyULD :$//$&(67$5.29GHSHTXHQDVPROpFXODV0UHtRQVTXHVH GHVORFDPIDFLOPHQWHSRUPHLRGHFDQDLVWUDQVPHPEUDQDIRUPDGRVSRUXPDIDPtOLD GH SURWHtQDV LQWHJUDLV GHQRPLQDGDV SRULQDV 1(/621 &2; GHQWUH RXWURV FRPSRVWRV

2 HVSDoR LQWHUPHPEUDQDV p PXLWR SHTXHQR H SRVVXL JUDQGH LPSRUWkQFLD ILVLROyJLFD 1HVWH HVSDoR ORFDOL]DPVH HQ]LPDV HQYROYLGDV QR PHWDEROLVPR HQHUJpWLFR FRPR R FLWRFURPR F FUHDWLQD TXLQDVH H DGHQLODWR FLFODVH DOpP GH SURWHtQDVUHJXODWyULDVGDYLDELOLGDGHFHOXODUFRPRRFLWRFURPRFHRIDWRULQGXWRUGH DSRSWRVH)5(<0$11(//$

$ PHPEUDQD PLWRFRQGULDO LQWHUQD p IRUPDGD SRU IRVIDWLGLOFROLQD IRVIDWLGLOHWDQRODPLQD H FDUGLROLSLQD '$80 e LPSHUPHiYHO j PDLRULD GDV PROpFXODV SHTXHQDV H tRQV VHQGR QHFHVViULD D SUHVHQoD GH WUDQVSRUWDGRUHV HVSHFtILFRV SDUD TXH RXWUDV HVSpFLHV TXtPLFDV SRVVDP DWUDYHVViOD 1(/621 &2;eSHUPHiYHODRR[LJrQLRPROHFXODUGLy[LGRGHFDUERQRy[LGRQtWULFRH iJXD $SUHVHQWD PXLWDV LQYDJLQDo}HV RX FULVWDV PLWRFRQGULDLV UHFHQWHPHQWH UHFRQVWUXtGDV WULGLPHQVLRQDOPHQWH FDUDFWHUL]DQGR JUDQGH FRPSOH[LGDGH )5(< 0$11(//$ 1HVWDV FULVWDV ORFDOL]DPVH RV FRPSRQHQWHV GD FDGHLD UHVSLUDWyULDHD$73VLQWDVH1(/621&2;

$PHPEUDQDLQWHUQDPLWRFRQGULDOWDPEpPpLPSHUPHiYHODR1$'_H1$'+$

HTXLYDOHQWHV UHGXWRUHV DR 1$' _{IRUPDQGR 1$'+ SHOD DomR GD PDODWR}

GHVLGURJHQDVHPDWULFLDO)LJXUD1(/621&2;

),*85$ 5HSUHVHQWDomR VLPSOLILFDGD GD ODQoDGHLUD PDODWRDVSDUWDWR 2 PDODWR p WUDQVSRUWDGR

SDUD D PDWUL] PLWRFRQGULDO VHWD D]XO H R R[DORDFHWDWR p UHJHQHUDGR QR FLWRVRO VHWD YHUPHOKDWUDFHMDGD)RQWH0$5==2&27255(6

1RVP~VFXORVHVTXHOpWLFRVHFpUHEURVGHPDPtIHURVR1$'+SURYHQLHQWHGR FLWRSODVPD HQWUD QD FDGHLD UHVSLUDWyULD ORFDOL]DGD QD PHPEUDQD LQWHUQD GD PLWRF{QGULDSRUPHLRGDODQoDGHLUDGRJOLFHUROIRVIDWR)LJXUD1HVWHVLVWHPDR 1$'+ FLWRVyOLFR UHGX] GLLGUR[LDFHWRQD IRVIDWR D JOLFHURO IRVIDWR HP XPD UHDomR FDWDOLVDGD SHOD HQ]LPD JOLFHURO IRVIDWR GHVLGURJHQDVH TXH FRQWpP )$' FRPR JUXSR SURVWpWLFR (P VHJXLGD D GLLGURKLGUR[LFHWRQD p UHJHQHUDGD SURGX]LQGR )$'+ TXH GRD VHXV HOpWURQV j FRHQ]LPD4 &DGD 1$'+ RULJLQD DSHQDV $73

0$5==2&27255(6

),*85$5HSUHVHQWDomRGDODQoDGHLUDJOLFHUROIRVIDWR)RQWH1(/621&2;

2XWURV FRPSRVWRV FRPR $73 H $'3 DWUDYHVVDP D PHPEUDQD LQWHUQD PLWRFRQGULDOSRUPHLRGHXPVLVWHPDGHWUDQVSRUWHGHQRPLQDGRDGHQLQDQXFOHRWtGHR WUDQVORFDVH$17RXWUDQVORFDGRUGH$'3$73(VWDWUDQVORFDVHpXPDSURWHtQDGH PHPEUDQD PXLWR DEXQGDQWH FRUUHVSRQGHQGR D GR FRQWH~GR SURWpLFR GD PHPEUDQDPLWRFRQGULDOLQWHUQDHSHUPLWHDWURFDGHXPDPROpFXODGH$73GDPDWUL] PLWRFRQGULDO SRU XPDPROpFXOD GH $'3 SURYHQLHQWH GR FLWRVRO 2 $73 VLQWHWL]DGR WUDQVSRUWDGR DR FLWRVRO VHUi XWLOL]DGR QD PDLRULD GRV SURFHVVRV TXH FRQVRPHP HQHUJLD8PFRPSRVWRFDSD]GHLQLELUHVWDWUDQVORFDVHpRDWUDFWLORVtGHRJOLFRVtGLR Wy[LFRH[WUDtGRGHXPDHVSpFLHGHHUYDGDQLQKDH[LVWHQWHHPSDVWDJHQVFDSD]GH EORTXHDU D IRVIRULODomR R[LGDWLYD SRU IDOWD GH VXEVWUDWRV 2XWUD WUDQVORFDVH PXLWR LPSRUWDQWHpDIRVIDWRWUDQVORFDVHTXHFDWDOLVDRFRWUDQVSRUWHVLPSRUWHGHIRVIDWR LQRUJkQLFR 3L H tRQV + _{SURYHQLHQWHV GR HVSDoR LQWHUPHPEUDQDV SDUD D PDWUL]}

PLWRFRQGULDO (VWHV GRLV VLVWHPDV )LJXUD HP FRQMXQWR IRUQHFHP RV VXEVWUDWRV $'3 H 3L j $73 VLQWDVH SHUPLWLQGR DVVLP D VtQWHVH GH $73 0$5==2&2 7255(6

),*85$7UDQVORFDGRUGH$'3$73HIRVIDWRWUDQVORFDVH)RQWH0$5==2&27255(6

$ PDWUL] PLWRFRQGULDO FRQWpP iFLGRV QXFOpLFRV 3,0(17(/ HQ]LPDV SHUWHQFHQWHV DR FLFOR GR iFLGR FtWULFR D YLD GD ȕR[LGDomR GRV iFLGRV JUD[RV R FRPSOH[RGDSLUXYDWRGHVLGURJHQDVHHDVYLDVGHR[LGDomRGRVDPLQRiFLGRVH[FHWR DJOLFyOLVHTXHRFRUUHQRFLWRVRO1(/621&2;

0LWRF{QGULDV VmR UHVSRQViYHLV SHOD FRQYHUVmR GD HQHUJLD OLEHUDGD SHOR WUDQVSRUWHGHHOpWURQVHDUPD]HQDPHQWRFRPRHQHUJLDGHOLJDomR QD PROpFXOD GH $73 (VWD HQHUJLD DUPD]HQDGD p XWLOL]DGD SHODV FpOXODV SDUD UHDOL]DU WUDEDOKRV PHFkQLFRVGHWUDQVSRUWHRXGHELRVVtQWHVH0(<(5.8/.$51,

(P PDPtIHURV SULQFLSDOPHQWH R PHFDQLVPR SDWRJrQLFR GH DOJXPDV WR[LFLGDGHV HQYROYH XPD GLVIXQomR PLWRFRQGULDO HVSHFLDOPHQWH VH R yUJmR DFRPHWLGR IRU R ItJDGR $0$&+(5 6=(:&=<. :2-7&=$. GLPLQXLQGR RV QtYHLV GH $73 FHOXODUHV SRGHQGR GHVHQFDGHDU PRUWH FHOXODU SRU QHFURVH RX DSRSWRVH 1,&27(5$ /(,67 )(55$1'20$< 6=(:&=<. :2-7&=$.:$//$&(67$5.29

&DGHLDWUDQVSRUWDGRUDGHHOpWURQVRXFDGHLDUHVSLUDWyULD

2V TXDWUR FRPSOH[RV , ,, ,,, H ,9 GD FDGHLD UHVSLUDWyULD VH ORFDOL]DP QDV FULVWDV GD PHPEUDQD PLWRFRQGULDO LQWHUQD 2V FRPSOH[RV , H ,, FDWDOLVDP D WUDQVIHUrQFLDGHHOpWURQVSDUDDXELTXLQRQDSRUPHLRGHGRLVGRDGRUHVGLIHUHQWHVR 1$'+FRPSOH[R,HRVXFFLQDWRFRPSOH[R,,2FRPSOH[R,,,WUDQVSRUWDRVHOpWURQV GDXELTXLQRQDDRFLWRFURPRFHRFRPSOH[R,9SRUVXDYH]WUDQVIHUHRVHOpWURQVGR

FLWRFURPR F SDUD XP DFHSWRU ILQDO RX VHMD R R[LJrQLR UHGX]LQGRR j iJXD 1(/621&2;

),*85$0RGHORHVTXHPiWLFRGRIOX[RGHHOpWURQVSURYHQLHQWHVGR1$'+RXGRVXFFLQDWRSRU

PHLRGRVFRPSOH[RV,,,,,,H,9GDFDGHLDUHVSLUDWyULDDWpRR[LJrQLR&FLWRFURPRF4

FRHQ]LPD4)RQWH0$5==2&27255(6

&RPSOH[R,

2FRPSOH[R,GHQRPLQDGR1$'+XELTXLQRQDR[LGRUHGXWDVH)LJXUDHVWi SUHVHQWH QD FDGHLD UHVSLUDWyULD PLWRFRQGULDO H p FRQVWLWXtGR SRU XP FRPSOH[R HVWUXWXUDOHQ]LPiWLFRFRPSRVWRSRUFDGHLDVSROLSHSWtGLFDVGLIHUHQWHV1(/621 &2;

),*85$&RPSOH[R,1$'+XELTXLQRQDy[LGRUHGXWDVH)RQWH0$5==2&27255(6

2 FRPSOH[R , FRQWpP D )01 IODYLQD PRQRQXFOHRWtGHR XP GHULYDGR GD YLWDPLQD ULERIODYLQD FDSD] GH UHFHEHU GRLV SUyWRQV H GRLV HOpWURQV GRDGRV SHOR 1$'+ SURYHQLHQWH GH YiULDV UHDo}HV PHWDEyOLFDV RULJLQDQGR D IRUPD UHGX]LGD )01+ (VWH SURFHVVR RFRUUH TXDQGR D IRUPD R[LGDGD GR )01 UHDJH FRP XP

SUyWRQHXPHOpWURQRULJLQDQGRDIRUPDVHPLTXLQRQD)01+Ɣ_{XPUDGLFDOOLYUHTXH}

UHDJHFRPPDLVXPSUyWRQHXPHOpWURQJHUDQGRDIRUPDUHGX]LGD)01+)LJXUD

0$5==2&27255(6

),*85$(VWUXWXUDVTXtPLFDVGDIODYLQDPRQRQXFOHRWtGHR$UHDomRGDIRUPDR[LGDGD)01FRP

XP SUyWRQ H XP HOpWURQ RULJLQD D IRUPD VHPLTXLQRQD )01+Ɣ _{TXH LQFRUSRUD PDLV XP}

SUyWRQHXPHOpWURQJHUDQGRDIRUPDUHGX]LGD)01+)RQWH0$5==2&27255(6

$UHDomRSURFHVVDGDQDR[LGDomRGR1$'+p

1$'++)01

ĺ

FRPSOH[R,

$ UHGXomR GR )01 SHUPLWH D SDVVDJHP GH XP SUyWRQ GD PDWUL] SDUD R HVSDoR LQWHUPHPEUDQDV (P VHJXLGD RV HOpWURQV GR )01+ VmR WUDQVIHULGRV DRV

FHQWURV IHUURHQ[RIUH H GHVWHV SDUD D XELTXLQRQD RX FRHQ]LPD 4 GHL[DQGR R FRPSOH[R,0$5==2&27255(6

2VFHQWURVIHUURHQ[RIUH)H6)LJXUDVmRIRUPDGRVSRUtRQVGHIHUURH HQ[RIUH H HVWmR SUHVHQWHV QRV FRPSOH[RV , ,, H ,,, $SUHVHQWDP FRQILJXUDo}HV YDULDGDV)H6)H6)H6HJHUDOPHQWHHVWmROLJDGRVDRVUHVtGXRVGHFLVWHtQD

SUHVHQWHV QDV FDGHLDV SROLSHSWtGLFDV (VWHV FHQWURV QmR UHFHEHP SUyWRQV VHQGR EDVLFDPHQWHWUDQVSRUWDGRUHVGHHOpWURQVTXHVmRUHFHELGRVHGRDGRVSHORtRQIHUUR FXMDYDOrQFLDYDULDHQWUH)H_{H)H0$5==2&27255(6}

),*85$5HSUHVHQWDomRGRFHQWURIHUURHQ[RIUHGRWLSR)H6)RQWH0$5==2&27255(6

3RVWHULRPHQWH HVWH LQWHUPHGLiULR UHFHEH RXWUR HOpWURQ JHUDQGR R XELTXLQRO 4+)LJXUD2IOX[RGRVGRLVHOpWURQVSDUDRXELTXLQROSHUPLWHRERPEHDPHQWR

GH TXDWUR + _{GD PDWUL] PLWRFRQGULDO SDUD R HVSDoR GHQRPLQDGR LQWHUPHPEUDQDV}

FRPSUHHQGLGR HQWUH D PHPEUDQD PLWRFRQGULDO LQWHUQD H D H[WHUQD 2 FRPSOH[R , FRQWULEXL FRP D IRUPDomR GR JUDGLHQWH GH SUyWRQV DWXDQGR FRPR XPD ERPED GH SUyWRQVPRYLGDSHODVUHDo}HVUHGR[XPDYH]TXHVmRUHWLUDGRVSUyWRQVGDPDWUL]H LQWURGX]LGRVQRHVSDoRLQWHUPHPEUDQDV0$5==2&27255(6

),*85$ 5HSUHVHQWDomR GDV IRUPDV GD FRHQ]LPD 4 $R UHFHEHU XP SUyWRQ H XP HOpWURQ D

XELTXLQRQD4JHUDDVHPLXELTXLQRQD4+Ɣ_{TXHDRUHDJLUFRPPDLVXPSUyWRQHXP}

HOpWURQRULJLQDDIRUPDUHGX]LGDXELTXLQRO4+)RQWH0$5==2&27255(6

2FRPSOH[R,SRGHVHULQLELGRSRULQLELGRUHVQmRHVSHFtILFRVFRPSRVWRVTXH LQLEHP DV GHVLGURJHQDVHV RX SRU LQLELGRUHV HVSHFtILFRV TXH LQWHUDJHP FRP XPD VXEXQLGDGH GR FRPSOH[R 8P GHVVHV LQLELGRUHV HVSHFtILFRV p D URWHQRQD $ URWHQRQDpXPFRPSRVWRTXHRFRUUHQDWXUDOPHQWHDOWDPHQWHWy[LFRPXLWRXWLOL]DGR FRPR LQVWUXPHQWR H[SHULPHQWDO SDUDHVWXGDU R SDSHO GD PLWRF{QGULD QDWR[LFLGDGH GH [HQRELyWLFRV ,QLEH VHOHWLYDPHQWH R FRPSOH[R , 1$'+ XELTXLQRQD R[LGRUHGXWDVH EORTXHDQGR D FDGHLD WUDQVSRUWDGRUD GH HOpWURQV H UDSLGDPHQWH GHSOHWDQGR R IRUQHFLPHQWR GH HQHUJLD FHOXODU 6XD FDUDFWHUtVWLFD FRPXP p XPD VHPHOKDQoD HVWUXWXUDO j XELTXLQRQD XP DFHSWRU ILVLROyJLFR GH HOpWURQV RX VHMD FRQWpPXPDFDEHoDFtFOLFDHXPDFDXGDKLGURIyELFD%2(/67(5/,

2XWURVLQLELGRUHVGRFRPSOH[R,FDSD]HVGHEORTXHDURWUDQVSRUWHGHHOpWURQV GR 1$'+ SDUD D XELTXLQRQD VmR R DPLWDO H R DQWLELyWLFR SLHULFLGLQD $ (63267, /h00(1

&RPSOH[R,,

2FRPSOH[R,,)LJXUDFRQWpPDHQ]LPDVXFFLQDWRGHVLGURJHQDVH~QLFD HQ]LPDGRFLFORGHNUHEVOLJDGDjPHPEUDQDPLWRFRQGULDOLQWHUQDUHVSRQViYHOSHOD R[LGDomR GR VXFFLQDWR D IXPDUDWR FXMRV HOpWURQV H SUyWRQV SDVVDP SDUD R )$' UHGX]LQGRRD)$'+1(/621&2;2VHOpWURQVGR)$'+SDVVDPSHORV

FHQWURV)H6VHQGRWUDQVIHULGRVjXELTXLQRQD8PD YH]TXHRVFHQWURV)H6QmR UHFHEHP SUyWRQV HVWHV VmR GHYROYLGRV j PDWUL] PLWRFRQGULDO 0$5==2&2 7255(6

),*85$ &RPSOH[R ,, VXFFLQDWRXELTXLQRQD y[LGRUHGXWDVH )RQWH 0$5==2&2 7255(6

'H DFRUGR FRP /XFLDQL D HVWUXWXUD TXtPLFD VLQWpWLFD WHQRLOWURIOXRURDFHWRQDpXPLQLELGRUHVSHFtILFRGRFRPSOH[R,,,QWHUDJHFRPXPGRV FHQWURV)H6GRFRPSOH[R,,HEORTXHLDDWUDQVIHUrQFLDGHHTXLYDOHQWHVUHGXWRUHVD SDUWLUGH)$'0(<(5.8/.$51,

&RPSOH[R,,,

1HVWH FRPSOH[R GHQRPLQDGR FRPSOH[R GRV FLWRFURPRVEFRXXELTXLQRQD

XPD SURWHtQD VRO~YHO H R VHX JUXSR KHPH DFHLWD XP HOpWURQ GR FRPSOH[R ,,, PRYHQGRVHHPGLUHomRDRFRPSOH[R,9SDUDGRDURHOpWURQDXPFHQWURGHFREUH ELQXFOHDUQHVVDHQ]LPD1(/621&2;

2 DFRSODPHQWR GR WUDQVSRUWH GH HOpWURQV j WUDQVORFDomR GH SUyWRQV SHOR FRPSOH[R ,,, RFRUUH HP GXDV HWDSDV )LJXUD VHQGR GHQRPLQDGR FLFOR 4 1D SULPHLUDHWDSDRXELTXLQRO4+SHUGHXPHOpWURQHHPSUyWRQRULJLQDQGRRUDGLFDO

VHPLXELTXLQRQD 4+Ɣ VHQGR TXH R HOpWURQ VHJXH R FDPLQKR 4+ĺ )H6 ĺ

FLWRFURPRFĺFLWRFURPRFHRSUyWRQ+pOLEHUDGRQRHVSDoRLQWHUPHPEUDQDV2 UDGLFDO4+Ɣ_{WUDQVIHUHVHXHOpWURQDRVFLWRFURPRVEHSURPRYHDH[WUXVmRGRSUyWRQ}

FRQYHUWHQGRVH HP VXD IRUPD R[LGDGD D XELTXLQRQD 4 TXH VH GHVORFD DR VtWLR FDWDOtWLFRLQWHUQRVHWDSRQWLOKDGDUHFHEHQGRQRYDPHQWHRHOpWURQGRFLWRFURPRE H UHDJLQGR FRP XP + GD PDWUL] UHFXSHUDQGR 4+Ɣ 1D VHJXQGD HWDSD RXWUD PROpFXOD GH XELTXLQRO UHDOL]D R PHVPR WUDMHWR GHVFULWR DFLPD DWp D SDVVDJHP GR HOpWURQSDUDRVFLWRFURPRVEHIRUPDomRGHXELTXLQRQDTXHVDLGRFRPSOH[R,,,H UHWRUQDjELFDPDGDOLStGLFDVHWDSRQWLOKDGD(PVHJXLGDRHOpWURQpWUDQVIHULGRGR FLWRFURPRESDUDRUDGLFDO4+ƔIRUPDGRQDSULPHLUDHWDSDHUHJHQHUD4+FRP

FRQVXPRGHXP+GDPDWUL]PLWRFRQGULDO$VHJXQGDPROpFXODGHFLWRFURPRFDR VH UHGX]LU SURPRYH D H[WUXVmR GH PDLV GRLV + _{FRQVRPH RXWUR + GD PDWUL]}

UHJHQHUD D PROpFXOD GH 4+ FRQVXPLGD H SURGX] D IRUPD R[LGDGD XELTXLQRQD

FDSD]GHUHFHEHUQRYDPHQWHHOpWURQVGRVFRPSOH[RVGDFDGHLDTXHDDQWHFHGHP 0$5==2&27255(6

),*85$0RGHORUHSUHVHQWDWLYRGRFLFOR4)RQWH0$5==2&27255(6

$ UHGXomR GR FLWRFURPR F H D R[LGDomR GR XELTXLQRO QR FRPSOH[R ,,, SURPRYHP D UHWLUDGD GH GRLV SUyWRQV GD PDWUL] H ERPEHLD TXDWUR SUyWRQV SDUD R HVSDoR LQWHUPHPEUDQDV 0$5==2&2 7255(6 $V UHDo}HV TXH FDUDFWHUL]DPRFLFOR4VmR

3ULPHLUDHWDSD 6HJXQGDHWDSD

4+ĺ4+Ɣ 4+ĺ4

4+Ɣ_ĺ4+

FLWF)H_{ĺFLWF)H FLWF)HĺFLWF)H}

+PDWUL]ĺ+H[WHULRU +PDWUL]ĺ+H[WHULRU

)LQDO4+FLWF)H+PDWUL]ĺ4FLWF)H+H[WHULRU

2 PL[RWLD]RO H D DQWLPLFLQD $ VmR LQLELGRUHV GR FRPSOH[R ,,, 2 PL[RWLD]RO SURYpP GD EDFWpULD 0\[RFRFFXV IXOYXV H EORTXHLD D R[LGDomR GR XELTXLQRO $ DQWLPLFLQD$XPDQWLELyWLFRSURGX]LGRSRUYiULDVHVSpFLHVGHIXQJRV6WUHSWRP\FHV LQLEH D WUDQVIHUrQFLD GR HOpWURQ GR JUXSR KHPHE SDUD D PROpFXOD GH TXLQRQD RX VHPLTXLQRQD:$//$&(67$5.29

&RPSOH[R,9

2 FRPSOH[R ,9 RX FLWRFURPRR[LGDVH p XPD SURWHtQD FRQWLGD QD PHPEUDQD PLWRFRQGULDO LQWHUQD TXH FRQWpP VXEXQLGDGHV 7UDQVSRUWD GRLV HOpWURQV GR FLWRFURPR F SDUD XP DFHSWRU ILQDO R R[LJrQLR PROHFXODU UHGX]LQGRR D iJXD 1(/621&2;

1RVHXFDULRWRVDSURWHtQDTXHFRPS}HRFRPSOH[R,9FRQVWLWXLXP GtPHUR VHQGRTXHFDGDPRQ{PHURFRQWHQGRVXEXQLGDGHVSURWpLFDVHHVWmRDVVRFLDGRV DGRLVJUXSRVKHPHWLSRDHDHWUrVtRQVGHFREUHRUJDQL]DGRVHPGRLVFHQWURV GHQRPLQDGRV &X$&X$ FRQWHQGR GRLV tRQV GH FREUH H &X% FRQWHQGR XP tRQ GH

FREUH(VWHVtRQVVHDOWHUQDPHQWUHRVHVWDGRVGHR[LGDomR&X_H&X2JUXSR

KHPHD H R FHQWUR &X% VmR PXLWR SUy[LPRV RULJLQDQGR R FHQWUR DWLYR QR TXDO R

R[LJrQLRpUHGX]LGRjiJXD0$5==2&27255(6

1RFRPSOH[R,9)LJXUDRVHOpWURQVVmRWUDQVIHULGRVGRFLWRFURPRFSDUD RFHQWUR&X$GRKHPHDSDUDRKHPHDFHQWUR&X%HHPVHJXLGDSDUDR23DUD

FDGDTXDWURHOpWURQVTXHDWUDYHVVDPHVWHFRPSOH[RKiRFRQVXPRSHODHQ]LPDGH TXDWUR + GD PDWUL] FRQYHUWHQGR R R[LJrQLR 2 HP GXDV PROpFXODV GH iJXD $

HQHUJLD GHVVD UHDomR UHGR[ p XWLOL]DGD SDUD ERPEHDU XP SUyWRQ DR HVSDoR LQWHUPHPEUDQDV SDUD FDGD HOpWURQ WUDQVSRUWDGR DXPHQWDQGR R SRWHQFLDO HOHWURTXtPLFR JHUDGR SHOR WUDQVSRUWH GH SUyWRQV DWUDYpV GRV FRPSOH[RV , H ,,, LQGX]LGRVSHODVUHDo}HVUHGR[1(/621&2;

),*85$&RPSOH[R,9FLWRFURPRFR[LGDVH)RQWH0$5==2&27255(6

2FRPSOH[R,9FRQWULEXLSDUDRJUDGLHQWHGHSUyWRQVHXWLOL]DHPWRUQRGH GHWRGRRR[LJrQLRFRQVXPLGRSHORRUJDQLVPRKXPDQRSURGX]LQGRFHUFDGHP/ GH+2GLDULDPHQWH0$5==2&27255(6$UHDomRGHUHGXomRGHTXDWUR

HOpWURQVGRR[LJrQLRHR[LGDomRGHTXDWURPROpFXODVGHFLWRFURPRFUHGX]LGRp

FLWF

UHGX]LGR+2ĺFLWFR[LGDGR+2

$ UHGXomR GH TXDWUR HOpWURQV GR 2 QmR SRGH JHUDU LQWHUPHGLiULRV

LQFRPSOHWDPHQWHUHGX]LGRVFRPRSHUy[LGRGHKLGURJrQLRHUDGLFDLVKLGUR[LO OLYUHV HVSpFLHVUHDWLYDVFDSD]HVGHGDQLILFDURVFRPSRQHQWHVFHOXODUHV2VLQWHUPHGLiULRV ILFDP OLJDGRV DR FRPSOH[R ,9 DWp VHUHP FRPSOHWDPHQWH FRQYHUWLGRV HP iJXD 1(/621&2;(QWUHWDQWRHYLGrQFLDVLQGLFDPTXHKiIRUPDomRGRUDGLFDO VXSHUy[LGR QRV FRPSOH[RV , H ,,, GHYLGR j UHDomR GD IRUPD VHPLTXLQRQD GD FRHQ]LPD4RXGR)01FRPRR[LJrQLR(VWHSURFHVVRVHLQWHQVLILFDULDQDIDOWDGH $'3 TXDQGR R JUDGLHQWH HOHWURTXtPLFR DXPHQWD 8PD LQLELomR QD FDGHLD WUDQVSRUWDGRUD GH HOpWURQV GHVHQFDGHDULD XP DXPHQWR QD PHLDYLGD GH LQWHUPHGLiULRV FRP HOpWURQV GHVHPSDUHOKDGRV FDSD]HV GH UHGX]LU R[LJrQLR PROHFXODUDtRQVVXSHUy[LGRV$UHGXomRSDUFLDOGRR[LJrQLRPROHFXODUSRUDGLomR GHXPHOpWURQJHUDtRQVXSHUy[LGRTXHUHDJHFRPRXWURHOpWURQ RULJLQDQGRR tRQ SHUy[LGRTXHSURWRQDVHJHUDQGRSHUy[LGRGHKLGURJrQLR(VWHHPERUDQmRVHMDXP UDGLFDOOLYUHpXPSRWHQWHR[LGDQWHSRGHQGRJHUDUXPUDGLFDOPXLWRUHDWLYRRKLGUR[LO 0$5==2&27255(6

2

ĺ

ĺ

ĺ

ĺ

$FDGHLDWUDQVSRUWDGRUDGHHOpWURQVpFRQVLGHUDGDDPDLRUIRQWHHQGyJHQDGH HVSpFLHV UHDWLYDV GH R[LJrQLR DOpP GRV SHUR[LVVRPRV UHWtFXOR HQGRSODVPiWLFR H FpOXODV GR VLVWHPD LPXQROyJLFR RQGH D SURGXomR p IXQGDPHQWDO SDUD FRPEDWHU DJHQWHV DJUHVVRUHV H[WHUQRV FRPR DV EDFWpULDV SRU H[HPSOR (VWDV HVSpFLHV UHDWLYDVLQWHUDJHPFRPSURWHtQDVH'1$PRGLILFDQGRVXDVHVWUXWXUDVHFRPOLStGLRV WUDQVIRUPDQGRRV HP SHUy[LGRV SRU UHDomR FRP GXSODV OLJDo}HV SHUWHQFHQWHV jV PROpFXODVGRViFLGRVJUD[RVFRPSRQHQWHVGDVPHPEUDQDVSRGHQGRGHVHQFDGHDU OLVHFHOXODU0$5==2&27255(6

&RPSRVWRVFOiVVLFRVLQLELGRUHVGHVWHFRPSOH[RLQFOXHPRFLDQHWRDD]LGDHR PRQy[LGRGHFDUERQR&22VGRLVSULPHLURVVHOLJDPjIRUPDIpUULFDGRFLWRFURPR

D GH PDQHLUD QmR FRPSHWLWLYD DR R[LJrQLR H R &2 OLJDVH j IRUPD IHUURVD

FRPSHWLQGRFRPRR[LJrQLR:$//$&(67$5.29

&RPSOH[R9RX)R)$73DVH

2 FRPSOH[R 9 RX )R)$73DVH SRVVXL GXDV HVWUXWXUDV SURWpLFDV GLVWLQWDV

VHQGR)RXPDSRUomRWUDQVPHPEUDQDDWUDYpVGDTXDORVSUyWRQV+UHWRUQDPSDUD

RLQWHULRUGDPDWUL]PLWRFRQGULDOH)XPDSURWHtQDSHULIpULFDTXHSHUPLWHDVtQWHVH

RXKLGUyOLVHGH$73-81*(/,//(1*(/%5(&+7$OHWUDRVXEVFULWDHP )R VLJQLILFD VHQVtYHO j ROLJRPLFLQD 1(/621 &2; H RQ~PHUR HP )VH

UHIHUHDRQRPHDHVWDSRUomRGHIDWRUGHDFRSODPHQWR0$5==2&27255(6

2 PRGHOR SURSRVWR SDUD D $73 VLQWDVH )LJXUD SURYpP GD(VFKHULFKLD FROL$SRUomR)pIRUPDGDSRUVXEXQLGDGHVĮȕȖįHİSURMHWDQGRVHSDUDD

PDWUL] PLWRFRQGULDO VHQGR TXH DV VHLV VXEXQLGDGHV PDLRUHV WUrV Į H WUrV ȕ DOWHUQDPVHHPXPFtUFXORDRUHGRUGDVXEXQLGDGHȖTXHSRUVXDYH]DVVRFLDVHj VXEXQLGDGHİ2KH[kPHURĮȕLQWHUDJHFRPDVXEXQLGDGHį$SRUomR)RFRQWpP

DVVXEXQLGDGHVDEHFHHVWiLQVHULGDQDPHPEUDQDLQWHUQD$VVXEXQLGDGHVF

Ǩ Ǩ + _Ǩ

+ ₊₂ 2[LJrQLR 6XSHUy[LGR 3HUy[LGR 3HUy[LGR

GH +LGURJrQLR

IRUPDPHVWUXWXUDHPIRUPDGHDQHOHLQWHUDJHPFRPDVXEXQLGDGHDTXHSRUVXD YH] OLJDVH DR GtPHURE $ XQLmR GDV GXDV SRUo}HV RFRUUH SRU PHLR GH XP HL[R

FHQWUDOIRUPDGRSRUVXEXQLGDGHVȖİHSRUXPHL[RODWHUDOFRQWHQGRDVVXEXQLGDGHV įE1DSRUomR)RH[LVWHPFDQDLVGHSDVVDJHPGHSUyWRQVHQWUDGDHVDtGDHQD

SRUomR)RFRUUHDVtQWHVHGH$73SRUPHLRGHWUrVVtWLRVDWLYRVSUHVHQWHVXPHP

FDGDXQLGDGHȕMXQWRDXPDLQWHUIDFHĮȕ0$5==2&27255(6

),*85$)R)$73DVH)RQWH0$5==2&27255(6

2V LQLELGRUHV GD )R)$73DVH VmR D ROLJRPLFLQD DQWLELyWLFR LVRODGR GD

HVSpFLH 6WUHSWRP\FHV GLDVWRFKURPRJHQHV H R GLFLFORKH[LOFDUERGLLPLGD '&&' 623(53('(56(1$PERVUHDJHPFRYDOHQWHPHQWHFRPDVXEXQLGDGHF GH )R EORTXHDQGR R IOX[R GH SUyWRQV H LQLELQGR D DWLYLGDGH GD )R)$73DVH

623(53('(56(1HFRQVHTHQWHPHQWHDVtQWHVHGH$738PDYH]TXH RVSURFHVVRVGHVtQWHVHGH$73HWUDQVSRUWHGHHOpWURQVVmRDFRSODGRVREORTXHLR GHXPGHOHVUHIOHWHLPHGLDWDPHQWHQRRXWURRXVHMDLQWHUURPSHDVtQWHVHGH$73H RFRQVXPRGHR[LJrQLRLQGLFDQGRLQWHUUXSomRQRWUDQVSRUWHGHHOpWURQVQDFDGHLD UHVSLUDWyULD

)RVIRULODomRR[LGDWLYD

&RQIRUPHDWHRULDTXLPLRVPyWLFDSURSRVWDSRU0LWFKHOODVVRFLDGDjKLSyWHVH GR DFRSODPHQWR FRQIRUPDFLRQDO GH %R\HU D SDVVDJHP GH HOpWURQV QD FDGHLD UHVSLUDWyULDDWUDYpVGRVFRPSOH[RV,,,,H,9SHUPLWHDHMHomRGHSUyWRQVGDPDWUL] SDUD R HVSDoR LQWHUPHPEUDQDV RULJLQDQGR XP JUDGLHQWH HOHWURTXtPLFR GH SUyWRQV )LJXUD$HQHUJLDOLYUHOLEHUDGDSHORUHWRUQRGHVWHVSUyWRQVDWUDYpVGRFDQDOGH SUyWRQV ORFDOL]DGRV QD SRUomR )R GD HQ]LPD )R)$73DVH j PDWUL] PLWRFRQGULDO

SURPRYHXPDDOWHUDomRFRQIRUPDFLRQDOQRVVtWLRVFDWDOtWLFRVORFDOL]DGRVQDSRUomR )GHVWDHQ]LPDOLEHUDQGRR$73IRUPDGRDSDUWLUGH$'3H3L%2<(5HWDO

0,7&+(//

),*85$(VTXHPDUHSUHVHQWDWLYRGRRWUDQVSRUWHGHHOpWURQVHDIRVIRULODomRR[LGDWLYD)RQWH 0$5==2&27255(6

TXDO R VXEVWUDWR UHVSLUDWyULR p R IDWRU OLPLWDQWH GD UHVSLUDomR R HVWDGR FRQWpP WRGRV RV FRPSRQHQWHV HP FRQFHQWUDo}HV DGHTXDGDV VHQGR D YHORFLGDGH GH IRVIRULODomR GR $'3 R IDWRU OLPLWDQWH R HVWDGR EDVDO QR TXDO D UHVSLUDomR p OLPLWDGDSHODGLVSRQLELOLGDGHGH$'3HRHVWDGRFDUDFWHUL]DGRSHODDXVrQFLDGH R[LJrQLR025(/$1'

1R LQWHULRU GD FpOXOD HP FRQGLo}HV QRUPDLV DV PLWRF{QGULDV XWLOL]DP D HQHUJLDDFXPXODGDQDIRUPDGRJUDGLHQWHGHSUyWRQVSDUDVLQWHWL]DU$73SRUPHLR GD)R)$73DVH3RUpPQDSUHVHQoDGHTXDQWLGDGHVHOHYDGDVGH$73DXVrQFLDGH

VXEVWUDWRVR[LGiYHLVHDXVrQFLDGH$'3DHQ]LPD)R)$73DVHVHFRPSRUWDFRPR

XPDIRVIRKLGURODVHHRSHUDQRVHQWLGRGHKLGUyOLVHGH$73HMHWDQGRSUyWRQVSDUDR HVSDoR LQWHUPHPEUDQDV FRP R REMHWLYR GH PDQWHU R JUDGLHQWH HOHWURTXtPLFR GH SUyWRQV VHPHOKDQWH DR JUDGLHQWH SURSRUFLRQDGR SHOD R[LGDomR GH VXEVWUDWRV R[LGiYHLV QD FDGHLD UHVSLUDWyULD %5$&+7 ,6+,,,:$0272 6$/*8(,52 3$*$',*255,$

$DWLYLGDGH$73iVLFDIRVIRKLGURODVHGD)R)$73DVHSRGHVHUPHGLGDSHOD

TXDQWLGDGH GH IRVIDWR OLEHUDGR XWLOL]DQGR PLWRF{QGULDV LVRODGDV GH ItJDGR GH UDWR LQWDFWDV GHVDFRSODGDV FRP &&&3 RX PLWRF{QGULDV URPSLGDV 1HVWDV WUrV SUHSDUDo}HVGLVWLQWDVGLIHUHQWHVIDWRUHVFRQWURODPDDWLYLGDGHGD)R)$73DVHHRV

UHVXOWDGRV REWLGRV QRV H[SHULPHQWRV SHUPLWHP DYDOLDU R HIHLWR GH GURJDV RX LQLELGRUHV HVSHFtILFRV DX[LOLDQGR QD HOXFLGDomR GRV PHFDQLVPRV GH DomR GHVWDV VXEVWkQFLDV$VVLPVHQGRHPPLWRF{QGULDVLQWDFWDVDDWLYLGDGH$73iVLFDGD)R)

$73DVH p FRQWURODGD UHWURDWLYDPHQWH SHOR SRWHQFLDO HOHWURTXtPLFR GH SUyWRQV H D YHORFLGDGHGHKLGUyOLVHGH$73GHYHVHUOHQWDGHFRUUHQWHDSHQDVGDFRPSHQVDomR GHXPSHTXHQRHVFRDPHQWRQDWXUDOGHSUyWRQVTXHUHWRUQDPjPDWUL]PLWRFRQGULDO (PPLWRF{QGULDVLQWDFWDVGHVDFRSODGDVDYHORFLGDGHGHFDWiOLVHGH$73SHOD)R)

$73DVH GHSHQGHUi DSHQDV GD FDSDFLGDGH GHVWD HQ]LPD HP KLGUROLVDU $73 H GD YHORFLGDGHGHWURFDGH$'3SRU$73SHORWUDQVORFDGRUGH$'3$73$VVLPVHQGR ,QLELGRUHVHVSHFtILFRVGD)R)$73DVHROLJRPLFLQDRXGRWUDQVORFDGRUGH$'3$73

DWUDFWLORVtGHR SURPRYHP GLPLQXLomR GD YHORFLGDGH GH KLGUyOLVH GH $73 -i HP PLWRF{QGULDV URPSLGDV R $73 SDVVD D WHU OLYUH DFHVVR j )R)$73DVH H D

'HVDFRSODGRUHVGDIRVIRULODomRR[LGDWLYD

'HVDFRSODGRUHV VmR VXEVWkQFLDV KLGURIyELFDV FDSD]HV GH DWUDYHVVDU D PHPEUDQD PLWRFRQGULDO LQWHUQD WUDQVSRUWDQGR SUyWRQV SURYHQLHQWHV GR HVSDoR LQWHUPHPEUDQDV DWLYLGDGH GHQRPLQDGD SURWRQRIRUpWLFD DWp j PDWUL] PLWRFRQGULDO 'HVVD PDQHLUD LPSHGHP D IRUPDomR GR JUDGLHQWH GH SUyWRQV FRP GLVVLSDomR GD HQHUJLDQDIRUPDGHFDORUTXHVHULDHPSUHJDGDQDVtQWHVHGH$732WUDQVSRUWH GRV HOpWURQV QD FDGHLD WRUQDVH HQHUJHWLFDPHQWH PDLV IDYRUiYHO SHOD IDOWD GH WUDQVSRUWHGHSUyWRQVFRQWUDHVWHJUDGLHQWHHVXDYHORFLGDGHDXPHQWDDXPHQWDQGR DYHORFLGDGHGHFRQVXPRGHR[LJrQLR0$5==2&27255(6

2V UHSUHVHQWDQWHV GHVWD FODVVH LQFOXHP R GLQLWURIHQRO '13 R FDUERQLOFLDQHWRSWULIOXRURPHWR[LIHQLOKLGUD]RQD )&&3 H FDUERQLOFLDQHWRP FORURIHQLOKLGUD]RQD &&&3 WRGRV iFLGRV OLSRItOLFRV IUDFRV FDSD]HV GH WUDQVSRUWDU SUyWRQVDWUDYpVGDPHPEUDQDPLWRFRQGULDOLQWHUQDHGHVID]HURJUDGLHQWHQHFHVViULR j VtQWHVH GH $73 7UDEDOKRV GHVHQYROYLGRV DQWHULRUPHQWH HYLGHQFLDUDP RXWUDV VXEVWkQFLDVFRPFDSDFLGDGHVGHVDFRSODGRUDVFRPRLRQyIRURV.$'(1%$&+ :$//$&( 67$5.29 H DQWLLQIODPDWyULRV QmRHVWHURLGDLV GHQWUH HOHV R GLFORIHQDFRGHVyGLRiFLGRPHIHQkPLFRHDQLPHVXOLGD&$3$552=$66()HWDO 0,1*$772HWDO

*HQHUDOLGDGHV6REUHR)tJDGRH+HSDWRWR[LFLGDGH

GHVLQWR[LFDomR H PHFDQLVPRV GH GHIHVD TXH HYLGHQFLD VH XP FRPSRVWR GHVHQFDGHLDRXQmRWR[LFLGDGH*Ï0(=/(&+Ï1HWDO

$DWLYLGDGHDQDEyOLFDGRVKHSDWyFLWRVWDPEpPSRGHFDXVDUGDQRVFHOXODUHV SRUPHLRGHYiULRVPHFDQLVPRVGHQWUHHOHVSHORFRPSURPHWLPHQWRGDSURGXomRGH HQHUJLDPLWRFRQGULDO0(<(5.8/.$51,

$VKHSDWRWR[LFLGDGHVLQGX]LGDVTXLPLFDPHQWHVmRFDXVDGDVSRUVXEVWkQFLDV FDSD]HVGHSURYRFDUGDQRVDRVKHSDWyFLWRVGHQRPLQDGDVKHSDWRWR[LFDQWHV'URJDV KHSDWRWy[LFDVLQWUtQVHFDVGHSHQGHPGDUHODomRGRVHUHVSRVWDHQTXDQWRGDQRVDR ItJDGRFDXVDGRVSRUKHSDWRWR[LFDQWHVLGLRVVLQFUiWLFRVGDVXVFHSWLELOLGDGHLQGLYLGXDO HUHVXOWDPGHUHDo}HVGHKLSHUVHQVLELOLGDGHRXFRQYHUV}HVPHWDEyOLFDVQmRXVXDLV DVTXDLVSRGHPDFRQWHFHUGHYLGRDRSROLPRUILVPRQRJHQHPHWDEyOLFRGHIiUPDFRV 0(<(5.8/.$51,

2XWURVPHFDQLVPRVGHLQWHUDomRGRWR[LFDQWHHQYROYHPHIHLWRVVHFXQGiULRV GHQWUHHOHVGHSOHomRGHPROpFXODVFHOXODUHVWDLVFRPR$73H*6+SURGXomRGH UDGLFDLV OLYUHV GDQRV R[LGDWLYRV SULQFLSDOPHQWH SDUD D PHPEUDQD OLStGLFD OLJDomR FRYDOHQWHGHPHWDEyOLWRVUHDWLYRVHPPROpFXODVFHOXODUHVLPSRUWDQWHVHFRODSVRGR JUDGLHQWHGHtRQVUHJXODWyULRV0(<(5.8/.$51,

0$7(5,$/(0e72'2

$YDOLDomReWLFD

$ &RPLVVmR GH eWLFD HP ([SHULPHQWDomR $QLPDO &(($ GR &DPSXV ([SHULPHQWDO GD 81(63 GH 'UDFHQD FHUWLILFRX TXH RV SURFHGLPHQWRV XWLOL]DQGR DQLPDLV HVWmR GH DFRUGR FRP RV ³3ULQFtSLRV eWLFRV QD ([SHULPHQWDomR $QLPDO´

3URWRFRORQR

$QLPDLV

5DWRV:LVWDUPDFKRVSURYHQLHQWHVGR%LRWpULR&HQWUDOGD8QHVS&DPSXVGH %RWXFDWX ILFDUDP DORMDGRV QR %LRWpULR GR &DPSXV ([SHULPHQWDO GH 'UDFHQD HP Q~PHURPi[LPRGHTXDWURDQLPDLVSRUFDL[DFRPFREHUWXUDPHWiOLFDHVHUUDJHPGH PDGHLUD $V FDL[DV SOiVWLFDV FRP GLPHQV}HV &[/[$ [[ FP IRUDP DUPD]HQDGDVVREWHPSHUDWXUDFRQWURODGDGHDSUR[LPDGDPHQWHž& H RVDQLPDLV UHFHEHUDP DOLPHQWR H iJXDDG OLELWXP VHJXLQGR UHFRPHQGDo}HV GR*XLGH IRU WKH &DUHDQG8VHRI/DERUDWRU\$QLPDOV,QVWLWXWHIRU/DERUDWRU\$QLPDO5HVHDUFK2V DQLPDLVQmRUHFHEHUDPWUDWDPHQWRSUpYLRDWpRPRPHQWRGDGHFDSWDomRXPDYH] TXH RV H[SHULPHQWRV FRP D DEDPHFWLQD IRUDP UHDOL]DGRVLQ YLWUR HPSUHJDQGR PLWRF{QGULDVLVRODGDVGRItJDGR

5HDJHQWHV

(P WRGRV RV HQVDLRV UHDJHQWHV GH DOWR JUDX DQDOtWLFR GLVSRQtYHLV FRPHUFLDOPHQWHIRUDPHPSUHJDGRVHDVVROXo}HVIRUDPSUHSDUDGDVFRPiJXDXOWUD ILOWUDGD HP VLVWHPD SXULILFDGRU 0LOOLSRUH 'LUHFW4Š _0LOOL4Š _{$V VXEVWkQFLDV}

OLSRItOLFDVLQFOXtGRDDEDPHFWLQDIRUDPVROXELOL]DGDVHPGLPHWLOVXOIy[LGR'062

$EDPHFWLQD

&RQVLGHUDQGRVH GDGRV SUHOLPLQDUHV GH WHVWHV UHDOL]DGRV QR ODERUDWyULR DV GRVHV VHOHFLRQDGDVHHPSUHJDGDVQRVH[SHULPHQWRVLQYLWURIRUDPGHHȝ0

,VRODPHQWRV GH 0LWRF{QGULDV ,QWDFWDV H 3UHSDUDomR GH 0LWRF{QGULDV 5RPSLGDV

2PpWRGRGDFHQWULIXJDomRGLIHUHQFLDO3('(56(1HWDOIRLDSOLFDGR QRLVRODPHQWRGDVPLWRF{QGULDVSURYHQLHQWHVGHUDWRV:LVWDUPDFKRVFRP JDQHVWHVLDGRVFRPpWHUHHXWDQDVLDGRVSRUGHFDSWDomRHPJXLOKRWLQD$H[SRVLomR GRItJDGRRFRUUHXPHGLDQWHLQFLVmRELODWHUDOQDFDYLGDGHDEGRPLQDOFRPUHPRomR LPHGLDWDVHQGRSLFRWDGRHPSHTXHQRVIUDJPHQWRVLPHUVRVUDSLGDPHQWHHPP/ GH PHLR FRQWHQGR VDFDURVH P0 ÈFLGR HWLOHQRJOLFRO ELVȕ DPLQRHWLO pWHU 1111 WHWUDDFpWLFR (*7$ P0 H ÈFLGR > KLGUR[LOHWLO SLSHUD]LQLO@ HWDQRVVXOI{QLFR+(3(6.2+P0S+DR&2VIUDJPHQWRVDSyVODYDJHQV VXFHVVLYDV QR PHVPR PHLR IRUDP KRPRJHQHL]DGRV WUrV YH]HV SRU VHJXQGRV FRP LQWHUYDORV GH PLQXWR HP KRPRJHQHL]DGRU 3RWWHU(OYHKMHP $ VXVSHQVmR REWLGDIRLFHQWULIXJDGDDJGXUDQWHPLQXWRVDR&HRVREUHQDGDQWHUHVXOWDQWH FHQWULIXJDGR D J GXUDQWH PLQXWRV D R& 2 VHGLPHQWR REWLGR IRL UHVVXVSHQVR HP P/ GH PHLR FRQWHQGR VDFDURVH P0 (*7$ P0 H +(3(6.2+P0S+HFHQWULIXJDGRDJGXUDQWHPLQXWRVDR_&2

VHGLPHQWR PLWRFRQGULDO ILQDO UHVXOWDQWH IRL KRPRJHQHL]DGR HP P/ GH PHLR FRQWHQGRVDFDURVH0H+(3(6.2+P0S+PDQWLGRHPWHPSHUDWXUD GHR_{&HXWLOL]DGRSRUSHUtRGRPi[LPRGHKRUDVDSyVRLVRODPHQWR}

$V PLWRF{QGULDV URPSLGDV IRUDP REWLGDV D SDUWLU GDV LQWDFWDV LVRODGDV SRU PHLR GH FKRTXH WpUPLFR DSyV WUrV FLFORV FRQVHFXWLYRV GH FRQJHODPHQWR HP QLWURJrQLROtTXLGRHGHVFRQJHODPHQWRHPEDQKRDTXHFLGRDž&(PVHJXLGDRV IUDJPHQWRV GH PHPEUDQD IRUDP PDQWLGRV D ž& H XWLOL]DGRV QD DYDOLDomR GDV DWLYLGDGHVHQ]LPiWLFDVPLWRFRQGULDLVHPXPSHUtRGRPi[LPRGHKRUDV

'HWHUPLQDo}HVGDV3URWHtQDV0LWRFRQGULDV

PYVHJXLGRGHȝ/GHiJXD0LOOL4Š_{Hȝ/GHUHDJHQWH%LXUHWR}

PY$FRQFHQWUDomRGHSURWHtQDIRLGHWHUPLQDGDHPFRPSULPHQWRGHRQGDGH QP SRU PHLR GD FXUYD GH FDOLEUDomR FRP D DOEXPLQD GH VRUR ERYLQR %6$ FRPR SDGUmRSUHSDUDGDQDVPHVPDVFRQGLo}HVGDVDPRVWUDV

'HWHUPLQDomRGR&RQVXPRGH2[LJrQLR

2 FRQVXPR GH R[LJrQLR SRU PLWRF{QGULDV LQWDFWDV IRL PRQLWRUDGR SRODURJUDILFDPHQWH HP R[tPHWUR HTXLSDGR FRP HOHWURGR GH R[LJrQLRGRWLSR &ODUN 6WUDWKNHOYLQ 3UHFLVLRQ 'LVVROYHG 2[\JHQ 5HVSLURPHWHU 6WUDWKNHOYLQ ,QVWUXPHQWV /LPLWHG*ODVJRZ6FRWODQG8.HRVSDUkPHWURVUHVSLUDWyULRVIRUDPGHWHUPLQDGRV FRQIRUPH &KDQFH H :LOOLDQV $V PLWRF{QGULDV LQWDFWDV PJP/ IRUDP LQFXEDGDV VRE DJLWDomR YROXPH ILQDO GH P/ HP XPD FkPDUD IHFKDGD H WHUPRVWDWL]DGDDR&QRPHLRGHUHVSLUDomRFRQWHQGRVDFDURVHP0.&O

P0H+(3(6.2+P0DFUHVFLGRGH(*7$P0H.+32P0S+

HHQHUJL]DGDVFRPJOXWDPDWRP0PDODWRP0RXVXFFLQDWRGHSRWiVVLRP0 DFUHVFLGR GH URWHQRQD P0 RX 1111WHWUDPHWLOSIHQLOHQRGLDPLQD 703' ȝ0 DVFRUEDWR P0 'LIHUHQWHV FRQFHQWUDo}HV H ȝ0 GD DEDPHFWLQD IRUDP DGLFLRQDGDV H DV YHORFLGDGHV GH FRQVXPR GH R[LJrQLR GHWHUPLQDGDV SRU PHLR GR VRIWZDUH 6WUDWKNHOYLQ 2[\JHQ 6\VWHP YHUVmR H[SUHVVDV FRPR QPRO 2 FRQVXPLGRPLQ PJ GH SURWHtQD $ UHVSLUDomR GR

HVWDGRWHYHLQtFLRDSyVDDGLomRGHQPROVGH$'3

'HWHUPLQDo}HV GDV $WLYLGDGHV GDV (Q]LPDV 5HODFLRQDGDV j &DGHLD 5HVSLUDWyULD0LWRFRQGULDO1$'+'HVLGURJHQDVHH6XFFLQDWR'HVLGURJHQDVH

GHWHUPLQDGDSHORGHFUpVFLPRGDDEVRUYkQFLDHPFRPSULPHQWRGHRQGDGHQPH D DWLYLGDGH GDV HQ]LPDV IRL UHSUHVHQWDGD HP QPROPLQ PJ GH SURWHtQD FRQVLGHUDQGRRFRHILFLHQWHGHH[WLQomRPRODUGRIHUULFLDQHWRGHP0

'HWHUPLQDomRGR3RWHQFLDO(OpWULFRGH0HPEUDQD0LWRFRQGULDO¨Ȍ

2SRWHQFLDOHOpWULFRGHPHPEUDQDGDVPLWRF{QGULDVLQWDFWDVIRLGHWHUPLQDGR HPHVSHFWURIOXRUtPHWURPRGHOR5)3&6KLPDG]X7RN\R-DSmRPRQLWRUDQGR VH DV YDULDo}HV GH IOXRUHVFrQFLD SURPRYLGD SHOD FDSWDomR GH VDIUDQLQD 2 QRV FRPSULPHQWRVGHRQGDGHHQPSDUDH[FLWDomRHHPLVVmRUHVSHFWLYDPHQWH $V PLWRF{QGULDV LQWDFWDV PJP/ IRUDP LQFXEDGDV D ž& HP PHLR GH UHDomR YROXPH ILQDO GH P/ FRQWHQGR VDFDURVH P0 .&O P0 (*7$ P0 +(3(6.2+P0S+HRLQGLFDGRUVDIUDQLQD2—02VVXEVWUDWRVXVDGRV IRUDPJOXWDPDWRP0PDODWRP0RXVXFFLQDWRP0DFUHVFLGRGHURWHQRQD —0 $ DEDPHFWLQD IRL WHVWDGD QD FRQFHQWUDomR GH ȝ0 2V UHVXOWDGRV IRUDP H[SUHVVRV FRPR SRUFHQWDJHP HP UHODomR j IOXRUHVFrQFLD GD DPRVWUD FRQWUROH RX VHMDVHPDGLomRGHDEDPHFWLQD

4XDQWLILFDomRGH$730LWRFRQGULDO

D J GXUDQWH PLQXWRV D ž& 2V VREUHQDGDQWHV UHVXOWDQWHV ȝ/ GH FDGD IRUDP DYDOLDGRV HP WULSOLFDWD QR /XPLQ{PHWUR GH DFRUGR FRP DV UHFRPHQGDo}HVGRIDEULFDQWHGRNLW

'HWHUPLQDomRGD$WLYLGDGHGD)R)$73DVH0LWRFRQGULDO

$DWLYLGDGHGD)R)$73DVHIRLGHWHUPLQDGDFRQIRUPH%UDFKW,VKLL,ZDPRWRH

6DOJXHLUR3DJDGLJRUULD HP SUHSDUDo}HV GH PLWRF{QGULDV LQWDFWDV GHVDFRSODGDV H PLWRF{QGULDV URPSLGDV $V PLWRF{QGULDV LQWDFWDV PJP/ IRUDP GHVDFRSODGDV FRP FDUERQLOFLDQHWRPFORURIHQLOKLGUD]RQD &&&3 ȝ0 H R PHLR HPSUHJDGRFRQWLQKDVDFDURVHP0.&OP0(*7$P0+(3(6.2+ P0S+(PPLWRF{QGULDVURPSLGDVPJP/RPHLRFRQWLQKDWDPSmR7ULV +&OP0S+

2SURFHGLPHQWRIRLRPHVPRQDVGXDVSUHSDUDo}HVHFRQVLVWLXHPLQFXEDUDV PLWRF{QGULDVQRVUHVSHFWLYRVPHLRVYROXPHILQDOGHP/HDGLFLRQDUGLIHUHQWHV FRQFHQWUDo}HV H ȝ0 GH DEDPHFWLQD $ UHDomR IRL LQLFLDGD FRP D DGLomR GH $73 P0 H LQFXEDomR GXUDQWH PLQXWRV HP EDQKR D ž& 1D VHTrQFLDiFLGRWULFORURDFpWLFRJHODGRIRLDGLFLRQDGRHPFRQFHQWUDomRILQDOGH ILQDOL]DQGRDUHDomR(PVHJXLGDRPDWHULDOIRLFHQWULIXJDGRDJGXUDQWHGH] PLQXWRVHRIRVIDWRLQRUJkQLFR3LOLEHUDGRIRLGRVDGRVHJXQGRRPpWRGRSURSRVWR SRU )LVNH H 6XEEDURZ HP FRPSULPHQWR GH RQGD GH QP HPSUHJDQGR HVSHFWURIRW{PHWURPRGHOR'8%HFNPDQ&RXOWHU)XOOHUWRQ&$2VUHVXOWDGRV IRUDPH[SUHVVRVHPQPROGH3LPLQPJGHSURWHtQD$VHQVLELOLGDGHGDROLJRPLFLQD ȝJP/IRLWHVWDGDHPWRGDVDVVXVSHQV}HVPLWRFRQGULDLV

'HWHUPLQDomR GD ,QLELomR GD 'HVSRODUL]DomR GR 3RWHQFLDO GH 0HPEUDQD ¨Ȍ,QGX]LGDSRU$'3

VHJXLGDHQHUJL]DGDVFRPVXFFLQDWRP0GXUDQWHPLQXWRVDQWHVGDDGLomRGH QPROGH$'3$DPSOLWXGHGDGHVSRODUL]DomRLQGX]LGDSHOR$'3IRLPHGLGDQD SUHVHQoDHDXVrQFLDGRVFRPSRVWRVWHVWDGRVHPHVSHFWURIOXRUtPHWURPRGHOR5)3& 6KLPDG]X7RN\R-DSmR

$QiOLVH(VWDWtVWLFD

$VLJQLILFkQFLDHVWDWtVWLFDGRVGDGRVH[SHULPHQWDLVIRLGHWHUPLQDGDSHORWHVWH GHDQiOLVHGHYDULkQFLD$129$VHJXLGRGRWHVWHGH'XQQHWFRPSDUDQGRRJUXSR WUDWDGR H R FRQWUROH VHQGR FRQVLGHUDGRV HVWDWLVWLFDPHQWH VLJQLILFDQWHV UHVXOWDGRV FRP YDORUHV GH 3 $V DQiOLVHV IRUDP UHDOL]DGDV DSOLFDQGR R SURJUDPD *UDSK3DG 3ULVP YHUVmR SDUD :LQGRZV *UDSK3DG 6RIWZDUH 6DQ 'LHJR &$ 86$

5(68/7$'26

(IHLWRV GD $EDPHFWLQD 6REUH D 9HORFLGDGH GH &RQVXPR GH 2[LJrQLR QR (VWDGRHP0LWRF{QGULDV,VRODGDVGH)tJDGRGH5DWR

2VHIHLWRVGDVDGLo}HVGHGLIHUHQWHVFRQFHQWUDo}HVGHDEDPHFWLQD H ȝ0 IRUDP REVHUYDGRV HP WUrV H[SHULPHQWRV LQGHSHQGHQWHV FRP GLIHUHQWHV SUHSDUDo}HV PLWRFRQGULDLV Q VREUH D YHORFLGDGH GH FRQVXPR GH R[LJrQLR QR HVWDGR HP PLWRF{QGULDV LVRODGDV GH ItJDGR GH UDWR1R SULPHLUR H[SHULPHQWR R VXEVWUDWRR[LGiYHOIRLRJOXWDPDWRP0MXQWDPHQWHFRPPDODWRP0)LJXUD 1RVHJXQGRRVXEVWUDWRR[LGiYHOIRLRVXFFLQDWRP0HRFRPSOH[R,IRLLQLELGRSHOD URWHQRQDP0)LJXUD1RWHUFHLURRVXEVWUDWRR[LGiYHOIRLR703'ȝ0 DVFRUEDWR P0 GDGRV QmR DSUHVHQWDGRV $ DEDPHFWLQD LQLELX D YHORFLGDGH GR HVWDGRGHPDQHLUDGRVHGHSHQGHQWHQRVWUrVH[SHULPHQWRVGHVFULWRVDFLPD

$EDPHFWLQDP0

& RQ VXP R GH 2 [L JrQL R Q P RO P LQ P J GH S URW Ht QD ),*85$±(IHLWRVGDDEDPHFWLQDQRHVWDGRGDUHVSLUDomRHPPLWRF{QGULDVPJP/LVRODGDV GHItJDGRGHUDWRHQHUJL]DGDVFRPJOXWDPDWRP0PDODWRP09DORUHVUHSUHVHQWDP D PpGLD “ (30 GH WUrV H[SHULPHQWRV FRP GLIHUHQWHV SUHSDUDo}HV PLWRFRQGULDLV 6LJQLILFDWLYDPHQWHGLIHUHQWHGRFRQWUROH3

$EDPHFWLQDP0 & RQ VX P R GH R[ LJr QL R QP RO P LQ P J GH SU RW Ht QD ),*85$(IHLWRVGDDEDPHFWLQDQRHVWDGRGDUHVSLUDomRHPPLWRF{QGULDVPJP/LVRODGDV

GH ItJDGR GH UDWR HQHUJL]DGDV FRP VXFFLQDWR P0 DFUHVFLGR GH URWHQRQD P0

9DORUHV UHSUHVHQWDP D PpGLD “ (30 GH WUrV H[SHULPHQWRV FRP GLIHUHQWHV SUHSDUDo}HV PLWRFRQGULDLV6LJQLILFDWLYDPHQWHGLIHUHQWHGRFRQWUROH3

PLQ

$'3

$ED

P

PRO

2

),*85$ ± (IHLWR GD DEDPHFWLQD $ED ȝ0 QD UHVSLUDomR GH HVWDGR HYLGHQFLDGD DSyV R FRQVXPRWRWDOGH$'3HPPLWRF{QGULDVLVRODGDVGHItJDGRGHUDWRPJP/

&RP R REMHWLYR GH YHULILFDU VH D DEDPHFWLQD DWXRX GLUHWDPHQWH VREUH RV FRPSOH[RV GD FDGHLD WUDQVSRUWDGRUD GH HOpWURQV IRUDP UHDOL]DGRV GRLV H[SHULPHQWRV 2 SULPHLUR FRQVLVWLX HP HPSUHJDU R VXEVWUDWR VXFFLQDWR P0 LQLFLDQGR D UHVSLUDomR FRP QPROV GH $'3 $SyV DOJXQV PLQXWRV GR LQtFLR GD

UHVSLUDomRGHHVWDGRROLJRPLFLQDLQLELGRUGD)R)$73DVHQDFRQFHQWUDomRGH

ȝJP/ RX DWUDFWLORVtGHR ȝ0 RX DEDPHFWLQD ȝ0 IRUDP LQVHULGRV QR PHLR LQLELQGR D UHVSLUDomR PLWRFRQGULDO (P VHJXLGD &&&3 ȝ0 IRL DGLFLRQDGR HVWLPXODQGRDYHORFLGDGHGHFRQVXPRGHR[LJrQLR)LJXUD

PLQ

$'3

2OLJR$75RX$ED &&&3

P

PR

O2

),*85$ ± (IHLWR GR &&&3 ȝ0 VREUH R FRQVXPR GH R[LJrQLR GH PLWRF{QGULDV PJP/ LVRODGDV GH ItJDGR GH UDWR HQHUJL]DGDV FRP VXFFLQDWR P0 LQLELGR SHOD ROLJRPLFLQD 2OLJRȝJP/DWUDFWLORVtGHR$75ȝ0RXDEDPHFWLQD$EDȝ0

1RVHJXQGRH[SHULPHQWR&&&3IRLXWLOL]DGRFRPRDJHQWHGHVDFRSODGRUHR FLDQHWRGHSRWiVVLR.&1FRPRLQLELGRUGRFRPSOH[R,91HVWHH[SHULPHQWR)LJXUD R VXEVWUDWR R[LGiYHO IRL R VXFFLQDWR P0 H R &&&3 ȝ0 IRL DGLFLRQDGR GHVDFRSODQGRDIRVIRULODomRR[LGDWLYD$SyVDOJXQVPLQXWRVDEDPHFWLQDȝ0RX ROLJRPLFLQDȝJP/RXDWUDFWLORVtGHRȝ0LQLELGRUGRWUDQVORFDGRUGH$'3$73 IRUDPDGLFLRQDGDVHQmRLQLELUDPRFRQVXPRGHR[LJrQLR(PVHJXLGD.&1ȝ0IRL DGLFLRQDGR H R PHVPR LQLELX R FRQVXPR GH R[LJrQLR FDUDFWHUL]DQGR VXD DWXDomR FRPRLQLELGRUGRFRPSOH[R,9GDFDGHLDUHVSLUDWyULD

PLQ

P

PR

O2

&&&3

2OLJR$75RX$ED

.&1

),*85$±(IHLWRVGDROLJRPLFLQD2OLJRȝJP/DWUDFWLORVtGHR$75ȝ0RXDEDPHFWLQD$ED ȝ0H.&1ȝ0QRFRQVXPRGHR[LJrQLRGHPLWRF{QGULDVPJP/LVRODGDVGHItJDGR GHUDWRHQHUJL]DGDVFRPVXFFLQDWRP0HGHVDFRSODGDVSRU&&&3ȝ0

(IHLWRV GD $EDPHFWLQD 6REUH D $WLYLGDGH GDV (Q]LPDV 1$'+ 'HVLGURJHQDVHH6XFFLQDWR'HVLGURJHQDVH

2VHIHLWRVGDDEDPHFWLQDQDDWLYLGDGHGDVHQ]LPDV1$'+GHVLGURJHQDVHH VXFFLQDWR GHVLGURJHQDVH IRUDP DYDOLDGRV HP PLWRF{QGULDV URPSLGDV $EDPHFWLQD QDV FRQFHQWUDo}HV GH D ȝ0 QmR SURPRYHX DOWHUDo}HV VLJQLILFDWLYDV QD DWLYLGDGHGD1$'+)LJXUDQHPGDVXFFLQDWRGHVLGURJHQDVH)LJXUD

&

$EDP0

$W LY LGDGH GD 1 $' + GHVL GU RJHQDVH QP RO P LQ P J GH SU RW Ht QD

),*85$ ± (IHLWRV GD DEDPHFWLQD $ED QD DWLYLGDGH GD HQ]LPD 1$'+ GHVLGURJHQDVH HP

PLWRF{QGULDVURPSLGDVPJP/LVRODGDVGHItJDGRGHUDWR9DORUHVUHSUHVHQWDPD

PpGLD “ (30 GH WUrV H[SHULPHQWRV FRP GLIHUHQWHV SUHSDUDo}HV PLWRFRQGULDLV & FRQWUROH & î î î

$EDP0

$W LY LGDGH GD 6X FFL QDW R GHVL GU RJHQDVH QP RO P LQ P J GH SU RW Ht QD

),*85$ (IHLWRV GD DEDPHFWLQD $ED QD DWLYLGDGH GD HQ]LPD VXFFLQDWR GHVLGURJHQDVH HP

PLWRF{QGULDVURPSLGDVPJP/LVRODGDVGHItJDGRGHUDWR9DORUHVUHSUHVHQWDPD

PpGLD “ (30 GH WUrV H[SHULPHQWRV FRP GLIHUHQWHV SUHSDUDo}HV PLWRFRQGULDLV & FRQWUROH

(IHLWRV GD $EDPHFWLQD 6REUH R 3RWHQFLDO (OpWULFR GH 0HPEUDQD 0LWRFRQGULDO¨Ȍ

2 SRWHQFLDO GH PHPEUDQD HP PLWRF{QGULDV LQWDFWDV GH ItJDGR GH UDWR IRL DYDOLDGR SRU HVSHFWURIOXRULPHWULD XWLOL]DQGRVH D FDSWDomR GD VDIUDQLQD 2 ȝ0 FRPR LQGLFDGRU GR SRWHQFLDO H JOXWDPDWR P0 PDODWR P0 FRPR VXEVWUDWRV R[LGiYHLV &RP D DGLomR GDV PLWRF{QGULDV RFRUUHX D IRUPDomR GR SRWHQFLDO GH PHPEUDQDHDSyVVHJXQGRVDEDPHFWLQDȝ0DWUDFWLORVtGHR $75 ȝ0H ROLJRPLFLQDȝJP/IRUDPDGLFLRQDGRVHPH[SHULPHQWRVLQGHSHQGHQWHVHQHQKXP GHOHVH[HUFHXLQIOXrQFLDVREUHRSRWHQFLDOGHPHPEUDQD)LJXUD&&&3ȝ0RX

URWHQRQD—0IRUDPDGLFLRQDGRVHGLVVLSDUDPRSRWHQFLDOHOpWULFRGHPHPEUDQD PLWRFRQGULDO

$ED $75RX

2OLJR

&&&3RX5RW

85)

PLQ

),*85$ ± (IHLWRV GD DGLomR GH DEDPHFWLQD $ED ȝ0 ROLJRPLFLQD 2OLJR ȝJP/ RX

DWUDFWLORVtGHR$75ȝ0QRSRWHQFLDOGHPHPEUDQD¨ȌHPPLWRF{QGULDVPJP/

LVRODGDVGHItJDGRGHUDWRHQHUJL]DGDVFRPJOXWDPDWRP0PDODWRP0&&&3 ȝ0URWHQRQD5RW—0