Flexibilidade anterior do tronco no adolecente após o pico da velocidade de crescimento em estatura.

7UDEDOKRUHFHELGRHPDSURYDGRHP

$

2

5(6802

)OH[LELOLGDGHDQWHULRUGRWURQFR)$7pXPFRPSRQHQWHLPSRUWDQWH GRVH[DPHVFOtQLFRHGHDSWLGmRItVLFDXWLOL]DGRFRPRLQGLFDGRUGD IXQomRYHUWHEUDO2WHVWHPDLVXWLOL]DGRSDUDVXDTXDQWLILFDomRpR VHQWDUHDOFDQoDU76$TXHFRQVLGHUDUDFRPRSDGUmRGHQRUPDOLGD GHRWRTXHGDVPmRVQRVSpVFRPFULWpULRVHSDUkPHWURVGHDQiOLVH TXHLQGHSHQGHPGDVYDULiYHLV1HVWHHVWXGRLQYHVWLJRXVHD)$7 HPDGROHVFHQWHVDSyVRSLFRGDYHORFLGDGHGHFUHVFLPHQWRHPHV WDWXUDHPIXQomRGRVH[RGDYHORFLGDGHGHH[HFXomRHGRVGDGRV DQWURSRPpWULFRV2VtQGLFHVIRUDPREWLGRVHPFHQWtPHWURVRSHVR FRUSRUDOHPNJ3DUWLFLSDUDPDGROHVFHQWHVVHQGRPXOKHUHV HKRPHQVHQWUHHDQRVGHLGDGH5HVXOWDGRVLQGLFDPTXH RIDWRUVH[RGDGRVDQWURSRPpWULFRVHDYHORFLGDGHGHH[HFXomRGR WHVWHLQIOXHQFLDPRVtQGLFHVGHIOH[LELOLGDGHDDYDOLDomRGDIXQomR YHUWHEUDOQmRSRGHWHUFRPRFULWpULRGHQRUPDOLGDGHDWLQJLURVSpV SHOR76$HTXHDYHORFLGDGHUiSLGDOHYDDPHOKRUHVUHVXOWDGRV(P UHVXPRRVUHVXOWDGRVLQGLFDPTXHWRFDURVSpVpXPFULWpULRTXH H[FOXLGDQRUPDOLGDGHGDIXQomRYHUWHEUDODSUR[LPDGDPHQWH GRVDGROHVFHQWHV$VVLPRFULWpULRSDUDWRPDGDGHGHFLVmRTXDQWR DRHQFDPLQKDPHQWRGRDGROHVFHQWHSDUDUHFXSHUDomRGHPDLRUHV tQGLFHVGHIOH[LELOLGDGHSUHFLVDVHUUHYLVWR

'HVFULWRUHV)OH[LELOLGDGH,QVWDELOLGDGHDUWLFXODU$GROHVFHQWH ([DPHItVLFR

)/(;,%,/,'$'($17(5,25'27521&212

$'2/(&(17($3Ð623,&2'$9(/2&,'$'(

'(&5(6&,0(172(0(67$785$

1

/

/

&

0

-

$

&

$

0

3

,1752'8d®2

0RELOLGDGH DUWLFXODU UHIHUHVH j DPSOLWXGH GR PRYLPHQWR GDV DUWLFXODo}HV VH PDQLIHVWD GH IRUPD GLIHUHQWH QD FULDQoD _QR

DGROHVFHQWH_{QRDGXOWRHWHQGHDGLPLQXLUFRPRDXPHQWRGD}

LGDGH_{1RDGROHVFHQWHHVSHFLILFDPHQWHGLPLQXLDWpDSXEHUGD}

GHHDXPHQWDGXUDQWHDDGROHVFrQFLDDWLQJLQGRXPSODW{HDVHJXLU YROWDDGLPLQXLU_{9DULDDLQGDHPIXQomRGRVH[RVHQGRTXHDV}

PXOKHUHVSRVVXHPPDLRUIOH[LELOLGDGHDUWLFXODUJHQHUDOL]DGD

(VWXGRVGDVGLIHUHQoDVGHIOH[LELOLGDGHHQWUHRVLQGLYtGXRVWrPOHYD GRHPFRQVLGHUDomRIDWRUHVFRPRPHGLGDVDQWURSRPpWULFDV_FRP

SRVLomRFRUSRUDO_{JHQpWLFRVFXOWXUDLVHSDWROyJLFRV3RUWDQWR}

DFDUDFWHUL]DomRGDIOH[LELOLGDGHGHXPLQGLYtGXRpPXOWLIDWRULDO )OH[LELOLGDGHpFRQVLGHUDGDXPFRPSRQHQWHLPSRUWDQWHGDDSWLGmR ItVLFDHGHERDVD~GHItVLFDHPHVSHFLDODIOH[LELOLGDGHDQWHULRUGR WURQFR)$7GHVWDFDGDSRUHVWXGLRVRVGRDVVXQWR_eSDUWH

LPSRUWDQWHGRH[DPHFOtQLFRFRPYiULRVPpWRGRVXVXDOPHQWHXWL OL]DGRVSDUDDYDOLiOD_{'HPRGRJHUDOR76$pRPDLVDFHLWR}

SRLV SHUPLWH LGHQWLILFDU D IOH[LELOLGDGH GRV P~VFXORV GD FDGHLD PXVFXODUSRVWHULRU_{SHUGDIXQFLRQDOGRVPHVPRVHDLQGDFRPR}

LQGLFDGRUGDIXQomRYHUWHEUDO_{DFRPSDQKDUDHYROXomRGRSD}

FLHQWH_{6XDDFXUiFLDIRLFRPSURYDGDSRU%DOGDFLHWDOTXDQGR}

FRPSDUDUDPWUrVGLIHUHQWHVWHVWHVSDUDPHGLUDIOH[LELOLGDGHGRV P~VFXORVLVTXLRWLELDLVGHPXOKHUHVXQLYHUVLWiULDV

4XDQGRGDLGHQWLILFDomRGHLQVXILFLHQWHVtQGLFHVGH)$7RDORQJD PHQWRPXVFXODUpRSURFHGLPHQWRGHURWLQDXWLOL]DGRQDVFOtQLFDVGH ILVLRWHUDSLDHQDVDFDGHPLDVSDUDUHFXSHUDomRGDVFDUDFWHUtVWLFDV PHFkQLFDV H IXQFLRQDLV GD IOH[LELOLGDGH GD FROXQD YHUWHEUDO

3RUWDQWRDFRPSUHHQVmRGRVIDWRUHVLQWHUYHQLHQWHVQDPRELOLGDGH DUWLFXODUPDLVHVSHFLILFDPHQWHQDSRSXODomRGHDGROHVFHQWHVDSyV RSLFRGDYHORFLGDGHGHFUHVFLPHQWRGDHVWDWXUD39(HYLWDUiD EXVFD SRU FDSDFLGDGHV ItVLFDV LQFRPSDWtYHLV FRP HVWD IDVH GR GHVHQYROYLPHQWRFRUSRUDO1R%UDVLOH[LVWHPSRXFDVLQIRUPDo}HV GLVSRQtYHLVTXHSHUPLWDPFDUDFWHUL]DUDFRQGLomRGHVD~GHGRV MRYHQV 'HVWD IRUPD D FDUDFWHUL]DomR GD )$7 QHVWD SRSXODomR FRQWULEXLUiSDUDRGLDJQyVWLFRHDFRPSDQKDPHQWRGRVWDWXVGH VD~GHGHDGROHVFHQWHVDSyVR39(

$OWHU_{FLWDRWUDEDOKRGH-RKQVH:ULJKWQRTXDOIRUDPTXDQWLILFDGRVRV}

FRPSRQHQWHVGDPRELOLGDGHDUWLFXODUHDSRQWDGRVDFiSVXODDUWLFXODU HRVOLJDPHQWRVFRPRRVIDWRUHVPDLVLPSRUWDQWHVSDUDFDUDFWHUL]D omRGDIOH[LELOLGDGHUHVSRQViYHLVSRUGDULJLGH]VHJXLGRVSHOD IiFLDPXVFXODUSHORVWHQG}HVHSHODSHOH'HVWD IRUPDMXVWLILFDTXHPRYLPHQWRVDUWLFXODUHVSRGHPVHUOLPLWDGRVSHOD

7581.$17(5,25)/(;,%,/,7<,1$'2/(6&(176$)7(5+(,*+7*52:7+63(('3($.

6800$5<

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

.H\ZRUGV 3OLDELOLW\ -RLQW LQVWDELOLW\ $GROHVFHQW 3K\VLFDO H[DPLQDWLRQ

&LWDomR/DPDUL10DULQR/&&RUGHLUR-É3HOOHJULQL$0)OH[LELOLGDGHDQWHULRU GRWURQFRQRDGROHVFHQWHDSyVRSLFRGDYHORFLGDGHGHFUHVFLPHQWRHPHVWDWXUD $FWD2UWRS%UDV>SHULyGLFRQD,QWHUQHW@'LVSRQtYHOHP85/ KWWSZZZVFLHOREUDRE

&LWDWLRQ/DPDUL10DULQR/&&RUGHLUR-$3HOOHJULQL$07UXQNDQWHULRUIOH[LELOLW\LQ DGROHVFHQWVDIWHUKHLJKWJURZWKVSHHGSHDN$FWD2UWRS%UDV>VHULDORQWKH,QWHUQHW@ $YDLODEOHIURP85/KWWSZZZVFLHOREUDRE

7UDEDOKRUHDOL]DGRQR'HSDUWDPHQWRGH&LrQFLDV1HXUROyJLFDVGD)DFXOGDGHGH0HGLFLQDGH6mR-RVpGR5LR3UHWR6HUYLoRGH)LVLRWHUDSLD)$0(53 (QGHUHoRSDUD&RUUHVSRQGrQFLD5XD6DQWD0DUJDULGD$ODFRTXH&(3%DLUUR6mR3HGUR6mR-RVpGR5LR3UHWR²63(PDLOSJOV#IDPHUSEU 3URIHVVRU'RXWRUGR'HSDUWDPHQWRGH&LrQFLDV1HXUROyJLFDV6HUYLoRGH)LVLRWHUDSLD)$0(53

(VSHFLDOLVWDGR'HSDUWDPHQWRGH&LrQFLDV1HXUROyJLFDV6HUYLoRGH)LVLRWHUDSLD)$0(53 /LYUH'RFHQWHGR'HSDUWDPHQWRGH(SLGHPLRORJLDH6D~GH&ROHWLYD)$0(53

DSRVLomRGHWHFLGRPROHSHODFRQIRUPDomRGDVIDFHVDUWLFXODUHVTXH VHFKRFDPSRUOLJDPHQWRVHP~VFXORVTXHDWXDPHVVHQFLDOPHQWH FRPROLJDPHQWRVSHODFiSVXODDUWLFXODUHDLQGDSHODUHVLVWrQFLDGD SHOHjH[WHQVmRHRDWULWRFRPDEDLQKDWHQGLQRVD

$PSOLWXGHV H[WUHPDV GH PRYLPHQWR VmR FDUDFWHUtVWLFDV GRV SRUWDGRUHVGH+LSHUPRELOLGDGH$UWLFXODU%HQLJQDIHQ{PHQRQmR SDWROyJLFRTXHSRGHGHVHQYROYHUVHTHODVHSUHGLVSRUjGRUDU WLFXODUFDUDFWHUL]DGD_{(QWUHDVYiULDVFDXVDVHVWiDGHVRUGHP}

KHUHGLWiULD QD VtQWHVH GR FROiJHQR XPD FDUDFWHUtVWLFD JHQpWLFD FRPSOH[DFRPP~OWLSORVJHQHVTXHFRQWULEXHPSDUDRIHQyWLSRH RJUDXGHKLSHUPRELOLGDGH

(VWiEHPHVWDEHOHFLGRTXHDVDUWLFXODo}HVGRVH[RIHPLQLQRWrP PDLRUHVDPSOLWXGHVQDVGLYHUVDVIDL[DVHWiULDV_3RURXWURODGR

YiULRVHVWXGRVDSRQWDUDPUHVXOWDGRVHVSHFtILFRVQRTXHVHUHIHUHDV GLIHUHQoDVHQWUHRVVH[RV_{*XHGHVH*XHGHVHPXPHVWXGR}

FRPFULDQoDVHDGROHVFHQWHVDSRQWDUDPXPDWHQGrQFLDGHDXPHQWR GD)$7HQWUHDVPXOKHUHVDSyVRVDQRVGHLGDGH/DPDULHWDO

TXDQGRDYDOLDUDPD)$7QDFRO{QLDMDSRQHVDUHSUHVHQWDGDSRU LQGLYtGXRVGHDDQRVGHLGDGHQmRHQFRQWUDUDPGLIHUHQoDVLJQL ILFDQWHHQWUHRVVH[RV0LQNOHUH3DWWHUVRQ_{FLWDPTXHDVPXOKHUHV}

WrPPDLRUIOH[LELOLGDGHGRVP~VFXORVLVTXLRWLELDLV

$OWHUDo}HV´QRUPDLVµUHODWLYDVjLGDGHVmRDTXHODVTXHVHFRQIRU PDPDXPSDGUmRHPLQGLYtGXRVGHLGDGHHJUXSRpWQLFRSDUWL FXODUHV2TXHp´QRUPDOµHPXPDFROXQDYHUWHEUDOGHXPMRYHP GLIHUHGRTXHp´QRUPDOµHPRXWUDGHLGRVR_{'HPRGRJHUDOKi}

FRQVHQVRHQWUHDPDLRULDGRVSHVTXLVDGRUHVQRTXHVHUHIHUHD GLPLQXLomRGDDPSOLWXGHDUWLFXODU$'0FRPRDXPHQWRGDLGDGH LQGHSHQGHQWHPHQWHGRVH[R(VWXGRVGH/DPDULHWDO_FRP

FULDQoDVSUpHVFRODUHVGHDPERVRVVH[RVHQWUHTXDWURHVHWH DQRVGHLGDGHDSRQWDUDPTXHPHVPRQHVWDHVWUHLWDIDL[DHWiULD DSHQDV GHOHV DOFDQoDUDP IOH[LELOLGDGH Pi[LPD QD YDULiYHO )$7 H DLQGD QD DQiOLVH GHVWD PHVPD YDULiYHO HP XPD FRO{QLD MDSRQHVDHODIRLLGHQWLILFDGDHPDSHQDVGHOHVHDGLIHUHQoD QmRIRLVLJQLILFDQWHHQWUHRVVH[RV

239(QDPHQLQDpPi[LPRDRVDQRVHQRPHQLQRDWLQJH XPSLFRDRVDQRV1RSHUtRGRLQWHUPpGLRHQWUHHDQRV GH LGDGH R FUHVFLPHQWR HP DOWXUD p Pi[LPR FRP PXGDQoDV QD IRUPD H QD FRPSRVLomR FRUSRUDO _{'HVWD IRUPD KRPHQV H}

PXOKHUHV QmR VH GLIHUHQFLDP DSHQDV TXDQWR jV FDUDFWHUtVWLFDV VH[XDLVSULPiULDVHVHFXQGiULDVPDVWDPEpPTXDQWRjVJUDQGH]DV FRQVWLWXFLRQDLVDQDW{PLFDVHILVLROyJLFDVTXHSRGHUmRLQWHUIHULU QDDPSOLWXGHDUWLFXODU'HVWDIRUPDDRVHDQDOLVDUXPDSRSXODomR FRPRDGRVDGROHVFHQWHVTXHSDVVRXSRUJUDQGHVPRGLILFDo}HV SULQFLSDOPHQWHGHRUGHPItVLFDpSUHFLVRFRQVLGHUDUWRGRVHVWHV DVSHFWRVDRVHDYDOLDUD)$7(PERUD*UHQLHU5XVVHOH0FJLOO

WHQKDPFRPSURYDGRQmRKDYHUUHODomRHQWUHRVtQGLFHVGH)$7H RVGDGRVDQWURSRPpWULFRVFRPEDVHHPGDGRVGHLQGLYtGXRV HQWUHHDQRVGHLGDGHGHDPERVRVVH[RV

1HVWHFRQWH[WRYHULILFRXVHDLQH[LVWrQFLDGHHVWXGRVSDUDTXDQWLIL FDURtQGLFHGH)$7HPDGROHVFHQWHVH[FOXVLYDPHQWHDSyVR39( UHODFLRQDQGRRFRPPHGLGDVDQWURSRPpWULFDVLGDGHHVH[RQDV YHORFLGDGHVOHQWDHUiSLGD

&$68Ì67,&$(0e72'2

2EWHYHVHGDGRVGHDGROHVFHQWHVPRoDVHUDSD]HV HQWUHDDQRVGHLGDGH(PPpGLDDVDGROHVFHQWHVWLQKDP DQRVGS DQRHRVDGROHVFHQWHVDQRVGS DQRV GHLGDGHFRPHVWDWXUDGHFPGS FPHFPGS FPSHVRFRUSRUDOGHNJGS HGHNJGS UHVSHFWLYDPHQWH1mRSDUWLFLSDUDPGRHVWXGRDTXHOHVTXHVH UHFXVDUDPDSDUWLFLSDUHRXVHDSUHVHQWDVVHPDOJXPDDOWHUDomRSRV WXUDOVLJQLILFDWLYDRXGHILFLrQFLDItVLFD(VWXGRDXWRUL]DGRSHOR&RPLWr GHeWLFDHP3HVTXLVDHP6HUHV+XPDQRVGD)DFXOGDGHGH0HGLFLQD GH6mR-RVpGR5LR3UHWRHPSURFHVVRQž 2PDWHULDOXWLOL]DGRLQFOXLXXPHVWDGL{PHWURGHPDGHLUDFRPFXUVRU HVFDODGHSUHFLVmRGHFPUpJXDGHFPILWDPpWULFDGHFP FRPSUHFLVmRGHFPDQWURS{PHWURVGHHGHFPEDQFR GHPDGHLUDFRPDOWXUDUHJXOiYHODSRLRGHDOXPtQLRSDUDRVSpV QDIRUPDGH´/µDSUHVHQWDQGRDSDUWHLQIHULRUSODQDFRPFPGH FRPSULPHQWRHSHUSHQGLFXODUjDQWHULRUFRPFPGHDOWXUDQD TXDORVSpVILFDYDPDSRLDGRV

'DGRVFROHWDGRVLQGLYLGXDOPHQWHHSDUDDREWHQomRGDVPHGLGDV RLQGLYtGXRSHUPDQHFLDGHVFDOoRHVHPQHQKXPWLSRGHYHVWLPHQWD VREUHDUHJLmRDVHUPHQVXUDGD

0HGLGDV$QWURSRPpWULFDV/LQHDUHV

D (VWDWXUD GLVWkQFLD GR YpUWH[ j UHJLmR SODQWDU REWLGD FRP R HVWDGL{PHWUR FP LQGLYtGXR SRVLFLRQDGR HP Sp VREUH D EDVH GR HTXLSDPHQWR FDEHoD RULHQWDGD QR SODQR IURQWDO PHPEURV VXSHULRUHV0066DRORQJRGRFRUSRSpVXQLGRVDVVXSHUItFLHV SRVWHULRUHVGRVFDOFDQKDUHVFLQWXUDSpOYLFDFLQWXUDHVFDSXODUH UHJLmRRFFLSLWDOHPFRQWDWRFRPDHVFDODGHPHGLGD5HJLVWUDGD DPHGLGDHPDSQpLDLQVSLUDWyULD

E(QYHUJDGXUD(19GLVWkQFLDHPFPHQWUHRžGHGRGDPmR GLUHLWD DR ž GHGR GD PmR HVTXHUGD ,QGLYtGXR HP Sp EUDoRV DEGX]LGRVkQJXORGHžFRPRWURQFRFRWRYHORVHVWHQGLGRVH DQWHEUDoRVVXSLQDGRV

F$OWXUDWURQFRFHIiOLFD7&GLVWkQFLDGRYpUWH[DRDVVHQWRGR EDQFR REWLGD SHOR DQWURS{PHWUR VHQWDGR HP EDQFR UHJXOiYHO FRPDVDUWLFXODo}HVWRUQR]HOR²MRHOKRHMRHOKR²FR[RIHPXUDOHP kQJXORUHWRž

G&RPSULPHQWRGRPHPEURLQIHULRU0,GLUHLWRGLVWkQFLDGRWUR FDQWHUDRVRORREWLGRSHORDQWURS{PHWURQDSRVLomRHUHWDSpV MXQWRVRPEURVUHOD[DGRVH0066DRORQJRGRFRUSR

H &RPSULPHQWR GR PHPEUR VXSHULRU GLUHLWR GLVWkQFLD HQWUH R DFU{PLR H R ž GHGR 2EWLGR SHOR DQWURS{PHWUR QD PHVPD SRVLomRGHVFULWDSDUDPHQVXUDomRGRFRPSULPHQWRGRPHPEUR LQIHULRUGLUHLWR

)OH[LELOLGDGH$QWHULRUGR7URQFR)$7

$)$7IRLREWLGDSHOR76$FRPRLQGLYtGXRVHQWDGRVREUHDUHJLmR LVTXLiWLFDIUHQWHSDUDRHTXLSDPHQWRMRHOKRVHVWHQGLGRVHVXV WHQWDGRVSHORDYDOLDGRUFRPDVSODQWDVGRVSpVDSRLDGDVQDIDFH SHUSHQGLFXODUGRHTXLSDPHQWR0HPEURVVXSHULRUHVHVWHQGLGRV HPGLUHomRjVXSHUItFLHGHDSRLRGRVSpVXPDPmRFRORFDGDVREUH DRXWUDDSRQWDGRVGHGRVGHDPEDVFRLQFLGLQGRHDVSDOPDVGDV PmRVYROWDGDVSDUDEDL[R3DUDDREWHQomRGRUHVXOWDGRRLQGL YtGXRHVWHQGLDVHjIUHQWHDOFDQoDQGRDPDLRUGLVWkQFLDSRVVtYHO HPGLUHomRDRVSpVWGHIRUPDOHQWDHVHPVRODYDQFRV(PXP VHJXQGRPRPHQWRREWHYHVHHVWDPHGLGDQDVPHVPDVFRQGLo}HV DQWHULRUHVFRQWXGRGHIRUPDUiSLGD$GLVWkQFLDDOFDQoDGDIRLUH JLVWUDGDDFDGDFPGHWHUPLQDGDSHODSRVLomRPi[LPDDWLQJLGD HPDQWLGDSRUGRLVVHJXQGRVQDVGXDVYHORFLGDGHV

2H[DPLQDGRUSRVLFLRQDGRGRODGRGLUHLWRGRH[DPLQDGRDSRQWDYD QDHVFDODDSRVLomRDOFDQoDGD2UHVXOWDGRREWLGRFRUUHVSRQGHj GLVWkQFLDFPGDVSRQWDVGRGHGRDWpRQtYHOGDSODQWDGRVSpV 0HGLGDVGDGLVWkQFLDDFLPDGRVSpVIRUDPUHJLVWUDGDVFRPRSRVL WLYDVLQGLFDQGRGHVHPSHQKRLQVXILFLHQWHSDUDWRFiORVHDTXHODV DOpPGRVSpVIRUDPUHJLVWUDGDVFRPRQHJDWLYDV$WULEXLXVHRYDORU ]HURTXDQGRRLQGLYtGXRWRFDYDDVXSHUItFLHGHDSRLR

&RPRREMHWLYRGHVHUHSURGX]LUQHVWHHVWXGRDIRUPDFRPRD)$7 pUHDOL]DGDQDSUiWLFDFOtQLFDGLiULDRLQGLYtGXRIRLRULHQWDGRFRPR SURFHGHUQDUHDOL]DomRGRWHVWHHHPVHJXLGDDH[HFXWDUDSHQDV XPDYH]VHPDTXHFLPHQWRSUpYLR

6HOHFLRQRXVHLQGLYtGXRVSDUDYHULILFDomRGDUHSURGXWLELOLGDGH GR76$QDIRUPDOHQWDHUiSLGD2VWHVWHVIRUDPUHIHLWRVHFRP SDUDGRVDRVLQLFLDLVSHORWHVWHGRVLQDOTXHPRVWURXQmRKDYHU GLIHUHQoDHQWUHRVJUXSRVWDQWRQR76$GHIRUPDUiSLGDS FRPRQDOHQWDS

2UJDQL]RXVHXPEDQFRGHGDGRVSDUDDQiOLVHHVWDWtVWLFDGHVFULWLYD HLQIHUHQFLDO&RPSDURXVHDVPpGLDVREWLGDVQR76$QDVYHORFLGD GHVOHQWDHUiSLGDSHODDQiOLVHGHYDULkQFLD$129$HGRWHVWH´Wµ )L[RXVHHPRQtYHOGHVLJQLILFkQFLDSDUDUHMHLomRGDKLSyWHVHGH QXOLGDGH(PSUHJRXVHDDQiOLVHGHFRUUHODomRGH3HDUVRQSDUD YHULILFDUFRUUHODomRHQWUHRVGDGRVREWLGRVSHORPHVPRLQGLYtGXR QDVGXDVYHORFLGDGHV8WLOL]RXVHDDQiOLVHGHUHJUHVVmRP~OWLSOD SDUDLGHQWLILFDUDVYDULiYHLVTXHLQWHUIHUHPQRPRYLPHQWR

5(68/7$'26

FPDFLPDGRVSpVHRXWURVDOFDQoDPDOpPGRVSpV1DIRU PDUiSLGDRVUHVXOWDGRVDSRQWDPTXHDWLQJHQRPi[LPRFP DFLPDGRVSpVHDOFDQoDPFPDOpPGRVSpV'HPRGRJHUDO RVUHVXOWDGRVDSRQWDPPHOKRUHVUHVXOWDGRVQDIRUPDUiSLGDTXDQGR DSUR[LPDGDPHQWHGRVDGROHVFHQWHVFRQVHJXHWRFDURVSpV1R HQWDQWRQDH[HFXomRGRPRYLPHQWRGHIRUPDOHQWDDFLPDGH GHOHVGHPRQVWUDPLQFDSDFLGDGHSDUDWRFDURVSpV2YDORUPpGLRGH IOH[LELOLGDGHGHWRGRJUXSRpPDLRUTXH]HURFHQWtPHWURRXVHMDQmR WRFDPRVSpVWDQWRQDIRUPDOHQWDSFRPRQDIRUPDUiSLGD S9DORUHVDFLPDGHFPDFLPDGRVSpVIRUDPDOFDQoDGRV SRUGHOHV1RPRYLPHQWRUiSLGRGRVDGROHVFHQWHVPHQRV IOH[tYHLVDWLQJHPQRPi[LPRFPDFLPDGRVSpVHGDTXHOHV PDLVIOH[tYHLVDWLQJHPQRPtQLPRWRUQRGHFPDEDL[RGRVSpV 5HVXOWDGRVGD7DEHODDSRQWDPSDUDSRUFHQWDJHQVPDLRUHVGHDGR OHVFHQWHVTXHQmRWRFDPRVSpVQDFRQGLomROHQWDS RXVHMDKLSRPyYHOUHSUHVHQWDGRVSRUGDVDGROHVFHQWHVS HGRVDGROHVFHQWHVS PDVVHPGLIHUHQoDQD FRQGLomRUiSLGD

$QiOLVHGHFRUUHODomROLQHDUGH3HDUVRQHPFDGDXPDGDVYHORFLGDGHV FRQVWDWRXFRUUHODo}HVVLJQLILFDQWHVSRUpPQmRIRUWHVHQWUHDVYHORFL GDGHVOHQWDHUiSLGDLQGHSHQGHQWHPHQWHGRVH[RU S FRQIRUPHLOXVWUDomRGD)LJXUDTXDQGRVmRREVHUYDGRVGLIHUHQWHV JUDXVGHDORQJDPHQWRGRVSRQWRVGHGLVSHUVmR'HVWDIRUPDPDLRU FRPSULPHQWRGRV0066H00,,LQGLFDPPHQRUHVtQGLFHVGH)$7HP DPERVRVVH[RVLQGHSHQGHQWHPHQWHGDYHORFLGDGHGHH[HFXomR2 PHVPRRFRUUHFRPDHVWDWXUDDSHQDVQRVH[RIHPLQLQREHPFRPR QDHQYHUJDGXUDQHVWDDSHQDVQRPRYLPHQWRUiSLGR2SHVRFRUSR UDOHDDOWXUDWURQFRFHIiOLFDQmRVHFRUUHODFLRQDPFRPR76$,VWR pHQWUHDVYDULiYHLVDQWURSRPpWULFDVDQDOLVDGDVDSHQDVDHVWDWXUD DHQYHUJDGXUDRFRPSULPHQWRGRVPHPEURVPRVWUDPFRUUHODomR VLJQLILFDQWHHSRVLWLYD2FRPSULPHQWRGRVPHPEURVVmRSRVLWLYDH VLJQLILFDQWHPHQWHFRUUHODFLRQDGRVFRPRVtQGLFHVQDIRUPDOHQWDH UiSLGD

_≤

_≥

$QiOLVHVSHORVFRHILFLHQWHVGD$QiOLVHGH5HJUHVVmR0~OWLSODGRV GDGRV DQWURSRPpWULFRV VREUH RV tQGLFHV GH )$7 IHLWD SDUD FDGD VH[RSDUDH[SOLFDURHIHLWRGRPRYLPHQWRHPIXQomRGDVYDULiYHLV

LQGLFDPTXHSDUDRVUDSD]HVRXPPDLRUFRPSULPHQWRGRV00,,OHYD DPHQRUHVtQGLFHVGH)$73RURXWURODGRXPPDLRUFRPSULPHQWRGRV PHPEURVWDQWRVXSHULRUHVFRPRLQIHULRUHVHPHQRUHQYHUJDGXUD OHYDDPHQRUHVtQGLFHVGH)$7DSHQDVTXDQGRR76$pUHDOL]DGRGH IRUPDUiSLGD$VVLPSDUDDVPRoDVKiVLJQLILFkQFLDSDUDPHQRUHV tQGLFHVGH)$7FRPPDLRUHVWDWXUDLQGHSHQGHQWHPHQWHGDYHORFLGD GHHFRPPDLRUDOWXUDWURQFRFHIiOLFDDSHQDVQDYHORFLGDGHOHQWDH DLQGDFRPPHQRUDOWXUDWURQFRFHIiOLFDQDYHORFLGDGHGHH[HFXomR GHIRUPDUiSLGD7DEHOD

',6&866®2

)RFDOL]DVHXPDIDL[DHWiULDTXHSDVVRXSRUJUDQGHVPRGLILFDo}HV SULQFLSDOPHQWHDTXHODVGHRUGHPItVLFD_{HTXHDSDUWLUGHHQWmR}

DSUHVHQWDUmRFDUDFWHUtVWLFDVPDLVSUy[LPDVjVGRDGXOWRXPDYH] TXHHQWUHHDQRVGHLGDGHRFUHVFLPHQWRpPi[LPR(VWDIRLD FRQGLomRTXHVXJHULXDHVFROKDGDSRSXODomRSDUDHVWHHVWXGR -XVWLILFDVHHVWHHVWXGRWHQGRHPYLVWDDQHFHVVLGDGHGHVHREWHU LQGLFDGRUHVUHIHUHQFLDLVFRQILiYHLVVREUHD)$7GHDGROHVFHQWHVTXH FRQWULEXLUmRSDUDRWUDEDOKRGRVYiULRVSURILVVLRQDLVGDVD~GHWDQWR SDUDSUiWLFDFOtQLFDFRPRSDUDLQYHVWLJDo}HVFLHQWtILFDV)DWRUHVTXH MXVWLILFDPDQHFHVVLGDGHGHVHSURGX]LUHPHVWXGRVFRPILQDOLGDGH GHPHOKRUFRPSUHHQVmRGHERDVD~GHItVLFDHPUHODomRDRVtQGLFHV GH)$7GHSUHYHQomRGHDOWHUDo}HVSRVWXUDLVPDLVHVSHFLILFDPHQWH FRPDFROXQDYHUWHEUDORTXHILFDHYLGHQWHSHORJUDQGHQ~PHURGH HVWXGRVVREUHHVWDUHJLmR

2HQFXUWDPHQWRRXHVWLUDPHQWRPXVFXODUDGDSWDWLYRFRPSURPHWH DFDSDFLGDGHGDFROXQDYHUWHEUDOHPIXQFLRQDUDGHTXDGDPHQWHQD HVWDELOL]DomRQRFRQWUROHGRVPRYLPHQWRVGRWURQFRGDFDL[DWRUiFLFD GXUDQWHDDWLYLGDGHGDVH[WUHPLGDGHVVXSHULRUHVHGD)$7

3RUWDQWRHVSHUDVHTXHVHMDGHLQWHUHVVHGRVSURILVVLRQDLVGDVD~GH FDUDFWHUL]DUDIOH[LELOLGDGHGDFROXQDYHUWHEUDOGHXPDIDL[DHWiULDHV SHFtILFDFRPRDGRVDGROHVFHQWHVEUDVLOHLURVXPDYH]TXHRFRQWH[WR FXOWXUDOHVRFLDOWDPEpPUHIOHWHPQDVTXDOLGDGHVItVLFDV1RHQWDQWR QHQKXPHVWXGRHQYROYHXH[FOXVLYDPHQWHDGROHVFHQWHVDSyVR39( LQYHVWLJDQGRVHHVVDVYDULiYHLV1R%UDVLOWDPEpPQmRVHREVHUYDD H[LVWrQFLDGHSURJUDPDVLVWHPiWLFRGHVWLQDGRDVXSULUHVVDVQHFHVVL GDGHVQHPWDPSRXFRVHFRQWDFRPH[SHULrQFLDVSUpYLDVGHHVWXGRV FRPILQDOLGDGHFRPSDUDWLYD

9DULiYHO 6H[R _Q +LSHUPyYHO _Q +LSRPyYHO _Q 7RWDO YDORUS

76$/ 0)

WRWDO

_YDORUS

₌

76$5 0)

WRWDO

_YDORUS

=

7DEHOD5HVXWDGRVGRWHVWH´W´HGR7HVWHGH6HQWDUDOFDQFDUH[HFXWDGRVGHIRUPDOHQWD/HUiSLGD5HPIXQomRGRVH[R

9DULiYHLV 6H[R (VWDWXUD 3HVR 0066 00,, 7& (19 $QWURSR

76$/

)

0

76$5

)

0

YDORUS

7DEHOD &RHILFLHQWHV GD $QiOLVH GH 5HJUHVVmR 0~OWLSOD GRV GDGRV DQWURSRPpWULFRVVREUHRVtQGLFHVGHIOH[LELOLGDGHDQWHULRUGRWURQFR

)LJXUD'LDJUDPDGHGLVSHUVmRGR76$QDIRUPDUiSLGD[QDIRUPDOHQWD

U=S

(VWDV LQIRUPDo}HV SRGHP FRQVWLWXLU LPSRUWDQWHV LQGLFDGRUHV GRV QtYHLVGHVD~GHItVLFDGHXPDSRSXODomRMRYHP'HVWDIRUPDGHQWUH DVPXLWDVUD]}HVTXHHVWLPXODPSHVTXLVDGRUHVDGHVHQYROYHUHP HVWXGRVQHVWDiUHDHVWiDSUHRFXSDomRFRPDSUHYHQomRSULPiULD HDSURPRomRGDVD~GHGRVDGROHVFHQWHV

QRVUHVXOWDGRVREWLGRVQDVPRoDVSRGHUiH[SOLFDUVXDVGLIHUHQoDV QDPRUIRORJLDHVTXHOpWLFDWHQGRHPYLVWDVXDDSDUHQWHSDUWLFLSDomR QRUHVXOWDGRGHVVHWHVWHPRWRU3RUWDQWRDRHVWDEHOHFHUYDORUHV DEVROXWRVRXFRQVLGHUDUR76$FRPRYDULiYHOGLVFUHWDHPWRFDU RXQmRWRFDUDVPmRVQRVSpVILFRXHYLGHQWHSRUHVWHHVWXGRD LPSRVVLELOLGDGHGHVWDIRUPDGHFDUDFWHUL]DomRXPDYH]TXHRV UHVXOWDGRVPRVWUDUDPVHUHPYDULiYHLVFRQWtQXDVQHVWDSRSXODomR 'DGRVUHIRUoDGRVQRSUHVHQWHHVWXGR

$QiOLVHVGDVYHORFLGDGHVPRVWUDUDPTXHRWHVWHQDIRUPDOHQWDLQGLFD TXHPDLVGHGHVWDSRSXODomRQmRFKHJDDWRFDURVSpV(VWDV HYLGrQFLDVPRVWUDPQmRVyGDGRVLPSRUWDQWHVSDUDFDUDFWHUL]DUR HVSHUDGRSDUDRVDGROHVFHQWHVPDVWDPEpPXPDSHUVSHFWLYDSDUD SRSXODomRFRPPDLVLGDGHRXVHMDDWHQGrQFLDpTXHHPSRSXOD o}HVDGXOWDVMRYHQVHLGRVDVQmRVHDOFDQFHROLPLWHGRVUHIHULGRV tQGLFHVXPDYH]TXHDOLWHUDWXUDPRVWUDTXHDIOH[LELOLGDGHGLPLQXL FRP R DXPHQWR GD LGDGH _{1HVVD FRQFHSomR GH VD~GH QmR}

EDVWDDSHQDVQmRHVWDUGRHQWHpSUHFLVRDSUHVHQWDUHYLGrQFLDVTXH DIDVWHPRVIDWRUHVGHULVFRTXHSRVVDPSURYRFDUGRHQoDVRXVXD FDUDFWHUL]DomRHUU{QHD

&RQVLGHUDQGRTXHD)$7SHORWRTXHGDVPmRVQRVSpVpXPLQGLFDGRU SDUDERPVWDWXVGDVD~GHGDFROXQDYHUWHEUDO_{TXHFRQVWLWXLD}

URWLQDGHDYDOLDomRGDVTXHL[DVSRVWXUDLVHGRUHVQDFROXQDYHUWHEUDO $SDUWLUGDDYDOLDomRGDPHVPDVHUmRWRPDGDVGHFLV}HVVREUHR WUDWDPHQWRPDLVDGHTXDGR&RPPXLWDIUHTrQFLDHVWHVSDFLHQWHV VmRHQFDPLQKDGRVSDUDFOtQLFDVGHILVLRWHUDSLDRXDFDGHPLDVHVmR VXEPHWLGRVDORQJRVWUDWDPHQWRVHPEXVFDGRDXPHQWRGDIOH[LEL OLGDGHVHPOHYDUHPFRQVLGHUDomRTXHDKLSHUPRELOLGDGHSRGHUi WUD]HUSUHMXt]RVjVD~GH_{1mRILFDFODURQDOLWHUDWXUDGLVSRQtYHOD}

TXDQWLILFDomRGD)$7QHVWDIDL[DHWiULD

'HPDQHLUDJHUDORVUHVXOWDGRVGDDQiOLVHGHVFULWLYDGHPRQVWUDUDP DLQFDSDFLGDGHGHVWHVMRYHQVHPWRFDUDVPmRVQRQtYHOGRVSpVRX DOpPGHVWHV1RHQWDQWRRDVSHFWRYHORFLGDGHSURGX]LXGLIHUHQWHV UHVXOWDGRVGHPRQVWUDQGRTXHDIOH[LELOLGDGHpPHQRUTXDQGRDDYDOLD omRpIHLWDFRPPRYLPHQWROHQWR3RURXWURODGRQDIRUPDUiSLGDHOD IRLPDLRUPDVDLQGDQmRDWLQJLQGRRVSpVeSRVVtYHOTXHRLPSXOVR GRPRYLPHQWRUiSLGRDVVRFLDGRVjDomRGDJUDYLGDGHHDRSHVR GR WURQFR SURGX]DP PHOKRUHV UHVXOWDGRV DOpP GH SRWHQFLDOL]DU DLQGDPDLVDPXVFXODWXUDIOH[RUDGRWURQFRRTXHQmRDFRQWHFHQR PRYLPHQWROHQWR1RHQWDQWRRVHVWXGRVHQFRQWUDGRVQDOLWHUDWXUD QmRHVSHFLILFDUDPRIDWRUYHORFLGDGH

1DPHVPDIDL[DHWiULDHQFRQWUDPVHMRYHQVXOWUDSDVVDQGRRQtYHO GRVSpVHPFPRXVHMDLQGLYtGXRVH[WUHPDPHQWHKLSHUPyYHLV3RU RXWURODGRHQFRQWUDPVHRXWURVFRPFPDFLPDGRQtYHOGRVSpV LQGLYtGXRVH[WUHPDPHQWHKLSRPyYHLV$UHIHULGDYDULDomRFRPSUHHQGH FPQDHVFDODGDDPSOLWXGHGRPRYLPHQWRGD)$7H[WUHPRVTXH PHUHFHPDPHVPDSUHRFXSDomRWDQWRQRDVSHFWRSUHYHQWLYRFRPR WHUDSrXWLFRWDQWRQDFRQGLomRGHKLSHUPRELOLGDGH_FRPRQDGH

KLSRPRELOLGDGH

5HVXOWDGRVPRVWUDPTXHGDSRSXODomRGHVWHVDGROHVFHQWHV IOH[LRQDDQWHULRUPHQWHRWURQFRSHORPHQRVFPDFLPDGRQtYHOGRV SpV3RURXWURODGRGHOHVIOH[LRQDSHORPHQRVFPDEDL[RGRV SpV(VWDVGLVFUHSkQFLDVPRVWUDPTXHPHVPRHPXPDSRSXODomR FRPHVWUHLWDIDL[DHWiULDFRPSURSRUomRHQWUHRVVH[RVDLQGDVH GHSDUDFRPYDORUHVTXDQWLWDWLYRVGHJUDQGHYDULDomRVXJHULQGRTXH HVWDVGLYHUJrQFLDVFRQYHUJHPSDUDDH[LVWrQFLDGHIDWRUHVLQWHUYHQLHQ WHVUHODFLRQDGRVDRVH[R_{jFRPSRVLomRFRUSRUDOjHVWUXWXUD}

ItVLFD_{HDRVGHWHUPLQDQWHVJHQpWLFRV}

1DDYDOLDomRGHTXDOTXHUFDUDFWHUtVWLFDGRVHUKXPDQRRFRQFHLWR GHQRUPDOLGDGHGHXPDYDULiYHOVHDSyLDQDIUHTrQFLDGHRFRUUrQFLD GHVHXVYDORUHVHPXPDDPRVWUDUHSUHVHQWDWLYDGDSRSXODomRGH LGrQWLFDVFDUDFWHUtVWLFDV'HVWDIRUPDDDQiOLVHGRVGDGRVREWLGRVQR SUHVHQWHHVWXGRSRVVLELOLWDUDPDREWHQomRGHFULWpULRVHSDUkPHWURV SDUDDSRSXODomRGHDGROHVFHQWHVDSyVR39(PDLVHVSHFLILFDPHQWH GHEUDVLOHLURV

1HVWDSRSXODomRQmRVHLGHQWLILFRXGLIHUHQoDVLJQLILFDQWHHQWUHRV VH[RV3RURXWURODGRRXWURVHVWXGRVLQGLFDUDPTXHDVDUWLFXODo}HV GDVPRoDVDSUHVHQWDPPDLRUHVDPSOLWXGHVGHPRYLPHQWRQDVGLYHU VDVIDL[DVHWiULDV_{(VWXGRFRPFULDQoDVHDGROHVFHQWHVEUDVLOHLURV}

LGHQWLILFRXWHQGrQFLDGHDXPHQWRGD)$7HQWUHDVPHQLQDVDSyVRV DQRVGHLGDGH_{1RSUHVHQWHHVWXGRGRVPHQLQRVGHPRQV}

WUDUDPIOHWLUSHORPHQRVFPHQTXDQWRTXHHQWUHDVPHQLQDV

SHORPHQRVFPHDSHQDVGHOHVDSUHVHQWDPYDORUHVDOpP GRQtYHOGRVSpV

8PIDWRUDWpHQWmRSRXFRGHVWDFDGRQRVHVWXGRVVREUHD)$7WHPVLGR DYHORFLGDGHTXHVHGHYHDSOLFDUQDDYDOLDomR1RSUHVHQWHHVWXGR YHULILFRXVHTXHDGLIHUHQoDIRLDOWDPHQWHVLJQLILFDWLYDHQWUHRVtQGLFHV GHIOH[LELOLGDGHQDVYHORFLGDGHVOHQWDHUiSLGDLQGHSHQGHQWHPHQWH GRVH[R'HVWDIRUPDRIDWRGHVHURPRYLPHQWRUHDOL]DGRGHIRUPD UiSLGDLPSOLFDHPPDLRU)$7'HVWDIRUPDVXJHUHVHTXHVHMDGDGD DWHQomRHVSHFLDOSDUDDTXHVWmRGDYHORFLGDGHQDH[HFXomRGRWHVWH RIHUHFHQGRUHVXOWDGRVPDLVFRQILiYHLV

'HDFRUGRFRP$OWHU_{RVtQGLFHVGHIOH[LELOLGDGHGRVDGROHVFHQWHV}

DWLQJHPXPSODW{HYROWDPDGLPLQXLURTXHVXJHUHTXHHVWHVVmRRV PHOKRUHVYDORUHVHFRPWHQGrQFLDDGLPLQXLomRRXVHMDDXPHQWDQGR DLQGDPDLVDSRUFHQWDJHPGDTXHOHVTXHQmRDWLQJHPRVSpV(VWXGRV FLWDUDPRXLQYHVWLJDUDPDGLPLQXLomRGDIOH[LELOLGDGHSHORDXPHQWRGD LGDGH_{HPUHODomRDRVH[RVHQGRPDLRUQRIHPLQLQRHQTXDQWR}

TXHHPRXWURVDGLIHUHQoDQmRIRLVLJQLILFDQWH_{1RHQWDQWRQRSUH}

VHQWHHVWXGRQmRIRLLGHQWLILFDGDGLIHUHQoDVLJQLILFDWLYDHQWUHRVVH[RV FRUURERUDQGRRHVWXGRGH/DPDULHWDO_{FRPDFRO{QLDMDSRQHVDe}

SRVVtYHOTXHIDWRUHVFRPRHVWUHLWDIDL[DHWiULDHGHILQLomRGHJUXSR pWQLFRWHQKDPFRODERUDGRSDUDDREWHQomRGHVWHVUHVXOWDGRV )RUOpR HW DO _{HVWXGDUDP XPD IDL[D HWiULD TXH LQFOXLX FULDQoDV H}

DGROHVFHQWHVDQDOLVDGRVSHORVPHVPRVFULWpULRVHSDUkPHWURVRTXH SRGHWHUIRUQHFLGRUHVXOWDGRVTXHVWLRQiYHLVXPDYH]TXHHVWXGRVGH YiULRVDXWRUHVPRVWUDUDPTXHDPRELOLGDGHDUWLFXODUGLPLQXLFRPR DXPHQWRGDLGDGHHPDLVUDSLGDPHQWHGXUDQWHDLQIkQFLD

&RPSRVLomRFRUSRUDOpPDLVXPIDWRUTXHSRGHUiGLIHUHQFLDUQDIOH[L ELOLGDGH$OWHU_{UHVVDOWDVREUHDGHVLGUDWDomRGRVWHFLGRVFRQMXQWLYRV}

FRQVWLWXLVHGHDGHUrQFLDVHOLJDo}HVFUX]DGDVFRPDXPHQWRGRV GHSyVLWRVGHFiOFLR3RURXWURODGR*XHGHVH*XHGHV_HVSHFLILFDP

TXHDGROHVFHQWHVWHPUHODomRLQYHUVDHQWUHDVHVSHVVXUDVGRVWHFLGRV PXVFXODUHyVVHRHDGHJRUGXUDRXVHMDXPDFHQWXDGRJDQKRGH PDVVDPXVFXODUHyVVHDFRPFRQFRPLWDQWHGLPLQXLomRQRJDQKRGD PDVVDGHJRUGXUD(VWDVLQIRUPDo}HVSRGHPH[SOLFDUSDUFLDOPHQWH DGLPLQXLomRGDIOH[LELOLGDGHFRPRDXPHQWRGDLGDGHHMXVWLILFDURV UHVXOWDGRVGRHVWXGRHPTXHVWmRXPDYH]TXHPRVWUDPTXHDPDLRULD GRVDGROHVFHQWHVQmRWRFDRVGHGRVQRVSpVSHOR76$5HVXOWDGR TXHFRQWULEXLSDUDFRPSUHHQVmRGHVWHIHQ{PHQRRQGHVXJHUHTXH QDVIDL[DVHWiULDVSRVWHULRUHVjDGROHVFrQFLDDIOH[LELOLGDGHVHUiDLQGD PHQRUFRUURERUDQGRRVUHVXOWDGRVGH$ODUDQWDHWDO

$OWHUDo}HVQDFRPSRVLomRFRUSRUDOTXHRFRUUHPFRPRDXPHQWRGD LGDGHVmRUHODFLRQDGDVFRPDOWHUDo}HVSULQFLSDOPHQWHGDPXVFXODWXUD XPGRVFRPSRQHQWHVSULQFLSDLVGDFDSDFLGDGHPRWRUDJHUDOTXHMXV WLILFDDGLPLQXLomRGDPRELOLGDGHDUWLFXODUFRPDXPHQWRGDLGDGH1R HQWDQWRQRSUHVHQWHHVWXGRRVH[RQmRLQWHUIHULXQDTXDQWLILFDomRGD )$7eSRVVtYHOTXHHVWHUHVXOWDGRHVWHMDUHODFLRQDGRFRPRSHUtRGRGH WUDQVLomRGDVYiULDVPRGLILFDo}HVHPTXHHVWDIDL[DHWiULDVHHQFRQWUD 1HVWHFRQWH[WRDRVHFRQVLGHUDUTXHRFRUUHPPRGLILFDo}HVGXUDQWHD DGROHVFrQFLDHPFXUWRHVSDoRGHWHPSRUHVXOWDGRVGHHVWXGRVTXH LQFOXtUDPDPRVWUDVUHSUHVHQWDWLYDVGHIDL[DVHWiULDVGLIHUHQWHVSRGH UmRHVWDUFRPSURPHWLGRV([FHomRIHLWDSDUDRHVWXGRGH*XHGHVH *XHGHV_{TXHDSUHVHQWDUDPUHVXOWDGRVSRUIDL[DHWiULD}

(VWXGRVSRSXODFLRQDLVOHYDUDPDXWRUHVDFRQFOXLUTXHDIOH[LELOLGDGH GLPLQXLXFRPRDXPHQWRGDLGDGH_{RTXHIRLDWULEXtGRSRU0DOLQD}

H%RXFKDUG_{DRDXPHQWRQRGLkPHWURGDVILEUDVPXVFXODUHV1R}

HQWDQWRIRUDPLQFOXtGRVFULDQoDVMRYHQVHDGXOWRVQRPHVPRHV WXGRRTXHGHDFRUGRFRPDLQYHVWLJDomRGH/DPDULHWDO_SRGH

WHUFRPSURPHWLGRRDUJXPHQWRDSUHVHQWDGRSHORVDXWRUHVSDUDRV UHVXOWDGRVVREUHHVWHDVSHFWR

2IDWRGDFDUDFWHUtVWLFDGHKLSHUIOH[mRVHUXPDYDULiYHOUDUDLQFOXVLYH GHQWUHDVFULDQoDVFRQVLGHUDGDVFRPRXPDSRSXODomRFRPPDLRUHV DPSOLWXGHVDUWLFXODUHVGHIRUPDJHQHUDOL]DGD_{HODFRODERURXFRPR}

YH]QDFDSDFLGDGHPRWRUDGDIOH[LELOLGDGH1RHQWDQWRHVWXGRVGH *UHQLHU5XVVHOH0FJLOO_{QmRLGHQWLILFDUDPUHODomRHQWUHRVtQGLFHV}

GH)$7HRVGDGRVDQWURSRPpWULFRVTXDQGRDQDOLVDUDPLQGLYtGXRV HQWUHHDQRVGHLGDGHGHDPERVRVVH[RV5HVVDOWDVHTXHDV YDULiYHLVDQWURSRPpWULFDVQRHVWXGRGHVWHVDXWRUHVIRUDPGLIHUHQWHV GDTXHODVHPSUHJDGDVQRSUHVHQWHHVWXGRQmRLQFOXtUDPDVPHVPDV YDULiYHLVGRSUHVHQWHHVWXGRFRQGLomRTXHGLILFXOWRXDGLVFXVVmRGRV UHVXOWDGRV3RURXWURODGR*XHGHVH*XHGHV_{GHVWDFDPDVLPSOL}

FDo}HVGDVPHGLGDVDQWURSRPpWULFDVFRPUHODomRDRFUHVFLPHQWR jFRPSRVLomRFRUSRUDOHDRGHVHPSHQKRPRWRUGDIOH[LELOLGDGHH UHODWDPTXHRRUJDQLVPRGRDGROHVFHQWHSRGHDLQGDWRUQDUVHPDLV VXVFHWtYHOjLQIOXrQFLDGRVIDWRUHVJHQpWLFRVHGRPHLRDPELHQWH )HOGPDQHWDO_{QDDQiOLVHGHLQGLYtGXRVQDIDVHSHULSXEHVFHQWH}

YHULILFDUDPQmRKDYHUUHODomRHQWUHRVtQGLFHVHDDGROHVFrQFLDH TXHDVPHGLGDVDQWURSRPpWULFDVSRXFRLQIOXHQFLDUDPRIDWRU)$7 FRPUHODomRjDOWXUDWURQFRFHIiOLFDSHVRFRUSRUDOHQYHUJDGXUD H HVWDWXUD FRQVLGHUDQGR DV H[FHo}HV Mi FLWDGDV ([LVWHP FODUDV GLIHUHQoDVHVWUXWXUDLVHQWUHRVVH[RVFRPUHODomRDHVWDWXUDHSHVR FRUSRUDOTXHpPHQRUQDVPHQLQDV1RHQWDQWRQRSUHVHQWHHVWXGR DVGLIHUHQoDVGHSHVRFRUSRUDOHQWUHRVVH[RVQmRLPSOLFDUDPHP GLIHUHQoDQRSDGUmRGDYDULiYHO)$71HVWHFRQWH[WRRSUHVHQWHHVWXGR YHLRUHIRUoDUDVREVHUYDo}HVGH)HOGPDQHWDO_{TXDQGRYHULILFDUDP}

TXHGHPDQHLUDJHUDODVPHGLGDVDQWURSRPpWULFDVSRXFRLQIOXHQ FLDUDPD)$7UHVVDOYDjVH[FHo}HVIHLWDV

&RQIRUPHPRVWUDGRSRU2OLYHU_{DPRELOLGDGHGDFROXQDYHUWHEUDO}

VHUiDIHWDGDSRUYiULRVIDWRUHVGHQWUHHOHVDHVWDWXUDHRSHVRFRU SRUDO1RSUHVHQWHHVWXGRFRQFOXLVHTXHTXDQWRPDLRUDHVWDWXUD GRVH[RIHPLQLQRPHQRUD)$73RURXWURODGRRVDGROHVFHQWHVGR VH[RPDVFXOLQRHPVXDPDLRULDQmRDSUHVHQWDUDPFRUUHODo}HVVLJ QLILFDQWHV'LDQWHGHVWHVUHVXOWDGRVGLVFRUGDVHGDVDILUPDo}HVGH 2OLYHU_{QmRFDEHQGRDJHQHUDOL]DomRGHVHXVUHVXOWDGRV$LQGDQR}

SUHVHQWHHVWXGRWDQWRDDOWXUDWURQFRFHIiOLFDFRPRRSHVRFRUSRUDO QmRLQIOXHQFLDUDPQDTXDQWLILFDomRGD)$7

'HVWDIRUPDHVSHUDVHTXHTXDQWRPDLRURFRPSULPHQWRGRV00,, PHQRUD)$7SRUVHUPDLRUDGLVWkQFLDDRVSpVHTXDQWRPDLRUR FRPSULPHQWRGRV0066PDLRUD)$7HPIXQomRGDGLPLQXLomR GDGLVWkQFLDHQWUHRV0066HRVSpV1RHQWDQWRYHULILFRXVHXPD WHQGrQFLDIUDFDGHTXDQWRPDLRURFRPSULPHQWRGRV0066H00,, PHQRUDIOH[LELOLGDGH'HVWDIRUPDpSRVVtYHOTXHRPDLRUFRPSULPHQWR GRV00,,HPIXQomRGHDXPHQWDUDGLVWkQFLDGRVSpVGLPLQXtDD SRVVLELOLGDGHGRDOFDQFHWRWDOGHVWHVtQGLFHV3RURXWURODGRRPHV PRUDFLRFtQLRQmRSRGHVHUFRQVLGHUDGRYiOLGRSDUDRV0066HD HQYHUJDGXUDDSHVDUGHTXHRPDLRUWDPDQKRQmRLPSOLFDHPGLPLQXLU

DGLVWkQFLDGRDOFDQFHWRWDOGRVtQGLFHV(VWHUHVXOWDGRVXJHUHTXH GHPDQHLUDJHUDORVPDLRUHVYDORUHVGDVPHGLGDVDQWURSRPpWULFDV WHQGHQFLDPDPHQRUHVtQGLFHVGHIOH[LELOLGDGH

'HQWUHRVHVWXGRVTXHTXDQWLILFDUDPD)$7SHOR76$DSHQDVXP DSUHVHQWRX UHVXOWDGRV TXH SHUPLWHP FRPSDUDomR FRP HVWHV GR SUHVHQWHHVWXGR*XHGHVH*XHGHV_{DYDOLDUDPD)$7GHFULDQoDVH}

DGRVFHQWHVHQWUHHDQRVGHLGDGHSHOR76$HYHULILFDUDPTXH FRPUHODomRDIDL[DVHWiULDVFRUUHVSRQGHQWHVjVGRSUHVHQWHHVWXGR DTXHOHVMRYHQVFRPDQRVDWLQJLUDPHPPpGLDFPFP DFLPDGRVSpVHDTXHOHVFRPDQRVDWLQJLUDPFPFP eLPSRUWDQWHUHVVDOWDUDLQGDTXHQRHVWXGRGH*XHGHVH*XHGHV

IRUDPIHLWDVWUrVWHQWDWLYDVVHQGRTXHSDUDILQVGHDYDOLDomRIRL FRQVLGHUDGRRPHOKRUUHVXOWDGR(VWHSURFHGLPHQWRSRGHWHUOHYDGR DUHVXOWDGRVGLIHUHQWHVDRVREWLGRVQRSUHVHQWHHVWXGRXPDYH]TXH SURYDYHOPHQWHRLQGLYtGXRIRLEHQHILFLDGRSHORDTXHFLPHQWRTXHSRGH WHUSURSRUFLRQDGRPDLRUIOH[LELOLGDGH3RURXWURODGRQmRVHREWHYH LQIRUPDomRFRPUHODomRDRDVSHFWRYHORFLGDGH&DVRWHQKDPXWLOL ]DGRRUHFXUVRGDYHORFLGDGHGHH[HFXomRUiSLGDWDPEpPHVWDULDP SURSRUFLRQDQGRPHOKRUHVUHVXOWDGRV

0HQVXUDo}HVIHLWDVQDFRQGLomRGRPRYLPHQWROHQWRGLPLQXHPRULVFR GHWUDXPDWLVPRHVXJHUHPGDGRVPDLVFRQILiYHLVVHFRQVLGHUDUPRV DVVXSRVLo}HVGRVEHQHItFLRVSURSRUFLRQDGRVSHORPRYLPHQWRUiSLGR )LFRXHYLGHQWHQRSUHVHQWHHVWXGRTXHDPDLRUSDUWHGRVDGROHVFHQWHV QmRFRPSOHWDDDPSOLWXGHWRWDOGRPRYLPHQWRPHVPRQDFRQGLomRGR PRYLPHQWRUiSLGRRQGHDSUR[LPDGDPHQWHPHWDGHGHVWDSRSXODomR QmRFRQVHJXHWRFDURVSpVDRIOHWLUDQWHULRUPHQWHRWURQFR

'HPDQHLUDJHUDORVHVWXGRVQmRIRUQHFHUDPGDGRVTXDQWLWDWLYRV FRPUHODomRDRVtQGLFHVGH)$7FRQGLomRTXHGLILFXOWRXDQiOLVHV FRPSDUDWLYDVGHVWHDVSHFWR3RUWDQWRVXJHUHVHTXHVHMDPUHDOL]DGRV RXWURVHVWXGRVFRPDGROHVFHQWHVDSyVR39(TXDQWLILFDQGRVHRV tQGLFHVGH)$7

&21&/86¯(6

+iHYLGrQFLDGHTXHRVH[RRVGDGRVDQWURSRPpWULFRVHDYHORFLGDGH GHH[HFXomRGRPRYLPHQWRLQIOXHQFLDPRVtQGLFHVGH)$7SHOR76$ 0DLRUHVtQGLFHVGHIOH[LELOLGDGHIRUDPREWLGRVTXDQGRRWHVWHIRLUHD OL]DGRGHIRUPDUiSLGDHHQWUHDVPHGLGDVDQWURSRPpWULFDVDSHQDV DHVWDWXUDDHQYHUJDGXUDRFRPSULPHQWRGRVPHPEURVPRVWUDUDP FRUUHODomRVLJQLILFDQWHHSRVLWLYD

$PDLRULDGRVDGROHVFHQWHVQmRWRFDRVGHGRVGDVPmRVQRVSpVDR UHDOL]DUR76$VHQGRTXHFPDFLPDGRVSpVIRUDPDOFDQoDGRV SRUGHOHV1RPRYLPHQWRUiSLGRGRVDGROHVFHQWHVPHQRV IOH[tYHLVDWLQJHPQRPi[LPRFPDFLPDGRVSpVHGDTXHOHV PDLVIOH[tYHLVDWLQJHPQRPtQLPRWRUQRGHFPDEDL[RGRVSpV

5()(5È1&,$6%,%/,2*5É),&$6

*UDKDPH57LPHWRWDNHK\SHUPRELOLW\VHULRXVO\LQDGXOWVDQGFKLOGUHQ5KHXPD WRORJ\

/DPDUL10&KXHLUH$*&RUGHLUR-$$QDO\VLVRIMRLQWPRELOLW\SDWWHUQVDPRQJ

&RQWH0*RQ°DOYHV$$UDJRQ))3DGRYDQL&5,QIOX³QFLDGD PDVVDFRUSRUDO VREUHDDSWLG¬RI¶VLFDHPDGROHVFHQWHVHVWXGRDSDUWLUGHHVFRODUHVGRHQVLQR IXQGDPHQWDOHP²GLRGH6RURFDED635HY%UDV0HG(VSRUWH )HOGPDQ'6KULHU,5RVVLJQRO0$EHQKDLP/$GROHVFHQWJURZWKLVQRWDVVRFLD

WHGZLWKFKDQJHVLQIOH[LELOLW\&OLQ-6SRUW0HG

7VDQJ</0DN0.6LWDQGUHDFKWHVWFDQSUHGLFWPRELOLW\RISDWLHQWVUHFRYHULQJ IURPDFXWHVWURNH$UFK3K\V

$ODUDQWD++XUUL++HOLRYDDUD06RXNND$+DUMX5)OH[LELOLW\RIWKHVSLQHQRU PDWLYH YDOXHV RI JRQLRPHWULF DQG WDSH PHDVXUHPHQWV 6FDQG - 5HKDELO 0HG

$OWHU0-&RPSUHHQGHQGRDIOH[LELOLGDGH,QBBBBBB$ORQJDPHQWRSDUDRVHVSRU WHVDHG6¬R3DXOR0DQROHSWS

*XHGHV'3*XHGHV-(53&UHVFLPHQWRFRPSRVL°¬RFRUSRUDOHGHVHPSHQKR PRWRUGHFULDQ°DVHDGROHVFHQWHV6¬R3DXOR&/5%DOLHUR>@S 6HFNLQ87XU%6<LOPD]2%RGXU+$UDVLO77KHSUHYDOHQFHRIK\SHUPRELOLW\

DPRQJKLJKVFKRROVWXGHQW5KHXPDWRO,QW

*UDQW6+DVOHU7'DYLHV&$LWFKLVRQ7&:LOVRQ:LWWDNHU$$FRPSDULVRQ RI WKH DQWKURSRPHWULF VWUHQJWK HQGXUDQFH DQG IOH[LELOLW\ FKDUDFWHULVWLFV RI IHPDOHHOLWHDQGUHFUHDWLRQDOFOLPEHUVDQGQRQFOLPEHUV-6SRUWV6FL

%DOWDFL*8Q17XQD\9%HVOHU$*HUFHNHU6&RPSDULVRQRIWKUHHGLIIHUHQWVLW DQGUHDFKWHVWVIRUPHDVXUHPHQWRIKDPVWULQJIOH[LELOLW\LQIHPDOHXQLYHUVLW\VWX GHQWV%U-6SRUWV0HG

/DPDUL100DULQR/+&0DULQR-XQLRU1:&RUGHLUR-$(VWXGRGDPRELOLGDGH DUWLFXODUJHQHUDOL]DGDH¶QGLFHVGHIOH[LELOLGDGHDQWHULRUGRWURQFRQDFRPXQLGDGH MDSRQHVDGH*XD¶UDH6¬R-RV²GR5LR3UHWR+%&LHQW

3DWWHUVRQ3:LNVWHQ'/5D\/)ODQGHUV&6DPSK\'7KHYDOLGLW\DQGUHOLDELOLW\

RIWKHEDFNVDYHUVLWDQGUHDFKWHVWPLGGOHVFKRROJLUOVDQGER\V5HV4([HUF 6SRUW

&RKHQ,5DLQYLOOH-$JJUHVVLYHH[HUFLVHDVWUHDWPHQWIRUFKURQLFORZEDFNSDLQ 6SRUWV0HG

*XUOH\*UHHQ 6 /LYLQJ ZLWK WKH K\SHUPRELOLW\ V\QGURPH 5KHXPDWRORJ\

*UDKDPH5-RLQWK\SHUPRELOLW\DQGJHQHWLFFROODJHQGLVRUGHUVDUHWKH\UHODWHG" $UFK'LV&KLOG

(JUL'<RVKLQDUUL1++LSHUPRELOLGDGHDUWLFXODUJHQHUDOL]DGD5HY%UDV5HXPDWRO

0LQNOHU63DWWHUVRQ37KHYDOLGLW\RIWKHPRGLILHGVLWDQGUHDFKWHVWLQFROOHJHDJH VWXGHQWV5HV4([HUF6SRUW

2OLYHU-0LGGOHGLWFK$$QDWRPLDIXQFLRQDOGDFROXQDYHUWHEUDO5LRGH-DQHLUR 5HYLQWHUS

1HHOGOPDQ5'$GROHVF³QFLD,Q%HKUPDQ5(1HOVRQ7UDWDGRGH3HGLDWULDD HG5LRGH-DQHLUR*XDQDEDUD.RRJDQS

*UHQLHU6*5XVVHO&0FJLOOO605HODWLRQVKLSVEHWZHHQOXPEDUIOH[LELOLW\VLWDQG UHDFKWHVWDQGDSUHYLRXVKLVWRU\RIORZEDFNGLVFRPIRUWLQLQGXVWULDOZRUNHUV&DQ -$SSO3K\VLRO

-DFNVRQ$:0RUURZ-5%ULOO3$.RKO+:*RUGRQ1)%ODLU615HODWLRQVRIVLW XSDQGVLWDQGUHDFKWHVWVWRORZEDFNSDLQLQDGXOWV-2UWKRS6SRUWV3K\V7KHU

7UHYLVDQ )$ ,NHGR ) $VVRFLD°¬R HQWUH ORPEDOJLD H GHILFL³QFLD GH LPSRUWDQWHV JUXSRVPXVFXODUHVSRVWXUDLV+%&LHQW

*ODQHU0)1¶YHOGHDWLYLGDGHI¶VLFDHDSWLG¬RI¶VLFDUHODFLRQDGD©VDÂGHHPUDSD ]HVUXUDLVHXUEDQRV5HY3DXO(GXF)LV

0DOLQD50%RXFKDUG&$JHDQGVH[DVVRFLDWHGYDULDWLRQLQ JURZWK,QBBBBBB *URZWKPDWXUDWLRQDQGSK\VLFDODFWLYLW\&KDPSDLJQ,/+XPDQ.LQHWLFV SWS