Biofertilizante na produção do capim Cynodon dactylon cv. Tierra Verde: Amanda de Castro Correia. -

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

³-Ò/,2'(0(648,7$),/+2´

&Æ0386'($5$d$78%$

%,2)(57,/,=$17(1$352'8d­2'2&$3,0

&\QRGRQGDFW\ORQ

FY7,(55$9(5'(

$PDQGDGH&DVWUR&RUUHLD

$5$d$78%$±63

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

³-Ò/,2'(0(648,7$),/+2´

&Æ0386'($5$d$78%$

%,2)(57,/,=$17(1$352'8d­2'2&$3,0

&\QRGRQGDFW\ORQ

FY7,(55$9(5'(

$PDQGDGH&DVWUR&RUUHLD

2ULHQWDGRUD3URI

D

'UD6tOYLD+HOHQD9HQWXUROL3HUUL

&RRULHQWDGRU3URI'U$GM&HFtOLR9LHJD6RDUHV)LOKR

'LVVHUWDomR DSUHVHQWDGD j )DFXOGDGH GH 0HGLFLQD 9HWHULQiULD±81(63&DPSXVGH$UDoDWXEDFRPR SDUWH GDV H[LJrQFLDV SDUD D REWHQomR GR WtWXOR GH 0HVWUH HP &LrQFLD $QLPDO 0HGLFLQD 9HWHULQiULD 3UHYHQWLYDH3URGXomR$QLPDO

$5$d$78%$±63

ĂƚĂůŽŐĂĕĆŽŶĂWƵďůŝĐĂĕĆŽ;/WͿ

^ĞƌǀŝĕŽdĠĐŶŝĐŽĚĞŝďůŝŽƚĞĐĂĞŽĐƵŵĞŶƚĂĕĆŽʹ&KͬhE^W

ŽƌƌĞŝĂ͕ŵĂŶĚĂĚĞĂƐƚƌŽ͘

ϴϮϰď ŝŽĨĞƌƚŝůŝnjĂŶƚĞŶĂƉƌŽĚƵĕĆŽĚŽĐĂƉŝŵLJŶŽĚŽŶ ĚĂĐƚLJůŽŶĐǀ͘dŝĞƌƌĂͬŵĂŶĚĂĚĞĂƐƚƌŽŽƌƌĞŝĂ͘Ͳ ƌĂĕĂƚƵďĂ͗΀Ɛ͘Ŷ͘΁͕ϮϬϭϭ

ŝƐƐĞƌƚĂĕĆŽ;DĞƐƚƌĂĚŽͿʹhŶŝǀĞƌƐŝĚĂĚĞƐƚĂĚƵĂů WĂƵůŝƐƚĂ͕&ĂĐƵůĚĂĚĞĚĞDĞĚŝĐŝŶĂsĞƚĞƌŝŶĄƌŝĂ

KƌŝĞŶƚĂĚŽƌĂ͗WƌŽĨĂ͘^şůǀŝĂ,ĞůĞŶĂsĞŶƚƵƌŽůŝWĞƌƌŝ ŽŽƌŝĞŶƚĂĚŽƌ͗WƌŽĨ͘ĞĐşůŝŽsŝĞŐĂ^ŽĂƌĞƐ&ŝůŚŽ

ϭ͘ĚƵďĂĕĆŽŽƌŐąŶŝĐĂϮ͘ŚŽƌƵŵĞďŽǀŝŶŽ

ϯ͘'ƌĂŵşŶĞĂƐϰ͘ZĂşnjĞƐĨŽƌƌĂŐĞŝƌĂƐϱ͘dĞŽƌĚĞŶƵƚƌŝĞŶƚĞƐ

ϲϯϭ͘ϴϲ

'$'26&855,&8/$5(6'$$8725$

³0LODJUHV VmR IHLWRV GH GHWDOKHV (VWHpPDLVXPJUDQGHGHWDOKHGD PLQKDYLGD´

(PSULPHLUROXJDUj'HXVSRUHVWDUDR PHX ODGR QR GHFRUUHU GH WRGR HVWH PHVWUDGRHDEHQoRiOR$RVPHXVSDLV 5DFKLGHVGH&DVWURH0DULDGH/RXUGHV /RSHV H &DVWUR SHOD IRUPD TXH PH HGXFDUDP VHQGR VHPSUH H[HPSORV LQFRQWHVWiYHLV GH DPRU KRQHVWLGDGH VROLGDULHGDGH LQWHOLJrQFLD IRUoD H VXSHUDomR ([HPSORV TXH OHYDUHL SRU WRGD D YLGD H TXH VHP G~YLGD SURSLFLDUDP PDLV HVWD YLWyULD H SURSRUFLRQDUmR RXWURV DFHUWDGRV SDVVRVHFRQTXLVWDV

2)(5(d2

$RPHXPDULGR+pOLR&RUUHLD6REULQKR SHOR DPRU H FDULQKR SHOR H[HPSOR GH GHWHUPLQDomR SHOD FRPSUHHQVmR GRV PHXV FRPSURPLVVRV SHOD PRWLYDomR SHOD FRODERUDomR QDV YiULDV IDVHV GHVWH WUDEDOKR PDV HP HVSHFLDO SRU FRPSDUWLOKDUPHXVREMHWLYRV

$*5$'(&,0(172(63(&,$/

$*5$'(&,0(1726

$3UHIHLWXUD0XQLFLSDOGH6DQWR$QW{QLRGR$UDFDQJXiHPHVSHFLDODR 3UHIHLWR /XL] &DUORV GRV 5HLV 1RQDWR H 'HSDUWDPHQWR GH $JURSHFXiULD H 'HVHQYROYLPHQWR (FRQ{PLFR SRU DXWRUL]DUHPPH D UHDOL]DU HVWH PHVWUDGR H FRQILDUHPHPPLQKDFDSDFLGDGHSDUDFRQFLOLDUWUDEDOKRHHVWXGR

$RV FROHJDV GH SyVJUDGXDomR )DELDQH %LFKDUUHOOL -RDQD =DIDORQ H $QGUpD)RQWHV*DUFLDSHODGLYHUWLGDHIUDWHUQDFRQYLYrQFLDHDX[tOLR

$RVSURIHVVRUHV'U5HJHV+HLQULFKVHDR'U)iELR (UPLQLR0LQJDWWR PHPEURV GD EDQFD H[DPLQDGRUD GR H[DPH JHUDO GH TXDOLILFDomR SHODV VXJHVW}HVDSUHVHQWDGDV

$RV SURIHVVRUHV GDV GLVFLSOLQDV FXUVDGDV GXUDQWH R PHVWUDGR 0DQRHO *DUFLD1HWR0DUFRV)UDQNH3LQWR(OLVD+HOHQD*LJOLR3RQVDQR*XLOKHUPHGH 3DXOD1RJXHLUDH9DOpULD1REUH/HDOGH6RX]D2OLYD

¬ JUDQGH DPLJD )OiYLD 0L\XNL 7RPLWD SHOD IRUoD H FRPSDQKHLULVPR LQFRQGLFLRQDLVGXUDQWHPDLVHVWDHWDSDGHPLQKDYLGD

$RDPLJR9DOGHFL2ULROL-~QLRUSRUWRGDVDVYH]HVTXHVHSURS{VDPH DMXGDU

$RV FXQKDGRV 7KLDJR $GULDQD H 5DIDHO H DRV VRJURV &pOLR H 1HXVD SHORFDULQKRHKDUPRQLRVRFRQYtYLR

$RVIXQFLRQiULRVGD81(63HPHVSHFLDODRIXQFLRQiULR&DUORV5HQDWR SHODDPL]DGHHYDOLRVDFRRSHUDomR

$R ODERUDWyULR GH DQiOLVHV GH VROR $5$62/2 H D HPSUHVD 35Ï6(0(17(6SRUIRUQHFHUDVHPHQWHGDJUDPtQHDHVWXGDGD

$R &RQVHOKR GR 3URJUDPD GH 3yV*UDGXDomR HP &LrQFLD $QLPDO 0HGLFLQD 9HWHULQiULD 3UHYHQWLYD H 3URGXomR $QLPDO H D )81'81(63 SHOR DX[tOLRILQDQFHLURj3HVTXLVD

680È5,2

3iJLQD

, ,1752'8d­2

,, 5(9,6­2'(/,7(5$785$

,,,&DSLP&\QRGRQGDFW\ORQFY7LHUUD9HUGH ,,,,$GXEDomR1LWURJHQDGD ,,,,,0DWpULD2UJkQLFD ,,,90DWpULD6HFD

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

,9 5(68/7$'26(',6&866­2

,9,3URGXomRGHPDWpULDVHFDGDSDUWHDpUHDHUDt]HV ,9,,$WULEXWRVTXtPLFRVGRVROR ,9,97HRUHVGHQXWULHQWHVQDSDUWHDpUHDGDSODQWD ,9,,,9DORU1XWULWLYRGR&DSLP7LHUUD9HUGH

9 &21&/86®(6

/,67$'(7$%(/$6

3iJLQD

7DEHOD $WULEXWRV TXtPLFRV GR VRORH GHVYLR SDGUmR V DSyV WUrV FRUWHVGH&\QRGRQGDFW\ORQFY7LHUUD9HUGHDGXEDGRFRPGRVHVGH ELRIHUWLOL]DQWH

7DEHOD0pGLD[HGHVYLRSDGUmRVGDVYDULiYHLVGDSDUWHDpUHD VHJXQGRDVGRVHVHFRUWHV

7DEHOD 0pGLD H GHVYLR SDGUmR V GDV YDUiYHLV GD SDUWH DpUHD DSyVDVGRVHVGHELRIHUWLOL]DQWH

7DEHOD ± 0pGLDV GRV WHRUHV GH SURWHtQD EUXWD 3% ILEUD HP GHWHUJHQWHQHXWUR)'1HILEUDHPGHWHUJHQWHiFLGR)'$GRFDSLP 7LHUUD 9HUGH HP IXQomR GD DSOLFDomR GDV GRVHV GR ELRIHUWLOL]DQWH

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

3iJLQD

)LJXUD 3URGXomR GH WUrV FRUWHV H SURGXomR DFXPXODGD WRWDO GH 06 GH &\QRGRQ GDFW\ORQ FY 7LHUUD 9HUGH D H PDWpULD VHFD GDV UDt]HVJYDVRHPIXQomRGDVGRVHVGHELRIHUWLOL]DQWHPñKD_E

)LJXUD±7HRUGHPDWpULDRUJkQLFDDWHRUGHHQ[RIUHEWHRUGH ERUR F H WHRU GH PDQJDQrV QR VROR GRV YDVRV DGXEDGRV FRP ELRIHUWLOL]DQWHG

)LJXUD±7HRUHVGH3QDSDUWHDpUHDGDVSODQWDVDSyVDDSOLFDomR GRELRIHUWLOL]DQWHQRSULPHLURDHWHUFHLURFRUWHEWHRUHVGH.FH WHRUHVGH&XG

%,2)(57,/,=$17(1$352'8d­2'2&$3,0&\QRGRQGDFW\ORQFY 7LHUUD9HUGH

5(6802 &RP R REMHWLYR GH DYDOLDU D SURGXomR GH PDWpULD VHFD 06 GD SDUWHDpUHDHUDt]HVGRFDSLP7LHUUD9HUGHHRVDWULEXWRVTXtPLFRVGRVRORHGD SDUWHDpUHDVXEPHWLGDjDGXEDomRFRPELRIHUWLOL]DQWHRUJkQLFRUHDOL]RXVHXP H[SHULPHQWR HP FDVD GH YHJHWDomR GR 'HSDUWDPHQWR GH $SRLR 3URGXomR H 6D~GH $QLPDO GD 81(63 )DFXOGDGH GH 0HGLFLQD 9HWHULQiULD &DPSXV GH $UDoDWXED63GHMDQHLURDVHWHPEURGH2VWUDWDPHQWRVIRUDPGLVSRVWRV HP GHOLQHDPHQWR LQWHLUDPHQWH FDVXDOL]DGR DGXEDGRV FRP VHLV GRVHV GH ELRIHUWLOL]DQWHP_{KDHFRPFLQFRUHSHWLo}HVGXUDQWH}

WUrVFRUWHV8WLOL]RXVHRPRGHORGHSDUFHODVVXEGLYLGLGDVQRWHPSRVHQGRDV GRVHVGHELRIHUWLOL]DQWHFRQVLGHUDGDVFRPRWUDWDPHQWRVSULQFLSDLVHRVFRUWHV FRPRVXESDUFHODV)RLREVHUYDGRDXPHQWRQDSURGXomRGH06GDSDUWHDpUHD H UDt]HV D SDUWLU GDV GRVHV GH DWp P _{KD GH 1 $ DGXEDomR}

QLWURJHQDGDLQIOXHQFLRXQRVDWULEXWRVTXtPLFRVGRVRORQRVWHRUHVGDPDWpULD RUJkQLFD HQ[RIUH ERUR H PDQJDQrV $ DGXEDomR QLWURJHQDGD LQIOXHQFLRX D FRPSRVLomR TXtPLFD GR FDSLP 7LHUUD 9HUGH QRV WHRUHV IROLDUHV GH IyVIRUR SRWiVVLR H FREUH 2V WHRUHV GH SURWHtQD EUXWD ILEUD HP GHWHUJHQWH QHXWUR H ILEUD HP GHWHUJHQWH iFLGR QmR IRUDP DOWHUDGRV SHOD LQIOXrQFLD GDV GRVHV GH ELRIHUWLOL]DQWHRUJkQLFRDSOLFDGRDRVROR

%LRIHUWLOL]HUSURGXFWLRQRI&\QRGRQGDFW\ORQFY7LHUUD9HUGH*5$66

6800$5<,QRUGHUWRHYDOXDWHWKHSURGXFWLRQRIGU\PDWWHU'0RIVKRRWV DQGURRWVRIJUDVV7LHUUD9HUGHDQGFKHPLFDODWWULEXWHVRIVRLODQGVXEMHFWHGWR DHULDO IHUWLOL]DWLRQ ZLWK RUJDQLF ELRIHUWLOL]HU DQ H[SHULPHQW ZDV SHUIRUPHG LQ KRXVH YHJHWDWLRQ 6XSSRUW 'HSDUWPHQW $QLPDO 3URGXFWLRQ DQG +HDOWK 8QLYHUVLW\ RI 9HWHULQDU\ 0HGLFLQH 81(63 $UDoDWXED63 IURP -DQXDU\ WR 6HSWHPEHU 7KH WUHDWPHQWV ZHUH DUUDQJHG LQ FRPSOHWHO\ UDQGRPL]HG GHVLJQZLWKVL[IHUWLOL]HGELRIHUWLOL]HUGRVHVP_KDDQG

ILYH UHSHWLWLRQV IRU WKUHH FXWV :H XVHG WKH PRGHO VSOLW SORW LQ WLPH DQG WKH GRVHVRIELRIHUWLOL]HUVFRQVLGHUHGDVPDLQWUHDWPHQWVDQGFXWVDVVXESORWV:H REVHUYHGLQFUHDVHLQ'0\LHOGRIVKRRWVDQGURRWVIURPWKHGRVHVRIWR P_{KDRI11LWURJHQIHUWLOL]DWLRQLQIOXHQFHGWKHVRLOFKHPLFDOSURSHUWLHVLQWKH}

OHYHOV RI RUJDQLF PDWWHU VXOIXU ERURQ DQG PDQJDQHVH 1LWURJHQ IHUWLOL]DWLRQ LQIOXHQFHG WKH FKHPLFDO FRPSRVLWLRQ RI JUDVV 7LHUUD 9HUGH LQ IROLDU FRQFHQWUDWLRQV RI SKRVSKRUXV SRWDVVLXP DQG FRSSHU 7KH FUXGH SURWHLQ QHXWUDO GHWHUJHQW ILEHU DQG DFLG GHWHUJHQW ILEHU ZHUH QRW DIIHFWHG E\ WKH LQIOXHQFHRIWKHRUJDQLFELRIHUWLOL]HUGRVHVDSSOLHGWRWKHVRLO

ϭϯ

, ,1752'8d­2

2 ODQoDPHQWR GH QRYDV FXOWLYDUHV GH JUDPtQHDV UHVXOWD GD GHPDQGD FUHVFHQWH SHOD EXVFD SRU SODQWDV TXH SURGX]DP XPD IRUUDJHP GH DOWD TXDOLGDGH H[WUHPDPHQWH WROHUDQWH DR FDORU H FRP H[FHOHQWH UHEURWD H EDL[R FXVWR GH LPSODQWDomR (P DWHQGLPHQWR D HVWD GHPDQGD IRL GHVHQYROYLGR R FDSLP7LHUUD9HUGHXPDHVSpFLHGH&\QRGRQGDFW\ORQ

2 SRWHQFLDO GH SURGXomR GH XPD SODQWD IRUUDJHLUD p GHWHUPLQDGR JHQHWLFDPHQWH (QWUHWDQWR SDUD TXH HVWH SRWHQFLDO VHMD DOFDQoDGR DV FRQGLo}HVDGHTXDGDVGRPHLRHRPDQHMRGHYHPVHUREVHUYDGRV(QWUHHVWDV FRQGLo}HV D EDL[D GLVSRQLELOLGDGH GH QXWULHQWHV p XP GRV IDWRUHV TXH PDLV LQWHUIHUHPQDSURGXWLYLGDGHHQDTXDOLGDGHGDIRUUDJHLUD$VVLPRIRUQHFLPHQWR GH QXWULHQWHV HP TXDQWLGDGHV H SURSRUo}HV DGHTXDGDV SDUWLFXODUPHQWH R QLWURJrQLR DVVXPH LPSRUWkQFLD IXQGDPHQWDO QR SURFHVVR SURGXWLYR GH SDVWDJHQVSRLVRQLWURJrQLRGRVRORSURYHQLHQWHGDPLQHUDOL]DomRGDPDWpULD RUJkQLFD QmR p VXILFLHQWH SDUD DWHQGHU j GHPDQGD GH JUDPtQHDV FRP DOWR SRWHQFLDOSURGXWLYR)$*81'(6HWDO

'HYLGR j DOWD H[LJrQFLD GH QLWURJrQLR SHODV FXOWXUDV H SHOD DWXDO QHFHVVLGDGH GHVWH QXWULHQWH VHU XVDGR GH IRUPD RUJkQLFD R XVR GH IRQWHV DOWHUQDWLYDVGHQLWURJrQLRRXVHMDGHELRIHUWLOL]DQWHFRPRSRUH[HPSORGHMHWRV GH ERYLQRV SDUD D DGXEDomR GH SDVWDJHQV HVWmR VHQGR FDGD YH] PDLV HVWXGDGRV

ϭϰ

ϭϱ

,, 5(9,6­2'(/,7(5$785$

,,,&DSLP&\QRGRQGDFW\ORQFY7LHUUD9HUGH

1R WHUULWyULR QDFLRQDO HVWLPDVH TXH H[LVWDP FHUFD GH PLOK}HV GH KHFWDUHVGHSDVWDJHPFXOWLYDGDVHPLOK}HVGHKHFWDUHVGHHVSpFLHVQDWLYDV $18$/3(&(VWHJUDQGHQ~PHURGHHVSpFLHVFXOWLYDGDVRFRUUHGHYLGR DHVWDVHVSpFLHVSURSRUFLRQDUHPXPDSURGXomRSHFXiULDPDLVHFRQ{PLFDMi TXHHVWDVHVSpFLHVDSUHVHQWDPORQJHYLGDGHHJUDQGHSURGXWLYLGDGHGDSODQWD IRUUDJHLUDIRUQHFHQGRDOLPHQWRHPPDLRUTXDQWLGDGHHTXDOLGDGHSDUDVXSULUDV H[LJrQFLDVQXWULFLRQDLVGRVDQLPDLV

3DUD DWHQGHU D HVWDV H[LJrQFLDV R JrQHUR&\QRGRQ WHP VH PRVWUDGR FDGD YH] PDLV HILFD] DSUHVHQWDQGR ERD SURGXWLYLGDGH H DGHTXDGR jV WHPSHUDWXUDV WURSLFDLV GD QRVVD UHJLmR &RQIRUPH 9LOHOD H $OYLP DV JUDPtQHDV GHVWH JrQHUR VmR IRUUDJHLUDV GH HOHYDGR YDORU QXWULWLYR GHYLGR j FDSDFLGDGH GH SURGXomR GH IRUUDJHP GH ERD TXDOLGDGH H j SRVVLELOLGDGH GH XVRVRESDVWHMRRXQDIRUPDGHIHQR

6HJXQGR6HJKHVHHVWHJrQHURpRULJLQiULRGDÈIULFD7URSLFDOH DSUHVHQWDFLFORIRWRVVLQWpWLFR&FDUDFWHUtVWLFDWtSLFDGHSODQWDVTXHYHJHWDP EHPGXUDQWHRYHUmRPDVTXHWHPRFUHVFLPHQWRVHQVLYHOPHQWHUHGX]LGRQRV PHVHVGHLQYHUQR$IRWRVVtQWHVHPi[LPDGHVWDVJUDPtQHDVRFRUUHDRUHGRUGH ±ž&HWrPFUHVFLPHQWROLPLWDGRTXDQGRDVWHPSHUDWXUDVPtQLPDVPHGLDV VmRLQIHULRUHVDž&

ϭϲ

PHOKRU TXDOLGDGH GD IRUUDJHP SURGX]LGD H PHOKRU WROHUkQFLD DR IULR TXH DV OLQKDJHQVFRPXQV

%XVFDQGR XP PHOKRUDPHQWR JHQpWLFR SDUD PDQWHU D TXDOLGDGH GD IRUUDJHP SRU PDLRUHV SHUtRGRV GXUDQWH D HVWDomR GH FUHVFLPHQWR IRL GHVHQYROYLGR R FDSLP 7LHUUD 9HUGH HVSpFLH GH &\QRGRQ GDFW\ORQ QD 8QLYHUVLGDGH GR 7H[DV (8$ (VWH FDSLP p XP FUX]DPHQWR GD EHUPXGD *LJDQWH FRP D EHUPXGD &RPXP TXH SRVVXL FRPR FDUDFWHUtVWLFD DOWD SURGXWLYLGDGH H DOWHUQDWLYD HFRQ{PLFD SRLV p SURSDJDGR SRU PHLR GH VHPHQWHV GLIHUHQWHPHQWH GRV RXWURV KtEULGRV GHVWD HVSpFLH TXH VmR SURSDJDGRV FRP PXGDV &255,+(5 5('021 (OH p DOWDPHQWH WROHUDQWH DR FDORU H SRVVXL H[FHOHQWH UHEURWD e UHVLVWHQWH D VHFD H D VRORV DOFDOLQRV$WHPSHUDWXUDOLPLWDQWHSDUDRFUHVFLPHQWRGHVWHFDSLPpHPWRUQR GRVƒ&7,(55$9(5'(

,,,,$GXEDomR1LWURJHQDGD

3DUD VH DOFDQoDU D VXVWHQWDELOLGDGH QD H[SORUDomR LQWHQVLYD GDV SDVWDJHQVpQHFHVViULRUHDOL]DUDFRUUHomRGDIHUWLOLGDGHGRVROR2QLWURJrQLR pXPGRVQXWULHQWHVPDLVH[LJLGRVSHODVIRUUDJHLUDVHSRGHVHUREWLGRGHIRUPD RUJkQLFDDWUDYpVGRXVRGHGHMHWRVGHDQLPDLV

$V SULPHLUDV SHVTXLVDV VREUH R XVR GH GHMHWRV SDUD UHFXSHUDomR GH SDVWDJHQVQR%UDVLOIRUDPUHDOL]DGDVQD8QLYHUVLGDGH)HGHUDOGH6DQWD0DULD HPSDVWDJHPQDWXUDORQGHIRUDPREWLGRVDXPHQWRVGHDWpQDSURGXomR GH 06 FRP DSOLFDo}HV UHSHWLGDV GH GHMHWRV P KD DR SDVVR TXH QR FHQWURGR3DtVFRPDSOLFDo}HVGHPKDDQRDSURGXomRGH%UDFKLDULD

EUL]DQWKD FY 0DUXQGX FKHJRX D D PDLV HP UHODomR j WHVWHPXQKD

.21=(1

ϭϳ

IHUWLOL]DQWHV5(9,67$/(,7('3$6HJXQGR8UTXLDJDH=DSDWD IRQWHV DOWHUQDWLYDV GH 1 WDLV FRPR R FKRUXPH YHP UHFHEHQGR HVSHFLDO DWHQomR QRV ~OWLPRV DQRV GHYLGR DR DOWR FXVWR GRV IHUWLOL]DQWHV TXtPLFRV GH DOFDQFH OLPLWDGR DRV SHTXHQRV DJULFXOWRUHV H FRPR DSRLR D XPD DJULFXOWXUD VXVWHQWiYHO

$VVLP HVWHV UHVtGXRV SDVVDP D VHU FRQVLGHUDGRV ELRIHUWLOL]DQWHV TXH DOpP GH FRUULJLUHP D IHUWLOLGDGH GR VROR PHOKRUDP RV WHRUHV GH PDWpULD RUJkQLFDHGHQXWULHQWHVQRVRORVHUYHPFRPRIRQWHGHQLWURJrQLRHGLPLQXHP RVFXVWRVGHSURGXomR

6HJXQGR 0HGHLURV H /RSHV RV ELRIHUWLOL]DQWHV SRVVXHP FRPSRVWRV ELRDWLYRV UHVXOWDQWHV GD ELRGLJHVWmR GH FRPSRVWRV RUJkQLFRV GH RULJHPDQLPDOHYHJHWDO(PVHXFRQWH~GRVmRHQFRQWUDGDVFpOXODVYLYDVRX ODWHQWHV GH PLFURUJDQLVPRV GH PHWDEROLVPR DHUyELFR DQDHUyELFR H IHUPHQWDomR EDFWpULDV OHYHGXUDV DOJDV H IXQJRV ILODPHQWRVRV H WDPEpP PHWDEyOLWRVHTXHODWRVRUJDQRPLQHUDLVHPVROXWRVDTXRVR6HJXQGR6DQWRVH $NLED RV PHWDEyOLWRV VmR FRPSRVWRV GH SURWHtQDV HQ]LPDV DQWLELyWLFRVYLWDPLQDVWR[LQDVIHQyLVpVWHUHVHiFLGRVLQFOXVLYHGHDomRILWR KRUPRQDOSURGX]LGRVHOLEHUDGRVSHORVPLFURUJDQLVPRV

2SURFHVVRGHIHUPHQWDomRpFRPSOH[RHRVPLFURUJDQLVPRVH[LVWHQWHV SDVVDP TXDWUR IDVHV GLVWLQWDV GH FUHVFLPHQWR FHOXODU ODWrQFLD FUHVFLPHQWR H[SRQHQFLDO IDVH HVWDFLRQiULD H PRUWH FHOXODU &DGD PLFURUJDQLVPR SDUWLFLSDQWH GHJUDGD DOLPHQWR SDUD RXWUR QXPD UHODomR GH LQWHUGHSHQGrQFLD P~WXD H KDUP{QLFD H DVVLP R SURFHVVR GH IHUPHQWDomR DFDED VHQGR FRQWtQXR GHVGH TXH VHMD DOLPHQWDGR FRP PHLR QXWULWLYR 0HGHLURV H /RSHV

ϭϴ

3DUD R GLPHQVLRQDPHQWR GR YROXPH GR WDQTXH GHYHUi VHU FRQVLGHUDGR XP FRQVXPRGLiULRPi[LPRGHGHELRIHUWLOL]DQWHGDVXDFDSDFLGDGH

,,,,,0DWpULD2UJkQLFD

'H DFRUGR FRP 6FKHIIHU%DVVR HW DO E UHODWD TXH R XVR GR FKRUXPHHPORFDLVSUy[LPRVjVXQLGDGHVGHFULDomRSRGHVHUXPDIRUPDGH DXPHQWDU D SURGXomR GDV SDVWDJHQV DOpP GH DJUHJDU QXWULHQWHV H PDWpULD RUJkQLFD02QRVROR$DGXEDomRFRPGHMHWRDQLPDODXPHQWDRVWHRUHVGH PDWpULDRUJkQLFDHPHOKRUDDHVWUXWXUDGRVRORDXPHQWDQGRDFDSDFLGDGHGH UHWHQomR GH XPLGDGH LQILOWUDomR GD iJXD GD FKXYD DWLYLGDGH PLFURELDQD H FDSDFLGDGHGHWURFDGHFiWLRQVVROXELOL]DQGRRXFRPSOH[DQGRDOJXQVPHWDLV Wy[LFRVRXHVVHQFLDLVjVSODQWDVFRPR)H=Q0Q&XH&R2UHQGLPHQWRGDV FXOWXUDVQRHQWDQWRGHSHQGHGDRULJHPGRVGHMHWRVHGDGRVHXWLOL]DGD

6RX]D HW DO DYDOLDQGR D LQIOXrQFLD GD FDODJHP H GR HVWHUFR ERYLQR QR VROR REVHUYRX TXH D DGLomR GH HVWHUFR ERYLQR SURSRUFLRQRX LQFUHPHQWRVQRVWHRUHVGHPDWpULDRUJkQLFD

$VPDLRUHVSDUWHVGDViUHDVGHSDVWDJHQVFXOWLYDGDVHVWmRORFDOL]DGDV QRFHUUDGRDVFRQGLo}HVGHWHPSHUDWXUDHGHXPLGDGHSUHGRPLQDQWHVQHVWH ELRPDDFHOHUDPRVSURFHVVRVGHGHFRPSRVLomRGDPDWpULDRUJkQLFDFHUFDGH FLQFR YH]HV PDLV UiSLGR TXH VRE XP FOLPD IULR $VVLP SUHFLVDVH SURGX]LU PXLWDPDWpULDRUJkQLFDSDUDVHPDQWHURVRORSURGXWLYRGHSHQGHQGRSDUDLVVR GHERPVXSULPHQWRGHQLWURJrQLR./87+&286.,$,'$5

$V JUDPtQHDV WrP UHVSRQGLGR DRV DXPHQWRV FUHVFHQWHV GH QLWURJrQLR DSOLFDGRQRVRORFRPUHVSRVWDVSRVLWLYDVQDSURGXomRGHPDWpULDVHFDHGH SURWHtQDEUXWD1HVWHFRQWH[WRDHILFLrQFLDGHXWLOL]DomRGR1pXPSDUkPHWUR LQGLVSHQViYHO SDUD HQULTXHFLPHQWR GH WUDEDOKRV FLHQWtILFRV FRP R XVR GH DGXEDomRQLWURJHQDGDVHQGRPHGLGDDWUDYpVGDTXDQWLGDGHGHPDWpULDVHFD SURGX]LGDSRUNJGH1DSOLFDGR52&+$HWDO

ϭϵ

,,,90DWpULDVHFD

(PERUD DV JUDPtQHDV IRUUDJHLUDV WURSLFDLV QmR SRVVXDP TXDOLGDGH QXWULFLRQDO FRPSDUiYHO j GH JUDPtQHDV GH FOLPD WHPSHUDGR VHX HOHYDGR SRWHQFLDO GH SURGXomR GH 06 SRGH UHVXOWDU HP DOWD SURGXWLYLGDGH DQLPDO &255Ç$HWDO

$VSDVWDJHQVIRUPDGDVFRPJUDPDEHUPXGDHVHXVKtEULGRV&\QRGRQ

VSSWrPHOHYDGDFDSDFLGDGHGHUHFXSHUDomRGHQLWURJrQLRGRVRORSRLVD06 SURGX]LGDpRSULQFLSDOGHWHUPLQDQWHGHDEVRUomRGHVVHHOHPHQWR%5,1&.HW DO

$OYLP HW DO DYDOLRX D SURGXomR GH 06 GD JUDPtQHD WURSLFDO 7LILWRQDSOLFDQGRGRVHVFUHVFHQWHVGH1XWLOL]DQGRFRPRIRQWHRVXOIDWRGH DP{QLR DWp .J KD _{HP WUrV LQWHUYDORV GH FRUWHV H REVHUYRX TXH D}

SURGXomRDQXDOGH06FUHVFHXFRPRDXPHQWRGDGRVHGH1DWpNJKD

DQR

3UHPD]]L H 0RQWHLUR FRQGX]LUDP GRLV H[SHULPHQWRV VLPXOWDQHDPHQWHHPFDVDGHYHJHWDomRFRPRFDSLP7LIWRQVXEPHWLGRjV GRVHV QLWURJrQLR GH H PJ NJ± GH VROR HP GRLV FLFORV GH FUHVFLPHQWR H FRQFOXtUDP TXH D PDWpULD VHFD Pi[LPD GH J YDVR QR SULPHLUR FLFOR GH FUHVFLPHQWR H J YDVR QR VHJXQGR FLFOR IRUDP DOFDQoDGDVUHVSHFWLYDPHQWHFRPDVGRVHVGHHPJNJ±GHVROR

ϮϬ

,,, 0DWHULDOH0pWRGRV

2H[SHULPHQWRIRLUHDOL]DGRQRSHUtRGRGHDHP YDVRVQDFDVDGHYHJHWDomRQD)DFXOGDGHGH0HGLFLQD9HWHULQiULDGD81(63 &DPSXV GH $UDoDWXED 63 VLWXDGD D ž ¶ GH ODWLWXGH VXO ž ¶ GH ORQJLWXGHRHVWHHDPHWURVGHDOWLWXGH

2ELRIHUWLOL]DQWHRUJkQLFRXWLOL]DGRQRH[SHULPHQWRSURYpPGRUHVtGXRGH HVWHUFR PDLV XULQD GH HVWiEXOR GH YDFDV OHLWHLUDV DSyV VHU IHUPHQWDGR DQDHURELFDPHQWH HP ELRGLJHVWRU $V FDUDFWHUtVWLFDV ItVLFRTXtPLFDV GR ELRIHUWLOL]DQWHRUJkQLFRVmRQLWURJrQLRWRWDOJNJ_{IyVIRURWRWDOJ}

NJ _{SRWiVVLR J NJ FiOFLR J NJ PDJQpVLR J NJ}

PDQJDQrVPJGP_{]LQFRPJGPIHUURPJGPGHQVLGDGHJO}

3DUD FDGD XQLGDGH H[SHULPHQWDO IRUDP XWLOL]DGRV TXDWUR GP _{GH WHUUD}

FODVVLILFDGD FRPR $UJLVVROR (0%5$3$ FROHWDGD QD FDPDGD GH FP GH SURIXQGLGDGH FRPRV VHJXLQWHV DWULEXWRV TXtPLFRVS+ HP &D&O

PDWpULDRUJkQLFD02JGP_{3PJGP.&D0J+$O}

VRPD GH EDVHV 6% H FDSDFLGDGH GH WURFD FDWL{QLFD &7& UHVSHFWLYDPHQWHH[SUHVVRHPPPROFGPHVDWXUDomRSRUEDVHV9

$ GHWHUPLQDomR GD QHFHVVLGDGH GRV UHDJHQWHV IRL SHOR PpWRGR GH VDWXUDomRSRUEDVH48$**,2HWDOSDUDDWLQJLURYDORUGH$WHUUD GHFDGDYDVRIRLLQFXEDGDFRP&D&20J&2QDUHODomRGHGXUDQWH

GLDVDQWHVGRSODQWLRUHFHEHQGRQHVWHSHUtRGRLUULJDomRFRQVWDQWHPDQWHQGR VHDXPLGDGHHPGDFDSDFLGDGHGHFDPSR

$SyVIRUDPDSOLFDGRVRVPLFURQXWULHQWHVPJGPGH+%2FRPR

IRQWHGHERURPJGP&X62+2FRPRIRQWHGHFREUHPJGPGH

+0R2FRPRIRQWHGHPROLEGrQLRPJGPGH0Q62+2FRPRIRQWHGH

PDQJDQrV H PJ GP =Q62+2 FRPR IRQWH GH ]LQFR 7DPEpP IRUDP

Ϯϭ

.62FRPRIRQWHGHSRWiVVLRGLYLGLGRHPWUrVDSOLFDo}HVXPDQDVHPHDGXUD

HGXDVFREHUWXUDVMXQWDPHQWHFRPRELRIHUWLOL]DQWH

$VHPHDGXUDGRFDSLP7LHUUD9HUGHIRLUHDOL]DGDQRGLD2 GHVEDVWHIRL UHDOL]DGR SHULRGLFDPHQWH DILP GH VHPDQWHUHPRLWR SODQWDVSRU YDVR2VYDVRVIRUDPLUULJDGRVFRPiJXDGHVWLODGDGLDULDPHQWHSDUDPDQWHUD XPLGDGHDGDFDSDFLGDGHGHFDPSR

2ELRIHUWLOL]DQWHIRLGLYLGLGRHPTXDWURDSOLFDo}HV$SULPHLUDQRGLDGD VHPHDGXUDHDVHJXQGDGLDVDSyVDSULPHLUDDSOLFDomRDWHUFHLUDGLDV DSyV D VHJXQGD DSOLFDomR H D TXDUWD H XOWLPD GLDV DSyV D WHUFHLUD DSOLFDomR

)RUDP UHDOL]DGRV WUrV FRUWHV R SULPHLUR GLDV DSyV D VHPHDGXUD UHFHEHQGRHPFDGDWUDWDPHQWRòGDGRVHWRWDODSOLFDGDRVHJXQGRGLDV DSyVRSULPHLURFRUWHUHFHEHQGRôGDGRVHWRWDODSOLFDGDHRWHUFHLURH~OWLPR GLDVDSyVRVHJXQGRFRUWHUHFHQGRDGRVDJHPWRWDOGRVWUDWDPHQWRV$ DOWXUDGHFRUWHIRLGHFPGDVXSHUItFLHGRVROR$SyVFDGDFRUWHRPDWHULDO IRLLGHQWLILFDGRSHVDGRHVHFRHPHVWXIDFRPYHQWLODomRIRUoDGDD“ž&SRU KRUDV 6,/9$ 48(,52= 'HSRLV GH VHFDV DV DPRVWUDV IRUDP PRtGDV HP PRLQKR WLSR :LOH\ H DFRQGLFLRQDGDV HP YLGURV SDUD SRVWHULRU DQiOLVH$VDQiOLVHVTXtPLFDVGRVRORWHFLGRYHJHWDOHGDSDUWHDpUHDIRUDP UHDOL]DGDVQR/DERUDWyULR$UDVROR$UDoDWXED63

$SURGXomRGH06GDSDUWHDpUHDSRUYDVRIRLREWLGDSHODSHVDJHPGR PDWHULDOYHJHWDOVHFRHPHVWXID

(PODERUDWyULRIRUDPDYDOLDGRVRVWHRUHVGRVWHFLGRVIROLDUHVGH13 &D0J.&X0Q=QH)H2WHRUGHSURWHtQDEUXWDIRLGHWHUPLQDGRVHJXQGR D$2$&PXOWLSOLFDQGRVHRWHRUGH1SRU$VDQiOLVHVVHJXLUDP DPHWRGRORJLDGHVFULWDSRU0DODYROWDHWDO

ϮϮ

$V UDt]HV IRUDP FROHWDGDV DR WpUPLQR GR H[SHULPHQWR VHQGR HVWDV ODYDGDV HP iJXD FRUUHQWH DWp UHWLUDU WRGR R VROR H[LVWHQWH XWLOL]DQGRVH SHQHLUDVGHPDOKDGHGRLVPP$VDPRVWUDVIRUDPGHYLGDPHQWHLGHQWLILFDGDV HQVDFDGDV H HP VHJXLGD FRORFRXVH R PDWHULDO SDUD VHFDU HP HVWXID GH FLUFXODomRIRUoDGDGHDUjWHPSHUDWXUDD“ž&SRUKRUDV$SURGXomRGH 06 GDV UDt]HV SRU YDVR WDPEpP IRL REWLGD GLUHWDPHQWH SHOD SHVDJHP GR PDWHULDOVHFR

)RUDP FROHWDGDV DPRVWUDV GR VROR DR ILQDO GR H[SHULPHQWR SDUD UHDOL]DomR GH DQiOLVH TXtPLFD D ILP GH VH GHWHUPLQDU RV WHRUHV GH PDWpULD RUJkQLFD 02 S+ 3 . &D 0J $O + +$O VRPD GH EDVHV 6% FDSDFLGDGHGHWURFDFDWL{QLFD&7&VDWXUDomRSRUEDVH96%&X)H 0QH=Q

2 GHOLQHDPHQWR H[SHULPHQWDO XWLOL]DGR IRL R LQWHLUDPHQWH FDVXDOL]DGR FRP FLQFR UHSHWLo}HV DUUDQMDGRV HP SDUFHODV VXEGLYLGLGDV FRP PHGLGDV UHSHWLGDV QR WHPSR 1DV SDUFHODV SULQFLSDLV HQFRQWUDYDPVH DV GRVHV GH ELRIHUWLOL]DQWH RUJkQLFR P _{KD (VVDV GRVHV}

FRUUHVSRQGHUDPDDSOLFDomRGHNJGH1KD

Ϯϯ ,9 5(68/7$'26(',6&866­2 ,9,3URGXomRGHPDWpULDVHFDGDSDUWHDpUHDHUDt]HV $SURGXomRGHPDWpULDVHFD06GRVFRUWHVGRFDSLP7LHUUD9HUGHQmR DSUHVHQWRX VLJQLILFkQFLD QD DQiOLVH GH YDULkQFLD HQWUH DV GRVHV GH ELRIHUWLOL]DQWHQRHQWDQWRIRLYHULILFDGDLQWHUDomRVLJQLILFDWLYDHQWUHDVGRVHVH FRUWHV 3! 'HVGREUDQGR D LQWHUDomR SRGHVH REVHUYDU TXH H[LVWH GLIHUHQoD VLJQLILFDWLYD HQWUH DV GRVHV VRPHQWH SDUD R WHUFHLUR FRUWH H D SURGXomRDFXPXODGDGH06WRWDOTXHVHJXHXPDHTXDomROLQHDURXVHMDR FDSLP 7LHUUD 9HUGH UHVSRQGHX OLQHDUPHQWH DWp D GRVH GH P_KDGH

ELRIHUWLOL]DQWH)LJXUDD D \ [ 5ð \ [ 5ð \ [ 5ð \ [ 5ð 3 URGX omR J YDV RǦ ï 'RVHPñKDǦï

&RUWH &RUWH &RUWH 7RWDO

E \ [ 5ð 3 URGX omR J YDV RǦ ï 'RVHPñKDǦï 6LJQLILFDWLYR3!

),*85$3URGXomRGHWUrVFRUWHVHSURGXomRDFXPXODGDWRWDOGH06GH&\QRGRQ

GDFW\ORQ FY7LHUUD 9HUGH D HPDWpULD VHFD GDV UDt]HV JYDVR HPIXQomR

GDVGRVHVGHELRIHUWLOL]DQWHPñKD_E

3DUD R SULPHLUR H VHJXQGR FLFOR GH FUHVFLPHQWR GR FDSLP QmR KRXYH UHVSRVWDGHDSOLFDomRGDVGRVHVHVWXGDGDV)LJXUDD

Ϯϰ

2VPHOKRUHVUHVXOWDGRVLQGHSHQGHQWHPHQWHGDGRVHIRUDPQRWHUFHLUR FRUWH SURYDYHOPHQWH HP UD]mR GDV DGHTXDGDV FRQGLo}HV GH IHUWLOLGDGH RFDVLRQDGD SHOD DGXEDomR FRP R ELRIHUWLOL]DQWH H WDPEpP SHODV DGHTXDGDV FRQGLo}HVGHWHPSHUDWXUDHLQWHUYDORPDLRUGHFRUWHHPUHODomRDRVDQWHULRUHV 2 PDLRU LQWHUYDOR GH FRUWH RFRUUHX GHYLGR j UHGXomR GD WHPSHUDWXUD DSyV R VHJXQGRFRUWHGLPLQXLQGRDVVLPRFUHVFLPHQWRGDVSODQWDV2FUHVFLPHQWRGD SDVWDJHP UHWRUQRX QR FRPHoR GH VHWHPEUR DWLQJLQGR HQWmR XPD DOWXUD DSURSULDGDDRFRUWHFP

5HVXOWDGRVVHPHOKDQWHVDHVWHVIRUDPHQFRQWUDGRVSRU6FKLPLGWHWDO

RQGHDRHVWXGDURVHIHLWRVGDVGRVHVGH1HNJKD

QDIRUPDGHELRIHUWLOL]DQWHQR&DSLP7DQ]kQLDREVHUYRXTXHRSHVRVHFRGD SDUWH DpUHD IRL PDLRU QRV YDVRV DGXEDGRV FRP DV PDLRUHV GRVHV GH ELRIHUWLOL]DQWHQRWHUFHLURFRUWHDRVGLDVDSyVSODQWLR

1RSULPHLURFRUWHDVGRVHVGHELRIHUWLOL]DQWHDSOLFDGRIRUDPLQVXILFLHQWHV SDUDRDXPHQWRGDSURGXomR

$PHQRUSURGXomRGH06RFRUUHXQRVHJXQGRFRUWHGHYLGRDPHQRUHV WHPSHUDWXUDV UHJLVWUDGDV QR SHUtRGR )LJXUD D 5HVXOWDGRV VHPHOKDQWHV IRUDP REVHUYDGRV SRU 6LOYD 1HWR HW DO TXH YHULILFDUDP DXPHQWRV QD SURGXomRGH06GRFDSLP0DUDQGXGHDFRUGRFRPDVGRVHVH PñKDGRELRIHUWLOL]DQWHRULXQGRGHUHVtGXROtTXLGRGHIULJRUtILFRQRHQWDQWRD PDLRU SURGXomR GH 06 WRWDO IRL HQFRQWUDGD QR SULPHLUR FRUWH TXDQGR FRPSDUDGRDRVHJXQGR

0HQRU HIHLWR GR ELRIHUWLOL]DQWH QR ILQDO GD HVWDomR GH FUHVFLPHQWR WDPEpPIRLYHULILFDGRHP%UDFKLDULDUDGLFDQV1DSSHUSRU0XNXOHWDO 6FKHIIHU%DVVRHWDODWDPEpPYHULILFDUDPDUHGXomRQDSURGXomRGH

&\QRGRQ GDFW\ORQ FY 7LIWRQ QR RXWRQR HP UHVSRVWD j GLPLQXLomR GR

IRWRSHUtRGRGDLQWHQVLGDGHOXPLQRVDHGDSOXYLRPHWULD

Ϯϱ

'DGRV FRPR HVWHV WDPEpP IRUDP HQFRQWUDGRV SRU 0DUWXVFHOOR HW DO DR DYDOLDU D SURGXomR GH 06 GD SDUWH DpUHD GR 3DQLFXP

PD[LPXP FY 0DVVDL H %UDFKLDULD EUL]DQWKD FY ;DUDpV UHVSHFWLYDPHQWH

VXEPHWLGRVDGRVHVGH1'UXPRQGHWDOWDPEpPREVHUYDUDPTXHDR XWLOL]DU GRVHV FUHVFHQWHV GHGHMHWR OtTXLGR GH VXtQR QD SURGXomRGH 06 SUp SDVWHMRGH7LIWRQDWpDGRVHGHP_{KDRFRUUHXDFUpVFLPRQDSURGXomR}

GHDFRUGRFRPRDXPHQWRGDVGRVHV

(VWHVUHVXOWDGRVSRGHPVHUH[SOLFDGRVSRU1DELQJHUTXHGL]TXH R 1 p IDWRU FRQWURODGRU GRV GLIHUHQWHV SURFHVVRV GH FUHVFLPHQWR H GHVHQYROYLPHQWR GDV SODQWDV H SURSRUFLRQD DXPHQWR GH ELRPDVVD GHYLGR DR LQFUHPHQWRQDIL[DomRGHFDUERQR

3DUD D SURGXomR GH 06 GDV UDt]HV DSyV RV FRUWHV DR ILQDO GR H[SHULPHQWRKRXYHHIHLWRVLJQLILFDWLYRGDVGRVHVGHELRIHUWLOL]DQWH3 3HODDQiOLVHGHYDULkQFLDYHULILFRXVHRHIHLWROLQHDUGDDGXEDomRQLWURJHQDGD VREUHD06GDUDL]VHQGRTXHDPi[LPDSURGXomRIRLREWLGDFRPDPDLRUGRVH GHELRIHUWLOL]DQWH)LJXUDE

2HIHLWRGDDGXEDomRQLWURJHQDGDQRFUHVFLPHQWRUDGLFXODUpFRPSOH[R HGHSHQGHGDIRQWHGRQXWULHQWHGDTXDQWLGDGHHORFDOL]DomRGRDGXERGRS+ GD XPLGDGH GR VROR GD DWLYLGDGH PLFURELROyJLFD *5(*25< H GD HVSpFLH IRUUDJHLUD *,$&20,1, HW DO 2 FUHVFLPHQWR GR VLVWHPD UDGLFXODUSRGHVHUFRPSURPHWLGRSHODGHILFLrQFLDGH1:+,7(+($'

$ OLWHUDWXUD VXJHUH TXH SODQWDV HP VRORV GHILFLHQWHV HP 1 WHQGHP D DXPHQWDUVXDPDVVDUDGLFXODUFRPRIRUPDGHH[SORUDUPDLRUYROXPHGHVROR 6DUPHQWR HW DO HQFRQWUDUDP R PDLRU YROXPH H PDVVD GH UDt]HV TXDQGRRFDSLP3DQLFXPPD[LPXP-DFTIRLDGXEDGRFRPNJKDGH1 GLPLQXLQGRVXDSURGXomRDWpDGRVHGHNJKD

6RDUHV)LOKRUHDOL]RXXPH[SHULPHQWRFRPRREMHWLYRGHDYDOLDUR VLVWHPDUDGLFXODUHPSDVWDJHPGHFDSLP7DQ]kQLDDGXEDGDFRPGRVHVGH1 H NJ KD _{GH 1XUpLD QDV HVWDo}HV GH RXWRQR SULPDYHUD H}

Ϯϲ

XWLOL]DGD FHUFD GH GR VLVWHPD UDGLFXODU GR FDSLP7DQ]kQLD HVWDYD FRQFHQWUDGRQDFDPDGDGH±FPGHSURIXQGLGDGH

6FKLPLGWHWDODOpPGDSURGXomRGHPDWpULDVHFDGDSDUWHDpUHD FLWDGRDQWHULRUPHQWHHQFRQWUDUDPWDPEpPDPDLRUSURGXomRGH06GDVUDt]HV QDPDLRUGRVHHVWXGDGDNJKD_{GHELRIHUWLOL]DQWH}

5RGULJXHVHWDOHVWXGDQGRRFDSLP;DUDpVYHULILFDUDPRHIHLWR GDV GRVHV GH 1 SDUD D SURGXomR GH 06 GH UDL] RQGH Pi[LPD SURGXomR IRL HQFRQWUDGDQDGRVHGHPJGP_{ñGHQLWURJrQLR}

1RHQWDQWR0DUWXVFHOORHWDODRHVWXGDUGRVHVGHDGXERV QLWURJHQDGRV QD SURGXomR GH 06 GH UDL] GR FDSLP0DVVDL H FDSLP;DUDpV UHVSHFWLYDPHQWH QmR GHWHFWDUDP HIHLWR GD DGXEDomR QLWURJHQDGD DR DGXEi ORVFRPTXDWURGRVHVGHQLWURJrQLRHPJGP

,9,,$WULEXWRVTXtPLFRVGRVROR

2EVHUYRXVH GLIHUHQoD VLJQLILFDWLYD 3 HQWUH DV GRVHV SDUD DV YDULiYHLV 02 6% H 0Q 1mR IRL REVHUYDGD GLIHUHQoD VLJQLILFDWLYD 3!

HQWUHDVGRVHVSDUDDVYDULiYHLVS+3.&D0J+$O+6RPD%DVHV&7& 9&X)HH=Q7DEHOD

Ϯϳ

7DEHOD$WULEXWRVTXtPLFRVGRVRORHGHVYLRSDGUmRVDSyVWUrVFRUWHVGH

&\QRGRQ GDFW\ORQ FY 7LHUUD 9HUGH DGXEDGR FRP GRVHV GH

ELRIHUWLOL]DQWH

9DULiYHO

'RVH[rV

PñKD

02JGPñ r r r r r r

S+ r r r r r r

3JGP _{r r r r r r}

.PPROFGP r r r r r r

&DPPROFGP r r r r r r

0JPPROFGP r r r r r r

+PPROFGP r r r r r r

+$OPPROFGP r r r r r r

6%PPROFGP r r r r r r

&7&PPROFGP r r r r r r

9 r r r r r r

6PJGP _{r r r r r r}

%PJGP _{r r r r r r}

&XPJGP _{r r r r r r}

)HPJGP r r r r r r

0QPJGP _{r r r r r r}

=QPJGP _{r r r r r r}

VLJQLILFDWLYR3

_{02JGPPDWpULDRUJkQLFD6%PPRO}

FGPVRPDGHEDVHV&7&PPROFGPFDSDFLGDGH

GHWURFDFDWL{QLFD9VDWXUDomRSRUEDVH

Ϯϴ

1 FRQWLGR QR ELRIHUWLOL]DQWH DSOLFDGR )LJXUD D VHQGR HVWH XWLOL]DGR SHOD SODQWDQDVtQWHVHSDUDDSURGXomRGH06GDSDUWHDpUHDHUDL] D \ ([ [ 5ð 02 J G P Ǧñ 'RVHPñKDǦï E \ [[ 5ð 6 P J GP Ǧñ 'RVHPñKDǦï F \ ([ [ 5ð % P J GP Ø ϹͿ 'RVHPñKDǦï G \ ([ [ 5ð 0Q P J GPǦ ñ 'RVHPñKDǦï 6LJQLILFDWLYR3! ),*85$±7HRUGHPDWpULDRUJkQLFDDWHRUGHHQ[RIUHEWHRUGHERURF H WHRU GH PDQJDQrV QR VROR GRV YDVRV DGXEDGRV FRP ELRIHUWLOL]DQWHERYLQRG

2 ELRIHUWLOL]DQWH ERYLQR QDIRUPD OtTXLGD DSUHVHQWD QD VXD FRPSRVLomR PLFURUJDQLVPRV UHVSRQViYHLV SHOD GHFRPSRVLomR GD PDWpULD RUJkQLFD SURGXomRGHVDLVHDGLomRGHFRPSRVWRVRUJkQLFRVH LQRUJkQLFRV TXHDWXDP QmRVyQDSODQWDPDVWDPEpPVREUHDDWLYLGDGHPLFURELDQDGRVROR%(77,2/ HWDO

%ULWR HW DO HVWXGDQGR WUDQVIRUPDomR GD PDWpULD RUJkQLFD H GR QLWURJrQLRGXUDQWHDFRPSRVWDJHPGDIUDomRVyOLGDGRFKRUXPHERYLQR)6& FRPHVHPDGLomRGHSDOKDHPSLOKDVHVWiWLFDVHHPSLOKDVFRPUHYROYLPHQWR HFRQFOXLXTXHRWHRUGH02GLPLQXLXHPWRGDVDVSLOKDVDWpXPYDORUPtQLPR GHJNJ_{GLDVDSyVRLQtFLRGDFRPSRVWDJHPQDSLOKDFRPD)6&HP}

XPDH[SORUDomRGHSHFXiULDOHLWHLUDLQWHQVLYDHFRPRUHYROYLPHQWR$02QR LQtFLR GR H[SHULPHQWR HUD UHVSHFWLYDPHQWH GH H J NJ _SDUD

FDGDWUDWDPHQWR

Ϯϵ

ELRIHUWLOL]DQWH ERYLQR PLVWXUDPVH FRP R VROR QD FDPDGD GH DWp FP GLILFXOWDQGRDVXDVHSDUDomR

2DXPHQWRGRWHRUGHHQ[RIUHQRVRORRFRUUHXDWpDGRVHGHPñKD

VHQGRHVWHXPDDOWHUQDWLYDSDUDDXPHQWDUDFRQFHQWUDomRGRQXWULHQWHQRVROR )LJXUD E 2 HQ[RIUH QR VROR PD[LPL]D D SURGXomR GDV IRUUDJHLUDV SULQFLSDOPHQWH HP iUHDV FRP SRXFD FRQFHQWUDomR GH 02 %21),0'$ 6,/9$0217(,526HJXQGR9DQ5DLMHWDORWHRUGHHQ[RIUH QRVRORHQFRQWUDGRDRILQDOGRH[SHULPHQWRpFODVVLILFDGRFRPRDOWRDFLPDGH PJ GP _{$FUHGLWDVH TXH HVWH UHVXOWDGR ILFRX PXLWR DFLPD GHYLGR D}

DGXEDomR GH FRUUHomR LQLFLDO GR H[SHULPHQWR FRP R VXOIDWR GH SRWiVVLR TXH SURYDYHOPHQWHFRQWDPLQRXRVROR.62

2 WHRU GH ERUR % QR VROR GLPLQXLX HP UHODomR DR WUDWDPHQWR WHVWHPXQKD FRP DV GRVHV DSOLFDGDV $ SULQFLSDO IRQWH GH % SDUD R VROR p D PDWpULD RUJkQLFD R TXH PRVWUD TXH RV WHRUHV GHVWH PLFURQXWULHQWH QR VROR FRQILUPDP RV UHVXOWDGRV HQFRQWUDGRV Mi TXH QHVWH H[SHULPHQWR DV FRQFHQWUDo}HV GD PDWpULD RUJkQLFD WDPEpP UHGX]LUDP FRP D DSOLFDomR GR ELRIHUWLOL]DQWH )LJXUD F 'H DFRUGR FRP R UHVXOWDGR HQFRQWUDGR RV YDORUHV GRVWHRUHVGH%QRVRORYDULDUDPGHEDL[RDPpGLRHPIXQomR GDVGRVHV7DEHOD

2V WHRUHV GH 0Q GLPLQXtUDP FRP D DSOLFDomR GDV GRVHV GR ELRIHUWLOL]DQWH TXDQGR FRPSDUDGRV DR WUDWDPHQWR WHVWHPXQKD )LJXUD G 6HJXQGR9DQ5DLMHWDORVWHRUHVGH0QQRVRORYDULDUDPGHEDL[R DPpGLRHPIXQomRGRVWUDWDPHQWRV

ϯϬ

DSOLFDomRGHXUpLDHQLWUDWRGHDP{QLRHPFDSLP&RDVWFURVVHSRU/DQJHHWDO FRPDSOLFDomRGDXUpLDQDFXOWXUDGRPLOKR

2 IyVIRUR SRWiVVLR FiOFLR H PDJQpVLR QR VROR DSUHVHQWDUDP XP FRPSRUWDPHQWRVHPHOKDQWHQmRDSUHVHQWDUDPGLIHUHQoDVLJQLILFDWLYDHPVXDV GRVHVDVVLPFRPRDVFRQFHQWUDo}HVGH+H+$OTXHWDPEpPQmRVRIUHUDP DOWHUDo}HV2WHRUGH3DSUHVHQWRXXPYDORUPXLWRDOWRDFLPDGHYDULRXGH

DJGP_{2WHRUGH.YDULRXGHDPPRO}

FGPDSUHVHQWDQGR

XP YDORU DOWR ± 2 WHRU GH &D YDULRX GH D PPROF GP

DSUHVHQWDQGRXPYDORUWDPEpPFRQVLGHUDGRDOWRDFLPDGH2WHRUGH0JGH DPPROFGPWDPEpPDSUHVHQWDQGRXPYDORUPXLWRDOWRDFLPDGH

$VDWXUDomRSRUEDVHVDSUHVHQWRXYDORUHVTXHYDULDUDPGHPpGLRDWpD DOWRDVHQGRFRQVLGHUDGRVWHRUHVDGHTXDGRVSDUDRERP GHVHQYROYLPHQWRGDHVSpFLHIRUUDJHLUDVHJXQGR9DQ5DLM

2VPLFURQXWULHQWHVHQWUHHOHVRFREUHDSUHVHQWRXYDORUHVTXHYDULDUDPGH DPJGPYDORUHVTXHVmRFRQVLGHUDGRVDOWRVDFLPDGH2IHUUR D PJ GP_{WDPEpPDSUHVRX DOWRV YDORUHV DFLPD GH 2 ]LQFR}

DSUHVHQWRX YDORUHV TXH YDULDUDP GH D YDORUHV HVWHV FRQVLGHUDGRV PpGLRV(VWHVGDGRVIRUDPDQDOLVDGRVGHDFRUGRFRP9DQ5DLMHWDO

,9,,,7HRUHVGHQXWULHQWHVQDSDUWHDpUHDGDSODQWD

3HOD DQiOLVH GH YDULkQFLD REVHUYRXVH LQWHUDomR VLJQLILFDWLYD HQWUH GRVHVHFRUWHVSDUDDVYDULiYHLV3H=Q37DEHOD

ϯϭ

7DEHOD0pGLD[HGHVYLRSDGUmRVGDVYDULiYHLVGDSDUWHDpUHDVHJXQGR DVGRVHVHFRUWHV

9DULiYHO

'RVH PñKD

&RUWH ž

J06YDVR _J06YDVRž

3 JNJ

rD rD

rD rD

rE rD

rD rD

rD rD

rE rD

=Q PJNJ

rE rD

rE rD

rE rD

rD rD

rE rD

rD rD

0pGLDVVHJXLGDVGHOHWUDVGLIHUHQWHVQDOLQKDGLIHUHPHQWUHVLSHORWHVWH61.S

'HVGREUDQGRDLQWHUDomRSDUDDYDULiYHO3H[LVWHGLIHUHQoDVLJQLILFDWLYD HQWUHRVFRUWHVSDUDDVGRVHVGHHP_{KD1RSULPHLURFRUWHRVWHRUHV}

YDULDUDPGHDJNJQDSODQWD)LJXUDDHDVGRVHVVHJXHPXPD HTXDomRTXDGUiWLFDHQRWHUFHLURFRUWHRVWHRUHVYDULRXGHDJNJ_QD

SODQWDVHJXLQGRXPDHTXDomROLQHDU)LJXUDE2WHRUHVGH3QDSODQWDQRV GRLVFRUWHVHVWmRGHQWURGDIDL[DHDFLPDGRVWHRUHVGHQXWULHQWHVDGHTXDGRV SDUDRFDSLP&\QRGRQDJNJ_{VHJXQGR:HUQHUHWDO}

ϯϮ D \ ([ [ 5ð 3 J N J

'RVHPñKD_ï

E \ ([ [ 5ð 'RVHPñKDï 3 J N J ï F \ ([ [ 5ð 'RVHPñKD . J N J G \ ([[ 5ð &X P J NJ Øï 'RVHPñKDØï 6LJQLILFDWLYR3!

),*85$ ± 7HRUHV GH 3 QD SDUWH DpUHD GDV SODQWDV DSyV D DSOLFDomR GR ELRIHUWLOL]DQWHQRSULPHLURDHWHUFHLURFRUWHEWHRUHVGH.FHWHRUHVGH &XG

1R WHUFHLUR FRUWH )LJXUD E KRXYH GHFUpVFLPR QRV WHRUHV GH 3 HQFRQWUDGRVDSyVDDSOLFDomRGRELRIHUWLOL]DQWH5HVXOWDGRVVHPHOKDQWHVDHVWH IRUDP HQFRQWUDGRV SRU 3LQWR HW DO QD IRUUDJHP GH FDSLP7DQ]kQLD RQGHREVHUYDUDPTXHRDXPHQWRGDVGRVHVGH1HNJKD_WHYH

LQIOXrQFLDVLJQLILFDWLYDVREUHRVWHRUHVGH3GLPLQXLQGRRV

$QGUDGHHWDOHVWXGDQGRRYDORUQXWULWLYRGRFDSLP(OHIDQWHVRE GRVHV FUHVFHQWHV GH QLWURJrQLR DWp D GRVDJHP GH NJ KD UHVSHFWLYDPHQWH REVHUYDUDP TXH RV WHRUHV GH IyVIRUR QD OkPLQD IROLDU YDULDUDP LQYHUVDPHQWH FRP DV GRVHV GH QLWURJrQLR DSOLFDGDV QR VROR R TXH SRGH VHU H[SOLFDGR SHOR HIHLWR GH GLOXLomR GHYLGR DR UiSLGR FUHVFLPHQWR GD IRUUDJHPTXHUHFHEHXDPDLRUTXDQWLGDGHGHDGXERQLWURJHQDGR

ϯϯ

3DUDDYDULiYHO=QH[LVWHGLIHUHQoDVLJQLILFDWLYD3HQWUHRVFRUWHV

SDUDDVGRVHVHP_{KD2VWHRUHVYDULDPGHDPJNJ}

QRSULPHLURFRUWHHGHDPJNJ_{QRWHUFHLURFRUWH'HDFRUGRFRP:HUQHU}

HW DO RV WHRUHV SRGHP YDULDU GH D PJ NJ _{SDUD VHUHP}

FRQVLGHUDGRVDGHTXDGRV3ULPDYHVLHWDOHQFRQWURXUHVSRVWDVOLQHDUHV H TXDGUiWLFDV QR FDSLP0DUDQGX SDUD D XUpLD H QLWUDWR GH DP{QLR UHVSHFWLYDPHQWH SDUD RV WHRUHV GH =Q RQGH HP UHODomR DR WUDWDPHQWR WHVWHPXQKD RV WHRUHV DXPHQWDUDP H SDUD FDGD IRQWH QLWURJHQDGD HVWXGDGD

1mR H[LVWH GLIHUHQoD VLJQLILFDWLYD 3! HQWUH DV GRVHV SDUD DV YDULiYHLV1&D0J0QH)HPDVDSUHVHQWRXGLIHUHQoDHQWUHDVGRVHVSDUD DVYDULiYHLV.H&X7DEHOD

7DEHOD 0pGLD H GHVYLR SDGUmR V GDV YDUiYHLV GD SDUWH DpUHD DSyV DV GRVHVGHELRIHUWLOL]DQWH

9DULiYHO 'RVHV[rVPñKD

&RUWH &RUWH

1

JNJ r r r r r r _$r _%r

&D

JNJ

r

r r r r r %r $r

0J JNJ

r

r r r r r

r

% $r

. JNJ

r

r r r r r

r

$ %r

&X

PJNJ r r r r r r

r

% $r

0Q

PJNJ r r r r r r %r $r

)H

PJNJ r r r r r r

r

% $r

ϯϰ

2V WHRUHV GH 1 QD SDUWH DpUHD GHVWH H[SHULPHQWR YDULDUDP GH D (VWHV WHRUHV HVWmR DEDL[R GD IDL[D DGHTXDGD SDUD R FDSLP GR JrQHUR

&\QRGRQTXHGHYHYDULDUHQWUHDPJNJ_{VHJXQGR:HUQHUHWDO}

(P SDVWDJHQV DGXEDGDV FRP ELRIHUWLOL]DQWH D VXD GHILFLrQFLD GH 1 QD SODQWDSRGHVHUH[SOLFDGDSHODPDLRULPRELOL]DomRGXUDQWHDGHFRPSRVLomRGH UHVtGXRVRUJkQLFRVHSHORPDLRUWHPSRUHTXHULGRQDVWD[DVGHPLQHUDOL]DomR GD 02 (P H[SHULPHQWRV GH FXUWD GXUDomR WDPEpP RFRUUH TXH D 02 VHULD FDSD] GH UHGX]LU R LPSDFWR GDV SHUGDV SRUTXH FHUFD GH GR 1 ILFD LPRELOL]DGR QRVWHFLGRV H UDt]HV QD FRURD GD SODQWD HQDPLFURYLGD GR VROR VHQGRSDVVtYHOGHUHFLFODJHP'RWRWDOGH1DSOLFDGRDSODQWDSRGHUHFXSHUDU DPpGLRHORQJRSUD]R

3ULPDYHVL HW DO GLIHUHQWHPHQWH GRV GDGRV HQFRQWUDGRV QHVWH WUDEDOKR YHULILFDUDP TXH R FDSLP0DUDQGX DSUHVHQWRX WHRU GH 1 HQFRQWUDGR QDVOkPLQDVIROLDUHVDXPHQWRXVHXVWHRUHVGHDFRUGRFRPDVGRVHVDSOLFDGDV

1RSULPHLURFRUWHRWHRUGH.QDSODQWDDXPHQWRXFRPDDSOLFDomRGR ELRIHUWLOL]DQWHTXDQGRFRPSDUDGRDRWUDWDPHQWRWHVWHPXQKDVHQGRVHXPDLRU WHRU HQFRQWUDGR QD PDLRU GRVH 1R WHUFHLUR FRUWH R PDLRU WHRU WDPEpP IRL HQFRQWUDGR QD GRVH GH P KD 2FRUUHX j GLPLQXLomR QR WHRU GH . QR WHUFHLURFRUWHTXDQGRFRPSDUDGRDRSULPHLUR)LJXUDF

%DWLVWDH0RQWHLURH[SOLFDPTXHTXDQGRKiDSOLFDomRGHGRVHV GH1PDLRUHVTXHPJGPTXDQGRHVWDVVmRDVVRFLDGDVDDGXEDomRFRP HQ[RIUHRFRUUHGLPLQXLomRGRWHRUGH.QDSDUWHDpUHDGDSODQWD2VWHRUHVGH . YDULDUDP GH D J NJ (VWHV GDGRV HVWmR GH DFRUGR FRP RV HQFRQWUDGRVSRU:HUQHUHWDO

5HVXOWDGRVFRPRHVWHIRUDPHQFRQWUDGRVSRU$QGUDGHHWDOTXH HVWXGDQGR GRVHV FUHVFHQWHV GH 1 HP SDVWDJHP GH FDSLP HOHIDQWH REVHUYDUDPTXHRVWHRUHVGH.GLPLQXtUDPFRPRIHUWLOL]DQWHQLWURJHQDGR

ϯϱ

2V WHRUHV GH &D YDULDUDP GH D PJ NJ _UHVXOWDGRV

FRQVLGHUDGRV GHQWUR GD QRUPDOLGDGH PJ NJ _{GH DFRUGR FRP:HUQHU HW}

DO )UHLWDV HW DO WDPEpP QmR HQFRQWURX HIHLWRV VLJQLILFDWLYRV 3! GDV GRVHV GH 1 QDV FRQFHQWUDo}HV IROLDUHV GH &D DR HVWXGDU R FDSLP0RPEDoD XWLOL]DQGR TXDWUR GRVHV GH 1 H NJ KD DQR_{QDIRUPDGHXUpLD5HVXOWDGRVVHPHOKDQWHVIRUDPREWLGRVSRU0HQHJDWWL}

HSRU&RVWDTXHREVHUYDUDPTXHDDGXEDomRQLWURJHQDGDQmR LQIOXHQFLRXQRVWHRUHVIROLDUHVGH&D5HVXOWDGRVFRQWUiULRVIRUDPFRQVHJXLGRV SRU3LQWRHWDOTXHYHULILFDUDPHIHLWRGDDGXEDomRQLWURJHQDGD HNJKD_{QRVWHRUHVIROLDUHVGH&DHWDPEpPSRU3ULPDYHVLHWDO}

RQGHRVWHRUHVGH&DFUHVFHUDPGHIRUPDOLQHDUFRPDVGRVHVGH1GLVSRQtYHO QDIRUPDGHXUpLDHQLWUDWRGHDP{QLR-i$QGUDGHHWDOYHULILFRXTXH RV WHRUHV GH FiOFLR QD OkPLQDIROLDU YDULDUDP LQYHUVDPHQWH FRP DV GRVHVGH QLWURJrQLRDSOLFDGDVQRVROR

2VWHRUHVGH0JIRUDPFRQVLGHUDGRVGHQWURGDQRUPDOLGDGHDPJ NJ _{SRLV YDULDUDP GH D PJ NJ 5HVXOWDGRV VHPHOKDQWHV D HVWH}

IRUDPHQFRQWUDGRVSRU)UHLWDVHWDO,VVRVHMXVWLILFDSRUTXHR0JLQIOXL QD IRWRVVtQWHVH H HQWUD QD DVVLPLODomR GH KLGURFDUERQDWRV VHQGR PDLV LQIOXHQFLDGRSHORS+GRVRORGRTXHSHODDGXEDomRQLWURJHQDGD&RVWD HQFRQWURX UHVXOWDGRV VHPHOKDQWHV DRV REWLGRV QHVWH WUDEDOKR QR TXDO DYDOLDQGR R FDSLP7DQ]kQLD FRQVWDWRX TXH QmR KRXYH HIHLWR VLJQLILFDWLYR GD DGXEDomRQLWURJHQDGDVREUHRVWHRUHVGH0J

ϯϲ

2VWHRUHVGH)HYDULDUDPGHDPJNJ_:HUQHUHWDO

H[SOLFDTXHDFLPDGHPJNJ_{RVWHRUHVHVWmRDFLPDGDIDL[DDGHTXDGD}

SDUDRQXWULHQWH

3ULPDYHVLHWDOREVHUYDUDPTXHRVWHRUHVGH)HUHGX]LUDPGH IRUPD OLQHDU FRP DV GRVHV GH 1 2 PHVPR DXWRU HP REWHYH GDGRV GLIHUHQWHV HVWXGDQGR DGXEDomR QLWURJHQDGD HP FDSLP0DUDQGX RQGH RV WHRUHVGH)HHQFRQWUDGRVIRUDPPDLRUHVGHDFRUGRFRPDVGRVHVXWLOL]DQGRVH GXDVIRQWHVGH1HFRPSDUDQGRDH[WUDomRGHQXWULHQWHVQDGRVHNJKD

DQR_{GH1HPUHODomRjWHVWHPXQKDYHULILFRXVHDXPHQWRUHVSHFWLYDPHQWH}

SDUDXUpLDHQLWUDWRGHDP{QLRGHHSDUD)H(VVHVUHVXOWDGRVGLIHUHP GRVHQFRQWUDGRVQHVWHWUDEDOKR

2VWHRUHVGH&XQDSODQWDYDULDUDPGHDPJNJ_$FLPDGH

PJNJ_{RVWHRUHVVmRFRQVLGHUDGRVDFLPDGDIDL[DDGHTXDGDDHVWHQXWULHQWH}

:(51(5HWDO

2EVHUYDVH TXH RV WHRUHV GH &X DXPHQWDUDP FRP D DSOLFDomR GR ELRIHUWLOL]DQWHWDQWRQRSULPHLURTXDQWRQRWHUFHLURFRUWH)LJXUDG3ULPDYHVL HWDOWDPEpPHQFRQWUDUDPUHVXOWDGRVVHPHOKDQWHVRQGHRVWHRUHVGH &XDXPHQWDUDPGHIRUPDOLQHDUFRPXUpLDHTXDGUiWLFDFRPQLWUDWRGHDP{QLR

,9,99DORU1XWULWLYRGR&DSLP7LHUUD9HUGH

2YDORUQXWULWLYRGDVIRUUDJHQVSRGHPVHUGHWHUPLQDGRVSRUGRLVIDWRUHV D D SURSRUomR GH SDUHGH FHOXODU QD SODQWD H VHX JUDX GH OLJQLILFDomR H E TXDQWLGDGHGHFRQWH~GRFHOXODUQDPDWpULDVHFDTXHGHWHUPLQDDSURSRUomRGH QXWULHQWHV FRPSOHWDPHQWH GLVSRQtYHLV SDUD GLJHVWmR SHORV PLFURUJDQLVPRV VHQGRFRPSUHHQGLGRSRUSURWHtQDDPLGRDo~FDUHVOLStGHRViFLGRVRUJkQLFRV H FLQ]D VRO~YHO (VWHV FRPSRQHQWHV VmR DIHWDGRV SRU IDWRUHV ILVLROyJLFRV DPELHQWDLVHSRUGLIHUHQoDHQWUHHVSpFLHV9DQ6RHVW

ϯϳ

SURWHtQDVHPLQHUDLVHPDXPHQWRQDVSURSRUo}HVGHEDL[DGLJHVWLELOLGDGHGD SODQWD FRPR RV FRPSRQHQWHV GD SDUHGH FHOXODU H GH RXWUDV IUDo}HV LQGLJHVWtYHLV

6HJXQGR 9DQ 6RHVW RV FRPSRQHQWHV LQGLJHVWtYHLV GH XP DOLPHQWRVmRUHFXSHUDGRVQR)'1HQTXDQWRTXHRGHWHUJHQWHiFLGRGLYLGHR )'1QDVIUDo}HVVRO~YHLVHLQVRO~YHLVHPiFLGRVXOI~ULFRD1$IUDomRVRO~YHO HP iFLGR FRPSUHHQGH D KHPLFHOXORVH H DV SURWHtQDV GD SDUHGH FHOXODU HQTXDQWRTXHRUHVtGXRRX)'$UHFXSHUDDOLJQLQDDFHOXORVHHDVIUDo}HV QmR FDUERLGUDWRV PHQRV GLJHVWtYHLV $V DQiOLVHV GH FRQVWLWXLQWHV GD SDUHGH FHOXODU FRPR FHOXORVH KHPLFHOXORVH H OLJQLQD VRIUHUDP JUDQGH SURJUHVVR UHOHYDQGR D HVWUXWXUD WULGLPHQVLRQDO GD PDWUL] DV LQWHUDo}HV QR SROtPHUR DV OLJDo}HV GR WLSR pVWHU H pWHU QD DVVRFLDomR GR iFLGR IHU~OLFR H SFRXPiULFR GtPHURV GH iFLGR GHLGURIHU~OLFR H DV SURSRUo}HV GH VLULQJLO JXDLDFLO H KLGUR[LFLQDPLOQDIUDomROLJQLQD1XVVLRHWDO

2V WHRUHV GH 3% YDULDUDP GH D H QmR DSUHVHQWDUDP GLIHUHQoD VLJQLILFDWLYD 3! HQWUH DV GRVHV HVWXGDGDV GH ELRIHUWLOL]DQWH 7DEHOD

7DEHOD ± 0pGLDV GRV WHRUHV GH SURWHtQD EUXWD 3% ILEUD HP GHWHUJHQWH QHXWUR )'1 H ILEUD HP GHWHUJHQWH iFLGR )'$ GR FDSLP 7LHUUD 9HUGHHPIXQomRGDDSOLFDomRGDVGRVHVGRELRIHUWLOL]DQWH

'RVHV

P_KD 3% )'1 )'$

ϯϴ

5RGULJXHV HW DO DYDOLRX R WHRU GH 3% HP FLQFR FXOWLYDUHV GH

&\QRGRQ7LIWRQ )ORUDNLUN 7LIWRQ )ORURQD H )ORULFR HP LGDGHV GD

SODQWDDRVHGLDVHREWHYHPpGLDVGH HYDORUHVVXSHULRUHVDRHQFRQWUDGRQHVWHWUDEDOKR2VYDORUHV HQFRQWUDGRV QHVWH H[SHULPHQWR IRUDP FRQVLGHUDGRV EDL[RV SDUD D HVSpFLH HVWXGDGDHLQGLFDPTXHGHYHVHUUHSHWLGRVQRYDPHQWH

3DUD RV WHRUHV GH ILEUD HP GHWHUJHQWH QHXWUR )'1 H ILEUD HP GHWHUJHQWH iFLGR )'$ 7DEHOD QmR VH REVHUYRX GLIHUHQoD VLJQLILFDWLYD 3!DSyVDDSOLFDomRGRELRIHUWLOL]DQWHQRVHJXQGRFRUWH

'HDFRUGRFRPGDGRVGD3526(0(17(6D)'1YDULDGHD HD)'$YDULDGHDQRFDSLP7LHUUD9HUGHFRQFOXLQGRVHTXHRV UHVXOWDGRV GH )'1 REWLGRV ILFDUDP DFLPD H GH )'$ ILFDUDP GHQWUR GD IDL[D HVSHUDGD

2VYDORUHVGH)'1HQFRQWUDGRVDFLPDGHVmRFRQFRUGDQWHVFRP RV UHODWDGRV SRU RXWURV DXWRUHV +HUUHUD H +HUQDQGH] HQFRQWUDUDP WHRUHV GH SDUHGH FHOXODU GH H SDUD R FDSLP &RDVWFURVV QDV LGDGHV GH H GLDV UHVSHFWLYDPHQWH )HUUDUL -~QLRUDYDOLDQGRRFDSLP&RDVWFURVVHPGLIHUHQWHVLGDGHVHQtYHLVGH DGXEDomRGHUHSRVLomRHQFRQWURXQDVLGDGHVGHHGLDVYDORUHV PpGLRV GH )'1 SDUD D SODQWD LQWHLUD GH H UHVSHFWLYDPHQWH5RGULJXHVHWDOSDUDDVFXOWLYDUHV7LIWRQ)ORUDNLUN 7LIWRQ )ORURQD H )ORULFR HP LGDGHV GD SODQWD HQFRQWURX PpGLD GH YDORUHVGHHUHVSHFWLYDPHQWH

2V UHVXOWDGRV DVVHPHOKDPVH FRP RV REWLGRV SRU $OYLP HW DO TXHHPH[SHULPHQWRFRPFDSLP&RDVWFURVVXWLOL]DQGRGRVHVFUHVFHQWHVGH1 DWpNJKD_{QmRREVHUYDUDPDOWHUDo}HVQRVWHRUHVGH)'1}

ϯϵ

QRWDWXPFRPRDYDQoRGDLGDGHGDIRUUDJHLUDRULJLQDQGRDVVLPXPPDLRUWHRU GHILEUD

2 WHRU GH )'1 p FRQVWLWXtGR EDVLFDPHQWH GH FHOXORVH KHPLFHOXORVH H OLJQLQD H R WHRU GH )'$ p FRQVWLWXtGR SULQFLSDOPHQWH GH FHOXORVH H OLJQLQD 62(67GDtHVWDUPDLVDVVRFLDGDFRPDGLJHVWLELOLGDGHGRVDOLPHQWRV HQTXDQWRR)'1FRPDLQJHVWmRWD[DGHHQFKLPHQWRHSDVVDJHPGRDOLPHQWR QRVLVWHPDGLJHVWyULRGRVUXPLQDQWHV

2V WHRUHV GH )'$ QD PDWpULD VHFD GH JUDPtQHDV GR JrQHUR&\QRGRQ

VLWXDPVH HQWUH H FRP LGDGH HQWUH H GLDV H LQGLFD D SRVVLELOLGDGH GH HOHYDGR FRQVXPR SRWHQFLDO FDVR D IRUUDJHLUD VHMD FROKLGD GHQWURGHVWHLQWHUYDORGHWHPSR&$6752

5RFKD HW DO DYDOLDQGR GRVHV GH 1 HP JUDPtQHDV GR JrQHUR

&\QRGRQHQFRQWUDUDP WHRUHV PpGLRV GH )'$ LQGHSHQGHQWH GDV GRVHV GH

QLWURJrQLR GH H UHVSHFWLYDPHQWH SDUD RV FDSLQV &RDVWFURVV 7LIWRQ H 7LIWRQ YDORUHV VXSHULRUHV DRV HQFRQWUDGRV QHVWH WUDEDOKR 5RFKD HW DO HVWXGDQGR RV YDORUHV PpGLRV GH )'$ GDV JUDPtQHDV 7LIWRQ 7LIWRQ H FDSLP&RDVWFURVV DGXEDGDV FRP GRVHV FUHVFHQWHV GH 1 H NJ KD GH 1 QmR REVHUYDUDP HIHLWR VLJQLILFDWLYRGDVGRVHVGH1RXGHJUDPtQHDVVREUHRWHRUPpGLRGH)'$GDV IRUUDJHLUDVHVWXGDGDV

ϰϬ

9 &21&/86®(6

)RLREVHUYDGRDXPHQWRQDSURGXomRGH06GDSDUWHDpUHDHUDt]HVD SDUWLU GDV GRVHV GH DWp P _{KD GH 1 $ DGXEDomR QLWURJHQDGD}

ϰϭ

9, 5()(5Ç1&,$6

$*5$)13$QXDOSHF$QXiULRGDSHFXiULDEUDVLOHLUD$JUD)13

$/9,0 0- ;$9,(5 ') %275(/ 0$ HW DO 5HVSRVWD GR &RDVW&URVV

&\QRGRQ GDFW\ORQ / 3HUV D GLIHUHQWHV GRVHV GH QLWURJrQLR H LQWHUYDORV

HQWUHFRUWHV5HYLVWD%UDVLOHLUDGH=RRWHFQLD9LoRVD0*YQS

$/9,00-;$9,(5')9(51(48(56HWDO5HVSRVWDGR7LIWRQD GRVHV GH QLWURJrQLR H D LQWHUYDORV GH FRUWHV 3HVTXLVD $JURSHFXiULD %UDVLOHLUDYQSVHW

$1'5$'($&)216(&$'0*20,'(-$HWDO3URGXWLYLGDGHH9DORU 1XWULWLYRGR&DSLP(OHIDQWHFY1DSLHUVRE'RVHV&UHVFHQWHVGH1LWURJrQLRH 3RWiVVLR5HYLVWD%UDVLOHLUDGH=RRWHFQLDYQ

$1'5(: &6 52%,16 0) 7KH HIIHFW RI SKRVSKRUXV RQ WKH JURZWK FKHPLFDO FRPSRVLWLRQ DQG FULWLFDO SKRVSKRUXV SHUFHQWDJHV RI VRPH WURSLFDO SDVWXUH JUDVVHV$XVWUDOLDQ MRXUQDO RI DJULFXOWXUDOY Q S

$2$&$662&,$7,21 2) 2)),&,$/ $*5,&8/785$/ &+(0,676 2IILFLDO 0HWKRGVRIDQDO\VLVHG:DVKLQJWRQ'&$2$&

ϰϮ

%(77,2/ : 75$7&+ 5 *$/9­2 - $ +&RQWUROH GH GRHQoDV GH SODQWDVFRPELRIHUWLOL]DQWHV-DJXDUL~PD(0$7(5&130$S

%21),0'$6,/9$ (0 0217(,52 )$ 1LWURJrQLR H HQ[RIUH HP FDUDFWHUtVWLFDV SURGXWLYDV GR FDSLPEUDTXLiULD SURYHQLHQWH GH iUHD GH SDVWDJHP HP GHJUDGDomR5HYLVWD %UDVLOHLUD GH =RRWHFQLD Y Q S

%5,1&. *( 52:( '( 6,67$1, .5 HW DO %HUPXGDJUDVV FXOWLYDU UHVSRQVH WR VZLQH HIIOXHQW DSSOLFDWLRQ$JURQRP\ -RXUQDO Y Q S

%5,72 /0 $0$52 $/ 0285­2 , &287,1+2 - 7UDQVIRUPDomR GD PDWpULDRUJkQLFDHGRQLWURJrQLRGXUDQWHDFRPSRVWDJHPGDIUDomRVyOLGDGR FKRUXPHERYLQR5HYLVWD%UDVLOHLUDGH&LrQFLDGR6ROR

&$0326 )% 1866,2 &0% 1866,2 /*0pWRGRV GH DQiOLVHV GH DOLPHQWRV3LUDFLFDED)XQGDomRGH(VWXGRV$JUiULRV/XL]GH4XHLUR] S

&$6752)*)(IHLWRGDLGDGHGHFRUWHVREUHDSURGXomRFRPSRVLomR TXtPLFREURPDWROyJLFD GLJHVWLELOLGDGH LQ YLWUR GD PDWpULD VHFD H GD PDWpULD RUJkQLFD H GR FRQWH~GR GH iFLGR FLDQtGULFR GH &\QRGRQ

QOHPIHQVLV 9DQGHU\VW YDU QOHPIHQVLV FY )ORULFR 3LUDFLFDED S 'LVVHUWDomR 0HVWUDGR ± (VFROD 6XSHULRU GH $JULFXOWXUD /XL] GH 4XHLUR]8QLYHUVLGDGHGH6mR3DXOR

ϰϯ

&267$ .$3 (IHLWR GD IRUPXODomR 1. FRP R XVR GR HQ[RIUH QD SURGXomR GH PDVVD VHFD H YDORU QXWULWLYR GR FDSLP 7DQ]kQLD LUULJDGR I 'LVVHUWDomR 0HVWUDGR HP 0HGLFLQD 9HWHULQiULD ± (VFROD GH 9HWHULQiULD8QLYHUVLGDGH)HGHUDOGH*RLiV*RLkQLD

&267$.$3)$48,192/,9(,5$,3HWDO'RVHVHIRQWHVGHQLWURJrQLR HPSDVWDJHPGHFDSLP0DUDQGX,$OWHUDo}HVQDVFDUDFWHUtVWLFDVTXtPLFDVGR VROR5HYLVWD%UDVLOHLUD&LrQFLDGR6RORYQS

&255,+(59$5('021/$%HUPXGDJUDVVYDULHWLHVK\EULGVDQGEOHQGV IRU7H[DV$JUL/LIH([WHQVLRQ8QLYHUVLW\7H[DV$ 06&6

&287,1+2 (/0 52'5,*8(6 /5$ &2162/,1, ) HW DO (IHLWRV GD DGXEDomR QLWURJHQDGD H SRWiVVLFD QD SURGXomR GH PDWpULD VHFD H QD FRPSRVLomR PLQHUDO GR FDSLP &RDVWFURVV LUULJDGR ,Q 5(81,­2 $18$/ '$ 62&,('$'( %5$6,/(,5$ '( =227(&1,$ 3LUDFLFDED$QDLV 3LUDFLFDED)XQGDomRGH(VWXGRV$JUiULRV/XL]GH4XHLUR]S

&8202*-%/28,1'&&25.(51'/0F&2<-(:$/=53ODQW PRUSKRORJ\ DQG IRUDJH QXWULWLYH YDOXH RI WKUHH EDKLDJUDVVHV DV DIIHFWHG E\ KDUYHVWIUHTXHQF\$JURQRP\-RXUQDOYQS

'$1'5($3$0('(,5260%%LRIHUWLOL]DQWHVELRGLQkPLFRVQDQXWULomR HSURWHomRGHKRUWDOLoDV,Q&21*5(662%5$6,/(,52'($*5,&8/785$ 25*Æ1,&$ 1$785$/ (&2/Ï*,&$ ( %,2',1Æ0,&$ 3LUDFLFDED $QDLV3LUDFLFDED$JURHFROyJLFD

ϰϰ

(035(6$ %5$6,/(,5$ '( 3(648,6$ $*523(&8È5,$ (0%5$3$ &HQWUR1DFLRQDOGH3HVTXLVDGH6RORV6LVWHPDEUDVLOHLURGHFODVVLILFDomR GHVRORV%UDVtOLD(PEUDSD3URGXomRGH,QIRUPDomR5LRGH-DQHLUR(PEUDSD 6RORVS

)$*81'(6-/)216(&$'0*20,'(-$HWDO$F~PXORGHIRUUDJHP HP SDVWRV GH %UDFKLDULD GHFXPEHQV DGXEDGRV FRP QLWURJrQLR 3HVTXLVD $JURSHFXiULD%UDVLOHLUDYQS

)(55$5,-81,25($YDOLDomRGRVFDSLQV%UDFKLDULDUX]L]LHQVLV*HUPDLQ (YHUDUGH&\QRGRQGDFW\ORQ/3HUVFY&RDVWFURVVSDUDSURGXomR GH IHQR HP GLIHUHQWHV LGDGHV H QtYHLV GH DGXEDomR GH UHSRVLomR 'LVVHUWDomR 0HVWUDGR HP =RRWHFQLD±)DFXOGDGH GH &LrQFLDV $JUiULDV H 9HWHULQiULDV8QLYHUVLGDGH(VWDGXDO3DXOLVWD-DERWLFDEDO

)5(,7$6 .5 526$ % 58**,(52 -$ HW DO $YDOLDomR GD FRPSRVLomR TXtPLFR ± EURPDWROyJLFD GR FDSLP 0RPEDoD 3DQLFXP PD[LPXP -DFT VXEPHWLGRDGLIHUHQWHVGRVHVGHQLWURJrQLR%LRVFLHQFH-RXUQDO8EHUODQGLDY QS

*,$&20,1,$$0$7726:70$7726+%HWDO&UHVFLPHQWRGHUDt]HV GRVFDSLQV$UXDQDH7DQ]kQLDVXEPHWLGRVDGXDVGRVHVGHQLWURJrQLR5HYLVWD %UDVLOHLUDGH=RRWHFQLDYS

*5(*25< 3- 5RRW JURZWK DQG ,Q %227( .- %(11(77 -0 6,1&/$,5 75 HW DO (GV3K\VLRORJ\ DQG GHWHUPLQDWLRQ RI FURS \LHOG 0DGLVRQ$PHULFDQ6RFLHW\RI$JURQRP\&URS6FLHQFH6RFLHW\S

ϰϱ

+(55(5$ 56 +(51$1'(= < (IHFWR GH OD HGDG GH UHEURWH HQ DOJXQV LQGLFDGRUHV GH OD FDOLGDG GH OD EHUPXGD FUX]DGD ± ,, &RPSRQHQWHV HVWUXFWXUDOHV\GLJHVWLELOLGDGGHODPDWpULDVHFD3DVWRV\)RUUDMHV0DWDQ]DV YQS

./87+&286., - $,'$5 + 8VR GD LQWHJUDomR ODYRXUDSHFXiULD QD UHFXSHUDomR GH SDVWDJHQV ,Q ./87+&286., - 6721( / ) $,'$5 + (G,QWHJUDomRODYRXUDSHFXiULD6DQWR$QW{QLRGH*RLiV(PEUDSD$UUR]H )HLMmRS

.21=(1($)HUWLOL]DomRGHODYRXUDHSDVWDJHPFRPGHMHWRVGHVXtQRVH FDPD GH DYHV 6HWH /DJRDV (PEUDSD 0LOKR H 6RUJR S ,QIRUPH 7pFQLFR

/$1*($&$59$/+2-/1'$0,19HWDO$OWHUDo}HVHPDWULEXWRVGR VROR GHFRUUHQWHV GD DSOLFDomR GH QLWURJrQLR H SDOKD HP VLVWHPD VHPHDGXUD GLUHWDQDFXOWXUDGRPLOKR&LrQFLD5XUDOYQS±

0$/$92/7$(9,77,*2/,9(,5$6$$YDOLDomRGRHVWDGRQXWULFLRQDO GHSODQWDVSULQFtSLRVHDSOLFDo}HVHG3LUDFLFDED3RWDIyVS

0$5786&(//2 -$ )216(&$ '0 1$6&,0(172 -Ò1,25 ' HW DO &DUDFWHUtVWLFDV PRUIRJrQLFDV H HVWUXWXUDLV GH FDSLP0DVVDL VXEPHWLGR D DGXEDomRQLWURJHQDGDHGHVIROKDomR5HYLVWD%UDVLOHLUDGH=RRWHFQLDY QS

0$5786&(//2 -$ )216(&$ '0 1$6&,0(172 -Ò1,25 ' HW DO &DUDFWHUtVWLFDV PRUIRJrQLFDV H HVWUXWXUDLV GR FDSLP;DUDpV VXEPHWLGR j DGXEDomRQLWURJHQDGDHGHVIROKDomR5HYLVWD%UDVLOHLUDGH=RRWHFQLDY QS

ϰϲ

0('(,526 0 % /23(6 -6 %LRIHUWLOL]DQWHV OtTXLGRV H D VXVWHQWDELOLGDGH DJUtFROD%DKLD$JUtFRODYQS

0(1(*$77, '31LWURJrQLR QD SURGXomR H QR YDORU QXWULWLYR GH WUrV JUDPtQHDV IRUUDJHLUDV GR JrQHUR &\QRGRQ I 'LVVHUWDomR 0HVWUDGR±8QLYHUVLGDGH)HGHUDOGH/DYUDV/DYUDV

0(1(*$77, '3 52&+$ *3 )857,1, 1(72 $( HW DO 1LWURJrQLR QD SURGXomR GH PDWpULD VHFD WHRU H UHQGLPHQWR GH SURWHtQD EUXWD GH WUrV JUDPtQHDV GR JrQHUR&\QRGRQ&LrQFLD $JUR WpFQLFD Y Q S

08.8/ 55* /$5$ 3(/ *$5&,$ -56 $ERQDGR GHO SDVWRWDQQHU

%UDFKLDULDUDGLFDQV1DSSHUFRPSXULQHVUHQGLPLHQWRGHIRUUDMH\H[WUDFFLyQ

GH QXWULPHQWRV5HYLVWD 7pFQLFD 3HFXiULD HQ 0p[LFR Y Q S

1$%,1*(5 & 0DQHMR GD GHVIROKD ,Q 6,03Ï6,2 62%5(0$1(-2 '$ 3$67$*(0 3LUDFLFDED$QDLV«3LUDFLFDED (VFROD 6XSHULRU GH $JULFXOWXUD³/XL]GH4XHLUR]´S

1866,2 /9 0$1=$12 53 3('5(,5$ &*6 9DORU DOLPHQWtFLR HP SODQWDV GR JrQHUR &\QRGRQ ,Q 6,03Ï6,,2 62%5( 0$1(-2 '(

3$67$*(03LUDFLFDED$QDLV3LUDFLFDED)($/43

20$/,.2&3(,QIOXHQFHRILQLWLDOFXWWLQJGDWHDQGFXWWLQJIUHTXHQF\RQ\LHOG DQG TXDOLW\ RI VWDU HOHSKDQW DQG JXLQHD JUDVVHV*UDVVHV )RUDJH 6FLHQFH YQS

ϰϳ

3,172 -& %(/$50,12 1&- 52&+$ *3 &RPSRVLomR PLQHUDO GD IRUUDJHPGHFDSLP7DQ]kQLDHPIXQomRGDDSOLFDomRGHVXSHUIRVIDWRVLPSOHVH VXOIDWR GH DP{QLR ,Q 5(81,­2 $18$/ '$ 62&,('$'( %5$6,/(,5$ '( =227(&1,$5HFLIH$QDLV5HFLIH6%=&'520

35(0$==,/00217(,52)$3URGXomRGRFDSLP7LIWRQVXEPHWLGRD GRVHVHpSRFDVGHDSOLFDomRGHQLWURJrQLRDSyVRFRUWH%ROHWLPGD,QG~VWULD $QLPDOYS

35,0$9(6,$&35,0$9(6,2&255Ç$/$HWDO$EVRUomRGHFiWLRQVH kQLRQV SHOR FDSLP &RDVWFURVV DGXEDGR FRP XUpLD H QLWUDWR GH DP{QLR 3HVTXLVD$JURSHFXiULD%UDVLOHLUDYQS

35,0$9(6, $& 35,0$9(6, 2 &255Ç$ /$ HW DO $GXEDomR 1LWURJHQDGD HP &DSLP &RDVWFURVV (IHLWRV QD ([WUDomR GH 1XWULHQWHV H 5HFXSHUDomR$SDUHQWHGR1LWURJrQLR5HYLVWD%UDVLOHLUDGH=RRWHFQLDY QS

35,0$9(6, $& 35,0$9(6, 2 &255Ç$ /$ HW DO 1XWULHQWHV QD ILWRPDVVD GH FDSLP 0DUDQGX HP IXQomR GH IRQWHV H GRVHV GH QLWURJrQLR &LrQFLD$JURWpFQLFD/DYUDVYQS

3526(0(17(6 9DULHGDGH &DSLP 7LHUUD 9HUGH ,QIRUPDo}HV H FDUDFWHUtVWLFDV$UDoDWXED63'LVSRQtYHOHPKWWSZZZSURVHPHQWHVFRPEU $FHVVRHPVHW

48$**,2-$5$,-%YDQ0$/$92/7$($OWHUQDWLYHXVHRIWKH603± EXIIHU VROXWLRQ WR GHWHUPLQH OLPH RI VRLOV&RPPXQLFDWLRQV LQ 6RLO 6FLHQFH DQG3ODQW$QDO\VLVYQS

ϰϴ

5HYLVWD/HLWH'3$'DLU\3DUWQHUV$PpULFDV0DQHMRGHHIOXHQWHVDQRQ

S 'LVSRQtYHO HP

KWWSZZZGSDPHULFDVFRPEU&RPPRQDUTXLYRVUHYLVWDHGBRXWXEURBSG I!$FHVVRHPVHW

52&+$ *3 (9$1*(/,67$ $5 /,0$ -$ 1LWURJrQLR QD SURGXomR GH PDWpULD VHFD WHRU H UHQGLPHQWR GH SURWHtQD EUXWD GH JUDPtQHDV WURSLFDLV 3DVWXUDV7URSLFDOHVYQS

52&+$ *3 (9$1*(/,67$ $5 /,0$ -$ HW DO $GXEDomRQLWURJHQDGD HPJUDPtQHDVGR*rQHUR&\QRGRQ&LrQFLD$QLPDO%UDVLOHLUDYQS PDL

52&+$ *3 (9$1*(/,67$ $5 3$,9$ 3&$ HW DO 'LJHVWLELOLGDGH H IUDomR ILEURVD GH WUrV JUDPtQHDV GR JrQHUR&\QRGRQ&LrQFLD $JURWpFQLFD YQSPDUDEU

52'5,*8(6 5& 0285­2 *% 9$/,127( $& HW DO 5HVHUYDV RUJkQLFDVUHODomRSDUWHDpUHD±UDL]HF±QHHOLPLQDomRGRPHULVWHPDDSLFDOQR FDSLP;DUDpVVREGRVHVGHQLWURJrQLRHSRWiVVLR&LrQFLD$QLPDO%UDVLOHLUD YQS

52'5,*8(6/5$52'5,*8(67-'5(,65$HWDO3URGXomRGH PDVVD VHFD H FRPSRVLomR TXtPLFD GH FLQFR FXOWLYDUHV GH&\QRGRQ$FWD 6FLHQWLDUXP$QLPDO6FLHQFHYQS

6$1726$&$.,%$)%LRIHUWLOL]DQWHVOtTXLGRVXVRFRUUHWRQDDJULFXOWXUD DOWHUQDWLYD6HURSpGLFD,PSUHQVD8QLYHUVLWiULD8)55-S

ϰϵ

6$50(172 3 52'5,*8(6 /5$ /8*­2 60% HW DO 6LVWHPD UDGLFXODU GR 3DQLFXP PD[LPXP -DFT FY ,35 0LOrQLR DGXEDGR FRP QLWURJrQLR H VXEPHWLGR j ORWDomR URWDFLRQDGD 5HYLVWD %UDVLOHLUD GH =RRWHFQLDYQS

6$667$7,67,&$/$1$/<6,66<67(0,167,787(6$667$73URFHGXUH JXLGHSHUVRQDOFRPSXWHUVHG&DU\1&,QVWS

6&+())(5%$662 60 (//:$1*(5 0) 6&+(5(5 &9 HW DO 5HVSRVWD GH SDVWDJHQV SHUHQHV j DGXEDomR FRP FKRUXPH VXtQR FXOWLYDU 7LIWRQ5HYLVWD%UDVLOHLUDGH=RRWHFQLDYQSE

6&+())(5%$662606&+(5(5&9(//:$1*(50)5HVSRVWD GH SDVWDJHQV SHUHQHV j DGXEDomR FRP FKRUXPH VXtQR SDVWDJHP QDWXUDO 5HYLVWD%UDVLOHLUDGH=RRWHFQLDYQS'LVSRQtYHOHP KWWSZZZVFLHOREUSGIUE]YQSGI!$FHVVRHPMXOD

6&+,0,'7 /7 ',$6 3) 62872 60 HW DO (IHLWRV GH GRVHV GH 1 GH FKRUXPHHpSRFDVGHFROHWDQRGHVHQYROYLPHQWRGRFDSLP7DQ]kQLD5HYLVWD &LrQFLD$JURQ{PLFDYQS

6(*+(6( 0 $ ,QIRUPDo}HV VREUH JUDPtQHDV GR JrQHUR &\QRGRQ &RPXQLFDGR 7pFQLFR 1ž ± S ± &HVXPDU &HQWUR XQLYHUVLWiULR GH 0DULQJi 'HSDUWDPHQWR GH $JURQRPLD $JURQHJyFLR H 0HGLFLQD 9HWHULQiULD )D]HQGD ([SHULPHQWDO &DPSR $JURVWROyJLFR 'LVSRQtYHO HP KWWSZZZSURMHWRYLGDQRFDPSRFRPEUOLYURVJUDPLQHDVBF\QRGRQSGI!

$FHVVRHPVHW

6,/9$ '- 48(,52= $& $QiOLVH GH DOLPHQWRV PpWRGRV TXtPLFRV H

ELROyJLFRVHG9LoRVD8)9S

ϱϬ

6,/9$ 1(72 63 6,/9$ -(& 6$1726 $& HW DO &DUDFWHUtVWLFDV DJURQ{PLFDV H QXWULFLRQDLV GR FDSLP0DUDQGX HP IXQomR GD DSOLFDomR GH UHVtGXROtTXLGRGHIULJRUtILFR$FWD6FLHQWLDUXP$QLPDO6FLHQFHVYS

628=$5))$48,19$1'5$'($7HWDO)RUPDVGHIyVIRURHPVRORV VRE LQIOXrQFLD GD FDODJHP H DGXEDomR RUJkQLFD5HYLVWD %UDVLOHLUD &LrQFLD

GR 6ROR Y S 'LVSRQtYHO HP

KWWSZZZVFLHOREUSGIUEFVYQSGI!$FHVVRHPMXO

62$5(6 ),/+2 &9 &DUDFWHUtVWLFDV PRUIRJHQpWLFDV SHUGDV GH QLWURJrQLR SRU YRODWLOL]DomR UHVHUYDV RUJkQLFDV H VLVWHPD UDGLFXODU GR FDSLP7DQ]kQLD IHUWLOL]DGR FRP GRVHV GH QLWURJrQLR I7HVH /LYUH'RFrQFLD±8QLYHUVLGDGH(VWDGXDO3DXOLVWD)DFXOGDGHGH2GRQWRORJLDH &XUVRGH0HGLFLQD9HWHULQiULD$UDoDWXED

62$5(6),/+2&952'5,*8(6/5$3(55,6+93URGXomRHYDORU QXWULWLYR GH GH] JUDPtQHDVIRUUDJHLUDV QD UHJLmR 1RURHVWH GR (VWDGR GH 6mR 3DXOR$FWD6FLHQWLDUXPYQS

7,(55$ 9(5'( SDVWXUH %HUPXGDJUDVV 'LVSRQtYHO HP KWWSZZZVHHGYLVLRQFRPSGI)RODJH7LHUUD9HUGHSGI! $FHVVR HP VHW

8548,$*$ 6 =$3$7$ ) )XHQWHV DOWHUQDWLYDV SDUD OD IHUWLOL]DFLyQ QLWURJHQDGDGHFXOWLYRV,Q0DQHMRHILFLHQWHHODIHUWLOL]DFLRQQLWURJHQDGDGH FXOWLYRVDQXDOHVHP$PpULFD/DWLQD\&DULEH3RUWR$OHJUH*HQHVLV5LRGH -DQHLUR(PEUDSD$JURELRORJLDS

ϱϭ

9$1 5$,- % &$17$5(//$ + $1'5$'( 12 48$**,2 -$ )85/$1,$0&,QWHUSUHWDomR'H5HVXOWDGRV'H$QiOLVH'H6ROR,Q5$,-%YDQ &$17$5(//$ + 48$**,2 -$ HW DO 5HFRPHQGDo}HV GH DGXEDomR H FDODJHP SDUD R (VWDGR GH 6mR 3DXOR (GV HGUHY &DPSLQDV,$&S%ROHWLP7pFQLFR

9$162(673-1XWULWLRQDOHFRORJ\RIWKHUXPLQDQWHG&RUYDOLV2H% %RRNV&RUQHOO8QLYHUVLW\3UHVVS

9$1 62(67 3- 0(57(16 '5 '(,180 % 3UHKDUYHVW IDFWRUV LQIOXHQFLQJXDOLW\RIFRQVHUYHGIRUDJH-RXUQDORI$QLPDO6FLHQFHYQ S

9,/(/$ ' $/9,0 0 - 0DQHMR GH SDVWDJHQV GR JrQHUR &\QRGRQ ,QWURGXomRFDUDFWHUL]DomRHHYROXomRGRXVRGR%UDVLO,Q6,03Ï6,262%5( 0$1(-2'(3$67$*(03LUDFDFDED$QDLV3LUDFLFDED)($/4 S

:(51(5 -& 3$8/,12 97 &$17$5(//$ + $1'5$'( 12 48$**,2-$)RUUDJHLUDV,Q5$,-%9DQ&$17$5(//$+48$**,2 -$ )85/$1, HW DO 5HFRPHQGDo}HV GH DGXEDomR H FDODJHP SDUD R (VWDGR GH 6mR 3DXOR (GV HGUHY &DPSLQDV ,$& S %ROHWLP7pFQLFR

:+,7(+($''&*UDVVODQGQLWURJHQ:DOOLQJIRUG&$%,QWHUQDWLRQDO S

ϱϮ

=$1,1($0',$63)6287260(IHLWRGDDSOLFDomRGHQLWURJrQLRVRE D IRUPD GH FKRUXPH ERYLQR QD TXDOLGDGH H SURGXomR GR SDVWR GH FDSLP 7DQ]kQLD %ROHWLP GH 3HVTXLVD H 'HVHQYROYLPHQWR Qž (0%5$3$ (0%5$3$ $JURELRORJLD 5- Y Q S 'LVSRQtYHO HP KWWSZZZFQSDEHPEUDSDEUSXEOLFDFRHVGRZQORDGGRFSGI!$FHVVRHP VHW

=$1,1($0',$63)$/0(,'$-&&HWDO5HQGLPHQWRGHSDUWHDpUHD H UDL] H WHRUHV GH QLWURJrQLR HIyVIRURHPFXOWLYDUHV GRV JrQHURV'LJLWDULDH

&\QRGRQVRERHIHLWRGHGRVHVGHQLWURJrQLRQDIRUPDGHFKRUXPHERYLQR,Q

5(81,­2$18$/'$62&,('$'(%5$6,/(,5$'(=227(&1,$ &DPSR *UDQGH$QDLV&DPSR *UDQGH 6RFLHGDGH %UDVLOHLUD GH =RRWHFQLD D&'520