Desigualdades escolares: as diferenças de rendimento escolar dos alunos amparados e concursados no Colégio Militar de Fortaleza

81,9(56,'$'()('(5$/'2&($5È

352*5$0$'(3Ï6*5$'8$d­2(0('8&$d­2

&/(%(5%25*(6'266$1726

'(6,*8$/'$'(6(6&2/$5(6

$6',)(5(1d$6'(5(1',0(172(6&2/$5'26$/8126$03$5$'26( &21&856$'2612&2/e*,20,/,7$5'()257$/(=$

'(6,*8$/'$'(6(6&2/$5(6

$6',)(5(1d$6'(5(1',0(172(6&2/$5'26$/8126$03$5$'26( &21&856$'2612&2/e*,20,/,7$5'()257$/(=$

'LVVHUWDomR DSUHVHQWDGD DR 3URJUDPD GH 3yV *UDGXDomR HP (GXFDomR %UDVLOHLUD GD )DFXOGDGH GH (GXFDomR GD 8QLYHUVLGDGH )HGHUDO GR &HDUi FRPR UHTXLVLWR ILQDO SDUD D REWHQomRGRWtWXORGH0HVWUHHP(GXFDomR

2ULHQWDGRU3URI'U&OiXGLRGH$OEXTXHUTXH 0DUTXHV

'DGRV,QWHUQDFLRQDLVGH&DWDORJDomRQD3XEOLFDomR 8QLYHUVLGDGH)HGHUDOGR&HDUi

%LEOLRWHFDGH&LrQFLDV+XPDQDV

6G 6DQWRV&OHEHU%RUJHVGRV

'HVLJXDOGDGHVHVFRODUHVDVGLIHUHQoDVGHUHQGLPHQWRHVFRODUGRVDOXQRVDPSDUDGRVHFRQFXUVDGRV QR&ROpJLR0LOLWDUGH)RUWDOH]D&OHEHU%RUJHVGRV6DQWRV±

ILOFRORUHQFFP

'LVVHUWDomRPHVWUDGR±8QLYHUVLGDGH)HGHUDOGR&HDUi)DFXOGDGHGH(GXFDomR3URJUDPDGH 3yV*UDGXDomRHP(GXFDomR%UDVLOHLUD)RUWDOH]D

ÈUHDGH&RQFHQWUDomR(GXFDomR%UDVLOHLUD

2ULHQWDomR3URI'U&OiXGLRGH$OEXTXHUTXH0DUTXHV

5HQGLPHQWRHVFRODU±$YDOLDomR±)RUWDOH]D&('HVLJXDOGDGHVHVFRODUHV±)RUWDOH]D&( $OXQRVDSURYDGRV±)RUWDOH]D&(&ROpJLR0LOLWDUGH)RUWDOH]D,7tWXOR

&''

'(6,*8$/'$'(6(6&2/$5(6

$6',)(5(1d$6'(5(1',0(172(6&2/$5'26$/8126$03$5$'26( &21&856$'2612&2/e*,20,/,7$5'()257$/(=$

'LVVHUWDomR DSUHVHQWDGD DR 3URJUDPD GH 3yV *UDGXDomR HP (GXFDomR %UDVLOHLUD GD )DFXOGDGH GH (GXFDomR GD 8QLYHUVLGDGH )HGHUDO GR &HDUi FRPR UHTXLVLWR ILQDO SDUD D REWHQomRGRWtWXORGH0HVWUHHP(GXFDomR

$SURYDGRHP

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

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3URI'U&OiXGLRGH$OEXTXHUTXH0DUTXHV±8)&

2ULHQWDGRU

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3URI'U7DQLD9LFHQWH9LDQD±8)&

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3URI'U0DULD,VDEHO)LOJXHLUDV/LPD&LDVFD±8)&

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3URI'U$QGUp-DOOHV0RQWHLUR±8)&

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3URI'U$QD0DULD)RQWHQHOOH&DWULE±81,)25

¬'HXVDTXHPHXGHYRWXGRRTXHVRXHWXGRRTXHWHQKR2JUDQGHUHVSRQViYHOSRU PDLVHVWDFRQTXLVWD

¬ PLQKD LQFRPSDUiYHO HVSRVD ,PDFXODGD TXH PDLV XPD YH] DFUHGLWRX QRV PHXV SURMHWRVHPHDSRLRXLQFRQGLFLRQDOPHQWH0LQKDHWHUQDJUDWLGmRSRUWXGRTXHYLYHPRV MXQWRV DWp DTXL H HP SDUWLFXODU SRU HVVH PRPHQWR LPSRUWDQWH TXH YRFr PH DMXGRX D WRUQDUUHDOLGDGH

¬VPLQKDVILOKDV/tYLDH&DPLODTXHSDFLHQWHPHQWHHQWHQGHUDPRVPHXVPRPHQWRVGH DXVrQFLD

$RV3URIHVVRUHV7DQLD9LDQD,VDEHO&LDVFDH0DUFRV/LPDSRUWHUHPDFUHGLWDGRTXH HXHUDFDSD]GHFKHJDUDWpDTXLHPHGHUDPDFKDQFHGHLQJUHVVDUQRPHVWUDGR

$R&RURQHO7HRGyVLRH&RURQHO/XFLDQR'LUHWRUHVGH(QVLQRGR&ROpJLR0LOLWDUGH )RUWDOH]DGXUDQWHDUHDOL]DomRGHVWDSHVTXLVDSHORDSRLRHFRQILDQoDQRPHXWUDEDOKR

$R SURIHVVRU &OiXGLR 0DUTXHV SHODV VHJXUDV RULHQWDo}HV GXUDQWH D UHDOL]DomR GHVWD SHVTXLVDHSHORFRQYtYLRDJUDGiYHOTXHWLYHPRVQHVWHWHPSRGHPHVWUDGR

$RV SURIHVVRUHV 7DQLD 9LDQD ,VDEHO &LDVFD H $QGUp -DOOHV SHODV LPSRUWDQWHV FRQWULEXLo}HV GXUDQWH H WDPEpP DSyV D PLQKD TXDOLILFDomR 2EULJDGR WDPEpP SHOD KRQUDGHWrORVQDPLQKDEDQFD

¬SURIHVVRUD$QD&DWULESRUWHUDFHLWRWmRJHQWLOPHQWHRPHXFRQYLWHSDUDLQWHJUDUD PLQKDEDQFD$VXDSUHVHQoDFRPFHUWH]DPXLWRHQJUDQGHFHDPLQKDGHIHVD

$RV SURIHVVRUHV GR PHVWUDGR TXH PXLWR PH HQVLQDUDP H PH DMXGDUDP D FKHJDU DWp DTXL

$RVHGXFDGRUHVGR&ROpJLR0LOLWDUGH)RUWDOH]DHDRVFROHJDVGHPHVWUDGRTXHQHVWH WHPSRHPTXHHVWLYHPRVMXQWRVPHDMXGDUDPDSHQVDUVREUHDHGXFDomRHGHDOJXPD IRUPDWDPEpPFRQWULEXtUDPSDUDHVWDSHVTXLVD

¬WRGRVDPLQKDVLQFHUDJUDWLGmR

2SUHVHQWHHVWXGRWHYHFRPRREMHWLYRDQDOLVDUDLQIOXrQFLDGDRULJHPGRVDOXQRVQR UHQGLPHQWR HVFRODU H QRV tQGLFHV GH UHSURYDomR EHP FRPR R FRPSRUWDPHQWR DR ORQJR GR WHPSR GDV SRVVtYHLV GHVLJXDOGDGHV LQLFLDLV GH UHQGLPHQWR HVFRODU QR &ROpJLR 0LOLWDU GH )RUWDOH]D&0)(VSHFLILFDPHQWHEXVFRXVHYHULILFDUQXPDSRSXODomRGHDOXQRVVHKi GLIHUHQoDQDVPpGLDVJOREDLVGRVDOXQRVDPSDUDGRVHFRQFXUVDGRVHVHH[LVWHUHODomRHQWUHRV DPSDUDGRVHDUHSURYDomRQRVDQRVILQDLVGR(QVLQR)XQGDPHQWDOHP%XVFRXVHDLQGD YHULILFDU ORQJLWXGLQDOPHQWH VH DV SRVVtYHLV GLIHUHQoDV GH UHQGLPHQWR HQWUH RV DOXQRV DPSDUDGRVHFRQFXUVDGRVVHDOWHUDUDPQRSHUtRGRGHD$YHULILFDomRGDH[LVWrQFLD GHGLIHUHQoDHQWUHDVPpGLDVIRLUHDOL]DGDSRUPHLRGRWHVWHWSDUDDPRVWUDVLQGHSHQGHQWHV$ YHULILFDomR GD H[LVWrQFLD GH UHODFLRQDPHQWR HQWUH RV DOXQRV DPSDUDGRV H D UHSURYDomR IRL REWLGD SRU PHLR GR WHVWH Ȥ_{[ 4XL4XDGUDGR GH 3HDUVRQ 2VRIWZDUHXWLOL]DGR SDUD DV} DQiOLVHV GRV GDGRV IRL R6366 IRU :LQGRZV $ DQiOLVH ORQJLWXGLQDO DFRPSDQKRX R UHQGLPHQWRHVFRODUGHDOXQRVTXHHQWUDUDPQRžDQRHPHSHUPDQHFHUDPDWpRž DQR GR (QVLQR )XQGDPHQWDO $ FRPSDUDomR GDV GLIHUHQoDV GH UHQGLPHQWR IRL UHDOL]DGD HP YDORUHV]GDGLVWULEXLomRQRUPDOSDGUmR2VUHVXOWDGRVGHPRQVWUDPTXHKiJUDQGHGLIHUHQoD GHUHQGLPHQWRHQWUHRVDOXQRVFRQFXUVDGRVHDPSDUDGRV2VDOXQRVDPSDUDGRVHPWRGRVRV DQRV GR (QVLQR )XQGDPHQWDO DSUHVHQWDP PpGLDV JOREDLV EHP PHQRUHV TXH RV DOXQRV FRQFXUVDGRV $ SHVTXLVD UHYHORX DLQGD TXH Ki UHODomR HQWUH RV DOXQRV DPSDUDGRV H D UHSURYDomR PRVWUDQGR TXH D UHSURYDomR DIHWRX H[FOXVLYDPHQWH RV DOXQRV DPSDUDGRV HP WRGRV RV DQRV HVFRODUHV 1D DQiOLVH ORQJLWXGLQDO DV GHVLJXDOGDGHV GH UHQGLPHQWR HQWUH RV DOXQRV DPSDUDGRV H FRQFXUVDGRV TXH FXUVDUDP GR ž DR ž DQR GR (QVLQR )XQGDPHQWDO QR &0)EDVLFDPHQWHVHPDQWLYHUDPGHD$H[SHFWDWLYDGHTXHKRXYHVVHDRORQJR GRWHPSRXPDUHGXomRGDVGHVLJXDOGDGHVHQWUHDPSDUDGRVHFRQFXUVDGRVQmRVHFRQILUPRX QmR VHQGR SRVVtYHO DILUPDU RV PRWLYRV TXH OHYDUDP D QmR PHOKRULD GR UHQGLPHQWR GRV DPSDUDGRVHPUHODomRDRJUXSRLQYHVWLJDGR1RYRVHVWXGRVGHYHPEXVFDUHVWDVUHVSRVWDVTXH SRGHUmR FRQWULEXLU SDUD DV IXWXUDV SROtWLFDV HGXFDFLRQDLV QRV &ROpJLR 0LOLWDUHV'LDQWH GRV UHVXOWDGRV DSUHVHQWDGRV UHFRPHQGDVH TXH RV LQGLFDGRUHV HGXFDFLRQDLV VHMDP DQDOLVDGRV WDPEpP SHOD RULJHP GRV DOXQRV H TXH DV GHVLJXDOGDGHV LQLFLDLV GH UHQGLPHQWR VHPSUH TXH SRVVtYHOVHMDPFRQVLGHUDGDVQRSODQHMDPHQWRSHGDJyJLFRHQDJHVWmRHVFRODUGR&0)DILP GHTXHHODVQmRVHWRUQHPGHVLJXDOGDGHVSHUPDQHQWHV8PHVWXGRVREUHDVFDUDFWHUtVWLFDVGRV DOXQRVTXHPDLVVHUHODFLRQDPFRPDUHSURYDomRSRGHUiVHU~WLOSDUDVXEVLGLDUSROtWLFDVGH DFRPSDQKDPHQWR H SUHYHQomR 8P JUDQGH GHVDILR GR &0) p QmR SHUPLWLU TXH DV GHVLJXDOGDGHV VRFLDLV H FXOWXUDLV TXH QDWXUDOPHQWH VH DSUHVHQWDP FRPR GHVLJXDOGDGHV GH DSUHQGL]DGR VHMDP GHWHUPLQDQWHV SDUD R r[LWR RX IUDFDVVR HVFRODU GRV DOXQRV 3RU LVVR HVSHUDVH TXH DV FRQFOXV}HV DOFDQoDGDV QHVWH HVWXGR VHMDP XP SRQWR GH SDUWLGD SDUD TXH RXWUDV SHVTXLVDV HQFRQWUHP FDPLQKRV TXH SRVVDP DWHQXDU DV GHVLJXDOGDGHV HVFRODUHV H FRQWULEXLUSDUDDHIHWLYDDSUHQGL]DJHPWDQWRGRVDOXQRVFRQFXUVDGRVFRPRGRVDPSDUDGRV

3DODYUDVFKDYH 'HVLJXDOGDGHV HVFRODUHV 2ULJHP GRV DOXQRV 5HQGLPHQWR HVFRODU 5HSURYDomR

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Ȥ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¶V VXFFHVV RU IDLOXUH 7KHUHIRUH LW LV H[SHFWHG WKDW WKH FRQFOXVLRQVUHDFKHGLQWKLVVWXG\PD\EHDVWDUWLQJSRLQWIRURWKHUUHVHDUFKHVWRILQGZD\VWKDW PD\ PLWLJDWH HGXFDWLRQDO GLIIHUHQFHV DQG FRQWULEXWH WR WKH HIIHFWLYH OHDUQLQJ RI ERWK WKH VWXGHQWVVXSSRUWHGE\PLOLWDU\UHJXODWLRQDQGWKHRQHVDGPLWWHGE\H[DP

*UiILFR0pGLDGDVSURYDVGR,QHS

*UiILFRËQGLFHGHDSURYDomR

*UiILFR&RPSDUDomRGRVHIHWLYRVSRUDQRHVFRODUHSRURULJHP *UiILFR0pGLDVGRVDOXQRVGRžDRžDQRSRURULJHP

*UiILFR0pGLDVGRVDOXQRVGRžDQRSRURULJHP

*UiILFR0pGLDVGRVDOXQRVGRžDQRSRURULJHP

*UiILFR0pGLDVGRVDOXQRVGRžDQRSRURULJHP

*UiILFR0pGLDVGRVDOXQRVGRžDQRSRURULJHP

7DEHOD%UDVLO0HWDVGR,GHESRUIDVHGHHQVLQR

7DEHOD,GHEREVHUYDGRHPHPHWDVSDUD

7DEHOD$OXQRVPDWULFXODGRVHPSRUDQRHVFRODURULJHPJrQHURHLGDGH 7DEHOD5HSURYDomRHPSRUDQRHVFRODUHSHODRULJHPGRVDOXQRV 7DEHOD(IHWLYRGHDOXQRVSRURULJHPPDWULFXODGRVHPQRžDQRTXH

SHUPDQHFHUDPDWpRžDQRHP

7DEHOD7HVWHWSDUDDPRVWUDVLQGHSHQGHQWHV

7DEHOD'LIHUHQoDGHPpGLDVHQWUHDPSDUDGRVHFRQFXUVDGRVYDORUGHWHSSRUDQR HVFRODU

7DEHOD7DEXODomR&UX]DGD±žDQR

7DEHOD7HVWH4XL4XDGUDGRȤ_±žDQR

7DEHOD7DEXODomR&UX]DGD±žDQR

7DEHOD7HVWH4XL4XDGUDGRȤ_±žDQR

7DEHOD7DEXODomR&UX]DGD±žDQR

7DEHOD7HVWH4XL4XDGUDGRȤ_±žDQR

7DEHOD7DEXODomR&UX]DGD±žDQR

7DEHOD7HVWH4XL4XDGUDGRȤ_±žDQR

7DEHOD±5HVXPRGDWDEXODomRFUX]DGD$PSDUDGR;&RQFXUVDGR 7DEHOD5HVXPRGR4XL4XDGUDGRGH3HDUVRQȤ_{±$PSDUDGR;5HSURYDGR} 7DEHOD$OXQRVDPSDUDGRVPpGLDVJOREDLVHVHXVUHVSHFWLYRVYDORUHV]HP

H 7DEHOD$OXQRVFRQFXUVDGRVPpGLDVJOREDLVHVHXVUHVSHFWLYRVYDORUHV]HP

H 7DEHOD'LIHUHQoDHQWUHDVPpGLDVGRVDOXQRVFRQFXUVDGRVHDPSDUDGRVSRUDQR

OHWLYR 7DEHOD'LIHUHQoDGDVGLIHUHQoDVGDVPpGLDVHPYDORUHV]GRVDOXQRVFRQFXUVDGRVH DPSDUDGRV

,1752'8d­2 3$125$0$+,67Ï5,&262%5($6'(6,*8$/'$'(6(6&2/$5(6 $VGHVLJXDOGDGHVHVFRODUHVDWpDSULPHLUDPHWDGHGRVpFXOR;; $ GpFDGD GH D HVFROD S~EOLFD FRPR VROXomR SDUD DV GHVLJXDOGDGHV HVFRODUHV

$ KHUDQoD VRFLDO H DV GHVLJXDOGDGHV HVFRODUHV QDV GpFDGDV GH H DV WHRULDVGDUHSURGXomR

$KHUDQoDVRFLDOHDVGHVLJXDOGDGHVGHGHVHPSHQKRHVFRODU $UHODomRHQWUHLQYHVWLPHQWRHr[LWRHVFRODUQDVGLIHUHQWHVFODVVHVVRFLDLV $HVFRODHRSURFHVVRGHUHSURGXomRGDVGHVLJXDOGDGHVVRFLDLV $V GHVLJXDOGDGHV HVFRODUHV D SDUWLU GDV WHRULDV GD UHSURGXomR DWp RV GLDV DWXDLV

&UtWLFDVjYLVmRIDWDOLVWDGH%RXUGLHXVREUHDVGHVLJXDOGDGHVHVFRODUHV &UtWLFDVj%RXUGLHXVREUHDUHODomRHQWUHDVFODVVHVVRFLDLVHDHVFROD &UtWLFDVj%RXUGLHXVREUHDUHODomRHQWUHDVFODVVHVVRFLDLVHDKHUDQoDVRFLDO &21&(3d®(6'$$35(1',=$*(0('(6,*8$/'$'(6(6&2/$5(6 $DSUHQGL]DJHPHDVGHVLJXDOGDGHVHVFRODUHVSDUDDFRQFHSomRHPSLULVWD $DSUHQGL]DJHPHDVGHVLJXDOGDGHVHVFRODUHVSDUDDFRQFHSomRLQDWLVWD $DSUHQGL]DJHPHDVGHVLJXDOGDGHVHVFRODUHVSDUDDFRQFHSomRFRQVWUXWLYLVWD $DSUHQGL]DJHPHDVGHVLJXDOGDGHVHVFRODUHVSDUDDFRQFHSomRVyFLRKLVWyULFD $DSUHQGL]DJHPDVGHVLJXDOGDGHVHVFRODUHVHDUHODomRFRPRVDEHU &21+(&(1'20(/+252&2/e*,20,/,7$5'()257$/(=$ 4XDOLGDGHGDHGXFDomRHDSURYDomRHVFRODU %UHYHKLVWyULFRVREUHDRULJHPGRVDOXQRVHDVGHVLJXDOGDGHVHVFRODUHV 0(72'2/2*,$ 7LSRGH3HVTXLVD 9DULiYHLVGRHVWXGR $LQYHVWLJDomRGDUHODomRHQWUHDRULJHPGRVDOXQRVFRQFXUVDGRVHDPSDUDGRV RUHQGLPHQWRHVFRODUHDUHSURYDomRQRVDQRVILQDLVGR(QVLQR)XQGDPHQWDOQR&0)

(VWUDWpJLDVSDUDDDQiOLVHGRVGDGRV $ LQYHVWLJDomR GDV GLIHUHQoDV GH UHQGLPHQWR HVFRODU GRV DOXQRV FRQFXUVDGRV H DPSDUDGRVQRSHUtRGRGHD

+LSyWHVHVH

6XMHLWRV

(VWUDWpJLDVSDUDDDQiOLVHGRVGDGRV

$1È/,6('265(68/7$'26 $LQYHVWLJDomRGDUHODomRHQWUHDRULJHPGRVDOXQRVFRQFXUVDGRVHDPSDUDGRVH RUHQGLPHQWRHVFRODUQRVDQRVILQDLVGR(QVLQR)XQGDPHQWDOQR&0)HP

$LQYHVWLJDomRGDUHODomRHQWUHDRULJHPGRVDOXQRVFRQFXUVDGRVHDPSDUDGRVH DUHSURYDomRQRVDQRVILQDLVGR(QVLQR)XQGDPHQWDOQR&0)HP

$LQYHVWLJDomRGDVGLIHUHQoDVGHUHQGLPHQWRHVFRODUHQWUHRVDOXQRVFRQFXUVDGRV HDPSDUDGRVQRSHUtRGRGHD

&21&/86­2 5()(5Ç1&,$6 $3Ç1',&(6

,1752'8d­2

1RGLDGHPDLRGHRMRUQDO'LiULRGR1RUGHVWHSXEOLFRXDPDWpULDLQWLWXODGD &ROpJLR0LOLWDUGH)RUWDOH]D&0)XPDWUDMHWyULDGHH[FHOrQFLD2WH[WRWUD]LDXPSHTXHQR UHVXPRGDVDWLYLGDGHVHVFRODUHVGR&0)GHVWDFDQGRRFRPRXPDGDVLQVWLWXLo}HVGHHQVLQR PDLV UHVSHLWDGDV QR (VWDGR GR &HDUi H XP PRGHOR D VHU VHJXLGR SRU RXWUDV ,QVWLWXLo}HV 3~EOLFDV GH (QVLQR %iVLFR $LQGD QR GHFRUUHU GDTXHOH DQR R &0) DOFDQoRX LPSRUWDQWHV UHVXOWDGRV TXH PDLV XPD YH] R FUHGHQFLDYDP FRPR XPD HVFROD S~EOLFD GH H[FHOrQFLD H GH UHIHUrQFLDHPTXDOLGDGHGHHGXFDomRQR(VWDGRGR&HDUiHQR%UDVLO

1R GLD GH DJRVWR GH R &0) IRL DQXQFLDGR FRPR XPD GDV PHOKRUHV RUJDQL]Do}HV S~EOLFDV EUDVLOHLUDV QR SHUtRGR HP HYHQWR UHDOL]DGR QD VHGH GR 0LQLVWpULR GR 3ODQHMDPHQWR H IRL R ~QLFR HVWDEHOHFLPHQWR GH HQVLQR GR %UDVLO D UHFHEHU R 3UrPLR1DFLRQDOGD*HVWmR3~EOLFDGR*RYHUQR)HGHUDO(VVDDYDOLDomRXWLOL]DRPRGHORGH ([FHOrQFLD HP *HVWmR 3~EOLFD VHPHOKDQWH DRV PRGHORV GH JHVWmR XWLOL]DGRV SHORV VHWRUHV S~EOLFRVHSULYDGRVHPPDLVGHSDtVHV

(PGHRXWXEURGHR&0)IRLRJUDQGHYHQFHGRUGR3UrPLR&HDUiGH*HVWmR 3~EOLFDFLFOR(VWH3UrPLRUHFRQKHFHHQWUHDVRUJDQL]Do}HVSDUWLFLSDQWHVGHXPFLFOR GH SUHPLDomR DTXHODV TXH HYLGHQFLDP PHOKRULD JHUHQFLDO UXPR j LQRYDomR j UHGXomR GH FXVWRVjTXDOLGDGHGRVVHUYLoRVHjVDWLVIDomRGRFLGDGmR

6HJXQGR GDGRV GR ,QVWLWXWR 1DFLRQDO GH (VWXGRV H 3HVTXLVDV (GXFDFLRQDLV $QtVLR 7HL[HLUD ,QHS GR 0LQLVWpULR GD (GXFDomR 0(& R &0) REWHYH QR ËQGLFH GH 'HVHQYROYLPHQWR GD (GXFDomR %iVLFD ,GHE QRV DQRV ILQDLV GR (QVLQR )XQGDPHQWDO HP (VWH UHVXOWDGR IRL R VpWLPR PHOKRU tQGLFH GH TXDOLGDGH GD HGXFDomR EiVLFD GR %UDVLO %5$6,/ HQWUH DV HVFRODV S~EOLFDV DYDOLDGDV QDTXHOH DQR HP PXQLFtSLRVEUDVLOHLURV2,GHEH[SUHVVDYDORUHVGH]HURDGH]HpFDOFXODGRDSDUWLUGRVGDGRV VREUH DSURYDomR HVFRODU REWLGRV QR &HQVR (VFRODU H PpGLDV GH GHVHPSHQKR HP H[DPHV SDGURQL]DGRV GR ,QHS FRPR R 6LVWHPD GH $YDOLDomR GD (GXFDomR %iVLFD 6DHE H D 3URYD %UDVLO&RPR UHIHUrQFLD R ,GHE GDV HVFRODV S~EOLFDV QR %UDVLO QRV DQRV ILQDLV GR (QVLQR )XQGDPHQWDOQHVWHPHVPRDQRGHIRLGHFRPXPDPHWDGHDVHUDOFDQoDGDHP 1R &HDUi H HP )RUWDOH]D DV HVFRODV S~EOLFDV DOFDQoDUDP XP ,GHE GH H UHVSHFWLYDPHQWH2,GHEREWLGRSHOR&0)WDPEpPIRLPDLRUTXHR,GHEGDVHVFRODVSULYDGDV QR%UDVLOHQR&HDUiHUHVSHFWLYDPHQWH

GHUHSURYDomRHVFRODU2SHUFHQWXDOGHUHSURYDomRHPXOWUDSDVVRXRVRTXHQmR DFRQWHFLDGHVGHFRPXPDXPHQWREDVWDQWHH[SUHVVLYRHPFRPSDUDomRDRDQRGH $R ILQDO GR DQR OHWLYR GH D WHQGrQFLD GH DXPHQWR GD UHSURYDomR QR &ROpJLR VH FRQILUPRXPDLVXPDYH]FRPGHDOXQRVVHQGRUHSURYDGRVSUHRFXSDQGRRVJHVWRUHV GRHQVLQRHPRWLYDQGRRVDLQYHVWLJDUDVFDXVDVGDVUHSURYDo}HV

6HJXQGR *DUVFKDJHQ RV DOWRV tQGLFHV DQXDLV GH UHSHWrQFLD H HYDVmR HVFRODU WUDGX]HPDEDL[DTXDOLGDGHGRHQVLQREiVLFREUDVLOHLUR2XWURVDXWRUHV)/(7&+(5 ./(,1 5,%(,52 628=$ WDPEpP WrP DVVRFLDGR D SUREOHPiWLFD GD UHSHWrQFLD H GD HYDVmR j EDL[D TXDOLGDGH GR HQVLQR $ DSDUHQWH FRQWUDGLomR HQWUH D ERD TXDOLGDGH GR HQVLQR GR &0) H R DXPHQWR GRV tQGLFHV GH UHSURYDomR GHVSHUWRX R QRVVR LQWHUHVVHSHORDVVXQWRHXPDJUDQGHPRWLYDomRSDUDLQYHVWLJDUPRVHVWHGLOHPD

1R LQtFLR GD LQYHVWLJDomR QRV GHSDUDPRV FRP XPD YDVWD OLWHUDWXUD H[LVWHQWH VREUH D UHSURYDomR HVFRODU H D LQGLFDomR GH JUDQGH YDULHGDGH GH IDWRUHV TXH SRGHP FRQWULEXLU SDUD TXH HOD RFRUUD 'LYHUVDV SHVTXLVDV FRQILUPDP TXH HVWH p XP WHPD FRPSOH[R KDYHQGR GLIHUHQWHVYDULiYHLVTXHLQWHUIHUHPQRGHVHPSHQKRGRVDOXQRVHTXHFRQWULEXHPSDUDTXHHOHV FKHJXHPDRILQDOGRDQRVHPDOFDQoDURVtQGLFHVPtQLPRVH[LJLGRVSDUDDDSURYDomRDRDQR VHJXLQWH3HUFHEHPRVHQWmRTXHRDVVXQWRHUDEDVWDQWHDPSORRSWDQGRSRUGHOLPLWDUPRVD SUHVHQWH SHVTXLVD DRV DVSHFWRV TXH IRVVHP PDLV UHOHYDQWHV H TXH SXGHVVHP DSUHVHQWDU XP SHVRPDLRUQDUHSURYDomRGRVDOXQRV

GR&ROpJLR0LOLWDUWHPVLGRFRQVLGHUDGDXPGRVSULQFLSDLVDVSHFWRVUHVSRQViYHLVSHORVr[LWRV DOFDQoDGRV DR ORQJR GH VXD KLVWyULD FRPSURYDGRV SHORV UHVXOWDGRV H SUrPLRV REWLGRV UHFHQWHPHQWH

1RTXHGL]UHVSHLWRDRVIDWRUHVH[WUDHVFRODUHV%RXUGLHXEDILUPDTXHRVDOXQRV WUD]HPFRQVLJRXPDKHUDQoDVRFLDOTXHRVFRORFDPHPFRQGLo}HVPDLVRXPHQRVIDYRUiYHLV GLDQWH GDV H[LJrQFLDV HVFRODUHV 3RU RXWUR ODGR 3HUUHQRXG S GHVWDFD R SDSHO IXQGDPHQWDO GD HVFROD TXDQGR DILUPD TXH DV GLIHUHQoDV H GHVLJXDOGDGHV H[WUDHVFRODUHV ± ELROyJLFDVSVLFROyJLFDVHFRQ{PLFDVVRFLDLVHFXOWXUDLVWUDQVIRUPDPVHHPGHVLJXDOGDGHV GH DSUHQGL]DJHP H GH r[LWR HVFRODU GHSHQGHQGR GH FRPR R VLVWHPD GH HQVLQR WUDWD HVVDV GLIHUHQoDV 9iULDV SHVTXLVDV WDPEpP LQGLFDP TXH DVSHFWRV VRFLRHFRQ{PLFRV GDV IDPtOLDV FRPRRQtYHOGHHVFRODULGDGHGRVSDLVUHQGDIDPLOLDUDFHVVRDEHQVFXOWXUDLVHGHFRQVXPR HQWUHRXWURVHVWmRIRUWHPHQWHDVVRFLDGRVDRIUDFDVVRHVFRODUGRVDOXQRV'$0,$1,

$SyVRHVWXGRLQLFLDOGDOLWHUDWXUDSHUWLQHQWHDRSUREOHPDSDVVDPRVHQWmRDUHDOL]DU DOJXPDVLQYHVWLJDo}HVMXQWRDRVSURILVVLRQDLVGD6HomR3VLFRSHGDJyJLFDGRFRUSRGRFHQWHH GD6XSHUYLVmR(VFRODUEHPFRPROHYDQWDPRVGDGRVGRUHQGLPHQWRHVFRODUGHDOJXQVDOXQRV UHSHWHQWHVVXUJLQGRXPDLQGLFDomRPDLVSUHFLVDGRFDPLQKRTXHGHYHUtDPRVVHJXLUHPQRVVD SHVTXLVD 'H DFRUGR FRP HVWHV SURILVVLRQDLV H HP SDUWLFXODU GR FRUSR GRFHQWH R SULQFLSDO PRWLYRGREDL[RUHQGLPHQWRHVFRODUGHXPDSDUWHGRVDOXQRVpDIDOWDGHFRQKHFLPHQWRVTXH GHYHULDP VHU DSUHQGLGRV HP DQRV DQWHULRUHV OHYDQGRRV D QmR DFRPSDQKDU D WXUPD $OJXQV GHOHV DSUHVHQWDP GHILFLrQFLDV HP FRQKHFLPHQWRV HOHPHQWDUHV VREUH FiOFXORV PDWHPiWLFRV H OHLWXUDTXHDFDEDPFRPSURPHWHQGRRDSUHQGL]DGRGHWRGDVDVRXWUDVGLVFLSOLQDV

3DUDFRPSUHHQGHUPRVPHOKRUHVVHSUREOHPDIH]VHQHFHVViULRLQYHVWLJDUPRVDRULJHP GRVDOXQRVTXHFKHJDPDR&ROpJLR0LOLWDUTXHpUHSUHVHQWDGDSHODVGXDVIRUPDVSRVVtYHLVGH LQJUHVVR SRU DPSDUR SUHYLVWR HP /HL SDUD RV GHSHQGHQWHV GH PLOLWDUHV DPSDUDGRV H SRU FRQFXUVR GH DGPLVVmR FRQFXUVDGRV $ DYDOLDomR GLDJQyVWLFD HP /tQJXD 3RUWXJXHVD H 0DWHPiWLFDUHDOL]DGDQRLQtFLRGHFDGDDQROHWLYRSDUDRVQRYRVDOXQRVDPSDUDGRVUHDOPHQWH WHP GHPRQVWUDGR TXH PXLWRV GHOHV HQWUDP QR &ROpJLR 0LOLWDU FRP VpULDV GHILFLrQFLDV GH DSUHQGL]DJHP 'HYHVH UHVVDOWDU TXH H[LVWHP &ROpJLRV 0LOLWDUHV QR %UDVLO HP GLIHUHQWHV HVWDGRV TXH DWHQGHP HP SULQFtSLR RV GHSHQGHQWHV GH PLOLWDUHV DSHQDV TXDQGR SDVVDP D VHUYLUQHVWDVORFDOLGDGHVHVRPHQWHDSDUWLUGRžDQRGR(QVLQR)XQGDPHQWDO&RPLVVRRV DOXQRVDPSDUDGRVTXDQGRFKHJDPDR&ROpJLR0LOLWDUMiSRVVXHPQRPtQLPRFLQFRDQRVGH HVFRODULGDGHQRVDQRVLQLFLDLVGR(QVLQR)XQGDPHQWDOHPRXWUDVHVFRODV

BBBBBBBBBBBBBBBBBBBBBBBB

$GHPDLVYiULDVSHVTXLVDVWrPGHPRQVWUDGRDUHODomRHQWUHYDULiYHLVVRFLRHFRQ{PLFDV H UHQGLPHQWR HVFRODU $/9(6 257,*­2 )5$1&2 '$0,$1, 0$/7$ *28/$57&267$2DOWRFXVWRGHERDVHVFRODVSDUWLFXODUHVPXGDQoDVFRQVWDQWHV GH ORFDOLGDGH PXLWDV YH]HV SDUD UHJL}HV LVRODGDV GR 3DtV H D IRUPDomR LQWHOHFWXDO GRV SDLV SRGHPVHUDOJXQVGRVIDWRUHVTXHFRQWULEXHPSDUDTXHHVVDVFULDQoDVTXHFKHJDPDR&ROpJLR 0LOLWDU WHQKDP YLYHQFLDGR HP DQRV DQWHULRUHV XP HQVLQR GH EDL[D TXDOLGDGH -i RV DOXQRV FRQFXUVDGRV VmR VXEPHWLGRV D XP ULJRURVR SURFHVVR GH VHOHomR FRP DSUR[LPDGDPHQWH FDQGLGDWRV SRU YDJD H VRPHQWH DTXHOHV FRP DOWR GHVHPSHQKR FRJQLWLYR VmR DSURYDGRV 0XLWRVGHOHVMiFXUVDUDPDVpULHSUHWHQGLGDHDPDLRULDGRVFODVVLILFDGRVpRULXQGDGHFXUVRV SUHSDUDWyULRV

'LDQWH GHVVDV HYLGrQFLDV GHFLGLPRV HQWmR FRPSDUDU R GHVHPSHQKR HVFRODU H D UHSURYDomRGHVVHVGRLVJUXSRVGHDOXQRVFRQFXUVDGRVHDPSDUDGRVEHPFRPRYHULILFDUPRV VHDVSRVVtYHLVGHVLJXDOGDGHVGHUHQGLPHQWRWrPVHUHGX]LGRDRORQJRGRWHPSRQR&0)

3DUD LVVR R SUHVHQWH WUDEDOKR HVWi RUJDQL]DGR SDUD DWLQJLU R VHJXLQWH REMHWLYR JHUDO ,QYHVWLJDU D UHODomR HQWUH D RULJHP GRV DOXQRV R UHQGLPHQWR HVFRODU H D UHSURYDomR EHP FRPRRFRPSRUWDPHQWRGDVSRVVtYHLVGHVLJXDOGDGHVLQLFLDLVGHGHVHPSHQKRHQWUHRVDOXQRV FRQFXUVDGRVHDPSDUDGRVQR&ROpJLR0LOLWDUGH)RUWDOH]D

&RPYLVWDVDDQDOLVDURUHQGLPHQWRHVFRODUHDUHSURYDomRGHDFRUGRFRPDRULJHPGRV DOXQRV EHP FRPR D SRVVtYHO UHGXomR GDV GHVLJXDOGDGHV HQWUH RV DOXQRV FRQFXUVDGRV H DPSDUDGRV QR &ROpJLR 0LOLWDU GH )RUWDOH]D FRQIRUPH DSUHVHQWDGR QR REMHWLYR JHUDO RV REMHWLYRVHVSHFtILFRVIRUDPRUJDQL]DGRVHPGXDVHWDSDV

$ SULPHLUD HWDSD YLVD H[SORUDU R UHQGLPHQWR HVFRODU H D UHSURYDomR HQWUH RV DOXQRV FRQFXUVDGRV H DPSDUDGRV PDWULFXODGRV HP GR ž DR ž DQR GR (QVLQR )XQGDPHQWDO 3DUDHVVDHWDSDIRUDPHVWDEHOHFLGRVGRLVREMHWLYRVHVSHFtILFRV

• $QDOLVDU D UHODomR HQWUH DRULJHP GRV DOXQRV H RUHQGLPHQWR HVFRODU QRV DQRV ILQDLVGR(QVLQR)XQGDPHQWDOQR&ROpJLR0LOLWDUGH)RUWDOH]DHP

• $QDOLVDUDUHODomRHQWUHDRULJHPGRVDOXQRVHDUHSURYDomRQRVDQRVILQDLVGR (QVLQR)XQGDPHQWDOQR&ROpJLR0LOLWDUGH)RUWDOH]DHP

-i D VHJXQGD HWDSD YLVD H[SORUDU R UHQGLPHQWR HVFRODU FRP XPD SHUVSHFWLYD ORQJLWXGLQDOEXVFDQGRLGHQWLILFDUVHDVGHVLJXDOGDGHVGHUHQGLPHQWRHQWUHFRQFXUVDGRVH BBBBBBBBBBBBBBBBBBBBBBBB

_{$VHJXQGDSDUWHGRREMHWLYRJHUDOIRLDJUHJDGDjSUHVHQWHLQYHVWLJDomRDSyVDFRQFOXVmRGRVHVWXGRVUHODWLYRVj} SULPHLUDSDUWH6$17260$548(6

_{2 DQR GH IRL HVFROKLGR SRU VHU R DQR OHWLYR FRP RV GDGRV PDLV DWXDLV VREUH R UHQGLPHQWR HVFRODU H D} UHSURYDomRGLVSRQtYHLVQRLQtFLRGDVLQYHVWLJDo}HV

DPSDUDGRV PDWULFXODGRV QR ž DQR HP VH DOWHUDUDP DR ORQJR GH TXDWUR DQRV FRQVHFXWLYRV3DUDHVVDHWDSDIRLHVWDEHOHFLGRRVHJXLQWHREMHWLYRHVSHFtILFR

• $QDOLVDU VH D GLIHUHQoD GH UHQGLPHQWR HVFRODU HQWUH RV DOXQRV FRQFXUVDGRV H DPSDUDGRVTXHLQJUHVVDUDPQRžDQRHPHSHUPDQHFHUDPPDWULFXODGRVDWp RžDQRHPVHDOWHURXDRORQJRGRVDQRVILQDLVGR(QVLQR)XQGDPHQWDOQR &ROpJLR0LOLWDUGH)RUWDOH]D

3DUD DOFDQoDU RV REMHWLYRV SURSRVWRV VHUi UHDOL]DGD XPD SHVTXLVD TXDQWLWDWLYD +i SUREOHPDV HGXFDFLRQDLV TXH SDUD VXD FRQWH[WXDOL]DomR H FRPSUHHQVmR QHFHVVLWDP VHU TXDOLILFDGRVDWUDYpVGHGDGRVTXDQWLWDWLYRV³2VPpWRGRVGHDQiOLVHGHGDGRVTXHVHWUDGX]HP SRU Q~PHURV SRGHP VHU PXLWR ~WHLV QD FRPSUHHQVmR GH GLYHUVRV SUREOHPDV HGXFDFLRQDLV´ *$77,S

'HXPDPDQHLUDJHUDODMXVWLILFDWLYDSDUDHVWHWUDEDOKRHVWiHPIRUQHFHUDRVJHVWRUHVH SURIHVVRUHV GR &0) GDGRV REMHWLYRV VREUH R UHQGLPHQWR HVFRODU H D UHSURYDomR GH VHXV DOXQRVPDWULFXODGRVQR(QVLQR)XQGDPHQWDODILPGHTXHHVWDVLQIRUPDo}HVVHMDP~WHLVSDUD DWRPDGDGHGHFLV}HVTXDQWRjH[HFXomRGRSURMHWRSHGDJyJLFRHPYLJRUEHPFRPRSDUDR SODQHMDPHQWRGHDo}HVIXWXUDVTXHYLVHPDSHUIHLoRDURSURFHVVRGHHQVLQRDSUHQGL]DJHP

1mR Ki FRPR QHJDU TXH Mi H[LVWH QR VHQVR FRPXP D SHUFHSomR GH GLIHUHQoD GH UHQGLPHQWR HQWUH RV FRQFXUVDGRV H DPSDUDGRV 1R HQWDQWR DLQGD QmR Ki QHQKXP HVWXGR FLHQWtILFR TXH FRPSURYH D UHODomR GD RULJHP GRV DOXQRV FRP R UHQGLPHQWR HVFRODU H D UHSURYDomRQR&ROpJLR0LOLWDUGH)RUWDOH]D(VSHUDVHTXHHVWHHVWXGRDOFDQFHHVWHREMHWLYRH VLUYD GH SRQWR GH SDUWLGD SDUD TXH RXWUDV LQYHVWLJDo}HV VREUH R HQVLQR QR &0) SRVVDP RFRUUHU

&DEHWDPEpPUHVVDOWDUTXHR&ROpJLR0LOLWDUGH)RUWDOH]DQmRIXQFLRQDFRPWXUPDV HVSHFLDLV$VPDWUtFXODVVmRRUJDQL]DGDVGHIRUPDTXHKDMDXPDGLVWULEXLomRHTXLOLEUDGDGRV DOXQRV DPSDUDGRV H FRQFXUVDGRV HP WRGDV DV WXUPDV &RP HVWH SULQFtSLR HVSHUDVH TXH R FRQYtYLRHQWUHDPSDUDGRVHFRQFXUVDGRVWRUQHDVWXUPDVPDLVKRPRJrQHDVFRPDPHOKRULD GRUHQGLPHQWRGRVDOXQRVGHPHQRUGHVHPSHQKR3RUWDQWRHVWHHVWXGRSHUPLWLUiYHULILFDUVH DVSRVVtYHLVGHVLJXDOGDGHVGHUHQGLPHQWRQR&0)WrPVHUHGX]LGRDRORQJRGRWHPSR

UHSURYDomRYLVDQGRRDFRPSDQKDPHQWRDSUHYHQomRHDWRPDGDGHGHFLV}HVTXHGLPLQXDP DVSRVVtYHLVGHVLJXDOGDGHVQHVWD,QVWLWXLomR

2SUHVHQWHWUDEDOKRHVWiRUJDQL]DGRHPVHWHFDStWXORV

2 VHJXQGR FDStWXOR WUD] XP SDQRUDPD KLVWyULFR VREUH DV GHVLJXDOGDGHV HVFRODUHV SURFXUDQGRVH HQWHQGHU RV PHFDQLVPRV UHVSRQViYHLV SHOD SURGXomR H UHSURGXomR GHVVDV GHVLJXDOGDGHV DWp RV GLDV DWXDLV ,QLFLDOPHQWH EXVFDVH OHYDQWDU LQIRUPDo}HV VREUH DV GHVLJXDOGDGHV HVFRODUHV DWp D SULPHLUD PHWDGH GR VpFXOR ;; (P VHJXLGD FRPR HVVDV GHVLJXDOGDGHVSDVVDUDPDVHUYLVWDVDSDUWLUGRVDQRVFRPRVXUJLPHQWRGDHVFRODS~EOLFD 1DVHTXrQFLDpDSUHVHQWDGDDWHRULDGDUHSURGXomRGH3LHUUH%RXUGLHXRQGHDVGHVLJXDOGDGHV HVFRODUHV SDVVDP D HVWDU IRUWHPHQWH DVVRFLDGDV jV GHVLJXDOGDGHV VRFLDLV )LQDOL]DQGR R FDStWXOREXVFRXVHFRQVLGHUDUDVGHVLJXDOGDGHVHVFRODUHVDSDUWLUGDVUHSHUFXVV}HVGDVWHRULDV GDUHSURGXomRDWpRVGLDVDWXDLVGHVWDFDQGRDVFUtWLFDVjWHRULDGH3LHUUH%RXUGLHX

2 WHUFHLUR FDStWXOR DSUHVHQWD DV SULQFLSDLV FRQFHSo}HV GD DSUHQGL]DJHP GHVWDFDQGR VXDVH[SOLFDo}HVSDUDDVGHVLJXDOGDGHVGHDSUHQGL]DGRHFRQVHTXHQWHPHQWHSDUDDVGLIHUHQoDV GH UHQGLPHQWR HVFRODU HQWUH RV DOXQRV 6mR DERUGDGRV HQWmR R HPSLULVPR R LQDWLVPR R FRQVWUXWLYLVPRGH3LDJHWDFRQFHSomRVyFLRKLVWyULFDGH9LJRWVN\HDUHODomRFRPVDEHUGH &KDUORW

2TXDUWRFDStWXORDERUGDDTXDOLGDGHGDHGXFDomRHDDSURYDomRHVFRODUQR&ROpJLR 0LOLWDUGH)RUWDOH]DHHPVHJXLGDDSUHVHQWDXPEUHYHKLVWyULFRGR&0)GHVGHDVXDFULDomR DWpRVGLDVDWXDLVEXVFDQGRHVFODUHFHUDRULJHPGDVGHVLJXDOGDGHVHVFRODUHVHQFRQWUDGDVQHVWD ,QVWLWXLomR

2 TXLQWR FDStWXOR DSUHVHQWD R LWLQHUiULR PHWRGROyJLFR GH LQYHVWLJDomR DERUGDQGR R WLSR GH SHVTXLVD DV YDULiYHLV GR HVWXGR RV VXMHLWRV DV KLSyWHVHV H DV HVWUDWpJLDV XWLOL]DGDV SDUDVHDOFDQoDURREMHWLYRJHUDOHVHXVREMHWLYRVHVSHFtILFRV

2V UHVXOWDGRV HQFRQWUDPVH QR VH[WR FDStWXOR DSUHVHQWDGRV GH DFRUGR FRP FDGD XP GRVREMHWLYRVHVSHFtILFRVSURSRVWRV

3RUILPQRVpWLPRFDStWXORVmRDSUHVHQWDGDVDVFRQFOXV}HVGDSUHVHQWHSHVTXLVDFRP VXJHVW}HVSDUDRHQIUHQWDPHQWRGDVGHVLJXDOGDGHVHVFRODUHVREVHUYDGDVHSURSRVWDVGHQRYRV HVWXGRVTXHYHQKDPFRQWULEXLUSDUDDVIXWXUDVSROtWLFDVHGXFDFLRQDLVQRV&ROpJLRV0LOLWDUHV

3$125$0$+,67Ï5,&262%5($6'(6,*8$/'$'(6(6&2/$5(6

1HVWH FDStWXOR SURFXURXVH HQWHQGHU DWUDYpV GD FRQVXOWD ELEOLRJUiILFD DV GHVLJXDOGDGHV HVFRODUHV H VXDV RULJHQV 2SWRXVH SRU ID]HU XP UHODWR VREUH DV SULQFLSDLV WHRULDV TXH DR ORQJR GR ~OWLPR VpFXOR WHQWDUDP H[SOLFDU RV PHFDQLVPRV UHVSRQViYHLV SHOD SURGXomRHUHSURGXomRGHVVDVGHVLJXDOGDGHV

1XP SULPHLUR PRPHQWR EXVFRXVH OHYDQWDU LQIRUPDo}HV VREUH DV GHVLJXDOGDGHV HVFRODUHV DWp D SULPHLUD PHWDGH GR VpFXOR ;; H FRPR D VRFLHGDGH GD pSRFD HQWHQGLD H MXVWLILFDYDHVVDVGHVLJXDOGDGHVSHORGRP(PVHJXLGDVmRDSUHVHQWDGRVRVHVIRUoRVDSDUWLU GRVDQRVQDEXVFDSHODLJXDOGDGHGHRSRUWXQLGDGHVSRUPHLRGDHVFRODS~EOLFDTXHVXUJLD FRPRDUHGHQWRUDGDVRFLHGDGHGRSyVJXHUUDHFRPRPHLRGHVHMXVWLILFDUDVGHVLJXDOGDGHV HVFRODUHV DSHQDV SHOR PpULWR SHVVRDO 'LDQWH GD GHVFRQILDQoD GH TXH R UHQGLPHQWR HVFRODU HVWLYHVVH H[FOXVLYDPHQWH DVVRFLDGR DRV PpULWRV SHVVRDLV H GR SHVVLPLVPR TXH DFRPHWHX R XQLYHUVR HGXFDFLRQDO D SDUWLU GRV DQRV VXUJLUDP QDV GpFDGDV GH H DV WHRULDV GD UHSURGXomRFXMDWHRULDPDLVEHPHODERUDGDIRLDGH3LHUUH%RXUGLHX3RULVVRQDVHTXrQFLD IRLDSUHVHQWDGDDWHRULD GDUHSURGXomRGH3LHUUH %RXUGLHX HVWDEHOHFHQGRXPDQRYDYLVmRD UHVSHLWR GDV GHVLJXDOGDGHV HVFRODUHV TXH SDVVDUDP D HVWDU IRUWHPHQWH DVVRFLDGDV jV GHVLJXDOGDGHVVRFLDLV)LQDOL]DQGRRFDStWXORIRUDPDERUGDGDVDVGHVLJXDOGDGHVHVFRODUHVD SDUWLU GDV WHRULDV GD UHSURGXomR DWp RV GLDV DWXDLV GHVWDFDQGR DV FUtWLFDV j WHRULD GD UHSURGXomRGH3LHUUH%RXUGLHX

$VGHVLJXDOGDGHVHVFRODUHVDWpDSULPHLUDPHWDGHGRVpFXOR;;

$VRFLHGDGHDGPLWLDFRQVFLHQWHPHQWHTXHDSHQDVXPDPLQRULDWLYHVVHDFHVVRSOHQRj FXOWXUD8PDERDSDUWHGDSRSXODomRQmRIUHTXHQWDYDDHVFRODHSDUDXPDRXWUDSDUWHDSHQDV XP QtYHO GH LQVWUXomR PtQLPR VHULD QHFHVViULR (VWH SHTXHQR QtYHO GH LQVWUXomR VHULD VXILFLHQWHSDUDDVFODVVHVSRSXODUHVFXPSULUHPDVVXDVREULJDo}HVQRFDPSRHQDVIiEULFDV 1mRHUDGDGDJUDQGHLPSRUWkQFLDDRVTXHIUDFDVVDYDPQRVHVWXGRVMiTXHKDYLDXPDJUDQGH SDUWH GH SHVVRDV TXH QHP VHTXHU WLQKDP DFHVVR j HVFROD 1D YHUGDGH R TXH FKDPDYD D DWHQomR QmR HUD R IUDFDVVR H VLP R VXFHVVR GH DOJXQV TXH DGTXLULDP XP VDEHU TXH QmR FRUUHVSRQGLDDVXDVLWXDomRVRFLDO,1(381(6&2

1D VHJXQGD PHWDGH GR VpFXOR ;,; QD ,QJODWHUUD R VLVWHPD GH HQVLQR HUD FRPSOHWDPHQWH GXDO DV FODVVHV PDLV IDYRUHFLGDV IUHTXHQWDYDP DV HVFRODV FRP FXUUtFXORV GLIHUHQFLDGRVTXHGDYDPDFHVVRDRHQVLQRVXSHULRUGLIHUHQWHPHQWHGDVHVFRODVSDUDRVILOKRV GRV WUDEDOKDGRUHV 6($%5$ 1D )UDQoD QR LQtFLR GR VpFXOR ;; DV FULDQoDV GD EXUJXHVLD HQWUDYDP GLUHWDPHQWH QDV SULPHLUDV FODVVHV GRV OLFHXV FRP R REMHWLYR GH VH SUHSDUDUHP SDUD XPD IXWXUD H SURPLVVRUD FDUUHLUD HQTXDQWR RV ILOKRV GDV FODVVHV SRSXODUHV FXUVDYDPDSHQDVDHVFRODSULPiULDRQGHUHFHELDPXPDLQVWUXomRHOHPHQWDU1HVWHSHUtRGR SRUWDQWRRVILOKRVGRVEXUJXHVHVQmRFRPSHWLDPFRPRVILOKRVGRVFDPSRQHVHVHRSHUiULRV SRLV MDPDLV IUHTXHQWDYDP RV PHVPRV EDQFRV HVFRODUHV 3(55(128' +DYLD XPD VXSRVWD VHOHomR QDWXUDO GHWHUPLQDGD SHODV FODVVHV VRFLDLV TXH ID]LD FRP TXH RV HVWDEHOHFLPHQWRV GH HQVLQR FRQWDVVHP FRP JUXSRV GH FULDQoDV PDLV RX PHQRV KRPRJrQHRV TXDQWR j VXD EDJDJHP VRFLDO FXOWXUDO H IDPLOLDU 1HVWH SHUtRGR DV GHVLJXDOGDGHV HUDP LQVWLWXFLRQDOL]DGDV H SRU LVVR QmR VH IDODYD GH LJXDOGDGH GH RSRUWXQLGDGHV SRLV VHJXQGR /DKLUH Vy p SRVVtYHO UHODFLRQDU GHVLJXDOGDGHV VRFLDLV FRP GHVLJXDOGDGHV HVFRODUHV TXDQGRWRGRVRVJUXSRVVRFLDLVHQYROYLGRVWrPRPHVPRLQWHUHVVHSHODHVFROD

HQVLQRSULPiULR2(VWDGRGH6mR3DXORFULDHQWmRRVJUXSRVHVFRODUHVTXHUHXQLUDPHPXP ~QLFRSUpGLRDVHVFRODVSULPiULDVTXHDQWHVHUDPLVRODGDV$VHVFRODVLVRODGDVSDVVDUDPDVHU DV VpULHV DQXDLV GRV JUXSRV HVFRODUHV +DYLD XPD SUHRFXSDomR FRP D KRPRJHQHL]DomR GDV WXUPDVHFRPDSURJUHVVLYLGDGHGDDSUHQGL]DJHPHQWUHRSULPHLURHRTXDUWRDQRGRHQVLQR SULPiULR $ JUDGXDomR GR HQVLQR WLQKD R REMHWLYR GH IRUPDU FODVVHV FRP DOXQRV GH PHVPR QtYHO GH DSUHQGL]DJHP SRVVLELOLWDQGR XP PHOKRU UHQGLPHQWR HVFRODU 1D SUiWLFD HVWHV DVSHFWRV FRQWULEXtUDP SDUD HYLGHQFLDU R FDUiWHU VHOHWLYR GD HVFROD FRP DOWRV SDGU}HV GH H[LJrQFLD HVFRODU DFDUUHWDQGR XP DFHQWXDGR DXPHQWR GD UHSHWrQFLD (VWH PRGHOR IRL GLVVHPLQDGRSDUDWRGRRSDtVVHQGRDRULJHPGRVHFRQKHFHKRMHFRPRRVSULPHLURVDQRVGR HQVLQR IXQGDPHQWDO DFDEDQGR SRU DWHQGHU SULRULWDULDPHQWH D IRUPDomR GDV HOLWHV GHL[DQGR HP VHJXQGR SODQR D HGXFDomR GDV PDVVDV SRSXODUHV 6$9,$1, 'H IDWR D GHVFHQWUDOL]DomR GR HQVLQR QmR Vy PDQWHYH H DFHQWXRX D OLQKD GH GHPDUFDomR HQWUH DV SURILVV}HVOLEHUDLVHDVDWLYLGDGHVPDQXDLVHPHFkQLFDVFRPRWDPEpPIDFLOLWRXDUHSURGXomR SHORV (VWDGRV GD RUJDQL]DomR HVFRODU WUDGLFLRQDO FDOFDGRV QR YHOKR PRGHOR GR SHUtRGR LPSHULDOTXHFRQWLQXRXDLJQRUDUDVGHVLJXDOGDGHVHVFRODUHV$=(9('2

1R LQtFLR GR VpFXOR ;; LPEXtGRV GRV LGHDLV GD (VFROD 1RYD YiULRV HGXFDGRUHV HVFRODQRYLVWDV GHVHQFDGHDUDP R PRYLPHQWR GH GHPRFUDWL]DomR GR DFHVVR j HVFROD H UHDOL]DUDP UHIRUPDV HGXFDFLRQDLV HP YiULRV HVWDGRV EUDVLOHLURV 1R HQWDQWR ³DSHVDU GDV YiULDV UHIRUPDV HGXFDFLRQDLV RFRUULGDV QR SDtV GXUDQWH DV TXDWUR GpFDGDV GHVVH SHUtRGR DV RSRUWXQLGDGHV GH HGXFDomR HVFRODU GDV FODVVHV SRSXODUHV FRQWLQXDYDP PXLWR SHTXHQDV´ 3$772 S $ GHVSHLWR GH WXGR R TXH VH WHQWRX UHDOL]DU DQWHULRUPHQWH Vy QD DSUR[LPDomR GD PHWDGH GR VpFXOR ;; R %UDVLO LULD FRQVWUXLU XP VLVWHPD HGXFDFLRQDO GH DWHQGLPHQWRjVJUDQGHVPDVVDV,1(381(6&2

6HJXQGR 3HUUHQRXG D GHVLJXDOGDGH GH r[LWR HVFRODU WDO FRPR FRQKHFHPRV DWXDOPHQWHpXPIHQ{PHQRUHODWLYDPHQWHUHFHQWHOLJDGRjXQLILFDomRGRVLVWHPDHGXFDWLYR RQGH DV FULDQoDV RULXQGDV GH WRGDV DV FODVVHV VRFLDLV SDVVDUDP D FRPSHWLU QR LQWHULRU GRV PHVPRV HVWDEHOHFLPHQWRV H GDV PHVPDV FODVVHV +RMH HVWi FODUR TXH RV DOXQRV QmR VmR GHVLJQDGRVSDUDIUHTXHQWDUDVHVFRODVGHPDQHLUDDOHDWyULDPDVDHVFROKDpGHWHUPLQDGDSRU VXDVFRQGLo}HVVRFLRHFRQ{PLFDVHFXOWXUDLV)/(7&+(50DVIRLDSDUWLUGDEXVFD SHOD LPSODQWDomR GRV VLVWHPDV QDFLRQDLV GH HQVLQR FRP YLVWDV DR DWHQGLPHQWR HGXFDFLRQDO GDVPDVVDVSRSXODUHVTXHDVGHVLJXDOGDGHVHVFRODUHVHFRQVHTXHQWHPHQWHRIUDFDVVRHVFRODU SDVVDUDPDILFDUHPHYLGrQFLDFRPRXPSUREOHPDVRFLDOHHFRQ{PLFR

$GpFDGDGHDHVFRODS~EOLFDFRPRVROXomRSDUDDVGHVLJXDOGDGHVHVFRODUHV

2 VHJXQGR SyVJXHUUD FRORFRX D HVFROD FRPR D DODYDQFD SDUD D UHWRPDGD GR GHVHQYROYLPHQWRHFRQ{PLFRDVVXPLQGRRSDSHOGHUHGHQWRUDGDVRFLHGDGH1XPDYLVmRJHUDO D HGXFDomR GRV SRYRV HUD R PHLR FDSD] GH DODYDQFDU R GHVHQYROYLPHQWR HFRQ{PLFR H GH WRUQDU D VRFLHGDGH PDLV MXVWD H KDUPRQLRVD (UD QHFHVViULR TXH WRGRV HVWXGDVVHP H HQWmR VXUJLXDLGpLDGDHVFRODS~EOLFD'HVGHTXHVHLQLFLRXDLPSOHPHQWDomRGDHVFRODS~EOLFDHP PHDGRV GRV DQRV GR VpFXOR ;; SDVVRXVH D WHU D SUHRFXSDomR FRP D LJXDOGDGH GH RSRUWXQLGDGHV QD HVFROD $VVLP D HVFROD Vy VH DVVRFLD DR GHVLJQR GD LJXDOGDGH GH RSRUWXQLGDGHV FRP R DGYHQWR GD FRQVWUXomR GD HVFROD S~EOLFD 6($%5$ (VVD LJXDOGDGHLQLFLDOPHQWHVHUHVXPLDHPJDUDQWLURDFHVVRGHWRGRVjHVFRODGDQGRDWRGRVjV PHVPDV FRQGLo}HV GH HQVLQR &RP LVVR HVSHUDYDVH VXSULPLU RV REVWiFXORV GHFRUUHQWHV GD FRQGLomR VRFLDO ID]HQGR FRP TXH R VXFHVVR RX IUDFDVVR GHSHQGHVVHP H[FOXVLYDPHQWH GR PpULWRGRSUySULRDOXQR

2 DFHVVR j HVFROD SDVVRX D VHU XP GLUHLWR GH WRGRV RV LQGLYtGXRV H XPD PHWD D VHU DOFDQoDGD SHORV JRYHUQRV $V GHFLV}HV GRV SRGHUHV S~EOLFRV IRUDP FHQWUDGDV HP JDUDQWLU FRQGLo}HV GH DFHVVR H GH IUHTXrQFLD j HVFROD S~EOLFD LQVWLWXLQGR D JUDWXLGDGH GR HQVLQR H SRVWHULRUPHQWH D VXD REULJDWRULHGDGH 2 HQVLQR S~EOLFR H JUDWXLWR HUD D VROXomR SDUD D GHPRFUDWL]DomR GR HQVLQR H SDUD D LJXDOGDGH GH RSRUWXQLGDGHV HQWUH RV FLGDGmRV $ HVFROD SDVVRXDVHUYLVWDFRPRXPHVSDoRMXVWRHGHPRFUiWLFRGHLJXDOGDGHGHRSRUWXQLGDGHVRQGH R PpULWR LQGLYLGXDO VHULD D ~QLFD YDULiYHO UHVSRQViYHO SHOR VXFHVVR RX IUDFDVVR HVFRODU 2V VLVWHPDV GH HQVLQR RIHUHFHULDP DV PHVPDV FRQGLo}HV D WRGRV RV LQGLYtGXRV H DTXHOHV PDLV FDSD]HV SRU VHXV HVIRUoRV RX GRQV QDWXUDLV VHULDP EHP VXFHGLGRV QD YLGD HVFRODU H SURILVVLRQDO 1HVWD yWLFD D HVFROD VHULD XPD LQVWLWXLomR QHXWUD H DV GHVLJXDOGDGHV HVFRODUHV HUDPMXVWLILFDGDVDSHQDVSHORFULWpULRGRPpULWRSHVVRDO

1RHQWDQWRDVGpFDGDVGHHGRVpFXORSDVVDGRIRUDPXPPDUFRKLVWyULFRSDUDR SDSHOGDHGXFDomRQRFHQiULRPXQGLDO$WpHQWmRDFUHQoDGHTXHDHGXFDomRHUDDVROXomR SDUD RV SUREOHPDV VRFLDLV H HFRQ{PLFRV GR PXQGR HUD LQTXHVWLRQiYHO 0DV DOJXQV DFRQWHFLPHQWRV HP PHDGRV GR VpFXOR SDVVDGR SDUHFHP WHU LQLFLDGR XPD UHYLUDYROWD QD FRQFHSomR RWLPLVWD GD HGXFDomR FRPR D JUDQGH VROXomR SDUD RV SUREOHPDV GR PXQGR H DFDEDUDPIRUQHFHQGRVXEVtGLRVSDUDXPQRYRHQWHQGLPHQWRGDVGHVLJXDOGDGHVHVFRODUHV

UHSHUFXVVmR 2V GDGRV GHVWDV SHVTXLVDV HYLGHQFLDUDP TXH PHVPR HVWDQGR VXMHLWRV SHOR PHQRVDSDUHQWHPHQWHjVPHVPDVFRQGLo}HVGHHQVLQRDGLVSDULGDGHGHUHVXOWDGRVHQWUHDV FODVVHV SRSXODUHV H DV VRFLDOPHQWH PDLV IDYRUHFLGDV DVVLP FRPR HQWUH DOXQRV QHJURV H EUDQFRV HUD PXLWR VLJQLILFDWLYD H VHPSUH SHQDOL]DGRUD GRV ILOKRV GRV PDLV GHVIDYRUHFLGRV VRFLDOPHQWH 6($%5$ 0HVPR QmR WHQGR XP LPSDFWR LPHGLDWR VREUH R SDUDGLJPD IXQFLRQDOLVWD YLJHQWH GHVSHUWRX HP PpGLR SUD]R D GHVFRQILDQoD GH TXH R GHVHPSHQKR HVFRODUHVWLYHVVHH[FOXVLYDPHQWHDVVRFLDGRDRVPpULWRVSHVVRDLV

2XWURIDWRUTXHFRQWULEXLXSDUDXPDQRYDYLVmRGRSDSHOGDHGXFDomRSDUDDVRFLHGDGH IRL D GHFHSomR GRV HVWXGDQWHV UHFpP IRUPDGRV GLDQWH GR PHUFDGR GH WUDEDOKR 6HJXQGR 1RJXHLUD H 1RJXHLUD RV DQRV PDUFDP D FKHJDGD DR HQVLQR VHFXQGiULR H j XQLYHUVLGDGHGDSULPHLUDJHUDomRGHHVWXGDQWHVGDVGLYHUVDVFODVVHVVRFLDLVEHQHILFLDGDSHOD IRUWH H[SDQVmR GR VLVWHPD HGXFDFLRQDO QR SyVJXHUUD $ H[SHFWDWLYD GH DVFHQVmR VRFLDO H UHWRUQRILQDQFHLURSRUPHLRGDHGXFDomRQmRVHFRQFUHWL]DUDPHPSDUWHSHODGHVYDORUL]DomR GRV WtWXORV HVFRODUHV TXH DFRPSDQKRX D PDVVLILFDomR GR HQVLQR H D IUXVWUDomR GHVVHV HVWXGDQWHVIRLLQHYLWiYHO

'LDQWHGDVSHVTXLVDVUHDOL]DGDVDSDUWLUGRVDQRVHGDVIUXVWUDo}HVGDVH[SHFWDWLYDV TXHVHDFRPHWHUDPVREUHRXQLYHUVRHGXFDFLRQDOQRVDQRVVXUJHQDVGpFDGDVGHH QD )UDQoD XPD WHRULD FKDPDGD GH VRFLRORJLD GD UHSURGXomR TXH VH HVSDOKRX SHOR PXQGRLQWHLURDWpPHVPRQR%UDVLOHDSDUWLUGHHQWmRWRUQRXVHDH[SOLFDomRGRPLQDQWHGR VXFHVVRHGRIUDFDVVRHVFRODU,1(381(6&2

$KHUDQoDVRFLDOHDVGHVLJXDOGDGHVHVFRODUHVQDVGpFDGDVGHHDVWHRULDV GDUHSURGXomR

(PERUDH[LVWDXPYDVWRJUXSRGHDXWRUHVTXHVmRDGHSWRVGDVRFLRORJLDGDUHSURGXomR HTXHSXEOLFDUDPPXLWDVREUDVTXHFRQFOXHPVHUDHVFRODXPDUHSURGXWRUDGDVGHVLJXDOGDGHV VRFLDLVSUHH[LVWHQWHV$/7+866(5%$8'(/27(67$%/(7%(5167(,1 %2:/(6 *,176 D WHRULD PDLV EHP HODERUDGD IRL SURSRVWD SRU 3LHUUH %RXUGLHX HP FRQMXQWR FRP -HDQ &ODXGH 3DVVHURQ HP FRP D SXEOLFDomR GH/HV +pULWLHUVH HPQROLYUR/D 5HSURGXFLRQ TXHRULJLQRXDGHQRPLQDomRGHVWD FRUUHQWH VRFLROyJLFD

BBBBBBBBBBBBBBBBBBBBBBBB

_{(VWHFDStWXORVREUHDWHULDGDUHSURGXomRGH%RXUGLHXXWLOL]DDPSODPHQWHRDUWLJR}

1HVWDV REUDV %RXUGLHX DSUHVHQWRX XP QRYR PRGR GH HQ[HUJDU DV GHVLJXDOGDGHV QD HVFRODHQDHGXFDomRTXHVHWRUQRXXPPDUFRKLVWyULFRQRHQWHQGLPHQWRGDVGHVLJXDOGDGHV HVFRODUHV$HGXFDomRDWpHQWmRFRQVLGHUDGDXPPHLRGHWUDQVIRUPDomRHGHPRFUDWL]DomRGDV VRFLHGDGHV SDVVD D VHU YLVWD FRPR XPD GDV SULQFLSDLV LQVWLWXLo}HV SRU PHLR GD TXDO VH UHSURGX]HPHVHOHJLWLPDPRVSULYLOpJLRVVRFLDLV6XDIXQGDPHQWDomRWHyULFDHVWiEDVHDGDHP GXDVWHVHVFHQWUDLVVREUHD(GXFDomR

$ SULPHLUD GL] UHVSHLWR jV GLIHUHQoDV VRFLDLV H IDPLOLDUHV GRV LQGLYtGXRV H DV UHSHUFXVV}HVGHVVDVGLIHUHQoDVSDUDVHXVFRPSRUWDPHQWRVHGHVHPSHQKRVHVFRODUHV6HJXQGR DVUHIOH[}HVGH%RXUGLHXRVDOXQRVVmRVHUHVVRFLDOPHQWHFRQVWLWXtGRVTXHWUD]HPHPJUDQGH PHGLGDXPDODUJDEDJDJHPVRFLDOHFXOWXUDOSDUDDYLGDHVFRODU(VVDEDJDJHPFRORFDULDRV DOXQRV HP FRQGLo}HV PDLV RX PHQRV IDYRUiYHLV GLDQWH GDV H[LJrQFLDV HVFRODUHV VHQGR GHWHUPLQDQWHSDUDVXFHVVRRXIUDFDVVRHVFRODUGHVVHVLQGLYtGXRV%285',(8ES

$VHJXQGDUHIHUHVHjVDQiOLVHVGH%RXUGLHXVREUHDHVFRODHVHXSDSHOQDUHSURGXomRH OHJLWLPDomR GDV GHVLJXDOGDGHV VRFLDLV 3DUD %RXUGLHX D HVFROD QmR VHULD XPD LQVWLWXLomR QHXWUDSRLVRTXHHODYDORUL]DHH[LJHGHWRGRVRVDOXQRVpEDVLFDPHQWHDFXOWXUDGDFODVVH GRPLQDQWH GLVVLPXODGDPHQWH DSUHVHQWDGD FRPR FXOWXUD XQLYHUVDO 1mR UHFRQKHFHQGR DV RXWUDVIRUPDVGHFXOWXUDGDVFODVVHVPHQRVIDYRUHFLGDVDHVFRODHVWDULDDSHQDVUHSURGX]LQGR SRUPHLRGHXPDSHGDJRJLDWHQGHQFLRVDFXUUtFXORPpWRGRVGHHQVLQRIRUPDVGHDYDOLDomR HWFDVGHVLJXDOGDGHVVRFLDLVSUHH[LVWHQWHV(VVDVGHVLJXDOGDGHVSRUVXDYH]VHULDPWDPEpP OHJLWLPDGDVSHODHVFRODDRGHVFRQVLGHUDUDVGLIHUHQoDVVRFLDLVDWULEXLQGRH[FOXVLYDPHQWHDRV PpULWRVSHVVRDLVDVGLIHUHQoDVGHGHVHPSHQKRFRJQLWLYRHQWUHRVDOXQRV%285',(8E S

$KHUDQoDVRFLDOHDVGHVLJXDOGDGHVGHGHVHPSHQKRHVFRODU

GLVSRVLo}HVSVtTXLFDVXPKDELWXVIDPLOLDURXGHFODVVHTXHSDVVDULDDFRQGX]LORVDRORQJR GR WHPSR H QDV PDLV YDULDGDV VLWXDo}HV $ SDUWLU GDt R LQGLYtGXR SDVVDULD D RFXSDU XPD SRVLomR HVSHFtILFD QD HVWUXWXUD VRFLDO TXH VHULD PDQWLGD SRUTXH RV SUySULRV LQGLYtGXRV WHQGHULDP D VH FRPSRUWDU GH DFRUGR FRP R FRQMXQWR GH GLVSRVLo}HV FDUDFWHUtVWLFR GHVVD SRVLomR HP TXH IRUDP VRFLDOL]DGRV 12*8(,5$ 12*8(,5$ (PERUD D RULJHP IRVVH IDPLOLDU R MHLWR GH YLYHU H GH DJLU GH XP LQGLYtGXR HVWDULD FRQGLFLRQDGR SHOR VHX DPELHQWHVRFLDO3RUWDQWRDVVXDVSUHIHUrQFLDVHVFROKDVGHFLV}HVSODQRVIXWXURVPDQHLUDGH IDODU H VH SRUWDU HWF VHULDP FRQVWUXtGRV VRFLDOPHQWH 'HVWD IRUPD WRGR LQGLYtGXR VHULD FDUDFWHUL]DGRSRUXPDEDJDJHPVRFLDOPHQWHKHUGDGD

(VVD EDJDJHP VRFLDOPHQWH KHUGDGD TXH WRGR LQGLYtGXR SRVVXL LQFOXL FRPSRQHQWHV REMHWLYRV H VXEMHWLYRV TXH SRGHP VHU SRVWRV j VHUYLoR GR VXFHVVR HVFRODU H TXH IRUDP LQWURGX]LGRV SRU %RXUGLHX VRE R FRQFHLWR GH FDSLWDO FRPR PHWiIRUD SDUD VH UHIHULU jV YDQWDJHQVREWLGDVSHORVLQGLYtGXRVQRXQLYHUVRHVFRODU

2 FDSLWDO HFRQ{PLFR p UHSUHVHQWDGR SHORV EHQV H VHUYLoRV D TXH HOH WHP DFHVVR R FDSLWDOVRFLDOGHILQLGRFRPRDUHGHGHUHODo}HVVRFLDLVGXUiYHLVH~WHLVPDQWLGRVSHODIDPtOLD H R FDSLWDO FXOWXUDO DSUHVHQWDGR GH WUrV IRUPDV LQVWLWXFLRQDOL]DGR REMHWLYDGR H LQFRUSRUDGR %285',(8ES6HJXQGR%RXUGLHXDQRomRGHFDSLWDOFXOWXUDOVHID]QHFHVViULR SDUDH[SOLFDUDVGHVLJXDOGDGHVGHGHVHPSHQKRHVFRODUGHFULDQoDVSURYHQLHQWHVGDVGLIHUHQWHV FODVVHVVRFLDLVDWpHQWmRDWULEXtGDVH[FOXVLYDPHQWHDRVGRQVQDWXUDLVGRVLQGLYtGXRV

2 FDSLWDO FXOWXUDO QR VHX HVWDGR LQVWLWXFLRQDOL]DGR p IRUPDGR EDVLFDPHQWH SHORV GLSORPDV HVFRODUHV 1R VHX HVWDGR REMHWLYDGR VRE D IRUPD GH EHQV FXOWXUDLV FRPR OLYURV GLFLRQiULRV SLQWXUDV HWF 1R HVWDGR LQFRUSRUDGR HVWi D EDJDJHP WUDQVPLWLGD SHOD IDPtOLD LPSUHJQDGDDRORQJRGRWHPSRQDVVXDVIXQo}HVELROyJLFDVHSVLFROyJLFDV³2FDSLWDOFXOWXUDO LQFRUSRUDGRpXPWHUTXHVHWRUQRXVHUXPDSURSULHGDGHTXHVHIH]FRUSRHWRUQRXVHSDUWH LQWHJUDQWHGD³SHVVRD´XPKDELWXV´%285',(8ES&RPRH[HPSORVGHVWHWLSR GH FDSLWDO WHPRV D ³FXOWXUD JHUDO´ R GRPtQLR GD OtQJXD FXOWD D LQWLPLGDGH FRP R PXQGR HVFRODUHWF

RVRFLDOIXQFLRQDULDPQDPDLRULDGDVYH]HVDSHQDVFRPRPHLRVDX[LOLDUHVQDDFXPXODomRGR FDSLWDO FXOWXUDO 1R FDVR GR FDSLWDO HFRQ{PLFR SRU H[HPSOR SHUPLWLQGR R DFHVVR D HVWDEHOHFLPHQWRVGHHQVLQRGHTXDOLGDGHHDYLDJHQVGHHVWXGR(QRFDVRGRFDSLWDOVRFLDO SRUH[HPSORUHODFLRQDPHQWRVTXHSHUPLWHPRDFHVVRDLQIRUPDo}HVVREUHRSUHVWtJLRVRFLDOH UHWRUQR ILQDQFHLUR GRV FXUVRV HWF TXH SRGHULDP RULHQWDU RV SDLV D DGRWDU DV PHOKRUHV HVWUDWpJLDV SDUD R SHUFXUVR HVFRODU GRV ILOKRV %285',(8 E S 1R HQWDQWR R EHQHILFLR HVFRODU DGYLQGR GHVVDV RSRUWXQLGDGHV VHULD VHPSUH GHFRUUHQWH GR FDSLWDO FXOWXUDO SUHYLDPHQWHDGTXLULGR )RLDtTXHD6RFLRORJLD GD(GXFDomRGH%RXUGLHXJDQKRXGHVWDTXH MXVWDPHQWH SHOD GLPLQXLomR GD LPSRUWkQFLD GR IDWRU HFRQ{PLFR FRPSDUDGR DR FXOWXUDO QD H[SOLFDomRGDVGHVLJXDOGDGHVHVFRODUHV12*8(,5$12*8(,5$

%RXUGLHXMXVWLILFDDLPSRUWkQFLDGRFDSLWDOFXOWXUDOGHVWDFDQGRGRLVDVSHFWRVHPTXHD SRVVH GHVVH FDSLWDO IDYRUHFHULD R GHVHPSHQKR HVFRODU (P SULPHLUR OXJDU IDFLOLWDULD D DSUHQGL]DJHP GRV FRQWH~GRV HVFRODUHV 1mR DSHQDV SHOD DMXGD GLUHWD GRV SDLV QDV WDUHIDV HVFRODUHVRXQDSUHSDUDomRSDUDRVH[DPHVPDVSULQFLSDOPHQWHSHODFKDPDGD³FXOWXUDJHUDO´ HSHODLQWLPLGDGHFRPDOtQJXDQDWLYDDGTXLULGDGHPDQHLUDRVPyWLFDMXQWRjIDPtOLDVHPD QHFHVVLGDGH GH TXDOTXHU HVIRUoR HVSHFtILFR (VWD KHUDQoD FXOWXUDO TXH VRPHQWH DV FULDQoDV RULXQGDVGDVFODVVHVFXOWDVSRGHULDPWHUVHULDUHVSRQViYHOSRUXPPHOKRUDSUHQGL]DGRHVFRODU H FRQVHTXHQWHPHQWH SHOR r[LWR HVFRODU GD FULDQoD Mi TXH WRUQDULD D HVFRODULGDGH XP SURORQJDPHQWRGDVXDFXOWXUDIDPLOLDU%285',(8ES

(P VHJXQGR OXJDU D SRVVH GH FDSLWDO FXOWXUDO IDYRUHFHULD R VXFHVVR HVFRODU SRUTXH FRQWULEXLULDSDUDXPPHOKRUGHVHPSHQKRQRVSURFHVVRVGHDYDOLDomR%RXUGLHXREVHUYDTXHD DYDOLDomR HVFRODU QmR VH UHVXPH D XPD VLPSOHV YHULILFDomR REMHWLYD GD DSUHQGL]DJHP PDV LQFOXL XP YHUGDGHLUR MXOJDPHQWR GH TXDOLGDGHV FXOWXUDLV H PRUDLV GRV DOXQRV 2 MXt]R GR SURIHVVRUOHYDULDHPFRQVLGHUDomRXPFRQMXQWRGHFULWpULRVGLIXVRVHLPSOtFLWRVFRPRERDV PDQHLUDVFRQGXWDRHVWLORGDOLQJXDJHPIDODGDDFXOWXUDJHUDOHWF%RXUGLHXDOHUWDTXHDWpD DSDUrQFLD ItVLFD FRPR XP FRUSR ³VRFLDOPHQWH WUDWDGR´ VHULD FRQVLGHUDGR FRPR VLQDO GH TXDOLGDGH H YDORU GR LQGLYtGXR (VWDV FDUDFWHUtVWLFDV QR HQWDQWR GLILFLOPHQWH VHULDP HQFRQWUDGDVHPTXHPQmRDVUHFHEHXSUHYLDPHQWHGHVXDIDPtOLD%285',(8ES

$UHODomRHQWUHLQYHVWLPHQWRHr[LWRHVFRODUQDVGLIHUHQWHVFODVVHVVRFLDLV

UHIHUrQFLDSDUDGHILQLUDVHVWUDWpJLDVPDLVDGHTXDGDVQDVGLYHUVDViUHDVGDYLGDTXHVHULDP LQFRUSRUDGDVSHORVVXMHLWRVFRPRSDUWHGRVHXKDELWXV1DHGXFDomRRVH[HPSORVGHVXFHVVR H IUDFDVVR HVFRODU H[SHULPHQWDGRV HP FDGD XPD GDV FODVVHV VRFLDLV VHULDP XWLOL]DGRV FRPR SDUkPHWURV SDUD PHQVXUDU DV SRVVLELOLGDGHV GH VXFHVVR HVFRODU GRV ILOKRV H SDUD GHILQLU RV LQYHVWLPHQWRV TXH GHYHULDP VHU IHLWRV HP VXDV HVFRODULGDGHV 3RUWDQWR FDGD XPD GDV WUrV FODVVHVVRFLDLVLQIHULRUHVPpGLDVHVXSHULRUHVGHILQLGDVSRU%RXUGLHXESDJLULD GHIRUPDGLIHUHQWHHPUHODomRjFDUUHLUDHVFRODUGRVILOKRVWUD]HQGRXPLPSDFWRGLIHUHQFLDGR SDUDRr[LWRHVFRODUGRVPHPEURVGHVVDVFODVVHVVRFLDLV

$V FODVVHV SRSXODUHV WHQGHULDP D ID]HU LQYHVWLPHQWRV HGXFDWLYRV H[WUHPDPHQWH UHGX]LGRV SRLV QmR SRGHULDP YLVOXPEUDU SDUD RV ILOKRV XP IXWXUR GLIHUHQWH GR VHX SUySULR SUHVHQWH%285',(8ES$IDOWDGHFDSLWDOHFRQ{PLFRVRFLDOHFXOWXUDOOHYDULDD XPDSHUFHSomRGHTXHDVFKDQFHVGHVXFHVVRHVFRODUVHULDPEDVWDQWHUHGX]LGDV(VVDVIDPtOLDV HVWDULDP HP IXQomR GH VXD FRQGLomR VRFLRHFRQ{PLFD PHQRV SUHSDUDGDV SDUD LQYHVWLU H HVSHUDURUHWRUQRGRLQYHVWLPHQWRHPORQJRSUD]RDGLDQGRLQFOXVLYHDHQWUDGDGRVILOKRVQR PHUFDGR GH WUDEDOKR 'LDQWH GD LQFHUWH]D H GR DOWR ULVFR GHVWH LQYHVWLPHQWR DV FODVVHV SRSXODUHVWHQGHULDPDQmRGDUPXLWDLPSRUWkQFLDjHGXFDomRGRVILOKRVHSRULVVRKDYHULDXPD JUDQGH SRVVLELOLGDGH GH IUDFDVVR HVFRODU (VSHUDUVHLD TXH HOHV HVWXGDVVHP DSHQDV R VXILFLHQWHSDUDVHVXVWHQWDURXVHPDQWHUHPUHODomRDRQtYHOVRFLRHFRQ{PLFRGRVSDLV(VVDV IDPtOLDVWHQGHULDPDVVLPDSULYLOHJLDUDVFDUUHLUDVHVFRODUHVPDLVFXUWDVTXHGmRDFHVVRPDLV UDSLGDPHQWHjLQVHUomRSURILVVLRQDO12*8(,5$12*8(,5$

8PDRXWUDHVWUDWpJLDGHLQYHVWLPHQWRQDFDUUHLUDHVFRODUGRVILOKRVVHULDRFRQWUROHGD IHFXQGLGDGH 1D LPSRVVLELOLGDGH GH DXPHQWDU D UHQGD IDPLOLDU D VROXomR VHULD GLPLQXLU D GHVSHVD LVWR p R ³Q~PHUR GH FRQVXPLGRUHV´ %285',(8 E S 2 LQYHVWLPHQWR HVFRODUVHULDPDLVEHPDSURYHLWDGRHPXPQ~PHURUHGX]LGRGHILOKRVRXHPXP~QLFRILOKR QR TXDO VHULDP FRQFHQWUDGRV WRGRV RV HVIRUoRV H HVSHUDQoDV GH XP IXWXUR PHOKRU SDUD D IDPtOLD

6HJXQGR %RXUGLHX E S R LQWHUHVVH TXH XPD FODVVH GHGLFD DRV HVWXGRV GHSHQGH QmR VRPHQWH GH VHX r[LWR HVFRODU PDV GR JUDX HP TXH HVWH r[LWR HVFRODU YDL FRQWULEXLU SDUD D DVFHQVmR VRFLDO &RPR DV HOLWHV Mi RFXSDP DV SRVLo}HV GRPLQDQWHV GD VRFLHGDGHQmRGHSHQGHQGRSRUWDQWRGRr[LWRHVFRODUGRVILOKRVSDUDDVFHQGHUVRFLDOPHQWH DV FODVVHV VXSHULRUHV RX HOLWHV WHQGHULDP D LQYHVWLU QD HVFROD GH XPD IRUPD PDLV QDWXUDO H EHPPHQRVUtJLGDGRTXHDVFODVVHVPpGLDV$VIUDo}HVGDVFODVVHVGRPLQDQWHVPDLVULFDVHP FDSLWDO FXOWXUDO WHQGHULDP D YDORUL]DU PDLV R HQVLQR H SRU LVVR R LQYHVWLPHQWR HVFRODU VHULD PDLVLQWHQVR-iDVIUDo}HVPDLVULFDVHPFDSLWDOHFRQ{PLFRWHQGHULDPDEXVFDUQRVWtWXORV HVFRODUHVDOHJLWLPDomRGRDFHVVRjVSRVLo}HVGHFRQWUROHMiJDUDQWLGDVSHORFDSLWDOHFRQ{PLFR 12*8(,5$ 12*8(,5$ 3HOR HOHYDGR DF~PXOR GH FDSLWDO HFRQ{PLFR VRFLDO H FXOWXUDOQDVFODVVHVGRPLQDQWHVRIUDFDVVRHVFRODUGHVHXVPHPEURVVHULDEDVWDQWHLPSURYiYHO HRr[LWRHVFRODUTXDVHFHUWR

$HVFRODHRSURFHVVRGHUHSURGXomRGDVGHVLJXDOGDGHVVRFLDLV

$ VHJXQGD WHVH FHQWUDO GH %RXUGLHX VREUH D (GXFDomR HVWi UHODFLRQDGD DR SDSHO GD HVFRODQDUHSURGXomRGDVGHVLJXDOGDGHVVRFLDLV2SRQWRFHQWUDOGHVXDWHRULDpDUHODomRHQWUH RVLVWHPDGHHQVLQRHDVFODVVHVVRFLDLV%285',(83$66(5211DSHUVSHFWLYDGH %RXUGLHXDHVFRODVySRGHULDVHUFRPSUHHQGLGDTXDQGRUHODFLRQDGDDRVLVWHPDGDVUHODo}HV HQWUH DV FODVVHV $ HVFROD QmR VHULD XPD LQVWLWXLomR QHXWUD TXH WUDQVPLWLULD XPD IRUPD GH FRQKHFLPHQWR LQWULQVHFDPHQWH VXSHULRU H TXH DYDOLDULD RV DOXQRV D SDUWLU GH FULWpULRV XQLYHUVDLVPDVDRFRQWUiULRVHULDXPDLQVWLWXLomRDVHUYLoRGDUHSURGXomRHOHJLWLPDomRGD GRPLQDomRH[HUFLGDSHODVFODVVHVGRPLQDQWHV

OHJtWLPD SRU DTXHOH JUXSR DSHVDU GH KDYHU RXWUDV FXOWXUDV FRQVLGHUDGDV WDPEpP OHJtWLPDV TXHGDPHVPDIRUPDIRUDPDUELWUDGDVSRURXWURVJUXSRV

8WLOL]DQGRVHGHVWHSULQFtSLRSDUDHVFROD%RXUGLHXGHIHQGHTXHDFXOWXUDFRQVDJUDGDH WUDQVPLWLGDSRUHODVHULDDUELWUiULDHQmRHVWDULDIXQGDPHQWDGRHPQHQKXPDYHUGDGHXQLYHUVDO LQTXHVWLRQiYHO 3RUWDQWR QmR VHULD REMHWLYDPHQWH VXSHULRU D QHQKXPD RXWUD 1R HQWDQWR DSHVDUGHDUELWUiULDDFXOWXUDHVFRODUVHULDVRFLDOPHQWHUHFRQKHFLGDFRPRDFXOWXUDOHJtWLPD FRPR D ~QLFD XQLYHUVDOPHQWH YiOLGD H HVVD FRQYHUVmR GH XP DUELWUiULR FXOWXUDO HP FXOWXUD OHJtWLPDVyVHULDSRVVtYHOGHYLGRjVGLIHUHQoDVGHIRUoDHQWUHRVJUXSRVRXFODVVHVVRFLDLVHP GLVSXWDHPXPDGHWHUPLQDGDVRFLHGDGH1RFDVRGDVVRFLHGDGHVGHFODVVHVDSHQDVDVFODVVHV PDLVIRUWHVVHULDPFDSD]HVGHOHJLWLPDUXPDUELWUiULRFXOWXUDO3RULVVRGHXPPRGRJHUDORV YDORUHV DUELWUiULRV FDSD]HV GH VH LPSRU FRPR FXOWXUDV OHJtWLPDV VHULDP DTXHOHV VXVWHQWDGRV SHODV FODVVHV GRPLQDQWHV $VVLP D FXOWXUD HVFRODU VHULD EDVLFDPHQWH D FXOWXUD GDV FODVVHV GRPLQDQWHVLPSRVWDFRPROHJtWLPD%285',(83$66(521

%RXUGLHXDFUHVFHQWDDLQGDTXHSDUDTXHXPDFXOWXUDH[yJHQDHDUELWUiULDIRVVHDFHLWD SHODV RXWUDV FODVVHV HOD QmR SRGHULD VH DSUHVHQWDU FRPR LPSRVLomR 3RU VHU DUELWUiULD H VRFLDOPHQWH YLQFXODGD D XPD FODVVH D FXOWXUD HVFRODU SUHFLVDULD SDUD VHU OHJLWLPDGD GLVVLPXODUVHFRPRXPDFXOWXUDQHXWUD$HVWHSURFHVVRGHGLVVLPXODomRHLPSRVLomRGHXP DUELWUiULR FXOWXUDO %RXUGLHX FKDPRX GH YLROrQFLD VLPEyOLFD 3RUWDQWR TXDQWR PDLRU D FDSDFLGDGHGHGLVVLPXODomRRXVHMDGHVHDSUHVHQWDUFRPRQmRDUELWUiULDHQmRYLQFXODGDD QHQKXPDFODVVHVRFLDOPDLRUVHULDDOHJLWLPLGDGHGDLQVWLWXLomRHVFRODUHGHVXDSHGDJRJLD

%RXUGLHX H 3DVVHURQ UHVVDOWDP TXH R PDLRU HIHLWR GD YLROrQFLD VLPEyOLFD H[HUFLGD SHOD HVFROD jV FODVVHV RX JUXSRV GRPLQDGRV QmR p D SHUGD GD VXD FXOWXUD H D LQFXOFDomR GH XPD FXOWXUD ³TXH QmR p IHLWD SDUD HOHV´ DWp SRUTXH HVVD LQFXOFDomR VHULD GLILFXOWDGDSHODIDOWDGDVFRQGLo}HVQHFHVViULDVjVXDUHFHSomRPDVRUHFRQKHFLPHQWRSRU SDUWHGRVPHPEURVGHVVHVJUXSRVGDVXSHULRULGDGHHOHJLWLPLGDGHGDFXOWXUDGRPLQDQWH

1RJXHLUD H 1RJXHLUD GHVWDFDP TXH D HVFROD DR VHU UHFRQKHFLGD FRPR SRUWDGRUD GH XP GLVFXUVR QmR DUELWUiULR H VRFLDOPHQWH QHXWUR SDVVD D SRGHU H[HUFHU QD SHUVSHFWLYDGH%RXUGLHXOLYUHGHTXDOTXHUVXVSHLWDVXDVIXQo}HVGHUHSURGXomRHOHJLWLPDomR GDVGHVLJXDOGDGHVVRFLDLV(PSULPHLUROXJDUHVVDVIXQo}HVVHUHDOL]DULDPSDUDGR[DOPHQWH SRUPHLRGHXPDVXSRVWDLJXDOGDGHGDGDDWRGRVRVDOXQRV6HJXQGR%RXUGLHXES

SDUD TXH VHMDP IDYRUHFLGRV RV PDLV IDYRUHFLGRV H GHVIDYRUHFLGRV RV PDLV GHVIDYRUHFLGRVpQHFHVViULRHVXILFLHQWHTXHDHVFRODLJQRUHQRkPELWRGRV FRQWH~GRVGRHQVLQRTXHWUDQVPLWHGRVPpWRGRVHWpFQLFDVGHWUDQVPLVVmRH GRV FULWpULRV GH DYDOLDomR DV GHVLJXDOGDGHV FXOWXUDLV HQWUH DV FULDQoDV GDV GLIHUHQWHVFODVVHVVRFLDLV

7UDWDQGRDWRGRVRVDOXQRVSRUPDLVGHVLJXDLVTXHHOHVVHMDPFRPRLJXDLVHPGLUHLWRV H GHYHUHV D HVFROD VDQFLRQD GLVVLPXODGDPHQWH DV GHVLJXDOGDGHV FXOWXUDLV LQLFLDLV SULYLOHJLDQGR DTXHOHV TXH SRU VXD EDJDJHP IDPLOLDU Mi VmR SULYLOHJLDGRV 'HVWD IRUPD D HVFRODVHDSUHVHQWDFRPRXPDLQVWLWXLomRGHLJXDOGDGHGHRSRUWXQLGDGHVPDVTXHQRIXQGR UHSURGX]HOHJLWLPDDVGHVLJXDOGDGHVDQWHULRUHVGRVDOXQRV

%RXUGLHX DUJXPHQWD TXH TXDOTXHU FRPXQLFDomR FXOWXUDO H[LJH SDUD D VXD SOHQD FRPSUHHQVmRHDSURYHLWDPHQWRTXHRV UHFHSWRUHVGRPLQHPRFyGLJRXWLOL]DGRQDSURGXomR GHVVD FRPXQLFDomR 2X VHMD RV EHQV FXOWXUDLV Vy SRGHP VHU DSUHQGLGRV H SRVVXtGRV FRPR WDLVSRUDTXHOHVTXHGHWrPRFyGLJRTXHSHUPLWHGHFLIUiORV%285',(8DS 3RUWDQWRDHILFiFLDGDFRPXQLFDomRSHGDJyJLFDRXVHMDRJUDXHPTXHHODpFRPSUHHQGLGDH DVVLPLODGDSHORVDOXQRVGHSHQGHULDGRJUDXHPTXHRVDOXQRVGRPLQDPRFyGLJRQHFHVViULRj GHFLIUDomRGHVVDFRPXQLFDomR3DUD%RXUGLHXHVVHGRPtQLRYDULDULDGHDFRUGRFRPDPDLRU RXPHQRUGLVWkQFLDH[LVWHQWHHQWUHRDUELWUiULRFXOWXUDODSUHVHQWDGRSHODHVFRODFRPRFXOWXUD OHJtWLPDHDFXOWXUDIDPLOLDUGHRULJHPGRVDOXQRV%285',(8DS

(QTXDQWR RV ILOKRV GDV FODVVHV SRSXODUHV VHQWHP XPD GHVFRQWLQXLGDGH RX PHVPR UXSWXUD HQWUH R VHX XQLYHUVR FXOWXUDO H D FXOWXUD HVFRODU RV ILOKRV GRV JUXSRV VRFLDLV PDLV IDYRUHFLGRVYLYHPDHVFRODULGDGHFRPRXPSURORQJDPHQWRGDVXDFXOWXUDIDPLOLDUMiTXHVmR HOHV TXH GHILQHP R TXH GHYH VHU YDORUL]DGR SHOD HVFROD 3DUD RV ILOKRV GH FDPSRQHVHV GH RSHUiULRV GH HPSUHJDGRV RX GH SHTXHQRV FRPHUFLDQWHV D DTXLVLomR GD FXOWXUD HVFRODU p DFXOWXUDomR %285',(8 3$66(521 3DUD RV DOXQRV GDV FODVVHV GRPLQDQWHV D FXOWXUDHVFRODUVHULDDVXDSUySULDFXOWXUDUHHODERUDGDHVLVWHPDWL]DGD3DUDRVGHPDLVVHULD XPD FXOWXUD ³HVWUDQJHLUD´ 2V SURIHVVRUHV XWLOL]DULDP D PHVPD IRUPD GH FRPXQLFDomR SDUD WRGRV RV DOXQRV FRPR VH WRGRV WLYHVVHP RV PHVPRV LQVWUXPHQWRV GH GHFRGLILFDomR 1R HQWDQWRDSHQDVDTXHOHVTXHWrPDFXOWXUDHVFRODUFRPRFXOWXUDIDPLOLDUHTXHMiVmRDVVLP LQLFLDGRV QRV FRQWH~GRV H QD OLQJXDJHP XWLOL]DGD QR PXQGR HVFRODU VHULDP FDSD]HV GH DSUHQGHU12*8(,5$12*8(,5$

'HVWD IRUPD %RXUGLHX D S FRQFOXL TXH D HVFROD H[LJH GH WRGRV XQLIRUPHPHQWHTXHWHQKDPRTXHQmROKHVIRLGDGRTXHpDFRPSHWrQFLDOLQJXtVWLFDHFXOWXUDO SUySULDGDVFODVVHVGRPLQDQWHV'LDQWHGDGLILFXOGDGHGDVFODVVHVGRPLQDGDVGHLQWHUQDOL]DUD FXOWXUDHVFRODUDVGHVLJXDOGDGHVVRFLDLVVHWUDQVIRUPDULDPHPGLIHUHQoDVGHDSUHQGL]DGRTXH SRUVXDYH]GHWHUPLQDULDPRr[LWRRXIUDFDVVRGRVDOXQRV

PDV WDPEpP GH XP PRGR HVSHFtILFR GH VH UHODFLRQDU FRP D FXOWXUD H R VDEHU 6HJXQGR %RXUGLHX R VLVWHPD HVFRODU WHQGHULD D YDORUL]DU XPD GHVHQYROWXUD LQWHOHFWXDO XPD HOHJkQFLDYHUEDOXPDIDPLOLDULGDGHFRPDOtQJXDHFRPDFXOWXUDOHJtWLPDTXHSRUGHILQLomR QmR SRGHULDP VHU DGTXLULGRV H[FOXVLYDPHQWH SHOD DSUHQGL]DJHP HVFRODU (VWHV FRPSRUWDPHQWRV SRGHULDP VHU HQFRQWUDGRV DSHQDV QRV ILOKRV GDV FODVVHV GRPLQDQWHV HP GHFRUUrQFLD GRV VHXV SURFHVVRV GH VRFLDOL]DomR IDPLOLDU 1R HQWDQWR HVVD QDWXUDOLGDGH RX GHVHQYROWXUDQmRVHULDUHFRQKHFLGDSHODHVFRODFRPRDOJRVRFLDOPHQWHKHUGDGR$RFRQWUiULR WHQGHULD D VHU LQWHUSUHWDGD FRPR PDQLIHVWDomR GH XPD IDFLOLGDGH LQDWD GH XPD YRFDomR QDWXUDOSDUDDVDWLYLGDGHVLQWHOHFWXDLV&XPSULUVHLDSRUWDQWRPDLVXPDYH]DVIXQo}HVGH UHSURGXomR H OHJLWLPDomR DWULEXtGDV SRU %RXUGLHX j HVFROD 12*8(,5$ 12*8(,5$

$ HVFROD SRUWDQWR DR GLVVLPXODU TXH D FXOWXUD OHJtWLPD p D FXOWXUD GDV FODVVHV GRPLQDQWHV GLVVLPXOD WDPEpP DV FDXVDV GR VXFHVVR HVFRODU GDV FODVVHV GRPLQDQWHV $V GLIHUHQoDV QRV UHVXOWDGRV HVFRODUHV GRV DOXQRV WHQGHULDP D VHU YLVWDV FRPR GLIHUHQoDV GH PpULWRSHVVRDOHQTXDQWRQDUHDOLGDGHGHFRUUHULDPGDPDLRURXPHQRUSUR[LPLGDGHHQWUHD FXOWXUDHVFRODUHDFXOWXUDIDPLOLDUGRDOXQR$HVFRODFXPSULULDDVVLPVLPXOWDQHDPHQWHVXD IXQomRGHUHSURGXomRHGHOHJLWLPDomRGDVGHVLJXDOGDGHVVRFLDLVWDQWRHPUHODomRDRVILOKRV GDVFDPDGDVGRPLQDQWHVTXDQWRGRPLQDGDV$UHSURGXomRVHULDJDUDQWLGDSHORVLPSOHVIDWRGH TXHRVDOXQRVGDVFODVVHVGRPLQDQWHVWHQGHULDPDDOFDQoDURVXFHVVRHVFRODUHRVGDVFODVVHV GRPLQDGDVWHQGHULDPDRIUDFDVVRHVFRODU$OHJLWLPDomRGDVGHVLJXDOGDGHVVRFLDLVHPUHODomR jVFODVVHVGRPLQDQWHVVHULDFRQVXPDGDSHORIDWRGHWHUHPUHFHELGRVXDKHUDQoDFXOWXUDOGHVGH PXLWR FHGR QDWXUDOPHQWH H GH PDQHLUD LPSHUFHSWtYHO SRU LVVR WHULDP GLILFXOGDGH GH VH UHFRQKHFHU FRPR ³KHUGHLURV´ DFUHGLWDQGR TXH R VHX r[LWR HVFRODU VH GHYH XQLFDPHQWH DRV VHXV PpULWRV SHVVRDLV 2V DOXQRV GDV FODVVHV GRPLQDGDV SRU VXD YH] VHQGR LQFDSD]HV GH SHUFHEHU R FDUiWHU DUELWUiULR H LPSRVLWLYR GD FXOWXUD HVFRODU WHQGHULDP D DWULEXLU VXDV GLILFXOGDGHVHVFRODUHVDXPDLQIHULRULGDGHTXHOKHVVHULDLQHUHQWHFRPRIDOWDGHLQWHOLJrQFLD RXIDOWDGHIRUoDGHYRQWDGH3RUWDQWRDVGHVLJXDOGDGHVGHUHQGLPHQWRVHULDPUHFRQKHFLGDV FRPR OHJtWLPDV H GH H[FOXVLYD UHVSRQVDELOLGDGH GRV DOXQRV 12*8(,5$ 12*8(,5$

Rr[LWRRXIUDFDVVRHVFRODUUHVXOWDPQmRWDQWRGHTXDLVTXHUGRQVQDWXUDLVTXHVHUmRVHPSUH KLSRWpWLFRV PDV GD PDLRU RX PHQRU DILQLGDGH HQWUH RV KiELWRV FXOWXUDLV H RV FULWpULRV GR VLVWHPD GH HQVLQR TXH GHILQHP R VXFHVVR (P VHJXQGR OXJDU DV LGpLDV GH %RXUGLHX FRQWUDULDUDP D QRomR GH TXH D LJXDOGDGH GH RSRUWXQLGDGHV RX VHMD R DFHVVR GH WRGRV jV PHVPDV FRQGLo}HV GH HQVLQR VHULD D VROXomR SDUD HOLPLQDU D LQIOXrQFLD GDV GHVLJXDOGDGHV VRFLDLV QR VLVWHPD HGXFDFLRQDO 3DUD %RXUGLHX SRU PDLV TXH VH GHPRFUDWL]H R DFHVVR DR HQVLQRSRUPHLRGDHVFRODS~EOLFDHJUDWXLWDFRQWLQXDUiH[LVWLQGRXPDIRUWHFRUUHODomRHQWUH DVGHVLJXDOGDGHVVRFLDLVHDVGHVLJXDOGDGHVHVFRODUHV3DUDMXVWLILFDUHVWDDILUPDomR%RXUGLHX DUJXPHQWDTXHDHVFRODQmRpXPDLQVWLWXLomRLPSDUFLDOHPERUDVHDSUHVHQWHFRPRWDO7UDWDU DWRGRVRVDOXQRVLJXDOPHQWHpGDUDHOHVRSRUWXQLGDGHVGLIHUHQWHVGHr[LWRHVFRODUSRLVRV FRPSRUWDPHQWRV H FRQWH~GRV H[LJLGRV SHOD HVFROD Vy SRGHULDP VHU SOHQDPHQWH DWHQGLGRV SHORVDOXQRVTXHIRUDPVRFLDOL]DGRVGHVGHDLQIkQFLDQDFXOWXUDOHJtWLPD

$VGHVLJXDOGDGHVHVFRODUHVDSDUWLUGDVWHRULDVGDUHSURGXomRDWpRVGLDVDWXDLV

$VSHVTXLVDVUHDOL]DGDVDSDUWLUGRVDQRVFRPRR5HODWyULR&ROHPDQDGHFHSomR GRV HVWXGDQWHV UHFpP IRUPDGRV GLDQWH GR PHUFDGR GH WUDEDOKR H DV WHRULDV GD UHSURGXomR FDXVDUDPJUDQGHUHSHUFXVVmRQRXQLYHUVRHVFRODUID]HQGRFRPTXHRVJRYHUQRVUHSHQVDVVHP D LGpLD GD LJXDOGDGH GH RSRUWXQLGDGHV $VVLP RV UHVXOWDGRV GHFRUUHQWHV GD HVFRODUL]DomR REWLGRV SHORV DOXQRV WDPEpP SDVVDUDP D VHU UHOHYDQWHV H QmR VRPHQWH R DFHVVR GH WRGRV j HVFROD6HRVDOXQRVDSUHVHQWDPGLIHUHQWHVFRQGLo}HVVRFLDLVHFXOWXUDLVSDUDDSUHQGHUGLDQWH GDVH[LJrQFLDVHVFRODUHVpQHFHVViULRGDUPDLVDRVTXHHVWmRHPSLRUHVFRQGLo}HVGHPRGRD LJXDODUDVFRQGLo}HVGHREWHQomRGHUHVXOWDGRVHHVWHVVHUHPGHSHQGHQWHVH[FOXVLYDPHQWHGR PpULWRGHFDGDXP6($%5$3DVVRXVHHQWmRDXPDIDVHGHSROtWLFDVGHHGXFDomR FRPSHQVDWyULD FRP R REMHWLYR GH JDUDQWLU TXH RV DOXQRV GH WRGDV DV FODVVHV VRFLDLV LQGHSHQGHQWHGHVXDVFRQGLo}HVLQLFLDLVWLYHVVHPDVPHVPDVFRQGLo}HVGHr[LWRHVFRODU

1RV DQRV QRV (VWDGRV 8QLGRV D UHIRUPD GR HQVLQR GH PDWHPiWLFD H FLrQFLDV FRQWHPSODYD WRGRV RV LQGLYtGXRV LQGHSHQGHQWH GH FODVVH VRFLDO RX HWQLD ,QLFLDOPHQWH QD ,QJODWHUUDHPHQD)UDQoDHPFULRXVHRFRQFHLWRGHÈUHDVGH(GXFDomR3ULRULWiULD FRPXPDSROtWLFDGHGLVFULPLQDomRSRVLWLYDRQGHDVHVFRODVIUHTXHQWDGDVSRUFULDQoDVPHQRV IDYRUHFLGDVUHFHEHULDPPDLVUHFXUVRVFRPYLVWDVDRFRPEDWHDRIUDFDVVRHVFRODU6($%5$

3ULRULWiULDHPERUDWHQKDPLPSHGLGRTXHRIUDFDVVRGRVDOXQRVSDVVDVVHDVHUDLQGDPDLRUQmR WLYHUDPQHQKXPDHILFiFLDQRTXHGL]UHVSHLWRjVDSUHQGL]DJHQVHjTXHVWmRGRVXFHVVRHGR IUDFDVVR QD HVFROD ,1(3 81(6&2 (VVDV SROtWLFDV DFDEDUDP SRU FRQWULEXLU DLQGD PDLV SDUD D VHJUHJDomR HVFRODU $V HVFRODV TXH LQWHJUDYDP RV SURJUDPDV GH DSRLR GRV JRYHUQRV DFDEDYDP VHQGR HVWLJPDWL]DGDV FRPR HVFRODV TXH QmR DSUHVHQWDYDP ERQV UHVXOWDGRV H TXH SRVVXtDP GHILFLrQFLDV TXH DV WRUQDYDP PHUHFHGRUDV GH VHUHP LQFOXtGDV QHVVHV SURJUDPDV ,VWR ID]LD FRP TXH DV FODVVHV PpGLDV GHL[DVVHP HVVDV HVFRODV GLDQWH GDV G~YLGDV VREUH D TXDOLGDGH GR HQVLQR H WDPEpP SHOR ULVFR GRV GLSORPDV GHVVDV HVFRODV SHUGHUHPYDORUQRPHLRHVFRODU

'HVWD IRUPD FRQVWDWDVH TXH QDV ~OWLPDV GpFDGDV RV SUySULRV VLVWHPDV GH HQVLQR DSRLDGRV SRU SDUFHOD GD VRFLHGDGH VH HQFDUUHJDUDP HP PDQWHU D VHJUHJDomR HVFRODU GLVWRUFHQGR D YDORUL]DomR GR PpULWR SHVVRDO H GLILFXOWDQGR D LJXDOGDGH GH FRQGLo}HV QD REWHQomR GRV UHVXOWDGRV 2V VLVWHPDV GH HQVLQR S~EOLFR H SULYDGR Mi ID]HP LQGLUHWDPHQWH D SULPHLUDVHOHomRGRVDOXQRVEDVHDGRVQDVVXDVFDUDFWHUtVWLFDVHFRQ{PLFDVHVRFLDLV2VPDLV SREUHVHGDVFODVVHVPHQRVIDYRUHFLGDVFRVWXPDPLQWHJUDUDUHGHS~EOLFDGHHQVLQRHQTXDQWR DVFODVVHVPpGLDHDOWDRSWDPSHORHQVLQRSULYDGR0HVPRGHQWURGRHQVLQRSULYDGRH[LVWHP GLIHUHQoDVHQWUHHVFRODVHGHQWURGDVHVFRODVH[LVWHPDVWXUPDVHVSHFLDLVTXHVHOHFLRQDPRV PHOKRUHVDOXQRVSDUDUHFHEHUHPXPHQVLQRDLQGDPDLVGLIHUHQFLDGR+iHQWmRXPDRIHUWDGH HQVLQR PXLWR GLYHUVLILFDGD TXH DUUHIHFH R LGHDO GH VH WHU XPD HVFROD FRP LJXDOGDGH GH UHVXOWDGRV

&UtWLFDVjYLVmRIDWDOLVWDGH%RXUGLHXVREUHDVGHVLJXDOGDGHVHVFRODUHV

$SHVDU GD LQHJiYHO FRQWULEXLomR TXH D WHRULD GD UHSURGXomR HODERUDGD SRU %RXUGLHX WURX[HSDUDRHQWHQGLPHQWRGDVGHVLJXDOGDGHVHVFRODUHVHODWHPVRIULGRYiULDVFUtWLFDVGHQWUH HODV j VXD SHUFHSomR GH TXH R SURFHVVR GH UHSURGXomR GDV HVWUXWXUDV VRFLDLV SRU PHLR GD HVFRODpEDVLFDPHQWHLQHYLWiYHO

1RV VHXV SULPHLURV WUDEDOKRV %RXUGLHX IDODYD GD SRVVLELOLGDGH GH XPD ³SHGDJRJLD UDFLRQDO´ TXH VH HVIRUoDULD HP IRUQHFHU RV SUpUHTXLVLWRV QHFHVViULRV j GHFRGLILFDomR GD FRPXQLFDomRSHGDJyJLFDFDSLWDOFXOWXUDOHOLQJXtVWLFRSDUDTXHPQmRRVUHFHEHXQDIDPtOLD (VVHRWLPLVPRSHGDJyJLFRQRHQWDQWRIRLUDSLGDPHQWHDEDQGRQDGRH%RXUGLHXSDVVRXDYHU FRPR LUUHYHUVtYHO R SURFHVVR GH UHSURGXomR H OHJLWLPDomR GDV GHVLJXDOGDGHV VRFLDLV 12*8(,5$12*8(,5$

8PD GDV FUtWLFDV TXH *LURX[ ID] D %RXUGLHX p H[DWDPHQWH GLUHFLRQDGD DR SHVVLPLVPR GH VXD WHRULD TXH SDUHFH HOLPLQDU D HVSHUDQoD GH WUDQVIRUPDomR LQGLYLGXDO H VRFLDO 2 ULJRU FRQFHLWXDO GD QRomR GHKDELWXV SRU H[HPSOR QmR Gi DOWHUQDWLYDV SDUD WUDQVIRUPDomRHVXIRFDDSRVVLELOLGDGHGHPXGDQoDVRFLDO6HJXQGR*LURX[QDYLVmR GH%RXUGLHXDFXOWXUDUHSUHVHQWDXPSURFHVVRXQLODWHUDOGHGRPLQDomR RQGHRVDOXQRVGDV FODVVHVPHQRVIDYRUHFLGDVUHFHEHPSDVVLYDPHQWHDLPSRVLomRGDFXOWXUDGDFODVVHGRPLQDQWH *LURX[ GLVFRUGD GHVWD SRVLomR TXDQGR DILUPD TXH Ki XP LQWHQVR SURFHVVR GH UHVLVWrQFLD FRQWUD DV LGHRORJLDV GRPLQDQWHV WUDQVPLWLGDV SHOD HVFROD TXH QmR IRL UHFRQKHFLGR H QHP H[SOLFDGRSRU%RXUGLHX(OHFLWDXPUHODWRGH0F/DUHQDSXG*,52;VREUHR FRPSRUWDPHQWR GH XP JUXSR GH DOXQRV GH XPD HVFROD HP 7RURQWR TXH UHDJH H GHVUHVSHLWD IURQWDOPHQWHjVGHWHUPLQDo}HVGRSURIHVVRUQDVDODGHDXOD1RHQWDQWR*LURX[GHL[D FODURTXHQHPWRGRFRPSRUWDPHQWRGHRSRVLomRSRGHVHUFRQVLGHUDGRFRPRUHVLVWrQFLDPDV VRPHQWH DTXHOHV TXH IRUHP FDUDFWHUL]DGRV FRPR XPD UHVSRVWD jV UHODo}HV GH GRPLQDomR FRQVWUXtGDVSHODHVFROD

2XWUR DXWRU TXH DR GHQXQFLDU DV IRUPDV GH GRPLQDomR H RSUHVVmR H[LVWHQWHV QR XQLYHUVRHGXFDFLRQDODFUHGLWDYDQDSRVVLELOLGDGHGHPXGDQoDIRL3DXOR)UHLUH&RQVLGHUDGR SRUPXLWRVFRPRRPDLRUHGXFDGRUEUDVLOHLUR3DXOR)UHLUHHVFUHYHXDVXDPDLVLPSRUWDQWHH LPSDFWDQWHREUDD3HGDJRJLDGR2SULPLGRTXHIRLXPJULWRGHDOHUWDjVPDLRULDVGHVSUH]DGDV SHODV PLQRULDV VREUH R PXQGR GH RSUHVVmR D TXH HVWDYDP DGDSWDGRV H XPD FRQYRFDomR DR HQJDMDPHQWR QD OXWD SRU VXD OLEHUWDomR 6$1726 D 3DXOR )UHLUH TXH WHYH JUDQGH LQIOXrQFLDGH.DUO0DU[FKDPRX DDWHQomRSDUD DUHODomRHQWUHRVRSUHVVRUHVHRSULPLGRV HPERUDQmRWHQKDGDGRrQIDVHHPVXDREUDTXHDRSUHVVmRSHORSRGHUTXHQHJDDKXPDQLGDGH DRVKRPHQVVHGHYHVVHjVGLIHUHQWHVFODVVHVVRFLDLV1RXQLYHUVRHGXFDFLRQDODRSUHVVmRVH PDQWpPSRUDTXLORTXHFKDPRXGH³HGXFDomREDQFiULD´RQGHRDSUHQGL]DGRVHUHVXPHDXP GHSyVLWR GH FRQKHFLPHQWR GDTXHOHV TXH VH MXOJDP ViELRV QRV HGXFDQGRV TXH QDGD VDEHP 1HVWH WLSR GH HGXFDomR QmR Ki D SUREOHPDWL]DomR GD YLGD LPSHGLQGR TXH RV RSULPLGRV JDQKHPXPDFRQVFLrQFLDFUtWLFDVREUHRPXQGRHVREUHDRSUHVVmRQDTXDOHVWmRLQVHULGRVH FRQVHTXHQWHPHQWHDFHLWHPSDVVLYDPHQWHDVLWXDomRHPTXHVHHQFRQWUDP0DV3DXOR)UHLUH VHPSUH DFUHGLWRX TXH HVWD UHDOLGDGH SRGHULD VHU WUDQVIRUPDGD SRU PHLR GD HGXFDomR 3DUD )UHLUHWRGDUHDOLGDGHHVWiDtVXEPHWLGDjSRVVLELOLGDGHGHQRVVDLQWHUYHQomRQHOD³eSUHFLVR HVWDU FRQYHQFLGR TXH R SRGHU GH ID]HU H WUDQVIRUPDU PHVPR TXH QHJDGR HP VLWXDo}HV FRQFUHWDVWHQGHDUHQDVFHU3RGHUHQDVFHU´)5(,5(3S

3HUUHQRXGFRQFRUGDFRP%RXUGLHXTXHLJQRUDUDVGLIHUHQoDVHQWUHRVDOXQRVID]FRP TXHRPHVPRHQVLQROHYHDRr[LWRDTXHOHVTXHGLVS}HPGRVFyGLJRVGDVDWLWXGHVGRVDSRLRVH GR FDSLWDO FXOWXUDO H OLQJXtVWLFR H SURYRTXH DR PHVPR WHPSR R IUDFDVVR GDTXHOHV TXH QmR GLVS}HPGHVWHVUHFXUVRV3(55(128'1RHQWDQWRGLIHUHQWHPHQWHGH%RXUGLHXTXH IRLEDVWDQWHSHVVLPLVWDHPUHODomRjWUDQVIRUPDomRGDVHVWUXWXUDVVRFLDLVSRUPHLRGDHVFROD 3HUUHQRXG Yr XPD VDtGD SDUD DV GHVLJXDOGDGHV HVFRODUHV GHVGH TXH D HVFROD QmR VHMD LQGLIHUHQWHjVGLIHUHQoDV

$VGLIHUHQoDVHDVGHVLJXDOGDGHVH[WUDHVFRODUHV±ELROyJLFDVHFRQ{PLFDV VRFLDLVHFXOWXUDLV±QmRVHWUDQVIRUPDPHPGHVLJXDOGDGHVGHDSUHQGL]DJHP H GH r[LWR HVFRODU D QmR VHU DR VDERU GH XP IXQFLRQDPHQWR SDUWLFXODU GR VLVWHPDGHHQVLQRGHVXDPDQHLUDGHµWUDWDU¶DVGLIHUHQoDV3(55(128' S

&UtWLFDVj%RXUGLHXVREUHDUHODomRHQWUHDVFODVVHVVRFLDLVHDHVFROD

FHQWUDOSDUHFHVHURPRGRFRPR%RXUGLHXXWLOL]DRFRQFHLWRGHFODVVHVRFLDO

$HVFRODVREUHWXGRQRVVHXVWUDEDOKRVSURGX]LGRVDWpRVDQRVpDSUHVHQWDGDFRPR XPDLQVWLWXLomRWRWDOPHQWHVXERUGLQDGDDRVLQWHUHVVHVGHUHSURGXomRHOHJLWLPDomRGDVFODVVHV GRPLQDQWHV 2V FRQWH~GRV WUDQVPLWLGRV RV PpWRGRV SHGDJyJLFRV DV IRUPDV GH DYDOLDomR WXGRVHULDRUJDQL]DGRHPEHQHItFLRGDSHUSHWXDomRGDGRPLQDomRVRFLDO

6HJXQGR3HUUHQRXGDVIRUPDVHQRUPDVGHH[FHOrQFLDHVFRODUTXHFRQVWDPGRV SURJUDPDV HVFRODUHV VRE D IRUPD GH FXUUtFXOR VmR IUXWR GH XPD YRQWDGH SROtWLFD H HVFROKDV FXOWXUDLV GHQWUR GDV ILQDOLGDGHV TXH XPD VRFLHGDGH DWULEXL DR HQVLQR 1R HQWDQWR HOH QmR FRQFRUGD FRP %RXUGLHX TXH HVWDV HVFROKDV WHQKDP D UHDO LQWHQomR GH SHUSHWXDU DV GHVLJXDOGDGHV VRFLDLV TXH OHYDP FRQVHTXHQWHPHQWH DR IUDFDVVR GH XQV H R r[LWR GH RXWURV DSHQDV FRPDILQDOLGDGHGH JDUDQWLU DWUDQVPLVVmRGRVSULYLOpJLRVGDV FODVVHVGLULJHQWHV H D UHSURGXomRGDVKLHUDUTXLDVVRFLDLV

2XWURV DXWRUHV WrP DFHQWXDGR TXH R FRQWH~GR HVFRODU QmR SRGH VHU JOREDOPHQWH GHILQLGR FRPR VHQGR XP DUELWUiULR FXOWXUDO GRPLQDQWH e IDWR TXH HP GLYHUVDV VLWXDo}HV DV FULDQoDV GRV PHLRV SRSXODUHV HQFRQWUDP PDLV GLILFXOGDGHV GR TXH VHXV FROHJDV GH FODVVH PpGLD SDUD DSUHQGHU D OHU ³6HULD HQWmR XP DUELWUiULR FXOWXUDO HQVLQDU HVWDV FULDQoDV D OHU"´ ,1(3 81(6&2 %RD SDUWH GRV FRQKHFLPHQWRV YHLFXODGRV SHOD HVFROD VHULD HSLVWHPRORJLFDPHQWH YiOLGD H PHUHFHGRUD GH VHU WUDQVPLWLGD 2 IDWR GH TXH RV JUXSRV VRFLDOPHQWH GRPLQDQWHV GRPLQDP RV FRQWH~GRV YDORUL]DGRV SHOR FXUUtFXOR HVFRODU QmR p VXILFLHQWHSDUDTXHVHDILUPHTXHHVVHVFRQWH~GRVIRUDPVHOHFLRQDGRVSRUSHUWHQFHUHPDHVVD FODVVH 1D YHUGDGH R UDFLRFtQLR SRGH VHU DWp R LQYHUVR 3RU VHUHP UHFRQKHFLGRV FRPR VXSHULRUHV SRU VXDV TXDOLGDGHV LQWUtQVHFDV HVVHV FRQWH~GRV SDVVDUDP D VHU VRFLDOPHQWH YDORUL]DGRVHIRUDPDSURSULDGRVSHODVHOLWHV12*8(,5$12*8(,5$

%HUWKHORWDSXG6($%5$TXHVWLRQDDOyJLFDGDUHSURGXomRFXMDVFODVVHV GRPLQDQWHV GHVHMDP PDQWHU DV GHVLJXDOGDGHV VRFLDLV FLWDQGR TXH HP DOJXPDV VLWXDo}HV FRPR SRU H[HPSOR D QHFHVVLGDGH GH FUHVFLPHQWR HFRQ{PLFR GR SDtV DV FODVVHV GLULJHQWHV VHULDP PRWLYDGDV D DXPHQWDU DV SRVVLELOLGDGHV GH DFHVVR DRV HVWXGRV SHODV FODVVHV PHQRV IDYRUHFLGDVDXPHQWDQGRLQFOXVLYHDFRQFRUUrQFLDFRPVHXVILOKRV3RURXWURODGRHOHVXJHUH XPD QRYD OyJLFD TXH HOH FKDPRX GH SHUSHWXDomR RQGH R REMHWLYR SULPRUGLDO GDV FODVVHV GRPLQDQWHVVHULDWUDQVPLWLUVXDSRVLomRSULYLOHJLDGDDVHXVGHVFHQGHQWHV

GH FRPSRUWDPHQWR TXH QmR VmR SURGX]LGRV QHFHVVDULDPHQWH SHOD SRVVH GH DOJXP WLSR GH FDSLWDO HFRQ{PLFR VRFLDO RX FXOWXUDO H SRU LVVR HVVD SRVVH DFDEDULD VHQGR UHODWLYDPHQWH LUUHOHYDQWH

$RDILUPDUTXHRr[LWRHRIUDFDVVRHVFRODUUHVXOWDPGDHVWUXWXUDGHFODVVHV%RXUGLHX LJQRUDDGLYHUVLGDGHLQWHUQDGRVLVWHPDGHHQVLQR$VHVFRODVHRVSUySULRVSURIHVVRUHVQmR VmRWRGRVLJXDLV+iYDULDo}HVQRPRGRGHRUJDQL]DomRGDHVFRODQRVSURMHWRVSHGDJyJLFRV QRV FULWpULRV GH DYDOLDomR QDV HVWUXWXUDV ItVLFDV HWF 1mR VH SRGH GHVSUH]DU R HIHLWR GHVVDV YDULiYHLVQRUHQGLPHQWRHVFRODUGRVDOXQRV8PHVWXGRGHFDVRUHDOL]DGRSRU'DPLDQL HP3HORWDV±56HQWUHRVDQRVGHHVHOHFLRQRXGXDVHVFRODVORFDOL]DGDVHPXP PHVPREDLUURHDGPLQLVWUDGDVSHORPHVPRyUJmRS~EOLFR$VGXDVHVFRODVHUDPIUHTXHQWDGDV SRU FULDQoDV FRP RV PHVPRV IDWRUHV GH ULVFR SDUD D UHSURYDomR SHUWHQFLDP DRV PHVPRV JUXSRVGHUHQGDIDPLOLDUWLSRGHRFXSDomRGRFKHIHGDIDPtOLDWDPDQKRGDIDPtOLDHWLSRGH PRUDGLD(QWUHWDQWRDVHVFRODVGLIHULDPHPQDVWD[DVGHUHSHWrQFLDHHYDVmRHVFRODU2 HVWXGRPRVWURXTXHHVWDGLIHUHQoDIRLDWULEXtGDSULQFLSDOPHQWHDRWLSRGHGLVFXUVRSHGDJyJLFR GRV SURIHVVRUHV HQFRQWUDGR QDV HVFRODV TXH DFDEDYD VHQGR WUDQVIHULGR SDUD DV VXDV SUiWLFDV SHGDJyJLFDV 8P DFKDGR LQWHUHVVDQWH GHVWD SHVTXLVD IRL TXH D HVFROD FRP PDLRU tQGLFH GH IUDFDVVR WLQKD IDPtOLDV FRP PDLRU QtYHO GH HVFRODULGDGH GR TXH DV IDPtOLDV GD HVFROD FRP PHQRUtQGLFHGHIUDFDVVR&RPRRQtYHOGHHVFRODULGDGHHVWiDVVRFLDGRjUHQGDIDPLOLDULVWR SRGHULD HVWDU LQGLFDQGR TXH DV IDPtOLDV GD HVFROD FRP PDLRU IUDFDVVR WLQKDP XP QtYHO VRFLRHFRQ{PLFR PDLRU 2 GLVFXUVR GDV SURIHVVRUDV GHVWD HVFROD QR HQWDQWR HUD GH TXH D PDLRULD GH VHXV HVWXGDQWHV HUD SURYHQLHQWH GH ODUHV PXLWR FDUHQWHV TXDQGR GH IDWR DSHQDV HVWDYDPQHVWDFRQGLomRDSUR[LPDGDPHQWH-iRGLVFXUVRGDVSURIHVVRUDVGDHVFRODFRP PHQRUIUDFDVVRHUDGHTXHRVHVWXGDQWHVSHUWHQFLDPDIDPtOLDVFRPQtYHLVGHUHQGDPpGLRV2 HVWXGRFRQFOXLTXHDVSURIHVVRUDVDRWHUXPDYLVmRGLVWRUFLGDGHTXHDPDLRULDGRVDOXQRVHUD PXLWRFDUHQWHSDVVDYDPDWHUXPDEDL[DH[SHFWDWLYDHPUHODomRDRGHVHPSHQKRGRVDOXQRV (VWD EDL[D H[SHFWDWLYD HUD SHUFHELGD SRU HOHV H LQWHUIHULD QR GHVHPSHQKR HVFRODU 3RUWDQWR HVWHHVWXGRGHPRQVWURXTXHRUHQGLPHQWRHVFRODUGRVDOXQRVHFRQVHTXHQWHPHQWHDVWD[DVGH UHSHWrQFLD H HYDVmR HVFRODU HVWDYDP PXLWR PDLV UHODFLRQDGDV D XP DVSHFWR SDUWLFXODU GD HVFRODQHVWHFDVRRGLVFXUVRSHGDJyJLFRGRVSURIHVVRUHVGRTXHSURSULDPHQWHjVGLIHUHQWHV FODVVHVVRFLDLV

BBBBBBBBBBBBBBBBBBBBBBBB

&UtWLFDVj%RXUGLHXVREUHDUHODomRHQWUHDVFODVVHVVRFLDLVHDKHUDQoDVRFLDO

$OpP GD UHODomR GDV FODVVHV VRFLDLV FRP D HVFROD XP VHJXQGR SUREOHPD DSRQWDGR SHORVFUtWLFRVQDWHRULDGH%RXUGLHXGL]UHVSHLWRDRVSURFHVVRVGHIRUPDomRHGHWUDQVPLVVmR GDKHUDQoDVRFLDOHIDPLOLDU(VVDKHUDQoDQmRVHULDWUDQVPLWLGDDXWRPDWLFDPHQWHHQHPVHULD H[FOXVLYDPHQWHGHSHQGHQWHGDSRVLomRGHFODVVHFRQIRUPHGHIHQGLD%RXUGLHXES 3HUUHQRXGDILUPDTXHRPHLRVRFLDOHIDPLOLDUGHVHPSHQKDXPSDSHOPXLWRLPSRUWDQWH QRGHVHPSHQKRHVFRODUPDVRPHLRQmRVHUHGX]DXPDFRQGLomRGHFODVVH&DGDIDPtOLDWHP XPD FXOWXUD SDUWLFXODU GHVHQYROYLGD DR ORQJR GD VXD KLVWyULD TXH QmR QHFHVVDULDPHQWH HVWi UHODFLRQDGDjFODVVHVRFLDOTXHSHUWHQFH$VFODVVHVVRFLDLVSRGHPLQGLFDUFHUWDVGLVSRVLo}HV PDLVJHUDLVTXHWHQGHULDPDVHU FRPSDUWLOKDGDV SHORVPHPEURVGDFODVVH1RHQWDQWR FDGD IDPtOLD H HP SDUWLFXODU FDGD LQGLYtGXR VHULD R UHVXOWDGR GH P~OWLSODV H FRQWUDGLWyULDV LQIOXrQFLDVVRFLDLV/$+,5(DSXG12*8(,5$&+$5/27

6HJXQGR &ROHPDQ S HP XPD HVFROD S~EOLFD DPHULFDQD RV GLUHWRUHV YHULILFDUDPTXHIDPtOLDVDVLiWLFDVGHLPLJUDQWHVSHUWHQFHQWHVjVFODVVHVSRSXODUHVDGTXLULDP VHPSUHGXDVFySLDVGRVOLYURVGLGiWLFRVSDUDTXHDPmHWDPEpPSXGHVVHHVWXGDUHDX[LOLDUR ILOKR D WHU XP ERP GHVHPSHQKR &ROHPDQ GHVWDFD D LPSRUWkQFLD GD UHODomR IDPLOLDU SDUD R VXFHVVR HVFRODU GRV ILOKRV PHVPR HP IDPtOLDV FRP EDL[R FDSLWDO FXOWXUDO /DKLUH UHVVDOWD TXH p QHFHVViULR DQDOLVDU D GLQkPLFD LQWHUQD GH FDGD IDPtOLD QDV VXDV UHODo}HV DIHWLYDVHVRFLDLVSDUDHQWHQGHUDWpTXHSRQWRRFDSLWDOFXOWXUDOHDVGLVSRVLo}HVIDYRUiYHLVj YLGD HVFRODU VmR WUDQVPLWLGRV GRV SDLV DRV ILOKRV 6LQJO\ DSXG 12*8(,5$ 12*8(,5$WDPEpPREVHUYDTXHGHSHQGHQGRGDLGHQWLILFDomRHGRDIDVWDPHQWRGR MRYHPHPUHODomRDVXDIDPtOLDDWUDQVPLVVmRGDKHUDQoDFXOWXUDOSRGHRXQmRRFRUUHU

&21&(3d®(6'$$35(1',=$*(0('(6,*8$/'$'(6(6&2/$5(6

7RGD D SUiWLFD HGXFDWLYD WUD] HP VL XPD WHRULD GR FRQKHFLPHQWR '$56,( $VVLPFRQKHFHUDFRQFHSomRGDDSUHQGL]DJHPRQGHDSUiWLFDSHGDJyJLFDVHIXQGDPHQWDSRGH DMXGDUDH[SOLFDUDVGLIHUHQoDVQRDSUHQGL]DGRHFRQVHTXHQWHPHQWHQRUHQGLPHQWRHVFRODUGRV DOXQRV1HVWHFDStWXORSURFXURXVHDERUGDUDVFRQFHSo}HVGDDSUHQGL]DJHPHVXDVH[SOLFDo}HV SDUD DV GLIHUHQoDV GH UHQGLPHQWR HVFRODU 6HUmR DERUGDGRV HQWmR R HPSLULVPR LQDWLVPR FRQVWUXWLYLVPRGH3LDJHWVyFLRKLVWyULFDGH9LJRWVN\HDUHODomRFRPVDEHUGH&KDUORW

$DSUHQGL]DJHPHDVGHVLJXDOGDGHVHVFRODUHVSDUDDFRQFHSomRHPSLULVWD

2 FRQFHLWR GH DSUHQGL]DJHP VXUJLX GDV LQYHVWLJDo}HV HPSLULVWDV HP 3VLFRORJLD RX VHMD GH LQYHVWLJDo}HV OHYDGDV D WHUPR FRP EDVH QR SUHVVXSRVWR GH TXH WRGR FRQKHFLPHQWR SURYpP GD H[SHULrQFLD *,867$ 1D FRQFHSomR HPSLULVWD R LQGLYtGXR DR QDVFHU p FRPSDUDGR D XPD IROKD HP EUDQFR TXH YDL VHQGR SUHHQFKLGD j PHGLGD TXH HOH SDVVD D VH UHODFLRQDU FRP R PHLR ItVLFR RX VRFLDO DWUDYpV GRV VHXV VHQWLGRV $V LPSUHVV}HV TXH R LQGLYtGXRYDLWHQGRVREUHRPXQGRTXHRFHUFDYmRVHQGRDVVRFLDGDVXPDVjVRXWUDVGDQGR RULJHP DR FRQKHFLPHQWR 3RUWDQWR WRGR R FRQKHFLPHQWR DGTXLULGR SHOR LQGLYtGXR VXMHLWR WHPDVXDRULJHPQDVSHUFHSo}HVTXHHOHWHPGRPXQGRHPTXHHVWiLQVHULGRREMHWR

FRPSRUWDPHQWRKXPDQRSRGHULDVHUHQWHQGLGRFRPRXPDUHVSRVWDDXPHVWtPXORUHFHELGR2 UHGXFLRQLVPRGDUHODomRHVWtPXORUHVSRVWDSURSRVWRSRU:DWVRQUHFHEHXFUtWLFDVGHXPRXWUR SVLFyORJRQRUWHDPHULFDQRFKDPDGR%)6NLQQHU3DUD6NLQQHURFRPSRUWDPHQWRKXPDQRp PXLWR FRPSOH[R 6,/9$ $*8,$5 SDUD VHU UHGX]LGR DR FRQFHLWR GH UHIOH[R FRQGLFLRQDGR RQGH R LQGLYtGXR SDVVLYR DSHQDV UHVSRQGH D HVWtPXORV GR PHLR DPELHQWH 6NLQQHUHQWHQGHRKRPHPQmRFRPRXPVHUSDVVLYRPDVDWLYRTXHLQWHUDJHFRPRPXQGRH SRU LVVR SURS}H XP QRYR FRQFHLWR TXH VH WRUQRX R SRQWR FKDYH GH VXD WHRULD R FRQGLFLRQDPHQWR RSHUDQWH 2 FRQGLFLRQDPHQWR RSHUDQWH UHODFLRQD R FRPSRUWDPHQWR D VHU DSUHQGLGRFRPDVVXDVFRQVHTXrQFLDVHLVVRDFUHVFHQWDXPQRYRHOHPHQWRDRFRPSRUWDPHQWR TXH p R UHIRUoR 'HSHQGHQGR GH FRPR XPD UHVSRVWD HPLWLGD D XP HVWtPXOR VHUi UHIRUoDGD SRVLWLYDPHQWH RX QHJDWLYDPHQWH D SUREDELOLGDGH GDTXHOH FRPSRUWDPHQWR VH UHSHWLU VHUi PDLRURXPHQRU

2 EHKDYLRULVPR GH :DWVRQ WLQKD FRPR PHWD WRUQDU D SVLFRORJLD XPD FLrQFLD SXUDPHQWH REMHWLYD GHILQLQGRD FRPR D FLrQFLD GR FRPSRUWDPHQWR REVHUYiYHO RQGH R FRPSRUWDPHQWRVHULDRUHVXOWDGRGHUHDo}HVDHVWtPXORVTXHSRGHULDPVHUPHGLGRVSUHYLVWRV H FRQWURODGRV 1HVWD yWLFD D DSUHQGL]DJHP VH GDULD D SDUWLU GR FRQGLFLRQDPHQWR HP VH UHVSRQGHUDHVWtPXORVH[WHUQRVTXHSURGX]LULDPXPDPXGDQoDGHFRPSRUWDPHQWR*,867$ 0HVPRGLDQWHGDQRYDYLVmRGDGDSRU6NLQQHUSDUDREHKDYLRULVPRDRLQFOXLUDLGHLD GRUHIRUoRQDFRQVWUXomRGRFRPSRUWDPHQWRSRGHVHGHGX]LUTXHSDUDDPERVRVDXWRUHVVHP HVWtPXORVH[WHUQRVQmRKDYHULDDSUHQGL]DGR2EHKDYLRULVPRUHWRPDHQWmRDLGHLDHPSLULVWD GHTXHWRGRFRQKHFLPHQWRWHPRULJHPH[WHUQDPHQWHDRLQGLYtGXRPHGLDGRSHORVVHQWLGRV

PDLRUHV VmR DV FKDQFHV GR DOXQR DSUHQGHU 3RU LVVR R SDSHO GR HQVLQR H GD HVFROD p VXSHUYDORUL]DGR3RURXWURODGRSDUD DOXQRVGD PHVPDHVFRODRXGDPHVPDVDODGHDXOD R VXFHVVRRXIUDFDVVRHVFRODUVHULDGHWHUPLQDGRSHORQtYHOGHDWHQomRFRQFHQWUDomRGHGLFDomR H GLVFLSOLQD FRP TXH RV DOXQRV VH DSUHVHQWDP GLDQWH GRV FRQWH~GRV WUDQVPLWLGRV SHORV SURIHVVRUHV

1R HQWDQWR R HPSLULVPR DR RFXSDUVH DSHQDV GR REVHUYiYHO GHVFDUWDQGR D FRQVFLrQFLD H D VXEMHWLYLGDGH QmR FRQVHJXLX H[SOLFDU RV SURFHVVRV FRPSOH[RV GD PHQWH KXPDQDHDVGLIHUHQoDVGHDSUHQGL]DJHPHUHQGLPHQWRHVFRODUHQWUHDOXQRVSRUH[HPSORGD PHVPD VDOD GH DXOD TXH DSUHVHQWDYDP VHPHOKDQWH GHGLFDomR DRV HVWXGRV PDV TXH WLQKDP GHVHPSHQKRVGLIHUHQWHVGDQGRDHQWHQGHUTXHRXWURVDVSHFWRVKLVWyULFRVVRFLDLVELROyJLFRV HWF SRGHULDP LQIOXHQFLDU QR GHVHPSHQKR HVFRODU GRV DOXQRV 6HJXQGR *LXVWD R EHKDYLRULVPR UHYHORX VXD IUDJLOLGDGH TXDQGR VHSDURX R LQVHSDUiYHO VXMHLWR H REMHWR LJQRUDQGRDVFRQGLo}HVKLVWyULFDVGRVVXMHLWRVHUHFRQKHFHQGRDSHQDVDLPSRUWkQFLDGRREMHWR QDSURGXomRGRFRQKHFLPHQWR

$DSUHQGL]DJHPHDVGHVLJXDOGDGHVHVFRODUHVSDUDDFRQFHSomRLQDWLVWD

1R VpFXOR ;,; )UDQFLV *DOWRQ DR HVFUHYHU VHX OLYUR+HUHGLWDU\ *HQLXV2 JrQLR KHUGDGR HP REVHUYRX FRPSLORX GDGRV H VLVWHPDWL]RX DLQWHOLJrQFLDHP YiULRV PHPEURVGHYiULDVIDPtOLDVLQJOHVDVGXUDQWHVXFHVVLYDVJHUDo}HV6XDFRQFOXVmRIRLGHTXHD