Fernanda de Siqueira Picado

3217,)Ë&,$81,9(56,'$'(&$7Ï/,&$'(6­23$8/2

38&±63

)HUQDQGDGH6LTXHLUD3LFDGR

$GLJQLGDGHGDSHVVRDKXPDQDHDHIHWLYLGDGHGRGLUHLWRVRFLDOjVD~GHVRED

ySWLFDMXULVSUXGHQFLDO

0HVWUDGRHP'LUHLWR&RQVWLWXFLRQDO

6mR3DXOR

3217,)Ë&,$81,9(56,'$'(&$7Ï/,&$'(6­23$8/2

38&±63

)HUQDQGDGH6LTXHLUD3LFDGR

$GLJQLGDGHGDSHVVRDKXPDQDHDHIHWLYLGDGHGRGLUHLWRVRFLDOjVD~GHVRED

ySWLFDMXULVSUXGHQFLDO

'LVVHUWDomR DSUHVHQWDGD j %DQFD ([DPLQDGRUD GD 3RQWLItFLD 8QLYHUVLGDGH &DWyOLFD GH 6mR 3DXOR FRPRH[LJrQFLDSDUFLDO SDUDREWHQomRGRWtWXORGH 0(675( HP 'LUHLWR GR (VWDGR VXEiUHD HP 'LUHLWR &RQVWLWXFLRQDO VRE D RULHQWDomR GR 3URIHVVRU'RXWRU0DUFHOR6RX]D$JXLDU

6mR3DXOR

%DQFD([DPLQDGRUD

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

5(6802

(VWH WUDEDOKR GHGLFDVH j DQiOLVH GR SULQFtSLR GD GLJQLGDGH GD SHVVRD KXPDQD H GD HIHWLYLGDGHGRGLUHLWRjVD~GHLQFOXLQGRRDWXDOGHEDWHDFHUFDGRSDSHOGR3RGHU-XGLFLiULR SDUD D VXD HIHWLYDomR 2 FRQWH~GR GR SULQFtSLR GD GLJQLGDGH GD SHVVRD KXPDQD SHUPLWH LGHQWLILFDUDHVWUHLWDUHODomRHQWUHRVHXQ~FOHRHVVHQFLDOHRGLUHLWRjVD~GH'LUHLWRVRFLDOGD VHJXQGDJHUDomRGHGLUHLWRVIXQGDPHQWDLVRGLUHLWRjVD~GHHVWiJDUDQWLGRSHOD&RQVWLWXLomR )HGHUDODTXDOUHFRQKHFHDVXDUHOHYkQFLDS~EOLFDDSOLFDELOLGDGHLPHGLDWDGDVQRUPDVTXHR DEULJDPHDVROLGDULHGDGHGRVHQWHVS~EOLFRVQRGHYHUGHFXLGDUGDVD~GHGDVSHVVRDV

6HUmRWDPEpPDQDOLVDGRVDOJXQVHQWHQGLPHQWRVMXULVSUXGHQFLDLVUHODFLRQDGRVFRPR DFHVVR H IRUQHFLPHQWR GH PHGLFDPHQWRV WHQGR FRPR HVFRSR DSUHVHQWDU DV GLVFXVV}HV WUDYDGDVDWXDOPHQWHFRPUHODomRjHIHWLYLGDGHGRGLUHLWRjVD~GH6HUmRPHQFLRQDGDVDOJXPDV GDVSULQFLSDLVREMHo}HVjDWXDomRGR3RGHU-XGLFLiULRHGHTXHIRUPDSRGHPVHUVXSHUDGDV $VVLPpSRUPHLRGRHVWXGRGRPtQLPRH[LVWHQFLDOHGHVXDLQWUtQVHFDUHODomRFRPRQ~FOHR GDGLJQLGDGHGDSHVVRDKXPDQDRQGHHVWiREULJDWRULDPHQWHRGLUHLWRjVD~GHpTXHVHSRGH FKHJDU j FRQFOXVmR GH TXH R GLUHLWR j VD~GH p XP GLUHLWR S~EOLFR VXEMHWLYR SRGHQGR VHU H[LJLGRMXGLFLDOPHQWH0DLVGRTXHLVVRVHQGRQHFHVViULRSUHVHUYDUDVD~GHHDYLGDGLJQDR -XGLFLiULRGHYHJDUDQWLUWDOGLUHLWRVRESHQDGHHVWDUGHVFXPSULQGRDHVVrQFLDGD&RQVWLWXLomR )HGHUDO

$%675$&7

7KLV VWXG\ ZDV DLPHG WR DQDO\VH WKH SULQFLSOH RI WKH KXPDQ EHLQJV GLJQLW\ DQG WKH HIIHFWLYHQHVVRIWKHULJKWWRKHDOWKLQFOXGLQJWKHFXUUHQWGHEDWHUHJDUGLQJWKH-XGLFLDU\5ROH WRLPSOHPHQWWKHP7KHFRQWHQWRIWKHKXPDQGLJQLW\SULQFLSOHHQDEOHVWRLGHQWLI\WKHUHODWLRQ EHWZHHQLWVHVVHQWLDOQXFOHXVDQGWKHULJKWWRKHDOWK6RFLDOULJKWRIWKHVHFRQGJHQHUDWLRQRI WKHIXQGDPHQWDOKXPDQULJKWVWKHULJKWWRKHDOWKLVJXDUDQWHHGE\WKH)HGHUDO&RQVWLWXWLRQ ZKLFKUHFRJQL]HVLWVSXEOLFUHOHYDQFHWKDWLVWKHLPPHGLDWHDSSOLFDELOLW\RIWKHQRUPVWKDW DVVXUH WKH VROLGDULW\ RI WKH SXEOLF DXWKRULWLHV DQG WKHLU UHVSRQVLELOLW\ RI SURYLGLQJ SHRSOHV KHDOWK

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

680È5,2

,1752'8d­2 &$3Ë78/2,-861$785$/,602-86326,7,9,602(3Ï6326,7,9,602 $FRQVWUXomRGRRUGHQDPHQWRMXUtGLFRGRMXVQDWXUDOLVPRDRMXVSRVLWLYLVPR 'LUHLWRVIXQGDPHQWDLVWHRULDV -XVQDWXUDOLVPRH-XVSRVLWLYLVPR -XVQDWXUDOLVPR -XVSRVLWLYLVPR 2SRVLWLYLVPRMXUtGLFRYLVWRFRPRFHWLFLVPRpWLFR 2SRVLWLYLVPRMXUtGLFRYLVWRFRPRSRVLWLYLVPRLGHROyJLFR 2SRVLWLYLVPRMXUtGLFRYLVWRFRPRIRUPDOLVPRMXUtGLFR 2SRVLWLYLVPRMXUtGLFRYLVWRFRPRSRVLWLYLVPRFRQFHLWXDO 3yV3RVLWLYLVPR &$3Ë78/2,,26',5(,726)81'$0(17$,6 2VGLUHLWRVIXQGDPHQWDLVHVXDKLVWyULD $VJHUDo}HVGRVGLUHLWRVIXQGDPHQWDLV 'LIHUHQoDHQWUHUHJUDVSULQFtSLRVHYDORUHV 'DFROLVmRHQWUHSULQFtSLRVHUHJUDV $Pi[LPDGDSURSRUFLRQDOLGDGH 'LUHLWRVIXQGDPHQWDLVHD&RQVWLWXLomR &RQFHLWRGHVLVWHPDGHGLUHLWRVIXQGDPHQWDLV &ODVVLILFDomRGRVGLUHLWRVIXQGDPHQWDLV 'LUHLWRVIXQGDPHQWDLVVRFLDLV &$3Ë78/2,,,235,1&Ë3,2'$',*1,'$'('$3(662$+80$1$ +LVWyULFR 2FRQFHLWRGHGLJQLGDGHGDSHVVRDKXPDQDHVXDSUREOHPiWLFD 2FRQFHLWRMXUtGLFRIXQGDPHQWDOHVXDQDWXUH]D 3URWHomRFRQVWLWXFLRQDOGDGLJQLGDGHGDSHVVRDKXPDQD 'RSULQFtSLR&RQVWLWXFLRQDOGD'LJQLGDGHGD3HVVRD+XPDQD &RQVLGHUDo}HVILQDLV &$3Ë78/2,9$()(7,9,'$'('26',5(,72662&,$,6($',*1,'$'('$

$QiOLVHFUtWLFDTXDQWRDRUHFRQKHFLPHQWRGHGLUHLWRVVXEMHWLYRVDSUHVWDo}HVVRFLDLV $HIHWLYLGDGHGRVGLUHLWRVIXQGDPHQWDLVVRFLDLV &$3Ë78/292',5(,7262&,$/¬6$Ò'( %UHYHKLVWyULFR $6D~GHFRPRXP'LUHLWR)XQGDPHQWDO6RFLDO $V3ROtWLFDV6RFLDLVH(FRQ{PLFDV 2SUREOHPDGDHIHWLYLGDGHGRGLUHLWRjVD~GHHDVSRVVtYHLVDOWHUQDWLYDVSDUDVXD

HIHWLYDomR &$3Ë78/29,(17(1',0(1726-85,6358'(1&,$,6 9,,&21&/86­2 %,%/,2*5$),$

,1752'8d­2

8P GRV PDLRUHV GHVDILRV GD DWXDOLGDGH p PDQWHU D FRHUrQFLD HQWUH GLUHLWR SRVWR H D UHDOLGDGHVREUHWXGRGLDQWHGRVGLUHLWRVVRFLDLVFRPRpRFDVRGRGLUHLWRjVD~GH

&RQWXGR DQWHV PHVPR GH LQWURGX]LU HVVH WHPD PLVWHU VH ID] WHU HP PHQWH D LPSRUWkQFLDGRSULQFtSLRGDGLJQLGDGHGDSHVVRDKXPDQD,VWRSRUTXHDSDUWLUGD&RQVWLWXLomR )HGHUDOGHWDOSULQFtSLRFKHJRXQRiSLFHGHQWURGRRUGHQDPHQWRMXUtGLFRSDVVDQGRDVHU DEDVHGHWRGRVRVGLUHLWRVFRQVWLWXFLRQDLVHDLQGDRULHQWDGRUHVWDWDO

'H IDWR R SULQFtSLR GD GLJQLGDGH GD SHVVRD KXPDQD QDVFHX WHQGR FRPR REMHWLYR D SURWHomRGRVHUKXPDQRPDQWHQGRHJDUDQWLQGRRYLYHUFRPGLJQLGDGHHRUHVSHLWRUHFtSURFR

$QRVVD&RQVWLWXLomR)HGHUDOHPVHXDUWLJRžLQFLVR,,,SHODSULPHLUDYH]HPQRVVR SDtV IH] GD GLJQLGDGH GD SHVVRD KXPDQD YDORU VXSUHPR GD RUGHP MXUtGLFD $VVLP DV LQWHUSUHWDo}HVGRVGHPDLVSULQFtSLRVGHYHUmRVHUUHDOL]DGDVGHDFRUGRFRPHVVHSULQFtSLRSRLV FDGD VHU KXPDQR GHYH VHU UHVSHLWDGR QD VXD LQWHJUDOLGDGH WHQGR VXD GLJQLGDGH SURWHJLGD H DPSDUDGDQDVXDWRWDOLGDGH

&RPRFRQVHTrQFLDGHVVHSULQFtSLRWHPRVTXHDYLRODomRGHTXDOTXHURXWURSULQFtSLR IHUHWRGRRVLVWHPDLQGRFRQWUDWRGRVRVVHXVYDORUHVIXQGDPHQWDLV

3RUWDQWR p LPSRUWDQWH IULVDU TXH D GLJQLGDGH GD SHVVRD KXPDQD p XP SULQFtSLR IXQGDPHQWDORDOLFHUFHHVWDWXWRMXUtGLFRGRVLQGLYtGXRVJDUDQWLQGRVHQWLGRDRFRQMXQWRGRV SUHFHLWRV UHODWLYRV DRV GLUHLWRV IXQGDPHQWDLV 'HVWD PDQHLUD QHJDU R UHFRQKHFLPHQWR GRV GLUHLWRVIXQGDPHQWDLVjVSHVVRDVpRPHVPRTXHOKHVQHJDUGLJQLGDGH

3RU WRGR R H[SRVWR FRQFOXtPRV TXH DWUDYpV GR QRVVR RUGHQDPHQWR MXUtGLFR DWXDO R (VWDGRFODVVLILFDGRFRPR6RFLDOH'HPRFUiWLFRGH'LUHLWRWHPFRPRIXQomRGDUJDUDQWLDH HILFiFLDGHDOJXQVGLUHLWRVDRVFLGDGmRV'LDQWHGLVVRRVGLUHLWRVIXQGDPHQWDLVUHYHODPVHMi QR SUySULR VHQWLGR GD SDODYUD FRPR IXQGDPHQWDO RX VHMD SUHVVXSRVWR SDUD D YLGD GH TXDOTXHUVHUKXPDQRSRLVVHPHVWHQmRKiGLJQLGDGHKXPDQD

2VGLUHLWRVIXQGDPHQWDLVLQWHJUDPDVVLPDRODGRGDGHILQLomRGDIRUPDGH(VWDGRGR VLVWHPD GH JRYHUQR H GD RUJDQL]DomR GR SRGHU D HVVrQFLD GR (VWDGR &RQVWLWXFLRQDO FRQVWLWXLQGRQHVWHVHQWLGRQmRDSHQDVSDUWHGD&RQVWLWXLomRIRUPDOPDVWDPEpPHOHPHQWR QXFOHDUGD&RQVWLWXLomRPDWHULDO

&RPLVVRDVD~GHSRUVHUXPGLUHLWRIXQGDPHQWDOGHFXQKRSUHVWDFLRQDOHVRFLDOGH VHJXQGD JHUDomR UHSUHVHQWD DR PHVPR WHPSR XP GLUHLWR S~EOLFR VXEMHWLYR H[LJLQGR GR (VWDGRDWXDomRSRVLWLYDSDUDDVXDHIHWLYLGDGHHJDUDQWLD

$VD~GHFRPRSUHPLVVDEiVLFDQRH[HUFtFLRGDFLGDGDQLDGRVHUKXPDQRFRQVWLWXLVH GH H[WUHPD UHOHYkQFLD SDUD D VRFLHGDGH SRLV GL] UHVSHLWR j TXDOLGDGH GH YLGD VHQGR LQFOXVLYHGLUHLWRGHWRGRVHGHYHUGR(VWDGRDUW

3RU RXWUR ODGR R TXH QRWDPRV IDFLOPHQWH QR %UDVLO VmR RV GXURV TXHVWLRQDPHQWRV H FUtWLFDVTXDQWRDRGHVHPSHQKRGRV3RGHUHV3~EOLFRVQDLPSODQWDomRGHSROtWLFDVUHODFLRQDGDV DRV GLUHLWRV IXQGDPHQWDLV VRFLDLV FRPR D VD~GH TXH TXDVH VHPSUH ILFDP DTXpP GR QHFHVViULR H HVSHUDGR EHP FRPR DLQGD VXEVLVWHP FRQWURYpUVLDV QR TXH GL] UHVSHLWR j HIHWLYLGDGH MXUtGLFD H j DSOLFDELOLGDGH LPHGLDWD GRV GLUHLWRV VRFLDLV 0HVPR D DSWLGmR SDUD SRVVLELOLWDU D H[LJrQFLD LQFOXVLYH SRU PHLR MXGLFLDO GH VXD SOHQD UHDOL]DomR p SRU YH]HV FRORFDGD QR FHQWUR GDV GLVFXVV}HV $VVLP VXUJH R TXHVWLRQDPHQWR VH R -XGLFLiULR HVWDULD LPSHGLGRGHDYDOLDUHGHWHUPLQDURFXPSULPHQWRGRVGLUHLWRVVRFLDLV

XPD SHVVRD" &RPR ILFD HVWD TXHVWmR QR FHQiULR EUDVLOHLUR RQGH VH YrHP GHVSHUGtFLRV GH UHFXUVRVIUDXGHVHGHVYLRVGHYHUEDVS~EOLFDV"

2WHPDDTXLDERUGDGRGLJQLGDGHGDSHVVRDKXPDQDHDHIHWLYLGDGHGRGLUHLWRjVD~GH VREDyWLFDMXULVSUXGHQFLDOSDVVDGHVVHPRGRSHODVGLVFXVV}HVDFHUFDGRFRQWH~GRMXUtGLFR GH WDO GLUHLWR H TXDLV VHULDP DV PHGLGDV SDUD D VXD FRQFUHWL]DomR WHQGR FRPR EDVH D SUHVHUYDomRHJDUDQWLDGHXPDYLGDGLJQD

$VVLP VHULD SRVVtYHO OLPLWDU TXDLV DV SUHVWDo}HV GH VD~GH TXH R (VWDGR HVWDULD REULJDGR D IRUQHFHU" 4XHP IDULD WDO HVFROKD H VRE TXDLV GLUHWUL]HV" (VSHFLILFDPHQWH HP UHODomR DR IRUQHFLPHQWR GH PHGLFDPHQWRV SHOR 6LVWHPD ÒQLFR GH 6D~GH 686 LQVXPRV HVVHQFLDLVjVD~GHHjYLGDGDVSHVVRDVRDFHVVRDR-XGLFLiULRJDQKRXQRYRVFRQWRUQRVGLDQWH GDVGLVFXVV}HVTXHSDVVDUDPDVHUWUDYDGDVVREUHRVHYHQWXDLVOLPLWHVDRGLUHLWRGRVFLGDGmRV GHDFHVVRDRVPHGLFDPHQWRVHVSHFLDOPHQWHjTXHOHVGHDOWRFXVWR

$VVLP VHUi TXH R DWHQGLPHQWR DRV SHGLGRV MXGLFLDLV SRGH GH IDWR FRPSURPHWHU R IRUQHFLPHQWRGHRXWURVPHGLFDPHQWRV"3RGHPPHVPRVHUFRORFDGRVQDEDODQoDGHXPODGR DVXSRVWDVD~GHGHPXLWRVHGHRXWURDVD~GHHDYLGDGHXP"

2WHPDHVFROKLGRpFRPSOH[RHDSUHVHQWDXPDVpULHGHTXHVW}HVRTXHLQYLDELOL]DXP WUDWDPHQWRLQWHJUDOHGHILQLWLYR&LHQWHGHVWDOLPLWDomRHVWHWUDEDOKRSDUWLUiGD&RQVWLWXLomR )HGHUDO TXH FRQIRUPH GLWR DQWHULRUPHQWH DR GHWHUPLQDU TXH D VD~GH p GLUHLWR GH WRGRV H GHYHUGR(VWDGRLPS{VDXQLYHUVDOLGDGHDLJXDOGDGHHDLQWHJUDOLGDGHGDVDo}HVHVHUYLoRVGH VD~GHRTXHLQFOXLRDFHVVRDRVPHGLFDPHQWRV2GLUHLWRjVD~GHFRUROiULRGRGLUHLWRjYLGD pFRPRMiPHQFLRQDGRGLUHLWRKXPDQRIXQGDPHQWDOLQWULQVHFDPHQWHOLJDGRDRSULQFtSLRGD GLJQLGDGH GD SHVVRD KXPDQD $SUHVHQWD HILFiFLD H DSOLFDELOLGDGH LPHGLDWD YLQFXODQGR RV 3RGHUHV3~EOLFRVjQHFHVVLGDGHGHVXDFRQFUHWL]DomR

6XVWHQWDQGRHVWHHQWHQGLPHQWRDSULPHLUDSDUWH GHVWHWUDEDOKRDQDOLVDH GHVFUHYHRV SHUtRGRV HP TXH R RUGHQDPHQWR MXUtGLFR IRL VHQGR FRQVWUXtGR RV TXDLV LQLFLDUDP FRP R MXVQDWXUDOLVPRSDVVDQGRSHORMXVSRVLWLYLVPRDWpDOFDQoDURDWXDOSyVSRVLWLYLVPR

(P VHJXLGD VHUi H[SRVWR R WUDWDPHQWR GDGR SHOD &RQVWLWXLomR )HGHUDO GH DRV GLUHLWRVIXQGDPHQWDLVFRPGHVWDTXHDRGLUHLWRjVD~GH$UHODomRXPELOLFDOFRPRSULQFtSLR GD GLJQLGDGH GD SHVVRD KXPDQD WDPEpP VHUi DQDOLVDGD QXP FDStWXOR H[FOXVLYR RQGH WDO SULQFtSLRVHUiDQDOLVDGRGHXPDIRUPDPDLVGHWDOKDGD

3RVWHULRUPHQWH VHUmR DERUGDGDV D HIHWLYLGDGH SOHQD H D DSOLFDELOLGDGH LPHGLDWD GRV GLUHLWRV VRFLDLV DWp DGHQWUDUPRV QR HVWXGR HVSHFtILFR GR GLUHLWR j VD~GH WUDWDQGR GRV SULQFLSDLVGLVSRVLWLYRVOHJDLVH[LVWHQWHVTXHFXLGDPGHVVHGLUHLWR

$QDOLVDUHPRVWDPEpPDHIHWLYLGDGHGRGLUHLWRjVD~GHQRVGLDVGHKRMHHFRPRIRUPD GH LOXVWUDUPRV HVVD DQiOLVH FLWDUHPRV DOJXPDV GHFLV}HV UHODFLRQDGDV FRP HVVH WHPD HVSHFLDOPHQWHDTXHODVTXHFXLGDPGRIRUQHFLPHQWRHGRDFHVVRDPHGLFDPHQWRV

2 FRQWH~GR MXUtGLFR GD WULSDUWLomR GH SRGHUHV GD GLVFULFLRQDULHGDGH DGPLQLVWUDWLYD GRVSULQFtSLRVRUoDPHQWiULRVHGHPDLVQRUPDVSHUWLQHQWHVDRRUoDPHQWRS~EOLFRHGD³UHVHUYD GR SRVVtYHO´ VHUmR H[SRVWRV EHP FRPR DV OLQKDV GH VXSHUDomR GH WDLV REMHo}HV TXDQGR VH WUDWDGHGLUHLWRjVD~GH&RPRVHYrDVVXPHPJUDQGHLPSRUWkQFLDDVFRQVLGHUDo}HVDFHUFDGR SDSHO GR 3RGHU -XGLFLiULR HP UHODomR DR DPSDUR GDV SUHWHQV}HV SRVLWLYDV &RQWXGR VHUi GHPRQVWUDGDDSUHYDOrQFLDGDGLJQLGDGHGDSHVVRDKXPDQDVREUHLQWHUHVVHVDGPLQLVWUDWLYRVH ILQDQFHLURV GR (VWDGR 3RU PHLR GD DERUGDJHP DFHUFD GR PtQLPR YLWDO RX H[LVWHQFLDO SURFXUDUVHiHYLGHQFLDUTXHDRLQWHJUiORDVD~GHSDVVDDWHUSRVLomRSULRULWiULDFRQVLVWLQGR HPGLUHLWRVXEMHWLYRS~EOLFRGDVSHVVRDV

&$3Ë78/2 , -861$785$/,602 -86326,7,9,602 ( 3Ï6

326,7,9,602

$FRQVWUXomRGRRUGHQDPHQWRMXUtGLFRGRMXVQDWXUDOLVPRDRMXVSRVLWLYLVPR

1RV SULPyUGLRV GD YLGD KXPDQD HQTXDQWR R VHU KXPDQR YLYLD HP XPD VRFLHGDGH SULPLWLYDQmRH[LVWLDTXDOTXHUWLSRGHGRPtQLRGHSRGHUHQWUHRVKRPHQVQHPDSROtWLFD2 KRPHP EXVFDYD DGDSWDUVH H GH DOJXPD IRUPD OLEHUDUVH GD RSUHVVmR FDXVDGD SHOR PHLR QDWXUDOHPEXVFDGDVXDSUySULDVREUHYLYrQFLD

$Wp HQWmR D OHL TXH HVWDEHOHFH R TXH p MXVWR H GHWHUPLQD RV GLUHLWRV VXEMHWLYRV GRV KRPHQVDWXDQGRQDVROXomRGRVSUREOHPDVVRFLDLVGDYLGDHPFRPXQLGDGHHUDEDVHDGDQXP 'LUHLWR VXSHULRU 2V KRPHQV EDVHDYDPVH QXPD MXVWLoD DQWHULRU H VXSHULRU FXMD IRQWH VXSUHPDUHPHWHjVGLYLQGDGHVGLYLQDV

1HVVH HVWiJLR TXDQGR D KXPDQLGDGH YLYLD QXP FKDPDGR ³HVWDGR GH QDWXUH]D´ H VRPHQWH H[LVWLDP UHODo}HV LQWHUVXEMHWLYDV HQWUH VL VHP D LQVWDXUDomR GH XPD VRFLHGDGH SROtWLFD H FXMD ~QLFD IRQWH GR 'LUHLWR HUD R FKDPDGR GLUHLWR QDWXUDO R KRPHP H[WUDtD DV QRUPDVGRVIDWRVHVXDUHJrQFLDHUDIHLWDSHODVIRUoDVGDQDWXUH]DDVTXDLVWrPDPHVPDIRUoD HPWRGDSDUWHHLQGHSHQGHPGDVGLYHUVLGDGHVGHRSLQL}HVHGDYRQWDGHKXPDQD

1mRVHDGPLWLDQHVVHHVWiJLRGHYLGDHPVRFLHGDGHTXDOTXHURXWUDIRQWHGDVQRUPDV YLJHQWHVHQWUHRVKRPHQVTXHQmRIRVVHRGLUHLWRQDWXUDO

2VHQVLQDPHQWRVGH$ULVWyWHOHVOHYDPjREVHUYDomRGDOyJLFDGDFULDomRGDQDWXUH]D SDUD D OyJLFD GR GLUHLWR ([LVWH XP GLUHLWR GHFRUUHQWH GD QDWXUH]D KXPDQD H SRUWDQWR

XQLYHUVDO+iXPDRUGHPMXUtGLFDREVHUYiYHOHPSLULFDPHQWHSHORVyUJmRVGRVVHQWLGRVTXHp ³QDWXUDO´HQWHQGHQGRVHQDWXUH]DFRPRDOJRQmRSURGX]LGRSHORVHUKXPDQR

6HQGR D QDWXUH]D REUD GR 'HXV FULDGRU D OHL TXH GHFRUUH GD REVHUYDomR LQWHOLJHQWH GHVVD RUGHP UDFLRQDO GHYH HVWDU HP KDUPRQLD FRP D QDWXUH]D D TXDO GHYH REHGHFHU D JHQHUDOLGDGHHDLPSHVVRDOLGDGHVHDGHTXDUDRVFDVRVFRQFUHWRVHVHUDSOLFDGDSHORVKRPHQV FRP MXVWLoD H HTXLGDGH %DVHLDVH QD GLVWLQomR HQWUH R EHP H R PDO R MXVWR H R LQMXVWR FRQVWLWXLQGRHVVDOHLQDSURPXOJDomRGDOHLQDWXUDO

-iQDpSRFDGRVURPDQRVHQWUHD&HG&VXUJHD(VFROD(VWyLFD3DUDRV HVWyLFRVDQDWXUH]DKXPDQDVySRGHVHUUHDOL]DGDVHDVUHJUDVGRFRVPRHDRUGHPGLYLQDGDV FRLVDV IRUHP REVHUYDGDV ([LVWH XPD OHL QDWXUDO TXH GRPLQD H VH UHIOHWH QD FRQVFLrQFLD KXPDQDSRUPHLRGDUD]mRKXPDQD

3DUD R HVWRLFLVPR D FRQGXWD pWLFD GHFRUUH GD REVHUYDomR GD QDWXUH]D H GR GLVFHUQLPHQWR GDTXLOR TXH p RX QmR IDYRUiYHO DJLQGR FRQIRUPH D LQWXLomR QDWXUDO H HOHPHQWDU DR VHX KXPDQR e D FKDPDGD pWLFD GR GHYHU SHOD TXDO ViELR p R KRPHP TXH FRQKHFH D VL PHVPR H YLYH FRQIRUPH D YLUWXGH H D QDWXUH]D D TXDO VHUYH GH JXLD SDUD D FRQVWUXomRGDVHVWUXWXUDVDUWLILFLDLVGHRUJDQL]DomRVRFLDO

$OHLHWHUQDFRPDQGDDWRGRVHLQH[LVWLQGROHLHVFULWDDVFRQGXWDVUHSXGLDGDVGHYHP VHUFRQVWLWXtGDVGHDFRUGRFRPDVOHLVQDWXUDLVQHFHVViULDVSDUDRKRPHPKDYHQGRDtRUGHP HMXVWLoD

%HP PDLV WDUGH GR VpFXOR ;9, HP GLDQWH QD ,GDGH 0pGLD FRP R VXUJLPHQWR GR VLVWHPD GH DSURSULDomR SULYDGD H GD IRUPDomR GD RUJDQL]DomR SROtWLFD GDV VRFLHGDGHV HP (VWDGRVFRPRIRUPDGHSRGHUQHFHVViULDSDUDVXVWHQWDUHVVHQRYRVLVWHPDGHVXERUGLQDomRH GRPLQDomR FRPHoD D KDYHU XP PRYLPHQWR HP GLUHomR GD HYROXomR GR SHQVDPHQWR QDWXUDOLVWDHPUD]mRGRVXUJLPHQWRGDVSULPHLUDVOHLVHVFULWDVSHORVKRPHQV

1mRKiDLQGDQHVVHHVWiJLRVHSDUDomRHQWUHRGLUHLWRQDWXUDODGYLQGRGDQDWXUH]DHR GLUHLWRHVFULWRIHLWRSHODFRPXQLGDGHPDVVXUJHPDVGLYHUJrQFLDVDFHUFDGDFRH[LVWrQFLDHGD SUHGRPLQkQFLDHQWUHDPERVRVSRVWXODGRVOHJDLV

_{$'(2'$72-RmR0DXUtFLReWLFDHUHWyULFDSDUDXPDWHRULDGDGRJPiWLFDMXUtGLFDHGUHYHDPSO6mR} 3DXOR6DUDLYDS

)RLRFKDPDGR³MXVQDWXUDOLVPRWHROyJLFR´UHSUHVHQWDGRVREUHWXGRSHOD(VFROiVWLFD PDLV SUHFLVDPHQWH SRU 6mR 7RPiV GH $TXLQR H 6DQWR $JRVWLQKR TXH FRQWULEXtUDP SDUD D HYROXomRGRGLUHLWRQDWXUDOQRVHQWLGRGHDVOHLVKXPDQDVVHUHPFRQVLGHUDGDVVXERUGLQDGDVjV OHLVQDWXUDLVHPIXQomRGDVXSHULRULGDGHGH'HXVHPUHODomRDRKRPHPHGHVXDDXWRULGDGH VXSUHPDIUHQWHjUDoDKXPDQD

$R (VWDGR QmR FDEH LQJHULUVH QRV DVVXQWRV UHOLJLRVRV KDYHQGR XPD VHSDUDomR GHILQLWLYDGD³FLGDGHGRVKRPHQV´GD³FLGDGHGH'HXV´$,JUHMDpRHORGHOLJDomRHQWUHR GLYLQRHRGLUHLWRSRVWRSHORVKRPHQVGRWDGDGDLQVSLUDomRUHYHODGDDHVWDDTXDOSDLUDDFLPD GRVRUGHQDPHQWRVORFDLVUHXQLQGRSRUWDQWRDOpPGDVFRPSHWrQFLDVUHOLJLRVDVDVMXUtGLFDV

2+RPHPHPUD]mRGHVXDRULJHPGLYLQDSRUPHLRGDIpHGDREVHUYDomRLQWHOLJHQWH GD FULDomR SRGH GHVFREULU D OHL QDWXUDO VHQGR DWp HQWmR R SDSHO GR GLUHLWR HVFULWR SHOR KRPHPVRPHQWHRGHLQFRUSRUDUDOHLGLYLQDjOHLKXPDQD

$VOHLVHUDPGLYLGLGDVHPWUrVHVSpFLHV

/HL HWHUQD H VXSUHPD TXH UHJXOD WRGD RUGHP FyVPLFD H TXH Vy R SUySULR 'HXV FRQKHFHDTXDOLQVSLUDDOHLGLYLQD

/HLGLYLQDRXQDWXUDOTXHpDSHQDVRUHIOH[RLPSHUIHLWRGDOHLHWHUQDHUHYHODGDSRU PHLRGDIpSHOD6DQWD0DGUH,JUHMD

/HLKXPDQDSRVLWLYDHVFULWDHHGLWDGDSHOROHJLVODGRUTXHREULJDHPFRQVFLrQFLD DSHQDVVHpMXVWDHPUD]mRGHVHXILPEHPFRPXPGHVHXDXWRUFRPSHWrQFLDGH VHXWHRUUHSDUWLomRHTLWDWLYDGHVXDVLQFXPErQFLDV

3RUYROWDGRVpFXOR ;9,,HPUD]mRGD DVFHQVmRGR(VWDGRFRPRLQVWkQFLDMXUtGLFR SROtWLFD Pi[LPD H D TXHGD GR SRGHU VHFXODU GD ,JUHMD HQIUDTXHFLGD SHOD 5HIRUPD VXUJH D FKDPDGD³UHDomRUDFLRQDOLVWD´FRPR³MXVQDWXUDOLVPRDQWURSROyJLFR´PDLVSUHFLVDPHQWHFRP +XJR*URWLXVTXHGHIHQGLDDLQGHSHQGrQFLDHQWUHRGLUHLWRQDWXUDOHRGLUHLWRSRVLWLYR

,QVSLUDGR HP 3ODWmR FXMRV SHQVDPHQWRV GH GLUHLWR QDWXUDO VH IXQGDUDP QD LGpLD GD QDWXUH]DGLYLQDGRKRPHPHQDDILUPDomRGDGLJQLGDGHFRPRDOJRLQHUHQWHDRKRPHPLGpLDV HVVDV GHIHQGLGDV SRVWHULRUPHQWH SRU 6DQWR $JRVWLQKR QR VpFXOR ;9,, SRU PHLR GD

(VFROiVWLFD *URWLXV LQRYD RV SHQVDPHQWRV GD RULJHP GD OHL QDWXUDO WUD]HQGR GH YROWD DV WHRULDV GH GLUHLWR VXEMHWLYR FXMR SHQVDPHQWR FRQVLVWLD HP TXH DV OHLV DGYrP QmR PDLV GH 'HXVPDVGDSUySULDQDWXUH]DKXPDQDSRUPHLRGD5D]mRFRUUHWDPpWRGRGHGXWLYRTXH LQIOXHQFLDRSHQVDPHQWROyJLFRJXLDGDVDo}HVKXPDQDV

'HVGHHQWmRR'LUHLWRQmRPDLVHVWiOLJDGRDFRQFHSo}HVPtWLFRUHOLJLRVDVPDVWHP VHXIXQGDPHQWRQDUD]mRKXPDQD2GLUHLWRQDWXUDOHVVHQFLDOPHQWHPRUDOGHFRUUHGDQDWXUH]D GRKRPHPHVHGLVWLQJXHDRPHVPRWHPSRGDOHLKXPDQDHGDOHLGLYLQD

$PEDV HVWmR D SDUWLU GH HQWmR VHSDUDGDV GHILQLWLYDPHQWH H VmR YLVWDV GHQWUR GR PHVPRSODQR2GLUHLWRQDWXUDOH[LVWHLQGHSHQGHQWHPHQWHGDH[LVWrQFLDGH'HXVSRLVHVWH QmRPRGLILFDRGLUHLWRQDWXUDOQmRKDYHQGRDUELWUDULHGDGH

$JRUD D UD]mR p YLVWD QmR DSHQDV FRPR PHLR SDUD FRQKHFHU R 'LUHLWR HPDQDGR GD GLYLQGDGHPDVSDVVDDVHUWDPEpPDIRQWH~QLFDGHWRGRRUGHQDPHQWRMXUtGLFR$WUDGLomRH DDXWRULGDGHFHGHPOXJDUDRTXHpUDFLRQDO

2XWURSHQVDGRU-RKQ/RFNHWDPEpPUHFRQKHFHDUD]mRFRPRIRQWHGR'LUHLWRPDV HQWHQGHTXHKRPHPQmRQDVFHFRPWRGRFRQKHFLPHQWRGHQWURGHVLSRLVYDLDGTXLULQGRRQD PHGLGDHPTXHYDLWHQGRH[SHULrQFLDV3DUDHOHDVOHLVQDWXUDLVHVWmRQDQDWXUH]DHQmRQD PHQWHKXPDQD

$FRQWULEXLomRGH*URWLXVIRLDOpPGLVVRTXHH[SXVHPRVHOHFRQWULEXLXDLQGDSDUDD Pi[LPD FRQWUDWXDOSDFWD VXQW VHYDQGD GHIHQGHQGR TXH RV SDFWRV IHLWRV SHOD UHWD UD]mR KXPDQDVHUYHPSDUDVHUFXPSULGRV

7DLV SHQVDPHQWRV SUHSDUDP DV EDVHV LQWHOHFWXDLV GD 5HYROXomR )UDQFHVD RFRUULGD SRVWHULRUPHQWH HP H GLIHUHP GRV GH SHQVDGRUHV GD pSRFD FRPR +HQULTXH H 6DPXHO &RFFHMR /HLEQL] -RDQ &KULVWLDQ 9DQ :ROI RV TXDLV FRQVLGHUDYDP 'HXV D IRQWH ~OWLPD GR GLUHLWRQDWXUDO

_{$'(2'$72-RmR0DXUtFLReWLFDHUHWyULFDSDUDXPDWHRULDGDGRJPiWLFDMXUtGLFDS 6286$-RVp3HGUR*DOYmRGH2SRVLWLYLVPRHRGLUHLWRQDWXUDOS}

1R HQWDQWR p 3XIHQGRUI GLVFtSXOR GH *URWLXV TXH DFDED SRU FRQFLOLDU D UHWD UD]mR FRP'HXVGLDQWHGRUDFLRFtQLRGHTXHMiTXHHVWH~OWLPRFULRXRPXQGRHKRPHPHHVWHD VRFLHGDGH'HXVHVWiGLUHWDPHQWHUHODFLRQDGRDHVWHVHjVREHUDQLD

$ LPXWDELOLGDGH GR GLUHLWR UDFLRQDO FRPHoD D VHU TXHVWLRQDGD SRU ,PPDQXHO .DQW GHQWUR GR PRYLPHQWR GHQRPLQDGR ³MXVQDWXUDOLVPR GHPRFUiWLFR´ 2 GLUHLWR QDWXUDO p YLVWR FRPR LPXWiYHO FXMD RULJHP VH Gi QD PDWHPiWLFD QmR VXVFHWtYHO GH PXGDQoDV DR ORQJR GR WHPSRHHPUD]mRGDVGLIHUHQWHVWUDGLo}HVHFRVWXPHV

(VVDSRVLomRQmRpDFHLWDSRU0LJXHO5HDOHTXHDILUPDVHURGLUHLWRSUREOHPiWLFRH FRQMHWXUDO SRLV DFROKH RV GLYHUVRV YDORUHV GDV VRFLHGDGHV DR ORQJR GD KLVWyULD $ FXOWXUD QDVFH GRV YDORUHV TXH DFDEDP SRU FULDU QRUPDV LGpLDV GLUHWRUDV XQLYHUVDLV GD FRQGXWD KXPDQDDVTXDLVHOHGHQRPLQDGHGLUHLWRQDWXUDO

0DVIRL-HDQ-DFTXHV5RXVVHDXTXHPLQRYRXRVSHQVDPHQWRVVREUHRSDSHOGR(VWDGR DILUPDQGRTXHDVRFLHGDGHQDVFHGHXPSDFWRVRFLDORXFRQYHQomRKXPDQDIHLWDHPUD]mR GHXPLQWHUHVVHFRPXPGDVRFLHGDGHTXHpDOFDQoDUREHPFRPXPUHIOHWLGRQDPi[LPD³$ YR]GRSRYRpDYR]GH'HXV´

$VRFLHGDGHpFRQVWUXtGDSHORKRPHPHQmRSHODQDWXUH]DWHQGRWDOSDFWRVRFLDOVHXV OLPLWHVQRGLUHLWRQDWXUDORVTXDLVGHYHPVHUUHVSHLWDGRV+iIRUWHPRUDOL]DomRGDVRFLHGDGH HP TXH D IRUoD ItVLFD FHGH j IRUoD UDFLRQDO QDVFHQGR GDt RV LQVWLWXWRV GD /HJDOLGDGH D JDUDQWLDGD,JXDOGDGHHD/LEHUGDGH

7RGRVRVDWRVUHDOL]DGRVIRUDGRHVWLSXODGRQR3DFWRFRQVLVWHPHPDWRVGHGRPLQDomR 7DLV SHQVDPHQWRV LQVSLUDUDP PDLV WDUGH D 5HYROXomR )UDQFHVD H D 'HFODUDomR GRV 'LUHLWRV +XPDQRV

'H DFRUGR FRP R SHQVDPHQWR GH 5RXVVHDX R IXQGDPHQWR GH WRGD OHL HPDQDGD GR SRYRGHYHVHUDUHDOL]DomRGD-XVWLoDLPDQHQWHGR3DFWR6RFLDOKDYHQGRXPDVHSDUDomRHQWUH

_{%,77$5(GXDUGR&DUORV%LDQFD&XUVRGH)LORVRILDGR'LUHLWRS %,77$5(GXDUGR&DUORV%LDQFD&XUVRGH)LORVRILDGR'LUHLWRS 5($/(0LJXHO)LORVRILDGRGLUHLWRS}

_{52866($8-HDQ-DFTXHV2FRQWUDWRVRFLDOS}

LGHRORJLD UHOLJLRVD TXH WHP VHX IXQGDPHQWR QR FUHGR QD REHGLrQFLD D 'HXV H GHYHUHV FtYLFRVGRFLGDGmRGLUHLWRVIHLWRVSHORKRPHPHSDUDRKRPHP

1D ~OWLPD IDVH GD KLVWyULD GR MXVQDWXUDOLVPR WHPRV D SUHVHQoD GH 'DYLG +XPH GHIHQGHQGRTXHRGLUHLWRQDWXUDOQmRQDVFHGDH[SHULrQFLDKXPDQDRXPHOKRUGDUD]mRPDV VLP GRV VHQWLGRV FRUSRUDLV TXH IRUPDP DV FRQYLFo}HV PRUDLV GR VHU KXPDQR VHX FDUiWHU H VXDVYLUWXGHV

2'LUHLWRSDUD+XPHQDVFHFRPRDOJRQHFHVViULRH~WLOjVRFLHGDGHVHQGRHVWHXP VHQVRUPRUDOGHVHQYROYLGRSHORSUySULRKRPHP DILPGHPDQWHURHTXLOtEULRGHFRQYtYLR H VREUHYLYrQFLD1RHQWHQGHUGHVVHSHQVDGRUDVROXomRGHWRGRVRVSUREOHPDVKXPDQRVHVWiQR DOWUXtVPRRXVHMDQDGLYLVmRGHULTXH]DVTXDQGRQmRH[LVWLULDPPDLVQHFHVVLGDGHVKXPDQDV SRLVVHWXGRTXHH[LVWHIRVVHGHSRVVHFRPXPGHXVROLYUHSRUWRGRVQmRKDYHULDFRQIOLWRV &RPHVVHWLSRGHFRQGXWDWRGDVDVOHLVGDMXVWLoDFULDGDVSHORVKRPHQVILFDPVXVSHQVDVVHP XVR

1DSUiWLFDRPRYLPHQWRWULXQIDQWHpR³MXVQDWXUDOLVPRGHPRFUiWLFR´UHSUHVHQWDQWHGD SDVVDJHPGRSHQVDPHQWRQDWXUDOLVWDSDUDRIHQ{PHQRGRSRVLWLYLVPRVHQGROHJtWLPRDTXLOR TXHDPDLRULDGHFLGHHKDYHQGRLJXDOGDGHGHFDSDFLGDGHSROtWLFDGRVFLGDGmRVVHD³YR]GR SRYRpDYR]GH'HXV´RFRQWH~GRGDVQRUPDVYLJHQWHVpPXWiYHOHVHXFRQWH~GRVHUiDTXHOH GLWDGRSHODVFLUFXQVWkQFLDVGRPRPHQWR

(QTXDQWRDMXVWLoDPRUDOXQHDEVWUDWDPHQWHRVLQGLYtGXRVHPVXDVUHODo}HVDMXVWLoD VRFLDOFRQIHUHGHWHUPLQDGDVLWXDomRUHDORFDUiWHUGHEHPMXUtGLFR2GLUHLWRSRVLWLYRUHDOL]DD MXVWLoDQDPHGLGDHPTXHFRUUHVSRQGHjLQWXLomRGRVYDORUHVOHYDGDDHIHLWRSHODFRPXQLGDGH FRPRXPWRGR

&RPDILQDOLGDGHGHGHIHQGHUXPPtQLPRpWLFRQHFHVViULRDMXVWLoDVRFLDOpUHVJDWDGD SHORGLUHLWRSRVLWLYRHHQWmROLPLWDGDSRUPHLRGDFRGLILFDomR&RPRFRQVHTrQFLDVXUJHPDV LQVWLWXLo}HVJDUDQWLGRUDVGHVVDMXVWLoDMXUtGLFDWDLVFRPRDOHJDOLGDGHHDDPHDoDGHFRDomR

_{52866($8-HDQ-DFTXHV2FRQWUDWRVRFLDOS}

_{%,77$5(GXDUGR&DUORV%LDQFD&XUVRGH)LORVRILDGR'LUHLWRS}

$VVLP TXH VH WRUQD LPSHUDWLYR QD VRFLHGDGH R GLUHLWR SRVLWLYR p FRQVLGHUDGR FRPR FLrQFLD H IRQWH ~QLFD GR 'LUHLWR KDYHQGR D H[FOXVmR WRWDO GR GLUHLWR QDWXUDO RX VHMD GRV FRVWXPHVGDUD]mRQDWXUDOHGDHTXLGDGHGDDSOLFDomRGR'LUHLWR

3DVVDVHDGHIHQGHUTXHRGLUHLWRSRVLWLYRpVXSHULRUDRGLUHLWRQDWXUDOKDYHQGRXPD WUDQVLomR GD 7HRULD 'XDOLVWD SDUD D 7HRULD 0RQLVWD IHQ{PHQR GHQRPLQDGR 5HGXFLRQLVPR 6RPHQWH D UHDOLGDGH IiWLFD LPSRUWD SDUD D FLrQFLD MXUtGLFD DXW{QRPD GD PRUDO VHQGR GHVFRQVLGHUDGDV TXDLVTXHU TXHVW}HV pWLFDV SROtWLFDV UHOLJLRVDV H VRFLROyJLFDV QD HVIHUD GR 'LUHLWR

6mRSUHFXUVRUHVGRSRVLWLYLVPR)UDQFLV%DFRQ%HUNHOH\+XPH'¶$OHPEHUWH5RJHU %DFRQ )UDQFLV %DFRQ p R SULPHLUR D IDODU GH XPD GRXWULQD SRVLWLYLVWD R TXDO LQIOXHQFLRX $XJXVWH&RPWHDLQDXJXUDURSRVLWLYLVPRPRGHUQRSRUYROWDGRVpFXOR;,;2QDVFLPHQWRGR SRGHU GHFRUUH H[FOXVLYDPHQWH GR VREHUDQR DR TXDO FDEH ³S{U´ R 'LUHLWR HP FRPEDWH j

FRPPRQODZKDYHQGRGLVWLQomRGR3RGHUHVGR(VWDGRHGD,JUHMD

2 SRVLWLYLVPR MXUtGLFR DFHLWD TXH R 'LUHLWR UHVXOWD GH XP DWR GH SRGHU FRPSHWHQWH SRGHQGR WHU HP UD]mR GLVVR TXDOTXHU FRQWH~GR VHQGR SRUWDQWR DXWRUHIHUHQWH SURFHGLPHQWDO H GH FHUWR PRGR LUUDFLRQDO TXDQWR DR FRQWH~GR Mi TXH UHFXVD SDUDGLJPDV H[WHUQRVSDUDXPDPDWHULDOLGDGHpWLFD³QHFHVViULD´

eR,PSHUDGRU-XVWLQLDQRTXHPLQDXJXUDQDDOWD,GDGH0pGLDDIDVHGDVFRGLILFDo}HV FRPRFyGLJRFLYLOFRUSXVMXULVFLYLOLVUHFHSFLRQDGRSHODPDLRUSDUWHGDVQDo}HVGRLPSpULR URPDQRHPUD]mRGDDGPLUDomRGHVWDVSHODVDEHGRULDURPDQDWHQGRVLGRFRQVLGHUDGRFRPR ³GLUHLWRFRPXP´DWRGRVRVSRYRVFRPRH[SUHVVmRGDSUySULDUD]mRGRKRPHP

$SyVHVVHHYHQWRKRXYHXPORQJRSURFHVVRGHWUDQVLomRSDUDMXVSURSULXPGHFDGD (VWDGR HP TXH DV OHLV HUDP OHJLVODGDV FDGD TXDO SRU VHX SUySULR SRGHU H QmR PDLV SHOR ,PSpULR1DVFHHQWmRRSRVLWLYLVPRMXUtGLFRSURSULDPHQWHGLWRRXRFKDPDGRGLUHLWRHVWDWDO 3DUDOHODPHQWH D HVVH PRYLPHQWR TXH JHURX LQIOXrQFLDV HP WRGR R PXQGR QD ,QJODWHUUDRSRVLWLYLVPRWHYHFRPRSHUFXVVRURSHQVDGRU7KRPDV+REEHVRTXDOQmRDGPLWLD HPTXDOTXHUKLSyWHVHRGLUHLWRFRQVXHWXGLQiULRMiTXHHVWHQmRDSOLFDVDQomRHJHUDDSHQDV REULJDWRULHGDGH QR QtYHO PRUDO R TXH DFDED SRU JHUDU XP HVWDGR GH DQDUTXLD SHUPDQHQWH

_{6286$-RVp3HGUR*DOYmRGH2SRVLWLYLVPRHRGLUHLWRQDWXUDOS}

+REEHV HQULTXHFH R SRVLWLYLVPR WUD]HQGR DV QRo}HV GH VHSDUDomR GRV SRGHUHV H UHSUHVHQWDWLYLGDGHGHPRFUiWLFD

1DIDVHGHWUDQVLomRGR (VWDGRPHGLHYDOSDUDR (VWDGRPRGHUQRFRPRVXUJLPHQWR GDV SULPHLUDV FRQFHSo}HV GH FRQFHQWUDomR GR 3RGHU VXUJH D QHFHVVLGDGH GH XP WHUFHLUR LPSDUFLDOQDVROXomRGHFRQWURYpUVLDVXPyUJmRTXHVHMDOLYUHQDVRFLHGDGHQDVFHQGRHQWmRD ILJXUDGRMXL]

1XP SULPHLUR PRPHQWR R MXL] FRQVWUyL QRUPDV FRQVXHWXGLQiULDV Mi TXH WLQKD OLEHUGDGHGHHVFROKHUD QRUPDDVHUDSOLFDGDHQmRHVWDYDREULJDGRD ID]rORVRPHQWHHQWUH DTXHODVHPDQDGDVSHOR(VWDGRMiTXHRGLUHLWRSRVLWLYRHVWDYDQXPPHVPRSODQRGRGLUHLWR QDWXUDO

3RVWHULRUPHQWH QXP VHJXQGR PRPHQWR R MXL] p HQWmR FRQVLGHUDGR R WLWXODU GRV SRGHUHV HVWDWDLV VXERUGLQDGR DR (VWDGR FXMD IXQomR SULQFLSDO p D GH SURGX]LU D -XVWLoD GH DFRUGRFRPDVQRUPDVHPDQDGDVSHORSRGHUOHJLVODWLYR

(QWUHRVVpFXORV;9,,H;9,,,YHULILFDVHTXHDLQGDKiRXVRGRGLUHLWRQDWXUDOPDV VRPHQWHDSOLFDGRQRVFDVRVHPTXHVHFRQVWDWDODFXQDQRGLUHLWRSRVLWLYRVHQGRVHXXVRFRPR WDOGHIHQGLGRSRUILOyVRIRVTXHDGPLWHPTXHHVWHDGYpPGDTXHOH(VVDSRVWXUDVREUHYLYHDWpD pSRFDGDVFRGLILFDo}HV

(QWUHRVVpFXORV;9,,, H;,9QD$OHPDQKD*XVWDYR+XJRH6DYLJQ\QDFKDPDGD (VFROD +LVWyULFD FRPEDWHP UDGLFDOPHQWH R GLUHLWR QDWXUDO H R GLUHLWR FRQVXHWXGLQiULR DFHLWDQGRRV VRPHQWH FRPR SDUWH GD ILORVRILD H GR VRFLDOLVPR RX PHOKRU FRPR FLrQFLD H[SOLFDWLYDGRGLUHLWRSRVLWLYRHPUD]mRGDVXDIDOWDGHQRUPDWLYLGDGHHVDQomR

$LQGDQD$OHPDQKDQDVFHXPPRYLPHQWR,OXPLQLVWDFXMDILQDOLGDGHHUDDGHSRVLWLYDU R FRQMXQWR GH QRUPDV FRQVXHWXGLQiULDV H[SUHVVDGDV QXP FRQMXQWR VLVWHPiWLFR GH QRUPDV MXUtGLFDV DSURYDGDV SRU XPD DXWRULGDGH VHQmR QmR Ki HIHWLYLGDGH H FRPR UHVXOWDGR GD SUySULDUD]mR1DVFHDtD(VFROD3DQGHFWHLVWDFXMDSULPHLUDWHQWDWLYDIRLDGHRUGHQDURGLUHLWR SRVLWLYRHP

1RHQWDQWRDOJXQVSHQVDGRUHVGDpSRFDDH[HPSORGH6DYLJQ\QmRFRQFRUGDPFRPD FRGLILFDomRSRLVVHDFUHGLWDTXHD$OHPDQKDQmRHVWiPDGXUDFLYLOHFXOWXUDOPHQWHSDUDWDQWR Mi TXH HVWH SURFHVVR LPSOLFD HP HQJHVVDPHQWR GR GLUHLWR SDUDOLVDQGR R SURFHVVR GH GHVHQYROYLPHQWRGHVWDFLrQFLDDTXDODFUHGLWDGHYDVHUXPWUDEDOKRDVHUIHLWRSHORVMXULVWDVH FLHQWLVWDVQR'LUHLWRHQmRSHOROHJLVODWLYR

0DVpQD)UDQoDHPHPUD]mRGD5HYROXomR)UDQFHVDRFRUULGDHQWUHRVDQRVGH HTXHHQWUDHPYLJRUR&yGLJRGH1DSROHmRFRPDILQDOLGDGHGHUHXQLUQXPVy LQVWUXPHQWRR³GLUHLWRVLPSOHVHXQLWiULR´RTXDOFRQWHULDDVOHLVXQLYHUVDLVHLPXWiYHLVTXH GHYHULDP UHJXODU D FRQGXWD GRV KRPHQV UHVXPLGR HP SRXFDV OHLV H FXMD SULQFLSDO FDUDFWHUtVWLFDHUDDVLPSOLFLGDGHMiTXHVHDFUHGLWDYDTXHPXLWDVOHLVYLJHQWHVQRRUGHQDPHQWR JHUDYDPRHVWDGRGHHVFUDYLGmR

6XDUD]mRHUDQRLQtFLRGHVXDHODERUDomRHOLPLQDUGLYHUVDVQRUPDVSURGX]LGDVSHOR GHVHQYROYLPHQWRKLVWyULFRHLQVWDXUDUGLUHLWRVIXQGDGRVQDQDWXUH]DDGDSWDGRjVH[LJrQFLDV XQLYHUVDLVKXPDQDV

1RHQWDQWRRVHXSURMHWRGHILQLWLYRDEDQGRQRXDVLGpLDVMXVQDWXUDOLVWDV$(VFRODGH ([HJHVH FULDGD QD )UDQoD SDUD LQWHUSUHWDU R &yGLJR GH 1DSROHmR DGYRJDYD R 3ULQFtSLR GD &RPSOHWXGHGRRUGHQDPHQWRMXUtGLFRH[FOXLQGRRXVRGRGLUHLWRQDWXUDOSDUDDVROXomRGDV ODFXQDVHGHIHQGHQGRTXHHVWDVGHYHULDPVHUUHVROYLGDVSHORSUySULRVLVWHPDMXUtGLFR

1DVFH Dt D LGpLD GH 'RJPiWLFD -XUtGLFD FRQFHLWXDO FXMR SURFHVVR GH VROXo}HV GH ODFXQDVGHYHVHUIHLWRSHODDQiOLVHJUDPDWLFDOOyJLFDHVLVWHPiWLFDGDVOHLV6HXVIXQGDPHQWRV EDVHDYDPVHQDVVHJXLQWHVSUHPLVVDV

,FRGLILFDomRFRPRIRUPDVLPSOHVGHUHVROYHUFRQIOLWRVRMXVQDWXUDOLVPRpFRPSOH[R GHPDLVSDUDLVVR

,,ID]HUYDOHUR3ULQFtSLRGD$XWRULGDGHYRQWDGHVREHUDQDGROHJLVODGRU ,,,UHVSHLWDUDGLYLVmRGRVSRGHUHVDDWLYLGDGHGRMXL]QmRpOHJLVODWLYD

,9 JHUDUHVWDELOLGDGHQDVUHODo}HVSRUPHLRGR3ULQFtSLRGD&HUWH]DGRGLUHLWRHGD /HJDOLGDGH

9VROLGLILFDURHQVLQDPHQWRMXUtGLFRSRUPHLRGRSRVLWLYLVPRMXUtGLFR

1HVVH PHVPR SHUtRGR SDUDOHODPHQWH j (VFROD GD ([HJHVH VH GHVHQYROYLD QD ,QJODWHUUDD(VFROD$QDOtWLFDFXMRIXQGDGRUIRL-RKQ$XVWLQ

2V DUJXPHQWRV GHVVD HVFROD VH EDVHDYDP QD SUHPLVVD GH TXH R GLUHLWR SRVLWLYR H R GLUHLWRMXULVSUXGHQFLDOVRPHQWHHPDQDPGRVVREHUDQRVQmRSRVVXLQGRRFRVWXPHTXDOLILFDomR MXUtGLFDDWpTXHQmRVHMDFRQVDJUDGRSHORyUJmRMXGLFLiULRGR(VWDGR

2VJHUPkQLFRVFRODERUDUDPPXLWRQDUHQRYDomRGDHVWUXWXUDGR'LUHLWRSRUPHLRGD LPSRUWkQFLD GDV WHRULDV MXUtGLFDV H GD GLYLVmR GDV GLVFLSOLQDV HP UDPRV GR 'LUHLWR 0DV p ILQDOPHQWHQRVpFXOR;;FRP+DQV.HOVHQTXHQDVFHDFKDPDGD³7HRULD3XUDGR'LUHLWR´

+DQV .HOVHQ p DQWDJ{QLFR D TXDOTXHU SHQVDPHQWR QDWXUDOLVWD PHWDItVLFR VRFLDO UHOLJLRVR KLVWyULFR H DQWURSROyJLFR H FRQVLGHUD D FLrQFLD MXUtGLFD VHP TXDLVTXHU LQIOXrQFLDV H[WHUQDVDRFRQFOXLUTXHRTXHQmRSRGHVHUSURYDGRUDFLRQDOPHQWHQmRSRGHVHUFRQKHFLGR (OHVRPHQWHDFHLWDDTXLORTXHp³SRVWR´SRVLWXPLXVSRVLWLYXP

1HVVHFRQWH[WRGiVHRLVRODPHQWRGRPpWRGRMXUtGLFRKDYHQGRDXWRQRPLDGR'LUHLWR FRPRFLrQFLD$VFLrQFLDVVRFLDLVGHWHUPLQDPRGHYHUVHUHSRULVVRVmRLPSXWiYHLVHQTXDQWR DVFLrQFLDVQDWXUDLVVmRFDXVDLVSRLVVRPHQWHHQYROYHPRVHU

2 SRVLWLYLVPR FRQVLGHUD FRPR MXUtGLFR WRGR IHQ{PHQR MXUtGLFR SXUR H FRPR QmR -XUtGLFRWRGRIHQ{PHQRFXOWXUDODQWURSROyJLFRpWLFRSROtWLFRUHOLJLRVRHPHWDItVLFR1mRVH TXHVWLRQDPYDORUHVDQWHFHGHQWHVDSyVDHODERUDomRGDQRUPDVyLPSRUWDQGRDQRUPDHPVL TXHpRSULQFtSLRHRILPGHWRGRRVLVWHPDMXUtGLFR

_{%2%%,21RUEHUWR2SRVLWLYLVPRMXUtGLFRS %2%%,21RUEHUWR2SRVLWLYLVPRMXUtGLFRS}

3RUPHLRGHVVHUDFLRFtQLR+DQV.HOVHQEXVFDDYDOLGDGHGDQRUPDGHQWURGRSUySULR VLVWHPDMXUtGLFRVHQGRR'LUHLWRYLVWRFRPRXPVLVWHPDHVFDORQDGRHJUDGDWLYRGHQRUPDVDV TXDLV DWULEXHP VHQWLGR REMHWLYR DRV DWRV GH YRQWDGH (ODV VH DSyLDP XPDV QDV RXWUDV IRUPDQGR XP WRGR FRHUHQWH HP TXH VH EXVFD VXD YDOLGDGH QD QRUPD KLHUDUTXLFDPHQWH VXSHULRU VHQGR D QRUPD IXQGDPHQWDO GR (VWDGR R SULQFtSLR GH YDOLGDGH GH WRGR R RUGHQDPHQWRMXUtGLFRFXMRVLVWHPDVHUHSUHVHQWDHPIRUPDSLUkPLGH

(QULTXHFH DVVLP R MXVSRVLWLYLVPR FRP R HVWXGR GDV HVWUXWXUDV GH FRQVWUXomR GR GLUHLWR SRVLWLYR DFHLWDQGRR FRPR FLrQFLD TXH SURFXUD GHVFUHYHU R IXQFLRQDPHQWR H PDTXLQLVPRGDVQRUPDVMXUtGLFDVFLrQFLD-XUtGLFDVHJXQGRD7HRULD3XUDpXPDFLrQFLDGR GHYHUVHUHDVVLPVHQGRVXDQDWXUH]DpSXUDPHQWHQRUPDWLYD

$OpPGHWRGDHVVDFRQWULEXLomR+DQV.HOVHQGLIHUHDPRUDOGRGLUHLWRDILUPDQGRTXH DYDOLGDGHGDQRUPDSRVLWLYDLQGHSHQGHGDPRUDODEVROXWDGRVDOLFHUFHVPRUDLVGDVRFLHGDGH EDVWDQGR HVWDU HP YLJRU H HVWDU GH DFRUGR FRP DV QRUPDV TXH HVWDEHOHFHP DV UHJUDV GH YDOLGDGHGRSURFHVVROHJLVODWLYR

1mR HQWUD QD TXHVWmR GD MXVWLoD RX LQMXVWLoD GR GLUHLWR SRVLWLYR GHL[DQGR WDO DERUGDJHPSDUDRkPELWRGDpWLFDGDVHVSHFXODo}HVGRVYDORUHV

2 SRVLWLYLVPR DSUHVHQWD R 'LUHLWR H WRGDV DV GHPDLV IRUPDV GH FRQKHFLPHQWR GD VRFLHGDGH FRPR FLrQFLD SULYLOHJLDQGR VHXV DVSHFWRV WpFQLFRV SUHSDUDQGR DVVLP R WHUUHQR SDUDDGRJPiWLFDMXUtGLFDFRPR³WHFQRORJLDGHFRQWUROHVRFLDO´

9DOH UHVVDOWDU TXH 1RUEHUWR %REELR DSRQWD HP VXD REUD DOJXPDV FDUDFWHUtVWLFDV IXQGDPHQWDLVGDGRJPiWLFDSRVLWLYLVWDDSUHVHQWDQGRRWHPDQDIRUPDGH7HRULDV0pWRGRVH ,GHRORJLDV H WUDoDQGR DV SULQFLSDLV FDUDFWHUtVWLFDV H GLIHUHQoDV GH FDGD XPD GHODV D ILP GH GHPRQVWUDUDLPSRUWkQFLDHHVVHQFLDOLGDGHGRSRVLWLYLVPRQR'LUHLWR

_{.(/6(1+DQV7HRULD3XUDGR'LUHLWRS}

_{$'(2'$72-RmR0DXUtFLReWLFDHUHWyULFDSDUDXPDWHRULDGDGRJPiWLFDMXUtGLFDS %2%%,21RUEHUWR2SRVLWLYLVPRMXUtGLFR5LRGH-DQHLUR&DPXV}

'LUHLWRVIXQGDPHQWDLVWHRULDV

'LDQWHGHVVHKLVWyULFRRVGLUHLWRVIXQGDPHQWDLVSRGHPVHUREVHUYDGRVVREDyWLFDGH WUrVWHRULDV

D 7HRULD -XVQDWXUDOLVWD ± PHGLDQWH D TXDO HVWHV GLUHLWRV VmR VXSHULRUHV LPXWiYHLV H LQGHUURJiYHLVHQmRVmRFULDGRVSHOROHJLVODGRUVmRLQHUHQWHVjFRQVFLrQFLDKXPDQD

(VVD WHRULD SDUWH GD LGpLD GH TXH QD VRFLHGDGH Ki YDORUHV H SUHWHQV}HV KXPDQDV OHJLWLPDGDVSHODSUySULDFLUFXQVWkQFLDHDVSHFWRVSXUDPHQWHKXPDQRVHQDWXUDLVFRQYDOLGDGRV HP VL PHVPRV QmR GHFRUUHQWHV GH DWRV QRUPDWLYRV H[SHGLGRV SHOD DXWRULGDGH HVWDWDO PDV IXQFLRQDPFRPRYHUGDGHLURVOLPLWDGRUHVGHVWD

E 7HRULD 3RVLWLYLVWD ± H[SOLFD TXH HVVHV GLUHLWRV GHYHP HVWDU QHFHVVDULDPHQWH FRQVROLGDGRV QD QRUPD GHYHQGR HVWDU SRVLWLYDGRV QR RUGHQDPHQWR MXUtGLFR UHVXOWDGR GD GLVFXVVmRGHQWURGRUHJLPHGHPRFUiWLFRSRUPHLRGDVREHUDQLDSRSXODU

6HJXQGRHVVDWHRULDDLGpLDGHGLUHLWRFRUUHVSRQGHDRTXHpGHFODUDGRSHODDXWRULGDGH GHVSUHQGLGR GR GLUHLWR QDWXUDO RX PHVPR LJQRUDQGR HVWH RULJLQDGD SHOD 7HRULD GD 1RUPD 3RVWD GH +DQV .HOVHQ FRQVLGHUDQGR HVWUDQKRV DR REMHWR GR GLUHLWR RV YDORUHV LQVHULGRV QD QRUPD

F7HRULDSyVSRVLWLYLVWD±IXQGDPHQWDRVGLUHLWRVKXPDQRVQDFRQVFLrQFLDPRUDOHQD H[SHULrQFLDGHXPGHWHUPLQDGRSRYR

6HJXQGRHVVDWHRULDRVYDORUHVPRUDLVGDULDPDGLUHomRDRDJLUSHORUHFRQKHFLPHQWR GRRXWURLJXDOPHQWHFRPRVHUGHGLUHLWRVHUGRWDGRGHGLJQLGDGHGHPDQHLUDDWRUQDUSRVVtYHO H FRUUHWD D FRQYLYrQFLD QD VRFLHGDGH WHQGR SRU EDVH XP FRQWH~GR KXPDQLVWD TXH GHYH VHU UHIOHWLGRSHODSUySULDQRUPDMXUtGLFDTXHDIXQGDPHQWHHTXHJDUDQWDFRQVHTrQFLDSRVLWLYDQD VXDDSOLFDomRDILUPDQGR3HUHOPDQTXHDVOHLVHRVUHJXODPHQWRVSROLWLFDPHQWHMXVWRVVmRRV

_{025$(6 $OH[DQGUHGH-XULVGLomR&RQVWLWXFLRQDOH7ULEXQDLV&RQVWLWXFLRQDLV6mR3DXOR$WODVS}

_{%$55262/XtV5REHUWR)XQGDPHQWRV7HyULFRVH)LORVyILFRVGR1RYR'LUHLWR&RQVWLWXFLRQDO%UDVLOHLUR,Q} BBBBBB$1RYD,QWHUSUHWDomR&RQVWLWXFLRQDO3RQGHUDomR'LUHLWRV)XQGDPHQWDLVH5HODo}HV3ULYDGDV5LRGH -DQHLUR5HQRYDUS

_{025$(6$OH[DQGUHGH-XULVGLomR&RQVWLWXFLRQDOH7ULEXQDLV&RQVWLWXFLRQDLVS &2(/+2)iELR8OKRD3DUD(QWHQGHU.HOVHQHG6mR3DXOR0D[/LPRQDGS}

TXH QmR VmR DUELWUiULRV SRUTXH FRUUHVSRQGHP jV FUHQoDV jV DVSLUDo}HV H DRV YDORUHV GD FRPXQLGDGHSROtWLFD

$ VHJXLU DQDOLVDUHPRV H GLVFRUUHUHPRV GH IRUPD PDLV GHWDOKDGD DFHUFD GHVVDV WUrV WHRULDV

-XVQDWXUDOLVPRH-XVSRVLWLYLVPR

&RQIRUPHVDOLHQWDPRVMXVILOyVRIRVDUJHQWLQRV&DUORV$OFKRXUUyQH(XJHQLR%XO\JLQ QROLYUR1RUPDWLYH6\VWHPV³XPPRGHORDEVWUDWRQmRSRGHUHSURGX]LUWRGDDUHDOLGDGHPDV QmRH[LVWHQHQKXPDVSHFWRGDUHDOLGDGHTXHQmRSRVVDVHUUHSURGX]LGRHPDOJXPPRGHOR´2 GLUHLWRpXPDGHVVDVUHDOLGDGHVH[WUHPDPHQWHFRPSOH[DVFXMDHVVrQFLDRXQDWXUH]DQmRSRGH VHUFDSWXUDGDSRUXP~QLFRPRGHORDEVWUDWR'DtDSOXUDOLGDGHGHSHUVSHFWLYDVPRYLPHQWRVH HVFRODVWHyULFDVTXHVXUJLUDPVREUHRGLUHLWR

&RPREHPDSRQWD5RJHU6KLQHUHPVHX1RUPDQG1DWXUH±7KH0RYHPHQWVRI/HJDO 7KRXJKWV_{DSDODYUD³PRYLPHQWR´SRVVXLGRLVVHQWLGRVSULQFLSDLV}

³PRYLPHQWR´ QR VHQWLGR GH XP JUXSR GH SHVVRDV FRP REMHWLYRV H FUHQoDV HP FRPXP RX XP FRQMXQWR GH SURSyVLWRV FRPSDUWLOKDGRV H[ 0RYLPHQWR GRV 6HP 7HUUDH

³PRYLPHQWR´HPXPVHQWLGRGHGHVORFDPHQWRRXYDULDomRGHSRVLomRRXOXJDUVHMD HVVHGHVORFDPHQWROLWHUDORXPHWDIyULFR

(P UHODomR DR SULPHLUR VLJQLILFDGR p SRVVtYHO GHVWDFDU WUrV PRYLPHQWRV SDUDGLJPiWLFRVTXHWrPFRQVWLWXtGRWHRULDVDSDUWLUGDVTXDLVRGLUHLWRpDQDOLVDGRRGLUHLWR QDWXUDO R SRVLWLYLVPR MXUtGLFR H R UHDOLVPR MXUtGLFR (P UHODomR DR VHJXQGR VHQWLGR ³PRYLPHQWR´FRPRGHVORFDPHQWRRXYDULDomRGHSRVLomRpLPSRUWDQWHIULVDUTXHSDUDTXHR PRYLPHQWR RFRUUD ID]VH QHFHVViULD D H[LVWrQFLD GH IRUoDV UHVSRQViYHLV SHOR VHX DFRQWHFLPHQWR

_{3(5(/0$1&KDLQeWLFDH'LUHLWR7UDGXomRGH0DULD(*DOYmR3HUHLUD6mR3DXOR0DUWLQV)RQWHV} S

7UDGLFLRQDOPHQWHRTXHWHPPRYLPHQWDGRDVGLIHUHQWHVWHRULDVpDTXHVWmRGRHUURRX VHMDXPDGHWHUPLQDGDWHRULDRXSHUVSHFWLYDHQWUDHPFHQDSDUDDSRQWDURVHUURVTXHDFUHGLWD WHU LGHQWLILFDGR HP RXWUDV H VXEVWLWXtODV FRPR D GHWHQWRUD GD YHUGDGH RX D PHOKRU DSUHVHQWDomRGRGLUHLWR3RUpPDIRUoDSURSXOVRUDGDILORVRILDGRGLUHLWRGHYHULDVHURDFHUWRH DSUHFLVmR

&DGDXPGRVPRYLPHQWRVPHQFLRQDGRVUHFRQVWUyLDFHUWDGDPHQWHDOJXQVDVSHFWRVGD UHDOLGDGHMXUtGLFD7DQWRRMXVQDWXUDOLVPRTXDQWRRMXVSRVLWLYLVPRHRUHDOLVPRMXUtGLFRWrP R VHX PpULWR QD LOXPLQDomR GR IHQ{PHQR MXUtGLFR H QD DQiOLVH GR FRQFHLWR GH GLUHLWR $ PHOKRU IRUPD GH HQWHQGHU R TXH p R GLUHLWR GH UHVJDWDU D VXD QDWXUH]D GH VH ID]HU XPD UHFRQVWUXomR UDFLRQDO GR FRQFHLWR GH GLUHLWR RX UHDOL]DU D WUDQVIRUPDomR GR GLUHLWR GH

H[SOLFDQGXP HP H[SOLFDWXPp GH IDWR SRU PHLR GD LQYHVWLJDomR GLQkPLFD RX UHODomR GLDOyJLFD GRV PRYLPHQWRV PHQFLRQDGRV $ ILORVRILD GR GLUHLWR QmR p HVWiWLFD PDV XPD FRQYHUVDLQFHVVDQWH

3DUD XVDU D LPDJHP VXJHULGD SRU 6KLQHU p FRPR VH FDGD XP GRV PRYLPHQWRV VXSUDPHQFLRQDGRV HVWLYHVVHQDSRQWDGHXPHOiVWLFRHFRQIRUPHRILOyVRIRFRPHoDVVHDVH DIDVWDU PXLWR GH XPD GDV SRQWDV QD GLUHomR GH DOJXPD RXWUD HOH VHQWLVVH R HOiVWLFR WHQVLRQDQGRHSX[DQGRRGHYROWD

$ SULPD]LD GR SRVLWLYLVPR MXUtGLFR PDLV HVSHFLILFDPHQWH GR SRVLWLYLVPR MXUtGLFR FRQFHLWXDO VH PDQLIHVWD HP GLYHUVRV VHQWLGRV H GLPHQV}HV 3DUD VXVWHQWDU D SULPD]LD GR SRVLWLYLVPR FRQFHLWXDO H D VXD PDLRU UHOHYkQFLD FRPR FHQiULR SDUD D GLVFXVVmR DFHUFD GRV FDVRVGLItFHLVGRGLUHLWRID]VHQHFHVViULRDQWHVGHTXDOTXHUFRLVDGLVWLQJXLURSRVLWLYLVPR MXUtGLFR GR GLUHLWR QDWXUDO EHP FRPR GH RXWUDV YHUV}HV GR SRVLWLYLVPR MXUtGLFR FRPR R ³QRUPDWLYLVPRMXUtGLFR´R³IRUPDOLVPRMXUtGLFR´HR³FHWLFLVPRpWLFR´

7UDWDVHGHXPOXJDUFRPXPMiFRQVDJUDGRXPWRSRVUHFRUUHQWHDDILUPDomRGHTXHR HSLFHQWUR RX D IRUoD PRWUL] GD ILORVRILD GR GLUHLWR VH FRQVXEVWDQFLD QR GHEDWH SRVLWLYLVPR MXUtGLFRGLUHLWRQDWXUDO5HFHQWHPHQWHYHPHFRDQGRQRPHLRDFDGrPLFRRPDLVQRYRFOLFKr

_{¬VYH]HVTXDQGRXVDPRVDSDODYUD³GLUHLWR´HVWDPRVIDODQGRGHQRUPDVORJLFDPHQWHDQWHULRUHVHHWLFDPHQWH} VXSHULRUHVTXHGHYHULDPQRUWHDUDVQRUPDVSRVLWLYDVjVYH]HVXVDPRVDSDODYUD³GLUHLWR´SDUDID]HUUHIHUrQFLD DRGLUHLWRSRVLWLYDGRHjVYH]HVDXVDPRVSDUDWUDWDUGDSUiWLFDMXUtGLFD

TXH D ILORVRILD GR GLUHLWR FRQWHPSRUkQHD VH FDUDFWHUL]D SHOD VXSHUDomR GD GLFRWRPLD MXVSRVLWLYLVPRMXVQDWXUDOLVPR 3URYD GLVVR p D DOWD SURGXomR GH UyWXORV TXH YLVDP D FDUDFWHUL]DUHVVDQRYDHUDGDILORVRILDGRGLUHLWR³GLUHLWRSyVPRGHUQR´ ³SyVSRVLWLYLVPR´ ³QmRSRVLWLYLVPR SULQFLSLROyJLFR´ (PERUD VHMD FRPXP D H[SRVLomR D HVVDV IRUPDV GH VH FRQFHEHUDILORVRILDGRGLUHLWRRTXHUDUDPHQWHWHPDFRPSDQKDGRWDOH[SRVLomRpXPDDQiOLVH PLQXFLRVDGDVWHVHVRXSURSRVLo}HVTXHVHUYHPFRPRQRWDVGHILQLWyULDVGRMXVQDWXUDOLVPRH GRMXVSRVLWLYLVPR2FDVRpJUDYH1mRVHWUDWDDSHQDVGDIDOWDGHXPDDQiOLVHULJRURVDGHVVHV FRQFHLWRV 0XLWDV YH]HV HVVH FHQiULR FRQFHLWXDO IRL FRQVWUXtGR QmR DSHQDV GH PDQHLUD VLPSOyULDPDVWDPEpPHUUDGDDWLQJLQGRXQLIRUPLGDGHPDVSDJDQGRRSUHoRGDGLVWRUomR

'LDQWH GLVVR D WDUHID DTXL SURSRVWD p XP HVIRUoR GH HOXFLGDomR FRQFHLWXDO VHUmR DQDOLVDGDVDVWHVHVIXQGDPHQWDLVGHVVDVGXDVFRUUHQWHVGHSHQVDPHQWRVREUHRGLUHLWR

&RPRDSRQWDRSURIHVVRUGH2[IRUG-RKQ*DUGQHUQRDUWLJR³/HJDO3RVLWLYLVP 0\WKV´QRkPELWRGDDUJXPHQWDomRILORVyILFDRTXHLQWHUHVVDLQYHVWLJDUVmRSURSRVLo}HVRX WHVHV7DOYH]QRFDPSRGDKLVWyULDGDVLGpLDVSHQVDGRUHVSRVVDPVHUDJUXSDGRVSRUWHPDV SRUpPQDILORVRILDXPFRQFHLWRRXUyWXORFODVVLILFDWyULRVySRGHVHUDWULEXtGRDXPJUXSRGH SHQVDGRUHV QD PHGLGD HP TXH FRPSDUWLOKHP DV PHVPDV WHVHV 6RPHQWH D SDUWLU GH WDO LQYHVWLJDomRpSRVVtYHOFODULILFDUVHPGLVWRUo}HVRVFRQFHLWRVGHMXVQDWXUDOLVPRHSRVLWLYLVPR MXUtGLFRTXHGHDFRUGRFRPDFRQFHSomRWUDGLFLRQDOVmRRVFRQFHLWRVFKDYHGDILORVRILDGR GLUHLWRHTXHGHDFRUGRFRPDDVWHQGrQFLDVDWXDLVVmRDVSRVLo}HVTXHGHYHPVHUVXSHUDGDV

-XVQDWXUDOLVPR

2MXVQDWXUDOLVPRHVWiDVVRFLDGRjFXOWXUDJUHJDHPTXHXPDMXVWLoDLQDWDXQLYHUVDO QHFHVViULD Mi HUD SURSDODGD SRU 3ODWmR QD VXD REUD'D 5HS~EOLFDWDPEpP GLYXOJDGD SRU &tFHURHP5RPDFRQVLGHUDGDFRPRDUD]mRGHFRUUHQWHGDQDWXUH]DGDVFRLVDVSRUMiHVWDUQD

_{2 FHQiULR WUDGLFLRQDOPHQWH DSUHVHQWDGR GH IRUPD HUUDGD H[DJHUDGD H GUDPiWLFD VREUH R FRQIOLWR GLUHLWR} QDWXUDOGLUHLWRSRVLWLYRpDVVLPPHQFLRQDGR³HPXPFDVRDPRUDOWHPUHODomRFRPRGLUHLWRHQTXDQWRTXH QR RXWUR VmR GRLV VLVWHPDV QRUPDWLYRV WRWDOPHQWH VHSDUDGRV 'LVVR FRVWXPD VHJXLU RXWUD FRQVHTrQFLD LJXDOPHQWHGUDPiWLFDVHIRUDFHLWDDYHUVmRSRVLWLYLVWDQmRH[LVWHPDQHLUDGHDYDOLDUPRUDOPHQWHRGLUHLWR'i QRPHVPRRGLUHLWRMXVWRHRLQMXVWRRFRUUHWRHRLQFRUUHWRRERPHRPDXPDLVDLQGDWDPEpPVHVHJXLUiTXH pREULJDWyULRREHGHFHUDTXDOTXHUGLUHLWRQmRLPSRUWDQGRVHXJUDXGHLPRUDOLGDGH´'LVFXVLyQHQWUHHO'HUHFKR 1DWXUDO\HO3RVLWLYLVPR-XUtGLFR'R[DQS

FRQVFLrQFLD KXPDQD QR VHQWLGR GR EHP 6HULD HQWmR XPD OHL LPXWiYHO LUUHYRJiYHO H QmR DQXOiYHO

1D LGDGH PpGLD R MXVQDWXUDOLVPR VLJQLILFDYD FRQWH~GRV WHROyJLFRV GHFRUUHQWHV GD YRQWDGHGLYLQD1DpSRFDPHGLHYDOFRQWLQXRXDSUHYDOHFHURGLUHLWRQDWXUDOPDVREMHWLYRH PDWHULDO LPDQHQWH j SHVVRD PLVWXUDGR DRV SULQFtSLRV PRUDLV FRQVDJUDGRV RX QmR QD OHJLVODomR SHUFHSWtYHLV SHOD LQWHOLJrQFLD KXPDQD DEUDQJHQGR RV GHYHUHV GDV SHVVRDV SDUD FRQVLJR PHVPDV SDUD FRP RV RXWURV H SDUD FRP 'HXV 2 IXQGDPHQWR p R EHP TXH D FRQVFLrQFLD GHWHUPLQD QmR GHYHQGR OHVDU DR SUy[LPR 2 GLUHLWR QDWXUDO QmR GHSHQGH GR OHJLVODGRU SRLV UHFRQKHFH SRU VL PHVPR RV FRPDQGRV FRPR SRU H[HPSOR R GHYHU GH SUHVHUYDUDSUySULDYLGDHGHQmRPDWDUDRXWUHP(VVDFRQFHSomRLQLFLDOWHROyJLFDFHGHXOXJDU DXPDGRXWULQDMXVQDWXUDOLVWDIRUPDODSDUWLUGRVpFXOR;9,,IXQGDGDQDUD]mRKXPDQD

2GLUHLWRQDWXUDOFRQVWLWXLXDEDVHILORVyILFDSDUDGDUMXVWLILFDomRDRGLUHLWRSRVLWLYRGH PRGRDDVVLPVHUYLUGHJXLDDROHJLVODGRUDHQFRQWUDUVHXVSULPHLURVIXQGDPHQWRV(QWUHWDQWR QmR GH IRUPD D LQWHUIHULU QR SHQVDPHQWR MXUtGLFR JHQXtQR GLDQWH GRV SUREOHPDV UHDLV GD SROtWLFDMXUtGLFDLQGHSHQGHQWHPHQWHGHFRQVLGHUDURVSRVWXODGRVGHTXHRGLUHLWRGHYHULDHVWDU FRQIRUPHDQDWXUH]DGDSHVVRD

$OI 5RVV DILUPD DLQGD TXH RV GLUHLWRV QDWXUDLV HVWDULDP SRU GHWUiV GRV GLUHLWRV VXEMHWLYRVSRVLWLYDGRV

2GLUHLWRQDWXUDOFRQGX]LDjLGpLDGHXPDYLUWXGHVXSUHPDQDTXDOVHFHQWUDYDDMXVWLoD H D YHUGDGHLUD UHDOL]DomR GR GLUHLWR H TXH RV SUREOHPDV GH MXVWLoD VmR GH GLVWULEXLomR HTXLYDOHQGRjGHPDQGDGDLJXDOGDGHQDGLVWULEXLomRGHYDQWDJHQVHREULJDo}HVRXHQFDUJRV 7DOSHQVDPHQWRIRLGHVHQYROYLGRSRU3LWiJRUDVQRVpFXOR,9DQWHVGH&ULVWRDSDUWLUGRTXH HQWmR D MXVWLoD SDVVRX D VHU YLVXDOL]DGD QR VHQWLGR GD LJXDOGDGH DSUHVHQWDGD VRE LQ~PHUDV YDULDQWHV

$ FRPSUHHQVmR GH LJXDOGDGH p QR VHQWLGR GH TXH RV LJXDLV GHYHP VHU WUDWDGRV GD PHVPDPDQHLUD(VVDLGpLDHVWiGLULJLGDDWRGRVHDFDGDXPVHJXQGRVHXVPpULWRVDFDGDXP

_{%$55262/XtV5REHUWR)XQGDPHQWRV7HyULFRVH)LORVyILFRVGR1RYR'LUHLWR&RQVWLWXFLRQDO%UDVLOHLURS}

_{',1,=0DULD+HOHQD&RPSrQGLRGH,QWURGXomRj&LrQFLDGR'LUHLWRHG6mR3DXOR6DUDLYDS} H

_{5266$'LUHLWRH-XVWLoD6mR3DXOR(GLSURS 5266$'LUHLWRH-XVWLoDS}

VHJXQGRVXDFRQWULEXLomRVHJXQGRVXDVQHFHVVLGDGHVHVXDFDSDFLGDGH(QWUHWDQWRGHIRUPD FRUUHODWDGHYHVHUUHFRQKHFLGRRWUDWDPHQWRGHVLJXDODRVGHVLJXDLVQDYHUWHQWHGRSHQVDPHQWR DULVWRWpOLFRVHQGRMXVWRTXHVHIDoDDtGLVWLQomRSDUDDWHQGHUDSDXWDVGDGHVLJXDOGDGHHQWUHDV SHVVRDV GLIHUHQWHV VHPSUH PDUFDGDV QD KLVWyULD GD KXPDQLGDGH FRPR XPD H[LJrQFLD UDFLRQDOXPWUDWRGLIHUHQFLDGRPDVLJXDODWRGRVRVTXHSHUWHQoDPDFODVVHVGLIHUHQFLDGDV PHGLDQWHFULWpULRVREMHWLYRVHUHJUDVGDGDVSDUDLPSRUOLPLWHVDTXHPWRPDDGHFLVmRQRFDVR FRQFUHWRREHGHFHQGRDRVSULQFtSLRVGHMXVWLoDTXHUHSXGLDPDDUELWUDULHGDGH

-RKQ/RFNHSURS}HDLQVWDXUDomRGHXPJRYHUQRFLYLOWHQGRFRPRREMHWLYRVDQDUDV GHILFLrQFLDV GR GLUHLWR QDWXUDO SURMHWDQGR R SRGHU SROtWLFR H GLYLGLQGRR HP WUrV 3RGHU ([HFXWLYR 3RGHU /HJLVODWLYR H 3RGHU -XGLFLiULR IXQGDGR QXP SDFWR VRFLDO D WUDQVIHULU DR (VWDGRDJDUDQWLDGRVGLUHLWRVQDWXUDLVHGDVOLEHUGDGHVSHORUHJLPHOLEHUDOGHPRFUiWLFR

1R VpFXOR ;,; Ki IRUWHV UHDo}HV FRQWUD R MXVQDWXUDOLVPR HP IDFH GR KLVWRULFLVPR VRFLRORJLVPRHSRVLWLYLVPR&RQWXGRKiXPUHWRUQRDRQDWXUDOLVPRFRP'HO9HFFKLR+HOPXW &RLQJHRXWURVDQWLSRVLWLYLVWDV

'HO 9HFFKLR FRQVLGHUDYD TXH D QDWXUH]D p R UHDO HPStULFR HP TXH VH UHDOL]DP RV IHQ{PHQRV OLJDGRV SRU YtQFXORV FDXVDLV VHQGR R VHU KXPDQR XPD SDUWtFXOD GD QDWXUH]D D LQWHUDJLUFRPRWRGRHVHYLVXDOL]DGDDFRQFHSomRWHOHROyJLFDGRVIHQ{PHQRVUHVXOWDUiFRPR XPDRUGHPYDORUDWLYDDGDUYLGDjPDWpULD$VVLPRGLUHLWRGHYHOHYDUHPFRQWDDFRQFHSomR PHWDItVLFRWHOHROyJLFDGDQDWXUH]DGDSHVVRDHQmRVHXFDUiWHUIHQRPrQLFR3DUDHVVHDXWRUD QDWXUH]D KXPDQD IXQGDVH QD PRUDO H R MXVQDWXUDOLVPR FRODERUD QR DSHUIHLoRDPHQWR GDV QRUPDVGHVXDLQWHUSUHWDomRFRPRHOHPHQWRLQWHJUDGRUGRGLUHLWRSRVLWLYR

+XJR &UyWLXV WHULD IRUPXODGR D PDLV FpOHEUH GLVWLQomR GH GLUHLWR QDWXUDO H GLUHLWR SRVLWLYRQDVXDREUD'H-XUH%HOOLHW3DFLVVHQGRRSULPHLURGHVWLQDGRDGHPRQVWUDURTXHp PRUDOPHQWH FRUUHWR RX LQFRUUHWR QHFHVViULR SRU VL PHVPR Vy R FRPDQGR GLYLQR FRPR DUTXLWHWRGDQDWXUH]DGHPRGRTXHQDWXUDOpDOHLLQVFULWDSRU'HXVQRFRUDomRGRVHUKXPDQR

_{5266$'LUHLWRH-XVWLoDSH}

_{/2&.(-RKQ(VVD\VRQWKHODZRI1DWXUH2[IRUG&ODUHQGRQ/H\GHQS 0$&+$'21(727HRULDGD&LrQFLD-XUtGLFD6mR3DXOR6DUDLYDS}

FRPREDVHDRVHJXQGRTXHWHPFRPRILQDOLGDGHDVXDUHJXODPHQWDomRFRPRRSURSyVLWRGD FRQVHFXomRGREHPHVWDUFROHWLYR

'HDFRUGRFRPRILOyVRIRGRGLUHLWRDUJHQWLQR&DUORV6DQWLDJR1LQRXPDGLVVHFDomR GDV YiULDV YHUV}HV GR GLUHLWR QDWXUDO QRV OHYDULD D SHUFHEHU TXH WRGRV RV FKDPDGRV MXVQDWXUDOLVWDVHVWmRDJUXSDGRVVRERPHVPRUyWXORSRUGHIHQGHUHPDVGXDVVHJXLQWHVWHVHVGH PDQHLUDFRQFRPLWDQWH

XPDWHVHGHILORVRILDpWLFDTXHVXVWHQWDTXHH[LVWHPSULQFtSLRVPRUDLVHGHMXVWLoD TXHVmRXQLYHUVDOPHQWHYiOLGRVHDFHVVtYHLVjUD]mRKXPDQD

XPD WHVH VREUH D GHILQLomR GR FRQFHLWR GH GLUHLWR VHJXQGR D TXDO XP VLVWHPD QRUPDWLYRRXXPDQRUPDQmRSRGHPVHUTXDOLILFDGRVGH³MXUtGLFRV´VH FRQWUDGL]HPRXQmR SDVVDPSHORFULYRGHWDLVSULQFtSLRV

$SDUWLUGDVGXDVWHVHVH[SRVWDVDFLPDVHULDSRVVtYHOH[WUDLUXPDWHUFHLUDFRQFHUQHQWH jTXHVWmRGDREHGLrQFLDPRUDODRGLUHLWRSRUSDUWHGRVMXt]HVHVXMHLWRVMXUtGLFRV$ILQDOVHRV SULQFtSLRVPRUDLVHGHMXVWLoDXQLYHUVDOPHQWHYiOLGRVH[LVWHPHSRGHPVHUFRQKHFLGRVHVHR GLUHLWRGHYHQHFHVVDULDPHQWHLGHQWLILFDUVHFRPHVVHVSULQFtSLRVPRUDLVYHUVmRIRUWHGDWHVH MXVQDWXUDOLVWDRXSHORPHQRVQmRFRQWUDGL]rORVYHUVmRIUDFDGDWHVHMXVQDWXUDOLVWDHQWmR QmR VHULD VHQVDWR SDUD RV MXVQDWXUDOLVWDV TXH RV MXt]HV H FLGDGmRV QmR WLYHVVHP D REULJDomR PRUDO GH REHGHFHU DR GLUHLWR 3DUD RV MXVQDWXUDOLVWDV D H[SUHVVmR ³GLUHLWR MXVWR´ p XP SOHRQDVPRHDH[SUHVVmR³GLUHLWRLQMXVWR´XPDFRQWUDGLomR

$ REULJDomR GH REHGHFHU DR GLUHLWR GHFRUUH GR SUySULR FRQWH~GR PRUDO GDV QRUPDV MXUtGLFDVRXSHORPHQRVGDQmRRFRUUrQFLDGHFRQWH~GRLPRUDOQDYHUVmRIUDFD

3RUWDQWR D WHUFHLUD WHVH FRPSDUWLOKDGD SHORV MXVQDWXUDOLVWDV SRGH VHU FRORFDGD GD VHJXLQWH IRUPD WDQWR RV MXt]HV TXDQWR RV VXMHLWRV MXUtGLFRV WrP D REULJDomR PRUDO GH REHGHFHUDRGLUHLWR

_{%2%%,21RUEHUWR/Lo}HVGH)LORVRILDGR'LUHLWR6mR3DXOR,FRYHSD}

_{1,12&DUORV6DQWLDJR,QWURGXFFLyQDO$QiOLVLVGHO'HUHFKR%DUFHORQD$ULHO'HUHFKRS}

_{(VVDWHVHSRGHVHUGHVGREUDGDHPXPDWHVHGHFDUiWHURQWROyJLFRDFHUFDGDH[LVWrQFLDGRVSULQFtSLRVPRUDLV} XQLYHUVDOPHQWHYiOLGRVHXPDWHVHGHFDUiWHUOyJLFRRXHSLVWHPROyJLFRVREUHDSRVVLELOLGDGHGHFRQKHFLPHQWR GHVVHVSULQFtSLRV

0XLWRHPERUDDVWUrVWHVHVVXSUDPHQFLRQDGDVFDUDFWHUL]HPRVXEVWUDWRFRPXPDWRGDV DV YHUWHQWHV GR MXVQDWXUDOLVPR OHJLWLPDQGR R HPSUHJR GHVVH UyWXOR SDUD FODVVLILFDU XPD SOHWRUDGHSHQVDGRUHVDLQGDDVVLPH[LVWHPGLIHUHQoDVVLJQLILFDWLYDVTXHMXVWLILFDPTXHVHIDOH HPYHUV}HVGRGLUHLWRQDWXUDO

2V MXVQDWXUDOLVWDV GLYHUJHP UDGLFDOPHQWH DFHUFD GD RULJHP RX IRQWH GRV SULQFtSLRV PRUDLVHGHMXVWLoDXQLYHUVDOPHQWHYiOLGRVRXVHMDGLYHUJHPDFHUFDGDVXSRVWD³QDWXUH]D´GD TXDO HPDQDP RV SULQFtSLRV GR GLUHLWR QDWXUDO $OpP GLVVR PHVPR TXDQGR FRQFRUGDP D UHVSHLWRGDIRQWHGRGLUHLWRQDWXUDOPXLWDVYH]HVGLYHUJHPVREUHRFRQWH~GRTXHHPDQDGHVVD IRQWH4XDODQDWXUH]DGDTXDOVHH[WUDLRGLUHLWRQDWXUDO"7HULDSURYLQGRGDYRQWDGHGHXPD GLYLQGDGH" 7HULD VLGR IUXWR GD UD]mR KXPDQD" 6HULD D OHL QDWXUDO ILVLFDPHQWH FRQDWXUDO D WRGRVRVVHUHVDQLPDGRVjJXLVDGHLQVWLQWR"1HVVH~OWLPRFDVRRKRPHPVHULDQDWXUDOPHQWH LQVWLQWLYDPHQWH³ERP´"2X³PDX´"2GLUHLWRQDWXUDOIRLHFRQWLQXDVHQGRIRFRGHGLYHUVDV FUtWLFDVSRUpPXPDGDVDFXVDo}HVPDLVFRQWXQGHQWHVDRMXVQDWXUDOLVPRIRLHODERUDGDSHOR MXVILOyVRIRHVFDQGLQDYR$OI5RVV

&RPR XPD SURVWLWXWD R GLUHLWR QDWXUDO HVWi j GLVSRVLomR GH WRGRV 1mR Ki LGHRORJLD TXH QmR SRVVD VHU GHIHQGLGD UHFRUUHQGRVH j OHL QDWXUDO ( QD YHUGDGH FRPR SRGHULD VHU GLIHUHQWH FRQVLGHUDQGRVH TXH R IXQGDPHQWR SULQFLSDO GH WRGR GLUHLWR QDWXUDO VH HQFRQWUD QXPD DSUHHQVmR SDUWLFXODU GLUHWD XPD FRQWHPSODomR HYLGHQWH XPD LQWXLomR" 3RU TXH PLQKD LQWXLomR QmRVHUiWmRERDTXDQWRDGRVRXWURV"$HYLGrQFLDFRPRFULWpULRGHYHUGDGH H[SOLFD R FDUiWHU WRWDOPHQWH DUELWUiULR GDV DVVHUo}HV PHWDItVLFDV &RORFDDV DFLPD GH WRGD IRUoD GH FRQWUROH LQWHUVXEMHWLYR H GHL[D D SRUWD DEHUWD SDUD LPDJLQDomRLOLPLWDGDHRGRJPDWLVPR

(PDLVDGLDQWH$OI5RVVFRPSOHPHQWD

8P IRUWH DUJXPHQWR HP IDYRU GR SRQWR GH YLVWD GH TXH DV GRXWULQDV MXVQDWXUDOLVWDVVmRFRQVWUXo}HVDUELWUiULDVHVXEMHWLYDVpTXHDHYLGrQFLDQmR SRGH VHU XP FULWpULR GH YHUGDGH 2 TXH TXHUHPRV GL]HU DR FKDPDU XPD SURSRVLomRGHYHUGDGHLUDpREYLDPHQWHGLIHUHQWHGRIDWRSVLFROyJLFRGHTXH D DVVHUomR GD SURSRVLomR VHMD DFRPSDQKDGD SRU XP VHQWLPHQWR GH FHUWH]D >@ e FHUWR TXH XP VHQWLPHQWR GH HYLGrQFLD DFRPSDQKD PXLWDV DVVHUo}HV YHUGDGHLUDV PDV QmR Ki UD]mR DOJXPD SDUD TXH R PHVPR VHQWLPHQWR QmR HVWHMD WDPEpP DVVRFLDGR D HUURV H IDOiFLDV $ VyOLGD FUHQoD QD YHUGDGH GH

_{)$66Ï * -XVQDWXUDOLVPR ,Q %2%%,2 1 3$648,12 * (GV'LFLRQiULR GH 3ROtWLFD%UDVtOLD (G} 8QLYHUVLGDGHGH%UDVtOLDS

_{³ %HQWKDP H $XVWLQ TXH SRGHP VHU FRQVLGHUDGRV IXQGDGRUHV GR SRVLWLYLVPR MXUtGLFR PRGHUQR} DFUHGLWDYDP QD SRVVLELOLGDGH GH MXVWLILFDU UDFLRQDOPHQWH XP SULQFtSLR PRUDO XQLYHUVDOPHQWH YiOLGR GR TXDO GHULYDP WRGRV RV RXWURV MXt]RV YDORUDWLYRV p R FKDPDGR µSULQFtSLR GD XWLOLGDGH¶ R TXDO VXVWHQWD VXEVWDQFLDOPHQWH TXH XPD FRQGXWD p PRUDOPHQWH FRUUHWD TXDQGR FRQWULEXL SDUD LQFUHPHQWDU D IHOLFLGDGH GR PDLRUQ~PHURGHSHVVRDV´1,12&DUORV6DQWLDJR,QWURGXFFLyQDO$QiOLVLVGHO'HUHFKRS

XPD SURSRVLomR QHFHVVLWD HVWDU VHPSUH MXVWLILFDGD H MDPDLV SRGH VHU VXD SUySULDMXVWLILFDomR

(P VtQWHVH R MXVQDWXUDOLVPR p D HVFROD PDLV DQWLJD UHPRQWDQGR D 6yIRFOHV H SHUSDVVDQGR SHORV SDWUtVWLFRV H HVFROiVWLFRV VRIUH DV SULPHLUDV FRQWHVWDo}HV Mi QD IDVH PRGHUQDGDILORVRILDGHIHQGHQGRTXHXPDOHLVypYDOLGDVHIRUMXVWDVHQmRIRUMXVWDQRQHVW OH[VHGFRUUXSWLROHJLV

-XVSRVLWLYLVPR

$7HRULD3RVLWLYLVWDFRQVLGHUDDFLrQFLDFRPR~QLFRFRQKHFLPHQWRYHUGDGHLURHPTXH QmR SHQHWUDP IXQGDPHQWRV WHROyJLFRV RX GD PHWDItVLFD TXH QmR SRVVDP VHU GHPRQVWUDGRV (VVH FRQKHFLPHQWR FLHQWtILFR p REMHWLYR YDOHQGR D GHVFULomR GR DWR QRUPDWLYR VHP PDLV LQGDJDo}HV

2 SUHVVXSRVWR GD SUHYDOrQFLD GR SRVLWLYLVPR DQFRUDYDVH QR SHQVDPHQWR GH TXH RV FLGDGmRVGHYHPREHGLrQFLDjVOHLVGHVHXSDtVDLQGDTXHQmRHVWHMDPGHDFRUGRFRPDVOHLV QDWXUDLVSRUIRUoDGRFRQWUDWRVRFLDOHGRSULQFtSLRSDFWDVXQWVHUYDQGDSHQVDPHQWRTXHHVWi HPFRQVRQkQFLDFRPD7HRULD3ROtWLFD$EVROXWLVWDGDpSRFD

$FRPXQLGDGHGHYHHVWDUEDVHDGDQRJRYHUQRHQDOHL2MXL]QmRpXPUHLTXHUHFHEH DVOHLVGLUHWDPHQWHGH'HXVHTXHGHFLGHH[WUDLQGRDVVXDVGHFLV}HVHVRWHULFDPHQWH+iTXH FRQVLGHUDUDVXSUHPDFLDGDOHL

3RUHVWHSHQVDPHQWRRGLUHLWRSRVLWLYRDOLFHUoDVHHPVLPHVPRHSHORVVHXVSUySULRV PHLRVLQGHSHQGHQWHPHQWHGHPRUDO

_{5266$'LUHLWRH-XVWLoDS}

_{%$55262/XtV5REHUWR)XQGDPHQWRV7HyULFRVH)LORVyILFRVGR1RYR'LUHLWR&RQVWLWXFLRQDO%UDVLOHLURS}

_{5266$'LUHLWRH-XVWLoDS 5266$'LUHLWRH-XVWLoDS}

(VVDVHSDUDomRHQWUHGLUHLWRHPRUDOWDPEpPVHGHVHQYROYHQD&RQVWLWXLomRDILUPDQGR +DQV.HOVHQTXHDYDOLGDGHGDRUGHPMXUtGLFDSRVLWLYDQmRGHSHQGHGHVLVWHPDGHPRUDOLGDGH HTXHDQRUPDMXUtGLFDpYiOLGDLQGHSHQGHQWHPHQWHGDRUGHPPRUDO

$PRUDOHQWmRVHUYHSDUDRFRQWUROHLQWHUQRFRPSRUWDPHQWDOGDSUySULDFRQVFLrQFLD QmRLQVWLWXFLRQDOL]DGD1DYHUGDGHDPRUDOQmRSDLUDPDLVVREUHRGLUHLWR

2 GLUHLWR SRVLWLYR HVWDULD HVWLJPDWL]DGR SHOD GXDOLGDGH HPEDVDGR HP QRUPDV VRFLROyJLFDVHQRUPDVHVWDWDLVIXQFLRQDQGRGHPDQHLUDVLPXOWkQHDDSULPHLUDFRQVLVWHQWHQRV FRQWH~GRV PDWHULDLV TXH SHUPHLDP D VRFLHGDGH H DV HVWDWDLV FRPR SRVLo}HV LGHROyJLFDV LQWURGX]LGDVQDRUGHPMXUtGLFDSHOR(VWDGRXPDYH]TXHGHWHQWRUGRLPSpULRGDOHL

(QWUHWDQWRFRPRDRGLUHLWRQmRFDEHDSHQDVDWXDUFRQIRUPHDUHDOLGDGHPDVWDPEpP WUDQVIRUPiODRGLUHLWRQmRSRGHULDVHUDSHQDVXPGDGRPDVWDPEpPXPDFULDomRGHPRGRD HVWDEHOHFHU DV FRQGXWDV VRFLDLV GR GHYHU VHU SDUD HTXLOLEUDU DV UHODo}HV H JDUDQWLU D SD] QD VRFLHGDGH

$ ,QJODWHUUD FRQWULEXLX SDUD D IRUPDomR GD 7HRULD 3RVLWLYLVWDSRU PHLR GH LGpLDV GHVHQYROYLGDVSRU7KRPDV+REEHV-HUHP\ %HQWKDPHVWH~OWLPRLQIOXHQFLDGRSHORLWDOLDQR %HFFDULDQRVHQWLGRGDVREHUDQLDGDOHLHDVXERUGLQDomRGRMXL]jPHVPD3DUD%HQWKDPD PRUDOQmRUHYHODYHUGDGHVHWHUQDVVHQGRDSHQDVRSLQL}HVWUDGLFLRQDLVHTXHRGLUHLWRGHYHULD HVWDUDOLFHUoDGRQRHPSLULVPR2GLUHLWRWHPXPREMHWLYRHPVLPHVPRHDSROtWLFDMXUtGLFDpD GRXWULQDTXHHQVLQDFRPRDOFDQoDUHVVHREMHWLYR$$XWRULGDGHTXHDGPLQLVWUDRGLUHLWRGHYH VHQWLUVHREULJDGDSHODVSDODYUDVGDOHLHSHODVRXWUDVIRQWHVGRGLUHLWR,QWHUHVVDQWHQRWDUTXH D ,QJODWHUUD DSHVDU GH WHU FRQWULEXtGR SDUD D HODERUDomR GD 7HRULD 3RVLWLYLVWDSRU PHLR GH DOJXQV GH VHXV ILOyVRIRV QRWDGDPHQWH +REEHV H %HQWKDP QmR IXQGRX R VHX GLUHLWR QDV FRGLILFDo}HV

2VIUDQFHVHVSUHWHQGHUDPDFRQVWUXomRGHXPRUGHQDPHQWRRXXPVLVWHPDFRPEDVH QDV QRUPDV GD QDWXUH]D FRQWXGR XPD YH] LQVFULWDV QR GLUHLWR SRVLWLYR HVWH HVWDULD VHGLDGR

_{.(/6(1+DQV7HRULD3XUDGR'LUHLWR6mR3DXOR0DUWLQV)RQWHVS +$%(50$6-UJHQ&RQVFLrQFLD0RUDOH$JLU&RPXQLFDWLYRS}

_{*5$8 (URV 5REHUWR(QVDLR H 'LVFXUVR 6REUH D ,QWHUSUHWDomR$SOLFDomR GR 'LUHLWR HG 6mR 3DXOR} 0DOKHLURVS

_{*5$8(URV5REHUWR(QVDLRH'LVFXUVR6REUHD,QWHUSUHWDomR$SOLFDomRGR'LUHLWRS}

_{%$55262/XtV5REHUWR)XQGDPHQWRV7HyULFRVH)LORVyILFRVGR1RYR'LUHLWR&RQVWLWXFLRQDO%UDVLOHLURS}

HQWmRQRV FyGLJRVRGLUHLWRHVWDULDQDOHL(VWDYDHVWDEHOHFLGDD HVFRODGDH[HJHVHTXH HUD TXDVHTXHXPDXQDQLPLGDGHQD)UDQoD

2VFULWpULRVHUDPTXDVHPHFkQLFRVHVHPSHUTXLULomRGHYDORUHV

2OLYLHU:HQGHO+ROPHVDILUPDVHUDFLrQFLDSRVLWLYDD~QLFDYiOLGDSDUDFRQFHEHUVH RGLUHLWRPRVWUDQGRVHGHVFUHQWHTXDQWRjREVHUYDomRGHYDORUHVeFRQWUiULRjVFRQYLFo}HV GH-RKQ$XVWLQGHTXHDOHLpIHLWDSHORVMXt]HVHSHORVVHXVSUySULRVSULQFtSLRVHGHDFRUGR FRPDRSLQLmRGDFRPXQLGDGHQmRSHORVREHUDQR

6HJXQGR 1RUEHUWR %REELR R MXVSRVLWLYLVPR GHILQHVH SHOR HOHPHQWR FRDomR H FRQVLGHUD D QRUPD FRPR R FRPDQGR GR 'LUHLWR H R 2UGHQDPHQWR -XUtGLFR p R EHUoR GR 'LUHLWR GH TXH R -XL] GHYH H[WUDLU VXD GHFLVmR VHJXQGR R GRJPD GD FRHUrQFLD H GD FRPSOHWXGH

2GLUHLWRSRVLWLYRHVWiOLJDGRjIRUPDomRGR(VWDGRPRGHUQRFRPRUHFRQKHFLPHQWR GH XPD HVWUXWXUD PRQLVWD FRQFHQWUDQGR QR (VWDGR WRGRV RV SRGHUHV HQWUH HOHV R GH VHU R HODERUDGRU GR GLUHLWR $QWHULRUPHQWH QD VRFLHGDGH PHGLHYDO R GLUHLWR HUD HVWDEHOHFLGR H UHFRQKHFLGR SHOD VRFLHGDGH FLYLO GHOLQHDGR SHOR FRVWXPH QD PDQLIHVWDomR UHLWHUDGD H FRQVHQVXDOGHFRPSRUWDPHQWRVXQLIRUPHVFRQVWDQWHV

23RVLWLYLVPRSUHWHQGHXVHUD ILORVRILDGDUHJXODomRSDUDFRORFDURUGHP QRFDRVGD QDWXUH]DHGDVRFLHGDGH

$R'LUHLWRPRGHUQRQHVVHFDPLQKDUGRPRGRGHSURGXomRFDSLWDOLVWDFRXEHXPSDSHO PXLWRLPSRUWDQWHRGHVHUQRGL]HUGH%RDYHQWXUDXPUDFLRQDOL]DGRUGHVHJXQGDRUGHPGD YLGDVRFLDOXPDHVSpFLHGHHOHPHQWRVXEVWLWXWRDRJHUHQFLDPHQWRFLHQWtILFRGDVRFLHGDGH2 'LUHLWRSDUDFXPSULUHVVHSDSHOWHYHGHVHDGHTXDU$VXD DGDSWDomRRFRUUHXYLDFLHQWtILFD $MXVWDQGRVHjUDFLRQDOLGDGHFRJQLWLYRLQVWUXPHQWDOGDFLrQFLDPRGHUQDR'LUHLWRWRUQRXVH FLHQWtILFR2FRUUHTXHDFLHQWLILFL]DomRGR'LUHLWRWDPEpPGHPDQGRXDVXDHVWDWL]DomRKDMD YLVWDTXHDPDQXWHQomRHSUHGRPLQkQFLDGDRUGHPSROtWLFDVREUHDGHVRUGHPHRFDRVIRUDP DWULEXtGDVDR(VWDGRPRGHUQR$UHJXODomRMXUtGLFDIRLFRQILDGDDR(VWDGR

_{',1,=0DULD+HOHQD&RPSrQGLRGH,QWURGXomRj&LrQFLDGR'LUHLWRS 2OLYLHU:HQGHO+ROPHV}

$ VREHUDQLD GR SRYR WUDQVIRUPRXVH QD VREHUDQLD GR (VWDGRQDomR GHQWUR GH XP VLVWHPDLQWHUHVWDWDODYRQWDGHJHUDOWUDQVIRUPRXVHHPYRQWDGHGDPDLRULDREWLGDHQWUHDV HOLWHV JRYHUQDQWHV R GLUHLWR VHSDURXVH GRV SULQFtSLRV pWLFRV H WRUQRXVH XP LQVWUXPHQWR GyFLOGDFRQVWUXomRLQVWLWXFLRQDOHGDUHJXODomRGRPHUFDGR

2 SRVLWLYLVPR WRUQRXVH D FRQVFLrQFLD ILORVyILFD GR FRQKHFLPHQWRUHJXODomR e XPD ILORVRILD GD RUGHP VREUH R FDRV WDQWR QD QDWXUH]D FRPR QD VRFLHGDGH $ RUGHP p D UHJXODULGDGHOyJLFDHHPSLULFDPHQWHHVWDEHOHFLGDSRUPHLRGHXPFRQKHFLPHQWRVLVWHPiWLFR 2FRQKHFLPHQWRVLVWHPiWLFRHDUHJXODomRVLVWHPiWLFDVmRDVGXDVIDVHVGDRUGHP)RUPDP HPFRQMXQWRDRUGHPSRVLWLYLVWDHILFD]XPDRUGHPEDVHDGDQDFHUWH]DQDSUHYLVLELOLGDGHH QRFRQWUROH

3RVWHULRUPHQWH WRPDGRV SRU XPD FRQVFLrQFLD DJXGD GDV FUtWLFDV IXOPLQDQWHV DR MXVQDWXUDOLVPR YiULRV SHQVDGRUHV GR GLUHLWR DGHULUDP D XPD FRQFHSomR SRVLWLYLVWD H IRUDP FODVVLILFDGRVFRPRSRVLWLYLVWDVMXUtGLFRV(QWUHWDQWRFRQIRUPHPHQFLRQDGRDQWHULRUPHQWHQR kPELWR GD DUJXPHQWDomR ILORVyILFD HP TXH R TXH LQWHUHVVD p D LQYHVWLJDomR GD VROLGH] GH GHWHUPLQDGDV WHVHV GH QDGD DGLDQWD DJUXSDU SHQVDGRUHV SRU HL[RV WHPiWLFRV &RPR GL] *DUGQHUQDILORVRILDQmRH[LVWH³FRQGHQDomRSRUDVVRFLDomRQHPUHGHQomRSRUDVVRFLDomR´ 'L]HUTXHRVSRVLWLYLVWDVMXUtGLFRVVmRDTXHOHVTXHVHLQVXUJHPFRQWUDRMXVQDWXUDOLVPRQmRp VXILFLHQWHHQDGDDFUHVFHQWDGHVLJQLILFDWLYRHPXPDLQYHVWLJDomRILORVyILFD

1HVVHSODQRRTXHLQWHUHVVDVmRDVWHVHVGHIHQGLGDVSHORVMXVSRVLWLYLVWDVHRUyWXORVy SRGHVHUDSOLFDGRQDPHGLGDHPTXHFRPSDUWLOKHPDVPHVPDVWHVHV

0DVVHSRUXPODGRQmRH[LVWHPPDLRUHVGLILFXOGDGHVQRPRPHQWRGHLGHQWLILFDU DV WHVHVGHILQLWyULDVGDFRUUHQWHMXVQDWXUDOLVWDSRURXWURQmRVHSRGHGL]HURPHVPRGDVQRWDV FDUDFWHUtVWLFDVGRSRVLWLYLVPRMXUtGLFR

$ H[SUHVVmR ³SRVLWLYLVPR MXUtGLFR´ p LQWROHUDYHOPHQWH DPEtJXD $ H[WHQVmR GH VLJQLILFDGRGHVVDH[SUHVVmRFRPSRUWDXPDSOXUDOLGDGHGHWHVHVKHWHURJrQHDVHPXLWDVYH]HV LQFRPSDWtYHLV2WHUPRJHUDOFODVVLILFDWyULR³SRVLWLYLVPRMXUtGLFR´pXWLOL]DGRSDUDVHUHIHULUD SRVLo}HV LQFRQVLVWHQWHV D SRVLo}HV TXH PXLWDV YH]HV IRUDP H[SOLFLWDPHQWH UHFKDoDGDV SRU DTXHOHVTXHVmRFRQVLGHUDGRVRVSULQFLSDLVH[SRHQWHVGRSRVLWLYLVPRHDVSRVLo}HVTXHPXLWDV

_{*$5'1(5-/HJDO3RVLWLYLVP0\WKVS}

YH]HVIRUDPGHIHQGLGDVSHORVSRVLWLYLVWDVPDVQmRFRPRWHVHVHVVHQFLDLVRXFDUDFWHUtVWLFDVGD SRVLomR SRVLWLYLVWD WUDWDVH GH WHVHV LQFLGHQWDLV RX FRQWLQJHQWHV 7DO HVSpFLH GH DPELJLGDGH IXQFLRQD FRPR XP REVWiFXOR SDUD D DUJXPHQWDomR ILORVyILFD 2 WLSR GH DPELJLGDGHTXHHQYROYHRUyWXORJHUDOFODVVLILFDWyULR³SRVLWLYLVPRMXUtGLFR´pXPDIRQWHGH SHUSOH[LGDGHV

'H QDGD DGLDQWD FULWLFDU DOJXpP SRU VHU XP SRVLWLYLVWD VHP FRPSOHPHQWDU WDO DILUPDomRLQGLFDQGRHPTXHVHQWLGRHOHpXPSRVLWLYLVWD1DIDOWDGHWDOFRPSOHPHQWDomRR UyWXORH[LVWHHPYmR

(P IXQomR GLVVR PXLWRV MXVILOyVRIRV FDQDOL]DUDP VHXV HVIRUoRV QD WHQWDWLYD GH GLVVLSDU D QHEXORVLGDGH TXH DWUDSDOKD XPD YLVmR PDLV FODUD GR FRQFHLWR GH SRVLWLYLVPR MXUtGLFR 7DLV SHQVDGRUHV SULPHLUR WHQWDUDP PRVWUDU TXDLV HUDP DV SRVVtYHLV WHVHV DSUHVHQWDGDVGHPDQHLUDRFXOWDVRERUyWXOR³SRVLWLYLVPRMXUtGLFR´SDUDGHSRLVGHVWDFDUTXDLV HQWUH HVVDV WHVHV VmR DV TXH UHDOPHQWH SRGHP VHU FRQVLGHUDGDV FRPR DV WHVHV PtQLPDV H FDUDFWHUtVWLFDVGRSRVLWLYLVPRMXUtGLFR2SURIHVVRUGH2[IRUG+HUEHUW/LRQHO$GROSKRXV+DUW IRLRSULPHLURDLPSXOVLRQDUHVVDGLVFXVVmRFRPVHXDUWLJRSXEOLFDGRQD+DUYDUG/DZ5HYLHZ

GH³3RVLWLYLVPDQGWKH6HSDUDWLRQRI /DZDQG0RUDOV´0DVHVVH IRLDSHQDVRLQtFLR QHVVDWHQWDWLYDGHHOXFLGDomRVREUHHVVHFRQFHLWRWmRPDUFDGDPHQWHDPEtJXR&RPRUHODWDR SURIHVVRU*HQDUR&DUULyHPVXDV1RWDV6REUH'HUHFKR\/HQJXDMH

(P HP XP VHPLQiULR OHYDGR D FDER HP %HOODJLR ,WiOLD VRE R SDWURFtQLR GD )XQGDomR 5RFNHIHOOHU XP JUXSR GH SHQVDGRUHV GH SULPHLUD OLQKDSDUWLFLSRXGHGLVFXVV}HVGLULJLGDVjHOXFLGDomRGHXPWySLFRFRPXPQR FDPSRGDILORVRILDGRGLUHLWRDDQiOLVHGRFRQFHLWRGHSRVLWLYLVPRMXUtGLFR (QWUHHOHVVHHQFRQWUDYDPRVSURIHVVRUHV1RUEHUWR%REELRGD8QLYHUVLGDGH GH 7XULP +HUEHUW +DUW GD 8QLYHUVLGDGH GH 2[IRUG $OHMDQGUR 3DVVDULP G¶(QWUqYHV GD 8QLYHUVLGDGH GH 0LOmR $OI 5RVV GD 8QLYHUVLGDGH GH &RSHQKDJXH 5HQDWR 7UHYHV GD 8QLYHUVLGDGH GH 0LOmR H YiULRV RXWURV HVWXGDQWHVPDLVMRYHQVQRUWHDPHULFDQRVLWDOLDQRVHLQJOHVHV

$VGLVFXVV}HVUHDOL]DGDVQHVVHHQFRQWURGH³HVWUHODV´GDMXVILORVRILDHDVFRQWULEXLo}HV SRVWHULRUHVLQVSLUDGDVQR³HVStULWRGH%HOODJLR´UHSUHVHQWDPFRQTXLVWDVLPSRUWDQWHV

$OJXPDVGDVFODULILFDo}HVDOFDQoDGDVWrPYDORUSHUPDQHQWH3DVVDUDPVHD YHU FRP QLWLGH] TXHVW}HV TXH DWp HQWmR KDYLDP VLGR VXEPHWLGDV D XP WUDWDPHQWR FRQIXVR RX LQDGHTXDGR 3HOD SULPHLUD YH] IRUDP IHLWDV H HODERUDGDVGLVWLQo}HVHVFODUHFHGRUDVWRUQDQGRDVVLPLQWHOLJtYHLVPXLWDVGDV

FRLVDV HQFREHUWDV SRU XP XVR SRXFR FXLGDGRVR GR UyWXOR ³SRVLWLYLVPR MXUtGLFR´'HVVHPRGRIH]VHSRVVtYHODSUHFLDURJUDXGHFRUUHomRGHFUtWLFDV IHLWDV LQGLVFULPLQDGDPHQWH D SDUWLU GH GLVWLQWRV SRQWRV GH YLVWD DR SRVLWLYLVPRMXUtGLFR

(P VLQWRQLD FRP R ³HVStULWR GH %HOODJLR´ QD WHQWDWLYD GH HOXFLGDU YiULDV G~YLGDV D UHVSHLWR GD H[SUHVVmR ³SRVLWLYLVPR MXUtGLFR´ VHUi IHLWD XPD UHFRQVWUXomR GDV SULQFLSDLV FRQTXLVWDV RULXQGDV GRV WUDEDOKRV TXH VXUJLUDP GXUDQWH H GHSRLV GR VHPLQiULR RFRUULGR QD ,WiOLD $ UHFRQVWUXomR TXH VHUi HPSUHHQGLGD XWLOL]D EDVH RV VHJXLQWHV WUDEDOKRV'HUHFKR \ /HQJXDMH OLYUR GH *HQDUR &DUULy,QWURGXFFLyQ DO $QiOLVLV GHO 'HUHFKR GH &DUORV6DQWLDJR1LQRRDUWLJRGH0DUWtQ')DUUHO³'LVFXVLyQHQWUHHO'HUHFKR1DWXUDO\HO 3RVLWLYLVPR -XUtGLFR´ H R DUWLJR ³/HJDO 3RVLWLYLVP 0\WKV´ GH -RKQ *DUGQHU (VVHV WUDEDOKRV SULPDP SHOD FODUH]D H SUHFLVmR FRP TXH GLVWLQJXHP DV SULQFLSDLV WHVHV DWULEXtGDV DRV SRVLWLYLVWDV MXUtGLFRV SRU VHXV RSRVLWRUHV FRPR VHQGR QRWDV HVVHQFLDLV GHVVDSRVLomRGDVWHVHVTXHVmRJHQXLQDPHQWHFRPSDUWLOKDGDVSRUWRGRVRVSRVLWLYLVWDV

2SRVLWLYLVPRMXUtGLFRYLVWRFRPRFHWLFLVPRpWLFR

'H DFRUGR FRP 1LQR XPD GDV SURSRVLo}HV TXH p IUHTHQWHPHQWH DWULEXtGD DRV SRVLWLYLVWDV FRPR FRQVWLWXLQGR R WUDoR GLVWLQWLYR GHVVD SRVLomR p D TXH VXVWHQWD D WHVH GR FHWLFLVPR pWLFR (VVD SURSRVLomR UHSUHVHQWD XPD UHMHLomR H[SOtFLWD j SULPHLUD WHVH GRV MXVQDWXUDOLVWDV

HSRGHVHUHODERUDGDGDVHJXLQWHIRUPD

2XQmR H[LVWHPSULQFtSLRVPRUDLVHGHMXVWLoDXQLYHUVDOPHQWHYiOLGRV RXPHVPR TXHH[LVWDPQmRSRGHPVHUFRQKHFLGRVSHODUD]mRKXPDQD(QWUHWDQWRFRPRREVHUYD1LQR HVVD QmR SRGH VHU D WHVH GLVWLQWLYD GR SRVLWLYLVPR MXUtGLFR XPD YH] TXH QmR VmR WRGRV RV SRVLWLYLVWDVTXHDGHUHPjSRVLomRFpWLFD

$OJXQV DXWRUHV FXMD FODVVLILFDomR VRE R UyWXOR GH ³SRVLWLYLVWDV MXUtGLFRV´ p SRQWR SDFtILFR FRPR -HUHP\ %HQWKDP H -RKQ $XVWLQ QmR SRGHP VHU YLVWRV FRPR FpWLFRV HP PDWpULD pWLFD Mi TXH VXVWHQWDUDP XP SULQFtSLR PRUDO XQLYHUVDOPHQWH YiOLGR R SULQFtSLR GD

_{&$55,Ï*1RWDVVREUH'HUHFKR\/HQJXDMHS}

XWLOLGDGH $OpP GLVVR PHVPR DTXHOHV SRVLWLYLVWDV MXUtGLFRV TXH LQIOXHQFLDGRV SRU FRQFHSo}HVILORVyILFDVHPSLULVWDVHSHORVSRVWXODGRVGRSRVLWLYLVPROyJLFRFRPR$OI5RVVH +DQV .HOVHQ DGRWDUDP XPD SRVWXUD FpWLFD HP UHODomR j SRVVLELOLGDGH GH VH MXVWLILFDU UDFLRQDOPHQWHDYHUGDGHRXIDOVLGDGHGHMXt]RVPRUDLVQmRLGHQWLILFDYDPRSRVLWLYLVPRFRP HVVD SRVLomR 3RUWDQWR D WHVH GR FHWLFLVPR pWLFR GHYH VHU GHVFDUWDGD FRPR XPD SRVVtYHO FDQGLGDWDDH[SUHVVDUDHVVrQFLDGRMXVSRVLWLYLVPR

&RPR VH LVVR QmR EDVWDVVH SDUD UHMHLWiOD FRPR D QRWD FDUDFWHUtVWLFD GD SRVLomR MXVSRVLWLYLVWDFDEHDLQGDDSRQWDUSDUDXPDRXWUDGHILFLrQFLDGHVVDWHVHHODQDGDQRVGL]VREUH R GLUHLWR DSHQDV QHJD D H[LVWrQFLD RX SRVVLELOLGDGH GH FRQKHFLPHQWR GH SULQFtSLRV PRUDLV XQLYHUVDLV$~QLFDFRLVDTXHVHSRGHLQIHULUDSDUWLUGDLQIRUPDomRGHTXHDOJXpPpFpWLFRHP PDWpULDpWLFDpDFRQFOXVmRGHTXHQmRSRGHVHUXPMXVQDWXUDOLVWDHPIXQomRGDSULPHLUDWHVH TXHGHILQHRMXVQDWXUDOLVPR$LQGDUHVWDVDEHUTXDOpDVXDFRQFHSomRVREUHRGLUHLWR$VVLP ID]VHQHFHVViULRDEULUPmRGDLGpLDGHTXHHVVDWHVHSRGHGHILQLURSRVLWLYLVPRMXUtGLFR$ WHVHGRFHWLFLVPRpWLFRQmRpQHPQHFHVViULDQHPVXILFLHQWHSDUDFLUFXQVFUHYHUHVVDSRVLomR

2SRVLWLYLVPRMXUtGLFRYLVWRFRPRSRVLWLYLVPRLGHROyJLFR

2XWUDVYH]HVWHPVHGHILQLGRRSRVLWLYLVPRFRPRXPDDWLWXGHYDORUDWLYDHPUHODomR DRGLUHLWRSRVWRSRVLWHG(PRXWUDVSDODYUDVRVSRVLWLYLVWDVVHULDPDTXHOHVTXHDGRWDPXPD SRVLomRLGHROyJLFDDFHUFDGRGLUHLWRSRVLWLYR2VSRVLWLYLVWDVLGHROyJLFRVUyWXORXWLOL]DGRSRU 1RUEHUWR%REELRH&DUORV6DQWLDJR1LQRSDUDFODVVLILFDUHVVHVSHQVDGRUHVTXHWUDQVIRUPDPR SRVLWLYLVPRMXUtGLFRHPXPDSRVLomRLGHROyJLFDVXVWHQWDPTXHTXDOTXHUTXHVHMDRFRQWH~GR

_{³ %HQWKDP H $XVWLQ TXH SRGHP VHU FRQVLGHUDGRV IXQGDGRUHV GR SRVLWLYLVPR MXUtGLFR PRGHUQR} DFUHGLWDYDP QD SRVVLELOLGDGH GH MXVWLILFDU UDFLRQDOPHQWH XP SULQFtSLR PRUDO XQLYHUVDOPHQWH YiOLGR GR TXDO GHULYDP WRGRV RV RXWURV MXt]RV YDORUDWLYRV p R FKDPDGR µSULQFtSLR GD XWLOLGDGH¶ R TXDO VXVWHQWD VXEVWDQFLDOPHQWH TXH XPD FRQGXWD p PRUDOPHQWH FRUUHWD TXDQGR FRQWULEXL SDUD LQFUHPHQWDU D IHOLFLGDGH GR PDLRUQ~PHURGHSHVVRDV´1,12&DUORV6DQWLDJR,QWURGXFFLyQDO$QiOLVLVGHO'HUHFKRS

GDV QRUPDV GR GLUHLWR SRVLWLYR HVWH WHP YDOLGDGH RX IRUoD PRUDO REULJDWyULD RX VHMD RV VXMHLWRV MXUtGLFRV H RV MXt]HV WrP R GHYHU PRUDO GH REHGHFHU DR GLUHLWR SRVLWLYR LQGHSHQGHQWHPHQWHGRVHXFRQWH~GR

2FKDPDGRSRVLWLYLVPRLGHROyJLFRSUHVVXS}HDVVHJXLQWHVWHVHV

3DUDTXHXPGHWHUPLQDGRVLVWHPDQRUPDWLYRUHFHEDRQRPHGHGLUHLWRRXTXHXPD GHWHUPLQDGD QRUPD VHMD TXDOLILFDGD FRPR MXUtGLFD QmR p QHFHVViULR TXH SDVVH SHOR HVFUXWtQLRGH FULWpULRVRXWHVWHVPRUDLV3DUDLGHQWLILFDUXPDQRUPD FRPRMXUtGLFDH SRUWDQWR FRPR H[LVWHQWH H YiOLGD GHYHPVH LQYHVWLJDU DV VXDV IRQWHV H QmR R VHX PpULWR

2VMXt]HVHVXMHLWRVMXUtGLFRVWrPDREULJDomRPRUDOGHREHGHFHUDRGLUHLWRSRVLWLYR 2GLUHLWRSRVLWLYRpGRWDGRGHIRUoDPRUDOREULJDWyULD

2V SRVLWLYLVWDV LGHROyJLFRV RX SRVLWLYLVWDV QRUPDWLYRV RXSRVLWLYLW\ZHOFRPHUV RXTXDVHSRVLWLYLVWDVUHDOL]DPXPDIXVmRHQWUHXPDWHVHSXUDPHQWHGHVFULWLYDTXHSHUPLWH LGHQWLILFDUHGHVFUHYHURGLUHLWRYiOLGRHXPDWHVHQRUPDWLYDRXSUHVFULWLYDDFHUFDGRGHYHU PRUDOGHREHGLrQFLDDRGLUHLWR$TXLFDtPRVQRSUREOHPDFOiVVLFRGDILORVRILDGRGLUHLWRHGD pWLFD D TXHVWmR FRQFHUQHQWH j SRVVLELOLGDGH GH VH H[WUDLU R GHYHUVHU GR VHU R WUDGLFLRQDO SUREOHPD GD IDOiFLD QDWXUDOLVWD 'H DFRUGR FRP RV SRVLWLYLVWDV LGHROyJLFRV R GLUHLWR SHOR VLPSOHVIDWRGHVHUSRVWRWHPPpULWR5HVWDVDEHUVHHVWmROHJLWLPDGRVDGHULYDUFRQFOXV}HV QRUPDWLYDVVREUHRGHYHUGHREHGHFHUDRGLUHLWRDSDUWLUGRGLUHLWRTXHp

'H DFRUGR FRP &DUULy H 1LQR D WUDQVIRUPDomR GR SRVLWLYLVPR MXUtGLFR HP XPD LGHRORJLD JHUD XPD FRQFHSomR LQFRQJUXHQWH H HTXLYRFDGD 2 SRVLWLYLVWD LGHROyJLFR DR GHIHQGHUVLPXOWDQHDPHQWHDVGXDVWHVHVGLVSRVWDVDFLPDHVWiDRPHVPRWHPSRGL]HQGRTXH SRGHPH[LVWLUUHJUDVMXUtGLFDVLQtTXDVDSULPHLUDWHVHGRSRVLWLYLVPRLGHROyJLFRGL]TXHDV UHJUDV MXUtGLFDV SRGHP VHU YiOLGDV SUHVFLQGLQGR GH WHVWHV PRUDLV H DGRWDQGR D DWLWXGH GR MXVQDWXUDOLVWD RUWRGR[R SDUD TXHP HODV QmR SRGHP H[LVWLU D VHJXQGD WHVH VXVWHQWD D IRUoD PRUDO REULJDWyULD GR GLUHLWR $ GLIHUHQoD HQWUH R MXVQDWXUDOLVWD H R SRVLWLYLVWD LGHROyJLFR p TXH HQTXDQWR SDUD R SULPHLUR R GHYHU PRUDO GH REHGHFHU DR GLUHLWR GHFRUUH GR FRQWH~GR

_{1,12&DUORV6DQWLDJR,QWURGXFFLyQDO$QiOLVLVGHO'HUHFKRS *$5'1(5-/HJDO3RVLWLYLVP0\WKVS}

PRUDOGDVUHJUDVMXUtGLFDVSDUDRVHJXQGRRGHYHUPRUDOGHREHGLrQFLDDRGLUHLWRGHFRUUHGD YDOLGDGH GR GLUHLWR SRVLWLYR 2V SRVLWLYLVWDV QRUPDWLYRV LGHQWLILFDP YDOLGDGH H MXVWLoD R GLUHLWRYiOLGRpDXWRPDWLFDPHQWHMXVWR

6XSRU TXH R SRVLWLYLVPR LGHROyJLFR VXVWHQWD XPD SRVLomR QHXWUD p LOXVyULR $R VH H[LJLUTXHRVMXt]HVHFLGDGmRVVHOLPLWHPDGHFLGLUGHDFRUGRFRPRGLUHLWRYLJHQWHDVVXPH VHXPDSRVLomRYDORUDWLYDTXHVXVWHQWDTXHRVMXt]HVHFLGDGmRVGHYHPOHYDUHPFRQWDHP VXDVGHFLV}HVXP~QLFRSULQFtSLRPRUDORTXHSUHVFUHYHDREVHUYkQFLDGRGLUHLWRYLJHQWHH H[FOXVLYDPHQWHGRGLUHLWRYLJHQWH2SRVLWLYLVWDLGHROyJLFRDRGHWHUPLQDUTXHRGLUHLWRSHOR VLPSOHVIDWRGHH[LVWLUpMXVWRHGHYHVHUREHGHFLGRHVWiSULYLOHJLDQGRHRSWDQGRSRUFHUWRV YDORUHVFRPRDVHJXUDQoDHDSUHYLVLELOLGDGHHPGHWULPHQWRGHRXWURVYDORUHVTXHSRGHULDP HQWUDU HP FKRTXH FRP HVWHV $R PHVPR WHPSR HVWi IHFKDQGR DV SRUWDV SDUD TXDOTXHU SRVVLELOLGDGHGHFUtWLFDDRGLUHLWRSRVLWLYRSHORVVXMHLWRVMXUtGLFRVHSHORMXGLFLiULR³(VVDpD DWLWXGH TXH VH UHYHOD QRVORJDQ*HVHW] LVW *HVHW]$ /HL p D /HL TXH VLJQLILFD TXH WRGD RUGHPMXUtGLFDpGLUHLWRHFRPRWDOTXDLVTXHUTXHVHMDPVHXHVStULWRHVXDVWHQGrQFLDVGHYH VHUREHGHFLGR´

7RGDYLD p GLItFLO HQFRQWUDU DOJXP H[SRHQWH GR SRVLWLYLVPR MXUtGLFR TXH UHDOPHQWH VXVWHQWHHVVDFRQFHSomR1DYHUGDGHDOJXQVUHMHLWDPH[SOLFLWDPHQWHHVVDSRVVLELOLGDGH2 SRVLWLYLVPRLGHROyJLFRQmRSDVVDGHXPDFDULFDWXUDGRSRVLWLYLVPRMXUtGLFRHRVSULQFLSDLV FDULFDWXULVWDV VmR RV MXVQDWXUDOLVWDV H RV MXULVWDV SUiWLFRV $SHVDU GH RV PDLV GHVWDFDGRV SRVLWLYLVWDV QmR DGHULUHP DR SRVLWLYLVPR LGHROyJLFR HVVD p D SRVLomR TXH FRP PDLRU IUHTrQFLD WHP VLGR LPSXWDGD DRV SRVLWLYLVWDV SHORV MXVQDWXUDOLVWDV (OHV DWULEXHP HVVD WHVH DRV SRVLWLYLVWDV H YmR FULWLFiORV SRU DGHULUHP D HOD GL]HQGR TXH R SRVLWLYLVPR VHUYH SDUD OHJLWLPDUTXDOTXHUUHJLPHGHIRUoDH[QD]LVPR7DODUJXPHQWRpIDODFLRVRQDPHGLGDHP TXH RV SULQFLSDLV SRVLWLYLVWDV QmR GHIHQGHP R SRVLWLYLVPR LGHROyJLFR RV MXVQDWXUDOLVWDV GHWXUSDP DV WHVHV GR SRVLWLYLVPR MXUtGLFR SDUD WRUQDU PDLV IiFLO D VXD RSRVLomR 6HQGR

_{³9HUGURVV TXDOLILFD HVVD DWLWXGH GH .DGDYHUJHKRUVDQ REHGLrQFLD HVW~SLGD QmR FUtWLFD´ 5266 $ (O} &RQFHSWRGH9DOLGH]\RWURV(QVD\RVS

_{5266$(O&RQFHSWRGH9DOLGH]\RWURV(QVD\RVS}

_{&HUWDPHQWHQmRVHSRGHDWULEXLUWDOSRVLomRDSHQVDGRUHVFRPR+/$+DUW$OI5RVVH-RVHSK5D]}

_{³1mRVHLVHDOJXPDXWRUMiVXVWHQWRXDOJXPDYH]DWHVHGRSRVLWLYLVPRLGHROyJLFRRTXHSRVVRGL]HUpTXHR} SRVLWLYLVPR LGHROyJLFR p XPD FDULFDWXUD GR SRVLWLYLVPR MXUtGLFR´ )$55(/ 0 'LVFXVLyQ HQWUH HO 'HUHFKR 1DWXUDO\HO3RVLWLYLVPR-XUtGLFR'R[DQS

DVVLP ILFD SDWHQWH TXH R SRVLWLYLVPR MXUtGLFR WDPEpP QmR VH LGHQWLILFD FRP R SRVLWLYLVPR LGHROyJLFR

2SRVLWLYLVPRMXUtGLFRYLVWRFRPRIRUPDOLVPRMXUtGLFR

&RVWXPDVH WDPEpP DWULEXLU DR SRVLWLYLVPR MXUtGLFR FRPR VXD QRWD FDUDFWHUtVWLFD XPD FHUWD FRQFHSomR VREUH D FRPSRVLomR H HVWUXWXUD GR RUGHQDPHQWR MXUtGLFR (VVD FRQFHSomRpGHQRPLQDGDIRUPDOLVPRMXUtGLFRHFRQVWLWXLVHGDVVHJXLQWHVWHVHV

2 GLUHLWR p FRPSRVWR H[FOXVLYDPHQWH RX SUHGRPLQDQWHPHQWH SRU QRUPDV SURPXOJDGDV H[SOtFLWD H GHOLEHUDGDPHQWH SRU yUJmRV OHJLVODWLYRV H QmR SRU QRUPDV FRQVXHWXGLQiULDVRXMXULVSUXGHQFLDLV

(VVHVLVWHPDGHQRUPDVSRVVXLDVVHJXLQWHVSURSULHGDGHVRVLVWHPDpIHFKDGRRX VHMD R FRQMXQWR GH QRUPDV SURPXOJDGDV SHOR OHJLVODWLYR p H[DXVWLYR GR GLUHLWR R VLVWHPD p FRPSOHWR LVWR p QmR H[LVWHP ODFXQDV QR VLVWHPD GH QRUPDV R VLVWHPD p FRQVLVWHQWH R TXH VLJQLILFD TXH QmR Ki FRQWUDGLo}HV H DQWLQRPLDV QRUPDWLYDV DV QRUPDV GR VLVWHPD VmR SUHFLVDV QmR H[LVWH QHQKXPD HVSpFLH GH LQGHWHUPLQDomR OLQJtVWLFD FRPR DPELJLGDGHV VLQWiWLFDV RX LQWR[LFDo}HV VHPkQWLFDV FRPR D YDJXLGDGHHDWH[WXUDDEHUWDGDOLQJXDJHP

(P VXPD R RUGHQDPHQWR p DXWRVXILFLHQWH SDUD RIHUHFHU SDUD FDGD FDVR XPD ~QLFD VROXomRFRUUHWD

$ SDUWLU GLVVR SRGHVH FRQFOXLU TXH R IRUPDOLVPR MXUtGLFR FDPLQKD GH PmRV GDGDV FRP R SRVLWLYLVPR LGHROyJLFR 2 SRVLWLYLVPR LGHROyJLFR GHWHUPLQD TXH RV MXt]HV GHYHP DSOLFDU H DV SHVVRDV GHYHP REHGHFHU DR GLUHLWR YLJHQWH HP WRGDV DV FLUFXQVWkQFLDV 2 IRUPDOLVPRMXUtGLFRPRVWUDFRPRLVVRpSRVVtYHORGLUHLWRpFRPSOHWRFRQVLVWHQWHHSUHFLVR

QHFHVVLGDGHGHVHUHFRUUHUHPFHUWRVFDVRVDFULWpULRVTXHHVWmRIRUDGRGLUHLWRFULWpULRVTXH QmRFRQWDPFRPRGLUHLWRYiOLGRSDUDMXVWLILFDUXPDGHFLVmRMXUtGLFD

2SRVLWLYLVPRMXUtGLFRYLVWRFRPRSRVLWLYLVPRFRQFHLWXDO

6HILOyVRIRVGRGLUHLWRFRPR%HQWKDP$XVWLQ.HOVHQ+DUW5D]&DUULy$OFKRXUUyQH RXWURV QmR SRGHP VHU WRGRV FODVVLILFDGRV FRPR FpWLFRV FRPR IRUPDOLVWDV MXUtGLFRV RX SRVLWLYLVWDV LGHROyJLFRV HQWmR R TXH MXVWLILFD TXH WRGRV VHMDP DJUXSDGRV VRE XP PHVPR UyWXOR FRPXP" 4XDO p D WHVH FRPSDUWLOKDGD SRU WRGRV RV MXVILOyVRIRV PHQFLRQDGRV DFLPD" 4XDOpDWHVHTXHVXEMD]DWRGDHTXDOTXHUYHUVmRGRSRVLWLYLVPRMXUtGLFR"

7UDWDVH GD WHVH GR SRVLWLYLVPR FRQFHLWXDO VHJXQGR D TXDO R GLUHLWR QmR GHYH VHU LGHQWLILFDGRXWLOL]DQGRFULWpULRVYDORUDWLYRVPDVVLPFULWpULRVIiWLFRVHPStULFRVREMHWLYRV2 WUDoRPDUFDQWHGRSRVLWLYLVPRFRQFHLWXDOpDQHXWUDOLGDGHFRPDTXDOpSRVVtYHOLGHQWLILFDUH GHVFUHYHURGLUHLWRGHXPJUXSRVRFLDOVHPVHFRPSURPHWHUYDORUDWLYDPHQWHFRPRFRQWH~GR GDVQRUPDVMXUtGLFDV$GHILQLomRGRGLUHLWRQmRHVWiFRPSURPHWLGDD[LRORJLFDPHQWHFRPDV QRUPDV MXUtGLFDV 'HVVD IRUPD XPD QRUPD RX XP VLVWHPD GH QRUPDV SRGH VHU LQMXVWR H DLQGD DVVLP VHU TXDOLILFDGR FRPR MXUtGLFR DOJR TXH QmR p SODXVtYHO SDUD D FRUUHQWH MXVQDWXUDOLVWD2SRVLWLYLVPRQDVXDHVVrQFLDpXPHQIRTXHTXHQmRYDLDOpPGHHVWDEHOHFHU RTXHFRQWDFRPRGLUHLWRHPXPDGHWHUPLQDGDVRFLHGDGH

$SURSRVLomRTXHH[SUHVVDDWHVHGRSRVLWLYLVPRFRQFHLWXDOpQDGDPDLVQDGDPHQRV GRTXHDSULPHLUDSDUWHGDWHVHGRSRVLWLYLVPRLGHROyJLFRSDUDTXHXPGHWHUPLQDGRVLVWHPD QRUPDWLYRUHFHEDRQRPHGHGLUHLWRRXTXHXPDGHWHUPLQDGDQRUPDVHMDTXDOLILFDGDFRPR MXUtGLFD QmR p QHFHVViULR TXH SDVVH SHOR HVFUXWtQLR GH FULWpULRV RX WHVWHV PRUDLV 3DUD LGHQWLILFDUXPDQRUPDFRPRMXUtGLFDHSRUWDQWRFRPRH[LVWHQWHHYiOLGDGHYHPVHLQYHVWLJDU DVVXDVIRQWHVHQmRRVHXPpULWR

7LUDQGRRFHWLFLVPRpWLFRTXHQHPVHTXHUUHSUHVHQWDXPDWHVHVREUHRGLUHLWRWUDWDVH DSHQDV GH XPD WHVH DFHUFD GD H[LVWrQFLD H SRVVLELOLGDGH GH FRQKHFLPHQWR GRV SULQFtSLRV XQLYHUVDLVGHPRUDOHGHMXVWLoDWDQWRRSRVLWLYLVPRLGHROyJLFRTXDQWRRIRUPDOLVPRMXUtGLFR