• Nenhum resultado encontrado

FÁRMACOS ENVOLVIDOS E FISIOPATOLOGIA

N/A
N/A
Protected

Academic year: 2018

Share "FÁRMACOS ENVOLVIDOS E FISIOPATOLOGIA"

Copied!
11
0
0

Texto

(1)

P O O A

WƌŽƚŽĐŽůŽ ĚŽ ,ŽƐƉŝƚĂů hŶŝǀĞƌƐŝƚĄƌŝŽ tĂůƚĞƌ ĂŶơĚŝŽ ƉĂƌĂ

ĂǀĂůŝĂĕĆŽ ĚĞ ĐĂƌĚŝŽƚŽdžŝĐŝĚĂĚĞ Ğŵ ƉĂĐŝĞŶƚĞƐ ƐƵďŵĞƟĚŽƐ ă

q !"! #$%&a '!a

tĂůƚĞƌ ĂŶơĚŝŽ hŶŝǀĞƌƐŝƚLJ ,ŽƐƉŝƚĂů͛Ɛ ƉƌŽƚŽĐŽů ĨŽƌ ĞǀĂůƵĂƟŽŶ ŽĨ

ĐĂƌĚŝŽƚŽdžŝĐŝƚLJŝŶƉĂƟĞŶƚƐƐƵďŵŝƩĞĚƚŽĐŚĞŵŽƚŚĞƌĂƉLJ

M()* +,-. ,0) +13.4. 56 57 +8 , 9

:; <,= ,)3 ><+ ,7+b.) ,0o? o<0.@ ,) + ,5 B

:C ,<+.DD.M. D o3.7.opoD 3 +<o E

:

0pGLFDUHVLGHQWHGR3URJUDPDGH(FRFDUGLRJUD¿D8QLYHUVLGDGH)HGHUDOGR&HDUi8)&)RUWDOH]D&HDUi%UDVLO'RXWRUD HP&DUGLRORJLD0pGLFDSUHFHSWRUDGR3URJUDPDGH(FRFDUGLRJUD¿DSHOD8QLYHUVLGDGH)HGHUDOGR&HDUi8)&)RUWDOH]D&HDUi %UDVLO0HVWUDHP&LrQFLDV0pGLFDVVXSHUYLVRUDGR3URJUDPDGH(FRFDUGLRJUD¿DSHOD8QLYHUVLGDGH)HGHUDOGR&HDUi8)& )RUWDOH]D&HDUi%UDVLO

FGSUHI

2FkQFHUpXPSUREOHPDGHVD~GHS~EOLFD$SHVDUGLVVRpLQHJiYHOTXHQRYDVIHUUDPHQWDVGLDJQyVWLFDVHPFRPELQDomRFRP QRYDVWHUDSLDVUHJLPHVGHWUDWDPHQWRPDLVLQWHQVLYRVHPHOKRUHVFXLGDGRVGHVXSRUWHDXPHQWDUDPDH[SHFWDWLYDGHYLGDGRV SDFLHQWHVSRUWDGRUHVGHVVDHQIHUPLGDGH&RPRDXPHQWRGDWD[DGHVREUHYLGDQHVVHVSDFLHQWHVKRXYHXPDXPHQWRHPSDUDOHOR GRVHIHLWRVFDUGtDFRVDGYHUVRVSURYRFDGRVSHODVQRYDVWHUDSLDV$WXDOPHQWHREVHUYDVHXPDPXGDQoDQRSDUDGLJPDHPUHODomR DRSURJQyVWLFRGRSDFLHQWHRQFROyJLFRTXHSDVVDDVHUYLVWRFRPRXPSRUWDGRUGHXPDGRHQoDFU{QLFD2SUHVHQWHSURWRFROR WHPFRPRREMHWLYRUHGX]LURVULVFRVGDFDUGLRWR[LFLGDGHGRWUDWDPHQWRTXLPLRWHUiSLFREHPFRPRGLVVHPLQDUUHFRPHQGDo}HV SUiWLFDVSDUDDPRQLWRUL]DomRGDIXQomRFDUGLRYDVFXODUDQWHVGXUDQWHHDSyVRWUDWDPHQWRGRSDFLHQWH$WUDYpVGDUHDOL]DomRGH

J KLNLQQlJ T KVTN WLXT VY VZKL Yst [\] ^VHULDGRVHGRVDJHPGHWURSRQLQDDQWHVHDSyVRVFLFORVTXLPLRWHUiSLFRVRVSDFLHQWHVVHUmR

VHJXLGRVFRQMXQWDPHQWHQRDPEXODWyULRGHFDUGLRORJLDHQRVHUYLoRGHRQFRORJLDSDUDDYDOLDomRHWRPDGDGHGHFLV}HVFOtQLFDV QRLQWXLWRGHSUHYHQLUHRIHUHFHUWUDWDPHQWRSUHFRFHjFDUGLRWR[LFLGDGHLQGX]LGDSRUTXLPLRWHUiSLFRVGHDFRUGRFRPÀX[RJUDPD GHVHQYROYLGR

_ `c `fg `hi jk `f mn&kQFHU&DUGLRWR[LFLGDGH(FRFDUGLRJUD¿D7RUomRPHFkQLFD

ruSvFrwv

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ÀRZFKDUW

x myz{g | hn&DQFHU&DUGLRWR[LFLW\(FKRFDUGLRJUDSK\0HFKDQLFDOWRUVLRQ

} ~ €‚ €  ƒ „… €†‡ƒ†ƒ ˆ0iUFLD%HDWUL]GH-HVXV/LPD5XD:DOGHU\8FKRD%HQ¿FD)RUWDOH]D&HDUi&(37HOHIRQH

(PDLOPDUFLDELDWUL]#KRWPDLOFRP

(2)

‰ ŠvFI‹UŒI

ŽKKJ Tp XP SUREOHPD GH VD~GH S~EOLFD$SHVDU GLVVR p

LQHJiYHOTXHQRYDVIHUUDPHQWDVGLDJQyVWLFDVHPFRPELQDomR FRP QRYDV WHUDSLDV UHJLPHV GH WUDWDPHQWR PDLV LQWHQVLYRV H PHOKRUHV FXLGDGRV GH VXSRUWH DXPHQWDUDP D H[SHFWDWLYD GH YLGD GRV SDFLHQWHV SRUWDGRUHV GHVVD HQIHUPLGDGH‘ &RP

R DXPHQWR GD WD[D GH VREUHYLGD QHVVHV SDFLHQWHV KRXYH XP DXPHQWR HP SDUDOHOR GRV HIHLWRV FDUGtDFRV DGYHUVRV SURYRFDGRVSHODVQRYDVWHUDSLDV’(P(GZDUG/HIUDN

IRLRSULPHLURDGHVFUHYHUXPDIRUPDJUDYHGHLQVX¿FLrQFLD FDUGtDFDLUUHYHUVtYHOHPGRHQWHVWUDWDGRVFRPDQWUDFLFOLQDV’

GHVGHHQWmRSHVTXLVDGRUHVWrPEXVFDGRVROXo}HVSDUDHYLWDU R TXH PDLV WDUGH ¿FRX FRQKHFLGR FRPR FDUGLRWR[LFLGDGH LQGX]LGDSHORVTXLPLRWHUiSLFRV

$WXDOPHQWH REVHUYDVH XPD PXGDQoD QR SDUDGLJPD HP UHODomR DR SURJQyVWLFR GR SDFLHQWH RQFROyJLFR TXH SDVVD D VHU YLVWR FRPR XP SRUWDGRU GH XPD GRHQoD FU{QLFD FRP UHDO SRVVLELOLGDGH GH DR ORQJR GH VXD HYROXomR DSUHVHQWDUGHVFRPSHQVDo}HVDJXGDVFRPRDVPDQLIHVWDo}HV FDUGLRYDVFXODUHV 1HVVH QRYR FRQWH[WR PDLV GD PHWDGH GRV SDFLHQWHV H[SRVWRV j DQWUDFLFOLQD SRGHUmR GHVHQYROYHU GLVIXQomR FDUGtDFD GHWHFWiYHO QR SHUtRGR FRPSUHHQGLGR HQWUHHDQRVDSyVDTXLPLRWHUDSLDHGHOHVSRGHUmR HYROXLU SDUD LQVX¿FLrQFLD FDUGtDFD ,& HYLGHQWH 'LDQWH GH WDLV HVWDWtVWLFDV D IUDomR GH HMHomR GR YHQWUtFXOR HVTXHUGR )(9(SRGHQmRVHUVX¿FLHQWHPHQWHVHQVtYHOSDUDLGHQWL¿FDU DFDUGLRWR[LFLGDGHLQGX]LGDSHORVTXLPLRWHUiSLFRV“

$VVLPRVSDFLHQWHVVXEPHWLGRVDWUDWDPHQWRTXLPLRWHUiSLFR GHYHP VHU UDVWUHDGRV GH IRUPD GLIHUHQFLDGD HP UHODomR D VLQWRPDV FDUGLRYDVFXODUHV +LVWyULD FOtQLFD H[DPH ItVLFR PpWRGRV GH LPDJHP FRPR R HFRGRSSOHUFDUGLRJUDPD H ELRPDUFDGRUHV FRPR D WURSRQLQD VmR HVVHQFLDLV QHVVH

ZJX ”W YJ•L– —

2SUHVHQWHSURWRFRORWHPFRPRREMHWLYRUHGX]LURVULVFRVGD FDUGLRWR[LFLGDGH GR WUDWDPHQWR TXLPLRWHUiSLFR EHP FRPR GLVVHPLQDUUHFRPHQGDo}HVSUiWLFDVSDUDDPRQLWRUL]DomRGD IXQomRFDUGLRYDVFXODUDQWHVGXUDQWHHDSyVRWUDWDPHQWRGR

Q VK WJ•J–

‹G˜‰Š‰ Œ I‹Gw rF‹‰IvI™ ‰w‰ ‹r‹G

1DV~OWLPDVGXDVGpFDGDVDVGH¿QLo}HVGHFDUGLRWR[LFLGDGH QRVHQVDLRVFOtQLFRVGHRQFRORJLDVmREDVHDGDVQDVPHGLGDVGD IUDomRGHHMHomRGRYHQWUtFXORHVTXHUGR)(9(1RV(VWDGRV 8QLGRVR,QVWLWXWR1DFLRQDOGH6D~GH1,+VHJXLQGRHVVH SDGUmRGH¿QHFDUGLRWR[LFLGDGHFODVVL¿FDQGRDHPJUDXVGD

ZJX ”W•JY VJWTVš

›g `œ n UHGXomR DVVLQWRPiWLFD GD )(9( HQWUH H

›g `œnUHGXomRGD)(9(SDUDEDL[RGHGREDVDO

RXSDUDEDL[RGRQRUPDOFRQVLGHUDGRRTXDGURHVSHFt¿FR GHFDGDSDFLHQWH

›g `œnLQVX¿FLrQFLDFDUGtDFDVLQWRPiWLFD

2XWUDGH¿QLomRHXPDGDVPDLVDFXUDGDVGHFDUGLRWR[LFLGDGH pDIRUPXODGDSHOR&RPLWrGH5HYLVmRH$YDOLDomRGRV(VWXGRV &OtQLFRVGH7UDVWX]XPDEHVHJXQGRDTXDODFDUGLRWR[LFLGDGH

DVVRFLDGDDTXLPLRWHUiSLFRVSRGHDSUHVHQWDUVHFRPRXPDGDV VHJXLQWHVIRUPDVFOtQLFDV

PLRFDUGLRSDWLD FRP UHGXomR GD IUDomR GH HMHomR YHQWULFXODU HVTXHUGD )(9( TXHU VHMD JOREDO TXHU VHJPHQWDU DFRPHWHQGR PDLV JUDYHPHQWH R VHSWR LQWHUYHQWULFXODU

VLQWRPDVDVVRFLDGRVj,&

VLQDLVDVVRFLDGRVj,&WDLVFRPR%HRXWDTXLFDUGLD

UHGXomR QD )(9( HP FRPSDUDomR j EDVDO GH SHOR PHQRVRXGHPRGRTXH¿TXHLQIHULRUDYDORU HVWDEHOHFLGR FRPR OLPLDU GH QRUPDOLGDGH FRP VLQDLV RX VLQWRPDV GH ,& FRQFRPLWDQWHV RX DLQGD UHGXomR QD)(9(QDIDL[DGHSHORPHQRVRXGHPRGRTXH ¿TXHLQIHULRUDYDORUHVWDEHOHFLGRFRPROLPLDUGH QRUPDOLGDGHVHPVLQDLVRXVLQWRPDVFRQFRPLWDQWHV 3DUWLQGRGRFRQFHLWRIRUPXODGRSHOR&RPLWrTXDOTXHUXPGRV TXDWURFULWpULRVéVX¿FLHQWHSDUDFRQ¿UPDURGLDJQyVWLFRGH

FDUGLRWR[LFLGDGH

(PERUDDPERVRVFRQFHLWRVDSUHVHQWDGRVWHQKDPVHEDVHDGR QR PpWRGR FLHQWt¿FR SDUD VXDV UHVSHFWLYDV HODERUDo}HV

VWN V mR H[LVWH XP FRQVHQVR VREUH D GH¿QLomR LGHDO GH

FDUGLRWR[LFLGDGH LQGX]LGD SRU TXLPLRWHUiSLFRV $ GHVSHLWR GLVVRDVGXDVPRGDOLGDGHVGHGH¿QLomRVHUHYHODPVHUYtYHLV

QVT VLT•J VTJZ • ”NLZVžTJV–

,QGHSHQGHQWH GD GH¿QLomR LQLFLDO DGRWDGD HP VXDV RFRUUrQFLDV D FDUGLRWR[LFLGDGH SRGH DSUHVHQWDUVH GH IRUPD DJXGD VXEDJXGD RX FU{QLFD $ FDUGLRWR[LFLGDGH DJXGD RX VXEDJXGD FDUDFWHUL]DVH SRU DOWHUDo}HV V~ELWDV QD UHSRODUL]DomRYHQWULFXODUDOWHUDo}HVQRLQWHUYDOR47DUULWPLDV VXSUDYHQWULFXODUHV H YHQWULFXODUHV VtQGURPHV FRURQDULDQDV DJXGDVSHULFDUGLWHHPLRFDUGLWHJHUDOPHQWHREVHUYDGDVGHVGH RLQtFLRDWpGLDVDSyVRWpUPLQRGRWUDWDPHQWR

$FDUGLRWR[LFLGDGHFU{QLFDSRUVXDYH]SRGHVHUGLIHUHQFLDGD HPGRLVWLSRVGHDFRUGRFRPRLQtFLRGRVVLQWRPDVFOtQLFRV2 SULPHLURVXEWLSRRFRUUHGHQWURGRSHUtRGRGHXPDQRFRQWDGR GRWpUPLQRGDTXLPLRWHUDSLDMiRVHJXQGRRFRUUHJHUDOPHQWH DSyVHVVHXPDQRGRWpUPLQRGDTXLPLRWHUDSLD

$ PDQLIHVWDomR PDLV WtSLFD GH FDUGLRWR[LFLGDGH FU{QLFD p D GLVIXQomR YHQWULFXODU VLVWyOLFD RX GLDVWyOLFD TXH SRGH OHYDU R SDFLHQWH GH LQVX¿FLrQFLD FDUGtDFD FRQJHVWLYD DWp PRUWH FDUGLRYDVFXODU1HVVH FRQWH[WR D LQFLGrQFLD GH GLVIXQomR

YHQWULFXODU VLQWRPiWLFD RX DVVLQWRPiWLFD QDV VpULHV YDULD HQWUHHVHQGRTXHSDFLHQWHVFRPGLVIXQomRYHQWULFXODU SUpYLD KLSHUWHQVmR DUWHULDO GLDEHWHVŸ ¡ ¡] t¢s DVVRFLDomR GH

(3)

3URWRFRORGHDYDOLDomRGHFDUGLRWR[LFLGDGH

,GDGHDQRVH!DQRV

6H[RIHPLQLQR

5DGLRWHUDSLDSUpYLD

$VVRFLDomRGHTXLPLRWHUiSLFRV

+LVWyULDSUpYLDGHGRHQoDFDUGtDFD

¤¥¦§¨©¨ª

«§¨ª¥¬¦¬¨

6XVFHSWLELOLGDGH LQGLYLGXDO j WR[LFLGDGH GR IiUPDFR TXH p GRVHGHSHQGHQWH

5DoDQHJUR!EUDQFR

0XWDomR+)(KHPRFURPDWRVH

‰ ŠSU˜‰w‰­Šw‰rw r F‹® rw r

8PDGDVSULQFLSDLVHPDLVWHPLGDVFRPSOLFDo}HVGRWUDWDPHQWR TXLPLRWHUiSLFR p D LQVX¿FLrQFLD FDUGtDFD ,&¯

°J V KLTNL

FRPGLUHWUL]HVQDFLRQDLVHLQWHUQDFLRQDLVWDOLQVX¿FLrQFLDp XPDVtQGURPHFOtQLFDFRPSOH[DGHFDUiWHUVLVWrPLFRGH¿QLGD FRPRGLVIXQomRFDUGtDFDTXHRFDVLRQDLQDGHTXDGRVXSULPHQWR VDQJXtQHR SDUD DWHQGHU jV QHFHVVLGDGHV PHWDEyOLFDV

• WZZ ”l VT JZ–

$ LQVX¿FLrQFLD FDUGtDFD WDPEpP SRGH VHU FODVVL¿FDGD HP HVWiJLRV HYROXWLYRV HP FDGD XP GRV TXDLV FRPR

D QRPHQFODWXUD SHUIHLWDPHQWH VXJHUH Ki XP DYDQoR GD HQIHUPLGDGH TXDQGR FRPSDUDGR j GHVFULomR DSUHVHQWDGD GR QtYHODQWHFHVVRU

‡(VWiJLR$LQFOXLSDFLHQWHVVREULVFRGHGHVHQYROYHU LQVX¿FLrQFLDFDUGtDFDPDVDLQGDVHPGRHQoDHVWUXWXUDO SHUFHSWtYHO H VHP VLQWRPDV DWULEXtYHLV j LQVX¿FLrQFLD FDUGtDFD

‡(VWiJLR%SDFLHQWHVTXHDGTXLULUDPOHVmRHVWUXWXUDO FDUGtDFD PDV DLQGD VHP VLQWRPDV DWULEXtYHLV j LQVX¿FLrQFLDFDUGtDFD

‡(VWiJLR&SDFLHQWHVFRPOHVmRHVWUXWXUDOFDUGtDFDH VLQWRPDVDWXDLVRXSUHJUHVVRVGHLQVX¿FLrQFLDFDUGtDFD

‡ (VWiJLR ' SDFLHQWHV FRP VLQWRPDV UHIUDWiULRV DR WUDWDPHQWR FRQYHQFLRQDO H TXH UHTXHUHP LQWHUYHQo}HV HVSHFLDOL]DGDVRXFXLGDGRVSDOLDWLYRV

$,&SRGHDLQGDVHUFDWHJRUL]DGDFRPEDVHQDLQWHQVLGDGH GH VLQWRPDV HP FODVVHV SURSRVWDV SHOD±  ² ³´[µ ¶ \[t

·ss´¸]\t ]´^(VWDFODVVL¿FDomRSRVVXLFDUiWHUIXQFLRQDOFRPR

VHYrDVHJXLU‘’

&ODVVH , DXVrQFLD GH VLQWRPDV GLVSQHLD GXUDQWH DWLYLGDGHVFRWLGLDQDV

&ODVVH ,, VLQWRPDV GHVHQFDGHDGRV SRU DWLYLGDGHV

KL • WN W VVZ–

&ODVVH,,,VLQWRPDVGHVHQFDGHDGRVHPDWLYLGDGHVPHQRV LQWHQVDVTXHDVFRWLGLDQDVRXSHTXHQRVHVIRUoRV

&ODVVH,9VLQWRPDVHPUHSRXVR

˜Á FH rwI SGŠ¹I º¹‰‹I SG˜‰S‰I »rvI ºI ¼‰r

$ FDUGLRWR[LFLGDGH FU{QLFD p R IRFR GHVWH SURWRFROR TXH GHVGH DV OLQKDV LQLFLDLV DGYRJD TXH D GHWHFomR SUHFRFH GD HQIHUPLGDGH DVVRFLDGD j LQVWLWXLomR GH PHGLGDV FOtQLFDV DGHTXDGDVFRQVWLWXLPHGLGDVX¿FLHQWHPHQWHFDSD]GHPXGDU R SURJQyVWLFR DFHUFD GD SDWRORJLD R TXH LQHJDYHOPHQWH FRQWULEXLULDSDUDDPHOKRULDGDVREUHYLGDGRVSDFLHQWHV 4XDQGRREVHUYDGDQDPRGDOLGDGHFU{QLFDDFDUGLRWR[LGDGH VHGLYLGHHPGRLVVXEJUXSRVFXMDDQiOLVHVHID]QHFHVViULD 3ULPHLUR R WLSR , UHVXOWD GR XVR GH DJHQWHV DQWUDFtFOLFRV FDSD]HV GH FDXVDU XPD WR[LFLGDGH ³GRVH GHSHQGHQWH´ QHOH RGDQRFHOXODURFRUUHGHYLGRDIDWRUHVJHQpWLFRVLQGLYLGXDLV EHPFRPRDXPDOHVmRPLWRFRQGULDORXjIRUPDomRGHUDGLFDLV OLYUHV GH R[LJrQLR TXH SRGHP H[DFHUEDU XPD GLVIXQomR FDUGtDFDSUpH[LVWHQWHRXDGHSHQGHUGRSDFLHQWHDQDOLVDGR GHVHQFDGHDU XPD GLVIXQomR FDUGtDFD (VVD OHVmR UHVXOWD HP PRUWHFHOXODURTXHDFDUUHWDXPGDQRLUUHYHUVtYHO

2WLSR,,UHVXOWDGRXVRGHLQLELGRUHVGDWLURVLQDTXLQDVHH GR WUDVWX]XPDEH 2 GDQR FHOXODU QHVVH FDVR RFRUUH SRU DOWHUDo}HVWUDQVLWyULDVQRVHOHPHQWRVFRQWUiWHLVGRVPLyFLWRV H D UHFXSHUDomR GD IXQomR FDUGtDFD p IUHTXHQWHPHQWH YLVWD DSyV D LQWHUUXSomR GR WUDWDPHQWR‘ FRPR GHPRQVWUDGR QD

7DEHOD

&ODVVLFDPHQWH HVWmR EHP GH¿QLGRV RV HIHLWRV Wy[LFRV SDUD RV PLyFLWRV GH IiUPDFRV GR JUXSR GDV DQWUDFLFOLQDV FDUGLRWR[LFLGDGHWLSR,TXHIRLRSULPHLURHVWXGDGRVHQGR SRU LVVR DUTXpWLSR GH FDUGLRWR[LFLGDGH HPERUD VHMDP DV DQWUDFLFOLQDVPXLWRXWLOL]DGDVHPYiULRVWLSRVGHQHRSODVLDV‘“

½

FDUGLRWR[LFLGDGHGDVDQWUDFLFOLQDVGR[RUUXELFLQDHSLUUXELFLQD H LGDUUXELFLQD FDUDFWHUL]DVH SRU TXHGD QD IUDomR GH HMHomR GR YHQWUtFXOR HVTXHUGR HOD RFRUUH HQWUH H GRV FDVRVLQLFLDVHQDVSULPHLUDVGRVHVHHVWiUHODFLRQDGDjGRVH FXPXODWLYDHVSHFLDOPHQWHjTXHODVVXSHULRUHVDPJP¾NJ

VXSHUItFLHFRUSyUHDFRPRGHPRQVWUDGRQD7DEHOD

(P WDO GRVDJHP REVHUYDVH GDQR SHUPDQHQWH PLRFiUGLFR FDUDFWHUL]DGR SRU DSRSWRVH GRV PLyFLWRV D TXDO UHVXOWD HP ¿EURVHHSHUGDGDIXQomRFDUGtDFD‘—$WR[LFLGDGHUHODFLRQDGD

j FLFORIRVIDPLGD WDPEpP FRQVLGHUDGD WLSR , JHUDOPHQWH p DJXGDRXVXEDJXGDWHPUHODomRFRPDGRVHHpLUUHYHUVtYHO QDPDLRULDGRVFDVRV$FLFORIRVIDPLGDHDLIRVIDPLGDHVWmR UHODFLRQDGDV j GLVIXQomR YHQWULFXODU HQWUH H GRV

KVZLZ– ¿ÀÂÃÄÅ ÆÇ )DWRUHV GH ULVFR UHODFLRQDGRV DR SRWHQFLDO HIHLWR

FDUGLRWy[LFR

È ÅÉÊËÌ .DOLO 5 )LOKR +DMMDU /$ %DFDO ) +RII 30 'L] 0 GHO

(4)

GLIHUHQWHVTXLPLRWHUiSLFRVRFRUUHSUHFRFHPHQWHHFRPPDLRU IUHTXrQFLDGRTXHDTXHODUHSRUWDGDSHODDQiOLVHGHIUDomRGH HMHomRUHGX]LGDVLQDOL]DQGRDRFRUUrQFLDGHFDUGLRWR[LFLGDGH

GwIw r F‹‰I¼ Fr˜ ‰rGu‰I H rFw r‹IFGS

2VPpWRGRVXWLOL]DGRVSDUDRGLDJQyVWLFRGDFDUGLRWR[LFLGDGH VmREDVHDGRVSULQFLSDOPHQWHQDTXHGDGDIUDomRGHHMHomR GR YHQWUtFXOR HVTXHUGR )(9( $ IUDomR GH HMHomR p FRPXPHQWHDFHLWDFRPRPHGLGDGDIXQomRVLVWyOLFDFDUGtDFD H p DFHLWD FRPR LQGLFDGRU GH SURJQyVWLFR HP SDFLHQWH FRP 2VHJXQGRJUXSRHPLPSRUWkQFLDFRPRFDXVDGHWR[LFLGDGH

WHP FRPR UHSUHVHQWDQWHV R WUDVWX]XPDEH H R EHYDFL]XPDEH FDUGLRWR[LFLGDGH WLSR ,, 2 WUDVWX]XPDEH FDXVD GLVIXQomR YHQWULFXODU HP DWp GRV FDVRV &RP HVVD GURJD RFRUUH GLVIXQomR WUDQVLWyULD UHYHUVtYHO GRV PLyFLWRV VHP TXH KDMD UHODomR FRP D GRVH UHVXOWDQGR HP PHOKRU SURJQyVWLFRÍÎ

Ž

VXQLWLQLEHHREHYDFL]XPDEHTXDQGRREVHUYDGRVGHWHUPLQDP FDUGLRWR[LFLGDGHHPDGRVFDVRVÏ

0HUHFHGHVWDTXHDFRQVWDWDomRSHODGRVDJHPGHELRPDUFDGRUHV FRPR WURSRQLQD HP TXH D DJUHVVmR PLRFiUGLFD FRP RV

ÐÂÑ ËÒÂÆÇ7LSRVGHFDUGLRWR[LFLGDGHFU{QLFD

ÐÂÑ ËÒÂÓÇ3ULQFLSDLVDJHQWHVTXLPLRWHUiSLFRVXWLOL]DGRVQRWUDWDPHQWRGRFkQFHUHDLQFLGrQFLDGHFDUGLRWR[LFLGDGH

UHGXomRGDIUDomRGHHMHomRHRXLQVX¿FLrQFLDFDUGtDFD

7LSR, 7LSR,,

$JHQWHFDUDFWHUtVWLFR 'R[RUUXELFLQD 7UDVWX]XPDEH

&XUVR FOtQLFR H UHVSRVWD WtSLFD D WHUDSLD DQWLUUHPRGHODPHQWR EHWD EORTXHDGRUHV,(&$

3RGH HVWDELOL]DU PDV RV GDQRV

ªÔ§Õ¦Ö¨×©¨ªØ¦Ù¨Ö¨Úª¨ÙبÙڦרש¨ª

HLUUHYHUVtYHLVUHFRUUrQFLDHPPHVHV

ÛÔ ¦×Ûª ØÛ ¬¨ ¨ª©¦Ù Ù¨Ü¦Ö¥Û ×¦¬¦ ¦Û

HVWUHVVHFDUGtDFRVHTXHQFLDO

$OWD SUREDELOLGDGH GH UHFXSHUDomR SHUWR GR HVWDGR FDUGtDFR EDVDO HP PHVHV GHSRLV GD LQWHUUXSomR UHYHUVtYHO

'RVHHIHLWR &XPXODWLYDGRVHUHODFLRQDGD 1mRUHODFLRQDGDjGRVH (IHLWRVGDUHLQWURGXomR $OWD SUREDELOLGDGH GH GLVIXQomR

UHFRUUHQWH TXH p SURJUHVVLYD SRGH UHVXOWDU HP LQVX¿FLrQFLD FDUGtDFD LQWUDWiYHORXPRUWH

&DGD YH] PDLV HYLGrQFLDV SDUD D VHJXUDQoD UHODWLYD GD UHLQWURGXomR GDGRVDGLFLRQDLVVmRQHFHVViULRV

8OWUDHVWUXWXUD 9DF~RORV GHVDUUDQMR PLR¿EULODU

רÖÙÛª¨

1HQKXPDDQRUPDOLGDGHXOWUDHVWUXWXUDO DSDUHQWHHPERUDQmRFRPSOHWDPHQWH HVWXGDGR

È ÅÉÊËÌ3ODQD-&*DOGHULVL0%DUDF$(ZHU06.\%6FKHUUHU&URVELH0HWDO([SHUW&RQVHQVXVIRU0XOWLPRGDOLW\

,PDJLQJ (YDOXDWLRQ RI $GXOW 3DWLHQWV GXULQJ DQG DIWHU &DQFHU 7KHUDS\ $ 5HSRUW IURP WKH $PHULFDQ 6RFLHW\ RI (FKRFDUGLRJUDSK\DQGWKH(XURSHDQ$VVRFLDWLRQRI&DUGLRYDVFXODU,PDJLQJ-$P6RF(FKRFDUGLRJU

È ÅÉÊËÌ.DOLO5)LOKR+DMMDU/$%DFDO)+RII30'L]0GHO3*DODV)5HWDO,'LUHWUL]%UDVLOHLUDGH&DUGLR2QFRORJLD

GD6RFLHGDGH%UDVLOHLUDGH&DUGLRORJLD$UT%UDV&DUGLROVXSO

ÝÞ ËÉÊËßÀ àáàÅÊËÄâã àäÛ åÉä àÃæÉä àÂçèêà Ëà àëìÀ ÉíîÅïËÉÊÄ àäÀÒÂÄÅÀ

LQVX¿FLrQFLDFDUGtDFD

ÈÄËßÀæÉä àÂà ËÀëÅ

$QWUDFLFOLQDVGR[RUUXELFLQDHSLUUXELFLQD

LGDUUXELFLQD DGRVFDVRVGRVHDFLPDGHPJPð

ð ð ðð

$JHQWHVDOTXLODQWHVFLFORIRVIDPLGD

LIRVIDPLGD DGRVFDVRV

ð ð ð

$JHQWHVDQWLPLFURW~EXORVGRFHWD[HO

SDFOLWD[HO DGRVFDVRV

ð ð ð

Ý ÉÊàä ÅÄã ÅëáÅÉÅäÒ ÅÉ àëËàÉàÑ àà ÅÄËëÃÂÊàÄÅëàÉÂñßÀ àÉÂëË

7UDVWX]XPDEH DGRVFDVRV ð ð

%HYDFL]XPDEH DGRVFDVRV ð ð

6XQLWLQLEH DGRVFDVRV ð ð

YHQWULFXODURXLQVX¿FLrQFLD FDUGtDFD

$QWUDFLFOLQDVGR[RUUXELFLQD

HSLUUXELFLQDLGDUUXELFLQD DGRVFDVRVGRVHDFLPDGHPJPð $JHQWHVDOTXLODQWHVFLFORIRVIDPLGD

LIRVIDPLGD DGRVFDVRV

$JHQWHVDQWLPLFURW~EXORVGRFHWD[HO

SDFOLWD[HO DGRVFDVRV

7UDVWX]XPDEH DGRVFDVRV

%HYDFL]XPDEH DGRVFDVRV

(5)

3URWRFRORGHDYDOLDomRGHFDUGLRWR[LFLGDGH

DQRUPDOLGDGHV GLDVWyOLFDV HP SUHGL]HU R GHVHQYROYLPHQWR GH GLVIXQomR VLVWyOLFD YHQWULFXODU HP PHVHV IRL VXJHULGR HP WUrV SHTXHQRV HVWXGRV HQWUHWDQWR QHQKXP GHVVHV

HVWXGRVGHPRQVWURXFRQFOXVLYDPHQWHRYDORUSURJQyVWLFRGRV SDUkPHWURVGLDVWyOLFRVHPSUHGL]HUDFDUGLRWR[LFLGDGHWDUGLD $VVLPRSDSHOGRVSDUkPHWURVGLDVWyOLFRVQRGLDJQyVWLFRGH FDUGLRWR[LFLGDGHSHUPDQHFHFRQWURYHUVR

1RYDVWpFQLFDVHFRFDUGLRJUi¿FDVFRPRR'RSSOHUWHFLGXDO

V VžOLVH GD GHIRUPDomR WHFLGXDO st [\] ^ J st [\] ^ [\t  H

YDULDQWHV WrP VLGR DJUHJDGDV IRUQHFHQGR VXEVtGLRV SDUD GHWHFomR SUHFRFH GD GLVIXQomR YHQWULFXODU HVTXHUGD HP SDFLHQWHVWUDWDGRVFRPTXLPLRWHUDSLD

$ DQiOLVH GR 'RSSOHU WHFLGXDO '7, PRVWURXVH PHQRV VHQVtYHO jV DOWHUDo}HV GH SUpFDUJD H j IUHTXrQFLD FDUGtDFD HPFRPSDUDomRDRVSDUkPHWURVGLDVWyOLFRVHSRULVVRHVWXGRV GHPRQVWUDUDPVXDXWLOLGDGHLQFOXLQGRDPHGLGDGDYHORFLGDGH VLVWyOLFD HQGRFiUGLFD RQGD 6¶ H D WD[D GH GHIRUPDomR PLRFiUGLFDQDGHWHFomRSUHFRFHGHFDUGLRWR[LFLGDGHLQGX]LGD SHODGR[RUUXELFLQDHSHORWUDVWX]XPDEHSUHFHGHQGRDTXHGD GD)(9(HPPHVHVQRJUXSRFRPFDUGLRWR[LFLGDGH

$LQGD QHVVH FRQWH[WR Vt [\] ^ J st[\] ^ [\t  VmR tQGLFHV

HFRFDUGLRJUi¿FRV GH GHIRUPDomR PLRFiUGLFD UHJLRQDO H

XlL òVl– Ž st [\] ^ p GH¿QLGR FRPR D PXGDQoD IUDFLRQDO QR

FRPSULPHQWR GH XP VHJPHQWR GR PLRFiUGLR HP UHODomR DR FRPSULPHQWRQDGLiVWROH¿QDOHpQRUPDOPHQWHH[SUHVVRHP SRUFHQWDJHP3RUFRQYHQomRXPYDORUSRVLWLYRGRst [\] ^

UHÀHWHRDORQJDPHQWRGRLWHPDQDOLVDGRTXDQGRFRPSDUDGR DR VHX WDPDQKR RULJLQDO HQTXDQWR XP YDORU QHJDWLYR HVWi UHODFLRQDGRDRHQFXUWDPHQWRGRWDPDQKRGRREMHWR

ót [\] ^

J st[\] ^ [\t  LQWHUUHODFLRQDPVH SHOD GHULYDomR WHPSRUDO GD

PHVPDIRUPDTXHDYHORFLGDGHHDGLVWkQFLD“‘

Ž

st [\] ^ GHIRUPDomR GR YHQWUtFXOR HVTXHUGR SRGH VHU

DYDOLDGRSHOR'RSSOHUWHFLGXDO'7,(VWDWpFQLFDHQWUHWDQWR p OLPLWDGD j GLUHomR GR IHL[H GH XOWUDVVRP H QRUPDOPHQWH

é T J Vl WôVN V VQJVZ V N WT JomR ORQJLWXGLQDO RX HP SRXFRV

ZJ X YJ•LZZJ l J KWLQDGRVQDVGLUHo}HVUDGLDORXFLUFXQIHUHQFLDO

2PpWRGRpGHPRUDGRVRIUHLQÀXrQFLDGRkQJXORWHPDOWD YDULDELOLGDGH LQWUD H LQWHUREVHUYDGRU DOpP GH UHTXHUHU SURWRFRORV GH LPDJHP HVSHFt¿FRV ,VVR WHP OLPLWDGR R VHX XVRQDSUiWLFDFOtQLFDDSHVDUGHDLQGDXWLOL]DGRHPHVWXGRVGH LQYHVWLJDomR“’

õ VTVJl W Y WVTLQT L òl J Y VN VNJQJNöKW VNJ X ”lLVVžl WZJ

NL st [\] ^ SHOR 'RSSOHU WHFLGXDO IRL GHVHQYROYLGD D WpFQLFD

GH DIHULomR GR st [\] ^ òVZJ VN V L T VZ•TJVYJ•L NJ QL•LZ

s÷  ¸µ¡  t [\ ¸µ] ^øSHODHFRFDUGLRJUD¿DELGLPHQVLRQDO' ““

1HOD PDUFDGRUHV DF~VWLFRV QDWXUDLV GHQRPLQDGRVs÷  ¸µ¡  s

RV SRQWRV EUDQFRV YLVXDOL]DGRV QDV LPDJHQV HP HVFDOD GH FLQ]DQDHFRFDUGLRJUD¿DELGLPHQVLRQDOUHSUHVHQWDPSDGU}HV HVSHFt¿FRVGRWHFLGRQRPLRFiUGLFR±FRPRXPDLPSUHVVmR GLJLWDO GDTXHOH VHJPHQWR 2 VRIWZDUH GH DQiOLVH GRs÷  ¸µ¡  

t[\ ¸µ] ^ø SHOR HFR ' LGHQWL¿FD RVs÷  ¸µ¡  s SRQWRV FRP

FDUDFWHUtVWLFDV ~QLFDV H UDVWUHLD RV VHXV PRYLPHQWRV HP WRGDVDVGLUHo}HVVHQGRRst[\] ^GHIRUPDomRGRPLRFiUGLR

DYDOLDGR FRP EDVH QD FRPSDUDomR GRV SDGU}HV TXDGUR D TXDGUR“—

LQVX¿FLrQFLDFDUGtDFD&ODVVLFDPHQWHDWR[LFLGDGHLQGX]LGD

SRU TXLPLRWHUiSLFRV p GH¿QD SRU XPD TXHGD QD IUDomR GH HMHomRPDVPHVPRHPLQGLYtGXRVVDXGiYHLVD)(9(VRIUH XPD JUDQGH YDULDomR HQWmR D )(9( LQGLFDWLYD GH GDQR YHQWULFXODU Vy SRGH VHU DSURSULDGDPHQWH GH¿QLGD TXDQGR FRPSDUDo}HVVmRIHLWDVHQWUHXPHVWXGREDVDOGRSDFLHQWHH H[DPHVVXEVHTXHQWHV(PERUDXPDTXHGDDFHQWXDGDQDIUDomR GHHMHomRGXUDQWHRXDSyVRWUDWDPHQWRGHTXLPLRWHUDSLDHVWHMD DVVRFLDGRFRPLQVX¿FLrQFLDFDUGtDFDVLQWRPiWLFDH[LVWHXPD FRQVLGHUiYHOGLVFXVVmRVREUHTXDOJUDXGHTXHGDQDIUDomRGH HMHomRFRQVWLWXLFDUGLRWR[LFLGDGH‘ù

9iULRV PpWRGRV GH LPDJHP SRGHP VHU XWLOL]DGRV QR VHJXLPHQWR FOtQLFR GHVVHV SDFLHQWHV FRPR D UHVVRQkQFLD QXFOHDUPDJQpWLFDHDYHQWULFXORJUD¿DUDGLRLVRWySLFDSRUpP DHFRFDUGLRJUD¿DWHPVLGRSUHIHUHQFLDOQHVVHVHJXLPHQWRSRU VHUXPPpWRGRGHLPDJHPQmRLQYDVLYRHTXHSRUHVVDUD]mR QmRH[S}HRSDFLHQWHjUDGLDomRLRQL]DQWH7DOH[DPHTXDQGR FRPSDUDGRDRVGHPDLVQRDVSHFWRFXVWREHQHItFLRDSUHVHQWD YDQWDJHQV HP UD]mR GH SRGHU VHU UHSHWLGR VHP JUDQGHV {QXV VH QHFHVViULR VHQGR SRU LVVR DPSODPHQWH GLIXQGLGR H IDFLOPHQWH UHSURGXWtYHO DOpP GH IRUQHFHU LQIRUPDo}HV DGLFLRQDLVVREUHDVYDOYDVHDIXQomRGLDVWyOLFDYHQWULFXODU‘ú

$SHVDUGRXVRHGDDPSODDFHLWDomRGD)(9(FRPRPHGLGD GHFDUGLRWR[LFLGDGHH[LVWHPHYLGrQFLDVFUHVFHQWHVLQGLFDQGR TXHDIUDomRGHHMHomRQmRpXPPDUFDGRUVHQVtYHOGHLQM~ULD PLRFiUGLFD$KLSyWHVHpGHTXHPXGDQoDVQDIUDomRGHHMHomR Vy RFRUUHP WDUGLDPHQWH QR SURFHVVR SDWROyJLFR GHSRLV TXH RV PHFDQLVPRV FRPSHQVDWyULRV FRPR D UHVHUYD FRQWUiWLO PLRFiUGLFD H RXWUDV YLDV HVWmR HVJRWDGRV‘ú2XWURVVLP XP

GRV GHVD¿RV FKDYH QD PRQLWRUL]DomR GD FDUGLRWR[LFLGDGH LQGX]LGD SRU TXLPLRWHUiSLFRV HQFRQWUDVH QD SRSXODomR TXH DSHVDU GD TXHGD QD )(9( SHUPDQHFH GHQWUR GD IDL[D GHQRUPDOLGDGHGHWDOSDUkPHWUR3RUHVVDVUD]}HVH[LVWHR LQWHUHVVHGHHQFRQWUDURXWURVSDUkPHWURVHFRFDUGLRJUi¿FRVH DWpPHVPRELRPDUFDGRUHVTXHSRVVDPGHWHFWDUXPDGLVIXQomR PLRFiUGLFD VXEFOtQLFD SUHFHGHQGR D TXHGD GD )(9( SDUD XPDIDL[DFRQVLGHUDGDDQRUPDOVHFRPSDUDGDjVUHIHUrQFLDV

V• ”VWZ– ‘û

1HVVH FHQiULR VXUJLUDP DV SHVTXLVDV HQYROYHQGR RXWURV SDUkPHWURV HFRFDUGLRJUi¿FRV DQiOLVH GD IXQomR GLDVWyOLFD

J L st [\] ^üst [\] ^ [\t  H RV ELRPDUFDGRUHV WURSRQLQD

SHSWtGHRDWULDOQDWULXUpWLFR%13SURWHtQD&UHDWLYD3&5 HLQWHUOHXFLQD67’ ù

2V SDUkPHWURV GLDVWyOLFRV WrP GHPRQVWUDGR VHU PDUFDGRUHV DOWHUQDWLYRV PDLV VHQVtYHLV TXH D )(9( SDUD GHWHFWDU GLVIXQomRFDUGtDFDVXWLOHPPXLWDVSDWRORJLDVSDUWLFXODUPHQWH QD LVTXHPLD‘û$OJXQV HVWXGRV UHFHQWHV UHSRUWDP YDULDo}HV

QHVVHVSDUkPHWURVFRPRQDUHODomR($(H¶HQRtQGLFHGH SHUIRUPDQFH PLRFiUGLFR DR FRPSDUDU LQGLYtGXRV QRUPDLV H DGXOWRVHPWUDWDPHQWRFRPDQWUDFtFOLFRV’ ‘

(6)

Žst[\] ^pFDOFXODGRSDUDFDGDVHJPHQWRGRYHQWUtFXORHVTXHUGR

FRPR D PpGLD UHODWLYD GD GHIRUPDomR HQWUH GRLV SRQWRV DR ORQJR GDV GLUHo}HV SUpGH¿QLGDV GR VLVWHPD GH FRRUGHQDGDV GR FRUDomR GLUHo}HV FLUFXQIHUHQFLDO ORQJLWXGLQDO H UDGLDOû

9DORUHVQRUPDLVSDUDRst[\] ^ORQJLWXGLQDOHVWmRQDIDL[DHQWUH

HGLIHULQGROLJHLUDPHQWHGRVDOJRULWPRVGHDQiOLVHGR

s÷ ¸µ¡  t[\¸µ]^øGRVGLIHUHQWHVIDEULFDQWHV

Žst[\]^JLst[\] ^

[\t SRGHPVHUDYDOLDGRVHPFDGDUHJLmRGRYHQWUtFXORHVWXGDGR

st[\] ^UHJLRQDOHDPpGLDGHVWHVYDORUHVSDVVDDUHSUHVHQWDUR

st[\] ^JOREDORTXHUHÀHWHDIXQomRJOREDOYHQWULFXODU “¯

$ GHIRUPDomR PLRFiUGLFD st[\] ^ H D WD[D GH GHIRUPDomR

PLRFiUGLFD st [\] ^ [\t  RIHUHFHP XPD DERUGDJHP

DSDUHQWHPHQWH PDLV VHQVtYHO TXH D IUDomR GH HMHomR GR YHQWUtFXOR HVTXHUGR SDUD PHQVXUDU FDUGLRWR[LFLGDGH (VVDV PHGLGDVSRGHPIRUQHFHUXPDDYDOLDomRPXOWLGLPHQVLRQDOGD PHFkQLFDPLRFiUGLFDORQJLWXGLQDOUDGLDOHFLUFXQIHUHQFLDO FRPDYDQWDJHPDGLFLRQDOGHVHUFDSD]GHGHWHFWDUPRYLPHQWRV DQRUPDLV VXWLV GD IXQomR UHJLRQDO GD SDUHGH YHQWULFXODU R TXHQmROHYDjGLPLQXLomRJOREDOGD)(9(

(QTXDQWR DOJXQV HVWXGRV UHSRUWDP j TXHGD QRst[\] ^ T VN W Vl

H FLUFXQIHUHQFLDO D PDLRULD GRV HVWXGRV DJRUD UHSRUWDP H[FOXVLYDPHQWH DRst [\] ^ ORQJLWXGLQDO GHYLGR j VLJQL¿FDQWH

YDULDELOLGDGHYLVWDQRVRXWURVWLSRVGHst [\] ^SULQFLSDOPHQWH Lst [\] ^T VN W Vl –

û

8PD UHYLVmR VLVWHPiWLFD SXEOLFDGD HP UHYLVRX YiULRV SHTXHQRVHVWXGRVFOtQLFRVSDUDDQDOLVDUDXWLOLGDGHGRst [\] ^L

FHQiULRGDFDUGLRWR[LFLGDGH1HVVDUHYLVmRGDGRVUHODWLYRVD SDFLHQWHVIRUDPUHYLVDGRVHGHPRQVWUDUDPTXHHPWRGRV RVHVWXGRVDTXHGDGRst [\] ^IRLSUHGLWLYDGHFDUGLRPLRSDWLD

LQGX]LGD SRU TXLPLRWHUiSLFRV— ù 2 SDUkPHWUR PDLV H¿FLHQWH

HP GHPRQVWUDU R GHFOtQLR QD )(9( RX D LQVX¿FLrQFLD FDUGtDFD IRL GXUDQWH D DQiOLVH D TXHGD GH D QR

st [\] ^ JOREDO ORQJLWXGLQDO s÷  ¸µ¡   t [\ ¸µ] ^ø7DQWR Rst [\] ^

JOREDOUDGLDOTXDQWRRFLUFXQIHUHQFLDOWDPEpPPRVWUDUDPVH FRQVLVWHQWHPHQWH DQRUPDLV QHVVHV SDFLHQWHV HPERUD PHQRV H¿FLHQWHVHPGHPRQVWUDUGHVIHFKRVFDUGtDFRV

(PUHODomRDRYDORUSURJQyVWLFRGRVtQGLFHVGHGHIRUPDomR PLRFiUGLFRV RV GDGRV SHUPDQHFHP OLPLWDGRV H R WHPSR GH VHJXLPHQWRGHVVHVSDFLHQWHVSHUPDQHFHLQFHUWRXPDYH]TXH RVHIHLWRVWy[LFRVGRVTXLPLRWHUiSLFRVVmRGHORQJRSUD]R

$VWURSRQLQDV,H7VmRSURWHtQDVUHJXODWyULDVFDUGtDFDVTXH FRQWURODP D LQWHUDomR DFWLQDPLRVLQD PHGLDGD SHOR FiOFLR $ WURSRQLQD , p XP PDUFDGRU GH LQM~ULD PLRFiUGLFD FRP OLEHUDomRSURSRUFLRQDOjH[WHQVmRGRGDQRFDUGtDFR— —

$ GHVSHLWR GH FODVVLFDPHQWH VHU XWLOL]DGD SDUD DYDOLDomR GH GDQRPLRFiUGLFRVHFXQGiULRDLVTXHPLD ýžIRLGHPRQVWUDGR

HPYiULRVHVWXGRVTXHDHOHYDomRGDWURSRQLQDHPSDFLHQWHV VXEPHWLGRV j TXLPLRWHUDSLD QmR HVWi UHODFLRQDGD j LQM~ULD LVTXrPLFD PRVWUDQGR D FRUUHODomR GR PDUFDGRU FRP GDQR DR FDUGLRPLyFLWR SURGX]LGR SHODV GURJDV$ WURSRQLQD SRGH SHUPDQHFHU SHUVLVWHQWHPHQWH HOHYDGD DWp XP PrV DSyV R WpUPLQRGDTXLPLRWHUDSLD

8P HVWXGR UHDOL]DGR SRU &DUGLQDOH H FRODERUDGRHV PRVWURX TXH XP WHUoR GRV SDFLHQWHV TXH UHFHEHUDP DOWDV GRVHV GH

TXLPLRWHUDSLDDSUHVHQWDUDPHOHYDomRGHWURSRQLQDHPDOJXP SRQWR GXUDQWH R WUDWDPHQWR 7DO HOHYDomR PRVWURXVH FRPR XP SUHGLWRU FRQ¿iYHO GH VXEVHTXHQWH GLVIXQomR FDUGtDFD SHUVLVWHQWHQRVHJXLPHQWRGHPHVHVMXOJDQGRVHSHODTXHGD QD)(9(’£

(P RXWUR HVWXGR GR PHVPR DXWRU QRYDPHQWH D HOHYDomR GD WURSRQLQD IRL DVVRFLDGD D XPD LQFLGrQFLD PDLRU GH HYHQWRV FDUGtDFRVHPXPVHJXLPHQWRPpGLRGHPHVHV$LQFLGrQFLDGH HYHQWRVFDUGtDFRVIRLSDUWLFXODUPHQWHDOWDQRJUXSRFRPHOHYDomR SHUVLVWHQWHGDWURSRQLQDDWpPrVDSyVDTXLPLRWHUDSLD

2XWURV HVWXGLRVRV 6DZD\D H FRODERUDGRUHV WDPEpP LQYHVWLJDUDP R SDSHO GD FRPELQDomR HQWUH WURSRQLQD XOWUDVVHQVtYHOHGR*/6FRPRIDWRUHVSUHGLWLYRVSDUD VXEVHTXHQWHTXHGDGDIUDomRGHHMHomRHLQVX¿FLrQFLDFDUGtDFD FRPUHVXOWDGRVSRVLWLYRV¯

%LRPDUFDGRUHVDOWHUQDWLYRVIRUDPDQDOLVDGRVQHVVHFRQWH[WR LQFOXLQGR%13SURWHtQD&UHDWLYDHLQWHUOHXFLQD67SRUpP PRVWUDUDPUHVXOWDGRVFRQÀLWDQWHVQmRVHQGRDWpRPRPHQWR FRQVLGHUDGRV PDUFDGRUHV FRQ¿iYHLV SDUD SUHGL]HU D OHVmR PLRFiUGLFDFDXVDGDSRUTXLPLRWHUiSLFRV

»FG ¹GŠ ŒIGvFrvrH GŠvI» FGwIw G

$SUHYHQomRGDLQVX¿FLrQFLDFDUGtDFDVHFXQGiULDjTXLPLRWHUDSLD SRGHWHRULFDPHQWHVHUFRQVHJXLGDDWUDYpVGHPHGLGDVSUHYHQWLYDV

QTWYžTWVZ JY •LNLZ QVKWJ•JZ Z”òYJ•WNLZ j TXLPLRWHUDSLD

RX DOWHUQDWLYDPHQWH SRU PHLR GD LGHQWL¿FDomR SUHFRFH H GD LQWHUYHQomRWHUDSrXWLFDHPSDFLHQWHVTXHVmRGHULVFRRXHVWmR HPXPDIDVHSUHFRFHUHYHUVtYHOGRSURFHVVRGDGRHQoD

$YDOLDQGRDSUHYHQomRSULPiULDPXGDQoDVQDDGPLQLVWUDomR GDTXLPLRWHUDSLDQRTXHGL]UHVSHLWRjGURJDGRVHHPpWRGR GH DGPLQLVWUDomR WrP VLGR HVWXGDGRV ([LVWHP HYLGrQFLDV TXH GHPRQVWUDP XPD PHQRU FDUGLRWR[LFLGDGH FRP R XVR GD IRUPXODomR OLSRVVRPDO GRV DQWUDFtFOLFRV R TXH SDUHFH HYLWDUDGLIXVmRGRDJHQWHFDUGLRWy[LFRDWUDYpVGDSDUHGHGRV YDVRV FDUGtDFRV HQTXDQWR FRQWLQXD D SHUPLWLU D SHQHWUDomR DWUDYpV GD YDVFXODWXUD QHRSOiVLFD DQRUPDO$ DGPLQLVWUDomR GRV DQWUDFtFOLFRV HP GRVHV GLYLGLGDV DR LQYpV GH EROXV WDPEpP WHP GHPRQVWUDGR UHGX]LU D FDUGLRWR[LFLGDGH VHP FRPSURPHWHUDH¿FiFLDGDGURJD

$ XWLOL]DomR GH WHUDSLDV FDUGLRSURWHWRUDV DGLFLRQDLV WDPEpP WHP VLGR LQYHVWLJDGD 2 GH[UD]R[DQH WHP XPD DomR FDUGLRSURWHWRUD HVWD GURJD DWXD QR PHWDEROLVPR R[LGDWLYR SRUDomRTXHODQWHDRtRQIHUURLPSHGLQGRDDomRGLUHWDGRV DQWUDFtFOLFRV QDV RUJDQHODV LQWUDFHOXODUHV GR FDUGLRPLyFLWR D ¿P GH LQLELU D SURGXomR H OLEHUDomR GH UDGLFDLV OLYUHV UHVSRQViYHLVSHORVPHFDQLVPRVGHDSRSWRVHFHOXODUú

(7)

3URWRFRORGHDYDOLDomRGHFDUGLRWR[LFLGDGH

GHPRQVWURX GLIHUHQoD VLJQL¿FDWLYD QD WD[D GH UHVSRVWD RX VREUHYLGDJOREDOQHVWHJUXSRGHWUDWDPHQWR—£

2 XVR GD WHUDSrXWLFD SDGUmR SDUD LQVX¿FLrQFLD FDUGtDFD LQLELGRUHV GD HQ]LPD GD FRQYHUVmR GD DQJLRWHQVLQD EHWD EORTXHDGRUHV H HVWDWLQDV QD SUHYHQomR SULPiULD GD FDUGLRWR[LFLGDGH LQGX]LGD SRU TXLPLRWHUDSLD WDPEpP WHP VLGRDYDOLDGRRVHVWXGRVUHDOL]DGRVVXJHUHPXPDWHQGrQFLD FDUGLRSURWHWRUD GHVVDV GURJDV PDV QmR IRUDP DOFDQoDGRV UHVXOWDGRV VLJQL¿FDQWHV 2 WHPSR GH VHJXLPHQWR GHVVHV HQVDLRVIRLFXUWRGXUDQGRPHVHVRXPHQRVDVVLPRSDSHO SRWHQFLDOPHQWHFDUGLRSURWHWRUGHVVDVGURJDVQDSUHYHQomRGD WR[LFLGDGHFDUGtDFDDORQJRSUD]RDLQGDQmRIRLGHPRQVWUDGR

3RU RXWUR ODGR RV SDFLHQWHV FRP GLVIXQomR GH YHQWUtFXOR HVTXHUGR HVWDEHOHFLGD VHFXQGiULD j TXLPLRWHUDSLD VmR FODVVL¿FDGRV FRPR HVWiJLR % GH LQVX¿FLrQFLD FDUGtDFD SHOD FODVVL¿FDomRSURSRVWDSHOD$PHULFDQ&ROOHJHRI&DUGLRORJ\

$&&$PHULFDQ+HDUW$VVRFLDWLRQ$+$JSRUWDQWRGHYH

VHULQLFLDGDDWHUDSrXWLFDSDGUmRQRWUDWDPHQWRGDLQVX¿FLrQFLD FDUGtDFDHPWDLVFDVRV

&RPRGLVFXWLGRDRORQJRGHVWHGRFXPHQWRRVQRYRVPpWRGRV GHGHWHFomRSUHFRFHGHGLVIXQomRGRYHQWUtFXORHVTXHUGRVmR LQWHUHVVDQWHVSDUDRULHQWDURLQtFLRGDWHUDSLDDGHTXDGDRPDLV FHGRSRVVtYHO9iULRVDXWRUHVGHPRQVWUDUDPTXHDTXHGDQD IUDomRGHHMHomRDGLPLQXLomRGRst [\] ^lLX W • ”N WVl Xl L òVl

HDHOHYDomRGDVWURSRQLQDVTXDQGRJXLDUDPRLQtFLRSUHFRFH GRWUDWDPHQWRGDGLVIXQomRFDUGtDFDDMXGDUDPQDUHYHUVmRGD GLVIXQomRHHYLWDUDPRUHPRGHODPHQWRGDVGLPHQV}HV¿QDLV GRYHQWUtFXORHVTXHUGR

&RPEDVHQDUHYLVmRH[SRVWDQHVVHGRFXPHQWRVHJXHDEDL[R R SURWRFROR FOtQLFR SDUD DYDOLDomR GD FDUGLRWR[LFLGDGH HP SDFLHQWHV VXEPHWLGRV j TXLPLRWHUDSLD SURSRVWR SHOR VHUYLoR GHHFRFDUGLRJUD¿DGR+RVSLWDO8QLYHUVLWiULR:DOWHU&DQWtGLR

_g{þ{j{c {j`g |ÿ{þ{oÿjÿ|`| mÿ |œ ÿ|`{g œ ÿ ÿ{þmgÿj {h

$GPLVVmRQRSURWRFRORBBBBBBBBBBBBBBBBB

3URQWXiULRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

1RPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

1DVFLPHQWRBBBBBBBBBBBBBBBBBB

'LDJQyVWLFRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

'DWDGRGLDJQyVWLFRBBBBBBBBBBBBBBBBBB

(VTXHPDTXLPLRWHUiSLFRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

5DGLRWHUDSLD6LP1mR

(&*6HPSUHFDOFXODU47F

(&2'

7HPSR )( */6

3Up47

0YJ ZJ Z

0YJ ZJ Z

0YJ ZJ Z

1 YJ ZJ Z

(8)

7URSRQLQD

&LFOR47 K $QWHVGRSUy[LPRFLFOR

1K W Kl L

K W Kl L

3K W Kl L

4K W Kl L

ƒFLFOR

C{ |œ þ`n

3DFLHQWHSUHYLDPHQWHKLSHUWHQVR

x $VVHJXUDU TXH HQWUH RV DQWLKLSHUWHQVLYRV HVWHMDP LQLELGRUHV GD HQ]LPD GH FRQYHUVmR GD DQJLRWHQVLQD ,(&$ RX EORTXHDGRUHVGRVUHFHSWRUHVGDDQJLRWHQVLQD%5$HEHWDEORTXHDGRUHV%%VHQHFHVViULR

3DFLHQWHFRPIUDomRGHHMHomRGRYHQWUtFXORHVTXHUGR)(9(!

x 6HJXLPHQWR KDELWXDO FRP UHWRUQR DR FDUGLRORJLVWD DSyV D UHDOL]DomR GRV HFRFDUGLRJUDPDV FRPst[\] ^ SUHYLVWR SHOR

QTL •L KLl L–

3DFLHQWHFRP)(9(”HDVVLQWRPiWLFR

x $YDOLDUULVFRVHEHQHItFLRVQDHVFROKDGRHVTXHPDTXLPLRWHUiSLFR

x 6HPWUDWDPHQWRSDUDGLVIXQomRYHQWULFXODULQLFLDU%%H,(&$%5$

x (PWUDWDPHQWRSDUDGLVIXQomRYHQWULFXODUPDQWHUWUDWDPHQWRHDVVHJXUDUXVRGH%%H,(&$%5$

x &RQVXOWDFDUGLROyJLFDPHQVDODWpRWpUPLQRGDTXLPLRWHUDSLD

$SyVRWpUPLQRGDTXLPLRWHUDSLD

x 6H)(9(!VHJXLPHQWRKDELWXDO

x 6H)(9(UHDYDOLDomRDFDGDWULPHVWUHQRSULPHLURDQRDFDGDVHPHVWUHQRVHJXQGRDQRHDQXDODSDUWLUGR

•JT KJ WTLVL–

$OWHUDomRGHWURSRQLQDHRXHFRst [\] ^GXUDQWHTXLPLRWHUDSLD

x 5HDOL]DUHFRst [\] ^HLQLFLDU,(&$%5$DVVRFLDQGRVHQHFHVViULRGRVHVPtQLPDVGH%%

x 5HSHWLUWURSRQLQDHHFRst [\] ^JY4ZJYVVZš

96HQRUPDOL]RXFRQWLQXDTXLPLRWHUDSLDHPDQWHPPHGLFDo}HVLQLFLDGDV

96HQmRKRXYHQRUPDOL]DomRDVVRFLDU%%UHSHWLUHPVHPDQDVWURSRQLQDHHFRst [\] ^–

™6HQRUPDOL]RXFRQWLQXDTXLPLRWHUDSLDHPDQWpPPHGLFDo}HVLQLFLDGDV

™6HQmRKRXYHQRUPDOL]DomRRWLPL]DUPHGLFDo}HV

x S mk{œf mg œm| ` {st g c{m `cc { gÿþ œ|ÿ `c(›S m þgmi |{f `c{gm `h`cn|ÿhjœ þ ÿgj{{ j{c {gÿhþ`h{mgm

(9)

3URWRFRORGHDYDOLDomRGHFDUGLRWR[LFLGDGH

4XHGDGD)(9(GXUDQWHDTXLPLRWHUDSLD

4XHGD)(9(GRYDORUEDVDOHSDFLHQWHDVVLQWRPiWLFR

x ,QLFLDU,(&$%5$H%%

x 'RVDJHPTXLQ]HQDOGHWURSRQLQD

x 5HSHWLUHFRst[\] ^J Y4ZJ Y VVZš

90DQXWHQomRGD)(9(RXPHOKRUDSURVVHJXLUTXLPLRWHUDSLDHVHJXLPHQWRFDUGLROyJLFRPHQVDO

x 'LVFXWLUFRPRQFRORJLVWDVREUHDPDQXWHQomRDGDSWDomRGRHVTXHPDTXLPLRWHUiSLFR

4XHGDGD)(9(!GRYDORUEDVDORX)(9(DSyVRLQtFLRGDTXLPLRWHUDSLDRXSDFLHQWHVLQWRPiWLFR

x ,QLFLDURXRWLPL]DUWUDWDPHQWRFRP,(&$%5$H%%

x 'RVDJHPTXLQ]HQDOGHWURSRQLQD

x 5HSHWLUHFRst[\] ^J YZJ Y VVZ–

x 'LVFXWLUFRPRQFRORJLVWDVREUHDPDQXWHQomRDGDSWDomRGRHVTXHPDTXLPLRWHUiSLFR

$SyVVHPDQDV

x )(9(!

90DQWHUWUDWDPHQWRSDUDGLVIXQomR

90DQWHUTXLPLRWHUDSLD

95HDYDOLDUHPVHPDQDV

x )(9(HDVVLQWRPiWLFR

93URVVHJXLUWUDWDPHQWRSDUDGLVIXQomR

9'LVFXWLUFRPRQFRORJLVWDVREUHDPDQXWHQomRDGDSWDomRGRHVTXHPDTXLPLRWHUiSLFR

95HDYDOLDUHPVHPDQDV

x 4XHGDGD)(9(RXSDFLHQWHVLQWRPiWLFR

90DQWHUWUDWDPHQWRSDUDGLVIXQomR

9'LVFXWLUFRPRQFRORJLVWDVREUHDPDQXWHQomRDGDSWDomRGRHVTXHPDTXLPLRWHUiSLFR

6HJXLPHQWRDSyVVHPDQDVGHUHDYDOLDomRGDTXLPLRWHUDSLD

x 0HOKRUDRXPDQXWHQomRGD)(9(

95HDYDOLDUHPVHPDQDVHPDQWHURWLPL]DomRSDUDGLVIXQomR

x 3LRUDGD)(9(

92WLPL]DUPHGLFDomRHGLVFXWLUFRPRQFRORJLVWDVREUHDPDQXWHQomRDGDSWDomRGRHVTXHPDTXLPLRWHUiSLFR

95HDYDOLDUHPVHPDQDV

(10)

FG˜G F­Šw‰r S

7DQ 7& 6FKHUUHU&URVELH 0 &DUGLDF FRPSOLFDWLRQV RI FKHPRWKHUDS\UROHRILPDJLQJ&XUU7UHDW2SWLRQV&DUGLRYDVF0HG

/HIUDN($3LWKD-5RVHQKHLP6*RWWOLHE-$$FOLQLFRSDWKRORJLF DQDO\VLVRIDGULDP\FLQFDUGLRWR[LFLW\&DQFHU

.DOLO)LOKR5+DMMDU/$%DFDO)+RII30'L]0GHO3*DODV )5%*HWDO,'LUHWUL]%UDVLOHLUDGH&DUGLR2QFRORJLDGD6RFLHGDGH %UDVLOHLUDGH&DUGLRORJLD$UT%UDV&DUGLROVXSO

5RFKD 50 6FKQHLGHU 56 0RUHLUD , &DUGLRRQFRORJLD ± RQGH HVWDPRV"5HYLVWD+RVSLWDO8QLYHUVLWiULR3HGUR(UQHVWR6XSO

$OELQL $ 3HQQHVL * 'RQDWHOOL ) &DPPDURWD 5 'H )ORUD 6 1RRQDQ'0&DUGLRWR[LFLW\RIDQWLFDQFHUGUXJVWKHQHHGIRUFDUGLR RQFRORJ\ DQG FDUGLRRQFRORJLFDO SUHYHQWLRQ - 1DWO &DQFHU ,QVW

2¶+DUH00XUSK\.0RRNDGDP)6KDUPD$/HH+&DUGLR RQFRORJ\ SDUW , FKHPRWKHUDS\ DQG FDUGLRYDVFXODU WR[LFLW\ ([SHUW 5HY&DUGLRYDVF7KHU

6DZD\D+6HEDJ,$3ODQD-&-DQX]]L-/.\%7DQ7&HWDO $VVHVVPHQW RI HFKRFDUGLRJUDSK\ DQG ELRPDUNHUV IRU WKH H[WHQGHG SUHGLFWLRQ RI FDUGLRWR[LFLW\ LQ SDWLHQWV WUHDWHG ZLWK DQWKUDF\FOLQHV WD[DQHVDQGWUDVWX]XPDE&LUF&DUGLRYDVF,PDJLQJ

&\SULDQR $6 'LUHWUL] DVVLVWHQFLDO SDUD DYDOLDomR FDUGLROyJLFD GRSDFLHQWHRQFROyJLFR>,QWHUQHW@6mR3DXOR$OEHUW(LQVWHLQ >DFHVVR HP DEU @ 'LVSRQtYHO HP KWWSVZZZJRRJOH FRPEUXUO"VD W UFW M T HVUF V VRXUFH ZHE FG YHG DK8.(ZMX2X'077$K:'L$.+7Z$$VV4)JJP0$$ XUO KWWSV$))SXEGLUHWUL]HVHLQVWHLQEU)GRZQORDG DVS[),''%((''')(%%'$%% ' XVJ $)4M&1*-*POD*XI;;:'*FZ727 $ FDG UMD

$OPHLGD $/ *MHVGDO 2 0HZWRQ 1 &KRL (< 7HL[LGR7XUD * <RQH\DPD . HW DO 6SHFNOH7UDFNLQJ SDUD (FRFDUGLRJUD¿D ELGLPHQVLRQDO±DSOLFDo}HVFOtQLFDV5HY%UDV(FRFDUGLRJU,PDJHP &DUGLRYDVF

2¶+DUH00XUSK\.0RRNDGDP)6KDUPD$/HH+&DUGLR RQFRORJ\SDUW,,WKHPRQLWRULQJSUHYHQWLRQGHWHFWLRQDQGWUHDWPHQW RIFKHPRWKHUDSHXWLFFDUGLDFWR[LFLW\([SHUW5HY&DUGLRYDVF7KHU

'ROFL $ 'RPLQLFL 5 &DUGLQDOH ' 6DQGUL 07 3DQWHJKLQL 0 %LRFKHPLFDO PDUNHUV IRU SUHGLFWLRQ RI FKHPRWKHUDS\ LQGXFHG FDUGLRWR[LFLW\ V\VWHPDWLF UHYLHZ RI WKH OLWHUDWXUH DQG UHFRPPHQGDWLRQVIRUXVH$P-&OLQ3DWKRO

%RFFKL ($ %UDJD )* )HUUHLUD 60 5RKGH /( 2OLYHLUD:$ $OPHLGD '5 HW DO ,,, 'LUHWUL] EUDVLOHLUD GH LQVX¿FLrQFLD FDUGtDFD FU{QLFD$UT%UDV&DUGLROVXSO

6HQJXSWD331RUWKIHOW':*HQWLOH)=DPRUDQR-/.KDQGKHULD %. 7UDVWX]XPDELQGXFHG FDUGLRWR[LFLW\ KHDUW IDLOXUH DW WKH FURVVURDGV0D\R&OLQ3URF

0RQVXH]--&KDUQLRW-&9LJQDW1$UWLJRX-<&DUGLDFVLGH HIIHFWVRIFDQFHUFKHPRWKHUDS\,QW-&DUGLRO

<HK (7 %LFNIRUG &/ &DUGLRYDVFXODUFRPSOLFDWLRQVRI FDQFHU WKHUDS\LQFLGHQFHSDWKRJHQHVLVGLDJQRVLVDQGPDQDJHPHQW-$P &ROO&DUGLRO

:HOOV46/HQLKDQ'-5HYHUVLELOLW\RIOHIWYHQWULFXODUG\VIXQFWLRQ UHVXOWLQJIURPFKHPRWKHUDS\FDQWKLVEHH[SHFWHG"3URJ&DUGLRYDVF 'LV

&XUWLV-36RNRO6,:DQJ<5DWKRUH66.R'7-DGEDEDLH) HWDO7KHDVVRFLDWLRQRIOHIWYHQWULFXODUHMHFWLRQIUDFWLRQPRUWDOLW\ DQGFDXVHRIGHDWKLQVWDEOHRXWSDWLHQWVZLWKKHDUWIDLOXUH-$P&ROO &DUGLRO

(ZHU06$OL0.0DFND\%:DOODFH69DOGLYLHVR0/HJKD 66 HW DO $ FRPSDULVRQ RI FDUGLDF ELRSV\ JUDGHV DQG HMHFWLRQ IUDFWLRQHVWLPDWLRQVLQSDWLHQWVUHFHLYLQJDGULDP\FLQ-&OLQ2QFRO

0ROOHU-(3HOOLNND3$+LOOLV*62K-.3URJQRVWLFLPSRUWDQFH RI GLDVWROLF IXQFWLRQ DQG ¿OOLQJ SUHVVXUH LQ SDWLHQWV ZLWK DFXWH P\RFDUGLDOLQIDUFWLRQ&LUFXODWLRQ

0LWDQL,-DLQ'-RVND70%XUWQHVV%=DUHW%/'R[RUXELFLQ FDUGLRWR[LFLW\ SUHYHQWLRQ RI FRQJHVWLYH KHDUW IDLOXUH ZLWK VHULDO FDUGLDF IXQFWLRQ PRQLWRULQJ ZLWK HTXLOLEULXP UDGLRQXFOLGH DQJLRFDUGLRJUDSK\LQWKHFXUUHQWHUD-1XFO&DUGLRO

9

'RUXS,/HYLWW*6XOOLYDQ,6RUHQVHQ.3URVSHFWLYHORQJLWXGLQDO DVVHVVPHQW RI ODWH DQWKUDF\FOLQH FDUGLRWR[LFLW\ DIWHU FKLOGKRRG FDQFHUWKHUROHRIGLDVWROLFIXQFWLRQ+HDUW

7DVVDQ0DQJLQD6&RGRUHDQ'0HWLYLHU0&RVWD%+LPEHUOLQ & -RXDQQDXG & HW DO 7LVVXH 'RSSOHU LPDJLQJ DQG FRQYHQWLRQDO HFKRFDUGLRJUDSK\DIWHUDQWKUDF\FOLQHWUHDWPHQWLQDGXOWVHDUO\DQG ODWHDOWHUDWLRQVRIOHIWYHQWULFXODUIXQFWLRQGXULQJDSURVSHFWLYHVWXG\ (XU-(FKRFDUGLRJU

6WRGGDUG0)6HHJHU-/LGGHOO1(+DGOH\7-6XOOLYDQ'0 .XSHUVPLWK - 3URORQJDWLRQ RI LVRYROXPHWULF UHOD[DWLRQ WLPH DV DVVHVVHGE\'RSSOHUHFKRFDUGLRJUDSK\SUHGLFWVGR[RUXELFLQLQGXFHG V\VWROLFG\VIXQFWLRQLQKXPDQV-$P&ROO&DUGLRO±

&DUGLQDOH ' &RORPER $ 7RUULVL 5 6DQGUL 07 &LYHOOL 0 6DOYDWLFL 0 HW DO 7UDVWX]XPDELQGXFHG FDUGLRWR[LFLW\ FOLQLFDO DQGSURJQRVWLFLPSOLFDWLRQVRIWURSRQLQ,HYDOXDWLRQ-&OLQ2QFRO

&DUGLQDOH ' 6DQGUL 07 &RORPER $ %RHUL 0 /DPDQWLD * &LYHOOL 0 HW DO 3URJQRVWLF YDOXH RI WURSRQLQ , LQ FDUGLDF ULVN VWUDWL¿FDWLRQRIFDQFHUSDWLHQWVXQGHUJRLQJKLJKGRVHFKHPRWKHUDS\ &LUFXODWLRQ

&DUGLQDOH ' 6DQGUL 07 0DUWLQRQL $ 7ULFFD $ &LYHOOL 0 /DPDQWLD * HW DO /HIW YHQWULFXODU G\VIXQFWLRQ SUHGLFWHG E\ HDUO\ WURSRQLQ,UHOHDVHDIWHUKLJKGRVHFKHPRWKHUDS\-$P&ROO&DUGLRO

'DXJDDUG*/DVVHQ8%LH33HGHUVHQ(%-HQVHQ.7$ELOGJDDUG 8 HW DO 1DWULXUHWLF SHSWLGHV LQ WKH PRQLWRULQJ RI DQWKUDF\FOLQH LQGXFHG UHGXFWLRQ LQ OHIW YHQWULFXODU HMHFWLRQ IUDFWLRQ (XU - +HDUW )DLO

(11)

3URWRFRORGHDYDOLDomRGHFDUGLRWR[LFLGDGH

P\RFDUGLDO SHUIRUPDQFH LQGH[ DQG ELRFKHPLFDO PDUNHUV IRU HDUO\ GHWHFWLRQRIDQWKUDF\FOLQHLQGXFHGFDUGLRWR[LFLW\LQDGXOWV&OLQ5HV &DUGLRO

/HQLKDQ'-0DVVH\05%D\VLQJHU.%$GRUQR&/:DUQHNH &/ 6WHLQHUW ' HW DO 6XSHULRU GHWHFWLRQ RI FDUGLRWR[LFLW\ GXULQJ FKHPRWKHUDS\ XVLQJ ELRPDUNHUV - &DUG )DLO 6XSO 6

0LUVN\ , 3DUPOH\ :: $VVHVVPHQW RI SDVVLYH HODVWLF VWLII¤QHVV IRU LVRODWHG KHDUW PXVFOH DQG WKH LQWDFW KHDUW &LUF 5HV

5DGHPDNHUV)(5RJHUV:-*XLHU:++XWFKLQV*06LX&2 :HLV¤IHOGW0/HWDO5HODWLRQRIUHJLRQDOFURVV¿EHUVKRUWHQLQJWR ZDOOWKLFNHQLQJLQWKHLQWDFWKHDUW7KUHHGLPHQVLRQDOVWUDLQDQDO\VLV E\QPUWDJJLQJ&LUFXODWLRQ

+HOOH9DOOH7&URVE\-(GYDUGVHQ7/\VHJJHQ($PXQGVHQ %+ 6PLWK +- HW DO 1HZ QRQLQYDVLYH PHWKRG IRU DVVHVVPHQW RI OHIW YHQWULFXODU URWDWLRQ VSHFNOH WUDFNLQJ HFKRFDUGLRJUDSK\ &LUFXOD¤WLRQ

,VKL]X76HR<(QRPRWR<6XJLPRUL+<DPDPRWR00DFKLQR 7HWDO([SHULPHQWDOYDOLGDWLRQRIOHIWYHQWULFXODUWUDQVPXUDOVWUDLQ JUDGLHQW ZLWK HFKRFDUGLRJUDSKLF WZRGLPHQVLRQDO VSHFNOH WUDFNLQJ LPDJLQJ(XU-(FKRFDUGLRJU

.RULQHN - :DQJ - 6HQJXSWD 33 0L\D]DNL & .MDHUJDDUG - 0F¤0DKRQ ( HW DO 7ZRGLPHQVLRQDO VWUDLQD GRSSOHU LQGHSHQ¤GHQW XOWUDVRXQG PHWKRG IRU TXDQWLWDWLRQ RI UHJLRQDO GHIRU¤PDWLRQ9DOLGDWLRQLQYLWURDQGLQYLYR-$P6RF(FKRFDUGLRJU

7DNLJLNX.7DNHXFKL0,]XPL&<XGD66DNDWD.2KWH1

0DQRYHO$'DZVRQ'6PLWK%1LKR\DQQRSRXORV3$VVHVVPHQW RIOHIWYHQWULFXODUIXQFWLRQE\GLIIHUHQWVSHFNOHWUDFNLQJVRIWZD¤UH (XU-(FKRFDUGLRJU

5HLVQHU6$/\V\DQVN\3$JPRQ<0XWODN'/HVVLFN-)ULHGPDQ = *OREDO ORQJLWXGLQDO VWUDLQ $ QRYHO LQGH[ RI OHIW YHQWULFXODU V\VWR¤OLFIXQFWLRQ-$P6RF(FKRFDUGLRJU

-XUFXW5:LOGLHUV+*DQDPH-'¶+RRJH-3DULGDHQV59RLJW -8 'HWHFWLRQ DQG PRQLWRULQJ RI FDUGLRWR[LFLW\ZKDW GRHV PRGHUQ FDUGLRORJ\RIIHU"6XSSRUW&DUH&DQFHU

.RZDOVNL 0 .XNXOVNL 7 -DPDO ) '¶+RRJH - :HLGHPDQQ ) 5DGHPDNHUV ) HW DO &DQ QDWXUDO VWUDLQ DQG VWUDLQ UDWH TXDQWLI\

ÅáÅä àÊÂÄ Ì

/LPD0%)DULDV$*/HRSROGLQR'03URWRFRORGR+RVSLWDO8QLYHUVLWiULR:DOWHU&DQWtGLRSDUDDYDOLDomRGHFDUGLRWR[LFLGDGHHPSDFLHQWHV VXEPHWLGRVjTXLPLRWHUDSLD5HY0HG8)&DEUMXQ

UHJLRQDO P\RFDUGLDO GHIRUPDWLRQ" $ VWXG\ LQ KHDOWK\ VXEMHFWV 8OWUDVRXQG0HG%LRO

7KDYHQGLUDQDWKDQ 3 3RXOLQ ) /LP .' 3ODQD -& :RR $ 0DUZLFN7+8VHRIP\RFDUGLDOVWUDLQLPDJLQJE\HFKRFDUGLRJUDSK\ IRUWKHHDUO\GHWHFWLRQRIFDUGLRWR[LFLW\LQSDWLHQWVGXULQJDQGDIWHU FDQFHU FKHPRWKHUDS\ D V\VWHPDWLF UHYLHZ - $P &ROO &DUGLRO SW$

6HLGPDQ$+XGLV&3LHUUL0.6KDN63DWRQ9$VKE\0HW DO&DUGLDFG\VIXQFWLRQLQWKHWUDVWX]XPDEFOLQLFDOWULDOVH[SHULHQFH -&OLQ2QFRO

6i 03 *RPHV 5$ 6LOYD 13 6i 09 &DODGR , )LOKR &DUGLRWR[LFLGDGHH4XLPLRWHUDSLD5HY%UDV&OLQ0HG

=LSHV '3 &DPP$- %RUJJUHIH 0 %X[WRQ$( &KDLWPDQ % )URPHU0HWDO$&&$+$(6&JXLGHOLQHVIRUPDQDJHPHQW RISDWLHQWVZLWKYHQWULFXODUDUUK\WKPLDVDQGWKHSUHYHQWLRQRIVXGGHQ FDUGLDF GHDWK D UHSRUW RI WKH $PHULFDQ &ROOHJH RI &DUGLRORJ\ $PHULFDQ+HDUW$VVRFLDWLRQ7DVN)RUFHDQGWKH(XURSHDQ6RFLHW\RI &DUGLRORJ\&RPPLWWHHIRU3UDFWLFH*XLGHOLQHV:ULWLQJ&RPPLWWHH WR'HYHORS*XLGHOLQHVIRU0DQDJHPHQWRI3DWLHQWV:LWK9HQWULFXODU $UUK\WKPLDV DQG WKH 3UHYHQWLRQ RI 6XGGHQ &DUGLDF 'HDWK -$P &ROO&DUGLROH

5LYHUD(/LSRVRPDODQWKUDF\FOLQHVLQPHWDVWDWLFEUHDVWFDQFHU FOLQLFDOXSGDWH2QFRORJLVW6XSO

*DEL]RQ $$ 6WHDOWK OLSRVRPHV DQG WXPRU WDUJHWLQJ RQH VWHS IXUWKHU LQ WKH TXHVW IRU WKH PDJLF EXOOHW &OLQ &DQFHU 5HV

YDQ 'DOHQ (& &DURQ +1 'LFNLQVRQ +2 .UHPHU /& &DUGLRSURWHFWLYH LQWHUYHQWLRQV IRU FDQFHU SDWLHQWV UHFHLYLQJ DQWKUDF\FOLQHV&RFKUDQH'DWDEDVH6\VW5HY&'

&DUGLQDOH'&RORPER$/DPDQWLD*&RORPER1&LYHOOL0'H *LDFRPL * HW DO$QWKUDF\FOLQHLQGXFHG FDUGLRP\RSDWK\ FOLQLFDO UHOHYDQFHDQGUHVSRQVHWRSKDUPDFRORJLFWKHUDS\-$P&ROO&DUGLRO

&DUGLQDOH ' &RORPER$ 6DQGUL 07 /DPDQWLD * &RORPER 1 &LYHOOL 0 HW DO 3UHYHQWLRQ RI KLJKGRVH KHPRWKHUDS\LQGXFHG FDUGLRWR[LFLW\ LQ KLJKULVN SDWLHQWV E\ DQJLRWHQVLQFRQYHUWLQJ HQ]\PHLQKLELWLRQ&LUFXODWLRQ

Referências

Documentos relacionados

medium without BAP. b) Start of formation of embryogenic calli from internodal segments in the absence of cytokinin. c) Greater formation of embryogenic calli from internodal

A partir de 2014, las plazas pasaron a ser ofrecidas en el Sistema de Selección Unificada (Sisu), administrado por el Ministerio de Educación (MEC), a través del cual las

Existem diversos fatores ambientais que também podem influenciar e contribuir para o desenvolvimento de comportamentos de bullying, que incluí a inexistência ou baixa

Igreja Matriz do Divino Espírito Santo ― Piau Igreja de São Sebastião de Barreira ― Juiz de Fora Igreja de Nosso Senhor dos Passos ― Juiz de Fora Igreja de Sant’Anna ―

Farmyard manure soil contains higher aromatic and carboxyl units, indicating that this type of manure can be effectively used to minimize the residual toxicity of EE2 and

Na obra Ensaio sobre a lucidez (2004)o sistema político do país fictício criado por Saramago é a democracia representativa, onde o cidadão é representado por

(2013), parasitism involves growth of the biocontrol agent towards the host as well as attachment, coiling, and the final attack and dissolution of cell wall by the activity

No que diz respeito à estrutura silábica, podemos tecer os seguintes comentários: i a sílaba mínima é V; ii todos os segmentos consonantais podem ocupar a posição de onset