3URJUDPDGH6HPLQiULRVH:RUNVKRSV([SR&ULDQoD /RFDO&1(0$²&HQWUR1DFLRQDOGH([SRVLo}HV6DQWDUpP 'LD²4XLQWDIHLUD KK_6HPLQiULR3URPRomRGH(VWLORGH9LGD6DXGiYHOQD&ULDQoD6DOD 3UHoRGHVFRQWRGHSDUD(VWXGDQWHV K K K K K K K K K K K K K K K 0HVD$)DPtOLDHD&ULDQoD 6HVVmRGH$EHUWXUD 3VLFRORJLDGR'HVHQYROYLPHQWR 3VLFRORJLDGD)DPtOLD $)DPtOLDHQTXDQWRSDUFHLURQRHVWLORGHYLGDVDXGiYHO 'HEDWH &RIIHHEUHDN 0HVD$4XDOLGDGHGH9LGD (SLGHPLRORJLDGD$FWLYLGDGH)tVLFD $3LUkPLGHGR(VWLORGH9LGD6DXGiYHO 3URPRomRGD4XDOLGDGHGH9LGDKLSRWHUDSLD 'HEDWH 0HVD1XWULomR 1XWULomRH2EHVLGDGH 2EHVLGDGH,QIDQWLOH([HUFtFLR 2EHVLGDGH,QWHUYHQomRQD&RPXQLGDGH 'HEDWH 6HVVmRGH(QFHUUDPHQWRH5HVXPRGD6HVVmR K ± K _ :RUNVKRS /LWHUDFLD ,QIDQWLO ² 3Up(VFRODU ± 'LQDPL]DGR SRU 0DIDOGD &RUUHLD 6DOD 'HVWLQDWiULRV3DLV(GXFDGRUHV7pFQLFRVGH6D~GHH(GXFDomR 3UHoR 2UJDQL]DomR$VVRFLDomR 3RUWXJXHVDGH3RUWDGRUHVGH7ULVVRPLD&HQWURGH'HVHQYROYLPHQWR ,QIDQWLO'LIHUHQoDV ,QVFULo}HVWHOHI(PDLOJHUDO#QDVWXUWLXPFRPSW K ± K _ :RUNVKRS 3URPRYHU DV &RPSHWrQFLDV 1XPpULFDV± 'LQDPL]DGR SRU 7HUHVD &RQGHoR6DOD 'HVWLQDWiULRV 3DLV SURILVVLRQDLV H SDUD WRGRV RV TXH DSRLDP FULDQoDV H MRYHQV FRP RX VHP 3HUWXUEDo}HVGR'HVHQYROYLPHQWR 3UHoR 2UJDQL]DomR$VVRFLDomR 3RUWXJXHVDGH3RUWDGRUHVGH7ULVVRPLD&HQWURGH'HVHQYROYLPHQWR ,QIDQWLO'LIHUHQoDV ,QVFULo}HVWHOHI(PDLOJHUDO#QDVWXUWLXPFRPSW K±K_:RUNVKRS)LWQHVVQD(VFROD±'LQDPL]DGRSRU-RmR0RXWmRH9HUD6LP}HV6DOD 'HVWLQDWiULRV3URIHVVRUHVH(GXFDGRUHV 3UHoRGHVFRQWRGHSDUD(VWXGDQWHV 2UJDQL]DomR,QVWLWXWR3ROLWpFQLFRGH6DQWDUpP,36 ,QVFULo}HV,36±WHOHI±(PDLOUHODFRHVSXEOLFDV#LSVDQWDUHPSW K±K_:RUNVKRS$OLHQDomRSDUHQWDOTXHFRQVHTXrQFLDV"'LQDPL]DGRSRU5XWH $JXOKDV_6DOD 3UHoRGHVFRQWRGHSDUD(VWXGDQWHVHPHPEURVGDV&3&- 2UJDQL]DomR$VVRFLDomRGH'HVHQYROYLPHQWR6RFLDOH&RPXQLWiULRGH6DQWDUpP$'6&6HP SDUFHULDFRPD&3&-GH6DQWDUpP ,QVFULo}HVWHOHIH&3&-'UD6XVDQD3DUHQWH 'LD²6H[WDIHLUD K±K_:RUNVKRSWHyULFRSUiWLFR3VLFRPRWULFLGDGH,QIDQWLO6DOD 'HVWLQDWiULRV(GXFDGRUHV$QLPDGRUHV3URIHVVRUHV$(&H(VWXGDQWHV 3UHoR 2UJDQL]DomR2ILFLQDGH,GHLDV±$FDGHPLD+RVDQD ,QVFULo}HVWHOHI(PDLORILFLQDGHLGHLDV#KRWPDLOFRP K±K_:RUNVKRS$SUHQGL]DJHPGD/HLWXUDSDUD3URPRYHUD/LQJXDJHP´3URJUDPD $SUHQGHUD/HUSDUD$SUHQGHUD)DODUµ±'LQDPL]DGRSRU7HUHVD&RQGHoR6DOD 'HVWLQDWiULRV3DLVSURILVVLRQDLVHSDUDWRGRVRVTXHDSRLDPFULDQoDVHMRYHQVFRP3HUWXUEDo}HV &RJQLWLYDVQRHQVLQRSUpHVFRODUHFLFOR 3UHoR 2UJDQL]DomR$VVRFLDomR 3RUWXJXHVDGH3RUWDGRUHVGH7ULVVRPLD&HQWURGH'HVHQYROYLPHQWR ,QIDQWLO'LIHUHQoDV ,QVFULo}HVWHOHI(PDLOJHUDO#QDVWXUWLXPFRPSW K±K_6HPLQiULR3HUWXUEDo}HVGR'HVHQYROYLPHQWRQDiUHDGR$XWLVPR6DOD 3UHoRGHVFRQWRGHSDUD(VWXGDQWHV 2UJDQL]DomR$VVRFLDomR3RUWXJXHVDGH3DLVH$PLJRVGR&LGDGmR'HILFLHQWH0HQWDO$33$&'0 GH6DQWDUpP ,QVFULo}HVWHOHI'HS6HUYLoR6RFLDO'UD)LORPHQD(VWHYHV(PDLO DSSDFGPVDQWDUHP#PDLOWHOHSDFSW K±K_6HPLQiULR(GXFDomR3Up(VFRODU$XGLWyULR(PFRQILUPDomR 2UJDQL]DomR'*,'&±'LUHFomR*HUDOGH,QRYDomRH'HVHQYROYLPHQWR&XUULFXODU K ± K _ :RUNVKRS ´3Up&RPXQLFDUµ ² 3URJUDPD GH 3URPRomR GDV &RPSHWrQFLDV &RPXQLFDWLYDVQDLGDGHSUHFRFH±'LQDPL]DGRSRU7HUHVD&RQGHoR6DOD 'HVWLQDWiULRV3DLVSURILVVLRQDLVHSDUDWRGRVRVTXHDSRLDPFULDQoDVFRP3HUWXUEDo}HV &RJQLWLYDVHP,QWHUYHQomR3UHFRFHHHQVLQRSUpHVFRODU 3UHoR 2UJDQL]DomR$VVRFLDomR 3RUWXJXHVDGH3RUWDGRUHVGH7ULVVRPLD&HQWURGH'HVHQYROYLPHQWR ,QIDQWLO'LIHUHQoDV ,QVFULo}HVWHOHI(PDLOJHUDO#QDVWXUWLXPFRPSW KK_:RUNVKRS$(GXFDomRQRVHFWRUVROLGiULR²RSURMHFWRHGXFDWLYRDSDUWLUGD FUHFKH±'LQDPL]DGRSRU3DOPLUD0DFHGRH&XVWyGLR2OLYHLUD6DOD 3UHoRGHVFRQWRGHSDUD(VWXGDQWHV 2UJDQL]DomR8QLmR'LVWULWDOGDV,QVWLWXLo}HV3DUWLFXODUHVGH6ROLGDULHGDGH6RFLDO8',366GH 6DQWDUpPHPSDUFHULDFRPD&RQIHGHUDomR1DFLRQDOGDV,QVWLWXLo}HVGH6ROLGDULHGDGH&1,6 ,QVFULo}HVWHOHIID[(PDLOXGLSVVVDQWDUHP#VDSRSWRXWHOHIID[ K±K_:RUNVKRS)LWQHVVQD(VFROD²'LQDPL]DGRSRU-RmR0RXWmRH9HUD6LP}HV_ 6DOD 'HVWLQDWiULRV3URIHVVRUHVH(GXFDGRUHV 3UHoRGHVFRQWRGHSDUD(VWXGDQWHV 2UJDQL]DomR,QVWLWXWR3ROLWpFQLFRGH6DQWDUpP,36 ,QVFULo}HV,36±WHOHI±(PDLOUHODFRHVSXEOLFDV#LSVDQWDUHPSW 'LD²6iEDGR K±K_&XUVRWHyULFRSUiWLFR3ULPHLURV6RFRUURV6DOD ,QFOXVRVXSRUWHEiVLFRGHYLGDDOJRULWPRSHGLiWULFRHDOJRULWPRDGXOWR 'HVWLQDWiULRV(GXFDGRUHV$QLPDGRUHV3URIHVVRUHV$X[LOLDUHVGH$FomR(GXFDWLYD(VWXGDQWHVH 3~EOLFRHP*HUDO 3UHoR 2UJDQL]DomR2ILFLQDGH,GHLDV±$FDGHPLD+RVDQD ,QVFULo}HVWHOHI(PDLORILFLQDGHLGHLDV#KRWPDLOFRP K±K_:RUNVKRS3URJUDPD(VWUXWXUDGRGHLQWHUYHQomRQDFRQVFLrQFLDIRQROyJLFD SDUDSURPRomRGD/HLWXUD(VFULWDH3HUWXUEDo}HVGD$UWLFXODomR9HUEDO±'LQDPL]DGRSRU 6RILD0DFHGR6DOD 3UHoR 2UJDQL]DomR6RILD0DFHGR3VLFyORJD(GXFDFLRQDOIRUPDGRUDQDiUHDGR(QVLQR(VSHFLDOH 'HVHQYROYLPHQWR,QIDQWLO ,QVFULo}HVWHOHI(PDLOVRILDPDFHGR#KRWPDLOFRP KK_:RUNVKRS3HUWXUEDo}HVGD&RPXQLFDomR3URJUDPD(VWUXWXUDGRGH LQWHUYHQomRQD/LQJXDJHPUHFHSWLYDHH[SUHVVLYD±'LQDPL]DGRSRU6RILD0DFHGR6DOD 2UJDQL]DomR6RILD0DFHGR3VLFyORJD(GXFDFLRQDOIRUPDGRUDQDiUHDGR(QVLQR(VSHFLDOH 'HVHQYROYLPHQWR,QIDQWLO ,QVFULo}HVWHOHI(PDLOVRILDPDFHGR#KRWPDLOFRP KK_6HPLQiULRWtWXORDGHVLJQDU6DOD 1RWDV DLQVFULomRHPGXDVRXPDLVDFo}HVRUJDQL]DGDVSHOR,36EHQHILFLDGHXPGHVFRQWRGH DLQVFULomRQRVZRUNVKRSVRXVHPLQiULRVGiGLUHLWRDXPDHQWUDGDQD([SR&ULDQoD