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Ficha Catalográfica elaborada pela
Biblioteca do Instituto de Ciências da Saúde da UFBA – Salvador – Bahia
O48 Oliveira, Ricardo Riccio
Aspectos epidemiológicos e imunomoleculares na associação entre
asma e infecção por helmintos / Ricardo Riccio Oliveira. - Salvador,
2009.
125 f. ; il.
Tese (doutorado) - Universidade Federal da Bahia, Instituto de Ciências
da Saúde, Programa de Pós-Graduação em Imunologia, 2009.
Orientadora: Profa. Dra. Maria Ilma Andrade Santos Araújo
1. Asma. 2. Schistosoma mansoni. 3. Interleucina-10. 4. Moléculas
regulatórias. 5. Moléculas co-estimulatórias. 6. Monócitos I. Araújo, Maria
Ilma Andrade Santos. II. Universidade Federal da Bahia. Instituto de
Ciências da Saúde. III. Título.
CDU: 616.995.122:616.248
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)LJXUD3UHYDOrQFLDGHDVPDHULQLWHDOpUJLFDHPLQGLYtGXRVUHVLGHQWHVHPÈJXD3UHWD
±*DQGXLGHQWLILFDGRVDWUDYpVGRTXHVWLRQiULR,6$$&
)LJXUD )UHTrQFLDGHFpOXODV7&'
H7&'
HPDVPiWLFRVLQIHFWDGRVSHOR6PDQVRQL
$VPD  6 PDQVRQL Q  H HP DVPiWLFRV QmR LQIHFWDGRV $VPD Q  S
S7HVWHWQmRSDUHDGR
)LJXUD  )UHTrQFLD GHFpOXODV&'
&'
QDSRSXODomR GH FpOXODV&'
GHDVPiWLFRV
LQIHFWDGRV SHOR 6 PD Q VRQLQ  H DVPiWLFRV QmR LQIHFWDGRV Q  S!7HVWH W QmR
SDUHDGR
)LJXUD)UHTrQFLDGHFpOXODV&'
H&'
H[SUHVVDQGR&'HPDVPiWLFRVLQIHFWDGRV
SHOR6PDQVRQLQ HDVPiWLFRVQmRLQIHFWDGRVQ S!7HVWHWQmRSDUHDGR
)LJXUD)UHTrQFLDGHFpOXODV7&'
H[SUHVVDQGR&'/LJDQWH&'/HPDVPiWLFRV
LQIHFWDGRV SHOR 6 PD Q VRQLQ  H DVPiWLFRV QmR LQIHFWDGRV Q  S7HVWH W QmR
SDUHDGR
)LJXUD)UHTrQFLDGHFpOXODV&'
H[SUHVVDQGR&'HPDVPiWLFRVLQIHFWDGRVSHOR6
PDQVRQLQ HDVPiWLFRVQmRLQIHFWDGRVQ S7HVWHWQmRSDUHDGR
)LJXUD  )UHTrQFLD GH FpOXODV 7&'
H[SUHVVDQGR &7/$ LQWUDFHOXODU HP DVPiWLFRV
LQIHFWDGRV SHOR 6 PDQVRQL Q  DVPiWLFRV QmR LQIHFWDGRV Q  H FRQWUROHV VDXGiYHLV
Q 
SHS$129$FRPSyVWHVWHGH7XNH\
)LJXUD  )UHTrQFLD GH FpOXODV &'
&'
H[SUHVVDQGR &7/$ LQWUDFHOXODU HP
DVPiWLFRV LQIHFWDGRV SHOR 6 PDQVRQL Q  DVPiWLFRV QmR LQIHFWDGRV Q  H FRQWUROHV
VDXGiYHLVQ SS7HVWHWSDUHDGR
)LJXUD  )UHTrQFLD GH FpOXODV 7&'
H[SUHVVDQGR &7/$ LQWUDFHOXODU HP DVPiWLFRV
LQIHFWDGRV SHOR 6 PDQVRQL Q  DVPiWLFRV QmR LQIHFWDGRV Q  H FRQWUROHV VDXGiYHLV
Q 

S$129$FRPSyVWHVWHGH7XNH\
)LJXUD)UHTrQFLDGHFpOXODV&'
H[SUHVVDQGR*,75HPDVPiWLFRVLQIHFWDGRVSHOR6
PDQVRQL Q  DVPiWLFRV QmR LQIHFWDGRV Q  H FRQWUROHV VDXGiYHLV Q  S
S$129$FRPSyVWHVWHGH 7XNH\SS7HVWH7SDUHDGR 
)LJXUD)UHTrQFLDGHFpOXODV7&'
H[SUHVVDQGR*,75HPDVPiWLFRVLQIHFWDGRVSHOR6
PDQVRQL Q  DVPiWLFRV QmR LQIHFWDGRV Q  H FRQWUROHV VDXGiYHLV Q  S
S$129$FRPSyVWHVWHGH 7XNH\
)LJXUD5D]mRGDGHQVLWRPHWULD)R[S+357DWUDYpVGH573&5HPDVPiWLFRVLQIHFWDGRV
SHOR6PDQVRQLQ HDVPiWLFRVQmRLQIHFWDGRVQ S!
)LJXUD  +LVWRJUDPD UHSUHVHQWDWLYR GD PpGLD GH LQWHQVLGDGH GH IOXRUHVFrQFLD 0,) HP
FpOXODV &'
GH DVPiWLFRV LQIHFWDGRV SHOR 6 PDQVRQL Q  HDVPiWLFRV QmR LQIHFWDGRV
Q S7HVWHWQmRSDUHDGR
)LJXUD  )UHTrQFLD GH FpOXODV &'
H[SUHVVDQGR &' RX &' HP DVPiWLFRV
LQIHFWDGRV SHOR 6 PD Q VRQLQ  H DVPiWLFRV QmR LQIHFWDGRV Q  S!7HVWH W QmR
SDUHDGR
)LJXUD)UHTrQFLDGHFpOXODV&'
H[SUHVVDQGR,/LQWUDFHOXODUDSyVHVWtPXORFRP
'HUS HP DVPiWLFRV LQIHFWDGRVSHOR 6 PDQVRQL Q  DVPiWLFRVQmRLQIHFWDGRV Q H
FRQWUROHVVDXGiYHLVQ S$129$
)LJXUD  )UHTrQFLD GH FpOXODV &'
H[SUHVVDQGR ,/ LQWUDFHOXODU DSyV HVWtPXOR FRP
'HUS HP DVPiWLFRV LQIHFWDGRVSHOR 6 PDQVRQL Q  DVPiWLFRVQmRLQIHFWDGRV Q H
FRQWUROHVVDXGiYHLVQ S$129$
)LJXUD  )UHTrQFLD GH FpOXODV &'
H[SUHVVDQGR UHFHSWRU GH ,/ ,/5 HP
DVPiWLFRV LQIHFWDGRV SHOR 6 PDQVRQL Q  H DVPiWLFRV QmR LQIHFWDGRV Q  S
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+LSyWHVH
2EMHWLYRV
2EMHWLYR*HUDO
2EMHWLYRVHVSHFtILFRV
0DWHULDLVHPpWRGRV
ÈUHDHQGrPLFDXWLOL]DGDSDUDHVWXGRHSLGHPLROyJLFR
6HOHomRGHLQGLYtGXRVDVPiWLFRV
&ULWpULRVGHLQFOXVmR
&ULWpULRVGHH[FOXVmR
$YDOLDomRODERUDWRULDO
([DPHSDUDVLWROyJLFRGHIH]HV
$YDOLDomRGDUHVSRVWDLPXQH
$QiOLVHHVWDWtVWLFD
&RQVLGHUDo}HVpWLFDV
5HVXOWDGRV
5HVXOWDGRVUHIHUHQWHVDRVREMHWLYRVH
&DUDFWHUtVWLFDGDSRSXODomR
3RVVtYHLVIDWRUHVGHULVFRRXSURWHomRDVVRFLDGRVjDVPD
$VVRFLDomRHQWUHKHOPLQWtDVHHDVPD
5HVXOWDGRVUHIHUHQWHVDRVREMHWLYRVD
&DUDFWHUtVWLFDVGHPRJUiILFDVIHQyWLSRGHFpOXODV7HPROpFXODVFRHVWLPXODWyULDV
([SUHVVmRGHPROpFXODVUHJXODWyULDV
([SUHVVmRGHPROpFXODVGHVXSHUItFLHHFLWRFLQDVLQWUDFHOXODUHVHPPRQyFLWRV
'LVFXVVmR
6XPiULRGHUHVXOWDGRV
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PRGXODomR GD UHVSRVWD 7K HVSHFtILFD SDUD DQWtJHQRV GH YHUPH DGXOWR GR 6 PDQVRQL IRL
GHPRQVWUDGD HP H[SHULPHQWR QR TXDO D QHXWUDOL]DomR GD ,/ SHOR XVR GH DQWLFRUSR
PRQRFORQDO FRQWUD HVWD FLWRFLQD HP FXOWXUDV GH FpOXODV GH VDQJXH SHULIpULFR UHVXOWRX HP
UHVWDXUDomR GD SURGXomR GH ,)1J $UDXMR H FROV  6DELQ H FROV  (VWD IDVH GD
GRHQoD p FDUDFWHUL]DGD SRU EDL[D SURGXomR GH ,)1J H HOHYDGRV QtYHLV GH FLWRFLQDV 7K D
H[HPSOR GD ,/ ,/ ,/ H ,/ *D]]LQHOOL H &ROOH\  :LOOLDPV H FROV 
)LQNHOPDQ H FROV  (PERUD R LQtFLR GD UHVSRVWD 7K SDUHoD WHU XP SDSHO FUXFLDO QD
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PRGXODomR GD UHVSRVWD LQIODPDWyULD GD IDVH DJXGD XPD UHVSRVWD 7K SURORQJDGD FRQWULEXL
SDUDRGHVHQYROYLPHQWRGHILEURVHKHSiWLFDHPRUELGDGHGDGRHQoD&KHHYHUHFROV
&RPR FRQVHTrQFLD GD UHVSRVWD 7K RFRUUH DXPHQWR GR Q~PHUR GH HRVLQyILORV
PDVWyFLWRVHSURGXomRGHLPXQRJOREXOLQD,J(2VDQWtJHQRVSDUDVLWiULRVIXQFLRQDPFRPR
SRWHQWHVDOpUJHQRV.HQQHG\H4XUHVKL)UDVHUHFROVHLVVRSRGHULDH[SOLFDURV
QtYHLV HOHYDGRV GH ,J( SROLFORQDO H ,J* HQFRQWUDGRV QRV LQGLYtGXRV LQIHFWDGRV GH iUHD
HQGrPLFD 2WWHVHQ H FROV  -DUUHWW H 0LOOHU  +XVVDLQ H FROV  $SHVDU GD
HOHYDGDSURGXomRGH,J(HGDSUHVHQoDGHPDVWyFLWRVHHRVLQyILORVLQGLYtGXRVFURQLFDPHQWH
LQIHFWDGRV SHOR 6FKLVWRVRPD QmR GHVHQYROYHP IHQ{PHQRV GH DQDILOD[LD SURYDYHOPHQWH
GHYLGR D IDWRUHV PRGXODGRUHV GD UHVSRVWD LPXQH LQGX]LGRV SHOR SDUDVLWD D H[HPSOR GD
SURGXomRGH,/0DQJDQHFROV
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$662&,$d2(175($/(5*,$(+(/0,17Ë$6(6
0XLWRV HVWXGRV WrP DYDOLDGR D DVVRFLDomR HQWUH DOHUJLD H LQIHFo}HV SRU KHOPLQWRV
XPDYH]TXHDSUHYDOrQFLDGHGRHQoDVDWySLFDVYHPDXPHQWDQGRQRVSDtVHVLQGXVWULDOL]DGRV
RQGH XPD SURJUHVVLYD PHOKRUD GDV FRQGLo}HV VDQLWiULDV OHYRX j UHGXomR GH SDUDVLWRVHV
LQWHVWLQDLVHGHRXWUDVGRHQoDVGDLQIkQFLD$VKHUH:HLODQG$OpPGLVVRGHQWURGHXP
PHVPR SDtV H[LVWH XPD PDLRU SUHYDOrQFLD GH DOHUJLDV QRV FHQWURV XUEDQRV TXDQGR
FRPSDUDGRVFRP]RQDVUXUDLV<HPDQHEHUKDQHFROV9RQ(KUHQVWHLQHFROV
%DVHDGR QHVWDV LQIRUPDo}HV H QR IDWR GH LQGLYtGXRV GH SDtVHV LQGXVWULDOL]DGRV
HVWDUHPPHQRVVXVFHSWtYHLV DLQIHFo}HVGHYLGRjV YDFLQDo}HVXVRGHDQWLELyWLFRV H PHOKRU
FRQGLo}HV VDQLWiULDV IRL FULDGD D ³+LSyWHVH GD +LJLHQH´ 6WUDFKDQ  6HJXQGR HVWD
KLSyWHVH DV FULDQoDV DR QDVFHUHP DSUHVHQWDP XP SDGUmR GH UHVSRVWD GR WLSR 7K TXH YDL
VHQGRPRGLILFDGRSHODH[SRVLomRDDJHQWHVLQGXWRUHVGDUHVSRVWDGRWLSR7KHQFRQWUDGRVQR
DPELHQWH2VLQGLYtGXRVGHSDtVHVLQGXVWULDOL]DGRVDSUHVHQWDPXPDH[SDQVmRGDUHVSRVWD7K
H FRQVHTHQWHPHQWH XPD SUHGLVSRVLomR SDUD GRHQoDV DOpUJLFDV SRU SRVVXtUHP XPD
HVWLPXODomRLQVDWLVIDWyULDGDUHVSRVWDGRWLSR7KGHYLGRjUHGXomRGDVLQIHFo}HVEDFWHULDQDV
HYLUDLV
2XWUD KLSyWHVH SDUD H[SOLFDU D EDL[D SUHYDOrQFLD GH DWRSLD HP SDtVHV HP
GHVHQYROYLPHQWR H HP iUHDV UXUDLV VHULD D DOWD IUHTrQFLD GH LQIHFo}HV SDUDVLWiULDV QHVWDV
UHJL}HV(VWXGRVUHDOL]DGRVSRU/\QFKHFRODERUDGRUHVQD9HQH]XHODWrPGHPRQVWUDGRTXHHP
iUHD HQGrPLFD SDUD $VFDULV OXPEULFRLGHV H[LVWH XPD GLPLQXLomR GD UHDWLYLGDGH DRV WHVWHV
FXWkQHRVGHKLSHUVHQVLELOLGDGHLPHGLDWDDVVRFLDGRDHOHYDGRVQtYHLVGH,J(WRWDOHEDL[RVGH
,J( HVSHFtILFD SDUD DHURDOpUJHQRV /\QFK H FROV  $OpP GLVVR IRL FRQVWDWDGR TXH R
WUDWDPHQWRGDSRSXODomRHVWXGDGDFRPDQWLKHOPtQWLFRUHVXOWRXHPDXPHQWRGDSRVLWLYLGDGH
DRWHVWHGHDOHUJLDHGDSURGXomRGH,J(HVSHFtILFDSDUDDHURDOpUJHQRV/\QFKHFROV
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SDUDVLWiULD /\QFK H FRODERUDGRUHV /\QFK H FROV  GHPRQVWUDUDP TXH D EDL[D FDUJD
SDUDVLWiULD HVWDYD DVVRFLDGD j DOWD UHDWLYLGDGH FXWkQHD D DHURDOpUJHQRV HQTXDQWR TXH
LQGLYtGXRVFRPDOWDFDUJDSDUDVLWiULDDSUHVHQWDYDPPHQRUUHDWLYLGDGHFXWkQHDDGHVSHLWRGH
HOHYDGRVQtYHLVGH,J(HVSHFtILFRSDUDiFDURV2XWURVDXWRUHVHPWUDEDOKRVPDLVUHFHQWHVYrP
GHPRQVWUDQGRUHVXOWDGRVVHPHOKDQWHV(PHVWXGRUHDOL]DGRQR*DEmRORFDOL]DGRQDÈIULFD
DSHQDV  GDV FULDQoDV HP LGDGH HVFRODU UHDJLUDP DRV DQWtJHQRV GH iFDUR GH SRHLUD
GRPLFLOLDU QR WHVWH FXWkQHR GH OHLWXUD LPHGLDWD HPERUD  DSUHVHQWDVVHP ,J( HVSHFtILFD
SDUDRVUHIHULGRViFDURVYDQGHQ%LJJHODDUHFROV&RRSHUHFRODERUDGRUHVDYDOLDQGR
 FULDQoDV HP LGDGH HVFRODU UHVLGHQWHV HP XPD iUHD HQGrPLFD HP JHRKHOPLQWRV QR
(TXDGRU GHPRQVWUDUDP EDL[D SRVLWLYLGDGH DR WHVWH FXWkQHR GH KLSHUVHQVLELOLGDGH LPHGLDWD
SDUDDHURDOpUJHQRV&RRSHUHFROV
(PHVWXGRUHDOL]DGRQR%UDVLOIRLGHPRQVWUDGRTXHHPLQGLYtGXRVUHVLGHQWHVHPiUHD
HQGrPLFD SDUD HVTXLVWRVVRPRVH D IUHTrQFLD GH SRVLWLYLGDGH DRV WHVWHV FXWkQHRV GH
KLSHUVHQVLELOLGDGH LPHGLDWD FRP DHURDOpUJHQRV IRL VLJQLILFDWLYDPHQWH PHQRU QRV LQGLYtGXRV
LQIHFWDGRVFRPDOWDFDUJDGH6PDQVRQLTXDQGRFRPSDUDGRVFRPLQGLYtGXRVQmRLQIHFWDGRV
RXFRPEDL[DFDUJDSDUDVLWiULDUHVLGHQWHVQDPHVPDUHJLmR$UDXMRHFROV
$SUHYDOrQFLDGHGRHQoDVDOpUJLFDVHQWUHLQGLYtGXRVUHVLGHQWHVHPiUHDVHQGrPLFDV
HPLQIHFo}HVSRUKHOPLQWRVFRPSDUDGDFRPLQGLYtGXRVGHiUHDQmRHQGrPLFDpXPDVVXQWR
FRQWURYHUVRKDYHQGRXPDWHQGrQFLDDXPDPHQRUSUHYDOrQFLDGHDVPDHQWUHRVLQGLYtGXRV
FRPHVTXLVWRVVRPRVH&DWDSDQLHFROV
8P HVWXGR UHDOL]DGR HP SRSXODo}HV GH EDL[R QtYHO VyFLRHFRQ{PLFR HP WUrV
ORFDOLGDGHVGR(VWDGRGD%DKLDGXDViUHDVUXUDLVXPDGHODVHQGrPLFDSDUDHVTXLVWRVVRPRVH
H XPD iUHD XUEDQD QD SHULIHULD GD FLGDGH GH 6DOYDGRU GHPRQVWURX QmR H[LVWLU GLIHUHQoD
VLJQLILFDWLYDQDSUHYDOrQFLDGHDVPDHQWUHHVWDVWUrViUHDV0HGHLURVHFROV(QWUHWDQWR
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DJUDYLGDGHGDDVPDDYDOLDGDSRUPHLRGHSDUkPHWURVFOtQLFRVFRPRXVRGHPHGLFDPHQWRV
DQWLDVPiWLFRVQHFHVVLGDGHGHDWHQGLPHQWRPpGLFRHDWUDYpVGHH[DPHVItVLFRVIRLPHQRUQRV
LQGLYtGXRV UHVLGHQWHV HP iUHD HQGrPLFD TXDQGR FRPSDUDGRV FRP DVPiWLFRV UHVLGHQWHV HP
iUHD UXUDO H XUEDQD QmR HQGrPLFDV HP HVTXLVWRVVRPRVH 0HGHLURV H FROV 
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OHYHV GD DVPD H TXH DSyV R WUDWDPHQWR FRP DQWLKHOPtQWLFR KRXYH XPD SLRUD QDV
PDQLIHVWDo}HVFOtQLFDVGDGRHQoD$UDXMRHFROV
([LVWHPDOJXPDVKLSyWHVHVSDUDH[SOLFDUDEDL[DIUHTrQFLDGHSRVLWLYLGDGHDRVWHVWHV
DOpUJLFRVHDPHQRUJUDYLGDGHGDDVPDHPLQGLYtGXRVLQIHFWDGDVSRUKHOPLQWRVGHQWUHHODVD
JUDQGHSURGXomRGH,J(SROLFORQDOTXHLQLELULDDSURGXomRGH,J(HVSHFtILFDRXFRPSHWLULD
FRP HVWD SHOD OLJDomR QRV UHFHSWRUHV GRV PDVWyFLWRV *RGIUH\  0HUUHWW H FROV 
/\QFKHFROV/\QFKHFROVDOWDVFRQFHQWUDo}HVGD,J*DQWtJHQRHVSHFtILFRTXH
SRGHULDFRPSHWLUFRPD,J(SHODOLJDomRFRPRDQWtJHQR+XVVDLQHFROVHPHFDQLVPRV
UHJXODWyULRV GDUHVSRVWDLPXQHD H[HPSOR GR GHVHQYROYLPHQWRGHFpOXODVUHJXODWyULDVHGD
SURGXomR HOHYDGD GD ,/ $UDXMR H FROV  .LQJ H FROV  H 7*)ȕ /HWWHULR H
5REHUWV
$ KLSyWHVH GH TXH QtYHLV HOHYDGRV GH ,J( LQWHUIHULULD QD SRVLWLYLGDGH DRV WHVWHV
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)XPDQWHSDVVLYR
1mR  
6LP      
+LVWyULDIDPLOLDUGHDOHUJLD
1mR 

6LP 

   
7LSRGHFDVD
7LMROR






$GREH 

   
7DLSD 

   
1~PHURGHKDELWDQWHV
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±





± 

   
! 

   
8VRGHIRJmRjOHQKD
1mR




6LP 

   
([SRVLomRjiJXD
6HPFRQWDWR 

 
%DL[R










0pGLR 

   
$OWR 

   
2EV$QiOLVHPXOWLYDULDGDDMXVWDGDSRUJrQHURLGDGHHQ~PHURGHDPRVWUDVH[DPLQDGDV4XLTXDGUDGR

$ VVRFLDomRHQWUHKHOPLQWtDVHH D VPD
$ DVVRFLDomR HQWUH LQIHFomR SRU KHOPLQWRV H SUHVHQoD GH DVPD p DSUHVHQWDGD QD
WDEHOD1HVWDVDQiOLVHVQmRDSHQDVRIDWRGHHVWDULQIHFWDGRIRLDYDOLDGRFRPRWDPEpPD
LQWHQVLGDGH GH LQIHFomR PHGLGD DWUDYpV GD FDUJD SDUDVLWiULD $ 206 FODVVLILFD DV
KHOPLQWtDVHVHPLQIHFo}HVOHYHVPRGHUDGDVHLQWHQVDVDGHSHQGHUGDFDUJDSDUDVLWiULD:+2
1D HVTXLVWRVVRPRVHDFDUJDSDUDVLWiULDGHD2*)p FRQVLGHUDGDLQIHFomROHYH
 D  2*) PRGHUDGD H LJXDO RX VXSHULRU D  2*) LQWHQVD 3DUD D DVFDULGtDVH RV
YDORUHVSDUDLQIHFomROHYHPRGHUDGDHLQWHQVDVmRD2*)D2*)HLJXDO
RXVXSHULRUD2*)UHVSHFWLYDPHQWH$LQIHFomROHYHSHOR7WULFKLXUDpFRQVLGHUDGD
SDUDFDUJDVSDUDVLWiULDVGHD2*)DPRGHUDGDGHD2*)HLQWHQVDTXDQGRR
YDORUpLJXDORXVXSHULRUD2*)(VWHVYDORUHVIRUDPXWLOL]DGRVSDUDJHUDUDVFDWHJRULDV
GHLQIHFomRGDVUHVSHFWLYDVSDUDVLWRVHVSDUDVHFDOFXODUDDVVRFLDomRFRPDVPD1RFDVRGD
DQFLORVWRPRVH HVWD DVVRFLDomR IRL UHDOL]DGD DSHQDV DYDOLDQGRVH SUHVHQoD RX DXVrQFLD GH
LQIHFomRYLVWRTXHRPpWRGRSDUDVLWROyJLFRHPSUHJDGRQmRpDGHTXDGRSDUDDTXDQWLILFDomR
GHLQIHFomRSHORVDQFLORVWRPtGHRV
&RPR SRGH VHU REVHUYDGR QD WDEHOD QHQKXPD LQIHFomR SRU KHOPLQWR RX PHVPR
LQWHQVLGDGHGHLQIHFomRIRLDVVRFLDGDSRVLWLYDRXQHJDWLYDPHQWHFRPDYDULiYHOGHSHQGHQWH
DVPD$DQiOLVHXQLYDULDGDLQGLFRXTXHLQIHFomRSRUDQFLORVWRPtGHRVLQWHQVLGDGHPRGHUDGD
GH LQIHFomR SHOR $ OXPEULFRLGHV LQIHFomR SHOR 7 WULFKLXUD H LQIHFomR SHOR 6 PDQVRQL
HVWDYDPFRUUHODFLRQDGRVSRVLWLYDPHQWHFRPDSUHVHQoDGHDVPDMiTXHDSUHVHQWDUDPYDORUHV
GH25PDLRUGRTXHRTXHVLJQLILFDGL]HUTXHDSUHYDOrQFLDGHVWDVLQIHFo}HVIRLPDLRUQR
JUXSR GH DVPiWLFRV TXDQGR FRPSDUDGR FRP RV QmR DVPiWLFRV (QWUHWDQWR DR VH ID]HU D
DQiOLVH DMXVWDGD SDUD RV IDWRUHV GH FRQIXVmR LGDGH JrQHUR H SULQFLSDOPHQWH Q~PHUR GH
DPRVWUDV H[DPLQDGDV IRL REVHUYDGD XPD DXVrQFLD GH DVVRFLDomR VLJQLILFDWLYD HP WRGDV DV

YDULiYHLV WHVWDGDV LQGLFDQGR TXH DV DVVRFLDo}HV LGHQWLILFDGDV QDV DQiOLVHV QmR FRQWURODGDV
IRUDPHUDPHQWHHPIXQomRGHLQWHUIHUrQFLDGRVIDWRUHVGHFRQIXVmR
'HWRGDVDVLQIHFo}HVWHVWDGDVQHVWHPRGHORDDVFDULGtDVHIRLDTXHDSUHVHQWRXPDLRU
QtYHOGHDVVRFLDomRQHJDWLYDFRPSUHVHQoDGHDVPD25 ,&S 
DSyVUHDOL]DomRGDDQiOLVHPXOWLYDULDGD$WpPHVPRRIDWRGHRLQGLYtGXRHVWDULQIHFWDGRSRU
TXDOTXHUKHOPLQWRQmRDSUHVHQWRXDVVRFLDomRFRPDVPDQRPRGHORDQDOLVDGR
7DEHOD$QiOLVHXQLYDULDGDHPXOWLYDULDGDGDDVVRFLDomRHQWUHDVPDHLQIHFomRSRUKHOPLQWRV
1mRDVPiWLFR
Q 
$VPiWLFR
Q 
$QiOLVH8QLYDULDGD
$QiOLVH0XOWLYDULDGD
25,& S 25,& S
$QFLORVWRPtGHRV
1HJDWLYR 

3RVLWLYR 

   
$OXPEULFRLGHV
1HJDWLYR



3RVLWLYR 

   
,QWHQVLGDGH2*)


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











 

   
 
7WULFKLX UD
1HJDWLYR




3RVLWLYR 

   
,QWHQVLGDGH2*)














 

   
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6PDQVRQL
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PDQVRQLS(QWUHWDQWRDIUHTrQFLDGHOLQIyFLWRV%H[SUHVVDQGR&'IRL
PDLRUHPDPRVWUDVGHDVPiWLFRVVHPKHOPLQWtDVHVTXHQRJUXSRGHLQIHFWDGRV
SFRQIRUPHH[SRVWRQDILJXUD
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$VPD 6PDQVRQL
$VPD
)UHTXrQFLDGHFpOXODV&'
H[SUHVVDQGR&'/
)LJXUD)UHTrQFLDGHFpOXODV7&'
H[SUHVVDQGR&'/LJDQWH&'/HPDVPiWLFRV
LQIHFWDGRV SHOR 6 PD Q VRQLQ  H DVPiWLFRV QmR LQIHFWDGRV Q  S7HVWH W QmR
SDUHDGR
$VPD 6PDQVRQL
$VPD
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H[SUHVVDQGR&'
)LJXUD)UHTrQFLDGHFpOXODV&'
H[SUHVVDQGR&'HPDVPiWLFRVLQIHFWDGRVSHOR6
PDQVRQLQ HDVPiWLFRVQmRLQIHFWDGRVQ S7HVWHWQmRSDUHDGR
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H7&'
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LQVWiYHODRVHH[SRUDRPHLRH[WUDFHOXODU
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FRPSDUDGRVFRPRVQmRLQIHFWDGRVHFRPRVFRQWUROHVVDXGiYHLV
S$129$'DPHVPDIRUPD FXOWXUDGHFpOXODVGHDVPiWLFRVLQIHFWDGRVHVWLPXODGDV
FRPR'HUSDSUHVHQWRXPDLRUIUHTrQFLDGHFpOXODV7&'
H[SUHVVDQGR&7/$
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S$1 29$$GLFLRQDOPHQWHIRLREVHUYDGDXPDHOHYDomRVLJQLILFDWLYDQD
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DVPiWLFRV VHMDP HOHV LQIHFWDGRV RX QmR S H S UHVSHFWLYDPHQWH 7HVWH W
SDUHDGR R TXH QmR RFRUUHX QRV FRQWUROHV VDGLRV $SyV HVWLPXODomR LQHVSHFtILFD FRP RV
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H[SUHVVDQGR GH &7/$ QmR KDYHQGR GLIHUHQoDV VLJQLILFDWLYDV HQWUH RV JUXSRV 
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DVPiWLFRVLQIHFWDGRVQmRLQIHFWDGRVHFRQWUROHVVHMDQDDXVrQFLDGHHVWtPXOR
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IUHTrQFLDGHFpOXODVH[SUHVVDQGR&7/$DQWHVHDSyVDHVWLPXODomRDQWLJrQLFDFRP'HUS
IRL REVHUYDGD HOHYDomR VLJQLILFDWLYD QRV JUXSRV GH DVPiWLFRV LQIHFWDGRV H GH FRQWUROHV
VDXGiYHLVSQmRVHQGRGHWHFWDGRRPHVPRFRPSRUWDPHQWRHPFpOXODVGHDVPiWLFRV
QmRLQIHFWDGRV
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$VPD  6PDQVRQL
$VPD
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6HPHVWtPXOR
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H[SUHVVDQGR&7/$LQWUDFHOXODU
)LJXUD  )UHTrQFLD GH FpOXODV 7&'
H[SUHVVDQGR &7/$ LQWUDFHOXODU HP DVPiWLFRV
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Q 
SHS$129$FRPSyVWHVWHGH7XNH\
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$VPD 6PDQVRQL
$VPD
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6HPHVWtPXOR 'HU S
D&'&'
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)UHTXrQFLDGHFpOXODV&'
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H[SUHVVDQGR &7/$ LQWUDFHOXODU HP
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VDXGiYHLVQ SS7HVWHWSDUHDGR
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REVHUYDGRFRPSRUWDPHQWRVHPHOKDQWHDRHQFRQWUDGRSDUDDVFpOXODV7&'
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OLQIyFLWRV7&'
H[SUHVVDQGR&7/$HPFXOWXUDVQmRHVWLPXODGRVRXHVWLPXODGRVFRP'HU
S IRL PDLRU QRV LQGLYtGXRV DVPiWLFRV LQIHFWDGRV SHOR 6 PDQVRQL    H  
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RVFRQWUROHVVDXGiYHLVHS
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6HPHVWtPXOR 'HUS
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H[SUHVVDQGR &7/$ LQWUDFHOXODU HP DVPiWLFRV
LQIHFWDGRV SHOR 6 PDQVRQL Q  DVPiWLFRV QmR LQIHFWDGRV Q  H FRQWUROHV VDXGiYHLV
Q 
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GDHVWLPXODomRDQWLJrQLFDFRP'HUSDIUHTrQFLDGHFpOXODV7&'
H[SUHVVDQGRGH*,75
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S$OpPGLVVRKRXYHXPDXPHQWRVLJQLILFDWLYRQDIUHTrQFLDGHFpOXODVH[SUHVVDQGR
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IUHTrQFLDGHFpOXODVHPFXOWXUDVVHPRUHIHULGRHVWtPXORS
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6HPHVWtPXOR
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H[SUHVVDQGR*,75
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H[SUHVVDQGR*,75HPDVPiWLFRVLQIHFWDGRVSHOR6
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S$129$FRPSyVWHVWHGH 7XNH\SS7HVWH7SDUHDGR 
&RPUHODomRDH[SUHVVmRGH*,75HPFpOXODV7&'
HVWLPXODGDVLQYLWURFRP'HU
S IRL REVHUYDGD PDLRU IUHTrQFLD GHVWDV FpOXODV QRV FRQWUROHV VDXGiYHLV   
TXDQGR FRPSDUDGRV FRP DVPiWLFRV LQIHFWDGRV    H QmR LQIHFWDGRV   
S 3RU RXWUR ODGR QD DXVrQFLD GH HVWLPXODomR DQWLJrQLFD QmR IRUDP REVHUYDGDV
GLIHUHQoDV VLJQLILFDWLYDV QD IUHTrQFLD GH FpOXODV &'
H[SUHVVDQGR *,75 HP DVPiWLFRV
LQIHFWDGRVQmRLQIHFWDGRVHFRQWUROHVS!)LJXUD
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$VPD 6PDQVRQL
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H[SUHVVDQGR*,75HPDVPiWLFRVLQIHFWDGRVSHOR6
PDQVRQL Q  DVPiWLFRV QmR LQIHFWDGRV Q  H FRQWUROHV VDXGiYHLV Q  S
S$129$FRPSyVWHVWHGH 7XNH\
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SHULIpULFR&063GHLQGLYtGXRVDVPiWLFRVLQIHFWDGRVHQmRLQIHFWDGRVSHOR6 PDQVRQLHP
FXOWXUD VHP HVWtPXOR HVWLPXODGD FRP 'HU S RX FRP 3+$ )LJXUD  (P DPRVWUDV GH
DVPiWLFRVLQIHFWDGRVDH[SUHVVmRUHODWLYDGH51$PSDUD)R[SVHPHVWtPXORFRP'HUSH
3+$   85   85 H   85 UHVSHFWLYDPHQWH IRL VHPHOKDQWH DR
HQFRQWUDGR QRV DVPiWLFRV QmR LQIHFWDGRV   85   85 H   85
UHVSHFWLYDPHQWHS!
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([SUHVVmRUHODWLYDGH51$P
SDUD)R[S85
)LJXUD5D]mRGDGHQVLWRPHWULD)R[S+357DWUDYpVGH573&5HPDVPiWLFRVLQIHFWDGRV
SHOR6PDQVRQLQ HDVPiWLFRVQmRLQIHFWDGRVQ S!
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([SUHVVmRGHPROpFXODVGHVXSHUItFLHHF LWRF LQDVLQWUDFHOXODUHVHPPRQyFLWRV
$DWLYDomRGRVPRQyFLWRVWHPVLGRGLUHWDPHQWHUHODFLRQDGDjH[SUHVVmRGDPROpFXOD
GHKLVWRFRPSDWLELOLGDGHSULQFLSDOGHFODVVH,,0+&,,RX+/$'59LUWXDOPHQWHWRGRVRV
PRQyFLWRV H[SUHVVDP +/$'5 HP VXD VXSHUItFLH VHQGR TXH HVWD H[SUHVVmR HOHYDVH HP
VLWXDo}HVTXHFXOPLQDPQDDWLYDomRGDFpOXOD$SHVDUGHQXPHULFDPHQWHTXDVHDWRWDOLGDGH
GRVPRQyFLWRVDYDOLDGRVH[SUHVVDUHPDPROpFXOD+/$'5IRLREVHUYDGRTXHPRQyFLWRVGH
LQGLYtGXRV DVPiWLFRV LQIHFWDGRV SHOR 6 PDQVRQL DSUHVHQWDP XPD PDLRU TXDQWLGDGH GHVWD
PROpFXODSRUFpOXOD0),TXDQGRFRPSDUDGRVFRPPRQyFLWRVGHDVPiWLFRVVHP
LQIHFomR0),SILJXUD
)LJXUD  +LVWRJUDPD UHSUHVHQWDWLYR GD PpGLD GH LQWHQVLGDGH GH IOXRUHVFrQFLD 0,) HP
FpOXODV &'
GH DVPiWLFRVLQIHFWDGRV SHOR 6 PD Q VRQL Q  HDVPiWLFRV QmRLQIHFWDGRV
Q S7HVWHWQmRSDUHDGR
$FDSDFLGDGHGHPRQyFLWRVDWLYDUHPOLQIyFLWRV7IRLDYDOLDGDLQGLUHWDPHQWHDWUDYpV
GD PHGLGD GD IUHTrQFLD GH H[SUHVVmR GDV SULQFLSDLV PROpFXODV FRHVWLPXODWyULDV GH
PRQyFLWRVRVPDUFDGRUHV&'H&'1RVGRLVJUXSRVHVWXGDGRVDH[SUHVVmRGH&'IRL
LQIHULRUjGH&'$IUHTrQFLDGH&'HPPRQyFLWRVGHLQGLYtGXRVDVPiWLFRVLQIHFWDGRV
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QRJUXSRGHDVPiWLFRVLQIHFWDGRVFRQWUDHPFpOXODVGHDVPiWLFRVVHPD
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H[SUHVVDQGR &' RX &' HP DVPiWLFRV
LQIHFWDGRV SHOR 6 PD Q VRQLQ  H DVPiWLFRV QmR LQIHFWDGRV Q  S!7HVWH W QmR
SDUHDGR
$SDUWLFLSDomRGHVWHVPRQyFLWRVQDSURGXomRGDFLWRFLQDHQYROYLGDQDGLIHUHQFLDomR
GRSHUILO7KD,/HGRSHUILO7KD,/IRLDYDOLDGDDILPGHFDUDFWHUL]DURIHQyWLSR
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H[SUHVVDQGR,/LQWUDFHOXODUDSyVHVWtPXOR
FRPRDOpUJHQR'HUSIRLPHQRUQRVDVPiWLFRVLQIHFWDGRVTXDQGRFRPSDUDGRV
FRPDTXHOHVQmRLQIHFWDGRVS3RURXWURODGRDIUHTrQFLDGHPRQyFLWRV
H[SUHVVDQGR ,/ QRV DVPiWLFRV QmR LQIHFWDGRV IRL VHPHOKDQWH jTXHOD HQFRQWUDGD QRV
FRQWUROHVVDXGiYHLVLQGLYtGXRVQmRLQIHFWDGRVSRUKHOPLQWRVHVHPDOHUJLDUHVSLUDWyULD
ILJXUD
$ H[SUHVVmR GH ,/ LQWUDFHOXODU UHSUHVHQWDGD SHOD ILJXUD  VHJXLX R PHVPR
SDGUmR GH ,/ RX VHMD D IUHTrQFLD GH FpOXODV &'
H[SUHVVDQGR HVWD FLWRFLQD DSyV
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HVWtPXORFRPR'HUSIRLPHQRUQRVDVPiWLFRVLQIHFWDGRVGRTXHQDTXHOHVQmR
LQIHFWDGRVRXFRQWUROHVVDXGiYHLVS
$VPD 6PDQVRQL $VPD
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H[SUHVVDQGR,/LQWUDFHOXODU
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H[SUHVVDQGR,/LQWUDFHOXODUDSyVHVWtPXORFRP
'HUS HP DVPiWLFRV LQIHFWDGRVSHOR 6 PDQVRQL Q  DVPiWLFRVQmRLQIHFWDGRV Q H
FRQWUROHVVDXGiYHLVQ S$129$
$VPD 6PDQVRQL
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H[SUHVVDQGR ,/ LQWUDFHOXODU DSyV HVWtPXOR FRP
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FRQWUROHVVDXGiYHLVQ S$129$
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HPDVPiWLFRVLQIHFWDGRVTXHHPDVPiWLFRVVHPLQIHFomRS
ILJXUD$OpPGLVWRD H[SUHVVmR GH ,/LQWUDFHOXODUIRLDYDOLDGDHP GLYHUVRV VXEWLSRV
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FLWRFLQDRVDVPiWLFRVLQIHFWDGRVSHOR6PDQVRQL$UDXMRHFROV$ILJXUDDSUHVHQWD
DIUHTrQFLDGHFpOXODVH[SUHVVDQGR,/DSyVHVWtPXORFRP'HUSQDVVXESRSXODo}HVGH
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H[SUHVVDQGR UHFHSWRU GH ,/ ,/5 HP
DVPiWLFRV LQIHFWDGRV SHOR 6 PDQVRQL Q  H DVPiWLFRV QmR LQIHFWDGRV Q  S
7HVWHWQm RSDUHDGR
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IRL PDLRU H &'
PHQRU HP DVPiWLFRV LQIHFWDGRV
TXDQGRFRPSDUDGRFRPDVPiWLFRVVHPDLQIHFomR(VWHUHVXOWDGRHUDHVSHUDGRXPDYH]TXH
LQIHFomRFU{QLFDSRUKHOPLQWRVLQGX]XPDIRUWHUHSRVWDPHGLDGDSULQFLSDOPHQWHSRUFpOXODV
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7K $UDXMR H FROV  &RUUHD2OLYHLUD H FROV  4XDQWR j H[SUHVVmR GH
PROpFXODV FRHVWLPXODWyULDV HP OLQIyFLWRV QmR HQFRQWUDPRV GLIHUHQoDV VLJQLILFDWLYDV QD
IUHTrQFLDGHFpOXODVH[SUHVVDQGR&'HQWUHDVPiWLFRVLQIHFWDGRVRXQmR$SHVDUGLVWRQmR
SRGHPRVGHVFDUWDUDSRVVLELOLGDGHGHTXHRHVWDGRGHDWLYDomRGHVWDPROpFXODVHMDGLIHUHQWH
HQWUHRVJUXSRVXPDYH]TXHD,/pFDSD]GHLQLELUDIXQomRGR&'HVXDVXEVHTHQWH
YLDGHVLQDOL]DomRHPFpOXODV7$NGLVH%ODVHUHTXH,/pDOWDPHQWHSURGX]LGDSRU
FpOXODVGHLQGLYtGXRVLQIHFWDGRVSHOR6PDQVRQ L$UDXMRHFROV
1RSUHVHQWHHVWXGRQmRIRUDPREVHUYDGDVGLIHUHQoDVVLJQLILFDWLYDVQDIUHTrQFLDGH
FpOXODV&'
H[SUHVVDQGR&'RX&'HQWUHDVPiWLFRVLQIHFWDGRVRXVHPLQIHFomRSRU
KHOPLQWRV 7HP VLGR GHPRQVWUDGR TXH HP LQGLYtGXRV DWySLFRV D H[SUHVVmR GH &' p
DXPHQWDGD HP FpOXODV % +RIHU H FROV  H HP PDFUyIDJRV DOYHRODUHV DSyV GHVDILR
DQWLJrQLFR%DOERHFROV(PLQIHFo}HVFU{QLFDVSRUKHOPLQWRVDH[SUHVVmRGH&'

WDPEpPpDXPHQWDGD5RGULJXH]6RVDHFROV1RQRVVRHVWXGRDIUHTrQFLDGHFpOXODV
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H[SUHVVDQGR &' IRL PDLRU QRV GRLV JUXSRV LQGHSHQGHQWH GD LQIHFomR SHOR 6 
PDQVRQL
2XWUDYLDGHFRHVWLPXODomRLPSRUWDQWHQRSURFHVVRGHDSUHVHQWDomRGHDQWtJHQRVpD
LQWHUDomR HQWUH &' HP FpOXODV DSUHVHQWDGRUDV GH DQWtJHQRV FRPR OLQIyFLWRV % FRP VHX
OLJDQWHR&'/H[SUHVVRHPFpOXODV7DWLYDGDV1HVWHHVWXGRIRUDPREVHUYDGRVQtYHLVPDLV
HOHYDGRVGH&'/QDVXSHUItFLHGHOLQIyFLWRV&'
HPDLVEDL[RVGH&'QDVXSHUItFLHGH
OLQIyFLWRV % HP DVPiWLFRV LQIHFWDGRV SRU KHOPLQWRV TXDQGR FRPSDUDGRV FRP RV QmR
LQIHFWDGRV (VWHV UHVXOWDGRV GLIHUHP GR REWLGR QR HVWXGR QR TXDO XWLOL]DQGR FDPXQGRQJRV
GHILFLHQWHV WDQWR SDUD &' TXDQWR SDUD &'/ IRL REVHUYDGR TXH R &'/ p QHFHVViULR
SDUDRGHVHQYROYLPHQWRGDKLSHUUHVSRQVLYLGDGHEU{QTXLFDLQGX]LGDSRUDOpUJHQR0HKOKRSH
FROV3RURXWURODGRDLQWHUDomRHQWUH&'&'/pIXQGDPHQWDOSDUDXPDUHVSRVWD
LPXQH7KDGHTXDGDFRQWUD6PDQVRQL0DF'RQDOGHFROV
1yVWDPEpPDYDOLDPRVDH[SUHVVmRGH&7/$XPDPROpFXODTXHFRPSHWHFRPR
&'SHODOLJDomRFRP&'&'H[SUHVVRHPFpOXODVDSUHVHQWDGRUDVGHDQWtJHQRV&$$
(QFRQWUDPRVXPDPDLRUIUHTrQFLDGHFpOXODVH[SUHVVDQGR&7/$HPDVPiWLFRVLQIHFWDGRV
SRU KHOPLQWRV TXDQGR FRPSDUDGRV FRP DVPiWLFRV VHP LQIHFomR (VWH GDGR VXJHUH TXH D
PRGXODomR GD UHVSRVWD LPXQH REVHUYDGD HP DVPiWLFRV LQIHFWDGRV HQYROYH D VLQDOL]DomR
QHJDWLYD IRUQHFLGD SHOR &7/$ HP DGLomR j DomR GD ,/ FRPR GHPRQVWUDGR
DQWHULRUPHQWH$UDXMRHFROV$SRLDQGRHVWDKLSyWHVHRXWURVHVWXGRVWrPGHPRQVWUDGR
RSDSHOGR&7/$QDUHJXODomRGDUHVSRVWDLPXQHGDDVPD$DGLomRGH&7/$,JRXDQWL
&' PDV QmR DQWL&' HP FXOWXUD GH FpOXODV PRQRQXFOHDUHV GH LQGLYtGXRV DVPiWLFRV
UHVXOWRXQDUHGXomRGDSURGXomRGH,/XPDFLWRFLQDHQYROYLGDFRPDSDWRORJLDGDDVPD
'MXNDQRYLF  (P PRGHOR PXULQR GH DVPD WUDWDPHQWR FRP &7/$,J p FDSD] GH
UHGX]LU D SURGXomR GH ,/ H ,/ HP UHVSRVWD DR GHVDILR FRP DOpUJHQR 7VX\XNL H FROV

$OpPGLVVRWUDWDPHQWRGHFDPXQGRQJRVLQIHFWDGRVSHOR7VSLUDOLVFRPDQWL&7/$
UHVXOWDHPHOHYDGDSURGXomRGH,/VXJHULQGRTXHDSUHVHQoDGH&7/$pLPSRUWDQWHSDUD
DLQLELomRGDUHVSRVWD7K )XU]HHFROV%DVHDGRQHVWHVDFKDGRVpSURYiYHOTXHRV
PHFDQLVPRV UHVSRQViYHLV SHOD UHJXODomR GD UHVSRVWD LQIODPDWyULD HP DVPiWLFRV LQIHFWDGRV
SHOR6PDQVRQLHQYROYDD,/HDH[SUHVVmRGH&7/$
$ SUHVHQoD GH PROpFXODV UHJXODWyULDV FRPR R *,75 H R )R[S WDPEpP IRUDP
DYDOLDGDV QHVWH HVWXGR )RL REVHUYDGD XPD PHQRU IUHTrQFLD GH FpOXODV &'
H[SUHVVDQGR
*,75HPDVPiWLFRVLQIHFWDGRVSHOR6PDQVRQLTXDQGRFRPSDUDGRFRPFpOXODVGHDVPiWLFRV
QmR LQIHFWDGRV RX GH QmR DVPiWLFRV /HYDQGR HP FRQVLGHUDomR TXH R *,75 p H[SUHVVR
FRQVWLWXWLYDPHQWHHPDOWRVQtYHLVQDVXSHUItFLHGHFpOXODV7UHJXODWyULDVQDWXUDLV0F+XJKH
FROV6KLPL]XHFROVHVWHUHVXOWDGRSRGHVHULQWHUSUHWDGRGHDOJXPDVGLIHUHQWHV
IRUPDV,QLFLDOPHQWHSRGHPRVDILUPDUTXHDVPiWLFRVVHPLQIHFomRDSUHVHQWDPPDLVFpOXODV
UHJXODWyULDV*,75
TXHDVPiWLFRVLQIHFWDGRVSRUKHOPLQWRV(QWUHWDQWRXPDGDVIXQo}HVGR
*,75 p UHYHUWHU RV HIHLWRV LPXQRVVXSUHVVRUHV GDV FpOXODV 7UHJ XP IHQ{PHQR FKDPDGR
RULJLQDOPHQWH GH FRQWUDVXSUHVVmR *HUVKRQ H FROV  6KLPL]X H FROV 
$GLFLRQDOPHQWHHPPRGHORVPXULQRVLQYLYRHLQY LWURIRLGHPRQVWUDGRTXHDVLQDOL]DomRYLD
*,75SRWHQFLDOL]DDKLSHUUHVSRQVLYLGDGHGDVYLDVDpUHDVDWUDYpVGRDXPHQWRGDDWLYLGDGHGDV
FpOXODV7KQmRH[HUFHQGRRPHVPRHIHLWRHPFpOXODVSRODUL]DGDVGRWLSR7K0RWWDHFROV
'HVWDIRUPDpSUHVXPtYHOTXHDPHQRUIUHTrQFLDGH*,75REVHUYDGDHPFpOXODVGH
DVPiWLFRVLQIHFWDGRV SRVVD HVWDUGLUHWDPHQWHUHODFLRQDGDFRP DPRGXODomRGD SURGXomRGH
FLWRFLQDV7KHFRQVHTHQWHUHGXomRGHDWRSLDREVHUYDGDHPLQGLYtGXRVFRPHVTXLVWRVVRPRVH
YDQGHQ%LJJHODDUHFROV$UDXMRHFROV
8PVXEWLSRGHFpOXODV7&'
FKDPDGDFpOXODV7UHJXODWyULDVQDWXUDLVDPDLRULDGDV
TXDLVpSURGX]LGDQRWLPRFRPRXPDVXESRSXODomRGHFpOXODV7FRPIXQFLRQDOLGDGHGLVWLQWDH
FDUDFWHUL]DGD SHOD H[SUHVVmR FRQVWLWXWLYD GH )R[S p HVVHQFLDO SDUD D PDQXWHQomR GD
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WROHUkQFLDDRSUySULRHKRPHRVWDVHLPXQROyJLFD6DNDJXFKLHFROV1RQRVVRWUDEDOKR
QmRIRLGHPRQVWUDGRDXPHQWRGDVFpOXODV)R[S
HPLQGLYtGXRVDVPiWLFRVLQIHFWDGRVSHOR6
PDQVRQL TXDQGRFRPSDUDGRV FRP DVPiWLFRV QmR LQIHFWDGRV(QWUHWDQWR D WpFQLFDXWLOL]DGD
SDUDDGHWHFomRGH)R[SQDVDPRVWUDVDQDOLVDGDVQmRQRVSHUPLWHLGHQWLILFDUHVSHFLILFDPHQWH
TXDO VXEWLSR FHOXODU HVWi H[SUHVVDQGR )R[S DOpP GH IDYRUHFHU R PDVFDUDPHQWR GH XPD
SRVVtYHOGLIHUHQoDELROyJLFDLPSRUWDQWHMiTXHDDYDOLDomRIRLUHDOL]DGDHPWRGDVDVFpOXODV
PRQRQXFOHDUHV GH VDQJXH SHULIpULFR 3RUWDQWR HVWHV UHVXOWDGRV QmR QRV SHUPLWHP DILUPDU
FDWHJRULFDPHQWH TXH DVPiWLFRV LQIHFWDGRV SRU KHOPLQWRV SRVVXHP QtYHLV VHPHOKDQWHV GH
FpOXODV7UHJQDWXUDLVFDUDFWHUL]DGDIHQRWLSLFDPHQWHFRP&'
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TXHDVPiWLFRV
QmRLQIHFWDGRV$SHVDUGHVWDOLPLWDomRPHWRGROyJLFDDDXVrQFLDGHGLIHUHQoDVQDH[SUHVVmR
GH )R[S HQWUH RV JUXSRV DYDOLDGRV QmR IRL VXUSUHVD XPD YH] TXH HVWXGRV SUpYLRV
GHPRQVWUDUDPTXHD,/UHSUHVHQWDRPHFDQLVPRIXQGDPHQWDOQDPDQXWHQomRGRSURFHVVR
UHJXODWyULR H[LVWHQWH HP LQGLYtGXRV FRP HVTXLVWRVVRPRVH YDQ GHQ %LJJHODDU H FROV 
$UDXMR H FROV  $OpP GD SDUWLFLSDomR GD ,/ RV QRVVRV GDGRV VXJHUHP TXH D
H[SUHVVmRGDPROpFXOD&7/$WDPEpPpLPSRUWDQWHQRSURFHVVRGHPRGXODomRGDUHVSRVWD
LPXQHQRVDVPiWLFRVLQIHFWDGRVSHOR6PDQVRQL(PFRQWUDSDUWLGDXPHVWXGRUHDOL]DGRHP
PRGHORH[SHULPHQWDOGHDVPDLGHQWLILFRXTXHDPRGXODomRGDUHVSRVWDLQIODPDWyULDQDDVPD
REVHUYDGD DSyV LQIHFomR SHOR 6 PDQVRQL RX DSyV LQMHomR GH RYRV GR SDUDVLWD RFRUUH SRU
PHFDQLVPRGHSHQGHQWHGH)R[SPDVLQGHSHQGHQWHGH,/3DFLILFRHFROV'HVWD
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