CARTA MENSAL Nº 03 - SETEMBRO DE 2015

>OQ> *BKP>I EƷŵĞƌŽ ϯ Ͳ ^ĞƚĞŵďƌŽ ϮϬϭϱ

*BKP>DBJ AL $LSBOK>ALO

Z sŝĕŽƐĂͲ ŝĚĂĚĞ hŶŝǀĞƌƐŝƚĄƌŝĂ Ͳ ƉŽŝŽ ă ƐĐŽůĂ DƵŶŝĐŝƉĂů ůŵŝƌŽ WĂƌĂŝƐŽ

Z ŽŶŐŽŶŚĂƐ͘ ŽĂĕĆŽ ĚĂ ŽďĞƌƚƵƌĂ ĚĂ YƵĂĚƌĂ ĚĞ >ĂƐĞƌ W

Z ĂƚĂŐƵĂƐĞƐ͗ ŽĂĕĆŽ ƉĂƌĂ Ă hŶŝĚĂĚĞ ĚĞ ŶƐŝŶŽ ƐƚƌƵƚƵƌĂĚŽ ĚĂ W ͘

K ŵġƐ ĚĞ ƐĞƚĞŵďƌŽ Ğŵ ZŽƚĂƌLJ Ġ ĚĞĚŝĐĂĚŽ ă ĚƵĐĂĕĆŽ Ğ Ă ůĨĂďĞƚŝnjĂĕĆŽ͘ ŶƚĞŶĚĞŵŽƐ ƋƵĞ ŶſƐ ĚŽ ZŽƚĂƌLJ ŶĆŽ ĚĞǀĞŵŽƐ ĐŽŶĐŽƌƌĞƌ ĐŽŵ Ž ĞƐƚĂĚŽ͕ ƚĂŶƚŽ ŶĂƐ ĞƐĨĞƌĂƐ ĨĞĚĞƌĂů͕ ĞƐƚĂĚƵĂů Ğ ŵƵŶŝĐŝƉĂů͘ ŶƚĆŽ ǀĞŵ Ă ƉĞƌŐƵŶƚĂ͗ ǀĂŵŽƐ ĨŝĐĂƌ ŝŶĞƌƚĞƐ͍ ůĂƌŽ ƋƵĞ ŶĆŽ͘ ĞĚƵĐĂĕĆŽ Ġ ŽďƌŝŐĂĕĆŽ ĚŽ ƐƚĂĚŽ͕ ŵĂƐ ĞdžŝƐƚĞŵ ŵƵŝƚĂƐ ůĂĐƵŶĂƐ ƋƵĞ ĞůĞ ŶĆŽ ƉƌĞĞŶĐŚĞ͘ WŽƌ ĞdžĞŵƉůŽ ĂƐ W Ɛ͘ K ĂƉŽŝŽ ĚŽ ZŽƚĂƌLJ ăƐ W Ɛ ƚĞŵ ƐŝĚŽ ŵƵŝƚŽ ŝŵƉŽƌƚĂŶƚĞ Ğ ĞĨĞƚŝǀŽ͘ WŽĚĞŵŽƐ Ğ ĚĞǀĞŵŽƐ ĐŽŶƚŝŶƵĂƌ ƉĂƌƚŝĐŝƉĂŶĚŽ ĚĞ ƉƌŽŐƌĂŵĂƐ ĚĞĚŝĐĂĚŽƐ ă ĚƵĐĂĕĆŽ Ğ ůĨĂďĞƚŝnjĂĕĆŽ͕ ƐĞŵ ŝŶƚĞƌĨĞƌŝƌ ŶŽƐ ƉƌŽŐƌĂŵĂƐ ĚŽ ƐƚĂĚŽ͘ ŵ ƐĞƚĞŵďƌŽ ŝŶƚĞŶƐŝĨŝĐĂŵŽƐ ŶŽƐƐĂƐ ǀŝƐŝƚĂƐ͘ ^ĞŵƉƌĞ ƌĞĐĞďŝĚŽƐ ĐŽŵ Ž ŵĞƐŵŽ ĐĂƌŝŶŚŽ Ğ ĂƚĞŶĕĆŽ ĚŽƐ ĐŽŵƉĂŶŚĞŝƌŽƐ͘ ŵƵŝƚŽ ŐƌĂƚŝĨŝĐĂŶƚĞ ƐĞƌ ŐŽǀĞƌŶĂĚŽƌ ĚĞ Ƶŵ ĚŝƐƚƌŝƚŽ͘ ŵ ƐĞƚĞŵďƌŽ ƚĂŵďĠŵ ǀŝƐŝƚĂŵŽƐ Ž ZĞƐŽƌƚ ůƵĞ dƌĞĞ WĂƌŬ͕ Ğŵ ƷnjŝŽƐ ŽŶĚĞ ƐĞƌĄ ƌĞĂůŝnjĂĚĂ Ă ŶŽƐƐĂ ŽŶĨĞƌġŶĐŝĂ͘ Ƶŵ ůŽĐĂů ƉĂƌĂĚŝƐşĂĐŽ͘ sŽůƚĂŵŽƐ ĐŽŵ Ă ĐŽŶǀŝĐĕĆŽ ƋƵĞ ƚĞƌĞŵŽƐ ƵŵĂ ŽŶĨĞƌġŶĐŝĂ ƋƵĞ ǀĂŝ ŵĂƌĐĂƌ Ž ŶŽƐƐŽ ĚŝƐƚƌŝƚŽ͗ ŽŶĨĞƌġŶĐŝĂ ĚŽƐ ƷnjŝŽƐ͊ ƐŽƌƚĞ ĞƐƚĄ ůĂŶĕĂĚĂ͘​͘​͘​͘

sŝƐƚĂ ĚŽ ůƵĞ dƌĞĞ WĂƌŬ Ğŵ ƷnjŝŽƐ

Ϯ

^ĞƚĞŵďƌŽ ĚĞ ϮϬϭϱ

>OQ> *BKP>I

Z > dMZ/K D E^ > K /^dZ/dK

([SHGLHQWH

ZKd Zz /Ed ZE d/KE > WƌĞƐŝĚĞŶƚĞ ͗ <͘ Z͘ ZĂǀŝŶĚƌĂŶ ŝƌĞƚŽƌ͗ :ŽƐĠ hďŝƌĂĐLJ ^ŝůǀĂ /^dZ/dK ϰϱϴϬ 'ŽǀĞƌŶĂĚŽƌ͗ ƌŝƐƚſǀĆŽ DĂƵƌşĐŝŽ DĞƐƋƵŝƚĂ &ĞƌƌĞŝƌĂ ĐƌŝƐƚŽǀĂŽŵĂƵƌŝĐŝŽΛŐŵĂŝů͘ĐŽŵ 'ŽǀĞƌŶĂĚŽƌ ůĞŝƚŽ ϮϬϭϲͲϮϬϭϳ ŶĚƌĠ >Ƶŝnj ŽƚĂ ĂĐŽƚĂΛƵĂŝ͘ĐŽŵ͘ďƌ 'ŽǀĞƌŶĂĚŽƌ /ŶĚŝĐĂĚŽ Ͳ ϮϬϭϳͲϮϬϭϴ WĂƵůŽ ĠnjĂƌ ƚĂLJĚĞƐ ^ŝůǀĂ ĂƚĂLJĚĞƐΛƵĂŝ͘ĐŽŵ͘ďƌ ŽŽƌĚĞŶĂĚŽƌĂ ŝƐƚƌŝƚĂů ĚĂƐ ĂƐĂƐ ĚĂ ŵŝnjĂĚĞ ^ĂŶĚƌĂ ZĞŐŝŶĂ ĚĂ ^ŝůǀĂ <ŝůĞƐƐĞ ƐĂŶĚƌĂŬŝůĞƐƐĞΛŐŵĂŝů͘ĐŽŵ ^ĞĐƌĞƚĄƌŝĂ ŝƐƚƌŝƚĂů ^ŝŵŽŶĞ ĂŵƉŽƐ ŽŶĂƚƚŝ ƐŝŵŽŶĞ͘ďŽŶĂƚƚŝΛŐŵĂŝů͘ĐŽŵ dĞƐŽƵƌĞŝƌŽ ŵĂŝů ĚĂ ƌƵnj &ŝůŚŽ ĐůĂƌŝĐĂƌŵĞĐĂŶŝĐĂΛŚŽƚŵĂŝů͘ĐŽŵ dĞƐŽƵƌĂƌŝĂ͗ ĞďŽƌĂŚ ĂŶĚŝĚŽ &ĞƌƌĞŝƌĂ ƌŽƚĂƌLJĚŝƐƚƌŝƚŽϰϱϴϬΛŐŵĂŝů͘ĐŽŵ ĂƌƚĂ DĞŶƐĂů DĂƌŝĂ ĚĂ 'ůſƌŝĂ >ĂĐĞƌĚĂ ZŽĚƌŝŐƵĞƐ ŐŽŐŽŝĂůĂĐĞƌĚĂΛďŽů͘ĐŽŵ͘ďƌ ŝĂŐƌĂŵĂĕĆŽ͗ ,ĞůĚĞƌ ͘ ZĞŝƐ ĐĂŵŝƐĂϴĞƚĞƌŶŽΛŐŵĂŝů͘ĐŽŵ /ŶƐĐƌŝĕĆŽ ƉĂƌĂ ŽŶĨĞƌġŶĐŝĂ ŝƐƚƌŝƚĂů ^ĞǀĞŶƚƵƌ ůŽLJƐŝŽ ŽƵ ůĞŶ ƐĞǀĞŶƚƵƌ͘ĂůŽLJƐŝŽΛŚŽƚŵĂŝů͘ĐŽŵ ;ϯϮͿ ϯϮϭϲͲϭϬϳϬ

)9 /HJDOL]DomR ,PRELOLiULD

/HJDOL]Do}HV MXQWR DR &DUWyULR GH ,PyYHLV 5HFHLWD )HGHUDO H 3UHIHLWXUD 3URMHWRV GH (QJHQKDULD $UTXLWHW{QLFR (VWUXWXUDO 3UHYHQomR H &RPEDWH D ,QFrQGLR 'HVPHPEUDPHQWRV H HWF

&iOFXOR GH )UDomR ,GHDO SHOD 1%5 DWLQHQWH 1%5

&RQYHQomR GH &RQGRPtQLR ([HFXWDPRV VHUYLoRV HP 8Ei H UHJLmR

>OQ> *BKP>I

ϯ

^ĞƚĞŵďƌŽ ĚĞ ϮϬϭϱ

3FPFQ>P AL $LSBOK>ALO

>O>KDLI>

-LPPB A> !>KFBI> 3FQ> >O?RQQF $LJBP

3FiLP> FA>AB 2KFSBOPFQcOF>

)BLMLIAFK>

/FL -LJ?>

LKDLKE>P

IQL >M>O>s

>Q>DR>PBP

ϰ

^ĞƚĞŵďƌŽ ĚĞ ϮϬϭϱ

>OQ> *BKP>I

3FPFQ>P AL $LSBOK>ALO 3BPQFKAL > >JFP> 2 FRPSDQKHLUR $OH[DQGUH (GVRQ 2OLYHLUD SUHVLGHQWH GR 5& /DMLQKD LQFOXLX D ORJR GR 5RWDU\ QD VXD FDPLVD H QD GH WRGRV RV IXQFLRQiULRV GR *DOHULD +RWHO

)>GFKE>

-LKQB +LS> B -LKQB +LS> -FO>KD>

*>QFMs

*ROF>j +LOQB

"JMOBP> FA>Ag

>OQ> *BKP>I

ϱ

^ĞƚĞŵďƌŽ ĚĞ ϮϬϭϱ

LIRK> ALP -OBCBFQLP

WƌĞĨĞŝƚŽ ĚĞ ĂƚĂŐƵĂƐĞƐ :ŽƐĠ ĞƐĂƌ ^ĂŵŽƌ

WƌĞĨĞŝƚŽ ĚĞ sŝĕŽƐĂ ŶŐĞůŽ ŚĞƋƵĞƌ

WƌĞĨĞŝƚŽ ĚĞ WŽŶƚĞ EŽǀĂ 'ƵƚŽ DĂůƚĂ

!F> A> -sIFL ŝĂ Ϯϯ ĚĞ ŽƵƚƵďƌŽ͕ ŶĂ ĐŝĚĂĚĞ ĚĞ EŽǀĂ zŽƌŬ͕ ƌĞĂůŝnjĂƌĞŵŽƐ Ž ĞǀĞŶƚŽ ƋƵĞ ĚĂƌĄ ŝŶşĐŝŽ ăƐ ĐŽŵĞŵŽƌĂĕƁĞƐ ĚŽ ŝĂ DƵŶĚŝĂů ĚĞ ŽŵďĂƚĞ ă WſůŝŽ͘ EĞƐƚĂ ŽĐĂƐŝĆŽ ĞƐƉĞĐŝĂů ĚĞƐƚĂĐĂƌĞŵŽƐ Ă ůŝĚĞƌĂŶĕĂ ĚĂ ŶŽƐƐĂ ŽƌŐĂŶŝnjĂĕĆŽ ŶĂ ůƵƚĂ ĐŽŶƚƌĂ Ă ĚŽĞŶĕĂ͕ ůĞŵďƌĂŶĚŽ ƋƵĞ &ĂůƚĂ ^ſ /ƐƚŽ ƉĂƌĂ ĞůŝŵŝŶĄͲůĂ͘ ŽƉĂƚƌŽĐŝŶĂĚŽ ƉĞůŽ hŶŝĐĞĨ͕ Ž ĞǀĞŶƚŽ ƚĞƌĄ ƚƌĂŶƐŵŝƐƐĆŽ ĂŽ ǀŝǀŽ Ğ ƌĞƵŶŝƌĄ ƌĞƉƌĞƐĞŶƚĂŶƚĞƐ ĚŽƐ ŶŽƐƐŽƐ ƉĂƌĐĞŝƌŽƐ ŶĂ /ŶŝĐŝĂƚŝǀĂ 'ůŽďĂů ĚĞ ƌƌĂĚŝĐĂĕĆŽ ĚĂ WſůŝŽ͕ ĂƵƚŽƌŝĚĂĚĞƐ ŐŽǀĞƌŶĂŵĞŶƚĂŝƐ͕ ƐĂƷĚĞ ƉƷďůŝĐĂ Ğ KE'Ɛ͕ ŵŽďŝůŝnjĂŶĚŽ ŵĂŝƐ ĚĞ ϯϬ͘ϬϬϬ ƉĞƐƐŽĂƐ͘

IR?BP BJ igL ZŽƚĂƌLJ ůƵď Ğ ƐƉĞƌĂ &Ğůŝnj ŵ ƉĂƌĐĞƌŝĂ ĐŽŵ Ž >ŝŽŶƐ ůƵďĞ Ğ ůƵďĞ Z ͕ Ž ZKd Zz >h ^W Z & >/ ʹ D' ʹ ͘ ϰϱϴϬ͕ ƉƌŽŵŽǀĞƵ Ğŵ ϭϮͬϬϵ Ž ĚŝĂ ĚĞ K '>K > ĚĞŶŽŵŝŶĂĚŽ ͞> Z͕͟ ŶŽ ƋƵĂů ĨŽƌĂŵ ĚĞƐĞŶǀŽůǀŝĚĂƐ ĚŝǀĞƌƐĂƐ ĂĕƁĞƐ ŝŶĞƌĞŶƚĞƐ ĂŽ ĞdžĞƌĐşĐŝŽ ĚĂ ĐŝĚĂĚĂŶŝĂ ĐŽŵŽ͗ ĞŵŝƐƐĆŽ ĚĞ ĚŽĐƵŵĞŶƚŽƐ͕ ĂĕƁĞƐ ŶĂ ĄƌĞĂ ĚĞ ƐĂƷĚĞ͕ ĐĂŵƉĂŶŚĂƐ ĂŵďŝĞŶƚĂŝƐ͕ ĂƚŝǀŝĚĂĚĞƐ ĞƐƉŽƌƚŝǀĂƐ Ğ ĚĞ ůĂnjĞƌ ĞŶƚƌĞ ŽƵƚƌĂƐ͘

ϲ

>OQ> *BKP>I

^ĞƚĞŵďƌŽ ĚĞ ϮϬϭϱ

IR?BP BJ igL ZŽƚĂƌLJ ůƵď hďĄ Ͳ ƌLJ ĂƌƌŽƐŽ 6HWHPEUR 9HUGH

EŽ ĚŝĂ ϴ ĚĞ ^ĞƚĞŵďƌŽ ĚĞ ϮϬϭϱ Ž ZŽƚĂƌLJ ůƵďĞ hďĄͲ ƌLJ ĂƌƌŽƐŽ ĐŽŶƚŽƵ ĐŽŵ Ă ƉƌĞƐĞŶĕĂ ĚĞ ĐŽŵƉĂŶŚĞŝƌŽƐ ĚĞ hďĄ͕ ĚĞƐƚĂĐĂŶĚŽ Ă ^ĞĐƌĞƚĄƌŝĂ ŝƐƚƌŝƚĂů ƌĂ͘ ^ŝŵŽŶĞ ĂŵƉŽƐ ŽŶĂƚƚŝ Ğ Ž ŚĂŝƌŵĂŶ ĚĞ ZŽƚĂƌĂĐƚ ZĞŶĂŶ >ŝďŽƌĞŝƌŽ <ŝůĞƐƐĞ͕ Ğ Ž ĞdžͲŐŽǀĞƌŶĂĚŽƌ Ğ ƐſĐŝŽ ŚŽŶŽƌĄƌŝŽ ĚŽ ĐůƵďĞ ^ƌ͘ >Ƶŝnj ĂƌůŽƐ Ζ ŶƚŽŶŝŶŽ͘ ǀĞůLJŶĞ ZŽƐĂ ŽĞůŚŽ >ŽƉĞƐ ĚĂ D' dƌĂŶƐƉůĂŶƚĞƐ Ğŵ ƉĂƌĐĞƌŝĂ ĐŽŵ Ž hďĄͲ ƌLJ ĂƌƌŽƐŽ ƉĂƌĂ Ă ĐĂŵƉĂŶŚĂ Η^ĞƚĞŵďƌŽ sĞƌĚĞΗ ŵŝŶŝƐƚƌŽƵ Ă ƉĂůĞƐƚƌĂ ƐŽďƌĞ ĚŽĂĕĆŽ ĚĞ ſƌŐĆŽƐ Ğ ƐƵĂ ŝŵƉŽƌƚąŶĐŝĂ͕ Ž ƋƵĞ Ġ ƉƌĞĐŝƐŽ ƉĂƌĂ ƐĞƌ Ƶŵ ĚŽĂĚŽƌ͕ ŽƐ ƚŝƉŽƐ ĚĞ ſƌŐĆŽƐ ƋƵĞ ƉŽĚĞŵ ƐĞƌ ĚŽĂĚŽƐ͕ ĂďŽƌĚĂŶĚŽ ƚŽĚĂ Ă ƚĞŵĄƚŝĐĂ ƉĂƌĂ ĂůĞƌƚĂƌ Ğ ĐŽŶƐĐŝĞŶƚŝnjĂƌ ĂƐ ƉĞƐƐŽĂƐ ƋƵĞ Ğŵ ƵŵĂ ƉĞƌĚĂ ŶĂ ĨĂŵşůŝĂ ĂƚƌĂǀĠƐ ĚĂ ĚŽĂĕĆŽ ĚŽƐ ſƌŐĆŽƐ Ğ ƚĞĐŝĚŽƐ ƉŽĚĞͲƐĞ ƐĂůǀĂƌ ŽƵƚƌĂƐ ƉĞƐƐŽĂƐ ƋƵĞ ĞƐƚĆŽ ŶĂ ĨŝůĂ Ă ĞƐƉĞƌĂ ĚĞ Ƶŵ ƚƌĂŶƐƉůĂŶƚĞ͘ EĂ ŽĐĂƐŝĆŽ ŽƐ ĂůƵŶŽƐ ĚŽ ĐƵƌƐŽ ĚĞ ŵĞĚŝĐĂ ĚĂ ĨĂĐƵůĚĂĚĞ & 'K ĞƐƚŝǀĞƌĂŵ ƉƌĞƐĞŶƚĞƐ Ğ ƉƵĚĞƌĂŵ ŝŶƚĞƌĂŐŝƌ Ğ ƉĂƌƚŝĐŝƉĂƌ ĐŽŵ Ă ƉĂůĞƐƚƌĂ Ğ ĂŝŶĚĂ ĚŝǀƵůŐĂƌ ƉĂƌĂ Ă ĐŽŵƵŶŝĚĂĚĞ͘ KƐ ŵĞƐŵŽƐ ĨŽƌĂŵ ĐŽŶǀŝĚĂĚŽƐ ƉĞůŽ ŚĂŝƌŵĂŶ ĚĞ ZŽƚĂƌĂĐƚ ZĞŶĂŶ >ŝďŽƌĞŝƌŽ <ŝůĞƐƐĞ ƋƵĞ ĞƐƚĄ ĐƵƌƐĂŶĚŽ ŵĞĚŝĐŝŶĂ ŶĂ & 'K ͘ ŝĚĞŝĂ ĚŽ ƉƌŽũĞƚŽ ^ĞƚĞŵďƌŽ sĞƌĚĞ Ġ ůĞǀĂƌ ŝŶĨŽƌŵĂĕƁĞƐ ĐŽŵŽ Ă ĚŽĂĕĆŽ ĚĞ ſƌŐĆŽƐ ĂƚƌĂǀĠƐ ĚŽ ZŽƚĂƌLJ ƉĂƌĂ Ă ĐŽŵƵŶŝĚĂĚĞ ĚĞ ĨŽƌŵĂ Ă ĂũƵĚĂƌ Ž ďĞůŽ ƚƌĂďĂůŚŽ ĚĂ D' ƚƌĂŶƐƉůĂŶƚĞƐ ŶĂ ŵĂŶƵƚĞŶĕĆŽ ĚŽ ďĂŶĐŽ ĚĞ ſƌŐĆŽƐ Ğ ƚĞĐŝĚŽƐ ƋƵĞ ƉŽƐƐƵş ƐĞĚĞ ŶĂ ĐŝĚĂĚĞ ĚĞ :Ƶŝnj ĚĞ &ŽƌĂ Ͳ D' Ğ ƚĞŵ ƵŵĂ ĞƋƵŝƉĞ ŶĂ ĐŝĚĂĚĞ ĚĞ hďĄ ƉĂƌĂ ĂƐ ĚĞǀŝĚĂƐ ĐŽůĞƚĂƐ Ğ ŝŶĨŽƌŵĂĕƁĞƐ ĂĐĞƌĐĂ ĚĞƐƚĞ͕ ŶŽ ,ŽƐƉŝƚĂů ^ĂŶƚĂ /ƐĂďĞů ĚĞ hďĄ Ͳ D'͘ ƌĞƵŶŝĆŽ ƚĂŵďĠŵ ĨŽŝ ĚĞ ŚŽŵĞŶĂŐĞŶƐ ŽŶĚĞ Ă ƉƌĞƐŝĚĞŶƚĞ ĚŽ ĐůƵďĞ hďĄͲ ƌLJ ĂƌƌŽƐŽ ƌĂ͘ sąŶŝĂ >ƷĐŝĂ ^ŽĂƌĞƐ :ĂĐŽď Ğŵ ŚŽŵĞŶĂŐĞŵ ĂŽ ĚŝĂ ĚŽ Ɛ ĚŵŝŶŝƐƚƌĂĚŽƌ ƉƌĞƐƚŽƵ ĂŽ ĐŽŵƉĂŶŚĞŝƌŽ ĚŽ ĐůƵďĞ ůĞdžĂŶĚƌĞ &ĞƌƌĂƌŝ ƉĞůŽ ĞƵ ĚŝĂ ĐŽŵŽ ƉƌŽĨŝƐƐŝŽŶĂů ĚĂ ĄƌĞĂ͘

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