CARTA MENSAL Nº 05 - NOVEMBRO 2015

>OQ> *BKP>I EƷŵĞƌŽ ϱ Ͳ EŽǀĞŵďƌŽ ϮϬϭϱ

*BKP>DBJ AL $LSBOK>ALO

WĂůĞƐƚƌĂŶƚĞƐ

K ZŽƚĂƌLJ ĚĞĚŝĐĂ Ž ŵġƐ ĚĞ ŶŽǀĞŵďƌŽ ƉĂƌĂ Ă &ƵŶĚĂĕĆŽ ZŽƚĄƌŝĂ͘ /ŵĂŐŝŶŽ Ă ŶŽƐƐĂ ŽƌŐĂŶŝnjĂĕĆŽ ĐŽŵŽ Ƶŵ ŐŝŐĂŶƚĞ ĚĞ ϭϭϬ ĂŶŽƐ ĐƵũĂƐ ƉĞƌŶĂƐ ƐĆŽ Ă ƐƐŽĐŝĂĕĆŽ Ğ Ă &ƵŶĚĂĕĆŽ ZŽƚĄƌŝĂ͘ ƐƐŽĐŝĂĕĆŽ ƉƌĞĐŝƐĂ ĚĞ ĐůƵďĞƐ Ğ ĚŽƐ ƌŽƚĂƌŝĂŶŽƐ͕ ƐĞƵƐ ĂƐƐŽĐŝĂĚŽƐ͘ &ƵŶĚĂĕĆŽ ƉƌĞĐŝƐĂ ĚĞ ĚŽĂĕƁĞƐ ƉĂƌĂ ƌĞĂůŝnjĂƌ ŽƐ ƐĞƵƐ ƉƌŽũĞƚŽƐ͘ :ƵŶƚŽƐ ŶŽ ŵĞƐŵŽ ĐŽƌƉŽ͕ ĐĂŵŝŶŚĂŵŽƐ ƉŽƌ ϮϮϬ ƉĂşƐĞƐ Ğ ƌĞŐŝƁĞƐ͘ EĞƐƚĞ ŵġƐ ƌĞĂůŝnjĂŵŽƐ Ž ^ĞŵŝŶĄƌŝŽ ĚĂ &ƵŶĚĂĕĆŽ ZŽƚĄƌŝĂ Ğŵ :Ƶŝnj ĚĞ &ŽƌĂ͘ Žŵ ƵŵĂ ſƚŝŵĂ ƉĂƌƚŝĐŝƉĂĕĆŽ͕ ĐŽŶƚĂŵŽƐ ĐŽŵ Ă ƉƌĞƐĞŶĕĂ ĚŽ ,ƵŐŽ ſƌĞĂ͕ ŽŽƌĚĞŶĂĚŽƌ ŽŶĂů ĚĂ &ƵŶĚĂĕĆŽ ZŽƚĄƌŝĂ͕ ĚĂ ŽŽƌĚĞŶĂĚŽƌĂ ƐƐŝƐƚĞŶƚĞ ŶŐĞůĂ DĂƌŝĂ ^ŝůǀĂ ZĞƐĞŶĚĞ͕ :ŽƐĠ ĚƵĂƌĚŽ ĚĞ DĞĚĞŝƌŽƐ͕ WƌĞƐŝĚĞŶƚĞ ĚĂ ŽŵŝƐƐĆŽ ŝƐƚƌŝƚĂů ĚĂ &ƵŶĚĂĕĆŽ ZŽƚĄƌŝĂ Ğ tĂůĚŝƌ &ƌĂŶĐŝƐĐŽ ĚĞ ŶĚƌĂĚĞ WƌĞƐŝĚĞŶƚĞ ĚĂ ŽŵŝƐƐĆŽ ŝƐƚƌŝƚĂů ĚĞ 'ĞƌĞŶĐŝĂŵĞŶƚŽ ĚĞ &ƵŶĚŽƐ͘ sĂŵŽƐ ũƵŶƚŽƐ͕ ĂĚŵŝƚŝŶĚŽ ŶŽǀŽƐ ĂƐƐŽĐŝĂĚŽƐ Ğ ĐŽŶƚƌŝďƵŝŶĚŽ ƉĂƌĂ Ă &ƵŶĚĂĕĆŽ ZŽƚĄƌŝĂ ĂůŝŵĞŶƚĂƌ ĞƐƚĞ ŐŝŐĂŶƚĞ ƋƵĞ Ġ Ž ZŽƚĂƌLJ͕ ƐĞŶĚŽ Ƶŵ WƌĞƐĞŶƚĞ ƉĂƌĂ Ž DƵŶĚŽ͘

WƌĞŵŝŽ͗ ϯ ůƵďĞƐ ĐŽŵ DĂŝŽƌ ŽŶƚƌŝďƵŝĕĆŽ WĞƌ ĂƉŝƚĂ ƉĂƌĂ Ž &ƵŶĚŽ WŽůŝŽWůƵ Ɛ

ϯ ůƵďĞƐ ĐŽŵ DĂŝŽƌ ŽŶƚƌŝďƵŝĕĆŽ WĞƌ ĂƉŝƚĂ Ą &ƵŶĚĂĕĆŽ ZŽƚĄƌŝĂ

WƌġŵŝŽ ŝƐƚƌŝƚĂů WŽƌ ^ĞƌǀŝĕŽƐ WƌĞƐƚĂĚŽƐ &ƵŶĚĂĕĆŽ ZŽƚĄƌŝĂ

Ϯ

EŽǀĞŵďƌŽ 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

EŽǀĞŵďƌŽ ĚĞ ϮϬϭϱ

3FPFQ>P AL $LSBOK>ALO 2?c OV >OOLPL

>O?>@BK> *LKQB *cOFL

'RFW AB #LO> +LOQB

'RFW AB #LO> 0gL *>QBRP

'RFW AB #LO> 0RI

ϯ

ϰ

EŽǀĞŵďƌŽ ĚĞ ϮϬϭϱ

>OQ> *BKP>I

3FPFQ>P AL $LSBOK>ALO

'RFW AB #LO>

'RFW AB #LO> !FPQOFQL &KARPQOF>I

*>QF>P >O?LP>

2?c

>OQ> *BKP>I

ϱ

EŽǀĞŵďƌŽ ĚĞ ϮϬϭϱ

1BPQBP M>O> L &KQBO@eJ?FL AB 'LSBKP

LIRK> ALP -OBCBFQLP

WƌĞĨĞŝƚŽ ĚĞ :Ƶŝnj ĚĞ &ŽƌĂ ƌƵŶŽ ^ŝƋƵĞŝƌĂ

sŝĐĞͲ WƌĞĨĞŝƚŽ ĚĞ ĂƌďĂĐĞŶĂ DĄƌŝŽ ZĂŝŵƵŶĚŽ ĚĞ DĞůŽ

WƌĞĨĞŝƚŽ ĚĞ sŝƐĐŽŶĚĞ ĚŽ ZŝŽ ƌĂŶĐŽ /ƌĂŶ ^ŝůǀĂ ŽƵƌŝ

"JMOBP> FA>Ag

.DVWHOR 7HOHFRPXQLFDo}HV /WGD 9LVFRQGH GR 5LR %UDQFR $ /RMD GR .DVWHOR

&DWDJXDVHV

ϲ

EŽǀĞŵďƌŽ ĚĞ ϮϬϭϱ

>OQ> *BKP>I

IR?BP BJ igL

/LQ>OV IR? >O?>@BK> *LKQB *cOFL

/LQ>OV IR? )>GFKE> ->PPBFL @F@IFPQF@L M>O> > @>JM>KE> "KA -LIFL +LT K ƌ͘ :ĂĐŬƐŽŶ ZŽďĞƌƚŽ ĚĞ DŽƵƌĂ ŵĠĚŝĐŽ ŵĂƐƚŽůŽŐŝƐƚĂ ŵŝŶŝƐƚƌŽƵ ƉĂůĞƐƚƌĂ ƐŽďƌĞ Ž ĐąŶĐĞƌ ĚĞ ŵĂŵĂ ĐŽŵ Ă ƉƌĞƐĞŶĕĂ ĚŽƐ ĂůƵŶŽƐ ĚŽ ĐƵƌƐŽ ĚĞ ŵĞĚŝĐŝŶĂ ĚĂ & 'K ͘ ĞŶƚƌĂĚĂ ƉĂƌĂ Ž ĞǀĞŶƚŽ ĨŽŝ ϭ <Ő ĚĞ ĂůŝŵĞŶƚŽ ŶĆŽ ƉĞƌĞĐşǀĞů ƋƵĞ ĨŽŝ ĚŽĂĚŽ ƉĂƌĂ DĂƌŝĂnjŝŶŚĂ ĚŽ ^ŽƉĆŽ͕ ƋƵĞ ƉƌĞƐƚĂ ĂũƵĚĂ Ă ĨĂŵşůŝĂƐ ĐĂƌĞŶƚĞƐ͘

/LQ>OV IR? 2?c OV >OOLPL

$WHQomR 9DJDV JDUDQWLGDV DWp GH MDQHLUR GH