CARTA MENSAL Nº 04 – OUTUBRO DE 2015

>OQ> *BKP>I EƷŵĞƌŽ ϰ Ͳ KƵƚƵďƌŽ ϮϬϭϱ

*BKP>DBJ AL $LSBOK>ALO EŽ ŵġƐ ĚĞ ŽƵƚƵďƌŽ ƚŝǀĞŵŽƐ ŵƵŝƚĂƐ ĐŽŵĞŵŽƌĂĕƁĞƐ͘ ŽŵĞĕĂŵŽƐ ĐŽŵ Ă ŚŽŵĞŶĂŐĞŵ ĂŽƐ ƉƌŽĨŝƐƐŝŽŶĂŝƐ͕ ũĄ ƋƵĞ ŶŽ ĐĂůĞŶĚĄƌŝŽ ĚŽ ZŽƚĂƌLJ͕ ŽƵƚƵďƌŽ Ġ Ž ŵġƐ ĚĞĚŝĐĂĚŽ ĂŽƐ ^ĞƌǀŝĕŽƐ WƌŽĨŝƐƐŝŽŶĂŝƐ͘ dŝǀĞŵŽƐ Ž KƵƚƵďƌŽ ZŽƐĂ͕ ĐŽŵ ĐĂŵƉĂŶŚĂƐ ƉĂƌĂ Ă ƉƌĞǀĞŶĕĆŽ ĚŽ ąŶĐĞƌ ĚĞ DĂŵĂ Ğ ŽůŽ ĚŽ jƚĞƌŽ͘ ŶŽ ĚŝĂ Ϯϰ͕ ĐŽŵĞŵŽƌĂŵŽƐ Ž ŝĂ DƵŶĚŝĂů ĚĞ ŽŵďĂƚĞ Ă WŽůŝŽŵŝĞůŝƚĞ͘ KƐ ŶŽƐƐŽƐ ĐůƵďĞƐ ƌĞƐƉŽŶĚĞƌĂŵ ĐŽŵ ſƚŝŵŽƐ ƉƌŽũĞƚŽƐ Ğ ƌĞĂůŝnjĂĕƁƐ͘ ŵ ŽƵƚƵďƌŽ ĨŽŵŽƐ ŵĂŝƐ ƵŵĂ ǀĞnj hŵ WƌĞƐĞŶƚĞ WĂƌĂ Ž DƵŶĚŽ͘ Ɛ ŶŽƐƐĂƐ ĂƌƚĂƐ DĞŶƐĂŝƐ ƐĆŽ ƌĞůĂƚŝǀĂƐ ĂŽƐ Z ĚĞ ĂƌĂŶŐŽůĂ Ͳ KƵƚƵďƌŽ ZŽƐĂ

ĚĂĚŽƐ Ğ ĂĐŽŶƚĞĐŝŵĞŶƚŽƐ ĚŽ ŵġƐ͘ ƐƚĂ ĂƌƚĂ Ġ ƌĞůĂƚŝǀĂ ĂŽ ƋƵĞ ĂĐŽŶƚĞĐĞƵ ŶŽ ŵġƐ ĚĞ ŽƵƚƵďƌŽ͘ WĂƌĂ ŵŝŵ͕ Ž ŽƵƚƵďƌŽ ĨŽŝ ŵƵŝƚŽ ĨĞůŝnj͘ &ŝnjĞŵŽƐ ſƚŝŵĂƐ ǀŝƐŝƚĂƐ Ğ ĐŽŵ ŵƵŝƚŽ ŽƌŐƵůŚŽ ƌĞĐĞďŝ Ž ŝƉůŽŵĂ ĚĞ ^ſĐŝŽ ,ŽŶŽƌĄƌŝŽ ĚŽ ZŽƚĂƌLJ ůƵďĞ ĚĞ ĂƌďĂĐĞŶĂ͘

Z hďĄͲ ƌLJ ĂƌƌŽƐŽ KƵƚƵďƌŽ ZŽƐĂ

Z ĚĞ ŽŶŐŽŶŚĂƐ ŝĂ DƵŶĚŝĂů ĚĞ ŽŵďĂƚĞ ă ƉŽůŝŽŵŝĞůŝƚĞ

Z ĚĞ sŝƐĐŽŶĚĞ ĚŽ ZŝŽ ƌĂŶĐŽ Ͳ ,ŽŵĞŶĂŐĞŵ ĂŽ ŵĠĚŝĐŽ ƌ͘ ,ƵŵďĞƌƚŽ ĚĞ ůŵĞŝĚĂ ^ůĂŝďŝ

Ϯ

KƵƚƵďƌŽ 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

ϲϱ

'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

ϰϯ

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

ϭϭϰϰ

>OQ> *BKP>I

ϯ

KƵƚƵďƌŽ ĚĞ ϮϬϭϱ

3FPFQ>P AL $LSBOK>ALO

*>KER>iR

*>KERJFOFJ IQL 'BNRFQF?c

0>KQ> *>OD>OFA> "PMBO> #BIFW

1LJ?LP

ϰ

KƵƚƵďƌŽ ĚĞ ϮϬϭϱ

>OQ> *BKP>I

3FPFQ>P AL $LSBOK>ALO

-FO>x?>

1L@>KQFKP

3FiLP> B 3FiLP> I?BOQ 0>?FK

>O?>@BK>

0>KQLP !RJLKQ

>OQ> *BKP>I

KƵƚƵďƌŽ ĚĞ ϮϬϭϱ

ϱ

3FPFQ>P AL $LSBOK>ALO

)FJ> !R>OQB

F@>P

IjJ ->O>n?>

IjJ ->O>n?> 2KFgL A>P *>ODBKP

IjJ ->O>n?> -LOQ>I AB *FK>P

ϲ

KƵƚƵďƌŽ ĚĞ ϮϬϭϱ

>OQ> *BKP>I

LIRK> ALP -OBCBFQLP WƌĞĨĞŝƚĂ ĚĞ DĂŶŚƵŵŝƌŝŵ ĂƌĐŝ ƌĂŐĂ

WƌĞĨĞŝƚŽ ĚĞ DĂŶŚƵĂĕƵ EĂŝůƚŽŶ ,ĞƌŝŶŐĞƌ

WƌĞĨĞŝƚŽ ĚĞ ^ĂŶƚĂ DĂƌŐĂƌŝĚĂ 'ĞƌĂůĚŽ DĂŐĞůĂ ,ĞŶƌŝƋƵĞ

WƌĞĨĞŝƚĂ ĚĞ sŽůƚĂ 'ƌĂŶĚĞ ůŝĂŶĂ YƵŝŶƚĆŽ ĂƌĚŽƐŽ

WƌĞĨĞŝƚŽ ĚĞ ůĠŵ WĂƌĂşďĂ &ĞƌŶĂŶĚŽ >ƷĐŝŽ &ĞƌƌĞŝƌĂ ŽŶnjĞůĞƐ

WƌĞĨĞŝƚĂ ĚĞ WŝƌĂƷďĂ DĂƌŝĂ ƉĂƌĞĐŝĚĂ Z͘ &ĞƌƌĞŝƌĂ

WƌĞĨĞŝƚŽ ĚĞ dŽĐĂŶƚŝŶƐ ŶƚƀŶŝŽ ĂƌůŽƐ ŝĂƐ

IR?BP BJ igL ZŽƚĂƌLJ ůƵď ĚĞ ŽŶŐŽŶŚĂƐ

dƌŽĐŽ ^ŽůŝĚĄƌŝŽ WƌĞƐŝĚĞŶƚĞ ƉŽƌ Ƶŵ ĚŝĂ ĂŵƉĂŶŚĂ WŽůŝŽ WůƵƐ ĂŵƉĂŶŚĂ dƌŽĐŽ ^ŽůŝĚĄƌŝŽ &ŽƌĂŵ ĐŽŶĨĞĐĐŝŽŶĂĚŽƐ ϭϬϬϬ ĐĂƌƚƁĞƐ K ƉƌŽũĞƚŽ ĚĄ Ă ŽƉŽƌƚƵŶŝĚĂĚĞ ĂĐŽŶƚĞĐĞ ĚĂ ƐĞŐƵŝŶƚĞ ŵĂŶĞŝƌĂ͗ ϮϬ ƉĞƌƐŽŶĂůŝnjĂĚŽƐ ƋƵĞ ƐĞƌĆŽ Ğ ƚŽĚĂ Ă ĂŽ ĐŽŵƉĂŶŚĞŝƌŽ ƋƵĞ ĂŝŶĚĂ ŶĆŽ ĐŽĨƌĞƐ͕ ĚĞǀŝĚĂŵĞŶƚĞ ŝĚĞŶƚŝĨŝĐĂĚŽƐ ĂƌƌĞĐĂĚĂĕĆŽ ƐĞƌĄ ĚŽĂĚĂ Ă &ƵŶĚĂĕĆŽ ĞdžĞƌĐĞƵ Ă ƉƌĞƐŝĚġŶĐŝĂ ĚĞ ĐŽŵ Ž ŶŽŵĞ ĚĂ ĂŵƉĂŶŚĂ Ğ Ă ZŽƚĄƌŝĂ ƉĂƌĂ Ž &ƵŶĚŽ WſůŝŽ WůƵƐ͘ ƐƵĂ ĚĞƐƚŝŶĂĕĆŽ͕ ĨŽƌĂŵ ĚŝƐƚƌŝďƵşĚŽƐ ĐĂŵƉĂŶŚĂ ƚĞŵ ĂďƌĂŶŐġŶĐŝĂ ŵƵŶŝĐŝƉĂů ǀŝǀĞŶĐŝĂƌ Ă ƌĞƵŶŝĆŽ Ğ ĞdžĞƌĐĞƌ ĞƐƚĂ ůŝĚĞƌĂŶĕĂ ƉƌĞƐŝĚŝŶĚŽ Ƶŵ ƉŽƌ ϮϬ ĞƐƚĂďĞůĞĐŝŵĞŶƚŽƐ ĐŽŵĞƌĐŝĂŝƐ ĐŽŵ Ă Ğ ĞŶǀŽůǀŝŵĞŶƚŽ Ğ ƉĂƌĐĞƌŝĂ ĚĞ ƚŽĚĂ Ă &ĂŵŝůŝĂ ZŽƚĄƌŝĂ ĚĞ ŽŶŐŽŶŚĂƐ͕ ĂůĠŵ ĚĞ ĚĞ ǀĄƌŝŽƐ ďĂŝƌƌŽƐ ĚĂ ĐŝĚĂĚĞ͘ ĐůƵďĞ ĚĞ ZŽƚĂƌLJ ƉŽƌ Ƶŵ ĚŝĂ͘ ŽƵƚƌĂƐ ĞŶƚŝĚĂĚĞƐ

ZŽƚĂƌLJ ůƵď ĚĞ hďĄ

ZŽƚĂƌLJ ůƵď hďĄ ƌLJͲ ĂƌƌŽƐŽ

EŽ ĚŝĂ ϭϳ ĚĞ ŽƵƚƵďƌŽ͕ Ž ZŽƚĂƌLJ ůƵď ĚĞ hďĄ͕ ũƵŶƚĂŵĞŶƚĞ ĐŽŵ Ă ĂƐĂ ĚĂ ŵŝnjĂĚĞ Ğ Ž DŽƚŽĐůƵďĞ :ĂŐƵĂƌ ĚŽ ƐĨĂůƚŽ͕ ƌĞĂůŝnjŽƵ ǀŝƐŝƚĂ ĂŽ >Ăƌ :ŽĆŽ ĚĞ &ƌĞŝƚĂƐ Ğ ĞŶƚƌĞŐŽƵ ĂƐ ĚŽĂĕƁĞƐ ŽŶƐĞŐƵŝĚĂƐ ŶĂ ĐŽŵƵŶŝĚĂĚĞ͘ &ƌĂůĚĂƐ ŐĞƌŝĄƚƌŝĐĂƐ͕ ĐĂŝdžĂƐ ĚĞ ůĞŝƚĞ͕ ŵĞĚŝĐĂĕƁĞƐ Ğ ƚŽĂůŚĂƐ ĚĞ ďĂŶŚŽ ƉĂƌĂ ĂƐ ϭϯ ŵŽƌĂĚŽƌĂƐ ĚŽ ůĂƌ͘ EŽ ĚŝĂ ŝŶƚĞƌŶĂĐŝŽŶĂů ĚŽ ŝĚŽƐŽ ͕ ϭͬϭϬ͕Ž ZŽƚĂƌLJ ůƵď hďĄͲ ƌLJ ĂƌƌŽƐŽ ͕ ĞŶƚƌĞŐŽƵ ĂŽ ůĂƌ :ŽĆŽ ĚĞ &ƌĞŝƚĂƐ ͕ ĨƌĂůĚĂƐ ŐĞƌŝĄƚƌŝĐĂƐ͕ ůĞŝƚĞ Ğŵ ĐĂŝdžŝŶŚĂ Ğ ůĂŶĐŚĞ͘

ZŽƚĂƌLJ ůƵď ĚĞ sŝƐĐŽŶĚĞ ĚŽ ZŝŽ ƌĂŶĐŽ

ZĞƵŶŝĆŽ ĨĞƐƚŝǀĂ͘ K ƌ͘ ,ƵŵďĞƌƚŽ ĚĂ ůŵĞŝĚĂ ^ůĂŝďŝ ĨĞnj ƵŵĂ ƉĂůĞƐƚƌĂ ƐŽďƌĞ ƉƌĞǀĞŶĕĆŽ ĚŽ ĐąŶĐĞƌ ĚĞ DĂŵĂ Ğ ŽůŽ ĚŽ jƚĞƌŽ Ğ ƌĞĐĞďĞƵ ŚŽŵĞŶĂŐĞŵ ĐŽŵŽ ƉƌŽĨŝƐƐŝŽŶĂů ĚŽ DġƐ͘ &ŽƚŽ ĐŽŵ ĂƐ ŵĞŶŝŶĂƐ ĚŽ ĐůƵďĞ Ğ ĐŽŵ Ž ƐĞƵ ƉĂŝ Ğ ĨƵŶĚĂĚŽƌ ĚŽ ĐůƵďĞ :ŽƐĠ ^ůĂŝďŝ͘ K ĐŽŵƉĂŶŚĞŝƌŽ ƌŝůƐŽŶ >Ƶŝnj DĂƌƚŝŶƐ ƌĞĐĞďĞƵ Ă ƐƵĂ ƐĞŐƵŶĚĂ ƐĂĨŝƌĂ͘ ƌŝůƐŽŶ Ġ ƉƌŽƉƌŝĞƚĄƌŝŽ ĚĂ MƚŝĐĂ ƐŵĞƌĂůĚĂ͕ ƋƵĞ ƉĂƌƚŝĐŝƉĂ ĚŽ ƉƌŽŐƌĂŵĂ ŵƉƌĞƐĂ ŝĚĂĚĆ