Revista Mommys - Edição 4

78'2 62%5( 2 81,9(562 0$7(512 ( ,1)$17,/ (' 129(0%52

%$55,*$ '( $/8*8(/

&RQKHoD XPD OLQGD KLVWyULD GH DPRU H GRDomR FRQFUHWL]DGD D SDUWLU GR ÔWHUR GH 6XEVWLWXLomR 7$0%e0 1(66$ (',d®2 &RFRJSYFÁ½T 9NWJ YTIFX FX XZFX IÔ[NIFX HTR F JXUJHNFQNXYF 2FWNSF 2FWYNSX (ZNIFITX JXUJHNFNX HTR F UJQJ J TX HFGJQTX ST [JW½T (TRNIF IJ HWNFSÁF XZGXYNYZNÁÏJX XFZI»[JNX UFWF FLWFIFW FT UFQFIFW IF HWNFSÁF

*=5*).*39*

8:2 7.4

'LUHWRUD ([HFXWLYD 0DULDQD %LFDOKR

(GLWRULDO

(QWUHYLVWD 0DULQD 0DUWLQV IDOD VREUH $PDPHQWD¸¶R

PDULDQD#UHYLVWDPRPP\V FRP EU (GLWRUD H -RUQDOLVWD 5HVSRQVÊYHO &DURO %HUQDUGHV FDUROEHUQDUGHV#UHYLVWDPRPP\V FRP EU

3DODYUDV TXH $OLPHQWDP

&RPHUFLDO *DEULHOD %LFDOKR FRPHUFLDO #UHYLVWDPRPP\V FRP EU

&DSD %DUULJD GH $OXJXHO

3URMHWR *UÊILFR H 'LDJUDPDÐÏR

0DWHUQLGDGH H $XWRHVWLPD

3HGDFLQKRV GDV 0RPP\V

7HPSR GH &HOHEUDU

&ULDQ¸D 6DXG²YHO ¹ &ULDQ¸D )HOL]

&DQWLQKR GR 3DSDL

3HUILO 0RPP\

)DELDQD &ULVWLQD IDELDQD#DGJHUDLV FRP EU &RODERUDGRUHV GHVVD (GLÐÏR $OLQH )UDJD $QLQKD $WD½GH +DWDQQH 6DUGDJQD -ÇQLRU )RQVHFD /XL]D )LRULQL 0LFKHOOH 9DUHOD 1LVD 3HUHLUD 7KDLV $OHQFDU 9LQ½FLXV 'LJ»QRYD )RWR &DSD

5RQDOGR /RSHV

)DOH FRP D UHYLVWD FRQWDWR#UHYLVWDPRPP\V FRP EU 2V WH[WRV DVVLQDGRV V¶R GH UHVSRQVDELOLGDGH GR DXWRU H Q¶R UHIOHWHP QHFHVVDULDPHQWH D RSLQL¶R GD UHYLVWD 1¶R ¹ SHUPLWLGD D UHSURGX¸¶R WRWDO RX SDUFLDO GRV WH[WRV SRU TXDOTXHU PHLR VHP SU¹YLD DXWRUL]D¸¶R

(',725,$/

08,72 $025 325 (66$ (',d®2 $ 5HYLVWD 0RPP\V GH QRYHPEUR HVW² SXUR DPRU $ PDW¹ULD GH FDSD DO¹P GH VHU XP OLQGR WHVWHPXQKR GH I¹ QRV WUD] XPD UHIOH[¶R VREUH HVVH VHQWLPHQWR VXEOLPH TXH ¹ R DPRU VREUHWXGR R DPRU PDWHUQR 3DUD HOH Q¶R WHP OLPLWHV H QHP FRQGL¸ÆHV H ¹ QHVVD YLEH TXH HQWUDPRV QR WHPD DPDPHQWD¸¶R WUD]HQGR HVFODUHFLPHQWRV H XP GHSRLPHQWR WRFDQWH H VLQFHUR $SURYHLWHP D OHLWXUD GHVVD UHYLVWD TXH ¹ SUHSDUDGD HVSHFLDOPHQWH SUD YRF»

0DULDQD %LFDOKR

&$57$6 $GRUHL D PDW¹ULD GR RXWXEUR URVD ® XP WHPD TXH PH G² PXLWR PHGR PDV FRQVHJXL OHU WXGR H DW¹ IL] R DXWR H[DPH 3DUDE¹QV SHOD IRUPD TXH HVFUHYHUDP D PDW¹ULD 3DWU½FLD &XQKD

-² OL WRGD $PHL $ FDSD W² OLQGD FRP D 0DUD $UDÇMR $ FRQVFLHQWL]D¸¶R ¹ VXSHU LPSRUWDQWH 3DUDE¹QV SRU PDLV HVVD HGL¸¶R *UD]LHOD /HPRV 2O½PSLR

6HP GHVPHUHFHU DV RXWUDV HGL¸Ã&#x2020;HV TXH IRUDP UHFKHDGDV GH FDULQKR D WHUFHLUD HGL¸¶R HVW² FRPR PLQKD IDYRULWD (PRFLRQDQWH 3DUDE¹QV SDUD WRGDV GD HTXLSH -XOLDQD /L]DUGR &K² GH DHURSRUWR 3HQVDQGR HP DOJR %20 SUD ID]HU /HPEUHL TXH Q¶R WLQKD YLVWR D UHYLVWD 0200<6 QRYD 4XH E²UEDUR $PDQGR DV PDW¹ULDV 0²UFLD 0DFKDGR

3DUDE¹QV $ HGL¸¶R ILFRX PDUDYLOKRVD -XOLDQD )RQVHFD )UDQFR *XLPDU¶HV

$ 5HYLVWD GDV 0RPP\V GHVWH P»V ILFRX UHDOPHQWH PDUDYLOLQGD ® DPRU HP IRUPD GH UHYLVWD $JUDGH¸R D 'HXV SRU HVWDU URGHDGD GH WDQWR DPRU SRLV ¹ DVVLP TXH PH VLQWR WRGDV DV YH]HV TXH FRQYHUVR FRP YRF»V +DWDQQH 6DUGDJQD OLQGR WH[WR SUD YDULDU Q¹" 9RF»V WRGDV V¶R PXLWR WDOHQWRVDV 0HX PXLWR REULJDGD /XL]D 6DQWRV )DOH FRP D JHQWH FRQWDWR#UHYLVWDPRPP\V FRP EU

_ 1RYHPEUR

(175(9,67$

)RWR )DELDQD &ULVWLQD

62%5( $0$0(17$5 (VFODUH¸D WRGDV DV VXDV GÃ&#x2021;YLGDV UHODFLRQDGDV D DPDPHQWD¸¶R FRP D HVSHFLDOLVWD 0DULQD 0DUWLQV

_ 1RYHPEUR

(175(9,67$ 4XDO D PHOKRU IRUPD SDUD VH

FRPSUDGD RX HPSUHVWDGD ¹ D ÇQLFD

SUHSDUDU SDUD D DPDPHQWDÐÏR"

RULHQWD¸¶R TXH FRVWXPR HQIDWL]DU

$PDPHQWDU Q¶R ¹ XP SURFHVVR W¶R LQVWLQWLYR FRPR PXLWRV SHQVDP ® QHFHVV²ULR LGHQWLILFDU VH K² YRQWDGH U H D O R X Q ¶ R G D T X H O D P ¶ H H P DPDPHQWDU H[FOXVLYDPHQWH RX GH IRUPD PLVWD GHYHQGR VHU UHVSHLWDGD FDGD HVFROKD H GHFLV¶R ,QIRUPD¸ÆHV GH TXDOLGDGH H FXUVRV RIHUHFLGRV SRU SURILVVLRQDLV HVSHFLDOL]DGRV H TXH Y¶R G H H Q F R Q W U R D R S U R S  V L W R G R DOHLWDPHQWR PDWHUQR V¶R IXQGDPHQWDLV SDUD TXH D P¶H H D IDP½OLD HVWHMDP |SUHSDUDGDV} SDUD OLGDU FRP RV GLYHUVRV PLWRV TXH FLUFXQGDP H GLILFXOWDP D DPDPHQWD¸¶R 4XH DFHVVÚULRV VÏR UHDOPHQWH àWHLV" ( V V D T X H V W ¶ R G H X W L O L G D G H G H GHWHUPLQDGRV DFHVVÂULRV YDULD GH DFRUGR FRP D QHFHVVLGDGH GH FDGD P¶H H VHX REMHWLYR 0DV HP JHUDO SDUD D P D P H Q W D U Q H Q K X P X W H Q V ½ O L R SRPDGDV FRQFKD ELFR GH VLOLFRQH VH ID] QHFHVV²ULR 7HU DFHVVR D XPD RUGHQKDGHLUD VHMD HOD DOXJDGD

/HPEUDQGR TXH R XVR GD RUGHQKDGHLUD GHYHU² VHU IHLWR GH SUHIHU»QFLD H VH SRVV½YHO FRP D RULHQWD¸¶R GH TXDOLGDGH H V R E V X S H U Y L V ¶ R G H X P E R P SURILVVLRQDO SDUD TXH VH REWHQKD UHVXOWDGRV VDWLVIDWÂULRV H VHP FRPSURPHWHU RV PDPLORV 6,0 RUGHQKDGHLUD PDO XWLOL]DGD SRGH RFDVLRQDU ILVVXUDV PDPLODUHV

2 TXH VLJQLILFD OLYUH GHPDQGD" $ OLYUH GHPDQGD QDGD PDLV ¹ GR TXH VDWLVID]HU DV QHFHVVLGDGHV UHDLV GR EHE» GH VXF¸¶R H QXWUL¸¶R 6(0 D SUHVHQ¸D GH TXDOTXHU ELFR DUWLILFLDO %HE» TXHU EHE» PDPD 6H R SHLWR HVWÊ PXUFKR Ñ VLQDO GH EDL[D SURGXÐÏR" 1¶R 6HLR |PXUFKR} RX IO²FLGR ¹ XP ÂWLPR VLQDO SDUD D DPDPHQWD¸¶R 6LJQLILFD TXH D GHPDQGD GH SURGX¸¶R GH OHLWH SHOR RUJDQLVPR GD P¶H VH DMXVWRX ³ GHPDQGD GH VXF¸¶R GR EHE»

_ 1RYHPEUR

(175(9,67$ 4XHP WHP SUÚWHVH GH VLOLFRQH SRGH

6(0 D SUHVHQ¸D GH ELFRV DUWLILFLDLV H

DPDPHQWDU" ( TXHP IH] FLUXUJLD GH

D RUGHQKD PDQXDO SUHIHUHQFLDOPHQWH

UHGXÐÏR" %LFR LQYHUWLGR RX SODQR

¹ R LGHDO SDUD HYLWDU |HPSHGUDPHQWR}

LQIOXHQFLDP QD DPDPHQWDÐÏR"

H DX[LOLDU QD GUHQDJHP GR H[FHVVR GH

6LP 0¶HV FRP SUÂWHVH GH VLOLFRQH H RX UHGX¸¶R GH PDPDV SRGHP DPDPHQWDU ([FHWR HP UDU½VVLPRV FDVRV HP TXH RV GXFWRV ODFW½IHURV IRUDP FRPSURPHWLGRV 3RU LVVR ¹ LPSRUWDQWH TXH R ELQÄPLR P¶H [ EHE» VHMDP DFRPSDQKDGRV GH SHUWR SRU SURILVVLRQDLV HVSHFLDOL]DGRV SDUD TXH KDMD D VXSHUYLV¶R H RULHQWD¸¶R FRUUHWD GHVPLVWLILFDQGR R TXH DV P H V P D V R X Y H P V R E U H W D L V SURFHGLPHQWRV

FRPSUHVVDV GHSHQGH PXLWR GD VLWXD¸¶R H K² Y²ULDV FRQWURY¹UVLDV WDPE¹P 0DV QRUPDOPHQWH QR LQ½FLR G R D O H L W D P H Q W R U H F R P H Q G R D XWLOL]D¸¶R GD FRPSUHVVD IULD DSÂV DV PDPDGDV SRU QR P²[LPR PLQXWRV 620(17( VH R GHVFRQIRUWR VH PDQWLYHU 3RGH ID]HU GLHWD DPDPHQWDQGR" ' L H W D V G X U D Q W H D J H V W D ¸ ¶ R H DPDPHQWD¸¶R Q¶R V¶R UHFRPHQGDGDV

,QGHSHQGHQWH GR WLSR GH PDPLOR TXH D

H[FHWR VRE RULHQWD¸¶R P¹GLFD RX

P¶H SRVVD DSUHVHQWDU ¹ WRWDOPHQWH

QXWULFLRQDO 0DQWHU XPD DOLPHQWD¸¶R

SRVV½YHO D PHVPD DPDPHQWDU SRLV R

EDODQFHDGD FRP QXWULHQWHV GH

EHE» GHYH DERFDQKDU JUDQGH SDUWH

TXDOLGDGH HYLWDQGR H[FHVVR GH GRFHV

GD DU¹ROD H Q¶R R |ELFR} GR VHLR

PDVVDV H IULWXUDV ¹ R LGHDO

4XDQGR VH GHYH XVDU FRPSUHVVDV H

&RPR DXPHQWDU D SURGXÐÏR GH OHLWH"

IDL[DV"

O H L W H $ R U L H Q W D ¸ ¶ R V R E U H D V

(VVH ¹ XP GRV PLWRV TXH PDLV

1¶R RULHQWR D XWLOL]D¸¶R GH IDL[DV HP

FLUFXQGDP R SURFHVVR GH DOHLWDPHQWR

QHQKXPD VLWXD¸¶R Q¶R VH ID]

$ PHOKRU PDQHLUD GH VH |DXPHQWDU} H

QHFHVV²ULR 0DQWHU D OLYUH GHPDQGD

VH PDQWHU D SURGX¸¶R GH OHLWH ¹ GHL[DU

_ 1RYHPEUR

R EHEยป VXJDU HP OLYUH GHPDQGD (P PยนGLD GD SURGXยธยถR GH OHLWH VH Gยฒ DWUDYยนV GD VXFยธยถR GR EHEยป

)RWR )DELDQD &ULVWLQD

(175(9,67$

&RPR VDEHU VH R OHLWH HVWร VHQGR VXILFLHQWH RX Qร R" ([LVWH kOHLWH IUDFRy" 1RUPDOPHQWH FRQVHJXLPRV YHULILFDU VH R OHLWH HVWยฒ VHQGR VXILFLHQWH RX QยถR DWUDYยนV GDV PHGLGDV H YDORUHV GH SHVR GH FUHVFLPHQWR H GR GHVHQYROYLPHQWR GR EHEยป DOยนP GD DYDOLDยธยถR GR PHVPR F R P R X P W R G R $ V F X U Y D V G H FUHVFLPHQWR H GH SHVR VยถR DSHQDV UHIHUยปQFLDV H PยนGLDV QยถR VLJQLILFDQGR TXH 72'26 TXH HVWยถR RX QยถR GHQWUR G H G H W H U P L Q D G R V S H U F H Q W L V HUURQHDPHQWH GLIXQGLGR SRU GLYHUVRV SURILVVLRQDLV VRPHQWH R DOHLWDPHQWR VHMD D FDXVD 3UHFLVDPRV DYDOLDU RV IDWRUHV JHQยนWLFRV GRV SDLV H IDPLOLDUHV H

4XH PHGLFDPHQWRV SRGH VH XVDU DPDPHQWDQGR"

R E L R W L S R G R E H E ยป W D P E ยน P

0DLV XP PLWR TXH FHUFD R DOHLWDPHQWR

,QGLVFXWLYHOPHQWH R |PLWR GR OHLWH IUDFR}

PDWHUQR $ PDLRULD GRV PHGLFDPHQWRV

ยน R TXH PDLV '(6RULHQWD DV PDPยถHV H

VยถR FRPSDWยฝYHLV FRP R DOHLWDPHQWR

TXH GHVFUHGLELOL]D DV PHVPDV D

PDWHUQR GLIHUHQWH GR TXH ยน GLIXQGLGR

DPDPHQWDU 1ร 2 H[LVWH OHLWH IUDFR H

SRU Dยฝ H[FHWR TXLPLRWHUยฒSLFRV ยฎ

1ร 2 H[LVWH PยถH VHP OHLWH R TXH H[LVWH

LPSRUWDQWH YHULILFDU FRP SURILVVLRQDLV

ยน D IDOWD GH RULHQWDยธยถR DGHTXDGD H

DWXDOL]DGRV VREUH DV PHGLFDยธร HV TXH

SURILVVLRQDLV TXH UHDOPHQWH DSRLHP D

SRGHP RX QยถR VHU XWLOL]DGDV DR LQYยนV

PยถH _ 1RYHPEUR

(175(9,67$ GH VRPHQWH VH EDVHDU QD OHLWXUD GDV

H GR EHE» /HPEUDQGR TXH TXDQWR

EXODV

PDLV D FULDQ¸D IRU DPDPHQWDGD

&RPR WUDWDU ILVVXUDV H LQIODPDÐÞHV" 2 WUDWDPHQWR H D SUHYHQ¸¶R GDV ILVVXUDV PDPLODUHV VH G² SULQFLSDOPHQWH

PHOKRU 4XDLV VHULDP RV ULVFRV GH QÏR RIHUHFHU R /0" 3DVVDULD KRUDV HVFUHYHQGR VREUH RV

SHJD GR EHE» DR VHLR SRU SURILVVLRQDO

ULVFRV Q¶R VRPHQWH QXWULFLRQDLV PDV

HVSHFLDOL]DGR 1¶R K² QHFHVVLGDGH

WDPE¹P HPRFLRQDLV SDUD DV FULDQ¸DV

QHQKXPD GD XWLOL]D¸¶R GH SRPDGDV RX

TXH Q¶R V¶R DPDPHQWDGDV 'HQWUH

FRQFKDV R SUÂSULR OHLWH PDWHUQR ¹

HOHV PDLRU SURSHQV¶R H ULVFR GD

VXILFLHQWH $ LQIODPD¸¶R PDP²ULD

RFRUU»QFLD GH SURFHVVRV DO¹UJLFRV

PDVWLWH TXDQGR GLDJQRVWLFDGD

GRHQ¸DV UHVSLUDWÂULDV REHVLGDGH

FRUUHWDPHQWH GHYHU² VHU RULHQWDGD D

G L D E H W H V H G L Y H U V R V R X W U R V

GUHQDJHP IUHTXHQWH GR H[FHVVR GH

FRPSURPHWLPHQWRV $PDPHQWDU Q¶R ¹

OHLWH FRPSUHVVDV VRE RULHQWD¸¶R DQWL

VÂ QXWULU ¹ Y½QFXOR VHJXUDQ¸D H DPRU

LQIODPDWÂULR H RX DQWLELÂWLFR GH DFRUGR

WDPE¹P

FRP D SUHVFUL¸¶R GR SURILVVLRQDO GH VDÇGH 4XDQGR GHYH VHU RX TXDQGR SRGH VHU

)RWR $FHUYR 3HVVRDO

DWUDY¹V GD YHULILFD¸¶R H FRUUH¸¶R GD

IHLWR R GHVPDPH GR EHEÒ" 4XDOTXHU GHVPDPH DQWHV GRV DQRV GH LGDGH ¹ FRQVLGHUDGR GHVPDPH SUHFRFH SHORV SULQFLSDLV ÂUJ¶RV GH VDÇGH $ GXUDELOLGDGH GR DOHLWDPHQWR YDULD GH DFRUGR FRP D YRQWDGH SRVVLELOLGDGH H GLVSRQLELOLGDGH GD P¶H

_ 1RYHPEUR

0DULQD 0DUWLQV (QIHUPHLUD HVSHFLDOL]DGD HP $OHLWDPHQWR 0DWHUQR 0HPEUR GR &RPLWr GH $OHLWDPHQWR 0DWHUQR GD 6RFLHGDGH 0LQHLUD GH 3HGLDWULD 0HPEUR GD HTXLSH GH $OHLWDPHQWR 0DWHUQR GR ,QVWLWXWR 1DVFHU

(175(9,67$

3RU 7KDLV $OHQFDU

'HQWUH WDQWRV PHGRV H LQFHUWH]DV TXH URQGDP D PDWHUQLGDGH XPD GDV XQDQLPLGDGHV HP WLUDU R VRQR GDV P¶HV ¹ D DPDPHQWD¸¶R 6HMD SHOD IDOWD GH LQIRUPD¸¶R GH TXDOLGDGH VREUH FRPR DPDPHQWDU RX SHOD IDOWD GH DSRLR GH IDPLOLDUHV H SDVPHP

G R V S U R I L V V L R Q D L V T X H Q R V DFRPSDQKDP PXLWDV PXOKHUHV YLYHP LQÃ&#x2021;PHURV SUREOHPDV HP DPDPHQWDU $ DPDPHQWD¸¶R ¹ XPD G D V Y L Y » Q F L D V P D W H U Q D V P D L V URPDQFHDGDV $QWHV GH VHU P¶H WXGR SDUHFH VLPSOHV H QDWXUDO $FRQWHFH TXH DPDPHQWDU QHP VHPSUH ¹ I²FLO D SHJD SRGH Q¶R HVWDU FRUUHWD SRGHP VXUJLU ILVVXUDV R EHE» SRGH VHU SUHJXL¸RVR SDUD VXJDU RX HQW¶R WHU XP ULWPR TXH QRV GHPDQGH PDLV ,VVR VHP FRQWDU TXH HVWDPRV HP XP WXUELOK¶R GH HPR¸Ã&#x2020;HV SXHUSHUDLV QDV

SULPHLUDV VHPDQDV H TXDQGR D URWLQD FKHJD H D YLGD EDWH ³ SRUWD FKDPDQGR GH YROWD D HVSRVD D SURILVVLRQDO D ILOKD H P¶H TXH FRDELWD HP QÃ&#x201A;V R FDQVD¸R H D H[DXVW¶R S R G H P I D ] H U D D P D P H Q W D ¸ ¶ R SDUHFHU XPD YLO¶ ® FODUR TXH D P D L R U L D G H Q Ã&#x201A; V T X H U P X L W R DPDPHQWDU QRVVRV ILOKRV VRQKDPRV FRP LVVR LQFOXVLYH ( ¹ LQGLVFXW½YHO TXH WRGD P¶H DPD VHX EHE» H TXHU R PHOKRU SDUD HOH 0DV FRP WDQWR URPDQFH QDV IRWRV GDV FDPSDQKDV H FHQDV GH QRYHOD ILFD GLI½FLO Q¶R VRIUHU DFKDU TXH R SUREOHPD Q¶R HVW² FRQRVFR ® D½ TXH YHP R GHVHVSHUR H D YRQWDGH ORXFD GH VDLU FRUUHQGR VH UHQGHU ORJR ³ IÃ&#x201A;UPXOD P²JLFD GR SRWLQKR GRXUDGR 0DV VHU² TXH Q¶R K² RXWUDV VD½GDV" ® SRVV½YHO VHU IHOL] QD DPDPHQWD¸¶R"

_ 1RYHPEUR

(175(9,67$

(X YLYL GXDV H[SHUL»QFLDV GLVWLQWDV GH DPDPHQWD¸¶R 1D SULPHLUD YH] IRUDP GR]H PHVHV LQLQWHUUXSWRV D P D P H Q W D Q G R F R P D O J X P D V LQWHUFRUU»QFLDV QRV SULPHLURV PHVHV 3RU WHU DFRPSDQKDGR DOJXPDV DPLJDV SUÃ&#x201A;[LPDV HX VDELD GH DQWHP¶R TXH DPDPHQWDU Q¶R HUD EHP XP PDU GH URVDV PDV DLQGD DVVLP VRIUL FRP ILVVXUDV 0LQKD ILOKD XVRX FKXSHWD GHVGH R SULPHLUR GLD GH YLGD H HX GHILQL XP ULWPR GH DPDPHQWD¸¶R TXDVH TXH EULW´QLFR QD SRQWXDOLGDGH 1R R P»V LQWURGX]L D IÃ&#x201A;UPXOD SDUD DOJXPDV PDPDGDV TXDQGR FRPHFHL D VDLU VHP HOD RX TXDQGR ILFDYD HQYHUJRQKDGD GH DPDPHQWDU HP SÃ&#x2021;EOLFR 2 GHVPDPH D F R Q W H F H X S R U V X J H V W ¶ R G H IDPLOLDUHV H DW¹ GD SHGLDWUD TXH PH GL]LDP TXH DSÃ&#x201A;V XP DQR Q¶R IDULD GLIHUHQ¸D R OHLWH TXH HX GDULD SDUD PLQKD ILOKD &KHJDU DW¹ DOL M² HUD XP IHLWR SHQVHL IUHQWH ³ FRQVWDWD¸¶R GH TXH D PDLRULD GDV PXOKHUHV TXH FRQKHFLD Q¶R FKHJDUDP W¶R ORQJH 2 WHPSR SDVVRX H HX FRPHFHL D OHU VREUH R DVVXQWR (VWXGHL VREUH DPDPHQWD¸¶R FRQKHFL FRQVXOWRUDV P¹GLFRV H P¶HV TXH PH H[SOLFDUDP R

_ 1RYHPEUR

TXH K² GH P²JLFR MRUUDQGR GH QRVVDV PDPDV 3RU VHU IHLWR SDUD R EHE» RX VHMD R QRVVR ILOKRWH QRVVR OHLWH ¹ R PDLV FRPSOHWR DOLPHQWR H[LVWHQWH S D U D D V V X D V Q H F H V V L G D G H V QXWULFLRQDLV $ SURSRU¸¶R GH PLQHUDLV YLWDPLQDV SURWH½QDV H JRUGXUDV V¶R DV LGHDLV SDUD R EHE» KXPDQR DVVLP FRPR R OHLWH GD YDFD ¹ R LGHDO SDUD R EH]HUUR H DVVLP SRU GLDQWH SDUD FDGD XPD GDV HVS¹FLHV PDP½IHUDV $FRQWHFH TXH K² XP HOHPHQWR H[WUD TXH ID] GH QRVVR OHLWH DLQGD PDLV HVSHFLDO 4XDQGR DPDPHQWDPRV QRVVRV ILOKRV DO¹P GH WRGRV RV FRPSRQHQWHV QXWULFLRQDLV SDVVDPRV SDUD HOHV WDPE¹P DQWLFRUSRV 2X VHMD QRVVR OHLWH IXQFLRQD FRPR XPD YDFLQD D PHOKRU H[LVWHQWH GLJD VH GH SDVVDJHP SURWHJHQGR QRVVRV EDELHV GH Y²ULDV GRHQ¸DV (VWXGRV UHFHQWHV FRPSURYDP TXH R FRUSR KXPDQR RX VHULD 'HXV" ¹ W¶R SHUIHLWR TXH DWUDY¹V GR FRQWDWR GD PXFRVD GD ERFD GR EHE» FRP D DU¹ROD QRVVR RUJDQLVPR ¹ FDSD] GH SHUFHEHU RV DQW½JHQRV TXH QRVVRV ILOKRV HVW¶R HP FRQWDWR H SURGX]LU R OHLWH SDUD D QHFHVVLGDGH LPXQROÃ&#x201A;JLFD GDTXHOH EHE» $ FDGD GLD XP OHLWLQKR GLIHUHQWH VRE GHPDQGD ® SRU LVVR

(175(9,67$

TXH LQGLVFXWLYHOPHQWH QHQKXPD IÃ&#x201A;UPXOD RX OHLWH VH HTXLYDOH ³ TXDOLGDGH GR OHLWH PDWHUQR 2XWUDV RS¸Ã&#x2020;HV DW¹ VXSUHP DV QHFHVVLGDGHV QXWULFLRQDLV GD FULDQ¸D PDV GHL[DP G H U H I R U ¸ D U D L P X Q L G D G H G R V SHTXHQRV $K VH HX VRXEHVVH GLVVR DQWHV 1¶R WHULD VLGR W¶R I²FLO MRJDU D WRDOKD TXDQGR WXGR ³ YROWD FRQVSLUDYD SDUD TXH HX GHVLVWLVVH 6H HX PH VHQWLD E H P S O H Q D H U H D O L ] D G D Q D DPDPHQWD¸¶R VH HVWDYD GLVSRVWD D DPDPHQWDU SRU TXH HQW¶R FHGL ³ PDPDGHLUD" &RPR IRL TXH HX XPD PXOKHU DGXOWD H TXH VH MXOJDYD HVFODUHFLGD IXL LQGX]LGD D SULYDU PLQKD ILOKD GD DPDPHQWD¸¶R" $ UHVSRVWD ¹ VLPSOHV FHGL ³V SUHVVÃ&#x2020;HV VRFLDLV H Q¶R D XPD YRQWDGH SUÃ&#x201A;SULD H OHJ½WLPD 1RVVD VRFLHGDGH Q¶R QRV HVWLPXOD D DPDPHQWDU $W¹ PXLWR SRXFR WHPSR KDYLD D ILJXUD GD DPD GH OHLWH DTXHOD FXMD IXQ¸¶R HUD QXWULU RV ILOKRV GD DULVWRFUDFLD 2 V¹FXOR ;; H D V I D F L O L G D G H V G D L Q G Ã&#x2021; V W U L D W U R X [ H U D P P L O D J U H V S D U D D V SUDWHOHLUDV $ SXEOLFLGDGH FRQVHJXLX FRQYHQFHU DV PXOKHUHV TXH VH HODV DPDVVHP RV VHXV ILOKRV GHYHULDP

RSWDU SHOR PHOKRU H R PHOKRU R SUHPLXP R VXSUHPH R HVSHFLDO ¹ R SRWLQKR GRXUDGR 1D G¹FDGD GH DQÃ&#x2021;QFLRV SXEOLFLW²ULRV LQGLFDYDP DW¹ PHVPR OHLWH FRQGHQVDGR SDUD QXWULU XP EHE» 6HPSUH HP QRPH GR DPRU H SHOR EHP GD PXOKHU -DPDLV SHOD FRQYHQL»QFLD RX SHOR OXFUR )RL DVVLP TXH HX DFKHL TXH HX HVFROKL R GHVPDPH H SULYHL PLQKD ILOKD GH VH DOLPHQWDU GH XP OHLWH VXSHULRU 1¶R HX Q¶R HUD XPD P¶H UXLP QHP HVWDYD QHJOLJHQFLDQGR D PLQKD ILOKD (OD HUD VLP XPD PHQLQLQKD IHOL] VDXG²YHO H EHP DOLPHQWDGD 0DV HX Q¶R HVFROKL DVVLP SRU OLYUH H HVSRQW´QHD YRQWDGH VDEHQGR GR TXH HOD GHL[DYD GH UHFHEHU 0DLV XPD Y½WLPD GR VLVWHPD )RL DVVLP TXH QR VHJXQGR ILOKR PDLV H[SHULHQWH H HVFODUHFLGD RSWHL SRU DPDPHQWDU H[FOXVLYDPHQWH FRP OHLWH P D W H U Q R H S U R O R Q J D G D P H Q W H 9LYHPRV XPD H[SHUL»QFLD PDLV WUDQTXLOD 0HX ILOKR FRPSOHWD QHVVH QRYHPEUR GRLV DQRV GH LGDGH H VHJXLPRV DPDPHQWDQGR $TXL HP FDVD HX YLYR GLDULDPHQWH D FHUWH]D GH TXH R PHX OHLWH FRQWLQXD VHQGR D PHOKRU RS¸¶R SDUD HOH 0HX FD¸XOD

_ 1RYHPEUR

(175(9,67$

WHP SUHGLVSRVL¸¶R D GHVHQYROYHU GRHQ¸DV UHVSLUDWÃ&#x201A;ULDV H WRGRV RV P¹GLFRV TXH FXLGDP GHOH V¶R XQ´QLPHV HP DILUPDU TXH DV FULVHV V¶R EUDQGDV JUD¸DV DR OHLWH TXH HOH UHFHEH $V YLURVHV GD HVFROLQKD RQGH HOH ILFD GHVGH RV PHVHV TXDVH Q¶R DSDUHFHP SRU DTXL (OH PDPRX H[FOXVLYDPHQWH DW¹ R o P»V H G H V G H H Q W ¶ R S D V V D P R V D FRPSOHPHQWDU 7LYH XPD ERPED HO¹WULFD SRU FRPSDQKHLUD QD PLQKD MRUQDGD GH WUDEDOKR SDUD JDUDQWLU R HVWRTXH QD PLQKD DXV»QFLD (PERUD FRQIHVVR HX DW¹ WHQKD WHQWDGR RIHUHFHU FKXSHWDV HOH Q¶R SHJRX QHQKXP ELFR DUWLILFLDO H FRLQFLG»QFLD RX Q¶R Q¶R WLYH QHQKXPD ILVVXUD RX UDFKDGXUD (OH FRPH EHP GH WXGR FRP GLHWD EDODQFHDGD $LQGD DVVLP Q¶R WHQKR SUHVVD QHP SUD]R SDUD R GHVPDPH 1¶R K² RXWUD EHELGD O²FWHD TXH SURSRUFLRQH D HOH WDPDQKRV EHQHI½FLRV ( D FL»QFLD PH JDUDQWH TXH HVWD YDFLQD KXPDQD ¹ R PHOKRU SDUD HOH (QTXDQWR QÃ&#x201A;V GRLV P¶H H ILOKR IRUPRV IHOL]HV DVVLP VHP IDUGR RX LQFÃ&#x201E;PRGR VHJXLUHPRV VLP SRU DTXL FRP PX LWR OHLWLQKR GD PDP¶H ( Q¶R K² QDGD TXH PH ID¸D DFUHGLWDU TXH SUHFLVDPRV VHU

_ 1RYHPEUR

GLIHUHQWHV (X Q¶R PH VLQWR PHOKRU P¶H DJRUD GR TXH IXL DQWHV QHP DFKR TXH TXHP ID¸D XPD HVFROKD GLIHUHQWH VHMD SLRU 0DV VHPSUH TXH SRVVR FRQWR VREUH PLQKDV H[SHUL»QFLDV H GHVFREHUWDV SDUD TXH RXWUDV PXOKHUHV SRVVDP HQWHQGHU PDLV H PDLV VREUH R DVVXQWR H DVVLP FRQVFLHQWHV H PXQLGDV GH WRGD D LQIRUPD¸¶R QHFHVV²ULD HODV SRVVDP HVFROKHU R TXH HODV YHUGDGHLUDPHQWH GHVHMDP SDUD VL 0H WRUQHL DVVLP XPD GHIHQVRUD GD DPDPHQWD¸¶R H WHQKR WHQWDGR PRVWUDU R YDORU GR Y½QFXOR GD DPDPHQWD¸¶R 3HLWR ¹ DFRQFKHJR ¹ VHJXUDQ¸D ¹ FDULQKR ¹ QXWUL¸¶R ¹ DQWLFRUSRV ¹ EHP PDLV GR TXH VÃ&#x201A; XP OHLWLQKR 6H D PXOKHU GHVHMD QXWULU VHX ILOKR VH HOD FRQKHFH RV EHQHI½FLRV GR O H L W H H H Q W H Q G H S R U T X H H O H ¹ LPSRUWDQWH SUHFLVDPRV DX[LOL² OD D VXSHUDU D IDVH GR VDFULI½FLR $ P¹GLD GH PLQKDV FRQWHUU´QHDV ¹ GH P½VHURV GLDV GH RIHUWD GH OHLWH PDWHUQR Q ¶ R F U H L R T X H L V V R V H M D H P G H F R U U » Q F L D G H S U R E O H P D V FRPSOH[RV RX IDOWD GH YRQWDGH 0RPP\ VH YRF» TXHU DPDPHQWDU VH YRF» VH VHQWH EHP DPDPHQWDQGR

(175(9,67$

VHX EHE» Y² HP IUHQWH 3URFXUH D D M X G D G H E D Q F R V G H O H L W H FRQVXOWRUDV P¹GLFRV H P¶HV TXH OKHV LQVWUXDP H DSRLHP VXD GHFLV¶R 9DOH ³ SHQD DFUHGLWDU HP YRF» H QR

)RWRV 3DWUtFLD GH 6i

VHX SRWHQFLDO PDP½IHUR 7KDLV $OHQFDU 0mH GD %HDWUL] H GR *DEULHO (GXFDGRUD FXULRVD SRU QDWXUH]D H HQWXVLDVWD GR XQLYHUVR PDWHUQR LQIDQWLO

3$/$95$6 48( $/,0(17$0

48$1'2 0(8 081'2 3$528 '( *,5$5

SRU +DWDQQH 6DUGDJQD

(VWD Q¶R ¹ XPD KLVWÃ&#x201A;ULD WULVWH HPERUD D YLGD WDPE¹P VHMD IHLWD GHODV ® TXH TXDQGR YRF» FRQWD VXD KLVWÃ&#x201A;ULD TXDQGR FRPSDUWLOKD H GLYLGH SDUHFH TXH GLYLGH WDPE¹P R SHVR GHOD 2X D DOHJULD 8PD KLVWÃ&#x201A;ULD FRPSDUWLOKDGD ¹ VHPSUH XPD IRUPD GH HQVLQDU H DSUHQGHU (VWD ¹ D PLQKD (VWDPRV HP QRYHPEUR GH H HVWH P»V ID] XP DQR TXH GHVFREUL R WXPRU GR PHX ILOKR (OH WLQKD DQR H PHLR QD ¹SRFD )D] XP DQR TXH HX IOXWXHL GXUDQWH XP P»V WHPSR HQWUH D GHVFREHUWD H D FLUXUJLD HQWUH R TXH SUHFLVDYD VHU IHLWR H D FXOSD GH Q¶R WHU WRPDGR SURYLG»QFLDV DQWHV (UD YLV½YHO XP FDORPER QDV FRVWDV 0DV WDPE¹P WLYH XP GLDJQÃ&#x201A;VWLFR HUUDGR

_ 1RYHPEUR

HQW¶R HX WLQKD XP GHVFRQWR HP WHUPRV SU²WLFRV 0DV VÃ&#x201A; HP WHUPRV SU²WLFRV SRUTXH QR PHX FRUD¸¶R D FXOSD HUD PLQKD 'LJR TXH IOXWXHL SRLV HVWLYH HP XP HVWDGR WDO TXH Q¶R FRQVHJXLD FKRUDU UH]DU RX SHGLU TXDOTXHU WLSR GH DMXGD 8PD DMXGD TXH YHLR GH WDQWDV IRUPDV OXJDUHV H SHVVRDV LQHVSHUDGDV TXH MDPDLV PH VHQWL VR]LQKD DLQGD TXH QR IXQGR GH GLYHUVDV IRUPDV HX HVWLYHVVH 4XDQGR XP ILOKR WHP XP SUREOHPD JUDYH GH VDÃ&#x2021;GH YRF» HVW² FHUFDGD GH VLO»QFLR R WHPSR WRGR (P DOJXQV PRPHQWRV YRF» ROKD SDUD R F¹X H SHGH IRU¸D VDEHQGR TXH HQIUHQWDU FRP D FDEH¸D HUJXLGD ¹ VXD Ã&#x2021;QLFD RS¸¶R , P D J L Q R T X H D O J X P D V P ¶ H V V H SHUJXQWHP SRUTXH R PHX"

3$/$95$6 48( $/,0(17$0 (X VDELD TXH HUD SRUTXH Q¶R R PHX" (X HVFXWDYD Q¶R YDL VHU QDGD YDL GDU WXGR FHUWR (X WUDYDYD RV GHQWHV H SHQVDYD 1¶R VHL (X Q¶R VHL VH Q¶R ¹ QDGD HX Q¶R VHL VH YDL GDU WXGR FHUWR ( WDOYH] WHQKD VLGR GXUDQWH WRGD HVVD WXUEXO»QFLD TXH HX WHQKD UHDOPHQWH HQWHQGLGR R TXH ¹ D IRU¸D GH XPD P¶H 1RVVD HX Q¶R DJXHQWDULD $JXHQWD $JXHQWD VLP $JXHQWD SHOR RXWUR ( HVWH ¹ R PDLV PDUDYLOKRVR GRP GDV P¶HV DJXHQWDU SRU XP ILOKR R TXH YRF» Q¶R DJXHQWDULD SRU PDLV QLQJX¹P 7DOYH] QHP SRU YRF» PHVPD $FRUGDU HQIUHQWDU R GLD LU GH XP P¹GLFR D RXWUR H[DPHV RXYLU SDODYUDV FRPR DQHVWHVLD JHUDO DSQ¹LD IRU¸DGD FRQWUDVWH WHFLGR WXPRUDO RQFRORJLVWD H VHJXLU 9ROWDU SDUD FDVD GDU EDQKR MDQWDU YHU D YLGD FRQWLQXDU R PXQGR JLUDU 9HU GH FLPD SDUDOLVDGD R PXQGR HVWUDQKDPHQWH JLUDU (X SHQVDYD QDV RXWUDV P¶HV QDV RXWUDV FULDQ¸DV QR TXH HVWDYD SRU YLU (OH DOL XP EHE» VDXG²YHO IHOL] VDOWLWDQWH DOKHLR D WXGR 6HJXL 6HJXLPRV

&KHJRX R GLD GD FLUXUJLD SDVVRX R 1DWDO FKHJRX WDPE¹P R GLD GH SHJDU R GLDJQÃ&#x201A;VWLFR GD ELÃ&#x201A;SVLD $EULU XP HQYHORSH H OHU HP SDODYUDV GLI½FHLV TXH Q¶R HUD QDGD 9RF» TXDVH Q¶R DFUHGLWD 0HQVDJHP SDUD R P¹GLFR 5HVSRVWD ¹ EHQLJQR 9 R F » I L F D D O L V H Q W D G D W H Q W D Q G R SURFHVVDU DV LQIRUPD¸Ã&#x2020;HV +RMH ¹ WXGR DSHQDV XPD FLFDWUL] 4XDVH LPSHUFHSW½YHO (X GLJR TXH YDL VHU R FKDUPH GHOH Ã&#x2019;V YH]HV ILFR ROKDQGR H SHUJXQWR VH DTXLOR WXGR UHDOPHQWH DFRQWHFHX 0HX PXQGR HYHQWXDOPHQWH YROWRX D JLUDU PDV MDPDLV IRL R PHVPR ( GHSRLV GH XP DQR VHL D FDGD GLD TXH VH SDVVRX R WDPDQKR GD IRU¸D TXH WHPRV GHQWUR GH QÃ&#x201A;V (VSHFLDOPHQWH VHQGR PXOKHUHV (VSHFLDOPHQWH VHQGR P¶HV )¹ 9DPRV HP IUHQWH

+DWDQQH

0mH GR *XLOKHUPH *HPLQLDQD DPD IRWRJUDÃ&#x20AC;D H IDOD GHPDLV $ IDYRU GD PDWHUQLGDGH UHDO H SRVVtYHO 6HP FXOSDV VHP H[WUHPLVPRV 3DUD OHPEUDU FRPSDUWLOKDU H QmR WUDQVERUGDU HVFUHYH

ZZZ IDFHERRN FRP HQTXDQWRPHXÃ&#x20AC;OKRGRUPH

_ 1RYHPEUR

&$3$

0DOX ¹ ILOK JHUD

Ã&#x201D;7(52 '( 68%67,78,d®2 8PD OLQGD KLVWyULD GH DPRU 3RU 0LFKHOH 9DUHOD

_ 1RYHPEUR

&$3$ QRW½FLD GH TXH HVWDYD JU²YLGD 1R LQ½FLR IRL XP VXVWR SDUD WRGRV PDV GHSRLV

X KRMH FRP DQRV H PHVHV KD ELROÃ&#x201A;JLFD GH 0LFKHOH PDV IRL DGD SHOD GRDGRUD 0DULQD

DFRVWXPDPRV FRP D LGHLD H IRPRV FXUWLU QRVVD |JUDYLGH]} 7XGR FRUULD WUDQTXLODPHQWH H GHQWUR GD QRUPDOLGDGH TXDQGR DRV VHWH PHVHV GH JHVWD¸¶R 0HOLVVD UHVROYHX DQWHFLSDU VXD FKHJDGD 3RU VH WUDWDU GH XP SDUWR SUHPDWXUR IXL HQFDPLQKDGD SDUD %+ SRLV SUHFLVDULD GH XPD 87, 1HRQDWDO 7LYH XP SDUWR WUDQTXLOR PDV DR WHUPLQDU RV SURFHGLPHQWRV IRL GLDJQRVWLFDGD X P D | 3 O D F H Q W D 3 H U & U H W D } X P D LQIODPD¸¶R QD SODFHQWD TXH SDVVD SDUD R Ã&#x2021;WHUR XPD UDULGDGH PDV Q¶R PHQRV FRQKHFLGD TXH DFRPHWH JU²YLGDV H TXH JHUDOPHQWH Q¶R VREUHYLYHP QHP P¶H QHP ILOKR 7U»V GLDV DSÃ&#x201A;V R SDUWR IXL VXEPHWLGD D XPD KLVWHUHFWRPLD WRWDO SRLV HVWDYD FRP XP JUDYH TXDGUR GH LQIHF¸¶R SRU¹P RV P¹GLFRV GHFLGLUDP GHL[DU RV RY²ULRV SDUD HX Q¶R VRIUHU FRP XPD PHQRSDXVD SUHFRFH )LTXHL HP FRPD SRU GLDV H LQWHUQDGD PDLV

)RWR 5RQDOGR /RSHV

&RPR WRGD PXOKHU VHPSUH WLYH YRQWDGH GH VHU P¶H PDV Q¶R GH UHSHQWH FRPR WXGR DFRQWHFHX (P FRP WU»V DQRV H PHLR GH QDPRUR H DQRV YHLR D

0 L Q K D D P D G D I L O K D 0 H O L V V D Q ¶ R FRQVHJXLX UHVLVWLU ³ SUHPDWXULGDGH H DR TXDGUR GH LQIHF¸¶R TXH D SODFHQWD SDVVRX SDUD HOD H QRV GHL[RX FLQFR GLDV DSÃ&#x201A;V R VHX QDVFLPHQWR 3DUD PLP DTXLOR WXGR SDUHFLD XP SHVDGHOR 7LYH GXDV

_ 1RYHPEUR

&$3$ JUDQGHV GRUHV GH XPD VÃ&#x201A; YH] XPD SRU

SDUHQWH GD PXOKHU QR PHX FDVR PLQKD

WHU SHUGLGR PLQKD W¶R VRQKDGD ILOKD H

SDUHQWH )RL D½ TXH XPD SULPD VH

RXWUD SRU SHUGHU R GLUHLWR GH WHU RXWUR ILOKR

GLVSRQLELOL]RX D SDUWLFLSDU GR SURFHVVR

ELROÃ&#x201A;JLFR

&RPH¸DPRV R WUDWDPHQWR TXH VH LQLFLRX

(VVD GHVFREHUWD PH GHL[RX PXLWR DEDODGD HUD FRPR VH WLYHVVH SHUGLGR R PHX FK¶R PDV VHPSUH IXL XPD SHVVRD GH PXLWD I¹ H VHPSUH WLYH FRPLJR TXH LQGHSHQGHQWH GD PDQHLUD WHULD RXWUR ILOKR QHP TXH IRVVH SRU DGR¸¶R 1XPD EXVFD LQFHVVDQWH GH WHU RXWUR I L O K R F R P H F H L P L Q K D E X V F D S R U WUDWDPHQWRV R VHU KXPDQR WHP GLVVR TXDQGR VH UHFHEH XP Q¶R HOH WHQGH D SURFXUDU XP VLP GH TXDOTXHU MHLWR H FRPLJR Q¶R IRL GLIHUHQWH +RMH FRP D WHFQRORJLD HP QRVVDV P¶RV ILFRX XP SRXFR PDLV I²FLO VDEHU VREUH RV SRVV½YHLV WUDWDPHQWRV H QXPD GHVVDV SHVTXLVDV GHVFREUL XPD FO½QLFD HP %+ FKDPDGD 3UÃ&#x201A; &ULDU TXH M² WUDEDOKDYD FRP Y²ULRV SURFHVVRV GH |Ã&#x2021;WHUR GH VXEVWLWXL¸¶R} 1¶R SHQVHL GXDV YH]HV H QR ILQDO GH IXL DW¹ O² &KHJDQGR O² UHFHEL DV SULPHLUDV RULHQWD¸Ã&#x2020;HV H

FRP YLVLWDV GL²ULDV GH XPD SVLFÃ&#x201A;ORJD HOD TXHP SULPHLUR DYDOLD VH WRGRV RV HQYROYLGRV W»P FRQGL¸Ã&#x2020;HV GH SDUWLFLSDU GH XP SURFHVVR W¶R V¹ULR 3DUD D QRVVD VXUSUHVD D GRDGRUD IRL UHSURYDGD SRU HOD TXH Q¶R QRV LQIRUPRX R PRWLYR 7LYHPRV TXH FRPH¸DU WXGR QRYDPHQWH 0DLV XPD YH] R PHX VRQKR GH VHU P¶H LD ILFDQGR SDUD WU²V )RL TXDQGR PLQKD WLD UHVROYHX QRV DMXGDU H UHLQLFLDPRV WRGR R SURFHVVR SDVVDPRV SHOR SVLFÃ&#x201A;ORJR GHVWD YH] FRP DSURYD¸¶R (LV TXH QRV H[DPHV I½VLFRV PLQKD WLD IRL GLDJQRVWLFDGD FRP FLQFR PLRPDV H WHYH WDPE¹P TXH ID]HU XPD KLVWHUHFWRPLD 0DLV XPD YH] PHX PXQGR VH GHVDERX H D IUXVWD¸¶R GH Q¶R FRQVHJXLU UHDOL]DU R PHX VRQKR IH] FRP TXH HX GHL[DVVH D YRQWDGH GH 'HXV IDODU PDLV DOWR DILQDO Q¶R W½QKDPRV PDLV QLQJX¹P TXH HVWLYHVVH GLVSRVWD D SDVVDU SRU WRGR HVVH SURFHVVR

H[SOLFD¸Ã&#x2020;HV H FRP HODV Y²ULDV

(P PDLR GH D SVLFÃ&#x201A;ORJD 'UD

H[LJ»QFLDV GR &RQVHOKR )HGHUDO GH

&²VVLD 0DULD $YHODU TXH WUDWDYD GR

0HGLFLQD SDUD TXH SXG¹VVHPRV ID]HU

QRVVR FDVR GHVGH QRV OLJRX

WXGR GHQWUR GD OHL $ SULPHLUD H[LJ»QFLD

LQIRUPDQGR TXH R &RQVHOKR )HGHUDO GH

HUD TXH D GRDGRUD GR Ã&#x2021;WHUR WLQKD TXH VHU

0HGLFLQD DPSOLRX D OHL DXWRUL]DQGR

_ 1RYHPEUR

&$3$ W D P E ¹ P S D UH Q W H V G R K R P H P D

RFRUUHULD )RPRV DSURYDGRV SHOD

SDUWLFLSDUHP GR SURFHVVR 0LQKD

SVLFÃ&#x201A;ORJD H SRU WRGRV RV H[DPHV I½VLFRV

FXQKDGD 0DULQD DR VDEHU GD QRYLGDGH

&RP WRGRV RV ODXGRV HP P¶RV FKHJDUD

V H G L V S R Q L E L O L ] R X D S D U W L F L S D U

D KRUD GH DQH[² ORV H HQWUHJ² ORV SDUD R

5HDFHQGHX HP PLP XPD FKDPD TXH K²

&RQVHOKR )HGHUDO GH 0HGLFLQD SDUD

P X L W R W H P S R H V W D Y D D S D J D G D

DSURYD¸¶R

& R P H ¸ D P R V F R P R S U R F H V V R SVLFROÃ&#x201A;JLFR SDUD WRGRV HX PHX PDULGR PLQKD FXQKDGD H PLQKD VREULQKD ,VDEHOD ILOKD GHOD TXH VHPSUH DGRURX D LGHLD H FXUWLX MXQWR FRQRVFR WRGRV RV PRPHQWRV 0LQKD FXQKDGD SRU VHU GLYRUFLDGD WLQKD R IDFLOLWDGRU GR PDULGR Q¶R SUHFLVDU SDVVDU SRU WRGR R SURFHVVR

(VVD HVSHUD IRL PXLWR DQJXVWLDQWH PDV HP DJRVWR GH IRPRV DWHQGLGRV H OHJDOPHQWH DSURYDGRV )RL R PRPHQWR TXH 'HXV WLQKD QRV UHVHUYDGR SDUD VHUPRV IHOL]HV 'HPRV LQ½FLR DR WUDWDPHQWR (X FRPHFHL D WRPDU PHGLFD¸Ã&#x2020;HV SDUD HVWLPXODU D RYXOD¸¶R )RUDP Y²ULDV H Y²ULDV LQMH¸Ã&#x2020;HV WRPDGDV FRP D PDLRU DOHJULD GR PXQGR )HLWD D LQGX¸¶R GRV Ã&#x201A;YXORV UHDOL]DPRV D LQVHPLQD¸¶R DUWLILFLDO H QR WRWDO IRUPDUDP VH VHWH HPEULÃ&#x2020;HV SDUD D QRVVD IHOLFLGDGH (P RXWXEUR IL]HPRV D WUDQVIHU»QFLD HPEULRQ²ULD SDUD R Ã&#x2021;WHUR GRDGRU TXH QR PHX FDVR HUD R GD PLQKD

5RJpULR 0LFKHOH 0DULQD H ,VDEHOOD )RWR 5RQDOGR /RSHV

FXQKDGD

9RF»V GHYHP HVWDU VH SHUJXQWDQGR R

4XLQ]H GLDV GHSRLV IL]HPRV R H[DPH

SRUTX» GD PLQKD VREULQKD WDPE¹P

SDUD VDEHU VH HVW²YDPRV JU²YLGRV

SDVVDU SHOR SURFHVVR SVLFROÃ&#x201A;JLFR 3RU VH

$ S H V D U G D H Q R U P H D Q V L H G D G H

WUDWDU GH XP WUDWDPHQWR GHOLFDGR WRGRV

HVW²YDPRV SUHSDUDGRV SDUD DOJXPD

RV HQYROYLGRV GLUHWD RX LQGLUHWDPHQWH

IDOKD SRLV VDE½DPRV TXH DV FKDQFHV GH

GHYHP HQWHQGHU EHP R SURFHVVR H

XPD ),9 GDU FHUWR GH SULPHLUD HUDP PXLWR

HVWDUHP EHP H FLHQWHV GH WXGR TXH

SRXFDV 3DUD D QRVVD IHOLFLGDGH GHX

_ 1RYHPEUR

&$3$

)RWRV $FHUYR 3HVVRDO

326,7,92 6LP R PDLRU SUHVHQWH TXH

RQGH KRXYH XPD JUDYLGH] SRU |Ã&#x2021;WHUR GH

'HXV SRGHULD PH GDU M² HVWDYD D

VXEVWLWXL¸¶R} H D P¶H GRDGRUD Q¶R

FDPLQKR

TXHULD HQWUHJDU R ILOKR ,VVR Q¶R ¹ PXLWR

(UD SRVV½YHO D H[LVW»QFLD GH J»PHRV M² TXH KDYLDP VLGRV WUDQVIHULGRV GRLV HPEULÃ&#x2020;HV 0DV FRP GRLV PHVHV GH JHVWD¸¶R DFDEDPRV SHUGHQGR XP HPEUL¶R H UHVWRX VRPHQWH XP $ QRVVD JUDYLGH] GLJR QRVVD SRUTXH VHPSUH PH VHQWL JU²YLGD IRL XP VXFHVVR RFRUUHX W X G R G H Q W U R G D Q R U P D O L G D G H R VHQWLPHQWR GH YHU PHX W¶R VRQKDGR ILOKR VHQGR JHUDGR HP RXWUD EDUULJD IRL

SRVV½YHO GH DFRQWHFHU M² TXH FRPR GLVVH D YRF»V QR LQ½FLR WXGR LVVR ¹ XP SURFHVVR PXLWR V¹ULR H XP GRV SULQFLSDLV TXHVLWRV D VHUHP REVHUYDGRV ¹ R SVLFROÃ&#x201A;JLFR VH HOH Q¶R HVWLYHU OHJDO Q¶R WHP SURFHVVR )RL SRU LVVR TXH HX HVFROKL D &O½QLFD 3UÃ&#x201A;z&ULDU SRLV HOD PH SDVVRX WRWDO VHJXUDQ¸D MXQWR FRP R 'U 0DUFHOR /RSHV &DQ¸DGR TXH IRL XP H[FHOHQWH P¹GLFR H DPLJR

HQFREHUWR SRU XPD IHOLFLGDGH LQILQLWD

(X H PHX PDULGR 5RJ¹ULR IL]HPRV WXGR

1¶R SHQVHL PXLWR QLVVR SRUTXH R TXH HX

TXH XP FDVDO QRUPDO ID] TXDQGR HVW¶R

PDLV TXHULD QD YLGD HUD VHU P¶H H PLQKD

|JU²YLGRV} IRPRV D WRGDV DV FRQVXOWDV

FXQKDGD HVWDYD PH SURSRUFLRQDQGR

WLUDPRV UHWUDWRV DFDULFLDPRV D EDUULJD

LVVR FRP WRGR DPRU GR PXQGR 1¶R WLYH

FRQYHUV²YDPRV FRP QRVVD ILOKD HQILP

R PHQRU PHGR GHOD Q¶R TXHUHU PH GDU D

WXGR R TXH SRG½DPRV ID]HU IL]HPRV

FULDQ¸D IDOR LVVR SRUTXH WRGR PXQGR VÃ&#x201A; SHUJXQWDYD LVVR SUD PLP GHYLGR D XPD QRYHOD TXH HVWDYD SDVVDQGR QD ¹SRFD

_ 1RYHPEUR

)L]HPRV R WUDWDPHQWR WRGR HP %HOR +RUL]RQWH H QR TXDUWR P»V GH JHVWD¸¶R

&$3$ IRPRV WUDQVIHULGRV SDUD RV FXLGDGRV GR

VHJXLGD D OHYHL SDUD FRQKHFHU D SHVVRD

'U )UHGHULFR -RV¹ $PHGHH 3HUHW TXH

UHVSRQV²YHO SRU WRGD DTXHOD IHOLFLGDGH

WUDEDOKD QR +RVSLWDO 9LOOD GD 6HUUD SRLV D

TXH WRGRV HVWDYDP VHQWLQGR PLQKD

&O½QLFD Q¶R ID] SDUWRV VRPHQWH D ),9

DPDGD FXQKDGD

(QW¶R R W¶R HVSHUDGR GLD GH -XOKR

( D Q R V V D K L V W Ã&#x201A; U L D F R P H ¸ D Y D

FKHJRX H PLQKD SHTXHQD 0DOX FKHJRX

YHUGDGHLUDPHQWH DOL FRP HOD QRV QRVVRV

SDUD QRV DOHJUDU /RJR DSÃ&#x201A;V R SDUWR HOD

EUD¸RV

YHLR GLUHWR SDUD RV PHXV EUD¸RV )RL XPD HPR¸¶R GLIHUHQWH H Ã&#x2021;QLFD 0DO SRGLD DFUHGLWDU TXH WXGR DTXLOR HVWDYD UHDOPHQWH DFRQWHFHQGR TXH HX HVWDYD VHJXUDQGR QRV PHXV EUD¸RV D PLQKD W¶R VRQKDGD H HVSHUDGD ILOKD )RL LPSRVV½YHO FRQWHU DV O²JULPDV PDV ORJR HP

2 QRPH GHOD IRL HVFROKLGR SRU PLP 0$/8 0$ GH 0DULQD QRPH GD PLQKD FXQKDGD H /8 GH 1RVVD 6HQKRUD GD /X] TXH VHPSUH PH LOXPLQRX H QXQFD GHL[RX DSDJDU D OX] GD PLQKD I¹ HP DFUHGLWDU TXH XP GLD HX DLQGD VHULD P¶H

)RWR 5RQDOGR /RSHV

&$3$ +RMH YLYHPRV QXPD IHOLFLGDGH FRQVWDQWH JUD¸DV D XPD SULQFHVLQKD OLQGD H D XPD PXOKHU PDUDYLOKRVD TXH QRV HQVLQRX R YHUGDGHLUR VLJQLILFDGR TXH 'HXV QRV GHL[RX $PDU YRV XQV DRV RXWURV DVVLP FRPR HX YRV DPHL $ HVVD PXOKHU JXHUUHLUD DPLJD LUP¶ GHGLFR D PLQKD JUDWLG¶R HWHUQD 1¶R H[LVWH SDODYUD RX JHVWR TXH GHPRQVWUH D JUDWLG¶R SRU WXGR TXH HOD IH] SRU QÃ&#x201A;V ( WRGRV GHYHP HVWDU VH SHUJXQWDQGR R SRUTX» GHOD VH SURSRU D SDVVDU SRU WXGR LVVR 3XGH HVFXWDU HOD UHVSRQGHU Y²ULDV YH]HV D HVVD SHUJXQWD |)L] SRU DPRU DR PHX LUP¶R TXH HVFROKHX D 0LFKHOOH SDUD VHU VXD HVSRVD SRU DFUHGLWDU QR DPRU GHOHV H DFKDU TXH HOHV

3LQWXUD )DFLDO 6DOmR )DVKLRQ 7HUHUr )RWR 0DOXFD (VFXOWXUD GH %DOmR 7DWXDJHQV %ULQTXHGRV HP *HUDO $OJRGmR 'RFH 3LSRFD 6RP $PELHQWH %ULQFDGHLUDV 5HFHSFLRQLVWD 2Ã&#x20AC;FLQDV HP *HUDO &DPDULP 0DOXFR UHYHODomR QD KRUD

3HUVRQDJHQV 9LYRV ( PXLWR PDLV

PHUHFLDP } +RMH UHDOPHQWH HQWHQGR H DFUHVFHQWR TXH VÃ&#x201A; TXHP ¹ P¶H SRGH VDEHU R YHUGDGHLUR VLJQLILFDGR GR $025 GH 0Ã&#x201C;( H HX KRMH JUD¸DV D HVVD P¶H PDUDYLOKRVD FKDPDGD 0DULQD VHL R TXH ¹ VHU P¶H GH YHUGDGH SRLV DW¹ HQW¶R VÃ&#x201A; VDELD VHU P¶H GH DQMR DJRUD VHL WDPE¹P VHU P¶H GH XPD SULQFHVLQKD OLQGD TXH M² HVW² FRP GRLV DQRV H PHVHV (X 0LFKHOH H PHX PDULGR 5RJ¹ULR VÃ&#x201A; WHPRV D DJUDGHFHU SRU WRGRV TXH VHPSUH WRUFHUDP SDUD HVVD VHU XPD KLVWÃ&#x201A;ULD GLJQD GH FRQWRV GH IDGDV

D o Q D L U U F

U H 6 ULQFDUDQWLGD p EGLYHUV£R JDGDGHV L © $TXL WRGDV DV SDUD

1mR ILTXH GH IRUD JDUDQWD Mi VXD YDJD

EULQFDQFD UHFUHDFRHV EULQFDQFDUHFUHDFRHV#KRWPDLO FRP

0$7(51,'$'( ( $872(67,0$

92&Ã&#x2C6; 6$%( &8,'$5 '$ 68$ 3(/( 12 9(5®2"

SRU $OLQH )UDJD

&KHJRX D HVWD¸¶R PDLV HVSHUDGD H PDLV EDGDODGD GR DQR

SURWH¸¶R VRODU

$K 2 YHU¶R 0DV MXQWLQKR FRP HOH FKHJDP W D P E ¹ P D V P D Q F K D V D S H O H UHVVHFDGD H R FDEHOR TXHEUDGL¸R 0DV R TXH ID]HU SDUD HYLWDU WDQWR HVWUDJR H SRGHU FXUWLU D SUDLD H D SLVFLQD QRVVD GH FDGD GLD" &DOPD QÃ&#x201A;V YDPRV WH HQVLQDU (QW¶R YDPRV O²

3HOH GR FRUSR

FRPH¸DQGR SHORV FDEHORV

(VWDPRV HP FRQVWDQWH UHQRYD¸¶R

(VFROKD VHPSUH VKDPSRRV VHP VDO

UHPR¸¶R ILFD DLQGD PDLV DSDUHQWH

VH SRVV½YHO QHXWURV H OHYHV

GHYLGR DR UHVVHFDPHQWR GD SHOH HP

+LGUDWH DV PDGHL[DV SHOR PHQRV YH] QD VHPDQD

4XDQGR IRU VH H[SRU DR VRO DSOLTXH XP FUHPH SDUD SHQWHDU FRP IDWRU GH

_ 2XWXEUR

FHOXODU SRU¹P QR YHU¶R HVVD

IXQ¸¶R GR FOLPD (QW¶R LQYLVWD HP XPD HVIROLD¸¶R FRUSRUDO SHOR PHQRV D FDGD GLDV

+LGUDWH R FRUSR FRP XP ERP FUHPH XPHFWDQWH ORJR DSÃ&#x201A;V R EDQKR FRP D

0$7(51,'$'( ( $872(67,0$ SHOH DLQGD Ã&#x2021;PLGD H PDLV UHFHSWLYD

$SOLTXH SURWHWRU VRODU GH EDL[D SURWH¸¶R HP WRGR FRUSR

3DUD D SHOH GR URVWR

5HFHLWLQKDV

&DEHOR 9RF» VDELD TXH GRUPLU FRP XP SRXTXLQKR GH Ã&#x201A;OHR GH FRFR QDV SRQWDV GR FDEHOR H ODYDU QR GLD VHJXLQWH IXQFLRQD FRPR XPD VXSHU

R PDQGDPHQWR QÃ&#x2021;PHUR

KLGUDWD¸¶R"

&RUSR 9RF» SRGH HVIROLDU R FRUSR

(VVD M² ¹ XPD LQGLFD¸¶R GH SUD[H

WRGR XVDQGR VDERQHWH O½TXLGR H

PDV QR YHU¶R ILFD DLQGD PDLV

D¸Ã&#x2021;FDU PDVFDYR $ SHOH ILFD XPD

LPSRUWDQWH TXDQGR RV UDLRV VRODUHV

GHO½FLD $SOLTXH FRP R DX[½OLR GH XPD

ILFDP PDLV DJUHVVLYRV H QRFLYRV ³

EXFKD YHJHWDO H GHSRLV HQ[²JXH

5RVWR 3DUD PHOKRUDU D KLGUDWD¸¶R

3URWHWRU SURWHWRU SURWHWRU (VVH ¹

VDÃ&#x2021;GH GD QRVVD SHOH 2 IDWRU GH SURWH¸¶R VRODU GHYH VHU QR P½QLPR ISV H GHYH VHU UHDSOLFDGR D FDGD KRUDV

VHP GHL[DU D SHOH ROHRVD EDVWD XVDU EHSDQWRO O½TXLGR FRPR XP WÃ&#x201E;QLFR IDFLDO $SOLTXH FRP R DX[½OLR GH XP

6XVSHQGD R XVR GH ²FLGRV

DOJRG¶R ³ QRLWH H SHOD PDQK¶ DQWHV

6H IRU FXUWLU R YHU¶R D DSOLFD¸¶R GH SHHOLQJV ILFD SURLELGD

GR SURWHWRU VRODU

6H YRF» WHP XPD GÃ&#x2021;YLGD RX XPD

,QYLVWD HP XP ERP KLGUDWDQWH PDV

VXJHVW¶R HVFUHYD SDUD PLP FRQWDWR#DOLQHIUDJD FRP EU

HVFROKD XP FRPSDW½YHO FRP VHX WLSR GH SHOH

( V V D D T X L ¹ D U H J U L Q K D P D L V LPSRUWDQWH %HED PXLWD ²JXD +LGUDWH VH GH GHQWUR SDUD IRUD

$OLQH )UDJD DQRV PmH GH HPSUHViULD (VSHFLDOLVWD 0iVWHU ,QWHUQDFLRQDO HP PLFURSLJPHQWDomR EDFKDUHO HP (VWpWLFD H &RVPpWLFD SHOD 8QLYHUVLGDGH 6DOJDGR GH 2OLYHLUD SyV JUDGXDGD HP (VWpWLFD H &RVPHWRORJLD SHOD 8QLYHUVLGDGH *DPD )LOKR DSDL[RQDGD SRU DWLYLGDGH ItVLFD YLGD VDXGiYHO FXOLQiULD Ã&#x20AC;W H p FODUR PDWHUQLGDGH 5HGHV VRFLDLV ,QVWDJUDP #DOLQHIUDJDHVWHWLFD 6QDSFKDW DOLQHIUDJDVWHF

_ 2XWXEUR

3('$&,1+26 '$6 0200<6

U

R W F L 9

H

RWWD

0DWKHXV D *UD]]LHOD & G

)LOKRV

*XVWDYR P

)LOKR GD )O²YLD *D

ULEDOGL

'DYL

.DX )LOKR

£

V GD

H (GXD UGR OL

$PH

QKD

DQRV

*DEULHOD 0DULD 1RJXHLUD )LOKD GD -R\

%HUQDUGR

)LOKRV GD

H 5DIDHO

$PDQGD

*UHJRUL

4XHU YHU D IRWR GR VHX ILOKR DTXL"

(QYLH SDUD R H PDLO FRQWDWR#UHYLVWDPRPP\V FRP EU MXQWR FRP VHX QRPH QRPH H LGDGH GR VHX ILOKR

_ 1RYHPEUR

6RUWHLR GH 1DWDO

(QYLH XP H PDLO SDUD FRQWDWR#UHYLVWDPRPP\V FRP EU FRP VHX QRPH WDPDQKR GH OLQJHULH H TXDO ODWLQKD JRVWDULD GH JDQKDU 2 VRUWHLR VHU² QR GLD %RD VRUWH

7(032 '( &(/(%5$5

0,1+$ 0®( 1®2 )$= 1$'$

SRU $QLQKD $WD½GH

6 H U P ¶ H H P S U H H Q G H U H D L Q G D

VHMD DLQGD PDLV LQWHQVR 0DV R UHVXOWDGR

FRQVHJXLU DSURYHLWDU XP WHPSLQKR

HP FRQWUDSDUWLGD ¹ GHOLFLRVR 2 TXH

H[WUD DR ODGR GD IDP½OLD ¹ XP VXDGR

SUHFLVDPRV PHVPR ¹ GH XPD ERD GRVH

OX[R SDUD PXLWDV GDV P¶HV TXH

GH FRUDJHP H FRQILDQ¸D FODUR

FRQKH¸R 6H HX IRU SDUDU SDUD FRQWDU TXDQWDV V¶R DV TXH DEGLFDUDP GH XPD FDUUHLUD FRUSRUDWLYD GH VXFHVVR SDUD VH GHGLFDUHP DRV GHVDILRV PDWHUQRV DPLJD PLQKD YRF» Q¶R YDL DFUHGLWDU QR WDPDQKR GHVVD OLVWD TXH LQFOXVLYH FKHJD D VHU PDLRU TXH DTXHODV OLVWDV GH VXSHUPHUFDGR SÃ&#x201A;V I¹ULDV UV

0XLWDV DPLJDV VRIUHP GR PHVPR PHGR UHFHLR GH WRPDUHP HVVD GHFLV¶R H DFDEDUHP Q¶R VHQGR FDSD]HV GH FRQFLOLDU RV WDOHQWRV SHVVRDLV H SURILVVLRQDLV 0DV YHMD EHP WXGR ¹ XPD TXHVW¶R GH DXWR FRQKHFLPHQWR & R Q K H ¸ R P ¶ H V D G Y R J D G D V T X H S D V V D U D P D Q R V G H W D L H U V H Q G R

0DV DW¹ TXH VH DOFDQFH HVVH SDWDPDU GH

EULOKDQWHV HP VXD IXQ¸¶R DW¹ VH

P¶H VXSHU KHUR½QD HPSUHHQGHGRUD ¹

GHVFREULUHP FRPR IRUPLG²YHLV H PXLWR

QHFHVV²ULR SDVVDU SHOR PDLV WHPLGR

UHDOL]DGDV FRVWXUHLUDV VDOJDGHLUDV

PRPHQWR D GHFLV¶R 2 IRJR FUX]DGR GD

SHUVRQDO RUJDQL]HU PRWRULVWDV H SRU D½

WRPDGD GH GHFLV¶R ¹ VHPSUH XP

YDL

SHU½RGR PXLWR GLI½FLO (QWHQGHU TXH DTXHOD HVFROKD ¹ R SRQWR GH YLUDGD QD YLGD SURILVVLRQDO ID] FRP TXH R FRQIOLWR

_ 1RYHPEUR

( VH IRU SDUD GDU XP GHSRLPHQWR M² WH DQWHFLSR FRPLJR Q¶R IRL GLIHUHQWH $QWHV PLQKD YLGD SURILVVLRQDO HUD XPD

7(032 '( &(/(%5$5 XPD DPLJD PH GLVVH PHX ILOKR GH

XJW HTSMJHNIF UTW KF_JW SFIF J WJHTSMJHNIF UTW KF_JW YZIT

DQRV HVFUHYHX XPD UHGD¸¶R TXH JDQKRX SU»PLR QD HVFROLQKD R W½WXOR HUD |0LQKD P¶H Q¶R ID] QDGD} )LTXHL EHP VXUSUHVD TXDQGR HOD PH FRQWRX LVVR SRLV FRQKHFHQGR D URWLQD GH MRUQDGD WULSOD TXH HOD OHYD Q¶R ID] VHQWLGR DOJXP HOD Q¶R ID]HU QDGD )DWR ¹ TXH R VHX ILOKR DR GHVFUHYHU D MRUQDGD GL²ULD GD P¶H Q¶R VH GHX FRQWD GH TXH WRGD

PLVWXUD GH H PDLOV SODQLOKDV UHODWÃ&#x201A;ULRV DSUHVHQWD¸Ã&#x2020;HV UHXQLÃ&#x2020;HV H KRMH PLQKD

DTXHOD URWLQD GH DFRUGDU SUHSDUDU FDI¹ GD PDQK¶ DUUXPDU ODQFKHLUD OHYDU HOH

URWLQD IOXWXD HQWUH FDQ¸Ã&#x2020;HV LQIDQWLV

H RV FROHJDV SDUD D DXOD YLVLWDU

QRYLGDGHV HP GHFRUD¸¶R GRFLQKRV

FOLHQWHV EXVFDU QR DOPR¸R OHYDU SDUD D

FULDWLYRV H WXGR LVVR HP XP PXQGR

QDWD¸¶R HQWUHJDU HQFRPHQGDV ID]HU

H[WUHPDPHQWH FRORULGR H GLYHUWLGR (

SDUD FDVD GDU EDQKR SUHSDUDU MDQWDU

SDUD FRPSOHWDU HVVH FDPLQKR DR ORQJR

FRORFDU QD FDPD HUDP H[DWDPHQWH DV

G H V V H V Ã&#x2021; O W L P R V T X D W U R D Q R V G H

DWLYLGDGHV TXH ID]HP GHOD XPD VXSHU

HPSUHHQGHGRULVPR SXGH FRPSDUWLOKDU

P¶H VXSHU RFXSDGD

LGHLDV GHVDILRV H UHDOL]D¸Ã&#x2020;HV FRP XP

+RMH PXLWDV SHVVRDV PH SHUJXQWDP

WLPH GH P¶HV FULDWLYDV H SDUWLOKDU GH XP GRV PHOKRUHV PRPHQWRV GD YLGD GH VHXV ILOKRV D FRPHPRUD¸¶R GH VHX

TXDLV RV PDLRUHV GHVDILRV GHVVD MRUQDGD WULSOD H GHSRLV GHVVH UHODWR GD PLQKD DPLJD HX VHPSUH UHVSRQGR VHU

DQLYHUV²ULR

FRQKHFLGD SRU ID]HU QDGD H UHFRQKHFLGD

$FUHGLWH DSHVDU GH QRV GHVGREUDUPRV

SRU ID]HU WXGR

HP PLO SDUD GDU FRQWD GH OHYDU WXGR R TXH SUHFLVDPRV H TXHUHPRV DLQGD QRV GHSDUDPRV FRP DOJXPDV VLWXD¸Ã&#x2020;HV KLO²ULDV H EHP GHOLFDGDV 2XWUR GLD

$QLQKD $WDtGH p VyFLD SURSULHWiULD GR &DUURVVHO %XIIHW ,QIDQWLO H DFUHGLWD TXH D IDPtOLD p D QRVVD PDLRU FRQTXLVWD

_ 1RYHPEUR

a

a

ย ย &5,$1&$ 6$8'$9(/ ( &5,$1&$ )(/,=

&20,'$ '( &5,$1d$"

SRU /XL]D )LRULQL

ยฎ PXLWR FRPXP DVVRFLDUPRV DRV SURGXWRV LQGXVWULDOL]DGRV D FRPLGD TXH GHYH VHJXQGR D QRVVD VRFLHGDGH VHU RIHUHFLGD REULJDWRULDPHQWH DV QRVVDV FULDQยธDV

XVDGRV ยน 1RVVD HX FRPL LVVR D YLGD LQWHLUD H VREUHYLYL 2 SRYR KRMH ยน PXLWR FKDWR 2 P H Q L Q R Q ยถ R S R G H F R P H U QDGD "" " " " 7XGR ID] PDO

&ULDQยธD VHPSUH ยน DVVRFLDGD DR FRQVXPR GH 3HWLW VXLVVH OHLWHV

2 TXH DFRQWHFH ยน TXH QHVVHV

IHUPHQWDGRV ELVFRLWRV UHFKHDGRV

|DOLPHQWRV} DOWRV ยฝQGLFHV GH VDO

UHIULJHUDQWHV SLSRFDV GH PLFURRQGDV

Dยธร FDU H JRUGXUDV IRUPDP XPD

PLQL SยถHV H WXGR PDLV 0DV XPD GDV

PLVWXUD YLFLDQWH TXH VHUยฒ OHPEUDGD

WUยฒJLFDV LURQLDV GR VLVWHPD DOLPHQWยฝFLR

FRP PXLWD VDXGDGH TXDQGR HVWLYHUHP

P R G H U Q R ยน D G L P L Q X L ยธ ยถ R G D

DGXOWRV (VVD PLVWXUD PXGD D TXยฝPLFD

T X D Q W L G D G H G H D O L P H Q W R V G H

G H Q R V V R V F ยน U H E U R V F U L D Q G R

9(5'$'( TXH VยถR FRQVXPLGRV

FRQGLยธร HV KLSHU IDYRUยฒYHLV DR YยฝFLR

7HQKR FRQWDWR FRP FULDQยธDV TXH QยถR

* U D Q G H S D U W H G R V S U R G X W R V

VDEHP VHTXHU R TXH ยน XPD EDQDQD HP HVWDGR QDWXUDO

LQGXVWULDOL]DGRV VยถR FULDGRV FRP XP |WRTXH D PDLV} GH VDERU TXH QยถR

0ยถHV TXH EOLQGDP VHXV ILOKRV GHVVHV

HQFRQWUDPRV FRUUHVSRQGยปQFLD QRV

SURGXWRV DOLPHQWยฝFLRV VยถR GXUDPHQWH

DOLPHQWRV QDWXUDLV

FULWLFDGDV H XP GRV DUJXPHQWRV PDLV

_ 1RYHPEUR

a

a

&5,$1&$ 6$8'$9(/ ( &5,$1&$ )(/,=

8PD FULDQ¸D TXH VÂ WRPD VXFR GH

SHQVH TXH YRF» ¹ UHIHU»QFLD SDUD R VHX

FDL[LQKD Q¶R FRQVHJXH WRPDU VXFR

ILOKR $V FULDQ¸DV ID]HP R TXH QÂV

QDWXUDO SRUTXH VHPSUH YDL IDOWDU XP

ID]HPRV H FRPHP R TXH WHPRV R

VDERU]LQKR D PDLV

FRVWXPH GH FRPHU H FRPSUDU $R

3DUD VH OLYUDU GHVWH PDO YDOH ID]HU XP LQYHQW²ULR GDV |FRPLGDV GH FULDQ¸D} TXH YRF» WHP HP FDVD 3DUD FDGD LWHP UHODFLRQH XPD FRPLGD |GH YHUGDGH} HTXLYDOHQWH 6H Q¶R FRQVHJXLU HQFRQWUDU QDGD TXH FRUUHVSRQGD

GHPRQVWUDU UHDO SUD]HU DR FRPHU YRF» DXPHQWD D FKDQFH GHOD VH LQWHUHVVDU ([SOLFDU TXH DOLPHQWRV VDXG²YHLV ID]HP EHP SDUD D VDÇGH IXQFLRQD SDUD DOJXPDV FULDQ¸DV PDV R H[HPSOR GRV SDLV ¹ D PHGLGD PDLV HIHWLYD

HOLPLQH R SURGXWR GD VXD YLGD 1¶R

$FDEDU FRP R K²ELWR GH FRPSUDU

SUR½ED DSHQDV Q¶R WHQKD HP FDVD

LQGXVWULDOL]DGRV OHYD WHPSR PDV YDOH

3URLELU DJX¸D D YRQWDGH GH FRPHU R

FDGD HVIRU¸R %DVLFDPHQWH ¹ SUHFLVR

GHVHMDGR

LPSODQWDU D (GXFD¸¶R GR 3DODGDU

'HVYLDU D DWHQ¸¶R SRGH VHU XPD ERD

&RPHFH GHYDJDU $OJXPDV WURFDV M²

W²WLFD HQW¶R WHQKD VHPSUH IUXWDV

YDOHP

IUHVFDV D P¶R

7URTXH R S¶R EUDQFR SDUD R GH

4XDQGR IL]HU VXD OLVWD GH FRPSUDV

IHUPHQWD¸¶R QDWXUDO H HQW¶R SDUD R PXOWLJU¶RV

4XDQGR IL]HU VXD OLVWD GH FRPSUDV SHQVH TXH YRFr p UHIHUrQFLD SDUD R VHX ILOKR

_ 1RYHPEUR

a

a

ย ย &5,$1&$ 6$8'$9(/ ( &5,$1&$ )(/,=

([SHULPHQWH ID]HU R PROKR GH WRPDWH

HP TXDQGR H DOLPHQWRV SDUD FRPHU

FDVHLUR H FRQJHODU

VHPSUH

0LVWXUH PDFDUUยถR LQWHJUDO FRP R

$RV SRXFRV D WUDQVLยธยถR ILFD PDLV IยฒFLO

QRUPDO WDO FRPR R DUUR] LQWHJUDO FRP R

3RGH WHU FHUWH]D GLVVR

EUDQFR

( VH YRFยป VREUHYLYHX DWยน DJRUD

6LUYD FHUHDLV VDXGยฒYHLV QR FDIยน GD

OHPEUH VH GD GLILFXOGDGH TXH WHP HP

PDQKยถ

UHVLVWLU D GRFHV H JRUGXURVRV H SHQVH

6XEVWLWXD EHVWHLUDV SRU JXORVHLPDV FDVHLUDV 2IHUHยธD PDLV ยฒJXD TXH VXFRV (OHMD DOLPHQWRV SDUD FRPHU GH YH]

VH UHDOPHQWH ยน LVVR TXH YRFยป TXHU SDUD R VHX ILOKR /Xt]D )LRULQL p JDVWU{QRPD HVSHFLDOLVWD HP HGXFDomR DOLPHQWDU LQIDQWLO 'i FXUVRV H SDOHVWUDV SDUD FULDQoDV DGROHVFHQWHV H SDLV VHPSUH FRP R REMHWLYR GH GHVHQYROYHU ERQV KiELWRV GH DOLPHQWDomR H FRQVXPR (OD WDPEpP p XPD GDV HPEDL[DGRUDV GR )RRG 5HYROXWLRQ 'D\ QR %UDVLO XP SURMHWR TXH HVWLPXOD D YROWD j FRPLGD GH YHUGDGH KWWS DOLPHQWDFDRLQIDQWLO RUJ

&$17,1+2 '2 3$3$, )RWR $FHUYR 3HVVRDO

0248(&$ '( 1$025$'2 &20 &$0$5®2

5HQGLPHQWR DSUR[ SRU¸Ã&#x2020;HV

2O² PRPP\V

,QJUHGLHQWHV

0DLV XPD UHFHLWD SDUD DTXHOH DOPR¸R GR

y NJ GH QDPRUDGR HP SRVWDV

ILQDO GH VHPDQD FRP D IDP½OLD H DPLJRV ' H V V D Y H ] R U H V X O W D G R I R L X P D HVSHWDFXODU PRTXHFD GH SHL[H FRP FDPDU¶R 'DTXHOD EDLDQD (X H *DE\ IRPRV FRQYLGDGRV SHORV DPLJRV )HOLS¶R H 4XHO SDUD PDLV XP GDTXHOHV DOPR¸RV GH GRPLQJR TXH D JHQWH DGRUD &RPR V¶R RV KRPHQV TXH DVVXPHP D FR]LQKD O² IRPRV QÃ&#x201A;V HX GH DVVLVWHQWH H HOH GH FKHI &RPSUDPRV WXGR QD SHL[DULD GR 9HUGHPDU RQGH RV SHL[HV V¶R IUHVFRV HQWUHJDP OLPSRV H FRUWDGRV HP SRVWDV $ &LD GR &DPDU¶R WDPE¹P ¹ XPD ERD RS¸¶R

_ 1RYHPEUR

y NJ GH FDPDU¶R URVD P¹GLR y OLPÃ&#x2020;HV y VDO D JRVWR y SLPHQWD GR UHLQR D JRVWR y D]HLWH GH ROLYD y GHQWHV GH DOKR SLFDGRV y FHERODV FRUWDGDV HP URGHODV

JURVVDV y WRPDWHV FRUWDGRV HP URGHODV JURVVDV y SLPHQW¶R YHUPHOKR FRUWDGR HP URGHODV JURVVDV y SLPHQW¶R YHUGH FRUWDGR HP URGHODV JURVVDV y PD¸R GH FRHQWUR RX VDOVLQKD SLFDGR y SLPHQWDV GHGR GH PR¸D SLFDGDV VHP VHPHQWH y O GH OHLWH GH FRFR y FRO VRSD GH D]HLWH GH GHQG»

&$17,1+2 '2 3$3$, &RPR ID]HU

SUHFLVR H GHVOLJXH R IRJR

7HPSHUH DV SRVWDV GH SHL[H H RV

3LUÏR

FDPDUÆHV FRP VDO SLPHQWD GR UHLQR OLP¶R H GHL[H PDULQDQGR SRU DOJXQV PLQXWRV

(P XPD SDQHOD GH EDUUR XQWH R IXQGR

3DUD R FDOGR &DEH¸D H UDER GH SHL[H O GH ²JXD FHEROD GHQWHV GH DOKR

FRP XP SRXFR GH D]HLWH

y y y y

)RUUH R IXQGR ID]HQGR D SULPHLUD

3DUD R UHIRJDGR

FDPDGD FRP RV WRPDWHV H ORJR DSÂV FRORTXH DV SRVWDV GR QDPRUDGR H RV FDPDUÆHV SRU FLPD 'HSRLV PDLV XPD FDPDGD PHVFODQGR R WRPDWH D FHEROD RV SLPHQWÆHV R DOKR SLFDGR D SLPHQWD GHGR GH PR¸D H D VDOVLQKD 7HPSHUH FRP VDO SLPHQWD GR UHLQR H XP ILR GH D]HLWH 5HSLWD DV FDPDGDV

y y y y y y y y y

FHEROD SLFDGD GHQWH GH DOKR SLPHQW¶R YHUGH SLFDGR D]HLWH VDO D JRVWR SLPHQWD GHGR GH PR¸D FRO VRSD GH VDOVLQKD SLFDGD SLWDGD JHQHURVD GH D¸DIU¶R JU GH IDULQKD GH PDQGLRFD

FRP DV SRVWDV GR QDPRUDGR FDPDU¶R

3H¸D DR SHL[HLUR SDUD TXH DR OLPSDU R

H ILQDOL]H D ÇOWLPD FRP RV OHJXPHV

SHL[H UHVHUYH D FDEH¸D H R UDER SDUD

SLPHQWD GHGR GH PR¸D DOKR VDO

ID]HU R FDOGR

SLPHQWD GR UHLQR D]HLWH H EDVWDQWH VDOVLQKD

&RORTXH WXGR HP XP SDQHOD FXEUD FRP ²JXD FRORTXH XP SRXFR GH VDO

/HYH DR IRJR DW¹ IHUYHU H GHL[H SRU

DOJXQV OHJXPHV FRPR FHEROD H DOKR

DOJXQV PLQXWRV $FUHVFHQWH R OHLWH GH

SDUWLGRV JURVVHLUDPHQWH H GHL[H

FRFR H GHL[H DSXUDU SRU PDLV

IHUYHU SRU XPD KRUD &RH FRP XPD

PLQXWRV DW¹ FR]LQKDU R SHL[H H RV

SHQHLUD DSURYHLWH DOJXQV SHGD¸RV GH

OHJXPHV ILFDUHP PDFLRV &RORTXH R

SHL[H TXH VH VROWDUHP H UHVHUYH R

D]HLWH GH GHQG» DFHUWH R VDO VH

FDOGR

_ 1RYHPEUR

&$17,1+2 '2 3$3$, (P RXWUD SDQHOD DTXH¸D R D]HLWH

(QWUH FRP D PDQWHLJD H ORJR DSÃ&#x201A;V D

UHIRJXH D FHEROD R DOKR R SLPHQW¶R D

IDULQKD

SLPHQWD GHGR GH PR¸D H XP SRXFR GH D¸DIU¶R

0LVWXUH WXGR DFHUWH EHP R VDO H GHVOLJXH R IRJR

$FUHVFHQWH R FDOGR H Y² FRORFDQGR D IDULQKD GH PDQGLRFD DRV SRXFRV FRPR VH VXD P¶R IRVVH XP IXQLO 0H[D VHP SDUDU DW¹ HQJURVVDU 2 VHJUHGR ¹ HQJURVVDU DRV SRXFRV QR IRJR SDUD Q¶R SUHFLVDU FRORFDU PXLWD IDULQKD 7HQKD SDFL»QFLD 4XDQGR FKHJDU QR SRQWR DFHUWH R VDO ILQDOL]H FRP D VDOVLQKD H GHVOLJXH R

$UUXPH DV SRVWDV GR SHL[H FRP R FDPDU¶R HP XP SUDWR H UHJXH FRP EDVWDQWH PROKR H OHJXPHV SRU FLPD 6LUYD FRP DUUR] EUDQFR SLU¶R IDURID H GHFRUH FRP VDOVLQKD RX FRHQWUR 1¶R VH HVTXH¸D GR YLQKR URV¹ JHODGLQKR SUD DFRPSDQKDU %RP DSHWLWH

IRJR 3DUD D IDURID y y y y y y

J GH EDFRQ HP FXERV FHEROD FRUWDGD HP WLUDV ILQDV GHQWHV GH DOKR SLFDGRV FRO VRSD GH PDQWHLJD IDULQKD DPDUHOD VDO D JRVWR

$TXH¸D D SDQHOD H IULWH R EDFRQ SLFDGR

4XHO 9LQLV H )HOLSmR

$SURYHLWH D JRUGXUD TXH VH VROWRX DFUHVFHQWH D FHEROD H R DOKR SLFDGRV H UHIRJXH DW¹ GRXUDU OHYHPHQWH

_ 1RYHPEUR

9LQtFLXV 'LJrQRYD p SDL GR %r H PDULGR GD *DE\ &R]LQKHLUR DPDGRU JRVWD GH VHPSUH DSUHQGHU XPD UHFHLWD QRYD DPD WHPSHUDU FDUQHV IUXWRV GR PDU H QmR YLYH VHP XPD FRPLGLQKD PLQHLUD 0DLV UHFHLWDV QR LQVWDJUDP #YLQDFR]LQKD

&$17,1+2 '2 3$3$,

2 081'2 '( 0(/

26 '(6(1+26 126626 '( &$'$ ',$

+² SRXFRV GLDV YL XPD SRVWDJHP HP

3RUTXH LVVR DFRQWHFHX" (X TXHUR

TXH XPD P¶H FRPHQWDYD TXH WRGDV

VDEHU

DV YH]HV TXH DOJX¹P GL]LD |(X TXHUR VDEHU} HOD VH VHJXUDYD SDUD Q¶R FDQWDU |3RUTXH R JDWR PLD YHUGH SRU IRUD YHUPHOKR SRU GHQWUR ¹ D PHODQFLD} (X WDPE¹P PH VHJXUR 1HP VHPSUH FRQVLJR ® XP ½P¶ XP PDQWUD XPD SHUVHJXL¸¶R 2 SLRU ¹ TXDQGR LVVR DFRQWHFH HP XPD UHXQL¶R GH WUDEDOKR 9RF» O² WRGR FRQFHQWUDGR R JHUHQWH H[SOLFDQGR RV LQGLFDGRUHV HVWUDW¹JLFRV D½ GH UHSHQWH DSDUHFH XP HP YHUPHOKR HOH YLUD SDUD VXD SODWHLD H GL] D IUDVH TXH DEUH R SRUWDO VHFUHWR GD LPDJLQD¸¶R

6H YRF» WHP ILOKRV PHQRUHV FRP FHUWH]D HQWHQGHU² R TXH HX HVWRX GL]HQGR 6H Q¶R WHP ILOKRV PDV HVW² OHQGR D |0RPP\V} FRP FHUWH]D PXLWR HP EUHYH YDL HQWHQGHU 2 WUHFKR GD PÃ&#x2021;VLFD DFLPD ¹ D DEHUWXUD GR GHVHQKR |2 6KRZ GD /XQD} 8PD PHQLQD PXLWR HVSHUWD TXH FRP DMXGD GH VHX LUP¶R -Ã&#x2021;SLWHU H GR IXU¶R OHYHL WHPSRV SDUD GHVFREULU TXH HUD XP IXU¶R DFKDYD TXH HUD XP YLUD ODWD

&O²XGLR GHVYHQGDP RV PLVW¹ULRV GH FRPR DV FRLVDV IXQFLRQDP 'HVHQKRV DQLPDGRV DFRPSDQKDP DV

_ 1RYHPEUR

&$17,1+2 '2 3$3$, F U L D Q ¸ D V G H V G H T X H D 7 9 I R L

2V JRVWRV GRV QRVVRV SHTXHQRV

LQYHQWDGD $OL²V GHVGH DQWHV GD 79

WDPE¹P Y¶R PXGDQGR R TXH QRV

)LOPHV HP DQLPD¸¶R ID]HP SDUWH GD

D M X G D D V X S R U W D U D P D U D W R Q D

KLVWÃ&#x201A;ULD GR FLQHPD 0DV IRL FRP D 79

LQFDQV²YHO GH GHVHQKRV H ILOPHV

TXH HOHV VH SRSXODUL]DUDP

YLVWRV 'D LUULWDQWH |3HSSD} SDVVDQGR

4XHP ¹ SDL P¶H WLR WLD DYÃ&#x201E; SDGULQKR PDGULQKD FHUWDPHQWH VH Y» REULJDGR D HQWHQGHU HVWH WLSR GH

SHOR Ã&#x201A;WLPR |&DLROOX} DV QRLWHV DTXL HP FDVD V¶R VHPSUH UHFKHDGDV GH PXLWDV FRUHV VRQV H ULVDGDV

SURJUDPD $OL²V D YLGD GD JHQWH

1D DWXDO IDVH R SUHIHULGR GD 0HO ¹ R

GHSRLV GH VHU SDL VH SDXWD WDPE¹P

0LUDFXORXV $ V¹ULH VHJXH R YHOKR HQUHGR GD

SHODV V¹ULHV DQLPDGDV *DPHV RI

PHQLQD FRPXP TXH VH WUDQVIRUPD HP

7KURQHV" 1DUFRV" :DONLQJ 'HDG"

KHUR½QD 0DULQHWWH SURWDJRQLVWD GR GHVHQKR

4XH QDGD ® PXLWR PDLV I²FLO YRF»

¹ D /DG\ %XJ 0DV VH YRF» HVW² DFKDQGR

VDEHU R QRPH GDV GXDV LUP¶V

TXH R GHVHQKR ¹ R SUHIHULGR

PDOYDGDV GD &LQGHUHOOD 'UL]HOOD H

SRUTXH D 0HO VH LGHQWLILFD

$QDVWDVLD 3RQWR SUD PLP GR TXH R

FRP D /DG\ %XJ HVW²

QRPH GD JRVWRVRQD RX GR QRYR JDO¶

UHGRQGDPHQWH HQJDQDGR 2

GR QRYR VHULDGR GR 1HWIOL[

PRWLYR GH JRVWDU WDQWR ¹

3DUD PLP TXH VHPSUH JRVWHL GH GHVHQKRV DQLPDGRV 6QRRS H D V¹ULH 7R\ 6WRU\ V¶R RV SUHIHULGRV Q¶R ¹ VDFULI½FLR QHQKXP VHQWDU DR ODGR GD PLQKD SHTXHQD SDUD DVVLVWLU HVWH IDQW²VWLFR PXQGR ( SRU PDLV HVWUDQKR TXH R GHVHQKR SRVVD SDUHFHU WLSR |(VTXDGU¶R %L]DUUR} K² VHPSUH DOJR OÃ&#x2021;GLFR SRU GHWU²V GDV KLVWRULQKDV

_ 1RYHPEUR

TXH PLQKD JHQWLQKD PRUUH GH DPRUHV SHOR SHUVRQDJHP $GULHQ 8P MRYHP GH ROKRV YHUGHV 4XDWUR DQRV GH LGDGH TXDWUR DQRV GUDPD GH SDL FLXPHQWR H HOD M² HVW² DSDL[RQDGD $ JHQWH FULD RV ILOKRV FRP WRGR DPRU

&$17,1+2 '2 3$3$, H HOHV VH GHUUHWHP SRU RXWURV PHJD

RX RV GD %DUELH VHPSUH YHQFHP SHOD

PHORGUDPD GH SDL FLXPHQWR &DG»

WULOKRQ¹VLPD VHSWXDJ¹VLPD TXLQWD YH]

PHX OHQFLQKR VQLI VQLI

D SUHIHU»QFLD ( O² YDL YRF» SHOD

0HO HVFUHYH FDUWLQKDV SDUD R $GULHQ H GL] TXH TXDQGR FUHVFHU YDL PRUDU HP

WULOKRQ¹VLPD VHSWXDJ¹VLPD TXLQWD YH] DVVLVWLU R |OHULJRX}

3DULV FLGDGH FHQ²ULR GR GHVHQKR ( R

(QW¶R FDUR OHLWRU VH GD SUÃ&#x201A;[LPD YH]

$GULHQ UHVSRQGH DV FDUWDV Q¶R PH

TXH DOJX¹P GLVVHU |HX TXHUR VDEHU }

SHUJXQWHP FRPR SRUTXH HX VÃ&#x201A; SHJR

H O² QR IXQGR YRF» HVFXWDU XP |SRUTXH

DV FDUWDV OHYR SDUD R WUDEDOKR H

R JDWR PLD YHUGH SRU IRUD YHUPHOKR

TXDQGR R FKHIH Q¶R HVW² ROKDQGR R

SRU GHQWUR ¹ D PHODQFLD} VDLED TXH

|$GULHQ} UHVSRQGH &RPR HOH ¹ XP

Q¶R VH WUDWDGD GH QHQKXP FDVR FO½QLFR

ERP FDPDUDGD DLQGD G² GLFDV WLSR

GH GHP»QFLD

REHGH¸D DR SDSDL H D PDP¶H FRPD YHUGXUDV WLUDU PHOHTXLQKD GR QDUL] Q¶R ¹ OHJDO

( D PDUDWRQD Q¶R ¹ VÃ&#x201A; QD 79 $ Ã&#x2021;OWLPD YH] TXH IXL DR FLQHPD Q¶R IRL SDUD

( VH SXGHU H VRXEHU ID¸D FRUR |(X TXHUR VDEHU 1¶R TXHUR GRUPLU 2 TXH W² DFRQWHFHQGR (X YRX GHVFREULU} %LELW ERELW EXP H DW¹ D SUÃ&#x201A;[LPD

DVVLVWLU $TXDULXV RX R QRYR 6WDU :DUV (UD XP HSLVÃ&#x201A;GLR HVSHFLDO GD 3HSSD ( D L Q G D W H P R F R P S X W D G R U R V VPDUWSKRQHV R <RXWXEH H D ORFDGRUD $LQGD TXH WHQKD XP WULOK¶R GH ILOPHV QXQFD DVVLVWLGRV QDV SUDWHOHLUDV DLQGD TXH RV SDLV TXHLUDP ID]HU XPD VHVV¶R QRVWDOJLD DVVLVWLQGR D FO²VVLFRV FRPR D |$ GDPD H R YDJDEXQGR} |(P EXVFD GR 9DOH (QFDQWDQGR} |7RGRV RV F¶HV PHUHFHP R F¹X} ILOPHV FRPR |)UR]HQ}

-~QLRU )RQVHFD p IRUPDGR HP &RPXQLFDomR 6RFLDO HVSHFLDOLVWD HP $UWHV 9LVXDLV FXOWXUD H FULDomR H HP $GPLQLVWUDomR H 0DUNHWLQJ 3DOKDoR GH RItFLR DUWLVWD YLVXDO FURQLVWD VXD REUD QRUWHLD VH SHOD SURGXomR GH WH[WRV LOXVWUDo}HV JUiÃ&#x20AC;FDV H IRWRJUDÃ&#x20AC;DV SRUpP R TXH PHOKRU OKH GHÃ&#x20AC;QH p VHX DPRU SHOD VXD SHTXHQD 0HO $WXDOPHQWH YLYH H WUDEDOKD HP ,WD~QD 0*

_ 1RYHPEUR

3(5),/ 0200<

1,6$ 3(5(,5$ )DPร OLD ร $ PDLRU ULTXH]D GD YLGD 5HVXPLQGR HP DOJXPDV SDODYUDV D IDPยฝOLD VH IRUPD GD XQLยถR GH GXDV SHVVRDV GH XP DPRU OLQGR H VH HVSDOKD SRU JHUDยธร HV H YDL GHL[DQGR PDUFDV GH DPRU H XQLยถR QRV PHPEURV TXH YยถR D IRUPDQGR $PLJRV Vร R $QMRV $QMRV TXH QRV VยถR HQYLDGRV SDUD DPSDUDU H QRV DMXGDU D RULHQWDU QRVVR FDPLQKR 'HIHLWRV 7HQKR YยฒULRV 6RX PXLWR DSUHVVDGD DOJXPDV YH]HV SUHFLSLWDGD SDUD WRPDU GHFLVร HV PLQKD SDFLยปQFLD ยน SRXFD FRPR WRGD DULDQD FLXPHQWD H XP SRXFR H[SORVLYD 4XDOLGDGHV 6RX GLQยดPLFD H EXVFR VHPSUH XP LGHDO SURFXUR HQIUHQWDU DV VLWXDยธร HV GLIยฝFHLV FRP PXLWD FRUDJHP &UHLR TXH PLQKD PDLRU YLUWXGH ยน D Iยน 1XQFD YRX HVTXHFHU 2 GLD HP TXH VRIUL LQIDUWR HP H SURFXUHL ILFDU R WHPSR WRGR HP HVWDGR YLJLO SRU WHU PHGR GD PRUWH ( HP R QDVFLPHQWR GR PHX QHWR /XFFD UD]ยถR GH YLGD GR QRVVR ODU $GRUR LU SDUD 0HX HQFRQWUR FRPLJR PHVPD H FRP 'HXV TXH IDยธR QR FXOWR GR ODU WRGRV RV GLDV $GRUR SDVVHDU DRV GRPLQJRV FRP D IDPยฝOLD HVWDU FRP DPLJRV H YLDMDU 3DUD ILFDU PDLV EHOD )DยธR H[HUFยฝFLR IยฝVLFRV HP FDVD TXDVH WRGRV RV GLDV IXQFLRQDO HVWHLUD H DOLPHQWDยธยถR HTXLOLEUDGD DILQDO GHSRLV GRV ยน QHFHVVยฒULR GDU XPD FDSULFKDGD &RPHULD WRGRV RV GLDV *RLDEDGD GHUUHWLGD QR PLFURRQGDV SRU XP PLQXWR FRP GXDV ERODV GH VRUYHWH 1ร R IDOWD QD EROVD 3URWHWRU VRODU EULOKR ODELDO SHUIXPH 6HU PRPP\ ร $SUHQGHU H HQWHQGHU TXH QD YLGD H[LVWHP SHVVRDV LJXDLV D YRFยป FRP SUREOHPDV PDLRUHV RX PHQRUHV PDV TXH FRPR XP JUXSR VRPRV FDSD]HV GH QRV XQLU H QRV DMXGDU 6HU PRPP\ ยน GLYLGLU ยน FRPSDUWLOKDU ยน WHU Iยน LQGHSHQGHQWH GD VXD FUHQยธD RX UHOLJLยถR ยฎ ULU MXQWR H WDPEยนP FKRUDU MXQWR _ 1RYHPEUR

, 8 4 $

( , & $181 *DUDQWD D YLVLELOLGDGH GH VXD PDUFD HP XP YHtFXOR WRWDOPHQWH YROWDGR SDUD DVVXQWRV UHODFLRQDGRV DR XQLYHUVR PDWHUQR IDPLOLDU H LQIDQWLO (QWUH HP FRQWDWR FRQRVFR H FRQKHoD WRGDV DV IRUPDV GH DQ~QFLRV H SDUFHULD FRPHUFLDO #UHYLVWDPRPP\V FRP EU *DEULHOD %LFDOKR

FRPHUFLDO #UHYLVWDPRPP\V FRP EU /HWtFLD %HUJDPR

ZZZ UHYLVWDPRPP\V FRP EU

4XH WDO XPD OHLWXUD OHYH H DJUDGiYHO VREUH R XQLYHUVR PDWHUQR H LQIDQWLO"

78'2 62%5( 2 81,9(562 0$7(512 ( ,1)$17,/

$ FDGD PrV XPD QRYD HGLomR FRP FRQWH~GR IHLWR GH PRPP\V SDUD PRPP\V &DGDVWUH VH SDUD UHFHEHU ZZZ UHYLVWDPRPP\V FRP EU $FRPSDQKH QRV QDV UHGHV VRFLDLV )DFHERRN #UHYLVWDPRPP\V _ ,QVWDJUDP #UHYLVWDPRPP\V 3DUD G~YLGDV RX VXJHVW}HV IDOH FRP D JHQWH FRQWDWR#UHYLVWDPRPP\V FRP EU