Revista pronews 183 by Revista Pronews

DQR ;9, _ MXOKR GH

'(6'(

Ì1',&(

DQR ;9, Q MXOKR

&LUFR &RPXQLFDomR 3(

&$3$

UHYLVWD GH FRPXQLFDomR H PDUNHWLQJ 1(

2 TXH Ki SRU WUD] GD SyV SURGXomR GH LPDJHP QD ILQDOL]DomR TXH JDQKD FDGD YH] PDLV HVSDoR QR PHUFDGR

5(&,)( 6$/9$'25 )257$/(=$ 1$7$/ -2®2 3(662$ 0$&(,Ð 7(5(6,1$ $5$&$-8 6®2 /8Ì6 6®2 3$8/2

(',725 :DOWHU /LQV -U ZDOWHU#UHYLVWDSURQHZV FRP EU 5('$d®2 /XFLDQD 7RUUHmR VXEHGLWRUD ,YHOLVH %XDUTXH -XOLDQR GD +RUD 3ROLDQD $OHQFDU UHGDFDR#UHYLVWDSURQHZV FRP EU 352'8725 *5É),&2 %UXQR 5HJLV SURGXFDR#UHYLVWDSURQHZV FRP EU '(37 ),1$1&(,52 :DOWHU /LQV -U

$ 9(= '2 &/,(17( $RV DQRV GH DWXDomR PDUFD FRQTXLVWD SULPHLUD SRVLomR QR UDQNLQJ GR PHUFDGR OiFWHR

ZDOWHU#UHYLVWDSURQHZV FRP EU $66,1$785$6 SURGXFDR#UHYLVWDSURQHZV FRP EU ',675,%8,d®2 /2*6HUYLoRV 3(

-RUQDO &RUUHLR 5HGH %DKLD %$

6LVWHPD 9HUGHV 0DUHV &(

ZZZ YHUGHVPDUHV FRP EU '$'26 7e&1,&26 ,PSUHVVmR *UiILFD )DF)RUP

JUDILFD#IDFIRUP FRP EU 7LUDJHP H[HPSODUHV )RUPDWR [ FP 7LSRORJLD +XPDQLVW %7 3DSHO &RXFKp EULOKR J Pò 1~PHUR GH SiJLQDV

&2/81$ $66(53( *,52 ),&+$ 7e&1,&$ ( *,52 %5$6,/ '( 2/+2 1$ &$03$1+$ 1$ :(% 081'2 21/,1( 3'9 &/,&. (8 5(&20(1'2

7RGR PrV XPD DJrQFLD GLIHUHQWH SURGX] D FDSD GD 5HYLVWD 3521(:6 3DUWLFLSH SHOR H PDLO UHGDFDR#UHYLVWDSURQHZV FRP EU $V PDWpULDV DVVLQDGDV SRU QRVVRV FRODERUDGRUHV QmR UHSUHVHQWDP QHFHVVDULDPHQWH D RSLQLmR GD UHYLVWD

::: 5(9,67$3521(:6 &20 %5

,19(67,0(172 38%/,&,7É5,2 (0 79 '(9( &5(6&(5 $7e $ SXEOLFLGDGH QD 79 TXH FRUUHVSRQGH D GRV JDVWRV WRWDLV GRV DQXQFLDQWHV GHYH FKHJDU D 5 ELOK}HV HP QR %UDVLO (VVD p D FRQFOXVmR GD SHVTXLVD *OREDO (QWHUWDLQPHQW DQG 0HGLD 2XWORRN GLYXOJDGD QHVWH PrV SHOD 3Z& (P RV LQYHVWLPHQWRV HP SXEOLFLGDGH QD 79 FKHJDUDP D 5 ELOK}HV $ HVWLPDWLYD GH FUHVFLPHQWR PpGLR SRQGHUDGR QHVVD PtGLD p GH DR DQR HP 7D[D &RPSRVWD $QXDO GH &UHVFLPHQWR RX FRPSRXQG DQQXDO JURZWK UDWH ² &$*5 (P VXD HGLomR R OHYDQWDPHQWR DYDOLD RV JDVWRV GRV FRQVXPLGRUHV H LQYHVWLPHQWRV FRP SXEOLFLGDGH HP SDtVHV $ DQiOLVH IRL UHDOL]DGD HP VHJPHQWRV GR HQWUHWHQLPHQWR TXH LQFOXL 79 DEHUWD H IHFKDGD UHYLVWDV MRUQDLV LQWHUQHW P~VLFD RXWGRRU FLQHPD JDPHV HQWUH RXWURV ´$SHVDU GR FUHVFLPHQWR HP YiULRV VHJPHQWRV FRPR RV GLJLWDLV RV LQYHVWLPHQWRV HP SXEOLFLGDGH QD 79 YmR FRQWLQXDU FUHVFHQGR ,VVR SRUTXH DWXDOPHQWH DV SHVVRDV HVWmR KLSHUFRQHFWDGDV (ODV HVWmR OLJDGDV DR PHVPR WHPSR QD PtGLD GLJLWDO FRPR RV VPDUWSKR QHV WDEOHWV QRWHERRNV H QDV WUDGLFLRQDLV 79 H UiGLR SULQFLSDOPHQWH 2 TXH LPSRUWD SDUD RV FRQVXPLGRUHV p R FRQWH~GR QmR D IRUPDµ DILUPD 0DUFHOR 5LEHLUR JHUHQWH VrQLRU GD 3Z& %UDVLO H HVSHFLDOLVWD HP WHOHFR PXQLFDo}HV 2 %UDVLO GH DFRUGR FRP D SHVTXLVD RFXSD D SRVLomR QR UDQNLQJ GH JDVWRV WRWDLV GRV DQXQFLDQWHV HP 79 HQWUH RV SDtVHV DQDOLVDGRV SHOD SHVTXLVD DWUiV DSHQDV GRV (VWDGRV 8QLGRV OXJDU H -DSmR OXJDU 2XWUR GHVWDTXH GR UHODWyULR GD 3Z& p D PXGDQoD GH VKDUH QD SXEOLFLGDGH $ 79 DEHUWD TXH UHFHEHX GR WRWDO GH LQYHVWLPHQWRV HP DQ~QFLRV HP VRIUHUi XPD OHYH UHGXomR $ H[SHFWDWLYD p GH TXH HOD SDVVH D WHU GR PHUFDGR GH 79 -i D 79 SDJD H D 79 RQ OLQH WHUmR LQFUHPHQWR GH VKDUH SDVVDQGR GH SDUD H GH SDUD HP

UHVSHFWLYDPHQWH ´(VVH DXPHQWR GH SXEOLFLGDGH QD 79 IHFKDGD VH GHYH SULQFLSDOPHQWH DR FRQVXPR TXH YHP VXELQGR D FDGD DQR $ H[SHFWDWLYD p GH TXH R %UDVLO SDVVH GH SDUD HP DVVLQDWXUD GH 79 $VVLP RV DQXQFLDQWHV HVWmR HQ[HUJDQGR HVVH QRYR PHUFDGR TXH FRPHoD D VH ID]HU SUHVHQWH HP PXLWDV FDVDV QR SDtV $ 79 SRU DVVLQDWXUD HUD DOJR VXSpUIOXR SDUD RV FRQVXPLGRUHV PDV R FRQVXPR WHQGH D DXPHQWDU QRV SUy[LPRV DQRVµ GHFODUD 5LEHLUR 0DLV LQIRUPDo}HV ZZZ SZF FRP EU RXWORRN

&2/81$ $66(53(

&21*5(662 %5$6,/(,52 '( 5$',2',)86®2 &219(5*( 72'2 2 3$Ì6 3$5$ %5$6Ì/,$ 2 &RQJUHVVR %UDVLOHLUR GH 5DGLRGLIXVmR TXH DFRQWHFH QRV GLDV H GH RXWXEUR HP %UDVtOLD VHUi XPD RSRUWXQLGDGH ~QLFD GH GHEDWHU R PRPHQWR DWXDO GH WUDQVIRU PDomR YLYHQFLDGR SHOR UiGLR H SHOD WHOHYLVmR QR %UDVLO H QR PXQGR 3URPRYLGR SHOD $EHUW ² $VVRFLDomR %UDVLOHLUD GDV (PLVVRUDV GH 5iGLR H 79 FRP R WHPD SULQFLSDO ´2 5iGLR H D 79 QD WUDQVLomR SDUD R IXWXURµ R HYHQWR UHXQLUi HPSUHViULRV FRPXQLFDGRUHV MRUQDOLVWDV SHVTXLVDGRUHV H UHSUHVHQWDQWHV GR VHWRU S~EOLFR SDUD GLVFXWLU WHPDV FRPR R SDQRUDPD GD UDGLRGLIXVmR QD &kPDUD )HGHUDO RV GHVDILRV GR SDQRUDPD HFRQ{PLFR EUDVLOHLUR FRPR DGDSWDU D UDGLRGLIXVmR j FRQYHU JrQFLD GLJLWDO H jV QRYDV WHFQRORJLDV D QRYD UHDOLGDGH GR PHUFDGR SXEOLFLWiULR H GD DXGLrQFLD GHVDILRV UHJXODWyULRV H D PLJUDomR GR 5iGLR $0 $ SDUWLFLSDomR GR UDGLRGLIXVRU p FRQVLGHUDGD IXQGD PHQWDO SDUD R VXFHVVR GR HYHQWR -XQWR jV DXWRULGDGHV S~EOL FDV VHUi SRVVtYHO DYDQoDU HP TXHVW}HV FRPR PDUFR UHJXODWy ULR H OLEHUGDGH GH H[SUHVVmR IOH[LELOL]DomR GD 9R] GR %UDVLO H SURMHWRV TXH UHVWULQJHP D SXEOLFLGDGH RX GHVWLQDP KRUiULR JUDWXLWR SDUD YHLFXODomR GH PHQVDJHQV QR UiGLR H 79 $WXDO PHQWH TXDVH SURMHWRV GH OHL TXH DIHWDP GLUHWD RX LQGLUH WDPHQWH D UDGLRGLIXVmR WUDPLWDP QR &RQJUHVVR 1DFLRQDO ´2 &RQJUHVVR %UDVLOHLUR GH 5DGLRGLIXVmR VHUi PDLV XP PDUFR GD KLVWyULD GD FRPXQLFDomR QR SDtV 5DGLRGLIXVRUHV H HVSHFLD OLVWDV GR VHWRU HVWDUmR DWHQWRV jV GLVFXVV}HV VREUH R SURFHVVR GH LQWHQVD WUDQVIRUPDomR YLYHQFLDGR SHODV HPLVVRUDV GH UiGLR H WHOHYLVmR H R SURIXQGR LPSDFWR QR PRGHOR GH QHJyFLR GDV HPSUHVDV H QD IRUPD GH FRQVXPLU LQIRUPDomRµ DILUPD R SUHVLGHQWH GD $EHUW 'DQLHO 6ODYLHUR $ FHULP{QLD GH DEHUWXUD GR &RQJUHVVR WHUi D SDUWLFL SDomR GH DXWRULGDGHV GRV SRGHUHV ([HFXWLYR H /HJLVODWLYR H GH UDGLRGLIXVRUHV (VWmR FRQILUPDGDV DV SUHVHQoDV GD SUHVL GHQWH GD 5HS~EOLFD 'LOPD 5RXVVHII GR PLQLVWUR GDV &RPXQL FDo}HV 5LFDUGR %HU]RLQL GR PLQLVWUR FKHIH GD 6HFUHWDULD GH &RPXQLFDomR (GLQKR 6LOYD H GRV SUHVLGHQWHV GD &kPDUD GRV

'HSXWDGRV (GXDUGR &XQKD H GR 6HQDGR )HGHUDO 5HQDQ &DOKHLURV 1R VHJXQGR GLD GR HYHQWR KDYHUi FLQFR SDLQpLV VREUH TXHVW}HV SROtWLFDV MXUtGLFDV HFRQ{PLFDV WHFQRORJLDV H QHJy FLRV QR VHWRU GH UDGLRGLIXVmR 2V GHVDILRV GR VHWRU QR PHUFDGR SXEOLFLWiULR FRP DV QRYDV PtGLDV H R LPSDFWR QD DXGLrQFLD GR UiGLR H GD 79 VHUmR GLVFXWLGRV SHORV &(2V GDV SULQFLSDLV HPSUHVDV GH UDGLRGLIX VmR QR SDLQHO ´$ QRYD UHDOLGDGH GR PHUFDGR SXEOLFLWiULR H GD DXGLrQFLDµ 2 IXWXUR GR UiGLR H GD 79 IUHQWH DR FUHVFHQWH SURFHVVR GH FRQYHUJrQFLD WHFQROyJLFD D UHODomR FRP VHUYL oRV 277 VWUHDPLQJ ELJ GDWD VHJXQGD WHOD PtGLDV VRFLDLV PRQHWL]DomR GLJLWDOL]DomR H VZLWFK RII VHUi R WHPD GR SDLQHO GH WHFQRORJLD ´2V GHVDILRV SDUD DGDSWDU D UDGLRGLIXVmR j FRQYHUJrQFLD GLJLWDO H jV QRYDV WHFQRORJLDVµ -i DV PHGLGDV GR 0LQLVWpULR GDV &RPXQLFDo}HV H GD $QDWHO QD UHJXODomR GD UDGLRGLIXVmR HP HVSHFLDO D PLJUDomR GR $0 SDUD R )0 H D UDGLRJUDILD GD SOXUDOLGDGH GR VHWRU VHUmR GHEDWLGDV SRU DGYRJDGRV H HVSHFLDOLVWDV QR SDLQHO ´'HVDILRV UHJXODWyULRV PLWRV H YHUGDGHV GD UDGLRGLIXVmRµ 3(51$0%8&2 12 &21*5(662 ² +LVWRULFDPHQWH D SUHVHQoD GH 3HUQDPEXFR QRV FRQJUHVVRV EUDVLOHLURV GR VHWRU p EDVWDQWH VLJQLILFDWLYD 1HVWH DQR QmR VHUi GLIHUHQWH $ GHOHJDomR GH 3HUQDPEXFR GHYH VHU FRPSRVWD SRU UHSUH VHQWDQWHV GH HPLVVRUDV GH UiGLR H 79 GH WRGR HVWDGR 6mR JHVWRUHV H HPSUHViULRV GH UHJL}HV LPSRUWDQWHV GR (VWDGR FRPR &DUXDUX H *DUDQKXQV $IRJDGRV GD ,QJD]HLUD 3HWUROLQD 1D]DUp GD 0DWD 5HFLIH H 5HJLmR 0HWURSROLWDQD DOpP GR SUHVLGHQWH &OHR 1LFpDV H DV JHUHQWHV H[HFXWLYD H FRPHUFLDO GD $VVHUSH *RUHWH 9LHLUD H $QGUpD &DQWR UHVSHFWLYDPHQWH 2V UHSUHVHQWDQWHV SHUQDPEXFDQRV YmR D %UDVtOLD GHIHQGHU RV LQWHUHVVHV GD UDGLRGLIXVmR ORFDO DOpP GH LQWHUDJLU FRP RXWUDV SUDoDV GR %UDVLO HP EXVFD GH QRYRV QHJyFLRV H RSRUWXQLGDGHV GH SDUFHULDV (P %UDVtOLD R SUHVLGHQWH GD $VVHUSH &OHR 1LFpDV

3UHVLGHQWH GD $EHUW 'DQLHO 6ODYLHUR

2 &RQJUHVVR %UDVLOHLUR GH 5DGLRGLIXVmR VHUi PDLV XP PDUFR GD KLVWyULD GD FRPXQLFDomR QR SDtV SDUWLFLSD GH UHXQLmR FRP RXWURV SUHVLGHQWHV GH DVVRFLDo}HV HVWDGXDLV H FRP D SDUWLFLSDomR GR *RYHUQR )HGHUDO H GH SROtWLFRV HQYROYLGRV FRP R VHWRU QR 'LVWULWR )HGHUDO 6HUi XPD RSRUWXQLGDGH GH 3HUQDPEXFR WHU YR] GLDQWH GRV YiULRV SURMHWRV TXH FLUFXODP HP %UDVtOLD $V LQVFULo}HV SDUD R &RQJUHVVR %UDVLOHLUR GH 5DGLRGLIXVmR VmR IHLWDV H[FOXVLYDPHQWH SHOR VLWH ZZZ FRQ JUHVVRDEHUW FRP EU RQGH R LQWHUHVVDGR HQFRQWUD SDFRWHV YDULDGRV GH SUHoRV

*,52 &21'8725(6 '2 )87852 $PSOD H %DWHULDV 0RXUD ODQoD UDP D FDPSDQKD &RQGXWRUHV GR )XWXUR SURMHWR GLJLWDO TXH WHP FRPR IRFR SULQFLSDO D FRQVWUXomR GH XP WUkQVLWR PHOKRU SDUD WRGRV D SDUWLU GD HGXFDomR 3DUD LVVR D DomR WHP FRPR DOYR R S~EOLFR LQIDQWLO TXH SRGHUi MXQWR FRP VHXV SDLV H UHVSRQViYHLV DSUHQGHU GH IRUPD O~GLFD XP SRXFR PDLV VREUH UHVSHLWR DR SUy[LPR H DWLWXGH FLGDGm YDORUHV LPSRUWDQWHV TXH GHYHP VHU UHSDVVDGRV SDUD DV QRYDV JHUDo}HV %LWD R IDPRVR SHUVRQDJHP GD DQLPDomR 0XQGR %LWD IRL HVFROKLGR SDUD VHU R JDURWR SURSDJDQGD GR FOLSH GH ODQoDPHQWR GD FDPSDQKD 1R YtGHR %LWD DSUHVHQWD GXDV QRYDV SHUVRQDJHQV XPD PHQLQD H XP PHQLQR TXH VHUmR RV HPEDL[DGRUHV GD FDPSDQKD FXMRV QRPHV VHUmR HVFROKLGRV HP YRWDomR SHOR KRWVLWH ZZZ FRQGXWRUHVGRIXWXUR FRP EU

0$5.(7,1* (63257,92 $ 5RWD GR 0DU YHP DXPHQ WDQGR DV DSRVWDV QR PDUNHWLQJ HVSRUWLYR GH IRUPD D YDORUL]DU FDGD YH] PDLV R HVWLOR GH YLGD VDXGiYHO H D SUiWLFD GHVSRUWL YD 2V LQYHVWLPHQWRV VmR GD RUGHP GH GR IDWXUDPHQWR GD HPSUHVD H HVWmR FDGD YH] PDLV GLYHUVLILFDGRV $WXDO PHQWH D HPSUHVD SURPRYH HYHQWRV H DSRLD DWOHWDV GH PRGDOLGDGHV FRPR R VXUIH R PRWRFLFOLVPR R VNDWH H R ELFLFURVV DOpP GR IXWHERO $ HPSUHVD FULRX HVWH DQR R &LUFXL WR 5RWD GR 0DU 3UR 6XUI $ VHJXQGD HWDSD DFRQWHFHX HP 0DUDFDtSH QR /LWRUDO 6XO GH 3HUQDPEXFR $ 5RWD GR 0DU WDPEpP YHP LQYHVWLQGR QR PDUNHWLQJ GLJLWDO (VWH DQR FRQWUDWRX D DJrQFLD SDXOLVWD &KHUU\ 3OXV TXH WHP HP VHX SRUWIyOLR WUDEDOKRV SDUD PDUFDV FRPR 'DVOX 0LFKDHO .RUV )DUP ']DUP 'XPRQW H &RQWpP J HQWUH RXWUDV SDUD FXLGDU GH VXD LPDJHP QDV UHGHV VRFLDLV -i DV FDPSDQKDV RQOLQH SRU PHLR GH $GZRUGV VmR JHULGDV SHOD UHFLIHQVH ÐSHUD &RQVXOWRULD H 0DUNHWLQJ 6,17$ 6( 0$,6 /(9( &RUHV SDVWpLV SpV QDV QXYHQV VHQVD omR GH EHP HVWDU (VVD p D QRYD SURSRVWD GD $GYDQ FH &( SDUD D &RPIRUW H[SORUDU R VRQKR IHPLQLQR GH XQLU HOHJkQFLD H FRQIRUWR &RP R FRQFHLWR ´VLQWD VH PDLV OHYHµ D

QRYD FDPSDQKD HVWi VHQGR YHLFXODGD QRV PHLRV 79V MRUQDO IURQWOLJKW H LQWHUQHW 2 ILOPH DSUHVHQWD FHQDV GH PXOKHUHV PRGHUQDV H HOHJDQ WHV TXH VmR WUDQVSRUWDGDV SDUD VLWXDo}HV GH H[WUHPD FRPRGL GDGH DR FDOoDU XP VDSDWR &RPIRUW 1R WRWDO IRUDP FULDGRV WUrV ILOPHV TXH VH GHVGREUDP HP PHWiIRUDV GH OHYH]D FRPR FDPLQKDU VREUH EDO}HV TXH IOXWXDP EROKDV GH VDEmR H SOXPDV $ PDUFD LQRYD H DPSOLD R S~EOLFR DOYR FRP IRFR WDPEpP HP MRYHQV H[HFXWLYDV SHVVRDV TXH RSWDP SRU HVWLOR H OHYH]D HP GLYHUVRV ORFDLV VHMD QR DPELHQWH GH WUDEDOKR RX HP TXDOTXHU RFDVLmR 2 QRYR SRVLFLRQDPHQWR GD PDUFD YDL HVWDU SUHVHQWH WDPEpP QRV SRQWRV GH YHQGDV H QDV HPEDODJHQV

&/,0$ )5,2 4XHP JRVWD GH DSURYHLWDU R FOLPD HVSHFLDO GH LQYHUQR SDUD FDSULFKDU QDV UHFHLWDV QmR SRGH GHL[DU GH LU QD 50 ([SUHVV 3HQVDQGR QLVVR R FKHI SHUVRQDJHP GHVHQYROYLGR SHOD DJrQFLD $SRUWH 3( HQWURX QR FOLPD GR IULR]LQKR H FKXYD H ODQoD FDPSDQKD TXH DSRVWD QDV FRUHV PDLV IULDV GD HVWDomR VHP SHUGHU R FKDUPH $ FDPSDQKD HVWi QR DU H SRGH VHU FRQIHULGD DWUDYpV GH RXWGRRUV ORQDGRV VSRWV GH UiGLR WDEORLGH OkPLQD DQ~QFLRV HP MRUQDLV SHoDV GH LQWHUQHW H PtGLD HP UHGHV VRFLDLV

),&+$ 7e&1,&$

7(032 '( 08'$5 2 VDEmR HP Sy ,QYLFWR GD $6$ ,QG~VWULD JDQKD QRYD FDUD $ $SRUWH &RPXQLFDomR FULRX FDPSDQKD HVSH FLDO SDUD R ODQoDPHQWR GR 1RYR ,QYLFWR FRP QRYD IyUPXOD PDLRU SRGHU GH UHPRomR GH VXMHLUD H EUDQFXUD Pi[LPD 2 IRFR FULDWLYR GDV Do}HV IRL QR HPSRGHUDPHQWR GR VHX S~EOLFR PRVWUDQGR SHVVRDV TXH GHFLGHP URPSHU FRP SHTXHQRV KiELWRV TXHEUDQGR SDUDGLJPDV &RP R FRQFHLWR e WHPSR GH PXGDU R FRPHUFLDO TXH PDUFD XPD QRYD IDVH GD YLGD GHVVDV PXOKHUHV H GR VDEmR ,QYLFWR YHLFXODUi QD 79 QDV SUDoDV GR 5HFLIH 6DOYDGRU &DER )ULR H 5LR GH -DQHLUR )LTXH OLJDGR $OpP GLVVR D FDPSDQKD FRQWD FRP PDWHULDLV GH GLYXOJDomR HP SRQWRV GH YHQGD DOpP GH PtGLD H[WHULRU $JrQFLD $SRUWH &RPXQLFDomR 3( &OLHQWH 6DEmR HP Sy ,QYLFWR $6$ ,QG~VWULD $WHQGLPHQWR -RDQQD &RVD 'LUHWRU GH &ULDomR %HWLQKR 0RQWHQHJUR H -XOLDQD /LVERD 'LUHomR GH DUWH %HWLQKR 0RQWHQH JUR 5HGDWRU 1DWKiOLD &XQKD 579& 0DUtOLD *RX YHLD 0tGLD 0DULD 'HQLV H )UHG 7HL[HLUD

5(92/8d®2 1$ &2081,&$d®2 $ FKHJDGD GH QRYDV WHFQRORJLDV YHP PXGDQGR DV UHODo}HV KXPDQDV H WDPEpP HVWi UHYROXFLRQDQGR D iUHD GH FRPXQLFD omR WUD]HQGR QRYDV KDELOLGDGHV H H[LJrQFLDV DRV SURILVVLRQDLV GHVVH PHUFDGR TXH SUHFLVDP VHU DLQGD PDLV GLQkPLFRV H LQWHJUDGRV D QRYDV IHUUDPHQWDV (VVD UHDOLGDGH LQVSLUD FDPSD QKD TXH D )DFXOGDGH GRV *XDUDUDSHV )* ² LQWHJUDQWH GD UHGH LQWHUQDFLRQDO GH XQLYHUVLGDGHV /DXUHDWH ² FRORFD QD UXD SDUD ODQoDU VXD QRYD (VFROD GH &RPXQLFDomR H LQFOXL RV FXUVRV GH -RUQDOLVPR 3XEOLFLGDGH H 3URSDJDQGD H 5iGLR H 79 (ODERUDGD SHOD DJrQFLD 0DNSODQ D DomR HQYROYH WUrV YtGHRV GH VHJXQGRV FDGD VHQGR SURWDJRQL]DGRV SRU SHUVRQDJHQV FRQKHFLGRV SULQFLSDOPHQWH SHOR S~EOLFR PDLV MRYHP 6mR HOHV R FDQWRU SHUQDPEXFDQR 5DIDHO )XUWDGR H[ 7KH 9RLFH %UDVLO R KXPRULVWD *DEULHO 2OLYHLUD GR FDQDO 3XW] 9pL H D '- $OODQD 0DUTXHV $ FDPSDQKD HQYROYH DLQGD UHGXo}HV GH µ SDUD ,QVWDJUDP WUrV VSRWV GH µ SDUD UiGLRV RXWGRRU H EDQQHUV HP IRUPDWRV GLYHUVRV YHLFXODGRV QRV SULQFLSDLV SRUWDLV $JrQFLD 0DNSODQ &RPXQLFDomR 3( &OLHQWH )DFXOGDGH GRV *XDUDUDSHV )* $WHQGLPHQWR /XFLDQD &DVWUR 'LUH omR GH SODQHMDPHQWR 'RGL 7HL[HLUD 'LUHomR GH &ULDomR -RmR +HQULTXH 6RX]D 5HGDomR $QGUHDQH &DUYDOKR H 6XHOOHQ 0DFHGR 'LUHomR GH $UWH 'DQLOR $OPHLGD 3URGXomR 0DU\ 2OLYHLUD 0tGLD 6LVV\ 0DUWLQV $SURYDomR 0DUFHOR %DUURV H -DQD\QD /LPD

)(1($57( $ )HLUD 1DFLRQDO GH 1HJyFLRV GR $UWHVDQDWR )HQHDUWH TXH DFRQWHFHX QHVWH PrV GH MXOKR QR &HQWUR GH &RQYHQ o}HV GH 3HUQDPEXFR IRL YHLFXODGD SHOD 5RWD 0tGLD ([WHULRU $ FDPSDQKD FULDGD SHOD 3ODQR % &RPXQLFDomR FRQWRX FRP EDFNEXV HP FLUFXODomR QD 5HJLmR 0HWURSROLWDQD GR 5HFLIH H DSUHVHQWRX GH IRUPD JUiILFD D MXQomR GDV REUDV GRV GRLV KRPHQDJHDGRV GR HYHQWR HVWH DQR D DUWH GH EDUUR GR 0HVWUH 1XFD H D SRHVLD GR /RXUR GR 3DMH~ $JrQFLD 3ODQR % &RPXQLFDomR 3( &OLHQWH )HQHDUWH $WHQGLPHQWR .DULQD 5RGULJXHV 0tGLD 5RGULJR 5RGUL JXHV 5HGDWRU 5DSKDHO 3LQWHLUR 'LUHWRUD GH $UWH 6DEULQD *RQoDOYHV 3URGXomR 7KD\V 6DQWLDJR $SURYDomR 7KLDJR $QJHOXV H $QGUH %XUOH

/(,7( e 78'2 &RP R REMHWLYR GH VH DSUR[LPDU H ID]HU SDUWH GR GLD D GLD GRV PRUDGR UHV GR 1RUWH H 1RUGHVWH GR %UDVLO D ,WDPEp FRP D FULDomR GD *UH\ %UDVLO GHVHQYROYHX ILOPH SDUD IDODU VREUH D TXDOLGDGH H D SXUH]D GH VHX OHLWH HP Sy LWHP TXH p FDPSHmR GH YHQGDV QD UHJLmR $ FDPSDQKD YHLFXODGD HP 79 H UiGLR ILFDUi QR DU DWp R ILQDO GH RXWXEUR &RP R FRQFHLWR ´3DUD ,WDPEp OHLWH p WXGRµ ODQoDGR GXUDQWH D SULPHLUD FDPSD QKD GD PDUFD DVVLQDGD SHOD DJrQFLD D DQLPDomR SDUD 79 DGRWD XPD OLQJXDJHP PRGHUQD H VLPSOHV TXH UHVVDOWD D SUHRFXSDomR TXH D HPSUH VD WHP FRP R SURGXWR HYLGHQFLDQGR RV EHQHItFLRV GH SXUH]D H GH FRQWUROH GH RULJHP GD PDWpULD SULPD 1R ILOPH WRGDV DV HWDSDV GR SURFHVVR GH TXDOLGDGH VmR UHWUDWDGDV -i D HVWUDWpJLD SDUD UiGLR XVD FRPR EDVH R MLQJOH GHVHQYROYLGR SDUD R YtGHR $JrQFLD *UH\ %UDVLO 63 &OLHQWH ,WDPEp $WHQGLPHQWR &OiXGLD 0HQH]HV H 7DVVLDQD )HUUDUL 3ODQHMDPHQWR 6XPDUD 2VyULR H /HRQDUGR 6DVVLQL &KLHI &UHDWLYH 2IILFHU 5RGULJR -DWHQH 'LUHWRUD GH FULDomR 0DULDQJHOD 6LOYDQL 'LUHWRUD GH $UWH 9DQHVVD )HOL[ 5HGDWRU )LOOLSSL /RQJXLQL 579& 0RHPD 3RUUR H ,DQ ,QJOH] 0tGLD %iUEDUD )RQWHV H 3ULVFLOOD )DYDFKR $SURYDomR 0DUWLP ,EUDKLP H %HDWUL] &DUGRVR

*,52 %5$6,/

6(5 3$, 2 %RWLFiULR IRL EXVFDU QD RULJHP GD UHODomR HQWUH SDL H ILOKR QD H[SHFWDWLYD GR SULPHLUR HQFRQWUR H QDV UHIHUrQFLDV TXH HVVD OLJDomR UHSUHVHQWD SDUD RV ILOKRV D GHOLFDGH]D SDUD KRPHQDJHDU R DIHWR SDWHUQR 3DUD LVVR D PDUFD SUHSDURX FDPSDQKD HVSHFLDO SDUD SDUDEHQL]i ORV H ODQoDU D IUDJUkQFLD 8RPLQL 2ULJHP H[FOXVLYDPHQWH SDUD D GDWD &ULDGR SHOD $OPDS%%'2 R ILOPH DSUHVHQWD GH IRUPD FDULQKRVD R DPRU SDWHUQDO H FHOHEUD FRP VHQVLELOLGDGH D DWLWXGH GD DGRomR 2 ILOPH Â´2ULJHPÂµ e GLULJLGR SRU +HLWRU 'KDOLD H SURGX]LGR SHOD 3DUDQRLG 2V DQ~QFLRV WDPEpP SRGHP VHU YLVWRV HP SXEOLFDo}HV QDFLRQDLV TXH KRPHQDJHLDP RV SDLV FRP IRWRV HQFDQWDGRUDV /,952 3$5$ '2:1/2$' *5$78,72 1mR Ki FXUVR GH FRPXQLFDomR TXH QmR YLVLWH RV DXWRUHV GD 7HRULD &UtWLFD IRUPXODGD SRU $GRUQR H +RUNKHLPHU GD (VFROD GH )UDQNIXUW 0DLV UHFHQWHPHQWH D DFDGHPLD WDPEpP SDVVRX D UHVJDWDU RV HVFULWRV GR IUDQFrV *X\ 'HERUG TXH FXQKRX R WHUPR VRFLHGDGH GR HVSHWiFXOR 1R OLYUR 7HRULD &UtWLFD H 6RFLHGDGH GR (VSHWiFXOR R SURIHVVRU GR FXUVR GH PHVWUDGR HP &RPXQLFDomR GD )DFXOGDGH &iVSHU /tEHUR &OiXGLR 1RYDHV 3LQWR &RHOKR R OHLWRU YDL HQFRQWUDU XPD UHIOH[mR VREUH D FDSDFLGDGH GH D 7HRULD &UtWLFD FRPSUHHQGHU D FRPXQLFDomR QD VRFLHGDGH GR HVSHWiFXOR FRQWHPSRUkQHD 2 OLYUR HVWi GLVSRQtYHO SDUD GRZQORDG JUDWXLWR HP KWWS ELW O\ 0JQ = 9,$6 &21*(67,21$'$6" &RPR SDUWH GH VXD FDPSDQKD GH PtGLD %HQHJULS 0XOWL R QRYR LQWHJUDQWH GD IDPtOLD GH DQWLJULSDLV %HQHJULS IHFKD SDUFHULD LQpGLWD FRP R :D]H DSOLFDWLYR GR *RRJOH TXH DX[LOLD RV PRWRULVWDV D HVFROKHUHP D PHOKRU URWD HP WHPSR UHDO TXDQGR HVWmR HP WUkQVLWR SRU PHLR GD ,06 UHSUHVHQWDQWH H[FOXVLYD GR DSOLFDWLYR QD $PpULFD /DWLQD e D SULPHLUD YH] TXH XPD PDUFD GH PHGLFDPHQWRV DQXQFLD QD SODWDIRUPD $ DomR FRQWD FRP DQ~QFLR TXH DSDUHFH SDUD RV PRWRULVWDV TXDQGR HVWLYHUHP HP YLDV HVWDFLRQDGDV FRP D PHQVDJHP Â´9LDV FRQJHVWLRQDGDV" %HQHJULS 0XOWL GHVFRQJHVWLRQDQWH QDVDO

FRQWUD RV VLQWRPDV GD JULSHÂµ 2 ILOPH HVWi QR DU HP UHGH QDFLRQDO (0%$,;2 '$ Ã&#x2030;*8$ &RPR SDUWH GD VpULH GH FRODERUDo}HV FRP DUWLVWDV H WDOHQWRV JOREDLV TXH GHILQHP R SURMHWR 6WD\ 7UXH R XtVTXH HVFRFrV %DOODQWLQHÂ·V H R IRWyJUDIR

KLSHU UHDOLVWD %HQMDPLQ 9RQ :RQJ SURGX]LUDP XP H[SHULPHQWR ~QLFR GH IRWRJUDILD SDUD UHFULDU D PDLV GH P GH SURIXQGL GDGH HP FDYHUQDV VXEPHU VDV SRU iJXD QR 0p[LFR XP GRV PDLV H[SUHVVLYRV VtPERORV GD WUDGLomR FKLQHVD R SHVFDGRU FKLQrV H VXD ODQWHUQD 2 GRFXPHQWiULR %DOODQWLQHÂ·V 3UHVHQWV %HQMDPLQ 9RQ :RQJÂ·V 8QGHUZDWHU 5LYHU p R TXDUWR GH XPD VpULH UHDOL]DGD HQWUH D PDUFD H RXWURV DUWLVWDV SHOR PXQGR TXH WUD]HP KLVWyULDV SHVVRDLV H[LELGDV GH PDQHLUD VXUSUHHQGHQWH

Â´32/(1*+, 6e/(&7,21 &20%,1$Âµ 3ROHQJKL 6pOHFWLRQ WUD] PDLV XPD QRYLGDGH DRV FRQVXPLGRUHV FRP R ODQoDPHQWR GR SULPHLUR DSOLFDWLYR GH TXHLMRV GR %UDVLO R Â´3ROHQJKL 6pOHFWLRQ &RPELQDÂµ &RP FULDomR GD '3= 7 R DSS RIHUHFH XP VHUYLoR GH FXUDGRULD HVSHFLDO VREUH TXHLMRV DMXGDQGR TXHP GHVHMD SUHSDUDU H DSURYHLWDU ERQV PRPHQWRV HP ERD FRPSDQKLD 2 DSOLFDWLYR IRUQHFH LQIRUPDo}HV OHYDQGR HP FRQWD R Q~PHUR GH SHVVRDV D EHELGD TXH SUHWHQGH VHU VHUYLGD H R TXHLMR GH SUHIHUrQFLD GR XVXiULR e SRVVtYHO DLQGD FULDU XPD OLVWD GH FRPSUDV FRP WRGRV RV SURGXWRV H TXDQWLGDGHV TXH SRGHP VHU VDOYDV QR GHYLFH RX HQYLDGDV SRU H PDLO 3DUD GLYXOJDU D QRYLGDGH H UHIRUoDU R FRQFHLWR GHVVD IHUUDPHQWD D '3= 7 WDPEpP FULRX GLIHUHQWHV DWLYDo}HV FRPR FDPSDQKD GLJLWDO FRP ILOPHV YHLFXODGRV QR FDQDO GR *RRJOH Do}HV HP 3'9 DQ~QFLR LQWHUDWLYR QD HGLomR GLJLWDO GD UHYLVWD 9HMD H WRWHP LQWHUDWLYR HP 6KRSSLQJV &HQWHUV GH 6mR 3DXOR 63 Â² $QiOLD )UDQFR ,JXDWHPL %RXUERQ

125'(67( 6( &2162/,'$ 12 /,9( 0$5.(7,1* 8P PHUFDGR TXH Mi PRYLPHQWD PDLV GH 5 ELOK}HV QR %UDVLO DQXDOPHQWH WHP PXLWR TXH FRPHPRUDU HVSHFLDO PHQWH TXDQGR GDGRV PRVWUDP TXH R FHQiULR LQGLFD FUHVFL PHQWR GH TXDVH QRV ~OWLPRV DQRV (P YLUWXGH GR TXH UHSUHVHQWD QRV GLDV GH KRMH D $PSUR $VVRFLDomR GH 0DUNHWLQJ 3URPRFLRQDO PDLRU HQWLGDGH TXH UHSUHVHQWD R VHWRU GH /LYH 0DUNHWLQJ HP WRGR R SDtV SUHVWLJLD HP JUDQGH HVWLOR DTXHOHV TXH GHVHQYROYHP QD SUiWLFD H[SHULrQFLDV GH LPSDFWR GR VHWRU Â´2 $PSUR *OREHV p D SUHPLDomR GH PDLRU UHFRQKHFLPHQWR QR PHUFDGR GH /LYH 0DUNHWLQJ $V HPSUHVDV TXH XVDP VHUYLoRV GH /LYH 0DUNHWLQJ QDV VXDV HVWUDWpJLDV GH FRPX QLFDomR HQFRQWUDP QHVWD SUHPLDomR DJrQFLDV TXH VH GHVWDFDUDP WHQGR FRPR REMHWLYR FKDPi ODV SDUD IXWXURV WUDEDOKRV 2 SUrPLR p D PHOKRU YLWULQH GH H[SRVLomR GD DJrQFLDÂµ GL] R SUHVLGHQWH GD HQWLGDGH .LWR 0DQVDQR &RP FHUFD GH HPSUHVDV DVVRFLDGDV H UHSUHVHQWDomR HP YiULDV UHJL}HV 6XO 6XGHVWH &HQ WUR 2HVWH H 1RUWH 1RU GHVWH D $PSUR WHP DFRPSD QKDGR Do}HV GH LPSDFWR H SUHVWL JLDGR SURILVVLRQDLV GH WRGD D FDGHLD SURGXWLYD GR VHWRU GR SDtV DJrQFLDV FOLHQWHV IRUQHFHGRUHV HQWUH RXWURV (VWD PRV D SDUWLU GH DJRUD ID]HQGR SUHPLDo}HV GH UHFR QKHFLPHQWR GH PHUFDGR RX VHMD HVWDPRV YDORUL]DQGR R SURILVVLRQDO TXH WUDEDOKD QHVWH VHJPHQWR H TXH FRP VXD FULDWLYLGDGH H JHVWmR FRQVHJXH JHUDU YDORU SDUD QRVVD DWLYLGD GH %DVHDGR QLVVR LPSODQWDPRV D SUHPLDomR SDUD GHVWDTXH GR DQR QD FULDomR SODQHMDPHQWR SURGXomR H DWHQGLPHQWR GH DJHQFLD (VWHV SURILVVLRQDLV VmR HOHLWRV SHOR PHUFDGR H UHFH EHP R SUHPLR GH GHVWDTXH GR DQR $OpP GLVVR WHPRV WDPEpP XPD SUHPLDomR SDUD IRUQHFHGRUHV TXH VmR HVSHFLDOL

]DGRV HP DWHQGHU GHPDQGDV GH /LYH 0DUNHWLQJÂµ UHVVDOWD 0DQVDQR ( HVVHV HVIRUoRV GR PHUFDGR GH SURSDJDQGD FRPXQLFDomR H SURPRomR FRQWRX SHOD SULPHLUD YH] QHVWH DQR QD IHVWD GH HQWUHJD GD HWDSD UHJLRQDO TXH DFRQWHFHX QD %DKLD QR GLD GH MXQKR QR 5HG 5LYHU &DIp QR 5LR 9HUPHOKR HP 6DOYDGRU SDUD SUHVWLJLDU RV YHQFHGRUHV GHVWD IDVH GD PDLRU SUHPLDomR GR /LYH 0DUNHWLQJ QR %UDVLO Â´$ QRVVD UHJLmR QRV ~OWLPRV DQRV WHP FUHVFLGR DFLPD GD PpGLD QDFLRQDO FRP UHIOH[RV PXLWR SRVLWLYRV QR VHWRU GH /LYH 0DUNHWLQJ (YLGHQWHPHQWH TXH VHQGR XPD UHJLmR FRPSRVWD SRU QRYH HVWDGRV H[LVWHP HVWiJLRV GLYHUVLILFDGRV GH PDWXULGDGH GHVWH PHUFDGR 1D %DKLD SRU H[HP SOR p YLVtYHO R FUHVFLPHQWR TXH RFRUUH GLDULDPHQWH QR Q~PHUR GH DJrQFLDV /LYH (P RXWURV HVWDGRV DV $JrQFLDV GH 3XEOLFLGDGH Mi VHQWHP D QH FHVVLGDGH GH PLJUDU SDUD R /LYH 0DUNHWLQJ RX WHU XP EUDoR GH 3URPR SDUD VXSULU DV GHPDQGDV GH VHXV FOLHQ WHV FDUDFWHUL]DQGR VH FRPR

$JrQFLDV GH &RPXQLFDomR Âµ HQIDWL]D 0LOWRQ 6DQWDQD SUHVL GHQWH GR &DStWXOR 1RUGHVWH GD $PSUR ( QmR j WRD D FHULP{QLD GD HWDSD UHJLRQDO FRQVDJURX RLWR DJrQFL DV GR 1RUWH 1RUGHVWH TXH VH GHVWDFD UDP HP FDWHJRULDV WUD]HQGR QRYLGDGHV SDUD R VHWRU TXH HVWi FDGD YH] PDLV DWHQWR DV PDLV UHFHQWHV LQRYDo}HV H PXGDQoDV GR VHJPHQWR 8PD SUHPLD omR TXH FRQVDJURX HP VXD PDLRULD HPSUHVDV FRP IRUWH SUHVHQoD QDV SUDoDV GH 3HUQDPEXFR %DKLD H GR 0DUDQKmR $ SHUQDPEXFDQD $PSOD &RPXQLFDomR SRU H[HPSOR OLGHURX R UDQNLQJ JDUDQWLQGR R WtWXOR GH 0HOKRU $JrQFLD 5HJLRQDO FRP TXDWUR WURIpXV GH RXUR RXWURV TXDWUR GH SUDWD H PDLV TXDWUR GH EURQ]H UHVSHFWLYDPHQWH HP FDPSDQKDV FRPR 7HVWH $XGLWLYR ' QD FDWHJRULD ,9 0HOKRU ,GHLD RX

,YHOLVH %XDUTXH _

(WDSD 1RUWH 1RUGHVWH GR $PSUR *OREHV $ZDUGV PRVWUD D IRUoD GDV HPSUHVDV GD UHJLmR QR VHWRU GH /LYH 0DUNHWLQJ

$JXLQDOGR 9LULDWR 4XHLUR] )LOKR $PSOD H 0{QLFD 6FKLDVFKLR GLUHWRUD H[HFXWLYD GD $PSUR

&DPLOR &DVWUR H *HRUJH &KDYHV $UDQGDV H :DOWHU /LQV -U 5HYLVWD 3URQHZV

&RQFHLWR ,QRYDGRU SDUD R 6LVWHPD -RUQDO GR &RPPHUFLR GH &RPXQLFDomR 'RH 6XD (QHUJLD HP ;9 5HVSRQVDELOLGDGH 6RFLDO SDUD %DWHULDV 0RXUD H 5H~QD VXDV IDPtOLDV SRU 0HOKRU &DPSDQKD GH &RPXQLFDomR ,QWHJUDGD SDUD 9LWDUHOOD 0DV XPD FRQWHUUkQHD WDPEpP VH GHVWDFRX FRP ORXYRU FRP R SUrPLR GH 0HOKRU &DPSDQKD GR $QR D 3ODQR % FRP R SURMHWR )iEULFD GR $PRU 6RQKR GH 9DOVD GHVHQYROYLGR SDUD D 0RQGHOH] &RQWXGR D DJrQFLD DLQGD FRQTXLVWRX FRP R FOLHQWH R 2XUR HP 9, 0HOKRU $WLYDomR HP /LYH 0DUNHWLQJ FRP 7HOHIpULFR 7ULGHQW $omR 7HDVHU Â´0XLWDV GDV Do}HV DSUHVHQWDGDV QR *OREHV GHVWH DQR WURX[HUDP HPRomR GHVSHUWDUDP VHQWLPHQWRV H FRQTXLVWD UDP DVVLP JUDQGH SDUWH GR S~EOLFR $V Do}HV GLJLWDLV WDPEpP IRUDP IRUWHV GLIHUHQFLDGDV 2 FDVH )iEULFD GR $PRU GHVHQ YROYLGD SHOD 3ODQR % SDUD R 6RQKR GH 9DOVD GD 0RQGHOH] p XP H[HPSOR )RL O~GLFD KXPDQD PRGHUQD H FRQVHJXLX XP WUDEDOKR GH DWLYDomR GH PDUFD PXLWR SRVLWLYR GXUDQWH RV GLDV GH IHVWD QR 6mR -RmR GH &DUXDUX QD HGLomR ( IRL JUDoDV D HVVH WUDEDOKR TXH D 3ODQR % OHYRX R SUrPLR GH 0HOKRU &DPSD QKD GR $QRÂµ OHPEUD 6DQWDQD

$V HPSUHVDV EDLDQDV DFDEDUDP GRPLQDQGR D SUHPLD omR $ $UDQGDV 0DUNHWLQJ %RXWLTXH VH GHVWDFRX FRP YiULDV SUHPLDo}HV FRPR R 2XUR FRP 8UEDQR (YHQWR GH /DQoD PHQWR SDUD 1DWXUD &RVPpWLFRV SRU H[HPSOR H VHLV SUDWDV SDUD YiULDV Do}HV GHVWH FOLHQWH $ $WHQDV &RPXQLFDomR 6XSHUODWLYD WDPEpP OHYRX 2XUR SRU ,, 0HOKRU &DPSDQKD GH 3DWURFtQLR SRU $UHQD (OHWU{QLFD 7ULGHQW 0XVLF SDUD 7ULGHQW ( DLQGD R SUrPLR 3UDWD FRP D PHVPD DomR QD FDWHJRULD ;,,, 0HOKRU &DPSDQKD GH %UDQGLQJ *HUDQGR )LGHOLGDGH j 0DUFD $ (VWDOR 0DUNHWLQJ 3URPRFLRQDO JDUDQWLX 3UDWD H XP %URQ]H SRU &DVD GR 3DSDL 1RHO &RFD &ROD SDUD &RFD &ROD HP ,, 0HOKRU &DPSDQKD GH 3DWURFtQLR H ,WDLSDYD QR &DUQDYDO GH 6DOYDGRU SDUD *UXSR 3HWUySROLV HP ;,9 0HOKRU &DPSD QKD *HUDQGR ,QFUHPHQWR GH 9ROXPH 2XWUD TXH FRQTXLVWRX %URQ]H H 3UDWD HP GXDV FDWH JRULDV GLVWLQWDV IRL D $FWLYH TXH VH GHVWDFRX QHVWH FDVR FRP R SURMHWR 3DVVDUHOD 9LYD /LQGD SDUD 2 %RWLFiULR QDV FDWHJRULD ,; 0HOKRU ([SHULrQFLD HP (YHQWRV H ;9 0HOKRU &DPSDQKD GH 5HVSRQVDELOLGDGH 6RFLDO ( SRU ILP D FRQWHUUkQHD 0DUFDWL YD &RPXQLFDomR (VWUDWpJLFD OHYRX WUrV %URQ]HV FRP 7KH %OXH

-HIHUVRQ 9LHLUD H $OLQH %UDXOW 0DUFDWLYD H 0{QLFD 6FKLDVFKLR GLUHWRUD H[HFXWLYD GD $PSUR

-XOLDQD 1HU\ H 0DLUD +ROW] (VWDOR H 0iUFLR 9LDQD GLUHWRU UHJLRQDO $PSUR

0D\DUD $UD~MR JHUHQWH H[HFXWLYD $PSUR H 0iUFLR 9LDQD GLUHWRU UHJLRQDO $PSUR

0LOWRQ 6DQWDQD SUHVLGHQWH &DSLWXOR 1RUGHVWH H 'MDQLUD 'LDV ' 3URPR

DJrQFLD ( SRVVR DILUPDU TXH SHORV H[HPSORV TXH WHPRV YLVWR ([SHULHQFH SDUD *UXSR &DPSDUL , 0HOKRU &DPSDQKD GH QR $PSUR *OREHV HVWH p R PHOKRU FDPLQKRÂµ HQIDWL]D R &RPXQLFDomR ,QWHJUDGD 6NRO %HDWV 6HQVHV QR &DUQDYDO 'H GLUHWRU UHJLRQDO GD $PSUR 0iUFLR 9LDQD 6DOYDGRU SDUD $PEHY ;,,, 0HOKRU &DPSDQKD GH %UDQGLQJ ( SRU LVVR D $PSUR WHP WUDEDOKDGR GHVGH R DQR *HUDQGR )LGHOLGDGH j 0DUFD H .H\ 9LVXDO 1DFLRQDO 9RGND SDVVDGR FRP R MXOJDPHQWR HP GXDV HWDSDV XPD YLUWXDO H 6N\\ GR *UXSR &DPSDUL ; 0HOKRU 'LUHomR GH $UWH H RX RXWUD SUHVHQFLDO 1D SULPHLUD FDGD XP GRV MXUDGRV ID] VXDV 'HVLJQ HP &DPSDQKDV GH /LYH 0DUNHWLQJ DYDOLDo}HV GH IRUPD LQGHSHQGHQWH 3RVWHULRUPHQWH p UHDOL]D 6LWXDGD HP 6mR /XtV GR 0DUDQKmR D )$= 3URPR GR GR XP HQFRQWUR SUHVHQFLDO SDUD GLVFXWLU H YDOLGDU RV UHVXOWD *UXSR 3KRFXV FHOHEURX XP 3UDWD FRP %0: 7UDQVIRUPDWLRQ GRV Â´1R *OREHV QmR DGLDQWD WHU XP SURMHWR FULDWLYR VHP SDUD 'DOFDU %0: HP ;9, 0HOKRU &DPSDQKD GH %DL[R ,QYHV UHVXOWDGR TXH QmR VHUi SUHPLDGR (VWH WLPHQWR H GRLV %URQ]H SRU $ EHOH]D GH DQR WLYHPRV XP SDGUmR GH MXOJDPHQWR VHU PmH SDUD &DUPHQ 6WHIIHQV ,9 H[FHSFLRQDO ,VVR DOLDGR DR SURFHVVR GH 0HOKRU ,GHLD 2X &RQFHLWR ,QRYDGRU H FRPSRVLomR GR M~UL TXH WLYHPRV WUD] SRU &RSD &\UHOD SDUD &\UHOD ;,, XP QtYHO GH VHJXUDQoD PXLWR ERP SDUD 0HOKRU &DPSDQKD GH ,QFHQWLYR (VWD R UHVXOWDGR ( SDUD VH WHU XPD LGHLD YDULHGDGH GH SURMHWRV FRQWHPSODGRV H DTXL GR 1RUWH H 1RUGHVWH IRUDP PDLV D SURSRVWD GH FDGD WUDEDOKR UHVVDOWDP GH MXUDGRV PHVFODQGR SURILVVLRQDLV DVVLP D SURMHomR GD UHJLmR SDUD R VHWRU GR /LYH 0DUNHWLQJ FOLHQWHV MRUQDOLVWDV H FRP FRPSHWrQFLD FULDWLYLGDGH H LQRYD DFDGrPLFRVÂµ UHVVDOWD 9LDQD 'HQWUH RV omR 4XHVLWRV KRMH IXQGDPHQWDLV SDUD R FUHVFLPHQWR H GHVHQYROYLPHQWR GDV MXUDGRV SUHVHQWHV R QRVVR GLUHWRU GD HPSUHVDV QR PHUFDGR GH FRPXQLFDomR 5HYLVWD 3URQHZV :DOWHU /LQV -~QLRU IRL QR FHQiULR DWXDO Â´3DUD R 1RUWH H 1RU XP GRV TXH SDUWLFLSDUDP 'LDQWH GH XP FHQiULR GH LQFHU GHVWH R UHVXOWDGR GR *OREHV UHIRUoD D WH]DV SDUD R SDtV XP IDWR FRQFUHWR p SRVLomR TXH HVVD JUDQGH UHJLmR WHP TXH R PHUFDGR GH /LYH 0DUNHWLQJ YDL GHQWUR GR FHQiULR GH FRPXQLFDomR 7LDJR +ROW] H -XOLDQD 1HU\ (VWDOR H EHP REULJDGR JUDoDV j YLVmR GRV FOLHQ QDFLRQDO 7LYHPRV QR DQR SDVVDGR .LWR 0DQVDQR SUHVL 1DFLRQDO $PSUR

WHV H DQXQFLDQWHV GH DWLQJLU RV VHXV S~EOLFRV GH IRUPD PDLV JUDQGHV FDVHV FRQFRUUHQGR QDFLRQDOPHQWH H p R TXH HVSHUD HILFD] LQYHVWLQGR HP Do}HV EHP VXFHGLGDV TXH SRGHP VHU PRV GH GHVHPSHQKR SDUD -XQWH VH D LVVR R IDWR GH TXH GHVHQYROYLGDV DWp FRP YHUEDV PHQRUHV H DLQGD FRP FULDWLYL FHUFD GH GRV FRQFRUUHQWHV DR 3URILVVLRQDLV GR $QR VmR GDGH ( R IXWXUR SURPHWH PXLWR DLQGD R TXH IDODU HVSHFLDO GH QRVVD UHJLmR HQWmR QmR Ki FRPR LJQRUDU TXH HVWDPRV PHQWH FRP R DSRUWH GDV QRYDV WHFQRORJLDV TXH HVWmR GRPL QXPD FUHVFHQWH ( QmR WHP IyUPXOD PiJLFD R PDLRU IRFR TXH QDQGR WRGRV RV VHJPHQWRV GD YLGD GRV FRQVXPLGRUHV $ILQDO DV DJrQFLDV GH /LYH 0DUNHWLQJ SUHFLVDP WHU p QR UHVXOWDGR ( FDGD YH] PDLV ILFD LPSRVVtYHO SHQVDU HP DomR SURPRFLRQDO SDUD WHU PHOKRUHV UHVXOWDGR Ki GH VH UHLQYHQWDU VHPSUH $ VHP TXDOTXHU IHUUDPHQWD WHFQROyJLFD DWUHODGD e Vy HVSHUDU H EXVFD LQFHVVDQWH SHODV QRYDV IRUPDV GH ID]HU YHOKDV FRLVDV DJXDUGDU R TXH YHP SRU Dt SUHFLVD HVWDU QD FDEHoD GH WRGRV H HP WRGDV DV iUHDV GD

&$3$

6DEH DTXHOD YHOKD H FRQKHFLGD IUDVH GR ILOyVRIR FKLQrV &RQI~FLR $ & $ & ´8PD LPDJHP YDOH PDLV GR TXH PLO SDODYUDVµ" 3RLV EHP HVWH GLWR SRSXODU WDOYH] WHQKD PDLV GR TXH QXQFD JDQKDGR IRUoD QRV GLDV GH KRMH FRP D LQRYDomR WHFQROyJLFD $ILQDO QR PXQGR GDV VHOILHV H GDV IRWRV LQVWDQWkQHDV R TXH VH Yr p UHDO SDUD PXLWRV HVSHFLDOPHQWH QR XQLYHUVR GD FRPXQLFDomR ( p QHVWH FHQiULR TXH XP FDPSR HQFRQWUD FDGD YH] PDLV HVSDoR DWXDOPHQWH R GD SyV SURGXomR H GR UHWRXFK DWHQGHQGR XPD GHPDQGD TXH DJRUD VH WRUQD IXQGDPHQWDO QD ILQDOL]DomR GH TXDOTXHU JUDQGH WUDEDOKR GH FULDomR ( HP PXLWRV FDVRV VXD DERUGDJHP QR SURFHVVR SRGH VH WRUQDU R GLIHUHQFLDO QD H[HFXomR GD LGHLD ´2 PHUFDGR GH FRPXQLFDomR Mi XWLOL]D D SyV SURGXomR GH LPDJHQV GHVGH VHPSUH Vy PXGDQGR D IRUPD QR LQtFLR GR VpFXOR SDVVDGR DV LPDJHQV HUDP UHWRFDGDV j PmR FRPR QDV SLQ XSV GD &RFD &ROD GHSRLV FRP D FKHJDGD GR FRPSXWDGRU H GR 3KRWRVKRS Vy PXGRX D IHUUDPHQWD TXH HYROXLX H ILFRX PDLV DFHVVtYHOµ DFUHGLWD %HUWRQH %DOGXtQR GLUHWRU GH FULDomR GD %ODFNQLQMD 3( &RP LVVR REVHUYD VH TXH XPD LPDJHP p PDLV GR TXH XPD LPDJHP ( D UHDOLGDGH GR PXQGR SRGH FDGD YH] PDLV VHU UHWRFDGR PHOKRUDGR H PDQLSXODGR H LVVR SRGH VHU PDLRU TXDQGR GLDQWH GDV QRYDV WHFQRORJLDV H DSOLFDWLYRV 1R GLD D GLD GDV SHVVRDV SRU H[HPSOR FDVRV Mi VH WRUQDUDP FOiVVLFRV QDV UHGHV VRFLDLV GLJLWDLV DR SURYDU TXH D LGHLD GR ´YRFr QmR p EHP TXHP GL] VHUµ D H[HPSOR GH KLVWyULDV PRVWUDGDV HP SURJUD PDV GH WHOHYLVmR FRPR R &DWILVK GD 079 2 ´HXµ GH DOJXPDV SHVVRDV VH WRUQDP R DOWHU HJR GH TXHP GHVHMDP VHU SDUD DWUDLU RXWUDV SHVVRDV ( SRU PDLV TXH LVVR SDUHoD WROR HVWH FRQFHLWR LPSHUD HP YiULRV XQLYHUVRV FRWLGLDQRV H SURILVVLRQDLV TXHU VH JRVWH RX QmR ´1R PXQGR GD IRWRJUDILD GHVGH 1LHSVL H[LVWH R UHWRTXH $ JUDQGH TXHVWmR p RQGH XVi OR 9HUGDGH RX 0HQWL UD" $ VRFLHGDGH FDSLWDOLVWD VHOYDJHP SUHFLVD GH 3KRWRVKRS SDUD YHQGHU VXDV PHQWLUDV SRUWDQWR WXGR QmR SDVVD GH IUDXGH 3RU XP DQJXOR ILORVyILFR R UHWRXFK QDGD PDLV p GR TXH PH HQJDQD TXH HX JRVWR 8P H[HPSOR p R GD )iWLPD %HUQDUGHV &RP XP SURJUDPD DR YLYR H D TXDOLGDGH GH LPDJHQV GDV 79V GH SRQWD GHL[DU VH UHWRFDU DR SRQWR GD SHOH YLUDU EXQGD GH QHQpP H GHVYLDU D DWHQomR GR SURGXWR SDUD VXD VXSRVWD %HUWRQH %DOGXtQR GLUHWRU GH FULDomR GD %ODFNQLQMD 3(

SOiVWLFD YLUWXDO QR DQ~QFLR GH HQODWDGRV H FRPLGDV SURFHVVD GDV QDV UHYLVWDV FRP IRWR GH DOWtVVLPD UHVROXomR PHQWLURVD e PXLWD VDOVLFKD SUR PHX %RQQHUµ FRPHQWD 6iYLR $UD~MR GLUHWRU H[HFXWLYR H GH FULDomR GD 6iYLR $UD~MR 3URGXo}HV $UWtVWLFDV 3( $SHVDU GH QmR LQWHUOLJDUPRV D SyV SURGXomR RX R UHWRXFK QHVWDV FLUFXQVWkQFLDV D YHUGDGH p TXH RV IUDFDVVRV VHPSUH JDQKDP PDLRU GHVWDTXH GR TXH RV VXFHVVRV GHVVH SURFHVVR QR PHUFDGR $ LPDJHP GH 3UHWD *LO HP QR ´6SHFLDO )RU <RXµ GD & $ SRU H[HPSOR FKDPRX PDLV DWHQ omR GR S~EOLFR H GD LPSUHQVD GR TXH D SUySULD FDPSDQKD DILQDO FRPR QmR SUHVWDU DWHQomR QD PDQLSXODomR IHLWD QR URVWR H FRUSR GD HVWUHOD WmR DOWHUDGRV FRP R XVR H[FHVVLYR GR 3KRWRVKRS 2XWUR H[HPSOR EDVWDQWH FULWLFDGR IRL R GD DWUL] &DURO &DVWUR TXH DSDUHFHX HP HQVDLR GD UHYLVWD %RD )RUPD HP PDLV EURQ]HDGD H VHP D WDWXDJHP TXH WHP QD UHJLmR GD EDUULJD 3DUHFH VHU XP SUREOHPD GDV WHUUDV WXSLTXLQV PDV QmR p 2 PHUFDGR QRUWH DPHULFDQR GHWpP VXD SUySULD TXRWD GH IDOKDV GH LPDJHP QD LPSUHQVD QD PRGD H QD SURSDJDQGD 0DV QRV (VWDGRV 8QLGRV HQWUHWDQWR PXLWRV VH WRUQDP FDVRV GH HVFkQGDOR SROtWLFR 2 XVR GR UHWRTXH GLJLWDO LQFOXVLYH DOWHURX LPDJHP GLYXOJDGD GR SUHVLGHQWH %DUDN 2EDPD VDLQGR GR )RUoD $pUHD GH PmRV GDGDV FRP D SULPHLUD GDPD PRVWUDQGR GXDV PmRV QD PHVPD LPDJHP &KLFR %DUURV _

,YHOLVH %XDUTXH _

5(728&+ 0$1,38/$d®2 28 0(/+25$0(172"

,YDQ /RRV GLUHWRU GH DUWH QD /HR %XUQHWW 7DLORU 0DGH 63

$SHVDU GHVVHV FDVRV TXHVWLRQiYHLV D SyV SURGXomR H R UHWRXFK UHSUHVHQWDP WUDWDPHQWRV TXH SRGHP WUD]HU PHOKRUDPHQWRV VLJQLILFDWLYRV SDUD D LPDJHP FRQVLGHUDQGR VH WRGDV DV VXDV SRVVLELOLGDGHV H DV IHUUDPHQWDV j GLVSRVLomR ( LQGHSHQGHQWH GD VLWXDomR D UHDOLGDGH p TXH VXD IRUoD WUD] JUDQGHV EHQHItFLRV QR TXDGUR JHUDO H SURSRUFLRQDP RSRUWX QLGDGHV TXH DWHQGHP QmR Vy DTXHOD EiVLFD Â´JDULPSDGDÂµ QR YLVXDO QR GLD D GLD GDV QRVVDV DWLYLGDGHV SHVVRDLV RX SURILVVL RQDLV FRPR VHUYH SDUD IDYRUHFHU R SURMHWR QR ILQDO Â´3yV SURGXomR H UHWRTXH UHWRXFK VmR QR IXQGR D PHVPD FRLVD XPD HWDSD GH SURGXomR VHMD HOD LPSUHVVD ILOPDGD GLJLWDO (P PLQKD RSLQLmR HOD VHPSUH H[LVWLX DSHQDV FRP OLPLWDo}HV GH FDGD pSRFD $FUHGLWR TXH VHPSUH WHYH DOJXP SURFHVVR ILQDO UHDOL]DGR DSyV XPD ILOPDJHP RX XPD IRWRJUDILD WHU VLGR IHLWD SRU PDLV VLPSOHV TXH VHMD ( LVVR Mi VHULD FRQFHLWXDOPHQWH XPD SyV SURGXomRÂµ GL] ,YDQ /RRV GLUHWRU GH DUWH QD /HR %XUQHWW 7DLORU 0DGH 63 1XPD WUDGXomR OLWHUDO GR LQJOrV D SDODYUD UHWRXFK VHPSUH DVVRFLDGD j SyV SURGXomR VLJQLILFD UHWRTXH XP SUR FHVVR TXH p EHP FRQKHFLGR QR GLD D GLD 6HMD QR PXQGR GD PRGD EHOH]D H DWp PHVPR R PXQGR PDVFXOLQR HVVH WUDEDOKR p PDLV FRPXP QR PHLR UHYLVWD PHVPR TXH QmR VH DSHJXH PXLWR DR UHDO &RQWXGR H DFLPD GH WXGR HVWi SUHVHQWH TXDQ GR DV LGHLDV PDLRUHV SUHFLVDP GH XP Â´SOXVÂµ ( PHVPR TXH HVWHMD LQWHUOLJDGR DR GDV DJrQFLDV R SURFHVVR p WRWDOPHQWH GLIHUHQWH HP XP HVW~GLR GH SyV Â´,PDJHQV SUHFLVDP GH UHWR TXH TXDQGR D JHQWH IDOD HP OLPSH]D WLUDU DV VXMHLUDV TXH GHYHP VHU HOLPLQDGDV H p Dt TXH DV LPDJHQV SUHFLVDP GH UHWR

TXH DV GLJLWDLV SULQFLSDOPHQWH 0DV HOD WDPEpP SUHFLVD GH XP SURFHVVDPHQWR QRUPDOPHQWH IHLWR HP SURJUDPDV FRPR R /LJKWURRP $GREH &DPHUD 5DZ PDV DOpP GR SURFHVVDPHQWR HOD SUHFLVD GH DMXVWH GH FRQWUDVWH GH QLWLGH] TXH PXLWD JHQWH FRQIXQGH H FKDPD GH UHWRTXHÂµ HVFODUHFH &OtFLR %DUURVR VyFLR GR $', $WHOLHU GH ,PSUHVVmR 63 3RU LVVR D LGHLD TXH ILFRX FRQGLFLRQDGD DWp KRMH p D GD PDQLSXODomR &RQWXGR D SURSRVWD GH Â´3KRWRVKRSÂµ DLQGD p DWXDO RX HVWH p DSHQDV XP FRQFHLWR XOWUDSDVVDGR TXH ILFRX QR LPDJLQiULR H QR YRFDEXOiULR SRSXODU" Â´2 UHWRTXH HP VL p DOWH UDU RV SL[HOV GD LPDJHP PXGDU DSDJDU DFUHVFHQWDU WURFDU FpX HWF &ODUR TXH p GHVQHFHVViULR QD PHGLGD HP TXH D LPD JHP IRL EHP IHLWD EHP SURGX]LGD 1HVWH FDVR QmR p QHFHVVi ULR ID]HU UHWRTXH FRUUHWLYR DOJXP YDPRV GL]HU DVVLP GHSRLV GD LPDJHP SURQWD (QWmR ILFD GLItFLO TXDQGR D JHQWH IDOD SKR WRVKRS p XP SURJUDPD TXH WUDWD D LPDJHP SRUTXH R TXH p WUDWDU" (OH SRGH SURFHVVDU DWUDYpV GR &kPHUD 5DZ SRGH UHWR FDU H VLPSOHVPHQWH DMXVWDU DV LPDJHQV 7RGDV DV IRWRV SUHFL VDP GH DMXVWHVÂµ UHVVDOWD %DUURVR $/e0 '$6 /(17(6 Â² 1D KLVWyULD GD IRWRJUDILD HUD EDVWDQ WH FRPXP D VXWLO PDQLSXODomR GDV LPDJHQV SDUD GDU XP ~OWLPR UHWRTXH IRVVHP GH SHUVRQDJHP RX GH SDLVDJHP SDUD HVWDV SHUPDQHFHVVHP D H[SUHVVmR Pi[LPD GR UHDO SHOR ROKDU GR REVHUYDGRU 1R FRPHoR GR VpFXOR ;; HUD FRVWXPH GRV IRWy JUDIRV UHWRFDUHP D IRWR SDUD FULDU R UHVXOWDGR GHVHMDGR QR SURGXWR ILQDO FRPR ID]LD R %DUmR $GROSK GH 0H\HU &RQKHFLGR FRPR %DUmR 0H\HU IRL R SULPHLUR

&OtFLR %DUURVR VyFLR GR $', $WHOLHU GH ,PSUHVVmR 63

7KLDJR *RXYHLD IRWyJUDIR H MRUQDOLVWD 3(

5LFDUGR 0RUHLUD GD 0RUHLUD (VW~GLR 3(

IRWyJUDIR IL[R GD 9RJXH H GD 9DQLW\ )DLU PDV ILFRX FRQKHFLGR SRU XP DPSOR WUDEDOKR GH IRWRJUDILD FRPR DUWH ,QFOXVLYH HQWUH DV VXDV PDLV IDPRVDV HVWmR QDWXUH]DV PRUWDV FRP D OX] HVWRXUDGD H DV GR GDQoDULQR 9DVODY 1LMLQVN\ HP 3DULV H HP 1RYD <RUN HQWUH H $OpP GLVVR p FRQKHFLGR FRPR JUDQGH PDQLSXODGRU GH OX] H VRPEUD FRP FRVWXPHLUDV IRQWHV GH OX] HP OXJDUHV LQHVSHUDGRV H UHWRFDJHP GLUHWDPHQWH QR QHJDWLYR Â´2 WUDWDPHQWR GH LPDJHP YHLR MXVWDPHQWH QD FRPX QLFDomR D HPSUHVD GH FRPXQLFDomR 0DJQXP FULDGD SRU 5REHUW &DSD HP Mi SRVVXtD XP UHWRFDGRU GH LPDJHQV WDPEpP FKDPDGR QD pSRFD GH ODERUDWRULVWD R 3DEOR ,QLULR (OH ILFDYD UHVSRQViYHO SRU DMXVWDU DV VRPEUDV H OX]HV QXPD IRWRJUDILD SDUD GDU XP DU GH GUDPDWLFLGDGH OHPEUD R IRWyJUD IR 7KLDJR *RXYHLD 3( MRUQDOLVWD H TXH WDPEpP DWXD FRPR HGLWRU GH LPDJHQV 3DUD R SURILVVLRQDO HVWD p XPD FHQD DQWLJD FRP GLYHU VRV DJHQWHV TXH IRUDP FRQWULEXLQGR FRP HVWD WUDGLomR FRP R WHPSR Â´0DV HUD XP SURFHVVR GHPRUDGR SRLV D IRWR HUD YiUL DV YH]HV TXHLPDGD HP GLYHUVDV SDUWHV VHSDUDGDV 3RU H[HP SOR VH HP XPD IRWR R IRWyJUDIR TXHULD GHVWDFDU PDLV XPD OX] RX HVFXUHFHU PDLV XP GHWHUPLQDGR SRQWR R ODERUDWRULVWD WLQKD TXH DQRWDU WXGR QD IRWR RULJLQDO H QR SURFHVVR GH UHWR TXH VHSDUDU SDUWH SRU SDUWHÂµ FRORFD ( HP PDLV GH FHP DQRV GD IRWRJUDILD GLYHUVRV QRPHV GHL[DUDP VXD PDUFD GH DOJXPD IRUPD SHOR FRQFHLWR WpFQLFD H FDPLQKR SHUFRUULGR SRU H[HP SOR ( DVVLP SURSRVWDV PXGDUDP H SURFHVVRV IRUDP HYR OXLQGR SDUD SURSRUFLRQDU H[SHULrQFLDV GH WUDEDOKR ~QLFDV TXH VH WRUQDUDP PXQGLDOPHQWH UHFRQKHFLGDV H LQXVLWDGDV HP PXLWRV FDVRV QR PHUFDGR H QR FHQiULR TXH FRQKHFHPRV Â´$V

SRVVLELOLGDGHV VmR SUDWLFDPHQWH LQILQLWDV QR FLQHPD WHPRV ILOPHV TXDVH WRGRV HP SyV SURGXomR FRPR GH (VSDUWD ( R UHWRXFK WHP VH WRUQDGR HVVHQFLDO SRLV GLIHUHQFLD H Gi PDLV SHUVRQDOLGDGH D FDGD SURMHWR HP XP PHUFDGR RQGH D GLIH UHQoD GD HQWUHJD p SHTXHQD WRGR GHWDOKH JDQKR YDOH PXLWRÂµ PHQFLRQD %HUWRQH %DOGXtQR (OH IULVD TXH KRMH R UHWRXFK p XVDGR SDUD WRUQDU D LPDJHP ~QLFD H DWUDHQWH ( D DSOLFDomR GHVWH SURFHVVR QmR VH UHVWULQJH DSHQDV j UHWLUDGD GH IDOKDV QD LPDJHP SRLV LVVR Mi p XPD DomR EDQDO QR WUDEDOKR GH FULDomR 2 REMHWLYR DJRUD p HQFDQWDU TXHP D Yr $V HVWUDWpJLDV DGRWDGDV Ki H DQRV GHUDP QRYRV FRQFHLWRV DR WUDEDOKR IRWRJUiILFR H DLQGD WURX[HUDP QRYRV ROKDUHV H SRVVLELOLGDGHV ( QRV GLDV GH DWXDLV SRU H[HPSOR WHPRV GLYHUVRV UHFXUVRV j PmR FRPR R XVR GH SURJUDPDV GH HGLomR GH LPDJHQV H R PHUFDGR GH FRPXQLFDomR WHP VH YDOLGR GHVWDV RSRUWXQLGDGHV H FRP PXLWR VXFHVVR Â´$ SyV SURGXomR H R UHWRXFK VmR PRWLYDGDV HP JUDQGH SDUWH SHOD FRPSHWLWLYL GDGH HQWUH DV PDUFDV H R PXQGR GLJLWDO TXH GHL[D ODGR D ODGR FDPSDQKDV UHJLRQDLV H PXQGLDLV &RP LVVR D QHFHVVLGDGH GH XP PHOKRU DFDEDPHQWR p VHPSUH PDLV QDWXUDO ( DVVLP D SyV HVWi YLUDQGR DOJR QRUPDO H R FOLHQWH FRPHoD D HQWHQGr OD SRLV R PDWHULDO JDQKD HP ULTXH]DV GH GHWDOKHVÂµ DFUHGLWD 5LFDUGR 0RUHLUD GD 0RUHLUD (VW~GLR 3( TXH WHP VH GHVWDFDQGR Ki DQRV QR VHWRU LQFOXVLYH FRP GLYHUVRV SUrPLRV GH QtYHO LQWHU QDFLRQDO FRPR R &DQQHV /LRQV H R 'XEDL /\Q[ )HVWLYDO ( SRU LVVR VmR UHDOL]DGRV PXLWRV HVIRUoRV H LQYHVWL PHQWRV QHVWH XVR QR PHUFDGR GH FRPXQLFDomR (ODV WUD]HP OLEHUGDGH SDUD LU DOpP H ID]HU FRP DV LPDJHQV R TXH VH GHVHMD ( QmR p D WRD REVHUYD VH D H[LVWrQFLD GH GLYHUVDV WpFQLFDV

/HDQGUR &DFLROL GLUHWRU GH &ULDomR H FRQVXOWRU GH &RPXQLFDomR GD 3URVSKHUD (GXFDomR &RUSRUDWLYD 63

DSOLFDWLYRV H PpWRGRV GLVSRQtYHLV Â´$ SyV SURGXomR GH LPD JHQV DYDQoRX QD PHGLGD HP TXH RV FRPSXWDGRUHV VH WRUQD UDP SDUWH GR GLD D GLD GDV SHVVRDV H PDLV GR TXH QXQFD GDV HPSUHVDV GH FRPXQLFDomR $ GLJLWDOL]DomR IDFLOLWRX H[SRQHQ FLDOPHQWH D PDQLSXODomR H UHWRTXH GDV LPDJHQV ,VVR VH WRUQD HYLGHQWH TXDQGR FRPSDUDGR DRV DQWLJRV SURFHVVRV GH FRP SRVLomR GDV PHVPDV TXH HUDP WRWDOPHQWH PHFkQLFRV 2 ILQD GR SURFHVVR FRQKHFLGR FRPR 3DVWH 8S SRU H[HPSOR LPSOL FDYD D PRQWDJHP GH XPD SHoD JUiILFD FRP FRODJHQV DUWHV ILQDLV H WLSRJUDILD VREUH XP FDUWmR DQWHV GH VHU HQYLDGR DR IRWROtWR (UD XP SURFHVVR ODERULRVR H EHP GHPRUDGRÂµ OHP EUD /HDQGUR &DFLROL GLUHWRU GH FULDomR H FRQVXOWRU GH FRPXQL FDomR GD 3URVSKHUD (GXFDomR &RUSRUDWLYD 63 &RP WXGR GLJLWDOL]DGR R SURILVVLRQDO UHVSRQViYHO SHOR UHWRTXH GH XPD LPDJHP SDVVRX D WHU WXGR j PmR FRPR ILOWURV HTXLSDPHQWRV IHUUDPHQWDV H GLYHUVDV RXWUDV SRVVLELOL GDGHV GH Do}HV SDUD R UHFRUWH GLJLWDO SRU H[HPSOR ( DVVLP IRUPDV H WpFQLFDV FRQKHFLGDV QmR HVWmR VHQGR XVDGDV VLPSOHV PHQWH SDUD PLQLPL]DU IDOKDV RX SDUD PHOKRUDU R UHVXOWDGR ILQDO DLQGD QR SURFHVVR GH SURGXomR HOD HQYROYH RXWUDV JUDQGHV YDQWDJHQV H WUD] WRGDV DV SRVVLELOLGDGHV SDUD R PHUFDGR Â´3R GH VH ID]HU TXDOTXHU FRLVD KRMH HP GLD 9RFr WLUD SHVVRD S}H SHVVRD PXGD QRPH LQYHUWH ID] R TXH YRFr TXLVHU $FUHVFHQ WD RX WLUD R TXH IRU QHFHVViULR (QWmR DV SRVVLELOLGDGHV VmR WRGDV FRP RV SURJUDPDV KRMH GLVSRQtYHLV SDUD HGLomR (QWmR R SHVR GR UHWRXFK HP DOJXQV SURMHWRV SXEOLFLWiULRV SRGH VH GL]HU TXH VHMD H 6HWHQWD SRU FHQWR SDUD R UHWRTXH H WULQWD SDUD D FDSWDomR GD LPDJHP +RMH R UHWRTXH WHP XP SHVR HQRUPH (X DFKR TXH QD iUHD SXEOLFLWiULD p SRVVtYHO YHU R SHVR GH HQWUH SURGXomR H SyV SURGXomR QR PtQLPR PHLR D PHLR GH UHVSRQVDELOLGDGHÂµ GHWHUPLQD &OLFLR %DUURVR &RP WXGR R TXH WHPRV QR TXH GL] UHVSHLWR DR WUDED OKR GH SyV SURGXomR DV UHDLV SRVVLELOLGDGHV GHVWD WpFQLFD WUD] XP SHVR HVSHFtILFR QD ILQDOL]DomR GH TXDOTXHU SURMHWR QR VHWRU ( DJRUD WHPRV XP QRYR GLIHUHQFLDO QD H[HFXomR GD LGHLD TXH SUHFLVD DLQGD DVVLP GH WRGRV RV HVIRUoRV GH FDGD SURILVVLR QDO SDUD R UHVXOWDGR LGHDO Â´2 IRWyJUDIR WHP TXH WHU R Pi[LPR GH GHGLFDomR QD FDSWDomR GD LPDJHP 1D SUiWLFD R PHUFDGR WHP PXLWR IRWyJUDIR UXLP TXH VH YLUD ID]HQGR SyV SURGXomR ERD ( GLDQWH GLVVR QmR DFKR TXH R UHWRXFK WHQKD WRGR HVWH SHVR QD ILQDOL]DomR GH TXDOTXHU SURMHWR ( QHP DFUHGLWR TXH HVWH WHP D YHU FRP D HUD GLJLWDO SRUTXH GXUDQWH WRGR R SHUtRGR KLEULGR YDPRV GL]HU Dt XQV FLQFR DQRV GH FRQ YLYrQFLD GH ILOPHV IRWRJUiILFRV FRP SKRWRVKRS QD SyV SURGXomR SXEOLFLWiULD 2 SHVR GR UHWRTXH VHPSUH IRL LJXDO TXHU GL]HU FDSWDYD VH HP ILOPH RX VHMD QmR WHP QDGD D YHU FRP R GLJLWDO H D SyV SURGXomR WLQKD R PHVPR SHVR TXH WHP

KRMHÂµ HQIDWL]D %DUURVR 3DUD HVWH H[SHUW FRP DPSOD IRUPDomR H DWXDomR Ki XP FHQiULR TXH DSRQWD GXDV TXHVW}HV HVSHFtILFDV D VHUHP FRQVLGHUDGDV R PHUFDGR H D SUHJXLoD GR SURILVVLRQDO Â´2 PHU FDGR SXEOLFLWiULR VH DFRVWXPRX WDQWR QR FLQHPD RX QR YtGHR TXDQWR QD SDUWH LPSUHVVD D GHSHQGHU GH SyV SURGXomR 6H QmR WLYHU SyV SURGXomR RV FDUDV DFKDP TXH QmR HVWi ERP TXH QmR HVWi OHJDO ( LVVR p XP SRXFR GH YtFLR ([LVWH D QHFHVVL GDGH PDV WDPEpP WHP XP SRXFR GHVWH YtFLR 2 RXWUR SRQWR p D SUHJXLoD GR IRWyJUDIR TXH SHQVD QXPD IRWR TXH VHUi DUUX PDGD QD SyV SURGXomR (VVD SUHJXLoD HX DFKR EHP UXLP SDUD D IRWRJUDILDÂµ GHVWDFD ( SURYDYHOPHQWH HVWHV IRUDP DOJXQV GRV SULQFLSDLV IDWRUHV TXH IL]HUDP FRP TXH VH WRUQDVVH WmR FRPXP QD ~OWLPD GpFDGD R WUDEDOKR GH FRUUHomR IHLWR SDUD UHSDUDU SHTXHQRV GHIHLWRV H DSHUIHLoRDU DOJXPD LPDJHP DOJR TXH VH WRUQRX WmR UHJXODU H TXH QmR p EHP YLVWR SRU DOJXQV SURILVVLRQDLV TXH DFUHGLWDP TXH HVWD PDQLSXODomR p TXHVWLR QiYHO '2 */$0285 $2 /$%25 Â² $VVLP DTXHOHV HUURV H DEVXU GRV TXH PXLWDV GDV YH]HV VmR SUDWLFDPHQWH LPSRVVtYHLV GH DFRQWHFHU HP JUDQGHV DJrQFLDV SRGHP SDUHFHU DOJR VXUUHDO QR PHUFDGR PRGHUQR 0DV TXHP QXQFD IRL LPSDFWDGR SRU XPD LPDJHP HP FDPSDQKD TXH PRVWUD TXH R SURGXWR RX

$QGUp 0XKOH GLUHWRU GH &ULDomR GD $PSOD &RPXQLFDomR (6

VHUYLoR p LQFUtYHO" $OJXPDV FRLVDV VH WRUQDUDP WmR UHDLV TXH p LPSRVVtYHO QmR DFUHGLWDU TXH p GH IDWR FRPR R TXH p DSUHVHQWD GR 0DV FODUR Ki FRPR LGHQWLILFDU TXDQGR XPD LPDJHP SDVVRX SRU DOJXPD Â´PDQLSXODomRÂµ SRU H[HPSOR HQWUHWDQWR WDOYH] Vy SDUD DTXHOHV ROKDUHV PDLV DFRVWXPDGRV H SUHSDUDGRV Â´$ LGHQWLILFDomR HVWi OLJDGD D GRLV SRQWRV H[WUHPRV R GR PDX XVR H D H[HFXomR GH LGHLDV PDLV FRPSOH[DVÂµ GL] 5LFDUGR 0RUHLUD TXH DFUHGLWD TXH R SURFHVVR FRPR XP WRGR UHGX] HP PXLWR SRVVtYHLV HUURV &RPR D SyV SURGXomR HVWi GLUHWDPHQWH OLJDGD j GLILFXOGDGH GH H[HFXomR GD LGHLD HP VXD RSLQLmR H[LVWH XPD RUGHP QD OLQKD GH WUDEDOKR GHSRLV GR WUDWDPHQWR SRU XP HVSHFLDOLVWD RX HVW~GLR FRQWUDWDGR SDUD RV FDVRV PDLV FRPSOH [RV (OD HQYROYH R GLUHWRU GH DUWH TXH DSURYD R GLUHWRU GH FULDomR H R SUySULR FOLHQWH &RP LVVR D PDQLSXODomR GLJLWDO TXHU VHMD R SUySULR UHWRXFK WUD] IDFLOLGDGHV H QHFHVVLGDGHV SDUD DWHQGHU HVWD QHFHVVLGDGH QR PHUFDGR GH ID]HU HVVDV SHTXHQDV FRUUHo}HV RX PHOKRUDU XPD LPDJHP DWUDYpV GD PDQLSXODomR GH FRUHV FRQWUDVWH VDWXUDomR HQWUH RXWUDV FRLVDV Â´+RMH HP GLD QHQKXP SURMHWR HVFDSD DR UHWRXFK 1mR FRQKHoR PDWHULDO DOJXP TXH VHMD HQWUHJXH VHP SDVVDU SRU XP EDQKR GH FRPSX WDomR JUiILFD ( LVVR VH WUDGX] HP XP PHQRU WHPSR GH H[HFX omR HP XPD PDLRU OLEHUGDGH FULDWLYD H FRQVHTXHQWHPHQWH QXP PHOKRU UHVXOWDGR ILQDO ( GHVWD IRUPD SDUD TXHP TXHLUD

EULQFDU FRP XPD LPDJHP Ki XP DUVHQDO FRPSOHWR GH WpFQLFDV H VRIWZDUHV DWXDOPHQWH 0DV GHYH VH WRPDU VHPSUH FXLGDGR GH QmR DOWHUDU R REMHWLYR SURSRVWR GH FDGD SURMHWR $ILQDO D SyV SURGXomR QmR GHYH QXQFD LQWHUIHULU QD PHQVDJHP RX FRQWH~GR TXH XPD LPDJHP SUHWHQGH WUDQVPLWLUÂµ HQIDWL]D /HDQGUR &DFLROL (VWD p D FODUH]D TXH WRGR H TXDOTXHU SURILVVLRQDO GHYH WHU HP PHQWH H LVWR YDL DOpP GD WpFQLFD H GR SUHSDUR &ODUR

,PSOLFD HP GLYHUVDV RXWUDV TXHVW}HV TXH SRGHP UHVXOWDU QR DWR IDOKR GH XP SODQHMDPHQWR GH FDPSDQKD H GH XP WUDEDOKR PDX IHLWR (VWD SRGH DWp VHU D RULJHP HP VXD PDLRULD GH WDQWRV FDVRV FKRFDQWHV H GH UHVXOWDGRV QHJDWLYRV Â´2 PHUFDGR QmR DFHLWD HUURV PDV FRPR VHUHV KXPDQRV HVWDPRV VXMHLWRV D HOH ( TXDQGR HOH YHP GH XP HGLWRU GH LPDJHQV R PHUFDGR FRVWXPD VHU FUXHO ([LVWHP LQ~PHURV FDVRV GH DSOLFDomR HUUDGD GR 3KRWRVKRS SHVVRDV FRP GXDV PmRV WUrV ROKRV VHP SDUWHV GR FRUSR H SRU DL YmR +i FDVR GH PDQLSXODo}HV DWp HP PDQLIHVWDo}HV GH UXD RQGH XVDP R SURJUDPD GH HGLomR SDUD DXPHQWDU R S~EOLFR SUHVHQWHÂµ GHVWDFD 7KLDJR *RXYHLD 8P SUREOHPD TXH HOH OHPEUD VHU PXLWR PDLV TXHVWLR QDGR HP SURSDJDQGDV GR VHWRU GH IDVW IRRG SRU H[HPSOR FXMRV SURGXWRV QmR DWHQGHP DRV DQVHLRV GR FRQVXPLGRU $ILQDO TXHP QmR FRPSURX JDWR SRU OHEUH DR SHGLU DTXHOH GHOLFLRVR KDPE~UJXHU TXH FKHJD j PHVD Â´VHP YLGDÂµ H Â´WRGR GHVDUUXPD GRÂµ Â´0DV D SXEOLFLGDGH PRVWUD DTXLOR TXH R FRQVXPLGRU TXHU YHU XP KDPE~UJXHU FRP DOIDFH EHP YHUGH XP WRPDWH EHP PDGXUR XPD FDUQH VXFXOHQWD H XP PROKR FRQVLVWHQWH $ SXEOLFLGDGH YHQGH VRQKRV GH FRQVXPR H SUHFLVDPRV DSUHVHQ Wi ORV GD PDQHLUD PDLV SHUIHLWD SRVVtYHOÂµ GHVWDFD *RXYHLD ( GHVWD IRUPD HP VXD RSLQLmR R PHUFDGR SXEOLFLWiULR WHP UHFRUULGR FDGD YH] PDLV DRV UHWRFDGRUHV SDUD WHUHP XP PDWHULDO ILQDO SURQWR SDUD LPSUHVVmR TXH FRPSOHWH RV DQVHLRV GR FOLHQWH H SDUD DOFDQoDU D PHWD HVSHUDGD Â´0XLWDV YH]HV QD SURGXomR D HTXLSH QmR FRQVHJXLX XPD URXSD QR WRP GH FRU LPDJLQDGR RX QmR FRQVHJXLUDP XP UHVXOWDGR VDWLVIDWyULR FRP D OX] DPELHQWH DL TXH HQWUD R IDWRU SyV SURGXomR TXH QDGD PDLV p TXH DMXVWDU R UHVXOWDGR ILQDO GH XPD IRUPD TXH ILTXH LJXDO RX EHP SDUHFLGR FRP D LGHLD SHQVDGD QR VRIWZDUH GH HGLomR ( DVVLP R SURILVVLRQDO GD iUHD YDL UHFHEHU D IRWR H PHVPR DQWHV GH OHU R SHGLGR GR FOLHQWH HOH Mi VDEH R TXH GHYH VHU IHLWRÂµ DFUHGLWD 7KLDJR 3RU LVVR D PDQLSXODomR GH LPDJHP FRP HIHLWRV EHP VXFHGLGRV VmR D PDLRULD GRV FDVRV UHODFLRQDGRV j SyV SURGXomR HQTXDQWR RV FDVRV FKRFDQWHV VmR DV H[FHo}HV &RQWXGR RV WUDEDOKRV UHDOL]DGRV FRP SHUIHLomR QmR VmR WmR SHUFHELGRV RX TXHVWLRQDGRV DOpP GDTXHOHV FXMD SHUFHSomR GD UHDOLGDGH GHL[D TXDOTXHU XP ERTXLDEHUWR QD RSLQLmR GH PXLWRV SURILVVLRQDLV Â´e SRVVtYHO LGHQWLILFDUPRV XPD LPDJHP PDQLSXOD GD SRLV WHFQLFDPHQWH YRFr SRGH DYDOLDU SL[HOV H WXGR PDLV 0DV HX DFKR TXH D JUDQGH VDFDGD KRMH p XVDU D PDQLSXODomR GH LPDJHP GH XPD IRUPD TXH QmR VHMD SHUFHELGD TXH JHUH XPD G~YLGD VH p UHDO RX QmR (VVHV WUDEDOKRV SUD PLP VmR RV PHOKRUHVÂµ FRPHQWD ,YDQ /RRV 8P DUWLItFLR TXH HP VXD RSLQLmR GHYH VHU PDLV XVDGR QDV IRWRV GH PtGLDV VRFLDLV SURYDYHOPHQWH SRU SURILVVLRQDLV TXH WUDEDOKDP FRP HVVDV

([HPSOR GH WUDWDPHQWR GH LPDJHP TXH YLVD UHDOoDU R SURGXWR VHP SHUGHU VXDV UHDLV FDUDFWHUtVWLFDV

SODWDIRUPDV GLJLWDLV SDUD JHUDomR GH LPDJHP PROGDGD HP EHOH]D SRU H[HPSOR ( R TXH WRUQDU WXGR PXLWR PDLV SUiWLFR p R DFHVVR DRV DSOLFDWLYRV H VXDV YDQWDJHQV FRPR QR FDVR GR SKRWRVKRS TXH p R PDLV GLIXQGLGR DOpP GH WXWRULDLV D XP FOLTXH Â´+RMH H[LVWHP FXUVRV PXLWR PDLV DFHVVtYHLV LQFOXVLYH YLUWXDLV SDUD DSUHQGHU D PH[HU QHVVHV VRIWZDUHV &RP LVVR PDLV SHVVRDV WHP GRPtQLR VREUH D IHUUDPHQWD H XVDP VHXV UHFXUVRV FRQVHTXHQWHPHQWHÂµ OHPEUD ( VHQGR DVVLP R GLUHWRU GH DUWH QD /HR %XUQHWW 7DLORU 0DGH DFUHGLWD TXH p LPSRVVtYHO TXH QmR KDMD DOJXP WUDEDOKR GH SyV SURGXomR SRU PDLV VXWLO H VLPSOHV TXH VHMD DWXDOPHQWH Â´+RMH SRGHPRV SURGX]LU VLPXODU H FULDU SUDWLFDPHQWH WXGR WHQGR YHUED H SUD]R GH H[HFXomR &ODUR TXH TXDQWR PDLV RUJkQLFD IRU XPD LPDJHP RX PDWHULDO PDLV WUDEDOKR SDUD VLPXODU HVVH FRPSRUWDPHQWR ~QLFR VHUi H[LJLGR ( VH OHYDUPRV HP FRQWD RV PHOKRUHV SURGXWRUHV GH LPDJHQV DQLPDo}HV H ILOPHV DV SRVVLELOLGDGHV VmR SUDWLFDPHQWH LQILQLWDVÂµ UHVVDOWD /RRV 6HMD FRPR IRU R IDWR p TXH QR PXQGR HP TXH XPD LPDJHP DFDED YDOHQGR PDLV GR TXH PLO SDODYUDV D SyV SURGXomR H R UHWRXFK YLHUDP SDUD DGHTXDU R SURFHVVR ILQDO GH FULDomR ( JDQKRX PDLV IRUoD HP YLUWXGH GD FRQGLomR GR FRQVXPLGRU PRGHUQR TXH HVWi FDGD YH] PDLV H[LJrQFLD FRP R YLVXDO H FRP D PHQVDJHP TXH UHFHEH Â´8PD ROKHLUD H[SUHVVLYD XP H[FHVVR GH FHOXOLWH XP FDEHOR DUUHSLDGR 7XGR LVVR SRGH VHU DOYR GR UHWRXFK $ SyV SURGXomR TXDQGR EHP IHLWD FRVWXPD UHVXOWDU QXP WUDEDOKR PDLV EHP DFDEDGR 7XGR PHOKRUD FRU WH[WXUD VRQRUL]DomR (VWH WUDEDOKR p D FHUHMD QR EROR GH TXDOTXHU SURGXomR (OHV SHUPLWHP DR PHUFDGR GH FRPXQLFDomR DOFDQoDU XP UHVXOWDGR PDLV SURILVVLRQDO HP ILOPHV DQ~QFLRV RXWGRRUV HQWUH RXWURV 0DV SUHFLVD VHU XVDGR VHPSUH FRP PRGHUDomRÂµ HQIDWL]D $QGUp 0XKOH GLUHWRU GH FULDomR GD $PSOD &RPXQLFDomR (6

3DUD R SXEOLFLWiULR R OLPLWH HQWUH R SHUPLWLGR H R DJUHVVLYR p H[WUHPDPHQWH WrQXH QRV FDVRV HP TXH HVVDV WpFQLFDV SURSRUFLRQDP UHFXUVRV TXH FRPSOHPHQWDP H DMXGDP D IRWR FRQYHQFLRQDO SRU H[HPSOR ( SRU LVVR D SyV SURGXomR H R UHWRXFK IDFLOLWDP EDVWDQWH R WUDEDOKR SXEOLFLWiULR WRUQDQGR VH YLWDO QR SURFHVVR H DSUHVHQWDQGR EHQHItFLRV PHOKRU FRPSUH HQGLGRV SHORV FOLHQWHV KRMH Â´$SHVDU GH PXLWDV SHVVRDV MXOJDUHP FRPR SURSDJDQGD HQJDQRVD JRVWR GH FLWDU R FDVR GRV DOLPHQWRV &RPLGD FRVWXPD VDLU UXLP QD IRWR ( FRQVHTXH PHQWH R DQ~QFLR RX RXWUD PtGLD TXH VHMD QmR GHVSHUWD R LQWHUHVVH GRV FOLHQWHV $FKR TXH IRL GDt TXH VXUJLX D H[SUHVVmR

FRPHU FRP RV ROKRV &RQWXGR p SUHFLVR PDLV XPD YH] FXLGDU GR OLPLWH 'R PHVPR MHLWR TXH DV SHVVRDV QmR DFKDULDP LQWHUHVVDQWH XPD IRWR UHDO GH XP VDQGXtFKH HODV SRGHP VH VHQWLU H[WUHPDPHQWH HQJDQDGDV DR UHFHEHUHP XP SURGXWR WmR GLIHUHQWH GR TXH HVWDYD VHQGR PRVWUDGR QD LPDJHPÂµ GHIHQGH 0XKOHU &RP LVWR REVHUYDPRV TXH PDWHULDOL]DU R LGHDO p D JUDQGH FRPSHQVDomR TXDQGR IHLWD SRU SURILVVLRQDLV FRPSHWHQ WHV H FRP RV HTXLSDPHQWRV H VRIWZDUHV QHFHVViULRV $ILQDO FRP R LQYHVWLPHQWR H R JUDX GH SURILVVLRQDOLVPR DGHTXDGRV p SRVVtYHO HYLWDU PDQLSXODomR WRVFD H DLQGD REWpP VH UHVXOWDGRV GH WUDEDOKRV FRP ILQDLV LQFULYpLV Â´$V YHUEDV GH SURGXomR HVWmR GLPLQXLQGR DQR DSyV DQR ( QXPD PpGLD JHUDO FRVWXPD VHU PDLV EDUDWR LQYHVWLU QD SyV GR TXH QD SUp RX QD SUySULD SURGXomR HP VL 6HP IDODU TXH R FRQWUROH QD SURGXomR QmR FRVWXPD VHU DVVHUWLYR e EDVWDQWH FRPXP WHUPRV DOJXPDV VXUSUHVDV TXDQGR YHPRV R PDWHULDO QD LOKD GH SURGX omR RX PHVPR DSyV VXD HGLomR ILQDOÂµ UHVVDOWD R FULDWLYR ( GHYH VH WHU EHP HP PHQWH TXH D SyV SURGXomR R UHWRXFK FRPR IHUUDPHQWDV FRPXQV H FRQKHFLGDV SDUD DTXHOHV TXH YLYHP GLVVR QmR p DOJR TXH SDVVD WmR LPSHUFHSWtYHO SDUD R S~EOLFR FRPXP VHMD HP TXDOTXHU HVIHUD RX SODWDIRUPD GLJLWDO LPSUHVVD FLQHPDWRJUDILFD WHOHYLVLYD (QWmR SDUD TXHP DFKD TXH R LQWHUQDXWD RX R FRQVXPLGRU HVWi DTXHP GD SHUFHSomR GHVVDV PDQLSXODo}HV ILTXH OLJDGR (OH HVWi FLHQWH H DOHUWD H R SURILVVLRQDO PHOKRU GR TXH QXQFD Â´3DUD TXHP YLYH GLVVR p SRVVtYHO VLP LGHQWLILFDU R UHFXUVR GD PDQLSXODomR -i SDUD R S~EOLFR PDLV OHLJR FRVWXPD TXDVH VHPSUH SDVVDU GHVSHUFHEL GR 6DOYR DOJXPD DEHUUDomR PXLWR HYLGHQWH $V UHGHV VRFLDLV HVWmR LQIHVWDGDV GH WUDWDPHQWR GH LPDJHQV 5HGHV FRPR R ,QVWDJUDP SRU H[HPSOR Mi GLVSRQLELOL]D XPD VpULH GH ILOWURV SDUD PHOKRUDU D LPDJHP TXH VHUi SRVWDGD ,QFOXVLYH LVVR GHX LQtFLR D XP PRYLPHQWR FRQWUiULR e R PRYLPHQWR GR 1R )LOWHU RQGH DV SHVVRDV GHL[DP FODUR TXH QmR XVDUDP GH QHQKXP UHFXUVR SDUD DOWHUDU D LPDJHP RULJLQDO 1D FDEHoD GHODV LVVR VHULD XP VLQDO GH FUHGLELOLGDGH GD LPDJHPÂµ FRPHQWD 0XKOHU

-XOLDQR 0HQGHV GD +RUD _

'( 2/+2 12 )87852 &HVDU H )DFXOGDGH GRV *XDUDUDSHV FRQVWURHP SDUFHULD FRP IRFR QR GHVHQYROYLPHQWR 2 &HQWUR GH (VWXGRV H 6LVWHPDV $YDQoDGRV GR 5HFLIH & ( 6 $ 5 H D )DFXOGDGH GRV *XDUDUDSHV DFDEDP GH GDU PDLV XP SDVVR QR IRUWDOHFLPHQWR GR FHQiULR SHUQDPEXFDQR FRPR XP QDVFHGRXUR GH Do}HV FULDWLYDV GR PHUFDGR WHFQROy JLFR $V LQVWLWXLo}HV ILUPDUDP XPD SDUFHULD GH kPELWR HGXFD FLRQDO WHQGR HP YLVWD R GHVHQYROYLPHQWR GH SURILVVLRQDLV TXH DWHQGDP jV FUHVFHQWHV GHPDQGDV SRU LQRYDomR 2 DFRUGR SUHYr R RIHUHFLPHQWR GH FXUVRV GH HVSHFLDOL]DomR QD FDWHJR ULD SyV JUDGXDomR ODWX VHQVX VRE D FKDQFHOD GR &HVDU ('8 FRP LQtFLR Mi QHVWH VHJXQGR VHPHVWUH GH (VVD SDUFHULD FKHJD QXP PRPHQWR HP TXH R FHQiULR WHFQROyJLFR EUDVLOHLUR GHYH DSRVWDU HP VHXV WDOHQWRV D ILP GH DSUHVHQWDU VROXo}HV jV GHPDQGDV GH VHJPHQWRV LPSRUWDQWHV FRPR JHVWmR GH SURMHWRV SURJUDPDomR GHVLJQ GH LQWHUDomR FXMDV FULDo}HV TXH SRGHP FRQWULEXLU SDUD VHWRUHV LPSRUWDQ WHV GR SDtV FRPR HQHUJLD WHOHFRPXQLFDo}HV ORJtVWLFD VD~GH DJURQHJyFLRV H HOHWURHOHWU{QLFRV HQWUH RXWURV ´2 XQLYHUVR DFDGrPLFR GHYH VHU R SURWDJRQLVWD GHVWHV DYDQoRV MXQWR FRP FHQWURV GR SRUWH GR &HVDUµ DILUPD R UHLWRU GD )DFXOGDGH GRV *XDUDUDSHV 3LHUUH /XFHQD 3DUD FKHJDU DRV FXUVRV RIHUHFLGRV DV LQVWLWXLo}HV UHDOL]DUDP PDSHDPHQWR GDV QHFHVVLGDGHV GR PHUFDGR TXH VH HQFRQWUD HP H[SDQVmR H FDUHQWH GH WDOHQWRV HVSHFLDOL]D GRV (QWUH DV PDLRUHV GHPDQGDV HVWi R VHJPHQWR GH WHFQROR JLD GD LQIRUPDomR FXMD SURFXUD SRU SURILVVLRQDLV GHYH DXPHQ WDU HP DWp GH DFRUGR FRP SUHYLV}HV GD $VVRFLDomR %UDVLOHLUD GH (PSUHVDV GH 7HFQRORJLD GD ,QIRUPDomR H &RPX QLFDomR %UDVVFRP $WXDOPHQWH FHUFD GH PLOKmR GH SHV VRDV IRUDP SRU HVWH PHUFDGR ID]HQGR FRP TXH D LQG~VWULD EUDVLOHLUD GH 7, RFXSH D SRVLomR QR UDQNLQJ PXQGLDO FRP LQYHVWLPHQWRV GH 86 ELOK}HV HP $ SRVWXUD DGRWDGD SHODV GXDV LQVWLWXLo}HV PDUFD XPD PXGDQoD QD HQWUHJD GH SURILVVLRQDLV HVSHFLDOL]DGRV HP WHFQR

ORJLD DR PHUFDGR $Wp DOJXQV DQRV DWUiV DV 8QLYHUVLGDGHV )HGHUDLV IRUDP SULQFLSDLV IRUQHFHGRUDV GH LQLFLDWLYDV FULDWLYDV FRP HPSUHVDV H FHQWURV GH SHVTXLVD &RP R LPSXOVR DGTXLUL GR SHODV LQVWLWXLo}HV SULYDGDV QD ~OWLPD GpFDGD HVWDV VHQWLUDP D QHFHVVLGDGH GH RIHUHFHU IRUPDomR PDLV TXDOLILFDGD SDUD DSURYHLWDU RV WDOHQWRV GHVVD QRYD FODVVH HPHUJHQWH TXH S{GH WHU PDLV RSo}HV GH DFHVVR j HGXFDomR VXSHULRU ´(VVD SDUFHULD WHP XPD GLIHUHQoD TXH GLDORJD FRP R IRFR GDV QRYDV LQVWLWXLo}HV VXSHULRUHV HQTXDQWR DQWHV PXLWRV WDOHQWRV HUDP IRUMDGRV QRV ODERUDWyULRV SDUD GHSRLV DGHQWUD UHP R PHUFDGR QyV UHSUHVHQWDPRV XPD SDUWH GR PHUFDGR TXH ID] R FDPLQKR LQYHUVR H SURFXUD QDV XQLYHUVLGDGHV RV SURILVVLRQDLV SDUD FUHVFHU MXQWRµ DILUPD R VXSHULQWHQGHQWH GR &HVDU 6pUJLR &DYDOFDQWH 3DUD LQLFLDU D SDUFHULD VHUmR RIHUHFLGRV TXDWUR FXU VRV *HVWmR ÉJLO GH 3URMHWRV *$3 6HJXUDQoD &LEHUQpWLFD GD ,QIRUPDomR 6LHVWD 'HVHQYROYLPHQWR GH $SSV HP 'LVSRVLWL YRV 0yYHLV 7HF'D0 H 'HVLJQ GH ,QWHUDomR ' ,QW VHJXLQGR RV SDGU}HV GR &HVDU ('8 SRGHQGR VHU PLQLVWUDGRV WDQWRV QDV XQLGDGHV GD )DFXOGDGH GRV *XDUDUDSHV TXDQWR QDV LQVWDOD o}HV GR &HVDU $ SDUWLU GHVWD H[SHULrQFLD DV LQVWLWXLo}HV SRGH UmR H[SDQGLU D LQLFLDWLYD SDUD WRGD D UHGH GH HQVLQR /DXUHDWH %UDVLO GD TXDO D )* ID] SDUWH 2XWUR GLIHUHQFLDO p D SHUVRQLILFDomR GR NQRZ KRZ HP VDOD GH DXOD DV DWLYLGDGHV VHUmR PLQLVWUDGDV SRU SURILVVLR QDLV GR SUySULR &HVDU GH PRGR D RWLPL]DU R DSURYHLWDPHQWR GH WXGR TXH R SyOR GH WHFQRORJLD SRGH RIHUHFHU 2V FXUVRV WHUmR D GXUDomR GH PHVHV H DEHUWRV DRV SURILVVLRQDLV GH 7, 3URILVVLRQDLV GH RXWUDV iUHDV SRGHUmR LQJUHVVDU QR FXUVR GH *HVWmR ÉJLO GH 3URMHWRV SHOD PHWRGRORJLD H FRQWH~GR VHUHP GH H[WUHPD LPSRUWkQFLD HP YiULRV RXWURV VHJPHQWRV $ SDUFHULD HQWUH LQVWLWXLo}HV GH HQVLQR H FHQWURV GH LQRYDomR p DOJR TXH Mi H[LVWLD PDV DGTXLULX QRYRV FRQWRUQRV

6pUJLR &DYDOFDQWH VXSHULQWHQGHQWH GR &HVDU H 3LHUUH /XFHQD UHLWRU GD )DFXOGDGH GRV *XDUDUDSHV

FRP R DYDQoR WHFQROyJLFR GDV ~OWLPDV GpFDGDV 'LDQWH GH PHUFDGR HP FRQVWDQWH HEXOLomR R SRGHU GDV LGpLDV H[SH ULrQFLDV H UHFXUVRV VH PRVWUDP FRPR LPSRUWDQWHV IRUoDV HVWUDWpJLFDV QD KRUD GH SURYRFDU PXGDQoDV VRFLDLV ILQDQFHL UDV H FXOWXUDLV Â´'HQWUR GHVVD SHUVSHFWLYD DFUHGLWDPRV TXH D DFDGHPLD SRGH FRQWULEXLU FRP R PHUFDGR DR IRPHQWDU XPD HGXFDomR PDLV IRFDGD H GLQkPLFDÂµ GL] 3LHUUH /XFHQD 3DUD R &HVDU D SDUFHULD UHSUHVHQWD UHFRQKHFLPHQWR H IRUoD SDUD FRQWLQXDU FUHVFHQGR $WXDOPHQWH DOpP GD VHGH HP 5HFLIH 3( D LQVWLWXLomR FRQWD FRP HVFULWyULRV HP 0DQDXV $0 &XLULWLED 35 H 6RURFDED 63 H FRQWD FRP SUHVWtJLR QD iUHD GH LQRYDomR 3DUD IRUPDU SURILVVLRQDLV SURQWRV SDUD D UHYROXomR WHFQROyJLFD H FRQFRUUHU JOREDOPHQWH FRP RXWUDV PHQWHV FULDWLYDV FULRX XP EUDoR YROWDGR D HVVH ILP FKDPDGR &HVDU ('8 TXH DWXDOPHQWH p R ~QLFR LQVWLWXWR GH SHVTXLVD FRP PHVWUDGRV SURILVVLRQDLV HP (QJHQKDULD GH 6RIWZDUH H 'HVLJQ DOpP GH FXUVRV SUHVHQFLDLV H ($' HGXFDomR j GLVWkQ FLD QD iUHD GH WHFQRORJLDV GD LQIRUPDomR H FRPXQLFDomR $ LQVWLWXLomR DFXPXOD SUrPLRV HQWUH HOHV R SULPHLUR OXJDU QD &RSD GR 0XQGR GH 7HVWHV GH 6RIWZDUH HP R 3UrPLR )LQHS GH 0DLV ,QRYDGRUD ,QVWLWXLomR GH 3HVTXLVD GR %UDVLO QRV DQRV GH H DOpP GH VHU FRQVLGHUDGR R PRGHOR GH QHJyFLRV PDLV LQRYDGRU HP SHOD UHYLVWD eSRFD 1HJyFLRV (PSUHVDV FRPR /* +3 0RWRUROD 6DP

VXQJ %HPDWHFK &KHVI 6LHPHQV 3RVLWLYR H 6DUDLYD HVWmR HQWUH RV YiULRV FOLHQWHV FRQTXLVWDGRV SHODV PHQWHV FULDWLYDV GR &HVDU &RP D H[SDQVmR GR SyOR SHUQDPEXFDQR YROWDGR j WHFQRORJLD GD LQIRUPDomR H FRPXQLFDomR DOpP GH HFRQRPLD FULDWLYD FDSLWDQHDGR SHOR 3RUWR 'LJLWDO QRYDV RSRUWXQLGDGHV VH DEULUmR H D )DFXOGDGH GRV *XDUDUDSHV VDL QD IUHQWH DR HVWUHLWDU RV YtQFXORV FRP RV HPSUHHQGHGRUHV GLJLWDLV 2 DFRU GR ILUPDGR FRP R &HVDU FKHJD QXP FRQWH[WR HP TXH R SyOR WHFQROyJLFR EUDVLOHLUR p SURYRFDGR D DSURYHLWDU R WHUULWyULR GRPLQDGR SHOD FULVH 1HVVH SRQWR WDQWR R UHLWRU 3LHUUH /XFH QD TXDQWR R VXSHULQWHQGHQWH GR &HVDU 6pUJLR &DYDOFDQWH FRQFRUGDP Â´e QRV PRPHQWRV GH FULVH TXH GHYHPRV QRV LPSXOVLRQDU D HQFRQWUDU VROXo}HVÂµ FRQFOXHP $ MXOJDU SHOD REVHUYDomR DWHQWD DRV PRYLPHQWRV GR PHUFDGR H GRV QHJyFLRV SHODV GXDV LQVWLWXLo}HV R IXWXUR GD FDGHLD SURGXWLYD WHFQROyJLFD GR %UDVLO HVWi VHQGR GHVHQKDGR FRP JDUUD H RXVDGLD SDUD QRYDV FRQTXLVWDV H VXSHUDo}HV Â´1LQ JXpP GHVHMD SDVVDU SRU PRPHQWRV GH FULVH PDV QyV VRPRV PDLV WXUU}HVÂµ DILUPD &DYDOFDQWH FRP D FRQILDQoD H R tPSHWR GH TXHP VDEH TXH VHPSUH KDYHUi OLP}HV SHOR FDPLQKR H HOHV H[LVWHP SDUD TXH VHMDP IHLWDV OLPRQDGDV 6y UHVWD GHVHMDU TXH D VHGH GD )* H GR &HVDU DWUDLDP DOWDV GRVHV GH GHVHQYROYL PHQWR SDUD R FHQiULR SURGXWLYR GR SDtV

$ 9(= '2 &/,(17(

,YHOLVH %XDUTXH _

%(7Ã&#x2021;1,$ 02675$ $ )25d$ '2 /(,7( '2 125'(67( 2 TXH ID]HU TXDQGR XP GRV VHXV FDUURV FKHIHV DOFDQ oD D PDUFD GR PDLV YHQGLGR" 5HDOL]D VH XPD FDPSDQKD HP KRPHQDJHP H DJUDGHFLPHQWR ( IRL LVVR TXH D %HWkQLD IH] SDUD SUHVWLJLDU D WRGRV TXH WUDQVIRUPDUDP R VHX OHLWH ORQJD YLGD R PDLV YHQGLGR GR 1RUGHVWH 8P UDQNLQJ LPSRUWDQWH SDUD D PDUFD GH ODWLFtQLRV TXH FRPSOHWD DQRV GH DWXDomR QR PHU FDGR H TXH QR SULPHLUR WULPHV WUH GHVVH DQR DXPHQWRX HP VXDV YHQGDV HP UHODomR DR PHVPR SHUtRGR GR DQR SDVVD GR Â´$ JHQWH YHQGH SDUD GRLV S~EOLFRV TXH LQLFLDOPHQWH p R UHYHQGHGRU e SDUD R UHYHQGH GRU TXH D JHQWH HQWUHJD D IUH TXrQFLD GH HQWUHJD H JLUR GH SURGXWR 3DUD TXHP FRPSUD R QRVVR SURGXWR WHQKD D FHUWH]D TXH WHP XP VHUYLoR DJUHJDGR H TXH SRGHP JDQKDU PDLV FRP HOH SRUTXH p XP SURGXWR UHFR QKHFLGR QR 1RUGHVWH H XPD GDV ~QLFDV HPSUHVDV GH ODWLFtQLRV TXH WHP XPD PHOKRU ORJtVWLFD QD UHJLmR ( SRU LVVR SRGH JDUDQWLU XP PDLRU JLUR FRP XP PHQRU HVWRTXH 3DUD R FRQVX PLGRU JDUDQWLPRV XP SURGXWR GH TXDOLGDGH DOpP GH XP ERP FXVWR EHQHItFLRÂµ GL] R SUHVL 0RVDLFR GH SURGXWRV GHQWH GD %HWkQLD %UXQR *LUmR 7XGR LVVR YDOLGD R VXFHVVR GD HPSUHVD TXH WHP H[SHF WDWLYD GH DXPHQWDU R IDWXUDPHQWR HP DWp R ILQDO GR DQR 2 PRPHQWR VH WRUQD DVVLP RSRUWXQR SDUD PRVWUDU SRU $ PDLV % R TXH D PDUFD GD FHDUHQVH &%/ $OLPHQWRV WHP D EULQGDU FRP XPD FDPSDQKD FRPSOHWD &RP R FRQFHLWR Â´R OHLWH Q~PH UR XP GR 1RUGHVWHÂµ R SURMHWR LQWHJUD GRLV 97V H VSRWV GH VHJXQGRV LGHDOL]DGRV SHOD DJrQFLD * 0DUNHWLQJ YHLFXODGR HP

WRGRV RV QRYH HVWDGRV GD UHJLmR H WUDEDOKDGR HP GLIHUHQWHV PtGLDV FRPR WHOHYLVmR UiGLR DOpP GH PDWHULDLV GH SRQWR GH YHQGD H HPEDODJHQV FRP R VHOR GH DQRV &RQWDQGR FRP SURGXomR GD 7HUUDYLVWD )LOPHV R WUDEDOKR IRL GHVHQYROYLGR FRP EDVH HP SHVTXLVD 1LHOVHQ TXH GHVWDFRX PDLV XPD YH] TXH D %HWkQLD HVWi QR WRSR GD SUHIHUrQFLD GRV FRQVXPLGRUHV Â´/DQoDPRV HVWD DPSOD FDPSD QKD SXEOLFLWiULD FRP R SULQFLSDO PRWH GH ID]HU XPD KRPHQDJHP H XP DJUDGHFLPHQWR DRV YiULRV S~EOLFRV FRP RV TXDLV D PDUFD VH UHODFLRQD ( SDUD QyV p XPD JUDQGH FRQTXLVWD DILQDO HVVD p D SULPHLUD YH] TXH XPD HPSUHVD UHJLRQDO RFXSD HVVD SRVLomRÂµ GHVWDFD *LUmR 0DQWHQGR DWXDOPHQWH XP VKDUH GH D %HWkQLD DSRVWD QD TXDOLGDGH H QD YDULH GDGH GR VHX PL[ WRUQDQGR D FDGD YH] PDLV SUHVHQoD IRUWH QR PHUFDGR ( GHVWD IRUPD DFDED GH DPSOLDU R VHX SRUWIyOLR FRP SRVWR SRU PDLV GH SURGX WRV FRP R %HWDNLGV )DULQKD /iFWHD QRYD OLQKD YROWDGD SDUD R S~EOLFR LQIDQWLO QD IRUPD GH XPD EHELGD OiFWHD 8+7 8OWUD +LJK 7HPSHUDWXUH FRP VHLV WLSRV GH YLWDPLQDV $ ' ( % % H % SDUD DMXGDU QR FUHVFL PHQWR GD FULDQoD H FRQWULEXLU SDUD XPD DOLPHQWDomR ULFD H VDXGiYHO 3DUD LVVR IRL FULDGD WRGD XPD FRPXQLFDomR SUySULD TXH HQYROYH XP PDVFRWH R -XEHWR HVWDPSDGR QDV HPEDOD JHQV TXH WUD]HP XPD OLQJXDJHP PRGHUQD H FRUHV YLYDV Â´(VWXGDPRV RV KiELWRV GH FRQVXPR GD SRSXODomR QRUGHVWLQD H HQWHQGHPRV TXH p PXLWR YROWDGR SDUD R Sy FRPR SRU H[HP SOR GD SDSLQKD H GD SUySULD IDULQKD OiFWHD )D]LD WRGR R VHQWLQ

JDUDQWLPRV XP SURGXWR GH TXDOLGDGH DOpP GH XP ERP FXVWR EHQHItFLR GR FULDU XP SURGXWR TXH Mi HVWDYD QR GLD D GLD GRV FRQVXPLGR UHV PDV GHVVD YH] GH IRUPD PDLV SUiWLFD 2 SURGXWR TXH DWp HQWmR YLQKD HP Sy H HUD PLVWXUDGR DR OHLWH DJRUD SRGH VHU HQFRQWUDGR HP SHTXHQDV FDL[DV H SURQWR SDUD VHU FRQVXPL GR 2XWUR IDWRU p SRGHU FRQWHPSODU R S~EOLFR LQIDQWLO SRU LVVR SHQVDPRV HP XPD HPEDODJHP EDVHDGD HP XPD OLQJXDJHP PRGHUQD H TXH FRQYLGDVVH DV FULDQoDV D LQWHUDJLVVHP FRP D EHELGD SRU PHLR GDV FRUHV YLYDV H GR PDVFRWH -XEHWRÂµ FRPSOHWD %UXQR 1$ 0,5$ '2 0(5&$'2 Â² 3HQVDU j IUHQWH SRGH VHU XP GRV JUDQGHV GLIHUHQ FLDLV GD %HWkQLD SDUD DOFDQoDU R VHX UHFDOO HP XP PHUFDGR FRP XPD FRQFRUUrQFLD DOWD $ILQDO GH FRQWDV FRQIRUPH R SUySULR SUHVLGHQWH R UDPR GH ODWLFtQLRV IRL R TXH PDLV FUHVFHX QRV ~OWLPRV GH] DQRV QR %UDVLO 2 FRQVXPR GR PHUFDGR OiFWHR SRU H[HPSOR HQYROYH DWXDOPHQWH OLWURV SHU FDSLWD VH FRQVLGHUDUPRV R OHLWH IOXtGR R TXHLMR QD IRUPD GH OHLWH H R OHLWH HP Sy Â´2 %UDVLO Mi VH DSUR[LPD QRV SDWDPDUHV GH XP SDtV GH PpGLR D DOWR FRQVXPR GH SURGXWRV OiFWHRV H LVVR VH GHX PXLWR SHOD HQWUDGD GH QRYRV FRQVX PLGRUHV QR 1RUGHVWH ( D %HWkQLD WHP FUHVFLGR MXQWR FRP HVVH PHUFDGRÂµ HQIDWL]D ( SDUD LVVR WUDEDOKD FRP R TXH Ki GH PDLV PRGHUQR QD SURGXomR MXQWR FRP RV HTXLSDPHQWR GD 7HWUD3DUN HP XP SDUTXH LQGXVWULDO UHODWLYDPHQWH PRGHUQR (VWH HVWi DOLDGR KRMH j UHYROX omR QR FDPSR FRP PRGHOR GH SDVWHMR URWDFLRQDGR LUULJDGR YDJD LUULJDGD TXH SRGHUi ID]HU FRP TXH D SURGXomR GH OHLWH GHVSRQWH DLQGD PDLV H RV IDoD FDSLWDOL]DU HP FLPD GLVVR SDUD SRGHU RIHUWDU PDLV SURGXWRV QD UHJLmR TXH KRMH D JUDQGH UHVWULomR p D SURGXomR GH OHLWH VHJXQGR R HPSUHViULR ( R UHVXOWDGR GLVVR p D PRELOL]DomR GH PDLV GH WUrV PLO ID]HQGHLURV HP FHUFD GH PXQLFtSLRV QRUGHVWLQRV SURGX]LQGR PDLV GH PLO OLWURV GH OHLWH SRU GLD 1DGD PDO SDUD XPD HPSUHVD TXH QDVFHX HP XP FHQiULR HP TXH SRXFDV HPSUHVDV GR VHWRU PDQWrP XPD SUHRFXSDomR FRP D YLVmR GH FDGHLD GH DFRUGR FRP *ULmR SDUD TXHP HVWH WDOYH] VHMD RXWUR PRWLYR GD VXD SRVLomR KRMH

GHVGH D FULDomR HP SHOR VHX SDL /XL] 3UDWD *LUmR TXH DGTXLULX HVVD HPSUHVD HP VRFLHGDGH FRP WUrV VyFLRV QD FLGDGH GH 4XL[HUDPRELP Â´$FUHGLWDPRV VHU XPD GDV SRXFDV HPSUHVDV GR VHWRU GH ODWLFtQLRV D HVWDU SUHVHQWH HP WRGRV RV HORV GD FDGHLD SURGXWLYD GR OHLWH TXH YDL GHVGH D RUGHQKD GD YDFD DWp R SURFHVVR GH LQGXVWULDOL]DomR H GLVWULEXLomR GR SURGXWR QDV PHVDV GH PLOK}HV GH IDPtOLDV QRUGHVWLQDV $OpP GLVVR Ki D TXHVWmR GD WUDQVSDUrQFLD KRQHVWLGDGH H FRPSUR PHWLPHQWR FRP WRGDV DV SHVVRDV TXH FRQWULEXHP SDUD TXH RV QRVVRV SURGXWRV FKHJXHP DWp RV QRVVRV FRQVX PLGRUHVÂµ FRPHQWD ( SRU WXGR LVVR D PDUFD PDQWpP HP PHQWH D RXVDGD PHWD GH GREUDU HP FLQFR DQRV DWUDYpV GD UHDOL]DomR GH XP VHUYLoR GH TXDOLGD GH H SURSRUFLRQDQGR DJRUD DWHQGLPHQWR HP UHJL}HV H HVWDGRV DQWHV QmR FREHUWRV SHOR VLVWHPD GH ORJtVWLFD GD HPSUHVD Â´1RV ~OWLPRV DQRV IRFDPRV PXLWR QR HVWDGR GR &HDUi RQGH WHPRV D OLGHUDQoD 0DV Ki FLQFR DQRV H[SDQGLPRV IRUWHPHQWH SDUD RXWUDV UHJL}HV H p DWUDYpV GD GLVWULEXLomR H GD SUR[LPLGDGH FRP D FRQVWUXomR GH IiEULFDV p TXH D JHQWH HVSHUD DWHQGHU FRP PDLV SUHVWH]D RV QRVVRV FRQVXPL GRUHVÂµ GL] R SUHVLGHQWH 3DUD LVVR DGRWD HQWUH DV HVWUDWpJLDV D H[SDQVmR UHJLRQDO FRP SUHVHQ oD PDLRU HP PDLV SRQWRV GH YHQGD H IRUWH GLVWULEXLomR GH PDLV LWHQV QDTXHOHV RQGH Mi YHQGHP 6HQGR DVVLP HQFRQWUD VH KRMH HP PDLV GH PLO SRQWRV GH YHQGD GRV PLO TXH R 1RUGHVWH 3DUD DOFDQoDU D H[SDQVmR HP PHQWH H DWLQJLU D PHWD GH DPSOLDU FDGD YH] PDLV VXD SDUWLFLSDomR QHVWH DPSOR PHUFDGR D %HWkQLD UHDOL]D XP WUDEDOKR LQWHJUDGR SDUD UHIRUoDU HP WRGRV RV DVSHFWRV R SRVLFLRQDPHQWR GD PDUFD FRQWDQGR FRP XPD HTXLSH IRUPDGD SRU SURILVVLRQDLV TXH UHVSRQGHP SHOR VHX SODQHMDPHQWR FRP PDLRU IRFR DWXDOPHQWH QD FDPSDQKD GRV DQRV Â´$ PDUFD p WUDEDOKDGD FRPR XP WRGR FRPR VHQGR R JXDUGD FKXYD $FUHGLWDPRV TXH OHLWH p XPD PDWpULD SULPD H TXH D SDUWLU GHOH SRGHPRV SURGX]LU GLYHUVRV SURGX WRV 7DPEpP DFUHGLWDPRV TXH DWUDYpV GH XP ERP OHLWH VH SRGH SURGX]LU XP ERP TXHLMR H XP ERP LRJXUWH 2 SULQFLSDO YDORU GD PDUFD p H[DWDPHQWH HVVD SUR[LPLGDGH TXH HOD WHP FRP D GRQD GH FDVD $ %HWkQLD p XPD DPLJD FRQVHOKHLUD TXH HVWi SUHVHQWH QR VHX GLD D GLDÂµ GL] *LUmR

'( 2/+2 1$ &$03$1+$

9(5®2 '( 3(62 $ FHUYHMD ,WDLSDYD HVWUHLD ILOPH SXEOLFLWiULR &RP FULDomR GD < 5 2 FRPHUFLDO UHIRUoD D DVVLQDWXUD ´$TXL p 9HUmR GR DQR ,WDLSDYD D FHUYHMD µ ,QWLWXODGR ´3HVRµ R ILOPH SDUD YHLFXODomR QD 79 DEHUWD PDQWpP D HVWUDWpJLD GH DSRVWDU QR ERP KXPRU SDUD UHWUDWDU XPD VLWXDomR FRWLGLDQD H FRQWD FRP D SDUWLFLSDomR GD 9HUmR SHUVRQDJHP LQWHUSUHWDGD SHOD PRGHOR H EDLODULQD $OLQH 5LVFDGR 1DV FHQDV XP FDVDO HQWUD QD ORMD GH FRQYHQLrQFLD SDUD FRPSUDU ,WDLSDYD 3DUD WHQWDU VH DSUR[LPDU GD 9HUmR H LPSUHVVLRQi OD R UDSD] FRPHoD D FDUUHJDU PDLV SDFNV GR SURGXWR GR TXH FRQVHJXLULD FDUUHJDU QRUPDOPHQWH $R SHUFHEHU D LQWHQomR GR QDPRUDGR D PXOKHU SHGH SDUD D PXVD FRORFDU DLQGD PDLV FHUYHMDV HP VHXV EUDoRV FDXVDQ GR D LQHYLWiYHO VLWXDomR HPEDUDoRVD $ FULDomR p GH 3HGUR &DYDOFDQWL H &HOVR $OILHUL FRP GLUHomR GH FULDomR GH 5XL %UDQTXLQKR

3527(672 ( 35292&$d®2 $ 'XORUHQ ODQoD FDPSDQKD TXH p XP PLVWR GH SURWHVWR H SURYRFDomR 2 SURWHVWR VHUi DSUHVHQWDGR DWUDYpV GRV FDUWD]HV TXH DV PRGHORV VHJXUDP SHGLQGR WUDQVSDUrQFLD SRUpP D SURYRFDomR HVWi QR GXSOR VHQWLGR GD FDPSDQKD QD TXDO DV PRGHORV HVWmR GH OLQJHULHV FRP QXDQFHV WUDQVSDUHQWHV TXH VmR DV SHoDV GD QRYD FROHomR0DQ\ 3ULQWV $ 'XORUHQ HVFROKHX DV UXDV GR FHQWUR GR 5LR GH -DQHLUR FRPR FHQiULR SDUD UHOHPEUDU DV PDQLIHVWDo}HV SRSXODUHV 6HPSUH SURYRFDQWH D 'XORUHQ PDUFD QHVWD FDPSDQKD XP SURWHVWR D IDYRU GD WUDQVSDUrQFLD XP SURWHVWR FRP GXSOR VHQWLGR $ PDUFD UHSUHVHQWD D PXOKHU EUDVLOHLUD JXHUUHLUD H EDWDOKDGRUD TXH GHVHMD XP SDtV WUDQVSD UHQWH SDUD VH YLYHU $VVLQDGD SHOD ; 7XGR &RPXQLFD omR &RPSOHWD H IRWRJUDIDGD SRU 0iUFLR )UHLWDV D SHoD WUD] D PRGHOR H DWUL] &DUROLQH 0DJQR XVDQGR D QRYD FROHomR 0DQ\ 3ULQWV $ QRYD FDPSDQKD SXEOLFLWiULD VHUi YHLFXODGD QD PtGLD LPSUHVVD UHGHV VRFLDLV GD PDUFD H HP PDLV GH PLO SRQWRV GH YHQGD HVSDOKD GRV SHOR 3DtV

,QIRUPDo}HV GD DVVHVVRULD GH LPSUHQVD _

0Ì',$6 6®2 +20(1$*($'26 3(/$ */2%2 125'(67(

9(1&('25(6 '2 35È0,2 '( 0Ì',$ '$ */2%2 125'(67(

GRV LX FRQYLGD Q X H U WR Q YH H 2 HVWDXUDQWH QR QR &DVWHOXV 5 UGR %UHQQDQG ,QVWLWXWR 5LFD

2V SURILVVLRQD LV JDQKDUDP PLQLJHODGHLUD SDUD JXDUGDU iJXD H DOLPHQWRV

ÌWDOR )HUUHLUD 0DUW 3HW &RP XQLFDomR -XOLD 6RXWR $OHL[R QD &RPXQLFDomR 3DEOR )HUQDQ *UXSRQRYH ' GHV DQLOR )UDQoD $PSOD &RPX H 0DULOLD 3RQ QLFDomR WHV *UXSRQR YH

'( 2 0Ì',$ omR 68$ 0$-(67$ 06 &RPXQLFD 0 UD HL G Q D % /HLOD

&$7(*25,$ 79 OXJDU 0tGLD 5RGULJR 5RGULJXHV _ $JrQFLD 3ODQR % &RPXQLFDomR &DVH &LGDGH GDV 3HVVRDV _ &OLHQWH 3UHIHLWXUD GD &LGDGH GR 5HFLIH

&$7(*25,$ ,17(51(7 OXJDU 0tGLD 'DQLOR )UDQoD _ $JrQFLD $PSOD &RPXQLFDomR &DVH &DPSDQKD GH /DQoDPHQWR $FTXD 0DULQH _ &OLHQWH 2GHEUHFKW

OXJDU 0tGLD 3ULVFLOOD /HLWH _ $JrQFLD $PSOD &RPXQLFDomR &DVH 5H~QD VXDV )DPtOLDV _ &OLHQWH 0 'LDV %UDQFR 9LWDUHOOD

OXJDU 0tGLD 3DEOR )HUQDQGHV _ $JrQFLD *UXSRQRYH &DVH 1DWDO GH (VWUHODV 5LR0DU _ &OLHQWH 5LR0DU 6KRSSLQJ

OXJDU 0tGLD 3DXOD )HUQDQGD )DULDV _ $JrQFLD $UFRV &RPXQLFDomR &DVH $XURUD 7UHQG _ &OLHQWH 0RXUD 'XEHX[

OXJDU 0tGLD 0DULOLLD 3RQWHV _ $JrQFLD *UXSRQRYH &DVH &RQWH~GR p R 5HL 6LP 6HQKRU _ &OLHQWH 3URVHJXU

OXJDU 0tGLD &ULVWLQD &DUGRVR _ $JrQFLD ,WDOR%LDQFKL &DVH 6mR -RmR p GH 7LUDU R &KDSpX _ &OLHQWH $6$ ,QG~VWULDV 9LWDPLOKR

OXJDU 0tGLD -XOLDQD 6RXWR _ $JrQFLD $OHL[R &RPXQLFDomR &DVH $ +RUD GH &RPSUDU 6HX +RQGD p $JRUD &OLHQWH &RQFHVVLRQiULDV +RQGD GH 3HUQDPEXFR OXJDU

OXJDU 0tGLD 'LRJR )HUUHU _ $JrQFLD &DVD &RPXQLFDomR &DVH /DQoDPHQWR &DSULFFKH _ &OLHQWH &DSULFFKH

LDQFKL JR GD ÌWDOR % 5DK\VD 6DQWLD LD QD QR GH DFDGHP D D P X X R K Q D J GH 0HWDV 8QLF (VSDoR

0tGLD ÌWDOR )HUUHLUD _ $JrQFLD 0DUW 3HW &RPXQLFDomR &DVH 5HLQYHVWLPHQWR _ &OLHQWH %DQFR GR 1RUGHVWH

1$ :(% ::: ($6(/ /<

::: 5(&,7(7+,6 &20

4XDQGR YRFr WHP XPD DSUHVHQWDomR GH ~OWLPD KRUD SDUD XP FOLHQWH RX XP HVSDoR H[WUD GD VXD PDWpULD SDUD DSURYHL WDU PDV QmR WHP XP GHVLJQHU SRU SHUWR R TXH YRFr ID]" $JRUD YRFr SRGH FRUUHU SDUD R (DVHO O\ XP VLWH UHSOHWR GH PRGHORV SURQWRV GH LQIRJUiILFRV FXVWRPL]iYHLV FRP SDOHWDV GH FRUHV H tFRQHV TXH SRGHP VHU PDQHMDGRV QR PHOKRU HVWLOR GUDJ Q GURS GDQGR OLEHUGDGH SDUD RUJDQL]DU VHX FRQWH~GR GD PHOKRU IRUPD SRVVtYHO 2 VHUYLoR DLQGD SHUPLWH TXH YRFr VDOYH R VHX WUDEDOKR HP DOWD UHVROXomR RX 3') H DLQGD RIHUHFH OLQNV RX SXEOLTXH DWUDYpV GH OLQNV GLVSRQLELOL]DGRV SDUD SRVWDJHQV QDV SULQFLSDLV UHGHV VRFLDLV

4XHP DFRPSDQKD SRVWDJHQV HP UHGHV FRPR ,QVWDJUDP H )DFHERRN WHP QRWDGR R XVR LQWHQVR GH IUDVHV H FLWDo}HV HQYROWDV SRU XP DSXUDGR GHVLJQ JUiILFR R TXH GHVSHUWD FXULRVLGDGH H DWUDL YLVLWDQWHV SDUD FRQIHULU R FRQWH~GR FRPSOHWR $JRUD TXHP GHVHMD XPD VROXomR UiSLGD SRGH XWLOL]DU R 5HFLWH 7KLV SODWDIRUPD TXH GLVSRQLELOL]D WHPSOD WHV GH WHPDV GLYHUVRV SURQWRV SDUD UHFHEHU VXD PHQVD JHP 8PD YH] ILQDOL]DGR R SURFHVVR GH FULDomR R VHUYLoR GLVSRQLELOL]D OLQNV SDUD DV SULQFLDSDLV UHGHV VRFLDLV H DLQGD GHL[D R WUDEDOKR GLVSRQtYHO SDUD GRZQORDG

),&+$ 7e&1,&$

527$ '2 '(6(192/9,0(172

$ 5RWD GRV &RTXHLURV XPD GDV FRQFHVVLRQiULDV GD 2GHEUHFKW 7UDQVSRUW HVWi FRPSOHWDQGR FLQFR DQRV GH DWXDomR VHQGR D SULPHLUD 333 YLiULD GH 3HUQDPEX FR $ $WPD %LDQFKL FULRX FDPSDQKD SDUD LPSDFWDU XVXiULRV GD YLD H FRODERUDGRUHV LQWHUQRV GD HPSUHVD 3DUD IDODU FRP RV XVXiULRV D DJrQFLD GHVHQYROYHX FDQFHODV PXUR GH JXDULWD SRVW EDQQHUV SDQIOHWRV H EULQGHV FKHLULQKR GH FDUUR 3DUD LQWHJUDQWHV GD HPSUHVD TXH WUDEDOKDP Ki FLQFR DQRV QD 5RWD D DJrQFLD FULRX H[SRVLomR IRWRJUiILFD H SODFDV GH KRPHQDJHP 3DUD SHVVRDV TXH IRUDP HVVHQFLDLV QR FUHVFLPHQWR GD HPSUHVD WURIpXV SHUVRQDOL]DGRV VHUmR GLVWULEXtGRV $OpP GHVVDV SHoDV D DJrQFLD FULRX FRPXQLFDomR GLJLWDO SDUD D 2GHEUHFKW 7UDQVSRUW HQYLDU SDUD WRGR R JUXSR QR %UDVLO LQWHLUR 2 FRQFHLWR FULDWLYR IRL 5RWD GRV &RTXHLURV DQRV QD 5RWD GR 'HVHQYROYLPHQWR $JrQFLD $WPD %LDQFKL 3( &OLHQWH 5RWD GRV &RTXHLURV 2GHEUHFKW 7UDQVSRUW $WHQGLPHQWR 6pUJLR 3LUHV H 7DLV 0DJDOKmHV &ULDomR &DPLOD &DYDO FDQWL 0DUFRV &DYDOFDQWL $QGUp 5R]RZ\NZLDW *LXOLDQR %LDQFKL H 6pUJLR 3LUHV )LQDOL]DomR 1HZWRQ 9D] 3URGXomR 'DQLOR 0RUHLUD H 7KD\QDQ 9HOH] 0tGLD &LGD /HXWKLHU

3$,1e,6 52'29,Ã&#x2030;5,26 3ODQHMDGRV H FULDGRV SHOD 6DOH &RPXQLFDomR D +RQGD 'UHDP FRQFHVVLRQiULD +RQGD GH $OWD &LOLQGUDGD QR 5HFLIH ODQoD GRLV SDLQpLV URGRYLiULRV QD %5 $ URGRYLD HVSLQKD GRUVDO GH 3HUQDPEXFR H SULQFLSDO YLD GH DFHVVR DR LQWHULRU GR HVWDGR p FRUUHGRU FHUWR GRV DPDQWHV GH DOWDV FLOLQGUDGDV DOpP GH VHU R GHVWLQR SULQFLSDO GRV DYHQWXUHLURV TXH UHDOL]DP WULOKDV QR $JUHVWH 3HUQDPEXFDQR $JrQFLD 6DOH &RPXQLFDomR H 0DUNHWLQJ 3( &OLHQ WH 3HUQDPEXFR 0RWRV &ULDomR 3HGUR &RUGHLUR (GYDO -XQLRU H .DULQD 2VWL 'LUHomR GH &ULDomR 3HGUR &RUGHLUR 0tGLD 7HOPD 0HQGHV $SURYDomR (UDVPR $OPHLGD H $XJXVWR $VVXQomR

35(d2 35$ 725$5 $ QRYD FDPSDQKD GH DQLYHUViULR GD (OHWUR 6KRSSLQJ DVVLQDGD SHOD $OHL[R &RPXQLFDomR H[SORUD R KXPRU 1RV FRPHUFLDLV QD 79 D JDURWD SURSDJDQGD GD UHGH GRQD ,UHQH TXH ID] VXFHVVR FRP R ERUGmR Â´SUHoR SUD WRUDUÂµ DSDUHFH DR ODGR GH YiULDV SHVVRDV TXH XVDP PiVFDUDV GR URVWR GHOD $ HPSUHVD DLQGD GHVWDFD DomR GH FRPSUH H JDQKH LQJUHVVRV SDUD R VKRZ 0LVWXUD /RND QD iUHD H[WHUQD GR &HQWUR GH &RQYHQo}HV TXDQGR VHUi FRPHPRUDGR R DQLYHUViULR GD (OHWUR 6KRSSLQJ $JrQFLD $OHL[R &RPXQLFDomR 3( &OLHQWH (OHWUR 6KRSSLQJ $WHQGLPHQWR 'MDLU $OHL[R &ULDomR %UL]D 0XODWLQKR $PDUR -~QLRU H /XFLDQR 0HOR 'LUHomR *HUVRQ 'DPDVFHQR 3URGXomR 0LUHOOD $OHL[R 'pERUD 6DQWDQD 0tGLD 0DOFRQ +HUPHV $SURYD omR )HUQDQGD 0XQL]

6(035( 325 3(572 2 6HEUDH GH 3HUQDPEXFR HVWi FRP QRYD FDPSDQKD $ &ULDomR p GD $PSOD TXH WUDEDOKRX R FRQFHLWR GH TXH VHPSUH Ki XP 6HEUDH SRU SHUWR SDUD GDU DTXHOD DMXGD QmR Vy SDUD TXHP WHP R VRQKR GH DEULU R SUySULR QHJyFLR PDV WDPEpP SDUD RV TXH Mi VmR HPSUHHQGHGRUHV H TXHUHP LU PDLV ORQJH (P GRLV ILOPHV GH VHJXQGRV 6HPSUH SRU 3HUWR PRVWUD GRLV H[HPSORV GH HPSUHHQGHGRU XPD GRFHLUD GH PmR FKHLD H XPD GXSOD GH MRYHQV DYHQWXUHLURV TXH HQFRQWUDP XP FRQVXOWRU GR 6HEUDH QD KRUD FHUWD 2 WHPD p WUDWDGR FRP KXPRU H OHYH]D $OpP GRV ILOPHV SDUD 79 H ,QWHUQHW D FDPSDQKD FRQWD FRP DQ~QFLRV SDUD 5HYLVWD $JrQFLD $PSOD &RPXQLFDomR 3( &OLHQWH 6HEUDH 3( $WHQGLPHQ WR 4XHLUR] )LOKR $OHVVDQGUD 3LUHV 'pERUD %HOWUmR H %iUEDUD &DOGDV 3ODQHMDPHQWR )HUQDQGR /LPD 0DULD (GXDUGD H 5DIDHO $JXLDU 'LUH omR GH &ULDomR 0DQXHO &DYDOFDQWL 5DIDHO 1kQWXD H 0DWHXV $OYHV &ULDomR /L]D 6LTXHLUD H +HQULTXH /DPHQKD $UWH ILQDO /HRQDUGR 0DULQKR 0tGLD 1LOVRQ 6DPLFR 'DQLOR )UDQoD H /XFLDQD /LQV 579& )HUQDQGR $PDUDO /DULVVD %LRQH 0DULDQD %DQGHLUD H -pVVLFD GH %ULWR 3URGXomR *UiILFD ([HFXWLYD )HUQDQGR $PDUDO H *HUPDQD &DVDO $SURYDomR (GXDUGR 0DFLHO H *DEULHOD 9LHLUD

081'2 21/,1(

&$)e &20 $520$ '( 68&(662

-XOLDQR 0HQGHV GD +RUD _

&RPR XPD SDL[mR WRUQRX VH UHIHUrQFLD QR FRQFRUULGR WHUULWyULR GR FRQWH~GR GLJLWDO $V PHOKRUHV LGHLDV VXUJHP TXDQGR PHQRV VH HVSHUD GDV RFDVL}HV PDLV LQVyOLWDV SRVVtYHLV GL]HP RV JUDQGHV QRPHV HPSUHHQGHGRUHV GRV ~OWLPRV DQRV )RL DVVLP WDPEpP FRP R SHUQDPEXFDQR 0XULOR /LPD FULDGRU GR *HHN &DIp LQWHJUDQ WH GR VHOHWR JUXSR GRV PHOKRUHV VLWHV GH FRQWH~GR QHUG GD LQWHUQHW EUDVLOHLUD $ WUDMHWyULD GH /LPD FRPSURYD TXH RV HPSUHHQGHGRUHV GLJLWDLV SUHFLVDP LQFOXLU GRLV LQJUHGLHQWHV LPSRUWDQWHV SDUD FROKHU IUXWRV TXH SHUPLWDP R FUHVFLPHQWR GH VXD LGHLD SDL[mR H GLVFLSOLQD ,QLFLDGD GH PDQHLUD GHVFRP SURPLVVDGD D SURGXomR GH FRQWH~GR SDUD HVVH QLFKR IRL LPSXOVLRQDGD SHOD REVHUYDomR DWHQWD GH VHX DXWRU jV RSRUWX QLGDGHV TXH VH GHVHQKDYDP j VXD IUHQWH 2V SULPyUGLRV GR *HHN &DIp HQFRQWUDP VH HQWUH OLYURV FySLDV [HUR[ H KRUDV VHQWDGR QD IUHQWH GR FRPSXWDGRU UXPR j DSUHVHQWDomR GR WUDEDOKR GH FRQFOXVmR GR FXUVR GH DGPLQLVWUDomR GH 0XULOR HP ,QWLWXODGR ´2 XVR GD :HE DOLQKDGR j HVWUDWpJLD RUJDQL]DFLRQDOµ VHX IRFR HVWDYD QD IRUPDWDomR GH QHJyFLRV SDUD D QRYD FRQILJXUDomR GD LQWHUQHW TXH QD pSRFD WLQKD QRV EORJV D VXD PDLV QRWyULD IHUUDPHQWD GH WUDEDOKR ( IRL XWLOL]DQGR HVVD SODWDIRUPD HP HYLGrQFLD TXH HOH SDVVRX D SRVWDU R PDWHULDO FROHWDGR HP VXDV SHVTXLVDV 2 QRPH HVFROKLGR SDUD VXD HPSUHLWDGD GLJLWDO UHIOHWLD D FULDWLYL GDGH GH ERD SDUWH GD SRSXODomR XQLYHUVLWiULD TXH DWp KRMH WHP TXH VH YLUDU FRPR SRGH SDUD ID]HU ERQLWR QD FDUUHLUD /LVRVDSLHQV ´1HVVD pSRFD HX HUD HVWDJLiULR H D UHDOLGDGH SDUD DV SHVVRDV QHVVD IDVH p GH DOWDV LGHLDV H EDL[RV UHFXUVRV (P RXWUDV SDODYUDV HX HUD OLVR H HVWDYD FRQVWUXLQGR DOJR LPSRU WDQWH SDUD D PLQKD FDUUHLUD FRPR PXLWRV SRU Dtµ OHPEUD 2 /LVRVDSLHQV DSUHVHQWDYD D FXOWXUD GLJLWDO PDV FRP XP YLpV FLHQWtILFR $SyV R WXUELOKmR GR 7&& HOH FRQWLQXRX HVFUHYHQGR QR EORJ PDV VREUH FRLVDV GDV TXDLV JRVWDYD FRPR FLQHPD TXDGULQKRV VpULHV H DILQV 4XDO QmR IRL D VXUSUHVD DR QRWDU TXH D TXDQWLGDGH GH OHLWRUHV KDYLD DXPHQWDGR VLJQLILFD WLYDPHQWH" ´)RL QHVWD IDVH TXH HX SHUFHEL TXH HX SRGHULD FRQVWUXLU XPD QRYD UHGH FRQWDWRV DOpP GRV TXH HX Mi WLQKD HVWDEHOHFLGR GXUDQWH PLQKDV SHVTXLVDV SDUD R 7&&µ GL] 0XULOR $ UHJXODULGDGH GRV SRVWV PDQWHYH RV LQWHUQDXWDV ILpLV

DR VHX WUDEDOKR WHQGR FRPR UHVXOWDGR D DWUDomR GH PDLV OHLWRUHV DWUDYpV GRV OLQNV FRPSDUWLOKDGRV 26 35,0(,526 3$6626 ² $R LQLFLDU XPD SyV JUDGXDomR HP &RPXQLFDomR H 0DUNHWLQJ HP 0tGLDV 'LJLWDLV 0XULOR VHQWLX TXH HUD FKHJDGR R PRPHQWR GH WHQWDU VH SURILVVLRQDOL ]DU H JDQKDU GLQKHLUR FRP VHXV KREELHV MRJDU YLGHR JDPH OHU KLVWyULDV HP TXDGULQKRV FLQHPD H VpULHV GH 7Y 6XUJLD HQWmR R HPEULmR GR TXH YLULD D VH WRUQDU R *HHN &DIH R VHX SULPHLUR SURMHWR VpULR QD LQWHUQHW QDVFLGR HP GH IHYHUHLUR GH 0XQLGR GH WRGR R FRQKHFLPHQWR DGTXLULGR HP VXD IRUPDomR HOH S{GH SODQHMDU R EORJ FRP D SUHWHQVmR GH WRUQi OR XPD HPSUHVD ´$QWHV GH LQLFLDU R SURMHWR SDVVHL DOJXQV PHVHV HVWXGDQGR H GHILQLQGR R S~EOLFR DOYR 1R FDVR RV JHHNV KRPHQV H PXOKHUHV GD JHUDomR < DOpP GH FRPR VHULD D LGHQWLGDGH YLVXDO D OLQKD HGLWRULDO H R PRGHOR GH QHJyFLRV FRP SHVVRDV H SDUFHLURV FKDYH SDUD DJUHJDU YDORU j PLQKD LGHLD EHP FRPR WRGRV RV SRQWRV LPSRUWDQWHV SDUD GHVHQYRO YHU XP QHJyFLR VpULRµ OHPEUD $R VHU SHUJXQWDGR VREUH R GHVDILR GH IDODU SDUD XP S~EOLFR H[LJHQWH TXH VDEH WDQWR TXDQWR RX DWp PDLV GR TXH HOH HP DOJXQV WySLFRV 0XULOR VHQWH VH j YRQWDGH PRVWUDQGR TXH WmR LPSRUWDQWH TXDQWR GHVRYDU FRQWH~GR p RXYLU H FRQYHUVDU FRP VHX S~EOLFR ´3DUWLFXODUPHQWH PH VLQWR PXLWR EHP FRP RV IHHGEDFNV TXH UHFHEHPRV GR S~EOLFR SULQFLSDO PHQWH TXDQGR VmR FRQWUiULDV DV PLQKDV $ILQDO GHVGH TXH VHMD PDQWLGR R UHVSHLWR D GLVFRUGkQFLD p D EDVH GH XPD ERD GLVFXVVmR $ SDUWLU GHOD YRFr SDVVD D HQ[HUJDU XPD YLVmR GLIHUHQWH GD VXD VREUH XP PHVPR DVVXQWR H WRGDV DV SDUWHV HYROXHP DWUDYpV GHVWH FRPSDUWLOKDPHQWR GH LGHLDV H GHED WHV µ $ &2,6$ ),&28 6e5,$ ² 'Dt SDUD D SDUWH FRPHUFLDO GR QHJyFLR IRL XP SXOR 2 SULPHLUR DQXQFLDQWH GR *HHN &DIp IRL D :L[ FRP XPD SODWDIRUPD RQOLQH GH FULDomR H HGLomR GH VLWHV FOLHQWH GH 0XULOR GHVGH R EORJ DQWHULRU $ HPSUHVD SHUFHEHX R SRWHQFLDO GD QRYD SURSRVWD H DSRVWRX WDQWR TXH

3DUWLFXODUPHQWH PH VLQWR PXLWR EHP FRP RV IHHGEDFNV TXH UHFHEHPRV GR S~EOLFR SULQFLSDOPHQWH TXDQGR VmR FRQWUiULDV DV PLQKDV FRPHoDUDP D IDWXUDU Mi QR SULPHLUR GLD GH IXQFLRQDPHQWR Â´+RMH QRVVD EDVH GH FOLHQWHV WHP HPSUHVDV GH GLYHUVRV 0XULOR /LPD SRUWHV H PHUFDGRV FRPR +HLQHNHQ FULDGRU GR &RFD &ROD 6DPVXQJ )RUG +\XQGDL *HHN &DIp 'LVQH\ 0DUYHO :DUQHU %URV 1HWIOL[ &RUUHLRV 6DQWDQGHU 9ROYR 6KHOO -RKQQLH :DONHU H RXWUDVÂµ GL] 0XULOR TXH DFRP SDQKRX D HYROXomR GR PHUFDGR H SHUFHEH XPD PXGDQoD VLJQLILFDWLYD WDQWR SRU SDUWH GH TXHP SURGX] FRQWH~GR TXDQWR GH TXHP LQYHVWH QHOH Â´1R LQLFLR Ki WUrV DQRV DLQGD SHJDPRV XP PHUFDGR TXH HVWDYD DPDGXUHFHQGR H PXLWR IRFDGR HP Q~PHURV JHQpULFRV FRPR TXDQWLGDGH GH SHVVRDV TXH VHULDP LPSDFWD GDV SHOD SXEOLFLGDGH FXUWLGDV QR )DFHERRN H FRLVDV GR WLSR ( EDVWDYD WHU Q~PHURV ERQLWRV SDUD DSUHVHQWDU TXH RV FOLHQWHV VXUJLDP VHP D QHFHVVLGDGH GH LUPRV DWUiV GHOHV $WXDOPHQWH DV JUDQGHV PDUFDV Mi WHP XPD QRomR PDLRU GR TXH SUHFLVDP H[WUDLU GH FDGD DomR GH PDUNHWLQJ SDUD FRQWULEXLU FRP R DOFDQFH GH VHXV REMHWLYRV GHILQLGRV QR SODQHMDPHQWR HVWUDWp JLFRÂµ H[SOLFD 0XULOR TXH EXVFD VH GLIHUHQFLDU SHOR DFRPSD QKDPHQWR GLVFXVVmR H SDUWLFLSDomR QR SODQHMDPHQWR GH FDGD DomR FRP EDVH HP DOJXP GRV REMHWLYRV GR FOLHQWH Â´$OJXQV DLQGD TXHUHP DSHQDV Q~PHURV PDV PHVPRV HVWHV HVWmR FDGD YH] PDLV SUHRFXSDGRV QD TXDOLGDGH GHVWHVÂµ UHYHOD (VWD SUHRFXSDomR FRP D TXDOLGDGH GRV Q~PHURV p FRQKHFLGD FRPR WD[D GH FRQYHUVmR 0HVPR WHQGR FRQFRU UHQWHV PXLWR PDLRUHV HP Q~PHURV JHUDLV R *HHN &DIH VH GLIHUHQFLD SHOD WD[D GH FRQYHUVmR GH VXDV Do}HV RX UHWRUQR VREUH R LQYHVWLPHQWR GR FOLHQWH (VVH IDWRU ILFRX PXLWR FODUR HP TXDQGR R *HHN &DIp FREULX XP VKRZ GH 3DXO 0F&DUWQH\ QR 5HFLIH Â´7LQKDPRV XPD HGLWRULD GH 0XVLFD RQGH HX H R $QGUp 5DERQL GR EORJ $FHUWR GH &RQWDV HVFUHYtDPRV WH[WRV UHIOH[LYRV VREUH 5RFN +HDY\ 0HWDO H 3VLFRGpOLFR )RPRV FREULU R HYHQWR SDUD D 6.< SDWURFLQDGRUD RILFLDO GD WXUQr 2Q WKH 5XQ QR %UDVLO $ UHSHUFXVVmR IRL WDQWD

TXH R *HHN &DIp UHFHEHX XP FRQYLWH GD 079 SDUD LQWHJUDU D VXD UHGH SDUFHLURV QR PRPHQWR HP TXH D PDUFD EXVFDYD VHX UHSRVLFLRQDPHQWR QR PXQGR GLJLWDO $ SDUFHULD FRQWLQXD DWp KRMH (;3$16Â®2 '( 2/+2 12 )87852 Â² $WXDOPHQWH R *HHN &DIp RFXSD VHLV KRUDV GLiULDV GH 0XULOR GLVWULEXtGDV HQWUH D iUHD FRPHUFLDO DGPLQLVWUDWLYD LQYHVWLPHQWR HP PDUNHWLQJ DOpP GR SODQHMDPHQWR HGLWRULDO H SODQHMDPHQWR GR QHJyFLR HP VL $ LGHLD FUHVFHX WDQWR TXH VH H[SDQGLX +RMH R *HHN GHVHQYROYH SURGXWRV H VHUYLoRV SDUD ZHE FRPR EORJV VLWHV H FRPPHUFH DOpP GH RIHUHFHU SODQHMDPHQWR GH Do}HV HP PtGLDV GLJLWDLV H UHSUHVHQWDomR FRPHUFLDO SDUD RXWURV SURGXWRUHV GH FRQWH~GR 2V ILQV GH VHPDQD VmR SUHHQFKLGRV FRP HYHQWRV SUHVHQFLDLV FRPR SDOHVWUDV GHEDWHV RX ZRUN VKRSV WDPEpP WUDEDOKR QRV ILQV GH VHPDQD 2 EORJ SRVVXL KRMH XPD HTXLSH GH SURILVVLRQDLV SUHVWDGRUHV GH VHUYL oRV HQWUH HGLWRUHV FROXQLVWDV GHVHQYROYHGRUHV H GHVLJQHU $OpP GR *HHN &DIp R HPSUHHQGHGRU DLQGD HQFRQWUD I{OHJR SDUD DVVXPLU WUDEDOKRV GH FRQVXOWRULD H XP PHVWUDGR HP FLrQFLDV GD FRPSXWDomR QD 8)3( $R HVWXGDU WRGRV RV SRQWRV UHIHUHQWHV j IRUPDWDomR H IRUWDOH FLPHQWR GH XP QHJyFLR GLUHFLRQDGR D XP QLFKR HVSHFtILFR 0XULOR DSUHQGHX TXH HVWD REVHUYDomR VHULD XPD FRQVWDQWH HP VXD YLGD SRLV RV QHJyFLRV Vy VREUHYLYHP VH HOHV YLVOXPEUDUHP QRYDV IRUPDV GH WUDEDOKDU Â´6HPSUH KDYHUi HVSDoR SDUD DTXHOHV TXH FRQVHJXLUHP VH DGDSWDU PHOKRU DV PXGDQoDV QRV KiELWRV GH FRQVXPR GH VHX S~EOLFR DOYR DJUHJDQGR YDORU DR VHX SURGXWR RX VHUYLoR VHP HVTXHFHU R ERP H YHOKR SODQHMD PHQWR HVWUDWpJLFR DOpP p FODUR GH XPD HTXLSH EHP VHOHFLR QDGDÂµ HQVLQD

2 &21680,'25 (67Ã&#x2030; 12 &(1752 '( 1266$6 (675$7e*,$6 02%,/(" &RPR SURILVVLRQDO GR VHJPHQWR PRELOH SXEOLFLGDGH H WHFQRORJLD WHQKR SDUWLFLSDGR GH PXLWRV GHEDWHV H HYHQWRV VREUH WHQGrQFLDV H XPD IUDVH XWLOL]DGD SRU $QGUHV 6WHOOD GD %UDQGWRQH PDUFRX GXUDQWH R HQFRQWUR 00$ %DOOURRP 2 H[HFXWLYR SRQWXRX TXH Â´DV PDUFDV QmR SRGHP PDLV LU SDUD D MDQHOD H JULWDU SDUD WRGRVÂµ $ DQDORJLD ID] UHIHUrQFLD j HVWUDWp JLD WUDGLFLRQDO GH PXLWRV DQXQFLDQWHV H VXDV DJrQFLDV HP RSWDU SRU DOWRV LQYHVWLPHQWRV HP SURSDJDQGDV WHOHYLVLYDV TXH DWLQJHP D PDVVD FRP XPD PHQVDJHP SDGUmR 2 FHQiULR SXEOLFLWiULR FDGD YH] PDLV GLJLWDO VH WRU QRX FRPSOH[R FRP GLIHUHQWHV IRUPDWRV PDQHLUDV GH FRP SUDU PtGLD SRVVLELOLGDGHV GH VHJPHQWDomR GH DXGLrQFLD H SULQFLSDOPHQWH FRPSURYDomR GRV UHVXOWDGRV &KHJD D VHU FXULRVR TXH RV YDORUHV DSOLFDGRV QR IRUPDWR WHOHYLVLYR WHQKDP DXPHQWDGR YLVWR TXH D DXGLrQFLD HVWi HP GHFOtQLR e ERP TXH VH GHL[H FODUR TXH QmR Ki XPD SRVWXUD FRQWUD D SXEOLFLGDGH HP 79 H HVWD RSomR p PDLV GR TXH UHFRQKHFLGD FRPR IRUPD GH DPSOLDU FRQKHFLPHQWR GH PDUFD $ UHDOLGDGH p TXH PRELOH QmR p PDLV XP FDQDO FRQFRUUHQGR FRP RXWURV PDV VLP XPD FDPDGD HP TXH DV SHVVRDV HVWmR FRQHFWDGDV D WRGR PRPHQWR SDUD DFHVVDU FRQWH~GRV UHGHV VRFLDLV H HVWi VHPSUH D XP WRTXH TXDQGR HVWmR j IUHQWH GD 79 RX RXYLQGR UiGLR 2 SULPHLUR DVSHFWR HP SDXWD p TXH HVWH QRYR FRP SRUWDPHQWR GDV SHVVRDV SUHFLVD VHU PHOKRU FRPSUHHQGLGR SHODV PDUFDV SULQFLSDOPHQWH HP IXQomR GDV RSRUWXQLGDGHV GH LQRYDomR H LQWHUDo}HV SRVVtYHLV -DPHV *DOSLQ GD 0LOOZDUG %URZQ WURX[H GLYHUVRV FDVRV GH TXH XPD HVWUDWpJLD FRPEL QDGD GH GLIHUHQWHV PtGLDV FRP PRELOH SRVVXHP DOWD VLQHUJLD H JHUD PHOKRUHV UHVXOWDGRV GH HQJDMDPHQWRV GR TXH DV Do}HV LVRODGDV 8P H[HPSOR p D VpULH ORJRXW FRP FHQDV TXH FRPSOH PHQWDP YLD VPDUWSKRQH DTXLOR TXH p SDVVDGR QD LPDJHP WHOHYLVD $ LQWHJUDomR WDPEpP YDOH TXDQGR VH SHQVD HP H FRPPHUFH H ORMD ItVLFD 1LQJXpP PHOKRU GR TXH 5RPHUR 5RGULJXHV GR %XVFDSp SDUD JDUDQWLU TXH HOHV VH FRPSOHPHQ WDP FLWDQGR R FDVH HP TXH RV FOLHQWHV TXH YLVLWDVVHP D %HVW %X\ H HVFDQHDVVHP R SUHoR GRV SURGXWRV JDQKDULDP GHVFRQ WRV QD $PD]RQ 2XWUR SRQWR IXQGDPHQWDO GHVWD GLVFXVVmR p R UHWRU QR TXH FDGD PtGLD RIHUHFH SDUD D PDUFD YHUVXV R LQYHVWLPHQ

WR ( QRYDPHQWH R PRELOH GHVSRQWD FRPR D EROD GD YH] SHOD FDSDFLGDGH GH VHJPHQWDomR RX VHMD GH HQFRQWUDU D DXGLrQFLD H[DWD TXH ID] VHQWLGR SDUD GHWHUPLQDGD DomR RX FDPSDQKD SRVVLELOLGDGH GH PHQVXUDomR GR LPSDFWR H SHOR FXVWR YDQWDMR VR DR VH OHYDU HP FRQWD DV PtGLDV WUDGLFLRQDLV 0DLV GR TXH R FXVWR R TXH HVWi HP MRJR p R YDORU H D RSRUWXQLGDGH GH FULDU XPD FRPXQLFDomR GLUHWD FRP R VHX S~EOLFR WDUJHW HP RSRVL omR DR JULWR QD MDQHOD 2 PRELOH SHUPLWH GLiORJRV PDLV DVVHUWL YRV FRP RV FRQVXPLGRUHV 0HQRV p PDLV 'HQWUR GHVWH FRQWH[WR p QHFHVViULR XP DOHUWD VREUH D QHFHVVLGDGH GH HQFRQWUDU VDEHU FRQYHUVDU H HVWDEHOHFHU XPD FRPXQLFDomR GLUHWD H HVSHFtILFD FRP XPD GHWHUPLQDGD SHVVRD +RMH D WHFQRORJLD H R DFHVVR SRU GLVSRVLWLYRV PyYHLV SHUPLWHP HVWD SUHFLVmR RWLPL]DQGR RV LQYHVWLPHQWRV H FRQYHUVmR 2 GHVDILR SDVVD SHOD IRUPD FRPR RV GDGRV VmR FROHWDGRV DUTXLYDGRV D SULYDFLGDGH H SURWHomR GHVVDV LQIRU PDo}HV RV SRVVtYHLV FUX]DPHQWRV H SULQFLSDOPHQWH D FDSD FLGDGH GH JHUDU UHODWyULRV LQWHOLJHQWHV FRP LQVLJKWV TXH WRUQHP D FRPXQLFDomR PDLV HIHWLYD H DXPHQWH R 52, &RQKHFHU R FRQVXPLGRU FRP R TXDO VH GHVHMD FULDU XP YtQFXOR GXUDGRXUR H VHU ~WLO SDUD HOH p SDODYUD GH RUGHP 8P H[HPSOR FODUR p R GHVHMR TXH WRGDV DV PDUFDV WrP GH SHGLU SDUD D VXD DJrQFLD FULDU XP $SS 9LYHPRV XP ERRP GH QRYRV $SSV GH PDUFDV PDV QHQKXP GHOHV FRQVHJXH HQWUDU QD OLVWD GRV PDLV EDL[DGRV RX FRPSHWLU SRLV HP DOJR EiVLFR HIHWLYDPHQWH IDFLOLWDU D YLGD PLQLPL]DQGR GLILFXOGDGHV 2 PHUFDGR GH SXEOLFLGDGH PyYHO Mi FRPHoD D RFXSDU HVSDoR GH GHVWDTXH H D UHFHEHU FLIUDV UHOHYDQWHV PDV DLQGD HQJDWLQKD TXDQGR VH OHYD HP FRQVLGHUDomR R VHX SRWHQFLDO SULQFLSDOPHQWH SHOD FDSDFLGDGH GH JHUDU UHVXOWDGRV PHQVXUi YHLV SDUD DV PDUFDV DWLQJLQGR D DXGLrQFLD HVSHFtILFD FRP D PHQVDJHP DGHTXDGD $V RSRUWXQLGDGHV GH LQWHUDomR H VLQHU JLD HQWUH FDQDLV WDPEpP GHYHP VHU PHOKRU H[SORUDGDV e IXQGDPHQWDO TXH DV PDUFDV VH DGDSWHP DR TXH R FRQVXPLGRU QHFHVVLWD H QmR jTXLOR TXH HODV TXHUHP TXH HOHV VH DGHTXHP 'H PHURV PDQLSXODGRV SHODV PDUFDV RV FRQVXPLGRUHV SDVVDP D GLWDU R IXWXUR GHODV $TXHOH JULWR QD MDQHOD QHP VHPSUH p R TXH D PXOWLGmR TXHU RXYLU ( LQVLVWLU QHVWD HVWUDWpJLD FXVWDUi FDUR

&/,&.

$QD &D~OD &ULEDUL _ DQDYFDXOD#JPDLO FRP

$ ,1)Ã&#x2021;1&,$ ( $6 $57(6 'H TXH VRPRV IHLWRV" 2 TXH QRV GHILQH" 2 TXH QRV RIHUWD FRQWRUQRV" 0DLV LPSRUWDQWH R TXH VRPRV SDUD DOpP GRV FyGLJRV JHQpWLFRV TXH FDUUHJDPRV" $ UHVSRVWD D WDLV SHUJXQWDV p FRPSOH[D H ULFD HP IDFHWDV H QXDQFHV PDV FHUWDPHQWH SRVVXL XP SLODU FHQWUDO QRVVD VHQVLELOLGDGH H FXOWXUD DUWtVWLFDV QRV PROGDP QD PHGLGD HP TXH GHOLQHLDP D IRUPD FRPR YHPRV R PXQGR ( WDPEpP QRVVD FDSDFLGDGH GH HQ[HUJDU R RXWUR GH QRV DEVWUDLU GH QRVVD UHDOLGDGH GH QRV WUDQVSRUWDUPRV SDUD FHUFDQLDV TXH QRV VmR HVWUDQJHLUDV $ DUWH QRV HQULTXHFH H QRV WUD] GRVHV GH KXPLOGDGH 6RPRV HQULTXHFLGRV SRUTXH WRPDPRV FRQWDWR FRP XQLYHUVRV SDUDOHORV FRP WHPiWLFDV FRPSOH[DV FRP HVWpWLFDV TXH QRV VXUSUHHQGHP H HYRFDP UHIOH[}HV $GLFLRQDOPHQWH WRUQDPR QRV PDLV KXPLOGHV QD PHGLGD HP TXH QRV GLPHQVLRQDPRV PHOKRU QD PHGLGD HP TXH SDVVDPRV D HQWHQGHU TXH VRPRV XPD SHTXHQD SHoD GH XPD HQJUHQDJHP PDLRU TXH QRVVD KXPDQLGDGH HVWi WDPEpP HP RXWUHP TXH QRVVRV VRQKRV QRVVDV HVSHUDQoDV H GHVHVSHUDQoDV QRVVRV DQVHLRV H QRVVDV IUXVWUDo}HV VmR PDLV XQLYHUVDLV H PHQRV LQGLYLGXDLV GR TXH RXWURUD LPDJLQDPRV $ FLGDGDQLD DUWtVWLFD TXH QRV WUD] WDQWRV FRQWRUQRV H HQULTXHFH QRVVD SHUFHSomR GR PXQGR GHYH VHU FRQVWUXtGD D SDUWLU GD LQIkQFLD TXH GHYH LQFOXLU SDUD DOpP GDV GLYHUV}HV XVXDLV YLVLWDV D PXVHXV OHLWXUDV GH SRHVLDV H URPDQFHV DSUHFLDomR GH GDQoDV FLQHPD H WHDWUR (VVD p D VHPHQWH GH XP DGXOWR ULFR QmR HP GHQR PLQDo}HV PRQHWiULDV PDV QR WXWDQR GH QRVVD KXPDQLGD GH $ IRWR TXH HVSHOKD HVVH SHQVDPHQWR IRL IHLWD QR 0XVHX GR /RXYUH HP 3DULV RQGH FULDQoDV FDPLQKDP DSUHFLDQGR DV EHODV DUWHV QD FRPSDQKLD GH VHXV SDLV ,62 _ $%(5785$ I? _ 9(/2&,'$'( V

80$ 9,'$ '( 621+26

$ HWHUQD JOREHOH]D 9DOHULD 9DOHQVVD HVSRVD GH +DQV 'RQQHU DFDED GH ODQoDU R OLYUR 9DOHULD 9DOHQVVD 8PD YLGD GH VRQKRV 2 HYHQWR GH ODQoDPHQWR DFRQWHFHX QR (VSDoR %LD 'RULD ORFDOL]DGR QR 0DUNHW 3OD]D 63 $ ELRJUDILD HVFULWD SRU /DXUD %HUJDOOR H -RVLDQH 'XDUWH H FRP WH[WR GH RUHOKD H TXDUWD FDSD DVVLQDGRV SRU -RVp %RQLIiFLR 2OLYHLUD 6REULQKR R %RQL UHWUDWD D WUDMHWyULD GD PXODWD *OREHOH]D TXH VDLX GR VXE~UELR FDULRFD SDUD WRUQDU VH VtPEROR GR &DUQDYDO 2 OLYUR FRQWD D KLVWyULD GR VRQKR GH XPD JDURWD WtPLGD TXH ILFDYD YLGUDGD QR SURJUDPD GR &KDFULQKD H TXHULD VHU XPD FKDFUH WH 2 TXH HOD QmR SRGHULD LPDJLQDU p TXH DOJXP DQR GHSRLV VHULD D SDVVLVWD PDLV IDPRVD GR %UDVLO (P FRP DSHQDV DQRV H LQWHLUDPHQWH GHVFRQKHFLGD 9DOHULD &RQFHLomR GRV 6DQWRV IRL YLWRULRVD QD VHOHomR SDUD D GDQoDULQD TXH LULD HVWUHODU D YLQKHWD GH &DUQDYDO GD 79 *ORER $ REUD QDUUD HP GHWDOKHV VXD KLVWyULD GH DPRU FRP R DXVWUtDFR +DQV 'RQQHU FRQKHFLGR FRPR Â´0DJR GR 'HVLJQÂµ DXWRU GD ORJRPDUFD GD HPLVVRUD H GH LQHVTXHFtYHLV DEHUWXUDV GH QRYHOD H GH VHULDGRV ( GHVFUHYH HSLVyGLRV SRXFR FRQKHFLGRV GH VXD WUDMH WyULD SHOD IDPD 2 OLYUR UHYHOD DLQGD GHWDOKHV FRQWXQGHQWHV GD YLGD GD *OREHOH]D FRPR D GHSUHVVmR DSyV VDLU GD *ORER R DOFRROLVPR GR SDL H R DFLGHQWH GH FDUUR TXH FRPSURPHWHX D VD~GH GH VXD PmH ID]HQGR FRP TXH D PHQLQD GH DSHQDV DQRV WLYHVVH TXH DPDGXUH FHU SUHFRFHPHQWH

(8 5(&20(1'2

$ 7(25,$ $3/,&$'$ '( '58&.(5 GH :LOOLDP $ &RKHQ (GLWRUD &DPSXV (OVHYLHU 3iJLQDV $ 7HRULD $SOLFDGD GH 'UXFNHU WUD] RV IXQGDPHQWRV HVVHQFLDLV GR SDL GD DGPLQLVWUDomR PRGHUQD $ REUD H[SOR UD VXD YDVWD REUD SDUD DSRQWDU DV SULQFL SDLV YHUGDGHV DSOLFiYHLV j VROXomR GH SUREOHPDV QR PXQGR UHDO GRV QHJyFL RV 6XDV SiJLQDV JXDUGDP DGPLUiYHLV LQVLJKWV H RULHQWDo}HV REMHWLYDV VREUH FRPR HQJDMDU D HTXLSH H DOFDQoDU R WmR VRQKDGR GHVHPSHQKR 2XWURV WySLFRV LPSRUWDQWHV FLUFXODP HP WRUQR GRV DPELHQWHV QRFLYRV H SROtWLFDV GHVWUXWL YDV QR WUDEDOKR LQFHQWLYR j LQRYDomR JHUHQFLDPHQWR GH FULVHV H PXLWR PDLV

(&2120,$ 02'2 '( 86$5 GH +D -RR &KDQJ &RPSDQKLD GDV /HWUDV SiJLQDV &RP XPD HVFULWD OHYH H LUUHYHUHQWH +D -RRQ FKDQJH XVD VHX FRQKHFLPHQWR KLVWyULFR SURIXQGR SDUD DSUHVHQWDU XP DFHVVtYHO PDQXDO TXH H[SOLFD FRPR D HFRQRPLD JOREDO UHDOPHQWH IXQFLRQD $R FRQWUiULR GH PXLWRV HFRQRPLVWDV TXH DSUHVHQWDP DSHQDV XPD YHUWHQWH GH VXD iUHD &KDQJ DEUH HVSDoR SDUD XPD YDULHGDGH GH WHRULDV HFRQ{PLFDV GD FOiVVLFD j .H\QHVLDQD UHYHODQGR RV SRQWRV IRUWHV H IUDFRV GH FDGD XPD H PRVWUD DV IHUUDPHQWDV QHFHVViULDV SDUD FRPSUHHQGHU HVVH PXQGR FDGD YH] PDLV LQWHUFRQHFWDGR (QWUH RV WySLFRV DVVXQWRV LQWULJDQWHV FRPR R IXWXUR GR (XUR D GHVLJXDOGDGH QD FKLQD RX D FRQGLomR GD LQG~VWULD GH PDQXIDWXUD QRUWH DPHULFDQD H PXLWRV RXWURV SRQWRV SHUWLQHQWHV SDUD OLGDU PHOKRU FRP DV PXGDQoDV GH QRVVR VpFXOR

$6 75$16,d¯(6 ( 26 &+248(6 GH 0DUWLQ :ROI &RPSD QKLD GDV /HWUDV SiJLQDV ( RV HFRV GD FULVH HFRQ{PLFD H ILQDQFHL UD GH QRV (VWDGRV 8QLGRV ILQDO PHQWH FKHJDUDP DR %UDVLO $WUDYpV GR OLYUR ´$V WUDQVLo}HV H RV FKRTXHVµ p SRVVtYHO HQWHQGHU PDLV SURIXQGDPHQWH VREUH D HQJUHQDJHP SRU WUiV GR HIHLWR GRPLQy TXH VH DEDWHX QR UHVWR GR PXQGR 'HSRLV GD OLomR DSUHQGLGD SHORV QRUWH DPHULFDQRV HVWDPRV DSWRV D OLGDU FRP HVVH SURFHVVR" 2 DXWRU PRVWUD TXH QRYDV FULVHV HVWmR SRU YLU H TXH DV DWXDLV PXGDQoDV SROtWL FDV ID]HP GD (XURSD XP DPELHQWH LQVWiYHO ´$V WUDQVLo}HV H RV FKRTXHVµ p XP OLYUR LQGLVSHQViYHO SDUD DTXHOHV TXH WrP D FRQVFLrQFLD GH TXH WXGR HVWi LQWHUOLJDGR QmR LPSRUWDQGR R HSLFHQ WUR GDV FULVHV

%,/+¯(6 ( /É*5,0$6 $ (&2120,$ %5$6,/(,5$ ( 6(86 $725(6 GH &RQVXHOR 'LHJXH] (GLWRUD 3RUWIROLR 3HQJXLQ SiJLQDV &RQVXHOR 'LHJXH] XPD GDV PDLV LPSRUWDQWHV MRUQDOLVWDV GD DWXDOLGDGH WUDoD R SHUILO GH SHUVRQDJHQV FHQWUDLV GD HFRQRPLD EUDVLOHLUD SDUD GHVYHQGDU D FRQMXQWXUD SROtWLFR HFRQ{PLFD GR SDtV 6HX HVWLOR GH HVFULWD H[SORUD DV KLVWyULDV QmR FRQWDGDV GHWDOKHV LJQRUDGRV IUDVHV GHVSUHWHQ VLRVDV TXH GHVYHQGD ILJXUDV FHQWUDLV GD KLVWyULD UHFHQWH GR SDtV ³ FRPR 'DQLHO 'DQWDV /XFLDQR &RXWLQKR 6pUJLR 5RVD HQWUH RXWURV UHYHODQGR R PRPHQWR HFRQ{PLFR SHOR TXDO SDVVD R %UDVLO D SDUWLU GR PHOKRU H GR SLRU WUDoR GD SHUVRQDOLGDGH GH FDGD XP GH VHXV DWRUHV

Era uma vez uma menina

que virou princesa...,

que virou estrela, que virou livro... Impresso com a magia que só a FacForm é capaz.

FacForm deixando a melhor impressão nas melhores histórias

Rua Barão de Água Branca, 521 | Boa Viagem | Fone: (81) 3339.6566