C S Lewis Cartas Do Br



7KH6FUHZWDSH/HWWHUV  &RPSOHWDV



&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV 

$PHOKRUIRUPDGHFRUUHUFRPR'LDERVHHOHQmRVHUHQGHDRVWH[WRVGDV (VFULWXUDVp]RPEDUHFDoRDUGHOHSRLVRPHVPRQmRVXSRUWDRHVFiUQLR 0DUWLQKR/XWHUR







2'LDERRHVStULWRGR2UJXOKR1mRVXSRUWDVHUGHERFKDGR

7KRPDV0RUH 

$V&DUWDVGR,QIHUQR 

 35()É&,2  1mRSUHWHQGRH[SOLFDUFRPRDFRUUHVSRQGrQFLDTXHDJRUDH[SRQKRFKHJRXjVPLQKDVPmRV+i GRLV HUURV LJXDLV H RSRVWRV QR TXH GL] UHVSHLWR j PDWpULD 'HP{QLRV 8PD p GHVDFUHGLWDU HP VXD H[LVWrQFLD$RXWUDpDFUHGLWDUHVHQWLUXPH[FHVVLYRHGRHQWLRLQWHUHVVHQHOHV2VPHVPRVGHP{QLRV ILFDP LJXDOPHQWH VDWLVIHLWRV SHORV GRLV HUURV H SRUWDQWR FRQWHPSODP XP PDWHULDOLVWD H XP PiJLFR FRPRPHVPRSUD]HU2WLSRGHURWHLURTXHpXVDGRQHVWHOLYURSRGHIDFLOPHQWHVHUFRQVWUXWLYRSDUD TXDOTXHU XP TXH WHQKD DSUHQGLGR R SXOR GR JDWR RX VHMD Mi WHQKD XP PtQLPR GH FRQKHFLPHQWR VREUHQRVVRVDGYHUViULRVPDVSDUDTXDOTXHUXPTXHWHQKDLQWHQo}HVHVFXVDVDUHVSHLWRGRXVRGHVWH PDWHULDOMiDGLDQWR1mRFRQWHFRPLJR 2VOHLWRUHVVmRDGYHUWLGRVDFRQFHLWXDUR'LDERFRPRXPPHQWLURVRQHPWXGRTXHR6FUHZWDSHGL] SRGHULD VHU DVVXPLGR FRPR YHUGDGH PHVPR GR VHX SUySULR SRQWR GH YLVWD 1mR WHQKR WHQWDGR LGHQWLILFDUTXDOTXHUGRV VHUHVKXPDQRVGDVFDUWDVPDV FUHLRVHULPSURYiYHOTXH DVSHUVRQDOLGDGHV RX SDSpLV TXH UHSUHVHQWDP  GLJDPRV R 3DVWRU 6SLNH RX D PmH GR SDFLHQWH IRVVHP H[DWRV  +i SHQVDPHQWRVDQVLRVRVWDQWRQR,QIHUQRTXDQWRQD7HUUD &RQFOXLQGRIRLIHLWRSRXFRHVIRUoRSDUDFRQFDWHQDUDFURQRORJLDGDVFDUWDV$FDUWDGHQ~PHUR;9,, SDUHFH WHU VLGR FRPSRVWD DQWHV GR UDFLRQDPHQWR GH JXHUUD ILFDU VpULR PDV HP JHUDO R PpWRGR GLDEyOLFR GH FRQWDU GDWDV QmR WHP TXDOTXHU UHODomR FRP R WHPSR WHUUHVWUH H SRUWDQWR QmR PH SUHRFXSHLHPHQWHQGrORRXUHSURGX]tOR$KLVWyULDGD*XHUUD(XURSpLD DQmRVHUYDJDPHQWHQXP FDVR RX RXWUR HP TXH YHQKD D HQYROYHU DVSHFWRV HVSLULWXDLV GH XP VHU KXPDQR FRP FHUWH]D QmR LQWHUHVVDULDD6FUHZWDSH  &6/HZLV 0DJGDOHQ&ROOHJH GH-XOKR

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  ,1752'8d®2   )RLGXUDQWHD6HJXQGD*XHUUD0XQGLDOTXHDV&DUWDVGR,QIHUQRDSDUHFHUDPHPFROXQDVGR*XDUGLDQ DJRUD H[WLQWR  (VSHUR TXH HODV QmR WHQKDP DSUHVVDGR D VXD PRUWH 0DV FRP FHUWH]D IL]HUDPQR SHUGHU GHQWUH VHXV OHLWRUHV SHOR PHQRV XP GHWHUPLQDGR FOpULJR GR LQWHULRU WHYH RSRUWXQLGDGH GH HVFUHYHU DR UHGDWRU FDQFHODQGR VXD DVVLQDWXUD VRE D DOHJDomR GH TXH PXLWRV GRV FRQVHOKRV YHLFXODGRV SRU DTXHODV FDUWDV OKH SDUHFLDP QmR VRPHQWH HUUDGRV PDV DWp PHVPR GLDEyOLFRV (QWUHWDQWR HP JHUDO HODV DOFDQoDUDP WDO UHFHSWLYLGDGH TXH R DXWRU MDPDLV VRQKDUD TXH FKHJDULD D WDQWR$VFUtWLFDVOLWHUiULDVPRVWUDUDPVHRUDLQFKDGDVSRUDTXHODHVSpFLHGHLUDTXHGHPRQVWUDDR HVFULWRU GH TXH R VHX DOYR WHULD VLGR GH IDWR DWLQJLGR  $ SURFXUD GR OLYUR IRL GHVGH R LQtFLR SURGLJLRVDHDVVLPWHPFRQWLQXDGRGHPRGRFUHVFHQWH1DUHDOLGDGHDYHQGDQHPVHPSUHVLJQLILFDR TXHRVDXWRUHVHVSHUDP6HROHLWRUSUHWHQGHUDYDOLDURQ~PHURGRVTXHOrHPD%tEOLDSHORQ~PHURGH %tEOLDV TXH VmR YHQGLGDV FHUWDPHQWH LQFRUUHUi HP JUDQGH HUUR $V &DUWDV GR ,QIHUQR GHQWUR GH VHXVOLPLWHVHVWmRH[SRVWDVjPHVPDVRUWHGHDPELJLGDGHeOLYURGRWLSRTXHVHFRVWXPDRIHUHFHU DDILOKDGRVGRWLSRTXHFRVWXPDVHUOLGRHPYR]DOWDSRURFDVLmRGRVUHWLURV(DWpPHVPRFRPRMi REVHUYHLFRPXPULVRDOJRIRUoDGRGDTXHOHWLSRGHOLYURVTXHVmRGHL[DGRVQRVTXDUWRVGHKyVSHGHV SDUD TXH DOL SHUPDQHoDP VHP TXDOTXHU PDQXVHLR 3RU YH]HV WDLV OLYURV VmR FRPSUDGRV SRU PRWLYRV DLQGD PHQRV SODXVtYHLV &HUWD VHQKRUD FRQKHFLGD GR DXWRU GHVFREULX TXH D EHOD DWHQGHQWH TXH OKH HQFKLDEROVDVGHiJXDTXHQWHQRKRVSLWDOKDYLDOLGR$V&DUWDVGRLQIHUQR)RLOKHGDGRWDPEpPVDEHU RSRUTXr$VHQKRUDVDEHGLVVHDPRoDIRPRVDGYHUWLGDVGHTXHQDVHQWUHYLVWDVGHSRLVGHVHUHP UHVSRQGLGDVDVSHUTXQWDVUHODFLRQDGDVFRPDVVXQWRVUHDLVHWpFQLFRVDGLUHWRULDHRXWURV jVYH]HV ID]HP SHUJXQWDV VREUH QRVVRV LQWHUHVVHV GH PRGR JHUDO 1HVVH FDVR D PHOKRU FRLVD p UHVSRQGHUPRV TXH JRVWDPRV GH OHU $VVLP VHQGR UHFHEHPRV XPD OLVWD GH FHUFD GH GH] OLYURV GH OHLWXUDPDLVRXPHQRVDJUDGiYHOFRPDUHFRPHQGDomRGHTXHGHYHUtDPRVOHUSHORPHQRVXPGHOHV( YRFr HVFROKHX DV &DUWDV GR ,QIHUQR" %HP GH IDWR R HVFROKL SRLV HUD R TXH WLQKD PHQRV SiJLQDV $LQGD GHSRLV GH GHVFRQWDUPRV HVVDV QLQKDULDV R OLYUR FRQVHJXLX OHLWRUHV DXWrQWLFRV HP Q~PHUR VXILFLHQWHSDUDTXHYDOKDDSHQDDRDXWRUUHVSRQGHUDDOJXPDVSHUJXQWDVTXHWHPVXUJLGRHPYiULDV PHQWHV $ PDLV FRPXP GHODV p VH HX DGPLWR PHVPR D H[LVWrQFLD GR 'LDER 2UD VH SRU 'LDER R LQTXLULGRUTXHULDGL]HUDH[LVWrQFLDGHXPSRGHURSRVWRD'HXVHFRPR'HXVDXWRH[LVWHQWHGHVGHD HWHUQLGDGHDUHVSRVWDpVHPG~YLGDQmR1HQKXPVHUQmRFULDGRH[LVWHDOHPGH'HXV'HXVQmRWHP QHQKXP HQWH TXH OKH VHMD RSRVWR 1HQKXP VHU SRGHULD MDPDLV DOFDQoDU XPD WmR SHUIHLWD PDOGDGH TXH VH RSXVHVVH j SHUIHLWD ERQGDGH GH 'HXV  4XDQGR SRLV VH WLUDVVH D HVVH VHU RSRVWR WRGDV DV HVSpFLHVGHFRLVDVERDVDLQWHOLJrQFLDDYRQWDGHDPHPyULDDHQHUJLDHDH[LVWrQFLDSUySULDQDGD PDLVOKHUHVWDULD  $ SHUJXQWD PDLV FDEtYHO p 6H HX DGPLWR D H[LVWrQFLD GH GLDERV $GPLWRD VLP ,VWR TXHU GL]HU R VHJXLQWH &UHLR QD H[LVWrQFLD GH DQMRV H DGPLWR TXH DOJXQV GHVWHV SHOR DEXVR GR OLYUH DUEtWULR WRUQDUDPVH LQLPLJRV GH 'HXV H SRU GHFRUUrQFLD GHVVH IDWR WDPEpP VmR QRVVRV LQLPLJRV  $ WDLV DQMRVSRGHPRVFKDPDUGLDERV1mRGLIHUHPTXDQWRjHVVrQFLDGRVERQVDQMRVPDVDQDWXUH]DGHOHV pGHSUDYDGD'LDERRS}HVHDDQMRQRVHQWLGRHPTXHGL]HPRVTXHKRPHPPDXpRRSRVWRDKRPHP ERP6DWDQiVROtGHURXGLWDGRUGRVGLDERVQmRpHQWHRSRVWRD'HXVHVLPDRDUFDQMR0LJXHO$VVLP DGPLWRQmRFRPRVHWDOFRLVDFRQVWLWXtVVHXPDSDUWHHVVHQFLDOGHPHXFUHGRPDVQRVHQWLGRGHTXHp XPD GH PLQKDV RSLQL}HV 0LQKD UHOLJLmR QmR FDLULD HP UXtQDV FDVR IRVVH GHPRQVWUDGD D IDOVLGDGH GHVWDRSLQLmR$WpTXHVHMDGHPRQVWUDGDWDOIDOVLGDGHpGLItFLOVHUHPDUUDQMDGDVSURYDVGHIDWRV QHJDWLYRV  SUHILUR PDQWHU PLQKD RSLQLmR 7HQKR VHPSUH SDUD PLP TXH HOD FRQFRUUH SDUD H[SOLFDU PXLWRV IDWRV  (VWi HP FRQVRQkQFLD FRP R VHQWLGR FODUR GDV (VFULWXUDV FRP D WUDGLomR GR &ULVWLDQLVPR HFRPRPRGRGHFUHUGDPDLRULDGRV KRPHQVDWUDYpVGRVWHPSRV$OHPGRPDLVHVWD

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  RSLQLmR QmR FROLGH FRP FRLVD DOJXPD TXH TXDOTXHU GDV FLrQFLDV WHQKD GHPRQVWUDGR FRPR YHUGDGHLUD 3RGHULDSDUHFHUGHVQHFHVViULRPDVQmRRp DFUHVFHQWDUTXHDFUHQoDQDH[LVWrQFLDGRVDQMRVWDQWR ERQV FRPR RV PDXV QmR VLJQLILFD DGPLWLU D IRUPD GH VXD UHSUHVHQWDomR TXHU QD DUWH TXHU QD OLWHUDWXUD2VGLDERVVmRUHWUDWDGRVFRPDVDVGHPRUFHJRHRVDQMRVERQVFRPDVDVGHSiVVDURQmR SRUTXH DOJXpP DILUPH TXH D GHSUDYDomR PRUDO KDYHULD GH WUDQVIRUPDU SHQDV HP PHPEUDQDV PDV SRUTXHDPDLRULDGRVKRPHQVJRVWDPDLVGRVSiVVDURVTXHGRVPRUFHJRV$VDVDVDVTXDLVQHPWRGRV WHP  OKHV VmR DWULEXtGDV SDUD VXJHULU D UDSLGH] GH HQHUJLD LQWHOHFWXDO VHP LPSHGLPHQWR DOJXP $ IRUPDKXPDQDOKHVpDWULEXtGDSHORIDWRGHTXHRKRPHPpD~QLFDFULDWXUDUDFLRQDOTXHFRQKHFHPRV $VFULDWXUDVPDLVHOHYDGDVGRTXHQyVQDRUGHPQDWXUDOVHMDPHODVLQFRUSyUHDVRXVHMDPGRWDGDVGH DOJXP WLSR GH FRUSR DQLPDGR LQDFHVVtYHO j QRVVD H[SHULrQFLD WHP GH VHU UHSUHVHQWDGDV VLPEROLFDPHQWHRXQmRVHULDPMDPDLVUHSUHVHQWDGDV   7DLVIRUPDVQmRVmRVyVLPEyOLFDVPDVVHPSUHIRUDPWLGDVFRPRVLPEyOLFDVSRUWRGRVRVSHQVDGRUHV 2V JUHJRV MDPDLV DGPLWLUDP TXH RV GHXVHV IRVVHP UHDOPHQWH WDO FRPR VHXV HVFXOWRUHV RV UHSUHVHQWDYDP GRWDGRV GD EHOD FRPSOHLomR KXPDQD &RQVRDQWH D SRHVLD JUHJD TXDQGR XP GHXV GHVHMDDSDUHFHUDXPPRUWDOTXDOTXHUDVVXPHWHPSRUDULDPHQWHDIRUPDGHXPKRPHP$7HRORJLD &ULVWm TXDVH  VHPSUH  WHP  H[SOLFDGR RV DSDUHFLPHQWRV DQJpOLFRV GHVWD PDQHLUD  6RPHQWH RV LJQRUDQWHVGL]LD'LRQtVLRQR9VpFXORVRQKDPTXHRVVHUHVHVSLULWXDLVVmRUHDOPHQWHFRPRKRPHQV DODGRV 1DV DUWHV SOiVWLFDV HVVDV UHSUHVHQWDo}HV VLPEyOLFDV YHP VH GHJHQHUDQGR SDXODWLQDPHQWH 2V DQMRV GH )UD $QJpOLFR HVWDPSDP QDV IDFHV H JHVWRV D SD] H DXWRULGDGH FHOHVWLDLV  0DLV WDUGH VXUJHPRVDQMLQKRVGH5DSKDHOQXVHUHFKRQFKXGRV)LQDOPHQWHVXUJHPRVDQMRVPHLJRVGHOJDGRVH GHOLFDGRVGDDUWHGRVpFXOR;,;DQMRVGHFRPSOHLomRWmRIHPLQLQDTXHVyQmRSDUHFHPVHQVXDLVSRU FDXVDGHVXDLQVLSLGH]6mRFRPRHXQXFDVIUtJLGDVXVDGDVSDUDRVHUYLoRQR3DUDtVR(VVHVVtPERORV WRGRVHOHV VmRSHUQLFLRVRV1DV(VFULWXUDVDVYLVLWDo}HVDQJpOLFDVVmRVHPSUHDODUPDQWHVHDVVLP VHDSUHVHQWDYDP1mRWHPDV2DQMRGDHUDYLWRULDQDSDUHFHGL]HUFRPVLPSOLFLGDGH(VWRXDTXL   RX  2Oi JHQWH  2V VtPERORV OLWHUiULRV VmR DLQGD PDLV QRFLYRV SRU QmR VHUHP WmR IDFLOPHQWH UHFRQKHFLGRV FRPR VHQGR VLPEyOLFRV 2V HPSUHJDGRV SRU 'DQWH VmR RV PHOKRUHV PDV HP FRQWUDSDUWLGD ILFDPRV KRUURUL]DGRV FRP VHXV DQMRV 6HXV GLDERV FRPR DFHUWDGDPHQWH REVHUYRX R 5XVNLQSRUVXDIHURFLGDGHGHVSXGRUHUHEHOGLDVmRPXLWRPDLVVHPHOKDQWHVjTXLORTXHQDUHDOLGDGH GHYHULDP VHU GR TXH QD LPDJLQDomR GH 0LOWRQ 2V GHP{QLRV SHQVDGRV SRU 0LOWRQ SRU FDXVD GD PDMHVWDGHHHOHYDomRSRpWLFDTXHRVDGRUQDWHPFDXVDGRJUDQGHVPDOHVDOLiVVHXVDQMRVGHYHP GHPDVLDGRD+RPHURHD5DSKDHO (QWUHWDQWRDLPDJHPPDLVSHUQLFLRVDGHWRGDVQRVpGDGDDWUDYpV GR 0HILVWyIHOHV GH *RHWKH e )DXVWR H QmR 0HILVWyIHOHV TXHP PRVWUD YHUGDGHLUDPHQWH R HJRFHQWULVPRLPSLHGRVRLQVDQRHIHUR]FRQFHQWUDGRHPVLPHVPRTXHpDSUySULDFDUDFWHUtVWLFDGR ,QIHUQR 0HILVWyIHOHV SRU VHU FDUDFWHUL]DGR FRPR XP HVSLULWXRVR FLYLOL]DGR VDJD] H IDFLOPHQWH DGDSWiYHO WHP FRODERUDGR SDUD TXH VH DOLPHQWH D IDOVD LGpLD GH TXH R PDO SURSRUFLRQD GH DOJXPD PDQHLUD  D OLEHUGDGH TXDQGR Mi VH WRUQRX SDWHQWH TXH R TXH RFRUUH p MXVWDPHQWH R LQYHUVR 2V KRPHQV FRQVHJXHP HYLWDU D SUiWLFD GH HUURV FRPHWLGRV SRU DOJXpP LPSRUWDQWH IL] R SRVVtYHO SDUD TXHPHXVLPEROLVPRQmRFDtVVHQRHUURGH*RHWKHSHORPHQRVSRUTXHWUDEDOKDUFRPKXPRULVPRH[LJH FHUWR VHQWLGR GH SURSRUomR DOHP GD FDSDFLGDGH GH DOJXpP FRQWHPSODUVH D VL PHVPR FRPR VH HVWLYHVVH ROKDQGR SHORV ROKRV GH RXWUD SHVVRD H[WHUQD 3RGHPRV UHVSRQVDELOL]DU TXDOTXHU VHU TXH KDMDSHFDGRSHORRUJXOKRSRUXPRFHDQRGHFXOSDVPDVQmRSRUHVWD&KHVWHUWRQGLVVHTXH6DWDQiV FDLXSHORHIHLWRGD)RUoDGD*UDYLGDGH3RGHPRVLPDJLQDUR,QIHUQRFRPRVHQGRXPDVLWXDomRHPTXH WRGRVHVWmRSUHRFXSDGRVFRPFRQFHLWRVFRPRGLJQLGDGHHSURJUHVVRSHORVSUySULRVHVIRUoRVRQGH WRGRVVHVHQWHPRIHQGLGRVHVHGHEDWHPWRPDGRVSRUSDL[}HVIDWDLVFRPRDLQYHMDDYDLGDGHHR UHVVHQWLPHQWR ( HVWHV VmR DSHQDV DOJXQV GRV HOHPHQWRV $GPLWR TXH SUHILUR PRUFHJRV GR TXH EXURFUDWDV 9LYR QHVWD pSRFD GH JUDQGHV H EULOKDQWHV DGPLQLVWUDGRUHV 2V PDLRUHV PDOHV Mi QmR DFRQWHFHPQRVSHUYHUVRVUHGXWRVFULPLQRVRVTXH'LFNHQVWDQWRDSUHFLDYDGHVFUHYHU1HPVHTXHU

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  QRV KHGLRQGRV FDPSRV GH FRQFHQWUDomR  1HVWHV FDPSRV DSHQDV WHPRV YLVmR GRV UHVXOWDGRV GH RXWURVPDOHVTXH IRUDPSUDWLFDGRVDQWHVFDXVDQGRHVWHVPHVPRVFDPSRV$YHUGDGHSRUHPpTXH RV PDLRUHV PDOHV H FULPHV VmR FULDGRV DUTXLWHWDGRV H H[HFXWDGRV HP HVFULWyULRV EHP OLPSRV DWDSHWDGRV UHIULJHUDGRV H EHP LOXPLQDGRV SRU KRPHQV GH FRODULQKR EUDQFR XQKDV EHP FXLGDGDV HVWmRVHPSUHEHPEDUEHDGRVHMDPDLVSUHFLVDPHOHYDUVHXWRPGHYR]  3RUFDXVDGLVVRRVVtPERORVTXHHXXVRSDUDIDODUGR,QIHUQRVHRULJLQDPGDEXURFUDFLDGHXPHVWDGR RQGH D SROtFLD GRPLQD RX GR DPELHQWH FDUDFWHUtVWLFR GH HVFULWyULRV GH FHUWRV HVWDEHOHFLPHQWRV FRPHUFLDLV WHUULYHOPHQWH LPXQGRV $FKR EHP PDLV FRQFUHWR H VXJHVWLYR 0LOWRQ GL] TXH GLDER PDOGLWR FRP GLDER PDOGLWR PDQWpP VyOLGD FRQFRUGkQFLD 7XGR EHP PDV FRPR" &HUWDPHQWH QmR p SHORVODoRVGDDPL]DGHRXIUDWHUQLGDGHYHUGDGHLUDVSRLVTXDOTXHUVHUTXHSRVVDDPDUDLQGDQmRpXP GLDER0DLVXPDYH]FUHLRTXHR6LPEROLVPRTXHXVHLSDUHFHX~WLOSRLVPHSHUPLWLXSRUFRPSDUDo}HV WHUUHQDVID]HUXPDERDLGpLDGHRXWUDVRFLHGDGHTXHVyVHPDQWpPSRUFDXVDGRPHGRHGDDPELomR 6XSHUILFLDOPHQWH DV PDQHLUDV VmR QRUPDOPHQWH GHOLFDGDV SRLV XP WUDWDPHQWR UXGH SDUD FRP VHX VXSHULRUVHULDVXLFtGLRHTXDQGRXPVXSHULRUIDODVVHFRPXPVXERUGLQDGRVHRIL]HVVHFRPULVSLGH] RX UXGH]D LVWR IDULD FRP TXH RV PHVPRV VXERUGLQDGRV ILFDVVHP SUHYHQLGRV DQWHV TXH R FKHIH HVWLYHVVH SURQWR SDUD GDU D IDFDGD QDV FRVWDV &RP HIHLWR FREUD FRPH FREUD p R SULQFLSLR GH WRGDD2UJDQL]DomR,QIHUQDO7RGRVGHVHMDPRGHVFUpGLWRDGHUURWDHDUXtQDGHWRGRVRVRXWURV(P UHVXPR WRGRV VH WRUQDP HVSHFLDOLVWDV QD SURSDJDomR GH IDOVLGDGH H WUDLomR $V ERDV PDQHLUDV DV H[SUHVV}HV GH FRUWHVLD H RV HORJLRV IRUPDLV TXH WURFDP HQWUH VL SHORV LQHVWLPiYHLV VHUYLoRV SUHVWDGRV VmR DSHQDV XPD  FDVFD  GH WRGDV HVWDV FRLVDV 'H YH] HP TXDQGR HVWD FDVFD UDFKD H HQWmR DSDUHFHRFDOGRIHUYHQWHGHVHXVyGLRVGH XPSHORRXWUR2VLPEROLVPRWDPEpPPH SHUPLWLX OLYUDU D PHQWH GD IDQWDVLD DEVXUGD GH VH DGPLWLU TXH RV GHP{QLRV HVWmR HPSHQKDGRV QD  EXVFD GHVLQWHUHVVDGDGHDOJRDTXHGDPRVRQRPHGH0DOFRPOHWUDPDL~VFXODPHVPR (PPHXVLPEROLVPR QmR KDYHULD OXJDU SDUD HVStULWRV WmR GHVILJXUDGRV HP VHXV REMHWLYRV 2V PDXV DQMRV j VHPHOKDQoD GRVPDXVKRPHQV WHP HVStULWR SXUDPHQWH SUiWLFR(OHV WHPGRLVPRWLYRVSDUD LVVR3ULPHLURPHGR GDSXQLomR$VVLPFRPRRVSDtVHVGLWDWRULDLVWRWDOLWiULRVVHSUHIHULUHP WHPVXDVSULV}HVSROtWLFDV HFDPSRVGHFRQFHQWUDomRGDPHVPDIRUPDR,QIHUQRTXHHXSLQWRFRQWHP,QIHUQRVPDLVSURIXQGRV TXH IXQFLRQDP FRPR FDVDV GH FRUUHomR 2 VHJXQGR PRWLYR YHP GH XPD FHUWD HVSpFLH GH IRPH ,PDJLQR TXH RV GHP{QLRV SRGHP QR VHQWLGR HVSLULWXDO GHYRUDUVH XQV DRV RXWURV H D QyV WDPEpP 0HVPR QR FRQWH[WR GH YLGD KXPDQD YHPRV D SDL[mR GRPLQDU TXDVH PHVPR GHYRUDU  XPD SHVVRD j RXWUD,VWRID]FRPTXHWRGDDYLGDHPRFLRQDOHLQWHOHFWXDOGRRXWURVHMDPDWDOSRQWRDSDJDGDVTXH VH UHGX]DP D PHURV FRPSOHPHQWRV GD SUySULD SDL[mR 2 LQGLYtGXR SDVVD HQWmR D RGLDU FRPR VH R DJUDYR IRVVH VREUH VL PHVPR GHYROYHU RIHQVDV FRPR VH HOH WLYHVVH VLGR RIHQGLGR HQILP WHP VXD LQGLYLGXDOLGDGHWRWDOPHQWHGLVVROYLGDDVVLPLODQGRGHVWDIRUPDDGRREMHWRGHVXDSDL[mR(PERUD QD 7HUUD FKDPHP LVWR GH DPRU LPDJLQR TXH SDVVH ORQJH GR FRQFHLWR GH DPRU TXH 'HXV QRV OHJRX YHU,&R 1R,QIHUQRLGHQWLILFRHVWHWLSRGHVHQWLPHQWRFRPDIRPHHQHVWH,QIHUQRDIRPHp PDLVIHUR]HDVDWLVIDomRGHVWDPDLVYLiYHO  1mR KDYHQGR FRUSRV R HVStULWR PDLV IRUWH SRGH UHDOPHQWH DEVRUYHU R PDLV IUDFR GHOHLWDQGRVH DVVLPGHPRGRSHUPDQHQWHQDLQGLYLGXDOLGDGHGHVWUXtGDGRPDLVIUDFReSRULVVRVXSRQKRHX TXHRV GLDERVGHVHMDPFRQTXLVWDUHVStULWRVKXPDQRVEHPFRPRRVHVStULWRVXQVGRVRXWURV7DPEpPpSRU LVWR TXH 6DWDQiV DQVHLD SRU WRGRV RV PHPEURV GH VHX H[pUFLWR H SRU WRGRV TXH QDVFHP GH (YD H PHVPRDLQGDTXHSUHWHQVLRVDPHQWH SHORVH[pUFLWRVGR&pX2VRQKRTXHHOHDFDOHQWDpRGRGLDHP TXH WXGR HVWHMD HP VHX LQWHULRU GH PRGR TXH TXDOTXHU XP TXH GLVVHU (X Vy SRVVD GL]HU DWUDYpV GHOH 3RGHUtDPRV FRPSDUiOR j DUDQKD LQFKDGD HP FRQWUDSRVLomR j ERQGDGH LQILQLWD VHJXQGR D TXDO 'HXVWRUQDKRPHQVHPVHUYRVHHVWHVVHUYRVHPILOKRVGHPRGRDVHUHPQRILQDOUHXQLGRVD(OHQmR FRPR DOPDV DEVRUYLGDV PDV FRPR  LQGLYtGXRV  DSULPRUDGRV GHVIUXWDGRUHV GH WRGR R GHOHLWH H

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  SUD]HU TXH D SUHVHQoD GH 'HXV SURSRUFLRQD (P VtQWHVH 'HXV VH FRPSUD] HP SHGLU DR KRPHP VXD LQGLYLGXDOLGDGHPDVWmRORJRRKRPHPDFHGHRPDLRUSUD]HUGH'HXVpGHYROYrODDSULPRUDGD'HXV EDWH j SRUWD DR SDVVR TXH R 'LDER D DUURPED 2 (VStULWR 6DQWR HQFKH RV GLDERV SRVVXHP $VVLP PHVPRFRPRDFRQWHFHQRVFRQWRVGRVLUPmRV*ULPPHVWDVFRLVDVVmRDSHQDVFULDo}HVGHIDQWDVLDH VLPEROLVPR e R PRWLYR SHOR TXDO PLQKD RSLQLmR SHVVRDO VREUH RV GLDERV PHVPR SUHFLVDQGR VHU FRORFDGD QmR WHP PDLRU LPSRUWkQFLD SDUD R OHLWRU GHVWDV &DUWDV 3DUD RV TXH SDUWLFLSDP GH PHXV FRQFHLWRVPHXVGLDERVVHUmRVLPSOHVVtPERORVGHXPDUHDOLGDGHFRQFUHWDSDUDRXWURVHOHVVHUmR SHUVRQLILFDo}HV DEVWUDWDV GH IRUPD TXH R OLYUR WHUPLQDUi VHQGR XPD DOHJRULD )DUi DVVLP SRXFD GLIHUHQoD  R PRGR SHOR TXDO YRFr R OHLD SRLV R SURSyVLWR GDV &DUWDV QmR p ID]HU HVSHFXODo}HV  HP WRUQRGDYLGDGLDEyOLFDHVLPODQoDUOX]HVSDUWLQGRGHXPQRYRkQJXORQRFDVRRGR,QLPLJR VREUH DYLGDGRVKRPHQV'LVVHUDPPHTXHQmRVRXRSULPHLURQHVWHFDPSRHTXHDOJXpPQRVpFXOR;9,,, HVFUHYHX FDUWDV DWULEXLQGRDV DR GLDER 1mR WLYH RSRUWXQLGDGH GH YHU HVWDV FDUWDV 0DV p YHUGDGH TXHGHYRDOJXPDVSRVLo}HVDRXWURVDXWRUHV)LFRVDWLVIHLWRGHUHFRQKHFHURGpELWRFRP&RQILVV}HV GHXPDPXOKHUEHPLQWHQFLRQDGDGHDXWRULDGH0F.HQQD2VSRQWRVFRQFRUGDQWHVSRGHPQmRHVWDU EHPFODURVPDVpIiFLOYHULILFDUDPHVPDLQYHUVmRPRUDORVSUHWRVILFDPEUDQFRVHRVEUDQFRVILFDP SUHWRV H R KXPRU TXH H[LVWH HP IDODU DWUDYpV GH XPD SHVVRD WRWDOPHQWH GHVSURYLGD GH KXPRU 6XSRQKR TXH PLQKD LGpLD UHODWLYD DR FDQLEDOLVPR HVSLULWXDO FRP WRGD D SUREDELOLGDGH GHYH DOJXPD FRLVDjVFHQDVKRUUHQGDVGHDEVRUomRTXHVHHQFRQWUDPGHVFULWDVQDV9LDJHQVSDUD$UFWXUXVGH 'DYLG /LQGVD\ 2V QRPHV TXH HVFROKL SDUD RV GHP{QLRV WDPEpP WHP GDGR PDUJHP SDUD PXLWRV FRPHQWiULRVWRGRVHOHVHUUDGRV$YHUGDGHpTXHHXVyTXLVGDUOKHVXPDVSHFWRKRUULSLODQWHFRPR QR VHQWLGR HVSLULWXDO H LQWHOHFWXDO HOHV WHP  H  WDOYH] LVVR VH GHYD WDPEpP D DOJXPDV LGpLDV GH /LQGVD\XVDQGRSDUDLVVRRVRP8PDYH]TXHXPQRPHWLYHVVHVLGRLQYHQWDGRHXSRGLDLPDJLQDUR TXHTXLVHVVHVHPQHQKXPDDXWRULGDGHFRQFRUGRPDVQHQKXPKRPHPDWHULDPDLVTXHHX TXDQWRjV DVVRFLDo}HVSVLFROyJLFDVTXHXPQRPHIHLRSXGHVVHGDUGHXPVHUGHHVVrQFLDIHLD)UHTHQWHPHQWH UHFHEL VROLFLWDo}HV H VXJHVW}HV SDUD HVFUHYHU PDLV FDUWDV PDV SRU PXLWRV DQRV QmR WLYH D PHQRU LQFOLQDomRSDUDID]HUDOJRQRVHQWLGR(PERUDDGPLWDTXHPHFXVWRXPXLWRSRXFRHVIRUoRHVFUHYHU DV&DUWDVWDPEpPpIDWRTXHQDGDGRTXHHVFUHYLPHWURX[HWmRSRXFRSUD]HU)RLIiFLOSRUTXHR WUDEDOKR GH HVFUHYHU FDUWDV DWULEXLQGRDV D XP GLDER XPD YH] HVFROKLGR R PpWRGR FKHJD D VHU PHFkQLFRRXVHMDRSUySULRPpWRGRIRUQHFHRVDVVXQWRV2VDVVXQWRVVHVXFHGHPGHWDOIRUPDTXH SRGHPRV HVFUHYHU PLOKDUHV GH SiJLQDV EDVWDQGR SDUD LVVR VH GHL[DU OHYDU SHOD LQVSLUDomR (QWUHWDQWRHPERUDVHMDIiFLOOHYDUDPHQWHDUDFLRFLQDUGLDEROLFDPHQWHLVVRQmRSURSRUFLRQDSUD]HU RXSHORPHQRVQmRSRUPXLWRWHPSR2HVIRUoRLPSOLFDULDHPXPDHVWDIDHVSLULWXDOSRLVRPXQGRHP TXH HX WLQKD TXH PH SURMHWDU HQTXDQWR VXEOLPDYD D PHQWH GH 6FUHZWDSH HUD WRGR Sy DUHLD IRPH VHGH H FyFHJDV 7RGRV RV YHVWtJLRV GH EHOH]D IUHVFXUD H YHUGDGH WLQKDP GH VHU H[FOXtGRV H LVVR TXDVHPHVXIRFRXDQWHVPHVPRGHFKHJDUDRILP2XWUDFRLVDTXHPHGHL[RXDIOLWRHPWDOOLYURIRLHOH QmRVHUXPDREUDRULJLQDODSRQWRGHQLQJXpPSRGHUHVFUHYHUDOJRVHPHOKDQWH  ,GHDOPHQWH D RULHQWDomR SUHVWDGD SRU 6FUHZWDSH D :RUPZRRG GHYHULD VHU FRQWUDEDODQoDGD SHOR FRQVHOKRGHXP$UFDQMRDXPDQMRSURWHWRUGRSDFLHQWH6HPLVWRRTXDGURGDYLGDKXPDQDSDUHFH HVWDU LQFOLQDGR SDUD R ODGR DGYHUViULR GH 'HXV (QWUHWDQWR TXHP SRGHULD VXSULU WDO GHILFLrQFLD" 0HVPR TXH DOJXPD SHVVRD  TXH WHULD TXH VHU PXLWR PHOKRU TXH HX  FKHJDVVH D HVFDODU DV DOWXUDV FHOHVWLDLVQHFHVViULDVTXDOVHULDRHVWLORTXHVHWHULDTXHHPSUHJDU"3RUTXHHVWHHVWLORWHULDGHVHU WmR VXEOLPH TXDQWR R DVVXQWR 1mR EDVWDULD PLQLVWUDU FRQVHOKRV FDGD VHQWHQoD WHULD GH HPDQDU R DURPDFHOHVWLDO(DWXDOPHQWHPHVPRTXHVHSXGHVVHHVFUHYHUHPSURVDLJXDOjGH7UDKUQHVQmRVH OKH SHUPLWLULD ID]rOR XPD YH] TXH RV GLWDPHV GR IXQFLRQDOLVPR WHP LQDELOLWDGR D OLWHUDWXUD UHODWLYDPHQWHjPHWDGHGDVIXQo}HVTXHOKHSHUWHQFHP1RIXQGRWRGRLGHDOHVWLOtVWLFRQmRVyFLWD QRUPDV TXDQWR D PDQHLUD FRPR DV FRLVDV GHYHP VHU GLWDV PDV WDPEpP UHODWLYDPHQWH DV SUySULDV FRLVDV TXH VH QRV SHUPLWH GL]HU  (QWmR j PHGLGD HP TXH RV DQRV GHFRUULDP H D H[SHULrQFLD

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  VXIRFDQWHDFDUUHWDGDSHODFRQIHFomRGDV&DUWDVVHHQIUDTXHFHXQDPHPyULDFRPHoDUDPDRFRUUHU PHDOJXPDVUHIOH[}HVVREUHSRQWRVDTXLHDOLTXHGHPDQGDYDPDLQWHUYHQomRGXP6FUHZWDSH(VWDYD UHVROYLGR D QmR HVFUHYHU QHQKXPD RXWUD FDUWD 6XUJLXPH YDJDPHQWH D LGpLD GH DOJR FRPR XPD SUHOHomR RX FRPR XP HVWXGRLGpLD RUD HVTXHFLGD RUD UHOHPEUDGD PDV TXH QXQFD FKHJDYD D VHU HVFULWD ( IRL HQWmR TXH PH FKHJRX jV PmRV XP FRQYLWH GR 6DWXUGD\ (YHQLQJ 3RVW TXH PH IH] SRU PmRVjREUD

 0$*'$/(1$&2//(*(&$0%5,'*( GH0DLRGH &/,9(6/(:,6

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  &$57$1~PHUR,  0HX&DUR:RUPZRRG   3UHVWHLEDVWDQWHDWHQomRQRTXHYRFrGLVVHDFHUFDGHFRQGX]LUDVOHLWXUDVGRVHXSDFLHQWHWRPDQGR FXLGDGR SDUD TXH HOH DVVLPLOH EDVWDQWH GDTXHOH DPLJR PDWHULDOLVWD 0DV YRFr QmR HVWi VHQGR XP SRXTXLQKRLQJrQXRQHVWDWDUHID"3DUHFHPHTXHYRFrHVWiVHFRQYHQFHQGRQmRVHLEDVHDGRHPTXr  TXHDWUDYpVGDDUJXPHQWDomRYRFrSRGHDIDVWiORGDLQIOXrQFLDGR,QLPLJR,VVRDWpVHULDDFHLWiYHO VH VHX SDFLHQWH WLYHVVH YLYLGR DOJXQV VpFXORV DWUiV SRLV QDTXHOH WHPSR RV KXPDQRV DLQGD VDELDP GLVWLQJXLU TXDQGR XPD FRLVD KDYLD VLGR SURYDGD RX QmR ( VH WLYHVVH VLGR RV KRPHQV D DFHLWDYDP H PXGDYDPVXDPDQHLUDGHDJLUHGHSHQVDUVRPHQWHVHJXLQGRXPDFRUUHQWHGHUDFLRFtQLR1RHQWDQWR GHYLGR j LPSUHQVD VHPDQDO H D DUPDV VHPHOKDQWHV DOWHUDPRV EDVWDQWH HVWH FRQWH[WR 3DUWD GR SULQFtSLR TXH VXD YtWLPD Mi VH DFRVWXPRX GHVGH FULDQoD D WHU XPD G~]LD GH ILORVRILDV GLIHUHQWHV GDQoDQGRHPVXDFDEHoD(OHQmRXVDRFULWpULRGH9(5'$'(,52RX)$/62SDUDFRQIHULUFDGD GRXWULQD TXH OKH DSDUHoD VHMD GR ,QLPLJR RX QRVVD  $R LQYpV GLVVR HOH YHULILFD VH D GRXWULQD p $FDGrPLFD RX 3UiWLFD $QWLTXDGD RX $WXDO  $FHLWiYHO RX &UXHO 2 MDUJmR H D H[SUHVVmR IHLWDHQmRRDUJXPHQWROyJLFR VmRVHXVPHOKRUHVDOLDGRVSDUDPDQWrORORQJHGD,JUHMD1mRSHUFD WHPSR WHQWDQGR OHYiOR D FRQFOXLU TXH R 0DWHULDOLVPR VHMD YHUGDGHLUR VDEHPRV TXH QmR p  )DoDR SHQVDUTXHHOHp)RUWH9LROHQWRRX&RUDMRVRRXDLQGDTXHpD)LORVRILDGR)XWXUR(VWHpRWLSRGH FRLVDV TXH OKH GHVSHUWDUmR D DWHQomR 3HUFHER TXH YRFr WHP LQWHQo}HV SURGXWLYDV PDV Ki XP SUREOHPDPXLWRJUDQGHTXDQGRWHQWDPRVSHUVXDGLURSDFLHQWHDSDVVDUSDUDQRVVRODGRSHORHPSUHJR GHDUJXPHQWRVHOyJLFDLVWRFRQGX]WRGDDOXWDSDUDRFDPSRGR,QLPLJRTXHSDUDD]DUQRVVRWDPEpP VDEH DUJXPHQWDU H PHOKRU GR TXH QyV  3RU RXWUR ODGR QR TXH GL] UHVSHLWR j SURSDJDQGD SUiWLFD DLQGD TXH IDOVD  TXH OKH VXJHUL (OH WHP VH PRVWUDGR SRU VpFXORV EHP LQIHULRU DR 1RVVR 3DL Oi GH %DL[R 3HOD SXUD DUJXPHQWDomR YRFr GHVSHUWDUi R UDFLRFtQLR GR SDFLHQWH XPD YH] TXH D UD]mR GHOH GHVSHUWH TXHP SRGHULD SUHYHU R UHVXOWDGR" 9HMD TXH SHULJR 0HVPR TXH XPD FDGHLD GH UDFLRFtQLR OyJLFRSRVVDVHUWRUFLGDGHPRGRDQRVIDYRUHFHULVVRWHQGHDDFRVWXPDURSDFLHQWHDRKiELWRIDWDO GHTXHVWLRQDUDVFRLVDVDQDOLVDQGRDVPHVPDVFRPYLVmRJHUDOHGHVYLDQGRVHGDVH[SHULrQFLDVGLWDV FRQFUHWDVTXHQDYHUGDGHVmRDSHQDVH[SHULrQFLDVVHQVtYHLVHLPHGLDWDV6XDPDLRURFXSDomRGHYH VHUSRUWDQWRDGHSUHQGHUD DWHQomRGDYtWLPDGHPRGRDMDPDLVVHOLEHUWDUGDFRUUHQWHGR 6HHX YHMR FUHLR (QVLQHR FKDPDU HVWD FRUUHQWH 9LGD 5HDO H MDPDLV GHL[HR SHUJXQWDU D VL SUySULR R TXH VLJQLILFD 5HDO /HPEUHVH TXH HOH QmR p SXUDPHQWH HVStULWR FRPR YRFr 1XQFD WHQGR VLGR KXPDQReDERPLQiYHODYDQWDJHPGR,QLPLJRQHVWHSRQWR YRFrQmRSHUFHEHRTXDQWRRVKXPDQRVVmR HVFUDYL]DGRVjURWLQD8PDYH]WLYHXP SDFLHQWHDWHXFRQYLFWRTXHFRVWXPDYDID]HUSHVTXLVDVQR 0XVHX%ULWkQLFR8PGLDHVWDQGRHOHDOHUQRWHLTXHVHXSHQVDPHQWRHVYRDoDYDFRPWHQGrQFLDDXP FDPLQKRHUUDGR&RPHIHLWRR,QLPLJRDOLHVWDYDDRVHXODGRQDTXHOHPRPHQWR$QWHVTXHGHVVHSRU PLP YL R PHX WUDEDOKR GH YLQWH DQRV FRPHoDQGR D GHVPRURQDU 6H WLYHVVH HQWUDGR HP SkQLFR H WHQWDGRDUJXPHQWDUHXHVWDULDLUUHPHGLDYHOPHQWHSHUGLGR0DVQmRIXLWRORDHVVHSRQWR5HFRUGHL GDSDUWHGDYtWLPDTXHPDLVHVWDYDVREPHXFRQWUROHHOHPEUHLOKHTXHHVWDYDQDKRUDGHDOPRoDU2 ,QLPLJR DFKROKHIH] XPDFRQWUDVXJHVWmRYRFrEHP VDEHFRPRpGLItFLODFRPSDQKDU DTXLORTXH(OH OKHVGL] GHTXHDTXHVWmRTXHOKHVXUJLUDQDPHQWHHUDPDLVLPSRUWDQWHGRTXHRDOLPHQWR3HQVRWHU VLGRHVVDDWpFQLFDGR,QLPLJRSRUTXHTXDQGROKHGLVVH%DVWD,VWRpDOJRPXLWRLPSRUWDQWHSDUDVH PHGLWDU QXP ILQDO GH PDQKm YL TXH R SDFLHQWH ILFRX VDWLVIHLWR $VVLP DUULVTXHL GL]HU e PXLWR PHOKRUVHYRFrYROWDUDRDVVXQWRGHSRLVGRDOPRoRHHVWXGDURSUREOHPDFRPFDEHoDPDLVIUHVFD1mR KDYLDDFDEDGRDIUDVHHHOHMiHVWDYDQRPHLRGRFDPLQKRSDUDDUXD1DUXDDEDWDOKDHVWDYDJDQKD 0RVWUHLOKHXPMRUQDOHLURJULWDQGR2OKDR-RUQDOGD7DUGHHRÑQLEXV1R TXHLD SDVVDQGRH DQWHVTXHHOHWLYHVVHGDGRPXLWRVSDVVRVHXRWLQKDFRQYHQFLGRGHTXHVHMDPOiTXDLVIRUHPDVLGpLDV H[WUDRUGLQiULDVTXHSRVVDPYLUjPHQWHGHDOJXpPWUDQFDGRFRPVHXVOLYURVEDVWDXPDGRVHGH9LGD

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  5HDOTXHHOHHQWHQGLDFRPRR{QLEXVHRMRUQDOHLURJULWDQGR SDUDSHUVXDGtORTXH$TXLOR7XGRQmR SRGLDVHUYHUGDGHGHMHLWRQHQKXP$YtWLPDHVFDSDUDSRUXPILRHDQRVPDLVWDUGHJRVWDYDGHVH UHIHULU jTXHOD RFDVLmR FRPR VHQVR LQDUWLFXODGR GH UHDOLGDGH TXH p R ~OWLPR VDOYDYLGDV FRQWUD DV DEHUUDo}HV GD VLPSOHV OyJLFD +RMH HOH HVWi VHJXUR QD &DVD GH 1RVVR 3DL &RPHoD D SHUFHEHU " *UDoDVDSURFHVVRVTXHHQVLQDPRV HPVpFXORVSDVVDGRVRVKRPHQVDFKDPTXDVHLPSRVVtYHOFUHU HP UHDOLGDGHVTXHQmROKHVVHMDPIDPLOLDUHVVHHVWmRGLDQWHGHVHXVROKRVIDWRVPDLVRUGLQiULRV,QVLVWD SRLVHPOKHPRVWUDURODGRFRPXPGDVFRLVDV$FLPDGHWXGRQmRIDoDTXDOTXHUWHQWDWLYDGHXVDUD &LrQFLD GLJR D YHUGDGHLUD  FRPR GHIHVD FRQWUD R &ULVWLDQLVPR &HUWDPHQWH DV &LrQFLDV R HQFRUDMDULDPDSHQVDUHPUHDOLGDGHVTXHDYLVmRHRWDWRQmRSHUFHEHP7HPKDYLGRWULVWHVSHUGDV SDUD QyV HQWUH RV FLHQWLVWDV GD )tVLFD 6H D YtWLPD WHLPDU HP PHUJXOKDU QD &LrQFLD IDoD WXGR TXH YRFr SXGHU SDUD GLULJLOD SDUD HVWXGRV HFRQ{PLFRV H VRFLDLV DFLPD GH WXGR QmR GHL[H TXH HOD DEDQGRQH D LQGLVSHQViYHO 9LGD 5HDO 0DV R LGHDO p QmR GHL[DU  TXH  OHLD FRLVD  DOJXPD GH &LrQFLD DOJXPDH VLPOKHGDUDLGpLDGH TXHMi VDEHGH WXGRHTXHWXGRTXH HOH DVVLPLODGDVFRQYHUVDV QDV URGLQKDV VmR UHVXOWDGRV GDV GHVFREHUWDV PDLV UHFHQWHV 1mR VH HVTXHoD TXH VXD IXQomR p FRQIXQGLU D YtWLPD 3HOD PDQHLUD FRPR DOJXQV GH YRFrV GLDERV LQH[SHULHQWHV IDODP SRGHULDP DWp SHQVDUTXHDEVXUGR TXHQRVVDIXQomRIRVVHHQVLQDU    6HXDIHWXRVRWLR      6FUHZWDSH

  

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  &$57$1~PHUR,,  0HX&DUR:RUPZRRG  9HMRFRPPXLWRGHVJRVWRTXHVXDYtWLPDWRUQRXVHXPFULVWmR1HPSRUVRQKRDOLPHQWHDHVSHUDQoD GH TXH SRGHUi HVFDSDU DRV FDVWLJRV QRUPDLV FRP HIHLWR HP VHXV PHOKRUHV PRPHQWRV HVSHUR TXH YRFr QHP PHVPR SHQVH HP WDO FRLVD (QTXDQWR LVVR p SUHFLVR TXH IDoDPRV R SRVVtYHO SDUD UHPHGLDU HVVDVLWXDomRWmRLQGHVHMiYHO1mRpQHFHVViULRFDLUPRVQRGHVHVSHURFRQWDVHSRUFHQWHQDVHVVHV FRQYHUWLGRVHPLGDGHDGXOWDTXHIRUDPUHFRQTXLVWDGRVGHSRLVGHXPD EUHYHHVWDGDQRVDUUDLDLVGR ,QLPLJR H DJRUD VH HQFRQWUDP FRQRVFR 7RGRV RV KiELWRV GR SDFLHQWH WDQWR LQWHOHFWXDLV TXDQWR ItVLFRVHVWmRDLQGDDQRVVRIDYRU$OLiVXPGRVPDLRUHVDOLDGRVTXHWHPRVKRMHpDSUySULD,JUHMD 1mRPHLQWHUSUHWHPDO1mRPHUHILURjSHVWLOHQWD,JUHMDTXHYHPRVGLIXQGLGDDWUDYpVGRVVpFXORV SRU WRGD SDUWH FRP VXDV UDt]HV QD (WHUQLGDGH WHUUtYHO FRPR XP LQYHQFtYHO H[pUFLWR FRP VXDV EDQGHLUDV (66( HVSHWiFXOR FRQIHVVR TXH WUD] LQVHJXUDQoD H LQTXLHWDomR DRV PDLV FRUDMRVRV HQWUH QyV  3DUD QRVVD VRUWH (67$ ,JUHMD p LQWHLUDPHQWH LQYLVtYHO DRV ROKRV KXPDQRV 7XGR TXH VHX SDFLHQWHSRGHFRQWHPSODUpRSUpGLRLQDFDEDGRSUHWHQGHQGR XPHVWLORJyWLFR HPVHXEDLUURQRYR (QWUDQGR DOL R SDFLHQWH Yr R GRQR GD TXLWDQGD ORFDO FRP XPD H[SUHVVmR GH EHPDYHQWXUDQoD QR URVWRHTXHVHDSUHVVDHPOKHRIHUHFHUXPOLYULQKRMiEHPJDVWRFRQWHQGRXPDOLWXUJLDTXHQLQJXpP FRQVHJXH HQWHQGHU PDLV H PDLV XP RXWUR OLYULQKR FDLQGR DRV SHGDoRV TXH FRQWHP YiULRV WH[WRV FRUURPSLGRV SRU VLQDO  GH SRHPDV UHOLJLRVRV D PDLRULD SpVVLPRV  H DLQGD SRU FLPD LPSUHVVRV HP OHWUD PL~GD FKHJR D SHQVDU TXH QyV RV HVFUHYHPRV  GH IRUPD D GLILFXOWDU DR Pi[LPR D OHLWXUD $R DVVHQWDUVH QXP GRV EDQFRV H ROKDU DR UHGRU R SDFLHQWH Yr MXVWDPHQWH RV YL]LQKRV TXH DWp HQWmR HYLWDUD9RFrGHYHUiDFHQWXDUEHPQDLPDJLQDomRGRSDFLHQWHDOJXQVGHWDOKHVGDTXHOHVYL]LQKRV)DoD FRPTXHVXDPHQWHILTXHDIOXWXDUHQWUHXPDH[SUHVVmRFRPRRFRUSRGH&ULVWRHRVURVWRVFRQFUHWRV TXHHOHSRGHYHUQRVEDQFRVSUy[LPRV,QWHUHVVDPXLWRSRXFRVDEHUTXDOVHMDQDUHDOLGDGHRWLSRGH SHVVRDV DFRPRGDGDV QDTXHOHV RXWURV EDQFRV 3RGH VHU TXHU YRFr VDLED TXH XP GH HQWUH HOHV p IHUUHQKREDWDOKDGRUQDV ILOHLUDVGR,QLPLJR1mRKi SUREOHPD(VVHSDFLHQWHJUDoDVD1RVVR3DLOi GH %DL[R QmR SDVVD GH XP WROR &RQWDQWR TXH DOJXQV GRV VHXV YL]LQKRV DOL HVWHMDP FDQWDQGR GHVDILQDGRVRXXVHPVDSDWRVEDUXOKHQWRVRXWHQKDPGXSODSDSDGDRXHVWHMDPWUDMDGRVFRPWHUQRV DQWLTXDGRVRSDFLHQWHSRGHUiORJRDGPLWLUPXLWRIDFLOPHQWHTXHDUHOLJLmRGHWDLVVHPHOKDQWHVWHUi GH VHU SRUWDQWR GH FHUWD IRUPD ULGtFXOD  1R HVWiJLR HP TXH HOH VH HQFRQWUD FRPSUHHQGHU R FRQFHLWRTXHID]GRVFULVWmRVOKHSDUHFHHVSLULWXDOQDYHUGDGHpXPFRQFHLWRWRWDOPHQWHLPDJLQiULR 6XDPHQWHHVWiFKHLDGHWRJDVHVDQGiOLDVHDUPDGXUDVHSHUQDVQXDVUHVWRVGXPDSHOtFXODVLWXDGD QR VpFXOR , GH PRGR TXH R VLPSOHV IDWR GH TXH RXWUDV SHVVRDV QD LJUHMD HVWHMDP D WUDMDU URXSDV PRGHUQDVFRQVWLWXLVHQXPDUHDOHPERUDVHMDLVVRLQFRQVFLHQWHGLILFXOGDGHSDUDHOH1XQFDGHL[H TXHHVVDGLILFXOGDGHFKHJXHjWRQDQXQFDSHUPLWDTXHHOHLQTXLUDDUHVSHLWRGHFRPRHVSHUDYDTXH HVVHVFULVWmRVIRVVHP)DoDIRUoDSRUFRQVHUYDUWXGRFRQIXVRHPVXDPHQWHDJRUDSRLVDVVLPYRFr WHUi HP TXH GLVWUDLUVH SRU WRGD D HWHUQLGDGH GDQGROKH R WLSR GH HVFODUHFLPHQWR TXH R ,QIHUQR RIHUHFH$SURYHLWHVHTXDQWRSRVVtYHOHQWmRGDGHFHSomRRXGRIRUWHFRQWUDVWHTXHFRPFHUWH]D YLUiDRSDFLHQWHQRGHFRUUHUGDVSULPHLUDVVHPDQDVGHIUHTrQFLDjLJUHMD2,QLPLJRSHUPLWHTXHR UHIHULGR GHVDSRQWDPHQWR RFRUUD QD IDVH LQLFLDO GH WRGRV RV HVIRUoRV GRV VHUHV KXPDQRV 2FRUUH TXDQGRRDGROHVFHQWHTXHH[SHULPHQWDUDYHUGDGHLURVHQOHLRVDRRXYLUDVKLVWyULDVGD2GLVVpLDSDVVD GHSRLVDHVWXGDUFRPDILQFRDOtQJXDJUHJD2FRUUHTXDQGRRVQRLYRVILQDOPHQWHVHFDVDPHFRPHoDP DUHDOWDUHIDGHDSUHQGHUDYLYHUMXQWR(PWRGDVDViUHDVGDYLGDHVVHGHVDSRQWDPHQWRDVVLQDODD WUDQVLomR QHFHVViULD HQWUH DV DVSLUDo}HV VRQKDGDV H D UHDOL]DomR WUDEDOKRVD 2 ,QLPLJR VH H[S}H D HVVHULVFRSRUTXHDFDOHQWDDFXULRVDIDQWDVLDGHWRUQDUHVVHQRMHQWRYHUPH]LQKRKXPDQRDTXH(OH FKDPD GH VHXV OLYUHV DPLJRV H VHUYRV  ILOKRV p D SDODYUD TXH (OH HPSUHJD HP VXD SUHIHUrQFLD FRVWXPHLUDSRUGHJUDGDUWRGRRPXQGRHVSLULWXDOPHGLDQWHUHODo}HVQmRQDWXUDLVTXHHVWDEHOHFHFRP

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  RV DQLPDLV EtSHGHV KXPDQRV ­ OLEHUGDGH GRV UHIHULGRV DQLPDLV ÈOH SRU FRQVHTrQFLD UHFXVDVH D DWUDtORVVySHODVDIHLo}HVHSHODIRUoDGHKiELWRDTXDOTXHUGRVREMHWLYRVTXHLQWHQWHFRPHOHV(OH RV GHL[D DJLU SRU VL PHVPRV QmR p  LQFRHUHQWH "  0DV IHOL]PHQWH QLVWR HVWi  XPD yWLPD RSRUWXQLGDGH SDUD QyV VH DSURYHLWDGD FODUR  &RPR DVVLP YRFr GLULD"  )iFLO 6H HOHV VDHP GHVWHV DSHUWRV LQLFLDLV VHP VH DUUDQKDU VH WRUQDP  PDLV  LQGHSHQGHQWHV  GH  VXDV HPRo}HV H FRP LVVR ILFD PXLWR PDLV GLItFLO WHQWiORV $Wp DTXL WHQKR HVFULWR ORQJDPHQWH VHPSUH LPDJLQDQGR TXH DV SHVVRDV VHQWDGDV QRV GHPDLV EDQFRV QmR GmR PRWLYRV HVSHFtILFRV SDUD R WDO GHVDSRQWDPHQWR &RP HIHLWR VH GHUHP PRWLYRV  VH R SDFLHQWH VRXEHU TXH DTXHOD PXOKHU GH FKDSpX HVTXLVLWR p SURIXQGDPHQWH YLFLDGD HP MRJRV GH D]DU RX TXH R LQGLYtGXR GRV VDSDWRV EDUXOKHQWRV p DYDUHQWR H JDQDQFLRVRHQWmRVHXWUDEDOKRFRPRWHQWDGRUILFDPXLWRPDLVIiFLO9RFrVySUHFLVDEDQLUGDPHQWH GDYtWLPDHVWDOLQKDGHUHIOH[mR6HHXVHQGRRTXHVRXSRVVRDFHLWDUTXHDWpFHUWRSRQWRVRXXP FULVWmRTXHPSRGHULDGLVWLQJXLURVYtFLRVGHVWDVSHVVRDVQRVEDQFRVDtDRODGRHSURYDUTXHDUHOLJLmR GHOHVQmRSDVVDGHKLSRFULVLDHPHURFRQYHQFLRQDOLVPR"µ9RFrSRGHHVWDUSHUJXQWDQGRVHpSRVVtYHO HYLWDUHVVHWLSRGHUHIOH[mRPHVPRVHWUDWDQGRGHXPDPHQWHKXPDQD6DLEDTXHpVLP:RUPZRRG SRGH DFUHGLWDU 0DQLSXOHR FRUUHWDPHQWH H YHUi TXH LVWR MDPDLV OKH SDVVDUi SHOD FDEHoD 6HX SDFLHQWH QmR WHUi DLQGD WHPSR VXILFLHQWH GH FRQYLYrQFLD FRP R ,QLPLJR SDUD DSUHQGHU DFHUFD GD KXPLOGDGHUHDO2TXHGL]PHVPRTXDQGRGHMRHOKRVVREUHVXDYLGDSHFDPLQRVDpPHUDFRQYHUVDGH SDSDJDLR1RIXQGRHOHDLQGDDFKDTXHQREDODQoRGDFRQWDFRUUHQWHGR,QLPLJRDVXDVLWXDomRpPDLV IDYRUiYHO SRLV HOH FRQVHQWLX HP VH GHL[DU FRQYHUWHU H DFKD XPD H[WUHPD SURYD GH KXPLOGDGH H GHVSUHQGLPHQWR R IDWR GH IUHTHQWDU D LJUHMD FRP HVVD FRUMD GH VHPHOKDQWHV PHGtRFUHV  )DoD WXGRSDUDPDQWrORRPDLRUWHPSRSRVVtYHOQHVWHHVWDGRGHSHQVDPHQWR  $IHWXRVDPHQWHVHXWLR  6FUHZWDSH  

  

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  &$57$1~PHUR,,, 0HXFDUR:RUPZRRG  $OHJUDPH VREUHPRGR R TXH YRFr PH GL] D UHVSHLWR GDV UHODo}HV GHVVH KRPHP FRP VXD PmH  0DV YRFr WHP GH WLUDU PDLRU YDQWDJHP SRGH VHU TXH R ,QLPLJR HVWHMD RSHUDQGR GH GHQWUR SDUD IRUD FRQGX]LQGRRSDFLHQWHJUDGDWLYDPHQWHjDGRomRGRVSDGU}HVQRYRVSURSRVWRVjVXDFRQGXWDGHPRGR TXHDTXDOTXHUPRPHQWRSRVVDID]rORVXEPLVVRjDQWLJDVHQKRUDeSUHFLVRTXHYRFrVHMDRSULPHLUR D HQWUDU 3RQKDVH HP FRQWDWR FRP QRVVR FROHJD $EVLQWR TXH WHP DTXHOD PmH D VHX FDUJR H YRFrV GRLVSURFXUHPDUTXLWHWDUQRtQWLPRGRSDFLHQWHXPKiELWRHILFLHQWHHSURStFLRGHSURYRFDUP~WXRV DERUUHFLPHQWRVFKDWLFHVGLiULDV2VPpWRGRVTXHSDVVRDVXJHULUVmRPXLWR~WHLV   0DQWHQKD D PHQWH GD YtWLPD SUHVD j YLGD LQWHULRU GHOH PHVPR SRVWR TXH VXD DWHQomR VH YROWD SUHVHQWHPHQWH SDUD DTXHOD  YHUVmR H[SXUJDGD GRV UHIHULGRV HVWiJLRV GH DPDGXUHFLPHQWR GD DOPD TXH p WXGR TXDQWR YRFr  OKH  GHYH FRQFHGHU TXH FRQWHPSOH (QFRUDMH LVWR 0DQWHQKDOKH D PHQWH DEVWUDtGD UHODWLYDPHQWH DRV GHYHUHV PDLV HOHPHQWDUHV SRU LQVLVWLU HP TXH HOD VH GLULMD Vy SDUD RV GHYHUHV PDLV DYDQoDGRV H PDLV HVSLULWXDLV )DoD PDLV JUDYH HVVD FDUDFWHUtVWLFD KXPDQD TXH VmR R KRUURU H D QHJOLJrQFLD SDUD FRP DV FRLVDV PDLV VLPSOHV 9RFr SRGHUi OHYiOR D FRQGLomR QD TXDO VH WRUQD SRVVtYHO R DXWRH[DPH GXUDQWH XPD KRUD VHP TXH ILTXHP GHVFREHUWRV IDWRV D UHVSHLWR GH VL PHVPRTXHVHULDPDEVROXWDPHQWHFODURVDRVTXHWHQKDPFRQYLYLGRFRPHOHQRPHVPRHVFULWyULR   6HP G~YLGD p TXDVH LPSRVVtYHO LPSHGLUOKH  TXH LQWHUFHGD  SRU VXD PmH PDV WHPRV PHLRV SDUD ID]HU FRP TXH WDO LQWHUFHVVmR ILTXH QXOD &HUWLILTXHVH GH TXH DV RUDo}HV VHMDP VHPSUH PXLWR HVSLULWXDLVGHPRGRTXHRSDFLHQWHVHSUHRFXSHLQFHVVDQWHPHQWHFRPRHVWDGRGDDOPDGHVXDPmHH QmRFRPVHXVUHXPDWLVPRV'XDVVmRDVYDQWDJHQVTXHGDtSURYHP(PSULPHLUROXJDUDDWHQomRGR SDFLHQWH ILFDUi SUHVD QDTXLOR TXH HOH PHVPR FRQVLGHUD FRPR VHQGR SHFDGRV GHOD SRU FXMDV H[SUHVV}HVFRPDOJXPDGLOLJrQFLDTXHYRFrH[HUoDHOHSRGHUiVHULQGX]LGRDGHILQLUHVVHVSHFDGRV PDWHUQRVFRPRDo}HVGHODTXHOKHSDUHoDPLUULWDQWHVRXLQFRQYHQLHQWHV$VVLPYRFrSRGHUiPDQWHU DUUDQKDQWHV WRGRV RV SUREOHPDV PDLV GLiULRV PHVPR TXDQGR HOH HVWLYHU SURVWUDGR GH MRHOKRV $ RSHUDomR QmR p GDV PDLV FRPSOLFDGDV H YRFr LUi DFKiOD EDVWDQWH UHFUHDWLYD  (P VHJXQGR OXJDU GHVGHTXHVXDVLGpLDVDFHUFDGDDOPDGDPmHVmRPXLWRFUXDVHIUHTHQWHPHQWHHUUDGDVHOHHVWDUi GH XPD FHUWD IRUPD RUDQGR SRU XPD SHVVRD LPDJLQiULD H VXD WDUHID p ID]HU FRP TXH D SHVVRD LPDJLQiULDVHGLVWDQFLHPDLVHPDLVGDPmHUHDODYHOKDVHQKRUDGHOtQJXDDILDGDQRFDIpGDPDQKm &RP R SDVVDU GR WHPSR YRFr SRGHUi DODUJDU HVWD GLVWkQFLD D WDO SRQWR TXH QHQKXP SHQVDPHQWR RX VHQWLPHQWR YLQGR GH VXDV RUDo}HV SRVVD IOXLU SDUD D SHUVRQDJHP UHDO -i WLYH SDFLHQWHV WmR EHP PDQLSXODGRVTXHSRGHULDPPXGDUQXPLQVWDQWHGHXPDDSDL[RQDGDRUDomRSHODVDOPDVGHVXDHVSRVD RXILOKRVSDUDRHVSDQFDPHQWRHLQVXOWRGRVIDPLOLDUHVUHDLVVHPFRQVWUDQJLPHQWRDOJXP  4XDQGRGRLVVHUHVKXPDQRVYLYHUDPMXQWRVSRUPXLWRWHPSRXVXDOPHQWHDSDUHFHPWRQVGHYR]H H[SUHVV}HVIDFLDLVGHXPTXHTXDVHHQORXTXHFHPGHI~ULDDRRXWUR7UDEDOKHHPFLPDGLVVR7UDJDj OHPEUDQoD GH VHX SDFLHQWH DTXHOH HVSHFLDO DUTXHDU GH VREUDQFHOKDV TXH HOH DSUHQGHX D GHWHVWDU GHVGHDLQIkQFLDHFRQYHQoDRGHTXDQWRHOHGHWHVWDHVWHWUHMHLWR)DoDFRPTXHHOHDVVXPDTXHHOD VDEHSHUIHLWDPHQWHRTXmRLUULWDQWHpHVWDPDQLDHSRULVVRPHVPRID]DWDOFDUHWDGHSURSyVLWRVy SDUD DWRUPHQWiOR  VH YRFr VRXEHU WUDEDOKDU HOH QXQFD GHVFRQILDUi GD LPHQVD LPSUREDELOLGDGH GH WDOSUHVXQomR(pFODURQXQFDRGHL[HSHUFHEHUTXHDOJXQVWRQVGHYR]HH[SUHVV}HVIDFLDLVGHOHD DERUUHoDP GD PHVPD IRUPD -i TXH HOH QmR SRGH VH YHU RX RXYLU SHOD yWLFD GHOD LVWR p GH IiFLO H[HFXomR 

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  1DYLGDGRPpVWLFDFLYLOL]DGDDSDUHFHPH[SUHVV}HVTXHDSDUHQWDULDPWRWDOLQRFrQFLDVHHVFULWDVQR SDSHO RX VHMD DV SDODYUDV HP VL QmR VmR RIHQVLYDV  PDV GLWDV FRP FHUWR WRP GH YR] RX QXP GDGR PRPHQWRRXFRPFHUWRVRUULVRDVVHPHOKDPVHDDXWrQWLFDVERIHWDGDVQDFDUD9LVDQGRPDQWHUHVWH MRJREHP DFHVR YRFrHR$EVLQWRGHYHP HVWXGDUWRGRVRVGHWDOKHVDILPGHPDQWHUHVWDGXSODGH LGLRWDV FRP WDPEpP GXSOR SDGUmR GH SHUVRQDOLGDGH H FRPSRUWDPHQWR 6HX SDFLHQWH GHYHUi FREUDU TXHWXGRTXHHOHGLVVHUVHMDWRPDGRDRSpGDOHWUDHMXOJDGRVLPSOHVPHQWHSHORWHRUGDVSDODYUDVDR PHVPRWHPSRHPTXHHOHID]H[DWDPHQWHRRSRVWRFRPWXGRTXHDFRURDGLVVHUMXOJDQGRFDGDWRP JHVWR H[SUHVVmR IDFLDO FRPR IRUPDV YHODGDV GH DJUHVVmR $R PHVPR WHPSR $EVLQWR GHYHUi HQFRUDMiODjPHVPDDWLWXGH$VVLPGHSRLVGHFDGDEULJDFDGDXPGHOHVSRGHUiVDLUFRQYHQFLGRRX TXDVHFRQYHQFLGR GHTXHHVWDYDWRWDOPHQWHLQRFHQWH9RFrVDEHDTXHOHWLSRGHSDSR(XVySHUJXQWR D TXH KRUDV LUi VDLU R MDQWDU H HOD ILFD WRGD QHUYRVLQKD 'HVGH TXH HVWH KiELWR WHQKD VLGR EHP HVWDEHOHFLGRYRFrWHUiDGLYHUWLGtVVLPDVLWXDomRHPTXHXPKXPDQRGL]FRLVDVTXHYLVHPRIHQGHUDR VHX SUy[LPR H GHSRLV VH PRVWUHP LQGLJQDGRV TXDQGR R SUy[LPR VH PDQLIHVWD GH IDWR RIHQGLGR )LQDOPHQWH FRQWHPH DOJR VREUH D SRVLomR HVSLULWXDO GD YHOKRWD (OD HVWi FLXPHQWD GHYLGR DR QRYR IDWRU QD YLGD GR ILOKR"  (VWDUi GHVJRVWRVD GH TXH HOH KDMD DSUHQGLGR GH WHUFHLURV  H WmR WDUGLDPHQWH  R TXH HOD VXS}H WHU GDGR D HOH GHVGH D PDLV WHQUD LQIkQFLD" (OD FRQVLGHUD TXH HOH HVWDULDID]HQGRGHPDVLDGRDODUGHHPWRUQRGRFDVR"2XTXHHOHDFHLWRXGHHVWUDQKRVFRPDPDLRU IDFLOLGDGH R TXH HOD QXQFD FRQVHJXLX LQFXOFDUOKH" /HPEUHVH GR LUPmR PDLV YHOKR QD 3DUiEROD GR ,QLPLJR  $IHWXRVDPHQWHVHXWLR  6FUHZWDSH 

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  &$57$1~PHUR,9  0HX&DUR:RUPZRRG  $V VXJHVW}HV DPDGRUtVWLFDV HP VXD ~OWLPD FDUWD DGYHUWHPPH TXH p FKHJDGD D KRUD GH HVFUHYHU D YRFr VREUH R GRORURVR DVVXQWR GD RUDomR 9RFr EHP SRGHULD WHU SRXSDGR R FRPHQWiULR WLSR PRVWUDUDPVHVLQJXODUPHQWHLQIHOL]HVVREUHPLQKDVDGYHUWrQFLDVDFHUFDGDVRUDo}HVGHOHSRUVXD PmH ,VWR QmR p R WLSR GH FRLVD TXH XP VREULQKR GHYHVVH HVFUHYHU D VHX WLR  QHP XP WHQWDGRU DSUHQGL]DRVXEVHFUHWiULRGHXPGHSDUWDPHQWR6XDSRVWXUDUHYHODWDPEpPXPSRXFRUHFRPHQGiYHO GHVHMRGHIXJLUjUHVSRQVDELOLGDGH YRFr SUHFLVD DSUHQGHU D SDJDUSRUVHXV SUySULRVGHVDFHUWRV$ PHOKRU FRLVD TXDQGR SRVVtYHO p PDQWHU R SDFLHQWH WRWDOPHQWH IRUD GD LQWHQomR VpULD GH RUDU 4XDQGRRSDFLHQWH p XP DGXOWRUHFHQWHPHQWHUHFRQFLOLDGRDRSDUWLGRGR,QLPLJRFRPR p RFDVRGR VHXKRPHPRPHOKRUpHQFRUDMiORDVHOHPEUDURXSHQVDUTXHVHOHPEUD GDQDWXUH]DGHFRQYHUVD GHSDSDJDLRHPVXDVRUDo}HVGHLQIkQFLD(PFRQWUDSRVLomRDLVVRHOHGHYHVHUSHUVXDGLGRDDVSLUDU DOJRLQWHLUDPHQWHHVSRQWkQHRPDLVtQWLPRLQIRUPDOHVHPVLVWHPDWL]DomRHRTXHLVVRLUiUHDOPHQWH VLJQLILFDU SDUD R SULQFLSLDQWH FRQVLVWLUi HP XP HVIRUoR SDUD SURGX]LU HP VL PHVPR XP HVWDGR YDJDPHQWH GHYRFLRQDO QR TXDO D UHDO FRQFHQWUDomR GH YRQWDGH H LQWHOLJrQFLD VLPSOHVPHQWH QmR H[LVWHP8PGHVHXVSRHWDV&ROHULGJHGHL[RXUHJLVWUDGRTXHQmRRUDYDFRPPRYLPHQWRVGRVOiELRV H MRHOKRV GREUDGRV PDV VLPSOHVPHQWH GLVSXQKD VHX HVStULWR D DPDU H HQWUHJDYDVH D XP VHQWLPHQWRGHV~SOLFD(VWHpH[DWDPHQWHRWLSRGHRUDomRTXHTXHUHPRVHGHVGHTXHRUHIHULGR WLSRVXVWHQWDXPDFHUWDVHPHOKDQoDFRPDRUDomRVLOHQFLRVDTXHpSUDWLFDGDSRUDTXHOHVTXHMiHVWmR EHP  DGLDQWDGRV QR VHUYLoR GR ,QLPLJR  SDFLHQWHV DPDGXUHFLGRV RX SUHJXLoRVRV SRGHP VHU FRQGX]LGRV FRPSOHWDPHQWH QHVWD VLVWHPiWLFD SRU ORQJR WHPSR 1R PtQLPR SRGHPRV SHUVXDGtOR GH TXHDSRVLomRFRUSRUDOQmRID]GLIHUHQoDHPVXDVRUDo}HVSRLVHOHVFRQVWDQWHPHQWHVHHVTXHFHPGH TXHVmRDQLPDLVHSRULVVRWXGRTXHVHXVFRUSRVID]HPDIHWDVXDVDOPDVHHVStULWRV  e GLYHUWLGR FRPR RV PRUWDLV VHPSUH QRV SLQWDP FRPR FRORFDQGR FRLVDV HP VXDV PHQWHV QD UHDOLGDGH QRVVR PHOKRU WUDEDOKR FRQVLVWH MXVWDPHQWH HP HYLWDU TXH FHUWDV FRLVDV FKHJXHP D VXDV PHQWHV 6H LVWR WXGR IDOKDU YRFr GHYHUi UHWURFHGHU HP XP VXWLO PDX HQFDPLQKDPHQWR GH VXD LQWHQomR 6HPSUH TXH RV KRPHQV HVWmR SURFXUDQGR ID]HU D YRQWDGH GR ,QLPLJR QyV HVWDPRV GHUURWDGRVPDVKiIRUPDVGHHYLWDUTXHHOHVIDoDPDVVLP$PDLVVLPSOHVGHVWDVIRUPDVpGHVYLDUD FRQWHPSODomR GHOHV GR ,QLPLJR SDUD HOHV SUySULRV 0DQWHQKDRV QD LQWURVSHFomR GH VXDV SUySULDV PHQWHVHQDWHQWDWLYDGHSURGX]LUVHQWLPHQWRVQREUHVLQWHULRUHVSRUVXDSUySULDYRQWDGHSHVVRDO 4XDQGR SRU H[HPSOR HOHV IRUHP SHGLU DR ,QLPLJR R GRP GD FRPSDL[mR GHL[HRV DR LQYpV GLVVR LQLFLDU XPD WHQWDWLYD GH SURGX]LU VHQWLPHQWRV GH FRPSDL[mR SRU VXDV SUySULDV HQHUJLDV H QmR VH DSHUFHEHUHP TXH p LVVR TXH HVWmR ID]HQGR   4XDQGR HOHV FRPHoDUHP D RUDU SRU FRUDJHP GrOKHV XPD FRQYLFomR GH VHUHP GRWDGRV GH EUDYXUD 4XDQGR HOHV GLVVHUHP TXH HVWmR RUDQGR SHOR SHUGmR OHYHRVDMiVHVHQWLUHPSHUGRDGRV(QVLQHRVDDYDOLDUDHILFiFLDGHFDGDRUDomRSHORVHXVXFHVVRHP SURGX]LURVHQWLPHQWRGHVHMDGRHQXQFDSHUPLWDTXHHOHVVXVSHLWHPTXHRVXFHVVRRXIUDFDVVRGHVWH JrQHURGHSHQGHGHFRPRHOHVHVWHMDPQRPRPHQWRVHMDGLVSRVWRVRXGRHQWHVOpSLGRVRXFDQVDGRV 1RHQWDQWRR,QLPLJRQmRHVWDUiRFLRVRQHVWHtQWHULP$RQGHKRXYHURUDomRKiVHPSUHRSHULJRGH XPD DomR 6XD LPHGLDWD (OH p FLQLFDPHQWH LQGLIHUHQWH j GLJQLGDGH GH 6XD SRVLomR H j QRVVD FRPR SXUDPHQWHHVStULWRVGHVWDUWHHVWDQGRRVDQLPDLVKXPDQRVSURVWUDGRVVREUHVHXVMRHOKRV(OHOKHV SDVVDRDXWRFRQKHFLPHQWRGHXPDIRUPDFRPSOHWDPHQWHLQGLJQDTXDVHVHPYHUJRQKD 0DVPHVPR TXH (OH R GHUURWH HP VXD SULPHLUD WHQWDWLYD QyV DLQGD WHPRV XPD DUPD VXWLO 2V KXPDQRV QmR SRVVXHPHVVDSHUFHSomRGLUHWDGR,QLPLJRDTXDOQyVLQIHOL]PHQWHQmRSRGHPRVHYLWDU 

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  2VPHVPRVDQLPDLVQXQFDFRQKHFHUDPHVVDOXPLQRVLGDGHPRUWtIHUDTXHGLODFHUDHHVVHUHVSODQGHFHU DEUDVDGRUTXHVHWRUQDXPIXQGRGHGRULQWHUPLQiYHOHPQRVVDH[LVWrQFLD6HROKDUSDUDRLQWHULRUGD PHQWH GH VHX SDFLHQWH TXDQGR HOH HVWi RUDQGR MDPDLV HQFRQWUDUi QDGD G$TXLOR  6H YRFr DLQGD H[DPLQDURREMHWRDRTXDOHOHVHUYHLUiHQFRQWUDURTXHVHULDXPREMHWRFRPSOH[RFRQWHQGRPXLWRV LQJUHGLHQWHVFRPSOHWDPHQWHULGtFXORV$OLKDYHUmRLPDJHQVGHULYDGDVGHILJXUDVGR,QLPLJRFRPR(OH DSDUHFHX GXUDQWH R SRXFR GLJQR GH FUpGLWR HSLVyGLR FRQKHFLGR  FRPR $ (QFDUQDomR WDPEpP Ki LPDJHQVYDJDVGHWRGRVHOYDJHQVHLQIDQWLVDVVRFLDGDVjVGXDVRXWUDV3HVVRDVGD7ULQGDGH+DYHUi PHVPR DOJR GH VXD SUySULD UHYHUrQFLD H GDV VHQVDo}HV FRUSRUDLV TXH D DFRPSDQKDP  TXH EXVFD FRQVWUXLU XP REMHWR D VHU DVVRFLDGR DR 2EMHWR UHDO GH DGRUDomR (X WHQKR FRQKHFLGR FDVRV RQGH R TXHRSDFLHQWHFKDPDYDGHVHX'HXVHVWDYDQDYHUGDGHORFDOL]DGRDRDOWRHjHVTXHUGDGRIRUURQR TXDUWRGHGRUPLURXGHQWURGDSUySULDFDEHoDRXHPXPFUXFLIL[RQDSDUHGH0DVVHMDOiTXDOIRUD QDWXUH]DGRREMHWRIDEULFDGRSHORSDFLHQWHYRFrWHPTXHPDQWHURDOYRGHVXDRUDomR1,672QD FRLVD TXH HOH PHVPR IH] H QXQFD QD 3HVVRD TXH R IH] 9RFr SRGH DWp HQFRUDMiOR D GLULJLU JUDQGH LPSRUWkQFLD j FRUUHomR H PHOKRUDPHQWR GR REMHWR GH VHX FXOWR EHP FRPR PDQWHU R GLWR REMHWR VHPSUH HP VXD PHQWH GXUDQWH TXDOTXHU RUDomR 3RLV VH HOH YLHU D ID]HU D GLVWLQomR VH HOH FRQVFLHQWHPHQWH GLULJLU VXDV RUDo}HV 1mR DR TXH HX SHQVR TXH 7X pV PDV DR TXH 7X VDEHV VHU QRVVDVLWXDomRVHUiQRPRPHQWRGHVHVSHUDGRUD'HVGHTXHWRGRVRVVHXVSHQVDPHQWRVHLPDJHQV WHQKDPVLGRGHVFDUWDGRVSDUDORQJHRXVHUHWLGDVUHWLGDVFRPRFRQKHFLPHQWRWRWDOGHVXDQDWXUH]D PHUDPHQWHVXEMHWLYDHRKRPHPSDVVHDFRQILDUQDFRPSOHWDPHQWHUHDOH[WHUQDHLQYLVtYHO3UHVHQoD TXHVHHQFRQWUDFRPHOHQRTXDUWRHTXHMDPDLVVHUiGHOHFRQKHFLGDWDQWRTXDQWRRFRQKHFH8ID GDQRVLQFDOFXOiYHLVSRGHUmRYLUVREUHQyV$ILPGHHYLWDUHVWDVLWXDomRHVWDUHDOSXUH]DGHDOPDQD RUDomR  YRFr VHUi DX[LOLDGR SHOR DVSHFWR GH TXH RV VHUHV KXPDQRV QmR GHVHMDP WDQWR HVWD SXUH]D TXDQWR HOHV PHVPRV VXS}HP 3HUPDQHFH VHPSUH R PHGR GH UHFHEHUHP PDLV GR TXH KDYLDP UHLYLQGLFDGRUHFHEHU  6HXDIHWXRVRWLR  025&(*$2

   

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  &$57$1~PHUR9  0HX&DUR:RUPZRRG  e XP SRXFR GHFHSFLRQDQWH HVSHUDU XP UHODWR GHWDOKDGR DFHUFD GR VHX WUDEDOKR H UHFHEHU DR FRQWUiULR DTXHOD EUHYH UDSVyGLD TXH YRFr HQYLRX j JXLVD GH FDUWD 9RFr GL] TXH HVWi´GHOLUDQWH GH DOHJULDµSRUTXHRVKXPDQRVHXURSHXVLQLFLDUDPRXWUDGHVXDVJXHUUDV(XSHUFHERPXLWREHPRTXH WHPDFRQWHFLGRFRPYRFr  9RFrQmRHVWiGHOLUDQGRHVWiVRPHQWHHPEULDJDGR3DVVHDQGRSHODVHQWUHOLQKDVH[DJHUDGDVGRVHX UHODWyULRVREUHDQRLWHSDVVDGDHPFODURSHORSDFLHQWHSRVVRUHFRQVWLWXLUVHXVHVWDGRVPHQWDLVFRP XPD UD]RiYHO H[DWLGmR 3HOD SULPHLUD YH] HP VXD FDUUHLUD YRFr SURYD GR YLQKR TXH p D UHFRPSHQVD SDUD WRGR R QRVVR HVIRUoR D DQJ~VWLD H D SHUSOH[LGDGH GH XPD DOPD KXPDQD  H LVWR VXELX j VXD FDEHoD  e GLItFLO SDUD PLP UHSURYiOR  SRU LVVR 1mR HVSHUR FDEHoDV DPDGXUHFLGDV VREUH RPEURV DLQGD MRYHQV 2 SDFLHQWH UHVSRQGHX D DOJXPD GH VXDV DWHUURUL]DQWHV H[SHFWDo}HV SDUD R IXWXUR" 9RFrWUDEDOKRXHPDOJXQVUHSHQWHVVDXGRVRVGRVHXSDVVDGRIHOL]"$OJXQVVXWLVSDYRUHVQRtQWLPRGR HVW{PDJR GHOH QmR IRL" 9RFr WRFRX VHX YLROLQR GH PDQHLUD HVWXSHQGD QmR" %HP EHP WXGR LVVR p PXLWR QDWXUDO 0DV OHPEUHVH EHP :RUPZRRG TXH D REULJDomR YHP DQWHV GD GLYHUVmR 6H DOJXPD QHJOLJrQFLD RX GHVOHL[R GH VXD SDUWH FXOPLQDU QD SHUGD GH QRVVD YtWLPD YRFr ILFDUiHWHUQDPHQWH VHGHQWR SRU HVWH WUDJR UHIULJHUDQWH GH TXH YRFr VH GHOLFLRX FRP XPD SULPHLUD JRWD 6H SRU RXWUR ODGRSHODDSOLFDomRFDOFXODGDHIULDGHVHXVHVIRUoRVDTXLHDJRUDYRFrSXGHUDVVHJXUDUVXDDOPD HODLUVHUVXDHWHUQDPHQWHXPDYLGDTXDOFiOLFHWUDQVERUGDQWHGHGHVHVSHURKRUURUHSHUSOH[LGDGH TXH YRFr SRGHU OHYDU DRV OiELRV TXDQWDV YH]HV TXLVHU $SHQDV QmR SHUPLWD TXH QHQKXPD H[FLWDomR SDVVDJHLUD R GLVWUDLD GH VHX UHDO WUDEDOKR GH PLQDU R DOLFHUFH GH Ip GR SDFLHQWH EHP FRPR HYLWDU QHOHDIRUPDomRGHYLUWXGHV0DQGHPHHVHPIDOWD QD SUy[LPDFDUWDXPUHODWyULRFRPSOHWRGDV UHDo}HV GR SDFLHQWH j JXHUUD DILP GH TXH FRQVLGHUHPRV R PHOKRU D ID]HU WRUQiOR XP H[WUHPLVWD SDWULRWDRXXPDUGHQWHSDFLILVWD([LVWHWRGDDVRUWHGHSRVVLELOLGDGHV0DVGHDQWHPmRMiRSUHYLQR D QmR HVSHUDU JUDQGH FRLVD GH XPD JXHUUD &RQFRUGR TXH XPD JXHUUD p UHFUHDWLYD  2 PHGR H VRIULPHQWR LPHGLDWR GRV KXPDQRV p XP OHJtWLPR H DJUDGiYHO UHIULJpULR SDUD QRVVD PLUtDGH GH RFXSDGRVWUDEDOKDGRUHV0DVTXHEHQHItFLRSHUPDQHQWHLVVRSRGHQRVGDUVHQmRSXGHUPRVFRQGX]LU DOPDVSDUD1RVVR3DL/iGH%DL[R"4XDQGRYHMRRVRIULPHQWRWHPSRUiULRGHKXPDQRVTXHILQDOPHQWH QRVHVFDSDPVLQWRFRPRVHPHWLYHVVHPSHUPLWLGRSURYDURFRXYHUWGHXPULFREDQTXHWHHLPSHGLGR GHVDERUHDURUHVWReSLRUGRTXHVHQHPWLYHVVHSURYDGR2,QLPLJRILHODVHXVEiUEDURVPpWRGRV GH JXHUUHDUQRV SHUPLWHQRV p LQGHFHQWH  YHU D FXUWD PLVpULD GH 6HXV IDYRULWRV VRPHQWH SDUD SURYRFDUQRVHDWRUPHQWDUQRV]RPEDQGRGDQRVVDLQFDOFXOiYHOIRPHDTXDOGXUDQWHDSUHVHQWHIDVH GR JUDQGH FRQIOLWR 6HX EORTXHLR QRV LPS}H 9DPRV HQWmR SHQVDU PDLV HP FRPR XVDU GR TXH QRV GLYHUWLUFRPHVWDJXHUUDHXURSpLD3RLVDJXHUUDWHPDOJXPDVFDUDWHUtVWLFDVSUySULDVTXHSRUVLVy QmR HVWmR D QRVVR IDYRU 3RGHPRV HVSHUDU SRU PXLWD FUXHOGDGH H GHSUDYDomR 0DV VH QmR IRUPRV FDXWHORVRV WHUHPRV R GHVSUD]HU GH YHU PLOKDUHV GH YLGDV VH YROWDQGR SDUD R ,QLPLJR GHQWUH VXDV WULEXODo}HV HQTXDQWR GH]HQDV GH PLOKDUHV TXH QmR FKHJDUmR D LU WmR ORQJH LUmR FRQVWDQWHPHQWH GHVYLDUDDWHQomRGHVLPHVPRVSDUDYDORUHVHFDXVDVTXHDFUHGLWDPVHUHPHOHYDGRVHGLJQRV(XVHL TXH R ,QLPLJR GHVDSURYD PXLWDV GHVWDV FDXVDV 0DV p Dt PHVPR TXH (OH PRVWUD VXD PiIp H GHVOHDOGDGH(OHIUHTHQWHPHQWHUHFRPSHQVDKXPDQRVTXHGHGLFDPHGmRVXDVYLGDVSRUFDXVDVTXH (OHPHVPRFRQVLGHUDUXLQVFRPDPRQVWUXRVDVRILVPDGHTXHRVKXPDQRVSHQVDYDPHVWDUID]HQGRR TXHHUDERPHVHJXLDPRPHOKRUFDPLQKRTXHFRQKHFLDP  eUHDOPHQWHH[HFUiYHO3DVVDUSRUFLPDGHWXGRTXHVHSHQVDSRUFRQYHQLrQFLDV&RQVLGHUHWDPEpP TXHPRUWHVLQGHVHMiYHLVSRGHPDFRQWHFHUGXUDQWHXPDJXHUUD+RPHQVVmRPRUWRVHPOXJDUHVRQGH

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  MiVDEHP SRGHU PRUUHU D TXDOTXHU LQVWDQWH H SRUWDQWR VH SHUWHQFHP jV ILOHLUDV GR ,QLPLJR MiYmR SUHSDUDGRVSDUDPRUUHU0XLWRPHOKRUVHULDSDUDQyVVHWRGRVRVVHUHVKXPDQRVPRUUHVVHPGHQWUR GHODUHVOX[XRVRVHFDURVFRPPpGLFRVDRUHGRUTXHPHQWHPHQIHUPHLUDVTXHPHQWHPDPLJRVTXH PHQWHP FRQIRUPH RV WUHLQDPRV SDUD TXH GrHP DR PRULEXQGR XPD YLVmR GH YLGD PDLV ORQJD GR TXH WHUiHVWLPXODQGRRDFUHUTXHDGRHQoDGHVFXOSDWRGRVRVH[FHVVRVTXHSDVVDPDFRPHWHUHFODUR VHQRVVRVDJHQWHVVRXEHUHPWUDEDOKDULPDJLQDUTXHDSUHVHQoDGHXPSDVWRURXREUHLURGR,QLPLJR SRVVDPUHYHODUDRGRHQWHVHXYHUGDGHLURHVWDGR(TXmRGHVDVWURVDSDUDQyVpDOHPEUDQoDFRQWtQXD GD PRUWH TXH D JXHUUD RIHUHFH 8PD GH QRVVDV PHOKRUHV DUPDV TXH p R PXQGDQLVPR GHVHQIUHDGR WRUQDVH FRPSOHWDPHQWH LQ~WLO 'XUDQWH XPD JXHUUD DWp R PDLV LJQRUDQWH GRV KXPDQRV QmR SRGH DFUHGLWDU TXH YLYHUiSDUD VHPSUH 6HL TXH R 3HVWLOrQFLD H RXWURV WrP HQFRQWUDGR yWLPDV RSRUWXQLGDGHVSDUDERPEDUGHDUDIpQRDPELHQWHGDVJXHUUDVPDVFUHLRTXHWDOYLVmRGHWUDEDOKRp H[DJHUDGD2VKXPDQRVGRSDUWLGRGR,QLPLJRWHPVLGRVXILFLHQWHPHQWHDGYHUWLGRVSRU(OHGHTXHR VRIULPHQWR p SDUWH HVVHQFLDO GR TXH (OH PHVPR FKDPD 5HGHQomR GH VRUWH TXH HVWH WLSR GH IÄ TXH SRGHVHUGHVWUXtGRSRUXPDJXHUUDRXHSLGHPLDEHPFUHLRTXHQHPYDOHDSHQDRHVIRUoRGHGHVWUXt OD (VWRX IDODQGR DJRUD GR VRIULPHQWR GLVVHPLQDGR SRU ORQJR WHPSR TXH XPD JXHUUD DFDUUHWD &RQFRUGRTXHQRH[DWRLQVWDQWHGHWHUURUSULYDomRRXGRUItVLFDYRFrSRGHSHJDUVHXKRPHPMiTXH VXD UD]mR ILFD FRQIXVD SRU DOJXP WHPSR 0DV VH HOH SRU LQIHOLFLGDGH VH GLULJLU DR TXDUWHOJHQHUDO ,QLPLJR TXDVH VHPSUH (OH LUiGHIHQGrOR HQYLDQGR SURQWDPHQWH XP HVTXDGUmR GH JXHUUHLURV IXULEXQGRV GRV TXDLV VH WLYHU XP SLQJR GH ERPVHQVR YRFr IXJLUiFRP WRGD D YHORFLGDGH GH TXH GLVSXVHUQRPRPHQWR   6HXDIHWXRVRWLR  6&5(:7$3(

   

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  &$57$1~PHUR9, 0HX&DUR:RUPZRRG  )LFRHQFDQWDGRRXYLQGRTXHDLGDGHHSURILVVmRGRVHXSDFLHQWHSHUPLWHPDSRVVLELOLGDGHDLQGDTXH QmR D FHUWH]D GH TXH HOH VHMD FKDPDGR SDUD R VHUYLoR PLOLWDU 'HVHMDPRV TXH HOH ILTXH QD Pi[LPD LQFHUWH]D H TXH VXD PHQWH ILTXH FKHLD GH DVSHFWRV FRQWUDGLWyULRV GR IXWXUR SDUD TXH FDGD XP GHVVHV DVSHFWRV SURYRTXH QHOH HVSHUDQoDV H UHFHLRV 1mR Ki QDGD FRPR R VXVSHQVH H D DQVLHGDGH SDUD OHYDQWDU SHOD PHQWH KXPDQD XPD DXWrQWLFD EDUULFDGD FRQWUD R ,QLPLJR (OH GHVHMD KRPHQV RFXSDGRVFRPRTXHID]HPDRSDVVRTXHQyVWUDEDOKDPRVSDUDGHL[iORVSUHRFXSDGRVFRPRTXHLUi DFRQWHFHUDHOHV  6HX SDFLHQWH Mi WHUi D HVVD DOWXUD  FRQFRUGR  DEVRUYLGR D QRomR GH TXH GHYH VXEPHWHUVH SDFLHQWHPHQWH j YRQWDGH GR ,QLPLJR 2 TXH R ,QLPLJR TXHU GL]HU FRP LVVR p TXH R KRPHP GHYH UHFHEHUFRPUHVLJQDomRWRGDV D WULEXODomRMRJDGD VREUHHOH DVPHVPDV TXHSURGX]HPRSUHVHQWH HVWDGRGHVXVSHQVHHDQVLHGDGHeQHVWDyWLFDTXHRSDFLHQWHGHYHGL]HU6HMDIHLWDD7XDYRQWDGH HQRWRFDQWHjUHVSRQVDELOLGDGHGLiULDGHVXSRUWDUHVVHIDUGRHOHGHYHUiSHGLUTXHOKHVHMDGDGRR SmRGHFDGDGLDeVHXGHYHUFXLGDUSDUDTXHRSDFLHQWHQXQFDLPDJLQHRVHXSUHVHQWHPHGRFRPRXPD FUX]TXHOKHHVWiGHVWLQDGDPDVVLPJDVWHWRGRRWHPSRSRVVtYHOFRPRVWHPRUHVTXHRDVVRPEUDP $MD QRVHQWLGRGHTXHRSDFLHQWHFRQVLGHUH WXGRFRPRYHUGDGHLUDVFUX]HVGHL[HRDSHQVDUTXHMi TXHHODVQmRWHPQDGDDYHUXPDFRPDRXWUDTXHQmRSRGHPWRGDVOKHDFRQWHFHUDRPHVPRWHPSRH SRUWDQWR WUHLQHR SDUD SUDWLFDU D UHVLJQDomR H SDFLrQFLD SHODV SURYDo}HV PXLWR DQWHV TXH HODV WHQKDPVHTXHUFRPHoDGRDDFRQWHFHU3RLVDUHDOUHVLJQDomRSDUDXPDG~]LDGHFRLVDVGLIHUHQWHVH LPDJLQiULDV  p TXDVH LPSRVVtYHO H R ,QLPLJR QmR VH PRVWUD Oi PXLWR LQWHUHVVDGR QDV SHVVRDV TXH WHQWDP FRQVHJXLU HVVD YLUWXGH $ UHVLJQDomR SRU VRIULPHQWRV UHDLV H SUHVHQWHV DLQGD TXDQGR R VRIULPHQWR p IRUPDGR DSHQDV SRU PHGR p PXLWR PDLV IDFLOPHQWH VRFRUULGD SHOD DomR GLUHWD GR ,QLPLJR  8PD LPSRUWDQWH OHL HVSLULWXDO HVWi FRQWLGD DTXL -i OKH H[SOLTXHL TXH YRFr SRGH HQIUDTXHFHU VXDV RUDo}HVSHORGHVYLRGHVXDVDWHQo}HVGR,QLPLJR5HDOSDUDRVHVWDGRVGHPHQWHTXHHOHDOLPHQWDFRP UHODomR DR ,QLPLJR 3RU RXWUR ODGR p H[WUHPDPHQWH PDLV IiFLO DVVHQKRUHDUVH GR PHGR TXDQGR D PHQWH GR SDFLHQWH HVWi GHVYLDGD GR REMHWR DPHGURQWDGRU SDUD R PHGR HP VL FRQVLGHUDGR FRP XP HVWDGRSUHVHQWHHLQVXSRUWiYHOHPVXDPHQWHHTXDQGRRKRPHPFRQVLGHUDRPHGRFRPRDFUX]TXH HOH GHYH FDUUHJDU LQDSHODYHOPHQWH  FRPR XP HVWDGR HP VXD PHQWH 3RGHPRV SRUWDQWR IRUPXODU D UHJUDJHUDO(PWRGDVDVVLWXDo}HVPHQWDLVTXH QRVIDYRUHoDPHQFRUDMHRSDFLHQWHDVHGHVSLUGD DXWRFRQVFLrQFLDHVHFRQFHQWUDUSXUDPHQWHQRREMHWRHPVLPDVHPWRGDVDVDWLYLGDGHVIDYRUiYHLV DR ,QLPLJR FRQGX]D VXD PHQWH GH YROWD D HOD PHVPD )DoDPRV FRP TXH XP LQVXOWR RX  XP FRUSR GH PXOKHU IL[H VXD DWHQomR QR H[WHULRU D WDO SRQWR TXH HOH QmR SRVVD  UHIOHWLU (VWRX QHVWH PRPHQWR HQWUDQGR HP XP HVWDGR GH DOPD FKDPDGR 5DLYD  RX HP XP HVWDGR GH DOPD FKDPDGR /X[XULD   $R FRQWUDULR IDoD FRP  TXH DV UHIOH[}HV (VWRX DJRUD DFUHVFHQWDQGR PDLV GHYRomR RX FDULGDGH DRV PHXVVHQWLPHQWRVDILPGHIL[DUVXDDWHQomRHPVLPHVPRGHWDOIRUPDTXHQXQFDPDLVSRVVDROKDU DOHPGHVLPHVPRSDUDYHUR,QLPLJRRXDRVHXSUy[LPR  $ UHVSHLWR GDV DWLWXGHV JHUDLV GR SDFLHQWH FRP UHODomR j JXHUUD YRFr QmR SRGH FRQILDU H[FHVVLYDPHQWH QDTXHOHV VHQWLPHQWRV GH yGLR TXH RV KXPDQRV WDQWR JRVWDP GH GLVFXWLU QRV SHULyGLFRVVHMDP HOHV&ULVWmRVRXQmR&ULVWmRV(PVXD DQJXVWLDRSDFLHQWH SRGHUHFRQKHoRVHU LQFHQWLYDGRjYLQJDQoDSHVVRDODWUDYpVGHVHQWLPHQWRVUHYDQFKLVWDVFRQWUDSRUH[HPSORRVOLGHUHV DOHPmHV H LVVR p FRLVD PXLWR ERD DWp RQGH SXGHU VHU OHYDGD 0DV XVXDOPHQWH HVWH WLSR GH yGLR p PHORGUDPiWLFRHIDQWDVLRVRGLULJLGRFRQWUDYLWLPDVLPDJLQiULDV(OHMDPDLVHQFRQWUDHVWDVSHVVRDVQD

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  YLGD UHDO  VmR WRGDV ILJXUDV SUpPROGDGDV TXH HOH DEVRUYH GDV QRWLFLDV QRV MRUQDLV 2V UHVXOWDGRV GHVWHyGLRIDQWDVLRVRVmRIUHTHQWHPHQWHPXLWRGHFHSFLRQDQWHVHGHWRGRVRVKXPDQRVRVLQJOHVHV VmR RV PDLV GHSORUDYHOPHQWH IRJRV GH SDOKD QHVWH DVSHFWR (OHV VmR GHVWH WLSR PLVHUiYHO GH FULDWXUDVTXHSURFODPDPDRVJULWRVDWRUWXUDFRPRDPHOKRURSomRSDUDVHXVLQLPLJRVHRIHUHFHPFKi HFLJDUURVSDUDRSULPHLURSLORWRDOHPmRIHULGRTXHVHMDFDSWXUDGRGHEDL[RGHVXDVSRUWDV  6HMD R TXH IRU TXH YRFr IL]HU VHPSUH VREUD DOJXPD EHQHYROrQFLD H DOJXPD PDOtFLD QD DOPD GR VHX SDFLHQWH$JUDQGHMRJDGDH GLULJLUDPDOtFLDSDUDVHXVYL]LQKRVPDLVSUy[LPRVGRWLSRTXHHOHYHMD WRGRGLD HGLULJLUVXDEHQHYROrQFLDSDUDXPFtUFXORGLVWDQWHHSDUDSHVVRDVTXHHOHVHTXHUFRQKHoD 'HVWD IRUPD D PDOtFLD DFDED VH WRUQDQGR UHDO H D EHQHYROrQFLD HP XOWLPD DQiOLVH WRWDOPHQWH LPDJLQiULD1mRpERPTXHYRFrLQIODPHRVHXyGLRSHORVDOHPmHVVHDRPHVPRWHPSRHVWiFUHVFHQGR XPSHUQLFLRVRKiELWRGHFDULGDGHHQWUHHOHHVXDPmHVHXHPSUHJDGRURXRKRPHPTXHHOHHQFRQWUD QRWUHP  ,PDJLQHVHXKRPHPFRPRXPDVHULHGHFtUFXORVFRQFrQWULFRVQDTXDOVXDYRQWDGHVHMDRFHQWURYLQGR DSyV VHX LQWHOHFWR H ILQDOPHQWH VXD IDQWDVLD 'LILFLOPHQWH YRFr WHUi D HVSHUDQoD GH FRQVHJXLU H[FOXLU GH WRGRV RV FtUFXORV WXGR TXH WHQKD R DURPD GR ,QLPLJR PDV YRFr WHUi VXFHVVR PRYHQGR WRGDVDVYLUWXGHVSDUDRFtUFXORGDIDQWDVLDILFDQGRRVGHIHLWRVHYtFLRVTXHGHVHMDPRVWUDQVIHULGRV SDUD D 9RQWDGH 6RPHQWH TXDQGR HVWmR HQFUDYDGDV QD 9RQWDGH H VH PDQLIHVWDP HP DWLWXGHV H KiELWRV DV YLUWXGHV QRV VmR UHDOPHQWH IDWDLV 1mR HVWRX QDWXUDOPHQWH PH UHIHULQGR DR TXH R SDFLHQWHFKDPDHUUDGDPHQWHGHVXD9RQWDGHHVWDQpYRDGHFRQVFLrQFLDHH[HUFtFLRVGHUHVROXomRH JHVWRVDJUHVVLYRVPDVRUHDOFHQWURGDSHUVRQDOLGDGHTXHR,QLPLJRFKDPDGH&25$d®2   7RGDDVRUWHGHYLUWXGHVSLQWDGDVQDIDQWDVLDRX VLPSOHVPHQWHDSURYDGDV SHORLQWHOHFWRRX PHVPR DWp FHUWR SRQWR DPDGDV H DGPLUDGDV QmR DUUDQFDULDP QRVVR KRPHP GRV DQWURV GH 1RVVR 3DL Oi GH %DL[RDRFRQWUiULRHODVDWpID]HPDVYLWLPDVPDLVHQJUDoDGDVTXDQGRDVPHVPDVGHVFHPDR,QIHUQR  6HXDIHWXRVRWLR  6&5(:7$3(  

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  &$57$1~PHUR9,, 0HXFDUR:RUPZRRG  &DXVDPH UHDOPHQWH HVSpFLH VXD SHUJXQWD DFHUFD GH VHU HVVHQFLDO PDQWHU R SDFLHQWH QD LJQRUkQFLD DFHUFD GH H[LVWrQFLD 7DO TXHVWmR DR PHQRV QD SUHVHQWH IDVH GD JXHUUD p UHVSRQGLGD D WRGRV QyV GLUHWDPHQWHGR$OWR&RPDQGR  1RVVD SROtWLFD QR PRPHQWR p GH DXWRRFXOWDomR e YHUGDGH TXH QHP VHPSUH IRL DVVLP (VWDPRV UHDOPHQWH HQIUHQWDQGR XP FUXHO GLOHPD 4XDQGR RV KXPDQRV QmR DFUHGLWDP HP QRVVD H[LVWrQFLD SHUGHPRV WRGR R SUD]HU UHVXOWDQWH GR WHUURULVPR GLUHWR H QmR SURGX]LPRV IHLWLFHLURV PiJLFRV HVRWpULFRVHDVVHPHOKDGRV  3RURXWURODGRTXDQGRHOHVDFUHGLWDPHPQyVQmRSRGHPRVIRUPDUPDWHULDOLVWDVHDWHtVWDVXPDYH] TXHTXDOTXHUKXPDQRTXHDFUHGLWDVVHHPQyVWDPEpPFUHULDQR,QLPLJRFRPIDFLOLGDGH  3HOR PHQRV SRU HQTXDQWR 7HQKR JUDQGHV HVSHUDQoDV GH TXH DLQGD DSUHQGHUHPRV QR WHPSR GHYLGR FRPRPDQLSXODURHPRFLRQDOHDRPHVPRWHPSRPLVWLILFDUVXDFLrQFLDGH WDOIRUPDTXHHOD DGPLWDD FUHQoD HP QyV VHMD Oi SRU TXH QRPH IRU ( PHVPR VDEHQGR TXH VHUi KRUULSLODQWH HQTXDQWR D PHQWH KXPDQD UHWLYHU VXD FUHQoD QR ,QLPLJR $ )RUoD 9LWDO D DGRUDomR GR VH[R H DOJXQV DVSHFWRV GD 3VLFDQiOLVH SRGHP DTXL VH PRVWUDU ~WHLV  6H SXGHUPRV SURGX]LU QRVVD REUDSULPD R )HLWLFHLUR XP KRPHP TXH QmR VH UHODFLRQDQGR FRP PDV DFUHGLWDQGR QR TXH HOH YDJDPHQWH FKDPH GH ´)RUoDVµ HQTXDQWR DR PHVPR WHPSR QHJD D H[LVWrQFLD GH HVStULWRV HQWmR R ILQDO GD JXHUUD HVWDUi SUy[LPR 0DV QHVVH PHLR WHPSR SUHFLVDPRV REHGHFHU QRVVDV RUGHQV  1mR FUHLR TXH VHMD PXLWR FRPSOLFDGR PDQWHU VHX SDFLHQWH HP WRWDO HVFXULGmR 2 IDWR GH TXH ´GLDERVµ VmR ILJXUDV SUHGRPLQDQWHPHQWH HQJUDoDGRV QD LPDJLQDomR PRGHUQD LUi DMXGDU EDVWDQWH YRFr  6H DOJXPD GpELO VXVSHLWD GH QRVVD H[LVWrQFLDFRPHoDUDVHIRUPDUQDPHQWHGHOHVXJLUDDHOHXPDILJXUDXVDQGRPDOKDYHUPHOKDHUDER SRQWXGRHFRQYHQoDRGHTXHMiTXHHOHVLPSOHVPHQWHQmRSRGHDFUHGLWDUQDTXLORHVWHpXPDQWLJR PpWRGRWLUDGRGHXPOLYURSDUDFRQIXQGLORV WDPEpPQmRSRGHUiDFUHGLWDUHPYRFr1mRPHHVTXHFL GHPLQKDSURPHVVDGHFRQVLGHUDUTXDOVHULDRFDPLQKRLGHDOSDUDFRQGX]LUQRVVRSDFLHQWHGHVGHXP SDWULRWDH[WUHPLVWD DWpXPUDGLFDOSDFLILVWD7RGRVRV H[FHVVRVFRP H[FHomRGD H[WUHPDGHYRomR DR,QLPLJRDTXDOpWHFQLFDPHQWHLPSRVVtYHOYLVWRRVKXPDQRVHVWDUHPVHPSUHHPIDOWDQHVVDiUHD  GHYHP VHU HQFRUDMDGRV 1mR VHPSUH p FODUR PDV QHVWD RFDVLmR HVSHFtILFD $OJXPDV IDVHV VmR LQGLIHUHQWHVHFRPSODFHQWHVHHQWmRpQRVVRWUDEDOKRDFDOPiORVSDUDTXHGXUPDPGHXPDYH]EHP GHSUHVVD 2XWUDV IDVHV GDV TXDLV D SUHVHQWH p XPD H[LVWH XPD WHQGrQFLD GHVHTXLOLEUDGD DR SDUWLGDULVPRHpSRUWDQWRQRVVDWDUHIDLQFHQGLiORPDLVDLQGD4XDOTXHUFtUFXORIHFKDGRRXIURQWHLUD DOLDGD D DOJXP LQWHUHVVH TXH RV KRPHQV QmR JRVWHP RX LJQRUHP WHQGH D GHVHQYROYHU GHQWUR GRV SDUWLFLSDQWHV XPD HVSpFLH GH HVWXID P~WXD GH DGPLUDomR H DFRSODGR D HVWD FHUWR GHSUH]R SHOR UHVWR GR PXQGR Oi IRUD R TXH p XP yWLPR QHJyFLR SDUD YRFr PDQLSXODU R RUJXOKR H R yGLR VHP EDUUHLUDVSRUTXHH[LVWHD´&DXVDµHpHODDSDWURFLQDGRUDGHWDLVVHQWLPHQWRVHDo}HVQDPHGLGDTXH DPHQWHVHWRUQDLPSHVVRDO0HVPRTXDQGRRSHTXHQRJUXSRH[LVWLURULJLQDOPHQWHSDUDSURSyVLWRVGR SUySULR,QLPLJRHVWHSULQFtSLRDLQGDIXQFLRQDUi1RVVRGHVHMRpTXHD,JUHMDSHUPDQHoDSHTXHQDQmR Vy SRUTXH SRXFRV KRPHQV YHQKDP D FRQKHFHU R ,QLPLJR PDV WDPEpP SRUTXH DTXHOHV TXH SRGHP DGTXLULUDSUHRFXSDomR LQWHQVDFRPDGHIHVDGH VHXVGLUHLWRVSRUID]HUHP SDUWHGHXPDVRFLHGDGH VHFUHWDRXXPDIDFomR$,JUHMDHPVLpFODURpGHIHQGLGDSHVDGDPHQWHSHODVKRVWHVGR,QLPLJRH SRUWDQWRDLQGDQmRWLYHPRVQDGDPXLWREHP VXFHGLGRQRVHQWLGRGH GDUPRVDHOD DVFDUDFWHUtVWLFDV GHXPD VHLWDPDVIDFo}HVVXERUGLQDGDV D HODWHPVLGRIUHTHQWHPHQWH SURGX]LGDV FRP DGPLUiYHLV UHVXOWDGRV GHVGH R SDUWLGR GH 3DXOR H $SROR HP &RULQWR DWp R $OWR H R %DL[R &OHUR QD ,JUHMD GD ,QJODWHUUD 6H VHX SDFLHQWH SXGHU VHU LQGX]LGR D VH WRUQDU XP REFHFDGR SHOD FRQVFLHQWL]DomR HOH

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  DXWRPDWLFDPHQWH HQFRQWUDUi HP VL PHVPR XPD GDV SHTXHQDV VRQRUDV RUJDQL]DGDV H LPSRSXODUHV VRFLHGDGHV H RV DVSHFWRV GHVWD SDUD DOJXpP QRYR QR &ULVWLDQLVPR TXDVH VHPSUH VHUmR PXLWR ERQV 0DVREVHUYHTXHp48$6(6(035((OHWHPDEULJDGRVpULDVG~YLGDVDFHUFDGDOHJDOLGDGHGHOXWDU HP XPD JXHUUD MXVWD DQWHV TXH D DWXDO WLYHVVH FRPHoDGR" e XP KRPHP GRWDGR GH JUDQGH FRUDJHP ItVLFDHSRUWDQWRQmRWHUiSUREOHPDVFRPPHGRVGRVXEFRQVFLHQWHDFHUFDGRVUHDLVPRWLYRVGHVHX SDFLILVPR" 3RGHULD HOH TXDQGR EHP SUy[LPR GD KRQHVWLGDGH DEVROXWD QHQKXP KXPDQR HVWi VHPSUH QHVVH HVWDGR  VH VHQWLU SOHQDPHQWH FRQYHQFLGR GH TXH HOH p WRWDOPHQWH PRYLGR SHOR GHVHMR GH REHGHFHU DR ,QLPLJR" 6H HOH p HVWH WLSR GH KRPHP VHX SDFLILVPR SURYDYHOPHQWH QmR VHUi JUDQGH FRLVD H R ,QLPLJR FXLGDUi GH SURWHJrOR GDV FRQVHTrQFLDV FRQYHQFLRQDLV GH SHUWHQFHU D XPD VHLWD 6HX PHOKRU SODQR QHVWH FDVR VHULD WHQWiOR FRP XPD V~ELWD H FRQIXVD FULVH HPRFLRQDO GD TXDO HOH HPHUJLVVH FRPR XP IHUUHQKR FRQYHUWLGR DR SDWULRWLVPR (VWH WLSR GH FRLVDV VHPSUH SRGH VHU FRQWURODGR0DVVHHOHpRKRPHPTXHHXSHQVRTXHpWHQWHR3DFLILVPR  1mRLPSRUWDQGRPXLWRTXDOHOHDGRWHVXDWDUHIDVHPSUHKiGHVHUDPHVPD'HL[HRFRPHoDUDOLGDU FRPR3DWULRWLVPRRXR3DFLILVPRFRPRSDUWHGHVXDYLGDHVSLULWXDO(QWmRGHL[HRVREDLQIOXrQFLD GR HVStULWR GH SDUWLGDULVPR VH FRQYHQFHU TXH HOH HVWi QD SDUWH PDLV LPSRUWDQWH ( ILQDOPHQWH VLOHQFLRVD H JUDGXDOPHQWH FRQGX]DR DR SDOFR RQGH D YLGD HVSLULWXDO VHMD DSHQDV XPD SDUWH GD ´&DXVDµQDTXDOR&ULVWLDQLVPRVHMDDYDOLDGRSULQFLSDOPHQWHSRUVHXVH[FHOHQWHVDUJXPHQWRVHPIDYRU GRHVIRUoRGHJXHUUDEULWkQLFRRXGR3DFLILVPR$DWLWXGHFRQWUDDTXDOYRFrWHPTXHVHUHVJXDUGDUp HPTXDLVDVVXQWRVWHPSRUDLVVmRWUDWDGRVSULPDULDPHQWHFRPRFDPLQKRVSDUDDREHGLrQFLD8PDYH] TXHYRFrRSHUVXDGDDFRQVLGHUDUR0XQGRXPDILQDOLGDGHHDIpXPPHLRYRFrTXDVHWHUiYHQFLGRR VHX KRPHP Mi TXH p PXLWR GLItFLO SHUFHEHU D SHTXHQD GLIHUHQoD HQWUH XPD ILQDOLGDGH PXQGDQD H R TXHHOHHVWiSHUVHJXLQGR  8PD YH] SURYLGHQFLDGR SDUD TXH HQFRQWURV SDQIOHWRV SROtWLFDV PRYLPHQWRV FDXVDV H FUX]DGDV FRPHFHP D WHU PXLWR PDLV LPSRUWkQFLD SDUD HOH GR TXH DV RUDo}HV RUGHQDQoDV H D FDULGDGH HOH p QRVVR H TXDQWR PDLV UHOLJLRVR QHVWHV WHUPRV  HOH IRU PDLV VHJXUDPHQWH QRVVR HOH VH WRUQDUi (X SRGHULDPRVWUDUDYRFrXPDJDLRODFKHLDGHVVHWLSRGHDOPDVDTXLHPEDL[R  6HXDIHWXRVRWLR  6&5(:7$3(

  

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  &$57$1~PHUR9,,, 0HXFDUR:RUPZRRG  &RPTXHHQWmRYRFr´WHPJUDQGHVHVSHUDQoDVGHTXHDIDVHUHOLJLRVDGRSDFLHQWHHVWHMDPRUUHQGRµ QmRpPHVPR"(XVHPSUHDFKHLTXHR&ROpJLRGH7UHLQDPHQWRKDYLDGHVDEDGRHPUXtQDVGHSRLVTXHR *RVPHQWR DVVXPLX VHX FRPDQGR H DJRUD HX SDVVR D WHU FHUWH]D PHVPR  6HUi SRVVtYHO TXH QXQFD QLQJXpPH[SOLFRXDYRFrDFHUFDGD/HLGD2QGXODomR"  2V KXPDQRV VmR DQItELRV ² PHWDGH HVStULWRV H PHWDGH DQLPDLV $ GHWHUPLQDomR GR ,QLPLJR SDUD SURGX]LU HVWHV KtEULGRV WmR UHYROWDQWHV IRL XPD GDV FRLVDV TXH GHWHUPLQRX 1RVVR 3DL D UHWLUDU R DSRLR TXH DQWHV SUHVWDYD D (OH  &RPR HVStULWRV HOHV ID]HP SDUWH GD H[LVWrQFLD HWHUQD PDV FRPR DQLPDLV HOHV YLYHP SUHVRV DR WHPSR ,VVR LPSOLFD HP TXH VHXV HVStULWRV SRGHP VHU GLUHFLRQDGRV D REMHWRVHWHUQRVHVHXVFRUSRVSDL[}HVHLPDJLQDo}HVHVWmRHPFRQWtQXDPXGDQoDMiTXHHVWDUOLJDGR DRWHPSRVLJQLILFDHVWDUHPPXWDomR  $ VXD FDUDFWHUtVWLFD PDLV SUy[LPD GD FRQVWkQFLD TXH FDUDFWHUL]D WXGR TXH p HWHUQR p SRUWDQWR D RQGXODomR²RUHWRUQRUHSHWLGRDXPQtYHOQRTXDOHOHKDYLDFDtGRDQWHULRUPHQWHRXPHOKRUXPDVpULH GHSLFRVHYDODV6HYRFrWLYHVVHREVHUYDGRPHOKRUVHXSDFLHQWHWHULDREVHUYDGRHVWDRQGXODomRHP WRGRV RV GHSDUWDPHQWRV GH VXD YLGD ² VHX LQWHUHVVH SHOR WUDEDOKR VXD DIHLomR SHORV DPLJRV VHXV DSHWLWHVItVLFRVWXGRVXELQGRHGHVFHQGR3RUWDQWR YRFrFRQWHPSODUiQRVSHUtRGRVHPRFLRQDLVTXH HOHYLYHQFLDQDWHUUDULTXH]DHDOHJULDFRPSHUtRGRVDOWHUQDGRVGHWULVWH]DGHSUHVVmRHSREUH]D  'HVWDIRUPDDVHTXLGmRHGHVkQLPRTXHVHXSDFLHQWHHVWiDWUDYHVVDQGRDJRUDHVWmRORQJHGHVHU² FRPRYRFrLPDJLQDYD²RIUXWRYLWRULRVRGHVHXWUDEDOKRHOHHVWiDSHQDVDWUDYHVVDQGRXPIHQ{PHQR QDWXUDOTXHQmRQRVWUDUiQHQKXPEHQHItFLRSRUVLPHVPRDPHQRVTXHYRFrIDoDERPXVRGHOH  8PDPDQHLUDIiFLOGHGHFLGLUTXDORPHOKRUXVRGHVWDVLWXDomRpDQDOLVDURTXHR,QLPLJRHVWiID]HQGR DUHVSHLWRHHQWmRID]HUH[DWDPHQWHRRSRVWR6HHQWHQGrVVHPRVWRGDDVLVWHPiWLFDG(OHEDVWDULD OXWDUPRV VHPSUH FRQWUD WRGDV DV VXDV Do}HV H LQLFLDWLYDV LQIHOL]PHQWH QmR p WmR VLPSOHV DVVLP 0XLWDV YH]HV WHPRV D LPSUHVVmR TXH (OH HVWi ID]HQGR FRLVDV UXLQV FRP DV SHVVRDV QXP SULPHLUR PRPHQWRVy SDUDGHVFREULUPRVHPVHJXLGD TXHR TXH QRV SDUHFLDPDX HUD RXWUD VRILVPD G(OHSDUD EHQHILFLDURVYHUPHVKXPDQRV&RPRWHQKRH[SOLFDGRDPL~GH(OHQmRWHPQHQKXPHVFU~SXORFRPHVWH WLSR GH FRLVD D SRQWR GH ILFDUPRV WRWDOPHQWH FRQIXVRV HP DOJXPDV RFDVL}HV ² PDLV DWp GR TXH RV KXPDQRVDOYRVGHVXDVDo}HV  $JRUDXPD FRLVD TXH SRGHVXUSUHHQGHU YRFr pRIDWRGHTXHR ,QLPLJR HP VXD OXWD SRUFRQTXLVWDU DOPDV (OH DV PDQWpP jV YH]HV SRU PDLV WHPSR QRV YDOHV GHVDJUDGiYHLV TXH QRV SLFRV JORULRVRV D GHVSHLWR GR GHVDJUDGR TXH LVVR FDXVD QRV VHUHV KXPDQRV ( DOJXQV GH 6HXV IDYRULWRV HVSHFLDLV VmR H[DWDPHQWHRVTXHSDVVDPSRUDIOLo}HVPDLVSURIXQGDVHSURORQJDGDV  $ UD]mR p HVVD 3DUD QyV XP KXPDQR p SULPDULDPHQWH FRPLGD QRVVR GHVHMR SHOD DEVRUomR GH VXDV DOPDVSDUDGHQWURGHQyVRDXPHQWRGHQRVVRSUySULRDOFDQFHSHVVRDOjVFXVWDVGHOHV  0DVDREHGLrQFLDTXHR,QLPLJRUHTXHUGHOHVpXPDFRLVDWRWDOPHQWHGLIHUHQWH7HPRVTXHHQFDUDUD UHDOLGDGHGHTXHWXGRTXHVHIDODDUHVSHLWRGH6HXDPRUSHORVKRPHQVHVXDREUDGHSURSRUFLRQDU SHUIHLWD OLEHUGDGH QmR p FRPR PXLWRV SRGHULDP DFUHGLWDU VRUULGHQWHV  PHUD SURSDJDQGD PDV XPD DWHUUDGRUDUHDOLGDGH(OHUHDOPHQWHTXHUHQFKHUR8QLYHUVRFRPXPPRQWHGHVWDVSHTXHQDVUpSOLFDV G(OHPHVPRFULDWXULQKDVFXMDVYLGDVHPXPDHVFDODPLQLDWXUL]DGDVHULDPTXDOLWDWLYDPHQWHFRPR(OH

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  SUySULR QmR SRUTXH (OH DV WLYHVVH DEVRUYLGR PDV SRUTXH VXDV YRQWDGHV OLYUHV HUDP VHPHOKDQWHV j G(OH1yVTXHUHPRVFULDUJDGRTXHILQDOPHQWHQRVVLUYDGHDOLPHQWR(OHTXHUVHUYRVTXHPDLVWDUGH FRQYHUWHUiHPILOKRV1yVTXHUHPRVVXJiORV(OHTXHUSUHPLiORV1RVVRPRVYD]LRVHTXHUHPRVQRV HQFKHUDWUDYpVGHOHV(OHpSOHQRHDVVLPWUDQVERUGD  1RVVDJXHUUDYLVDXPPXQGRQRTXDO1RVVR3DL/iGH%DL[RWHQKDWRGRVRVGHPDLVVHUHVHQFHUUDGRV QHOHPHVPR2,QLPLJRGHVHMDXPPXQGRFKHLRGHVHUHVXQLGRVD(OHPDVDLQGDGLVWLQWRVHSHVVRDLV  (pDtPHVPRTXHDFRLVDDSHUWD9RFrWHPIUHTHQWHPHQWHVHPDUDYLOKDGRSRUTXHR,QLPLJRQmRID] PDLRUXVRGH6HXSRGHUSDUDVHDSUHVHQWDUVHQVLYHOPHQWHjVDOPDVKXPDQDVHPTXDOTXHUJUDXTXHOKH GHVVHYRQWDGHHDTXDOTXHUPRPHQWR0DVDJRUDYRFrHQWHQGHTXHR,UUHVLVWtYHOHR,QGLVSXWiYHOVmR DVGXDV DUPDVTXHDSUySULDQDWXUH]DGR,QLPLJRRSURtEHGHXVDU$SHQDV VREUHSXMDU XPDYRQWDGH KXPDQDFRPVXDSUySULD3UHVHQoDQXPJUDXTXHSDUHFHVVHLQTXHVWLRQiYHODRKRPHP QmRYDOHULDFRLVD DOJXPDSDUD(OH  (OHQmRYLROHQWDQLQJXpP(OHSRGHDSHQDVSHGLUVROLFLWDU3RUFDXVDGH6XDLJQyELOLGpLDDFHUFDGRV KRPHQV DOJR FRPR YRFr FRPHU XP EROR H DLQGD WHU R EROR LQWHLUR FRP YRFr DV FULDWXUDV WHUPLQDP VHQGRXPDFRLVDVyFRP(OHPDVDLQGDVmRHODVPHVPDV$SHQDVDVGHVWUXLURXDEVRUYHUQmRVyQmR /KHVHUYLULDFRPRVHTXHUIDULDDOJXPVHQWLGRSDUD(OH  (OHVHGiDRWUDEDOKRGHYROWDUFRPHOHVDRFRPHoRHRVSUHSDUDFRPPDQLIHVWDo}HVGHVXD3UHVHQoD D HVWHV TXHDSHVDUGHVXDVIUDTXH]DV R YrHPFRPR*UDQGHGRFHPHQWH HPRWLYRH FDSD]GHYHQFHU IDFLOPHQWHTXDOTXHUWHQWDomR0DVHOHQXQFDSHUPLWHTXHHVWHHVWDGRGHFDOPDHWUDQTLOLGDGHGXUH PXLWR WHPSR 0DLV FHGR RX PDLV WDUGH (OH VDL GH SHUWR GHOHV VH QmR GH IDWR SHOR PHQRV GH VXDV H[SHULrQFLDVFRQVFLHQWHVHGHVHXVDSRLRVHLQFHQWLYRVYLVtYHLV  (OH GHL[D DV FULDWXUDV HP Sp SRU VXDV SUySULDV SHUQDV ² SDUD FDUUHJiORV QR FROR GH VXDV PLVV}HV VROLWiULDV RQGH Mi QmR KRXYHVVH PDLV QHQKXP SUD]HU RX WHPSHUR ,VWR DFRQWHFH GXUDQWH FHUWRV SHUtRGRVPXLWRPDLVTXHRVSHUtRGRVGHSLFRHSURSRUFLRQDVHJXQGRRTXH(OHDFUHGLWDFUHVFLPHQWR QDGLUHomRGHTXHDVFULDWXUDVVHWRUQHPDVSHVVRDVTXH(OHGHVHMD  3RUWDQWR DV RUDo}HV TXH VREHP GLDQWH G(OH GXUDQWH RV YDOHV GH DPDUJXUD H VRIULPHQWR VmR DV TXH PDLV R DJUDGDP QRUPDOPHQWH 1yV SRGHPRV DUUDVWDU QRVVRV SDFLHQWHV DR ORQJR GH WHQWDo}HV FRQWtQXDV SRUTXH RV TXHUHPRV DSHQDV SDUD HVWDU HP QRVVDV PHVDV DOpP GH VXDV YRQWDGHV VHP G~YLGDDPHOKRUSDUWHGHOHV  -i(OHQmRSRGHWHQWDUVXDVYLUWXGHVFRPRXVDPRVID]HU(OHTXHUTXHHOHVDSUHQGDPDFDPLQKDUH HQWmRHVFROKDPVHJXUDUHP6XDPmRHHVVHFRQGX]LUSHODPmRpIRUWHPHQWHDSOLFDGRQDVVLWXDo}HV HP TXH HOHV HVWmR OLGDQGR FRP VHXV WURSHoRV 0DV QmR VH GHL[H HQJDQDU :RUPZRRG  1RVVD FDXVD QXQFD HVWDUi PDLV DPHDoDGD GR TXH QDV YH]HV TXH XP VHU KXPDQR PHVPR QmR GHVHMDQGR SHVVRDOPHQWH DOJXPD FRLVD HVWLYHU ID]HQGR D YRQWDGH GR ,QLPLJR DLQGD PDLV TXDQGR HOH HVWLYHU REVHUYDQGR R XQLYHUVR HP VHX UHGRU VHP FRQVHJXLU YHU R PHQRU WUDoR GR ,QLPLJR VH SHUJXQWDQGR SRUTXH(OHRWHULDDEDQGRQDGRDVVLPHPHVPRDVVLP2%('(&(1'2 0DVFODURTXH HVWDVVLWXDo}HV GH VROLGmRWDPEpPQRVEHQHILFLDP1DSUy[LPD VHPDQD HXOKHGDUHL DOJXPDVGLFDVDFHUFDGHFRPRH[SORUiODV  6HXDIHWXRVRWLR 6&5(:7$3(

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  &$57$1~PHUR,; 0HXFDUR:RUPZRRG  (VSHURTXHPLQKD ~OWLPD FDUWDWHQKD FRQYHQFLGRYRFrGH TXHRGHVHUWRGH WpGLRRX´VHTXLGmRµ SHOR TXDORVHXSDFLHQWHHVWiSDVVDQGRDWXDOPHQWHQmRIDUiSRUVLPHVPRDDOPDGHOHFDLUHPVXDVPmRVD QmR VHU TXH VHMD FRQYHQLHQWHPHQWH H[SORUDGD 3DVVR D GHVFUHYHU DV PDQHLUDV GH DSOLFDU D GLWD H[SORUDomR  (P SULPHLUR OXJDU HX WHQKR VHPSUH UHSDUDGR TXH RV SHUtRGRV ´GH EDL[Dµ GDV RQGXODo}HV KXPDQDV IRUQHFHPH[FHOHQWHVRSRUWXQLGDGHVSDUDWRGDVDVWHQWDo}HVVHQVXDLVSDUWLFXODUPHQWHDVOLJDGDVDR VH[R ,VWR SRGHULD VRDU HVWUDQKR SDUD YRFr XPD YH] TXH p FODUR TXH Ki HQHUJLD ItVLFD H SRUWDQWR SRWHQFLDLV GH DSHWLWH VH[XDO QRV SHUtRGRV ´GH SLFRµ GRV KRPHQV  PDV YRFr SUHFLVD VH OHPEUDU WDPEpP TXH QHVVDV RFDVL}HV HP TXH HOHV HVWmR VRUULGHQWHV GDQoDQGR DEUDoDGRV ULQGR DOWR H FDQWDQGR HQTXDQWR WRPDP FKDPSDJQH VmR WDPEpP RV PRPHQWRV HP TXH D UHVLVWrQFLD PHQWDO H HVSLULWXDO D WRGDV DV VXDV VXJHVW}HV SHFDPLQRVDV WDPEpP HVWDUmR HP DOWD  $ VD~GH H DOHJULD TXH YRFr HVWi WHQWDQGR XVDU SDUD SURGX]LU OX[~ULD H OLFHQFLRVLGDGH SRGH VHU IDFLOPHQWH FDQDOL]DGD HP FRLVDVFRPRWUDEDOKRGLYHUVmRRXDOHJUHVSHQVDPHQWRVGHVSURYLGRVGHPDOtFLD  2DWDTXHWHPPXLWRPDLRUHVFKDQFHVGHVHUEHPVXFHGLGRTXDQGRSRUDOJXPDUD]mRRPXQGRLQWHULRU VHXKRPHPHVWLYHUGHVPD]HODGRIULRHYD]LR  (pWDPEpPGLJQRGHQRWDTXHRFDQDOGHVH[XDOLGDGHVHWRUQDVXELWDPHQWHGLIHUHQWHHPTXDOLGDGH GLULDPHVPRTXHWRWDOPHQWHGLIHUHQWHGDVRFDVL}HV´GHSLFRµGXUDQWHRVHVWUDQKRVIHQ{PHQRViJXD FRPDo~FDUTXHRVKXPDQRVFKDPDPGH´VHDSDL[RQDUµ1HVVDRFDVLmRVHUiPDLVIiFLOGHVHQKDUGHQWUR GHOHSHUYHUV}HVHYRFrQRWDUiTXHDVPHVPDVSHUYHUV}HVQmRVmRFRQWDPLQDGDVSHODJHQHURVLGDGHH FRPSURPLVVRHVSLULWXDORVTXDLVIUHTHQWHPHQWHFDXVDPXPDVH[XDOLGDGHKXPDQDWmRGHFHSFLRQDQWH $FRQWHFHDVVLPFRPRXWURVGHVHMRVGDFDUQH9RFrFRQVHJXHPDLVIDFLOPHQWHWUDQVIRUPDUVXDYtWLPD QXPDOFRyODWUDLQYHWHUDGRTXDQGROKHVXJHUHXVDURiOFRROFRPRXPDDQHVWHVLDFRQWUDDOJXPDGRURX WULVWH]DTXHRHVWHMDDFRPHWHQGR1mRHVSHUHJUDQGHVUHVXOWDGRVTXDQGRWHQWDUOHYiORDRYtFLRGD EHELGDH[DWDPHQWHTXDQGRHOHHVWiIHOL]FHOHEUDQGRDQLYHUViULRVYLWyULDVGRVHXWLPHGHIXWHERORX SURPRo}HV QD FDUUHLUD SURILVVLRQDO 1XQFD VH HVTXHoD GH TXH TXDQGR HVWDPRV OLGDQGR FRP TXDOTXHU IRUPD GH SUD]HU VDGLR H TXDOTXHU IRUPD GH VDWLVIDomR QRUPDO GH FHUWD IRUPD HVWDPRV SLVDQGR QR WHUUHQRGR,QLPLJR(XVHLTXHQyVWHPRVDOFDQoDGRPXLWDVDOPDVDWUDYpVGRVSUD]HUHVPDVQmRQRV HVTXHoDPRV TXH WRGR SUD]HU p LQYHQomR G(OH (OH FULRX WRGRV RV SUD]HUHV WRGD QRVVD SHVTXLVD DWUDYpV GRV VpFXORV QmR IRL FDSD] GH FULDU XPD ~QLFD IRUPD GH SUD]HU 7XGR TXH SRGHPRV ID]HU p HQFRUDMDURVVHUHVKXPDQRVDWRPDURVSUD]HUHVTXHR,QLPLJRFULRXGHIRUPDVRXLQWHQVLGDGHVTXH (OHPHVPRWHQKDSURLELGR  7RGDYH]TXHWHQWDPRVWUDEDOKDU XVDQGRFRQGLo}HVQDWXUDLVGHTXDOTXHUSUD]HUTXH VHMDQRPtQLPR QDWXUDORPHVPRFRPHoDDH[DODUDTXHOHFKHLURDERPLQiYHOGRVHX&ULDGRUFRPRQRVOHPEUDQGRTXH SHUWHQFH D (OH 8P DXPHQWR FRQVLGHUiYHO QR GHVHMR SHOD REWHQomR FDGD YH] PHQRU GR SUD]HU UHODFLRQDGRpDIyUPXOD,VWRGiPDLVUHVXOWDGRHpSRUWDQWRRPHOKRUHVWLORDDGRWDUPRV&RQVHJXLU DDOPDGRKRPHPGDQGRDHOH1$'$HPWURFD²pRTXHUHDOPHQWHDTXHFHRFRUDomRGH1RVVR3DL/i GH%DL[R(RVFDPLQKRVVmRRWHPSRSDUDRFRPHoRGRSURFHVVR  0DV H[LVWH XPD IRUPD DLQGD PHOKRU GH H[SORUDU RV ´GHVHUWRVµ 4XHUR GL]HU DWUDYpV GRV SUySULRV SHQVDPHQWRV GR SDFLHQWH D UHVSHLWR GR GHVHUWR &RPR VHPSUH QRVVR SULPHLUR SDVVR p DIDVWDU R FRQKHFLPHQWRGHVXDPHQWH1mRRGHL[HVHTXHUVXVSHLWDUGDH[LVWrQFLDGD/HLGD2QGXODomR'HL[HR

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  DVVXPLUTXHRVSULPHLURVDUGRUHVGHVXDFRQYHUVmRGHYHULDPSHUPDQHFHULQGHILQLGDPHQWHHPRVWUH OKH TXH GHYHULDP PDV SDVVDUDP H SRUWDQWR D DWXDO VLWXDomR GH VHTXLGmR H LQGLIHUHQoD p XPD FRQGLomRLJXDOPHQWHSHUPDQHQWH8PDYH]TXHWHQKDFRORFDGRHVVDPHQWLUDQDPHQWHGHOHYRFrSRGH DJLUGHYiULDVPDQHLUDV  7XGRGHSHQGHGRWDQWRTXHVHXKRPHPVHMDGHVDQLPDGRDSRQWRGHTXHRWHQWHPRVDWpRGHVHVSHUR RX GR WLSR GH SHQVDPHQWRV GHVHMRVRV TXH R FRQGX]DPRV D WHU DFKDQGR TXH WXGR HVWi EHP RX ´VRE FRQWUROHµ2SULPHLURWLSRpPXLWRUDURHQWUHRVVHUHVKXPDQRV6HVHXSDFLHQWHSHUWHQFHUDHOHWXGR VHUi PXLWR IiFLO 9RFr WHP DSHQDV TXH PDQWrOR IRUD GR FDPLQKR GRV FULVWmRV H[SHULHQWHV WDUHID IiFLOKRMHHPGLDGHYLGRDRGHVFDVRSHORTXDOSDVVDD,JUHMD HGLULJLUVXDDWHQomRSDUDDVSDVVDJHQV DSURSULDGDV QDV (VFULWXUDV H HQWmR PHUJXOKiOR QR WUDEDOKR GHVHVSHUDGR GH UHFXSHUDU R ´SULPHLUR DPRUµSRUVHXVSUySULRVHVIRUoRVHWHUHPRVJDQKRDSDUWLGD  6H HOH p GR WLSR PDLV HVSHUDQoRVR VHX WUDEDOKR p PDQWrOR QD EDL[D WHPSHUDWXUD HVSLULWXDO TXH VH HQFRQWUDHJUDGXDOPHQWHPXGDUDYLVmRGHOHGHIRUPDDDFUHGLWDUTXHHOHQmRHVWiWmRPDODVVLP(P XPDVHPDQDRXGXDVYRFrRYHUiFRPHoDUDGXYLGDUVHVHXVSULPHLURVGLDVQR&ULVWLDQLVPRQmRIRUDP H[DJHUDGRVRXH[FHVVLYRV)DOHDHOHDFHUFDGD´PRGHUDomRHPWRGDVDVFRLVDVµ6HYRFrFRQVHJXLU FRQYHQFrOR GH TXH D HVSLULWXDOLGDGH p PXLWR ERD PDV Vy DWp FHUWR SRQWR SRGH FRPHoDU D VHQWLU R JRVWLQKRGHVXDDOPD8PDHVSLULWXDOLGDGHPRUQDpWmRERDSDUDQyVTXDQWRHVSLULWXDOLGDGHQHQKXPD HEHPPDLVGLYHUWLGDDOpPGLVVR  8PD RXWUD SRVVLELOLGDGH p R DWDTXH GLUHWR j VXD Ip 4XDQGR YRFr FRQVHJXLU FRQYHQFrOR GH TXH R GHVHUWR p SHUPDQHQWH YRFr QmR SRGHULD SHUVXDGLOR WDPEpP TXH D VXD DWXDO IDVH HVSLULWXDO HVWi PRUUHQGRFRPRWRGDVDVGHPDLVIDVHVGHVXDYLGD"  &ODURTXHQmRKiXPFDPLQKRVHJXURSDUDPRYHUVXDUD]mRDSDUWLUGDSURSRVLomR´(VWRXSHUGHQGRR LQWHUHVVHQLVVRDTXLµSDUDDSURSRVLomR´,VWRpIDOVRµ0DVFRPRHXOKHGLVVHDQWHVpRMDUJmRHQmRD UD]mR TXH QyV WHPRV TXH XWLOL]DU $ VLPSOHV H[SUHVVmR ´)DVHµ VHUi HPSUHJDGD GH IRUPD IDODFLRVD &RQFRUGR TXH D FULDWXUD SDVVRX YiULDV YH]HV SRU HOD DQWHV ² WRGRV HOHV SDVVDUDP  PDV HOHV QmR FRVWXPDPUDFLRFLQDUVREUHRIDWRGHWHUHPYHQFLGRPXLWDVQmRSRUTXHWHQKDPRFULWLFLVPRUDFLRQDO IDOKR PDV DSHQDV SRUTXH HODV ILFDUDP QR SDVVDGR H SRUWDQWR Mi QmR VH OHPEUDP PXLWR EHP GHODV 0DQWHQKDRSRUWDQWRDOLPHQWDGRGHLGpLDVEDVWDQWHFRQIXVDVDFHUFDGH3URJUHVVRH'HVHQYROYLPHQWR EHPFRPRGHQWURGR3RQWRGH9LVWD+LVWyULFRHGrDHOHPRQWHVGHELRJUDILDVPRGHUQDVSDUDOHU$V SHVVRDVTXHID]HPSDUWHGHODVHVWmRVHPSUHHPHUJLQGRGHIDVHVDQWLJDVQmRHVWmR"  3HJRXDLGpLD"0DQWHQKDVXDPHQWHIRUDGRSODQRGDVDQWtWHVHVHQWUH9HUGDGHLURH)DOVR&RQIXQGD QDFDEHoDGHOHH[SUHVV}HVFRPR´,VVRIRLXPDIDVHµRX´-iSDVVHLSRUWXGRLVVRµHQmRVHHVTXHoD GDTXHODSDODYUDDEHQoRDGD´$GROHVFHQWHµ  6HXDIHWXRVRWLR  6&5(:7$3(

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  &$57$1~PHUR;  0HXFDUR:RUPZRRG  (VWRX GHOLFLDGR HP RXYLU GR 7URSHoR TXH VHX SDFLHQWH WHP IHLWR DOJXPDV QRYDV DPL]DGHV EHP GHVHMiYHLVHTXHYRFrMiHQWHQGHXFRPRXViODVGHPDQHLUDEHPSURPLVVRUD(XHQIRFDULDTXHRFDVDO GHPHLDLGDGHTXHWHPIUHTHQWDGRVHXHVFULWyULRpH[DWDPHQWHRWLSRGHJHQWHTXHTXHUHPRVTXH HOHFRQKHoD²ULFRVHVSHUWRVVXSHUILFLDOPHQWHLQWHOHFWXDLVHEULOKDQWHPHQWHLQFUpGXORVVREUHWXGR QHVWH PXQGR &KDPR VXD DWHQomR SDUD R DVSHFWR GH TXH HOHV VmR YDJDPHQWH SDFLILVWDV QmR SRU DVVXQWRV PRUDLV PDV SRU XP KiELWR Mi DUUDLJDGR GH GHSUHFLDU TXDOTXHU FRLVD TXH GLJD UHVSHLWR D SHVVRDV FRPXQV GR SRYmR DOpP GH XPD DSUHFLDomR SRXFR SHQVDQWH GR TXH HVWHMD QD PRGD H GR FRPXQLVPR OLWHUiULR ,VVR p VLPSOHVPHQWH H[FHOHQWH ( DSDUHQWHPHQWH YRFr WHP IHLWR ERP XVR GH WRGDDIXWLOLGDGHVRFLDOVH[XDOHLQWHOHFWXDOGHOHVGRLV0DVFRQWHPHPDLV(OHHVWiSURIXQGDPHQWH OLJDGR D HVVH FDVDO" 1mR HVWRX PH UHIHULQGR D XPD OLJDomR GD ERFD SUD IRUD +i XP VXWLO MRJR GH ROKDUHV VRUULVRVHWRQVGH YR] TXHGHPRQVWUD TXH HOHID] SDUWHGRJUXSRGH SHVVRDVFRP DVTXDLV HVWi FRQYHUVDQGR RX VHMD FRQRWDP FXPSOLFLGDGH FRP R UHIHULGR JUXSR  (VWH p R WLSR GH HQYROYLPHQWR TXH YRFr GHYH HQFRUDMDU SDUWLQGR GD SUHPLVVD TXH RV VHUHV KXPDQRV QmR VH UHDOL]DP WRWDOPHQWH HP VL PHVPRV H FRP R WHPSR YRFr SRGH DSUHQGHU D XVDU HVVD GLILFXOGDGH GHOHV 6HP G~YLGD DLQGD p PXLWR FHGR SDUD VHX SDFLHQWH SHUFHEHU TXH VXDV SRVLo}HV GH Ip HVWmR HP RSRVLomR GLUHWDDWRGDVDVFRQYHUVDVTXHHOHWHPFRPRVQRYRVDPLJRV1mRFUHLRTXHKDMDJUDQGHVSUREOHPDV HP YRFr SHUVXDGLOR D DGLDU DR Pi[LPR TXDOTXHU FRQKHFLPHQWR H[SOtFLWR GD VLWXDomR H LVWR FRP D DMXGDGDYHUJRQKDGRRUJXOKRHGDIXWLOLGDGHVHUiXPDWDUHIDVLPSOHVGHVHH[HFXWDU  4XDQWR PDLV YRFr FRQVHJXLU TXH HOH DGLH XPD FRQYHUVD DEHUWD FRP D GXSOD RQGH HOH VH SRVLFLRQH FODUDPHQWHFRPRFULVWmRPDLVWHPSRYRFrHVWDUiFRQVHJXLQGRTXHHOHYLYDQDIDOVLGDGH(OHVLOHQFLDUi TXDQGR GHYHULD IDODU H ULUi TXDQGR GHYHULD HVWDU HP VLOrQFLR (OH DVVXPLUi SULPHLUDPHQWH DSHQDV SHODVPDQHLUDVHHPVHJXLGDSHODVSDODYUDVWRGDDVRUWHGHDWLWXGHVFtQLFDVHLQFUpGXODVTXHQmRVmR UHDOPHQWH VXDV 0DV VH YRFr PDQLSXODU EHP D VLWXDomR SRGH DWp FRQVHJXLU FRP TXH DV DWLWXGHV WHUPLQHP VHQGR GHOH GH IDWR 7RGRV RV PRUWDLV WHQGHP D VH WRUQDU DV FRLVDV TXH HOHV SUHWHQGLDP VHU,VWRpHOHPHQWDU2~QLFRSUREOHPDUHDOpFRPRVHSUHSDUDUSDUDRFRQWUDDWDTXHGR,QLPLJR  $ SULPHLUD FRLVD p YRFr UHWDUGDU WDQWR TXDQWR SXGHU R PRPHQWR QR TXDO HOH SHUFHED TXH HVWD QRYD IRUPDGH SUD]HUQmR SDVVDGH XPDWHQWDomR QRVVD 8PDYH]TXHRV VHUYRVGR,QLPLJRWHP SUHJDGR EDVWDQWH VREUH ´2 0XQGRµ FRPR XPD GDV JUDQGHV WHQWDo}HV SDUD GRLV PLO DQRV LVWR SRGH VHU EDVWDQWH GLItFLO GH UHDOL]DU 0DV IHOL]PHQWH HOHV XOWLPDPHQWH WrP WRFDGR SRXFR QHVVH DVVXQWR QDV ~OWLPDVGpFDGDV1RVHVFULWRVFULVWmRVPRGHUQRVDLQGDTXHHXWHQKDYLVWRPXLWRQDYHUGDGHPDLVGR TXHHXJRVWDULD VREUH0DPRPYLPXLWRSRXFRDFHUFDGDV)XWLOLGDGHV0XQGDQDVD(VFROKDGH$PLJRV H R 9DORU GR 7HPSR 7XGR LVVR SURYDYHOPHQWH VHX SDFLHQWH LUi FODVVLILFDU FRPR ´3XULWDQLVPRµ ² H SRVVR VDOLHQWDU GHSDVVDJHP TXHRYDORUTXH QyV WHPRVGDGR D HVWDSDODYUD VHFRQVWLWXLHP XPGRV QRVVRVWULXQIRVUHDOPHQWHVyOLGRVQRV~OWLPRVFHPDQRV"  3HOR QRVVR UHVJDWH DQXDO GH PLOKDUHV GH VHUHV KXPDQRV GD WHPSHUDQoD FDVWLGDGH H VREUHWXGR GD YLGD  0DLVFHGRRXPDLVWDUGHGHTXDOTXHUPRGRDUHDOQDWXUH]DGHVHXVDPLJRVWHPTXHVHWRUQDUFODUD SDUD HOH H HQWmR VXDV WiWLFDV WHP TXH GHSHQGHU GD LQWHOLJrQFLD GR SDFLHQWH 6H HOH IRU XP LGLRWD FRPSOHWR GHL[HR DVVXPLU R FDUiWHU GRV QRYRV DPLJRV VRPHQWH HQTXDQWR HOHV HVWLYHUHP DXVHQWHV 6XDV SUHVHQoDV SRGHP VHU PDQLSXODGDV GH PDQHLUD D YDUUHU GR SDFLHQWH WRGR R FULWLFLVPR 6H LVWR

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  IXQFLRQDU HOH SRGH VHU LQGX]LGR D YLYHU FRPR WHPRV FRQKHFLPHQWR TXH PXLWRV KXPDQRV YLYHP SRU ORQJRV SHUtRGRV GH WHPSR HQWUH GXDV YLGDV SDUDOHODV HOH QmR Vy WHUi D DSDUrQFLD GH VHU FRPR WDPEpP VHUi XP KRPHP GLIHUHQWH GHSHQGHQGR GR FtUFXOR GH DPL]DGHV HP TXH HVWLYHU QXPD GHWHUPLQDGDQRLWH  6HLVWRIDOKDUKiXPPRGRPDLVVXWLOHDWpEHPPDLVGLYHUWLGR(OHSRGHVHUFRQGX]LGRDDFUHGLWDU TXHXPSUD]HUSRVLWLYRQDVXDSHUFHSomRGHTXHRVGRLVODGRVGHVXDYLGDVmRLQFRQVLVWHQWHV,VWRp IDFLOPHQWH H[SORUiYHO SHOD IXWLOLGDGH GR SDFLHQWH  (OH SRGH VHU HQVLQDGR D DSUHFLDU XPD RUDomR GH MRHOKRVDRODGRGRTXLWDQGHLURQRGRPLQJRDSHQDVSRUTXHHOHVHOHPEUDTXHRTXLWDQGHLURQmRHQWHQGH FHUWDPHQWH R PXQGR GH JHQWH ]RPEHWHLUD QR TXDO HOH KDELWD QDV QRLWHV GH 6iEDGR H DR FRQWUiULR SRGHPRVHQVLQiORDDSUHFLDUDVLQGHFrQFLDVHEODVIrPLDVTXHQDWXUDOPHQWH EURWDPGHXPFDIpFRP HVWHV DGPLUiYHLV DPLJRV HP JHUDO SRUTXH HOH HVWi DWHQWR D UHVSHLWR GH XP PXQGR SURIXQGR H HVSLULWXDORTXDO HOH VLPSOHVPHQWHQmR FRQVHJXH HQ[HUJDU PDV QmR DFHUFDGRVHXGLDDGLDQRFLYRH GRPLQDGRSRUQyV  &DSWH D LGpLD ² VHXV DPLJRV PXQGDQRV R WRFDP GH XP ODGR H R TXLWDQGHLUR GR RXWUR H HOH HVWi FRPSOHWREDODQFHDGRRFRPSOH[RKRPHPTXHFRQVHJXHGLVFHUQLUWXGRDRVHXUHGRU(QWmRHQTXDQWR HVWiVHQGRSHUPDQHQWHPHQWHWUDLoRHLURHIDOVRDSHORVPHQRVGRLVJUXSRVGHSHVVRDVHOHVHQWLUiDR LQYpVGHYHUJRQKD SRU VHUKLSyFULWDULRVFRQWtQXRVGH DXWRVDWLVIDomR)LQDOPHQWH VHWRGRRUHVWR IDOKDUYRFrSRGHSHUVXDGLORFRPRXPGHVDILRjFRQVFLrQFLDDFRQWLQXDURQRYRUHODFLRQDPHQWRHP DOJXPFDPLQKRLQFHUWRHVHPFRPSURPLVVRFRQVLGHUDQGRHVWDVSHVVRDVVmR´ERDVµSHORVLPSOHVIDWR GHHVWDUWRPDQGRVHXVFRTXHWpLVHULQGRGHVXDVSLDGDVHTXHLQWHUURPSHUWDOUHODFLRQDPHQWRVHULD ´SHGDQWHµ´LQWROHUDQWHµHpFODUR 3XULWDQR  (QTXDQWR LVVR YRFr FXLGDUi GH WRPDU DV SUHFDXo}HV yEYLDV SDUD VH DVVHJXUDU TXH HVWH QRYR GHVHQYROYLPHQWRRLQGX]DJDVWDUPDLVGRTXHHOHSRGHSRUVXDVFRQGLo}HVVDODULDLVHDQHJOLJHQFLDU VHX WUDEDOKR H VXD PmH 2V FL~PHV GHOD VXDV SUHRFXSDo}HV H[DJHUDGDV H R FRPSRUWDPHQWR GR SDFLHQWHFDGDYH]PDLVHYDVLYRHUXGHVHUmRLQHVWLPiYHLVQRVHQWLGRGHDJUDYDUDWHQVmRGRPpVWLFD  6HXDIHWXRVRWLR  6&5(:7$3(

    

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  &$57$1~PHUR;,  0HXFDUR:RUPZRRG  7XGRHVWiREYLDPHQWHLQGRPXLWREHP(VWRXSDUWLFXODUPHQWHFRQWHQWHSRU VDEHUTXHRVGRLVQRYRV DPLJRVGHOHRHQWXUPDUDPFRPRUHVWDQWHGD´TXDGULOKDµ7RGRVGHQWUHHOHVSHORTXHVHLGDLPSUHQVD RILFLDO VmR SHVVRDV LQWHLUDPHQWH FRQILiYHLV SHVVRDV HVWiYHLV HVFDUQHFHGRUHV GH SULPHLUD H PXQGDQRV DWp RQGH SRVVDP VHU WHU FRPHWLGR QHQKXP FULPH HVSHWDFXODU 6mR SHVVRDV TXH HVWmR VLOHQFLRVDSURJUHVVLYDHFRQIRUWDYHOPHQWHDFDPLQKRGDFDVDGH1RVVR3DL  9RFr IDOD GHOHV FRPR VHQGR JUDQGHV JUDFHMDGRUHV (X FRQILR TXH LVVR QmR TXHLUD GL]HU QDGD GLJR HVWDLPSUHVVmRGHTXHRULVRHVWHMDVHPSUHDQRVVRIDYRU(HVWHSRQWRPHUHFHDOJXPDDWHQomR  (X GLYLGR DV PRWLYDo}HV SDUD R ULVR KXPDQR HP ([SULPLU $OHJULD 6H 'LYHUWLU $FKDU *UDoD H =RPEDULDRX,UUHYHUrQFLD9RFrYHUiRSULPHLURWLSRHQWUHDPLJRVHDPDQWHVUHXQLGRVQDYpVSHUDGH XP IHULDGR (QWUH DGXOWRV VHPSUH H[LVWH SUHWH[WR QR UXPR GH SLDGDV PDV D IDFLOLGDGH FRP TXH RV PHQRUHVJUDFHMRVSURGX]HPULVDGDVPRVWUDTXHRJUDFHMRHPVLQmRpDFDXVDSULQFLSDOGRULVR2TXH pDFDXVDSULQFLSDOpH[DWDPHQWHRTXHQyVQmRVDEHPRVDLQGD$OJXPDFRLVDGRWLSRpYLVWDGXUDQWH H[HFXo}HV GD GHWHVWiYHO DUWH KXPDQD FRQKHFLGD SRU ´0~VLFDµ H DOJR SDUHFLGR FRP LVVR RFRUUH QRV &pXV  XPD DFHOHUDomR VHP PRWLYR DSDUHQWH QR ULWPR GDV DWLYLGDGHV FHOHVWLDLV WRWDOPHQWH LQFRPSUHHQVtYHOSRUQyV2ULVRSRUFDXVDGHUD]}HVDVVLPQmRpERPSDUDQyVHSRUWDQWRGHYHVHU VHPSUH GHVHQFRUDMDGR $OpP GR PDLV WUDWDVH GH XP IHQ{PHQR QRMHQWR H XP LQVXOWR GLUHWR DR UHDOLVPRGLJQLGDGHHDXVWHULGDGHGR,QIHUQR  $FKDUJUDoDpDOJRHVWUHLWDPHQWHUHODFLRQDGRjDOHJULD²XPWLSRGHIULYROLGDGHHPRFLRQDOTXHEURWD GRLQVWLQWRGHEULQFDU,VVRpGHTXDVHQHQKXPDXWLOLGDGHSDUDYRFr3RGHVHUXVDGDGHDFRUGRSDUD GLYHUWLU KXPDQRV D SDUWLU GH DOJXPD FRLVD FRQWUiULD DR TXH R ,QLPLJR JRVWDULD TXH HOHV VH GLYHUWLVVHP PDV D GLYHUVmR HP VL PHVPD Mi WUD] WHQGrQFLDV LQGHVHMiYHLV HOD SURPRYH FDULGDGH FRUDJHPFRQWHQWDPHQWRHPXLWRVRXWURVPDOHVKRUUtYHLV  2JUDFHMRSURSULDPHQWHGLWRRTXDOpJHUDGRQRUPDOPHQWHSHODV~ELWDSHUFHSomRGDLQFRQJUXrQFLDp XPFDPSRPXLWRPDLVSURPLVVRU1mRHVWRXLPDJLQDQGRSULPDULDPHQWHRKXPRUREVFHQRRXLQGHFHQWH R TXDO WHP VLGR ODUJDPHQWH XVDGR SRU WHQWDGRUHV GH VHJXQGDFDWHJRULD H IUHTHQWHPHQWH WUD] GHFHSo}HVQRWRFDQWHDRVUHVXOWDGRV1DYHUGDGHRVVHUHVKXPDQRVVmRPDUDYLOKRVDPHQWHGLYLGLGRV HPGRLVJUDQGHVWLPHVQRTXHGL]UHVSHLWRDHVVHDVVXQWR+iDOJXQVSDUDTXHPQHQKXPDSDL[mRpWmR LPSRUWDQWHTXDQWRDODVFtYLDHSDUDRVWDLVXPDKLVWyULDLQGHFHQWHSHUGHUiWRGDDODVFtYLDQRH[DWR PRPHQWRTXHVHWRUQDU HQJUDoDGD(H[LVWHPRXWURVFXMDVHQVXDOLGDGH HJUDFHMRVmRGLVSDUDGRVDR PHVPRWHPSRSHODVPHVPDVFRLVDVHVLWXDo}HV2VGRSULPHLURWLSRID]HPSLDGDVDUHVSHLWRGRVH[R SRUTXH LVVR JHUD SROrPLFDV H DVVXQWRV GHVHQFRQWUDGRV -i RV GR VHJXQGR WLPH FXOWLYDP GLYHUVRV DVVXQWRVFRPDILQDOLGDGHGHWHUPLQDU VHPSUH RV PHVPRV DVVXQWRVIDODQGR GHVH[R6HVHXKRPHP IRUGD SULPHLUDFDWHJRULDRKXPRUSLFDQWH QmRYDLDMXGDU YRFr HP QDGD² QXQFDPH HVTXHFHUHLGDV KRUDV KRUUHQGDPHQWH HQWHGLDQWHV TXH GHVSHUGLFHL FRP XP GH PHXV SULPHLURV SDFLHQWHV DQWHV TXH WLYHVVHDSUHQGLGRHVWDUHJUD'HVFXEUDDTXDOJUXSRVHXSDFLHQWHSHUWHQFHHFXLGHSDUDTXHHOHQmR VHDSHUFHEDQHPGHORQJHGRIDWR$~QLFDILQDOLGDGH~WLOUHDOPHQWHGDVSLDGDVHGRKXPRUHPJHUDO HVWi QXPD GLUHomR GLIHUHQWH H p SDUWLFXODUPHQWH SURPLVVRUD HQWUH RV LQJOHVHV RV TXDLV OHYDP R ´VHQVRGHKXPRUµWmRDVpULRTXHXPDGHILFLrQFLDQHVWDiUHDOKHVFDXVDYHUJRQKDSURIXQGD2+XPRU pSDUDHOHVRREMHWRGHFRQVRORSDUDWXGRHSRUWDQWRpH[DWDPHQWHDiUHDRQGHVHSHUPLWHPID]HU TXDLVTXHUFRLVDVTXHWHQKDPYRQWDGHQRPRPHQWR$OJXQVDFUHGLWDPSLDPHQWHTXHVHPKXPRUDYLGD

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  QmRWHPDPHQRUJUDoDHSRUWDQWRRPHVPRKXPRUVHWRUQDXPUHDOtGRORSDUDHOHV2XVHMDHPQRPH GH ´WHUHP VHQVR GH KXPRUµ VH SHUPLWHP ID]HU DV FRLVDV PDLV GHVDYHUJRQKDGDV SRVVtYHLV 6H XP VXMHLWR VHPSUH GHL[D RV DPLJRV SDJDUHP VXD FRQWD QR UHVWDXUDQWH UDSLGDPHQWH VHULD TXDOLILFDGR FRPR ´PmR GH YDFDµ 0DV VH QDV RFDVL}HV TXH LVVR DFRQWHFHU HOH IL]HU SLDGDV JR]DQGR RV DPLJRV H[SORUDGRVHFKDPDQGRDHOHPHVPRGHDYDUHQWRXPIHQ{PHQRHVWUDQKRDFRQWHFH7RGRVSDVVDPD YrOR QmR FRPR VRYLQD PDV FRPR XP VXMHLWR HQJUDoDGR $ VLPSOHV FRYDUGLD p SURIXQGDPHQWH YHUJRQKRVD 0DV VH D DGRUQDUPRV FRP XP PRQWH GH JUDFHMRV H FRPHQWiULRV H[DJHUDGRV WLSR EULQFDUPRVFRPXPVROGDGRTXHIXJLXHDEDQGRQRXVHXVFRPSDQKHLURVQXPDKRUDGLItFLOGL]HQGRTXH HOHWHPPHGRGDVEDUDWDVGRTXDUWRHRPHVPRID]HQGRFDUHWDVTXDQGRFRPHQWDVVHP DFRYDUGLDVH WRUQDUi FRPR QXP SDVVH GH PiJLFD DSHQDV XPD FRLVD HQJUDoDGD $ FUXHOGDGH p WHUUtYHO SDUD RV KXPDQRV H LQDFHLWiYHO D PHQRV TXH R KRPHP FUXHO SRVVD VHU UHSUHVHQWDGR GH IRUPD F{PLFD H HVSDOKDIDWRVD0LOKDUHVGHDQHGRWDVLPRUDLVRXPHVPREODVIHPDVQmRGHVWUXLULDPWDQWR D DOPDGH XPLQGLYtGXRTXDQWRDGHVFREHUWDGHTXHRPHVPRSRVVDSUDWLFDUHDWp SURFODPDUDWRVUHSURYiYHLV GHVGHTXHRVFHUTXHGHJUDoDHFRPLFLGDGH$VSHVVRDVSRGHPPHVPRDGPLUDURSHFDGRUROYLGDQGR DV IDOWDV FRPHWLGDV HP QRPH GH GDU ULVDGD GHODV 4XDOTXHU H[FHVVR TXH HOD SHUFHEHVVH HVWDU FRPHWHQGR VHULD LPHGLDWDPHQWH DEDIDGD GHEDL[R GD LGpLD TXH LVVR VHULD ´SXULWDQLVPRµ RX VLPSOHVPHQWHIDOWDGHVHQVRGHKXPRU  0DV D PHOKRU GHQWUH WRGDV DV FDXVDV PHQFLRQDGDV p FHUWDPHQWH D OHYLDQGDGH 3DUD FRPHoDU HOD p EDVWDQWH HFRQ{PLFD 6HPSUH TXH XP VHU KXPDQR PDLV LQWHOLJHQWH FRQVHJXH ID]HU DOJXPD SLDGD HQIRFDQGR XPD YLUWXGH SRGH FRQWDPLQDU VHXV FRPSDQKHLURV QR VHQWLGR GH TXH DV YLUWXGHV VHMDP HQJUDoDGDV&RPDOJXPWHPSRHFRPVHXWUDEDOKRGHGLFDGR DVPHVPDVSHVVRDVFULDUmRDRUHGRUGH VXDVPHQWHVXPDYHUGDGHLUDDUPDGXUDFRQWUDR,QLPLJRQRWRFDQWHDWRGDVDTXHODVYLUWXGHVTXHHOHV DQGDUDPJUDFHMDQGR$OHYLDQGDGHpyWLPDHPWRGRVRVDVSHFWRV)LFDDPLOKDUHVGHTXLO{PHWURVGD YHUGDGHLUD DOHJULD H DLQGD WHP D YDQWDJHP GH QmR GHVSHUWDU QHQKXP DIHWR HQWUH DV SHVVRDV GR JUXSRTXHDHVWmRH[HUFLWDQGR  6HXDIHWXRVRWLR  6&5(:7$3(

    

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  &$57$1~PHUR;,,  0HXFDUR:RUPZRRG  2EYLDPHQWHYRFrWHPIHLWRH[FHOHQWHSURJUHVVR0HX~QLFRUHFHLRVHEDVHLDQDSRVVLELOLGDGHGHYRFr HPSXUUDU R SDFLHQWH SDUD D SHUGLomRWmRUDSLGDPHQWHTXHHOH GHVSHUWDVVH SDUDR GLVFHUQLPHQWRGH VXDUHDOSRVLomR3DUDHXHYRFrTXHYHPRVWDOSRVLomRFRPRUHDOPHQWHpMDPDLVGHYHVHUHVTXHFLGR RTXDQWRLVVRWXGRGHYHSDUHFHUSDUDHOH6DEHPRVTXHFRQVHJXLPRVLQWURGX]LUXPDJUDQGHPXGDQoD GH GLUHomR QR FXUVR GD YLGD GHOH D TXDO Mi R HVWi WLUDQGR GD yUELWD HP UHGRU GR ,QLPLJR PDV HOH SUHFLVDVHUOHYDGRDDFUHGLWDUTXHWRGDVDVHVFROKDVUHFHQWHVTXHWHPIHLWRVmRWULYLDLVHUHYRJiYHLV (OH QmR SRGH VHU FRQGX]LGR D VXVSHLWDU TXH HVWi DJRUD DLQGD TXH OHQWDPHQWH VHQGR GLULJLGR GLUHWDPHQWH GR 6RO SDUD XPD OLQKD QD TXDO R HVWDPRV FDUUHJDQGR SDUD R IULR H HVFXULGmR GR YD]LR DEVROXWR  3RU HVWD UD]mR HVWRX TXDVH DOHJUH DR RXYLU TXH HOH DLQGD p XP IUHTHQWDGRU GD LJUHMD H DLQGD SDUWLFLSDGD&HLDGR6HQKRU&RQKHoREHPRVSHULJRVTXHH[LVWHPQLVVRPDVTXDOTXHUFRLVDpPHOKRU GR TXH VH HOH IL]HVVH XPD FRPSDUDomR VpULD D UHVSHLWR GR TXH WHP IHLWR QRV ~OWLPRV GLDV H GR TXH ID]LDQRVSULPHLURVPHVHVGHVXDYLGDFULVWm(QTXDQWRHOHDLQGDPDQWLYHUH[WHUQDPHQWHRVKiELWRV GH XP FULVWmR HOH SRGH VHU PDQLSXODGR SDUD LPDJLQDU D VL PHVPR FRPR DOJXpP TXH DSHQDV DGRWRX DOJXQV QRYRV DPLJRV H GLYHUV}HV HPERUD VHX HVWDGR HVSLULWXDO FRQWLQXH R PHVPR GH VHLV VHPDQDV DWUiV(HQTXDQWRHOHSHQVDUDVVLPQmRWHPRVTXHOXWDUFRPRDUUHSHQGLPHQWRH[SOtFLWRGHTXDOTXHU SRVLomR WRWDOPHQWH UHFRQKHFLGD FRPR SHFDPLQRVD PDV DSHQDV OLGDUPRV FRP XP VHQWLPHQWR YDJR DLQGDTXHUHFHRVRGHTXHHOHQmRWHPVHFRPSRUWDGROiPXLWREHPXOWLPDPHQWH  (VWDUHIHULGDLQTXLHWDomRGRSDFLHQWHSUHFLVDVHUPDQLSXODGDFRPPXLWRFXLGDGR6HWRUQDUVHPXLWR IRUWH SRGH DFRUGDU R SDFLHQWH H GHVWUXLU R MRJR LQWHLUR 3RU RXWUR ODGR VH YRFr R HVFRQGHU WRWDOPHQWH²FRLVDTXHSURYDYHOPHQWHR,QLPLJRQmRSHUPLWLUiTXHYRFrIDoD²GHL[DUHPRVGHFRQWDU FRP XP HOHPHQWR H[WUHPDPHQWH ~WLO QD VLWXDomR FRPR XP WRGR VH WDO VHQWLPHQWR p OHYDGR D SHUPDQHFHUPDVQXQFDVHWRUQDLUUHVLVWtYHOHGHVDEURFKDFRPRDUUHSHQGLPHQWRJHQXtQRLVVRWHUPLQD OHYDQGR VHX KRPHP D XPD WHQGrQFLD LQHYLWiYHO ² R DXPHQWR JUDGDWLYR GD UHOXWkQFLD HP SHQVDU QR ,QLPLJR4XDVHWRGRVRVVHUHVKXPDQRVWHPXPSRXFRGHVWDUHOXWkQFLDPDVTXDQGRSHQVDUQD3HVVRD G(OH LQFOXL R FRQIURQWR H D LQWHQVLILFDomR GH XPD QXYHP WRWDOPHQWH YDJD GH FXOSDELOLGDGH VHPL FRQVFLHQWH HVWD UHOXWkQFLD FUHVFH GH] YH]HV PDLV 2V KRPHQV SDVVDP D RGLDU TXDOTXHU LGpLD TXH VXJLUD (OH GD PHVPD IRUPD TXH XP KRPHP FRP GLILFXOGDGHV ILQDQFHLUDV GHWHVWDULD D YLVmR GH XP H[WUDWR EDQFiULR 1HVWH HVWDGR VHX SDFLHQWH LUi QmR Vy RPLWLU FRPR FRPHoDUi D DERPLQDU VHXV GHYHUHV HVSLULWXDLV (OH LUi SHQVDU D UHVSHLWR GHOHV R PtQLPR TXH SXGHU PDQWHQGR D GHFrQFLD H VH HVTXHFHU GRV PHVPRV R PDLV UiSLGR TXH SXGHU DVVLP TXH RV WLYHU FRQFOXtGR3RXFDV VHPDQDV DWUiV YRFr WHYH TXH WHQWiOR SDUD D QmRREMHWLYLGDGH H GHVDWHQomR QDV VXDV RUDo}HV Mi DJRUD YRFr R HQFRQWUDUi GH EUDoRV DEHUWRV H TXDVH VXSOLFDQGR D YRFr TXH R GLVWUDLD GH VXDV REULJDo}HV H OKH HQWRUSHoDRFRUDomR(OHPHVPRLUiTXHUHUTXHVXDVRUDo}HVVHMDPEHPLUUHDLVSRLVQmRKiQDGDTXH HOH WHPD PDLV TXH R FRQWDWR HIHWLYR FRP R ,QLPLJR (OH WHUi FRPR DOYR GHL[DU DV PLQKRFDV QD VXD FDEHoDGRUPLQGR  &RQIRUPHHVWDFRQGLomRIRUVHWRUQDQGRPDLVHVWDEHOHFLGDYRFrLUiVHQGRJUDGXDOPHQWHOLEHUDGRGD LQVXSRUWiYHOWDUHIDGHHVWDUSURYLGHQFLDQGRSUD]HUHVSDUDDVWHQWDo}HV8PDYH]TXHDLQTXLHWDomRH D UHOXWkQFLD HP HQFDUiOD DIDVWDP GHOH PDLV H PDLV D IHOLFLGDGH UHDO H YLVWR FRPR D PRQRWRQLD GD URWLQDKDELWXDOID]FRPTXHRVSUD]HUHVSURYHQLHQWHVGDYDLGDGHH[FLWDomRHLUUHYHUrQFLDVHWRUQHP FDGD YH] PHQRV DSUD]tYHLV H FDGD YH] PDLV GLItFHLV GH VH DEDQGRQDU SRLV p H[DWDPHQWH LVWR TXH R

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  KiELWR URWLQHLUR ID] FRP TXDOTXHU SUD]HU  YRFr REVHUYDUi TXH TXDVH QDGD  RX PHVPR QDGD VHUi VXILFLHQWH SDUD DWUDLU VXD DWHQomR HUUDQWH 9RFr QmR SUHFLVDUi PDLV GH XP ERP OLYUR GR TXDO HOH UHDOPHQWHJRVWHSDUDPDQWrORORQJHGHVXDVRUDo}HVRXGHVHXWUDEDOKRRXGHVHXVRQRXPDFROXQD GH FRQVHOKRV GR MRUQDO GH RQWHP VHUi VXILFLHQWH 9RFr SRGH DJRUD OHYiOR D GHVSHUGLoDU VHX WHPSR QmRVRPHQWHHPFRQYHUVDVTXHHOHDSUHFLDFRPSHVVRDVTXHHOHJRVWHPDVHPFRQYHUVDVFRPTXHPHOH QmR OLJXH D PtQLPD H DVVXQWRV TXH R DERUUHoDP 9RFr SRGH FRQGX]LOR QHVWH HVTXHPD SRU ORQJRV SHUtRGRV 3RGH PDQWrOR DFRUGDGR DWp WDUGH GD QRLWH QmR QXPD IDUUD KRPpULFD PDV DSHQDV REVHUYDQGRRIRJRTXHVHDSDJDQDODUHLUDGHXPDVDODJHODGD7RGDVDVDWLYLGDGHVVDGLDVHVRFLiYHLV TXH GHVHMDPRV TXH HOH HYLWH SRGHP VHU REMHWRV GH LQLELomR VHP TXH WHQKDPRV TXH OKH GDU DEVROXWDPHQWH1$'$HP WURFDGH IRUPDTXHQRILQDO HOH SRVVDGL]HUFRPRXPGHPHXV SDFLHQWHV IDORXTXDQGRFKHJRXDTXL´(XDJRUDYHMRTXHJDVWHLDPDLRUSDUWHGDPLQKDYLGDID]HQGRQDGDGRTXH HX TXHULD RX JRVWDYDµ 2V FULVWmRV GHVFUHYHP R ,QLPLJR FRPR DTXHOH VHP R TXDO QDGD p IRUWH ( QD YHUGDGH QDGD p UHDOPHQWH PXLWR IRUWH 'LJR IRUWH R VXILFLHQWH SDUD URXEDU GH XP KRPHP VHXV PHOKRUHVDQRVQmRHPGRFHVSHFDGRVPDVHPXPDVRPEULDHPHODQFyOLFDGLYDJDomRGHVXDPHQWHGH IRUPDDHOHQmRVDEHURTXHQHPRSRUTXrGDVDWLVIDomRGDVFXULRVLGDGHVWmRYROiWHLVTXHRKRPHP QHP PHVPR FKHJD D GLVFHUQLU FRP H[DWLGmR QR HVWDODU GH VHXV GHGRV H EDWHU GRV FDOFDQKDUHV QR DVVRELR GH PHORGLDV TXH HOH GHWHVWD RX QR ORQJR HQHYRDGR ODELULQWR GH IDQWDVLDV TXH QHP PHVPR FRQWDP FRP D VHQVXDOLGDGH H DPELomR SDUD WHU DOJR GH SUD]HLURVR PDV XPD YH] TXH H[LVWD DOJXPD DVVRFLDomRFDVXDOFRPRSHFDGRDFULDWXUDHVWiIUDFDHFRQIXVDGHPDLVSDUDVHGHVYHQFLOKDUGDTXLOR 9RFrSRGHUiFRPHQWDUTXHWRGRVHVWHVVmRSHFDGRVPXLWRSHTXHQRVHVHPG~YLGDDOJXPDFRPRWRGRV RV WHQWDGRUHV LQH[SHULHQWHV YRFr HVWi DQVLRVR SDUD UHODWDU DOJXPD PDOGDGH HVSHWDFXODU 0DV YRFr SUHFLVD VH OHPEUDU TXH D ~QLFD FRLVD TXH UHDOPHQWH LQWHUHVVD p D H[WHQVmR GD GLVWkQFLD D TXH YRFr SRVVD OHYiOR GR ,QLPLJR 1mR LPSRUWD R TXmR GHVSUH]tYHLV VHMDP RV SHFDGRV XVDGRV QHVWH HIHLWR FXPXODWLYRGHVGH TXHFRQWLQXHDXPHQWDQGR D YDOD TXHFRQGX] D YtWLPDFDGD YH]PDLVSDUDORQJHGD /X]HFDGDYH]PDLVSDUDGHQWURGR1DGD$VVDVVLQDWRQmRpPHOKRUTXHMRJRGHFDUWDVVHDVFDUWDV SRGHP UHDOL]DU R HQJDQR &RP HIHLWR D HVWUDGD PDLV VHJXUD SDUD R ,QIHUQR p D JUDGXDO ² D ODGHLUD VXDYHFRPFKmRVXDYHVHPFXUYDVDFHQWXDGDVVHPDYLVRVGHTXLORPHWUDJHPHVHPSODFDVLQGLFDWLYDV GHVLQDOL]DomR  6HXDIHWXRVRWLR  6&5(:7$3(

   

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  &$57$1~PHUR;,,,  0HXFDUR:RUPZRRG  (VWi PH SDUHFHQGR TXH YRFr JDVWRX XP LPHQVR Q~PHUR GH SiJLQDV SDUD FRQWDU XPD KLVWyULD H[WUHPDPHQWH VLPSOHV 1R IULJLU GRV RYRV YRFr GHL[RX R KRPHP HVFDSDU SRU HQWUH VHXV GHGRV $ VLWXDomR p PXLWR JUDYH H HX UHDOPHQWH QmR YHMR QHQKXPD UD]mR SDUD WHQWDU OLYUDU YRFr GDV FRQVHTrQFLDV GH VXD LQHILFLrQFLD 8P URPSDQWH H UHQRYR GR TXH R RXWUR ODGR FKDPD GH ´*UDoDµ QD HVFDODTXHYRFrPHGHVFUHYHXpXPDGHUURWDGHSULPHLUDJUDQGH]D,VWRWHPRSHVRGHXPDVHJXQGD FRQYHUVmRHSURYDYHOPHQWHDPHVPDWHUiXPQtYHOPDLVSURIXQGRTXHDSULPHLUD  &RPRYRFrIRUoRVDPHQWHGHYHULDVDEHUDQXYHPDVIL[LDQWHTXHHYLWRXVHXDWDTXHDRSDFLHQWHQRVHX FDPLQKRGHYROWDGRYHOKRPRLQKRpXPIHQ{PHQRMiEHPFRQKHFLGReDDUPDPDLVEiUEDUDGHTXHID] XVRR,QLPLJRHJHUDOPHQWHVHPDQLIHVWDTXDQGR(OHHVWiSHVVRDOPHQWHSUHVHQWHFRPRSDFLHQWHGH PDQHLUDV DLQGD QmR EHP FRPSUHHQGLGDV SRU QyV $OJXQV GHQWUH RV VHUHV KXPDQRV HVWmR SHUPDQHQWHPHQWHURGHDGRVSRUDTXLORHVmRWRWDOPHQWHLQDFHVVtYHLVSDUDQyV(DJRUDYDPRVjVVXDV PDQFDGDV 'H DFRUGR FRP VHXV SUySULRV FRPHQWiULRV YRFr SHUPLWLX SULPHLUDPHQWH TXH R SDFLHQWH OHVVH XP OLYUR GR TXDO UHDOPHQWH JRVWDYD DSHQDV SRU JRVWDU GHOH H QmR SDUD ID]HU FRPHQWiULRV HVSHUWRV VREUH R OLYUR FRP RV QRYRV DPLJRV (P VHJXQGR OXJDU YRFr SHUPLWLX TXH HOH IL]HVVH XPD FDPLQKDGDDRYHOKRPRLQKRHWRPDVVHXPFKiOi²RTXHHTXLYDOHGL]HUXPSDVVHLRSRUXPDUHJLmRGD TXDO HOH UHDOPHQWH JRVWD H HVWDQGR VR]LQKR (P RXWUDV SDODYUDV YRFr SHUPLWLX TXH HOH XVXIUXtVVH OLYUHPHQWHGH'2,6SUD]HUHVUHDLV6HUiSRVVtYHOTXHYRFrVHMDLJQRUDQWHDSRQWRGHQmRFRQKHFHUR SHULJR QLVVR WXGR" $ JUDQGH FDUDFWHUtVWLFD QRV SUD]HUHV H QRV VRIULPHQWRV p TXH HOHV VmR LQVRILVPDYHOPHQWHUHDLVHSRUWDQWRQmRLPSRUWDTXmRORQJHHOHVFRQVLJDPLUHOHVSURSRUFLRQDPDR KRPHP DOJR FRPR XPD ´FDtGD GH ILFKDµ SDUD FRPSURYDomR GD UHDOLGDGH 'HVWD IRUPD VH YRFr YLQKD WHQWDQGR GDQDU VHX KRPHP SHOR PpWRGR 5RPkQWLFR ² ID]rOR XPD HVSpFLH GH 5RPHX DSDL[RQDGR VXEPHUVR HP PXUPXUDo}HV SRU XPD LQIHOLFLGDGH LPDJLQiULD GR WLSR ´VHP -XOLHWD D YLGD QmR IDULD VHQWLGRµ ² GHYHULD WrOR SURWHJLGR D WRGR FXVWR GH SDVVDU SRU DOJXPD GRU YHUGDGHLUD SRU TXH p HYLGHQWH TXH DSHQDV FLQFR PLQXWRV FRP XPD GRU GH GHQWH UHDO UHYHODULD D HOH TXH R VRIULPHQWR URPkQWLFRQmRID]LDVHQWLGRDOJXPHDVVLPVHXHVWUDWDJHPDVHULDGHVPDVFDUDGRQDKRUD0DVVHYRFr HVWDYD WHQWDQGR GHVJUDoDU VHX SDFLHQWH DWUDYpV GR 0XQGR RX VHMD DWUDYpV GD H[SORUDomR GD YDLGDGH GD MDFWkQFLD GD LURQLD H R WpGLR HP UHODomR DRV SUD]HUHV &RPR IRL SRVVtYHO YRFr QmR SHUFHEHU TXH H[SHULPHQWDU XP 35$=(5 5($/ GHYLD VHU D ~OWLPD FRLVD SHUPLVVtYHO D HOH" 1mR HQWHQGHTXHYRFrGHYHULDWHUSUHYLVWRTXHWDOH[SHULrQFLDPDWDULDLQVWDQWDQHDPHQWHSHORFRQWUDVWH  WRGDDFROHomRGHMyLDVIDOVDVTXHYRFrWUDEDOKRVDPHQWHKDYLDGDGRDHOHHRHQVLQDGRDYDORUL]DU"( TXH WDPEpP R WLSR GH SUD]HU TXH D OHLWXUD GR OLYUR H R SDVVHLR DR PRLQKR GHUDP D HOH VmR R PDLRU SHULJR SDUD QyV" ( TXH HVWH PHVPR WLSR GH SUD]HU DUUDQFDULD D FURVWD GH HQJDQR TXH YRFr YLQKD FRORFDQGR QD PHQWH GHOH GDQGROKH PHVPR D VHQVDomR GH HVWDU GH YROWD HP FDVD WRWDOPHQWH UHFXSHUDGR2SODQRSUHOLPLQDUTXHYRFrHPSUHJRXSDUDDIDVWiORGR,QLPLJRWHUPLQRXSRUDIDVWiOR GHVLSUySULRHYRFrDWpTXHWLQKDIHLWRDOJXQVSURJUHVVRV$JRUDWXGRGHVPRURQRX(QWHQGRTXDOIRL VXDFRQIXVmReFODURTXHHVWRXFLHQWHGHTXHR,QLPLJRWDPEpPTXHUWLUDURIRFRGRVKRPHQVGHVL PHVPRV PDV R PRGR p WRWDOPHQWH GLIHUHQWH /HPEUHVH VHPSUH TXH R ,QLPLJR UHDOPHQWH JRVWD GHVWHVYHUPH]LQKRVHDWULEXLXPYDORUDEVXUGRDUHVSHLWRGDVFDUDFWHUtVWLFDVLQGLYLGXDLVGHFDGDXP GHOHV 4XDQGR (OH GL] TXH RV KRPHQV GHYHP GH IDWR UHQXQFLDU D VL PHVPRV QD YHUGDGH LVVR TXHU DSHQDV GL]HU DEDQGRQDU D SULRULGDGH QD VDWLVIDomR GR VHX ´HXµ PDV WmR ORJR HOHV FRQVHJXHP ID]HU LVVRR,QLPLJROKHVGHYROYHQRYDPHQWHWRGDDHVVrQFLDGHVXDVSHUVRQDOLGDGHVHDLQGDVHYDQJORULD WHPRHXTXH(OHVHMDVLQFHURQRTXHGL] TXHTXDQGRRVKRPHQVVHUHQGHPWRWDOPHQWHD(OHSDVVDPD VHU PDLV GR TXH HUDP DQWHULRUPHQWH $ SDUWLU GDt HQTXDQWR (OH VH GHOLFLD DR YHU RV KRPHQV

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  VDFULILFDQGR PHVPR VXDV FRLVDV PDLV LQRFHQWHV j YRQWDGH G(OH (OH PHVPR RGHLD TXDQGR RV EtSHGHV UDVWHMDQWHVPXGDPVXDQDWXUH]DRXVDFULILFDPVXDVFRLVDVTXHULGDVSRUTXDOTXHUUD]mRTXHQmRVHMD (OH 4XDQWR D QyV VHPSUH HVWDUHPRV HQFRUDMDQGRRV D TXH IDoDP LVVR  2V PDLV SURIXQGRV VHQWLPHQWRVHLPSXOVRVGHWRGRVRVKRPHQVVmRQRVVDPDWpULDSULPDRSRQWRGHSDUWLGDFRPRTXDOR ,QLPLJR RV WHP GRWDGR 7RGD YH] TXH FRQVHJXLPRV WLUDU GH DOJXP LQGLYtGXR DOJXP GHVWHV WUDoRV GH SHUVRQDOLGDGHPDUFDPRVXPJRO0HVPRTXHSDUHoDPFRLVDVLQRIHQVLYDVVHPSUHQRVpLQWHUHVVDQWH VXEVWLWXLUDVSUHIHUrQFLDVJRVWRVHSUHWHQV}HVUHDLVGRVVHUHVKXPDQRVSRURXWURVSDGU}HVFRPRR PXQGDQRRVFRQYHQFLRQDOLVPRVVRFLDLVHDPRGDHSRUWDQWRGHYHPRVDIDVWDURVKRPHQVGRVJRVWRVH GHVJRVWRV SHVVRDLV UHDLV 6RX UDGLFDO D SRQWR GH HVWDEHOHFHU XPD UHJUD QR VHQWLGR GH WHQWDU DUUDQFDUGRSDFLHQWHWRGRHTXDOTXHUJRVWRSHVVRDOTXHQmRFRQVWLWXDXPSHFDGRGHILQLGRPHVPRVH WUDWDQGRGHFRLVDVWRODV FRPR XPDFRPSHWLomRHVSRUWLYDXPDFROHomRGHVHORVRXEHEHU&RFD&ROD (VWDVFRLVDVpFODURVHTXHUSRVVXHPDOJXPDYLUWXGHHPVLPHVPDVPDVKiXPDHVSpFLHGHLQRFrQFLD KXPLOGDGHHDXWRHVTXHFLPHQWRQHODV TXHPHGHL[DPGHVFRQILDGR2 KRPHPTXHYHUGDGHLUDPHQWHH GHVLQWHUHVVDGDPHQWH DSUHFLH TXDOTXHU FRLVD QR PXQGR DSHQDV SRU FDXVD GHOD PHVPD VHP HVWDU SUHRFXSDGR HP FRLVD DOJXPD VREUH R TXH RV RXWURV SHQVHP D UHVSHLWR HVWDUi PXLWR EHP DUPDGR FRQWUDDOJXQVGHQRVVRVPDLVVXWLVPpWRGRVGHDWDTXH9RFrVHPSUHGHYHUiWHQWDUID]HURSDFLHQWH DEDQGRQDUDVSHVVRDVFRPLGDVRXOLYURVGRVTXDLVUHDOPHQWHJRVWHHPIDYRUGDV´PHOKRUHVSHVVRDVµ ´PDLVDGHTXDGDVFRPLGDVµH´LPSRUWDQWHVOLYURVµ(XFRQKHFLXPVHUKXPDQRTXHUHVLVWLXEUDYDPHQWH DWRGDV DVWHQWDo}HVHP DVFHQGHUDHVFDODVRFLDODWpTXHGHVFREULFRPRGHVSHUWDUQHOHXPSUD]HU IRUWtVVLPRSHODOLQJLoDIULWDFRPFHEROD  5HVWD FRQVLGHUDUPRV R TXH ID]HU SDUD FRQVHUWDU RV SUHMXt]RV GHVWH GHVDVWUH $ FRLVD PDLV LPSRUWDQWH D ID]HUPRV p FRQVHJXLU TXH R SDFLHQWH QmR IDoD PDLV QDGD (QTXDQWR HOH QmR FRQVHJXLU WUDQVIRUPDU D PXGDQoD GH YLGD HP Do}HV QmR LPSRUWD PXLWR R TXH HOH SHQVH D UHVSHLWR GHVVD UHFRQFLOLDomR'HL[HTXHHOHILTXHFRPRXPDQLPDO]LQKRGDQGRYROWDVHPUHGRUGLVVR/HYHRDPHGLWDU PXLWR QR DVVXQWR D HVFUHYHU XP OLYUR VREUH LVVR IUHTHQWHPHQWH HVVD p XPD IRUPD H[FHOHQWH GH HVWHULOL]DU DV VHPHQWHV TXH R ,QLPLJR SODQWD QD DOPD KXPDQD 3HUPLWD TXH HOH IDoD TXDOTXHU FRLVD PHQRV $*,5 1HQKXPD TXDQWLGDGH GH SLHGDGH HP VXD LPDJLQDomR H VHQWLPHQWRV SRGHUi QRV FDXVDU TXDOTXHU SUREOHPD GHVGH TXH PDQWHQKDPRV WXGR LVVR ORQJH GD VXD 9217$'( &RPR XP GRV VHUHV KXPDQRVPHVPRGLVVHRVKiELWRVDWLYRVVmRIRUWDOHFLGRVSHODUHSHWLomRDRSDVVRTXHRVSDVVLYRVVH HQIUDTXHFHPSHODPHVPDFRQWLQXLGDGH4XDQWRPDLVYH]HVHOHVHVHQWLULQDWLYRPHQRVHOHVHGLVSRUi DDJLUHDRORQJRGRWHPSRPHQRVHOHFRQVHJXLUiVHQWLUDOJXPDFRLVD  6HXDIHWXRVRWLR  6&5(:7$3(

     

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  &$57$1~PHUR;,9  0HXFDUR:RUPZRRG  2 PDLV DODUPDQWH QR VHX ~OWLPR UHODWyULR GR SDFLHQWH p TXH HOH QmR HVWi PDLV ID]HQGR QHQKXPD UHVROXomR H[DJHUDGD FRPR QD pSRFD GD VXD FRQYHUVmR RULJLQDO 1DGD GH SURPHVVDV LPSRVVtYHLV GH YLUWXGH HWHUQD QDGD GH IUDVHV GR WLSR ´QXQFD PDLV IDUHL LVVRµ SHOR FRQWUiULR HOH SHUPDQHFH VDWLVIHLWR FRP D HVSHUD GD SRUomR GH *UDoD SDUD VXD YLGD PDV WmR VRPHQWH D SRUomR GLiULD H D PL[DULD QHFHVViULD SDUD VXSRUWDU D SUy[LPD KRUDGH WHQWDomRVHP SHFDU,VWRpUHDOPHQWH08,72 58,0  6y YHMR XPD VDtGD SDUD R TXDGUR SUHVHQWH 6HX SDFLHQWH WHP VH WRUQDGR KXPLOGH QmR p" 9RFr WHP FRQVHJXLGRFKDPDUDDWHQomRGHOHSDUDHVWHDVSHFWR"7RGDVDVYLUWXGHVVmRPHQRVIRUPLGiYHLVDVVLP TXH R KRPHP SHUFHEH TXH DV WrP PDV LVWR p HVSHFLDOPHQWH PDUFDQWH FRP UHODomR j KXPLOGDGH 6XUSUHHQGDR QXP PRPHQWR HP TXH HVWLYHU PHUJXOKDGR QD PDLV SURIXQGD SREUH]D GH HVStULWR H FRQWUDEDQGHLH VXD DWHQomR SDUD XP SHQVDPHQWR GD OLQKD ´&DUDFD 0DV QmR p TXH HVWRX PHVPR PH WRUQDQGRKXPLOGH"µ9RFrREVHUYDUiTXDVHLPHGLDWDPHQWHDDSDULomRGHXPDYDLGDGH²DYDLGDGHSHOR IDWRGHVHUKXPLOGH6HHOHVHWRFDUTXDQWRDRSHULJRHWHQWDUDEDIDUHVWDQRYDIRUPDGHRUJXOKR IDoDR RUJXOKRVR SRU WHU FRQVHJXLGR H DVVLP SRU GLDQWH HP TXDQWRV GHJUDXV TXH YRFr FRQVLGHUH QHFHVViULR0DVQmRPDQWHQKDHVWHMRJRSRUPXLWRWHPSRFODURSRLVLVVRSRGHULDGHVSHUWDURVHQVR GHKXPRUGHOHHVHXVHQVRGHSURSRUomR6HLVVRRFRUUHUHOHVLPSOHVPHQWHGDUiULVDGDQDVXDFDUDH LUiWUDQTLODPHQWHSDUDDFDPD  +i SRUpP PDQHLUDV EHP OXFUDWLYDV GH SUHQGHU D DWHQomR GHOH QD YLUWXGH GD +XPLOGDGH $ UHVSHLWR GHVWD YLUWXGH ² EHP FRPR GDV GHPDLV ² R ,QLPLJR TXHU WLUDU D DWHQomR GRV KRPHQV GH VL PHVPRV FDQDOL]DQGRDQ(OHPHVPRHQRVSUy[LPRVGRSDFLHQWH7RGRRWUDEDOKRTXH(OHUHDOL]DEHPFRPRVHX FXLGDGR SHVVRDO HVWi WmR VRPHQWH YROWDGR SDUD FRQVHJXLU LVVR GRV VHUHV KXPDQRV 1D YHUGDGH DFUHGLWRILUPHPHQWHTXHWRGDHVWDJXHUUDWHUUtYHOVyID]VHQWLGRSDUD(OHTXDQGRFRQVHJXHHVWHWLSR GHREMHWLYRGHVWHVYHUPHVUDVWHMDQWHV  3RUWDQWR YRFr SUHFLVD DUUDQFDUGR SDFLHQWHR YHUGDGHLURVHQWLGRGD+XPLOGDGH'HL[HRLPDJLQiOD FRPRXPFRQMXQWRGHRSLQL}HVDUHVSHLWRGHVHXVWDOHQWRVHFDUiWHU$OJXQVWDOHQWRVHXEHPVHLHOH SRVVXLGHYHUGDGH)L[HVXDPHQWHQRDVSHFWRGHTXHKXPLOGDGHpQDGDPHQRVTXHWHQWDUDFUHGLWDU TXHHVWHVWDOHQWRVQmRYDOHPWDQWRTXDQWRHOHLPDJLQD1mRUHVWDG~YLGDGHTXHHOHpPHVPRPHQRV YLUWXRVRGRTXHSHQVDPDVLVVRQmRWHPQHQKXPDLPSRUWkQFLDSDUDQyV$PHOKRUFRLVDpID]HUFRP TXHHOHDYDOLHXPDRSLQLmRSDUDDOJXPDTXDOLGDGHGHIRUPDHUUDGDHVHSHUFDQHVWHVYDORUHVSRLVFRP LVVRFRQVHJXLUHPRVLQWURGX]LUXPHOHPHQWRGHGHVRQHVWLGDGHQRSURFHVVRHRIDUHPRVFUHUSLDPHQWH HPPHQWLUDVLQWHUHVVDQWHV3RUHVWHPpWRGRPLOKDUHVGHKXPDQRVWHP VLGRFRQGX]LGRVDDFUHGLWDU TXH D KXPLOGDGH VLJQLILFD PXOKHUHV OLQGDV DILUPDUHP TXH VmR IHLDV H DFUHGLWDUHP QLVVR  EHP FRPR KRPHQV EULOKDQWHV DFHLWDUHPTXH VHUKXPLOGHV VLJQLILFDGL]HUHP H DFUHGLWDUHPTXHVmRUHWDUGDGRV PHQWDLV ( XPD YH] TXH HOH HVWi WHQWDQGR DFUHGLWDU LVVR WXGR SRGH GHVHPERFDU HP YHUGDGHLUDV LQVDQLGDGHV VHP TXH HOH DR PHQRV GHVFRQILH GH DOJXPD FRLVD 3DUD VH DQWHFLSDU j HVWUDWpJLD GR ,QLPLJR SUHFLVDPRV FRQVLGHUDU 6HXV REMHWLYRV 2 ,QLPLJR TXHU WUD]HU R KRPHP D XP HVWDGR GH PHQWHQRTXDOHOHSRGHULDGHVHQKDUDPDLVH[WUDRUGLQiULDFDWHGUDOGHWRGRVRVWHPSRVHVDEHUTXH GH IDWR HOD HUD LQFRPSDUiYHO H VH DOHJUDU HP H[WUHPR SRU WrOD GHVHQKDGR VHP VH VHQWLU QHP XP PLOLJUDPDPHQRVIHOL]RXPDLV VHVRXEHVVHTXHWLQKDVLGRGHVHQKDGDSRURXWUDSHVVRD2,QLPLJR TXHUQRILQDOTXHHOHVHMDWmROLYUHGHTXDOTXHURSLQLmRHPVHXSUySULRIDYRUTXHFRQVLJDDOHJUDUVH SRU VHXV SUySULRV WDOHQWRV WmR IUDQFDPHQWH H DJUDGHFLGDPHQWH TXDQWR SHORV WDOHQWRV GRV VHXV

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  VHPHOKDQWHVRXSRUXPDPDQKmGHVRORXDRYHUXPHOHIDQWHRXXPDFDFKRHLUD(OHTXHUFDGDKRPHP DRORQJRGHVXDYLGDDSWRDUHFRQKHFHUWRGDVDVFULDWXUDVPHVPR(OHSUySULR FRPRFRLVDVJORULRVDV HH[FHOHQWHV(OHTXHUPDWDUHPWRGRV HOHVRDPRUSUySULRWmRUiSLGRTXDQWRSRVVtYHOPDVHP6XD SROtWLFDGHORQJRSUD]RWHPRHX(OHGHYROYHDHOHVWXGRTXHOKHVWLURXFRPRXPQRYRWLSRGHDPRU SUySULRTXHVHHVSDOKDSRUWRGDDUDoDKXPDQDHPIRUPDGHFDULGDGHJUDWLGmRSRUWRGRVLQFOXVLYH SRUHOHPHVPR(TXDQGRILQDOPHQWHHOHVFRQVHJXHPUHDOPHQWHDSUHQGHUDDPDUVHXSUy[LPRFRPRD HOHVPHVPRVHOHVVHUmRFDSD]HVGHDPDUDVLPHVPRVFRPRDVHXVVHPHOKDQWHV3RLVQXQFDSRGHPRV QRVHVTXHFHUTXHGDPDLVUHSXJQDQWHHLQFRPSUHHQVtYHOFDUDFWHUtVWLFDHPQRVVR,QLPLJRTXHpDPDU UHDOPHQWH RV EtSHGHV OLVRV (OH RV FULRX H VHPSUH GHYROYH FRP D PmR GLUHLWD WXGR TXH OKHV KDYLD WLUDGRFRPDHVTXHUGDQRILQDOGDVFRQWDV  1RVVR JUDQGH HVIRUoR SRUWDQWR HVWi HP PDQWHU D PHQWH GR KRPHP SUHVD DR YDORU TXH HOH PHVPR WHP(OHRVFRQGX]DVHFRQVLGHUDUHPDUTXLWHWRVHSRHWDVH[FHSFLRQDLVSRUDOJXQVLQVWDQWHVSDUDHP VHJXLGD VH HVTXHFHUHP GLVVR HQTXDQWR QyV ID]HPRV GH WXGR SDUD RV KXPDQRV VH FRQFHQWUDUHP JDVWDQGR PXLWR WHPSR H GRUHV SHQVDQGR QHOHV PHVPRV FRPR FRLVDV SpVVLPDV 6HXV HVIRUoRV SDUD LQVWLODURXDYDQJOyULDRXDIDOVDPRGpVWLDQRSDFLHQWHLUmRSRUWDQWRGLVWDQFLiORGR,QLPLJRDSHQDVVH HOH IL[DU D PHQWH PHGLWDQGR KRUDV H KRUDV DFHUFD GH VXDV YLUWXGHV RX GHIHLWRV 2V HVFULWRV GR ,QLPLJR QXQFD HQVLQDUDP KRPHP DOJXP D PHGLWDU H ILFDU KRUDV DQDOLVDQGR D VL SUySULRV PDV IHOL]PHQWHRXWUDDUPDSRGHURVDTXHWHPRVDLQGDpDSURIXQGDLJQRUkQFLDGDUDoDKXPDQDDFHUFDGRV PHVPRVHVFULWRV  3UHFLVRDFUHVFHQWDUTXHR,QLPLJRWUDEDOKDUiQRVHQWLGRGHTXHVXDYtWLPDWHQKDFRQVFLrQFLDGHTXH IRLFULDGDSRU(OHHGHYHWXGRDHOH6HHOHVQmRVHFULDUDPDVLSUySULRVFHUWDPHQWHVHXVWDOHQWRV WDPEpP QmR GHSHQGHUDP JUDQGH FRLVD GH VHXV HVIRUoRV SHVVRDLV 3RUWDQWR TXDQGR XP KXPDQR VH RUJXOKDSRUVHUFXOWRHDFKDULGtFXORDOJXpPVHRUJXOKDUSHODFRUGRFDEHORDSHQDVQmRSHUFHEHXTXH pFXOWRSRUTXHR,QLPLJROKHGHXDLQWHOLJrQFLDVD~GHUHFXUVRVSDUDHVWXGDURVOLYURVRWHPSROLYUH SDUD WDQWR H PHVPR D YRQWDGH GH REWHU FRQKHFLPHQWR 0DQWHQKDR QHVWH WLSR GH LJQRUkQFLD H SHUFHEHUi UHVXOWDGRV LQWHUHVVDQWHV 7HQKR REVHUYDGR TXH PHVPR D UHVSHLWR GRV SUySULRV SHFDGRV QmRpLQWHQomRGR,QLPLJRTXHJDVWHPXLWRWHPSRSHQVDQGR  6HXDIHWXRVRWLR  6&5(:7$3(

    

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  &$57$1~PHUR;9  0HXFDUR:RUPZRRG  7HQKR UHSDUDGR p FODUR TXH RV KXPDQRV HVWmR H[SHULPHQWDQGR XPD FHUWD FDOPDULD QD VXD JXHUUD HXURSpLD ² TXH HOHV SDWHWLFDPHQWH FKDPDP GH ´$ *XHUUDµ ² H QmR HVWRX VXUSUHVR GH TXH KDMD XPD SDWHWLFHHTXLYDOHQWHQDVDQVLHGDGHVGRVHXSDFLHQWH(VWDPRVLQWHUHVVDGRVHPPDQWrORWUDQTLORD UHVSHLWR GD JXHUUD RX SUHRFXSDGtVVLPR FRP HOD" 7DQWR R PHGR WRUWXUDQWH TXDQWR D FDOPD WROD VmR HVWDGRV GH PHQWH GHVHMiYHLV SRU QyV 1RVVD HVFROKD HQWUH XPD RX RXWUD GHSHQGH GH LPSRUWDQWHV TXHVW}HVDVTXDLVSDVVRDFRPHQWDU  2VKRPHQVYLYHPSUHVRVDRWHPSRPDVQRVVR,QLPLJRRVGHVWLQRXj(WHUQLGDGH(OHSRUWDQWRFUHLR HX TXHU D DWHQomR GHOHV SUHVD SULPRUGLDOPHQWH D GXDV FRLVDV ­ (WHUQLGDGH HP VL H DR SRQWR GR WHPSR TXH HOHV FKDPDP GH ´3UHVHQWHµ XPD YH] TXH R PHVPR SUHVHQWH p H[DWDPHQWH R SRQWR GR WHPSRTXHWRFD D(WHUQLGDGH$SDUWLUGRSUHVHQWHPRPHQWRH VRPHQWHGHOHRVKXPDQRV WHPWrP XPD H[SHULrQFLD DQiORJD j H[SHULrQFLD TXH QRVVR ,QLPLJR WHP GD UHDOLGDGH FRPR XP WRGR HP VXD OLEHUGDGH VROLWiULD H (OH UHDOPHQWH D RIHUHFH D HOHV (OH SRGHULD HQWmR WrORV FRQWLQXDPHQWH RFXSDGRVDUHVSHLWRGD(WHUQLGDGHRTXHVLJQLILFDHVWDUHPRFXSDGRVFRP(OH RXFRPR3UHVHQWH² RFDVLmR SDUD PHGLWDomR VREUH D XQLmR HWHUQD GHOHV FRP (OH RX D FRQVWDWDomR GH VXD VHSDUDomR GR &ULDGRURXDLQGDHPSHQKDGRVHPREHGHFHUjYR]GDFRQVFLrQFLDFRQIRUPDQGRVHHPOHYDUVREUHVHXV RPEURVVXDVSUySULDVFUX]HVEXVFDQGRJUDoDSDUDFDGDGLDHPRVWUDQGRJUDWLGmRSRUTXDOTXHUSUD]HU SUHVHQWH  1RVVD WDUHID pOHYiOR FDGDYH]PDLVSDUDORQJH GRHWHUQRHGR3UHVHQWH&RPLVWRQDPLUD QyV jV YH]HVWHQWDPRVHQFDPLQKDUXPKXPDQRVHMDXPDYL~YDRXXPSyVJUDGXDGR DYLYHUQRSDVVDGR0DV LVWR WHP YDORU OLPLWDGR SRLV HOHV Mi WHP DOJXP FRQKHFLPHQWR UHDO GR SDVVDGR H VDEHP TXH HOH VH DSUHVHQWD FRP XPD QDWXUH]D UD]RDYHOPHQWH GHILQLGD DVVHPHOKDQGRVH DWp Dt FRP D (WHUQLGDGH e PXLWR PHOKRU ID]rORV YLYHU QR )XWXUR $V QHFHVVLGDGHV ELROyJLFDV GHOHV Mi ID]HP FRP TXH VXDV SDL[}HVDSRQWHPSDUDHVWDGLUHomRQDWXUDOPHQWH3RUFDXVDGLVVRVHXVSHQVDPHQWRVYROWDGRVSDUDR TXH DLQGD YLUi HVWmR FKHLRV GH HVSHUDQoDV H PHGRV $LQGD SRU FLPD HOH p GHVFRQKHFLGR SDUD HOHV SRUWDQWRVHFRQVHJXLUPRVFRQFHQWUDURSHQVDPHQWRGHOHVQRIXWXURQDYHUGDGHHOHVHVWDUmRYLYHQGR HP XP PXQGR LUUHDO (P UHVXPR R )XWXUR p GH WRGDV DV FRLVDV R TXH PHQRV VH SDUHFH FRP D (WHUQLGDGH(OD pDSDUWHPDLVFDEDOPHQWH WHPSRUDOGRWHPSR²SRLVR SDVVDGRHVWi GHILQLGRH QmR IOXL PDLV H R SUHVHQWH HVWi WRWDOPHQWH VRE R EULOKR GRV UDLRV HWHUQRV GH OX] 3DUWLQGR GHVWH IDWR WHPRV HQFRUDMDGR IRUWHPHQWH DV GRXWULQDV FRPR D (YROXomR &ULDGRUD R +XPDQLVPR &LHQWtILFR RX R &RPXQLVPR RV TXDLV IL[DP VHPSUH D DWHQomR GRV KRPHQV QR )XWXUR 'Dt GHFRUUH TXH SUDWLFDPHQWH WRGRV RV YtFLRV WHP VXDV UDt]HV QR )XWXUR $ *UDWLGmR ROKD SDUD R 3DVVDGR H R DPRU HQIRFD R 3UHVHQWHPDVRPHGRDDYDUH]DDOX[~ULDHDDPELomRVHPSUHHVWmRROKDQGRSDUDIUHQWH1mRSHQVH QD OX[~ULD H VHQVXDOLGDGH FRPR H[FHo}HV 4XDQGR R SUD]HU SUHVHQWH FKHJD R SHFDGR TXH p XQLFDPHQWH R TXH QRV LQWHUHVVD  Mi KDYLD DFRQWHFLGR 2 SUD]HU p DSHQDV D SDUWH GR SURFHVVR TXH GHWHVWDPRV H VH SXGpVVHPRV FHUWDPHQWH R H[FOXLUtDPRV GR SURFHVVR HOH p H[DWDPHQWH D SDUWH SURSRUFLRQDGD SHOR ,QLPLJRH p VHPSUH H[SHULPHQWDGR QR 3UHVHQWH2SHFDGRTXH QyVFRQVHJXLPRV SURGX]LUHQFDURXRIXWXUR  3DUDVHUSUHFLVRR,QLPLJRWDPEpPTXHUTXHRVKRPHQVSHQVHPQR)XWXUR²PDVDSHQDVRQHFHVViULR SDUDDJRUDSODQHMDUHPVHXVDWRVGHMXVWLoDHFDULGDGHTXHVHFRQVWLWXLUmRQRVHXGHYHUGHDPDQKm 3RUpPRGHYHUGHSODQHMDUDVREULJDo}HVGHDPDQKmpXPDREULJDomRGHKRMHHSRUWDQWRHPERUDR FRQWH~GR SHQVDGR H SODQHMDGR HVWHMD QR IXWXUR R GHYHU ² FRPR WRGRV RV GHYHUHV HP JHUDO ² GL]

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  UHVSHLWRDRSUHVHQWH( pSRUWDQWRDTXLTXHGLYHUJLPRVGR,QLPLJR(OHQmRTXHURVKRPHQVROKDQGR PXLWR SDUD R )XWXUR GH IRUPD D GHL[DUHP VHXV WHVRXURV QR SRUYLU 0DV QyV TXHUHPRV 2 LGHDO GR ,QLPLJR p TXH R KRPHP WHQGR WUDEDOKDGR R GLD LQWHLUR SHOR EHP GD SRVWHULGDGH VH HVWD IRU VXD YRFDomR VHGHVSUHRFXSHWRWDOPHQWHDHVVHUHVSHLWRFRQILDQWHTXHRVFpXVKDYHUmRGHSURSRUFLRQDU RVPHOKRUHVHIHLWRVDSDUWLUGHVHXWUDEDOKR2XVHMDHOHDSHQDVTXHLUDFXPSULUVHXVGHYHUHVVHP JUDQGHVFXLGDGRVGRTXHDFRQWHFHUiHPGHFRUUrQFLDGHOHV-iQyVTXHUHPRVXPKRPHPTXHYLYDVH FKDIXUGDQGRQR)XWXUR²DVVDOWDGRSHODVYLV}HVGHXPFpXRXLQIHUQRTXHHVWHMDSDUDFDLUVREUHHOH GH UHSHQWH ² SURQWR SDUD TXHEUDU TXDOTXHU PDQGDPHQWR GR ,QLPLJR QR 3UHVHQWH VH YLVOXPEUDU TXH SRGHUiWHUXPFpXHPYLGDQR)XWXUR²ILFDQGRVXDIpILUPDGDQDGHSHQGrQFLDGRVXFHVVRRXIUDFDVVR GH VLWXDo}HV H HVTXHPDV TXH HOH VLPSOHVPHQWH PRUUHUi DQWHV TXH DFRQWHoDP 1yV TXHUHPRV HVVD UDoDGHYHUPHVLQWHLUDSHUVHJXLQGRSHUSHWXDPHQWHRSRWHGHRXURQRILPGRDUFRtULVQXQFD VHQGR KRQHVWD QXQFD VHQGR JHQHURVRV QHP IHOL]HV DJRUD PDV VHPSUH XVDQGR WRGRV RV WDOHQWRV TXH OKHV IRUDPGDGRVQRSUHVHQWHFRPRFRPEXVWtYHOGHSRVLWDGRQRDOWDURQGHFXOWXDPRIXWXUR  6HJXHSRUWDQWRGHPRGRJHUDOTXHpPDLVSURGXWLYRHQFKHUVHXSDFLHQWHFRPDQVLHGDGHHHVSHUDQoD QmR LPSRUWDQGR JUDQGH R TXH YRFr XVH SDUD LVVR  QHVWD JXHUUD GH IRUPD D HOH QmR FRQVHJXLU PDLV YLYHU R SUHVHQWH 0DV D H[SUHVVmR ´YLYHU QR SUHVHQWHµ WHP GXSOR VHQWLGR (OD SRGH GHVFUHYHU XP SURFHVVRTXHpUHDOPHQWHXPDVLPSOHVSUHRFXSDomRFRPR)XWXURFRPWRGDDDQVLHGDGHSRVVtYHO6HX SDFLHQWH SRGHUi GHPRQVWUDU GHVSUHRFXSDomR FRP UHVSHLWR DR )XWXUR DSHQDV SRUTXH R VHX )XWXUR DSDUHQWHPHQWHVHUiPXLWRDJUDGiYHOFRPRLPDJLQRXRKRPHPTXHDPSOLRXVHXVFHOHLURVQDSDUiEROD GR ,QLPLJR  H HOH WHP D VHQVDomR TXH HVWD IDVH YDL GXUDU PXLWR WHPSR 4XDQWR PDLV HVVH HVWDGR GXUDUPHOKRUVHUiSDUDQyVSRUTXHHODSRGHGHVDEDUHPUXtQDVDRPHQRUVLQWRPDGHYLUDGDGHUXPR H LVVR VRPHQWH HVWDUi DFXPXODQGR QD DOPD GHOH PDLV GHVDSRQWDPHQWR PDLV LPSDFLrQFLD H HJRtVPR TXDQGRVXDVIDOVDVHVSHUDQoDVVmRGHVIHLWDV6HSRURXWURODGRHOHHVWLYHUFLHQWHGRVKRUURUHVTXH SRGHP FDLU VREUH HOH H HVWLYHU RUDQGR SHOR UHFHELPHQWR GH YLUWXGHV TXH OKH IDFXOWHP HQFDUDU RV PHVPRV KRUURUHV HQTXDQWR Vy WHP ROKRV SDUD R 3UHVHQWH ² SRLV p VHPSUH QR 3UHVHQWH TXH HVWmR WRGRV RV GHYHUHV ² H WDPEpP WRGD D *UDoD WRGR R FRQKHFLPHQWR H WRGRV RV SUD]HUHV VHX HVWDGR HVWDUiDOWDPHQWHLQGHVHMiYHOSDUDQyVHGHYHUiSRUWDQWRVHUDWDFDGRVHPWUpJXDV$HVVHUHVSHLWR QRVVR ([pUFLWR )LOROyJLFR WHP IHLWR XP ERP WUDEDOKR WHQWH D SDODYUD ´&RPSODFrQFLDµ FRP HOH 0DV FODURSDUHFHPHSURYiYHOTXHHOHHVWHMDUHDOPHQWHYLYHQGRQR3UHVHQWHDSHQDVSRUTXHHVWiJR]DQGR GH ERD VD~GH WHP XP HPSUHJR HVWiYHO H XP ORFDO DJUDGiYHO SDUD PRUDU 0DV QmR LPSRUWD 1R VHX OXJDU HX IDULD WXGR TXH SXGHVVH SDUD GHVWUXLU HVVDV VHQVDo}HV DJUDGiYHLV 7RGR IHQ{PHQR QDWXUDO WHQGHDPLOLWDUFRQWUDQyV(DILQDOGHFRQWDVSRUTXHLUtDPRVSHUPLWLUTXHHVWHLGLRWDIRVVHIHOL]"  6HXDIHWXRVRWLR  6&5(:7$3(

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  &$57$1~PHUR;;;,  0HXFDURPHXFDUtVVLPR:RUPZRRGPHXERQHTXLQKRPHXOHLWmR  4XmR HTXLYRFDGDPHQWH DJRUD TXH WXGR HVWi SHUGLGR YRFr YHP FKRUDPLQJDQGR PH SHUJXQWDU VH DTXHODV SDODYUDVGH DIHWRTXH HXGLULJLDD YRFr QmRVLJQLILFDYDPQDGDGHVGH RFRPHoR/RQJHGLVWR 3RGHWHUFHUWH]DTXHPHXDPRUSRUYRFrWDQWRTXDQWRVHXDPRUSRUPLPVHDVVHPHOKDPWDQWRTXDQWR GXDVHUYLOKDV(XWHQKRVHPSUHOKHGHVHMDGRFRPRYRFrPtVHURWROR WHPPHGHVHMDGR$GLIHUHQoD pDSHQDVTXHHXVRXRPDLVIRUWH(XDFKRTXHHOHVPHHQWUHJDUmRYRFrQRPRPHQWRRXXPSHGDoRGH YRFr  $PDU YRFr" &ODUR FHUWDPHQWH &RPR XP SHWLVFR GHOLFLRVR LJXDO DRV RXWURV TXH PH WHP HQJRUGDGR  9RFrGHL[RXXPDDOPDHVFDSDUSRUHQWUHVHXVGHGRV2XLYRGHIRPHDJXGDSRUWDOSHUGDHFRDQHVWH PRPHQWR HP WRGRV RV QtYHLV GR 5HLQR GD %DUXOKHLUD DWp GHVFHU DR SUySULR 7URQR 6y GH SHQVDU HQORXTXHoR &RPR HX FRQKHoR R TXH DFRQWHFHX QDTXHOH LQVWDQWH HP TXH HOHV R DUUDQFDUDP GH YRFr +RXYHVXELWDPHQWHXPFODUmRHPVHXVROKRVQmRIRLDVVLPPHVPR" HHOHYLXYRFrSHODSULPHLUDYH] HP VXD YLGD H UHFRQKHFHX R SDSHO TXH YRFr WLQKD GHVHPSHQKDGR QHOD H VRXEH WDPEpP TXH MDPDLV YRFr WHULD DFHVVR D HOH QRYDPHQWH $SHQDV LPDJLQH H LVVR VHMD R SULQFtSLRGH VXD DJRQLD  R TXH HOH VHQWLXQDTXHOHH[DWRPRPHQWRFRPRXPDFDVFDGHIHULGDTXHWLYHVVHFDtGRGHXPDYHOKDFKDJDWDO TXDOHOHWLYHVVHHPHUJLGRGHXPDS~VWXODFRPRVHHOHWLYHVVHVHGHVSRMDGRGHXPDURXSDJRVPHQWD PDOFKHLURVDQXP~QLFRPRYLPHQWR3HORV,QIHUQRVMiQmREDVWDDPLVpULDTXHpYrORVHPVHXVGLDV PRUWDLV WLUDQGR VXDV URXSDV VXMDV H GHVFRQIRUWiYHLV H LPHUJLQGR QXPD EDQKHLUD GH iJXD TXHQWH HPLWLQGRSHTXHQRVJUXQKLGRVGHSUD]HUHQTXDQWRHVWLFDPVHXVPHPEURVFDQVDGRV"2TXHGL]HUHQWmR GHVWHGHVSRMDPHQWRILQDOGHVWDSXULILFDomRSOHQD"  4XDQWRPDLVVHSHQVDSLRUILFD(OHHQWURXWmRIDFLOPHQWHQDQRYDH[LVWrQFLDYRFrSHUFHEHX"1DGD GHG~YLGDVFUHVFHQWHVVHPFRQGHQDo}HVPpGLFDVQDGDGHHQIHUPHLUDVHPFDVDVDODVGHFLUXUJLDRX IDOVDVHVSHUDQoDVGHYLGDDRLQYpVGLVVROLEHUWDomRLQVWDQWkQHD(PXPPRPHQWRWXGRSDUHFLDHVWDU QR QRVVR PXQGR R HVWURQGR GDV ERPEDV DV FDVDV GHVPRURQDQGR R FKHLUR H JRVWR KRUUtYHLV GRV H[SORVLYRVHPVHXVOiELRVHSXOP}HVRVSpVTXHLPDQGRGHWDQWRFDQVDoRRFRUDomRJHODGRGHKRUURU RFpUHEURFRQIXVRDVSHUQDVYDFLODQWHVQRPRPHQWRVHJXLQWHWXGRLVWRKDYLDSDVVDGRFRPRVHWXGR IRVVH DSHQDV XP SHVDGHOR SHOR TXDO HOH QXQFD PDLV KDYHULD GH SDVVDU 6HX GHUURWDGR 6HX LGLRWD LQFRPSHWHQWH3HUFHEHXTXmRQDWXUDOPHQWH²FRPRVHWLYHVVHQDVFLGRSDUDLVVR²RYHUPHJHUDGRHP FLPDGHXPDFDPDSDVVRXSDUDDQRYDYLGD"&RPRWRGDVDVG~YLGDVTXHHOHWLYHUDGHUHSHQWHHVWDYDP FODUDVGLDQWHGHVHXVROKRVHVHWRUQDYDPVLPSOHVPHQWHULGtFXODV"(XVHLRTXHDFULDWXUDGLVVHSUD VL PHVPR ´6LP &ODUR ,VVR VHPSUH IRL DVVLP PHVPRµ 7RGRV RV KRUURUHV WHP VHJXLGR R PHVPR FXUVRHIRUDPSLRUDQGRHSLRUDQGRFRPRXPDUROKDVRESUHVVmRQXPDJDUUDIDDWpTXHGHUHSHQWHD UROKDSXORXIRUD&RPRXPGHQWHLQIHFFLRQDGRTXHGRtDPDLVHPDLVHPDLVDWpTXHGHUHSHQWHHUD H[WUDtGR 2 VRQKR VH WRUQDYD FDGD YH] PDLV HP SHVDGHOR DWp TXH ILQDOPHQWH YRFr GHVSHUWD 1mR HQWHQGRUHDOPHQWHFRPRRVVHUHVKXPDQRVDLQGDSRGHPGXYLGDUGHWRGDVHVWDVFRLVDV  $VVLPFRPRHOHYLXYRFrWDPEpPYLXD(OHV(XVHLEHPFRPRIRL9RFrILFRXVXELWDPHQWHFHJDGRH SDUDOLVDGRPDLVIHULGRSRUHOHVGRTXH HOHKDYLD VLGRSHODERPED ILQDO4XHGHJUDGDomR TXHpLVWR 4XH HVWD FRLVD GH WHUUD H ORGR SXGHVVH HVWDU GH Sp H FRQYHUVDQGR FRP HVStULWRV GLDQWH GRV TXDLV YRFr XP HVStULWR Vy SRGLD WUHPHU GH PHGR 3RGH VHU TXH YRFr DLQGD WLYHVVH D HVSHUDQoD GH TXH D VXUSUHVD H D HVWUDQKH]D SXGHVVHP DWUDSDOKDU D DOHJULD GHOH 0DV LVWR p RXWUD FRLVD HVWUDQKD RV GHXVHV VmR HVWUDQKRV DRV ROKRV PRUWDLV PDV PHVPR DVVLP QmR VmR WmR HVWUDQKRV (OH WLQKD XPD FRQFHSomRIDQWDVLRVDDLQGDDFHUFDGDDSDUrQFLDTXHHOHVWHULDPHWDOYH]DWpWLYHVVHG~YLGDVVREUH

&6/HZLV²$V&DUWDVGR,QIHUQR7KH6FUHZWDSH/HWWHUV  VXD H[LVWrQFLD 0DV TXDQGR RV YLX HOH VRXEH TXH HOHV VHPSUH HVWLYHUDP MXQWR D HOH H UHFRQKHFHX FDGDSDUWHTXHHOHVKDYLDPRSHUDGRHPPXLWDVKRUDVGHVXDYLGDTXDQGRHOHVHLPDJLQDYDVR]LQKRH GHVDPSDUDGRGHIRUPDTXHDJRUDDRLQYpVGHOHVHGLULJLUDHOHVFRPXP´&RPRYmRYRFrVµGLVVHDOJR FRPR´(QWmRHUDPYRFrVRWHPSRWRGRKHLQµ7XGRTXHHOHIH]HGLVVHYLQKDDJRUDQRYDPHQWHGHVXDV PHPyULDV2UHFRQKHFLPHQWRRIH]OLYUHGHVXDFRPSDQKLDDLQGDDQWHVTXHRVPHPEURVGHVHXFRUSR GHVWUXtGRHVIULDVVHP(VRPHQWHYRFrILFRXGHIRUD  0DVHOHQmRS{GHFRQWHPSODUDSHQDVRVVHUHVFHOHVWLDLVHOHS{GHFRQWHPSODUD(OH(VWHDQLPDOHVWD FRLVDQDVFLGDVREUHXPDFDPDS{GHROKDUSDUD(OH2TXHSDUDYRFrpXPIRJRFHJDQWHHFRQVXPLGRUp DJRUD OX] IUHVFD SDUD HOH D FODULGDGH SHUVRQLILFDGD VRE IRUPD GH KRPHP 9RFr JRVWDULD GH LQWHUSUHWDU VH SXGHVVH D SURVWUDomR GR SDFLHQWH QD 3UHVHQoD D VXD DXWRDERPLQDomR H R FRQKHFLPHQWRFDEDOGHWRGRVRVVHXVSHFDGRV6LP:RUPZRRGXPFRQKHFLPHQWRDWpPDLVSURIXQGR TXHRVHX HPFRQWUDSDUWLGDFRPDDWPRVIHUDPRUWDOTXHHPDQDGRFRUDomRGR&pX0DVQDGDGLVWR ID] VHQWLGR FRQYHUVDUPRV DJRUD 6H DLQGD HQFRQWUDU DOJXP VRIULPHQWR SHOD IUHQWH HOH RV DFHLWDUi VHPUHVHUYDVRXUHYROWDV(QmRRVWURFDULDSRUQHQKXPSUD]HUWHUUHQRQXQFDPDLV7RGDVDVGHOtFLDV GRV VHQWLGRV GR FRUDomR GR LQWHOHFWR TXH YRFr SXGHVVH XVDU SDUD WHQWiOR DQWHV DJRUD OKH SDUHFHULDP FRPR D DWUDomR QDXVHDQWH TXH XPD SURVWLWXWD SXGHVVH H[HUFHU VREUH XP KRPHP TXH HVWDYD RXYLQGR D EDWLGD QD SRUWD GD PXOKHU TXH DPDUD D YLGD LQWHLUD H DFUHGLWDYD PRUWD (OH WUDQVSXVHUD D IURQWHLUD GR PXQGR RQGH D GRU H R SUD]HU WRPDP YDORUHV WUDQVILQLWRV H RQGH QRVVD DULWPpWLFDIDOKDPLVHUDYHOPHQWHHPWHQWDUFRPSUHHQGHU0DLVXPDYH]RLQH[SOLFiYHODFDEDFRQRVFR 'D PHVPD ODLD GRV WHQWDGRUHV LQ~WHLV FRPR YRFr D PDLRU IRQWH GH IDOKDV FRQWLQXD VHQGR QRVVR 'HSDUWDPHQWRGH,QWHOLJrQFLD6HDSHQDVVRXEpVVHPRVRTXH(OHHVWiWUDPDQGR'URJD'URJD6DEHU LVWRHPVLPHVPRMiQRV GDULDWXGRTXHp QHFHVViULRSDUD WRPDUPRVR3RGHU$OJXPDVYH]HVTXDVH FDLR HP GHVHVSHUR 7XGR TXH PH VXVWHQWD p D FRQYLFomR GH TXH QRVVR 5HDOLVPR QRVVD UHMHLomR HP IDFH GH WRGDV DV WHQWDo}HV  7(0 48( 9(1&(5 QR ILQDO (QTXDQWR LVVR HX WHUHL YRFr SDUD PH GLYHUWLUXPSRXFR0XLWRYHUGDGHLUDPHQWHVHXDIHWXRVRHDFDGDPLQXWRPDLVYRUD]WLR  6&5(:7$3(