Revista e Ciência_CIÊNCIA VS RELIGIÃO
Transcrição
Revista e Ciência_CIÊNCIA VS RELIGIÃO
d$¨'(& &*@Wd[_he(&&- Z#8^cX^V 7H[l_ijWZW9_ dY_W"J[Ydebe]_W[?delWe[cFehjk]Wb 9?ÍD9?7LIH;B?=?´E J;EH?7:7;LEBKw´E DE>C>Á:H9:/ #7dWHeiWF_djeZW9hkp Y^gZXidgVYd8ZcigdYZEg"=^hig^V Yd>chi^ijidEda^iXc^XdYZIdbVg #Bki7]k_WhIWdjei bZbWgdYd8ZcigdYZ:hijYdhYZ=^hig^V GZa^\^dhVYVJc^kZgh^YVYZ8Via^XV HFLrQFLD $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO -DQHLUR Ë1',&( (',725,$/ 3 6(0$1$(05(9,67$ Edgij\VacdXjbegZbZiVhYZgZ\^XaV\Zb YZG::: BGH6VaXVcVckZ^hZe^Yb^Xdhcdh ]dhe^iV^hedgij\jZhZh ;8IJ8b^c^higVdb^Vh^bedgiVciZ bZhigVYd 3 %5(9(6 6cdYZ'%%,hZg{dbV^hfjZciZYZhZbegZ 3 &,Ç1&,$12081'2 :hfjZaZidhZcXdcigVYdhcdBm^XdibbV^h YZYZob^aVcdh 3 23,1,2 6cVGdhV<dbZhE^cidYV8gjo! 9^gZXidgVYd8ZcigdYZEg"=^hig^VYd>chi^" ijidEda^iXc^XdYZIdbVg Ajh6\j^VgHVcidh!BZbWgdYd8ZcigdYZ :hijYdhYZ=^hig^VGZa^\^dhV!Jc^kZgh^YVYZ 8Via^XV 3 (05(3257$*(0 IZdg^VYV:kdajd/8^cX^VkhGZa^\^d 3 $123(5'(5 WdahVh!ZbegZ\d!eh"\gVYjVZh! bZhigVYdh!YdjidgVbZcidh!ZkZcidh 3 '(67$48(&,(17Ë),&2 ;^adhdÒVZ=^hig^VYVh8^cX^VhcV Jc^kZgh^YVYZYZA^hWdV 6(5È$&,Ç1&,$80$5(/,*,2" EZchVgZbX^cX^VeZchVgZbgVodZZbZmeZg^cX^V!ZhiZhib h^YddhVg\jbZcidhYdh\gVcYZheZchVYdgZhZX^Zci^hiVh#BVhV ^cÓjcX^V YV gZa^\^d cV X^cX^V [d^ ^bZchV/ V bV^dg^V YVh Jc^" kZgh^YVYZh:jgdeZ^Vh!dcYZ]d_ZZbY^V^beZgVV8^cX^V![dgVb [jcYVYVhedgXdbjc^YVYZhgZa^\^dhVhdcYZV[ZVgVodhZb^h" ijgVkVb cjbV [gbjaV Zmeadh^kV# 9jgVciZ b^ac^dh Vhh^hi^bdh Vdh Xdc[gdcidh ZcigZ dh Yd\bVh gZa^\^dhdh Z V gVX^dcVa^YVYZ V iZggVgZYdcYVZcdeaVcV!dhdadXZcigdYdh^hiZbVhdaVg!V YZhXZcYcX^VYd]dbZbYdbVXVXd!ZiX###!bj^idheZgZXZgVbZ hd[gZgVbVhXdchZfjcX^VhYVYZ[ZhVYVhhjVhXVjhVh!fjZVdh da]dh YV gZa^\^d ZgVb jb eZg^\d eVgV V [ " VeVgZciZbZciZ V X^cX^VibaZkVYdVbZa]dg# Bj^idhda]Vb!]d_ZZbY^V!eVgVVX^cX^VXdbdjbVgZa^\^dXZc" gVYVcVgVodZiVbWbZaVXg^VYdgVYdhhZjhegeg^dhYd\bVh! bVhVdXdcig{g^dYV[ZYVgZa^\^dZhe^g^ijVaZaVgZhdakZdhhZjh egeg^dh Yd\bVh ji^a^oVcYd hZbegZ d hZj bidYd/ 6 gVod Z V ZmeZg^cX^V# BVh igViVcYd"hZ V gZa^\^d YZ Va\d hj_ZXi^kd Z YZeZcYZciZ Yd edcidYZk^hiVYZXVYV^cYk^Yjd!ZaVgZegZhZciViVbWbjbYdh e^aVgZh YV Zm^hicX^V Z jc^kZghVa^YVYZ Yd ]dbZb ZcfjVcid hZg# DXdVW^iVgYZVbWVhibh^YdY^[X^abVhVhjVhZeVgVdgZkZ" adj"hZZhhZcX^VaVdXgZhX^bZcidZZcg^fjZX^bZcidYVZmeZg^cX^V ]jbVcV# 6kZgYVYZfjZVbWVhedYZbXdVW^iVgeZg[Z^iVbZciZZXdbeaZ" bZciVgVZmeZg^cX^V]jbVcV!ed^hVÒcVa^YVYZZmea^XVgd\gVcYZ b^hig^d YV ]jbVc^YVYZ/ V hjV egeg^V Zm^hicX^V YV 8^cX^V Z YVGZa^\^dVbZhbV!Y^[Zg^cYdcdbidYdZcVVea^XVdYVh ZmeZg^cX^Vh fjZ \ZgVb# 8dbd 6cV GdhV <dbZh E^cid YV 8gjo gZ[ZgZcdhZjVgi^\dYZhiVhZbVcVcVZ#8^cX^V/ÆedgjbaVYdhd" bdhÒa]dhYZBd^hh!edgdjigdhdbdh]ZgYZ^gdhYZ6g^hiiZaZhZ EaVidÇZcZhiZÈdXZVcdÉYZZmeZg^cX^VZ[Zgk^a]VgYZ^YZ^VhfjZ ^g{hjg\^gVcdhhVgZhedhiV### )LFKDWpFQLFD 3 38%/,&$d®(6 6,7('$6(0$1$ ]iie/$$lll#jXe#ei$ 3 Ò/7,0$+25$ -DQHLUR :?H;9JEH HjhVcV?dg\Z H;:79w´E 8gZb^aYZHVcidh ?dVcVK^Y^\VaAZVa FHEFH?;JÎH?E C7HA;J?D= EVjad8VggVhfjZ^gV KZgV<VheVg CE:;BE=HÎ<?9E EVjadH^bd :Y^[X^dFj^ciVYVhEgViVhg$XAd_V) IB:9>6"IZXcdad\^Vh YZ>c[dgbVd!Jc^eZhhdVa!AYV# HkWDelWZeIeWh[i" '%,%"&&%8VgiVmd Z"bV^a/bVg`Zi^c\5X^ZcX^Vei#cZi0 iZaZ[dcZ/ (*&')(,%),,& [Vm/ (*&')(,%),,' HFLrQFLD $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO VHPDQDHPUHYLVWD 5(&,&/$*(0 3RUWXJDOQmRFXPSUHPHWDVGHUHFLFODJHPGH5((( DY^V&*YZ?VcZ^gdVYViVa^b^iZYZgZXda]VZZck^dYZ hZ^hb^aidcZaVYVhYdhbV^hkVg^VYdhZfj^eVbZcidh ZaXig^XdhZZaZXigc^Xdh!iV^hXdbdXdbejiVYdgZh! a}beVYVh! ^begZhhdgVh! ZcigZ djigdh# 6eZhVg YZ iZg h^Yd gZXZciZbZciZ a^XZcX^VYV eZad :hiVYd jbV ZbegZhV \ZhidgV YV gZYZ YZ gZXda]V YZhiZ i^ed YZ gZhYjdhG:::!V6bW(:"6hhdX^VdEdgij\jZhV YZ<ZhidYZGZhYjdhYZ:fj^eVbZcidh:aXig^Xdh Z :aZXigc^Xdh! ZhiZh dW_ZXi^kdh cd X]Z\Vb eVgV Xjbeg^gVhbZiVhfjZV8db^hhd:jgdeZ^V^beZ _{ ZhiZ Vcd eVgV V gZX^XaV\Zb YZhiZ cdkd i^ed YZ gZhYjdh# :hiZ ^cXjbeg^bZcid! fjZ igVchkZghVa V fjVhZ idYdhdheVhZhYVJc^d:jgdeZ^V!egZcYZ"hZXdb k{g^dh VigVhdh! fjZ kd YZhYZ V ^beaZbZciVd YV aZ\^haVd cVX^dcVa! | Xdchi^ij^d YVh YjVh Zci^YVYZh fjZ \ZgZb ZhiZ cdkd Ójmd YZ gZhYjdh! Vi | ^beaZbZciVd Ydh XZcigdh YZ gZXZed Ä dh adXV^h dcYZ d X^YVYd edYZ ZcigZ\Vg d hZj Zfj^eVbZcidZbÒbYZk^YVi^a# 9ZVXdgYdXdbAVbn;dcidjgV!Y^gZXidgYV6bW(:! -DQHLUR cd VXid YZ VegZhZciVd dÒX^Va YV Zci^YVYZ \ZhidgVYdhG:::!Zb&-bZhZhdeVhYZkZg{iZg '*%XZcigdhYZgZXZed!VWgVc\ZcYd,*edgXZcid YdbZgXVYd# 68db^hhd:jgdeZ^V^beZ!_{eVgV'%%+!fjZXVYV eVh igViZ fjVigd fj^adh YZ G::: edg ]VW^iVciZ Z edgVcd!dfjZeVgVEdgij\VadbZhbdfjZY^oZg fjZYZkZg{igViVg)%b^aidcZaVYVh#8VYVZci^YVYZ hZg{ gZhedch{kZa eZaV eVgiZ Yd bZgXVYd fjZ a]Z Zhi{ Vig^WjYV# HZ Zb Yd^h bZhZh V 6bW(: Vc\Vg^Vg Vh hZ^h b^a idcZaVYVh Zhi^bVYVh! Zb '%%,_{YZkZgdhZgVi^c\^YVhVh(&b^aidcZaVYVh Xdb Vh fjV^h iZb YZ Xdcig^Wj^g eVgV Vh bZiVh cVX^dcV^h# 6XijVabZciZVeZcVhZm^\^YdVdXdchjb^YdgfjZ cV XdbegV YZ jb cdkd Zfj^eVbZcid ZaXig^Xd Z ZaZXigc^Xd ZcigZ\jZ d kZa]d! edYZcYd [Vo"ad! \gVij^iVbZciZ! cdh gZiVa]^hiVh Z Y^hig^Wj^YdgZh! Zm^\cX^VfjZdXdchjb^YdgYZkZ[VoZg|ZbegZhV fjZa]ZkZcYZdcdkdegdYjidZfjZbj^iVheZhhdVh V^cYVYZhXdc]ZXZb# HFLrQFLD $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO VHPDQDHPUHYLVWD6$Ò'( 056$DOFDQoDQtYHLVHSLGpPLFRVQRVKRVSLWDLVGD(XURSD DhYVYdhejWa^XVYdhcdGZaVig^d6cjVaYZ'%%*YdH^hiZbV :jgdeZj YZ K^\^a}cX^V YV GZh^hicX^V 6ci^b^XgdW^VcV :6GHH gZVaVb fjZ! eZad hZmid Vcd XdchZXji^kd! V egZkVacX^VYdBGH6Zhi{VVjbZciVgYZ[dgbVXdch^hiZciZ edgidYVV:jgdeV!hZcYddGZ^cdJc^Yddfj^cideVhbV^h V[ZXiVYd!VhZ\j^gVBVaiV!8]^egZ!Gdbc^VZEdgij\Va# 8dcijYd! d gZaVig^d VÒgbV fjZ V :hadkc^V Z V ;gVcV XdchZ\j^gVb Y^b^cj^g Vh iVmVh YZ ^c[ZXd VigVkh YV ^beaZbZciVdYZZh[dgdhVYZfjVYdhYZXdcigdadVadc\d egVod# 9ZVXdgYdXdb dhYVYdhYd:6GHH!dVjbZcid\adWVaYd BGH6 ! Zb \gVcYZ eVgiZ! h^cidb{i^Xd Yd VjbZcid YV gZh^hicX^VVci^b^XgdW^VcV6GBÄdcbZgdXgZhXZciZYZ eVid\cZdh gZh^hiZciZh edg idYd d GZ^cd Jc^Yd Z :jgdeV# DgZaVig^dVYkZgiZfjZV6GBZhi{VVbZVVghZg^VbZciZ d hjXZhhd Z V ZÒX{X^V Yd igViVbZcid YZ ^c[ZXZh Ä fjZ gZhjaiV cV iVmV YZ bdgiVa^YVYZ Z cV XVg\V Zb iZgbdh YV YdZcV!hZbegZXgZhXZciZh# DhVci^W^i^XdhhdWVhiVciZjhVYdheVgVigViVgVh^c[ZXZh VYfj^g^YVhcd]dhe^iVa>6=ÄkZg^ÒXVcYd"hZighb^a]Zh edg Vcd cV Jc^d :jgdeZ^V! YdcYZ gZhjaiV jb VaVgbVciZ cbZgdYZ*%b^abdgiZhVi|YViV# BVga L^aXdm! Y^gZXidg Xac^Xd YZ B^XgdW^dad\^V Z 8dcigdad YV ^c[ZXd! Zmea^XV/ ÆDh VX]VYdh Yd gZaVig^d Yd :6GHH hdegZdXjeVciZhZ^ajhigVbXaVgVbZciZfjZVgZh^hicX^V Vci^W^i^XV Xdci^cjV V VjbZciVg YZ [dgbV bVgXVciZ# HZ ZhiV iZcYcX^V Xdci^cjVg Z cd V iZciVgZb gZhdakZg ZÒXVobZciZ! egdk{kZa fjZ bV^h YdZciZh bdggVb YZk^Yd V ^c[ZXZh XVjhVYVh edg WVXig^Vh gZh^hiZciZh V k{g^dh [{gbVXdh# Dh Z[Z^idh ÒcVcXZ^gdh Yd VjbZcid Ydh ^ciZgcVbZcidh ]dhe^iVaVgZh Z d hjWhZfjZciZ igViVbZcid Xdci^cjVgdVZh\diVgdhh^hiZbVhYZhVYZZjgdeZjh#Dh gZ\^bZhVYZfjVYdhYZVYb^c^higVdZigViVbZcidYZkZb hZg ^beaZbZciVYdh Z gZk^hidh eVgV hZ VaXVcVg bV^dg ZÒX{X^VÇ# D jhd ^cVYZfjVYd YZ Vci^W^i^Xdh Xdci^cjV V hZg d [VXidg fjZbV^hXdcig^Wj^eVgVdcbZgdXgZhXZciZYZeVid\cZdh gZh^hiZciZh Zb idYV V :jgdeV# Bj^idh YZhiZh dg\Vc^hbdh XVjhV^h! iV^h Xdbd d BGH6! YZhZckdakZgVb gZh^hicX^V V bai^eadh Vci^W^i^Xdh# Dh YdZciZh ]dhe^iVa^oVYdh! YZk^Yd Vdh hZjh h^hiZbVh ^bjc^i{g^dh Va\jbVh kZoZh HFLrQFLD $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO Zc[gVfjZX^Ydh! Zhid eVgi^XjaVgbZciZ kjacZg{kZ^h V ZhiVh Zhi^geZh gZh^hiZciZh! Z YZhZckdakZb ^c[ZXZh fjZ hZ edYZbbVc^[ZhiVgXdbdfjZ^bVYjgVh^c[ZXiVYVh!VWXZhhdh egd[jcYdh! ^c[ZXZh YZ [Zg^YVh X^gg\^XVh! eZg[jgVZh dj VeZcY^X^iZh Xdbea^XVYVh! ZcigZ djigdh# FjVcYd ZhiVh Xdbea^XVZh Xac^XVh hjg\Zb Zb YdZciZh fjZ _{ ib djigdh egdWaZbVh! ZaVh edYZb hZg [ViV^h dj XdcYjo^g Vd egdadc\VbZcidYdh^ciZgcVbZcidh!Zedg^hhdVjbVbV^dg XVg\Vcdhh^hiZbVhYZXj^YVYdhYZhVYZ# :cfjVcidfjZVgZh^hicX^VVci^b^XgdW^VcVZhi{VVjbZciVg Zb idYV V :jgdeV! dh YVYdh Yd :6GHH gZkZaVb fjZ Vh iZcYcX^VhZheZXÒXVhYZgZh^hicX^VedYZbhZgV[ZXiVYVh eZad bZ^d VbW^ZciZ! ^cXaj^cYd V ^cX^YcX^V Z Zhi^geZh YZ eVid\cZdh! ]{W^idh YZ egZhXg^d adXVa YZ Vci^W^i^Xdh! Z ]dhe^iV^h# 9Zk^Yd Vd VjbZcid YV gZh^hicX^V Vci^b^XgdW^VcV! ^bedgiVciZ ^c^X^Vg gVe^YVbZciZ d igViVbZcid Zbeg^Xd YZ ^c[ZXZhXdbea^XVYVhZ\gVkZhXdbVci^W^i^XdhYZaVg\d ZheZXigd! ed^h dh iZhiZh Vci^b^XgdW^Vcdh VXijVabZciZ Y^hedckZ^hedYZbaZkVgeZadbZcdh)-]dgVhV^YZci^ÒXVg VWVXig^VXVjhVYdgVYV^c[ZXd# 6 i^\ZX^Xa^cV jb Ydh Vci^W^i^Xdh YZ aVg\d ZheZXigd Y^hedckZ^h Zb cbZgd a^b^iVYd cV :jgdeV! Z edYZ hZg jhVYdfjVcYdVWVXig^VXVjhVYdgVV^cYVYZhXdc]ZX^YV# 6i^\ZX^Xa^cV[d^YZhZckdak^YVeZaVXdbeVc]^VYZegdYjidh [VgbVXji^XdhZYZXj^YVYdhYZhVYZ!LnZi]!eVgVhjeZgVg dh bZXVc^hbdh YZ gZh^hicX^V X]VkZ YVh iZigVX^Xa^cVh! WdbWVhYZZÓjmdZegdiZXdg^Wdhhb^XV!ZcdV[ZXiVYV edg djigdh bZXVc^hbdh YZ gZh^hicX^V WVXiZg^VcV! iV^h XdbdWZiV"aVXiVbVhZhYZZheZXigdVaVg\VYd:H7Ah!fjZ a^b^iVgVbdcbZgdYZdeZhYZVci^W^i^XdhY^hedckZa# 9Vk^Y BX>cidh]! Y^gZXidg bY^Xd YZ YdZcVh ^c[ZXX^dhVh YV LnZi] E]VgbVXZji^XVah! XdbZciV fjZ ÆV i^\ZX^Xa^cV egdedgX^dcV Vdh bY^Xdh jbV ^bedgiVciZ VaiZgcVi^kV cd igViVbZcid YZ ^c[ZXZh Xdbea^XVYVh YV eZaZ Z iZX^Ydh bdaZh! Z ^c[ZXZh Xdbea^XVYVh ^cigV"VWYdb^cV^hÇ# : Xdci^cjV!ÆYZhYZ&YZ?ja]dYZ'%%+fjZVi^\ZX^Xa^cViZb h^Yd jhVYV Zb YdZciZh Zb bj^idh ]dhe^iV^h YZ Edgij\Va! Z ZheZgV"hZ fjZ! Xdb d VjbZcid YV hjV Y^hedc^W^a^YVYZ cV:jgdeV!bj^idhbV^hYdZciZhedhhVbV\dgVWZcZÒX^Vg YZhiZcdkdZZÒXVoVci^W^i^XdÇ# -DQHLUR VHPDQDHPUHYLVWD(16,12 )&78&PLQLVWUDRPDLVLPSRUWDQWHPHVWUDGRGRPXQGRHP HQJHQKDULDGHVRIWZDUH 6 ;VXjaYVYZ YZ 8^cX^Vh Z IZXcdad\^V YV Jc^kZgh^YVYZ YZ8d^bWgV;8IJ8VhhjbZjbVedh^dYZa^YZgVcV cV:jgdeVcV{gZVYV:c\Zc]Vg^VYZHd[ilVgZ!VdVhhd" X^Vg"hZ | Jc^kZgh^YVYZ YZ 8VgcZ\^Z BZaadc 8BJ eVgV b^c^higVg! eZaV eg^bZ^gV kZo! d ÈBVhiZg d[ Hd[ilVgZ :c" \^cZZg^c\É BH: YZ 8BJ Zb iZgg^ig^d ZjgdeZj# w jb eVhhdha^YdcVedai^XVYZYZX^Y^YV^ciZgcVX^dcVa^oVd YV;8IJ8# ÆD BH: Zhi{ eVgV V ^cYhig^V YZ hd[ilVgZ Xdbd dh B76 Zhid eVgV V \ZhidÇ! Zmea^XV d egZh^YZciZ Ydh 8dchZa]dh 9^gZXi^kdZ8^ZciÒXdYV;8IJ8!?dd<VWg^ZaH^akV!fjZVh" hjbZeZhhdVabZciZVXddgYZcVdYdcdkdXjghd#ÆDhZh" ijYVciZh Yd BH: hZgd dh [jijgdh aYZgZh YV ^cYhig^V YZ hd[ilVgZ#6Y^hedc^W^a^YVYZYZeZhhdVhXdbjbV[dgbVd ZmigZbVbZciZ VkVcVYV! VXgZY^iVYV edg ZhiZ Xjghd k^iVa eVgVEdgij\Va!hZfj^hZgbdhfjZVcdhhV^cYhig^VYZhd[" ilVgZkZc]VViZgjbVeVeZagZaZkVciZVckZabjcY^Va!hZb ÒXVg gZhig^c\^YV V c^X]dh YZ bZgXVYd Z | hjWXdcigViVd YZbdYZdWgVfjVa^ÒXVYV!bVhWVgViVÇ!hjhiZciVdXViZ" Yg{i^Xd# :hiZ Xjghd hjg\Z cd }bW^id Yd egd\gVbV YZ XdaVWdgVd! ZcigZd<dkZgcdEdgij\jhZV8VgcZ\^ZBZaadcJc^kZgh^in 8BJ!ÒgbVYdgZXZciZbZciZ#w^cdkVYdgedgk{g^VhgVoZh/ kV^hZg^ciZ\gVabZciZaZXX^dcVYdZbac\jV^c\aZhV!edgYd" XZciZhedgij\jZhZhZVbZg^XVcdh!VWZgidVZhijYVciZhYZ idYVh Vh cVX^dcVa^YVYZh! fjZ hZgd ZhXda]^Ydh Xdb WVhZ Zhig^iVcdhZjbg^id!VigVkhYZjbZhXgjejadhdegdXZhhd YZ hZaZXd! fjZ ZckdakZ! edg ZmZbead! ZmVbZh ZhXg^idh Z Vc{a^hZ Xjgg^XjaVg# w XdcY^d YZ VXZhhd iZg! eZad bZcdh! -DQHLUR Yd^h Vcdh YZ ZmeZg^cX^V egdÒhh^dcVa Zb YZhZckdak^bZcid YZhd[ilVgZ# Æ6Zm^\cX^VYZZmeZg^cX^VegdÒhh^dcVaegk^V^cdkVYdgV Zb Edgij\Va! Z gZegZhZciV jb eVhhd YZX^h^kd! cd Vhhjb^g eZaV;8IJ8!YZjbeVeZaXZcigVacV[dgbVdVdadc\dYV k^YVÇ! VÒgbV ?dd <VWg^Za H^akV# Æ={ jbV iZcYcX^V! XVYV kZobV^dg!YZdhegdÒhh^dcV^hVXgZhXZciVgZbVdbZhigVYd hZ\jcYd X^Xad YZ 7dadc]V fjZ i^gVgVb! VfjVcYd YV hjV [dgbVd^c^X^Va!djigdhbZhigVYdhfjZkdXdbeaZiVcYdVd adc\d YV hjV k^YV VXi^kV! eVgV hZ bVciZgZb cV [gZciZ Yd Xdc]ZX^bZcidÇ!XdcXaj^# DÈBVhiZgd[Hd[ilVgZ:c\^cZZg^c\ÉiZbVYjgVdYZfjVigd hZbZhigZh^ciZch^kdh!hZb[g^VhdiZgXZ^gdhZbZhigZhZg{ YjgVciZdKZgd!^c^X^VcYd"hZVeg^bZ^gVZY^dcdÒcVaYZ 6\dhidYZ'%%,ZiZgb^cVcYdZb9ZoZbWgdYZ'%%-#DhZh" ijYVciZh eVhhVgd igh ig^bZhigZh Zb Edgij\Va Z jb cdh :J6# Cd ÒcVa! dh ZhijYVciZh dWiZgd jb \gVj Yjead/ jb eZaVJc^kZgh^YVYZYZ8d^bWgVZdjigdedg8BJ# D egVod YZ VegZhZciVd YZ XVcY^YVijgVh V\dgV VWZgid Z iZgb^cVcdegm^bdY^V'+YZBVgd#IdYVV^c[dgbVdZhi{ Y^hedckZacdhi^dYdbZhigVYdcV>ciZgcZi# 6 jc^kZgh^YVYZ YZ 8BJ a^YZgV d bV^h ^bedgiVciZ gVc`^c\ YZjc^kZgh^YVYZhVbZg^XVcVhZaVWdgVYdeZadJHCZlhVcY LdgaYGZedgicV{gZVYV[dgbVdeh\gVYjVYVZbÈ8db" ejiZg HX^ZcXZÉ! dcYZ V :c\Zc]Vg^V YZ Hd[ilVgZ hZ ^chZgZ/ ]iie/$$lll#jhcZlh#Xdb$jhcZlh$ZYj$\gVY$gVc`^c\h$e]Yh" X^$Wg^Z[$XdbTWg^Z[#e]e HFLrQFLD $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO ,129$d2VHPDQDHPUHYLVWD 87$'FULRXVLVWHPDLQRYDGRUGHWUDWDPHQWRGHUHVtGXRVGRVOD JDUHVGHD]HLWH Degd[ZhhdgZ^ckZhi^\VYdg?dd8aVgd!Yd9ZeVgiVbZcid YZFjb^XVYVJc^kZgh^YVYZYZIg{h"dh"BdciZhZ6aid 9djgdJI69!Xg^djjbegdXZhhd^cdkVYdgZbEdgij\Va YZigViVbZcidYZgZhYjdhZZÓjZciZhYdhaV\VgZhYZ VoZ^iZ#9ZiVa^bedgi}cX^VhZgZkZhiZZhiZegd_ZXidfjZ VJc^kZgh^YVYZYZX^Y^jgZ\^hiVgVeViZciZ!VigVkhYd hZj <VW^cZiZ YZ 6ed^d | Egdbdd YV Egdeg^ZYVYZ >cYjhig^Va# 6i ]d_Z! eVgV d egdWaZbV YZhiZh gZhYjdh edejaVgbZciZ Xdc]ZX^Ydh edg È{\jVh gjVhÉ! h Zm^hi^Vb hdajZh eVgX^V^h# 6 ^ckZhi^\Vd YV JI69 eZgb^iZ jbV hdajd \adWVa! fjZ ZckdakZ cd h d igViVbZcid bVh iVbWb V kVadg^oVd Ydh gZhYjdh Z hZjh ZÓjZciZh# 6 VjhcX^V YZhiZh bZXVc^hbdh edg eVgiZ Ydh aV\VgZh YZ VoZ^iZ iZb aZkVYd Vd hZj ZcXZggVbZcid! edg Zm^\cX^V YV Jc^d :jgdeZ^V# H cV gZ\^d igVchbdciVcV! ZcXZggVgVb &(& jc^YVYZh ZcigZ&..)Z'%%)# 9Z VXdgYd Xdb V JI69! d cdkd egdXZhhd! fjZ kV^ iZg HFLrQFLD $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO jbV eg^bZ^gV Vea^XVd cV 8ddeZgVi^kV 6\gXdaV Ydh Da^k^XjaidgZhYZBjgV![VodigViVbZcidYdhgZhYjdhZ ZÓjZciZhYVhjc^YVYZhYZegdYjdYZVoZ^iZVigVkh YV ji^a^oVd YZ gZhYjdh YV ^cYhig^V YV Xdgi^V# D egdXZhhd Y{ dg^\Zb V jb egdYjid dj bViZg^Va fjZ! edg hjV kZo! cd hZ Xdchi^ij^ cjb cdkd egdWaZbV! cdbZVYVbZciZ!cdfjZhZgZ[ZgZVdhZjYZhi^cdÒcVa# CV gZVa^YVYZ! d egdYjid gZhjaiVciZ VegZhZciV jb \gVcYZediZcX^VaYZkVadg^oVd#EdYZhZgkVadg^oVYd Xdbd [Zgi^a^oVciZ dj XdbedcZciZ YZ [Zgi^a^oVciZh! XdbdgZXi^ÒXVYdgYZXVgVXiZghi^XVhYdhhdadh!Xdbd ijg[V dj edYZ hZg Vakd YZ kVadg^oVd ZcZg\i^XV Xdchi^ij^cYd"hZ Zb W^dbVhhV# :hiV ai^bV Vea^XVd VfjZVegZhZciVbV^dgediZcX^Va!jbVkZofjZ!Veh hZXV\Zb! d egdYjid gZhjaiVciZ Yd egdXZhhd gZkZaV jb edYZg XVadgÒXd Ydh bV^h ZaZkVYdh Zm^hiZciZh cd bZgXVYd Zb iZgbdh YZ W^dbVhhV# :hiZ [VXid VWgZ ZmXZaZciZh eZgheZXi^kVh cd }bW^id YV kVadg^oVd ZcZg\i^XV! edg ZmZbead! cV egdYjd YZ eZaaZih Z Wg^fjZiZh# -DQHLUR EUHYHV6(0$1$(05(9,67$ 7deZ[(&&-i[h|ecW_igk[dj[Z[i[cfh[ DZ[Z^idYZZhij[VZd[ZcbZcdXa^bVig^XdXdc]ZX^YdedgÈ:a C^dÉedYZgd[VoZgYZ'%%,dVcdbV^hfjZciZYZfjZ]{bZ" bg^V#:hiVjbVVÒgbVdYZE]^a?dcZh!jbZheZX^Va^hiV Wg^i}c^Xd Zb Xa^bVidad\^V! fjZ VY^VciV V^cYV fjZ Vh XdchZ" fjcX^VhYZhiZ[ZcbZcdV[ZXiVgdidYddeaVcZiV# 9ZVXdgYdXdbdZheZX^Va^hiV!Y^gZXidgYVJc^YVYZYZ>ckZhi^" \VdYd8a^bVYVJc^kZgh^YVYZYZ:hi6c\a^V!Zb>c\aViZggV! '%%,hZg{jbVcdYZXdcY^ZhXa^bVig^XVhZmigZbVhfjZed" YZgddg^\^cVghZXVhcV>cYdch^VZ^cjcYVZhcV8Va^[gc^V# Degd[ZhhdgVaZgiVfjZdVfjZX^bZcid\adWVaÄfjZ_{YZj^c" X^dVdYZ\ZadcdÛgXi^XdÄhZg{V\gVkVYdeZaVX]Z\VYVYdÈ:a C^dÉ#6^cYVhZ\jcYdE]^a?dcZh!dXdci^cZciZVbZg^XVcd!Hj" YZhiZVh^{i^XdZHjaYZÛ[g^XVhZgdYgVbVi^XVbZciZV[ZXiVYdh cdheg^bZ^gdhfjVigdbZhZhYdVcd# [did\gVÒVh# Dh gZhjaiVYdh VedciVb cd hZci^Yd YZ! cVh [d" id\gVÒVhVegZhZciVYVh!Vhbja]ZgZhhdgg^gZbbV^hfjZdh ]dbZch^cYZeZcYZciZbZciZYV^YVYZ!dh]dbZchVegZhZc" iVbbV^hdhdgg^hdhjeZg^dgVeVgi^gYdh+%VcdhZfjZVh Xg^VcVhhdVhfjZVegZhZciVbbV^hZ[gZfjZciZbZciZd hdgg^hdaVg\d# 6^cYVhZ\jcYddZhijYd!gZVa^oVYdeZadc^Xdeh^Xad\dedg" ij\jh fjZ ZhijYV Vh [jcZh Z gZeZgXjhhZh Yd hdgg^hd cdYZhZckdak^bZcidYVhZbdZhZYVhgZaVZh^ciZgeZh" hdV^h!ZbXdbeVgVdXdbdVciZg^dgZhijYd!gZVa^oVYdYZ '%%( V '%%*! XdchiViV"hZ jbV Y^b^cj^d cV [gZfjcX^V Z ^ciZch^YVYZYdhdgg^hd!^hid!V[VXZcZjigVVZmegZhhd bV^hZm^W^YVZdhdgg^hdhjeZg^dghjWhi^ijYdeZadhdgg^hd [ZX]VYd#Cdjc^kZghdYVh[did\gVÒVhVcVa^hVYVh!kZg^ÒXdj" "hZ!iVbWb!fjZVZmegZhhd[VX^VaYZZbdZhcZ\Vi^kVh bV^h[gZfjZciZZ^ciZchVYdfjZVYZZbdZhedh^i^kVh# 7Zc_d_ijhWebeYWbbed][ZeY_X[h[ifWe 6h_jciVhYZ[gZ\jZh^VZhidV^cYV!cVhjV\gVcYZbV^dg^V!adc" \ZYdbjcYdYV>ciZgcZi!gZkZaVjbZhijYdgZVa^oVYdedgYd^h ^ckZhi^\VYdgZhYVJc^kZgh^YVYZYdB^c]d!XdbddW_ZXi^kdYZ VkVa^VgVZkdajdYVegZhZcVYZhiZhg\dhYVVYb^c^higVd adXVacdX^WZgZheVd# 9ZVXdgYdXdbd9^{g^dYZCdiX^Vh!dZhijYd!gZVa^oVYdZcigZ '%%'Z'%%)!gZ[ZgZfjZcZc]jbV_jciVVi^c\^jdhckZ^hbV^h ZaZkVYdhYZbVijg^YVYZ!cdfjZY^ogZheZ^id|egZhZcVZaZX" igc^XV!XdcÒgbVcYdfjZ!VeZhVgYVVedhiVYd<dkZgcdcjbV \ZhideWa^XVZaZXigc^XV!ÆVgZVa^YVYZcdiZggZcdVkVcVaZc" iVbZciZÇ# DZhijYd!YdhVjidgZhAZdcZaHVcidhZAjh6bVgVa!Yd<{kZV ÄAVWdgVig^dYZ:hijYdZ9ZhZckdak^bZcidYVHdX^ZYVYZYV >c[dgbVdYVJB^c]d!gZkZaVfjZVeZcVh'-%_jciVhYZ[gZ" \jZh^V!cjbjc^kZghdYZ)'*&!i^c]Vb!Zb'%%)!e{\^cVcV>c" iZgcZi# 7[nfh[ii_l_ZWZ[Zeiehh_ie0[ijkZeZ[YWie[c`ehdW_i Z_|h_ei[c(&&, 6[VXZcZjigVZdhdgg^hd[ZX]VYdhddhi^edhYZZmegZhhd [VX^Va bV^h Zm^W^Ydh cdh _dgcV^h Y^{g^dh edgij\jZhZh! Xdc" Xaj^bV^hjbZhijYdX^ZciÒXd^cY^idÆ6ZmegZhh^k^YVYZYd hdgg^hd/ ZhijYd YZ XVhd Zb _dgcV^h Y^{g^dh edgij\jZhZhÇ! gZVa^oVYd edg ;gZ^iVh"BV\Va]Zh! Y^gZXidg Yd AVWdgVig^d YZ:megZhhd;VX^VaYV:bdd;::AVW$J;E!YZ?VcZ^gd V9ZoZbWgdYZ'%%+# 9Z VXdgYd Xdb V ;::AVW$J;E! [dgVb VcVa^hVYVh )-#'%% -DQHLUR DelWiJ[Ydebe]_WiWei[hl_eZe[di_de[c7XhWdj[i 6 8}bVgV YZ 6WgVciZh Vegdkdj cd ÒcVa Yd Vcd eVhhVYd V Vfj^h^dYZZfj^eVbZcid^c[dgb{i^Xd!cdkVadgYZ)..#&&,!), ZjgdhVhZgVea^XVYdcdEgd_ZXidÈBdX]dMM>É!_jcidYVhZhXd" aVh :7&# 9Z VXdgYd Xdb V 6jiVgfj^V! hZgd VYfj^g^Ydh (%( XdbejiVYdgZhedgi{iZ^h!',EXÉh!',^begZhhdgVhZbViZg^Va ^c[dgb{i^XdYZVed^d# D^ckZhi^bZcideZgb^i^g{VXdci^cjVdYV\ZcZgVa^oVdYZh" iZegd_ZXid^cdkVYdgaVcVYdeZaVVjiVgfj^VZb'%%*!VigVkh YZjbVZmeZg^cX^V"e^adidcV:hXdaV:7&YZH#;VXjcYdZfjZ HFLrQFLD $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO EUHYHV6(0$1$(05(9,67$ iZbk^cYdVhZgVaVg\VYdVbV^hZhiVWZaZX^bZcidhYZZch^cd ZhXdaVh:7D}bVgVegZiZcYZbVciZgZhiVZhigVi\^VYZ XgZhX^bZcid Vi '%%-! VaijgV Zb fjZ hZ egZiZcYZ Vi^c\^g V bY^VYZjbXdbejiVYdgedgXVYVYd^hVajcdhYd&°X^Xad# ^c[dgbVd!Xdcigdkgh^VZYZhVÒd!dheVgi^X^eVciZh^gd[dg" bVgVhjVde^c^d!Y^hXji^"aVZedgÒbkdiVgjbVedai^XVfjZ! cdhZjZciZcYZg!dh\dkZgcVciZhZdjigdhYZX^hdgZhYZkZg^Vb hZ\j^g# :b'%%+!degd\gVbVZhiZkZZbk^\dgZb&-hVaVhYZdcoZ ZhXdaVh!VWgVc\ZcYd'('Vajcdh!ji^a^oVcYd&'&XdbejiVYd" gZhedgi{iZ^h#:b'%%,!XdbVVfj^h^dYZhiZZfj^eVbZcid! dÈBdX]dMM>ÉÒXVg{^beaZbZciVYdZb)'hVaVhYZVjaVYZ&) ZhXdaVh!VWgVc\ZcYdjbidiVaYZ.%)Vajcdh!ji^a^oVcYd)'+ XdbejiVYdgZhedgi{iZ^h# CV ai^bV fjVgiV"[Z^gV YZ XVYV bh '* YZ DjijWgd! '. YZ CdkZbWgd!(&YZ?VcZ^gd!'-YZ;ZkZgZ^gd!'-YZBVgdZ(% YZBV^d!eZaVh&-]%%!egdbdkZ"hZdZkZcid;dXjh<gdjeh!cd fjVa\gjedhYZYZo^cY^kYjdh!YZY^[ZgZciZh{gZVhegdÒhh^d" cV^hVYkd\VYdh!VjiVgXVh!ZbegZh{g^dh!^ckZhi^\VYdgZh!_dg" cVa^hiVh!egd[ZhhdgZh!###!ZhiVgdgZjc^YdheVgVVegZhZciVgZ YZWViZgedcidhYZk^hiV# :hiZegd_ZXidXdadXVVhcdkVhiZXcdad\^VhVdhZgk^dYdZc" h^cd# Jb XdbejiVYdg edg XVYV Yd^h Vajcdh! Xdb a^\Vd | >ciZgcZiVigVkhYZjbVgZYZhZbÒdh!jbhZgk^YdgYZYdXj" bZcidhZVea^XVZh^c[dgb{i^XVhedhh^W^a^iVcYd|hXg^VcVh V dg\Vc^oVd YVh ^c[dgbVZh Ydh ÒX]Z^gdh! eZgb^i^cYd d jhd Xdbjb! hd dh ^chigjbZcidh YZ igVWVa]d Z VegZcY^oV" \ZbYZhiZegdXZhhdeZYV\\^Xd# :b'%%,dÆBdX]dMM>ÇZhiVg{^beaZbZciVYdcVhhZ\j^ciZh ZhXdaVhW{h^XVhYZ6akZ\V0YZ8VhV7gVcXV0YZ7ZbedhiV0YZ Û\jVIgVkZhhV0YZ6WgVciZhc°&!c°'!cd(Zc°*0YZIgVbV" \Va0YZBdjg^hXVh0YdEZ\d0YZH#;VXjcYd# <|Xh_YW#9[djheZ[9_ dY_WL_lWZ[7l[_heWfh[i[djW[nfe# i_eºDWdeZ_|be]e» 8db d dW_ZXi^kd YZ Y^kja\Vg Z aVcVg d YZWViZ hdWgZ cVcd" iZXcdad\^VhZcVcdX^cX^Vh!V;{Wg^XV"8ZcigdYZ8^cX^VK^kV YZ6kZ^gdVegZhZciVVZmedh^dÆCVcdY^{ad\d!Vi?ja]d!YZ IZgVVHZmiV"[Z^gV!YVh&%]%%|h&-]%%!djVdhH{WVYdh!9d" b^c\dhZ[Zg^VYdh!YVh&&]%%|h&.]%%# 8dbVZhigVi\^VYZ[dgcZXZg^c[dgbVd!VdeWa^XdZb\Z" gVa!hdWgZVhai^bVh^ckZhi^\VZhcZhiZXVbedZegdedgX^d" cVgdY^{ad\dhdX^VaZcigZVXdbjc^YVYZYZ^ckZhi^\VYdgZhZ dhX^YVYdh!VZmedh^dZhi{egZhZciZcdhY^[ZgZciZheVhZh! ZbXZcigdhYZX^cX^V!dcYZ!h^bjaiVcZVbZciZhdgZVa^oV" YdhY^kZghdhZkZcidhadXV^h!iV^hXdbdVegZhZciVZhYZ^c" kZhi^\VYdgZh!YZWViZheWa^Xdh!ZcigZdjigdh# CjbVeVgXZg^VZcigZdcoZdg\Vc^oVZhYZY^[ZgZciZh{gZVh ^ckZhi^\VdX^ZciÒXV!X^cX^VhhdX^V^h!Xdbjc^XVdYZX^" cX^V!YZd^ideVhZh!ZcigZZaZhEdgij\Va!degd_ZXidgZXda]Z ZVcVa^hVVhde^c^ZhYdhk^h^iVciZhk^VZmedh^dZVigVkh YVeVgi^X^eVdcjbXdc_jcidYZYZWViZhYZa^WZgVi^kdheVgV V X^YVYVc^V 9Z8^9Z Z Va\jch YZWViZh ZcigZ ^cY^kYjdh YZ Y^[ZgZciZh{gZVhegdÒhh^dcV^h;dXjh<gdje!VhfjV^hhZgd jhVYVhedhiZg^dgbZciZeVgV[dgbjaVggZXdbZcYVZheVgV VYZÒc^dYZeg^dg^YVYZhYVV\ZcYVYV:jgdeZVcGZhZVgX] 6gZV#6hgZXdbZcYVZhhZgdY^hXji^YVhcjbVXdc[ZgcX^V ZjgdeZ^V!ÒcVa!XdbZheZX^Va^hiVh!YZX^hdgZhZeVgiZh^ciZgZh" hVYVh# 6VXi^k^YVYZ9Z8^9Z!YZWViZhYZa^WZgVi^kdheVgVVX^YVYVc^V! gZVa^oV"hZidYVhVhfjVgiVh"[Z^gVh!eZaVh&)](%!YZDjijWgd VBV^d#:b\gjedhYZd^idZaZbZcidh!VeVgi^gYZÒX]VhYZ HFLrQFLD $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO 6h^chXg^ZheVgVeVgi^X^eVgZbVbWVhVh^c^X^Vi^kVh!edYZb gZVa^oVg"hZ eZadh XdciVXidh ]VW^ijV^h iZaZ[dcZ dj Z"bV^a# EVgV bV^h ^c[dgbVZh XdchjaiZ Vh e{\^cVh lll#[VWg^XV# X^ZcX^Vk^kV#jV#ei0 lll#cVcdY^Vad\jZ#dg\0 lll#eaVnYZX^YZ# dg\ Fhe`[Yje7cXkbWjh_eZ[IWZ[ZWK<FhWijh[ekcW_iZ[ '(c_bf[iieWi DEgd_ZXid6bWjaVig^dYZHVYZDgVaZEWa^XVYVJc^kZgh^YVYZ ;ZgcVcYdEZhhdVJ;E!fjZXdciVXdbdVed^dYVgVi^de]Vgb! gZVa^odj&'#%+)gVhigZ^dhYZhVYZ\gVij^idhYZHZiZbWgdYZ'%%* V6\dhidYZ'%%+#:hiZhgVhigZ^dhVWgVc\ZgVbVhkVacX^VhYZ BZY^X^cV 9Zci{g^V! 6c{a^hZh 8ac^XVh \a^XZb^V$ Y^VWZiZh Z Xd" aZhiZgda!:c[ZgbV\ZbXdcigdadYViZchdVgiZg^Va!Bdig^X^YVYZ =jbVcV$;^h^diZgVe^VZIZgVe^VYV;VaV# CZhiZeZgdYd!dEgd_ZXid6bWjaVig^dYZHVYZDgVaZEWa^" XVYVJc^kZgh^YVYZ;ZgcVcYdEZhhdVJ;EeZgXdggZjVhodcVh CdgiZZ8ZcigdYdeVhWZbXdbd!hZYZhadXdj!YjgVciZdbhYZ 6\dhid!V6c\daV!XdcXgZiVbZciZVAjVcYV!Xdbdeg^cX^eVadW" _ZXi^kdYZYVg;dgbVdZZ[ZXijVggVhigZ^dh|hedejaVZhcdh =dhe^iV^hZ8ZcigdhYZHVYZ# 9ZVXdgYdXdbVJ;E!cdidiVa![dgVbgVhigZVYVh+#(%'eZhhdVh gZaVi^kVbZciZV\a^XZb^V$Y^VWZiZhZXdaZhiZgda!'&%Xg^VcVhcV kVacX^VYZIZgVe^VYV;VaV!'#'+&eZhhdVhgZaVi^kVbZciZV=^" \^ZcZDgVa!&)%cV{gZVYZBdig^X^YVYZ=jbVcVZ;^h^diZgVe^VZ (#&*&Zb:c[ZgbV\ZbXdcigdadYViZchdVgiZg^Va# 6dadc\dYdVcdaZXi^kd'%%*"'%%+!Zhi^kZgVbZckdak^YdhcZhiZ egd_ZXid'))VajcdhZ&(XdaVWdgVYdgZhYVJ;E# IVaXdbdZbVcdhVciZg^dgZh!ZhiV^c^X^Vi^kVXdcidjXdbdVed^d YVgVi^de]Vgb!ZbegZhV[VgbVXji^XVaYZgZbEdgij\VacdYZ" hZckdak^bZcid Z XdbZgX^Va^oVd YZ bZY^XVbZcidh \Zcg^Xdh Zbjc^YVYZh# EVgV d Vcd aZXi^kd XdggZciZ! d Egd_ZXid 6bWjaVig^d YZ HVYZ DgVaZEWa^XVYVJc^kZgh^YVYZ;ZgcVcYdEZhhdVJ;EeZgXdg" gZg{dhXdcXZa]dhYZ6bVgVciZ!7V^d!HVcidI^ghdZcigZdjigdh! Z[ZXijVcYdVXZhYZgVhigZ^dZbZhXdaVhW{h^XVhZhZXjcY{" g^Vh!XZcigdhZaVgZhYZ(¯^YVYZcVhkVacX^VhYZVc{a^hZhXac^XVh VdXdaZhiZgdaZ\a^XZb^V!XdcigdadYZiZchdVgiZg^Va!]^\^ZcZdgVa! bdig^X^YVYZ]jbVcV$Òh^diZgVe^VZYZIZgVe^VYV;VaV# -DQHLUR &,Ç1&,$12081'2 :HFJ:A:IDH:C8DCIG69DHCDBwM>8DIÚBB6>H9: 9:OB>A6CDH FjVigdZhfjZaZidh]jbVcdhadXVa^oVYdhZbHZiZbWgdeVh" hVYdZbg^dhhjWiZgg}cZdhYZIjajb!aZhiZYdBm^Xd!YV" iVbYZbV^hYZYZob^aVcdhVig{h#9ZVXdgYdXdbd>chi^" ijidCVX^dcVaYZ6cigdedad\^VZ=^hig^V>cV]!ZhiZhhddh VX]VYdhÆbV^hVci^\dhZcXdcigVYdhZbegVi^XVbZciZidYV V6bg^XVÇ# 6Yg^VcV KZa{hfjZo! Y^gZXidgV Yd >cV]! cd :hiVYd YZ Fj^c" iVcVGdd!dcYZhZZcXdcigVVodcVVgfjZda\^XVYZIjajb! gZ[ZgZ V^cYV fjZ ÆVh VbdhigVh Ydh ZhfjZaZidh Zhid Zb >c\aViZggVZcdh:hiVYdhJc^Ydh!dcYZdhiZhiZhgZVa^oVYdh aVcVbYViVhbj^idVci^\Vh!YZZcigZ&%b^aZ&'b^aVcdh! dfjZcdhgZbZiZ|:gVYd<ZadZVdhbVbjiZhÄdjhZ_V!| edXVea^hidXZcVÇ# 6^cYVhZ\jcYdVgZhedch{kZa!dhZhfjZaZidhÆcdhZZcXdc" igVbZbbj^idWdVhXdcY^Zh!ed^hhdbj^idVci^\dhZÒ" XVgVbbj^idiZbedYZWV^mdYZ{\jV#HVWZ"hZfjZ!cVfjZaV edXV!dckZaYdbVgZgVbj^idbV^hWV^mdZVhXVkZgcVh ZhiVkVbcVhjeZg[X^Z!bdi^kdeZadfjVahZgk^VbXdbdaj\Vg YZVWg^\ddjhZejaijgVÇ# DhVgfjZad\dhXgZbfjZZhiZhVX]VYdhhj\ZgZbVZm^h" icX^Vg^ijV^h[cZWgZhcZhiVedXV!ZbfjZd=dbZbZgV cbVYV Z ]VW^iVkV Vh XVkZgcVh! hZb hZ ZhiVWZaZXZg cjb adXVaÒmd# <:C:9:;:>IJDHD9JEA>86G>H8D9:86C8GD9: B6B6 8^Zci^hiVhWg^i}c^XdhY^oZbiZgYZhXdWZgidfjZVhbja]ZgZh Xdb jbV Xe^V Xdb YZ[Z^id YZ jb \ZcZ X]VbVYd E6A7' XdggZbdYdWgdYdhg^hXdhYZYZhZckdakZgXVcXgdYZbVbV# HZ\jcYddZhijYdYd>chi^ijideVgVEZhfj^hVYd8VcXgdYV <g"7gZiVc]V!Y^kja\VYVcVgZk^hiVX^ZciÒXVÈCVijgZ<ZcZ" i^XhÉ!d\ZcZE6A7'XdbYZ[Z^idXVjhVXZgXVYZXZbXVhdh YZXVcXgdYZbVbV!edgVcd!cdeVh# -DQHLUR Dh X^Zci^hiVh Zhi^bVb V^cYV fjZ Vh YjVh Xe^Vh Yd \ZcZ XdbYZ[Z^idedYZbV^cYVXVjhVghg^dhegdWaZbVhhVc\j" cZdhZbXg^VcVh# D\ZcZE6A7'iZbV[jcdYZgZeVgVg[gV\bZcidhYZ69C fjZVegZhZciZbbjiVZh!ZcidVheZhhdVhfjZibjbV Xe^VYZ[Z^ijdhVYd\ZcZiZg^VbbV^h]^eiZhZhYZVXjbj" aVgdjigdhegdWaZbVh\Zci^Xdh!aZkVcYdVegdWaZbVhXdbd dXVcXgd# CVocZZc GV]bVc Z hjV Zfj^eV ZhijYVgVb d 69C YZ .'( bja]ZgZhXdbXVcXgdYVbVbVZXdbjb]^hig^XdYVYd" ZcVcV[Vba^V#9ZoYZhiVheVX^ZciZhi^c]VbjbVXe^VYZ" [Z^ijdhVYdE6A7'!dfjZ\Zgdjjbg^hXdYZbV^hYdYdWgd YdYZhZckdak^bZcidYdXVcXgdYZbVbV# 6eZhVgYZhVhbja]ZgZhiZgZbh^YdZhijYVYVh!dhX^Zci^h" iVhhjheZ^iVbfjZdbZhbd\ZcZYZ[Z^ijdhdiVbWbedYZ VjbZciVgdg^hXdYZXVcXgdYZbVbVZb]dbZch# EVgVVabYdhgZhjaiVYdhVig{hVegZhZciVYdh!dhX^Zci^hiVh iVbWbYZhXdWg^gVbfjZXg^VcVhfjZ]ZgYVgVbYjVhX" e^VhYZ[Z^ijdhVhYd\ZcZE6A7'YZhZckdakZgVbjbhjW\" cZgdYZjbXdc]ZX^YdegdWaZbV\Zci^XdX]VbVYdVcZb^V ;VcXdc^# DhjW\cZgdV\gZhh^kdYVYdZcVcd[d^XVjhVYdedgcZc]jb Ydh dcoZ \ZcZh _{ Xdc]ZX^Ydh edg hZgZb gZhedch{kZ^h eZaV VcZb^V;VcXdc^Z[d^XVgVXiZg^oVYdeZadVaidg^hXdYZXZgidh i^edhYZXVcXgd!^cXaj^cYdYdhg^chZijbdgZhcdXgZWgd# :A:8IGDAJM8G>6H6E6IDH"6HE>G69DG:H 6:aZXigdajmXdadXV|kZcYVhVeVidhfjZVhe^gVbVXVhV#Dh hVeVidh9jhibViZedhhjZbjbb^chXjadVhe^gVYdgcVhdaV ZVhe^gVbde|bZY^YVfjZdji^a^oVYdgVcYVZbXVhV#9Z VXdgYd Xdb V [VWg^XVciZ YZ ZaZXigdYdbhi^Xdh! dh hVeVidh hd[VWg^XVYdhZbcnadckZgYZZedhhjZbjbVhdaVÓZmkZa edYZcYdhZgVYVeiVYdhVfjVafjZgi^edYZXVaVYd# HFLrQFLD $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO &,Ç1&,$12081'2 :HIJ9D>C9>86FJ:E6HH69D:;JIJGD:HIÀD>CI>B6" B:CI:A><69DHCD8wG:7GD 6XVeVX^YVYZYd=dbZbeVgViZXZg[VciVh^VhhdWgZd[j" ijgdZhi{^ci^bVbZciZa^\VYV|hjVVei^YdeVgVZkdXVgd eVhhVYd! edYZcYd ^cXajh^kVbZciZ YZeZcYZg YZaV# :hiV jbV XdcXajhd YZ jb ZhijYd gZVa^oVYd cV Jc^kZgh^YVYZ LVh]^c\idcYZHV^ciAdj^hB^hhdjg^!:J6!fjZedYZZm" ea^XVgVheZXidhedjXdXdc]ZX^YdhYVVbch^V# :hiVhhdYZhXdWZgiVhYZjbZhijYd!ejWa^XVYdcVgZk^h" iVÈEgdXZZY^c\hd[i]ZCVi^dcVa6XVYZbnd[HX^ZcXZhÉ!fjZ XdbeVgdjVhVXi^k^YVYZhXZgZWgV^hYZkdajci{g^dhfjZ]V" k^VbZkdXVYdVXdciZX^bZcidheZhhdV^hYdeVhhVYd!Xdbd jb Vc^kZgh{g^d Z! Zb hZ\j^YV! ^bV\^cVYd bdbZcidh hZ" bZa]VciZhcd[jijgd#HZ\jcYddh^ckZhi^\VYdgZh!VVc{a^hZ XZgZWgVaYdh'&ZhijYVciZhfjZeVgi^X^eVgVbYVeZhfj^hV gZkZadjÆjbVhjgegZZcYZciZXd^cX^YcX^VidiVaÇcVhgZ\^" ZhXZgZWgV^hji^a^oVYVhedgVbWdhdhegdXZhhdh# 6^cYVhZ\jcYd@VgaHoejcVg!aYZgYdZhijYdZYdjidgVc" YdZbeh^Xdad\^VcVfjZaVJc^kZgh^YVYZ!ZhiVhYZhXdWZgiVh Ved^VbV^YZ^VYZfjZÆVbZbg^VZdeZchVbZcidhdWgZd [jijgdZhidbj^idgZaVX^dcVYdhZedYZbZmea^XVgedgfjZ deZchVbZcidhdWgZd[jijgdedYZhZg^bedhhkZahZbbZ" bg^VÇ# :hiZ[ZcbZcd!gZ[ZgZbdhZheZX^Va^hiVh!edYZhZgZmea^XV" YdZbeVgiZeZad[VXidYZfjZdheVYgZhYZVXi^k^YVYZk^h" idhcZhhVhgZ\^ZhYdXgZWgdhj\ZgZbfjZdhXdciZmidh k^hjVaZZheVX^VaeVgVVh^bV\ZchbZciV^hhdWgZd[jijgd hdgZi^gVYdhYZZmeZg^cX^VhYdeVhhVYd!ZheZX^VabZciZ cdfjZhZgZ[ZgZVbdk^bZcidhYdXdged# CdhfjZhi^dc{g^dhYdiZhiZ!dhZhijYVciZhgZkZaVgVbV^cYV fjZ]Vk^VbXdcXZW^YdVhhjVh^bV\ZchhdWgZd[jijgdcjb XdciZmid YZ aj\VgZh [Vb^a^VgZh XVhV Z ZhXdaV Z eZhhdVh Xdc]ZX^YVh Vb^\dh Z [Vba^V! Va\d fjZ edYZ gZfjZgZg V gZVXi^kVd YZhhVh ^bV\Zch cVh gZYZh cZjgV^h gZhedc" h{kZ^h eZad VgbVoZcVbZcid Z gZXjeZgVd YZ bZbg^Vh VjidW^d\g{ÒXVh# EVgV dh X^Zci^hiVh! ZhiV YZhXdWZgiV edYZg{ Zmea^XVg edg fjZfjZVheZhhdVhfjZhd[gZbYZVbch^VcdedYZb [VciVh^Vg^bV\Zchkk^YVhYZh^bZhbVhcd[jijgd!ZbWdgV edhhVbXdcXZWZgd[jijgdZbhZci^YdVWhigVXid# 8>:CI>HI6H8G>6BCDKD<:A9:8DB76I:6DKÞGJH96 H>96 >ckZhi^\VYdgZh VbZg^XVcdh Zhid V YZhZckdakZg jb \Za fjZegdiZ\ZVhbja]ZgZhXdcigVdkgjhYVH>96#9ZVXdg" Yd Xdb dh X^Zci^hiVh! YV Jc^kZgh^YVYZ YZ JiV]! d afj^Yd igVch[dgbV"hZcjbVXdWZgijgVYZ\ZafjVcYd^chZg^YVcV kV\^cVZfjVcYdZmedhidVdhbZcgZidgcV|[dgbVafj^YV! a^WZgiVcYdjbVYgd\VVci^k^gVafjZViVXVdkgjh=>K# 6iZXcdad\^V!YZhXg^iVcVgZk^hiVX^ZciÒXVÈ?djgcVad[E]Vg" bVXZji^XVaHX^ZcXZhÉ!YZkZg{aZkVgV^cYVX^cXdVcdheVgV HFLrQFLD $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO hZgiZhiVYVZbhZgZh]jbVcdhYZkZcYdYZbdgVgXZgXVYZ YZoVcdhVifjZdegdYjidedhhVhZgjhVYdZbaVg\VZh" XVaV# :hiZegd_ZXid[VoeVgiZYZjbZh[dgdbjcY^VaYZ^ckZhi^" \VdeVgVYZhZckdakZgb^XgdW^X^YVhÄh^hiZbVheVgVVY" b^c^higVdYZYgd\VhVigVkhYZ\Za!Zhedc_VhdjXgZbZh eVgVegZkZc^gV^c[ZXdeZadK>=djdjigVhYdZcVhhZmj" VabZciZigVchb^hhkZ^h# :hiZhhdegdYjidhfjZ!VX^bVYZijYd!egZiZcYZbYVgVa" \jb edYZg |h bja]ZgZh Z fjZ Vh edhhV egdiZ\Zg XdcigV d K>=! eVgi^XjaVgbZciZ Zb eVhZh edWgZh! dcYZ V H>96 bV^h Y^hhZb^cVYV! d cY^XZ YZ VWjhdh hZmjV^h Vaid Z d VXZhhdVdegZhZgkVi^kdY^[X^a# HZ\jcYddh^ckZhi^\VYdgZhYVJc^kZgh^YVYZYZJiV]!Ved" iZcX^VakVciV\ZbYZhiZ\ZaiZgjbVYjgVdbj^idbV^h adc\V!djhZ_V!igViV"hZYZjbb^XgdW^X^YVXj_dh^hiZbVYZ VYb^c^higVdedYZg{hZgjhVYdjbVkZoedgY^VdjjbV kZoedgbh#:cigZiVcid!dhiZhiZh_{bdhigVgVbfjZd]^" Ygd\ZacdYZkZXVjhVgZ[Z^idhXdaViZgV^hdjYZhXdc[dgidh h^\c^ÒXVi^kdh#D\Za[d^YZhZckdak^YdYZbdYdVcdYZh^" YgViVgVhXajaVhkV\^cV^hÄdfjZedYZg^VaZkVgV^c[ZXZh ÄZVcdhd[gZgY^aj^dedgdjigdhafj^Ydh# Degm^bdeVhhdhZg{V\dgVkZg^ÒXVghZVhYgd\VhVci^k^" gV^h ^cXdgedgVYVh cd ]^Ygd\Za edYZb hZg VYb^c^higVYVh Xdb V bZhbV ZÒX{X^V YZbdchigVYV Zb iZhiZh YZ aVWd" gVig^d# -DQHLUR 23,1,2 º9_ dY_W[H[b_]_eik][h[c#deife_iZe_ieX`[YjeiZ[[ijkZe gk[ck_je[cXehWi[`WcWdjW]d_YWii[Wfhen_cWcZ[\eh# cWh[l[bWZehW"W_dZWgk[Z_\[h_dZedeifh_dYf_eidehcWj_lei" dei Yedj[njei [ dei eX`[Yj_lei$ ;\[Yj_lWc[dj[ fWh[Y[ [n_ij_h 7dWHeiW=ec[iF_djeZW9hkp" :_h[YjehWZe9[djheZ[Fh#>_ijh_W Ze?dij_jkjeFeb_jYd_YeZ[JecWh kcYedÆ_jei[ciebkedWifeijkhWi[djh[eYed^[Y_c[dje Y_[djÅYe[WYh[dWcij_Ye#h[b_]_eiW$» $SURSyVLWRGDFLrQFLDHGDUHOLJLmRDSUpKLVWyULD &HQiULRVGLVFXUVRVSHUVSHFWLYDVHSRVWXUDVVmRFRQVHTXrQFLDGLUHFWDGDFRQVWUXomRGHPRGHORVFRPRX FRQWUDRVTXDLVHQTXDGUDPRVDVQRVVDVFRQYLFo}HV/LGRVHSHVDGRVSUyVHFRQWUDVDIyUPXODGHHQTXDGUD PHQWRWHUiJUDXVGLYHUVRVIRUPDIDPtOLDVLGHQWLWiULDVGHOLEHUDHGLYXOJDVHPDQLSXODQGRVORJDQVGHVHQKDQGR SRVWXUDVUHYHODGDVSRUOLQJXDJHQVRXURXSDJHQVUHQRYDGDVLQXQGDQGRQRVRUJXOKRVDDJUHVVLYDHLQWHUPL WHQWHPHQWHGHWDOIRUPDTXHDYRQWDGHGXPJUXSRVHSODVPDjGRLQGLYtGXR 6HpFHUWRTXHDRSHUFHSFLRQDUPRVSHQVDUPRVHVHQWLUPRVDWHFWyQLFDSROtWLFDQHVWDYLUDJHPGHVpFXORQRV VDEHPRVSDUWHLQWHJUDQWHGDDOGHLDJOREDOHIHFWLYDPHQWHLQGHVPHQWtYHOQmRPHQRVFHUWRpTXHFDGDXPGH QyVH[LEHRHUPLWDTXHFRQVWUyLHMXOJDRVHXSUySULRHVSDoR $FRPSUHHQVmRGDUDL]GHVWHSURFHVVRSDUHFHHVWDUQRVVHQWLPHQWRVGHVFRQIRUWiYHLVTXHVmRDLQVDWLVIDomR HDLQVHJXUDQoDKXPDQDV3RUTXHUHFXVDGRXPPRGHORORJRRXWURVXSRVWDPHQWHUHYROXFLRQiULRWRPDRVHX OXJDU1DVFHPRVVyVHVyVPRUUHPRVpDWRPDGDGHFRQVFLrQFLDGHVWDYHUGDGHDEVROXWDHGH¿QLWLYDTXH LPSXOVLRQDDSHVTXLVDHSURFXUDGHUHVSRVWDVHQTXDQWRDFXPXODomRGHH[SHULrQFLDVKXPDQRVSUHVRVQD GLPHQVmRGRWHPSRHQTXDQWRFRUSRItVLFRPDVOLYUHVQDGLPHQVmRGRWHPSRFyVPLFRQRFRUSRHVSLULWXDO 2VRFLGHQWDLVGR9HOKR0XQGRVmRRSURGXWRGHXPDUHJUDSDUDGR[DOFXMDFRDELWDomRGHSRVLo}HVVHD¿JXUD SHFXOLDUSRUXPODGR¿OKRVGH0RLVpVSRURXWURKHUGHLURVGH$ULVWyWHOHVH3ODWmR6XUJLQGRGHVWDVSUHPLVVDV DFLrQFLDFRPRXPVLVWHPDH[SOLFDWLYRGDUHDOLGDGHTXHVHWUDGX]HPUHVSRVWDVTXHQRVGmRFHUWH]DVQR QRVVRGLDDGLDHQTXDQWRTXHDIppFRPXPPHQWHGH¿QLGDFRPRDVHJXUDQoDHVSLULWXDOGHTXHXPDFRLVD pFHUWDGHSHQGHQGRRVPRUWDLVGDFRQ¿DQoDQXP'HXVHQDVXD$FomR(VWDFRQYLFomRtQWLPDRXFRQMXQWR GHPLVWpULRVHSULQFtSLRVHPTXHDUHOLJLmRVHEDVHLDWHPRVVHXVSUHFHLWRVGRXWULQiULRVHQTXDQWRFRQMXQWRGH UHJUDVHGHSULQFtSLRVHPTXHDVVHQWDpDEDVHGDPRUDOGLUHFFLRQDGDSDUDRPXQGRPtVWLFRGDDOPD &LrQFLDH5HOLJLmRVXJHUHPQRVSRLVGRLVREMHFWRVGHHVWXGRTXHPXLWRHPERUDVHMDPDQWDJyQLFDVVHDSUR [LPDPGHIRUPDUHYHODGRUDDLQGDTXHGLIHULQGRQRVSULQFtSLRVQRUPDWLYRVQRVFRQWH[WRVHQRVREMHFWLYRV (IHFWLYDPHQWHSDUHFHH[LVWLUXPFRQÀLWRVHPVROXomRQDVSRVWXUDVHQWUHRFRQKHFLPHQWRFLHQWt¿FRHDFUHQoD PtVWLFRUHOLJLRVD 1RVDPELHQWHVODLFRVDFLrQFLDGHPRQVWURXVHULQHTXtYRFDQDDVVRFLDomRRPDLVFRPSOHWDSRVVtYHOGRV IHQyPHQRVSHUFHSWtYHLVDWUDYpVGRSHQVDPHQWRVLVWHPiWLFRHGDDEVWUDFomRGHFRQFHLWRV1HVWHSURFHVVRGH UXSWXUDRUDFLRQDOLVPRVHULDDSRVWXUDDGHTXDGD$FLrQFLDSUHWHQGHHVWDEHOHFHUOHLVJHUDLVTXHGHWHUPLQDP DFRQH[mRGHREMHFWRVHHYHQWRVQRWHPSRHQRHVSDoRHRVVXFHVVRVSDUFLDLVTXHWHPDOFDQoDGRSUHGL]HP FRPJUDQGHSUHFLVmRRFRPSRUWDPHQWRGHIHQyPHQRVQDOJXQVGRPtQLRV2PpWRGRFLHQWt¿FRUHODFLRQDRV IDFWRVFRQGLFLRQDQGRRVjFRQ¿UPDomRGDVKLSyWHVHVIRUPXODGDVUHMHLWDRVHIHLWRVSHUQLFLRVRVGRVXEMHFWLYR DSXUDQGRRFRQKHFLPHQWRREMHFWLYR$VVLPDFLrQFLDFRQVWLWXLVHFRPRXPFRQMXQWRGHFRQKHFLPHQWRVFRP SURYDGRVHVLVWHPDWL]DGRVDWUDYpVGDDSOLFDomRGXPPpWRGRGDREVHUYDomRGDVUHJXODULGDGHVGDVUHJUDV QHFHVViULDVHGDVUHODo}HVFDXVDLV([HPSORGLVVRVmRGRPtQLRVFRPRDDVWURQRPLDDJHQpWLFDDHOHFWUyQL FD1HVWHXQLYHUVRRGRPtQLRGDYRQWDGHKXPDQDRXGLYLQDQmRpDFHLWiYHOSRLVpLQFRQFHEtYHOSHQVDUQXPD YRQWDGHH[WHUQDTXHLQWHUIHUHHPHIHLWRVQDWXUDLVjPDUJHPGDVOHLVJHUDLVSHODVLPSOHVUD]mRTXHQmRIRL -DQHLUR HFLrQFLD $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO RSLQLmR DLQGDWHVWDGDQHPFRQ¿UPDGD(VWH'HXVSHVVRDOWHUiHQWmRTXHVHUVXEVWLWXtGRVXEVWLWXLQGRVHWDPEpPD IRQWHGRPHGRGDHVSHUDQoDHGRSHUGmRFRQFHGLGRSHORV6HXVLQWHUPHGLiULRV±RVVDFHUGRWHV$VVLPD VXEVWLWXLomRGDFUHQoDSHORFRQKHFLPHQWRWRUQRXVHXPLPSHUDWLYRMiTXHpSRVWXODGRTXHTXDOTXHUFUHQoD QmRIXQGDPHQWDGDHPFRQKHFLPHQWRGHYHUiVHUFRQVLGHUDGDVXSHUVWLomRFRPEDWLGDHVXSODQWDGDDWUDYpVGD HGXFDomRGRVPHPEURVGDVRFLHGDGHSDUDDFLGDGDQLD &RQWXGR D H[SOLFDomR SRVLWLYLVWD D¿JXUDVH LQDGHTXDGD UHODWLYDPHQWH D DOJXPDV FRQYLFo}HV H MXt]RV GH YDORU1HVWDySWLFDQHFHVViULRpHVFODUHFHUVHRFRQKHFLPHQWRGRTXHppRPHVPRGRFRQKHFLPHQWRGR TXHGHYHVHU6HRTXHGHIDFWRSUHWHQGHPRVDOFDQoDUFRPR¿P~OWLPRpDYHUGDGHDEVROXWDHQWmRDG~YLGD SHUPDQHFHHQWUHRTXHRUDFLRQDOQRVSHUPLWHTXHVHMDHHVVHREMHFWLYR¿QDOGDVQRVVDVDVSLUDo}HVHQTXDQWR KXPDQRV 'HVVHSRQWRGHYLVWDD5HOLJLmRSUHRFXSDVHHPGDUUHVSRVWDDRVHQWLGRGDQRVVDH[LVWrQFLDHDRVYDORUHVGD QRVVDDFWLYLGDGH2IDEXORVRFRQKHFLPHQWRUDFLRQDOGDYHUGDGHWURSHoDQROLPLWHQDMXVWL¿FDomRFRQFHSWXDO GDQRVVDSUySULDH[LVWrQFLDDpWLFD2VPHLRVHRV¿QVVmRFRQFHLWRVSURYLGRVGHDFomRFRPUHODomRGLUHFWD QDYLGDHPRFLRQDOGRLQGLYtGXRHTXHGH¿QHPDIURQWHLUDHQWUHRTXHVHFRQVLGHUDpWLFRRXQmRQHPVHPSUH MXVWL¿FiYHLV DSHQDV SHOD UD]mR 6H SHQVDUPRV PHOKRU YHUHPRV TXH JUDQGH SDUWH GHVVHV MXt]RV GH YDORU H[LVWHPVRERXWUDFDSD±DGDWUDGLomR3URFXUDUDMXVWL¿FDomRSDUDHVVDH[LVWrQFLDQmRUDFLRQDOLVWDpXP GHVD¿RTXHD5HOLJLmRMiJDQKRXSRLVHODQmRVXUJHGDGHPRQVWUDomRHGDYDOLGDomRSRUTXDQWRDSHQDVGD UHYHODomR6mRRVSULQFtSLRVGRTXDGURH[SOLFDWLYRIRUQHFLGRVSHOD5HOLJLmRHPEXWLGRVQRQRVVRTXRWLGLDQRH FRPRVTXDLVFUHVFHPRVKRPHPOLYUHHUHVSRQViYHOFXMDVFDSDFLGDGHVHVWmRDRVHUYLoRGRV2XWURVHFXMRV DFWRVVHUmRMXOJDGRVSRU(OH (QTXDQWRSHQVDPHQWRD5HOLJLmRGHPRQVWUDDSUHRFXSDomRFRPVHQWLPHQWRVHDVSLUDo}HVQXPSODQRWUDQV FHQGHQWDODSRVWDQGRQDFRQYLFomRGDYRQWDGHGXPVHUGLYLQRDVVLPDGHYRomRDHVWDHQWLGDGHQmRH[LJH IXQGDPHQWDomR UDFLRQDO DSHQDV D FRQVFLrQFLD GRV YDORUHV H GRV REMHFWLYRV D DOFDQoDU H GRV SRWHQFLDLV HIHLWRVTXHHVVDGHYRomRSRGHUiSURGX]LU1HVWDySWLFDRFRQÀLWRHQWUH&LrQFLDH5HOLJLmRpDUWL¿FLDODFLrQFLD GHWHUPLQDRTXHpHQTXDQWRTXHD5HOLJLmRGHWHUPLQDRTXHGHYHVHU3RURXWURODGRD5HOLJLmRMXOJDHDYD OLDDVDFo}HVUHVXOWDQWHVGRSHQVDPHQWRQmRDYDOLDQHPMXOJDIDFWRVPXLWRPHQRVDVUHODo}HVHQWUHHOHV 4XHUXPDTXHURXWUDWrPRVVHXVSURIHWDVRVVHXVPiUWLUHVRVHXOLYURVDJUDGR3DUHFHSRLVTXHRFRQÀLWR HQWUH&LrQFLDH5HOLJLmRVXUJHTXDQGRXPJUXSRVRFLDOHSROtWLFRSUHWHQGHID]HUSUHYDOHFHUHQTXDQWRYHUGDGH DEVROXWDWRGDVDVQDUUDWLYDVFRQWLGDVQRVHX/LYUR6DJUDGR$GLYLQL]DomRGHQDo}HVFODVVHVRXLQGLYtGXRV pXPFRQFHLWRDEVWUDFWRDEGX]LGRDXPRXWURVXSRVWDPHQWHLQGLYLGXDOHLQWUDQVPLVVtYHODDOPD/HJLWLPDD H[LVWrQFLDGHHVWDGRVWRWDOLWiULRVSURIXQGDPHQWHQDFLRQDOLVWDVLQWROHUDQWHVHRSUHVVRUHVTXHVXERUGLQDGRV DFRQVWUDQJLPHQWRVHFRQyPLFRVHVRFLDLVDVVXPHPRVVHXVGRJPDVHSURIHVVDPRVHXFUHGRSRUHSHOD 5HOLJLmR&RPRUHVXOWDGRREVHUYDPVHUHODo}HVUHFtSURFDVHGHGHSHQGrQFLDHQWUHHODV$UDL]GRVHQWLPHQWR VREUHRTXDOMD]DUHJXODPHQWDomRUDFLRQDOGRPXQGRFRPSUHHQVtYHOjUD]mRHQFRQWUDVHQDIp 2FLHQWLVWDpXPLQGLYtGXRPXQLGRGHXPDIpSURIXQGDQDIRUPXODomRGHKLSyWHVHVQDVHVWUXWXUDVWHyULFDV DWpPHVPRQDDSOLFDomRGHPRGHORV$GHVFRQVWUXomRGDWHRULDKHOLRFrQWULFDWURX[HJUDQGHVGLVVDERUHVD *DOLOHX'DUZLQOHYRXGpFDGDVDDSULPRUDUDVXDVHOHFomRQDWXUDOGDVHVSpFLHV0DU[H/HQLQHQRSODQRVR FLROyJLFRHSROtWLFRDSRVWDPQDFRQVWUXomRGHVRFLHGDGHVVRFLDOLVWDVDSDUWLUGDVSUHPLVVDVGRQRYRPRGHOR PDWHULDOLVWDGLDOpFWLFR'HIDFWRDVVLVWLPRVQRV¿QDLVGRVpF;,;HLQtFLRVGRVpF;;jDSOLFDomRGHVWHPR GHORTXHQmRVHOLPLWDQGRDPDQWHUDGLVFXVVmRQRVVHXVSUySULRVFRQJUHVVRV$V,QWHUQDFLRQDLV±SURGX]LX FRQYXOV}HVVRFLDLVHSROtWLFDVQD(XURSDFRPRD&RPXQDGH3DULVHD5HYROXomR5XVVDQD&KLQDHQD $PpULFD&HQWUDODRWrORIHLWRRFRQFHLWRHYROXomRpUDSLGDPHQWHXOWUDSDVVDGRSHORGHUHYROXomR 0DVRKLVWyULFRFRQÀLWRHQWUH&LrQFLDH5HOLJLmRUDGLFDHVVHQFLDOPHQWHQDPDQLSXODomRGRFRQFHLWRGH'HXV HQTXDQWRHQWLGDGH2VHVWXGRVUHFHQWHVHP$QWURSRORJLD&XOWXUDOGHFRPXQLGDGHVUHVLGXDLVHRHVWXGRGD +LVWyULDDQWHVGDLQYHQomRGDHVFULWDFRPRVLVWHPDHQFULSWDGRGHFRPXQLFDomRGHPRQVWUDPQRVTXHGHVGH VHPSUH R KRPHP FRQVWUXLX PHFDQLVPRV GH GHL¿FDomR 2V VHXV GHXVHV RX R GHXV ~QLFR VmR HQWLGDGHV SRGHURVDVTXHGHWHQGRRSRGHUVREUHRVIHQyPHQRVGRPHLRHQYROYHQWHGHWLQKDPWDPEpPRSRGHUVREUH RVPRUWDLVQDPHGLGDHPTXHSRGHULDPRXQmRSURSRUFLRQDUPHLRVGHVREUHYLYrQFLD1RHQWDQWRSDUDTXH RTXDGURGHUHIHUrQFLDQmRVHPDQWLYHVVHDSHQDVQRSODQRWUDQVFHQGHQWDORKRPHPFULDUHODo}HVELXQtYR FDVDWUDYpVGRSURFHVVRGDQHJRFLDomR$UHODomRQHJRFLDOHQWUHRVHUKXPDQRHRVVHXVGHXVHVIDUVHLD DWUDYpVGHPDJLDHGHSUHFHVHDVVLPFRQIRUWRDMXGDHRULHQWDomRVHULDPHQFRQWUDGRVQDVHQWLGDGHV FULDGRUDV 1DV GRXWULQDV MXGDLFRFULVWmV H LVOkPLFDV SUHIHUHQFLDOPHQWH PRQRWHtVWDV HVVD DQWLJD FRQFHSomR GH 6HU 'LYLQRMXVWRHPLVHULFRUGLRVRGLVSRQtYHODWRGRVVHPUHVWULo}HVpXPDSHUPDQrQFLDHUHYHODVHQDVSUHFHV HFLrQFLD $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO -DQHLUR RSLQLmR HQVLQDGDVYHtFXORGHV~SOLFDVQDHVSHUDQoDGHDOFDQFHGRSDUDtVRSHUGLGR$GRXWULQDMXGDLFRFULVWmDWULEXL OKHDLQGDRXWUDVTXDOLGDGHV2PQLSUHVHQWH2PQLSRWHQWHH2PQLVFLHQWHTXHID]HP'HOHR6HU3HUIHLWRWmR DFLPDGDVIUDJLOLGDGHVGDFDUQHHGRHVStULWRKXPDQRV&XULRVDPHQWHVmRHVVDVPHVPDVTXDOLGDGHVTXH GHVHTXLOLEUDPDEDODQoDGRMXOJDPHQWRKXPDQR6HQGRRPQLSRWHQWHDHOHVHGHYHPDVDFo}HVSHQVDPHQ WRVHVHQWLPHQWRVKXPDQRV$VVLPVHQGRTXHJUDXGHYHDVVXPLURMXOJDPHQWR"6HRKRPHPSURFHGHXPDO GHYHUVHjD'HXVHVVDPDXSURFHGLPHQWR"4XHJUDXGHUHVSRQVDELOLGDGHWHUiDVVLPHVVHVHULPSHUIHLWR HIUiJLO"4XHJUDXGHJUDYLGDGHGHYHUiDVVXPLUHVVHSURFHGLPHQWRHUUDGR"(pHUUDGRSHUDQWHTXHPRXR TXr"$SXQLomRGHVVHKRPHPpWDPEpPDSXQLomRGR'HXV"8PQ~PHURFDGDYH]PDLRUGHLQGLYtGXRVHVWi GHDFRUGRVREUHDQHFHVVLGDGHGHOHYDUDFDERUHIRUPDVQRVFRQFHLWRVRXSUHFRQFHLWRVGD5HOLJLmRWHQ WDQGRTXHVHDGHTXHPjUHDOLGDGHGRVpFXOR;;,PDVTXHUROKHPRVXPSRXFRSDUDWUiVQRWHPSRKLVWyULFR HVWXGDQGRRVSURFHVVRVGR7ULEXQDOGD6DQWD,QTXLVLomRTXHUQRVVLWXHPRVQDLQIRUPDomRFRQWHPSRUkQHD HQFRQWUDPRVDPHVPDUHVLVWrQFLDGRJPiWLFDDPHVPDHVWDJQDomRHLQFDSDFLGDGHUHJHQHUDWLYDGHDGDSWD omRDRVQRYRVPRYLPHQWRV 'RSRQWRGHYLVWDGLVFXUVLYRHGRPpWRGRGHDERUGDJHPD5HOLJLmRGHFDUL]RFLGHQWDOUHYHODVHSRXFRÀH[tYHO GRJPiWLFDUHFXVDQGRHWHPHQGRLQRYDUQRVFRQWH[WRVGDDFWXDOVRFLHGDGHRFLGHQWDOWHLPRVDPHQWHKHUPp WLFDSUHWHQGHDLQGDID]HUYDOHURVVHXVGRJPDVQRkPELWRGHWHPDVFDQVDGRVGHGLVFXWLGRVRFDVDPHQWR GRVVDFHUGRWHVHRFRQWURORGDQDWDOLGDGHVmRH[HPSORVGHVVHDQDFURQLVPR1XPFRQWH[WRVRFLDOHSROtWLFR GHVRFLHGDGHVHXURSHLDVPDUFDGDPHQWHGRXWULQiULDVD&LrQFLDVREUHYLYHXDFXVWRHDRORQJRGDKLVWyULD PRGHUQD GR 9HOKR 0XQGR HYROXLX HVWUXWXURXVH UDPL¿FRXVH H KRMH SURFODPDVH FRPR D SODWDIRUPD GD VDEHGRULD2FRQKHFLPHQWRDVVLPPRQRSROL]DGRSHODGRXWULQD~QLFDSDUHFHTXHUHUGLVSXWDUROXJDUVXSUHPR DWpKiSRXFDVFHQWHQDVGHDQRVWXWHODGRSHOD5HOLJLmRXPQRYRGHXVVXUJHRGHXVGRFRQKHFLPHQWRGD VDEHGRULDFRPSURYDGDOHLDVHGDWHFQRORJLD 3RUVHXWXUQRD&LrQFLDYLYHKRMHWDPEpPDOJXPDVGL¿FXOGDGHVQRGLVFXUVRH[SOLFDWLYRUHODWLYDPHQWHDIH QyPHQRVFRPRpH[HPSORR%LJ%DQJ+RMHRVLQYHVWLJDGRUHVDVWURItVLFRVPXQLGRVGHLQVWUXPHQWRVWHFQR ORJLFDPHQWHUH¿QDGRVGL]HPQRVTXHD/X]VXUJLXKiFDWRU]HPLOPLOK}HVGHDQRVHQyVID]HPRVIpSRLV VDEHPRVTXHHVWDD¿UPDomRpRUHVXOWDGRGHDQRVGHDWXUDGDSHVTXLVDFRPEDVHQDXWLOL]DomRGHPpWRGRV LQVWUXPHQWRVHWpFQLFDVWHVWDGDVHFRPSURYDGDV,QGLVFXWtYHOSRUWDQWRWDQWRPDLRUTXDQWRPDLRUIRUDQRVVDIp HFUHQoDQDLQYHVWLJDomRpYHUGDGHSRUTXHIRLWHVWDGRHFRPSURYDGR1RHQWDQWRDLQGDQmRKiPXLWDVGpFD GDVDWUiVHVWDPHVPDIpHFUHQoDGDYDPFUpGLWRDXPGRVGRFXPHQWRVHVFULWRVPDLVDQWLJRVGD+XPDQLGDGH R9HOKR7HVWDPHQWRQRSULQFtSLRHUDRYHUERIDoDVHDOX]WDPEpPHOHSRVWXODQGRRFRPHoRSHOD/X]GH WXGRRTXHFRQKHFHPRVWUDQVIRUPDGDHPHQWLGDGHHDSHOLGDGDGH'HXV(VWDFRQYHUJrQFLDHQWUHDWHFQRORJLD DSOLFDGDSRUXPODGRHDVIRQWHVHVFULWDVMXGDLFDVSRURXWURUHVXOWDPQXPDPHVPDYHUGDGHTXHQRXQLYHUVR GRVSRVVtYHLVVypFUHGtYHOSRUTXHRJUDXGHIpRMXVWL¿FD(PXLWRHPERUDRVPpWRGRVHRVGLVFXUVRVVHMDP FODUDPHQWHGLVWLQWRVDFRQ¿UPDomRRXDLQ¿UPDomRSURFHGHPHFRQYHUJHP(VWDUHPRVHQWmRHPFRQGLo}HV GHGL]HUTXHRVDYDQoRVFLHQWt¿FRVYrPOHJLWLPDUXPDD¿UPDomRFLWDGDQR$QWLJR7HVWDPHQWR" 1D FLrQFLD PRGHUQD R FRQKHFLPHQWR DYDQoD SHOD HVSHFLDOL]DomR 2 FRQKHFLPHQWR p WDQWR PDLV ULJRURVR TXDQWRPDLVUHVWULWRpRREMHFWRVREUHTXHLQFLGH1LVVRUHVLGHDOLiVRTXHKRMHVHUHFRQKHFHVHURGLOHPD EiVLFRGDFLrQFLDPRGHUQDRVHXULJRUDXPHQWDQDSURSRUomRGLUHFWDGDDUELWUDULHGDGHFRPTXHHVSDUWLOKDR UHDO6$1726 2 UHDO p R TXH H[LVWH XP FRQMXQWR GH IDFWRV ( HVWHV VmR GDGRV GR PXQGR LQWHOLJtYHO PXLWR HPERUD Vy FRQ¿JXUHPFHUWH]DVDEVROXWDVQDPHGLGDHPTXHRVSHUFHSFLRQDPRVHFRQ¿UPDPRV3DUDTXHSRVVDPRV H[SOLFDUHLQWHUSUHWDURVIDFWRVFULDPRVHVWUXWXUDVGHLGHLDVDTXHFKDPDPRVWHRULDVPDVQHPRVIDFWRVQHP DVWHRULDVSRGHPVHUYLVWDVFRPRHVWiGLRVKLHUiUTXLFRVH[SRQHQFLDLVGHFHUWH]DVSRUTXHRVIDFWRVQmRGH VDSDUHFHPQHPSRGHPVHUFRQWHVWDGRVHQTXDQWRTXHDVWHRULDVSRGHPVHUVXSODQWDGDVXOWUDSDVVDGDVRX HVTXHFLGDV2VIDFWRVQmR¿FDPVXVSHQVRVQRWHPSRKLVWyULFRDJXDUGDQGRDGH¿QLomRGHWHRULDVHOHVVLP SOHVPHQWHH[LVWHP$VHOHFomRQDWXUDOpDWHRULDSRVWXODGDSRU'DUZLQDSUHVHQWDGDFRPRRSULQFLSDODJHQWH GHPXGDQoDTXHH[SOLFDRPHFDQLVPRGDHYROXomRRIDFWR$PDUFDG¶iJXDGDHYROXomRSRGHHQFRQWDUVH QRGHVHMRGHFRPSUHHQGHUDKLVWyULDGRTXHSDVVRXRXVHMDDHYLGrQFLDGDVGHVFHQGrQFLDVDVUDt]HVHDP SOLWXGHVGDViUYRUHVJHQHDOyJLFDVTXHVHUHVXPHPQDVTXHVW}HVDLQGDKRMHFRORFDGDSRUPXLWRV'HRQGH YLHPRV"'HRQGHVXUJLXDYLGD"&RPRVHGHVHQYROYHX"&RPRVHUHODFLRQDPRVRUJDQLVPRVHQWUHVL" 3DUWLQGRGDFRQYLFomRGHTXHDHYROXomRpXPIDFWRSRGHUHPRVHQWmRFRQVWUXLUPRGHORVH[SOLFDWLYRV6SHQ FHUSRVWXODYDTXHHYROXomRHWUDQVIRUPLVPRVHDSOLFDPTXHUDRKRPHPTXHUDRXQLYHUVRGDtTXHRUHVXOWDGR GHVWDDFomRVHUiRVHXGHVHQYROYLPHQWROHQWRHJUDGXDOGHXPHVWiGLRDRXWURHVWHSRVWXODGRSRGHVHU HYLGHQFLDGRWDQWRQDPRGL¿FDomRGRVyUJmRVDQLPDLVRXYHJHWDLVFRPRQXPDLGHLDQXPVLVWHPD¿ORVy¿FR RXVRFLROyJLFRQXPDGRXWULQDRXQXPDFLrQFLD&RQWXGRLPS}HVHUHODWLYDPHQWHjFDWHJRULDGDVFLrQFLDV -DQHLUR HFLrQFLD $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO RSLQLmR KLVWyULFDVDXWLOL]DomRGRPpWRGRGHLQIHUrQFLDMiTXHQmRQRVpSRVVtYHOREVHUYDURVSURFHVVRVSDVVDGRV (ODUHDOL]DVHPHGLDQWHDOHLWXUDGRVIDFWRVUHVXOWDGRVVHMDPGRFXPHQWRVHVWUXWXUDVRXDFKDGRV 2SDVVDGRpWRPDGRFRPRXPDUHSUHVHQWDomRHVWUXWXUDOHSURFHVVXDOFRPUXSWXUDVHFRQWLQXLGDGHVUHÀHF WHHPROGDRGLVFXUVRGDVUHDOLGDGHVTXHDSUHHQGHDQDOLVDRVHQWLGRHVLJQL¿FDGRGRFRQVWUXtGR(QWmRR SUHVHQWHpWDPEpPHOHXPSURFHVVRFRQFHSWXDOFXMDOyJLFDVHHQFRQWUDQDDQiOLVHGRVFRUSRVHFDWHJRULDV GRPXQGRUHDOHPGLIHUHQWHVWHPSRVHGLIHUHQWHVOXJDUHVeDFRQVWUXomRGHXPHVSDoRHQWUHIRQWHVHLQ WHUSUHWDo}HVFRPRREMHFWLYRGHHQWHQGHURVYiULRVSURFHVVRVGLIHUHQFLDGRVTXHSDVVRDSDVVRHODERUDPD FRQVWUXomRHDUHSUHVHQWDomRQDRULJHPHVWiRFUX]DPHQWRHQWUHRVXMHLWRLQYHVWLJDGRUGRWDGRGHWpFQLFDV HPpWRGRVHRREMHFWRFXMRVLJQL¿FDGRpGHSHQGHQWHGRGLVFXUVLYRDYHOKDLGHLDGHDFHGHUHFRPSUHHQGHU R(XHR2XWURHPWHUUHQRQHXWUR 1RGHFRUUHUGRVVpFXOR;,;HLQtFLRVGR;;DGRXWULQDGRPDWHULDOLVPRKLVWyULFRGLDOpFWLFRHVWUXWXUDOHLVGH DQiOLVHGDVRFLHGDGHEDVHDGDVQDRUJDQL]DomRFDSLWDOLVWDFRQWHPSRUkQHDHQWHQGHQGRDFXOWXUDFRPRXP UHÀH[RGDUHDOLGDGHVyFLRHFRQyPLFD3RURSRVLomRQDVHJXQGDPHWDGHGRVpFXOR;;YLPRVVXUJLURXWUD LGHLDDGHTXHRVSURFHVVRVFXOWXUDLVHHFRQyPLFRVHVWmRGHSHQGHQWHVGDIRUPDFRPRRVLQGLYtGXRVDV XWLOL]DPHPRUGHPjVXDLQWHOLJLELOLGDGH )D]QRVUHJUHVVDUjHVFRODGRV$QDOOHVHFRQVHTXHQWHPHQWHjKLVWyULDGDVPHQWDOLGDGHVDRHVWUHLWDPHQWR GHODoRVFRPD6RFLRORJLDHD$QWURSRORJLDHQTXDQWRPRGHORTXHPLOLWDSHODUXSWXUDFRPDVQDUUDWLYDVGH UHLVHJOyULDVSRVLWLYLVWDVSRUXPODGRHFRPDDQiOLVHHFRQRPLFLVWDPDU[LVWDSRURXWUR eRIHUHFLGDXPDRXWUDSHUVSHFWLYDGHREVHUYDURVXMHLWRHRREMHFWRGD+LVWyULDHQIDWL]DQGRVHRTXRWLGLDQR RLPDJLQiULRRFRQMXQWXUDORWHPSRORQJRHRHVWUXWXUDOQDLQWHUSUHWDomRGRVIDFWRVKLVWyULFRV1mRUHVWULQ JLQGRIRQWHVRXDERUGDJHQVSURS}HPDFRPSUHHQVmRGRVIDFWRVKLVWyULFRVQDVXDWRWDOLGDGH(QTXDQWR0 %ORFKD¿UPDTXHRSDVVDGRpXPDFRQVWUXomRHXPDUHLQWHUSUHWDomRFRQVWDQWH)%UDXGHODYDQoDFRPXPD QRYDSURSRVWDGHGLYLVmRGRWHPSRKLVWyULFRDFXUWDGXUDomR±SHUtRGRVGHWHPSRYLQFXODGRVDGHWHUPLQD GDVFRQMXQWXUDVVRFLDLVDVFRQMXQWXUDVHQTXDQWRVtQWHVHVGHP~OWLSORVPRPHQWRVGHFDUiFWHUHFRQyPLFR SROtWLFRVRFLDOFXOWXUDODORQJDGXUDomR±DVHVWUXWXUDVDFRQWLQXLGDGHWHPSRUDOGDVVtQWHVHVSDVVtYHLVGH WUDQVIRUPDomRDLQGDTXHGHIRUPDJUDGXDOHWDUGLDHPUHODomRDRVIDFWRVGHFXUWDGXUDomRHjVFRQMXQWX UDVHVWDEHOHFLGDVVHQGRDVPHQWDOLGDGHVXPDGDVFDWHJRULDVTXHSDUWLOKDPGHVWHSURFHVVROHQWR2PDLRU GHVD¿RFRQWXGRSUHQGLDVHFRPDGHPRQVWUDomRGDVGHVFRQWLQXLGDGHVGHSURJUHVVmRGRWHPSR(QTXDQWR TXHDVDOWHUDo}HVWHFQROyJLFDVDFRQWHFHPDJUDQGHYHORFLGDGHDVWUDQVIRUPDo}HVQRVFyGLJRVGHFRQGXWD UHYHODPVHOHQWDV $VVLPRSUHVHQWHGHWHUPLQDDVVXFHVVLYDVOHLWXUDVGRSDVVDGReRVXUJLPHQWRHPJUDQGHGDVLQYHVWLJD o}HVQRkPELWRGDLQWHUHWUDQVGLVFLSOLQDULHGDGHHVWXGRVGHPRJUi¿FRVPpWRGRVTXDQWLWDWLYRVQDKLVWyULD FXOWXUDODERUGDJHQVDQWURSROyJLFDVGD+LVWyULDLQIkQFLDPRUWHLPDJLQiULR+LVWyULDFRPSDUDWLYD+LVWyULD SVLFROyJLFDDQWURSRORJLDKLVWyULFDHQWUHRXWUDVHDWRPDGDGHFRQVFLrQFLDGHTXHREMHFWRVHVWXGDGRVSRV VXHPGLQDPLVPRHFRPSOH[LGDGHLPSOLFDQGRREULJDWRULDPHQWHXPDFRODERUDomRHVWUHLWDFRPYiULDVHVSH FLDOLGDGHVHXPDUHÀH[mRFRQMXQWDVREUHRVGLVFXUVRVHH[SHULrQFLDVeDVVLPTXHPXLWRHPERUDVHPDQWH QKDDFRPSDUWLPHQWDomRGDVHVSHFLDOLGDGHVHODVWRPDPQRYRURVWRIDFHjFRPELQDomRHDRHVWUHLWDPHQWR GHSHUVSHFWLYDVFRPXQV $FWXDOPHQWHD1RYD+LVWyULDHVIRUoDVHSRUFULDUXPDKLVWyULDFLHQWt¿FDDSDUWLUGDPHPyULDFROHFWLYDVLWX DQGRVHQRSRQWRGHMXQomRGRLQGLYLGXDOHGRFROHFWLYRGRORQJRWHPSRHGRTXRWLGLDQRGRLQFRQVFLHQWH HGRLQWHQFLRQDOGRHVWUXWXUDOHGRFRQMXQWXUDOGRPDUJLQDOHGRJHUDO$PHPyULDFRPRREMHFWRGHLQYHVWL JDomRGDV&LrQFLDV6RFLDLVpXPIHQyPHQRUHFHQWH+DOEZDFKVDRLQYHVWLJDUDQRomRGHTXDGURVRFLDOGD PHPyULDGHPRQVWURXTXHVmRRVJUXSRVVRFLDLVTXHGHWHUPLQDPRTXHpPHPRUiYHOHDIRUPDFRPRGHYH VHUUHFRUGDGRVHQGRSRUWDQWRDPHPyULDFROHFWLYDXPDFRQVWUXomRVRFLDOeDKLVWyULDGRVOXJDUHVGHPH PyULDHQWHQGLGRVFRPRFDWHJRULDVTXHDYRQWDGHGRVKRPHQVWUDQVIRUPRXHPSDWULPyQLRD¿UPDQGRDVXD LGHQWLGDGHSDUWLFXODU ³1R QRVVR WHPSR HVFDYDPRV PHGLPRV FDWDORJDPRV GHVFUHYHPRV H DQDOLVDPRV GH IRUPD URWLQHLUD RV REMHFWRVHPRQXPHQWRVGRSDVVDGR0DLVLPSRUWDQWHDLQGDGHVHQYROYHXVHXPDIRUPDGHFRQKHFLPHQWR PHGLDQWHDTXDOSRGHPRVUHSUHVHQWDUXPHVTXHPDGDVFRLVDVTXHGHVDSDUHFHUDP'LVVRWUDWDSUHFLVD PHQWHDHPRomRTXHSURGX]DDUTXHRORJLD2GHVFREULPHQWRGHW~PXORVQmRVDTXHDGRVpDOJRIDQWiVWLFR PDVDH[SORUDomRGDQRVVDFDSDFLGDGHGHSHQVDUPDLVDOpPGDH[SHULrQFLDTXRWLGLDQDHGHLQFRUSRUDUQDV QRVVDVYLGDVDVDFWLYLGDGHVHRVREMHFWRVGHJHQWHTXHMiQmRH[LVWHFRQVWLWXLVHPG~YLGDXPDIRUPDGH HQULTXHFLPHQWR´*$0%/( HFLrQFLD $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO -DQHLUR RSLQLmR 7DPEpPQD1RYD$UTXHRORJLDVHGHEDWHDLGHLDGHTXHDUHFROKDGHGDGRVSRUVLVyQmRVHWUDGX]QD DTXLVLomRGHXPPHOKRUFRQKHFLPHQWRVREUHRSDVVDGRQHFHVViULRVHULDSURFHGHUDRHVWXGRVLVWHPiWLFR GRVUHVWRVPDWHULDLVGDYLGDKXPDQDMiGHVDSDUHFLGDSURSRQGRVHXPDWDUHIDPDLVDPSODDUHFRQVWUXomR GDYLGDGRVSRYRVDQWLJRVFRPSUHHQGHQGRRSHQVDPHQWRKWWSSWZLNLSHGLDRUJZLNL3HQVDPHQWRRV YDORUHVHDSUySULDVRFLHGDGHKWWSSWZLNLSHGLDRUJZLNL6RFLHGDGHDTXHSHUWHQFHUDP $WpHQWmRDVH[SOLFDo}HVSUpKLVWyULFDVWHQGLDPDVHUGHGRLVWLSRVSRUXPODGRFXOWXUDVRUJDQL]DGDV SRUVHTXrQFLDVFURQROyJLFDVSRURXWURPDSDVLQGLFDQGRDVPLJUDo}HVRXDVGLIXV}HVGHLGHLDVWHVWH PXQKDQGRDVVLPDVPXGDQoDVHDFXOWXUDo}HV$LQVDWLVIDomRGHVWHTXDGURGRFRQKHFLPHQWRSHUDQWHD QHFHVVLGDGHGHHQFRQWUDURXWUDVUHVSRVWDVDEULUiDVSRUWDVDRXWUDIRUPDGHLQYHVWLJDUDHYROXomRFXOWX UDO3DUDDOJXQVUHSUHVHQWDQWHVGHVWHQRYRPRYLPHQWRVLJQL¿FDYDHPSDUWHTXHDVVRFLHGDGHVSRGLDP FODVVL¿FDUVHQXPDHVFDODTXHYDLGRPDLVVLPSOHVDRPDLVFRPSOH[R0DVVHDVFXOWXUDVHYROXFLRQDP GHXPHVWiGLRDRXWURVHULDQHFHVViULRHQFRQWUDUDVGLQkPLFDVLQWHUQDVJHUDLVTXHVHUmRUHVSRQViYHLV SRUHVVHFRQGLFLRQDPHQWRLQYHVWLJDQGRVHDVJHQHUDOLGDGHVVREUHDVSDUWLFXODULGDGHV 6HHIHFWLYDPHQWHHQWHQGHPRVRWHPSRDPHPyULDHRSDVVDGRFRPRFRQVWUXo}HVWHyULFDVVXERUGLQDGDV DRODSVRGHWHPSRSUHVHQWHTXHYLYHPRVHQWmRWHUHPRVTXHFRQFRUGDUTXHHOHVH[LVWHPQRQRVVRSUH VHQWHPXLWRHPERUDWHQKDPWLGRXPDH[LVWrQFLDUHDOHVLGRSURGX]LGRVQXPSDVVDGRTXHQRVHVIRUoDPRV SRUUHFRQVWUXLUREMHFWLYDPHQWH 6HpGLItFLOGHXOWUDSDVVDUHVWDUXSWXUDHSLVWHPROyJLFDQDDSURSULDomRItVLFDGRVPRQXPHQWRVGDVHVWUXWX UDVHGRVDFKDGRVPDLVGLItFLOpDLQGDFRPSUHHQGHURDOFDQFHVLPEyOLFRHPtVWLFRGDVXDXWLOL]DomR 2VSUREOHPDVSRGHUmRVHUFRORFDGRVGHYiULDVIRUPDVFRPRHRQGHHQFRQWUDUDVLGHLDVGRVTXHFRQ FHEHUDPHFULDUDPHVWDVPDQLIHVWDo}HVDUTXLWHFWyQLFDV"4XHOHLWXUDVVLPEyOLFDVHVWLPXODUmRRVYiULRV LQWHUYHQLHQWHVQRSURFHVVRGHFRQVWUXomRGDSUpKLVWyULD"4XHHVWUDWpJLDVHPHWRGRORJLDVHPSUHJDU" $UTXHRORJLDULPDFRPHPRomRFRPFXULRVLGDGHLQWHOHFWXDOHFRPDPDQHLUDGHWUDQVIRUPDUHVWDFXULR VLGDGHHPFRQKHFLPHQWReXPWLSRGHHPRomRTXHQRVLQYDGHTXDQGRXVDPRVRTXH-XOLDQ7KRPDV FKDPDµQRVVDLPDJLQDomRDUTXHROyJLFD¶*$0%/( *UDoDVDRVHVIRUoRVFRQMXQWRVGHYiULDVXQLGDGHVGHGRFrQFLDLQYHVWLJDomRHDVVRFLDWLYLVPRRVWUDED OKRVHP$UTXHRORJLD3Up+LVWyULFDQR$OWR5LEDWHMRDGTXLULUDPQRV~OWLPRVYLQWHDQRVXPULWPRUHYLJRUDGR TXH SHUPLWLX HVWDEHOHFHU QR TXH UHVSHLWD j SUpKLVWyULD UHFHQWH GHVWD UHJLmR XPD YLVmR FRHUHQWH QR kPELWRJHRFURQRHVWUDWLJUi¿FR &RQWXGRHVWHHVIRUoRGHFRPSUHHQVmRDLQGDVHHQFRQWUDGLOXtGRMiTXHRXQLYHUVRFXOWXUDOGHWUDQVLomR WHPDLQGDPXLWRSRUH[SOLFDUFRPEDVHQDDUTXHRJUD¿DUHJLVWDGD&RPRWRGDVDVIDVHVGHWUDQVLomRWUDWD GHSUREOHPiWLFDVGHDGDSWDELOLGDGHHHQJHQKRTXHQmRUDUDVYH]HVHVFDSDPDRVPDQXDLVWLSROyJLFRVH jSHUFHSomROLYUHVFD$VLPSOL¿FDomRUHODWLYDPHQWHOLQHDUQHFHVViULDjFRPSUHHQVmRGRWRGRFRQGX]SRU YH]HVjDOLHQDomRGHIDFWRUHVLQGLYLGXDOL]DGRVHFRQVLVWHQWHVTXHVySRUVLH[SOLFDPGHWHUPLQDGRVFRP SRUWDPHQWRV (PWHQWRXVHXPH[HUFtFLRGHDERUGDJHPDQtYHOGDVHVWUDWpJLDVGHSRYRDPHQWRTXHUQRSODQR VLQFUyQLFRTXHUQRGLDFUyQLFRSHUVSHFWLYDQGRSRVVtYHLVPRPHQWRVGHUXSWXUDRXGHHYROXomRPDLVRX PHQRVOLQHDUFRPEDVHQRVGDGRVH[LVWHQWHVDRWHPSR 7i<edj[ifh_c|h_Wi 2LQtFLRGRVWUDEDOKRVGHSURVSHFomRDUTXHROyJLFDHHVWXGRGD3Up+LVWyULDQDUHJLmRGH7RPDUGDWDP GRV DQRV SURVVHJXLQGR GH IRUPD GHVFRQWtQXD SRU YH]HV FRP LQWHUYDORV GH ODUJRV DQRV DWp DRV QRVVRVGLDV(VWHVWUDEDOKRVDFRPSDQKDUDPDVYiULDVIDVHVSRUTXHSDVVRXDKLVWyULDGDDUTXHRORJLD SRUWXJXHVDHHVTXHPDWLFDPHQWHSRGHPVHUDJUXSDGRVHPTXDWURIDVHVQRGHFRUUHUGRVpFXOR;; ±5HJLVWRVHVSRUiGLFRVHVVHQFLDOPHQWHUHDOL]DGRVSRU-RVp/HLWHGH9DVFRQFHOORVDWp ±,QYHQWiULRVDUTXHROyJLFRVGHQDWXUH]DFDGDVWUDOLQDXJXUDGRVSRU&DPDUDWH)UDQoDQRVDQRVH TXHVHHVWHQGHPDWpDRVDQRV ±/DQoDPHQWRGRSULPHLURSURMHFWRGHLQYHVWLJDomRVLVWHPiWLFDGDSUpKLVWyULDGRYDOHGR1DEmRLPSOH PHQWDGRSHOR*(33JUXSRGHHVWXGRVSDUDRSDOHROtWLFRSRUWXJXrVQDGpFDGDGH ±3XEOLFDomRGHPRQRJUD¿DVHGLVVHUWDo}HVHQWUHRV¿QDLVGRVDQRVHWRGDDGpFDGDGH -DQHLUR HFLrQFLD $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO RSLQLmR 7i<edj[iZ_iYkhi_lWi 7UDWDVHGHGH¿QLURFRQWH~GRGHXPDVpULHGHFRQFHLWRVFXMRHQWHQGLPHQWRYDULDFRQVRDQWHRVDXWRUHV 0HWRGRORJLFDPHQWHRSWRXVHSRUQXPSULPHLURPRPHQWRVHDFHLWDUDVGHVLJQDo}HVGRVDXWRUHV/LOOLRV=L OKmRH2RVWHUEHHN6REUDRSUREOHPDGDFRPSDWLELOL]DomRHQWUHGHVLJQDo}HVGLVWLQWDVHDDWULEXLomRGHVtWLRV LQpGLWRVDXPDTXDOTXHUGHVLJQDomRFXOWXUDORXFURQROyJLFD 9HUL¿FRXVHSRVVtYHOGH¿QLUFRPDOJXPFRQVHQVRRµ1HROtWLFRDQWLJRFDUGLDOHGHWUDGLomRFDUGLDO¶Rµ&DPSDQL IRUPH¶HRµ%URQ]HLQLFLDO¶3DUDDUHJLmRRVYiULRVDXWRUHVHDVHVWUDWLJUD¿DVGLVSRQtYHLVQmRSHUPLWLDPGLIH UHQFLDUWmRFODUDPHQWHYHVWtJLRVDWULEXtYHLVDR1HROtWLFRPpGLR1HROtWLFR¿QDO&DOFROtWLFR3Up&DPSDQLIRUPH HPERUDWRGRVHVWHVVHHQWHQGHVVHPFRPRSRVWHULRUHVDR1HROtWLFRDQWLJRHDQWHULRUHVDR&DPSDQLIRUPH E;dgkWZhWc[dje\i_Ye 2$OWR5LEDWHMRORFDOL]DVHJHRJUD¿FDPHQWHQDFRQÀXrQFLDGRVULRV1DEmR=r]HUHH7HMR1HVWDVEDFLDV KLGURJUi¿FDVGH¿QHPVHWUrVJUDQGHVXQLGDGHVJHRPRUIROyJLFDVR0DFLoR+HVSpULFRIRUPDo}HVDQWLJDV GR3Up&kPEULFRH3DOHR]yLFR±URFKDVPHWDPyU¿FDVVHGLPHQWDUHVHHUXSWLYDVD%RUGDGXUD2FLGHQWDORX 2UOD0HVRFHQR]yLFDIRUPDo}HVGHURFKDVFDUERQDWDGDV±FDOFiULRVPDUJDVGRORPLDVDUJLODVHDUHQLWRV HD%DFLDGH6HGLPHQWDomRGR7HMRHGR6DGRIRUPDo}HVPRGHUQDV±GHSyVLWRVGHWHUUDoRVÀXYLDLVGXQDV GHSyVLWRVGHWUtWLFRVGHFREHUWXUD E;dgkWZhWc[djeWhgk[e]h|ÅYe 0XLWRHPERUDQmRWHQKDPVLGRGH¿QLGDVIURQWHLUDVUHGH¿QLXVHRHVSDoRJHRJUi¿FRHPIXQomRGDVXDFDUDF WHUL]DomR¿WRFOLPiWLFDHGRWLSRGHVtWLRVGHVFREHUWRVHPFDGDXPDGHODVFRQVWUXLQGRVHPLFURUHJL}HV $iUHDGR$OWR1DEmRHQFRQWUDVHUHFRQKHFLGDFRPRWDOHPGLYHUVRVWUDEDOKRVGHHVSHFLDOLVWDVQRGRPtQLR GDFRQVHUYDomRGDQDWXUH]DVHQGRDH[VXUJrQFLDGR$JURDOROLPLWHPHULGLRQDOGRDOWR5LEDWHMRSRYRDGRV $iUHDGRV&DQWHLU}HVGR1DEmRLJXDOPHQWHFKDPDGDGDV*UXWDV1HFUySROHVJUXWDV $iUHDGR3UDGRGR1DEmRFRUUHVSRQGHDRDODUJDPHQWRGDVYiU]HDVHjSODQtFLHDOXYLDOSRYRDGRVHKD ELWDWV $iUHDGR%DL[R=r]HUHPHJiOLWRV $iUHDGD&KDUQHFDSDUDMXVDQWHGRULR=r]HUHSRYRDGRV $iUHD$EUDQWLQDSDUDPRQWDQWHGDIR]GRULR=r]HUHSRYRDGRVHKDELWDWV 7Efec[jeZeb]_YW#;ifWe &RQVLGHURXVHTXHRHVWXGRGHYHULDLQFLGLUVREUHXPDiUHDTXHUHXQLVVHWUrVFDUDFWHUtVWLFDV VHUVX¿FLHQWHPHQWHDPSODSDUDVHUUHSUHVHQWDWLYDGHWRGDDUHJLmR VHUVX¿FLHQWHPHQWHSHTXHQDSDUDSRGHUVHUREVHUYDGDHPSRUPHQRU WHUPHUHFLGRWUDEDOKRVGHFDPSRVLVWHPiWLFRVSDUDTXHDREVHUYDomRSXGHVVHVHUFRQVLGHUDGDYiOLGD 7Efec[jeZeb]_YW#J[cfe 2SWRXVHHQWmRSRUQXPDSULPHLUDDSUHFLDomRGDVPDQFKDVGHSRYRDPHQWRGDUHJLmRFRQVLGHUDUWUrVPR PHQWRVRXODSVRVGHWHPSR HQWUHFHUFDGHHD&±PDQFKDTXHHQJOREDRVVtWLRVDWULEXtGRVDR1HROtWLFRDQWLJRHRVVtWLRV µWLSR¶SRYRDGRGD$PRUHLUD HQWUHFHUFDGHHD&±PDQFKDTXHHQJOREDWRGRVRVVtWLRVFRQVLGHUDGRVSRVWHULRUHVjPDQ FKDHDQWHULRUHVjPDQFKDRXVHMDDWULEXtYHLVDR1HROtWLFRPpGLRH¿QDOHDR&DOFROtWLFR HQWUHHFHUFDGHD&±PDQFKDTXHHQJOREDRVVtWLRVDWULEXtGRVDR&DPSDQLIRUPHH,GDGH GR%URQ]HLQLFLDO &RQ¿UPDVHDGL¿FXOGDGHHPGLIHUHQFLDUFRPUHFXUVRH[FOXVLYRDHVWUDWLJUD¿DVHGDWDo}HVUDGLRFDUEyQLFDV PDLVGRTXHDVWUrVPDQFKDVLQLFLDOPHQWHGH¿QLGDVPDVpSRVVtYHOHPHVPRQHFHVViULRDUWLFXODUHVVDV HYLGrQFLDVFRPRVLQGLFDGRUHVWLSROyJLFRVGHPDWHULDLVHHVWUXWXUDVTXHDX[LOLDPRPpWRGRFRPSDUDWLYR 7Efec[jeZeb]_YW¸<_WX_b_ZWZ[ $ULTXH]DUHODWLYDGRVVtWLRVGHWHUPLQDGDHPIXQomRGDVVXDVHVWUDWLJUD¿DVHGDDEXQGkQFLDGHDFKDGRVGD TXDQWLGDGHGHDQiOLVHVHPLFURHVWXGRVUHDOL]DGRVYDULDGHVtWLRVSDUDVtWLR3DUDHIHLWRVGHLQWHUSUHWDomR FRQVLGHURXVHTXHQDVDERUGDJHQVTXHWLYHVVHPHPFRQWDRVVtWLRVVHGHYHULDGH¿QLUXPFULWpULRGH¿DEL HFLrQFLD $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO -DQHLUR RSLQLmR OLGDGHGHKRUL]RQWHVFURQROyJLFRVHGHPDQFKDVGHSRYRDPHQWR2UJDQL]DPVHDVVLPRVGDGRVSRUIRUPDD LQWHJUDUHKLHUDUTXL]DUUHVSHFWLYDPHQWHHSRUHVVDRUGHPRVJUDXVGH¿DELOLGDGH ±KRUL]RQWHHVFDYDGRKRPRJpQHRHHVWUDWL¿FDGR ±KRUL]RQWHHVFDYDGRUHPH[LGRHVWUDWL¿FDGRSRVVXLQGRDUWHIDFWRVGLDJQyVWLFRRXKRUL]RQWHSURVSHFWDGR QmRHVWUDWL¿FDGRFRPDEXQGDQWHVDUWHIDFWRVGLDJQyVWLFR ±KRUL]RQWHHVFDYDGRUHPH[LGRHVWUDWL¿FDGRVHPDUWHIDFWRVGLDJQyVWLFRRXKRUL]RQWHQmRHVWUDWL¿FDGR FRPUDURVDUWHIDFWRVGLDJQyVWLFR ±KRUL]RQWHSURVSHFWDGRQmRHVWUDWL¿FDGRHVHPDUWHIDFWRVGLDJQyVWLFR 6HWRGRVRVVtWLRVGDDPRVWUDDSUHVHQWDVVHPKRUL]RQWHVHVWUDWL¿FDGRVKRPRJpQHRVREWHUVHLDXPWRWDOGH SRQWRVTXHGLYLGLGRVSHORWRWDOGHHVWDo}HVDWULEXLULDPjLQWHUSUHWDomRXPDEDVHGH¿DELOLGDGHLJXDOD Eh[ikbjWZe_dj[hfh[jWj_le¸fheY[iieiZ[d[eb_j_pWe[YWbYeb_j_pWe (PPHDGRV¿QDLVGR9,RPLOpQLRD&LPSODQWDPVHQRYDOHGR1DEmRFRPXQLGDGHVQHROtWLFDVSRUWDGRUDV GHFHUkPLFDLPSUHVVDHFXMDHFRQRPLDVHEDVHLDQDGRPHVWLFDomRGHDQLPDLVHSRVVLYHOPHQWHQDDJULFXOWXUD 1mRVmRFRQKHFLGRVRVKDELWDWVGHVWDVFRPXQLGDGHVPDVRVVXFHVVLYRVHQWHUUDPHQWRVHVFDYDGRVDWp¿QDLV GR9RPLOpQLRD&JUXWDVGR&DOGHLUmRGH1D6DGDV/DSDVHGR&DGDYDOSHODGHVSURSRUomRGRVJUXSRV HWiULRVQHOHVUHSUHVHQWDGRVVXJHUHPTXHDiUHDGRV&DQWHLU}HVVHULDXPWHUULWyULRHVSHFLDOL]DGR 3URYDYHOPHQWHQR9RPLOpQLRD&HPIXQomRGDLQWHUDFomRHQWUHDVFRPXQLGDGHVQHROtWLFDVHPHVROtWLFDV GDUHJLmRVXUJHPFRQWH[WRVQHROtWLFRVGHKDELWDWQRYDOHGR7HMRSRYRDGRGD$PRUHLUDHGHHQWHUUDPHQWRQR YDOHGR=r]HUH$QWDGH9DOGD/DMH(VWHVFRQWH[WRVDVVRFLDPXPDLQG~VWULDOtWLFDH[SHGLWDGLVFRVSLFRV VHL[RVWUDEDOKDGRVSHVRVGHUHGHjSUHVHQoDGHFHUkPLFDOLVDPXLWRIULiYHOHGHSHGUDSROLGD2SRYRDPHQWR PDQWpPVHGLVSHUVRHDSDLVDJHPSHUPDQHFHHVWUXWXUDGDHPIXQomRGHiUHDVVHSXOFUDLVHPDQWDRXHP JUXWD $WpPHDGRV¿QDLVGR,9RPLOpQLRD&PDQWpPVHXPTXDGURGHGLYHUVLGDGHPDVFRPUHWUDFomRGRVLQGL FDGRUHVGHLQWHUFkPELRDORQJDGLVWkQFLDPDLVVLJQL¿FDWLYRVQR1HROtWLFRDQWLJR $SDUWLUGRV¿QDLVGR,9RPLOpQLRD&HDRORQJRGR,,,RPLOpQLRD&UHJLVWDPVHGLYHUVDVPRGL¿FDo}HV DVVRFLiYHLVj&DOFROLWL]DomRGDUHJLmRHPTXHVHGHVWDFDPDXWLOL]DomRGDViUHDVVHSXOFUDLVWDPEpPSDUD KDELWDWHYLGHQFLDGDSHODHVWUXWXUDGDSRSXODomRHQWHUUDGDQDVJUXWDVGRV2VVRVHGH1D6UDGDV/DSDV SHODWHQGrQFLDSDUDDFRQFHQWUDomRGRSRYRDPHQWRVXUJLPHQWRGHJUDQGHVSRYRDGRVFRPSRVVtYHOKLH UDUTXL]DomRGHDFRUGRFRPDYDULDELOLGDGHGDViUHDVGRVKDELWDWVHFRPDLQWHQVL¿FDomRGDVWURFDVDORQJD GLVWkQFLD 1DYLUDJHPSDUDR,,RPLOpQLRD&LUURPSHWDUGLDPHQWHR&DPSDQLIRUPHDVVRFLiYHODQRYDVPRGL¿FDo}HV HVWUXWXUDLVQDVRFLHGDGHWUDGX]LGDVQRVHQWHUUDPHQWRVWHQGHQFLDOPHQWHLQGLYLGXDLVHQDLPSODQWDomRGRV SRYRDGRV(VWDVPRGL¿FDo}HVSURORQJDUVHmRDWpPHDGRVGR,,RPLOpQLRD&QD,GDGHGR%URQ]HLQLFLDO (VWHpRTXDGURFURQRHVWUDWLJUi¿FRSRVVtYHOFRQVWUXtGRQDEDVHGRLQYHQWiULRGHWDOKDGRGHVtWLRVDWULEXtGRV DRVSHUtRGRVFRPSUHHQGLGRVSHODVPDQFKDVHWHQGRHPFRQWDHPSDUWLFXODURVSURFHVVRVSRVWGHSR VLFLRQDLVTXHWHUmRDIHFWDGRHVVHVVtWLRV6HpYHUGDGHTXH³pQHFHVViULRUHFRQKHFHUTXHDLPDJHPYLVtYHOGR SRYRDPHQWRFDOFROtWLFRD1RUWHGR7HMRQmRSRGHVHULGHQWL¿FDGDFRPRXPSDGUmRGHSRYRDPHQWR´6DQWRV SURFXURXVHXPDFRQWH[WXDOL]DomRWHUULWRULDORPDLVH[DXVWLYDSRVVtYHORTXHWHUiSHUPLWLGRXPD OHLWXUDGLDFUyQLFDGDUHJLmRVHPUXSWXUDVDUWL¿FLDLVFRPDVOHLWXUDVDQWHULRUPHQWHSURSRVWDV1XPIXWXURLPH GLDWRWUrVYLDVGHWUDEDOKRSDUHFHPIXQGDPHQWDLVDFDUDFWHUL]DomRJHRPRUIROyJLFDHPLFURPRUIROyJLFDGH SRUPHQRUHVFODUHFHQGRHPSDUWLFXODUDQDWXUH]DGRVVtWLRVGRYDOHGR7HMRRVHVWXGRVGHSRUPHQRUWHFQROR JLDHWUDFHRORJLDGDVLQG~VWULDVOtWLFDVSURYHQLrQFLDGHPDWpULDVSULPDVFURQRORJLDPDLVDSXUDGDDHVFDYD omRHPiUHDGHDOJXQVVtWLRVVHOHFFLRQDGRVSRYRDGRGD5LEHLUDGD*DWDSRYRDGRGH9DOH6HL[RSRYRDGRGR %RQLWRSRYRDGRGR0D[LDODQWDVGD-RJDGDHQWUHRXWURV 7F[ZhWZW;dYWlWbWZW¸kc[ijkZeZ[YWie 7UDWDVHGHXPPRQXPHQWRPHJDOtWLFR³DWtSLFR´LQWHJUDGRQXPDQHFUySROHGHFLQFRPRQXPHQWRVKRMHGHVD SDUHFLGRVORFDOL]DGRQRFRQFHOKRGH$EUDQWHVQDPDUJHPHVTXHUGDGD5LEHLUDGD$OGHLDGR0DWRDÀXHQWH GRULR=r]HUHTXDVHHPIDFHjQHFUySROHGH9DOGD/DMH 5HÀHFWLQGRVREUHDDQiOLVHGRVGDGRVSDOHRDPELHQWDLVDWpDJRUDREWLGRVSDUDHVWHSHUtRGR,9,,,PLOpQLRV -DQHLUR HFLrQFLD $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO RSLQLmR D&IDFLOPHQWHLPDJLQDPRVXPDSDLVDJHPRQGHSUHGRPLQDR$UEXVWXVXQHGRFRPDVVRFLDomRD(ULFDFHDH HHVFDVVRV4XHUFXV3LQXV$OQXVH2OHDHXURSDHDHPFRPELQDomRFRPDH[LVWrQFLDGHFHUHDLV (QFRQWUDVHFRQVWUXtGRDPHLDHQFRVWDWHQGRFRPRSDQRGHIXQGRDSDLVDJHPOLWROyJLFDGRPDFLoRDQWLJR JQHLVVGHHQFRVWDVHGHFOLYHVPXLWRDFHQWXDGRVWHUPLQDQGRDEUXSWDPHQWHQRULR=r]HUH 7;ijhkjkhW $FRQ¿JXUDomRDUTXLWHFWyQLFDGRPRQXPHQWRpGLYHUVDH~QLFDQR$OWR5LEDWHMRGRVGHPDLVPRQXPHQWRVUHFR QKHFLGRVQR9DOHGR=r]HUHTXHUUHODWLYDPHQWHjGLVSRVLomRGRVRUWRVWDWRVRDSURYHLWDPHQWRGRDÀRUDPHQWR HPJQHLVVSDUDDVXDFRQVWUXomRSURGX]XPHIHLWRHVWpWLFRHPQDGDVHPHOKDQWHDRVGROPHQVWLSL¿FDGRVTXHU QRTXHUHVSHLWDjVXDLPSODQWDomRMiQDUXSWXUDGHSHQGRUGDYHUWHQWHPDQWHQGRQRHQWDQWRXPDYLVLELOLGDGH FRPEDVWDQWHDPSOLWXGHUHODWLYDPHQWHjPDUJHPGLUHLWDGRULR=r]HUHQDGLUHFomRGR%DLUUR)XQGHLUR $FDUDFWHUtVWLFDPDUFDQWHGHVWHPRQXPHQWRpVHPG~YLGDRIDFWRGRVVHXVFRQVWUXWRUHVWHUHPUHFLFODGRWDP EpPSDUD¿QVIXQHUiULRVRJUDQGHEORFRGHDÀRUDPHQWRYLVtYHOGDSDLVDJHPHYHQWXDOPDUFRGHUHIHUrQFLD GHDOJXPDVFRPXQLGDGHV (PWHUPRVDUTXLWHFWyQLFRVIRLSRVVtYHOGH¿QLUWUrVIDVHVGHFRQVWUXomRRFXSDomRGR0RQXPHQWRTXHSRGH UmRFRQWXGRVHUFRHYDV IDVH ±$ÀRUDPHQWRQDWXUDOHPJQHLVV±3HGUHLUDH[WUDFomRGHPRQyOLWRV IDVH ±(VWUXWXUD,&RQVWUXomRGR0RQXPHQWRFRPFkPDUDVLPSOHVSRVVXLQGRXPDSODQWDWULDQJXODURYDODGDHHQ WUDGDYLUDGDD6XGHVWHpFRPSRVWDSRUXPHVWHLREROHDGRQRODGR2HVWHVHQGRRJUDQGHDÀRUDPHQWRRVHX FRPSOHPHQWRQRODGR(VWH$PHVDIUDJPHQWDGDGHXOKHRQRPHGH(QFDYDODGD$6XOHQFRQWUDPRVXP SHTXHQRHVWHLRGHIHFKR6HH[LVWLXQDIUHQWH1RUWHDOJXPHVWHLRTXHIHFKDVVHDFkPDUDHVWHGHVDSDUHFHX (QFRQWUDYDVHMiPXLWRUHYROYLGDVHQGRRVPDWHULDLVUHFROKLGRVQDVXDPDLRULDFHUkPLFDVGHWRUQR IDVH ±(VWUXWXUD,,,&RQVWUXomRGR0RQXPHQWRFLUFXODUDGRVVDGRDRJUDQGHEORFRGHDÀRUDPHQWRQRODGR(VWH GD(VWUXWXUD,&RPSRVWDSRUJUDQGHVHVWHLRVFDtGRV³HPGRPLQy´RFXSDXPDiUHDFRPFHUFDGHPHWURV GHGLkPHWUR(VWHVHVWHLRVWDOFRPRRHVWHLRODWHUDOGD(VWUXWXUD,HQFRQWUDYDPVHFRORFDGRVQDWUDQVYHUVDO RFXSDQGRWRGDDIUHQWH(VWH3RVVXLSODQWDFLUFXODUPDVGHYLGRDIHQyPHQRVSyVGHSRVLFLRQDLVTXHWLYHUDP OXJDUGXUDQWHVpFXORVDSUHVHQWDVHFRPSOHWDPHQWHUHPH[LGD 9HUL¿FDVHDXWLOL]DomRGRDÀRUDPHQWREDVHSDUDVXSRUWDURVHVWHLRVQDSRVLomRWUDQVYHUVDOSRGHQGROKH VHULPSXWDGDFRPRUD]mROyJLFDSUiWLFDRXHPStULFDSDUDWDORIDFWRGHVHUH[WUHPDPHQWHGLItFLOFULDUXPD SODWDIRUPDDUWL¿FLDOQRDFHQWXDGRGHFOLYHGRWHUUHQR IDVH ±(VWUXWXUD,,&RQVWUXomRGHIRVVDVSpWUHDVWXPXODUHVFXMDVSODQWDVWrPIRUPDVVXEFLUFXODUHVRYDODGDV SRVVXLQGRHVWHLRGHFDEHFHLUDHQXQFDXOWUDSDVVDQGRRVGRLVPHWURVTXDGUDGRVGHiUHDORFDOL]DPVHHP WRGRRSHUtPHWURHQYROYHQWHGDPDPRDGD(VWUXWXUD,VHQGRLQWHUURPSLGDVSHOD(VWUXWXUD,,,&RUUHVSRQGH DRTXHYXOJDUPHQWHVHFODVVL¿FDQXP'ROPHQFRPRPDPRDH[HUFHQGRDVPHVPDVIXQo}HVHPWHUPRVGH HVFRUDPHQWRGHRUWRVWDWRV(VWUDWLJUD¿FDPHQWHIRLSRVVtYHOGHWHFWDUWUrVFDPDGDVGLVWLQWDVTXHFRUUHVSRQ GHPDRQtYHOGHWXPXODomR $IXQFLRQDOLGDGHGDV(VWUXWXUD,H,,QmRRIHUHFHG~YLGDVHHQTXDGUDVHQRVSURFHVVRVGHWXPXODomRULWXDOL ]DomRTXHHQFRQWUDPRVQRVGHPDLVPHJiOLWRVGHWLSRGyOPHQ,QIHOL]PHQWHUHODWLYDPHQWHDRDVSHFWRVXPi ULRGDGHSRVLomRGRVLQGLYtGXRVDDPRVWUDGHRVVDGDVKXPDQDVUHFROKLGDpTXDVHLQH[LVWHQWHRXTXDQGR H[LVWHHVWiGHWDOIRUPDGHWHULRUDGDHHURVLRQDGDSHORVIHQyPHQRVGHWDIRQRPLDJHROyJLFDTXHQmRSRVVXHP FRODJpQHRVX¿FLHQWHSDUDGDWDomRUDGLRFDUEyQLFDSHORTXHWHFHUTXDOTXHUFRQVLGHUDomRVREUHRULWXDOGH LQXPDomRGHYHREULJDWRULDPHQWHVHUFRORFDGDGHSDUWH 5HODWLYDPHQWHj(VWUXWXUD,,,DLQGDTXHGHPDVLDGDPHQWHUHPH[LGDSRGHPRVDYDQoDUFRPRVGDGRVGLVSR QtYHLVYiULDVKLSyWHVHVLQWHUSUHWDWLYDVHIXQFLRQDLV (VWUXWXUDFRPSOHWDGHSODQWDFLUFXODUFRPXPDHQWUDGDD6XOVHPFREHUWXUD6HQGRSRUWDQWRXPDHVWUXWXUD ³VHPHOKDQWH´DXPJUDQGHUHFLQWRPHJDOtWLFRDOJXQVGRVHVWHLRVHVWmRFRORFDGRVHPSRVLomRWUDQVYHUVDO RXWURVQDYHUWLFDOVHUiXPDHVWUXWXUDFRHYDGDVHVWUXWXUDVGHHQWHUUDPHQWRHPIRVVDQD]RQD6XO$IXQFLR QDOLGDGHSRGHULDWHUVLGRDGHULWXDOL]DomRGDYLGDRXXPORFDOGHHQFRQWURVLPEyOLFRGHFRPXQLGDGHV (VWUXWXUDGHSODQWDFLUFXODUFRQWHQGRYiULDVWXPXODo}HVHPIRVVD6HQRVIRUSHUPLWLGRID]HUXPDFRPSDUD omRHQFRQWUDPRVXP³WUDWDPHQWR´VHPHOKDQWHQDEDVHGRVHQWHUUDPHQWRVHPJUXWDRXVHMDXPDFDPDGD HFLrQFLD $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO -DQHLUR RSLQLmR GHSUHSDUDomRFRORFDGDHQWUHDURFKDPmHHDEDVHGRW~PXORSURSULDPHQWHGLWR$YHQWDQGRXPDUHFRQVWLWXL omRSRGHPRVLQIHULUXPDSULPHLUDFDPDGDGH³FDVFDOKR´PL~GRFRORFDGDGLUHFWDPHQWHVREUHRDÀRUDPHQWR XPDVHJXQGDFDPDGDGHEORFRVPpGLRVGHJQHLVVTXHWrPFRPRIXQomRDFWXDUFRPRFRQWUDIRUWHLQWHUQRGRV HVWHLRVXPDWHUFHLUDFDPDGDTXHFRUUHVSRQGHjLPSODQWDomRGRHVWHLRQDWUDQVYHUVDOXPDTXDUWDH~OWLPD FDPDGDGHSUHHQFKLPHQWRHFRQWHQomRGRVEORFRVTXHQHVWHPRPHQWRpSRXFRSHUFHSWtYHOWDOYH]GHYLGRj IRUWHHURVmRHjYLRODomRHVDTXHTXHRPRQXPHQWRVRIUHX (VWUXWXUDVHPLFLUFXODUYROWDGDSDUDD5LEHLUDGD$OGHLDGR0DWRWDPEpPFRPDPHVPDKLSRWpWLFDIXQFLRQD OLGDGHULWXDOjQDWXUH]DiUHDFRQWHPSODWLYDRXORFDOGHUHXQLmR (VWUXWXUDLQDFDEDGDDSRUHVFDVVH]RXGH¿FLrQFLDGHPDWpULDSULPDESRUUD]}HVGHPRELOLGDGHGDFRPX QLGDGHDJURSDVWRULOFGRHQoDRXHSLGHPLDQDFRPXQLGDGHGFDWDFOLVPRQDWXUDOVLVPRHPXGDQoDVQD HVWUXWXUDVRFLDOHVLPEyOLFDGDVFRPXQLGDGHV 2DSURYHLWDPHQWRGRDÀRUDPHQWRSDUDDSDUWLUGHOHVHFRQVWUXLUHVWUXWXUDVpXPDFDUDFWHUtVWLFDSDUWLFXODU HPWRGRR0RQXPHQWR(VWDiUHDSRGHWHUVLGRXPGRVHVSDoRVGHRQGHVHH[WUDtUDPJUDQGHVHVWHLRVLVWRp HVWDpWDPEpPXPDiUHDGHSHGUHLUDSDUDH[WUDFomRGHPDWpULDSULPD (VWHPRQXPHQWRWHUiVLGRQDRULJHPVLPXOWDQHDPHQWHXPDiUHDFRPERDVSHUVSHFWLYDVGHH[SORUDomRHQ TXDQWRSHGUHLUDHXPPDUFRLQGHQWLWiULRQDSDLVDJHP3RVWHULRUPHQWHWHUiHYROXtGRDUTXLWHFWRQLFDPHQWHQR FRQFHLWR GH GHPDUFDomR GD SDLVDJHP GDV FRPXQLGDGHV DJURSDVWRULV QHRFDOFROtWLFDV VHQGR WUDQVIRUPDGR QXPD³PDUFD´PHJDOtWLFDGHHQWHUUDPHQWRVHPIRVVD$ID]HUIpQRVUHVXOWDGRVGH7/VREUHFHUkPLFDVHFRP SDUDQGRFRPRVVLVWHPDVGHULWXDOL]DomRFRQKHFLGDVQR$OWR5LEDWHMRTXHUHPJUXWDTXHUHPDQWDHVWDVVmR IRVVDVLQGLYLGXDLV,QIHOL]PHQWHRUHPH[LPHQWRDRORQJRGRVPLOpQLRVHDYLRODomRGDVHYHQWXDLVVHSXOWXUDV TXHSRVVDPWHUVLGRUHDOL]DGDVQRQ~FOHRFHQWUDOGRVJUDQGHVHVWHLRVGD(VWUXWXUD,,,QmRQRVGHL[DPYHVWt JLRVFODURVHPWHUPRVHVWUDWLJUi¿FRVSRUIRUPDDGH¿QLUFRPDOJXPDVHJXUDQoDHVWDSRVVLELOLGDGHYLVWRTXH DVFDPDGDVDQWURSL]DGDV$%H&IDFLOPHQWHGH¿QLGDVQD(VWUXWXUD,,VHHQFRQWUDPDTXLPXLWRDIHFWDGDVH UHYROYLGDV$FRQ¿UPDUVHDKLSyWHVHGDYLRODomRGDVVHSXOWXUDVSDUHFHQRWDUVHXPDVHOHFomRFULWHULRVDGR VDTXHGRVDUWHIDFWRVWHQGRDSHQDV¿FDGRQRPRQXPHQWRMiEDVWDQWHUHPH[LGRRVDUWHIDFWRVTXHQmRIRUDP LGHQWL¿FDGRVFRPRWDORXFRQVLGHUDGRVOL[R&RQWXGRDSHUPDQrQFLDGHVWHORFDOQDPHPyULDFROHFWLYDGDV SRSXODo}HVORFDLVDRORQJRGRVWHPSRVKLVWyULFRVpXPIDFWR 2EVHUYDQGRDJHRPRUIRORJLDGRWHUUHQRHFRQVLGHUDQGRHVWH0RQXPHQWRFRPRSDUWHLQWHJUDQWHGR³LWLQHUiULR´ GDVFRPXQLGDGHVDJURSDVWRULVR³FDPLQKR´SUpKLVWyULFRGHDFHVVRDHVWH0RQXPHQWRQmRSDUHFHVHURTXH XWLOL]DPRVDFWXDOPHQWH1XPDSULPHLUDKLSyWHVHRSHUFXUVRDFRPSDQKDULDDWRSRJUD¿DJHRJUi¿FDSHODVPDU JHQVGDULEHLUDGD$OGHLDGR0DWRVXEVLGLiULDGRULR=r]HUHUHDOL]DQGRVHRSHUFXUVRSDUDRXGD$OGHLDGR 0DWR1XPDVHJXQGDKLSyWHVHRDFHVVRIDUVHLDSHORLQWHULRUYLD0DUWLQFKHO9DOH&KmRV±9DOH0DQVR 7;ijhWj_]hWÅW (VWUDWLJUD¿FDPHQWHpSRVVtYHOGHWHUPLQDUWUrVFDPDGDVGHDQWURSL]DomR FDPDGD$FRPSRVWDSRUVHGLPHQWRPXLWRHVFXURSXOYHUXOHQWRDUHQRVRpDWUDYHVVDGRSRUPXLWDVUDt]HV GHYiULRVWLSRVGHiUYRUHVSLQKHLURVROLYHLUDVHXFDOLSWRVHYiULRVWLSRVGHTXHUFXV2VSULPHLURVFLQFRFHQ WtPHWURVGHVWDFDPDGDHVWmRUHFREHUWRVSRUIROKDVGHVWDViUYRUHVHSRUFDVFDVGHSLQKHLUReXPDFDPDGD FDVWDQKRDFLQ]HQWDGDTXHVRIUHXLQÀXrQFLDVGRIRUWHLQFrQGLRTXHRFRUUHXKiFHUFDGHDQRVVHQGRDLQ GDSRVVtYHOHQFRQWUDUJUDQGHVFDUY}HV2VDUWHIDFWRVTXHVHHQFRQWUDPQHVWDFDPDGDHVWmRUHPH[LGRVH RFXSDPXPSHUtRGRFURQROyJLFRTXHDEUDQJHDSUpKLVWyULDUHFHQWHD,GDGH0pGLDHPDWHULDLVDFWXDLV1D REVHUYDomRFRPRDSRLRGRFyGLJRGHVRORV0XQVHOSRGHPRVFODVVL¿FDUHVWHVRORFRPR<DPDUHODGD YDORUFURPDGDUNJUH\$SUHVHQWDVHFRPRFREHUWXUDGRVHVWHLRVHFRQWLQXDXPSRXFRHPSURIXQGLGDGH DWpVHQVLYHOPHQWHDPHLRGRVPHVPRV FDPDGD%PDLVRXPHQRVGHOLPLWDGDSRUEORFRVGHPpGLDHSHTXHQDGLPHQVmRpGHFRUFDVWDQKRDODUDQMD GDPDLVFRPSDFWDGDPDQWrPVHDVLQ¿OWUDo}HVGHFDUY}HVHGHPXLWDVUDt]HVLQGLIHUHQFLDGDV$FODVVL¿FDomR GHVWDFRUFRPRDSRLRGRFyGLJRGH0XQVHOOpGH<5DPDUHORDYHUPHOKDGRYDORUFURPDVWURQJEUR ZQ(VWHVHGLPHQWRDSUHVHQWDVHPDLVFRPSDFWRKRPRJpQHRHDUHQRDUJLORVR&RUUHVSRQGHQD(VWUXWXUD ,,,DRKRUL]RQWHGHLPSODQWDomRGRVHVWHLRVMiTXHRVDOYpRORVGRVJUDQGHVHVWHLRVHVWmRLPSODQWDGRVHQWUHR WRSRHRPHLRGHVWDFDPDGDHQD(VWUXWXUD,,jVHVWUXWXUDVHPIRVVD$FODVVL¿FDomRGHVWDFRUFRPRDSRLR GRFyGLJRGH0XQVHOOpGH<5DPDUHORDYHUPHOKDGRYDORUFURPDVWURQJEURZQ1D(VWUXWXUD,,, HVWDiUHDVRIUHXSUHHQFKLPHQWRSDUDFRPSHQVDURVGHVQtYHLVDFHQWXDGRVGRDÀRUDPHQWRVXJHULQGRVHUXPD FDPDGDGHSUHSDUDomRGRDVVHQWDPHQWRGRVHVWHLRVFRORFDGRVQDWUDQVYHUVDOHVWHVEORFRVHQFRQWUDPVH DVVHQWHVQRDÀRUDPHQWRHWHULDPIHLWRSDUWHGRHVFRUDPHQWRLQWHUQRGRVHVWHLRV FDPDGD&FDPDGDSXOYHUXOHQWDFRUUHVSRQGHjGHVDJUHJDomRGHVJDVWHHGHFRPSRVLomRGRDÀRUDPHQWR UHODFLRQDGRFRPDH[FHVVLYDDFLGH]GRWHUUHQRHDRQtYHOGHGHSRVLomRGRVFRUSRVGHFRUDPDUHORDFDV WDQKDGRPXLWRFODURFRQWpPPXLWDPRVFRYLWHHIUDJPHQWRVGDURFKDGHVDJUHJDGD$FODVVL¿FDomRGHVWDFRU -DQHLUR HFLrQFLD $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO RSLQLmR FRPRDSRLRGRFyGLJRGH0XQVHOOpGH<5DPDUHORDYHUPHOKDGRYDORUFURPDYHU\SDOHEURZQ Ei7Y^WZei 2VDUWHIDFWRVH[XPDGRVFRUUHVSRQGHPWLSRORJLFDPHQWHDXPFRQMXQWRKRPRJpQHRGDWiYHOSRUFURQRORJLD UHODWLYDGRQHRFDOFROtWFR ,QG~VWULD/tWLFDLQG~VWULDSROLGDPDFKDGRVIUDJPHQWDGRVD¿DGRUSROLGRUHVLQG~VWULDVREUHODVFDOkPLQDV ODPHODVSRQWDVGHVHWDPDFURODVFDVHHVTXtURODVLQG~VWULDVREUHVHL[RQ~FOHRVGHODVFDVVHL[RVWDOKD GRV VHL[R URODGR FRP SHTXHQRV HQWDOKHV ODWHUDLV H SHUFXWRUHV 3UHGRPtQLR GD PDWpULDSULPD TXDUW]R H TXDUW]LWRHVFDVVH]GHVtOH[HDQ¿EROLWH4XDVHWRGRVRVPDWHULDLVOtWLFRVDSUHVHQWDPLQGtFLRVGHXWLOL]DomR HGHGHVJDVWH ,QG~VWULD&HUkPLFD7LSRORJLFDPHQWHSRGHUHPRVLQVHULURVUHFLSLHQWHVTXDVHFRPSOHWRVQDFDWHJRULDGHHV IpULFRV9DVRVH7DoDVKHPLVIpULFDVHPFDORWH9DVRVGHIXQGRDSODQDGRVHPGHFRUDomRFRPDOLVDPHQWR VLPSOHVGHVXSHUItFLHVFXMRVERUGRVVmRQDIRUPDHGLUHFomRUHGRQGRVUHFWRVHDSRQWDGRV$IRUWHHURVmRH IULDELOLGDGHTXHRVIUDJPHQWRVFHUkPLFRVDSUHVHQWDPGRSRQWRGHYLVWDGHSDVWDSRGHPVHUMXVWL¿FDGDVSRU GRLVIDFWRUHVDDFLGH]GRWHUUHQRHRLQFrQGLRGHJUDQGHVSURSRUo}HVTXHWHYHOXJDUKiFHUFDGHDQRV $DWPRVIHUDHWHPSHUDWXUDGHFR]HGXUDSURGX]LUDPYDVRVGHFRQVLVWrQFLDPpGLDRQGHDGH¿QLomRHQWUH R[LGDQWH H UHGXWRU QmR p FODUD 2V SURGXWRV FHUkPLFRV VXEPHWLGRV D XP HVWXGR PDFURVFySLFR GD SDVWD ID]HPQRVFRQFOXLUTXHQDVXDPDLRULDDOJXPDVH[FHSo}HVSDUDIUDJPHQWRVGHFHUkPLFDDFWXDOVHSRGHP GHVFUHYHUGDVHJXLQWHIRUPDIDEULFRPDQXDOWH[WXUDFRPSDFWDJUDXGHFR]HGXUD±EHPFR]LGRFRPFDUER QL]DomRFRPSOHWDDWPRVIHUDGHFR]HGXUD±UHGXWRUDLUUHJXODUGLPHQVmRGRVHOHPHQWRVQmRSOiVWLFRVPXLWR ¿QRV¿QRVHPpGLRVTXDQWLGDGHGHHOHPHQWRVQmRSOiVWLFRVDWpGLVWULEXLomRGHHOHPHQWRVQmRSOiVWL FRV±KRPRJpQHDDUHVWDVGHHOHPHQWRVQmRSOiVWLFRV±DQJXORVDVFRPSRVLomRGHHOHPHQWRVQmRSOiVWLFRV ±PRVFRYLWHTXDUW]RIHOGVSDWRTXDUW]LWRHFDOFiULRWUDWDPHQWRGHVXSHUItFLHLQWHUQD±DOLVDGDHVSDWXODGD WUDWDPHQWRGHVXSHUItFLHH[WHUQD±DOLVDGDHVSDWXODGDGXUH]DGDVXSHUItFLHH[WHUQD±ERDFRUJHQHUDOL]DGD GRVIUDJPHQWRVFHUkPLFRV<5HVSHVVXUDPpGLDGRVIUDJPHQWRVHRVPP CWjh_WEh]~d_YW0FhWj_YWc[dj[_d[n_ij[dj[$ ³2EMHFWRV6LPEyOLFRV´VHL[RVDUUHGRQGDGRVRXDSODQDGRVSRUYH]HVFRPHQWDOKHV 7i:WjW[i ,GDGHPpGLDREWLGDDQRV ,QYHVWLJDomRHP$UTXHRPHWULDQRkPELWRGRSURWRFROR,71,3$ $FRQVWUXomRGHPRQXPHQWRVPHJDOtWLFRVGXUDQWHSDUWHGDQRVVDSUpKLVWyULDUHFHQWHLPSOLFRXGHFHUWRSRU SDUWHGDVFRPXQLGDGHVXPDWUDQVIRUPDomRQDVXDSHUFHSomRGRHVSDoRGRWHPSRHGDLGHQWLGDGH$QiOLVHV WHUULWRULDLVVXJHUHPTXHSDUDDOpPGHORFDLVGHFXOWRDRVPRUWRVVHULDPDLQGDUHIHUrQFLDVItVLFDVGHORFDOL]D omRGRWHUULWyULRSDUDDVFRPXQLGDGHVDJURSDVWRULV 2VPRQXPHQWRVGHVWHWLSRHQTXDQWRIRQWHPDWHULDODSRQWDPSDUDLQWHUSUHWDo}HVODWDVHSOXUDLVRQGHRVFRQ FHLWRVGHFLrQFLDHGHUHOLJLmRSRGHUmRFRH[LVWLU(VWDpDiUHDHPTXHRKRPHPQRVVXUJHQDVXDQXGH]GH SUHFRQFHLWRVSROtWLFRVVRFLDLVHFXOWXUDLVTXDVHDVVpSWLFRSHUPLWLQGRP~OWLSODVOHLWXUDVQDPHGLGDHPTXH FUX]DGDGRVHQWUHOHLWRUHVDJHQWHVHVLWXDo}HVKLVWyULFDV eFHUWRTXHRVGDGRVTXHPDQLSXODPRVHPSUpKLVWyULDQRVFRQGX]HPDLQGLYtGXRVFXMRVFRPSRUWDPHQWRVH DWLWXGHVHVWDYDPLPEXtGDVGXPVHQWLGRGHUHOLJLRVLGDGHSUREOHPDPHVPRpUHFRQVWUXLUXPLPDJLQiULRTXH VHDSUR[LPHREMHFWLYDPHQWHGDUHOLJLmRGHXPSDVVDGRTXHQmRH[LVWHSRUTXHFRQVWUXtGRQRSUHVHQWHFRQVL GHUDQGRTXHDGHWHUPLQDomRGRVHXYDORUFXOWXUDOGHSHQGHGDFRQFRUGkQFLDGDPHPyULDHSRUFRQVHTXrQFLD GDVLQWHUSUHWDo}HVHLQÀXrQFLDVGDFXOWXUDYLJHQWHDRWHPSRHPTXHVmRLQYHVWLJDGRV 7HPiWLFDTXHQRVGHVD¿DHTXHSRUYHQWXUDH[SOLFDHVWDQRVVDREVHVVmRFRQWHPSRUkQHDSHORSDVVDGR 8_Xb_e]hWÅW *$0%/(&±$UTXHRORJtDEiVLFD%DUFHORQD$ULHO3UHKLVWRULD -2+16210±7HRUtDDUTXHROyJLFDXQDLQWURGXFFLyQ%DUFHORQD$ULHO3UHKLVWRULD 6$1726%6±8PGLVFXUVRVREUHDVFLrQFLDV$IURQWDPHQWR3RUWR HFLrQFLD $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO -DQHLUR 23,1,2 ºe[lebkY_ed_icekcWj[eh_WWfhefh_WZWfWhW[nfb_# YWhWl_ZWdWJ[hhW"cWi[ij|[ifWY_Wbc[dj[b_c_jWZe" dej[dZekcWWhj_YkbWe[l_Z[dj[d[cYecWij[e# h_Wi\i_YWiieXh[W\ehcWeZeKd_l[hie[Zedeiie i_ij[cW iebWh d[c Yec e fhfh_e [ijkZe ][eb]_Ye ZefbWd[jW[ZWifW_iW][diedZ[WfWh[Y[hWcjeZWi Bki7]k_WhIWdjei"C[cXheZe9[djheZ[ ;ijkZeiZ[>_ijh_WH[b_]_eiW"Kd_l[hi_ZWZ[ 9Wjb_YW Wi\ehcWiZ[l_ZWWXWhYWZWif[bWX_ebe]_W$» 'HXVH'DUZLQHQWUHDFLrQFLDHDUHOLJLmR 5LFKDUG'DZNLQVGLVVHKiDOJXQVDQRVTXHVHIRVVHELyORJRDQWHVGHSXEOLFDomRGH$2ULJHPGDV (VSpFLHVGH&KDUOHV'DUZLQWHULDVLGRFUHQWHQXP'HXVFULDGRUGR8QLYHUVRHGD1DWXUH]DPDVDVGHVFR EHUWDVGH'DUZLQDQWHVSRUWDQWRGRFpOHEUHDQ~QFLRGH1LHW]VFKHLPSHGLORLDPDSDUHQWHPHQWHGHPDQWHU DTXHODFUHQoD1DVSDODYUDVGH'DZNLQVHVWiSUHVVXSRVWDXPDFUHQoDHP'HXVDQFRUDGDQDFKDPDGDWHR ORJLDQDWXUDOHQmRQDTXHOHVHOHPHQWRVHPTXHDJHQHUDOLGDGHGRVFULVWmRVPDLVFRUULTXHLUDPHQWHEDVHLD DVXDIpDVSDODYUDVHRH[HPSORGH-HVXV&ULVWR2DUJXPHQWRQDWXUDOLVWDGDFUHQoDHP'HXV±DLGHLDGH TXHDREVHUYDomRGD1DWXUH]DQRVFRQGX]jFRQFHSomRGHXP'HXVVHXFULDGRU±SRGHID]HUVHUHPRQWDU DRDUJXPHQWRFRVPROyJLFRGH6mR7RPiVGH$TXLQRTXHSUHWHQGLDFKHJDUjSURYDGH'HXVDWUDYpVGD H[SHULrQFLD VHQVRULDO H GDV OHLV IRUPDLV GD OyJLFD (QWXVLDVWDV FRPR :LOOLDP 3DOH\ VHJXLQGR HVWD SLVWD SUHWHQGHUDPPRVWUDU'HXVQRFRUSXVHPStULFRGDVFLrQFLDVQDWXUDLVDOHJDQGRDQHFHVVLGDGHFLHQWt¿FDGH XPDUTXLWHFWRRX³UHORMRHLUR´GD1DWXUH]D4XHHVVHVHUVXSUHPRQHFHVVDULDPHQWHIRVVHR'HXVFULVWmRMi HUDPDLVGLVFXWtYHOHDYDOLGDGHGRHVIRUoRGRSRQWRGHYLVWDWHROyJLFRHVWULWDPHQWHGRJPiWLFRDOWDPHQWH TXHVWLRQiYHO 2UDIRLFRPDYLDGDWHRORJLDQDWXUDOTXHFROLGLXRSDUDGLJPDHPHUJHQWHQDVREUDVGH'DUZLQRPRGHUQR HYROXFLRQLVPRELROyJLFR'HDFRUGRFRPDOHLWXUDKLVWyULFDGDHYROXomRGDVFRQFHSo}HVFLHQWt¿FDVSURSRVWD SRU7KRPDV6.XKQRHPEDWHGRGDUZLQLVPRFRPDWHRORJLDQDWXUDOSDUHFHDVVLPPDLVXPDJXHUUDGH SDUDGLJPDVFLHQWt¿FRVGRTXHXPDIURQWDPHQWRHQWUHDUHOLJLmRHDFLrQFLD±HPHQRVDLQGDHQWUHDWHRORJLD HDVFLrQFLDVQDWXUDLV$OLiVWHyORJRVUHFHQWHVFRPR.DUO%DUWKRX*RUGRQ&ODUNDFHLWDUDPDSHQDVDYDOLGD GHGDWHRORJLDUHYHODGDUHFXVDQGROLPLQDUPHQWHDYLDGRDUJXPHQWRFRVPROyJLFRHGDWHRORJLDQDWXUDOSDUD FKHJDUDRFRQKHFLPHQWRRXjSURYDGH'HXV2TXHLVWRTXHUGL]HUpTXHFRQWUDULDPHQWHDRTXHSHQVDP DOJXQVPLOLWDQWHVGRHYROXFLRQLVPRPXLWRVFULVWmRVQmRVHVHQWHPDPHDoDGRVQDVXDIpQHPSHORQDXIUiJLR GDWHRORJLDQDWXUDOQHPSHODVIUDJLOLGDGHVGDVVXDVUHFHQWHVVXFHVVRUDV³FULDFLRQLVWDV´ 2XWUDTXHVWmRpTXDQGRGDUZLQLVWDVFRPR'DZNLQVGHIHQGHPTXHRHYROXFLRQLVPRSURYDDLPSRVVLELOLGDGH GD&ULDomRGLYLQDDOJRTXHIUDQFDPHQWHSDUHFHWmRGHPRQVWUDGRTXDQWRHQWUHDVWURItVLFRVDH[FOXVmR GH'HXVSHOR%LJ%DQJ$WpSRUTXHHVWDVD¿UPDo}HVERPEiVWLFDVGRVDQWLFULDFLRQLVWDVSDUHFHPPXLWDV YH]HVSUHVVXSRUXPFRQFHLWRQDWXUDOLVWDRXELEOLFDPHQWHOLWHUDOGH&ULDomRTXHDWHRORJLDVpULDPHVPRD PDLV³RUWRGR[D´QmRFRQVLGHUDQHVVHVWHUPRV'HTXDOTXHUIRUPDDVGL¿FXOGDGHVTXHH[LVWDPSDUDD5H YHODomRHPOLGDUFRPHVWDSUREOHPiWLFDGDVRULJHQVFyVPLFDVGDYLGDFRPRDFRQKHFHPRVHQFRQWUDPQR HYROXFLRQLVPRXPFXULRVRSDUDOHOReTXHVHULDLPSRUWDQWHSHUFHEHUVHGHTXHPRGRRSDUDGLJPDHYROXFLR QLVWDFRPRVHXFRQFHLWRFHQWUDOGHVHOHFomRQDWXUDOVHHVWHQGHSDUDOiGRJUDQGHHFRVVLVWHPDGRQRVVR SODQHWDHOHSURS}HXPDYLVmRGDHYROXomRGDVIRUPDVGHYLGDQD7HUUDPDVSRGHWHQWDUH[SOLFDUPHVPR TXHSRUDQDORJLDDIRUPDomRGRQRVVRVLVWHPDVRODUGDQRVVDHGDVRXWUDVJDOi[LDV"2XVHMDRHYROXFLR QLVPRpXPDWHRULDDSURSULDGDSDUDH[SOLFDUDYLGDQD7HUUDPDVHVWiHVSDFLDOPHQWHOLPLWDGRQmRWHQGR XPDDUWLFXODomRHYLGHQWHQHPFRPDVWHRULDVItVLFDVVREUHDIRUPDomRGR8QLYHUVRHGRQRVVRVLVWHPDVRODU QHPFRPRSUySULRHVWXGRJHROyJLFRGRSODQHWDHGDVSDLVDJHQVRQGHDSDUHFHUDPWRGDVDVIRUPDVGHYLGD DEDUFDGDVSHODELRORJLD1mRSDUHFHSRLVGHVSURSRVLWDGRTXHVWLRQDUDDOHJDomRTXHDOJXQVDXWRUHVID]HP GHHVWDURHYROXFLRQLVPRHPFRQGLo}HVGHQHJDUDSRVVLELOLGDGHGDWUDQVFHQGrQFLD -DQHLUR HFLrQFLD $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO RSLQLmR 3DUDXP¿OyVRIRFULVWmRFRPR$OYLQ3ODWLQJDRSUREOHPDQmRSDUHFHVHURHYROXFLRQLVPRHPVLPHVPR PDVDGHVORFDomRTXHVHID]GHOHSDUDXPQDWXUDOLVPRWRWDOTXHH[FOXLTXDOTXHUSRVVLELOLGDGHGHWUDQV FHQGrQFLDVySRUHVWDQmRVHUQHFHVViULDDRHVTXHPDH[SOLFDWLYRHYROXFLRQLVWD6HDKLVWyULDQDWXUDOGR JUDQGHHFRVVLVWHPDGRQRVVRSODQHWDSRGHVHUH[SOLFDGDDWUDYpVGDLPDJHPGR³UHORMRHLURFHJR´FRPTXH 'DZNLQVTXLVUHSUHVHQWDUDDXVrQFLDGHXP³DUTXLWHFWR´GDHYROXomRWDPEpPpUD]RiYHOTXHVHSHUJXQWH FRPRID]3ODWLQJDVHRKRPHP±SURGXWRGHVVDHYROXomR±VHSRGHVHQWLUFDSDFLWDGRSDUDDHQWHQGHUGH IRUPDWmRFRQWXQGHQWHHGH¿QLWLYDFRPRSDUHFHVHURFDVRGH'DZNLQVHGH'DQLHO&'HQQHW'LUVHLD TXHHVWHVDXWRUHVLQVXÀDPRHYROXFLRQLVPRGDVSUHWHQV}HVDEVROXWL]DQWHVGDUD]mRTXHFDUDFWHUL]DPR UDFLRQDOLVPRHDPLVWXUDGHHYROXFLRQLVPRHUDFLRQDOLVPRRXSRVLWLYLVPR"SDUHFHRSHUDUHVWH³VDOWR´GD FRQVWDWDomRGDSUREDELOLGDGHGDHYROXomRSDUDDGHIHVDGHXPDWHRULDWRWDOHH[FOXVLYD3DUDPDLVHVWH HYROXFLRQLVPRUDFLRQDOLVWDVHDVVLPRSRGHPRVGHQRPLQDUFRORFDDTXHVWmRGHVDEHUVHQmRHVWDPRVQD SUHVHQoDGHXPGHVHQYROYLPHQWREDVWDQWHOLYUHGRFRQWLGRPpWRGRHPStULFRGHREVHUYDomRHGHGXomRGH &KDUOHV'DUZLQTXHHUDFHUWDPHQWHUDFLRQDOPDVGL¿FLOPHQWHUDFLRQDOLVWD G:;:GÚC8>6H/ 8A6G@! <dgYdc =# Ä GZa^" \^dc! GZVhdc! VcY GZkZaV" $LGHLDGHTXHSDUDKDYHUFLrQFLDRVGDGRVHPStULFRVVyID]HPVHQWLGRQRFRQWH[WRGHXPDJUDQGHWH RULDH[SOLFDWLYDXPSDUDGLJPDIRLOHPEUDGDSRU.XKQTXHWDPEpPUHFRUGRXRFDUiFWHUKLVWyULFRGHVVHV SDUDGLJPDVHDIRUPDFRPRDTXHOHVGDGRVWUDQVLWDPPXLWDVYH]HVGHXPSDUDGLJPDSDUDRXWURVXSRU WDQGRYLV}HVFRPSOHWDPHQWHGLIHUHQWHVGDUHDOLGDGHDQWHVHGHSRLVGHXPD³UHYROXomRFLHQWt¿FD´'DUZLQ SRUH[HPSORUHOHXYiULRVFDVRVTXHjOX]GDWHRORJLDQDWXUDOHUDPOLGRVFRPVLJQL¿FDGRVGLVWLQWRVGRV GHFRUUHQWHVGDVXDVHOHFomRQDWXUDO)RLRFULDGRUGHXPSDUDGLJPDH[WUHPDPHQWHFRQYLQFHQWHSDUDDV FLrQFLDVQDWXUDLVPDVTXHWHPDVFDUDFWHUtVWLFDVGRVRXWURVSDUDGLJPDVFLHQWt¿FRV±QRPHDGDPHQWHR GDKLVWRULFLGDGH(VWDKLVWRULFLGDGHGRFRQKHFLPHQWRFLHQWt¿FRFKRFRXHDLQGDUHSXJQDDPXLWRVKRPHQV HPXOKHUHVVREUHWXGRRULXQGRVGDViUHDVGDVFLrQFLDVItVLFDVHQDWXUDLVTXHWrPXPDYLVmRFRQWLQXtVWD HDKLVWyULFDGRVGDGRVHGDVWHRULDVFRPTXHOLGDP2UDRVGLOHPDVLQWURGX]LGRVSHODFRQVLGHUDomRGD KLVWRULFLGDGH±VREUHWXGRHPWRUQRGDSUREOHPiWLFDGDYHUGDGHSRGHRTXHpKLVWyULFRFKHJDUjYHUGDGH" ±MiIRUDPFRORFDGRVHPIRUPDGHGHVD¿RjVUHOLJL}HVUHYHODGDVVREUHWXGRDRFULVWLDQLVPRQR2FLGHQWH &RPHVVHGHVD¿RMiRVWHyORJRVGRV~OWLPRVFHPDQRVSHORPHQRVYrPOLGDQGRWDOFRPRDViUHDVGDV FLrQFLDVVRFLDLVHKXPDQDVTXHPDLVVHOLEHUWDUDPGRSDUDGLJPDSRVLWLYLVWD2PHVPRQmRVHSRGHGL]HU GDVFLrQFLDVItVLFDVHQDWXUDLV i^dc# =dWWh CZl BZm^Xd/ I]Z Ig^c^in ;djcYVi^dc! &..*# 96GL>C! 8]VgaZh Ä I]Z EdgiVWaZ 9Vgl^c ZY# 9jc" XVc B# EdgiZg Z EZiZg L# <gV]Vb! =VgbdcYhldgi]/ EZc\j^c!&..(0 96L@>CH! G^X]VgY Ä I]Z 7a^cY LViX]bV`Zg! CdkV >dgfjZ/L#L#Cdgidc!&.-+0 9:CC:I! 9Vc^Za 8# Ä 9Vgl^cÉh 9Vc\Zgdjh >YZV! CdkV >dgfjZ/ IdjX]hidcZ! &..+0 @J=C! I]dbVh H# Ä I]Z HigjXijgZ d[ HX^Zci^ÒX GZ" &RQWUDULDPHQWHjFUHQoDREMHFWLYLVWDSUHYDOHFHQWHQDVFLrQFLDVItVLFDVHQDWXUDLVHQDSHUFHSomRFXOWXUDO TXHGHODVWHPRJUDQGHS~EOLFRDH¿FiFLDGRVHXVDEHUGHFRUUHQWHGDFDSDFLGDGHGHSUHYLVmRUHVXPH VHHPERDPHGLGDDR³WUDEDOKRGHODERUDWyULR´HQmRjTXLORDTXHSRGHUtDPRVFKDPDUR³PXQGRUHDO´ FRQVHJXLQGRGRPLQDURVIDFWRUHVPDQLSXODGRVQDVVXDVDFWLYLGDGHVH[SHULPHQWDLVHQHVVHkPELWRID]HU SUHYLV}HVFRPDOJXPVXFHVVRRELyORJRRXRItVLFRWrPPXLWRPHQRVVXFHVVRQDH[SOLFDomRGD1DWXUH]D RXGR8QLYHUVR1HVWHkPELWRGDVJUDQGHVH[SOLFDo}HVDVFLrQFLDVItVLFDVHQDWXUDLVWrPUHVXOWDGRVPR GHVWRVSURYLVyULRVHVXMHLWRVDSROpPLFDVLQWUDSUR¿VVLRQDLV±FRPRRVKLVWRULDGRUHVRXRVHFRQRPLVWDV (VWmROLPLWDGRVFRPRQDVRXWUDViUHDVFLHQWt¿FDVDRVSDUDGLJPDV2UDDSHUFHSomRFXOWXUDOGRFDUiFWHU VXEMHFWLYRRXPHQRVH[DFWRGDVFLrQFLDVVRFLDLVHKXPDQDVGHULYDGDVXDLQFDSDFLGDGHGHUHDOL]DUDFWLYL GDGHVH[SHULPHQWDLV¿FDQGRDVVLPVXMHLWDVjQHFHVVLGDGHGHVHOHFFLRQDUHPGDGRVHPStULFRVGHHQWUH XP XQLYHUVR TXDVH LQ¿QGiYHO GH LQIRUPDomR SRWHQFLDO H GH SURSRUHP KLSyWHVHV H[SOLFDWLYDV FRP XPD FDSDFLGDGHOLPLWDGDGHSUHYLVmR±SUHFLVDPHQWHRTXHDFRQWHFHFRPDPDFURELRORJLDRXDDVWURItVLFDTXH FRPRDVRFLRORJLDOLGDPPXLWRPDLVFRPPRGHORV³WHRULDV´HKLSyWHVHV$H¿FiFLDGDVDFWLYLGDGHVH[SHUL PHQWDLVHDVOLPLWDo}HVGHWRGRVRVHVWXGRVQmRH[SHULPHQWDLVGHYHULDWDOYH]DOHUWDUQRVSDUDDYDOLGDGH GHXPDGLVWLQomRDQWLJDHQWUHFLrQFLDHWHFQRORJLDeTXHRVXFHVVRRXDH¿FiFLDGRODERUDWyULRWHPPDLV DYHUFRPDVHJXQGDGRTXHFRPDSULPHLUD-iRVSDUDGLJPDVVmRRTXHGiFRUSRjSULPHLUD kdaji^dch! 8]^XV\d/ I]Z Jc^kZgh^ind[8]^XV\dEgZhh! &..+0 EA6I>C<6! 6ak^c Ä »L]Zc ;V^i] VcY GZVhdc 8aVh]/ :kdaji^dc VcY i]Z 7^WaZ¼! 8]g^hi^VcHX]daVgÉhGZk^Zl! kda# '& c#d & HZiZbWgd &..&! ee# -"((0 GJH:! B^" X]VZaÄ»>h:kdaji^dcVHZ" XjaVg GZa^\^dc4¼! HX^ZcXZ! kda# '.. c#° *+&' , BVgd '%%(!ee#&*'("&*')# $OJXQVSDUDGLJPDVFLHQWt¿FRVWLYHUDPRFRQGmRGHVHUDWDOSRQWRDSHODWLYRVHPWHUPRVVLPEyOLFRVTXH FRQKHFHUDP XPD PHWDPRUIRVH SHULJRVD D GH WRUQDUHPVH DXWrQWLFRV VLVWHPDV GH FUHQoD FRPSHWLQGR FRPDVUHOLJL}HVSURSULDPHQWHGLWDVQDGH¿QLomRGHXPVHQWLGRSDUDDYLGDHQDUHRUJDQL]DomRGHVRFLDEL OLGDGHV2HYROXFLRQLVPRHRGDUZLQLVPRHPSDUWLFXODUWHPXPDKLVWyULDGHPHWDPRUIRVHVGHVWHWLSRTXH R¿]HUDPDSDUHFHUDWUDYpVQHPVHPSUHGHERQVGLYXOJDGRUHVFRPURXSDJHQVGHSURGXWRFXOWXUDOSDUD FRQVXPR GH PDVVDV7KRPDV +HQU\ +X[OH\ H +HUEHUW 6SHQFHU IRUDP GLJQRV DQWHFHVVRUHV GH 'DZNLQV H 'HQQHW QD SURPRomR FXOWXUDO GR HYROXFLRQLVPR FRPR XPD ³YLVmR GR PXQGR´ YHUGDGHLUD SURJUHVVLYD HOLEHUWDGRUD0DVQHVWHkPELWRPHVPRTXHVHUYLQGRVHGHDUJXPHQWRVFLHQWt¿FRVDSUHVHQoDS~EOLFD GRHYROXFLRQLVPRWRUQDVHXPDUHDOLGDGHGHFRQWRUQRVUHOLJLRVRVEHPGLVWLQWRVGRUHFDWRGDGHYRomRj LQYHVWLJDomRGDH[LJrQFLDPHWRGROyJLFDHGDFRQVFLrQFLDGD¿QLWXGHGRVDEHUTXHFDUDFWHUL]DPRWUDEDOKR FLHQWt¿FR(VWHVIDFWRVWHUmRDYLUWXGHGHQRVHVFODUHFHUVREUHDQDWXUH]DPDLVUHOLJLRVDTXHFLHQWt¿FDGDV OXWDVHPTXHRVPLOLWDQWHVHYROXFLRQLVWDVVHWrPHQYROYLGRFRPRXWURVPLOLWDQWHVQDGLVSXWDGHLQÀXrQFLDH GHUHFXUVRV±SRUH[HPSORDSURSyVLWRGRFRQWURORLGHROyJLFRGRVFXUUtFXORVQDVHVFRODVS~EOLFDV HFLrQFLD $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO -DQHLUR HP 5(3257$*(0 7HRULDGD(YROXomR&LrQFLDYV5HOLJLmR 9ece WfWh[Y[ e ^ec[c de CkdZe [ Yece WYedj[Y[ W ikW [lebke Z[iZ[ ^| ck_je gk[ Z_l_Z[ Wi Y_l_b_pW[i$ I[ ^| gk[c Z[\[dZW e fedje Z[ l_ijW ZW h[b_]_e" ^| gk[c Z[\[dZW W 9_ dY_W$ CWi^|W_dZWgk[cWYh[Z_j[gk[WiZkWi j[eh_WifeiiWci[hfeiil[_i$7l[hZWZ[ gk[[ijWZ_iYkiielW_Yedj_dkWhWY[iW ZkhWdj[ck_jej[cfe 6fjZhidYVZkdajdW^da\^XViZb h^Ydbdi^kdYZXdcigdkgh^VZcigZaZ^" \dh!ZdXdcig{g^diVbWb#:cigZdh X^Zci^hiVhZm^hiZjbXdchZchdYZfjZ VZkdajdjb[VXid!ZdfjZhZY^h" XjiZ cd bZ^d X^ZciÒXd ]d_Z Xdbd ZaVhZYZj# Hd fjZhiZh Xdbd ÈFjVa V cdhhV dg^\Zb4É! ÈDcYZ hZ ^c^X^dj V cdhhV VkZcijgV4É! È9Z fjZb YZhXZcYZ" bdh4É! ÈFjVcYd hZ ^c^X^dj V cdhhV Zkdajd4É! ÈIZgZbdh jbV VhXZc" YcX^VXdbjb|Ydhdjigdheg^bViVh dj hZgZbdh jb bZbWgd Y^hi^cid YV ZkdajdYVhZheX^Zh4ÉfjZdbjc" YdegdXjgVdWiZggZhedhiVYZhYZfjZ hZXdc]ZXZXdbd]dbZbZXdbdjb hZgYdiVYdYZ^ciZa^\cX^V# 9Vgl^c cZb idYdh dh bZbWgdh YZ jbVcdkV\ZgVdXdchZ\jZbXgZh" XZg Z gZegdYjo^g"hZ! VXVWVcYd edg bdggZgXZYd# ;lebke8_eb]_YWZe>ec[c 6h ZheX^Zh fjZ ]VW^iVb V IZggV Ä Vc^bV^h!eaVciVhdjWVXig^VhcjcXV i^kZgVb d bZhbd VheZXid fjZ ib ]d_Z! [dgVb Vhhjb^cYd XVgVXiZgZh egeg^dhZY^[ZgZcX^VcYd"hZYVhdj" igVh ZheX^Zh fjZ Vh VciZXZYZgVb# :hiZ[VXidXdchi^ij^VWVhZYViZdg^V YV Zkdajd! fjZ [d^ cd hXjad M>M fjZhZY^[jcY^j!iZcYdVhjVeg^bZ^gV [dgbjaVd X^ZciÒXV Zb &-*.! eZad X^Zci^hiV^c\ah8]VgaZh9Vgl^c# JbV kZo fjZ dh ^cY^kYjdh VXVWVb edg hZg Y^[ZgZciZh! dh fjZ ib XV" gVXiZghi^XVhfjZdhidgcVbbV^hVe" idh eVgV k^kZg cd hZj VbW^ZciZ ib bV^h edhh^W^a^YVYZh YZ \ZgVg bV^h YZhXZcYZciZh#:hiVhXVgVXiZghi^XVh hd! Vhh^b! ]ZgZY^i{g^Vh! d fjZ Vh idgcVXVYVkZobV^h[gZfjZciZhXdb deVhhVgYVh\ZgVZh!VXVWVcYdedg bdY^ÒXVg Vh XVgVXiZghi^XVh \adWV^h YVZheX^Z# 6igVkhYZjbXdc_jcidYZdWhZgkV" Zh!dX^Zci^hiVX]Z\dj|XdcXajhd fjZ dh ^cY^kYjdh YZ jbV bZhbV ZheX^Zhd^Yci^Xdh!bVhVegZhZc" iVb a^\Z^gVh Y^[ZgZcVh edg ZmZb" ead!Va\jchhdbV^dgZh!djigdhib XdgZhY^[ZgZciZh!ZiX##DhÒa]dhhd ^Yci^XdhVdheV^h!dfjZZaZXdcXaj^ fjZ Vh XVgVXiZghi^XVh Ydh eV^h hd [gZfjZciZbZciZ ]ZgYVYVh# HZ\jcYd -DQHLUR 6 ZhiZ bZXVc^hbd X]VbV"hZ hZaZX" dcVijgVaZVigVkhYZaZhdZa^b^" cVYdh dh fjZ cd edhhjZb XVgVX" iZghi^XVh kVciV_dhVh# D gZhjaiVYd hZbegZ jbV bZa]dg VYVeiVd YV ZheX^Z Vd VbW^ZciZ Zb fjZ k^kZ# 8db d eVhhVg Ydh Vcdh! jbV ed" ejaVd YV bZhbV ZheX^Z edYZ ^g VXjbjaVcYd Y^[ZgZcVh hjXZhh^kVh ViYZ^mVgYZhZgedhhkZadhZjXgj" oVbZcid Xdb ^cY^kYjdh YZ djigVh HFLrQFLD $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO HP5(3257$*(0 edejaVZh#wVhh^bfjZcVhXZjbV cdkVZheX^Z# I[b[YeDWjkhWb 6Zkdajdcd[d^V\gVcYZ^YZ^VYZ 8]VgaZh 9Vgl^c! bVh h^b V iZdg^V YV hZaZXd cVijgVa# Bj^id VciZh YZ 9Vgl^c VegZhZciVg Vh hjVh iZdg^Vh! Vh eZhhdVh _{ i^c]Vb Xdc]ZX^bZc" id YV Zkdajd V eVgi^g Ydh [hhZ^h! ZiX## D fjZ cd hVW^Vb ZgV Xdbd [jcX^dcVkV V Zkdajd# 6 iZdg^V YV hZaZXd cVijgVa eZgb^i^j Xdc]ZXZg dbZXVc^hbdYVZkdajd!XdbVhjV iZdg^VYVhZaZXdcVijgVa# MK>>># 8Vgadh A^cZj eZghdc^ÒXdj d \gVcYZ Zh[dgd YZ XaVhh^ÒXVd YZ idYdh dh hZgZh k^kdh# 6 cZXZhh^YVYZ YZgZaVX^dcVgY^[ZgZciZhdg\Vc^hbdh ZcigZh^aZkdj|ZheZXjaVdhdWgZV hjV dg^\Zb# A^cZj ZgV ^c^X^VabZciZ jb YZ[Zchdg Yd 8g^VX^dc^hbd! bVh XdbZdjViZgYk^YVhcVhhjVhXdc" k^XZhcVhai^bVhejWa^XVZhhd" WgZdVhhjcid# 8dbiZYZ7j[[dciVbWbYZÒc^jVa" \jbVh^YZ^VhkV\VhhdWgZVZkdajd Vd adc\d YVh hjVh )) dWgVh! cdbZ" VYVbZciZ hdWgZ V bjiVW^a^YVYZ YVh ZheX^Zh# :gVhbjh9Vgl^cVkYZ8VgaZh9V" gl^cZ?ZVc7Vei^hiZAVbVgX`VegZ" hZciVgVb Zk^YcX^Vh YV Zm^hicX^V YV Zkdajd# Dh Yd^h X^Zci^hiVh [dg" bjaVgVb Vh hjVh ^YZ^Vh Xdb WVhZ cV ]ZgZY^iVg^ZYVYZ Ydh XVgVXiZgZh VYfj^g^Ydh# 9Z VXdgYd Xdb ZhiV iZ" dg^V!VhXVgVXiZghi^XVhbdg[da\^XVh YZhZckdak^YVh YjgVciZ V k^YV Z jb ^cY^kYjd edYZg^Vb hZg igVchb^i^" YVh | hjV YZhXZcYcX^V# AVbVgX` VXgZY^iVkV! edg ZmZbead! fjZ Vd adc\d YZ k{g^Vh \ZgVZh d eZhXdd YV\^gV[VhZVadc\djYZk^YdVZhiVd Zhi^XVgXdci^cjVYVbZciZ!cViZciVi^" kV YZ Vi^c\^g V [da]V\Zb Ydh gVbdh bV^h Vaidh YVh {gkdgZh# 9Z VXdgYd Xdb ZhiV iZdg^V Zm^hi^g^V jbV kdc" iVYZ egeg^V YZ bjYVcV XaVgV edg eVgiZYddg\Vc^hbd!VfjVaedY^VhZg igVchb^i^YV|egd\Zc^idgVVigVkhYZ fjVafjZgbZXVc^hbdcdXdc]ZX^Yd cZbZmea^X^iVYdcVVaijgV# FjVcYd VXdciZXZ V gZegdYjd! dh Òa]dhhd^Yci^XdhVdhhZjhegd\Z" c^idgZh! bVh cd hd ^\jV^h# 6Xdc" iZXZ jbV eZfjZcV kVg^Vd YZ jbV \ZgVdeVgVVhZ\j^ciZ#={iVbWb eZfjZcVh kVg^VZh cVh XVgVXiZgh" i^XVh ^cY^k^YjV^h YZ jb bZbWgd YZ jbV ZheX^Z eVgV djigd cV bZhbV \ZgVd Vh Xg^VcVh hd a^\Z^gV" bZciZ Y^[ZgZciZh Ydh hZjh eV^h Z jbVhYVhdjigVhZ]{bV^hÒa]dhYd fjZdhcZXZhh{g^dhZbXVYV\ZgVd ÆcZXZhh{g^dhÇ eVgV VhhZ\jgVg Vh \ZgVZh[jijgVh# ?VbZh=jiidcZ8]VgaZhAnZaak^ZgVb YZbdchigVg fjZ VigVkh YZ bjYVc" Vh \gVYjV^h YV eV^hV\Zb! \gVcYZh igVch[dgbVZhedYZg^VbVXdciZXZg cV hjeZg[X^Z Yd eaVcZiV# D XdcXZ^id YZbjYVcV\gVYjVaigdjmZjbVcdkV ZhXVaViZbedgVa!jbVXdch^YZgVkZa" bZciZbV^dg^YVYZeVgVVIZggVZjb ZcdgbZ^ciZgkVadYZiZbedb^a]Zh YZ Vcdh! YjgVciZ d fjVa V Zkdajd edY^V iZg"hZ egdXZhhVYd# 6i Zcid Vh ^YZ^Vh AVbVgfj^hiVh ZhiVkVb ZheVgi^a]VYVh Zb iZgbdh YZ iZbed Z^hhdZhi{eViZciZcdhegdXZhhdhZ bZXVc^hbdhZcid^ckdXVYdh# IgVWVa]dhhdWgZIZdg^VhYV:kdajd Dheg^bZ^gdhigVWVa]dhhdWgZVZkd" ajd^c^X^VgVb"hZYjgVciZdhXjad GZXZciZbZciZ [d^ YZhXdWZgid jb bZXVc^hbdbZi^aVdYVhWVhZhYZ 69C VigVkh Yd fjVa V ZmeZg^cX^V HFLrQFLD $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO -DQHLUR YZjb^cY^kYjdedYZbdY^ÒXVgV^c" [dgbVd \Zci^XV fjZ kV^ eVhhVg | YZhXZcYcX^V# :Whm_d_ice 6fjZhidYVdg^\ZbYVhZheX^ZhZ YdhbZXVc^hbdhZkdaji^kdhiZkZjb \gVcYZ^beVXidcdhbZ^dhX^ZciÒXdh ZcVde^c^deWa^XV!XdbVejWa^XV" d YV ÆDg^\Zb YVh :heX^ZhÇ! Zb &-*.! edg 8]VgaZh 9Vgl^c# 6h ^YZ^Vh ZVg\jbZcidhYZ9Vgl^cZYZ6a[gZY LVaaVXZ[dgVb"hZ^bedcYd\gVYjVa" bZciZhdWgZVXdggZciZaVbVgfj^hiV! ZbZheZX^Va!VdgZi^gVgVdhdg\Vc^h" bdhdeg^cX^eVaeVeZacdbZXVc^hbd YZZkdajdZY^[ZgZcX^VdYZcdkVh ZheX^Zh# DhXdcig^WjidhYZ9Vgl^ceVgVVIZd" g^VYV:kdajd[dgVbk{g^dh/ "VegZhZcidjjbV\gVcYZfjVci^YVYZ YZYVYdhZZk^YcX^VhYZfjZVZkdaj" dhZegdXZhhVkVZZgVdc^XdbZ^d VigVkh Yd fjVa edYZg^Vb dXdggZg cdkVh ZheX^Zh ejWa^XVd Æ6 dg^" \ZbYVhZheX^ZhÇÄgZhjaiVYdYZjb igVWVa]dYZ'%VcdhYZ^ckZhi^\Vd Xj^YVYdhVbZciZYdXjbZciVYV0 "VegZhZcidjViZdg^VVaiZgcVi^kVeVgV dbZXVc^hbdYVZkdajd!djhZ_V!V iZdg^VYVHZaZXdCVijgVa!WVhZVc" Yd"hZcd[VXidYZidYVhVhZheX^Zh egdYjo^gZb bV^h YZhXZcYZciZh fjZ dh cZXZhh{g^dh | hjV eZgeZijVd hdWgZedejaVdZcd[VXidYZZm^h" i^gZb eZfjZcVh kVg^VZh bdg[da" \^XVhcdh^cY^kYjdhYZjbYZiZgb^" cVYV ZheX^Z kVg^VW^a^YVYZ ^cigVZh" eZXÒXV# 6h^YZ^VhYZ9Vgl^ci^kZgVbYZ^bZ" Y^Vid [dgiZh dedh^idgZh! YZhYZ bj^" idhX^Zci^hiVhÄfjZk^VbcViZdg^VV ^cXVeVX^YVYZeVgVZmea^XVgVdg^\Zb YVhkVg^VZhZcigZZheX^ZhZ^cY^" kYjdh YZ jbV ZheX^Z Ä Vi aYZgZh gZa^\^dhdh! ed^h Vh ^YZ^Vh YZ 9Vgl^c ^VbXdcigVfjV^hfjZgXdcXZeZhYV dg^\ZbYVk^YVhZ\jcYddhegZXZ^idh iZda\^Xdhk^\ZciZh# DegdWaZbVYVcdVXZ^iVdYViZd" g^VYZ9Vgl^cedgeVgiZYZX^Zci^hiVh dWg^\dj"d V ji^a^oVg"hZ YVh ^YZ^Vh YZ AVbVgX`fjVcid|VYVeiVdVdbZ^d! ZbWdgV V hjV iZdg^V iZc]V h^Yd bZ" a]dgVXZ^iZeZadbZ^dX^ZciÒXdVeZcVh cdhXjadMM!YZed^hYVhYZhXdWZgiVh HP5(3257$*(0 YZBZcYZaVXZgXVYVigVchb^hhd]Z" gZY^i{g^V YZ XVgVXiZgZh# HdbZciZ Zb &.., V iZdg^V! fjZ gZkdajX^dcdj YZ" Òc^i^kVbZciZ d bdYd Xdbd d bjcYd X^ZciÒXdZd]dbZbYZbVcZ^gV\ZgVa XdbegZZcYZbVZm^hicX^VYVk^YVcd eaVcZiV! gZXZWZj VcjcX^V Yd gZegZ" hZciVciZb{m^bdYV>\gZ_V8Via^XV!d EVeV?ddEVjad>># 9^Whb[i:Whm_d CVijgVa^hiV Wg^i}c^Xd! fjZ ^c^X^dj dh ZhijYdh YZ BZY^X^cV Z YZ IZdad\^V! bVh Zb &-(&! YZed^h YZ VegZcYZg WVhiVciZ YZ 7di}c^XV! :cidbdad\^V Z <Zdad\^V! [d^ gZXdbZcYVYd eVgV jbV ZmeZY^d X^ZciÒXV V WdgYd Yd 7ZV" \aZ#6kdaiVVdbjcYdYd7ZV\aZYjgdj X^cXd Vcdh! YjgVciZ dh fjV^h 9Vgl^c [dgbdjVhjVXdaZXdYZcVijgVa^hiV! VXjbjadjdWhZgkVZheg{i^XVhZbd" Y^ÒXdjdhedhijaVYdhiZg^XdhW{h^Xdh YVX^cX^VW^da\^XVYVedXV#6fjVc" Yd Yd hZj gZ\gZhhd V >c\aViZggV! Vdh ',Vcdh!9Vgl^cYZX^Y^jYZY^XVgVhjV k^YV|X^cX^V#:b&-)'!XdbV]ZgVc" V eViZgcV! gZi^gV"hZ eVgV jbV XVhV cd XVbed! dcYZ k^kZ XdchV\gVYd Vd ZhijYdVi|bdgiZ# 9h_WY_ed_ice[9_ dY_WZW9h_We Æ###VZkdajdYdXdhbdbV^hYdfjZ VeZcVh ÈXdbeVikZaÉ Xdb d iZhbd# 6 [ Zb jb 9Zjh YZ Vbdg Vaigj^hiV### egZk jb jc^kZghd Zb Zkdajd#Ç! ?d]c;#=Vj\]i D Xg^VX^dc^hbd jbV iZdg^V bZiV" [h^XV gZa^\^dhV hdWgZ V dg^\Zb Yd Jc^kZghd#CdjbViZdg^VX^ZciÒXV ZcdZhi{XdcZXiVYdVjbVgZa^\^d eVgi^XjaVg# H^beaZhbZciZ YZ[ZcYZ fjZ Zm^hiZ jb Xg^VYdg Yd Jc^kZg" hd# EVgV b^a]VgZh YZ Xg^hidh Z cd Xg^hidh Zm^hiZ jb 9Zjh 8g^VYdg Yd Jc^kZghd# w Xdbjb Vhhjb^g fjZ dh Xg^VX^d" c^hiVh hd Xg^hidh fjZ VXgZY^iVb fjZdgZaVidYVXg^VdYdjc^kZghd! Xdc[dgbZ VegZhZciVYd Zb <cZh^h! a^iZgVabZciZ kZgYVYZ^gd! cVh hjVh VÒgbVZh W{h^XVh hdWgZ 6Yd Z :kV! dh hZ^h Y^Vh YV Xg^Vd! ZiX#! Z cdjbVVaZ\dg^V# 68^cX^VYV8g^VdjbiZgbdfjZ ji^a^oVYd edg Va\jch Xg^VX^dc^hiVh eVgV bdhigVg fjZ VXgZY^iVb fjZ d <cZh^hjbgZaVidX^ZciÒXdYVdg^" \ZbYdJc^kZghd#6aZ^ijgVYV7Wa^V XdcigVY^o Xdb V iZdg^V Yd 7^\ 7Vc\ Z V iZdg^V YV Zkdajd# 8dbd iZdg^V VX^cX^VYVXg^VdXdci^cjVg{VhZg hZbegZ^cVaiZgVYV# 6 iZdg^V Yd 8g^VX^dc^hbd iZb h^Yd WVhZVYVcda^kgdYZ<cZh^h!XVeijad -DQHLUR eg^bZ^gd/ÆCdeg^cXe^d!9ZjhXg^djd XjZViZggV#DgV!ViZggVZhiVkVkV" o^VZkV\V!VhigZkVhXdWg^VbdVW^h" bd! jb kZcid YZ 9Zjh eV^gVkV hd" WgZ Vh {\jVh# 9Zjh Y^hhZ/ È=V_V ajoÉ Z ]djkZ ajo# 9Zjh k^j fjZ V ajo ZgV WdV! Z 9Zjh hZeVgdj V ajo Z Vh igZ" kVh#9ZjhX]Vbdj|ajoÈY^VÉZ|higZ" kVh Ècd^iZÉ# =djkZ jbV iVgYZ Z jbV bVc]/eg^bZ^gdY^V####9ZjhY^hhZ/ È;Zgk^a]ZbVh{\jVhjb[Zgk^a]VgYZ hZgZhk^kdhZfjZVhVkZhkdZbVX^" bVYViZggV!Y^VciZYdÒgbVbZcidYd XjÉ Z Vhh^b hZ [Zo# ### 9Zjh Xg^dj d ]dbZb | hjV ^bV\Zb! | ^bV\Zb YZ9ZjhZaZdXg^dj!]dbZbZbja]Zg ZaZdhXg^dj#Ç :hiViZdg^VYZ[ZcY^YVedgXVia^Xdh! ZkVc\a^XdhegdiZhiVciZh!ZcigZdj" igdhXgZciZhgZa^\^dhdh# HZ\jcYd V 7Wa^V d hZg ]jbVcd [d^ Xg^VYdedg9ZjhdfjZgZWViZY^gZX" iVbZciZ idYVh Vh YZbV^h iZdg^Vh ^ckZciVYVh eZadh ]dbZch VXZgXV YZ hjVdg^\Zb# 6iZdg^VYdXg^VX^dc^hbdkZbVYfj^" g^cYd XVYV kZo bV^h VYZeidh! Zb" WdgV V^cYV Zm^hiVb k{g^dh X^Zci^h" iVh V iZciVg egdkVg fjZ V iZdg^V Yd ZkdajX^dc^hbd gZVabZciZ V iZdg^V XdggZXiV VXZgXV Yd hjg\^bZcid Yd =dbZb# HFLrQFLD $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO DQmRSHUGHU EROVDVGHLQYHVWLJDomRBHPSUHJRBSyVJUDGXDo}HVBPHVWUDGRVBGRXWRUDPHQWRV 8ebiW?dl[ij_]WefWhWC[ijh[ ;VXjaYVYZ YZ :Xdcdb^V YV Jc^kZg" h^YVYZ Yd Edgid iZb VWZgid Xdc" Xjghd Vi Vd Y^V (& YZ ?VcZ^gd YZ '%%, eVgV jb aj\Vg YZ WdahZ^gd cV {gZV YZ >ckZhi^\Vd DeZgVX^dcVa! cd }bW^id Yd Egd_ZXid BidYdh =" Wg^YdhYZDei^b^oVdZH^bjaVd eVgV d EgdWaZbV YZ Æ?dW"H]deÇ Z hZjhHjWegdWaZbVh# GZfj^h^idh/EdYZbXdcXdggZg|Wda" hV YZ ^ckZhi^\Vd dh bZhigZh cV" X^dcV^hdjZhigVc\Z^gdhfjZegZiZc" YVb dWiZg [dgbVd X^ZciÒXV Zb egd_ZXidhYZ^ckZhi^\Vd# D XVcY^YVid YZkZ iZg Wdch Xdc]ZX^" bZcidh YZ >ckZhi^\Vd DeZgVX^dcVa ZZmeZg^cX^VZbYZhZckdak^bZcidYZ Hd[ilVgZ# 9{"hZ egZ[ZgcX^V V XVc" Y^YVidh Xdb ZmeZg^cX^V VciZg^dg Zb >ckZhi^\Vd DeZgVX^dcVa0 ZmeZg^c" X^V VciZg^dg Zb G! B6IA67! dj 8 0 ZmeZg^cX^VYZ^ciZ\gVdYZbYjadh YZ hd[ilVgZ0 Z ^ciZgZhhZ Zb egdhhZ" \j^gZhijYdhYZ9djidgVbZcid# 8dciVXidh/ :ck^Vg XVgiV YZ XVcY^" YVijgV!8KZXe^VYdXZgi^ÒXVYdYZ Y^hX^ea^cVh [Z^iVh edg Z"bV^a eVgV aY^V5[Ze#je#ei dj edg XdggZ^d Vd Xj^YVYd YZ 9# AY^V HdVgZh! ;VXja" YVYZYZ:Xdcdb^VYdEdgid!GjV9g# GdWZgid;g^Vh!)'%%")+)Edgid ]iie/$$lll#X^ZcX^Vei#cZi$ZbegZ\d" YZhX#Vhe4>92&*'. 8ebiWdW|h[WZW;d][d^Wh_W D8^ciVa!8ZcigdYZ>ckZhi^\VdIZX" cda\^XV YV Jc^kZgh^YVYZ Yd 6a\VgkZ VWgZXdcXjghd!Vi&*YZ?VcZ^gd!eVgV Vig^Wj^d YZ jbV WdahV YZ ^ckZhi^" \Vd cd }bW^id Yd Egd_ZXid EDH>$ 8EH$),-')$'%%'! YZh^\cVYd edg ÆCJ68:"Cdc"XddeZgVi^kZJcYZglV" iZg6Xdjhi^X8]VccZa:hi^bVi^dcÇ# GZfj^h^idh/DXVcY^YVidYZkZhZga^" XZcX^VYd!bZhigZdjYdjidgZb:c" \Zc]Vg^V:aZXigdiZXc^V# 8dciVXidh/ 9ZkZ hZg Zck^VYV XVgiV YZXVcY^YVijgVZ8KhdWV[dgbVYZ ZaZXigc^XVeVgVX^ciVa5jVa\#ei# ]iie/$$lll#X^ZcX^Vei#cZi$ZbegZ\d" YZhX#Vhe4>92&*)& 8ebiW Z[ ?dl[ij_]We dW |h[W ZW Gkc_YW D 9ZeVgiVbZcid YZ Fjb^XV Ä G:" FJ>BI:! YV ;VXjaYVYZ YZ 8^cX^Vh YV Jc^kZgh^YVYZ Yd Edgid VXZ^iVb" hZ XVcY^YVijgVh Vi , YZ ?VcZ^gd eVgV jbV 7dahV YZ >ckZhi^\Vd eVgV igVWVa]d V gZVa^oVg cd }bW^id YZ jb egd_ZXid YZ ^ckZhi^\Vd ^c" i^ijaVYd 8dbeaZm ZconbVi^X `^cZ" i^X hijY^Zh gZhdgi^c\ id i]ZdgZi^XVa fjVcijbXVaXjaVi^dch# GZfj^h^idh/ Dh XVcY^YVidh V ZhiV WdahV YZkZgd edhhj^g! Vi Vd ÒcVa YZ 9ZoZbWgd YZ '%%+! jbV A^XZc" X^VijgVZbFjb^XV!djZfj^kVaZciZ! XdbXaVhh^ÒXVdÒcVa^\jVadjhj" eZg^dgV&)kVadgZh# 9{"hZegZ[ZgcX^VVXVcY^YVidhXdb ZmeZg^cX^V XdbegdkVYV cVh {gZVh YZ Fjb^XV IZg^XV Z 8dbejiVX^d" cVadjVÒch# FjV^hfjZg ^c[dgbVZh VY^X^dcV^h edYZgd hZg dWi^YVh VigVkh Yd Z" bV^ab_gVbdh5[X#je#ei# 8dciVXidh/ 6h XVcY^YVijgVh YZkZb hZgZck^VYVheVgVVEgd[ZhhdgVBV" g^V ?dd GVbdh! 9ZeVgiVbZcid YZ Fjb^XV! ;VXjaYVYZ YZ 8^cX^Vh Yd Edgid! GjV Yd 8Vbed 6aZ\gZ! +-,! )&+."%%,Edgid ]iie/$$lll#X^ZcX^Vei#cZi$ZbegZ\d" YZhX#Vhe4>92&*)' Fhe\[iieh#WZ`kdjedW|h[WZWi9_# dY_WiCZ_YWi 9ZXdggZ Vi '( YZ ?VcZ^gd YZ '%%, jb XdcXjghd eVgV jb egd[Zhhdg" "VY_jcid eVgV V {gZV X^ZciÒXV YZ :c[ZgbV\Zb Xdb ZheZX^Va^oVd Zb<ZhidZ:Xdcdb^VYVHVYZYV :hXdaVHjeZg^dgYZHVYZYd>chi^ij" idEda^iXc^XdYZ7gV\VcV# GZfj^h^idh/ 9VYV egZ[ZgcX^V V XVc" Y^YVidh Xdb ZmeZg^cX^V cV YdXc" X^V Xdbd Vhh^hiZciZ0 ZmeZg^cX^V Zb dg^ZciVd! hjeZgk^hd YZ Zhi{\^dh cV {gZV YZ Zc[ZgbV\Zb0 dg^ZciVd Z Vg\jcX^V YZ igVWVa]dh X^ZciÒXdh0 ^ciZ\gVdZbg\dhYZ\Zhid0eVg" i^X^eVd Zb Xdc[ZgcX^Vh! YZWViZh Z _dgcVYVh0 VegZhZciVd YZ egZaZX" Zh$edhiZgh!Xdc[ZgcX^Vhdjdg^Zc" iVdYZYZWViZh0Vgi^\dhejWa^XVYdh0 djXdaVWdgVdcdYZhZckdak^bZcidYZ egd\gVbVhZbZidYdad\^VhYZZch^cd# 8dciVXidh/ 6h XVcY^YVijgVh YZkZb hZg Y^g^\^YVh Vd egZh^YZciZ Yd Xdc" hZa]dY^gZXi^kdYV:hXdaVHjeZg^dgYZ HVYZYd>chi^ijidEda^iXc^XdYZ7gV" \VcV!6k#6[dchdK!*(%%7gV\VcV# ]iie/$$lll#X^ZcX^Vei#cZi$ZbegZ\d" YZhX#Vhe4>92&*(. Fhe\[iieh#WZ`kdje fWhW W ;iYebW Ikf[h_ehZ[;d\[hcW][cZ[<hWd# Y_iYe=[dj_b 8dcXjghdeVgVegZZcX]^bZcidYZkV\V cVXViZ\dg^VYZegd[Zhhdg"VY_jcidYV :hXdaV HjeZg^dg YZ :c[ZgbV\Zb YZ ;gVcX^hXd <Zci^a Yd >chi^ijid Eda^iX" c^XdYVHVYZYZA^hWdV#DXdcXjghd VWZgideVgVV{gZVX^ZciÒXVYZ:c" [ZgbV\ZbYd6YjaidZ>Ydhd# 8dciVXidh/ 6h XVcY^YVijgVh YZkZgd hZg [dgbVa^oVYVh bZY^VciZ gZfjZg^" bZcidhda^X^iVcYdVVYb^hhdVdXdc" Xjghd! Y^g^\^Yd | egZh^YZciZ Yd Xdc" hZa]dY^gZXi^kdYV:hXdaVHjeZg^dgYZ :c[ZgbV\ZbYZ;gVcX^hXd<Zci^a!GjV YdEgd[#A^bV7Vhid!&%.."%,&A^hWdV! Z"bV^a/ ^c[d5ZhZ[\#ei! ZcigZ\jZ eZh" hdVabZciZ cd hZXgZiVg^VYd! YjgVciZ Vh ]dgVh cdgbV^h YZ ZmeZY^ZciZ! dj gZbZi^Yd eZad XdggZ^d! Zb XVgiV gZ" \^hiVYV!XdbVk^hdYZgZXZedViVd Y^V&-YZ?VcZ^gdYZ'%%,# ]iie/$$lll#X^ZcX^Vei#cZi$ZbegZ\d" YZhX#Vhe4>92&*(& 3$5$0$,6,1)250$d®(6&2168/7( HFLrQFLD KWWSZZZFLHQFLDSWQHW¿QDQFLDPHQWRDVS $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO -DQHLUR DQmRSHUGHU HYHQWRVBFRQJUHVVRVBFRQIHUrQFLDVBHQFRQWURV ;nfei_e Z[ ;iYkbjkhW 9edjWYje <i_Ye BjhZjYZ;h^XVYVJc^kZgh^YVYZYZ 8d^bWgV!Vi(&YZ?VcZ^gdYZ'%%,# IgViV"hZ YZ jbV Zmedh^d YZ 6# EZYgd 8dggZ^V dcYZ hd VegZhZciV" YVheZVhXdciZbedg}cZVhZbXdc" [gdciVdXdbdZheVdZdZhea^d YdBjhZjYZ;h^XVYVJc^kZgh^YVYZ YZ8d^bWgV#Dg\Vc^oVYVZbeZfjZ" cVh hg^Zh iZb{i^XVh! ZhiVh eZVh ib Zb Xdbjb jbV gZaVd bj^" idY^gZXiVXdbV;h^XVdjZdjigVh X^cX^Vh# D Vjidg ji^a^oV V eZYgV! d bZiVa! V XZg}b^XV Z V [did\gVÒV YZ [dgbV dg^\^cVa!Zk^iVcYdbVcZ^g^hbdhVXV" Yb^Xdh# YV\\^Xd>>!6jY^ig^d7&!-YZBVgd YZ'%%,# X^Va^oVd! [dgbVd! ^c[dgb{i^XV! XdchjaidgZh!ÒcVcVhZhZ\jgdh# 8dc[ZgcX^V fjZ XdciV Xdb V egZ" hZcVYZK^iVaBdgZ^gVZB^\jZa8V" Y^a]Z! ZcigZ djigVh Y^hi^ciVh eZghd" cVa^YVYZh# HZcYdjbHVad^ciZgcVX^dcVa^ciZ" \gVYdcVgdiVZjgdeZ^VYVh[Z^gVhYd hZXidg!d:CDK>IEdgij\Va_{kV^WZ" cZÒX^Vg Yd hbWdad YZ XZgi^ÒXVd ÆJ;>6eegdkZY:kZciÇ!cVhjVZY^d YZ'%%,# ]iie/$$lll#X^ZcX^Vei#cZi$Xdc\gZh" hdhYZhX#Vhe4^Y2**&) 6HZhhdYZ:cXZggVbZcidYd8^Xad YZ 8dc[ZgcX^Vh XdbZbdgVi^kd Ydh (%6cdhYZEdYZgAdXVagZVa^oVg"hZ eZaVh &*](% ]dgVh Z XdciV Xdb V egZhZcV Yd 9ZejiVYd YV 6hhZb" WaZ^V 8dchi^ij^ciZ! ?dg\Z B^gVcYV Z ?dg\ZHVbeV^d# ]iie/$$lll#X^ZcX^Vei#cZi$Xdc\gZh" hdhYZhX#Vhe4^Y2*)-( ;del_j(&&:hiV Zmedh^d ^cY^k^YjVa hZ\jZ"hZ VÆ:hijYdYZIdchYZEZaZeVgVB^" X]VZa?VX`hdcÇ!gZVa^oVYVcd8Zcigd 8jaijgVaYZAV\dhZb'%%)# ]iie/$$lll#X^ZcX^Vei#cZi$hjWhXg^id" gZh$Xdc\gZhhdhYZhX#Vhe4^Y2**%. *§9ed\[h dY_W?dj[hdWY_edWb9?HF# Ifedieh[Z9ed\[h[dY[:;J(&&- CV;>AÄ;Z^gV>ciZgcVX^dcVaYZA^h" WdV!EVgfjZYVhCVZh!ZcigZ&&Z &( YZ ?VcZ^gd YZ '%%,# IgViV"hZ YZ jb HVad EgdÒhh^dcVa YZ IXc^XVh Z :fj^eVbZcidh eVgV V K^i^XjaijgV Z :cdad\^V V VXdbeVc]Vg idYdh dh egdÒhh^dcV^hYdhZXidgYVk^i^XjaijgV ZZcdad\^VcVhegd[jcYVhbjYVcVh fjZdhZXidgZhi{VVigVkZhhVg# 7Vi]! GZ^cd Jc^Yd! HZiZbWgd YZ '%%,#EVigdX^dcVYVeZadÆ9^\^iVa:c" iZgeg^hZIZX]cdad\nÇ# ]iie/$$lll#X^ZcX^Vei#cZi$hjWhXg^id" gZh$Xdc\gZhhdhYZhX#Vhe4^Y2**&% 6 VbW^d Yd :CDK>I XaVgV/ hZg jbbjcYdYZ^YZ^VhZYZhdajZh VdhZgk^dYZidYdhdhegdÒhh^dcV^h YV ÒaZ^gV YV k^c]V Z Yd k^c]d# EVgV iVa! ^g{ YZhZckdakZg"hZ | kdaiV YZ ighZ^mdheg^cX^e^V^h/ I[c_d|h_e ºF[hif[Yj_lWi Z[ ;le# bkeZeC[hYWZeZ[Î]kWi[H[# iZkei» "6iZggVZVXdcYjdYVXjaijgVYV k^c]VbViZg^VaYZigVXd!bViZg^Va YZXjai^kdYVk^c]V!k^kZ^g^hiVh!egd" YjidhÒidhhVc^i{g^dh!VYjWdh!bViZ" g^VaYZedYVZYZk^cY^bV0 Jc^kZgh^YVYZ YV 7Z^gV >ciZg^dg! 8d" k^a]!&'YZ;ZkZgZ^gdYZ'%%,#Dg\V" c^oVYdeZaVDgYZbYdh:c\Zc]Z^gdh Z9ZeVgiVbZcidYZ:c\Zc]Vg^V8^k^a Z 6gfj^iZXijgV YV Jc^kZgh^YVYZ YV 7Z^gV>ciZg^dg# ]iie/$$lll#X^ZcX^Vei#cZi$hjWhXg^id" gZh$Xdc\gZhhdhYZhX#Vhe4^Y2**&& º:[iY[djhWb_pWe%H[]_edWb_pWe» 8Vbejh YZ <jVaiVg! 8dbeaZmd EZ" " 6 VYZ\V Z V ZaVWdgVd Yd k^c]d bViZg^Va YZ igVchedgiZ Z gZXZed YVk^cY^bV!XjWVh!WVgg^XVhZWVahZ^" gdh!VYZ\Vh!bViZg^VaYZaVWdgVig^d! ]^\^ZcZ!bVcjiZcd!ad\hi^XV0 " D bZgXVYd Yd k^c]d Zc\VggV[V" bZcid!ZbWVaV\Zb!gijadh!gda]Vh! bVg`Zi^c\ Z Xdbjc^XVd! XdbZg" IWbe?dj[hdWY_edWbZ[C|gk_dWi[ ;gk_fWc[djeifWhWW9edijhke" 7]he#<beh[ijW"JhWjWc[djeZ[H[# iZkei[H[Y_YbW][c¸I?C;G CV;>AÄ;Z^gV>ciZgcVX^dcVaYZA^h" WdV!EVgfjZYVhCVZh!ZcigZ&%Z &(YZBV^dYZ'%%,# ]iie/$$lll#X^ZcX^Vei#cZi$Xdc\gZh" hdhYZhX#Vhe4^Y2**&* IWbe ?dj[hdWY_edWb Z[ 7b_c[djW# e¸7b_c[djWh_WB_iXeW CV;>AÄ;Z^gV>ciZgcVX^dcVaYZA^h" WdV!EVgfjZYVhCVZh!ZcigZ'(Z ',YZBV^dYZ'%%,# Jb ZcXdcigd bj^id ^ciZgcVX^dcVa Xdb bV^h YZ &#)%% ZbegZhVh eVg" i^X^eVciZh YZ )% eVhZh Y^[ZgZciZh fjZ XdchZ\j^j! Vd adc\d Yd hZj eZgXjghd! Xdchda^YVg"hZ Xdbd jbV edciZ XdbZgX^Va ZhigVi\^XV ZcigZ dh eVhZh YZ ZmegZhhd edgij\jZhV " Xdbd d 7gVh^a! 6c\daV! BdVb" W^fjZ Z 8VWd KZgYZ " Z d bZgXVYd ZjgdeZj# 9ZhYZ d ^cX^d! V 6a^bZciVg^V A^h" WdVXgZhXZjXdbVY^hedh^dYZhZ XdckZgiZg cV eaViV[dgbV YZ cZ\" X^dhZhigVi\^XVeVgVdheVhZhZj" gdeZjhXdbd>i{a^V!:heVc]V!<gX^V dj6aZbVc]V!ZcigZdjigdh!Xdb^c" iZgZhhZhXdbZgX^V^hZbodcVh$eV" hZhYZ^cÓjcX^VajhVcdXdci^cZciZ VbZg^XVcdZV[g^XVcd# ]iie/$$lll#X^ZcX^Vei#cZi$Xdc\gZh" hdhYZhX#Vhe4^Y2**&+ 3$5$0$,6,1)250$d®(6&2168/7( KWWSZZZFLHQFLDSWQHWQRWLFLDVDVS HFLrQFLD -DQHLUR $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO '(67$48(&,(17Ë),&2 +XPDQLGDGHV )LORVR¿DH+LVWyULDGDV&LrQFLDVQD8QLYHUVLGDGHGH/LVERD Dei[]k_c[djeZej[cW[cZ[ijWgk[d[ijW[Z_e"ZWcei# b^[WYed^[Y[hZe_iY[djheiZ[9_ dY_WiZWKd_l[hi_ZWZ[Z[ B_iXeW0e9[djheZ[>_ijh_WZWi9_ dY_Wi[e9[djheZ[<_be# ieÅWZWi9_ dY_Wi"WcXeiYeceeX`[Yj_leZ[\ehcWhWbkdei Wkcdl[b]hWZkWZe"X[cYeceZ[fheceeZei[ijkZei [_dl[ij_]Wed[ijWi|h[Wi 9[djheZ[>_ijh_WZWi9_ dY_WiKd_l[hi_ZWZ[Z[B_iXeW D8ZcigdYZ=^hig^VYVh8^cX^VhYVJc^kZgh^YVYZYZ A^hWdV8=8JAjbVjc^YVYZYZ^ckZhi^\VdXg^VYV cdVcdYZ'%%(#IZbedgdW_ZXi^kdegdbdkZgdhZhij" YdhZV^ckZhi^\VdZb=^hig^VYV8^cX^VZYVIZX" cdad\^V Zb Edgij\Va! YZ VXdgYd Xdb eVYgZh VXVY" b^Xdh^ciZgcVX^dcV^h# D8=8"JAiZbV^cYVXdbdb^hhdV[dgbVdYZVaj" cdhVckZaeh"\gVYjVYdbZhigVYdZYdjidgVbZcid! WZbXdbdVY^hedc^W^a^oVdYdhhZjhigVWVa]dhVjb eWa^XdkVhid# 9[djheZ[<_beieÅWZWi9_ dY_WiZWKd_l[hi_ZWZ[Z[B_iXeW D8ZcigdYZ;^adhdÒVYVh8^cX^VhYVJc^kZgh^YVYZYZ A^hWdV8;8JAiZbedgdW_ZXi^kdegdbdkZgdYZhZc" kdak^bZcidYV;^adhdÒVYVh8^cX^VhZbEdgij\VaVigV" khYdZhibjadZVed^d|^ckZhi^\Vd!YVeVgi^X^eVd Zb egd_ZXidh YZ ^ckZhi^\Vd cVX^dcV^h Z ^ciZgcVX^d" cV^h! YV XdaVWdgVd Xdb \gjedh YZ igVWVa]d ^\jVa" bZciZcVX^dcV^hZ^ciZgcVX^dcV^h!YdVed^dVZhijYVc" iZh\gVYjVYdhZYVa^\VdYV^ckZhi^\Vd|[dgbVd eh"\gVYjVYV fjZ hZ YZhZckdakZ Zb idgcd Yd ÆBZh" igVYdZb=^hig^VZ;^adhdÒVYVh8^cX^VhYV;8JAÇ# HFLrQFLD $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO DjigdYdhdW_ZXi^kdhYZhiZ8ZcigdVY^[jhdYZXd" c]ZX^bZcidhcV{gZVYV;^adhdÒVYVh8^cX^Vh#EVgV iVa egdbdkZ V gZVa^oVd YZ Xdafj^dh cVX^dcV^h Z ^ciZgcVX^dcV^h! Xdc[ZgcX^Vh! ldg`h]deh Z ZcXdc" igdh!Vhh^bXdbdYZjbÈHZb^c{g^dEZgbVcZciZYZ ;^adhdÒV YVh 8^cX^VhÉ Z V ejWa^XVd YZ igVWVa]dh YZXdggZciZh YV ^ckZhi^\Vd gZVa^oVYV! cdbZVYV" bZciZ! a^kgdh! Vgi^\dh! igVYjZh! YV ZY^d YV gZ" k^hiVÈ8dcXZ^idÇZYZjbVXdaZXdYZÈ8VYZgcdhYZ ;^adhdÒVYVh8^cX^VhÉ# CdfjZXdcXZgcZ|ha^c]VhYZ^ckZhi^\Vd!d8Zc" igd YZ ;^adhdÒV YVh 8^cX^Vh YV Jc^kZgh^YVYZ YZ A^hWdVk^hVegdbdkZgdYZhZckdak^bZcidYV;^adhd" ÒV YVh 8^cX^Vh Zb Edgij\Va# >cYZeZcYZciZbZciZ Yd egd_ZXid YZ ^ckZhi^\Vd fjZ d ^ciZ\gV 8jaijgV 8^ZciÒXV#B^\gVZh8dcXZeijV^hZ8dciVb^cVZh HdX^V^hZYVfjZaZhfjZk^ZgZbVhZgXdchi^ijYdhcd 8;8JA! ]{ a^c]Vh YZ ^ckZhi^\Vd V hZg hZ\j^YVh! iV^h Xdbd [jcYVbZcidh Ze^hiZbda\^Xdh YVh X^c" X^VhYVcVijgZoVZbZheZX^Vacd}bW^idYVBZX}" c^XVFj}ci^XV# 6^cYV YZcigd YZhiVh a^c]Vh! egdXjgV"hZ ZhijYVg d ^cYZiZgb^c^hbd fj}ci^Xd egdedhid Xdbd eVgVY^\" -DQHLUR +XPDQLGDGHV bV X^ZciÒXd edg C^Zah 7d]g Z hZjh hZ\j^YdgZh! V YZh^\cVYV :hXdaV YZ 8deZc]V\V# 6h gZaVZh ci^" bVh YZhiZ eVgVY^\bV Xdb V Vc{a^hZ cd adXVa YZ ;djg^ZghZgddW_ZXidYZjbV^ckZhi^\VdVegd[jc" YVYV#9ZVXdgYdXdbd8;8JA!ZhiVVc{a^hZXdch" i^ij^dhjedgiZbViZb{i^XdYViZdg^VdgidYdmVjbV kZo fjZ! [dgbVabZciZ! Zhi{ cV dg^\Zb YVh Xdc]Z" X^YVh gZaVZh YZ ^cYZiZgb^cVd YZ =Z^hZcWZg\# EdgdjigdaVYd!VhXdchZfjcX^VhcdadXV^hZcd iZbedgV^hYZiVaeVgVY^\bV^cYZiZgb^c^hiVhd!YZ XZgid bdYd! gZhjaiVYd YV ji^a^oVd YZhiV [ZggV" bZciV bViZb{i^XV! egdbdk^YV edg C^Zah 7d]g Vd ZhiVijidYZdcidad\^V# CZhiZhZci^Yd!ZV^cYVhZ\jcYdd8Zcigd!edYZXdc" h^YZgVg"hZ fjZ [d^ gZXjeZgVYd eVgV V X^cX^V d Vg" fji^ed eaVic^Xd YVh Zh[ZgVh eZg[Z^iVh gZVa^oVcYd bdk^bZcidh]Vgbc^XdhZiZgcdh#CZhiVa^c]VYZ^c" kZhi^\Vd!cdedYZbdheZgYZgYZk^hiVdhjedgiZ ZmeZg^bZciVa gZXZciZ# CZhhZ hZci^Yd! hVWZcYd fjZ XZgiVhZmeZg^cX^VhYZ^ciZg[ZgdbZig^Vibh^Yd^c" iZgegZiVYVhedgVa\jchVjidgZh|ajoYdeVgVY^\bV ^cYZiZgb^c^hiV cd adXVa Xdbd gZigdVXZh [h^XVh cdeVhhVYd!egZiZcYZbdhbdhigVgfjZZhiVhbZh" bVhZmeZg^cX^VhYZ^ciZg[ZgdbZig^VedYZbhZg^c" iZgegZiVYVhZbiZgbdhYZjbcdkdeVgVY^\bVadXVa ZXVjhVa# :hiZeVgVY^\bVVed^V"hZ!YdedcidYZk^hiV[dgbVa! cV Vc{a^hZ bViZb{i^XV adXVa gZXZciZbZciZ YZhZc" kdak^YV#:hiVbVVc{a^hZadXVaZbdcYjaZiVh#:hiV Vc{a^hZbj^idbV^h\ZgVafjZVVc{a^hZcdadXVaYZ ;djg^ZgZhiVjbXVhdeVgi^XjaVgYVfjZaVZeZgb^" iZjaigVeVhhVgdhXdchigVc\^bZcidhYZXVg{XiZgdc" ida\^XdfjZVVc{a^hZcdadXVaYZ;djg^Zg^beZ# Cd}bW^idYV;^adhdÒVYVbViZb{i^XV!d8;8JAiZb edgdW_ZXi^kdZhijYVgdegdWaZbVYVhgZaVZhZcigZ V BViZb{i^XV Z Vh 8^cX^Vh CVijgV^h Z =jbVcVh! cdbZVYVbZciZ!VfjZhidYVYZhXg^dYVgZVa^YV" YZ[h^XV!W^da\^XVZeh^XdhhdX^Va# 6h È9jVh 8jaijgVhÉ Z V fjZhid YV Jc^YVYZ YV 8^" cX^V Ä EgZiZcYZ"hZ YVg XdciV YVh XViZ\dg^Vh ^b" ea^XVYVhcV>YZ^VYZJc^YVYZYV8^cX^V!^YZci^ÒXVg Vh hjVh bV^h ^bedgiVciZh [dgbVh YZ iZdg^oVd Z a^c]VhYZ[gVXijgV!iZciVcYd"hZV^cYV^YZci^ÒXVgVa" \jch egd\gVbVh ZmZbeaVgZh YV gZaVd ZcigZ Òad" hdÒV Z jc^YVYZ YV X^cX^V 7VXdc! AZ^Wc^o! CZjgV" i] Z Y^hXji^g! YZ [dgbV h^hiZb{i^XV! V Y^kZgh^YVYZ YZbdYdhYZXdcXZWZgVgZVa^oVdYZhhV^YZ^VZb XVYVXVhdegdedhidh# ;^cVabZciZ! dW_ZXi^kd Yd 8;8JA [VoZg d WVaVcd YVhbViZg^Va^oVZhVfjZV>YZ^VYZJc^YVYZYV8^" cX^V iZb YVYd dg^\Zb! YVh ZhigjijgVh ^chi^ijX^d" cV^hZbfjZhZiZbbVc^[ZhiVYd!YdhbZXVc^hbdh fjZ ib h^Yd YZhZcXVYZVYdh Xdb d dW_ZXi^kd YZ V egdbdkZg ÆgZeWa^XV Ydh h{W^dhÇ! W^Wa^diZXV! bj" hZj!ZhXdaVZZcX^XadeY^VZdZhijYdYVhhjVhba" -DQHLUR i^eaVhVgi^XjaVZh# CdfjZY^ogZheZ^id|6c{a^hZYdh^beVXidhedai^" Xdh!hdX^V^hZi^XdhYVhX^cX^VhYVk^YV!d8Zcigd iZbedgdW_ZXi^kdegdbdkZgVgZÓZmdhdWgZdh^b" eVXidhhdX^V^hZi^XdhYVX^cX^VcVedai^XVZcdh hZjh bdYZadh/ Xdc]ZX^bZcid eWa^Xd YV X^cX^V! bZY^Vd iZXcda\^XV Z YZhVÒdh hdX^V^h Z i^Xdh YV X^cX^V Z Ydh hZjh YZhZckdak^bZcidh iZXcda" \^Xdh# 6gi^XjaVZhZXdciVb^cVZheVgVY^\b{i^XVhZcigZ Vh X^cX^Vh ]jbVcVh! cVijgV^h Z ZmVXiVh/ 6c{a^hZ YVh XdciVb^cVZh eVgVY^\b{i^XVh ZcigZ Vh X^c" X^VhcVijgV^hZ]jbVcVh!Vc{a^hZYdhbdYZadhYVh X^cX^Vh ]jbVcVh cd ZhijYd YVh egdeg^ZYVYZh ^c" iZgcVhYdXdc]ZX^bZcidX^ZciÒXdZYdhZj^beVXid hdX^Va Z Vc{a^hZ Yd VaXVcXZ Z a^b^iZ Yd [dgbVa^hbd cVhX^cX^Vh]jbVcVh# JWh[\WiZe9<9KB D8ZcigdiZbV^cYVXdbddW_ZXi^kdVY^[jhdYZXd" c]ZX^bZcidh cV {gZV YV ÒadhdÒV YVh X^cX^Vh egd" bdkZcYdVgZVa^oVdYZXdafj^dh!Xdc[ZgcX^VhZ hZb^c{g^dh!dVed^dVZhijYVciZheh\gVYjVYdhZV ejWa^XVd YZ igVWVa]dh YZXdggZciZh YV ^ckZhi^\V" dgZVa^oVYV# CZhiZhZci^Yd!VedciVb"hZ!ZcigZdjigVh!VhhZ\j^c" iZh\gVcYZhiVgZ[Vh/ " V Xdchi^ij^d YZ jb ÆHZb^c{g^d EZgbVcZciZ YZ ;^adhdÒV YVh 8^cX^VhÇ! V gZVa^oVg bZchVabZciZ! fjZedc]VZbXdc[gdcidZheZX^Va^hiVhYVhY^kZghVh {gZVh X^ZciÒXVh Z ÒadhÒXVh ZhiZ hZb^c{g^d iZg^V V^cYV Xdbd dW_ZXi^kd Xdcig^Wj^g eVgV V YZÒc^d Z ^beaZbZciVd [jijgV YZ jbV a^XZcX^VijgV Zb =^hig^VZ;^adhdÒVYVh8^cX^Vh " V Xdchi^ij^d YZ jbV XdaZXd YZ Æ8VYZgcdh YZ ;^adhdÒVYVh8^cX^VhÇYZÒc^dYZjbeaVcdZY^id" g^Vak^hVcYdjbeWa^XdVaVg\VYdYZX^Zci^hiVh!Òa" hd[dhZZhijYVciZh\gVYjVYdhYVh{gZVhYVÒadhdÒV ZYVhX^cX^Vh# "Vdg\Vc^oVdYZldg`h]deh!Xdc[ZgcX^VhZXda" fj^dhcVX^dcV^h "Vdg\Vc^oVdYZldg`h]deh!Xdc[ZgZcX^VhZXda" fj^dh^ciZgcVX^dcV^h "Vdg\Vc^oVdW^VcjVaYdhA^hWdc8daadfj^jb[dg i]Z E]^adhde]n d[ HX^ZcXZ d eg^bZ^gd iZg{ Xdbd iZbVJc^ind[HX^ZcXZ#Cdc"IgVY^i^dcVa6eegdVX]Zh " d Ved^d V Eh 9djidgVYdh/ Egd[Zhhdg 9djidg ?jVc BVcjZaIdggZhZEgd[ZhhdgV9djidgVKZgc^XV;VWg^c^# "dVed^dVZhijYVciZhYZeh\gVYjVd HFLrQFLD $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO HFLrQFLD $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO -DQHLUR 38%/,&$d®(6HPGHVWDTXH <_beieÅWZe:_h[_je"xj_YW[@kij_W 9eb[YeZ[=hWlkhWiFehjk]k[iWi07d]ebW '&§ih_[ Z[;bjedBk_pB[_j[Z[IekpW Dh iZmidh gZjc^Ydh cZhiZ a^kgd VWgVc\Zb iZbVh YZ Y^hX^ea^cVh [jcYVbZciV^h Yd Xjghd YZ 9^gZ^id# 6 hjV a^c\jV\Zb kVa^dhV cV WjhXVYV^ciZgVXdXdbV aZ^ijgV!ZbidYVhjVZmiZc" hd# D Vjidg YZhiVXV fjZ V bV^dg^V Ydh a^kgdh hdWgZ 9^gZ^id VeZaV VeZcVh | gV" od Yd aZ^idg! YZhXdch^YZ" gVcYd V hjV hZch^W^a^YVYZ! YZhXVgiVcYddegVoZg#;^adhdÒVYd9^gZ^id[VaVhdWgZdh VchZ^dh]jbVcdh!hZci^bZcidhi^XdhZkVadgZhYV=^h" ig^V#6a^c\jV\ZbVegdeg^VYV!h^beaZh!eZgi^cZciZZVd VaXVcXZYdhZhijY^dhdhYdbZ^dVXVYb^Xd!VabYdh^c" iZgZhhVYdhZb;^adhdÒVZcVXdbegZZchdYV?jhi^V# 6 Æ8daZXd YZ <gVkjgVh Edgij\jZhVhÇ jbV Xd" aZXdYZgZegdYjZh[d" id\g{ÒXVhejWa^XVYVZcigZ dhVcdhfjVgZciVZhZiZciV YdhXjadMMZY^k^Y^YVZb YjVh eVgiZh/ V eg^bZ^gV eVgiZ Xdcib \gVkjgVh eZgiZcXZciZh | ÆBZiged" aZÇZÆJaigVbVgÇ0VhZ\jcYV edhhj^ gZegdYjZh gZ[Z" gZciZh|Æ7gVo^a^VYVÇ#:hiV dWgV!eZgiZcXZciZ|7^Wa^diZXVJaigVbVg^cVYdZm"7Vc" XdCVX^dcVaJaigVbVg^cd![d^Y^\^iVa^oVYVZ^cXdgedgVYV cVBZbg^VYZÛ[g^XV9^\^iVaVigVkhYZegdidXdadeVgV XZYcX^VYZXdciZYdhVhh^cVYdZcigZV8V^mV<ZgVaYZ 9Zeh^idh Z V ;jcYVd Edgij\Va"Û[g^XV# EVgV fjZ V BZbg^V YZ Û[g^XV bVciZc]V Vh ZmeZXiVi^kVh Xg^VYVh Vi V\dgV edg eVgiZ Ydh ji^a^oVYdgZh! iZg{ YZ ^ckZhi^g cjbVcdkV[gZciZ/VYdhXdciZYdhY^\^iV^h#EgZiZcYZ" hZ!VXijVabZciZ!fjZVBZbg^VYZÛ[g^XVYZ^mZYZhZg jbVW^Wa^diZXVk^gijVa!XdbVedciVYdgZheVgVdhadXV^h dcYZVh[dciZhhZZcXdcigVb!bVheVhhZiVbWbVhZg jbVW^Wa^diZXVY^\^iVa# :aidcAj^oAZ^iZYZHdjoVcVhXZjcd7gVh^a!\gVYjVYd Zb8dbjc^XVdHdX^VaZ;^adhdÒVeZaVJ:G?#BZhigZZ 9djidgZb;^adhdÒVYd9^gZ^ideZaVJ:G?#6hjV{gZVYZ VXijVdd9^gZ^id#:b'%%+[d^VegdkVYdeVgVdEh" 9djidgVYdZb;^adhdÒVcVJc^kZgh^YVYZYZA^hWdV!hdWV dg^ZciVdYdEgd[#9g#8Vgadh?ddIVkVgZhC#8dggZ^V# 6,7('$6(0$1$ A^hWdV# 6 &* YZ ?ja]d YZ &.,&! [d^ gZXdc]ZX^YV eZad :hiVYd Edgij\jh Z V & YZ DjijWgd Yd bZhbd Vcd dWiZkZ VegdkVd XVcc^XV eZad 9ZXgZid 6beaV Xjb hZYZh!YV8dc\gZ\VdYV:YjXVd8Via^XVHVciV H#:b&.-,!V;VXjaYVYZZhiZcYZj"hZV7gV\VZVd Edgid!^ciZ\gVYVcdhgZheZXi^kdheadhYVJ8E# ]iie/$$lll#jXe#ei$ 6 ;VXjaYVYZ YZ IZdad\^V YV Jc^kZgh^YVYZ 8Via^XV Edgij\jZhV VWg^j Zb&.+-$+.! cV hZYZ YV J8E! Zb -DQHLUR Dh XZcigdh YZhiV ;VXjaYVYZ ib edg Òb egdbdkZg! YZVXdgYdXdbV^ckZhi^\VdX^ZciÒXVZVYdXcX^V hjeZg^dg!dZhijYdYVZmeZg^cX^V!]^hig^VZYdjig^cV VhhdX^VYVh|[Xg^hiZVdjigVhigVY^ZhgZa^\^dhVh0 egZhiVgVed^d|>\gZ_V8Via^XVcdYZhZbeZc]dYVhjV b^hhd0Xdcig^Wj^g"cdXVbedgZa^\^dhd"eVgVdY^{ad\d XdbVhdjigVhigVY^ZhXg^hih!XdbVhgZa^\^Zhcd Xg^hihZXdbdhcdXgZciZh!Z"cdXVbedYVXjaijgV "eVgVd^ciZgX}bW^dXdbVhVgiZhZVh]jbVc^YVYZh! XdbVX^cX^VZViXc^XV!XdbdigVWVa]dZVedai^XV0 Z XddgYZcVg V aZXX^dcVd! cVh djigVh ;VXjaYVYZh Z >chi^ijidhYVJ8E!YVi^XVZbjcY^k^YcX^VXg^hihZ ZciVWjaVgXdbZaVhjbVgZÓZmd^ciZgY^hX^ea^cVg# HFLrQFLD $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO Ò/7,0$+25$ <Whc|Y_WiZ[B_iXeWe\[h[Y[chWijh[_ei]hWjk_# jei}fefkbWe <|Xh_YW 9[djhe 9_ dY_W L_lW Z[ 7l[_he YebWXehW W]hkfWc[djeZ[[iYebWi K{g^Vh[Vgb{X^VhYd9^hig^idYZA^hWdVgZVa^oVbZhiZ bh gVhigZ^dh \gVij^idh Vd g^hXd XVgY^dkVhXjaVg! dhiZdedgdhZ Z YdZcVh YV eghiViV! cd }bW^id YV XVbeVc]V cVX^dcVa YZ gVhigZ^dh \gVij^idh | edejaVdegdbdk^YVZbY^kZghVh[Vgb{X^VhYdeVh! XdbdVed^dYVGVi^de]Vgb# 6 ;{Wg^XV 8Zcigd 8^cX^V K^kV Vhh^cV! ]d_Z! ) YZ ?VcZ^gd! bV^h jb egdidXdad YZ XdaVWdgVd ^chi^ijX^dcVa!eZaVh&%]dgVh#DegdidXdadVWgVc\Zg{ dh fjVigd ?VgY^ch"YZ"^c[}cX^V Yd 6\gjeVbZcid YZ :hXdaVhYZ6kZ^gd!hZcYdZaZh/?VgY^b"YZ"^c[}cX^VYZ 6kZ^gd! ?VgY^b"YZ"^c[}cX^V YZ HVci^V\d! ?VgY^b"YZ" ^c[}cX^V YV KZgV 8gjo Z ?VgY^b"YZ"^c[}cX^V YZ Hd ?VX^cid#6[ZXiVg{XZgXVYZ&*%Xg^VcVh!YdhighVdh hZ^hVcdh!fjZeVhhVgdVhZgk^h^iVciZhgZ\jaVgZhYV ;{Wg^XV8Zcigd8^cX^VK^kV# DGVhigZ^d|dhiZdedgdhZhZg{gZVa^oVYdcdY^V&%YZ ?VcZ^gdcV;Vgb{X^VEV^kVYV8dhiV!ZbA^hWdV0Y^V &, YZ ?VcZ^gd cV ;Vgb{X^V 8ZcigVa 8VgcVm^YZ! Zb DZ^gVh Ä 8VgcVm^YZ0 Y^V &' YZ ?VcZ^gd cV ;Vgb{X^V H^akV9jVgiZ!ZbH^cigVÄ6\jVakV0Y^V'*YZ?VcZ^gd cV;Vgb{X^VC^[d!ZbA^hWdVÄ6a\h# 7Ci_YW[W?d\ehc|j_YW[cZ[XWj[ GZVa^oV"hZ ]d_Z ) YZ ?VcZ^gd! eZaVh &- ]dgVh! d ZcXdcigd Æ6 Bh^XV Z V >c[dgb{i^XVÇ! cd BjhZj YV Bh^XV# CZhiZ ZkZcid hZg{ [Z^id jb YZWViZ ^c[dgbVa Xdb edcid YZ eVgi^YV Zb eZg\jciVh X]VkZ hdWgZ Xdbedh^d!eZg[dgbVcXZ!^ciZgegZiVd!Y^hig^Wj^d! egdYjd!Vc{a^hZbjh^XVa!VXhi^XV!Zch^cdZbV^h# ^d V YdZcVh YV eghiViV gZVa^oV"hZ cd Y^V && YZ ?VcZ^gd cV ;Vgb{X^V OZaaZg! Zb H^cigV Ä FjZajo0 Y^V &, YZ ?VcZ^gd cV ;Vgb{X^V K^aVg! Zb 8VhXV^h Ä 8VgXVkZadh0 Y^V '+ YZ ?VcZ^gd cV ;Vgb{X^V 6gV\d! ZbHd9db^c\dhYZGVcV# EVgV EVjad <dbZh! Vajcd Yd >chi^ijid HjeZg^dg IXc^Xd!cVa^XZcX^VijgVZbZc\Zc]Vg^V^c[dgb{i^XVZ YZXdbejiVYdgZh!Zdg\Vc^oVYdgYdZkZcid!ZhiVjbV dedgijc^YVYZc^XVeVgVdY^{ad\dZcigZeZgheZXi^kVh Y^[ZgZciZh!eVgVVXda^hdYZk^hZhZVi^ijYZhYdfjZ Vbh^XVZYdfjZZaVedYZhZg#:hiVedYZhZgV^cYVV \cZhZYZcdkdhegd_ZXidhbjh^XV^h# º³HeZWYecei7b_c[djei»de9[djheZ[9_ dY_WL_lW Jb _d\d YZ XdbeZi^d ZcigZ Zfj^eVh Vc^bV Vh bVc]h Yd ai^bd Òb"YZ"hZbVcV YZ XVYV bh cV ;{Wg^XV 8Zcigd 8^cX^V K^kV/ _d\Vg cV 8do^c]V Xdb Va^bZcidhVcdk^YVYZV\dgVegdedhiVeZaV;{Wg^XV! fjZ edhhj^ jbV Xdo^c]V! VeVgZciZbZciZ! ^\jVa V iVciVhdjigVh###6Y^[ZgZcVZcigZZhiVZVYVhcdhhVh XVhVh fjZ Vfj^ hZ ZmeadgVb Vh XVgVXiZghi^XVh fjb^XVh Ydh Va^bZcidh Z d fjZ dXdggZ fjVcYd dh Xdo^c]Vbdh# 6 W^dfjb^XV Z Vh gZVXZh fjb^XVh YdhVa^bZcidhVdhZgZbXdo^c]VYdh[VoZbdiZbVYVh hZhhZhZbÈ68do^c]VjbAVWdgVig^dÉYV;{Wg^XV 8Zcigd8^cX^VK^kVYZ6kZ^gd#?d\VgcV8do^c]VXdb Va^bZcidhVcdk^YVYZV\dgVegdedhiVeZaV;{Wg^XV# Feb_jYd_YWbWdW8ebiWZ[?dl[ij_]WeieXh[Fhe# Y[iieZ[8ebed^W 6 Eda^iXc^XV Ä 6hhdX^Vd Ydh Eda^iXc^Xdh Yd 8Zcigd VXVWV YZ aVcVg jb XdcXjghd eVgV Vig^Wj^d YZ jbV 7dahV YZ >ckZhi^\Vd hjWdgY^cVYV Vd iZbV Æ>beaZbZciVd Yd EgdXZhhd YZ 7dadc]V cdh Eda^iXc^XdhYZ8VhiZad7gVcXd!8d^bWgV!<jVgYV!AZ^g^V ZIdbVg/6c{a^hZYVh^ijVdÇ# D _d\d Æ¿ GdYV Xdb dh 6a^bZcidhÇ Xdch^hiZ WVh^XVbZciZ cV XdbegV Z kZcYV YZ Va^bZcidh! ^cY^heZch{kZ^h cV Va^bZciVd Y^{g^V# 8db ZhhV VXi^k^YVYZ!ZcVgZhedhiVVdjigdhYZhVÒdhaVcVYdh Vdadc\dYd_d\d!dheVgi^X^eVciZhedYZb\Vc]Vgdj eZgYZgk^YVh#DXVe^iVaVXjbjaVYdhZg{XdciVW^a^oVYd cdÒcVaYd_d\d###EVgVVabYVhXVhVhYZVa^bZcidh! cV hdgiZ YVh Zfj^eVh! edYZb ZhiVg YZhVÒdh$ VXi^k^YVYZh YZ djigV cVijgZoV Z fjZ dh edYZ [VoZg \Vc]VgdjeZgYZgY^c]Z^gd###IgViV"hZYZjb_d\dYZ XdbeZi^dhVjY{kZaZcigZZfj^eVhZbfjZidYdhdh eVgi^X^eVciZhibdeVeZa^bedgiVciZYZaZkVgVhjV Zfj^eV|k^ig^V#<Vc]VVZfj^eVfjZ!cdÒcVaYd_d\d! XdciVW^a^oVgbV^hk^iV# HFLrQFLD $5HYLVWDGD&LrQFLD7HFQRORJLDH,QRYDomRHP3RUWXJDO 67dahVYZ>ckZhi^\VdcdbdciVciZYZ*%%%ZjgdhZ VhegdedhiVhYdhegd_ZXidhYZ^ckZhi^\VdYZkZgdhZg ZcigZ\jZhViVdY^V&*YZ;ZkZgZ^gdYZ'%%,# 6hegdedhiVhYZkZgdhZgVegZhZciVYVhedg8ZcigdhYZ >ckZhi^\Vd! egd[ZhhdgZh dj ^ckZhi^\VYdgZh Yd Zch^cd hjeZg^dg ^cY^k^YjVabZciZ dj Zb Zfj^eV# 6h XdcY^Zh YZ VegZhZciVd YVh egdedhiVh YZkZb hZg hda^X^iVYVh _jcid Yd >chi^ijid Eda^iXc^Xd YZ 8VhiZad 7gVcXd fjZ! VXijVabZciZ! VhhjbZ V egZh^YcX^V YV Y^gZXd YV Eda^iXc^XV# -DQHLUR
Documentos relacionados
Untitled - Acubens
D a^kgd"_d\d VXdbeVc]V jbV Ficha do Jogador Xdb Va" \jch XVbedh fjZ hd[gZgd VaiZgVZh Vd adc\d YV ]^hig^V# D_d\VYdgedYZZhXda]ZgV\^gXdbdZaZbZhbddj^ciZgegZiVg jb eZghdcV\...
Leia mais