() X - APDC

&2081,&$‰—(6
&2081,&$‰—(6
:::$3'&37
!NO>.O>*ULHO>0ORTUGALE
0ORTUGALINOVADORATRAIMULTINACIONAIS
3RUWXJDO
LQRYDGRU
DWUDLPXOWLQDFLRQDLV
â7DOHQWRJOREDOÝPDGHLQ3RUWXJDOÞ
â&LFOR$3FRPSUDVVD¼GHHHïFL¬QFLDHQHUJ«WLFD
\[`kfi`Xc
%RQVH[HPSORV
DUHSOLFDU
3DXOR1HYHV
'LUHFWRU
32578*$/‹&$'$9(=0$,66,1•1,02'(02'(51,'$'(7(&12/2*,$(,129$‰…2Efj’ck`$
dfjXefj#Ôq\iXd$j\gif^i\jjfjj\dgi\Z\[\ek\j\ddl`kXj}i\Xj%<kfdfl$j\ZfejZ`†eZ`X[X
`dgfikeZ`X[X`em\jk`^Xƒf\[\j\emfcm`d\ekf\[XXgfjkXeX\oZ\c†eZ`X[\]fidXXhl\fGXˆj
Zfej`^XXjZfdg\k†eZ`Xje\Z\jj}i`XjgXiXj\`dgfi\dk\idfj`ek\ieXZ`feX`j%
$3(5&(3‰…2'$648$/,'$'(6[fefjjfd\iZX[f\[fjefjjfji\Zlijfj_ldXefj#Zfeal^X[X
ZfdXcfZXc`qXƒf[fGXˆj#c\mflXhl\Gfikl^XcgXjjXjj\X`ek\^iXiXifkXdle[`Xc[fj^iXe[\j
Z\ekifj[\@;[\dlck`eXZ`feX`j%<hl\_fa\i`mXc`qXdZfdXc^lej[fjd\c_fi\j\o\dgcfj
`ek\ieXZ`feX`jZfe_\Z`[fj\ddXk„i`X[\`efmXƒf%KiXkX$j\[\Z\ekifj[\Zfdg\k†eZ`XeXj
dX`jmXi`X[Xj}i\Xjc`^X[Xj~jK@:#fe[\j\g\ejX#[\j\emfcm\\\ogfikXk\Zefcf^`X[\gfekX#
Zfdi\ZlijfXgfjkfj[\kiXYXc_fXckXd\ek\hlXc`ÔZX[fj%<hl\Zfeki`Yl\d[\Z`j`mXd\ek\
gXiXf[\j\emfcm`d\ekf[fj\Zkfi\[fGXˆj%Fjgi`eZ`gX`jgifa\Zkfj[Xj\dgi\jXj[XjK@:jf
Xgi\j\ekX[fje\jkX\[`ƒf#fe[\fjj\ljcˆ[\i\j[\jkXZXdXjmXekX^\ej\fhl\X`e[X]XckX]Xq\i
efj\ek`[f[\i\]fiƒXiX`e[XdX`jXgi\j\eƒX[\jk\je’Zc\fj[\@;%
$3529$5$(;&(/Œ1&,$'265(&85626+80$1261$&,21$,6\jk}XZi\jZ\ek\\ogfikXƒf[\
kXc\ekfjXhl\j\\jk}XXjj`jk`iefefjjfd\iZX[f%?fa\#dlck`gc`ZXd$j\fjZXjfj[\gfikl^l\j\jX
fZlgXiZXi^fj[\i\c\mf\ddlck`eXZ`feX`j%<XjK@:mfckXdXj\ild^iXe[\\o\dgcf[X[`}jgfiX#
Zfdfj\i\]\i\eldkiXYXc_fjfYi\X\ogfikXƒf[\kXc\ekfeXZ`feXc%FjefjjfjÊjlg\i^\jkfi\jË[\
ZXii\`iXj`ek\ieXZ`feX`jc\mXdfefd\[\Gfikl^XcXfjhlXkifZXekfj[fdle[fXfXZ\`kXi\df
[\jXÔf[\c`[\iXi}i\Xj[\e\^Z`f`ek\ieXZ`feX`j[\dlck`eXZ`feX`jg\cXjdX`jmXi`X[XjiXq‘\j1
XdY`ƒf#[\j\af[\Zi\jZ\igifÔjj`feXc\g\jjfXcd\ek\#XZ\jjfXldX^\jkf[\\oZ\c†eZ`X\[\
eˆm\cdle[`Xc#befn$_fn#Xgi\e[`qX^\d#eXkliXc[\j\emfcm`d\ekf[XjjlXjZXii\`iXj%
)$/$0267$0%‹01(67$(',‰…2'26'(6$),26'$$'0,1,675$‰…23œ%/,&$#XeXc`jX[fj
efdY`kf[f:`Zcf8G;:1GXiXLdX8[d`e`jkiXƒfG’Yc`ZX[fJ„ZlcfOO@%JX’[\#ZfdgiXj
g’Yc`ZXj\\ÔZ`†eZ`X\e\i^„k`ZX]fiXdk\dXjXYfi[X[fjefdY`kf[\jkX`e`Z`Xk`mX#[\]fidXX
[\k\id`eXi$j\#elddle[f\ddl[XeƒX\fe[\Zi\jZ\dXjgi\jj‘\jjfYi\fjj\im`ƒfjg’Yc`Zfj#
[\hl\]fidXX8[d`e`jkiXƒfG’Yc`ZXgf[\i}dl[Xi\j\i`e[lkfiX[X`efmXƒfeX\Zfefd`X
\eXjfZ`\[X[\%
&2023/$7$)250$(675$7‹*,&$\ZXkXc`qX[fiX[\Zfe_\Z`d\ekf\ZfcXYfiXƒf#X8jjfZ`Xƒf
gi\k\e[\ZX[Xm\qdX`jZfeki`Yl`igXiXf[\j\emfcm`d\ekfjljk\ekX[f[\Gfikl^Xc%Gfi`jjf#
mXdfjkXdY„d#\dJ\k\dYif\FlklYif#XeXc`jXi[f`jflkifjk\dXj\jkilkliXek\j1XAljk`ƒX\
X<[lZXƒf%<dEfm\dYif#ZfekXdfjZfdkf[fjgXiXf)'%²:fe^i\jjf[Xj:fdle`ZXƒ‘\j%
ZZZDSGFSW
WZLWWHUFRPDSGF
WYDSGFSW
ZZZðLFNUFRP
SKRWRVDSGF
ZZZIDFHERRN
FRPJURXS
SKS"JLG KWWS
FRPXQLFDFRHV
DSGFSW
LdXjYfXj]„i`Xj
*ULHO&2081,&$‰—(6
jld}i`f
* (',725,$/
3
2578*$/‹&$'$9(=0$,66,1•1,02'(02'(51,'$'(7(&12/2*,$
(,129$‰…2Efj’ck`dfjXefj#Ôq\iXd$j\gif^i\jjfjj\dgi\Z\[\ek\j
\ddl`kXj}i\Xj%
&DSD
- ( 0)2&2,
Ý32578*$/,129$'25ÞGfikl^Xc\jk}eXifkXdle[`Xc[fj^iXe[\jZ\ekifj
[\`em\jk`^Xƒf\[\j\emfcm`d\ekf@; %<jkf`ejkXcX[fj\dk\ii`ki`f
eXZ`feXcgifa\Zkfj[\^iXe[\jdlck`eXZ`feX`jZfdÈ8;Egfikl^l†jÉ
\hl\i`mXc`qXdZfdfjd\c_fi\j\o\dgcfj`ek\ieXZ`feX`j\ddXk„i`X
[\`efmXƒf%:i\jZ\dfj\o\dgcfj[\jlYj`[`}i`Xj[fj^iXe[\j^ilgfj
dle[`X`j[XjK@:X[\j\emfcm\iXZk`m`[X[\jhl\mfdl`kfXc„d[Xd\iX
fg\iXƒfZfd\iZ`Xc#Zfeki`Yl`e[f[\Z`j`mXd\ek\gXiXf[\j\emfcm`d\ekf
[fj\Zkfi\[fGXˆj%Fjj\ljcˆ[\i\jZfej\^l`iXdkiXq\iXc^lej[fjdX`j
`dgfikXek\jZ\ekifj[\Zfdg\k†eZ`XXeˆm\cdle[`Xc#fe[\j\g\ejX#
[\j\emfcm\\\ogfikXk\Zefcf^`X[\gfekX%8cZXk\c$ClZ\ek#:`jZfJpjk\dj#
<i`Zjjfe#@9D#C^`ZX#D`Zifjf]k#E<:\Efb`XJ`\d\ejE\knfibjjf
fj^iXe[\j\o\dgcfj\dk\idfj[\Z\ekifj[\Zfdg\k†eZ`Xjefd\iZX[f
eXZ`feXc%Jfdl`kfjd`c_‘\j[\\lifj#Z\ek\eXj[\gfjkfj[\kiXYXc_f
\ldgcf[\gif^i\jjfjfZ`Xc\\Zfed`Zf%
)) ( 0)2&2,,
7$/(172Ý0$'(,132578*$/ÞJfgfikl^l\j\jZfdZXii\`iXj[\kfgf\d
dlck`eXZ`feX`j[XjK@:%8Z\`kXiXdf[\jXÔf[\c`[\iXi}i\Xj[\e\^Z`f
`ek\ieXZ`feX`jg\cXjdX`jmXi`X[XjiXq‘\j1XdY`ƒf#[\j\af[\Zi\jZ\i
gifÔjj`feXc\g\jjfXcd\ek\#XZ\jjfXldX^\jkf[\\oZ\c†eZ`X\[\eˆm\c
dle[`Xc#befn$_fn#Xgi\e[`qX^\d#eXkliXc[\j\emfcm`d\ekf[XjZXii\`iXj%
HlXj\kf[fjZfd\ƒXiXdeXjjlYj`[`}i`XjeXZ`feX`j\]fiXdgif^i\[`e[f#Xk„
hl\jli^`lf[\jXÔf[\kiXYXc_XiÈc}]fiXÉ#\dZXi^fjZfdi\jgfejXY`c`[X[\j
[\kfgfeX_`\iXihl`X`ek\ieXZ`feXc%:FCK#C^`ZX#D`Zifjf]k#EJE#J8G
\Mf[X]fe\jf\o\dgcfj[\\dgi\jXjhl\giXk`ZXdldX\jkiXk„^`X[\
Èif[X^\dÉ[\\o\Zlk`mfj\dk\idfjdle[`X`j%Jffjefjjfjjlg\i^\jkfi\j
[\ZXii\`iXj`ek\ieXZ`feX`j\^iXe[\j\o\dgcfj[\\ogfikXƒf[\kXc\ekf
eXZ`feXc%:fe_\ƒXfjj\ljg\iZlijfj%
&2081,&$‰—(6*ULHO
*) &,&/2$3'&
6$œ'(&2035$63œ%/,&$6((1(5*,$(0'(67$48(JXY\ihlX`jfj
gi`eZ`gX`j[\jXÔfjhl\j\ZfcfZXd~8[d`e`jkiXƒfG’Yc`ZX\[\hl\
]fidX\cXgf[\i}j\i`e[lkfiX[\`efmXƒfeX\Zfefd`X\eXjfZ`\[X[\
Zfek`elXXj\ifdfk\[f:`Zcf8G;:1GXiXLdX8[d`e`jkiXƒfG’Yc`ZX[f
J„ZlcfOO@%8`e`Z`Xk`mXi\jlckX[\ldXgXiZ\i`XZfdfj\Zkfig’Yc`Zf\fj
gi`eZ`gX`jgcXp\ij[XjK@:\ZfekXXk„Xfdfd\ekfZfdZ`eZfnfibj_fgj
\Zfii\jgfe[\ek\j:<F<o\Zlk`m\CleZ_%Fjki†jdX`ji\Z\ek\j]fiXd
[\[`ZX[fj~jX’[\#~jZfdgiXjg’Yc`ZXj\~\e\i^`X%È;XJX’[\Xf9\d$
$<jkXi1J\im`ƒfjZfdf:`[X[fÉk\m\gfifYa\Zk`mfXeXc`jXi#elddle[f\d
gif]le[Xdl[XeƒX#fj[\jXÔfjhl\j\ZfcfZXd~gi\jkXƒf[fjj\im`ƒfj[\
jX’[\%<[\k\id`eXihlXcfgifZ\jjfgXiX\emfcm\ifZ`[X[feX^\jkf[X
jlXjX’[\#efd\X[Xd\ek\XkiXm„j[f`em\jk`d\ekfeX`efmXƒfjfZ`Xc\\d
efmXj\jkiXk„^`Xj\j\im`ƒfj%È:fdgiXjG’Yc`ZXj1DX`j<ÔZ`†eZ`X\&flDX`j
@efmXƒfÉk\m\cl^XieldXXckliX\dhl\Zi\jZ\dXjgi\jj‘\jjfYi\X[\jg\jX
\jfYi\Xd\c_fi`X[fjj\im`ƒfjg’Yc`Zfj%ÈK@:\<ÔZ`†eZ`X<e\i^„k`ZX1f
<jkX[f;\m\;Xif<o\dgcfÉm`jflXeXc`jXildk\dX\jkilkliXek\\Zlaf
gfk\eZ`Xcg\id`k`i}fZi\jZ`d\ekf\Zfed`Zf#XZi`Xƒf[\\dgi\^f\X
[`eXd`qXƒf[X`e`Z`Xk`mXgi`mX[X%
,) (678'2$3'&
6
0$5732578*$/8XZklXc`qXƒf[fJdXikGfikl^Xc)')']f`
Xgi\j\ekX[Xg\cX8G;:efdY`kf[f;`XDle[`Xc[XjK\c\Zfdle`ZXƒ‘\j
\[XJfZ`\[X[\[X@e]fidXƒf%;XjjlXji\Zfd\e[Xƒ‘\jÔZXXZ\ik\qX
[\hl\Gfikl^Xcgi\Z`jX[\]Xq\idX`j%FlXii`jZX$j\Xg\i[\iXaXe\cX[\
fgfikle`[X[\eXlk`c`qXƒf[XjK@:gXiXXi\[lƒf[Xj\d`jj‘\j[\^Xj\j
gfcl\ek\j\fXld\ekf[X\ÔZ`†eZ`X\e\i^„k`ZX%F\jkl[f^XiXek\hl\
Gfikl^Xck\d\oZ\c\ek\jZfe[`ƒ‘\jgXiXj\gfj`Z`feXiZfdfld[fjgXˆj\j
dX`j`efmX[fi\jXeˆm\cdle[`XceXlk`c`qXƒf[Xjk\Zefcf^`Xj[\`e]fidXƒf
\Zfdle`ZXƒfgXiXXi\[lƒf[\\d`jj‘\j\gXiXfXld\ekf[X\ÔZ`†eZ`X
\e\i^„k`ZX%Jhl\fgif^i\jjfXcZXeƒX[fg\cfefjjfGXˆjeXlk`c`qXƒf[Xj
k\Zefcf^`Xje\jkX}i\Xk\dj`[fdl`kfdf[\jkf#ZfdffdfjkiXfdX`j
i\Z\ek\lg^iX[\[f\jkl[fJdXikGfikl^Xc)')'%
,- $662&,$‰…2
0$,6(0(/+25$3'&I\le`[fj\dXjj\dYc\`X^\iXc#fjXjjfZ`X[fj[X8G;:
XgifmXiXdgfileXe`d`[X[\fGcXef[\8Zk`m`[X[\j[\Ôe`[fgXiX\jk\Xef
g\cX[`i\Zƒfc`[\iX[Xgfi;`f^fMXjZfeZ\cfj%8gifmX[fgfileXe`d`[X[\
]f`X`e[XfI\cXki`f\:fekXj[\)''0%8fi[\d[\kiXYXc_fjk`e_XhlXkif
gfekfj[\[\YXk\1[XiXZfe_\Z\iXjlX\jkiXk„^`X#Xgi\j\ekXifi\jlckX[f
[XjjlXjm}i`XjXZk`m`[X[\jXfcfe^f[\)''0#i\m\cXiXjc`e_Xj[\]fiƒX[f
j\lGcXef[\8Zk`m`[X[\jgXiX)'('\XeleZ`XiXjc`e_Xj\jkiXk„^`ZXj[X
Xck\iXƒf[fj\jkXklkfj[X8jjfZ`Xƒf%Gi\j\ek\j\jk`m\iXdi\gi\j\ekXek\j[\
m}i`XjXjjfZ`X[Xj`ejk`klZ`feX`j#Xjj`dZfdffjXjjfZ`X[fj`e[`m`[lX`j#eld
\eZfekifgi\j`[`[fgfi8cd\`[XDfkX#m`Z\$gi\j`[\ek\[XXjj\dYc\`X^\iXc#
\hl\ZfekflZfdXgXik`Z`gXƒf[\<[lXi[fG`ekfj\Zi\k}i`f \;`f^fMXjZfeZ\cfj#gi\j`[\ek\[X[`i\Zƒf%
-'1HJµFLRVIUDVHV
-* 3URGXWRV
-- $JHQGD
3URSULHGDGHH(GL©¥R
$3'&Ø$VVRFLD©¥R3RUWXJXHVD
SDUDR'HVHQYROYLPHQWR
GDV&RPXQLFD©·HV
2UA4OM·S2IBEIROŽ
,ISBOA
4EL
&AX
APDC APDCPT
WWWAPDCPT
TWITTERCOMAPDC
TVAPDCPT
WWWmICKRCOMPHOTOSAPDC
WWWFACEBOOKCOMGROUP
PHPGID
.)0#
'LUHFWRU
0AULO.EVES
PAULONEVES ONIPT
&KHIHGH5HGDF©¥R
)SABEL4RAVESSA
ISABELTRAVESSA APDCPT
5HGDFWRU
2A L-ENDES
RAULMENDES APDCPT
5HSµUWHU)RWRJU£ïFR
!LB°RICO!LVES
ALBERICOALVES HOTMAILCOM
6HFUHW£ULDGH5HGDF©¥R
,AURA-ARIA3ILVA
LAURASILVA APDCPT
6HUYL©RV&RPHUFLDLV
)SABEL&ALCµOE3ILVA
ISABELFALCAO APDCPT
&RQVHOKR(GLWRULDO
$IOGO6ASCONCELOS
#ARLOS#ORREIA
#ONCEI²µO#ASANOVA
0EDRO#ARLOS
(ANS(ERHARD2EITER
&RANCISCO-ARIA"ALSEMµO
!LBERTO0IMENTA
!NT¦NIO.ETO
-ARGARIDA#OUTO
,EONOR!LMEIDA
3DWURFLQDGRUHV
!LCATEL0ORTUGAL
#%#
%URICO&ERREIRA
.OKIA0ORTUGAL
4ELCABO
7E$O#ONSULTING
3HULRGLFLGDGH"IMESTRAL
7LUDJHPEXEMPLARES
3UH©RGHFDSD
'HSµVLWROHJDO
5HJLVWRLQWHUQDFLRQDO
)33.
,&61|
$VVLQDWXUDV
#ONTINENTE2EGI¤ES!UT¦NOMAS
%UROPA
2ESTODOMUNDO
(GL©¥RH3URGX©¥R
5MAPUBLICA²µODA$IVISµO#USTOMER
0UBLISHINGDA)MPRESA0UBLISHING
2UA#ALVETDE-AGALHµES
,AVEIRAS
0A²ODE!RCOS
4EL
,PSUHVV¥R,ISGR·lCAn)MPRESSµODE
!RTES'R·lCAS,DA1UELUZDE"AIXO
/SARTIGOSASSINADOSSµODARESPONSABILIDADE
DOSAUTORESENµOSIGNIlCAMNECESSARIAMENTE
AOPINIµODA!0$#OUDAREVISTA4¬TULOSSUBT¬TULOS
ENTRADASEDESTAQUESSµODARESPONSABILIDADE
DAREDAC²µOÍLIVREAREPRODU²µODEARTIGOS
NµOASSINADOSPUBLICADOSPOR#/-5.)#!ÏÁ%3
DESDEQUECITADAASUAORIGEM
#$§"&#$§%$*§ § "%*§§ "##§
"§ "##§"$#§#%§§"§§
#§Ãç»35BD96931\Z?§45§C9CD5=1C§45§5CDZ?§=295>D1<¼
%§§§$
%D9<9J5§=5<8?B§5CD1§B5F9CD1§45@?9C§45§1§<5B
?<12?B5§3?=§1§CE1§B5393<175=
*ULHO&2081,&$‰—(6
\d]fZf@
&(17526'(&203(7Œ1&,$1$ƒ5($'$67,&
'(67$&$06($19(/081',$/
Ý3RUWXJDOLQRYDGRUÞ
Gfikl^Xc\ekifl[\Ôe`k`mXd\ek\eXifkXdle[`Xc[fj^iXe[\jZ\ekifj[\`em\jk`^Xƒf
\[\j\emfcm`d\ekf%Efj’ck`dfjXefj#]fiXd`ejkXcX[fj\dk\ii`ki`feXZ`feXc
gifa\Zkfj[\^iXe[\jdlck`eXZ`feX`jZfdÈ8;Egfikl^l†jÉ\hl\i`mXc`qXd
Zfdfjd\c_fi\j\o\dgcfj`ek\ieXZ`feX`j\ddXk„i`X[\`efmXƒf
TEXTOSDE,VDEHO7UDYHVVDH5D¼O0HQGHV
6
f jlYj`[`}i`Xj [\ ^iXe[\j
dlck`eXZ`feX`j% @ek\^iXd
f d\iZX[f eXZ`feXc [Xj
k\Zefcf^`Xj[\`e]fidXƒf\
Zfdle`ZXƒfK@: %<dXc$
^lejZXjfj#_}m}i`Xj[„ZX[Xj%;\j\emfc$
m\dldXXZk`m`[X[\hl\mX`dl`kfXc„d[\
ldXd\iXfg\iXƒfZfd\iZ`Xc#Zfeki`Yl`e$
[f[\Z`j`mXd\ek\gXiXf[\j\emfcm`d\ekf
[fj\Zkfi\[fGXˆj%Fjj\ljcˆ[\i\jZfe$
j\^l`iXdkiXq\igXiXGfikl^XcXc^lej[fj
dX`j`dgfikXek\jZ\ekifj[\Zfdg\k†eZ`X
Xeˆm\cdle[`Xc#fe[\j\g\ejX#[\j\emfcm\
\\ogfikXk\Zefcf^`X[\gfekX%Jfdl`kfj
d`c_‘\j[\\lifj#Z\ek\eXj[\gfjkfj[\
kiXYXc_f\ldgcf[\gif^i\jjfjfZ`Xc\
\Zfed`Zf%
Ef„gi\Z`jfgifZliXidl`kfgXiX
g\iZ\Y\ihl\efj’ck`dfjXefjGfikl^Xc
gXjjflgfildX\efid\kiXej]fidXƒf
efhl\[`qi\jg\`kf~`em\jk`^Xƒf\[\j\e$
mfcm`d\ekf@; %:fd\]\`kf#X[\jg\jX
e\jkX}i\XeXj\dgi\jXj\di\cXƒfXf
G@9dX`jhl\[lgc`Zfl\eki\)'',\)''.#
Xk`e^`e[f'#-([fG@9#hlXe[f\d)'',
\iX[\Xg\eXj'#)0%<d)''.#X[\jg\jX
\d@;eXZ`feXc]f`[\(#0.d`cd`c_‘\j
[\\lifj#i\gi\j\ekXe[f(#)([fG@9%<d
&2081,&$‰—(6*ULHO
)''/lckiXgXjjfl)#,d`cd`c_‘\j#XcZXe$
ƒXe[fldd}o`df_`jki`Zf[\(#,([f
G@9eXZ`feXc%JfmXcfi\jhl\dl[XiXd
[\Ôe`k`mXd\ek\fgXefiXdXeXZ`feXc%J\
Xek\j[\)''.Gfikl^Xc\iXldgXˆj\j$
j\eZ`Xcd\ek\`dgfikX[fi[\k\Zefcf^`X#
XgXik`i[fgi`d\`ifj\d\jki\[\jj\Xef
gXjjflXj\i`dgfikX[fi1`dgfikfl++.
d`c_‘\j[\\lifj\\ogfikfl,'-d`c_‘\j%
G\cXgi`d\`iXm\q#XYXcXeƒXk\Zefc^`ZX
gfikl^l\jXgXjjflXj\igfj`k`mX%
Dl`kfj jf fj ]XZkfi\j XgfekX[fj
hl\Zfeki`YlˆiXdgXiX\jkXdl[XeƒX%
8XgfjkX[fjjlZ\jj`mfj^fm\iefjeXjK@:#
XdXjj`ÔZXƒf[XYXe[XcXi^X#X^\e\iXc`$
qXƒf[fljf[\ZfdglkX[fi\j\[XjZfdl$
e`ZXƒ‘\j\c\Zkie`ZXjZfdf]\iiXd\ekXj[\
jlgfik\Xfe\^Z`fjf\o\dgcfj%8jj`d
Zfdff]XZkf[\Gfikl^Xcj\iZfej`[\iX[f
ldcXYfiXki`fdle[`Xc[\\og\i`d\e$
kXƒf[\efmfjgif[lkfj\j\im`ƒfj#gfi
j\ildd\iZX[f[\g\hl\eX[`d\ejf\
k\iZfejld`[fi\jkiX[`Z`feXcd\ek\\Xicp$
X[fgk\ij[\kl[fhlXekf„efm`[X[\%
<fj`e[`ZX[fi\jeXZ`feX`j\`ek\ieXZ`f$
eX`j\jg\c_XdY\d\jjXXck\iXƒfiX[`ZXc%
F’ck`df<lifg\Xe@eefmXk`feJZfi\Yf$
Xi[#[\)''0#i\m\cXhl\Gfikl^Xc]f`#\eki\
fjgXˆj\jÈdf[\iX[Xd\ek\`efmX[fi\jÉ#
fhl\dX`jgif^i\[`l\d`em\jk`d\ekf
[\\dgi\jXj\d@;\fj\^le[fZfd
dX`fiZi\jZ`d\ekfeX]fidXƒf[\i\Zli$
jfj_ldXefj%8j\dgi\jXj\dk\ii`ki`f
gfikl^l†j]fiXdXjhl\dX`j`em\jk`iXd
\d`efmXƒf\\di\^`jkf[\gXk\ek\j
\lifg\`Xj%=f`X`e[XfhlXikfgXˆjZfd
dX`figif^i\jjfefj`e[`ZX[fi\ji\cXk`mfj
Xfj\]\`kfj\Zfed`Zfj[X`efmXƒf%;X[fj
[f9XeZf[\Gfikl^XcmfdX`jcfe^\ef
[\kXc_\\i\m\cXdhl\XYXcXeƒX[\gX^X$
d\ekfjk\Zefc^`ZXZfek`elflgfj`k`mX\d
)''0#d\jdf\dZc`dX[\Zi`j\\Zfed`$
ZXdle[`Xc#ÔoXe[f$j\\d/,d`c_‘\j[\
\lifj%FjXc[fgXjjfl[\)*#,d`c_‘\j[\
\lifj\d)''.gXiX*.#,d`c_‘\j\d)''/
\,(#)d`c_‘\j\d)''0%8fkf[f#dX`j[\
(#.d`c\dgi\jXjk†dXZk`m`[X[\j[\@;
\dGfikl^Xc\kf[Xj\cXjZfeki`Yl\dZfd
fj\lhl`e_fgXiX\jkX`dgfikXek\}i\X
[\XZk`m`[X[\%
26%216(;(03/26
Fj\Zkfi[XjK@:„#e\jk\dY`kf#ld
\o\dgcfgXiX[`^d}k`Zf[\XgfjkX\d@;%
8c^lej[fjdX`j`dgfikXek\jgifa\Zkfj
e\jkX}i\Xjf[Xi\jgfejXY`c`[X[\[\jlY$
j`[`}i`XjeXZ`feX`j[\^`^Xek\jdle[`X`j
ZfdfX8cZXk\c$ClZ\ek#X:`jZfJpjk\dj#
X<i`Zjjfe#X@9D#XC^`ZX#XD`Zifjf]k#
XE<:\XEfb`XJ`\d\ejE\knfibj%8f
j\i\d`ejkXcX[fj\eki\ejZ\ekifj[\
Zfdg\k†eZ`Xdle[`X`j#^Xe_XfGXˆj#Xf
m\iZi`X[fdX`j\dgi\^f\jg\Z`Xc`qX[f\
dX`jkiXej]\i†eZ`X[\k\Zefcf^`X[\gfekX
gXiXfd\iZX[feXZ`feXc%DXj^Xe_Xd
kXdY„dXj\dgi\jXj#hl\ljl]il\d[f
Xgf`f`eZfe[`Z`feXc[f^fm\iefgfikl$
^l†j\[\df$[\$fYiXhlXc`ÔZX[X%DXj
efjfXg\eXjXj\dgi\jXj\fGXˆjhl\
\jkfXhl`\daf^f%8jle`m\ij`[X[\j\
gifkfZfcfj\gXiZ\i`Xjhl\\cXj\jkXY\$
c\Z\de\jk\dY`kfjf`^lXcd\ek\ld
]XZkfi[\[\j\emfcm`d\ekf\gif^i\jjf
k„Ze`Zf\_ldXef%
Flm`[fjfjgi`eZ`gX`ji\jgfej}m\`jeX$
Z`feX`jgfi\jkXj\dgi\jXj#ÔZX$j\[\j[\
cf^fZfdldX`[\`Xgi\Z`jX[fhl\^X$
e_Xdlej\flkifj#hlX`jXjmXekX^\ej
\[\jmXekX^\ej[XZi`Xƒf[\Z\ekifj[\
Zfdg\k†eZ`Xdle[`Xc\dk\ii`ki`fcljf\
hlX`jfj^iXe[\j[\jXÔfjhl\kXekfGfikl$
^XcZfdf\jk\jgifa\Zkfj\e]i\ekXd_fa\%
8i\cXƒf[\n`e$n`e„Xke`ZX[fd`eXek\
\dkf[fjfjk\jk\dle_fji\Zfc_`[fj%DXj
e\dkl[f„lddXi[\ifjXj%8g\hl\eX[`$
d\ejf[\Gfikl^Xc#fXld\ekf[XZfeZfi$
i†eZ`X[\flkifjgXˆj\j#XZi`j\\Zfed`ZX#
XX`e[X`eZ`g`\ek\`ek\ieXZ`feXc`qXƒf[X
\Zfefd`XeXZ`feXc\X]iXZXgif[lk`m`[X[\
[fjkiXYXc_X[fi\jjfXgfekX[fjZfdf
gi\al[`Z`X`jgXiXf\j]fiƒf[\`efmXƒfef
efjjfGXˆj%<hl\gf[\dZfe[`Z`feXi#\d
Xc^lejZXjfj#X\jZfc_X[fefjjfd\iZX[f
gXiX]lklifjZ\ekifj[\Zfdg\k†eZ`X%
EX[Xhl\efk\e_Xjfclƒf%<fjZXd`$
e_fjjfdl`kfj%8eke`f9\XkfK\`o\`iX#
gi\j`[\ek\[X8cZXk\c$ClZ\ekGfikl^Xc#
^XiXek\hl\XZXgXZ`[X[\[\XkiX`i`em\j$
k`d\ekf\jkiXe^\`if\d@;gi\e[\$j\
Zfdfj`eZ\ek`mfj\XjmXekX^\ejZfdg\$
k`k`mXjZ\ikXj#ÈXfeˆm\c[fj`dgfjkfj\[X
Õ\o`Y`c`[X[\cXYfiXc#[XgifZliX[\efmfj
d\iZX[fj#[fk\jk\cfZXc[\jfclƒ‘\j#[X
`efmXƒfk\Zefc^`ZX#[f]fZf\dldXfl
[lXj}i\Xjk\Zefc^`ZXj\^\f^i}ÔZXj#[X
gifdfƒf[XdXiZXGfikl^XcÉ%GXiX:Xicfj
9iXqf#^\e\iXcdXeX^\i[X:`jZfGfikl$
^Xc#„jfYi\kl[fldXhl\jkf[\jXY\i$j\
Ègifdfm\ildXflkiX`dX^\d`ek\ieX$
Z`feXc[\Gfikl^Xc\[fjgfikl^l\j\j#[Xj
efjjXjefmXj^\iXƒ‘\j#[XefjjXc`k\iXZ`X
[`^`kXc\c`e^lˆjk`ZXÉ%DXjkXdY„d[\Èg\i$
Z\Y\ife[\\jkfXjfgfikle`[X[\je\jkX
^iXe[\\Zfefd`X^cfYXcgXiXZXgkXƒf[\
fgfikle`[X[\j[\`em\jk`d\ekf#k\e[f\d
ZfekXXgfj`ƒf’e`ZX[\Gfikl^XcÉ%
A}Afj„AfXhl`d[\Fc`m\`iX#gi\j`[\ek\
[X@9DGfikl^Xc#„[Xfg`e`f[\hl\„
e\Z\jj}i`fg\ejXiXgfcˆk`ZX[\`efmXƒf
\dGfikl^Xc[\]fidX`ek\^iX[X#flj\aX#
ÈZfej`[\iXe[fZfdfgXiZ\`ifj\dgi\jXj
\le`m\ij`[X[\jÉ%JfYi\kl[fgfihl\È[l$
iXek\dl`kfjXefjXjgfcˆk`ZXj[\@;ef
efjjfGXˆjZf\o`jk`iXdeldXc^`ZX[\
Ý$V7,&H[HPSOLïFDP
EHPDDSRVWDHP
,'$OJXQVGRVPDLV
LPSRUWDQWHVSURMHFWRVV¥R
GDUHVSRQVDELOLGDGHGH
VXEVLGL£ULDVGHJUXSRV
FRPRD$OFDWHO/XFHQW
&LVFR(ULFVVRQ,%0
/µJLFD0LFURVRIW1(&H
1RNLD6LHPHQV1HWZRUNV
$SHTXHQDGLPHQV¥RGH
3RUWXJDORDXPHQWRGD
FRQFRUU¬QFLDGHRXWURV
SD¯VHVDFULVHHFRQµPLFD
DDLQGDLQFLSLHQWH
LQWHUQDFLRQDOL]D©¥RGD
HFRQRPLDQDFLRQDOH
DIUDFDSURGXWLYLGDGH
V¥RDSRQWDGRVFRPR
SUHMXGLFLDLVDRHVIRU©R
GHLQRYD©¥RSRGHQGR
FRQGLFLRQDUDHVFROKD
GRQRVVRPHUFDGR
SDUDIXWXURVFHQWURVGH
FRPSHW¬QFLDÞ
[`jjfZ`XƒfZcXiX\eki\gfcˆk`ZX[\Z`†eZ`X
\gfcˆk`ZX[\\dgi\jX#efdY`kf[\jlZ\j$
j`mfjhlX[ifjZfdle`k}i`fj[\Xgf`f%Li^\#
gf`j#ldXgfcˆk`ZXj`jk„d`ZXÆXjjld`[X
gfi^fm\ief#\dgi\jXj\le`m\ij`[X[\j
Æhl\ZfdY`e\j`dY`fk`ZXd\ek\Xk`kl$
[\jfi`\ekX[XjgXiXXXjjleƒf[\i`jZfj#
d\c_fi`X[XjZfdg\k†eZ`Xj`ek\ieXj[fj
m}i`fjXZkfi\jhl\`ek\im†deXdl[XeƒX
\#ZcXif#lddX`fie’d\if[\`ek\iXZƒ‘\j
\eki\\jj\jd\jdfjXZkfi\jÉ%
GXiXGXkiˆZ`X=\ieXe[\j#[XD`Zifjf]k
Gfikl^Xc#„kl[fldXhl\jkf[\`dX^\d%
FefjjfGXˆjÈef„]fik\\ddXib\k`e^[\
ZXljXjgigi`XjÉ#g\cfhl\[\m\\j]fiƒXi$j\
dX`j\dgifdfm\ifjj\ljYfej\o\dgcfj%
Gfij\lklief#AffGXlcf=\ieXe[\j#[X
E<:Gfikl^Xc#Zfej`[\iXhl\fGXˆj[\m\
]Xq\ilddX`fi\j]fiƒfefj\ek`[f[\[Xi
XZfe_\Z\ifeˆm\c[\hlXc`[X[\[Xdf$
$[\$fYiXeXZ`feXc#Ègfi\o\dgcfXkiXm„j
[\`e`Z`Xk`mXj[\[`mlc^Xƒf[\ZXjfj[\
jlZ\jjfÉ% ;\gf`j# ÈZi`Xi `eZ\ek`mfj Xf
`em\jk`d\ekf\jkiXe^\`ifgfi\o\dgcf#
ÔjZX`j #hl\g\id`kXdXGfikl^XcZfdg\k`i
ZfdflkifjgXˆj\jhl\kXdY„dj\k\ekXd
gfj`Z`feXiXfeˆm\c[X@;#\jg\Z`Xcd\ek\
Xj\Zfefd`Xj\d\i^\ek\j[fjgXˆj\j[f
C\jk\<lifg\l#Ýj`X\8d„i`ZXCXk`eXÉ%
A}Afj„:Xicfj>feƒXcm\j#:<F[XC^`$
ZX@Y„i`X#XZi\[`kXhl\Gfikl^Xcgf[\`i
ÈZcXiXd\ek\ÉdX`jXc„defhl\kfZX~j
XgfjkXj]\`kXj\d@;#fhl\gf[\gXjjXi
gfildXXZƒfdX`jZfeZ\ikX[X\eki\fj
[`]\i\ek\jX^\ek\j\emfcm`[fj#^fm\ief#
\dgi\jXj\\dgi\j}i`fj#le`m\ij`[X[\j\
`em\jk`^X[fi\j%
Gfikl^Xc[\jg\ikfl[\Ôe`k`mXd\ek\
gXiXX`dgfikeZ`X[X`efmXƒf#[X\oZ\$
c†eZ`X\[f@;%FZi\jZ`d\ekf[X[\jg\jX
e\jkX}i\Xm\i`ÔZX$j\#\d^iXe[\d\[`[X#
efj\Zkfi\dgi\jXi`Xc#fe[\X`ea\Zƒf
[\m\iYXj\d@;hlXj\hl\ki`gc`Zfl
[\j[\)'',#Zi\jZ\e[f))\eki\)''.\
)''/#gXiX(#),/d`cd`c_‘\j[\\lifj\d
)''/(#'(d`cd`c_‘\j\d)''.\Xg\eXj
+-)d`c_‘\j\d)'', %yldgifZ\jjf
`dgXi}m\c#hl\d\jdfXZi`j\\Zfed`ZX
\ÔeXeZ\`iXdle[`XcefXYiXe[fl%8`e[X
i\Z\ek\d\ek\]f`kfieX[fg’Yc`Zfhl\X
8ZZ\ekli\gi\k\e[\`ejkXcXi\jk\Xef\d
C`jYfXldZ\ekif[\jlgfik\\dk\Zefcf^`X
J8G\ldZ\ekif9GF9lj`e\jjGifZ\jj
FlkjfliZ`e^ gXiXgi\jkXij\im`ƒfjXgXˆj\j
\lifg\lj#Zi`Xe[fjeXgi`d\`iX]Xj\(-'
gfjkfj[\kiXYXc_fXckXd\ek\hlXc`ÔZX[fj%
JfZ\ekif\jg\Z`Xc`qX[f\d jf]knXi\
J8G#hl\a}XiiXeZflZfd/'g\jjfXj#[}
jlgfik\#gXiXa}#Xefm\gXˆj\j%
*ULHO&2081,&$‰—(6
\d]fZf@
݋SUHFLVRIRUWLïFDU
RIUDFREUDQGGH3RUWXJDOÞ
Hl\YXcXeƒf]Xq[fkXc\ekf\dGfi$
kl^Xc6
>\e\i`ZXd\ek\#\di\cXƒf~jK@:#
fjgifÔjj`feX`jgfikl^l\j\j\jkfXf
eˆm\c[fjd\c_fi\j[fdle[f%DXj#
eXd`e_Xfg`e`f#k†d[f`jgfekfj
e\^Xk`mfj1gfildcX[f#dfm\d$j\
eldd\iZX[fdl`kfg\hl\ef2gfi
flkif#X`e[Xk†dgflZX\og\i`†eZ`X[\
`ek\ieXZ`feXc`qXƒf%:fdfmXekX^\ej
gfjjfXgfekXiXÕ\o`Y`c`[X[\#XiXg`$
[\q[\Xgi\e[`qX^\d\XYfXi\XZƒf
\dj`klXƒ‘\j[\\d\i^†eZ`X%
Gfihl†X\jZfc_X[fd\iZX[feXZ`f$
eXcgXiX`ejkXcXiZ\ekifj[\@;[X
8cZXk\c$ClZ\ek6
8iXqfgi`eZ`gXcgXiXX`ejkXcXƒf[\
Z\ekifj[\Zfdg\k†eZ`X[\@;„efj
XZfdg\k†eZ`X\jg\ZˆÔZX[XjefjjXjg\j$
jfXjdXjkXdY„df]XZkf[\\o`jk`i\d
fl k\i\d\o`jk`[f#Xc^li\jefk\dgf#mXekX$
^\ejZfdg\k`k`mXjXjjfZ`X[XjXfd\iZX[fgfi$
kl^l†j%;\jjX]fidX#g\id`k`l$j\hl\\jjXj
mXc†eZ`Xjj\[\j\emfcm\jj\deXkliXcd\ek\
gXiXXgc`ZXƒfcfZXcefd\iZX[fgfikl^l†j
\]lkliX`dgc\d\ekXƒfeflkifjd\iZX[fj%
8ZklXcd\ek\#ZfdfXmXeƒf[X^cfYXc`qXƒf#
XZfeZfii†eZ`X„dX`fi\fjgi\jjlgfjkfjgXiX
X`ejkXcXƒf[\Z\ekifj[\@;jf[`]\i\e$
k\j#\ddX`fie’d\if\Xgi\j\ekXddX`fi\j
[\jXÔfjgXiXldgXˆjZfdfGfikl^Xc%
J\ek\$j\Xgf`X[fXeˆm\cg’Yc`Zfe\j$
jX\jZfc_X6
F\j]fiƒf]\`kfefj’ck`dfjXefjk\d
Zfeki`Ylˆ[f[\]fidXgfj`k`mXgXiXXdXel$
k\eƒf\[\j\emfcm`d\ekf[\Zfdg\k†eZ`Xj
XjjfZ`X[Xj~ji\[\j[\efmX^\iXƒf\Xgc`ZX$
ƒ‘\jYXj\X[XjeX@ek\ie\k%8j`e`Z`Xk`mXj[\
gXiZ\i`X`ek\ieXZ`feXc[\Xc^ldXjle`m\i$
j`[X[\jgfikl^l\jXj\Xd\c_fi`X[XjZfe$
[`ƒ‘\jgXiXX`em\jk`^XƒfkXdY„djfld
Zfeki`Ylkfdl`kfgfj`k`mfe\jkX}i\X%<o`j$
k\d#gfiflkifcX[f#Xc^lejXgf`fjÔjZX`j
hl\Xj\dgi\jXjgf[\dlk`c`qXiYXj\X[fj
\dgif^iXdXjZfdffJ@=@;<flfHI<E%
DXjhl\#eXd`e_Xfg`e`f#efXck\iXdj`^$
e`ÔZXk`mXd\ek\fgXefiXdX\o`jk\ek\%
HlX`jXj^iXe[\jmXekX^\ej[fd\iZX$
[fgfikl^l†j\di\cXƒfXflkifjd\i$
ZX[fj6
JfgflZXjXjmXekX^\ejhl\Gfikl^Xc
[`jg‘\i\cXk`mXd\ek\Xflkifjd\iZX[fj%
&2081,&$‰—(6*ULHO
P$QWµQLR%HDWR7HL[HLUDPRESIDENTEDA!LCATEL
,UCENT0ORTUGAL
Ý&DSWDULQYHVWLPHQWR
HVWUDQJHLURHP,'
SUHQGHVHFRPLQFHQWLYRV
HYDQWDJHQVFRPSHWLWLYDV
DRQ¯YHOGRVLPSRVWRV
HGDðH[LELOLGDGHODERUDO
GDSURFXUDGHQRYRV
PHUFDGRVGRWHVWH
ORFDOGHVROX©·HV
GDLQRYD©¥RWHFQROµJLFD
GDSURPR©¥R
GDPDUFD3RUWXJDOÞ
Hl\i\e[fXgfekXiXc^ldXj#[`i`Xhl\X
i\cXk`mXg\hl\eX[`d\ejf[fd\iZX[f
gf[\j\ildXmXekX^\deldXdY`\ek\
[\k\jk\#\dhl\fi`jZf\dZXjf[\]Xc_X
kfieXf`em\jk`d\ekfd\efjg\eXc`qX[fi%
FlkiXmXekX^\d„XhlXc`[X[\[\m`[Xeld
GXˆjj\^lif#X]}m\c\kfc\iXek\%8jj`dZfdf
Xgifo`d`[X[\[\c`^Xƒ‘\jZfdfj<L8#
9iXj`c\Ý]i`ZX\Xj`e]iX$\jkilkliXjY}j`$
ZXj\[\k\c\Zfdle`ZXƒ‘\jXfd\c_fieˆm\c
dle[`Xc%
8]iXZXgif[lk`m`[X[\[fjgifÔjj`feX`j
gfikl^l\j\j„XgfekX[XZfdfld^iXe[\
ZfejkiXe^`d\ekf~ZXgkXƒf[\`em\jk`$
d\ekfgXiXfefjjfGXˆj#\jg\Z`Xcd\e$
k\\d}i\XjZfdfX@;%Hl\eˆm\ck\d
XefjjXdf$[\$fYiX]XZ\~[\flkifj
d\iZX[fj6
8]iXZXgif[lk`m`[X[\[fjgifÔjj`f$
eX`jgfikl^l\j\jk\dXc^ldXjiXˆq\j
gif]le[Xj\m}i`fjÈgX`jÉ%LdgXˆjhl\
[\dfiXki†j_fiXjXXcdfƒXi#hl\iXiX$
d\ek\Z_\^XX_fiXj#Zlafj\dgi\j}i`fj
\^\jkfi\jefj\j\ekXdi\^lcXid\e$
k\efjYXeZfj[X\jZfcX#ZfdZfd\ekX$
[fi\jk\c\m`j`mfjhl\j[`X^efjk`ZXd\
]XcXd[fhl\efjXY\d#Zfdld\jkX[f
\oZ\jj`mf[\gif]\jjfi\jhl\efhl\i\d
j\iXmXc`X[fj¿Zfdfgf[\d\c_fiXiX
gif[lk`m`[X[\6<jk\„ldgifYc\dXZfe$
Zi\kf[X\Zfefd`X\[XjfZ`\[X[\gfikl$
^l\jXZfdfldkf[f%EXkliXcd\ek\hl\
_}\oZ\gƒ‘\j\dkl[ffhl\[`jj\#dXj
efgXjjXd[`jjfd\jdf%
:fdf„hl\Gfikl^Xcgf[\i}ZXgkXidX`j
`em\jk`d\ekf\jkiXe^\`ifgXiXle`[X[\j
[\@;6
J`eZ\iXd\ek\hl\efj\`%8jXZ_\$
^Xjhl\gfjjf[XiefgXjjXdZ\ikXd\ek\
[\cl^Xi\j$Zfdlej%:XgkXi`em\jk`d\ekf
\jkiXe^\`if\d@;gi\e[\$j\Zfd`eZ\e$
k`mfj\mXekX^\ejZfdg\k`k`mXj1Xfeˆm\c[fj
`dgfjkfj\[XÕ\o`Y`c`[X[\cXYfiXc#[Xgif$
ZliX[\efmfjd\iZX[fj#[fk\jk\cfZXc[\
jfclƒ‘\j#[X`efmXƒfk\Zefc^`ZX#[f]fZf
\dldXfl[lXj}i\Xjk\Zefc^`ZXj\^\f$
^i}ÔZXj#[Xgifdfƒf[XdXiZXÊGfikl^XcË%
<eÔd#[\ldXdlck`gc`Z`[X[\[\]XZkfi\j
hl\d\i\Z\dld\jkl[f[\kXc_X[f%
:fej`[\iXhl\XjXgfjkXjhl\k†dj`[f
]\`kXj eXj K@: gfi gXik\ [Xj ^iXe[\j
dlck`eXZ`feX`jgi\j\ek\j\dGfikl^Xcjf
jlÔZ`\ek\jflgf[\iˆXdfj`idX`jXc„d6
8jdlck`eXZ`feX`j#\dGfikl^Xc#hl\
XZklXd eX }i\X [Xj K@: k†d k`[f ld
Zfeki`Ylkf`dgfikXek\eXkiXej]\i†eZ`X[\
k\Zefcf^`XgXiXGfikl^Xc%8jlX[`d\ejf
i\Õ\Zk\X[`d\ejf[fd\iZX[feXZ`feXc\
fj\lgfk\eZ`Xc[\Zi\jZ`d\ekf%Fhl\j\i`X
eXi\Xc`[X[\`dgfikXek\„hl\j\\jkXY\c\$
Z\jj\ldXÈZ`ekliXÉk\Zefc^`ZXYXj\X[X
eXjjkXik$lgËj\GD<#\dZfealekfZfdXj
dlck`eXZ`feX`j#gXiXf[\j\emfcm`d\ekf
Zfealekf[\gifa\Zkfj[\`ek\i\jj\eXZ`feXc
\hl\gl[\jj\j\iÈ\ogfik}m\cÉ[\df[fX
]fik`ÔZXif]iXZfYiXe[[\Gfikl^Xc%
\d]fZf@
Ý+£TXHUHSOLFDUFDVRVGHVXFHVVRÞ
\eZXekf\fZc`dXX^iX[}m\c[fefjjfGXˆj#
Xj\ejXƒf[\j\^liXeƒX%<#gXiXi\Zlijfj
hlXc`ÔZX[fj#Gfikl^Xc„ldgXˆjÔeXeZ\`$
iXd\ek\Zfdg\k`k`mfXldX\jZXcXgio`$
dX`ek\ieXZ`feXc%
8]iXZXgif[lk`m`[X[\[fjgifÔjj`feX`j
gfikl^l\j\j„XgfekX[XZfdfld^iXe[\
ZfejkiXe^`d\ekf~ZXgkXƒf[\`em\jk`$
d\ekfgXiXfefjjfGXˆj#\jg\Z`Xcd\e$
k\\d}i\XjZfdfX@;%Hl\eˆm\ck\d
XefjjXdf$[\$fYiX]XZ\~[\flkifj
d\iZX[fj6
8efjjX\og\i`†eZ`Xk\ddfjkiX[fhl\#
\dk\idfj[\gXi`[X[\[\Zfe[`ƒ‘\j[\
kiXYXc_f#Xgif[lk`m`[X[\[fjgfikl^l\$
j\jef„[\df[fXc^ld`e]\i`fi~[fj
gifÔjj`feX`j[\flkifjgXˆj\j%Dl`kfg\cf
Zfeki}i`f%Fj`em\jk`d\ekfj\jkiXe^\`ifj
\dfg\iXƒ‘\j`ek\ieXZ`feX`jgfjj`Y`c`kXd
Zfe[`ƒ‘\j[\Zfdg\k`k`m`[X[\`ek\ieXZ`f$
eXcXfjefjjfji\Zlijfj#c`Y\ikXe[f\i\m\$
cXe[fkf[ffj\lgfk\eZ`Xc%
P&
DUORV%UD]¥RGENERALMANAGERDA#ISCO0ORTUGAL
Hl\YXcXeƒf]Xq[fkXc\ekf\dGfi$
kl^Xc6
FefjjfYXcXeƒfefgf[`Xj\id\c_fi%
K\dfjki†jZ\ekifj\lifg\lj[\jlgfi$
k\~jfg\iXƒ‘\j[X:`jZfhl\efgXiXd
[\Zi\jZ\i\[\XkiX`iefmXjfgfikle`[X$
[\j%Jfdfjld[fjdX`fi\jgXiZ\`ifj[f
8@:<GeXZfcfZXƒfXelXc[\[\q\eXj[\
\jkX^`}i`fjefjefjjfjZ\ekifjdle[`X`j
[\[\j\emfcm`d\ekf#XfXYi`^f[fgif^iX$
dX@efm:fekXZkf%K\dfj#i\cXk`mXd\ek\
XfkXdXe_f[fGXˆj#ld[fjdX`j]fik\j
gif^iXdXjdle[`X`j[\8ZX[\d`Xj[\E\k$
nfib`e^#\dgXiZ\i`XZfd\jkXY\c\Z`d\e$
kfj[\\ej`ef\]fidXƒf#Zfdd`c_Xi\j[\
Xclefj\dg\idXe\ek\]fidXƒf%<dX`j
`e`Z`Xk`mXj\dZXik\`iX#kf[XjYXj\X[Xjef
kXc\ekf[fjgfikl^l\j\j#efhlXck\dfj
ZX[Xm\qdX`jiXq‘\jgXiXXZi\[`kXi%
Gfihl†X\jZfc_X[fd\iZX[feXZ`feXc
gXiX`ejkXcXiZ\ekifj[\@;6J\ek\$j\
Xgf`X[fXeˆm\cg’Yc`Zfe\jjX\jZfc_X6
K\dfjZX[Xm\qdX`jZ\ekifj\lifg\lj
[\fg\iXƒ‘\j[X:`jZfYXj\X[fj\dGfikl$
^Xc%8[\Z`jfgXiXZfcfZXifgi`d\`if\d
Gfikl^XcÆfZ\ekif?\iZlc\jÆi\jlckfl[\
ld\jkl[f`ek\iefXkliX[f[\Y\eZ_dXi$
b`e^\eki\[`m\ijXjcfZXc`qXƒ‘\jgfjjˆm\`j#
hl\k\m\\dZfekX[\q\eXj[\]XZkfi\j%Fj
&2081,&$‰—(6*ULHO
Ý2VLQYHVWLPHQWRV
HVWUDQJHLURVHP
RSHUD©·HVLQWHUQDFLRQDLV
SRVVLELOLWDPFRQGL©·HV
GHFRPSHWLWLYLGDGH
LQWHUQDFLRQDODRVQRVVRV
UHFXUVRVOLEHUWDQGRH
UHYHODQGRWRGRRVHX
SRWHQFLDO>@7HPRVGH
DODUJDUKRUL]RQWHVQHVWD
HFRQRPLDJOREDOÞ
jlYj\hl\ek\j]fiXdgifZ\jjfjdl`kfdX`j
eXkliX`j#[X[ffjlZ\jjf\Yfd[\j\dg\$
e_f[f?\iZlc\j%K\dfjj\ek`[ffd\c_fi
Xgf`f`ejk`klZ`feXc#[X[fhl\eleZXgif$
Zli}dfjXgf`fjÔeXeZ\`ifj%
HlX`jXj^iXe[\jmXekX^\ej[fd\i$
ZX[fgfikl^l†j\di\cXƒfXflkifj
d\iZX[fj6
8hlXc`[X[\[fjefjjfji\ZlijfjhlX$
c`ÔZX[fj#X_fjg`kXc`[X[\\XZlckliX[\
kiXYXc_f[fjgfikl^l\j\jeldXdY`\ek\
dfk`mX[fi\\jk`dlcXek\#Xc`k\iXZ`Xc`e$
^lˆjk`ZX\[`^`kXc[XjefmXj^\iXƒ‘\j#f
:fdf„hl\Gfikl^Xcgf[\i}ZXgkXidX`j
`em\jk`d\ekf\jkiXe^\`ifgXiXle`[X$
[\j[\@;6
EXd`e_Xfg`e`f#_}dl`kfgXiX]Xq\i%
Gi`d\`if#gifdfm\ildXflkiX`dX^\d
`ek\ieXZ`feXc[\Gfikl^Xc\[fjgfikl^l\$
j\j#[XjefjjXjefmXj^\iXƒ‘\j#[XefjjX
c`k\iXZ`X[`^`kXc\c`e^lˆjk`ZX%;\gf`j#g\i$
Z\Y\ife[\\jkfXjfgfikle`[X[\je\jkX
^iXe[\\Zfefd`X^cfYXcgXiXZXgkXƒf[\
fgfikle`[X[\j[\`em\jk`d\ekf#k\e[f\d
ZfekXXgfj`ƒf’e`ZX[\Gfikl^Xc%Gfikl^Xc
„ldg\hl\efgXˆjZfdldXcfZXc`qXƒf\
ldZfealekf[\Zfe[`ƒ‘\j]Xek}jk`ZXj#dXj
gXiXfjXgifm\`kXik\dfj[\XcXi^Xi_fi`$
qfek\je\jkX\Zfefd`X^cfYXc%
:fej`[\iXhl\XjXgfjkXjhl\k†dj`[f
]\`kXjeXjK@:gfigXik\[Xj^iXe[\j
dlck`eXZ`feX`jgi\j\ek\j\dGfikl$
^Xc„jlÔZ`\ek\#flgf[\iˆXdfj`idX`j
Xc„d6
K\dfj#]\c`qd\ek\#Xjj`jk`[fXYXjkXek\j
\j]fiƒfjd\i`ki`fj\ZfdjlZ\jjf%:i\`f
hl\eXj[`i\Zƒ‘\j[XjjlYj`[`}i`Xj[\Zfd$
gXe_`Xj`ek\ieXZ`feX`jk\dfjj\dgi\ldX
d`jjf[Xhl`cfXhl\Z_XdXdfjÈ[lgcX
Z`[X[Xe`XÉ1efjgifdfm\iXjefjjXj
ZfdgXe_`XjefefjjfGXˆj#dXjkXdY„d
fefjjfGXˆj[\ekif[XjefjjXjfi^Xe`qX$
ƒ‘\j%;\m\i`Xj\i]\`kfldkiXYXc_fj`jk\$
d}k`ZfjfYi\fj]XZkfi\jhl\c\mXiXdXf
jlZ\jjfe\jk\jZXjfj\k\ekXii\gc`Z}$cfj
kXekfhlXekfgfjjˆm\c%
Ý3HQVDULQRYD©¥RGHIRUPDLQWHJUDGDÞ
Hl\YXcXeƒf]Xq[fkXc\ekf\dGfi$
kl^Xc6
J\XiX`q\k`dfc^`ZX[fkXc\ekf[f
cXk`dkXc\ekl i\dfekX~jZ`m`c`qXƒ‘\j
^i\Zf$ifdXeXj#\ehlXekfdf\[X[\kif$
ZX#Xki\mf$d\X\jkXY\c\Z\ildgXiXc\$
c`jdfZfdX`dgfikeZ`Xhl\fkXc\ekf
Xjjld\_fa\eXjm}i`Xj\j]\iXjhl\Zfd$
g‘\dXfi^Xe`qXƒfjfZ`Xc[\ldXeXƒf%
;X\Zfefd`X~gfcˆk`ZX#[XjfZ`\[X[\
~ZlckliX#„[fkXc\ekfhl\\d\i^\dX
`efmXƒf#XZXgXZ`[X[\[\]Xq\id\c_fi
\f\c\mXi[feˆm\c[\[`]\i\eZ`Xƒf[\
ldgXˆj%:fej`[\iXe[ffkXc\ekfZfdf
gXik\`ek\^iXek\[fgXki`de`f[\ld
gXˆj#\dGfikl^Xc\jk\[\m\i`Xj\id\$
c_fiZl`[X[f%Efgf[\dfjÆ\dgi\$
jXj#^fm\ief\flkifjX^\ek\j[\Z`jfi\j
ÆÔZXi`e[`]\i\ek\j~Zi\jZ\ek\È]l^X[\
Z„i\YifjÉgXiXflkifjgXˆj\jhl\i\’e\d
d\c_fi\jZfe[`ƒ‘\j#jfYg\eX[\g\i[\i$
dfjgif^i\jj`mXd\ek\feˆm\c[\ZXg`kXc
`ek\c\ZklXc`e[`jg\ej}m\c~efjjXXÔidXƒf
elddle[f^cfYXc%8`e[Xhl\`ejlÔZ`\ek\j#
efgfjjf[\`oXi[\i\]\i`ifjYfej\o\dgcfj
[\kXc\ekfhl\k†djXˆ[fhl\i[fjYXeZfj[Xj
le`m\ij`[X[\jhl\i[\m}i`Xj\dgi\jXjgfikl$
^l\jXjhl\k†d#g\cfkXc\ekfhl\`dgi`d\dXf
j\ldf[\cf[\^\jkf#\eZfekiX[ffj\l\jgXƒf
[\XÔidXƒf[\ekif\]fiX[fGXˆj%
Gfihl†X\jZfc_X[fd\iZX[feXZ`feXcgXiX
`ejkXcXifj\lZ\ekif[\@;6J\ek\$j\Xgf`X$
[fXeˆm\cg’Yc`Zfe\jjX\jZfc_X6
EfZXjf[f:\ekif[\<jkl[fj8mXeƒX[fj#
i\Z\ek\d\ek\`ejkXcX[feX=<LG#X\jZfc_X
jli^`leXkliXcd\ek\#eXj\hl†eZ`X[\ldX
ZXe[`[XkliX[\jlZ\jjfalekf[X@9D:fig%
8\oZ\c†eZ`X[fgifa\Zkf#Xc`X[XXldXjc`[X
\hl`gXXZX[„d`ZX\XldZfealekf[\gifÔj$
j`feX`j@9D#g\id`k`lkiXq\igXiXGfikl^Xcf
),%²Z\ekif[f^ilgf%8g\jXi[fjXmXeƒfjj`^$
e`ÔZXk`mfje\jkX}i\XÆgifgfiZ`feX[fjg\cf
`em\jk`d\ekfg’Yc`Zf\gi`mX[fÆ#X`em\jk`^X$
ƒfZ`\ekˆÔZX\dGfikl^Xc„X`e[X`e]\i`fi~
d„[`X\lifg\`X%F:8JXjjld\efGXˆjld
mXcfiXZi\jZ\ekX[f\ehlXekf\jgXƒf[\gXik`$
c_X[\Zfe_\Z`d\ekf\ldXgfk\eZ`XcXcXmXeZX
[\`efmXƒf%JfYi\kl[fj\Zfej`[\iXidfjhl\
\jkXY\c\Z\i}ldXi\cXƒfki`Xe^lcX[X\eki\le`$
m\ij`[X[\$`em\jk`^X[fi\j$\dgi\jXj%
HlX`jXj^iXe[\jmXekX^\ej[fd\iZX[fgfi$
kl^l†j\di\cXƒfXflkifjd\iZX[fj6
J\Xgfj`ƒf^\f^i}ÔZX[\Gfikl^Xck\dj`$
[faljk`ÔZXƒfgXiXfj\lcl^Xig\i`]„i`Zf\d
m}i`Xj]i\ek\j#eX@;ef[\m\Zfek`elXiX
j\im`jkXZfdfldXYXii\`iX%Fji\jlckX[fjk†d
P-RV«-RDTXLPGH2OLYHLUDPRESIDENTEDA)"-
0ORTUGAL
ZfeÔidX[fZfdffZi\jZ`d\ekf\Zfed`Zf
[fjgXˆj\j[\j\emfcm`[fjk\dj`[fdfk`mX[f
gfildXdY`\ek\[\`em\jk`d\ekfg’Yc`Zf\
gi`mX[feXZ`†eZ`X\eXk\Zefcf^`X%<#e\jj\
j\ek`[f#XjmXekX^\ejgXi\Z\d\m`[\ek\j#kXe$
kfeX[`d\ejfg’Yc`ZXXkiXm„j[\gifZ\jjfj
fgk`d`qX[fj[\^\jkf[X8[d`e`jkiXƒfG’$
Yc`ZX ZfdfeXgi`mX[XXkiXm„j[XZi`Xƒf[\
j\im`ƒfj\jfclƒ‘\j`ek\c`^\ek\j %Gfikl^Xc[\$
m\#gfi`jjf#jXY\im`iXifmfcXek\[X@;gXiX
fZXd`e_fZ\ikf1f`em\jk`d\ekf<jj\`em\j$
k`d\ekfk\i}#e\Z\jjXi`Xd\ek\#[\j\ig\jX[f
eXYXcXeƒX[Xj\jZfc_Xj#[fjgifa\Zkfjhl\i\Xc$
d\ek\efjgf[\d[`jk`e^l`i[fjflkifjgXˆj\j%
<ki`c_XifZXd`e_f[Xdlck`gc`ZXƒf[XjYfXj
gi}k`ZXj\gXiZ\i`Xj`ek\ieXZ`feX`j#\jkXY\c\$
Z\e[fc`^Xƒ‘\jZfdhl\dgf[\dfjgXik`c_Xi
Zfe_\Z`d\ekf%E\jj\j\ek`[f#Zldgi`iZfd
ldgcXef[\@;eXZ`feXc#dXjhl\ef[\j$
Zli\fgfk\eZ`Xc[\`ek\ic`^XƒfZfdflkifj
gif^iXdXj[\`em\jk`^Xƒf`ek\ieXZ`feX`j#„
[\Z`j`mfgXiX^XiXek`ifZi\jZ`d\ekf\Zfe$
d`Zf\[\j\emfcm`d\ekfjfZ`Xc%
8]iXZXgif[lk`m`[X[\[fjgifÔjj`feX`jgfi$
kl^l\j\j„XgfekX[XZfdfld^iXe[\Zfej$
kiXe^`d\ekf~ZXgkXƒf[\`em\jk`d\ekf
gXiXfefjjfGXˆj#\jg\Z`Xcd\ek\\d}i\Xj
ZfdfX@;%Hl\eˆm\ck\dXefjjXdf$[\$
$fYiX]XZ\~[\flkifjd\iZX[fj6
I\]\i`iX]iXZXgif[lk`m`[X[\[fjgifÔjj`f$
eX`jgfikl^l\j\j`dgc`ZXk\i\dZfekX]XZkfi\j
ZfdfX\jkXY`c`[X[\[f\dgi\^f#XhlXc`ÔZXƒf
flXi\dle\iXƒf%J\Xgif[lk`m`[X[\[fjgfi$
kl^l\j\jk\dj`[fj`jk\dXk`ZXd\ek\XgfekX[X
Zfdf[`jkXek\[fjj\ljZfe^„e\i\j\lif$
g\lj#efgf[\j\ic`[Xj\dZfej`[\iXi
X\o`jk†eZ`X[\ldXZfii\cXƒfgfj`k`mX
\eki\mfcld\[\`em\jk`d\ekf\mXcfi[X
gif[lk`m`[X[\%Flj\aX#Xgif[lk`m`[X[\
[\g\e[\#\eki\flkifj]XZkfi\j#[feˆm\c
[\`em\jk`d\ekfi\Xc`qX[fefZfcXYfiX$
[fi%DXjXek\j[Xgif[lk`m`[X[\\jk}f
eˆm\c[Xj_XY`c`kXƒ‘\jc`k\i}i`Xj[fjgfikl$
^l\j\j%?}e\Z\jj`[X[\[\ldXgfcˆk`ZX
[\\[lZXƒf\]\Zk`mX%F`em\jk`d\ekf\d
@;`dgc`ZXX\o`jk†eZ`X[\gifÔjj`feX`j
hlXc`ÔZX[fj#Zfdˆe[`Z\j[\Zfe_\Z`$
d\ekfjlg\i`fi\hl\[fd`e\dm}i`Xj
}i\Xj[\jXY\i%Gfikl^Xck\di\^`jkX[f
gif^i\jjfjj`^e`ÔZXk`mfj#dXj\jkXdfj
X`e[XXhl„d[Xd\kX%8c„d[`jjf#j\i}
e\Z\jj}i`f\c\mXifjgX[i‘\j[\c`[\iXe$
ƒX#XhlXc`[X[\[X^\jkf\[fXdY`\ek\
[\kiXYXc_f%Ef]le[f#ldXi\df[\cXƒf
[XZlckliX\dgi\jXi`Xc\jk\e[`[XXfj[`$
]\i\ek\jdf[\cfjfi^Xe`qXZ`feX`j%
:fdf„hl\Gfikl^Xcgf[\i}ZXgkXidX`j
`em\jk`d\ekf\jkiXe^\`ifgXiX@;6
:XgkXi`em\jk`d\ekf\jkiXe^\`if`dgc`ZXX
\o`jk†eZ`X[\ldXdY`\ek\[\e\^Z`f\dhl\
j\i\jg`i\`efmXƒf#[`eXd`jdf\XdY`ƒf%Ld
gXˆjhl\hl\`iXXkiX`i`em\jk`d\ekfe\Z\jj`kX
[\^XiXek`iX[`jgfe`Y`c`qXƒf[\hlXc`ÔZXƒ‘\j
\Zfdg\k†eZ`XjX[\hlX[XjX\jj\j`em\jk`d\e$
kfj%<#XjfdXiXkl[f`jkf#jf`e[`jg\ej}m\`j
Zfe[`ƒ‘\jXkiXZk`mXj[\`em\jk`d\ekfjZfeZi\$
k`qX[Xj\d`eZ\ek`mfjÔjZX`j#gfi\o\dgcf%
<efgfjjf[\`oXi[\jlYc`e_XiXe\Z\jj`[X$
[\[\g\ejXiXgfcˆk`ZX[\`efmXƒf\dGfi$
kl^Xc[\]fidX`ek\^iX[X#Zfej`[\iXe[fZfdf
gXiZ\`ifj\dgi\jXj\le`m\ij`[X[\j%;liXek\
dl`kfjXefjXjgfcˆk`ZXj[\@;efefjjfGXˆj
Zf\o`jk`iXdeldXc^`ZX[\[`jjfZ`XƒfZcXiX
\eki\gfcˆk`ZX[\Z`†eZ`X\[\\dgi\jX%
8jXgfjkXjhl\k†dj`[f]\`kXjeXjK@:gfi
gXik\[Xj^iXe[\jdlck`eXZ`feX`jgi\j\e$
k\j\dGfikl^Xc„jlÔZ`\ek\#flgf[\iˆX$
dfj`idX`jXc„d6
=fiXdXjdlck`eXZ`feX`jhl\Zi`XiXdfj\Z$
kfi[XjK@:\dGfikl^Xc%yZ\ikfhl\gf[\j\d$
gi\]Xq\i$j\dX`j%<Xjdlck`eXZ`feX`j\jkXif
Z\ikXd\ek\[`jgfeˆm\`jgXiX]Xq\idX`j#Xjj`d
fhl\`iXfGXˆj%Li^\ldXgfcˆk`ZXj`jk„d`ZXÆ
Xjjld`[Xgfi^fm\ief#\dgi\jXj\le`m\ij`[X$
[\jÆhl\ZfdY`e\j`dY`fk`ZXd\ek\1Xk`kl[\j
fi`\ekX[XjgXiXXXjjleƒf[\i`jZfj#d\c_fi`X
[XjZfdg\k†eZ`Xj`ek\ieXj[fjm}i`fjXZkfi\j
hl\`ek\im†deXdl[XeƒX\lddX`fie’d\$
if[\`ek\iXZƒ‘\j\eki\\jj\jd\jdfjXZkfi\j
[Xj\j]\iXjg’Yc`ZX\gi`mX[X %
*ULHO&2081,&$‰—(6
\d]fZf@
Ý&ODUDPHQWHSRGHU¯DPRVLUPDLV
DO«PQDDSRVWDHP,'Þ
Hl\YXcXeƒf]Xq[fkXc\ekf\dGfi$
kl^Xc6
<ek\e[ffkXc\ekf`e[`m`[lXcZfdf
ldXZfdY`eXƒf’e`ZX\`ii\g\kˆm\c[\
Xki`Ylkfj#[\Zfdg\k†eZ`Xj#[\ZXiXZk\$
iˆjk`ZXjhl\#gfim`X[XjlXXgc`ZXƒfgi}$
k`ZX#j\Zfeal^XdgXiXg\id`k`iXcZXe$
ƒXii\jlckX[fj\okiXfi[`e}i`fj%Gf[\dfj
\eZfekiXi`e’d\iXj\m`[†eZ`XjXfcfe$
^f[XefjjX?`jki`Xhl\kiX[lq\dX
ZXgXZ`[X[\hl\Gfikl^Xck\dk`[fgXiX
gif[lq`i^iXe[\jkXc\ekfj#Zfdgifa\Z$
ƒfeXZ`feXc\`ek\ieXZ`feXc%:fekl$
[f#gf[\i\dfjXjjld`ihl\#gfidfk`$
mfj[\eXkli\qX[`jk`ekX#\jkilkliX`jfl
\jkiXk„^`Zfj#ef\jkXdfjX[\j\emfc$
m\ifkXc\ekf\dhlXek`[X[\\hlXc`$
[X[\jlÔZ`\ek\j%Gf[\i\dfj\k\dfj
XfYi`^Xƒf[\hl\jk`feXiXjfgƒ‘\j
[\]le[fkfdX[XjXfcfe^f[X[„ZX[X
jfYi\fefjjfdf[\cf\[lZXk`mf#jfYi\
XjgXiZ\i`Xj\jkiXk„^`ZXj#flXXlj†eZ`X
[\cXj#\eki\fk\Z`[f\dgi\jXi`Xc\f
d\`fXZX[„d`Zf#jfYi\fgXiZf`em\jk`$
d\ekfXfeˆm\c[X`em\jk`^Xƒf\[\j\emfc$
m`d\ekf#jfYi\f`em\jk`d\ekf\jkiXe^\`if
efefjjfGXˆj%:fekl[f#Zfem„def\jhl\$
Z\if]XZkf[\m`m\idfjeldgXˆjhl\k\d
Z\iZX[\([XgfglcXƒf[Xàe[`X\d\efj
[\([XgfglcXƒf[X:_`eX%
Gfihl†X\jZfc_X[fd\iZX[feXZ`f$
eXcgXiX`ejkXcXiZ\ekifj[\@;[X
jlXdlck`eXZ`feXc6J\ek\$j\Xgf`X[fX
eˆm\cg’Yc`Zfe\jjX\jZfc_X6
8\jZfc_XgXiX`ejkXcXiZ\ekifj[\@;[X
Cf^`ZX\dGfikl^Xck\d#\dgi`d\`iX`ejke$
Z`X#ldXaljk`ÔZXƒfYXj\X[Xefbefn$_fn%
<jkXYXj\[fZfe_\Z`d\ekf[`]\i\eZ`X[f
g\id`k`lXZfehl`jkX[\^iXe[\\og\i`†e$
Z`XXeˆm\ceXZ`feXc\`ek\ieXZ`feXc#hl\#ef
dfd\ekf[\[\Z`jf#ZcXiXd\ek\]XZ`c`kflX
fgƒfg\cfefjjfGXˆj%EfZXjf[XCf^`ZX#f
`ek\i\jj\\fXgf`fg’Yc`Zfi\^`jkX[fj]XZ\
~gfjj`Y`c`[X[\[\`em\jk`d\ekf]f``e[`jZl$
kˆm\c#d\i\Z\[fi[\^iXe[\`ek\i\jj\\[\Z`$
j`mfgXiXXjlXZfeZi\k`qXƒf%
HlX`jXj^iXe[\jmXekX^\ej[fd\iZX$
[fgfikl^l†j\di\cXƒfXflkifjd\i$
ZX[fj6
GXiXXc„d[fbefn$_fn# efgf[\i\$
dfjd\efjgi\qXikXdY„df]XZkf[\Gfi$
kl^Xc#[\ldgfekf[\m`jkX^\f\jkiXk„^`$
Zf#j\Xjjld`iZfdfldXZcXiXXck\ieXk`mX
&2081,&$‰—(6*ULHO
XfjÈdf[\cfjf]]j_fi\É#k`iXe[fgif$
m\`kf[\eˆm\`jjXcXi`X`jhl\#Xg\jXi
[\kl[f#hlXe[fZfdgXiX[fjZfdX
d„[`X\lifg\`X#jfZcXiXd\ek\dX`j
YX`ofj%J\XZi\jZ\ekXidfjX\jk\j]XZ$
kfi\jZXiXZk\iˆjk`ZXjZfdfXj[XÕ\$
o`Y`c`[X[\\[XX[XgkXY`c`[X[\hl\
gf[\i$j\$fkiX[lq`i\dhl\jk‘\jkf
j`dgc\jZfdff[fdˆe`f[\cˆe^lXj
\jkiXe^\`iXj #\eZfekiXdfjdfk`mfj
[\jfYiXgXiXhl\Xjdlck`eXZ`feX`j
ZfdfXCf^`ZXgfjjXd]Xq\i\jk\k`gf
[\XgfjkXjefefjjfGXˆj%
P-RV«&DUORV*RQ©DOYHV#%/DA,¦GICA)B°RIA
Ý3RGHUHPRVHWHPRV
DREULJD©¥RGHTXHVWLRQDU
DVRS©·HVGHIXQGR
WRPDGDVDRORQJR
GDG«FDGDVREUHRQRVVR
PRGHORHGXFDWLYRVREUH
DVSDUFHULDVHVWUDW«JLFDV
RXDDXV¬QFLDGHODV
HQWUHRWHFLGRHPSUHVDULDO
HRPHLRDFDG«PLFR
VREUHRSDUFRLQYHVWLPHQWR
DRQ¯YHOGDLQYHVWLJD©¥R
HGHVHQYROYLPHQWR
VREUHRLQYHVWLPHQWR
HVWUDQJHLURQR
QRVVR3D¯VÞ
8]iXZXgif[lk`m`[X[\[fjgifÔjj`f$
eX`jgfikl^l\j\j„XgfekX[XZfdf
ld^iXe[\ZfejkiXe^`d\ekf~ZXg$
kXƒf[\`em\jk`d\ekfgXiXfefj$
jfGXˆj#\jg\Z`Xcd\ek\\d}i\Xj
ZfdfX@;%Hl\eˆm\ck\dXefj$
jXdf$[\$fYiX]XZ\~[\flkifj
d\iZX[fj6
Ef\ek\e[\dfjhl\\jj\j\aX#g\cf
d\efjeXj}i\Xj[\@;#ld^iXe[\Zfej$
kiXe^`d\ekf%Gf[\i}j†$cf\d}i\XjdX`jc`^X$
[Xj~gif[lƒf#dXj#d\jdfe\jjXj#\eZfe$
kiXdfjYfej\o\dgcfj[\ZfdfXk`e^`i\Xk„
d\jdfjlg\iXigX[i‘\j[\gif[lk`m`[X[\
`ek\ieXZ`feX`j%J\Zfej`[\iXidfjXj}i\Xj[\
j\im`ƒfjfe[\f]XZkfi[`jk`ek`mf„fÈZfe_\$
Z`d\ekfÉ#\ek\e[\dfjhl\fj\o\dgcfjhl\
k\dfjefefjjfGXˆj\deX[Xefj[`d`el\d
]XZ\XfjefjjfjgXi\j[\flkifjgXˆj\j%8`e[X
Xjj`d#gf[\i\dfj#gfim\q\j#Zfe]ifekXi$efj
Zfdhl\jk‘\jhl\#ef\mfZXe[fgifYc\dXj
[\ÈhlXc`[X[\É#jf`e[`j]Xiƒ}m\`j[fgfekf
[\m`jkX[XÈhlXek`[X[\É%
:fdf„hl\Gfikl^Xcgf[\i}ZXgkXidX`j
`em\jk`d\ekf\jkiXe^\`ifgXiXle`[X[\j
[\@;6
Gfim`X[\ldXXZƒfdX`jZfeZ\ikX$
[X\eki\fj[`]\i\ek\jX^\ek\j\emfcm`[fj#
^fm\ief#\dgi\jXj\\dgi\j}i`fj#le`m\i$
j`[X[\\`em\jk`^X[fi\j%
:fej`[\iXhl\XjXgfjkXjhl\k†dj`[f
]\`kXjeXjK@:gfigXik\[Xj^iXe[\j
dlck`eXZ`feX`j gi\j\ek\j \d Gfikl$
^Xc„jlÔZ`\ek\#flgf[\iˆXdfj`idX`j
Xc„d6
:cXiXd\ek\#gf[\iˆXdfj`idX`jXc„d%
8g\jXi[\kl[f#XZi\[`kXdfjj\i\d\m`[\e$
k\jfjgXjjfj[X[fje\jkXj}i\XjXfcfe^f
[fj’ck`dfjXefj%
\d]fZf@
Ý3URPRYHURVERQVH[HPSORVÞ
P3DWU¯FLD)HUQDQGHVPUBLICRELATIONSCORPORATE
IMAGEMANAGERDA-ICROSOFT0ORTUGAL
Hl\YXcXeƒf]Xq[fkXc\ekf\dGfikl^Xc6
LdYXcXeƒfd`jkf%Dl`kˆjj`dfgfj`k`mf
\di\cXƒf~ZXgXZ`[X[\[\fGXˆjgif[lq`i
dXjjXZ`eq\ekX[Xd\c_fihlXc`[X[\#Zfd
dX^eˆÔZfjˆe[`Z\j[\Zi`Xk`m`[X[\\ZXgXZ`$
[X[\[\`efmXƒf%8c^fe\^Xk`mf\di\cXƒf~
ZXgXZ`[X[\`e]iX$\jkilkliXc[fGXˆjgXiXi\k\i
\jk\kXc\ekf\eff[\`oXi\jZXgXigXiXf\ok\$
i`fi%8[`d\ejf^\f^i}ÔZX\XdXjjXZiˆk`$
ZX[\Gfikl^Xcefaf^XdXefjjf]Xmfi#gfi
`jjfjfe\Z\jj}i`fjd\ZXe`jdfji\[fYiX[fj
gXiXi\k\i\jk\kXc\ekf]le[Xd\ekXcgXiXX
ZXgXZ`[X[\Zfdg\k`k`mX~\jZXcX`ek\ieXZ`f$
eXc%8`e[Xk\e[\dfjX]fZXidl`kfXefjjX
Xk\eƒfeX\o\ZlƒfYXiXkX\`e[`]\i\eZ`X[X#
\dm\q[\XgfjkXidfj\dÊ\ok\ieXc`qXiËXj
XZk`m`[X[\jgif[lk`mXj[\YX`ofmXcfiXZi\j$
Z\ekX[f\ZfeZ\ekiXidfjefGXˆjXfi`^\d
[XjgXk\ek\j#Xgifgi`\[X[\`ek\c\ZklXc\f
mXcfi[XjdXiZXj%
Gfihl†X\jZfc_X[fd\iZX[feXZ`feXcgXiX
`ejkXcXiZ\ekifj[\@;6J\ek\$j\Xgf`X[f
Xeˆm\cg’Yc`Zfe\jjX\jZfc_X6
J\fj\Zkfigi`mX[fef[\ifgi`d\`if&
j\^le[f&k\iZ\`ifgXjjfjgXiXdl[XiXZXgXZ`$
[X[\[fGXˆj[\XkiX`i\dXek\i[\ekif[\gfi$
kXjfkXc\ekf\XZXgXZ`[X[\[\`efmXƒf#\ekf
eX[XmX`dl[Xi%8D`Zifjf]kXZi\[`kXhl\fj`j$
k\dXg’Yc`Zfgf[\Xal[Xi#dXjf<jkX[fef
gf[\]Xq\ikl[fjfq`e_f#fj\Zkfigi`mX[fk\d
hl\[XiXjlXZfeki`Yl`ƒf%Gfi`jjf#hlXe[f#
\d)'',#XYi`dfjfgi`d\`ifZ\ekif[\@;[X
D`Zifjf]k\dGfikl^Xc#hl`j\dfjj`eXc`qXiXf
d\iZX[f\~jflkiXjdlck`eXZ`feX`jhl\k\dfj
ldXi\jgfejXY`c`[X[\gXiXZfdfefjjfGXˆj%
&2081,&$‰—(6*ULHO
=\c`qd\ek\#\o`jk\da}flkifjYfej\o\dgcfj\
\d[`d\ejfXk„jlg\i`fi~efjjX%8efjjX`e`$
Z`Xk`mX[\XY\ikliX[\Z\ekifj[\@;\dGfi$
kl^Xc]f`kfkXcd\ek\gi`mX[X\]\`kXj\dXgf`f
\jkXkXcg’Yc`Zf#\dYfiXZfdfZfe_\Z`d\ekf
\Y\e\gc}Z`kf[fjZ\ekifjgfcˆk`Zfj[\[\Z`jf%
:fekl[f#hlXe[ffgi`d\`ifZ\ekif#XY\ikf\d
)'',#Zfd\ƒflXfg\iXi\dgc\ef#Zfd\ƒ}$
dfjXjlYd\k\iXj`[\`Xj[\efmfjgifa\ZkfjX
ÔeXeZ`Xd\ekfg’Yc`Zf\fi\jlckX[f]f`dl`kf
Yfd1Zfd\jk\ÔeXeZ`Xd\ekfZfej\^l`dfj
Xld\ekXife’d\if[\gifa\Zkfjhl\k\dfj
\d[\j\emfcm`d\ekfj`dlcke\f#m`jkfhl\
ef[`d`elˆdfjf`em\jk`d\ekfgi`mX[f[X
D`Zifjf]k%:`eZfXefj[\gf`j#fefjjfZ\ekif
[\@;eXZ`feXc\jk}Xgif[lq`i`efmXƒfhl\
a}\jk}i\Õ\Zk`[XeXefmX^\iXƒf[\gif[lkfj
\dZfd\iZ`Xc`qXƒf\\dgif[lkfjhl\\jkf
XZ_\^XiXfjZ`iZl`kfjZfd\iZ`X`jefjgio`$
dfjd\j\jN`e[fnjG_fe\#Gifa\ZkEXkXc\
9`e^ \#dX`j`ek\i\jjXek\X`e[X#gif[lqldX
^iXe[\gXik\[\gifa\Zkfjfe[\Xk\Zefcf^`X[f
i\Zfe_\Z`d\ekf[\]XcX„Xgc`ZX[X\d}i\Xj[\
i\jgfejXY`c`[X[\jfZ`Xc\ZfigfiXk`mX#ZfdfX
XZ\jj`Y`c`[X[\[\ÔZ`†eZ`X#dfY`c`[X[\i\[l$
q`[X#\kZ% flXk\iZ\`iX`[X[\%
HlX`jXj^iXe[\jmXekX^\ej[fd\iZX[f
gfikl^l†j\di\cXƒfXflkifjd\iZX[fj6
:`kff:<F[XD`Zifjf]k#Jk\m\9Xccd\i#
hlXe[f[X’ck`dXm`j`kXXGfikl^Xc#\dFlkl$
Yif[\)''/1jfdfjÈk_\Y\kXk\jk\iZflekipÉ
JfdfjfcXYfiXki`fg\i]\`kf%LdGXˆjjlÔ$
Z`\ek\d\ek\^iXe[\gXiXk\jkXildXgifmX[\
ZfeZ\`kf\X]\i`ifj\ljlZ\jjf#dXje\Z\jjX$
i`Xd\ek\g\hl\efgXiX#\dZXjf[\`ejlZ\jjf
flifkle[f]Xc_Xeƒf#efj\ild[\jXjki\[\
gifgfiƒ‘\j`ii\gXi}m\`j%
8]iXZXgif[lk`m`[X[\[fjgifÔjj`feX`jgfi$
kl^l\j\j„XgfekX[XZfdfld^iXe[\Zfej$
kiXe^`d\ekf~ZXgkXƒf[\`em\jk`d\ekf
gXiXfefjjfGXˆj#\jg\Z`Xcd\ek\\d}i\Xj
ZfdfX@;%Hl\eˆm\ck\dXefjjXdf$
$[\$fYiX]XZ\~[\flkifjd\iZX[fj6
8hl\jkf[X`eZXgXZ`[X[\[\ZXgkXƒf[\
`em\jk`d\ekfgfidfk`mfj[\gif[lk`m`[X[\
„ld[fj^iXe[\jd`kfj`ejkXcX[fj%Gfikl^Xc
ef„[\]XZkf]fik\\ddXib\k`e^[\ZXljXj
gigi`Xj[\m\i`XXgi\e[\ildgflZfZfdfj
m`q`e_fj\jgXe_`j%%% #dXjgifmXZfek`elX$
d\ek\hl\ldXm\qZXgkX[ff`em\jk`d\ekf„
ZXgXq[\jligi\\e[\ig\cXgfj`k`mX#gfihl\f
kXc\ekf\XdXjjXZ`eq\ekXefÔZXd[\kf[f
Xg\i[\i\di\cXƒfXfhl\\o`jk\ef\jkiXe$
^\`if%@jkfgXiXXD`Zifjf]k„kfm\i[X[\hl\
X`ejkXcXƒf\dGfikl^Xc[fj\^le[fZ\ekif
[\@;i\jlckfl[XZfdgiX[\ldX\dgi\jX
gfikl^l\jXhl\gfjjlˆXldXk\Zefcf^`Xhl\
\iXZ_Xm\gXiXXD`Zifjf]k%(,d\j\jXgjX
Xhl`j`ƒf#\jj\j\im`ƒf#ZfdXc^ldXjZljkf$
d`qXƒ‘\j#]f`cXeƒX[fdle[`Xcd\ek\gXiXfj
k\c\]fe\jN`e[fnjZfdfefd\[\DpG_f$
e\\Zfejk`kl`lXefm`[X[\Z_Xm\eXm\ijf
-%,[fN`e[fnjDfY`c\cXeƒX[X\dFlklYif
[\)''0%E\jk\ZXjf\jg\ZˆÔZf#XD`Zifjf]k
gXjjflXf]\i\Z\igXiXkf[ffdle[fldj\i$
m`ƒfZfdgc\kf[\YXZb$lg[\[X[fjdm\`j
eXN\Yc`k\iXcd\ek\XgXik`i[\9iX^X#Xj\[\
[\jk\Z\ekif[\@;\ddfY`c`[X[\%FlkiX
YfX\og\i`†eZ`Xhl\k\dfjeXD`Zifjf]k]f`X
XY\ikliX[fefjjfZ\ekif\lifg\l[\jlgfik\
k\c\]e`ZfgXiXkf[XX<lifgX#\d)''*%=f`
fgi`d\`if^iXe[\`em\jk`d\ekf\dGfikl^Xc#
eldXXckliXhl\gflZXjdlck`eXZ`feX`jXgfj$
kXmXdX`e[Xefe\Xij_fi\%GXiX^Xe_Xidfj
\jk\gifa\Zkf#f[`i\Zkfi$^\iXc[XXckliX#Aff
GXlcf>`iYXc#k\m\[\kiXmXildX[liXYXkX$
c_XZfekiX[\jk`efj\m`[\ek\jZfdfXàe[`X#X
@icXe[Xfl<jgXe_X%<^Xe_}dfj%Fhl\g\jfl
eX[\Z`jf]f`j`dgc\j1\oZ\c\ek\[fdˆe`f[\
`[`fdXjg\cfjgfikl^l\j\j\i\cXk`mX]XZ`c`[X$
[\[\i\ZilkXig\jjfXjZfdYfXjhlXc`ÔZXƒ‘\j%
8D`Zifjf]k\dGfikl^Xcgf[\i}j\ildZXjf
[\jfik\[\gi`eZ`g`Xek\e`jkf[XXkiXZƒf[\
`em\jk`d\ekf\jkiXe^\`if%DXjXd\jdXjfik\
\dki†jZXjfjkXcm\qj\aXdfk`mfgXiXg\ejXihl\
gf[\i}d\jdfefj\ijfik\#dXjj`dd„i`kf
[fGXˆj\jfYi\kl[f[XjefjjXjg\jjfXj%
:fdf„hl\Gfikl^Xcgf[\i}ZXgkXidX`j
`em\jk`d\ekf\jkiXe^\`ifgXiXle`[X[\j
[\@;6
Gifdfm\e[ffjYfej\o\dgcfjhl\a}Z}
k\dfj#i\le`[fjefhl\gfjjf[\j`^eXigfi
dXelXceXZ`feXc[\YfXjgi}k`ZXjgfildX
[lgcXm`X1Xgfcˆk`ZX\[`gcfd}k`ZX#eXm\ik\e$
k\g’Yc`ZX2\ZfdldkiXYXc_fgio`dfZfdX
Zfdle`[X[\[\dlck`eXZ`feX`j\o`jk\ek\\d
Gfikl^Xc#Xhl\Z_XdXi\`[\m`Xgi`mX[X%
8jXgfjkXjhl\k†dj`[f]\`kXjeXjK@:
gfigXik\[Xj^iXe[\jdlck`eXZ`feX`j
gi\j\ek\j\dGfikl^Xc„jlÔZ`\ek\#fl
gf[\iˆXdfj`idX`jXc„d6
Ef[`X\dhl\Zfej`[\iXidfjfj`em\jk`$
d\ekfjhl\a}k\dfjZfdfjlÔZ`\ek\j#\ekf
g\i[\dfjXXdY`ƒfZfdfgXˆj=XcXe[fg\cX
D`Zifjf]kGfikl^Xc#XefjjXgfjkliX„j`dgc\j1
\jkXdfjZfek`elXd\ek\~gifZliX\Xgif[l$
q`i`[\`Xjhl\c\m\dXZXjX$d\X]Xq\iefmfj
`em\jk`d\ekfjefefjjfGXˆj\XkiXYXc_XigXiX
[\]\e[\i\Xdgc`Xifjhl\a}Z}k\dfj8g\$
jXi[\mXcfi`qXidfjfj`em\jk`d\ekfjhl\a}
Z}k\dfj#gXiXejefjfjlÔZ`\ek\j\^fj$
kXiˆXdfjeXkliXcd\ek\[\k\iefmfj\dX`fi\j
`em\jk`d\ekfj#gfihl\fGXˆjd\i\Z\\„ZXgXq
[\fj]Xq\iÕfi\jZ\i%
Ý'HYHU¯DPRVLUPDLVDO«PÞ
dXeXkliXc~Zi`Xƒf[\lde’Zc\feXZ`feXc
Zfd\c\mX[XZfdg\k†eZ`Xe\jkXk\Zefcf^`X
\hl\#XgXik`i[fdfd\ekf\dhl\XE<:#
Xeˆm\c`ek\ieXZ`feXc#j\`ek\i\jjflkXdY„d
g\cfd\iZX[f>JD$I#]f`ldX\jZfc_XeX$
kliXcgXiXZ\ekif[\Zfdg\k†eZ`Xdle[`Xc
e\jkX}i\X%
P-R¥R3DXOR)HUQDQGHVDIRECTORGERALDE6ENDAS
E-ARKETINGDA.%#0ORTUGAL
Hl\YXcXeƒf]Xq[fkXc\ekf\dGfikl^Xc6
8E<:efk\dk`[f[`ÔZlc[X[\\d\e$
ZfekiXigifÔjj`feX`j[\\oZ\c\ek\hlXc`[X[\
gXiXfj\l:\ekif[\:fdg\k†eZ`X>JD$I
\dGfikl^Xc%8dX`figXik\[\jj\jgifÔj$
j`feX`jjf]fidX[fjg\cXLe`m\ij`[X[\[\
8m\`if#Z`[X[\fe[\fZ\ekif[\@;[XE<:
j\\eZfekiXYXj\X[f%<jkXLe`m\ij`[X[\[\$
dfejkiX#XefXgjXef#Zfek`elXiXj\ildX
i\]\i†eZ`X\dGfikl^XceX}i\X[Xjk\c\Zfdl$
e`ZXƒ‘\j#[X[ff]fie\Z`d\ekf[\i\Z„d$c`$
Z\eZ`X[fjZfdldYfdeˆm\c[\]fidXƒf\
hl\iXg`[Xd\ek\j\k†dZfej\^l`[f`ek\^iXi
eXj\hl`gXj[\kiXYXc_f[XE<:%FkXc\ekf
\o`jk\#gf`j#ZX[Xm\qdX`jZfdfi\jlckX[f
[\ldkiXYXc_f[\]fidXƒfY\dgcXe\X[f
\\o\ZlkX[fg\cfj\jkXY\c\Z`d\ekfj[\\ej`$
ef#ZfdfXLe`m\ij`[X[\[\8m\`if#hl\k†d
]\`kfld\j]fiƒfdl`kfgfj`k`mf[\df[\i$
e`qXƒf[XjlXXZk`m`[X[\\XZklXc`qXƒf[fj
j\ljZliiˆZlcfj%
Gfihl†X\jZfc_X[fd\iZX[feXZ`feXc
gXiX`ejkXcXifj\lZ\ekif[\@;6J\ek\$
j\Xgf`X[fXeˆm\cg’Yc`Zfe\jjX\jZfc_X6
8\jZfc_X[\Gfikl^XcgXiX`dgcXekXƒf[f
:\ekif[\:fdg\k†eZ`X\d>JD$I[XE<:
[\Zfii\#\dgi`d\`ifcl^Xi#[\Z`iZlejkeZ`Xj
_`jki`ZXj%Hl\[\i`mXd[\ldX\og\i`†eZ`X
jlg\i`fiX)'Xefjef[fdˆe`f[XjZfdle`$
ZXƒ‘\j]\iifm`}i`Xj#[liXek\fjhlX`jXE<:
Gfikl^Xck\dj`[fX\dgi\jXcˆ[\ief[\j\e$
mfcm`d\ekf#]fie\Z`d\ekf\`dgc\d\ekXƒf
[\jfclƒ‘\j[\jk\k`gfXfjfg\iX[fi\jgfikl$
^l\j\j%8\mfclƒf[Xjk\Zefcf^`Xj[\Zfdl$
e`ZXƒf]\iifm`}i`XgXiX>JD$I#hl\c\mfl
XE<:Gfikl^XcX`em\jk`iefZfe_\Z`d\ekf
[\jkXk\Zefcf^`X\gfjk\i`fi[\j\emfcm`d\ekf
[\gif[lkfje\cXYXj\X[fj#Zfe[lq`l[\]fi$
HlX`jXj^iXe[\jmXekX^\ej[fd\iZX[f
gfikl^l†j\di\cXƒfXflkifjd\iZX[fj6
Fj`em\jk`^X[fi\jgfikl^l\j\j[\jkXZXd$
$j\Xeˆm\c`ek\ieXZ`feXcg\cXjlXZXgXZ`[X[\
\dXc`XildYfdZfe_\Z`d\ekfk„Ze`ZfX
ZXiXZk\iˆjk`ZXj’e`ZXjX[f`jeˆm\`j1X]XZ`$
c`[X[\\dc`[XiZfdflkiXjZlckliXj#gXi$
k`ZlcXid\ek\`dgfikXek\eX}i\X[X@;#
\dhl\]i\hl\ek\d\ek\fj^ilgfj[\kiX$
YXc_fk†dZfekXZkf\&fljf`ek\^iX[fjgfi
\c\d\ekfj[\d’ck`gcfjgXˆj\j\[`]\i\ek\j
ZlckliXj2\ldX^iXe[\Zli`fj`[X[\\`ek\$
i\jj\g\cXXhl`j`ƒf[\efmfjZfe_\Z`d\e$
kfj#hl\c_\jg\id`k\kiXYXc_Xi\dZfd]X$
Z`c`[X[\\dgifa\Zkfjdlck`[`jZ`gc`eXi\j#
Zfdf„]i\hl\ek\d\ek\fZXjf[\dl`kfj
Ý3RUWXJDOSRGHULDH
GHYHULDFODUDPHQWHLU
PDLVDO«PSDUDRTXH
VHU£LQGLVSHQV£YHOQ¥R
VµUHIRU©DUDVLQLFLDWLYDV
GHFDSWD©¥RGHPDLV
LQYHVWLPHQWRHVWUDQJHLUR
FRPRWDPE«PFULDU
PDLVLQFHQWLYRVDHVVH
LQYHVWLPHQWRSRUSDUWH
GDVPXOWLQDFLRQDLVTXH
M£HVW¥RSUHVHQWHVQR
WHUULWµULRQDFLRQDOÞ
gifa\Zkfj[\@;%8`jkf_}eXkliXcd\ek\
hl\Xc`XildXYfXi\cXƒfhlXc`[X[\$gi\$
ƒf\dk\idfj[fji\jlckX[fjhl\„gfjjˆm\c
fYk\iefjgifa\Zkfj\]\ZklX[fjg\cfj`em\j$
k`^X[fi\jeXZ`feX`j%
8]iXZXgif[lk`m`[X[\[fjgifÔjj`feX`jgfi$
kl^l\j\j„XgfekX[XZfdfld^iXe[\Zfej$
kiXe^`d\ekf~ZXgkXƒf[\`em\jk`d\ekf
gXiXfefjjfGXˆj#\jg\Z`Xcd\ek\\d}i\Xj
ZfdfX@;%Hl\eˆm\ck\dXefjjXdf$
$[\$fYiX]XZ\~[\flkifjd\iZX[fj6
Feˆm\c[\Zfe_\Z`d\ekf[Xdf$[\$
$fYiXgfikl^l\jXef\jk}Xldeˆm\c`e]\i`fi
Xf[\flkifjgXˆj\j%8hl\jkf[Xgif[lk`$
m`[X[\k\ddX`jXm\iZfdfjgifZ\jjfj[\
kiXYXc_f`dgc\d\ekX[fj\Zfdfj\li`^fi
[fhl\ZfdXhl\jkf[feˆm\c[Xdf$[\$
$fYiX%8\jj\eˆm\c#X`ek\^iXƒf[fj`em\j$
k`^X[fi\jgfikl^l\j\j\d\hl`gXj[\@;
[\\dgi\jXjdlck`eXZ`feX`j#ZfdfXE<:#
g\id`k\[\Xc^ldX]fidXlckiXgXjjXifgif$
Yc\dX[Xgif[lk`m`[X[\#[X[fk`iXigXik`[f
[fj\lkXc\ekf[\ekif[\ldX\jkilkliXY\d
[\c`e\X[X\i`^fifjXXfeˆm\c[fjgifZ\jjfj
[\kiXYXc_f%
:fdf„hl\Gfikl^Xcgf[\i}ZXgkXidX`j
`em\jk`d\ekf\jkiXe^\`ifgXiXle`[X[\j
[\@;6
<jjXZXgkXƒfk\i}]fiƒfjXd\ek\[\gXj$
jXigfi[f`jgXjjfj\jj\eZ`X`j%Gi`d\`if#[Xi
XZfe_\Z\ifeˆm\c[\hlXc`[X[\[Xdf$[\$
$fYiXeXZ`feXc#gfi\o\dgcfXkiXm„j[\`e`$
Z`Xk`mXj[\[`mlc^Xƒf[\ZXjfj[\jlZ\jjf%
;\gf`j#Zi`Xi`eZ\ek`mfjXf`em\jk`d\ekf\j$
kiXe^\`ifgfi\o\dgcf#ÔjZX`j #hl\g\id`$
kXdXGfikl^XcZfdg\k`iZfdflkifjgXˆj\j
hl\kXdY„dj\k\ekXdgfj`Z`feXiXfeˆm\c
[X@;#\jg\Z`Xcd\ek\Xj\Zfefd`Xj\d\i$
^\ek\j[fjgXˆj\j[fC\jk\<lifg\l#Ýj`X\
8d„i`ZXCXk`eX%
:fej`[\iXhl\XjXgfjkXjhl\k†dj`[f
]\`kXj eXj K@: gfi gXik\ [Xj ^iXe[\j
dlck`eXZ`feX`jgi\j\ek\j\dGfikl^Xc„
jlÔZ`\ek\#flgf[\iˆXdfj`idX`jXc„d6
Gfikl^Xcgf[\i`X\[\m\i`XZcXiXd\ek\
`idX`jXc„d#gXiXfhl\j\i}`e[`jg\ej}$
m\cefji\]fiƒXiXj`e`Z`Xk`mXj[\ZXgkX$
ƒf[\dX`j`em\jk`d\ekf\jkiXe^\`ifZfdf
kXdY„dZi`XidX`j`eZ\ek`mfjX\jj\`em\j$
k`d\ekfgfigXik\[Xjdlck`eXZ`feX`jhl\
a}\jkfgi\j\ek\jefk\ii`ki`feXZ`feXc%
8\jk\kˆklcf#i\ÔiX$j\hl\fj`dgc\j]XZkf
[\ldX\dgi\jXj\ildXdlck`eXZ`feXc\
efldX\dgi\jX[\ZXg`kXcdX`fi`kXi`X$
d\ek\gfikl^l†jc_\m\[XfXZ\jjfXXc^lej
gif^iXdXj[\`eZ\ek`mfXf`em\jk`d\ekf#f
hl\Zi`XYXii\`iXjXhl\Xjdlck`eXZ`feX`ja}
gi\j\ek\jefk\ii`ki`fgfikl^l†j`em`jkXd
\d@;\Zfeki`YlXd#gfi\jjXm`X#gXiX
ldXld\ekf[XZXgXZ`[X[\[\Gfikl^Xci\$
]fiƒXiXjlXZfdg\k`k`m`[X[\#^\iXe[fdX`j
`efmXƒf\dX`j\dgi\^f%KXdY„dXfeˆm\c
[Xc\^`jcXƒfcXYfiXcj\i`Xe\Z\jj}i`XldX
dX`fiX[\hlXƒf[Xd\jdXXfji\hl`j`kfj
\jg\ZˆÔZfj[XZi`Xƒf\dXelk\eƒf[\\hl`$
gXj[\@;%
*ULHO&2081,&$‰—(6
\d]fZf@
352-(&726&21&5(726,167$/$'26(032578*$/
$SRVWDVHPY£ULDVIUHQWHV
5
\ [ \ j d  m \ ` j #
i\[\j ]`oXj# Zfe$
k\’[fj# mˆ[\f#
\eki\k\e`d\ekf#
jlgfik\dle[`Xc
\\lifg\l#IE>#dfY`c`[X[\#
\e\i^`X#lk`c`k`\j#kiXejgfik\j#
i\Zfe_\Z`d\ekf[Xcˆe^lX#j\Z$
kfi]\iifm`}i`f%8jXgfjkXj[Xj
dlck`eXZ`feX`jgi\j\ek\j\d
Gfikl^Xcjfd’ck`gcXjefhl\
j\i\]\i\~jXZk`m`[X[\j[\j\e$
mfcm`[Xjg\cfjj\ljZ\ekifj[\
Zfdg\k†eZ`Xa}`dgcXekX[fj
\dGfikl^Xc%Kf[fji\jlckXiXd#
\di\^iX#[\ldXZXe[`[XkliX`ek\ieX$
Z`feXc[\ekif[fji\jg\Zk`mfj^ilgfj%
<kf[fjj\[\jk`eXdX[Xii\jgfjkX~j
e\Z\jj`[X[\j^cfYX`j[Xjdlck`eXZ`feX`j#
j\e[f\dXc^lejZXjfjm\i[X[\`ifj\o\d$
gcfjdle[`X`j%EXjgio`dXjg}^`eXj„
]\`kXldXYi\m\XYfi[X^\d[fjgifa\Zkfj
\dZlijf%
$IDEULFDQWHWHPHP
3RUWXJDOTXDWURJUDQGHV
FHQWURVGHFRPSHW¬QFLD
QDV£UHDVGHVHUYL©RV
PµYHLVY¯GHRH
HQWUHWHQLPHQWR
$/&$7(//8&(179ƒ5,$6ƒ5($6
8k„_}Y\dgflZfk\dgfX8cZXk\c$ClZ\ek
k`e_Xj\k\Z\ekifj[\Zfdg\k†eZ`X\dGfi$
kl^Xc1:\ekif[\:fdg\k†eZ`XgXiX>\jkf
[\@DJ#Ki`gc\$GcXp\J\im`ƒfjGifÔjj`f$
eX`j[\J\^liXeƒX\:fek`el`[X[\[X@e]fi$
dXƒf2*>I\Xc`kp:\eki\2DfY`c\B`fjb
?fjk`e^2:fdle`ZXƒ‘\j\d8gc`ZXƒ‘\j[\
KiXejgfik\j2E\knfibDXeX^\d\ek:fd$
g\k\eZ\:\ek\i2Fgk`d`qXƒf\GcXe\X$
d\ekf[\I\[\j>JD\=N8#\8jj`jk†eZ`X
K„Ze`ZX[\>JD%DXjXi\fi^Xe`qXƒf\X
iXZ`feXc`qXƒf[fje\^Z`fjc\mflXldX
ZfeZ\ekiXƒf\dhlXkif^iXe[\jZ\ekifj#
\emfcm\e[fXj}i\Xj[\J\im`ƒfjGifÔj$
j`feX`j#GcXe\Xd\ekf\Fgk`d`qXƒf[\
I\[\jDm\`j#Fg\iXƒf\DXelk\eƒf
[\I\[\jDm\`j\8gc`ZXƒ‘\j[\Mˆ[\f\
<eki\k\e`d\ekf%
FjZ\ekifj[\`efmXƒf\Zfdg\k†eZ`X
\jkXY\c\Z`[fj\dGfikl^XcZfejk`kl\dfj
g`cXi\j[X]XYi`ZXek\eXjlX\jkiXk„^`X[\
[fdˆe`f[fd\iZX[f[XjZfdle`ZXƒ‘\j%
DXjefj%Jfgcfj[\^\iXƒf[\Zfe_\$
Z`d\ekf\[\\ogfikXƒf[\Xgc`ZXƒ‘\j#
gif[lkfj\j\im`ƒfj`efmX[fi\j%8ji\[\j
dm\`j\ÔoXj#fgcXe\Xd\ekf#^\jkf#
jlgfik\\dXelk\eƒf[\`e]iX$\jkilkliXj#
f\eki\k\e`d\ekf\fjd\[`XjfXc^ldXj
[Xj}i\Xj\d[\jkXhl\e\jkXjfg\iXƒ‘\j%
J\e[fX@;[Xi\jgfejXY`c`[X[\[\[\q\$
eXj[\gifÔjj`feX`jXckXd\ek\hlXc`ÔZX$
[fj#kXekfgfikl^l\j\jZfdf\jkiXe^\`ifj%
Ef\o`jk\de’d\ifj[\jX^i\^X[fjjfYi\
f`em\jk`d\ekf[X8cZXk\c$ClZ\ekgfid\i$
ZX[fjeX`em\jk`^Xƒf\eX`efmXƒf%DXjX
eˆm\cdle[`Xcf^ilgfZXeXc`qfl\d)''/
Z\iZX[\)#,d`cd`c_‘\j[\\lifjgXiX
\jkX}i\X%
LdX[XjXgfjkXjdX`j`dgfikXek\j„f
:\ekif[\:fdg\k†eZ`XFJJ&9JJ%:fd
dX`j[\(-Xefj[\\og\i`†eZ`Xef[\j\e$
mfcm`d\ekf[\Xgc`ZXƒ‘\j[\^\jkf[\hlX$
c`[X[\[\j\im`ƒfgXiXfg\iX[fi\j[\i\[\j
ÔoXj\dm\`j#fYk\m\Xk„X^fiXdX`j[\+'
i\]\i†eZ`Xj\d*'gXˆj\j\)'i\]\i†eZ`Xj
\dfg\iX[fiXj[\k\c\Zfdle`ZXƒ‘\jÔoXj
\dm\`j%@dgc`Zflld`em\jk`d\ekf[\
('d`c_‘\j[\\lifj\^XiXek\ldmfcld\
[\\ogfikXƒfXelXcd„[`X[Xfi[\d[\-
d`c_‘\j[\\lifj%<d)''0#i\^`jkflld
Zi\jZ`d\ekf[\m\e[Xj[\(*'#Zfdfj
ZfekiXkfj[\]fie\Z`d\ekf\jkXY\c\Z`[fj
ZfdXK\c\ZfdE\nQ\XcXe[#J=I#8e^f$
cXK\c\Zfd#GK\Mf[X]fe\Xk\i\dld
`dgXZkf[\Z`j`mfeXjZfekXj%
Fflkif^iXe[\Z\ekif[\Zfdg\k†eZ`X
[X8cZXk\c$ClZ\ek\dGfikl^Xc„fE;@F
E\knfib;\j`^e#@ek\^iXk`feFgk`d`$
qXk`fe %:i`X[f\d)''(#\jk}YXj\X[f
&2081,&$‰—(6*ULHO
\d:XjZX`jC`jYfX \gi\j$
kXj\im`ƒfjgifÔjj`feX`jeXj
}i\Xj[\ [\j`^e# `ek\^iXƒf\
fgk`d`qXƒf[\i\[\j%@ek\$
^iX[feXfi^Xe`qXƒf^cfYXc
[X]XYi`ZXek\#\o\ZlkXj\im`$
ƒfjkXekfXeˆm\ccfZXcZfdf
`ek\ieXZ`feXc%y]ilkf[\ld
`em\jk`d\ekfXZldlcX[fXf
cfe^f[fj’ck`dfjf`kfXefj
[\*d`c_‘\j[\\lifj\jlgfi$
kXXXZk`m`[X[\[\dX`j[\+'
fg\iX[fi\j[\k\c\Zfdle`ZX$
ƒ‘\j\dkf[ffdle[f#dX`f$
i`kXi`Xd\ek\eX<lifgX#Ý]i`$
ZX\D„[`fFi`\ek\%<d)''0#f^ilgf
Zfd\ƒflXXgfjkXieXj}i\Xj[\CK<\@G#
dXek\e[fldX\jki\`kXZfcXYfiXƒfZfd
fj9\ccCXYj#efj<L8#gXiXf[\j\emfc$
m`d\ekf[XefmXk\Zefcf^`Xdm\c[\+%±
^\iXƒf%Gfikl^Xc]f`j\c\ZZ`feX[fgXiX
Xjj\^liXifjj\im`ƒfj\dm}i`fj ki`Xcj[f
CK<Xeˆm\cdle[`Xc%
;\jkXhl\ X`e[X gXiX f :\ekif [\
8jj`jk†eZ`XK„Ze`ZX>JDK<:ÆK\Z_e`ZXc
<og\ik`j\:\eki\ #kXdY„dZfdYXj\\d
:XjZX`j#hl\\o\ZlkXfeˆm\c*[\jlgfik\
Xfjgif[lkfj>JD`ejkXcX[fj\ddX`j[\
(/'Zc`\ek\jefdle[f`ek\`if%Fjlgfik\
„^XiXek`[f\di\^`d\[\)+_o.[`XjX
kf[XjXj\hl`gXj[\jlgfik\cfZXc&i\^`feXc
[X 8cZXk\c$ClZ\ek i\jgfej}m\`j g\cX
Xjj`jk†eZ`Xk„Ze`ZXXfZc`\ek\%<#gfiÔd#
fI\Xc`kp:\ek\i#`eXl^liX[f\d:XjZX`j
\d)'')#Zfdld`em\jk`d\ekf\eki\
('\(,d`c_‘\j[\\lifj%8gi\j\ekX$j\
ZfdfldZ\ekif`eZlYX[fi[\jfclƒ‘\j[\
mˆ[\f\\eki\k\e`d\ekf\gfk\eZ`X[fg\cf
D\[`Xdfk`fe:\ek\i[X8cZXk\c$ClZ\ek\
[\[`ZX$j\gi`eZ`gXcd\ek\XXgc`ZXƒ‘\j[\
Zfem\i^†eZ`X%<jk\Z\ekifg\id`k\#\d
XdY`\ek\gigi`f#m\i\k\iX\og\i`†eZ`X
[\jfclƒ‘\jXfeˆm\c[fDfY`c\KM#DfY`c\
M`[\f#@GKM\X`e[X[\D\[`Xdfk`fem`X
@ek\ie\k%
&,6&2,19(67((0683(5&(17526
8:`jZf„flkiX[Xj^iXe[\j]XYi`ZXek\j
dle[`X`j hl\ \jZfc_\l Gfikl^Xc gXiX
`dgcXekXiXc^lej[fjj\ljdX`j`dgfi$
kXek\jZ\ekifj[\Zfdg\k†eZ`X\`efmXƒf%
F:\ekif<lifg\l[\Jlgfik\XfjGif$
Z\jjfj[\E\^Z`f#fGifa\Zkf?„iZlc\j#
fC`Y\ikp:\eki\\f@ej`[\JXc\jJlg\i$
Z\ek\ijf\o\dgcfj[XXgfjkX[f^ilgf
efik\$Xd\i`ZXefeX`efmXƒf\dk\ii`$
ki`fcljf%Jfdl`kfjd`c_‘\j\d`em\j$
k`d\ekfj\[\q\eXj\[\q\eXj[\gfjkfj
[\kiXYXc_fZi`X[fj%J\eki\)''.\
)''0X]XYi`ZXek\Ê`ea\ZkflËhlXj\,'
d`c_‘\j[\\lifjefefjjfGXˆj\d@;
ef[\j\emfcm`d\ekf\\ogfikXƒf[\
gif[lkfj\j\im`ƒfj\[\lkiXYXc_fX
gio`df[\(.'g\jjfXj%
F?„iZlc\j#`ejkXcX[f\d)''.dXj
`eXl^liX[fldXef[\gf`j#„ldZ\e$
kif[\jlgfik\dle[`Xchl\\dgi\^X
Z\iZX[\ldXZ\ek\eX[\\jg\Z`Xc`jkXj\
hl\i\gi\j\ekflld`em\jk`d\ekf[\.
d`c_‘\j[\\lifj#XfhlXcXZi\jZ\ldX`j('
d`c_‘\j[\\lifjeXefmXj\[\%EXXckliX
[XXY\ikliX#\iXfgi`d\`if\’e`Zf[fJlc
[X<lifgXef^„e\if%Fjj\ljgifÔjj`f$
eX`jk`e_XdZfdf]leƒfXgf`Xii\dfkX
\m`iklXcd\ek\Xj\hl`gXj[\m\e[X\d
kf[ffZfek`e\ek\\lifg\l#ldkiXYXc_f
[\Xc^ldXZfdgc\o`[X[\#ldXm\qhl\X
]XYi`ZXek\k\dldgfik\]c`f[\dX`j[\
)'d`cgif[lkfj%8`ejkXcXƒf[fZ\ekif\d
C`jYfX]f`jfYi\kl[fldXm`ki`X[XjlYj`$
[`}i`XeXZ`feXc#gf`jk`m\iXd[\lckiXgXjjXi
XÊf]\ikXË[X?fcXe[X#@icXe[X\dX`jj\`j
gXˆj\jhl\hl`j\iXdXYi`iXjjlXjgfikXj
X\jk\gifa\Zkf%F`ek\i\jj\\d^XiXek`iX
cfZXc`qXƒf[f?„iZlc\jefk\dXg\eXj
Xm\iZfdX^\iXƒf[\Zfdg\k†eZ`Xjfl
[\dX`j\dgi\^XY`c`[X[\Xeˆm\ceXZ`feXc
\dgi\^XXZklXcd\ek\/'g\jjfXj#gif$
m\e`\ek\j[\(0gXˆj\j %ykXdY„dldX
hl\jkf\Zfed`ZX#j\j\k`m\i\dZfekX
hl\kf[ffe\^Z`f[X:`jZfeX<lifgX
Æ\jk`dX[f\ddX`j[\,d`cd`c_‘\j[\
\lifjÆgXjjXgfi\jk\Z\ekif%
8gifm\`kXe[ff`dglcjf[X[fg\cf?„i$
Zlc\j#jli^\\dÔeX`j[\)''/fC`Y\ikp
:\eki\gXiXZfejfc`[XiC`jYfXZfdfld
Z\ekif[\jlgfik\~jfg\iXƒ‘\j\lifg\`Xj
[X\dgi\jX%FC`Y\ikp:\eki\]XqgXik\
[Xfi^Xe`qXƒf[\j\im`ƒfj[X:`jZf\[}
jlgfik\~j\hl`gXj[\m\e[Xj#Xal[Xe[f$Xj
Xj\idX`jgif[lk`mXj\\ÔZ`\ek\j%
8dX`ji\Z\ek\XgfjkX[X]XYi`ZXek\
\dk\ii`ki`feXZ`feXc„f@ej`[\JXc\j
Jlg\iZ\ek\i# ld Èjlg\iZ\ekifÉ fe[\
]fiXd`em\jk`[fjZ\iZX[\-d`c_‘\j[\
\lifj\hl\mX`]leZ`feXiZfdfldXgcX$
kX]fidX[X:`jZfgXiXX<lifgX#fe[\gfl$
ZXj[\q\eXj[\g\jjfXjkiXYXc_XdZfd
Z\iZX[\d`cgXiZ\`ifjfi`le[fj[\[\q
gXˆj\j[X<lifgX%@eXl^liX[f\dÔeX`j
[\)''0#[`]\i\eZ`X$j\[fjXek\i`fi\jgfi
j\i\jg\Z`ÔZXd\ek\[`i`^`[fXm\e[Xj%A}f
?„iZlc\j\fC`Y\ikp\jkfjfYi\kl[f]fZX$
[fjefjj\im`ƒfj[\jlgfik\[\i\kX^lXi[X%
F@ej`[\JXc\jJlg\iZ\ek\igi\jkXj\im`ƒfj
gXiX[\qgXˆj\jXgXik`i[Xj\[\[X:`jZf
Gfikl^Xc#\dF\`iXj#\i\gi\j\ekXdX`j
ldgXjjfeXk\e[†eZ`X[\ZfeZ\ekiXƒf
2JUXSRLPSOHPHQWRX
QRPHUFDGRQDFLRQDODOJXQV
GRVVHXVPDLVLPSRUWDQWHV
FHQWURVGHLQRYD©¥R
(SUHSDUDVHSDUDUHIRU©DU
RVLQYHVWLPHQWRV
[\`e]iX$\jkilkliXj\i\Zlijfj_ldXefj
hl\efj’ck`dfjXefjd\o\lZfdfd\i$
ZX[f%I\Z\ek\d\ek\ÔZflXjXY\i$j\hl\
f^ilgf#\dgXiZ\i`XZfdXC`m`e^GcX$
e@K#gi\k\e[\`ejkXcXi\dGfikl^Xcld
Z\ekifdle[`Xc[\`efmXƒfeX}i\X[fj
j\ejfi\jgXiXi\[\j`e]fid}k`ZXj%FXcmf
„fd\iZX[fdle[`Xc#gi\k\e[\e[f$j\[Xi
[\jkXhl\Xk\Zefcf^`XjZi`X[Xjg\cX:`jZf
efdY`kf[XjlX`e`Z`Xk`mXÈZfdle`[X[\j
Zfe\ZkX[Xj\`ek\c`^\ek\jÉ#hl\m`jX[\j\e$
mfcm\ijfclƒ‘\j`efmX[fiXjgXiXXjdX`j
[`m\ijXj}i\Xj%
(5,&662151*(08/7,0‹',$
J\e[fXji\[\j[\efmX^\iXƒf\Xjjfcl$
ƒ‘\jdlck`d„[`X}i\Xj[\^iXe[\\e]f$
hl\[\ekif[X<i`Zjjfe#efd\X[Xd\ek\
\dk\idfj[\Zfem\i^†eZ`X[\jfclƒ‘\j\
\hl`gXd\ekfj#f^ilgfk\dXgfjkX[fef
d\iZX[feXZ`feXceXZi`Xƒf[\Z\ekifj
[\Zfdg\k†eZ`X[\[`ZX[fjX\jkXj}i\Xj
\jkiXk„^`ZXj%FfYa\Zk`mf„[Xii\jgfjkXXfj
[\jXÔfj[fd\iZX[feXZ`feXc\^XiXek`iX
c`[\iXeƒX%8jj`d#Zi`fl\d)'',fD\[`X
:fdg\k\eZ\:\eki\#fgi`d\`ifZ\ekif
i\^`feXc[\[`ZX[f~j\dgi\jXj[\ d\[`X
\fg\iX[fi\jeXZ`feX`j%:fdgc\d\ekXe[f
XjZfdg\k†eZ`XjcfZX`jZfdfji\Zlijfj[\
flkifjZ\ekifj\gifa\Zkfj[f^ilgfjl\$
ZfÆZfdff<i`ZjjfeDfY`c`kpNfic[#f
>cfYXcDfY`c\D\[`X:\ek\i#f<i`Zjjfe
:fejld\iCXY\f<i`ZjjfeDfY`c\GcXk$
]fidjÆ#fD\[`X:fdg\k\eZ\:\eki\
]XZ`c`kXXZi`Xƒf[\efmfjZfek\’[fj\
Xgc`ZXƒ‘\jdm\`jfi`\ekX[fjgXiXfj
d\[`X#[Xe[fi\jgfjkX~Zi\jZ\ek\gif$
ZliXefd\iZX[f[\jfclƒ‘\j`efmX[fiXj
gXiXlk`c`qX[fi\jÔeX`j\f]\i\Z\e[fld
gfj`Z`feXd\ekf\jkiXk„^`Zfefdle[f
[XjZfdle`ZXƒ‘\jdm\`j%
;f`j Xefj [\gf`j „ `eXl^liX$
[f f È;\df :\eki\É# ld cXYfiXki`f
[`i\ZZ`feX[fgXiXfj\^d\ekfdlck`d„[`X%
KiXkX$j\[\ld\jgXƒfgi`m`c\^`X[fgXiX
k\jk\j\[\dfejkiXƒ‘\j#hl\gf[\j\ilk`$
c`qX[fgfiZc`\ek\j\gXiZ\`ifjflX`e[X
[liXek\[\k\id`eX[fjdfd\ekfj[\]fi$
dXƒf[\\hl`gXjk„Ze`ZXjflZfd\iZ`X`j#
hl\gf[\if#Xjj`d#dX`j]XZ`cd\ek\k\i
efƒf[fji\jlckX[fjÔeX`j[Xj[`]\i\ek\j
jfclƒ‘\j%KXdY„d\d)''.X<i`Zjjfe
Xgi\j\ekflfÈ@DJ8ggc`ZXk`fe<og\ik
:\eki\É#fgi`d\`ifZ\ekif\dGfikl^Xc
\jg\Z`Xc`qX[f\d@DJ#hl\k\dZfdf
fYa\Zk`mf\jk`dlcXi\Xgf`Xifjj\ljgXi$
Z\`ifjef[\j\emfcm`d\ekf[\Xgc`ZXƒ‘\j
`efmX[fiXj[\@DJ#gfk\eZ`Xe[fXZfejkil$
ƒf[\j\im`ƒfj\jfclƒ‘\jdlck`d„[`X%
8jlYj`[`}i`Xgfikl^l\jXXmXeƒflX`e[X#
\d)''0#ZfdXZi`Xƒf[\ldefmf:\e$
kif[\@ek\^iXƒf[\J`jk\dXjgXiXIE>%
F fYa\Zk`mf „ \jkXY\c\Z\i ld efmf
\Zfjj`jk\dXgXiXZi`Xiefmfjj\im`ƒfj
\Xgc`ZXƒ‘\jgXiX]XZ`c`kXiX\dgi\jXj\
Zfejld`[fi\jXlk`c`qXƒf[fjY\e\]ˆZ`fj
[XjIE>%Gi\k\e[\$j\XZi`Xƒf[\efmXj
\dgi\jXj\XZfcXYfiXƒf\Zi`Xƒf[\
ldXi\[\\eki\\jkXj\flkiXj\dgi\jXj
a}\o`jk\ek\j#Zi`Xe[f$j\ldXefmX[`e$
d`ZXXjj\ek\\dZfdg\k†eZ`XjXmXeƒX[Xj%
<k\dZfcXYfiX[fZfdXjle`m\ij`[X[\j
XkiXm„j[fj\lGif^iXdXLe`m\ij`[X[\j#
Zi`X[f\d)'''%<jk\\emfcm\Xc^ldXj
le`m\ij`[X[\jeXZ`feX`j\m`jX`eZ\ek`mXi
fXld\ekf[X`ek\iXZƒf\eki\X<i`Zjjfe
\Xj`ejk`kl`ƒ‘\j[\\ej`efjlg\i`fi#gXiX
Zfeki`Yl`igXiXldXd\c_fi`X[XhlXc`[X[\
[\\ej`efefjZlijfj[\k\c\Zfdle`ZXƒ‘\j
\k\Zefcf^`Xj[X`e]fidXƒf#Xgifo`dXe$
$VXEV¯GL£ULD
GRJUXSRVXHFR
WHPDSRVWDGR
QRGHVHQYROYLPHQWR
QDV£UHDVGHUHGHV
GHDOWDYHORFLGDGH
HVROX©·HV
GHPXOWLP«GLD
*ULHO&2081,&$‰—(6
\d]fZf@
[ffjZlijfj~i\Xc`[X[\[\ldX`e[’jki`X
hl\\jk}\d\mfclƒfg\idXe\ek\%FlkiX
[Xj`e`Z`Xk`mXjgXiXgfk\eZ`XiX]fidXƒf
[\afm\ejhlX[ifjjlg\i`fi\jZfej`jk`l
eldgif^iXdX[\ZfeZ\jjf[\YfcjXj#
XkiXm„j[Xgifdfƒf[\\jk}^`fjgifÔjj`f$
eX`j\dGD<XjjfZ`X[Xj[XjlXgXiZ\`iX
@efmX$I`X#hl\[\j\emfcmXdXZk`m`[X[\j
[\`em\jk`^Xƒf\[\j\emfcm`d\ekf#eXj
}i\Xj[\ jf]knXi\fl _Xi[nXi\%F^ilgf
ef[`mlc^XmXcfi\j[\`em\jk`d\ekf[\jX$
^i\^X[fjgfigXˆj%
,%0Ý(675(,$6(Þ
Gi\j\ek\efd\iZX[feXZ`feXc_}.'Xefj#
X@9DXgfjkfl\jk\XefeXXY\ikliX[\
ld:\ekif[\<jkl[fj8mXeƒX[fj:8J Æf),%²[f^ilgfÆ#`eXl^liX[fX).[\
8Yi`c%=`Zfl`ejkXcX[feX=XZlc[X[\[\
<e^\e_Xi`X[XLe`m\ij`[X[\[fGfikf
=<LG \i\jlckfl[\ldXZXe[`[XkliX
[\jlZ\jjfalekf[X@9D:fig%FfYa\Zk`$
mf„k\ildX\jkilkliXXY\ikXXgifa\Zkfj
[\`em\jk`^XƒfeXj}i\Xj[\kiXejgfik\j#
\e\i^`X#jX’[\#dfY`c`[X[\\\[lZXƒf#
ZfeZ\ekiXe[f\kiXq\e[fgXiXGfikl^Xc
jfclƒ‘\jhl\#~\jZXcXgcXe\k}i`X#Zfeki`$
Yl\dgXiXldXm`[Xd\c_fi\lddle$
[fdX`jXd`^}m\c%<jkX„X\jkiXk„^`X[f
^ilgfefik\$Xd\i`ZXef#XgfjkXe[f\d
ZfcfZXijfclƒ‘\jefd\iZX[f#\mfclk`mXj
fl`efmX[fiXj%J\dlddf[\cf’e`Zf#
fj:8Jk†d[\j\iZXgXq\j[\[\j\emfc$
m\igifa\Zkfjg\ik`e\ek\j#[\hlXc`[X[\\
`efmX[fi\j\#Xfd\jdfk\dgf#Z`\ekˆÔZX
\\Zfefd`ZXd\ek\m`}m\`j%
F:8J[X@9DGfikl^Xc\d\e^\e_Xi`X
\^\jkf\dgi\jXi`Xcm`jXj\ildZ\ekif
[\\oZ\c†eZ`X[\`em\jk`^XƒfXgc`ZX[XeX
\e^\e_Xi`X#^\jkf\Z`†eZ`X[fjj\im`ƒfj#
[\[`ZX[XXgifdfm\iXZfcXYfiXƒf\eki\
le`m\ij`[X[\j#`e[’jki`X#^fm\ief\fjcXYf$
iXki`fj[\g\jhl`jX[X@9Dgi`eZ`gXcd\e$
k\Qli`hl\\8cdX[\e %EldXgi`d\`iX
]Xj\#fjgi`eZ`gX`jjkXb\_fc[\ij[f:8J\d
Gfikl^Xcjf#gXiXXc„d[X@9D\[XLe`m\i$
j`[X[\[fGfikfXkiXm„j[X=<LG #f@E<J:
Gfikf#f@E<>@\f@;D<:%Gi\k\e[\$j\
hl\ef]lklif#\[\g\e[\e[f[X\mfclƒf
[\jk\gifa\Zkf#f:8J@9D#j`klX[feXLG#
gfjjXZfejk`kl`i$j\Zfdf?L9eXZ`feXc
gXiXflkiXj`ejk`kl`ƒ‘\jZfcXYfiXi\def
:8JGfikl^Xc%
8k„ÔeXc[\)'('\jg\iX$j\hl\\jk\
Z\ekifi\’eXldkfkXc[\)'`em\jk`^X[f$
i\j#[fjhlX`jd\kX[\„[XLe`m\ij`[X[\[f
Gfikf\a}\emfcm`[X\dg\jhl`jXj[Xj}i\Xj
\dhl\X`ejk`kl`ƒfhl\i`em\jk`i%HlXekf
X`em\jk`d\ekfj#efjfXmXeƒX[fjmXcf$
i\j#Xg\eXjj\X[`XekXe[fhl\[\g\e[\d
dl`kf[X}i\X[\`em\jk`^Xƒf#[XcfZX$
c`qXƒf#[fj jkXb\_fc[\ij\emfcm`[fj#[X
dX`fifld\efiXg\k†eZ`X[fd\iZX[f
fe[\j\mX``ej\i`i\[fjgfjjˆm\`jXgf`fj
&2081,&$‰—(6*ULHO
$HPSUHVDLQDXJXURX
UHFHQWHPHQWHRVHXSULPHLUR
FHQWURHP3RUWXJDO
2&$6UHVXOWRXGHXPD
SDUFHULDFRPD)(83
`ejk`klZ`feX`jfl^fm\ieXd\ekX`jhl\gfj$
jXd\o`jk`i%Gf[\dmXi`Xi\eki\Xc^lej
d`c_Xi\jXm}i`fjd`c_‘\j[\\lifj#j\e[f
hl\\dGfikl^Xcef\jk}X`e[XXgliX[ff
mXcfiÔeXc%F:8JmX`Z\ekiXiXjjlXj}i\Xj
[\`em\jk`^XƒfefjJJD<ÆJ\im`Z\JZ`\e$
Z\<e^`e\\i`e^Xe[DXeX^\d\ek#JF8
ÆJ\im`Z\jFi`\ek\[8iZ_`k\Zkli\#:cfl[
:fdglk`e^&M`iklXc`qXk`fe#9GDÆ9lj`$
e\jjGifZ\jjDf[\c`e^\B$()ÆJ\Zfe[Xip
JZ_ffc<[lZXk`fe%
/•*,&$1$687,/,7,(6
8lk`c`qXƒf[XjK@:ef[\j\emfcm`d\ekf
[\j\im`ƒfj\jfclƒ‘\jgXiXXjlk`c`k`\j[Xj
}i\Xj[X\c\Zki`Z`[X[\#}^lX\^}j\j\im`$
ƒfjk\dj`[fldX]fik\XgfjkX[XC^`ZX
@Y„i`X#i\jgfej}m\cg\cf[\j\emfcm`d\ekf
[fe\^Z`feXG\eˆejlcX@Y„i`ZXXgXi$
k`i[\Gfikl^Xc%E\jj\j\ek`[f#X\dgi\jX
k\dm`e[fXXgfjkXiefd\iZX[feXZ`feXc
eX}i\X[\@;#[\j\emfcm\e[fgif[lkfj
`efmX[fi\j[\jk`eX[fjXkf[fjfjgXˆj\j
fe[\f^ilgffg\iX%F:\ekif@ek\ieXZ`f$
eXc[\:fdg\k†eZ`X\dLk`c`k`\j@L:: i\’e\ldZfealekf[\[\dfejkiXƒ‘\j[\
k\Zefcf^`X[\mXe^lXi[XgXiXfjj\Zkfi\j
[X\c\Zki`Z`[X[\#}^lX\^}j#`ek\^iXcd\ek\
[\j\emfcm`[XjefefjjfGXˆj%;`jgfe`Y`c`qX
jfclƒ‘\j`efmX[fiXjhl\\emfcm\dZfdg\$
k†eZ`XjeXj}i\Xj[\ZfekX^\d`ek\c`^\e$
k\8[mXeZ\[D\k\i`e^@e]iXjkilZkli\ \
j`jk\dXj[\i\[\j`ek\c`^\ek\j@ek\cc`^\ek
>i`[j #^\jkf[\gXihl\j\c`Zfj#j`jk\dXj
[\`e]fidXƒf^\f^i}ÔZX#^\jkf[\XZk`$
mfj\j`jk\dXj[\d\[`ƒf\]XZkliXƒf%
FfYa\Zk`mf„g\id`k`i~j lk`c`k`\j[Xi
i\jgfjkXXhl\jk‘\jZiˆk`ZXjZfdfc`Y\$
iXc`qXƒf#Zfe]fid`[X[\ZfdXjefmXj
i\^lcXd\ekXƒ‘\j#\e\i^`Xji\efm}m\`j#
gi\jj‘\jXdY`\ekX`j\Zfejld`[fi\jdX`j
\o`^\ek\j%
;\XZfi[fZfdX\dgi\jX#f@L::k\d
ZfdffYa\Zk`mfjefjgifdfm\i\[`mlc$
^XiXk\Zefcf^`X\ befn$_fn [XC^`ZX
gXiXfjj\Zkfi\j[X\c\Zki`Z`[X[\#}^lX\
^}j#Zfdfgfjj`Y`c`kXiXZc`\ek\jeXZ`feX`j
\`ek\ieXZ`feX`j#gXiZ\`ifj\le`m\ij`[X$
[\jX\og\i`d\ekXƒf[\jkXk\Zefcf^`X%
<X`e[X`ek\^iXieldd\jdf\jgXƒf]ˆj`Zf
ldXj„i`\[\ j_fnZXj\jhl\i\Õ\Zk\dX
XYfi[X^\d`ek\^iX[X[XjZfdg\k†eZ`Xj%
<jk\Z\ekif[\@;„f’e`Zf[\jk\k`gfefj
gXˆj\jfe[\XC^`ZXfg\iX%Ld]XZkfhl\
ZfcfZXGfikl^XceXifkX[f[\j\emfcm`d\e$
kf\\ogfikXƒf[\jfclƒ‘\j`ek\^iX[XjgXiX
Xjlk`c`k`\j[\kf[ffdle[f\hl\gfj`Z`f$
eXXC^`ZX@Y„i`XZfdfcˆ[\iefj\Zkfi%
8ZklXcd\ek\#k\d\hl`gXjX[\j\emfcm\i
gifa\ZkfjeX8ljki}c`X#<jkX[fjLe`[fj#
?fcXe[X#=iXeƒX#I\`efLe`[f\<jgXe_X%
J\d)''0]fiXd`em\jk`[fjg\cXC^`ZX
.X/d`c_‘\j[\\lifjeXjlYj`[`}i`X`Y„i`$
ZX#j\e[f)d`c_‘\j[\\lifjXgc`ZX[fj\d
@;%Ef@L::\jkfZ\iZX[\(''hlX[ifj
XckXd\ek\hlXc`ÔZX[fj%
;\\eki\fj’ck`dfjgifa\Zkfj[\j\e$
mfcm`[fjg\cfjZ\ekifj[\Zfdg\k†eZ`X[f
@L::[\jkXZXd$j\1Xj\e\i^`Xji\efm}m\`j#
f@efm^i`[\f@efmZ`kp%EfZXjf[Xj\e\i$
^`Xji\efm}m\`j\c`ZX#jfcXi\[Xjfe[Xj#
\eki\flkiXj #XC^`ZX[\j\emfcm\lldj`j$
k\dX`efmX[fi[\Zfekifcf\^\jkfYXj\X$
[feXjefidXj`e[ljki`X`jdX`ji\Z\ek\j
gXiXX<;GI\efm}m\`j#g\id`k`e[fX^\j$
kf[\dX`j[\(''gXihl\j\c`ZfjZfd
Z\iZX[\[lXjd`ckliY`eXjXgXik`i[\ld
Z\ekif[\Zfekifcf%KiXkX$j\[\ld[fj
gflZfjj`jk\dXjXeˆm\cdle[`XcZXgXq
[\ZfekifcXi\hl`gXd\ekf[\dX`j[\[\q
]XYi`ZXek\j[`jk`ekfj%
FZ\ekif[\Zfdg\k†eZ`Xk\dX`e$
[Xm`e[fXkiXYXc_XieX}i\X[Xj jdXik
^i`[j#}i\Xfe[\XC^`ZX„gXiZ\`iX[\
ldZfejiZ`f[\j`jk\dXj[\`e]fidXƒf#
f@efm>i`[#cXeƒX[f\d)''.\c`[\iX[f
g\cX<;G;`jki`Yl`ƒf%M`jX$j\ldX^\jkf
`ek\c`^\ek\[Xji\[\j#[fji\Zlijfj\e\i^„$
k`Zfj\[fjZfejldfj\gi\k\e[\$j\ZfcfZXi
Gfikl^XceXmXe^lXi[Xdle[`Xc[X[`jki`$
Yl`ƒf`ek\c`^\ek\[\\e\i^`X\c„Zki`ZX%
8\dgi\jXgXik`Z`gXkXdY„defj`jk\dX
[\^\jkf[Xgi`d\`iX@efm:`kpgfikl^l\$
jX#gifa\Zkf$g`cfkfc`[\iX[fg\cX<;Ghl\
gi\m†X`ejkXcXƒf[\*(d`cZfekX[fi\j[\
\c\Zki`Z`[X[\`ek\c`^\ek\j\dymfiX%Fj
j`jk\dXj[\jkXjfclƒf]fiXdZfeZ\Y`[fj
\dfekX[fj\dGfikl^Xc#[liXek\[f`j
Xefj#g\cXC^`ZX\g\id`k\dXfjZ`[X$
[fjdfe`kfi`qXifjZfejldfj[\\e\i^`X#
ZfekifcXe[f$fj#gXiXXc„d[\jlgfikXild
c\hl\[\efmXjgfjj`Y`c`[X[\j\j\im`ƒfj
`efmX[fi\jgXiXfjZfejld`[fi\j%
=f` X`e[X `eXl^liX[f \jk\ Xef eX
DX[\`iXfCf^`ZXCXYJ\im`Z\;\j`^e#kXd$
Y„deX}i\X[Xjlk`c`k`\j#gXiX[\j\emfcm\i
j\im`ƒfj`efmX[fi\jgXiXfZfejld`[fi
YXj\X[fjeXjK@:%<\dgXiZ\i`XZfdX
@>8Æ@em\jk`d\ekfj\>\jkf[XÝ^lX
\X<<DÆ<dgi\jX[\<c\Zki`Z`[X[\[X
DX[\`iX#Xjj`dZfdfZfdXLe`m\ij`[X$
[\[XDX[\`iX#DX[\`iXK\Zefgfcf\f
i\Z\ek\d\ek\Zi`X[fD$@K@@ejk`klkf[\
K\Zefcf^`Xj@ek\iXZk`mXj[XDX[\`iX #\d
XjjfZ`XƒfZfdX:Xie\^`\D\ccfeLe`m\i$
j`kp%Fgifa\Zkfk\dldX[liXƒfgi\m`jkX
[\ki†jXefj#[liXek\fjhlX`jgifÔjj`feX`j
\jg\Z`Xc`qX[fjeX}i\X[\`ek\iXZƒf_ldX$
ef$ZfdglkX[fig\cXLe`m\ij`[X[\
[\:Xie\^`\D\ccfe[f`j[\c\ja}
ZfekiXkX[fjg\cXC^`ZX kiXYXc_Xd
ZfdldX\hl`gX[\`em\jk`^X[fi\j
[\ (, eXZ`feXc`[X[\j [`]\i\ek\j
ZfdldX]fidXƒf[\j[\\e^\$
e_Xi`X`e]fid}k`ZXXY\cXj$Xik\j #
\dXik`ZlcXƒfZfdfj[`]\i\ek\j
[\gXikXd\ekfj[XC^`ZX%
0,&5262)75()25‰$
8D`Zifjf]kkXdY„dk\dXgfjkX[f
\d]fiƒXefjZ\ekifj[\@;\d
Gfikl^Xc\\d}i\XjZfdgc\kXd\e$
k\[`jk`ekXj1i\Zfe_\Z`d\ekf[Xcˆe^lX#
dfY`c`[X[\\jlgfik\k\c\]e`Zf[f^ilgf
gXiXkf[XX<lifgX%<jk\]f`#Xc`}j#fgi`d\`$
if^iXe[\`em\jk`d\ekf[f^ilgf\dGfi$
kl^Xc#\d)''*#k\e[fg\jX[feX[\Z`jf
f[fdˆe`f[\`[`fdXjg\cfjgfikl^l\j\j
\Xi\cXk`mX]XZ`c`[X[\[\i\ZilkXig\jjfXj
ZfdYfXjhlXc`ÔZXƒ‘\j%8\jkiXk„^`XgXiX
fjZ\ekifj[\@;[X^`^Xek\dle[`Xc[\
jf]knXi\„f]fie\Z`d\ekf[\jfclƒ‘\jgXiX
kf[ff^ilgf\dk\idfjdle[`X`j%
<d)'',XmXeƒflZfdfgi`d\`ifgif$
a\Zkfefd\iZX[fgfikl^l†j\dk\idfj[\
@;Xf`eXl^liXifgi`d\`ifZ\ekif]fiX
[Xj\[\[X^`^Xek\[\ jf]knXi\efj<jkX$
[fjLe`[fjeX}i\X[fi\Zfe_\Z`d\ekf
[X]XcX\ld[fjhlXkifZ\ekifj[\[\j\e$
mfcm`d\ekf[XD`Zifjf]k\jkXY\c\Z`[fjeX
<lifgX%J`klX[fefKX^ljGXib#\jk\Z\ekif
[\@;gif[lq`lfi\Zfe_\Z`d\ekf[\]XcX
\ddX`j(+cˆe^lXj\lifg\`Xj\#\d\jki\`kX
ZfcXYfiXƒfZfdgcfj[\I\[dfe[&<L8\
G\hl`d#gif[lq`lXjˆek\j\[\]XcX[\dX`j
ki†j\f`kfcˆe^lXj\lifg\`Xj#i\jg\Zk`mX$
d\ek\%EfDC;:ÆD`Zifjf]kCXe^lX^\
;\m\cfgd\ek:\ek\iZfcXYfiXdZ\iZX[\
)'\e^\e_\`ifjXckXd\ek\\jg\Z`Xc`qX[fj%
<a}\jk}Xgif[lq`i`efmXƒf#hl\a}\jk}
i\Õ\Zk`[XeXefmX^\iXƒf[\gif[lkfj\d
Zfd\iZ`Xc`qXƒf%yfZXjf[f<oZ_Xe^\
)'('^\jkf[fZXc\e[}i`fefFlkcffb
`ek\`iXd\ek\gfimfq #ldj\im`[fi[\
Zfii\`f\c\Zkie`ZfcXeƒX[fef`eˆZ`f[\j$
k\Xef%GXiXYi\m\\jkfgi\m`jkfjflkifj
gif[lkfjXcXeƒXiZfd\iZ`Xcd\ek\#Zfdff
N`e[fnjG_fe\#Gifa\ZkEXkXc\9`e^%
<jk\Z\ekif[\@;#hl\i\gi\j\e$
kflld`em\jk`d\ekf[Xfi[\d[fj('
d`c_‘\j[\\lifj#Xjjld`l$j\#[\j[\cf^f#
Zfdfld`dgfikXek\\jkˆdlcf~Zfdl$
e`[X[\gfikl^l\jX[\[\j\emfcm`d\ekf
[\jf]knXi\#`eZcl`e[fXjle`m\ij`[X[\j#
cXYfiXki`fjg’Yc`Zfj\XjjfZ`X[fj#`ejk`$
klkfj[\@;\\dgi\jXj%Fi\Zfe_\Z`$
d\ekf[fgfikl^l†jZfdfldXcˆe^lX[\
`dgfikeZ`X\jkiXk„^`ZXgXiXXD`Zifjf]k
\XZfejZ`†eZ`X[X[`d\ejf[fd\iZX[f
[fjgXˆj\j[\cˆe^lXgfikl^l\jX]fiXd
ZilZ`X`jgXiXXZi`Xƒf[\jk\gifa\Zkf%
G\jXiXdX`e[Xe\jkX[\Z`jff`ek\i\jj\
5HFRQKHFLPHQWR
GDO¯QJXDPRELOLGDGH
HVXSRUWHWHOHIµQLFRV¥R
DVWU¬VDSRVWDVQD,'
GDJLJDQWHGHLQIRUP£WLFD
QRPHUFDGRSRUWXJX¬V
[f^fm\iefgfikl^l†j\fZfe_\Z`d\ekf
X[hl`i`[feXjle`m\ij`[X[\jgfikl^l\jXj
efj[fdˆe`fj[fi\Zfe_\Z`d\ekf\jˆe$
k\j\[\]XcX#[XZfdgi\\ejf[Xcˆe^lX
eXkliXc\[Xc`e^lˆjk`ZXZfdglkXZ`feXc%
8D`Zifjf]kXmXeƒflZfdm}i`fjgif$
kfZfcfj[\ZfcXYfiXƒf\ldZfekiXkfeX
}i\X[X@;\dGfikl^Xc#Zfdf@E<J:Æ
@;\f>ilgfGfikl^l†j[\:fdglkXƒf
>i}ÔZX#XeleZ`X[f\dDX`f[\)''-%
:fekflX`e[XZfdfXgf`f[X8^†eZ`X
[\@efmXƒf8;@ #XkiXm„j[\ldZfe$
kiXkfgXiXgfk\eZ`Xif[\j\emfcm`d\e$
kf[\efmfjgifa\Zkfj[\@;Xfeˆm\c
[XZi`Xƒf[\ldXgcXkX]fidX[\]XcX
\dcˆe^lXgfikl^l\jX%8kiXm„j[fGif$
^iXdXE@K<:J`jk\dX[\@eZ\ek`mfj
~:i`Xƒf[\E’Zc\fj[\@em\jk`^Xƒf\
;\j\emfcm`d\ekfK\Zefc^`ZfefJ\Zkfi
<dgi\jXi`Xc #ÔeXeZ`X[fg\cfGI@D<
Gif^iXdX[\@eZ\ek`mfj~Df[\ie`qXƒf
[X<Zfefd`X #ZfekflZfdld`eZ\ek`$
mf[\(./d`c\lifjgXiXZf$ÔeXeZ`Xifj
Zljkfj[fjgifa\Zkfj[\@;[fDC;:#
efd\X[Xd\ek\fMfo:figZfdfC)=
ÆCXYfiXki`f[\J`jk\dXj[\Cˆe^lX
=XcX[X [f @E<J:$@; 2 KiXejJg\\Z_#
8Zfljk`ZjZfdf:\ekif[\I\Zlijfj
;`jki`Ylˆ[fjgXiXXCˆe^lXGfikl^l\jX
[fC8J@><Æ=XZlc[X[\[\:`†eZ`Xj[X
Le`m\ij`[X[\[\C`jYfX 2<lifGK:fe$
e\ZkJg\\Z_8ggjZfdf;\gXikXd\ekf
[\D\Ze`ZX[XLe`m\ij`[X[\:f`dYiX
\Zfdf@DD@Æ>ilgf[\@ek\i]XZ\j
Dlck`df[X`j@ek\c`^\ek\j[f@E<J:$@; #
\fC\o`ZfeZfdfCXY<CÆCXYfiXki`f
[\<e^\e_Xi`X[XC`e^lX^\d#jlY^ilgf
[XLe`[X[\[\@em\jk`^XƒfFEJ<K$:<C
[X=XZlc[X[\[\C\kiXj[XLe`m\ij`[X[\
[\C`jYfX %
<dAle_f[\)''/#hlXj\[lXj[„ZX[Xj
[\gf`j[\\jkXigi\j\ek\efd\iZX$
[fgfikl^l†j#XmXeƒflgXiXfj\l
dX`fi`em\jk`d\ekf\dGfikl^XcXk„
\ekf1XZfdgiX[Xk\Zefc^`ZXgfi$
kl^l\jXDfY`Zfdg%<jkX\dgi\jX
[\9iX^X#g`fe\`iXef[\j\emfcm`$
d\ekf[\k\Zefcf^`Xji\cXZ`feX[Xj
ZfdXZi`Xƒf[\Zg`Xj[\j\^l$
iXeƒX\i\jkXlif[\[X[fjdm\`j
\[`jgfe`Y`c`qXƒf[\Zfek\’[fj
jfZ`X`j\dN\Y j`k\j#m`X[`jgf$
j`k`mfjdm\`j#a}k`e_XldXgi\$
j\eƒXXeˆm\cdle[`XceldX}i\X
fe[\X^`^Xek\[\ jf]knXi\hl\i`X
Zi\jZ\i%=f`Zi`X[fldZ\ekif[\@;\d
k\Zefcf^`Xj[\dfY`c`[X[\ÆfhlXikfZ\e$
kifdle[`Xc[\@;\ddfY`c`[X[\Æ\
fdX`fiXeˆm\c\lifg\l%FefmfZ\e$
kifm`jXX\ogXejfXZ\c\iX[X[X[`m`jf
DfY`c\:fddle`kXk`fej9lj`e\jjD`Zif$
jf]k#efd\X[Xd\ek\XjZXgXZ`[X[\j[f
N`e[fnjDfY`c\\[fN`e[fnjC`m\%
8DfY`ZfdgkkiXYXc_XmXX`e[XZfdXj
gcXkX]fidXjdm\`jJpdY`Xe#8e[if`[
\`G_fe\%Ki\q\d\j\j[\gf`j#\dFlkl$
Yif[\)''0#XD`Zifjf]kXgi\j\ekXmX
ldXefmXm\ijf[fj\lj`jk\dXfg\iXk`mf
N`e[fnjgXiXk\c\dm\`j#fN`e[fnj
DfY`c\-%,#hl\j\\jki\flefd\iZX[f
dle[`Xc\dGfikl^XcXkiXm„j[\ldX
f]\ikX[XKDE #fj[\efd`eX[fjN`e$
[fnjG_fe\j#gXiX]Xq\i]i\ek\XflkiXj
f]\ikXjZfeZfii\ek\j#Zfdff`G_fe\\f
>ff^c\G_fe\%:fdfN`e[fnjG_fe\
]fiXdcXeƒX[fjj\im`ƒfjZfdffN`e[fnj
DXib\kGcXZ\]fiDfY`c\\fDpG_fe\
Æhl\Zfejk`kl`lXefm`[X[\Z_Xm\[X
m\ijf-#,[fN`e[fnjDfY`c\Æ#ldX
k\Zefcf^`X [\j\emfcm`[X \d Gfikl^Xc
hl\g\id`k\]Xq\iZg`Xj[\j\^liXeƒX
[X`e]fidXƒfefk\c\dm\c\Ycfhl\Xifl
XgX^Xifk\c\dm\c~[`jkeZ`X%;\i\]\i`i
X`e[Xhl\XD`Zifjf]ka}k`e_XXY\ikf\d
Gfikl^Xc#\d)''*#ld:\ekif<lifg\l
[\Jlgfik\K\c\]e`Zf#hl\ZfekXXZklXc$
d\ek\Zfd/'gifÔjj`feX`jgfikl^l\j\j#
hl\gi\jkXdjlgfik\k\c\]e`Zf#\dZ`eZf
cˆe^lXj#X[`m\ijfjgXˆj\j[X<lifgX#[\
Ý]i`ZX\[fD„[`fFi`\ek\%FZ\ekif\jk}
j\[`X[f\dGfikfJXcmf%
*ULHO&2081,&$‰—(6
\d]fZf@
1(&121(*•&,2)(5529,ƒ5,2
df[f [lXc\ZXgXq[\
:\ek\i>:: #>cfYXc
8E<:Gfikl^Xck\defd\iZX[feXZ`f$ `ek\ic`^Xi[`]\i\ek\jZfi\
E\knfib@dgc\d\ekX$
eXcldZ\ekif[\Zfdg\k†eZ`XeX}i\X [\i\[\[\df[fhl\f
k`fe:\ek\i>E@: \
>cfYXcE\knfibGcXe$
[XjZfdle`ZXƒ‘\j]\iifm`}i`Xj%J`klX[f ZfdXe[f[\Z`iZlcXƒf
\d8m\`if#\jk\:\ekif[\@;\d>JD$ j\aXkiXejgXi\ek\gXiXf
e`e^Xe[Fgk`d`qXk`fe
:\ek\i>EGF %Lk`c`qX
Ii\jlckfl[\ldXgXiZ\i`XZfdX:G\X fg\iX[fi%KXdY„d\jk\
I\]\i#eXj\hl†eZ`X[X\mfclƒf[fj`jk\$ j`jk\dX#hl\i\jlckfl[\
]\iiXd\ekXj\gifZ\jjfj
dX[\Zfdle`ZXƒ‘\j]\iifm`}i`XjXfeˆm\c ldXZfcXYfiXƒf\jki\`kX
\jkXe[Xi[`qX[fjgXiX
Zfdle`k}i`fgXiXXk\Zefcf^`X>JD$I#\ ZfdXGK@efmXƒf#g\i$
X\eki\^X[\eld\if$
]f`Zi`X[f\d)''-%A}]fiXd[\j\emfcm`[fj d`k`i}XZi`Xƒf[\ldX
jfjj\im`ƒfj#`eZcl`e$
[f`jgifa\ZkfjZfeZi\kfjeX}i\X[fji}[`fj m\ijf\oZclj`mXd\ek\
[fj\im`ƒfj[\fg\iX$
[\ZXY`eXgXiXZfdYf`fj#hl\i\jlckXiXd >JD$I [\jk`eX[X Xf
ƒf\^\jkf[\i\[\#
efcXeƒXd\ekfZfd\iZ`Xc[\[f`jgif[lkfj1 d\iZX[f [\ \ogfikX$
[\ dXelk\eƒf# [\
fI:$+,'I#[\df[f [lXc# `ek\^iXe[fXj ƒf%Ef]`eXc[\)''0
`ek\^iXƒfi\dfkX#[\
k\Zefcf^`Xj:G&EXeXc^`ZX \>JD$I#\f ]f`Xjj`eX[ffgi`d\`if
Zfejlckfi`X#[\gcXe\X$
I:$+,'IJ#\oZclj`mXd\ek\Zfdk\Zefcf^`X ZfekiXkf `ek\ieXZ`f$
d\ekf\fgk`d`qXƒf#
>JD$I%<\jkf\d[\j\emfcm`d\ekf[f`j eXcgXiX`dgc\d\ekXƒf $VFRPXQLFD©·HV
XjjfZ`X[fjXldXXcXi^X$
efmfjgif[lkfj>JD$I1ldefmfi}[`f[\ [fE<:I:$+,'IJefj IHUURYL£ULDVV¥R
[X\og\i`†eZ`X[\^\jkf
ZXY`eXZfdcXeƒXd\ekfZfd\iZ`Xcgi\m`jkf JXl[`8iXY`XIX`cnXpj%
[\jfclƒ‘\j\Zfe_\Z`$
gXiXfÔeXc[fM\if\ldj`jk\dX[\;`j$ E\jk\jgifa\Zkfj\jg\Zˆ$ DDSRVWDGRJUXSR
d\ekf% ;} \dgi\^f X
,/'\e^\e_\`ifj\Zfe$
gXkZ_\iJpjk\dJn`kZ_;JJ gXiXfZfe$ ÔZfj#f`em\jk`d\ekf[X QLSµQLFRHP
kifcf\ZfdXe[f[\Z`iZlcXƒf#]leZ`feXe[f E<:a}lckiXgXjjfl,'' 3RUWXJDO2FHQWUR
k`elXX`em\jk`ieXZi`X$
kXdY„d\ddf[f[lXc#ZfdX`ek\^iXƒf d`c\lifj#k\e[fZfekX[f
ƒf [\ Zfdg\k†eZ`Xj#
[Xjk\Zefcf^`XjXeXc^`ZX\>JD$I%
ZfdXc^lejXgf`fjÔjZX`j VLWXDVHHP$YHLUR
Xjj`dZfdf\d`em\j$
F^ilgfe`ge`Zfa}k`e_XldX\og\$ [f gif^iXdX J@=@;<%
k`^Xƒf \ [\j\emfcm`$
i`†eZ`X[\dX`j[\)'Xefj\dGfikl^Xc# F:\ekif[\8m\`ifZfekXXZklXcd\ek\Zfd d\ekf# \d ZfcXYfiXƒf Zfd Xj gi`e$
XkiXm„j[XE<:Gfikl^Xc#\dZfdle`ZX$ ),\e^\e_\`ifj#j\e[fhl\/'[fjj\lj Z`gX`j le`m\ij`[X[\j gfikl^l\jXj%
ƒ‘\j]\iifm`}i`Xj%:fdX\jZfc_X[f>JD$I i\ZlijfjZlijXiXdc`Z\eZ`XkliXj#gj$^iX$ 8XgfjkX\dGfikl^XcgXiXdX`j\jk\Z\ekif
Zfdfk\Zefcf^`X[\i\[\[f]lklifXfeˆm\c [lXƒ‘\j\d\jkiX[fj[XLe`m\ij`[X[\[\ i\jlckfl[f]XZkf[\fefjjfGXˆjf]\i\Z\i
Zfdle`k}i`f#\jkX]f`ldX`e\m`k}m\cfgƒf 8m\`if%
i\Zlijfj_ldXefjhlXc`ÔZX[fj\Xgfjj`$
[\`em\jk`d\ekf#m`jXe[f$j\Zi`Xi]fik\j
Y`c`[X[\[\^\iXi\ÔZ`†eZ`Xjfg\iXZ`feX`j
Zfdg\k†eZ`Xj[\@;ZfdffYa\Zk`mf[\ 161'(67$&$6(
gXiXX\dgi\jX#f]\i\Z\e[fj\im`ƒfj[\
g\id`k`i[\j\emfcm\igif[lkfjgigi`fj Jfm}i`fjfjZ\ekifj[\`em\jk`^Xƒfhl\X eˆm\cdle[`XcXXc^lej[fjdX`fi\jfg\$
hl\]XZ`c`kXjj\dXd`^iXƒf[fjfg\iX[f$ Efb`XJ`\d\ejE\knfibjEJE k\d\d iX[fi\j[\k\c\Zfdle`ZXƒ‘\j^cfYX`j%
DXjfgi`d\`ifZ\ekif[\@;#a}`eXl$
i\j]\iifm`}i`fj[fj`jk\dXXeXc^`ZfgXiX Gfikl^Xc%FdX`ji\Z\ek\#f>cfYXcE\knfib
Xk\Zefcf^`X>JD$I%G\cf]XZkf[\\jkX Jfclk`fej:\ek\i>EJ: #„’e`ZfeX<lif$ ^liX[fefdY`kf[XefmX\dgi\jX#hl\
j\ildXk\Zefcf^`X jkXe[Xi[#f[\j\emfc$ gX\ld[fj[f`jhl\f^ilgf[\k„dXeˆm\c i\jlckfl[X]ljf\eki\fje\^Z`fj[\
m`d\ekf[fjgif[lkfjg\id`k`liXg`[Xd\e$ dle[`Xc%>\i\dX`j[\*)d`c\jkXƒ‘\jYXj\ `e]iX$\jkilkliXj[\k\c\Zfdle`ZXƒ‘\j
k\XcXmXeZXiXdY`ƒ‘\j[\\ogfikXƒf#Zfd \(-'d`c\c\d\ekfj[\i\[\#g\id`k`e[f [X Efb`X \ [X J`\d\ej \jk} j\[`X[f
XZi`Xƒf[\efmfjgif[lkfjhl\jlgfikXd Xf]\ikX[\j\im`ƒfjXdX`j[\(.d`c_‘\j \d8m\`if\[\[`ZXXjlXXZk`m`[X[\~
\oZclj`mXd\ek\X
[\lk`c`qX[fi\j\d `dgc\d\ekXƒf[\gifa\ZkfjeXj}i\Xj[\
k\Zefcf^`X>JD$I
kf[ffdle[f%<„# ^\jkf[\i\[\j#Zfdle`ZXƒfk„Ze`ZX\
\g\id`k\dXjlX
XZ`dX[\kl[f#ld k\c\Zfdle`ZXƒ‘\jgk`ZXj%J\dgi\Zfd
X[fgƒfgfikf[fj
g`cXi]le[Xd\ekXc ldX]fik\XgfjkXeX\ogfikXƒf#`dgc`Zfl
fjfg\iX[fi\j]\i$
[fdf[\cf^cfYXc ld`em\jk`d\ekf^cfYXc\jk`dX[f\d+,
ifm`}i`fjhl\lk`$
[\ ]fie\Z`d\e$ d`c_‘\j[\\lifj\dki†jXefj\j\im\ef
c`q\dXk\Zefcf^`X
kf [\ j\im`ƒfj [X jgXiXgif[lq`igif[lkfj\j\im`ƒfjhl\
af`ek$m\ekli\#hl\ dX`jkXi[\`ek\^iXifXf]\ikX[X]XYi`$
>JD$I\dkf[ff
g\id`k\ldXgi\j$ ZXek\dXjkXdY„dgXiXXgf`XikiXYXc_fj
dle[f%
<jk\ „ XZklXc$
kXƒfZ\ekiXc`qX[X [\`em\jk`^Xƒfe\jkX}i\X%
[\j\im`ƒfj[\fg\$
8fgcf[\8m\`if_}X`e[XXXZi\jZ\e$
d\ek\ ld [fj
^iXe[\j fYa\Zk`$ $PXOWLQDFLRQDOWHPQRQRVVR iXƒf\dXelk\e$ kXihlXkifflkifjgifa\Zkfj[\`efmXƒf
ƒf#\dXdY`\ek\ dle[`Xchl\XEJEk\d\dGfikl^Xc
mfj [X jlYj`[`}$
i`Xgfikl^l\jX[X PHUFDGRR¼QLFR*OREDO
dlck`k\Zefc^`Zf _\i[X[fj[XXek`^XJ`\d\ej:fddl$
E<: ef dY`kf 1HWZRUN6ROXWLRQV&HQWHUGD
\Èdlck`$m\e[fiÉ# e`ZXk`fej #\d}i\XjZfdfXjZfdle`ZX$
[XjlX\jkiXk„^`X (XURSD(QWUHRXWURVSURMHFWRV gXiX]fie\Z\[fi\j ƒ‘\jgk`ZXj#fdlck`d„[`X#Xjjfclƒ‘\j
[\j\im`ƒfj\dkf[f [\\eki\k\e`d\ekfi\j`[\eZ`Xc\^\jkf
gXiXf:\ekif[\
fdle[f%
[\ i\[\j [\ k\c\Zfdle`ZXƒ‘\j# kf[fj
@;\d>JD$I#
Zfdgif[lkfjZfdffE<:I:$+,'IJ#a}
8eleZ`X[f_}[f`jXefjZfdfi\jlckX[f j\[`X[fj\d8c]iX^`[\C`jYfX #\hl\
\dgfik\]c`f#flfE<:I:$0''#fefmf [\ldgifkfZfcfXjj`eX[f\eki\X]XYi`ZXe$ \dgi\^Xd(,''\e^\e_\`ifj1CXYfiX$
i}[`f [\ ZXY`eX \d [\j\emfcm`d\ekf% k\\f<jkX[fGfikl^l†j#f>EJ:Æ`eXl$ ki`fDlck`d„[`X#CXYfiXki`fägk`Zf#
<X`e[X#eX}i\X[Xfg\iXƒf[fjj\Zkfi\j ^liX[f\dAXe\`if[\jk\XefÆ`eZcl`hlX$ CXYfiXki`f[\?fd\<ek\ikX`ed\ek
[\ZfdXe[f[\Z`iZlcXƒf#f;`jgXkZ_\i kifd[lcfj[\j\im`ƒfj1>cfYXcE\knfib Jfclk`fej\f:\ekif[\E\knfibDXeX$
Jpjk\dJn`kZ_df[lcXi#`e`Z`Xcd\ek\\d Fg\iXk`fej:\ek\i>EF: #>cfYXc:Xi\ ^\d\ek%
&2081,&$‰—(6*ULHO
\d]fZf@@
48(%(1()&,265(7,5$5'$(;3257$‰…2'(7$/(172"
([HFXWLYRVÝPDGHLQ3RUWXJDOÞ
Jfgfikl^l\j\jZfdZXii\`iXj[\kfgf\ddlck`eXZ`feX`j[XjK@:%K†d#\di\^iX#
^iXe[\c\Xc[X[\Xf^ilgfhl\`ek\^iXd\fe[\\jkf_}a}dl`kfjXefj%8Z\`kXiXdf[\jXÔf
g\cXjdX`jmXi`X[XjiXq‘\j1XdY`ƒf#[\j\af[\Zi\jZ\igifÔjj`feXc\g\jjfXcd\ek\#XZ\jjf
XldX^\jkf[\\oZ\c†eZ`X\[\eˆm\cdle[`Xc#befn$_fn#Xgi\e[`qX^\dfl[\j\emfcm`d\ekf
[XjjlXjZXii\`iXj%Jffjefjjfjjlg\i^\jkfi\j[\ZXii\`iXj`ek\ieXZ`feX`j\^iXe[\j
\o\dgcfj[\\ogfikXƒf[\kXc\ekfeXZ`feXc
ƒ
j`X#<lifgX#8d„i`ZXj#Ý]i`ZX%Fj
^\jkfi\jÈ\ogXki`X[fjÉ\jkf\d
kf[fjfjZXekfj[fdle[f%JXck`$
kXd\eki\gXˆj\j\Zfek`e\ek\j%
< [f ZXikXj eX ^\jkf [Xj
\dgi\jXjfe[\kiXYXc_Xd%HlXj\kf[fjZf$
d\ƒXiXdeXjjlYj`[`}i`Xjgfikl^l\jXj[Xj
dlck`eXZ`feX`j%=fiXdgif^i\[`e[feX\j$
kilkliX[fj^ilgfjfe[\\jkf`ek\^iX[fj#
Xk„hl\jli^`lf[\jXÔf[\kiXYXc_XiÈc}]fiXÉ#
\dZXi^fjZfdi\jgfejXY`c`[X[\j[\kfgfeX
_`\iXihl`X`ek\ieXZ`feXc[Xji\jg\Zk`mXjfi^X$
e`qXƒ‘\j%<kf[fjfjg\iZlijfjdXiZXdldX
kiXa\Zki`XXjZ\e[\ek\%KfieXiXd$j\m\i[X[\`$
ifjZ`[X[fj[X\Zfefd`X^cfYXc#Zfdkf[XjXj
]\iiXd\ekXj\jb`ccj[fj^\jkfi\j`ek\ieXZ`feX`j
[\kfgf%8jm`X^\ejhlXj\[`}i`Xj#fjX\ifgfikfj
\fjhlXikfj[\_fk\ckfieXiXd$j\ldX\jg„Z`\
[\Èj\^le[XjZXjXjÉ#Xg\jXi[\k\i\dldXYXj\
cf^ˆjk`ZXeld[\k\id`eX[fgfekf[f^cfYf#
gXiXfe[\c\mXd#eX^\e\iXc`[X[\[fjZXjfj#
Xji\jg\Zk`mXj]Xdˆc`Xj%
8^\jkf[\kXc\ekfj[\ekif[Xjdlck`$
eXZ`feX`jgXjjXZX[Xm\qdX`j#eldZfek\okf
[\^cfYXc`qXƒf\[\Zi\jZ\ek\ZfeZfii†eZ`X#
gfi\jkiXk„^`Xj[\ZfcfZXƒf\if[X^\d[\
^\jkfi\jhl\j\[\jkXZXdeXjjlYj`[`}i`Xjcf$
ZX`jeXjjlXjfg\iXƒ‘\jldgflZfgfikf[ff
dle[f%Gifdfm\$j\X[`m\ij`[X[\ZlckliXc\
XdfY`c`[X[\\eki\fj\o\Zlk`mfjhl\c`[\iXd
}i\Xj[\e\^Z`f#[Xe[f$c_\jXfgfikle`[X[\[\
^Xe_Xi\dZi\jZ\ek\\og\i`†eZ`XZfdefmfjcl$
^Xi\j\efmXj]leƒ‘\j%Gfikl^Xcef„\oZ\gƒf
X\jkXk\e[†eZ`X%<Xjdlck`eXZ`feX`j[fj\Zkfi
[XjK@:jf[`jjfld\o\dgcfgXiX[`^d}k`Zf%
&2081,&$‰—(6*ULHO
<efjfXg\eXjfjcˆ[\i\j[Xjfg\iXƒ‘\jeX$
Z`feX`jhl\jf[\jXÔX[fjX\eZ\kXiZXii\`iXj
`ek\ieXZ`feX`j%?}dl`kfjflkifj\o\Zlk`mfj
[\ekif[Xjfi^Xe`qXƒ‘\jeXZ`feX`jXhl\d
]f`ZfcfZX[ffd\jdf[\jXÔf%<fjZXjfj[\
jlZ\jjfdlck`gc`ZXd$j\%
;`f^fMXjZfeZ\cfj:`jZf „ldX\oZ\gƒf
~i\^iX\eki\fj\o\Zlk`mfjhl\Xek\j[\Xjjl$
d`i\dZXi^fj`ek\ieXZ`feX`j[\dlck`eXZ`feX`j
Zfd\ƒXiXd\dZXi^fjeXji\jg\Zk`mXjjlYj`$
[`}i`Xjgfikl^l\jXj%;\Zfej\c_\`ifgXiXX
JfZ`\[X[\[f:fe_\Z`d\ekf[XGi\j`[†eZ`X[X
I\g’Yc`ZXgXjjflXj\e`fi[`i\Zkfi\[`jk`e^l`$
j_\[]\ccfn[X}i\X[\Zfejlckfi`X\jkiXk„^`ZX
[X:`jZf@ek\ieXZ`feXc%9Xj\X[f\dCfe[i\j#
kiXYXc_XZfd[`]\i\ek\j^fm\iefj[X<lifgX\
[fD„[`fFi`\ek\#ZfdX:fd`jjf<lifg\`X#
XF:;<#f8ckf$:fd`jj}i`f[XjEXƒ‘\jLe`[Xj
gXiXX8c`XeƒX[Xj:`m`c`qXƒ‘\j#\eki\flkifj%
Fhl\efj`^e`ÔZXhl\ef[\j\emfcmXd’c$
k`gcXj`e`Z`Xk`mXjkXdY„d\dGfikl^Xc#fe[\
c`[\iXX8G;:%A}8[\c`efJXekfj]f`fi\jgfe$
j}m\cg\cfXiiXehl\[Xjfg\iXƒ‘\j\dGfikl^Xc
[X:FCKK\c\Zfd%?fa\#\jk}eXjlYj`[`}i`X
Xc\d%J\[`X[f\d=iXeb]lik#c`[\iXXLe`[X[\
[\E\^Z`fj[\>iXe[\j:c`\ek\j[fd\iZX[f
^\ide`Zf#gfife[\#Xc`}j#a}k`e_XgXjjX[fef
`eˆZ`f[fj\lg\iZlijfgifÔjj`feXc%
Ef>ilgfD`Zifjf]k_}(/Xefj#:Xicfj
Cfg\j]f`fk\iZ\`ifZfcXYfiX[fiZfekiXkX[f
\dGfikl^Xc\\jk\m\\emfcm`[fefXiiXehl\
[Xfg\iXƒfeXZ`feXc%;\gf`j[\m}i`fjZfe$
m`k\j#XZ\`kfl#\d)''*#f[\jXÔf[\`igXiX
fj<jkX[fjLe`[fjZfdf[`i\Zkfij„e`fi[\
;\j\emfcm`d\ekf[\E\^Z`f\dD\iZX[fj
<d\i^\ek\j%EleZXdX`jgXifl%y#XgXik`i[\
J`e^XgliX#[`i\Zkfi$^\iXcgXiXX}i\X[\GD<
\GXiZ\`ifj[XI\^`f[XÝj`X\GXZˆÔZf[X
D`Zifjf]k@ek\ieXZ`feXc%<`ek\^iXld^ilgf
[\Z\iZX[\)'gfikl^l\j\jhl\a}jXˆiXd[X
D`Zifjf]kGfikl^XcgXiXXjjld`i\dZXi^fj
`ek\ieXZ`feX`jef^ilgf%<jjX]f`#efd\X[X$
d\ek\#Xfgƒf[fjki†jXek\i`fi\j[`i\Zkfi\j$
$^\iX`j[fd\iZX[feXZ`feXcÆIf[i`^f:fjkX#
AffGXlcf>`iYXc\Elef;lXik\%
1¥REDVWDWHUDV
Fg\iZlijf`ek\ieXZ`feXc[\AffG`Zf`kf
UHGHV6DEHQGRVH
jli^`lZfdX]ljf[Xjfg\iXƒ‘\j[\Zfdl$
TXHDV5*1VHU¥R
e`ZXƒ‘\j[XEfb`X\[XJ`\d\ejhl\[\iXd
fi`^\d~^`^Xek\EJE%Gi`d\`if#]f`[`i\Zkfi$
DVLQIUDHVWUXWXUDV
$^\iXc[XG\eˆejlcX@Y„i`ZX[XefmXEJE#\
YLWDLVSDUDDV
c`[\iflfgifZ\jjf[\aleƒf[Xj\dgi\jXj
SUµ[LPDVG«FDGDV
\dGfikl^Xc\<jgXe_X%8^fiX#Z_\ÔXfj
d\iZX[fj[fJlc[X<lifgX[Xdlck`eXZ`feXc
HDQWHFLSDQGRVH
XgXik`i[\IfdX%DXjdXek„dld`ek\e$
TXHWHU¥RLPSDFWRV
jfZfekXZkfZfdXfg\iXƒfgfikl^l\jX#a}
DWRGRVRVQ¯YHLV
hl\XEJEGfikl^XckXdY„d\jk}jfYXjlX
i\jgfejXY`c`[X[\%
LPS·HVHVDEHUR
Hl\da}g\iZfii\lhlXj\kf[ffdle[f
TXHSRGHU£PXGDU
[\ekif[Xdlck`eXZ`feXcXc\d[\jf]knXi\
FRPHODV‹SUHFLVR
[\^\jkf#XJ8G#„Afj„;lXik\%FXZklXcgi\j`$
[\ek\[XI\^`f<lifgX#D„[`fFi`\ek\\Ýj`X
GHWHUPLQDUTXH
<D<8 c`[\iXX`e[XXJ8Gàe[`X%:fd\ƒfl
VHUYL©RVGHQRYD
\dGfikl^Xc#jXckflgXiX<jgXe_X\[\j[\\e$
JHUD©¥RVHU¥R
kfefk\dgXiX[f%8Mf[X]fe\\dGfikl^Xc
„flkif\o\dgcf[\\ogfikXƒf[\kXc\ekfj%
SRVV¯YHLVHTXDLV
<AfXhl`d:ifZX\o\dgc`ÔZX$fY\d%;\gf`j
RVEHQHI¯FLRVTXH
[\\ekiXigXiXXjlYj`[`}i`Xgfikl^l\jX#]f`$
GHOHVUHVXOWDU¥R
c_\cXeƒX[ff[\jXÔf[\ldXZXii\`iX`ek\i$
eXZ`feXc%?fa\#c`[\iXfe\^Z`f[\Jfclƒ‘\j
[\JX’[\eXMf[X]fe\>cfYXc<ek\igi`j\#
ldXefmXle`[X[\[\e\^Z`f]fZXc`qX[X\d
j\im`ƒfjgXiXX`e[’jki`X[XjX’[\%
48(%(1()&,263$5$32578*$/"
8`dX^\dhl\Gfikl^Xck\def\ok\i`fi[`$
m\i^\\eki\fj^\jkfi\jhl\jk`feX[fjg\cX:F$
DLE@:8xÃ<J\eki\ldXg\ijg\Zk`mXdX`j
Ziˆk`ZX\flkiXdX`jgfj`k`mX%;\j[\ÈZfdgX$
iXƒ‘\jgflZfc`jfea\`iXjÉ#È`e\ÔZ`†eZ`XÉ#È]XckX
[\[`jZ`gc`eXfiƒXd\ekXcÉ#Xk„ldXÈYXjkXek\
YfX`dX^\dÉ\dhl\Èj\igfikl^l†j\jk}eX
df[X\„ldXYfXdXiZXÉ%DXjkXdY„ddl`kf
dX`j\o`^\ek\j\Ziˆk`ZfjhlXe[fXfj\lGXˆj%
8[d`k\dhl\fkXc\ekfgfikl^l†j\o`jk\\hl\
„i\Zfe_\Z`[f%ÈFYm`Xd\ek\hl\hlXchl\i
^\jkfihl\]XqldYfdkiXYXc_f[\`oXldX
dXiZX#\gXik\[\jjXdXiZX„fj\lgXˆj[\
fi`^\d%Ef\ekXekf#fdle[f\dgi\jXi`Xc„
lddle[f^cfYXc`qX[f#\dhl\XZfdg\k†eZ`X
ZfekXYXjkXek\dX`j[fhl\Xfi`^\d%;XˆXj
d`e_Xji\k`Z†eZ`Xj\dZfej`[\iXihl\Xd`e_X
Zfeki`Yl`ƒfgXiXXd\c_fi`X[X`dX^\d[f
efjjfGXˆjgfjjXk\iXg\eXjldXdl`kfdXi$
^`eXc`eÕl†eZ`XÉ#[`qAfj„;lXik\%
Jfjl^\i`[Xjm}i`Xjd\[`[XjXkfdXi%
ÈKf[XjXj[\Z`j‘\jjfj\Zi\kXd\ek\gfjkXj
eXYXcXeƒX[Xfi`^\dZlckliXc%?}hl\Zfe$
kXij\dgi\Zfd\jk\]XZkf\kfdXi\dZfekX
ZfdfclkXiZfekiX\c\%GXiXR¿TfY\d[\
Gfikl^Xc%<efXg\eXj[XjlX`dX^\dÉ#[`q
8[\c`efJXekfj%A}AfXhl`d:ifZXi\]\i\hl\
Èj\i\gi\j\ekXifefjjfGXˆjef\ok\i`fi#XkiXm„j
[fefjjfkXc\ekf#„`dgfikXek\#„kXcm\qX`e[X
dX`ji\c\mXek\gf[\iXkiX`ikXc\ekfef\jkiXe$
^\`ifgfikl^l†jflflkif gXiX`e`Z`Xk`mXj
eXZ`feX`j[\ZXi`q\jkiXk„^`Zf\\jkilkliXek\#
hl\gf[\di\m\cXildGfikl^Xc`ejg`iX[fieX
Z\eX`ek\ieXZ`feXc%;\jjX]fidXZ\c\YiXiˆXdfj
dX`jfj†o`kfjZfdfeXƒf#Xf`em„j[fjjlZ\j$
jfj[\Xc^lej[fjj\ljZ`[X[fjÉ%Afj„;lXik\
Zfej`[\iXd\jdfhl\Èf[\j\emfcm`d\ekf
[\Gfikl^Xcef\jk}\dGfikl^Xc#\jk}eXjlX
dX`fi`ek\ieXZ`feXc`qXƒf%@jkf„ZfdgifmX[f
gfiXc^lej\oZ\c\ek\j\o\dgcfj[\\dgi\jXj
gfikl^l\jXjhl\[\Z`[`iXd`ek\ieXZ`feXc`qXi
XjjlXjfg\iXƒ‘\j\hl\XZklXcd\ek\Zfej\$
2VH[HFXWLYRVSRUWXJXHVHV
QRH[WHULRUDGPLWHP
HPPDLRURXPHQRUHVFDOD
TXHSRGHU¥RGHDOJXPD
IRUPDFRQWULEXLUFRP
RNQRZKRZDGTXLULGRSDUD
XPPDLRUGHVHQYROYLPHQWR
HXPDPHOKRULPDJHP
GH3RUWXJDOQRH[WHULRU
3RUWHUHPÝRXWUDV
IHUUDPHQWDVPHQWDLV
HP«WRGRVRUJDQL]DFLRQDLVÞ
SRUVHVDEHUQRV
UHVSHFWLYRVFLUFXLWRVRQGH
HVW¥RLQVHULGRVTXHV¥R
SRUWXJXHVHVHSRUHVVD
YLDUHSUHVHQWDUHPVHPSUH
RVHXSD¯VSHODPDUFDTXH
GHL[DPQDVRUJDQL]D©·HV
^l\dZi\jZ\iXg\jXi[fZc`dX\Zfefd`ZXd\e$
k\[\gi`d\ek\hl\m`m\fefjjfGXˆjÉ%
GXiX:XicfjCfg\j#gf[\]Xq\i$j\dl`kf
dX`j%ÈGf[\dfjZfeki`Yl`igXiXfdX`fi`e$
k\iZdY`f\eki\Xj\dgi\jXjgfikl^l\jXj\
XjjlXjZfe^„e\i\j^cfYX`j%<Xhl`f^fm\ief
gf[\i`XcXeƒXild[\jXÔf~jg\jjfXjhl\
kiXYXc_Xdef\ok\i`fi1gifgfiZ`feXildX
dX`fic`^Xƒf\eki\\dgi\jXjk\Zefc^`ZXj
gfikl^l\jXj\Xj[\dX`jef\ok\i`fi%yhl\_}
gfikl^l\j\jef\jkiXe^\`ifZfd\oZ\c\ek\j
ZfekXZkfj\`jkfgf[\i`XXZ\c\iXiX`ek\^iXƒf
\f`ek\iZdY`f\eki\\dgi\jXjeXZ`feX`j
\`ek\ieXZ`feX`j%Fjgfikl^l\j\jjfY\d
m`jkfjef\ok\i`fiÉ#^XiXek\%
Kf[fjX[d`k\d#\ddX`fifld\efi
\jZXcX#hl\gf[\if[\Xc^ldX]fidXZfe$
ki`Yl`i#Zfdfbefn$_fnhl\\jkfXX[hl`$
i`i#gXiXlddX`fi[\j\emfcm`d\ekf\ldX
d\c_fi`dX^\d[\Gfikl^Xcef\ok\i`fi%
Gfik\i\dÈflkiXj]\iiXd\ekXjd\ekX`j\
d„kf[fjfi^Xe`qXZ`feX`jÉ#gfij\jXY\iefj
i\jg\Zk`mfjZ`iZl`kfjfe[\\jkf`ej\i`[fj#
hl\jfgfikl^l\j\j\gfi\jjXm`Xi\gi\j\e$
kXi\dj\dgi\fj\lGXˆj#g\cXdXiZXhl\
[\`oXdeXji\jg\Zk`mXjfi^Xe`qXƒ‘\j%
DXj# ]XZ\ ~j \og\i`†eZ`Xj [\ flkifj
gXˆj\jeX\ogfikXƒf[\kXc\ekfj#Zfdf„
hl\Gfikl^Xcgf[\i}Y\e\ÔZ`Xi\ZXg`kXc`$
qXiXÈ[`}jgfiXeXZ`feXcÉeX}i\X[XjK@:#
\#dX`j#^\e\i`ZXd\ek\kf[XXkiX[`ƒf[\
\d`^iXƒf6GXlcfJ`d‘\j#[X<^feQ\_e[\i#
XeXc`jXm}i`fjZXd`e_fjefj\ek`[f[\j\
Zi`Xi\d\jkiXk„^`XjgXiXgfk\eZ`XiXi\[\[\
gfikl^l\j\jef\ok\i`figXiXfZi\jZ`d\ekf
\Zfed`Zf\jfZ`Xc%:i`Xiflgifdfm\ii\[\j
gifÔjj`feX`j%;\j\emfcm\i`e]iX$\jkilkliXj
[\Zfdle`ZXƒfgXiXÈi\$Zfe\ZkXiÉZfdfkX$
c\ekfg\i[`[fef\jkiXe^\`if%:i`XildXi\[\
[\`e]fidXƒf[\kXc_X[XjfYi\`eZ\ek`mfj
Xf`em\jk`d\ekf#XZklXc`qXƒ‘\ji\^lcXki`Xj#
f]\ikX[\gXiZ\i`Xj[\e\^Z`f`ek\ieXZ`feXc#
fgfikle`[X[\j[\`em\jk`d\ekf%<jkXjjf
Xc^ldXj[Xjjfclƒ‘\jXgfekX[Xj%
*ULHO&2081,&$‰—(6
\d]fZf@@
([SRUWD©¥RGHWDOHQWRVPDO
QHFHVV£ULRRXYDQWDJHPFRPSHWLWLYD"
3
XiXXjK@:#\gXiXfgi$
gi`fGXˆj#XÈ\ogfikXƒfÉ
[\kXc\ekfgf[\j\im`j$
kXZfdfldXmXekX^\d
Zfdg\k`k`mX[\j[\hl\
[\m`[Xd\ek\ZXg`kXc`qX[X%Gfikl$
^Xce\Z\jj`kX[\[\j\emfcm\ildX
\jkiXk„^`XgXiXXcXmXeZXifkXc\ekf
\i\Zlijfj\jgXc_X[fjg\cX[`}jgf$
iX%;\m`[fXfj\]\`kfjZi\jZ\ek\j[X
^cfYXc`qXƒf#XdX`figXik\[fjgXˆ$
j\jhl\k\ekXiXdgXiXiXÈ]l^X[\
Z„i\YifjÉYiX`e[iX`e flgifdf$
m\ifi\^i\jjf[fkXc\ekf[X[`}jgfiX
XZXYXiXdgfi]Xc_Xi%<dXck\ieXk`mX#
efj’ck`dfjXefjk\dfjXjj`jk`[fX
k\ekXk`mXj[\jlZ\jjf[\gifdfm\iX
ÈZ`iZlcXƒf[\Z„i\YifjÉYiX`eZ`i$
ZlcXk`fe #fe[\f[\j\emfcm`d\ekf
„XZ\c\iX[fg\cf\eZfiXaXd\ekf[X
gXik`Z`gXƒf[X[`}jgfiXef[\j\e$
mfcm`d\ekf[fgXˆj[\fi`^\d#g\cX
kiXej]\i†eZ`X[\Zfe_\Z`d\ekf\
Zfdg\k†eZ`Xj#\dZfdgc\d\ekf
~XkiXZƒfÆd\jdfhl\k\dgfi}i`XÆ[\
kXc\ekf\jkiXe^\`if%Gfikl^Xcef[\m\fc_Xi
gXiXfj\d`^iXek\jZfdfi\Zlijfjg\i[`[fj#
a}hl\gf[\dj\iZXg`kXc`qX[fjgXiXf[\j\e$
mfcm`d\ekf\Zfed`Zf\jfZ`Xc%8j]fidXj
[\XcXmXeZXiX[`}jgfiXeXZ`feXcgXjjXdgfi
fc_XigXiXXjZfdg\k†eZ`Xjk„Ze`ZXj\[\
e\^Z`f#i\cXZ`feXd\ekfjZfd\iZ`X`j#ÔeXe$
Z`Xd\ekf#kifZXjZfd\iZ`X`j#\[lZXƒf%
@ek\ieXZ`feXcd\ek\#_}m}i`fjdf[\cfj[\
dfY`c`qXƒf[X[`}jgfiXhl\`dgfikXXeXc`$
jXi]XZ\XfZfek\okfgfikl^l†j%8<jZZ`X\
Xàe[`XljXdfj\o\Zlk`mfj[XjlX[`}jgfiX
\d^iXe[\jdlck`eXZ`feX`jgXiX`eÕl\eZ`Xi
[\Z`j‘\j[\cfZXc`qXƒf\`eZ\ek`mXiÈi\[\j
[\flkjfliZ`e^[\k\Zefcf^`X\@;É%8j[`}j$
gfiXj[XÝ]i`ZX[fJlc\[\@jiX\cXal[Xdef
[\j\emfcm`d\ekf\ÔeXeZ`Xd\ekf[\gif$
a\Zkfj[\jkXik$lgjefji\jg\Zk`mfjgXˆj\j#m`X
Èi\[\j[\m\ekli\ZXg`kXcÉ%8:_`eX„Zfe_\$
Z`[XgfiZXg`kXc`qXieXjlX9XdYffE\knfib#
fe[\fjd\dYifj[X[`}jgfiX]leZ`feXd
Zfdf`em\jk`[fi\j#a}hl\fjZljkfj[\kiXe$
jXZƒfjfi\[lq`[fjg\cXZfeÔXeƒX\eki\fj
gXik`Z`gXek\j[XjlXÈi\[\[\`em\jk`[fi\jÉ%
Fjd\dYifj[X[`}jgfiX[X8id„e`X\[X
àe[`XXal[XdX`[\ek`ÔZXie`Z_fj#kiX[lq`e[f
fgfikle`[X[\j^cfYX`j\dgifa\Zkfj[\e\^$
Z`f#eldXm\i[X[\`iXÈi\[\[\gifjg\ZƒfÉ%
8:_`eX\X:fi\`XXgfjkXdefi\kfief[f
i\jg\Zk`mfkXc\ekfeXj[`}jgfiXj#XkiXm„j[\
`eZ\ek`mfjÔjZX`j#gXihl\jk\Zefc^`Zfj#\kZ% #
&2081,&$‰—(6*ULHO
P3DXOR6LP·HVPARTNERDA%GON:EHNDER
)NTERNATIONAL
Zi`Xe[fÈi\[\j[\Z`iZlcXƒf[fjXY\iÉ%8[`}j$
gfiX[\jlZ\jjf[X8id„e`X\em`X[\mfckXXf
gXˆjZfekiXkfj[\flkjfliZ`e^#Zi`Xe[fXjj`d
Èi\[\j[\flkjfliZ`e^É%
(675$7‹*,$63$5$&$3,7$/,=$5
9$17$*(16'$',ƒ6325$
HlXcfdf[\cfhl\dX`jj\X[\hlXXfefjjf
GXˆj6LdXi\jgfjkXX[\hlX[X`dgc`ZXldX
Xe}c`j\gif]le[X#hl\`dgfikX\]\ZklXi
Zfdli^†eZ`X%Gfikl^Xce\Z\jj`kX[\j\e$
mfcm\igcXefjd\k[`ZfjgXiXZXg`kXc`qXifj
dX`j[\hlXkifd`c_‘\j[\gfikl^l\j\jhl\
m`m\d]fiX[fGXˆj[fjhlX`jldXg\iZ\e$
kX^\dZi\jZ\ek\efj\Zkfi[Xjk\Zefcf^`Xj #
kXcZfdfXjYfXjle`m\ij`[X[\j`ek\ieX$
Z`feX`j]Xq\dZfdXjlXi\[\[\Xek`^fj
Xclefj#kfieXe[f$fjefjj\ljd\c_fi\j
\dYX`oX[fi\j#ÔeXeZ`X[fi\j[`i\Zkfjfl
`e[`i\Zkfj#Èfc_\`ifjÉ[\kXc\ekf#^XiXek\j
[\Y\eZ_dXib`e^Zfekˆelf#\kZ%
;\j[\cf^f_}hl\Zi`Xiflgfk\eZ`Xi
i\[\j[\\d`^iXek\j%8jdX`jgif[lk`mXj
mfY\dgXiXXc„d[\kifZXjjfZ`X`jflZlckl$
iX`j\Z\ekiXd$j\eld[\k\id`eX[f[fdˆe`f
gifÔjj`feXcÆi\[\j[\\e^\e_\`ifj#`em\jk`$
^X[fi\j#\dgi\\e[\[fi\j#\kZ%;\jk\df[f#
fjj\ljd\dYifjk†ddX`j\dZfdld\k\e$
[\dX]Xq\idX`j\d\c_fi\j`em\jk`d\ekfj
Zfealekfj%<jkXji\[\j[\gifÔjj`feX`j[X
[`}jgfiXkXdY„d]XZ`c`kXdfjZfe$
kXZkfjm`e[fj[fj[\Z`jfi\j[fgi$
gi`fgXˆj#a}hl\jfeXkliXcd\ek\
dX`j]fZX[fj%88G;:gf[\i`XXhl`
[\j\dg\e_XildgXg\ci\c\mXek\
ZfdfgifdfkfiX[\ldXi\[\m`i$
klXc[\gifÔjj`feX`jgfikl^l\j\j[f
j\Zkfi[XjK@:g\cfdle[f%
8Zfejkilƒf#gifdfƒf\[\j\e$
mfcm`d\ekf[\`e]iX$\jkilkliXj[\
Zfdle`ZXƒfgXiXÈi\$Zfe\ZkXiÉZfd
fkXc\ekfg\i[`[fef\jkiXe^\`if„
flkiX[Xje\Z\jj`[X[\j[fefjjfGXˆj%
8@ek\ie\kf]\i\Z\_fa\ldX]fidX[\
c`^Xicˆ[\i\j\kXc\ekfefgigi`fgXˆj
\eX[`}jgfiX[\]fidX`ejkXeke\X%
LdXYXj\[\[X[fjXZklXc`qX[X[\
gifÔjj`feX`jeX[`}jgfiXg\id`k\~j
\dgi\jXjeXZ`feX`jXg\cXiXkXc\ekf
\jZfe[`[f#efmfj\d`^iXek\j\eZfe$
kiXi\di\[\j[\Xgf`fef\ok\i`fi\
\d`^iXek\j[\jlZ\jjfi\jgfe[\i\d
~jjfc`Z`kXƒ‘\j[\e\^Z`f\dGfikl$
^Xc%FlkiXgfjj`Y`c`[X[\[\XcXmXe$
ZXieX@ek\ie\k„[X[Xg\cXK_X`cXe[I\m\ij\
9iX`e;iX`eGifa\Zk#f]\i\Z\e[f~[`}jgf$
iX`e]fidXƒf[\kXc_X[XjfYi\`eZ\ek`mfj
Xf`em\jk`d\ekf#XZklXc`qXƒ‘\ji\^lcXki`Xj#
f]\ikX[\gXiZ\i`Xj[\e\^Z`f`ek\ieXZ`feXc#
fgfikle`[X[\j[\`em\jk`d\ekf#\kZ%
Gfikl^Xcefgf[\k\ii\Z\`f[\XcXmXeZXi
efjgfikl^l\j\jZfcfZX[fj\dZXi^fj`eÕl\e$
k\jkXekf\d`ejk`kl`ƒ‘\jZfdf\d^iXe[\j
dlck`eXZ`feX`j#gXik`ZlcXid\ek\[fj\Zkfi
[XjK@:%Fd„i`kf[\Z_\^XiX\jk\jZXi^fj
[\m\j\i`e[`m`[lXc#dXjd\jdf^iXe[\jgXˆ$
j\jZfdffI\`efLe`[f k\dld[\gXikX$
d\ekf^fm\ieXd\ekXcZlaf’e`ZffYa\Zk`mf
„È]XZ`c`kXiÉ\jkXjZfcfZXƒ‘\j`ek\ieXZ`feX`j#
fYm`Xd\ek\eXg\ijg\Zk`mX[\i\kfiefgfjk\$
i`fi[\jj\`em\jk`d\ekf\d`eÕl†eZ`Xgfcˆk`$
ZX#dXjjfYi\kl[f\Zfed`ZX%
LdX\jkiXk„^`XgXiXXcXmXeZXiefkXc\ekf\
i\Zlijfj\jgXc_X[fjg\cX[`}jgfiX[\Ôe`k`mX$
d\ek\ef„ldjlYjk`klkfgXiXXji\]fidXj
\Zfed`ZXj\jkilkliX`jhl\jfe\Z\jj}i`Xj
gXiXXkXZXiXjZXljXj[\Xc^ldXÈ]l^X[\Z„i\$
YifjÉÆgifdfm\iXZfeZfii†eZ`X#\eZfiXaXif
\dgi\\e[\[fi`jdf#Xld\ekXif`em\jk`d\ekf
gif[lk`mf#Xc`^\`iXifji\hl`j`kfjYlifZi}k`Zfj#
d\c_fiXiX\[lZXƒf#i\jfcm\iXdfifj`[X[\
[Xaljk`ƒX#\kZ%Ef\ekXekf#ldX\jkiXk„^`Xhl\
ÆgXiXXc„d[\jk\jgfekfjÆ\eZfiXa\XgXik`$
Z`gXƒfXZk`mX[fefjjfkXc\ekfK@:È\ogfikX$
[fÉef[\j\emfcm`d\ekf[\Gfikl^Xcgf[\k\i
ldgXg\cZXkXc`jX[fi[\i\]\i†eZ`X%
݋PXLWRGHVDïDQWHÞ
) le[X[fi\gi`d\`ifgi\j`[\ek\[X
LD@:#;`f^fMXjZfeZ\cfjc`[\ifl
fXiiXehl\[fgifZ\jjf[\Zfejkil$
ƒf[XjfZ`\[X[\[X`e]fidXƒf\
[fZfe_\Z`d\ekf\dGfikl^Xc\e$
ki\)''*\)''.%=f`i\jgfej}m\cgfi[fjj`\ij
\jkilkliXek\j#ZfdfX@e`Z`Xk`mXEXZ`feXc
[X9Xe[XCXi^X\f\>fm\ied\ek%J\dgi\
\jk\m\c`^X[fXfjk\dXj[X`efmXƒf\[f
\dgi\\e[\[fi`jdf%=f`X[d`e`jkiX[fi[X
8G@\cXeƒflX8ZX[\d`X[\<dgi\\e[\[f$
i\j\ehlXekfm`Z\$gi\j`[\ek\[X8EA<%Fj\l
kiXYXc_f]f`i\Zfe_\Z`[f\d)''-g\cf\ekf
Gi\j`[\ek\[XI\g’Yc`ZX#Afi^\JXdgX`f#Zfd
XZfd\e[X[XFi[\d[f@e]Xek\;%?\ei`hl\%
;\gf`j[\gXjjXig\cXGi\j`[†eZ`X[XI\g’Yc`ZX
ZfdfZfej\c_\`if[\:XmXZfJ`cmXgXiXX}i\X
[\`efmXƒf\^cfYXc`qXƒf#XZ\`kX#\d)''.#
f[\jXÔf[X:`jZfJpjk\dj#Zfdfj\e`fi[`$
i\Zkfi\[`jk`e^l`j_\[]\ccfn[f@ek\ie\k9l$
j`e\jjJfclk`fej>iflg@9J> #X}i\X[\\j$
kiXk„^`X\`efmXƒf^cfYXc[f^ilgf%9Xj\X[f
\dCfe[i\j#[\j\emfcm\d’ck`gcXjXZk`m`[X[\j%
yd\dYif[f9lj`e\jjGXe\cfe=lkli\<L
@eefmXk`feGfc`Zp\Zf$Xlkfi[fi\cXki`f<l$
ifg\Xe[JfZ`Xc@eefmXk`fe#[f>XY`e\k\[f
Gi\j`[\ek\[X:fd`jjf<lifg\`X%Gi\j`[\~
J@OJfZ`Xc@eefmXk`fe\OZ_Xe^\ #Zfdle`$
[X[\^cfYXc\dg\e_X[X\d`eZi\d\ekXifj
d„kf[fjgXiXXjXZklX`jjfZ`\[X[\j\eZfekiX$
i\dXjd\c_fi\jjfclƒ‘\jgXiXfX^\`e^#Xck\$
iXƒ‘\jZc`d}k`ZXj#j\im`ƒfjg’Yc`Zfj\jX’[\%
yZfej\c_\`ifgXiXX`efmXƒf\dXdY`\ek\j
[\m`[XXjj`jk`[fj\d\dYif[f?`^_C\m\c
GXe\c#Zi`X[fg\cf:fd`jj}i`f<lifg\lgXiX
X@em\jk`^Xƒf\@efmXƒf%@ek\^iXfgX`e\c[\
Xckfeˆm\cZi`X[fg\cXZfd`jj}i`XE\\c`\Bif\j
gXiXXZfej\c_XiX:<jfYi\jfclƒ‘\j`efmX$
[fiXj[\K@:%:fcXYfiXZfdf9<@\XF:;<
efjk\dXj[X`efmXƒf\gi\j`[\Xf;`Xcf^l\
:X]„#`e`Z`Xk`mX^cfYXcgifdfm`[Xg\cX:`jZf
\g\cXFEL%<„X`e[Xd\dYif[\m}i`fjX[$
m`jfipYfXi[j[\k_`ebkXebjcˆ[\i\jeX<lif$
gX%DXj\jkXjd’ck`gcXjkXi\]Xjef`dg\[\d
hl\Zfek`el\XdXek\ild\jki\`kfZfekXZkf
ZfdGfikl^Xc#fe[\m\d]i\hl\ek\d\ek\\
fe[\gi\j`[\#[\j[\DX`f[\)''/#~[`i\Z$
ƒf[X8G;:%<XkiXm„j[XhlXc]f`\c\`kf#ld
Xef[\gf`j#d\dYif[f<o\Zlk`m\9fXi[[X
;`^`kXc<lifg\%
:fdf„m`m\i\kiXYXc_Xi]fiX[\Gfi$
kl^XcZfdldXgfj`ƒf[\i\c\mfeldX
dlck`eXZ`feXc6
yldXgfjj`Y`c`[X[\’e`ZX[\Zfek`elXi
ldkiXYXc_fhl\m\d[\ki}j\kfie}$cfX`e[X
dX`j`ek\i\jjXek\g\cX\jZXcXhl\X[`d\ejf
`ek\ieXZ`feXcc_\gifgfiZ`feX%ykXdY„d
ldXfgfikle`[X[\[\\jkXi
eld^ilgfZlafjgifZ\jjfj[\
kiXYXc_f\hlXc`[X[\[fjZfc\$
^Xj„\oZ\gZ`feXc%8X[XgkX$
ƒf]f`]}Z`c#Xg\jXi[\X\jZXcX
j\iZfdgc\kXd\ek\[`]\i\e$
k\%>iXƒXjXldX\dgi\jXhl\
XgfjkX]fik\d\ek\eX`efmXƒf
\ZfdldX]fidX[\kiXYXc_Xi
hl\d\X^iX[XYXjkXek\%
HlXcfdfk`mfhl\fc\mflX
kfdXi\jjX[\Z`jf6
8mfekX[\[\k\ildX\o$
g\i`†eZ`X`ek\ieXZ`feXc#hl\
„dl`kf[\jXÔXek\%8kiX`l$d\
kXdY„dXhlXc`[X[\[fgif$
a\Zkfhl\`ek\^i\`%EXgi}k`ZX#
„ldXXZk`m`[X[\^cfYXc#Zfd
P'LRJR9DVFRQFHORVSENIORDIRECTOREDISTINGUISHEDFELLOW
\jg\Z`Xc`eZ`[†eZ`XeX<lifgX
DE)NTERNET"USINESS3OLUTIONS'ROUPDA#ISCO3YSTEMS
\efD„[`fFi`\ek\%<jkflYXj\$
X[f\dCfe[i\j#fe[\i\j`[f#dXj
i\’ef$d\j\dXeXcd\ek\Zfdcˆ[\i\j[\ mfcm\XjlXXZk`m`[X[\Zfdf`em\jk`^X[fiX
[`m\ijfjgXˆj\j%>Xe_fg\cf]XZkf[\\jkXiX eXLe`m\ij`[X[\[\:XdYi`[^\%
m`m\ieldXZ`[X[\ZfdldX\efid\m`YiX$
ƒfZlckliXc#fe[\ZfekXZkfZfdi\Xc`[X[\j ;\hl\]fidXf befn$_fnhl\\jk}X
dl`kf[`m\ijXj%K\dj`[fldXfgfikle`[X[\ X[hl`i`igf[\i}Zfeki`Yl`igXiXlddX`fi
]XYlcfjX[\i\Xc`qXƒfg\jjfXc\gifÔjj`feXc% [\j\emfcm`d\ekf&d\c_fi`dX^\d[fefj$
GXiXXc„d[fkiXYXc_fhl\]XƒfeX:`jZf#k\$ jfGXˆj6
e_fXfgfikle`[X[\[\ZfekXZkXiZfdg\j$
HlXchl\ig\jjfX#j\Ôq\ildYfdkiXYX$
jfXj]fiX[Xfi^Xe`qXƒf[\kf[ffdle[f% c_f#[`^e`ÔZXXfi^Xe`qXƒffe[\kiXYXc_X\
KiXkX$j\[\ldXXZk`m`[X[\\[\ldkiXYX$ fgXˆj[\hl\„fi`^`e}i`f%Fjgfikl^l\j\j
c_fhl\d\g\id`k\`eÕl\eZ`XiXjgfcˆk`ZXj jfYXjkXek\mXcfi`qX[fjef\jkiXe^\`if\i\$
\lifg\`XjeX}i\X[X`efmXƒf\[XjfZ`\[X[\ Zfe_\Z`[fjldgflZfgfikf[ffdle[f%K\$
[X`e]fidXƒfZfdfji\cXki`fjhl\k\e_f dfjldX\efid\ZXgXZ`[X[\\Õ\o`Y`c`[X[\%
]\`kfgXiXfgi\j`[\ek\[X:fd`jjf<lifg\`X JfdfjZXgXq\j[\efjX[XgkXiZfdYXjkXek\
\gXiX[`m\ijfjZfd`jj}i`fj\lifg\lj%<Zf$ ]XZ`c`[X[\XefmXji\Xc`[X[\j%@e]\c`qd\ek\#
df`ek\^ifm}i`fjk_`ebkXebjeX<lifgX\ Gfikl^Xcefk\djXY`[fk`iXigc\efgifm\`kf
[`i`afXgcXkX]fidXdle[`XcZ_XdX[XJ@O# [XjlX[`}jgfiX%ygfjjˆm\c]Xq\idl`kfdX`j
`jjfg\id`k\$d\gifdfm\if[\YXk\\\e$ e\jkX}i\X%Gfikl^XcX`e[Xlk`c`qX]fidXjdl`kf
Zfekif[\jfclƒ‘\jgXiXfjm}i`fj[\jXÔfj kiX[`Z`feX`j[\\emfcm`d\ekf[XjjlXjZfdl$
hl\XjXZklX`jjfZ`\[X[\j\e]i\ekXd%yld e`[X[\j%Hl\dk\d]\`kfldYfdkiXYXc_f
e\jj\j\ek`[f„XJkXiKiXb\i#i\[\hl\m`jX
kiXYXc_fXc`Z`Xek\%
gfk\eZ`XifkXc\ekfgfikl^l†j\jgXc_X[fef
Gi\k\e[\i\^i\jjXifl`i}g\idXe\Z\i dle[f\hl\i\gi\j\ekXldX]fidXdf[\ieX
ef\ok\i`fi6
[\\emfcm`d\ekf%E\jj\Xjg\Zkf#fGi\j`[\e$
8g\jXi[Xd`e_XZXii\`iX`ek\ieXZ`feXc# k\[XI\g’Yc`ZXk\d[X[fldYfd\o\dgcf%
dXek\e_fldX]fik\c`^XƒfZfdGfikl^Xc 8mXekX^\d[Xji\[\jX[m„d[fZfe_\Z`d\e$
XkiXm„j[X8G;:%yldXXZk`m`[X[\hl\`d$ kfk}Z`kf\gi}k`ZfXhl\\jk\jkXc\ekfjXZ\[\d
gc`ZXld^iXe[\\j]fiƒfg\jjfXc#gifÔjj`f$ \hl\gf[\j\iYXjkXek\’k`cXfGXˆj%8^iXe$
eXc\Zˆm`Zf%DXj]Xƒf$fgfihl\X8G;:k\d [\fgƒfhl\Gfikl^Xck\d[\kfdXi„X[\
ldX\hl`gX]Xek}jk`ZX#fhl\d\g\id`k\ j\ilddlj\lflldXjkXik$lgeXk`fe%<jjX
efm`m\i\dGfikl^Xc\c`[\iXildXfi^Xe`$ „X^iXe[\\jZfc_X%;\m\dfjj\idl`kfdX`j
qXƒf#Zfdj\[\\dC`jYfX#hl\„ldX[Xj \eklj`XjkXjXXZfc_\ifhl\„efmf[fhl\X
\ek`[X[\jdX`j[`ed`ZXjeXjfZ`\[X[\Z`m`c gifk\^\ifhl\„Xek`^f%K\dfjk\e[†eZ`X
gfikl^l\jX%DXje\jk\dfd\ekfefk\e_f gXiX[\jmXcfi`qXiefmXj`[\`Xj\g\jjfXjhl\
gcXefjgXiXmfckXi%I\j`[f\dCfe[i\jZfd ef]Xq\dgXik\[fj`jk\dX%Ef\eZXiXdfj
Xd`e_Xdlc_\i#hl\kXdY„dXhl`[\j\e$ Zfd\eklj`XjdffjZ_Xcc\e^\ij%
*ULHO&2081,&$‰—(6
\d]fZf@@
Ý6DLUGD]RQDGHFRQIRUWRÞ
(
jk}eX:FCKK\c\Zfd[\j[\
Alc_f[\)''(#j\e[fi\jgfe$
j}m\cg\cfXiiXehl\[Xjfg\iX$
ƒ‘\jefd\iZX[fgfikl^l†j#
\d;\q\dYif[fd\jdfXef%
:fdf[`i\Zkfi$^\iXc\gi`eZ`gXci\jgfe$
j}m\c[X:FCKK\c\ZfdGfikl^Xc#Xal[fl
X\dgi\jXX`dgc\d\ekXi$j\Zfdf]fie\$
Z\[fiXgXiXfj\^d\ekf\dgi\jXi`Xc%=f`
\d8^fjkf[\)''/hl\XZ\`kflf[\jX$
Ôf[\kiXYXc_XieX:FCKK\c\Zfd>\i$
dXep#XgXik`i[\=iXeb]lik%8[\c`efJXekfj
c`[\iX[\jk\\ekfXLe`[X[\[\E\^Z`fj
[\>iXe[\j:c`\ek\j[fd\iZX[fXc\df%
:XjX[f\Zfdki†jÔc_Xj#f^\jkfik\dldX
mXjkX\og\i`†eZ`XeX}i\X[XjK@:%=f`\eki\
)'''\)''([`i\Zkfi$^\iXc\X[d`e`jkiX$
[fi[X\ok`ekXK\c\n\Y%DXja}Xek\i`fi$
d\ek\k`e_XXjjld`[f[`m\ijfjZXi^fj[\
[`i\Zƒf\d\dgi\jXjZfdfX:fdgXh#X
;`^`kXc\X<;J%8jlX\og\i`†eZ`Xef\ok\$
i`fiefZfd\ƒfleX:FCK%<eki\(00+\(00/
]f`i\gi\j\ekXek\gfikl^l†jeX:fd`jjf[\
>\jkf[f:FJK(+8Zk`feDlck`d\[`Xk\Z_$
efcf^`\j [X:fd`jjf<lifg\`X%GifÔjj`feXc$
d\ek\#a}Zfe_\Z`Xfd\iZX[fXc\df#a}hl\
\eki\(00'\(00+m`m\l\d;XidjkX[k#fe[\
kiXYXc_flZfdfgif^iXdX[fi\\e^\e_\`if
[\jf]knXi\gXiXX=iXle_f]\i>\j\ccjZ_X]k%
8[\c`efJXekfj„c`Z\eZ`X[f\d<e^\e_Xi`X
@e]fid}k`ZXg\cXLe`m\ij`[X[\EfmX[\C`j$
YfX\k\dld[flkfiXd\ekf\dK\c\Zfdl$
e`ZXƒ‘\j\@e]fid}k`ZXg\cXLe`m\ij`[X[\[\
;XidjkX[k%K\dX`e[XldXgj$^iX[lXƒf\d
>\jkfg\cX8<J<Gfikl^Xc@<J< %
:fdf„m`m\i\kiXYXc_Xi]fiX[\Gfikl$
^Xc#ZfdldXgfj`ƒf[\i\c\mfeldX
dlck`eXZ`feXc6
y `ek\i\jjXek\% Gif]`jj`feXcd\ek\# f
dle[f„dl`kfdX`fi#dX`jZfdgc\of\Zfd
dX`jgfjj`Y`c`[X[\j[\ZfeÔ^liXifje\^Z`fj#
Xjfi^Xe`qXƒ‘\j\Xjfgƒ‘\j%Gfikl^Xc„ld
d\iZX[fg\hl\ef#fe[\kf[fjZfe_\Z\d
hlXj\kf[fj\fe[\XZfeZfii†eZ`X„dl`kf
c`d`kX[X%A}X8c\dXe_X„fdX`fid\iZX[f
\lifg\l\fdX`jm`iX[fgXiXf\ok\i`fi%
GfikXekf#k\dc`^Xƒ‘\jdX`j`ek\ejXjXflkifj
d\iZX[fj^iXe[\j%FZfekiXjk\[`ÔZ`cd\ek\
gf[\i`Xj\idX`fi%EfEfik\[X<lifgX#
fj d\iZX[fj k†d ldX [`d\ejf dl`kf
jlg\i`fi\X`ek\^iXƒf[Xj\dgi\jXj\eki\
\jj\jlYZfealekf\lifg\l„dl`kfdX`fi
hl\efjgXˆj\j^\f^iXÔZXd\ek\g\i`]„i`Zfj%
Fhl\c\mXXhl\f[\jXÔf`ek\c\ZklXcj\aX
dl`kf`ek\i\jjXek\%yefidXck\ij\dXeXj
Zfdi\le`‘\j\d=iXeb]lik#8d\jk\i[f#
Qli`hl\\Cfe[i\j%Gfihl\fjZc`\ek\j#fj
&2081,&$‰—(6*ULHO
\eZfeki\`Xi\jgfjkXZ\ikX#hl\ljf[\j[\
\ekf1È:X[Xld[\ejefgf[\k\ikl[f
[\YfdeXm`[XXfd\jdfk\dgf%ÉGfjjf
k\ijfc\clq[\C`jYfX#dXjj\d\]XckXild
j`jk\dX[\aljk`ƒXhl\]leZ`fe\#ldj`jk\$
dX[\\[lZXƒfg’Yc`ZXhl\]leZ`fe\#ldX
ZcXjj\d„[`Xi\Xcd\ek\i\jgfej}m\cg\cfj
[\m\i\jZˆm`Zfj#ldX\Zfefd`XZfdZfe$
Zfii†eZ`X#ldXZcXjj\gfcˆk`ZXhl\^fm\i$
e\j\dd\[f6Efd\gfjjfj\ek`i]\c`q
Zfdfj\i_ldXef%<j\k\e_f\jZfc_Xgif$
Ôjj`feXc\hl\ifhl\Xd`e_X[\jZ\e[†e$
Z`Xk\e_XX`e[XdX`jfgƒ‘\j#gfihl\_Xm\$
i`X\l[\effgkXig\cfe\mf\`if\fj[`Xj
Zlikfj[\@em\ief6
P$GHOLQR6DQWRVMAJORENTERPRISEDIRECTOR
DA#/,44ELECOM'ERMANY
gXiZ\`ifj\fjZfejlckfi\jjfdl`kfdX`j
gXe$\lifg\ljef[`X$X$[`X#Zi`Xe[f$j\ldX
[\ejXk\`X[\XZƒ‘\j`ek\ieXZ`feX`j%yld
[\jXÔf#[\]XZkf#dl`kf`ek\i\jjXek\%
HlXcfdfk`mfhl\fc\mflXkfdXi\jjX
[\Z`jf6
GifÔjj`feXcd\ek\#hl\i`XjX`i[Xd`e_X
qfeX[\Zfe]fikf%G\jjfXcd\ek\#hl\i`Xhl\X
d`e_X]Xdˆc`XkXdY„djXˆjj\[XqfeX[\Zfe$
]fikf%Hl\i`Xhl\Xjd`e_XjÔc_XjÆk\e_fki†j
ÆZi\jZ\jj\dlejXefjeflkiXZlckliX#eflkif
`[`fdX#eflkifjZfjkld\j%Hl\i`Xhl\#Zfdf
]Xdˆc`X#j\ekˆjj\dfjXj[`ÔZlc[X[\j[\efj
X[XgkXidfjXefmXjifk`eXj#^\f^iXÔXj#\jZf$
cXj#m`q`e_fj%?fa\„\jj\eZ`Xc\jkXij\dgi\
\ddl[XeƒX%<[\ekif[\ldX^\iXƒfj\i}
X`e[XdX`j`dgfikXek\%Efhl\i`Xhl\Xj
d`e_XjÔc_XjZi\jZ\jj\d)'XefjeXd\jdX
Z`[X[\#eXd\jdXm`q`e_XeƒX#efd\jdf`[`f$
dX¿?}lejXefj#ldZ_\]\[`jj\$d\ÈR¿T
\hlXe[fXZ_Xjhl\\jk}kl[fX]leZ`feXiY\d
eXfi^Xe`qXƒf#k\ej[\`e`Z`XiflkiXfe[X[\
dl[XeƒXj¿É%;\j[\Xˆhl\efjflgXik`[}i`f
[f[`kfÈ\d\hl`gXm\e[\[fiXefj\d\o\É%
FAfj„Dfli`e_fkXdY„d[\m\k\i]XcX[fZfd
\jj\Z_\]\d\l¿8j\hl`gXj[\jgfik`mXj#Xj
\dgi\jXj#fj[\gXikXd\ekfj\Xj]Xdˆc`Xjjf
\ek`[X[\jdl`kf[`ed`ZXj#hl\„e\Z\jj}i`f
ZfejkXek\d\ek\i\k`iXi[XjqfeXj[\Zfe]fikf#
gifmfZXiZfe]ifekf\gifZliXiX\oZ\c†eZ`X%
Dl`kX^\ek\g\i^lekX$d\Zfdfgl[\kifZXi
XclqdXiXm`c_fjX[\C`jYfXg\cfe\mf\`if\
f\jZlif[fZ\ekif[X<lifgX%;liXek\lej
d\j\jclk\`ZfdXg\i^lekX\i\jgfe[`XZfd
ldjfii`jfXdXi\cf%;\gf`j[\dl`kfZf^`kXi#
Gi\k\e[\i\^i\jjXifl`i}g\idXe\Z\i
ef\ok\i`fi6
Gfi\ehlXekf#efk\e_fgcXefjefj\e$
k`[f%Ld[`Xmfli\^i\jjXi#ZcXifEfj\`j\
c\mXi}ldXef#ki†jflZ`eZf%Efd\k\e_f
gi\fZlgX[fZfdfk\dX%DXj#[X]fidXZXcdX
\[\jZfdgc`ZX[XZfdf\l\Xd`e_X]Xdˆc`X
m\dfjXm`[X#gf[\j\ia}efgio`dfd†j%
;\hl\]fidXfbefn$_fnhl\\jk}XX[hl`i`i
gf[\i}Zfeki`Yl`igXiXlddX`fi[\j\emfc$
m`d\ekf&d\c_fi`dX^\d[fefjjfGXˆj6
yYm`fhl\hlXe[fmfckXiXkiXYXc_Xi\d
Gfikl^Xck\i\`flkiXj]\iiXd\ekXjd\ekX`j\
d„kf[fjfi^Xe`qXZ`feX`j%Jlgfe[f_ld`c[\$
d\ek\hl\XZlimX[\Xgi\e[`qX^\d„dX`j
`eZc`eX[Xgfi\jkXjgXiX^\ej#gfiZ\ikfhl\
Zfeki`Yl`i\`gXiXXc^ldXfi^Xe`qXƒf\dGfi$
kl^Xc[\]fidXdX`jZfdgc\oX\XiifaX[X%;\
]fidXdf[\jkX`jjfZfeki`Yl`i}#ZcXif#gXiXld
d\c_fiGfikl^Xc%HlXekf~`dX^\d[fefjjf
GXˆj#ZcXifhl\f`ƒfhlXj\kf[fjfj[`Xj]XcXi[\
Gfikl^Xcflf`ƒfZfdgXiXƒ‘\j\eki\Gfikl^Xc
\flkifjd\iZX[fjÆgi`eZ`gXcd\ek\fXc\df%
I\k`iXe[ffjfc\fg\`o\^i\c_X[f#efgfjjf
[`q\ihl\XjZfdgXiXƒ‘\jj\aXdc`jfea\`iXj%
Kf[XX`dX^\d[\[„ZX[Xj[\gfYi\qX#`e\Ô$
Z`†eZ`X#]XckX[\[`jZ`gc`eXfiƒXd\ekXc#Zlckl$
iXdX`jcX`jj\q$]X`i\efj\dl[Xd]XZ`cd\e$
k\%K\e_fZfejZ`†eZ`X[\hl\kl[ffhl\]Xƒf#
kl[ffhl\jl^`if\kl[ffhl\[\Z`[fk\dldX
ZfefkXƒf`d\[`XkXZfdGfikl^Xc%J\Zfd\$
ƒff[`XZ\[f#j\XZXYf[\kiXYXc_XikXi[\#j\
[\Z`[fXii`jZXielde\^Z`f#j\[\Z`[fZfe$
kiX[`q\ifjX[mf^X[fj#j\ZfekiXkfldXg\jjfX
Zfd\jk\flXhl\c\g\iÔc#j\k\e_fXX^\e[X
fi^Xe`qX[X[\jkXfl[Xhl\cX]fidXÆkf[XjXj
[\Z`j‘\jjfj\Zi\kXd\ek\gfjkXjeXYXcXeƒX
[Xfi`^\dZlckliXc%?}hl\ZfekXij\dgi\
Zfd\jk\]XZkf\[\Z`[`iZfdfclkXiZfekiX
\c\%GXiXd\lY\d\gXiXfY\d[\Gfikl^Xc%
<efXg\eXj[XjlX`dX^\d%
Ý&UHVFHUWRGRVRVGLDVÞ
( jk}eXD`Zifjf]k_}(/Xefj%=f`f
k\iZ\`ifZfcXYfiX[fi\dGfikl^Xc
\\jk\m\\emfcm`[fefXiiXehl\[X
fg\iXƒf#ZfdIf[i`^f:fjkXXZ$
klXc:<F[XQfe %<d)''*\iX
d\dYif[X[`i\Zƒf[XD`Zifjf]kGfikl^Xc#
i\jgfej}m\cg\cX;`i\Zƒf:fd\iZ`Xc[fjj\^$
d\ekfj[\GD<#i\kXc_f\F<D#XZldlcXe[f
Xj]leƒ‘\j[\gcXe\Xd\ekf[\e\^Z`f%:Xicfj
Cfg\ja}k`e_Xk`[fm}i`fjZfem`k\jgXiXkiXYX$
c_Xi]fiX[\Gfikl^Xc#dXjXk„\ekfe\e_ldf
XkiX`l%=f`\ekfhl\f[\jXÔXiXdX`igXiXfj
<jkX[fjLe`[fj#gXiXXj\[\[X^`^Xek\dle[`Xc
[\jf]knXi\#\dI\[dfe[&J\Xkkc\#`ek\^iXiX
}i\X[\F<DFi`^`eXc<hl`gd\ekDXel]XZ$
kli\ij %:fdf[`i\Zkfij„e`fi[\;\j\emfcm`$
d\ekf[\E\^Z`f\dD\iZX[fj<d\i^\ek\j#
[\j\e_flldX\jkiXk„^`X[\jlZ\jjf\d[\q
gXˆj\j#ZfdfX:_`eX#àe[`X#9iXj`c#I’jj`X\
Klihl`X%Ki†jXefj[\gf`j#\d)''-#jli^\ef$
mf[\jXÔf#eXj\hl†eZ`X[\ldXi\fi^Xe`qXƒf
[X}i\X[\F<DXeˆm\cdle[`Xc1X[`i\Zƒf$
^\iXc[\F<DeXI\^`f[X<lifgXFZ`[\ekXc%
=`ZX\ekfi\jgfej}m\c#XgXik`i[\GXi`j#g\cX
Zffi[\eXƒf[\jk\j\^d\ekf\dkf[XjXj()
jlYj`[`}i`Xj[Xi\^`f%<d)''/#XD`Zifjf]k
cXeƒX$c_\efmfi\gkf1`igXiXXÝj`XZffi[\eXi
fe\^Z`f[XjGD<\GXiZ\`ifj%8Z\`kX\Xj$
jld\fZXi^f[\[`i\Zkfi$^\iXcgXiXX}i\X[\
GD<\GXiZ\`ifj[XI\^`f[XÝj`X\GXZˆÔZf
[XD`Zifjf]k@ek\ieXZ`feXc%9Xj\X[f\dJ`e$
^XgliX#:XicfjCfg\j„_fa\i\jgfej}m\cg\cX
Zffi[\eXƒf[\jk\j\^d\ekfeXj(+jlYj`[`}$
i`Xj[\ldXi\^`fhl\[\dfejkiXld\c\mX$
[fgfk\eZ`Xc%DXj\jk\hlX[if`ek\ieXZ`feXc
[X^`^Xek\dle[`Xc[\+/Xefj#hl\a}i\Z\Y\l
m}i`fjgi„d`fjZfdfi\Zfe_\Z`d\ekf[fj\l
kiXYXc_f#Zfdff:_X`idj8nXi[[f^ilgf
F<D#hl\[`jk`e^l\lde’d\ifi\[lq`[f[\
\dgi\^X[fj#gifd\k\efÔZXigfiXhl`%8k„
gfihl\X`e[Xk\ddl`kfhl\Xgi\e[\i%
:fdf„m`m\i\kiXYXc_Xi]fiX[\Gfikl$
^Xc# eldX gfj`ƒf [\ [\jkXhl\ eldX
dlck`eXZ`feXc6
yldX\og\i`†eZ`XXc`Z`Xek\\dfk`mX[fiX%
KiXYXc_XdfjZfdg\jjfXj[`]\i\ek\j\dk\i$
dfjZlckliX`j\ZfdldX\c\mX[X[`d\ejf
\dk\idfjgifÔjj`feX`j%;fgfekf[\m`jkX
g\jjfXc\gifÔjj`feXc#„`dgfikXek\jX`idfj
gXiXZfe_\Z\iefmXjZlckliXj\i\^`‘\j%=XZ`c`kX
fZi\jZ`d\ekfgifÔjj`feXc\XX[XgkXƒfXef$
mXji\Xc`[X[\j%KiXYXc_fZfd[`]\i\ek\jd\iZX$
[fj#ZfdfX8ljki}c`X#@e[fe„j`XflM`\keXd\#
\Xd`e_X\og\i`†eZ`Xg\id`k\X[XgkXi$d\X
kf[fj%8\dgi\jXg\[\$efjc`[\iXeƒX\jkiXk„$
^`ZX\hl\XjefjjXjXZƒ‘\jk\e_Xdfd}o`df
`dgXZkfcfZXc%<`jkf[}$efjldXfgfikle`[X[\
’e`ZX%FjgXˆj\j[XÝj`X&GXZˆÔZfk†dld\efi$
d\gfk\eZ`Xc[\Zi\jZ`d\ekf#fhl\XZXii\kX
dX`ji\jgfejXY`c`[X[\j%K\e_fZ\iZX[\),Xefj
eX`e[’jki`X[XjK@\\jkXief\jkiXe^\`ifg\i$
d`k\$d\Xgi\e[\iZf`jXjefmXjkf[fjfj[`Xj%
yldZXg`kXc[\\og\i`†eZ`Xhl\Xld\ekXX
efjjXi\jgfejXY`c`[X[\[\c`[\iXiXdl[XeƒX%
:\iZX[\),[fd\lk\dgf„[\[`ZX[fXfZf$
XZ_`e^#Xal[Xe[fXjg\jjfXjX\mfcl`igifÔjj`f$
eXcd\ek\#fhl\„\oki\dXd\ek\Xc`Z`Xek\%y
\jg\Z`Xcd\ek\Xhl`hl\efkffjY\e\]ˆZ`fj[X
\og\i`†eZ`X\dkiXYXc_Xi]fiX%<i\Zfd\e[f$X
Xhl\dk`m\iXgfjj`Y`c`[X[\[\]Xq†$cf%
GXjjflg\cfj<L8#<lifgX\X^fiXd\i$
ZX[fXj`}k`Zf%:fdf„gXiXldgfikl^l†j
\jkXiYXj\X[f\dJ`e^XgliX6
HlXe[f]l`gXiXfj<jkX[fjLe`[fj#Xd`$
e_Xgi`eZ`gXc]leƒf\iXkiXYXc_XiZfdfj
d\iZX[fj\d\i^\ek\j#[\j\emfcm\e[ffe\$
^Z`f\dhlXkifgXˆj\j1:_`eX#àe[`X#9iXj`c\
I’jj`X%KiXYXc_XiZfdfd\iZX[fXj`}k`Zf]f`
Zfdgc\kXd\ek\[`]\i\ek\[Xd`e_X\og\i`$
†eZ`X\lifg\`X%EXÝj`X#fgi`eZ`gXc[\jXÔf
„k\idfjg\jjfXjZXgXq\j[\[\j\emfcm\ie\$
^Z`fXeˆm\ccfZXc%EX<lifgX#„dl`kfdX`j
]}Z`c\eZfekiXiXjg\jjfXjZ\ikXj%K\dfj[\
]Xq\idX`jkiXYXc_f[\g\jhl`jX#gfihl\\jk\
„ldd\iZX[ffe[\\o`jk\kXc\ekf#dXjef
eXjhlXek`[X[\je\Z\jj}i`Xj%<_}ZcXiXjmXe$
kX^\ej[\ldgfikl^l†j\jkXie\jkXgfj`ƒf1
jfdfjdX`jÕ\oˆm\`j\`jjfg\id`k\$efjldX
X[XgkXƒfdX`j]}Z`c%KiXYXc_fZfd-'d`c
gXiZ\`ifjk\Zefc^`Zfj\d`c_‘\j[\Zc`\ek\j#
fhl\\o`^\XZXgXZ`[X[\[\[\j\emfcm\iX\j$
kiXk„^`XZ\ikXgXiXZX[Xld%8d`e_X\og\$
i`†eZ`Xk\dj`[fYXjkXek\\ei`hl\Z\[fiX%
Fhl\fc\mflXkfdXiX[\Z`jf[\kiXYX$
c_Xief\ok\i`fi6
8mfekX[\[\Xld\ekXiXjd`e_XjZXgXZ`[X$
[\j\Zfdg\k†eZ`XjgifÔjj`feX`j\k\iXfgfikl$
e`[X[\[\kiXYXc_XiZfdfjdX`fi\j\jg\Z`Xc`jkXj
e\jkX}i\X%<dGfikl^Xc#k`m\m}i`Xjfgfikle`[X$
[\j[\kiXYXc_XigXiXXD`Zifjf]keX<lifgX%DXj
i\Zlj\`gfiefXjZfej`[\iXijlÔZ`\ek\d\ek\
Xc`Z`Xek\j%;\gf`jjli^`lXfgfikle`[X[\[\kiX$
YXc_XiZfdfjd\iZX[fj\d\i^\ek\j#[fjdX`j
`dgfikXek\jXeˆm\cdle[`Xc%@jjfXkiX`l$d\#
gf`jef„kf[fjfj[`Xjhl\j\k\dXfgfikle`[X$
[\[\kiXYXc_XiZfdX:_`eX#f9iXj`cflXàe[`X%
F[\j\emfcm`d\ekfgifÔjj`feXc]f`gXiXd`d
\ogfe\eZ`Xc%<dk\idfjg\jjfX`j#fgk\`gfi
c\mXiXd`e_Xdlc_\i\fd\lÔc_fgXiXfj
<L8%Fd\l]`c_fm`m\_fa\\dGfikl^Xc%
yZXjX[f\k\d[f`jÔc_fj%<jkfl\dJ`e^X$
gliXZfdXd`e_Xdlc_\i\]XZ`cd\ek\gf$
[\dfjdl[Xi%
P&DUORV/RSHVDIRECTORGERALDE0-%E0ARCEIROS
DA2EGIµOÔSIAE0AC¬lCODA-ICROSOFT
Gi\k\e[\i\^i\jjXifl`i}g\idXe\Z\ief
\ok\i`fi6
:fdf[`^fXfjd\ljXd`^fj#Èm`mffldfi$
kfld[`Xmflk\i[\mfckXiÉ%A}k`m\m}i`Xjfgfi$
kle`[X[\jgXiXf]Xq\i%<Xc^ldXj[\cXjgXiX
gfj`ƒ‘\j[\i\c\mfeX^\jkf%DXjefXZ_f
hl\j\aXfdfd\ekf`[\XcgXiXmfckXi%>fjkf[\
Zldgi`iZfdgifd`jjfj%Fd\lZfdgifd`jjf
]f`ÔZXiki†jXefj\dJ`e^XgliX\a}d\g\[`iXd
gXiXÔZXidX`jld%MfckXi\`ld[`X#hlXe[f
\eZfekiXifdfd\ekf#Xfgfikle`[X[\\f[\$
jXÔfZ\ikf%K\e_f(/Xefj[\D`Zifjf]k#^fjkf
dl`kf[X\dgi\jX\e\jk\dfd\ekfefg\ejf
jX`i[\cX%Ef„XXckliXZ\ikXgXiXmfckXiXGfi$
kl^Xc%8`e[Xk\e_fdX`jgXiXXgi\e[\i\dl`kf
gXiXZi\jZ\i\dk\idfjgifÔjj`feX`j%
;\hl\]fidXfbefn$_fnhl\\jk}XX[hl`$
i`igf[\Zfeki`Yl`igXiXlddX`fi[\j\emfc$
m`d\ekf&d\c_fi`dX^\d[fefjjfGXˆj6
Gf[\dfjZfeki`Yl`igXiXfdX`fi`ek\i$
ZdY`f\eki\\dgi\jXjgfikl^l\jXj\XjjlXj
Zfe^„e\i\j^cfYX`j%8hl`#f^fm\iefgf[\i`X
cXeƒXild[\jXÔf~jg\jjfXjhl\kiXYXc_Xd
ef\ok\i`fi1gifgfiZ`feXildXdX`fic`^Xƒf
\eki\\dgi\jXjk\Zefc^`ZXjgfikl^l\jXj\Xj
[\dX`jef\ok\i`fi%?}gfikl^l\j\jef\jkiXe$
^\`ifZfd\oZ\c\ek\jZfekXZkfj\`jkfgf[\i`X
XZ\c\iXiX`ek\^iXƒf\f`ek\iZdY`f%Fjgfi$
kl^l\j\jjfY\dm`jkfjef\ok\i`fi%Efd\l
ZXjf#k\e_fk`[fXc^ldjlZ\jjf#\`jjfXal[XX
hl\XZfdle`[X[\gfikl^l\jXj\aXi\Zfe_\$
Z`[X#\jg\Z`Xcd\ek\eXD`Zifjf]k%Ej#gfikl$
^l\j\j#k\dfjZXgXZ`[X[\jkfYfXjZfdfXj[\
hlXchl\iflkifgifÔjj`feXc[\flkifd\iZX[f%
EfÔZXdfjXki}j[\e`e^l„d%DXjk\dfjhl\
`eZ\ek`mXidX`jXjg\jjfXjXXgifm\`kXi\og\i`†e$
Z`Xj`ek\ieXZ`feX`j%=Xcfgfid`d1\jk`m\f`kf
Xefj\dGfikl^Xc\[\m`Xk\ijXˆ[fXfÔd[\
hlXkifflZ`eZf%Gfihl\e\jj\g\iˆf[fXgi\e$
[\dfj0'\dk\idfj[\e\^Z`f\[\]leƒf%
;\gf`j#„jldXhl\jkf[\\mfcl`i%<jj\
Zfej\^l\\mfcl`ij\\o\iZ\idfjflkiXj]leƒ‘\j
\Xjjld`idfjflkiXji\jgfejXY`c`[X[\j%ygfi
`jjfhl\XZ_fhl\Xjg\jjfXj[\m\dfgkXij\$
i`Xd\ek\gfikiXYXc_Xief\jkiXe^\`if%
*ULHO&2081,&$‰—(6
\d]fZf@@
Ý0XLWRDDSUHQGHUHDUHDOL]DUÞ
7
\ddX`j[\)'Xefj[\\og\$
i`†eZ`X\dZXi^fj[\^\jkf\
c`[\iXeƒXeXjK@:%:fdf[`$
i\Zkfi$^\iXcI\^`f<lifgX[f
Jlc[XEfb`XJ`\d\ejE\knfib
EJE #„i\jgfej}m\cg\cXjfg\iXƒ‘\j[X
\dgi\jX\dkf[ffJlc<lifg\l#g\cf\j$
ki\`kXd\ekf[Xji\cXƒ‘\j[\e\^Z`fZfd
Zc`\ek\j\[\j\emfcm`d\ekf[\efmXjfgfi$
kle`[X[\j%8jlXYXj\cf^ˆjk`ZX\jk}\dIf$
dX#gfifgƒfgigi`X%<gfij\ifZ\ekif
^\f^i}ÔZf[fj[f`j\oki\dfj[fjd\iZX$
[fjhl\Z_\ÔX1C`jYfX\K\cXm`m\%EXj\$
hl†eZ`X[X]ljf\eki\Xj}i\Xj[\Zfdl$
e`ZXƒ‘\j[XJ`\d\ej\[XEfb`X#\d)''.#
AffG`Zf`kfXZ\`kflf[\jXÔf#Zfdf[`i\Z$
kfi$$^\iXcG\eˆejlcX@Y„i`ZX[XefmXEJE#
[\c`[\iXifgifZ\jjf[\aleƒf[Xj\d$
gi\jXj\dGfikl^Xc\<jgXe_X%:feZclˆ[X
ZfdjlZ\jjf\jjXd`jjf#ldefmf[\jXÔf
Z_\^fl\d)''01Z_\ÔXifjd\iZX[fj[f
Jlc[X<lifgX%Fe[\\jk}[\j[\Alc_f[f
XefgXjjX[f%KiXYXc_Xief\ok\i`fief
„#Zfekl[f#ldX\jki\`XgXiX\jk\^\jkfi%
yhl\cf^fefj\lXiiXehl\gifÔjj`feXc#\
[\gf`j[\k\igXjjX[fg\cfjCXYfiXki`fj
[\G\jhl`jX;\j\emfcm`d\ekf[X8cZXk\c
\eki\(0/.\(0/0#kiXYXc_flZ`eZfXefj
\dDle`hl\#Zfdfi\jgfej}m\cg\cXÝi\X
[\:fddle`ZXk`feGifkfZfc;\j`^eXe[
E\knfibGcXee`e^[XJ`\d\ej8>%=f`j
\d(00+hl\i\^i\jjflXGfikl^Xc#fZl$
gXe[fm}i`fjZXi^fjeXJ`\d\ejJ8\eki\
(00+\)''-#\eki\fjhlX`jd\dYif[X
Zfd`jjf\o\Zlk`mX%C`Z\eZ`X[f\d<e^\$
e_Xi`X<c\Zkifk„Ze`ZX\[\:fdglkX[fi\j
g\cf@JK\Zfdf8[mXeZ\[>\e\iXcDX$
eX^\d\ekGif^iXd[X<lifg\XeJZ_ffc
f]DXeX^\d\ekXe[K\Z_efcf^p#\d9\i$
c`d#AffG`Zf`kfk\d\jkX[f\emfcm`[f\d
m}i`Xj`e`Z`Xk`mXj[XjK@:#k\e[fi\Z\Y`[f
[`m\ijXj[`jk`eƒ‘\jg\cfj\lZfeki`Ylkf~
`efmXƒf\[\j\emfcm`d\ekf[XjfZ`\[X[\
[fZfe_\Z`d\ekf\dGfikl^Xc%Ldd\i$
ZX[fg\cfhlXcZfek`elXi\jgfej}m\cef
dY`kf[fj\lefmf[\jXÔfgifÔjj`feXc%
Fe[\\ek\e[\k\iX`e[Xdl`kfXXgi\e$
[\i\Xi\Xc`qXi%
:fdf„m`m\i\kiXYXc_Xi]fiX[\Gfikl^Xc#
Zfd ldX gfj`ƒf [\ i\c\mf eldX
dlck`eXZ`feXc6
EXc^lejXjg\Zkfj#„ldgflZf[„a~ml#
gfihl\Zfd\Z\`Xd`e_XZXii\`iX\dDl$
e`hl\#[\gf`j[\k\ik\id`eX[ffZlijfef
K„Ze`Zf#\d(0/.%8[\Z`jf[\\d`^iXi
gXiXX8c\dXe_X]f`[`]ˆZ`c%JXˆdfj[\ld
gXˆjZfdjfc\ZXcfigXiXldgXˆjZfdel$
&2081,&$‰—(6*ULHO
P-R¥R3LFRLWRDIRECTORGERAL2EGIµO%UROPADO3ULDA.OKIA3IEMENS.ETWORKS
m\ej\]i`f%DXj]f`ldX\og\i`†eZ`X]Xe$
k}jk`ZXHlXe[fi\^i\jj\`XGfikl^Xc#\d
(00+#j\ek`X$d\ldgflZfd\`fXc\df%
8gi\e[`dl`kfZfd\jkX\og\i`†eZ`X#hl\
dXiZflgXiXj\dgi\Xd`e_XdXe\`iX[\
\jkXigifÔjj`feXc%
8ZklXcd\ek\#„fd\jdf%FZfekXZkf
Zfd[`]\i\ek\jZlckliXj„]Xek}jk`Zf%8gi\e$
[\$j\`d\ejf%<Xgi\e[\$j\kXdY„dXmX$
cfi`qXiZ\ikfjXjg\Zkfj[fefjjfGXˆjhl\#
hlXe[f\jkXdfj\dGfikl^Xc#efjgXjjXd
ldgflZfXfcX[f%:cXifhl\Xjm`X^\ejZfej$
kXek\jjfZXejXk`mXj%DXjXZXYXdfjgfik\i
]fidXj[\efj_XY`klXi%<#]\c`qd\ek\#Zfe$
j\^l`]fidXildX\hl`gX\okiXfi[`e}i`X#
hl\d\Xgf`Xj\dc`d`k\j%K\e_fldXYXj\
dl`kf]fik\XgXik`i[\IfdX%G\i^lekXd$
d\dl`kXjm\q\jgfihl\\jZfc_`IfdX\X
d`e_Xi\jgfjkX„j\dgi\Xd\jdX1gfihl\„
ldXZ`[X[\hl\X[fif\gfihl\#\dk\idfj
cf^ˆjk`Zfj#„ldgfekfZ\ekiXc%IfdXÔZXef
Z\ekif^\f^i}ÔZf\eki\fj[f`j\oki\dfj[X
i\^`fhl\Z_\Ôf1C`jYfX\K\cXm`m\%
HlXcfdfk`mfhl\fc\mflXkfdXi\jjX
[\Z`jf6
JXˆ[XJ`\d\ejGfikl^Xc\dJ\k\dYif
[\)''-%A}eXEJE#Zfdfi\jgfej}m\c
`Y„i`Zf#k`m\Xfgfikle`[X[\[\i\Xc`qXi
ldgifa\Zkfdl`kf`ek\i\jjXek\1ZfeZcl`i
ZfdjlZ\jjfXaleƒf[Xj\dgi\jXj\d
Gfikl^Xc\<jgXe_X%:cXifhl\fgifZ\jjf
ef]f``j\ekf[\gifYc\dXj%DXj]fiXd
kf[fji\jfcm`[fjZfdYfdj\ejf\ldX
YXj\[\XgifmXƒfdl`kfXcXi^X[X%<d<j$
gXe_X#i\le`dfjkf[XjXjfg\iXƒ‘\jeld
ZXdgljdf[\cXi#\dKi\j:Xekfj#alekfX
DX[i`[%<i\]fiƒ}dfjXefjjXgi\j\eƒX
j`^e`ÔZXk`mXd\ek\\d<jgXe_X\Gfikl^Xc
Zfdefmfj`em\jk`d\ekfj\ZfekiXkXƒ‘\j%
HlXe[f_}ldXefd\Zfem`[XiXdgXiX
Z_\ÔXifJlc[X<lifgX#e\dg\ej\`[lXj
m\q\j%KiXkX$j\[\ld\efid\[\jXÔfgif$
Ôjj`feXc\_}Z\ikXj[\Z`j‘\jeXefjjXm`[X
hl\jj\gf[\dkfdXildXm\q%
Gi\k\e[\i\^i\jjXifl`i}g\idXe\Z\i
ef\ok\i`fi6
E\jk\dfd\ekf\jkfl[\[`ZX[f[\Xc$
dX\ZfiXƒfX\jk\efmfgifa\Zkf%8`e[X
k\e_fdl`kfXXgi\e[\i\Xi\Xc`qXi%<f
]lklifX;\ljg\ik\eZ\%
;\hl\]fidXf befn$_fn hl\\jk}X
X[hl`i`i gf[\i} Zfeki`Yl`i gXiX ld
dX`fi[\j\emfcm`d\ekf&d\c_fi`dX$
^\d[fefjjfGXˆj6
8Efb`XJ`\d\ejE\knfibjGfikl^Xc\j$
k}[\ekif[Xd`e_Xi\jgfejXY`c`[X[\%<f
Z_\]\[Xfg\iXƒfgfikl^l\jX#J„i^`f:X$
kXcf#kiXYXc_XZfd`^f[\j[\hl\i\^i\jj\`
XGfikl^Xc#eX[„ZX[X[\0'%<c\jXY\hl\
k\e_fdl`kffi^lc_fefhl\Zfej\^l`dfj
]Xq\i\dGfikl^Xc\hl\hl\ifZfek`elXi
\jj\YfdkiXYXc_f%<#d\jdfhl\eff
[`^X#Xjg\jjfXjjXY\dhl\\ljflgfikl$
^l†j%HlXe[fk\e_fldX kfne_Xccd\$
\k`e^Zfdkf[fjfjZfcXYfiX[fi\jcfZX`j#
\dD`cf#8k\eXjflfe[\hl\ihl\j\aX#
jXY\dhl\jflgfikl^l†j%<XZXYfj\dgi\
gfii\gi\j\ekXildgflZffd\lGXˆj%=X$
ƒffd\ld\c_fi%
Ý9RQWDGHGHFUHVFHUHDPEL©¥RÞ
( jk}eXJ8G_}(.Xefj%
<a}g\iZfii\lhlXj\kf$
[ffdle[f[\ekif[X
dlck`eXZ`feXcXc\d[\
jf]knXi\[\^\jkf%Af$
j„;lXik\„gi\j`[\ek\[XI\^`f
<lifgX# D„[`f Fi`\ek\ \ Ýj`X
<D<8 [\j[\ Alc_f [\ )''/%
<[\j[\=\m\i\`if[\jk\Xefc`[\iX
X`e[XXJ8Gàe[`X#hl\gXjjflX`ek\$
^iXiXI\^`f[\<D<8#Zi`Xe[f$j\
ldXefmXi\^`f[\efd`eX[XJ8G
<D<8"àe[`X%yfi\jgfej}m\c[X
dlck`eXZ`feXcXc\d[\jf]knXi\[\
^\jkfefjgfic`[\iXi\jk\jd\i$
ZX[fjZfdfX`e[XgfiXld\ekXifj
^Xe_fj\fZi\jZ`d\ekf[X\dgi\jX%
<jk}eXJ8G[\j[\(00*#k\e[fj`[f
]le[Xd\ekXcgXiXf[\j\emfcm`d\e$
kf[XjlYj`[`}i`XeXZ`feXcZfdfjX$
c\jdXeX^\i%:fd\ƒflXjlXZXii\`$
iX`ek\ieXZ`feXcef^ilgfki†jXefj
[\gf`j#XfgXjjXigXiXjXc\jdXeX^\i
[XJ8G<jgXe_X%;\j[\\ekfef
k\dgXiX[f%<eki\)'''\)''*gXj$
jflXdXeX^`e^[`i\ZkfigXiXXJ8GGfikl^Xc
\<jgXe_X%<dAXe\`if[\)''*]f`efd\X[f
Zfdfi\^`feXcdXeX^`e^[`i\Zkfi[\<D<8
F\jk\Jlc#j\e[fi\jgfej}m\cgfi<jgXe_X#
Gfikl^Xc#=iXeƒX\@k}c`X%<d)''-gXjjflX
gi\j`[\ek\\:<FgXiXXJ8G8d„i`ZXCXk`eX#
k\e[fj`[fi\jgfej}m\cg\cf9iXj`c#D„o`Zf\
8d„i`ZX:\ekiXc#I\^`f@ek\i`fiM\e\ql\cX#
:fcdY`X#G\il#GfikfI`Zf\`c_Xj[Xj:XiX$
ˆYXj \I\^`fJlc8i^\ek`eX#9fcˆm`X#:_`c\#
GXiX^lX`\Lil^lX` %JfYXjlXc`[\iXeƒX#Xj
i\Z\`kXj[\jf]knXi\eX8d„i`ZXCXk`eXXl$
d\ekXiXd//eldg\iˆf[f[\[f`jXefj\
fe’d\ifkfkXc[\Zc`\ek\jhlXj\[lgc`Zfl
gXiXdX`j[\+#*d`c %<jkXi\^`f]f`Xhl\
i\^`jkflfdX`fiZi\jZ`d\ekf^cfYXcgfi[f`j
XefjZfej\Zlk`mfj%=fidX[f\d:fekXY`c`$
[X[\\8[d`e`jkiXƒfg\cf@J:8C@ejk`klkf
Jlg\i`fi[\:fekXY`c`[X[\\8[d`e`jkiXƒf
[\C`jYfX #k\dldXgj$^iX[lXƒf;98
Æ;`gcfdX\d9lj`e\jj8[d`e`jkiXk`fe \d
>\jkf:fd\iZ`Xc\DXib\k`e^[f@ejk`klkf
Jlg\i`fi[\K„Ze`ZXj<dgi\jXi`X`j\ldZli$
jfg\cf@EJ<8;\dC`[\iXeƒX>cfYXc%<jk\
gfikl^l†j#hl\#gXiXXc„d[Xcˆe^lX$d\#]X$
cX`e^c†j\\jgXe_fc#`e`Z`flfj\lg\iZlijf
gifÔjj`feXc\d\dgi\jXjZfdfXLe`c\m\i
>iflg#8e[\ij\e:fejlck`e^XZklXc8ZZ\e$
kli\ \J@>@C#\dgi\jX[\Zfejlckfi`X\jg\$
Z`Xc`qX[X\d^\jkf[\j`jk\dXj[\e\^Z`f
hl\XZklXmX\di\gi\j\ekXƒf[XJ8G\d
Gfikl^Xc%Ef\jk}efjj\ljgcXefjgXiXYi\$
m\i\^i\jjXiXfj\lgXˆj[\fi`^\d%
HlXcfdfk`mfhl\fc\mflX
kfdXi\jjX[\Z`jf6
8mfekX[\[\Zi\jZ\i#[\Zf$
e_\Z\idX`j\dX`j%8Zli`fj`[X$
[\\#fYm`Xd\ek\#Xc^ldXXdY`$
ƒf%@e`Z`Xcd\ek\]f`Xg\eXjld
g\hl\efgXjjf#j\^l`[f[\dl`kfj
flkifj%Ef]f`Xc^fhl\k`m\jj\
gcXe\X[f%8Zfek\Z\l%
Gi\k\e[\i\^i\jjXifl`i}g\i$
dXe\Z\ief\ok\i`fi6
Eld]lklifgio`df#Zi\`f
hl\g\idXe\Z\i\`ef\ok\i`fi%
<m\eklXcd\ek\\ogcfiXe[fef$
mXji\Xc`[X[\jhl\j\d\gfjjXd
ZfcfZXi%A}eld]lklifdX`j[`j$
kXek\#j\^liXd\ek\i\^i\jjXi\`%
DXje\jk\dfd\ekfef„Xc^f
hl\\hlXZ`fe\e\dZfcfhl\eld
_fi`qfek\[\Ôe`[f%
P-RV«'XDUWHPRESIDENTEDE%-%!EÉNDIADA3!0
:fdf„m`m\i\kiXYXc_Xi]fiX[\Gfikl$
^Xc#ZfdldXgfj`ƒf[\i\c\mfeldX
dlck`eXZ`feXc6
Gi\jldfhl\ZX[X\og\i`†eZ`Xk\e_X
XjjlXjZXiXZk\iˆjk`ZXj%:fdXjg\Zkfjgf$
j`k`mfj\flkifje\dkXekf%K\e_f[\j\e$
mfcm`[fXZXii\`iX`ek\ieXZ`feXcd\ek\
[\j[\(00-%EldXgi`d\`iX]Xj\#dXe$
k\e[fX]Xdˆc`X\jk}m\c\dC`jYfX\#eldX
j\^le[X]Xj\[\j[\)''- #dl[Xe[f[\
gXˆj\Zfek`e\ek\%GXiXd`d#X\ogfj`ƒf
Xd’ck`gcXjZlckliXj#[`]\i\ek\jeˆm\`j
[\[\j\emfcm`d\ekf[\\Zfefd`Xj\f
gigi`feˆm\c[\dXkli`[X[\[XJ8G\d
[`]\i\ek\jgXˆj\j]XqZfdhl\ldX\og\$
i`†eZ`X`ek\ieXZ`feXcj\aX\oki\dXd\e$
k\\ei`hl\Z\[fiX\dk\idfjg\jjfX`j\
gifÔjj`feX`j%F]XZkf[\k\ildXgfj`ƒf
[\Xc^ldi\c\mfeXJ8Gg\id`k\$d\k\i
XZ\jjfX[\Z`jfi\j[\kfgf\dXc^ldXj
[XjdX`fi\j\dgi\jXjdlck`eXZ`feX`j\
gXik`c_Xidfd\ekfj`dgfikXek\je\jjXj
\dgi\jXjÆ\dhl\XJ8GZfeki`Yl`gXiX
fj\l[\j\emfcm`d\ekf\kiXej]fidXƒf%
Fhl\]XqZfdhl\fd\l[`X$X$[`Xj\aX
\oki\dXd\ek\[`m\ij`ÔZX[f#gfim\q\j
Xc^fjki\jjXek\#dXjefidXcd\ek\dl`kf
\ei`hl\Z\[fi%FXjg\Zkfd\efjgfj`k`mf„
Xc^fefZfekfie}m\cgXiXhl\dk\dldX
fi^Xe`qXƒf^cfYXcXj\lZXi^fÆ`e’d\$
iXjm`X^\ej\k\dgf[\hlXc`[X[\ZfdX
]Xdˆc`Xhl\eleZXj\i\Zlg\iXi}%
;\hl\]fidXfbefn$_fnhl\
\jk}XX[hl`i`igf[\i}Zfeki`$
Yl`igXiXlddX`fi[\j\emfcm`$
d\ekf&d\c_fi`dX^\d[fefjjfGXˆj6
Jf[lXjhl\jk‘\jeldX%J\fd\lZf$
e_\Z`d\ekfgf[\i`Xj\im`igXiXXlo`c`Xi
efdX`fi[\j\emfcm`d\ekf[\Gfikl^Xc#
Zi\`fhl\j`d%8fcfe^f[Xd`e_XZXii\`$
iX^\i`eX8d„i`ZXCXk`eX#\dkf[XX<l$
ifgX#D„[`fFi`\ek\\Ý]i`ZX%<#[\j[\
AXe\`if#k\e_fkXdY„dXàe[`XjfYd`e_X
i\jgfejXY`c`[X[\%@jkfk\d]\`kf[\d`d
ld^\jkfiYXjkXek\`ek\ieXZ`feXc%<ef#
`e]\c`qd\ek\fefjjfGXˆjefk\d[\dX$
j`X[fjgifÔjj`feX`jhl\k\e_Xd\em\i\$
[X[fgfi\jk\k`gf[\ZXii\`iXj%EXd`e_X
fg`e`f#f[\j\emfcm`d\ekf[\Gfikl^Xc
ef\jk}\dGfikl^Xc#\jk}eXjlXdX`fi
`ek\ieXZ`feXc`qXƒf%@jkf„ZfdgifmX[fgfi
Xc^lej\oZ\c\ek\j\o\dgcfj[\\dgi\jXj
gfikl^l\jXjhl\[\Z`[`iXd`ek\ieXZ`feX$
c`qXiXjjlXjfg\iXƒ‘\j\hl\XZklXcd\ek\
Zfej\^l\dZi\jZ\i#Xg\jXi[fZc`dX\Zf$
efd`ZXd\ek\[\gi`d\ek\hl\m`m\fefjjf
GXˆj%I\cXk`mXd\ek\~`dX^\d[\Gfikl^Xc#
[\mfZfe]\jjXihl\jfld\efjfgk`d`j$
kX%FYm`Xd\ek\hl\hlXchl\i^\jkfihl\
]XqldYfdkiXYXc_f[\`oXldXdXiZX#\
gXik\[\jjXdXiZX„fj\lgXˆj[\fi`^\d%
Ef\ekXekf#fdle[f\dgi\jXi`Xc„ld
dle[f^cfYXc`qX[f#\dhl\XZfdg\k†e$
Z`XZfekXYXjkXek\dX`j[fhl\Xfi`^\d%
;XˆXjd`e_Xji\k`Z†eZ`Xj\dZfej`[\iXi
hl\Xd`e_XZfeki`Yl`ƒfgXiXXd\c_fi`X
[X`dX^\d[fefjjfGXˆjgfjjXk\iXg\eXj
ldXdl`kfdXi^`eXc`eÕl†eZ`X%
*ULHO&2081,&$‰—(6
\d]fZf@@
Ý$SUHQGHUHSURJUHGLUÞ
HlXcfdfk`mfhl\fc\mflXkfdXi\jjX
[\Z`jf6
EXd`e_XZXii\`iX#j\dgi\gifZli\`
f[\jXÔf%Hl\ifgif^i\[`i#Xgi\e[\i\
Xgi\j\ekXii\jlckX[fjhl\j\aXdi\c\mXe$
k\jgXiXXfi^Xe`qXƒfXhl\g\ik\eƒf%Fj
Xjg\ZkfjÔeXeZ\`ifjk†dj`[fdfk`mfj
j\Zle[}i`fjgXiXX[\Z`jf\jfefidXc$
d\ek\]}Z\`j[\ZfeZ`c`XihlXe[fd\j`e$
kfdfk`mX[fg\cXd`jjf%EXXckliX#k`m\X
jfik\kXdY„d[\gf[\iZfeal^Xi`ek\i\j$
j\jgifÔjj`feX`jZfd]Xd`c`Xi\j#gf[\e$
[fXjj`dgifgfiZ`feXi~d`e_X]Xdˆc`X
ldXfgfikle`[X[\[\gi\gXiXƒfgXiX
lddle[fZX[Xm\qdX`j^cfYXc%
P-RDTXLP&URFDHEADOF(EALTH3OLUTIONSDO6ODAFONE'ROUP0LC
'
\j[\AXe\`if[\jk\Xefc`[\$
iXfe\^Z`f[\Jfclƒ‘\j[\
JX’[\eXMf[X]fe\>cfYXc
<ek\igi`j\#ldXefmXle`$
[X[\[\e\^Z`f]fZXc`qX[X
\dj\im`ƒfjgXiXX`e[’jki`X[XjX’[\%
<ekiflgXiXf>ilgfMf[X]fe\\d)'')#
ZfdfZfigfiXk\i\jgfejXY`c`kpdXeX^\i
[XMf[X]fe\Gfikl^Xc#ÔZXe[fXc`[\iXi
X}i\X[Xi\jgfejXY`c`[X[\ZfigfiXk`mX#
\ogfj`ƒf\Zfekifc\[\ZXdgfj\c\Z$
kifdX^e„k`Zfj\XjXZk`m`[X[\j[X=le$
[XƒfMf[X]fe\Gfikl^Xc%HlXkifXefj
[\gf`j#\dAlc_f[\)''-#`e`Z`flXjlX
ZXii\`iX`ek\ieXZ`feXc[\ekif[f^il$
gfYi`ke`Zf[\Zfdle`ZXƒ‘\jdm\`j
XfalekXi$j\~Mf[X]fe\>iflgJ\im`$
Z\jZfdf^cfYXc_\X[f]:figfiXk\I\j$
gfejXY`c`kpG\i]fidXeZ\I\gfik`e^%
8hl`#]fie\Z`Xjlgfik\~^\jkf[\kfgf
[f^ilgf#c`[\iXmXXZfdle`ZXƒfZfd
fj jkXb\_fc[\ij\^\i`XXi\[\^cfYXc[\
jlYj`[`}i`Xj\ddXk„i`X[\i\jgfejXY`$
c`[X[\ZfigfiXk`mX%8ek\j[\\ekiXigXiX
X^`^Xek\dle[`Xc#AfXhl`d:ifZXgXj$
jfl (, Xefj eX DXi`e_X Gfikl^l\jX%
yc`Z\eZ`X[f\d<e^\e_Xi`XEXmXcg\cX
8ZX[\d`XEXmXc(00) \k\dldD:j
\dK\c\Zfdle`ZXƒ‘\jg\cXLe`m\ij`[X$
[\K„Ze`ZX[\C`jYfX(000 %
&2081,&$‰—(6*ULHO
݋UHOHYDQWHSRGHUDWUDLU
WDOHQWRQRHVWUDQJHLURSDUD
LQLFLDWLYDVQDFLRQDLVGHFDUL]
HVWUDW«JLFRHHVWUXWXUDQWH
TXHSRGHPUHYHODUXP
3RUWXJDOLQVSLUDGRUQDFHQD
LQWHUQDFLRQDO'HVVDIRUPD
FHOHEUDU¯DPRVPDLVRV
¬[LWRVFRPRQD©¥RDRLQY«V
GRVVXFHVVRVGHDOJXQV
GRVVHXVFLGDG¥RVÞ
:fdf„m`m\i\kiXYXc_Xi]fiX[\Gfikl$
^Xc#ZfdldXgfj`ƒf[\i\c\mfeldX
dlck`eXZ`feXc6
K\dj`[f#j\d[’m`[X#ldX\og\i`†eZ`X
dl`kf`dgfikXek\\dk\idfj[\[\j\emfc$
m`d\ekfg\jjfXc\gifÔjj`feXc%J\dgi\k`m\
ldXZli`fj`[X[\eXkliXc\di\cXƒfXflkiXj
^\f^iXÔXj\ZlckliXj%KiXYXc_Xi\d\hl`gXj
dlck`ZlckliX`j#[\Ôe`e[f\XcZXeƒXe[fd\kXj
Zfdj`^e`ÔZX[fgXiXkf[fj#Xc`Xe[f\jkiX$
k„^`Xj^cfYX`jXgcXefj[\`dgc\d\ekXƒf
cfZX`j#„dl`kf\ei`hl\Z\[fi%Alc^fhl\_fa\
jfldX`jfYa\Zk`mf\\jZcXi\Z`[f#dXjkXd$
Y„ddX`jkfc\iXek\\ZfeZ`c`X[fi%
Gi\k\e[\i\^i\jjXifl`i}g\idXe\Z\i
ef\ok\i`fi6
Ef]Xƒf`[\`X%8jjXl[X[\jjfZˆZc`ZXj%
J\_flm\i[\jXÔfjj`d`cXi\jef\jkiXe^\`if
\\dGfikl^Xc#\jZfc_\i\`#fYm`Xd\ek\#mfc$
kXiXfd\lGXˆj%<dkf[ffZXjf#efZfe$
j`[\if\jkXicfe^\[\Gfikl^Xc%:fek`elfX
m\iXjefkˆZ`Xj\fkiej`kf\dC`jYfXkf[Xj
XjdXe_j#Xek\j[\jX`igXiXf\jZi`ki`f%
<[\dfif_fa\fd\jdfk\dgfXZ_\^Xi
XC`jYfXhl\fjd\ljgX`j[\dfiXmXd_}
ki†j[„ZX[XjXki}jXZ_\^Xi~m`cX[\fe[\
_Xm`XdjXˆ[fgXiXm`m\i\dC`jYfX%
;\hl\]fidXf befn$_fn hl\\jk}X
X[hl`i`igf[\i}Zfeki`Yl`igXiXld
dX`fi[\j\emfcm`d\ekf&d\c_fi`dX$
^\d[fefjjfGXˆj6
Alc^fhl\j\igfikl^l†j\jk}eXdf[X
\„ldXYfXdXiZX%HlXe[fXeleZ`fX
d`e_XeXZ`feXc`[X[\\dhlXchl\igXi$
k\[fdle[f#„`d\[`XkXXXcljfXZXjfj
[\gfikl^l\j\jY\djlZ\[`[fjef\jkiXe$
^\`if%8efjjXgfj`ƒf„efidXcd\ek\`e$
[\g\e[\ek\\\hl`[`jkXek\\di\cXƒfX
`ek\i\jj\j\jkXY\c\Z`[fj%8`eÕl†eZ`Xhl\
k\dfjjXY`[fX[hl`i`i\dXc^lejZˆiZlcfj
[\gf[\i\fgifÔjj`feXc`jdf[\dfejkiX$
[f^XiXek\d$efj_XY`klXcd\ek\gXg„`j[\
c`[\iXeƒX\dgifa\Zkfjdlck`eXZ`feX`j%
@jkf„fYm`Xd\ek\`dgfikXek\gXiXX`dX$
^\deXZ`feXc%DXjj\i\gi\j\ekXifefjjf
GXˆjef\ok\i`fi#XkiXm„j[fefjjfkXc\e$
kf#„`dgfikXek\#„kXcm\qX`e[XdX`ji\c\$
mXek\gf[\iXkiX`ikXc\ekfef\jkiXe^\`$
ifgfikl^l†jflflkif gXiX`e`Z`Xk`mXj
eXZ`feX`j[\ZXi`q\jkiXk„^`Zf\\jkilkl$
iXek\#hl\gf[\di\m\cXildGfikl^Xc
`ejg`iX[fieXZ\eX`ek\ieXZ`feXc%;\jjX
]fidXZ\c\YiXiˆXdfjdX`jfj†o`kfjZfdf
eXƒf#Xf`em„j[fjjlZ\jjfj[\Xc^lej[fj
j\ljZ`[X[fj%
Z`Zcf8G;:
3$5$80$$'0,1,675$‰…23œ%/,&$'26‹&;;,
,QGX]LULQRYD©¥R
HFUHVFLPHQWRQR(VWDGR
Aljk`ƒX\\[lZXƒfjffj^iXe[\jk\dXjX[\YXk\iefdY`kf[f:`Zcf8G;:1GXiXLdX
8[d`e`jkiXƒfG’Yc`ZX[fJ„ZlcfOO@[\gf`j[fM\if%<jkX`e`Z`Xk`mXZlcd`eXi}ef)'%²:fe^i\jjf
[Xj:fdle`ZXƒ‘\j#X(.\(/[\Efm\dYif#fe[\#eldXj\jjf\jg\ZˆÔZX#j\ifXYfi[X[Xj
Xj^iXe[\j`e`Z`Xk`mXjgXiXgifdfm\ildX8G`efmX[fiX
'
\k\id`eXihlX`jfj^iXe[\j[\$
jXÔfj\hl\ZXd`e_fjX8[d`$
e`jkiXƒfG’Yc`ZXeXZ`feXc[\$
m\i}kfdXigXiXj\kiXej]fidXi
eldXm\i[X[\`iX8G[fj„Zlcf
OO@#Xjj`dZfdfXj]fidXjgXiXhl\gfjjX
j\i`e[lkfiX[\`efmXƒfeX\Zfefd`X\
eXjfZ`\[X[\#jffj^iXe[\jfYa\Zk`mfj
[\jk\:`Zcf%E\jkX`e`Z`Xk`mX#hl\XiiXe$
ZflX(/[\=\m\i\`if#ef:\ekif:lc$
kliXc[\9\c„d#a}]fiXdXYfi[X[fj\d
[\kXc_\m}i`fjk\dXj1j\im`ƒfjg’Yc`Zfj#
fg\e^fm\ied\ek# ZfdgiXjg’Yc`ZXj\
\ÔZ`†eZ`X\e\i^„k`ZX[f<jkX[f%Fgif$
a\Zkfk\dld]fidXkf`efmX[fi#hl\\e$
mfcm\kf[fjfjjkXb\_fc[\ij[XjK@:\[X
8[d`e`jkiXƒfG’Yc`ZX%:X[X nfibj_fg
jfYi\ldk\dXZfeZi\kf„gi\Z\[`[f[\
ld:<F<o\Zlk`m\CleZ_#fe[\j\XeX$
c`jXd\dgfid\efifjZXd`e_fj\Xj\j$
kiXk„^`XjX[\YXk\i%
8^\e[X[fjgXiX[\gf`j[fM\if\j$
kffj[f`j’ck`dfjk\dXjX[\YXk\i\d
XiXj\jkilkliXek\j[f<jkX[f%8jj`d#X))
[\J\k\dYifj\i}[\YXk`[ffk\dXÈ;fj
Fg\iX[fi\j[\Aljk`ƒXXf:`[X[f1LdX
Aljk`ƒX<ÔZXqÉ%<X(+[\FlklYifj\i}X
m\i[fk\dXÈ;X,[\FlklYif~j=Xdˆ$
c`Xj18<[lZXƒfeldDle[f\dDl$
[XeƒXÉ%<jk\:`ZcfÔZXi}ZfeZclˆ[fel$
dXj\jjfX[\Zfii\iefdY`kf[f)'%²
:fe^i\jjf[Xj:fdle`ZXƒ‘\j#Xi\Xc`qXi
X(.\(/[\Efm\dYif#eX=@C[\C`jYfX#
\fe[\j\ifXgi\j\ekX[XjXjÈKfg,@e`$
Z`Xk`mXjgXiXldX8[d`e`jkiXƒfG’Yc`$
ZX@efmX[fiXÉ%
&2081,&$‰—(6*ULHO
)DFHDRSHVRGD$3
HDRHIHLWRLQGXWRUTXH
SRGHU£WHUQDHFRQRPLD
HQDVRFLHGDGHDDQ£OLVH
GRTXHHVW£DVHUIHLWR
HDGHïQL©¥RGHXPD
HVWUDW«JLDSDUDRIXWXUR«
QDDFWXDOFRQMXQWXUDFU¯WLFD
(192/9,0(172'(72'26
2667$.(+2/'(56
I\Zfi[\$j\hl\#efdY`kf[\jkX`e`Z`X$
k`mX#a}]fiXdi\Xc`qX[fjhlXkif\m\ekfj1
ÈJ\im`ƒfjG’Yc`Zfj1D\c_fiXif8ZklXcfl
<og\i`d\ekXiEfmfjDf[\cfj6É#X0[\
DXiƒf2ÈFg\e>fm\ied\ek1LdXEfmX
8ihl`k\ZkliXFi^Xe`qXZ`feXc#K\Zefc^`ZX
\JfZ`XceX8[d`e`jkiXƒfG’Yc`ZXÉ#X(+[\
8Yi`c2È;XJX’[\Xf9\d$\jkXi1J\im`ƒfj
Zfdf:`[X[fÉ#X(0[\DX`f2È:fdgiXj
G’Yc`ZXj1DX`j<ÔZ`†eZ`X\&fldX`j@ef$
mXƒfÉ#X([\Ale_f#\ÈK@:\<ÔZ`†eZ`X
<e\i^„k`ZX1F<jkX[f;\m\;Xif<o\d$
gcfÉ#X)*[\Ale_f%Kf[fj\jk\jnfibj_fgj#
fe[\]fiXdXgi\j\ekX[fj ZXj\$jkl[`\j\
Zi`X[fj^ilgfj[\kiXYXc_f#]fiXdgi\$
Z\[`[fj[fji\jg\Zk`mfj:<F<o\Zlk`m\
CleZ_#i\le`‘\j`e]fidX`j\eki\fjgi`e$
Z`gX`jjkXb\_fc[\ijfe[\jf`[\ek`ÔZX[fj
fj^iXe[\jk\dXjX[\YXk\i%
=XZ\Xf\c\mX[fg\jf[X8G\Xf\]\`kf
`e[lkfihl\gf[\i}k\ieX\Zfefd`X\eX
jfZ`\[X[\#\dk\idfj[\dfkfi[\`efmX$
ƒf\[\j\emfcm`d\ekf#XXe}c`j\[fhl\
\jk}Xj\i]\`kfef<jkX[f\X[\Ôe`ƒf[\
ldX\jkiXk„^`XgXiXf]lklifhl\^XiXekX
ldXm\i[X[\`iXf]\ikX[\j\im`ƒfjg’Yc`Zfj
[fj„ZlcfOO@„#eXXZklXcZfealekliX#Ziˆk`$
ZX%<e\jk\gifZ\jjffj\Zkfi[XjK@:\e\n
d\[`XXjjld\ldgXg\c\jkilkliXc%
F:`Zcf8G;:1GXiXLdX8[d`e`jkiX$
ƒfG’Yc`ZX[fJ„ZlcfOO@„Zffi[\eX[f
gfi8eXY\cXG\[ifjf#Zfd`jj}i`X[X8G;:
gXiXX8[d`e`jkiXƒfG’Yc`ZX\\o$gi\j`$
[\ek\[X8D8Æ8^†eZ`XgXiXXDf[\i$
e`qXƒf8[d`e`jkiXk`mX%<\emfcm\kf[fj
fj jkXb\_fc[\ijg’Yc`ZfjÆGi\j`[†eZ`X
[f:fej\c_f[\D`e`jkifj#J\Zi\kXi`Xj[\
<jkX[f[XDf[\ie`qXƒf8[d`e`jkiXk`mX#
8[d`e`jkiXƒfG’Yc`ZX#FYiXjG’Yc`ZXj\
:fdle`ZXƒ‘\j#@efmXƒf\<e\i^`X#8d$
Y`\ek\#<[lZXƒf#JX’[\\Aljk`ƒX#m}i`fj
fi^Xe`jdfj\\ek`[X[\j[X8GÆ\[XjK@:#
gXiXhl\j\XeXc`j\dXjhl\jk‘\jZ\ekiX`j
\j\gifdfmXXdl[XeƒX\X`efmXƒfg’$
Yc`ZXj%
8:FDLE@:8xÃ<JglYc`ZXeXjg}^`$
eXjj\^l`ek\jldX]fkfii\gfikX^\djfYi\
fj\m\ekfjefdY`kf[fZ`ZcfjfYi\jX’[\#
ZfdgiXjg’Yc`ZXj\\ÔZ`†eZ`X\e\i^„k`ZX%
GXiXZfdgc\d\ekXi\Xgif]le[Xi\jk\j
k\dXj#X8G;:[`jgfe`Y`c`qXX`e`Z`Xk`$
mXefjj\ljm}i`fjm\ˆZlcfj[\Zfdle`ZX$
ƒffec`e\%
ZZZDSGFSW
ZZZðLFNUFRPSKRWRVDSGF
KWWSWZLWWHUFRPDSGF
KWWSWYDSGFSW
6(59,‰26&202&,'$'…2
'DVD¼GHDREHPHVWDU
È'
XJX’[\Xf9\d$\jkXi1J\im`ƒfjZfd
f:`[X[fÉ]f`fdfk\[Xk\iZ\`$
iX`e`Z`Xk`mXefdY`kf[f:`Zcf
8G;:1GXiXLdX8[d`e`jkiXƒfG’Yc`ZX
[fJ„ZlcfOO@%8)0[\8Yi`c[\Zfii\l
fi\jg\Zk`mf:<F<o\Zlk`m\CleZ_Zfd
fjgi`eZ`gX`jcˆ[\i\j[XjK@:\i\jgfej}$
m\`j[X8[d`e`jkiXƒfG’Yc`ZX%<X(0[\
DX`f]f`Xm\q[f nfibj_fg%FfYa\Zk`$
mf]f`XeXc`jXi#elddle[f\dgif]le$
[Xdl[XeƒX#fj[\jXÔfjhl\j\ZfcfZXd
~gi\jkXƒf[fjj\im`ƒfj[\jX’[\%<[\$
k\id`eXihlXcfgifZ\jjfgXiX\emfcm\i
fZ`[X[feX^\jkf[XjlXjX’[\#efd\$
X[Xd\ek\XkiXm„j[f`em\jk`d\ekfeX
`efmXƒfjfZ`Xc\\defmXj\jkiXk„^`Xj\
j\im`ƒfj#fe[\XjK@:[\j\dg\e_Xdld
gXg\cZiˆk`Zf%
&(2(;(&87,9(/81&+6$œ'(
'LRJR9DVFRQFHORVCOMOSECRET·RIODE%STADO
!DJUNTOEDA3A DE-ANUEL0IZARRO
0DQXHO3L]DUURCOM&RANCISCO'EORGE
DIRECTORGERALDA3A DE
-RV«&DUORV*RQ©DOYHVPRESIDENTEDA,¦GICA
0ORTUGALE%SPANHA¸ESQUERDACOM8AVIER
2ODR¬GUEZ-ART¬NL¬DERDA/NI*OµO4ARON
PRESIDENTEDA/RACLEE#ARLOS*ANICASPRESIDENTE
DA(0
0DQXHO3L]DUURCOMOCOORDENADORNACIONAL
DO2EGISTODE3A DE%LECTR¦NICO,U¬S#AMPOS
-RV«*DODPEDGH2OLYHLUDPRESIDENTE
DA!CCENTURE¸ESQUERDACOM$IOGO6ASCONCELOS
E#ARLOS*ANICAS
2VO¯GHUHVGD$FFHQWXUHHGD2UDFOHCOM
*OS°-ENDES2IBEIRODOCONSELHOCIENT¬lCO
DA&UNDA²µO&RANCISCO-ANUELDOS3ANTOS
0DUWLQKRGH$OPHLGDPRESIDENTEDA.ORM·TICA
COM*OµO4ARON*OS°#ARLOS'ON²ALVESE#RISTINA
3EMIµODIRECTORADOSECTORP BLICODA)"*ULHO&2081,&$‰—(6
Z`Zcf8G;:
&2081,&$‰—(6*ULHO
2VHFUHW£ULRGH(VWDGR$GMXQWREDA3A DECOMOSL¬DERESDA!CCENTUREEDA(0
2SUHVLGHQWHGD$3'&COM*OµO4ARONE&RANCISCO'EORGE
/X¯V&DPSRVCOM2UI(ENRIQUESDA'LINTT
-RV«&DUORV*RQ©DOYHV&ERNANDO-OTAPRESIDENTEDA!#33E-ARTINHODE!LMEIDA
5XL)HUUHLUDCOORDENADORNACIONALDAS$OEN²AS6ASCULARESCOM
*OS°#ARLOS.ASCIMENTOASSESSORDE-ANUEL0IZARRO
2O¯GHUGD2QLCOM*OAQUIM#UNHA#%/DA(EALTH0ORTUGALE#RISTINA3EMIµO
6«UJLR)HUQDQGHVDA/RDEMDOS%NFERMEIROS¸DIREITACOM!NDR°!ZEVEDO
CHEFEDEGABINETEDOSECRET·RIODE%STADO!DJUNTOEDA3A DE
-RHO$]HYHGRASSESSORDOSECRET·RIODE%STADO!DJUNTOEDA3A DE
COM*OS°-ENDES2IBEIRO
0DQXHO3L]DUURANALISOUCOMOSL¬DERESDAS4)#OSTEMASADEBATERNOWORKSHOPSOBRESA DE
(VWLYHUDPSUHVHQWHVTODOSOSRESPONS·VEISDA!0EDOSECTORDAS4)#LIGADOS¸SA DE
7DOFRPRWRGRVRVHYHQWRVNO¶MBITODO#ICLO!0$#ESTEALMO²ODECORREU
NO##"ADE!BRIL
Z`Zcf8G;:
:25.6+236$œ'(
2GHEDWHGRVFDPLQKRVQUEO%STADOTEMDE
ENCONTRARPARAGARANTIRSERVI²OSDESA DEUNIVERSAIS
COMQUALIDADEECENTRADOSNASPESSOASNUMA
VERDADEIRAALTERA²µODEPARADIGMANASA DE
ESTIVERAMEMDEBATENESTEWORKSHOP
Ý+£TXHDFHOHUDUOSPROCESSOSDEMUDAN²A
INTEGRANDOTODOSOSESFOR²OSERECORRENDO¸UTILIZA²µO
INTENSIVADAS4)#ECOMCENTRALIDADENOCIDADµO
%NGLOBANDONESTEPROCESSOTODOSOSPARCEIROSv
DESTACOU-ANUEL0IZARROSECRET·RIODE%STADO
!DJUNTOEDA3A DENAABERTURADAINICIATIVA
3DUDRO¯GHUGD$3'&TEMQUESEEVOLUIRPARAUM
NOVOSISTEMAEMQUESEVALORIZEOCONHECIMENTOE
COCRIA²µOEMREDEEMPARCERIACOMINTERAC²µOE
PARTILHA
0DWV/DUVRQSENIORPARTNERDA#ARITEA!"!
QUEABORDOUOTEMAh3USTENTABILIDADEDOS.OVOS
3ERVI²OSDE!POIOAO#IDADµOvDIZQUEESTAMOSNUMA
FASEINICIALNOQUERESPEITAASERVI²OSCOMOCIDADµO
(·QUEIDENTIlCARCASOSDESUCESSOEREPLIC·LOS
&2081,&$‰—(6*ULHO
Ý2&LGDG¥RQD*HVW¥RGD6XD6D¼GHH%HP(VWDUÞFOIOTEMAABORDADOPORUM
PAINELDERESPONS·VEISNACIONAISEINTERNACIONAIS
Ý$GHïQL©¥RFODUDDOSSERVI²OSB·SICOSDEINTERESSEGERALAINDANµOACONTECEU
INCLUINDOEM0ORTUGALvDIZ$IRK%LIASPRESIDENTEDA&&RAUNHOFER0ORTUGAL
Ý$PXGDQ©DUHTXHUUMAAPROXIMA²µORADICAL%FACTORESCHAVECOMOAPRENDER
INOVARMODELARCRIARINVESTIRECRESCERvDESTACA*OOP4ANISDIRECTORDA(EALTH
,AUNCHPAD9OUNG&OUNDATION
9LFNLH&DPPDFNPRESIDENTEDA4YZECONSIDERAQUEAINDAESTAMOSEMQUASE
TODOSOSPA¬SESNOIN¬CIODEUMAREVOLU²µOSOCIALNAEDUCA²µOENASA DE
3DUD$QD5LWD3HGURDA%SCOLA.ACIONALDE3A DE0 BLICADEVEMSEENVOLVER
TODOSOSSTAKEHOLDERSNOSPROJECTOSDECRIA²µODEPLATAFORMASDIGITAISPARAA
SA DE)NCLUINDOOSCIDADµOS
-RDTXLP&XQKDDIRECTOREXECUTIVO(EALTH#LUSTERDA3A DEMODEROUUMA
ANIMADASESSµOSOBREOENVOLVIMENTODOSCIDADµOSNASSUASSOLU²¤ESDESA DE
Ý6HUYL©RVGH1RYD*HUD©¥RHD6XD6XVWHQWDELOLGDGHÞFOIOTEMADODEBATE
MODERADOPOR*OS°-ENDES2IBEIROMEMBRODOCONSELHOCIENT¬lCODA&UNDA²µO
&RANCISCO-ANUELDOS3ANTOS
3DUD0DQXHO&¤PDUDEMPREENDEDOREORADORCONVIDADODESTEDEBATE
hOSDESAlOSDASA DEPASSAMPELADElNI²µODESTANDARDSEINTEGRA²µOCOM
PRESTADORESPORUMAMAIORlABILIDADEDAINFORMA²µONA.ETENTREOUTROSv
/OXLVGH+DURDIRECTORDO#ENTRODE#OMPET¯NCIA&UNCIONALDO)NSTITUTO
#ATALµODE3A DEDIZQUEOEXEMPLODO)NSTITUTO°PARADIGM·TICODEMUDAN²A
EREVOLU²µONOSPROCESSOSNAORGANIZA²µOENOSSISTEMAS
*ULHO&2081,&$‰—(6
Z`Zcf8G;:
&2081,&$‰—(6*ULHO
$V7,&V¥RIXQGDPHQWDLVNAMONITORIZA²µODA
QUALIDADEEDESEMPENHONASA DE*·H·COISASFEITAS
EM0ORTUGALMASESTµOSUBAPROVEITADASALERTA,U¬S
#AMPOSCOORDENADORNACIONALDO2EGISTODE3A DE
%LECTR¦NICO
Ý+£GLIHUHQ©DVFXOWXUDLVMUITOGRANDESEH·
PA¬SESQUETIVERAMAAUD·CIADEINCORPORAROSNOVOS
PRINC¬PIOS4ODOSTEMOSDEOFAZERvGARANTE,OLA2UIZ
DIRECTORADO0ROGRAMA$IRECTIONOF(EALTH
#ARE/RGANIZATIONSDA5NIVERSIDADE#ARLOS)))
,VDEHO9D]PRESIDENTEDACOMISSµOEXECUTIVADA
%SP¬RITO3ANTO3A DEDIZQUEhNOSECTORPRIVADODA
SA DETEMOSDESERPRAGM·TICOSEENCONTRARNICHOS
DEMERCADO%DARRESPOSTAAOQUEOSUTENTES
QUEREMv
(VWHZRUNVKRSREUNIURESPONS·VEISDA
!DMINISTRA²µO0 BLICAEDOSECTORDAS4)#PARAUMA
REmEXµOEMCONJUNTOSOBREOSCAMINHOSATOMAR
EONDEINTERVIR!TRAV°SDEVIDEOCONFER¯NCIA)LIAS
)AKOVIDISDA5NIT(EADh)NFORMATION#OMMUNICATION
4ECHNOLOGYn)#4FOR(EALTHvDA$').&3/
1XPIRUPDWREMTORNODEMESASDETRABALHO
TODOSOSPARTICIPANTESDEBATERAMOESTADOACTUALDO
SECTORDASA DEx
ãHTXDLVDVSULRULGDGHVEESTRAT°GIASQUEDEVERµO
SERDElNIDASNUMACONJUNTURAEMQUEOSDESAlOS
SµOCRESCENTES
1R¤PELWRGRZRUNVKRSFORAMEXEMPLIlCADAS
ALGUMASSOLU²¤ESDEE3A DEDISPONIBILIZADASPELAS
4)#CUJOSRESULTADOSFORAMCOMENTADOSPELOM°DICO
#ARLOS#ARVALHO
$%LRGHYLFHVDSUHVHQWRXOSEU6ITAL*ACKET
DISPOSITIVOM°DICOQUEMONITORIZAEMCONT¬NUO
AONDACARD¬ACADOPACIENTE
$$OFDWHO/XFHQWDEMONSTROUASVANTAGENS
DATELEMEDICINACOMDEZSOLU²¤ESPARACONTROLO
DEINFORMA²µOCL¬NICADEDOENTESCR¦NICOS
2ÝORRNIRUP\+HDOWKÞDA)3!PERMITE
ATELEMEDI²µODATENSµOARTERIALEDOPESO
Z`Zcf8G;:
&2035$63œ%/,&$6
0DLVHïFL¬QFLD
HRXPDLVLQRYD©¥R
$
jZfdgiXjg’Yc`ZXj\jk`m\iXd
\d[\YXk\efdY`kf[f:`$
Zcf8G;:1GXiXLdX8[d`$
e`jkiXƒfG’Yc`ZX[fJ„Zlcf
OO@%8)/[\DX`f[\Zfii\l
ld:<F<o\Zlk`m\9i\Xb]Xjk#ef?fk\cI`kq#
fe[\fjcˆ[\i\j[XjK@:\i\jgfej}m\`j[X
8[d`e`jkiXƒfG’Yc`ZXc`^X[fjXfgifZli\$
d\ekj\i\le`iXdgXiXgi\gXiXifjgi`eZ`$
gX`jdfk\jgXiXfnfibj_fgjfYi\fk\dX%
<jk\#[\efd`eX[fÈ:fdgiXjG’Yc`ZXj1DX`j
<ÔZ`†eZ`X\&flDX`j@efmXƒfÉ#]f`i\Xc`qX[f
X([\Ale_f#ef::9%EldXXckliX\dhl\
Zi\jZ\dXjgi\jj‘\jjfYi\X[\jg\jX\jfYi\
Xd\c_fi`X[fjj\im`ƒfjg’Yc`Zfj#fk\dX[Xj
ZfdgiXjg’Yc`ZXjg\idXe\Z\[`]ˆZ`c%Efj
\dGfikl^XcZfdfeX<lifgX%?}hl\gif$
dfm\iXjlXkiXej]fidXƒf#ZfdldXXgfjkX
\jkiXk„^`ZXeX`efmXƒf%
&(2(;(&87,9(%5($.)$67
&2035$63œ%/,&$6
-RV«6RXVD5HJRDA0#-¸ESQUERDA
*OAQUIM2ICARDODA.ORM·TICA* LIA,ADEIRA
ADMINISTRADORADO)NSTITUTODE)NFORM·TICA
ECOORDENADORADOWORKSHOPE.UNO#AVACO
PARTNERDA,EADERSHIP
3HGUR0HLUDDIRECTORDA'LINTTCOM(ELENA
"ORGESDIRECTORADE&INAN²ASDO-INIST°RIO
DAS&INAN²ASE*OS°3OUSA2EGO
+DQV(UKDUG5HLWHUDIRECTORDA!0$#
¸ESQUERDACOM#ARLOS#ORREIADIRECTOR
DA6ODAFONEEDA!0$#
2SUHVLGHQWHDA!G¯NCIA.ACIONAL
DE#OMPRAS0 BLICAS0AULO-AGINA
3HGUR0LQLVWURDO-/04#COM* LIA
,ADEIRA
&2081,&$‰—(6*ULHO
/¯GHUGD$1&3COM*OS°'ALAMBADE/LIVEIRAPRESIDENTEDA!CCENTURE
¸ESQUERDAE#ARLOS*ANICASPRESIDENTEDA(0
,VDEHO&DUYDOKRSECRET·RIAGERALDO-/04#COM*OµO!LMEIDA
ADMINISTRADORDA!.#0
-¼OLD/DGHLUDCOM0AULO,UZMANAGINGDIRECTORDA,¦GICA
+HOHQD%RUJHVE0EDRO-EIRA
3HGUR0LQLVWUR¸ESQUERDACOM-ARTINHODE!LMEIDAPRESIDENTE
DA.ORM·TICAE#L·UDIA'OUVEIADA.OVABASE
3DXOR/X]!LVAREZ4RONCOSODA'LINTTE0EDRO-INISTRO
-RUJH0D©DUDDA6ORTALCOM*OµO"ATISTASECRET·RIOGERALDO-INIST°RIO
DA%DUCA²µO
+DQV(UKDUG5HLWHUCOM* LIA,ADEIRA
*ULHO&2081,&$‰—(6
Z`Zcf8G;:
&2081,&$‰—(6*ULHO
+HOHQD+LSµOLWR
ASSOCIATEPARTNERDA'-3
¸ESQUERDA
COM*OAQUIM2ICARDO
DA.ORM·TICAE!NABELA
0EDROSO
)HUQDQGR%UD]DA
/RACLECOM*OS°3OUSA2EGO
E.UNO#AVACO
3HGUR0HLUDCOM(ELENA
"ORGESE)SABEL#ARVALHO
9DQGD-HVXVDIRECTORA
EXECUTIVADA!0$#COM
0EDRO-EIRA
E(ELENA"ORGES
1HVWH&(2([HFXWLYH
%UHDNIDVWQUEDECORREUNO
2ITZFORAMANALISADAS
ASPRINCIPAISQUEST¤ES
ADEBATERNA·READO
PROCUREMENTP BLICOx
ENTREWRGRVOS
STAKEHOLDERSDOMERCADO
DAS4)#x
ãHGRSECTORP BLICO
:25.6+23&2035$63œ%/,&$6
2GHEDWHSOBREOPROCUREMENTP BLICO
DECORREUDURANTEAMANHµDEDE*UNHO
NO##"
2VHFUHW£ULRGH(VWDGRGR7HVRXUR
H)LQDQ©DV#ARLOS-ANUEL#OSTA0INA
DESTACOUNAABERTURADOENCONTROQUEO
SISTEMANACIONALDECOMPRASP BLICASTEMJ·
RESULTADOSCOMPROVADOSNASPOUPAN²AS
EREDU²µODEMEIOS
3DUD'LRJR9DVFRQFHORVPRESIDENTEDA
!0$#ASCOMPRASP BLICASPODEMESTIMULAR
OSECTORPRIVADOPARANOVASFORMASDEINOVAR
NOMEADAMENTEATRAV°SDACRIA²µODENOVOS
SERVI²OS
Ý$,QRYD©¥RDWUDY«VGR3URFXUHPHQW
3¼EOLFRÞFOIOTEMAABORDADOPOR!NDR°2OOS
PROGRAMMANAGERDOMINISTROHOLAND¯SDOS
!SSUNTOS%CON¦MICOS
$LQIRUPD©¥RDIVULGA²µOEPARTILHASµO
DETERMINANTESPARAOSUCESSODASCOMPRAS
P BLICASDEFENDE"RAD$UPUYMANAGER
DA)ND STRIADO3ECTOR0 BLICODA(EWLETT
0ACKARD
Ý'HVHQKDUH&RQVWUXLU5HGHV$/HJLVOD©¥R
HR*RYHUQDQFHGDV&RPSUDV3¼EOLFDVÞFOIO
MOTEPARAOPRIMEIROPAINELDESTEWORKSHOP
2FµGLJRDASCOMPRASP BLICAS°UMDOS
MAISRELEVANTESDOCUMENTOSCRIADOSNOS
LTIMOSANOSAPESARDASV·RIASDIlCULDADES
QUESUBSISTEMDIZ#LA DIA6IANAPROFESSORA
DA5NIVERSIDADEDO-INHO
3DUD)HUQDQGR6LOYDVICEPRESIDENTEDO
)NSTITUTODA#ONSTRU²µOEDO)MOBILI·RIOUMA
DASGRANDESDIlCULDADESCOMOPORTALDOS
CONTRATOSP BLICOS°SERUMAFERRAMENTANOVA
+HOHQD%RUJHVDIRECTORADE&INAN²ASDO
-INIST°RIODAS&INAN²ASDEFENDEQUEH·QUE
AVAN²ARPARANOVOSPROCEDIMENTOSENOVAS
FORMASDEAQUISI²µONODOM¬NIOP BLICO
-R¥R$OPHLGDADMINISTRADORDA!.#0DIZ
QUEAINFORMA²µO°NESTEMOMENTOUMABATA
LHAMUITOIMPORTANTE3EMELA°MUITODIF¬CIL
GERIRÍUMAPRIORIDADEESTRAT°GICA
1XQR6DQWRVVOGALDO#ONSELHO$IRECTIVO
DO4URISMODE0ORTUGALDIZQUEH·QUEFAZER
UMTRABALHOFORT¬SSIMOPORPARTEDA!.#0PARA
EXPLICAREDEMONSTRARCOMOSEUSAOC¦DIGO
1XQR&DYDFRPARTNERDA,EADERSHIP
"USINESS#ONSULTINGFOIOMODERADOR
DESTEPAINEL
*ULHO&2081,&$‰—(6
Z`Zcf8G;:
2H[HPSORDOQUEEST·ASERFEITONA$INAMARCAEMTERMOSDEPUBLICPROCUREMENTFOI
APRESENTADOPOR3OEREN*ACOBSEN#%/DA3+)n3TATENS+OMMUNERNAS)NDK£BSAVDELING
$VHJXQGDVHVV¥RDOWORKSHOPANALISOUCOMOh4RANSFORMARA!RQUITECTURA
DO3OURCINGNA!0n4ECNOLOGIAE0ROCESSOSv
Ý(UDERPQUEA!.#0OLHASSEPARAOSORGANISMOSDO%STADONµOCOMOCLIENTES
MASSIMCOMOPARCEIROS1UENOSOUVISSEMvDIZ!NT¦NIO!GUIARDIRECTORDO)NSTITUTO
DA3EGURAN²A3OCIAL
Ý$$1&3TEMCOMOOBJECTIVOPARAESTEANOREPENSARTODAAESTRAT°GIATECNOL¦GICA
ASSOCIADA¸SCOMPRASP BLICASvGARANTE*OANA#ARVALHOVOGALDO#!
-R¥R%DWLVWDSECRET·RIOGERALDO-INIST°RIODA%DUCA²µODIZQUENAS·REAS
CONCORRENCIAIS°POSS¬VELFAZERMUITONASCOMPRASP BLICAS-ASOMESMOJ·NµO
ACONTECECOMMERCADOSFORNECEDORESPOUCOEXPOSTOS¸CONCORR¯NCIA
Ý3RUWXJDO«KRMHO NICOPA¬SDOMUNDOONDEACOMPRAP BLICA°OBRIGATORIAMENTE
TODADESMATERIALIZADAvSALIENTA2UI$IAS&ERREIRAPRESIDENTEDA6ORTAL
-¼OLD/DGHLUDVOGALDOCONSELHODEADMINISTRA²µODO)NSTITUTODE)NFORM·TICA
COORDENOUESTEWORKSHOPEFOIMODERADORADOPAINEL
2QRYRSUHVLGHQWHDA!G¯NCIA.ACIONALDE#OMPRAS0 BLICAS0AULO-AGINA
FEZASUAPRIMEIRAAPRESENTA²µOP BLICACOMOL¬DERDA!.#0EGARANTIUQUEASCOMPRAS
P BLICASESTµOAENTRARNUMANOVAFASE
'LRJR9DVFRQFHORVCOMONOVOPRESIDENTEDA!.#0EOL¬DERDA6ORTAL
2HYHQWRSOBREOSCAMINHOSPARAASCOMPRASP BLICASDESPERTOUAATEN²µOTANTO
DOSRESPONS·VEISDA!DMINISTRA²µO0 BLICACOMODASEMPRESASDAS4)#
3UHVLGHQWHGD$3'&COMV·RIOSORADORESDESTEEVENTO
'HSRLVGHXPDPDQK¥REPLETADEAN·LISEEDISCUSSµOSOBREPROCUREMENTP BLICO
EM0ORTUGALENA%UROPASEGUIUSEUM.ETWORKING,UNCH
&2081,&$‰—(6*ULHO
INTERNET
NO ESPAÇO.
SIM, NO
ESPAÇO.
Quando a Estação Espacial Internacional precisou de uma
ligação à internet, falou com a HP. E, apesar da dificuldade
óbvia deste desafio, os astraunatas conseguem agora navegar
na internet, enviar e-mails e ainda actualizar o Twitter enquanto
estão em órbita. Liga o teu mundo a HP.com.
Z`Zcf8G;:
7,&((),&,Œ1&,$(1(5*‹7,&$
2(VWDGRGHYHGDURH[HPSOR
&2081,&$‰—(6*ULHO
$
eXc`jXifgfk\eZ`Xc[X8[d`$
e`jkiXƒfG’Yc`ZXZfdf`e$
[lkfiX[\ZfdgfikXd\ekfj
ZX[Xm\qdX`jjljk\ek}m\`j#
efjXfeˆm\cg’Yc`ZfZfdf
kXdY„dgfigXik\[\kf[XX\Zfefd`X\
[XjfZ`\[X[\\d^\iXc#]f`ffYa\Zk`mf[\
dX`j\jkX`e`Z`Xk`mX#efdY`kf[f:`Zcf
8G;:1GXiXLdX8[d`e`jkiXƒfG’Yc`$
ZX[fJ„ZlcfOO@%Fdfk\]f`[X[fgfi
ld:<F<o\Zlk`m\CleZ_i\Xc`qX[fX(
[\Ale_f#j\^l`[f#X)*[fd\jdfd†j#
[f nfibj_fgjlYfi[`eX[fXfk\dXÈK@:
\<ÔZ`†eZ`X<e\i^„k`ZX1F<jkX[f;\m\
;Xif<o\dgcfÉ%K\e[fXjK@:ldgXg\c
]le[Xd\ekXceXj\jkiXk„^`Xj[\\ÔZ`†e$
Z`X\e\i^„k`ZX#jfZX[Xm\qdX`jZ\ekiX`j
efdY`kf[fZfdYXk\~jXck\iXƒ‘\jZc`$
d}k`ZXj#Zfdjfclƒ‘\j\jg\ZˆÔZXjgXiXX
jljk\ekXY`c`[X[\XdY`\ekXc[f<jkX[f%<j$
k\„ldk\dX\jkilkliXek\\Zlafgfk\e$
Z`Xcg\id`k`i}fZi\jZ`d\ekf\Zfed`Zf#
XZi`Xƒf[\\dgi\^f\X[`eXd`qXƒf[X
`e`Z`Xk`mXgi`mX[X%
&(2(;(&87,9(/81&+((),&,Œ1&,$(1(5*‹7,&$
2SDSHOGDV7,&NASESTRAT°GIASDEElCI¯NCIAENERG°TICADO%STADO
ESTIVERAMEMDESTAQUENESTEENCONTRODESTAKEHOLDERSP BLICOSEPRIVADOS
&DUORV=RUULQKRSECRET·RIODE%STADODA%NERGIAE)NOVA²µO
3UHVLGHQWHGD$3'&¸ESQUERDACOM*ORGE6ASCONCELOSRESPONS·VEL
PELO'RUPODE4RABALHO!0$#4)#E%NERGIAECOORDENADORDOWORKSHOPE
#ARLOS"RAZµOGENERALMANAGERDA#ISCO
-RV«&DUORV*RQ©DOYHVL¬DERDA,¦GICA0ORTUGALE%SPANHA¸ESQUERDA
COM#ARLOS:ORRINHOE#ARLOS*ANICASPRESIDENTEDA(0
-R¥R6LQWUD1XQHV#%/DA0ARQUE%SCOLAR¸ESQUERDACOM,U¬S6ALENTE
DA3CHNEIDER!LEXANDRE&ERNANDESDIRECTORGERALDA!DENEE3°RGIO
#ATALµOCOUNTRYDIRECTORDA.3.
-RV«&DUORV*RQ©DOYHVCOM$AVID,OPESADMINISTRADORDA040ORTUGAL
$QWµQLR9HU¯VVLPRDA'3-¸ESQUERDACOM!NT¦NIO.ETODIRECTORDA
!LCATEL,UCENTEDA!0$#
$QDEHOD3HGURVRCOMISS·RIADA!0$#PARAA!0ECOORDENADORADOCICLO
!0$#COM*OµO3INTRA.UNES
-RV«%UD]ADMINISTRADORDA%23%COM$UARTE#ALHEIROS
ADMINISTADOREXECUTIVODA:ON
&DUORV-DQLFDVCOM*OµO$IASDA'!-%0'ABINETEPARAA-OBILIDADE
%L°CTRICAEM0ORTUGALE&ERNANDO"RAZDA/RACLE
3HGUR)LJXHLUDODA'LINTT¸ESQUERDACOM#ARLA0EDRO!0$#E#ARLOS
#ORREIADIRECTORDA6ODAFONEEDA!0$#
&DUORV&RUUHLDCOM,U¬S1UARESMADA.OVABASEE4ERESA0ONCE,EµO
PRESIDENTEDO).%4)
&ULVWLQD6HPL¥RDIRECTORADOSECTORP BLICODA)"-COM,U¬S2OCHARTRE
ÔLVARESDA"#3$
2GHEDWHHQWUH-RUJH9DVFRQFHORV$IOGO6ASCONCELOS*OS°#ARLOS
'ON²ALVES#ARLOS:ORRINHOE#ARLOS*ANICAS
1HVWHHQFRQWUROSPARTICIPANTESPREPARARAMOSGRANDES
TEMASEMDEBATENOWORKSHOPSOBRE4)#EElCI¯NCIA
ENERG°TICAx
ãQUEDECORREUADE*UNHOTAMB°MNO##"
*ULHO&2081,&$‰—(6
Z`Zcf8G;:
:25.6+23'((),&,Œ1&,$(1(5*‹7,&$
2ZRUNVKRSQUEDECORREUADE*UNHONO##"FOIABERTOPELO
SECRET·RIODE%STADO#ARLOS:ORRINHOEPOR$IOGO6ASCONCELOSL¬DERDA!0$#
ATRAV°SDETELEPRESENCE
$HQHUJLD«UMAAPOSTADIFERENCIADORADAECONOMIANACIONAL
GARANTIUOSECRET·RIODE%STADODA%NERGIAE)NOVA²µO
'LRJR9DVFRQFHORVALERTOUPARAANECESSIDADEDESEIMPULSIONAR
ASMEDIDASPARADARESCALA¸ElCI¯NCIAENERG°TICANA!DMINISTRA²µO
0 BLICAPORTUGUESA
3KLOLS/RZHDIRECTORGERALDE%NERGIADA#OMISSµO%UROPEIACONSIDERA
AElCI¯NCIAENERG°TICAUMASPECTOFUNDAMENTALDECOMPETITIVIDADE
ECON¦MICA
‹SUHFLVRDElNIRINDICADORESDEElCI¯NCIAENERG°TICANA!DMINISTRA²µO
0 BLICACENTRALLOCALECENTRALDEFENDE*ORGE6ASCONCELOSQUEAPRESENTOU
UMESTUDOSOBREFACTURAENERG°TICADA!0
$OH[DQGUH)HUQDQGHVACREDITAQUENOQUETOCA¸ElCI¯NCIAENERG°TICA
AINDAH·MUITOPARAFAZERNO%STADOENA·READOSCOMPORTAMENTOS
&2081,&$‰—(6*ULHO
1XPDVHVV¥RVREUHh%lCI¯NCIA%NERG°TICANA%UROPAEEM0ORTUGALvlCOU
CLAROQUEASMETASEMTERMOSDEElCI¯NCIAENERG°TICATERµODESERCADAVEZ
MAISAMBICIOSAS
Ý$(ïFL¬QFLD(QHUJ«WLFDNA!DMINISTRA²µO,OCALE2EGIONALvFOIOMOTE
PARAAAPRESENTA²µODEV·RIOSCASOSDESUCESSONUMDEBATEMODERADOPOR
,URDES&ERREIRA
(GXDUGR2OLYHLUD)HUQDQGHVPRESIDENTEDA!G¯NCIADE%NERGIADO
0ORTOADMITEQUEAElCI¯NCIACOMODESAlOCULTURAL°UMDESAlODE
CONHECIMENTODECONSCI¯NCIADEPERSEVERAN²AEDEOBJECTIVIDADE
$HïFL¬QFLDHQHUJ«WLFD°UMAIDEIAQUEMUITASVEZESNµOPASSAPARA
ASOCIEDADEÍUMAIDEIAAINDAMUITONOVAASSEGURA*OS°#ABRAL6IEIRA
DIRECTORREGIONALDE%NERGIADA2!!
2SUHVLGHQWHGD,6$*OS°"AS¬LIO3IM¤ESGARANTEQUETECNOLOGIAEXISTE
ENµO°UMIMPEDIMENTOPARAHAVERMELHORESPR·TICAS/SPROBLEMASSµO
COMPORTAMENTOSMASELESINDUZEMSE
8PJUXSRPRGHUDGRPOR#ARLA0EDROGESTORADO0ROJECTO#5$DA
#ISCOANALISOUOQUEEST·ASERFEITONO¶MBITODAElCI¯NCIAENERG°TICANA
!DMINISTRA²µO0 BLICA
$SUHVLGHQWHGR/1(&4ERESA0ONCE,EµODEUACONHECERAINTERVEN²µO
FEITANO0AL·CIODE"EL°MAPEDIDODO0RESIDENTE#AVACO3ILVAECOMO
ESTACONSTITUIUUMEXEMPLOPIONEIRODEADESµO¸STECNOLOGIASLIMPAS
$UHGX©¥RGHFXVWRVCOMOAPRINCIPALMOTIVA²µOPARAASMEDIDASDE
ElCI¯NCIAENERG°TICAAINDATEMMUITOPESONA!DMINISTRA²µO0 BLICADIZ
!LFREDO&ILIPEDIRECTORDE3ERVI²OSDE)NSTALA²¤ESE%QUIPAMENTODA$'#)
-R¥R)HUQDQGHVDEUACONHECEROTRABALHODA0ARQUE%SCOLARUMA
INTERVEN²µOEMESCOLASQUEIMPLICAUMINVESTIMENTODAORDEMDEMIL
MILH¤ESDEEUROS
)UDJD&DUQHLURREVELOUQUEFORAMMUITOSOSSISTEMASIMPLEMENTADOSPELA
0ARQUE%SCOLARCOMVISTA¸OBTEN²µODEESCOLASElCIENTESESUSTENT·VEIS
2SUH©REOSCOMPORTAMENTOSSµOFACTORESDETERMINANTESPARAAADOP²µO
DEVE¬CULOSEL°CTRICOSPORPARTEDO%STADORECONHECEU,U¬S1UARESMA
DIRECTOREXECUTIVODE%NERGIAE5TILITIESDA.OVABASE
*ULHO&2081,&$‰—(6
Z`Zcf8G;:
&2081,&$‰—(6*ULHO
$¼OWLPDVHVV¥RDESTAINICIATIVAABORDOUOTEMAh%lCI¯NCIA
%NERG°TICANA!0%XEMPLOS)NTERNACIONAISv
$OH[DQGHU(OOLVEMBAIXADORDO2EINO5NIDOEM0ORTUGAL
REVELOUQUEEXISTEUMACOMPETI²µOENTREASEMBAIXADASDO
2EINO5NIDOPARASABERQUAL°AMAIS@VERDEDOMUNDO
!PORTUGUESAlCOUNOTOPEM
6WHYH:KLWZRUWKCHANGEDIRECTORDA*OHNSON#ONTROLS
DEFENDEQUEOSEDIF¬CIOSESTµOAlCARCADAVEZMAISINTELIGENTES
%NELESASINFRAESTRUTURASF¬SICASEDIGITAISESTµOACONVERGIR
+£Y£ULRVEXEMPLOSCONCRETOSDOUSODATECNOLOGIAPARAA
MUDAN²ADECOMPORTAMENTOSASSEGURA0AULO,UZMANAGING
DIRECTORDA,¦GICA)B°RIA
3DUD6RSKLD)OXFNHU(0#RITICAL&ACILITIES3ERVICES-ECHANICAL
%NGINEERACONSOLIDA²µODASTECNOLOGIASDEINFORMA²µO°UMDOS
FACTORESQUEMAISCONTRIBUIPARAAElCI¯NCIAENERG°TICA
2VHQLRUENVIRONMENTALlNANCEADVISERDO0ROGRAMADE
$ESENVOLVIMENTODA/.5*ORGE-OREIRADA3ILVAGARANTE
QUE°PRECISOASSEGURARQUEAECONOMIADOCARBONOGERA
COMPETITIVIDADEESUSTENTABILIDADE
)RUDPPXLWRVOSQUEPARTICIPARAMNUMENCONTROPROMOVIDO
PELA!0$#EQUECONTOUCOMAPRESEN²ADEESPECIALISTAS
NACIONAISEINTERNACIONAISNA·READAElCI¯NCIAENERG°TICA
&DUORV=RUULQKR¸ESQUERDAE*ORGE6ASCONCELOSA
ACOMPANHAROSTRABALHOSDOŽ7ORKSHOPDO#ICLO!0$#PARA
UMA!DMINISTRA²µO0 BLICADO3°CULO88)
$VLQWHUYHQ©·HVDOSORADORESPRESENTESIMPULSIONARAMUM
AMPLODEBATEENTREOSPARTICIPANTES
&RPRQ¥RSRGLDDEIXARDESERASMAISRECENTESTECNOLOGIAS
MARCARAMPRESEN²A#OMOESTEMEDIADORDEElCI¯NCIAENERG°TICA
DA!$%.%DESENVOLVIDOPELA6IATECLA
Podemos melhorar
o desempenho
dos seus alunos
até 30%.
E nem somos
professores!
É surpreendente o que edifícios inteligentes podem fazer
por quem os frequenta. Estudos provam qe um melhor controlo
da climatização, do aquecimento, da ventilação e segurança pode contribuir
para um aumento de concentração bem como do desempenho dos estudantes.
Além disso poupe energia, optimize os custos operacionais e proteja o ambiente.
Aceda a www.myenergyuniversity.com, e fique a par da informação
mais recente e formação profissional sobre Eficiência Energética.
8G;:
60$5732578*$/
‹QHFHVV£ULRID]HUPDLV
8XZklXc`qXƒf[fJdXikGfikl^Xc)')']f`Xgi\j\ekX[Xg\cX8G;:efdY`kf[f;`XDle[`Xc
[XjK\c\Zfdle`ZXƒ‘\j\[XJfZ`\[X[\[X@e]fidXƒf%;XjjlXji\Zfd\e[Xƒ‘\jÔZXXZ\ik\qX
[\hl\Gfikl^Xcgi\Z`jX[\]Xq\idX`j%FlXii`jZX$j\Xg\i[\iXaXe\cX[\fgfikle`[X[\eX
lk`c`qXƒf[XjK@:gXiXXi\[lƒf[Xj\d`jj‘\j[\^Xj\jgfcl\ek\j\fXld\ekf[X\ÔZ`†eZ`X
3
fikl^Xck\d\oZ\c\ek\jZfe[`$
ƒ‘\jgXiXj\gfj`Z`feXiZfdf
ld[fjgXˆj\jdX`j`efmX[f$
i\jXeˆm\cdle[`XceXlk`c`qX$
ƒf[Xjk\Zefcf^`Xj[\`e]fi$
dXƒf\Zfdle`ZXƒfgXiXXi\[lƒf[\
\d`jj‘\jgfcl\ek\j\gXiXfXld\ekf[X
\ÔZ`†eZ`X\e\i^„k`ZX%Jhl\fgif^i\j$
jfXcZXeƒX[fg\cfefjjfGXˆjeXlk`c`qX$
ƒf[Xjk\Zefcf^`Xje\jkX}i\Xk\dj`[f
dl`kfdf[\jkf#ZfdffdfjkiXfdX`j
i\Z\ek\ lg^iX[\[f\jkl[f JdXikGfi$
kl^Xc)')'#[`mlc^X[fg\cX8G;:X(.
[\DX`f’ck`df%
F\m\ekf#hl\i\le`l\jg\Z`Xc`jkXj\
i\jgfej}m\`jgfiXc^ldXj[Xj\dgi\jXj
dX`j`dgfikXek\j[fj\Zkfi#[\Zfii\leX
=le[Xƒf[Xj:fdle`ZXƒ‘\j#\dC`jYfX#
\ZfekflZfdXgi\j\eƒX[\Afi^\MXj$
ZfeZ\cfj#gi\j`[\ek\[f^ilgf[\kiXYX$
c_fK@:\<e\i^`X#[X8G;:#hl\]\qX
Xgi\j\ekXƒf[XjZfeZclj‘\j%;\\eki\
\jkXjÔZflXZ\ik\qX[\hl\XaXe\cX[\
fgfikle`[X[\gXiXGfikl^XcXjjld`ild
gXg\c[\[\jkXhl\e\jk\[fdˆe`f\jk}X
\j^fkXi$j\#hl\ig\cf`ejlÔZ`\ek\gif$
^i\jjfm\i`ÔZX[fXeˆm\ceXZ`feXchl\i
g\cf\]\`kf[\i}g`[fZXkZ_lg[\m}i`fj
flkifjgXˆj\j%8g\jXi[\\o`jk`i\dm}i`Xj
`e`Z`Xk`mXji\c\mXek\j\dZlijf\dm}i`fj
j\Zkfi\j#Zfdi\jlckX[fjZfeZi\kfjeX
i\[lƒf[\\d`jj‘\j\efXld\ekf[X
\ÔZ`†eZ`X\e\i^„k`ZX#jfX`e[Xdl`kXjXj
YXii\`iXjX\e]i\ekXi#efd\X[Xd\ek\[\
eXkli\qXc\^`jcXk`mX\i\^lcXd\ekXi%
;\XZfi[fZfd\jkXXZklXc`qXƒf[f
\jkl[f#Xe\Z\jj`[X[\[\d\c_fic\^`j$
cXƒf#d\c_fii\^lcXƒf\\jhl\dXj[\
`eZ\ek`mfjdX`jZcXifjgXiXXX[fgƒf
[\`e`Z`Xk`mXje\jkX}i\X„`^lXcd\ek\
[\k\id`eXek\%8jj`dZfdf„li^\ek\
gifgfiZ`feXi ~ `e[’jki`X eXZ`feXc Xj
Zfe[`ƒ‘\ji\^lcXd\ekXi\j\\Zfed`ZXj
e\Z\jj}i`Xjhl\g\id`kXdXZfejkilƒf\
[`jj\d`eXƒf[\ZXjfj[\\jkl[f#Xjj`d
ZfdfXgXik`c_X[\YfXjgi}k`ZXj%@dgfikX
X`e[Xgifdfm\i jkXe[Xi[jXY\ikfj\X
c`mi\ZfeZfii†eZ`X\eki\ gcXp\ij\jfcl$
ƒ‘\jefd\iZX[f#]Xq\iZfii\jgfe[\ifj
&2081,&$‰—(6*ULHO
$MDQHODGHRSRUWXQLGDGHSDUD3RUWXJDODVVXPLUXPSDSHOGHGHVWDTXH
QDXWLOL]D©¥RGDV7,&SDUDDUHGX©¥RGDVHPLVV·HVHDHïFL¬QFLD
HQHUJ«WLFDHVW£DHVJRWDUVH4XHUSHORLQVXïFLHQWHSURJUHVVR
YHULïFDGRDQ¯YHOQDFLRQDOTXHUSHORHIHLWRGHU£SLGRFDWFKXSGH
Y£ULRVRXWURVSD¯VHV([LVWHPY£ULDVLQLFLDWLYDVUHOHYDQWHVHPFXUVR
FRPUHVXOWDGRVFRQFUHWRVV¥RDLQGDPXLWDVDVEDUUHLUDVDHQIUHQWDU
1RPHDGDPHQWHGHQDWXUH]DOHJLVODWLYDHUHJXODPHQWDU
$QRYDYHUV¥RGR6PDUWDOHUWDSDUDDQHFHVVLGDGH
GHPHOKRUOHJLVOD©¥RPHOKRUUHJXOD©¥RHHVTXHPDV
GHLQFHQWLYRVPDLVFODURVSDUDDDGRS©¥RGHLQLFLDWLYDV
QHVWD£UHD‹DLQGDXUJHQWHSURSRUFLRQDU¢LQG¼VWULD
QDFLRQDODVFRQGL©·HVUHJXODPHQWDUHVHHFRQµPLFDV
TXHSHUPLWDPDFRQVWUX©¥RHGLVVHPLQD©¥RGHFDVRV
GHHVWXGRDVVLPFRPRDSDUWLOKDGHERDVSU£WLFDV
2HVWXGRHVW£GLVSRQ¯YHORQOLQHHPZZZDSGFSW
-RUJH9DVFRQFHORVDEFENDEQUEAS
EMPRESASPORTUGUESASQUETRABALHAM
NAAPLICA²µODAS4)#EM·REASCR¬TICASDA
SOCIEDADEDEVEMTORNARSECASOSDEESTUDO
(VWD«DOWXUDDEUMNOVOIMPULSOEDE
UMANOVAAMBI²µONOQUETOCA¸ElCI¯NCIA
ENERG°TICAESUSTENTABILIDADEAMBIENTAL
GARANTE#ARLOS:ORRINHOSECRET·RIODE
%STADODA%NERGIAE)NOVA²µO
+DQV(UKDUG5HLWHUDIRECTORDA!0$#
NAINTRODU²µO¸APRESENTA²µODOESTUDO
3USTENTABILIDADENAS4)#x
ãH*UD©D%DXCONSULTORDO-/04#
DEFENDEOPAPELDAS2.'NESTEDOM¬NIO
&DUORV&RUUHLDVICEPRESIDENTEDA
!0$#DESTACAOPAPELDASTECNOLOGIASDE
INFORMA²µOECOMUNICA²µONOCRESCIMENTO
SUSTENT·VEL
-RUJH9DVFRQFHORV¸ESQUERDAE#ARLOS
:ORRINHOCOINCIDIRAMNAOPINIµODEQUEEM
0ORTUGALEXISTETECNOLOGIAE)$NA
·READASENERGIASRENOV·VEIS
3DUD/X¯V5RFKDUWHDA"#3$
0ORTUGALOSECTORDAS4)#EST·
NUMAPOIS²µOPRIVILEGIADAPARA
IMPACTARNOSV·RIOSDOM¬NIOSDA
SUSTENTABILIDADE
$&DVDGR)XWXURNA&UNDA²µODAS
#OMUNICA²¤ESENCHEUSEPARAOUVIR
ASRECOMENDA²¤ESNANOVAVERSµO
DOESTUDO3MART0ORTUGAL
$OPHLGD0RWDPRESIDENTE
DA&UNDA²µODAS#OMUNICA²¤ES
¸ESQUERDA#ARLOS#ORREIAAO
CENTROE(ANS%RHARD2EITERATROCAR
IMPRESS¤ESSOBREASRECOMENDA²¤ES
DOESTUDO3MART0ORTUGAL
$OH[DQGUH)HUQDQGHVDIRECTOR
GERALDA!$%.%¸ESQUERDACOM
#ARLOS:ORRINHO
*ULHO&2081,&$‰—(6
8G;:
`eZ\ek`mfjXgif^i\jjfj\]\Zk`mXd\ek\
m\i`ÔZX[fj\Xik`ZlcXi#[\]fidXZf\i\ek\#
Xgifdfƒf[X\ÔZ`†eZ`X\e\i^„k`ZX\[Xj
\e\i^`Xji\efm}m\`j%
;liXek\XXgi\j\ekXƒf[XXZklXc`qXƒf
[fJdXikGfikl^Xc)')']f`X`e[X[X[XX
Zfe_\Z\iXglYc`ZXƒfJljk\ekXY`c`[X[\
eXjK\Zefcf^`Xj[\@e]fidXƒf\:f$
dle`ZXƒf%KiXkX$j\[\ld[fZld\e$
kf\cXYfiX[fgfild^ilgf[\kiXYXc_f
Zfejk`klˆ[fefj\`f[f9:J;Gfikl^Xc
Æ:fej\c_f<dgi\jXi`XcgXiXf;\j\emfc$
m`d\ekfJljk\ek}m\chl\m`jXgifdfm\i
ldXi\Õ\ofhl\`[\ek`Ôhl\jfclƒ‘\j
jljk\ek}m\`jgXiXXjhl\jk‘\j\jj\eZ`X`j
[fj\Zkfi[Xjk\c\Zfdle`ZXƒ‘\j#XkiXm„j
[\d\[`[Xj\XZƒ‘\jhl\gfjjXdZfii`^`i
\d\c_fiXif[\j\dg\e_f[Xj\dgi\jXj
[\jk\j\Zkfi%
&2081,&$‰—(6*ULHO
$OJXQVGRVSULQFLSDLV
PROTAGONISTASDOSECTORMARCARAM
PRESEN²ANADIVULGA²µODAS
NOVIDADESDOESTUDO3MART
0ORTUGAL
3HGUR6DPSRLR1XQHV
CONHECIDODEFENSORDAENERGIA
NUCLEARFOIUMDOSROSTOSMAIS
INTERVENTIVOS
2GHEDWHHPWRUQRDA
ElCI¯NCIAENERG°TICA°
FUNDAMENTALPARAASEMPRESAS
PORTUGUESASINDEPENDENTEMENTE
DASUA·READEACTIVIDADE
!HETEROGENEIDADEDAASSIST¯NCIA
FOIREmEXODESSATOMADADE
CONSCI¯NCIA
'H]RLWRPHVHVGHSRLVDO
LAN²AMENTODO3MART0ORTUGAL
OPROGRESSONAUTILIZA²µO
DAS4)#FOIMAIORITARIAMENTE
AVALIADOCOMOINSUlCIENTE
ÍPRECISOFAZERMUITOMAIS
3HGUR6DPSDLR1XQHVE
ARESTANTEAUDI¯NCIAANIMOU
ODEBATEEMTORNODAS
CONCLUS¤ESPRELIMINARESEDAS
RECOMENDA²¤ESDO3MART0ORTUGAL
*UD©D%DX¸ESQUERDAE
3AMPAIO.UNESFORMARAMUMDOS
MUITOSGRUPOSESPONT¶NEOSDE
DEBATEAP¦SAAPRESENTA²µODA
MAISRECENTEVERSµODOESTUDO
PROMOVIDOPELA!0$#
$&DVDGR)XWXURFOIPALCODE
UMBRAINSTORMINGEMTORNODA
ACTUALIZA²µODOESTUDOEPARA
AN·LISEDASSUASCONCLUS¤ES
8G;:
$66(0%/(,$*(5$/'(&255(8$'(0$,2
0DLVHPHOKRU$3'&
88jjfZ`Xƒf\jk}\dgifZ\jjf[\df[\ie`qXƒf#dXek\e[fXXgfjkX[\j\ildXgcXkX]fidX
\jkiXk„^`ZX\ZXkXc`qX[fiX[\Zfe_\Z`d\ekf\ZfcXYfiXƒf%FjXjjfZ`X[fjXgifmXiXd
gfileXe`d`[X[\fGcXef[\8Zk`m`[X[\j[\Ôe`[fgXiX\jk\Xefg\cX[`i\Zƒfc`[\iX[X
gfi;`f^fMXjZfeZ\cfj%=f`X`e[XXgifmX[fgfileXe`d`[X[\fI\cXki`f\:fekXj[\)''0
$
fi[\d [\ kiXYXc_fj [X
Xjj\dYc\`X^\iXc[X8G;:
k`e_XhlXkifgfekfj[\[\YX$
k\1[XiXZfe_\Z\iXjlX\j$
kiXk„^`X#Xgi\j\ekXifi\jlc$
kX[f[XjjlXjm}i`XjXZk`m`[X[\jXfcfe^f
[\)''0#i\m\cXiXjc`e_Xj[\]fiƒX[fj\l
GcXef[\8Zk`m`[X[\jgXiX)'('\Xele$
Z`XiXjc`e_Xj\jkiXk„^`ZXj[XXck\iXƒf
[fj\jkXklkfj[X8jjfZ`Xƒf%Gi\j\ek\j
\jk`m\iXdi\gi\j\ekXek\j[\m}i`XjXj$
jfZ`X[Xj`ejk`klZ`feX`j#Xjj`dZfdffj
XjjfZ`X[fj`e[`m`[lX`j#eld\eZfekif
gi\j`[`[fgfi8cd\`[XDfkX#m`Z\$gi\j`$
[\ek\[XXjj\dYc\`X^\iXc#\hl\Zfekfl
ZfdXgXik`Z`gXƒf[\<[lXi[fG`ekfj\$
Zi\k}i`f \;`f^fMXjZfeZ\cfj#gi\j`[\e$
k\[X[`i\Zƒf%
;`f^fMXjZfeZ\cfjXYfi[fl\dgfi$
d\efiXm`jf\jkiXk„^`ZX[X8jjfZ`Xƒf
jfYi\fI\cXki`f[\8Zk`m`[X[\j\:fe$
kXj[\)''0\fGcXef[\8Zk`m`[X[\j
gXiX)'('%;\\eki\Xjm}i`Xj`e`Z`Xk`$
mXj#[\jkXhl\gXiXfi\]fiƒf[XXgfjkX
&2081,&$‰—(6*ULHO
$SURYDGRSRUXQDQLPLGDGH
RSODQRGHDFWLYLGDGHVSDUD
«DPSORHLQFOXLXP
FRQMXQWRGHLQLFLDWLYDVHP
GLYHUVDV£UHDV'HVWDTXH
SDUDR&LFOR$3'&3DUD8PD
$GPLQLVWUD©¥R3¼EOLFDGR
6«FXOR;;,TXHYLVDDERUGDU
RVWHPDVTXHFRQVWLWXHP
RVJUDQGHVGHVDïRV
WUDQVYHUVDLVHHVSHF¯ïFRV
DWRGDD$GPLQLVWUD©¥R
3¼EOLFD0RGHUQL]D©¥R
SURFXUHPHQW
LQWHURSHUDELOLGDGHH
HQHUJLDH7,&V¥RWHPDV
WUDQVYHUVDLVDGHEDWHUDR
ORQJRGRDQR
[\Xe^Xi`Xƒf[\efmfjXjjfZ`X[fj%<d
k\idfj[\XZk`m`[X[\j#fXefgXjjX[f
]f`]„ik`c\d\m\ekfj1f:`Zcf[\AXekX$
i\j$;\YXk\jZfdfjcˆ[\i\j[XMf[X]f$
e\#Gfikl^XcK\c\Zfd#JfeX\Zfd\Qfe
Dlck`d„[`X#i\jg\Zk`mXd\ek\8eke`f
:XiiXgXkfjf#Q\`eXc9XmX#8e^†cfGXlg„$
i`f\If[i`^f:fjkX#ZfdldkfkXc[\((-'
gXik`Z`gXek\j2fC`jYfe:`m`Z=ild2X
:fe]\i†eZ`XI\[\j[\EfmX>\iXƒf2
fGi\[`Zk`fej9ifX[YXe[Jldd`k2X
:fe]\i†eZ`XjfYi\XC`Y\iXc`qXƒfGfjkXc#
\f:fe^i\jjf[Xj:fdle`ZXƒ‘\j#\d
Efm\dYif%
8`e[X[\\eki\Xj`e`Z`Xk`mXji\Xc`$
qX[XjefXefgXjjX[f#eXkliXc[\jkXhl\
gXiXf\jkl[f F@dgXZkf<Zfed`Zf\
JfZ`Xc[XjI\[\j[\8ckXM\cfZ`[X[\[\
Gio`dX>\iXƒfÆI\Zlg\iXƒfXkiXm„j
[X@efmXƒf#gifdfm`[fg\cX8G;:\
[\j\emfcm`[fg\cX9fjkfe:fejlck`e^
>iflgZfdXgXik`Z`gXƒf[\kf[fjfj
jkXb\_fc[\ij [fj\Zkfi%Gi\k\e[\l$j\
Zfd\c\gifdfm\ild[\YXk\XcXi^X[f#
8PWRUQHLRGHJROIHXP
([HFXWLYH%UHDNIDVWVREUH
Ý(QKDFLQJ0DQDJHPHQW
7HDPDQGERDUG
HIIHFWLYHQHVVLQWKH707
VHFWRUÞSUHYLVWRSDUD
2XWXEURXPQRYRFLFOR
GHMDQWDUHVGHEDWHVDRPDLV
DOWRQ¯YHOVRERPRWH
Ý7KH1H[W$JHQGDÞHDl
HGL©¥RGR&RQJUHVVRGDV
&RPXQLFD©·HVDJHQGDGR
SDUDHGH1RYHPEUR
V¥RLQLFLDWLYDVSUHYLVWDV
DW«DRïQDOGHVWHDQR
$DVVHPEOHLDJHUDOINICIOUSE
COMAAPRESENTA²µODO2ELAT¦RIO
DE!CTIVIDADESE#ONTASDE
!LMEIDA-OTA¸ESQUERDAPRESIDIU
¸MESA.OENCONTROMARCARAM
PRESEN²AENTREOUTROS
!NT¦NIO.ETOE#ARLOS#ORREIA
RESPECTIVAMENTEDIRECTOREVICE
PRESIDENTEDA!0$#
$QWµQLR5REDORGH$OPHLGD
¸ESQUERDA!NABELA0EDROSO
E$IOGO6ASCONCELOSNOlNALDA
ASSEMBLEIAGERALNUMDOSMUITOS
GRUPOSESPONT¶NEOSDEDI·LOGO
SOBREAESTRAT°GIAAPRESENTADA
PELADIREC²µO
&DUORV&RUUHLD¸ESQUERDA
-ARTA.EVESAOCENTRO
E-ARGARIDA#OUTODADIREC²µO
DA!0$#
$QDEHOD3HGURVRCOMISS·RIA
DA!0$#PARAA!DMINISTRA²µO
0 BLICACOM*OS°*OAQUIM
&ERNANDESDA-ICROSOFT
Zfeki`Yl`igXiXdfY`c`qXiGfikl^XcgXiX
f[\jXÔf[fjZfek\’[fj[\efmX^\iXƒf
\\eZfekiXiefmXji\jgfjkXjgXiXfj^iXe$
[\j[\jXÔfjhl\XjfZ`\[X[\\e]i\ekX%
Fj\lcXeƒXd\ekf[\Zfii\l[liXek\fj
kiXYXc_fj[fGi\[`Zk`fej9ifX[YXe[
Jldd`k#efhlXcj\]fd\ekflX[`jZljjf
\dkfief[XYXe[XcXi^X[\efmX^\iXƒf
ZfdfgcXkX]fidXgXiXX`efmXƒfjfZ`Xc#
\emfcm\e[ffjj\Zkfi\jg’Yc`Zf\gi`mX[f
eXZi`Xƒf[\ldc\hl\[\efmfjj\im`ƒfj
\d}i\XjZ_Xm\ZfdfX\[lZXƒf#jX’[\#
dfY`c`[X[\#X^\`e^\jljk\ekXY`c`[X[\%
$/7(5$‰…2'((67$78726
8gifmX[fgfileXe`d`[X[\#fGcXef[\
8Zk`m`[X[\jgXiX)'('„Xdgcf\`eZcl`
ldZfealekf[\`e`Z`Xk`mXj\d[`m\ijXj
}i\Xj%;\jkXhl\gXiXf:`Zcf8G;:1GXiX
LdX8[d`e`jkiXƒfG’Yc`ZX[fJ„Zlcf
OO@#hl\m`[XXYfi[Xi\dgXiZ\i`XZfd
kf[XjXj\ek`[X[\jg’Yc`ZXjfjk\dXjhl\
Zfejk`kl\dfj^iXe[\j[\jXÔfjkiXejm\i$
jX`j\\jg\ZˆÔZfjXkf[XX8[d`e`jkiXƒf
*ULHO&2081,&$‰—(6
8G;:
G’Yc`ZX%Df[\ie`qXƒfX[d`e`jkiXk`mX#
gifZli\d\ek#`ek\ifg\iXY`c`[X[\\\e\i$
^`X\K@:jfk\dXjkiXejm\ijX`jX[\YXk\i
Xfcfe^f[fXef#XgXi[\}i\XjZfeZi\kXj
ZfdfX\[lZXƒf#aljk`ƒX#jX’[\\X^\`e^
\j\im`ƒfj\Zfek\’[fj[Xji\[\j[\efmX
^\iXƒf%
;\ jXc`\ekXi `^lXcd\ek\ f gifa\Z$
kf K\Z_D\[`X >ifnk_@em\jk# hl\
eXjZ\l[f\`of[\gifa\Zkfj[\j\emfc$
m`[fj g\cX 8G;: eXj }i\Xj [\ Xgf`f
Xf\dgi\\e[\[fi`jdf\[\i\]fiƒf~
`ek\ieXZ`feXc`qXƒf[Xj\dgi\jXjc`^X$
[Xj~j}i\Xj[XjK@:#Zfd\jg\Z`Xc`eZ`$
[†eZ`XgXiXXjGD<#\dgXik`ZlcXieXj
}i\Xj[fjj\im`ƒfjjlgfikX[fj\di\[\j
[\efmX^\iXƒf\Zfek\’[fj[`^`kX`j%
F\m\ekfk\i}Xi\^`f[fGfikfZfdf
YXj\\jkiXk„^`ZX#\d^iXe[\d\[`[Xg\cf
[`eXd`jdf\dgi\\e[\[fi[Xi\^`fhl\
mX`[\8m\`ifX9iX^X2g\cf]XZkf[\X
Z`[X[\[fGfikf\jkXiXZi`XildX[Xj
dX`fi\jfg\eXZ\jje\knfibj[X<lifgX#
gf[\e[fXjjld`i$j\Zfdfld k\jkY\[
gXiXefmXjXgc`ZXZ‘\j&Zfek\’[fj#\g\cX
XgfjkX[X:dXiXDle`Z`gXc[fGfikf
:DG eX`efmXƒf%
Ldkfie\`f[\^fc]\#ld<o\Zlk`m\
9i\Xb]XjkjfYi\È<e_XZ`e^DXeX^\d\ek
K\XdXe[YfXi[\]]\Zk`m\e\jj`ek_\KDK
j\ZkfiÉ#gi\m`jkfgXiXFlklYif#ldefmf
Z`Zcf[\aXekXi\j$[\YXk\jXfdX`jXckf
eˆm\c#jfYfdfk\ÈK_\E\ok8^\e[XÉ#\
X)'%±\[`ƒf[f:fe^i\jjf[Xj:fdle`$
ZXƒ‘\j#X^\e[X[fgXiX(/\(0[\Efm\d$
Yif#jfflkiXj[Xj`e`Z`Xk`mXjgi\m`jkXj
Xk„XfÔeXc[\jk\Xef%
;liXek\\jk\Xef#X8G;:`i}cXeƒXi
ldXZXdgXe_XdXjj`mX[\Xe^Xi`Xƒf[\
efmfjXjjfZ`X[fj#efdY`kf[X\jkiXk„^`X
[\XcXi^Xd\ekf[X}i\X[\XYiXe^†eZ`X
[X8jjfZ`Xƒfdl`kfgXiXXc„d[XjK@:
\dj\ek`[f\jki`kf%@i}X`e[Xi\]fiƒXiX
[`jgfe`Y`c`qXƒf[\ldXgcXkX]fidX[\
Zfdle`ZXƒf\Zfe_\Z`d\ekfhl\g\i$
d`kXldXX`e[XdX`fi`ek\iXZƒf\eki\X
8G;:\fjj\ljXjjfZ`X[fj#gifÔjj`feX`j
[XjK@:\jfZ`\[X[\\d^\iXc#jlgfikX[X
XkiXm„j[XZi`Xƒf[\ldZ\ekif[\Zfe_\$
Z`d\ekfYXj\X[feldXdlck`gcXkX]fidX
fec`e\\eXZfdle`ZXƒfkiX[`Z`feXc%
8Xjj\dYc\`X^\iXc]f`X`e[XgXcZfgXiX
XXgi\j\ekXƒf[Xjc`e_Xj\jkiXk„^`ZXj
gXiXXXck\iXƒf[fj\jkXklkfj[X8G;:%
<dZXljX\jk}XeXkliXcdf[\ie`qXƒf
[ffYa\ZkfjfZ`Xc[X8jjfZ`Xƒf#),Xefj
XgjXjlXZi`Xƒf#X\hl`gXiXƒf[fj
XjjfZ`X[fj`ejk`klZ`feX`jXfj\]\Zk`mfj
j`e^lcXi\j #XXck\iXƒf[XjZXk\^fi`Xj
[\hlfkXj\X`ekif[lƒf[\gifZ\jjfj
\c\Zkie`ZfjgXiXXc^ldXjXZk`m`[X[\j
[X8jjfZ`Xƒf#efd\X[Xd\ek\efhl\
kfZX~jZfemfZXki`Xj\XfjgifZ\jjfj
[\mfkXƒf%
&2081,&$‰—(6*ULHO
'LRJR9DVFRQFHORV
AOCENTRO
APRESENTOU
ORESULTADODAS
V·RIASACTIVIDADES
AOLONGODE
EREVELOUASLINHAS
DEFOR²ADOSEU0LANO
DE!CTIVIDADESAT°
AOlNALDESTEANO
9DQGD-HVXV
DIRECTORAEXECUTIVA
DA!0$#E*OµO
-ELODOS#44NO
lNALDAASSEMBLEIA
GERAL
5LFDUGR3LQKHLUR
PARTNERDA0W#
¸ESQUERDA
E,U¬S!NTUNES
MANAGERDAMESMA
CONSULTORA
)UDQFLVFR
/HLULD9LHJDV
EXPRESIDENTE
DA&UNDA²µODAS
#OMUNICA²¤ES
¸ESQUERDA
E!NT¦NIO.ETO
)UDQFLVFR/HLULD
9LHJDV¸ESQUERDA
E!NT¦NIO2OBALODE
!LMEIDARESPONS·VEL
DA0ORTUGAL4ELECOM
RECENTEMENTE
ELEITOPRESIDENTE
EXECUTIVODA%4./
4ELECOMUNICATIONS
.ETWORK/PERATORS
!SSOCIATION
e\^Z`fj
6,(0(16
,QDXJXUDFORXGGDWDFHQWHUK¯EULGR
!3IEMENS)43OLUTIONSAND3ERVICESINAUGUROURECENTEMENTEUMCLOUD
DATACENTERH¬BRIDOEM(UIZINGENPERTODE"RUXELASQUECOMBINA
ASVANTAGENSDEINFRAESTRUTURASPRIVADASEP BLICAS!ABORDAGEM
H¬BRIDADESTENOVODATACENTERPERMITE¸SEMPRESASGERIREMOS
SEUSDADOSESERVI²OSEMhNUVENSvPRIVADASEXCLUSIVAS0OROUTRO
LADOESTASPODERµOAINDAAPROVEITARASCAPACIDADESINFORM·TICAS
EDEARMAZENAMENTOElCAZESDOPONTODEVISTAECON¦MICOCOMO
SERVI²OSPARTILHADOSOUP BLICOSNUMA·REACOMUMJUNTAMENTECOM
OUTROSUTILIZADORES!L°MDEOFERECERRECURSOSDE4)mEX¬VEISANOVA
hNUVEMvH¬BRIDAOFERECESOLU²¤ESABRANGENTESDEDISPONIBILIDADEE
REDUND¶NCIAPARARECUPERA²µODEINCIDENTES!POUPAN²ADEENERGIA
DONOVODATACENTERCONSTITUIIGUALMENTEUMAMAISVALIASIGNIlCATIVA
PARAASEMPRESAS0ARAAL°MDEALOJARASACTIVIDADESNORMAISDE
OUTSOURCINGODATACENTERDA3IEMENS3)3SER·ESSENCIALMENTE
UTILIZADOCOMOBASEDASINFRAESTRUTURAShNUVEMvH¬BRIDAS!hNUVEMvCOMBINATODOSOSCOMPONENTESDASINFRAESTRUTURASCOMO
POREXEMPLOSERVIDORESSISTEMASEREDESDEFORMAAPROPORCIONARUMAINFRAESTRUTURAhDESERVI²OvmEX¬VEL!L°MDISSO°UMSISTEMA
INFAL¬VELSENDOQUETODASASACTIVIDADESDEMANUTEN²µOPODEMSERLEVADASACABOSEMINTERRUP²µODOSSERVI²OSPRESTADOS
129$%$6(
5HFRQKHFLGDSHOD&LVFR
701
5HYHODQRYDYHUV¥RGR3RUWDO0µYHO,7
!4-.LAN²OUUMAVERSµORENOVADADO0ORTAL-¦VEL)4
COMUMDESIGNMAISATRACTIVOEMENUSDENAVEGA²µO
MAISINTUITIVOS/REDESIGNINTRODUZIDOPELA4-.NO
SEUNOVO0ORTAL-¦VEL)4CONSISTENµOS¦NAALTERA²µO
DOLAYOUTAGORAMAISFRIENDLYACTUALEDIN¶MICOMAS
TAMB°MNAAGILIZA²µODOSMENUSNOREAGRUPAMENTODOS
CONTE DOSENODESTAQUEEACESSODIRECTOAALGUMASDAS
·REASCOMMAIORPROCURACOMOO-EO-OBILEOEMAILE
A)NTERNET/SCONTE DOSAGORAREAGRUPADOSEVIDENCIAM
NONOVO0ORTAL-¦VEL)4DA4-.TR¯SCATEGORIASPRINCIPAIS
NOT¬CIAS+IOSK-ANCHETES½LTIMAS&UTEBOLENTREOUTROS
ENTRETENIMENTO*OGOS- SICA-EO!PLICA²¤ES7IDGETS
ENTREOUTROSE TEIS"OLSA#INEMA!QUI0ERTOETC.ESTA
OFERTADESTACAMSEOSCONTE DOSINOVADORES+IOSKE
-ANCHETESnCOMMAISDEPUBLICA²¤ESDECERCADE
PA¬SESnDISPONIBILIZADOSEMCONJUNTOPELA4-.EO
3APOCOMOOBJECTIVODEPERMITIRACOMPANHARDIARIAMENTE
ASNOT¬CIASEASCAPASDOSJORNAISEREVISTASNACIONAISE
INTERNACIONAIS0ARAOACESSOAO0ORTAL-¦VEL)4DA4-.
EMHTTPMTMNPTESTµODISPON¬VEISV·RIOSPLANOSDE
DADOSNOMEADAMENTEO@ITDI·RIOPARAUMAUTILIZA²µO
MAISPONTUALDISPON¬VELPELOVALORDEC¯NTIMOSDIA
EO@ITLIGHTPARAUMAUTILIZA²µOMAISROTINEIRAACESS¬VEL
PELOVALORDEEUROSM¯S
&2081,&$‰—(6*ULHO
!.OVABASEFOIDISTINGUIDAPELA#ISCOCOMO6IDEO0ARTNEROFTHE9EAR
PELASSUASCOMPET¯NCIASEPERFORMANCEAON¬VELDASSOLU²¤ESDE
V¬DEO/RECONHECIMENTODATECNOL¦GICAPORTUGUESADESTACOUENTRE
OUTRASSOLU²¤ESO3ERVICE0ROVIDER6IDEO4ECHNOLOGYE"USINESS
6IDEOCOMEVID¯NCIAPARA·REASDECOLABORA²µOCOMOATELEPRESEN²A
VIDEOCONFER¯NCIAEVIDEOVIGIL¶NCIA/PR°MIOVEMDISTINGUIRACAPACIDADE
DA.OVABASEEMSUPORTAROSSEUSCLIENTESCOMBASENOCONHECIMENTO
ESPEC¬lCODASSUASREDESENEG¦CIOSCORE2ECONHECEIGUALMENTEO
TRABALHOEFECTUADONOENDERE²AMENTODAS
SOLU²¤ESDEV¬DEOPARAREDES)0EDECABO
DEPR¦XIMAGERA²µODESDEOSHEADENDS
PASSANDOPELASSOLU²¤ESDETRANSMISSµOAT°
AOSEQUIPAMENTOSTERMINAISDEV¬DEOCOMO
ASSETTOPBOXES/SPR°MIOSFORAMATRIBU¬DOS
NOCONTEXTODOS0ARTNER3UMMIT!WARDSUMA
CERIM¦NIAORGANIZADAPELA#ISCOPARAPREMIAROS
MELHORESPARCEIROSNASDIVERSASCATEGORIAS
$/&$7(//8&(17
'£*¢6RIWEDQN7HOHFRP
!!LCATEL,UCENTANUNCIOUAPRIMEIRASOLU²µODISPON¬VELNOMERCADO
QUEPERMITETRANSPORTAR'BITS'UTILIZANDOSOMENTE
UM NICOCOMPRIMENTODEONDAGRA²ASAUMATECNOLOGIADENOVA
GERA²µOCOERENTECOMUTILIZA²µODEUMA NICAPORTADORA#ONCEBIDA
PARAENDERE²ARAEXPLOSµODEPROCURADEMAIORLARGURADEBANDA
PROVOCADAPELAUTILIZA²µODEV¬DEOEMMODOSTREAMINGPELAS
APLICA²¤ESDE)NTERNETPELAPARTILHADElCHEIROSEPELOSlLMESDEALTA
DElNI²µOESTATECNOLOGIADENOVAGERA²µOCOERENTEESCOLHIDAPELA
JAPONESA3OFTBANK4ELECOM°ANOVAETAPANAEVOLU²µODASREDES
¦PTICASDE'EOFERECEUMARESIST¯NCIA¬MPAR¸SDEGRADA²¤ES
DETRANSMISS¤ES¦PTICASNUMAREDE)STOPERMITEOBTERD°BITOSDE
'EMCADAUMDOSCOMPRIMENTOSDEONDAEASSIMTRANSFERIR
POREXEMPLOMILlCHEIROS-0EMSEGUNDOSOUTRANSPORTAR
SIMULTANEAMENTEMAISDEMILCANAISDETELEVISµOCOMEMISS¤ES
AOVIVODEALTADElNI²µO!CTUALMENTEDISPON¬VELSOBREOCOMUTADOR
DESERVI²OSFOT¦NICO033ESTATECNOLOGIAQUETIRAPARTIDO
DASINOVA²¤ESDOS"ELL,ABSEST·TAMB°MDISPON¬VELEMTODASAS
PLATAFORMAS$7$-DENSEWAVELENGTHDIVISIONMULTIPLEXING
237,086
4XHUUHðRUHVWDU3RUWXJDO
!/PTIMUSLAN²OUUMACAMPANHADEREmORESTA²µO
QUETEMCOMOMETAPLANTARMILMETROSQUADRADOS
DEmORESTAEM0ORTUGALAT°lNALDE0ARAAL°MDE
PLANTARAS·RVORESAOPERADORADO'RUPO3ONAECOM
TAMB°MGARANTIR·ASUAGESTµOPORUMPER¬ODODE
ANOSEMPARCERIACOMA&UNDA²µO&LORESTA5NIDA%STA
INICIATIVAINSERESENAESTRAT°GIADESUSTENTABILIDADE
AMBIENTALDAEMPRESAEIR·CONTRIBUIRPARAAREDU²µO
DAPEGADADECARBONODOSSEUSSERVI²OS0ARAATINGIR
ESTEOBJECTIVOA/PTIMUSCONTACOMAPARTICIPA²µO
ACTIVADOSSEUSCLIENTES/PTIMUS+ANGURUAOS
QUAISPROP¤EAADESµODEFORMASIMPLESER·PIDA¸
MODALIDADEDEFACTURAELECTR¦NICA0ORCADACLIENTEA
ADERIR¸FACTURAELECTR¦NICAA/PTIMUSIR·PLANTARUM
METROQUADRADODE·REAmORESTAL.UMAPERSPECTIVAA
ANOSPER¬ODODURANTEOQUALA/PTIMUSPROMOVE
AGESTµOEMANUTEN²µODASZONASREmORESTADAS
ESTEPROJECTOCONTRIBUIR·PARAAABSOR²µODEMIL
TONELADASDEGASESCOMEFEITODEESTUFADAATMOSFERA
AL°MDECONTRIBUIRDIRECTAMENTEPARAAREDU²µODA
PEGADADECARBONODOSSEUSSERVI²OS
]iXj\j
2HQGLYLGDPHQWRGR(VWDGR#XgXi[Xi\Z\jjf\ok\ieX#
Xck\iXiXdfjkXkljhlf[fgf[\i%?fa\#f<jkX[f„\Zfefd`ZXd\ek\
]iXZf#mXq`f[\gf[\i%M`m\eXd\[`[X\dhl\Xik`ZlcX
Zfdgifd`jjfjgfcˆk`ZfjZfd[`e_\`ifgi`mX[f%G\cXgi`d\`iX
m\q\ddl`kfjXefj#f^fm\iefÆhlXchl\i^fm\iefÆm†$j\
Zfe]ifekX[fZfdXjlXgigi`X]XckX[\c`hl`[\q\Xj[`m`j‘\j
eXGfikl^XcK\c\ZfdjfX]XZ\m`jˆm\c[`jkf%R¿TJZiXk\j]f`
`iiXZ`feXchlXe[f]\qfhl\]\q6E\dgfi`jjf%8gi\iif^Xk`mX
[\ldX^fc[\ej_Xi\efj\d\[\XZlikfgiXqf%R¿TJZiXk\j
[`jkfiZ\lfd\iZX[f6;`jkfiZ\l%;\ldX]fidXhl\g\eXc`qXfj
XZZ`fe`jkXj#Xj\og\ZkXk`mXjZi`X[Xj\d\jdf[\hl\d[\g\e[\[X
GKgXiXm`m\i%É
0LJXHO3DFKHFR
J
2YHWRGDJROGHQVKDUHIRLULG¯FXOR%:fYi\fGXˆj[\m\i^fe_X
\„ldk`if[\gcmfiXj\ZX#`dgfk\ek\#efdl[XeX[X#X[`X%
JZiXk\jX^`l[\j\jg\iX[f\[\]fidXXYjfclk`jkX%R¿T8lk`c`qXƒf
[X^fc[\ej_Xi\„`e„[`kX#jligi\\e[\ek\\#gifmXm\cd\ek\#`c\^Xc%
MX`ZfekiXfd\iZX[f#ZfekiXXX[d`e`jkiXƒf\ZfekiXX[\Z†eZ`X%
<i\m\cXldGXˆjgio`df[fjlY[\j\emfcm`d\ekf\Zfed`Zf%
8YfdYXXkd`ZX„Xm\i^fe_XXkd`ZX%Hl\dhl\idXe[Xi
\d\dgi\jXjefXjgi`mXk`qX%Hl\dXjgi`mXk`qXef
Xji\eXZ`feXc`qX[\gf`j%Fhl\f^fm\ief]\q]f`\okfijf
[fj[`i\`kfj[fj[fefj[XGK%É
3HGUR6DQWRV*XHUUHLUR
+PSOBMEF/FH§DJPT
1(&
8WLOL]D2SHQ)ORZSDUD
WUDQVPLVV¥RY¯GHRQR-DS¥R
!.%#EO)NSTITUTO.ACIONALDE)NFORMA²µOE
#OMUNICA²¤ESDO*APµO.ATIONAL)NSTITUTEOF
)NFORMATIONAND#OMMUNICATIONS4ECHNOLOGY
n.)#4ANUNCIAMOSUCESSOOBTIDOCOMOPILOTO
DETRANSMISSµOV¬DEOAN¬VELNACIONAL%STEPILOTO
UTILIZOUREDESVIRTUAISETECNOLOGIASPARAREDESDE
NOVAGERA²µO/PEN&LOWQUEPERMITEMOCONTROLO
CENTRALIZADOATRAV°SDESERVIDORES%STA°A
PRIMEIRATRANSMISSµOV¬DEOAN¬VELMUNDIALPARA
M LTIPLOSLOCAISAUTILIZARUMAREDE/PEN&LOW
CAPAZDEATRAVESSARTODOO*APµODESDEACIDADE
DE3APPOROAT°¸SILHASDE/KINAWAKM
/PILOTOPERMITIUATRANSMISSµOCOMSUCESSODE
V¬DEODEELEVADAQUALIDADEVIA)0ATRAV°SDAREDE
DETESTES*'.PLUSDO.)#4QUEEST·EQUIPADA
COMOPROT¦TIPODOPROGRAMMABLEmOWSWITCH
/PEN&LOWDA.%#
4XDQGRDPDQK¥GHPDQK¥#gfikl^l\j\j\\jgXe_`j\ekiXi\d
eXXjj\dYc\`X^\iXc[XGK#lej\jkXif[\kifdYXj\flkifjZfd
jfii`j`e_fj%GfiZXljX[faf^f[\_fa\#ZcXif%DXj_}dX`jgXq
efDle[`Xc_fa\hl\eX^l\iiX[XK\c\]e`ZXXdXe_%:fd
ldXj\d\c_XeƒX1jf\dYXk\jj\d\dgXk\j%Jgf[\_Xm\ild
m\eZ\[fi%R¿TGfihl\efj\]le[`iXd6Gfihl\ef_}ldX’e`ZX
dlck`eXZ`feXc`Y„i`ZX6Gfi[lXjiXq‘\j1gfiZXljX[fj\jgXe_`j
\gfiZXljX[fjgfikl^l\j\j%JfdfjgXi\Z`[fjeffi^lc_f\
[`]\i\ek\jeXXiif^eZ`X%DXje\e_ldj\[\`oX[fd`eXi%Efj
ˆdXe\j#jffjfgfjkfjhl\j\XkiX\d#gcfj`^lX`ji\g\c\d$j\%Ef
k`e_Xhl\j\iXjj`d%DXjk\dj`[fj\dgi\Xjj`d%MXdfjXfaf^f%É
3HGUR6DQWRV*XHUUHLUR
+PSOBMEF/FH§DJPT
1DOXWDSHORFRQWURORGD9LYRXK\c\]e`ZX\jk}XdfjkiXiXjlX
m\i[X[\`iX]XZ\1ldgXiZ\`ifhl\efi\jg\`kXXji\^iXj[faf^f
\hl\lk`c`qXkf[fjfjkilhl\j\^fcg\jYX`ofjgXiX\e]iXhl\Z\i
fX[m\ij}i`f\c\m}$cfXfkXg\k\%R¿TKXcm\qgXikXdfj[\ek\j%
A}_flm\jligi\jXjdX`fi\j%É
1LFRODX6DQWRV
&YQSFTTP
9DOHWXGRDW«DUUDQFDUROKRVJ\i[\]\ejfi[fjd\iZX[fjef
„XZ\`k}$cfjXdfiX`j%DXj„g\iZ\Y\ihl\X„k`ZX„ldZ_Xmf%R¿T
DXjXk„eX^l\iiX_}Zi`d\j%FKi`YleXc[\?X`X„#e\jk\ZXjf#X
:DMDgi`d\`if\fgi\j`[\ek\[XXjj\dYc\`X^\iXc[\gf`j%<c\j
[\Z`[`ifj\fhl\XK\c\]e`ZX]\q„c\^Xc%J\fi\ZlijfXZXmXc\`ifj
YiXeZfj„ldX]iXl[\~c\`%Flj\Xji\^iXj[faf^fjf\jkXj%R¿T
*ULHO&2081,&$‰—(6
e\^Z`fj
'67(237,086
/DQ©DPDSOLFD©¥RPµYHO
/'RUPO$34EA/PTIMUSLAN²ARAMUMANOVA
APLICA²µOPARATELEM¦VELQUEPERMITEAOS
ESTUDANTESREALIZARTESTESDEORIENTA²µOVOCACIONAL
ECONHECERMELHORASSUASAPTID¤ESEINTERESSES
!TRAV°SDARESPOSTAAUMCONJUNTODEQUEST¤ESQUE
TESTAMORACIOC¬NIOVERBALNUM°RICOEDIAGRAM·TICO
O6OCATIONAJUDAOUTILIZADORAIDENTIlCARAS·REAS
ESCOLARESEPROlSSIONAISNASQUAISPODER·TERMAIS
INTERESSE!IDEIANASCEUNA)NNOVATION0OINT
STARTUPTECNOL¦GICADO'RUPO$34QUEDESENVOLVEU
TODOOSOFTWARENECESS·RIOAOFUNCIONAMENTO
DAAPLICA²µODURANTEOS LTIMOSSEISMESES
*·ASV·RIASQUEST¤ESAQUEOSESTUDANTEST¯M
DERESPONDEREOSRESPECTIVOSRESULTADOSFORAM
CRIADOSPELA3(,0ORTUGALEMPRESAESPECIALISTANA
AVALIA²µOENODESENVOLVIMENTODASPESSOAS
/6OCATIONCUSTAEUROSEPODESER
DESCARREGADONOPORTALDA/PTIMUS/PAGAMENTO
°FEITOUMA NICAVEZNµOEXISTINDONENHUMTIPO
DESUBSCRI²µOAUTOM·TICA!CURTOPRAZOESTARµO
DISPON¬VEISASVERS¤ESDO6OCATIONPARAOI0HONE
EO"LACKBERRYEAAPLICA²µOPODER·TAMB°M
SERDESCARREGADANOSPRINCIPAISDISTRIBUIDORES
DEAPLICA²¤ESM¦VEIS
;(52;
$SUHVHQWDIXWXURGRVVHUYL©RV
S¼EOLFRV
!8EROX#ORPORATIONAPRESENTOUASUAVISµOPARA
OFUTURODOSSERVI²OSP BLICOSESSENCIAISCOMO
ASA DEEDUCA²µOTRANSPORTESEADMINISTRA²µO
CENTRALNO#ONGRESSO-UNDIALDE4ECNOLOGIADA
)NFORMA²µO7#)4QUEDECORREUEM!MESTERDµO
5MDOSFOCUSPRINCIPAISDASAPRESENTA²¤ES
FOIAFORMACOMOESSESSERVI²OSPODEMSER
RADICALMENTEMELHORADOSTENDOCOMOBASEAS
INOVA²¤ESTECNOL¦GICAS0ARAAFABRICANTEAS
4)PODEMAJUDARAESTIMULARAMUDAN²ASOCIAL
ATRAV°SDENOVASINICIATIVASCOMOACAPTURA
EPROCESSAMENTODEDADOSNµOESTRUTURADOS
EMINFORMA²µOESTRUTURADAQUEPODESER
UTILIZADAPARACONDUZIRMELHORIASEM·REAS
COMOTRANSPORTESSA DEEEDUCA²µO.OEVENTO
FOIAINDAREAL²ADAAIMPORT¶NCIACRESCENTEDAS
PARCERIASP BLICOPRIVADASEOMODOCOMOAS
TECNOLOGIASINTELIGENTESFORMASDElNANCIAMENTO
INOVADORASEMODELOSDENEG¦CIOEMERGENTES
ESTµOAMELHORARCADAVEZMAISOSPROBLEMAS
COMPLEXOSDE
MUITAS·REAS
DASOCIEDADE
COMO°OCASO
DOSTRANSPORTES
URBANOS
]iXj\j
8YXkXc_Xk\i}cl^Xi[`X*'%8fjXZZ`fe`jkXjhl\efhl\i\dm\e[\i
i\jkX\jg\iXihl\fhlildj\aXYX`of#gXiXhl\fjj\ljjfc[X[fj
efj\aXdd\efjhl\fj[fjflkifj%Fjhl\\j]i\^XmXdXjdfj
~\jg\iX[\ldXld\ekf[Xf]\ikXmfk\i[\`em\ekXihlXchl\i
Zf`jX%C`dgXfljlaX%É
3HGUR6DQWRV*XHUUHLUR
+PSOBMEF/FH§DJPT
$&RPLVV¥R3DUODPHQWDUGH,QTX«ULWRj\im`lgXiXhl†6F
GXˆj\jk}X\jkf`iXi\dZdXiXc\ekX#dXjfjgfcˆk`Zfj]Xq\dki`Z%
;\gf`jhl\`oXd$j\[\hl\efjm†dkfdXiZfekX[X\Zfefd`X%
R¿T<dm\q[\kiXkXi[XZi`j\#fjgXik`[fjXe[XdXkiXkXi[Xjm`[Xj%
R¿T?}_fd\ejZfdj\ek`[f[\<jkX[f\_}_fd\ejhl\\jkf
j\ekX[fjef<jkX[f%@e]\c`qd\ek\#gXiXej#efjffjd\jdfj%
ygfi`jjfhl\f]\[\iXc`jdf\Zfed`Zf\lifg\l„efXg\eXj
`e\m`k}m\c1kfiefl$j\`dgi\jZ`e[ˆm\c%GfiiXq‘\jcXd\ek}m\`j%É
3HGUR6DQWRV*XHUUHLUR
+PSOBMEF/FH§DJPT
$PDLRULDGRVDFFLRQLVWDVGD37mX`[\Zi\kXiXm\e[X[XM`mf
\dXjj\dYc\`X^\iXc%8k„c}#XK\c\]e`ZX#hl\k\d[\dXj`X[fX
g\i[\i#jlY`i}Xf]\ikX%<fjXZZ`fe`jkXj]Xifld^iXe[\e\^Z`f%
Fg`fi„f[`Xj\^l`ek\1fhl\]Xq\iZfdkXekf[`e_\`if6<Zfdf
ÔZXi}XX[d`e`jkiXƒf#m`kfi`fjXflm\eZ`[X6FjlZ\jjf[XGKeX
FG8[XJfeX\\jk\m\eXZf\jf\eki\lde’Zc\fXZZ`fe`jkX\fj
cˆ[\i\j[X^\jkf%?fa\#fe’Zc\f„fd\jdf\fjcˆ[\i\jkXdY„d%
DXj\ekf#fe[\g}iXXZf\jf6É
3HGUR6DQWRV*XHUUHLUR
+PSOBMEF/FH§DJPT
+RMHSUHFLVDPRV[\gfcˆk`ZfjZfiXafjfj#g\ij`jk\ek\j\ZXgXq\j
[\g\ejXi\djfclƒ‘\jhl\#eldjm„ik`Z\#i\jfcmXdfj^iXm\j
gifYc\dXjhl\X<lifgX\e]i\ekX#f]\i\ƒXd~jg\jjfXjdX`j
j\^liXeƒXef]lklif\Zfekifc\dfjdfejkifjeXjZ`[fjZfdX
^cfYXc`qXƒf[\ji\^lcX[X%<gi\Z`jXdfj[Xm`jf[fjgfcˆk`Zfj
dX`j[fhl\eleZXeXj’ck`dXj[„ZX[Xj\kXcm\qkXekfhlXekfefj
k\dgfjhl\j\j\^l`iXd~J\^le[X>l\iiXDle[`Xc%Jfclƒ‘\j
k„Ze`ZXj\o`jk\dj\dgi\%Fhl\gi\Z`jXdfj_fa\„[Xhl`cf[\hl\
„]\`kfldgfcˆk`ZfZfdG^iXe[\#Xc^l„dhl\„ZXgXq[\m\igXiX
Xc„d[Xgf\`iX[fj[`Xj%É
+HOHQD*DUULGR
+PSOBMEF/FH§DJPT
$7HOHIµQLFDmX`ZfdgiXiXM`mf#XYXqÔXeXZ`feXc`jkX\iXjgXiX
jXZXidX`j/''d`c_‘\j%FjXZZ`fe`jkXj[XGKa}\j]i\^Xd[\ekif
[fjj\ljYfcjfjmXq`fjXjdfj#\ejXe^l\ekX[Xj[XXdglkXƒf
hl\gi\[`jj\iXd%R¿T<jkX„XXckliX\dhl\Gfikl^Xck\d
m\i^fe_X[fjj\ljZXg`kXc`jkXj%Efg\cfe\^Z`f#hl\„\oZ\c\ek\%
DXjgfihl\ljXiXdfefd\[fGXˆj\dgifm\`kfgigi`f%R¿T
Fe\^Z`fef]f`[\Z`[`[fe\d\dJf9\ekfe\def=ild
G`ZfXj%R¿T=f`f9<Jhl\XZ\`kfle\^fZ`XiXf]\ikX%R¿T8
f]\ikX[XK\c\]e`ZX]f`#[\]XZkf#fgfikleˆjk`ZX%<fj[fefj[XGK
Xgifm\`kXiXdXfgfikle`[X[\%<jk\jXZZ`fe`jkXjefd\i\Z\iXd#
XÔeXc#m\eZ\iXFG8%=f`gXiX`jkf6R¿T8ÔeXcef]f`XJfeX\hl\
[\jdXek\cflXGK#]f`hl\dc}ÔZfl%Hl\i`ZXM`mf%É
3HGUR6DQWRV*XHUUHLUR
+PSOBMEF/FH§DJPT
&2081,&$‰—(6*ULHO
gif[lkfj
6$32
/DQ©DDVVLVW¬QFLDLQIRUP£WLFD
/SCLIENTES3APO&IBRAE3APO!$3,PASSARAMAPODERBENElCIARDEUM
SERVI²ODEASSIST¯NCIAINFORM·TICADESENVOLVIDOEMPARCERIACOMA0#MEDIC
/OBJECTIVO°DESPISTARERESOLVERPROBLEMASINFORM·TICOS#OMOCUSTODE
UMACHAMADAOSCLIENTESDA3APOPODERµORESOLVERPROBLEMASQUESURGEM
NODIAADIACOMOAREMO²µODEV¬RUSPROBLEMASEMSISTEMASOPERATIVOS
INSTALA²µOECONlGURA²µODESOFTWAREENTREOUTROS"ASTALIGARPARAON MERO
DISPON¬VELHORASPORDIAESETEDIASPORSEMANA/SERVI²OINCLUI
AASSIST¯NCIAPRESENCIALNAREDEDELABORAT¦RIOS0#MEDICOUADESLOCA²µO
AODOMIC¬LIOEMTERRIT¦RIOCONTINENTALEILHASSEMCUSTOSACRESCIDOSPARAO
CLIENTE%STENOVOSERVI²OADICIONAMAISVALOR¸LIGA²µO¸)NTERNET3APOATRAV°S
DAGARANTIADESUPORTEAQUEST¤ESDEMICROINFORM·TICACONSTITUINDOUM
FACTORPOTENCIADORDAQUALIDADEDAEXPERI¯NCIADEUTILIZA²µODASDIVERSAS
PLATAFORMASINFORM·TICASECONSEQUENTEMENTEDOPR¦PRIOSERVI²O)NTERNET
SUPORTADONESSASPLATAFORMAS!SOLU²µODEASSIST¯NCIAINFORM·TICAEXCLUSIVA
VEMJUNTARSEAUMAVASTAOFERTADESOLU²¤ESINERENTESAQUEMUTILIZA
EQUIPAMENTOSINFORM·TICOSCOMACESSO¸)NTERNETTAISCOMOASSOLU²¤ESDE
3EGURAN²A"IT$EFENDERCOMOFERTADEANTIV¬RUSPARACLIENTES3APO&IBRAE
!$3,INCLUINDO!NTISPYWARE!NTIPHISHINGE%NCRIPTA²µODE-ENSAGENS
237,086
&RPRIHUWDSDUDWDEOHWV
!/PTIMUSANUNCIOUOLAN²AMENTONA
SUAGAMA+ANGURUDOSCART¤ES-ICRO3)-
DESTINADOSAOSNOVOSEQUIPAMENTOSDE
ACESSO¸)NTERNETDESIGNADOSPORTABLETS
!DISPONIBILIZA²µODOSERVI²O/PTIMUS
+ANGURUIR·PERMITIRAOSUTILIZADORESDESTES
NOVOSEQUIPAMENTOSTIRARPLENOPARTIDODASSUAS
POTENCIALIDADESPROPORCIONANDOTODASASVANTAGENSDOSERVI²OPIONEIRO
EL¬DERDABANDALARGASEMlOSEM0ORTUGALNOMEADAMENTEUMAGAMA
COMPLETADETARIF·RIOSEUMAELEVADAQUALIDADEDESERVI²ORECONHECIDA
PORENTIDADESINDEPENDENTES!/PTIMUSDISPONIBILIZAPARAESTES
EQUIPAMENTOSTODAAGAMADETARIF·RIOS/PTIMUS+ANGURUCOMDESTAQUE
PARAOSTARIF·RIOS8PRESS)LIMITADOSEOSTARIF·RIOS"ASICE3TARTQUE
DISP¤EMDOMAISAVAN²ADOSISTEMADECONTROLODECONSUMOS
HUHYHODWHOHPµYHO%RVWRQ$QGURLG
!/PTIMUSACABADELAN²ARNOMERCADOPORTUGU¯SO/PTIMUS"OSTON
!NDROIDOPRIMEIROSMARTPHONEDEMARCAPR¦PRIACOMSISTEMAOPERATIVO
DA'OOGLEO!NDROIDVERSµO2EFOR²ANDOASUAOFERTADESMARTPHONES
EDANDOCONTINUIDADE¸ESTRAT°GIADEDEMOCRATIZA²µONOACESSOA
EQUIPAMENTOSCOMESTASCARACTER¬STICASO/PTIMUS"OSTON!NDROID
DESTACASEPELARAPIDEZDOSEUDESEMPENHOAPLICA²¤ESDISPON¬VEISE
PELOPRE²ODEEUROS2ECORDESEQUEFOIPRECISAMENTEAPENSAR
NESTETIPODETELEM¦VEISMAISSOlSTICADOSnSMARTPHONESnENOSCLIENTES
QUEPRETENDEMFAZERUMAUTILIZA²µOINTENSIVAMASDESPREOCUPADADE
TODASASFUNCIONALIDADESASSENTESNOACESSO¸)NTERNETQUEA/PTIMUS
LAN²OURECENTEMENTEUMLEQUEDETARIF·RIOSESPECIAISECOMTOTALCONTROLO
DECUSTOSAPARTIRDEAPENASEUROSPORSEMANA%QUIPADOPARADAR
RESPOSTA¸CRESCENTENECESSIDADEDEOSUTILIZADORESTEREMUMACESSO
PERMANENTEASERVI²OSECONTE DOS
M¦VEISATRAV°SDA)NTERNETO
/PTIMUS"OSTON!NDROIDPOSSUI
OSISTEMAOPERATIVODA'OOGLE
n!NDROIDCOMAVERSµO%STE
SISTEMAOPERATIVODESTACASEPELA
EXTREMAFACILIDADEDEUTILIZA²µO
PERSONALIZA²µOEINTERAC²µOCOM
A)NTERNETEOSSERVI²OS'OOGLE
nDESDEO'MAILAT°AO'OOGLE
-APSSEMESQUECERO9OUTUBEEO
'OOGLE3EARCH
=21
&RP&DQDLV3UHPLXP
SU«SDJRV
!:ONLAN²OUUMNOVOPRODUTOCOMERCIALDE46
CANAIS0REMIUMEMREGIMEPR°PAGO4RATASEDE
UMNOVOMODELODEVENDADECANAIS0REMIUM
QUEMATERIALIZAUMSERVI²OJ·EXISTENTE
PERMITINDOACOMERCIALIZA²µOEMEXCLUSIVONAS
,OJAS:ONDEDIVERSOSCANAIS0REMIUMPOR
PER¬ODOSDEUMTR¯SOUSEISMESESEMREGIME
DEPR°PAGAMENTO/OBJECTIVO°PROMOVERA
OFERTADECANAIS0REMIUMECOMPLEMENTARO
PRODUTOEXISTENTE/SCANAIS0REMIUMPELASUA
DIVERSIDADEEQUALIDADET¯MPOTENCIALPARA
SEUTILIZAREMCOMOPRESENTESDEUMAFORMA
CRIATIVAEORIGINALSEMPER¬ODODElDELIZA²µOE
SEMAPARECERNAFACTURAMENSAL.UMAPRIMEIRA
FASEAOFERTAAVAN²ACOMOSCANAIS0REMIUM
46#INE46'LOBO#A²AE0ESCA$ISNEY3PORT
46E3PORT46($POSSIBILITANDOPOR
EXEMPLOAVISUALIZA²µODOSJOGOSDO-UNDIAL
DURANTEOM¯SEMQUEDECORREO#AMPEONATO
0OSTERIORMENTEAOFERTAINCLUIR·TAMB°MO
0LAYBOY460ARAADQUIRIRESTENOVOPRODUTO
NµO°NECESS·RIOSERCLIENTE:ON"ASTAIRAUMA
LOJADAMARCAEADQUIRIROCANAL0REMIUMPR°
PAGOCORRESPONDENTE¸OFERTADESEJADA0ARA
BENElCIARDAOFERTA°NOENTANTONECESS·RIOQUE
ODESTINAT·RIOSEJACLIENTE:ONEDISPONHADE
EQUIPAMENTODIGITALCABOOUSAT°LITE
*ULHO&2081,&$‰—(6
gif[lkfj
0(2
$SUHVHQWD0XQGLDOGH)XWHEROHP'
92'$)21(32578*$/
/DQ©DRIHUWDGHïEUDã
$EPOISDO%STORIL/PENEDO2OLAND'ARROSO-EO
DISPONIBILIZOUEMEXCLUSIVOOMAIOREVENTODESPORTIVO
DOMUNDODEEM$nO-UNDIALDE&UTEBOL
/-EO,IVEIT7ELL%VENTSEA240UNIRAMSEPARATRAZER
A0ORTUGALOSMELHORESJOGOSDO-UNDIALEM$/-EO
TROUXEAOSPORTUGUESESO-UNDIALDE&UTEBOLEM4RUE$
ATRAV°SDEEMISS¤ESEMEXCLUSIVONO#AMPO0EQUENO
EM,ISBOAENASSALASDA5#)NO!RR·BIDA3HOPPINGNO
0ORTO/TµOESPERADO0ORTUGALX"RASILOSQUARTOSDE
lNALASMEIASlNAISEAlNALNUMTOTALDEOITOJOGOS
FORAMTRANSMITIDOSEM$EMDIRECTOEEMEXCLUSIVO
NESTESLOCAIS/SCLIENTES-EOPUDERAMACED¯LOSEM
CONDI²¤ESESPECIAISEURO/SCLIENTES-EOPUDERAM
AINDAASSISTIRATODOSOSJOGOSDO-UNDIALDE&UTEBOLEM
ALTADElNI²µOCOMOSJOGOSEMDIRECTONA3PORT46
($EJOGOSEMDIRECTONA240($
!6ODAFONEACABADELAN²AROSEUSERVI²OlXOTRIPLEPLAYnVOZ
)NTERNETETELEVISµOnSUPORTADONASUAPR¦PRIAREDEDElBRA¦PTICA
$ESIGNADO6ODAFONE#ASACOM&IBRAONOVOSERVI²OPROPORCIONA
DESDEJ·VELOCIDADESDEACESSO¸)NTERNETAT°-BPSSENDOA
MAISR·PIDADOMERCADOETELEVISµODEALTADElNI²µOSEMLIMITE
DEN MERODETELEVISORESCOMACESSOAOSERVI²ODETELEVISµOBASE
EMQUALQUERDIVISµODACASASEMQUALQUERCUSTOADICIONAL.ESTA
FASEDELAN²AMENTOOSERVI²OEST·DISPON¬VELEMALGUMAS·REASDOS
CONCELHOSDE,ISBOAE!LMADAALARGANDOSEACURTOPRAZOAOUTRAS
ZONASURBANASLIM¬TROFESNOMEADAMENTEAOSCONCELHOSDE#ASCAIS
/EIRASE3INTRABEMCOMO¸CIDADEDO0ORTOPREVENDO
SECHEGARACERCADEMILCASASNA'RANDE,ISBOAE0ORTO0ARA
AL°MDACONSTRU²µODESTAREDEDENOVAGERA²µOA6ODAFONEEST·
ADESENVOLVERESFOR²OSPARACONCLUIRACORDOSDEPARCERIASCOM
OUTROSTITULARESDE2.'PARAAL°MDAJ·ANUNCIADAPARCERIACOMA
3ONAECOMQUEPOSSIBILITEMOALARGAMENTODAREDEAOUTRASZONAS
URBANASDO0A¬STENDOPOROBJECTIVODISPONIBILIZARASUAOFERTADE
lBRAAMAISDEUMMILHµODECASAS
ãHDQXQFLD0%SDUDQHFHVVLGDGHVHVSHFLDLV
!6ODAFONELAN²OUUMAVERSµOACESS¬VELDOSERVI²O-"0HONEQUE
POSSIBILITAQUEDElCIENTESVISUAISCEGOSEPESSOASCOMBAIXAVISµO
EFECTUEMAPARTIRDOTELEM¦VELUMAS°RIEDEOPERA²¤ESBANC·RIAS
DISPON¬VEISNASCAIXAS-ULTIBANCO%MCONJUNTOCOMO6ODAFONE3AY
nOSOFTWAREQUED·VOZ¸SOPERA²¤ESDOTELEFONEnANOVASOLU²µO
DOSERVI²O-"0HONEPERMITEADElCIENTESVISUAISACEDEREMATODAS
ASFUNCIONALIDADESDOSERVI²OATRAV°SDECONVERSµODETEXTOEMVOZ
443n4EXTTO3PEECH/SDElCIENTESVISUAISCEGOSEPESSOASCOM
BAIXAVISµOPASSAMASSIMAPODEREFECTUARDIVERSASOPERA²¤ESCOM
OSEUTELEM¦VELCONSULTAROSALDOEOS
MOVIMENTOSDECONTASBANC·RIAS
EFECTUARTRANSFER¯NCIASENTRECONTAS
PAGARSERVI²OSCOMOOTELEFONEA
·GUAOUALUZENTREOUTRAS!MBAS
ASAPLICA²¤ESn6ODAFONE3AYE
-"0HONEnSµOGRATUITASPARAOS
CLIENTESDA6ODAFONE0ARACOME²ARA
UTILIZAROSERVI²O-"0HONEOCLIENTE
APENASTEMDEINSTALARAAPLICA²µO
NOTELEFONEATRAV°SDEUMADAS
SEGUINTESFORMASENVIARUM3-3
COMOTEXTO4-"PARAON MERO
ESEGUIROLINKRECEBIDOOU
TELEFONARPARAON MERO
SELECCIONARAOP²µOESEGUIRO
LINKRECEBIDO
&2081,&$‰—(6*ULHO
$/&$7(//8&(17(+3
-XQWDVQDVVROX©·HVGHFRPXQLFD©¥R
!SDUASFABRICANTESANUNCIARAMUMAPARCERIA
PARAASSOLU²¤ESDECOMUNICA²µOPERMITINDO
QUEOSCLIENTESPOSSAMMAISFACILMENTEADOPTAR
EIMPLEMENTARCOMUNICA²¤ESECOLABORA²µO
UNIlCADAS5##PARAGERARMAIORVALOR
ORGANIZACIONAL/ACORDOPERMITEQUEA(0EA
!LCATEL,UCENTOFERE²AMSOLU²¤ES5##END
TOENDAOSCLIENTES%SSASSOLU²¤ESUTILIZAM
ACONVERG¯NCIADASTELECOMUNICA²¤ESE4)PARA
TRANSFORMARAFORMACOMOOSCLIENTESUSAMOS
SERVI²OS5##h/SCLIENTESPRETENDEMUMA
ABORDAGEMHOL¬STICAFOCADANAPRESTA²µODE
SERVI²OSQUEMAXIMIZEOSEUINVESTIMENTOEM
COMUNICA²¤ESECOLABORA²µOUNIlCADASvREFERE
#ARLOS*ANICASDIRECTORGERALDA(00ORTUGAL
h4EMOSOMESMOTIPODEABORDAGEMDASSOLU²¤ES
CONCEBIDASPARADARRESPOSTA¸SEXIG¯NCIASDE
CADACLIENTE!(0EA!LCATEL,UCENTINICIARAMUMA
ESTREITARELA²µOQUEIR·PERMITIRQUEEMPRESASEM
TODOOMUNDOPOSSAMREDUZIRCUSTOSMELHORAR
APRODUTIVIDADEEOPTIMIZARAEXPERI¯NCIADOS
CLIENTESEMTODOOAMBIENTE5##vDIZ!NT¦NIO
"EATO4EIXEIRAPRESIDENTEDA!LCATEL,UCENT0ORTUGAL
+3
5HYHODFDPSDQKDÝ(QWUHQR-RJRÞ
!(0ACABADELAN²ARACAMPANHA
h%NTRANO*OGOvATRAV°SDAQUALOS
CLIENTESSERµOREEMBOLSADOSEM
EUROSNAAQUISI²µOCONJUNTADE
UM0#$ESKTOPUM-INIOUUM
PORT·TIL(0EDEUMAIMPRESSORA
MULTIFUN²¤ES(00HOTOSMART
!I/!PROVEITANDOO-UNDIAL
DE&UTEBOLETODOOENTUSIASMO
¸SUAVOLTAAEMPRESALAN²A
ESTANOVACAMPANHACOMUM
INCENTIVOEXTRAPARATIRARO
MAIORPARTIDODESTEEVENTOCOMA
TECNOLOGIA(0!CEDERAOSMELHORESLANCESDO-UNDIALCRIAR
OSPR¦PRIOSCONTE DOSIMPRIMIRASMELHORESFOTOGRAlASDOSJOGOSOU
SIMPLESMENTEJOGARTUDO°POSS¬VELCOMOSCOMPUTADORES(0ECOM
A(00HOTO3MART!OADQUIRIROSPRODUTOS(0OCLIENTEAPENASTER·
QUEEFECTUAROPEDIDOONLINEDEREEMBOLSODOSEUROSATRAV°SDO
SITEWWWHPPTENTRANOJOGO"ASTAPREENCHERUMFORMUL·RIOEFAZER
OUPLOADDEUMAC¦PIAELECTR¦NICADOCOMPROVATIVODECOMPRADOS
PRODUTOSADQUIRIDOS!PROMO²µOEST·DISPON¬VELAT°DE*ULHO
=21
5HFHEHSU«PLRGHLQRYD©¥R
!:ONEMPARCERIACOMA3IGMAFORNECEDORDESISTEMASDE
INFORMA²µONA·READOAPROVISIONAMENTOT°CNICODESERVI²OSRECEBEU
O0R°MIO)NOVA²µOEMINFRAESTRUTURADEREDElXADA'LOBAL4ELECOMS
"USINESSPELOPROJECTOh4RANSFORMA²µODE3ERVI²Ov!:ONFOIA
NICAEMPRESANACIONALGALARDOADANESTACATEGORIA/S0R°MIOS
)NOVA²µODA'LOBAL4ELECOMS"USINESSDISTINGUEMOSPROJECTOSMAIS
INOVADORESEMCINCOCATEGORIASCHAVEINFRAESTRUTURADEREDElXA
INFRAESTRUTURAWIRELESSMELHORSERVI²OGROSSISTAMELHORSERVI²ODE
APOIOAOCONSUMIDOREMELHOROPORTUNIDADEDENEG¦CIO
/LAN²AMENTODEUMANOVAARQUITECTURADESISTEMASDEINFORMA²µO
TRADUZIUSEEMMELHORIASMUITOSIGNIlCATIVASNAINFRAESTRUTURA
DEREDEDA:ONNOMEADAMENTEATRAV°SDEUMNOVOSISTEMADE
PORTABILIDADEDON MEROUMNOVOMOTORDEGESTµODEENCOMENDAS
UMNOVOSISTEMADEAPROVISIONAMENTOT°CNICODESERVI²OSUMNOVO
SISTEMADEINVENT·RIODEREDEEDEMORADASGEOREFERENCIADASUM
NOVOSISTEMADEAGENDAMENTOEUMPORTAL NICODEATENDIMENTO
NµOT°CNICO%STEPROCESSOINICIADOEM!BRILDEPERMITIU¸
EMPRESACONCLUIRCOMSUCESSOATRANSFORMA²µODESERVI²OPARAUMA
OFERTATRIPLEQUADPLAYEDESTAFORMASERUMAREFER¯NCIANAINOVA²µO
TECNOL¦GICAAN¬VELINTERNACIONAL
12.,$6,(0(161(7:25.6
/LGHUDQDVUHGHVµSWLFDVGH*
!.OKIA3IEMENS.ETWORKSREVELOURECENTEMENTEO
$7$-$ENSE7AVELENGTH$IVISION-ULTIPLEXING
UMAPLATAFORMAQUEPERMITE¸SREDES¦PTICAS
MIGRARDOSACTUAISE'IGABITSPARAOS
'IGABITSCOMUMM¬NIMODEINVESTIMENTO'RA²AS¸
PLATAFORMAHI4$7$-EO4RANS.ETPARA
'ASINFRAESTRUTURASDElBRA¦PTICAPODERµOESTAR
APTASAFORNECERESTESERVI²OEESTASVELOCIDADESJ·
NOPRIMEIROTRIMESTREDOPR¦XIMOANO!TECNOLOGIA
&LEXI'RIDINCORPORADANAPLATAFORMAHI4$7$-
DA.OKIA3IEMENS.ETWORKSPOSSIBILITAAMIGRA²µO
PARAASREDES'COMUMACAPACIDADEDE
ADAPTA²µODIN¶MICA¸MEDIDADASNECESSIDADES
DOSCANAIS)STO°FEITOATRAV°SDAUTILIZA²µODA
EXISTENTEREDEDElBRADOOPERADORSEMCAUSAR
QUALQUERDISRUP²µONOSERVI²O0ARAAL°M
DISSOAREDE4RANS.ETDAFABRICANTEPERMITEAOS
FORNECEDORESDESERVI²OPLANEARESIMULARTODAA
REDE¦PTICAOPTIMIZANDOASSIMAOM·XIMOASUA
DISPONIBILIZA²µODOSCLIENTESlNAIS
$/&$7(//8&(17
(QVDLDWHFQRORJLD(WKHUQHW*
!6ERIZONLEVOURECENTEMENTEACABOUMENSAIONO
TERRENOQUELHEPERMITIUENCAMINHAROTR·FEGO%THERNET
AUMAVELOCIDADEDE'IGABITSPORSEGUNDO'S
NUMAINFRAESTRUTURA%THERNETMETROPOLITANA5TILIZANDO
OEQUIPAMENTO!LCATEL,UCENTDISPON¬VELNAREDE
DE3ERVI²OS%THERNET#OMUTADOS3%3AOPERADORA
NORTEAMERICANACONSEGUIUOBTERCOM¯XITOUMmUXO
CONSTANTEAOLONGODEKMMILHASDElBRA
¦PTICANASUAREDEDAREGIµODE$ALLAS/ENSAIOQUE
DECORREUENTREEDE*UNHOUTILIZOUOEQUIPAMENTO
DECOMUTA²µO!LCATEL,UCENTJ·EXISTENTEMASCOM
ASNOVASCARTASDELIGA²µODEMODOAFAZERmUIROTR·FEGO
NATIVODE'%SOBREUMA NICAlBRAPROPORCIONANDO
ASSIMLIGA²¤ESDEALTAVELOCIDADE/SN¦S%33
DAFABRICANTEUTILIZARAMINTERFACESDESERVI²O'%
COMSISTEMAS¦PTICOS'"!3%,2QUEPERMITEM
OTRANSPORTEDOTR·FEGODEALTAVELOCIDADEPELOM¬NIMO
CUSTOAOLONGODEDIST¶NCIASAT°KM
*ULHO&2081,&$‰—(6
X^\e[X
Alc_f
5NIVERSIDADE!UT¦NOMA
DE"ARCELONA
HTTPPSICOLOGIASOCIALUAB
ESEFORTT?CONFERENCE%FORTT
#ONFERENCEHTML
(*
H$FFHVVÚØ
7HFKQRORJ\IRUDOO
,ONDRES)NGLATERRA
(EADMASTEREVENTS
HTTPWWWHEADSTAREVENTS
COMEACCESS
ELODIE HEADSTAREVENTSCOM
EFORTTCONFERENCE GMAILCOM
(*X(.
UG6XPPHU6FKRRORQ
1HWZRUNDQG,QIRUPDWLRQ
6HFXULW\1,6Û
#RETA'R°CIA
%UROPEAN.ETWORKAND
)NFORMATION3ECURITY!GENCY
(+X(-
WK,QWHUQDWLRQDO
&RQIHUHQFHRQ
&RPSXWHUV+HOSLQJ
3HRSOHZLWK6SHFLDO
1HHGV,&&+3
6IENAÔUSTRIA
*OHANNES+EPLER5NIVERSIT´T
HTTPWWWICCHPORG
)0X*(
HTTPWWWNISSUMMER
SCHOOLEU
ADMIN NISSUMMERSCHOOLEU
(*X(.
3ULYDF\DQG6HFXULW\
LQWKH)XWXUH,QWHUQHW
Ø6XPPHU6FKRRO
(ERSONISSOS'R°CIA
%.)3!
HTTPWWWNISSUMMER
SCHOOLEU
,$',6,QWHUQDWLRQDO
&RQIHUHQFHH+HDOWK
&RIBURGO!LEMANHA
)!$)3
HTTPWWWEHEALTHCONFORG
SECRETARIAT EHEALTHCONFORG
J\k\dYif
ADMIN NISSUMMERSCHOOLEU
(+\(,
,QWHJUDWLQJ,QQRYDWLRQ
DQG,QYHVWPHQWWKH
$PELHQW$VVLVWHG/LYLQJ
,QYHVWPHQW)RUXP
/DENSE$INAMARCA
-INIST°RIODA#I¯NCIAEDA
)NOVA²µO
.
0RELOH+&,
ØGHDGOLQHIRU
FRQWULEXWLRQVLV
0D\
,ISBOA0ORTUGAL
HTTPWWWHAPTIMAP
ORGEVENTSORGANIZEDEVENTS
MOBILEHCIHTML
CHARLOTTEMAGNUSSON CERTECLTHSE
(*\(+
HTTPWWWAALFORUMEU
PROlLESBLOGSINTRODUCINGTHE
AALINVESTMENT
SILASOLSSON AALEUROPEEU
))
'2623(5$'25(6
-8',&,$,6$2&,'$'…2
8PD-XVWL©D(ïFD]
#ENTRO#ULTURALDE"EL°M,ISBOA
!0$#
WWWAPDCPT
APDC APDCPT
H,QFOXVLRQRI<RXWKDW
5LVNØ,1&/862
FRQIHUHQFH
,EUVEN"°LGICA
)NCLUSO0ROJECT
HTTPWWWINCLUSOORG
CONFERENCE
INFORMATION INCLUSOORG
(*\(+
$JHLQJZLWKWHFKQRORJLHV
DSDUWLFLSDWLYHFRQIHUHQFH
RQFDUHLQ(XURSH
"ARCELONA%SPANHA
&2081,&$‰—(6*ULHO
)*
,QIRUPDWLRQ6HFXULW\
0ORTO
)$#
HTTPWWWIDCPTEVENTS
EVENTOS?JSP
PORTUGAL IDCCOM
).X)0
,&7Ø0DUN\RXU
FDOHQGDUIRU(XURSHÛV
PRVWYLVLEOHIRUXPRQ,&7
UHVHDUFKDQGLQQRYDWLRQ
"RUXELAS"°LGICA
#OMISSµO%UROPEIA
HTTPECEUROPAEU
INFORMATION?SOCIETY
NEWSROOMCFITEMLONGDETAIL
CFMITEM?ID
FlklYif
+\,
$VVLVWLYH7HFKQRORJ\
WHFKQRORJ\WUDQVIHU
3HEFlELD2EINO5NIDO
5NIVERSIDADEDE3HEFlELD
HTTPWWWSPARCACUK
WORKSHOPSATTT
PACATT WORKSHOP GOOGLEMAIL
COM
-X0
$FFHVVIRU$OOLQWKH
GHVNWRSZHEDQG
PRELOHïHOGDQ
HQGXVHUDQGGHYHORSHU
SHUVSHFWLYH
3EVILHA%SPANHA
!EGIS0ROJECT
WWWAEGISPROJECTEU
INFO AEGISPROJECTEU
0
'$'(2878%52
‚6)$0/,$6
$(GXFD©¥RQXP0XQGR
HP0XGDQ©D
#ENTRO#ULTURALDE"EL°M,ISBOA
!0$#
WWWAPDCPT
APDC APDCPT
()X(+
0HG7HFK)RUXP
"RUXELAS"°LGICA
%UCOMED
HTTPWWWMEDTECHFORUM
EUCONTACT
INFO MEDTECHFORUMEU
(*\(+
'LUHFWLRQV
#ENTRODE#ONGRESSOS
DO%STORIL,ISBOA
(/X)(
*:RUOG
#HICAGO%5!
9ANKEE'ROUP
HTTPGWORLDCOM
INFO TRENDSMEDIACOM
).X)0
H&KDOOHQJHVH
&RQIHUHQFH
6ARS¦VIA0OL¦NIA
)%%%
HTTPWWWECHALLENGESORG
EDEFAULTASPPAGECP
Efm\dYif
(/\(0
|&RQJUHVVR
GDV&RPXQLFD©·HV
#ENTRODE#ONGRESSOSDE,ISBOA
!0$#
WWWAPDCPT
APDC APDCPT
)0X([\
;\q\dYif
,QWHUQHWRI7KLQJV
&RQIHUHQFH
4¦QUIO*APµO
+EIO5NIVERSITY
HTTPWWWIOTORG
INFO IOTORG
;\q\dYif
(X*
2QOLQH(GXFD%HUOLQ
"ERLIM!LEMANHA
)#7%'MB(
HTTPWWWONLINEEDUCACOM
INFO ONLINEEDUCACOM
=\m\i\`if)'((
)*X)/
)LIWK,QWHUQDWLRQDO
&RQIHUHQFHRQ'LJLWDO
6RFLHW\Ø,&'6
)$#
HTTPWWWIDCPTEVENTS
EVENTOS?JSP
'UADELOUPE&RAN²A
)!2)!
HTTPWWWIARIAORG
CONFERENCES)#$3HTML
PORTUGAL IDCCOM
WEBMASTER IARIAORG
Mais de 100 dos nossos clientes
têm já instalada a Estação Base
Flexi MultiRadio, preparada para
o LTE.
Disponibilizamos o serviço
de voz em LTE de alta qualidade
e em completa conformidade
com a iniciativa One Voice.
Realizámos a primeira
chamada LTE do mundo
com uma Estação Base
e software comercial.
1
Somos a empresa
que até à data mais
contratos conseguiu para o
fornecimento de redes comerciais LTE.
www.nokiasiemensnetworks.com/LTE
O nosso handover
de LTE com software
comercial foi o primeiro
a nível mundial.