'$'26'(&23

$/,&(08152

9LGDTXHULGD

&RQWRV

7UDGXomR&DHWDQR:*DOLQGR

6XPiULR

4XHFKHJXHDR-DSmR$PXQGVHQ'HL[DQGR0DYHUOH\&DVFDOKR5HFDQWR2UJXOKR&RUULH7UHP&RPYLVWDSDUDRODJR'ROO\

),1$/(2ROKR1RLWH9R]HV9LGDTXHULGD

4XHFKHJXHDR-DSmR

4XDQGR3HWHUS{VDPDODGHODQRWUHPHOHSDUHFHXTXHUHUVXPLUORJRGHYLVWD0DVQmRLUHPERUD(OHH[SOLFRXDHODTXHVLPSOHVPHQWHUHFHDYDTXHRWUHPIRVVHFRPHoDUDVHPRYHU'DSODWDIRUPDROKDQGRSDUDDMDQHODGHODVOiHPFLPDHOHILFRXDFHQDQGR6RUULQGRDFHQDQGR2VRUULVR SDUD .DW\ HUD DEHUWR HQVRODUDGR VHP XPD ~QLFD VRPEUD GH G~YLGD FRPR VH HOHDFUHGLWDVVHTXHHODFRQWLQXDULDVHQGRXPHQFDQWRSDUDHOHHHOHSDUDHODSDUDVHPSUH2VRUULVRSDUD VXD PXOKHU SDUHFLD HVSHUDQoRVR H FRQILDQWH H KDYLD QHOH DOJXP WLSR GH GHWHUPLQDomR$OJXPDFRLVD TXHQmRSRGLD IDFLOPHQWH VHU SRVWD HPSDODYUDV H TXHQDYHUGDGH WDOYH]QXQFDSXGHVVH6H*UHWD WLYHVVHPHQFLRQDGRXPDFRLVDGHVVDVHOH WHULDGLWR1mRVHMDULGtFXOD(HODWHULD FRQFRUGDGR FRP HOH DFKDQGR TXH QmR HUD QRUPDO TXH SHVVRDV TXH VH YLDP WRGR GLD RWHPSRWRGRWLYHVVHPTXHILFDUVHGDQGRTXDOTXHUWLSRGHH[SOLFDo}HV

4XDQGR3HWHU HUD EHEr DPmHGHOH R FDUUHJRX DWUDYpVGHXPDVPRQWDQKDV FXMRQRPH*UHWD YLYLD HVTXHFHQGR SDUD VDLU GD7FKHFRVORYiTXLD VRYLpWLFD H HQWUDU QD(XURSD2FLGHQWDO7LQKDPDLVJHQWHFODUR2SDLGH3HWHUTXHULDWHULGRFRPHOHVPDVWLQKDVLGRPDQGDGRSDUDXPVDQDWyULR ORJR DQWHV GD GDWD GD SDUWLGD VHFUHWD $ LGHLD HUD TXH HOH IRVVH DWUiV GHOHV TXDQGRSXGHVVHPDVDFDERXPRUUHQGR

(XOLXPDVKLVWyULDVDVVLP*UHWDGLVVHTXDQGR3HWHUIDORXQLVVRSHODSULPHLUDYH](ODH[SOLFRXFRPRQDVKLVWyULDVREHErFRPHoDYDDFKRUDUHLQYDULDYHOPHQWHWLQKDTXHVHUVXIRFDGRRXHVWUDQJXODGRSDUDREDUXOKRQmRS{UWRGRRJUXSRGHLOHJDLVHPULVFR

3HWHUGLVVHTXHQXQFDWLQKDRXYLGRXPDKLVWyULDGHVVDVHQmRVDEHULDGL]HURTXHVXDPmHIDULDHPWDLVFLUFXQVWkQFLDV

0DV R TXH HOD IH] PHVPR IRL FKHJDU j &RO~PELD %ULWkQLFD RQGH PHOKRURX R LQJOrV HFRQVHJXLXXPHPSUHJRGHSURIHVVRUDGRTXHHQWmRVHFKDPDYD3UiWLFDV&RPHUFLDLVSDUDDOXQRVGRFROHJLDO(ODFULRX3HWHUVR]LQKDHRPDQGRXSDUDDXQLYHUVLGDGHHDJRUDHOHHUDHQJHQKHLUR

4XDQGRHODLDDRDSDUWDPHQWRGHOHVHPDLVWDUGHjFDVDGHOHVVHPSUHILFDYDVHQWDGDQDVDODGHHQWUDGD VHP QXQFD HQWUDU QD FR]LQKD DPHQRV TXH*UHWD D FRQYLGDVVH (UD R MHLWR GHOD (ODOHYDYDRQmRSUHVWDU DWHQomR DR H[WUHPR1mRSUHVWDU DWHQomR QmR VHPHWHU QmRGDU SDOSLWHPXLWRHPERUDGHL[DVVHDQRUDPXLWRSDUDWUiVHPWRGDHTXDOTXHUDUWHRXRItFLRGRODU

$OpPGLVVRHODVHOLYURXGRDSDUWDPHQWRRQGH3HWHUKDYLDFUHVFLGRHVHPXGRXSDUDXPPHQRUVHPTXDUWRTXHVyWLQKDHVSDoRSDUDXPVRIiFDPD(QWmR3HWHUQmRSRGHYLUILFDUQDFDVDGDPDPmH"*UHWDSURYRFRXPDVHODIH]FDUDGHHVSDQWDGD3LDGDVDID]LDPVRIUHU7DOYH]IRVVHXPSUREOHPDGHOtQJXD0DVRLQJOrVDJRUDHUDDOtQJXDKDELWXDOGHODHQDYHUGDGHHUDD~QLFDOtQJXDTXH3HWHUVDELD(OHWLQKDHVWXGDGR3UiWLFDV&RPHUFLDLVHPERUDQmRFRPDPmHTXDQGR*UHWDHVWDYDHVWXGDQGRR3DUDtVRSHUGLGR(ODHYLWDYDWXGRTXHHUD~WLOFRPRVHIRVVHXPDGRHQoDFRQWDJLRVD$SDUHQWHPHQWHHOHID]LDRFRQWUiULR

&RPRYLGURHQWUHHOHVHVHPTXH.DW\ GHL[DVVHRVDFHQRVGLPLQXtUHPGHYHORFLGDGHHOHVVHSHUPLWLUDPWURFDUH[SUHVV}HVGHXPDERDYRQWDGHF{PLFDRXDWpLQVDQD(ODSHQVRXHPFRPRHOH HUD ERQLWR H FRPR SDUHFLD QmR WHU FRQVFLrQFLD GLVVR (OH HVWDYD FRP R FDEHOR FRUWDGR jHVFRYLQKD QD PRGD QD pSRFD VREUHWXGR VH YRFr HUD DOJXPD FRLVD SDUHFLGD FRP XPHQJHQKHLURHDSHOHFODUDGHOHQXQFDFRUDYDFRPRDGHODQXQFDILFDYDFRPPDQFKLQKDVGHVROPDVHVWDYDVHPSUHXQLIRUPHPHQWHEURQ]HDGDHPTXDOTXHUHVWDomRGRDQR

$VRSLQL}HVGHOHHUDPDOJRSDUHFLGDVFRPVXDFRPSOHLomR4XDQGRHOHVLDPDRFLQHPDHOHQXQFDTXHULDIDODUGRILOPHGHSRLV'L]LDTXHWLQKDVLGREDFDQDRXEHPEDFDQDRXOHJDO1mRYLD VHQWLGR HP LU DOpP9LD WHOHYLVmR OLD XP OLYURPDLV RXPHQRV GRPHVPR MHLWR (OH WLQKDSDFLrQFLDFRPFRLVDVGRJrQHUR$VSHVVRDVTXHDUUDQMDYDPDTXLORWXGRSURYDYHOPHQWHHVWDYDPID]HQGRRPHOKRU TXHSRGLDP*UHWD GLVFXWLD SHUJXQWDQGR ULVSLGDPHQWH VH HOH GLULD DPHVPDFRLVDGHXPDSRQWH$VSHVVRDVTXHDFRQVWUXtUDPIL]HUDPRPHOKRUTXHSRGLDPPDVRPHOKRUTXHSRGLDPQmRHUDERPRVXILFLHQWHHQWmRDSRQWHGHVPRURQRX

(PYH]GHGLVFXWLUHOHVyULD1mRHUDDPHVPDFRLVDHOHGL]LD1mR"1mR*UHWDGHYLDWHUSHUFHELGRTXHHVVDDWLWXGHGHVOLJDGDWROHUDQWHHUDXPDErQomRSDUD

HODSRUTXHHODHUDSRHWDHKDYLDFRLVDVQRVSRHPDVGHODTXHGHPDQHLUDDOJXPDHUDPDOHJUHVRXIiFHLVGHH[SOLFDU

$PmHGH3HWHUHRSHVVRDOGRWUDEDOKRGHOHRVTXHVDELDPGHVVHIDWRDLQGDGL]LDPSRHWLVD (OD WLQKD WUHLQDGR 3HWHU SDUD QmR ID]HU LVVR 'H UHVWR QHQKXP WUHLQDPHQWR IRLQHFHVViULR 2V SDUHQWHV TXH HOD WLQKD GHL[DGR SDUD WUiV QD YLGD H DV SHVVRDV TXH HOD KRMHFRQKHFLD HQTXDQWR GHVHPSHQKDYD VHX SDSHO GH GRQD GH FDVD H PmH QmR WLQKDP TXH VHUWUHLQDGDVSRUTXHQDGDVDELDPDUHVSHLWRGHVVDSHFXOLDULGDGH

,D ILFDU FDGD YH] PDLV GLItFLO GH H[SOLFDU FRQIRUPH RV DQRV IRVVHP SDVVDQGR R TXHH[DWDPHQWHHUDRNQDTXHOHSHUtRGRHRTXHQmRHUD'DYDSDUDGL]HUHQILPRIHPLQLVPRQmRHUD0DVDtYRFr LD WHUTXHH[SOLFDUTXH IHPLQLVPRQmRHUDQHPXPDSDODYUDTXHDVSHVVRDVXVDYDP $t YRFr LD ILFDU WRGD HQURODGD GL]HQGR TXH WHU TXDOTXHU LGHLD VpULD TXHP GLUi XPDDPELomR RX TXHP VDEH DWp OHU XP OLYUR GH YHUGDGH SRGLD SDUHFHU XPD FRLVD VXVSHLWD FRPDOJXPDUHODomRFRPRIDWRGHVHXILOKRWHUSHJDGRSQHXPRQLDHXPFRPHQWiULRVREUHSROtWLFD

QXPD IHVWD GR HVFULWyULR SRGLD FXVWDU D SURPRomR GR VHX PDULGR ,QGHSHQGHQWH GR SDUWLGRSROtWLFR2SUREOHPDHUDXPDPXOKHUDEULUDPDWUDFD

$VSHVVRDVLDPULUHGL]HU$KFODURTXHYRFrHVWiEULQFDQGRHYRFrWHULDTXHGL]HU%RPPDVQmR WDQWRDVVLP$tHOD LDGL]HU0DVXPDFRLVDSRURXWUR ODGRHUDTXHVHYRFrHVWLYHVVHHVFUHYHQGR SRHVLD VHUPXOKHU HUD GH FHUWD IRUPDPDLV VHJXUR TXH VHU KRPHP (UD Dt TXH DSDODYUD SRHWLVD YLQKD D FDOKDU FRPR XPD UHGH GH ILRV GH DOJRGmRGRFH 3HWHU QmR SHQVDULDDVVLPHODGLVVHPDVOHPEUHVHTXHHOHQDVFHXQD(XURSD(OHWHULDHQWHQGLGRGHWRGRPRGRRTXHRVKRPHQVTXHWUDEDOKDYDPFRPHOHDFKDULDPGHVVDVFRLVDV

1RYHUmRGDTXHOH DQR3HWHU LDSDVVDUXPPrVRXTXHPVDEHPDLV VHRFXSDQGRGHXPWUDEDOKRTXHHVWDYDPID]HQGRHP/XQGEHPORQJHQDYHUGDGHRSRQWRPDLVDRQRUWHTXHGDYDSDUDDWLQJLUQRFRQWLQHQWH1mRKDYLDDFRPRGDo}HVSDUD.DW\ H*UHWD

0DV *UHWD PDQWLYHUDVH HP FRQWDWR FRP XPD PRoD TXH WLQKD WUDEDOKDGR FRP HOD QDELEOLRWHFDGH9DQFRXYHUTXHDJRUDHVWDYDFDVDGDHPRUDQGRHP7RURQWR(ODHRPDULGRLDPSDVVDUXPPrVQD(XURSDQDTXHOHYHUmRHOHHUDSURIHVVRUHHODKDYLDHVFULWRSDUD*UHWDSHUJXQWDQGR VH *UHWD H IDPtOLD SRGHULDP OKH ID]HU R IDYRU HOD HUD PXLWR HGXFDGD GHRFXSDU D FDVD GH 7RURQWR SRU XP WHPSR SDUD QmR GHL[iOD YD]LD ( *UHWD WLQKD UHVSRQGLGRFRQWDQGRGRWUDEDOKRGH3HWHUPDVDFHLWDQGRDRIHUWDSDUDHODHSDUD.DW\

(UDSRULVVRTXHDJRUDHOHVHVWDYDPDFHQDQGRVHPSDUDUQDSODWDIRUPDHQRWUHP

+DYLD XPD UHYLVWD QDTXHOH WHPSR FKDPDGD7KH (FKR $QVZHUV SXEOLFDGD VHPUHJXODULGDGHHP7RURQWR*UHWDWLQKDDFKDGRDUHYLVWDQDELEOLRWHFDHPDQGDGRXQVSRHPDV'RLVGHOHVWLQKDPVLGRSXEOLFDGRVHRUHVXOWDGRIRLTXHTXDQGRRHGLWRUGDUHYLVWDYLDMRXD9DQFRXYHUQRRXWRQRDQWHULRUHODIRLFRQYLGDGDSDUDXPDIHVWDFRPRXWURVHVFULWRUHVSDUDFRQKHFrOR$IHVWDIRLQDFDVDGHXPHVFULWRUFXMRQRPHOKHHUDIDPLOLDUSDUHFLDGHVGHTXHHODVHFRQKHFLDSRUJHQWH)RLQRILPGDWDUGHTXDQGR3HWHUDLQGDHVWDYDQRWUDEDOKRHQWmRHODFRQWUDWRXXPDEDE\ VLWWHU H SHJRX R {QLEXV1RUWK9DQFRXYHU SDVVDQGR SHOD SRQWH/LRQV*DWH H SHOR 6WDQOH\3DUN $t HOD WHYH TXH ILFDU HVSHUDQGR QD IUHQWH GD +XGVRQV %D\ SRU XP WUDMHWR ORQJR DWp RFDPSXVGDXQLYHUVLGDGHTXHHUDRQGHRHVFULWRUPRUDYD'HVFHQGRQRSRQWRILQDODFKRXDUXDHIRL DQGDQGR HQTXDQWR HVSLDYD RV Q~PHURV GDV FDVDV(OD HVWDYD GH VDOWR DOWR R TXH D GHL[DYDFRQVLGHUDYHOPHQWHPDLVOHQWD(WDPEpPHVWDYDFRPRYHVWLGRSUHWRPDLVVRILVWLFDGRTXHWLQKDGH]tSHUQDVFRVWDVHDJDUUDGRQDFLQWXUDHVHPSUHPHLRDSHUWDGRGHPDLVQRTXDGULO(ODILFDYDPHLR ULGtFXOD FRPDTXHOH YHVWLGR SHQVRX HQTXDQWR VHJXLDPHLR WURSHoDQGRSHODV UXDV FXUYDVVHP FDOoDGDV D ~QLFD SHVVRD SRU DOL QD WDUGH TXHPRUULD &DVDVPRGHUQDV MDQHODV LPHQVDVFRPR HP TXDOTXHU VXE~UELR HQGLQKHLUDGR QHP GH ORQJH R WLSR GH YL]LQKDQoD TXH HOD WLQKDLPDJLQDGR(ODHVWDYDFRPHoDQGRDVHSHUJXQWDUVHQmRKDYLDDQRWDGRHUUDGRRQRPHGDUXDHHVVH SHQVDPHQWR QmR D GHL[RX LQIHOL] (OD SRGLD YROWDU SDUD R SRQWR GH {QLEXV TXH WLQKD XPEDQTXLQKR3RGLDWLUDURVVDSDWRVHVHSUHSDUDUSDUDRORQJRWUDMHWRVROLWiULRGHYROWDSDUDFDVD

0DVTXDQGRYLXRVFDUURVHVWDFLRQDGRVYLXRQ~PHURHUDWDUGHGHPDLVSDUDYROWDUDWUiV9D]DYDEDUXOKRSHODSRUWDIHFKDGDHHODWHYHTXHWRFDUDFDPSDLQKDGXDVYH]HV

)RL UHFHELGDSRU XPDPXOKHU TXHSDUHFLD HVWDU HVSHUDQGRRXWUD SHVVRD5HFHELGD HUD DSDODYUDHUUDGDDPXOKHUDEULXDSRUWDH*UHWDGLVVHTXHGHYLDVHUDOLROXJDUGDIHVWD

2TXHSDUHFH" DPXOKHUGLVVHHVHDSRLRXQRXPEUDO$HQWUDGDILFRXEDUUDGDDWpTXHHOD *UHWD GLVVH 3RVVR HQWUDU" H YHLR XP PRYLPHQWR TXH SDUHFHX FDXVDU XPD GRUFRQVLGHUiYHO(ODQmRSHGLXD*UHWDSDUDVHJXLODPDV*UHWDDVHJXLXPHVPRDVVLP

1LQJXpP IDORX FRP HOD QHP SUHVWRX DWHQomR QHOD PDV GDOL D SRXFR XPD DGROHVFHQWHHQILRX QD FDUD GHOD XPD EDQGHMD FRP FRSRV GR TXH SDUHFLD VHU XPD OLPRQDGD FRUGHURVD*UHWDSHJRXXPFRSRHEHEHXLQWHLURGHXPVyJROHVHGHQWDDtSHJRXRXWUR(ODDJUDGHFHXDPHQLQDHWHQWRXFRPHoDUXPDFRQYHUVDVREUHDORQJDFDPLQKDGDQRFDORUPDVDPHQLQDQmRHVWDYDLQWHUHVVDGDHOKHGHXDVFRVWDVFRQWLQXDQGRRVHXWUDEDOKR

*UHWD VHJXLXHP IUHQWH(ODFRQWLQXDYD VRUULQGR1LQJXpPROKRXSDUDHOD FRPTXDOTXHUPRVWUD GH UHFRQKHFLPHQWR RX GH SUD]HU H SRU TXH GHYHULDP ID]rOR" 2V ROKRV GDV SHVVRDVHVFRUUHJDYDP D VXD YROWD H Dt HODV VHJXLDP FRP VXDV FRQYHUVDV 5LDP 7RGRPXQGRPHQRV*UHWD HVWDYD HTXLSDGR GH DPLJRV SLDGDVPHLRV VHJUHGRV WRGRPXQGR SDUHFLD WHU HQFRQWUDGRDOJXpP TXH OKH GHVVH DV ERDVYLQGDV $ QmR VHU RV DGROHVFHQWHV TXH ILFDYDP SDVVDQGRPDFDPE~]LRVFRPVXDVEHELGLQKDVFRUGHURVD

0DVHODQmRGHVLVWLXQmR$EHELGDHVWDYDDMXGDQGRHHODGHFLGLXTXHWRPDULDRXWUDDVVLPTXH D EDQGHMD DSDUHFHVVH3URFXURXXPD URGDTXHSDUHFHVVH HVWDU FRPXPEXUDFR RQGH HODSXGHVVH VH LQVHULU 3DUHFLD WHU HQFRQWUDGR XPD TXDQGR RXYLX QRPHV GH ILOPHV VHQGRPHQFLRQDGRV )LOPHV HXURSHXV FRPR RV TXH HVWDYDP FRPHoDQGR D SDVVDU HP 9DQFRXYHUQDTXHOD pSRFD(OD RXYLXRQRPHGHXPTXH HOD H3HWHU WLQKDP LGRYHU2V LQFRPSUHHQGLGRV$KHXYLHVVHDt(ODGLVVHLVVRHPYR]DOWDHHQWXVLiVWLFDHWRGDVGRJUXSRROKDUDPSDUDHODHXPGHOHVHYLGHQWHPHQWHXPSRUWDYR]GRJUXSRGLVVHePHVPR"

*UHWDHVWDYDErEDGDFODUR/LFRU1RGD3LPPVHVXFRURVDGHJUDSHIUXLWHQJROLGRjVSUHVVDV (OD QmR VH LQFRPRGRX FRP HVVD HVQREDGD FRPR SRGHULD WHU VH LQFRPRGDGR QXPDVLWXDomRQRUPDO6y IRL HP IUHQWH VDEHQGRTXHGHDOJXPDPDQHLUD WLQKDSHUGLGRRQRUWHPDVVHQWLQGR TXH QDTXHOD VDOD KDYLD XPD DWPRVIHUD DOJR LQHEULDGD GH SHUPLVVLYLGDGH H GDYD QDPHVPD QmR ID]HU DPLJRV HOD SRGLD VLPSOHVPHQWH ILFDU DQGDQGR j WRD H FULDU VHXV SUySULRVMXt]RV

(PEDL[RGHXPDDUFDGDKDYLDXPSXQKDGRGHJHQWHTXHHUDLPSRUWDQWH(ODYLXQRPHLRGH WRGRPXQGR R DQILWULmR R HVFULWRU FXMR QRPH H URVWR HOD FRQKHFLD KDYLD WDQWR WHPSR (OHIDODYDHPYR]DOWDHDFHOHUDGDHSDUHFLDKDYHUXPSHULJRHPWRUQRGHOHHGHXQVRXWURVKRPHQVFRPR VH HOHV HVWLYHVVHP WmR SURQWRV D FXVSLU XP [LQJDPHQWR TXDQWR D ROKDU SDUD YRFr $VPXOKHUHVGHOHVHODFRQFOXLXFRPSXQKDPRFtUFXORHPTXHHODWLQKDWHQWDGRVHHQFDL[DU

$PXOKHU TXH WLQKD DWHQGLGR D SRUWD QmR HVWDYD HP QHQKXP GHVVHV JUXSRV SRU VHU HODPHVPDHVFULWRUD*UHWDYLXTXHHODVHYLURXTXDQGRDFKDPDUDPSHORQRPH(UDRQRPHGHXPDFRODERUDGRUDGDUHYLVWDHPTXHHOD WDPEpPWLQKDVLGRSXEOLFDGD&RPHVVHVSUHFHGHQWHVVHUiTXHQmRHUDSRVVtYHOHODLUDWpOiHVHDSUHVHQWDU"8PDLJXDODSHVDUGDIULH]DjSRUWD"

0DV DJRUD D PXOKHU HVWDYD FRP D FDEHoD DSRLDGD QR RPEUR GR KRPHP TXH D WLQKDFKDPDGRSHORQRPHHHOHVQmRLDPUHFHEHUEHPXPDLQWHUUXSomR

(VVD LGHLD IH]*UHWD VHQWDU H FRPRQmR KDYLD FDGHLUDV HOD VHQWRX QR FKmR(OD SHQVRXXPD FRLVD 3HQVRX TXH TXDQGR LD FRP 3HWHU D XPD IHVWD GH HQJHQKHLURV D DWPRVIHUD HUDDJUDGiYHO DSHVDU GH R SDSR VHU FKDWR ,VVR HUD SRUTXH WRGR PXQGR WLQKD XPD LPSRUWkQFLDGHWHUPLQDGDHDFHLWDSHORPHQRVSRUXPWHPSR$TXLQLQJXpPHVWDYDVHJXUR3RGLDPIDODUGHYRFr SHODV FRVWDV PHVPR TXH YRFr IRVVH FRQKHFLGR H SXEOLFDGR 3DLUDYD VHPSUH XP DU GHHVSHUWH]DRXGHQHUYRVLVPRQmRLPSRUWDRQGHYRFrHVWLYHVVH

( HOD Mi HVWDYD ILFDQGR GHVHVSHUDGD SRU DOJXpP TXH FRPHoDVVH XPD FRQYHUVLQKDTXDOTXHU

4XDQGRGHVHQYROYHXD WHRULDGDDWPRVIHUDGHVDJUDGiYHOHODVHVHQWLXDOLYLDGDHQmRGHXPDLVPXLWDERODVHDOJXpPIDODYDRXQmRFRPHOD7LURXRVVDSDWRVHRDOtYLRIRLLPHQVR6HQWRXFRPDVFRVWDVDSRLDGDVQDSDUHGHHDVSHUQDVHVWLFDGDVQXPDGDVYLDVPHQRVWUDQVLWDGDVGDIHVWD(ODQmRTXHULDFRUUHURULVFRGHGHUUDPDURGULQTXHQRWDSHWHHQWmRYLURXRFRSR

8PKRPHPSDURXHDROKRXGHFLPD(OHSHUJXQWRX&RPRIRLTXHYRFrFKHJRXDTXL" 'DYDPSHQDGRVSpVSHVDGRVH FKDWRVGHOH'DYDSHQDGHTXDOTXHUXPTXH WLYHVVHTXH

ILFDUGHSp(ODGLVVHTXHWLQKDVLGRFRQYLGDGD&ODUR0DVYRFrYHLRGHFDUUR"$Sp0DVLVVRQmRIRLREDVWDQWHHORJRHODFRQVHJXLXGDUXPMHLWRGHHQWUHJDURTXH

IDOWDYD(XYLPGH{QLEXVHDtDQGHL8PGRVKRPHQVGRFtUFXORHVSHFLDODJRUDHVWDYDDWUiVGRFDUDGRVVDSDWRV(OHGLVVH,GHLD

H[FHOHQWH(OHGHIDWRSDUHFLDGLVSRVWRDFRQYHUVDUFRPHOD2SULPHLURKRPHPQmRGDYDPXLWDERODSDUDRRXWUR(OHWLQKDSHJDGRRVVDSDWRVGH*UHWD

SDUDHODPDVHODUHFXVRXH[SOLFDQGRTXHHOHVHUDPPXLWRDSHUWDGRV/HYHQDPmR2XHXOHYR9RFrFRQVHJXHVHOHYDQWDU"(ODSURFXURXRKRPHPPDLVLPSRUWDQWHSDUDDMXGiODPDVHOHQmRHVWDYDDOL$JRUDHOD

OHPEUDYDRTXHHOHWLQKDHVFULWR8PDSHoDVREUHRV'RXNKRERUVTXHKDYLDFDXVDGRXPJUDQGHIDODWyULR SRUTXH RV 'RXNKRERUV WHULDP TXH HVWDU QXV &ODUR TXH QmR HUDP 'RXNKRERUV GHYHUGDGHHUDPDWRUHV(QRILQDOQmRRVGHL[DUDPILFDUQXV

(ODWHQWRXH[SOLFDULVVRSDUDRKRPHPTXHDDMXGRXDVHOHYDQWDUPDVHOHGHILQLWLYDPHQWHQmR HVWDYD LQWHUHVVDGR (OD SHUJXQWRX R TXH HOH HVFUHYLD (OH GLVVH TXH QmR HUD HVVH WLSR GHHVFULWRU HUD MRUQDOLVWD(OH HVWDYDGHYLVLWDQD FDVD FRPR ILOKRH D ILOKD QHWRVGRV DQILWUL}HV(UDPHOHVDVFULDQoDVTXHSDVVDYDPFRPRVGULQTXHV

/HWDOHOHGLVVHVHUHIHULQGRjEHELGD&ULPLQRVR$JRUDHOHVHVWDYDPGR ODGRGHIRUD(ODDQGDYDVyGHPHLDVSHODJUDPDTXDVHSLVDQGR

QXPDSRoD$OJXpPYRPLWRXDTXLHODGLVVHDRVHXDFRPSDQKDQWHePHVPRHOHGLVVHHDDFRPRGRXQXPFDUUR2DUOiGHIRUDWLQKDDOWHUDGRRKXPRU

GHODGHXPr[WDVHLQWUDQTXLORSDUDDOJRTXHTXDVHFKHJDYDDRFRQVWUDQJLPHQWRRXDWpPHVPRjYHUJRQKD

1RUWH GH 9DQFRXYHU HOH GLVVH (OD GHYLD WHU OKH GLWR LVVR 7XGR EHP" 9DPRV LQGR/LRQV*DWH

(ODWRUFLDSDUDHOHQmRSHUJXQWDURTXHHODHVWDYDID]HQGRQDIHVWD6HWLYHVVHTXHGL]HUTXH

HUD SRHWD D VLWXDomR DWXDO GHOD DTXHOH H[FHVVR WRGR VHULD FRQVLGHUDGD KRUUHQGDPHQWH WtSLFD1mRHVWDYDHVFXUR Oi IRUDPDV MiHUDQRLWH$SDUHQWHPHQWHHOHVHVWDYDPVHJXLQGRQDGLUHomRFHUWDDFRPSDQKDQGRDiJXDHGHSRLVSHJDQGRXPDSRQWH$SRQWHGH%XUUDUG6WUHHW$tPDLVWUkQVLWR HOD YLD iUYRUHV SDVVDQGR FDGD YH] TXH DEULD RV ROKRV TXH Dt IHFKDYD GH QRYR VHPTXHUHU(ODVRXEHTXDQGRRFDUURSDURXTXHHUDFHGRGHPDLVSDUDHOHVHVWDUHPHPFDVD4XHUGL]HUQDFDVDGHOD

$TXHODVDUYRUH]RQDV IROKXGDVHPFLPDGHOHV1mRGDYDSDUDYHUQHQKXPDHVWUHOD0DVXPEULOKR]LQKRQDiJXDHQWUHDTXHOHOXJDURQGHHOHVHVWDYDPHDVOX]HVGDFLGDGH

6ySDUHXPSRXFRHSRQGHUHHOHGLVVH(ODILFRXHQOHYDGDFRPDSDODYUD3RQGHUH&RPRYRFr YDL HQWUDU HP FDVD SRU H[HPSOR9RFr FRQVHJXH ID]HU XP DU GLJQR"1mR

H[DJHUH,QGLIHUHQWH"3UHVXPRTXHYRFrWHQKDXPPDULGR3ULPHLURYRXWHUTXHWHDJUDGHFHUSRUPHWUD]HUHPFDVDHODGLVVH(DtYRFrYDLWHU

TXHPHGL]HUVHXQRPH(OH GLVVH TXH Mi WLQKD GLWR 3RVVLYHOPHQWH GXDV YH]HV 0DV GH QRYR WXGR EHP +DUULV

%HQQHWW%HQQHWW(OHHUDJHQURGRSHVVRDOTXHWLQKDGDGRDIHVWD(UDPRVILOKRVGHOHSDVVDQGRFRPDVEHELGDV(OHHHOHVHVWDYDPGHYLVLWDHUDPGH7RURQWR6DWLVIHLWD"

(OHVWrPPmH"7rPVLP0DVHODHVWiQRKRVSLWDO6LQWRPXLWR1mRVHSUHRFXSHeXPKRVSLWDOPXLWRVLPSiWLFR3DUDSUREOHPDVPHQWDLV2XWDOYH]YRFr

SUHILUDGL]HUSUREOHPDVHPRFLRQDLV(ODVHDSUHVVRXHPOKHGL]HUTXHVHXPDULGRVHFKDPDYD3HWHUHTXHHOHHUDHQJHQKHLURH

TXHHOHVWLQKDPXPDILOKDFKDPDGD.DW\ 3X[DTXHERPHOHGLVVHHVHDIDVWRXXPSRXFR1DSRQWH/LRQV*DWHHOHGLVVH0HGHVFXOSHSRUDJLUGDTXHOHMHLWR(XHVWDYDSHQVDQGRVH

LDRXQmRWHEHLMDUHGHFLGLTXHQmR(OD DFKRX TXH HOH HVWDYD GL]HQGR TXH DOJR QHOD QmR HVWDYD H[DWDPHQWH j DOWXUD GH XP

EHLMR$KXPLOKDomRIRLFRPRILFDUVyEULDFRPXPWDSD$JRUDTXDQGRDJHQWHSDVVDUSHODSRQWHDJHQWHVHJXHjGLUHLWDQD0DULQH'ULYH" HOH

FRQWLQXRX9RXFRQILDUQRTXHYRFrGLVVHU

'XUDQWHRRXWRQRHRLQYHUQRHDSULPDYHUDVHJXLQWHVQmRSDVVRXXPGLDVHPSHQVDUQHOH(UD FRPR WHU R PHVPtVVLPR VRQKR DVVLP TXH YRFr SHJD QR VRQR (OD DSRLDYD D FDEHoD QDDOPRIDGDGRHQFRVWRGR VRIiSHQVDQGRTXHHVWDYDGHLWDQGRQRVEUDoRVGHOH1mR VH HVSHUDULDTXHHODOHPEUDVVHFRPRHUDRURVWRGHOHPDVHOHDSDUHFLDHPGHWDOKHVRURVWRGHXPKRPHPHQUXJDGRHFRPXPDDSDUrQFLDDOJRFDQVDGDVDWtULFDXPVXMHLWRTXHQmRVDLPXLWRGHFDVD(QHP R FRUSR GHOH IDOWDYD DSUHVHQWDYDVH XP WDQWR JDVWR PDV FRPSHWHQWH H VLQJXODUPHQWHGHVHMiYHO

(OD TXDVH FKRUDYD GH GHVHMR ( QR HQWDQWR WRGD HVVD IDQWDVLD VXPLD HQWUDYD HP

KLEHUQDomRTXDQGR3HWHUYROWDYD2VDIHWRVFRWLGLDQRVVDOWDYDPSDUDDERFDGHFHQDFRQILiYHLVFRPRVHPSUH

2VRQKRQDYHUGDGHOHPEUDYDPXLWRRFOLPDGH9DQFRXYHUXPWLSRGHGHVHMRIXQHVWRXPDWULVWH]DOtULFDHFKXYRVDXPSHVRTXHFHUFDYDRFRUDomR

0DVHDUHFXVDGREHLMRTXHSRGLDSDUHFHUXPJROSHQDGDFDYDOKHLUHVFR"(ODVLPSOHVPHQWHDSDJRXHVVDSDUWH(VTXHFHXFRPSOHWDPHQWH( D SRHVLD GHOD" 1HP XP YHUVR QHP XPD SDODYUD 1HP XP VLQDO GH TXH HOD XP GLD

WLYHVVHGDGRLPSRUWkQFLDjTXLOR&ODURTXHHODGDYDHVSDoRSDUDHVVHVVXUWRVEDVLFDPHQWHTXDQGR.DW\ HVWDYDGRUPLQGR

VYH]HVHODGL]LDRQRPHGHOHHPYR]DOWDHQWUHJDYDVHj LPEHFLOLGDGH ,VVRVHJXLGRGHXPDYHUJRQKDDEUDVDGRUDHPTXHHODVHGHVSUH]DYD,PEHFLOLGDGHPHVPR,PEHFLO

$tYHLRXPEDTXHDSHUVSHFWLYDHGHSRLVDFHUWH]DGRWUDEDOKRHP/XQGDRIHUWDGDFDVDHP7RURQWR8PQtWLGRUDLRGHVROQDTXHOHFOLPDXPDFHVVRGHFRUDJHP

(ODVHYLXHVFUHYHQGRXPDFDUWD1mRFRPHoDYDGHQHQKXPMHLWRFRQYHQFLRQDO1DGDGH&DUR+DUULV1DGDGH/HPEUDGHPLP

(VFUHYHUHVWDFDUWDpFRPRFRORFDUXPELOKHWHQXPDJDUUDID(WRUFHU4XHFKHJXHDR-DSmR

$FRLVDPDLVSUy[LPDGHXPSRHPDHPDOJXPWHPSR(OD QmR WLQKD LGHLD GR HQGHUHoR7HYH D FRUDJHPH D WROLFH GH OLJDU SDUD R SHVVRDO TXH

WLQKDGDGRDIHVWD0DVTXDQGRDPXOKHUDWHQGHXVXDERFDILFRXVHFDHSDUHFLDWHURWDPDQKRGHXPDWXQGUDHHODWHYHTXHGHVOLJDU$tHODDUUDVWRX.DW\ DWpDELEOLRWHFDHHQFRQWURXXPDOLVWDWHOHI{QLFDGH7RURQWR+DYLDYiULRV%HQQHWWPDVQHQKXQ]LQKR+DUULVRX+%HQQHWW

(ODHQWmRWHYHXPDLGHLDUHSXOVLYDROKDUQRVRELWXiULRV1mRFRQVHJXLXVHGHWHU(VSHURXDWp TXH R KRPHP TXH HVWDYD OHQGR R H[HPSODU GD ELEOLRWHFD WHUPLQDVVH (OD QmR YLDQRUPDOPHQWHR MRUQDOGH7RURQWRSRUTXHHUDSUHFLVRSDVVDUSHODSRQWHSDUD FRPSUDU H3HWHUVHPSUH WUD]LD R9DQFRXYHU6XQ SDUD FDVD )DUIDOKDQGR DV SiJLQDV HOD ILQDOPHQWH HQFRQWURX RQRPHGHOHQRDOWRGHXPDFROXQD(QWmRHOHQmRHVWDYDPRUWR&ROXQLVWDGHMRUQDO/yJLFRTXHHOHQmRLDTXHUHUVHULQFRPRGDGRSRUSHVVRDVDRWHOHIRQHRSURFXUDQGRSHORQRPHHPFDVD

(OH HVFUHYLD VREUH SROtWLFD 2 WH[WR GHOH SDUHFLD LQWHOLJHQWH PDV HOD QmR GHX D PHQRULPSRUWkQFLDSDUDDTXLOR

(OD HQGHUHoRX D FDUWD TXH KDYLD HVFULWR SDUD Oi SDUD R MRUQDO 1mR WLQKD FRPR VHDVVHJXUDU GH TXH HOH DEULD D VXD FRUUHVSRQGrQFLD SHVVRDOPHQWH H DFKRX TXH HVFUHYHU3$57,&8/$5QRHQYHORSHHUDSHGLUSDUDGDUHUUDGRHQWmRHVFUHYHXVyRGLDHPTXHFKHJDULDHRKRUiULRGRWUHPGHSRLVGDTXLORGDJDUUDID6HPQRPH(ODDFKRXTXHDSHVVRDTXHDEULVVHRHQYHORSH SRGLD SHQVDU QXP SDUHQWH PDLV YHOKR GDGR D IUDVHDGRV O~GLFRV 1DGD TXH RFRPSURPHWHVVHPHVPR VXSRQGRTXHXPD FDUWD WmRSHFXOLDU DFDEDVVH VHQGRPDQGDGDSDUD D

FDVDGHOHHTXHDHVSRVDDEULVVHMiGHYROWDGRKRVSLWDO

.DW\ HYLGHQWHPHQWHQmR WLQKDHQWHQGLGRTXHR IDWRGH3HWHUHVWDU Oi IRUDQDSODWDIRUPDVLJQLILFDYD TXH HOH QmR LD YLDMDU FRP HODV 4XDQGR HODV FRPHoDUDP D DQGDU H HOH ILFRX HTXDQGRFRPYHORFLGDGHFDGDYH]PDLRUHODVRGHL[DUDPGHYH]SDUD WUiVHODQmRJRVWRXQDGDGHVVDGHVHUomR0DVORJRVHDTXLHWRXGL]HQGRD*UHWDTXHHOHLDFKHJDUGHPDQKm]LQKD

4XDQGRDTXHODKRUDFKHJRX*UHWDILFRXDSUHHQVLYDPDV.DW\ QHPVHTXHUPHQFLRQRXDDXVrQFLD*UHWDOKHSHUJXQWRXVHHODHVWDYDFRPIRPHHHODGLVVHTXHVLPHDtH[SOLFRXSDUDDPmHFRPR*UHWDWLQKDH[SOLFDGRDHODDQWHVDWpGHHODVHQWUDUHPQRWUHPTXHHODVDJRUDLDPWHUTXHWLUDURSLMDPDHLUWRPDURFDIpGDPDQKmHPRXWUROXJDU

2TXHYRFrTXHUGHFDIp"6XFRGHLOKRV,VVRTXHULDGL]HU6XFULOKRV9DPRVYHUVHWHP7LQKD$JRUDDJHQWHYDLDWUiVGRSDSDL"

+DYLDXPDiUHDGHUHFUHDomRSDUDDVFULDQoDVPDVHUDEHPSHTXHQD8PPHQLQRHXPDPHQLQD LUPmRV D MXOJDU SHODV URXSLQKDV GH FRHOKR TXH RV GRLV XVDYDP WLQKDP WRPDGRFRQWDGRHVSDoR$EULQFDGHLUDGHOHVFRQVLVWLDHPHPSXUUDUXQVFDUULQKRVXPFRQWUDRRXWURHDtGHVYLDUQR~OWLPRPRPHQWR%80&5(&%80

(VVDpD.DW\*UHWDGLVVH(XVRXDPmHGHOD&RPRpTXHYRFrVVHFKDPDP"$VFROLV}HVJDQKDUDPPDLVYHHPrQFLDPDVHOHVQmRHUJXHUDPRVROKRV2SDSDLQmRHVWiDTXLGLVVH.DW\ *UHWD GHFLGLX TXH HUDPHOKRU HODV YROWDUHP SDUD SHJDU R OLYUR GR&KULVWRSKHU 5RELQ H

OHYiORSDUDOHUQRYDJmRSDQRUkPLFR3URYDYHOPHQWHHODVQmRLDPLQFRPRGDUQLQJXpPSRUTXHR FDIp GD PDQKm QmR WLQKD DFDEDGR H DV SDLVDJHQV PRQWDQKRVDV LPSRUWDQWHV QHP WLQKDPFRPHoDGR

2 SUREOHPD HUD TXH DVVLP TXH HOD DFDEDYD R &KULVWRSKHU 5RELQ .DW\ TXHULD TXHFRPHoDVVHWXGRGHQRYRLPHGLDWDPHQWH'XUDQWHDSULPHLUDOHLWXUDHODILFRXTXLHWDPDVDJRUDFRPHoDYD D FRQWULEXLU FRP RV ILQDLV GDV IUDVHV 1D YH] VHJXLQWH HOD FDQWDURORX SDODYUD SRUSDODYUD DLQGDTXHQmR HVWLYHVVHSURQWD SDUD WHQWDU VR]LQKD*UHWD SRGLD LPDJLQDU TXH LVVR LULDLQFRPRGDUDVSHVVRDVTXDQGRRYDJmRSDQRUkPLFRHVWLYHVVHFKHLR$VFULDQoDVGDLGDGHGH.DW\QmRYLDPSUREOHPDQDPRQRWRQLD1DYHUGDGH HODV VH HQWUHJDYDPD HODPHUJXOKDQGRQHOD HHQURODQGRDVSDODYUDVMiFRQKHFLGDVQDOtQJXDFRPRXPDEDODTXHIRVVHGXUDUSDUDVHPSUH

8PUDSD]HXPDPRoDVXELUDPDVHVFDGDVHVHQWDUDPQDIUHQWHGH*UHWDHGH.DW\(OHVGLVVHUDPERPGLDFRPEDVWDQWHDQLPDomRH*UHWDUHVSRQGHX.DW\ QmRJRVWRXPXLWRGHDPmHWHUUHWULEXtGRHFRQWLQXRXDUHFLWDUEDL[LQKRFRPRVROKRVQROLYUR

'RRXWURODGRGRFRUUHGRUYHLRDYR]GRUDSD]TXDVHWmREDL[DTXDQWRDGHOD

(OHVHVWmRWURFDQGRDJXDUGDQR3DOiFLRGH%XFNLQJKDP&KULVWRSKHU5RELQGHVFHXFRP$OLFH

'HSRLVGHWHUPLQDUDTXHOHHOHFRPHoRXRXWUR1mRJRVWRGHOHV6DPHXVRX*UHWD ULX PDV .DW\ QmR *UHWD SRGLD YHU TXH HOD HVWDYD PHLR FKRFDGD (OD HQWHQGLD

TXDQGRSDODYUDVEREDVVDtDPGHXPOLYURPDVQmRTXDQGRVDtDPGDERFDGHDOJXpPTXHQmRHVWDYDFRPXPOLYUR

'HVFXOSDGLVVHRUDSD]SDUD*UHWD$JHQWHHVWiQDSUpHVFRODeLVVRTXHDJHQWHOr(OHVHFXUYRXSDUDDIUHQWHHIDORXVpULRHEDL[LQKRFRP.DW\

(VVHOLYURpOHJDOQp"(OH TXHU GL]HU TXH D JHQWH WUDEDOKD FRP FULDQoDV GH SUpHVFROD D PRoD GLVVH SDUD

*UHWD6HEHPTXHjVYH]HVDJHQWHVHFRQIXQGH2UDSD]FRQWLQXRXIDODQGRFRP.DW\ 'HUHSHQWHHXSRVVRWHQWDUDGLYLQKDURVHXQRPHDJRUD4XDOp"e5XIXV"e5RYHU".DW\ PRUGHXRVOiELRVPDVDtQmRFRQVHJXLXUHVLVWLUDXPDUHVSRVWDVHYHUD(XQmRVRXXPFDFKRUURHODGLVVH1mR(XQmRGHYLDWHUVLGRWmRHVW~SLGR(XVRXPHQLQRHRPHXQRPHp*UHJ2QRPH

GHVVDPHQLQDDTXLp/DXULH(OHHVWDYDWHSURYRFDQGRGLVVH/DXULH'RXXPSHWHOHFRQHOH".DW\ SRQGHURXHQWmRGLVVH1mR$OLFHYDLFDVDUFRPXPPHPEURGDJXDUGD *UHJFRQWLQXRXePXLWRGXUDDYLGDGH

DOJXpPTXHXVDIDUGDGL]$OLFH.DW\ IDORXEDL[LQKRMXQWRFRPHOHQDVHJXQGD$OLFH/DXULH GLVVH D *UHWD TXH HOHV HVWDYDP URGDQGR HVFROLQKDV FRP XPD HVSpFLH GH

HVSHWiFXOR,VVRVHFKDPDYDWUDEDOKRGHSUHSDUDomRSDUDDOHLWXUD(OHVHUDPDWRUHVQDYHUGDGH(ODLDGHVFHUHP-DVSHURQGHWLQKDXPHPSUHJRGHYHUmRFRPRJDUoRQHWHHWDPEpPID]LDXQVQ~PHURVF{PLFRV1mRH[DWDPHQWHSUHSDUDomRSDUDDOHLWXUD(QWUHWHQLPHQWRDGXOWRHUDFRPRFKDPDYDP

-HVXVHODGLVVH5LX&DGDXPVHYLUDFRPRSRGH*UHJHVWDYDOLYUHHLDGHVFHUHP6DVNDWRRQ$IDPtOLDGHOHHVWDYDOi(UDPPXLWROLQGRVRVGRLV*UHWDSHQVRX$OWRVHVJXLRVTXDVHVREUHQDWXUDOPHQWHPDJURV

HOHFRPXPFDEHORHVFXURGXURHODGHFDEHORSUHWRHOLVRFRPRRGHXPD0DGRQQD4XDQGRHODPHQFLRQRX D VHPHOKDQoD HQWUH RV GRLV XPSRXFRPDLV WDUGH HOHV GLVVHUDPTXH WLQKDP WLUDGRYDQWDJHPGLVVRXPDVYH]HV QRTXH VH UHIHULD D OXJDUHV SDUD GRUPLU'HL[DYD WXGREHPPDLVIiFLOPDV HOHV WLQKDPTXH OHPEUDU GHSHGLU GXDV FDPDV H QmR HVTXHFHU GHEDJXQoDU DV GXDVGXUDQWHDQRLWH

(DJRUDHOHVOKHGLVVHUDPDJRUDHOHVQmRWLQKDPFRPTXHVHSUHRFXSDU1DGDPDLVSDUDJHUDU HVFkQGDORV (OHV HVWDYDP VH VHSDUDQGR GHSRLV GH WUrV DQRV MXQWRV (OHV HVWDYDP FDVWRVKDYLDPHVHVSHORPHQRVXPFRPRRXWUR

$JRUD FKHJD GH 3DOiFLR GH%XFNLQJKDP GLVVH*UHJ D.DW\ 7HQKR TXH ID]HUPHXVH[HUFtFLRV

*UHWD DFKRX TXH LVVR TXHULD GL]HU TXH HOH WLQKD TXH GHVFHU RX SHOR PHQRV LU SDUD RFRUUHGRU SDUD ID]HU H[HUFtFLRV FDOLVWrQLFRVPDV HPYH] GLVVR HOH H/DXULH MRJDUDP D FDEHoDSDUD WUiV HVWLFDUDP D JDUJDQWD H FRPHoDUDP D WULODU H JUDVQDU H VROWDU XQV FDQWDURODGRVHVTXLVLWRV.DW\ HVWDYDHQFDQWDGD UHFHEHQGRDTXLOR WXGRFRPRXPSUHVHQWHXPHVSHWiFXORVySDUDHOD(ODVHFRPSRUWRXFRPRXPDSODWHLDGHYHUGDGHWDPEpPEHPTXLHWLQKDDWpRILPSDUDHQWmRFDLUQDULVDGD

8PDVSHVVRDVTXHTXHULDPVXELUSDUDUDPQRSpGDHVFDGDPHQRVHQFDQWDGDVTXH.DW\ HVHPVDEHURTXHDFKDUGDTXLORWXGR

'HVFXOSDGLVVH*UHJ VHPGDU H[SOLFDo}HVPDVFRPXP WRPGH LQWLPLGDGHDPLVWRVD(OHHVWHQGHXXPDPmRSDUD.DW\

9DPRVYHUVHWHPXPDVDODGHEULQTXHGRV/DXULHH*UHWDIRUDPDWUiVGHOHV*UHWDHVWDYDWRUFHQGRSDUDTXHHOHQmRIRVVHXPGHVVHV

DGXOWRVTXHILFDPDPLJRVGDVFULDQoDVEDVLFDPHQWHSDUDWHVWDUVHXVHQFDQWRVHDtILFDPGHVDFRFKHLR H PDOKXPRUDGRV TXDQGR SHUFHEHP R TXDQWR RV DIHWRV GH XPD FULDQoD SRGHP VHULQFDQViYHLV

1DKRUDGRDOPRoRRXDQWHVGLVVRHODVRXEHTXHQmRKDYLDFRPTXHVHSUHRFXSDU2TXHWLQKDDFRQWHFLGRQmRHUDTXHDVDWHQo}HVGH.DW\ HVWLYHVVHPH[WHQXDQGR*UHJPDVTXHYiULDVRXWUDV FULDQoDV WLQKDP HQWUDGR QD FRPSHWLomR H HOH QmR HVWDYD GDQGR QHQKXP VLQDO GH HVWDUH[WHQXDGR

(OHQmRRUJDQL]RXXPDFRPSHWLomR&RQGX]LXWXGRGHPDQHLUDDYROWDUDVDWHQo}HVTXHGHLQtFLRVHGLULJLDPDHOHSDUDDFRQVFLrQFLDTXHDVFULDQoDVWLQKDPXPDVGDSUHVHQoDGDVRXWUDVHDtSDUD MRJRVTXHHUDPDQLPDGRVHDWp IUHQpWLFRVPDVQmRDJUHVVLYRV1LQJXpPGHXFKLOLTXH1HP IH] ELUUD 6LPSOHVPHQWH QmR KDYLD WHPSR WLQKD WDQWD FRLVD PDLV LQWHUHVVDQWHDFRQWHFHQGR(UDXPPLODJUH D IDFLOLGDGH FRPTXH VH OLGRX FRP WDQWR IUHQHVL QXP OXJDU WmRDSHUWDGR(DHQHUJLDJDVWDSURPHWLDVRQHTXLQKDVjWDUGH

(OHpLPSUHVVLRQDQWH*UHWDGLVVHD/DXULHeTXHTXHPHVWiDOL pHOHPHVPR/DXULHGLVVH(OHQmRVHSRXSD6DEHFRPR"7HP

PXLWRDWRUTXHVHSRXSD6REUHWXGRRVKRPHQV0RUWRVIRUDGRSDOFR*UHWDSHQVRXeLVVRTXHHXIDoR(XPHSRXSRTXDVHVHPSUH7RPRFXLGDGRFRPD.DW\

WRPRFXLGDGRFRPR3HWHU1DGpFDGDHPTXHHOHV MiKDYLDPHQWUDGRPDVGDTXDO HODSHORPHQRVDLQGDQmR WLQKD

WRPDGRPXLWRFRQKHFLPHQWRLDPSUHVWDUPXLWDDWHQomRQHVVHWLSRGHFRLVD(VWDUDOLLDSDVVDUDVLJQLILFDU DOJRTXHQmR VLJQLILFDYD DQWHV6HJXLU FRPDPDUp6H HQWUHJDU7LQKDJHQWH TXH VHHQWUHJDYDRXWURVQmRVHHQWUHJDYDPPXLWR,DPGHUUXEDUDVEDUUHLUDVHQWUHRODGRGHGHQWURHRGHIRUDGDVXDFDEHoD$DXWHQWLFLGDGHH[LJLD&RLVDVFRPRRVSRHPDVGH*UHWDFRLVDVTXHQmRIOXtDP DEHUWDPHQWH HUDP VXVSHLWDV H DWp ULGLFXODUL]DGDV &ODUR TXH HOD FRQWLQXRX ID]HQGRH[DWDPHQWH R TXH ID]LD UHPH[HQGR H VRQGDQGR VHFUHWDPHQWH DPDLV GXUD GDV UHVLVWHQWHV QDFRQWUDFXOWXUD 0DV QDTXHOH PRPHQWR FRP D ILOKD IDVFLQDGD SRU *UHJ H SRU WXGR TXH HOHTXLVHVVHLQYHQWDUHODHVWDYDFRPSOHWDPHQWHDJUDGHFLGD

WDUGH FRPR *UHWD WLQKD SUHYLVWR DV FULDQoDV IRUDP GRUPLU $V PmHV WDPEpP HPFHUWRVFDVRV2XWUDV MRJDYDPEDUDOKR*UHJH*UHWDDFHQDUDPSDUD/DXULHTXDQGRHODGHVFHX

HP -DVSHU (OD PDQGRX EHLM LQKRV GD SODWDIRUPD 8P KRPHPPDLV YHOKR DSDUHFHX SHJRX DPDODGHODEHLMRXDFDULQKRVDPHQWHROKRXSDUDRWUHPHDFHQRXSDUD*UHJ*UHJDFHQRXSDUDHOH

2QDPRUDGLQKRDWXDOGHODHOHGLVVH0DLVDFHQRVjPHGLGDTXHRWUHPLDJDQKDQGRYHORFLGDGHDtHOHH*UHWDOHYDUDP.DW\ GH

YROWD SDUD D FDELQH RQGH HOD FDLX QR VRQR HQWUH RV GRLV FDLX QR VRQR EHP QR PHLR GH XPVRODYDQFR(OHVDEULUDPDFRUWLQDGDFDELQHSDUDWRPDUPDLVDUDJRUDTXHQmRKDYLDPDLVSHULJRGHDFULDQoDFDLUSDUDIRUD

0DVVDWHUILOKR*UHJGLVVH(UDRXWUDSDODYUDQRYDQDpSRFDRXSHORPHQRVQRYDSDUD*UHWD

$FRQWHFHHODGLVVH9RFrpWmRFDOPD'DTXLDSRXFRYRFrYDLGL]HUeDYLGD1mRYRX*UHWDGLVVHHVHJXURXRROKDUGHOHDWpHOHVDFXGLUDFDEHoDHULU(OH OKH GLVVH TXH WLQKD FRPHoDGR D DWXDU SRU FDXVD GD UHOLJLmR $ IDPtOLD GHOH HUD GH

DOJXPD VHLWD FULVWm GHTXH*UHWD QXQFD WLQKDRXYLGR IDODU$ VHLWD QmR HUD QXPHURVDPDV HUDPXLWRULFDRXSHORPHQRVDOJXQVGHOHV(OHVHUJXHUDPXPDLJUHMDFRPXPWHDWURGHQWURQXPDFLGDGHGR LQWHULRU)RLRQGHHOH FRPHoRXD DWXDU DQWHVGRVGH]DQRVGH LGDGH(OHVPRQWDYDPSDUiERODVGD%tEOLDPDV WDPEpPGRVGLDVGHKRMH VREUHDVFRLVDVKRUURURVDVTXHDFRQWHFLDPFRPDVSHVVRDVTXHQmRDFUHGLWDYDPQDTXLORHPTXHHOHVDFUHGLWDYDP$IDPtOLDGH*UHJWLQKDPXLWR RUJXOKR GHOH H FODUR TXH HOH WDPEpP WLQKD (OH QHP SHQVDYD HP OKHV FRQWDU WXGR TXHURODYDTXDQGRRVFRQYHUWLGRVULFRVYLQKDPUHQRYDURVYRWRVHUHYLWDOL]DUVXDVDQWLGDGH2QHJyFLRHUDTXHHOHJRVWDYDPHVPRGHVHUPRWLYRGHRUJXOKRHJRVWDYDGHDWXDU

$Wp TXH XP GLD HOH VLPSOHVPHQWH ILFRX SHQVDQGR TXH SRGLD DWXDU VHP WHU TXH HQFDUDUDTXHODFRLVDWRGDGDLJUHMD(OHWHQWRXVHUHGXFDGRPDVHOHVOKHGLVVHUDPTXHHUDR'LDERSRQGRDVPmRVQHOH(OHGLVVH+DKDHXVHLTXHPpTXHS}HDPmRHPTXHPDTXL

7FKDX]LQKR1mRTXHURTXHYRFrILTXHSHQVDQGRTXHHUDWXGRUXLP(XDLQGDDFUHGLWRHPRUDomRHWDO

0DVHXQXQFDFRQVHJXLFRQWDUSUDPLQKDIDPtOLDRTXHHVWDYDURODQGR4XDOTXHUPHLDYHUGDGHLDVLPSOHVPHQWHDFDEDUFRPHOHV9RFrQmRFRQKHFHJHQWHDVVLP"

(OD GLVVH TXH TXDQGR HOD H 3HWHU IRUDP SDUD 9DQFRXYHU D DYy GHOD TXH PRUDYD HP2QWiULRHQWURXHPFRQWDWRFRPXPSDVWRUGHXPDLJUHMDGHOi(OHYHLRYLVLWiORVHHOD*UHWDIRLEHPPDOHGXFDGDFRPHOH(OHGLVVHTXHLDUH]DUSRUHODHHODVyIDOWRXGL]HUQHPVHGrDRWUDEDOKR$DYyGHODHVWDYDPRUUHQGRQHVVDpSRFD*UHWDILFDYDHQYHUJRQKDGDHFRPUDLYDGHILFDUHQYHUJRQKDGDWRGDYH]TXHSHQVDYDQLVVR

3HWHUQmRHQWHQGHXLVVRWXGR$PmHGHOHQXQFDLDjLJUHMDDSHVDUGHXPGRVPRWLYRVGHHODR WHU OHYDGRSHODVPRQWDQKDV WHUVLGRSUHVXPLYHOPHQWHDSRVVLELOLGDGHGHHOHVFRQWLQXDUHPFDWyOLFRV(OHGL]LDTXHRVFDWyOLFRVSURYDYHOPHQWH WLQKDPXPDYDQWDJHPYRFrQmRSUHFLVDYDID]HUQDGDDWpEHPQDKRULQKDGDPRUWH

)RLDSULPHLUDYH]HPXPWHPSmRTXHHODSHQVRXHP3HWHU2IDWRHUDTXHHODH*UHJHVWDYDPEHEHQGRHQTXDQWRWRGDHVVDFRQYHUVDDQJXVWLDGDPDV

WDPEpPDOJRUHFRQIRUWDQWHLDDFRQWHFHQGR(OHWLQKDDSDUHFLGRFRPXPDJDUUDIDGHRX]R(ODWRPRXEDVWDQWHFXLGDGRFRPDTXLORFRPRYLQKDWRPDQGRFRPWRGDEHELGDDOFRyOLFDTXHLQJHULDGHVGHD IHVWDGRVHVFULWRUHVPDVDOJXPHIHLWRKDYLD2EDVWDQWHSDUDHOHVFRPHoDUHPD ID]HU

FDULQKRXPQDPmRGRRXWURHDtDWURFDUEHLMRVHFDUtFLDV7XGRLVVRWHQGRTXHDFRQWHFHUDRODGRGRFRUSRGDFULDQoDDGRUPHFLGD

ePHOKRUDJHQWHSDUDUFRPLVVR*UHWDGLVVH6HQmRYDLILFDUODVWLPiYHO1mRpDJHQWHGLVVH*UHJ6mRRXWUDVSHVVRDV(QWmRPDQGDHOHVSDUDUHP9RFrVDEHRQRPHGHOHV"(VSHUDXPPLQXWLQKR5HJ5HJH'RURWK\ *UHWDGLVVH&RUWDHVVD5HJ(DPLQKDILOKLQKDLQRFHQWH" $JHQWHSRGLDLUSDUDRPHXOHLWR1mRpWmRORQJH(XQmRWHQKRQHQKXPD(XWHQKR$TXLFRPYRFr"&ODURTXHQmR4XHWLSRGHDQLPDOYRFrDFKDTXHHXVRX"(QWmRHOHVDMHLWDUDPDURXSDHVFDSDUDPGDFDELQHSUHQGHUDPFXLGDGRVDPHQWHWRGRVRV

ERW}HVGR OHLWRHPTXH.DW\ HVWDYDGRUPLQGR H FRPFHUWD LQGLIHUHQoD VHJXLUDPGRYDJmRGH*UHWDSDUDRGHOH,VVRQHPIRLQHFHVViULRQmRSDVVDUDPSRUQLQJXpP4XHPQmRHVWDYDQRYDJmR SDQRUkPLFR WLUDQGR IRWRV GDV PRQWDQKDV VHPSLWHUQDV HVWDYD QR YDJmR GR EDU RXGRUPLQGR

1ROHLWRGHVRUJDQL]DGRGH*UHJHOHVUHWRPDUDPRTXHWLQKDPLQWHUURPSLGR1mRFDELDPGXDVSHVVRDVGHLWDGDVQRUPDOPHQWHPDVHOHVGHUDPXP MHLWRGH URODUXPSRU FLPDGRRXWUR3ULPHLURQmRSDUDYDPGHDEDIDURULVRDtYLHUDPRVJUDQGHVFKRTXHVGHSUD]HUVHPWHUSDUDRQGHROKDUDQmRVHUXPSDUDRVROKRVDUUHJDODGRVGRRXWUR0RUGHQGRXPDRRXWURSDUDFRQWHUDOJXPUXtGRIHUR]

/HJDOGLVVH*UHJWLPR(XWHQKRTXHYROWDU-i"$.DW\ SRGHDFRUGDUHHXQmRYRXHVWDUOi%HOH]D%HOH]D ePHOKRU HXPH DMHLWDU SDUD D FKHJDGD HP6DVNDWRRQPHVPR ( VH D

JHQWHWLYHVVHFKHJDGROiEHPQRPHLRGRDWR"2LPmH2LSDL6yPHGiXPDOLFHQFLQKDDTXLTXHHXWHQKRTXHX{XXK

(ODVHIH]DSUHVHQWiYHOHRGHL[RXDOL$EHPGDYHUGDGHHODQHPHVWDYDGDQGRERODSDUDTXHPSDVVDVVH(VWDYDIUDFDFKRFDGDPDVIOXWXDYDFRPRXPJODGLDGRUHODFKHJRXPHVPRDSHQVDULVVRHVRUULXFRPDLGHLDGHSRLVGHXPDVHVVmRQDDUHQD

(QILPQmRSDVVRXSRUYLYDOPD2IHFKRGHEDL[RGDFRUWLQDHVWDYDDEHUWR(ODWLQKDFHUWH]DGHWrORIHFKDGR6HEHPTXH

PHVPRFRPDTXHODQHVJDDEHUWDD.DW\ PDOSRGLDVDLUHFHUWH]DTXHHODQHPLD WHQWDU8PDYH]TXDQGR*UHWD VDLXXPPLQXWRSDUD LUDREDQKHLURHODH[SOLFRXGLUHLWLQKRTXH.DW\ QXQFDGHYLDWHQWDULUDWUiVGHODH.DW\ GLVVH(XQmRLDID]HUXPDFRLVDGHVVDVFRPRTXHSDUDVXJHULUTXHHODHVWDYDVHQGRWUDWDGDFRPRXPEHEr

*UHWDVHJXURXDVFRUWLQDVSDUDDEULODVSRULQWHLURHHQWmRYLXTXH.DW\ QmRHVWDYDOi(ODVXUWRX$UUDQFRXRWUDYHVVHLURFRPRVHXPDFULDQoDGRWDPDQKRGH.DW\ SXGHVVHWHU

GDGRXPMHLWRGHVHFREULUFRPHOH$SDOSRXRFREHUWRUFRPRVH.DW\ SXGHVVHHVWDUHVFRQGLGDDOL HPEDL[R &RQWURORXVH H WHQWRX SHQVDU RQGH R WUHP WLQKD SDUDGR VH p TXH WLQKD SDUDGRGXUDQWHRWHPSRTXHSDVVRXFRP*UHJ(QTXDQWRHOHHVWDYDSDUDGRVHpTXHWLQKDSDUDGRVHUi

TXHXPVHTXHVWUDGRUSRGLDWHUHQWUDGRQRWUHPHGDGRDOJXPMHLWRGHVDLUFRPD.DW\")LFRXSDUDGDQRFRUUHGRUWHQWDQGRSHQVDUQRTXHWLQKDTXHID]HUSDUDSDUDURWUHP$tHODSHQVRXIRUoRXVHDSHQVDUTXHQDGDDVVLPSRGLDWHUDFRQWHFLGR1mRVHMDULGtFXOD

$.DW\ GHYHWHUDFRUGDGRHYHQGRTXHHODQmRHVWDYDDOLIRLSURFXUDUSRUHOD6R]LQKDHODWLQKDLGRSURFXUiOD

%HPSRU DTXL HOD WHPTXHHVWDUEHPSRU DTXL$VSRUWDVGRVGRLV ODGRVGRYDJmRHUDPSHVDGDVGHPDLVSDUDTXHHODFRQVHJXLVVHDEULODV

*UHWDPDOFRQVHJXLDVHPRYHU6HXFRUSRWRGRVXDPHQWHHVWDYDPRFRV,VVRQmRSRGLDWHUDFRQWHFLGR9ROWHYROWHDRPRPHQWRDQWHVGHWHUVDtGRFRP*UHJ3DUHDOL3DUH

'RRXWUR ODGRGRFRUUHGRUHVWDYDXPDVVHQWRGHVRFXSDGRQDTXHOHPRPHQWR8PDEOXVDIHPLQLQD H XPD UHYLVWD TXDOTXHU LQGLFDYDP TXH DTXHOH HUD R OXJDU GH DOJXpP0DLV SDUD DIUHQWHXPDVVHQWRFRPRVIHFKRVWRGRVFHUUDGRVFRPRRGHODGHODVHVWDYD(ODDEULXDVFRUWLQDVGHXPVySX[mR2YHOKRTXHHVWDYDGRUPLQGRDOL YLURXGHFRVWDVPDVQHPFKHJRXDDFRUGDU1mRWLQKDFRPRHOHHVWDUHVFRQGHQGRDOJXpP

4XHLPEHFLOLGDGH8PPHGRQRYRHQWmR6XSRQGRTXH.DW\ WLYHVVH LGRSDUDXPDRXRXWUDH[WUHPLGDGHGR

YDJmRHWLYHVVHPHVPRGDGRXPMHLWRGHDEULUXPDGDVSRUWDV2XVHJXLGRXPDSHVVRDTXHWLQKDDEHUWRDSRUWDQDIUHQWHGHOD(QWUHRVYDJ}HVKDYLDXPDSDVVDUHOLQKDFXUWDHPTXHQDYHUGDGHYRFrDQGDYDVREUHROXJDURQGHRVYDJ}HVVHMXQWDYDP$OLGDYDSDUDYRFrVHQWLURPRYLPHQWRGRWUHPGHXPMHLWRV~ELWRHDODUPDQWH8PDSRUWDSHVDGDDWUiVGHYRFrHRXWUDQDIUHQWHHGRVGRLVODGRVGDSDVVDUHODSODFDVHVWULGHQWHVGHPHWDO(ODVFREULDPRVGHJUDXVTXHHUDPEDL[DGRVTXDQGRRWUHPSDUDYD

9RFrVHPSUHSDVVDYDFRUUHQGRSRUHVVDVSDVVDUHODVRQGHRVVRODYDQFRVHRVHVWURQGRVWHOHPEUDYDPGHFRPRDVFRLVDVHVWDYDPHQFDL[DGDVGHXPMHLWRTXHDILQDOQmRSDUHFLDDVVLPWmRLQHYLWiYHO 4XDVH FDVXDO H QR HQWDQWR FRP XPD SUHVVD WmR JUDQGH DTXHOHV VRODYDQFRV HHVWURQGRV

$SRUWDGDSRQWDHUDSHVDGDDWpSDUD*UHWD2XHODHVWDYDHVJRWDGDSHORPHGR'HXXPHPSXUUmRFRPRRPEURWUHPHQGR

(DOLHQWUHRVYDJ}HVQXPDGDTXHODVIROKDVGHPHWDOFRQWLQXDPHQWHUXLGRVDVDOLHVWDYDD.DW\'HROKRVEHPDEHUWRV H ERFD HQWUHDEHUWD HVSDQWDGD H Vy1mR HVWDYDQHPFKRUDQGRPDVTXDQGRYLXDPmHFRPHoRX

*UHWDDDJDUURXHDDSRLRXQRTXDGULOHYROWRXFDPEDOHDQWHSDUDDSRUWDTXHWLQKDDFDEDGRGHDEULU

7RGRV RV YDJ}HV WLQKDP QRPHV TXH HYRFDYDP EDWDOKDV RX H[SORUDo}HV RX FDQDGHQVHVIDPRVRV2QRPHGRFDUURGHODVHUD&RQQDXJKW(ODQXQFDLDHVTXHFHULVVR

.DW\ QmR HVWDYD QDGD PDFKXFDGD $V URXSDV GHOD QmR WLQKDP ILFDGR SUHVDV FRPRSRGHULDPWHUILFDGRQDVSRQWDVDJXGDVGDVSODFDVGHPHWDO

(XIXLWHSURFXUDUHODGLVVH4XDQGR"$JRULQKDPHVPRRXORJRGHSRLVTXH*UHWDWLQKDGHL[DGRHODVR]LQKD"&ODURTXHQmR$OJXpPWHULDYLVWRDPHQLQDDOLWLUDGRHODGDOLWRFDGRDOJXPDODUPH2GLDHVWDYDHQVRODUDGRPDVQmRTXHQWHGHYHUGDGH2URVWRHDVPmRVGHODHVWDYDPEHP

IULRV$FKHLTXHYRFrHVWDYDQDHVFDGDHODGLVVH

*UHWDDFREULXFRPRFREHUWRUGROHLWRGHODVHIRLDtTXHHODPHVPDFRPHoRXDWUHPHUFRPRVHHVWLYHVVHFRPIHEUH6HQWLXVHQDXVHDGDHFKHJRXDWpDQRWDUXPJRVWRGHY{PLWRQDJDUJDQWD.DW\ GLVVH1mRPHHPSXUUHHVHDIDVWRX

9RFrHVWiFKHLUDQGRXPFKHLURUXLPHODGLVVH*UHWDHQFROKHXRVEUDoRVHGHLWRXGHFRVWDV,VVRHUDWmRWHUUtYHODVLGHLDVTXHHODWLQKDGRTXHSRGLDWHUDFRQWHFLGRHUDPWmRWHUUtYHLV

$FULDQoDDLQGDHVWDYDGXUDHPSURWHVWRPDQWHQGRVHORQJHGHOD$OJXpPWHULDHQFRQWUDGRD.DW\FODUR8PDSHVVRDERDQmRXPDSHVVRDPDOYDGDWHULD

YLVWRDPHQLQDDOLHDOHYDULDSDUDXPOXJDUVHJXUR*UHWDWHULDRXYLGRRDQ~QFLRDVVRPEURVRDQRWtFLDGHTXHXPDFULDQoDWLQKDVLGRHQFRQWUDGDVR]LQKDQRWUHP8PDFULDQoDTXHGL]LDTXHVHXQRPH HUD .DW\ (OD WHULD VDtGR FRUUHQGR GH RQGH HVWDYD QD KRUD GHSRLV GH VH ID]HU R PDLVDSUHVHQWiYHO SRVVtYHO WHULD VDtGR FRUUHQGR SDUD EXVFDU D ILOKD H WHULDPHQWLGR GL]HQGR TXH VyWLQKD LGRDREDQKHLUR(OD WHULD ILFDGRFRPPHGRPDV WHULD VLGRSRXSDGDGD LPDJHPTXHYLDDJRUD GH .DW\ VHQWDGD QDTXHOH YmR EDUXOKHQWR LQGHIHVD HQWUH RV YDJ}HV 6HP FKRUDU VHPUHFODPDU FRPR VH WLYHVVHTXH ILFDU DOL VHQWDGDSDUD VHPSUH H QmRKRXYHVVH H[SOLFDomR D VHUGDGDQHPHVSHUDQoD2VROKRVGHODHVWDYDPFXULRVDPHQWHLQH[SUHVVLYRVHDERFDVLPSOHVPHQWHDEHUWDQRPRPHQWRDQWHULRUDRIDWRGRUHVJDWHDWLQJLODHHODSRGHUFRPHoDUDFKRUDU6yHQWmRHODFRQVHJXLXUHFXSHUDUVHXPXQGRVHXGLUHLWRGHVRIUHUHUHFODPDU

$JRUDHODGL]LDTXHQmRHVWDYDFRPVRQRTXHTXHULDVHOHYDQWDU(ODSHUJXQWRXRQGH*UHJHVWDYD*UHWDGLVVHTXHHOHHVWDYDWLUDQGRXPDVRQHFDHVWDYDFDQVDGR

(ODH*UHWDIRUDPSDUDRYDJmRSDQRUkPLFRSDVVDURUHVWRGDWDUGH)LFDUDPSUDWLFDPHQWHVR]LQKDV$VSHVVRDVTXHWLUDYDPIRWRVGHYLDPWHUVHFDQVDGRGDV0RQWDQKDV5RFKRVDV(FRPR*UHJWLQKDFRPHQWDGRDVSODQtFLHVHUDPPHLRFKDWDV

2WUHPSDURXUDSLGLQKRHP6DVNDWRRQHYiULDVSHVVRDVGHVFHUDP*UHJHVWDYDHQWUHHODV*UHWD R YLX VHU UHFHELGR SRU XP FDVDO GHYLDP VHU VHXV SDLV ( WDPEpP SRU XPDPXOKHU GHFDGHLUDGHURGDVSURYDYHOPHQWHXPDDYyHDtSRUYiULDVRXWUDVSHVVRDVPDLVQRYDVTXHHVWDYDPHP YROWD j WRD DQLPDGDV H VHP JUDoD 1HQKXP GHOHV SDUHFLDPHPEUR GH DOJXPD VHLWD RXSHVVRDVULJRURVDVHGHVDJUDGiYHLVGHMHLWRQHQKXP

0DVFRPRpTXHYRFrSRGLDYHULVVRFRPFHUWH]DHPDOJXpP"*UHJGHXDVFRVWDVSDUDHOHVHFRUUHXRVROKRVSHODVMDQHODVGRWUHP(ODDFHQRXGRYDJmR

SDQRUkPLFRHOHDYLXHDFHQRXGHYROWD2OKDR*UHJHODGLVVHSDUD.DW\2OKDDOLHPEDL[R(OHHVWiGDQGR WFKDX9RFrQmR

TXHUGDUWFKDXWDPEpP"0DV.DW\ DFKRXGLItFLOGHPDLVSURFXUDUSRUHOH1HPWHQWRX(ODYLURXRURVWRFRPXPDU

SROLGR H OHYHPHQWH RIHQGLGR H*UHJ GHSRLV GHPDLV XP DFHQR H[DJHUDGR YLURXVH WDPEpP*UHWDILFRXSHQVDQGRVHDPHQLQDSRGLDHVWDUFDVWLJDQGRRUDSD]SHODGHVHUomRVHUHFXVDQGRDILFDUFRPVDXGDGHGHOHRXDWpPHVPRDSHQVDUQHOH

7XGREHPVHpSDUDVHUDVVLPTXHVHMD2*UHJGHXWFKDXSUDYRFr*UHWDGLVVHHQTXDQWRRWUHPVHDIDVWDYD(XVHL

1DTXHODQRLWHHQTXDQWR.DW\ GRUPLDDRODGRGHODQREHOLFKH*UHWDHVFUHYHXXPDFDUWDSDUD 3HWHU8PD FDUWD FRPSULGD TXH HOD TXHULD TXH IRVVH HQJUDoDGD VREUH WRGRV RV WLSRV GHJHQWH TXH DSDUHFLDP QHVVHV WUHQV $ SUHIHUrQFLD TXH TXDVH WRGRV WLQKDP SRU YHU DV FRLVDVDWUDYpV GD FkPHUD HP YH] GH ROKDU SDUD D FRLVD GH YHUGDGH H DVVLP SRU GLDQWH 2FRPSRUWDPHQWRJHUDOPHQWHDJUDGiYHOGD.DW\ 1DGDVREUHRGHVDSDUHFLPHQWRFODURRXVREUHRPHGR (OD SRVWRX D FDUWD TXDQGR DV SODQtFLHV Mi HVWDYDP EHP ORQJH H RV DEHWRV QHJURV QmRWLQKDP PDLV ILP H R WUHP ILFRX SDUDGR SRU DOJXP PRWLYR QD FLGDGH]LQKD SHUGLGD GH+RUQHSD\QH

&DGD PRPHQWR GHVSHUWR GHOD GXUDQWH DTXHODV FHQWHQDV GH TXLO{PHWURV IRL GHYRWDGR D.DW\(ODVDELDTXHHVVHWLSRGHGHYRomRGHVXDSDUWHQXQFDWLQKDDSDUHFLGRDQWHV(UDYHUGDGHTXHHOD WLQKDIHLWR WXGRGLUHLWRKDYLDYHVWLGRHDOLPHQWDGRDFULDQoD WLQKDFRQYHUVDGRFRPHODGXUDQWHRWHPSRHPTXHHODVILFDYDPMXQWDVH3HWHUHVWDYDWUDEDOKDQGR0DVQHVVDVKRUDV*UHWDWLQKDRXWUDVFRLVDVSDUDID]HUQDFDVDHVXDDWHQomRHUDHVSDVPyGLFDVXDWHUQXUDPXLWDVYH]HVWiWLFD

(QmR VySRU FDXVDGDV WDUHIDVGDFDVD2XWURVSHQVDPHQWRV H[SXOVDYDPDFULDQoD$WpDQWHVGHVVDREVHVVmRLQ~WLOH[DXVWLYDHLPEHFLOFRPRFDUDGH7RURQWRKDYLDRRXWURWUDEDOKRRWUDEDOKRGDSRHVLDTXHSDUHFLDTXHHODWLQKDSDVVDGRTXDVHDYLGDLQWHLUDUHDOL]DQGRPHQWDOPHQWH,VVR DJRUD OKH SDUHFLD RXWUD PDQHLUD GH WUDLU .DW\ 3HWHU D YLGD ( DJRUD SRU FDXVD GDLPDJHPQDVXDFDEHoDGH.DW\ VR]LQKD.DW\ DOLVHQWDGDHQWUHRDODULGRPHWiOLFRQRPHLRGRVYDJ}HVHUDPDLVXPDFRLVDGHTXHHODDPmHGH.DW\ LDWHUTXHGHVLVWLU

8PSHFDGR(OD WLQKDSRVWR VXD DWHQomR HPRXWUR OXJDU'HWHUPLQDGD GDQGR DWHQomR DXPDFRLVDTXHQmRHUDDILOKD8PSHFDGR

(ODVFKHJDUDPD7RURQWRQRPHLRGDPDQKm2GLDHVWDYDHVFXUR+DYLDWURY}HVGHYHUmRHUHOkPSDJRV.DW\ QXQFDWLQKDYLVWRWDQWDDJLWDomRQDFRVWDRHVWHPDV*UHWDOKHGLVVHTXHQmRKDYLDGRTXHWHUPHGRHSDUHFHXTXHHODQmRWHYH2XGDHVFXULGmRDLQGDPDLRUHOHWULFDPHQWHLOXPLQDGDTXHHQFRQWUDUDPQRW~QHORQGHRWUHPSDURX

(ODGLVVH1RLWH*UHWD GLVVH 1mR QmR HODV Vy WLQKDP TXH DQGDU DWp R ILP GR W~QHO DJRUD TXH KDYLDP

GHVFLGRGRWUHP$tVXELUXPDHVFDGLQKDRXWDOYH]WLYHVVHXPDHVFDGDURODQWHHDtHODVLDPHVWDUQXPSUpGLRJUDQGHHDtOiIRUDRQGHSHJDULDPXPWi[L7i[LHUDXPFDUURVyLVVRTXHLDOHYDUDV GXDV SDUD FDVD$ FDVD QRYD GHODV RQGH LDPPRUDU XP WHPSLQKR(ODV LDPPRUDU DOL XPWHPSLQKRHDtYROWDUSDUDRSDSDL

6XELUDPXPDUDPSDHOiHVWDYDDHVFDGDURODQWH.DW\ VHGHWHYHHQWmR*UHWDVHGHWHYHWDPEpPDWpDVSHVVRDVSDVVDUHPSRUHODV$t*UHWDSHJRX.DW\ QRFRORHDDMHLWRXQRTXDGULOHGHXXPMHLWRFRPDPDODQRRXWUREUDoRVHDEDL[DQGRSDUDODUJiODQRVGHJUDXVTXHVHPRYLDP4XDQGRFKHJDUDPDRDOWRHODS{VDFULDQoDQRFKmRHHODVFRQVHJXLUDPILFDUGHQRYRGHPmRVGDGDVVREDOX]EUDQFDHLPSRQHQWHGD8QLRQ6WDWLRQ

$OL DV SHVVRDV TXH YLQKDP DQGDQGR QD IUHQWH GHODV FRPHoDYDP D VH VHSDUDU D VHUFKDPDGDV SRU DTXHOHV TXH HVWDYDP HVSHUDQGR H TXH FKDPDYDP VHXV QRPHV RX TXH

VLPSOHVPHQWHLDPDWpHODVHSHJDYDPVXDVPDODV&RPRDOJXpPDJRUDSHJRXDGHODV3HJRXDPDODSHJRX*UHWDHDEHLMRXSHODSULPHLUD

YH]GHXPDPDQHLUDGHWHUPLQDGDHIHVWLYD+DUULV3ULPHLURXPVXVWRGHSRLVXPDUHYLUDYROWDQDVHQWUDQKDVGH*UHWDXPLPHQVRDFRPRGDU

VH(ODHVWDYDWHQWDQGRVHPDQWHUOLJDGDj.DW\PDVQHVVHPRPHQWRDFULDQoDVHDIDVWRXH

VROWRXDPmRGHOD(ODQmRWHQWRXIXJLU6yILFRXDOLSDUDGDjHVSHUDGRTXHTXHUTXHHVWLYHVVHSRUYLU

*UXSRGHGLVVLGHQWHVUHOLJLRVRVUXVVRVHVWDEHOHFLGRQR&DQDGi17

$PXQGVHQ

1REDQTXLQKRHPIUHQWHjHVWDomRHXVHQWHLHHVSHUHL$HVWDomRHVWDYDDEHUWDTXDQGRRWUHPFKHJRXPDVDJRUDHVWDYD WUDQFDGD2XWUDPXOKHUHVWDYDVHQWDGDQDSRQWDGREDQTXLQKRVHJXUDQGR HQWUH DV SHUQDV XPD VDFROD GH UHGLQKD FKHLD GH SDFRWHV HPEUXOKDGRV FRP SDSHOLPSHUPHiYHO&DUQHFDUQHFUXD'DYDSDUDVHQWLURFKHLUR

'RRXWURODGRGRVWULOKRVHVWDYDRWUHPHOpWULFRYD]LRjHVSHUD1mRDSDUHFHUDPRXWURVSDVVDJHLURVHGHSRLVGHXPWHPSLQKRRFKHIHGHHVWDomRPHWHXD

FDEHoDSDUDIRUDHJULWRX6DQ'HLQtFLRHXSHQVHLTXHHOHHVWDYDJULWDQGRRQRPHGHDOJXpP6DP(RXWURKRPHPFRPDOJXPXQLIRUPHRILFLDOGHIDWRDSDUHFHXGRRXWURODGRGRSUpGLR(OHDWUDYHVVRXRVWULOKRVHHPEDUFRXQRWUHPHOpWULFR$PXOKHUFRPRVSDFRWHVOHYDQWRXHIRLDWUiVGHOHHQWmRHXIL]RPHVPR9LHUDPXQVJULWRVGRRXWURODGRGDUXDHDVSRUWDVGHXPDFRQVWUXomRGH WHWR SODQR H WHOKDV HVFXUDV VH DEULUDP OLEHUDQGR YiULRV KRPHQV TXH HQILDYDP ERQpV QDFDEHoDHEDWLDPPDUPLWDVFRQWUDDFR[D3HOREDUXOKRTXHHVWDYDPID]HQGRGDYDSDUDLPDJLQDUTXHRYDJmRLDVDLUFRUUHQGRGHOHVDTXDOTXHUPLQXWR0DVTXDQGRHOHVVHDFRPRGDUDPDERUGRQDGDDFRQWHFHX2YDJmRILFRXSDUDGRHQTXDQWRHOHVFRQWDYDPTXDQWRVHUDPHGL]LDPTXHPHUDTXHHVWDYDIDOWDQGRHJULWDYDPSDUDRFRQGXWRUTXHHOHDLQGDQmRSRGLDVDLU$tDOJXpPOHPEURXTXHHUDRGLDGHIROJDGRKRPHPTXHHVWDYDIDOWDQGR2YDJmRSDUWLXHPERUDQmRGHVVHSDUDVDEHUVHRFRQGXWRUHVWDYDRXYLQGRDTXHODFRQYHUVDRXVHHOHGDYDDPtQLPD

7RGRVRVKRPHQVGHVFHUDPQXPDVHUUDULDQRPHLRGDViUYRUHVDTXLORQmRLDWHUGDGRPDLV GH GH] PLQXWRV D Sp H ORJR GHSRLV R ODJR DSDUHFHX FREHUWR GH QHYH 8PD ORQJDFRQVWUXomR EUDQFD GHPDGHLUD j VXD IUHQWH $PXOKHU UHDFRPRGRX RV HPEUXOKRV GH FDUQH HOHYDQWRXHHXIXLDWUiV2FRQGXWRUJULWRXGHQRYR6DQHDVSRUWDVVHDEULUDP8PDVPXOKHUHVHVWDYDPHVSHUDQGRSDUDHQWUDU(ODVFXPSULPHQWDUDPDPXOKHUGDFDUQHHHODGLVVHTXHHUDXPGLDPHLRPRUWR

7RGDVHYLWDUDPROKDUSDUDPLPTXDQGRHXGHVFLDWUiVGDPXOKHUGDFDUQH$OL QmR KDYLD QLQJXpP SDUD HVSHUDU DSDUHQWHPHQWH $V SRUWDV VH IHFKDUDP FRP XP

EDTXHHRWUHPYROWRX$tUHVWRXRVLOrQFLRRDUFRPRJHOR%pWXODVGHDSDUrQFLDTXHEUDGLoDFRPPDUFDVQHJUDV

QDFDVFDEUDQFD H DOJXP WLSRGH VHPSUHYLYDSHTXHQDHEDJXQoDGD HQURODGDFRPRXPXUVRVRQROHQWR2ODJRFRQJHODGRQmRHVWDYDOLVRPDVHQFUHVSDGRSHODVPDUJHQVFRPRVHDVRQGDVWLYHVVHPYLUDGRJHORQRPRPHQWRGHTXHEUDU(DFRQVWUXomRGRRXWURODGRFRPVXDVGHOLEHUDGDVILOHLUDV GH MDQHODV H VXDV YDUDQGDV HQYLGUDoDGDV QDV GXDV H[WUHPLGDGHV 7XGR DXVWHUR HVHWHQWULRQDOSUHWRHEUDQFRVREDDOWDDEyEDGDGDVQXYHQV

0DV D FDVFD GDV EpWXODV QmR HUD QDGD EUDQFD TXDQGR YRFr LD FKHJDQGR SHUWR 8PDPDUHORDFLQ]HQWDGRD]XODFLQ]HQWDGRFLQ]D

7mRTXLHWRWmRLPHQVRRHQFDQWR,QGRSUDRQGH" DPXOKHUGDFDUQHPHSHUJXQWRX$KRUDGHYLVLWDOipjVWUrV1mRVRXYLVLWDQWHHXGLVVH6RXDSURIHVVRUD%RPPDVHOHVQmRYmR WHGHL[DUHQWUDUSHODSRUWDGD IUHQWHGLVVHDPXOKHUXP WDQWR

VDWLVIHLWD0HOKRUYRFrYLUFRPLJR9RFrQmRWURX[HPDOD"2FKHIHGHHVWDomRGLVVHTXHLDWUD]HUGHSRLV'RMHLWRTXHYRFrHVWDYDDOLSDUDGDSDUHFLDTXHHVWDYDSHUGLGD(XGLVVHTXHWLQKDSDUDGRSRUTXHHUDWXGRWmROLQGR7HPTXHPDFKH$QmRVHUTXHHVWHMDGRHQWHRXRFXSDGRGHPDLV1DGDPDLVIRLGLWRDWpHQWUDUPRVQDFR]LQKDTXHILFDYDQXPDGDVH[WUHPLGDGHVGRSUpGLR

(XMiHVWDYDSUHFLVDQGRGDTXHOHFDORU1mRWLYHFKDQFHGHROKDUHPYROWDSRUTXHFKDPDUDPDDWHQomRSDUDDVPLQKDVERWDV

0HOKRUYRFrVHOLYUDUGLVVRDtDQWHVGHODVPDUFDUHPRSLVR(X OXWHL SDUD WLUDU DV ERWDV QmR KDYLD FDGHLUD H DV ODUJXHL QR FDSDFKR HP TXH D

PXOKHUWLQKDSRVWRDVGHOD3HJXHHWUDJDFRPYRFrHXQmRVHLRQGHpTXHYmRWHFRORFDU0HOKRUILFDUGHFDVDFR

WDPEpPTXHQmRWHPDTXHFLPHQWRQRYHVWLiULR6HPDTXHFLPHQWRVHPLOXPLQDomRDQmRVHUSHODTXHHQWUDYDSRUXPDMDQHOLQKDTXHHX

QmR DOFDQoDYD (UD FRPR XP FDVWLJR QR WHPSR GD HVFROD 0DQGDGDSDUDRYHVWLiULR e 2PHVPRFKHLURGHURXSDVGHLQYHUQRTXHQXQFDVHFDYDPGHYHUGDGHGHERWDVHPSDSDGDVDWpDVPHLDVVXMDVHRVSpVVHPEDQKR

6XEL QXP EDQTXLQKRPDV DLQGD QmR FRQVHJXLD HQ[HUJDU Oi IRUD 1D SUDWHOHLUD HP TXHERQpVHFDFKHFyLVHVWDYDPMRJDGRVHQFRQWUHLXPDVDFRODFRPILJRVHWkPDUDV$OJXpPGHYLDWrOD URXEDGR H JXDUGDGR DOL SDUD OHYDU SDUD FDVD 'H UHSHQWH HXPH YL FRP IRPH1DGD SDUDFRPHUGHVGHFHGRIRUDXPVDQGXtFKHVHFRGHTXHLMRQD2QWDULR1RUWKODQG3HQVHLQDpWLFDGHURXEDUXPODGUmR0DVRVILJRVLDPJUXGDUQRVPHXVGHQWHVSDUDPHWUDLU

'HVFL GDOL EHP QD KRULQKD $OJXpP HVWDYD HQWUDQGR QR YHVWLiULR 1mR DOJXP GRVIXQFLRQiULRVGDFR]LQKDPDVXPDDOXQDPHWLGDQXPFDVDFRJUDQGDOKmRGH LQYHUQRFRPXPDHFKDUSHDWDGDSRUFLPDGRFDEHOR(ODHQWURXDSUHVVDGDOLYURVMRJDGRVQREDQTXLQKRGHPRGRTXH VH HVSDUUDPDUDP SHOR FKmR HFKDUSH DUUDQFDGD GH PRGR TXH R FDEHOR VDOWRX FRPR XPDUEXVWR HULoDGR H DR PHVPR WHPSR SDUHFLD ERWDV FKXWDGDV XPD GHSRLV GD RXWUD H ODQoDGDVTXLFDQGRSDUDRRXWURODGRGRYHVWLiULR1LQJXpPWLQKDVHPHWLGRFRPHODDSDUHQWHPHQWHSDUD

ID]rODWLUDUDVERWDVQDSRUWDGDFR]LQKD$L HX QmR HVWDYD WHQWDQGR WH DFHUWDU D PHQLQD GLVVH e WmR HVFXUR DTXL SUD TXHP

FKHJD Oi GH IRUD TXH YRFr QmR VDEH R TXH HVWi ID]HQGR 9RFr QmR HVWi JHODGD" 9RFr HVWiHVSHUDQGRRWXUQRGHDOJXpPDFDEDU"

(XHVWRXHVSHUDQGRSDUDYHURGU)R[%RPQmRYDLSUHFLVDU HVSHUDUPXLWR DFDEHLGHYLUGD FLGDGHGHFDURQDFRPHOH0DV

YRFr QmR HVWi GRHQWH Qp" 6H YRFr HVWi GRHQWH QmR SRGH YLU DTXL WHP TXH IDODU FRP HOH QDFLGDGH

(XVRXDSURIHVVRUDePHVPR"9RFrpGH7RURQWR"6RX9HLRXPDFHUWDSDXVDWDOYH]GHUHVSHLWR0DVQmR8PDDYDOLDomRGRPHXFDVDFR%HPEDFDQDPHVPR,VVRDtQDJRODpSHOH"$VWUDFm1DYHUGDGHpLPLWDomR3RGLDPH HQJDQDU 1mR VHL SRU TXH WH GHL[DUDP DTXL YRFr YDL ILFDU FRP D SHULTXLWD

FRQJHODGD'HVFXOSD9RFrTXHUIDODUFRPRGRXWRUHXWHOHYROi(XVHLRQGHILFDWXGRDTXLHXPRURDTXLSUDWLFDPHQWHGHVGHTXHQDVFL$PLQKDPmHFXLGDGDFR]LQKD(XVRXD0DU\&RPRpTXHYRFrVHFKDPD"

9LYL9LYLHQ6HYRFrpSURIHVVRUDQmRGHYLDVHUVHQKRULWD"6HQKRULWDRTXr"6UWD+\GH'U)R[HVUWD+\GHHODGLVVH'HVFXOSDIRLVyXPDFRLVDTXHPHSDVVRXSHODFDEHoD

DJRUD(XLDJRVWDUGHVHUVXDDOXQDPDVHXWHQKRTXHHVWXGDUQDFLGDGH(VVDVUHJUDVLGLRWDV6ySRUTXHHXQmRWHQKR7%

(ODHVWDYDPHFRQGX]LQGRHQTXDQWRIDODYDSHODSRUWDQDH[WUHPLGDGHGRYHVWLiULRDtSRUXPFRUUHGRUQRUPDOGHKRVSLWDO/LQyOHRHQFHUDGR7LQWDYHUGHIRVFDXPFKHLURDQWLVVpSWLFR

$JRUDTXH WHPYRFrDTXLTXHPVDEHHXFRQVLJR ID]HUR5DSRVmRPHGHL[DU WURFDUGHWXUPD

4XHPpR5DSRVmR")R[R5DSRVmReGHXPOLYUR(XHD$QDEHOXPGLDFRPHoDPRVDFKDPDUHOHDVVLP4XHPp$QDEHO"1LQJXpPDJRUD(ODPRUUHX$KVLQWRPXLWR1mR WHPSUREOHPD$FRQWHFHSRUDTXL(XHVWRXQRFROHJLDOHVVHDQR$$QDEHOQXQFD

FKHJRXDLUSUDHVFRODGHYHUGDGH4XDQGRHXHVWDYDVyQDHVFROLQKDR5DSRVmRIH]DSURIHVVRUDGDFLGDGHPHGHL[DUILFDUEDVWDQWHWHPSRHPFDVDSDUDHXSRGHUID]HUFRPSDQKLDSUDHOD

(ODSDURXGLDQWHGHXPDSRUWDHQWUHDEHUWDHDVVRELRX2OKD7URX[HDSURIHVVRUD8PDYR]GHKRPHPGLVVHWLPR0DU\ &KHJDGHYRFrSRUKRMHWLPR(QWHQGL(OD VDLX VDOWLWDQWH HPH GHL[RX GLDQWH GH XP KRPHPPDJUR GH HVWDWXUDPHGLDQD FXMR

FDEHORFODURXPSRXFRDYHUPHOKDGRHVWDYDFRUWDGREHPFXUWRHEULOKDYDVREDOX]DUWLILFLDOGR

FRUUHGRU$VHQKRULWDMiFRQKHFHXD0DU\HOHGLVVH(ODVHPSUHWHPPXLWRDGL]HU(ODQmRYDL

HVWDUQDVXDWXUPDHQWmRDVHQKRULWDQmRYDLWHUTXHDJXHQWDULVVRWRGRGLD$VSHVVRDVDTXLRXVHDSHJDPDHODRXQmR

(OHPHSDUHFHXVHUHQWUHGH]HTXLQ]HDQRVPDLVYHOKRTXHHXHGH LQtFLR IDORXFRPLJRH[DWDPHQWH FRPR XP KRPHP PDLV YHOKR IDODULD 8P IXWXUR HPSUHJDGRU RFXSDGtVVLPR3HUJXQWRXGDPLQKDYLDJHPGRTXHWLQKDVLGRFRPELQDGRTXDQWRjPLQKDPDOD(OHTXHULDVDEHURTXHHXLDDFKDUGHPRUDUDTXLQRPDWRGHSRLVGH7RURQWRVHHXLDPHHQWHGLDU

1HPXPSRXFRHXGLVVHHDFUHVFHQWHLTXHHUDOLQGR3DUHFHSDUHFHTXHDJHQWHHVWiGHQWURGHXPURPDQFHUXVVR(OHROKRXSDUDPLPFRPDWHQomRSHODSULPHLUDYH]6pULR"4XDOURPDQFHUXVVR"2V ROKRV GHOH HUDP GH XP D]XOFODUR OXPLQRVR H DFLQ]HQWDGR 8PD VREUDQFHOKD WLQKD

VXELGRFRPRXPJRUULQKRSRQWXGR1mRHUDTXHHXQmRWLYHVVHOLGRURPDQFHVUXVVRV(XWLQKDOLGRXQVDWpRILPHRXWURVVyHP

SDUWH0DVSRU FDXVDGDTXHOD VREUDQFHOKD HGDH[SUHVVmRGLYHUWLGDPDVFRQWHVWDGRUDGHOH HXQmR OHPEUDYD WtWXOR DOJXP DOpP GH*XHUUD H3D] (X QmR TXHULD GL]HU HVVH SRUTXH HUD R TXHTXDOTXHUXPOHPEUDULD

*XHUUDH3D]%RP p Vy 3D] TXH D JHQWH WHP DTXL HX GLULD 0DV VH IRVVH *XHUUD TXH D VHQKRULWD

HVWLYHVVH TXHUHQGR YHU HX LPDJLQR TXH D VXD HVFROKD WHULD VLGR VH MXQWDU D XP GHVVHV JUXSRVIHPLQLQRVTXHYmRSDUDIRUDGRSDtV

(X ILTXHL EUDYD H KXPLOKDGD SRUTXH UHDOPHQWH QmR HVWDYDPH H[LELQGR2X QmR VyPHH[LELQGR(XWLQKDWHQWDGRH[SULPLURHIHLWRPDUDYLOKRVRTXHDTXHOHFHQiULRWLQKDVREUHPLP

(OH HUD HYLGHQWHPHQWH R WLSR GH SHVVRD TXH ID]LD SHUJXQWDV TXH HUDP DUPDGLOKDV SDUDYRFrFDLU

$FKRTXHQRIXQGRHXHVWDYDHVSHUDQGRTXHDOJXPDSURIHVVRUDGDVDQWLJDVDSDUHFHVVHHOHGLVVHPHLRSHGLQGRGHVFXOSDV&RPRVHTXDOTXHUSHVVRDFRPXPDLGDGHHXPDTXDOLILFDomRGHFHQWHV Mi WLYHVVH YROWDGR SDUD R VLVWHPD KRMH HP GLD $ VHQKRULWD QmR HVWXGRX SDUD VHUSURIHVVRUDQmRp"2TXHH[DWDPHQWHDVHQKRULWDHVWDYDSHQVDQGRHPID]HUGHSRLVGHWHUPLQDUDJUDGXDomR"

(PID]HUXPPHVWUDGRHXGLVVHVHFD(QWmRRTXHPXGRXDVXDRSLQLmR"(XDFKHLTXHGHYLDJDQKDUGLQKHLUR8PD LGHLD UD]RiYHO 6H EHP TXH HX DFKR TXH D VHQKRULWD QmR YDL JDQKDU PXLWR DTXL

'HVFXOSDHXPHLQWURPHWHU(XVyTXHURJDUDQWLUTXHDVHQKRULWDQmRGHVDSDUHoDHGHL[HDJHQWHQDPmR1HQKXPSODQRGHFDVDPHQWRHQWmR"

1mR&HUWR&HUWR&KHJDGHLQWHUURJDWyULR1mRGHVHQFRUDMHLDVHQKRULWDQmRp"(XWLQKDGHVYLDGRRVROKRV1mR9iDWpRHVFULWyULRGD*RYHUQDQWDQRILPGRFRUUHGRUTXHHODYDLOKHGL]HUWXGRTXHIRU

SUHFLVRVDEHU$VHQKRULWDYDLID]HUDVVXDVUHIHLo}HVFRPDVHQIHUPHLUDV(ODYDLOKHGL]HURQGHGRUPLU6yWHQWHQmRVHUHVIULDU ,PDJLQRTXHDVHQKRULWDQmRWHQKDDOJXPDH[SHULrQFLDFRPDWXEHUFXORVH"

%RPHXOL6HL6HL/HX$PRQWDQKDPiJLFD2XWUDDUPDGLOKDWLQKDVHIHFKDGRFRPXPHVWDORHHOH

SDUHFLD UHYLJRUDGR $VFRLVDVPXGDUDPXPSRXFRGHVGHDTXHODpSRFD HVSHURHX7RPD HXHVFUHYLXPDVFRLVDV DTXL VREUH DV FULDQoDV HRTXHHXDQGDYDSHQVDQGRTXHD VHQKRULWDSRGLDWHQWDUID]HUFRPHODVVYH]HVHXSUHILURPHH[SUHVVDUSRUHVFULWR$*RYHUQDQWDYDLOKHSDVVDUDILFKDFRUULGD

$QWHVGHHXFRPSOHWDUXPDVHPDQDDOLWRGRVRVHYHQWRVGRSULPHLURGLDSDUHFLDP~QLFRVHLPSURYiYHLV $ FR]LQKD R YHVWLiULR GD FR]LQKD RQGH DV IXQFLRQiULDV GHL[DYDP DV URXSDV HHVFRQGLDPRTXH URXEDYDP HUDPF{PRGRVTXH HXQmR WLQKDPDLV YLVWR H SURYDYHOPHQWHQmRYHULD2 HVFULWyULR GRPpGLFR HUD LJXDOPHQWH LQDFHVVtYHO VHQGR D VDOD GD*RYHUQDQWD R OXJDUFHUWRSDUDWRGDVDVGHPDQGDVTXHL[DVHUHRUJDQL]Do}HVFRPXQV$SUySULD*RYHUQDQWDHUDEDL[DHJRUGXFKDGHURVWRURVDFRPyFXORVVHPDURHXPDUHVSLUDomRSHVDGD7XGRTXHYRFrSHGLDSDUHFLDHVSDQWiODHJHUDUGLILFXOGDGHVPDVILQDOPHQWHHUDWXGRUHVROYLGRRXSURYLGHQFLDGRVYH]HVHODFRPLDQRUHIHLWyULRGDVHQIHUPHLUDVRQGHOKHVHUYLDPXPFDUGiSLRHVSHFLDOHGHL[DYDRDUPDLVSHVDGR(PJHUDOHODILFDYDQRVHXWHUULWyULR

$OpPGD*RYHUQDQWDKDYLDWUrVHQIHUPHLUDVQHPXPDGHODVFRPPHQRVGHWULQWDDQRVDPDLVTXHHX7LQKDPVDtGRGDDSRVHQWDGRULDSDUDVHUYLUFXPSULQGRFRPVHXGHYHUGHWHPSRVGHJXHUUD(DtKDYLDDVDX[LOLDUHVGHHQIHUPDJHPTXHHUDPGDPLQKD LGDGHRXDWpPDLVQRYDVTXDVH WRGDV FDVDGDV RX QRLYDV RX VH HVIRUoDQGR SDUD ILFDU QRLYDV JHUDOPHQWH GH KRPHQV GDV)RUoDV$UPDGDV(ODVIDODYDPRWHPSRWRGRVHD*RYHUQDQWDHDVHQIHUPHLUDVQmRHVWLYHVVHPSRUSHUWR1mRWLQKDPRPHQRULQWHUHVVHHPPLP1mRTXHULDPVDEHUFRPRHUD7RURQWRDSHVDUGH DOJXPDV GHODV FRQKHFHUHP SHVVRDV TXH KDYLDP SDVVDGR D OXD GH PHO Oi H QmR GDYDP DPHQRUERODSDUDRDQGDPHQWRGDVPLQKDVDXODVRXSDUDRTXHHXWLQKDIHLWRDQWHVGHLUWUDEDOKDUQR6DQ1mRTXHIRVVHPJURVVHLUDVHODVPHSDVVDYDPDPDQWHLJDFKDPDYDPGHPDQWHLJDPDVQDYHUGDGHHUDPDUJDULQDFRPXPDVOLQKDVODUDQMDVFRORULGDQDFR]LQKDR~QLFRMHLWROHJDOGHID]HULVVRQDpSRFDHPHDYLVDUDPSDUDHYLWDUDWRUWDGHFDUQHSRUTXHOHYDYDPDUPRWD(UDVy TXH WXGR TXH DFRQWHFLD HP OXJDUHV TXH HODV QmR FRQKHFLDP RX FRP SHVVRDV TXH HODV QmRFRQKHFLDPRXHPpSRFDVTXHHODVQmRFRQKHFLDPWLQKDTXHVHUGHVFRQVLGHUDGR6yDWUDSDOKDYDHVyLUULWDYD(ODVGHVOLJDYDPRUiGLRQDKRUDGRQRWLFLiULRVHPSUHTXHSRGLDPHWHQWDYDPSHJDUPRPHQWRVGHP~VLFD

'DQFHZLWKDGROO\ZLWKDKROHLQKHUVWRFNLQ7DQWR DV HQIHUPHLUDV TXDQWR DV DX[LOLDUHV QmR JRVWDYDP GD&%& VREUH D TXDO HX RXYLD

GL]HU GHVGH TXH PH HQWHQGLD SRU JHQWH TXH OHYDYD FXOWXUD DR LQWHULRU ( QR HQWDQWR HODVDGPLUDYDPRGU)R[HPSDUWHSRUHOHWHUOLGRWDQWRVOLYURV

(ODV WDPEpPGL]LDPTXHQLQJXpPHUDFRPRHOHSDUD WLUDUXPD ODVFDGHDOJXpPTXDQGR

HVWLYHVVHDILP(XQmRFRQVHJXLHQWHQGHUVHHODVDFKDYDPTXHKDYLDXPDOLJDomRHQWUHOHUPXLWRVOLYURVH

WLUDUODVFDVGRVRXWURV

1Ro}HV SHGDJyJLFDV FRPXQV QmR FDEHP DTXL $OJXPDV GHVVDV FULDQoDV YmR UHHQWUDU QRPXQGRRXQRVLVWHPDHDOJXPDVGHODVQmRYmR0HOKRUQmRKDYHUPXLWD WHQVmR2XVHMDSURYDVPHPRUL]Do}HVQRWDVHVVDVEREDJHQV

'HVFRQVLGHUHWRGDDTXHVWmRGDDYDOLDomR4XHPSUHFLVDUSRGHVHUHFXSHUDUGHSRLVRXVHYLUDUVHPVDEHU$EHPGDYHUGDGHFRLVDVPXLWRVLPSOHVFRQMXQWRVGHIDWRVHWFQHFHVViULRVSDUDVH (QWUDU QR 0XQGR ( DV FULDQoDV FKDPDGDV GH 6XSHULRUHV" 7HUPR UHSXOVLYR 6H HODV VmRLQWHOLJHQWHVGHXPPRGRDFDGrPLFRTXHVWLRQiYHOSRGHPUHFXSHUDUWXGRFRPIDFLOLGDGH

(VTXHoDRVULRVGD$PpULFDGR6XOHD0DJQD&DUWDWDPEpP'HVHQKRV0~VLFDV+LVWyULDVVmRPHOKRUHV%ULQFDGHLUDV WXGR EHP PDV FXLGDGR FRP RV kQLPRV H[DOWDGRV RX FRP R H[FHVVR GH

FRPSHWLWLYLGDGH'HVDILRVHPDQWHUHQWUHWHQVmRHWpGLR7pGLRDSUDJDGDKRVSLWDOL]DomR6H D *RYHUQDQWD QmR WLYHU R TXH D VHQKRULWD QHFHVVLWD jV YH]HV R =HODGRU SRGH WrOR

JXDUGDGRHPDOJXPOXJDU%RQ9R\DJH

2Q~PHURGHFULDQoDVTXHDSDUHFLDPYDULDYD4XLQ]HRXDWpPHLDG~]LD6yGHPDQKmGDVQRYHDRPHLRGLD LQFOXLQGRRV LQWHUYDORV$VFULDQoDVQmRHUDPOLEHUDGDVSDUDDDXODVHDWHPSHUDWXUDGHODVVXELDRXVHHVWDYDPVHQGRVXEPHWLGDVDH[DPHV4XDQGRHVWDYDPSUHVHQWHVHUDPWUDQTXLODVHIiFHLVPDVQmRSDUWLFXODUPHQWHLQWHUHVVDGDV7LQKDPHQWHQGLGRUDSLGLQKRTXHDTXLORHUDXPID]GHFRQWDGHHVFRODRQGHHODVQmRHUDPREULJDGDVDDSUHQGHUQDGDDVVLPFRPRHVWDYDP OLYUHV GH JUDGHV GH KRUiULRV H GH WUDEDOKRV GH PHPRUL]DomR (VVD OLEHUGDGH QmR DVGHL[DYDLQVROHQWHVQmRDVGHL[DYDHQWHGLDGDVGHDOJXPMHLWRTXHFDXVDVVHSUREOHPDVVyGyFHLVHGHVOLJDGDV (ODV FDQWDYDP HP FRUR EHP EDL[LQKR %ULQFDYDP GH MRJR GD YHOKD +DYLD XPDVRPEUDGHGHUURWDVREUHDVDODGHDXODLPSURYLVDGD

'HFLGLOHYDUDVpULRDVSDODYUDVGRPpGLFR2XDOJXPDVGHODVFRPRDVTXHGL]LDPTXHRWpGLRHUDRLQLPLJR

1RFXEtFXORGR]HODGRUHX WLQKDYLVWRXPJORER WHUUHVWUH3HGLSDUD OHYDUHPSDUDDVDOD&RPHFHLFRPJHRJUDILDVLPSOHV2VRFHDQRVRVFRQWLQHQWHVRVFOLPDV3RUTXHQmRRVYHQWRVHDVFRUUHQWHV"2VSDtVHVHDVFLGDGHV"27UySLFRGH&kQFHUHR7UySLFRGH&DSULFyUQLR"(SRUTXHQmRDILQDORVULRVGD$PpULFDGR6XO"

$OJXPDVGDVFULDQoDVKDYLDPDSUHQGLGRHVVDVFRLVDVDQWHVPDVWLQKDPHVTXHFLGRTXDVHWXGR2PXQGRDOpPGRODJRHGDIORUHVWDWLQKDGHVDSDUHFLGR$FKHLTXHHODVVHDQLPDUDPFRPRTXHP UHWRPD DPL]DGHV FRPR TXH VDELDP DQWHV&ODUR TXH QmR ODUJXHL WXGR GH XPDYH] HP

FLPDGHODV(WLQKDTXHLUGHYDJDUFRPDVTXHQXQFDWLQKDPDSUHQGLGRHVVDVFRLVDVQDYLGDSRUWHUHPILFDGRGRHQWHVPXLWRFHGR

0DV WXGREHP3RGLD VHUXPDEULQFDGHLUD6HSDUHL DV FULDQoDV HPHTXLSHV HERWHL WRGRPXQGRSDUDGDUUHVSRVWDVHQTXDQWRHXHVSHWDYDPLQKDYDUHWDDTXLHDOL7RPDYDFXLGDGRSDUDQmRGHL[DUDHPSROJDomRVHSURORQJDUGHPDLV0DVXPGLDRGRXWRUHQWURXUHFpPVDtGRGHXPDFLUXUJLDPDWLQDOHPHSHJRXHPIODJUDQWH(XQmRSRGLDSDUDUWXGRGHUHSHQWHPDVWHQWHLGLOXLUDFRPSHWLomR(OHVHQWRXFRPXPDFDUDPHLRFDQVDGDHHQVLPHVPDGD1mROHYDQWRXREMHo}HV'HSRLVGHXQVPRPHQWRVHOHFRPHoRXDHQWUDUQDEULQFDGHLUDVROWDQGRXQVQRPHVEHPULGtFXORVQRPHVQmRDSHQDVHUUDGRVPDVLQYHQWDGRV$tJUDGXDOPHQWHHOHGHL[RXVXDYR]PRUUHU6XPLUVXPLU SULPHLUR YLUDQGR UHVPXQJR GHSRLV VXVVXUUR DWp TXH QmR VH SXGHVVH RXYLU PDLV QDGD1DGD$VVLP FRP HVVH DEVXUGR HOH DVVXPLX R FRQWUROH GD VDOD$ FODVVH WRGD FRPHoRX D VyPRYHURVOiELRVSDUDLPLWiOR2VROKRVGHWRGDVHVWDYDPIL[RVQDERFDGHOH

'HUHSHQWHHOHVROWRXXPJUXQKLGREDL[RTXHIH]DVFULDQoDVULUHP0DV SRU TXH p TXH WRGRPXQGR HVWi ROKDQGR SDUDPLP"e LVVR TXH HVVD SURIHVVRUD GH

YRFrVHQVLQD")LFDUHQFDUDQGRDOJXpPTXHQmRHVWiLQFRPRGDQGRQLQJXpP"4XDVHWRGDVULUDPPDVDOJXPDVGHODVQmRFRQVHJXLDPSDUDUGHROKDUSDUDHOHQHPDVVLP

(VWDYDPVHGHQWDVSRUPDLVEL]DUULFHV9DPRV6XPDPGDTXLHYmRVHUPDOFRPSRUWDGDVHPRXWUROXJDU(OHPHSHGLXGHVFXOSDVSRULQWHUURPSHUDDXOD(XFRPHFHLDOKHH[SOLFDUPHXVPRWLYRV

SDUDID]HUDTXLORVHSDUHFHUPDLVFRPXPDHVFRODGHYHUGDGH$SHVDU GH HX FRQFRUGDU FRP R VHQKRU TXDQWR j TXHVWmR GD WHQVmR HX GLVVH FRP

IUDQTXH]D&RQFRUGRFRPRTXHRVHQKRUGLVVHQDVVXDVLQVWUXo}HV6yTXHHXDFKHL4XHLQVWUXo}HV"$KDTXLORHUDPVyXPDVFRLVDVTXHPHSDVVDUDPSHODFDEHoD(XQXQFD

TXLVTXHDTXLORYLUDVVHOHL3HQVHLTXHSHORPHQRVHQTXDQWRHODVQmRHVWLYHUHPGRHQWHVGHPDLV7HQKRFHUWH]DTXHDVHQKRULWDWHPUD]mRDFKRTXHQHPID]GLIHUHQoD$QWHVHODVILFDYDPPHLRLQHUWHV1mRSUHFLVDID]HUXPDWHPSHVWDGHHPFRSRGiJXDHOHGLVVHHVHDIDVWRX$tVHYLURXSDUDSHGLUGHVFXOSDVVLQFHUDVDSHQDVHPSDUWH1yVSRGHPRVFRQYHUVDUVREUHLVVRRXWUDKRUD(VVDKRUDHXSHQVHLQXQFDFKHJDULD(UDHYLGHQWHTXHHOHPHDFKDYDXPDFKDWDHXPD

WROD'HVFREULQRDOPRoRFRPDVDX[LOLDUHVTXHDOJXpPQmRWLQKDVREUHYLYLGRDXPDRSHUDomR

QDTXHODPDQKm(QWmRPLQKDUDLYDQRILPQmRHUDMXVWLILFDGDHHXVySRGLDPHVHQWLUDLQGDPDLVWROD

7RGDVDVWDUGHVHUDPOLYUHV$VPLQKDVSXSLODVGHVFLDPSDUDORQJRVFRFKLORVHHXjVYH]HVILFDYDFRPYRQWDGHGHID]HUDPHVPDFRLVD2PHXTXDUWRHUDIULRWRGDVDVSDUWHVGRSUpGLRSDUHFLDPIULDVEHPPDLVIULDVTXHRDSDUWDPHQWRGD$YHQXH5RDGPXLWRHPERUDOiRVPHXVDYyVGHL[DVVHPRWHUPRVWDWREHPEDL[RSDUDVHUHPSDWULyWLFRV(RVFREHUWRUHVHUDPILQRVDOJXpPFRPWXEHUFXORVHFHUWDPHQWHSUHFLVDULDGHFRLVDPDLVDFROKHGRUD

/yJLFR TXH HX QmR WLQKD WXEHUFXORVH 7DOYH] HOHV IRVVHP PDLV HFRQ{PLFRV QR TXHSURYLGHQFLDYDPSDUDJHQWHFRPRHX

(X ILFDYD VRQROHQWD PDV QmR FRQVHJXLD GRUPLU $FLPD GH PLP KDYLD R HVWURQGR GDVFDPDVGHURGLQKDVVHQGROHYDGDVSDUDDVYDUDQGDVDEHUWDVRQGHHUDPH[SRVWDVjJpOLGDWDUGH

2 SUpGLR DV iUYRUHV R ODJR QXQFD PDLV LDP FRQVHJXLU VHU LJXDLV SDUD PLP DR TXHWLQKDP VLGR QDTXHOH SULPHLUR GLD TXDQGRPH GHL[HL OHYDU SRU VHX PLVWpULR H VXD DXWRULGDGH1DTXHOHGLDHXPHDFUHGLWDYDLQYLVtYHO$JRUDSDUHFLDTXHLVVRQXQFDWLQKDVLGRYHUGDGH

2OKDDOLDSURIHVVRUD2TXHHODHVWiDSURQWDQGR"(VWiROKDQGRSDUDRODJR3DUDTXr"1mRWHPPDLVRTXHID]HU7HPJHQWHVRUWXGDQHVVHPXQGR

'HYH]HPTXDQGRHXSXODYDRDOPRoRDSHVDUGHHOHVHUSDUWHGRPHXVDOiULR(XLDDWp$PXQGVHQRQGHFRPLDQXPFDIp2FDIpHUD3RVWXP

HDPHOKRUDSRVWDHQWUHRVVDQGXtFKHVHUDVDOPmRHQODWDGRTXDQGRHOHVWLQKDP$VDODGDGHIUDQJRPHUHFLDXPDERDYLVWRULDHPEXVFDGH SHGDFLQKRV GH SHOH H FDUWLODJHP0HVPR DVVLP HXPH VHQWLDPDLV j YRQWDGH Oi FRPR VHQLQJXpPVRXEHVVHTXHPHXHUD

3URYDYHOPHQWHHXHVWDYDHQJDQDGDDHVVHUHVSHLWR2FDIpQmRWLQKDEDQKHLURIHPLQLQRHQWmRYRFrWLQKDTXHLUDWpRKRWHODRODGRDtSDVVDU

SHODSRUWDDEHUWDGRVDOmRGHFHUYHMDVHPSUHHVFXURHEDUXOKHQWRHGHL[DQGRHVFDSDUXPFKHLURGH FHUYHMD H XtVTXH XPD UDMDGD GH IXPDoD GH FLJDUUR H FKDUXWR FDSD] GH GHUUXEDU DOJXpP0HVPRDVVLPHXPHVHQWLDEHPjYRQWDGHDOL2VPDGHLUHLURVRVHPSUHJDGRVGDVHUUDULDQXQFDILFDYDPJULWDQGRSDUDDVSHVVRDVFRPRRVVROGDGRVHRVSLORWRVGH7RURQWRID]LDP(OHVHVWDYDPDWRODGRVHPXPPXQGRGHKRPHQVXUUDQGRVXDVSUySULDVKLVWyULDVQmRHVWDYDPDOLHPEXVFDGHPXOKHUHV(UDSRVVtYHOTXHHVWLYHVVHPPDLVGLVSRVWRVDGDUR IRUDGDOL LPHGLDWDPHQWHRXSDUDVHPSUH

2GRXWRUWLQKDXPFRQVXOWyULRQDUXDSULQFLSDO(UDVyXPDFDVLQKDSHTXHQDGHXPDQGDUGHPRGR TXH HOH GHYLDPRUDU HP RXWUR OXJDU (X WLQKD RXYLGR GDV DX[LOLDUHV TXH HOH QmR HUDFDVDGR1D~QLFDUXDODWHUDOHXDFKHLDFDVDTXHWLQKDFKDQFHVGHVHUDGHOHXPDFDVDFREHUWDGH HVWXTXH FRPXPD MDQHOLQKD WLSR OXFDUQD HPFLPDGDSRUWD GD IUHQWH OLYURV HPSLOKDGRVQDVROHLUDGHVVDMDQHOD$TXHOHOXJDUWLQKDXPDDSDUrQFLDGHVRODGDPDVRUJDQL]DGDSDVVDYDDLGHLDGHXPFRQIRUWRPtQLPRPDVSUHFLVRTXHXPKRPHPVR]LQKRXPKRPHPVR]LQKRHPHWyGLFRSRGLDFULDU

$ HVFROD QD SRQWD GDTXHOD ~QLFD UXD UHVLGHQFLDO WLQKD GRLV DQGDUHV2 WpUUHR DWHQGLD RVDOXQRVDWpDRLWDYDVpULHRSULPHLURDQGDUDWpDGpFLPDVHJXQGD1XPDWDUGHHXYL0DU\ DOLSDUWLFLSDQGR GH XPD JXHUUD GH ERODV GH QHYH 3DUHFLD TXH HUDP PHQLQDV FRQWUD PHQLQRV4XDQGRPHYLX0DU\ JULWRXEHPDOWR 2LSURIH H MRJRXDVERODVTXH WLQKDQDVPmRVSDUDTXDOTXHUODGRHQWmRIRLDQGDQGRDSDVVROHQWRSHODUXD$JHQWHVHYrDPDQKmHODJULWRXSRUFLPDGRRPEURPDLVRXPHQRVFRPRXPDYLVRGHTXHQLQJXpPGHYHULDVHJXLOD

9RFr HVWi YROWDQGR SDUD FDVD" HOD SHUJXQWRX (X WDPEpP (X LD GH FDURQD FRP R5DSRVmRPDVHOHHVWiGHPRUDQGRGHPDLVSDUDVDLU&RPRpTXHYRFrID]SHJDRERQGH"

(XGLVVHTXH VLP H0DU\ GLVVH $K HXSRVVR WHPRVWUDURRXWUR FDPLQKRHYRFrSRGHHFRQRPL]DUXPGLQKHLUR$WULOKDGRPDWR

(ODPHOHYRXSRUXPFDPLQKRHVWUHLWRPDVWUDQVLWiYHOTXHVHHUJXLDDWUiVGDFLGDGHHDtFUX]DYDDPDWDHSDVVDYDSHODVHUUDULD

eSRUDTXLTXHR5DSRVmRYDLHODGLVVHePDLVDOWRPDVPDLVFXUWRTXDQGRYRFrGHVFHSDUDR6DQ

1yV SDVVDPRV SHOD VHUUDULD H DEDL[R GH QyV XPDV HQWUDGDV IHLDV QD PDWD H DOJXPDVFDEDQDVDSDUHQWHPHQWHKDELWDGDVSRUTXHKDYLDSLOKDVGHOHQKDHYDUDLVHVROWDYDPIXPDoD8PFDFKRUURJUDQGHFRPMHLWRGHORERVDLXGHXPDGHODVFRUUHQGRODWLQGRHURVQDQGRPXLWR

9RFr FDOH HVVD ERFD EHUURX 0DU\ (P TXHVWmR GH VHJXQGRV HOD WLQKD IRUPDGR HDUUHPHVVDGRXPDERODGHQHYHTXHSHJRXRDQLPDOQRPHLRGRVROKRV(OHURGRSLRXHHODHVWDYDFRPRXWUD EROD SURQWD SDUD DFHUWiOR QRVTXDGULV8PDPXOKHU GH DYHQWDO DSDUHFHX H EHUURX&rSRGLDWHUPDWDGRHOH

4XHYiSURGLDERHVVHWUDVWH(XYRXPDQGDURPHXYpLRDWUiVGRFr$WpSDUHFH2WHXYpLRQmRFRQVHJXHEDWHUQHPHPErEDGR2FDFKRUURVHJXLDGHORQJHFRPDOJXPDVDPHDoDVLQVLQFHUDV(XPHYLURFRPTXDOTXHUFDFKRUURQmRVHSUHRFXSH0DU\ GLVVH$SRVWRTXHHXPH

YLUDYDFRPXPXUVRVHDJHQWHWRSDVVHFRPXP2VXUVRVQmRWHQGHPDKLEHUQDUQHVVDpSRFDGRDQR"(XWLQKDILFDGREHPDVVXVWDGDFRPRFDFKRUURPDVILQJLDQmROLJDUePDVQXQFDVHVDEH8PVDLXFHGRGDWRFDHHQWURXQDOL[HLUDOiQR6DQ$PLQKDPmH

VHYLURXHOiHVWDYDHOH25DSRVmRSHJRXDHVSLQJDUGDHDWLURX2 5DSRVmR OHYDYD HX H D $QDEHO SDUD SDVVHDU GH WUHQy H jV YH]HV RXWUDV FULDQoDV

WDPEpPHHOHWLQKDXPDSLWRHVSHFLDOTXHHVSDQWDYDRVXUVRV(UDDJXGRGHPDLVSURVKXPDQRVRXYLUHP

6HL9RFrFKHJRXDYHUHVVHDSLWR"1mRHUDXPDSLWRGHVVHWLSR(UDXPDVVRELRTXHHOHGDYDFRPDERFD)LTXHLSHQVDQGRQDSDUWLFLSDomRGHOHQDDXOD1mRVHL WDOYH]IRVVHVySDUDQmRGHL[DUD$QDEHOFRPPHGRTXHHOHGL]LD LVVR(ODQmR

VDELDDQGDUGHWUHQyHOHWLQKDTXHSX[DUHODGHWRERJm(XLDEHPDWUiVGHODHjVYH]HVSXODYDQRWRERJmHHOHGL]LD0DVRTXHpTXHWHPHVVHQHJyFLRTXHHVWiWmRSHVDGR$tHOHWHQWDYDYLUDUEHPUiSLGR HPH SHJDU DOLPDV QXQFD FRQVHJXLD ( HOH SHUJXQWDYD SDUD D$QDEHO2 TXH HUD TXHHVWDYDGHL[DQGRDTXLORWmRSHVDGRRTXHIRLTXHYRFrFRPHXQRFDIpPDVHODQXQFDFRQWDYD6HWLQKD RXWUDV FULDQoDV HX QmR ID]LD LVVR (UDPHOKRU TXDQGR Vy HX H D$QDEHO tDPRV (OD IRL DPHOKRUDPLJDTXHHXYRXWHUQDYLGD

(DTXHODVPHQLQDVGDHVFROD"(ODVQmRVmRVXDVDPLJDV"(XVyILFRFRPHODVTXDQGRQmRWHPPDLVQLQJXpP(ODVQmRVmRQDGD$$QDEHOHHXDJHQWHID]LDDQLYHUViULRQRPHVPRPrV-XQKR1RQRVVRDQLYHUViULRGH

RQ]HDQRVR5DSRVmROHYRXDJHQWHSUDSDVVHDUGHERWHQRODJR(OHHQVLQRXDJHQWHDQDGDU%RPHX0DVHOHVHPSUHWLQKDTXHILFDUVHJXUDQGRD$QDEHOHODQmRFRQVHJXLDDSUHQGHUGLUHLWR8PD

YH]HOHIRLQDGDQGREHPORQJHVR]LQKRHDJHQWHHQFKHXRVVDSDWRVGHOHGHDUHLD(DtQRQRVVRDQLYHUViULRGHGR]HDQRVQmRGDYDSDUDDJHQWHLUDXPOXJDUGHVVHVPDVDJHQWHIRLQDFDVDGHOHHFRPHXEROR(ODQmRFRQVHJXLXFRPHUQHPXPSHGDFLQKRHQWmRHOHOHYRXDJHQWHSUDDQGDUGHFDUURH DJHQWH ILFRX MRJDQGRPLJDOKLQKDSHOD MDQHODSDUDGDUSDUD DVJDLYRWDV(ODV ILFDYDPEULJDQGRHJULWDQGRTXHQHPORXFDV$JHQWHHVWDYDWHQGRDWDTXHVGHULVRHHOHWHYHTXHSDUDUHVHJXUDUD$QDEHOSDUDHODQmRWHUXPDKHPRUUDJLD

(GHSRLV GLVVR HOD GLVVH GHSRLV GLVVRQmRPHGHL[DUDPPDLV YHU HOD$PLQKDPmHQXQFDTXLVPHVPRTXHHXILFDVVHSHUWRGDVFULDQoDVFRP7%0DVR5DSRVmRFRQYHQFHXHODHOHGLVVHTXHLDFRUWDUDTXLORTXDQGRWLYHVVHTXHFRUWDU)RLRTXHHOHIH]HHXILTXHLORXFD0DVHODQmRLDPDLVVHUGLYHUWLGDGHWmRGRHQWHTXHHVWDYD(XSRGLDWHPRVWUDURW~PXORGHODPDVDLQGDQmR WHP QHQKXPD PDUFD 2 5DSRVmR H HX D JHQWH YDL ID]HU DOJXPD FRLVD TXDQGR HOH WLYHUWHPSR6HDJHQWHWLYHVVHLGRGLUHWRSHODHVWUDGDHPYH]GHVDLURQGHDJHQWHVDLXDJHQWHLDWHUFKHJDGRQRFHPLWpULRGHODeVySDUDDVSHVVRDVTXHQmRWrPQLQJXpPTXHYHQKDSHJDUHODVHOHYDUSDUDFDVD

$HVVDDOWXUDQyVHVWiYDPRVGHYROWDDRQtYHOGRVRORFKHJDQGRQR6DQ(ODGLVVH$KTXDVHHVTXHFLHSHJRXXPSXQKDGRGHLQJUHVVRV3DUD R GLD GRV QDPRUDGRV $ JHQWH YDL PRQWDU XPD SHoD QD HVFROD TXH VH FKDPD

3LQDIRUH

(XHVWRXFRPLVVRWXGRSDUDYHQGHUHYRFrSRGHVHUDPLQKDSULPHLUDFRPSUDGRUD(XHVWRXQDSHoD

(X WLQKD UD]mR GH DFKDU TXH D FDVD GH$PXQGVHQ HUD RQGH RPpGLFRPRUDYD (OHPHOHYRXSDUDMDQWDUOi$SDUHQWHPHQWHRFRQYLWHYHLRPHLRGHLPSURYLVRTXDQGRQRVHQFRQWUDPRVQR VDJXmR 7DOYH] HOH HVWLYHVVH LQFRPRGDGR FRP D OHPEUDQoD GH WHU GLWR TXH QyV tDPRV QRVHQFRQWUDUSDUDIDODUGHLGHLDVSHGDJyJLFDV

$QRLWHTXHHOHVXJHULXHUDDTXHODSDUDDTXDOHXWLQKDFRPSUDGRRLQJUHVVRGH3LQDIRUH(X OKH GLVVH LVVR H HOH IDORX %RP HX WDPEpPFRPSUHL1mR TXHU GL]HU TXH D JHQWH SUHFLVHDSDUHFHUSRUOi

(XILFRPHLRDFKDQGRTXHSURPHWLSDUDHOD%RP $JRUD YRFr SRGH PHLR DFKDU TXH GHVSURPHWH 9DL VHU XP KRUURU DFUHGLWH HP

PLP(X IL]FRPRHOH IDORXDSHVDUGHQmR WHUYLVWR0DU\SDUDDYLViOD(XHVWDYDHVSHUDQGR

RQGHHOHPHGLVVHSDUD HVWDU QDYDUDQGDDEHUWDGLDQWHGDSRUWDGD IUHQWH(VWDYD FRPRPHXPHOKRUYHVWLGRGHFUHSHYHUGHHVFXURFRPRVERW}H]LQKRVGHSpURODHJRODGHUHQGDYHUGDGHLUDHWLQKDHQILDGRRVSpVQXQVVDSDWRVGHFDPXUoDGHVDOWRDOWRGHQWURGDVJDORFKDVGHQHYH)LTXHLHVSHUDQGRDOpPGDKRUDPHQFLRQDGDFRPPHGRSULPHLURGHTXHD*RYHUQDQWDSXGHVVHVDLUGRHVFULWyULRHPHYHUDOLHVHJXQGRGHTXHHOHWLYHVVHHVTXHFLGRDFRLVDWRGD

0DVDtHOHDSDUHFHXDERWRDQGRRVREUHWXGRHSHGLXGHVFXOSDV6HPSUHWHPXPDFRLVLQKDRXRXWUDSDUDUHVROYHUHOHGLVVHHPHOHYRXVREDVHVWUHODV

EULOKDQWHVDWpRFDUURGHOHDWUiVGRSUpGLR9RFrHVWiILUPH" HOHGLVVHHTXDQGRHXGLVVHVLPDSHVDUGHPHSUHRFXSDUFRPRVVDSDWRVGHFDPXUoDHOHQmRPHRIHUHFHXREUDoR

2FDUURGHOHHUDYHOKRHPDOWUDWDGRFRPRTXDVHWRGRVRVFDUURVQDTXHODpSRFD1mRWLQKDDTXHFHGRU4XDQGRHOHGLVVHTXHQyV tDPRVSDUDDFDVDGHOH ILTXHLDOLYLDGD(XQmRYLDFRPROLGDU FRP R DPRQWRDGR GH JHQWH GR KRWHO H HVWDYD WRUFHQGR SDUD QmR WHU TXH HQFDUDU RVVDQGXtFKHVGRFDIp

&KHJDQGROiHOHPHGLVVHSDUDQmRWLUDURFDVDFRHQTXDQWRRDPELHQWHQmRHVWLYHVVHXPSRXFRPDLVDTXHFLGR(OHLPHGLDWDPHQWHVHRFXSRXGHDFHQGHURIRJRQDHVWXID

6RXVHX]HODGRUHVHXFR]LQKHLURHVHXJDUoRPHOHGLVVH/RJRYDLHVWDUFRQIRUWiYHOHDFRPLGDQmRYDLGHPRUDUPXLWR1mRRIHUHoDDMXGDHXSUHILURWUDEDOKDUVR]LQKR2QGHpTXHDVHQKRULWD SUHIHUH HVSHUDU" 6H TXLVHU D VHQKRULWD SRGH GDU XPD ROKDGD QRV OLYURV GD VDOD GHHQWUDGD$OLQmRGHYHHVWDULQVXSRUWiYHOGHPDLVGHFDVDFR$FDVDpWRGDDTXHFLGDFRPHVWXIDVHHXQmRDTXHoRXPF{PRGRVHHOHQmRHVWiHPXVR2LQWHUUXSWRUILFDORJRDRODGRGDSRUWD3RVVRRXYLURQRWLFLiULR"eXPFRVWXPHTXHHXFULHL

)XLSDUDDVDODFRPDYDJDLPSUHVVmRGHTXHLVVRWLQKDVLGRXPDRUGHPGHL[DQGRDEHUWDDSRUWD GD FR]LQKD (OH YHLR SDUD IHFKiOD GL]HQGR 6y DWp D JHQWH GDU XPD HVTXHQWDGD QDFR]LQKDHYROWRXSDUDDYR]WHQHEURVDHGUDPiWLFDTXDVHUHOLJLRVDGD&%&GDQGRDVQRWtFLDVGR~OWLPRDQRGDJXHUUD(XQmRWLQKDFRQVHJXLGRRXYLUDTXHODYR]GHSRLVGHVDLUGRDSDUWDPHQWRGRVPHXVDYyVHILTXHLFRPYRQWDGHGHWHUILFDGRQDFR]LQKD0DVKDYLDXPDHQRUPLGDGHGHOLYURVSDUDROKDU1mRVyQDVHVWDQWHVPDVHPFLPDGHPHVDVHFDGHLUDVH VROHLUDVHHPSLOKDGRVQRFKmR 'HSRLV GH WHU H[DPLQDGR YiULRV GHOHV HX FRQFOXt TXH HOH SUHIHULD FRPSUDU OLYURV HPSDFRWHVHSURYDYHOPHQWHID]LDSDUWHGHYiULRVFOXEHVGHOHLWXUD2V&OiVVLFRV+DUYDUG2VOLYURVGHKLVWyULDGH:LOOH$ULHO'XUDQWH[DWDPHQWHRVPHVPRVTXHHVWDYDPQDVSUDWHOHLUDVGRPHXDY{)LFomRHSRHVLDSDUHFLDPQmRWHUJUDQGHSUHVHQoDHPERUDKRXYHVVHDOJXQVVXUSUHHQGHQWHVFOiVVLFRVLQIDQWLV

/LYURV VREUH D *XHUUD &LYLO $PHULFDQD D *XHUUD GD IULFD GR 6XO DV *XHUUDV1DSROH{QLFDV DV *XHUUDV GR 3HORSRQHVR DV FDPSDQKDV GH -~OLR &pVDU([SORUDo}HV GR$PD]RQDVHGRUWLFR6FKDFNOHWRQSUHVRQRJHOR$FDWiVWURIHGH)UDQNOLQ2JUXSR'RQQHU$VWULERV SHUGLGDV FLGDGHV VRWHUUDGDV GDIULFD&HQWUDO 1HZWRQ H D DOTXLPLD 6HJUHGRV GR+LQGX.XVK/LYURVTXHVXJHULDPDOJXpPDQVLRVRSDUDVDEHUSDUDGRPLQDUJUDQGHVQDFRVHVSDUVRVGHFRQKHFLPHQWR7DOYH]QmRDOJXpPFXMRVJRVWRVIRVVHPILUPHVHREVWLQDGRV

(QWmR TXDQGR HOH SHUJXQWDUD 4XH URPDQFH UXVVR" HUD SRVVtYHO TXH QmR WLYHVVH XPDSODWDIRUPDWmRILUPHTXDQWRHXWLQKDSHQVDGR

4XDQGRHOHJULWRX3URQWRHHXDEULDSRUWDHVWDYDDUPDGDGHVVHQRYRFHWLFLVPR(XGLVVH&RPTXHPRVHQKRUFRQFRUGD1DSKWDRX6HWWHPEULQL" &RPR"(P$PRQWDQKDPiJLFD2VHQKRUJRVWDPDLVGH1DSKWDRXGH6HWWHPEULQL"3DUDVHUVLQFHURHXVHPSUHDFKHLTXHHOHVHUDPGRLVIDODVWU}HV$VHQKRULWD"6HWWHPEULQLpPDLVKXPDQRPDV1DSKWDpPDLVLQWHUHVVDQWH(OHVOKHGLVVHUDPLVVRQDHVFROD"(XQmROLROLYURQDHVFRODHXGLVVHIULDPHQWH(OHPHGHXXPDUiSLGDROKDGDVREUDQFHOKDHUJXLGD0H GHVFXOSH 6H WLYHU DOJXPD FRLVD TXH OKH LQWHUHVVH VLQWDVH j YRQWDGH 6LQWDVH j

YRQWDGHSDUDGHVFHUDWpDTXLHOHUQDVVXDVKRUDVGHIROJD7HPXPDTXHFHGRUHOpWULFRTXHHX

SRGLD GHL[DU SURQWR Mi TXH HX LPDJLQR TXH D VHQKRULWD QmR WHQKD H[SHULrQFLD FRP HVWXIDV DOHQKD9DPRVSHQVDUQLVVR"(XSRVVROKHDUUXPDUXPDFKDYHH[WUD

2EULJDGD&RVWHOHWDVGHSRUFRQRMDQWDUSXUrGHEDWDWDVHUYLOKDVHPODWD$VREUHPHVDHUDXPDWRUWD

GHPDomGDSDGDULDTXHWHULDILFDGRPHOKRUVHHOHWLYHVVHSHQVDGRHPDTXHFrOD(OHPHSHUJXQWRXGDPLQKDYLGDHP7RURQWRGDVPLQKDVGLVFLSOLQDVQDXQLYHUVLGDGHGRV

PHXVDYyV'LVVHTXHLPDJLQDYDTXHHXWLYHVVHVLGRFULDGDFRPUHJUDVHVWULWDV2PHXDY{pXPSDVWRUOLEHUDOPHLRTXHj3DXO7LOOLFK(DVHQKRULWD"1HWLQKDFULVWmOLEHUDO"1mR7RXFKp$VHQKRULWDHVWiPHDFKDQGRUXGH"'HSHQGH6HRVHQKRUHVWiPHHQWUHYLVWDQGRFRPRHPSUHJDGRUQmR(QWmRYRXFRQWLQXDU$VHQKRULWDWHPQDPRUDGR"7HQKR1DV)RUoDV$UPDGDVVXSRQKR(XGLVVH1D0DULQKD2TXHPHSDUHFHXXPDERD HVFROKD TXH H[SOLFDYDR IDWRGH HX

QXQFDVDEHURQGHHOHHVWDYDHGHQmRUHFHEHUFDUWDVUHJXODUHV(XSRGLDDFUHVFHQWDUTXHHOHQmRFRQVHJXLXOLFHQoDHPWHUUD

2PpGLFROHYDQWRXHSHJRXRFKi(PTXHWLSRGHEDUFRHOHHVWi"&RUYHWD 2XWUD ERD HVFROKD 'HSRLV GH XP WHPSR HX SRGLD ID]HU FRP TXH HOH IRVVH

WRUSHGHDGRFRPRYLYLDDFRQWHFHQGRFRPDVFRUYHWDV6XMHLWLQKRFRUDMRVR/HLWHRXDo~FDUQRVHXFKi"1DGDREULJDGD4XH ERP SRUTXH HX QmR WHQKR PHVPR $ VHQKRULWD VDEH TXH GHPRQVWUD TXDQGR HVWi

PHQWLQGRILFDFRPRURVWRTXHQWH6H HX QmR WLQKD ILFDGR TXHQWH DQWHV DJRUD ILTXHL (QUXEHVFL GRV SpV j FDEHoD H R VXRU

FRUUHXVREPHXVEUDoRV7RUFLSDUDQmRHVWUDJDURYHVWLGR(XVHPSUHILFRTXHQWHTXDQGRWRPRFKi$KVHL1mR KDYLD FRPR DV FRLVDV SLRUDUHP HQWmR UHVROYL HQIUHQWiOR 0XGHL R DVVXQWR GD

FRQYHUVDSDUDHOHSHUJXQWDQGRFRPRRSHUDYDDVSHVVRDV(UDYHUGDGHTXHHOHUHPRYLDSXOP}HVFRPRHXWLQKDRXYLGR"

(OHSRGLD WHU UHVSRQGLGR FRPPDLV SURYRFDo}HVPDLV VXSHULRULGDGHSRVVLYHOPHQWH DLGHLDTXHHOHWLQKDGHIOHUWHHHXDFKHLTXHVHHOHWLYHVVHIHLWRLVVRHXLDWHUSRVWRRFDVDFRHVDtGRQRIULR(WDOYH]HOHVRXEHVVHGLVVR&RPHoRXDIDODUGHWRUDFRSODVWLDHDH[SOLFDUTXHHODQRHQWDQWRQmRHUDWmRWUDQTXLODSDUDRSDFLHQWHTXDQWRFRODEDUHGHVLQIODUXPSXOPmR(RPDLVLQWHUHVVDQWH HUD TXH DWp+LSyFUDWHV Mi VDELD GLVVR&ODUR TXH D UHWLUDGD GR ORER WDPEpP WLQKDJDQKDGRSRSXODULGDGHUHFHQWHPHQWH

0DVRVHQKRUQmRSHUGHDOJXQVGRVSDFLHQWHV" HXGLVVH(OHGHYHWHUDFKDGRTXHHUDKRUDGHVROWDURXWUDSLDGLQKD0DVpFODUR6DHPFRUUHQGRHVHHVFRQGHPQRPDWRDJHQWHQmRVDEHDRQGHHOHVYmRVH

HQILDU3XODPQRODJR2XSRUDFDVRDVHQKRULWDTXHUVDEHUVHHOHVPRUUHP"+iFDVRVHPTXHQmRIXQFLRQD6LP

0DVJUDQGHVQRYLGDGHVHVWDYDPSRUYLUHOHGLVVH$FLUXUJLDTXHHOHSUDWLFDYDLDVHWRUQDUWmR REVROHWD TXDQWR D VDQJULD 8PD QRYD GURJD HVWDYD D FDPLQKR (VWUHSWRPLFLQD -i HVWDYDVHQGR XVDGD HP WHVWHV $OJXQV SUREOHPDV FODUR TXH KDYHULD SUREOHPDV 7R[LFLGDGH SDUD RVLVWHPDQHUYRVR0DVLDPDFKDUXPMHLWRGHOLGDUFRPLVVR

2VELVWXULVFRPRHXYmRILFDUWRGRVGHVHPSUHJDGRV(OHODYRXDORXoDHXVHTXHL(OHFRORFRXXPSDQRGHSUDWRQDPLQKDFLQWXUDSDUDSURWHJHU

RYHVWLGR4XDQGRDVSRQWDVHVWDYDPHILFLHQWHPHQWHDWDGDVHOHSRXVRXDPmRQDSDUWHGHFLPDGDVPLQKDVFRVWDV8PDSUHVVmRWmRILUPHGHGRVVHSDUDGRVHOHTXDVHSRGLDHVWDUDYDOLDQGRPHX FRUSR GH XPD PDQHLUD SURILVVLRQDO 4XDQGR IXL GHLWDU QDTXHOD QRLWH DLQGD SRGLD VHQWLUDTXHOD SUHVVmR (X D VHQWLD GHVHQYROYHU VXD LQWHQVLGDGH GR GHGR PtQLPR DR UtJLGR SROHJDU*RVWHL)RLPDLVLPSRUWDQWHQDYHUGDGHTXHREHLMRGDGRQDPLQKDWHVWDGHSRLVORJRDQWHVGHHXGHVFHUGRFDUURGHOH8PEHLMRGHOiELRVVHFRVEUHYHHIRUPDOGHSRVLWDGRHPPLPFRPXPDDXWRULGDGHDSUHVVDGD

$FKDYHGDFDVDGHOHDSDUHFHXQRFKmRGRPHXTXDUWRHQILDGDSRUVREDSRUWDTXDQGRHXQmRHVWDYDOi0DVDILQDOHXQmRSRGHULDXVDUDFKDYH6HTXDOTXHURXWUDSHVVRDWLYHVVHPHIHLWRHVVDRIHUWDHXWHULDPHDJDUUDGRjRSRUWXQLGDGH(VSHFLDOPHQWHVHLQFOXtVVHXPDTXHFHGRU0DVQHVVHFDVRDSUHVHQoDSDVVDGDHIXWXUDGHOHUHWLUDULDWRGRRFRQIRUWRQRUPDOGDVLWXDomRHHPVHXOXJDUWUDULDXPSUD]HUTXHHUDWHQVRHHQHUYDQWHHPYH]GHH[SDQVLYR(XQmRFRQVHJXLULDSDUDUGH WUHPHU QHP TXDQGR QmR HVWLYHVVH IULR H HX GXYLGDYD PXLWR TXH FRQVHJXLULD OHU XPD VySDODYUD

$FKHLTXHSURYDYHOPHQWHD0DU\ LDDSDUHFHUSDUDPHFHQVXUDUSRUWHUSHUGLGR3LQDIRUH3HQVHL HP GL]HU TXH QmR WLQKDPH VHQWLGR EHP 7LQKD WLGR XP UHVIULDGR0DV Dt OHPEUHL TXHUHVIULDGRVDOLHUDPFRLVDVpULDTXHHQYROYLDPiVFDUDVHGHVLQIHWDQWHVRVWUDFLVPR(ORJRHQWHQGLTXHQmRKDYLDHVSHUDQoDGHHVFRQGHUPLQKDYLVLWDjFDVDGRPpGLFRGHPRGRDOJXP1mRHUDVHJUHGR SDUD QLQJXpP QHPPHVPR OyJLFR SDUD DV HQIHUPHLUDV TXH QmR GLVVHUDP QDGD RXSRUTXH HUDP VpULDV H GLVFUHWDV GHPDLV RX SRUTXH HVVH WLSR GH FRLVD WLQKD GHL[DGR GH OKHVLQWHUHVVDU0DVDVDX[LOLDUHVPHSURYRFDYDP

*RVWRXGRMDQWDURQWHPjQRLWH"2 WRP GHODV HUD DPLVWRVR HODV SDUHFLDP DSURYDU 3DUHFLD TXH D PLQKD HVTXLVLWLFH

SDUWLFXODU WLQKD VH XQLGR FRP D FRQKHFLGD H UHVSHLWDGD HVTXLVLWLFH GRPpGLFR H WDQWRPHOKRUDVVLP0LQKD FRWDomR WLQKDPHOKRUDGR$JRUD IRVVH HXRTXH IRVVH SHORPHQRV HXSRGLDPHUHYHODUXPDPXOKHUFRPXPKRPHP

0DU\ QmRGHXDVFDUDVDVHPDQDLQWHLUD

6iEDGRTXHYHPIRUDPDVSDODYUDVGLWDVORJRDQWHVGHHOHDGPLQLVWUDUREHLMR(QWmRHXILTXHLHVSHUDQGRGHQRYRQDYDUDQGDGDIUHQWHHGHVVDYH]HOHQmRVHDWUDVRX1yVIRPRVSDUDDFDVDGHOHHHXIXLSDUDDVDODHQTXDQWRHOHDFHQGLDRIRJR/iHXQRWHLRHPSRHLUDGRDTXHFHGRUHOpWULFR

1mRDFHLWRXDPLQKDRIHUWDHOHGLVVH9RFrDFKRXTXHHXQmRHVWDYDIDODQGRVpULR"(XVHPSUHIDORVpULR

(XGLVVHTXHQmRWLQKDYLQGRSDUDDFLGDGHSRUPHGRGHHQFRQWUDUD0DU\ 3RUWHUSHUGLGRRFRQFHUWRGHOD,VVRVHYRFrIRURUJDQL]DUDVXDYLGDSDUDDJUDGDUD0DU\HOHGLVVH2FDUGiSLRHUDTXDVHRPHVPRGDRXWUDYH]&RVWHOHWDVGHSRUFRSXUrGHEDWDWDVPLOKR

YHUGHHPYH]GHHUYLOKD'HVVDYH]HOHPHGHL[RXDMXGDUQDFR]LQKDHDWpSHGLXSDUDHXS{UDPHVD

eERPYRFrDSUHQGHURQGHILFDPDVFRLVDVeWXGREHPOyJLFRHXDFKR,VVR VLJQLILFDYD TXH HX SRGLD YrOR WUDEDOKDU QR IRJmR 6XD FRQFHQWUDomR IiFLO VHXV

PRYLPHQWRVHFRQ{PLFRVLDPFULDQGRHPPLPXPDSURFLVVmRGHIDJXOKDVHDUUHSLRV1yVPDO WtQKDPRVFRPHoDGRDFRPHUTXDQGREDWHUDPQDSRUWD(OH OHYDQWRXHSX[RXD

WUDQFDH0DU\ LUURPSHXFDVDDGHQWUR7UD]LDXPDFDL[DGHSDSHOmRTXHS{VQDPHVD$tHODVHOLYURXGRFDVDFRHVHH[LELXFRP

XPILJXULQRYHUPHOKRHDPDUHOR)HOL] GLD GRV QDPRUDGRV DWUDVDGR HOD GLVVH 9RFrV QmR IRUDPPH YHU QR FRQFHUWR

HQWmRHXWURX[HRFRQFHUWRSDUDYRFrV(WURX[HXPSUHVHQWHQDFDL[D2 HTXLOtEULR H[FHOHQWH GH 0DU\ SHUPLWLX TXH HOD ILFDVVH QXP Sp Vy HQTXDQWR FKXWDYD

SULPHLURXPDERWDGHSRLV DRXWUD(OD DV WLURXGRFDPLQKRH FRPHoRXDGHVILODU HPYROWDGDPHVDHQTXDQWRFDQWDYDFRPXPDYR]MRYHPHODPXULRVDPDVIRUWH

0HFKDPDPGH)ORU]LQKD&RLWDGDGD)ORU]LQKD0DVHXQmRVHLSRUTXr0DVVHPSUHVRX)ORU]LQKD&RLWDGDGD)ORU]LQKD)ORU]LQKDSREUH]LQKD

2PpGLFRWLQKDOHYDQWDGRDLQGDDQWHVGHHODFRPHoDUDFDQWDU(OHHVWDYDGHSpGLDQWHGRIRJmRRFXSDGRHPHVIUHJDUDIULJLGHLUDRQGHWLQKDIHLWRDVFRVWHOHWDV

(XDSODXGL'LVVH4XHILJXULQRPDLVOLQGR(HUDPHVPR6DLDYHUPHOKDDQiJXDGHXPDPDUHOREHPYLYRDYHQWDOEUDQFRIOXWXDQWH

FRUSHWHERUGDGR0LQKDPmHTXHIH]$WpRERUGDGR"

&ODUR(ODILFRXDFRUGDGDDWpDVTXDWURSDUDGHL[DUSURQWRQDYpVSHUD9LHUDP PDLV URGRSLRV H VDOWLWRV SDUD H[LELU D URXSD 2V SUDWRV WLQLUDP QDV SUDWHOHLUDV

$SODXGLPDLV1yV GXDV TXHUtDPRV DSHQDV XPD FRLVD1yV TXHUtDPRV TXH RPpGLFR YLUDVVH HSDUDVVHGHQRVLJQRUDU4XHHOHGLVVHVVHPHVPRTXHGHPiYRQWDGHXPDSDODYULQKDHGXFDGD

(ROKDVyRTXHPDLV0DU\ GLVVH'HSUHVHQWHGHGLDGRVQDPRUDGRV(OD UDVJRXDFDL[D GH SDSHOmR H Oi KDYLD ELVFRLWRV GH GLD GRV QDPRUDGRV WRGRV FRUWDGRV HP IRUPDWR GHFRUDomRHHPSODVWUDGRVFRPXPDJURVVDFREHUWXUDYHUPHOKD

4XHPDUDYLOKDHXGLVVHH0DU\ UHFRPHoRXDGHVILODU(XVRXRFDSLWmRGR3LQDIRUH(XPFRPSHWHQWHFDSLWmR9RFrVVmRERQVHQmRpVHPUD]mR4XHHXHORJLRHVVDWULSXODomR

2PpGLFRILQDOPHQWHVHYLURXHHODRFXPSULPHQWRX7XGREHPHOHGLVVH$JRUDFKHJD(ODRLJQRURX(YDLVHUERPHYDLILFDUPHOKRU9LYDRFDSLWmRGR3LQDIRUH

(XGLVVHDJRUDFKHJD2EUDYRFDSLWmRGR3LQDIRUH0DU\1yVHVWDPRVMDQWDQGR(YRFrQmRIRLFRQYLGDGD9RFrHVWiHQWHQGHQGR"1mRIRL

FRQYLGDGD(ODILQDOPHQWHILFRXTXLHWD0DVVySRUXPPRPHQWR(QWmRD]DURVHXPHVPR9RFrQmRpPXLWRHGXFDGR( YRFr WDPEpP SRGLD SDVVDU VHP HVVHV ELVFRLWRV 9RFr SRGLD SDUDU GH YH] GH FRPHU

ELVFRLWRV$VVLPYRFrYDLILFDUJRUGDFRPRXPOHLWmR2URVWRGH0DU\ HVWDYDLQFKDGRFRPRVHHODIRVVHFRPHoDUDFKRUDUPDVHPYH]GLVVR

HODGLVVH2OKDTXHPHVWiIDODQGR9RFrWHPXPROKRYLUDGRSDUDRRXWUR$JRUDFKHJD0DVWHPPHVPR2PpGLFRDSDQKRXDVERWDVGHODHDVFRORFRXjVXDIUHQWH&DOFHLVVRDTXL(OD VH FDOoRX FRP RV ROKRV FKHLRV GH OiJULPDV H R QDUL] HVFRUUHQGR )XQJRX

SRGHURVDPHQWH(OHWURX[HRFDVDFRGHODHQmRDDMXGRXHQTXDQWRHODHQWUDYDVHFRQWRUFHQGRQDURXSDHHQFRQWUDYDRVERW}HV

0XLWREHP$JRUDFRPRIRLTXHYRFrYHLRSDUDUDTXL"(ODVHQHJRXDUHVSRQGHU$QGDQGRIRL"&DGrDVXDPmH"%DUDOKR

%RPHXSRVVR WH OHYDUSDUDFDVD3DUDYRFrQmR WHUTXDOTXHUFKDQFHGHVH MRJDUQXPEDQFRGHQHYHHPRUUHUFRQJHODGDGHSHQLQKDGHYRFrPHVPD

(XQmRDEULDERFD0DU\ QmRPHROKRXQHPXPDYH]2PRPHQWRWLQKDHVSDQWRGHPDLVSDUDGHVSHGLGDV

4XDQGR RXYL R FDUUR SDUWLU FRPHFHL D OLPSDU D PHVD 1yV QmR WtQKDPRV FKHJDGR jVREUHPHVDTXHHUDWRUWDGHPDomGHQRYR7DOYH]HOHQmRFRQKHFHVVHRXWURWLSRRXWDOYH]IRVVHWXGRRTXHDSDGDULDID]LD

3HJXHLXPGRVELVFRLWRVHFRPL$FREHUWXUDHVWDYDKRUUHQGDPHQWHGRFH1DGDGHVDERUGH IUDPERHVDRXGHFHUHMD Vy Do~FDU H FRUDQWH DOLPHQWtFLRYHUPHOKR&RPLPDLVXPHPDLVXP

(XVDELDTXHGHYLDWHUGLWRWFKDXSHORPHQRV'HYLDWHUGLWRREULJDGD0DVQmRWHULDIHLWRGLIHUHQoD(XGLVVHSDUDPLPPHVPDTXHQmRWHULDIHLWRGLIHUHQoD2HVSHWiFXORQmRWLQKDVLGRSDUDPLP2XWDOYH]VyXPDSHTXHQDSDUWHGHOHWLQKDVLGRSDUDPLP

(OHWLQKDVLGRUXGH)LTXHLFKRFDGDSRUHOHWHUVLGRWmRUXGH&RPDOJXpPWmRFDUHQWH0DVHOHWLQKDIHLWRDTXLORSRUPLPGHFHUWDIRUPD3DUDRWHPSRGHOHFRPLJRQmRVHUFRPSURPHWLGR(VVDLGHLDPHOLVRQMHDYDHHXILTXHLFRPYHUJRQKDGHHODPHOLVRQMHDU(XQmRVDELDRTXHOKHGLULDTXDQGRHOHYROWDVVH

(OHQmRTXLVTXHHXGLVVHVVHQDGD(OHPHOHYRXSDUDDFDPD6HUiTXHLVVRMiHUDPFDUWDVPDUFDGDVRWHPSRWRGRRXVHUiTXHIRLTXDVHXPDVXUSUHVDWmRJUDQGHSDUDHOHTXDQWRIRLSDUDPLP"0HXHVWDGRGHYLUJLQGDGHSHORPHQRVQmRSDUHFHXVHUXPDVXUSUHVDHOHSURYLGHQFLRXXPDWRDOKDH WDPEpPXPSUHVHUYDWLYRHSHUVLVWLX LQGRFRPWRGDDFDOPDTXHS{GH0LQKDSDVVLRQDOLGDGHSRGHWHUVLGRDVXUSUHVDSDUDRVGRLV$LPDJLQDomRDILQDOSRGLDVHUXPSUHSDURWmRERPTXDQWRDH[SHULrQFLD

(XSUHWHQGRGHIDWRFDVDUFRPYRFrHOHGLVVH$QWHV GH PH OHYDU SDUD FDVD HOH MRJRX WRGRV RV ELVFRLWRV WRGRV DTXHOHV FRUDo}HV

YHUPHOKRVQDQHYHSDUDDOLPHQWDUDVDYHVGHLQYHUQR

(QWmRHVWDYDGHFLGLGR1RVVRV~ELWRQRLYDGRHOHILFDYDPHLRLQFRPRGDGRFRPDSDODYUDHUDXPIDWRGHFLGLGRHFRQILGHQFLDO(XQmRGHYLDHVFUHYHUXPDVySDODYUDDRVPHXVDYyV2FDVDPHQWR DFRQWHFHULD TXDQGR HOH FRQVHJXLVVH XQVGLDV GH IROJD FRQVHFXWLYRV8PFDVDPHQWRSHOHHRVVRFRPRHOHGLVVH(XWLQKDTXHHQWHQGHUTXHDLGHLDGHXPDFHULP{QLDFRQGX]LGDQDSUHVHQoDGHRXWURVFXMDVLGHLDVHOHQmRUHVSHLWDYDHTXHQRVLPSLQJLULDPWRGRVDTXHOHVULVLQKRVHJUDFLQKDVHUDPDLVGRTXHHOHHVWDYDSUHSDUDGRSDUDDJXHQWDU

(HOHWDPEpPQmRHUDDIDYRUGHDQpLVGHGLDPDQWH(XGLVVHDHOHTXHQXQFDTXLVXPRTXHHUDYHUGDGHSRUTXHHXQXQFDWLQKDSHQVDGRQRDVVXQWR(OHGLVVHTXHLVVRHUDERPTXHHOHVDELDTXHHXQmRHUDXPDPHQLQDGHVVHWLSRLGLRWDHFRQYHQFLRQDO

(UDPHOKRUSDUDUPRVGHMDQWDUMXQWRVQmRDSHQDVSRUFDXVDGRIDODWyULRPDVSRUTXHHUDGLItFLOFRQVHJXLUFDUQHSDUDGRLVVyFRPXPFDUWmRGHUDFLRQDPHQWR2PHXFDUWmRQmRHVWDYDGLVSRQtYHO WHQGR VLGR HQWUHJXH jV DXWRULGDGHV GD FR]LQKDjPmH GH0DU\ DVVLPTXH HXFRPHFHLDFRPHUQR6DQ

0HOKRUQmRFKDPDUDDWHQomR

&ODUR TXH WRGR PXQGR VXVSHLWDYD GH DOJXPD FRLVD $V HQIHUPHLUDV PDLV YHOKDV VHWRUQDUDPFRUGLDLVHDWpD*RYHUQDQWDPHGHXXPVRUULVRDPXLWRFXVWR(XGHIDWRPHH[LELDXPSRXFRGHXPMHLWRFRQWLGRTXDVHVHPTXHUHU3DVVHLDPHHQVLPHVPDUFRPXPDLPRELOLGDGHGHYHOXGRROKRVEHPEDL[RV1mRFKHJRXDPHRFRUUHUSURSULDPHQWHTXHHVVDVPXOKHUHVPDLVYHOKDVHVWLYHVVHPGHROKRSDUDYHURQGHSRGLDGDUHVVDLQWLPLGDGHHTXHHODVHVWDYDPSURQWDVDYLUDUPRUDOL]DGRUDVVHRPpGLFRGHFLGLVVHPHDEDQGRQDU

(UDPDVDX[LOLDUHVTXHHVWDYDPGHFRUDomRGRPHXODGRHILFDYDPSURYRFDQGRGL]HQGRTXHYLDPVLQRVGHFDVDPHQWRQDVIROKDVGRPHXFKi

2PrVGHPDUoRIRLO~JXEUHHFRQWXUEDGRSRUWUiVGDVSRUWDVGRKRVSLWDO(UDVHPSUHRSLRUGRV PHVHV SDUD DV FRLVDV GDUHP HUUDGR DV DX[LOLDUHV GL]LDP 3RU DOJXPD UD]mR DV SHVVRDVPHWLDPQDFDEHoDTXHHUDKRUDGHPRUUHUGHSRLVGHHQIUHQWDUHPRVDWDTXHVGRLQYHUQR6HXPDFULDQoDQmRDSDUHFLDQDDXODQmRGDYDSDUDVDEHUVHWLQKDDFRQWHFLGRXPDSLRUDJUDYHRXVHHODVyHVWDYDGHFDPDFRPXPDVXVSHLWDGHUHVIULDGR(XWLQKDFRQVHJXLGRXPTXDGURQHJURPyYHOH KDYLD HVFULWR RV QRPHV GDV FULDQoDV QDV ERUGDV $JRUD HX QHP WLQKD TXH DSDJDU RV QRPHVGDTXHODV FXMDV DXVrQFLDV VHULDP SURORQJDGDV 2XWUDV FULDQoDV ID]LDP LVVR SRU PLP VHPFRPHQWiULRV(ODVHQWHQGLDPDHWLTXHWDTXHHXDLQGDWLQKDTXHDSUHQGHU

0DV DFKRXVH WHPSR PHVPR DVVLP SDUD R GRXWRU SUHSDUDU DV FRLVDV (OH SDVVRX XPELOKHWHSRUEDL[RGDSRUWDGRPHXTXDUWRGL]HQGRTXHHXPHSUHSDUDVVHSDUDDSULPHLUDVHPDQDGHDEULO$QmRVHUTXHKRXYHVVHXPDFULVHVpULDHOHFRQVHJXLULDXQVGLDV

1yVYDPRVD+XQWVYLOOH,USDUD+XQWVYLOOHQRVVRFyGLJRSDUDVHFDVDU1yVHQWUDPRVQRGLDTXHHX WHQKRFHUWH]DTXHYRX OHPEUDU HQTXDQWRHVWLYHUYLYD(VWRX

FRPRPHXYHVWLGRYHUGH UHFpPFKHJDGRGD ODYDQGHULD H HQURODGRFXLGDGRVDPHQWHQDPLQKDEROVD $PLQKD DYy XP GLD PH HQVLQRX R WUXTXH GH HQURODU EHP DSHUWDGR EHPPHOKRU TXHGREUDUSDUDHYLWDUDPDVVDGRV$FKRTXHYRX WHUTXH WURFDUGHURXSDQREDQKHLUR IHPLQLQRGHDOJXPOXJDU)LFRDWHQWDSDUDYHUVHKiIORUHVVLOYHVWUHVSUHFRFHVSHODHVWUDGDTXHHXSRVVDSHJDUSDUDID]HUXPEXTXr6HUiTXHHOHFRQFRUGDULDFRPXPEXTXrSDUDPLP"0DVHVWiFHGRGHPDLVDWpSDUDPDUJDULGDV$RODGRGDHVWUDGDFXUYDHYD]LDQmRVHYrQDGDDOpPGRVDEHWRVQHJURVHPDJUHORVHGHLOKDVGH]LPEURVHOYDJHPHDODJDGLoRV(QDHVWUDGDVyRFDRVGDVSHGUDVFRPTXHPH DFRVWXPHL TXDQGR YLP SDUD Fi IHUUR PDQFKDGR GH VDQJXH H SUDWHOHLUDV GLDJRQDLV GHJUDQLWR

2 UiGLR GR FDUUR HVWi OLJDGR H WRFDQGR XPD P~VLFD WULXQIDO SRUTXH RV DOLDGRV HVWmRFKHJDQGRFDGDYH]PDLVSHUWRGH%HUOLP2PpGLFR$OLVWHUGL]TXHHVWmRQHJRFLDQGRSDUDGHL[DURVUXVVRVHQWUDUHPSULPHLUR(GL]TXHHOHVYmRVHDUUHSHQGHU

$JRUD TXH HVWDPRV ORQJH GH $PXQGVHQ HX PH GRX FRQWD GH TXH SRVVR FKDPiOR GH$OLVWHU(VVH pRPDLRU WUDMHWRTXHQyV Mi IL]HPRVGH FDUUR H HXPHH[FLWR FRPDGHVDWHQomRPDVFXOLQDjPLQKDSUHVHQoDTXHDJRUDHXVHLTXHSRGHUDSLGDPHQWHVHWUDQVIRUPDUHPVHX

RSRVWRHFRPVXDKDELOLGDGHGHVSUHRFXSDGDFRPRPRWRULVWD$FKRHPSROJDQWHRIDWRGHHOHVHU FLUXUJLmR HPERUD QXQFD IRVVH DGPLWLU XPD FRLVD GHVVDV1HVWH H[DWRPRPHQWR DFKR TXHSRGHULD PH GHLWDU SDUD HOH HP TXDOTXHU DODJDGLoR RX EXUDFR HQODPHDGR RX VHQWLU D PLQKDHVSLQKD HVPDJDGD FRQWUD TXDOTXHU URFKHGR GH EHLUD GH HVWUDGD FDVR HOH GHPDQGDVVH XPHQFRQWURYHUWLFDO6HLWDPEpPTXHGHYRJXDUGDUHVVHVVHQWLPHQWRVSDUDPLP

&RPHoR D SHQVDU QR IXWXUR $VVLP TXH FKHJDUPRV D +XQWVYLOOH LPDJLQR TXH YDPRVSURFXUDU XP SDVWRU H ILFDU ODGR D ODGR QXPD VDOD GH HVWDU TXH YDL WHU XP SRXFR GD GLVWLQomRPRGHVWDGRDSDUWDPHQWRGRVPHXVDYyVGDVVDODVGHHVWDUTXHHXFRQKHFLDYLGDWRGD/HPEURGDVYH]HVHPTXHRPHXDY{HUDFKDPDGRSDUDFDVDPHQWRVPHVPRGHSRLVGHHVWDUDSRVHQWDGR$PLQKD DYy SDVVDYD XP SRXFR GH UXJH QDV ERFKHFKDV H WLUDYD GR DUPiULR R FDVDTXLQKR GHUHQGDD]XOHVFXUDTXHHODJXDUGDYDSDUDVHUWHVWHPXQKDQHVVDVRFDVL}HV

0DVGHVFXEURTXHKiRXWUDVPDQHLUDVGHVHFDVDUHRXWUDDYHUVmRGRPHXQRLYRTXHHXQmRWLQKDFDSWDGR(OHQmRTXHUQHPVDEHUGHSDVWRUHV1DSUHIHLWXUDGH+XQWVYLOOHSUHHQFKHPRVIRUPXOiULRVTXHDWHVWDPQRVVDFRQGLomRGHVROWHLURVHPDUFDPRVXPDKRUDSDUDVHUPRVFDVDGRVSRUXPMXL]GHSD]QDTXHOHPHVPRGLD

+RUDGRDOPRoR$OLVWHUSDUDQDIUHQWHGHXPUHVWDXUDQWHTXHSRGLDVHUSULPRLUPmRGRFDIpGH$PXQGVHQ

$TXLHVWiERP"0DVDRROKDUSDUDRPHXURVWRHOHPXGDGHLGHLD1mR" HOHGL]7XGREHP1yVDFDEDPRVDOPRoDQGRQRVDOmRJpOLGRGHXPDGDVFDVDVGLVWLQWDVTXHDQXQFLDPSUDWRV

jEDVHGH IUDQJR2VSUDWRVHVWmRJHODGRVQmRKiRXWURV UHVWDXUDQWHVQmRKiP~VLFDGH UiGLRPDVDSHQDVRWLQLUGRVQRVVRVWDOKHUHVHQTXDQWRWHQWDPRVVHSDUDUSHGDoRVGRIUDQJRILODPHQWRVR7HQKRFHUWH]DGHTXHHOHHVWiSHQVDQGRTXHQyVSRGtDPRVWHUSDVVDGRPHOKRUQRUHVWDXUDQWHTXHHOHVXJHULXGHVDtGD

0HVPRDVVLPHXWHQKRDFRUDJHPGHSHUJXQWDUVREUHREDQKHLURIHPLQLQRHDOLQRDUIULRDLQGDPHQRVHQFRUDMDGRUTXHRGRVDOmRHXVDFXGRRYHVWLGRYHUGHHRYLVWR UHSLQWRDERFDHDMHLWRRFDEHOR

4XDQGRHXVDLR$OLVWHUOHYDQWDSDUDPHUHFHEHUHDSHUWDDPLQKDPmRHGL]TXHHXHVWRXERQLWD

1yVYDPRVFRPFHUWD VROHQLGDGHDWpRFDUURGHPmRVGDGDV(OHDEUHDSRUWDGRFDUURSDUDPLPGiDYROWDHHQWUDVHDFRPRGDHJLUDDFKDYHQDLJQLomRHDtGHVOLJDRFDUUR

2FDUURHVWiHVWDFLRQDGRQDIUHQWHGHXPDORMDGHIHUUDPHQWDV3iVGHUHPRomRGHQHYHHVWmRHPOLTXLGDomRSHODPHWDGHGRSUHoR+iDLQGDXPDSODFDQDYLWULQHTXHGL]TXHOiGHQWURHOHVDILDPSDWLQV

'RRXWURODGRGDUXDKiXPDFDVDGHPDGHLUDSLQWDGDGHXPDPDUHORROHRVR2VGHJUDXVGDIUHQWHILFDUDPLQVWiYHLVHGXDVWiEXDVIRUPDQGRXP;IRUDPSUHJDGDVHQWUHHOHV

$FDPLQKRQHWHHVWDFLRQDGDQDIUHQWHGRFDUURGH$OLVWHUpXPPRGHORGRSUpJXHUUDFRPXPHVWULER ODWHUDOHXPDIUDQMDGH IHUUXJHPQRVSDUDODPDV8PKRPHPGHPDFDFmRVDLGDORMD GH IHUUDPHQWDV H HQWUD QD FDPLQKRQHWH 'HSRLV GH XPD FHUWD UHFODPDomR GR PRWRU HGHSRLV GH R FDUUR VH VDFXGLU H VDOWLWDU QR PHVPR OXJDU HOH VDL $JRUD XPD FDPLQKRQHWH GHHQWUHJDV FRPRQRPHGD ORMDSLQWDGR WHQWD HVWDFLRQDUQDYDJDTXH ILFRX OLYUH1mRKiHVSDoRVXILFLHQWH2PRWRULVWDGHVFHHYHPEDWHUQD MDQHODGH$OLVWHU$OLVWHU ILFD VXUSUHVRVHQmR

HVWLYHVVH IDODQGR FRP WDQWR HPSHQKR HOH WHULD SHUFHELGRRSUREOHPD(OH DEDL[D D MDQHOD H RKRPHPSHUJXQWDVHQyVHVWDPRVHVWDFLRQDGRVDOLSRUTXHSUHWHQGHPRVFRPSUDUDOJXPDFRLVDQDORMD&DVRFRQWUiULRVHUiTXHGDYDSDUDDJHQWHVDLUSRUIDYRU"

(VWDPRVVDLQGRGL]$OLVWHURKRPHPVHQWDGRDRPHXODGRTXHLDVHFDVDUFRPLJRPDVTXHDJRUDQmRYDLVHFDVDUFRPLJR1yVMiHVWDPRVGHVDtGD

1yV(OHGLVVHQyV3RUXPPRPHQWRHXPHDJDUURDHVVDSDODYUD$tSHQVRTXHpD~OWLPDYH]$~OWLPDYH]HPTXHHXYRXHVWDULQFOXtGDQHVVHQyV

1mRpRQyVTXHLPSRUWDQmRpLVVRTXHPHGL]DYHUGDGHeRVHXWRPGHKRPHPSDUDKRPHPFRPRPRWRULVWDVXDFDOPDHVXDVGHVFXOSDVWUDQTXLODV(XSRGLDTXHUHUDJRUDYROWDUDRTXHHOHHVWDYDGL]HQGRDQWHVTXDQGRQHPSHUFHEHXDFDPLQKRQHWH WHQWDQGRHVWDFLRQDU2TXHHOHHVWDYDGL]HQGRHQWmRHUDWHUUtYHOPDVRMHLWRFRPRHOHDSHUWDYDRYRODQWHDTXHOHDSHUWRHDDEVWUDomRHDYR]GHOHFRQWLQKDPXPDGRU1mRLPSRUWDYDRTXHHOHGL]LDHRTXHHOHWLQKDHPPHQWH HOH IDODYD FRLVDV TXH YLQKDP GRPHVPR SRQWR Oi QR IXQGR GH RQGH HOH IDORX TXDQGRHVWDYD QD FDPD FRPLJR 0DV DJRUD QmR p PDLV DVVLP GHSRLV GH HOH WHU IDODGR FRP RXWURKRPHP (OH IHFKD R YLGUR H FRQFHQWUD VXD DWHQomR QR FDUUR HP GDU D Up SDUD VDLU GD YDJDDSHUWDGDHPRYHURFDUURGHPRGRDQmRFROLGLUFRPDFDPLQKRQHWH

(XPPRPHQWRGHSRLVHXPHYHULDIHOL]DWpGHYROWDUSDUDDTXHODKRUDTXDQGRHOHHVWLFRXRSHVFRoRSDUDROKDUSDUDWUiV0HOKRUTXHGLULJLUFRPRHOHHVWiGLULJLQGRDJRUDSHODUXDSULQFLSDOGH+XQWVYLOOHFRPRVHQmRKRXYHVVHPDLVQDGDDVHUGLWRRXUHVROYLGR

(XQmRFRQVLJRHOHGLVVH(OHGLVVHTXHQmRFRQVHJXHOHYDULVVRDWpRILP(OHQmRFRQVHJXHH[SOLFDU6yTXHpXPHTXtYRFR$FKRTXHHXQXQFDPDLVYRXFRQVHJXLUROKDUSDUDXP6HQIHLWDGLQKRFRPRRGRILPGD

SDODYUD3DWLQVQDTXHODSODFD VHPRXYLU DYR]GHOH2XSDUD WiEXDVJURVVHLUDVSUHJDGDVHP;FRPRDVTXHHVWDYDPQRVGHJUDXVGDFDVDDPDUHODQDIUHQWHGDORMD

(XYRXWHOHYDUDWpDHVWDomRDJRUD9RXWHFRPSUDUXPDSDVVDJHPSDUD7RURQWR7HQKRTXDVHFHUWH]DTXHWHPXPWUHPSDUD7RURQWRQRILPGDWDUGH9RXSHQVDUHPDOJXPDKLVWyULDEHP SODXVtYHO H YRX PDQGDU DOJXpP ID]HU DV VXDV PDODV 9RFr YDL SUHFLVDU PH GDU R VHXHQGHUHoR HP 7RURQWR DFKR TXH HX QmR JXDUGHL $K H HX YRX HVFUHYHU XPD FDUWD GHUHFRPHQGDomR SDUD YRFr9RFr IH] XP ERP WUDEDOKR9RFr QmR LD WHU WHUPLQDGR R VHPHVWUHPHVPRHXQmR WLQKDGLWR DLQGDPDVDV FULDQoDVYmR VHU OHYDGDVSDUDRXWUR OXJDU(VWDPRVSDVVDQGRSRUJUDQGHVPXGDQoDV

8PQRYRWRPQDYR]GHOHTXDVHDOHJUH8PSDWpWLFR WRPGHDOtYLR(OHHVWi WHQWDQGRVHFRQWHUQmRGHL[DURDOtYLRVHPDQLIHVWDUDQWHVGHHXLUHPERUD

)LFRROKDQGR DV UXDVePHLRSDUHFLGR FRP VHU OHYDGD DWp R SDWtEXOR$LQGDQmR$LQGDIDOWD1mRpDJRUDTXHHVWRXRXYLQGRDYR]GHOHSHOD~OWLPDYH]$LQGDQmR

(OHQmRWHPTXHSHGLURULHQWDo}HV3HQVRHPYR]DOWDVHHOHMiS{VRXWUDVPHQLQDVQHVVHWUHP

1mRVHMDDVVLPHOHGL]&DGDFXUYDSDUHFHSRGDUXPSRXFRGRTXHUHVWDGDPLQKDYLGD+i XP WUHP SDUD 7RURQWR jV FLQFR KRUDV (OH PH GLVVH SDUD ILFDU HVSHUDQGR QR FDUUR

HQTXDQWRHOHYDLYHULILFDU(OHDSDUHFHFRPXPDSDVVDJHPQDPmRHFRPRTXHPHSDUHFHXP

SDVVRPDLVOHYH(OHGHYHWHUSHUFHELGRLVVRSRUTXHDRVHDSUR[LPDUGRFDUURILFDPDLVVHUHQR(VWiEHPTXHQWLQKRQDHVWDomR7HPXPDVDODGHHVSHUDVySDUDPXOKHUHV(OHDEULXDSRUWDGRFDUURSDUDPLP2X YRFr SUHIHUH TXH HX HVSHUH DWp YRFr LU HPERUD"7DOYH] WHQKD DOJXP OXJDU RQGH D

JHQWHSRVVDFRPHUXPDWRUWDGHFHQWH2DOPRoRIRLKRUUtYHO,VVRID]FRPTXHHXPHPH[D6DLRHFDPLQKRSDVVDQGRSRUHOHSDUDGHQWURGDHVWDomR

(OH DSRQWD SDUD D VDOD GH HVSHUD IHPLQLQD/HYDQWD XPD VREUDQFHOKD SDUDPLP H WHQWD ID]HUXPD~OWLPDSLDGD

4XHP VDEHXPGLD YRFrYDL FRQVLGHUDU HVVH DTXL XPGRVJUDQGHVGLDV GH VRUWH GD VXDYLGD

(VFROKR XP EDQFR QD VDOD GH HVSHUD IHPLQLQD TXH Gi YLVWD SDUD DV SRUWDV GD IUHQWH GDHVWDomR ,VVRpSDUDSRGHUYrOR VH HOHYROWDU(OHYDLPHGL]HUTXH p WXGRXPDSLDGD2XXPWHVWHFRPRHPDOJXPDHVSpFLHGHGUDPDPHGLHYDO

2XWDOYH]HOHWHQKDPXGDGRGHLGHLD6HJXLQGRGHFDUURSHODHVWUDGDHYHQGRDSiOLGDOX]GR VRO GD SULPDYHUD VREUH DV SHGUDV TXH WmR UHFHQWHPHQWH YLPRV MXQWRV $VVRODGR SHODSHUFHSomRGHVXDWROLFHHOHGiPHLDYROWDHPSOHQDHVWUDGDHYROWDDWRGD

)DOWD SHORPHQRVXPDKRUDSDUD R WUHPGH7RURQWR FKHJDU j HVWDomRPDVSDUDPLPpFRPRVHQmRIRVVHQDGD(PHVPRQHVVHPRPHQWRPHSDVVDPIDQWDVLDVSHODFDEHoD(QWURQRWUHPFRPRVHKRXYHVVHFRUUHQWHVQRVPHXVWRUQR]HORV$SHUWRRURVWRFRQWUDDMDQHODSDUDROKDUSDUDDSODWDIRUPDHQTXDQWRRDSLWRVRDQRVVDSDUWLGD0HVPRQHVVHPRPHQWRSRGHQmRVHUWDUGHGHPDLVSDUDHXVDOWDUGRWUHP6DOWDUPHOLEHUWDUHFRUUHUSHODHVWDomRDWpDUXDRQGHHOHWHULDDFDEDGRGHHVWDFLRQDURFDUURHHVWDULDFRUUHQGRHVFDGDDFLPDSHQVDQGRWDUGHGHPDLVQmRTXHQmRVHMDWDUGHGHPDLV

(XFRUUHQGRSDUDHQFRQWUiORQmRpWDUGHGHPDLV( R TXH p HVVH HVWURQGR HVVHV JULWRV HVVD EDJXQoD QmR Vy XP PDV XP EDQGR GH

UHWDUGDWiULRV VH HVSUHPHQGR HQWUH RV DVVHQWRV $OXQDV GH FROHJLDO FRP URXSDV GH DWOHWLVPRIHOL]HV FRP D FRQIXVmR TXH FDXVDUDP 2 FRQGXWRU FRQWUDIHLWR H DSUHVVDQGR DV PHQLQDV TXHSURFXUDPVHXVOXJDUHV

8PDGHODVHWDOYH]DPDLVEDUXOKHQWDp0DU\ 9LURDFDEHoDHQmRWRUQRDROKDUSDUDHODV0DVHLODDTXLJULWDQGRRPHXQRPHHTXHUHQGRVDEHUSRURQGHHXDQGDYD9LVLWDQGRXPDDPLJDHXOKHGLJR(ODVHODUJDDRPHXODGRHPHFRQWDTXHHODVHVWDYDPMRJDQGREDVTXHWHFRQWUD+XQWVYLOOH

)RLXPDORXFXUD(ODVSHUGHUDP3HUGHPRV Qp" HOD JULWD FRP R TXH SDUHFH VHU XP JUDQGH SUD]HU H DV RXWUDV

UHVPXQJDPHULHP(ODPHQFLRQDRSODFDUTXHGHIDWRpEHPYHUJRQKRVR9RFr HVWi WRGD HOHJDQWH HOD GL]0DV HOD QmRGiPXLWD EROD SDUHFH UHFHEHU DPLQKD

H[SOLFDomRVHPJUDQGHLQWHUHVVH(ODQHPVHTXHUSHUFHEHTXDQGRHXGLJRTXHHVWRX LQGRDWp7RURQWRSDUDYLVLWDURVPHXV

DYyV$QmRVHUSDUDFRPHQWDUTXHHOHVGHYHPVHUEHPYHOKRV1HPXPDSDODYUDVREUH$OLVWHU

1HP XPD SDODYUD GH UDQFRU (OD QmR SRGLD WHU HVTXHFLGR 6y DPDUURX GLUHLWLQKR D FHQD H DJXDUGRXQXPYHVWLiULRFRPRVVHXVHXVGHWHPSRVSDVVDGRV2XWDOYH]HODUHDOPHQWHVHMDXPDSHVVRDTXHFRQVHJXHOLGDUOHYLDQDPHQWHFRPDKXPLOKDomR

+RMH VRX JUDWD D HOD PHVPR TXH QmR WHQKD FRQVHJXLGR PH VHQWLU DVVLP QD pSRFD 6HWLYHVVHILFDGRVR]LQKDTXHWLSRGHFRLVDHXSRGHULDWHUIHLWRTXDQGRFKHJiVVHPRVD$PXQGVHQ"&RPRVHULDRVDOWRGRWUHPHDFRUULGDDWpDFDVDGHOHHDVV~SOLFDVSDUDVDEHUSRUTXrSRUTXr&RPRVHULDDPLQKDYHUJRQKDSDUDVHPSUH1DTXHODVFLUFXQVWkQFLDVDSDUDGDPDOGHX WHPSRSDUD R WLPH VH UHXQLU H SDUD EDWHU QDV MDQHODV DYLVDQGR DV SHVVRDV TXH WLQKDP LGR EXVFiODVHQTXDQWRHUDPDOHUWDGDVSHORFRQGXWRUTXHVHQmRVHDSUHVVDVVHPLDPVHJXLUDWp7RURQWR

'XUDQWHDQRVHXDFKHLTXHSRGLD WRSDUFRPHOH(XPRUDYDHDLQGDPRURHP7RURQWR0HSDUHFLDTXHWRGRPXQGRDFDEDYDHP7RURQWRSHORPHQRVGXUDQWHDOJXPWHPSR&ODURTXHLVVRHVWiORQJHGHTXHUHUGL]HUTXHYRFrYDLFRQVHJXLUYHUDTXHODSHVVRDLVVRVHYRFrTXLVHUYrOD

(XPGLDDFRQWHFHX$WUDYHVVDQGRXPDUXDPRYLPHQWDGDRQGHQmRGDYDQHPSDUDDQGDUXPSRXFRPDLVGHYDJDU,QGRHPVHQWLGRVRSRVWRV(QFDUDQGRDRPHVPRWHPSRRyEYLRFKRTXHQRVQRVVRVURVWRVJDVWRVSHORWHPSR

(OH SHUJXQWRX &RPR YDL" H HX UHVSRQGL %HP ( Dt DFUHVFHQWHL Vy SDUD JDUDQWLU)HOL]

1DTXHOH PRPHQWR LVVR Vy HUD YHUGDGH HP WHUPRV JHUDLV (X HVWDYD QR PHLR GH XPDLQILQLWDGLVFXVVmRFRPPHXPDULGRVREUHDLGHLDGHSDJDUPRVXPDGtYLGDGHXPGRVILOKRVGHOH(X WLQKD LGRQDTXHOD WDUGHDXPDH[SRVLomRQXPDJDOHULDGHDUWHSDUDYHU VHFRQVHJXLD ILFDUQXPHVWDGRGHHVStULWRPDLVDJUDGiYHO

(OHIDORXFRPLJRGHQRYRROKDQGRSDUDWUiV4XHERP$LQGD SDUHFLD TXH QyV SRGtDPRV DEULU FDPLQKR SDUD VDLU GDTXHOD PXOWLGmR TXH ORJR

HVWDUtDPRV MXQWRV0DV HUD WmR FHUWR TXDQWR LVVR TXH QyV VHJXLUtDPRV FRPR HVWiYDPRV ( IRLDVVLP1DGDGHJULWRVRIHJDQWHVQDGDGHPmRVQRPHXRPEURTXDQGRHXFKHJXHLjFDOoDGD6yDTXHOHUHODQFHTXHHXFDSWHLQXPLQVWDQWHTXDQGRXPGRVROKRVGHOHVHDEULXXPSRXFRPDLV(UD R ROKR HVTXHUGR VHPSUH R HVTXHUGR GR MHLWR TXH HX OHPEUDYD ( VHPSUH SDUHFLD WmRHVWUDQKR DOHUWD H SHQVDWLYR FRPR VH WRGD XPD LPSRVVLELOLGDGH OKH WLYHVVH RFRUULGR XPD TXHTXDVHRID]LDULU

4XDQWRDPLPHXHVWDYDVHQWLQGRTXDVHRPHVPRTXHVHQWLUDTXDQGRVDtGH$PXQGVHQRWUHPPHOHYDQGRDLQGDDWRUGRDGDHFKHLDGHGHVFUHQoD

1DGDPXGDGHYHUGDGHQRDPRU

>9RX@GDQoDUFRPXPDERQHTXLQKDFRPXPIXURQDPHLD&DQomRIDPRVDFRP%LOO+DOH\ HFRPDV$QGUHZV6LVWHUV17

%HELGDjEDVHGHWULJRHPHODoRXVDGDFRPRVXEVWLWXWRGRFDIp17

8PDGDVPDLVFRQKHFLGDVRSHUHWDVGH*LOEHUWH6XOOLYDQ17

'HL[DQGR0DYHUOH\

1RV WHPSRV DQWLJRV TXDQGR KDYLD XP FLQHPD HP WRGD FLGDGH KDYLD XP FLQHPD QHVVDFLGDGHWDPEpPHP0DYHUOH\HHOHVHFKDPDYD&DSLWDOFRPRHUDFRPXPVHFKDPDUHPHVVHVFLQHPDV0RUJDQ +ROO\ HUD R SURSULHWiULR H R SURMHFLRQLVWD (OH QmR JRVWDYD GH OLGDU FRP RS~EOLFR SUHIHULD VHQWDU QR VHX FXEtFXOR Oi QR DOWR H FXLGDU GD KLVWyULD QD WHOD HQWmRQDWXUDOPHQWHHOHILFRXFRQWUDULDGRTXDQGRDPHQLQDTXHUHFROKLDDVHQWUDGDVOKHGLVVHTXHWHULDGHSHGLUGHPLVVmRSRUTXHLDWHUXPEHEr(OHSRGLDWHUSUHYLVWRLVVRHODHVWDYDFDVDGDKDYLDPHLRDQRHQDTXHOHWHPSRHUDFRVWXPHVXPLUGRVROKRVGRS~EOLFRDQWHVGHDEDUULJDFRPHoDUDDSDUHFHU PDV HOH HUD WmR DYHVVR D PXGDQoDV H j LGHLD GH TXH DV SHVVRDV WLQKDP YLGDVSDUWLFXODUHVTXHIRLWRPDGRGHVXUSUHVD

)HOL]PHQWHHODVXJHULXDOJXpPTXHSRGLDILFDUQRVHX OXJDU8PDPRoDTXHPRUDYDQDUXDGHOD KDYLDPHQFLRQDGRTXH LD JRVWDU GH WHU XPHPSUHJRQRWXUQR(OD QmRSRGLD WUDEDOKDUGXUDQWHRGLDSRUTXHWLQKDTXHDMXGDUDPmHDFXLGDUGRVLUPmRVPDLVQRYRV(UDLQWHOLJHQWHREDVWDQWHSDUDVHYLUDUQRHPSUHJRDSHVDUGHWtPLGD

0RUJDQ GLVVH TXH WXGR EHPHOH QmR SDJDYD XPD UHFROKHGRUD GH HQWUDGDV SDUD ILFDUEDWHQGRSDSRFRPRVIUHTXHQWDGRUHV

(QWmRDPRoDYHLR2QRPHGHODHUD/HDKHDSULPHLUDH~QLFDSHUJXQWDGH0RUJDQSDUDHODIRLSDUDVDEHUTXHQRPHHUDHVVH(ODGLVVHTXHYLQKDGD%tEOLD(OHSHUFHEHXHQWmRTXHHODQmRHVWDYDPDTXLDGDHTXHRF