Estudo léxicográfico da língua terena: proposta de um dicionário terena-português

'(1,6(6,/9$

(678'2/(;,&2*5È),&2'$/Ë1*8$

7(5(1$

SURSRVWDGHXPGLFLRQiULRELOtQJXHWHUHQD

SRUWXJXrV

7HVH GH 'RXWRUDGR DSUHVHQWDGD DR 3URJUDPD GH 3yVJUDGXDomRHP/LQJXtVWLFDH/tQJXD3RUWXJXHVD GD )DFXOGDGH GH &LrQFLDV H /HWUDV ± 8QHVS$UDUDTXDUD FRPR UHTXLVLWRSDUD REWHQomR GR WtWXOR GH 'RXWRU HP /LQJXtVWLFD H /tQJXD 3RUWXJXHVD

/LQKDGHSHVTXLVD(VWXGROH[LFRJUiILFRH OtQJXDVLQGtJHQDV(VWXGRGROp[LFR$QiOLVH IRQROyJLFDPRUIRVVLQWiWLFDVHPkQWLFDH SUDJPiWLFD

2ULHQWDGRUD 3URID 'UD &ULVWLQD 0DUWLQV )DUJHWWL

%ROVD&$3(6

Silva, Denise

Estudo lexicográfico da língua terena: proposta de um dicionário bilíngüe terena-português / Denise Silva – 2013

292 f. ; 30 cm

Tese (Doutorado em Lingüística e Língua Portuguesa) – Universidade Estadual Paulista “Júlio de Mesquita Filho”,

Faculdade de Ciências e Letras (Campus de Araraquara) Orientador: Cristina Martins Fargetti

'(1,6(6,/9$

(678'2/(;,&2*5È),&2'$/Ë1*8$

7(5(1$

SURSRVWDGHXPGLFLRQiULRELOtQJXHWHUHQD

SRUWXJXrV

7HVH GH 'RXWRUDGR DSUHVHQWDGD DR 3URJUDPD GH 3yVJUDGXDomRHP/LQJXtVWLFDH/tQJXD3RUWXJXHVD GD )DFXOGDGH GH &LrQFLDV H /HWUDV ± 8QHVS$UDUDTXDUD FRPR UHTXLVLWRSDUD REWHQomR GR WtWXOR GH 'RXWRU HP /LQJXtVWLFD H /tQJXD 3RUWXJXHVD

/LQKDGHSHVTXLVD(VWXGROH[LFRJUiILFRHOtQJXDV LQGtJHQDV(VWXGRGROp[LFR$QiOLVHIRQROyJLFD PRUIRVVLQWiWLFDVHPkQWLFDHSUDJPiWLFD

2ULHQWDGRUD3URID'UD&ULVWLQD0DUWLQV)DUJHWWL

%ROVD&$3(6

'DWDGDGHIHVD

0(0%526&20321(17(6'$%$1&$(;$0,1$'25$

3UHVLGHQWHH2ULHQWDGRU3URID'UD&ULVWLQD0DUWLQV)DUJHWWL

81(63$UDUDTXDUD

0HPEUR7LWXODU 3URID'UD*ODGLV0DVVLQL&DJOLDUL

81(63$UDUDTXDUD

0HPEUR7LWXODU 3URI'U2GDLU/XL]1DGLQGD6LOYD

81(63$UDUDTXDUD

0HPEUR7LWXODU 3URID'UD$QD6XHOO\$UUXGD&kPDUD&DEUDO

81%

0HPEUR7LWXODU 3URID'UD&ODXGHWH&DPHVFKLGH6RX]D

8)06&3$4

$RSRYRWHUHQDGD7HUUD ,QGtJHQDGH&DFKRHLULQKDTXH JHQWLOPHQWHQRVUHFHEHXHPVXDVFRPXQLGDGHVPRUDGDV VHLR IDPLOLDU SURSRUFLRQDGRQRV QmR Vy R FRQYtYLR H D DPL]DGH PDV VREUHWXGR D FRQILDQoD HP FHGHU FRPSDUWLOKDU VHXV VDEHUHV FXOWXUDLV H OLQJXtVWLFRV VHQWLPHQWRV GH SHUWHQoD KLVWyULDV OXWDV DQJ~VWLDV SHUVSHFWLYDV

$WRGRVVREUHWXGR

2VWHUHQDGH&DFKRHLULQKDHPHVSHFLDODTXHOHVTXHGHGLFDUDPKRUDVDHQVLQDUPHXPSRXFR GDVXDOtQJXDHFXOWXUD

2V SURIHVVRUHV WHUHQD $URQDOGR 0DULD GH /XUGHV 0DLVD $QpVLR &HOLQKR 2QGLQD 6HEDVWLmR4XLQWLQR-DtUR*HQpVLR$PDULOGR(OL]HXSHODSDFLrQFLDHGHGLFDomRHPUHIOHWLU H[SOLFDUUHYHUFRQVWUXLUMXQWRGXUDQWHDFROHWDDDQiOLVHRUHJLVWURHDUHYLVmRGHGDGRV

$ PLQKD RULHQWDGRUD &ULVWLQD 0DUWLQV )DUJHWWL SHOD RULHQWDomR VHJXUD H REMHWLYD SHORV WUDEDOKRV HP FRQMXQWR SHOR UHVSHLWR H GHGLFDomR SHOD DPL]DGH SHOD FRPSUHHQVmR H SHODV RSRUWXQLGDGHVSURSRUFLRQDGDV

$ &RRGHQDomR GH $SHUIHLoRDPHQWR GH 3HVVRDO GH 1tYHO 6XSHULRU &$3(6 SHOD EROVD FRQFHGLGDGXUDQWHRGRXWRUDPHQWR

2V SURIHVVRUHV GR 3URJUDPD GH 3yV*UDGXDomR HP /LQJXtVWLFD H /tQJXD 3RUWXJXHVD GD 81(63$UDUDTXDUD

2SURIHVVRU$U\RQ5RGULJXHVSHORHQYLRGRPDWHULDOSURGX]LGRVREUHDOtQJXD7HUHQD

$V 3URIHVVRUDV 5RVDQH %HUOLQFN H*ODGLV 0DVVLQL&DJOLDUL SHOD SDUWLFLSDomR H FRQWULEXLo}HV GXUDQWHDEDQFDGHTXDOLILFDomRHSHODULJRURVDOHLWXUDGRWUDEDOKR

2V FROHJDV GR &XUVR GH 3yV*UDGXDomR HP /LQJXtVWLFD H /tQJXD 3RUWXJXHVD GD 81(63$UDUDTXDUDSHORFRQYtYLRHDPL]DGH

2V FROHJDV GR /DERUDWyULR GH (VWXGRV ,QWHUFXOWXUDLV ,QGtJHQDV GD 8QLYHUVLGDGH )HGHUDO GH 0DWR*URVVRGR6XO/(,,1'HPHVSHFLDO'DQLHOH'LHJRH7KDtVSHODGLVSRQLELOLGDGHHP DMXGDUQDVGLYHUVDVVLWXDo}HV

$SURIHVVRUD0DUOHQH'XULJDQSHORVFRQKHFLPHQWRSDUWLOKDGRVQRPHVWUDGRSHORLQFHQWLYRH SHORUHVSHLWR

$3DXOD5HQDWD&DPHVFKLGH6RX]DSHODVROLGDULHGDGHHSHORJUDQGHVXSRUWHSDUDRSURMHWR JUiILFRGRWUDEDOKR

¬ SURIHVVRUD &ODXGHWH &DPHVFKL GH 6RX]D &RRUGHQDGRUD GR /DERUDWyULR GH (VWXGRV ,QWHUFXOWXUDLV ,QGtJHQDV H *HVWRUD GR &XUVR GH /LFHQFLDWXUD ,QWHUFXOWXUDO ,QGtJHQD GD 8)06&DPSXV GH $TXLGDXDQD SHOD RSRUWXQLGDGH GH SDUWLFLSDU GRV SURMHWRV GH SHVTXLVD H H[WHQVmRHGD/LFHQFLDWXUD,QWHUFXOWXUDO,QGtJHQDV3RYRVGR3DQWDQDO

0HXVSDLVSHODWRUFLGDSHORFDULQKRHSHORDSRLR

¬$QD/XtVDPRWLYDomRPDLRUSDUDFRQWLQXDUHDTXLKRMHHVWDU

$YRPDOLQJD\DDYRPDOLQJD\DDYRPDOLQJD\D 1RQMRWLXQDWL\D[HWL\DLQLQMRSRQHDWLNRPRXNHDNX ,KkURWL\DLQGySRQHDPRXKiNDOLNt[RNXpQRPR\DKR¶RSHQR

0DQLUDSRPRLW~NHRYRKy¶RSHQRyYRNXL\HDNXU€WH ,WXNRDPRSrQR{NR\DLQGRSyQHDWL~NHDNX\DLKkURWL $YRPDOLQJD\DDYRPDOLQJD\DDYRPDOLQJD\D 1RQMRDWLPRNDOLXQiWL\HDNDOL[rWLLQLQMySRQHDWL~NHDNX\DLKkURWL ,QLQMySRQHDWLNDOLPyWRNLNt[RNXrQRYRNyPRKy¶RSHQR

5(6802

5HFRQKHFLGDVDVODFXQDVQRFRQKHFLPHQWR FLHQWtILFRDFHUFDGHOtQJXDVLQGtJHQDVDSRQWDGDV SRU 5RGULJXHV 6HNL H 0RRUH HVWD SHVTXLVD UHDOL]D XP HVWXGR OH[LFRJUiILFRGDOtQJXD7HUHQDIDODGDQD&RPXQLGDGH&DFKRHLULQKD0LUDQGD06(OHJHXVH D YDULHGDGH IDODGD QHVVD &RPXQLGDGH ,QGtJHQD GH &DFKRHLULQKD SHORV FULWpULRV GD DFHVVLELOLGDGHHGDIUHTXrQFLDGHXVRGDOtQJXD7HUHQD$QFRUDGRHP+DHQVFKHWDO &DUYDOKR H :HONHU R WUDEDOKR HVWXGD HVVHQFLDOPHQWH R Op[LFR GD OtQJXD 7HUHQD FRP R REMHWLYR GH RUJDQL]iOR HP IRUPD GH XP SURWyWLSR GH GLFLRQiULR ELOtQJXH 7HUHQD3RUWXJXrV $QWHFHGHQGR RV YHUEHWHV TXH PDWHULDOL]DP D SURSRVWD DSUHVHQWDPVH DVSHFWRVKLVWyULFRJHRJUiILFRVVREUHDIDPtOLDOLQJXtVWLFD$UXDNVREUHDHGXFDomRLQGtJHQDH VREUHDHWQLD7HUHQDHVXDGLVWULEXLomRQRWHUULWyULREUDVLOHLUR6HomR,GHVFULomRGHWDOKDGD GDPHWRGRORJLDGDSHVTXLVDVHXVSULQFtSLRVLQVWUXPHQWRVHSURFHGLPHQWRVGHFDPSRRXGH DQiOLVH6HomR,,GHVFULomRFRPEDVHHPWUDEDOKRVDQWHULRUHV%87/(5(.'$+/ 6,/9$ 526$ 1$6&,0(172 HQWUH RXWURV GD IRQpWLFD IRQHV FRQVRQDQWDLVHYRFiOLFRVPRUIRORJLDHVLQWD[HGHQRPHVSURQRPHVHYHUERVWHPSRPRGR DVSHFWR GD OtQJXD 7HUHQD 6HomR ,,, GLVFXVVmR GH FRQFHLWRV EiVLFRV GD OH[LFRJUDILD H GD OH[LFRORJLD EHP FRPR GH TXHVW}HV WHyULFRPHWRGROyJLFDV SHUWLQHQWHV j HODERUDomR GH GLFLRQiULRVELOtQJXHV6HomR,91D6HomR9GDWHVHVLVWHPDWL]DPVHRVGDGRVGDVVHo}HV DQWHULRUHVH[SODQDVHDSURSRVWDHDSUHVHQWDVHHVWUXWXUDGRSURMHWRGHGLFLRQiULREHPFRPR FULWpULRVGHVHOHomRGDVHQWUDGDVHTXHVW}HVUHODFLRQDGDVDPDFURHPLFURHVWUXWXUDVQRLQWXLWR GH RULHQWDU R FRQVXOHQWH $ YHUVmR UHGX]LGD GD SURSRVWD GH GLFLRQiULR 7HUHQD3RUWXJXrV p DSUHVHQWDGD VRE D IRUPD GH DQH[R FRQWHPSODQGR DV GHFLV}HV OH[LFRJUiILFDV GH DJRUD H YLVDQGRDXPDREUDGHPDLRUI{OHJRQRIXWXUR7DQWRDVDQiOLVHVOLQJXtVWLFDVTXDQWRREDQFR GHGDGRVTXHFRPS}HPRWUDEDOKRSRGHPVHUYLUGHEDVHSDUDIXWXUDVSHVTXLVDVHQYROYHQGRR 7HUHQDRXRXWUDVOtQJXDV$UXDNSDUDFRPSDUDomRHQWUHDYDULDQWHIDODGDQD&DFKRHLULQKDHDV GHPDLVHQWUHRXWUDV$OpPGLVVRRWUDEDOKRSRGHVHUWRPDGRFRPRSRQWRGHSDUWLGDSDUDD HODERUDomR GH PDWHULDLV GLGiWLFRV GH DSRLR DR HQVLQR GD OtQJXD 7HUHQD SRU SURIHVVRUHV LQGtJHQDV

3DODYUDV±FKDYH/H[LFRJUDILD/tQJXDVLQGtJHQDVOtQJXDWHUHQD

5e680e

5HFRQQDLVVDQW OHV ODFXQHV GHV FRQQDLVVDQFHV VFLHQWLILTXHV VXU OHV ODQJXHV DPpULQGLHQQHV pYRTXpHVSDU5RGULJXH]6HNLHW0RRUHFHWWHUHFKHUFKHFRQVWLWXHXQH pWXGHOH[LFRJUDSKLTXHGHODODQJXHWHUHQDSDUOpHGDQVODFRPPXQDXWp&DFKRHLULQKD0LUDQGD 06 1RXV DYRQV FKRLVL OD YDULpWp SDUOpH GDQV FHWWH FRPPXQDXWp VHORQ OHV FULWqUHV GDFFHVVLELOLWpHWGHIUpTXHQFHGXVDJHGHODODQJXH6DSSX\DQWVXUOHVWUDYDX[GH+DHQVFKHW DO&DUYDOKRHW:HONHUFHWUDYDLOSRUWHSULQFLSDOHPHQWVXUOHOH[LTXHGH OD ODQJXH WHUHQD OREMHFWLI pWDQW GH ORUJDQLVHU VRXV OD IRUPH GXQ SURWRW\SH GH GLFWLRQQDLUH ELOLQJXH WHUHQDSRUWXJDLV 3UpFpGDQW OHV HQWUpHV TXL PDWpULDOLVHQW OD SURSRVLWLRQ QRXV SUpVHQWHURQV OHV DVSHFWV KLVWRULFRJpRJUDSKLTXHV GH OD IDPLOOH OLQJXLVWLTXH DUDZDN OpGXFDWLRQDPpULQGLHQQHDLQVLTXHOHWKQLHWHUHQDHWVDGLVWULEXWLRQVXUOHWHUULWRLUHEUpVLOLHQ 6HFWLRQ , OD GHVFULSWLRQ GpWDLOOpH GH OD PpWKRGRORJLH GH UHFKHUFKH VHV SULQFLSHV LQVWUXPHQWV HW PpWKRGHV GH WHUUDLQ FRPPH GDQDO\VH 6HFWLRQ ,, OD GHVFULSWLRQ VDSSX\DQWGHWUDYDX[DQWpULHXUV%XWOHU(NGDKO6LOYD5RVD1DVFLPHQWR HQWUHDXWUHVGHODSKRQpWLTXHSKRQHVFRQVRQDQWLTXHVHWYRFDOLTXHVGHODPRUSKRORJLH HW GH OD V\QWD[H GHV QRPV SURQRPV HW YHUEHV WHPSV PRGH DVSHFW GH OD ODQJXH WHUHQD 6HFWLRQ,,,OHGpEDWjSURSRVGHVFRQFHSWVGHEDVHGHODOH[LFRJUDSKLHHWGHODOH[LFRORJLH WRXW FRPPH GHV TXHVWLRQV WKpRUpWLFRPpWKRGRORJLTXHV SHUWLQHQWHV SRXU OpODERUDWLRQ GH GLFWLRQQDLUHV ELOLQJXHV 6HFWLRQ ,9 $X QLYHDX GH OD VHFWLRQ 9 GH OD WKqVH QRXV DYRQV V\VWpPDWLVpOHVGRQQpHVGHVVHFWLRQVDQWpULHXUHVH[SRVpODSURSRVLWLRQHWSUpVHQWpODVWUXFWXUH GXSURMHWGHGLFWLRQQDLUHDLQVLTXHOHVFULWqUHVGHVpOHFWLRQGHVHQWUpHVHWTXHVWLRQVOLpHVDX[ PDFURHWPLFURVWUXFWXUHVFHFLDILQGRULHQWHUOHOHFWHXU/DYHUVLRQUpGXLWHGHODSURSRVLWLRQ GX GLFWLRQQDLUH WHUHQDSRUWXJDLV HVW SUpVHQWpH VRXV IRUPH GDQQH[H pYDOXDQW OHV GpFLVLRQV OH[LFRJUDSKLTXHV DFWXHOOHV HW YLVDQW j GHYHQLU j ODYHQLU XQ WUDYDLO GH JUDQGH SRUWpH /HV DQDO\VHVOLQJXLVWLTXHVWRXWFRPPHODEDVHGHGRQQpHVTXLFRPSRVHQWFHWUDYDLOSHXYHQWVHUYLU GH PRGqOH SRXU GH IXWXUHV UHFKHUFKHV SRUWDQW VXU OH WHUHQD RX GDXWUHV ODQJXHV DUDZDN HQ SDUWLFXOLHUSRXUFRPSDUHUODYDULpWpSDUOpHj&DFKRHLULQKDHWOHVDXWUHV3DUDLOOHXUVFHWUDYDLO SHXW rWUH FRQVLGpUp FRPPH pWDQW OH SRLQW GH GpSDUW GH OpODERUDWLRQ GH PDWpULHO GLGDFWLTXH GDSSXLSRXUOHQVHLJQHPHQWGHODODQJXHWHUHQD

0RWVFOpVOH[LFRJUDSKLHODQJXHVDPpULQGLHQQHVODQJXHWHUHQD

/,67$'(0$3$6

0DSD/RFDOL]DomRGD$OGHLD&DFKRHLULQKD 0DSD)DPLOLD$UXDN

/,67$'(48$'526

4XDGUR/RFDOL]DomRGDV/tQJXDV,QGtJHQDV%UDVLOHLUDV 4XDGUR7URQFRGHOHQJXDVPDFURDUDKXDFDQR 4XDGUR)RQHPDVFRQVRQDQWDLV7HUHQDSURSRVWRVSRU%HQGRU6DPXHO 4XDGUR)RQHVYRFiOLFRVGDOtQJXD7HUHQDVHJXQGR%HQGRU6DPXHO 4XDGUR)RQHPDVFRQVRQDQWDLV7HUHQDSURSRVWRVSRU(DVWODFN 4XDGUR)RQHPDVYRFiOLFRV7HUHQDSURSRVWRVSRU(DVWODFN 4XDGUR)RQHPDVFRQVRQDQWDLV7HUHQDSURSRVWRVSRU%XWOHU 4XDGUR)RQHPDVYRFiOLFRV7HUHQDSURSRVWRVSRU%XWOHU 4XDGUR)RQHVFRQVRQDQWDLVGDOtQJXD7HUHQDIDODGDQD&DFKRHLULQKD6LOYD 4XDGUR)RQHVYRFiOLFRVGR7HUHQDGH&DFKRHLULQKD6LOYD

4XDGUR5HODomRIRQHPD[JUDIHPD 4XDGUR 4XDGUR HODERUDGR SRU 1DVFLPHQWR SDUD VLVWHPDWL]DU R VLVWHPD

SURQRPLQDO GD OtQJXD

7HUHQD

4XDGUR4XDGURSURSRVWRSRU5RVDSSDUDH[SOLFDUDHVWUXWXUDPRUIROyJLFD QRPLQDOGRWHUHQD 4XDGUR4XDGURHODERUDGRSRU5RVDSSDUDGHPRQVWUDUDHVWUXWXUDPRUIROyJLFD YHUEDOWHUHQD

/,67$'(),*85$6

)LJXUD([HPSORGHYHUEHWHGRWUDEDOKRGH$OPHLGD )LJXUD,PDJHPXWLOL]DGDSDUDLOXVWUDUROHPDHUyX[R

)LJXUD,PDJHPXWLOL]DGDSDUDLOXVWUDUROHPDKXYrRQD

)LJXUD,PDJHPXWLOL]DGDSDUDLOXVWUDUDSiJLQDGHDEHUWXUDGDOHWUD; )LJXUD,PDJHPXWLOL]DGDSDUDLOXVWUDUROHPDNiVDWL

)LJXUD,PDJHPXWLOL]DGDSDUDLOXVWUDUROHPDLW~PXNR

)LJXUD,PDJHPXWLOL]DGDSDUDLOXVWUDUROHPDUDPiX

)LJXUD,PDJHPGRJXLDGHFDPSRXWLOL]DGRSDUDDFROHWDGHGDGRV )LJXUD,PDJHPGDSiJLQDGHDEHUWXUDGRSURJUDPD%UDVLOSiVVDURV

)LJXUD,PDJHPGHXPDILFKDGREDQFRGHGDGRVQDOtQJXD7HUHQDXWLOL]DQGRRSURJUDPD 7RROER[ )LJXUD([HPSORGHYHUEHWHHODERUDGRFRPRDX[tOLRGRSURJUDPD7RROER[ )LJXUD,PDJHPGHXPDILFKDGREDQFRGHGDGRVQDOtQJXD7HUHQDXWLOL]DQGRRSURJUDPD )/(; )LJXUD,PDJHPGHYHUEHWHVHODERUDGRVFRPRDX[tOLRGRSURJUDPD)/(; )LJXUD (VTXHPD HODERUDGR SRU %XWOHU H (NGDKO H[HPSOLILFDQGR R SURFHVVR GH DOoDPHQWRYRFiOLFRQDIRUPDomRGDSV

/,67$'($%5(9,$785$6(6,*/$6

,6$ ,QVWLWXWR6RFLRDPELHQWDO

6,/ 6XPPHU,QVWLWXWHRI/LQJXLVWLFV

8&'%

8QLYHUVLGDGH&DWyOLFD'RP%RVFR

)81$, )XQGDomR1DFLRQDOGRËQGLR

6(0(&

6HFUHWDULD0XQLFLSDOGH(GXFDomRH&XOWXUD

6((' 6HFUHWDULDGH(VWDGRGH(GXFDo

8)06

8QLYHUVLGDGH)HGHUDOGH0DWR*URVVRGR6XO

)OH[

)LHOG:RUNV/DQJXDJH([SORUHU

Q

1RPH

Y

9HUER

DGM

$GMHWLYR

DGY

$GYpUELR

1(2

1HRORJLVPR

'R3RUW

(PSUpVWLPR

680È5,2

,1752'8d­2

267(5(1$,1)250$d®(662&,2+,67Ï5,&$6(/,1*8Ë67,&$6 ϭ͘ϭKƉŽǀŽdĞƌĞŶĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϵ ϭ͘ϮĞŵŽŐƌĂĨŝĂĞůŽĐĂůŝnjĂĕĆŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϭ ϭ͘ϯKƐdĞƌĞŶĂĚĂĐŽŵƵŶŝĚĂĚĞŝŶĚşŐĞŶĂĚĞĂĐŚŽĞŝƌŝŶŚĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϭ ϭ͘ϰĨĂŵşůŝĂůŝŶŐƵşƐƚŝĐĂƌƵĂŬĞĂůşŶŐƵĂdĞƌĞŶĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϯ ϭ͘ϱƐƚƵĚŽƐĂŶƚĞƌŝŽƌĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϳ

ϭ͘ϲŶĄůŝƐĞĚŽƚƌĂďĂůŚŽ͞KůĠdžŝĐŽĚĂůşŶŐƵĂdĞƌĞŶĂ͗ƉƌŽƉŽƐƚĂĚŽĚŝĐŝŽŶĄƌŝŽŝŶĨĂŶƚŝůͲďŝůşŶŐƵĞ dĞƌĞŶĂͲWŽƌƚƵŐƵġƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͟Ϯϵ ϭ͘ϳĚƵĐĂĕĆŽĞƐĐŽůĂƌŝŶĚşŐĞŶĂŶĂZĞƐĞƌǀĂ/ŶĚşŐĞŶĂĂĐŚŽĞŝƌŝŶŚĂ͕DŝƌĂŶĚĂͬD^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϬ

ϭ͘ϳ͘ϭƐĐŽůĂDƵŶŝĐŝƉĂů/ŶĚşŐĞŶĂ͞WſůŽŽƌŽŶĞůEŝĐŽůĂƵ,ŽƌƚĂĂƌďŽƐĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͟ϰϮ

0(72'2/2*,$'(3(648,6$

Ϯ͘ϭKĐſƌƉƵƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϴ Ϯ͘ϮdƌĂďĂůŚŽĚĞĂŵƉŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϬ

$63(&726*5$0$7,&$,6'$/Ë1*8$7(5(1$ ϯ͘ϭƐƉĞĐƚŽƐĨŽŶĠƚŝĐŽƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϴ ϯ͘ϭ͘ϭ/ŶǀĞŶƚĄƌŝŽĚŽƐĨŽŶĞƐĐŽŶƐŽŶĂŶƚĂŝƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϬ ϯ͘ϮƐƉĞĐƚŽƐŵŽƌĨŽůſŐŝĐŽƐĞŐƌĂŵĂƚŝĐĂŝƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϱ ϯ͘Ϯ͘ϭ^ŝƐƚĞŵĂWƌŽŶŽŵŝŶĂů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϳ ϯ͘Ϯ͘Ϯ͘EŽŵĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϲ ϯ͘Ϯ͘Ϯ͘ϮWŽƐƐĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϴ ϯ͘Ϯ͘Ϯ͘ϯ'ġŶĞƌŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϰ ϯ͘Ϯ͘Ϯ͘ϰEƷŵĞƌŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϱ ϯ͘Ϯ͘ϯsĞƌďŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϲ ϯ͘Ϯ͘ϯ͘ϭŽŶƐŽĂŶƚĞƐƚĞŵĄƚŝĐĂƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϲ ϯ͘Ϯ͘ϯ͘ϮdĞŵƉŽ͗DŽƌĨĞŵĂĚĞƚĞŵƉŽĨƵƚƵƌŽ͗΂ͲŵŽ΃͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϳ ϯ͘Ϯ͘ϯ͘ϯDŽĚŽ͗ƌĞĂůŝƐͬŝƌƌĞĂůŝƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϵ ϯ͘Ϯ͘ϯ͘ϰƐƉĞĐƚŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϯ

/(;,&2/2*,$(/(;,&2*5$),$

ϰ͘ϯ >ĞdžŝĐŽůŽŐŝĂĞ>ĞdžŝĐŽŐƌĂĨŝĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϰ ϰ͘ϰ >ĠdžŝĐŽĞĚŝĐŝŽŶĄƌŝŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϱ ϰ͘ϱ dŝƉŽůŽŐŝĂƐĞĐůĂƐƐŝĨŝĐĂĕƁĞƐĚĞĚŝĐŝŽŶĄƌŝŽƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϲ ϰ͘ϲ >ĞdžŝĐŽŐƌĂĨŝĂďŝůşŶŐƵĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϵ ϰ͘ϳ ůĂƐƐŝĨŝĐĂĕĆŽĚŽƐĚŝĐŝŽŶĄƌŝŽƐďŝůşŶŐƵĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϬ ϰ͘ϴ ƐƚƌƵƚƵƌĂĚŽĚŝĐŝŽŶĄƌŝŽďŝůşŶŐƵĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϭ ϰ͘ϵ ƋƵŝǀĂůĞŶƚĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϮ

$3523267$'(',&,21È5,27(5(1$32578*8Ç6 ϱ͘ϭ WƌŽŐƌĂŵĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϱ ϱ͘Ϯ &ŽŶƚĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϲ ϱ͘ϯ KƌĚĞŵĂůĨĂďĠƚŝĐĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϲ ϱ͘ϰ DĂĐƌŽĞƐƚƌƵƚƵƌĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϲ ϱ͘ϱ DŝĐƌŽĞƐƚƌƵƚƵƌĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϲ ϱ͘ϲ ŶƚƌĂĚĂůĞdžŝĐĂů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϳ ϱ͘ϳ ůĂƐƐĞŐƌĂŵĂƚŝĐĂů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϵ ϱ͘ϴ ŵƉƌĠƐƚŝŵŽƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮϬ ϱ͘ϵ ƋƵŝǀĂůġŶĐŝĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮϬ ϱ͘ϭϬ EĞŽůŽŐŝƐŵŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮϭ ϱ͘ϭϭ EŽŵĞĐŝĞŶƚşĨŝĐŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮϮ ϱ͘ϭϮ džĞŵƉůŽƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮϯ ϱ͘ϭϯ ZĞŵŝƐƐŝǀĂƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮϰ ϱ͘ϭϰ /ůƵƐƚƌĂĕƁĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮϰ

&216,'(5$d®(6),1$,6

5()(5Ç1&,$6

$3Ç1',&(

$SrQGLFH,3URSRVWDGH'LFLRQiULR7HUHQD3RUWXJXrV

,1752'8d­2

'H DFRUGR FRP 5RGULJXHV S DWXDOPHQWH VmR IDODGDV QR %UDVLO OtQJXDVLQGtJHQDV2DXWRUHQIDWL]DTXHHVVH Q~PHURDGPLWHSHTXHQDPDUJHPGHHUURSDUD PDLV RX SDUD PHQRV HP GHFRUUrQFLD GD LPSUHFLVmR H HP DOJXQV FDVRV GD GLVWLQomR HQWUH YDULHGDGHVWmRSRXFRGLIHUHQFLDGDVTXHQmRGLILFXOWDPDFRPXQLFDomRHQWUHVHXVUHVSHFWLYRV IDODQWHV

5RGULJXHV S VDOLHQWD TXH RV tQGLRV GR %UDVLO QmR VmR XP SRYR VmR PXLWRV SRYRV GLIHUHQWHV GH QyV H GLIHUHQWHV HQWUH VL FDGD TXDO FRP VHXV XVRV H FRVWXPHV

SUySULRV³FRPDWLWXGHVHVWpWLFDVFUHQoDVUHOLJLRVDVRUJDQL]DomRVRFLDOHILORVRILDSHFXOLDUHV

UHVXOWDQWHVGHH[SHULrQFLDVGHYLGDDFXPXODGDVHGHVHQYROYLGDVHPPLOKDUHVGHDQRV´EHP

FRPRSRUIDODUHPGLIHUHQWHVOtQJXDVRTXHRVGLVWLQJXHGHQyVHHQWUHVL(VVDVGLIHUHQoDV VHMDPHODVHQWUHDVOtQJXDVLQGtJHQDVRXHQWUHHVWDVHDVGHPDLVOtQJXDVHQYROYHPDVSHFWRV IRQpWLFRV IRQROyJLFRV PRUIROyJLFRV VLQWiWLFRV H VHPkQWLFRV TXH DLQGD QmR IRUDP RX VLVWHPiWLFDRXVDWLVIDWyULDHH[DXVWLYDPHQWHGHVFULWRV

6HJXQGR R DXWRU p SURYiYHO TXH TXDQGR RV HXURSHXV FKHJDUDP DR %UDVLO Ki PDLVGHTXLQKHQWRVDQRVRQ~PHURGHOtQJXDVLQGtJHQDVIRVVHRGREURGRTXHpKRMHS (VVDUHGXomRGHFRUUHXGHGLIHUHQWHVIDWRUHVTXDLVVHMDP

2 GHVDSDUHFLPHQWR GRV SRYRV TXH DV IDODYDP HP FRQVHTXrQFLD GDV FDPSDQKDVGHH[WHUPtQLRRXGHFDoDGHHVFUDYRVPRYLGDSHORVHXURSHXVH SRUVHXVGHVFHQGHQWHVHSURSRVWRVRXHPYLUWXGHGDVHSLGHPLDVGHGRHQoDV FRQWDJLRVDV GR 9HOKR 0XQGR GHIODJUDGDV LQYROXQWDULDPHQWH HP DOJXQV FDVRV YROXQWDULDPHQWH QR VHLR GH PXLWRV SRYRV LQGtJHQDV SHOD UHGXomR SURJUHVVLYDGHVHXVWHUULWyULRVGHFROHWDFDoDHSODQWLRHSRUWDQWRGHVHXV PHLRVGHVXEVLVWrQFLDRXSHODDVVLPLODomRIRUoDGDRXLQGX]LGDDRVXVRVH FRVWXPHVGRVFRORQL]DGRUHV52'5,*8(6S

GR JUDX GH SHULJR ³2 JUDX GH SHULJR IRL VXEHVWLPDGR QR SDVVDGR GHYLGR j IDOWD GH

LQIRUPDo}HVVyOLGDVVREUHDVOtQJXDVHPUHJL}HVUHPRWDVHGHYLGRWDPEpPjFRQIXVmRHQWUHR Q~PHURGHIDODQWHVHDRWDPDQKRGDSRSXODomRGRVJUXSRVLQGtJHQDV´0225(S

1HVVH VHQWLGR 5RGULJXHV S DSRQWD TXH HP kPELWR PXQGLDO WHPVH FRQVLGHUDGRTXHTXDOTXHUOtQJXDIDODGDSRUPHQRVGHPLOSHVVRDVWHPVXDVREUHYLYrQFLD DPHDoDGDHQHFHVVLWDGHHVSHFLDODWHQomR'HDFRUGRFRPRDXWRUWRGDVDVOtQJXDVLQGtJHQDV QR%UDVLOWrPPHQRVGHPLOIDODQWHVHD7LN~QDIDODGDQRDOWR6ROLP}HVDSHQDVXOWUDSDVVD DPDUFDGHPLO2DVSHFWRPDLVJUDYHHVWiSRUpPQRRXWURODGRGRHVSHFWURGHPRJUiILFR QDV OtQJXDV LQILQLWDPHQWH PLQRULWiULDV FRP SRSXODo}HV TXH QmRYmR DOpP GH PLO SHVVRDV

'LDQWHGHVVHTXDGUR³pWDUHIDGHDOWDSULRULGDGHHXUJrQFLDDSHVTXLVDFLHQWtILFDTXHYLVDj

GRFXPHQWDomRDQiOLVHFODVVLILFDomRHLQWHUSUHWDomRWHyULFDGHVVDVOtQJXDVTXHHPVXDJUDQGH PDLRULDVyH[LVWHPDTXL´'HDFRUGRFRPRDXWRU³LJXDOPHQWHSULRULWiULDpDSURPRomRGH

Do}HV TXH YLVHP D DVVHJXUDU DRV SRYRV LQGtJHQDV DV FRQGLo}HV QHFHVViULDV SDUD FRQWLQXDU

WUDQVPLWLQGRVXDVOtQJXDVjVQRYDVJHUDo}HV´52'5,*8(6S

6REUHDLPSRUWkQFLDGRWUDEDOKROLQJXtVWLFRMXQWRjVOtQJXDVLQGtJHQDVEUDVLOHLUDV 6HNLSUHVVDOWDTXHDOLQJXtVWLFDLQGtJHQDQR%UDVLOGHYHSULRUL]DUD³HODERUDomR

GHGHVFULo}HVGHERDTXDOLGDGHFRPWHUPLQRORJLDDFHVVtYHODHVWXGLRVRVQmRIDPLOLDUL]DGRV FRPDERUGDJHQVWHyULFDVSDUWLFXODUHV´'HDFRUGRFRPDDXWRUDDRPHVPRWHPSRHPTXHLVVR UHSUHVHQWDUi XPD FRQWULEXLomR SDUD D OLQJXtVWLFD SHUPLWLUi WDPEpP DWHQGHU HP SDUWH j GHPDQGDGDVFRPXQLGDGHVLQGtJHQDVTXDQWRjGRFXPHQWDomRGHVXDVOtQJXDVHFXOWXUDV6HNL HQIDWL]DDQHFHVVLGDGHGHXPWUDEDOKRYROWDGRSDUDRWUDWDPHQWRGHIHQ{PHQRVGHVVDVOtQJXDV GRSRQWRGHYLVWDGHFRQVWUXomRGHWHRULDVGHPRGRTXHRWUDEDOKROLQJXtVWLFRFRQWULEXDSDUD WRUQDU HVVDV OtQJXDV YLVtYHLV DR PHLR FLHQWLILFR $ DXWRUD FKDPD DWHQomR SDUD D UHVSRQVDELOLGDGH VRFLDO GRV OLQJXLVWDV QD OXWD SHOD PDQXWHQomR GDV OtQJXDV H GRV DVSHFWRV FXOWXUDLV GDV FRPXQLGDGHV LQGtJHQDV GHVWDFDQGR R LPSRUWDQWH SDSHO GR IDODQWH QD LQYHVWLJDomRGHVXDVOtQJXDV

3RUUHFRQKHFHUPRVDVGLIHUHQoDVOLQJXtVWLFDVDSRQWDGDVSRU5RGULJXHVHDV ODFXQDVQRFRQKHFLPHQWRFLHQWtILFRDFHUFDGHOtQJXDVLQGtJHQDVHYLGHQFLDGDVSRU6HNL H0RRUH RREMHWLYRGHQRVVDSHVTXLVD pUHDOL]DUXPHVWXGROH[LFRJUiILFRGDOtQJXD 7HUHQD_{IDODGDQD7HUUD,QGtJHQDGH&DFKRHLULQKD0LUDQGD06(OHJHPRVSDUDGHVFULomRD}

YDULHGDGH IDODGD QD &RPXQLGDGH ,QGtJHQD GH &DFKRHLULQKD ORFDOL]DGD QR PXQLFtSLR GH 0LUDQGD06$HVFROKDREHGHFHXDRVFULWpULRVGDDFHVVLELOLGDGHMiGHVHQYROYHPRVSHVTXLVDV

_{$ OtQJXD 7HUHQD SHUWHQFHQWH j IDPtOLD OLQJtVWLFD $UXDN p IDODGD SRU DSUR[LPDGDPHQWH PLO SHVVRDV}

HSURMHWRVGHHQVLQRHH[WHQVmRQD&RPXQLGDGHHPTXHVWmRGRQ~PHURGH7HUHQDpXPDGDV iUHDVGHPDLRUFRQFHQWUDomRGH7HUHQDQR(VWDGRGH0DWR*URVVRGR6XOHGDIUHTXrQFLDGR XVRGDOtQJXDQDFRPXQLGDGHQD&DFKRHLULQKDpIDODGDSRUTXDVHWRGDDFRPXQLGDGH

2WUDEDOKRHVWiRUJDQL]DGRHPFLQFRVHo}HVFRQIRUPHGHVFUHYHPRVDVHJXLU 1D VHomR ,± 2V 7HUHQD LQIRUPDo}HV VyFLRKLVWyULFDV H OLQJXtVWLFDV± QRVVRV REMHWLYRV VmR DSUHVHQWDU XPD EUHYH H[SODQDomR VREUH R SRYR 7HUHQD H H[SRU LQIRUPDo}HV JHUDLV VREUH FDUDFWHUtVWLFDV GH VXD OtQJXD WDLV FRPR DILOLDomR JHQpWLFD DOpP GH XPD EUHYH UHYLVmRGHELEOLRJUDILDSHUWLQHQWHDRHVWXGRGHVVDOtQJXDHjHGXFDomRLQGtJHQD

$ VHomR ,,± 0HWRGRORJLD GH SHVTXLVD ± GHVFUHYH RV SURFHGLPHQWRV PHWRGROyJLFRV DGRWDGRV QR GHVHQYROYLPHQWR GD SHVTXLVD GH TXH HVWH WUDEDOKR p UHVXOWDGR $SUHVHQWDPRV DV IDVHV GD FROHWD GH GDGRV R TXH LQFOXL D SUHSDUDomR RV LQVWUXPHQWRV HPSUHJDGRV H RV SURFHGLPHQWRV DGRWDGRV QR OHYDQWDPHQWR GR FyUSXV H[SOLFDPRV FRPR IRUDP RUJDQL]DGRV RV GDGRV D ILP GH SUHSDUiORV SDUD DQiOLVH H SRU ILP PDV QmR PHQRV LPSRUWDQWHV RV SDVVRV VHJXLGRV QD GHVFULomR GRV GDGRV j OX] GRV SULQFtSLRV WHyULFRV DGRWDGRVFXMDVLQGLFDo}HVELEOLRJUiILFDVVXUJHPDRORQJRGRWH[WR

1DVHomR,,,±$VSHFWRVGDOtQJXDWHUHQD±DSUHVHQWDPRVXPDEUHYHUHYLVmRGRV DVSHFWRV IRQROyJLFRV H PRUIROyJLFRV GD OtQJXD 7DLV LQIRUPDo}HV VHUYLUmR GH EDVH SDUD D HODERUDomRGRYHUEHWHEHPFRPRSDUDRULHQWDURFRQVXOHQWHVREUHDHVWUXWXUDGDOtQJXD&DEH UHVVDOWDU TXH DV LQIRUPDo}HV DSUHVHQWDGDV QHVVD VHomR FRQVWLWXHP XPD VLVWHPDWL]DomR GH HVWXGRVDQWHULRUHV

$VHomR,9±/H[LFRORJLDHOH[LFRJUDILD±GLVFXWHDOJXQVFRQFHLWRVGDQGRrQIDVH SDUD TXHVW}HV WHyULFR PHWRGROyJLFDV YROWDGDV SDUD D HODERUDomR GH XP GLFLRQiULR ELOtQJXH TXHQRUWHDUDPDHODERUDomRGDQRVVDSURSRVWD

1DVHomR9±$SURSRVWDGHGLFLRQiULRWHUHQDSRUWXJXrV±KiXPDVLVWHPDWL]DomR GDVVHo}HVDQWHULRUHVSRUPHLRGDH[SOLFDomRGDSURSRVWDQHOHDSUHVHQWDPRV D HVWXWXUDGR SURMHWRGHGLFLRQiULRDVHOHomRGDVHQWUDGDVTXHVW}HVUHODFLRQDGDVjPDFURHjPLFURHVWXUXUD QRLQWXLWRGHRULHQWDURFRQVXOHQWHSDUDXPDPHOKRUFRPSUHHQVmRGRWUDEDOKR

)LQDOPHQWHDSUHVHQWDPRVDVFRQVLGHUDo}HVILQDLVHXPDYHUVmRUHGX]LGDGHXP GLFLRQiULRWHUHQDSRUWXJXrVHPDQH[RTXHFRQWHPSODQRVVDVGHFLV}HVOH[LFRJUiILFDVYLVDQGR XPDREUDGHPDLRUI{OHJRQRIXWXUR

VHUYLU GH EDVH SDUD IXWXUDV SHVTXLVDV HQYROYHQGR D OtQJXD H R SRYR 7HUHQD WDLV FRPR FRPSDUDomRGR7HUHQDFRPRXWUDVOtQJXDVUHODFLRQDGDVFRPSDUDomRHQWUHDYDULDQWHIDODGD QD&DFKRHLULQKDHDVGHPDLVUHFRQVWUXomRGHVXDVHVWUXWXUDVFRPDILQDOLGDGHGHFRQVWDWDUD HYROXomR KLVWyULFD GDV OtQJXDV TXH SRVVXHP RULJHP FRPXP YHULILFDomR GH XQLYHUVDLV RX FDWHJRULDVJUDPDWLFDLVHDDSUHQGL]DJHPGDOtQJXD7HUHQD$OpPGLVVRHVWHWUDEDOKRVHUYLUi FRPRSRQWRGHSDUWLGDSDUDDHODERUDomRGHPDWHULDLVGLGiWLFRVTXHVLUYDPGHDSRLRDRHQVLQR GDOtQJXD7HUHQDSRUSURIHVVRUHVLQGtJHQDV

267(5(1$,1)250$d®(662&,2+,67Ï5,&$6(

/,1*8Ë67,&$6

2SRYR7HUHQD

$KLVWyULDGRSRYR7HUHQDpPDUFDGDSRUSHUPDQrQFLDVHPXGDQoDV%LWWHQFXUWH /DGHLUDSDSRQWDPTXHRPRGRGHYLYHUGRVWHUHQDPXGRXPXLWRRVFRQWDWRV FRPRXWURVSRYRVLQGtJHQDVFRPRVSRUWXJXHVHVHEUDVLOHLURVIL]HUDPFRPTXHPXLWRVGRV KiELWRVIRVVHPWUDQVIRUPDGRV7DLVPXGDQoDVSRGHPVHUYLVWDVQRWUDEDOKRHQDUHODomRFRPD WHUUDHVHXVSURGXWRVQDVFRQVWUXo}HVGDVFDVDVQDVYHVWLPHQWDVQRVDOLPHQWRVHQWUHRXWURV KiELWRV3RURXWURODGRPXLWDVFRLVDVUHVLVWLUDPDRFRQWDWRHQWUHHODVDOtQJXDDVIHVWDVDV UHODo}HVIDPLOLDUHVDSROtWLFDRDUWHVDQDWRHQWUHRXWUDVPDQLIHVWDo}HVFXOWXUDLV

6HJXQGR/DGHLUDRSRYR7HUHQDpFRQVLGHUDGRFRPRR~QLFRVXEJUXSR UHPDQHVFHQWH GD QDomR *XDQi QR %UDVLO 3RU PHLR GH VXFHVVLYDV OHYDV PLJUDWyULDV TXH VH LQWHQVLILFDUDPHPPHDGRVGRVpFXOR;9,,,HVVHSRYRFUX]RXR5LR3DUDJXDLHPGLUHomRDR DWXDO (VWDGR GH 0DWR *URVVR GR 6XO SURYHQLHQWH GR &KDFR 3DUDJXDLR%ROLYLDQR UHJLmR WDPEpP FRQKHFLGD FRPR ÇQ[LYD VHJXQGR D KLVWyULD RUDO 7HUHQD _{)D]LDP WDPEpP SDUWH}

GHVVHV*XDQiRV/D\DQD.LQLNLQDXDH([RDODGL

6REUH D HVWUXWXUD VRFLDO GR SRYR 7HUHQD &DUGRVR GH 2OLYHLUD S DSRQWDTXH

7UDGLFLRQDOPHQWH D HVWUXWXUD VRFLDOWHUHQD HVWDYD GLYLGLGD HPGRLV JUXSRV GLVWLQWRV H VRFLDOPHQWH VREUHSRVWRV R JUXSR GRV FDWLYRV RX NDXWL

QHRORJLVPR FULDGR SDUD GHVLJQDU RV ³FDWLYRV´ REWLGRV QD JXHUUD RX QDV

VRUWLGDV RUJDQL]DGDV SDUD D FDSWXUD H R JUXSR VRFLDO GRPLQDQWH ;DQp R

JUXSR ³GDTXHOHV TXH VRPRV QyV´ RV 7HUHQD SURSULDPHQWH GLWRV H TXH VH GLYLGLDPSRUVXDYH]HPGRLVJUXSRVXPRGRV³FKHIHV´HVXDVSDUHQWHODV

GHQRPLQDGRV 1DDWL H R GRV KRPHQV FRPXQV RX R SRYR GHQRPLQDGR :DKHUr2FDVDPHQWRHQWUHHVWHVGRLVJUXSRVHUDYHWDGR'LYLGLDPVHDLQGD RV7HUHQDFRPH[FOXVmRGRV.DXWLHPGXDVPHWDGHVFHULPRQLDLV;XPRQy H 6XNLULDQy FXMDV IXQo}HV HUDP UHJXODPHQWDU R FRPSRUWDPHQWR PiJLFR UHOLJLRVR

6HJXQGR&DUGRVRGH2OLYHLUDSRV7HUHQDVmRFRQVLGHUDGRVFRPRRV tQGLRVTXHPDLVFRQWULEXtUDPSDUDDIRUPDomRGRFHQWURRHVWHEUDVLOHLURVHMDFRPRSURGXWRUHV

_{0DUFKHZLF]GHVHQYROYHXXPDDERUGDJHPGRGLVFXUVR7HUHQDPHVFODQGR$'IUDQFHVDH$'&UtWLFD}

HP TXH DQDOLVRX IDODV HQWUHYLVWDV GH tQGLRV 7HUHQD GH GLIHUHQWHV FRPXQLGDGHV VXOPDWRJURVVHQVHV VREUH

FUHQoDVHPLWRV$DXWRUDFRQVWDWRXTXHDLPDJHPTXHHOHVWrPGHVLpGHVXMHLWRVVXERUGLQDGRVjVFUHQoDV

DJUtFRODV VHMD FRPR PmR GH REUD DSOLFDGD QDV ID]HQGDV HP HVSHFLDO GHSRLV GD JXHUUD GR 3DUDJXDL VHP HVTXHFHU DLQGD R SDSHO SRU HOHV GHVHPSHQKDGR QDTXHOH FRQIOLWR TXDQGR IRUDPOHYDGRVDOXWDUFRQWUDRH[pUFLWRSDUDJXDLR

$SyV R WpUPLQR GD JXHUUD GR 3DUDJXDL DOJXPDV FRPXQLGDGHV GHVDSDUHFHUDP JUXSRV ORFDLV PXGDUDP GH OXJDU RXWURV IRUDP LQFRUSRUDGRV D FRPXQLGDGHV WULEDLV PDLV HVWDELOL]DGDV2IDWRpTXHDSRSXODomR7HUHQDHPERUDWHQGRVLGRHVSROLDGDGDPDLRUSDUWHGR VHXWHUULWyULRRXSURYDYHOPHQWHSRULVVRPHVPRSDVVRXDRFXSDUSHTXHQRVQLFKRVTXHVH RIHUHFLDPYLiYHLVjVXDLQVWDODomRSRUPDLVSUHFiULDTXHIRVVH$OJXQVGHVVHVOXJDUHVIRUDP WUDQVIRUPDGRVHPFRPXQLGDGHVLQGtJHQDVSHOR6HUYLoRGH3URWHomRDRËQGLR63,HRXWURV FRQWLQXDP D DJXDUGDU HVVD SURYLGrQFLD VHP D TXDO RV JUXSRV ORFDLV UHPDQHVFHQWHV QmR UHVLVWLUmRDRFHUFRHjSUHVVmRGDVRFLHGDGHUHJLRQDOQRVHQWLGRGHOKHVWRPDUDVWHUUDVHGH HQJDMiORVjVFRO{QLDVGHID]HQGDV$KLVWyULDGDVUHODo}HVLQWHUpWQLFDVUHJLVWUDJUDQGHQ~PHUR GH FRPXQLGDGHV TXH GHVDSDUHFHUDP QR SDVVDGR OHYDQGR VHXV FRPSRQHQWHV D VH OLJDUHP D ID]HQGDVRXSHUPDQHFHUHPFRPRXPFRQWLQJHQWHPyYHOLQGRGDVID]HQGDVjVSRYRDo}HVH FLGDGHV LPHUVRV QXP FRQWtQXR SURFHVVR GH GHVWULEDOL]DomR &$5'262 '( 2/,9(,5$ S

(PERUDHVVHUHODWRIHLWRSRU&DUGRVRGH2OLYHLUDHVWHMDGDWDGRGDGpFDGDGH KRMHDVLWXDomRGRSRYR7HUHQDQmRpGLIHUHQWH2V7HUHQDDLQGDYLYHQFLDPDOXWDSHODWHUUD SRUPHLRGHDo}HVGHUHWRPDGDGRWHUULWyULRWUDGLFLRQDODWXDOPHQWHRFXSDGRSRUSURSULHGDGHV UXUDLVYL]LQKDVjVFRPXQLGDGHVQRLQWXLWRGHPRELOL]DUDVRFLHGDGHHGHSUHVVLRQDURVyUJmRV UHVSRQViYHLVSHODGHPDUFDomR

6HJXQGR /DGHLUD S RV tQGLRV 7HUHQD TXH YLYHP HP FRPXQLGDGHV LQGtJHQDV WLUDP VXD VXEVLVWrQFLD GD DJULFXOWXUD HP HVSHFLDO GH PDQGLRFD H IHLMmR PXLWRV WUDEDOKDP SDUD GHVWLODULDV GH iOFRRO QR FRUWH GH FDQDGHDo~FDU RXWURV YLYHP GR WUDEDOKR WHPSRUiULRHPID]HQGDV0XLWDVPXOKHUHVGHVHPSHQKDPWUDEDOKRGRPpVWLFRRXWUDEDOKDPQD FRQIHFomR GR DUWHVDQDWR FHUkPLFD H FHVWDULD H YHQGD GH SURGXWRV QDV UXDV PHUFDGRV PXQLFLSDLVHIHLUDVGDVFLGDGHVFRQIRUPHSXGHPRVFRQVWDWDUGXUDQWHDVDWLYLGDGHVGHFDPSR &DEHUHVVDOWDUTXHDVPXOKHUHVWHPRFXSDGRRXWURVHVSDoRVQDVRFLHGDGHFRPR QDVD~GHHQDHVFRODDWXDQGRFRPRSURIHVVRUDVPHUHQGHLUDVVHFUHWiULDVDX[LOLDUGHVHUYLoRV JHULDLV DJHQWHV GH VD~GH 2 PHVPR RFRUUH FRP RV KRPHQV TXH SODQWDP FROKHP VmR SURIHVVRUHVDJHQWHVGHVD~GHYLJLODQWHVGRVSUpGLRVS~EOLFRVGDDOGHLDVmRIXQFLRQiULRVGD 6(6$,HGD)81$,

_{3DUD PDLRUHV GHWDOKHV D UHVSHLWR GHVVH DVVXQWR VXJHULPRV D OHLWXUD GRV WUDEDOKRV GH %LWWHQFRXUW H /DGHLUD}

'HPRJUDILDHORFDOL]DomR

6HJXQGRGDGRVVLWHGR,QVWLWXWR6RFLRDPELHQWDO,6$RV7HUHQDSHUID]HPKRMH XPD SRSXODomR DSUR[LPDGD GH PLO SHVVRDV RUJDQL]DGDV HP JUXSRV TXH YLYHP HP FRPXQLGDGHVLQGtJHQDVORFDOL]DGDVQRVPXQLFtSLRVGH&DPSR*UDQGH1LRDTXH'RLV,UPmRV GR %XULWL 6LGUROkQGLD $QDVWiFLR $TXLGDXDQD H 0LUDQGD +i WDPEpP IDPtOLDV 7HUHQD YLYHQGR QD FRPXQLGDGH GRV tQGLRV .DGLZpX QR PXQLFtSLR GH 3RUWR 0XUWLQKR H QD GRV *XDUDQL.DLRZiQRPXQLFtSLRGH'RXUDGRV)RUDGRHVWDGRGH06HQFRQWUDPVHIDPtOLDV 7HUHQDYLYHQGRMXQWRDRV.DLQJDQJQDFRPXQLGDGH$ULEiUHJLmRGH%DXUX±63HMXQWRDRV 3DUHFL HP 0DWR *URVVR QR HQWDQWR D PDLRU FRQFHQWUDomR HVWi QRV PXQLFtSLRV GH 0LUDQGD ÈUHD&DFKRHLULQKDH$TXLGDXDQDÈUHD7DXQD\,SHJXH

$]DQKD HP UHODWyULR FLUFXQVWDQFLDGR GH LGHQWLILFDomR H GHOLPLWDomR GD FRPXQLGDGH LQGtJHQD GH &DFKRHULQKD DSRQWD TXH DV FRPXQLGDGHV LQGtJHQDV GRV tQGLRV 7HUHQD QR HVWDGR GH 06 VmR FRQVWLWXtGDV GH RLWR SHTXHQDV LOKDV GH WHUUDV 7DXQD\,SHJXH &DFKRHULQKD 1LRDTXH /DOLPD /LPmR 9HUGH 3LODG 5HEXi %XULWL]LQKR RX 7HUHUp (VVDV FRPXQLGDGHVIRUDPUHTXHULGDVDRHVWDGRGH0DWR*URVVRQDGpFDGDGHSHORH[WLQWR63, HKRMHHVWmRFHUFDGDVSRUID]HQGDVHHVSDOKDGDVSHORVPXQLFtSLRVGH0LUDQGD$TXLGDXDQD $QDVWiFLR'RLV,UPmRVGR%XULWL6LGUROkQGLD1LRDTXHH5RFKHGRFRQIRUPHVHYLVXDOL]DQR PDSDTXHVHJXHHPTXHVHSRGHFRQVWDWDURGLVWDQFLDPHQWRHQWUHRVIDODQWHVDSRQWDGRSRU 5RGULJXHVSDRUHIHULUVHjVGLIHUHQoDVDSUHVHQWDGDVHPXPDPHVPDOtQJXDHP

HVSDoRV JHRJUiILFRV GLIHUHQWHV ³(PERUD FRQVWLWXtGDV D SDUWLU GH SULQFtSLRV H SURSULHGDGHV

FRPXQVDVOtQJXDVHVWmRVXMHLWDVDJUDQGHQ~PHURGHIDWRUHVGHLQVWDELOLGDGHHYDULDomRTXH

GHWHUPLQDP QHODV IRUWH WHQGrQFLD j FRQVWDQWH DOWHUDomR >@´ $FUHVFHQWD R DXWRU TXH LVVR

GHFRUUHGDGLYLVmRGHXPDFRPXQLGDGHKXPDQDHPQRYDVFRPXQLGDGHVUHGX]LQGRRFRQWDWR HQWUHDVSHVVRDVVHSDUDGDVHHPFRQVHTXrQFLDDXPHQWDQGR³DGLIHUHQFLDomROLQJXtVWLFDHQWUH

RVJUXSRVKXPDQRVFRUUHVSRQGHQWHV´

2V7HUHQDGDFRPXQLGDGHLQGtJHQDGH&DFKRHLULQKD

$]DQKDDSRQWDTXHRVSULPHLURVUHODWRVVREUHDORFDOL]DomRGDFRPXQLGDGH LQGtJHQDGH&DFKRHLULQKDVXUJHPQRDQRGHSRU)UDQFLV&DVWHOQDXHP³GXDVOpJXDVH XP WHUoR D QRURHVWH GH 0LUDQGD´ (VVD ORFDOL]DomR FRQWLQXRX FRQILUPDGD SHORV YiULRV

YHOKRV tQGLRV GD FRPXQLGDGH &DFKRHLULQKD $ iUHD GH &DFKRHLULQKD IRL GHOLPLWDGD SRU 5RQGRQHFRQFHGLGDDRH[WLQWR63,SHORHVWDGRGH0DWR*URVVRHPFRUUHVSRQGHQGRD XPDVXSHUItFLHGHKHFWDUHV1HVVDSHTXHQDJOHEDHVWmRGLVWULEXtGRVRVVHJXLQWHVQ~FOHRV UHVLGHQFLDLVVHWRUHVTXHIRUPDPDVFRPXQLGDGHVSURSULDPHQWHGLWDV

6HGHpRQ~FOHRPDLVDQWLJRGDFRPXQLGDGHHWDPEpPRQGHVHORFDOL]DR SRVWR GD )81$, &RPS}HVH VHJXQGR GDGRV GD )81$6$ GH UHVLGrQFLDV FRP XPD SRSXODomR WRWDO GH SHVVRDV$UJRODiUHD GH URoDVPDLVDQWLJDVKRMHIRUPDGDSRUPRUDGLDVFRPXPDSRSXODomRGH SHVVRDV%DEDoX&DPSmRWDPEpPiUHDGHURoDVFXMDPDLRUSDUWHGD SRSXODomR p FRPSRVWD SRU GHVFHQGHQWHV GH PLJUDQWHV GD FRPXQLGDGH /DOLPD SRVVXL FDVDV H XPD SRSXODomR GH SHVVRDV0RUULQKR ORFDOL]DGDSUy[LPDjVHGHFRQWDKRMHFRPUHVLGrQFLDVHXPDSRSXODomR GHSHVVRDV/DJRLQKDVHWRUPDLV UHFHQWHFRQWDFRPFDVDV HXPD SRSXODomRGHSHVVRDV(PWRGDVDVFRPXQLGDGHV7HUHQDKiKRMHRVHWRU

TXHpDXQLGDGHVRFLDOPDLVLQFOXVLYDGRWDGDGHDXWRQRPLDSROtWLFDRXVHMD SRVVXLXPFDFLTXHHXPFRQVHOKRWULEDOTXHUHVSRQGHSHODVUHODo}HVSROtWLFDV GHFDGDVHWRU$=$1+$S

$EDL[RXPPDSDFRPDORFDOL]DomRGD$OGHLD&DFKRHLULQKD

0DSD/RFDOL]DomRGD$OGHLD&DFKRHLULQKD)RQWHKWWSZZZQHSSLRUJI]DFHVVDGRHP

_{$VLQIRUPDo}HVFRQWLGDVQHVWHWySLFRIRUDPFROHWDGDVHP$]DQKD5HVXPRGRUHODWyULRFLUFXQVWDQFLDGR}

GHLGHQWLILFDomRHGHOLPLWDomRGDWHUUDLQGtJHQD&DFKRHLULQKD

_{6HWRU p XPD GHQRPLQDomR HQFRQWUDGD HP $]DQKD SDUD DV FRPXQLGDGHV ORFDOL]DGDV GHQWUR GD WHUUD}

$IDPtOLDOLQJXtVWLFD$UXDNHDOtQJXD7HUHQD

6HJXQGR 5RGULJXHV S D FODVVLILFDomR GDV OtQJXDV p GH QDWXUH]D JHQpWLFD LQFOXHPVH QXPD PHVPD FODVVH OtQJXDV TXH DSUHVHQWDP HYLGrQFLD GH WHUHP D PHVPDOtQJXDDQFHVWUDOFRPRIRLRFDVRGDVOtQJXDVURPkQLFDVTXHSURYrPGRODWLPIDODGR QR,PSpULR5RPDQR8PFRQMXQWRGHOtQJXDVTXHFRPSDUWLOKDPDPHVPDRULJHPpFKDPDGR GHIDPtOLDOLQJXtVWLFD1R%UDVLOH[LVWHPDWXDOPHQWHIDPtOLDVDOJXPDVFRPDSHQDVXPD OtQJXD3RURXWURODGRHPDOJXPDVIDPtOLDVKiSURSULHGDGHVFRPXQVTXHVHJXQGRRDXWRU

³VySRGHPVHUH[SOLFDGDVSRUXPDRULJHPFRPXPPDLVUHPRWDGRTXHDVTXHMXVWLILFDUDPD FRQVWLWXLomRGHFDGDIDPtOLD´$SDUWLUGHVVDVHYLGrQFLDVLQVWLWXLVHXPDFODVVHJHQpWLFDPDLV DEUDQJHQWHHGHPDLRUSURIXQGLGDGHWHPSRUDORWURQFROLQJXtVWLFR

1R%UDVLOHQFRQWUDPVHGRLV WURQFRV OLQJXtVWLFRV XPEHPHVWDEHOHFLGRRWXSL TXHFRPSUHHQGHGH]IDPtOLDVOLQJXtVWLFDVHRXWURFRPXPFDUiWHUDLQGDKLSRWpWLFRRPDFUR Mr FRPSUHHQGHQGR GR]H IDPtOLDV 9HMDPRV D VHJXLU R TXDGUR SURSRVWR SRU 5RGULJXHV HP TXH ILJXUDP DV IDPtOLDV OLQJXtVWLFDV FRP DV UHVSHFWLYDV OtQJXDV D VLJOD GRV HVWDGRVHPTXHVmRIDODGDVHRQ~PHURGHIDODQWHV

5RGULJXHVSHVFODUHFHTXH$UXDNRXDUDZiNpXPDOtQJXDIDODGDQD FRVWD JXLDQHVD GD $PpULFD GR 6XO QD 9HQH]XHOD QD *XLDQD QR 6XULQDPH H QD *XLDQD IUDQFHVD$FUHVFHQWDRDXWRUTXH

(VVDOtQJXDWDPEpPFRQKHFLGDFRPR/RNRPRIRLIDODGDHPDOJXPDVLOKDV $QWLOKDVFRPR7ULQGDG4XDQGRRVHXURSHXVLQLFLDUDPVXDFRORQL]DomRQD UHJLmRGR.DULERV$UXDNDtGLYLGLDPHGLVSXWDYDPRPHVPRHVSDoRFRPRV NDULEHIRLFRPXQV HRXWURV TXHDTXHOHVWLYHUDPVHXV SULPHLURV FRQWDWRV FRP D SRSXODomR QDWLYD H FRP VXDV OtQJXDV 7DO FRPR DFRQWHFHX FRP R QRPH NDULE WDPEpP R QRPH $UXDN YHLR D VHU XVDGR SDUD GHVLJQDU R FRQMXQWR GH OtQJXDV HQFRQWUDGDV QR LQWHULRU GR FRQWLQHQWH DSDUHQWDGDV j OtQJXD$UXDN(VVHFRQMXQWRWDPEpPIRLFKDPDGRGH0DLSXUHRX1X$UXDN H FRUUHVSRQGH DR TXH 0DUWLXV Ki PDLV GH XP VpFXOR FKDPRX GH *XFN RX &RFR

$LQGDVHJXQGR5RGULJXHVDVOtQJXDVGDIDPtOLD$UXDNHQFRQWUDPVHQD DPSODUHJLmRJXLDQHVDLQWHUFDODGDVHQWUHDVOtQJXDVGDIDPtOLD.DULEGHRQGHVHHVWHQGHP SDUD R RHVWH DWp DV FDEHFHLUDV GRV DIOXHQWHV HVTXHUGRV GR ULR 2ULQRFR H SDUD VXGRHVWH HVSHFLDOPHQWH DR ORQJR GR 5LR 1HJUR H VHXV DIOXHQWHV PDLV VHWHQWULRQDLV HP HVSHFLDO QR ,oDQD 0DLV DR VXO H PDLV D RHVWH HQFRQWUDPVH OtQJXDV DSDUHQWDGDV HQWUH R -DSXUi H R 6ROLP}HVHDLQGDDRVXOGHVWH~OWLPRHPVHXVDIOXHQWHVFRPRR3XUXVHR-XUXiRXHP DIOXHQWHVGR0DUDQyQQR3HUXFRPRR8FDLiOL2XWUDVOtQJXDVGDIDPtOLD$UXDNDFKDPVH PDLVDRVXOSRUXPODGRDRQRURHVWHDPD]{QLFRGD%ROtYLDSRURXWURODGRQRRHVWHGH0DWR *URVVR H HP RXWUDV SDUWHV GR &HQWUR2HVWH $ OtQJXD GHVWD IDPtOLD IDODGD PDLV DR VXO p R 7HUHQD D OHVWH GR ULR 3DUDJXDL HP 0DWR *URVVR GR 6XO H QD UHJLmR GH %DXUX FRQIRUPH PHQFLRQDPRVDQWHULRUPHQWH

(PERUDXPJUDQGHQ~PHURGHOtQJXDVGDIDPtOLD$UXDNHVWHMDVHQGRHVWXGDGRQR %UDVLOHWDPEpPHPRXWURVSDtVHVFRPR%ROtYLD3HUXH9HQH]XHODDLQGDKiSRXFRVHVWXGRV FRPSDUDWLYRV TXH SHUPLWDP FRQKHFHU DV UHODo}HV HQWUH DV OtQJXDV GD IDPtOLD 6HJXQGR

$LNHQYDOG ³DWp R PRPHQWR QHQKXPD OtQJXD $UXDN FRP SRVVtYHLV H[FHo}HV GR /RNRPR H R 5HVLJDUR FRQWD FRP XPD JUDPiWLFD FRQVLVD IRQRORJLD PRUIRORJLD VLQWD[H

GLFLRQiULRHFROHWkQHDGHWH[WRV´(VVDIDOWDGHHVWXGRVDIHWDVREUHWXGROtQJXDVRXJUXSRVGH OtQJXDVDTXHPVHWHPDWULEXtGRDIDPtOLD$UXDNPDVDWpDJRUDVHPHYLGrQFLDVFODUDV

$RUJDQL]DomRGDIDPtOLD$UXDNFRQKHFLGDHPSDtVHVGD$PpULFDGR6XOFRPR WURQFR0DFUR$UDKXDFDQRSRGHVHUYLVXDOL]DGDQRTXDGURDVHJXLU

4XDGUR7URQFRGHOHQJXDVPDFURDUDKXDFDQR

2TXDGURDSUHVHQWDWRGDVDVOtQJXDVGRPXQGRTXHFRPS}HPDIDPtOLDRXWURQFR $UXDN DV OtQJXDV LGHQWLILFDGDV FRP D FRU D]XO VmR DV OtQJXDV YLYDV H FRP D FRU SUHWD DV OtQJXDVMiH[WLQWDV'HDFRUGRFRP$LNKHQYDOG$UXDNpDIDPtOLDOLQJXtVWLFDTXHWHPR PDLRU Q~PHUR GH OtQJXDV QD $PpULFD GR 6XO 1R %UDVLO DV OtQJXDV GD IDPtOLD $UXDN

_{KWWSZZZSURHORUJLQGH[SKS"SDJLQD PXQGRDPHULQGLDDUDZDN}

HQFRQWUDPVH QDV UHJL}HV QRUWH $SXULQm %DQLZD 3DOLNXU 3DUHFL 3LDSRNR 7DULDQD :DSLVKDQDHQDUHJLmRRHVWH0HKLQDNX:DXUi<DZDODSLWLQRSDUTXH;LQJX077HUHQDH .LQLNLQDX_{QRHVWDGRGH0DWR*URVVRGR6XO(VVDGLVWULEXLomRHVWiUHSUHVHQWDGDQRPDSDD}

VHJXLU

0DSD)DPLOLD$UXDN

_{$OtQJXD.LQLNLQDXIRLGDGDFRPRH[WLQWDSHOR+DQGERRNRI6RXWK$PHULFDQ,QGLDQVQRHQWDQWR6RX]D}

HPVXDWHVHGHGRXWRUDGR.2(18.812((02¶8DOtQJXDGRVtQGLRV.LQLNLQDXUHWRPDKLSyWHVHV

VREUHDOtQJXDDOtQJXD.LQLNLQDXWHULDVLGRVXEVWLWXtGDSHOR.DGLZpXRFRQWDWRFRPR.DGLZpXWHUHQDH SRUWXJXrVWHULDFULRXOL]DGRDOtQJXDDOtQJXDIDODGDSHORVtQGLRV.LQLNLQDXVHULDR7HUHQD$DXWRUDUHIXWDDV WUrVKLSyWHVHVHDILUPDTXHDOtQJXD.LQLNLQDXHVWiYLYDVHQGRHVVDPXLWRVHPHOKDQWHDR7HUHQD

_{)RQWH352(/KWWSZZZSURHORUJLQGH[SKS"SDJLQD PXQGRDPHULQGLDDUDZDN}

$OtQJXD7HUHQDpIDODGDSRUXPJUDQGHQ~PHURGHLQGtJHQDVPDVRVHXXVRH IUHTXrQFLDVmRGHVLJXDLVQDVYiULDVFRPXQLGDGHVHWHUUDVLQGtJHQDV3RU H[HPSORHP'RLV ,UPmRVGR%XULWLHHP1LRDTXHVmRSRXFDVSHVVRDVTXHDXWLOL]DP(PRXWUDVORFDOLGDGHV FRPR&DFKRHLULQKDHP0LUDQGDDOtQJXDpIDODGDSRUTXDVHWRGDDFRPXQLGDGH

6HJXQGR /DGHLUD JUDQGH SDUWH GDV FRPXQLGDGHV 7HUHQD ORFDOL]DGDV QR HVWDGRGH0DWR*URVVRGR6XOQmRPDQWpPRXVRGDOtQJXDWUDGLFLRQDODQmRVHUHPDOJXPDV iUHDVHVSHFtILFDVFRPRQRFDVRGD$,&DFKRHULQKDQRPXQLFtSLRGH0LUDQGD(QWUHWDQWR SRUPHLR GR 3URMHWR GH H[WHQVmR ³.HXNDSDQD UD YHPR¶X H <DNXWLSDSX´ H GR SURMHWR GH SHVTXLVD³(GXFDomRHVFRODULQGtJHQDOtQJXDUDoDFXOWXUDHLGHQWLGDGH´GHVHQYROYLGRVQDV

FRPXQLGDGHV GD UHJLmR FRP R HQYROYLPHQWR GLUHWR GH SHVTXLVDGRUHV GR 'HSDUWDPHQWR GH (GXFDomR GR &kPSXV GH $TXLGDXDQD 8QLYHUVLGDGH )HGHUDO GH 0DWR *URVVR GR 6XO FRQVWDWRXVHTXHHPDOJXPDVFRPRSRUH[HPSOR/LPmR9HUGHH<SpJXHRVPDLVYHOKRV FRQKHFHPHXWLOL]DPDOtQJXDPDVDPDLRULDGRVMRYHQVHFULDQoDVQmRDXWLOL]DPYDOHQGRVH GD OtQJXD SRUWXJXHVD SDUD VH FRPXQLFDUHP $V FRPXQLGDGHV TXH D XWLOL]DP DSUHVHQWDP YDULDo}HVTXHSDUHFHPFRPXQVVHFRQVLGHUDUPRVTXHDIDODpTXHDID]YLYDHUHDO3RURXWUR ODGRDGLQkPLFDGDOtQJXDHDVWUDQVIRUPDo}HVFXOWXUDLVSRUTXHSDVVDUDPSDVVDPRV7HUHQD LQWHUIHUHPQHVVDVYDULDo}HVPRGLILFDPDOtQJXDLQFOXVLYHFRPHPSUpVWLPRVTXHHVWmRVHQGR DHODLQFRUSRUDGRV

(VWXGRVDQWHULRUHV

$LQGDVmRSRXFRVRVHVWXGRVVREUHDVOtQJXDVLQGtJHQDVHDPDLRULDGDVSHVTXLVDV SUHRFXSDUDPVH FRP DV IDPtOLDV 7XSL -r .DULE H $UXDN 0HVPR SHUWHQFHQGR j IDPtOLD $UXDN D OtQJXD 7HUHQD QmR IRL REMHWR GH PXLWDV LQYHVWLJDo}HV 3RU PHLR GH XP LQWHQVR OHYDQWDPHQWR ELEOLRJUiILFR FRQVWDWDPRV TXH HPERUD KDMD XP Q~PHUR VLJQLILFDWLYR GH WUDEDOKRV VREUH R 7HUHQD JUDQGH SDUWH GHOHV DERUGD TXHVW}HV FXOWXUDLV HGXFDFLRQDLV H VRFLROLQJXtVWLFDV H D SULPHLUD GHVFULomR GD OtQJXD IRL IHLWD SHORV PLVVLRQiULRV GR 6XPPHU ,QVWLWXWHRI/LQJXLVWLFV6,/QDGpFDGDGH

6REUHRWUDEDOKRGRVPLVVLRQiULRVDXWRUHVFRPR5RGULJXHV/HLWHH 6HNL FRQVLGHUDP TXH D TXDOLGDGH GR PDWHULDO UHVXOWDQWH GRV WUDEDOKRV OLQJXtVWLFRV

GHVHQYROYLGRVSHORVPLVVLRQiULRVpPXLWRYDULiYHO³PHVPRTXDQGRDSUHVHQWDERDRXPHVPR

DOWDTXDOLGDGHWpFQLFDpQHFHVVDULDPHQWHOLPLWDGRSHORVREMHWLYRVPLVVLRQiULRV´

DIDOWDGHXPDYLVmRGHFRQMXQWRGDOtQJXDHVWXGDGDRVWUDEDOKRVDERUGDP DOHDWRULDPHQWHDVSHFWRVFXMDUHOHYkQFLDQmRILFDSDWHQWHGHLPHGLDWR$VVLP WHPVH RUD XPD GHVFULomR VREUH R YHUER HP 7HUrQD RUD QRWDV VREUH RV VXEVWDQWLYRVHP.D\DELXPDIRQrPLFD;HUHQWHHXPDGHVFULomRGHDVSHFWRV GR ;DYkQWH ,QH[LVWH R PDWHULDO TXH RV HVWXGLRVRV GH OtQJXDV HP JHUDO H DQWURSyORJRV WDQWR DOPHMDP XPD JUDPiWLFD FRP WHUPLQRORJLD GHVFULWLYD DFFHVVtYHOHGLFLRQiULRV/(,7(

(VVD IDOWD GH XP FRQMXQWR RUJDQL]DGR GRV UHVXOWDGRV GRV HVWXGRV GD OtQJXD p YLVtYHOQDVFDUWLOKDVHPOtQJXD7HUHQDHPERUDVDLEDPRVTXHSDUDDHODERUDomRGDRUWRJUDILD HGDVFDUWLOKDVIRUDPQHFHVViULRVHVWXGRVIRQpWLFRVIRQROyJLFRVPRUIROyJLFRVVHPkQWLFRVH VLQWiWLFRVGDOtQJXDHPERUDVHXFDUiWHUSUHOLPLQDUHLQFRQFOXVR

(PQRVVROHYDQWDPHQWRELEOLRJUiILFRVREUHRV7HUHQDHQFRQWUDPRVWUDEDOKRV 'HVWHV GLVFXWHP TXHVW}HV KLVWyULFDV DQWURSROyJLFDV H FXOWXUDLV GLVFXWHP TXHVW}HV HGXFDFLRQDLVHGLVFXWHPTXHVW}HVOLQJXtVWLFDVGRVTXDLVDSHQDVXPGLVFXWHRWHUHQDGHQWUR GD IDPtOLD DUXDN WUD]HP DOJXP HVWXGR VREUH R Op[LFR GHVFUHYHP DOJXP DVSHFWR GD OtQJXD SURS}HP PDWHULDO FDUWLOKDV VREUH R HQVLQR GD OtQJXD H DERUGDP DVSHFWRV VRFLROLQJXtVWLFRV'DUHPRVHQIRTXHDRVWUDEDOKRVOLQJXtVWLFRGHVFULWLYRV

2V SULPHLURV WUDEDOKRV GHVFULWLYRV VREUH D OtQJXD 7HUHQD IRUDP HODERUDGRV SRU PLVVLRQiULRVQDGpFDGD GH 1HVVDpSRFDGHVWDFDPVH%HQGRU6DPXHO³6RPH SUREOHPVRIVHJPHQWDWLRQLQ7HUHQD´%HQGRU6DPXHO³$QRXWOLQHRIWKHJUDPPDWLFDO DQG SKRQRORJLFDO VWUXFWXUH RI 7HUHQD´ %HQGRU6DPXHO D ³$ VWUXWXUHIXQFWLRQ GHVFULSWLRQRI7HUHQDSKUDVHV´%HQGRU6DPXHOE³6WUHVVLQ7HUHQD´(NGDKOH*ULPHV ³7HUHQDYHUELQIOHFWLRQ%HQGRU6DPXHO³6RPHSURVRGLFIHDWXUHVLQ7HUHQD´ (DVWODFN ³7HUHQD $UDZDNDQ SURQRXQV´ (NGDKO H %XWOHU ³7HUHQD GLFWLRQDU\´1RVDQRVGH%XWOHU³'HULYDomRYHUEDOHP7HUHQD´%XWOHU ³0RGR H[WHQVmR WHPSRUDO WHPSR YHUEDO H UHOHYkQFLD FRQWUDVWLYD QD OtQJXD 7HUHQD´ (P

7RXUYLOOH GHGLFD XP FDStWXOR GD VXD WHVH GH GRXWRUDGR SDUD H[SOLFDU FRP EDVH HP WHRULDVIRQROyJLFDVQmROLQHDUHVRPRUIHPDQDVDOHP7HUHQD5HFHQWHPHQWHIRUDPGHIHQGLGDV

GLVVHUWDo}HV GH PHVWUDGR GLVFXWLQGR DVSHFWRV GD OtQJXD WHUHQD 6LOYD ³'HVFULomR )RQROyJLFDGD/tQJXD7HUHQD$UXDN´0DWULQV³)RQRORJLDGD/tQJXD7HUHQD´5RVD ³$VSHFWRV 0RUIROyJLFRV GR 7HUHQD $UXDN´ H 1DVFLPHQWR ³$VSHFWRV *UDPDWLFDLVGDOtQJXD7HUHQD´

(QFRQWUDPRV DLQGD WUrV DERUGDJHQV VRFLROLQJXtVWLFDV VREUH D OtQJXD 7HUHQD

*DUFLD ³8PDDQiOLVHWLSROyJLFDVRFLROLQJXtVWLFDQD FRPXQLGDGH LQGtJHQD7HUHQDGH

XPJUXSR7HUrQD´H5HLV³2FRQIOLWRGLJOyVVLFRSRUWXJXrV7HUHQDHP/LPmR9HUGH XPHVWXGRGHVRFLROLQJXtVWLFDLQGtJHQD´

$QiOLVHGRWUDEDOKR³2Op[LFRGDOtQJXD7HUHQDSURSRVWDGRGLFLRQiULRLQIDQWLO ELOtQJXH7HUHQD3RUWXJXrV´

1HVWH PRPHQWR DSUHVHQWDUHPRV D DQiOLVH GH GLFLRQiULR ELOtQJXH 7HUHQD 3RUWXJXrV UHDOL]DGR DQWHULRUHPHQWH $/0(,'$ RV GHPDLV HVWXGRV VREUH D OtQJXD VHUmRUHWRPDGRVSRVWHULRUPHQWHHPXPDVHomRGHVWLQDGRDLQIRUPDo}HVVREUHDHVWUXWXUDGD OtQJXD

2 WUDEDOKR³2 Op[LFR GD OtQJXD 7HUHQD SURSRVWD GR GLFLRQiULR LQIDQWLOELOtQJXH 7HUHQD3RUWXJXrV´pXPDGLVVHUWDomRGHPHVWUDGRGHIHQGLGDHPQR,QVWLWXWRGH/HWUDV GD 81% H HVWi RUJDQL]DGR HP FDStWXORV ,QWURGXomR 2 SRYR H D OtQJXD WHUHQD /HYDQWDPHQWR GRV GDGRV H HVWDEHOHFLPHQWR GR FyUSXV )RQRORJLD H PRUIRIRQRORJLD *UDPiWLFD /p[LFR H GLFLRQiULR 2 GLFLRQiULR WHUHQD $SUHVHQWDomR GR GLFLRQiULR &RQFOXVmR 5HIHUrQFLDV ELEOLRJUiILFDV 3RVVXL SiJLQDV HQWUDGDV LOXVWUDo}HV

'H DFRUGR FRP D DXWRUD R ³GLFLRQiULR GHVWLQDVH DR SRYR WHUHQD DWLQJLQGR VHJPHQWRV GLIHUHQFLDGRVGHVVDVRFLHGDGHFXOWXUDODVFULDQoDVQDSULPHLUDIDVHGHHVFRODUL]DomRRHQVLQR IXQGDPHQWDOTXHWHUmRRSRUWXQLGDGHGHEXVFDUQRYDVLQIRUPDo}HVDFHUFDGDSUySULDOtQJXD WHUHQDTXHTXHLUDPDSUHQGrOD´$/0(,'$S

e XPD SURSRVWD TXH GH DFRUGR FRP D WLSRORJLD GH GLFLRQiULR SURSRVWD SRU +DHQVFKHWDOOLLSRGHVHUFDUDFWHUL]DGDFRPRGLFLRQiULRLQIDQWLOGHFDUiWHUOLQJXtVWLFR QmRHQFLFORSpGLFRELOtQJXHGHVFULWLYRVHPDVLROyJLFRDOIDEpWLFRFRPILQVHGXFDFLRQDLV

2FyUSXVGRWUDEDOKRIRLRUJDQL]DGRDSDUWLUGHWH[WRVGR6,/DSDUWLUGHOLVWDVGH SDODYUDV FHGLGDV SRU PLVVLRQiULRV HP OLVWD GH SDODYUDV FROHWDGDV MXQWR D DFDGrPLFRVLQGtJHQDVGD8&'%8QLYHUVLGDGH&DWyOLFD'RP%RVFRPLQLGLFLRQiULRVOLVWDV GHSDODYUDVSURGX]LGDVSRULQGtJHQDVDFDGrPLFRVGD8&'%GDGRVDQDOLVDGRVFRPSDUDGRV HSURFHVVDGRVQRSURJUDPD=WHUPLQROH[WHUP81%

$ PDFURHVWUXWXUD SRVVXL D VHJXLQWH RUJDQL]DomR (QWUDGD SRU RUGHP DOIDEpWLFD VHQGRFRQVLGHUDGDVHQWUDGDVDVSDODYUDVJUDPDWLFDLVSDODYUDVVLPSOHVSDODYUDVGHULYDGDVGH UDt]HV GR SRUWXJXrV DV UHGXSOLFDo}HV H DV RQRPDWRSpLDV 1D PDFURHVWUXWXUD GHL[RXVH GH

_{6REUHDFUtWLFDGHGLFLRQiULRV+DHQVFKSWHFHDVVHJXLQWHVFRQVLGHUDo}HV³$QWHHODOXGFUHFLHQWH}

GHGLFFLRQDULRVGHWRGDFODVHTXHVHYDQSXEOLFDQGRXQRVH[FHOHQWHVREXHQRVRWURVPHGLRFUHV\KDVWDPDORV XPDDFWLWXGFUtWLFDHVPiVQHFHVDULDTXHQXQFD'RQGHQRKD\FUtWLFD\VRORLQGLIHUHQFLDQRKD\VLTXLHUDXP HVWtPXOR SDUD PHMRUDU HVWDV REUDV GH FRQVXOWD /D FUtWLFD QR WLHQH TXH VHU QL SXUDPHQWH HORJLRVD QL

DSUHVHQWDULQWURGXomRSUHIiFLRELEOLRJUDILDHQWUHRXWUDVLQIRUPDo}HVJHUDLVSRUWUDWDUVHGH XPGLFLRQiULRTXHID]SDUWHGHXPDGLVVHUWDomR

$ PLFURHVWUXWXUD DSUHVHQWD D FDWHJRULD JUDPDWLFDO QRPH SURQRPH DGMHWLYR DGYpUELR IUDVHRORJLVPR YHUEDO YHUER WUDQVLWLYR YHUER LQWUDQVLWLYR YHUER FDXVDWLYR H H[SUHVV}HV HTXLYDOrQFLD HP SRUWXJXrV H UHPLVVLYD 1mR Ki WUDWDPHQWR SDUD DV YDULDo}HV HPERUDQRWH[WRTXHDQWHFHGHRGLFLRQiULRDDXWRUDDILUPHWHUREVHUYDGRYDULDo}HVGHXPD DOGHLD SDUD RXWUD QmR Ki H[HPSORV GH XWLOL]DomR GRV OH[HPDV QmR Ki WUDWDPHQWR GH KRPRQtPLD SROLVVHPLD VLQRQtPLD DQWRQtPLD HWF (P DOJXQV FDVRV R YHUEHWH DSUHVHQWD D LQGLFDomR GH HPSUpVWLPR GR SRUWXJXrV >GR SRUW@ iOXQRH Q >'2 3257@ DOXQR HP RXWUDV HQWUDGDVFRPRHPPEiVLDDLQIRUPDomRpRPLWLGD

2WUDEDOKRLQFOXLQGRRVFDStWXORVTXHSUHFHGHPRGLFLRQiULRpXPDFRPSLODomR GH WUDEDOKRV DQWHULRUHV HP HVSHFLDO GRV WUDEDOKRV PLVVLRQiULRV H YLVD j WUDGXomR GH XPD OtQJXD SDUD D RXWUD QmR FRQVLGHUDQGR RV SULQFtSLRV GR WUDEDOKR HWQRJUiILFR GD OLQJXtVWLFD GHVFULWLYDHGDOH[LFRJUDILDELOtQJXH$SUHVHQWDLQIRUPDo}HVGHVHQFRQWUDGDVLQFOXVLYHVREUHR SRYR1RUHVXPRRVWHUHQDSRVVXHPXPDSRSXODomRGHSHVVRDVQDLQWURGXomRPLO QRFDStWXORRQ~PHURpGHQmRFRQWDELOL]DGRVRVWHUHQDTXHYLYHPHP'RXUDGRV FRPRV*XDUDQL3RUWR0XUWLQKRFRPRV.DGZpXHQRVHVWDGRVGH63FRPRV.DLQJDQJH 07FRPRV3DUHVL

$V LQIRUPDo}HV IRQROyJLFDV H JUDPDWLFDLV IRUDP EDVHDGDV QRV WUDEDOKRV GRV

PLVVLRQiULRVHODERUDGDVQDGpFDGDGHWHQGRHPYLVWDTXHRVWHUHQD³HVWmRHPFRQWDWR´

FRPDVRFLHGDGHQmRtQGLDHVRIUHUDPXPSURFHVVRGHDFXOWXUDomROH[LFDO&RQWXGRTXDOTXHU WUDEDOKROLQJXtVWLFRGHYHULDHVWDUDPSDUDGREDVHDGRQRWUDEDOKRGHFDPSR$VVLPSRUVHUXP HVWXGREDVHDGRHPDQiOLVHVDQWLJDVRWUDEDOKRSRGHVHUFRQVLGHUDGRFRPRXOWUDSDVVDGRHQmR SRGHUHSUHVHQWDUFRPILGHOLGDGHXPDYDULHGDGHDWXDOGDOtQJXDXPDYH]TXHODQoDPmRGH GDGRVGRSDVVDGRVHPFRQWXGRWHUSUHRFXSDomRGLDFU{QLFD

.LHW]PDQ_{DRID]HUXPHVWXGRFRPSDUDWLYRFRPOLVWDVOLVWDGHYRFiEXORV}

SDUDRILFKiULRGHFRPSDUDomROLQJXtVWLFDGR0XVHX1DFLRQDOFROHWDGDVMXQWRDLQIRUPDQWHV WHUHQD GH WUrV IDL[DV HWiULDV GLIHUHQWHV DSRQWD TXH D OtQJXD H D FXOWXUD WHUHQD Mi QDTXHOD pSRFDHVWDYDPSDVVDQGRSRUXPSURFHVVRGHPXGDQoD

$PXGDQoDOLQJXtVWLFDpXPIDWRQDWXUDOQDVOtQJXDVYLYDVSRLVFRQIRUPHDSRQWD <DJXHOOR S QD OtQJXD VH LQVFUHYH D SDVVDJHP GR WHPSR /HQWDPHQWH

LQH[RUDYHOPHQWH D OtQJXD PXGD 0DV D FDGD LQVWDQWH GH VXD PXGDQoD D OtQJXD HQTXDQWR SHUPDQHFHYLYDLVWRpIDODGDUHDOL]DXPVXWLOHTXLOtEULRHQWUHJDQKRVHSHUGDV(ODQmRpQHP MRYHPQHPYHOKDPDVFRQVWDQWHPHQWHUHQRYDGD

$VVLP R WUDEDOKR OH[LFRJUiILFR HQYROYHQGR OtQJXDV LQGtJHQDV GHYH FRQWDU FRP XP FXLGDGRVR WUDEDOKR GH FDPSR LQFOXVLYH QD HVFROKD GD YDULHGDGH D VHU GHVFULWD 2 OH[LFyJUDIRSRVVXLDDXWRQRPLDQDHVFROKDGDOtQJXDHGDIDL[DHWiULDDVHUGRFXPHQWDGDQR HQWDQWRHVVDHVFROKDHQYROYHFULWpULRVHGHYHVHUMXVWLILFDGDGHFLGLGDFRPDSDUWLFLSDomRGD FRPXQLGDGH H DSUHVHQWDGD QD LQWURGXomR GR WUDEDOKR SDUD TXH R FRQVXOHQWH VDLED TXH RV OH[HPDVUHIOHWHPDOtQJXDIDODGDSRUXPDGHWHUPLQDGDIDL[DHWiULDRXDOGHLD

&RPR IRL GLVFXWLGR DFLPD D DXWRUD QmR DSUHVHQWD DV GHFLV}HV OH[LFRJUiILFDV VHQGRYLVtYHOXPGLVWDQFLDPHQWRHQWUHRVXSRUWHWHyULFRHRGLFLRQiULRSURSULDPHQWHGLWR DOpPGLVVRQmRDSUHVHQWDXPDGLVFXVVmRVREUHDRUWRJUDILDGDOtQJXD

2WUDEDOKRDSUHVHQWDGHILQLo}HVLQDGHTXDGDVHTXLYDOHQWHVLPSUHFLVRVHUHPLVVLYDV TXHDRLQYpVGHDMXGDURFRQVXOHQWHRFRQIXQGHPHPHVSHFLDOVHHVWDPRVIDODQGRGHXPD REUDGHVWLQDGDDFULDQoDVQDVVpULHVLQLFLDLVGRHQVLQRIXQGDPHQWDO

([HPSORV GH DOJXQV YHUEHWHV TXH DSUHVHQWDP GHILQLo}HV HRX HTXLYDOHQWHV LQDGHTXDGRV

ÈLNRSHWLQLQVWUXPHQWRXVDGRSDUDSLFDUIDFDS 3LUtWDXQHVSpFLHGHSHL[HS

3LUtWDXQDQWLSRGHIDFDFRPOkPLQDGRVGRLVODGRV 7DSv¶LQDQJDOLQKD

3X\vWLQSDUWHGRPHPEURLQIHULRUVLWXDGDHQWUHDFR[DHDSHUQD $PEiNDQDQHVW{PDJRS

eKHXNR_{YW)DODUSRUWXJXrVWHUQDFLRQDOLGDGHS}

_{$GLVFXVVmROHYDQWDGDSRU.LHW]PDQIRLSRUQyVUHWRPDGDQDGLVFLSOLQD³6HPLQiULRVGH/LQJXtVWLFD+LVWyULFD´}

$SOLFDPRVRPHVPRTXHVWLRQiULRDSOLFDGRSRU.LHW]PDQSRUPHLRGDFRPSDUDomRGRVGDGRVFROHWDGRVHPWUrV JHUDo}HVFRPRVGRSHVTXLVDGRUHFRQVHJXLPRVFRPSURYDUDLPSOHPHQWDomRGDPXGDQQoDQDOtQJXD

_{1RVFDStWXORVTXHDQWHFHGHPRGLFLRQiULRDDXWRUD H[SOLFDTXH³RVQRPHVDOLHQiYHLVSRVVXtGRVUHFHEHPR}

VXIL[R±QD FRPR iKDUD ³HQ[DGD´ iKDUDQD ³HQ[DGD GHOH´ 1R HQWDQWR HP DOJXPDV HQWUDGDV FRPR SLULWDXQD

³IDFD´HWDSL¶LQD³JDOLQKD´HVWDVLQIRUPDo}HVVmRGHVFRQVLGHUDGDV

_{2TXHVHQWHXPDFULDQoDLQGtJHQDHPSURFHVVRGHDOIDEHWL]DomRQRFDVRGDDOGHLD&DFKRHLULQKDHPIDVHGH}

DTXLVLomR GR SRUWXJXrV HQFRQWUDU QR GLFLRQiULR TXH SDUD WHU QDFLRQDOLGDGH p QHFHVViULR IDODU R SRUWXJXrV"

([HPSORVFRPRHVWHVPRVWUDPDQHFHVVLGDGHGHULJRUOH[LFRJUiILFRFRQKHFLPHQWRGHOH[LFRJUDILDELOtQJHHGH

DVSHFWRVVRFLRFXOWXUDLVHDQWURSROyJLFRVGDOtQJXDDVHUGLFLRQDUL]DGD

$ViNRQIULRS

.DViWLYW(VWDUIULRWHPSHUDWXUDEDL[DYLND[i[RWLS ,ND[i[RWLYLID]HUIULRPXGDUDWHPSHUDWXUD9DViNRS (YDNi[XQFDSLYDUDS

1LNtWLQLNLQDQLPDOTXHYLYHQDiJXDHWHPSHORFDSLYDUDS +DKDS~¶LWLQSiVVDURSUHWRGRFDQWRPXLWRDJUDGiYHOS +DUDUi¶LWLQYHUPHOKRSUy[LPRGRPDUURQS

0DUDUD¶LWLDGM9HUPHOKRS +kYRWLQSpS

+pUXUXQDQPDUFDGHSDWD9HUKpUXU[RDS +pUXUX¶RNRDQILFDUFRPDVPDUFDVGDSDWDS

+pUXUX[RDQGHL[DUDVPDUFDVGDSDWDSDWDGDFDYDORS

+HYHPiQJDQ1HROiUYRUHTXHWHPFRPRIUXWRDPDQJDPDQJXHLUDS +vNH[RIUYWHUSXOJDVQRFRUSRS

+LNRNySDHQSODQWDXVDGDSDUDUHPpGLRS

+{¶RQJURVVRFRPRPHOPDLVSDUDRVyOLGRGRTXHSDUDROtTXLGRVXFR

PROKRS

+y¶RSHQRQELFKRTXHYRDSiVVDURLQVHWRVS +R¶RXNHQVDOLYDGRVROKRVOiJULPDVS

+RY{YRQVDSRJUDQGHTXHSXODDOWRS ËPDNHIUYVHUFR]LQKHLUDFR]LQKDUS ËPD[RYLFR]LQKDUS

,Yy\RNRQHQSODQWDEXOERVDSODQWDTXHSURGX]EXOER .k¶LQPDFDFRSHTXHQRTXHYLDMDHPEDQGRS

.DUiSDQDQLPDLVTXHFRPHPFDUQHVGHRXWURVDQLPDLVRXSHVVRDVXUXEX S

.DUiYDWLQDQSkQWDQRVDOJDGRS

.Ri\HUDQRTXHVDLGRHVW{PDJRGDYDFDS .RKRUR~NHWLIUYWHUROKRVD]XLVS

.~[HDNDQPDFDFRPDUURPHSHORFXUWREXJLRS 0DK~NR[HWLQWURQFRPDLVTXDGUDGRPHQRVFXERS PDWXUXVXWLQDQLPDOTXHWHPUDERS

0EiV\DQYDVLOKDEDFLDS

0ED[HUXQPDQWDGHSRUQRFDYDOREDL[HLURS 0E{YRQDSDUWHPDLVDOWDGRPHPEURVXSHULRURPEUR

0€\RQFRUSRGRDQLPDOPX\{WLQHVSpFLHGHDQLPDOGRPDWRS 1iUDQJDQIUXWRGDODUDQMHLUDODUDQMD

2S~QHQDYDSRUDomRS

3kKRWLQDEULUDERFDHVWDUFRPVRQRS 6LNpNR[HQHVSpFLHGHiUYRUHS

7D¶HQHVSpFLHGHSiVVDURFRQKHFLGDFRPRSDSDVHERS 7€WLQFDEHORGDVPXOKHUHVS

2V H[HPSORV DSUHVHQWDGRV DSRQWDP D IDOKD PHWRGROyJLFD QD HODERUDomR GRV

YHUEHWHV2VH[HPSORVHVmRJORVDGRVFRPR³IDFD´HGHDFRUGRFRPQRVVRVGDGRVIDFD

p³SLULWDX´MiSLULWDXQDp³IDFDGHOH´XPDYH]TXHRVXIL[R±QDLQGLFDQRPHVDOLHQiYHLV SRVVXtGRV(QFRQWUDPRVDVPHVPDVIDOKDVQRVH[HPSORVH

6REUH DV UHPLVVLYDV FRPR Mi GLVVHPRV DR LQYpV GH DX[LOLDUHP R FRQVXOHQWH R FRQIXQGHPFRPRSRGHPRVYHULILFDUQRVH[HPSORVHHQRVH[HPSORVHH 2 SDSHO GD UHPLVVLYD p HVWDEHOHFHU D UHODomR GH VLJQLILFDGR XPD YH] TXH D RUGHP DOIDEpWLFDTXHEUDHVVDUHODomR

(QFRQWUDPRVHTXLYDOHQWHVHUUDGRVHGHILQLo}HVLQFRPSOHWDVHVXEMHWLYDVQRVH[HPSORV UHODFLRQDGRVjIDXQDHjIORUDFRPRQRVH[HPSORV H3DUDLOXVWUDUYHMDPRVRH[HPSOR+DKDS~¶LWLµSiVVDURSUHWRGRFDQWR PXLWRDJUDGiYHO¶SRYHUEHWHDSUHVHQWDXPDGHILQLomRLQFRPSOHWDRXVXEMHWLYDSDUDR FRQVXOHQWHILFDDG~YLGDGHTXDORQRPHGRSiVVDURSRSXODUHFLHQWtILFR"

1RV H[HPSORV H SRGHPRV YHULILFDU D LPSUHFLVmRQRVHTXLYDOHQWHVXPDYH]TXHDRLQYpVGRHTXLYDOHQWHDDXWRUDDSUHVHQWDXPD GHILQLomRFRQIXVDFRPRHP3X\LWLFXMRHTXLYDOHQWHpµSDUWHLQIHULRUVLWXDGDHQWUHDFR[DH DSHUQD¶DRLQYpVGHXPDGHILQLomRRFRUUHWRVHULDDSUHVHQWDURHTXLYDOHQWHµMRHOKR¶

2XWUD IDOKD GR WUDEDOKR GL] UHVSHLWR jV LQIRUPDo}HV FXOWXUDLV SDUD DV TXDLV RV HTXLYDOHQWHVDSUHVHQWDPXPDYLVmRSUHFRQFHLWXRVDFRPRQRH[HPSORGHTXHVHGHSUHHQGH TXHSDUDWHUQDFLRQDOLGDGHpSUHFLVRIDODURSRUWXJXrVRPHVPRSRGHVHUYLVWRQRVH[HPSORV H

DR FRQVXOHQWH LQIRUPDo}HV HTXLYRFDGDV RX SUHFRQFHLWXRVDV GD LPSRUWkQFLD GR QRPH FLHQWtILFRQRVH[HPSORVGHIDXQDHIORUDHGDVLPDJHQVQDVLQIRUPDo}HVFXOWXUDLV

6DQURPiQSDSRQWDTXHSDUDHODERUDUDPLFURHVWUXWXUDGHGLFLRQiULRVp QHFHVViULR FRQKHFHU D XQLGDGH OH[LFDO GD OtQJXD R TXH VHJXQGR R DXWRU LPSOLFD QHFHVVDULDPHQWH

&RQKHFHUDVXDIRUPDRUDOHHVFULWDSURQ~QFLDHRUWRJUDILD

&RQKHFHUDVVXDVYDULDo}HVIRUPDLVJrQHURQ~PHURHWFDVVLPFRPRD FDSDFLGDGHSDUDIRUPDUQRYDVXQLGDGHVGHULYDomRFRPSRVLomRHWF &RQKHFHU DV VXDV FDSDFLGDGHV FRPELQDWyULDV DV UHODo}HV SRVVtYHLV FRP RXWUDVXQLGDGHVQRFRWH[WRFRPELQDo}HVOLYUHVFRORFDo}HVIUDVHPDVHWF &RQKHFHURVVHXVVLJQLILFDGRVRXDFHSo}HVDVVLPFRPRDVSRVVLELOLGDGHV GH XVR SUDJPiWLFRFRQWH[WXDO H UHWyULFR FRQWH[WRV GH XVR UHJLVWRV GRPtQLRV XVRV PHWDIyULFRV IyUPXODV GH URWLQD YDULDQWHV GLDFUyQLFDV JHRJUiILFDVHVWLOtVWLFDVHWF

(P SULQFtSLR TXDQWR PDLV LQIRUPDomR GHVWH WLSR HVWLYHU FRQVLJQDGD H FRQYHQLHQWHPHQWH HWLTXHWDGD QXP GLFLRQiULR PHOKRU VHUi D REUD OH[LFRJUiILFD ,VWR p XP GLFLRQiULR QmR GHYHUi DSHQDV VHU DYDOLDGR SHOR Q~PHUR GH HQWUDGDV TXH UHFROKH± D VXDPDFURHVWUXWXUD ± PDV SHOR WUDWDPHQWRTXHVHGi±QDPLFURHVWUXWXUD±jVYR]HVUHFROKLGDV

(QWHQGHPRV SRUWDQWR SRU PLFURHVWUXWXUD R FRQMXQWR GH LQIRUPDo}HV OLQJXtVWLFDVHHQFLFORSpGLFDVFRQWLGDVQXPDUWLJROH[LFRJUiILFRHQFDEHoDGR SHODHQWUDGDRXOHPD

(LVDOJXQVHOHPHQWRVTXHFRQIRUPDPDPLFURHVWUXWXUD 'HILQLo}HVHDFHSo}HVGROHPD

7UDQVFULomRo}HVIRQpWLFDVRXILJXUDGDVGROHPD

(WLTXHWDJHP JUDPDWLFDO LQIRUPDo}HV UHVWULo}HV RX H[SOLFDo}HV RUWRJUiILFDVPRUIROyJLFDVVLQWiFWLFDVVHPkQWLFDVOH[LFDLVHWF

(WLTXHWDJHPHQFLFORSpGLFRFRJQLWLYDiUHDVGHFRQKHFLPHQWRHWF (WLTXHWDJHPSUDJPiWLFRUHWyULFDUHVWULo}HVHLQIRUPDo}HVSUDJPiWLFDV UHWyULFDVHRXFRQWH[WXDLV

([SUHVV}HVSOXULYHUEDLVIRUPDGDVSHOROHPDPDLVRXWUDVSDODYUDVHP IRUPDGHVXEHQWUDGDV

([HPSORVHDERQDo}HV

(TXLYDOHQWHV H WUDGXomR GRV H[HPSORV QD / QR FDVR GRV GLFLRQiULRV ELOLQJXHV

0HVPRVHQGRXPGLFLRQiULRELOtQJXHGHVWLQDGRDXPS~EOLFRLQIDQWLOWHQGRHP YLVWD RV DVSHFWRV FXOWXUDLV GD OtQJXD WHUHQD RV YHUEHWHV SRGHULDP WHU XP FDUiWHU HQFLFORSpGLFRHPHVSHFLDOSDUDRVOH[HPDVUHIHUHQWHVjIDXQDjIORUDHjFXOWXUDGRSRYR WUD]HQGRLQIRUPDo}HVUHOHYDQWHVHDSUHVHQWDQGRGDGRVHWQRJUiILFRV

%5$6,/%,2/2*,$%Ë%/,$&8/,1È5,$(6&2/$5HWF´3DUDRDXWRUHVVHWLSRGHLQIRUPDomRp

³H[WUHPDPHQWHLPSRUWDQWHXPDYH]TXHDPXGDQoDGDiUHDGHFRQKHFLPHQWRQmRpLUUHOHYDQWH QDGHVFULomROH[LFRJUiILFDGHXPDSDODYUDSRUTXHYDLLPSOLFDUVHPSUHXPDPXGDQoDQRWLSR

GHGHILQLomRXWLOL]DGD´3DUDH[HPSOLILFDURDXWRUFLWDDXQLGDGHOH[LFDO³RYR´³1mRVHUiD

PHVPDGHILQLomRDTXHVHXWLOL]DUiSDUDRVHQWLGRGHRYRFRPRµDOLPHQWR¶GHQWURGRPDUFRGH

UHIHUrQFLDGDOLQJXDJHPTXRWLGLDQDRXGDDOLPHQWDomRTXHDGHILQLomRGHRYRSDUDRVHQWLGR

GHµFpOXOD¶GHQWURGRPDUFRGHUHIHUrQFLDGD%LRORJLD´

&RPRYHUHPRVQRVH[HPSORVDVHJXLUDDXWRUDGDREUDQmRVHDWHQWRXSDUDHVVDV

LQIRUPDo}HVXPH[HPSORpDHQWUDGD³.RL[yPRQHWLQSDMpIHLWLFHLURPpGLFREUX[R´$

DXWRUDROKDSDUDDFXOWXUDWHUHQDFRPRROKDUGRQmRLQGtR3DUDRQmRtQGLRSDMpIHLWLFHLUR PpGLFREUX[RSRGHWHURPHVPRVLJQLILFDGRPDVSDUDRVSRYRVLQGtJHQDVQmRRTXHWRUQDD GHILQLomRSUHFRQFHLWXRVD

e XPD REUD TXH VH DSUHVHQWD FRPR HODERUDGD GH DFRUGR FRP D WHRULD OH[LFRJUiILFDHQWUHWDQWRDSUHVHQWDVpULRVSUREOHPDVPHWRGROyJLFRVDPDLRULDGHOHVDGYLQGRV GDIDOWDGHXPWUDEDOKRGHFDPSRHGHXPPDLRUFRQKHFLPHQWRGRVDVSHFWRVDQWURSROyJLFRVH FXOWXUDLVGRSRYR

2 WUDEDOKR WHP XP FDStWXOR GHGLFDGR D LQIRUPDo}HV VREUH R SRYR H D OtQJXD WHUHQDDKLVWyULDGRSRYRVXDORFDOL]DomRHVHXVFRVWXPHV YHVWXiULR HVWUDWLILFDomRVRFLDO FHULP{QLD H FDVDPHQWR FUHQoDV H ULWXDLV UHOLJLRVRV OHQGDV PLWROyJLFDV VLF FHUkPLFD FHVWDULD WHFHODJHP H FXOLQiULD 1R HQWDQWR RV YHUEHWHV QmR WUD]HP HVWDV LQIRUPDo}HV DR FRQWUiULRUHIOHWHDGHVYDORUL]DomRGRVDVSHFWRVFXOWXUDLV([HPSORV

;LULSDQYHVWXiULRGRIHLWLFHLURWLSRGHVDLD

.iXWLQSHVVRDTXHWUDEDOKDSDUDRVRXWURVHVFUDYR ;~PRQRQGLYLVmRGDVRFLHGDGHWHUHQD

6~NLULNHRQRQRXWUDPHWDGHGDWULER .RKt[RWLNLSkKLQGDQoDGREDWHSDX ,WiND[RYW&KRFDOKDU

.RLStKDSDWLQDQDOPDHVStULWRGDSHVVRDPRUWD .RL[yPRQHWLQSDMpIHLWLFHLURPpGLFREUX[R <XQDNDO~QIHVWDGDVHPDQDVDQWDSiVFRD

/DSiSHQIDULQKDGHPDQGLRFDDVVDGDQDEUDVDEHLMX 7HOp¶RQPDUFDURFRUSRWDWXDU

2KRNRYW6DFXGLURFKRFDOKRSDUDODQoDUIHLWLoR ÏUHNH[RYFR]LQKDUERFDL~YDSDUDID]HUPROKR ÒYHQFRQVWHODomRFRQKHFLGDFRPRVHWHHVWUHODV

;kQHQIRUPDDQWLJDFRPRRVWHUHQDHUDPGHQRPLQDGRV ;yPR\XQDYID]HUPLQJDXGHPLOKR

;yPR\X[RYRYF7RUQDUVHPLQJDX

<XKLQDQEDUEDQWHILRIHLWRGHFDVFDGHiUYRUH

2 WUDEDOKR DSUHVHQWD LOXVWUDo}HV QXPD PpGLD GH ILJXUDV SRU SiJLQD

$SUHVHQWD LOXVWUDo}HV SDUD OH[HPDV FRPR µFRUDO¶ µiFDUR¶ µFDQXGR¶ µWUHP¶ µQHYH¶ µWHUP{PHWUR¶ µEDJDJHP¶ HQWUH RXWURV TXH QmR SUHFLVDULDP HVWDU LOXVWUDGRV SRLV QmR VmR

HVSHFLILFDPHQWHGDFXOWXUDWHUHQDDOpPGLVVRDOJXPDVLOXVWUDo}HVVmRHTXLYRFDGDVFRPRQD

HQWUDGD7LNRD³WDPDQGXi´TXHpLOXVWUDGDSHODILJXUDGHXPDDQWD

)LJXUD([HPSORGHYHUEHWHGRWUDEDOKRGH$OPHLGDS

6REUHDVLOXVWUDo}HV:HONHUSDSRQWDTXHQDIDOWDGHHTXLYDOHQWHRX TXDQGR XPD H[SOLFDomR QmR FRQVHJXH GHVFUHYHU FRP H[DWLGmR R UHIHUHQWH RX D DomR D LOXVWUDomRVHULDLGHDO1RHQWDQWRRDXWRUDSyLDVHHP /HPEHUJ SDSXG:HONHU SSDUDDILUPDUTXHDVLPDJHQVWrPTXHVHULOXVWUDo}HVLQHTXtYRFDVHFLWDFRPR PDX H[HPSOR XPD LPDJHP GR *UDQGH 'LFLRQiULR GH /tQJXD 3RUWXJXHVD TXH QR OHPD

³VDOWDU´ DSUHVHQWD XP DWOHWD ID]HQGR VDOWR HP DOWXUD 6HJXQGR R DXWRU D LPDJHP OHYD R

DSUHVHQWD SUREOHPDV FRP DV LOXVWUDo}HV WUD]HQGR LOXVWUDo}HV HUUDGDV FRPR QR FDVR GR H[HPSORFLWDGRDFLPDDILJXUDGHXPD³DQWD´SDUDLOXVWUDUDHQWUDGD³WDPDQGXi´

2 HTXLYRFR FRP D LOXVWUDomR DFLPD HYLGHQFLD D QHFHVVLGDGH GH XP FXLGDGRVR WUDEDOKRGHFDPSRFRPRDX[tOLRGHJXLDHVHSRVVtYHODSRVWHULRUFRQIHUrQFLDGRVGDGRVFRP LPDJHQV XPD YH] TXH D UHODomR HQWUH R QRPH GH XP DQLPDO QDV GXDV OtQJXDV 7HUHQD 3RUWXJXrV HQYROYH TXHVW}HV TXH YmR DOpP GR HTXLYDOHQWH GHSHQGH GR FRQKHFLPHQWR GR SHVTXLVDGRU UHIHUHQWH D IDXQD H IORUD GR GRPtQLR GR SRUWXJXrV SHOR LQIRUPDQWH H GD FODVVLILFDomRTXHRVLQGtJHQDVID]HPGDIDXQDHIORUDTXHSRGHVHUGLIHUHQWHGDGRQmRtQGLR

$EDL[RDOJXQVH[HPSORVGHLPDJHQVXWLOL]DGDVQRWUDEDOKR

)LJXUD ,PDJHP XWLOL]DGD SDUD LOXVWUDU R OHPD HUyX[R IUY HVWDU FRP PXLWD VHGH VHGHQWR$/0(,'$S

)LJXUDLPDJHPXWLOL]DGDSDUDLOXVWUDUROHPDKXYrRQDQULRGHDJXDFULVWDOLQD$/0(,'$ S

)LJXUDLPDJHPXWLOL]DGDSDUDLOXVWUDUDSiJLQDGHDEHUWXUDGDOHWUD;$/0(,'$S

)LJXUDLPDJHPXWLOL]DGDSDUDLOXVWUDUROHPDNiVDWLYWHVWDUIULRWHPSHUDWXUDEDL[D9LND[i[RWL $/0(,'$S

)LJXUDLPDJHPXWLOL]DGDSDUDLOXVWUDUROHPDLW~PXNRYWHVWDQRDOWRHPFLPDFRPRVROGRPHLR GLD$/0(,'$S

)LJXUDLPDJHPXWLOL]DGDSDUDLOXVWUDUROHPDUDPiXYFFREULUVH$/0(,'$S

6HULDPPDLVSURGXWLYDVVHVRPHQWHSDODYUDVGDFXOWXUDWHUHQDIRVVHPLOXVWUDGDV $V LOXVWUDo}HV UHVXPHPVH HP LPDJHQV HVWHUHRWLSDGDV GHVFRQWH[WXDOL]DGDV FRP YLVWDV DSHQDVjFXOWXUDEUDVLOHLUD

'LDQWH GDV IDOKDV DSUHVHQWDGDV QR WUDEDOKR GH $OPHLGD MXOJDPRV QHFHVViULD D HODERUDomR GH XPD QRYD SURSRVWD 7HPRV FRPR REMHWLYR HVWXGDU R Op[LFR GD OtQJXD 7HUHQD GHILQLOR H RUJDQL]iOR HP IRUPD GH XPD SURSRVWDSURMHWR GH GLFLRQiULR ELOtQJXH7HUHQD3RUWXJXrVHSDUDWDQWRDSOLFDUHPRVDIXQGDPHQWDomRWHyULFDGDOH[LFRJUDILD EXVFDQGRFULWpULRVSDUDPDFURHPLFURHVWUXWXUDVEHPGHILQLGDVHDGHTXDGDV

3RU VH WUDWDU GH XPD OtQJXD SRXFR HVWXGDGD MXOJDPRV LPSRUWDQWH GLVFXWLU LQIRUPDo}HVVREUHDIRQRORJLDPRUIRORJLDHVLQWD[HGDOtQJXDSDUDTXHROHLWRUFRPSUHHQGDD RUJDQL]DomR H R IXQFLRQDPHQWR GD OtQJXD HVVHQFLDLV SDUD D HODERUDomR GR GLFLRQiULR 7DLV LQIRUPDo}HVVHUmREDVHDGDVQRVWUDEDOKRVMiH[LVWHQWHV%XWOHUH(NGDKO6LOYD 5RVD1DVFLPHQWRDOpPGHRXWURVWUDEDOKRV1RHQWDQWRWRGRVRVGDGRVIRUDP WHVWDGRVQRVWUDEDOKRVGHFDPSRUHDOL]DGRVSDUDHVWDSHVTXLVD

3URFXUDPRV WUD]HUXPD DSUHVHQWDomRGRVOHPDV GHIRUPDRPDLV FODUDSRVVtYHO 2XWUR SRQWR D VHU FRQVLGHUDGR GL] UHVSHLWR j DXWRULD 1RVVD LQWHQomR IRL GHVHQYROYHU XP WUDEDOKRTXHDWHQGHVVHRVLQWHUHVVHVGDFRPXQLGDGHSULQFLSDOPHQWHGRVSURIHVVRUHVXPDYH] TXHDILQDOLGDGHSULQFLSDOGHVWDSURSRVWDpFXPSULUFRPXPDVROLFLWDomRGRVSUySULRVWHUHQD GHSRGHUHPHVWXGDUUHJLVWUDUHUHDSUHQGHUDVXDOtQJXDPDWHUQD

GHYHPHVWDUEHPGHILQLGDVUHVSRQGLGDVFRPRGHYHVHURGLFLRQiULRGHXPDOtQJXDLQGtJHQD" 4XHP VHUiVHUmR VHXV DXWRUHV" 3DUD TXHP GHYHUi VHUYLU" 3DUD RV QmRtQGLRV" 3DUD RV SHVTXLVDGRUHV"3DUDRSRYRLQGtJHQD"&RPRVHUmRRVYHUEHWHV"&RPRVHUmRUHSUHVHQWDGRVRV YHUERV"(DVGLIHUHQoDVGLDOHWDLV"+DYHUiGHILQLo}HVVLQ{QLPRVHDQW{QLPRV"

$ UHVSRVWD D HVWDV SHUJXQWDV HVWi GLUHWDPHQWH OLJDGD jV GHFLV}HV OH[LFRJUiILFDV SDUD D HODERUDomR GD PDFUR H GD PLFURHVWUXWXUD GR GLFLRQiULR FDEHQGR UHVVDOWDU TXH R OH[LFyJUDIRGHYHDSUHVHQWDUHVHSRVVtYHOH[SOLFDUHVVDVLQIRUPDo}HVDRFRQVXOHQWH

1LQFDR S DSRLDQGRVH HP *ULQHYDOG DSXG 1,1&$2 DSRQWD D QHFHVVLGDGH GH XPD PDLRU LQWHJUDomR HQWUH OLQJXLVWDV H Do}HV HGXFDFLRQDLV SDUD IDODQWHVGHOtQJXDVLQGtJHQDVDVVLPFRPRDQHFHVVLGDGHGDIRUPDomRGHOLQJXLVWDVLQGtJHQDV IDODQWHVGHVXDOtQJXDPDWHUQDMiTXHHVWHVSRVVXHPD³LQWXLomRtQWLPDHSURIXQGD´TXHRV

IDODQWHVWrPGHVXDOtQJXDHTXHROLQJXLVWDH[WHUQRjFRPXQLGDGHQXQFDSRGHUiDGTXLULU 1LQFDRSDSDUWLUGHH[SHULrQFLDFRPWUDEDOKRVGHOHLWXUDHHVFULWD MXQWRDSURIHVVRUHVWHUHQDHQIDWL]DTXHGHWRGDVDVGLVFXVV}HVIHLWDVDUHVSHLWRGHHQVLQRGH /,QDHVFRODDTXHPHQRVDSDUHFHpDGLVFXVVmRUHODWLYDjSUySULDOtQJXD)DODVHHPHQVLQDUD OtQJXDPDVQmRHPFRQKHFrODGRSRQWRGHYLVWDLQWHUQR3ULYLOHJLDVHRSURIHVVRULQGtJHQD IDODQWHGDOtQJXDPDVQmRVHFULDHVSDoRFXUULFXODUQRVFXUVRVGHIRUPDomRGHSURIHVVRUHV LQGtJHQDVTXHIRFDOL]HD/,GRSRQWRGHYLVWDGHVXDIRQpWLFDIRQRORJLDPRUIRORJLDVLQWD[H VHPkQWLFDSUDJPiWLFDSHORPHQRVHPWHUPRVJHUDLV

1RLQWXLWRGHFDUDFWHUL]DURS~EOLFRDOYRDTXHPQRVVRWUDEDOKRVHUiGHVWLQDGR DSUHVHQWDUHPRVDVHJXLURSURFHVVRGHHVFRODUL]DomRQDDOGHLD&DFKRHLULQKD

(GXFDomRHVFRODULQGtJHQDQD5HVHUYD,QGtJHQD&DFKRHLULQKD0LUDQGD06

$ VHJXLU DSUHVHQWDUHPRV R SURFHVVR GH HVFRODUL]DomR QD UHVHUYD LQGtJHQD &DFKRHLULQKD HP GLIHUHQWHV PRPHQWRV GDV SULPHLUDV LQLFLDWLYDV DWp RV GLDV DWXDLV 1RVVR REMHWLYRpUHIOHWLUVREUHDKLVWyULDGDHGXFDomRLQGtJHQDQDDOGHLDHGLVFXWLUDLPSODQWDomRGD HVFROD LQGtJHQD 2V UHVXOWDGRV PRVWUDP TXH Ki SRU SDUWH GD FRPXQLGDGH HPSHQKR H SUHRFXSDomR HP ID]HU FRP TXH D HVFROD LQGtJHQD HVSHFtILFD GLIHUHQFLDGD LQWHUFXOWXUDO ELOtQJXHQmRVHMDDSHQDVXPDH[LJrQFLDGDOHJLVODomRPDVVLPXPDUHDOLGDGHQRSURFHVVRGH HVFRODUL]DomRGD5HVHUYD

TXH LQWURGX]LUDP D HVFROD H TXH DVVXPLX YiULDV IDFHWDV FDWHTXHVH IRUPDU PmR GH REUD LQFRUSRUDURVtQGLRVjQDomR

$HGXFDomRLQGtJHQDQR%UDVLOFRPHoRXDUHFHEHUDWHQomRHVSHFLDOQRFRQWH[WRGR PRYLPHQWR SHORV GLUHLWRV LQGtJHQDV Ki FHUFD GH WUrV GpFDGDV WRPDQGR IRUPD DWUDYpV GDV JUDQGHV UHXQL}HV RUJDQL]DGDV SHOD 8QLmR GDV 1Do}HV ,QGtJHQDV² 81,² 'HQWUR GHVWH

SDQRUDPD GH OXWDV SRU GLUHLWRV p TXH FRPHoRX D VHU SHQVDGD HVVD ³HVFROD LQGtJHQD´ TXH

LQGHSHQGHQWHPHQWHGDVXDURXSDJHPWDQWRLQIRUPDOSHORFRQWDWRFRPRVEUDQFRVTXDQWR IRUPDOHVFRODVRILFLDLV HLQVWLWXLo}HVPLVVLRQiULDVTXHDWUDHPRtQGLRSHODVQRYLGDGHVTXH DSUHVHQWDPVHQGREHPDFHLWDSHORIDWRGHRLQGtJHQDTXHUHUFRPSUHHQGHUDUHDOLGDGHGRV EUDQFRVLQFOXVLYHFRPRIRUPDGHGHIHVDFRQWUDH[SORUDomRHGRPLQDomRHPERUDRSDQRUDPD GHVVD HGXFDomR LQGtJHQD WHQKD VLGR XP Vy PDUFDGD SHODV SDODYUDV GH RUGHP ³FDWHTXL]DU´ ³FLYLOL]DU´H³LQWHJUDU´RXHPXPDFiSVXODSHODQHJDomRGDGLIHUHQoD

+LVWRULFDPHQWHDOJXPDVFRQTXLVWDVMiIRUDPDOFDQoDGDVQRkPELWROHJDOFRPR SRUH[HPSOR

$FRQVWLWXLomRGHDVVHJXUDjVFRPXQLGDGHVLQGtJHQDVRXVRGHVXDV OtQJXDVPDWHUQDVHSURFHVVRVSUySULRVGHDSUHQGL]DJHPDUWGHYHQGRR (VWDGR SURWHJHU DV PDQLIHVWDo}HV GDV FXOWXUDV LQGtJHQDV $UW &RQVWLWXLomR)HGHUDO

$ /HL GH 'LUHWUL]HV H %DVHV GD (GXFDomR 1DFLRQDO /'% JDUDQWH XPDHGXFDomRELOtQJXHHLQWHUFXOWXUDOFRPRREMHWLYRGHSURSRUFLRQDUDRV tQGLRV VXDV FRPXQLGDGHV H SRYRV D UHFXSHUDomR GH VXDV PHPyULDV KLVWyULFDVDUHDILUPDomRGHVXDVLGHQWLGDGHVpWQLFDVHDYDORUL]DomRGHVXDV OtQJXDV H FLrQFLDV $UW /HL GH 'LUHWUL]HV H %D]HV GD (GXFDomR 1DFLRQDO

2SDUHFHUQƒGDFkPDUDGH(GXFDomR%iVLFDGR&RQVHOKR1DFLRQDOGH (GXFDomRTXHGiRULJHPj5HVROXomRQƒTXHIL[DGLUHWUL]HVQDFLRQDLV SDUD D HVWUXWXUD H IXQFLRQDPHQWR GDV HVFRODV LQGtJHQDV DGPLWLQGR TXH R HQVLQRGHYHVHUPLQLVWUDGRQDVOtQJXDVPDWHUQDVGDVFRPXQLGDGHVDWHQGLGDV FRPRXPDIRUPDGHSUHVHUYDomRGDUHDOLGDGHVRFLROLQJXtVWLFDGHFDGDSRYR $UW ƒ 3DUHFHU Qƒ GD FkPDUD GH (GXFDomR %iVLFD GR &RQVHOKR 1DFLRQDOGH(GXFDomR

0HOLiSFRORFDTXHH[LVWHXPDUHODomRPXLWRHVWUHLWDHQWUHDOtQJXDD

FXOWXUDHDLGHQWLGDGHpWQLFDDILUPDQGRTXH³DSHUGDGDLGHQWLGDGHpWQLFDJHUDOPHQWHYHP SUHFHGLGD GD SHUGD GD FXOWXUD H GD OtQJXD´ VHQGR DVVLP D PDQXWHQomR GD OtQJXD p

(VFROD0XQLFLSDO,QGtJHQD³3yOR&RURQHO1LFRODX+RUWD%DUERVD´

'HDFRUGRFRPUHODWRRUDOGRDQFLmRGDDOGHLD)HOL[$QWRQLRGHDQRVSDUDD SHVTXLVD GH PHVWUDGR GH 0DULD GH /XUGHV (OLDV 6REULQKR R SULPHLUR OtGHU GD $OGHLD

&DFKRHLULQKD IRL R VHQKRU -RVH]LQKR )HOLSH FRQKHFLGR SHORV WHUHQD FRPR ³.DOL 6LQL¶¶

SHTXHQD RQoD .DOL 6LQL HUD XP JUDQGH OtGHU JXHUUHLUR TXH OXWRX PXLWR HP IDYRU GH VXD FRPXQLGDGHGHIHQGHQGRDGHVHXVLQLPLJRV%DVHDGRQRGHSRLPHQWRGH)HOL[HPR FDFLTXH7LPyWHRGLYLGLX&DFKRHLULQKDHPVHWRUHVTXHVmR0RUULQKR.DOL0RS{L$UJROD ÆNXOHDH&DPSmR%DEDoX3LWL([iWHFRPRREMHWLYRGHRUJDQL]DUDSODQWDomRGDURoDH SDUDPHOKRUDWHQGHUDFRPXQLGDGH6HJXQGR5REHUWR&DUGRVRGH2OLYHLUDGHDFRUGR FRPRVHQVRUHJLRQDOGHDDOGHLD&DFKRHLULQKDMiFRQWDYDFRPKDELWDQWHV&RQWXGR DSRSXODomRGDDOGHLDFLWDGDFRQWLQXRXDXPHQWDQGRHDVVLPRHVSDoRItVLFRIRLILFDQGRFDGD YH]PDLVUHGX]LGR

$HVFRODLQGtJHQDGH&DFKRHLULQKD³&RURQHO1LFRODX+RUWD%DUERVD´DWp

HVWDYDVREDFRRUGHQDomRGD)81$,GHSRLVIRLSDVVDGDDUHVSRQVDELOLGDGHSDUDD6HFUHWDULD 0XQLFLSDO GH 0LUDQGD 2 DQFLmR )HOL[ UHODWRX TXH D HVFROD IRL FRQVWUXtGD HP H DV SULPHLUDV SURIHVVRUDV IRUDP D HVSRVD H D VREULQKD GR &KHIH GR 3RVWR (P UHODWR RUDO %UDVLOLDQR(OLDVFRQWRXTXHDVDXODVDFRQWHFLDPGDVjVKRUDVGDPDQKmHUDXPD KRUDGHDXODWRGRVRVGLDV

$WpDHVFRODHUDH[WHQVmRGD(VFROD0XQLFLSDO5XUDO³3yOR5DLPXQGRGRV 6DQWRV´ TXH ILFD HP 'XTXH (VWUDGD 0XQLFtSLR GH 0LUDQGD &RP R 'HFUHWR Qž GH D(VFRODGH&DFKRHLULQKDSDVVRXDVHU(VFROD0XQLFLSDO³3yOR,QGtJHQD&RURQHO 1LFRODX+RUWD%DUERVD´(VWDFULDomREDVHRXVHQRVGLUHLWRVTXHD&RQVWLWXLomR%UDVLOHLUDGH JDUDQWH DRV SRYRV LQGtJHQDV R GLUHLWR D XPD HGXFDomR HVFRODU LQGtJHQD GLIHUHQFLDGD LQWHUFXOWXUDO H ELOtQJXH &RP EDVH QHVVH FRQWH[WR LPSODQWRXVH R HQVLQR GD OtQJXD WHUHQD FRPR TXDOTXHU RXWUD GLVFLSOLQD FRPR VH IRVVH D VHJXQGD OtQJXD GHVVD FRPXQLGDGH SRLV FRQWLQXDSUHYDOHFHQGRRHQVLQRGDOtQJXDSRUWXJXHVDFRPRVHDSULPHLUDOtQJXDGDVFULDQoDV WHUHQDIRVVHHVWD