Jornal da Universidade

JORNALDAUNIVERSIDADE

Impresso Especial 1777-2003-DR/RS UFRGS CORREIOS

www.jornal.ufrgs.br

Porto Alegre | RS | Brasil

Ano VII | N° 78

Julho de 2005

UFRGS: segurança para 30 mil pessoas Esse é o número de professores, alunos, técnicos e visitantes que circulam diariamente nos quatro campi Campus Com a tarefa de zelar por um patrimônio de quase 500 m 2 de área construída e mais de 21 milhões de m 2 de área natural, a Coordenadoria de Segurança da Universidade, sob o comando de Daniel Augusto Pereira, tem desenvolvido uma cultura preventiva.

Fechar portas e janelas, evitar estacionar em lugares escuros, controlar o acesso aos prédios são algumas das medidas que reduzirão os riscos.

FLÁVIO DUTRA

Além de alertar sobre os cuidados que cada um deve ter ao circular por áreas tão grandes, a Coordenadoria conta com o trabalho de 108 funcionários, 126 postos de vigilância e 84 trabalhadores nas funções de porteiro e garagista. Eles realizam rondas, treinam cães de guarda, acompanham expedições, garantem a segurança de eventos abertos à comunidade. Tudo vai para os livros de registros.

Página 5

Homem contemporâneo sofre doença do consumo Atualidade Cada vez mais precisamos de novos bens: o celular equipado, embora não saibamos nem operá-lo; uma porção de móveis, ainda que moremos em um minúsculo apartamento; electrodomésticos ecléticos para quem acaba sempre comendo

fora. A ordem é aproveitar promoções e render-se a todo tipo de lançamento. A psicóloga Tania Mara Galli e a jornalista Rosa Maria Bueno Fischer investigam em que medida o indivíduo contemporâneo é alvo dos apelos publicitários. Página 3

Mandarim no NELE

Mais cursos em 2006

Internacional Acordo de colaboração entre a UFRGS, um instituto e uma universidade chineses trouxe a Porto Alegre um professor de mandarim, que já está lecionando no Núcleo de Ensino de Línguas em Extensão (NELE). No segundo semestre, 24 estudantes de jornalismo da Universidade Nacional da China virão praticar português e interagir com alunos da Fabico. Página 10

Campus No vestibular de 2006 serão oferecidas 30 vagas para Engenharia Ambiental e 40 para Design, que são os dois novos cursos de graduação aprovados pelo Conselho Universitário no mês de junho. Na mesma ocasião, foram criados os cursos de doutorado em Enfermagem e mestrado acadêmico em Física, ambos ainda a serem liberados pela Capes.

Página 6

FLÁVIO DUTRA

Literatura Comparada e novas tecnologias O estudo da Literatura Comparada atrai estudantes de literaturas estrangeiras para cursos de pós-graduação na área, revela a professora Tania Franco Carvalhal, presidente da Associação Internacional de Literatura Comparada. Em maio, a AILC promoveu na UFRGS um coló-

Um ano na França

Ciência As farmácias de manipulação vivem atualmente as mesmas dificuldades que a indústria farmacêutica atravessou há algum tempo. Elas sofrem um certo descrédito em função de denúncias de medicamentos falsificados e da falta de fiscalização rígida quanto ao armazenamento de matéria-prima em entrepostos. Por meio de

Perfil O recém-graduado em Engenharia da Computação Wagston Tassoni Staehler (foto) passou um ano estudando em Grenoble com bolsa de intercâmbio. Na volta teve que se adaptar. Em entrevista, ele conta como realizou seu sonho de infância (conhecer Paris) e como interagiu em terra estranha.

consulta pública, a Agência Nacional de Vigilância Sanitária (Anvisa) pretende intensificar as exigências técnicas, tanto do ponto de vista da qualidade da matéria-prima empregada, quanto da produção de cópias de medicamentos que já estão no mercado. Para os farmacêuticos, trata-se de um cuidado necessário. Página 11

Página 7

nhola comparou o advento da Internet à revolução causada pela invenção da imprensa. E um professor francês lamentou a ineficácia da política cultural praticada em seu país.

Em setembro, a AILC realizará, em Veneza, outro colóquio internacional.

Página Central

FLÁVIO DUTRA

Indústria farmacêutica versus manipulação

quio internacional sobre a influência das novas tecnologias nessa disciplina. No encontro, foi sugerida a criação de um comitê de pesquisa sobre o tema, e desenvolveram-se estudos que vão contribuir para a grande enciclopédia virtual da Unesco.

Em entrevista ao Jornal da Universidade, uma professora espa-

NESTA EDIÇÃO Espaço da Reitoria ......... 2 Charge ............................ 2 Artigos ............................ 2 Agenda ......................... 12 Resenhas ..................... 14 Debates ........................ 15 Ensaio ............ contracapa

_ -251$/ '$ 81,9(56,'$'( _ -8/+2 '(

23,1,®2 &DUWDV GRV OHLWRUHV

&KDUJH

*HUVRQ /RSHV

$Y 3DXOR *DPD %DLUUR )DUURXSLOKD 3RUWR $OHJUH 56 &(3 )RQH

ZZZ XIUJV EU

$ SDUWLU GHVWH QÇPHUR R -RUQDO GD 8QLYHUVLGDGH SDV VD D FLUFXODU FRP S²JLQDV H FRP XP QRYR SURMHWR JU² ILFR 1HVWD S²JLQD TXHUHPRV UHWRPDU R FRQWDWR GLUHWR FRP RV OHLWRUHV H SRU LVVR D SDUWLU GR SUÂ[LPR QÇPHUR YROWDUHPRV D SXEOLFDU D 6H ¸¶R GH &DUWDV $VVLP VH TXL VHU VH PDQLIHVWDU Q¶R VH DFD QKH HVFUHYD XPD FDUWD RX XP H PDLO

5HLWRU -RVp &DUORV )HUUD] +HQQHPDQQ 9LFH UHLWRU 3HGUR &H]DU 'XWUD )RQVHFD &KHIH GH *DELQHWH -RmR 5REHUWR %UDJD GH 0HOOR 6HFUHWiULD GH &RP 6RFLDO 6DQGUD GH 'HXV

-251$/ '$ 81,9(56,'$'( 3XEOLFDomR GD 6HFUHWDULD GH &RPXQLFDomR 6RFLDO GD 8)5*6 $Y 3DXOR *DPD ² R DQGDU

-RUQDO GD 8QLYHUVLGDGH $Y 3DXOR *DPD R DQGDU &(3 3RUWR $OHJUH 56 MRUQDO#XIUJV EU

3RUWR $OHJUH 56 )RQH ID[

H PDLO MRUQDO#XIUJV EU KWWS ZZZ MRUQDO XIUJV EU &RQVHOKR (GLWRULDO $URQ 7DLWHOEDXQ &pVDU $QWRQLR /HDO 'LRJR 2QRIUH *RPHV GH 6RX]D (GXDUGR 3HGUR &RUVHWWL

(VSDoR GD 5HLWRULD

(QQR 'DJREHUWR /LHGNH )LOKR /XtV $XJXVWR )LVFKHU 0DUFLD %HQHWWL 0DFKDGR 0DULD +HORLVD /HQ] H

8QLYHUVLGDGHV IHGHUDLV PDQWrP SDGUmR GH TXDOLGDGH $V GLVFXVVÆHV VREUH D UHIRUPD XQLYHUVLW²ULD SHUPLWHP WUD]HU QRYDPHQWH ³ WRQD D TXDOLGDGH GDV XQLYHUVLGDGHV IHGHUDLV $SHVDU GR TXDGUR GH GLILFXOGDGHV ¹ LQHJ² YHO TXH WRGDV DV DYDOLD¸ÆHV RILFL DLV RX Q¶R LQWHUQDV H H[WHUQDV DSRQWDP LQGLVFXWLYHOPHQWH SDUD D PDLRU TXDOLILFD¸¶R DFDG»PLFD GHVVDV LQVWLWXL¸ÆHV FRP LQGLFDGR UHV GH HQVLQR GH JUDGXD¸¶R H SÂV JUDGXD¸¶R EHP FRPR GH SHVTXL VD H GH H[WHQV¶R TXH UHDILUPDP VXD VXSHULRULGDGH QR FRQWH[WR QDFLRQDO $ 8)5*6 SDUWLFXODUPHQWH YHP PDQWHQGR DWUDY¹V GRV DQRV Q¶R V R SDWDPDU GH TXDOLGDGH DFD G»PLFD FRQVWUX½GR DR ORQJR GH VXD KLVWÂULD PDV SURFXUDQGR LQFHV VDQWHPHQWH VXSHUDU VH HP XP

81,9(56,'$'( )('(5$/ '2 5,2 *5$1'( '2 68/

VRPDWÂULR GH HVIRU¸RV TXH HQYRO YH RV Y²ULRV VHJPHQWRV GH VXD FR PXQLGDGH 2 H[HPSOR PDLV UHFHQ WH ¹ D FULD¸¶R GH GRLV QRYRV FXUVRV GH JUDGXD¸¶R H GH SÂV JUDGXD¸¶R DSURYDGRV QD ÇOWLPD UHXQL¶R GH QRVVR &RQVHOKR 8QLYHUVLW²ULR 1D JUDGXD¸¶R RV FXUVRV GH (Q JHQKDULD $PELHQWDO H GH 'HVLQJ M² FRP YDJDV SUHYLVWDV SDUD R SU [LPR &RQFXUVR 9HVWLEXODU Y»P SUHHQFKHU LPSRUWDQWH GHPDQGD VHMD SRU VXD QHFHVVLGDGH VRFLDO QD EXVFD FRQVWDQWH GH PHOKRU TXD OLGDGH GH YLGD GD SRSXOD¸¶R VHMD SDUD R SURFHVVR SURGXWLYR $P ERV QDVFHP HQYROYHQGR LQÇPH URV GHSDUWDPHQWRV DR FRQJUHJDU VDEHUHV GH GLYHUVDV ²UHDV FRQIL JXUDQGR YHUGDGHLUR HVIRU¸R TXH DSRQWD SDUD D WUDQVGLFLSOLQDULGD

GH *DQKDP D VRFLHGDGH JDÇFKD H EUDVLOHLUD FRP PDLV YDJDV D RIH UHFHU D VHXV MRYHQV HP XPD XQL YHUVLGDGH SÇEOLFD H JUDWXLWD HP ²UHDV TXH UHJLRQDOPHQWH SUHFLVDP VHU DODYDQFDGDV 1D SÂV JUDGXD¸¶R R GRXWRUD GR HP (QIHUPDJHP WDPE¹P YHP GDU LPSXOVR TXDOLILFDGR HP ²UHD DLQGD HP FRQVROLGD¸¶R QDFLRQDO PHQWH PRVWUDQGR R SLRQHLULVPR GH QRVVD 8QLYHUVLGDGH ( R PHVWUDGR HP HQVLQR GH )½VLFD GHVPHPEUDPHQWR GH QRVVR 3UR JUDPD GH 3ÂV *UDGXD¸¶R YDL DR HQFRQWUR GH XP SRQWR SURJUD P²WLFR FDUR D QRVVD JHVW¶R R IRU WDOHFLPHQWR GDV OLFHQFLDWXUDV 1R PRPHQWR HP TXH DV GLVFXVVÆHV VREUH D UHIRUPD XQLYHUVLW²ULD WUD ]HP ³ SDXWD DV PHGLGDV DILUPDWL

2 1,8( H D IRUPDomR FRQWLQXDGD 2 1ÇFOHR GH ,QWHJUD¸¶R 8QLYHUVLGDGH (VFROD FULDGR HP ¹ XPD LQVW´Q FLD GD 3U UHLWRULD GH ([WHQV¶R GD 8QLYHU VLGDGH )HGHUDO GR 5LR *UDQGH GR 6XO TXH WHP FRPR REMHWLYR PDLRU D LQWHJUD¸¶R HQ WUH D HVFROD SÇEOLFD GH HQVLQR P¹GLR H D XQLYHUVLGDGH &RQWD FRP XPD HTXLSH GH PDLV GH SURIHVVRUHV PHVWUHV H GRXWR UHV GDV GLYHUVDV ²UHDV GR FRQKHFLPHQWR FRQWHPSODGDV QRV FXUU½FXORV HVFRODUHV $R SURSRU D LQWHJUD¸¶R FRPR PHWD D D¸¶R GR 1ÇFOHR SRVVLELOLWD TXH D XQLYHU VLGDGH H[HU¸D FRQVFLHQWHPHQWH VHX SDSHO GH IRUPDGRUD GH SURIHVVRUHV DJLOL]DQGR XPD FRQYLY»QFLD GHPRFU²WLFD H FRRSHUD WLYD FRP R (QVLQR )XQGDPHQWDO H 0¹ GLR D ILP GH TXH MXQWRV SRVVDP UHIOHWLU VREUH XPD SU²WLFD HGXFDFLRQDO YROWDGD ³V QHFHVV²ULDV PXGDQ¸DV $R SODQHMDU D¸ÆHV TXH LQWHJUHP D SHVTXLVD R HQVLQR H D H[ WHQV¶R SUHWHQGH TXH D XQLYHUVLGDGH VHMD YLVWD HP DEUDQJ»QFLD H XQLGDGH FRPR SDUFHLUD FRPSURPHWLGD FRP WUDQVIRUPD ¸ÆHV H PHOKRULD GD VRFLHGDGH &RQVWLWXLX VH FRPR XP HVSD¸R UHIH U»QFLD SDUD R HVWDEHOHFLPHQWR GH SDUFH ULDV FRP LQLFLDWLYDV HGXFDFLRQDLV YLVDQGR D XP DPSOR OHTXH GH D¸ÆHV ,QFOXHP VH D½ R DX[½OLR D HVFRODV H UHGHV GH HQVLQR IXQGDPHQWDO H P¹GLR QD HODERUD¸¶R GH SURMHWRV HGXFDWLYRV DVVHVVRULD D VLVWHPDV SÇEOLFRV H SULYDGRV GH HQVLQR QD IRUPD ¸¶R FRQWLQXDGD GH SURIHVVRUHV GH GLIHUHQ WHV Q½YHLV H SDUFHULD QD IRUPD¸¶R GH SUR SRVWDV FXUULFXODUHV GH LQLFLD¸¶R SURILVVL RQDO HVSHFLDOPHQWH DTXHODV JHULGDV SRU RUJDQL]D¸ÆHV GR WHUFHLUR VHWRU H RUJDQL ]D¸ÆHV Q¶R JRYHUQDPHQWDLV

$V D¸ÆHV H[WHQVLRQLVWDV HPSUHHQGLGDV SHOR 1,8( 8)5*6 V¶R FRQFHELGDV LJXDO PHQWH FRPR RSRUWXQLGDGHV GH SHVTXLVD H SURGX¸¶R GH FRQKHFLPHQWRV $VVLP SURJUDPDV GH IRUPD¸¶R FRQWLQXDGD FXU VRV H SDOHVWUDV DVVHVVRULDV ³ IRUPXOD¸¶R H LPSOHPHQWD¸¶R GH SURMHWRV HGXFDWLYRV Q¶R HVFRODUHV LQYHVWLJD¸ÆHV VREUH RV VD EHUHV GRFHQWHV H D IRUPD¸¶R SURILVVLRQDO VRPDP VH D XP HPSHQKR VLVWHP²WLFR QD SURGX¸¶R GH HVWUDW¹JLDV SHGDJÂJLFDV OL YURV H HVWXGRV TXH SURSÆHP DRV SURIHV VRUHV UHIOH[ÆHV PHWRGRORJLDV VXEV½GLRV H DWLYLGDGHV ³ HODERUD¸¶R GH SU²WLFDV SH GDJÂJLFDV DOWHUQDWLYDV $V SRVVLELOLGDGHV GH WUDEDOKR DSUHVHQ WDGDV QDV SXEOLFD¸ÆHV H DVVHVVRULDV Q¶R FRQVWLWXHP PRGHORV H SRU LVVR Q¶R VH SUHVWDP D XPD UHSURGX¸¶R LPHGLDWD QD VDOD GH DXOD ([LJHP UHIOH[¶R FU½WLFD H SDU WLFLSD¸¶R DXWRUDO GRV SURIHVVRUHV (VWD DX WRULD VXSÆH TXH RV SURIHVVRUHV FRQKH¸DP DV UHDOLGDGHV HP TXH VXDV SU²WLFDV VH UHD OL]DP FRQKH¸DP RV JUXSRV FRP RV TXDLV LQWHUDJHP GLDORJXHP FRP RV SURIHVVR UHV TXH DWXDP FRP RV PHVPRV DOXQRV H SRU ILP FRQKH¸DP D VL PHVPRV VHXV OL PLWHV H SRVVLELOLGDGHV HP UHOD¸¶R DRV GH VDILRV SHGDJÂJLFRV GH PRGR TXH SRVVDP UHDOL]DU HVWXGRV QHFHVV²ULRV DQWHV GR GH VHQYROYLPHQWR GH SURMHWRV HGXFDWLYRV RX DWLYLGDGHV HVSHF½ILFDV HP VDOD GH DXOD (VWH ¹ R VHQWLGR PDLRU GRV VXEV½GLRV RIHUHFL GRV SHODV SXEOLFD¸ÆHV GR 1ÇFOHR 0DULD 6WHSKDQRX &RRUGHQDGRUD GR 1,8(

YDV VHP GÇYLGD D TXDOLILFD¸¶R GR (QVLQR )XQGDPHQWDO H 0¹GLR FRQVWLWXL XPD GDV IRUPDV PDLV HIHWLYDV HP TXH D 8QLYHUVLGDGH 3ÇEOLFD SRGH FRODERUDU PDQWHQ GR VXD YRFD¸¶R GH IRUPDU SURIHV VRUHV H VXD PLVV¶R VHFXODU GH FUL DU H GLIXQGLU R FRQKHFLPHQWR FL HQW½ILFR ILORVÂILFR H FXOWXUDO 6HP GÇYLGD WRGDV HVVDV D¸ÆHV UHDILUPDP R &RPSURPLVVR FRP D 8QLYHUVLGDGH GH QRVVRV SURIHV VRUHV W¹FQLFR DGPLQLVWUDWLYRV H GLVFHQWHV TXH WUDEDOKDUDP QRV UHVSHFWLYRV SURMHWRV H WUDEDOKD U¶R GH DJRUD HP GLDQWH QR GLD D GLD SDUD YLDELOL]² ORV 3HGUR &H]DU 'XWUD )RQVHFD 9LFH UHLWRU

3DXOR )UDQFLVFR (VWUHOOD )DULD 5('$d®2 (GLWRUD FKHIH ÇQLD &KDOD (GLWRU H[HFXWLYR $GHPDU 9DUJDV GH )UHLWDV 6HFUHWiULD GH UHGDomR 6DQGUD 6DOJDGR 5HSyUWHUHV -DFLUD &DEUDO GD 6LOYHLUD H 6RQLD 7RUUHV 3URMHWR JUiILFR H GLDJUDPDomR -XOLDQR %UXQL 3HUHLUD )RWRJUDILD )OiYLR 'XWUD H /XL] 5LFDUGR GH $QGUDGH ,OXVWUDo}HV *HUVRQ /RSHV H -RVp 3HGUR %RUWROLQ &RODERUDUDP QHVWD HGLomR &DUROLQH GD 6LOYD 'DOYD %DYDUHVFR H 7DQLUD 'RUQHOOHV &LUFXODomR $UWKXU %RLVH )RWROLWRV H LPSUHVVmR *D]HWD GR 6XO 6 $ 7LUDJHP PLO H[HPSODUHV

3UpGLRV +LVWyULFRV GD 8)5*6 $ 8QLYHUVLGDGH )HGHUDO GR 5LR *UDQGH GR 6XO SRVVXL XP DFHUYR HGLILFDGR GH SU¹ GLRV KLVWÂULFRV TXH H[LEH XPD DUTXLWHWX UD PRQXPHQWDO GDV PDLV VLJQLILFDWLYDV QR FRQWH[WR XUEDQR GH 3RUWR $OHJUH GDWDGR GR ILP GR V¹FXOR ;,; GHVWDFDQGR VH SHOD VXD LPSRUW´QFLD KLVWÂULFD HVW¹WLFD H[FHS FLRQDO LPSRQ»QFLD VLJQLILFD¸¶R SO²VWLFD H IXQFLRQDOLGDGH 3HUIHLWDPHQWH LQFRUSRUDGRV ³ PDOKD XUEDQD GD &DSLWDO RV SU¹GLRV KLVWÂULFRV GD 8)5*6 VH FRQYHUWHUDP HP SRQWRV GH UHIHU»QFLD FXOWXUDO GHYLGR D LQGLVFXW½YHO TXDOLGDGH DUTXLWHWÄQLFD SRLV V¶R UHSUH VHQWDQWHV GR QHRFO²VVLFR DUW QRYHDX H HFOHWLVPR $ Q½WLGD GHWHULRUD¸¶R H R ULVFR GH HYHQ WXDLV SHUGDV GHVVH SDWULPÄQLR FXOWXUDO MXV WLILFDUDP R SURMHWR GH 5HVJDWH GR 3DWUL PÄQLR +LVWÂULFR H &XOWXUDO GD 8)5*6 FRP D UHFXSHUD¸¶R GR FRQMXQWR H GH VHXV HVSD ¸RV LQWHUQRV SDUD XPD DGHTXDGD UHXWLOL ]D¸¶R GHVSHUWDQGR D FRQVFL»QFLD GD FR PXQLGDGH SDUD D SUHVHUYD¸¶R H YDORUL]D¸¶R $V SULPHLUDV REUDV GH UHVWDXUD¸¶R H DGHTXD¸¶R HQYROYHUDP R DQWLJR SU¹GLR GR &XUWXPHV H 7DQDQWHV FRQVWUX½GR HQWUH H GHVWLQDGR KRMH SDUD VHGH GR 0XVHX GD 8)5*6 R SU¹GLR GR 2EVHUYD WÂULR $VWURQÄPLFR HUJXLGR HQWUH H R SU¹GLR GD 5²GLR GD 8QLYHUVLGDGH HGLILFDGR HQWUH H R SU¹GLR GR &K´WHDX OHYDQWDGR HQWUH H R TXDO SDVVRX D DEULJDU D 6HFUHWDULD GH 'H VHQYROYLPHQWR 7HFQROÂJLFR H R /DERUD WÂULR GH 0HWDOXUJLD )½VLFD /DPHI H R SU¹ GLR GD )DFXOGDGH GH 'LUHLWR FRQVWUX½GR HQWUH H

2V HVWXGRV SURMHWRV H REUDV TXH FRQV WLWX½UDP R 3URMHWR GH 5HVJDWH GR 3DWULPÄ QLR +LVWÂULFR IRUDP H[HFXWDGRV SRU HTXL SHV LQWHUGLVFLSOLQDUHV FRPSRVWDV GH IXQ FLRQ²ULRV HVSHFLDOLVWDV H HVWXGDQWHV TXH WUDQVIRUPDUDP D 6HFUHWDULD GR 3DWULPÄQLR +LVWÂULFR QXP /DERUDWÂULR GH 3HVTXLVD H (GXFD¸¶R 3DWULPRQLDO $ 8)5*6 UHFRQKHFH D REULJD¸¶R GH LGHQWLILFDU SURWHJHU FRQVHUYDU YDORUL]DU H WUDQVPLWLU ³V IXWXUDV JHUD¸ÆHV R SDWULPÄQLR FXOWXUDO H QDWXUDO 3URFXUDU² WXGR ID]HU SDUD HVVH ILP XWLOL]DQGR DR P²[LPR VHXV UHFXUVRV GLVSRQ½YHLV H TXDQGR IRU R FDVR PHGLDQWH D DVVLVW»QFLD H D FRRSHUD¸¶R GH TXH SRVVD EHQHILFLDU VH QRWDGDPHQWH QRV SODQRV ILQDQFHLUR DUW½V WLFR FLHQW½ILFR H W¹FQLFR 2V SU¹GLRV KLVWÂULFRV GD QRVVD XQLYHU VLGDGH V¶R PDUFRV UHIHUHQFLDLV GH DUTXLWH WXUD DUWH SXMDQ¸D H FRQKHFLPHQWR 6HX FRQMXQWR FRQVWLWXL XP SDWULPÄQLR TXH SUH FLVD VHU SUHVHUYDGR 7UDWD VH GH UHFXSHUDU R SDVVDGR SDUD GDU OKH D GLQ´PLFD GR SUH VHQWH H SUHSDU² OR SDUD R WHPSR IXWXUR &RQVLGHUDQGR TXH EHQV GH SDWULPÄQLR FXOWXUDO H QDWXUDO DSUHVHQWDP XP LQWHUHVVH H[FHSFLRQDO H SRUWDQWR GHYHP VHU SUHVHU YDGRV FRPR HOHPHQWRV GR SDWULPÄQLR GD FRPXQLGDGH ¹ QHVWH VHQWLGR TXH D 6HFUH WDULD GR 3DWULPÄQLR +LVWÂULFR VH SUHRFX SD H HVWDEHOHFH XP VLVWHPD HILFD] GH SUR WH¸¶R GR SDWULPÄQLR KLVWÂULFR H FXOWXUDO GD 8QLYHUVLGDGH &KULVWRSK %HUQDVLXN 6HFUHWiULR GR 3DWULP{QLR +LVWyULFR

-251$/ '$ 81,9(56,'$'( _ -8/+2 '( _

$ 7 8$ / , ' $ ' (

$ RUGHP p FRPSUDU FRPSUDU FRPSUDU &RQVXPR 3HVTXLVDGRUD FRQVLGHUD R FRQVXPLGRU XP 1DUFLVR VHP H[SHULrQFLD QD VRFLHGDGH FDSLWDOLVWD )2726 )/É9,2 '875$

-DFLUD &DEUDO GD 6LOYHLUD

$ DQ²OLVH GD VRFLHGDGH GH FRQ VXPR ¹ WHPD DPSOR H DWLQJH GLIH UHQWHV FDPSRV GH VDEHU 3DUD D SVLFÂORJD H SURIHVVRUD GR ,QVWLWX WR GH 3VLFRORJLD 7DQLD 0DUD *DOOL R FRQVXPLGRU QD VRFLHGDGH FDSL WDOLVWD DVVXPH R SDSHO GH 1DUFL VR FRPR DTXHOH TXH SUHFLVD VD FLDU D QHFHVVLGDGH GH FRPSUD &RP LVVR D H[SHUL»QFLD LQGLYLGXDO HVW² ILFDQGR SDUD WU²V DYDOLD 5RVD 0DULD %XHQR )LVFKHU MRUQDOLVWD H SURIHVVRUD GD )DFXOGDGH GH (GX FD¸¶R )DFHG 3DUD DV SHVTXLVD GRUDV GD 8)5*6 D UHVLVW»QFLD HVW² HP SURFXUDUPRV ID]HU GH QRVVDV YLGDV XPD REUD GH DUWH (QWUHWDQWR VHJXQGR )LVFKHU TXH LQYHVWLJD RV SURFHVVRV GH VXEMHWLYD¸¶R QD FXOWXUD D QHFHV VLGDGH GH FRPSUDU Q¶R ¹ QRYD &DGD VRFLHGDGH FULD VXDV SUÂSUL DV H[LJ»QFLDV GH FRQVXPR D SDU WLU GDV QHFHVVLGDGHV E²VLFDV GH VR EUHYLY»QFLD z YHVWLU FRPHU H PR UDU &RQVLGHUDQGR HVVH DVSHFWR D MRUQDOLVWD FRPHQWD R TXDQWR QD VRFLHGDGH FDSLWDOLVWD D TXHVW¶R VH WUDQVIRUPRX HP XP SUREOHPD |® TXDVH D GRHQ¸D GR FRQVXPR} 7DPE¹P SUHRFXSDGD *DOOL FUL WLFD RV Q½YHLV DVFHQGHQWHV GH FRQ VXPR |® D REVROHWL]D¸¶R GRV EHQV GRV PRGRV GH YLYHU H GH SHQVDU } 6HJXQGR HOD JHUD¸ÆHV SDVVDGDV ILFDYDP FRP R PHVPR U²GLR VHP SUHFLVDU YDULDU GH PR GHOR D FDGD QRYR ODQ¸DPHQWR |(UD XP WHPSR PDLV OHQWR $JR UD R TXH H[LVWH ¹ XP HVIRU¸R VXE MHWLYR GH VH LQWHJUDU DRV SDGUÆHV VRFLDLV YLJHQWHV } 1D RSLQL¶R GH )LVFKHU HVVD VHQVD¸¶R GH TXH DV FRLVDV VH WRU QDP REVROHWDV JHUD DQVLHGDGH DO¹P GH UHYHODU R GHVHMR VXEMD FHQWH GH GHVID]HU R RXWUR SHOD VXD |GHVDWXDOL]D¸¶R} 2 TXH Q¶R FRUUHVSRQGHU DR QRYR YLUD FDU UR¸D RX WLMROR REVHUYD D SHVTXL VDGRUD 2V FRPHQW²ULRV Y»P FKHLRV GH PHW²IRUDV TXH UHPHWHP ³V FRLVDV PDLV SULPLWLYDV

|'H XP SRQWR GH YLVWD ILORV ILFR H KXPDQLVWD LVVR FRQWUDULD D H[SHUL»QFLD KXPDQD } )LVFKHU FLWD -RUJH /DUURVD QR WH[WR 1R WDV VREUH D H[SHUL»QFLD H R VDEHU GD H[SHUL»QFLD |(OH GL] TXH HVWDPRV DFXPXODQGR PXLWD LQ IRUPD¸¶R H WHFQRORJLD HP GHWUL PHQWR GH H[SHUL»QFLDV PDLV LQ WHULRUHV FRPR D DUWH H R SHQVD PHQWR} 1HVVH VHQWLGR *DOOL IDOD GR DFKDWDPHQWR GR WHPSR TXH VH UHGX] D XP SUHVHQWH SRQWXDO VHP SDVVDGR VHP PHPÂULD QHP KLVWÂULD TXDVH XP VXMHLWR HVYD ]LDGR GH LQWHULRULGDGH (VWDU SOXJDGR VHPSUH z 'H 6¶R

6HEDVWL¶R GR &D½ D /LVERD R TXH LPSRUWD ¹ HVWDU XSGDWH FRP WXGR

TXH HVW² ³ YHQGD ( LVVR VH REVHU YD HP K²ELWRV DOLPHQWDUHV URX SDV FRPSRUWDPHQWRV |® R HIHL WR GH XPD VRFLHGDGH JOREDOL]DGD TXH HVW² HPLWLQGR PRGRV GH VXEMHWLYD¸¶R JOREDLV KRPRJHQHL ]DQGR RV SRYRV } FRPHQWD D SVL FÂORJD SDUD TXHP HVVH LPSHUDWL YR GH FRQVXPR YDL DO¹P GD DTXL VL¸¶R GH EHQV PDWHULDLV GHILQLQ GR R MHLWR GH VHU FRQWHPSRU´QHR |® XP SDVVDSRUWH SDUD VHUPRV UHFRQKHFLGRV} GL] )LVFKHU 2V PHQLQRV GHVHMDP R W»QLV GH JULIH H DV SDWULFLQKDV TXHUHP D EROVD GH PDUFD 'R FRQWU²ULR VHU¶R QHUGV SHVVRDV IRUD GH PRGD |2V PDLV MRYHQV TXHUHP R UHFRQKH FLPHQWR GD WXUPD QD WULER } (P ERUD FRQVLGHUH OHJ½WLPD D YRQWD GH GH VHU UHFRQKHFLGR SHOR RX WUR SDUD D SURIHVVRUD R VLVWHPD DWXDO GHVSHUWD PXLWRV GHVHMRV 2XWUD QHFHVVLGDGH GH LQFOXV¶R ¹ D DIHWLYD REVHUYD *DOOL 1D WHQ WDWLYD GH DVVHJXUDU R DIHWR GR RX WUR DV SHVVRDV SURFXUDP SUHVHQ WHDU VH |+RMH WHU FRLVDV ¹ VHU IH OL] 'DU FRLVDV ¹ ID]HU IHOL] } 1D RSLQL¶R GD SURIHVVRUD LVVR RFRU UH SRUTXH HVVDV SHVVRDV VH WRUQDP XPD UHVVRQ´QFLD GLUHWD GRV DSH ORV SXEOLFLW²ULRV H EXVFDP VXD DXWR DILUPD¸¶R QDTXLOR TXH YHV WHP TXH FRPSUDP Q¶R SURSULD PHQWH QDTXLOR TXH SHQVDP $ TXHVW¶R GH GDU H UHFHEHU OH YDQWDGD SRU *DOOL WHP SDUD )LVFKHU FDU²WHU HVSHFLDO TXDQGR VH WUDWD GH SDLV H ILOKRV 1R OXJDU GR VHQWLPHQWR GH FXOSD SRU Q¶R SRGHU RX Q¶R TXHUHU GDU RXWUD FRLVD DRV ILOKRV RV SDLV GHYHULDP SDUDU SDUD SHQVDU QR TXH SRGHUL DP GDU GH VL D HOHV |3DUD DO¹P GRV W»QLV H FHOXODUHV H[LVWHP K² ELWRV H YDORUHV TXH SRGHP VHU GD GRV DRV ILOKRV } )LVFKHU UHFRQKH FH TXH D WDUHID ¹ GLI½FLO PDV DFUH GLWD TXH RV MRYHQV GHYHP WHU D FKDQFH GH YHU H WHU RXWUDV FRLVDV 9HU GLIHUHQWH z 4XHP VDEH LU DR PXVHX YHU DV REUDV GH 0LU DFHVVDU R VLWH GH 0DJULWWH QD ,Q WHUQHW RX TXHP VDEH RXYLU D HQ WUHYLVWD GD )HUQDQGD 0RQWHQHJUR H )HUQDQGD 7RUUHV VREUH R ILOPH 0XOKHUHV GH $UHLD" 2S¸ÆHV TXH

)LVFKHU H[SHULPHQWD MXQWR DRV DOXQRV QR VHPLQ²ULR 0LFKHO )RXFDXOW H D KHUPHQ»XWLFD GR VX MHLWR TXH PLQLVWUD QR SURJUDPD GH SÂV JUDGXD¸¶R GD )DFHG 1R VHX SRQWR GH YLVWD ¹ DWUDY¹V GR WUDEDOKR HGXFDWLYR TXH VH G² D UH VLVW»QFLD ³ LPSRVL¸¶R GR FRQVX PR QD VRFLHGDGH FDSLWDOLVWD 8PD GDV UHFRPHQGD¸ÆHV TXH ID] ³V VXDV MRYHQV DOXQDV ¹ R ILO PH 8PD DPL]DGH VHP IURQWHLUDV FRP 2PDU 6KDULI H 3LHUUH %RX ODQJHU ,EUDKLP 'HQHML 2PDU 6KDULI ¹ R GRQR GH XPD PHUFHD ULD HP 3DULV PX¸XOPDQR TXH ILFD DPLJR GH 0RPR 3LHUUH %RXODQ JHU XP SREUH JDURWR MXGHX GH DQRV $SÂV VHU DEDQGRQDGR SHOR SDL 0RPR ¹ DGRWDGR SRU

3DUD DOpP GRV WrQLV H FHOXODUHV H[LVWHP KiELWRV H YDORUHV TXH SRGHP VHU GDGRV DRV ILOKRV ,EUDKLP &RP R WHPSR RV GRLV VH WRUQDP PXLWR DPLJRV FRP R JDURWR DSUHQGHQGR RV HQVLQD PHQWRV GR $OFRU¶R &RQWUDULDQGR D LG¹LD DWXDO GH GDU YDORU DR WHU )LVFKHU OHPEUD XPD GDV IDODV GH ,EUDKLP QR ILO PH |$ JHQWH VÂ WHP TXDQGR D JHQWH G²} &RPR LVVR SRGH VHU GLWR HP XP ILOPH HXURSHX QR DQR GH HP SOHQD VRFLHGDGH GR FRQVXPR" ® TXH K² FDU»QFLD GHV WH WLSR GH YDORUHV UHVSRQGH )LVFKHU +² IDOWD GH EHQV TXH Q¶R HVW¶R QDV SUDWHOHLUDV GR VXSHU PHUFDGR RX QDV S²JLQDV GD ,QWHUQHW 3DUD HOD R PHQLQR ILFD HQFDQWDGR Q¶R VÂ SRU WHU VLGR DFR OKLGR PDV WDPE¹P SRUTXH VHX QRYR DPLJR IDOD GH DOJXPDV FRL VDV TXH HOH Q¶R HVW² DFRVWXPDGR D RXYLU +DELWXDGD DR WHPD SHOR FRQ WDWR FRP D MXYHQWXGH D WHVH GH GRXWRUDGR GH )LVFKHU IRL $GROHV F»QFLD HP GLVFXUVR P½GLD H SUR

GX¸¶R GH VXEMHWLYLGDGH $ SHVTXL VDGRUD SUHIHUH Q¶R ID]HU MX½]R GH YDORU TXDQWR ³ YRQWDGH GH FRP SUDU GRV MRYHQV |(OHV V¶R VHQV½ YHLV H LQIRUPDGRV} MXVWLILFD 2 TXH HOD GHIHQGH ¹ D QHFHVVLGDGH GH HQVLQ² ORV D YHU GLIHUHQWH 3DUD LVVR SHUJXQWD GHSRLV GH DVVLVWL UHP DR ILOPH |2 TXH DFRQWHFH FRP HVWH DGROHVFHQWH TXDQGR HOH HVFXWD XPD RXWUD FRLVD"} $ YLGD p REUD GH DUWH z 7DQLD *DOOL GL] TXH QHQKXPD VRFLHGD GH DQWHULRU ³ FDSLWDOLVWD DVSLURX WDQWR ³ SRW»QFLD GH YLGD GRV LQ GLY½GXRV 6HJXQGR HOD HVVD VR FLHGDGH GR FRQVXPR H GR FRQ WUROH VHTÊHVWUD R LPSXOVR YLWDO GRV VXMHLWRV 2OKHLURV QDV JUDQ GHV FLGDGHV ILFDP ³ HVSUHLWD SDUD H[DPLQDU R LQFRPXP QD IRUPD GH DOJXPDV SHVVRDV VH YHVWLUHP 2V DWHOL»V FDSWXUDP LVVR SDUD GH SRLV LPSRU HVWH PRGR GH YHVWLU FRPR QRUPD |0DV HVVD LQYHQ ¸¶R FRPH¸RX QDTXHOH VXMHLWR DQÄQLPR} $R PHVPR WHPSR HP TXH UH FRQKHFH D WHQG»QFLD GD VRFLHGD GH DWXDO SHOD PDVVLILFD¸¶R *DOOL DILUPD TXH LVVR RFRUUH MXVWDPHQ WH SRUTXH H[LVWH XP JUDQGH SR WHQFLDO FULDWLYR QD PXOWLG¶R FRP PXOWLSOLFLGDGH GH UHVSRVWDV +RMH DV JUDQGHV IHUUDPHQWDV GH WUDEDOKR V¶R RV F¹UHEURV RV DIH WRV D FDSDFLGDGH GH ID]HU FRQH [ÆHV FRP RV RXWURV H FULDU UH GHV |(VVH WDOHQWR ¹ ELRSRW»QFLD SRW»QFLD GH YLGD } ( SDUD LOXV WUDU FLWD D REUD ,PS¹ULR GH 7RQL 1HJUL H 0LFKDHO +DUGW HP TXH RV DXWRUHV GL]HP TXH FDGD XP SRGH VHU R FULDGRU GH XP PXQ GR SRVV½YHO VHP SUHFLVDU VHU DU WLVWD RX J»QLR 0DV SDUD D SVLFÂORJD D XWRSLD FRQWHPSRU´QHD Q¶R ¹ LJXDO ³ GRV DQRV TXDQGR SHQV²YDPRV HP DOJR SDUD DPDQK¶ |$ XWRSLD KRMH M² ¹ DJRUD (OD GHYH VHU D UHYROX ¸¶R GR SUHVHQWH } 3DUD SHUFRUUHU HVVH FDPLQKR QR TXDO R VXMHLWR SHUFHED R ELRSRGHU H VXDV Y²ULDV RS¸ÆHV R FRQVXPLGRU WHP TXH HPHUJLU FRPR VXMHLWR ¹WLFR |8P VXMHLWR TXH VH SUDWLFD D VL SUÂSULR ID]HQGR HVFROKDV }

_ -251$/ '$ 81,9(56,'$'( _ -8/+2 '(

& $0386

&RPSURPLVVR FRP D HGXFDomR FRQWLQXDGD 1,8( 1~FOHR YDORUL]D R WUDEDOKR HP HTXLSH H HVWLPXOD R GHVHQYROYLPHQWR GH QRYDV PDQHLUDV GH HQVLQDU DO SHGDJÂJLFR H QD IRUPD¸¶R GH 6RQLD 7RUUHV HGXFDGRUHV 2XWUR UHIHUH VH ³V SXEOLFD $R FRPSOHWDU DQRV GH DWL ¸ÆHV GR 1ÇFOHR FRPR R OLYUR YLGDGH R 1ÇFOHR GH ,QWHJUD¸¶R ODQ¸DGR HP MXQKR SHOD (GLWRUD 8QLYHUVLGDGH (VFROD WHP IXQ GD 8QLYHUVLGDGH LQWLWXODGR FLRQDGR FRPR XP ÂUJ¶R SOXUL |7HRULD H )D]HUHV QD (VFROD HP GLVFLSOLQDU YLQFXODGR ³ 3U UHL 0XGDQ¸D} RUJDQL]DGR SHODV WRULD GH ([WHQV¶R 'HVHQYROYH SURIHVVRUDV $QD 0DUL]D 5LEHL D¸ÆHV TXH YLVDP ³ PHOKRULD GD UR )LOLSRXVNL 'LDQD 0DULD (GXFD¸¶R %²VLFD H DVVXPH D IRU 0DUFKL H 1HLYD 2WHUR 6FKµIIHU PD¸¶R GR SURIHVVRU FRPR XP $ FROHW´QHD UHWRPD DUWLJRV SUR SURFHVVR SHUPDQHQWH &ULDGR GX]LGRV SHORV SURIHVVRUHV TXH HP R ÂUJ¶R VXUJLX GD XQL¶R LQWHJUDP SURMHWRV GR QÇFOHR H GH XP JUDQGH QÇPHUR GH SUR SXEOLFDGRV QRV YROXPHV TXH IHVVRUHV GD 8)5*6 TXH HVWDYDP FRPSÆHP D FROH¸¶R 7HRULD YLQFXODGRV ³V OLFHQFLDWXUDV H TXH )D]HUHV z &DPLQKRV GD HGXFD ³ ¹SRFD GHVHQYROYLDP D¸ÆHV GH ¸¶R SRSXODU HGLWDGD SHOD 6H H[WHQV¶R DUWLFXODGDV FRP D 6H FUHWDULD 0XQLFLSDO GH *UDYDWD½ FUHWDULD 0XQLFLSDO GH (GXFD¸¶R WRUQDQGR RV GLVSRQ½YHLV D RX GH 3RUWR $OHJUH YROWDGDV SDUD D WUDV UHGHV $ REUD DJUHJD H[SH HGXFD¸¶R FRQWLQXDGD 2 REMHWL UL»QFLDV HVWXGRV H LQYHVWLJD YR SULQFLSDO HUD GLVVHPLQDU R FR ¸ÆHV D SDUWLU GH XPD DVVHVVRULD QKHFLPHQWR SURGX]LGR QD 8QL UHDOL]DGD SHOR 1,8( GXUDQWH YHUVLGDGH DSUR[LPDQGR VH GR RLWR DQRV MXQWR ³ 6HFUHWDULD GH VLVWHPD HGXFDWLYR SÇEOLFR FRP (GXFD¸¶R GR PXQLF½SLR 7UDEDOKRV VHPHOKDQWHV HVW¶R R LQWXLWR GH TXDOLILF² OR VHQGR LQLFLD 'HOH SDUWLFL GRV FRP DV FL SD XPD HTXLSH GDGHV GH 1RYD GH GRFHQWHV GD $ 1,8( WDPEpP 6DQWD 5LWD H DWLYD DSRVHQ 6¶R /RXUHQ¸R WDGRV H SURIHV GR 6XO XWLOL VRUHV VHP Y½Q DWXD HP SURMHWRV ]DQGR WHP²WL FXOR GH GLIH GH DVVHVVRULD H FDV FRPR HGX UHQWHV ²UHDV GR FD¸¶R FRQWL FRQKHFLPHQWR IRUPDomR QXDGD UHHV TXH OLGDP FRP WUXWXUD¸¶R IRUPD¸¶R LQLFL SHGDJyJLFD FXUULFXODU H DO H IRUPD¸¶R LQRYD¸¶R GLG² FRQWLQXDGD GH SURIHVVRUHV VHMD SRU PHLR GDV WLFD $O¹P GHVVHV SURMHWRV R SU²WLFDV GH HQVLQR VHMD QDV OL 1ÇFOHR SUHWHQGH GHVHQYROYHU FHQFLDWXUDV HVSHFLILFDPHQWH XP FXUVR GH H[WHQV¶R QR &R FRP GLVFLSOLQDV GH IRUPD¸¶R GR O¹JLR -ÇOLR GH &DVWLOKRV SDUD SURIHVVRUHV GR (QVLQR 0¹GLR SURIHVVRU 7DPE¹P FRODERUDP DOXQRV |1RVVD DWXD¸¶R VH G² HP TXD GH PHVWUDGR H GH GRXWRUDGR WUR ´PELWRV HQVLQR IXQGDPHQ TXH W»P LQWHUHVVH HP SHVTXLVDU WDO H HGXFD¸¶R GH MRYHQV H DGXO RV WHPDV UHODFLRQDGRV ³ IRUPD WRV HQVLQR P¹GLR DVVHVVRULD H ¸¶R FRQWLQXDGD H ³ FDSDFLWD¸¶R HODERUD¸¶R GH SURMHWRV SDUD RU GH SURIHVVRUHV SDUD R HQVLQR GH JDQL]D¸ÆHV Q¶R JRYHUQDPHQWDLV GHWHUPLQDGDV GLVFLSOLQDV DO¹P TXH W»P D¸ÆHV HGXFDWLYDV H GH GH HVWXGDQWHV GH JUDGXD¸¶R VHQYROYLPHQWR GD SHVTXLVD} H[ FRPR EROVLVWDV GH H[WHQV¶R RX SOLFD D FRRUGHQDGRUD $VSHFWRV LPSRUWDQWHV V¶R GHV SHVTXLVD 'H DFRUGR FRP D FRRUGHQD WDFDGRV QD WUDMHWÂULD GR 1,8( GRUD SURIHVVRUD 0DULD 6WHSKD FRPR R WUDEDOKR PXOWLGLVFLSOL QRX DWXDOPHQWH R 1ÇFOHR DG QDU D SURPR¸¶R GH GLVFXVVÆHV PLQLVWUD TXDWUR SURMHWRV HP DQ HQWUH SURIHVVRUHV GH ²UHDV GR GDPHQWR 8P GHOHV ¹ R -RYHQV FRQKHFLPHQWR GLYHUVLILFDGDV H H SDUWLFLSD¸¶R VRFLDO VROLG²ULD D YLV¶R GD H[WHQV¶R Q¶R DSHQDV HP FRODERUD¸¶R FRP D RQJ 3DU FRPR XPD D¸¶R PDV WDPE¹P FHLURV 9ROXQW²ULRV TXH DWXD QD FRPR IRUPD GH DSUHQGHU FRP D SHVTXLVD H SURGX¸¶R GH PDWHUL FRPXQLGDGH LQGLFDQGR R TXDQ

)/É9,2 '875$

3URIHVVRUD 0DULD 6WHSKDQRX FRRUGHQDGRUD GR 1~FOHR GH ,QWHJUDomR 8QLYHUVLGDGH (VFROD ´$WXDPRV HP TXDWUR kPELWRVµ

WR D DWLYLGDGH HVW² LQWLPDPHQWH OLJDGD ³ SHVTXLVD 2 1,8( WDPE¹P DWXD HP SURMHWRV GH DVVHVVRULD H IRUPD ¸¶R SHGDJÂJLFD MXQWDPHQWH

FRP VHXV SDUFHLURV GH IRUPD D YDORUL]DU H[SHUL»QFLDV VDEHUHV H SULRULGDGHV )LQDOPHQWH H[HFX WD SURJUDPDV H SRO½WLFDV SÇEOL FDV GH IRUPD¸¶R FRQWLQXDGD GH

SURIHVVRUHV RULHQWDQGR HVFRODV H UHGHV GH HQVLQR QD HODERUD¸¶R GH VHXV SURMHWRV HGXFDWLYRV H QD UHIOH[¶R DQ²OLVH H DYDOLD¸¶R GH VXDV SU²WLFDV SHGDJÂJLFDV

3HVTXLVD SURPRYH DXWR JHVWmR H VXVWHQWDELOLGDGH &LrQFLD 0RVWUD GD 3HVTXLVD H 3yV JUDGXDomR H )HLUD GH ,QRYDomR WLYHUDP S{VWHUHV H HVWDQGHV 2V HVWDQGHV FKDPDUDP D DWHQ¸¶R GR SÇEOLFR (QWUH RV PDLV FRQFRUULGRV HVWDYDP R GD )DFXOGDGH GH 2GRQWRORJLD TXH DSUHVHQWRX XPD IRUPD GH REWHU ILR GHQWDO VHP FXVWRV H R GR 33* HP 'HVHQYROYLPHQWR 5XUDO GD )DFXOGDGH GH &L»QFLDV (FRQÄPL FDV TXH DSRQWRX DOWHUQDWLYDV VXVWHQW²YHLV SDUD D H[SORUD¸¶R GH HVS¹FLHV QDWLYDV GD 0DWD $WO´QWLFD 'H DFRUGR FRP D SURIHVVRUD 0²UFLD &DQ¸DGR )LJXHLUHGR z FR RUGHQDGRUD GR HVWDQGH GD )DFXO GDGH GH 2GRQWRORJLD H W¹FQLFD FRRUGHQDGRUD HP VDÇGH EXFDO GR PXQLF½SLR GH 3RUWR $OHJUH z D WHP²WLFD IRL XPD WHFQRORJLD OHYH

YROWDGD SDUD R DWHQGLPHQWR GDV QHFHVVLGDGHV GD SRSXOD¸¶R SRU PHLR GR FRQKHFLPHQWR |)RUDP XWLOL]DGRV UHFXUVRV DO WHUQDWLYRV SDUD RIHUHFHU HGXFD ¸¶R HP KLJLHQH H VDÇGH EXFDO H D SUHYHQ¸¶R ³ SRSXOD¸¶R GH 3RUWR $OHJUH FRPR ¹ R FDVR GR ILR GHQ WDO IHLWR D SDUWLU GH VDFRV GH U²ILD GHVILDGRV} GL] D RGRQWÂORJD 4XDQGR FRPSDUDGR FRP R DUWL JR LQGXVWULDOL]DGR RIHUHFLGR D SUH¸RV PDLV DOWRV QR PHUFDGR R ILR GHQWDO DOWHUQDWLYR Q¶R SHUGH HP HILFL»QFLD QD UHPR¸¶R GD SOD FD GHQW²ULD 3DUD LVVR R VDFR GH U²ILD PXL WR XVDGR SDUD HPEDODU EDWDWDV GHYH VHU OLPSR FRP ²JXD VDQLW²

ULD H DSÂV GHVILDGR SDUD REWHU R ILR GHQWDO 2XWUD VXJHVW¶R ¹ D FRQIHF¸¶R GH SRUWD HVFRYDV FRP DV JDUUDIDV GH UHIULJHUDQWHV SDUD R DFRQGLFLRQDPHQWR DGH TXDGR GR PDWHULDO GH KLJLHQH EXFDO $JULFXOWXUD ² 2XWUD QRYLGDGH

HVW² QD ²UHD GDV &L»QFLDV $JU² ULDV FRP R 3URMHWR 6DPDPEDLD 3UHWD WUDEDOKR GH DYDOLD¸¶R H SURPR¸¶R GH DOWHUQDWLYDV VXVWHQ W²YHLV MXQWR DRV DJULFXOWRUHV GD 0DWD $WO´QWLFD QR PXQLF½SLR GH 0DTXLQ¹ 2 SURMHWR FRPH¸RX FRP R SURFHVVDPHQWR GD VD PDPEDLD SUHWD HVS¹FLH DPSOD PHQWH H[WUD½GD GRV PRUURV GR

OLWRUDO QRUWH JDÇFKR H PXLWR XVD GD SDUD DUUDQMRV IORUDLV HPERUD HVVD H[WUD¸¶R VHMD LOHJDO FRQIRU PH D 6HFUHWDULD (VWDGXDO GR 0HLR $PELHQWH (VVH SURMHWR IRL LGHDOL]DGR H H[HFXWDGR SHOD SHVTXLVDGRUD SÂV JUDGXDGD HP %RW´QLFD *DEULHOD &RHOKR GH 6RX]D H SHOD GRXWRUDQGD HP $QWURSRORJLD 6RFLDO 5XPL .XER DPEDV GD RUJDQL]D¸¶R Q¶R JRYHUQDPHQWDO $QDPD $¸¶R 1DVFHQWH 0DTXLQ¹ 2 FRRUGHQDGRU IRL R SURIHVVRU /RYRLV GH $QGUDGH 0LJXHO GR 33*'5 3URJUDPD GH 3ÂV JUDGXD¸¶R HP 'HVHQYRO YLPHQWR 5XUDO GD )DFXOGDGH GH &L»QFLDV (FRQÄPLFDV |2 HVWX

GR GH DYDOLD¸¶R PRVWURX TXH R FRUWH H D H[WUD¸¶R GHVWD HVS¹FLH SRGH VHU VXVWHQW²YHO H SRU LVVR R 33*'5 HVW² WHQWDQGR XPD PXGDQ¸D QD OHJLVOD¸¶R MXQWR ³ 6HFUHWDULD GR 0HLR $PELHQWH} GL] *DEULHOD 2 33*'5 WDPE¹P HVW² HVWX GDQGR D H[WUD¸¶R GR SDOPLWR RXWUD HVS¹FLH QDWLYD GD 0DWD $WO´QWLFD FRP JUDQGH SRWHQFLDO HFRQÄPLFR H VRFLDO 2 FRRUGHQD GRU H[SOLFD TXH R JUXSR H[DPL QD D IRUPD FRPR R SURGXWR ¹ SURFHVVDGR 6¶R XWLOL]DGRV R FDXOH RQGH HVW² R SDOPLWR H WDP E¹P R IUXWR GR TXDO ¹ SURGX]L GD D SROSD GR D¸D½ FRPR D ¹ IHL WR QD $PD]ÄQLD

-251$/ '$ 81,9(56,'$'( _ -8/+2 '( _

& $0386

8)5*6 GHVHQYROYH VHJXUDQoD SUHYHQWLYD 0pWRGR 0DLV GR TXH GHVHMDU Q~PHURV SRVLWLYRV D 8QLYHUVLGDGH SURFXUD FULDU XPD FXOWXUD GH VHJXUDQoD -DFLUD &DEUDO GD 6LOYHLUD

3URPRYHU D VHJXUDQ¸D QD 8)5*6 VLJQLILFD FXLGDU GH XP SDWULPÄQLR GH TXDVH PLO PHWURV TXDGUDGRV GH ²UHD FRQVWUX½GD H GH PDLV GH PL OKÆHV GH PHWURV TXDGUDGRV GH ²UHD QDWXUDO 5HSUHVHQWD WDP E¹P DFRPSDQKDU D FLUFXOD¸¶R GH FHUFD GH PLO SHVVRDV HQ WUH SURIHVVRUHV DOXQRV IXQFLR Q²ULRV H YLVLWDQWHV 7XGR LVVR GLVWULEX½GR QRV TXDWUR FDPSL GH 3RUWR $OHJUH QD (VWD¸¶R ([SHULPHQWDO GH (OGRUDGR GR 6XO QR &HFOLPDU &HQWUR GH (VWXGRV &RVWHLURV /LPQROÂJLFRV H 0DULQKRV QD SUDLD GH ,PE¹ H QD UHFHQWH ²UHD GRDGD SHOD $QDWHO ³ 8QLYHUVLGD GH HP *UDYDWD½ 'HVGH TXH DVVXPLX D &RRU GHQDGRULD GH 6HJXUDQ¸D 'DQLHO $XJXVWR 3HUHLUD WHP DSULPRUDGR R SODQHMDPHQWR GR VHWRU D SDUWLU GRV OLYURV GH UHJLVWURV GRV YLJLODQ WHV $O¹P GH LGHQWLILFDU D¸ÆHV FRQWUD R SDWULPÄQLR H FRQWUD DV SHVVRDV TXH IUHTÊHQWDP D 8QL YHUVLGDGH ¹ SRVV½YHO DSXUDU PDXV K²ELWRV |$ FRPXQLGDGH GD 8)5*6 SUHFLVD DSUHQGHU D IHFKDU SRUWDV H MDQHODV SRLV HVWH ¹ R UH JLVWUR PDLV IUHTÊHQWH QRV OLYURV} FRPHQWD R FRRUGHQDGRU (PER UD UHFRQKH¸D TXH D TXHVW¶R GH VH JXUDQ¸D ¹ XP SURFHVVR TXH UH TXHU WHPSR H D¸ÆHV HIHWLYDV HOH VDOLHQWD D QHFHVVLGDGH GD FRPX QLGDGH DFDG»PLFD DGTXLULU XP FRPSRUWDPHQWR PDLV SUHYHQWLYR -² SDUD R VHFUHW²ULR GH $VVXQ WRV (VWXGDQWLV ØQJHOR 5RQDOGR 3HUHLUD D QR¸¶R GH VHJXUDQ¸D QD XQLYHUVLGDGH UHTXHU XPD DERU GDJHP PDLV DPSOD |(VWDPRV DFRVWXPDGRV D YHU D ²UYRUH SUH FLVDPRV DSUHQGHU D YHU D IORUHV WD 2OKDU PDLV R WRGR H Q¶R DSH QDV IRFDU SDUWHV} &RQVLGHUDQGR D VHJXUDQ¸D QD 8QLYHUVLGDGH FRPR XPD GHVWDV SDUWHV GH XP WRGR ØQJHOR GL] TXH WDQWR R VHWRU DGPLQLVWUDWLYR TXDQWR R DFDG»PLFR SUHFLVDP LQ WHUYLU QHVWD TXHVW¶R 3DUD HOH DV XQLYHUVLGDGHV GHYHP FRPSURPH WHU VH WDPE¹P FRP R VHX HQWRU QR LQWHUYLQGR QD SURPR¸¶R GH SRO½WLFDV SÇEOLFDV H UHDOL]DQGR D¸ÆHV HGXFDWLYDV MXQWR ³V FRPX QLGDGHV YL]LQKDV SDUD FRQWULEXLU FRP R VHX GHVHQYROYLPHQWR (TXLSDPHQWRV H HVWUDWpJLDV ²

3DUD GDU FRQWD GR WUDEDOKR GH VHJXUDQ¸D QD 8)5*6 D &RRU GHQDGRULD FRQWD FRP IXQ FLRQ²ULRV H FRQWUDWD SRV WRV GH YLJLO´QFLD H WUDEDOKD GRUHV QDV IXQ¸ÆHV GH SRUWHLURV H JDUDJLVWDV (QTXDQWR R VHUYL ¸R WHUFHLUL]DGR UHDOL]D D JXDU GD LQWHUQD GRV SU¹GLRV RV YLJL ODQWHV GD 8)5*6 ID]HP DV URQ GDV H[WHUQDV 6HJXQGR 'DQLHO FRP D H[WLQ¸¶R GR FDUJR GH YL JLODQWH GRV TXDGURV IXQFLRQDLV GDV 8QLYHUVLGDGHV )HGHUDLV HP EUHYH WRGR HVWH VHUYL¸R VHU² WHUFHLUL]DGR 2 VHWRU WDPE¹P DVVHVVRUD DV XQLGDGHV VXJHULQGR DOWHUQDWLYDV GH PHGLGDV GH VHJXUDQ¸D FRQ IRUPH DV QHFHVVLGDGHV GR ORFDO H GR WLSR GH WUDEDOKR GHVHQYRO YLGR SHOD XQLGDGH 'DQLHO FR PHQWD D LPSRUW´QFLD GHVVD DV VHVVRULD QDV DWLYLGDGHV DFDG»PL FDV FRPR VHPLQ²ULRV RX FRQ JUHVVRV |6 DVVLP SRGHPRV SOD QHMDU DV D¸ÆHV H LGHQWLILFDU RV

)/É9,2 '875$

SRQWRV SULQFLSDLV GH D¸¶R UHFR PHQGDQGR R FRPSRUWDPHQWR SUHYHQWLYR GDV SHVVRDV TXH WUD EDOKDP QR HYHQWR } $O¹P GD D¸¶R KXPDQD R WUD EDOKR GH VHJXUDQ¸D WDPE¹P SUH Y» DGHTXD¸ÆHV QR HVSD¸R I½VLFR 1HVWH VHQWLGR D &RRUGHQDGRULD DFRPSDQKRX RV FHUFDPHQWRV GR 6DO¶R GH $WRV GD (6() H GH VH WRUHV GR &DPSXV GR 9DOH FRQ FHQWUDQGR D ²UHD GH FRQWUROH 7DPE¹P IRUDP LQVWDODGDV OXPL Q²ULDV H F´PHUDV QRV FDPSL GH 3RUWR $OHJUH 6HJXQGR 'DQLHO HVVH PRQLWRUDPHQWR VHU² DPSOL DGR SULRULWDULDPHQWH QR &DP SXV GR 9DOH TXH FRQFHQWUD PDL RU ²UHD FRQVWUX½GD H PDLRU FLU FXOD¸¶R GH SHVVRDV 0DV DWUDY¹V GH SURYLG»QFLDV VLPSOHV H TXDVH VHP FXVWRV WDPE¹P ¹ SRVV½YHO REWHU ERQV UHVXOWDGRV 'DQLHO FLWD R FDVR GD )DFXOGDGH GH $UTXLWHWXUD 'H SRLV GR URXER GH XP ODSWRS HP D &RRUGHQDGRULD GH 6HJX UDQ¸D H D DGPLQLVWUD¸¶R GD )D FXOGDGH UHGX]LUDP RV SRQWRV GH DFHVVR DR SU¹GLR H DGRWDUDP ILWD GH GLUHFLRQDPHQWR GH IOX[R QD UHFHS¸¶R |$FDERX LQFOXVLYH FRP D VXMHLUD H R URXER GH SD SHO KLJL»QLFR GRV EDQKHLURV GR W¹UUHR FRQIRUPH FRPHQW²ULRV QD $UTXLWHWXUD }

$ FRPXQLGDGH GD 8)5*6 SUHFLVD DSUHQGHU D IHFKDU SRUWDV H MDQHODV 5RWLQD GH FRQILDQoD ² +² GRLV

DQRV H QRYH PHVHV -RV¹ 5REHUWR GRV 6DQWRV (YDQJHOLVWD R =¹ FRPR ¹ FRQKHFLGR WUDEDOKD GX UDQWH R GLD QR SRVWR GH VHJXUDQ ¸D GD 5XGGHU QD &DVD GRV (VWX GDQWHV GD $JURQRPLD H 9HWHUL Q²ULD 'HVGH VXD FKHJDGD (YDQJHOLVWD SUHIHUH ILFDU GR ODGR GH IRUD GD JXDULWD SDUD ]HODU PH OKRU SHOD VHJXUDQ¸D GRV UH VLGHQWHV H YLVLWDQWHV GD &HDY |)LFR PDLV GLVSRQ½YHO SDUD DFRPSDQKDU RV HVWXGDQWHV DW¹ D SDUDGD RX TXDQGR FKHJDP} MXVWLILFD (PERUD Q¶R VHMD R GRQR GR FDPSLQKR (YDQJHOLVWD ¹ R JXDUGL¶R GD EROD H GD UHGH GH YÄOHL GD FRRUGHQDGRULD GH HV SRUWHV GD FDVD ® HOH WDPE¹P TXHP UHFHEH H JXDUGD D FDL[D GH SURGXWRV GH EHOH]D WUD]LGRV SHOR &RUUHLR SDUD XPD HVWX GDQWH UHYHQGHGRUD ,VVR VHP IDODU QDV FKDYHV ELOKHWHV HV FULWRV UHFDGRV GH ERFD H VHP SUH TXH QHFHVV²ULR QD DMXGD DRV DOXQRV GD 9HWHULQ²ULD D DSOLFDU PHGLFD¸¶R QRV F¶HV DGRWLYRV GD &DVD 0DV WDOYH] R TXH PDLV HPRFLRQH (YDQJHOLVWD VHMDP DV FRQYHUVDV H SHGLGRV GH FRQVHOKRV 2 IDWR ¹ TXH HOH DFUHGLWD WHU HQFRQWUDGR QD UHOD¸¶R GH DPL ]DGH XPD IRUPD HIHWLYD Q¶R V GH SURPRYHU D VHJXUDQ¸D QD &HDY FRPR WDPE¹P GH GHVSHU WDU D FRQILDQ¸D GRV HVWXGDQWHV 1XP FRPHQW²ULR TXDVH FDVXDO HOH FRQIHVVD R WLSR GH FRLVD TXH R GHL[D IHOL] |6 VDEHUHP R PHX QRPH YDOH D SHQD 0RVWUD TXH D JHQWH Q¶R HVW² DTXL SRU QDGD ¹ SHUFHELGR}

1D (VFROD GH $GPLQLVWUDomR GLVSRVLWLYR ID] LGHQWLILFDomR GLJLWDO H OHLWXUD GH FyGLJR GH EDUUDV GR FDUWmR

(VFROD GH $GPLQLVWUDomR DGRWD LGHQWLILFDomR GLJLWDO $ (VFROD GH $GPLQLVWUD¸¶R GD 8)5*6 WHP QRYR VLVWHPD GH VH JXUDQ¸D GHVHQYROYLGR HP SDUFH ULD H FRP R SDWURF½QLR GD HPSUH VD 5HGH ,PDJHP ® R SURFHVVR GH ELRPHWULD GH LGHQWLILFD¸¶R GLJLWDO H GH OHLWXUD GR FÂGLJR GH EDUUD GR FDUW¶R 8)5*6 $O¹P GR UHJLVWUR GLJLWDO RV YLVLWDQWHV GHYHU¶R DSUH VHQWDU GRFXPHQWR GH LGHQWLGDGH (P PHQRV GH XP PLQXWR R HTXLSDPHQWR LQVWDODGR QD SRUWD SULQFLSDO GR SU¹GLR UHJLVWUD D LP SUHVV¶R GLJLWDO R FÂGLJR GH EDUUD H D LPDJHP GR YLVLWDQWH HP IRWR GLJLWDO ZHEFDP $ HVVHV GDGRV ¹ DGLFLRQDGD D PRGDOLGDGH GH FODV VLILFD¸¶R YLVLWDQWH DOXQR GH JUD GXD¸¶R SURIHVVRU W¹FQLFR DGPL QLVWUDWLYR IXQFLRQ²ULR )DXUJV HWF 2 WHPSR GH YLJ»QFLD GR FDGDVWUR DLQGD HP HVWXGR GHSHQGHU² GR Y½QFXOR GR YLVLWDQWH 3DUD D DVVHVVRUD DGPLQLVWUDWL YD GD (VFROD 0²UFLD %DUFHORV 6LO YD R QRYR VLVWHPD ¹ PDLV VHJXUR SRUTXH D LPSUHVV¶R GLJLWDO Q¶R SHUPLWH FÂSLD QHP VH UHVWULQJH DR UHFRQKHFLPHQWR YLVXDO $QWHV GH VHU FRORFDGR HP SU²WLFD IRUDP

FDGDVWUDGDV FHUFD GH SHV VRDV HQWUH YLVLWDQWHV FRPXQV LQ WHJUDQWHV GH RXWUDV XQLGDGHV H R SHVVRDO GD (VFROD 2XWUD QRYLGDGH ¹ R VLVWHPD SDUD FRQWUROH GH SRUWDULD FULDGR SHOR &HQWUR GH 3URFHVVDPHQWR GH 'DGRV HP IDVH GH WHVWH QR ,QVWLWXWR GH &L»QFLD H 7HFQROR JLD GRV $OLPHQWRV $W¹ R ILQDO GH MXOKR D GLUHWRUD GR &3' -XVVDUD ,VVD 0XVVH DSUHVHQWDU² R QRYR VLVWHPD DRV GLUHWRUHV GDV XQLGD GHV TXDQGR VHU² GHILQLGR R FURQRJUDPD GH LQVWDOD¸¶R $O¹P GD LPSODQWD¸¶R RV W¹FQLFRV GR &3' WUHLQDU¶R RV IXWXURV RSH UDGRUHV ORFDLV GR VLVWHPD GH SRU WDULD &DEHU² ³V XQLGDGHV D DTXL VL¸¶R GDV FDWUDFDV H GH XP FRP SXWDGRU FRPSDW½YHLV FRP R VRIWZDUH GH VHJXUDQ¸D 6HJXQGR -XVVDUD HVWD LQLFLDWL YD GR &3' ¹ XPD UHVSRVWD HFR QÄPLFD ³ FUHVFHQWH GHPDQGD GDV XQLGDGHV |2V FXVWRV VHULDP PXL WR DOWRV VH D 8QLYHUVLGDGH IRVVH FRPSUDU VROX¸¶R VHPHOKDQWH QR VHWRU SULYDGR SDUD DWHQGHU D WR GDV DV VXDV SRUWDULDV}

$7(1d®2 e 78'2 $ &RRUGHQDGRULD GH VHJXUDQoD GD 8)5*6 ID] DV VHJXLQWHV UHFRPHQGDo}HV GH VHJXUDQoD

3URFXUH DQGDU HP JUXSR 1XQFD DFHLWH RX Gr FDURQD D HVWUDQKRV

(YLWH VHJXLU XPD URWLQD )HFKH FRUWLQDV RX SHUVLDQDV DSyV R H[SHGLHQWH

5HYLVH SRUWDV H MDQHODV DR VDLU 1mR GHL[H REMHWRV j YLVWD GHQWUR GR FDUUR

(VWDFLRQH HP OXJDUHV LOXPLQDGRV j QRLWH

1mR ILTXH GHQWUR GR FDUUR HP iUHDV VHP VHJXUDQoD

(YLWH WUDQVLWDU SRU OXJDUHV SRXFR LOXPLQDGRV

_ -251$/ '$ 81,9(56,'$'( _ -8/+2 '(

& $0386

8QLYHUVLGDGH RIHUHFH TXDWUR QRYRV FXUVRV 8)5*6 (QJHQKDULD $PELHQWDO H 'HVLJQ GRXWRUDGR HP (QIHUPDJHP H PHVWUDGR DFDGrPLFR HP )tVLFD ELOL²ULR R DXWRPRWLYR R HOHWUR HOHWUÄQLFR HQWUH RXWURV (Q TXDQWR TXH R GHVLJQHU YLVXDO GHVHQYROYHU² SURMHWRV GH SURGX WRV GH SURJUDPD¸¶R YLVXDO H VLV WHPDV YLVXDLV GH FRPXQLFD¸¶R FRPR LGHQWLGDGH YLVXDO VLQDOL]D ¸¶R SLFWRJUDPDV HGLWRUD¸¶R GH SXEOLFD¸ÆHV HPEDODJHQV FDUWD ]HV HWF $QQD 0DULD %XVNR UHV VDOWD TXH SDUD DWXDU QR PHUFD GR FRPSHWLWLYR R GHVLJQHU GHYH U² VDEHU PDQLSXODU GH IRUPD FRQMXQWD H LQWHUDWLYD IDWRUHV WHF QROÂJLFRV KLVWÂULFRV VRFLDLV ¹WL FRV DPELHQWDLV DO¹P GRV PHU FDGROÂJLFRV

-DFLUD &DEUDO GD 6LOYHLUD

2 &RQVHOKR 8QLYHUVLW²ULR GD 8)5*6 DSURYRX QR GLD GH MXQKR D FULD¸¶R GH TXDWUR QR YRV FXUVRV GRXWRUDGR HP (QIHU PDJHP PHVWUDGR DFDG»PLFR HP )½VLFD H RV FXUVRV GH JUDGXD¸¶R GH (QJHQKDULD $PELHQWDO H 'HVLJQ -² QR YHVWLEXODU GH VHU¶R RIHUHFLGDV YDJDV SDUD (QJHQKDULD $PELHQWDO H SDUD 'HVLJQ 2V FXUVRV GH SÂV JUDGX D¸¶R WHU¶R LQ½FLR GHSRLV GH DSUR YDGRV SHOD &DSHV 1D UHXQL¶R GR &RQVXQ IRUDP XQ´QLPHV DV PDQLIHVWD¸ÆHV IDYRU²YHLV ³ DP SOLD¸¶R GH YDJDV RIHUHFLGDV ³ FR PXQLGDGH |(VWDPRV WRGRV GH SDUDE¹QV} FRQFOXLX R YLFH UHL WRU 3HGUR &H]DU 'XWUD )RQVHFD FRPR SUHVLGHQWH HP H[HUF½FLR GR &RQVHOKR (QJHQKDULD $PELHQWDO ² $ FULD¸¶R GR FXUVR GH (QJHQKDULD $PELHQ WDO YLQFXODGR DR ,3+ ,QVWLWXWR GH 3HVTXLVDV +LGU²XOLFDV WHYH D SDUWLFLSD¸¶R GD (VFROD GH (QJH QKDULD WDQWR QD HODERUD¸¶R GR SURMHWR SHGDJÂJLFR FRPR QR HQ FDPLQKDPHQWR GR SURFHVVR GH DSURYD¸¶R 6HJXQGR R GLUHWRU GR ,3+ /XL] )HUQDQGR GH $EUHX &\ELV K² VHLV DQRV RV SURIHVVR UHV GR ,QVWLWXWR YLQKDP WUDED OKDQGR SDUD FULDU VHX SULPHLUR FXUVR GH JUDGXD¸¶R HPERUD PL QLVWUHP DXOD D JUDGXDQGRV GH RXWUDV XQLGDGHV |2 QRYR FXUVR WHP XP SURMH WR SHGDJÂJLFR PXLWR ULFR H LP SRUWDQWH SDUD D VRFLHGDGH} DYD OLD R SURIHVVRU $OEHUWR 7DPDJQD GLUHWRU GD (VFROD GH (QJHQKDULD &\ELV WDPE¹P UHVVDOWD D DEUDQ J»QFLD GR SURMHWR TXH HP VXDV GLVFLSOLQDV WHU² D SDUWLFLSD¸¶R GH GRFHQWHV GRV ,QVWLWXWRV GH 4X½PLFD GH )½VLFD GH %LRFL»Q FLDV GH ,QIRUP²WLFD GH 0DWHP² WLFD GDV )DFXOGDGHV GH $JURQR PLD GH &L»QFLDV (FRQÄPLFDV GH 'LUHLWR GH (GXFD¸¶R H GD (VFR OD GH $GPLQLVWUD¸¶R 2 FXUVR WHU² FRPR EDVH DWLYL GDGHV GH HQVLQR H SHVTXLVD QD ²UHD GH SURFHVVRV WHFQROÂJLFRV GH SUHYHQ¸¶R PRQLWRUDPHQWR H RX UHFXSHUD¸¶R GH LPSDFWRV DP ELHQWDLV 7HU² D GXUD¸¶R GH FLQ FR DQRV GHVHQYROYLGRV HP GH] HWDSDV FRP XP WRWDO GH FU¹ GLWRV DFUHVFLGRV GH KRUDV GH HVW²JLR HP (GXFD¸¶R $PELHQWDO

3URWyWLSR GH R[LJHQDGRU GH DTXiULRV FULDGR QR /DERUDWyULR GH 'HVLJQ

'RXWRUDGR HP HQIHUPDJHP ² 2

2 SURILVVLRQDO GH 'HVLJQ GH 3URGXWR GHVHQYROYHUi SURMHWRV SDUD GLYHUVRV VHWRUHV GD LQG~VWULD

H KRUDV GH HVW²JLR VXSHUYLVL RQDGR $V DXODV VHU¶R RIHUHFLGDV QRV WXUQRV GD PDQK¶ H WDUGH $ DWLYLGDGH GH HQJHQKHLUR DPELHQWDO M² ¹ UHFRQKHFLGD SHOR 0LQLVW¹ULR GH (GXFD¸¶R H SHOR &RQIHD &RQVHOKR )HGHUDO GH (QJHQKDULD $UTXLWHWXUD H $JUR QRPLD &DEH DR SURILVVLRQDO GH WHFWDU H SURSRU PHGLGDV TXH GL

PLQXDP RX FRPSHQVHP SUREOH PDV GH LPSDFWRV DPELHQWDLV UH ODWLYRV D FRQVWUX¸ÆHV H REUDV TXH SRGHP VHU DWHUURV DEHUWXUD GH HVWUDGDV LPSODQWD¸¶R GH XVLQDV KLGUHO¹WULFDV HVWD¸ÆHV GH WUDWD PHQWR GH HVJRWRV HQWUH RXWUDV 6HJXQGR R SURIHVVRU GR ,3+ &DUORV $QGU¹ %XOKÆHV 0HQGHV FRRUGHQDGRU GD HTXLSH GH FULD ¸¶R GR FXUVR MXQWR DR ,QVWLWXWR ¹ FUHVFHQWH R PHUFDGR GH WUDED OKR SDUD R HQJHQKHLUR DPELHQWDO GHYLGR ³ UHLQFLG»QFLD GRV GLOHPDV DPELHQWDLV QD VRFLHGDGH DWXDO |6H FKRYHU SRU PLQXWRV HP TXDOTXHU FLGDGH EUDVLOHLUD GH P¹GLR SRUWH ILFD LQYL²YHO WUDIH JDU SRU FDXVD GDV HQFKHQWHV XU EDQDV ,VVR VHP IDODU QR YROX PH GH OL[R H QRV YD]DPHQWRV LQ GXVWULDLV QRV ULRV } 'HVLJQ ² |(VWDPRV RXVDQGR VHP SUH} GHFODURX R GLUHWRU GD )D FXOGDGH GH $UTXLWHWXUD (OYDQ 6LOYD DR UHVVDOWDU R SRWHQFLDO DFD G»PLFR GD 8)5*6 QD FULD¸¶R GRV QRYRV FXUVRV 1D RSLQL¶R GR SUR IHVVRU R FXUVR GH 'HVLJQ WHU² R PHVPR »[LWR GR FXUVR GH $UTXL WHWXUD TXH QRV GRLV ÇOWLPRV SURYÆHV DOFDQ¸RX P¹GLD $ VHQ GR FRQVLGHUDGR R PHOKRU GR %UD VLO 1R YHVWLEXODU GH VHU¶R RIHUHFLGDV YDJDV GLYLGLGDV LJXDOPHQWH SDUD DV GXDV KDELOL WD¸ÆHV 'HVLJQ GH 3URGXWR H 'H

VLJQ 9LVXDO 2 FXUVR WHU² GXUD ¸¶R GH TXDWUR DQRV H PHLR H VHU² GHVHQYROYLGR SUHGRPLQDQWH PHQWH QR WXUQR GD WDUGH 6HJXQGR D FRRUGHQDGRUD GD FRPLVV¶R GH SODQHMDPHQWR GR FXUVR SURIHVVRUD $QQD 0DULD 3\ 'DQLHO %XVNR GH GH]HPEUR GH D PDU¸R GHVWH DQR XP JUX SR GH SURIHVVRUHV WUDEDOKRX QR VHQWLGR GH HODERUDU XPD SURSRV WD SHGDJÂJLFD FRHUHQWH JHQHUD OLVWD H IOH[½YHO R VXILFLHQWH SDUD

9HVWLEXODU RIHUHFHUi YDJDV SDUD (QJHQKDULD $PELHQWDO H SDUD 'HVLJQ TXH R QRYR SURMHWR SRVVD DMXV WDUzVH ³V HPHUJHQWHV PXGDQ¸DV VRFLDLV WHFQROÂJLFDV H FLHQW½ILFDV $VVLP FRPR (OYDQ 6LOYD D SUR IHVVRUD DFUHGLWD TXH R FXUVR GH 'HVLJQ GD 8)5*6 VHU² UHIHU»Q FLD QDFLRQDO GHYLGR D VXD HVWUX WXUD FXUULFXODU H SHUIRUPDQFH GLIHUHQFLDGDV 2 SURILVVLRQDO GH 'HVLJQ GH 3URGXWR DWXDU² QR GHVHQYROYL PHQWR GH SURMHWRV SDUD GLYHUVRV VHWRUHV LQGXVWULDLV FRPR R PR

FXUVR GH GRXWRUDGR HP (QIHU PDJHP M² FRQWD FRP DGHTXDGD HVWUXWXUD ODERUDWRULDO H D SRVVL ELOLGDGH GH XWLOL]D¸¶R GD LQIUD HVWUXWXUD GD UHGH KRVSLWDODU SUL YDGD H ILODQWUÂSLFD SRUTXH HVW² YLQFXODGR DR 3URJUDPD GH 3ÂV JUDGXD¸¶R GD (VFROD GH (QIHU PDJHP TXH GHVGH RIHUH FH R FXUVR GH PHVWUDGR 6HJXQ GR R SDUHFHU GR &RQVHOKR 8QL YHUVLW²ULR TXH DSURYRX D FULD ¸¶R GR FXUVR H[LVWH XPD FDU»Q FLD DFHQWXDGD GH GRXWRUDGR QD ²UHD GH (QIHUPDJHP QD UHJL¶R VXO GR %UDVLO 3DUD D SULPHLUD VHOH¸¶R HVW¶R SUHYLVWDV VHLV YDJDV GLVWULEX½GDV QDV WU»V OLQKDV GH SHVTXLVD |)XQ GDPHQWRV W¹FQLFRV H WHFQROÂJL FRV GR SURFHVVR GH FXLGDU HP HQIHUPDJHP} |3U²WLFDV GH HQ IHUPDJHP H VDÇGH FROHWLYD} H |3RO½WLFDV H SU²WLFDV HP VDÇGH H HQIHUPDJHP} 2 SURFHVVR VHOHWL YR LQFOXLU² D DQ²OLVH GR FXUU½FX OR /DWWHV GRFXPHQWDGR D DQ²OL VH GH SU¹ SURMHWR GH SHVTXLVD H HQWUHYLVWD LQGLYLGXDO 1R WRWDO VHU¶R FU¹GLWRV GLV WULEX½GRV HQWUH REULJDWÂULRV H RSWDWLYRV FRQVLGHUDQGR XP WURQFR FRPXP SDUD D ²UHD GH FRQFHQWUD¸¶R H GLVFLSOLQDV UHFR PHQGDGDV SDUD FDGD XPD GDV OL QKDV GH SHVTXLVD (QWUH DV GLVFL SOLQDV HVSHF½ILFDV SDUD R GRXWR UDGR HVW¶R |(VWXGRV DYDQ¸DGRV HP HSLGHPLRORJLD} H |&RQVWUX ¸¶R GR FRQKHFLPHQWR HP HQIHU PDJHP H VDÇGH} )DU¶R SDUWH GR JUXSR GRFHQWH RLWR SURIHVVRUHV FRP GHGLFD¸¶R H[FOXVLYD YLQFX ODGRV ³ (VFROD GH (QIHUPDJHP 0HVWUDGR DFDGrPLFR ² &RP D

FULD¸¶R GR FXUVR GH 0HVWUDGR $FDG»PLFR R 3URJUDPD GH 3ÂV JUDGXD¸¶R HP (QVLQR GH )½VLFR FULDGR HP SDVVD D RIHUH FHU PDLV XPD HVSHFLDOLGDGH DO¹P GR PHVWUDGR SURILVVLRQDO M² H[LV WHQWH 0HVPR UHFHQWH R SURJUD PD M² DWLQJLX FRQFHLWR QD DYD OLD¸¶R GD &DSHV UHODWLYD DR WUL»QLR 2 QÇFOHR GR SURJUDPD ¹ IRUPDGR HP VXD PDL RULD SRU GRFHQWHV GR 'HSDUWD PHQWR GH )½VLFD FRP SURGX¸¶R LQWHOHFWXDO H GH SHVTXLVD FRQWL QXDGD H FRQVLVWHQWH $ HVWUXWXUD GR FXUVR WHP WU»V ²UHDV GH FRQFHQWUD¸¶R |$SUHQ GL]DJHP VLJQLILFDWLYD HP )½VLFD QD HGXFD¸¶R E²VLFD H VXSHULRU} |$WXDOL]D¸¶R FXUULFXODU HP )½ VLFD QD HGXFD¸¶R E²VLFD H VXSH ULRU} H |7HFQRORJLDV GH LQIRU PD¸¶R H FRPXQLFD¸¶R QR HQVL QR GH )½VLFD} 2 FXUVR WRWDOL]D FU¹GLWRV H R SURFHVVR GH VH OH¸¶R VHU² DQXDO FRP YDJDV RIHUHFLGDV HP FDGD VHOH¸¶R GL YLGLGDV HQWUH DV WU»V OLQKDV GH SHVTXLVD

-251$/ '$ 81,9(56,'$'( _ -8/+2 '( _

3(5),/

:DJVWRQ 7DVVRQL 6WDHKOHU UHDOL]D VHX VRQKR ,QWHUFkPELR *DURWR SREUH GR LQWHULRU FRQTXLVWD EROVD H SDVVD XP DQR HVWXGDQGR HP *UHQREOH QD )UDQoD )/É9,2 '875$

$GHPDU 9DUJDV GH )UHLWDV

'HVGH TXH VH HQWHQGHX SRU JHQWH :DJVWRQ VRQKDYD HP FR QKHFHU 3DULV (OH QDVFHX HP 6¶R -HUÄQLPR D GH QRYHPEUR GH 4XDWUR DQRV GHSRLV RV SDLV %HDWUL] H :DJVWRQ 0RLV¹V PXGDUDP VH SDUD 3HGDQFLQR QR LQWHULRU GH &D[LDV GR 6XO RQGH QDVFHX D LUP¶ -HQQLIHU KRMH FRP DQRV :DJVWRQ FUHVFHX VHP JUDQGHV ULVFRV H FRP PXLWD OLEHUGDGH ID ]HQGR FDVD HP ²UYRUH FD¸DQGR VDSR HP EDQKDGR (VWXGRX QD (VFROD 0XQLFLSDO -RV¹ %RQLI²FLR QR 3HGDQFLQR H QD (VFROD (VWD GXDO 6DQWD &DWDULQD HP &D[LDV 1D DXOD HUD LUUHTXLHWR FRQYHUVD YD ULD EDJXQ¸DYD $SUHQGLD FRP IDFLOLGDGH H SDVVDYD R UHVWR GR WHPSR EULQFDQGR 3HQVDYD HP ID]HU )½VLFD PDV DR FRQFOXLU R HQVLQR P¹GLR GHFL GLX SHOD (QJHQKDULD QR ,QVWLWXWR 7HFQROÂJLFR GD $HURQ²XWLFD HP 6¶R 3DXOR )H] R YHVWLEXODU GXDV YH]HV HPSHQKRX VH HVWXGRX PXLWR PDV Q¶R IRL R VXILFLHQWH (P FRPSHQVD¸¶R WHYH ERD FODV VLILFD¸¶R QR YHVWLEXODU GD 8)5*6 HP SDUD (QJHQKDULD GH &RPSXWD¸¶R 9HQFLGR R YHVWLEXODU R SULPHL UR SUREOHPD IRL HQFRQWUDU XP OXJDU SDUD PRUDU HP 3RUWR $OH JUH 1R SULPHLUR P»V H PHLR IL FRX QD FDVD GD DY HP &KDU TXHDGDV D XPD KRUD GH ÄQLEXV -² HVWDYD SURFXUDQGR XP SHQVLR QDWR TXDQGR IRL VRUWHDGR SDUD XPD YDJD QD &DVD GR (VWXGDQWH

3Uy[LPR SDVVR PRQWDU R SUySULR FDQWR H GHL[DU D &DVD GR (VWXGDQWH

(P VHJXLGD JDQKRX D SULPHL UD EROVD GH HVWXGRV QR /DERUD WÂULR GH ,QIRUP²WLFD GD )DFXOGD GH GH (GXFD¸¶R 'HSRLV GH XP DQR IRL WUDEDOKDU QD 0DWHP²WL FD FRPR PRQLWRU GH F²OFXOR 1R WHUFHLUR VHPHVWUH FRQVHJXLX EROVD GH ,QLFLD¸¶R &LHQW½ILFD QXP

$R GHVHPEDUFDU QD )UDQ¸D :DJVWRQ XVRX R IUDQF»V TXH DSUHQGHUD DQRV DQWHV QXP FXU VR E²VLFR &RQVHJXLD SHUJXQWDU PDV WLQKD GLILFXOGDGH SDUD HQ WHQGHU DV UHVSRVWDV D O½QJXD GR GLD D GLD Q¶R HUD D TXH WLQKD HV WXGDGR 3URJUHGLX UDSLGDPHQWH FDGD YH] TXH LD DR VXSHUPHUFD GR DSUHQGLD XP SRXFR 1D DXOD IRL PDLV GLI½FLO 1¶R VH WUDWDYD DSHQDV GH HQWHQGHU R IUDQF»V PDV GH FRPSUHHQGHU XPD PDW¹ULD QRYD GDGD HP RX WUR LGLRPD ( RV SURIHVVRUHV FR ORFDYDP VH HP SODQR VXSHULRU R TXH OHYDYD RV DOXQRV D WHU FXLGD GR QD KRUD GH TXHVWLRQDU RX FR EUDU DOJXPD QRWD (P FRPSHQ VD¸¶R GLVWULEX½DP SRO½JUDIRV GD YDP WXGR PDVWLJDGR 2 FRQWHÇGR HUD VLPLODU DV PHVPDV OLQKDV GH SHVTXLVD RV PHVPRV HQIRTXHV V TXH KDYLD PDLV UHFXUVRV ³ GLVSRVL¸¶R |(X H R $OFLGHV SXGHPRV DFRPSD QKDU EHP R FXUVR WLU²YDPRV QRWDV VHPHOKDQWHV ³V GR UHVWR GR SHVVRDO 3RVVR GL]HU TXH HV W²YDPRV DW¹ XP SRXFR PDLV SUH SDUDGRV SRUTXH DTXL PXLWDV YH]HV WHPRV TXH LPSURYLVDU ID ]HU XPD JDPELDUUD } (VTXL ² *UHQREOH QR OHVWH GD

)UDQ¸D D TXLOÄPHWURV GH 3DULV WU»V KRUDV HP WUHP EDOD

¹ D |FDSLWDO GRV $OSHV} 7HP PLO KDELWDQWHV H ¹ FHUFDGD SRU PRQWDQKDV FRP Y²ULDV HVWD¸ÆHV GH HVTXL (PERUD SHTXHQD H FRP H[FHOHQWH TXDOLGDGH GH YLGD WHP DW¹ ERQGH FRQFHQWUD JUDQGHV HPSUHVDV GH SRQWD WHP XP DFH

OHUDGRU GH SDUW½FXODV H D HQHUJLD TXH FRQVRPH ¹ SURGX]LGD SRU UHDWRU QXFOHDU :DJQHU PRURX QR FDPSXV TXH DEULJD Y²ULDV XQLYHUVLGDGHV UHVLG»QFLDV H UHVWDXUDQWHV XQL YHUVLW²ULRV 1R SULPHLUR VHPHV WUH FXUVRX DV GLVFLSOLQDV GH 7H OHFRPXQLFD¸ÆHV 1R VHJXQGR IH] HVW²JLR UHPXQHUDGR QD 67 0LFURHOHFWURQLFV XPD GDV FLQ FR PDLRUHV HPSUHVDV GH VLO½FLR GH VHPLFRQGXWRUHV GR PXQGR /RJR TXH FKHJRX LQVFUHYHX VH QD HTXLSH GH YÄOHL GR FOXEH GD FLGDGH &RP D EROVD GD &DSHV SDUD VH VXVWHQWDU V SUHFLVDYD VHJXLU RV FXUVR R UHVWR GR WHP SR HUD OLYUH (QW¶R SÄGH DSUR YHLWDU EDVWDQWH QDGDU MRJDU YÄ OHL HVTXLDU QD QHYH WHQGR FRPR LQVWUXWRUHV FROHJDV DOHP¶HV VX ½¸RV H DXVWU½DFRV 6HWH PHVHV GHSRLV TXH HOH FKH JRX D *UHQREOH D QDPRUDGD )HUQDQGD *X]DWWR IRL YLVLW² OR -XQWRV FRQKHFHUDP FLGDGHV GD UHJL¶R HVWLYHUDP HP 3DULV H YLD MDUDP SHOR QRUWH GH ,W²OLD 7X ULP 0LO¶R *»QRYD |)HUQDQGD SDVVRX XP P»V QD )UDQ¸D PDV TXDQGR YROWRX D IDP½OLD GHOD TXH ¹ GH RULJHP LWDOLDQD V TXH ULD VDEHU GRV TXDWUR GLDV QD ,W² OLD $W¹ WLQKDP SHGLGR TXH WURX [HVVH XP SRXFR GH WHUUD GH O² (OD WURX[H QXP YLGULQKR } 79 GLJLWDO ² :DJVWRQ UHWRUQRX

HP DJRVWR GH $R JUDGXDU VH QR LQ½FLR GH PDU¸R GHVWH DQR SHQVRX |9RX WUDEDOKDU H JD QKDU GLQKHLUR RX YRX ID]HU PDLV XP FXUVR"} )RL TXDQGR R SUR

0DV ORJR DSDUHFHX XPD SURSRV WD GH LQWHUF´PELR HVWXGDU XP DQR HP *UHQREOH YDOLGDU HVVH HVWXGR QD YROWD H FRQFOXLU R FXU VR QR WHPSR FHUWR 3DUWLFLSRX GD VHOH¸¶R FRP PDLV FDQGLGDWRV HQWUHYLVWD SVLFRW¹FQLFR GLQ´PLFD GH JUXSR

|1RV DQDOLVDUDP GH FLPD DEDL [R TXHP Q¶R VH DGDSWD DFDED GHVSHUGL¸DQGR R LQYHVWLPHQWR +DYLD GXDV YDJDV 1R ILQDO IRPRV VHOHFLRQDGRV HX H $OFLGHV 6LOYHLUD &RVWD PHX FROHJD GD (QJHQKD ULD GH &RPSXWD¸¶R } 9LDMDUDP MXQWRV HP DJRVWR GH

$548,92 3(662$/

(VWXGR WUDEDOKR H GLYHUVmR

SURMHWR GH SHVTXLVD QD ²UHD GH DUTXLWHWXUD GH SURFHVVDGRUHV 1D 8QLYHUVLGDGH YLX TXH HUD SRVV½YHO UHDOL]DU VHX VRQKR DQ WHV PHVPR GH VH IRUPDU 2IHU WDV KDYLD 'HL[RX SDVVDU XPD EROVD GH GRLV DQRV QD )UDQ¸D SRUTXH LVVR DWUDVDULD VHX FXUVR

:DJVWRQ FRP IHUQDQGD HP 3DULV ´(VWLYH Oi GXDV YH]HV WLUHL IRWR GH WXGR TXH p MHLWR QD 7RUUH (LIIHOµ

6·,/ 9286 3/Ç,7 ´1R FRPHoR PH VHQWL HVWUDQKR Oi DFKHL TXH QXQFD FRQVHJXLULD PH DGDSWDU 0DV DR YROWDU PH GHL FRQWD GH TXH WLQKD PH DGDSWDGR VLP SRUTXH DFKHL WXGR DTXL PXLWR HVWUDQKR 1R SULPHLUR PrV ILTXHL PHLR SHUGLGR )XL DR EDQFR WUDWDU GRV PHXV DVVXQWRV H FKHJXHL FKHLR GH GHGRV ERP GLD FRP OLFHQoD SRU JHQWLOH]D $TXL VH YDL GLUHWR DR SRQWR PDV Oi WHP WRGR XP SURWRFROR DV SHVVRDV VmR VHPSUH PXLWR HGXFDGDV PHVPR FRP RV PDLV FKHJDGRV µ &+,0$55®2 ( &$3,5,1+$ ´)D]tDPRV QRLWDGDV FXOWXUDLV FRP R SHVVRDO PDLV SUy[LPR YiULRV DOHPmHV H RV QRVVRV FROHJDV IUDQFHVHV 1XPD QRLWH RV IUDQFHVHV IL]HUDP HVFDUJRWV HP RXWUD FR[DV GH Um 4XDQGR FKHJRX QRVVD YH] HX H R $OFLGHV VHUYLPRV IHLMRDGD H RIHUHFHPRV FKLPDUUmR H FDLSLULQKD 2 FKLPDUUmR HOHV DFKDUDP DPDUJR $ FDLSLUD QR FRPHoR DFKDUDP TXH HUD XP VXTXLQKR PDV GHSRLV GH WRPDU PHLR FRSR ILFDYDP ]RQ]RV µ

IHVVRU $OWDPLUR 6XVLQ GD (QJH QKDULD (O¹WULFD OKH SURSÄV HQ WUDU SDUD R PHVWUDGR FRPR ERO VLVWD HQJDMDGR QXP SURMHWR SDUD HVWDEHOHFHU XP PRGHOR GH UHIH U»QFLD HP 79 GLJLWDO QXP FRQ VÂUFLR GH XQLYHUVLGDGHV 4XDQGR FRQFOXLU R SURMHWR SUHWHQGH WUDEDOKDU QXPD HPSUH VD GR VHWRU RX GHVHQYROYHU VXD

SUÂSULD HPSUHVD 0DV R REMHWLYR LPHGLDWR ¹ OLEHUDU D YDJD GD &DVD GR (VWXGDQWH H PRQWDU PHX SUÂ SULR FDQWR )HUQDQGD VH IRUPD HVWH DQR HP 0HGLFLQD QD 8)5*6 7DOYH] SRU LQIOX»QFLD GHOD :DJVWRQ M² FRPH¸RX D LQ YHVWLJDU D RULJHP GRV 7DVVRQL SDUD TXHP VDEH FRQVHJXLU GX SOD FLGDGDQLD

$6 *85,$6 '( /É ´$V JXULDV GH Oi QmR VmR WmR EHP FXLGDGDV FRPR DV GDTXL /i WHP XPDV TXH SDUHFHP UHFpP WHU VDtGR GD FDPD 0HVPR SHVVRDV TXH DQGDP PXLWR EHP YHVWLGDV WrP PDX KiOLWR FDVSD FKHLUR GH FRUSR $QGDU HP WUDQVSRUWH FROHWLYR p GXUR ( SRU RQGH VH YDL QD UXD QR VXSHUPHUFDGR WHP DTXHOH FKHLULQKR 0HXV FROHJDV HXURSHXV VH DGPLUDYDP ¶3{ PDV WX WRPD EDQKR WRGRV RV GLDV PHVPR"· µ

_ -251$/ '$ 81,9(56,'$'( _ -8/+2 '(

(63(&,

/LWHUDWXUD FRPSDUDGD DWUDL HVWXGDQWHV GD

/HWUDV $ $VVRFLDomR ,QWHUQDFLRQDO GH /LWHUDWXUD &RPSDUDGD WHP GRLV FROyTXLRV QHVWH DQR XP

$GHPDU 9DUJDV GH )UHLWDV

$ SUHVLGHQWH GD $VVRFLD¸¶R ,QWHUQDFL RQDO GH /LWHUDWXUD &RPSDUDGD SURIHVVR UD 7DQLD )UDQFR &DUYDOKDO GL] TXH R HV WXGR GHVVD GLVFLSOLQD YHP WHQGR JUDQGH UHSHUFXVV¶R QD 8QLYHUVLGDGH DWUDLQGR HVWXGDQWHV GH OLWHUDWXUDV HVWUDQJHLUDV SDUD R PHVWUDGR RX GRXWRUDGR QD ²UHD (P PDLR XP FROÂTXLR LQWHUQDFLRQDO UHDOL ]DGR QD 8)5*6 H[DPLQRX D LQIOX»QFLD GDV QRYDV WHFQRORJLDV QR VHWRU 2 &RO TXLR ,QWHUQDFLRQDO /LWHUDWXUD &RPSDUD GD H 1RYDV 7HFQRORJLDV IRL UHDOL]DGR GH D GH PDLR QD 6DOD ,, GR 6DO¶R GH $WRV GD 8)5*6 (P VHWHPEUR RXWUR FROÂTXLR LQWHUQDFLRQDO YDL UHXQLU HP 9HQH]D H[ SRHQWHV GD ²UHD GH /LWHDWXUD &RPSDUDGD YLQGR GH GLYHUVRV SRQWRV GR JORER (VVH FROÂTXLR FRPHPRUDWLYR DR MXEL OHX GD HQWLGDGH GHQRPLQDGR |3DUWLQGR GH 9HQH]D} RFRUUHU² GH D GH VH WHPEUR QD 8QLYHUVLGDGH &D )RVFDUL VHGH GR SULPHLUR FRQJUHVVR GD $,/& HP ORJR DSÂV VXD IXQGD¸¶R HP 2[IRUG ,QJODWHUUD 6HJXQGR D SURIHVVRUD 7DQLD &DUYDOKDO R FROÂTXLR GH 3RUWR $OHJUH IRL W¶R LPSRU WDQWH TXH HOD GHFLGLX SURSRU D FULD¸¶R GH XP FRPLW» GH SHVTXLVD HVSHFLDO GHQWUR GD $,/& VREUH D UHOD¸¶R HQWUH OLWHUDWXUD FRPSDUDGD H RV DYDQ¸RV QD LQIRUP²WLFD H GDV QRYDV WHFQRORJLDV 6HPSUH UHVVDOWDQ GR TXH RV UHFXUVRV WUD]LGRV SRU HVVDV WHFQRORJLDV Q¶R VXEVWLWXLU¶R R OLYUR 2XWUR GHVWDTXH SDUD D 8)5*6 GXUDQWH R &ROÂTXLR GHVHQYROYHUDP VH HVWXGRV TXH FRQWULEXLU¶R SDUD R WHPD OLWHUDWXUD FRPSDUDGD GR TXDO D $,/& ¹ UHVSRQV² YHO QR ´PELWR GD JUDQGH HQFLFORS¹GLD YLU WXDO GD 8QHVFR (2/66 |$V SHVVRDV TXH YLHUDP DR FROÂTXLR V¶R DV TXH HVW¶R HQ YROYLGDV QHVVH SURMHWR H SURIHVVRUHV GR ,QVWLWXWR GH /HWUDV VHU¶R FRQYLGDGRV D UH GLJLU YHUEHWHV SDUD D HQFLFORS¹GLD} LQIRU PD 7DQLD $O¹P GLVVR DV UHOD¸ÆHV HQWUH D 8)5*6 H D $,/& VHU¶R HVWUHLWDGDV FRP D SDUFHULD GD 8QLYHUVLGDGH QD SXEOLFD¸¶R GD UHYLVWD ELO½QJÊH 5HFKHUFKH /LWW¹UDLUH /LWWHUDU\ 5HVHDUFK RUJDQL]DGD SRU SURIHVVRUHV GD 8QLYHUVLGDGH GH 3DULV H HGLWDGD SHOR SURIHVVRU 3KLOLSSH 'DUÂV 1RYDV WHFQRORJLDV ² 7DQLD FRQVLGHUD TXH

D JOREDOL]D¸¶R PXGRX R SHUILO GR SHVTXL VDGRU LQFOXVLYH QD ²UHD GH /HWUDV H D LQIRUP²WLFD FRORFRX QRYRV UHFXUVRV ³ GLV

SRVL¸¶R &RP LVVR FRQWDWRV H FRPXQLFD ¸ÆHV VH DOWHUDUDP SHUPLWLQGR D IRUPD ¸¶R GH HTXLSHV FRP SHVVRDV GH GLIHUHQWHV OXJDUHV |-² SRGHPRV WHU XPD HTXLSH QR PXQGR} GL] D SURIHVVRUD |6HP D ,QWHU QHW HX Q¶R SRGHULD PH PDQWHU HP FRQ WDWR SHUPDQHQWH FRP RV FLQFR PLO VÂFLRV GD $,/& ( FRPR SUHVLGHQWH QHP WHULD FRPR SHUPDQHFHU HP 3RUWR $OHJUH GH YHULD HVWDU HP 3DULV } 2 &ROÂTXLR SURFXURX UHIOHWLU RV LPSDF WRV GHVVHV DYDQ¸RV QRV HVWXGRV GH OLWHUD WXUD FRPSDUDGD H GHVFREULU FRPR DSUR YHLWDU RV UHFXUVRV GH XP PXQGR JORED OL]DGR VHP IHULU LGHQWLGDGHV FXOWXUDLV H OLWHU²ULDV |4XHUHPRV HQULTXHFHU H IDFL OLWDU QRVVR WUDEDOKR GH SHVTXLVDGRUHV VHP SHUGHU DV FDUDFWHU½VWLFDV GR WUDEDOKR SU SULR FRP R OLYUR} GL] 7DQLD 0DV HOD DOHUWD |1¶R HVWDPRV WDQWR ³ SURFXUD GH VHPHOKDQ¸DV PDV WDPE¹P ³ SURFXUD GDV GLIHUHQ¸DV &RP D JOREDOL]D ¸¶R WHPRV JUDQGH SRVVLELOLGDGH GH SHU FHEHU FRPR GHWHUPLQDGD FXOWXUD TXH D SDUHQWHPHQWH QDGD WHP D YHU FRP D QRV VD DFDED DSUHVHQWDQGR Y²ULRV SRQWRV HP FRPXP ( WDPE¹P SRGHPRV YHU RQGH HOD GLIHUH QHVVHV SRQWRV HP FRPXP} 4XHP YHLR ² 7DQLD &DUYDOKDO IDORX VREUH D

LQIOX»QFLD GDV QRYDV WHFQRORJLDV DR DEULU R &ROÂTXLR TXH WHYH WDPE¹P D FRRUGHQD¸¶R GDV SURIHVVRUDV /ÇFLD 6² 5HEHOOR H 6DUD 9L ROD 5RGULJXHV GR ,QVWLWXWR GH /HWUDV GD 8)5*6 H GD 3U UHLWRULD GH ([WHQV¶R 3DROD 0LOGRQLDQ SURIHVVRUD GD 8QL YHUVLGDGH &D )RVFDUL GH 9HQH]D IDORX VREUH |/LWHUDWXUD &RPSDUDGD H ÚUHDV GH &RQKHFLPHQWR} $ SURIHVVRUD 'RORUHV 5RPHUR GD 8QLYHUVLGDGH &RPSOXWHQVH GH 0DGUL H[SÄV |([SHUL»QFLDV +LSHUWH[ WXDLV QD /LWHUDWXUD &RPSDUDGD QD (VSD QKD} FRP FRPHQW²ULRV GR SURIHVVRU $OFNPDU /XL] GRV 6DQWRV GD 8QLYHUVLGD GH )HGHUDO GH 6DQWD &DWDULQD |$ /LWHUDWXUD &RPSDUDGD HP ®SRFD GH 0XGDQ¸DV} IRL R WHPD DERUGDGR SHOD SUR IHVVRUD /LVD %ORFN GH %HKDU GD 8QLYHUVL GDGH GD 5HSÇEOLFD GH 0RQWHYLG¹X 8UX JXDL (VVD SDOHVWUD WHYH FRPHQW²ULRV GD SURIHVVRUD $QQH 0DULH $XWLVVLHU GD 8QL YHUVLGDGH 3DULV 9LQFHQQHV 2 SURIHVVRU H MRUQDOLVWD -HDQ 0LFKHO 'MLDQ 3DULV 9LQFHQQHV IDORX VREUH /LWHUDWXUD H 2XWUDV $UWHV FRP FRPHQW²ULRV GH 0DULD /XL]D %HUZDQJHU GD 6LOYD GD 8)5*6 7DP E¹P SDUWLFLSRX GR &ROÂTXLR XP HVSHFLD OLVWD GR 0(& HP QRYDV WHFQRORJLDV (VSDUWDFR 0DGXUHLUD TXH UHVSRQGH SHOR

SRUWDO 'RP½QLR 3ÇEOLFR GH OLWHUDWXUD EUD VLOHLUD 1R ÇOWLPR GLD KRXYH VHVVÆHV GH HV WXGR FRP RV SURIHVVRUHV GD 8)5*6 5LWD 6FKPLGW *LOGD %LWWHQFRXUW 9´QLD )DOF¶R 1HXVD 0DWWH 3DWU½FLD )ORUHV GD &XQKD H 8ELUDWDQ 3DLYD GH 2OLYHLUD 3DUWLFLSDUDP GR &ROÂTXLR FRP PXLWR HQWXVLDVPR PDLV GH XPD FHQWHQD GH SHV VRDV HQWUH SURIHVVRUHV DOXQRV GH JUDGX D¸¶R H GH SÂV JUDGXD¸¶R H FRQYLGDGRV HV SHFLDLV (VWLYHUDP UHSUHVHQWDGDV GLYHUVDV XQLYHUVLGDGHV GR 5LR *UDQGH GR 6XO

8QLVF 8ISHO )XUJ 5LWWHU GRV 5HLV 8QLVLQRV H GH 6DQWD &DWDULQD 8)6&

2 QÇPHUR GH LQVFULWRV FKHJRX D 7DQLD YLDMD ² $ $,/& TXH 7DQLD )UDQFR

&DUYDOKDO SUHVLGH DW¹ JDQKRX VHGH I½VLFD HVWH DQR RFXSDQGR D VDOD $ GR $QH[R QR &DPSXV &HQWUDO GD 8)5*6 DR ODGR GD VDOD GD 6RFLHGDGH %UDVLOHLUD SDUD R 3URJUHVVR GD &L»QFLD 6%3&

(OD GL] TXH HVW² PXLWR VDWLVIHLWD SRU TXH DJRUD WHP XP H PDLO XP HQGHUH¸R

³$ ,QWHUQHW HVWi SURYRFDQGR XPD UHYROXomR VHPHOKDQWH j GH *XWHQEHUJ´ 3DUD D HVSDQKROD 'RORUHV 5RPHUR /ÂSH] R &ROÂTXLR ,QWHUQDFLRQDO GH /LWHUDWXUD &RPSDUDGD H 1RYDV 7HFQRORJLDV IRL PXLWR LPSRUWDQWH FRORFRX D HP FRQWDWR GLUHWR FRP XP JUXSR LQWHOHFWXDO GR %UDVLO TXDQ GR QD (VSDQKD H[LVWH JUDQGH FXULRVLGDGH SHORV FU½WLFRV OLWHU²ULRV EUDVLOHLURV 'RORUHV ¹ SURIHVVRUD GH /LWHUDWXUD QD 8QLYHUVLGDGH &RPSOXWHQVH GH 0DGUL FRP GRXWRUDGR QD 8QLYHUVLGDGH GH 6DOD PDQFD H SÂV GRXWRUDGR HP /LWHUDWXUD &RPSDUDGD QD 8QLYHUVLGDGH GH 1RWKLQ JKDQ ,QJODWHUUD |9LP SDUD IDODU VREUH R TXH HVWDPRV ID ]HQGR QD PLQKD XQLYHUVLGDGH HP UHOD¸¶R ³ H[SHUL»QFLD KLSHUWH[WXDO 4XHU GL]HU D UHOD¸¶R GD OLWHUDWXUD HVSHFLDOPHQWH GD OL WHUDWXUD FRPSDUDGD FRP R KLSHUWH[WR H FRP WXGR R TXH WHP D YHU FRP D ,QWHUQHW H FRP D FULD¸¶R GH PDWHULDLV SDUD D GR F»QFLD H SDUD D LQYHVWLJD¸¶R } $ SURIHVVRUD H[SOLFD TXH DWXDOPHQ WH FRP D OLWHUDWXUD FRPSDUDGD SRGH VH HVWDEHOHFHU SRU H[HPSOR D IXQ¸¶R GD PX OKHU HVFULWRUD DR ORQJR GD KLVWÂULD FRP SDUDQGR XP SRGHU HVWDEHOHFLGR H XP ´P ELWR VXEPHWLGR TXH ¹ D OLWHUDWXUD SURGX ]LGD SHODV PXOKHUHV QD LQWLPLGDGH H TXH Q¶R ID]LD SDUWH GD KLVWRULRJUDILD

/LYUR YLUWXDO ² (P VXDV DXODV 'RORUHV FRVWXPD DSUHVHQWDU XP DVVXQWR TXH VH JXQGR HOD DJUDGD DRV HVWXGDQWHV D LQYHQ ¸¶R GD LPSUHQVD SRU *XWHQEHUJ QR V¹ FXOR ;9 $QWHV GLVVR VH ID]LDP REUDV PD QXVFULWDV D TXH SUDWLFDPHQWH V WLQKDP DFHVVR RV KDELWDQWHV GRV PRVWHLURV RQGH

HUDP SURGX]LGDV ( R SURFHVVR GD FXOWXUD HUD HOLWLVWD H OHQWR |0DV D LPSUHQVD YHLR UHYROXFLRQDU HVVD ²UHD SRVVLELOLWDQGR LP SULPLU PXLWDV FÂSLDV GH XP PHVPR OLYUR (VVDV FÂSLDV LDP SDUD GLYHUVRV SD½VHV H R SURFHVVR GD KLVWÂULD FRPH¸RX D DFHOHUDU VH SRLV VÂ VH LPSULPLD R TXH FRQWLYHVVH 5,&$5'2 '( $1'5$'(

XPD LG¹LD QRYD &RP LVVR RFDVLRQRX VH XPD PXGDQ¸D GH PHQWDOLGDGH QD (XURSD GR V¹FXOR QR VHQWLGR GD PRGHUQLGDGH } 'RORUHV DFUHGLWD TXH R DWXDO SURFHVVR GH YLUWXDOL]D¸¶R ¹ VHPHOKDQWH D HVVH PR PHQWR KLVWÂULFR W¶R LPSRUWDQWH SDUD R GH VHQYROYLPHQWR GR VDEHU KXPDQR (OD GL] TXH D ,QWHUQHW SHUPLWH GHVHQYROYHU HVVH FRQKHFLPHQWR GH RXWUD IRUPD DEULQGR OKH PDLV HVSD¸R |® YHUGDGH TXH HVWDPRV LQGR PXLWR GH SUHVVD PDV DR PHVPR WHPSR YDPRV URP SHQGR FRP IDWRUHV GH SRGHU HVWDEHOHFLGRV K² PXLWR WHPSR (VVHV IDWRUHV GHWHUPLQD UDP TXH XPD FXOWXUD IRVVH VXSHULRU D RX WUD H TXH GHQWUR GD PHVPD FXOWXUD DOJXQV VHQKRUHV SXGHVVHP RVWHQWDU R SRGHU $ YLUWXDOL]D¸¶R YHLR GHPRFUDWL]DU R VHWRU SHU PLWLQGR TXH TXDOTXHU SHVVRD FRORTXH VXDV LG¹LDV QD ,QWHUQHW } 6H LVVR SRGH FDXVDU SUR EOHPDV WDPE¹P WUD] YDQWDJHQV DILUPD D SURIHVVRUD |( R QRVVR FRPSURPLVVR FRPR SURIHVVRUHV XQLYHUVLW²ULRV ¹ SURFXUDU ID]HU GHVVH XP PHLR GH TXDOLGDGH FXOWXUDO 3RU LVVR WDPE¹P ¹ LPSRUWDQWH TXH QRV UHXQD PRV SDUD GDU R VDOWR GR OLYUR LPSUHVVR SDUD R YLUWXDO H HVWDEHOHFHU RV FULW¹ULRV TXH YD PRV VHJXLU SDUD SURPRYHU R GHVHQYROYLPHQ WR GD KLVWÂULD KXPDQD }

-251$/ '$ 81,9(56,'$'( _ -8/+2 '( _

3(&,$/

WHV GD 8QLYHUVLGDGH SDUD D SyV JUDGXDomR

VWH DQR XP IRL UHDOL]DGR HP 3RUWR $OHJUH HP PDLR R RXWUR RFRUUHUi HP 9HQH]D HP VHWHPEUR )/É9,2 '875$

7DQLD &DUYDOKDO ´$V QRYDV WHFQRORJLDV PHOKRUDUDP RV FRQWDWRV H Mi SRGHPRV WHU XPD HTXLSH QR PXQGRµ

&RPSDUDWLVWDV SRGHP WUDEDOKDU FRP GLIHUHQWHV GLVFLSOLQDV $ SURIHVVRUD 7DQLD )UDQFR &DUYDOKDO FRQVLGHUD TXH D OLWHUDWXUD ¹ HOHPHQWR E² VLFR SDUD D IRUPD¸¶R GDV SHVVRDV H FRQVH TÊHQWHPHQWH SDUD R GHVHQYROYLPHQWR GD KXPDQLGDGH ( TXH D OLWHUDWXUD FRPSDUD GD TXH H[LJH XP WUDEDOKR PLQXFLRVR GHWDOKLVWD H DSXUDGR WHP XP SDSHO UHOH YDQWH QR HVWXGR GDV OLWHUDWXUDV -8 ² 4XDO D IXQ¸¶R GD OLWHUDWXUD FRP

SDUDGD" 7)& ² &RPSDUDU OLWHUDWXUDV 3RU H[HPSOR

D OLWHUDWXUD EUDVLOHLUD FRP D OLWHUDWXUD SRU WXJXHVD GH RQGH VDLX VRIUHQGR GHSRLV D LQIOX»QFLD GD OLWHUDWXUD LWDOLDQD HVSDQKR OD H SULQFLSDOPHQWH IUDQFHVD QR V¹FXOR ( DO¹P GH FRPSDUDU OLWHUDWXUDV DXWR UHV RX REUDV HQWHQGHU DWUDY¹V GHVVD FRP SDUD¸¶R R SURFHVVR GH IRUPD¸¶R GDV OLWH UDWXUDV HVWDEHOHFHQGR UHOD¸ÆHV H REVHUYDQ GR RV LPSDFWRV GH XPDV QD IRUPD¸¶R GH RXWUDV (VVDV UHSHUFXVVÆHV FRQWULEXHP SDUD TXH FDGD OLWHUDWXUD VH FRQVWLWXD H FRP D LQIOX»QFLD GR FRQWH[WR SUÂSULR DGTXLUD LGHQWLGDGH SDUWLFXODU

QD 8)5*6 H XP OXJDU SDUD UHFHEHU DV SHVVRDV H GHVHQYROYHU RV SURMHWRV M² HP SODQHMDPHQWR FRP RXWUDV XQLYHUVLGDGHV QR %UDVLO H QR ([WHULRU |(VWH DPELHQWH ¹ D IRUPD FRQFUHWD GH PDUFDUPRV D QRVVD XQLYHUVLGDGH FRPR D VHGH GD $,/& GX UDQWH R DWXDO PDQGDWR } 1R GLD GH MXOKR 7DQLD YDL DR 0DUUR FRV DEULU R SULPHLUR FRQJUHVVR GD $VVR FLD¸¶R 0DUURTXLQD GH /LWHUDWXUD &RPSD UDGD ( QR ILQDO GH MXOKR HVWDU² HP %XHQRV $LUHV SDUD R RLWDYR FRQJUHVVR GD

$VVRFLD¸¶R $UJHQWLQD GH /LWHUDWXUD &RP SDUDGD TXH DMXGRX D IXQGDU 3DUDOHODPHQWH D VXDV IXQ¸ÆHV FRPR SUH VLGHQWH GD $,/& D SURIHVVRUD PDQW¹P R FRPSURPLVVR GH GDU XP FXUVR SRU DQR QR 3URJUDPD GH 3ÂV JUDGXD¸¶R HP /H WUDV GR ,QVWLWXWR GH /HWUDV GD 8)5*6 $O¹P GLVVR GHVHQYROYH RXWURV SURMHWRV FRPR DV UHHGL¸ÆHV GD REUD GR SRHWD JDÇ FKR 0DULR 4XLQWDQD SRU GXDV JUDQGHV HGLWRUDV QDFLRQDLV D *ORER H D 1RYD $JXLODU

-8 ² 3RGH KDYHU LQWHUD¸¶R FRP RXWUDV GLVFLSOLQDV" 7)& ² $ LQWHUGLVFLSOLQDULGDGH ¹ XP DVSHFWR LPSRUWDQWH QD ²UHD GH OLWHUDWXUD FRPSD UDGD 1¶R V Q¶R HVWDPRV IHFKDGRV QXPD ÇQLFD OLWHUDWXUD PDV TXHUHPRV WDPE¹P WUDEDOKDU FRP DV GLIHUHQWHV GLVFLSOLQDV TXH DSUHVHQWDP LQWHUIDFHV FRP HOD FRPR D DQ WURSRORJLD D VRFLRORJLD D KLVWÂULD D HGX FD¸¶R $V WUDGX¸ÆHV V¶R RXWUR WLSR GH HV WXGR FDUDFWHU½VWLFR GD OLWHUDWXUD FRPSDUD GD (ODV LQWHUPHGLDP RV FRQWDWRV HVWDEH OHFHP DV UHOD¸ÆHV SDVVDP XPD OLWHUDWXUD SDUD RXWUD -8 ² 4XDQGR VH FRPH¸RX D ID]HU SHVTXLVD

QHVVD ²UHD QR %UDVLO" 7)& ² 3DUD QÂV GH XP SD½V QRYR FRP XPD

OLWHUDWXUD MRYHP VH FRPSDUDGD FRP D OLWH UDWXUD JUHJD ODWLQD RX RULHQWDO SDUHFH QD WXUDO ID]HU OLWHUDWXUD FRPSDUDGD 0DV QÂV R ID]½DPRV GHVGH VHPSUH GH PDQHLUD HV SRQW´QHD VHP D SUHRFXSD¸¶R GH LQVWLWX FLRQDOL]DU HVVH WLSR GH HVWXGR R TXH V YHLR D DFRQWHFHU FRP D IXQGD¸¶R GD $VVRFLD ¸¶R %UDVLOHLUD GH /LWHUDWXUD &RPSDUDGD

³$ SROtWLFD FXOWXUDO QmR SURPRYH R GHVHQYROYLPHQWR GR FLGDGmR´ 2 MRUQDOLVWD H SURIHVVRU -HDQ 0LFKHO 'MLDQ YHLR DR &ROÂTXLR GH 3RUWR $OHJUH SDUD IDODU VREUH D OLWHUDWXUD QR PXQGR SRO½WLFR FXOWXUDO (OH ¹ GRXWRU HP &L»Q FLDV 3RO½WLFDV OHFLRQD QD 8QLYHUVLGDGH 3DULV 9LQFHQQHV H HVFUHYH VREUH TXHV WÆHV GH HGXFD¸¶R H FXOWXUD QR MRUQDO /H 0RQGH 'LSORPDWLTXH 5HFHQWHPHQWH SXEOLFRX XP OLYUR VREUH R WHPD |/D 3ROLWLTXH &XOWXUHO OD )LQ G XQ 0LWKH} $ 3RO½WLFD &XOWXUDO R )LP GH XP 0LWR } 'MLDQ GL] TXH D TXHVW¶R TXH VH FROR FD KRMH HP GLD ¹ VH D SRO½WLFD FXOWXUDO LQVWLWX½GD HP FDGD SD½V FRQWULEXL SDUD R GHVHQYROYLPHQWR LQGLYLGXDO GR FLGDG¶R VHMD HOH MRYHP RX YHOKR ( D FRQFOXV¶R D TXH HOH FKHJD ¹ TXH SHOR PHQRV QD )UDQ ¸D LVVR Q¶R ¹ YHUGDGHLUR |4XDQWR PDLV VH IDOD HP GHPRFUDWL]D ¸¶R PHQRV DV SHVVRDV W»P DFHVVR ³ FXO WXUD ( TXDQWR PDLV GLQKHLUR SÇEOLFR VH LQMHWD QD FXOWXUD PHQRV W»P DFHVVR D HOD RV TXH PDLV QHFHVVLWDP $O¹P GLVVR DV REUDV OLWHU²ULDV H WHDWUDLV H DV JUDQGHV REUDV PXVLFDLV V SRGHP VHU FRPSUHHQ GLGDV SRU XPD PLQRULD }

³4XDQWR PDLV VH IDOD HP GHPRFUDWL]DomR PHQRV DV SHVVRDV WrP DFHVVR j FXOWXUD ( TXDQWR PDLV GLQKHLUR VH LQMHWD QD FXOWXUD PHQRV VH WHP DFHVVR D HOD´ 2 SURIHVVRU FULWLFD WDPE¹P D DFHLWD ¸¶R GD LQIOX»QFLD GD FXOWXUD GRV (VWDGRV 8QLGRV QD )UDQ¸D |2V MRYHQV FDO¸DP 1LNH EHEHP &RFD &ROD H DVVLVWHP D WRGD D SURGX¸¶R FLQHPDWRJU²ILFD DPHULFDQD TXH FRQVWLWXL GD SURJUDPD¸¶R GRV FLQHPDV IUDQFHVHV } -RJR GH FLQWXUD ² (P UHOD¸¶R D GH FODUDGR R DQR %UDVLO )UDQ¸D 'MLDQ DILU PD TXH D SRSXOD¸¶R IUDQFHVD HP JHUDO

QHP WRPRX FRQKHFL PHQWR GLVVR |HPERUD KDMD HVSHW²FXORV H SUR PR¸ÆHV VREUH R %UDVLO H R VDPED H WXGR R TXH GL] UHVSHLWR ³ FXOWXUD EUDVL OHLUD HVWHMDP QD RUGHP GR GLD HP 3DULV} 'H DFRUGR FRP HOH R TXH RV HXURSHXV SURFX UDP DWXDOPHQWH QR %UD VLO DVVLP FRPR HP RX WURV SD½VHV GR +HPLVI¹ ULR 6XO ¹ D FDSDFLGDGH GH XVDU R FRUSR VHMD QD GDQ¸D VHMD QD FRPXQL FD¸¶R |(VVD FDSDFLGDGH TXH YRF»V W»P GH VH H[ SULPLU FRP R FRUSR FRP D YR] FRP R JHVWR FRLVDV TXH QÂV Q¶R FRQ VHJXLPRV ID]HU R TXH PRVWUD R TXDQWR DLQGD VRPRV LQLELGRV HP UHOD ¸¶R DR QRVVR FRUSR H ³ QRVVD YR] }

DTXL QD 8)5*6 HP GD TXDO IXL D SULPHLUD SUHVLGHQWH -8 ² 7RGDV DV OLWHUDWXUDV HVWDEHOHFHP UHOD

¸ÆHV HQWUH VL" 7)& ² 6LP WDQWR DV RFLGHQWDLV TXDQWR DV RULHQWDLV SRU PDLV GLVWDQWHV TXH SRVVDPRV SHQVDU TXH HVWHMDP ® R FDVR GD SUHVHQ¸D GH SRHPDV KDL NDL QD OLWHUDWXUD EUDVLOHLUD 2 SDUDQDHQVH 3DXOR /HPLQVNL HUD XP JUDQGH FULDGRU GH KDL NDLV +RMH IDODPRV HP GHWHUPLQDGRV WHUPRV W¹FQLFRV FRPR LQWHUWH[WXDOLGDGH TXH TXHU GL]HU TXH WRGD REUD ¹ XP PRVDLFR TXH VH ID] FRP SHGD ¸RV GH RXWUDV REUDV TXH WRGR HVFULWRU ¹ XP OHLWRU GH RXWURV HVFULWRUHV ( TXH FRQV FLHQWHPHQWH RX Q¶R LQWURGX] QR VHX HV FULWR IUDJPHQWRV GH RXWURV WH[WRV 3HU JXQWD VH SULQFLSDOPHQWH FRPR GHWHUPL QDGR DXWRU DEVRUYHX R FRQWHÇGR GH XPD REUD H SRU TXH FHUWRV FRQWHÇGRV H IRUPDV GH HVFULWD GHVVD REUD UHSHUFXWLUDP HP VXD SUÂSULD FULD¸¶R -8 ² 2V SHVTXLVDGRUHV SURGX]HP PXLWR" 7)& ² 6LP R SURIHVVRU $QWRQLR &DQGLGR

GH 0HOR H 6RX]D IXQGDGRU GD ²UHD GH OL WHUDWXUD FRPSDUDGD QD 863 FRVWXPD GL ]HU TXH HVWXGDU OLWHUDWXUD EUDVLOHLUD ¹ ID ]HU OLWHUDWXUD FRPSDUDGD QD PHGLGD HP TXH HVWXGD D QRVVD OLWHUDWXUD SUHRFXSD GR FRP DV UHOD¸ÆHV TXH HOD HVWDEHOHFH FRP RXWUDV (QW¶R WHPRV PXLWD SURGX¸¶R QD ²UHD FRPR RV HVWXGRV GD SUHVHQ¸D GRV YLDMDQWHV H RV LPSDFWRV GD OLWHUDWXUD IH PLQLQD QD OLWHUDWXUD EUDVLOHLUD RX DLQGD D QRVVD OLWHUDWXUD YLVWD QXP FRQWH[WR OD WLQR DPHULFDQR -8 ² '» H[HPSOR GH XP WHPD UHFRUUHQWH QD

OLWHUDWXUD EUDVLOHLUD 7)& ² 2 SRHPD |&DQ¸¶R GR ([½OLR} GH *RQ ¸DOYHV 'LDV WDOYH] VHMD XP GRV WHPDV PDLV SHUPDQHQWHV GHQWUR GD OLWHUDWXUD QDFLRQDO )RL H[SORUDGR SRU 0²ULR GH $QGUDGH 2VZDOG GH $QGUDGH &DUORV 'UXPPRQG GH $QGUDGH 0DQXHO %DQGHLUD 0DULR 4XLQWDQD 'DOWRQ 7UHYLVDQ )HUUHLUD *XOODU HQWUH RXWURV 7RGRV YROWDP D HVWH WHPD FRPR VH IRVVH DOJXPD FRLVD HPEOHP²WLFD GHQWUR GD OLWHUDWXUD EUDVLOHLUD ,VWR WDPE¹P ¹ XPD TXHVW¶R FRPSDUDWLVWD )/É9,2 '875$

_ -251$/ '$ 81,9(56,'$'( _ -8/+2 '(

,17(51$&,21$/

%UDVLO H &KLQD PDLV SUy[LPRV QD 8)5*6 ,QWHUFkPELR 8QLYHUVLGDGH WUD] SURIHVVRU SDUD HQVLQDU PDQGDULP H SURPRYH LQWHUFkPELR HQWUH DOXQRV )/É9,2 '875$

2 MRUQDOLVWD H SURIHVVRU FKL Q»V /XL] =KDR HVW² HP 3RUWR $ OHJUH SDUD HQVLQDU PDQGDULP SDUD DOXQRV GR 1(/( 1Ç FOHR GH (QVLQR GH /½QJXDV HP ([WHQV¶R OLJDGR DR 'HSDUWD PHQWR GH /½QJXDV 0RGHUQDV GR ,QVWLWXWR GH /HWUDV GD 8)5*6 (VVH ¹ R UHVXOWDGR GH XP D FRUGR GH FRODERUD¸¶R HVWDEHOH FLGR HQWUH D 8QLYHUVLGDGH )H GHUDO GR 5LR *UDQGH GR 6XO D 8QLYHUVLGDGH 1DFLRQDO GD &KL QD H R ,QVWLWXWR SDUD 3URPR¸¶R GR (QVLQR GD /½QJXD &KLQHVD 1R VHJXQGR VHPHVWUH DOX QRV GH MRUQDOLVPR GD 8QLYHUVL GDGH GH 0XOWLP½GLD GD &KLQD HVWDU¶R HP 3RUWR $OHJUH SDUD SUDWLFDU R SRUWXJX»V H LQWHUDJLU FRP RV HVWXGDQWHV GH FRPXQL FD¸¶R GD 8)5*6 2 VHFUHW²ULR GH 5HOD¸ÆHV ,QVWLWXFLRQDLV H ,QWHUQDFLRQDLV GD 8QLYHUVLGDGH SURIHVVRU 3DXOR 9LVHQWLQL UHVVDOWD D LP SRUW´QFLD GD FRODERUD¸¶R HQWUH RV GRLV SD½VHV |7RGR R PXQGR HVW² GH ROKR QRV FKLQHVHV $ &KLQD ¹ XP GRV SD½VHV FRP PDL RU FUHVFLPHQWR HFRQÄPLFR QR PXQGR H XPD RSRUWXQLGDGH GH HPSUHJR VHP SUHFHGHQWHV} 'HV GH TXH R DFRUGR HQWUH RV GRLV JR YHUQRV IRL HVWDEHOHFLGR R LQWHUHV VH GH HVWXGDQWHV H SURILVVLRQDLV HP DSUHQGHU R PDQGDULP H D FXO WXUD FKLQHVD YHP DXPHQWDQGR PXLWR $V YDJDV DEHUWDV SDUD R FXUVR PLQLVWUDGR SHOR SURIHVVRU /XL] IRUDP SUHHQFKLGDV TXDVH LQVWDQWDQHDPHQWH H RXWUDV SHV VRDV DLQGD HVSHUDP SRU XPD FKDQFH GH HVWXGDU D O½QJXD QR SUÂ[LPR VHPHVWUH |$ UHVSRVWD GD FRPXQLGDGH IRL HQRUPH} H[SOL FD R VHFUHW²ULR

3URPRomR GD OtQJXD ² /XL] TXH

&RODERUDomR ² 3DXOR 9LVHQWLQL

GHVWDFD D ILJXUD GD HVWXGDQWH GH SÂV JUDGXD¸¶R 0²UFLD 6FKPDOW] FRPR D SHVVRD TXH HVWLPXORX D YLQGD GR SURIHVVRU H RV FRQWDWRV GD 8)5*6 FRP DV DXWRULGDGHV FKLQHVDV |(OD PRURX QD &KLQD SRU PXLWR WHPSR H IH] WRGR R LQWHUF´P ELR HQWUH RV GRLV SD½VHV 6H Q¶R IRVVH SHOR VHX HVIRU¸R H GHGL FD¸¶R WHULD VLGR PXLWR PDLV GL I½FLO UHDOL]DUPRV HVWH SURMHWR}

HFRQÄPLFD H UHIRUPDV VRFLDLV TXH OHYDUDP R SD½V D DOFDQ¸DU XP FUHVFLPHQWR GH DR DQR WRUQDQGR R D VHJXQGD PDLRU HFRQRPLD PXQGLDO H DWUDLQGR LQYHVWLGRUHV LQWHUQD FLRQDLV LQFOXVLYH GR %UDVLO $ FRPXQLGDGH EUDVLOHLUD QD &KL QD HVW² DXPHQWDQGR H M² H[LV WHP DOJXQV HVWXGDQWHV TXH Y¶R ³ &KLQD SDUD DSUHQGHU R LGLR PD PDQGDULP

$O¹P GH HVWXGDQWH GH SÂV JUDGXD¸¶R QR ,QVWLWXWR GH /H WUDV 0²UFLD ¹ SURIHVVRUD H WUD GXWRUD GR LGLRPD PDQGDULP |(X DFUHGLWR TXH K² XP HVSD ¸R HQRUPH SDUD R LQWHUF´PELR HQWUH DV GXDV FXOWXUDV 2V GRLV

³9RX WHQWDU SDVVDU XP SRXFR GD FXOWXUD FKLQHVD´

SD½VHV Q¶R VH FRQKHFHP PXL WR EHP QÂV YHPRV D &KLQD FRPR XP SD½V DWUDVDGR H FRQ VHUYDGRU H HOHV Y»HP R %UDVLO FRPR D WHUUD GR VDPED H IXWH ERO } (P D &KLQD FRPH ¸RX XPD SRO½WLFD GH DEHUWXUD

WUDEDOKDYD FRPR MRUQDOLVWD QD U²GLR &KLQD ,QWHUQDFLRQDO GL] TXH 3RUWXJDO LQYHVWH PXLWR QD SURPR¸¶R GD O½QJXD SRUWXJXH VD PDV R %UDVLO DLQGD HVW² UH F¹P FRPH¸DQGR D VH LPSRUWDU FRP HVVD GLYXOJD¸¶R |QR HQ WDQWR D PDLRULD GRV QRVVRV RXYLQWHV ¹ EUDVLOHLUD D 5²GLR *XD½ED SRU H[HPSOR ¹ QRVVD FRODERUDGRUD H WUDQVPLWLPRV XP SRXFR GH VXD SURJUDPD¸¶R O² QD &KLQD} H[SOLFD R SURIHV VRU &RQKHFHU R %UDVLO HUD XP VRQKR SDUD /XL] TXH DFUHGLWD QD LQLFLDWLYD GD 8)5*6 FRPR VHQGR GH JUDQGH YDOLD QD DSUR [LPD¸¶R HQWUH RV GRLV SD½VHV 1D ¹SRFD HP TXH IRL HVWXGDQ WH GH SRUWXJX»V HOH SDVVRX XP SHU½RGR HP 3RUWXJDO SDUD SUDWLFDU D O½QJXD PDV Q¶R KD YLD D RS¸¶R GH YLU DR %UDVLO /XL] LPDJLQD TXH RV DOX QRV GH MRUQDOLVPR TXH YLU¶R SDUD 3RUWR $OHJUH QR VHJXQGR VHPHVWUH MXQWR FRP RXWURV DOXQRV TXH Y»P SDUD HVWXGDU QD 3RQWLI½FLD 8QLYHUVLGDGH &D WÂOLFD 38&56 WHU¶R XPD JUDQGH RSRUWXQLGDGH SDUD R IXWXUR GH VXDV FDUUHLUDV |$ LQWHJUD¸¶R FRPH¸RX FRP RV SUHVLGHQWHV GRV GRLV SD½VHV PDV DRV SRXFRV GHYH DWLQJLU WRGDV DV SDUWHV GD VRFLHGDGH ¹ LPSRUWDQWH TXH RV SD½VHV VH FRQKH¸DP GH YHUGDGH} OHPEUD R SURIHVVRU TXH HVSHUD DMXGDU WDPE¹P QD GHVPLVWLILFD¸¶R GD &KLQD |HVWRX DTXL SDUD HQVL QDU R PDQGDULP PDV YRX WHQ WDU SDVVDU XP SRXFR GD FXOWX UD FKLQHVD H PRVWUDU TXH VR PRV XP SD½V PXLWR FLYLOL]DGR H GHVHQYROYLGR} 7DQLUD 'RUQHOOHV

6HFUHWDULD DSRVWD QD FRODERUDomR FRP SDtVHV GR WHUFHLUR PXQGR (P HQWUHYLVWD DR -RUQDO GD 8QL YHUVLGDGH 3DXOR 9LVHQWLQL 6H FUHW²ULR GH 5HOD¸ÆHV ,QVWLWX FLRQDLV H ,QWHUQDFLRQDLV GD 8)5*6 IDORX VREUH D YLQGD GH /XL] =KDR H R WUDEDOKR GH VXD VHFUHWDULD -RUQDO GD 8QLYHUVLGDGH ² &RPR IXQFLRQDP RV LQWHUF´PELRV HQ WUH XQLYHUVLGDGHV" 3DXOR 9LVHQWLQL ² $ 6HFUHWDULD WUD EDOKD QR PRPHQWR FRP WU»V GL IHUHQWHV VHWRUHV 7HPRV DFRUGRV FRP SD½VHV GHVHQYROYLGRV FRPR (VWDGRV 8QLGRV $OHPDQKD H )UDQ¸D TXH M² HVW¶R EHP ILUPD GRV H FRP PXLWRV LQWHUF´PELRV RFRUUHQGR WRGRV RV DQRV +² XPD FRODERUD¸¶R GHQWUR GR 0HUFRVXO SULQFLSDOPHQWH FRP D $VVRFLD¸¶R GH 8QLYHUVLGDGHV GR *UXSR 0RQWHYLG¹X TXH DLQGD SUHFLVD VHU RILFLDOL]DGD MXQWR DRV JRYHUQRV ( DJRUD HVWDPRV LQ YHVWLQGR QR LQWHUF´PELR FRP SD ½VHV HPHUJHQWHV FRPR &KLQD

ÝQGLD ÚIULFD GR 6XO H 5ÇVVLD DO¹P GRV SD½VHV GH O½QJXD SRUWX JXHVD QD ÚIULFD 8P JUXSR GH WUDEDOKR FRP GH] SURIHVVRUHV GH WRGDV DV ²UHDV GD 8QLYHUVLGDGH IRL FULDGR HVSHFLDOPHQWH SDUD IRPHQWDU DV UHOD¸ÆHV FRP D &KL QD H HVWXGDU RXWUDV IRUPDV GH FRODERUD¸¶R -8 ² 2 TXH D 8)5*6 JDQKD DR

DVVLQDU HVVHV DFRUGRV" 39 ² ® LPSRUWDQWH SDUD D 8)5*6 FULDU XPD LGHQWLGDGH GLIHUHQFL DO 1ÂV HVWDPRV DIDVWDGRV GRV JUDQGHV FHQWURV GR SD½V GH PRGR TXH TXDQGR IHFKDPRV DFRUGRV GH LQWHUF´PELR D FUHGLELOLGDGH GD 8QLYHUVLGDGH DXPHQWD QR H[WHULRU H QR SD½V WDPE¹P -8 ² ([LVWHP RXWURV SURMHWRV" 39 ² &RQFHQWUDPRV QRVVR WUDED

OKR QHVWH QRYR HL[R GH FRODER UD¸¶R FRP SD½VHV HPHUJHQWHV $VVLQDPRV R DFRUGR FRP D &KL

QD M² W½QKDPRV XP WUDWDGR FRP 0R¸DPELTXH H HVWDPRV DMXGDQ GR D LQVWDODU D SULPHLUD XQLYHU VLGDGH GH &DER 9HUGH YHMD TXD GUR QHVWD S²JLQD 6HU¶R GRLV FXUVRV XP QD ²UHD GD (QJHQKD ULD H XP QD ²UHD GH +XPDQDV -8 ² 1¶R K² XP LQWHUHVVH PDLRU SRU SDUWH GRV HVWXGDQWHV HP LQ WHUF´PELRV FRP SD½VHV GD (XUR SD RX $P¹ULFD GR 1RUWH" 39 ² 2 LQWHUF´PELR FRP HVVHV SD½VHV M² HVW² EHP GHVHQYROYLGR TXDQGR HQYLDPRV XP DOXQR SDUD D )UDQ¸D RX $OHPDQKD HVWDPRV ODQ¸DQGR XP JU¶R GH DUHLD HP XPD SUDLD HQTXDQWR QR &DER 9HUGH HVWDPRV DMXGDQGR D IXQ GDU D SULPHLUD XQLYHUVLGDGH GD TXHOH SD½V 3URYDYHOPHQWH WHUH PRV XPD SODFD LQDXJXUDO GL]HQ GR |FRQVWUX½GD FRP DMXGD GD 8QLYHUVLGDGH )HGHUDO GR 5LR *UDQGH GR 6XO} 1¶R K² FRPR GHVFUHYHU R TX¶R JUDWLILFDQWH ¹ HVVH UHVXOWDGR

8)5*6 ID] SULPHLUD YLVLWD D &DER 9HUGH -² HVW² ILUPDGR R DFRUGR HQWUH %UDVLO H &DER 9HUGH SDUD D LQVWDOD¸¶R GD SULPHLUD XQLYHUVLGDGH SÇEOLFD QR SD½V DIULFDQR 2 SURIHVVRU 3DXOR 9LVHQWLQL UHDOL]RX XPD SULPHLUD YLVLWD RILFL DO DR SD½V GH D GH PDLR M² FRQWDWDGR SHOR SURIHVVRU FDER YHUGLDQR -RV¹ &DUORV GRV $QMRV GR ,)&+ 2 SURMHWR ¹ XPD LQLFLDWLYD GR JRYHUQR IHGHUDO DWUDY¹V GR 0(& H GD &DSHV H FRQWD FRP D SDUWLFLSD¸¶R GD 8QLYHUVLGDGH GH %UDV½OLD GD 8QLYHUVLGDGH )HGHUDO GR &HDU² H GD 8)5*6 $ UHDOL]D¸¶R GH XP PHVWUDGR HP (QJHQKDULD &LYLO GHYH RFRUUHU DLQGD HVWH DQR FRP D LQWHQ¸¶R GH UHTXDOLILFDU RV HQJHQKHLURV H R FRUSR GRFHQWH GD IXWXUD LQVWLWXL¸¶R -XQWR FRP HVWH PHVWUDGR VHU² ODQ¸DGD XPD IHLUD GR OLYUR SDUD DPSOLDU D ELEOLRJUDILD GH O½QJXD SRUWXJXHVD H[LVWHQWH QR SD½V H M² HVWD VHQGR SODQHMDGR XP PHVWUDGR QD ²UHD GH &L»QFL DV 6RFLDLV |&DER 9HUGH HVW² FUHVFHQGR H WRUQDQGR VH XP SRQWR GH UHIHU»QFLD QD UHJL¶R RFLGHQWDO GD ÚIULFD H QÂV TXHUHPRV ILUPDU HVWD SDUFHULD TXH SRGHU² DPSOLDU VH SDUD LQÇPHUDV RX WUDV ²UHDV} DILUPD 9LVHQWLQL

-251$/ '$ 81,9(56,'$'( _ -8/+2 '( _

&,È1&,$

&RQVXOWD S~EOLFD PRELOL]D IDUPDFrXWLFRV 6D~GH (VVH LQVWUXPHQWR GH FRQVXOWD GHYHUi WUDQVIRUPDU VH HP UHVROXomR Mi D SDUWLU GR PrV GH MXOKR )/É9,2 '875$

6RQLD 7RUUHV

$ FRQVXOWD SÇEOLFD QR VR EUH D UHJXODPHQWD¸¶R GD SURGX ¸¶R GH PHGLFDPHQWRV HP IDUP² FLDV GH PDQLSXOD¸¶R SURSRVWD SHOD $QYLVD WHP FDXVDGR SURWHV WRV HQWUH RV SURSULHW²ULRV GHVVHV HVWDEHOHFLPHQWRV 'H DFRUGR FRP D $VVRFLD¸¶R 1DFLRQDO GH )DUPDF»XWLFRV 0DJLVWUDLV GR 5LR *UDQGH GR 6XO $QIDUPDJ D $J»QFLD 1DFLRQDO GH 9LJLO´QFLD 6DQLW²ULD HVW² SURSRQGR D UHYL V¶R GH XPD UHVROX¸¶R DSURYDGD HP H DFUHVFHQWDQGR LWHQV DLQGD Q¶R GLVFXWLGRV SHORV ÂU J¶RV H HQWLGDGHV HQYROYLGRV $O¹P GLVVR GHL[D GH DSRQWDU RV HUURV HQFRQWUDGRV GXUDQWH DV GLOLJ»QFLDV TXH RFDVLRQDUDP R IHFKDPHQWR GH DOJXPDV IDUP² FLDV HP %UDV½OLD 'H DFRUGR FRP R GLUHWRU GD )DFXOGDGH GH )DUP²FLD GD 8)5*6 3DXOR 0D\RUJD DOJXQV DUWLJRV GR 5HJXODPHQWR 7¹FQL FR VREUH %RDV 3U²WLFDV GH 0DQL SXOD¸¶R GH 0HGLFDPHQWRV SDUD 8VR +XPDQR DVVXQWR GD FRQ VXOWD SÇEOLFD HP WUDPLWD¸¶R SR GHP IHULU D UHSXWD¸¶R GDV IDUP² FLDV GHQRPLQDGDV PDJLVWUDLV RX GH PDQLSXOD¸¶R (QWUH HOHV RV TXH SUR½EHP D SURGX¸¶R GH PH GLFDPHQWRV M² IDEULFDGRV LQGXV WULDOPHQWH z UHVWULQJLQGR EDV WDQWH R OHTXH GH SURGXWRV D VH UHP PDQLSXODGRVz H R FRQWDWR GLUHWR GD PDUFD GD IDUP²FLD FRP R SUHVFULWRU $ GLVFXVV¶R ¹ SRO» PLFD H R DVVXQWR HVW² QD SDXWD GR GLD ,PSRUWDomR H DUPD]HQDPHQWR ²

3DXOR 0D\RUJD UHVVDOWD TXH D FRQVXOWD SÇEOLFD WHP R REMHWLYR GH LQWURGX]LU XPD V¹ULH GH PH GLGDV YLVDQGR ³ JDUDQWLD GD TXD OLGDGH GRV SURGXWRV PDQLSXODGRV HP IDUP²FLDV $FUHVFHQWD TXH D UHVROX¸¶R Q¶R GHL[D GH VHU XP DYDQ¸R HP UHOD¸¶R ³V H[LJ»QFLDV W¹FQLFDV TXH HVW¶R VHQGR VROLFL WDGDV GDV IDUP²FLDV GH PDQLSX OD¸¶R 0DV DOHUWD R JUDQGH SUR EOHPD ¹ TXH R %UDVLO Q¶R WHP XPD VLVWHP²WLFD GH DSXUDU D TXD OLILFD¸¶R GRV IRUQHFHGRUHV VHMD SRU SDUWH GDV IDUP²FLDV RX SRU SDUWH GDV LQGÇVWULDV (VVD ¹ XPD H[LJ»QFLD FRORFD GD UHFHQWHPHQWH SHOD $QYLVD FRPR IRUPD GH GHVHVWLPXODU D DTXLVL¸¶R GH PDW¹ULDV SULPDV GDTXHOHV IRUQHFHGRUHV TXH Q¶R FXPSULUHP RV UHTXLVLWRV GH TXD OLGDGH $R HQWUDU QR SD½V D PD W¹ULD SULPD ILFD GHSRVLWDGD QR HQWUHSRVWR DW¹ TXH VHMD LQWHUQD OL]DGD R TXH YDL RFRUUHU VRPHQ WH TXDQGR R LPSRUWDGRU UHFROKHU RV WULEXWRV GD RSHUD¸¶R 3RU TXHVWÆHV FRPHUFLDLV PXLWRV LP SRUWDGRUHV DSHQDV UHDOL]DP D LQWHUQDOL]D¸¶R TXDQGR HVW¶R FRP D YHQGD TXDVH JDUDQWLGD ( D½ UHVLGH D GÇYLGD 0XLWDV YH]HV RV SURGXWRV ILFDP QR HQWUHSRVWR SRU PDLV WHPSR VHP TXH KDMD FRQWUROH GDV FRQGL¸ÆHV GH DUPD ]HQDPHQWR XPD YH] TXH D 9L JLO´QFLD 6DQLW²ULD VRPHQWH FRPH ¸D D ILVFDOL]DU TXDQGR D FDUJD HVW² FRP VXD HQWUDGD OHJDOL]DGD (VVD PDW¹ULD SULPD SRGH VRIUHU XPD FHUWD GHJUDGD¸¶R Q¶R GHWHF WDGD H VHU FRPHUFLDOL]DGD VHP FRQGL¸ÆHV GH XVR (P SULQF½SLR DV IDUP²FLDV UHFHEHP R SURGXWR FRP DWHVWDGR GH TXDOLGDGH |0DV HODV SRGHP WDPE¹P PDQGDU ID ]HU DOJXPDV DQ²OLVHV SULQFLSDO PHQWH TXDQGR PXGDP GH IRUQH

FHGRU HP ODERUDWÂULRV WHUFHLUL ]DGRV H FUHGHQFLDGRV RX QD SU SULD )DFXOGDGH GH )DUP²FLD GD 8)5*6 H VH FHUWLILFDU GH TXH HIHWLYDPHQWH DTXLOR TXH FRQVWD GR ODXGR GH DQ²OLVH YLQGR GR IRU QHFHGRU HVW² FRUUHWR H FRP JD UDQWLDV} GL] R GLUHWRU ([LJrQFLDV WpFQLFDV ² 6HJXQGR R GLUHWRU GD )DFXOGDGH GH )DUP² FLD ¹ QHFHVV²ULR SULPHLUDPHQ WH WHU XPD YLV¶R PXLWR EHP GH ILQLGD GH TXDLV V¶R RV GHVYLRV GH TXDOLGDGH GHWHFWDGRV DW¹ R PR PHQWR HP WDLV IDUP²FLDV (VVHV GDGRV Q¶R V¶R GLYXOJDGRV PDV H[WUHPDPHQWH QHFHVV²ULRV SDUD TXH D UHVROX¸¶R SRVVD WHU XP RXWUR Q½YHO GH DFHLWD¸¶R $ IDU P²FLD GH PDQLSXOD¸¶R KRMH YLYH XP SURFHVVR PXLWR VHPHOKDQWH DR TXH D LQGÇVWULD GH PHGLFD PHQWRV YLYHX K² DOJXQV DQRV FRP RV IDOVLILFDGRV H DV S½OXODV GH IDULQKD

(P WRGR R SDtV H[LVWHP PLO SURILVVLRQDLV H FHUFD GH PLO IDUPiFLDV 3DUD 3DXOR 0D\RUJD |QLQJX¹P TXHVWLRQD D QHFHVVLGDGH GH JDUDQ WLU D TXDOLGDGH 3RU¹P VHU² TXH D SURGX¸¶R LQGXVWULDO GH PHGLFD PHQWRV GHYH SURLELU D PDQLSXOD ¸¶R" 2V GHIHQVRUHV GHVVD SURSRV WD VXVWHQWDP TXH D LQGÇVWULD ID] XPD V¹ULH GH DQ²OLVHV SDUD JDUDQ WLU H DWHVWDU D TXDOLGDGH D VHJX UDQ¸D H D HILF²FLD GRV PHGLFDPHQ WRV R TXH DV IDUP²FLDV Q¶R ID]HP 6HQGR DVVLP DUJXPHQWDP TXH HV WDEHOHFLPHQWRV IDUPDF»XWLFRV SRU Q¶R ID]HUHP HVVHV WHVWHV H WRGRV HVVHV HVWXGRV Q¶R GHYHULDP HVWDU QR PHUFDGR} HVFODUHFH 2XWURV GRLV DVSHFWRV V¶R DSUH VHQWDGRV R SULPHLUR ¹ D TXHVW¶R GR DFHVVR DRV PHGLFDPHQWRV SRU SDUWH GD SRSXOD¸¶R +RMH D IDU P²FLD GH PDQLSXOD¸¶R ¹ XP FD QDO GH DFHVVR LPSRUWDQWH HP WHU

PRV GH SUH¸RV 2 RXWUR ¹ R QÇ PHUR GH HPSUHJRV JHUDGRV )H FKDU RX WRPDU TXDOTXHU PHGLGD TXH SRVVD OHYDU DR IHFKDPHQWR GHVVDV IDUP²FLDV JHUDULD SUREOH PDV GH FXQKR VRFLDO 3DUD D SUHVLGHQWH GD $VVRFLD ¸¶R 1DFLRQDO GH )DUPDF»XWLFRV 0DJLVWUDLV GR 5LR *UDQGH GR 6XO $QIDUPDJ 6LPRQH $JXLDU DV FRQVHTÊ»QFLDV SDUD RV SURILVVLR QDLV GD ²UHD SRGHU¶R VHU GHVDVWUR VDV 'H DFRUGR FRP HOD QR %UD VLO FDGD IDUP²FLDV GH PDQLSXOD ¸¶R HPSUHJD HP P¹GLD GRLV IDU PDF»XWLFRV (P WRGR R SD½V H[LV WHP PLO SURILVVLRQDLV H FHUFD GH PLO IDUP²FLDV TXH JHUDP PLO HPSUHJRV GLUHWRV H PLO LQGLUHWRV VHQGR TXH GHODV V¶R SHTXHQDV HPSUHVDV 6LPRQH DOHUWD WDPE¹P SDUD XPD GDV FO² XVXODV GD FRQVXOWD TXH YHUVD VR EUH R GLUHLWR GR SUHVFULWRU H GR SD FLHQWH SRLV HOD GL] TXH VHPSUH TXH KRXYHU VLPLODU QD LQGÇVWULD D IDUP²FLD Q¶R SRGH SURGX]LU |,VVR WLUD R GLUHLWR GR SUHVFULWRU H GR SDFLHQWH GH XVDU R PDQLSXOD GR TXH ¹ HFRQÄPLFR H IUXWR GH XP WUDEDOKR SHUVRQDOL]DGR } 1RYRV IRUQHFHGRUHV ² 'H DFRUGR

FRP 3DXOR 0D\RUJD DWXDOPHQWH RFRUUH XPD VLWXD¸¶R TXH D SRSX OD¸¶R GHVFRQKHFH H WHP VH WRUQD GR XP JUDQGH SUREOHPD QR PHU FDGR IDUPDF»XWLFR Q¶R DIHWDQGR DSHQDV D PDQLSXOD¸¶R PDV WDP E¹P D LQGÇVWULD IDUPDF»XWLFD R IRUQHFLPHQWR GH PDW¹ULD SULPD 'H D GRV LQVXPRV QH FHVV²ULRV SDUD D SURGX¸¶R GH PH GLFDPHQWRV V¶R LPSRUWDGRV $O¹P GLVWR KRXYH D LQVHU¸¶R QR PHU FDGR LQWHUQDFLRQDO GH QRYRV SUR GXWRUHV SULQFLSDOPHQWH YLQGRV GD ÝQGLD GD &KLQD H GH DOJXQV RX WURV SD½VHV TXH HVW¶R FRP VXDV DWL YLGDGHV FRPHUFLDLV HPHUJHQWHV H M² JDQKDQGR EDVWDQWH HVSD¸R QR PHUFDGR LQWHUQDFLRQDO 6HJXQGR &¹OLD &KDYHV SURIHV VRUD GD GLVFLSOLQD GH OHJLVOD¸¶R GD )DFXOGDGH GH )DUP²FLD SRU TXHV WÆHV HFRQÄPLFDV HVW² VHQGR LP SRUWDGD PXLWD PDW¹ULD SULPD GD &KLQD H GD ÝQGLD 6¶R SD½VHV TXH HQWUDUDP QD GLVSXWD GR PHUFDGR EUDVLOHLUR FRP JUDQGH TXDQWLGDGH GH SURGXWRV H HVW¶R JDQKDQGR SRLV

SUDWLFDP SUH¸RV PDLV EDL[RV |([LVWH VHPSUH XPD GHVFRQILDQ ¸D SRU VHUHP SD½VHV FRQVLGHUDGRV GH WHUFHLUR PXQGR HPERUD D &KL QD HVWHMD GHVSRQWDQGR FRPR XPD JUDQGH SRW»QFLD $OJXPDV DQ²OLVHV UHSURYDP GHWHUPLQDGRV SURGXWRV PDV LVVR WHP RFRUULGR WDPE¹P FRP DV IRQWHV FRQVLGHUDGDV WUDGL FLRQDLV 3URGXWRV FRP SUREOHPD

GH TXDOLGDGH SRGHP YLU GH TXDO TXHU IRQWH} GL] &¹OLD 7¹FQLFRV GD $QYLVD W»P IHLWR YLDJHQV D HVVHV SD½VHV YLVLWDQGR DV HPSUHVDV SUR GXWRUDV H IRUQHFHGRUDV GDV PDW¹ ULDV SULPDV H W»P FHUWLILFDGR DV ERDV FRQGL¸ÆHV |1¶R ¹ SRUTXH V¶R SD½VHV FRQVLGHUDGRV SHULI¹ULFRV TXH Q¶R SRVVDP WHU XP SURGXWR FRP LJXDO TXDOLGDGH} FRQFOXL

_ -251$/ '$ 81,9(56,'$'( _ -8/+2 '(

$ * ( 1 '$ &,1(0$ '9' 9Ì'(2 (QWUHYLVWD

'HVWDTXH $VWHUL[ 2EHOL[ PLVVmR &OHySDWUD

,7$ 9+6 PLQ FRU GH )HGHULFR )HOOLQL ÓOWLPR ILOPH GR FLFOR GH H[WHQVmR ´)HOOLQL R FLQHPD GH XP JUDQGH PHQ WLURVRµ SURPRYLGR SHOR 6HWRU GH ,WDOL DQR GR ,QVWLWXWR GH /HWUDV GD 8)5*6 HP KRPHQDJHP DR FLQHDVWD SUHPLD GR FRP FLQFR 2VFDUV 2 ILOPH p VLPEy OLFR VREUH D ´PRUWHµ GR FLQHPD H SDV VD VH HP JUDQGH SDUWH QRV HVW~GLRV GD &LQHFLWWj $SyV D VHVVmR KDYHUi XP GHEDWH 6HVVmR ~QLFD GH MXOKR VH[WD IHLUD /RFDO H KRUiULR $XGLWyULR &HOVR 3HGUR /XIW GR ,QVWLWXWR GH /HWUDV GD 8)5*6 $Y %HQWR *RQoDOYHV ² &DP SXV GR 9DOH jV K PLQ (QWUDGD IUDQFD ,QIRUPDo}HV

)UDQoD $OHPDQKD PLQ FRU GH $ODLQ &KDEDW 6HVVmR FRPHQWDGD SURPRYLGD SHOR 1(/( 1~FOHR GH (QVLQR GH /tQJXDV HP ([WHQVmR GR ,QVWLWXWR GH /HWUDV HP SDUFHLUD FRP D 6DOD 5HGHQomR FRP R SURIHVVRU -DFTXHV 6DOYDGRU 6RX]D 2 ILOPH p XPD FRPpGLD TXH DFRPSDQKD DV DYHQWXUDV GD GXSOD GH JDXOHVHV GXUDQWH D FRQVWUXomR GH XP SDOiFLR SDUD D UDLQKD GR (JLWR 6HVVmR ~QLFD GH MXOKR TXDUWD IHLUD /RFDO H KRUiULR 6DOD 5HGHQomR $Y 3DXOR *DPD V Q DR ODGR GR EDU $QW{QLR /DQFKHV ² &DPSXV &HQWUR

jV K PLQ (QWUDGD IUDQFD ,QIRUPDo}HV

7ULR $UFDQR VH DSUHVHQWD QR 8QLP~VLFD *UXSR FDULRFD IDUi SULPHLUR HVSHWiFXOR HP 3RUWR $OHJUH ',98/*$d®2

',98/*$d®2

:LOGH R SULPHLUR KRPHP PRGHUQR

=DWRLFKL -DSmR PLQ FRU GH 7DNHVKL .LWDQR 7HUFHLUD HGLomR GD VpULH GR SURMHWR ´&LQHPD 3HVTXLVD H ([WHQ VmRµ 2 ILOPH QDUUD D OXWD GH XP VDPXUDL FHJR FRQWUD JDQJXHV TXH RSULPHP XP SHTXHQR SRYRDGR $SyV D VHVVmR GR GLD GHEDWH FRP SURIHVVRUHV FRQYLGDGRV 6HVV}HV GH D GH MXOKR VHJXQGD D VH[WD IHLUD /RFDO H KRUiULR 6DOD 5HGHQomR $Y 3DXOR *DPD V Q DR ODGR GR EDU $QW{QLR /DQFKHV ² &DPSXV &HQWUR

jV K PLQ (QWUDGD IUDQFD ,QIRUPDo}HV

´:LOGHµ ,1* 9+6 PLQ FRU GH %ULDQ *LOEHUW 7HUFHLUR ILOPH GR FLFOR VREUH JrQHUR H VH[XDOLGDGH SURSRVWR SHOR *HHUJH *UXSR GH (VWXGRV GH (GXFDomR H 5H ODo}HV GH *rQHUR GD )DFXOGDGH GH (GXFDomR GD 8)5*6 HP SDUFHULD FRP D 3Uy 5HLWRULD GH 3HVTXLVD H D 6DOD 5HGHQomR %LRJUDILD GR SRHWD UR PDQFLVWD H GUDPDWXUJR LUODQGrV R ILOPH DFRPSDQKD GHVGH D MXYHQWXGH DWp R HVFkQGDOR GH VHX URPDQFH FRP XP MRYHP ORUGH $SyV D SURMHomR GH EDWH FRP SURIHVVRUHV FRQYLGDGRV 6HVVmR ~QLFD GH MXOKR TXLQWD IHLUD /RFDO H KRUiULR 6DOD 5HGHQomR $Y 3DXOR *DPD V Q DR ODGR GR EDU $QW{QLR /DQFKHV ² &DPSXV &HQWUR

jV K PLQ (QWUDGD IUDQFD ,QIRUPDo}HV 0RVWUD &LQH ([LELomR GH ILOPHV SHOR JUXSR &LQH HP SDUFHLUD FRP D 6DOD 5HGHQomR 6HVV}HV D GH MXOKR VHJXQGD D VH[WD IHLUD /RFDO H KRUiULR K (QWUDGD IUDQFD ,QIRUPDo}HV

&85626 ( 2),&,1$6 ,GpLDV PXVLFDLV 2ILFLQD GR 3URJUDPD 8QLFXOWXUD PLQLV WUDGD SHORV P~VLFRV GR 7ULR $UFDQR HP TXH VHUmR DERUGDGRV WHPDV UHODFLR QDGRV DR SURFHVVR FULDWLYR H j DGDS WDomR GH ULWPRV EUDVLOHLURV DR UHSHU WyULR $ RILFLQD p DEHUWD DR S~EOLFR VHP UHVWULomR GH LGDGH RX FRQKHFL PHQWR PXVLFDO 'DWD GH MXOKR VH[WD IHLUD /RFDO H KRUiULR PH]DQLQR GR 0XVHX GD 8)5*6 $Y 2VYDOGR $UDQKD ² &DPSXV &HQWUDO jV K ,QIRUPDo}HV H LQVFULo}HV 'HSDUWD PHQWR GH 'LIXVmR &XOWXUDO WHOHIRQHV H :RUNVKRS GH )RWRJUDILD $PELHQWDO $WLYLGDGH FRP DXODV WHyULFDV H SUiWL FDV UHDOL]DGD SHOR 1~FOHR GH )RWRJUD ILD GD )DELFR HP SDUFHLUD FRP R 3UR MHWR &RQWDWR TXH HQIRFDUi R DPELHQ WH GR PXQLFtSLR GH 6mR -RVp GRV $X VHQWHV $V DXODV VHUmR PLQLVWUDGDV SHORV IRWyJUDIRV )OiYLR 'XWUD H 1HGH /RVLQD 3HUtRGR GH UHDOL]DomR D GH MXOKR

/RFDO GDV DXODV WHyULFDV 1~FOHR GH )RWRJUDILD GD )DELFR 5XD 5DPLUR %DUFHORV VDOD ² &DPSXV 6D~GH H VHGH GR 3URMHWR &RQWDWR 3DODYUDULD ² 5XD 9DVFR GD *DPD ² %RP )LP

,QIRUPDo}HV H LQVFULo}HV RX HP KWWS ZZZ SURMHWR FRQWDWR FRP )RWRJUDILD 'LJLWDO ² ,QWURGXomR &XUVR SURPRYLGR SHOR 1~FOHR GH )R WRJUDILD GD )DELFR H GLUHFLRQDGR D SHVVRDV FRP SRXFR RX QHQKXP FR QKHFLPHQWR QD iUHD $V DXODV VHUmR UHDOL]DGDV SHOR IRWyJUDIR *HUPDQR 3UHLFKDUGW H LQFOXHP SDUWH WHyULFD H XPD VDtGD D FDPSR 3HUtRGR GH UHDOL]DomR GH MXOKR D GH DJRVWR /RFDO H KRUiULR 1~FOHR GH )RWRJUDILD GD )DELFR 5XD 5DPLUR %DUFHORV VDOD ² &DPSXV 6D~GH GH VHJXQGDV D VH[WDV IHLUDV GDV K jV K PLQ ,QVFULo}HV H LQIRUPDo}HV RX HP KWWS ZZZ XIUJV EU IR WRJUDILD

7ULR $UFDQR SUHWHQGH ODQoDU VHX SULPHLUR &' HP EUHYH *UXSR VH DSUHVHQWD GLD QR 6DOmR GH $WRV

2 TXDUWR HVSHW²FXOR GD V¹ULH GR SURMHWR 8QLPÇVLFD DSUHVHQWD DRV JDÇFKRV R WULR IRU PDGR SRU 9LFWRU 6RPPD IODX WD %LDQFD *LVPRQWL SLDQR H -RVH <DÁH] SHUFXVV¶R (P HQWUHYLVWD DR -RUQDO GD 8QLYHUVLGDGH %LDQFD *LVPRQWL H[SOLFD TXH R UHSHUWÂULR GR JUX SR IRL FRQVWUX½GR D SDUWLU GDV FRPSRVL¸ÆHV GR IODXWLVWD 9LFWRU 6RPPD |1R HQWDQWR D FRODER UD¸¶R GRV LQWHJUDQWHV GR JUXSR ¹ QR VHQWLGR GH WRUQDU ~YLYD D PÇVLFD TXH DW¹ HQW¶R VH HQFRQ WUDYD DSHQDV HP XPD IROKD GH SDSHO ,VVR ID] FRP TXH D SHU VRQDOLGDGH GH FDGD PÇVLFR VH LQ WHJUH ³ LG¹LD RULJLQDO GD FRP SRVL¸¶R} $R RSLQDU VREUH D LPSRUW´Q FLD GH XP SURMHWR FXOWXUDO FRPR R 8QLPÇVLFD QD IRUPD¸¶R GH

SÇEOLFR D SLDQLVWD DILUPRX TXH SDUD R WULR ¹ XPD VXUSUHVD H XPD IHOLFLGDGH YHU D PÇVLFD LQVWUX PHQWDO EUDVLOHLUD FRQWHPSRU´QHD WHU HVSD¸R GHQWUR GH XPD XQLYHU VLGDGH |$TXL QR 5LR GH -DQHLUR Q¶R K² SURJUDPD¸ÆHV GHVVH J»QH UR GHQWUR GR FLUFXLWR PXVLFDO XQLYHUVLW²ULR SULQFLSDOPHQWH HP VH WUDWDQGR GH PÇVLFD EUDVLOHLUD 2 TXH SHUFHEHPRV ¹ XPD SU²WLFD FRQVWDQWH H UHSHWLWLYD GH WXGR R TXH VH HQTXDGUD GHQWUR GH SD GUÆHV HXURSHXV DW¹ R V¹FXOR ;,; z HQJOREDQGR LQFOXVLYH R HQVL QR GH PÇVLFD} (OD GL] Q¶R WHU FHUWH]D VH D PÇVLFD LQVWUXPHQWDO FRQWHPSRU´QHD EUDVLOHLUD GHQWUR GD XQLYHUVLGDGH IRUPD SODW¹LD RX DIDVWD HVVH J»QHUR GR JUDQGH SÇ EOLFR SRU¹P DFUHGLWD TXH HVVH WLSR GH PDQLIHVWD¸¶R SRGH H GHYH DWLQJLU H IRUPDU SODW¹LD

(;326,d¯(6

(1&217526 ( 3$/(675$6 &DIp FLHQWtILFR )yUXP GH SDOHVWUDV H GHEDWHV TXLQ ]HQDO FULDGR SHOR ,QVWLWXWR GH )tVLFD GR TXDO SDUWLFLSDP SURIHVVRUHV FLHQ WLVWDV H SHVTXLVDGRUHV FRQYLGDGRV 1R SULPHLUR HQFRQWUR GR PrV R SUR IHVVRU )UDQFLVFR 0DUVKDOO +LVWyULD 8)5*6 DSUHVHQWDUi D SDOHVWUD &DX VDOLGDGHV SURIXQGDV FyGLJRV H WUD GLo}HV QDV &LrQFLDV +XPDQDV 1R VH JXQGR R SURIHVVRU 'DUF\ 'LOOHQEXUJ )tVLFD 8)5*6 IDODUi VREUH R 3UR JUDPD 1XFOHDU %UDVLOHLUR 'DWDV GRV HQFRQWURV H GH MXOKR VH[WDV IHLUDV /RFDO H KRUiULR DQILWHDWUR GR ,QVWLWX WR GH )tVLFD $Y %HQWR *RQoDOYHV ² &DPSXV GR 9DOH jV K (QWUDGD IUDQFD

2 UHSHUWÂULR TXH R 7ULR $UFDQR LU² DSUHVHQWDU VHU¶R DV PÇVLFDV GR IODXWLVWD 9LFWRU FRPSRVL¸ÆHV GH FDUDFWHU½VWLFDV YDULDGDV TXH XWLOL]DP FRPR LQVWUXPHQWD¸¶R D IODXWD R SLD QR GLYHUVRV LQVWUXPHQWRV GH SHUFXVV¶R H YR] 2 WULR TXH DLQ GD Q¶R SRVVXL XP GLVFR JUDYD GR HVSHUD HP EUHYH SRGHU ODQ ¸DU VHX SULPHLUR &' 2 VKRZ SDUD R 8QLPÇVLFD VHU² UHDOL]DGR QR 6DO¶R GH $WRV GD 8)5*6 $Y 3DXOR *DPD z &DPSXV &HQWUR ³V K $ HQWUDGD ¹ IUDQFD FRP UHWLUD GD GH VHQKDV SDUD LQJUHVVR QD ELOKHWHULD GR 6DO¶R GH $WRV D SDUWLU GH GH MXOKR GDV K ³V K PHGLDQWH D GRD¸¶R GH NJ GH DOLPHQWR Q¶R SHUHF½YHO ,Q IRUPD¸ÆHV H ØQLD &KDOD

,QIRUPDo}HV H

3HTXHQRV GLiORJRV ² DUWH H LQWHUWH[WXDOLGDGH

-RUQDGD VREUH HQYHOKHFLPHQWR

(VWD PRVWUD HQIRFD D UHODomR HQWUH R SURIHVVRU GR &XUVR GH $UWHV 3OiVWLFDV GR ,QVWLWXWR GH $UWHV H VHXV DOXQRV UHXQLQGR HVFXOWXUD SLQWXUD SHUIRUPDQFH FHUkPLFD LQVWDODomR DUWH GLJLWDO H YtGHR $ FXUDGRULD p GR SURIHVVRU 5RGULJR 1XxH] /RFDO 0XVHX GD 8)5*6 $Y 2VYDOGR $UDQKD ² &DPSXV &HQWUR

9LVLWDomR DWp GH MXOKR GDV K jV K GH VHJXQGD D VH[WD IHLUD H GDV K jV K DRV ViEDGRV (QWUDGD IUDQFD ,QIRUPDo}HV H DJHQGDPHQWR GH YLVLWDV GH JUXSRV RX HVFRODV SHOR WHOHIRQH

3URIHVVRUHV H SHVTXLVDGRUHV GD $OH PDQKD H GR %UDVLO HVWDUmR UHXQLGRV QD -RUQDGD ,QWHUQDFLRQDO 6RFLHGDGH HP HQYHOKHFLPHQWR H[SHULrQFLDV DOHPmV H UHDOLGDGH EUDVLOHLUD HYHQ WR SURPRYLGR SHOR 1~FOHR GH (VWXGRV ,QWHUGLVFLSOLQDUHV VREUH R (QYHOKHFL PHQWR GD 3Uy 5HLWRULD GH ([WHQVmR 'DWD H GH MXOKR VH[WD IHLUD H ViEDGR /RFDO H KRUiULR VHGH FDPSHVWUH GR 6(6& 56 $Y 3URWiVLR $OYHV

PDQKm H WDUGH ,QVFULo}HV ZZZ XIUJV EU LGDGH ,QIRUPDo}HV

0Ó6,&$ 5HFLWDO GH /LFHQFLDWXUD HP &DQWR

6DUDXV QR ,$

$SUHVHQWDomR GD DOXQD 'pERUD $FDXDQ 'UH\HU VRE RULHQWDomR GD SUR IHVVRUD 6tOYLD +HOHQD 0H\HU &DUYDOKR 'DWD GH MXOKR VH[WD IHLUD /RFDO H KRUiULR $XGLWRULXP 7DVVR &RUUrD GR ,$ 8)5*6 5XD 6HQKRU GRV 3DVVRV WpUUHR K (QWUDGD IUDQFD

$SUHVHQWDomR GRV DOXQRV GRV FXUVRV GH 0~VLFD GR ,QVWLWXWR GH $UWHV FRRUGHQD GR SHODV SURIHVVRUDV +HOOD -RKDQQD )UDQN 0DO\ *XHUVKIHOG H )OiYLD $OYHV 'DWD GH MXOKR VHJXQGD IHLUD /RFDO H KRUiULR $XGLWRULXP 7DVVR &RUUrD GR ,$ 8)5*6 K (QWUDGD IUDQFD

5HFLWDLV GH )ODXWD 7UDQVYHUVD H 3LDQR 5HFLWDO GH IODXWD GRV DOXQRV GR SURIHV VRU /HRQDUGR :LQWHU VHJXLGR GH UHFL WDO GH SLDQR FRP R SURIHVVRU 3DEOR *XVPmR GD 6pULH &RQFHUWRV GH 3UR IHVVRUHV GR 'HSDUWDPHQWR GH 0~VLFD GR ,QVWLWXWR GH $UWHV 'DWD GH MXOKR TXDUWD IHLUD

/RFDO H KRUiULR $XGLWRULXP 7DVVR &RUUrD GR ,$ 8)5*6 5XD 6HQKRU GRV 3DVVRV WpUUHR K H K (QWUDGD IUDQFD 0~VLFD QR ,$ 'HQWUR GR SURJUDPD 0~VLFD QR ,$ VHUmR UHDOL]DGDV DV VHJXLQWHV DWLYLGD GHV ´6DUDXV QR ,$µ FRRUGHQDGR SH

ODV SURIHVVRUDV +HOOD -RKDQQD )UDQN 0DO\ :HLVHPEOXP *XHUVKIHOG H )Oi YLD 'RPLQJXHV $OYHV jV K UHFLWDO GH OLFHQFLDWXUD HP YLROmR GH )iELR 6DPSDLR &UHVSR -~QLRU jV K H UH FLWDO GD 6pULH 0~VLFD &RQWHPSRUkQHD QR 5LR *UDQGH GR 6XO jV K 'DWD GH MXOKR TXLQWD IHLUD /RFDO $XGLWRULXP 7DVVR &RUUrD GR ,$ (QWUDGD IUDQFD

-251$/ '$ 81,9(56,'$'( _ -8/+2 '( _

& 8 /7 8 5 $

+LVWyULD QR FLQHPD SDUD YHVWLEXODQGRV &LQHPD 6HJXQGD HGLomR GR SURMHWR H[WHQVLRQLVWD UHFHEH LQVFULo}HV GH D GH MXOKR QR 0XVHX GD 8)5*6 ÇQLD &KDOD

-8 ² 4XDO D DYDOLD¸¶R GD HGL ¸¶R GR DQR SDVVDGR H R TXH PXGD QHVWD HGL¸¶R" 'DYL 5XVFKHO ² )RL XPD H[ SHUL»QFLD PXLWR VDWLVIDWÂULD WDQWR SDUD RV TXH SDUWLFLSDUDP FRPR SDOHVWUDQWHV RX RUJDQL]D GRUHV FRPR SDUD R SÇEOLFR TXH PDQLIHVWRX FODUDPHQWH R GHVH MR GH TXH R SURMHWR VH UHSHWLVVH $W¹ KRMH HQFRQWUDPRV SHVVRDV TXH Y»P FRPHQWDU FRPR IRL OH JDO FRPR R SURMHWR DMXGRX QD SUHSDUD¸¶R SDUD R YHVWLEXODU 0HVPR TXHP M² SDUWLFLSRX GR SURMHWR H FRQVHJXLU LQJUHVVDU QD XQLYHUVLGDGH SHUJXQWD TXDQGR IDUHPRV XPD UHHGL¸¶R 1HVWH DQR DV LQVFUL¸ÆHV VH U¶R UHDOL]DGDV DSHQDV QR 0X VHX GD 8)5*6 FRP GDWD H KR U²ULR GHWHUPLQDGRV 0XGD WDP E¹P D SURJUDPD¸¶R SRLV SUR FXUDPRV SURJUDPDU QRYRV ILO PHV H FRQYLGDU SDOHVWUDQWHV TXH Q¶R KDYLDP SDUWLFLSDGR GD HGL¸¶R DQWHULRU 7DPE¹P PH

+RUiULR GDV VHVV}HV ViEDGRV jV K PLQ H jV K /RFDO 6DOD 5HGHQomR GD 8)5*6 $Y 3DXOR *DPD V Q MXQWR DR EDU $QW{QLR /DQFKHV

² $ YLGD GH %ULDQ ,QJODWHUUD PLQ

GH 7HUU\ -RQHV 7HPD $QWLJ LGDGH &ULVWLDQLVPR ² 5DIDHO )DULD GH 0HQH]HV ² 2 VHQKRU GD JXHUUD (8$ PLQ

GH )UDQNOLQ 6FKDIIQHU 7HPD ,GDGH 0pGLD ² -RVp 5LYDLU 0DFHGR ² 'HVPXQGR %UDVLO PLQ GH $ODLQ )UHVQRW 7HPD 'HVFREULPHQWRV %UDVLO &RO{QLD ² %UXQD 6LUWRUL H 5HQDWD 'DO 6DVVR )UHLWDV

² &DUORWD -RDTXLQD SULQFHVD GR %UDVLO %UDVLO PLQ GH &DUOD &DPXUDWL 7HPD %UDVLO &RO{QLD ,QGHSHQGrQFLD ² 9DQHVVD 6LOYD

² 3ROLFDUSR 4XDUHVPD KHUyL GR %UDVLO %UDVLO PLQ GH 3DXOR 7KLDJR 7HPD 5HS~EOLFD 9HOKD ² -RQDV 0RUHLUD 9DUJDV

² 7HPSRV PRGHUQRV (8$ PLQ GH &KDUOHV &KDSOLQ 7HPD 5HYROXomR ,QGXVWULDO ² (GVRQ 1HYHV -U

² $ UHYROXomR GRV ELFKRV (8$ PLQ

GH -RKQ 6WHSKHQVRQ 7HPD 5HYROXomR 5XVVD ² *DEULHOD 5RGULJXHV

² 4XLORPER 4XLORPER %UDVLO )UDQoD 4XLORPER PLQ GH &DUORV 'LHJXHV 7HPD (VFUDYLGmR ² &ULVWLDQH 3 %DK\

² &DoDGD DR RXWXEUR YHUPHOKR (8$ PLQ

GH -RKQ 0F7LHUQDQ 7HPD *XHUUD )ULD ² $UWKXU ÉYLOD ² 3UD IUHQWH %UDVLO %UDVLO PLQ GH 5REHUWR )DULDV 7HPD 'LWDGXUD 0LOLWDU %UDVLOHLUD ² 'DYL $UHQKDUW 5XVFKHO

² $PHQ $PHQ )UDQoD $OHP (8$ $PHQ PLQ GH &RVWD *DYUDV 7HPD (QWUH JXHUUDV ² ÉOYDUR .ODINH

LVWyULD RILFLDO ² $ KLVWyULD $UJHQWLQD PLQ

GH /XLV 3XHQ]R 7HPD 'LWDGXUDV $PpULFD /DWLQD ² &DUROLQH 6LOYHLUD %DXHU

² 6WDOLQJUDGR ² D EDWDOKD ILQDO $OHPDQKD PLQ

ILQDO GH -RVHSK 9LOVPDLHU 7HPD *XHUUD 0XQGLDO ² 1LOR $QGUp 3LDQD GH &DVWUR

² $GHXV /rQLQ $OHPDQKD PLQ

GH :ROIJDQJ %HFNHU 7HPD )LP GD %LSRODULGDGH ² 5DIDHO %DODUGLQ

² /XWHUR /XWHUR $OHPDQKD /XWHUR PLQ GH (ULF 7LOO 7HPD 5HIRUPD ² 5RJHU (OLDV

WW R SHUGH VXD DOPD ² 1H 1HWW WWR %UDVLO PLQ

GH 7DEDMDUD 5XDV H %HWR 6RX]D 7HPD 5LR *UDQGH GR 6XO ² 0DULDQD )ORUHV GD &XQKD 7KRPSVRQ )ORUHV

² &DVDQRYD H D 5HYROXomR )UDQoD ,WiOLD PLQ GH (WWRUH 6FROD 7HPD 5HYROXomR )UDQFHVD ² &DUORV (GXDUGR 4XHURWWL

² 0DXi R LPSHUDGRU H R UHL %UDVLO PLQ

UHL GH 6HUJLR 5H]HQGH 7HPD %UDVLO ,PSpULR ² )HUQDQGD 7RQGROR 0DUWLQV

² -DQJR -DQJR %UDVLO -DQJR PLQ GH 6LOYLR 7HQGOHU 7HPD 3RSXOLVPR ²'DQLHO &DRQ $OYHV

² )DKUHQKHLW (8$ PLQ GH 0LFKDHO 0RRUH 7HPD 6pFXOR ;; ² 7HPSR 3UHVHQWH ² (QULTXH 6HUUD 3DGUyV

WLFLSD¸¶R GRV SURIHVVRUHV R SÇ EOLFR SHUFHEH R TXDQWR R SURMH WR ¹ |YDORUL]DGR} GHQWUR GD 8)5*6 H YDORUL]D WDQWR D SD OHVWUD GRV SURIHVVRUHV FRPR D GRV DOXQRV VHP GLIHUHQFLDU -² RV SURIHVVRUHV DSÂLDP WRWDO PHQWH D LQLFLDWLYD H SDUWLFLSDP GHOD FRP HQWXVLDVPR SULQFLSDO PHQWH SRU FRORFDU RV DOXQRV GD JUDGXD¸¶R HP FRQWDWR FRP SHV VRDV EXVFDP HQWUDU QD XQLYHU VLGDGH 3DUD RV DOXQRV GH +LV WÂULD GD 8)5*6 ¹ XPD H[SHUL »QFLD EDVWDQWH HQULTXHFHGRUD XPD YH] TXH HOHV W»P D RSRUWX QLGDGH GH H[SRU SDUD XP SÇEOL FR H[WHUQR DR PXQGR DFDG»PL FR RV FRQKHFLPHQWRV DGTXLULGRV DTXL QD XQLYHUVLGDGH

-8 ² $FUHGLWDV TXH DVVLP FRPR D +LVWÂULD WDPE¹P R 7HDWUR D /L WHUDWXUD DV $UWHV 9LVXDLV H D 0Ç VLFD SRGHULDP RUJDQL]DU LQLFLDWL YDV VHPHOKDQWHV TXH VH SUHRFX SDVVHP HP PHOKRUDU D SUHSDUD ¸¶R GH YHVWLEXODQGRV QD ²UHD GDV FL»QFLDV KXPDQDV" '5 ² &RP FHUWH]D 1XQFD FKHJDPRV D SHQVDU QLVVR PDV FODUR TXH ¹ XPD ÂWLPD LG¹LD 6H DOJX¹P GHVVDV ²UHDV HVWLYHU D ILP GH ID]HU DOJR H QRV SURFX UDU HVWDPRV D½ 1HVWH DQR VHU¶R RIHUHFLGDV GXDV WXUPDV FRP YDJDV FDGD VHQGR TXH DV LQVFUL¸ÆHV GHYHU¶R VHU IHLWDV QD VHPDQD GH D GH MXOKR QD VHFUHWDULD GR 0XVHX GD 8)5*6 $Y 2VYDO

GR $UDQKD z &DPSXV &HQ WUR GDV K ³V K 2V LQWHUHVVDGRV SRGHP LQV FUHYHU VH SDUD R SDFRWH FRPSOH WR TXH LQFOXL ILOPHV VHJXLGRV GH DXODV SRU SUH¸RV TXH YDULDP GH 5 SDUD HVWXGDQWHV GH FXUVLQKRV SRSXODUHV D 5 SDUD RV DOXQRV GH FXUVRV SU¹ YHV WLEXODUHV 4XHP Q¶R IRU YHVWLEX ODQGR PDV TXLVHU DVVLVWLU D DO JXQV ILOPHV SRGHU² DGTXLULU VHX LQJUHVVR QD KRUD GD VHVV¶R GH SHQGHQGR GD H[LVW»QFLD GH OXJD UHV YDJRV 1HVWH FDVR RV SUH¸RV Y¶R GH 5 SDUD TXHP DSUH VHQWDU FDUWHLULQKD GD 8)5*6 D 5 SDUD R SXEOLFR HP JHUDO 0DLV LQIRUPD¸ÆHV SHOR WHOHIRQH

OKRUDPRV D RUJDQL]D¸¶R HQ TXDQWR HP IRL XPD HVS¹ FLH GH |H[¹UFLWR GH XP KRPHP VÂ} FRP DOJXQV IL¹LV HVFXGHL URV QHVWH DQR IRUPDPRV XP JUXSR GH VHLV SHVVRDV GDV TXDLV ID¸R TXHVW¶R GH FLWDU RV QRPHV %UXQD (GVRQ )HUQDQGD 0D ULDQD H 5HQDWD -8 ² 2 SURMHWR WHP D SDUWLFL

SD¸¶R GH SURIHVVRUHV H DOXQRV GR FXUVR GH +LVWÂULD &RPR VH G² HVVD UHOD¸¶R HP TXH SURIHV VRUHV H DOXQRV V¶R FRORFDGRV HP S¹ GH LJXDOGDGH GLDQWH GH XP SÇEOLFR DQVLRVR SDUD FRQTXLVWDU XPD YDJD QD 8)5*6" '5 ² (VVH ¹ XP GRV DVSHFWRV PDLV LQWHUHVVDQWHV FRP D SDU

0~VLFD FRUDO QDV RQGDV GD 5iGLR GD 8QLYHUVLGDGH &DQWR 3URJUDPD GLYXOJD D KLVWyULD GD P~VLFD DWUDYpV GR FDQWR FRUDO QDV QRLWHV GH TXLQWD IHLUD /XFLDQD 7RUQTXLVW

2V DPDQWHV GD ERD PÇVLFD HVSHFLDOPHQWH GD PÇVLFD FRUDO W»P XP SURJUDPD LPSHUG½YHO SDUD VXDV QRLWHV GH TXLQWD IHL UD $ 5²GLR GD 8QLYHUVLGDGH $0 YHLFXOD VHPDQDOPHQ WH ³V KRUDV R 8)5*6 HP &DQWR 2 SURJUDPD QR DU GHV GH DJRVWR GH WHP FRPR REMHWLYR VHU XP HVSD¸R GH GL YXOJD¸¶R GR FDQWR FRUDO H GD DUWH GH FDQWDU 3DUD LVVR WUD] REUDV LQWHUSUHWDGDV SRU FRUDLV H JUXSRV YRFDLV JDÇFKRV QDFL RQDLV H LQWHUQDFLRQDLV DO¹P GH LQIRUPD¸ÆHV VREUH R PRYLPHQ WR FRUDO GR 5LR *UDQGH GR 6XO H VREUH DSUHVHQWD¸ÆHV GRV FR URV ORFDLV 2 8)5*6 HP &DQWR VXUJLX DWUDY¹V GH XPD SDUFHULD HQWUH D 5²GLR GD 8QLYHUVLGDGH H R &R UDO GD 8)5*6 UHVSRQV²YHO SHOD SURGX¸¶R GR SURJUDPD 'HVGH VXD SULPHLUD WUDQVPLVV¶R

*LRYDQD %HUYLDQ GD 0RWWD LQ WHJUDQWH H H[ SUHVLGHQWH GR &R UDO YHP SDUWLFLSDQGR GR SURMH WR DWXDQGR QD SURGX¸¶R H QD DSUHVHQWD¸¶R GRV SURJUDPDV 'H DFRUGR FRP *LRYDQD DSÂV WHU UHFHELGR R FRQYLWH GD 5²GLR SDUD DVVXPLU R HVSD¸R R &RUDO GD 8)5*6 UHDOL]RX XPD YRWD¸¶R HQWUH RV FRUDOLVWDV SDUD GHFLGLU TXDO VHULD R QRPH GR SURJUDPD 8)5*6 HP &DQWR IRL HVFROKLGR |GHSRLV GH XPD GLVSXWDGD YRWD¸¶R} OHPEUD D DSUHVHQWDGRUD 2 SULQFLSDO REMHWLYR VHJXQ GR HOD |¹ GLIXQGLU D KLVWÂULD GD PÇVLFD DWUDY¹V GR FDQWR FR UDO SURFXUDQGR DEUDQJHU WRGR R XQLYHUVR GD PÇVLFD FRUDO} $VVLP R SURJUDPD ¹ GHGLFDGR VREUHWXGR ³TXHOHV TXH DSUHFL DP HVWD DUWH VHMDP HOHV RXYLQ WHV HP JHUDO HVWXGDQWHV FRUD OLVWDV UHJHQWHV RX SURIHVVRUHV GH FDQWR 3DUD SURGX]LU XP SURJUDPD GH PHLD KRUD SRU VHPDQD ¹ SUH

FLVR XPD ERD SHVTXLVD |0XL WRV LQWHJUDQWHV GR &RUDO GD 8)5*6 FRODERUDP GDQGR VX JHVWÆHV GH WHPDV H REUDV TXH MXOJDP LPSRUWDQWHV} GHVWDFD D DSUHVHQWDGRUD TXH UHDOL]D R WUDEDOKR YROXQWDULDPHQWH |FRP D PHVPD SDL[¶R FRP TXH FDQWR QR FRUDO} (P TXDVH WU»V DQRV GH SUH VHQ¸D QD SURJUDPD¸¶R GD 5² GLR GD 8QLYHUVLGDGH R 8)5*6 HP &DQWR DSUHVHQWRX REUDV FRUDLV FO²VVLFDV LQWHUSUHWDGDV SRU FRURV IDPRVRV PXQGLDO PHQWH H HQWUHYLVWRX Y²ULRV JUXSRV SRUWR DOHJUHQVHV HQWUH HOHV R 9RFDO ' 4XLQD SU² /XD R &RUR GH &´PDUD $UV 9RFDOLV H R 9RFDO 7DPE¹P FRQYHU VRX FRP PDHVWURV GH SURMH¸¶R QR FHQ²ULR FRUDO H LQVWUXPHQ WDO JDÇFKR FRPR $QWÄQLR &DU ORV %RUJHV &XQKD SURIHVVRU GR GHSDUWDPHQWR GH PÇVLFD GR ,QVWLWXWR GH $UWHV GLUHWRU DU W½VWLFR GD 2UTXHVWUD GH &´PD UD GR 7KHDWUR 6¶R 3HGUR H UH

JHQWH WLWXODU GD 2UTXHVWUD 6HVL )XQGDUWH H 1HOVRQ (GG\ 0H QH]HV YLROLQLVWD H H[ UHJHQWH GR &RUDO GD 8)5*6 $O¹P GLVVR R SURJUDPD DSUH VHQWRX HP MDQHLUR GHVWH DQR DV SH¸DV H[HFXWDGDV SHORV FRUDLV SDUWLFLSDQWHV GR ÇOWLPR (QFRQ WUR GH &RURV GD 8)5*6 $ G¹ FLPD SULPHLUD HGL¸¶R GR HYHQ WR RFRUULGD HP RXWXEUR GH UHXQLX QRYH FRUDLV OLJD GRV D XQLGDGHV GD QRVVD XQL YHUVLGDGH *LRYDQD UHVVDOWD D LPSRUW´Q FLD GD SDUWLFLSD¸¶R GRV RXYLQ WHV SDUD R VXFHVVR H ORQJD YLGD GR 8)5*6 HP &DQWR $WUDY¹V GH H PDLO FDUWD RX WHOHIRQH DV SHVVRDV SRGHP ID]HU VXJHVWÆHV GH DVVXQWRV RX REUDV DO¹P GH GLYXOJDU HYHQWRV H D SURJUDPD ¸¶R GH FRQFHUWRV GH FRUDLV H JUXSRV YRFDLV GR HVWDGR 2 SUR JUDPD WDPE¹P SRGH VHU HVFX WDGR SHOD LQWHUQHW DWUDY¹V GR VLWH GD 5²GLR GD 8QLYHUVLGDGH ZZZ XIUJV EU UDGLR /² R

LQWHUQDXWD SRGH FRQIHULU DR YLYR DO¹P GR 8)5*6 HP &DQ WR WRGD D H[FHOHQWH SURJUDPD ¸¶R GD HPLVVRUD EDVHDGD HP PÇVLFD HUXGLWD H HP Y²ULRV SUR JUDPDV GH FXQKR FXOWXUDO H HGXFDWLYR

8)5*6 (0 &$172 4XLQWDV IHLUDV jV K 5iGLR GD 8QLYHUVLGDGH $0 ² 3RUWR $OHJUH

3DUD HQWUDU HP FRQWDWR FRP R SURJUDPD ( PDLO UDGLRFRUDO#WHUUD FRP EU 5XD 6DUPHQWR /HLWH &DPSXV &HQWUDO GD 8)5*6 &(3 3RUWR $OHJUH 56 )RQHV

RX

$57( -26e 3('52 %2572/,1,

2 &+,67 &HQWUR $FDG»PL FR GRV (VWXGDQWHV GH +LVWÂULD GD 8)5*6 HVW² ODQ¸DQGR D VH JXQGD HGL¸¶R GR SURMHWR H[WHQ VLRQLVWD +LVWÂULD QR FLQHPD SDUD YHVWLEXODQGRV TXH H[LELU² ILO PHV DEUDQJHQGR GLIHUHQWHV SH U½RGRV KLVWÂULFRV DFRSODGRV D DXODV HVSHFLDOPHQWH SUHSDUDGDV SRU SURIHVVRUHV H DOXQRV GR FXU VR GH +LVWÂULD GD XQLYHUVLGDGH &ULDGR HP R SURMHWR WHP D FRRUGHQD¸¶R GD SURIHVVRUD &ODXGLD :DVVHUPDQQ H DOFDQ ¸RX WDQWD UHSHUFXVV¶R TXH RV RUJDQL]DGRUHV WLYHUDP GH DEULU XPD WXUPD H[WUD SDUD DWHQGHU DR SÇEOLFR 'DYL 5XVFKHO DOXQR GR FXU VR GH JUDGXD¸¶R HP +LVWÂULD TXH SDUWLFLSRX GD RUJDQL]D¸¶R GR SURMHWR GHVGH D SULPHLUD HGL ¸¶R H[SOLFD QHVWD HQWUHYLVWD DR -RUQDO GD 8QLYHUVLGDGH R SRU TX» GH WDQWR VXFHVVR

352*5$0$d®2

_ -251$/ '$ 81,9(56,'$'( _ -8/+2 '(

& 8 /7 8 5 $

*D~FKRV FHOHEUDP FHP DQRV GH (ULFR 9HULVVLPR /LWHUDWXUD $ FRQFHSomR GH OLQJXDJHP GR HVFULWRU DVVRFLD VH j SUiWLFD VRFLDO FDUUHJDGD GH VLJQLILFDo}HV H LQWHUHVVHV $&(592 3(662$/ )/É9,2 /285(,52 &+$9(6

(ULFR GHVHQKRX R PDSD FRPR RULHQWDomR HVSDFLDO SDUD R URPDQFH ,QFLGHQWH HP $QWDUHV

0iUFLD ,YDQD GH /LPD H 6LOYD

¹ R DQR GHGLFDGR ³V FR PHPRUD¸ÆHV HP KRPHQDJHP DRV DQRV GH QDVFLPHQWR GH (ULFR 9HULVVLPR 1RVVR JUDQGH URPDQ FLVWD WHP XPD REUD EDVWDQWH GLYHUVLILFDGD FRP WH[WRV GH WHP²WLFD XUEDQD FRPR &DPLQKRV FUX]DGRV &ODULVVD H 2OKDL RV O½UL RV GR FDPSR GH WHP²WLFD SRO½WLFD FRPR 3ULVLRQHLUR 2 VHQKRU HP EDL[DGRU H ,QFLGHQWH HP $QWDUHV DO¹P GH VXD SURGX¸¶R LQIDQWR MX YHQLO H GRV OLYURV GH YLDJHP VHP PHQFLRQDU VXD REUD SULPD D WULORJLD 2 WHPSR H R YHQWR 'HVGH R LQ½FLR GH VXD FDUUHLUD OLWHU²ULD LQDXJXUDGD HP FRP D SXEOLFD¸¶R GH )DQWRFKHV (ULFR VHPSUH GHVSHUWRX R LQWHUHVVH GH LQÇPHURV OHLWRUHV GH GLIHUHQWHV FD PDGDV VRFLDLV H Q½YHLV GH LQVWUX ¸¶R SRUTXH SDUD HOH D DUWH ¹ DR PHVPR WHPSR UHWLUR H HOR FRP R PXQGR R TXH H[SOLFD VXD RS¸¶R SHOD HVW¹WLFD UHDOLVWD QD TXDO R PXQGR SUHFLVD ILJXUDU VHP FD½ UHP DXWRU H OHLWRU QR HVFDSLVPR $O¹P GLVVR VXD FRQFHS¸¶R GH OLQ JXDJHP DVVRFLD VH ³ SU²WLFD VRFL DO VHQGR HOD FDUUHJDGD GH VLJQLIL FD¸ÆHV H LQWHUHVVHV 6HXV URPDQ FHV SRGHP VHU OLGRV FRPR XP MRJR GH DUPDU FXMDV SH¸DV SRGHP RUL JLQDU VH WDQWR GD LGHQWLGDGH KLV WÂULFD GR DXWRU TXDQWR GD FDUJD FXOWXUDO H OLWHU²ULD TXH HOH SRVVXL EHP FRPR GR GL²ORJR TXH VXD REUD HVWDEHOHFH FRP D +LVWÂULD ,VVR DXWRUL]D D FRQFOXLU TXH D OLWHUDWX UD GR URPDQFLVWD VXO ULR JUDQ GHQVH ¹ FULDGD FRPR P½PHVH GD YLGD SUÂSULD GR HVFULWRU RX GD KX PDQLGDGH HP JHUDO 'HQWUR GH WDO SURFHVVR DSDUHFH D HVFROKD GH 9HULVVLPR SHOR UHDOLVPR WHQGR HP YLVWD D UHVSRQVDELOLGDGH VRFLDO TXH R LPSHOH D FULDU D LOXV¶R GR UHDO SRQWR FKDYH SDUD D LGHQWLILFD¸¶R GR OHLWRU (P 2 WHPSR H R YHQWR SXEOL FDGR GH D FRQWD D VDJD GDV IDP½OLDV 7HUUD H &DPEDU² WHQGR FRPR SDQR GH IXQGR D KLVWÂULD GR %UDVLO H GR 5LR *UDQGH GR 6XO $WUDY¹V GH SHUVRQDJHQV FRPR $QD 7HUUD

|6HQWLPRV PXLWR EHP TXH QRVVD VDEHGRULD FRPH¸D RQGH D GR DX WRU WHUPLQD H JRVWDU½DPRV TXH HOH QRV GHVVH UHVSRVWDV TXDQGR WXGR R TXH HOH SRGH ID]HU ¹ GDU QRV GHVHMRV (VWHV GHVHMRV HOH Q¶R SRGH GHVSHUWDU HP QÂV VHQ¶R ID]HQGR QRV FRQWHPSODU D EHOH]D VXSUHPD ³ TXDO R ÇOWLPR HVIRU¸R GH VXD DUWH OKH SHUPLWLX FKHJDU }

5HVHQKDV 2 TXH SRGH R FRUSR D DUWH D FOtQLFD (',725$ '$ 8)5*6

2 6LPSÂVLR ,QWHUQDFLRQDO &RUSR $UWH H &O½QLFD IRL XP HQFRQWUR SUR PRYLGR SHOR 3URJUDPD GH 3ÂV JUD GXD¸¶R HP 3VLFRORJLD 6RFLDO H ,QVWLWXFLRQDO GD 8)5*6 QD 8VLQD GR *DVÄPHWUR HP 3RUWR $OHJUH HP DEULO GH 'HOH SDUWLFLSDUDP WR GRV RV TXH VH DWUHYHUDP D UHVSRQ GHU R TXH SRGH R FRUSR R TXH SRGH D DUWH R TXH SRGH D FO½QLFD ( ¹ GHV VD IRUPD TXH HVW² GLYLGLGR H HVWUX WXUDGR R OLYUR DSUHVHQWDQGR HQ VDLRV GH SHVTXLVDGRUHV TXH FRP SÆHP XP HQUHGR GH KLVWÂULD ILOR VRILD FO½QLFD H DUWH &2532 $57( |3HUFRUUHU HVWDV PRGXOD¸ÆHV GD ( &/Ì1,&$ TXHVW¶R IRL KDELWDU HVWH HVSD¸R LQWHUYDODU GR HQWUH GRP½QLRV GR (G 8)5*6 SiJV TXH Q¶R ¹ WRWDOPHQWH LVWR RX DTXL 5 QDV /LYUDULDV OR GR TXH VH RSHUD SHOD FRQMXQ¸¶R GD 8)5*6 RUJDQL]DGR ~H O² RQGH VH G¶R RV HQFRQWURV} SRU 7DQLD 0DUD *DOOL MXVWLILFD (GXDUGR 3DVVRV SURIHVVRU )RQVHFD H 6HOGD GR 'HSDUWDPHQWR GH 3VLFRORJLD GD (QJHOPDQ 8)) 3VLFÂORJRV SVLFDQDOLVWDV ILO VRIRV VRFLÂORJRV KLVWRULDGRUHV DU WLVWDV SO²VWLFRV z DQDOLVWDV GR KR PHP GD VXD PHQWH GDV VXDV D¸ÆHV z V¶R RV DXWRUHV GHVVH |HQFRQWUR} $V RUJDQL]DGRUDV DILUPDP TXH D REUD DSUHVHQWD |XP PRGR SDUWLFXODU GH HQWHQGHU D FO½QLFD LQVHULGD QR SDUDGLJPD ¹WLFR HVW¹WLFR VHQGR R YLYHU R PXQGR H R FRWLGLDQR UHODQ¸DGRV HP VXD WUDJLFLGDGH H LQFHUWH]DV PRYLGRV SHODV LQWHQVLGDGHV GRV HQFRQWURV TXH VH DEUHP SDUD XP XQLYHUVR IUDJPHQWDGR H LP SUHYLV½YHO} 7DQLD 0DUD *DOOL )RQVHFD ¹ SVLFÂORJD GRXWRUD HP (GXFD ¸¶R SURIHVVRUD GR 3URJUDPD GH 3ÂV JUDGXD¸¶R HP 3VLFROR JLD 6RFLDO H ,QVWLWXFLRQDO GR ,QVWLWXWR GH 3VLFRORJLD GD 8)5*6 H FRRUGHQDGRUD GR *UXSR GH 3HVTXLVD 0RGRV GH 7UDEDOKDU 0RGRV GH 6XEMHWLYDU 6HOGD (QJHOPDQ ¹ DGPLQLVWUDGRUD PHVWUDQGD HP 3VLFRORJLD 6RFLDO H ,QVWLWXFLRQDO QD PHVPD LQVWLWXL¸¶R H PHPEUR GR JUXSR GH SHVTXLVD FRRUGHQDGR SHOD SURIHVVRUD 7´QLD &DUROLQH GD 6LOYD

0DUFHO 3URXVW %LELDQD H &DSLW¶R 5RGULJR (ULFR DSUHVHQWD XP DPSOR SDLQHO GD QRVVD VRFLHGDGH GXUDQWH DQRV FULDQGR PLWRV TXH DW¹ KRMH SHUGXUDP QR LPDJLQ²ULR FROHWL YR GD VRFLHGDGH VXO ULR JUDQGHQ VH $WUDY¹V GD UHFXSHUD¸¶R GR SDVVDGR FRPR IRUPD GH FRPSUH HQGHU R SUHVHQWH FRP D WULORJLD HOH IH] OX] VREUH D UHDOLGDGH XWL OL]DQGR D OLWHUDWXUD FRPR PHLR GH UHIOH[¶R GH FU½WLFD H GH GH QÇQFLD $WHQWR DRV SUREOHPDV TXH R FHUFDYDP HUD XP DPDQWH LQFRQWHVWH GD OLEHUGDGH HP WRGD D VXD DPSOLWXGH ORJR LQWHLUD PHQWH FRQWU²ULR D TXDOTXHU IRU PD GH UHSUHVV¶R (P ,QFLGHQWH HP $QWDUHV GH VHWH PRUWRV LQVHSXOWRV Y¶R SDUD R FRUHWR GD SUD¸D GHQXQFLDU DV PD]HODV VRFLDLV H SRO½WLFDV IXQ FLRQDQGR DVVLP $QWDUHV FRPR XP PLFURFRVPR UHSUHVHQWDWLYR GD VLWXD¸¶R EUDVLOHLUD GD ¹SRFD $SH VDU GD FHQVXUD SU¹YLD TXH REULJD YD HVFULWRUHV H DUWLVWDV D VXEPHWH UHP VHXV RULJLQDLV D FKHIHV GH SR O½FLD SDUD TXH DSURYDVVHP D SXEOL FD¸¶R (ULFR 9HULVVLPR MXQWDPHQ WH FRP -RUJH $PDGR MDPDLV VH VXEPHWHX D WDO DUELWUDULHGDGH H DVVXPLD SHUDQWH VHXV HGLWRUHV WR WDO FRPSURPLVVR HP UHOD¸¶R D VXD REUD 3DUD HVWH URPDQFH D HGLWRUD SUHSDURX XP FDUWD] SXEOLFLW²ULR TXH GL]LD |1XP SD½V WRWDOLW²ULR HVWH OLYUR VHULD SURLELGR} 2 SU SULR DXWRU HP HQWUHYLVWD DR -RU QDO GR %UDVLO HP GH GH]HPEUR GH TXDQGR GD TXDUWD UHLPSUHVV¶R GR URPDQFH PDLV GH PLO H[HPSODUHV YHQGLGRV FR PHQWD |1¶R KRXYH QDGD Q¶R KRXYH TXDOTXHU FRQWUDWHPSR $ JHQWH WHP GH UHFRQKHFHU TXH GHV FRQWDGDV DOJXPDV EXUULFHV K² XPD FDEH¸D RULHQWDQGR}

2V OLYURV GH 9HULVVLPR IRUDP WUDGX]LGRV H SXEOLFDGRV HP TXD VH WRGR R PXQGR (VWDGRV 8QL GRV ,QJODWHUUD )UDQ¸D ,W²OLD $OHPDQKD ÚXVWULD -DS¶R &RU¹LD 0¹[LFR 5ÇVVLD +RODQ GD 1RUXHJD 5RP»QLD $UJHQWL QD ,QGRQ¹VLD HQWUH RXWURV FRP SURYDQGR VXD FDSDFLGDGH HVSH WDFXODU GH |FRQWDGRU GH KLVWÂUL DV} H GH FULDGRU GH SHUVRQDJHQV FRP DV TXDLV RV OHLWRUHV VH LGHQ WLILFDP H VH FRPSUD]HP 6XD SURGX¸¶R OLWHU²ULD GH DQRV IRL HVSHFLDOPHQWH PDUFDGD SHOR KXPDQLVPR H SHOR PRGHOR UHD OLVWD DOHUWDQGR SDUD D LPSRVVL ELOLGDGH GH GHPDUFD¸¶R GH IURQ WHLUDV TXDQGR R DVVXQWR SULQFL SDO ¹ D FRQGL¸¶R KXPDQD 3DUD (ULFR 9HULVVLPR D WDUHID GR HVFULWRU ¹ |DFHQGHU D VXD O´P SDGD ID]HU OX] VREUH D UHDOLGDGH GR VHX PXQGR HYLWDQGR TXH FDLD VREUH HOH D HVFXULG¶R SURS½FLD DRV ODGUÆHV DVVDVVLQRV H WLUDQRV} ® H[DWDPHQWH LVVR TXH VXD REUD ¹ XPD OX] DFHVD LQGLFDQGR R FD PLQKR GD LJXDOGDGH GD MXVWL¸D H GD LPSRUW´QFLD GR KRPHP SDUD D FRQVWUX¸¶R GD VRFLHGDGH ¹ DFL PD GH WXGR XP OLEHOR D IDYRU GR KRPHP (LV SRU TXH VXD REUD ¹ LPRUWDO 3RUTXH SHUPDQHFH SUH VHQWH QR QRVVR LPDJLQ²ULR QDV FRQYHUVDV H GLVFXVVÆHV SRUTXH FRQWLQXD LQWHUURJDQGR VREUH R KRPHP VXDV TXDOLGDGHV H GHIHL WRV VHXV HUURV H DFHUWRV VREUH VHX PRGR GH DJLU H GH SHQVDU 3ULQFLSDOPHQWH SRUTXH ¹ XP FRPSURPLVVR FRP R KXPD QLVPR H FRP D LQWHJULGDGH GH VHX FULDGRU |GHVSHUWDQGR GHVHMRV} HP GLYHUVDV JHUD¸ÆHV 3URIHVVRUD GR ,QVWLWXWR GH /HWUDV GD 8)5*6

$ LPSRUWkQFLD GR HVSRUWH QD HVFROD (',725$ '$ 8)5*6

2 OLYUR WUD] DV FRQVLGHUD¸ÆHV GH SURIHVVRUHV |IDODQWHV} GD O½QJXD SRUWXJXHVD DFHUFD GD LPSRUW´QFLD GR HVSRUWH QD HVFROD QD SHUVSHFWLYD GD VXD DEUDQJ»QFLD ³V FULDQ¸DV H DGR OHVFHQWHV $ LQLFLDWLYD SDUWLX SULQFL SDOPHQWH GH SURILVVLRQDLV GD 8)5*6 863 H 8QLYHUVLGDGH GR 3RUWR TXH UHDOL]DP XP 3URJUDPD GH 'RXWRUD PHQWR HP FR WXWHOD PDV FRQWRX WDPE¹P FRP FRQWULEXL¸ÆHV GH SUR IHVVRUHV GR ,QVWLWXWR 6XSHULRU GD 0DLD 8/%5$ 81,6,126 H (VFROD 6XSHULRU GH (GXFD¸¶R GR ,QVWLWXWR 3ROLW¹FQLFR GH %UDJDQ¸D '(632572 3$5$ 6HJXQGR RV RUJDQL]DGRUHV D SX &5,$1d$6 ( EOLFD¸¶R DSUHVHQWD VH FRPR PDWHUL -29(16 5$=¯(6 DO GH HVWXGR IRQWH GH UHIOH[ÆHV H UH ( ),1$/,'$'(6 IHU»QFLD SDUD DSOLFD¸ÆHV SU²WLFDV HP TXH RV GRFHQWHV VH PRVWUDP SUHR (G 8)5*6 SiJV FXSDGRV FRP R WHRU HGXFDWLYR GR HV 5 QDV /LYUDULDV SRUWH H FRP VHX FDU²WHU VRFLDO H FXO GD 8)5*6 RUJDQL]DGR WXUDO |$ FRQFHS¸¶R REHGHFHX ³ SRU $GURDOGR *D\D QHFHVVLGDGH GH GLVSRQLELOL]DU DRV HV $QWyQLR 0DUTXHV WXGDQWHV SURIHVVRUHV H WUHLQDGRUHV H *R 7DQL DRV SDLV H SRO½WLFRV UHVSRQV²YHLV SHOR VHWRU GHVSRUWLYR H HGXFDFLRQDO XPD YLV¶R IXQGDPHQWDGD H DWXDOL]DGD VR EUH R GHVSRUWR GH FULDQ¸DV H MRYHQV H VREUH DV LPSOLFD¸ÆHV TXH OKH HVW¶R VHQGR DVVRFLDGDV} 7UDWD VH GH XPD REUD GH LQWHJUD¸¶R Q¶R V SHOR SUÂSULR FD U²WHU LQWHU UHODFLRQDO GR HVSRUWH FRPR SHOR IDWR GH DJUXSDU SHQVDGRUHV GH OXJDUHV GLIHUHQWHV VRE R |FRQWH[WR OXVÂIRQR} $V SUREOHP²WLFDV TXH VH SURSÆHP VROXFLRQDU RV QRYRV LQVWUX PHQWRV H PHWRGRORJLDV SURSRVWRV QD IRUPD¸¶R GHVSRUWLYR FRU SRUDO D UHQRYD¸¶R FRQFHLWXDO H RSHUDFLRQDO DSUHVHQWDGDV SHOD OXVRIRQLD ID]HP GHVVD XPD SXEOLFD¸¶R LQRYDGRUD $GURDOGR *D\D ¹ GRXWRU HP &L»QFLDV GR 'HVSRUWR H SURIHV VRU WLWXODU GD (VFROD GH (GXFD¸¶R )½VLFD GD 8)5*6 $QWÂQLR 0DUTXHV WDPE¹P GRXWRU HP &L»QFLDV GR 'HVSRUWR ¹ SURIHV VRU FDWHGU²WLFR GD )DFXOGDGH GH &L»QFLDV GR 'HVSRUWR H GH (GX FD¸¶R )½VLFD GD 83 *R 7DQL ¹ GRXWRU HP (GXFD¸¶R H SURIHVVRU WLWXODU GD (VFROD GH (GXFD¸¶R )½VLFD H (VSRUWH GD 863 &'6

-251$/ '$ 81,9(56,'$'( _ -8/+2 '( _

' ( % $7 ( 6 &25583d®2 $ SDUWLU GHVWH QÇPHUR R -RUQDO GD 8QL YHUVLGDGH UHVHUYD XPD S²JLQD SDUD R GH EDWH GH WHPDV LPSRUWDQWHV SDUD D FLGDGD QLD RX TXH HVWHMDP HP GHVWDTXH QD YLGD VRFLDO EUDVLOHLUD ( SDUD FRPH¸DU DSUH VHQWD R SHQVDPHQWR GH GRLV SURIHVVRUHV

GD 8QLYHUVLGDGH )HGHUDO GR 5LR *UDQGH GR 6XO VREUH R WHPD PDLV SRO»PLFR GRV ÇOWLPRV WHPSRV QR SD½V D FRUUXS¸¶R $ SHUJXQWD TXH GHX RULJHP DRV GRLV DUWLJRV DEDL[R IRL |® SRVV½YHO FRPEDWHU H YHQFHU D FRUUXS¸¶R QR %UDVLO"}

2V IRFRV GD FRUUXSomR QR %UDVLO

5HSXEOLFDQL]DU R (VWDGR

$QGUp 0DUHQFR

(GXDUGR . 0 &DUULRQ

3URIHVVRU GR 33* HP &LrQFLD 3ROtWLFD 8)5*6

3URIHVVRU WLWXODU GH 'LUHLWR &RQVWLWXFLRQDO H H[ GLUHWRU GD )DFXOGDGH GH 'LUHLWR GD 8)5*6

2V DUWLFXODGRUHV HOR PHQRV GRLV SRO½WLFRV GR JRYHUQR SRQWRV QD IRU /XOD RSWDUDP SHOR SUL PD FRPR HVW¶R 2 HVWtPXOR DR PHLUR PRGHOR (P WR HVWUXWXUDGDV H IXQFLR GDV DV RSRUWXQLGDGHV QDP DV LQVWLWXL¸ÆHV SÇ WURFD WURFD GH DSUHVHQWDGDV SDUD D EOLFDV EUDVLOHLUDV FRQV IRUPD¸¶R GH XPD FR WLWXHP IRFR SRWHQFLDO OHJHQGDV p DOL]¶R SDUWLG²ULD SULQ SDUD D JHUD¸¶R GH RSRU DSHQDV XP FLSDOPHQWH FRP D LQ WXQLGDGHV IDYRU²YHLV D FRUSRUD¸¶R UHDO H Q¶R UHOD¸ÆHV EDVHDGDV QR H[HPSOR DSHQDV VLPEÂOLFD GR ILVLRORJLVPR FOLHQWH 30'% DR JRYHUQR OLVPR FRUUXS¸¶R H IH LVWR IRL GHL[DGR GH QÄPHQRV FRUUHODWRV ODGR 3URYDYHOPHQWH (P SULPHLUR OXJDU D SRU FRQWD GD LPDJHP IROFOÂULFD GR HVFDOD H LPSRUW´QFLD SRO½WLFD GHVWH UHV½ GXR GH DGPLQLVWUD¸¶R ROLJ²UTXLFD SUH /HJLVODWLYR IRUPDGR SHORV | SLFDUH VHQWH QD H[LVW»QFLD GRV FKDPDGRV |FDU WDV} VRPDGRV DR H[FHVVR GH SUDJ JRV GH FRQILDQ¸D} &&V (VWLPD VH TXH PDWLVPR D HVWUDW¹JLD OHJLVODWLYD DGRWDGD PDLV GH PLO SRVWRV DSHQDV QD DGPL IRL D GH UHGX]LU R SRGHU GH SDUWLGRV H VHXV QLVWUD¸¶R IHGHUDO VHMDP UHFUXWDGRV VH O½GHUHV H FRQTXLVWDU FDVR D FDVR QR |YD JXQGR OÂJLFD GLVFULFLRQ²ULD GR V UHMR} R YRWR GRV SDUODPHQWDUHV 2 HVW½ SDUWLGR V TXH RFXSD P JRYHUQRV FRPR PXOR DR WURFD WURFD GH OHJHQGDV ¹ DSH VH IRVVHP SRU TXDWUR DQRV SURSULH QDV XP H[HPSOR GHVWD SRO½WLFD 2 SUR GDGH GRV JUXSRV JRYHUQLVWDV (VVH VLVWH EOHPD ¹ TXH HP QHJRFLD¸ÆHV GHVWH WLSR PD GH HVSÂOLR RIHUHFH DPELHQWH H RSRU R |FXVWR} GR YRWR WHQGH D DXPHQWDU D WXQLGDGH SDUD SRO½WLFRV SURSHQVRV D HV FDGD YRWD¸¶R FKHJDQGR D XP PRPHQWR WUDW¹JLDV SUHGDWÂULDV 1RPHDGRV SDUD SRV HP TXH JRYHUQRV Q¶R W»P PDLV FRPR UHV WRV GH FKHILD DWUDWLYRV SHOD PRYLPHQWD SRQGHU ³ FKDQWDJHP GR |EDL[R FOHUR} ® SRVV½YHO HQIUHQWDU D FRUUXS¸¶R ¸¶R GH UHFXUVRV FRPR GLUHWRULDV GH FRP SUDV RX UHVSRQV²YHLV SRU OLFLWD¸ÆHV H FRQ 3DUD LVWR GHYH VH FRPH¸DU SRU XPD DG WDQGR FRP H[SHFWDWLYD GH FXUWR SUD]R GH PLQLVWUD¸¶R SÇEOLFD SURILVVLRQDO H SRU SHUPDQ»QFLD QR FDUJR R LQFHQWLYR SDUD SDUWLGRV H /HJLVODWLYR PDLV SU DWLYRV |WLUDU YDQWDJHP} ¹ JUDQGH ,VVR Q¶R VLJQLILFD WDPE¹P TXH IXQFLRQ²ULRV GH FDUUHLUD VHMDP LPX QHV ³ FRUUXS¸¶R 8PD HVWUXWXUD HIL FD] QHVWD GLUH¸¶R VHULD DTXHOD ED VHDGD QD FDUUHLUD GHQWUR GD DGPL QLVWUD¸¶R SÇEOLFD FRP LQFHQWLYRV GH ORQJR SUD]R RULHQWDGRV SHOR P¹UL WR H GHVHPSHQKR SURILVVLRQDO QR TXDO R FRPSRUWDPHQWR ¹WLFR H WUDQV SDUHQWH H R GHVHPSHQKR HILFD] GRV VHUYLGRUHV VHMDP SUHPLDGRV FRP PDLRUHV VDO²ULRV H FRP D RFXSD¸¶R GH FDUJRV GH FKHILD 7XGR LVWR FRPELQDGR D VLVWHPDV GH FRQWUROH H PRQLWRUDPHQWR LQV WLWXFLRQDLV ,VWR QDGD WHP D YHU FRP R GRJPDWLVPR OLEHUDO TXH HP RSRU WXQLGDGHV FRPR HVWD UHSHWH VHX PDQWUD GH |GLPLQXLU R (VWDGR} |SULYDWL]DU} FRPR VROX¸ÆHV SDUD DX PHQWDU D HILF²FLD QD SUHVWD¸¶R GH VHUYL¸RV SÇEOLFRV (VWXGR GH .DXI PDQ UHYHOD XPD FRUUHOD¸¶R QHJDWLYD HQWUH FRUUXS¸¶R H JDVWR SÇ EOLFR HP SD½VHV DQDOLVDGRV TXDQWR PDLRU R SHUFHQWXDO GR JDVWR HP UHOD¸¶R DR 3,% PHQRU D IUH TÊ»QFLD GH FRUUXS¸¶R HP GHWHUPL QDGR SD½V 8P VHJXQGR HQGHUH¸R SDUD D UH SURGX¸¶R GR ILVLRORJLVPR UHVLGH QDV UHOD¸ÆHV HQWUH ([HFXWLYR H /HJLV ODWLYR 2 SUREOHPD FRQVLVWH HP TXH H[LVWHP SHOR PHQRV GXDV IRUPDV GLVWLQWDV GH PRQWDUHP VH EDVHV GH DSRLR JRYHUQDPHQWDO QHJRFLDQGR FDGD YRWD¸¶R GLUHWDPHQWH FRP FDGD SDUODPHQWDU SULQFLSDOPHQWH DTXH OHV TXH IRUPDP R FKDPDGR |EDL[R FOHUR} z TXH IRL R SDGU¶R GRPLQDQ WH QR FLFOR z RX QHJRFLDQ GR FRPSURPLVVRV SDUWLG²ULRV PDLV HVW²YHLV DWUDY¹V GRV O½GHUHV GH EDQ FDGDV FRPR PRGHOR SUHGRPLQDQWH QR SHU½RGR SÂV )LJXHLUHGR /LPRQJL

LP K² FRPR SUHVV¶R D LG¹LD GH FRPEDWHU D FRLVD SÇEOLFD RX GH FRUUXS¸¶R QR FRLVD FRPXP HQILP $ FRUUXSomR %UDVLO ,QFOXVLYH H D SHUVSHFWLYD GR EHP [LVWHP SUHFHGHQWHV FRPXP QHP TXH HQGrPLFD SRGH LQWHUQDFLRQDLV QHVVH VHMD FRPR VRQKR DFD VHQWLGR OHQWDGR &RUUXS¸¶R VHU FUHGLWDGD D $ FRUUXS¸¶R QR QHSRWLVPR GHVSHUG½ QRVVDV UDt]HV %UDVLO PRVWUD VH VLV FLR LQFÇULD QD IXQ WHP²WLFD 0DLV GR ¸¶R SÇEOLFD SRU H KLVWyULFDV TXH VLVWHP²WLFD VLV [HPSOR V¶R DVSHFWRV W»PLFD RX VHMD Q¶R PDLV DSDUHQWHV HP VLPSOHVPHQWH HSLV ERUD Q¶R PHQRV GD GLFD HYHQWXDO RX DOH QRVRV GHVVD FRQGL DWÂULD 6LVWHP²WLFD H VLVW»PLFD HOD UH ¸¶R +² PXLWR PDLV HQWUHWDQWR D YHOD VH FHQWUDO LVWR ¹ Q¶R DSHQDV SH SRO½WLFD GDV SULYDWL]D¸ÆHV WDO FRPR IRL ULI¹ULFD RX PDUJLQDO DR SRGHU SHUSDV LPSOHPHQWDGD R DYLOWDPHQWR GD VR VDQGR DLQGD WRGRV RV VHXV Q½YHLV IH EHUDQLD QDFLRQDO LPSRUWDQWH GH VHU GHUDO HVWDGXDO RX PXQLFLSDO FRP V¹ DILUPDGD QXP SURFHVVR GH JOREDOL]D ULRV SUHMX½]RV Q¶R V ¹WLFRV FRPR HFR ¸¶R VRE SHQD GH UHIRU¸DU VH D FRQGL QÄPLFRV ¸¶R SHULI¹ULFD GH QRVVR SD½V R DEDV (P JUDQGH SDUWH FRPR VH GL] D WDUGDPHQWR GD &RQVWLWXL¸¶R SDUD QRV FRUUXS¸¶R HQG»PLFD RX HVWUXWXUDO SR OLPLWDUPRV D DOJXQV SRXFRV DVSHFWRV GH VHU FUHGLWDGD D QRVVDV UD½]HV KLVW +² SUREOHPDV ¹ YHUGDGH FRP D RU ULFDV R (VWDGR SDWULPRQLDOLVWD 2 %UD JDQL]D¸¶R LQVWLWXFLRQDO GR SRGHU SR VLO WHP VH FDUDFWHUL]DQGR DQWHV SRU VHU O½WLFR QR %UDVLO TXH SRGH VHU DSHUIHL XPD |UHSULYDGD} QD H[SUHVV¶R GH 5XL ¸RDGD 0DV LVWR Q¶R GHYH VHUYLU GH SUH %DUERVD GR TXH SRU FRQVWLWXLU VH HP WH[WR SDUD LVHQWDU GH UHVSRQVDELOLGD HIHWLYD UHSÇEOLFD QR VHQWLGR GH SUH GHV )DOWD PXLWDV YH]HV YRQWDGH SRO½ YDO»QFLD QD RUGHP SRO½WLFD GR LQWH WLFD QR FRPEDWH ³ FRUUXS¸¶R D SUR UHVVH SÇEOLFR VREUH R LQWHUHVVH SULYD ELGDGH DGPLQLVWUDWLYD WUDQVIRUPDQGR GR H UHVSHLWDQGR D HWLPRORJLD GD H[ VH ILQDOPHQWH HP YDORU UHODWLYR 1D KLVWÂULD UHFHQWH R FRPEDWH ³ FRUUXS¸¶R M² VHUYLX GH SUHWH[WR D $57( -26e 3('52 %2572/,1, SURSÂVLWRV FRQVHUYDGRUHV H JROSLV WDV KDMD YLVWD D 8'1 0DV HP JUDQGH SDUWH JUD¸DV DR 37 R FRP EDWH ³ FRUUXS¸¶R WUDQVIRUPRX VH HP EDQGHLUD SURJUHVVLVWD (VSHUD YD VH DVVLP TXH FRP R QRYR TXD GUR SRO½WLFR QDFLRQDO UHVXOWDQWH GDV HOHL¸ÆHV SUHVLGHQFLDLV SHOR PHQRV KRXYHVVH XPD WHQWDWLYD GH LQ½FLR GH UHYHUV¶R GHVVD UHDOLGDGH ,QIH OL]PHQWH Q¶R K² FRPR FRPSUHHQ GHU D DWXDO GHJHQHUHVF»QFLD PRUDO VHP OHYDU HP FRQWD D GHJH QHUHVF»QFLD SRO½WLFD D IDOWD GH HIH WLYR SURMHWR GH JRYHUQR R GHV FULW¹ULR GDV DOLDQ¸DV SDUWLG²ULDV R GHVFRPSURPLVVR FRP D EDVH VRFL DO D RS¸¶R IXQGDPHQWDO SHOR PDU NHWLQJ SRO½WLFR R ILVLRORJLVPR H R FOLHQWHOLVPR QD D¸¶R SRO½WLFD R FDU UHLULVPR H R DUULYLVPR GH SDUWH VLJ QLILFDWLYD GD PLOLW´QFLD HQWUH RX WURV HOHPHQWRV 3HUGH VH HQW¶R D GLPHQV¶R UHSXEOLFDQD XPD GDV H[ SHFWDWLYDV KDYLGDV FRP UHOD¸¶R DR QRYR JRYHUQR ,PSÆH VH DVVLP FRP XUJ»QFLD D PRGHUQL]D¸¶R GD YLGD SRO½WLFD R UHVJDWH GH XPD HIHWLYD FXOWXUD UHSXEOLFDQD VRE SHQD GH DSUR IXQGDU VH DLQGD PDLV R GLYÂUFLR HQWUH R SD½V OHJDO H R SD½V UHDO HQ WUH D |JUDQGH SRO½WLFD} H R FRWLGL DQR GRV FLGDG¶RV 'H TXDOTXHU IRUPD XP YHUGD GHLUR SURJUHVVR HP QRVVD H[SHUL »QFLD SRO½WLFD GHSHQGHU² PHQRV GH UHIRUPDV FRQVWLWXFLRQDLV H OHJDLV GR TXH GH PXGDQ¸DV QDV SU²WLFDV H FRPSRUWDPHQWRV SRO½WLFRV 3DUD LVWR FRQWD GHFLVLYDPHQWH XPD VR FLHGDGH H XPD RSLQL¶R SÇEOLFD DWL YDV H SDUWLFLSDQWHV TXH Q¶R WROH UDP PDLV D | LQ FXOWXUD} GD FRUUXS¸¶R

3

6

-251$/ '$ 81,9(56,'$'( _ -8/+2 '(

(16$,2 )OiYLR 'XWUD

$V IRWRJUDILDV DSUHVHQWDGDV QHVWD S²JLQD V¶R SDUWH GR WUDEDOKR UHDOL]DGR SHOD DUWLVWD IRWÂJUDID H MRUQDOLVWD 0DULH $QJH %RUGDV HQWUH H FRP UHIXJLDGRV TXH YLYL DP HP -RKDQQHVEXUJ QD ÚIULFD GR 6XO HP 0DVV\ QD )UDQ¸D H QR &DPSR GH 5HIXJLDGRV GH .DNXPD QR 4X»QLD $SRLDGD SRU EROVDV FRPR DUWLVWD UHVLGHQWH GH VHQYROYHQGR SURMHWRV MXQWR D 21*V FRPR D )LOPDLG ,QWHUQDWLRQDO H FRQHFWDGD D XPD UHGH GH FRQWDWRV TXH VH IRUMRX DR ORQJR GR WUDEDOKR 0DULH GHVHQYROYHX RILFLQDV QDV TXDLV MXQWRX IRWRJUDILD UHJLVWURV VRQRURV H Y½GHR HP DWLYLGDGHV TXH EXVFDUDP R GL²ORJR H D FRQYLY»QFLD FRPR PRGR GH UHVJDWH GH LGHQWLGDGHV PHPÂULDV H DXWR HVWLPD 1DV WU»V HWDSDV GR SURMHWR RV WHPDV DERUGDGRV VHJXL UDP R FDPLQKR SHUFRUULGR SHORV SDUWLFLSDQWHV GRV PRWL YRV SDUD D IXJD H D SHUGD GR ODU HP -RKDQQHVEXUJ SDVVDQ GR SHOD HVSHUD GH GRFXPHQWRV QD )UDQ¸D ³ FRQVWDQWH LQ TXLHWD¸¶R FRP R IXWXUR HP .DNXPD $OJXPDV SHUJXQWDV FRQHFWDUDP DV H[SHUL»QFLDV GD DUWLVWD H GRV UHIXJLDGRV FRPR DWULEXLU FRQWRUQR KXPDQR D XP WHPD VHP URVWR" &RPR LU DO¹P GD GLPHQV¶R SRO½WLFD" &RPR GLPLQXLU D GLV W´QFLD HQWUH QRVVR VRI² H D HVWUDGD GXUDPHQWH SHUFRUULGD" $V GLYHUVDV RILFLQDV UHVXOWDUDP HP LQVWDOD¸ÆHV TXH IR UDP PRQWDGDV HP HVSD¸RV QRV FDPSRV GH UHIXJLDGRV H IRUD GHOHV 3RU DTXL D PRVWUD 'HVORFDPHQWRV SÄGH VHU YLVWD HP MDQHLUR SDVVDGR GXUDQWH R 9 )ÂUXP 6RFLDO 0XQ GLDO H SDUWLFLSD QR P»V GH MXOKR GR )RWRULR HP H[SRVL¸¶R QR &HQWUR &XOWXUDO GD -XVWL¸D )HGHUDO QR 5LR GH -DQHLUR 1RV ROKRV GH (XQLFH -RKDQQHVEXUJ

0$5,( $1*( %25'$6

'HVORFDPHQWRV 'HVORFDPHQWRV

|4XDQGR IXJL VDOYHL PDV WDPE¹P SHUGL PLQKD YLGD 'XUDQWH DQRV VÂ VRXEH TXH HVWDYD YLYR DR YHU RV RXWURV YLYHQGR } /LQR 1HWR UHIXJLDGR GH $QJROD

$UWLVWD GHVHQYROYH SURMHWR TXH SURPRYH RILFLQDV GH FULDomR HP FRPXQLGDGHV GH UHIXJLDGRV

)XJD .DNXPD 4XrQLD

|0HX QRPH ¹ *HHGGL 6RX VRPDOL PDV QXQFD HVWLYH QD 6RP²OLD 7HQKR XP SDL PDV QXQFD YL PHX SDL (X Q¶R YLYR HP XPD DOGHLD QHP HP XPD FLGDGH 9LYR HP XP FDPSR GH UHIXJLDGRV 1¶R H[LVWHP FHUFDV DR UHGRU GR OXJDU RQGH YLYR PDV HX QXQFD HVWLYH IRUD GDTXL }

&DVD .DNXPD 4XrQLD

3DUD RQGH" .DNXPD 4XrQLD

|&RQKHFL PXLWRV UHIXJLDGRV GR %XUXQGL H GD 5XDQGD TXH Q¶R SHQVDP HP YROWDU SDUD FDVD 6XDV OHPEUDQ¸DV RV SHUVHJXHP 'H WRGR MHLWR YROWDU SDUD TX»" 3DUD RQGH" 3DUD TXHP" } 0LOODQ &DPDUÆHV

%ULQFDQGR GH JXHUUD .DNXPD 4XrQLD

.DNXPD JUDXV VHP VRPEUD .DNXPD 4XrQLD