Amais julho 2017

Casas

CONDOMÍNIO FECHADO

78 mԁ - 145 mԁ

2 suítes a 4 dormitórios (2 suítes) Condomínio fechado ;l l |;uu;mo 1ol l-bv 7; 25.000 mԁ, 1ol rou|-ub- ; v;] u-m2- 24 horasĺ Clube completo 1ol v-Ѵ࢛o 7; =;v|-vķ C |m;vvķ v-Ѵ࢛o 7; fo]ovķ 0ubmt ;7o|;1-ķ rѴ- ]uo m7ķ 1_ uu-vt ;bu-ķ rbv1bm- ; t -7u- ;vrouঞ - ĺ

Este empreendimento somente será comercializado após o registro do memorial de incorporação no cartório de registro de imóveis nos termos da lei 4.591/64. Central de atendime

Breve lançamento - Boituva

AgĂŞncia Pravda

BOITUVA VAI ACORDAR DIFERENTE

VISITE CASA DECORADA

!& $ $ŕ ? "ġ Ć‘Ć‘Ć? Ňƒ $&( Ňƒ " A 5 MIN. DO KM 114 DA ROD. CASTELO BRANCO

(15) 3268-1684 brisavillageboituva.com.br

Incorporação, Construção e Vendas:

ento Namour: (11) 3172-9010 - R. Joaquim Floriano, 101 - 11Âş andar - Itaim Bibi - SĂŁo Paulo - SP - Creci: 29.308-J. Todas perspectivas e imagens artĂ­sticas sĂŁo meramente ilustrativas.

(;3(',(17(

)HMXSVE

&$57$ $2 /(,725 3URMHWR 5RJHU $OYHV 5RQDOGR 3D] /HDQGUR /XFFKHWWD &RRUGHQDGRU *HUDO 5RJHU $OYHV URJHU#UHYLVWDDPDLV FRP $UWH H 3URMHWR *UiILFR 21 3XEOLFLGDGH /WGD RQGS#RQSXEOLFLGDGH FRP EU &RPHUFLDO /HDQGUR /XFFKHWWD

OHDQGUR#UHYLVWDDPDLV FRP *LOEHUWR 6DPSDLR

VDPSDLR#UHYLVWDDPDLV FRP 3ODQHMDPHQWR )LQDQFHLUR 5RQDOGR 3D] URQDOGR#UHYLVWDDPDLV FRP

2Oi FDURV OHLWRUHV WXGR EHP FRP YRFrV" (VSHUR TXH VLP 4XH IULR]LQKR p HVVH HP" %RP FRP D FKHJDGD GHVVH ,QYHUQR )HVWDV -XQLQDV TXH VHPSUH DFDEDP VH HVWHQGHQGR H YLUDQGR ยฆ-XOLQDVยง H DV WmR VRQKDGDV )pULDV (VFRODUHV 3URJUDPDomR p R TXH QmR IDOWD SDVVHLR FRP D IDPtOLD QDPRUDGR RX QDPRUDGD VR]LQKR FRP RV DPLJRV HQILP FOLPD HVVH SURStFLR SDUD ILFDU MXQWR GH TXHP DPD 6y QmR SRGHPRV H[DJHUDU QD SDUWH JDVWURQ{PLFD SRLV R WUDEDOKR SDUD SHUGHU HVVHV TXLOLQKRV D PDLV p GREUDGR ( SRU IDODU QLVVR QD VHomR GH *DVWURQRPLD WHPRV XPD UHFHLWD GH &RVWHOLQKD GH SRUFR PXLWR IiFLO GH ID]HU (P &DUURV FRQKHoD D QRYD )RUG (FRVSRUW FRP VHX YLVXDO UHQRYDGR H XP LQWHULRU GH WLUDU R FKDSpX 0RGD PDVFXOLQD FRQILUD QRVVDV GLFDV GH FRPR XVDU ยฆ&DFKHFROยง H FRQWLQXDU DUUDVDQGR (P $UTXLWHWXUD H 'HFRUDomR VDLED GD LPSRUWkQFLD GH HVFROKHU D OkPSDGD FHUWD SDUD R TXH SUHWHQGH GHVWDFDU )LWQHVV 6D~GH (FRQRPLD 9LQKRV H PXLWR PDLV -i EDL[RX QRVVR DSOLFDWLYR *XLD $PDLV" (QWmR QmR SHUFD PDLV WHPSR WHQKD RV HVWDEHOHFLPHQWRV GD UHJLmR QD SDOPD GH VXD PmR 'LVSRQLYHO QDV YHUV}HV $QGURLG H ,26 &RQWH~GR GH TXDOLGDGH YRFr Vy HQFRQWUD DTXL 8PD yWLPD OHLWXUD H XP JUDQGH DEUDoR $ UHGDomR

55/ &RPXQLFDomR 5HYLVWD $PDLV $Y =pOLD GH /LPD 5RVD 3RUWDO 9LOOH %RLWXYD 63 )RQH (PDLO UHYLVWDDPDLV#XRO FRP EU ZZZ UHYLVWDDPDLV FRP $ 5HYLVWD $PDLV p XPD SXEOLFDomR PHQVDO GLVWULEXtGD JUDWXLWDPHQWH FRP WLUDJHP GH H[HPSODUHV $ 5HYLVWD $PDLV QmR VH UHVSRQVDELOL]D SHORV SURGXWRV H SURPRo}HV GLYXOJDGRV HP VHX FRQWH~GR 1mR p SHUPLWLGD D UHSURGXomR WRWDO RX SDUFLDO VHP SUpYLD DXWRUL]DomR GD UHYLVWD 2V DUWLJRV QmR UHIOHWHP QHFHVVDULDPHQWH D RSLQLmR GD UHYLVWD

&RODERUDUDP QHVWD HGLomR ,QIRPRWR $OGR 7L]]DQL (ULF /DQGPD\HU *UXSR 3HWUySROLV $VVHVVRULD GH ,PSUHQVD )RUG 'U 0DUFRV &LQWUD -XOLDQD 0DULQ -XOLDQ 3LFFLQLQR )HUUDUD &RORUDO 0DFKR PRGD $OH[DQGUH 4 QRWtFLD

'HQLV 9HUJDUD

&DSD $JUDGHFLPHQWR $VVHVVRULD GH ,PSUHQVD )RWR $QGUp 1LFRODX

,PSUHVVmR *UDILODU 'LVWULEXLomR %RLWXYD ,SHUy 7DWXt &HUTXLOKR 7LHWr /DUDQMDO 3DXOLVWD H HP DOJXQV SRQWRV GH 6RURFDED

ยบ1',&(

&DSD -XOLDQR &D]DUUp

(FRQRPLD ย ,QRYDomR JRYHUQR H GHVHQYROYLPHQWR

,QDXJXUDomR ย 9LQ 6DQWR 3HWUD %DU

/DQoDPHQWR ย /DQoDPHQWR GD ย IDVH GR 5HVLGHQFLDO 3RUWDO GDV (VWUHODV (FROyJLFR

ย &ROpJLR $QJOR GH %RLWXYD /LomR GH &DVD

ย &DFKHFRO DFHVVyULR LQGLVSHQViYHO SDUD HVVH LQYHUQR

,QIRUPH 3XEOLFLWiULR 0RGD 0DVFXOLQD

$UTXLWHWXUD ย $ LOXPLQDomR GR DPELHQWH SRGH FDXVDU VHQVDo}HV H GHVSHUWDU VHQWLPHQWRV QDV SHVVRDV

9LWULQH

9LWULQH GD &RQVWUXomR %HOH]D

ย 0D[LPXV &DUH UHMXYHQHVFH D SHOH VHP FLUXUJLD

ย 2VWHRDUWULWH GRHQoD GHJHQHUDWLYD p FRPXP QD WHUFHLUD LGDGH

6D~GH

&DUURV )RUG UHYHOD GHWDOKHV GR QRYR (FRVSRUW 7LWDQLXP

*DVWURQRPLD

&RVWHOLQKDV GH 3RUFR FRP PROKR %DUEHFXH

9LQKRV &RPSUDU YLQKR (Q 3ULPHXU R TXH VLJLQLILFD"

1XWULomR %LR )DLU H 1DWXUDOWHFK H[SRVLomR GH SURGXWRV VHP DJURWy[LFRV H ELRGLQkPLFRV

*UXSR 3HWUySROLV (PEDODJHP GH ,WDLSDYD *DQKD 3UrPLR ,QWHUQDFLRQDO

&XLGDGRV FRP D DOLPHQWDomR GRV FmHV DSyV D FDVWUDomR

3UDWLFDQWHV GH (VSRUWHV QD $FDGHPLD

&RPSRVWHLUD FRUHDQD WUDQVIRUPD UHVtGXRV DOLPHQWDUHV

9LGD $QLPDO )LWQHVV 0HLR $PELHQWH HP DGXER H IRQWH GH HQHUJLD

0RWRV &RPSDUDWLYR $YHQWXUHLUR %0: ) *6 YV 7ULXPSK 7LJHU ;5

3VLFRORJLD 9DPRV IDODU VREUH R VXLFtGLR QD DGROHVFrQFLD

$UWH H &XOWXUD *LDYRQL DUWLVWD GH 6RURFDED WHUi VXDV REUDV H[SRVWDV QR PXVHX 'X /RXYUH HP 3DULV

O MELHOR PARA QUEM BUSCA O NOVO GUIA AMAIS É RÁPIDO, PRÁTICO E FÁCIL. OFERECE FILTROS DE BUSCA AVANÇADOS PARA VOCÊ ENCONTRAR EXATAMENTE O QUE PROCURA.

APP PARA ANDROID NO

Baixe Agora na

FUNCIONALIDADES INCRÍVEIS. Cupons de Desconto para os Melhores Estabelecimentos da Cidade.

(TGJWYZWF +TYTLW¥ƴHF ITX *[JSYTX VZJ &LNYFR F 7JLN§T :RF 8JQJ«§T 2JSXFQ ITX 2JQMTWJX 3JL·HNTX .RTGNQN¥WNTX 'ZXVZJ ST 2FUF IJ 2FSJNWF 7¥UNIF J 5W¥YNHF YZIT T VZJ JXY¥ FT XJZ WJITW +NQYWJ XZF GZXHF UTW UFQF[WFX HMF[JX HNIFIJX J HFYJLTWNFX IJ XJW[N«TX Filtre os estabelecimentos de uma categoria pelas comodidades oferecidas.

(WNJ ZRF QNXYF IJ IJXJOTX ITX JXYFGJQJHNRJSYTX VZJ IJXJOF [NXNYFW

WWW.REVISTAAMAIS.COM.BR

,ZNF &2&.8 'FN]J &LTWF

O MELHOR PARA QUEM ANUNCIA

COM O NOVO GUIA AMAIS, VOCÊ GARANTE VISIBILIDADE ÚNICA PARA O SEU NEGÓCIO NA INTERNET COM FERRAMENTAS INCRÍVEIS.

(425&79.1-&2*394 .3+472& *8 )* (439&94 1.89& )* )*8*/48 7*)*8 84(.&.8

342* )4 *89&'*1*(.2*394 7*& )* &9:& 4 *3)*7* 4

.39*,7& 4 ,58 1*;* 4 :8: 7.4 &4 8*: *89&'*1*(.2*394 (42 &5*3&8 :2 (1.(0

,&1*7.& )* .2&,*38 57.3(.5&.8 (424).)&)*8 9*=94 )*8(7.9.;4

94:7 ;.79:&1 4: +494 ~ 8*/& *3(4397&)4 5 ,.3&

49.2.?&)& 5&7& 4 ,44,1*

CADASTRE-SE GRATUITAMENTE OU GARANTA TODAS ESTAS FUNÇÕES PARA O SEU NEGÓCIO POR APENAS

R$ 89,90 por mês.

(&2120,$

,129$d 2 *29(512 ( '(6(192/9,0(172 3RU 'U 0DUFRV &LQWUD 'RXWRU HP (FRQRPLD SHOD 8QLYHUVLGDGH +DUYDUG (8$

3URIHVVRU WLWXODU H YLFH SUHVLGHQWH GD )XQGDomR *HWXOLR 9DUJDV PFLQWUD#PDUFRVFLQWUD RUJ ZZZ PDUFRVFLQWUD RUJ ZZZ IDFHERRN FRP PDUFRVFLQWUDDOEXTXHUTXH

1

DV ~OWLPDV GpFDGDV D LQRYDomR WHFQROyJLFD IRL GHILQLWLYDPHQWH DVVLPLODGD FRPR D FKDYH PHVWUD SDUD R GHVHQYROYLPHQWR VyFLR HFRQ{PLFR DR UHGRU GR PXQGR H j PHGLGD TXH R WHUPR IRL VHQGR FRPSUHHQGLGR R SRGHU S~EOLFR SDVVRX D DVVXPLU XP SDSHO SULPRUGLDO SDUD D HILFiFLD GR SURFHVVR 'HQWUH DV UD]}HV TXH OHYDUDP R JRYHUQR D DVVXPLU XP SDSHO FDGD YH] PDLV LPSRUWDQWH QR VLVWHPD LQRYDWLYR HQFRQWUDP VH FDUDFWHUtVWLFDV UHOHYDQWHV LQHUHQWHV D HOH TXH VmR D HOHYDGD LQFHUWH]D H D DVVLPHWULD GH UHWRUQR GRV SURMHWRV H R IDWR GR EHQHItFLR VRFLDO GRV LQYHVWLPHQWRV QR VHWRU VXSHUDU R EHQHItFLR SULYDGR 6HJXQGR D WHRULD WUDGLFLRQDO GR EHP HVWDU VRFLDO D DORFDomR yWLPD GRV UHFXUVRV SURGXWLYRV VH Gi SHOD DWXDomR GRV DJHQWHV SURGXWRUHV GH EHQV SULYDGRV HP XP PHUFDGR FRPSHWLWLYR (P UHODomR j LQRYDomR TXH

HVWi LQVHULGD HP XP FRQWH[WR GH IDOKD GH PHUFDGR DV SDUWLFXODULGDGHV GR SURFHVVR H[LJHP TXH R (VWDGR FRPSDUWLOKH ULVFRV H UHGX]D FXVWRV YLVDQGR D JHUDomR GH H[WHUQDOLGDGHV SRVLWLYDV SDUD D VRFLHGDGH (P UHVXPR D LQRYDomR GHYH VHU WUDWDGD FRPR XP EHP S~EOLFR

&RQWLQXD

(&2120,$

,129$d 2 *29(512 ( '(6(192/9,0(172

3RU 'U 0DUFRV &LQWUD

'RXWRU HP (FRQRPLD SHOD 8QLYHUVLGDGH +DUYDUG (8$

3URIHVVRU WLWXODU H YLFH SUHVLGHQWH GD )XQGDomR *HWXOLR 9DUJDV PFLQWUD#PDUFRVFLQWUD RUJ ZZZ PDUFRVFLQWUD RUJ ZZZ IDFHERRN FRP PDUFRVFLQWUDDOEXTXHUTXH

(VVD EUHYH LQWURGXomR HQYROYHQGR GHVHQYROYLPHQWR HFRQ{PLFR LQRYDomR H D DWXDomR GR JRYHUQR VHUYH FRPR XP FRQYLWH j UHIOH[mR VREUH D LPSRUWkQFLD GD GHVWLQDomR GH UHFXUVRV S~EOLFRV SDUD SHVTXLVD H GHVHQYROYLPHQWR 3 ' QR VHQWLGR GR EHQHItFLR TXH LVVR JHUD SDUD D VRFLHGDGH FRPSDUDWLYDPHQWH DR UHWRUQR GRV JDVWRV HP RXWUDV iUHDV GR RUoDPHQWR JRYHUQDPHQWDO 3RU FRQWD GD LGHLD TXDVH XQkQLPH GH TXH D LQRYDomR p R PRWRU GR FUHVFLPHQWR HFRQ{PLFR VXVWHQWDGR H GH H[SDQVmR GR EHP HVWDU VRFLDO YDOH GL]HU TXH R VHWRU GHYH VHU WUDWDGR FRPR XPD SULRULGDGH HQWUH DV GHVSHVDV JRYHUQDPHQWDLV" e FRQYHQLHQWH DILUPDU TXH RV LQYHVWLPHQWRV HP 3 ' GHYHP VHU LPXQHV D FRUWHV GXUDQWH RV DMXVWHV ILVFDLV" $ UHVSRVWD SDUD HVVDV LQGDJDo}HV GHPDQGD R FRQIURQWR GR UHWRUQR TXH FDGD GHVSHVD JHUD SDUD D VRFLHGDGH 7DO DYDOLDomR IRL DSUHVHQWDGD QR LQtFLR GHVWH DQR HP XPD SXEOLFDomR GR /HY\ (FRQRPLFV ,QVWLWXWH 7UrV SHVTXLVDGRUHV DQDOLVDUDP R LPSDFWR GRV JDVWRV 16

HP 3 ' H GH RXWUDV iUHDV S~EOLFDV VREUH R FUHVFLPHQWR GR 3,% QRV SDtVHV TXH FRPS}HP R * &RP EDVH HP PRGHORV HFRQRPpWULFRV HOHV DYDOLDUDP VHWRUHV DJUXSDGRV GD VHJXLQWH IRUPD FDSLWDO KXPDQR VD~GH H HGXFDomR GHIHVD LQIUDHVWUXWXUD HQHUJLD WHOHFRPXQL FDomR VDQHDPHQWR DEDVWHFLPHQWR GH iJXD H WUDQVSRUWH H 3 ' $ FRQFOXVmR GR UHIHULGR HVWXGR UHYHOD TXH SDUD FDGD JDVWR DGLFLRQDOPHQWH HP VD~GH R 3,% WHP XP DYDQoR VXSOHPHQWDU GH H HP HGXFDomR R HIHLWR p GH QR FDVR GDV GHVSHVDV HP GHIHVD R LPSDFWR LQFUHPHQWDO p GH H HP LQIUDHVWUXWXUD D H[SDQVmR H[WUD p GH -i HP UHODomR D 3 ' R LQFUHPHQWR GH QHVVH GLVSrQGLR JHUD XP FUHVFLPHQWR DGLFLRQDO QR 3,% GH

+DQXVFK + &KDNUDERUW\ / 6 DQG .KXUDQD 6 )HEUXDU\ ¦)LVFDO 3ROLF\ (FRQRPLF *URZWK DQG ,QQRYDWLRQ $Q HPSLULFDO $QDO\VLV RI * &RXQWULHV§ :RUNLQJ 3DSHU Q• /HY\ (FRQRPLFV ,QVWLWXWH

,1$8*85$d 2

%2,789$ $&$%$ '( *$1+$5 80$ (;&(/(17( 23d 2 *$67521¿0,&$

2 9,16$172 75$7725,$ 1R GLD GH -XQKR D FDVD UHFHEHX DOJXQV FRQYLGDGRV SDUD VXD LQDXJXUDomR DRQGH IRL DSUHVHQWDGR XP YDVWR FRQKHFLPHQWR GD FR]LQKD ,WDOLDQD

2

9LQ6DQWR 7UDWWRULD WHP R LQWXLWR GH WUD]HU SDUD %RLWXYD H UHJLmR R VDERU GD ,WiOLD H SDUD LVVR FRQWD FRP SHVVRDV GHGLFDGDV H SURQWDV SDUD DJXoDU R VHX SDODGDU (P TXDQGR GHVHPEDUFRX QR %UDVLO 0DUFHOOR &HOHQWDQR VRPPHOLHU IRUPDGR DSDL[RQDGR SRU YLQKRV H JDVWURQRPLD H MXQWR FRP VXD HVSRVD GHFLGLUDP DEULU R 9LQ6DQWR 7UDWWRULD 9LQRWHFD 3LDGLQH 5RWLVVHULH $ FR]LQKD GR 9LQ6DQWR XWLOL]D VHPSUH RV PHOKRUHV LQJUHGLHQWHV HP ERD SDUWH LPSRUWDGRV GD ,WiOLD SULYLOHJLDQGR DV SUHSDUDo}HV OHYHV VHP H[FHVVRV GH JRUGXUDV H FRP PXLWRV SURGXWRV RUJkQLFRV H IUHVFRV FRPR DV QRVVDV PDVVDV IHLWDV GLDULDPHQWH $ EXRQD FXFLQD GR 9LQ6DQWR H VHX DPELHQWH DFRQFKHJDQWH H FKDUPRVR WH OHYDUmR j XPD YLDJHP D ,WiOLD FRP VDERUHV H FRVWXPHV $ RULJHP GR QRPH 9LQ6DQWR ([LVWHP YiULDV WHRULDV D UHVSHLWR GD RULJHP GHVVH QRPH 'H RULJHP LWDOLDQD QD

18

UHJLmR GD 7RVFDQD DFUHGLWD VH TXH SRU YROWD GR VpFXOR ;,9 XP IUDGH IUDQFLVFDQR GH 6LHQD XVDYD R YLQKR TXH VREUDYD GDV PLVVDV SDUD WUDWDU GRV GRHQWHV GD SHVWH DOFDQoDQGR FXUDV PLODJURVDV 8P YLQKR GRFH GH VREUHPHVD WUDGLFLRQDOPHQWH VHUYLGR DR ILQDO GH XPD UHIHLomR DFRPSDQKDGR GH XP SHGDoR GH &DQWXFFL XP WtSLFR ELVFRLWR GH DPrQGRDV ORFDO 2 GXUR ELVFRLWR p HPEHELGR QR 9LQ6DQWR SDUD DPROHFHU H DFHQWXDU VHX VDERU 1mR Ki UHIHLomR QD 7RVFDQD TXH QmR WHUPLQH GHVVD IRUPD 6DQWR RX QmR HVWH p XP YLQKR TXH RV LWDOLDQRV FRQVLGHUDP GH PHGLWDomR 7DOYH] QHVVD RSRUWXQLGDGH GH DFDOPDUPRV D PHQWH HQTXDQWR R VRUYHPRV HVWHMD R VHJUHGR GD VXD VDQWLGDGH /RFDOL]DGR QD 5XD µQJHOR 5LEHLUR iUHD FHQWUDO GH %RLWXYD D FDVD IXQFLRQD D SDUWLU GDV KV QD SDUWH GD 5RWLVVHULH GH 4XDUWD D 4XLQWD IHLUD DWp DV KV H 6H[WD H 6iEDGRV DWp DV KV -i QR GRPLQJR DWHQGHPRV GDV jV KV

,1$8*85$d 2

3(75$ %$5 (0 %2,789$ )RWRV &DLQm 1DVFLPHQWR

,QDXJXUDGR HP %RLWXYD QR GLD GH -XQKR R 3HWUD %DU TXH Mi p VXFHVVR HP 6RURFDED FRP GXDV ORMDV DJRUD FKHJD j FLGDGH SDUD RIHUHFHU XP QRYR PRGHOR GH KDSS\ KRXU GH VXFHVVR

2

20

HPSUHViULR 3DXOR 5REHUWR LQDXJXUD VXD

$ LGHLD GR EDU p DWHQGHU R SXEOLFR IDPLOLDU H RV TXH

WHUFHLUD ORMD QHVVH FRQFHLWR DV GXDV

EXVFDP HQWUHWHQLPHQWR GH XPD IRUPD PDLV MXVWD H FRP

SULPHLUDV HP 6RURFDED QR 6KRSSLQJ

JUDQGH YDULHGDGH GH SURGXWRV D VXD GLVSRVLomR SRU

*UDQMD 2OJD H QR 0HUFDGmR &DPSROLP WDPEpP p

XP YDORU IHFKDGR 3RU 5 D SHVVRD SRGHUi

SURSULHWiULR GR (PSyULR GR &HDJHVS 0HUFDGmR

FRQVXPLU WRGDV DV EHELGDV RIHUHFLGDV QR ORFDO H

0XQLFLSDO H 6KRSSLQJ *UDQMD 2OJD 2 3HWUD %DU %RLWXYD

WDPEpP FRQVXPLU GR EXIIHW GH SUDWRV IULRV H RV SUDWRV

HVWi ORFDOL]DGR QR VKRSSLQJ %XVLQHVV 3DUN QD iUHD

TXHQWHV (VWmR LQFOXVRV QR +DSS\ +RXU FHUYHMDV

FHQWUDO GH %RLWXYD R EDU p XP GRV HVWDEHOHFLPHQWRV

,WDLSDYD 3UHPLXP ORNDO H D OLQKD 3HWUD UHIULJHUDQWHV

SDUFHLURV TXH WUDEDOKD FRP RV SURGXWRV H[FOXVLYRV GR

iJXD VXFRV H ,FH EOXH 5RGDGDV GH SHWLVFRV EDWDWD

*UXSR 3HWUySROLV VHQGR R PDLRU YHQGHGRU GH FHUYHMD

IULWD H IUDQJR j SDVVDULQKR WRUWD WRUUDGLQKDV H

HVSHFLDO H ,WDLSDYD 3UHPLXP GR JUXSR RIHUHFHQGR WRGD

ODQFKHV 0RUWDGHOD IUDQJR H SHUQLO H XP EXIIHW FRPSOHWR

OLQKD GH EHELGDV DWp UHIULJHUDQWHV H DJXD

FRP TXHLMRV IULRV H FRQVHUYDV SDUD VH VHUYLU D YRQWDGH

&RP VHX IXQFLRQDPHQWR D SDUWLU GDV KV R FOLHQWH

SRGHP FRQVXPLU DV EHELGDV FRPR VXFRV QDWXUDLV

WHP R SHUtRGR GH KRUDV SDUD FRQVXPLU RV SURGXWRV j

UHIULJHUDQWHV H DJXD HQTXDQWR RV SDLV DSURYHLWDP R

YRQWDGH R EDU WUDEDOKD DSHQDV FRP UHVHUYD GH PHVDV

KDSS\ KRXU

GHL[DQGR DSHQDV DOJXPDV PHVDV SDUD DWHQGHU XP JUXSR GH SHVVRD TXH QmR FRQKHoD VHX IXQFLRQDPHQWR SRUpP R SURSULHWiULR IULVD D LPSRUWkQFLD GH ID]HU D

&RQKHoD YRFr WDPEpP R 3HWUD %DU %RLWXYD H UHDOL]H VXDV FRQIUDWHUQL]Do}HV DQLYHUViULRV H KDSS\ KRXU

UHVHUYD FRP DQWHFHGrQFLD $SyV R SUD]R GH KRUDV SRU YROWD GDV KV p WRFDGR R VLQR VLPEROL]DQGR R WpUPLQR

5HVHUYDV SHOR Q~PHUR

GR KDSS\ KRXU H D SDUWLU GHVVH PRPHQWR RV FOLHQWHV

$Y 9HUHDGRU -RVp $QJHOR %LDJLRQL %RLWXYD 63

TXH ILFDUHP WHUmR VXDV FRPDQGDV LQGLYLGXDLV 2 ORFDO

%RLWXYD 3DUN 6KRSSLQJ

FRQWD FRP HVSDoR NLGV SDUD DV FULDQoDV RQGH WDPEpP

21

/$1d$0(172

/$1d$0(172 2),&,$/ '$ Á/7,0$ )$6( '( 9(1'$6 '2 5(6,'(1&,$/

3257$/ '$6 (675(/$6 (&2/¾*,&2 )RWRV &DLQm 1DVFLPHQWR

$FRQWHFHX GLD GH MXQKR D DEHUWXUD RILFLDO GH YHQGDV GD IDVH ,,, GR HPSUHHQGLPHQWR 1HVWD IDVH WHUi RV ~OWLPRV ORWHV SURQWRV SDUD VXD HVFROKD TXH OKH SHUPLWLUmR XVXIUXLU GH WRGRV RV EHQHItFLRV GH XP HPSUHHQGLPHQWR Mi FRQVROLGDGR H FRP DOWR SRWHQFLDO GH YDORUL]DomR

&

RP ORWHV D SDUWLU GH Pò HP XP

WDPEpP WHU R VHX 5HI~JLR SDUD VHXV PRPHQWRV GH

FRQGRPtQLR IHFKDGR SRU PXURV FRP

OD]HU FRQVWUXLQGR XPD PHOKRU TXDOLGDGH GH YLGD H

3RUWDULD H 6HJXUDQoD K /D]HU &RPSOHWR

SURSRUFLRQDQGR R 0HOKRU SDUD VXD IDPtOLD

,QIUDHVWUXWXUD 3URQWD H PDLV Pò GH ÉUHDV 9HUGHV

(P %RLWXYD 63 DR ODGR GR FHQWUR GH SDUDTXHGLVPR H

FRP WUrV ODJRV R 3RUWDO GDV (VWUHODV (FROyJLFR p

DSHQDV D PLQXWRV GD FLGDGH GH 6mR 3DXOR )iFLO

GHVWDTXH SRU XP FHQiULR ~QLFR RQGH D SD] H

DFHVVR SHOD 5RGRYLD &DVWHOR %UDQFR 6DtGD

WUDQTXLOLGDGH GH VXDV iUHDV YHUGHV SURSRUFLRQDP j YRFr H VXD IDPtOLD XPD H[FHOHQWH TXDOLGDGH GH YLGD 2

6HX YHUGDGHLUR UHI~JLR GH WUDQTXLOLGDGH H LQVSLUDomR

HPSUHHQGLPHQWR SRVVXL DLQGD /D]HU &RPSOHWR GH XP

2 5HVLGHQFLDO 3RUWDO GDV (VWUHODV HP %RLWXYD IRL R

FOXEH SULYDWLYR FRP SLVFLQDV TXDGUDV GH 7rQLV GH

ORFDO HVFROKLGR SRU PDLV GH IDPtOLDV SDUD UHVSLUDU DU

6DLEUR SLVWD GH FDPLQKDGD LOXPLQDGD QR HQWRUQR GR

SXUR FRQWHPSODU D QDWXUH]D YLYHU H FRQYLYHU FRP PXLWD

JUDQGH ODJR H DOpP GLVWR SRVVXL DLQGD R FKDUPH GR

TXDOLGDGH GH YLGD e XP OLQGR HPSUHHQGLPHQWR GH DOWR

*D]HER QR ODJR GR )UDQFrV H XP JUDQGH MDUGLP FRP

SDGUmR WRWDOPHQWH FRQVROLGDGR FRP DOWD WD[D GH

WRGRV RV SODQHWDV TXH FRPS}HP R 6LVWHPD 6RODU

RFXSDomR HVFROKLGR SRU PXLWRV SDUD VHU R VHX UHI~JLR

FRPR XP 3ODQHWiULR HVSHFLDOPHQWH FRQVWUXtGR SDUD

GLDULDPHQWH RX QRV ILQDLV GH VHPDQD RQGH p SRVVtYHO

VHUYLU GH REVHUYDWyULR DRV PRUDGRUHV 2 5HVLGHQFLDO 3RUWDO GDV (VWUHODV p R ORFDO LGHDO SDUD WRGDV DV IDVHV GD YLGD RQGH VHXV PRUDGRUHV SRGHUmR

FRQYLYrQFLD H R EHP HVWDU VHP GHL[DU GH ODGR DV

FXOWLYDU D $PL]DGH D 3D] D 7UDQTXLOLGDGH H R &RQYtYLR

IDFLOLGDGHV GH XPD YLGD PRGHUQD

FRP D 1DWXUH]D (VWD p D RSRUWXQLGDGH ~QLFD SDUD YRFr 22

FRQWHPSODU WRGDV DV EHOH]DV GD QDWXUH]D HP XP HPSUHHQGLPHQWR TXH SULYLOHJLD D WUDQTXLOLGDGH

/$1d$0(172 2),&,$/ '$ Á/7,0$ )$6( '( 9(1'$6 '2 5(6,'(1&,$/ 3257$/ '$6 (675(/$6 (&2/¾*,&2 )RWRV &DLQm 1DVFLPHQWR

'LIHUHQFLDLV H %HQHItFLRV

LOXPLQDGD QR HQWRUQR GR JUDQGH ODJR ODJR FRP IRQWH

3RUWDULD FRP VHJXUDQoD K H FLUFXLWR &&79 GH

QDWXUDO 0DLV GH Pò GH iUHDV YHUGHV

FkPHUDV (PSUHHQGLPHQWR FRP DV IDVHV , H ,, FRP DOWD WD[D GH RFXSDomR 'HVSHUWH WRGRV RV VHXV 6HQWLGRV H

&RPR FKHJDU

HQFDQWH VH FRP RV ODJRV IRQWHV iUHDV YHUGHV QR

$ H[XEHUkQFLD GD YLGD HVWi EHP SHUWLQKR GH YRFr

FRUDomR GD iUHD H FRP XP VLVWHPD GH OD]HU H HVSRUWHV

(P %RLWXYD DR ODGR GR &HQWUR 1DFLRQDO GH

FXLGDGRVDPHQWH GLVWULEXtGRV SRU WRGR R

3DUDTXHGLVPR R 5(6,'(1&,$/ 3257$/ '$6

HPSUHHQGLPHQWR $OpP GH YiULRV LWHQV GH OD]HU H

(675(/$6 HVWi D DSHQDV P GD 5RG &DVWHOR %UDQFR H

FRQYLYrQFLD R VHX GLIHUHQFLDO HVWi HP XP MDUGLP

D PLQXWRV GH 6mR 3DXOR 63 9RFr XWLOL]DUi SLVWDV GH

FRQVWUXtGR FRP WRGRV RV SODQHWDV TXH FRPS}HP R

WUkQVLWR UiSLGR H SRGHUi VH GHVORFDU IDFLOPHQWH SDUD

6LVWHPD 6RODU FRP XP 3ODQHWiULR HVSHFLDOPHQWH

VHX GHVWLQR %RLWXYD p WDPEpP GHVWLQR FHUWR SDUD

FRQVWUXtGR SDUD VHUYLU GH REVHUYDWyULR DRV PRUDGRUHV

DYHQWXUHLURV H UHFHEH PXLWRV SDXOLVWDQRV SULQFLSDOPHQWH QRV ILQDLV GH VHPDQD 3DUWH GHOHV VmR

·UHD GH OD]HU H FRQYLYrQFLD DWUDtGRV SHORV EDO}HV TXH FRORUHP R FpX ORJR SHOD 3LVFLQDV VHQGR FRP VRODULXP ILWQHVV FHQWHU PDQKm RX SHOD QDWXUH]D H R FOLPD SULYLOHJLDGR GD VDOmR GH IHVWDV TXDGUDV GH WrQLV GH VDLEUR UHJLmR RQGH WDPEpP VmR SURStFLRV D VDOWRV GH SOD\JURXQG UHGiULR SRQWH SrQVLO TXDGUDV SROLHVSRUWLYDV TXLRVTXHV FRP FKXUUDVTXHLUD H

&HQWUR 1DFLRQDO GH 3DUDTXHGLVPR 9HQKD WDPEpP VH

EDQKHLUR JD]HER QR ODJR GR IUDQFrV FDPSR JUDPDGR

DSDL[RQDU SRU QRVVD TXDOLGDGH GH YLGD

MDUGLP SODQHWiULR REVHUYDWyULR SLVWD GH FDPLQKDGD 24

SDUDTXHGDV ² DPEDV DV DWLYLGDGHV VmR UHDOL]DGDV QR

,1)250( 38%/,&,7·5,2

)(67$ -81,1$ '2 &2/e*,2 $1*/2 '( %2,789$

1

26

RYDPHQWH PXLWDV SHVVRDV VH UHXQLUDP SDUD SUHVWLJLDU H WRUQDU DLQGD PDLV PDUFDQWH D IHVWD MXQLQD GR &ROpJLR $QJOR GH %RLWXYD TXH DFRQWHFHX HP 3DUDEpQV j (TXLSH $QJOR DOXQRV H SHVVRDO GDV EDUUDFDV H EULQTXHGRV $ IHVWD IRL VHQVDFLRQDO $JUDGHFHPRV D SUHVHQoD GH WRGRV

,1)250( 38%/,&,7·5,2

$55$,· '$ (6&2/$

/,d 2 '( &$6$

2 LQJUHVVR SDUD R HQYHQWR IRL XP OLWUR GH OHLWH TXH IRL GRDGR SDUD R /DU 6mR 9LFHQWH GH 3DXOR &RP HVVD DomR D HVFROD SUHWHQGH LQFHQWLYDU RV DOXQRV D SHQVDU QR SUy[LPR XPD YH] TXH DFUHGLWD TXH D HGXFDomR GHYH IRUPDU SHVVRDV SUHSDUDGDV SDUD R PXQGR R TXH WUDQVFHQGH R HQVLQR GDV GLFLSOLQDV HVFRODU $ HVFROD /LomR GH &DVD RIHUHFH DXODV SDUWLFXODUHV H UHIRUoR HVFRODU SDUD DOXQRV GH WRGDV DV IDL[DV HWiULDV H

1

FRQWHPSOD WRGDV DV GLVFLSOLQDV &RP XP SURMHWR R GLD GH -XQKR D HVFROD /LomR GH &DVD

LQRYDGRU H SURIHVVRU HVSHFLDOLVWD GH FDGD iUHD

UHDOL]RX VHX R SULPHLUR $UUDLi -XQLQR SDUD

RIHUHFHQGR KRUiULRV IOH[tYHLV DFRPSDQKDPHQWR

RV DOXQRV H FRQYLGDGRV $ HTXLSH

RUJDQL]RX D IHVWD SDUD SURPRYHU D FRQIUDWHUQL]DomR

28

HVFRODU RUJDQL]DomR GH HVWXGRV H DWLYLGDGHV GLYHUVLILFDGDV SDUD R HQVLQR GDV GLVFLSOLQDV HVFRODUHV

HQWUH DOXQRV SDLV H FRPXQLGDGH EHP FRPR GDU LQtFLR

&RQWDQGR DLQGD FRP DWHQGLPHQWR SVLFRSHGDJyJLFR

DR SURMHWR /LomR 6ROLGiULR TXH YLVD DMXGDU SHVVRDV H

FXUVRV SUHSDUDWyULRV SDUD (7(& ,)63 H QHVVH PrV GH

LQVWLWXLo}HV TXH HVWHMDP QHFHVVLWDQGR

-XOKR LQLFLRX R FXUVLQKR SDUD (1(0 H YHVWLEXODU

w w w. c o o e . c o m . b r

Venha visitar a COIT! Estamos preparados para realizar tratamentos preventivos, corretivos e reabilitadores com excelência, afinal são 17 anos de tradição e profissionalismo!

• Implantes • enxertos ósseos • cirurgias avançadas • ortodontia • prótese • disfunção de ATM • clareamento à laser • clínica geral e endodontia.

Dra. Aline Deboni Gabas CROSP 74084

Dr. Sergio Shigueyuki Tsumura CROSP 58907

Dr. Vinicius Ribeiro CROSP 99212

Unidade Tatui: Rua XV de Novembro, 314 - Centro - Tel. (15) 3259-6641 Unidade Itapetininga: Rua Bernardino de Campos, 235 - Centro - Tel. (15) 3275-1166 Unidade Diadema: Pça. Castelo Branco, 163 sala 14 - Centro - Tel. (11) 4043-3536

02'$ 0$6&8/,1$

&$&+(&2/

$&(66¾5,2 ,1',63(16·9(/ 3$5$ (66( ,19(512 3RU &RORUDO %ORJ 0DFKR 0RGD PDFKRPRGD FRP EU

)DOD 7,0( WXGR FHUWR FRP YRFrV" (VWRX QRYDPHQWH SRU DTXL QD 5HYLVWD $ 0DLV SUD TXHP QmR PH FRQKHFH SUD]HU /HRQDUGR &RORUDO VRX IXQGDGRU GR %ORJ 0DFKR 0RGD PDFKRPRGD FRP EU

H FRQYLGDGR SDUD IDODU VREUH 0RGD 0DVFXOLQD DTXL QD 5HYLVWD

( SUD PDWpULD GH KRMH WHPRV R TXH" 'LFDV SDUD XVDU &DFKHFRO

&

30

DFKHFRO H TXDQGR HX IDOR GHVVH DVVXQWR

%RUD VH LQVSLUDU FRP DV 'LFDV SDUD 8VDU &DFKHFRO

ILFR EHP IHOL] DILQDO TXHU GL]HU TXH R

TXH VHSDUHL SRU DTXL 7,0(" $EDL[R DOJXQV WySLFRV UiSLGRV

,QYHUQR HVWi QD iUHD KDKD (VVH DQR Mi XVHL

H YiDDDDDDDULDV IRWRV SUD YRFrV YHMDP

DOJXPDV YH]HV R $FHVVyULR SRU DTXL QR %UDVLO KHLQ

x 3DUD TXHP WHP R 3HVFRoR PDLV FXUWR SRGH XVDU R

HQWmR HVWRX QD HVSHUDQoD GH TXH RV GLDV PDLV IULRV

&DFKHFRO FRP RSo}HV GH DPDUUDo}HV QmR WmR

DSDUHoDP SUD YDOHU VHUi"

YROXPRVDV SDUD QmR GDU XP DU PDLV DFKDWDGR DLQGD

0DV HQILP R TXH HX DFKR %(0 EDFDQD QD XVDELOLGDGH

x 3DUD RV PDLV EDL[LQKRV XVDU R &DFKHFRO GD PHVPD

GR &DFKHFRO 0DVFXOLQR p TXH p XP $FHVVyULR TXH

&RU RX HP 7RP VHPHOKDQWH TXH D MDTXHWD FDPLVD SRU

UHDOPHQWH SRGH PXGDU WRWDOPHQWH R 9LVXDO R /RRN TXH

H[HPSOR HYLWDQGR D TXHEUD GH FRUHV QR YLVXDO SRGH VHU

SRGH VH GHVWDFDU FRPR SHoD SULQFLSDO TXH SRGH

XPD ERD 2 EDFDQD p SHQVDU HP XP &DFKHFRO QmR WmR

DSHQDV FRPSOHWDU D 3URGXomR HWF ( DOpP GH WXGR LVVR

ORQJR DWp SUD GHL[DU DV SRQWDV PDLV VROWDV

R &DFKHFRO p XP LWHP EHP YHUViWLO Gi SUD XVDU WDQWR HP

YHUWLFDOPHQWH GDQGR XPD LPSUHVVmR GH DORQJDPHQWR

/RRNV &DVXDLV FRPR WDPEpP HP SURGXo}HV EHP

3UD TXHP TXLVHU VHSDUHL PDLV 'LFDV GH 5RXSDV SDUD

$OLQKDGDV H )RUPDLV

+RPHQV %DL[RV &RQWLQXD

02'$ 0$6&8/,1$

&$&+(&2/ $&(66¾5,2 ,1',63(16·9(/ 3$5$ (66( ,19(512 3RU &RORUDO %ORJ 0DFKR 0RGD PDFKRPRGD FRP EU

x 3DUD RV +RPHQV PDLV $OWRV R &DFKHFRO 0DVFXOLQR SRGH VHU XPD ERD SDUD TXHEUDU D LPSUHVVmR GH DORQJDPHQWR GR FRUSR DL YDOH LQYHVWLU HP FRUHV H HVWDPSDV GH DFRUGR FRP R YLVXDO 6HSDUHL SRU DTXL

&XUWLUDP DV 'LFDV" 'HX SUD LQVSLUDU" 4XH WDO LQYHVWLU QHVVH $FHVVyULR SUR QRVVR ,QYHUQR" 4XDOTXHU G~YLGD p Vy JULWDU Oi QR %ORJ TXH HX UHVSRQGR RN" $FHVVHP PDFKRPRGD FRP EU

PDLV 'LFDV GH 5RXSDV SDUD +RPHQV $OWRV x 8PD 'LFD LPSRUWDQWH GH TXDQGR IRU XVDU p GHILQLU VH VHX &DFKHFRO YDL VHU 'HVWDTXH QR 9LVXDO RX DSHQDV XPD SHoD FRPSOHPHQWDU )DoD XPD HVFDOD GH 3ULRULGDGH QDV SHoDV SUD KRUD GH VH YHVWLU R TXH YDL FKDPDU PDLV DWHQomR R TXH YDL VHU DSHQDV SDUD KDUPRQL]DU R ORRN HWF ,VVR DMXGD EDVWDQWH D QmR SHVDU R 9LVXDO H Gi XPD QRomR ERD SUD 3URGXomR QR JHUDO

32

0XLWR REULJDGR SHOR HVSDoR DTXL QD $ 0DLV H DWp D SUy[LPD )8,

Fone: 15 3266-2436 / 15 3266-1014

Areia Média e Fina Pedra e Pedrisco

Estrada Iperó à Tatuí, Km 04 - Iperó/SP - Dist. Ind. - 18.560.000 email: aleixomineracao@ig.com.br

$548,7(785$ '(&25$d 2

$ ,/80,1$d 2 '2 $0%,(17( 32'(

&$86$5 6(16$d¡(6 ( '(63(57$5 6(17,0(1726 1$6 3(662$6 3RU 'HQLV 9HUJDUD $UTXLWHWR /LJKWLQJ 'HVLJQHU 67)= ¤ 6WXGLR )D]H $UTXLWHUXUD ¤ ,OXPLQDomR ¤ 'HVLJQ

$ LOXPLQDomR Gi YLGD j DUTXLWHWXUD GLUHFLRQD VHQWLPHQWRV H GHYH ID]HU SDUWH GR PRPHQWR FULDWLYR GR SURMHWR

4

XDQGR FRPHoDPRV D SODQHMDU XPD REUD SHQVDPRV HP PXLWDV FRLVDV GLPHQV}HV GRV DPELHQWHV FRU IDFKDGD HVSDoRV H[WHUQRV PREtOLD UHYHVWLPHQWRV H SRU Dt YDL 8P ERP SURMHWR GH LOXPLQDomR DOLDGR j DUTXLWHWXUD p IXQGDPHQWDO SDUD TXH HOD ILTXH HVWHWLFDPHQWH DJUDGiYHO HFRQ{PLFD H DWHQGD jV QRVVDV QHFHVVLGDGHV 3HQVDU QD HVFROKD GDV OXPLQiULDV H QR SRVLFLRQDPHQWR GD OX] YDL DOpP GH DSHQDV GLVWULEXt OD 7XGR GHYH HVWDU HP KDUPRQLD H FXPSULU VXD IXQomR 6y DVVLP FULDUHPRV XP DPELHQWH GH SURGXWLYLGDGH HP FDVRV GH HPSUHVDV PDQWHUHPRV DV FRUHV YLYDV GH SURGXWRV FRPR QRV VXSHUPHUFDGRV RX ORMDV RX RIHUHFHPRV FRQIRUWR YLVXDO HP SURMHWRV UHVLGHQFLDLV 34

$R SODQHMDU XP SURMHWR SDUD HVWDEHOHFLPHQWRV FRPHUFLDLV p LPSRUWDQWH OHYDU HP FRQVLGHUDomR R WLSR GH SURGXWR TXH p YHQGLGR H FRPR D LOXPLQDomR SRGH DIHWDU D PDQHLUD FRPR HOH p UHSUHVHQWDGR $ LOXPLQDomR FRUUHWD GH XPD YLWULQH H IDFKDGD VmR IXQGDPHQWDLV SDUD FDSWDU D QRVVD DWHQomR H GHWHUPLQDU VH LUHPRV HQWUDU RX QmR -i QD SDUWH LQWHUQD R FRQVXPLGRU GHYH VH VHQWLU DWUDtGR QmR Vy SHORV SURGXWRV PDV SHOR DPELHQWH GD ORMD HP VL $TXHOH GLWDGR GH TXH DV SULPHLUDV LPSUHVV}HV VmR DV TXH ILFDP WDPEpP p YiOLGR TXDQGR IDODPRV GH HVWDEHOHFLPHQWRV FRPHUFLDLV H p Dt TXH R SURMHWR GH LOXPLQDomR WHP VXD H[FHOrQFLD

&RQWLQXD

$548,7(785$ '(&25$d 2

$ ,/80,1$d 2 '2 $0%,(17( 32'( &$86$5 6(16$d¡(6 ( '(63(57$5 6(17,0(1726 1$6 3(662$6

3RU 'HQLV 9HUJDUD $UTXLWHWR /LJKWLQJ 'HVLJQHU 67)= ¤ 6WXGLR )D]H $UTXLWHUXUD ¤ ,OXPLQDomR ¤ 'HVLJQ

8P DVSHFWR GH JUDQGH LPSRUWkQFLD p D TXHVWmR GD UHSURGXomR GH FRU +i DQRV D LQG~VWULD GD LOXPLQDomR PRVWUD XPD SUHRFXSDomR FRP D UHSURGXomR GH FRUHV )RL GHVHQYROYLGD DLQGD QR VpFXOR SDVVDGR XPD IRUPD GH PHGLU R JUDX GH ILGHOLGDGH FRP TXH DV FRUHV GRV REMHWRV VmR UHSURGX]LGDV TXDQGR LOXPLQDGDV SRU XPD GHWHUPLQDGD IRQWH GH OX] e R TXH FKDPDPRV GH ÃŒQGLFH GH 5HSURGXomR GH &RU ,5& PHGLGD TXDQWLWDWLYD TXH GHILQH D SUHFLVmR FRP TXH DV FRUHV VmR UHSURGX]LGDV

VRE D LOXPLQDomR GH XPD OkPSDGD 'HSHQGHQGR GR DPELHQWH RQGH GHWHUPLQDGR REMHWR VH HQFRQWUD H D OX] TXH R DWLQJH HOH VHUi SHUFHELGR GH PDQHLUD GLIHUHQWH ORJR R ,5& p XPD IRUPD GH VDEHU TXmR ´QDWXUDOµ D FRU GHVVH REMHWR p UHSUHVHQWDGD FRP D OX] 1D HVFDOD GH D R ,5& GH YDORU Pi[LPR RX GH ILGHOLGDGH p DTXHOH TXH FKHJXH PDLV SHUWR GD OX] GR VRO DR PHLR GLD 2X VHMD TXDQWR PDLRU R ,5& GH XPD OkPSDGD PDLV SUHFLVDPHQWH YRFr YHUi DV FRUHV UHDLV GRV REMHWRV

'HVVD PDQHLUD R OLJKWLQJ GHVLJQHU YDL DGHTXDQGR R SURMHWR DR TXH UHDOPHQWH p UHOHYDQWH QDTXHOH HVSDoR H TXDO VHQVDomR GHVHMD FULDU QDV SHVVRDV TXH DOL IUHTXHQWDP 2 VXFHVVR GH XP HPSUHHQGLPHQWR YDL XP SRXFR DOpP GD TXDOLGDGH GR VHUYLoR TXH p SUHVWDGR H DOJXQV HOHPHQWRV VXWLV SRGHP ID]HU WRGD D GLIHUHQoD 8P ERP SURMHWR GH LOXPLQDomR SRGH PXGDU XP DPELHQWH SRU FRPSOHWR VHMD HOH UHVLGHQFLDO RX FRPHUFLDO D OX] GR DPELHQWH HP VHX QHJyFLR SRGH VHU R GLIHUHQFLDO H R PRWLYR GD HVFROKD GH VHXV FOLHQWHV (P HVFULWyULRV SRU H[HPSOR D LOXPLQDomR GHYH VHU EHP GLUHFLRQDGD H OLYUH GH EULOKRV TXH SRVVDP LQFRPRGDU DV SHVVRDV TXH HVWmR WUDEDOKDQGR 8PD Pi LOXPLQDomR SRGH FDXVDU GRUHV GH FDEHoD YLVmR HPEDoDGD H GRUHV QR FRUSR GLPLQXLQGR D FULDWLYLGDGH H D SURGXWLYLGDGH GD HTXLSH 3HQVR TXH D OX] p D IRUPD TXH DUTXLWHWXUD VH FRPXQLFD FRP R VHU KXPDQR HOD PH[H FRP RV VHQWLPHQWRV FRP R KXPRU SRGH DOWHUDU QRVVD IRUPD GH WUDEDOKDU QRVVD HVWDELOLGDGH HPRFLRQDO LQIOXHQFLDQGR GLUHWDPHQWH QR QRVVR EHP HVWDU 36

Venha conhecer a casa dos seus sonhos.

Oportunidade Imperdível.

VALOR R$ 2. 00.000

Maravilhosa casa com acabamento de altíssimo padrão, 4 suítes, 6 banheiros e 4 vagas. 2 suítes com hidromassagem.

Cozinha gourmet e cozinha interna americana com belíssima ilha integrada a sala de jantar e sala principal.

Agende já uma visita!

Sala de cinema e escritório com uma vista incrível com sacada. Ótima localização, um dos melhores terrenos do Condomínio.

O residencial Fazenda Alvorada conta com lagos que proporcionam uma paisagem privilegiada, academia de ginástica, quadra de tênis, restaurante, piscinas, e muito mais. Um verdadeiro resort.

Incrível conceito aberto.

Casa totalmente decorada.

Lazer Completo

Casa com ótimo projeto de lazer e condomínio que é um verdadeiro Resort.

Mall Alvorada

Projeto de área comercial própria do condomínio em andamento.

Muito mais conveniência.

Ampla e completa área de lazer.

Condomínio com segurança 24h.

NEGOCIE DIRETO COM O PROPRIETÁRIO

(15) 99681.6691 (11) 95784.0553 contato@minhacasadecampo.com.br

587m² contruídos em terreno de 1.000m² Garagem para 4 automóveis.

Ótimo Investimento

Grande oportunidade, região e condomínio em plena valorização.

Conforto e Espaço

590 m² construídos em terreno estratégicamente localizado, ao lado clube social.

Confira mais detalhes deste imóvel em: www.minhacasadecampo.com.br

Fazenda Alvorada é um dos melhores e mais completos residenciais da região

Segurança 24h

Condomínio fechado com portaria e segurança total, 24 horas por dia.

Móveis Planejados

Todos os ambientes mobiliados com móveis planejados e eletrodomésticos de ponta.

&$5526

)25' 5(9(/$ '(7$/+(6 '2 1292 (&263257 7,7$1,80 )RQWH $VVHVVRULD GH ,PSUHQVD )RUG

$ )RUG DFDED GH UHYHODU PDLV LQIRUPDo}HV GH FRPR VHUi R 1RYR (FR6SRUW 7LWDQLXP FRP D SURSRVWD GH VHU XP XWLOLWiULR HVSRUWLYR FRPSOHWR Ã&#x203A; 0RGHOR SUHPLXP GD OLQKD R 689 FKHJDUi HP PHDGRV GH DJRVWR WRWDOPHQWH UHQRYDGR FRP GHVLJQ GLDQWHLUR LPSRQHQWH FRP JUDGH GH FRQWUROH DWLYR R PRWRU PDLV SRWHQWH GD FDWHJRULD GH FY Ã&#x203A; 0RGHOR WDPEpP LQFOXL QRYD WUDQVPLVVmR DXWRPiWLFD GH VHLV YHORFLGDGHV VLVWHPD GH FRQHFWLYLGDGH 6<1& FRP WHOD IOXWXDQWH GH SROHJDGDV WHWR VRODU HOpWULFR H LQWHULRU WRWDOPHQWH QRYR FRP D FRU FODUD ¦/LJKW 6WRQH§

$

)RUG DFDED GH UHYHODU PDLV LQIRUPDo}HV GH FRPR VHUi R 1RYR (FR6SRUW 7LWDQLXP FRP D SURSRVWD GH VHU XP XWLOLWiULR HVSRUWLYR FRPSOHWR 0RGHOR SUHPLXP GD OLQKD R 689 FKHJDUi HP PHDGRV GH DJRVWR WRWDOPHQWH UHQRYDGR FRP GHVLJQ GLDQWHLUR LPSRQHQWH FRP JUDGH GH FRQWUROH DWLYR R PRWRU PDLV SRWHQWH GD FDWHJRULD GH FY QRYD WUDQVPLVVmR DXWRPiWLFD GH VHLV YHORFLGDGHV VLVWHPD GH FRQHFWLYLGDGH 6<1& FRP WHOD IOXWXDQWH GH SROHJDGDV WHWR VRODU HOpWULFR H LQWHULRU WRWDOPHQWH QRYR FRP D FRU FODUD ´/LJKW 6WRQHµ

38

2IHUHFHQGR R TXH Ki GH PDLV DYDQoDGR QD FODVVH HP LWHQV GH VHJXUDQoD FRP DLUEDJV FRQIRUWR H IOH[LELOLGDGH R 1RYR (FR6SRUW 7LWDQLXP VHUi R OtGHU GD FDWHJRULD HP GHVHPSHQKR H HTXLSDPHQWRV GH VpULH GH ~OWLPD JHUDomR $ )RUG GHYH DQXQFLDU VHX SUHoR QR SUy[LPR PrV GHQWUR GH XPD HVWUXWXUD GH FRPHUFLDOL]DomR DOWDPHQWH YDQWDMRVD QR VHJPHQWR GHVGH R YDORU GH DTXLVLomR DRV LWHQV GH PDQXWHQomR H VHUYLoRV 2 PRWRU IOH[ WHP LQMHomR GLUHWD GH FRPEXVWtYHO H GXSOR FRPDQGR YDULiYHO LQGHSHQGHQWH GH YiOYXODV &RP EORFR FDEHoRWH H FiUWHU GH DOXPtQLR JHUD XPD SRWrQFLD OtGHU GD FDWHJRULD $FHOHUD GH D NP K HP VHJXQGRV

$ QRYD WUDQVPLVVmR DXWRPiWLFD FRP FRQYHUVRU GH WRUTXH WHP VHLV YHORFLGDGHV H SHUPLWH WURFDV PDQXDLV SHOR VLVWHPD SDGGOH VKLIWµ LQVWDODGR QR YRODQWH 2 SLORWR DXWRPiWLFR FRQWUROH GH FUX]HLUR SRVVXL OLPLWDGRU GH YHORFLGDGH SDUD DXPHQWDU D VHJXUDQoD 7XGR QRYR WDPEpP QD VXVSHQVmR FRP HL[R WUDVHLUR GH FXUVR DPSOLDGR H PRODV UHIRUoDGDV SDUD PHOKRU DEVRUomR GH LPSDFWRV 2 (FR6SRUW 7LWDQLXP WUD] PXLWRV LWHQV GH VHJXUDQoD DWLYD H SDVVLYD e R ~QLFR QD FDWHJRULD D RIHUHFHU VHWH DLUEDJV GH VpULH ² IURQWDLV ODWHUDLV GLDQWHLUDV GH FRUWLQD H GH MRHOKRV SDUD R PRWRULVWD &RPS}HP R FRQMXQWR D GLUHomR HOpWULFD R PRQLWRUDPHQWR LQGLYLGXDO GH SUHVVmR GRV SQHXV D FkPHUD GH Up R DOHUWD GH SRQWR FHJR H WUiIHJR FUX]DGR H R VLVWHPD DQWLFDSRWDPHQWR LWHP SUHYHQWLYR QXP 689 2 1RYR (FR6SRUW 7LWDQLXP LQFOXL DLQGD FRQWUROH GH HVWDELOLGDGH H WUDomR DVVLVWHQWH GH SDUWLGD HP UDPSD IDUyLV GH QHEOLQD VHQVRU GH HVWDFLRQDPHQWR WUDVHLUR DODUPH H VLVWHPD GH IL[DomR ,VRIL[ SDUD GXDV FDGHLUDV LQIDQWLV $V PXGDQoDV QR GHVLJQ LQFOXHP QRYR FDS{ SDUD FKRTXH IDUyLV H JUDGH GLDQWHLUD HOHYDGD TXH GHL[DP R YHtFXOR PDLV UREXVWR H

WDPEpP WrP XP FDUiWHU IXQFLRQDO WRUQDQGR D DHURGLQkPLFD PDLV HILFLHQWH &[ $ DPSOD JUDGH H[WHUQD DGRWD XP VLVWHPD GH FRQWUROH DWLYR TXH DEUH H IHFKD GH DFRUGR FRP D YHORFLGDGH JDUDQWLQGR PDLRU HFRQRPLD GH FRPEXVWtYHO 2V IDUyLV GH GXSOR UHIOHWRU WrP OkPSDGDV GH [HQ{QLR H OX]HV GLXUQDV GH /('

39

&$5526

)25' 5(9(/$ '(7$/+(6 '2 1292 (&263257 7,7$1,80

)RQWH $VVHVVRULD GH ,PSUHQVD )RUG

2V EDQFRV UHGHVHQKDGRV FRP ERP DSRLR ODWHUDO VmR GH FRXUR WUDWDGR FRP UHSHOHQWH GH VXMHLUD 2 YRODQWH p PXOWLIXQFLRQDO WDPEpP HP FRXUR 'HVWDTXH SDUD D FHQWUDO PXOWLPtGLD GH QRYD JHUDomR 6<1& FRP WHOD IOXWXDQWH VHQVtYHO DR WRTXH GH SROHJDGDV GH DOWD UHVROXomR FRP FRPDQGRV GH YR] 2 VLVWHPD GH VRP p SUHPLXP 6RQ\ FRP QRYH DOWR IDODQWHV 2 SDLQHO GH LQVWUXPHQWRV FRP WHOD FRORULGD DX[LOLDU GH SROHJDGDV H[LEH DV LQIRUPDo}HV GR FRPSXWDGRU GH ERUGR XVDQGR UHFXUVRV JUiILFRV H GH LPDJHP 2 DU FRQGLFLRQDGR p GLJLWDO GH JUDQGH SRWrQFLD $OpP GD HUJRQRPLD D IOH[LELOLGDGH p RXWUR DYDQoR GR PRGHOR 7HP FRPSDUWLPHQWRV SDUD DFRPRGDU VPDUWSKRQHV GXDV HQWUDGDV 86% QR FRQVROH H GRLV SRQWRV GH IRUoD GH 9 2 FRQVROH FHQWUDO WHP XP GHVFDQVD EUDoR FRP FRPSDUWLPHQWR LQWHUQR $ FKDYH DEUH H IHFKD DXWRPDWLFDPHQWH DV SRUWDV GD IUHQWH H GR SRUWD PDODV FRP R VHQVRU GH SUHVHQoD 2XWURV LWHQV GH FRQIRUWR H VHJXUDQoD GR 1RYR (FR6SRUW 7LWDQLXP VmR D SDUWLGD SRU ERWmR VHQVRU GH FKXYD SRUWD OXYDV FOLPDWL]DGR SRUWD PDODV FRP DEHUWXUD HOpWULFD DFHQGLPHQWR DXWRPiWLFR GRV IDUyLV H YLGURV HOpWULFRV FRP DFLRQDPHQWR D XP WRTXH 2 SRUWD PDODV GH OLWURV SRVVXL XP DVVRDOKR LQWHOLJHQWH TXH SHUPLWH FRQILJXUDU R HVSDoR HP WUrV SRVLo}HV FULDQGR XP SRUWD REMHWRV LQIHULRU GH OLWURV (OH SRGH WDPEpP IRUPDU XPD SODWDIRUPD SODQD FRP R EDQFR WUDVHLUR UHEDWLGR DPSOLDQGR D iUHD GH EDJDJHP SDUD OLWURV 1R WRWDO VmR GLIHUHQWHV SRUWD REMHWRV QD FDELQH 1D ODWHUDO GHVWDTXH SDUD DV URGDV GH SROHJDGDV EDJDJHLUR GH WHWR GH QRYR GHVHQKR H R IULVR FURPDGR 2 SDUD FKRTXH WUDVHLUR WDPEpP p QRYR 2 WHWR VRODU p HOpWULFR 2 LQWHULRU GR (FR6SRUW 7LWDQLXP p VXSHU UHILQDGR QR GHVLJQ H WUD] PDWHULDLV WRWDOPHQWH QRYRV LQFOXLQGR SDLQHO FRP WRTXH PDFLR ´VRIW WRXFKµ

40

$ HQJHQKDULD GR VLOrQFLR WDPEpP IRL DSOLFDGD QR 1RYR (FR6SRUW 7LWDQLXP UHVXOWDGR GR UHILQDPHQWR GR FKDVVL GD VXVSHQVmR H GR LVRODPHQWR DF~VWLFR GR LQWHULRU H GR H[WHULRU FRP SDUD EULVD DF~VWLFR QRYRV UHYHVWLPHQWRV H GHIOHWRUHV QDV URGDV H QD SDUWH GLDQWHLUD H WUDVHLUD GR XWLOLWiULR HVSRUWLYR

9,75,1(

)/25(1d$ 35(6(17(6 '(&25$d¯(6 3RUWD UROKDV 'LYHUHVRV PRGHORV

$ SDUWLU GH 5

%$=$5 ( 3$3(/$5,$ 6$9$66$ 3OD\ ² 'RK .LWFKHQ &UHDWLRQV 5 D YLVWD RX [ 5

2852 ( 35$7$ 35(6(17(6 5HFHSWRU GH FDQDLV 79 %2; .

$QGURLG 7Y %R[ ,QWHUQHW 7Y WUDQVIRUPH VXD WHOHYLVmR HP 6PDUW 7Y FRP DOWD YHORFLGDGH GH ZL IL SDUD DSOLFDo}HV GH UHGH HOH VXSRUWD R PRXVH VHP ILR *K] WHFODGR H FRQWUROH 7UDQVPLWD D WHOD GR VHX 6PDUWSKRQH RX 7DEOHW SDUD VXD 7Y VHP ILR $SOLFDomR &RPSDWtYHLV )DFHERRN <RXWXEH 6N\SH 1HWIOL[ ² %LYROW

5

2852 ( 35$7$ 35(6(17(6 $QWHQD 'LJLWDO 3ULVPDWLF 5 0$5e 6+233,1* /DYDGRUD DOWD SUHVVmR 0$.,7$ 9 5 (P DWp ; VHP MXURV QR FDUWmR ,PDJHQV ,OXVWUDWLYDV

%$=$5 ( 3$3(/$5,$ 6$9$66$ 3UDoD 6DQWD &UX] &HQWUR %RLWXYD 63 )/25(1d$ 35(6(17(6 '(&25$d¯(6 5XD &RURQHO (XJrQLR 0RWWD &HQWUR %RLWXYD 63 )RQH 0$5e 6+233,1* $Y 0DULR 3HGUR 9HUFHOOLQR ² &HQWUR ² %RLWXYD 63 )RQH

2852 ( 35$7$ 35(6(17(6 /RMD 5XD &HO (XJrQLR 0RWD &HQWUR ² %RLWXYD 63 ² )RQH

42

6®2 %(1(',72 63257 ),71(66 7rQLV &RFD &ROD ² &DOLIyUQLD 0DVFXOLQR H )HPLQLQR $ SDUWLU GH 5 HP DWp ; FDUWmR FUHGLiULR

RX GH GHVFRQWR j YLVWD

,0$& &RQVROH 3OD\VWDWLRQ 6OLP *% ² 6RQ\ FRQWUROH

[ GH 5 FDUWmR

[ GH 5 FDUQr [ GH 5 FDUQr

[ GH 5 FDUQr

,0$& 6PDUWSKRQH 6DPVXQJ *DOD[\ 6 3UHWR

*% 'XDO &KLS * &kP 03 6HOILH 03 7HOD ³ [ GH 5 FDUWmR

[ GH 5 FDUQr [ GH 5 FDUQr [ GH 5 FDUQr

5($/&( 35(6(17(6 %ROVDV ² YiULRV PRGHORV $ SDUWLU GH 5

6®2 %(1(',72 63257 ),71(66 7rQLV (LJKW -RJJLQJ 0DVFXOLQR 5 HP DWp ; FDUWmR FUHGLiULR

RX GH GHVFRQWR j YLVWD ,PDJHQV ,OXVWUDWLYDV

,0$& 5XD 0DQRHO GRV 6DQWRV )UHLUH &HQWUR %RLWXYD )RQH 0$5e 6+233,1* $Y 0DULR 3HGUR 9HUFHOOLQR ² &HQWUR ² %RLWXYD 63 )RQH 5($/&( 35(6(17(6 5XD 6mR 5RTXH &HQWUR %RLWXYD )RQH 6®2 %(1(',72 63257 ),71(66 5XD &HO (XJrQLR 0RWWD &HQWUR %RLWXYD 63 )RQH

43

9,75,1( '$ &216758d 2

),25$0$4 6235$'25 352),66,21$/ &267$/ *8$5$1< 0RWRU .DZDVDNL 7 GH KS 9HORFLGDGH GR DU GH P V 3RWHQWH SUiWLFR H HFRQ{PLFR *DUDQWLD H DVVLVWrQFLD WpFQLFD QD ORMD 5 j YLVWD

/($1'52 0$'(,5$6 *UHOKD --0 [ HP $OXPtQLR H $oR ,QR[ 5

DFHLWDPRV FDUW}HV 9LVD 0DVWHU &RQVWUXFDUG &RVQWUXVKRS

0$5e 6+233,1* 5RoDGHLUD j JDVROLQD 7HUUD *+5 & .LW (3, $JUtFROD 5 HP ; V MXURV QR FDUWmR

7,®2 0$7(5,$,6 '( &216758d®2 &ORUR SDUD SLVFLQD +7/ 7UDGLFLRQDO $omR LPHGLDWD 5

),25$0$4 0RGHOR % 0RWRU 7 GH 9HORFLGDGH GR DU GH /HYH H GH IiFLO RSHUDomR *DUDQWLD H DVVLVWrQFLD WpFQLFD QD ORMD 5 j YLVWD

,PDJHQV ,OXVWUDWLYDV

),25$0$4 /RMD %2,789$ 5XD $FiFLR 0DQRHO GD 6LOYD 9LDQQD &HQWUR ² %RLWXYD 63 ² )RQH ² /RMD 6252&$%$ ² $Y 6DQWD &UX] *DOSmR ² -G 9HUD &UX] ² 6RURFDED 63 ² )RQH /($1'52 0$'(,5$6 5XD $QW{QLR 3LFFR &KiFDUD /DEURQLFL %RLWXYD 63 )RQH

0$5e 6+233,1* $Y 0DULR 3HGUR 9HUFHOOLQR ² &HQWUR ² %RLWXYD 63 )RQH 5('( &$(7$12 /RMD %RLWXYD 5XD &RURQHO (XJrQLR 0RWWD &HQWUR %RLWXYD )RQH 7,®2 0$7(5,$,6 '( &216758d®2 $Y =HOLD GH /LPD 5RVD ² 3RUWDO GRV 3iVVDURV ² %RLWXYD )RQH

44

%(/(=$

0$;,086 &$5(

5(-89(1(6&( $ 3(/( 6(0 &,585*,$ )RQWH 0D[SUHVV 3RU 5·, &RPXQLFDomR 0DUNHWLQJ

&RPELQDQGR GXDV WHFQRORJLDV DYDQoDGDV SURFHGLPHQWR HVWpWLFR UHGX] UXJDV H D IODFLGH] IDFLDO

&

RP R DYDQoR GD LGDGH p FRPXP R VXUJLPHQWR GH PDUFDV H VLQDLV IDFLDLV FDXVDGRV SHOD DomR GR WHPSR GD H[SRVLomR VRODU H DWp PHVPR R HVWUHVVH FRWLGLDQR 6H DQWHV DSHQDV FLUXUJLD DPHQL]DYD RV LQF{PRGRV KRMH Mi p SRVVtYHO WUDWDU IODFLGH] IDFLDO H UXJDV FRP WUDWDPHQWRV HVWpWLFRV

46

'H DFRUGR FRP ,QJULG 3HUHV JHUHQWH FLHQWLILFD H ILVLRWHUDSHXWD GHUPDWR IXQFLRQDO GD 212'(5$ (VWpWLFD XP GRV PHOKRUHV SURFHGLPHQWRV DQWLHQYHOKHFLPHQWR GLVSRQtYHO QR PHUFDGR p R 0$;,086 ´5HDOL]DGR FRP XP ~QLFR HTXLSDPHQWR R SURFHGLPHQWR FRPELQD GXDV WHFQRORJLDV DYDQoDGDV 7UL/LSR 5) XWLOL]DGD SDUD D UHWUDomR GH SHOH H R 7UL/LSR '0$ HVWtPXOR PXVFXODU TXH DMXGD QR WUDWDPHQWR GD IODFLGH]µ &RQWLQXD

%(/(=$

0$;,086 &$5( 5(-89(1(6&( $ 3(/( 6(0 &,585*,$ )RQWH 0D[SUHVV 3RU 5·, &RPXQLFDomR 0DUNHWLQJ

3RU HQYROYHU WDQWR D SDUWH VXSHUILFLDO TXDQWR DV UHJL}HV LQWHUQDV GD IDFH LQFOXLQGR DV TXDWUR FDPD GDV GD SHOH HSLGHUPH GHUPH KLSRGHUPH H P~VFX OR RV UHVXOWDGRV VmR PDLV HILFD]HV H FRQWULEXHP VLJQLILFDWLYDPHQWH FRP R UHMXYHQHVFL PHQWR ´(P XPD PHVPD VHVVmR GH 0$;,086 p SRVVtYHO UHMXYHQHVFHU D F~WLV H R W{QXV PXVFXODU PHOKRUDQGR R FRQWRUQR H VXDYL]DQGR DV LUUHJXODULGDGHVµ GHVWDFD ,QJULG $ UHFRPHQGDomR p GH D VHVV}HV FRP GXUDomR GH PLQXWRV ´2 SURFHGLPHQWR GHYH VHU UHSHWLGR VHPDQDOPHQWH H QmR H[LJH QHQKXP SUHSDUR $SyV D VHVVmR D SDFLHQWH SRGHUi UHWRUQDU LPHGLDWDPHQWH j VXD URWLQD GLiULD FRPSOHPHQWD D SURILVVLRQDO

48

6REUH D 212'(5$ &RP PDLV GH DQRV GH WUDGLomR QR PHUFDGR GH EHOH]D H XPD FRPSOHWD HTXLSH PXOWLGLVFLSOLQDU D 212'(5$ (VWpWLFD RIHUHFH VHUYLoRV GH WUDWDPHQWR FRUSRUDO IDFLDO H PHGLFLQD HVWpWLFD $WXDOPHQWH VmR PDLV GH FRODERUDGRUHV GHGLFDGRV DR ERP DWHQGLPHQWR GH VHXV FOLHQWHV DOpP GDV FHUFD GH XQLGDGHV ORFDOL]DGDV HP WRGDV DV UHJL}HV GR SDtV KWWS ZZZ RQRGHUD FRP EU

6$Á'(

267(2$575,7(

'2(1d$ '(*(1(5$7,9$ e &2080 1$ 7(5&(,5$ ,'$'( )RQWH 4 1RWtFLD &UpGLWRV 0DULHOD $OPHLGD

4XHL[D GH GRU DUWLFXODU p SULQFLSDO VLQWRPD SDUD GLDJQyVWLFR

$

0DLV FRQKHFLGD FRPR DUWURVH D RVWHRDUWULWH p XPD GRHQoD DUWLFXODU GHJHQHUDWLYD FDXVDGD QD PDLRULD GDV

YH]HV SHOR HQYHOKHFLPHQWR $ GRHQoD DIHWD D

FDUWLODJHP SURPRYHQGR XP GHVHTXLOtEULR QR SURFHVVR GH UHSDUDomR H GHJUDGDomR UHVXOWDQGR HP ILVVXUDV H WHQGR FRPR FRQVHTXrQFLD D GRU H D IDOrQFLD HVWUXWXUDO H IXQFLRQDO GDV DUWLFXODo}HV ´2FRUUH SULQFLSDOPHQWH SRUTXH R HQYHOKHFLPHQWR LQGX] D DOWHUDo}HV QDV HVWUXWXUDV DUWLFXODUHV HVSHFLDOPHQWH QD FDUWLODJHP WRUQDQGR D PHQRV UHVLVWHQWH H PDLV SURStFLD j GRHQoDµ H[SOLFD 'UD .DULQH .HIOHU PpGLFD UHXPDWRORJLVWD GR &HQWUR 0pGLFR 6mR -RVp GH &HUTXLOKR 63

'H DFRUGR FRP D 6RFLHGDGH %UDVLOHLUD GH 5HXPDWRORJLD D GRHQoD UHSUHVHQWD FHUFD GH D GDV FRQVXOWDV HP DPEXODWyULRV PpGLFRV VHQGR UHVSRQViYHO DLQGD VHJXQGR GDGRV GD 3UHYLGrQFLD 6RFLDO SRU GH WRGRV RV DIDVWDPHQWRV GR WUDEDOKR DOpP GH D TXDUWD HQIHUPLGDGH D GHWHUPLQDU D DSRVHQWDGRULD 6HX GLDJQyVWLFR p UHDOL]DGR SRU PHLR GR KLVWyULFR FOtQLFR GR SDFLHQWH H GH DQiOLVH ItVLFD DVVRFLDGRV DRV H[DPHV UDGLROyJLFRV &RQWXGR GH DFRUGR FRP D PpGLFD HVSHFLDOLVWD R SULQFLSDO VLQWRPD p D TXHL[D GH GRU QDV DUWLFXODo}HV ´([LVWHP FULWpULRV FOtQLFRV H UDGLROyJLFRV SUHGHILQLGRV SRU VRFLHGDGHV LQWHUQDFLRQDLV GH UHXPDWRORJLD TXH WDPEpP DX[LOLDP QR GLDJQyVWLFR H QD FODVVLILFDomR GD GRHQoDµ SRQWXD $ RVWHRDUWULWH DWLQJH HP PDLRU Q~PHUR DV PXOKHUHV FRP R SDVVDU GRV DQRV 3RUpP R VH[R PDVFXOLQR QmR HVWi LPXQH ´([LVWHP PXLWRV IDWRUHV UHODFLRQDGRV VHQGR R PDLV FRQKHFLGR GHOHV R HQYHOKHFLPHQWR 50

&RQWLQXD

6$Á'(

&(1752 0e',&2 6 2 -26e '( &(548,/+2 $7(1'( 48$752 129$6 (63(&,$/,'$'(6 0e',&$6

)RQWH 4 1RWtFLD

'UD .DULQH .HIOHU UHXPDWRORJLVWD GR &HQWUR 0pGLFR 6mR -RVp

$ REHVLGDGH WDPEpP DJH FRPR IDWRU ELRPHFkQLFR SHOD

TXDQWR j HUJRQRPLD RFXSDFLRQDO H GRPpVWLFD

VREUHFDUJD QDV DUWLFXODo}HV HP HVSHFLDO QRV MRHOKRV (P

UHDOL]DomR GH DWLYLGDGHV ItVLFDV DGHTXDGDV H

FDVR GH WUDXPD RX XVR H[FHVVLYR GH XPD DUWLFXODomR

DFRPSDQKDGDV SRU SURILVVLRQDO VHVV}HV GH

WDPEpP SRGH RFRUUHU SRLV TXDOTXHU GHVDOLQKDPHQWR RX

ILVLRWHUDSLD HVSHFtILFDV SDUD FDGD FDVR H XVR GH yUWHVHV

LQVWDELOLGDGH DUWLFXODU SRGH JHUDU RX DJUDYDU D GRHQoDµ

H SUyWHVHV TXDQGR LQGLFDGR

GHWDOKD $LQGD VHJXQGR 'UD .DULQH LJXDOPHQWH GHYHP

7UDWDPHQWR IDUPDFROyJLFR RX VHMD LQFOXLQGR R XVR

VHU OHYDGRV HP FRQVLGHUDomR RV IDWRUHV JHQpWLFRV D

GH PHGLFDo}HV GHQWUH HODV DQDOJpVLFRV DQWL

PHQRSDXVD HQWUH RXWURV FDXVDGRUHV

LQIODPDWyULRV H PHGLFDPHQWRV PRGLILFDGRUHV GD HYROXomR GD GRHQoD

7UDWDPHQWR H SUHYHQomR $ RVWHRDUWULWH p FRQVLGHUDGD XPD GRHQoD FU{QLFD

7UDWDPHQWR FLU~UJLFR TXDQGR Ki IDOKD GR WUDWDPHQWR FOtQLFR RX HP FDVRV FRP JUDYH GDQR HVWUXWXUDO

6HQGR DVVLP R WUDWDPHQWR p PXOWLGLVFLSOLQDU H GLUHFLRQDGR j PHOKRUD FOtQLFD H IXQFLRQDO 'H DFRUGR

´$ SUHYHQomR DFRQWHFH j PHGLGD TXH LQWHUIHULPRV QRV

FRP D UHXPDWRORJLVWD GR &HQWUR 0pGLFR 6mR -RVp p

IDWRUHV FDXVDGRUHV GD GRHQoD FRPEDWHQGR D REHVLGDGH DV

GLYLGR HP

OHV}HV WUDXPiWLFDV RX OHV}HV SRU XVR H[FHVVLYR PHOKRUDQGR

7UDWDPHQWR QmR IDUPDFROyJLFR TXH HQYROYH D

DV FRQGLo}HV DUWLFXODUHV FRP DWLYLGDGH ItVLFD UHJXODU

LQIRUPDomR DR SDFLHQWH TXH p SULPRUGLDO SDUD TXH HOH

REVHUYDQGR H DMXVWDQGR D HUJRQRPLD QRV DPELHQWHV GH

SDUWLFLSH DWLYDPHQWH GR WUDWDPHQWR RULHQWDo}HV

WUDEDOKR H GRPpVWLFR GHQWUH RXWURVµ ILQDOL]D 'UD .DULQH

2 &HQWUR 0pGLFR 6mR -RVp ILFD QD $YHQLGD 3UHVLGHQWH :DVKLQJWRQ /XL] &HQWUR HP &HUTXLOKR 0DLV LQIRUPDo}HV SRGHP VHU REWLGDV SHOR WHOHIRQH

SHOR VLWH ZZZ FHQWURPpGLFRVDRMRVH FRP EU RX SHOR )DFHERRN FRP FHQWURPpGLFRVDRMRVH 52

&$3$

-8/,$12 &$=$55e 7$/(172 '( 62%5$ )RQWH $VVHVVRULD GH ,PSUHQVD )RWRV $QGUp 1LFRODX

-XOLDQR &D]DUUp FRPHoRX VXD FDUUHLUD GH DWRU QR WHDWUR H DWXRX HP YiULDV SHoDV LQFOXLQGR D YHUVmR EUDVLOHLUD GH ยฆ8P %RQGH &KDPDGR 'HVHMRยง FRPR R SURWDJRQLVWD 6WDQOH\ .RZDOVNL 1R FLQHPD HVWHYH QRV ORQJDV ยฆ$ FRQFHSomRยง ยฆ0HX 0XQGR HP 3HULJRยง ยฆ7URSD GH (OLWHยง ยฆ1RPH 3UySULRยง H ยฆ2 0DJQDWDยง HP ยฆ$ )HVWD GD 0HQLQD 0RUWDยง ยฆ6DOYH *HUDOยง ยฆ$VVDOWR DR %DQFR &HQWUDOยง ยฆ%UXQD 6XUILVWLQKDยง ยฆ9,3Vยง H ยฆ$ )HEUH GR 5DWRยง HP 2 DWRU WDPEpP SDUWLFLSRX GR ILOPH ยฆ $ 9LGD p XP &tUFXOR 3HUIHLWRยง

XPD FRSURGXomR HQWUH %UDVLO ยทXVWULD )UDQoD H 5HLQR 8QLGR GLULJLGR SRU )HUQDQGR 0HLUHOOHV H TXH WHYH QR HOHQFR QRPHV FRPR $QWKRQ\ +RSNLQV H -XGH /DZ 1RV DQRV VHJXLQWHV SURWDJRQL]RX RV ILOPHV ยฆ6HUUD 3HODGDยง H ยฆ%RL 1HRQยง

H IH] XPD SDUWLFLSDomR QD FRPpGLD ยฆ6RUULD 9RFr HVWi VHQGR ILOPDGRยง GH 'DQLHO )LOKR 9HQFHX R 3UrPLR 6(6& GH 0HOKRU $WRU HP SHOR ILOPH ยฆ%RL 1HRQยง H p XP JUDQGH FDQGLGDWR SDUD R *UDQGH 3UrPLR %UDVLOHLUR FRP R PHVPR WUDEDOKR

54

&RPHoRX D FDUUHLUD QD WHOHYLVmR FRP SDUWLFLSDo}HV QDV VpULHV ¦$QW{QLD§ GD 5HGH *ORER H ¦$OLFH§ GD +%2 $LQGD HVWHYH QDV VpULHV ¦)RUoD 7DUHID§ ¦6RP )~ULD§ ¦$V &DULRFDV§ ¦7DSDV %HLMRV§

H QD PLQLVVpULH ¦6HUUD 3HODGD ¤ $ 6DJD GR 2XUR§ 1DV QRYHODV HVWUHRX HP ¦,QVHQVDWR &RUDomR§ 1R WUDEDOKR VHJXLQWH LQWHUSUHWRX R F{PLFR $GDXWR HP ¦$YHQLGD %UDVLO§ R TXH OKH UHQGHX R SUrPLR GH 0HOKRUHV GR $QR H R 3UrPLR 4XHP GH 7HOHYLVmR DPERV FRPR 0HOKRU $WRU &RDGMXYDQWH (P VXDV DWXDo}HV QDV QRYHODV ¦$PRU j 9LGD§ H ¦$ 5HJUD GR -RJR§ IRL LQGLFDGR SDUD R SUrPLR 0HOKRUHV GR $QR GD 79 *ORER FRPR 0HOKRU $WRU &RDGMXYDQWH $WXDOPHQWH -XOLDQR HVWi QR DU FRPR R DWUDSDOKDGR 'DYL GH ¦9DGH 5HWUR§ 2 DWRU WDPEpP HVWi HVFDODGR SDUD D SUy[LPD QRYHOD GDV QRYH GH :DOF\U &DUUDVFR ¦2 2XWUR ODGR GR 3DUDtVR§ HP TXH FRQWUDFHQDUi FRP QRPHV FRPR )HUQDQGD 0RQWHQHJUR H 0DULHWD 6HYHUR 1RV FLQHPDV HVWi HP FDUWD] FRP R ORQJD ¦5HDO 2 3ODQR SRU WUiV GD +LVWyULD§ H LQWHJUDUi R HOHQFR GR ILOPH ¦2 *UDQGH &LUFR 0tVWLFR§ SUHYLVWR SDUD R VHJXQGR VHPHVWUH

&RQILUD QRVVD HQWUHYLVWD $PDLV 6HPSUH TXLV VHU $WRU" -XOLDQR )RL XPD FRLVD TXH DSDUHFHX PDLV QR ILQDO GR VHJXQGR JUDX (X IL] XP WUDEDOKR QR FROpJLR TXH HUD XPD FHQD UiSLGD GH WHDWUR (X HVFUHYL FKDPHL PHXV DPLJRV H D JHQWH IH] ( SRU FDXVD GLVVR DFDEHL SUHVWDQGR YHVWLEXODU SDUD $UWHV &rQLFDV $PDLV 'H WRGRV RV SDSHLV TXH Mi IH] WHP DOJXP TXH PDUFRX D VXD YLGD" -XOLDQR &DGD SHUVRQDJHP TXH HX IL] DWp KRMH PDUFRX PLQKD FDUUHLUD GH XPD PDQHLUD ~QLFD 1HVVHV PHXV GH] DQRV FRPR DWRU WLYH R SUD]HU GH FRQWDU KLVWyULDV PXLWR GLIHUHQWHV XPDV GDV RXWUDV H SDVVHDU SHOD FRPpGLD SHOR GUDPD SHOD SROtWLFD H PXLWRV RXWURV JrQHURV WDQWR QD 79 TXDQWR QR &LQHPD 0DV XP SHUVRQDJHP EHP UHFHQWH TXH HX JRVWDULD GH FLWDU p R YDTXHLUR ,UHPDU GR ILOPH ´%RL 1HRQµ )RL XP WUDEDOKR EHP SDUWLFXODU FRP YiULDV FHQDV GLItFHLV GH JUDYDU 8PDV SHOD ORJtVWLFD OLGDQGR FRP DQLPDLV FRPR DV TXH HX WLQKD TXH FRORFDU ERLV QR FDPLQKmR H RXWUDV SHOR FRQWH~GR HP VL FRPR DV TXH JUDYHL FRP D 6DP\D GH /DYRU R SDU URPkQWLFR GR SHUVRQDJHP )RUDP VHTXrQFLDV EHP GHQVDV PDV EHP ERQLWDV (VVH ILOPH PDUFRX PLQKD YROWD DR FLQHPD RQGH FRPHFHL PLQKD FDUUHLUD H PH WURX[H XP UHFRQKHFLPHQWR SURILVVLRQDO TXH QmR WLQKD WLGR DWp HQWmR $PDLV 9RFr Mi IH] ILOPHV H QRYHODV WHP DOJXPD SUHIHUrQFLD" ([LVWH DOJXPD GLIHUHQoD QD SUHSDUDomR GRV SHUVRQDJHQV" -XOLDQR (X JRVWR GDV GXDV FRLVDV *RVWR GH HVWDU QD QRYHOD H SRGHU IDODU FRP DV PLOK}HV GH SHVVRDV TXH DVVLVWHP j 79 ( JRVWR GH VDLU GDOL H GDU XP PHUJXOKR FKDIXUGDU QD H[LVWrQFLD PHVPR H SURFXUDU XP PDWHULDO PDLV GHQVR SDUD WUDEDOKDU FRPR R FLQHPD SURSRUFLRQD 55

&$3$

-8/,$12 &$=$55e 7$/(172 '( 62%5$ )RQWH $VVHVVRULD GH ,PSUHQVD )RWRV $QGUp 1LFRODX

$PDLV 9RFr Mi WUDEDOKRX FRP JUDQGHV QRPHV GD WHOHGUDPDWXUJLD H DJRUD YLYH R SHUVRQDJHP ยฆ'DYLยง HP 9DGH 5HWUR FRQWUDFHQDQGR FRP 7RQ\ 5DPRV &RPR p DWXDU DR ODGR GHVVDV IHUDV GD WHOHYLVmR" -XOLDQR e PXLWR ERP WUDEDOKDU FRP JHQWH FRPR 7RQ\ 5DPRV (OLDQH *LDUGLQL 0DUFRV &DUXVR H WDQWRV YHWHUDQRV TXH HX Mi WLYH D FKDQFH GH WUDEDOKDU 2WiYLR $XJXVWR 6XVDQD 9LHLUD $QW{QLR )DJXQGHV 2 MRJR p VHPSUH MRJDGR HP DOWR QtYHO $ EROD VHPSUH YROWD UHGRQGD 3RU PDLV TXH YRFr Gr XPD FDQHODGD HVVD JDOHUD VHPSUH VDEH GHL[DU D EROD UHGRQGD GH QRYR HQWmR p PXLWR EDFDQD $PDLV 9RFr SUDWLFD DOJXP HVSRUWH" -XOLDQR 6LP 3UDWLFDU HVSRUWHV ID] SDUWH GD PLQKD URWLQD (X VXUIR FRUUR QDGR H UHFHQWHPHQWH LQFOXt D ELFLFOHWD QRV PHXV WUHLQRV $JRUD SUDWLFR 7ULWKORQ -i SDUWLFLSHL GH GXDV SURYDV HVVH DQR (P PDUoR HVWLYH QD SULPHLUD HWDSD GD 5LR 7ULDWKORQ H HP PDLR SDUWLFLSHL GR &LUFXLWR 8)) 5LR 7ULDWKORQ QR 5HFUHLR GRV %DQGHLUDQWHV 56

/HYR RV WUHLQDPHQWRV D VpULR PDV SDUWLFLSR GDV SURYDV QmR FRP D REULJDomR GR SyGLR PDV SDUD PH GLYHUWLU H VXSHUDU PLQKDV SUySULDV PDUFDV &RVWXPR GL]HU TXH TXDQGR D JHQWH p FULDQoD WHPRV YiULRV WLSRV GH EULQFDGHLUD $ PLQKD EULQFDGHLUD KRMH HP GLD p R HVSRUWH ULVRV

$PDLV 2 TXH PDLV JRVWD GH ID]HU QDV KRUDV YDJDV" -XOLDQR *RVWR PXLWR GH YLDMDU ILFDU FRP PLQKD IDPtOLD PHXV ILOKRV WUHLQDU DOJXP HVSRUWH H WUDEDOKDU HP QRYRV SURMHWRV SHVVRDLV $PDLV &DGD YH] PDLV QRVVDV QRYHODV PLQL VpULHV H ILOPHV HVWmR UHFHEHQGR R UHFRQKHFLPHQWR LQWHUQDFLRQDO GR S~EOLFR 1D VXD RSLQLmR TXDLV DVSHFWRV HVWmR VHQGR YDORUL]DGRV" -XOLDQR (X DFKR TXH R %UDVLO WHP HVVD FRLVD GH VHU XP SDtV PHLR IHFKDGR $FKR TXH LVVR IH] FRP TXH D QRVVD QRYHOD ILFDVVH DTXL H VH GHVHQYROYHVVH GH XP MHLWR ~QLFR e FRPR XP DQLPDO TXH ILFD QXPD LOKD H WHP XP GHVHQYROYLPHQWR FRPSOHWDPHQWH GLIHUHQWH GRV RXWURV (QWmR D QRVVD QRYHOD JDQKRX XPD TXDOLGDGH TXH QHQKXPD RXWUD QRYHOD WHP H LVVR SUHSDURX RV QRVVRV SURILVVLRQDLV SDUD DJRUD ( FRP HVVH SRGHU TXH DV VpULHV JDQKDUDP QRV ~OWLPRV DQRV R %UDVLO WHP SURILVVLRQDLV SUHSDUDGRV SDUD WUDEDOKDU FRP VpULH 3RUTXH D JHQWH Mi ID] QRYHOD H QRYHOD p PXLWR PDLV GLItFLO ( D JHQWH ID] XPD QRYHOD FRP XPD DOWtVVLPD TXDOLGDGH 7HP PXLWR PDLV FDStWXOR XP FDStWXOR GH PLQXWRV SRU GLD $ VpULH WHP HSLVyGLRV SRU WHPSRUDGD 2 %UDVLO WHP PXLWRV URWHLULVWDV WpFQLFRV DWRUHV PXLWD JHQWH SUHSDUDGD SDUD FULDU FRQWH~GR GH TXDOLGDGH $FKR TXH VH R %UDVLO FRQVHJXLVVH DEULU PDLV WURFDU PDLV IDFLOPHQWH FRP RV RXWURV SDtVHV YHQGHU VHXV ILOPHV PDLV IDFLOPHQWH R PXQGR LULD VH OLJDU TXH R %UDVLO WHP PXLWD TXDOLGDGH 5iSLGDV 8P OXJDU &KDSDGD GRV 9HDGHLURV *RLiV 8PD FRPLGD 0DFDUUmR j FDUERQDUD 0~VLFD )UHDN 5DGLRKHDG 8PD IUDVH +LQR GR 5LR *UDQGH GR 6XO

ยฆ 0DV QmR EDVWD SUD VHU OLYUH 6HU IRUWH DJXHUULGR H EUDYR 3RYR TXH QmR WHP YLUWXGH $FDED SRU VHU HVFUDYR ยง

9,1+26

&2035$5 9,1+2 ¦(1 35,0(85§

2 48( 6,*1,),&$"

$ SDODYUD 3ULPHXU HP IUDQFrV UHIHUH VH D XPD QRYLGDGH XP SURGXWR MRYHP 1R FDVR GR YLQKR H HVSHFLILFDPHQWH GR YLQKR GH %RUGHDX[ RV 3ULPHXUV UHIHUHP VH j YHQGD GR IHUPHQWDGR SRXFR WHPSR DSyV D FROKHLWD 2 SURGXWR SHUPDQHFHUi HP EDUULFD SRU YiULRV PHVHV 9DOHULD 3LORQ 6RPPHOLqUH H &RRUGHQDGRUD GH (YHQWRV RX DWp DQRV H VRPHQWH DSyV HVWH SHUtRGR VHUi HQJDUUDIDGR H GLVWULEXtGR SDUD YHQGD 6DOXW 6RPPHOLqUH 9DOpULD 3LORQ H PDLO VRPPHOLHUBYDOHULD#KRWPDLO FRP

3

RUpP DV YHQGDV GRV YLQKRV IUDQFHVHV SRU

FRPSRVWDV SRU YLQKRV GH YiULDV EDUULFDV GLIHUHQWHV GH

H[HPSOR VmR Mi Ki PXLWRV VpFXORV IHLWDV

PRGR TXH R SURGXWR GHJXVWDGR VHMD R PDLV SUy[LPR

´(Q 3ULPHXUµ HVWH PHUFDGR VH GHX SDUD

SRVVtYHO GR UHVXOWDGR ILQDO 2 PDLV FRPSOLFDGR QHVWH

TXH R SURGXWRU QmR ILFDVVH DQRV FRP R YLQKR HP

WLSR GH FRPSUD p TXH SUHFLVD VHU IHLWD DWUDYpV GH XP

HYROXomR H VHP GLQKHLUR SDUD WRFDU D YLQtFROD 2

FRPHUFLDQWH GR UDPR SRLV D YLQtFROD QmR YHQGH

SURFHVVR YLVD EHQHILFLDU SURGXWRUHV H FRQVXPLGRUHV

IUDFLRQDGR (VWHV FRPHUFLDQWHV TXH QRUPDOPHQWH Mi

$V YHQGDV FRPHoDP DQXDOPHQWH QD SULPDYHUD

WHP FOLHQWHV FHUWRV ID]HP D FRPSUD ´HQ 3ULPHXUµ H RV

LPHGLDWDPHQWH DSyV D FROKHLWD GD VDIUD DVVLP SRU

YHQGHP IUDFLRQDGRV

H[HPSOR XP YLQKR FRPSUDGR ´HQ 3ULPHXUµ SRU

$QDOLVDU H LQWHUSUHWDU D HVWUXWXUD TXDOLGDGH H FRPR

HXURV FXVWDUi HXURV TXDQGR HVWLYHU SURQWR H DVVLP

VHUi D HYROXomR GHVWHV YLQKRV TXH QHP ILQDOL]DUDP R

VXFHVVLYDPHQWH TXDQWR PDLV HQYHOKHFHU PDLV FDUR

SURFHVVR LQLFLDO VmR WDUHIDV TXH H[LJHP DWHQomR

ILFDUi $ DQiOLVH H DYDOLDomR VmR IHLWDV SRU FRPHUFLDQWHV

H[SHULrQFLD KDELOLGDGH H PXLWR FRQKHFLPHQWR

H D LPSUHQVD FUtWLFD HVSHFLDOL]DGD 5REHUW 3DUNHU :LQH

HQROyJLFR e D SDUWLU GHVWH SRQWR TXH R PHUFDGR GRV

6SHFWDWRU TXHP WrP XPD VHPDQD SDUD UHDOL]DU D

*UDQGHV 9LQKRV GH %RUGHDX[ H GH RXWUDV UHJL}HV GD

GHJXVWDomR GDV DPRVWUDV WLUDGDV GD EDUULFD RQGH

)UDQoD VH HVWUXWXUDP

HVWmR DPDGXUHFHQGR 1D PDLRULD GRV FDVRV HODV VmR 58

&RQWLQXD

2V SUHoRV H D GLVSRQLELOLGDGH VmR GHILQLGRV H

PDQHLUD GH JDUDQWLU XP JUDQGH YLQKR VHP WHU TXH SDJDU

ODQoDGRV SRU FDGD &KkWHDX FRPR VmR FKDPDGDV DV

R SUHoR DWXDOL]DGR 0DV H[LVWHP RV TXH FRPSUDP HP

YLQtFRODV HP %RUGHDX[ QD GDWD TXH MXOJDP VHU

SHTXHQD TXDQWLGDGH SDUD EHO SUD]HU GH XPD DGHJD

DGHTXDGD *HUDOPHQWH RV YLQKRV GH FODVVLILFDo}HV

EHP DEDVWHFLGD

PHQRUHV VHP PXLWD H[SUHVVLYLGDGH VmR OLEHUDGRV

&RPR YRFr GHYH WHU SHUFHELGR HVWHV YLQKRV HP VXD

SULPHLUR VHJXLGRV SHORV YLQKRV GH PDLRU JUDQGH PDLRULD QmR VmR GHVWLQDGRV DR FRQVXPR FODVVLILFDomR IDPD (VWHV YLQKRV VmR RIHUHFLGRV DR

MRYHP 3HOR FRQWUiULR (OHV GHYHP SHUPDQHFHU

PHUFDGR LQWHUQDFLRQDO SHORV QHJRFLDQWHV TXH UHFHEHP

DUPD]HQDGRV QD DGHJD HVSHUDQGR D PDWXUDomR

DV DORFDo}HV GR DQR SDUD FDGD UHIHUrQFLD 2V PHOKRUHV

FRPSOHWD H D H[SUHVVmR GH WRGR R VHX SRWHQFLDO (VWHV

YLQKRV VmR JHUDOPHQWH PXLWR SURFXUDGRV H SRU LVVR

VLP ID]HP MXV DR GLWDGR SRSXODU GH TXH ´9LQKR TXDQWR

QmR HVWmR GLVSRQtYHLV HP WRGRV RV PHUFDGRV

PDLV YHOKR PHOKRUµ

3DUD RV HQyILORV DSUHFLDGRUHV DPDQWHV H FROHFLRQD

2V *UDQGV &UXV GH %RUGHDX[ FRPR VmR FKDPDGRV

GRUHV D FDPSDQKD 3ULPHXU RIHUHFH D SRVVLELOLGDGH GH

HVWHV YLQKRV VmR XP LQYHVWLPHQWR DOWDPHQWH OXFUDWLYR 2

FRPSUDU ERQV YLQKRV SRU SUHoRV LPEDWtYHLV +i WDPEpP

YLQKR TXDQGR EHP HVFROKLGR p XP H[FHOHQWH

D SRVVLELOLGDGH GH DVVHJXUDU RV PHOKRUHV YLQKRV H ID]HU

LQYHVWLPHQWR ([HPSOR XPD JDUUDID GH &KkWHDX /DILWH

DSRVWDV QR IXWXUR (VWH WLSR GH FRPSUD p PXLWR FRPXP

5RWKVFKLOG GH FRPSUDGD HP 3ULPHXU SRU

HQWUH HQyILORV PDLV DEDVWDGRV TXH DGTXLUHP SRU

HXURV FXVWD KRMH PDLV GH HXURV &RPSUDU RV

H[HPSOR XP ORWH GR DQR GH QDVFLPHQWR GH VHX ILOKR SDUD

YLQKRV HQ 3ULPHXU UHSUHVHQWD XP ERP LQYHVWLPHQWR

VHUYL OR TXDQGR IRU FRPHPRUDU RV DQRV GR UDSD] RX

VHMD SDUD UHQWDELOLGDGH FROHomR RX PHVPR SUD]HU 2V

D IHVWD GH GHEXWDQWH GD ILOKD DRV DQRV RX DLQGD SDUD

*UDQGV &UXV GH %RUGHDX[ QmR GHSUHFLDP YRFr VHPSUH

FRPHPRUDU DQRV GH FDVDPHQWR (QILP p XPD

WHUi ERQV SURGXWRV PDQWHQGR HVWHV WHVRXURV QD DGHJD

&XULRVDPHQWH IRL D DQiOLVH HQ 3ULPHXU GD VDIUD GH GH %RUGHDX[ TXH GHX j 5REHUW 3DUNHU FRQVLGHUDGR R LPSHUDGRU GR YLQKR WRGR UHFRQKHFLPHQWR QHVWH PHLR (P FRQWUDULDQGR WRGRV RV JUDQGHV FRPHUFLDQWV TXH GL]LDP TXH D VDIUD VHULD PHGtRFUH HOH DWHVWRX TXH D VDIUD VHULD GH TXDOLGDGH KLVWyULFD ( PHVHV PDLV WDUGH TXDQGR D VDIUD IRL UHDYDOLDGD H WRGRV DWHVWDUDP R TXH HOH SUHYLDPHQWH KDYLD VLQDOL]DGR (VWH IHLWR IH] FRP TXH R MRUQDO 7KH :LQH $GYRFDWH TXH KDYLD VLGR FULDGR SRU 3DUNHU H WLQKD SRXFRV DVVLQDQWHV GLVSDUDVVH HP Q~PHUR GH OHLWRUHV H DVVLQDQWHV H R WUDQVIRUPDVVH QR ,PSHUDGRU GR 9LQKR H OKH GLULJLVVH WRGD D IDPD TXH OKH p DWULEXtGD DWp KRMH 59

1875,d 2

%,2 )$,5 ( 1$785$/7(&+ (;326,d 2 '( 352'8726 6(0 $*527¾;,&26 ( %,2',1µ0,&26 0DLV FRQVFLHQWHV D UHVSHLWR GH TXHVW}HV DPELHQWDLV H GH VD~GH FRQVXPLGRUHV EXVFDP SURGXWRV QDWXUDLV H VXVWHQWiYHLV 3RU -XOLDQD 0DULQ 1XWULFLRQLVWD )XQFLRQDO MXOLDQDPSY#JPDLO FRP

1

RV GLDV D GH MXQKR DFRQWHFHX QD FLGDGH GH 6mR 3DXOR D %LR%UD]LO )DLU H 1DWXUDO 7HFK XPD IHLUD LQWHUQDFLRQDO GH SURGXWRV RUJkQLFRV DOLPHQWDomR VDXGiYHO VXSOHPHQWRV H DJURHFRORJLD 4XDQGR SDUWLFLSR GH HYHQWRV FRPR HVWH H YHMR R PRYLPHQWR LQWHQVR H R TXmR HVWi FUHVFHQGR D FDGD DQR SHUFHER TXH PHXV SULQFtSLRV H OLQKDV GH WUDEDOKR HVWmR QR UXPR FHUWR 0HVPR VH GHSDUDQGR FRP WD[DV DOWtVVLPDV GH REHVLGDGH GLDEHWHV KLSHUWHQVmR H RXWURV IDWRUHV GH ULVFRV GRV EUDVLOHLURV HVWmR EXVFDQGR SHUGHU SHVR H GHOHV HVWmR PXGDQGR KiELWRV DOLPHQWDUHV SDUD FXPSULU FRP HVVH REMHWLYR 1LHOVHQ

2 VHJPHQWR YHUGH QDFLRQDO H PXQGLDO YHP FUHVFHQGR D FDGD DQR LQGHSHQGHQWH GD RVFLODomR SROtWLFD H HFRQ{PLFD TXH YLYHPRV $FUHGLWD VH TXH R PHUFDGR JOREDO GH DOLPHQWRV QDWXUDLV H RUJkQLFRV GHYD DOFDQoDU D PDUFD GH 86 WULOKmR HVVH DQR 1R %UDVLO KRXYH XP DXPHQWR YLVtYHO QD TXDQWLGDGH GH PDUFDV DOLPHQWtFLDV

60

TXH YLVDP j VXVWHQWDELOLGDGH KDYHQGR XP FUHVFLPHQWR GH DR DQR 6HQGR DVVLP R EUDVLOHLUR HVWi FDGD YH] PDLV SUHRFXSDGR FRP D VXD VD~GH H FRP TXH R PHUFDGR WHP D RIHUHFHU (VVHV FRQVXPLGRUHV HP JHUDO SRVVXHP DOJXQV FULWpULRV TXH RV OHYDP D GHFLVmR GD FRPSUD 2V SULQFLSDLV IDWRUHV VmR (PEDODJHP TXH DOpP GH VHU D YLWULQH GH XP SURGXWR HOD YDORUL]D D XWLOL]DomR GH HPEDODJHQV UHFLFOiYHLV TXH QmR DJULGHP R PHLR DPELHQWH DSUHVHQWDQGR UyWXOR GH IiFLO OHLWXUD H FRP R DFHVVR $V LQIRUPDo}HV QXWULFLRQDLV H LQJUHGLHQWHV GH PDQHLUD FODUD %HP GLIHUHQWH GD PDLRULD GRV SURGXWRV GRV VXSHUPHUFDGRV HP TXH SUHFLVDPRV GH XPD OXSD SDUD OHU D OLVWD GH LQJUHGLHQWHV 'HJXVWDo}HV IDFLOLWDP R FRQVXPLGRU FRQKHFHU R SURGXWR VHP SUHFLVDU FRPSUDU ( DFUHGLWHP DOpP GD DSDUrQFLD FKDPDU QRVVD DWHQomR HOHV JDQKDP VDER UHV LQFUtYHLV ID]HQGR XVR GH WRGD D GLYHUVLGDGH TXH QRVVR %UDVLO RIHUHFH VHP SUHFLVDU DSHODU SDUD FRUDQWHV DUWLILFLDLV H UHDOoDGRUHV GH VDERU &RQWLQXD

1875,d 2

%,2 )$,5 ( 1$785$/7(&+ (;326,d 2 '( 352'8726 6(0 $*527¾;,&26 ( %,2',1µ0,&26

3RU -XOLDQD 0DULQ 1XWULFLRQLVWD )XQFLRQDO MXOLDQDPSY#JPDLO FRP

1mR p Vy QR UDPR DOLPHQWtFLR TXH D IHLUD WUD]LD QRYLGDGHV R VHWRU GH FRVPpWLFR QDWXUDO PHVPR VHQGR SRXFR H[SORUDGR DLQGD QR %UDVLO WDPEpP YHP RFXSDQGR VHX HVSDoR 6HJXQGR HVWXGR GD 2UJDQLF 0RQLWRU R VHWRU GH FRVPpWLFRV RUJkQLFRV PRYLPHQWD FHUFD GH 86 ELOK}HV HP WRGR R PXQGR UHSUHVHQWDQGR GR PHUFDGR WRWDO 0DUFDV LQWHUQDFLRQDLV FRQVDJUDGDV FRPR D :HOOHGD H 6LPSO\ 2UJDQLF FRPSDUHFHUDP H[SRQGR VHXV SURGXWRV 0DUFDV EUDVLOHLUDV FRPR &DWLYD 1DWXUH]D H $OPDQDWWL 2UJDQHOOD %LR $UW HQWUH RXWUDV WDPEpP HVWmR FRQVHJXLQGR DWLQJLU VHX S~EOLFR 3DUWLQGR GD SUHPLVVD GH YDORUL]DomR GD FDGHLD SURGXWLYD R UHVSHLWR H D EXVFD GH PRGHORV LQRYDGRUHV GH QHJyFLR TXH LQVSLUHP H FDXVHP LPSDFWR SRVLWLYR QR PXQGR HVVDV PDUFDV YmR EXVFDQGR FUHGLELOLGDGH DWUDYpV GRV VHORV ,%' TXH UHSUHVHQWD R FXOWLYR GH LQJUHGLHQWHV GH IRUPD RUJkQLFD H ELRGLQkPLFD $OpP GH XVDUHP LQJUHGLHQWHV YHJDQRV H RUJkQLFRV HVVH WLSR GH FRVPpWLFD QmR DSUHVHQWD

62

GHULYDGRV GH SHWUyOHR IUHTXHQWH QD FRVPpWLFD WUDGLFLRQDO H WDPSRXFR VmR WHVWDGRV HP DQLPDLV (VVH FUHVFLPHQWR p UHIOH[R GH XPD FXOWXUD TXH VXUJH D SDUWLU GD PXGDQoD GR FRPSRUWDPHQWR GR FRQVXPLGRU &DGD YH] PDLV LQIRUPDGR HOH SDVVD D FREUDU GDV HPSUHVDV DWLWXGHV TXH VHMDP FRPSDWtYHLV FRP R PHLR DPELHQWH H TXH WUDJDP EHQHItFLRV PDLV UHDLV GXUDQWH R XVR $ SUHRFXSDomR FRP D VXVWHQWDELOLGDGH SUHFLVD HVWDU SUHVHQWH QmR DSHQDV QD FRQIHFomR GD HPEDODJHP PDV HP WRGR R SURFHVVR GH SURGXomR 2 GHVHMR GH YLYHU PDLV H PHOKRU DOLDGR DR PHGR jV PXGDQoDV FOLPiWLFDV H DV FULVHV KtGULFDV H HQHUJpWLFDV TXH YHP DFRQWHFHQGR QRV ~OWLPRV DQRV LPS}HP XP DOHUWD SDUD D QHFHVVLGDGH GH XP PDLRU FXLGDGR FRP QRVVD VD~GH H R PHLR DPELHQWH 1yV FRQVXPLGRUHV GHYHPRV ID]HU D QRVVD SDUWH HVWDUPRV PDLV HQJDMDGR H SUHRFXSDGR HP FRPSUDU H FRQVXPLU FRP FRQVFLrQFLD VHP H[DJHURV H GHVSHUGtFLRV TXH LPSDFWHP QR SODQHWD

*$6752120,$

&267(/,1+$6 '( 325&2 &20 02/+2 %$5%(&8( )RQWH WDVWHPDGH

,QJUHGLHQWHV

FRVWHOD GH SRUFR 6DO FROKHU GH VRSD GH SiSULFD GRFH FROKHU GH VRSD GH DOKR HP IORFRV FROKHU GH VRSD GH SLPHQWD FD\HQD

0RGR GH SUHSDUR 7HPSHUDU D FRVWHOD FRP VDO SiSULFD DOKR HP IORFRV H SLPHQWD FD\HQD (PEDODU D FRVWHOD HP SDSHO DOXPtQLR /HYDU DR IRUQR SUp DTXHFLGR D JUDXV GXUDQWH KRUD 7LUDU GR IRUQR DEULU R SDSHO DOXPtQLR H SLQFHODU PROKR EDUEHFXH QD FRVWHOD 9ROWDU DR IRUQR SRU PLQXWRV

6XJHVWmR GH 3UHSDUR GR PROKR EDUEHFXH

FHEROD PpGLD SLFDGD GHQWHV GH DOKR SLFDGRV FROKHU VRSD GH D]HLWH FROKHUHV VRSD GH Do~FDU PDVFDYR J GH NHWFKXS FROKHU FKi GH SiSULFD GHIXPDGD FROKHU VRSD GH YLQDJUH GH PDom FROKHU VRSD GH PRVWDUGD GLMRQ FROKHUHV VRSD GH PROKR LQJOrV VDO H SLPHQWD GR UHLQR D JRVWR 64

(P XPD SDQHOD UHIRJXH FRP D]HLWH D FHEROD H R DOKR $SyV DGLFLRQH R Do~FDU PDVFDYR R NHWFKXS D PRVWDUGD R PROKR LQJOrV R YLQDJUH H WHPSHUH FRP SiSULFD VDO H SLPHQWD GR UHLQR 'HL[H DSXUDU DOJXQV PLQXWRV 'HVOLJXH R IRJR H EDWD WXGR QR SURFHVVDGRU DWp IRUPDU XP PROKR FUHPRVR RX VH SUHIHULU FRP SHGD FLQKRV QHP SUHFLVD SURFHVVDU *XDUGH HP SRWLQKRV GH YLGUR

*$6752120,$

&2&$'$ '( )2512 )RQWH 62&2&2

,QJUHGLHQWHV J GH 6ZHHW )ORFR 62&2&2 ODWDV GH OHLWH FRQGHQVDGR RYRV [tFDUDV GH FKi GH OHLWH 0DUJDULQD SDUD XQWDU )DULQKD GH WULJR SDUD SROYLOKDU

66

0RGR GH SUHSDUR %DWD EHP R OHLWH FRQGHQVDGR RV RYRV H R OHLWH QR OLTXLGLILFDGRU $FUHVFHQWH R 6ZHHW )ORFR 62&2&2 H PH[D VXDYHPHQWH &RORTXH HP UHIUDWiULR XQWDGR H SROYLOKDGR H OHYH SDUD DVVDU HP IRUQR PpGLR HP EDQKR PDULD DWp GRXUDU

*5832 3(75¾32/,6

(0%$/$*(0 '( ,7$,3$9$ *$1+$ 35¶0,2 ,17(51$&,21$/ 3RU &RPXQLFDomR &RUSRUDWLYD *UXSR 3HWUySROLV

3URMHWR GD QRYD LGHQWLGDGH IRL GHVHQYROYLGR HP XPD SDUFHULD GR WLPH LQWHUQR GH 0DUNHWLQJ H D )XWXUH%UDQG 6mR 3DXOR

2 tFRQH GD FRURD IRL RXWUR IDWRU GH GHVWDTXH UHIRUoDQGR D RULJHP QREUH GR SURGXWR $OpP GLVVR RXWUR LWHP DSRQWDGR FRPR GLIHUHQFLDO IRL R VHOR GH SURWHomR SLRQHLUR QD FDWHJRULD TXH UHIRUoD D SHUFHSomR GH KLJLHQH H WUD] DWHQomR j ODWD e PXLWR JUDWLILFDQWH UHFHEHU XPD SUHPLDomR LQWHUQDFLRQDO GHVWH SRUWH SRXFR PDLV GH XP DQR DSyV R ODQoDPHQWR GD QRYD LGHQWLGDGH YLVXDO GD FHUYHMD ,WDLSDYD ,VVR PRVWUD TXH GHPRV PDLV XP SDVVR GH VXFHVVR SDUD D PDUFD FRPHPRUD D JHUHQWH GH 3URSDJDQGD (OLDQD &DVVDQGUH

$

FHUYHMD ,WDLSDYD UHFHEHX R SUrPLR :RUOG6WDU $ZDUGV QD FDWHJRULD GH %HELGDV 7UDWD VH GH XPD SUHPLDomR HQWUHJXH DQXDOPHQWH SHOD :RUOG 3DFNDJLQJ 2UJDQLVDWLRQ :32 TXH HVWi HQWUH DV PDLV UHFRQKHFLGDV GR VHWRU GH HPEDODJHQV IOH[tYHLV (VWH DQR D FHULP{QLD DFRQWHFHX HP PDLR HP 'XVVHOGRUI QD $OHPDQKD

'HQWUH RV DUJXPHQWRV TXH FRQFHGHUDP R SUrPLR j ,WDLSDYD HVWmR D HVWUXWXUD GH FRUHV H D WLSRJUDILD DVFHQGHQWH GD HPEDODJHP TXH DGLFLRQDP XPD DWLWXGH SURYRFDGRUD 68

3DUD $UQDOGR GH $QGUDGH %DVWRV GD )XWXUH%UDQG 6mR 3DXOR DJrQFLD GH EUDQGLQJ UHVSRQViYHO SHOR GHVHQYROYLPHQWR GD QRYD HPEDODJHP R :RUOG6WDU YDL DOpP GR GHVLJQ H SUHPLD WDPEpP R QRYR SRVLFLRQDPHQWR GD ,WDLSDYD ´2 SUrPLR FRQVROLGD R PRYLPHQWR GD PDUFD HP GLUHomR DR IXWXUR e XP LPSRUWDQWH UHFRQKHFLPHQWR SHOD GHGLFDomR GH WRGRV RV HQYROYLGRV QR SURMHWR (VWDPRV PXLWR IHOL]HVµ FHOHEUD 9DOH UHVVDOWDU TXH D :RUOG6WDU $ZDUGV UHWUDWD R DYDQoR FRQWtQXR HP GHVLJQ H WHFQRORJLD GH HPEDODJHQV H FULD XP SDGUmR GH H[FHOrQFLD HP HPEDODJHQV LQWHUQDFLRQDLV TXH VHUYHP FRPR UHIHUrQFLD SDUD R PHUFDGR PXQGLDO $ QRYD LGHQWLGDGH GD ,WDLSDYD WDPEpP IRL SUHPLDGD QDFLRQDOPHQWH QD FDWHJRULD 5HGHVLJQ $OLPHQWRV H %HELGDV GR 3UrPLR $%5( GD (PEDODJHP %UDVLOHLUD QR ILQDO GR DQR SDVVDGR

*5832 3(75¾32/,6 /$1d$ &20(5&,$/ 1$ 79 3RU &RPXQLFDomR &RUSRUDWLYD *UXSR 3HWUySROLV

2

*UXSR 3HWUySROLV DFDED GH ODQoDU VHX QRYR FRPHUFLDO GH 79 TXH SRGH VHU FRQIHULGR QRV FDQDLV %DQG1HZV H 5HFRUG 1HZV DOpP GD SiJLQD RILFLDO GD HPSUHVD QR )DFHERRN KWWS IDFHERRN FRP JUXSR SHWURSROLV

(VWH DQR R WHPD SULQFLSDO p D JHUDomR GH HPSUHJRV H WRGR R FXLGDGR H GHGLFDomR GRV FRODERUDGRUHV GHVGH D SURGXomR DWp D HQWUHJD GRV SURGXWRV GR *UXSR 3HWUySROLV 2 ILOPH SURGX]LGR SHOD 9ROW )LOPV FRQWD FRP D SDUWLFLSDomR GH YiULRV FRODERUDGRUHV GD HPSUHVD TXH UHSUHVHQWDP RV JHUDGRUHV GH SURVSHULGDGH SDUD R %UDVLO

69

02726

&203$5$7,92 $9(1785(,52 %0: ) *6 96 75,803+ 7,*(5 ;5 7H[WRV $UWKXU &DOGHLUD $JrQFLD ,1)20272 )RWRV 0DULR 9LOODHVFXVD $JrQFLD ,1)20272

&RP URGDV GH OLJD OHYH DUR QD GLDQWHLUD H HOHWU{QLFD ¦EiVLFD§ DV GXDV ELJWUDLOV GH HQWUDGD FXVWDP PHQRV GH 5 H GLVSXWDP D SUHIHUrQFLD GR PRWRFLFOLVWD

(

[FHWR SHOD DUTXLWHWXUD GR PRWRU %0: ) *6 H 7ULXPSK 7LJHU ;5 WrP SURSRVWDV EDVWDQWH VHPHOKDQWHV $PEDV VmR ELJWUDLOV FRP URGDV GH OLJD OHYH DUR QD GLDQWHLUD H WUD]HP HOHWU{QLFD EiVLFD FRQWUROH GH WUDomR H $%6 SDUD TXHP YDL URGDU PDLV QR DVIDOWR 2XWUR SRQWR HP FRPXP p TXH FXVWDP PHQRV GH 5 3DUD FRPSDUDU RV GRLV PRGHORV IL]HPRV XP URWHLUR VDLQGR GD FDSLWDO SDXOLVWD DWp D FLGDGH GH -RDQySROLV QR LQWHULRU GH 6mR 3DXOR SHOR DVIDOWR 'H Oi VHJXLPRV SHOD WHUUD SDUD 0RQWH 9HUGH Mi QR (VWDGR GH 0LQDV *HUDLV 8P SHUFXUVR FRP PDLV GH NP LGD H YROWD PHVFODQGR URGRYLDV GH WUkQVLWR UiSLGR HVWUDGDV VLQXRVDV H XP WUHFKR RII URDG &RQILUD FRPR HODV VH VDtUDP QHVVD GLVSXWD 0RWRUL]DomR /DQoDGD QR %UDVLO QR ILQDO GH D ) *6 DSHVDU GR QRPH WHP R PHVPR PRWRU ELFLOtQGULFR GH FPó GD ) *6 SRUpP DPDQVDGR VmR DSHQDV FY GH SRWrQFLD Pi[LPD D USP ² FRQWUD RV FY GD VXD LUPm PDLV FDUD 6HX SUHoR VXJHULGR p GH 5 $ PDLV UHFHQWH JHUDomR GD 7LJHU FKHJRX DR 3DtV HP 6HX PRWRU GH WUrV FLOLQGURV H FF SDVVRX SRU PHOKRULDV LQWHUQDV H UHQGH FY D USP 2 SUHoR GD 70

7LJHU ;5 p GH 5 &RPR QmR KDYLD D YHUVmR EiVLFD ;5 QD IURWD GH WHVWHV GD 7ULXPSK XWLOL]DPRV D YHUVmR ;5[ TXH WHP D PHVPD PRWRUL]DomR H FLFOtVWLFD SRUpP FRP DOJXQV DFHVVyULRV GH VpULH H PRGRV GH SLORWDJHP ,WHQV TXH QmR IRUDP FRQVLGHUDGRV QR FRPSDUDWLYR OHLD ER[ (P IXQomR GD DUTXLWHWXUD H GR UHQGLPHQWR GR VHX PRWRU D 7ULXPSK OHYD YDQWDJHP WDQWR QR GHVHPSHQKR FRPR QD YLEUDomR PHQRU 2 PRWRU GD %0: ´DFDEDµ DQWHV HQTXDQWR R WULFLOtQGULFR LQJOrV DLQGD WHP I{OHJR SDUD DFHOHUDU 3RGHUtDPRV UHVXPLU GL]HQGR TXH D 7LJHU ;5 p XP SRXFR PDLV HVSRUWLYD JLUDQGR PDLV DOWR HQTXDQWR D %0: p PDLV FRPSRUWDGD FRP EDVWDQWH WRUTXH GHVGH RV EDL[RV JLURV 1R FRQVXPR WDPEpP QmR KRXYH PXLWD GLIHUHQoD 1R WUHFKR DVIDOWDGR GHVVH URWHLUR D %0: URGRX NP FRP XP OLWUR GH JDVROLQD HQTXDQWR D 7ULXPSK PDUFRX NP O $ YDULDomR UHODWLYDPHQWH SHTXHQD GHYH VH DR IDWR GH TXH SDUD URGDU QD YHORFLGDGH OLPLWH GD URGRYLD ² NP K ² R PRWRU GD ) *6 SUHFLVDYD JLUDU XP SRXFR PDLV H SRUWDQWR EHEHX PDLV &RPR R WDQTXH GD 7LJHU WHP FDSDFLGDGH SDUD OLWURV H R GD ) *6 FRPSRUWD DSHQDV OLWURV SRQWR SDUD D PRWR LQJOHVD &RQWLQXD

02726

&203$5$7,92 $9(1785(,52 %0: ) *6 96 75,803+ 7,*(5 ;5 7H[WRV $UWKXU &DOGHLUD $JrQFLD ,1)20272 )RWRV 0DULR 9LOODHVFXVD $JrQFLD ,1)20272

1D KRUD GH YLDMDU p VHPSUH ERP WHU PDLV DXWRQRPLD 3RU IDODU HP FRQVXPR D SRVLomR GR WDQTXH GH FRPEXVWtYHO p XP GLIHUHQFLDO LPSRUWDQWH QRV GRLV PRGHORV (QTXDQWR D ELJWUDLO LQJOHVD WHP R WDQTXH QD SDUWH GLDQWHLUD GD PRWR D %0: FRORFRX R UHVHUYDWyULR GD *6 VRE R DVVHQWR EDL[DQGR R FHQWUR GH JUDYLGDGH H GLVWULEXLQGR PHOKRU R SHVR 3RU LVVR HPERUD WHQKDP SUDWLFDPHQWH D PHVPD PDVVD NJ QD %0: [ NJ QD 7ULXPSK D DOHPm SDUHFH VHU PDLV OHYH SRLV VHX SHVR p PDLV EHP GLVWULEXtGR &RP LVVR PDQREUDV HP EDL[D YHORFLGDGH H PXGDQoDV GH GLUHomR VmR PDLV IDFLOPHQWH H[HFXWDGDV FRP D ) *6 ·JHLV QR DVIDOWR $ SULQFLSDO GLIHUHQoD GHVVHV GRLV PRGHORV SDUD XPD ELJWUDLO GH IDWR VmR DV URGDV GH XP GLkPHWUR PHQRU ² GH SROHJDGDV DR LQYpV GH SROHJDGDV ² H IHLWDV HP OLJD OHYH (VVD FRPELQDomR HPERUD PHQRV DSWD SDUD HQFDUDU R RII URDG WRUQD D ) *6 H D 7LJHU ;5 PDLV iJHLV QR DVIDOWR H REHGLHQWH QDV FXUYDV 1D SUiWLFD DPEDV SDUHFHP WHU D IUHQWH ´PDLV OHYHµ RX VHMD FRP DV URGDV PHQRUHV HODV PXGDP GH GLUHomR FRP PDLV IDFLOLGDGH ( QD KRUD GH HQWUDU HP XPD FXUYD H[LJHP PHQRV DWXDomR GR SLORWR 7DQWR D %0: FRPR D 7ULXPSK FRPSRUWDP VH TXDVH FRPR PRWRV QDNHGV QR DVIDOWR ² VHJXUDV PHVPR FRP JUDQGH LQFOLQDomR QDV FXUYDV 2XWUD YDQWDJHP p TXH D DOWXUD GR DVVHQWR p PHQRU WRUQDQGR DV PDLV ´DFHVVtYHLVµ OLWHUDOPHQWH DRV SLORWRV PDLV EDL[RV $ 7LJHU ;5 SRU H[HPSOR WHP VHX EDQFR D PP GR VROR HP VXD SRVLomR PDLV EDL[D HQTXDQWR QD 7LJHU ;&[ FRP DUR R DVVHQWR ILFD D PP 2 PHVPR DFRQWHFH FRP D ) *6 EDQFR D PP GR VROR TXDQGR FRPSDUDGD D ) *6 PP

72

&LFOtVWLFD $PEDV WrP TXDGUR WXEXODU PDV JUDQGHV GLIHUHQoDV QR FRQMXQWR FLFOtVWLFR $ ) *6 XVD JDUIR WHOHVFySLFR FRQYHQFLRQDO QD GLDQWHLUD HQTXDQWR D 7LJHU WHP VXVSHQVmR LQYHUWLGD XSVLGH GRZQ 2 FXUVR QD 7ULXPSK p GH PP H R DPRUWHFLPHQWR PDLV SURJUHVVLYR GR TXH QD %0: TXH WHP PP GH FXUVR 1D WUDVHLUD DPEDV WrP EDODQoD GH DOXPtQLR PRQRDPRUWHFLGD FRP DMXVWH QD SUp FDUJD GD PROD H PP GH FXUVR $V VXVSHQV}HV IRUDP SURMHWDGDV SDUD HQIUHQWDU XP IRUD GH HVWUDGD OHYH ² DTXHOD HVWUDGLQKD GH FKmR EDWLGR DWp R VtWLR ² H GmR FRQWD GR UHFDGR 1yV SRUpP GHFLGLPRV OHYi ODV D XP WHVWH XP SRXFR PDLV H[WUHPR *UDQGH SDUWH GR FDPLQKR HQWUH -RDQySROLV 63 H 0RQWH 9HUGH 0* HVWi HP ERP HVWDGR PDV Ki WUHFKRV FRP EXUDFRV PDLV SURIXQGRV H GHVFLGDV FRP PXLWD SHGUD 1HVVDV VLWXDo}HV ILFRX FODUR TXH DV GXDV ELJWUDLOV HVWDYDP QR OLPLWH GD VXD YRFDomR IRUD GH HVWUDGD $ URGD GH SROHJDGDV QD GLDQWHLUD H R FXUVR PDLRU GH VXVSHQVmR ID]HP IDOWD QRV EXUDFRV ( RV SQHXV DWp HQFDUDP R RII URDG GHVGH TXH QmR WHQKD FKRYLGR SRLV QD ODPD LULDP ID]HU RV SLORWRV VRIUHUHP &RQFOXVmR &RP SUHoRV SUy[LPRV H SURSRVWDV VHPHOKDQWHV DV GXDV ELJWUDLOV GH ´HQWUDGDµ VmR H[FHOHQWHV PRWRV TXH HQWUHJDP R TXH SURPHWHP $OpP GLVVR RIHUHFHP XP ERP FXVWR EHQHItFLR HP UHODomR DRV PRGHORV HTXLSDGRV FRP DUR QD GLDQWHLUD H HOHWU{QLFD PDLV FRPSOH[D ² SULQFLSDOPHQWH VH R PRWRFLFOLVWD QmR IRU URGDU PXLWR QD WHUUD $R ILQDO GR FRPSDUDWLYR QmR Ki H[DWDPHQWH XPD YHQFHGRUD PDV VLP D PRWR PDLV DGHTXDGD DR XVR TXH R FRQVXPLGRU IDUi GHOD $ %0: ) *6 p XP SRXFR PDLV FRPSOHWD SRLV WUD] DTXHFHGRU GH PDQRSODV H ERQV SURWHWRUHV GH PmR GH VpULH DOpP GR VHPSUH ~WLO FDYDOHWH FHQWUDO 0DLV HVJXLD H FRP XPD PHOKRU GLVWULEXLomR GR SHVR D ) *6 p PDLV iJLO QD FLGDGH H WDPEpP HQFDUD XPD HVWUDGD PDV VHULD D PDLV LQGLFDGD D TXHP YDL URGDU GLDULDPHQWH FRP D PRWR H IDUi YLDJHQV HYHQWXDLV -i D 7ULXPSK 7LJHU ;5 RIHUHFH GHVHPSHQKR PHOKRU PDLV DXWRQRPLD H FRQIRUWR QD HVWUDGD ² VHX EDQFR p PDLV ODUJR H D SURWHomR DHURGLQkPLFD PDLRU VHP IDODU TXH VHX PRWRU TXDVH QmR YLEUD 3RU RXWUR ODGR R ´DULVFRµ DFHOHUDGRU H R SRUWH PDLRU GHL[DP HOD PDLV ´GHVDMHLWDGDµ QR WUkQVLWR XUEDQR (P UHVXPR GLULD TXH VH YRFr SURFXUD XPD ELJWUDLO GH HQWUDGD SDUD YLDMDU D PHOKRU RSomR p D PRWR LQJOHVD 0DV VH D VXD LGHLD p WHU XPD FRPSDQKHLUD SDUD R XVR IUHTXHQWH QD FLGDGH H XPD YLDJHQ]LQKD GH ILQDO GH VHPDQD D QRYD ELJWUDLO DOHPm YDL OKH DWHQGHU PXLWR EHP

73

36,&2/2*,$

9$026 )$/$5 62%5(

2 68,&º',2 1$ $'2/(6&¶1&,$

3RU &LQWLD %HUWROXFFL 3VLFyORJD FLEHUWROXFFL#JPDLO FRP

2

6HJXQGR D 2UJDQL]DomR 0XQGLDO GH 6D~GH 206 GH PRGR JHUDO R VXLFtGLR VXSHUD DV PRUWHV FDXVDGDV SRU KRPLFtGLRV GHVDVWUHV H +,9 1D IDL[D HWiULD GRV DRV DQRV p D VHJXQGD FDXVD GH PRUWHV VHQGR VXSHUDGR DSHQDV SRU DFLGHQWHV QR WUkQVLWR

MRJR GD %DOHLD $]XO H R VHULDGR 5HDVRQV :K\ SDUHFHP UHWUDWDU D IUDJLOLGDGH H D YXOQHUDELOLGDGH YLYHQFLDGD SHORV MRYHQV TXH PXLWDV YH]HV VHQWHP VH DWUDtGRV SHOD LGHLD GH GHVLVWLU GH YLYHU 4XDLV DV UD]}HV" 3DUD XP MRYHP WXGR SDUHFH PDLV GLItFLO H FRPSOLFDGR SRLV QmR KRXYH WHPSR DLQGD GH DFXPXODU H[SHULrQFLDV GH YLGD H PDWXULGDGH SDUD OLGDU FRP D FRPSOH[LGDGH GDV VLWXDo}HV TXH D YLGD DSUHVHQWD 'HVVD IRUPD GHVLVWLU GH WXGR SDUHFH D VDtGD PDLV VLPSOHV H IiFLO SRLV QHVVD LGDGH WXGR SDUHFH VHU TXHVWmR GH YLGD RX PRUWH 0XLWRV UHODWDP TXH VH VHQWHP LQVLJQLILFDQWHV DOJXQV GL]HP VH VHQWLU XP OL[R GHVDPSDUDGRV H SHUGLGRV SRVVXHP YtQFXORV H UHODo}HV LQWHUSHVVRDLV IUiJHLV GH IRUPD TXH SDUHFH PDLV IiFLO DEDQGRQDU R 74

PXQGR TXDQGR R PHGR GH YLYHU VH WRUQD PDLRU GR TXH R PHGR GH PRUUHU $GROHVFHQWHV FRP LGHDomR VXLFLGD IUHTXHQWHPHQWH H[SUHVVDP XPD HVWUDQKD DSDWLD GLDQWH GD TXHVWmR YLYHU RX PRUUHU $ SDUWLU GHVVD FRQVWDWDomR SRGHPRV FRPSUHHQ GHU DV QRYDV SDWRORJLDV FRQWHPSRUkQHDV FRQKHFLGDV HP SVLFDQiOLVH FRPR SDWRORJLDV GR YD]LR (ODV VmR JHUDOPHQWH FRQIOLWRV QDUFtVLFRV TXH VH PDQLIHVWDP QD IRUPD GH GHSUHVVmR DXWR HVWLPD SUHMXGLFDGD GLVW~UELRV DOLPHQWDUHV FRPSXOV}HV DGLFo}HV GHSHQGrQFLD GH iOFRRO GURJDV H LQWHUYHQo}HV HVWpWLFDV H[DJHUDGDV 7RGDV HODV UHIOHWHP D LQVDWLVIDomR FU{QLFD GR VXMHLWR FRQVLJR PHVPR

&RQWLQXD

75

36,&2/2*,$

9$026 )$/$5 62%5( 2 68,&º',2 1$ $'2/(6&¶1&,$ 3RU &LQWLD %HUWROXFFL 3VLFyORJD FLEHUWROXFFL#JPDLO FRP

7HQWDU VHU R TXH QmR VH p SDUHFHU WHU R TXH QmR VH WHP QmR WROHUDU D IUXVWUDomR D IDOWD D LQFRPSOHWXGH D LPSHUIHLomR LQHUHQWHV D FRQGLomR KXPDQD VmR FRQIOLWRV GH RQGH HPHUJHP SRU H[HPSOR D QHFHVVLGDGH GH SUHHQFKHU R YD]LR H[LVWHQFLDO DWUDYpV GR H[FHVVR GH GURJDV FRQVXPR VH[R HWF $ UHSHUFXVVmR GRV MRJRV RX VpULHV TXH DERUGDP R WHPD GR VXLFtGLR SDUHFHP WUD]HU j WRQD TXHVW}HV UHIHUHQWHV DR DSDJDPHQWR GR DGROHVFHQWH HP QRVVD VRFLHGDGH H FHUWD LQVHQVLELOLGDGH GRV DGXOWRV HP UHFRQKHFHU DV DQJ~VWLDV QHFHVVLGDGHV H D IDOWD GH HVSHUDQoD DSUHVHQWDGD SRU HOHV IUHQWH D VLWXDo}HV GRORURVDV UHMHLo}HV DPRURVDV LQFRPSUHHQVmR GRV SDLV LQFHUWH]DV G~YLGDV PHGRV HWF 6HUi TXH HVWDPRV DMXGDQGR RV MRYHQV D GHVHQYROYHU PHLRV SDUD OLGDU FRP DV GLILFXOGDGHV H SULQFLSDOPHQWH FRP VHXV SUySULRV DIHWRV SDUD VXSRUWDU R YD]LR GH IRUPD QmR GHVWUXWLYD"

76

1mR VH WUDWD QHVVD GLItFLO FDPLQKDGD GH EXVFDU SDGURQL]Do}HV YDORUL]DGDV VRFLDOPHQWH PDV GH RULHQWi ORV HP VXDV HVFROKDV YLVDQGR FRQVWUXLU DOJR TXH SRVVD WUD]HU OKHV SUD]HU H VDWLVIDomR SHVVRDO -RYHQV FRP ERD DXWRHVWLPD DSUHVHQWDP PDLRU FDSDFLGDGH GH DYDOLDU DV VLWXDo}HV TXH HVWmR LQVHULGRV H WROHUDP PHOKRU D IUXVWUDomR 1mR VH WUDWD GH SRXSDU RV MRYHQV GRV SUREOHPDV H GDV IUXVWUDo}HV PDV DMXGi ORV D GHVHQYROYHU UHFXUVRV HPRFLRQDLV SDUD OLGDU FRP DV GHPDQGDV H LQWHUFRUUrQFLDV LQHYLWiYHLV D VXD IDVH GH YLGD e SRVVtYHO HQFRQWUDU RXWUDV IRUPDV GH FRQWHU H HODERUDU D GRU HP PRPHQWRV GH DQJ~VWLD H GHVVD IRUPD HYLWDU Do}HV LPSXOVLYDV FRPR D DXWRPXWLODomR WmR FRPXP HQWUH HOHV RX DWp PHVPR R DWR GH WLUDU D SUySULD YLGD

77

9,'$ $1,0$/

&8,'$'26 &20 $ $/,0(17$d 2

'26 & (6 $3¾6 $ &$675$d 2 )RQWH 3HWPDJ 3RU .HLOD 5HJLQD *RGR\

2EHVLGDGH HP DQLPDLV FDVWUDGRV SRGH VHU FRQWURODGD FRP DOLPHQWDomR DGHTXDGD LQJHVWmR HTXLOLEUDGD GH GHWHUPLQDGRV QXWULHQWHV H DWLYLGDGHV ItVLFDV

$

FDVWUDomR DJUHJD PXLWRV EHQHItFLRV j VD~GH GRV FmHV H D FDGD GLD FUHVFH R Q~PHUR GH PDFKRV H IrPHDV FDVWUDGRV VHMD SRU GHVHMR GH VHXV SURSULHWiULRV RX SHOD LQGLFDomR LQFLVLYD SRU SDUWH GRV PpGLFRV YHWHULQiULRV 0DV DILQDO R TXH p D FDVWUDomR" 4XDLV RV EHQHItFLRV TXH SRGH SURSRUFLRQDU" $ FDVWUDomR p D UHWLUDGD GRV WHVWtFXORV QRV PDFKRV H PDLV FRPXPHQWH GRV RYiULRV H ~WHUR QDV IrPHDV FRP

78

R SURSyVLWR GH LPSHGLU D UHSURGXomR 3RUpP PXLWRV RXWURV EHQHItFLRV SRGHP DGYLU GD FDVWUDomR SULQFLSDOPHQWH VH HOD IRU UHDOL]DGD HP DQLPDLV DLQGD MRYHQV DQWHV GH VXD HQWUDGD QD SXEHUGDGH 1DV FDGHODV D FDVWUDomR SUHYLQH R GHVHQYROYLPHQWR GRV WXPRUHV GH PDPD SULQFLSDOPHQWH TXDQGR UHDOL]DGD DQWHV GR SULPHLUR FLR DX[LOLD QD SUHYHQomR GH WXPRUHV GH ~WHUR H RYiULRV GH LQIHFo}HV XWHULQDV H HYLWD DLQGD D RFRUUrQFLD GD SVHXGRFLHVH FRQKHFLGD SRSXODUPHQWH FRPR ´JUDYLGH] SVLFROyJLFDµ (P PDFKRV DX[LOLD QD

GLPLQXLomR GH FRPSRUWDPHQWRV LQGHVHMiYHLV FRPR XULQDU HP PyYHLV H REMHWRV SDUD GHPDUFDomR GH WHUULWyULR ´QDPRUDUµ QD SHUQD GDV SHVVRDV DOpP GH GLPLQXLU D DJUHVVLYLGDGH H SUHYHQLU R GHVHQYROYLPHQWR GD KLSHUSODVLD GD SUyVWDWD H GRV WXPRUHV GRV WHVWtFXORV H SUyVWDWD 1R HQWDQWR DSyV D FDVWUDomR RFRUUHP DOWHUDo}HV KRUPRQDLV TXH OHYDP D PXGDQoDV QR RUJDQLVPR WRUQDQGR QHFHVViULRV FXLGDGRV HVSHFLDLV FRP D DOLPHQWDomR SDUD TXH HIHLWRV LQGHVHMiYHLV QmR VH VREUHSRQKDP DRV JDQKRV j VD~GH (VWXGRV PRVWUDP TXH DSyV D FDVWUDomR RFRUUH XPD GLPLQXLomR GR JDVWR GH HQHUJLD SHOR RUJDQLVPR XPD PHQRU FDSDFLGDGH GH FRQWUROH GD VDFLHGDGH H XP PHQRU LQWHUHVVH SHOD DWLYLGDGH ItVLFD 4XDQGR HVWHV IDWRUHV VH VRPDP D XP HVWLOR GH YLGD PDLV VHGHQWiULR H RX j SUHGLVSRVLomR JHQpWLFD SDUD R H[FHVVR GH SHVR UDSLGDPHQWH RV FmHV VH WRUQDP REHVRV ,VVR p PXLWR LQGHVHMiYHO SRUTXH D REHVLGDGH SRU VL Vy p XPD GRHQoD H DLQGD SRGH DJUDYDU RX GHVHQFDGHDU RXWURV SUREOHPDV GH VD~GH $VVLP SDUD PDQWHU D VD~GH H D FRQGLomR FRUSRUDO GRV FmHV FDVWUDGRV p LQWHUHVVDQWH TXH VH RIHUHoD XP DOLPHQWR HVSHFtILFR TXH GHYH LQFOXLU DOpP GRV EHQHItFLRV SDUD D VD~GH JHUDO H DSDUrQFLD RV VHJXLQWHV FXLGDGRV

ª WHRUHV PRGHUDGRV GH JRUGXUD H HQHUJLD SDUD DX[LOLDU QR FRQWUROH GR JDQKR GH SHVR ª HOHYDGRV QtYHLV GH SURWHtQD SDUD PDQXWHQomR GD PDVVD PXVFXODU ª ILEUDV GH ERD TXDOLGDGH HP PDLRU TXDQWLGDGH SDUD DX[LOLDU QD PDQXWHQomR GD VDFLHGDGH ª IRQWHV GH FDUERLGUDWRV GH EDL[R tQGLFH JOLFrPLFR TXH IDYRUHFHP XPD PDQXWHQomR GD JOLFHPLD QtYHO GH Do~FDU QR VDQJXH H FRPR FRQVHTXrQFLD FRODERUDP SDUD D PDQXWHQomR GD VDFLHGDGH (P UHODomR j URWLQD H DR PDQHMR DOLPHQWDU p IXQGDPHQWDO TXH R FmR VHMD HVWLPXODGR D EULQFDGHLUDV H TXH VXD URWLQD GH SDVVHLRV VHMD PDQWLGD SDUD DX[LOLDU QR JDVWR GH HQHUJLD 7DPEpP p LPSRUWDQWH HYLWDU R XVR GH SHWLVFRV H DOLPHQWRV H[WUDV HP GHPDVLD SDUD SUHYHQLU D LQJHVWmR GH FDORULDV HP H[FHVVR 2EVHUYDU WRGRV HVWHV FXLGDGRV SHUPLWH TXH VH RWLPL]H DR Pi[LPR RV JDQKRV UHVXOWDQWHV GD FDVWUDomR H TXH VH PLQLPL]H RV SRVVtYHLV LQFRQYHQLHQWHV TXH HOD SRGH WUD]HU SURPRYHQGR VD~GH ORQJHYLGDGH H TXDOLGDGH GH YLGD 9DOH PXLWR HVWDU DWHQWR D HVVHV FXLGDGRV DILQDO FXLGDU GD DOLPHQWDomR GR DQLPDO GH HVWLPDomR p WDPEpP XPD SURYD GH DPRU

79 93

),71(66

35$7,&$17(6 '( (63257(6

1$ $&$'(0,$

-XOLDQ 3LFFLQLQR )HUUDUD (GXFDGRU )tVLFR &UHI ¤ * 63 3yV *UDGXDGR 3HUVRQDO 7UDLQHU &RQVXOWRULD 2QOLQH MXOLDQIHUUDUD#KRWPDLO FRP ,QVWDJUDQ #MXOLDQIHUUDUD

2

WUHLQDPHQWR QDV DFDGHPLDV QD PDLRULD GDV YH]HV p SURFXUDGR SRU SHVVRDV TXH EXVFDP XP EHQHILFLR SDUD VD~GH SHUGD GH SHVR DXPHQWR GH PDVVD PXVFXODU RX IRFDGRV QXPD PHOKRUD HP DOJXPD SDWRORJLD FRPR GLDEHWHV KLSHUWHQVmR DUWHULDO FDUGLRSDWLDV H RXWUDV 2XWUR S~EOLFR TXH WDPEpP p DWHQGLGR SHORV HGXFDGRUHV TXH WUDEDOKDP QDV DFDGHPLDV VmR RV SUDWLFDQWHV GH HVSRUWH -RJDGRUHV GH IXWHERO EDVTXHWH Y{OHL DWp PHVPR RV VXUILVWDV QDGDGRUHV

80

FRUUHGRUHV H TXDOTXHU RXWUR DWOHWD DPDGRU RX SURILVVLRQDO WHQGHP D EXVFDU QDV DFDGHPLDV XP DX[tOLR SDUD PHOKRUDU R GHVHPSHQKR QRV HVSRUWHV )D]HQGR D 'LIHUHQoD 2 LQtFLR GR WUDEDOKR FRP SUDWLFDQWHV GH HVSRUWH GHYH VHU EHP SDUHFLGR FRP RXWURV LQGLYtGXRV )RUWDOHFLPHQWRV GH JUDQGHV JUXSRV PXVFXODUHV SULQFLSDOPHQWH RV GR &25( WUDEDOKR GH PRELOLGDGH IOH[LELOLGDGH H WUHLQR FDUGLRYDVFXODUHV WDPEpP

GHYHP HVWDU SUHVHQWHV $SyV DOJXPDV VHPDQDV GH DGDSWDomR H HYROXomR FKHJD D KRUD GH LQFOXLU DOJXQV H[HUFtFLRV FRP PRYLPHQWRV HVSHFtILFRV RX R PDLV SUy[LPR SRVVtYHO GR JHVWR PRWRU TXH R LQGLYtGXR SUDWLFD IRUD GD DFDGHPLD &KDPDPRV LVVR GH HVSHFLILFLGDGH H TXDQGR VH FRQVHJXH WUDEDOKDU GHVVD IRUPD yWLPRV UHVXOWDGRV VmR SHUFHELGRV GHVGH D PHOKRUD QR GHVHPSHQKR DWp PHVPR QD GLPLQXLomR QR tQGLFH GH OHV}HV WmR QRUPDLV QRV HVSRUWHV $WHQomR $ LQFOXVmR GDV ERODV VXtoDV ERVXV PLQL WUDPSROLP HOiVWLFRV SODWDIRUPDV GH HTXLOtEULR H RXWURV HTXLSDPHQWRV TXH YHPRV QDV DXODV H QRV WUHLQRV IXQFLRQDLV QHP VHPSUH VmR DV PHOKRUHV RSo}HV TXDQGR DVVXQWR p HVSHFLILFLGDGH &DEH DR SURIHVVRU LGHQWLILFDU TXDLV PRYLPHQWRV FRUSRUDLV VmR SHUFHELGRV HP GHWHUPLQDGD DWLYLGDGH HVSRUWLYD H DSyV LVVR XVDU WRGD HVWUXWXUD GD DFDGHPLD SDUD FKHJDU SUy[LPR GHVVHV PRYLPHQWRV

([HPSORV GH JHVWRV TXH SRGHP VHU DSULPRUDGRV FRP WUHLQR $UUHPHVVR GR +DQGHERO 3HUQD GH DSRLR QR FKXWH GR IXWHERO /HYDQWDU SDUD ยฆGURSDUยง XPD RQGD QR VXUIH 5RWDomR GR WURQFR QR MRJR GH WrQLV 0XGDQoD GH GLUHomR QR EDVTXHWH &RPR SRGH VHU SHUFHELGR TXDVH WRGRV JHVWRV PRWRUHV TXH ID]HPRV HP GHWHUPLQDGR HVSRUWH SRGHP VHU UHSHWLGRV QXPD DFDGHPLD ร WLPRV UHVXOWDGRV VHUmR DOFDQoDGRV %RQV WUHLQRV

81 93

0(,2 $0%,(17(

&203267(,5$ &25($1$ 75$16)250$ 5(6ยบ'826 $/,0(17$5(6

(0 $'8%2 ( )217( '( (1(5*,$ )RQWH %UDQGSUHVV

1RYLGDGH FKHJD DR %UDVLO DSyV FRQTXLVWDU PHUFDGR LQWHUQDFLRQDO

2

PXQGR FDPLQKD HP GLUHomR D SURFHVVRV VXVWHQWiYHLV TXH JDUDQWDP PDLV VD~GH H HFRQRPLD 5HXQLQGR HVWHV FRQFHLWRV HP DSHQDV XP SURGXWR D FRPSRVWHLUD 6PDUW&DUD FKHJD DR PHUFDGR QDFLRQDO SDUD UHYROXFLRQDU D PDQHLUD GH WUDWDU R OL[R RUJkQLFR $ QRYD FRPSRVWHLUD FRUHDQD p SHTXHQD HILFLHQWH H WHP D FDSDFLGDGH GH WUDQVIRUPDU NJ GH UHVtGXRV DOLPHQWDUHV HP DSUR[LPDGDPHQWH J GH DGXER HP DSHQDV WUrV KRUDV

82

´2V UHVWRV GH OL[R RUJkQLFR KRMH VmR UHVSRQViYHLV SRU DXPHQWDU R DTXHFLPHQWR JOREDO FRP D JHUDomR GH JiV PHWDQR DOpP GH SROXLU DWHUURV UHVHUYDV GH iJXD VXEWHUUkQHDV H R RFHDQR &RP R VLVWHPD GD 6PDUW&DUD HVWHV UHVtGXRV SRGHP VHU HOLPLQDGRV UHGX]LQGR HP DWp R YROXPH GH OL[R RUJkQLFR SURYHQLHQWH GH DOLPHQWRV QR SODQHWDµ DILUPD +LVVDR +RULL GLUHWRU GH PDUNHWLQJ GD HPSUHVD &RP DOWD WHFQRORJLD GH OkPLQDV H FRQWURODGRUHV GH WHPSHUDWXUD D FRPSRVWHLUD p FDSD] GH WULWXUDU TXDOTXHU WLSR GH DOLPHQWR GHVGH FDVFDV GH IUXWDV DWp RVVRV GH IUDQJR VHP QHQKXP UXtGR $ PiTXLQD H[HUFH VXD IXQomR HP GXDV HWDSDV WULWXUDomR H GHVLGUDWDomR DVVRFLDGR D ILOWUDomR SDUD HOLPLQDomR GH RGRU $R ILQDO R SURFHVVR 6PDUW&DUD JHUD XP Sy VHFR GHVLGUDWDGR H SXOYHUL]DGR FRP DSUR[LPD GDPHQWH GR WDPDQKR RULJLQDO TXH SRGH VHU XVDGR FRPR QXWULHQWH SDUD SODQWDo}HV RX FRPEXVWtYHO VyOLGR HP XVLQDV QR OXJDU GH PDGHLUDV RX FDUYmR R TXH UHVXOWD HP HQHUJLD UHQRYiYHO UHGXomR GH HPLVVmR GH JDVHV GR HIHLWR HVWXID H D PHOKRUD GH QXWULHQWHV GR VROR

83 93

0(,2 $0%,(17(

&203267(,5$ &25($1$ 75$16)250$ 5(6º'826 $/,0(17$5(6 (0 $'8%2 ( )217( '( (1(5*,$ )RQWH %UDQGSUHVV

$ FRPSRVWHLUD FRQWD DLQGD FRP XP PHFDQLVPR 3UHPLDGD H UHFRQKHFLGD LQWHUQDFLRQDOPHQWH D GH DXWROLPSH]D H ILOWURV TXH HOLPLQDP RV RGRUHV 6PDUW&DUD p IUXWR GH GH] DQRV GH SHVTXLVD H GHVDJUDGiYHLV VHP QHFHVVLWDU GH GUHQDJHP GHVHQYROYLPHQWR H Mi FRQTXLVWRX R PHUFDGR SURGXWRV TXtPLFRV RX H[DXVWRUHV 6LPSOHV H IiFLO FRUHDQR FDQDGHQVH QRUWH DPHULFDQR HXURSHX H GH PDQXVHDU HVVH HTXLSDPHQWR WHFQROyJLFR R PXQGR iUDEH ´Â&#x; PHGLGD TXH DYDQoDPRV SDUD XPD SRGH VHU LQVWDODGR QD FR]LQKD RX ODYDQGHULD H HUD DPELHQWDOPHQWH PDLV FRQVFLHQWH TXH H[LJH SUHFLVD DSHQDV GH XPD WRPDGD 6HP TXDOTXHU DWLWXGHV UHVSRQViYHLV SHUDQWH D VRFLHGDGH H DV FRQILJXUDomR HOH IXQFLRQD FRP DSHQDV XP FOLTXH JHUDo}HV IXWXUDV D HOLPLQDomR GH UHVtGXRV FRP PDLV ´2V UHVWRV GH DOLPHQWRV QR DPELHQWH UHVLGHQFLDO VmR HILFiFLD p IXQGDPHQWDOµ ILQDOL]RX +RULL DOYR GH LQVHWRV H EDFWpULDV TXH SUHMXGLFDP (VWD p XPD VROXomR TXH FRQWULEXL SDUD HYLWDU HVVD SUROLIHUDomR H D JHUDomR GH RGRUHV DOpP GH UHGX]LU GUDVWLFDPHQWH R YROXPH GH OL[R RUJkQLFR QR DPELHQWH UHVLGHQFLDO H FRUSRUDWLYRµ FRPHQWD R GLUHWRU GH PDUNHWLQJ 3DUD PDLV LQIRUPDo}HV DFHVVH ZZZ VPDUWFDUD FRP EU

84

Fone: (15) 3263-4321 (15) 3263-3730

e t r o c hor ! l e m O aqui!! estรก

- Av.:Mario Pedro Vercelino, 226 - Centro - Boituva/SP - Estrada Municipal Roque Antunes Fragoso, 170 - Flora Ville - Boituva/SP 85

$57( ( &8/785$

*,$921,

$57,67$ '( 6252&$%$ 7(5· 68$6 2%5$6 (;3267$6 12 086(8 '8 /2895( (0 3$5,6

3RU (ULF /DQGPD\HU

3DXOR 5REHUWR *LDYRQL *LDYRQL p DXWRGLGDWD $SUHQGHX VXDV QRo}HV GH GHVHQKR DLQGD QD LQIkQFLD FRP VHX SDL H DOJXQV ERQV DPLJRV FXLGDUDP GH PRVWUDU R FDPLQKR GDV WLQWDV

&UtWLFR GH $UWH $,&$ 3DULV

ODQGHULF#ERO FRP EU 6LWH KWWS HULFDUWEUDVLO EORJVSRW FRP

5

HDOL]RX YiULDV H[SRVLo}HV LQGLYLGXDLV FRPR QR 6DOmR GD $&0 QR (VSDoR &XOWXUDO GR *DELQHWH GH /HLWXUD QD &DVD GD &XOWXUD 6DOD 3RUWLQDUL ([SRDE H RXWURV YiULRV (VSDoRV &XOWXUDLV H (VFRODV HP 6RURFDED 3DUWLFLSRX GH DOJXQV VDO}HV FRPR p R FDVR GR 6DOmR GH ,WX H ,WDSHWLQLQJD 5HFHQWHPHQWH SDUWLFLSRX GD ([SRVLomR ,QWHUQDFLRQDO 5LR QD *DOHULD (OLVHX 9LVFRQWL RQGH WHYH XP WUDEDOKR DJUDFLDGR FRP D PHGDOKD GH EURQ]H (P QRYHPEUR GH QR SHUtRGR GH D SDUWLFLSRX GD ([SRVLomR LQWHUQDFLRQDO HP $EX 'KDEL (PLUDGRV Ã&#x2030;UDEHV 8QLGRV

86

5HFHQWHPHQWH *LDYRQL IRL DSURYDGR SDUD SDUWLFLSDU GH ([SRVLomR LQWHUQDFLRQDO QR 0XVHX GR /RXYUH D VHU UHDOL]DGD HP 2XWXEUR GHVWH DQR 7RGDV HVWDV H[SRVLo}HV LQWHUQDFLRQDLV IRUDP RUJDQL]DGDV SHOD HPSUHVD (ULF $UW 3DUWLFLSRX H SDUWLFLSD GH H[SRVLo}HV LWLQHUDQWHV H FROHWLYDV GHVHQYROYLGDV VHPSUH EXVFDQGR HQWUH RXWUDV FRLVDV SURPRYHU GLYXOJDU H GHVHQYROYHU D $UWH $UWH FRPR HOHPHQWR GH WUDQVIRUPDomR FRPR PRGR GH DSHUIHLoRDPHQWR GH DXWR DSULPRUDPHQWR GH DQiOLVH GH EXVFD H HTXLOtEULR 6HPSUH WHYH DPRU SHOD SLQWXUD $LQGD MRYHP VH HQFDQWRX FRP JUDQGHV DUWLVWDV HP 6RURFDED FRPR (WWRUH 0DUDQJRQL %UXQR 'L -XVWL 0DULR 0DWWRV =H]p &RUUHD 3URI /XGRYLFR HQWUH RXWURV &RQWLQXD

87

$57( ( &8/785$

*,$921, $57,67$ '( 6252&$%$ 7(5· 68$6 2%5$6 (;3267$6 12 086(8 '8 /2895( (0 3$5,6 3RU (ULF /DQGPD\HU &UtWLFR GH $UWH $,&$ 3DULV

ODQGHULF#ERO FRP EU 6LWH KWWS HULFDUWEUDVLO EORJVSRW FRP

0DV VHX PDLRU HQFDQWDPHQWR IRL FRP &DQGLGR 3RUWLQDUL 3RUWLQDUL WHP D PtVWLFD GRV JrQLRV FRPR p R FDVR GH 0RQWHLUR /REDWR 9LOOD /RERV H RXWURV FRP RV TXDLV VH RPEUHLD &RPR 'HEUHW HOHV WRGRV FXLGDUDP GH UHODWDU DR PXQGR D DOPD EUDVLOHLUD H R IL]HUDP PDUDYLOKR VDPHQWH FRP LQLJXDOiYHO ILGHOLGDGH H DEVROXWD SUHFLVmR 6mR YHUGDGHLURV SDUDGLJPDV

88

7HYH VXD REUD LQIOXHQFLDGD SRU WRGRV HOHV PDV SULQFLSDOPHQWH SRU 3RUWLQDUL 1DV FHQDV GDV UXDV QRV DFRQWHFLPHQWRV H DVVXQWRV GR GLD D GLD D WULVWH]D D DOHJULD RV GUDPDV H HVSHUDQoDV GDV SHVVRDV 2 LQVWDQWH DWHPSRUDO DV FHQDV GH DJRUD DV FHQDV GH LQIkQFLD H DV IRWRV $ HVSHUDQoD GH TXH WXGR VHUi PHOKRU (VWH p R VHX XQLYHUVR IDYRULWR (P 3DXOR 5REHUWR *LDYRQL HQFRQWUDPRV D H[SUHV VmR HVWpWLFD HP DOWR JUDX FRP HFRQRPLD GH PHLRV R TXH p R LGHDO GD YHUGDGHLUD DUWH 6HXV TXDGURV QmR VH UHSHWHP LQGLFDQGR XPD SHUVRQDOLGDGH GLQkPLFD H FULDGRUD $R PHVPR WHPSR YHPRV TXH D ILJXUD H D UHDOLGDGH QmR HVWmR DXVHQWHV (OH WRPD RV WHPDV GH VHX WHPSR H QmR VH DOLHQD 2 TXH p LPSRUWDQWtVVLPR QD IRUoD FXOWXUDO GDV VXDV REUDV ´*LDYRQL UHSUHVHQWDUi PXLWR EHP D DUWH EUDVLOHLUD QR 0XVHX 'X /RXYUHµ² FRPSOHPHQWD (ULF /DQGPD\HU

onpublicidade

1977

89