+ X - APDC
Transcrição
&2081,&$(6 &2081,&$(6 :::$3'&37 1UESERVI²OSDENOVAGERA²µO 4XHVHUYL©RV GHQRYDJHUD©¥R" !NO>.O>*ULHO>0ORTUGALE â$3'&PRELOL]DPHUFDGRHVHFWRUS¼EOLFR â3URJUDPDVGHLQFHQWLYRVQRWHUUHQR â1RYDVRIHUWDVH[HPSORVFRQFUHWRV â9DORUHFRQµPLFRHVRFLDOGDV51* $VVRFLD©¥RHPGLQ¤PLFDFUHVFHQWH (OHL©¥RSDUD'LJLWDO(XURSH%UDLQVWRUPLQJVREUH51*-DQWDUHV'HEDWHHPGHVWDTXH \[`kfi`Xc 1DOLQKDGDIUHQWH $651*6 2&216,'(5$'$632572'26Zfdfld[fj]XZkfi\j]le[Xd\ekX`jhl\Zfeki`Yl`i}gXiX f[\j\emfcm`d\ekfjfZ`Xc\\Zfed`Zf[fGXj%;\gf`j[fgifkfZfcfXjj`eX[f\eki\f^fm\ief\ Xc^lejfg\iX[fi\j#k\e[fZfdffYa\Zk`mfXZfejkilf[\`e]iX$\jkilkliXj[\efmX^\iXf#X^fiX e\Z\jj}i`fhl\j\aXd[`jgfe`Y`c`qX[fjdX`jj\im`fjXmXeX[fj\`efmX[fi\jhl\m\e_XdX]Xq\i ljf[\jjXj`e]iX$\jkilkliXj% 3DXOR1HYHV $695,$6,1,&,$7,9$6(0&8562ÆeX[`jZljjf[\efmfjj\im`fj\Zfek\[fj\fle`m\ijf[\ 'LUHFWRU \ek`[X[\j\emfcm`[XjÆg\id`k\d\eZXiXiZfdfgk`d`jdff]lklif#Xek\m\e[f$j\hl\Gfikl^Xc m\e_X#[\jkXm\q#X\jkXieXc`e_X[X]i\ek\eXlk`c`qXf\X[fgf[\jfcl\j`efmX[fiXj\d Y\e\]Z`f[\kf[fj% 2(192/9,0(172'(72'26263527$*21,67$6]le[Xd\ekXce\jkX]Xj\%F^fm\ief#XkiXmj [fDFGK:#X8G;:#fHI<E\Xc^ldXj\dgi\jXj[\i\]\ieZ`Xefj\Zkfi[\j\emfcm\iXdld ifX[j_fnXem\ceXZ`feXcZfdffYa\Zk`mf[\[`mlc^Xi\gifdfm\iXjIE>%8jZfe[`\jgXiX Xgifm\`kXd\ekf[\jkXfgfikle`[X[\\o`jk\d%<ef_}aljk`ÔZXfgXiXhl\ef_XaXldX^iXe[\ gXik`Z`gXf[\m}i`Xj\ek`[X[\j#Zfdi\jlckX[fji\X`jXZlikfgiXqf% $/0'(67$,1,&,$7,9$(;,67(02875$6kXdYdZfdXgXik`Z`gXf[X8G;:#^fm\ief\\dgi\jXj# ZfdffYa\Zk`mf[\kfieXii\Xc`[X[\Xjfgfikle`[X[\jkiXq`[Xjgfi\jkXj]le[Xd\ekX`j`e]iX$\jkil$ kliXj%I\Ôif$d\#\dgXik`ZlcXi#~j`e`Z`Xk`mXjgXiX`[\ek`ÔZXf[\Xc^ldXjgifmXj[\ZfeZ\`kf\d }i\XjZilZ`X`j#Y\dZfdfld\jkl[fgXiXXe}c`j\[fj`dgXZkfjjfZ`X`j\\Zfed`Zfj[XjIE>%J\ Xc^ldXj[m`[Xj\o`jk\d#j\ifZ\ikXd\ek\[`jj`gX[XjZfdkf[fjfji\jlckX[fjfYk`[fj% DXjX`ek\im\ef[X8G;:#[\ldX]fidXgXik`ZlcXid\ek\XZk`mX#efj\Z\ekiXjeXjIE>#dXj \ddl`kfjflkifjXjjlekfj\dhl\fj\Zkfik\d`dgXZkfkiXejm\ijXc%I\Zfi[ffk\dX[fck`df:fe$ ^i\jjf#fe[\fj\]\`kfj[XjK@:eXZfdgfe\ek\XdY`\ekXc]fiXd[`jZlk`[fj%8`e`Z`Xk`mXZfejk`kl`lld Xc\ikXgXiXXjZfejZ`eZ`Xj\jfdl`kXjXj\dgi\jXjhl\kd`dgc\d\ekX[fgif^iXdXj\jg\ZÔZfj e\jk\dY`kf% &(57$0(17(-5(3$52848($5(9,67$hl\k\deXdfk\dldgXg\c[`]\i\ek\%KiXkX$j\[\ gXg\ci\Z`ZcX[f\dX`jXd`^f[fXdY`\ek\%8c`}j#XjlX :FDLE@:8xÃ<Jk\djf]i`[fflkiXj Xck\iX\j#ZfdfZ\ikXd\ek\a}i\gXifl1XXgfjkXmX`gXiX\[`\jdX`jk\d}k`ZXj#Zfdk\dXj kiXejm\ijX`j\XZklX`j#dXjd\efj[\efkZ`Xj[\XZklXc`[X[\%Fd\`f fe$c`e\#efd\X[Xd\ek\ fefjjfj`k\#\Xji\[\jjfZ`X`j[X8G;:hl\\jkXdfjX[\j\emfcm\ij\ifXi\]\ieZ`Xefj\Zkfi e\jkX}i\X[XXZklXc`[X[\% $',&,21$/0(17((67$026$7251$5$&2081,&$(6ldXi\m`jkXdX`j[\fg`e`f#[\]fidX XZfej\^l`idfjldXdX`fiXgifo`dXfXkf[fjfjefjjfjXjjfZ`X[fj\gifkX^fe`jkXj[fj\Zkfi% <[\jk\df[fZfej\^l`igifdfm\iXj[`jZljj\jjfYi\k\dXji\c\mXek\j%<jkXldX\[`f]le$ [Xd\ekXcd\ek\fg`eXk`mXjfYi\Zfek\[fj\j\im`fj[\efmX^\iXf% 1 22%67$17(72'$6$6$/7(5$(65()(5,'$6efmXdfjfYm`Xd\ek\\jhl\Z\iX`e]fidXf i\]\i\ek\Xkl[ffhl\]f`i\Xc`qX[fefg\if[fZfdf\emfcm`d\ekf[X8G;:% (80'260$5&26,03257$17(6'$1266$$662&,$ 2i\Õ\of[f[`eXd`jdfhl\X8G;:k\d m`e[fXgifkX^fe`qXiefj\Zkfi#]f`Xi\Z\ek\\c\`f[fgi\j`[\ek\[X[`i\Zf#;`f^fMXjZfeZ\cfj# gXiXX[`i\Zf[X;`^`kXc<lifg\#XXjjfZ`Xf\lifg\`X[\i\]\ieZ`XeX}i\X[XjK@:% ZZZDSGFSW *ULHO&2081,&$(6 jld}i`f * HGLWRULDO 2 (192/9,0(172'(72'26263527$*21,67$6]le[Xd\ekXceXjIE>%8j Zfe[`\jgXiXXgifm\`kXd\ekf[\jkXfgfikle`[X[\\o`jk\d%Ef_}aljk`ÔZXf gXiXhl\ef_XaX^iXe[\gXik`Z`gXf#Zfdi\jlckX[fji\X`jXZlikfgiXqf% FDSD *$5$17,'$6$65('(6 li^\ek\[\Ôe`ihl\j\im`fj [\m\ifj\if]\i\Z`[fj jfYi\XjI>E%GXiXhl\ X\Zfefd`X\XjfZ`\[X[\ gfjjXddl[Xi[\gXiX[`^dX% @efmXfXgXcXmiXZ_Xm\ (+ HPIRFRØRSLQL¥R 0$,6'248($65('(6fhl\j\i}]le[Xd\ekXcgXiXf]lklifj\iffj Zfek\[fj\j\im`fj%?}hl\[\k\id`eXihl\Y\e\]Z`fjgf[\i}k\iGfikl^Xc\d k\idfj\Zfed`Zfj\jfZ`X`j\[\Ôe`ihlX`jfjZXd`e_fjXj\^l`igXiX\jk`dlcXi X[`jgfe`Y`c`qXf[\jfcl\jhl\i\jgfe[XdXfj[\jXÔfjhl\\e]i\ekXdfj% 8:FDLE@:8xÃ<J[}e\jkX\[`fXm`jf[fjgifkX^fe`jkXj[Xj}i\Xj[`i\ZkX fl`e[`i\ZkXd\ek\\emfcm`[Xj%E`e^ldgXi\Z\k\i[m`[Xj[\hl\X`efmXf# ZfdY`eX[XZfdf\dgi\\e[\[fi`jdf\f]fik\\emfcm`d\ekf[f<jkX[f\[f d\iZX[f#fZXd`e_fZ\ikf%DXi`XDXel\cC\`kfDXihl\jj\Zi\k}i`X[\<jkX[f [XDf[\ie`qXf8[d`e`jkiXk`mX #;`f^fMXjZfeZ\cfjgi\j`[\ek\[X8G;: # Il`D\cfgi\j`[\ek\[X8e\k`\ #AX`d\Hl\jX[f^\jkfi[fGFJ: #GXlcf M`Z\ek\8ZZ\ekli\ #D`^l\c<`iXj8ekle\j;\cf`kk\ #8eke`fCX^Xik`of >DJ #AfjAfXhl`dFc`m\`iX@9D #Afj:Xicfj>feXcm\jC^`ZX #8eYXc JXekfjd\`fXZX[d`Zf #Aff:fe]iXi`Xd\`fXZX[d`Zf #AfjKi`Yfc\kd\`f XZX[d`Zf #ElefeI`Y\`if:fekifc`em\jk\ #Elef8ikliJ`cmXGif[l\j =`ZkZ`Xj \Jk\g_\eAlipGifd\k_\Xe i\jgfe[\iXdXf[\jXÔf% - HPIRFRØVHUYL©RVGHQRYDJHUD©¥R 63$66266(*8,17(6A}\jk}Xjj\^liX[XXZfejkilf[Xji\[\j 2 [\XckXm\cfZ`[X[\\dGfikl^Xc%>fm\ief\d\iZX[fZldgi`iXdf gifd\k`[f\fjd\ZXe`jdfjgXiXXZ\c\iXifgifZ\jjf\jkf\ddXiZ_X% F[\jXÔfk\i}[\gXjjXiX^fiXg\cX[\Ôe`f[\\jkiXk^`Xj\ZXd`e_fj gXiXj\Xgifm\`kXi\d\]\Zk`mXd\ek\kf[XjXjjlXjgfk\eZ`Xc`[X[\j% 8jIE>kdldgXg\cZik`ZfeX\Zfefd`X\eXjfZ`\[X[\\d^\iXc# ^XiXek`e[f[\j\emfcm`d\ekf\Zfdg\k`k`m`[X[\%?}hl\dfY`c`qXi XjfZ`\[X[\gfikl^l\jXgXiX\jk\[\jXÔf%88G;:\jk}\dg\e_X[X e\jk\gifZ\jjf% &2081,&$(6*ULHO *+ HPIRFRØFDVRVFRQFUHWRV 268&(662'$,17(51(71$(&2120,$( 1$62&,('$'(,1(*9(/Dlck`gc`ZXd$j\ fj\o\dgcfj[\j\im`fjYXj\X[fjefdle[f fec`e\%8gifo`dXd$j\Z`[X[fj\\dgi\jXj \8G#i\[lq\d$j\Zljkfj#Xld\ekX$j\X \ÔZ`eZ`X\Xgif[lk`m`[X[\%FXiiXehl\ \]\Zk`mf[XjIE>XZ\c\iXi}X`e[XdX`j\jk\ gifZ\jjf[\dl[XeX[\df[\cfj[\e\^Z`f \[\gXiX[`^dXj%88G#gfi\o\dgcf#\jk}X gXjjXigfildXm\i[X[\`iXi\mfclf% <gifd\k\d$j\dX`jkiXej]fidX\j#Zfd ldXdlck`gc`Z`[X[\[\d\[`[XjgXiXf]lklif YXj\X[XjeXXckXm\cfZ`[X[\% +)$3'&ØDVVHPEOHLDJHUDO $662&,$ 2$3529$3/$12((175$1$',*,7$/(8523(88>[X8G;: XgifmflgfileXe`d`[X[\XjZfekXj[\)''/\fgcXef[\XZk`m`[X[\jgXiX)''0% <gXiXi\]fiXifj\lgXg\cZfdfgcXkX]fidX\jkiXk^`ZX#fj\lgi\j`[\ek\]f` \c\`kfgXiXX[`i\Zf[X;`^`kXc<lifg\% +/$3'&ØEUDLQVWRUPLQJ 5 1*(6(59,263%/,&26LdYiX`ejkfid`e^jfYi\k`gfj[\j\im`fjgYc`Zfj hl\j\gf[\ifZi`Xi\d\c_fiXi#YXj\X[fj\dIE>#]f`ffYa\Zk`mf[\ldXcdff `e]fidXc%I\le`li\jgfej}m\`j[f^fm\ief\c[\i\j[XjK@:% ,) $3'&Ø&(2GD37 5 (,19(17$52)87852<jk\fÈXef[XÔYiXgXiXXGKÉ#^XiXek\Q\`eXc9XmX% EldaXekXi$[\YXk\[X8G;:#gifd\k\lld[\j\emfcm`d\ekfX^i\jj`mf[f gifa\Zkf#hl\k\i}ld`dgXZkf\jkilkliXek\efGXj%<\jk}ZfeÔXek\ef]lklif% ,/ $3'&Ø&(2GD6RQDHFRP $*(17($&7,92'(08'$1$J\e[fldfg\iX[fi^cfYXc#\jkiXk^`Zf#`ek\^iX[f \jljk\ek}m\c#f^ilgf\jk}eXjZfdle`ZX\jgfikl^l\jXj#XÔidflÛe^\cf GXlgi`fefdY`kf[fZc`Zcf[\aXekXi\j$[\YXk\[X8jjfZ`Xf% -* $3'&Ø&(2GD=RQ 3 5(3$5$'$3$5$2)87852Gi\k\e[\\jkXi\d]fiXeXjIE>\i\`k\iXf lg^iX[\[fZXYfgXiXfj(''DYgjXkÔeXc[\jk\Xef%If[i`^f:fjkXdfjkifl$j\ dl`kffgk`d`jkXefck`df\eZfekif[X8G;:ZfdfjgifkX^fe`jkXj[XjK@:% -/ QHJµFLRVIUDVHV .( SURGXWRV .+ DJHQGD 3URSULHGDGHH(GL©¥R $3'&Ø$VVRFLD©¥R3RUWXJXHVD SDUDR'HVHQYROYLPHQWR GDV&RPXQLFD©·HV 2UA4OM·S2IBEIRO ,ISBOA 4EL &AX APDC APDCPT WWWAPDCPT .)0# 'LUHFWRU 0AULO.EVES PAULONEVES ONIPT &KHIHGH5HGDF©¥R )SABEL4RAVESSA ITRAVESSA APDCPT 5HGDFWRU 2A L-ENDES RMENDES APDCPT 5HSµUWHU)RWRJU£ïFR !LB°RICO!LVES ALBERICOALVES HOTMAILCOM 6HFUHW£ULDGH5HGDF©¥R ,AURA-ARIA3ILVA LAURA APDCPT 6HUYL©RV&RPHUFLDLV )SABEL&ALCµOE3ILVA IFALCAO APDCPT &RQVHOKR(GLWRULDO $IOGO6ASCONCELOS #ARLOS#ORREIA #ONCEI²µO#ASANOVA 0EDRO#ARLOS (ANS(ERHARD2EITER &RANCISCO"ALSEMµO !LBERTO0IMENTA !NT¦NIO.ETO -ARGARIDA#OUTO ,EONOR!LMEIDA 3DWURFLQDGRUHV !LCATEL0ORTUGAL #%# %URICO&ERREIRA .OKIA0ORTUGAL 4ELCABO 7E$O#ONSULTING 3HULRGLFLGDGH"IMESTRAL 7LUDJHPEXEMPLARES 3UH©RGHFDSD 'HSµVLWROHJDO 5HJLVWRLQWHUQDFLRQDO )33. ,&61| $VVLQDWXUDV #ONTINENTE2EGI¤ES!UT¦NOMAS %UROPA 2ESTODOMUNDO (GL©¥RH3URGX©¥R 5MAPUBLICA²µODA$IVISµO#USTOMER 0UBLISHINGDA)MPRESA0UBLISHING 2UA#ALVETDE-AGALHµES ,AVEIRAS 0A²ODE!RCOS 4EL ,PSUHVV¥R,ISGR·lCAn)MPRESSµODE !RTES'R·lCAS,DA1UELUZDE"AIXO /SARTIGOSASSINADOSSµODARESPONSABILIDADE DOSAUTORESENµOSIGNIlCAMNECESSARIAMENTE AOPINIµODA!0$#OUDAREVISTA4¬TULOSSUBT¬TULOS ENTRADASEDESTAQUESSµODARESPONSABILIDADE DAREDAC²µOÍLIVREAREPRODU²µODEARTIGOS NµOASSINADOSPUBLICADOSPOR#/-5.)#!ÏÁ%3 DESDEQUECITADAASUAORIGEM #$§"&#$§%$*§ § "%*§§ "##§ "§ "##§"$#§#%§§"§§ #§Ãç»35BD96931\Z?§45§C9CD5=1C§45§5CDZ?§=295>D1<¼ %§§§$ %D9<9J5§=5<8?B§5CD1§B5F9CD1§45@?9C§45§1§<5B ?<12?B5§3?=§1§CE1§B5393<175= *ULHO&2081,&$(6 \d]fZf 6(59,26'(129$*(5$ 2 ,QRYD©¥R SUHFLVDVH 8jj\^liX[XjXji\[\j[\XckXm\cfZ`[X[\#gi\Z`jfXmXeXi Zfdfjj\im`fj[\efmX^\iXf%GXiXi\jgfe[\iXfj[\jXÔfj [fd\iZX[f[XjK@:#[X\Zfefd`X\[XjfZ`\[X[\\d^\iXc% @efmXf#\dgi\\e[\[fi`jdf\\emfcm`d\ekf[f<jkX[f \[Xj\dgi\jXjjfZXd`e_fjgXiX\jk\efmfgXiX[`^dX# hl\gifd\k\ldXm\i[X[\`iXi\mfclfXkf[fjfjem\`j% yXckliX[\[\Ôe`iXj\jkiXk^`XjdX`jX[\hlX[Xj\[\[Xi fjXckf\d]i\ek\\dk\idfj[\f]\ikXj TEXTOSDE,VDEHO7UDYHVVDH5D¼O0HQGHV $ i}g`[X`ekif[lf[Xji\[\j [\efmX^\iXfIE> \d Gfikl^Xc \jk} \d dXiZ_X% <o\Zlk`mf \ gifkX^fe`jkXj [fd\iZX[fa}^XiXek`iXd XjZfe[`\jgXiXfj\l[\j\emfcm`d\ekf XZ\c\iX[f%DXjf[\jXÔf[X@ek\ie\k[\ XckXm\cfZ`[X[\mX`dl`kfgXiXXcd[X `ejkXcXf[Xj`e]iX$\jkilkliXj%ygi\Z`jf [\Ôe`i\jkiXk^`Xj\ZXd`e_fjgXiXj\Xgif$ m\`kXi\d\]\Zk`mXd\ek\kf[XjXjgfk\eZ`X$ c`[X[\j[\jkXji\[\jZfej`[\iX[XjZik`ZXj gXiXf]lklif#efj[XjK@:dXj[X\Zf$ efd`X\[XjfZ`\[X[\\d^\iXc#^XiXek`e$ [f[\j\emfcm`d\ekf\Zfdg\k`k`m`[X[\% 8hl\jkf\jk}\djXY\ifhl\[\m\j\i [`jgfe`Y`c`qX[f\dk\idfj[\f]\ikXj[\ gif[lkfj\j\im`fj\hlXcfj\l`dgXZkfeX i\jgfjkXXfj[\jXÔfjXZklX`j#hl\mf[\j[\ Xe\Z\jj`[X[\[\i\gfj`Z`feXiGfikl^Xcef gXefiXdX\lifg\l\dle[`Xc#\jk`dlcXiX \Zfefd`X\lckiXgXjjXiXZi`j\XZklXcXk &2081,&$(6*ULHO ~k\d}k`ZX[Xjljk\ekXY`c`[X[\XdY`\ekXc# ~[`eXd`qXf[\j\Zkfi\j$Z_Xm\ZfdfX jX[\flX\[lZXf\~Zi`Xf[\efmfj e\^Z`fjgXiXXjZfdle`ZX\jhl\aljk`$ Ôhl\dfj`em\jk`d\ekfj\dZlijf%E`e$ ^ldgXi\Z\k\i[m`[Xj[\hl\X`efmXf# ZfdY`eX[XZfdf\dgi\\e[\[fi`jdf\f ]fik\\emfcm`d\ekf[f<jkX[f\[fd\iZX$ [f#fZXd`e_fZ\ikf% >fm\ief\j\Zkfi[XjK@:\jkf#[\ ]XZkf#\dg\e_X[fj\dXmXeXiZfdfi}$ g`[f[\j\emfcm`d\ekf[XjIE>%Ef`e$ Z`f[\AXe\`if#]fiXdXjjld`[fj#XkiXmj [\gifkfZfcf#Zfdgifd`jjfjg\cf<jkX[f \g\cfjfg\iX[fi\j%<a}\jkfZi`X[XjXj Zfe[`\jgXiXj\Zfejkili\d\d]fiX Xji\[\j[\XckXm\cfZ`[X[\%Fjfg\iX[f$ i\jZfdgifd\k\iXd$j\fÔZ`Xcd\ek\Zfd d\kXj\`em\jk`d\ekfjXkÔeXc[fXef% 8Gfikl^XcK\c\ZfdGK XeleZ`fl#\d DX`f#ldgcXef[\`em\jk`d\ekfgXiXldX ZfY\ikliX[\ldd`c_f[\ZXjXjXkÔeXc [\)''0#alekXe[f$j\~Qfe#hl\^XiXek\ k\ia}ldd`c_f[\ZXjXjZfY\ikXj\hl\i 1¥REDVWDWHUDV UHGHV6DEHQGRVH TXHDV5*1VHU¥R DVLQIUDHVWUXWXUDV YLWDLVSDUDDV SUµ[LPDVG«FDGDV HDQWHFLSDQGRVH TXHWHU¥RLPSDFWRV DWRGRVRVQ¯YHLV LPS·HVHVDEHUR TXHSRGHU£PXGDU FRPHODVSUHFLVR GHWHUPLQDUTXH VHUYL©RVGHQRYD JHUD©¥RVHU¥R SRVV¯YHLVHTXDLV RVEHQHI¯FLRVTXH GHOHVUHVXOWDU¥R *ULHO&2081,&$(6 \d]fZf 2VVHUYL©RVGHQRYD JHUD©¥RGHYHU¥RWHU XPLPSDFWRGHXPD GRLVSRUFHQWRVREUH R3,%QDFLRQDO(VWD «XPDGDVSULQFLSDLV FRQFOXV·HVGRHVWXGR Ý2,PSDFWR(FRQµPLFR H6RFLDOGDV5HGHV GH$OWD9HORFLGDGHGH 3Uµ[LPD*HUD©¥R 5HFXSHUD©¥RDWUDY«VGD ,QRYD©¥RÞSURPRYLGR SHOD$3'&HUHDOL]DGR SHOD%&*3UHWHQGH VHFRPHVWHWUDEDOKR FRQWULEXLUSDUDFRORFDU 3RUWXJDOQDOLQKDGD IUHQWHGDLQRYD©¥R XcZXeXifjkijd`c_\j\jk\Xef#~Fe`# ~JfeX\Zfd#~:fi\[\~;JKm\iZX`oX [Xg}^`eX(' % GfijlXm\q#f<o\Zlk`mffÔZ`Xc`qflX c`e_X[\Zi[`kf[\/''d`c_\j[\\lifj gXiXXZfejkilf[\i\[\j\XeleZ`fl X`e[XflkiXjd\[`[Xj[\[`eXd`qXf[Xj IE>#kXekfgXiXXZfejkilf[\i\[\j ZfdfdX`jZXeXc`qX[XjgXiXfjZfek\$ [fj[\efmX^\iXf%8ek\Z`gXe[fhl\ fj`em\jk`d\ekfjeXXckXm\cfZ`[X[\j\$ aXdi\jgfej}m\`jg\cXZi`Xf[\),d`c gfjkfj[\kiXYXc_f#j\e[f(,d`c[`i\Zkfj \fji\jkXek\j('d`c`e[`i\Zkfj%8jj`d# k\e[f[`jgfem\cefdY`kf[fj]le[fj \jkilkliX`jZ\iZX[\,'d`c_\j[\\lifj gXiXqfeXjiliX`j#^XiXek`lfjd\ZXe`jdfj gXiXldXZfY\ikliXkfkXc[fGXj#`eZcl`e[f eXjqfeXjd\efjXkiXZk`mXj#XkiXmj[\ ZfeZlijfjgYc`Zfj%Gi\k\e[\cXeXiZ`eZf ZfeZlijfjgYc`ZfjÆ:\ekif#8c\ek\af\ 8c^Xim\#Efik\#8fi\j\DX[\`iX#eld kfkXc[\(*-ZfeZ\c_fjÆgXiXZfcdXkXi gfjjm\`j]Xc_Xj[\d\iZX[fef`em\jk`$ d\ekf\dIE>%FjZfeZlijfjXYiXe^\d XZfejkilf#`ejkXcXf#ÔeXeZ`Xd\ekf# \ogcfiXf\dXelk\ef[\IE>#\d i\^`d\[\Zf$ÔeXeZ`Xd\ekf#eldX`e`$ Z`Xk`mXhl\gfj`Z`feXGfikl^XcZfdfgXj g`fe\`ifeX`dgc\d\ekXf[XjIE>eXj qfeXjiliX`j% FlkiX [Xj gifd\jjXj [f <o\Zlk`mf ]f`XZi`Xf[\ld Zcljk\iIE>#a}\d dXiZ_XXkiXmj[fgif^iXdX:fdg\k\% =fiXd[`jgfe`Y`c`qX[fj+(#.d`c_\j[\ \lifj#hl\[\m\if^\iXild`em\jk`d\e$ (678'2$3'&%&*6(59,267(5 2,03$&72'($123,% $VVRFLD©¥RHPSDUFHULDFRP([HFXWLYRQRÝ&OXVWHU51*ÞHQRVDSRLRVGR45(1 80$'$6*5$1'(6&21&/86(6DO ESTUDOPROMOVIDOPELA!0$#EREALIZADO PELA"OSTON#ONSULTING'ROUP"#' APONTAPARAQUEACRIA²µODESERVI²OS SOBREREDESDEALTAVELOCIDADETENHAM UMIMPACTOENTREUMADOISPORCENTO DO0)"NACIONAL/ESTUDODENOMINADO h/)MPACTO%CON¦MICOE3OCIALDAS 2EDESDE!LTA6ELOCIDADEDE0R¦XIMA 'ERA²µOn2ECUPERA²µO!TRAV°SDA )NOVA²µOvCONTOUCOMACOLABORA²µO DETODOSOSSTAKEHOLDERSDA!SSOCIA²µO QUETEMCOMOGRANDEOBJECTIVOEUO NOSSO0A¬SESTEJANALINHADAFRENTE DODESENVOLVIMENTODAS2.'EDA INOVA²µO0RETENDESEPROMOVERUM DEBATEALARGADOCONTRIBUIRPARAMOBILIZAR 0ORTUGALPARAODESAlODOSCONTE DOS DENOVAGERA²µOEENCONTRARNOVAS RESPOSTASPARAOSGRANDESDESAlOSQUEA SOCIEDADEENFRENTA%ESTE°OTIMINGCERTO TOMARDECIS¤ESQUETERµOREPERCUSS¤ES DURANTEASPR¦XIMASD°CADAS.µO S¦NOSECTORDAS4)#MASSOBRETUDO AON¬VELDASOCIEDADEEDAECONOMIA &2081,&$(6*ULHO PORTUGUESA!ALTAVELOCIDADE°UMA PRIORIDADEESTRAT°GICANA!0$#QUEEST· FORTEMENTEENVOLVIDANAPROMO²µOENO DESENVOLVIMENTODESTASINFRAESTRUTURAS ASSIMCOMONODESENVOLVIMENTODE PRODUTOSESERVI²OSDENOVAGERA²µO! INICIATIVADO"ROADBAND3UMMITINSERESE NESTAESTRAT°GIAPROMOVENDOSEABANDA LARGADENOVAGERA²µOCOMOPLATAFORMA PARAAINOVA²µOSOCIALEENVOLVENDOOS SECTORESP BLICOEPRIVADONACRIA²µO DEUMLEQUEDENOVOSSERVI²OSEM ·REASCHAVECOMOAEDUCA²µOSA DE MOBILIDADEAGEINGESUSTENTABILIDADE 0ARALELAMENTEEDEPOISDETERASSINADO EM*ANEIROATRAV°SDO-/04#UM PROTOCOLODECOLABORA²µOCOMO %XECUTIVOPARAAS2.'AQUANDO DAASSINATURADOSACORDOSCOMOS OPERADORESA!SSOCIA²µOEST·A PARTICIPARACTIVAMENTENAINICIATIVA h#LUSTER2.'vLAN²ADOPELO'OVERNO ENOCONCURSOPARAOEFEITODO12%. ATRAV°SDO#OMPETE!!0$#LIDEROUO ROADSHOWDEDIVULGA²µODAINICIATIVA EMV·RIASCIDADESn#OVILHµ#OIMBRA !VEIRO,ISBOAÍVORA&ARO0ORTOE 'UIMARµESnQUEDECORREUNOlNALDE *UNHO%°RESPONS·VELPELOARRANQUE DOSITESOBREAINICIATIVAnHTTPWWW REDESDENOVAGERACAOCOM2ECORDE SEQUENOSTERMOSDOPROTOCOLO A!SSOCIA²µOSECOMPROMETEU¸ COLABORA²µONAADOP²µODEMEDIDAS QUEPERMITAMPOTENCIAROINVESTIMENTO NESTASREDESEDIVULGAROSBENEF¬CIOS EASOPORTUNIDADESQUEDECORREMDO ACESSOA2.'PORCIDADµOSEEMPRESAS .OMEADAMENTEPROMOVERUMINTENSO DEBATEEMTORNODOSTEMASASSOCIADOS ¸lBRAASSIMCOMOADIFUNDIROPOTENCIAL DESTASINFRAESTRUTURASPARAACRIA²µO DESERVI²OSINOVADORESNASMAIS DIVERSAS·REASCOMOSA DEEDUCA²µO TRANSPORTESLOG¬STICAREDEEL°CTRICA GESTµOURBAN¬STICAIND STRIASCRIATIVAS ESERVI²OSDEINOVA²µOSOCIALPARA POPULA²¤ESIDOSASVULNER·VEISOUEM RISCODEEXCLUSµOEAESTIMULARAPROCURA DESERVI²OSSUPORTADOSNESTASREDES \d]fZf *29(512$9$1$&2095,$60(','$6'($32,2651* PLOK·HVGHFU«GLWR ¢VUHGHV *·EST·DISPON¬VELALINHADECR°DITO DEMILH¤ESDEEUROSASSINADA ENTREO%XECUTIVOEO"%)n"ANCO %UROPEUDE)NVESTIMENTOEUMGRUPO DEBANCOSNACIONAIS"ANCO%SP¬RITO 3ANTO-ILLENNIUM3ANTANDERE #AIXA'ERALDE$EP¦SITOS6ISASENO ESSENCIALAPOIARODESENVOLVIMENTO DEINFRAESTRUTURASDENOVAGERA²µO /"%)IR·lNANCIARDESTALINHADE CR°DITODESTINADAAOSOPERADORESQUE ASSINARAMOPROTOCOLOCOMOGOVERNO PARAODESENVOLVIMENTODASNOVAS REDES04:ON3ONAECOM$34#ORED E/.)!04POREXEMPLOJ·ENTREGOU UMPEDIDODElNANCIAMENTODE MILH¤ESDEEUROSAO"%) &RQFXUVRVSDUD]RQDV PHQRVDWUDFWLYDV /%XECUTIVOVAILAN²ARCINCOCONCURSOS P BLICOSn#ENTRO!LENTEJOE!LGARVE .ORTE2EGIµO!UT¦NOMADA-ADEIRA E2EGIµO!UT¦NOMADOS!²ORES NUMTOTALDECONCELHOSnPARA COLMATARPOSS¬VEISFALHASDEMERCADO NOINVESTIMENTOEM2.'/S CONCURSOSABRANGEMACONSTRU²µO INSTALA²µOlNANCIAMENTOEXPLORA²µO EMANUTEN²µODE2.'EMREGIMEDE COlNANCIAMENTO3ERµOVALORIZADAS ASPROPOSTASQUESOLICITAREMOMENOR APOIOP BLICOQUEABRAMAREDEAOS DEMAISOPERADORESEQUETENHAMUMA OFERTARETALHISTAAUMAVELOCIDADE M¬NIMADE-BPS.µOH·IMPOSI²µO DETECNOLOGIAESPEC¬lCA/CRIT°RIOQUE DETERMINOUOSMUNIC¬PIOSABRANGIDOS FOIAINEXIST¯NCIASDEINVESTIMENTOEM &2081,&$(6*ULHO INFRAESTRUTURASDEREDEDECABOCOAXIAL EAINEXIST¯NCIADEINVESTIMENTODOS OPERADORESALTERNATIVOSEMINFRA ESTRUTURASPR¦PRIAS$OSCONCELHOS SELECCIONADOSSITUAMSENO !LENTEJONO!LGARVENO#ENTRO NO.ORTENA-ADEIRAENOS !²ORES/PRIMEIROCONCURSOPARAA :ONA#ENTROFOILAN²ADOADE-AIO %OPRAZODEENTREGADASCANDIDATURAS ENTRETANTOALARGADOTERMINAADE !GOSTO &OXVWHU51*YLD&RPSHWH /hCLUSTER2.'vJ·ARRANCOUCOM OCONCURSOP BLICOPARAAPOIO¸S EMPRESASPORTUGUESAS3ERµO MILH¤ESDEEUROSDEAPOIOSDO 12%.ATRAV°SDOPROGRAMA#OMPETE INSERIDONO0/&#n0ROGRAMA /PERACIONALPARAOS&ACTORESDE #OMPETITIVIDADEAQUEACRESCEM MILH¤ESPARAPROJECTOSPILOTO NASA DESEGURAN²AEEDUCA²µO $ESTINASEAAPOIARACOMPETITIVIDADE DASEMPRESASNACIONAISNOSSEUS INVESTIMENTOSEM2.'EESPERASE QUEINDUZAUMINVESTIMENTODAS EMPRESASDAORDEMDEMILH¤ES DEEUROS/CONCURSODESTINA SEAEMPRESASCOMPROJECTOSDE INVESTIGA²µOESERVI²OSPARAREDESNA SUAFASEDEINSTALA²µOEAOEST¬MULO ¸S0-%AOFERECEREMSERVI²OSGERADOS PELASPOTENCIALIDADESDASREDES DEALTAVELOCIDADE0RETENDESE ESTIMULARAPRODU²µODECOMPONENTES DASREDESEACRIA²µODESERVI²OS ECONTE DOSDENOVAGERA²µO!S PROPOSTASDEVERµOSERENTREGUES AT°DE*ULHOSENDOOSPROJECTOS ESCOLHIDOSAT°lNALDOANO 0ARALELAMENTEFOIANUNCIADOUMA ALOCA²µOADICIONALDEMILH¤ES DEEUROSPORPARTEDO12%.ATRAV°S DOLAN²AMENTODEOUTROCONCURSO PARAINSTITUI²¤ESP BLICASPARAO DESENVOLVIMENTODEPROJECTOSPILOTO NAS·REASDASA DESEGURAN²AE EDUCA²µO#OMESTESINCENTIVOS OGOVERNOQUERQUEAIND STRIA PORTUGUESARESPONDA¸SNECESSIDADES CRIADASPELACONSTRU²µODE2.' 1UATROEMPRESASn04)NOVA²µO .OVABASE#ISCOE%RICSSONn FORMALIZARAMATRAV°SDEPROTOCOLO ASUAADESµOAESTECLUSTERCOM PROJECTOSEAC²¤ESCONCRETASNESTE ¶MBITO!#ISCOCOMPROMETESEA APOIARASEMPRESASPORTUGUESASNO DESENVOLVIMENTODENOVOSPROJECTOS APLICADOS¸SINFRAESTRUTURASDE ALTAVELOCIDADEPASSANDOAINDA AINCORPORARTECNOLOGIANACIONAL NOSSEUSPRODUTOS*·A%RICSSON ANUNCIOUACRIA²µODEUMCENTRO DECOMPET¯NCIASDESOFTWAREEM 2.'QUEDEVER·CRIARPOSTOS DETRABALHODIRECTOSEOUTROS INDIRECTOSALTAMENTEQUALIlCADOS !.OVABASEEST·AAPOSTARNO LICENCIAMENTODETECNOLOGIAPARA SERVI²OSDETELECOMUNICA²¤ESDE PR¦XIMAGERA²µOEA04)NOVA²µO ADESENVOLVERALGUNSPRODUTOS ESPEC¬lCOSPARAESTEMERCADOEA CRIARUMECOSSISTEMAQUEPERMITIR·A PEQUENASEMPRESASCOMAPLICA²¤ES NESTA·REATEST·LASEMAMBIENTE DEREDEDENOVAGERA²µOSENDO CANDIDATASAOSINCENTIVOSDO #OMPETE kfkfkXc[\(''d`c_\j[\\lifj#Xgf`fX `e`Z`Xk`mXjeX}i\X[f[\j\emfcm`d\ekf[\ \hl`gXd\ekfj\j\im`fj#gi`m`c\^`Xe[f jfYi\kl[fGD<%EfmXYXj\#GK@efmXf# :`jZf\<i`Zjjfe]fiXdXjgi`d\`iXj\d$ gi\jXjXi\jgfe[\iX\jk\[\jXÔfm\iZX`oX eXg}^`eX() %8\jk\jalekXd$j\dX`j), d`c_\j[\\lifj[\jk`eX[fjX\ek`[X[\j [X8[d`e`jkiXfGYc`ZX#gXiXf[\j\e$ mfcm`d\ekf[\gifa\Zkfj$g`cfkfeXj}i\Xj [XjX[\#j\^liXeX\\[lZXf% <XX^\e[X[f^fm\iefefdY`kf[Xj IE>XdY`Z`fjX1gifdff[XX[fgf dXjj`ÔZX[X[\XZ\jjfj[\\c\mX[f[Y`kf~ @ek\ie\k\[\j\emfcm`d\ekf[\Xgc`ZX\j XmXeX[Xj#Zfdm`jkX~c`^Xf[\(#,d`$ c_\j[\lk`c`qX[fi\jXIE>XkÔeXc[\jk\ Xef2c`^Xf[\kf[XjXj\jZfcXj[f\ej`ef Y}j`Zf\j\Zle[}i`fXIE>Xk)'('2c`^X$ f[\kf[XXi\[\gYc`ZX[\_fjg`kX`j\[\ Z\ekifj[\jX[\XIE>Xk)''02c`^Xf [\kf[fjfjj\im`fjgYc`Zfj[\aljk`XX IE>Xk)'('2c`^Xf[Xj`ejk`kl`\j gYc`ZXj[f\ej`efjlg\i`fi\gfc`kZe`Zf\ [Xji\[\jgYc`ZXj[\dlj\lj\Y`Yc`fk\ZXj XIE>Xk)''0% AfjJZiXk\j[\jkXZfleXXgi\j\ekXf gYc`ZX[Xjd\[`[Xj#hl\Zlcd`eflfjkij [`Xj[\gi`gcfg\cfGXj#efÔeXc[\DX`f# Xfjgifa\Zkfj[\i\[\j[\XckXm\cfZ`[X[\# hl\f^fm\iefk\dZfdfgifa\ZkfIE> ldXÈki`gcXXdY`fÉgXiXGfikl^Xc1hl\ \o`jkXldgifa\Zkfhl\i\jlck\[\ldX ZfeZ\ikXf\jkiXk^`ZX\eki\<jkX[f\ gifkX^fe`jkXj[fd\iZX[f#ZfdfYa\Zk`$ mfjdl`kfZfeZi\kfj2hl\j\Zi`\ldefmf [`eXd`jdf[XjK@:gXiXhl\Xj\dgi\jXj k\e_XddX`jfgfikle`[X[\j[\e\^Z`f \f[\j\emfcm`d\ekf[\efmfjgif[lkfj# \hl\j\Zi`\dX`j\dgi\^f%KiXkX$j\[\ ÈldXXdY`f[`i\ZZ`feX[X#Zfd\jkiXk$ ^`X%Fjk`ffe[\[\m\dfjclkXieX]ife$ k\`iXk\Zefc^`ZX#fe[\j\af^Xf]lklif% <Xgi`fi`[X[\X^fiXd\jdfX\o\Zlf [fgifa\ZkfÉ% 327(1&,$5$/7(5$(6 352)81'$6 DXjefYXjkXk\iXji\[\j%ygi\Z`jf`i dl`kfdX`jXcd%JXY\e[f$j\hl\XjI>E j\ifXj`e]iX$\jkilkliXjm`kX`jgXiXXjgi$ o`dXj[ZX[Xj\Xek\Z`gXe[f$j\hl\k\if `dgXZkfjXkf[fjfjem\`j#`dg\$j\jXY\i fhl\gf[\i}dl[XiZfd\cXj%ygi\Z`jf [\k\id`eXihl\Zfek\[fj[\efmX^\iXf j\ifgfjjm\`j\hlX`jfjY\e\]Z`fjhl\ [\c\ji\jlckXif%E`e^ldk\d[m`[Xj [\hl\Xji\[\j[\XckXm\cfZ`[X[\j\if gfk\eZ`X[fiXj[\Xck\iX\jgif]le[Xj% GXiXfjfg\iX[fi\j[\Zfdle`ZX\j#\cXj g\id`k`ifldX\mfclf\ldXXck\iXf [fjdf[\cfj[\e\^Z`fjefZXd`e_fgXiX f]\ikXjZX[Xm\qdX`jZfem\i^\ek\j#^XiXe$ k`e[fXjlXjfYi\m`meZ`X\i\ekXY`c`qXf% (VWDGRHRSHUDGRUHVFXPSULUDPRVFRPSURPLVVRV DVVXPLGRV2([HFXWLYRGH-RV«6µFUDWHVM£DYDQ©RXFRP DOLQKDGHFU«GLWRGR%(,RVFRQFXUVRVSDUDJDUDQWLUXPD FREHUWXUDPDVVLïFDGDGR3D¯VJDUDQWLQGRLQYHVWLPHQWRV QDV]RQDVPHQRVDWUDFWLYDVHDFULD©¥RGHXPÝFOXVWHU 51*ÞGHDSRLR¢VHPSUHVDVSRUWXJXHVDVSDUDSURMHFWRV GHSURPR©¥RGHFRPSRQHQWHVGHUHGHVHGHFULD©¥R GHFRQWH¼GRVHVHUYL©RVGHQRYDJHUD©¥R DXjf^iXe[\`dgXZkf\jg\iX[fj\i}eX jfZ`\[X[\\eX\Zfefd`X\d^\iXc#hl\ gf[\if[Xildm\i[X[\`ifjXckfhlXc`kX$ k`mf\\mfcl`igXiXldefmfgXiX[`^dX% :fdefmfjZfeZ\`kfj\efmXjjfcl\j# YXj\X[XjeX`efmXfk\Zefc^`ZX\jfZ`Xc hl\i\jgfe[XXkf[ffk`gf[\e\Z\jj`[X$ [\j\d}i\XjZfdfXjX[\#X\[lZXf#X dfY`c`[X[\#f[\j\emfcm`d\ekfliYXef#Xj gfglcX\jj\e`fi\j%;\ldX]fidXdXjj`$ ÔZX[X%<hl\`eÕl\eZ`\dgfj`k`mXd\ek\X \mfclf[X\Zfefd`X#Zfeki`Yl`e[fgXiX ldXdX`figif[lk`m`[X[\#Zi\jZ`d\ekf\ Zi`Xf[\\dgi\^f% E`e^ldk\d[m`[Xj[\hl\XXgfjkX eX@ek\ie\k[\XckXm\cfZ`[X[\gfk\eZ`Xi} gif]le[XjXck\iX\jXkf[fjfjem\`j% Ef dY`kf [X \jkiXk^`X [X 8G;: [\ dfY`c`qXfgXiX\jk\[\jXÔfhl\[\ kf[fj#X :FDLE@:8xÃ<Jhl`jflm`i Xfg`e`f[fjgifkX^fe`jkXj[\kf[fjfj hlX[iXek\jÆZfejlckfiXj#XjjfZ`X\j# \dgi\jXj#d\`fXZX[d`Zf#d\[`X\Xkf ]fie\Z\[fi[fjhlX[ifj`ek\iXZk`mfjgXiX *ULHO&2081,&$(6 \d]fZf 23(5$'25(6&203520(7(06(&202%-(&7,9261$),%5$ ,QYHVWLPHQWRVSUHYLVWRVSDUDH[FHGHPPHWDVDSRQWDGDVSHOR([HFXWLYRSDUDDDOWDYHORFLGDGH 26,19(67,0(1726PREVISTOSNA CONSTRU²µODE2.'EM0ORTUGALESTE ANOPERMITIRµOEXCEDERLARGAMENTEA METADOGOVERNODETERMILH¤ESDE UTILIZADORESLIGADOSAREDESCOMVELO CIDADESDE-BPS%OSOPERADORES J·TESTAMVELOCIDADESBASTANTEACIMA AT°-BPS !04FOIO LTIMOOPERADORAANUNCIAR EACOMERCIALIZARASUAOFERTABASEADA EMlBRA/GRUPOPRETENDEINVESTIR NONEG¦CIODAREDElXAAT°lNALDO ANOCERCADEMILH¤ESDEEUROS ESSENCIALMENTEEMlBRA!LCAN²ANDOA METADOMILHµODECASASCOMCOBERTURA A-BPSOEQUIVALENTEAMIL QUIL¦METROSDElBRA¦PTICA!REDEEST· ASERPREPARADAH·MAISDEUMANO MASOPROJECTOFOIAPRESENTADOPELO SEU#%/:EINAL"AVAADE-AIO /-EO&IBRA°PARAA04UMAEVOLU²µO NATURALDO-EOATRAV°SDE!$3, #OMODESENVOLVIMENTODESTAREDE ANTECIPAV·RIOSIMPACTOSPARAO0A¬S AN¬VELECON¦MICOONDESEDESTACAA CRIA²µOIMEDIATADECINCOMILPOSTOS DETRABALHOASSIMCOMONOVOS MODELOSDENEG¦CIOEOAUMENTODA PRODUTIVIDADEAN¬VELSOCIALCOM ENORMESBENEF¬CIOSPARASECTORESVITAIS COMOASA DEEDUCA²µOESERVI²OS P BLICOSEAN¬VELAMBIENTALJ·QUE AlBRAPERMITEADESMATERIALIZA²µOE OPTIMIZA²µODEPROCESSOS!SSIMCOMO ADISPONIBILIZA²µOPELOGRUPODEUM CONJUNTODESERVI²OSCOMOM·XIMA QUALIDADEDEIMAGEMM LTIPLOS STREAMS($N MEROILIMITADODE46 SEMNECESSIDADEDESETTOPBOXNOVA EXPERI¯NCIADEBANDALARGACOMLARGURA Xj\jZfcXjgfikl^l\jXjÆjfYi\fjZXd`e_fj gXiXfjZfek\[fj[\efmX^\iXf\f j\l`dgXZkfeX\Zfefd`X\eXjfZ`\[X[\ \d^\iXc%FZfej\ejfkfkXc\dkfief[X `[\`X[\hl\f]lklifj\i}]\`kfXgXik`i [XjIE>#[\hl\fZXd`e_fk\i}[\j\i f[X`efmXf#kXekf`eZi\d\ekXcZfdf iX[`ZXc#j\e[fX`ek\im\ef[f<jkX[f\ XjgXiZ\i`XjZfdfd\iZX[fZik`ZXj\d kf[ffgifZ\jjf% Jf#Zfdfi\]\i\efj\lk\okfXj\Zi\$ k}i`X[\<jkX[f[XDf[\ie`qXf8[d`$ e`jkiXk`mX#DXi`XDXel\cC\`kfDXihl\j# È[\jXÔfjhl\[\g\e[\d[\ldXi\cXf Zljkf$Y\e\]Z`fhl\kfie\gfjjm\c\jljk\e$ k}m\cf`em\jk`d\ekf\dkf[X\jkXdl[XeX R¿TGi\Z`jXdfj[\j\igiX^d}k`Zfj#Zi`Xi &2081,&$(6*ULHO DEBANDAGARANTIDAM·XIMAQUALIDADE DESERVI²OESIMPLICIDADEEQUALIDADE NAINSTALA²µO!04APRESENTOUAO"%) UMPEDIDODElNANCIAMENTODE MILH¤ESDEEUROS4AMB°MA3ONAECOM GARANTEMANTEROPLANOQUETINHA TRA²ADOPARALEVARlBRA¦PTICAACASA DOSCLIENTESPREVENDOLEV·LAACASA DEUMMILHµODECLIENTESAT° NUMINVESTIMENTODEMILH¤ESDE EUROS$EACORDOCOM0AULO!ZEVEDO CHAIRMANDOGRUPOEPRESIDENTEDA 3ONAEHOUVEUMARRANQUEMUITOFORTE MASFACE¸CONJUNTURAhTIVEMOSDE GERIROSTIMINGSEULTRAPASSARALGUMAS QUEST¤ESv/GRUPOESTAVAAINDA ¸ESPERADALINHADECR°DITOCOMO "%)EGARANTEESTARINTERESSADONOS CONCURSOSPARAASZONASRURAIS$ET°M MAISDEMILCASASCABLADASNµO REVELANDOQUANTOSCLIENTESTEMJ·COM lBRA¦PTICA*·INVESTIUMILH¤ESDE EUROS&OIAPRIMEIRAAARRANCARCOM UMAOFERTACOMERCIALNOANOPASSADO 1UEMANUNCIOUNOlNALDE-AIOTER J·UMMILHµODECASASCOBERTASCOMA SUAREDEDECABODENOVAGERA²µOFOI A:ON-ULTIM°DIA%OGRUPOREAlRMA OSEUOBJECTIVODETERTODAASUA REDECOBERTAAT°lNALDOANOOQUE EQUIVALER·AMILH¤ESDECASASCOM ACESSO¸ALTAVELOCIDADETORNANDOO NOPROJECTOMAISAMBICIOSODOMERCADO NACIONAL!T°*UNHOPREVIASEUM INVESTIMENTODEMILH¤ESDEEUROSNO UPGRADEDAREDEEEMEQUIPAMENTOS TERMINAISVALORQUESUBIR·AT°lNAL DOANOPARAMILH¤ESDEEUROS! :ONADIANTAAINDAQUEJ·EST·ATESTAR VELOCIDADESDE-BPSE-BPS gXiZ\i`XjgXiX\og\i`d\ekXi#dX`j[fhl\ ldXm\qj\e\Z\jj}i`f#k\jkXifjZfeZ\`kfj# [\dfejkiXiXjlXm`XY`c`[X[\[\kf[fjfj gfekfj[\m`jkX#^Xe_XiXZfeÔXeX[fj lk\ek\j\\ogXe[`i[\gf`jÉ%Gfihl\È\jkX @ek\ie\k#ZfdYXe[XcXi^XgiXk`ZXd\ek\ j\dc`d`k\j#mX`XYi`iZXd`e_fX]fidXj dX`jjljk\ek}m\`j[\kiXYXc_Xi#[\Xgi\e$ [\i#[\liYXe`qXi\[\Zfdle`ZXiÉ#[\jkXZX fgi\j`[\ek\[X8G;:#;`f^fMXjZfeZ\cfj% DXjÈgXiXhl\kl[f`jkfXZfek\X]le[X$ d\ekXcdfY`c`qXiXZXgXZ`[X[\\dgi\\e$ [\[fiX[Xj\dgi\jXj#[fj\ZkfigYc`Zf\ [fj\ZkfijfZ`Xc%LjXifgfk\eZ`Xc[Xji\[\j [\YXe[XcXi^XgXiXZi`XiefmXji\jgfjkXj Xfj^iXe[\jgifYc\dXjhl\XjfZ`\[X[\ \e]i\ekX#\`jldX]fid`[}m\cfgfikle`[X[\ EPREV¯AINDAESTEANOOUNOIN¬CIO DELAN²ARSERVI²OSDEBANDA LARGACOMESTASVELOCIDADES4AMB°M J·RECORREUAO"%)COMUMPEDIDODE lNANCIAMENTODEMILH¤ESDEEUROS PARAUMPROJECTOQUEEST·OR²AMENTADO EMMILH¤ESDEEUROS0ARAAL°MDA SUAREDEDECABOA:ONEST·TAMB°M AESTUDARAPOSSIBILIDADEDEAVAN²AR COMLIGA²¤ESEMlBRA¦PTICANASZONAS ONDEAINDANµOTEMREDEINSTALADA !RRANCOUCOMASUAOFERTACOMERCIAL NOIN¬CIODESTEANO5MINVESTIMENTO DEMILH¤ESDEEUROSEMANOS NUMA2.'°PROMESSADA#OREDUMA EMPRESADESCONHECIDADOMERCADOE QUEASSINOUOPROTOCOLOCOMOGOVERNO /PROJECTOEST·NAFASEINICIALCOM UMAOFERTAEM!LFRAGIDEMASPRETENDE ESTENDERSEATODOOCONTINENTE ASSUMINDOSECOMONACIONAL*· NA$34OINVESTIMENTOPROPOSTO °DEMILH¤ESDEEUROSACINCO ANOSNUMAREDEQUESER·OFERECIDA AOUTRASEMPRESASPARAEXPLORA²µO COMERCIAL3EMPREEMPARCERIACOM ENTIDADESLOCAISNOMEADAMENTE AUTARQUIASEUNIVERSIDADESO PROJECTOEST·EMDESENVOLVIMENTO NO0ORTOEDEVER·ESTENDERSEPELO MENOSAMUNIC¬PIOSEA DAPOPULA²µONACIONAL4AMB°M SUBSCREVEUOPROTOCOLODO%XECUTIVO !/NIDISPONIBILIZAUMAOFERTA GROSSISTAAOMERCADOATRAV°SDA/NI &IBRASPREVENDOPARAESTEANOUM INVESTIMENTODEMILH¤ESDEEUROS EMlBRAOQUEELEVAR·PARA MILH¤ESOINVESTIMENTOTOTALQUEJ· REALIZOUNASUAREDEDElBRA¦PTICA [\`efmXfjfZ`XcÉ%<gfihl\`dgfikXdfj$ kiXifhl\a}\jk}Xj\i]\`kfZfdX@ek\ie\k [\YXe[XcXi^X#\hl\gf[\i}j\i]\`kf[\ ]fidX[`]\i\ek\ZfdXXckXm\cfZ`[X[\# gXiXXcd[fjefmfjj\im`fj`efmX[fi\j# jfi\]\i`[fje\jkX\[`fXc^lej\o\dgcfj fe[\\o`jk\a}ldX]fik\XgfjkXefdle[f fec`e\\fe[\Xi\[\a}\jk}Xi\mfclZ`feXi X]fidX[\kiXYXc_Xi\[\`ek\iX^`i\d }i\XjZfdfX8[d`e`jkiXfGYc`ZX#X jX[\#X\[lZXf\X^\jkf[\Z`[X[\j% 9HUPDLVHP KWWSZZZUHGHVGHQRYDJHUDFDRFRP KWWSZZZSRIFTUHQSW KWWSZZZPRSWFSW KWWSZZZDSGFSW Feitoporprofessores, paraprofessores. $#" ! \d]fZffg`e`f 0$5,$0$18(//(,7 20$548(66(&5(75,$'((67$'2'$02'(51,=$ 2$'0,1,675$7,9$ 3DUDWRGDVDVJHUD©·HV F]lklif[fjj\im`fjgYc`ZfjgXjjXg\cXjlXZXgXZ`[X[\[\i\Zlg\iXifXkiXjf[fjZlcfOO \i\jgfe[\i#eXZi`jkX[Xfe[X#Xfj[\jXÔfj[fjZlcfOO@%8jIE>Zfejk`kl\dX`e]iX$\jkilkliX e\Z\jj}i`XgXiX\jj\\]\`kf#jljZ\gkm\c[\gfk\eZ`Xii\jgfjkXjdX`ji}g`[Xj\\ÔZXq\j\Zfd gi\jkXfle`m\ijXc%Fj\l`dgXZkf]Xi$j\$}j\ek`ieXj[`]\i\ek\j]Xj\j[fZ`Zcf[\m`[X[fjj\im`fj gYc`Zfj#dXjj\i}gifmXm\cd\ek\eXZfeZ\gf\eX[`jki`Yl`f[fjj\im`fjhl\fj\lmXcfi XZi\jZ\ekX[fdX`j[\gi\jjXgf[\j\im`jm\c%;\jkXm\q#Xfd\jdfk\dgfgXiXkf[XjXj^\iX\j 0 Xel\c8e[iX[\i\]fidX$ [f[fjj\im`fj[fdle`$ Zg`f%Dl[fl$j\[\C`j$ YfXgXiXX:fd\e[X#ef ZfeZ\c_f[\>Xm`f#_} a},Xefj%?fa\j\ek`l[fi\jeXjXik`ZlcX$ \j%C`^flXk\c\m`jf\ZfekXZkflZfd ldÈkfhl\Éfj\lZ\ekif[\jX[\%I\Z\$ Y\lXc^ldXXjj`jkeZ`X\]f`$c_\dXiZX[X ldXZfejlckXgXiX[XXkij[`Xj%KXekf k\dgfG\ejfl\c\%DXel\chl\i\jkXi \d]fidX\k\iXjlXÈX^\e[XÉ\d[`X%Fj ÈJXekfjÉ\jkf~gfikX\\jk\[fd`e^fmX` Z_\^XiXJfÔX#XjlXÔc_Xhl\m`m\\dC`j$ YfX#gXiXdfjkiXifj\^le[fe\kf% DXel\c8e[iX[\mldXefmXd\ejX$ ^\deXjlXk\c\m`jf#hl\ZfejlckXZfd ldÈkfhl\É1ÈFj\l@IJ]f`gifZ\jjX[f ZfdjlZ\jjf%<jk`dXdfjhl\fi\\dYfc$ jfXhl\k\d[`i\`kf#efdfekXek\[\,,+ \lifj#j\aX[\gfj`kX[feXjlXZfekXXkXf ÔeXc[Xgio`dXj\dXeX%É8Yi\eX_fiXX ZfekXYXeZ}i`XgXiXfefmfe\kf% <d\jdfXek\j[\[\jc`^Xi#flkiXd\e$ jX^\d1È8k\efhl\fj\l:Xikf[\:`$ [X[fmX`ZX[lZXiefck`df[`X[\jk\ dj%Hl\iX^\e[XiXjlXi\efmXf6É DXel\c#ZfdldefmfÈkfhl\É#[`qhl\ j`d%8]leZ`fe}i`X[XCfaX[f:`[X[f g\i^lekX$c_\gXiXhl\[XkX\fe[\gi\$ k\e[\`ii\efmXifj\l:Xikf%DXel\c 2LPSDFWRGDV51* ÝIDUVH£VHQWLUQDV GLIHUHQWHVIDVHVGRFLFOR GHYLGDGRVVHUYL©RV S¼EOLFRVPDVVHU£ SURYDYHOPHQWHQD FRQFHS©¥RHQDGLVWULEXL©¥R GRVVHUYL©RVTXHRVHXYDORU DFUHVFHQWDGRPDLVGHSUHVVD SRGHVHUYLV¯YHOÞ &2081,&$(6*ULHO i\jgfe[\hl\jf]i\[\Xikifj\#k\d[`Ô$ Zlc[X[\\ddfm`d\ekXi$j\%ÈJ\dgifYc\$ dX%<o`jk\ldXCfaX[f:`[X[fdm\c hl\gf[\gXjjXi\djlXZXjX%É<c}X^\e$ [XdXm`e[X[XZXii`e_X% Ef[fd`e^f#DXel\cZfekflkf[Xj\j$ kXjÈdf[\ie`Z\jÉ~Ôc_X#c\dYiXe[fkXd$ YdZfdf\iXXek`^Xd\ek\%8jÔcXj`e$ k\id`e}m\`j\kl[ffi\jkf%JfÔX8e[iX[\ \jZlkfl#`eZi[lcX#\jk\i\cXkf[\flkifj k\dgfj%<cXhl\j\hl\`oX[\kXekXZf`jX hl\X`e[Xefgf[\]Xq\i\djlXZXjX#[fj j\im`fjhl\efkd\oXZkXd\ek\kl[f Xhl`cfhl\\cX\jkXmX~\jg\iX% DXjefd\`f[fhl\`old\JfÔXc}]f` XZi\jZ\ekXe[f%EXm\i[X[\¿EXm\i[X$ [\#JfÔX[feX[\ldg\hl\efZXY\c\`$ i\`if#Y\defZ\ekif[\C`jYfX%:fikX# g\ek\`X#fi`\ekXXjg`ekliXj%8Yi\~j/_ \]\Z_X~j(/_#j}YX[fj`eZcl[fj%:}i$ d\e#XjlXÔc_XdX`jm\c_X#]i\hl\ekXX \jZfcXgYc`ZX[X]i\^l\j`Xfe[\i\j`[\d# cfe^\[fZXY\c\`i\`if\dX`jcfe^\X`e[X [f\dgi\^f[fdXi`[f#OXm`\i#Xe[Xclq# ÔjZXc[\fYiXjgXiXfjcX[fj[\9X[Xafq% <dg\e_X[Xefi\e[`d\ekf\jZfcXi[X jlXÔc_X#JfÔXeleZXgf[`X`i~i\le`f [\gX`j%I\ZcXdflgXiXX\jZfcX%G\[`l Xal[XeXE\k%Fi^Xe`qflld^ilgf#ldX i\[\jfZ`XcZfdfc_\Z_XdXd%=XcXiXd ZfdX[`i\Zf%<jk\Xefk\m\ldXYfX jligi\jX%G\cXk\c\m`jf[fZXY\c\`i\`if flg\cfj\lk\c\dm\ca}gf[\gXik`Z`gXi ~[`jkeZ`XeXi\le`f[\gX`j%<ef Xe`ZXXgXik`Z`gXi[\jk\df[f%8kOX$ m`\i#gfim\q\j#[}lda\`kf%JfÔXk\d g\eX[\ef\jkXigi\j\ek\#dXjhlX$ j\Zfdfj\c}\jk`m\jj\%JXY\hl\XjlX Ôc_X:}id\eXe[XldgflZf[`jkiX[X% =f`gfiZXljX[XZ_\^X[X[fY\Y#g[\ [`q\i\cX~[`i\ZkfiX% <jk\Xefgfi\jkXm`Xhl\mX`i\efmXi XdXkiZlcX\\jZfc_\iXjfg\j%:fekX$ iXd$c_\hl\Xek\jgi\\eZ_`Xdkf[fjfj Xefjfd\jdfgXg\c#ZfdXd\jdX`e$ ]fidXf#]fkfZg`Xj[fY`c_\k\[\`[\e$ k`[X[\#\kZ% <dZXjX[fj\lgX`#JfÔXXgifm\`kXgX$ iXg\[`ifjlYj[`f[\dXk\ie`[X[\g\cX k\c\m`jf%G\i^lekXd$c_\j\efhl\im\i ldg\hl\efÔcd\jfYi\Zl`[X[fjXk\i Zfdfj\lY\Y%<jkXjZf`jXjdl[Xddl`$ kf\JfÔX[`qhl\j`d\Xk\jZcXi\Z\ef ÔeXcXc^ldXj[m`[Xj%DXiZXXZfejlckX gXiXXg\[`XkiX%<ehlXekfmX`[Xild^`$ ifXfZX]#ef`ek\imXcf[\ldXdl[XeX [\]iXc[Xj#ZfeÔidX[XXdXiZXfef j\lk\c\dm\c% DXel\c8e[iX[\ÔZfl[\^lXi[XXfj\l e\kf%DXj\jk\[fid\kiXehl`cXd\ek\%C`^X Xk\c\m`jf\mldXd\ejX^\d[XalekX [\]i\^l\j`Xhl\fZfem`[XXgXik`Z`gXieX fi^Xe`qXf[fJXekf8eke`f[\jk\Xef% ?}Y`kfjhl\c_\jÔZXiXd[fj\ljYX`iifj Ý$V51*LPSOLFDP GHVDïRVHPWRGDVDV YHUWHQWHV'HVDïRVTXH GHSHQGHPGHXPDUHOD©¥R FXVWREHQHI¯FLRTXHWRUQH SRVV¯YHOHVXVWHQW£YHOR LQYHVWLPHQWRHPWRGDHVWD PXGDQ©D>ã@3UHFLVDPRV GHVHUSUDJP£WLFRV FULDUSDUFHULDVSDUD H[SHULPHQWDUPDLVTXH XPDYH]VHQHFHVV£ULR WHVWDURVFRQFHLWRV GHPRQVWUDUDVXD YLDELOLGDGHGHWRGRVRV SRQWRVGHYLVWDJDQKDUD FRQïDQ©DGRVXWHQWHVH H[SDQGLUGHSRLVÞ [\C`jYfX%;`jZlk\fgif^iXdXZfdfj j\ljm`q`e_fj#a}i\]fidX[fjkXdYd%y fYfii\^fflXjjXi[`e_Xj6:fem\ijXgloX Zfem\ijX#Xgifm\`kXdgXiXdXiZXildaf^f [\ZXikXjgXiXf[`Xj\^l`ek\#efaXi[`d[X ]i\^l\j`X%D\jdfZfdXjlXXikifj\#DX$ el\c8e[iX[\efi\j`jk\LdXjZXikXj\ ldXkifZX[\`dgi\jj\jjfYi\XjX^iliXj [f9\eÔZXXc`m`Xdfj\l\jgi`kf\d\c_f$ iXdfj\lZfigf%%% 5(&83(5$5$75$626 5(6321'(5$'(6$),26 F]lklif[fjj\im`fjgYc`ZfjgXjjXgfi `jkfd\jdf#g\cXjlXZXgXZ`[X[\[\i\Zl$ g\iXifXkiXjf[fjZlcfOO\i\jgfe[\i# eXZi`jkX[Xfe[X#Xfj[\jXÔfj[fjZl$ cf OO@%8ji\[\j[\efmX^\iXfZfej$ k`kl\dX`e]iX$\jkilkliXe\Z\jj}i`XgX$ iX\jj\\]\`kf#jljZ\gkm\c[\gfk\eZ`Xi i\jgfjkXjdX`ji}g`[Xj\\ÔZXq\j#[\j[\ cf^f#gXiXj\im`fja}_fa\[`jgfem\`j# g\id`k`e[fXjlXgi\jkXfle`m\ijXc\d j`klX\j[\`^lXc[X[\#efjXZ`[X[fj hl\dfiXdefj^iXe[\jZ\ekifjliYXefj [fc`kfiXc#dXjkXdYdXfjhl\i\j`[\d \dqfeXjiliX`j[f`ek\i`fi%<g\id`k\d kXdYd\e]i\ekXi[\jXÔfjhl\a}efj YXk\d~gfikXm`[\fZfe]\ieZ`Xj#k\c\$ d\[`Z`eX #dXjX^fiXZfddl`kfdX`j hlXc`[X[\\iXg`[\qeXkiXejd`jjf\ef XZ\jjf~`e]fidXf% Fj\l`dgXZkf]Xi$j\$}j\ek`ieXj[`$ ]\i\ek\j]Xj\j[fZ`Zcf[\m`[X[fjj\i$ m`fjgYc`Zfj#dXjj\i}gifmXm\cd\ek\ eXZfeZ\gf\eX[`jki`Yl`f[fjj\i$ m`fjhl\fj\lmXcfiXZi\jZ\ekX[fdX`j [\gi\jjXgf[\j\im`jm\c%;\jkXm\q#Xf d\jdfk\dgfgXiXkf[XjXj^\iX\j%Fl kXcm\qXkgi`d\`ifgXiXXhl\c\jhl\#gfi m\q\j#ÔZXiXd\oZcl[fj[XjmXekX^\ej [`i\ZkXj[fj\im`f)+_fiXjgfi[`X#j\$ k\[`XjeXj\dXeX#hl\fZXeXcN\Yf]\$ i\Z\lXfjdl`kf`e]f`eZcl[fj#efÔeXc [fjZlcfOO% Jf[\jXÔfjhl\\o`^\d#\dj`dlck$ e\f#dX`jefidXc`qXf\dX`jg\ijfeXc`$ qXf#XckXd\ek\gfk\eZ`X[Xg\cXjefmXj i\[\j#\hl\gXjjXdg\cX`ek\^iXf[\ [`]\i\ek\jj\im`fj\dgXZfk\j#Zfdff [Xd\hl\XZXYX[\k\ifj\lY\Y% GXZfk\j~efjjXd\[`[X#ZfdldX [`d\ejf\hlXc`[X[\dl`kXjm\q\jjl$ g\i`fi ~hl\cX X hl\ efj _XY`kl}dfj% Fhl\kfieXX`e[XdX`j`e[`jg\ej}m\chl\ Xk\Zefcf^`Xj\aXljX[XgXiXkiXej]fidXi fj\im`f#`jkf#hl\j\aX]\`kXXi\\e$ ^\e_Xi`X\j`dgc`ÔZXf[fj[`]\i\ek\j gifZ\[`d\ekfje\Z\jj}i`fj~gi\jkXf [fj\im`f#eXgk`ZX[Xje\Z\jj`[X[\j [fjj\ljlk\ek\j% Jf[\jXÔfjhl\gXjjXd`^lXcd\e$ k\g\cXXZ\jj`Y`c`[X[\\djlgfik\jdX`j jfZ`Xc`qX[fj#dX`jXd`^}m\`j#dX`j`e$ kl`k`mfj#dX`j\m`[\ek\j#dX`jgXi\Z`[fj Zfdfhl\kf[fjeja}jXY\dfj]Xq\i[\ fc_fj]\Z_X[fj#Zfdfdl[XiZXeX`jeX k\c\m`jfflljXiXj]leZ`feXc`[X[\jY}$ j`ZXj[\ldk\c\dm\c%Jlgfik\jhl\j\ \jk\e[\dXflkifjfYa\Zkfj#[\j[\Xd\jX [\kiXYXc_f~]fc_X[\ÈgXg\cÉ#gXjjXe[f g\cXgfikX[f]i`^fiÔZf%<jlgfik\jhl\ XZfdgXe_Xd#ZfdfldXj\^le[Xg\c\# XZi\jZ\ek\dfY`c`[X[\\efdX[`jdf[\ dl`kfjZ`[X[fj% ;\jXÔfjhl\[\g\e[\d[\ldXi\$ cXfZljkf$Y\e\]Z`fhl\kfie\gfjj$ m\c\jljk\ek}m\cf`em\jk`d\ekf\dkf$ [X\jkXdl[XeX#ldXhl\jkfdl`kf `dgfikXek\XZfdgifmXi\Xk\i\dZfe$ kX[\j[\a}%GXiX\jj\\]\`kf#gi\Z`jXdfj [\j\igiX^d}k`Zfj#Zi`XigXiZ\i`XjgXiX \og\i`d\ekXi#dX`jhl\ldXm\qj\e\$ Z\jj}i`f#k\jkXifjZfeZ\`kfj#[\dfejkiXi XjlXm`XY`c`[X[\[\kf[fjfjgfekfj[\ m`jkX#^Xe_XiXZfeÔXeX[fjlk\ek\j\ \ogXe[`i[\gf`j% ;\jXÔfjhl\ZfeZfii\d#gfiÔd\eX$ kliXcd\ek\#gXiXfi\]fif[fjgi`eZg`fj \jj\eZ`X`j[\j\im`fgYc`Zf1`^lXc[X[\# le`m\ijXc`[X[\#XZ\jj`Y`c`[X[\\Zf\jf jfZ`Xc\k\ii`kfi`Xc%J\i\dfjZXgXq\j[\ c_\ji\jgfe[\i6Hl\efefj]Xck\f\e$ ^\e_f\XXik\#e\dXZfiX^\d[fjm\c_fj dXi`e_\`ifj#\j\i\dfjZfdZ\ik\qX %STETEXTOFOIPREPARADOEMESTREITA COLABORA²µOCOM"·RBARA2OSA3ANTOS ADJUNTADOMEU'ABINETEAQUEMAGRADE²O AL°MDETUDOORESTOOENTUSIASMOEEMPENHO QUECOLOCOUNESTATAREFASEMPRECOMAFORTE CONVIC²µODEQUESEREMOSCAPAZESDESERBEM SUCEDIDOSEDARCONTADESTENOVODESAlO *ULHO&2081,&$(6 \d]fZffg`e`f ',2*29$6&21&(/2635(6,'(17('$',5(& 2'$$3'& 1RYDJHUD©¥RUHVSRVWD DRVJUDQGHVGHVDïRVVRFLDLV y]le[Xd\ekXcdfY`c`qXiXZXgXZ`[X[\\dgi\\e[\[fiX[Xj\dgi\jXj#[fj\ZkfigYc`Zf \[fj\ZkfijfZ`Xc%LjXifgfk\eZ`Xc[XefmX^\iXfgXiXZi`XiefmXji\jgfjkXjXfj^iXe[\j gifYc\dXjhl\XjfZ`\[X[\\e]i\ekX1\`jldX]fid`[}m\cfgfikle`[X[\[\`efmXfjfZ`Xc% <jkX@ek\ie\k#ZfdYXe[XcXi^XgiXk`ZXd\ek\j\dc`d`k\j#`i}XYi`iZXd`e_fX]fidXj dX`jjljk\ek}m\`j[\kiXYXc_Xi#[\Xgi\e[\i#[\liYXe`qXi\[\Zfdle`ZXi 1 fjXefj/'\0'#XX^\e[X[X `efmXf\jk\m\]fZX[XeXj\d$ gi\jXj%?fa\#XdX`fi`X[fj\d$ gi\j}i`fjk\dZfdfX[hl`i`[f hl\X`efmXfefldcl$ of#dXjldXZfe[`f[\jfYi\m`meZ`X% 8`efmXfeXj\dgi\jXjldXgi\fZl$ gXf]le[Xd\ekXc#jfYi\kl[f\dk\dgfj [\Zi`j\#dXjgi\Z`jfXcXi^XifdY`kf [X`efmXf% <jkflZfem`Zkf[\hl\X`efmXfjfZ`Xc mX`[\k\id`eXiXX^\e[X[fjZlcf OO@% Gfihl6Gfihl\g\iXek\[\jXÔfjZfdfX i\^\e\iXf[XjZ`[X[\j#fZfdYXk\~gf$ Yi\qX#Xd\c_fi`X[fjj`jk\dXj[\jX[\ \\[lZXf#efmfjdf[\cfj[\Xgf`fgXiX gfglcX\j`[fjXj#Xj[f\eXjZie`ZXj# li^\ek\Zi`XiefmXji\jgfjkXj%I\jgfjkXj hl\dfY`c`q\d[`]\i\ek\jX^\ek\jg$ Yc`Zfj#gi`mX[fj\FE> #hl\\emfcmXd flk`c`qX[fi\jZf$Zi`Xf \hl\Zi`\d `e\^}m\cmXcfijfZ`Xc%I\jgfjkXjhl\Zfd$ Y`e\d\]\`kfj[\ZlikfgiXqf#[\ZfdYX$ k\~Zi`j\#Zfd\]\`kfj[\d[`fgiXqf# gXiXldXi\kfdXjljk\ek}m\c#Xjj\ek\eX `efmXf#efjj\Zkfi\j\eXj`e]iX$\jkil$ kliXj[f]lklif% ygfi`jjfhl\X`efmXfeXjjfcl\j jfZ`X`jkf`dgfikXek\ZfdfX`efmXf efjgif[lkfj\efjgifZ\jjfj%;XN\Y Xfd`ZifZi[`kf#ldXmX^X[\`efmX\j jfZ`X`jkiflo\dX`jfgfikle`[X[\j#dX`j XZ\jjf#dX`jgXik`Z`gXf%8c`^Xf[\kf$ [fjZfdkf[fjdl[flfdle[f[\]fidX `ii\m\ijm\c%Fgf[\i[X@ek\ie\kc\mfl~ \c\`f[f++%²Gi\j`[\ek\[fj<L8#~[`$ mlc^Xf[\XkifZ`[X[\jK`Y\k\ #~Zi`X$ f[\efmXjfgfikle`[X[\j[\XZ\jjf XfZi[`kfB`mX #XdX`jkiXejgXieZ`X i\Zfm\ip%^fm #dX`jXZ\jjf~\[lZXf# dX`j[`}cf^f\eki\ÈZ`m`c`qX\jÉ;`Xcf$ ^l\:X]\ \Xlddfm`d\ekfZm`ZfeldX [`d\ejfeleZXm`jkX@if % &2081,&$(6*ULHO $662&,$ 2$3267$'$(0(6)252'(02%,/,=$ 26(035(&('(17(6 0HGLGDVSDVVDPSRUHVWLPXODURHVS¯ULWRHPSUHHQGHGRUS¼EOLFRHSULYDGR $$3'&(67PROFUNDAMENTE EMPENHADANESTEDESAlOODEUSAR ASREDESDEBANDALARGAPARAINOVAR NARESPOSTAAOSGRANDESDESAlOS SOCIAIS0ARATALNASEQU¯NCIA DOSCOMPROMISSOSPUBLICAMENTE ASSUMIDOSCOMOGOVERNONO PROTOCOLOASSINADOSOBREREDESDE NOVAGERA²µOA!0$#EST·ALEVAR ACABOOSEGUINTECONJUNTODE INICIATIVAS A/RGANIZ·MOSUMACIMEIRAINFORMAL QUEJUNTOUASPRINCIPAIS·REASDO GOVERNOEOGESTORDOPROGRAMA #OMPETE12%.COMOSL¬DERESDOS PRINCIPAISS¦CIOSDA!0$#DAQUAL SAIUUMAPRIMEIRALISTADECERCA DEPOTENCIAISNOVOSSERVI²OSA IMPLEMENTARSOBREREDESDENOVA GERA²µO 129$/*,&$'(&2/$%25$ 2 8m\c_Xc^`ZX[fZfdXe[f\Zfekifcf\jk} X[Xicl^XiXldXefmXc^`ZX#[\ZfcXYf$ iXf\dcXi^X\jZXcX\gf[\i[`jki`Yl$ [f%FdX`fi jf]kgfn\i[fjefjjfjk\d$ gfjgXjjflXj\iZXgXZ`[X[\[\j\ij\ejfi Æ\efXg\eXjd\^X]fe\%8ZXgXZ`[X[\ [\fihl\jkiXiX`ek\c`^eZ`XZfc\Zk`mXgX$ iXZi`Xiefmfjgif[lkfj\efmfjj\im`fj \[\j\emfcm\iflk\jkXiefmXj`[\`Xjkfi$ efl$j\f^iXe[\jb`cc[`jk`ek`mfeXjfZ`\$ [X[\[f]lklif% <d\jZXjjfj*'Xefj#X@ek\ie\kgXjjfl [\ldj\im`f[\`e]fidXfgXiXldX`e$ ]iX$\jkilkliXZik`ZXgXiXkf[fjfjj\Zkfi\j [XjfZ`\[X[\%<Zi\`fhl\X`e[X\jkXdfj ef`eZ`f%J\kl[f`jkfXZfek\Z\lZfdXj i\[\jhl\k\dfjXg\jXi[\kl[fX`e[Xc`$ d`kX[Xj #`dX^`e\$j\X^fiXfhl\j\i}gfj$ jm\c#gfi\o\dgcf#ZfdXdXjj`ÔZXf[X @ek\ie\k[\XckXm\cfZ`[X[\% 8`efmXfk\Zefc^`ZX`i}XYi`iefmXj gfjj`Y`c`[X[\j%<`dgfikXZfeal^}$cXZfd `efmXfjfZ`Xc%8jZ_XdX[Xji\[\j[f]l$ klif#flÈ[\efmX^\iXfÉ#efjfXg\eXj dX`jYXe[XcXi^X%E\dkf[fjfjY`kjeXj$ Z\d`^lX`j1ldX@ek\ie\kj`dki`ZX\Zfd YX`oXcXkeZ`XXYi\ZXd`e_f~jfZ`\[X[\[f ]lklif%:fd^iXe[\`dgXZkfefjj\Zkfi\j [\\c\mX[fZi\jZ`d\ekf#ZfdfXjX[\#fj j\im`fjgXiXfjj\e`fi\j#X\[lZXf#fj j\im`fjXdY`\ekX`j\X\e\i^`X% C\mXij\im`fjd[`ZfjjfÔjk`ZX[fjX gfglcX\ji\dfkXj#ZfdZfdle`ZXf m[\f\dk\dgfi\Xc%=XZ`c`kXifZfdYXk\ X[f\eXjZie`ZXj%GflgXim`[Xj#X[`Z`f$ B#OLABOR·MOSACTIVAMENTENA CONCEP²µODEUMCONJUNTODE INCENTIVOSPARAACRIA²µODENOVOS SERVI²OSEMESTREITAARTICULA²µOCOM O0ROGRAMA#OMPETEDO12%.CUJO EMPENHOTEMSIDOEXEMPLAR C,AN²·MOSUMESTUDOPARA IDENTIlCAROVALORECON¦MICOE SOCIALDASREDESDENOVAGERA²µO GANHOPELACONSULTORAINTERNACIONAL "#'EMCUJOSTEERINGPARTICIPAM REPRESENTANTESDOSS¦CIOSDA!0$# EDASPRINCIPAIS·REASSOCIAISDO GOVERNODAMODERNIZA²µO¸SA DE D%STAMOSACATALIZARACRIA²µO DOSSERVI²OSDENOVAGERA²µOPELA CONJUGA²µODOSESFOR²OSP BLICOSE PRIVADOSATESTARATRAV°SDEPROVAS DECONCEITOARTICULADASCOMOOAPOIO DA!0$#ASQUAISESTµOAMOBILIZAR eXe[ffZXeXcm[\fXfjj`jk\dXj[\Xk\e$ [`d\ekf[\\d\i^eZ`X% ;XidX`jXlkfefd`X\dX`jfgfikle`[X$ [\j[\gXik`Z`gXf~jgfglcX\jj\e`fi\j Ý(VWRXFRQYLFWRTXH DLQRYD©¥RVRFLDOYDL GHWHUPLQDUDDJHQGDGR V«FXOR;;,3RUTX¬"3RUTXH SHUDQWHGHVDïRVFRPRD UHJHQHUD©¥RGDVFLGDGHV RFRPEDWH¢SREUH]DD PHOKRULDGRVVLVWHPDV GHVD¼GHHHGXFD©¥R QRYRVPRGHORVGHDSRLR SDUDSRSXOD©·HVLGRVDV DVGRHQ©DVFUµQLFDV «XUJHQWHFULDUQRYDV UHVSRVWDV 5HVSRVWDVTXHPRELOL]HP GLIHUHQWHVDJHQWHV S¼EOLFRVSULYDGRV H21*TXHHQYROYDP RVXWLOL]DGRUHVFRFULD©¥R HTXHFULHPLQHJ£YHO YDORUVRFLDOÞ CENTENASDERESPONS·VEISDOSECTOR E1UEREMOSMOBILIZARASOCIEDADE PORTUGUESAPARAESTEDESAlOPELOQUE REALIZAMOSAEDE*UNHONO-USEU DA%LECTRICIDADE,ISBOAA"ROADBAND 3UMMITONDESER·APRESENTADOO ESTUDO!0$#ATR·SREFERIDOEDEBATIDO OPAPELDASNOVASREDESNARESPOSTAA NECESSIDADESSOCIAIS F%ESTAMOSAPROCURARESTIMULARO ESP¬RITOEMPREENDEDORP BLICOE PRIVADOPARAQUEAMBOSOSSECTORES POSSAMDESENVOLVERETESTARNOVOS SERVI²OSROADSHOWDO12%.COMO APOIODA!0$# 4RATASEDEUMESFOR²ODEMOBILIZA²µO SEMPRECEDENTESOQUALCORRESPONDE ¸PRINCIPALPRIORIDADEDESTEMANDATO DA!0$#AAPOSTANACRIA²µODEREDES EDESERVI²OSDENOVAGERA²µO _fa\(.#XdXe_ldk\if[fjgfikl$ ^l\j\j %=Xq\i[XjjlXjZXjXjldZ\ekif [\[`X[\jZ\ekiXc`qX[f%:feal^XiXgfjj`$ Y`c`[X[\[\gif[lf[\jZ\ekiXc`qX[X[\ \e\i^`X#Zfdf\dgfn\id\ek[fZfejl$ d`[fi#hl\gXjjXg\cfXZ\jjf~`e]fidXf \dk\dgfi\Xc#X[\k\id`eXifjgX[i\j [fj\lgigi`fZfejldf\[\Z`[`iXjjlXj ]fek\j[\\e\i^`X% KiXej]fidXiXKMldX\ok\ejf[fj j\im`fjgY`Zfj#g\id`k`e[fXk\e[`d\e$ kfg\ijfeXc`qX[f~[`jkeZ`XXkf[fjfjZ`$ [X[fj%8Yi`ifj[X[fj[X8[d`e`jkiXf GYc`ZXgXiXhl\Z`[X[fjgfjjXd#\c\j gigi`fj#Zi`Xiefmfjj\im`fj%8ck\iXif ZfeZ\`kf[\kiXYXc_f#hl\[\m\gXjjXiX j`^e`ÔZXifhl\j\]Xq\effe[\j\\jk}% <`jXg\eXjXc^lej\o\dgcfj% <jkX@ek\ie\k#ZfdYXe[XcXi^XgiXk`$ ZXd\ek\j\dc`d`k\j#mX`XYi`iZXd`e_fX ]fidXjdX`jjljk\ek}m\`j[\kiXYXc_Xi#[\ Xgi\e[\i#[\liYXe`qXi\[\Zfdle`ZXi%8j k\Zefcf^`Xj[\`e]fidXf\Zfdle`ZXf g\id`k`ifdX`j\ÔZ`eZ`X\e\i^k`ZXefj kiXejgfik\j#efj\[`]Z`fj\eXj`e[jki`Xj# i\m\cXe[f$j\\jj\eZ`X`jgXiXfZfdYXk\~j Xck\iX\jZc`d}k`ZXj\gXiXXgifdff [Xjljk\ekXY`c`[X[\XdY`\ekXc% GXiXhl\kl[f`jkfXZfek\X]le[X$ d\ekXcdfY`c`qXiXZXgXZ`[X[\\dgi\$ \e[\[fiX[Xj\dgi\jXj#[fj\ZkfigYc`$ Zf\[fj\ZkfijfZ`Xc%LjXifgfk\eZ`Xc [Xji\[\j[\YXe[XcXi^XgXiXZi`Xief$ mXji\jgfjkXjXfj^iXe[\jgifYc\dXjhl\ XjfZ`\[X[\\e]i\ekX1\`jldX]fid`[}$ m\cfgfikle`[X[\[\`efmXfjfZ`Xc% *ULHO&2081,&$(6 \d]fZffg`e`f 58,3(5(,5$'(0(/235(6,'(17('$',5(& 2'$$1(7,( Ý3DFWRGHUHJLPHÞ«LPSHUDWLYR J\dldm\i[X[\`ifgXZkf[\i\^`d\\eki\kf[fjfjgcXp\ij#j\aXd\c\jfjdX`j]fik\j#fjdX`j `efmX[fi\jflfjdX`j}^\`j#Xii`jZXdfjhl\dl`kf[fgfk\eZ`Xc[\jj\jefmfjj\im`fjeleZXm\aX XÈclq[f[`XÉ%Flhl\Gfikl^Xcj\XkiXj\e\jk\jaf^fj\e\jkXj[`jglkXj#fhl\j\i`X[\jXjkifjf [fZfe_\Z`d\ekf^\iXchl\#XkiX$ mj[XI\jfclf[f:fej\c_f[\ D`e`jkifje%²()'&)''/#[\*'[\ Alc_f#f^fm\iefZfej`[\iflZfdf gi`fi`[X[\\jkiXk^`ZXgXiXfGXj Xgifdff[f`em\jk`d\ekf\dIE>#gi\$ k\e[f$j\gfj`Z`feXiGfikl^XceXc`[\iXeX \lifg\`X&dle[`Xc\dk\idfj[\gif[lkfj \j\im`fji\cXZ`feX[fjZfdXjk\Zefcf^`Xj [\`e]fidXf\XjZfdle`ZX\j% KiXkX$j\[\ldX\okiXfi[`e}i`Xfgfikle`$ [X[\gXiXX`e[jki`XeXZ`feXc#efjgXiX fj]XYi`ZXek\j[XjZfdgfe\ek\jk\Zefc$ ^`ZXjgXiXXZfejkilf[\kX`ji\[\j#dXj kXdYdgXiXXj\dgi\jXjhl\gi\k\e[\d ZfeZ\Y\ij\im`fj`efmX[fi\j#[\jk`eX[fj Xfi^Xe`qX\j\&flXg\jjfXj#\hl\k`iXd gXik`[f[\m\cfZ`[X[\j[\kiXejd`jjfjlg\$ i`fi\jX(''DY`kj% :fdfkf[fjejk\dfjfYj\imX[f#XZfd$ gfe\ek\hl\k\dj`[fdX`jglYc`Z`kX[Xgi\e$ [\$j\Zfdf_Xi[nXi\#`jkf#X`ejkXcXf[\ ÔYiXgk`ZXgfikf[ffGXj\fjZfdgifd`jjfj gYc`ZfjXjjld`[fjg\cfjfg\iX[fi\j[\Zf$ dle`ZX\ji\cXk`mXd\ek\Xf^iXl[\ZfY\ikl$ iX[fGXjhl\gi\k\e[\dXcZXeXield]lkl$ if[\ZlikfgiXqf%Ef\ekXekf#j\dgi\k\e[\i [\jmXcfi`qXi\jk\j`em\jk`d\ekfj[\Z\ek\eXj [\d`c_\j#alc^fhl\\jkXdfjX[\j]fZXi$efj [fj`em\jk`d\ekfjhl\m\i[X[\`iXd\ek\gf$ [\ifZi`Xi[`]\i\eZ`XfgXiXfGXj1fjef$ mfjj\im`fjeXj}i\Xj[f\eki\k\e`d\ekf#[X dl[XeXfi^Xe`qXZ`feXc#[XjX[\#[X\[lZX$ f#[Xj\^liXeX#[fkiXYXc_f¿:fd\]\`kf# Xji\[\j[\XckXm\cfZ`[X[\j\dfjefmfjj\i$ m`fjXjj`d`cXd$j\Xld_fjg`kXckfkXcd\ek\ \hl`gX[fdXjj\dd[`Zfj#flXldXXlkf$ \jkiX[X[\ck`dX^\iXfj\dZXiifj%<eÔd# ldki\d\e[f[\jg\i[Z`f<Zli`fjfhl\f [\j\emfcm`d\ekf[\kX`jj\im`fjZfii\jgfe$ [\X`em\jk`d\ekfj[\d`c_\j#cf^f`eÔe`kX$ d\ek\dX`ji\[lq`[fjhl\f`em\jk`d\ekfeX ÔYiXgk`ZX#dXjkXcm\qdl`kfdX`j[`]Z\`j [\giefk\ii\ef\[\i\ekXY`c`qXi%<gfihl\ hl\`jkfXZfek\Z\6 Ý48$'5$785$'2&5&8/2Þ 8jIE>ZfejlYjkXeZ`Xd$j\\dgcXkX]fidXj [\Zfem\i^eZ`Xk\Zefc^`ZXhl\g\id`k\d &2081,&$(6*ULHO Ý7DOSDFWRVµVHU£ SRVV¯YHOGHDOFDQ©DU FRPXPDLQWHUYHQ©¥R ïUPHHDFWLYDGRJRYHUQR VLQDOL]DQGRDWRGRV RVSOD\HUVRVREMHFWLYRV DDOFDQ©DUÞ ldefmfgXkXdXieXf]\ikX[\j\im`fj[\ YXe[XcXi^X#hl\ig\cXjgi\jkX\jhl\`e$ k\^iXdmfq#@ek\ie\k#k\c\m`jf#Xgc`ZX\j `ek\iXZk`mXj#\kZ% #hl\ig\cXj]leZ`feXc`$ [X[\jhl\g\id`k\d[`jgfe`Y`c`qXi%FiX# fgifYc\dXi\j`[\\oXZkXd\ek\eX[`Ô$ Zlc[X[\[\gifdfm\i\jjXZfem\i^eZ`X \eki\kf[fjfj jkXb\_fc[\ij`ek\i\jjX[fj eXj`e]iX$\jkilkliXj Gfi\o\dgcf#fc_\dfjgXiXXk\c\m`jf \XjXgc`ZX\j`ek\iXZk`mXjhl\e\cXj\gf$ [\i`XdZfejkil`i#gfk\eZ`Xe[fldX`e$ ]iX$\jkilkliXhl\Xk`e^`lldX\oZ\c\ek\ ZfY\ikliXefGXj%:fd\]\`kf#gXiXXcd [fj`ek\i\jj\jYm`fj[fjfg\iX[fi\j[\ Zfdle`ZX\jhl\fg\iXd\jjXji\[\j[\ k\c\m`jf#[\m\i\dfjkXdYdZfej`[\iXi fj`ek\i\jj\j[fj]XYi`ZXek\j[f_Xi[nXi\ [XKM9fo#[fj]XYi`ZXek\j[fjj\ljj`jk\$ dXjfg\iXk`mfj#[fj[\j\emfcm\[fi\j[fj efmfjgif[lkfj[\jf]knXi\\[\j\im`fj hl\\ogcfiXdXYXe[XcXi^X\#ÔeXcd\e$ k\#dXjj\^liXd\ek\dX`j`dgfikXek\#[fj Zfejld`[fi\j[\jj\jefmfjj\im`fj#j\aXd \c\jfjZ`[X[fj#Xj\dgi\jXjflfjdX`jmX$ i`X[fjfi^Xe`jdfjgYc`Zfj% FiX#gXiX]Xq\i\jkXÈhlX[iXkliX[fZi$ ZlcfÉ_}hl\i\jfcm\i[lXj[`ÔZlc[X[\jdl`$ kf\m`[\ek\j1 ÆGfildcX[f#]fiXiXXY\ikliX[\dl`$ kfj[fj\hl`gXd\ekfj_Xi[nXi\\j`jk\dX fg\iXk`mf #m\i[X[\`ifj j_fn$jkfgg\ij [X \mfclfk\Zefc^`ZX#XfZfekifcXi\Xk `e`Y`ifljf[\]leZ`feXc`[X[\jkfY}j`ZXj Zfdf#Xkklcf[\\o\dgcf#fXZ\jjfXldX gfikXLJ9%J\d\jkXXY\ikliX#ÔZXldgf$ k\eZ`Xc`d\ejfgfi\ogcfiXi2 ÆGfiflkifcX[f#i\jfcm\ifgifYc\dX[X [\jZfeÔXeXÈcZ`kXÉ[\hl\dhl\i`em\jk`$ ^Xi\[\j\emfcm\i`[\`Xj[\efmfjj\im`fj# ZlaXgi`eZ`gXc]fiXi\j`[\#dl`kXj[Xjm\$ q\j#eXgigi`X`[\`X\efeXZXgXZ`[X[\ [\X[\j\emfcm\i%<jk\gifYc\dXX^iXmX$ [fgXiXXjGD<#Zfdd\efiZXgXZ`[X[\[\ gifk\^\iXgifgi`\[X[\`ek\c\ZklXc[XjjlXj `efmX\j#]XZ\X gcXp\ijdX`j]fik\j#hl\# dl`kXj[Xjm\q\j#fg\iXd[\YX`of[\`ek\$ i\jj\jZfeÕ`klXek\jflXekX^e`Zfj% FiX#j\dldm\i[X[\`ifgXZkf[\i\^`d\ \eki\kf[fj\jk\jgcXp\ij#j\aXd\c\jfjdX`j ]fik\j#fjdX`j`efmX[fi\jflfjdX`j}^\`j# alc^fhl\Xii`jZXdfjhl\dl`kf[fgfk\eZ`Xc [\jj\jefmfjj\im`fjeleZXm\aXXÈclq[f [`XÉflhl\Gfikl^Xcj\XkiXj\e\jk\jaf^fj \e\jkXj[`jglkXj#fhl\kXdYdj\i`X[\$ jXjkifjf%8j}i\Xj[\[\j\emfcm`d\ekfjf kfmXjkXjhl\efj\i}[`]Z`cfYk\iXZfi[fj \Xc`e_Xd\ekfjY\d[\Ôe`[fj% 8g\jXi[Xd`e_Xfi`\ekXf\Zfed`ZX c`Y\iXc#alc^fhl\kXcgXZkfjj\i}gfjjm\c [\XcZXeXiZfdldX`ek\im\efÔid\\ XZk`mX[f^fm\ief#j`eXc`qXe[fXkf[fjfj gcXp\ijeXZ`feX`j\`ek\ieXZ`feX`j fjfY$ a\Zk`mfjXXcZXeXi\gfk\eZ`Xe[fXZfejkil$ f[\\hl`cYi`fj\[\ZfejiZ`fjhl\È\e$ ki\^l\dÉf[\j\emfcm`d\ekf\Zfed`Zf\ jfZ`XcXeleZ`X[fg\cXjIE>% ;X gXik\ [X `e[jki`X eXZ`feXc [\ k\Zefcf^`Xj[\`e]fidXf\[\Zfdle`$ ZXf#\jkflZ\ikf[\hl\jXY\i\dfji\j$ gfe[\iXf[\jXÔf\Xjjld`iXgfjkliXi\j$ gfej}m\c\Zffg\iXek\hl\j\`dg\% \d]fZffg`e`f )5$1&,6&2-$,0(48(6$'2*(6725'2352*5$0$23(5$&,21$/62&,('$'('2&21+(&,0(172 1RYDVIURQWHLUDVQDVFRPXQLFD©·HV M`m\dfjlddfd\ekfe`Zf#ZfdXe\Z\jj`[X[\[\\eZfekiXijfcl\jZfeZi\kXjZfekiX XZi`j\^cfYXc%@dgfikX#gfi`jjf#Zfejkil`ildXdXki`q[\i\fi^Xe`qXffg\iXk`mX[Xj\dgi\jXj \[fjflkifjXZkfi\jXjj\ek\efgfk\eZ`Xc[Xjk\c\Zfdle`ZX\j $ gifm\`kXe[fX[`ed`ZX[\ `em\jk`d\ekf[f^fm\iefeX [`eXd`qXf [Xj i\[\j [\ efmX^\iXf#Xc^ldXjZfe$ j`[\iX\jjfYi\X`dgfike$ Z`X\jkiXk^`ZXhl\\jk\j\Zkfi\jk}Xk\ieX [`eXd`qXf[XZfdg\k`k`m`[X[\`ek\ieX$ Z`feXcZfdfi\jgfjkX~Zi`j\^cfYXchl\[f$ d`eXX\Zfefd`X\XjfZ`\[X[\% 8\og\i`eZ`X[\XZfdgXe_Xd\ekf\ dfe`kfi`qXf[X`dgc\d\ekXf[\gif$ a\Zkfj[\ZXi}Zk\i`dXk\i`Xc[\dfejkiX# [\]fidX`e\hlmfZX#fZXi}Zk\i\jj\eZ`Xc hl\ld\ÔZXqXgifm\`kXd\ekf[\ldXdf$ [\ieXi\[\[\k\c\Zfdle`ZX\jk\i}eX [`eXd`qXf[fÈZXg`kXc\jkiXk^`ZfÉ[fj [`]\i\ek\jgXj\j\eXXÔidXf#e\jk\j k\idfj#[\ldXm\i[X[\`iXX^\e[Xdf[\i$ e`qX[fiX\hlXc`ÔZX[fiXgXiXXj\dgi\jXj \Xjg\jjfXj%E\jk\Zfek\okf#X`dgfike$ Z`X[XjZfdle`ZX\jZfdf]XZkfi[\`ef$ mXf#Zi`Xk`m`[X[\\dX`fiZf\jf^cfYXc `e[\jd\ekm\c\`dgfikXhl\[\C`jYfX jX`XdZfeZclj\jZcXiXjjfYi\\jjXdXk$ i`XgXiXf]lklif% Fgi`d\`if^iXe[\m\Zkfi[\jkXXÔidX$ f[\ldXi\[\`ek\^iX[X[\k\c\Zfdle`ZX$ i\[\XZk`mX[\k\c\Zfdle`ZX\jZXgXq[\ c\mXifZfe_\Z`d\ekf~j[`]\i\ek\ji\^`\j \[\[XildXfgfikle`[X[\[\gXik`Z`gX$ fXkf[fjfjXZkfi\j\emfcm`[fj%Kl[f k\dhl\Zfd\XigfiXhl`%KiXkX$j\ZcXiX$ d\ek\[fmik`Z\dX`j[\Z`j`mf[fÈZXg`kXc \jkiXk^`ZfÉhl\`dgfikXZfejkil`ie\jk\ efmfk\dgf% 327(1&,$/'$67(/&26 12&21+(&,0(172 @dgfikX#gfi`jjf#Zfejkil`ildXdXki`q Ý$UHVSRQVDELOLGDGHGDVWHOHFRPXQLFD©·HVQDFRQMXQWXUD DFWXDOQ¥RVHFRQVWUµLSRUPHURGHFUHWRPDVLPSOLFD XPDYHUGDGHLUDSU£WLFDGHÚFXPSOLFLGDGHRSHUDWLYDÛ HQWUHRVSURWDJRQLVWDVFRPGLIHUHQWHVUHVSRQVDELOLGDGHV 6HU£GHFLVLYRGDUVLQDLVFRQFUHWRVGHVWDYRQWDGHÞ \jgXjjXg\cfZfeki`YlkfgXiXXdf[\ie`$ qXf[fjgXj\j%;`eXd`qXildXdf[\ieX i\[\k\ii`kfi`Xc#Zfejfc`[Xid\ZXe`jdfj[\ mXcfi`qXfZfdg\k`k`mX[fjXZk`mfj\o`jk\e$ k\jgfigXik\[fj[`]\i\ek\jXZkfi\j#\jkX$ Y\c\Z\ildXc^`ZX[\XZklXf[\m\i[X$ [\`iXgXik`c_X\Zffg\iXf\eki\kf[fjfj gifkX^fe`jkXj#i\jg\`kfg\cX\jg\Z`ÔZ`[X[\ [\ZX[XlddXjXZ\`kXf[fji\jlckX[fj [faf^f[XZfdg\k`k`m`[X[\% 8df[\ie`qXf[fjgXj\j\jk}`ek`dX$ d\ek\c`^X[XXf\]\`kfXcXmXeZX^\d[\ldX &2081,&$(6*ULHO [\i\fi^Xe`qXffg\iXk`mX[Xj\dgi\jXj \[fjflkifjXZkfi\jXjj\ek\efgfk\eZ`Xc [Xjk\c\Zfdle`ZX\j%<e[f^\e\`qXi[`$ ed`ZXj[\È`efmXfgi$XZk`mXÉ\dXi$ k`ZlcXfZfdfd\iZX[f#^\iX[fiX[\ efmfjgif[lkfj\j\im`fj2i\]fiXiXi\j$ gfejXY`c`[X[\`e[`m`[lXc[f\dgi\j}i`f \ehlXekfX^\ek\jfZ`Xcd\ek\i\jgfej}m\c g\cXZi`Xf[\i`hl\qX2]Xq\i[fkiXYXc_X$ [fildÈ\dgi\\e[\[fiXZk`mfÉZfejZ`\ek\ [fj\lgXg\cgfj`k`mfeXfi^Xe`qXf2]X$ q\i[XÈ\dgi\jXÉld\jgXfg\idXe\ek\ [\gifZliX[XZi`Xk`m`[X[\\[fmXcfikiXe$ jXZZ`fe}m\cefjd\iZX[fj`ek\ieXZ`feX`j2 Zfejfc`[XildXÈZlckliX[\Zffg\iXfXZ$ k`mXÉ\eki\\dgi\jXj\XZkfi\j[fZfe_\$ Z`d\ekf#]Xq\e[f[XZfdg\k`fgfj`k`mX f^iXe[\`ejkild\ekf[\j\c\Zf[X\o$ Z\ceZ`X#ZXgXq[\\]\Zk`mXd\ek\kiXq\iX af^fldefmfhlX[if[\XZkfi\j\dgi\jX$ i`X`jhl\j\aXdXXcXmXeZX[\df[\ie`[X[\ Zfdg\k`k`mX\[\ldefmfZfe_\Z`d\ekf Zfdfi\jgfjkX~Zi`j\^cfYXc% FZfe_\Z`d\ekfjk\dj\ek`[f\e$ hlXekf]XZkfi[\hlXc`ÔZXfjfZ`Xcj\Xj$ j\ek\eldXgcXkX]fidXXZk`mX[\i\cXf \eki\XZkfi\j\[`eXd`qXf[\i\[\j\d g\idXe\ek\`ek\iXZf%8c^`ZX[\XgfjkX efefmfZ`Zcf[\gifa\ZkfjgXjjXg\cXgi\]\$ ieZ`X[X[X~\jZXcXg\id`k`[Xg\cXjÈi\[\j ZfcXYfiXk`mXjÉ\ZXgXZ`[X[\[\Xik`ZlcXf \eki\XZkfi\j[\[`]\i\ek\jZfdg\keZ`Xj eldhlX[if[\gXik`Z`gXfZfd[`d\ejf `ek\ieXZ`feXc[\Zi\jZ\ek\ZXi}Zk\i^cfYXc% ;XXe\Z\jj`[X[\[XXgfjkXefÈZXg`kXci\$ cXZ`feXcÉ#eXgifdff[\ldXZlckliX[\ Xik`ZlcXfgi$XZk`mX\eki\XZkfi\jk\e[f \dm`jkXXZXgXZ`[X[\[\gf[\i\jkXieX\j$ ZXcX[X[`d\ejf^cfYXc%KXdYdXhl`Xj k\c\Zfdle`ZX\jkdldgXg\cZ\ekiXc g\cf\]\`kf`e[lkfi[\df[\ie`[X[\hl\ g\id`k\dXkiXmj[X`efmXfk\Zefc^`ZX hl\c_\\jk}XjjfZ`X[X% M`m\dfjlddfd\ekfe`Zf#ZfdXe\$ Z\jj`[X[\[\\eZfekiXijfcl\jZfeZi\kXj ZfekiXXZi`j\^cfYXc%EfgXg\cZ\ekiXci\$ j\imX[fXfZfe_\Z`d\ekf#ZXY\~jk\c\Zf$ dle`ZX\jldX^iXe[\[fj\[\i\jgfe$ jXY`c`[X[\%LdXi\jgfejXY`c`[X[\hl\ef j\Zfejki`gfid\if[\Zi\kf#dXj`dgc`ZX ldXm\i[X[\`iXgi}k`ZX[\ÈZldgc`Z`[X[\ fg\iXk`mXÉ\eki\fjgifkX^fe`jkXjZfd[`$ ]\i\ek\ji\jgfejXY`c`[X[\j% J\i}[\Z`j`mf[Xij`eX`jZfeZi\kfj[\j$ kXmfekX[\j\ek`[X[\i\]fiXifjem\`j [\ÈZXg`kXc\jkiXk^`ZfÉ\]\Zk`mXd\ek\\e$ mfcm`[fjeXi\jgfjkXZfekiXXZi`j\%Fef ]Xq$cfj`^e`ÔZX\jkXi[\efmfXX[`Xif ^iXe[\[\jXÔf[\Xgifm\`kXi\jkXZi`j\ ZfdfldXfgfikle`[X[\[\i\`em\ef [X\Zfefd`X^cfYXc% 3$8/29,&(17(9,&(35(6,'(17('$$&&(1785(5(632169(/3(/$5($'(&20081,&$7,2160(',$+,*+77(&+ $WHPSHVWDGHRXDRQGDSHUIHLWD" GXiXgiGfikl^Xckf[fXÈeXm\^XiÉeXÈfe[Xg\i]\`kXÉ`e[lq`[Xg\cXjIE>#j\i}gi\Z`jf hl\fjm}i`fjj\Zkfi\jZfdgi\\e[XdXjefmXjZXgXZ`[X[\j\[\cXjk`i\dgifm\`kf 1 ldX]Xj\\dhl\j\m`m\`ek\e$ jXd\ek\eXjk\c\Zfdle`ZX\j f]lklifgifd`jjfi[XjIE># `dgfikXek\XmXc`Xij\Xhl\jkf Xhl\j\gi\k\e[\i\jgfe[\ijX$ Y\ihlXe[f\Zfdf\jkXk\Zefcf^`X`i}\jkXi gi\j\ek\flj\Xm\i[X[\`iXhl\jkfZfdf Xgifm\`kXi\jkXi\Xc`[X[\ZfdfldXfgfi$ kle`[X[\[\[\j\emfcm`d\ekf[fGXj\[\ XZijZ`df[XjlXZfdg\k`k`m`[X[\eXjjlXj [`]\i\ek\jm\ik\ek\j% <dGfikl^Xc#f^fm\iefÈX^XiiflÉ\j$ kXfgfikle`[X[\gXiX\e]i\ekXiXZi`j\^cf$ YXci\Z\ek\#i\cXeXiX\Zfefd`X\\jg\iX$ j\ #XZfdg\k`k`m`[X[\eXZ`feXcXfgifZliXi [`d`el`iXjlXZfe[`fg\i`]i`ZXe\jk\ dle[fZX[Xm\qdX`j ÕXk#XgfjkXe[fef i\gfj`Z`feXd\ekf\jkiXk^`Zf[fGXjeXj ifkXj^cfYX`j[X`e]fidXf% :fiifYfiXe[fXjgi\m`j\jhl\XgfekX$ mXdXjkXe[Xi[`qXf[\jkXk\Zefcf^`X\d )')'gXiXkf[XX<lifgX#fj^iXe[\jgcXp\ij [Xjk\c\Zfdle`ZX\jX[\hlXiXdXjlX\jkiX$ k^`X[\i\[\\efjck`dfjXefj]fZXiXd$j\ ef[\gcfpd\ek[XÔYiX#Zlaf[\j\emfcm`d\e$ kfÈ[\]XZkfÉk\dX^fiXfj\l`eZ`f#[\gf`j[\ \jZcXi\Z`[XjXc^ldXj[m`[Xji\^lcXki`Xj#[\$ Ôe`[fjfji\X`j`ek\i\jj\j\`ek\i\jjX[fj#Y\d ZfdfXjZfe[`\j[\ÔeXeZ`Xd\ekf% Fj[X[fj\jkfcXeX[fjgXiXfjfg\iX$ [fi\jeXZ`feX`j%Fj`eZ\ek`mfj\Ègi\jj\jÉ ZfcfZX[fj\dXYiXXi\jk\gifa\ZkfkfieXd$ $efX^fiX`e\m`k}m\c\ldZXd`e_fj\di\$ kfiefa}f\iX %DXjj\X^fiX\gXiXa}\jk\ ldk\dX`d`e\ek\d\ek\[fjfg\iX[fi\j# \ZfdldX]fik\Zfdgfe\ek\[\\e^\e_X$ i`X#\jk\kXdYdfdfd\ekf[\gifZliXi Xji\jgfjkXjXfm\i[X[\`if[\jXÔf#Xjj\ek\ eX[`eXd`qXf[\jkXjefmXjÈZXgXZ`[X[\jÉ \dgifc[XjfZ`\[X[\\[X\Zfefd`XeXZ`f$ eXc#hl\Xjj\^li\#efd[`f&cfe^fgiXqf#Xj iXq\j[\jk\j`em\jk`d\ekfj\fjfYa\Zk`mfj hl\c_\\jkfjlYaXZ\ek\j% Fj`em\jk`d\ekfjZfe_\Z`[fj\fj`d$ gXZkfj`d\[`XkfjeX\Zfefd`XeXZ`feXcjf XgfekX[f`Z\Y\i^#gf`j\jk\j#j\Y\dXgif$ m\`kX[fj#`ifgfk\eZ`XiXck\iX\jgif]le[Xj efjflkifjj\Zkfi\j#fe[\fj`em\jk`d\ekfj Xi\Xc`qXij\jfdXif\ogfe\eZ`Xcd\ek\Xfj XZklX`jeX`e]iX$\jkilkliX%Fe[\~gifdff [f\dgi\^f`d\[`Xkfj\j\^l`i}flkifdX`j [`m\ij`ÔZX[f\Zfde\Z\jj`[X[\j[\flkifj jb`ccj%8[`Z`feXcd\ek\#\jkXkXdYdldX fgfikle`[X[\gXiXXji\^`\j[f`ek\i`fi[f GXjj\ÈXgifo`dXi\dÉ[fjZ\ekifjkiX[`Z`f$ eX`j[\[\j\emfcm`d\ekf\Zfed`Zf#Zfe$ ki`Yl`e[fgXiXX[`d`el`f[fof[f[Xj gfglcX\jgXiXfj^iXe[\jZ\ekifjliYXefj# ZfdfjZfej\hl\ek\j`dgXZkfjgfj`k`mfjeX X^\e[XjfZ`Xc% '(&,6 2'(72'26 ;fcX[f[fjfg\iX[fi\j#Zfdgi\\e[\e$ [fXjk\e[eZ`Xj[fd\iZX[f#`%\%#hl\j\ m`m\X\iX[Xm`iklXc`qXf[XjfZ`\[X[\\ [X^cfYXc`qXf[fje\^Z`fj#Xjj\ek\ef ]\ed\ef[X@ek\ie\k#dXjkXdYdX[X Zi\jZ\ek\dfY`c`[X[\[Xj]fiXjm`mXj[Xjf$ Z`\[X[\#fjfg\iX[fi\j[\m\dgfj`Z`feXi$ $j\[\]fidXXZfejkil`ildXÈfe[Xg\i]\`kXÉ \eki\[lXji\Xc`[X[\j[`m\i^\ek\jhl\Zfe$ m`m\dcX[fXcX[f1gif[lkfj[\mfq\XZ\jjf# eX]Xj\[\[\Zce`f#\j\im`fjdm\`j\[\ YifX[YXe[#eX]Xj\[\Zi\jZ`d\ekf%J\fj fg\iX[fi\j\jk`m\i\dgi\gXiX[fj#gf[\if [\j\emfcm\iXÈfe[Xg\i]\`kXÉZi`Xe[fXjZX$ gXZ`[X[\jhl\`e[lqXdfjZfejld`[fi\j#Xj `ejk`kl`\j^fm\ieXd\ekX`j\XjflkiXj`e$ [jki`XjXXgifm\`kXi\jjXjZXgXZ`[X[\j#^\$ iXe[fZiZlcfjm`iklfjfj[\[\j\emfcm`d\ekf dklf%8fXk`e^`i\jj\\jk}^`f#k\i\dfj\ekf Zldgi`[ffi\XcfYa\Zk`mf[XjIE>\k\i\dfj ldX\Zfefd`X\jfZ`\[X[\È[\]XZkfÉdX`j Zfdg\k`k`mX%J\fZfej\^l`idfjXek\j[fj ÈflkifjÉ#\ekf\jkXi\dfjeXc`e_X[X]i\ek\ [XZfdg\k`k`m`[X[\^cfYXc% GXiXgiGfikl^Xckf[fXÈeXm\^XiÉeXÈfe$ [Xg\i]\`kXÉ`e[lq`[Xg\cXjIE>j\i}gi\Z`jf hl\fjm}i`fjj\Zkfi\jZfdgi\\e[XdXjefmXj ZXgXZ`[X[\j\[\cXjk`i\dgifm\`kf#i\\hlX$ Z`feXe[ffjj\ljXZklX`jdf[\cfj[\e\^$ Z`f#fjgifZ\jjfjm`^\ek\j#dXjXZ`dX[\kl[f \jk\aXdXk\ekfj~\mfclf[XjfZ`\[X[\fl [fd\iZX[f \[XgifZliXZfii\jgfe[\ek\% GXiX`jjf#kf[fjfjj\Zkfi\j[\m\d`efmXi\ [\j\emfcm\iefmXj`[\`Xj\j\im`fjXjj\ek\j eXjefmXjZXgXZ`[X[\j#dXjfelj`e`Z`Xc \jk}efjfg\iX[fi\jhl\[\m\ifZfeZ\Y\i# `eZlYXi\\mXe^`c`qXiXjlXlk`c`qXf#Xgfj$ kXe[feXYfXÈ\og\i`eZ`XÉ%J\flk`c`qX[fi[f j\im`f#j\aXg\jjfX#\dgi\jXfl`ejk`kl`f# k`m\ildXgi`d\`iXYfX\og\i`eZ`X#XÈk\d$ g\jkX[\Éc\`X$j\`ejlZ\jjf[fj`em\jk`d\e$ kfj [\Z\ikfX]XjkX[XgfildXÈfe[Xg\i$ ]\`kXÉ#ZfdfZfej\hl\ek\`dgXZkfgfj`k`mf kXdYd eXjk\c\Zfdle`ZX\j% Ldflkif[\jXÔfjlYaXZ\ek\~jIE>gXj$ jXgfi^XiXek`ifZldgi`d\ekf[fjfYa\Zk`$ mfj[\[`eXd`qXf\i\ekXY`c`qXf[\jk\j j\im`fjef`ek\i`fi[fGXj%Gi\m`j`m\cd\ek\# gf[\[`q\i$j\hl\X[`jgfe`Y`c`qXf[Xi\[\ jlÔZ`\ek\gXiXXkiX`i`em\jk`d\ekfj[\fl$ kiXj\dgi\jXj\j\im`fjef`ek\i`fi%Ef\e$ kXekf#kXcefj\i}jlÔZ`\ek\j\Xj\dgi\jXj \Xj`ejk`kl`\jefg\iZ\Y\i\dZfdfk`iXi gXik`[f[XjefmXjZXgXZ`[X[\j[XjIE>\[X Zfdg\k`k`m`[X[\[fji\Zlijfj[Xji\^`\j[f `ek\i`fi%Fj\j]fifj]\`kfjXkXfdfd\ekf efefjjfGXjXkiXmj[f\jkXY\c\Z`d\ekf[\ gXiZ\i`XjgYc`Zf$gi`mX[Xj#\eki\^fm\ief\ fg\iX[fi\j[\k\c\Zfdle`ZX\j#f[\j\emfc$ m`d\ekf[f\$^fm\ied\ek#\kZ%#gf[\d^X$ e_XiX^fiXldefmf]lc^fi\kiX[lq`i$j\eXj i\jgfjkXjhl\\jkXji\^`\jgifZliXd% <di\jldf#XjIE>\fj`em\jk`d\ekfj XmlckX[fjjlYaXZ\ek\jefgifZliXdjfd\e$ k\XZ\c\iXif[fnecfX[[\Ôcd\j#dXjjf jfYi\kl[fXYXj\gXiXldefmfjXckfhlXc`$ kXk`mf[XjfZ`\[X[\#[X\Zfefd`X\[fGXj# fe[\fjgi`d\`ifjj\Zkfi\j`dgXZkX[fjj\if Xhl\c\jhl\a}_fa\\d[`XgifZ\jjXd[X[fj dXjj`mXd\ek\#ZfdffZXjf[XjX[\%GX$ iXc\cXd\ek\#XjIE>j\ifkXdYd#gXiX fjfg\iX[fi\j#fgXjjfj\^l`ek\[XZfem\i$ ^eZ`X[XjjlXjf]\ikXj\[XjkiXej]fidX\j `ek\ieXje\Z\jj}i`XjgXiXjfYi\m`m\i\j\$ i\dY\djlZ\[`[fje\jk\efmfgXiX[`^dX% *ULHO&2081,&$(6 \d]fZffg`e`f 0,*8(/(,5$6$1781(6&2168/7,1*'$'(/2,77(&2168/725(6 (VWDGRWHPSDSHOYLWDO Jfa}dl`kfjfjgXj\jhl\XmXeXdZfd\jkiXk^`Xj[`jk`ekXjgXiXX`dgc\d\ekXf[\i\[\j [\efmX^\iXfgXiXi\cXeXiX\Zfefd`Xdle[`Xc%Gfikl^Xc\jk}kXdYdX[Xifjgi`d\`ifj gXjjfjXem\c[\IE>%J\i}hl\`i\dfjj\iZXgXq\j[\k`iXigXik`[f[\jkXk\Zefcf^`X6 0 X`j[fhl\ldlg^iX[\[X `e]iX$\jkilkliX[\Zfdl$ e`ZX\j[fGXj#XjIE> gf[\dm`iXi\m\cXi$j\ld ]XZkfi[\Zfdg\k`k`m`[X[\ \jj\eZ`XcgXiXfZi\jZ`d\ekf\Zfed`Zf \jfZ`Xc[fGXj%Efjck`dfjXefj#k\dfj Xjj`jk`[fXldXi}g`[X\mfclf[Xf]\i$ kX[\cXi^liX[\YXe[X#efjXfem\c[X m\cfZ`[X[\[\XZ\jjfZfdf[XjlX[`mlc$ ^Xf~gfglcXf\d^\iXc%;fj).d`c Zc`\ek\j[\YXe[XcXi^X\d)'''gXjj}dfj X+*/0d`cZc`\ek\jXZ\jjfÔof\dm\c efÔeXc[fgi`d\`ifki`d\jki\[\)''0% <jk\Zi\jZ`d\ekfefk\i`Xj`[fgfjjm\c j\dldZfejkXek\`em\jk`d\ekf[fjfg\$ iX[fi\jeX`e]iX$\jkilkliX[\jlgfik\~j k\c\Zfdle`ZX\j% FjXeeZ`fj[\`em\jk`d\ekfeXjI>E gf[\i`XdgXjjXi[\jg\iZ\Y`[fjZfdfdX`j ld`em\jk`d\ekf[fjfg\iX[fi\jgXiXXj$ j\^liXiX\mfclf^iX[lXc[XjjlXj`e]iX$ $\jkilkliXj\dX`fi\jm\cfZ`[X[\j[\XZ\j$ jf%Ef\ekXekf#XjdX`fi\j\o`^eZ`Xj[\ cXi^liX[\YXe[XZfd\XdXZfcfZXi\d ZXljXXZXgXZ`[X[\XZklXc[Xji\[\j[\ Zfdle`ZXf1 ÆFZi\jZ`d\ekfXelXc[fj[X[fjXem\c dle[`XcXk)'(([\m\i}Xk`e^`i+)2 ÆFjfg\iX[fi\j[\k\c\Zfdle`ZX\j XgfjkXd]fik\d\ek\\df]\ikXj*G&+G# Zfd^iXe[\j`em\jk`d\ekfj\dj\im`fj [\^iXe[\Zfejldf[\cXi^liX[\YXe[X gfi\o\dgcf#GXp$KM#M`[\ffe;\dXe[# ;fnecfX[kfFne 2 ÆJli^\dZX[Xm\qdX`j[`jgfj`k`mfj \jj\eZ`X`jgXiXfefjjf[`X$X$[`Xhl\i\$ hl\i\dXZ\jjf~`ek\ie\kgfi\o\dgcf# i}[`fN`$=`#k\c\m`jf#k\c\dm\c % &21',(6'(68&(662 E\jk\Zfek\okf#f`em\jk`d\ekfeXjI>E kfieX$j\ldm\ZlcfgXiX[XildjXckf j`^e`ÔZXk`mfeXm\cfZ`[X[\[\XZ\jjf\# Zfej\hl\ek\d\ek\#efk`gf[\j\im`fj hl\gf[\dj\i[`jgfe`Y`c`qX[fj%I\[\j ZfdZXgXZ`[X[\j[\(''DYgjg\id`k\d X^\e\iXc`qXf[\df[fj[\m`[Xfe[\X Zfdle`ZXfZfejkXek\\fe[\j\mlc^X$ &2081,&$(6*ULHO i`qXXkiXej]\ieZ`X[\\c\mX[fjmfcld\j [\[X[fj%<jkXjXck\iX\jc\mXdXldX i\[lf[Xe\Z\jj`[X[\[\[\jcfZX\j Xf\jZi`ki`fgXiXXZ\[\iXfjj`jk\dXj[\ `e]fidXf[XefjjX\dgi\jX#g\id`k`e$ [flk`c`qX\jdX`j\ÔZ`\ek\j\iXZ`feX`j [fjd\`fj[\kiXejgfik\\XXck\iXf[fj gX[i\j[\ZfdgfikXd\ekf\[X]fidX ZfdfXYfi[XdfjXi\cXf\eki\Xm`[X g\jjfXc\gifÔjj`feXc% 8ZXgXZ`[X[\[\XZ\jjfZfejkXek\# Xepk`d\&Xepn_\i\#Xkf[X\hlXchl\i g\X[\`e]fidXf`i}k\ild`dgXZkf Zi\jZ\ek\ef]leZ`feXd\ekf[Xj\dgi\$ jXj#[f<jkX[f\[X]fidXZfdfefji\cX$ Z`feXdfjlejZfdfjflkifj%<#kXcZfdf flkifjjXckfjk\Zefc^`Zfjj\d\c_Xek\j#X dX`fi[`mlc^Xf\]XZ`c`[X[\[\XZ\jjf ~`e]fidXf`i}k\iZfej\hleZ`Xj`d$ gfikXek\jefXld\ekf[Xgif[lk`m`[X[\ `e[`m`[lXc\eXZXgXZ`[X[\[\`efmXf [X\Zfefd`X\d^\iXc%8ZXgXZ`[X[\[\ [`jgfe`Y`c`qXildXi\[\[\Zfdle`ZX\j [\YXe[XcXi^XIE> kfieX$j\#Xjj`d# eld\c\d\ekf\jj\eZ`XcgXiXf[\j\emfc$ m`d\ekf[\j\Zkfi\j\jkiXk^`ZfjeXefj$ jX\Zfefd`X#[\j[\fj\ZkfiÔeXeZ\`if~j k\Zefcf^`Xj[\`e]fidXf#Xfjd\[`X#~ i\cXfZfdf<jkX[f#\kZ% 8jjld`e[fXjI>EldgXg\c`dgfi$ kXek\gXiXf[\j\emfcm`d\ekf\Zfed`Zf [fGXj\gXiXXhlXc`[X[\[\m`[X[fjj\lj Z`[X[fjefd[`f&cfe^fgiXqf#kfieX$j\ \jj\eZ`Xchl\f<jkX[fXjjldXldgXg\c `dgfikXek\eXZi`Xf[fjd\ZXe`jdfj hl\g\id`kXdXjj\^liXihl\fjj\ljY\e\$ ]Z`fjjfXZ\jjm\`jgfikf[XXgfglcXf% <jj\gXg\c[\m\i}#dX`j[fhl\fi`\ekXi fj`em\jk`d\ekfj#Zi`XiXjgfck`ZXj#Zfe$ [`\ji\^lcXd\ekXi\j\i\X`jefk\ii\ef gXiXhl\XjlX`dgc\d\ekXfj\i\m\c\ \ÔZ`\ek\\\ÔZXq% DXjfjlZ\jjf[\jk\j`em\jk`d\ekfjmX` \d^iXe[\d\[`[Xj\iZfeÔidX[fg\cXZX$ gXZ`[X[\[\^\iXi`efmXf#`eZi\d\ekXi Xgif[lk`m`[X[\\d\c_fiXiXhlXc`[X[\ [\m`[X[fjZ`[X[fj%8^iXe[\ZXgXZ`[X$ [\[\X[fgf[\efmXjk\Zefcf^`Xjg\cX jfZ`\[X[\gfikl^l\jX#m`jm\c#gfi\o\d$ gcf#eXiXg`[\q\efjem\`j[\X[fgf[f k\c\dm\c\eXX[\jfXfji\Z\ek\jgif$ ^iXdXj[\i\[lf[X`e]f\oZcljfgfi \o\dgcf#`e`Z`Xk`mX\$\jZfcX #g\id`k\$efj Xc^ldfgk`d`jdfeXX[fgf[\efmfjj\i$ m`fjg\cfjZfejld`[fi\j%8ÔeXc#fdX`fi `eZ\ek`mfgXiXfjli^`d\ekf[\efmfjj\im`$ fjhl\gfjjXdlk`c`qXiXefmXZXgXZ`[X[\ [XjI>EgXjjX#j\d[m`[X#g\cX\mfclf [Xje\Z\jj`[X[\j[fjZfejld`[fi\ji\jlc$ kX[f[XZX[Xm\qdX`fiX[fgf[XjefmXj k\Zefcf^`Xj[`^`kX`j DXjkXdYdXhl`f\jkX[fk\dldgX$ g\c`dgfikXek\XXjj\^liXi%8fX[fgkXi d\ZXe`jdfj\c\Zkie`ZfjgXiXX^\jkf[X i\cXfZfdfjZ`[X[fj\\dgi\jXj\Xf XlkfdXk`qXifjj\ljgifZ\jjfj`ek\iefj#f <jkX[f\jkXi}efjXXld\ekXiXjlX\Ô$ Z`eZ`XdXjgi`eZ`gXcd\ek\Xgifdfm\i Xlk`c`qXf[\jk\jd\`fj\Xgfk\eZ`Xif `dgXZkf[Xi\mfclf[`^`kXc\dGfikl^Xc% <jk\gXg\ckXekfdX`ji\c\mXek\j\k`m\i$ dfj\dZfej`[\iXfhl\f<jkX[fk\d ldg\jf[\+-efG@9% ;X<lifgXXfAXgf#gXjjXe[fg\cfj<j$ kX[fjLe`[fj#jfa}dl`kfjfjgXj\jhl\ XmXeXdZfd\jkiXk^`Xj[`jk`ekXjgXiXX `dgc\d\ekXf[\i\[\j[\efmX^\iXf gXiXi\cXeXiX\Zfefd`Xdle[`Xc%Gfikl$ ^Xc\jk}kXdYdX[Xifjgi`d\`ifjgXjjfj Xem\c[\IE>%J\i}hl\`i\dfjj\iZX$ gXq\j[\k`iXigXik`[f[\jkXk\Zefcf^`X6 \d]fZffg`e`f $171,2/$*$57,;2*06&2168/7,1*0$1$*,1*3$571(5 &ULDWLYLGDGHHLQRYD©¥RHP51* @dgfikXXZXlk\cXifjXmlckX[fj`em\jk`d\ekfjeXj`e]iX$\jkilkliXje\Z\jj}i`Xj~jIE>\fj df[\cfj[\e\^Z`fjlYX[aXZ\ek\jXfjj\im`fjhl\j\g\ijg\Zk`mXd`dgc\d\ekXi%IXZ`feXc`[X[\# Yfdj\ejf\df[\cfj\Zfed`Zf$ÔeXeZ\`ifjifYljkfj[\m\ifj\iXgXcXmiX[\fi[\d $ jIE>jffk\dX[fdfd\ekf efj\Zkfi[XjZfdle`ZX\j# j\aXeldXg\ijg\Zk`mX\Zfe$ d`ZX#jfZ`Xcflj`dgc\jd\ek\ k\Zefc^`ZX\`e]iX$\jkilkliXc% <efgXiXd\efj#ldXm\qhl\kiX[lq\d ^cfYXcd\ek\lddfm`d\ekf]fikjj`dfef j\ek`[f[Xi\Zfem\ijf[XjkiX[`Z`feX`ji\$ [\j[\k\c\Zfdle`ZX\j#dm\`j\ÔoXj#Xj hlX`jgi`m`c\^`XdXZfdlkXf[\Z`iZl`$ kfj\XkiXejd`jjf[\j`eX`jYXj\X[Xj\d kZe`ZXj[\dlck`gc\oX^\dk\dgfiXc\\d hl\XcXi^liX[\YXe[X#efXZ\jjf#Xjj`$ dki`ZX\\Zfed`ZX#d\jdfi\Zfii\e[f Xk\Zefcf^`Xjo;JC% EXjIE>Xjj`jk`dfjXldX`em\ijf[\ gXiX[`^dX#flj\aX#XkiXejd`jjf\ZfdlkX$ f@GX[hl`i\dldXgi`dXq`XeleZXXek\j g\ejX[X\XjkiX[`Z`feX`ji\[\j[\XZ\jjf\ [\Xjj`eXek\ÔZXd`ele[X[Xj[\ZXYfj[\ ÔYiXgk`ZXÆd\`f[\kiXejd`jjfgfi\o$ Z\ceZ`X%Eld}g`Z\#Xjk\Zefcf^`Xjo;JC# hl\g\id`k`iXd\ogcfiXiXZXgXZ`[X[\[fj ZXYfj[\ZfYi\`ejkXcX[fjXem\`jdl`kf \c\mX[fj#g\i[\dXjlXgi\gfe[\ieZ`X \kfieXd$j\[`jg\ej}m\`j#j\e[fjlYjk`kl$ [Xjg\cXjk\Zefcf^`Xj=KKo&oGFE#hl\ \dGfikl^Xcj\ifdX`fi`kXi`Xd\ek\`ej$ kXeZ`X[Xj\d=KK?&>GFEg\cX`e]fi$ dXf[`jgfem\c#ZfdX_feifjX\oZ\g$ f[\lde`Zffg\iX[fi#hl\fg\iXldX i\[\><GFE % '26%(1()&,26ã GXiXfZfdld[fZ`[X[f#XjIE>jf j`ee`df [\ m\cfZ`[X[\ ef XZ\jjf ~ @ek\ie\k#j\e[fhl\Xjf]\ikXjZfd\iZ`X`j XZklXcd\ek\glYc`Z`kX[Xjj`klXd$j\dX`f$ i`kXi`Xd\ek\efj(''DYgj%EXkliXcd\ek\ hl\XjIE>kiX[lq\ddl`kfdX`j[fhl\ ldXZ\jjflckiX$i}g`[f~@ek\ie\k%Jf\j\$ if#~d\[`[Xhl\]fi\d`dgc\d\ekX[Xj# ldXZk`mf[\\efid\`dgfikeZ`XjfZ`Xc# fe[\j\gf[\if`dgc\d\ekXij\im`fjhl\# g\cXcXi^liX[\YXe[Xhl\Zfejfd\d#ele$ ZXgXjjXiXd~gi}k`ZXeXji\[\jkiX[`Z`feX`j% 8m\i[X[\`iXcXi^liX[\YXe[X\jk}X^fiX kXdYdalekfXhl\d[\]XZkfdX`j[\cX e\Z\jj`kX#gf[\e[ffj[\gXikXd\ekfj[\ dXib\k`e^[fjfg\iX[fi\j[\k\c\Zfdle`$ &2081,&$(6*ULHO XmlckX[fj `em\jk`d\ekfj gi\Zfe`qX[fj eXj`e]iX$\jkilkliXje\Z\jj}i`XjgXiXX `dgc\d\ekXf[XjIE>#Y\dZfdfefj df[\cfj[\e\^Z`fjlYX[aXZ\ek\jXfjj\i$ m`fjhl\j\g\ijg\Zk`mXd`dgc\d\ekXi% IXZ`feXc`[X[\#Yfdj\ejf\df[\cfj\Zf$ ed`Zf$ÔeXeZ\`ifjifYljkfjhl\kiX[lqXd [\]fidX`e\hlmfZXXi\Xc`[X[\[fjZljkfj [\`dgc\d\ekXf\fg\iXf[Xji\[\j# Y\dZfdf[Xji\Z\`kXj\og\Zk}m\`j#[\m\if j\iXgXcXmiX[\fi[\de\jk\[fde`f% Ý$VUHGHVGHDOWD YHORFLGDGHV¥RQHVWDIDVH GHUHFHVV¥RJHQHUDOL]DGD GDHFRQRPLDPXQGLDOXP PRWRUGHGLQDPL]D©¥R GRVPHUFDGRVHGHFULD©¥R LPHGLDWDGHHPSUHJRÞ ZX\j[XicXi^Xj~`dX^`eXfeXZi`Xf [\j\im`fj`efmX[fi\jhl\`eZfigfi\d mXcfigXiXfZc`\ek\ÔeXc% J\im`fj`efmX[fi\j#Zfdffd[`Zf \&flfgif]\jjfi\dZXjX#j\ifgfjjm\`j eld]lklifdl`kfgio`df#i\Zfii\e[f~ k\c\m`jfZfdf`ek\i]XZ\gi`m`c\^`X[fZfd flk`c`qX[fi&lk\ek\%8gigi`Xk\c\m`jf`e`$ Z`Xi}j\a}ef`e`Z`fl ldgifZ\jjf[\i\$ `em\ef#ldXm\qhl\gf[\i}[\`oXi[\ j\iXg\eXjld`ejkild\ekfgXiXXjj`jk`i gXjj`mXd\ek\Xgif^iXdXj[\\eki\k\e`$ d\ekf\kfieXi$j\ldm\i[X[\`if`ejkil$ d\ekfXZk`mfeXm`meZ`X[\ldcXi#Zfd XZ\jjf~@ek\ie\k#Xgc`ZX\j[\[fdk`$ ZX#m`[\fZfe]\ieZ`X# m[\f$fe$[\dXe[ MF; #Y`Yc`fk\ZXfec`e\#\kZ% @dgfikX# ef \ekXekf# XZXlk\cXi fj ã$26(1250(6'(6$),26 EXkliXcd\ek\# \ [\ ]fidX Ym`X# X `dgc\d\ekXf[Xji\[\j[\efmX^\iX$ f#e\jkX]Xj\[\i\Z\jjf^\e\iXc`qX$ [X[X\Zfefd`Xdle[`Xc#lddfkfi[\ [`eXd`qXf[fjd\iZX[fj\[\Zi`Xf `d\[`XkX[\\dgi\^f#iXqfg\cXhlXckXd$ Ydj\Xjj`jk\Xld`ek\i\jj\^\e\iXc`qX[f [fj^fm\iefj#ldgflZfgfikf[ff>cfYf# e\jk\jXjjlekfj% F[\jXÔf[fj[`m\ijfjgcXp\iji\cXZ`feX$ [fjZfdXj`e]iX$\jkilkliXj\ZfdfjZfe$ k\[fj\jkXi}#j\d[m`[XXc^ldX#Z\ekiX$ [feXZi`Xk`m`[X[\\`efmXfhl\mfk\i hl\`dgi`d`iefcXeXd\ekf[\gif[lkfj \j\im`fjX[\hlX[fj~ji\X`je\Z\jj`[X[\j [XjgfglcX\j#gf`j#ZXjfZfeki}i`f#X`ei$ Z`X[Xdl[XeXkiXi}Zfej`^f]fikjj`dfj `dgXZkfjÔeXeZ\`ifjgXiXhl\d\jk}X`e$ m\jk`i]fik\d\ek\eXjIE>% ;\dXe\`iXXdXo`d`qXiXlk`c`qXf [Xjgfk\eZ`Xc`[X[\jX^fiX[`jgfem\`j# e\Z\jj}i`f\jk`dlcXifjZfejld`[fi\jÔ$ eX`jZfdf]\ikXj[\mXcfigXiXZX[Xld# j\e[fXÈi\Xcg\ijfeXc`qXf[Xf]\ikX[\ j\im`fjÉldXjg\Zkfhl\X^fiXj\i}gfjj$ m\c[\\e[\i\Xi[\]fidXZfeZi\kX% 8`ekif[lf[Xlk`c`qXf[XcXi^liX [\YXe[XX^fiX[`jgfem\cefefjjf[`X$ $X$[`XkXdYdldXi\jgfejXY`c`[X[\\ fgfikle`[X[\[\e\^Z`f gXiXkf[fjfj ]fie\Z\[fi\j[\j\im`fjY}j`Zfj\c\Zki`$ Z`[X[\#^}j#}^lX#kiXejgfik\j#\kZ% #j\e[f \jkXldX[Xj}i\Xjhl\gf[\i}Zfeki`Yl`i [\]fidX[\Z`j`mXgXiXXZ\c\iXifjem\`j [\lk`c`qXf[XjefmXji\[\jg\cfgYc`Zf \d^\iXc%ye\Z\jj}i`fÈYXeXc`qXiÉXlk`c`$ qXf[\jkXj]leZ`feXc`[X[\j -26-2$48,0'(2/,9(,5$35(6,'(17('$,%032578*$/ /LJDUVHDRIXWXURLQWHOLJHQWH 8j\dgi\jXjhl\]Xc_Xi\def`em\jk`d\ekf[XjIE>gfif\dZXljXXjlXgigi`XjfYi\m`meZ`X% <jg\Z`Xcd\ek\efj\Zkfi[Xjk\c\Zfdle`ZX\j%JfYg\eX[\ÔZXi\dgi\jXjXlddf[\cffYjfc\kf% <jkXji\[\jkiX[lq\dXe\Z\jj`[X[\[\jljk\ekXif]lklifeldXXgfjkXZfeZi\kXeX`efmXf [fgi\j\ek\%JX`YXdfjkf[fjXgifm\`kXi\jkXefmXmX^X[\`efmXf\Zfe[lq`ifZi\jZ`d\ekf $ kXfÔeXc[\)'('#ldd`c_f [\i\j`[eZ`Xj[\m\if\jkXic`$ ^X[Xj~jIE>%<jkX#g\cfd\$ efj#ldX[Xj`ek\e\j[\jk\ ^fm\ief#hl\Zfej`[\iflZfdf gi`fi`[X[\\jkiXk^`ZXgXiXfGXjf`em\jk`$ d\ekfe\jkXji\[\j%:fej\^l`iXX[fgf dXjj`ÔZX[X[\XZ\jjfj[\\c\mX[f[Y`kf~ @ek\ie\k\#efd\jdfj\ek`[f#[\j\emfcm\i Xgc`ZX\jXmXeX[Xj\[\mXcfiXZi\jZ\ekX[f gXiXfjZ`[X[fjjfXc^lej[fj[\jXÔfjhl\Xj \dgi\jXjc`^X[Xj~jk\c\Zfdle`ZX\j\j`jk\$ dXj[X`e]fidXfkdg\cX]i\ek\% :X[Xj\i_ldXef#\dgi\jX#fi^Xe`qXf# Z`[X[\#gXjflj`jk\dXeXkliXc\jk}XkfieXi$ $j\ZX[Xm\qdX`jZfe\ZkX[f\Zfed`ZX#kZ$ e`ZX\jfZ`Xcd\ek\%y#gf`j#]le[Xd\ekXchl\ fefmfZ`Zcfk\Zefc^`Zfhl\j\XeleZ`X\j$ k\aXXc`e_X[fZfdXe\Z\jj`[X[\[\`e]le[`i `ek\c`^eZ`Xefjefjjfjj`jk\dXj\eX]fidX ZfdfkiXYXc_Xdfj\Zfejld`dfjj\im`fj [\Zfdle`ZXf% Fdle[fkfiefl$j\dX`jgcXef\dX`j g\hl\ef%8^fiXZ_\^flX_fiX[\kfieXi$j\ dX`j`ek\c`^\ek\%<gi\Z`jXd\ek\e\jkXkiX$ [\\mfclk`mXÆ`ek\iZfe\Zk`m`[X[\#`ejkild\e$ kXc`qXf\`ek\c`^eZ`XÆhl\[\m\dfjXjj\e$ kXif]lklif[\ldgif^i\jjf\]\Zk`mfcfZXc\ ^cfYXc%8e\Z\jj`[X[\[\ldX`e]iX$\jkilkl$ iX[\Zfdle`ZX\jdX`j[`ed`ZX#e\jk\ Zfek\okf#\m`[\ek\%<jkX`e]iX$\jkilkliX[`$ ed`ZXg\id`k`i$efj$}\e[\i\Xifj[\jX$ Ôfj[\_fa\\Xjfgfikle`[X[\j[fXdXe_ Xkijm\Zkfi\j1 ( D\c_fiXifj\im`fÆefjXjj\^l$ iXe[fX[`jgfe`Y`c`[X[\\hlXc`[X[\[fj j\im`fja}\o`jk\ek\jdXjjfYi\kl[fjX$ k`j]Xq\e[fXj\og\ZkXk`mXj[fjZc`\ek\j\d k\dgfi\Xc#Xjj`dZfdffXZ\jjf[`ed`Zf Xj\im`fj`efmX[fi\j% ) I\[lq`ifjZljkfjÆZfek\e[ffjZljkfj fg\iXZ`feX`j\XZfdgc\o`[X[\\Zfej\^l`e$ [f^Xe_fj[\gif[lk`m`[X[\XkiXmj[\jfcl$ \jZfdfXm`iklXc`qXf#\eki\flkiXj% * >\i`ifi`jZfÆ\e[\i\Xe[fhl\jk\j ZfdfXj\^liXeX#Xi\j`c`eZ`X\fj[\jXÔfj [\Zfdgc`XeZ\#dXjkXdYdgi\gXiXe[ffj i`jZfj\d\i^\ek\j\XjjfZ`X[fjXlddle$ [fdX`jc`^X[f\ZfcXYfiXk`mf% Ý2PXQGRWRUQRXVHPDLV SODQRHPDLVSHTXHQR $JRUDFKHJRXDKRUDGH WRUQDUVHPDLVLQWHOLJHQWH («SUHFLVDPHQWH QHVWDWU¯DGHHYROXWLYD ØLQWHUFRQHFWLYLGDGH LQVWUXPHQWDOL]D©¥R HLQWHOLJ¬QFLDØTXH GHYHPRVDVVHQWDURIXWXUR GHXPSURJUHVVRHIHFWLYR ORFDOHJOREDO $QHFHVVLGDGHGHXPD LQIUDHVWUXWXUDGH FRPXQLFD©·HVPDLV GLQ¤PLFD«QHVWH FRQWH[WRHYLGHQWHÞ %(1(),&,26&21&5(726 F`em\jk`d\ekf\dK@:k\d$j\i\m\cX[f ld[fjgi`eZ`gX`jdfkfi\j[\Zi\jZ`d\e$ kf\Zfed`Zf\[\gif[lk`m`[X[\cXYfiXc% <#e\jj\j\ek`[f#fjY\e\]Z`fj[\ldX`e]iX$ $\jkilkliX[\YXe[XcXi^XefjfXYjkiXZ$ kfj1dX`j[fhl\Zi\jZ`d\ekf\Zfed`Zf# g\id`k\hl\Z`[X[fj\e\^Z`fjk\e_Xd XZ\jjfXldXdX`fi[`jgfe`Y`c`[X[\#hlX$ c`[X[\\\ÔZ`eZ`X[\kf[XldXd`iX[\[\ j\im`fjhl\jfZ\ekiX`jgXiXfj\lY\d$ $\jkXi%<hl\`eZcl\d}i\XjZfdfXjX[\#X \[lZXf#fjj\im`fjgYc`Zfj#fZfdiZ`f# fjd\[`Xflf\eki\k\e`d\ekf% Gfikl^Xc#Xg\jXi[fjgif^i\jjfjj`^e`$ ÔZXk`mfj#Zfek`elXX`e[XXYX`of[Xd[`X \lifg\`XefXZ\jjf~YXe[XcXi^X#Zfdf ZfeÔidXd\jkl[fji\Z\ek\j[XF:;<% <e\jk\Zfek\okfXjmXekX^\ej[f`em\jk`$ d\ekf\dk\Zefcf^`X[\ÔYiXgk`ZXgXi\$ Z\dYm`Xj% Li^\#j\d[m`[X#c`dXifjkiXfj[\ gi$df[\ie`[X[\hl\Zf\o`jk\dZfdXdf$ [\ie`[X[\hl\k\ekXXÔidXi$j\efjm}i`fj hlX[iXek\jjZ`f$\Zfed`Zfj[fefjjfGXj% <#Xjj`d#Y\e\ÔZ`Xi[fgfk\eZ`Xc[XjK@: gXiXi\ZfeÔ^liXiXjfZ`\[X[\\dkiXej`f Zfdfc_\Z_XdflDXel\c:Xjk\ccj \d hl\m`m\dfjgXiXldXm\i[X[\`iXjfZ`\[X$ [\[X`e]fidXfhl\\hl`c`Yi\XZ\jjfj\ ljfj#i`jZfj\fgfikle`[X[\j\#Xfd\jdf k\dgf#`em\ikXfje[`Z\jgi\fZlgXek\j[\ c`k\iXZ`X[`^`kXc[fjgfikl^l\j\j% DX`j[fhl\ld\jkdlcfgXiXX\Zfef$ d`XeXZ`feXc#XjIE>g\id`k`ifkXdYd i\jgfe[\ijXk`j]Xkfi`Xd\ek\~jgi\]\ieZ`Xj [fjefmfjZfejld`[fi\j[\d\[`X#ZX[Xm\q dX`jX[\gkfj[\df[\cfj[\Zfdle`ZXf gXik`c_X[XXjj\ek\\djfcl\jN\Y)%'% E\jk\Zfek\okf#Xj\dgi\jXjhl\]Xc_X$ i\def`em\jk`d\ekf[XjIE>gfif\d ZXljXXjlXgigi`XjfYi\m`meZ`X%<`jkf j\i}gXik`ZlcXid\ek\\m`[\ek\efj\Zkfi [Xjk\c\Zfdle`ZX\j%JfYg\eX[\ÔZXi gi\jfXlddf[\cffYjfc\kf%8c^ldXk`ekX k\da}Zfii`[fjfYi\fdf[\cf`[\Xc[\i\$ ^lcXf[XjefmXjIE>%Ef\ekXekf#Xg\$ jXi[XjÈ]i`Xji\^lcXki`XjÉ[\]\e[`[Xjgfi Xc^lej#j\i`XdX`jX[\hlX[ff[\j\e_f[\ ldXdY`\ek\i\^lcXki`f\hl`c`YiX[fhl\ jXk`j]XXXj\o`^eZ`Xj[fd\iZX[f\Xje\$ Z\jj`[X[\j[fjZfejld`[fi\j% 8jIE>kiX[lq\d#Xjj`d#Xe\Z\jj`[X[\ [\jljk\ekXif]lklifeldXXgfjkXZfeZi\kX eX`efmXf[fgi\j\ek\%JX`YXdfj\ekf kf[fjÆ\ek`[X[\jgYc`ZXj#gi`mX[Xj\Z`$ [X[fjÆXgifm\`kXi\jkXefmXmX^X[\`ef$ mXf\Zfe[lq`ifZi\jZ`d\ekfgfikl^lj XXckXm\cfZ`[X[\ *ULHO&2081,&$(6 \d]fZffg`e`f -26&$5/26*21$/9(6&(2GD/RJLFD &RQVXPLGRUHVGHQRYDJHUD©¥R FZfejld`[fi[f]lklifj\i}ZX[Xm\qdX`jdlck`kXjb`e^#dlck`ZlckliXc\dlck`ZXeXc# ZfdZfek\[fjcXi^fj[`jgfe`Y`c`qX[fjg\cXjefmXji\[\j%<fj\lZi\jZ\ek\gf[\ii\jlckX X`e[X\defmXj\og\i`eZ`XjeXZfem\i^eZ`X[fjdle[fjdm\c\[`^`kXc 1 fXZklXcZfek\okf\Zfed`Zf [\dck`gcfj[\jXÔfj#Xji\$ [\j[\efmX^\iXfIE> jf_fa\Zfej`[\iX[Xj]le[X$ d\ekX`jgXiXf[\j\emfcm`$ d\ekfjZ`f$\Zfed`Zf[\kf[fjfjgXj\j# `eZcl`e[fGfikl^Xc%<jfZik`ZXjgXiXf jlZ\jjf[fj[`]\i\ek\jXZkfi\jeXjjfZ`\$ [X[\jdf[\ieXj#efd\X[Xd\ek\Xj\d$ gi\jXjhl\XZklXdefd\iZX[f[XjK@:# \jg\Z`Xcd\ek\fjfg\iX[fi\j[\k\c\Zf$ dle`ZX\j% E\jkXg\ijg\Zk`mX#fj[`]\i\ek\jgcXp\ij\ Xj\dgi\jXj[\m\dk\i\dZfej`[\iXfhl\ Xgio`dX^\iXf[\XZ\jjf[\YXe[XcXi$ ^Xefj\i}Xg\eXjldXd\iXXZklXc`qXf [Xji\[\jgXiXgifgfiZ`feXidX`fi\j\d\$ c_fi\jm\cfZ`[X[\j[\XZ\jjf%:fejk`kl\d# jfYi\kl[f#ldXefmXgcXkX]fidX\jj\eZ`Xc gXiXfcXeXd\ekf[\ldXf]\ikX^cfYXc[\ cXi^f\jg\Zkif#f]\i\Z\e[fefmXjfgfikle`$ [X[\jXhl\d[`jgfe`Y`c`qXefmfjj\im`fj [\]fidXjljk\ek}m\c% FjefmfjZc`\ek\jgf[\if#Xjj`d#ljl$ ]il`i[\efmfj\dck`gcfjj\im`fj[`jgfe`$ Y`c`qX[fjeldX`e]iX$\jkilkliX[\i\[\hl\ j\i}#[\kf[fjfjdf[fj#\Zfefd`ZXd\ek\ dX`j\ÔZ`\ek\\dX`j\ÔZXq%FZfejld`[fi [f]lklifj\i}ZX[Xm\qdX`jdlck`kXjb`e^# dlck`ZlckliXc\dlck`ZXeXc#ZfdZfek\[fj cXi^fj[`jgfe`Y`c`qX[fjg\cXjefmXji\[\j% FZi\jZ\ek\gf[\i[fjefmfjZfejld`$ [fi\ji\jlckX`^lXcd\ek\\defmXj\og\i`e$ Z`XjeXZfem\i^eZ`X[fjdle[fjdm\c\ [`^`kXc%Fi\Z\ek\jlZ\jjf[X8ggc\Zfd [`jgfj`k`mfjdm\`jJdXikg_fe\ Zfdf f`G_fe\\dd\iZX[fjdl`kfjXkliX[fj i\jlckfl#jfYi\kl[f#[Xdfe`kfi`qXf[\ efmfjlj\i\og\i`\eZ\%Fhl\i\jlckXe`Zf \[`]\i\eZ`X[fiX[`jgfe`Y`c`qXfdl`kf i}g`[X[\dX`j[\dX`j[\*'d`c[`]\i\e$ k\jXgc`ZX\j#[`m`[`[Xj\d}i\XjZfdf fjlk`c`k}i`fj#i\[\jjfZ`X`j#dj`ZX#\eki\$ k\e`d\ekf#af^fj#\kZ%#gXiXldk\id`eXc ]j`ZfZfdZ\iZX[\[f`jXefj[\_`jki`X Zfd\iZ`Xc% ,03$&726$72'262619(,6 J`dlckXe\Xd\ek\#Xjj`jk`dfjXfdfm`$ d\ekfi}g`[f[\kf[fjfj]XYi`ZXek\jef &2081,&$(6*ULHO Ý&DGDYH]PDLVR LPSRUWDQWH«RTXHVHID]H Q¥RRQGHVHID] $DOWHUD©¥RGDQDWXUH]D GRORFDOGHWUDEDOKR LU£SURSRUFLRQDUQRYDV PRELOLGDGHVGHQWUR GDVSUµSULDVFLGDGHV 3HODSULPHLUDYH]TXHP WUDEDOKDHTXHPFRQVRPH XVDU£DPHVPDWHFQRORJLD HDPHVPDSODWDIRUPDD ,QWHUQHW(VWDDVVXPHFRP DVQRYDVUHGHVXPSDSHO GHLQIUDHVWUXWXUDFU¯WLFD WUDQVYHUVDODRVGLIHUHQWHV VHFWRUHVGDHFRQRPLDÞ j\ek`[f[XXY\ikliX[fjj\lj[`jgfj`k`mfjX n`[^\kj[\dl`kf]}Z`c`ejkXcXf#g\id`$ k`e[fX`ek\iXZfZfdfjj\im`fjdX`j [`mlc^X[fj\gfglcXi`qX[fj[XjZfdle`[X$ [\j[\@ek\ie\k#ZfdfPflKlY\#Kn`kk\i# =XZ\Yffb\DpJgXZ\#Zfe^i\^Xe[fgXi$ Z\i`Xj\eki\j\im`fj[\jfZ`Xce\knfib`e^ \`ejkXekd\jjX^`e^@D ^\iXe[fj\im`fj m\i[X[\`iXd\ek\`ek\^iX[fj% <dgXiXc\cf#fjgi`eZ`gX`j`dgXZkfjj\$ ifeXeXkli\qX\eXi\cXfZfdfkiXYX$ c_f%:X[Xm\qdX`j#f`dgfikXek\fhl\j\ ]Xq\effe[\j\]Xq%8Xck\iXf[XeXkl$ i\qX[fcfZXc[\kiXYXc_f`i}gifgfiZ`feXi efmXjdfY`c`[X[\j[\ekif[Xjgigi`XjZ`$ [X[\j%G\cXgi`d\`iXm\q#hl\dkiXYXc_X\ hl\dZfejfd\ljXi}Xd\jdXk\Zefcf^`X \Xd\jdXgcXkX]fidX1X@ek\ie\k%<jkX Xjjld\#ZfdXjefmXji\[\j#ldgXg\c[\ `e]iX$\jkilkliXZik`ZXkiXejm\ijXcXfj[`$ ]\i\ek\jj\Zkfi\j[X\Zfefd`X% GXik`ZlcXid\ek\efmf\Zfdld`ek\$ i\jj\jfZ`Xci\c\mXek\fX[m\ekf[\efmfj j\im`fjXjjfZ`X[fj~jX[\#Y\d$\jkXi#\e$ m\c_\Z`d\ekf#kli`jdf#j\im`fjgYc`Zfj# ZfdfXaljk`X\Xj\^liXeX#hl\`ifY\e\$ ÔZ`XiZfdle`[X[\j\gfglcX\jhl\ef k`e_Xd]XZ`c`[X[\[\XZ\jjfX\jkXk`gfcf^`X [\j\im`fj%F[\jXÔfgXjjXkXdYdgfi Zi`XidX`fiXlkfefd`XXgfglcX\jdX`j j\e`fi\j\XZ\jjfgio`dfXZfdle`[X[\j i\dfkXj%;`jgfe`Y`c`qXildX\ok\ejf[fj j\im`fjgYc`Zfj#g\id`k`e[f#Xjj`d#ld j\im`fdl`kfZfem\e`\ek\#k`c\g\ijfeXc`$ qX[f%@dgfikXek\\Zik`Zff\emfcm`d\ekf [fjfi^Xe`jdfjhl\XZklXde\jk\j[fd$ e`fj\gXik`ZlcXid\ek\fjdle`Zg`fj#ZlaX ZXg`cXi`[X[\[\j\im`fjZi\jZ\ek\\[\ dX`fi`dgfikeZ`X% 8Zi\jZ\ek\X[fgf[X@ek\ie\k\XjlX Zfej\hl\ek\dXjj`ÔZXfj\ifX`e[XdX`j gfk\eZ`X[XjZfdfXiiXehl\\d]fiX#\jk\ Xef#[fjefmfj`em\jk`d\ekfjeXji\[\j[\ efmX^\iXf%8XckXm\cfZ`[X[\Xek\Z`gXi} dl[XeXjj`^e`ÔZXk`mXjefjXZklX`j\jk`cfj [\m`[X#gifgfiZ`feXe[fefmfjdf[\cfj[\ e\^Z`fk\e[\eZ`Xcd\ek\dX`jjljk\ek}$ m\`j%8efmX`e]iX$\jkilkliXg\id`k`i}ld efmf#dX`jXmXeX[f#df[f[\fi^Xe`qXi\ j`dgc`ÔZXiXm`[XjfZ`Xc\Zfc\Zk`mX% =`eXcd\ek\#gXiXXcd[\Zfejk`kli\d ldX`e]iX$\jkilkliX}^`c[\[`jgfe`Y`c`qXf [\efmfjj\im`fj\dX`jZc\i\j#XjefmXj i\[\jZfejk`kl\d`^lXcd\ek\ldefmfm\Z$ kfi[\[\j\emfcm`d\ekf\Zi\jZ`d\ekf\Zf$ ed`Zfjljk\ek}m\c#\dc`e_XZfdXjefmXj fi`\ekX\j\e\Z\jj`[X[\j\Zfed`ZXj% \d]fZffg`e`f $1%$/6$1726$'0,1,675$'25'$5(1('2&(17(81,9(56,75,2 5HYROX©¥RRXHYROX©¥R" Fi`jZfi\^lcXki`fgf[\j\ij`^e`ÔZXk`mf#k\e[fgi\j\ek\X\ok\ejfhl\m\e_XXj\i[\c`e\X[X \dk\idfj[X`ek\im\ef]lkliX[fji\^lcX[fi\j\X`eZ\ik\qXhlXekf~i\dle\iXf\jg\iX[X $ ji\[\j#\ehlXekf`e]iX$\jkil$ kliXj]j`ZXj#jfldZfeZ\`$ kfZ\ekiXcef[fde`f[XjZf$ dle`ZX\j\c\Zkie`ZXj%GXiX Xcd[\g\id`k`i\dX`ek\ic`$ ^Xf[\\hl`gXd\ekfj\k\Zefcf^`XjZfd$ gc\d\ekXi\j#g\id`k\dkXdYdZfeZi\k`qXi ffYa\Zk`mf]le[Xd\ekXc\dhlXchl\ii\cX$ fd\iZXek`cÆX`ek\id\[`Xf\Zfed`$ ZX%8cd[`jjf#i\[\j\d\iZX[fj\jkf`e$ k`dXd\ek\XjjfZ`X[fj#j\e[fhl\Xji\[\j [\k\id`eXd#ef\ekXekf#X]fidX\jkilkl$ iX [\d\iZX[fdX`jX[XgkX[X~i\Xc`qXf [X`ek\id\[`Xf\Zfed`ZXÔeXc`[X[\ [Xji\[\j % Fj\Zkfi[XjZfdle`ZX\j\c\Zkie`ZXj #efdY`kf[XjZ_XdX[Xjlk`c`k`\j#fhl\ dX`jk\dm\i`ÔZX[fXck\iX\j[i}jk`ZXj# hl\i\dk\idfj[Xji\]fidXj[Xfi^Xe`qX$ f[fjd\iZX[fjhl\i[XjXYfi[X^\ej[X i\^lcXf\Zfed`ZX#kf[Xj[\k\id`eX[Xj g\cX\c\mX[XkXoX[\gif^i\jjfk\Zefc^`Zf hl\fj\ZkfiZfek`elXd\ek\m\i`ÔZX% 8ji\[\j[\efmX^\iXfIE> kiX[l$ q\dldXefmX\`dgfikXek\ÈXihl`k\ZkliXÉ k\Zefc^`ZX#dXjefjf#efj\lkf[f#ldX i\mfclfk\Zefc^`ZX%:fd\]\`kf#`ek\^iXd Xji\[\jZc}jj`ZXj[\k\c\Zfdle`ZX\jZfd X@ek\ie\k%:fe_\Z\e[f$j\XÕ\o`Y`c`[X[\ hl\X@ek\ie\k`ekif[lq#kiX[lq`[Xg\cXgfj$ j`Y`c`[X[\[\j\gXiXf[fkiXejgfik\\[f j\im`f#fYkd$j\\ekf^Xe_fjj`^e`ÔZXk`$ mfjeX`ek\^iXf[\kf[XjXji\[\j#jlY$i\$ [\j#\hl`gXd\ekfj\j\im`fj#eXhl`cfXhl\ EfXdZ_XdflXÈi\[\[Xji\[\jÉ#lk`c`qXe[f ldZfealekf[\i\^iXjZfdlej\ldXe`ZX c`e^lX^\dÆX@ek\ie\kGifkfZfc@G % 8j\Zfefd`XjYXj\X[Xj\di\[\jÆkf$ [XjXj\Zfefd`Xjdf[\ieXjÆ`ekif[lq`$ iXd#\eki\kXekf#efm`[X[\jj`^e`ÔZXk`mXj \dk\idfj[\gfjjm\`jZfdgfikXd\ekfj Xek`ZfeZfii\eZ`X`jgfigXik\[fjgi`eZ`gX`j fg\iX[fi\j%:fdfZfej\hl\ek\Xc\ikXgXiX fji\^lcX[fi\jj\Zkfi`X`j\#kXdYd#gXiX ldXdX`fie\Z\jj`[X[\[\Zffg\iXf\e$ ki\Xhl\c\j\XjXlkfi`[X[\j_fi`qfekX`j i\jgfej}m\`jg\cXXgc`ZXf[fjjfjgi`e$ Zg`fj[XZfeZfiieZ`X% EfZXjf[XjIE>#fj\leZc\fZ\ekiXc ldXgcXkX]fidX[\jf]knXi\hl\gifgfi$ Z`feXhlXchl\ij\im`f[X[fj#mfq#m[\f &2081,&$(6*ULHO Ý$TXHVW¥RGHIXQGR HPWHUPRVHPSUHVDULDLV «DFDSDFLGDGHGH HIHFWXDURVLQYHVWLPHQWRV QHFHVV£ULRV¢VUHGHV GHDOWDYHORFLGDGHÞ XkiXmj[\ldXi\[\]j`ZXZfYi\flÔYiX # \eki\flkiXjXck\ieXk`mXj%<jkXgcXkX]fidX gifgfiZ`feXX`dgfikXek\Zfem\i^eZ`X k\Zefc^`ZX% 5(*8/$ 212926352%/(0$6 <jkXefmXÈXihl`k\ZkliXÉk\Zefc^`ZXZfcf$ ZX#Xjj`d#efmfjgifYc\dXji\^lcXki`fj\d k\idfj[fXZ\jjf~ji\[\j%8j[`ÔZlc[X[\j k\i`ZXjef[\j\e_f[\lddf[\cfi\^lcX$ k`mfe`ZfgXiXXjIE>jf#e\jk\dfd\e$ kf#]XZ`cd\ek\g\iZ\gkm\`jXfXeXc`jXi\d$ $j\XjXck\ieXk`mXjhl\[`]\i\ek\jgXj\jkd X[fgkX[f\hl\mf[\j[\Xefi\^lcXf \Zfed`ZXXk~j\gXiXf\jkilkliXc% GXi\Z\#Xjj`d#`e\m`k}m\chl\hlXchl\i `e`Z`Xk`mXi\^lcXki`Xefj\ek`[f[XXY\ikl$ iX[Xji\[\jcfZX`j~ZfeZfiieZ`Xk\i}[\ g\iZfii\ildcfe^fg\if[f[\kiXej`f% ;liXek\\jk\g\if[f#kXdYdfjZXe[`[X$ kfj~\ekiX[Xefd\iZX[f\fj`eZldY\ek\j kdYXjkXek\gXiXXgi\e[\i\dk\idfj[fj gio`dfj[\jXÔfjZfeZfii\eZ`X`j% DXjhlXcXhl\jkf[\]le[f\dk\i$ dfj\dgi\jXi`X`j6äYm`f8ZXgXZ`[X[\ gXiX\]\ZklXifj`em\jk`d\ekfje\Z\jj}i`fj eXjZ_XdX[XjIE>#j\d[\j\hl`c`YiXiX\j$ kilkliX[\ZXg`kXc[fjfg\iX[fi\j%8hl`# e\Z\jj}i`fk\igi\j\ek\f\efid\mfcld\ [\`em\jk`d\ekfe\Z\jj}i`fgXiXXZfdf[Xi XjIE>\k\igi\j\ek\Xj[`]\i\ek\jZfe[`$ \j[\\ekiX[X\Xgi\j\eX[\gcXkX]fi$ dXjXck\ieXk`mXj% <jk\gifYc\dXef#ef\ekXekf#\jg\$ ZÔZf[Xji\[\j[\Zfdle`ZX\j\c\Zki$ e`ZXj%Kf[XjXj`e[jki`Xj[\i\[\#jfYi\$ kl[fXj\e^cfYX[Xj\dj\Zkfi\jfYa\Zkf[\ c`Y\iXc`qXf\i\^lcXf\Zfed`ZX\c\Z$ ki`Z`[X[\\^}j #[\YXk\d$j\Zfdldgif$ Yc\dXZ\ekiXc\dk\idfj[\[\Z`jf\d$ gi\jXi`Xc1hlX`jfj`eZ\ek`mfji\^lcXki`fj XfXZijZ`df[f`em\jk`d\ekfj`^e`ÔZXk`mf eXdf[\ie`qXf\Xdgc`Xf[Xj`e]iX$\j$ kilkliXj[\i\[\6 8hl\jkf#gfid#dX`j[\c`ZX[Xef j\Zkfi[XjZfdle`ZX\j\c\Zkie`ZXj\\d gXik`ZlcXief`e\m`k}m\c`em\jk`d\ekfgi\$ m`jkfeXjIE>%Gfihl6Gfihl\XkXoX[\ gif^i\jjfk\Zefc^`Zfe\jk\j\Zkfief ZfdgXi}m\cZfdX[XjflkiXj`e[jki`Xj[\ i\[\%Flj\aX#Xgfjj`Y`c`[X[\[\#XgiXqf efdl`kfcfe^f#k\ii\Xc`qX[f`em\jk`d\e$ kfjZfdi\kfief[lm`[fjfk\d#\dk\idfj ZfdgXiXk`mfjZfdXjflkiXj`e[jki`Xj[\ i\[\#ldXgifYXY`c`[X[\dX`j\c\mX[X% KXc\o`^\ldXXk\ef\i\jgfejXY`c`$ [X[\dX`fi[fji\^lcX[fi\j[fj\Zkfi[Xj Zfdle`ZX\j\c\Zkie`ZXj\#kXcZfdfk\d j`[f[\]\e[`[fgfim}i`fj`ek\im\e`\ek\jef j\Zkfi#ldXXYfi[X^\di\^lcXki`XhlXj\ ZXjfXZXjf#\d[\ki`d\ekf[\lddf[\cf i\^lcXki`fe`Zf%Fi`jZfi\^lcXki`fgf[\ j\i#gfikXekf#j`^e`ÔZXk`mf#k\e[fgi\j\ek\ X\ok\ejfhl\m\e_XXj\i[\c`e\X[X\d k\idfj[X`ek\im\ef]lkliX[fji\^lcX$ [fi\j\X`eZ\ik\qXhlXekf~i\dle\iXf \jg\iX[X[fj`em\jk`d\ekfjeXjIE>% ;fgfekf[\m`jkXk\Zefc^`Zf#XjIE> Xck\iXdXÈXihl`k\ZkliXÉ\Xkfgfcf^`X[Xj i\[\j[\Zfdle`ZX\j\c\Zkie`ZXjXZ$ klX`j%8jlX`ekif[lfjli^\ZfdfXXc$ k\iXfdX`jj`^e`]`ZXk`mX[Xji\[\j[\ k\c\Zfdle`ZX\j[\j[\hl\]f``ekif[l$ q`[XZfeZfiieZ`X\]\Zk`mXefj\Zkfi%:fd \]\`kf#fj\Zkfi\mfcl`l[XjZ_XdX[XjÔ$ oXj\XeXc^`ZXjgXiXXdfY`c`[X[\\#X^f$ iX#gXiXXZfe\Zk`m`[X[\j\dc`d`k\j% -2 2&21)5$5,$'2&(17(81,9(56,75,2 4XHYDORUSDUDDUHGH" 8jIE>`ifXgif]le[Xifj\]\`kfjhl\XjkiXej]fidX\jeXj`e[jki`Xj[\`e]fidXf \Zfdle`ZX\jefjck`dfj)'XefjkdZi`X[f%:fdmXekX^\ejgXiX\dgi\jXj\Zfejld`[fi\j% <gf[\di\jlckXi\dY\e\]Z`fjjfZ`X`jj`^e`ÔZXk`mfj\dk\idfj[\[\jZfe^\jk`feXd\ekf [Xm`[XliYXeX\[\d\c_fi[`jki`Yl`f[XXZk`m`[X[\\Zfed`ZX & \ekiXe[f$efjefd\iZX[f[\ Zfdle`ZX\j#ZfdXji\[\j [\efmXgio`dX6 ^\iXf# fmXcfigfk\eZ`Xc[Xc`^Xf~ i\[\Xld\ekXi}gXiXZX[XXj$ j`eXek\#gfihl\Xld\ekXi}XjlXlk`c`qX$ fgXiXXXhl`j`f[\[`]\i\ek\jk`gfj [\j\im`fjÔeXeZ\`ifj#ZfdgiXj\c\Z$ kie`ZXj[\Y\ej#gX^Xd\ekfj[\`dgfj$ kfj#\kZ% %@jkfgfihl\#efde`df#Xji\$ [\j[\efmX^\iXfj\dgi\g\id`k`if d\c_fi\jZfe[`\jeXi\Xc`qXf[\jjXj kiXejXZ\j% Ef\ekXekf#kXcm\qj\gfjjXjl^\i`i hl\fj\l`dgXZkfdX`j`dgfikXek\j\ kiX[lqXg\cX[`jgfe`Y`c`[X[\[\ldXZX$ gXZ`[X[\[\XZ\jjfhl\m`i}XZi`XiXjlX gigi`XgifZliX#ZfeZi\k`qX[Xg\cfj]fi$ e\Z\[fi\j[\efmXjXgc`ZX\j\[\ef$ mfjZfek\[fj%yXhl`hl\`i}i\j`[`iX ZfeZfiieZ`XgXiXldXZXgkliX[fmXcfi hl\fXjj`eXek\i\k`iX[Xc`^Xf~i\[\% <[\\jg\iXihl\[\jjXZfeZfiieZ`Xf Zfejld`[fim\e_XXi\k`iXiY\e\]Z`fj j`^e`ÔZXk`mfj% HlXekfXf`dgXZkf\Zfed`Zf^\iXc# kl[f`e[`ZXhl\Xji\[\j[\efmX^\iXf `ifXgif]le[Xifj\]\`kfjhl\XjkiXej$ ]fidX\jeXj`e[jki`Xj[\`e]fidXf \Zfdle`ZX\jefjck`dfj)'Xefjkd Zi`X[f%<dk\idfj\Zfed`ZfjdX`jX^i\$ ^X[fj#kXcm\qmXc_XXg\eXi\XcXi#\eki\ flkifj#f`dgXZkfeXfi^Xe`qXf[Xj\d$ gi\jXj#eX[\jcfZXc`qXf[Xgif[lf\ efZfdiZ`f`ek\ieXZ`feXc% $63(&726'2,03$&72 Alc^fhl\mXc\Xg\ejXi\Zfi[Xi[f`jXj$ g\Zkfj\dhl\f`dgXZkf[Xji\[\j[\ efmX^\iXfgf[\j\iY\dj`^e`ÔZXk`$ mfÆgfihl\Xji\[\j[\^\iXfXek`^X a}f]fiXdefgXjjX[fi\Z\ek\1 X ;\jcfZXc`qXf[Xgif[lf1 8hl\[XYilkXcefjZljkfj[\Zfdl$ e`ZX\j#\dZfdY`eXfZfdXhl\[X efjZljkfj[\kiXejgfik\j#]f`ldXZfe$ [`fe\Z\jj}i`XgXiXXXZ\c\iXf[f gifZ\jjf[\^cfYXc`qXfXhl\k\dfj Ý2LPSDFWRPDLV LPSRUWDQWHGDV51* WDOYH]VHWUDGX]DSHOD GLVSRQLELOLGDGHGHXPD FDSDFLGDGHGHDFHVVR TXHYLU£DFULDUD VXDSUµSULDSURFXUD FRQFUHWL]DGDSHORV IRUQHFHGRUHVGHQRYDV DSOLFD©·HVHGHQRYRV FRQWH¼GRVDTXLTXH LU£UHVLGLUDFRQFRUU¬QFLD SDUDXPDFDSWXUDGRYDORU TXHRDVVLQDQWHUHWLUD GDOLJD©¥R¢UHGH («GHHVSHUDUTXH GHVVDFRQFRUU¬QFLD RFRQVXPLGRUYHQKD DUHWLUDUEHQHI¯FLRV VLJQLïFDWLYRVÞ m`e[fXXjj`jk`i\#jfYi\kl[f#gXiXXjlX kiXej]fidXf%JfX^fiXdl`kfdX`fi\j Xjgfjj`Y`c`[X[\j[\j\^d\ekXf[XZX$ [\`X[\mXcfi[\ldX\dgi\jXfl[\ldX `e[jki`X\[X[\jcfZXc`qXf[\jj\j\^$ d\ekfgXiXXcfZXc`qXfdX`jmXekXaf$ jX[fgfekf[\m`jkX\Zfed`Zf%A}ef j\kiXkX[\[\jcfZXc`qXi`e[jki`Xj#e\d È\dgi\jXjÉ#dXjj\^d\ekfj[fgifZ\j$ jfgif[lk`mf% Y :fdiZ`f[\j\im`fj1 >iXXjXf[\j\emfcm`d\ekf[XjZfdl$ e`ZX\j#dl`kfjj\im`fjhl\ef\iXd kiXejXZZ`fe}m\`j#fl\iXdgflZf`ek\^iX$ [fjefZfdiZ`f`ek\ieXZ`feXcgfihl\ k`e_XdldX[`d\ejfcfZXcZfejlckX$ [fi`X#gifa\ZkfjkZe`Zfj#X[mfZXZ`X#k\$ c\d\[`Z`eX#\kZ% #gXjjXiXdX\jkXiZX[X m\qdX`j`ek\^iX[fjefZfdiZ`f`ek\ieX$ Z`feXc\#eXc^lejZXjfj#Xj\i`dgfikXek\ ]fek\[\Zi\jZ`d\ekf[\jj\ZfdiZ`f%<d i\cXf#dl`kXjm\q\j#ZfdfjgifZ\jjfj [\[\jcfZXc`qXf[Xgif[lfhl\Zf$ d\Z\`gfii\]\i`i% 352&(6626'('(6/2&$/,=$ 2 :fdfXld\ekf[\ZXgXZ`[X[\\i\[l$ f[\Zljkfjhl\Xji\[\j[\efmX^\iXf mfkiXq\i#eXkliXchl\\jk\jgifZ\jjfj [\[\jcfZXc`qXf\[\XcXi^Xd\ekf[f dY`kf[fZfdiZ`f[\j\im`fjj\Zfe$ jfc`[\d\j\Xgif]le[\d%yeXkliXckXd$ Ydhl\Xjk\ej\jjfZ`X`jhl\c_\j\jkf `e\i\ek\jj\X^iXm\d%Gf[\if\cXjXZXYXi gfigi\dZXljX\jk\gifZ\jjf6 EldXg\ijg\Zk`mXdX`j[\jX^i\^X[X# gfjjm\chl\Xji\[\j[\efmX^\iXf ]XZ`c`k\dXdfY`c`[X[\[Xdf$[\$fYiX \#\dgXik`ZlcXi#fk\c\kiXYXc_fÆ\d$ YfiXe\jk\jZXjfj_XaXe\Z\jj`[X[\[\ d\[`[XjZfdgc\d\ekXi\j#hl\gf[\d `i[XX[\hlXf[fjZfekiXkfj[\kiXYX$ c_f~dl[XeXeXj_XY`kX\j\eXj}i\Xj i\j`[\eZ`X`j%;Xhl`gf[\di\jlckXiY\e\$ ]Z`fjjfZ`X`jj`^e`ÔZXk`mfj\dk\idfj[\ [\jZfe^\jk`feXd\ekf[Xm`[XliYXeX\[\ d\c_fi[`jki`Yl`f[XXZk`m`[X[\\Zfe$ d`ZXef\jgXf^\f^i}ÔZfgfikl^lj% *ULHO&2081,&$(6 \d]fZffg`e`f -2675,%2/(7352)(6625&$7('57,&2(35(6,'(17('2,1(6& 51*HYLY¬QFLDVFROHFWLYDV 8ZXgXZ`kXfm`iklXc[\m`m\eZ`XiXm`[X#efj\lÕlof\dk\dgfi\Xc#\dcfZXc`qX\j]j`ZXj [`jk`ekXjj\i}ldX[Xj^iXe[\jkiXej]fidX\j[fÈ_XY`kXi_ldXefÉhl\K@:\IE>gfk\eZ`Xif 9 XdfjX[d`k`ihl\fj`em\jk`$ d\ekfjgi\m`jkfji\Xc`qXief ZlikfgiXqf\dGfikl^Xc`if \]\Zk`mXd\ek\gifgfiZ`feXi X[`jgfe`Y`c`[X[\[XIE> eXjfZ`\[X[\gfikl^l\jXÆ`jkfhl\i\e[f [`q\iXZXgXZ`[X[\ aljk$`e$k`d\#aljk$`e$ $gcXZ\#aljk$`e$Zfek\ok[\XZ\jjf\dYXe[X cXi^XeXc`^Xf[\hlXchl\iÈ[`jgfj`k`mfÉ ~Èi\[\ÉXgi\fjXZ\jjm\`j% <jkXXgifo`dXf~Zfejkilf[f ]lklif# [\ ]fidX gi\jZi`k`mX# X gXik`i [XZfeZi\k`qXf[Xj`e]iX$\jkilkliXj \jj\eZ`X`jef[`]\i\ef\jj\eZ`Xc[X g\ijg\Zk`mXhl\Zfe[lq`leXjfZ`\[X[\ df[\ieX~Zfejkilf[\Xlkf$\jkiX[Xj# i\[\j\cZki`ZXj#[\}^lX#^}j\jXe\X$ d\ekfY}j`Zf% <dkf[fj\jk\jZXjfj_flm\ldXg\i$ Z\gf[\hl\_}e\Z\jj`[X[\jXjlgi`i# hl\\jjXje\Z\jj`[X[\j`dgc`ZXd`e]iX$\j$ kilkliXj\di\[\\hl\X[`jgfe`Y`c`qXf [\jjXjd\jdXj`e]iX$\jkilkliXj^\iXldX [`ed`ZXZfe[lZ\ek\Xfj\lljfdXjj`$ mfg\cXjfZ`\[X[\#\#Zfej\hl\ek\d\ek\# Xlkf$`e[lq\df[\j\emfcm`d\ekf[\d\$ ZXe`jdfj[\d\iZX[fXkiXmj[fjhlX`jf `em\jk`d\ekf]\`kf~gXik`[Xj\i\Zlg\iX \i\dle\iX[\]fidXX[\hlX[X%8`jjfj\ jfdXd#e\jk\jZXjfj[\`e]iX$\jkilkliXj Y}j`ZXjXZ`dXZ`kX[fj#fj\]\`kfj[Xj\ok\i$ eXc`[X[\jhl\fj\lljfgifmfZX% EfZXjf[XjIE>#\jk\gifZ\jjfj\i} `[ek`Zfflef6HlX`jXje\Z\jj`[X[\j Y}j`ZXj[fj\i_ldXefhl\_fa\ef\jkf d`e`dXd\ek\jXk`j]\`kXj\hl\XjIE> mdjXk`j]Xq\i6 ye\jkXZfe]fid`[X[\hl\mfli\jgfe$ [\i~g\i^lekXZ\ekiXchl\d\]f`ZfcfZX[X1 ÈHl\ZXd`e_fj[\m\ifj\ikfdX[fjgXiX \jk`dlcXiX[`jgfe`Y`c`qXf[\Zfek\[fj \j\im`fjjfYi\\jjXji\[\jhl\i\jgfe[Xd ~je\Z\jj`[X[\j[fd\iZX[f6É (%²8ek\j[\dX`j#gi\Z`jfZfejkil`i$ dfjldXlkfg`XjfZ`XcZfdld#gXik`e[f [fgi`eZg`f#\oX^\iX[f#Z\ikf#dXji\Xc$ d\ek\[\jXÔXek\#[\hl\kf[fjk\i\dfj# \dkf[ffcl^Xi\`ejkXek\#kf[fjfjd\`fj [\Zfdle`ZXf~m\cfZ`[X[\`eÔe`kX\X Zljkfq\if% )%²8Zfejkilf[\jkXlkfg`XgXik\[\ &2081,&$(6*ULHO ldXhl\jkfYXj\1hl\k`gf[\m`meZ`Xj hl\i\dfjk\iZfdf`e[`m[lfj\Zfdf \ek`[X[\jjfZ`X`jÆ]Xdc`Xj#\dgi\jXj# XlkXihl`Xj#eX\jÆ\hl\_fa\efgf$ [\dfjk\igfi]XckX[XjkX`jIE>6 *%²8\jkXhl\jkfjfdX$j\ldXflkiX1 hl\m`meZ`Xj\jkXdfj[`jgfjkfjX[\`oXi [\k\i#ldXm\qm`m\e[felddle[f[\e$ jXd\ek\Zfejkil[f\dZ`dX[\IE>6 E\e_ldXj[\jkXjhl\jk\jjfefmXj# \dk\idfj[X\d\i^eZ`X\[X`dgcXe$ kXfdXjj`mX[XjefmXji\[\jcf^jk`ZXj eX?ldXe`[X[\efjck`dfj[f`jjZl$ cfj8[`]\i\eX\jk}hl\f`dX^`eXildX lkfg`XZfdldYXj\X[XeXjIE>a}ef Zfii\jgfe[\XjXk`j]Xq\ie\Z\jj`[X[\j Y}j`ZXj`e[`m`[lX`j\Zfc\Zk`mXjY\dZf$ e_\Z`[Xj[X?ldXe`[X[\[\j[\j\dgi\# dXjj`dXZfejkil`iefmXjm`meZ`Xjhl\ eleZXe`e^ldm`m\lXek\j#\hl\#Xc`}j# XdX`fi`X[\eje\dj\hl\ij\gjX`e[X X`dX^`eXi%%% (;(03/2'(129$8723,$ ;X[XjXjc`d`kX\j[\k\okf#mflZfeki`$ Yl`iZfdld\o\dgcf[\EFM8LKFG@8 hl\d\dfk`mXdl`kf1Xi\Zlg\iXf[X m`meZ`X[\È]Xdc`X\jk\e[`[XÉgfii\Zli$ jf~jIE>%Kf[fjjXY\dfjhl\XÈ]Xdc`X \jk\e[`[XÉ[fjefjjfjXek\gXjjX[fjef k\ddX`jZfe[`\j[\jfYi\m`meZ`XeX jfZ`\[X[\XZklXc%GfekfÔeXcJ\i}gfjj$ m\ci\Zlg\iXif\jj\eZ`Xc[\jk\Xik\]XZkf jfZ`Xc#hl\kXekfefj]f`k`cef[\j\emfcm`$ d\ekf[X?ldXe`[X[\6FlmXdfjd\jdf XZ\`kXihl\fZfeZ\`kf[\]Xdc`Xa}\iX6 FiX1j\X[d`k`idfjhl\ZX[Xld[fj \c\d\ekfj[\ldXÈ]Xdc`X\jk\e[`[XÉ Æ[fjY`jXmjXfjY`je\kfjÆ\jkXifm`$ m\e[f\dZfek\okfj`ejkild\ekX[fjZfd ldXgXiX]\ie}c`X[\^X[a\kj\c\Zkie`Zfj jlg\i$[lg\i#ZfdXe[X[fjgfimfq#gfi ^\jkfj#gfik\ZcX[fj\iXkfj#\hl\kf[fj \c\j\jkfc`^X[fjgfiIE>\eÔd#kXc Zfdfm\dfj_fa\a}eXjefmXj^\iX\j [\af^fj\efjÔcd\j 2j\X[d`k`idfjhl\ kf[fjfji\Zlijfj]j`Zfjhl\\jk\jd\d$ Yifj]Xd`c`Xi\jljXd\jkf[fkX[fj[\ I=@;XZk`mfj#`eZcl`e[f\c\jgigi`fj# \m`[\ek\d\ek\#\hl\kf[ff\jgXf]j`Zf \dhl\j\dfm`d\ekXd\jk}df[\cX[f [\]fidX^\f$i\]\i\eZ`X[X#g\id`k`e[f e\c\Èm`jlXc`qXiÉm`iklXcd\ek\fj\jgXfj ]j`Zfj\dhl\\jk\j_ldXefji\Xcd\ek\ m`m\eZ`Xd\dk\dgfi\Xc%<ekf#kf[fj gf[\i\dfjgXik`c_Xi\dk\dgfi\XcXm`$ meZ`X[fjflkifj#j\Xjj`df[\j\aXidfj \Xlkfi`qXidfj#ZcXif#ljXe[fgXiXkXcfj efjjfji^fjj\ejfi`X`j]XcX$Xl[`f$m`$ jf\dj`dlcke\f\[\]fiXdeXkliXc% 8[`jgfe`Y`c`qXf[\jkXZXgXZ`[X[\ Æ[\m`m\i\dk\dgfi\Xc#ÈZfc\Zk`mXd\ek\É# Xi\Xc`[X[\hl\\jk}XXZfek\Z\iXm}i`Xj g\jjfXjhl\\jkf\dcfZX`j[`]\i\ek\jÆ`i} i\mfclZ`feXifk`gf[\m`meZ`Xj[`jgfe$ m\`j_fa\~^iXe[\dX`fi`X[fj_ldXefj# Xg\eXjhlXe[fgXik`c_Xdfd\jdf\jgXf ]j`Zf%<jkXZXgXZ`kXfm`iklXc[\m`m\eZ`Xi Xm`[Xefj\lÕlof\dk\dgfi\Xc#dXj\d cfZXc`qX\j]j`ZXj[`jk`ekXj#j\i}#eXd`e_X fg`e`f#ldX[Xj^iXe[\jkiXej]fidX\j [fÈ_XY`kXi_ldXefÉhl\XjK@:\XjIE> m`ifgfk\eZ`Xi% <#e\jkXZfe]fid`[X[\#Xhl\jkf\jj\e$ Z`XcXi\jgfe[\iefXhl\]f`]fidlcX[X% 8hl\jkfefdX`ji\g`jXiXm\c_XZXef [fjZfek\[fj\[fjj\im`fj#dXjj`d1hl\ lkfg`Xj[\m\dj\iZfemfZX[Xj\Zfc\Zk`mX$ d\ek\Zfejkil[Xjhl\#Xfj\i\dX[fgkX$ [XjjfZ`Xcd\ek\#Zi`\d[\]XZkfldefmf d\iZX[f#fe[\#XgXik`i[XjefmXjm`meZ`Xj e\cXjZfejkXek\j#XgXi\Z\defmXje\Z\jj`$ [X[\jZlaXjXk`j]Xf\o`^\XjIE>6FZ\i$ e\[Xhl\jkf[XjIE>jfXjM@MÜE:@8J :FC<:K@M8Jhl\\cXjgifgfiZ`feXd 18125,%(,52',5(&725'((%86,1(6608/7,0(',$'$&21752/,19(67( *HVW¥RGDPXGDQ©DQDHUDGLJLWDO Fjd\[`XkiX[`Z`feX`jjffjhl\kddX`jZXgXZ`[X[\\gfk\eZ`XcgXiXm\eZ\i% 8@ek\ie\kXYi`lfXg\k`k\gXiXfZfejldf[\Zfek\[fj\fd\iZX[fgXjjflXj\ifdle[f + fa\\d[`X#giXk`ZXd\ek\kf$ [fjfje\^Z`fjjf[`^`kX`j%8 [`^`kXc`qXf]f`\X`e[X#gXiX Xc^ldXjfi^Xe`qX\j#fdX`fi [\jXÔf[fgfekf[\m`jkX[\^\j$ kf[Xdl[XeX%LdXj]fiXdg`fe\`iXj# flkiXjXgXe_XiXdfZfdYf`f\flkiXji\$ j`jk`iXdXkefgf[\idX`j\c\`X$j\hl\ efgf[\d %DXjkf[XjXZXYXiXdgfii\e$ [\i$j\Xf Z_`g#~ji\[\j#~YXj\[\[X[fj# Xf[XkXZ\ek\i#XfZfdiZ`f\c\Zkie`Zf\ ~glYc`Z`[X[\fec`e\% 8\iX[X[`^`kXc`qXfXYi`lefmfj_f$ i`qfek\j# dXj kXdYd dl[fl dl`kfj gXiX[`^dXj[fjdf[\cfj[\e\^Z`f\d giXk`ZXd\ek\ kf[Xj Xj `e[jki`Xj% ;Xj dX`jg\hl\eXj~jdX`fi\j\dgi\jXj#X fYi`^Xkfi`\[X[\[\ldXi\[\Ôe`f[fj df[\cfj\Zfed`Zfj\[\^\jkfi\m\cfl$ j\d\jdfld]XZkfi[\k\id`eXek\gXiXfj Yfeji\jlckX[fj%M\aX$j\fZXjf[X^`^Xek\jZX Bf[Xb#hl\k\m\[\XYXe[feXifdf[\cfhl\ j\^l`X_}XefjgXiXj\X[XgkXi~]fkf^iXÔX [`^`kXc%DXjj\gXiXX`e[jki`X[X]fkf^iXÔX \jkXdl[XeXa}\jk}eldX]Xj\XmXeX[X# eX`e[jki`X[fjd\[`XgXi\Z\X`e[X\jkXi ef`eZ`f#m`m\e[f$j\#e\jk\dfd\ekf#f i\Z\`f[XÈZXe`YXc`qXfÉ#fhl\eXd`e_X fg`e`f`e]le[X[f% 8Zi\[`kfhl\ef_}hl\k\ii\Z\`fj#gf`j fjd\[`XkiX[`Z`feX`jjffjhl\kddX`j ZXgXZ`[X[\\gfk\eZ`XcgXiXm\eZ\i%Gfi ldcX[f#X@ek\ie\kXYi`lfXg\k`k\gXiXf Zfejldf[\Zfek\[fjefjdX`jmXi`X[fj kXi^\kj#kiXq\e[fdX`j\efmfjc\`kfi\j#\j$ g\ZkX[fi\j#lk`c`qX[fi\j#\kZ%Gfiflkif#f efjjfd\iZX[fgXjjflXj\ifdle[f% 129263$5$',*0$6 Fhl\[`]\i\eZ`Xfjgifa\Zkfj^cfYX`jf ]XZkf[\hl\i\i\dj\iZX[Xm\qdX`jcfZX`j% ye\jk\gfekfhl\`eZ`[\Xfgfikle`[X[\ [fjd\[`XkiX[`Z`feX`j#gf`jfjZfek\[fj [\gifo`d`[X[\\f`[`fdXjf`e\hl`mf$ ZXd\ek\]XZkfi\j$Z_Xm\[\[`]\i\eZ`Xf# \a}c\mXiXddl`kfj gcXp\ij`ek\ieXZ`f$ eX`jXÈkiX[lq`i\d$j\É#XX[XgkXifjj\lj j\im`fj~je\Z\jj`[X[\j[\ZX[XgXj\X XZi\jZ\ekXimXcfiZfdZfek\[fjcfZX`j% 8X[XgkXfX\jkXefmXi\Xc`[X[\hl\i$j\ i}g`[X#eldXXckliX\dhl\efgXiXd[\ jli^`igcXp\ijeXjZ`[fjZfd;E8[`^`kXc# Ý2TXHGLIHUHQFLDRV SURMHFWRVJOREDLV«RIDFWR GHTXHUHUHPVHUFDGDYH] PDLVORFDLVQHVWHSRQWR TXHLQFLGHDRSRUWXQLGDGH GRVPHGLDWUDGLFLRQDLV SRLVRVFRQWH¼GRVGH SUR[LPLGDGHHRLGLRPDV¥R LQHTXLYRFDPHQWHIDFWRUHV FKDYHGHGLIHUHQFLD©¥RÞ Zfddf[\cfj[`ed`Zfj[\^\jkf\Zfd ZXgXZ`[X[\[\dl[XeXg\idXe\ek\% Gfihl\hl\fPflKlY\flXCXjk%=D ef]fiXdZi`X[XjgfildX\jkXf[\KM fl[\i}[`f6J`dgc\jd\ek\gfihl\e\e_ld [fjd\`fjkiX[`Z`feX`jk`e_Xg\iZ\gZ`feX[f fd\`f[`^`kXcZfd\jk\gfk\eZ`Xc%Flm`X$ $j\dl`kfYfX^\ek\[`q\iÈ\lefXZi\[`kf eX@ek\ie\kÉ#hlXe[feXi\Xc`[X[\ef\iX ldXhl\jkf[\]#dXjj`d[\m`jf%Dl`$ kfjgfi`eiZ`X#gfi]XckX[\jb`ccjeXjjlXj \hl`gXjflg\cfd\[f[\ÈZXe`YXc`qXfÉ ÔZXiXdZi`Xk`mXd\ek\ÈZ\^fjÉeXlk`c`qX$ f[\jkXjefmXjgcXkX]fidXj% <jkXdl[XeXeXX[XgkXfXfjefmfj gXiX[`^dXjX`e[X\jk}Y\def`eZ`f#\ hlXe[ff[`^fi\Ôif$d\ZfeZi\kXd\ek\# e\jk\Zfek\okf#~YfX^\jkf[Xdlck`gc`$ Z`[X[\[\[`jgfj`k`mfjfe[\fjZfek\[fj gf[\dj\iZfejlckX[fj\~]fidXZfdf jf[`jgfe`Y`c`qX[fjXfjZfejld`[fi\j% GXi\Z\j`dgc\j#dXjkl[fd\efj`jjf% ygi\Z`jXd\ek\XXYfi[X^\dÈj`dgc`jkXÉ hl\Zfe[\eXdl`kfj~gXik`[X%M\aX$j\fZX$ jf[Xi}[`f#hl\#eXd`e_Xfg`e`f#fd\`f hl\k\df;E8dX`jgio`df[X@ek\ie\k# g\cfj\lgf[\i[\jek\j\eX]fidX[\Zfdl$ e`ZXi#`d\[`Xk`jdf\`ek\iXZk`m`[X[\Zfdf flm`ek\#fe[\fk\c\]fe\[\j[\j\dgi\f gi`eZ`gXcZXeXcljX[fgXiXhl\fjflm`ek\j j\aXd^\iX[fi\j[\Zfek\[fj% @jkfi\`k\iXfZfeZ\`kfL>:Lj\i>\$ e\iXk\[:fek\ek #hl\efefmf\e\d j\hl\i]f`Zi`X[fg\cX@ek\ie\kÆ\jkXXg\$ eXjfÈYXgk`qflÉ%FjdX`fi\jjlZ\jjfj[X _`jki`X[Xi}[`f]fiXd\oXZkXd\ek\fj gif^iXdXjhl\gifdfm`XdX`ek\iXZk`m`$ [X[\\XZi`Xf[\Zfek\[fjg\cfjfl$ m`ek\j#Zfdf#gfi\o\dgcf1HlXe[ffK\$ c\]fe\KfZX#GXjjX^\`if[XEf`k\\X`e[X _fa\f =ildKJ=%8ÔeXc#XjZf`jXjhl\ kXekfdl[XiXd#j\ZXc_Xi#efdl[XiXd Xjj`dkXekf¿ Fhl\dl[fl[\]XZkf]fiXdXjgfjj`$ Y`c`[X[\jk\Zefc^`ZXj%?fa\#k\dfjXZ\jjf g\idXe\ek\XfjZfek\[fjefG:#G;8# GJG#`G_fe\#9cXZb9\iip#B`e[c\#I\mfi}$ [`f ¿8`e[jki`X[X[`jki`Yl`fkXdYd jf]i\[fd\jdfi\Z\`f[XÈZXe`YXc`qXfÉ# Zfek`elXe[fXXc`d\ekXiXÈ^l\iiXÉ[fj ]fidXkfjÆ;M;#?;;M;hl\\eki\$ kXekfa}Èdfii\lÉ \9clIXpÆhlXe[fa} j\j\ek\hl\fhl\mX`gi\mXc\Z\ijffj [fnecfX[j\fjjki\Xd`e^% E\jkXefmXi\Xc`[X[\[\^cfYXc`qXf \[`^`kXc`qXf#j\aXhlXc]fiX`e[jki`X# XZi\[`kfhl\dXk\dXk`ZXd\ek\Z\ikf hl\m\eZ\iffj gcXp\ijhl\k`m\i\dX dX`fiZXgXZ`[X[\[\X[XgkXf\iXg`[\q [\`dgc\d\ekXf[\efmXj]fidXj[\^\j$ kf#kXcZfdfldZ\ikf;Xin`egfjklcfl [\]fidXj\d\c_Xek\#eflkifZfek\okf#\d Z\ikXXckliXÆXjfYi\m`meZ`X[fjdX`jXg$ kfj#e\dj\dgi\fjdX`j]fik\j#dXjj\d$ gi\fjdX`jX[XgkXk`mfj%<j\\jk\dfm`$ d\ekfeXjfi^Xe`qX\j`dgfikXek\#ef d\efji\c\mXek\gXiXXZfdg\k`k`m`[X[\ [XjeX\j#hl\\jk}ZX[Xm\qdX`j[\g\e$ [\ek\[XÈ[`^`kXc`qXfÉ[XjjlXj`e[j$ ki`Xj#\dX`jX`e[XX^fiX#\dk\dgf[\ gj`Zfj\[\Zi`j\#\dhl\Xhl\jkf[Xjf$ Yi\m`meZ`X#[\]XZkf#ldXhl\jkf¿ 6ERSµOINTERACTIVADESTEARTIGOEMWWW CIBERTRANSISTORCOM *ULHO&2081,&$(6 \d]fZffg`e`f 1812$57856,/9$&(2'$352'8(6),&7&,$6 5HGHVGHQRYRVFRQWH¼GRV ygi\Z`jfld`em\jk`d\ekf#gXiXc\cfXf`em\jk`d\ekfeXj`e]iX$\jkilkliXj[\XckXm\cfZ`[X[\#eX Zi`Xf#gif[lf\gifdff[\Zfek\[fj\dce^lXgfikl^l\jX%:femfZXe[fkf[fjfjgcXp\ij ''0fXef[XjIE>\d Gfikl^Xc%K\d$j\[`jZlk`[f fj\l`dgXZkf\dk\idfj \Zfed`Zfj\jfZ`X`j#dXj `^lXcd\ek\`dgfikXek\g\e$ jXi\g\ijg\Zk`mXifk\dXefZfek\okf[X `e[jki`X[fjZfek\[fj#flj\aX#Xek\j[\ dX`j#\dk\idfjZlckliX`j%J\_}ldXgi`f$ i`[X[\XYjfclkXd\ek\`ehl\jk`fe}m\cef j\im`fgYc`Zf#X[\c`^Xikf[fjfjZ`[X$ [fj\[\kfieXiXZ\jjm\`jfjj\im`fj\fj Zfek\[fjgXiXkf[fjfjgfikl^l\j\j% :fdfjXeleZ`X[fj`em\jk`d\ekfjeXj efmXji\[\j[\ÔYiXgk`ZX#Xjgfjj`Y`c`$ [X[\j[\XZ\jjfXfjZfek\[fjXld\ekXd \ogfe\eZ`Xcd\ek\\fi\Z\`f[\hl\j\gl$ [\jj\\jkXiXZi`XildXjfZ`\[X[\[\`e]fi$ dXfhl\j\gXiXjj\fji`Zfj[fjgfYi\j# `jkf#fjhl\kd[fjhl\efkdYXe$ [XcXi^X#gXi\Z\`e]le[X[f%Ef_Xm\i}# gfikXekf#ldXk\c\m`jfgXiX\e[`e_\`iX$ [fjZfdf_fa\fjgXZfk\jZXYffl@GKM \ldXk\c\m`jfgXiXgfYi\jfjhlXkif ZXeX`j^\e\iXc`jkXj %?Xm\i}ldXdlck`$ gc`Z`[X[\[\Zfek\[fjZfdj\^d\ekfj \jg\ZÔZfj\oZclj`mfjdXj[\XZ\jjf^\$ e\iXc`qX[f% Ef\ekXekf#f^iXe[\`em\jk`d\ekf\d k\Zefcf^`Xef\jk}Xj\iXZfdgXe_X[fgfi ld`em\jk`d\ekf\dZfek\[fj%<jkXdfj Xi\gif[lq`ifdf[\cf[fY\kf#hl\]\q Zfdhl\ÔZ}jj\dfjZfdldgXjZ_\`f[\ Xlkf$\jkiX[Xj#\jk}[`fj\jXcXj[\\jg\Zk}$ ZlcfjmXq`Xj#j\dZfek\[fj% 3$3(/'2(67$'21$',1$0,=$ 2 8Zi`Xf[\ldX`e[jki`XXl[`fm`jlXc gfikl^l\jX]fik\\[`m\ij`ÔZX[X[\m\i`X j\ildXgi`fi`[X[\eXZ`feXc%8^iXe[\ hl\jkf1hlXcfdf[\cf[\e\^Z`f# Zfdfhl\j\mfgX^Xifjgif^iXdXj# fjÔcd\j\Xjji`\j6<X`e]fidXf\d gXik`ZlcXiXi\gfikX^\d\X`em\jk`^Xf [\`e]fidXf 6<#a}X^fiX#fjefmfj Zfek\[fjdlck`d[`X#`eZcl`e[faf^fj ZfdZfek\[fjfi`^`eX`j\dce^lXgfi$ kl^l\jX6<djldX#Zfdfj\mfgX^Xi fjZfek\[fjfi`^`eX`j6JfYi\kl[fe\jk\ dfd\ekf\dhl\fjfg\iX[fi\j[\k\c\$ m`jfg\i[\dglYc`Z`[X[\\XE\kX`e[X efXk\d[\]fidXj`^e`ÔZXk`mX% &2081,&$(6*ULHO Ý2TXHWHPIDOWDGR HP3RUWXJDOQ¥R«DUWH QHPDUWLVWDVRTXH IDOWD«PHLRVSURGX©¥R UHJXODUPRGHORVGH QHJµFLRDUWLFXODGRV VXVWHQW£YHLV GLYHUVLïFDGRV HGXUDGRXURVRXVHMD HPWHUPRVJHUDLV LQG¼VWULDÞ DX`j[fhl\eleZX#eldgXj[\g\$ hl\eX\jZXcXZfdfGfikl^Xc#k\d[\j\if <jkX[fX`eZ\ek`mXi\X`em\jk`iefj\Zkfi% EfjXkiXmj[Xk\c\m`jfgYc`ZX#Zfdf kXdYdXkiXmj[\gfck`ZXj[\`em\jk`$ d\ekfZlckliXc#\#[\j[\cf^f#\o`^`e[fXfj [`jki`Yl`[fi\jhl\`em`jkXdeXhl`cfhl\ XjlXiXqf[\\o`jkeZ`X1fjZfek\[fj% y[\jj\jZfek\[fjhl\ej]XcXdfjeXj efjjXjZfem\ijXj#jf\c\jhl\ejhl\$ i\dfjm\iXhlXchl\i_fiX#\dhlXchl\i Zi#gXiXX\o`jkeZ`X[\c\jefle`m\ijf [Xce^lXgfikl^l\jXhl\k\d[\_Xm\i# li^\ek\d\ek\#ld`em\jk`d\ekf\ldX \jkiXk^`Xdlck`gcXkX]fidX% ?fa\\d[`Xef_}gifgi`Xd\ek\ldX `e[jki`XXl[`fm`jlXc\dGfikl^Xc%<eki\ ldZ`e\dX\oZ\jj`mXd\ek\[\g\e[\e$ k\[\jlYj[`fj\jkXkX`j#hl\ef\eZfe$ kiflX`e[XefmXj]fidXj[\ÔeXeZ`Xd\e$ kfe\djflY\Zi`XiefmfjgYc`Zfj#\ldX k\c\m`jffe[\hlXj\ef_}gif[lkfi\j `e[\g\e[\ek\j\fe[\fj^iXe[\jgif[l$ kfi\jfljfjlZlijX`j[\dlck`eXZ`feX`j fljfXjgigi`Xj\jkX\jXgX`jX^\d hlXj\[\j\ikX% Fhl\k\d]XckX[f\dGfikl^Xcef Xik\#e\dXik`jkXj#fhl\]XckXd\`fj#gif$ [lfi\^lcXi#df[\cfj[\e\^Z`fXik`Zl$ cX[fj#jljk\ek}m\`j#[`m\ij`ÔZX[fj\[liX$ [fi\j#flj\aX#\dk\idfj^\iX`j#`e[jki`X% <Xgifdff\[`mlc^Xf[fjZfek\[fj [\jjX`e[jki`X#`jkf#Xhl`cfhl\k\dX m\iZfdX[`d\ejfdX`j\jg\ZkXZlcXi\ gYc`ZX[fXl[`fm`jlXc% <iXgi\Z`jfhl\_flm\jj\ld`em\jk`$ d\ekf#gXiXc\cfXf`em\jk`d\ekfeXj`e$ ]iX$\jkilkliXj[\XckXm\cfZ`[X[\#eXZi`X$ f#gif[lf\gifdff[\Zfek\[fj \dce^lXgfikl^l\jX% DXjldXji`\[\dl[XeXjefgif$ Z\jjf[\gif[lf\ÔeXeZ`Xd\ekfef jlÔZ`\ek\j\ef_flm\ildXdl[XeX[\ d\ekXc`[X[\jhl\\c\aXXZi`XfXl[`fm`$ jlXcZfdfldXgi`fi`[X[\eXZ`feXc#kf fldX`j`dgfikXek\hlXekfXji\[\j[\ efmX^\iXf%;\hl\X[`XekXk\idfjXj Xlkf$\jkiX[Xjj\ef`em\jk`dfjefjXlkf$ dm\`jhl\efjgf[\dc\mXigXiXkf[fjfj j\ek`[fjhl\hl\i\dfj#j\d\g\id`k`[f XYljXi[Xd\k}]fiX% FD`e`jki`f[X:lckliX[\ZcXiflhl\ Xce^lXgfikl^l\jXfefjjfdX`figX$ ki`de`f\f^fm\iefXeleZ`flld]le[f [Xce^lX#hl\j\[\j[fYiXi}eldXji`\ [\gif^iXdXj\`e`Z`Xk`mXj%DXj\jj\e$ Z`Xcg\iZ\Y\ihl\ef_}gfck`ZX[Xce$ ^lXj\dgfck`ZXgXiXfXl[`fm`jlXc%<gXiX \jjXgfck`ZX]le[Xd\ekXcZfemfZXikf$ [fjfjgcXp\ijeld^iXe[\gifa\Zkf#dc$ k`gcf\[`m\ijf#hl\k\d[\j\ild[\j^$ e`feXZ`feXc% 8gif[lfXl[`fm`jlXcld[fjj`eX`j [\m`kXc`[X[\[\ldXZlckliX\[\ldXce$ ^lX%LdgXjg\ejX$j\\[\j\emfcm\$j\eXj jlXjÔZ\j%J\ef_}Ôcd\j#ji`\j#af^fj \gif^iXdXjZfdfjk\dXj\Xjg\ijfeX^\ej cfZX`j#XgX`jX^\dÔZXd\efj[`m\ij`ÔZX$ [X\dX`jgfYi\%8ji\[\j[\efmX^\iXf kd[\j\ii\[\j[\efmfjZfek\[fj% 67(3+(1-85<3520(7+($19,&(&+$,50$1Ø('8&$7,21675$7(*< 51*HRSRUWXQLGDGHVQD(GXFD©¥R 8k\Zefcf^`XXjjfZ`X[X~<[lZXff]\i\Z\ld\efid\gfk\eZ`Xc#hl\gf[\kiXej]fidXifdle[f [f\ej`ef\[XXgi\e[`qX^\d%8jK@:g\id`k\dhl\j\aXd[\j\emfcm`[XjXjZfdg\keZ`Xj e\Z\jj}i`XjgXiXldXd\c_figi\gXiXfgXiXf]lklif\]Xmfi\Z\ifjlZ\jjf\f[\j\dg\e_f * cfYXc`qXf#efmXjk\Zefcf^`Xj# mXi`X\jefjZ`Zcfj\Zfe$ d`Zfj#Xhl\Z`d\ekf^cfYXc\ dl[XeXjefd\iZX[f[\kiX$ YXc_fjfXg\eXjXc^lej[fj ]XZkfi\jhl\`eÕl\eZ`XdX]fidXZfdff j`jk\dX\[lZXk`mfgi\gXiXfjafm\ejgXiX f]lklif%8ZklXcd\ek\#fjafm\ej[\jg\e$ [\dYfXgXik\[fj\lk\dgf`d\ijfjef dle[f[Xjk\Zefcf^`Xj\gi\]\i\dhl\X `e]fidXfj\aX[`jki`Yl[X[\ldX]fidX Zi`Xk`mX#\emfcm\ek\\`ek\iXZk`mX%E\d j\dgi\j\[\gXiXdZfd\jkXi\Xc`[X[\eXj \jZfcXj#fe[\j\Xg\iZ\Y\d[\hl\kd[\ [`^\i`iZfe_\Z`d\ekfjgfim\q\j[`]Z\`j [\\ek\e[\i#ZfdgflZf`ek\i\jj\\Xgi\$ j\ekX[fj[\]fidXgflZfZXk`mXek\% 8k\Zefcf^`XXjjfZ`X[X~<[lZXff]\$ i\Z\ld\efid\gfk\eZ`Xc#hl\gf[\kiXej$ ]fidXifdle[f[f\ej`ef\[XXgi\e$ [`qX^\d%8jK@:g\id`k\dhl\j\aXd [\j\emfcm`[XjXjZfdg\keZ`Xje\Z\jj}i`Xj gXiXhl\fjafm\ejk\e_XdldXd\c_fi gi\gXiXfgXiXfj\l]lklif%Gf[\d`^lXc$ d\ek\Zfeki`Yl`igXiXldXXgi\e[`qX^\d dX`jZXk`mXek\\#Zfej\hl\ek\d\ek\#]X$ mfi\Z\ifjlZ\jjf\f[\j\dg\e_f\jZf$ cXi\j[fjXclefj% J\#gfildcX[f#XjIE>g\id`k\dXfj Xclefjk\iXZ\jjf~`e]fidXf[\XZfi[f ZfdXjjlXje\Z\jj`[X[\j#gfiflkif#fj gif]\jjfi\jkdXgfjj`Y`c`[X[\[\lk`c`$ qXiXj]\iiXd\ekXjhl\\jkfXfj\lXcZXe$ Z\gXiXgi\gXiXi\^\i`iXjjlXjc`\j[\ ldX]fidX[`^`kXc\XmXc`Xi[`Xi`Xd\ek\ f[\j\dg\e_f[fjj\ljXclefj%8jgfj$ j`Y`c`[X[\jjf`eÔe`kXj#j\e[ff\ej`ef \ei`hl\Z`[fZfdfljf[\dlck`d[`X\ i\Zlijfj`ek\iXZk`mfj% LdX[Xjgi`fi`[X[\j[\jk\gifa\ZkfZfe$ j`jk\\d]fie\Z\i~j\jZfcXjd\c_fi\jc`^X$ \j[\YXe[XcXi^XeX@ek\ie\k%GXiXXcd [`jjf#\o`jk\dflkiXjk\Zefcf^`Xj[\^iXe$ [\hlXc`[X[\eXjjXcXj[\XlcXj#hl\[\m\d j\i`^lXcd\ek\k`[Xj\dZfej`[\iXfgfi g\id`k`i\dhl\Xji\[\jj\aXd`dgcXekX[Xj ZfdjlZ\jjf%:fdf\o\dgcfjXc`\ekXdfjX lk`c`qXf[\hlX[ifj`ek\iXZk`mfj\dZfe$ alekfZfdfj[`jgfj`k`mfj[\i\jgfjkXflf ZfdglkX[fi[fjXclefj% ÝLPSRUWDQWHGHVHQYROYHU XPDYLV¥RSDUWLOKDGDVREUH RIXWXURGD(GXFD©¥RWHQGR HPFRQWDDVFRPSHW¬QFLDV TXHRVMRYHQVGRV«FXOR;;, QHFHVVLWDPGHDGTXLULUH TXDLVRVPHOKRUHVP«WRGRV GHHQVLQRDGHVHQYROYHU UHFRUUHQGRDSODWDIRUPDV HWHFQRORJLDVDGHTXDGDVÞ 3$3(/)81'$0(17$/'$67,& HlXchl\ik\Zefcf^`X[`jgfem\cefd\i$ ZX[f#gfij`j#`ejlÔZ`\ek\gXiXZXljXi dl[XeXjeXj\jZfcXjj\efk`m\idfj\d ZfekXfji\jgfej}m\`jg\cXhlXc`[X[\[f \ej`ef%8Zfdg\keZ`X[fjgif]\jjfi\jk\d [\j\i[\j\emfcm`[XgXiXhl\\jkXfgfikl$ e`[X[\j\kfie\i\Xc`[X[\%8jK@:[\j\d$ g\e_XdldgXg\cdl`kf`dgfikXek\gXiX hl\kXcj\ZfeZi\k`q\%Fljf[\i\Zlijfj [`^`kX`j]XZ`c`kXXgXik`c_X[\`[\`Xj\eki\fj [fZ\ek\j%G\ejXe[fe`jjf#XGifd\k_\Xe Zi`flf\jgXfgifd\k_\XegcXe\k%ZfdÆX dX`fiZfdle`[X[\m`iklXc[\gif]\jjfi\j# [\[`ZX[f\oZclj`mXd\ek\~gXik`c_X[\ i\Zlijfj#`[\`Xj\d\c_fi\jgi}k`ZXjeXj jXcXj[\XlcXj%8ZklXcd\ek\#\jk\gfikXc ZfekXZfddX`j[\**'d`cd\dYifj\j$ gXc_X[fjgfikf[ffdle[f\dX`j[\() d`ci\Zlijfj% E\jkXZfdle`[X[\\eZfekiXi}ldX XdgcX^XdX[\i\Zlijfj[`^`kX`j#hl\`e$ Zcl\dk\okfj#`dX^\ej#m[\fj\jfej%LdX m\qhl\\jk\ji\Zlijfjjf`ek\iXZk`mfj# XZi\[`kXdfjhl\#\dZfealekfZfdXj IE>#gfjjm\cZfeki`Yl`igfj`k`mXd\ek\ gXiXfdf[fZfdfjfc\ZZ`feX[XjXjXl$ cXj#k\e[fZfdfgi`eZ`gXc`ek\i\jj\kfie}$ $cXjdX`jZXk`mXek\jgXiXfjXclefj%<o`jk\ Xe\Z\jj`[X[\[\kiXej]fidXiX<[lZXf# \Xji\[\j[\efmX^\iXfjfldZfd$ gfe\ek\m`kXcgXiXhl\\jkXm`jfj\kfi$ e\i\Xc`[X[\% ;\]fidXXZfeZi\k`qXi\jk\gifa\Zkf# `dgfikXek\[\j\emfcm\ildXm`jfgXi$ k`c_X[XjfYi\f]lklif[X<[lZXfk\e$ [f\dZfekX1XjZfdg\keZ`Xjhl\fjaf$ m\ej[fjZlcfOO@e\Z\jj`kXd[\X[hl`i`i \hlX`jfjd\c_fi\jdkf[fj[\\ej`ef X[\j\emfcm\ii\Zfii\e[fXgcXkX]fidXj \k\Zefcf^`XjX[\hlX[Xj%Ld\c\d\ekf ZilZ`XcgXiX\jkXm`jfX\jkiXk^`XgX$ iXXdl[XeX#hl\gf[\j\iXcZXeX[X XkiXmj[X`dgc\d\ekXf[\gif^iXdXj [\]fidXf\[\Xg\i]\`fXd\ekf[fj gif]\jjfi\j% :feZi\k`qXi\jkXm`jf`dgfikXek\ gXiXf]lklif[fjefjjfjafm\ej%8Gif$ d\k_\Xegi\k\e[\gifjj\^l`iefjgi$ o`dfjk\dgfjZfd\jk\kiXYXc_f[\Zff$ g\iXf#\emfcm\e[fkf[XXZfdle`[X[\ \[lZXk`mXgfikl^l\jX\dl`kfjflkifjgX$ j\j[f^cfYf% K\e[f\dZfekX\jk\j]XZkfi\j\Xj e\Z\jj`[X[\j[XjlXjfZ`\[X[\#fGcXef K\Zefc^`Zf[X<[lZXfgfikl^lj`eXl$ ^liflldXmXc`fjX\kXgXg`fe\`iXeX<l$ ifgXhlXe[fcXeflfZfeZlijf`ek\ieX$ Z`feXcgXiXXg\ki\Z_Xd\ekf[\jXcXj[\ XlcXZfdhlX[ifj`ek\iXZk`mfj\m`[\fgif$ a\Zkfi\jeXj\jZfcXj[f)%²Z`Zcf[f\ej`ef j\Zle[}i`f%:fdX`ejkXcXf[\Z\iZX[\ ,-''hlX[ifj`ek\iXZk`mfj8Zk`m9fXi[[X Gifd\k_\Xe\jkfZi`X[Xjdck`gcXjfgfi$ kle`[X[\j\[\jXÔfjgXiXhl\Xj\jZfcXj \fjj\ljX^\ek\jgfjjXdc`[\iXildgif$ Z\jjfXiifaX[f#Zi`Xk`mf\`efmX[fi[\dl$ [XeXXfem\c[Xjd\kf[fcf^`Xj[\\ej`ef \[XXgi\e[`qX^\d#j\aXXem\ceXZ`feXc ZfdfefZfek\okf\lifg\l\dle[`Xc% *ULHO&2081,&$(6 \d]fZfÆZXjfjZfeZi\kfj 3257$,6'2&,'$' 2('$(035(6$ &LGDGDQLD QDSRQWDGRVGHGRV yldX[Xj^iXe[\jm`ki`XjefdY`kf[fgcXef[\df[\ie`qXf\j`dgc`ÔZXf[X8G \[f^fm\ief\c\Zkie`Zf%8@ek\ie\km\`fi\mfclZ`feXiX]fidX[\`ek\iXZf[fjZ`[X[fj \\dgi\jXjZfdfjj\im`fjgYc`Zfj#gflgXe[f$j\k\dgf\[`e_\`if ( dZ`eZfXefj[\\o`jkeZ`X#fGfi$ kXc[f:`[X[fdX`j[fhl\[lgc`$ Zflfed\if[fjj\im`fji\Xc`$ qX[fjfec`e\%HlXekfjli^`l#\d )''+#d\kX[\[fj\lZfek\[f \iXXg\eXj`e]fidXk`mf#*'`ek\iXZk`mf `e`Z`XmXfj\im`fdXjeffk\id`eXmX fec`e\ \Xg\eXj)'g\id`k`Xi\Xc`qXikf$ [ffgifZ\jjf[\]fidX\c\Zkie`ZX%?fa\# [`jgfe`Y`c`qXldkfkXc[\0,-j\im`fjXfj Z`[X[fj%;\jk\j#)(+jfkfkXcd\ek\]\`kfj m`X@ek\ie\k\gi\jkX[fjgfidX`j[\(-(fi$ ^Xe`jdfj\\ek`[X[\jgYc`ZXj%KXdYdX `[\`Xgfi[\ki}j[fGfikXc[X<dgi\jXi\$ j`[`leXZi`Xf[\ldYXcZfe`Zfhl\ g\id`k`jj\fXZ\jjf\c\Zkie`ZfXfjj\im`$ fjgYc`Zfj%;`jgfe`Y`c`qX[f\dd\X[fj [\)''-#f]\i\Z\XZklXcd\ek\hlXj\d\`f d`c_Xi[\j\im`fjfec`e\% FXld\ekf[XcXi^liX[\YXe[X\X Zi\jZ\ek\dXjj`ÔZXf[Xlk`c`qXf[X @ek\ie\k#kXekfgfiZ`[X[fjZfdfgfi\d$ gi\jXj#Zfeki`Yl`lgXiXfjlZ\jjf[\jk\j j\im`fj%F9XcZf[f:`[X[fXjjld\$j\ ZfdffZXeXc[\XZ\jjfgi`m`c\^`X[fXfj j\im`fjgi\jkX[fjg\cX8G#k\e[fZfdf fYa\Zk`mf]XZ`c`kXifi\cXZ`feXd\ekf\eki\ Z`[X[fj\<jkX[f%<XX[\jfZfdgifmXf j\ljlZ\jjf1j\^le[f[X[fj[X8^eZ`XgXiX XDf[\ie`qXf8[d`e`jkiXk`mX8D8 # \ek`[X[\hl\#jfYXklk\cX[XJ\Zi\kXi`X[\ <jkX[f[XDf[\ie`qXf8[d`e`jkiXk`mX# k\dgfid`jjffg\iXZ`feXc`qXiXjd\[`$ [Xj[\df[\ie`qXf[X8G#fGfikXc[f :`[X[fk\dZ\iZX[\)d`c_\j[\m`j`kXj d\ejX`j\ldmfcld\[\lk`c`qX[fi\ji\^`j$ kX[fjXZk`mfjeXfi[\d[fj*''d`c%Jef j\im`f[\:\ik`[\jFec`e\_flm\Z\iZX [\)'d`cg\[`[fj[\Z\ik`[\j[fi\^`jkf Z`m`c\gi\[`Xc% A}fGfikXc[X<dgi\jX#cXeX[fX*' [\Ale_f[\)''-ZfdffYa\Zk`mf[X [`jgfe`Y`c`qXf[\j\im`fj\`e]fidXf [\Xgf`fXfdle[f[fje\^Z`fj#g\id`k\# eld\jgXf fec`e\#m}i`fjj\im`fjX\d$ &2081,&$(6*ULHO P23RUWDOGR&LGDG¥RNµOSUBSTITUIAS,OJASDO#IDADµOMASCRIAESPA²OSDIGITAISEF¬SICOSCOMPLEMENTARES \d]fZfÆZXjfjZfeZi\kfj gi\\e[\[fi\j\\dgi\jXj%:fdfZi`XildX \dgi\jX#`ek\^iXcd\ek\#XkiXmj[fj\im`f :i`Xf[\<dgi\jXFec`e\fl[`jjfcm\i\ c`hl`[XieX_fiXXjjfZ`\[X[\j%FgfikXci\$ e\ldmXjkfZfealekf[\`e]fidX\jjfYi\ Zi`Xf#^\jkf#\ogXejf\\ok`ef[\\d$ gi\jXj\`e]fidXX`e[XjfYi\fgfikle`[X[\j \dgi\jXi`X`j%;`jgfe`Y`c`qXkXdYdld mXjkf[`i\Zki`f[\\ek`[X[\jhl\gf[\dk\i `ek\i\jj\#Xjj`dZfdf]\iiXd\ekXj[\Xgf`f% 8cd[X:\ik`[fG\idXe\ek\#[XDXiZX eX?fiXFec`e\\[fI\^`jkf:fd\iZ`Xc Fec`e\#\eki\flkifj% &203/(0(17$5,('$'('(&$1$,6 8dYfjfjgfikX`jÆ[f:`[X[f\[X<d$ gi\jXÆ`ek\^iXd$j\efdY`kf[\ld[fj hlXkiffYa\Zk`mfj\jkiXk^`Zfj[fXZklXc <o\Zlk`mf1fi\cXZ`feXd\ekf[X8GZfd Z`[X[fj\\dgi\jXj#ZfdXgi\jkXf[\ j\im`fjgYc`Zfj[Xd}o`dXhlXc`[X[\# j\^lifj#[\XZ\jjfle`m\ijXc#gi\jkX[fj\d k\dgfi\Xc)+_fiXjgfi[`X\g\ijfeXc`$ qX[fj%8hl``eZcl\d$j\X`e[X`e`Z`Xk`mXj Zfdff9XcZfDlck`jj\im`fj#9XcZfG\i$ [`X:Xik\`iX#:\ekifj[\=fidXc`[X[\j[\ <dgi\jXj\CfaXj[f:`[X[f% 8jCfaXj[f:`[X[f#gfi\o\dgcf#jf \jgXfj]j`Zfjhl\Zfdgc\d\ekXdfGfi$ kXc[f:`[X[f%8iiXeZXiXd\d(000#\d C`jYfX\Gfikf#[Xe[f$j\fgi`d\`ifgXjjf [fZfeZ\`kf[\ fe\jkfgj_fgefXk\e[`$ d\ekfgYc`Zf#gXjjXe[ffZ`[X[fXk\i XZ\jjfXldX^XdX[\j\im`fjgYc`Zfj \gi`mX[fjZfdf lk`c`k`\j#YXe[X\Zf$ dle`ZX\j %?fa\#\o`jk\d(,CfaXj[f :`[X[fcfZXc`qX[Xj\dqfeXj[\^iXe[\ [\ej`[X[\gfglcXZ`feXc18fi\j#8m\`if# 9fiYX#9iX^X#:f`dYiX#=Xif#C`jYfX[lXj # DX[\`iX#DliX#F[`m\cXj#Gfikf#J\kYXc\ M`j\l%8kXfÔeXc[fXefgXjjX[fi\Xc`qX$ iXddX`j[\-/d`c_\j[\Xk\e[`d\ekfj% <\jk}\dZlijfX\ogXejf[Xi\[\Zfd efmfjdf[\cfj[\Xk\e[`d\ekf#XkiXmj[fj YXcZ\j[\j\^le[X^\iXfhl\a}\o`jk\d efjZfeZ\c_fj[\9fiYX#DliX#F[`m\cXj\ I\j\e[\#eldkfkXc[\*'cfaXj\*,d`c_\j [\`em\jk`d\ekf#\eki\]le[fjeXZ`feX`j\ Zfdle`k}i`fj%8Zfdgc\d\ekXiXjCfaXj[f :`[X[f\o`jk\dfjGfjkfj[\8k\e[`d\ekf Xf:`[X[fG8: #gfjkfjdlck`jj\im`fj ZfdXk\e[`d\ekfg\ijfeXc`qX[f\dcfZX`j [\d\efi[\ej`[X[\gfglcXZ`feXc#hl\]le$ Z`feXdZfdf\ok\ej\j% Flkif[fjgifa\ZkfjZfdefkfi`\[X[\ f:Xikf[f:`[X[f#a}eXjdfj[\dX`j [\d\`fd`c_f[\gfikl^l\j\j%KiXkX$j\[\ ld[fZld\ekfe`Zfhl\jlYjk`kl`hlXkif [fZld\ekfjfÔZ`X`j1Y`c_\k\[\`[\ek`[X[\# ZXikf[\Zfeki`Yl`ek\#ZXikf[Xj\^liXeX jfZ`Xc\ZXikf[\lk\ek\[fJ\im`fEXZ`f$ eXc[\JX[\%8lk`c`qXf[\ldZ_`g`ek\$ ^iX[fg\id`k\$c_\efmXj]leZ`feXc`[X[\j1 gXiXXcd[Xj`dgc\j`[\ek`ÔZXf#^XiXek\ &2081,&$(6*ULHO 2VGRLVSRUWDLVØGR&LGDG¥RHGD(PSUHVDØLQWHJUDPVH QXPGRVTXDWURREMHFWLYRVHVWUDW«JLFRVGRDFWXDO([HFXWLYR RUHODFLRQDPHQWRGD$3FRPFLGDG¥RVHHPSUHVDV FRPDSUHVWD©¥RGHVHUYL©RVS¼EOLFRVGHP£[LPDTXDOLGDGH VHJXURVGHDFHVVRXQLYHUVDOSUHVWDGRVHPWHPSR UHDOKRUDVSRUGLDHSHUVRQDOL]DGRV XXlk\ek`ZXf\c\Zkie`ZX[fZ`[X[fefj XZkfjhl\c\mXiXZXYf#g\id`k`e[f$c_\Xjj`d `ek\iX^`iZfdlded\ifdX`jXcXi^X[f[\ fi^Xe`jdfjgYc`Zfj[\ldX]fidXdX`j j`dgc\j#i}g`[X\[\jYlifZiXk`qX[X%Gi\$ k\e[\$j\X`e[X]Xq\iZfdhl\XjXck\iX\j [\[X[fj[f:Xikf[f:`[X[fgfjjXdm`i X`e[XXj\ii\Xc`qX[XjXkiXmj[Xi\[\Dlck`$ YXeZf%LdX`[\`Xhl\[\jX^iX[X~:fd`jjf EXZ`feXc[\Gifk\Zf[\;X[fjdXjhl\ `ek\i\jjXXf<o\Zlk`mf#hl\me\jkXd\[`[X dX`jldYfd\o\dgcf[\8Gdf[\ieX\[\ [\jZ\ekiXc`qXf[\gifZ\[`d\ekfj% EX}i\X[Xj\dgi\jXj#ldX[XjdX`j \dYc\d}k`ZXj`dX^\ej[Xi\mfclf[X @ek\ie\kX<dgi\jXeX?fiX#hl\g\id`k\ Zi`Xildgifa\Zkf\dgi\jXi`Xc\dgflZfj d`elkfj%J\^le[f[X[fj[fD`e`jki`f[X Aljk`X#[\j[\fj\lXiiXehl\\Xk=\m\$ i\`ifck`df ]fiXdZfejk`kl[XjhlXj\-/ d`c\dgi\jXj#Zfdldk\dgfd[`f[\+) d`elkfj\,/j\^le[fj%J\d=\m\i\`ifc$ k`df#eXjZ\iXd(-/.\dgi\jXj#ldXd[`X [\//#/gfi[`X#Zfdfk\dgfd[`f[\** d`elkfj\*+j\^le[fj%EXjfdXkfkXc[\ )''/#]fiXdZfejk`kl[XjhlXj\(+efmXj \dgi\jXjgfi[`X%Flkifgifa\Zkfhl\\jk} XX^`c`qXigifZ\jjfjXJlZlijXceX?fiX# hl\gfjj`Y`c`kXXZi`Xf[\jlZlijX`j[\ \ek`[X[\jZfdj\[\ef\jkiXe^\`ifeld e`ZfXk\e[`d\ekf%<ekifl\d]leZ`feX$ d\ekf\d8Yi`c[\)''/#k\e[fj`[f[\j[\ \ekfZfejk`kl[Xj.'jlZlijX`jeX_fiX#f hl\i\gi\j\ekX++[XjjlZlijX`jZi`X[Xj \dGfikl^Xc% @^lXcd\ek\d\[`}k`Zf\`dgfikXek\# ~j\d\c_XeX[f:Xikf[f:`[X[f#f :Xikf[X<dgi\jX#[fZld\ekfhl\#Zfd Xd\jdXc^`ZX#jlYjk`kl`fed\if[\ `[\ek`ÔZXf[\g\jjfXZfc\Zk`mX#fe$ d\if[\`[\ek`ÔZXfÔjZXc\fed\if [\`[\ek`ÔZXf[Xj\^liXeXjfZ`Xc%DXj _}dl`kfdX`j1X:\ik`[fG\idXe\ek\# XDXiZXeX?fiX#fI\^`jkf:fd\iZ`Xc Fec`e\#X@e]fidXf<dgi\jXi`XcJ`d$ gc`ÔZX[X#f:Xk}cf^f[\C`Z\eX\X8^\e[X [f@em\jk`[fijfflkiXj[Xj]\iiXd\ekXj Xf[`jgfi[fj\dgi\j}i`fjefZ`Y\i\jgXf% <eki\AXe\`if\FlklYif[fXefgXjjX[fXj \dgi\jXjeXZ`feX`ji\Xc`qXiXddX`j[\(+ d`cXZkfj[\i\^`jkfZfd\iZ`XcXkiXmj[X @ek\ie\k#ldZi\jZ`d\ekf[\,'']XZ\Xfj XZkfji\^`jkX[fj\d`^lXcg\if[f[\)''.% <[X[fj[f@ejk`klkfEXZ`feXc[\<jkXkjk`$ ZXjdfjkiXdhl\\d)''/XkfkXc`[X[\[Xj ^iXe[\j\dgi\jXjgfikl^l\jXjlk`c`qXmX ]\iiXd\ekXj`e]fid}k`ZXjZfdglkX[fi\j g\jjfXj#Zfii\`f\c\Zkie`Zf\@ek\ie\k % EXjg\hl\eXj\dgi\jXj#Xg\iZ\ekX^\d[\ lk`c`qXfldgflZf`e]\i`fi#dXjd\jdf Xjj`dj\dgi\XZ`dX[fj0'% ;\i\]\i`ifjkijflkifjfYa\Zk`mfj\jkiX$ k^`ZfjefdY`kf[Xdf[\ie`qXf#j`d$ gc`ÔZXf\[f\$>fm1XZi`Xf[\i\[\j [\ZfcXYfiXf\[\Zfe_\Z`d\ekfeX8G2 fgif^iXdXJ`dgc`ÔZXf\Df[\ie`qXf 8[d`e`jkiXk`mX#hl\XYiXe^\m}i`fjgifZ\j$ jfj[\j`dgc`ÔZXf[\gifZ\jjfjkiXej$ m\ijX`jflj\Zkfi`X`j#hl\mf[\j[\X}i\X [fji\^`jkfj~}i\X[f\dgi\^f\[Xaljk`X Zi`d`eXc#\gi\k\e[\Zi`Xi\[\j\emfcm\iXj Zfe[`\je\Z\jj}i`XjXf]leZ`feXd\ekf[\ ldXi\[\[\X^\ek\j[\j`dgc`ÔZXf\d kf[fjfjd`e`jki`fj2\X8[d`e`jkiXf <c\Zkie`ZX#\ehlXekfX^\ek\[\ZXg`kXc`$ qXf[XjK@:gXiXkifZX[\`e]fidXf\ gi\jkXf[\j\im`fjXZ`[X[fj#\dgi\jXj \flkifjX^\ek\j[fj\im`fgYc`Zf% 3/$127(&12/*,&2'$6$'( H0HGLFLQD 8jK@:\jkfXdl[Xigif]le[Xd\ek\Xgi\jkXf[\Zl`[X[fj[\jX[\%8lk`c`qXf[XefmX ^\iXfg\id`k`i}dX`jj\im`fj#dX`fiX^`c`[X[\#iXg`[\q\\ÔZ`eZ`X%;\jdXk\i`Xc`qXiXXgfjkX $ jX[\ldX[Xj}i\Xj hl\ k\d m`e[f X Y\$ e\]`Z`Xi ]fik\d\ek\ [XXgfjkXgYc`ZXeXj gcXkX]fidXj[`^`kX`j% 8lk`c`qXf[XjK@:e\jkX}i\X Zi\jZ\ek\\\jk}Xj\i[\j\emfcm`$ [XXkiXmj[fGcXefK\Zefc^`Zf[X JX[\#hl\k\d\eki\fjj\ljkij gi`eZ`gX`j\`ofj[\XZfXj`dgc`$ ÔZXf[fjXZ\jjfj#Zi`Xe[f$j\ld Zfealekf[\d\ZXe`jdfj\gifZ\$ [`d\ekfjhl\X^`c`qXdX`ek\iXZf \eki\fjZ`[X[fj\fJ\im`fEXZ`f$ eXc[\JX[\JEJ %:XjfjZfdfX \$8^\e[X#hl\ldXgcXkX]fidX \c\Zkie`ZX[\dXiZXf[\Zfejlc$ kXj#f:Xcc:\ek\i[XJX[\#j\im`f k\c\]e`Zf[\Xk\e[`d\ekf)+_fiXjgfi [`Xhl\j\im\gXiX`e]fidXi#gXiXXZfe$ j\c_Xi\gXiX\eZXd`e_Xifjlk\ek\j#fl X:fejlckXXK\dgf\?fiXj#XkiXmj[f hlXcgXjjflXj\igfjjm\cXdXiZXf[\ ZfejlckXjefj_fjg`kX`jgfim`X\c\Zki$ e`ZXXgXik`i[fjZ\ekifj[\jX[\#jf \o\dgcfja}efk\ii\ef[Xjgfk\eZ`Xc`[X$ [\jhl\Xk\Zefcf^`Xg\id`k\eldj\Z$ kfim`kXc% GXiXXcd[Xj`dgc`ÔZXf[fXZ\j$ jf#fGK[XJX[\k\dkXdYdZfdf \`ofj[\[\j\emfcm`d\ekfgi`fi`k}i`fjX hlXc`ÔZXf[Xgi\jkXf[\Zl`[X[fj\ fgk`d`qXf[fji\Zlijfj%Kf[XjXjd\$ [`[Xjgi\m`jkXj\jkfjlgfikX[XjeldX `e]iX$\jkilkliXk\Zefc^`ZXhl\i\]fiX fjd\ZXe`jdfj\Xfgfikle`[X[\[\gXi$ k`Z`gXf[fZ`[X[f\gifgfiZ`feXd~j `ejk`kl`\jf[\j\emfcm`d\ekf[\efmXj f]\ikXj%<gi\k\e[\$j\`iX`e[XdX`jXcd# Y\e\ÔZ`Xe[f$j\[XjIE>#ZfdXZi`Xf [\ldXÈi\[\[\efmX^\iXf[XjX[\É# hl\g\id`kXXjlYjk`kl`f[XXZklXci\[\ `e]fid}k`ZX[XjX[\[\X[d`e`jkiXf `ek\ieX gfildXÈi\[\m`iklXc[\efmX ^\iXf#eldXgk`ZX[\j\im`fj\Zfd ldX]fik\Zfdgfe\ek\[\ÔYiXgk`ZXÉ% Fhl\g\id`k`i}ldX[`jgfe`Y`c`[X[\ k\Zefc^`ZXX[\hlX[X~jefmXjjfc`Z`kX$ \j\XcXi^liX[\YXe[X\[X^\jkf[\ i\[\X[\hlX[XXfj[\jXÔfj[f]lklif% (6)252'('(60$7(5,$/,=$ 2 F\j]fif[\[\jdXk\i`Xc`qXf[\gifZ\$ [`d\ekfjeX}i\X[XjX[\dXiZXkf[ff j\lGcXefK\Zefc^`Zf%EXm\ik\ek\[Xj`d$ gc`ÔZXf[fXZ\jjf#X\$8^\e[Xld[fj ^iXe[\j\o\dgcfj#Xfgfjj`Y`c`kXiXdXiZXf [\ZfejlckXj\[\d\`fjZfdgc\d\ekXi\j[\ [`X^ejk`Zf\[\k\iXglk`ZXgfid\`fjef gi\j\eZ`X`j%Flj\aX#Zfdi\ZlijfXgcXkX$ ]fidXjk\Zefc^`ZXjdlck`ZXeXc@ek\ie\k# k\c\]fe\\JDJ#\eki\flkifj #\emfcm\e[f fj[`]\i\ek\jj\im`fj[\jX[\#_fjg`kX`j\ Z\ekifj[\jX[\%DXjkXdYdf:Xcc:\ek\i [XJX[\C`e_XJX[\)+ flX:fejlckXX K\dgf\?fiXjÆldj`jk\dX`ek\^iX[f[\ i\]\i\eZ`Xf\[\^\jkf[fXZ\jjf~gi`d\`$ iXZfejlckX[\\jg\Z`Xc`[X[\_fjg`kXcXihl\ \emfcm\//_fjg`kX`j\*(/Z\ekifj[\jX[\# \fJ@>@:ÆJ`jk\dX@ek\^iX[f[\>\jkf[\ @ejZi`kfj\d:`ili^`Xm`jXdj`dgc`ÔZXigif$ Z\jjfj\i\]fiXiXjgfjj`Y`c`[X[\j[\\jZfc_X [fZ`[X[f%Fgifa\ZkfZfek\dgcXX`e[X ldGfikXc[XKiXejgXieZ`X#ldgfikXc[\ `e]fidXfjfYi\fjem\`j[\hlXc`[X[\[f j`jk\dX[\jX[\#\ldI\^`jkfEXZ`feXc[\ @[\ek`ÔZXf\8Z\jjf#ZfdXZ\ekiXc`qXf elde`Zfi\^`jkfeXZ`feXc[X`e]fidXf X[d`e`jkiXk`mXe\Z\jj}i`X~\o\Zlf[fj XZkfjZce`Zfj\X[d`e`jkiXk`mfj\djX[\% FgcXefgi\k\e[\X`e[XldXhlXc`ÔZXf [Xgi\jkXf[\Zl`[X[fj[\jX[\#Zfek\d$ gcXe[fm}i`Xjd\[`[XjeX}i\X[X`e]fidXf i\^`jkfZce`Zf\c\Zkie`Zf2gi\jZi`f [\d\[`ZXd\ekfjgXiXgfikX[fi\j[\ gXkfcf^`XjZie`ZXj2j`jk\dXj[\Xgc`$ ZX\jj\Zkfi`X`j #[fZfe_\Z`d\ekf :XdgljJX[\#gXiX[`^dXj[\^\j$ kf[fj:JG#^\jkf[fZ`Zcf[\m`[X [fjgif[lkfj[\jX[\ \[X`efmXf `eZ\ek`mfXfd\[`ZXd\ekf\Xf[`j$ gfj`k`mfd[`Zf2 :cljk\i[XJX[\ # kf[fjYXj\X[fjeldX`e]iX$\jkilkliX k\Zefc^`ZX[XjX[\%Hl\g\id`kX X`e[XldXfgk`d`qXf[fji\Zlijfj# gi\jkXe[f$j\d\c_fi\jj\im`fjZfd ldXdX`j\ÔZXqlk`c`qXf[fji\Zlijfj [`jgfem\`j#XkiXmj[\gifa\ZkfjZfdf XZi`Xf[\ldXgcXkX]fidX[\jlgfik\ Xfefmfdf[\cf[\^\jkf[fjZl`[X[fj [\jX[\gi`d}i`fj#[fjj\im`fjgXik`$ c_X[fj[\jX[\#[fkiXkXd\ekf[\i\j[lfj \[Xgfck`ZX[fd\[`ZXd\ekf#hl\`dgc`ZXX `dgc\d\ekXf[\ldj`jk\dX\c\Zkie`Zf [\jlgfik\~Zfe]\ieZ`X[\]XZkliXj#Xjj`d Zfdff[\j\emfcm`d\ekf[\ldXgcXkX]fidX [\jlgfik\\[\jdXk\i`Xc`qXf[Xgi\jZi`f [\d\[`ZXd\ekfj\d\`fjZfdgc\d\ekXi\j [\[`X^ejk`Zf\kiXkXd\ekf% GXiX]Xq\i]XZ\~j\o`^eZ`Xj[\jk\efmf ildfeXgi\jkXf[\Zl`[X[fjd[`Zfj \dGfikl^Xc#f<o\Zlk`mfXgifmflefÔeXc [fXefgXjjX[fXi\Xc`qXf[\ldZfe$ ZlijfgYc`ZfgXiXXi\efmXf[XI\[\ @e]fid}k`ZX[\JX[\I@J #hl\\e^cfYX XZklXcd\ek\dX`j[\))''Z`iZl`kfj[\ [X[fj[`jki`Yl[fjg\cXjm}i`Xj`ejk`kl`\j [fJEJ%<daf^f\jkf('d`c_\j[\\lifj# m\iYXXj\ilk`c`qX[XeX`e]fidXk`qXf[\ kf[fjfj_fjg`kX`j\Z\ekifj[\jX[\\X jlXc`^Xf\di\[\% ;\ XZfi[f Zfd f k\okf [f :fej\$ c_f[\D`e`jkifj[\+[\;\q\dYif[\ )''/#ÈXe\Z\jj`[X[\[\jkXZfekiXkXf X[md[Xi\c\meZ`Xhl\fjj\im`fj[\ Zfdle`ZX\ji\gi\j\ekXdefhlX[if [f j\Zkfi [X jX[\% 8j \o`^eZ`Xj \d k\idfj[\m\cfZ`[X[\[\Zfdle`ZX\j jfXZklXcd\ek\dl`kf\c\mX[Xj#ldXm\q hl\X^\e\iXc`qXfXkf[ffk\ii`ki`f eXZ`feXc[Xlk`c`qXf[\j`jk\dXj[\`e$ ]fidXf`dgc`ZXldXjfYi\ZXi^X[Xi\[\ `eZfdgXkm\cZfdXZXgXZ`[X[\XZklXcÉ% *ULHO&2081,&$(6 \d]fZf$ZXjfjZfeZi\kfj +263,7$/3(',75,&2'(&2,0%5$ &DUGLRORJLDHPGLJLWDO HlXj\f`kfd`cZfejlckXj#kijgid`fj[\\oZ\ceZ`X#[\qXefj[\XZk`m`[X[\\XZi`Xf [\ldXi\[\[\Zl`[X[fjd[`Zfj~[`jkeZ`X%<jk\fZXikf$[\$m`j`kX[fJ\im`f[\ K\c\d\[`Z`eX\d:Xi[`fcf^`XG\[`}ki`ZX\=\kXc[f?fjg`kXcG\[`}ki`Zf[f:\ekif?fjg`kXcXi [\:f`dYiX#gifa\Zkfe`ZfXem\ceXZ`feXc\hl\_fa\ldXi\]\ieZ`Xdle[`Xce\jkX}i\X $ `[\`X[\Xgifm\`kXiXjmXe$ kX^\ej[Xk\c\d\[`Z`eXjli$ ^`lXgjld\jk}^`f\d:Xi$ [`fcf^`X=\kXc\]\ZklX[fgfi <[lXi[f:Xjk\cXeX:ce`ZX DXpf#efj<jkX[fjLe`[fj%;liXek\XjlX \jkX[XeXhl\cX`ejk`kl`f#i\Zfe_\Z`[X `ek\ieXZ`feXcd\ek\ZfdfldXi\]\ieZ`X [\gi}k`ZXd[`ZX[\mXe^lXi[X#fXZklXc [`i\Zkfi[fJ\im`f[\:Xi[`fcf^`XG\[`}$ ki`ZX[f?fjg`kXcG\[`}ki`Zf[\:f`dYiX ?G: Xg\iZ\Y\l$j\[fgfk\eZ`Xc[\jkX k\Zefcf^`X\[fdl`kfhl\gf[`X]Xq\i\d Gfikl^Xc%:_\^X[fXfefjjfGXj#gifgj XZi`Xf[\ldXi\[\[\ZfejlckXj[\k\$ c\d\[`Z`eXeXI\^`f:\ekif%AlekXd\e$ k\ZfdAc`f9`c_fkXOXm`\i#[`i\Zkfi[f J\im`f[\G\[`Xki`X[f?fjg`kXc[\JXe$ kf8e[i#\dC\`i`X#\Il`9Xk`jkX#XZklXc [`i\ZkfiZce`Zf[f?fjg`kXcG\[`}ki`Zf[\ :f`dYiX#Zi`fl\ekf#\d(00/#ldX\j$ kilkliX#hl\XZklXcd\ek\ldm\i[X[\`if ZXjf[\\jkl[f% GXiXi\jgfej}m\c#Xk\c\d\[`Z`eXef jldX\oZ\c\ek\]\iiXd\ekX[\gXik`c_X [\`e]fidXf\eki\gifÔjj`feX`jZfdf Zfejk`kl``^lXcd\ek\ldgf[\ifjfd\`f XkiXmj[fhlXcgfjjm\c\jYXk\iXjZXie$ Z`Xj[\i\ZlijfjkZe`Zfj\_ldXefj\d cfZX`jdX`j`jfcX[fj%È8ZXi[`fcf^`Xg\[`}$ ki`ZXldX\jg\Z`Xc`[X[\hl\jgfjjl` d\`fjX[\hlX[fj\d:f`dYiX#C`jYfX\ GfikfÉ#\ogc`ZX<[lXi[f:Xjk\cX%Èygfi`jjf hl\Xk\c\d\[`Z`eXkf`dgfikXek\e\jkX \jg\Z`Xc`[X[\%>iXXj~k\Zefcf^`X#\cXgXj$ jflX\o`jk`i\dkf[ffcX[f%É:fd\]\`kf# ]XZ`c`kfl$j\\ddl`kffXZ\jjfXZl`[X[fj [\jX[\\jg\Z`Xc`qX[fjXkf[fjfj[f\ek\j \#XZ`dX[\kl[f#d\c_fifl$j\Xm`[X[fj lk\ek\j%Èyhl\[\`ofl[\_Xm\ie\Z\jj`[X[\ [\ZfejkXek\j[\jcfZX\jX:f`dYiXgXiX ZfejlckXj#gflgXe[f$j\[`e_\`if#k\dgf\ [`d`el`e[f$j\jlYjkXeZ`Xcd\ek\fXYj\e$ k`jdfcXYfiXc[fjgX`j%É DXjef]fiXdXg\eXjfjlk\ek\jXY\$ e\ÔZ`Xi[\jk\i\Zlijf%Fjgigi`fjgif$ Ôjj`feX`j[\jX[\\jkfZfek`elXd\ek\ Xljl]il`i[X`ekif[lf[Xk\c\d\[`Z`eX eXjlXgi}k`ZX%;\XZfi[fZfd<[lXi[f :Xjk\cX#\cXg\id`k\XXZklXc`qXfZfej$ kXek\[fd[`ZfXjj`jk\ek\#]leZ`feXe[f ZfdfldÈYfddfk`mfgXiXÔoXid[`Zfj P3DUDDO«PGDVFRQVXOWDVATECNOLOGIATEMDESEMPENHADOUMIMPORTANTEPAPELNAFORMA²µO PROlSSIONALDOSM°DICOS &2081,&$(6*ULHO \dcfZX`jdX`j[`jkXek\jÉ%GXiXXcd[`jjf# ]Xmfi\Z\X]fidXfgifÔjj`feXcZfekelX [\kf[fjfj\jg\Z`Xc`jkXj\emfcm`[fjXkiXmj [XkifZX[\\og\i`eZ`Xj% <jkXi\[\[\ZfejlckXj\dk\c\d\[`Z`eX [f?G:Zi`fld\jdfXhl`cfhl\j\gf[\ Zfej`[\iXiZfdfldXÊ\jZfcXË[\:Xi[`f$ cf^`XG\[`}ki`ZXeXjlXqfeX[\`eÕleZ`X% <\cXa}mXjkX%;\]XZkf#fJ\im`f[\K\$ c\d\[`Z`eX\d:Xi[`fcf^`XG\[`}ki`ZX\ =\kXc[f?fjg`kXcG\[`}ki`Zf[\:f`dYiX ^XiXek\XZklXcd\ek\ZfejlckXj\dkf[fj fj_fjg`kX`j[XI\^`f:\ekif#M`cXI\Xc [\Ki}j$fj$Dfek\j#8e^fcXClXe[X \ :XYfM\i[\GiX`X %<jk}gXiXYi\m\fj\l XcXi^Xd\ekfXflkifjgXj\j[X:GCG% 6(59,2'(85*1&,$3,21(,52 GXiXXcd[XjZfejlckXjZXc\e[Xi`qX[Xj#X K\c\d\[`Z`eX\d:Xi[`fcf^`XG\[`}ki`ZX \=\kXc[f?G:^XiXek\#[\j[\Alc_f[\ )''-#ldj\im`f[\li^eZ`Xi\dfkXe`$ ZfXem\ceXZ`feXc\`ek\ieXZ`feXc%Kf[fj fj_fjg`kX`jhl\]Xq\dgXik\[\jkXi\[\[\ k\c\d\[`Z`eXgf[\di\Zfii\i~li^eZ`X [Xle`[X[\[\:f`dYiX)+_fiXjgfi[`X# ZfcdXkXe[fXjj`dX]XckX[\\jg\Z`Xc`jkXj e\jkX}i\Xefj[\dX`j_fjg`kX`j[`jki`kX`j \Zfeki`Yl`e[fgXiXX[`jgfe`Y`c`qXf g\idXe\ek\[\Zl`[X[fjd[`Zfjj\dgi\ hl\ldXZi`XeXgi\Z`jXi% <jk\gifa\Zkf#j\^le[ffj\l[`eXd`qX$ [fi#efk\i`Xj`[fgfjjm\cj\dfÈXgf`f `eZfe[`Z`feXcÉ[XX[d`e`jkiXf[f:?:# j\dXX[\jf\eklj`}jk`ZX[\d[`Zfj\ lk\ek\j#j\dXGK@efmXf[\8m\`if#hl\ f]\i\Z\l\hl`gXd\ekfj\Zfdle`ZX\j# \j\dfZfeki`Ylkf[fXek`^f@ejk`klkf [\>\jkf@e]fid}k`ZX\=`eXeZ\`iX[X JX[\@>@= %<d(00/#Xef\dhl\Xi$ iXeZfl\jk\j\im`f#i\Xc`qfl(0ZfejlckXj ~[`jkeZ`X%FXefgXjjX[f]fiXdhlXj\ [lXjd`c%FfYa\Zk`mfZfek`elXij\dgi\ XXld\ekXifed\if[\ZfejlckXj%8k$ klcf[\Zli`fj`[X[\#i\]\i`iX$j\hl\kf[f fkiXYXc_fhl\fJ\im`f[\K\c\d\[`Z`$ eX\d:Xi[`fcf^`XG\[`}ki`ZX\=\kXc[f ?G:i\Xc`qX\dGfikl^Xc\ef\jkiXe^\`if ^XiXek`[fgfiXg\eXjZ`eZfd[`Zfj% AnúncioA4.pdf 1/21/09 6:39:51 PM Você sabe onde quer chegar. A ViaTecla ajuda-o a alcançar performances de campeão com soluções tecnológicas certeiras. Hole club Distance Swing Para sair vencedor no competitivo mercado global, é necessário ter uma estratégia inteligente e uma execução perfeita. Investindo desde o 1º momento num completo entendimento do modelo de negócio do seu cliente, a ViaTecla desenvolve plataformas informáticas onde assenta grande parte do sucesso da actividade das empresas. Fiabilidade, espírito inovador, disponibilidade e dedicação definem a ViaTecla. É por esta razão que, do mercado financeiro ao turismo, dos media à indústria, a ViaTecla tem um cada vez maior leque de clientes satisfeitos. A ViaTecla apoia o seu negócio com soluções de: e-business e-payment e-commerce e-video e-content e-community sistemas de informação críticos ao seu negócio ISV/Software Solutions Business Process and Integration Information Worker Solutions Data Management Solutions Innovative Business Solutions www.viatecla.com Tel. +351 21 2723500; Fax. +351 21 2723509 [email protected] \d]fZfÆZXjfjZfeZi\kfj 3/$127(&12/*,&2'$('8&$ 2 (VFRODVGRIXWXUR @em\jk`d\ekf[\+''d`c_\j[\\lifj\dK@:gifd\k\i\mfclZ`feXifj`jk\dX\[lZXk`mf# df[\ie`qXi\jZfcXj\^XiXek`iXZ\jjf[fjXclefj\gif]\jjfi\j~jfZ`\[X[\[fZfe_\Z`d\ekf * XiXek`iX\o`jkeZ`X[\ld ZfdglkX[fiZfdc`^Xf~ @ek\ie\kgfiZX[X[f`jXcl$ efj#Z\ik`ÔZXi\dK@:0' [fjgif]\jjfi\j#`ejkXcXild hlX[if`ek\iXZk`mf\ldm`[\fgifa\Zkfi \dZX[XjXcX[\XlcX\`e[lq`iXlk`c`$ qXfg\[X^^`ZX[Xjk\Zefcf^`Xjjf Xc^lej[fjgi`eZ`gX`jfYa\Zk`mfjhl\f ^fm\iefj\gifg\XcZXeXiXkiXmj[f GcXefK\Zefc^`Zf[X<[lZXfGK< % 8`e`Z`Xk`mX#hl\XiiXeZfl\d)''.# gi\jjlg\ld`em\jk`d\ekf[\+''d`$ c_\j[\\lifj\ldXd\kXY\d[\Ôe`[X1 ZfcfZXiGfikl^Xc\eki\fjZ`eZfgXj\j dX`jXmXeX[fj[X<lifgXeXdf[\ie`$ qXfk\Zefc^`ZX[fj\jkXY\c\Z`d\ekfj [\\ej`efgYc`Zfj%8k)'('#fi}Z`feXj jXcXj[\XlcX[\m\i}j\i[\[f`jXclefj gfiG:Zfdc`^Xf~@ek\ie\k()#/eX XckliX[XXgi\j\ekXf[fGcXef %8f kf[f#j\if`ejkXcX[fj*('d`cZfdgl$ kX[fi\j#0'''hlX[ifj`ek\iXZk`mfj\), d`cm`[\fgifa\Zkfi\j% LdX[Xjg\[iXjYXj`cXi\j[fGK<X YXe[XcXi^X%=f`a}Zfej\^l`[XXc`^Xf[\ kf[XjXj/)''\jZfcXjgYc`ZXj~@ek\ie\k [\Xckf[Y`kf%<d=\m\i\`if[\)''/]f` cXeX[fldZfeZlijfgXiXXc`^Xf[Xj \jZfcXj[f,%²Xf()%²XefZfdm\cfZ`[X[\j [\#g\cfd\efj#+/DYgj%<dJ\k\dYif# ]f`XeleZ`X[fld lg^iX[\[Xjc`^X\j gXiXÔYiXgk`ZX#Zfdm\cfZ`[X[\j[\#g\cf d\efj#-+DYgj%8kXfdfd\ekf#]fiXd cXeX[fjf`kfZfeZlijfjgYc`Zfj`ek\ieX$ Z`feX`jefdY`kf[fGK<%;\jk\j#j\`j\e$ ZfekiXd$j\\d\o\Zlf%Ld[\c\jf[Xj Êi\[\j[\}i\XcfZXcË#X[al[`ZX[f~GKGi`d\# ZfdX`ejkXcXf[\i\[\j\jkilkliX[Xj\d kf[XjXj\jZfcXj#hl\g\id`k`iffXZ\jjf ~@ek\ie\k\dkf[fjfj\jgXfj[fi\Z`ekf \jZfcXi%Flkiff[XÊ@ek\ie\k[\XckXm\$ cfZ`[X[\Ë#X[al[`ZX[f~GK:#Zfdkf[XjXj \jZfcXjGK<XgXjjXiXk\iXZ\jjfX-+DYgj XkÔeXc[fXefc\Zk`mf[\)''/&)''0%<d \o\Zlf\jk}`^lXcd\ek\X`ejkXcXf[\ (((d`cZfdglkX[fi\j#)/%.''gifa\Zkfi\j \,-''hlX[ifj`ek\iXZk`mfj% FGK<Xjj\ekXeldX\jki\`kXle`f ZfdgXiZ\`ifjgi`mX[fj#\eki\]XYi`ZXek\j &2081,&$(6*ULHO P237(ASSENTANUMAFORTELIGA²µOCOMAS4)#E NUMAESTREITAUNIµOCOMAINICIATIVAPRIVADA \fg\iX[fi\j[\k\c\Zfdle`ZX\j%<o\d$ gcfj[`jjfjffjgif^iXdXj[\<jk}^`fj K@:\f8ZX[\d`XjK@:%Fgi`d\`ifc\mX fjXclefjgXiXXj\dgi\jXj[\i\]\ieZ`X% Fj\^le[fkiXqXj\dgi\jXjgXiXX\jZfcX% 8jj`d#fjXclefj[f\ej`efgifÔjj`feXc [Xj}i\Xjk\Zefc^`ZXjkd~jlX[`jgf$ j`fdX`j[\+''\jk}^`fjXelX`jgXiX ]fidXf\dXdY`\ek\i\Xc[\kiXYXc_f \d+)\dgi\jXj% *(1(5$/,=$57,& GXiX^\i`i\^XiXek`iXfg\iXZ`feXc`[X[\[\ kf[f\jk\gXihl\[\\hl`gXd\ekfj\`e]iX$ $\jkilkliXjf<o\Zlk`mfcXefl#\dÔeX`j [fXefgXjjX[f#ldZfeZlijfgYc`Zf`e$ k\ieXZ`feXcgXiXXXhl`j`f[\j\im`fj [\[\j\emfcm`d\ekf\fg\iXf[f:\ekif [\8gf`fK\Zefc^`Zf~j<jZfcXj:8K< % Fgifa\Zkf#[\*'d`c_\j[\\lifj#^XiXe$ k`i}fXgf`f~j\jZfcXjeX^\jkf\dXel$ k\ef[fj\lgXihl\`e]fid}k`Zf%KiXkX$j\ [\ldgifa\ZkfkiXejm\ijXc[fGK<#hl\ Xjjld`i}]le\j[\gfekfe`Zf[\ ZfekXZkf\[\gi`d\`iXc`e_X[\Xgf`f k\Zefc^`ZfXfj\jkXY\c\Z`d\ekfj[\ \ej`ef\fi^Xe`jdfj[fD`e`jki`f[X <[lZXf% GXiX\jk\Xef#flkiX[Xj^iXe[\j XgfjkXj[f^fm\ieff:Xikf<jZfcX gXiXfjXclefj#hl\i\le`i}efjX `e]fidXf\jZfcXiZfdfk\i}em\`j[\ j\^liXeX\c\mX[fj\]leZ`feXc`[X[\j YXeZ}i`Xj%DXjXjlXlk`c`qXf`dgc`ZXf [\j\emfcm`d\ekf[\ldXi\cXk`mXd\ek\ Zfdgc\oX`e]iX$\jkilkliX[\i\[\#hl\f D`e`jki`f^XiXek\\jkXi}fg\iXZ`feXc XkXfÔeXc[\jk\Xef% 8c`^Xf\eki\\[lZXf\XjK@: ZfekXX`e[XZfdflkifj[f`jgif^iX$ dXj]le[Xd\ekX`j#hl\m`jXd]XZ`c`kXiX Xhl`j`f[\ZfdglkX[fi\j\[\XZ\jjfj \dYXe[XcXi^X#gfk\eZ`Xe[ffXZ\jjfXf Zfe_\Z`d\ekf%KiXkX$j\[fjgif^iXdXj \$<jZfcXj\\$<jZfc`e_Xj#`e`Z`Xk`mXjef dY`kf[fGcXefK\Zefc^`ZfEXZ`feXc efZfdYXk\~`e]f\oZcljf%Fgi`d\`if ÔeXeZ`X[fXkiXmj[\ld]le[fgXiX XJ@g\cfjfg\iX[fi\jdm\`jFgk`dlj# KDE\Mf[X]fe\ #ZfdfZfekiXgXik`[X g\cXXki`Yl`f[Xjc`Z\eXj[\*>%8YiXe^\ ldle`m\ijf[\,''d`cg\jjfXj#\eki\ Xclefjgi`d\`ifXg\eXj[f\ej`efj\Zle$ [}i`f#j\e[fgfjk\i`fid\ek\XcXi^X[fXf )%²\*%²Z`Zcfj #gif]\jjfi\j\$Gif]\jjfi \kiXYXc_X[fi\j`ejZi`kfjefEfmXjFgfi$ kle`[X[\j\$Fgfikle`[X[\j #j\e[ffYi`$ ^Xki`XXXhl`j`f[\ldXZ\jjf\dYXe[X cXi^Xdm\c% A}f\$<jZfc`e_Xj#kXdYdÔeXeZ`X[f g\cfjfg\iX[fi\jdm\`j#Xcd[XQfe# D`Zifjf]k#:X`oXD}^`ZX\XjXlkXihl`Xj X[\i\ek\j#[\jk`eX$j\XfjXclefj[f(%² Z`Zcf[f\ej`efY}j`ZfgYc`Zf\gi`mX$ [fhl\kdXZ\jjfXfkf]XdfjfÈDX^X$ c_\jÉ#j\e[ffgZ`feXcXc`^Xf~@ek\ie\k% KXdYdXhl`j\gi\k\e[\Z_\^XiXd\`f d`c_f [\ Xclefj% Ed\ifj XeleZ`X$ [fj\dDX`f`e[`ZXmXdhl\k`e_Xdj`$ [f\eki\^l\jdX`j[\0''d`cgfik}k\`j XfXYi`^f[\jk\jgif^iXdXjÆ*+'d`c DX^Xc_\j\,-'d`cgfik}k\`j#i\^`jkXe$ [f$j\dX`j[\ldd`c_f[\`ejZi`kfj% $0%,(17((7,& /LVERDFLGDGHLQWHOLJHQWH C`jYfXhl\ij\iÈZ`[X[\ df[\cfÉ\dk\idfj [\\ÔZ`eZ`X\e\i^k`ZX% 8kiXmj[Xlk`c`qXf[Xj K@:#ZfdX`dgc\d\ekXf [\gifa\Zkfjhl\m`jXd i\[lq`iXj\d`jj\j[\ dfeo`[f[\ZXiYfef 5 \[lq`iXj\d`jj\j[\[`o`[f[\ ZXiYfef\Zfeki`Yl`igXiXldX dX`fi\ÔZ`eZ`X\e\i^k`ZX[\ `dm\`j\`e]iX$\jkilkliXjjf fjgi`eZ`gX`jfYa\Zk`mfjXXc$ ZXeXig\cXZXg`kXcgfikl^l\jX#[\gf`j[\ k\iX[\i`[fXfgif^iXdX:fee\Zk\[Li$ YXe;\m\cfgd\ek:L; #hl\a}\emfcm\ m}i`XjZ`[X[\j\dkf[ffdle[f%Fgif$ a\Zkf\jk}Xj\i[\j\emfcm`[fg\cX:dXiX Dle`Z`gXc[\C`jYfX#\dZfealekfZfdf D`e`jki`f[X<[lZXf#<;G\:`jZfJpj$ k\dj%F:L;gXik\[\ldX`[\`Xdl`kf j`dgc\j1kXcZfdfjlZ\[\lZfdXi\mfcl$ f@ek\ie\k#XjZ`[X[\jkXdYdgf[\d# \cXjgigi`Xj#j\igcXkX]fidXj`ek\c`^\e$ k\jgXiXg\jjfXj#gif[lkfj\j\im`fj%<X k\Zefcf^`X\jj\eZ`Xc1hl\XkiXmj[\cX fjZ`[X[fj#XjZfdle`[X[\j#fjgXj\j\ Xj\dgi\jXjk\ifXZ\jjf~`e]fidXf e\Z\jj}i`XgXiXldXZfii\ZkXkfdX[X[\ [\Z`j\j\gXiXf[\j\emfcm`d\ekf[Xjgf$ ck`ZXjdX`jX[\hlX[Xj~jljk\ekXY`c`[X[\ [XjZ`[X[\j% EfZXjfeXZ`feXc#XgXiZ\i`X[\lfi`^\d Xldgifa\Zkf`efmX[fi\g`fe\`ifXem\c `ek\ieXZ`feXc%KiXkX$j\[fJdXikLiYXe <e\i^p]fiJZ_ffcj#`e`Z`Xk`mXhl\XiiXeZfl efFlkfef[\)''/#XkiXmj[\ldgif$ a\Zkf$g`cfkf#\hl\gifZliXdfjkiXiZfdf hl\Xk\Zefcf^`X\ldX\jkiXk^`Xe`ZX \`ek\^iX[Xgf[\dd\c_fiXiX\ÔZ`eZ`X \e\i^k`ZX#kXekfefhl\[`qi\jg\`kfXfj \[`]Z`fjZfdfkXdYd~^\iXf\^\jkf [\\e\i^`X%8j\jZfcXj]fiXd\jZfc_`[Xjgfi [f`jdfk`mfj]le[Xd\ekX`j1gXiXXcd[\ j\i\d`dm\`jhl\]Xq\dgXik\[fk\Z`[f liYXef[\hlXchl\iX^cfd\iX[fgfglcXZ`f$ eXc#Zfejk`kl\d`^lXcd\ek\fjd\c_fi\j cfZX`jgXiXj\ej`Y`c`qXiXjg\jjfXjgXiX\jkX k\d}k`ZX%yhl\jf[\cXjhl\jX`ifXj efmXj^\iX\j[\\dgi\j}i`fj#[\Z`jfi\j gfck`Zfj\Z`[X[fj%Fgifa\ZkfYXj\`X$j\ \jj\eZ`Xcd\ek\eXg\jjfX\`eZ\ek`mXX $WHFQRORJLD«HVVHQFLDO«TXHDWUDY«VGHODRVFLGDG¥RV DVFRPXQLGDGHVRVSD¯VHVHDVHPSUHVDVWHU¥RDFHVVR ¢LQIRUPD©¥RQHFHVV£ULDSDUDXPDFRUUHFWDWRPDGD GHGHFLV·HVHSDUDRGHVHQYROYLPHQWRGDVSRO¯WLFDV PDLVDGHTXDGDV¢VXVWHQWDELOLGDGHGDVFLGDGHV gXik`Z`gXfXZk`mX[\Xclefj#gif]\jjfi\j \]Xd`c`Xi\j#Y\dZfdfkf[XXZfdle`[X[\ \emfcm\ek\% 5(68/7$'269,67$ <dC`jYfX#]fiXd\jZfc_`[fjkij\jkXY\c\$ Z`d\ekfj[\\ej`ef1Xj<jZfcXjJ\Zle[}i`Xj ;%;`e`j#;%Aff[\:Xjkif\IX`e_X;% 8dc`X%E\cXj#X`e`Z`Xk`mXgifZliXd\c_fiXi X\og\i`eZ`X\[lZXk`mXd\[`Xek\Xlk`c`qX$ f[\k\Zefcf^`Xj[\`e]fidXf\Zfdl$ e`ZXf#Xfd\jdfk\dgfhl\j\d\c_fiX Xgif[lk`m`[X[\\\ÔZ`eZ`XX[d`e`jkiXk`mX [XjXZk`m`[X[\j\jZfcXi\jXkiXmj[X[\jdX$ k\i`Xc`qXf[fjgifZ\jjfj%<#\ehlXekfj\ XgfjkXeXd\c_fi`X[X^\jkf\e\i^k`ZX# Zfeki`Yl`$j\`^lXcd\ek\gXiXXgif[lf cfZXc[\\e\i^`X#i\[lq`e[fXjj`dXg\^X[X [\ZXiYfef[\jkXj`ejk`kl`\j% EldXgi`d\`iX]Xj\#eX<jZfcXJ\Zle$ [}i`X;%;`e`j]f`Zfej\^l`[XldXi\[lf [\)/#0Xg\eXjefj\hl`gXd\ekfj[\ i\[\\eX;%Aff[\:Xjkif[\*.#-#gi\$ m\e[f$j\\dXdYXj#ef]lklif#gflgXeXj \eki\),X*'efZfejldf\e\i^k`Zf XkiXmj[X`ekif[lf[\efmXj]leZ`feX$ c`[X[\j\k\Zefcf^`Xj%È8Zi\[`kXdfjhl\ gf[\dfj\jkXiZfe\ZkX[fj\Xfd\jdf k\dgfj\iÊm\i[\jË%8jk\Zefcf^`Xj[\`e]fi$ dXf\Zfdle`ZXfkdgfk\eZ`XcgXiX efjXal[XiXXk`e^`ifjefjjfjfYa\Zk`mfj1 j\iZXiYfee\lkiXc\Xlkf$jlÔZ`\ek\j\d k\idfj\e\i^k`ZfjÉ#[`qAffJ`ekiXEl$ e\j#gi\j`[\ek\[XGXihl\<jZfcX#\ek`[X[\ i\jgfej}m\cg\cfgcXe\Xd\ekf#^\jkf\ df[\ie`qXf[Xj`ejkXcX\j[f\ej`ef j\Zle[}i`f\dGfikl^Xc% F:fee\Zk\[LiYXe;\m\cfgd\ek ^\i`[fg\cf@ek\ie\k9lj`e\jjJfclk`fej >iflg#[X:`jZf#\\emfcm\j\k\Z`[X[\j# hl\[\j\emfcm\dgifa\Zkfj$g`cfkf\efmfj ZfeZ\`kfj%EfZXjfgfikl^lj#XgXik`Z`$ gXfgi\jjlg\fZfdgifd`jjf[\Xe$ k\Z`gXi\dkijXefjfZldgi`d\ekf[Xj d\kXj[fGcXef[\8ZfgXiXX<ÔZ`eZ`X <e\i^k`ZXgXiX)'(,gflgXi('efZfe$ jldf[\\e\i^`Xgi`d}i`X\i\[lq`iX]XZ$ kliX\e\i^k`ZX\d( #Zfd\Xe[fg\cX jljk\ekXY`c`[X[\\e\i^k`ZX[f\[`]Z`f ZXdXi}i`f[f:Xdgf>iXe[\#hl\[\m\i} Zfejk`kl`ildÈ\o\dgcf[\YfXjgi}k`ZXj hl\`iiX[`\gXiXfZfealekf[XZ`[X[\É% *ULHO&2081,&$(6 8G;:Xjj\dYc\`X^\iXc $662&,$'26$3529$03/$12'($&7,9,'$'(6 $3'&UHIRU©DSDSHO QDV7,&HQDVRFLHGDGH 88jjfZ`Xfgi\k\e[\i\]fiXi$j\X`e[XdX`j\jk\XefZfdfgcXkX]fidX\jkiXk^`ZX \ZXkXc`qX[fiX[\Zfe_\Z`d\ekf\[\ZfcXYfiXf%<XmXeXZfdldXggifXZ_`efmX[fi gXiXfgio`df:fe^i\jjf[Xj:fdle`ZX\j#hl\k\i}Zfdfdfk\ÈK_\Klie`e^Gf`ekÉ% FjXjjfZ`X[fjXgifmXiXdgfileXe`d`[X[\fGcXef[\8Zk`m`[X[\j[\Ôe`[fgXiX\jk\Xef g\cX[`i\Zfc`[\iX[Xgfi;`f^fMXjZfeZ\cfj%EXXjj\dYc\`X^\iXc[X8G;:#hl\[\Zfii\l X*[\Ale_f#]fiXdX`e[XXgifmX[XjgfileXe`d`[X[\XjZfekXj[fXefgXjjX[f &2081,&$(6*ULHO $$VVHPEOHLDJHUDOGD$3'&INICIOUSE COMAAN·LISEDORELAT¦RIOECONTASDE !LMEIDA-OTA*ORGE#OELHO$IOGO 6ASCONCELOSE%DUARDO3ANTOS0INTO DAESQUERDAPARAADIREITAPRESIDIRAM ¸MESA 'HSRLVGHUHVXPLUDVSULQFLSDLVPHGLGDV EACTIVIDADESDA!0$#EMO PRESIDENTEDADIREC²µOFALOUDOFUTURO 'LRJR9DVFRQFHORVh$IGITAL%UROPE °APLATAFORMACERTAPARAORQUESTRAR AINTELIG¯NCIACOLECTIVADETODASAS ASSOCIA²¤ESTECNOL¦GICASNACIONAISv -RUJH&RHOKRPRESIDENTEDAASSEMBLEIA GERALE$IOGO6ASCONCELOSPRESIDENTE DADIREC²µODA!0$# /'(5'$$3'&1$',5(& 2'$',*,7$/(8523( 3DUDUHVSRQGHU¢HVWUDW«JLDJOREDOGD$VVRFLD©¥RHFRORFDU 3RUWXJDOQRSDQRUDPDGDLQG¼VWULDGLJLWDOHXURSHLD $ fi[\d [\ kiXYXc_fj [X Xjj\dYc\`X^\iXcfi[`e}i`X [X8G;:k`e_XhlXkifgfe$ kfjgXiX[\YXk\i1Xgi\Z`Xf\ mfkXf[fi\cXki`f\ZfekXj [X[`i\Zf\gXi\Z\i[fZfej\c_fÔjZXc i\cXk`mfjXf\o\iZZ`f[\)''/2Xgc`ZXf [fji\jlckX[fj[f\o\iZZ`f[\)''/2Xgi\$ Z`Xf\mfkXf[fgcXef[\XZk`m`[X[\j )''0\i\jg\Zk`mffiXd\ekf#\iXk`ÔZX$ f[X[\j`^eXfgfiZffgkXf[\DXikX E\m\jgXiXm`Z\$gi\j`[\ek\[X[`i\Zf[X 8jjfZ`Xf#kfdX[X\di\le`f[\[`i\Z$ f[\('[\=\m\i\`if[\)''0#eXj\hle$ Z`X[XZXikX[\i\eeZ`XXgi\j\ekX[Xg\cX Xek\i`fim`Z\$gi\j`[\ek\#:feZ\`f:X$ jXefmX%Gi\j\ek\j\jk`m\iXdfji\gi\j\e$ 3$5$5()25$526(83$3(/EM TERMOSNACIONAISEEUROPEUSO PRESIDENTEDA!0$#FOIELEITOPARA ADIREC²µODAMAISIMPORTANTE ASSOCIA²µOEUROPEIANA·READAS 4)#A$IGITAL%UROPE/QUECOLOCA 0ORTUGALNUMLUGARRELEVANTENO PANORAMADAIND STRIADIGITAL EUROPEIACULMINANDOUMPROCESSO DEGRANDEDINAMIZA²µODOSECTOR QUEA!0$#TEMVINDOAPROTAGONIZAR ÍAPRIMEIRAVEZQUEONOSSO0A¬S PASSAAESTARREPRESENTADONO¦RGµO EXECUTIVODAQUE°CONSIDERADAA VOZDAIND STRIADIGITALNA%UROPA /QUEVEMRESPONDER¸ESTRAT°GIA DEDESENVOLVIMENTODA!SSOCIA²µO DEMARCARPRESEN²A¸ESCALAGLOBAL ESEMPRENUMAL¦GICADEREDEDE CONHECIMENTO3EGUNDOOPRESIDENTE DA!0$#hA$IGITAL%UROPE°A PLATAFORMACERTAPARAORQUESTRARA INTELIG¯NCIACOLECTIVADETODASAS ASSOCIA²¤ESTECNOL¦GICASNACIONAIS EREFOR²ARARELEV¶NCIADAS4)#NAS DIVERSASPOL¬TICASEUROPEIAS /RELAN²AMENTOECON¦MICOEUROPEU TEMDEBASEARSENAINOVA²µOSOB PENADENµOTERMOSUMARETOMA SUSTENT·VEL.ESTEMOMENTODECISIVO PARAA%UROPAEPARAOSECTOR !CREDITOQUEANOSSAEXPERI¯NCIA DETRABALHOCOMDECISORESPOL¬TICOS NACIONAISEINTERNACIONAISECOM ASINSTITUI²¤ESEUROPEIASPOSSA ACRESCENTARVALOR¸$IGITAL%UROPE %STAMOSAVIVERUMPER¬ODODE MUDAN²AQUEPEDENOVASSOLU²¤ES NOVASPERSPECTIVASENOVASPOL¬TICASv $IOGO6ASCONCELOS°IGUALMENTE CHAIRMANDO%5&UTURE)NNOVATION "USINESS0ANELORGANISMOCRIADO PELA#OMISSµO%UROPEIAPARADElNIR UMANOVAPOL¬TICADEINOVA²µOPARAO PER¬ODOP¦SECUJASPROPOSTAS SERµOAPRESENTADASPUBLICAMENTE EM/UTUBROPR¦XIMO!$IGITAL%UROPE RE NEASSOCIA²¤ESNACIONAISDA ·READAS4)#DEPA¬SESEUROPEUSE CONTACOMAPARTICIPA²µODIRECTADE EMPRESASDOSECTOR2EPRESENTA MAISDEMILEMPRESASNA%UROPA ASQUAISEMPREGAMMAISDEDOIS MILH¤ESDEPESSOASET¯MUM VOLUMEDENEG¦CIOSSUPERIORA MILBILI¤ESDEEUROS.O¶MBITO DASUAACTIVIDADEESTE¦RGµOTEM VINDOAPARTICIPARACTIVAMENTENO DESENVOLVIMENTOEIMPLEMENTA²µO DASPOL¬TICASCOMUNIT·RIAS AUXILIANDOOSDIFERENTESGOVERNOSE INSTITUI²¤ESAENTENDEROPAPELQUE ASTECNOLOGIASDIGITAISDESEMPENHAM NASUSTENTABILIDADEECON¦MICADA %UROPA!$IGITAL%UROPEENCONTRASE J·ADElNIRASLINHASMESTRASQUEIRµO NORTEARASUACOLABORA²µOCOMANOVA EQUIPADA#OMISSµO%UROPEIAONDE PRETENDEVERDEBATIDOSTEMASCOMO AINOVA²µOEACOMPETITIVIDADEA ElCI¯NCIAENERG°TICAADEMOGRAlAE ASEGURAN²AENTREMUITOSOUTROS *ULHO&2081,&$(6 8G;:Xjj\dYc\`X^\iXc Ý7KH7XUQLQJ3RLQWÞ VHU£RPRWHGR&RQJUHVVR GDV&RPXQLFD©·HV GHRPDLRUHYHQWR DQXDOGDV7,&QR PHUFDGRQDFLRQDO 3DUDPDUFDUTXHHVWH «RPRPHQWRGHYLUDJHP IUXWRGDVPXGDQ©DV QRPRGHORHFRQµPLFR HGDVDOWHUD©·HVDQ¯YHO SRO¯WLFRWDQWRQD(XURSD FRPRHP3RUWXJDO HPUHVXOWDGRGDV HOHL©·HVOHJLVODWLYDV HDXWDUTXLFDV &RPHPRUDDLQGDRV DQRVGHYLGDGD$3'& DVVXPLQGRVHFRPR RSRQWRGHYLUDJHPSDUD RVSUµ[LPRVDQRV kXek\j[\m}i`XjXjjfZ`X[Xj`ejk`klZ`feX`j# Xjj`dZfdffjXjjfZ`X[fj`e[`m`[lX`j[X 8G;:#eld\eZfekifgi\j`[`[fgfiAfi$ ^\:f\c_f#gi\j`[\ek\[XXjj\dYc\`X^\$ iXc#hl\X`e[XZfdgfjkXgfi8cd\`[X DfkXm`Z\$gi\j`[\ek\ \<[lXi[fJXekfj G`ekfmf^Xc % EXfZXj`f#fgi\j`[\ek\[X[`i\Zf[X 8G;:XYfi[fl\d[\kXc_\Xm`jf\jkiX$ k^`ZX[X8G;:\fgcXef[\XZk`m`[X[\j gXiX)''0#hl\i\jlckfl[\ldgifZ\jjf [\i\Õ\of\jkiXk^`ZX\[\ldXm`jf[f j\Zkfi[XjK@:Zfdf`e[lkfi[\`efmXf eXj\dgi\jXj#eXjfZ`\[X[\\efj\Zkfig$ Yc`Zf%E\jkXm`jf#Xd`jjf[X8jjfZ`Xf X[\j\iZXkXc`qX[fiXXem\ceXZ`feXc\ \lifg\l#j\e[fldXgcXkX]fidXgXiXgif$ dfm\iXdl[XeX#XilgkliX\X`efmXf kfkXc%<XcXi^Xe[fXjlX`ek\im\efXfj efmfjd\[`X\~jfZ`\[X[\\d^\iXcZfdf gcXkX]fidX\jkiXk^`ZX[\Zfe_\Z`d\ekf \[\ZfcXYfiXf%=f`e\jj\j\ek`[f#Xc`}j# hl\X8G;:gXjjflX`ek\^iXiX;`^`kXc<l$ ifg\m\iZX`oX % <eki\Xjm}i`Xjefm`[X[\j#;`f^fMXj$ ZfeZ\cfji\]\i`lXefmXXYfi[X^\dhl\j\i} [X[X\jk\XefXf:fe^i\jjf[Xj:fdle`$ ZX\j#fdX`fi\m\ekfXelXceX}i\X[Xj K@:\dGfikl^Xc#i\]fiXe[fefjfgXg\c [\jk\efj\ZkfidXjkXdYdXÔidXe[f$f &2081,&$(6*ULHO 1DRFDVL¥RIRLDSUHVHQWDGRPOR$IOGO6ASCONCELOSUMPONTODESITUA²µODASMEDIDASDE REESTRUTURA²µOENCETADASPELA!SSOCIA²µODESDEOANOPASSADO $PLVV¥RGD$VVRFLD©¥R°ADESERAPLATAFORMAPARAPROMOVEAMUDAN²AARUPTURAEAINOVA²µOTOTAL NµOS¦NAS4)#MASNASOCIEDADEEMGERAL $DQLPD©¥RGRPLQRXOENCONTROONDEFORAMAPROVADOSPORUNANIMIDADETODOSOSPONTOSDAORDEM DETRABALHOS 8G;:Xjj\dYc\`X^\iXc Zfdff^iXe[\\m\ekfjfZ`Xc#j\e[fX`e[X gi`m`c\^`X[ffe\knfib`e^%Fdfk\j\i}f ÈK_\Klie`e^Gf`ekÉ#XjjfZ`X[f~Zfd\df$ iXf[fj),Xefj[X8G;:#Xjjld`e[f$j\ f:fe^i\jjfZfdfldgfekf[\m`iX^\d gXiXfjgio`dfj),Xefj#dXiZXe[fXj dl[XeXjefdf[\cf\Zfed`Zf\dl$ [XeXjXfem\cgfck`Zf#kXekfeX<lifgX Zfdf\dGfikl^Xc#Xfem\cc\^`jcXk`mf\ Xlk}ihl`Zf%È<jk}dl`kXZf`jXXdl[Xi\_} dl`kXjfgfikle`[X[\jfe[\fj\Zkfigf[\i} [Xif`dglcjfgXiXi\jfcm\ifjgifYc\dXj hl\XjfZ`\[X[\\e]i\ekXÉ#[\jkXZfl% KXekffgcXef[\XZk`m`[X[\jgXiX)''0 Zfdffi\cXki`f[\XZk`m`[X[\j\ZfekXj[\ )''/]fiXdXgifmX[fjgfileXe`d`[X[\% Fd\jdfXZfek\Z\lZfdfjflkifj[f`j gfekfj\dX^\e[X#j\e[fX`e[XXgi\j\e$ kX[fldmfkf[\cflmfi\ZfeÔXeXXf kiXYXc_f[\j\emfcm`[fg\cXXZklXc[`i\Zf [X8G;:#hl\kfdflgfjj\\dDX`f[f XefgXjjX[f% -RUJH&RHOKRE$IOGO 6ASCONCELOSNOlNAL DAASSEMBLEIAGERAL 2SUHVLGHQWHGD $*COM!NT¦NIO,OBO 8AVIERREPRESENTANTE DA3ONAECOM 'LRJR9DVFRQFHORV COM0AULO6ICENTE !CCENTUREEVOGAL SUPLENTEDA!'DA !0$#E!NT¦NIO.ETO !LCATEL,UCENTE DIREC²µODA!0$# ¸DIREITA 9DQGD-HVXV DIRECTORAEXECUTIVA DA!0$#ENTRE2OBALO DE!LMEIDACONSELHO lSCALE!LMEIDA-OTA 0DUJDULGD&RXWR ¸ESQUERDACOM-ARTA .EVESE#ARLOS#ORREIA TODOSDADIREC²µODA !0$# 3DXOR1HYHV DIREC²µODA!0$# COM/LIVEIRAE3OUSA OHIST¦RICOSECRET·RIO GERALDA!SSOCIA²µO &2081,&$(6*ULHO 8G;:YiX`ejkfid`e^ (1&21752,1)250$/(175(*29(512((035(6$6 4XHVHUYL©RVS¼EOLFRV VREUH51*" LdYiX`ejkfid`e^jfYi\fj k`gfj[\j\im`fjgYc`Zfjhl\ j\gf[\ifZi`Xi\d\c_fiXi# YXj\X[fj\di\[\j[\XckX m\cfZ`[X[\#]f`ffYa\Zk`mf [\ldXcdff`e]fidXc% 8`e`Z`Xk`mX[X8G;:i\le`l i\jgfej}m\`j[f^fm\ief \d}i\Xj$Z_Xm\Zfdc[\i\j [XjXjjfZ`X[Xj`ejk`klZ`feX`j 6 X[\# <[lZXf# 8[d`e`j$ kiXf@ek\ieX\J\^liXeX\ Df[\ie`qXf8[d`e`jkiXk`$ mX]fiXdXj}i\Xj\dXe}c`j\ ef\eZfekifgifdfm`[fg\cX 8jjfZ`XfX)([\DX`f%Gi\j\ek\j\jk`m\$ iXd#gXiXXcd[fj\Zi\k}i`f[\<jkX[f8[$ alekf[XjFYiXjGYc`ZXj\:fdle`ZX\j# GXlcf:Xdgfj#fjj\Zi\k}i`fj[\<jkX[f[X JX[\#DXel\cG`qXiif#[X8[d`e`jkiXf @ek\ieX#Afj\DX^Xc_\j#\[XDf[\ie`qX$ f8[d`e`jkiXk`mX#DXi`XDXel\cC\`kf DXihl\j%8cd[fZffi[\eX[fi[fGcXef K\Zefc^`Zf#:XicfjQfii`e_f#[fZffi[\eX$ [fi[fGKgXiXX<[lZXf#AffKifZX[f[X DXkX#\[f^\jkfi[fGif^iXdXFg\iXZ`feXc K\d}k`Zf=XZkfi\j[\:fdg\k`k`m`[X[\#E\c$ jfe[\JflqX% ;fcX[f[XjK@:dXiZXiXdgi\j\eXi\j$ gfej}m\`j[Xj^iXe[\j\dgi\jXj[fj\Zkfi# XjjfZ`X[Xj`ejk`klZ`feX`j[X8G;:#eldX `e`Z`Xk`mX\dhl\ffYa\Zk`mf]f`XeXc`jXi\d Zfealekffhl\j\gf[\i}]Xq\i#efdY`kf [XjIE>#gXiX[\Ôe`iZfek\[fj\j\im`fj gYc`Zfjm\i[X[\`iXd\ek\`efmX[fi\j%8hl`# XXgfjkX[\m\i}`igXiXgXiZ\i`XjgYc`Zf$ $gi`mX[Xj#eldgifZ\jjfhl\[\m\i}Zfd\Xi g\cXXgi\j\ekXf[\gifa\Zkfjhl\\o\d$ gc`Ôhl\defk\ii\efXjmXekX^\ej[Xlk`c`$ qXf[Xji\[\j[\Xckf[Y`kf#Zfdfi\]\i`l eXfZXj`ffgi\j`[\ek\[X8G;:%;`f^f MXjZfeZ\cfjXg\cflX`e[X~e\Z\jj`[X[\[\ Zi`XiefmXj]fidXj[\ZfcXYfiXf\gXiXf \j]fif[\df[\ie`qXfXkiXmj[XXgfjkX eX`efmXf%88jjfZ`Xf]leZ`feXi}Zfdf ZXkXc`jX[fiX\gcXkX]fidX[\[`eXd`qXf# &2081,&$(6*ULHO fYa\Zk`mfXhl\j\Zfdgifd\k\l#Xc`}j# Zfdf<o\Zlk`mf#efdY`kf[fgifkfZfcf [\ZfcXYfiXfZfdf^fm\iefeXXgfjkX \jkiXk^`ZX[\[\j\emfcm`d\ekf[Xji\[\j [\XckXm\cfZ`[X[\\dGfikl^Xc#Xjj`eX[f \dAXe\`if%y#Xc`}j#e\jk\dY`kfhl\j\ `ej\i\X`e`Z`Xk`mXÈGi\[`Zk`fej9ifX[YXe[ Jldd`kÆI\Zfm\ik_ifl^_@efmXk`feÉ% 2VHFUHW£ULRGH(VWDGRGD$GPLQLVWUD©¥R ,QWHUQD*OS°-AGALHµESCOMOPRESIDENTE DA!0$#$IOGO6ASCONCELOS 2VHFUHW£ULRGH(VWDGRGDV2EUDV3¼EOLFDV H&RPXQLFD©·HV0AULO#AMPOSCUMPRIMENTA -ANUEL2OSADA3ILVA#//DA04¸DIREITA DAFOTOAOLADODE"EATO4EIXEIRAPRESIDENTE DA!LCATEL,UCENTEM0ORTUGAL 2VVHFUHW£ULRV GH(VWDGRGD6D¼GH -ANUEL0IZARRO ¸DIREITAEDA -ODERNIZA²µO !DMINISTRATIVA -ARIA-ANUEL,EITµO -ARQUESCOMO GESTORDO0ROGRAMA /PERACIONAL4EM·TICO &ACTORES DE#OMPETITIVIDADE .ELSONDE3OUZA 0DQXHO3L]DUUR -ARGARIDA#OUTO 6D!E!0$# $IOGO6ASCONCELOS E0EDRO#ARLOS 3ONAECOME!0$# 2FRRUGHQDGRU GR3ODQR7HFQROµJLFR #ARLOS:ORRINHO ¸DIREITACOMO COORDENADORDO04 PARAA%DUCA²µO *OµO4ROCADO DA-ATAE,U¬S &ERREIRADAEQUIPA DO04 Fjm}i`fji\jgfej}m\`j^fm\ieXd\ekX`j [\jkXZXiXdXj`ed\iXj}i\Xjfe[\Xlk`c`$ qXf[\i\[\j[\XckXm\cfZ`[X[\i\gi\j\e$ kXi}ld\efid\jXckf\d]i\ek\\dk\idfj [\[`jgfe`Y`c`qXf[\j\im`fjgYc`Zfj~ jfZ`\[X[\Zfd\ÔZ`eZ`X#hlXc`[X[\#gif[l$ k`m`[X[\\i\[lf[\Zljkfj%:fdXjIE>X XiiXeZXi\d\d]fiX\dGfikl^Xc#\di\jlc$ *ULHO&2081,&$(6 8G;:YiX`ejkfid`e^ +£LQ¼PHUDV£UHDVRQGH DXWLOL]D©¥RGHUHGHV GHDOWDYHORFLGDGH UHSUHVHQWDU£XPHQRUPH VDOWRHPIUHQWHHPWHUPRV GHGLVSRQLELOL]D©¥R GHVHUYL©RVS¼EOLFRV¢ VRFLHGDGHFRPHïFL¬QFLD TXDOLGDGHHSURGXWLYLGDGH kX[f[XXgfjkX\jkiXk^`ZX[f^fm\iefe\jkXj `e]iX$\jkilkliXj#Zfej`[\iX[Xj\jj\eZ`X`jgXiX Xi\Zlg\iXf[XXZklXcZi`j\\gXiXXZi`Xf [\\dgi\^f#_}X^fiXhl\XmXeXi\d]fiX ZfdXZi`Xf[\efmXjgifgfjkXj[\j\im`fj gYc`ZfjflZfdflg^iX[\[fjXZklX`j#Y\e\$ ÔZ`Xe[f\dgc\ef[\jkXji\[\j[f]lklif%8k gfihl\f<o\Zlk`mfa}[`jgfe`Y`c`qfl]le[fj gXiXXgf`fXf`em\jk`d\ekfeXji\[\j\efj gifa\Zkfj[\[\j\emfcm`d\ekf[\j\im`fj jfYi\\jjX`e]iX$\jkilkliX% <fji\gi\j\ekXek\j[Xj\dgi\jXj[XjK@: dXe`]\jkXiXdkf[XXjlX[`jgfe`Y`c`[X[\gXiX \jk\kiXYXc_f\dZfealekf%:Xicfj9iXqf :`jZf #G\[if:f\c_f:KK #G\[if:Xicfj JfeX\Zfd #?Xej$<i_Xi[I\`k\i<i`Zjjfe # DXel\cIfjX[XJ`cmXGK #8eke`f9\Xkf K\`o\`iX8cZXk\c$ClZ\ek #AfjAfXhl`dFc`$ m\`iX@9D #:XicfjAXe`ZXj?G #AfXhl`d JXekfjFe` #IXlcDXjZXi\e_Xj;\cf`kk\ # Afj:Xicfj>feXcm\jC^`ZX \AffKXmX$ i\j8ZZ\ekli\ dfjkiXiXd$j\Zfem`Zkfj[X `dgfikeZ`X[\jkXk\d}k`ZXgXiXf[\j\emfc$ m`d\ekf[fefjjfGXj%<[\jkXZXiXdfj\l ]fik\\dg\e_f\dgXik`Z`gXiefjgifa\Zkfj Zfdf<o\Zlk`mfe\jkX}i\X[f[\j\emfcm`$ d\ekf\[`eXd`qXf[\gif[lkfj\j\im`fj jfYi\i\[\j[\XckXm\cfZ`[X[\% )RWRVZZZðLFNUFRPSKRWRVDSGF &2081,&$(6*ULHO $AESQUERDAPARAADIREITA #ARLOS"RAZµO#ISCO*OAQUIM 3ANTOS/NI*OS°*OAQUIM /LIVEIRA)"-2AUL-ASCARENHAS $ELOITTE(ANS%RHARD2EITER %RICSSONE!0$#*OµO 4ROCADODA-ATAE*OµO4AVARES !CCENTURE 3HGUR&RHOKRADMINISTRADOR DOS#44¸ESQUERDA COM*OS°#ARLOS'ON²ALVES #%/DA,¦GICA &DUORV-DQLFDVDIRECTORGERAL DA(0COMOCOORDENADORDO04 PARAA%DUCA²µO 0DQXHO3L]DUURCOM$IOGO 6ASCONCELOSE-ARIA-ANUEL ,EITµO-ARQUES 0DULD0DQXHO/HLW¥R0DUTXHV #ARLOS:ORRINHOE!NT¦NIO"EATO 4EIXEIRA +DQV(UKDUG5HLWHU*OµO 4ROCADODA-ATAE*OS° -AGALHµES -RV«0DJDOK¥HV0AULO #AMPOS.ELSONDE3OUZA E#ARLOS"RAZµO $RORQJRGRDOPR©RODEBATE CENTROUSEEMTORNO DASPOTENCIALIDADESDAS2.'NOS SERVI²OSP BLICOS 7RGRVRVLQWHUYHQLHQWHV CONCORDARAMEMPARTICIPAR EMINICIATIVASCONJUNTASATRAV°S DEPARCERIASP BLICOPRIVADAS *ULHO&2081,&$(6 8G;:ÆaXekXi$[\YXk\@ &(2'$37*$5$17($3267$1$651* Ý5HLQYHQWDURIXWXURÞ <jk\fÈXef[XÔYiXgXiXXGKÉ%F`em\jk`d\ekfeXXckXm\cfZ`[X[\Zfej`[\iX[fZilZ`Xc efdY`kf[X\jkiXk^`Xdlck`gcXkX]fidX\[fjj\im`fjZfem\i^\ek\j%Gifd\k\$j\ld [\j\emfcm`d\ekfX^i\jj`mf[fgifa\Zkf#hl\k\i}ld`dgXZkf\jkilkliXek\efGXj%Q\`eXc9XmX \jk}ZfeÔXek\ef]lklif\i\`k\iXXjd\kXjXdY`Z`fjXj[\Zi\jZ`d\ekf%<dGfikl^Xc\ef\ok\i`fi 2 :<F[XGK]f`ffiX[fiZfe$ m`[X[feldaXekXi$[\YXk\hl\ i\le`l#X(-[\8Yi`c#efK`X$ iXGXib?fk\cdX`j[\*'' gXik`Z`gXek\j%;\]\e[\hl\ Xji\[\j[\efmX^\iXfIE> g\id`k`$ ifldXZfeZfiieZ`XYXj\X[XeX`efmXf k\Zefc^`ZX#ZfdZi`Xf[\efmfjdf[\cfj [\e\^Z`f\ldXdX`fi\ÔZ`eZ`X\\ÔZ}Z`X fg\iXZ`feXc[Xj\dgi\jXj%<#Xfd\jdfk\d$ gf#gifdfm\ifldXefmX\iX\d}i\Xj$Z_X$ m\[\XZklXfjfZ`Xc#ZfdfXjX[\#\[lZX$ f\<jkX[f#Xjj`dZfdfZfeki`Yl`ifgXiX Xjljk\ekXY`c`[X[\XdY`\ekXc% Q\`eXc9XmXhl\i[`jgfe`Y`c`qXiÈfjd\c_f$ i\jj\im`fj[fdle[fÉkXekfgXiXfj\^d\ekf i\j`[\eZ`XcZfdf\dgi\jXi`Xc#j\e[f]le[X$ d\ekXcf`em\jk`d\ekf\dcXi^liX[\YXe[X [Xi\[\%DXjgXiXhl\f^ilgfXmXeZ\[\]XZkf Zfdfjj\lj`em\jk`d\ekfje\jkX}i\X#mfckfl X[\]\e[\iXli^\ek\\e\Z\jj}i`XZcXi`ÔZXf i\^lcXki`X#Xkgfihl\Xji\[\j[\XckXm\cf$ Z`[X[\jfÈldXfgfikle`[X[\gXiX`em\ekXi f]lklifefefjjfGXjÉ#[\jkXZXe[fhl\Èfj gXj\jhl\dX`j`em\jk`i\d\d@;j\iffj d\c_fi\jgi\gXiX[fjgXiX\e]i\ekXiXZi`j\\ jX`i[\cXfdX`j[\gi\jjXgfjjm\cÉ% Fc[\i[XGKfc_Xf]lklifZfdÈZfe$ ÔXeXÉ#ZfdldX\jkiXk^`X[\XgfjkXeX `ek\ieXZ`feXc`qXf\efZi\jZ`d\ekf\d Gfikl^Xc%:fdd\kXjÈdl`kfXdY`Z`fjXj\ XkX^i\jj`mXjÉ#efd\X[Xd\ek\XcZXeXi \d)'((fj(''d`c_\j[\Zc`\ek\j#dX`j *'d`c_\jhl\efÔeXc[\)''/#Xld\ekXi X\ogfj`fXfe\^Z`f`ek\ieXZ`feXc#hl\ [\m\i}i\gi\j\ekXiZ\iZX[\[f`jk\ifj[Xj i\Z\`kXjkfkX`j[\ekif[\kijXefj#\efd\i$ ZX[f[fdjk`Zf#j\ic[\i`eZfek\jkX[f\d kf[fjfjj\^d\ekfj[\e\^Z`f1k\c\m`jf# YXe[XcXi^X\mfq%<\dGfikl^Xchl\\jkf fjÈdX`fi\j[\jXÔfjfg\iXZ`feX`j\fe[\X `dX^`eXf[XefjjX\hl`gX]le[Xd\ekXc% ?}hl\i\`em\ekXif]lklif#fhl\gXjjXg\cX XgfjkXef`em\jk`d\ekf\d`efmXfÉ% 6DLEDPDLVHPZZZDSGFSWZZZWZLWWHU FRPDSGFZZZðLFNUFRPSKRWRVDSGF &2081,&$(6*ULHO 2&(2GD37 APRESENTOUASUAVISµO SOBREAS2.'EOGRUPO QUELIDERANUMJANTAR DEBATEQUESEREALIZOU ADE!BRIL =HLQDO%DYDJDUDQWH QUEhOINVESTIMENTO EMlBRATER·UM IMPACTODECISIVONA COMPETITIVIDADEDO 0A¬Sv%STASER·UMA hOPORTUNIDADEPARA INVENTAROFUTUROv 2SUHVLGHQWHGD$3'& AAPRESENTARO#%/DO GRUPODECOMUNICA²¤ES =HLQDO%DYD UHVSRQGHNOlNALDA SUAINTERVEN²µO¸S QUEST¤ESDOSIN MEROS PARTICIPANTES $PHVDGH SUHVLG¬QFLDGRHYHQWR TENDOCOMOPANODE FUNDOAIMAGEMDOS ANOSDA!0$# 0DLVGHSHVVRDV HVWLYHUDPSUHVHQWHV NESTEEVENTODOCICLODE JANTARESDEBATE DA!0$# *ULHO&2081,&$(6 8G;:ÆaXekXi$[\YXk\@ &2081,&$(6*ULHO $LQLFLDWLYDLQVHUHVHNODEBATEDAS2.'EDOSEUPAPELNODESENVOLVIMENTONO0A¬S =HLQDO%DYD¸CHEGADAAO4IARA0ARK(OTELCOM$IOGO6ASCONCELOS 'LRJR9DVFRQFHORVCOM#ARLOS"ARROQUEIRODA#"%UMDOSPATROCINADORESDOCICLO DEJANTARES 2O¯GHUGD37COMOPRESIDENTEDA%RICSSON¸ESQUERDAOUTROPATROCINADORDO EVENTOEODIRECTORGERALDA3UNEM0ORTUGAL*ORGE3ALAMANCA =HLQDO%DYD¸CONVERSACOM!NT¦NIO#OIMBRAACTUALADMINISTRADORDA6ODAFONEE #%/DOGRUPOAPARTIRDE3ETEMBROx ãCOM-RDTXLP2OLYHLUD'ENERAL-ANAGERDA)"-0ORTUGALx ãEFRP*OS°,U¬S!RNAUT 2O¯GHUGD37COM*OS°4RIBOLETE'RA²A"AU¸ESQUERDA 2SUHVLGHQWHGD$3'&COM:EINAL"AVAE.UNO!RTUR3ILVA0RODU²¤ES&ICT¬CIAS -R¥R3LFRLWRO¯GHUGD161EOUTRODOSPATROCINADORESDOCICLODEJANTARESCOM $IOGO6ASCONCELOSE#ARLOS"RAZµOL¬DERDA#ISCO &DUORV%UD]¥RCOM!LFREDO"APTISTA04AOCENTROEOL¬DERDA!LCATEL,UCENT "EATO4EIXEIRA 3HGUR1RUWRQGH0DWRV*OµO0ICOITOE$IOGO6ASCONCELOS *ULHO&2081,&$(6 8G;:ÆaXekXi$[\YXk\@ 'LRJR9DVFRQFHORV E*OS°4RIBOLET &DUORV%UD]¥R COM4ERESA-AURY ADMINISTRADORADA !NACOM )HUUDUL&DUHWR ADMINISTRADORDA !NACOMCOM0EDRO #ARLOS3ONAECOME !0$#AOCENTROE*ORGE 0EREIRADA#OSTA2OLAND "ERGER 'LRJR9DVFRQFHORV COM0EDRO3AMPAIO .UNESAOCENTROE (ANS%RHARD2EITER )UDQFLVFR0DULD %DOVHP¥R¸ESQUERDA COM*ORGE3ALAMANCA &DUORV-DQLFDV +3*OµO0AULO'IRBAL -ICROSOFT!NA $OMINGUES,¦GICAE 0EDRO.ORTONDE-ATOS /HRQRU$OPHLGD DA.3.EDA!0$# DOLADOESQUERDO COMRESPONS·VEIS INTERNACIONAISDOGRUPO 2KLVWµULFR VHFUHW£ULRJHUDOGD $3'&/LIVEIRAE3OUSA ¸ESQUERDACOM !LMEIDA-OTA&UNDA²µO DAS#OMUNICA²¤ES 6ASCO-ATAFOMEE !NT¦NIO#OIMBRA &2081,&$(6*ULHO 8G;:ÆaXekXi$[\YXk\@@ 1*(/23$835,2/'(5'$621$(&20 Ý$JHQWHDFWLYR GHPXGDQ©DÞ J\e[fldfg\iX[fi^cfYXc#\jkiXk^`Zf#`ek\^iX[f\jljk\ek}m\c# f^ilgfXjjld\$j\ZfdfldX^\ek\XZk`mf[\dl[XeX% <\jk}eXjZfdle`ZX\jgfikl^l\jXjgXiXÔZXi%=f`fgi`d\`if XXmXeXieXji\[\j[\XckXm\cfZ`[X[\\Xf]\i\Z\ij\im`fj Zfd\iZ`Xcd\ek\#\i\`k\iX\jjXXgfjkX%Fi`kdf[\`em\jk`d\ekf [\g\e[\i}#ef\ekXekf#[XjZfe[`\j[\d\iZX[f $ JfeX\Zfd\jk}eXjZfdl$ e`ZX\jgfikl^l\jXjgXiX ÔZXi%8jjld`e[f$j\Zfdf ld^ilgf^cfYXc#\jkiXk^`$ Zf#`ek\^iX[f\jljk\ek}m\c% Ld^ilgfhl\efk\d[\ZfekifcXie\d dXe[Xi#dXj[\Zfeki`Yl`igXiXfj\Zkfi ZfdZi`Xf[\mXcfi\XdY`f%8Xgfj$ kXeXji\[\j[\XckXm\cfZ`[X[\#fe[\]f` &2081,&$(6*ULHO g`fe\`if#^iXe[\#dXjfj\li`kdf[\$ g\e[\i}\dZfeZi\kf[XjZfe[`\j[\ `em\jk`d\ekfhl\]fi\d[\Ôe`[Xj#Xjj`d Zfdf[X\mfclf[XZfealekliXXZklXc% 8jd\ejX^\ej]fiXd[\Ûe^\cfGXlg$ i`f#gi\j`[\ek\\o\Zlk`mf[XJfeX\Zfd# fk\iZ\`iffiX[fiZfem`[X[f[f:`Zcf[\ AXekXi\j$;\YXk\[X8G;:)''0Zfdfj gifkX^fe`jkXj[XjK@:%KXcZfdffjXe$ k\i`fi\j#i\le`l\dC`jYfX#X.[\DX`f# dX`j[\),'g\jjfXjgXiXflm`ifgifa\Z$ kf[\ld[fjhlXkif^ilgfj^cfYX`j[f j\ZkfieXZ`feXc% J\^le[fÛe^\cfGXlgi`f#j\e[fld fg\iX[fi^cfYXc#XJfeX\ZfdÈldX^\ek\ XZk`mf[Xdl[XeX\dkf[fjfjd\iZX[fj \dhl\XZklXÉ#gfj`Z`feXe[f$j\\dkf[fj fjj\^d\ekfj[\e\^Z`f#kXekfeX}i\X QJHOR3DXS«ULRGARANTE QUEA3ONAECOM°UMGRUPO GLOBALINTEGRADOINOVADOR ECOMPROMETIDOCOMA SUSTENTABILIDADE Ý7HPRVLQWURGX]LGR MUITASMUDAN²ASNO SECTORETEMOSMUITASMAIS PARAINTRODUZIR%STAMOS OBCECADOSEEXTREMAMENTE EMPENHADOSEMINOVARv $HPSUHVDNµOTEMQUE CONTROLAREMANDARMASSIM hCONTRIBUIRPARAOSECTOR COMCRIA²µODEVALORE AMBI²µOv 'LRJR9DVFRQFHORVFAZA INTRODU²µO¸APRESENTA²µO DOPRESIDENTEEXECUTIVODA 3ONAECOM 2SUHVLGHQWHGD$3'&E DA3ONAECOMx ãDURANTERSHU¯RGRDE PERGUNTASERESPOSTASDA AUDI¯NCIA dm\c#fe[\XYXj\[\Zc`\ek\jZfek`elXX Zi\jZ\i#Zfdfefe\^Z`fÔof#ÈZX[Xm\q dX`jXjj\ek\\di\[\jZfekifcX[Xjg\cf ^ilgfÉ%>XiXek\hl\fZi\jZ`d\ekfk\d j`[fjljk\ekX[f#fhl\gfjjm\cXkiXmj [\ldXfg\iXf`ek\^iX[Xefj\d k\idfjk\Zefc^`ZfjdXj[\fi^Xe`qX$ f#ZX[Xm\qdX`jZ\ekiX[XefZc`\ek\% GXiX\jk\gifkX^fe`jkXÈk\dfj`ekif[lq`$ [fdl`kXjdl[XeXjefj\Zkfi\k\dfj dl`kXjdX`jgXiX`ekif[lq`i%<jkXdfj fYZ\ZX[fj\\oki\dXd\ek\\dg\e_X[fj \d`efmXiÉ% 8[`XekflX`e[Xhl\f^ilgf\jk}È\d$ g\e_X[f\dZfcXYfiXiZfdXjXlkfi`[X$ [\j#fji\^lcX[fi\j\ZfdfjZfeZfii\ek\j gXiX\eZfekiXiXjd\c_fi\jjfcl\jgXiX fj\Zkfi\gXiXfGXjÉ#[\jkXZXe[fj\i kXdYdldXfYi`^Xf[X\dgi\jXÈhl\ fj`em\jk`d\ekfjj\aljk`Ôhl\d#gXiXef [\]iXl[XiXj\og\ZkXk`mXj[fjXZZ`fe`j$ kXjÉ#ZfdÈ`em\jk`d\ekfjiXZ`feX`j\hl\ gfjjXdkiXq\imXcfiXZi\jZ\ekX[fÉ%<ef k\d[m`[Xj[\hl\È`eZfekfie}m\cef j\Zkfi#k\e[fXXdY`f[\j\ildX^\e$ k\[\dl[XeXÉ%EXZfealekliX[\Zi`j\ XZklXc#_}hl\kfdXiÈ[\Z`j\jiXZ`feX`jÉ# fhl\gf[\i}gXjjXig\cXgXik`c_X[\`e]iX$ $\jkilkliXj[\i\[\fl[\`em\jk`d\ekfj% ÈJ\jflY\idfjk`iXigXik`[f\dXek\i ZfdgfikXd\ekfjiXZ`feX`j#XZ_fhl\gf$ [\dfjjX`i[XZi`j\dX`j]fik\jÉ#jXc`\ekX# X[`XekXe[fhl\Xd`jjf[f^ilgfhl\ c`[\iX`efmX[fiX% Efhl\i\jg\`kX~jIE>#fe[\XXgfj$ kX[f^ilgfj\dXekd#k\d_Xm`[fgfi gXik\[fjX^\ek\j[fj\ZkfiÆ^fm\ief# i\^lcX[fi\fg\iX[fi\jÆXY\ikliXgXiX È\eZfekiXi\eki\\c\jXjd\c_fi\jjfcl$ \jÉ#\_}X`e[XgifYc\dXjXlckiXgXjjXi \ldZfealekf[\Zfe[`\jX[\Ôe`ihl\ jf]le[Xd\ekX`jgXiXhl\fjfg\iX[fi\j gfjjXdkfdXi[\Z`j\j[\`em\jk`d\ekf jljk\ekX[Xj%<dYfiXi\]\i`e[fkiXkXi$j\ [\ldgifZ\jjfZfdgc`ZX[f#i\jjXckXhl\ \jjXj[\Z`j\jj\if[\k\id`eXek\jgXiX XkfdX[X[\[\Z`jf#gfihl\#Èj\e[f`e$ m\jk`d\ekfj\dhl\kf[fjXZi\[`kXdfj\ [\]lklif#gi\Z`jf\eZfekiXi$c_\jXc^`$ ZX\Zfed`ZXX[\hlX[XÉ%<XJfeX\Zfd \jk}X`em\jk`i%È8^fiXXm\cfZ`[X[\Xhl\f \jkXdfjX]Xq\i#fXcZXeZ\\XXdY`f[f gifa\Zkfhl\[\g\e[\i}[XjZfe[`\j ÔeX`jgXiXf`em\jk`d\ekf%É 6DLEDPDLVHPZZZDSGFSWZZZWZLWWHU FRPDSGFZZZðLFNUFRPSKRWRVDSGF *ULHO&2081,&$(6 8G;:ÆaXekXi[\YXk\@@ $PHVDGHSUHVLG¬QFLDEMMAISUMJANTARDEBATEMUITOANIMADO $HVWUDW«JLDGRVO¯GHUHVDOSGRANDESGRUPOSNACIONAIS DECOMUNICA²¤ESx ãTEMYLQGRDJHUDUENORMEAmU¯NCIADOSPROlSSIONAIS DAS4)#AOSJANTARESDEBATEDA!0$# 0DUJDULGD&RXWR6D!E!0$#COM$IOGO6ASCONCELOSE,U¬S2EIS 2O¯GHUGD6RQDHFRPCOMOSSEUShHOMENSvDOGRUPOn,U¬S2EIS E,OBO8AVIEROSDOIS LTIMOSACONTARDAESQUERDAnCOM&ERRARI #ARETOADMINISTRADORDA!NACOMAOFUNDO &DUORV%UD]¥RL¬DERDA#ISCOE,U¬S2EIS¸CONVERSA -R¥R%DUERVDL¬DERDA2ADIOM¦VELCOM,U¬S$EVEZA L¬DERDA5NISYS0ORTUGAL6ASCO-ATAFOMEE$IOGO6ASCONCELOS QJHOR0AUP°RIOCOM*OµO0ICOITOL¬DERDA.3.E*OµO'ALAMBA DE/LIVEIRA!CCENTURE /HRQRU$OPHLGD.3.E!0$#COM*OµO0ICOITOÓNGELO0AUP°RIO E,U¬S2EIS (GXDUGR&DUGDGHLURADMINISTRADORDA!NACOMCOMÓNGELO 0AUP°RIOE&RANCISCO-ARIA"ALSEMµO)MPRESAE!0$# (GXDUGR3LQWRADMINISTRADORDA2EFER4ELECOMCOM#ARLOS"RAZµO E*OAQUIM/LIVEIRAL¬DERDA)"-0ORTUGAL &DUORV%DUURTXHLURL¬DERDA#"%COM(ANS%RHARD2EITER L¬DERDA%RICSSONEDIRECTORDA!0$# &2081,&$(6*ULHO *ULHO&2081,&$(6 8G;:ÆaXekXi[\YXk\@@ %HDWR7HL[HLUD L¬DERDA!LCATEL ,UCENT¸ESQUERDA COM!NT¦NIO.ETO !LCATEL,UCENTE!0$# E!NT¦NIO#OIMBRA ADMINISTRADORDA 6ODAFONE 2VUHVSRQV£YHLV EM0ORTUGALPELA)"- EPELA!LCATEL,UCENT $QWµQLR&RLPEUD COM,OBO8AVIER -RUJH3HUHLUD GD&RVWD2OLAND "ERGER&ERRARI#ARETO #ONCEI²µO#ASANOVA E,OBO8AVIER 3HGUR0RUDLV /HLW¥RCOM0AULO 3IM¤ESE$IOGO 6ASCONCELOS /¯GHUDA.3. COM&RANCISCO-ARIA "ALSEMµO)MPRESAE !0$# -R¥R+HQULTXHV "OSTON#ONSULTING COM$IOGO6ASCONCELOS E!NT¦NIO.ETO QJHOR3DXS«ULR ENTREOSL¬DERESDA %RICSSONEDA)"- &2081,&$(6*ULHO 8G;:ÆaXekXi$[\YXk\@@@ 52'5,*2&267$(1&(55$&,&/2'((1&217526 &203527$*21,67$6'$67,&62%5(51* =RQSUHSDUDGDSDUDGHVDïR 8QfeDlck`d[`Xgi\k\e[\ \jkXi\d]fiXeXjIE># i\`k\iXe[fflg^iX[\[\ kf[XXi\[\[\ZXYfgXiXfj (''DYgjXkÔeXc[\jk\ Xef%Fj\lgi\j`[\ek\ \o\Zlk`mf#If[i`^f:fjkX# dfjkiX$j\dl`kffgk`d`jkX hlXekf~\mfclf[f^ilgf# ZfdldXXgfjkXÔid\ef ki`gc\$gcXp#eXhlXc`[X[\[\ j\im`f\eX`efmXf 2 j`em\jk`d\ekfj\dIE> mfgifmfZXildXdl[XeX \efid\\dGfikl^Xc#[Xe[f fi`^\dXdX`je\^Z`fj\~ Zi`Xf[\dX`j\dgi\jXj% <XQfeDlck`d[`Xgi\k\e[\\jkXi\d]fi$ Xe\jkX}i\X#i\`k\iXe[fflg^iX[\[\kf[X Xi\[\[\ZXYfgXiXfj(''DYgjXkÔeXc [\jk\Xef%Fj\lgi\j`[\ek\\o\Zlk`mf\jk} dl`kffgk`d`jkXhlXekf~\mfclf[f^il$ gf#ZfdldXXgfjkXÔid\ef ki`gc\$gcXp% If[i`^f:fjkX]f`fck`dffiX[fiZfem`$ [X[f[fZ`Zcf[\aXekXi\j$[\YXk\[X8G;:# hl\mfckflXi\le`ihlXj\*''g\jjfXjef ?fk\cK`XiXGXib#\dC`jYfX#gXiX[\YXk\i X\jkiXk^`X[fj^iXe[\j^ilgfjeXZ`feX`j eX}i\X[Xji\[\j[\XckXm\cfZ`[X[\% 5RGULJR&RVWDLIDERA OMAISRECENTEPROJECTO GLOBALDECOMUNICA²¤ES DOMERCADONACIONAL !:ON-ULTIM°DIAEST· PREPARADAPARAOS DESAlOSQUESECOLOCAM AOSECTOR Ý+£XPDQRH PHLRDISSERAMQUE °RAMOSINCONSCIENTES EIRRESPONS·VEISNOS NOSSOSPLANOS-AS TEMOSCUMPRIDOAS METASAQUENOS COMPROMETEMOSv 2SUHVLGHQWHH[HFXWLYR GD=RQ0XOWLP«GLDNµO COMENTAOSRUMORESDE UMAEVENTUALFUSµOCOM A3ONAECOMh.µOTEMOS TEMPOPARAFAITDIVERS %APIORCOISAQUEPODE HAVERNUMAEMPRESA°A DISTRAC²µOv *ULHO&2081,&$(6 8G;:ÆaXekXi$[\YXk\@@@ Fc[\i[XQfeefk\d[m`[Xj[\ hl\XjZfdle`ZX\j`ifdl[Xidl`kf ZfdXjIE>#j\e[fld[fjj\Zkfi\jdX`j `ek\i\jjXek\j[X\Zfefd`X#gfihl\[\c\ [\g\e[\dZX[Xm\qdX`jkf[XjXj}i\Xj[\ XZk`m`[X[\%<\jk\d\iZX[fmX`Zfek`elXi XZi\jZ\i#Xg\jXi[\fjcXi\jgfikl^l\$ j\jk\i\da}ldX^iXe[\g\e\kiXf[fj j\im`fj[\Zfdle`ZX\j\c\Zkie`ZXj% Efd\X[Xd\ek\eXj`e]iX$\jkilkliXjÔoXj# ^iXXjXldXÈefmX^\iXf[\Zfejld`$ [fi\jÉ%?Xm\i}ZX[Xm\qdX`jlk`c`qX[fi\j [\@ek\ie\kÔoX#Xek\Z`gXe[fkXoXj[\ g\e\kiXf[\0'efjgio`dfjhlXkif XZ`eZfXefj%DXjkXdYdXgXpKMk\i} kXoXj[\g\e\kiXf[\-'X.'\f d\iZX[fdm\cdXek\i$j\$}[`ed`Zf% Kl[f^iXXjXfji\efmX[fj`em\jk`d\e$ kfj[\kf[fjfjfg\iX[fi\j[fd\iZX[f#hl\ c_\j[XifefmXjfgfikle`[X[\j[\Zi\jZ`$ d\ekf%DXj#j\e[fXÈ[`]\i\eZ`Xf\okiX$ fi[`eXi`Xd\ek\[`]Z`c\Zfdfjk\dgfjhl\ mdX#X`e[Xj\i}dX`j[`]Z`c#X[`]\i\eX k\i}[\\jkXieXhlXc`[X[\[\j\im`f\eX `efmXfefjj\im`fj\Zfek\[fjÉ#Xc\ikX If[i`^f:fjkX%<jk\fZXd`e_f[f^ilgf hl\c`[\iX#eldd\iZX[fZX[Xm\qdX`j ZfeZfii\eZ`Xc\fe[\XQfeZfej\^l`ldXe$ k\iXc`[\iXeXefd\iZX[f[\k\c\m`jf# k\e[fÈi\`em\ekX[fÉfe\^Z`f[XYXe[X cXi^X\]\`kfZi\jZ\iXZ\eklX[Xd\ek\fj Zc`\ek\j[XmfqÔoX%I\jlckX[f1Zfej\^l`l gXjjXi[X-%±gfj`fefd\iZX[f[fki`gc\$ $gcXp\dk\idfj[\Zc`\ek\j#_}ldXef Xki}j#gXiXX)%±gfj`f\jk\Xef% Gfi`jjf#XÈQfe\jk}gi\gXiX[XgXiX fj[\jXÔfj\XefjjXXgfjkXf ki`gc\$ $gcXp%:fdflg^iX[\[\kf[XXi\[\Zfd Xk\Zefcf^`X;F:J@J%*XkÔeXc[\jk\Xef# fhl\g\id`k`i}Xf]\ikX[\(''DYgj\d kf[XXi\[\%<jkXdfjXd\o\i\Xd\o\i [\gi\jjXÉ#^XiXek\#gi\m\e[f`em\jk`d\e$ kfj\jk\Xefc`^\`iXd\ek\XZ`dX[fj(-' d`c_\j^Xjkfj\d)''/%If[i`^f:fjkX jXc`\ekXhl\fji\^lcX[fi\jgf[`Xd\jkXi ldgflZfdX`jXk\ekfjXfhl\j\gXjjX efd\iZX[f%È;\]XZkf#m`m\dfj[`Xj[\ ^iXe[\gi\jjf#Zfddl`kXX[i\eXc`eX%É <\jZljX$j\X]XcXi[fjildfi\jjfYi\ldX \m\eklXc]ljfZfdXJfeX\Zfd%ÈK\dfj dl`kfhl\]Xq\i%Efk\dfjk\dgfgXiX ]X`k$[`m\ij%<Xg`fiZf`jXhl\gf[\_Xm\i eldX\dgi\jXX[`jkiXZf%É 6DLEDPDLVHPZZZDSGFSWZZZWZLWWHU FRPDSGFZZZðLFNUFRPSKRWRVDSGF &2081,&$(6*ULHO 2SUHVLGHQWHGD$3'&COMOL¬DERDA:ONx ãNAIDVHGDVTXHVW·HVDEUMAAUDI¯NCIADECERCADEPESSOAS 9£ULRVO¯GHUHVGDV7,&lZERAMQUESTµODEESTARPRESENTESNESTEENCONTRO ORGANIZADOPELA!0$# (VWH&LFORGH-DQWDUHV'HEDWHSOBOMOTEDASREDESDENOVAGERA²µOMOSTROUOS PROJECTOSDOSL¬DERESDOSECTORx ãQXPD£UHDCONSIDERADACRUCIALNµOS¦PARAOFUTURODAS4)#COMODAECONOMIAE DASOCIEDADEPORTUGUESA 5RGULJR&RVWDCOM$IOGO6ASCONCELOS 5RGULJR&RVWD¸CONVERSACOMOL¬DERDA!0$#ECOMOCHAIRMANDA:ON$ANIEL 0ROEN²ADE#ARVALHO 'LRJR9DVFRQFHORVCUMPRIMENTA0ROEN²ADE#ARVALHO 3HGUR6DPSDLRH0HOR¸ESQUERDACOM0EDRO2EBELODE3OUSAE2ODRIGO#OSTA -R¥R3LFRLWRL¬DERDA.3.CUMPRIMENTAO#%/DA:ONCOM,U¬S,OPES ADMINISTRADORDOGRUPOAOFUNDO 5RGULJR&RVWDCOM"EATO4EIXEIRAL¬DERDA!LCATEL,UCENTEM0ORTUGAL -RV«3HGUR3HUHLUDGD&RVWD#&/DA:ON¸ESQUERDACOM-ANUEL'ON²ALVES ADMINISTRADOREXECUTIVODA!R4ELECOM *ULHO&2081,&$(6 8G;:ÆaXekXi$[\YXk\@@@ 'LRJR9DVFRQFHORVCOM0AULO #AMACHODIRECTORDECOMUNICA²µO DA:ON $QWµQLR/RER;DYLHU ADMINISTRADORDA3ONAECOM ¸CONVERSACOM,U¬S$EVEZA L¬DERDA5NISYS0ORTUGAL 3DXOR9LFHQWHVICEPRESIDENTE DA!CCENTURE0ORTUGAL ¸ESQUERDA &DUORV-DQLFDVDIRECTOR GERALDA(00ORTUGALCOM*AIME 1UESADOGESTORDO0/3# ¸DIREITA +DQV(UKDUG5HLWHUL¬DERDA %RICSSONEDIRECTORDA!0$#COM #ARLOS"ARROQUEIROL¬DERDA#"% 1DPHVDGRRUDGRUFRQYLGDGR OMOTEERAMAS2.'EOFUTURO DAECONOMIAEDASOCIEDADE PORTUGUESA -RV«)HUUDUL&DUHWR ADMINISTRADORDA!NACOM NAFASEDE1! (GXDUGR3LQWRADMINISTRADOR DA2EFER4ELECOMCOM*OµO0ICOITO 3DXOR1HYHV/NIE!0$# COM,U¬S$EVEZA $QWµQLR1HWR04E!0$# COM"EATO4EIXEIRAx &DUORV&RUUHLD6ODAFONE E!0$#EMPRIMEIROPLANO &2081,&$(6*ULHO *ULHO&2081,&$(6 e\^Z`fj $/&$7(//8&(17 DOLDVH¢+3ã !!LCATEL,UCENTEA(0ANUNCIARAMUMACORDODE INTEN²µOPARAFORMARUMAALIAN²AGLOBALDEANOS PARAAJUDAROSCLIENTESATIRARPARTIDODACONVERG¯NCIA DETELECOMUNICA²¤ESE4)!SSIMQUEOACORDODElNITIVO FOREXECUTADOVµOPROMOVERCONJUNTAMENTESOLU²¤ESE CAPACIDADESQUEPERMITEMUMATRANSFORMA²µOEND TOENDPARAOSPRESTADORESDESERVI²OSEEMPRESAS 0LANEIAMLAN²ARUMPROGRAMAGLOBALGOTOMARKET PARATRANSFORMARASREDESDECOMUNICA²µOEMINFRA ESTRUTURASDENOVAGERA²µOCONVERGENTESEOFERECER SERVI²OSQUEPERMITEMGERIRASINFRAESTRUTURASNOVASE ASACTUAISPARAOSCLIENTESQUEPROCURAMOP²¤ESmEX¬VEIS DEFORNECIMENTO3ER·AINDACRIADAUMAINICIATIVA CONJUNTAGOTOMARKETPARAFORNECERSOLU²¤ESPARA0-%E ORGANIZA²¤ESDOSECTORP BLICO HOLGHUDURXWHUV,3 +3 !!LCATEL,UCENT°OVENDEDORNNOMERCADODOSROUTERS)0NASREGI¤ESDA%UROPA DO-°DIO/RIENTEEDEÔFRICADETENDOCERCADEDAQUOTADEMERCADOMOSTRAM DADOSDA)NFONETICS!FABRICANTETEMCONTINUADOASUAASCENSµONUMDOSSEGMENTOSDE MAISR·PIDOCRESCIMENTOODOSFORNECEDORESDESERVI²OSPORROUTERGRA²ASAUMAFORTE PROCURADOSSEUSROUTERSDESERVI²OS)0-0,3DETERCEIRAGERA²µO-AISDECLIENTES EMMAISDEPA¬SESSELECCIONARAMESTASOFERTASPARARESPONDER¸SEXIG¯NCIASDE MERCADOINCLUINDOACESSODOSUTILIZADORESPRIVADOSA)046E)NTERNET%THERNETEREDES PRIVADASVIRTUAIS)0)06.0PARAASEMPRESASASSIMCOMOEVOLU²µODOTRANSPORTEE DOSN CLEOSDEREDESEMlO!!LCATEL,UCENTREVELOUAINDATERDESENVOLVIDOCOM¯XITO UMAINFRAESTRUTURADEREDE)0-0,3PARAA/RANGE"USINESS3ERVICESEM&RAN²A%STE DESENVOLVIMENTONACIONALPERMITE¸/RANGE"USINESS3ERVICESEXPANDIRASUAOFERTADE SERVI²OSEMPRESARIAISTOPODEGAMAEM&RAN²A 'LVWLQJXHHVFRODV SRUWXJXHVDV &,6&2(37 5HIRU©DPDOLDQ©DQDV51* !#ISCOEA0ORTUGAL4ELECOMREFOR²ARAMARELA²µODENEG¦CIOATRAV°SDEUMAALIAN²A QUEPREV¯ACOLABORA²µOEMDIVERSAS·REASEUMAESTRAT°GIACONJUNTADEGOTOMARKET %STAALIAN²ACOLOCAA04NOSEIODEUMGRUPODECLIENTESCHAVE#ISCO3ERVICE0ROVIDER 2EFERENCE!CCOUNTCOMOSQUAISA#ISCOVAICOLABORARNOSENTIDODECONDUZIRAINOVA²µO COMSOLU²¤ESDEVALORACRESCENTADOPARAOSMERCADOSDOCONSUMOEDASEMPRESAS 2EFOR²ATAMB°MAVISµOCOMUMDAFABRICANTEEDA04SEGUNDOAQUALOTRABALHOEMREDE SER·APLATAFORMADEINOVA²µOQUETRANSFORMAR·ASEXPERI¯NCIASDOCLIENTE !#ISCOEA04VµOTRABALHARCONJUNTAMENTENAINOVA²µOENOMARKETINGDOSSERVI²OSDE GESTµOBEMCOMONODESENVOLVIMENTOENAEXPLORA²µODENOVAS·REASTECNOL¦GICAS PROMISSORAS!#ISCOVAIGARANTIR¸OPERADORAACESSO¸SMAISRECENTESINOVA²¤ES ARQUITECTURASETECNOLOGIASDEREDE4RABALHAR·TAMB°MDEFORMAESTREITACOMOMOTOR DEINVESTIGA²µOEDESENVOLVIMENTO04)NOVA²µOEMSOLU²¤ESDEV¬DEOAVAN²ADASPARAOS SERVI²OSDETELEVISµODIGITALDEFORMAATRANSFORMARA46A)NTERNETEASEXPERI¯NCIASDE ENTRETENIMENTODASACTUAISEDASFUTURASGERA²¤ESDECLIENTES &2081,&$(6*ULHO !(0%-%!DISTINGUIUQUATRO INSTITUI²¤ESDEENSINOEM 0ORTUGALPELOSSEUSPROJECTOS INOVADORESDEAPRENDIZAGEME ENSINONO¶MBITODOPROGRAMA (0)NNOVATIONIN%DUCATION 'RANT)NITIATIVE4RATA SEDEUMAINICIATIVAQUEVISA PREMIARESCOLASSECUND·RIAS EUNIVERSIDADESPELOSSEUS PROJECTOSDEENSINO EAPRENDIZAGEMMAIS INOVADORESENTREOSPA¬SES QUEINTEGRAMAREGIµO(0%-%! %NTREASVENCEDORASA N¬VELMUNDIALDESTACAMSE TR¯SESCOLASSECUND·RIAS PORTUGUESAS%SCOLA3ECUND·RIA 3'ARCIADE/RTANO0ORTO %SCOLA3ECUND·RIACOM #%"DA3°NA'UARDAE %SCOLA3ECUND·RIACOM #ICLO%"DE%SMORIZ&OIAINDA GALARDOADAA5NIVERSIDADEDE !VEIROESTACOMDOISPROJECTOS #ADAINSTITUI²µOPREMIADA IR·RECEBERUMASOLU²µODE TECNOLOGIAM¦VELDA(0 COMPUTADORESPORT·TEISEDE MESAIMPRESSORASPONTOSDE ACESSOEDONATIVOSlNANCEIROS NOVALORDEAPROXIMADAMENTE EUROS/SVENCEDORES SERµOAINDACONVIDADOSA INTEGRARAREDEMUNDIALDE EDUCADORESQUETRABALHAM PARAODESENVOLVIMENTODE UMAUTILIZA²µOINOVADORA DATECNOLOGIANOSECTORDA EDUCA²µOEONDEPODEM PARTILHARASMELHORESPR·TICAS NAS·REASDOELEARNINGENSINO VIRTUALESIMULA²¤ES 0(2 &RQTXLVWDSU«PLR03 .AS°TIMAEDI²µODOSPR°MIOS-EIOS0UBLICIDADE O-EOFOIDISTINGUIDOPELOSEGUNDOANOCONSECUTIVO COMUMGALARDµOESTEANOCOMOADE-ELHOR-ARCA DE!INICIATIVAPROMOVIDAANUALMENTEPELA REVISTA-EIOS0UBLICIDADE-0VISAPREMIARAS EMPRESASPROJECTOSPERSONALIDADESEAG¯NCIASQUE MAISSEDESTACARAMAOLONGODOANOPASSADO1UEM FAZPARTEDOMERCADODEMEDIAEDAPUBLICIDADEQUER ESTARNALISTADOSNOMEADOS/SPR°MIOS-0J·VµO NASUAS°TIMAEDI²µOELEVARAMAOPALCODO#ENTRODE #ONGRESSOSDE,ISBOAOSVENCEDORESDE 0ARAO-EOCOMAPENASUMANOESTEPR°MIO SURGECOMOUMFORTEPRETEXTOPARACONTINUARAFAZER SEMPREMELHOR!OTODOFORAMATRIBU¬DOSTROF°US DISTRIBU¬DOSPELASCATEGORIAS-EDIAE-ARKETING E0UBLICIDADE!ESCOLHADOSVENCEDORESESTEVEA CARGODOSASSINANTESDA-EIOSE0UBLICIDADEONDE ACADAASSINATURA CORRESPONDIAUMVOTO !CONQUISTADESTE PR°MIORESULTADEUM ESFOR²OCONTINUADO DEUMAEQUIPAQUE PARTILHADESDEO PRIMEIROMOMENTO AMESMAAMBI²µO CONTINUARAFAZERDO -EOAMELHORMARCA 6$32(81,9(56,'$'('($9(,52 &ULDQ©DVSURJUDPDP FRP6FUDWFK 3ETECENTASCRIAN²ASDOSAOSANOSEPROFESSORES DETODOSOSN¬VEISDEENSINOREUNIRAMSENA 5NIVERSIDADEDE!VEIROPARAPARTICIPARNOFESTIVAL 3CRATCHANDOCOMOSAPO!PROVEITANDOAS POTENCIALIDADESDO3CRATCHHTTPSCRATCHMITEDU UMAAPLICA²µOINFORM·TICAGRATUITADISPONIBILIZADA NAPLATAFORMASAPOKIDSHTTPKIDSSAPOPTAS CRIAN²ASAPRENDEMAPROGRAMARE@BRINCRIAMCOMO 3APONUMALINGUAGEMSIMPLESINTUITIVAEL DICA/ PROJECTOINSERE SENUMAINICIATIVA DINAMIZADAPELA 5NIVERSIDADEDE!VEIRO 5!EPELOPORTAL3APO ATRAV°SDOLABORAT¦RIO DO3APONAQUELE ESTABELECIMENTODE ENSINOSUPERIORHTTP LABSSAPOPTUAEM PARCERIACOMA#IVITAS !VEIRO/3CRATCH°UMMEIODEPROGRAMA²µOCRIADO PELO-)4EADAPTADOPARAPORTUGU¯SPELO3APOEPELA 04)NOVA²µOESPECIALMENTEPENSADOPARACRIAN²AS ÍUMAAPLICA²µOGRATUITAQUEPERMITE¸CRIAN²A ALUNOCRIAROSSEUSPR¦PRIOSPROJECTOSANIMADOS POTENCIANDOASUACRIATIVIDADEECONTRIBUINDOASSIM PARAODESENVOLVIMENTOEDUCACIONALDASNOVAS GERA²¤ESSUPORTADONOACESSOANOVASTECNOLOGIAS ]iXj\j 2JUDQGHGHIHLWRGHVWDKLVWµULD«#Xfd\jdfk\dgf#XjlX dX`fim`ikl[\1k\i\ogfjkfX`ek\im\ef[f<jkX[feXGK% <cX\o`jk`X#dXj\jZfe[`[X%8^fiX\jk}~jZcXiXj%8ZXYX$j\X jfej`Z\1XfZfeki}i`f[XFG8[XJfeX\#[\jkXm\qXgfj`f fÔZ`Xc[Xe\lkiXc`[X[\Zfcfl%F^fm\iefefe\lkifeX GK%E\d`dgXiZ`Xc%<jkX]f`Xk\iZ\`iXm\q\dhl\\jk\ ^fm\iefefljflX^fc[\ej_Xi\eXGK%Efgi\Z`jfl% 9Xjkfl$c_\fgf[\i[\`eÕleZ`X%DXj]f`Xgi`d\`iXm\qhl\ f]\qXfm`mf\XZfi\j%É 3HGUR6DQWRV*XHUUHLUR +PSOBMEF/FH§DJPT $WHQG¬QFLDGRVHPSUHV£ULRVgXiXÊ\Zfefd`Z`qXi\dËXjlX XZk`m`[X[\gf[\j\idl`kfe\^Xk`mXgXiXXjZfdle`[X[\j R¿T%8\m\eklXcZfdgiX[\gXik\[XD\[`X:Xg`kXcg\cXGK ]f`m`jkX#\Y\d#g\cfjX^\ek\jgfck`Zfj\g\cXjfZ`\[X[\ Z`m`cZfdflde\^Z`fm`jZ\iXcd\ek\gfck`Zf% R¿T8fi`^\dXg\eXjldX1X^fc[\ej_Xi\%<ehlXekffj ^fm\iefjgl[\i\d`ek\im`i#fj^fm\iefj`ek\im`if%É (GXDUGR&LQWUD7RUUHV 1¡CMJDP $RFRQWU£ULRGRTXHWHPVLGR[fd`eXek\eX[`jZljjf gfck`ZX\XkgXik`[}i`X#fgifYc\dX[fGXjeff\oZ\jjf [\`em\jk`d\ekf#hl\ef\o`jk\#j\i}\m\eklXcd\ek\fdXl `em\jk`d\ekf#gYc`Zf\gi`mX[f#dXj\jg\Z`Xcd\ek\XXljeZ`X [\Zi\jZ`d\ekf\Zfed`Zf%Gfi`jjfXjgfck`ZXj\Zfed`ZXj\ ÔeXeZ\`iXjmfk\i[\gifZliXii\jgfe[\i~e\Z\jj`[X[\[\fGXj j\idX`jgif[lk`mf#[\kiXYXc_XidX`j\d\c_fi%É $QWµQLR&RVWD %J¸SJP&DPO§NJDP $37SUHSDUDVHSDUDFRPSUDUGD0HGLD&DSLWDOhl\ [\kdXKM@%Lde\^Z`fhl\c_\mX`ZljkXi(,'d`c_\j[\ \lifj\hl\j\i}ÔeXeZ`X[fg\cX:>;\g\cf9<J% 8ZfdgiX[XKM@ldXXck\iXfj`^e`ÔZXk`mXeX\jkiXk^`X [\Ôe`[XgfiQ\`eXc9XmX%8kXhl`#XGKXÔidflefk\i `ek\i\jj\e\diXZ`feXc[\e\^Z`fgXiX\ekiXiefe\^Z`f [Xgif[lf[\Zfek\[fj%8dl[XeX[\`[\`XjXc`d\ekXX k\j\[\\jkXiX]Xq\ifhl\f^fm\iefhl\i%É +HOHQD*DUULGR +PSOBMEF/FH§DJPT 2UHJUHVVRDRFUHVFLPHQWR\jk}Xd\XX[fg\cX]XckX[\ Zfdg\k`k`m`[X[\\g\cX]XckX[\[`e_\`ifgXiXi\Xc`qXifj `em\jk`d\ekfje\Z\jj}i`fj#ZXjfj\`ej`jkX\d^XjkXifj \jZXjjfji\Zlijfjhl\k\dfjj\dXmXc`Xij\i`Xd\ek\R¿T% Ef_}[`e_\`ifgXiXkl[feXgio`dX[ZX[X%<Xj[\Z`j\j [\_fa\gf[\dXd\XXiXgifjg\i`[X[\[\XdXe_% Fdle[f\jk}Zfd]XckX[\[`e_\`if\fji\Zlijfj`ifdX`j [\gi\jjXgXiXfjgXj\jhl\f]\i\Z\dd\c_fi\jg\ijg\Zk`mXj [\Zi\jZ`d\ekf%ygi\Z`jf^XiXek`ihl\j\kfdXd_fa\Xj d\c_fi\j[\Z`j\j%É +HOHQD*DUULGR +PSOBMEF/FH§DJPT *ULHO&2081,&$(6 e\^Z`fj ,%0 )LQDQFLDLQIUDHVWUXWXUDV LQWHOLJHQWHV !)"-VAIDISPONIBILIZARMAISDE MILMILH¤ESDEEUROSPARA lNANCIARINICIATIVASDETECNOLOGIAS DEINFORMA²µO4)EMPROJECTOS ECON¦MICOSCHAVEEMTODAA%UROPA ATRAV°SDA)"-'LOBAL&INANCINGDIVISµODENEG¦CIODE lNANCIAMENTO/lNANCIAMENTOAJUDAR·ASORGANIZA²¤ES APROSSEGUIREMCOMPROJECTOSDE4)EMENQUANTO AGUARDAMOlNANCIAMENTOGOVERNAMENTALPARA CONSTRU¬REMAINFRAESTRUTURATECNOL¦GICAEAMBIENTALDO S°CULO88)!)"-TEMVINDOAAJUDAREMPRESASEGOVERNOS LOCAISNESTAS·REASPARAAJUDARASSUASINFRAESTRUTURASA GERAREMCRESCIMENTOEMPROJECTOSCHAVEDE4) 6,(0(16 )RUQHFH+RWHO7LYROL9LFWRULD !3IEMENS%NTERPRISE#OMMUNICATIONSFORNECEUE IMPLEMENTOUNO(OTEL4IVOLI6ICTORIALOCALIZADOEM 6ILAMOURAUMASOLU²µOCOMPLETADEVOICEOVER)06O)0 %STAFERRAMENTADECOMUNICA²µOPERMITERENTABILIZAR OINVESTIMENTODAQUELAUNIDADEHOTELEIRAREDUZINDO OTEMPONECESS·RIOPARAAGESTµOEMANUTEN²µODAS COMUNICA²¤ESEOFERECENDOUMAMAIORINTEGRA²µODO mUXODETRABALHOMEIOSEINSTRUMENTOSDEMOBILIDADE ,OCALIZADONO!LGARVEESTEHOTELDEESTRELASECOM QUARTOSADOPTOUASOLU²µO6OICE3ERVER(I0ATH 6PARARESPONDERElCAZMENTE¸SNECESSIDADESDO SEUNEG¦CIO¸SCRESCENTESEXIG¯NCIASDECOMUNICA²µO PORPARTEDOSH¦SPEDESEAOAUMENTODOSCUSTOS OPERACIONAIS.O¶MBITODESTEPROJECTOA3IEMENS %NTERPRISE#OMMUNICATIONSFORNECEULICEN²AS TELEFONES)0lXOSTELEFONES7IRELESS7,EBASES !07IRELESS,!. 1'5,9( 5HFHEH PHQ©¥R KRQURVD &RWHF !.$RIVE.AVIGATION 3YSTEMSEMPRESA QUECRIOUEDESENVOLVE OSOFTWAREDENAVEGA²µO.$RIVEFOIDISTINGUIDA COMUMAMEN²µOHONROSANACATEGORIADE)NOVA²µO PELOSEUPRODUTO.$RIVE4OUCHNO¶MBITODO0R°MIO 0RODUTO)NOVA²µOPROMOVIDOPELA#OTECEMPARCERIA COMA5NIVERPARAASSINALARO!NO%UROPEUDA #RIATIVIDADEE)NOVA²µO/.$RIVE4OUCHQUE °COMERCIALIZADOEMDIVERSOSPA¬SESEQUETEMCOMO CLIENTESREFER¯NCIAA(ALFORDSEA#ANADIAN4IREAS MAIORESCADEIASDERETALHONO2EINO5NIDOE#ANAD· RESPECTIVAMENTE°O'03MAISPORT·TILMAISLEVEE MAISlNODISPON¬VELNOMERCADOAT°HOJEINTEGRANDO SOFTWAREDENAVEGA²µOMULTIFUNCIONALINSTRU²¤ES DENAVEGA²µODETALHADASUMELEVADOGRAUDE REALISMOEFOTOSA°REASOBL¬QUASQUEPOSSIBILITAM UMAEXPERI¯NCIADENAVEGA²µOTOTALMENTEINOVADORA COMMAPASDOSCINCOCONTINENTES &2081,&$(6*ULHO ]iXj\j &RUULJLUDVLPSHUIHL©·HV[fd\iZX[f[\m\j\if^iXe[\ fYa\Zk`mf[f<jkX[f%ygi\Z`jfi\k`iXi[f[\YXk\X\jZfc_X \iiX[X\eki\ÊdX`jfld\efj<jkX[fË%8fgfdX`jfl d\efjd\iZX[f%R¿TD\efj<jkX[fgf[\j\ikfdXlZfdf dX`j<jkX[f%D\efj<jkX[f#d\c_fijfZ`\[X[\\o`^\i\^iXj%É +HOHQD*DUULGR +PSOBMEF/FH§DJPT (VWDLQGLIHUHQ©DGRVHXURSHXVg\iXek\XjlX<lifgXld gifYc\dX[\Xk`kl[\%<Zfd\jkXXk`kl[\XkkXcm\qj\Zfej`^X Zi`Xild\jgXf\lifg\l#dXjeleZXj\gif[lq`i}ld\jgXf [\i\]\ieZ`XZfdg\k`k`mXZfdlej<jkX[fjLe`[fji\]le[X[fj# e\dZfdldXÝj`XXdY`Z`fjX%8XYjk\efefldgifYc\dX [\c\^`k`d`[X[\`ek\ieX%yld^iXmjj`dfj`ekfdX[\]XckX[\ Zfdg\k`k`m`[X[\\ok\ieX[XXk`kl[\\lifg\`X%É $QWµQLR5DPDOKR %J¸SJP&DPO§NJDP 2VGDGRVPDLVUHFHQWHVjl^\i\dhl\fi`kdf[\ ZfekiXZf[X\Zfefd`Xdle[`Xcgf[\i}\jkXiXXYiXe[Xi% Ef\ekXekf#Xj\jg\iXeXj[\hl\gfjjXd\jkXiX[\jgfekXi ^i\\ej_fkjÊi\Y\ekfjm\i[\jË [\i\Zlg\iXfm`iXd$j\ ]iljkiX[Xjgfidl`kXjÊ\imXj[Xe`e_XjËXdXi\cX[Xj%R¿TFj Êi\Y\ekfjm\i[\jË[X\jkXY`c`qXfgf[\ifj\ijlYjk`kl[fj g\cXjÊ\imXj[Xe`e_XjË[X\jkX^eXfj\ldXji`\[\]XZkfi\j [\d[`fgiXqfi\jki`e^`i\dXZXgXZ`[X[\[X\Zfefd`X ^cfYXc[\i\\ekiXieXm`X[fZi\jZ`d\ekfjljk\ekX[f%É 1RXULHO5RXELQL +PSOBMEF/FH§DJPT $FKDPDGDÚHFRQRPLDYHUGHÛgf[\j\iXi\jgfjkXgXiX dl`kXj[XjXd\XXjhl\efjjfXii\d\jjX[Xjg\cfj \Zfcf^`jkXj#dXjkXdYdgf[\j\i[\k\id`eXek\eXjX[X[X XZklXcZi`j\\Zfed`ZXdle[`Xc#Zi`Xe[fefmXjXZk`m`[X[\j \dl`kfjgfjkfj[\kiXYXc_f%:fdf68kiXmj[\ldX jljk\ekXY`c`[X[\Zi\jZ\ek\[XjjfZ`\[X[\j\[fjgXj\j% <m}i`XjXZk`m`[X[\j\Zfed`ZXjgf[\d\\jkfXj\iZi`X[Xj XgXik`i[\jjX`[\`X%FXdY`\ek\k\dj\ifc_X[fZfdfXc^f [\dl`kfefYi\\[\cXi^f]lklifef[fde`f\Zfed`Zf%É (GLWRULDO %J¸SJP&DPO§NJDP $FULVHVXEOLQKRXTXHD(XURSDk\d[\i\`em\ekXiXj gfck`ZXjjfZ`X`j#k\i`e`Z`Xk`mXjgigi`Xje\jj\[fde`fR¿T% Fhl\\o`^\Xk\ef~\[lZXfZfek`elX[X#~jgfck`ZXj [\`eZcljf\XfXgf`f~hl\c\jhl\XkiXm\jjXdg\if[fj [\`ejkXY`c`[X[\#dl[XeXflkiXej`fgifÔjj`feXc%DXj dX`j<lifgXeleZX[\m\j`^e`ÔZXidX`jYlifZiXZ`X#dX`j Zljkfj[\Zfek\okf[`jg\ej}m\`j#dX`jefidXc`qXf#fe[\ X[`]\i\eZ`XfldXmXekX^\d#efXg\eXjgXiXZX[X gXj#dXjkXdYdgXiXfZfealekf[X<lifgX#gXiXXjlX Zfdg\k`k`m`[X[\Zfdfi\^`fXkiX\ek\eldZfek\okf^cfYXc% <jjX<lifgX_`g\i$i\^lcX[fiXkXdYd[\m\j\ii\m`jkX%É 0DULD0DQXHO/HLW¥R0DUTXHV %J¸SJP&DPO§NJDP gif[lkfj 92'$)21(32578*$/ /DQ©D%ODFN%HUU\6WRUPã !6ODAFONELAN²OUONOVO"LACK"ERRY3TORM DA2EASEARCH)N-OTIONEM0ORTUGAL /TERMINAL°OPRIMEIROSMARTPHONECOM ECRµT·CTILCLIQU·VELEEST·DISPON¬VELEM EXCLUSIVOPARAOSCLIENTESDAOPERADORA M¦VELNALOJAONLINEEMWWWVODAFONE PTENASLOJASF¬SICAS$ESENHADOEM EXCLUSIVOPARAA6ODAFONEO"LACK"ERRY 3TORMCOMBINAARECONHECIDASOLU²µO 7IRELESSDOSDISPOSITIVOS"LACK"ERRYPARA EMAILMESSAGINGTELEFONEAGENDA7EB MULTIM°DIAEACESSOAAPLICA²¤ESCOMA EXPERI¯NCIADEUTILIZA²µOF·CILEINTUITIVADECORRENTEDOUSODE UMECRµT·CTILDEALTARESOLU²µOQUEPODESERREORIENTADOA QUALQUERMOMENTOPARAFACILITARAESCRITA/"LACK"ERRY3TORM EXPANDEASCAPACIDADESDE)NTERNETM¦VELCOMAVELOCIDADE DENAVEGA²µOPROPORCIONADAPELATECNOLOGIA(30!PERMITINDO PARTILHARFACILMENTECONTE DOSCAPTURADOSCOMAC¶MARA DEMEGAPIXELNO&LICKR&ACEBOOK-Y3PACEOU9OU4UBE ECOMUNICARCOMAREDEDECONTACTOSEMQUALQUERREDEDE MENSAGENSINSTANT¶NEASCOMO7INDOWS,IVE-ESSENGER 9AHOOå-ESSENGERE'OOGLE4ALK0ODESERADQUIRIDOPOR EUROSOUAPARTIRDEEUROSCOMUMPLANOP¦SPAGO"ESTE VINCULA²µODEMESES 573 6LWHGHQRW¯FLDVSDUD L3KRQH /SUTILIZADORESDOTERMINALDA !PPLEI0HONEJ·PODEMNAVEGAR NOSITE240DENOT¬CIASATRAV°SDO SEUEQUIPAMENTO!ESTA²µODE TELEVISµOP BLICADESENVOLVEUUMA VERSµOESPECIALMENTEPARAESTE APARELHOAPARTIRDOQUAL°AGORA POSS¬VELACEDERNOI0HONEAOSITE NOTICIASRTPPTUTILIZANDOTODASAS FUNCIONALIDADESDESTETELEM¦VEL 0ARAISSOBASTAABRIROBROWSER QUEVEMNOI0HONEEDIGITARNOTICIASRTPPT/INTERFACE° MUITOID¯NTICOAOSDESTEAPARELHOOQUEFACILITABASTANTE ASUAUTILIZA²µO!DISPOSI²µODOSCONTE DOS°MOLD·VEL¸ POSI²µODOTELEM¦VELnSEOI0HONEESTIVERNAHORIZONTAL ASP·GINASCOMPORTAMSEDEMANEIRADIFERENTEDOQUESE ESTIVERNAVERTICAL#OMESTANOVIDADEA240D·MAISUM PASSONOSENTIDODAINOVA²µOAUMENTAASUAPRESEN²ANAS PLATAFORMASDIGITAISEMAISIMPORTANTEREFOR²AARELA²µO COMOSSEUSP BLICOSPROCURANDOIRAOENCONTRODOSNOVOS H·BITOSDECONSUMODEMEDIA ãUHYHOD/*9LHZW\/LWH !6ODAFONELAN²OUO,' 6IEWTY,ITEUMTERMINAL M¦VELCOMTECNOLOGIA (3$0!EFUN²µO3MILE 3HOT4RATASEDA APOSTAIDEALPARAQUEM PRETENDEJUNTARNUMS¦ DISPOSITIVOUMTELEFONE M¦VELEUMAM·QUINA FOTOGR·lCA#OMUMAC¶MARA DEMEGAPIXELSPERMITEA CAPTURADEFOTOGRAlASETAMB°MDE V¬DEOCOMALTAQUALIDADE!ESTA CARACTER¬STICAJUNTAUMAFUNCIONALIDADEINOVADORADENOMINADA 3MILE3HOTQUEFAZDISPARARAC¶MARAFOTOGR·lCA¸DETEC²µO DEUMSORRISOEPERMITECAPTAROSMELHORESMOMENTOSMESMO COMPOUCALUMINOSIDADEGRA²AS¸FUNCIONALIDADE)3/E 3MARTLIGHT!NAVEGA²µONA)NTERNET°OUTRADASPOSSIBILIDADES QUEO,'6IEWTY,ITEOFERECEAOUTILIZADORFAZENDOOEMALTA VELOCIDADEGRA²AS¸UTILIZA²µODEUMALIGA²µODEDADOS' HG£SURPR©¥RGHURDPLQJ /SCLIENTESDA6ODAFONEVµOPODERFAZERCHAMADASNOS OPERADORES6ODAFONEDEPA¬SESINCLUINDOOSPRINCIPAIS DESTINOSDA5NIµO%UROPEIASEMPREAOPRE²ODOPRIMEIRO MINUTODOSEUTARIF·RIONACIONALENTREDE*ULHOEDE 3ETEMBRODE/SOPERADORES6ODAFONEENCONTRAMSE NOSSEGUINTESPA¬SES!LB¶NIA!LEMANHA!USTR·LIA"°LGICA %SPANHA&RAN²A'R°CIA(OLANDA(UNGRIA)RLANDA)T·LIA -ALTA.OVA:EL¶NDIA2EINO5NIDO2EP BLICA#HECA2OM°NIA 3U°CIA3U¬²AE4URQUIA!ADESµOTEMUMCUSTODEEUROS )6!INCLU¬DO0ARABENElCIARDESTACAMPANHABASTALIGAR ACTIVARO6ODAFONE4RAVELEADERIR¸0ROMO²µODE6ERµO !PARTIRDEDE*ULHOOSCLIENTESQUEADERIREMBENElCIAM DASCONDI²¤ESESPECIAISDESDEADATADEADESµOAT°DE 3ETEMBRO (5,&6621(7(/,$621(5$ &RPSULPHLURVLWHFRPHUFLDO*/7( !%RICSSONEA4ELIA3ONERALAN²ARAMOPRIMEIROSITE COMERCIALAN¬VELMUNDIALDETECNOLOGIA,ONG4ERM%VOLUTION ,4%EM%STOCOLMONA3U°CIAnUMIMPORTANTEPASSOPARA TRANSFORMARAhAUTOESTRADAvDIGITALM¦VELNUMAREALIDADE !TECNOLOGIA,4%IR·ALTERARAEXPERI¯NCIADEBANDALARGA M¦VELDOUTILIZADORAOPROPORCIONARVELOCIDADESULTRA ELEVADASDEDADOSNECESS·RIASPARASERVI²OSCOMO46VIA )NTERNETMOBILEVIDEOBLOGGINGJOGOSDEV¬DEOONLINEE AMBIENTEDEESCRIT¦RIOM¦VEL/SITEFAR·PARTEDEUMAREDE COMERCIALQUEIR·SERLAN²ADAEMEQUEPERMITIR·TAXAS DEDADOSMUITOACIMADOQUE°HOJEPOSS¬VELEMREDES DEBANDALARGAM¦VELPOSSIBILITANDOAOSHABITANTESDE %STOCOLMOMANTEREMSELIGADOSEDESFRUTAREMDESERVI²OS ONLINECONT¬NUOSEDEALTAQUALIDADEMESMOQUANDO ESTµOEMMOVIMENTO!%RICSSONJ·DEMONSTROUPICOSDE TRANSMISSµODE-BPSEM,4% *ULHO&2081,&$(6 gif[lkfj 701 &RPH[FOXVLYRGHWHOHPµYHOHFROµJLFR /DQ©DPRWRUGHEXVFDã !-ICROSOFTANUNCIOUUMNOVOSERVI²ODEBUSCADISPON¬VEL AN¬VELINTERNACIONAL/NOVOSERVI²ODEPROCURALOCALIZADO EMWWWBINGCOMFOICONCEBIDOPARAAJUDAROUTILIZADORA ENCONTRARRAPIDAMENTEAINFORMA²µODEQUENECESSITANASSUAS PROCURASBEMCOMONAREALIZA²µODETAREFASDOSEUDIAADIA TAISCOMOTOMARUMADECISµODECOMPRAPLANEARUMAVIAGEM PROCURARINFORMA²¤ESSOBRESA DEOUUMAEMPRESANASUA ·REAETC%MTODOSOSMERCADOSEUROPEUSO"INGTER·UMA P·GINAPRINCIPALINTENSAMENTEFUNCIONALOFERECENDOUMANOVA EXPERI¯NCIAAOUTILIZADOREUMANOVAP·GINADERESULTADOSDO MOTORDEPROCURABEMCOMOUM¬NDICEMELHORADOAlMDE APRESENTARAOSUTILIZADORESRESULTADOSMAISPERTINENTES !P·GINAPRINCIPALDO"INGAPRESENTAUMANOVAIMAGEM DEP·GINAPRINCIPALDI·RIACOMHOTSPOTSDEINFORMA²µO INCORPORADOSNESSAIMAGEMEUMNOVODESIGNCOMLIGA²¤ES IMEDIATASPARAEFECTUARPROCURASEMCATEGORIASESPEC¬lCASTAIS COMOCOMPRASVIAGENSNOT¬CIASMAPASV¬DEOSEIMAGENS ãH:LQGRZVHP2XWXEUR !-ICROSOFTIR·LAN²ARMUNDIALMENTEOSEUNOVOSISTEMA OPERATIVO7INDOWSEM/UTUBROSENDOQUEAVERSµOPARA FABRICANTESDECOMPUTADORESSER·DISPONIBILIZADAAESTECANAL DEPARCEIROSJ·EMMEADOSDE*ULHO!EMPRESAANUNCIOUAINDA QUEAVERSµOPARAFABRICANTESDO7INDOWS3ERVERESTAR· TAMB°MDISPON¬VELNOPR¦XIMOM¯SDE/UTUBROPARAOSCLIENTES EMPRESARIAIS.O¶MBITODOPROGRAMADA-ICROSOFT7INDOWS 5PGRADE/PTIONOSCONSUMIDORESNµOPRECISAMTODAVIA DEESPERARPELOLAN²AMENTODO7INDOWSPARAADQUIRIREM NOVOSCOMPUTADORESPESSOAIS/SCLIENTESQUECOMPRAREM UMCOMPUTADORCOM7INDOWS6ISTAVERS¤ES(OME0REMIUM "USINESSOU5LTIMATETERµOACESSO¸MIGRA²µOPARA7INDOWS SEMQUALQUERCUSTOADICIONAL/PROGRAMA7INDOWS5PGRADE /PTIONPERMITEQUEEMBREVEOSRETALHISTASEFABRICANTESDE0# POSSAMOFERECERVANTAGENSESPECIAISAOSCLIENTESQUEPRETENDAM COMPRARUMCOMPUTADOREFAZEROUPGRADEPARAO7INDOWS !4-.DISPONIBILIZAEM EXCLUSIVOUMTELEM¦VELAMIGO DOAMBIENTEESPECIALMENTE VOCACIONADOPARAAREDU²µO DOCONSUMODEENERGIAEA EMISSµODEUMMENORN MERO DEPOLUENTESPERIGOSOSO 3AMSUNG%CO)NOVADOREM 0ORTUGALESTEEQUIPAMENTO° FEITOAPARTIRDEUMAMISTURA DEPOLICARBONATOCOM DE0,!·CIDOPOLIL·CTICO EXTRA¬DODEPLANTASCOMOO MILHO/0,!°BIODEGRAD·VEL EM·GUAE#/PORMICR¦BIOS NOlNALDEVIDADOSPRODUTOS #OMUMAPLACADECIRCUITO IMPRESSOSEMHALOG°NEOESOLDASEMCHUMBOO%%CO VEMINCLUSIVAMENTEEMBALADONUMACAIXADEPAPELRECICLADO 0ARAAL°MDOMATERIALEMQUE°FABRICADOO3AMSUNG%CODA 4-.COMAPENASMMDEESPESSURADESTACASEAINDA PELOALARMEDEBATERIAQUEPOSSUIQUEEMITEUMAVISOASSIM QUEEST·CARREGADAEVITANDODESPERD¬CIOSDEENERGIA$E SALIENTARAINDAQUEUMATONELADADEBIOPL·STICOCOM0,! PERMITEREDUZIRTONELADASDEEMISS¤ESDE#/QUANDO COMPARADOCOMOPOLICARBONATOPRODUZIDOAPARTIR DOPETR¦LEO %5,6$ 5HYHODZLGJHWLQWHUDFWLYR 3$<6+23 &RPSUDVVHJXUDVQD,QWHUQHW !0AYSHOPEMPRESADO'RUPO#44ASSINOUUMACORDOCOM A5KASHQUEVAIPROPORCIONARAOSSEUSCLIENTESUMNOVO SISTEMADEPAGAMENTOSSEGUROSPARACOMPRASPELA)NTERNET 4RATASEDEUMM°TODODEPAGAMENTOELECTR¦NICOGLOBALMENTE RECONHECIDOQUETEMAVANTAGEMDESUBSTITUIRAUTILIZA²µODE CART¤ESDED°BITOECR°DITODISPENSANDOATRANSMISSµODE DADOSPESSOAISEEVITANDOOSCONSEQUENTESRISCOSDEFRAUDE /SISTEMACONSISTENACOMPRADEVOUCHERSELECTR¦NICOS PR°PAGOSQUESµOPOSTERIORMENTEUTILIZADOSPARAPAGAMENTOS DECOMPRASONLINEEEST·J·IMPLANTADOEMV·RIOSPA¬SESAOS QUAISSEJUNTAAGORA0ORTUGALATRAV°SDA0AYSHOP/SVOUCHERS 5KASHSµOACEITESEMDIVERSASLOJASONLINECOMOPOR EXEMPLOO3KYPENA·READASCOMUNICA²¤ESOUO"7INNO CAMPODASAPOSTAS/SVOUCHERS5KASHPODEMSERADQUIRIDOS PELOSVALORESDEEEUROSEMQUALQUERDOS AGENTESDA0AYSHOP &2081,&$(6*ULHO !"RISAREVELOUUMANOVAFERRAMENTAONLINEQUEPERMITIR· ATODOSOSAUTOMOBILISTASACEDEREMDIRECTAMENTE¸SMAIS IMPORTANTESINFORMA²¤ESRODOVI·RIASNO¶MBITODASUA REDEDEAUTOESTRADAS/7IDGET"RISAESTAR·ALOJADONUMA P·GINADEMASHUPONDE°ILUSTRADODEUMAFORMAORIGINALE INTERACTIVAUMCONJUNTODEINFORMA²µORELATIVA¸ACTIVIDADE DAEMPRESA#OMO7IDGETOSAUTOMOBILISTASPODERµO ACEDERDEUMAFORMAMAISR·PIDAEEMTEMPOREAL¸S CONDI²¤ESDECIRCULA²µOAOSALERTASDETR·FEGO¸SNOT¬CIAS DAEMPRESAE¸COTA²µODOT¬TULO"RISA%STAFERRAMENTA° PORT·VELEDIN¶MICAPODENDOSERINSTALADADIRECTAMENTE NOCOMPUTADORCOLOCADAEMBLOGUESOUADICIONADAEM DIVERSASREDESSOCIAIS!TRAV°SDAP·GINADEMASHUPO UTILIZADORTER·AINDAACESSOAUMCONJUNTODECONTE DOS QUEVµODESDEOSINVESTIMENTOSDAEMPRESANAS·REASDA INOVA²µOBIODIVERSIDADEOUJUNTODASCOMUNIDADESLOCAIS 3µOAINDADISPONIBILIZADOSDADOSSOBREOSV·RIOSPROJECTOS QUEA"RISATEMEMCURSOBEMCOMOUMACURIOSIDADE ACERCADON MERODEVIAGENSREALIZADASPORDIANAS AUTOESTRADAS"RISA &/,; 5HIRU©DVHUYL©RGH YLGHRFOXEH 37 2IHUHFHïEUDµSWLFDQD0DGHLUD !PARTIRDEAGORAOSMADEIRENSESTERµOACESSOAUMANOVA REDEDElBRA¦PTICADA0ORTUGAL4ELECOMQUELHESPERMITIR·TER ACESSOASERVI²OSQUEVµORESPONDER¸SSUASNECESSIDADESE EXIG¯NCIASQUERSEJAMRESIDENCIAISOUEMPRESARIAIS0ASSARµO ASSIMAUSUFRUIRDECOMUNICA²¤ESESERVI²OSMAISABRANGENTES !P¦SOLAN²AMENTONA2EGIµONOANOPASSADODO-EO)046 3AT°LITEE-OBILEEDOIN¬CIODASTRANSMISS¤ESDATELEVISµO DIGITALTERRESTREA04COMPROVAOSEUEMPENHONOINVESTIMENTO DEUMAREDEPARAOFUTUROCOMAAPRESENTA²µODASUAMAIS RECENTEOFERTACOMERCIALO-EO&IBRA5MMARCOIMPORTANTEQUE PERMITIR·TRANSFORMARRADICALMENTEAEXPERI¯NCIADETELEVISµO ACESSO¸)NTERNETEDEENTRETENIMENTO!OFERTADElBRADA04 ESTAR·DISPON¬VELATRAV°SDEDUASMODALIDADES-EO&IBRA -EGASnCOMCANAISDETELEVISµOACESSO¸)NTERNETDE -BPSECHAMADASGR·TISDASH¸SHPOREUROS E-EO&IBRA-EGASnCOMCANAISDETELEVISµOACESSO¸ )NTERNETDE-BPSECHAMADASILIMITADASDURANTEHORAS POREUROS 6,(0(16 $SUHVHQWD+L3DWK /'RUPO3IEMENS%NTERPRISE#OMMUNICATIONSAPRESENTOUA MAISRECENTEVERSµODO(I0ATH6ASOLU²µODECONVERSµO DECOMUNICA²¤ESPARAM°DIASEGRANDESEMPRESAS/PRODUTO INCLUIAPOIOPARAINTEGRA²µOV¬DEOE/PEN3CAPE8PRESSIONS UMASOLU²µODECOMUNICA²¤ESUNIlCADAS5#COMPLETAEF·CIL DEINSTALAR!SAPLICA²¤ESCONCEBIDASPARAPERMITIRPOUPAN²A CONTRIBUEMPARAMINIMIZARANECESSIDADEDEDESLOCA²¤ES EREDUZIROSCUSTOSDECONFER¯NCIASENQUANTOAUMENTAMA PRODUTIVIDADEEACOLABORA²µO/(I0ATHADICIONAAINDA UMAAPLICA²µOM¦VEL)0BASEADAEMSOFTWAREA(I0ATH 3OFT'ATEDESENVOLVIDAPARAGERIRSISTEMASDETELEFONE( EBASEADOSEM3)0FORNECENDOCOMUNICA²µOCOMDIVERSAS APLICA²¤ESMAISRENT·VEISBASEADASEM)0EMTODAAEMPRESA INCLUINDOPEQUENASSUCURSAIS)NCLUISEPARA²µODESINALIZA²µOE CARGAAJUDANDOACONSERVAROSCUSTOSDELARGURADEBANDA /SCLIENTESDOVIDEOCLUBEDOSERVI²ODE TELEVISµODO#LIXPASSAMAGORAnPELA PRIMEIRAVEZEM0ORTUGALnACONTAR COMAPOSSIBILIDADEDEACEDEREM DEFORMAILIMITADAAPACOTESDE T¬TULOSDISPON¬VEISPARAALUGUER PAGANDOAPENASUMVALORlXODE SUBSCRI²µOMENSAL.ANOVASEC²µO h0ACOTESvOSCONTE DOSDIVIDEMSEEMDIVERSASTEM·TICAS TENDOEMCONTAASPREFER¯NCIASDOSDIFERENTESPERlSDE UTILIZADORESSENDODEDESTACARASCATEGORIASDE4ELEVISµO QUECONTAENTREOUTROSCOMOS'ATO&EDORENTOE.ILTON $OCUMENT·RIOS(IST¦RIADE0ORTUGALE)NFANTIL/SMAIS NOVOSPODEMNESTA LTIMATAMB°MAPRENDERRAPIDAMENTE ASM SICASDA&LORIBELLAE#HIQUITITASCOMOSPACOTESDE KARAOKEDISPON¬VEIS/SlLMESOSDOCUMENT·RIOSEAS S°RIESESTµODISPON¬VEISDEFORMAILIMITADAMEDIANTEUMA SUBSCRI²µOMENSALAUTOMATICAMENTERENOV·VELCUJOS VALORESDESUBSCRI²µOVARIAMENTREEUROSEEUROS 92'$)21(701(237,086 &RPEDQGDODUJDPµYHOD0ESV /STR¯SOPERADORESNACIONAISJ· T¯MUMANOVAOFERTADEACESSO ¸)NTERNETM¦VELQUEPROMETE VELOCIDADESSUPERIORESA-BPS !PRIMEIRAAANUNCIAROSERVI²OFOI A6ODAFONE0ORTUGAL"ASEADONA TECNOLOGIA(30!1!-PROMETE TRIPLICARAVELOCIDADEM·XIMADO SERVI²OBANDALARGAM¦VELAT°AGORA DISPON¬VELPASSANDODE-BPS PARA-BPS!NOVATECNOLOGIA POSSIBILITAUMAUMENTOREALDAVELOCIDADEM·XIMADE DOWNLOADBEMCOMODAVELOCIDADEM·XIMADEUPLOAD QUESER·INCREMENTADADOSACTUAIS-BPSPARA-BPS .ESTAFASEDELAN²AMENTOO(30!EST·APENASDISPON¬VEL NAZONADE,ISBOASENDOAEXPANSµOAORESTODO0A¬S EFECTUADADEFORMAGRADUAL!SNOVASVELOCIDADESTERµOUM NOVOTARIF·RIOP¦SPAGOCOMUMAMENSALIDADEDEEUROS EUMPACOTEDE'"DETR·FEGOINCLU¬DO/EQUIPAMENTO UMA#ONNECT0EN+CUSTAEUROS4AMB°MA4-. EO3APOLAN²ARAMPLACASDEBANDALARGAQUEPOSSIBILITAM AOFERTADEACESSOAOSDADOSM¦VEISDE-BPS0ARA AL°MDADISPONIBILIZA²µODOPR°REGISTODASNOVASPLACAS ASEMPRESASDO'RUPO04ANUNCIARAMAINDAOPR°REGISTO NOTARIF·RIO-BPSDEVELOCIDADEDEDOWNLOAD POSSIBILITANDOOACESSOIMEDIATOCOMVELOCIDADESAT° -BPSEBREVEMENTECOMVELOCIDADESAT°-BPS .ESTENOVOTARIF·RIOOCLIENTEUSUFRUIR·DEVELOCIDADESDE UPLOADAT°-BPSFACEAOSACTUAIS-BPS/PLAFOND MENSALDOTARIF·RIO-BPS°DE'"ÕSEMELHAN²ADA CONCORR¯NCIAA/PTIMUSANUNCIOUIGUALMENTEASUAOFERTA COMERCIALCOMCAPACIDADEPARADOWNLOADSAT°-BPS EUPLOADSAT°-BPS0ARAJ·OSERVI²OESTAR·APENAS DISPON¬VELNASCIDADESDE,ISBOAE0ORTO!COMPANHANDOA NOVATECNOLOGIAOOPERADORDO'RUPO3ONAEDISPONIBILIZOU UMPACOTEDENOVOSTARIF·RIOSEDEEQUIPAMENTO !MENSALIDADEDOSERVI²OVARIAR·ENTREEUROSE EUROSENQUANTOONOVOMODEM0EN+ANGURU%CUSTAR· EUROS *ULHO&2081,&$(6 X^\e[X Alc_f ) QG(8-DSDQ &RRSHUDWLRQ)RUXPRQ ,&75HVHDUFK "RUXELAS"°LGICA #/*!+0ROJECT WWWEUROJAPANICTORGCOOP? FORUM INFO EUROJAPANICTORG ))X)+ WK0RELOH3ULFLQJ 6\PSRVLXP #AMBRIGDE2EINO5NIDO 4ARIFF#ONSULTANCY WWWTELECOMSPRICINGCOM INFO TELECOMSPRICINGCOM ). %XLOGLQJWKH9LUWXDO 3K\VLRORJLFDO+XPDQ &RPPXQLW\ 1UIOTO*APµO 60(.O% WWWVPHNOEEU KATHERINEmETCHER DPAG OXACUK 8^fjkf )+X)- $IULFDQP3D\PHQWV P%DQNLQJDQGP 5HPLWWDQFHV6XPPLW J\k\dYif .X0 %URDGEDQG:RUOG)RUXP (XURSH 0ARIS&RAN²A WWWIECORGEVENTS BBWFINDEXASP INFO IECORG ((X(- ,%& !MESTERDµO(OLANDA )"# WWWIBCORGDISPLAYPAGECGI (+X(/ (ERSONISSOS'R°CIA %.)3! WWWNISSUMMERSCHOOL EUINDEXHTML ADMIN NISSUMMERSCHOOLEU (,X(/ *:RUOG #HICAGO%STADOS5NIDOS 4RENDSMEDIA HTTPGWORLDCOM INFO TRENDSMEDIACOM (-\(. :LUHOHVV&KLQD,QGXVWU\ 6XPPLW "EIJING#HINA )NFO%8 WWWWIRELESSCHINASUMMIT COM CUSTOMERSERVICES BSPEVENTSA NDFORUMSCOM PETERLEE INFOEXWSCOM $IULFDQ0RELOH9$6 6XPPLW "03%VENTS&ORUMS WWWBSPEVENTSANDFORUMS COMAMPBS CUSTOMERSERVICES BSPEVENTSA NDFORUMSCOM (.X(0 ([SR&RPP,QGLD .OVA$ELIÉNDIA %*+RAUSE!SSOCIATES WWWEXPOCOMMCOM HARRINGTON EJKRAUSECOM ))\)* 6,021HWZRUN -ADRID%SPANHA )&%-! WWWSIMONETWORKCOM ANAU IFEMAES &2081,&$(6*ULHO &DUULHUV:RUOG ,ONDRES)NGLATERRA 4ERRAPINN WWWTERRAPINNCOMCW GINAGELDENHUYS TERRAPINN COM )/X*' 7RZDUGV)XWXUH0HGLD ,QWHUQHWØ1HWZRUNHG DQG(OHFWURQLF0HGLD 6XPPLW 3AINT-AL¥&RAN²A .%-%UROPEAN4ECHNOLOGY 0LATFORM WWWNEMSUMMITEUINDEX HTML (1,6$)257+6XPPHU 6FKRRORQ1HWZRUN ,QIRUPDWLRQ6HFXULW\ .AIROBI1U°NIA "03%VENTS&ORUMS WWWBSPEVENTSANDFORUMS COMAMPBS )+X)- ))X)+ FlklYif ,X/ 2SHQ'D\V*OREDO &KDOODQJHV(XURSHDQ 5HVSRQVHV "RUXELAS"°LGICA #OMISSµO%UROPEIA ECEUROPAEUREGIONAL?POLICY CONFERENCESOD¬NDEXCFM ENSNORDMEYER COREUROPAEU ,X0 ,787HOHFRP:RUOG 'ENEBRA3U¬²A )45 WWWITUINT7/2,$ ITUTELECOM ITUINT (* 3XEOLF3URFXUHPHQWRI ,QQRYDWLRQØDGULYHUIRU IXWXUHKHDOWKLQ(XURSH %STOCOLMO3U°CIA 0RESID¯NCIA3UECADA5NIµO %UROPEIA WWWVINNOVASE)N%NGLISH VINNOVA VINNOVASE (*X(- )XWXUHFRP 3µO0AULO"RASIL 0ROVISUALE0ARTICIPA²¤ES WWWFUTURECOMCOM BRENGDEFAULT?EHTML INGRESSOS PROVISUALECOMBR (/X)) *XOIFRPPV $UBAI $74# WWWGITEXCOMGULFCOMMSDE FAULT?EN?GBASPX GITEX DWTCCOM Efm\dYif +X- 7HOHKHDOWKDQG$VVLVWLYH 7HFKQRORJ\ -ASSACHUSETTS%STADOS5NIDOS )!34%$ WWWIASTEDORG CALGARY IASTEDORG 0\(' 6RFLDO1HWZRUNLQJ:RUOG )RUXP1RUWK$PHULFD #ALIF¦RNIA%STADO5NIDOS 3IXDREGRESS WWWSOCIALNETWORKINGNORTHA MERICACOMINDEXPHP MARK SIXDEGSCOM ('\(( ,UDT7HOHFRPV ,ONDRES)NGLATERRA #7# WWWIRAQTELECOMSCOM #7#%XHIBITIONS THECWCGROUP COM (/\(0 &RQJUHVVRGDV &RPXQLFD©·HVÛ #ENTRODE#ONGRESSOSDE,ISBOA !0$# WWWAPDCPT APDC APDCPT )-\). ,78&RQQHFW&,66XPPLW -INSK"IELORR SSIA )45 WWWITUINT)45$CONNECTCIS INDEXHTML PARTNERS ITUINT www.meofibra.pt Mais de 120 canais TV em toda a casa sem boxes adicionais Imagem com hiper definição - HD Internet 100 Megas garantidos A partir de €49,90/mês Ligue 16 200
Documentos relacionados
+ X - APDC
[\hl\\jkXefmXk\Zefcf^`X# Zfej`[\iX[XX`e]iX$\jkilkl$ iX[f]lklif#kiXq\efid\jY\e\]Z`fjgXiX X\Zfefd`X\gXiXXjfZ`\[X[\\d^\iXc# ^fm\iefj\i\^lcX[fi\jj\Zkfi`X`jk\ekXd \eZfekiXiX...
Leia maisqrydゥ・r qd $gplqlvwudゥ・r 3¼eolfd gr v«f
6HUYL©RV&RPHUFLDLV )SABEL&ALCµOE3ILVA ISABELFALCAO APDCPT &RQVHOKR(GLWRULDO $IOGO6ASCONCELOS #ARLOS#ORREIA #ONCEI²µO#ASANOVA 0EDRO#ARLOS (ANS (ERHARD2EITER &RANCISCO-ARIA"ALSEMµO !LBE...
Leia maisRelatório de Sustentabilidade 2008
Télécharger
[Xj8GD\gfikXekfZfeki`Yl`gXiXXi\efmXf\d\jdfgXiX
ldXld\ekf[fji\ZlijfjeXjqfeXj[\g\jZXX[aXZ\ek\j%
Como chega a água às pétalas de uma flor? Como chega a água às
8jgkXcXj]`ZXiXdZfcfi`[XjZfd Xj[lXjZfi\j#\d[`]\i\ek\jqfeXj% 8}^lX\fjelki`\ek\jjf [`jki`Yl[fjg\cfj[`]\i\ek\jZXeX`j hl\Zfejk`kl\dfZXlc\#Z_\^Xe[f XqfeXj[`]\i\ek\j[XjgkX...
Leia maisConsenso Bras_AVEh_Intraparenquimatoso_2009
[Xd\ek\[lXj\d\`Xm\q\jdX`fi\dkXYX^`jkXj[fhl\ \d`e[`m[lfjhl\ef]ldXd(.#(/% ÜbYeebÅ;`m\ijfj\jkl[fj`e[`ZXdhl\fZfejldf[\ }cZffcld[fjgi`eZ`gX`j]Xkfi\j[\i`jZfgXiX?@:(0$)+...
Leia mais5 - Viver Melhor
DG(-'
JK8E;DF;
() X - APDC
6HUYL©RV&RPHUFLDLV )SABEL&ALCµOE3ILVA ISABELFALCAO APDCPT &RQVHOKR(GLWRULDO $IOGO6ASCONCELOS #ARLOS#ORREIA #ONCEI²µO#ASANOVA 0EDRO#ARLOS (ANS (ERHARD2EITER &RANCISCO-ARIA"ALSEMµO !LBE...
Leia mais