BUTLER, Judith. Corpos Que Pesam

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Por que nossos corpos deveriam terminar na pele? Por que nossos corpos deveriam terminar na pele?

Ou por que, além dos seres humanos, deveríamos considerar também como corpos, Ou por que, além dos seres humanos, deveríamos considerar também como corpos, quando muito, apenas outros seres t

quando muito, apenas outros seres também encapsulados pela pele?ambém encapsulados pela pele?

'RQQD+DUDZD\$PDQLIHVWRIRUF\ERUJV

Se pensamos realmente no corpo como tal, não existe nenhum possível contorno do Se pensamos realmente no corpo como tal, não existe nenhum possível contorno do corpo como tal. Existem pensamentos sobre a sistematicidade do corpo, existem codificações corpo como tal. Existem pensamentos sobre a sistematicidade do corpo, existem codificações que atribuem valores ao corpo.

que atribuem valores ao corpo. O corpo como tal não

O corpo como tal não pode ser pensado e eu, certamente, não posso acessá-lo.pode ser pensado e eu, certamente, não posso acessá-lo.

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DUWLILFLDOPHQWHLPSRVWRPDVFRPRXPDQRUPDFXOWXUDOTXHJRYHUQDDPDWHULDOL]DomRGRVFRUSRV DUWLILFLDOPHQWHLPSRVWRPDVFRPRXPDQRUPDFXOWXUDOTXHJRYHUQDDPDWHULDOL]DomRGRVFRUSRV UHSHQVDURSURFHVVRSHORTXDOXPDQRUPDFRUSRUDOpDVVXPLGDDSURSULDGDDGRWDGDYrODQmR UHSHQVDURSURFHVVRSHORTXDOXPDQRUPDFRUSRUDOpDVVXPLGDDSURSULDGDDGRWDGDYrODQmR FRPRDOJRHVWULWDPHQWHIDODQGRTXHVHSDVVDFRPXPVXMHLWRPDVDRLQYpVGLVVRTXHRVXMHLWR FRPRDOJRHVWULWDPHQWHIDODQGRTXHVHSDVVDFRPXPVXMHLWRPDVDRLQYpVGLVVRTXHRVXMHLWR RHXIDODQWHpIRUPDGRHPYLUWXGHGHWHUSDVVDGRSRUHVVHSURFHVVRGHDVVXPLUXPVH[RH RHXIDODQWHpIRUPDGRHPYLUWXGHGHWHUSDVVDGRSRUHVVHSURFHVVRGHDVVXPLUXPVH[RH XPDYLQFXODomRGHVVHSURFHVVRGHDVVXPLUXPVH[RFRPDTXHVWmRGDLGHQWLILFDomRHFRPRV XPDYLQFXODomRGHVVHSURFHVVRGHDVVXPLUXPVH[RFRPDTXHVWmRGDLGHQWLILFDomRHFRPRV PHLRVGLVFXUVLYRVSHORVTXDLVRLPSHUDWLYRKHWHURVVH[XDOSRVVLELOLWDFHUWDVLGHQWLILFDo}HVVH[XDGDV PHLRVGLVFXUVLYRVSHORVTXDLVRLPSHUDWLYRKHWHURVVH[XDOSRVVLELOLWDFHUWDVLGHQWLILFDo}HVVH[XDGDV HLPSHGHRXQHJDRXWUDVLGHQWLILFDo}HV(VWDPDWUL]H[FOXGHQWHSHODTXDORVVXMHLWRVVmRIRUPDGRV HLPSHGHRXQHJDRXWUDVLGHQWLILFDo}HV(VWDPDWUL]H[FOXGHQWHSHODTXDORVVXMHLWRVVmRIRUPDGRV H[LJHSRLVDSURGXomRVLPXOWkQHDGHXPGRPtQLRGHVHUHVDEMHWRVDTXHOHVTXHDLQGDQmRVmR H[LJHSRLVDSURGXomRVLPXOWkQHDGHXPGRPtQLRGHVHUHVDEMHWRVDTXHOHVTXHDLQGDQmRVmR VXMHLWRVPDVTXHIRUPDPRH[WHULRUFRQVWLWXWLYRUHODWLYDPHQWHDRGRPtQLRGRVXMHLWR2DEMHWR VXMHLWRVPDVTXHIRUPDPRH[WHULRUFRQVWLWXWLYRUHODWLYDPHQWHDRGRPtQLRGRVXMHLWR2DEMHWR GHVLJQDDTXLSUHFLVDPHQWHDTXHODV]RQDVLQyVSLWDVHLQDELWiYHLVGDYLGDVRFLDOTXHVmRQmR GHVLJQDDTXLSUHFLVDPHQWHDTXHODV]RQDVLQyVSLWDVHLQDELWiYHLVGDYLGDVRFLDOTXHVmRQmR REVWDQWHGHQVDPHQWHSRYRDGDVSRUDTXHOHVTXHQmRJR]DPGRVWDWXVGHVXMHLWRPDVFXMRKDELWDU REVWDQWHGHQVDPHQWHSRYRDGDVSRUDTXHOHVTXHQmRJR]DPGRVWDWXVGHVXMHLWRPDVFXMRKDELWDU VRE

VRE RRVLJVLJQRQR GRLQDEGRLQDELWiLWiYHOYHOppQHFQHFHVVHVViULiULRRSDUSDUDDTXHTXH RRGRGRPtQPtQLRGRLRGRVXMVXMHLWHLWRRVHMDVHMD FLUFLUFXQFXQVFUVFULWRLWR(VV(VVDD

]RQDGHLQDELWDELOLGDGHFRQVWLWXLROLPLWHGHILQLGRUGRGRPtQLRGRVXMHLWRHODFRQVWLWXLDTXHOH

ORFDOGHWHPLGDLGHQWLILFDomRFRQWUDRTXDO³HHPYLUWXGHGRTXDO³RGRPtQLRGRVXMHLWR

FLUFXQ

FLUFXQVFUHYHUVFUHYHUiVXDSUySULDUHLQYiVXDSUySULDUHLQYLQGLLQGLFDomRGHGLUHLFDomRGHGLUHLWRjDXWRQRPWRjDXWRQRPLDHjLDHjYLGDYLGD1HVWHVHQWL1HVWHVHQWLGRSRLVGRSRLVRR

VXMHLWRpFRQVWLWXtGRDWUDYpVGDIRUoDGDH[FOXVmRHGDDEMHomRXPDIRUoDTXHSURGX]XPH[WHULRU

FRQ

FRQVWLVWLWXWWXWLYRLYR UHOUHODWLDWLYDPYDPHQWHQWHHDRDRVXMVXMHLWHLWRRXPXPH[WH[WHULHULRURUDEMDEMHWRHWR TXHTXH HVWHVWiiDILDILQDOQDOGGHQWHQWURUR GRGRVXMVXMHLWHLWRR

FRPRVHXSUySULRHIXQGDQWHUHS~GLR FRPRVHXSUySULRHIXQGDQWHUHS~GLR $IRUPDomRGHXPVXMHLWRH[LJHXPDLGHQWLILFDomRFRPRIDQWDVPDQRUPDWLYRGRVH[R $IRUPDomRGHXPVXMHLWRH[LJHXPDLGHQWLILFDomRFRPRIDQWDVPDQRUPDWLYRGRVH[R HVVDLGHQWLILFDomRRFRUUHDWUDYpVGHXPUHS~GLRTXHSURGX]XPGRPtQLRGHDEMHomRXPUHS~GLR HVVDLGHQWLILFDomRRFRUUHDWUDYpVGHXPUHS~GLRTXHSURGX]XPGRPtQLRGHDEMHomRXPUHS~GLR VHPRTXDOR

VHPRTXDORVXMHLVXMHLWRQmRSRGHHPHUJLWRQmRSRGHHPHUJLU7UDWDVU7UDWDVHGHHGHXPUHS~GXPUHS~GLRTXHFULDDLRTXHFULDDYDOrQFYDOrQFLDGDDEMHomRLDGDDEMHomR

³HVHXVWDWXVSDUDR

³HVHXVWDWXVSDUDRVXMHLWVXMHLWR³FRPRXPHVSHFWURDPHDoR³FRPRXPHVSHFWURDPHDoDGRUDGRU$OpPGLVVRDPDWHULDOL$OpPGLVVRDPDWHULDOL]DomR]DomRGHGH

XPGDGRVH[RGL]UHVSHLWRFHQWUDOPHQWHjUHJXODomRGHSUiWLFDVLGHQWLILFDWyULDVGHIRUPDTXHD

LGH

LGHQWQWLILLILFDoFDomRmRFRPFRP DDDEMDEMHomHomRRGRGRVH[VH[RRVHUVHUiiSHUSHUVLVVLVWHQWHQWHPWHPHQWHQWHHQHJQHJDGDDGD((FRFRQWXQWXGRGR HVVHVVDDDEMDEMHomRHomR

QHJDGDDPHDoDUiGHQXQFLDUDVSUHVXQo}HVDXWRIXQGDQWHVGRVXMHLWRVH[XDGRIXQGDGRFRPRHVWi QHJDGDDPHDoDUiGHQXQFLDUDVSUHVXQo}HVDXWRIXQGDQWHVGRVXMHLWRVH[XDGRIXQGDGRFRPRHVWi DT DTXHXHOHOH VXVXMHMHLWLWRR QXQXPP UHUHS~S~GLGLRR FXFXMDMDVV FRFRQVQVHTHTrrQFQFLDLDVV QmQmRR SRSRGHGH SOSOHQHQDPDPHQHQWHWH FRFRQWQWURURODODUU $$ WDWDUHUHIDID FRQVLVWLUiHPFRQVLGHUDUHVVDDPHDoDHSHUWXUEDomRQmRFRPRXPTXHVWLRQDPHQWRSHUPDQHQWH FRQVLVWLUiHPFRQVLGHUDUHVVDDPHDoDHSHUWXUEDomRQmRFRPRXPTXHVWLRQDPHQWRSHUPDQHQWH GDVQRUPDVVRFLDLVFRQGHQDGRDRSDWKRVGRIUDFDVVRSHUSpWXRPDVDRLQYpVGLVVRFRPRXP GDVQRUPDVVRFLDLVFRQGHQDGRDRSDWKRVGRIUDFDVVRSHUSpWXRPDVDRLQYpVGLVVRFRPRXP UHFX

UHFXUVRUVR FUtWFUtWLFRLFR QDQDOXWOXWDDSDSDUDUDUHDUHDUWLUWLFXOFXODUDURVRVSUySUySULSULRVRVWHUWHUPRVPRV GDGDOHJOHJLWLLWLPLGPLGDGHDGH HHGDGDLQWLQWHOLHOLJLEJLELOLLOLGDGGDGHH

VLPEyOLFDV

3RU~OWLPRDPRELOL]DomRGDVFDWHJRULDVGRVH[RQRLQWHULRUGRGLVFXUVRSROtWLFRVHUi

EUD

(8)

(9)

GDGHVLGHQWLILFDomRVHMDLJXDOPHQWHFUXFLDOSDUDDUHDUWLFXODomRGDFRQWHVWDomRGHPRFUiWLFD'H

ID

IDWRWRSRSRGHGH RFRFRURUUHUHUUTXTXHHWDWDQWQWRRDDSRSROtOtWLWLFDFDIHIHPLPLQLQLVWVWDDTXTXDQDQWRWR DDSRSROtOtWLWLFDFDTXTXHHUHHU VHVHMDMDPPPRPRELELOLOL]D]DGDGDVV

S

SUHUHFLFLVDVDPPHQHQWHWH DWDWUDUDYYpVpV GHGH SSUiUiWLWLFDFDVV TTXHXH HQHQIIDWDWL]L]HHPP DD GHGHVLVLGHGHQQWLWLILILFDFDoomRmR FFRRPP DTDTXXHOHODVDV QRQRUPUPDVDV

UH

UHJXJXODODWyWyULULDVDV SHSHODVODV TXTXDLDLVVDD GLGLIHIHUHUHQoQoDDVHVH[X[XDODO pp PDPDWHWHULULDODOL]L]DGDGDD (V(VVDVDVV GHGHVLVLGHGHQWQWLILILFLFDo}Do}HVHV FRFROHOHWLWLYDVYDV

SRGHPIDFLOLWDUXPDUHFRQWH[WXDOL]DomRGDTXHVWmRGHVHVDEHUTXDLVFRUSRVSHVDPHTXDLVFRUSRV

DLQGDGHYHPHPHUJLUFRP

DLQGDGHYHPHPHUJLUFRPRSUHRFXSDo}HVTXHSRVVDRSUHRFXSDo}HVTXHSRVVDPWHUXPSHVRFUtWPWHUXPSHVRFUtWLFRLFR

'DFRQVWUXomRjPDWHULDOL]DomR 'DFRQVWUXomRjPDWHULDOL]DomR

$

$UHOUHODomDomRRHQWHQWUHUHFXOFXOWXUWXUDDHHQDWQDWXUHXUH]DSUHVV]DSUHVVXSRXSRVWDVWD SRUSRU DOJDOJXQVXQV PRGPRGHORHORVVGRJrQHURGRJrQHUR FRPFRPRR

FRQVWUXomRVXS}HXPDFXOWXUDRXXPDDJrQFLDGRVRFLDOTXHDJHVREUHXPDQDWXUH]DDTXDOpHOD FRQVWUXomRVXS}HXPDFXOWXUDRXXPDDJrQFLDGRVRFLDOTXHDJHVREUHXPDQDWXUH]DDTXDOpHOD SUySULD SUySULD   S SUUHVHVVVXXSSRRVVWWDD FRFRPPRR XXPPDD VVXXSSHHUUIIttFFLLHH SSDDVVVVLLYYDD IIRRUUDD GGRR VVRRFFLLDDOO PPDDVV VVXXDD QQHFHFHHVVVViiUULLDD FRQWUDSDUWH8PDTXHVWmRTXHDVIHPLQLVWDVWrPOHYDQWDGRpSRLVDGHVDEHUVHRGLVFXUVRTXH FRQWUDSDUWH8PDTXHVWmRTXHDVIHPLQLVWDVWrPOHYDQWDGRpSRLVDGHVDEHUVHRGLVFXUVRTXH GH GHVFVFUHUHYHYH DD DoDomRmR GGDD FRFRQQVWVWUUXoXomRmR FRFRPPRR XPXPDD HVHVSSpFpFLHLH GGHH LPLPSSUHUHVVVVmRmR RXRX LPLPSSRVRVLoLomRmR QQmRmR VHVHULULDD WD WDWLWLFDPFDPHQHQWHWH PDPDVFVFXOXOLQLQLVLVWDWD HQHQTXTXDQDQWRWR DD ILILJXJXUDUD GDGD VXVXSHSHUIUItFtFLHLH SDSDVVVVLYLYDD HVHVSHSHUDUDQGQGRR DTDTXHXHOHOH DWDWRR GHGH SHQHWUDomRSHORTXDORVLJQLILFDGRpDWULEXtGRQmRVHULDWDWLFDPHQWHRX³WDOYH]³EDVWDQWH SHQHWUDomRSHORTXDORVLJQLILFDGRpDWULEXtGRQmRVHULDWDWLFDPHQWHRX³WDOYH]³EDVWDQWH R REYEYLLDPDPHQHQWHWH IIHPHPLQLQLLQRQR ((VWVWDUDUii RR VHVH[R[R SSDUDUDD RRJrJrQQHUHURRDVDVVLVLPP FRFRPPRR RR IIHPHPLQLQLQLQRRHVHVWiWi SSDUDUDD RR PDVFXOLQR" PDVFXOLQR" 2XW

2XWUDVUDV HVWHVWXGLXGLRVDVRVDV IHPIHPLQLLQLVWDVWDVVWrPWrP DUJXDUJXPHQPHQWDGWDGRRTXHTXH RRSUySUySULSULRRFRQFRQFHLWFHLWRRGHGHQDWQDWXUHXUH]D]D

SUH

SUHFLVFLVDDVHUVHU UHSUHSHQVHQVDGRDGRSRLSRLVVRRFRQFRQFHLFHLWRGHWRGHQDWQDWXUHXUH]DWHPXPD]DWHPXPDKLVKLVWyUWyULDHLDHDDGHVGHVFULFULomRomR GDQDWXUGDQDWXUH]DH]D

FRPRXPDSiJLQDHPEUDQFRHVHPYLGDFRPRDTXLORTXHHVWiSRUDVVLPGL]HUTXDVHVHPSUH

PR

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GRPLQDomR'HIDWRDOJXPDVSHVVRDVWrPDUJXPHQWDGRTXHRUHSHQVDUGDQDWXUH]DFRPRXP

FRQMXQWRGHLQWHUUHODo}HVGLQkPLFDVpDSURSULDGRWDQWRSDUDREMHWLYRVIHPLQLVWDVTXDQWRSDUD

REM

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UHFHQWHPHQWHSRUGHJUDGDURQDWXUDOFRPRDTXLORTXHH[LVWHDQWHVGDLQWHOLJLELOLGDGHFRPR

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(11)

TXHDQDWXUH]DWHPXPDKLVWyULDHQmRPHUDPHQWHXPDKLVWyULDVRFLDOPDVWDPEpPTXHRVH[R TXHDQDWXUH]DWHPXPDKLVWyULDHQmRPHUDPHQWHXPDKLVWyULDVRFLDOPDVWDPEpPTXHRVH[R HVWiSRVLFLRQDGRGHIRUPDDPEtJXDHPUHODomRjTXHOHFRQFHLWRHjVXDKLVWyULD2FRQFHLWRGH HVWiSRVLFLRQDGRGHIRUPDDPEtJXDHPUHODomRjTXHOHFRQFHLWRHjVXDKLVWyULD2FRQFHLWRGH VH[RpHOHSUySULRXPWHUUHQRFRQIODJUDGRIRUPDGRDWUDYpVGHXPDVpULHGHFRQWHVWDo}HVHP VH[RpHOHSUySULRXPWHUUHQRFRQIODJUDGRIRUPDGRDWUDYpVGHXPDVpULHGHFRQWHVWDo}HVHP WRUQ

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FRPRXPWDOOXJDURXVXSHUItFLHHQWUHWDQWRRQDWXUDOpFRQVWUXtGRFRPRDTXLORTXHpWDPEpP

VHPYDORU

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pDRPHVPRWHPSRTXHUHQXQFLDDRQDWXUDO'HDFRUGRFRPHVVDYLVmRSRLVDFRQVWUXomRVRFLDO pDRPHVPRWHPSRTXHUHQXQFLDDRQDWXUDO'HDFRUGRFRPHVVDYLVmRSRLVDFRQVWUXomRVRFLDO GRQDWXUDOSUHVVXS}HRFDQFHODPHQWRGRQDWXUDOSHORVRFLDO1DPHGLGDHPTXHGHSHQGHGHVVD GRQDWXUDOSUHVVXS}HRFDQFHODPHQWRGRQDWXUDOSHORVRFLDO1DPHGLGDHPTXHGHSHQGHGHVVD FR FRQVQVWUWUXoXomRmRDDGLGLVWVWLQLQomomRRVHVH[R[RJrQJrQHUHURRIDID]]iJiJXDXD DRDR ORORQJQJRRGHGH OLOLQKQKDVDV SDSDUDUDOHOOHODVDVVHVH RRJrJrQHQHURUR ppRR VLJQLILFDGRVRFLDOTXHRVH[RDVVXPHQRLQWHULRUGHXPDGDGDFXOWXUD³VySDUDDUJXPHQWDU VLJQLILFDGRVRFLDOTXHRVH[RDVVXPHQRLQWHULRUGHXPDGDGDFXOWXUD³VySDUDDUJXPHQWDU GHL[DUHPRVTXHVRFLDOHFXOWXUDOSHUPDQHoDPHPXPDGHVFRQIRUWiYHOLQWHUFDPELDOLGDGH³ GHL[DUHPRVTXHVRFLDOHFXOWXUDOSHUPDQHoDPHPXPDGHVFRQIRUWiYHOLQWHUFDPELDOLGDGH³ HQWmRRTXHVREUDGRVH[RVHpTXHVREUDDOJXPDFRLVDXPDYH]TXHHOHWHQKDDVVXPLGRRVHX HQWmRRTXHVREUDGRVH[RVHpTXHVREUDDOJXPDFRLVDXPDYH]TXHHOHWHQKDDVVXPLGRRVHX FDUiWH

FDUiWHUVRFLDOFRPRUVRFLDOFRPRJrQHUR"2TXHHVWiHPTXHVJrQHUR"2TXHHVWiHPTXHVWmRDTXLpRVLJQLIWmRDTXLpRVLJQLILFDGRGHDVVXLFDGRGHDVVXQomRQomRRQGHVHURQGHVHU

DVVXPLGRVLJQLILFDVHUOHYDGRSDUDXPDHVIHUDPDLVHOHYDGDFRPRHPD$VVXQomRGD9LUJHP DVVXPLGRVLJQLILFDVHUOHYDGRSDUDXPDHVIHUDPDLVHOHYDGDFRPRHPD$VVXQomRGD9LUJHP 6H 6H RRJrJrQHQHURUR FRFRQVQVLVLVWHWH GRGRVVVLVLJQJQLILILFLFDGDGRVRV VRVRFLFLDLDLVVTXTXHHRRVHVH[R[R DVDVVXVXPHPHHQHQWmWmRRRRVHVH[R[R QmQmRRDGDGTXTXLULUHH VL VLJQJQLILILFLFDGDGRVRV VRVRFLFLDLDLVV FRFRPRPR SUSURSRSULULHGHGDGDGHVHV DGDGLWLWLYLYDVDV PDPDVV DRDR LQLQYpYpVV GLGLVVVVRR pp VXVXEVEVWLWLWXWXtGtGRR SHSHORORVV VLJQL

VLJQLILFDGILFDGRVVRFLDLRVVRFLDLVTXHDGRWDVTXHDGRWDRVH[RpRVH[RpDEDQGDEDQGRQDGRRQDGRQRFXUVRGHVVDDVVXQQRFXUVRGHVVDDVVXQomRHRJrQHURHPHUJHomRHRJrQHURHPHUJH

QmRFRPRXPWHUPRHPXPDSHUPDQHQWHUHODomRGHRSRVLomRDRVH[RPDVFRPRXPWHUPRTXH

DEVRUYHHGHVORFDRVH[RDPDUFDGHVXDVXEVWDQFLDomRSOHQDQRJrQHURRXDTXLORTXHGR

SRQWRGHYLVWDP

SRQWRGHYLVWDPDWHULDOLVWDSRGHFRQVWLWDWHULDOLVWDSRGHFRQVWLWXLUXPDSOHQDGHVVXEVXLUXPDSOHQDGHVVXEVWDQFLDomRWDQFLDomR

4XDQ

4XDQGRDGRDGLVWGLVWLQomRLQomR VH[RVH[RJrQHUJrQHURVHRVHMXQWMXQWDDDDXPFRQVWUXPFRQVWUXFLRQXFLRQLVPRLVPROLQJtVWLOLQJtVWLFRUDGLFDORFRUDGLFDOR

SUREOHPDWRUQDVHDLQGDSLRUSRLVRVH[RTXHpUHIHULGRFRPRVHQGRDQWHULRUDRJrQHURVHUi

HOHPHVPRXPDSRV

HOHPHVPRXPDSRVWXODomRXPDFRQVWUXomRRIWXODomRXPDFRQVWUXomRRIHUHFLGDQRLQWHULRUGDOLQJXHUHFLGDQRLQWHULRUGDOLQJXDJHPFRPRDTXLORTDJHPFRPRDTXLORTXHXH

pDQWHULRUjOLQJXDJHPDQW

pDQWHULRUjOLQJXDJHPDQWHULRUjFRQVWUXomR0DVHVVHVH[RFRORFDGRFRPHULRUjFRQVWUXomR0DVHVVHVH[RFRORFDGRFRPRDQWHULRUjFRQVWUXomRRDQWHULRUjFRQVWUXomR

WRUQDVHHPYLUWXGHGHVHUDVVLPFRORFDGRRHIHLWRGDTXHODPHVPDFRORFDomRDFRQVWUXomRGD WRUQDVHHPYLUWXGHGHVHUDVVLPFRORFDGRRHIHLWRGDTXHODPHVPDFRORFDomRDFRQVWUXomRGD FRQVWUXomR6HRJrQHURpDFRQVWUXomRVRFLDOGRVH[RHVHQmRH[LVWHQHQKXPDFHVVRDHVVH FRQVWUXomR6HRJrQHURpDFRQVWUXomRVRFLDOGRVH[RHVHQmRH[LVWHQHQKXPDFHVVRDHVVH VH[RH[FHWRSRUPHLRGHVXDFRQVWUXomRHQWmRSDUHFHQmRDSHQDVTXHRVH[RpDEVRUYLGRSHOR VH[RH[FHWRSRUPHLRGHVXDFRQVWUXomRHQWmRSDUHFHQmRDSHQDVTXHRVH[RpDEVRUYLGRSHOR JrQHURPDVTXHRVH[RWRUQDVHDOJRFRPRXPDILFomRWDOYH]XPDIDQWDVLDUHWURDWLYDPHQWH JrQHURPDVTXHRVH[RWRUQDVHDOJRFRPRXPDILFomRWDOYH]XPDIDQWDVLDUHWURDWLYDPHQWH LQVWDODGRHPXPOR

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LP

LPSHSHQVQViYiYHOHO""((VHVH RRVVH[H[RR ppXPXPDDIDIDQWQWDVDVLDLDWUWUDWDWDDVHVHWDWDOYOYH]H]GHGH XPXP FDFDPSPSRRIDIDQWQWDVDVPiPiWLWLFRFR TXTXHH

FR

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FRQYHQFLRQDLVLPS

FRQYHQFLRQDLVLPSOLFDULDXPUHSHQVDUGRFRQVWOLFDULDXPUHSHQVDUGRFRQVWUXFLRQLVPRHPVHXVHQUXFLRQLVPRHPVHXVHQWLGRXVXDO"WLGRXVXDO"

$SRVLomRFRQVW

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FRQILUPDVHXSUySULRHPSUHHQGLPHQWR6HHVVDWHRULDQmRSRGHGDUFRQWDGRVH[RFRPRORFDORX

VX

VXSHSHUIUItFtFLHLH VRVREUEUHH RR TXTXDODO HOHOHH DJDJHH HQHQWmWmRR HOHODDDFDFDEDEDDSRSRUU VXVXSRSRUU RR VHVH[R[R FRFRPRPR QmQmRRFRFRQVQVWUWUXtXtGRGR

DGPLW

DGPLWLQGRLQGRDVVLPDVVLPRVRVOLPLWOLPLWHVHVGRGRFRQVWFRQVWUXFLRUXFLRQLVPQLVPRROLQJtOLQJtVWLFRVWLFRLQDGYLQDGYHUWLGHUWLGDPHQDPHQWHWHFLUFXFLUFXQVFUHYQVFUHYHQGRHQGR

DTXLORTXHSHUPDQHFHQmRH[SOLFiYHOQRLQWHULRUGRVWHUPRVGDFRQVWUXomR6HSRURXWURODGRR

VH[RpXPDSUHPLVVDIDEULFDGDXPDI

VH[RpXPDSUHPLVVDIDEULFDGDXPDILFomRHQWmRRJrQHURQLFomRHQWmRRJrQHURQmRVXS}HRVH[RVREUHRmRVXS}HRVH[RVREUHRTXDOHOHDJHTXDOHOHDJH

PDVHPYH]GLVVRRFRQFHLWRGHJrQHURLPSOLFDTXHXPVH[RSUpGLVFXUVLYRpXPDIDOVLGDGHH

RVLJQLIL

RVLJQLILFDGRGDFRQVWUXFDGRGDFRQVWUXomRWRUQDomRWRUQDVHRVLJQLILFDVHRVLJQLILFDGRGHXPPRQLVPRGRGHXPPRQLVPROLQJtVWLOLQJtVWLFRSHORTXDOWXGRFRSHORTXDOWXGRpp

DSH

DSHQDVQDV HHVHPVHPSUHSUHOLQOLQJXDJXDJHPJHP(QW(QWmRmR RRTXHTXH UHVUHVXOWXOWDDppXPH[DVSXPH[DVSHUDHUDGRGHEDWGRGHEDWHHTXHTXH PXLPXLWDVWDV GHQyVGHQyV

HVWDPRVFDQVDGDVGHRXYLURXRFRQVWUXFLRQLVPRpUHGX]LGRjSRVLomRGHXPKPRQLVPR HVWDPRVFDQVDGDVGHRXYLURXRFRQVWUXFLRQLVPRpUHGX]LGRjSRVLomRGHXPKPRQLVPR OLQJtVWLFRSHORTXDOVHHQWHQGHTXHDFRQVWUXomROLQJtVWLFDpJHUDWLYDHGHWHUPLQLVWDSRGHVH OLQJtVWLFRSHORTXDOVHHQWHQGHTXHDFRQVWUXomROLQJtVWLFDpJHUDWLYDHGHWHUPLQLVWDSRGHVH RXYLURVFUtWLFRVTXHID]HPHVVDVXSRVLomRGL]HUHPVHWXGRpGLVFXUVRRTXHRFRUUHHQWmRFRP RXYLURVFUtWLFRVTXHID]HPHVVDVXSRVLomRGL]HUHPVHWXGRpGLVFXUVRRTXHRFRUUHHQWmRFRP RFRUSR"RXTXDQGRDFRQVWUXomRpILJXUDWLYDPHQWHUHGX]LGDDXPDDomRYHUEDOTXHSDUHFH RFRUSR"RXTXDQGRDFRQVWUXomRpILJXUDWLYDPHQWHUHGX]LGDDXPDDomRYHUEDOTXHSDUHFH SUHVV

SUHVVXSRUXSRU XPVXMHLWRSRGHPXPVXMHLWRSRGHPRVRXYLURVRVRXYLURVFUtWLFFUtWLFRVTXHRVTXHWUDEDWUDEDOKDPQRLQWHULRUGHVVDSUHVVXSOKDPQRLQWHULRUGHVVDSUHVVXSRVLomRRVLomR

GL]HUHPVHRJrQHURpFRQVWUXtGRHQWmRTXHPID]DFRQVWUXomR"HPERUDREYLDPHQWHD

IRUPXODomRPDLVSHUWLQHQWHGHVWDTXHVWmRpDVHJXLQWHVHRVXMHLWRpFRQVWUXtGRTXHPHQWmR

FRQVWUyLRVXMHLWR"1

FRQVWUyLRVXMHLWR"1RSULPHLURFDVRDFRQVWUXomRWRPRSULPHLURFDVRDFRQVWUXomRWRPDROXJDUGHXPDDJrQFLDjVHPHOKDROXJDUGHXPDDJrQFLDjVHPHOKDQoDGHDQoDGH

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'HHXXVV TTXXHH SSRRGGHH QQmmRR DDSSHHQQDDVV FFDDXXVVDDUU PPDDVV FFRRPPSSRRUU WWXXGGRR TTXXHH pp VVHHXX RREEMMHHWWRR WWUUDDWWDDVVHH GGDD

SHU

SHUIRIRUPDUPDWLYWLYLGDLGDGHGHGLYGLYLQDLQDWUDWUD]HQ]HQGRGRjjH[LH[LVWrVWrQFLQFLDD³³H[DH[DXVWXVWLYDLYDPHQPHQWHWHFRQFRQVWLVWLWXLWXLQGRQGR ³³DTXDTXLORLOR TXHTXH

QRPH

QRPHLDRXLDRXDRLQYpVGLVVRWUDWDVHGDTXHODRLQYpVGLVVRWUDWDVHGDTXHODDHVSpFLHVSpFLHHGHUHIHUHQFLGHUHIHUHQFLDPHQWDPHQWRWUDQVLWLRWUDQVLWLYRTXHYRTXHQRPHQRPHLDHLDH

LQ

LQDXDXJXJXUDUD DRDR PHPHVPVPRR WHWHPPSRSR 3D3DUDUD TXTXHH DODOJRJR VHVHMDMD FRFRQVQVWUWUXtXtGRGR GHGH DFDFRURUGRGR FRFRPP HVHVVDVD YLYLVmVmRR GHGH

FRQVWUXomRpSUHFLVRTXH

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6H

6H RRJrJrQHQHURUR ppXPXPDDFRFRQVQVWUWUXoXomRmRGHGHYHYHKDKDYHYHUUXPXP HHXX RXRX XPXP QQyVyVTXTXHHH[H[HFXHFXWDWD RXRX

GHV

GHVHPSHPSHQKHQKDDHVVHVVDDFRQFRQVWUVWUXomRXomR""&RP&RPRRSRGSRGHHKDYKDYHUHUXPDXPD DWLDWLYLGYLGDGHDGH QRQRDWRDWR GHGHFRQFRQVWUVWUXLUXLU VHPVHP TXHTXH

SU

SUHVHVVXVXSRSRQKQKDPDPRVRV XPXP DJDJHQHQWHWH TXTXHH SUSUHFHFHGHGHH HH GHGHVHVHPSPSHQHQKDKD HVHVWDWD DWDWLYLYLGLGDGDGH"H" &R&RPRPR SRSRGHGHUtUtDPDPRVRV

H[SOLFDUDPRWLYDomRHDGLUHomRGDFRQVWUXomRVHPHVVHVXMHLWR"$OpPGLVVRHXVXJHULULDTXHp

SUH

SUHFLVFLVRRXPDXPD FHUWFHUWDDGHVGHVFRQFRQILDILDQoDQoD UHOUHODWLDWLYDPYDPHQWHQWHHjjJUDJUDPiWPiWLFDLFDSDUSDUDDFRQFRQFHEFHEHUHURRWHPWHPDDVREVRE XPDXPD OX]OX]

GLIHUHQWH3RLVVHRJrQHURpFRQVWUXtGRHOHQmRpQHFHVVDULDPHQWHFRQVWUXtGRSRUXPHXRX GLIHUHQWH3RLVVHRJrQHURpFRQVWUXtGRHOHQmRpQHFHVVDULDPHQWHFRQVWUXtGRSRUXPHXRX XPQyVTXHVHFRORFDDQWHVGDTXHODFRQVWUXomRHPTXDOTXHUVHQWLGRHVSDFLDORXWHPSRUDOGH XPQyVTXHVHFRORFDDQWHVGDTXHODFRQVWUXomRHPTXDOTXHUVHQWLGRHVSDFLDORXWHPSRUDOGH DQ DQWHWHVV'H'H IDIDWRWRQmQmRRILILFDFD FOFODUDURRTXTXHHSRSRVVVVDDKDKDYHYHUUXPXP HXHXRXRX XPXP QQyVyVTXTXHHQmQmRRWHWHQKQKDDVLVLGRGR VXE

VXEPHWPHWLGRLGRTXHTXH QmRQmR WHQWHQKDKDVLGVLGRRVXMVXMHLWHLWDGRDGR DRDRJrQJrQHURHURRQGRQGHHDDJHQJHQHULIHULILFDLFDomRomR ppFRQFRQVWUVWUXtGXtGDDHQWHQWUHUH

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,VVRRQRVQRV ID]ID] UHWUHWRUQRUQDUDUjjVHJVHJXQGXQGDDREMREMHomHomRRDTXDTXHODHOD TXHTXH DILDILUPDUPD TXTXHHRRFRQFRQVWUVWUXFLXFLRQLRQLVPRVPR

LPS

LPSHGHHGH DDDJrDJrQFLQFLDDXVXXVXUSDUSD DDDJrDJrQFLQFLDDGRGR VXMVXMHLWHLWRRHHTXHTXH HOHHOH SUySUySULSULRRSUHSUHVVXVVXS}HS}H RRVXMVXMHLWHLWRRTXHTXH HOHHOH

TX TXHVHVWLWLRQRQDD $I$ILULUPDPDUUTXTXHH RR VXVXMHMHLWLWRRpp HOHOHHSUSUySySULULRR SUSURGRGX]X]LGLGRR HPHP ³³HH FRFRPRPR ³³XPXPDDPDPDWUWUL]L] JHQHULILFDGDGHUHODo}HVQmRVLJQLILFDGHVFDUWDURVXMHLWRPDVDSHQDVSHUJXQWDUSHODVFRQGLo}HV JHQHULILFDGDGHUHODo}HVQmRVLJQLILFDGHVFDUWDURVXMHLWRPDVDSHQDVSHUJXQWDUSHODVFRQGLo}HV GHVXDHPHUJrQFLDHRSHUDomR$DWLYLGDGHGHVVDJHQHULILFDomRQmRSRGHHVWULWDPHQWHIDODQGR GHVXDHPHUJrQFLDHRSHUDomR$DWLYLGDGHGHVVDJHQHULILFDomRQmRSRGHHVWULWDPHQWHIDODQGR VHUXPDWRRXXPDH[SUHVVmRKXPDQDXPDDSURSULDomRLQWHQFLRQDOHQmRpFHUWDPHQWHXPD VHUXPDWRRXXPDH[SUHVVmRKXPDQDXPDDSURSULDomRLQWHQFLRQDOHQmRpFHUWDPHQWHXPD TX

TXHVHVWmWmRRGHGH VHVH YHYHVWVWLULUXPXPDDPiPiVFVFDUDDUDWUWUDWDWDDVHVH GDGD PDPDWUWUL]L] DWDWUDYUDYpVpV GDGD TXTXDODO WRWRGDGD LQLQWHWHQoQomRmR WRWRUQUQDDVHVH

LQLFL

LQLFLDOPHQDOPHQWHSRVVtYHOWHSRVVtYHOVXDFRQGLomRVXDFRQGLomR FXOWFXOWXUDOSRVVLEXUDOSRVVLELOLWDLOLWDGRUDGRUD 1HVVH1HVVH VHQWLVHQWLGRDGRDPDWULPDWUL]]GDVUHODo}HVGDVUHODo}HV

GHJrQHURpDQWHULRUjHPHUJrQFLDGRKXPDQR&RQVLGHUHPRVDLQWHUSHODomRPpGLFDTXHDSHVDU

GDHPHUJrQFLDUHFHQWHGDVHFRJUDILDVWUDQVIRUPDXPDFULDQoDGHXPVHUQHXWURHPXPHOHRX

HPXPD

HPXPDHOHODD QHVQHVVDQRPHVDQRPHDomRDomRDDJDUJDURWDRWD WRUWRUQDQDVHVHXPDXPD JDUJDURWRWDHODDHODppWUDWUD]LG]LGDDSDUSDUDDRRGRPGRPtQLtQLRRGDGD

OLQJXDJHPHGRSDUHQWHVFRDWUDYpVGDLQWHUSHODomRGRJrQHUR0DVHVVHWRUQDUVHJDURWDGDJDURWD

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QmRpVXILFLHQWHDILUPDUTXHRVVXMHLWRVKXPDQRVVmRFRQVVXMHLWRVKXPDQRVVmRFRQVWUXtGRVSRLVDFRQVWUXomRGRVWUXtGRVSRLVDFRQVWUXomRGRKXPDQRpKXPDQRp

XPDRSHUDomRGLIHUHQFLDOTXHSURGX]RPDLVHRPHQRVKXPDQRRLQXPDQRRKXPDQDPHQWH

LPSHQViYHO(VVHVORFDLVH[FOXtGRVYrPDOLPLWDURKXPDQRFRPVHXH[WHULRUFRQVWLWXWLYRHD

DVVRPEUDUDTXHODVIURQW

DVVRPEUDUDTXHODVIURQWHLUDVFRPDSHUVLVWHQWHSRVVLELOLGHLUDVFRPDSHUVLVWHQWHSRVVLELOLGDGHGHVXDSHUWXUEDomRHUHDUWLFXODomRDGHGHVXDSHUWXUEDomRHUHDUWLFXODomR

3DUDGR[DOPHQWHDLQYHVWLJDomRVREUHRVWLSRVGHDSDJDPHQWRHH[FOXV}HVSHORVTXDLVD 3DUDGR[DOPHQWHDLQYHVWLJDomRVREUHRVWLSRVGHDSDJDPHQWRHH[FOXV}HVSHORVTXDLVD FRQVWUXomRGRVXMHLWRDWXDQmRpPDLVFRQVWUXFLRQLVPRPDVWDPEpPQmRpHVVHQFLDOLVPR3RLV FRQVWUXomRGRVXMHLWRDWXDQmRpPDLVFRQVWUXFLRQLVPRPDVWDPEpPQmRpHVVHQFLDOLVPR3RLV H[LVWHXPH[WHULRUUHODWLYDPHQWHjTXLORTXHpFRQVWUXtGRSHORGLVFXUVRPDVQmRVHWUDWDGHXP H[LVWHXPH[WHULRUUHODWLYDPHQWHjTXLORTXHpFRQVWUXtGRSHORGLVFXUVRPDVQmRVHWUDWDGHXP H[WHULRUDEVROXWRXPOiRQWROyJLFRTXHH[FHGHRXFRQWUDULDDVIURQWHLUDVGRGLVFXUVRFRPR H[WHULRUDEVROXWRXPOiRQWROyJLFRTXHH[FHGHRXFRQWUDULDDVIURQWHLUDVGRGLVFXUVRFRPR XPH[WHULRUFRQVWLWXWLYRHOHpDTXLORTXHSRGHDSHQDVVHUSHQVDGR³TXDQGRSRGH³HP XPH[WHULRUFRQVWLWXWLYRHOHpDTXLORTXHSRGHDSHQDVVHUSHQVDGR³TXDQGRSRGH³HP UH UHODODomRomR jTjTXHXHOHOH GLGLVFVFXUXUVRVRQDQDVVVXVXDVDV³³HHFRFRPPDVDVVXVXDVDV PDPDLVLV WrWrQXQXHVHV IUIURQRQWHWHLULUDVDV 22GHGHEDEDWHWH HQHQWUWUHHRR FRQVWUXFLRQLVPRHRHVVHQFLDOLVPRGHL[DDVVLPGHSHUFHEHUWRWDOPHQWHDGHVFRQVWUXomRSRLVR FRQVWUXFLRQLVPRHRHVVHQFLDOLVPRGHL[DDVVLPGHSHUFHEHUWRWDOPHQWHDGHVFRQVWUXomRSRLVR DUJXPHQWRQXQFDIRLRGHTXHWXGRpGLVFXUVLYDPHQWHFRQVWUXtGRHVVHDUJXPHQWRTXDQGRH DUJXPHQWRQXQFDIRLRGHTXHWXGRpGLVFXUVLYDPHQWHFRQVWUXtGRHVVHDUJXPHQWRTXDQGRH RQG

RQGHHppOHYOHYDQWDQWDGRDGRSHUSHUWHQWHQFHFHDDXPXP WLSWLSRRGHGHPRQPRQLVPLVPRRRXRX OLQOLQJLJLVWLVWLFLVFLVPRPR GLVGLVFXUFXUVLYVLYRRTXHTXH UHFUHFXVDXVD DD

IRU

IRUoDoDFRQFRQVWLVWLWXWWXWLYDLYD GDGDH[FOH[FOXVmXVmRRGRGRDSDDSDJDPJDPHQWHQWRRGHGH XPXPDDYLRYLROHQOHQWDWDLQFLQFOXVOXVmRmR GDGDDEMDEMHomHomRRHHGHGHVHXVHX

UHWRUQRSHUWXUEDGRU

UHWRUQRSHUWXUEDGRUQRLQWHULRUGRVSUyQRLQWHULRUGRVSUySULRVWHUPRVGDOHJLWLPLGDGHGLVFXSULRVWHUPRVGDOHJLWLPLGDGHGLVFXUVLYDUVLYD

(GL]HUTXHH[LVWHXPDPDWUL]GHUHODo}HVGHJrQHURTXHLQVWLWXLHVXVWHQWDRVXMHLWRQmR

VLJ

VLJQLIQLILFDDILUPLFDDILUPDUDUTXHTXH H[LH[LVWHVWH XPDXPD PDWPDWUL]UL] VLQVLQJXOJXODUDUTXHTXH DJHDJH GHXPDGHXPDIRIRUPDUPD VLQVLQJXOJXODUHDUHGHWGHWHUPHUPLQLLQLVWDVWD

SDUDSURGX]L

SDUDSURGX]LUUXPVXMHLWRXPVXMHLWR FRPRFRPR VHXHIHLWR6LJQLIVHXHIHLWR6LJQLILFDLQVWDODULFDLQVWDODU HVVDPDWUL]HVVDPDWUL] QDSRVLomRQDSRVLomRGHVXGHVXMHLWRMHLWR

QRLQWHU

QRLQWHULRULRU GHXPDGHXPDIRIRUPXUPXODoODomRJUDPDmRJUDPDWLFWLFDOTXHDOTXHQHFQHFHVVHVVLWDLWDHODSUySHODSUySULDULDVHUVHU UHSUHSHQVHQVDGDDGD'HIDWR'HIDWR DD

IRUP

IRUPDDSURSSURSRVLFLRVLFLRQDORQDORRGLVFXGLVFXUVRUVRFRQVWFRQVWUyLUyLRRVXMHLWVXMHLWRRUHWpPUHWpP DDSRVLSRVLomRomRGHVXGHVXMHLWRMHLWR GDGDIRUPIRUPXODomRXODomR

JU JUDPDPDWDWLFLFDODO PHPHVPVPRRTXTXDQDQGRGR HOHODDUHUHYHYHUWUWHHRROXOXJDJDUUGRGR VXVXMHMHLWLWRRHHGRGR GLGLVFVFXUXUVRVR$$FRFRQVQVWUWUXoXomRmR GHGHYHYH VLJQLILFDUPDLVTXHHVVDVLPSOHVLQYHUVmRGRVWHUPRV VLJQLILFDUPDLVTXHHVVDVLPSOHVLQYHUVmRGRVWHUPRV ([LVWHPWDQWRGHIHQVRUHVTXDQWRFUtWLFRVGDFRQVWUXomRTXHFRQVWUyHPHVVDSRVLomRHP ([LVWHPWDQWRGHIHQVRUHVTXDQWRFUtWLFRVGDFRQVWUXomRTXHFRQVWUyHPHVVDSRVLomRHP

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DRGHWHUPLQLVPRHLPSOLFDDHYDFXDomRRXRSOLFDDHYDFXDomRRXRGHVORFDPHQWRGDDJrQGHVORFDPHQWRGDDJrQFLDKXPDQDFLDKXPDQD

(VVDYLVmRHVWiQDEDVHGHXPDFHUWDOHLWXUDHTXLYRFDGDGH)RXFDXOWSHODTXDOHOHp (VVDYLVmRHVWiQDEDVHGHXPDFHUWDOHLWXUDHTXLYRFDGDGH)RXFDXOWSHODTXDOHOHp FULWLFDGRSRUSHUVRQLILFDURSRGHUVHRSRGHUpHTXLYRFDGDPHQWHFRQVWUXtGRFRPRXPVXMHLWR FULWLFDGRSRUSHUVRQLILFDURSRGHUVHRSRGHUpHTXLYRFDGDPHQWHFRQVWUXtGRFRPRXPVXMHLWR JUDPDWLFDOHPHWDItVLFRHVHDTXHOHORFDOPHWDItVLFRQRLQWHULRUGRGLVFXUVRKXPDQLVWDWHPVLGRR JUDPDWLFDOHPHWDItVLFRHVHDTXHOHORFDOPHWDItVLFRQRLQWHULRUGRGLVFXUVRKXPDQLVWDWHPVLGRR ORFDOSULYL

ORFDOSULYLOHJLDOHJLDGRGRKXPDQRGRGRKXPDQRHQWmRRHQWmRRSRGHUSRGHUSDUHFHWHUGHVORFDGRSDUHFHWHUGHVORFDGRRRKXPDKXPDQRFRPRDRULJHPGDQRFRPRDRULJHPGD

DWLYLGDGH0DVVHDYLVmRGHSRGHUGH)RXFDXOWpHQWHQGLGDFRPRDSHUWXUEDomRHVXEYHUVmRGHVVD DWLYLGDGH0DVVHDYLVmRGHSRGHUGH)RXFDXOWpHQWHQGLGDFRPRDSHUWXUEDomRHVXEYHUVmRGHVVD JUDPiWLFDHPHWDItVLFDGRVXMHLWRVHRSRGHURUTXHVWUDDIRUPDomRHDVXVWHQWDomRGRVVXMHLWRV JUDPiWLFDHPHWDItVLFDGRVXMHLWRVHRSRGHURUTXHVWUDDIRUPDomRHDVXVWHQWDomRGRVVXMHLWRV HQWmRHOHQmRSRGHVHUUHVSRQVDELOL]DGRHPWHUPRVGRVXMHLWRTXHpVHXHIHLWR(DTXLQmRVHULD HQWmRHOHQmRSRGHVHUUHVSRQVDELOL]DGRHPWHUPRVGRVXMHLWRTXHpVHXHIHLWR(DTXLQmRVHULD WDPSRXFRFRUUHWRDILUPDUTXHRWHUPRFRQVWUXomRSHUWHQFHDROXJDUJUDPDWLFDOGRVXMHLWRSRLV WDPSRXFRFRUUHWRDILUPDUTXHRWHUPRFRQVWUXomRSHUWHQFHDROXJDUJUDPDWLFDOGRVXMHLWRSRLV DFRQVWUXomRQmRpQHPRVXMHLWRQHPRVHXDWRPDVXPSURFHVVRGHUHLWHUDomRSHORTXDOWDQWR DFRQVWUXomRQmRpQHPRVXMHLWRQHPRVHXDWRPDVXPSURFHVVRGHUHLWHUDomRSHORTXDOWDQWR RVVXMHLWRVTXDQWRRVDWRVYrPDDSDUHFHUWRWDOPHQWH1mRH[LVWHQHQKXPSRGHUTXHDWXH RVVXMHLWRVTXDQWRRVDWRVYrPDDSDUHFHUWRWDOPHQWH1mRH[LVWHQHQKXPSRGHUTXHDWXH PDVDSHQDVXPDDWXDomRU

PDVDSHQDVXPDDWXDomRUHLWHUDGDTXHpSRGHUHPVHLWHUDGDTXHpSRGHUHPVXDSHUVLVWrQFLDHLQVWDELOLGXDSHUVLVWrQFLDHLQVWDELOLGDGHDGH

2TXHHXSURSRULDQROXJDUGHVVDVFRQFHSo}HVGHFRQVWUXomRpXPUHWRUQRjQRomRGH

PDWpULDQmRFRPRORFDORXVXSHUItFLHPDVFRPRXPSURFHVVRGHPDWHULDOL]DomRTXHVHHVWDELOL]D

DRORQJR

DRORQJRGRWHPSRSDUDSURGGRWHPSRSDUDSURGX]LURHIHLWRX]LURHIHLWRGHIURQWHLUDGHIURQWHLUDGHIL[LGH]HGHVXSHUItGHIL[LGH]HGHVXSHUItFLH³GDTXLOFLH³GDTXLORTXHRTXH

QyVFKDPDPRVPDWpULD2IDWRGHTXHDPDWpULDpVHPSUHPDWHULDOL]DGDWHPTXHVHUSHQVDGRQD

PL

PLQKQKDDRSRSLQLQLmLmRR HPHP UHUHODODomomRRDRDRVVHIHIHLHLWRWRVVSUSURGRGXWXWLYLYRVRV HHQDQD YHYHUGUGDGDGHH PDPDWHWHULULDODOL]L]DGDGRURUHVHV GRGR SRSRGHGHUU

UHJXOD

UHJXODWyULRWyULRQRVHQWLGRIRXFQRVHQWLGRIRXFDXOWLDXOWLDQR$VVLPDQR$VVLPDDTXHVWTXHVWmRQmRpPDLVFRPRRJrQHURpFRQVWLWXmRQmRpPDLVFRPRRJrQHURpFRQVWLWXtGRtGR

FRPR

FRPR³³HDWUDYpVGH³XPDFHUWDLQWHUHDWUDYpVGH³XPDFHUWDLQWHUSUHWDSUHWDomRGRVH[RomRGRVH[RXPDTXHVWmRXPDTXHVWmRTXHGHL[DGHWHRUL]DUTXHGHL[DGHWHRUL]DUDD

PD

PDWpUWpULDLD GRVH[RGRVH[RPDVPDVDRLQYpVDRLQYpV GLVGLVVRVR DWDWUDYUDYpVpVGHTXHGHTXHQRUQRUPDVPDV UHJUHJXODXODWyWyULDULDVVppRRSUySUySULSULRRVH[VH[RR

PD

PDWHWHULULDODOL]L]DGDGR"R"((SRSRUUTXTXHHppTXTXHHWUWUDWDWDUDUDDPDPDWHWHULULDODOLGLGDGDGHHGRGR VHVH[R[R FRFRPRPR XPXP GDGDGRGR SUSUHVHVVXVXS}S}HHHH

FRQVROLGDDVFRQGLo}HVQRUPDWLYDVGHVXDSUySULDHPHUJrQFLD"

&UX

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(21)

Start Free Trial Cancel Anytime. TXDLVRVH[RpHVWDELOL]DGRDSRVVLELOLGDGHGHFRORFDUDFRQVROLGDomRGDVQRUPDVGRVH[RHP TXDLVRVH[RpHVWDELOL]DGRDSRVVLELOLGDGHGHFRORFDUDFRQVROLGDomRGDVQRUPDVGRVH[RHP XPDFULVHSRWHQFLDOPHQWHSURGXWLYD XPDFULVHSRWHQFLDOPHQWHSURGXWLYD &H

&HUWUWDVDV IRIRUPUPXOXODoDo}H}HVV GDGD SRSRVLVLomomRR FRFRQVQVWUWUXFXFLRLRQLQLVWVWDD UDUDGLGLFDFDOO SDSDUHUHFHFHPP SUSURGRGX]X]LULU TXTXDVDVHH

FR FRPPSSXOXOVVLYLYDPDPHQHQWWHH XPXP PPRRPHPHQQWRWR GHGH H[H[DVDVSSHUHUDoDomRmR UHUHFRFRUUUUHQHQWWHH SSRLRLVV SSDUDUHFHFHH TTXXHH TTXDXDQQGRGR RR FRQVWUXFLRQLVWDpFRQVWUXtGRFRPRXPLGHDOLVWDOLQJtVWLFRHOHUHIXWDDUHDOLGDGHGRVFRUSRVD FRQVWUXFLRQLVWDpFRQVWUXtGRFRPRXPLGHDOLVWDOLQJtVWLFRHOHUHIXWDDUHDOLGDGHGRVFRUSRVD UHOHYkQFLDGDFLrQFLDRVDOHJDGRVIDWRVGRQDVFLPHQWRGDYHOKLFHGDGRHQoDHGDPRUWH2 UHOHYkQFLDGDFLrQFLDRVDOHJDGRVIDWRVGRQDVFLPHQWRGDYHOKLFHGDGRHQoDHGDPRUWH2 FUtWLFRSRGHWDPEpPVXVSHLWDUXPDFHUWDVRPDWRIRELDQRFRQVWUXFLRQLVWDHTXHUHUJDUDQWLDVGH FUtWLFRSRGHWDPEpPVXVSHLWDUXPDFHUWDVRPDWRIRELDQRFRQVWUXFLRQLVWDHTXHUHUJDUDQWLDVGH TXH

TXHHVWHHVWHWHyULWHyULFRFRDEVWUDEVWUDtGRDtGRDGPLWDGPLWLUiLUiTXHTXHH[LVWH[LVWHPHPPLQLPLQLPDPHPDPHQWHQWHSDUWHSDUWHVVDWLYLDWLYLGDGHVGDGHVFDSDFFDSDFLGDGHLGDGHVV

VH[XDOPHQWHGLIHUHQFLDGDVHGLIHUHQoDVKRUPRQDLVHGHFURPRVVRPRVTXHSRGHPVHUDGPLWLGDV

FRPRH[LVWHQWHVVHPUHIHUrQFLDjFRQVWUXomR(PERUDQHVVHPRPHQWRHXTXHLUDRIHUHFHUXPD

JDUDQWLDDEVROXWDDRPHXLQW

JDUDQWLDDEVROXWDDRPHXLQWHUORFXWRUFHUWDDQVLHGDGHDLQGDSHUVLVWH$GPLWHUORFXWRUFHUWDDQVLHGDGHDLQGDSHUVLVWH$GPLWLUDLQHJDELOLGDGHGRLUDLQHJDELOLGDGHGR

V VH[H[RR RXRX VXVXDD PPDWDWHUHULDLDOLOLGDGDGHGH VLVLJQJQLILILFLFDD VHVHPSPSUHUH DGDGPLPLWLWLUU DODOJXJXPDPD YHYHUVUVmRmR GHGH VVH[H[RR DODOJXJXPDPD IRUPDomRGHPDWHULDOLGDGH1mRVHULDRGLVFXUVRQR³HDWUDYpVGR³TXDOHVVDDGPLVVmR IRUPDomRGHPDWHULDOLGDGH1mRVHULDRGLVFXUVRQR³HDWUDYpVGR³TXDOHVVDDGPLVVmR RFRUUHHVLPpYHUGDGHTXHHVVDDGPLVVmRLQYDULDYHOPHQWHRFRUUHQDUHDOLGDGHQmRVHULDHVWH RFRUUHHVLPpYHUGDGHTXHHVVDDGPLVVmRLQYDULDYHOPHQWHRFRUUHQDUHDOLGDGHQmRVHULDHVWH GLVFXUVRHOHSUySULRIRUPDWLYRGRH[DWRIHQ{PHQRTXHHOHDGPLWH"$ILUPDUTXHRGLVFXUVRp GLVFXUVRHOHSUySULRIRUPDWLYRGRH[DWRIHQ{PHQRTXHHOHDGPLWH"$ILUPDUTXHRGLVFXUVRp IRUP

IRUPDWLYRDWLYR QmRVLJQLIQmRVLJQLILFDDILUPDULFDDILUPDU TXHHOHRULJLQDFDXVDRXH[DXVWLYDTXHHOHRULJLQDFDXVDRXH[DXVWLYDPHQWPHQWHFRPS}HDTXLORHFRPS}HDTXLOR TXHHOHTXHHOH

DGPLW

DGPLWHHPYH]GLVVRVLJQLILHHPYH]GLVVRVLJQLILFDDILUPDUFDDILUPDUTXHQmRH[LVWHQHQKXPTXHQmRH[LVWHQHQKXPDUHIHUrQFLDUHIHUrQFLDDDDXPFRUSRXPFRUSRSXURTXHSXURTXH

QmRVHMDDRPHVPR

QmRVHMDDRPHVPRWHPSRXPDIRUPWHPSRXPDIRUPDomRDGLFLRDomRDGLFLRQDOGDTXHQDOGDTXHOHFRUSR1HVVOHFRUSR1HVVHVHQWLGRHVHQWLGRDDFDSDFLFDSDFLGDGHGDGH

OL

OLQJQJttVWVWLFLFDD SDSDUDUD VHVH UHUHIHIHULULUU DDFRFRUSUSRVRV VHVH[X[XDGDGRVRV QmQmRR pp QHQHJDJDGDGD PDPDVVRR SUSUySySULULRR VLVLJQJQLILILFLFDGDGRRGHGH

UHI

UHIHUHHUHQFLQFLDOLDOLGDGGDGHHppDOWDOWHUDHUDGRGR(P(PWHUWHUPRPRVVILOILORVyRVyILFILFRVRV DDDILDILUPDUPDomRomR FRQFRQVWDVWDWDWDWLYWLYDDppVHPVHPSUHSUHHPHP

DOJXPJUDXSHUIRUPDWLYD

(PUHODomRDRVH[RSRLV

(PUHODomRDRVH[RSRLVVHVHDGPLDGPLWLPRWLPRVDVDPDWHUPDWHULDOLGLDOLGDGHGRVH[RRXDGHGRVH[RRXDPDWHULDOLDPDWHULDOLGDGHGRGDGHGR

FRUSRVLJQLILFDTXHHVVDSUySULDDGPLVVmRDWXD³SHUIRUPDWLYDPHQWH³SDUDPDWHULDOL]DUDTXHOH FRUSRVLJQLILFDTXHHVVDSUySULDDGPLVVmRDWXD³SHUIRUPDWLYDPHQWH³SDUDPDWHULDOL]DUDTXHOH VH[R" VH[R" (DOpPGLVVRFRPRpTXHDDGPLVVmRUHLWHUDGDGDTXHOHVH[R³XPDDGPLVVmRTXHQmR (DOpPGLVVRFRPRpTXHDDGPLVVmRUHLWHUDGDGDTXHOHVH[R³XPDDGPLVVmRTXHQmR

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Start Free Trial Cancel Anytime. GHILQLGDSHODSUySULDFRQVWUXomRGRDQWLFRQVWUXFLRQLVWDeDFRQVWUXomRDOJRTXHRFRUUHDXP GHILQLGDSHODSUySULDFRQVWUXomRGRDQWLFRQVWUXFLRQLVWDeDFRQVWUXomRDOJRTXHRFRUUHDXP REMHWRTXHMiYHPSURQWRXPDFRLVDSUpGDGD"(ODRFRUUHHPJUDXV"2XHVWDPRVQRVUHIHULQGR REMHWRTXHMiYHPSURQWRXPDFRLVDSUpGDGD"(ODRFRUUHHPJUDXV"2XHVWDPRVQRVUHIHULQGR WDOYH]HPDPERVRVODGRVGRGHEDWHDXPDLQHYLWiYHOSUiWLFDGHVLJQLILFDomRGHGHPDUFDomRH WDOYH]HPDPERVRVODGRVGRGHEDWHDXPDLQHYLWiYHOSUiWLFDGHVLJQLILFDomRGHGHPDUFDomRH GHOLPLWDomRGDTXLORDRTXDOQyVHQWmRQRVUHIHULPRVGHIRUPDWDOTXHQRVVDVUHIHUrQFLDV GHOLPLWDomRGDTXLORDRTXDOQyVHQWmRQRVUHIHULPRVGHIRUPDWDOTXHQRVVDVUHIHUrQFLDV VHPS

VHPSUHSUHVVXS}UHSUHVVXS}HP³HP³HHIUHTIUHTHQWHHQWHPHQWPHQWHHRFXSRFXSDP³DP³HVVDGHOLPLHVVDGHOLPLWDomRWDomR SUpYLSUpYLD"'HD"'HIDWRIDWRUHIHULUUHIHULU

VHLQJHQXDPHQWHRXGLUHWDPHQWHDXPWDOREMHWRH[WUDGLVFXUVLYRVHPSUHH[LJLUiDGHOLPLWDomR

SUpYLDGRH[WUDGLVFXUVLYR(QDPHGLGDHPTXHRH[WUDGLVFXUVLYRpGHOLPLWDGRHOHpIRUPDGR

SH

SHOROR SUSUySySULULRRGLGLVFVFXUXUVRVR GRGR TXTXDODOHOHHOH EXEXVFVFDDVHVH OLOLEHEHUWUWDUDU (V(VVDVD GHGHOLOLPLPLWDWDomRomRTXTXHHIUIUHTHTHHQWQWHPHPHQHQWHWH pp

HIH

HIHWXDWXDGDGDFRPFRPRRXPDXPD SUHSUHVVXVVXSRSRVLoVLomRmRSRXSRXFRFRWHRWHRUL]UL]DGDDGD HPHPTXDTXDOTXOTXHUHUDWRDWR GHGHGHVGHVFULFULomRomRPDUPDUFDFDXPDXPD

IURQWHLUDTXHLQFOXLHH[FOXLTXHGHFLGHSRUDVVLPGL]HURTXHVHUiHRTXHQmRVHUiRFRQWH~GR IURQWHLUDTXHLQFOXLHH[FOXLTXHGHFLGHSRUDVVLPGL]HURTXHVHUiHRTXHQmRVHUiRFRQWH~GR GR GR REREMHMHWRWR DRDR TXTXDODO QyQyVVHQHQWmWmRRQRQRVVUHUHIHIHULULPRPRVV (V(VVHVH SUSURFRFHVHVVRVR GHGH GLGLVWVWLQLQomomRRWHWHUiUi DODOJXJXPDPD IRIRUoUoDD QRUPDWLYDHGHIDWRDOJXPDYLROrQFLDSRLVHOHSRGHFRQVWUXLUDSHQDVDWUDYpVGRDSDJDPHQWRHOH QRUPDWLYDHGHIDWRDOJXPDYLROrQFLDSRLVHOHSRGHFRQVWUXLUDSHQDVDWUDYpVGRDSDJDPHQWRHOH SRGHOLPLWDUXPDFRLVDDSHQDVDWUDYpVGDLPSRVLomRGHXPFHUWRFULWpULRGHXPSULQFtSLRGH SRGHOLPLWDUXPDFRLVDDSHQDVDWUDYpVGDLPSRVLomRGHXPFHUWRFULWpULRGHXPSULQFtSLRGH VHOHWLYLGDGH VHOHWLYLGDGH 2 2 TXTXHH VHVHUiUi HHRR TXTXHH QQmRmR VHVHUiUi LQLQFOFOXtXtGGRR QQRR LQLQWWHUHULLRURU GGDVDV IIURURQQWHWHLULUDVDV GRGR ´V´VH[H[RR VVHUHUii HVWDEHOHFLGRSRUXPDRSHUDomRPDLVRXPHQRVWiFLWDGHH[FOXVmR6HQyVTXHVWLRQDPRVDIL[LGH] HVWDEHOHFLGRSRUXPDRSHUDomRPDLVRXPHQRVWiFLWDGHH[FOXVmR6HQyVTXHVWLRQDPRVDIL[LGH] GDOHLHVWUXWXUDOLVWDTXHGLYLGHHOLPLWDRVVH[RVHPYLUWXGHGHVXDGLIHUHQFLDomRGLiGLFDQR GDOHLHVWUXWXUDOLVWDTXHGLYLGHHOLPLWDRVVH[RVHPYLUWXGHGHVXDGLIHUHQFLDomRGLiGLFDQR LQWHULRUGDPDWUL]KHWHURVVH[XDOVHUiDSDUWLUGDVUHJL}HVH[WHULRUHVGDTXHODIURQWHLUDQmRGHXPD LQWHULRUGDPDWUL]KHWHURVVH[XDOVHUiDSDUWLUGDVUHJL}HVH[WHULRUHVGDTXHODIURQWHLUDQmRGHXPD SR

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