Firmado digitalmente por MAURICIO

ENRIQUE MURILLO MATAMOROS

Fecha: 2017.04.26 11:36:19 -05'00'

APROBADO

PROSPECTO DE OFERTA PÚBLICA

PRIMERA EMISION DE OBLIGACIONES

ALMACENES DE PRATI S.A.

MONTO DE LA EMISIÓN: US$ 10´000.000,00

CLASE: A B

PLAZO: 1.080 DÍAS 1.440 DÍAS

TASA DE INTERÉS: FIJA ANUAL 7.00% FIJA ANUAL 7.25%

PAGO DE INTERÉS: TRIMESTRAL TRIMESTRAL

AMORTIZACIÓN DE CAPITAL: TRIMESTRAL TRIMESTRAL

GARANTIA GENERAL GENERAL GENERAL

CALIFICACIÓN DE RIESGO: AAA

CALIFICADORA DE RIESGO: CLASS INTERNATIONAL RATING CALIFICADORA DE RIESGOS S.A.

AGENTE ASESOR Y COLOCADOR: SILVERCROSS S.A. CASA DE VALORES SCCV

REPRESENTANTE DE OBLIGACIONISTAS: ESTUDIO JURIDICO PANDZIC Y ASOCIADOS S.A.

La presente emisión de obligaciones, el contenido del prospecto y la autorización de Oferta Pública han sido
aprobados mediante Resolución No.SCVS.INMV.DNAR.17.0001409 expedida por la Intendencia Nacional de
Mercado de Valores con fecha 18 de Abril del 2017. .

La aprobación del prospecto, no implica, de parte de la Superintendencia de Compañías, Valores y Seguros ni

de los miembros de la Junta de Política y Regulación Monetaria y Financiera, recomendación alguna para la
suscripción o adquisición de valores, ni pronunciamiento en sentido alguno sobre su precio, la solvencia de la
entidad emisora, el riesgo o rentabilidad de la emisión.
,1',&(

 ,1)250$&,Ï1*(1(5$/

5$=Ï162&,$/  
1Ò0(52'(/58& 
'20,&,/,2',5(&&,Ï17(/e)212<)$;'(/$2),&,1$35,1&,3$/<
/$668&856$/(6  
)(&+$'(2725*$0,(172'(/$(6&5,785$3Ò%/,&$'(&2167,78&,Ï1(
,16&5,3&,Ï1(1(/5(*,67520(5&$17,/  
3/$=2'('85$&,Ï1'(/$&203$fË$  
2%-(7262&,$/  
&$3,7$/$8725,=$'2686&5,72<3$*$'2  
1Ò0(52'($&&,21(6&/$6(9$/25120,1$/'(&$'$$&&,Ï1<6(5,(6 
35,1&,3$/(6$&&,21,67$6 
5(35(6(17$17(6/(*$/(6',5(&725(6<$'0,1,675$'25(6  
180(52'()81&,21$526<(03/($'26 
5()(5(1&,$'((035(6$69,1&8/$'$6'(&21)250,'$'&21/2
',638(672(1(/$57Ë&8/2'(/$/(<'(0(5&$'2'(9$/25(6  
3$57,&,3$&,Ï1(1(/&$3,7$/'(275$662&,('$'(6 
5(6*8$5'26$/2648(6(2%/,*$(/(0,625 
&26726'(/$(0,6,Ï1 
25*$1,*5$0$'(/$(035(6$ 

 '(6&5,3&,Ï1'(/1(*2&,2'(/(0,625

'(6&5,3&,21'(/(172512(&2120,&2(148(6(+$9(1,'2
'(6$552//$1'2<'(6$552//$5$686$&7,9,'$'(6  
35,1&,3$/(6/,1($6'(352'8&7266(59,&,261(*2&,26<$&7,9,'$'(6
'(/$&203$fË$ 
'(6&5,3&,21'(/$632/,7,&$6'(,19(56,21(6<'(),1$1&,$0,(172  
'(6&5,3&,Ï168&,17$'(/$(675$7(*,$'(/(0,625(1/26Ò/7,026
75(6$f26  
)$&725(6'(5,(6*2$62&,$'26&21/$&203$fË$&21(/1(*2&,2<
2)(57$3Ò%/,&$ 
'(7$//('($&7,926/,%5(6'(*5$9$0(1'(7$//('(/26$&7,926/,%5(6
'(72'2*5$9$0(1&21685(63(&7,929$/25 

 &$5$&7(5Ë67,&$6'(/$(0,6,Ï1

)(&+$'(/$&7$'(/$-817$*(1(5$/'($&&,21,67$648(5(62/9,Ï
/$(0,6,Ï1  
02172'(/$(0,6,Ï1  
81,'$'021(7$5,$(148(6(5(35(6(17$/$(0,6,Ï1 
&/$6(6(5,(<3/$=2  
1Ò0(52<9$/25120,1$/'(&$'$6(5,(  
,1',&$&,Ï1'(6(5$/$25'(12$/3257$'25 
3(5,2',&,'$''(/3$*2'(,17(5(6(6 
7$6$'(,17(5e6<)250$'(5($-867( 
)250$'(&È/&8/2 
)(&+$$3$57,5'(/&8$/(/7(1('25'(/$62%/,*$&,21(6(03,(=$
$*$1$5,17(5(6(6  
,1',&$&,Ï1'(/$35(6(1&,$212'(&8321(6 
)250$'(&$1&(/$&,Ï1'(,17(5(6(6 
$0257,=$&,Ï1'(/&$3,7$/  
)250$'(&$1&(/$&,Ï1'(/&$3,7$/ 
$*(17(3$*$'25</8*$5'(3$*2  
*$5$17Ë$ 
/,0,7('((1'(8'$0,(172  


5(35(6(17$17('(/262%/,*$&,21,67$6  
5(680(1'(/&219(1,2'(5(35(6(17$&,Ï1 
6,67(0$'(&2/2&$&,Ï1 
&2175$72'(81'(5:5,7,1*  
5(6&$7(6$17,&,3$'26 
$*(17($6(625<&2/2&$'25 
'(67,12'(/265(&85626$&$37$5 
&$/,),&$'25$'(5,(6*26 
&$/,),&$&,Ï12725*$'$ 
'(&/$5$&,Ï1-85$0(17$'$'(/5(35(6(17$17('(/262%/,*$&,21,67$6
'(12(67$5,1&8562(1/$6352+,%,&,21(6'(/$57,&8/2'(/$/(<'(
0(5&$'2'(9$/25(6 
(;75$&72'(/(678',2'(/$&$/,),&$&,Ï1'(5,(6*2  

 ,1)250$&,Ï1(&21Ï0,&2±),1$1&,(5$

(67$'26),1$1&,(526$8',7$'26'(/2675(6Ò/7,026$f26 
(67$'26),1$1&,(526'(/0(6,10(',$72$17(5,25 
$1È/,6,6+25,=217$/<9(57,&$/'(/26(67$'26),1$1&,(526  
,1',&$'25(6),1$1&,(526 
'(7$//('(/$6&217,1*(1&,$6(1/$6&8$/(6(/(0,6256($*$5$17(
2',$'25'(2%/,*$&,21(6'(7(5&(526&21/$,1',&$&,Ï1'(/'(8'25
<(/7,32'(9,1&8/$&,21  
'(7$//('(/$635,1&,3$/(6,19(56,21(6  
'(6&5,3&,Ï1'(/2635,1&,3$/(6$&7,926352'8&7,926(,0352'8&7,926 
(67$'2'(5(68/7$'26(67$'2'()/8-2'(()(&7,92<&$-$
75,0(675$/(63$5$(/3/$=2'(/$(0,6,Ï1 

 '(&/$5$&,Ï1-85$0(17$'$'(/5(35(6(17$17(/(*$/'(/$&203$fË$ 

 '(&/$5$&,Ï1-85$0(17$'$'(/26$&7,926/,%5(6'(*5$9$0(1 

$1(;26

$1(;2
(67$'26),1$1&,(526$8',7$'26 

$1(;2
(67$'26),1$1&,(526'(/8/7,020(6<&(57,),&$'2'($&7,926/,%5(6
'(*5$9$0(1 

$1(;2
,1)250('(&$/,),&$&,Ï1'(5,(6*2 

$1(;2
(67$'26),1$1&,(526$8',7$'26'(/'($/0$&(1(6'(35$7,6$
<68%6,',$5,$6 


,1)250$&,21*(1(5$/

5$=Ï162&,$/

$/0$&(1(6'(35$7,6$

1Ò0(52'(/58&



'20,&,/,2',5(&&,Ï17(/e)212<)$;'(/$2),&,1$35,1&,3$/</$668&856$/(6

2¿FLQD3ULQFLSDO

3URYLQFLD  *XD\DV
&DQWyQ  *XD\DTXLO
'LUHFFLyQ  /XTXH1R\%R\DFi
7HOpIRQR   
&RUUHRHOHFWUyQLFR PDULDDGULDQ#GHSUDWLFRPHF
3iJLQD:HE  ZZZGHSUDWLFRPHF

6XFXUVDOHV

$ODIHFKDODFRPSDxtDPDQWLHQHVXFXUVDOHVDQLYHOQDFLRQDO FRQFHQWUDGDVSULQFLSDOPHQWHHQODFLXGDGGH
4XLWR\*XD\DTXLO

)(&+$'(2725*$0,(172'(/$(6&5,785$3Ò%/,&$'(&2167,78&,Ï1(,16&5,3&,Ï1(1(/
5(*,67520(5&$17,/

/DFRPSDxtD$/0$&(1(6'(35$7,6$VHFRQVWLWX\yFRPRFRPSDxtDDQyQLPDFRQXQFDSLWDOGH6
VXFUHV PHGLDQWH HVFULWXUD S~EOLFD RWRUJDGD DQWH HO 1RWDULR GHO &DQWyQ *XD\DTXLO 'RFWRU *XVWDYR )DOFRQL
/HGHVPD HO  GH HQHUR GH  H LQVFULWD HQ HO 5HJLVWUR 0HUFDQWLO GHO PLVPR &DQWyQ HQ HO PLVPR DxR
< SRVWHULRUPHQWH PHGLDQWH HVFULWXUD S~EOLFD RWRUJDGD DQWH OD 1RWDULD 'pFLPR 7HUFHUD GHO FDQWyQ *XD\DTXLO
'RFWRUD1RUPD3OD]DGH*DUFtDHOGH2FWXEUHGHOHLQVFULWDHQHO5HJLVWUR0HUFDQWLOHOGH'LFLHPEUH
ODFRPSDxtDFRQYLUWLyVXFDSLWDOGHVXFUHVDGyODUHVDPHULFDQRV
(OGHHQHURGHOODFRPSDxtDPHGLDQWHHVFULWXUDS~EOLFDRWRUJDGDDQWHHO1RWDULR'HFLPR6pSWLPRGHO
&DQWyQ *XD\DTXLO$ERJDGR 1HOVRQ *XVWDYR &DxDUWH VH UHDOL]y HO DXPHQWR GH FDSLWDO GH OD FRPSDxtD D XQ
PRQWRGH86'HOFXDOIXHLQVFULWRHQHO5HJLVWUR0HUFDQWLOGHOPLVPR&DQWyQGHIHEUHURGHO

3/$=2'('85$&,Ï1'(/$&203$fË$

(OSOD]RGHGXUDFLyQGHODFRPSDxtDHVGHFLHQWRFLQFXHQWDDxRVTXHFRQWDUiQDSDUWLUGHODIHFKDGHLQVFULSFLyQ
HQHO5HJLVWUR0HUFDQWLOGHODHVFULWXUDGHFRQVWLWXFLyQHVGHFLUVXSOD]RVRFLDOFRQFOX\HHOGHIHEUHURGHO


2%-(7262&,$/

(OREMHWRVRFLDOGHODFRPSDxtDHVGHGLFDUVHDODVVLJXLHQWHVDFWLYLGDGHV

  /D DGTXLVLFLyQ HQDMHQDFLyQ LPSRUWDFLyQ H[SRUWDFLyQ FRQVLJQDFLyQ SURGXFFLyQ PDQXIDFWXUD \

FRPHUFLDOL]DFLyQGHWRGDFODVHGHSUHQGDVGHYHVWLU\VXVDFFHVRULRVGHSURGXFWRVWH[WLOHVGHDUWtFXORVSDUDOD
R¿FLQDRHOKRJDUGHODVPHUFDGHUtDVGHODVTXHVHVXHOHQVXUWLUORVDOPDFHQHVRWLHQGDVGHSDUWDPHQWDOHVGH
PDWHULDVSULPDV\GHSURGXFWRVWHUPLQDGRV

 /DGLVWULEXFLyQDOSRUPHQRUDFUpGLWRRDOFRQWDGRFRPSUDYHQWDDUUHQGDPLHQWRDGPLQLVWUDFLyQFRUUHWDMH
SHUPXWD\DJHQFLDPLHQWRGHELHQHVLQPXHEOHVDODSURPRFLyQ\FRQVWUXFFLyQSRUFXHQWDSURSLD\RDMHQDGH
WRGDFODVHGHYLYLHQGDVYHFLQDOHVRXQLIDPLOLDUHV\GHWRGDFODVHGHHGL¿FLRVHWFDVtFRPRGHFXDOTXLHURWUR
DFWRMXUtGLFRUHODFLRQDGRGLUHFWDPHQWHFRQELHQHVLQPXHEOHV

&$3,7$/$8725,=$'2686&5,72<3$*$'2

&DSLWDO$XWRUL]DGR  86
&DSLWDO6XVFULWR  86
&DSLWDO3DJDGR  86


180(52'($&&,21(6&/$6(9$/25120,1$/'(&$'$$&&,Ï1

1~PHURGH$FFLRQHV  
&ODVH    2UGLQDULDV\QRPLQDWLYDV
9DORU1RPLQDOGHFDGDDFFLyQ 86GyODU
 
35,1&,3$/(6$&&,21,67$6

3$,6'( 9$/25
,'(17,),&$&,Ï1 $&&,21,67$ $&&,21(6 3$57
25,*(1 120,1$/

 '(*$/,6$ (FXDGRU 86  

3$&,),&+20( )$6+,21 (VWDGRV8QLGRVGH

6(* 86  
)5$1&+,6(//& $PpULFD

6(* 0$7('(&$/7' %DKDPDV 86  

727$/ 86  

35,1&,3$/(6$'0,1,675$'25(65(35(6(17$17(6/(*$/(6<',5(&725(6'(/$&203$fË$

',5(&725(6'(/$&203$fË$

$OGR;DYLHU%RUJHV'H3UDWL  3UHVLGHQWHGHO'LUHFWRULR
-RVp-XDQ'H3UDWL&DYDQQD  0LHPEURGHO'LUHFWRULR
<XUL$QWRQLR3URDxR2UWL]  0LHPEURGHO'LUHFWRULR
0LJXHO%DEUD/\RQ   0LHPEURGHO'LUHFWRULR
-XDQ*DEULHO9LODVHFD'H3UDWL  0LHPEURGHO'LUHFWRULR

5(35(6(17$17(/(*$/<$'0,1,675$'25(6

2OJD3ULVFLOOD$OWDPLUDQR5RGUtJXH] 3ULPHU9LFHSUHVLGHQWH
&DUORV$XJXVWR3DUHGHV0HFtDV 6HJXQGR9LFHSUHVLGHQWH
-DLPH$OIUHGR)UHLUH3DWLxR  7HUFHU9LFHSUHVLGHQWH
&DUROLQD6XVDQD5D\PRQG&RUQHMR &XDUWR9LFHSUHVLGHQWH
5REHUWR$QGUpV%LJDOOL3DODFLRV  4XLQWR9LFHSUHVLGHQWH
-RVp)UDQFLVFR-LPpQH]6iQFKH] 6HFUHWDULR&RUSRUDWLYR

180(52'()81&,21$5,26<(03/($'26

/DFRPSDxtD$/0$&(1(6'(35$7,6$FXHQWDFRQHPSOHDGRVGHDFXHUGRDOVLJXLHQWHFXDGUR

É5($6 180(52
$8',725,$¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬ 
&(1752'(',675,%8&,21¬¬¬¬¬¬¬¬¬¬¬¬¬ 
),1$1=$6$'0,1,675$&,Ð1(,102%,/,$5,2 
0$5.(7,1*¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬ 
23(5$&,21(6¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬ 
25*$1,=$&,21<0(72'26¬¬¬¬¬¬¬¬¬¬¬¬¬ 
35(6,'(1&,$¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬ 
5(&85626+80$126¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬ 
6,67(0$6¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬ 
9,68$/0(5&+$1',6,1*¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬ 
&20(5&,$/¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬ 
&5(',72¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬ 
7,(1'$6¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬ 
727$/*(1(5$/ 


 5()(5(1&,$ '( (035(6$6 9,1&8/$'$6 '( &21)250,'$' &21 /2 ',638(672 (1 (/
$57Ë&8/2'(/$/(<'(0(5&$'2'(9$/25(6

1R 58& 5D]RQ6RFLDO 1RPEUHGHODHPSUHVDYLQFXODGD 58& 7LSRGH9LQFXODFLyQ

 6(* 3$&,),&+20( )$6+,21)5$1&+,6(//& ,102%,/,$5,$$/',-26$  $FFLRQLVWD

  '(*(/,6$ ,102%,/,$5,$$/',-26$  $FFLRQLVWD
  )5(,5(3$7,f2-$,0($/)5('2 '$5(16$6$  5HSUHVHQWDQWHOHJDO
  %,*$//,3$/$&,2652%(572$1'5(6 .$3526$  5HSUHVHQWDQWHOHJDO
  %,*$//,3$/$&,2652%(572$1'5(6 6,67(0$*/2%$/,17(*5$'26*,&,$/7'  5HSUHVHQWDQWHOHJDO

3$57,&,3$&,Ï1(1(/&$3,7$/'(275$662&,('$'(6

/DFRPSDxtDSRVHHSDUWLFLSDFLyQHQHOFDSLWDOHQODVLJXLHQWHVVRFLHGDGHV
02172
58& 5$=2162&,$/ &$3,7$/ '(3$57,&
686&5,72

 ,102%,/,$5,$520$%$/8126$  

5(6*8$5'26$/2648(6(2%/,*$(/(0,625

/DFRPSDxtD$/0$&(1(6'(35$7,6$HVWDEOHFHORVVLJXLHQWHVFRPSURPLVRV\UHVJXDUGRV

‡/D&RPSDxtDKDGHWHUPLQDGRODVVLJXLHQWHVPHGLGDVFXDQWL¿FDEOHVHQIXQFLyQGHUD]RQHV¿QDQFLHUDVSDUD
SUHVHUYDUSRVLFLRQHVGHOLTXLGH]\VROYHQFLDUD]RQDEOHGHOHPLVRUYLJHQWHVDSDUWLUGHODDXWRUL]DFLyQGHOD2IHUWD
3~EOLFD\KDVWDODUHGHQFLyQWRWDOGHORVYDORUHV

 0DQWHQHUVHPHVWUDOPHQWHXQLQGLFDGRUSURPHGLRGHOLTXLGH]RFLUFXODQWHPD\RURLJXDODXQR  

 /RVDFWLYRVUHDOHVVREUHORVSDVLYRVGHEHUiQSHUPDQHFHUHQQLYHOHVGHPD\RURLJXDODXQR  HQWHQGLpQGRVH
FRPRDFWLYRVUHDOHVDDTXHOORVDFWLYRVTXHSXHGHQVHUOLTXLGDGRV\FRQYHUWLGRVHQHIHFWLYR

‡/D&RPSDxtDQRUHSDUWLUiGLYLGHQGRVPLHQWUDVH[LVWDQ2EOLJDFLRQHVHQPRUD
‡/DFRPSDxtDPDQWHQGUiODUHODFLyQGHORVDFWLYRVOLEUHVGHJUDYDPHQVREUHREOLJDFLRQHVHQFLUFXODFLyQVHJ~Q
OR TXH  HVWDEOHFH HO DUWtFXOR  GH OD VHFFLyQ , FDStWXOR ,,, GHO VXEWtWXOR , 7tWXOR ,,, GH OD &RGL¿FDFLyQ GH
5HVROXFLRQHVGHO&RQVHMR1DFLRQDOGH9DORUHV

&26726'(/$(0,6,Ï1

*$6726 &20,6,Ï1 02172 86

$VHVRUtD)LQDQFLHUD\/HJDO  

&RPLVLyQ&RORFDFLyQ  

&DOLILFDFLyQGH5LHVJR   

'HFHYDOHSRUGHVPDWHULDOL]DFLyQ  

'HFHYDOHFRPR$JHQWH3DJDGRU  

5HSUHVHQWDQWHGHORV2EOLJDFLRQLVWDV   

*DVWRVQRWDULDOHV  

*DVWRV9DULRV   

0DQWHQLPLHQWRGH,QVFULSFLyQ%ROVDGH9DORUHV   

,QVFULSFLyQ0HUFDGRGH9DORUHV   

727$/&26726  

 (OYDORULQFOX\HOD&DOLILFDFLyQLQLFLDO\HOYDORUSRUODVDFWXDOL]DFLRQHVVHPHVWUDOHV
 3DJDGHURV86DQXDOHVGXUDQWHHOWLHPSRTXHGXUDODHPLVLyQ
 ,QFOX\HLPSUHVLRQHVGLVHxRJUiILFR\FRVWRVSRUWUDQVIHUHQFLDUHDOL]DGDVSRUHO'(&(9$/(
 3RUFRQFHSWRGH0DQWHQLPLHQWRGHLQFULSFLyQHQOD%ROVDGH9DORUHVVHSDJDGHPDQHUDDQXDO
VREUHHOPRQWRGHODVHPLVLRQHVHQFLUFXODFLyQKDVWDSRUXQYDORUPi[LPRGH
 3RUFRQFHSWRGHLQVFULSFLyQVHGHEHFDQFHODUDOD6XSHULQWHQGHQFLDGH&RPSDQtDV9DORUHV\
6HJXURVHOGHOPRQWRWRWDOGHODHPLVLyQKDVWDXQPRQWRPi[LPRGH


25*$1,*5$0$'(/$(035(6$


'(6&5,3&,Ï1'(/1(*2&,2'(/(0,625

 '(6&5,3&,21 '(/ (172512 (&2120,&2 (1 (/ 48( '(6$552//$ 686 $&7,9,'$'(6 < (/
'(6(03(f2'(/$(035(6$(1(/6(&72548(3(57(1(&(

/DHFRQRPtDGH(FXDGRUVHFRQWUDMRHQHODxRHQGHDFXHUGRDGDWRVSUHOLPLQDUHVD1RYLHPEUH
GHO  SXEOLFDGRV SRU HO %DQFR &HQWUDO GHO (FXDGRU  OR TXH LQGLFD XQD UHGXFFLyQ HQ HO FRQVXPR \ HQ OD
SURGXFFLyQHQHOPHUFDGRQDFLRQDO\XQSRVLEOHGHVDMXVWHHQHOJDVWRS~EOLFR

)XHQWHVR¿FLDOHVHVWLPDURQDLQLFLRVGHTXHODHFRQRPtDGHO(FXDGRUPDQWHQGUtDHQHOODPLVPD
WHQGHQFLDGHFUHFLPLHQWRGHOVLQHPEDUJRODEDMDHQORVSUHFLRVGHOSHWUyOHRHOHQGHXGDPLHQWRH[WHUQR\OD
SpUGLGDGHFRPSHWLWLYLGDGGHODVH[SRUWDFLRQHVHFXDWRULDQDV SRUODUHYDORUL]DFLyQGHOGyODU VRQORVSULQFLSDOHV
IDFWRUHVTXHGHWHUPLQDUtDQODVLWXDFLyQ$HVWRVHVXPDHOWHUUHPRWRRFXUULGRHOGH$EULOGHHQOD]RQD
FRVWHUDQRUWHGHOSDtVFDWiVWURIHQDWXUDOTXHRFDVLRQyHQWUHYDULRVGHVXVHIHFWRVXQDLPSRUWDQWHFRQWUDFFLyQ
GH RIHUWD UHGXFLHQGR ODV H[SHFWDWLYDV GH FUHFLPLHQWR SDUD HO DxR /D 6HFUHWDUtD 1DFLRQDO GH 3ODQL¿FDFLyQ
GHWHUPLQy TXH HO PRQWR QHFHVDULR SDUD OD UHFRQVWUXFFLyQ GH OD ]RQD GH GHVDVWUH DVFLHQGH DO  GHO 3,%
DSUR[LPDGDPHQWH3DUDORFXDOHOJRELHUQRHFXDWRULDQRWRPyPHGLGDVHFRQyPLFDVFRPRHOLQFUHPHQWRGHO,9$
HQSXQWRV  \HOIRUWDOHFLPLHQWRGHOGLQHURHOHFWUyQLFRFRPRIXHQWHVGHOLTXLGH]GHFRUWRSOD]R

W/WKZ>^d/s/KEMD/
ƌĞĐŝŵŝĞŶƚŽ ĞŶsĂůŽƌĞƐĐŽŶƐƚĂŶƚĞƐ

   GLF GLF QRY

2ILFLDO 2ILFLDO 6' 3 3 3UH

3,%      

 $*5,&8/785$3(6&$
D $JULFXOWXUDJDQDGHUtDFD]D\      
E $FXLFXOWXUD\SHVFDGHFDPDUyQ      
F 3HVFD H[FHSWRFDPDUyQ      

 3(75Ï/(2<0,1$6      

 5(),1$&,Ï1'(3(75Ï/(2      

 ,1'8670$18)$&785(5$6      

 $*8$/8=*$6      

 &216758&&,Ï1      

 6(59,&,26
D 7UDQVSRUWH      
E &RPHUFLR      
F 6HUY,QWHUPHGLDFLyQ)LQDQFLHUD      
G &RUUHR\&RPXQLFDFLRQHV      
H $FWLYLGDGHVSURIHVLRQDOHVWpFQLFDV
     
\DGPLQLVWUDWLYDV
I (QVHxDQ]D\6HUYLFLRVVRFLDOHV\
GHVDOXG      

J $GPLQLVWUDFLyQS~EOLFDGHIHQVD      

SODQHVGHVHJXULGDGVRFLDOREOLJDWRULD
K 6HUYLFLRGRPpVWLFR      
G 2WURV6HUYLFLRV      

727$/9$/25$*5(*$'2      

2WURVHOHPHQWRV3,%      

)8(17(%&(,QIRUPDFLyQHVWDGtVWLFD
VG VHPLGHILQLWLYR
S SURYLVLRQDO
SUH SUHOLPLQDUVXPDWRULDGH&XHQWDV1DFLRQDOHV7ULPHVWUDOHV

(QHOXQRGHORVVHFWRUHVPiVIXHUWHPHQWHDIHFWDGRVIXH HOVHFWRUGHODFRQVWUXFFLyQTXHUHJLVWUDXQ
GHFUHFLPLHQWRGHWRPDQGRHQFRQVLGHUDFLyQTXHHVXQRGHORVVHFWRUHVTXHPiVHPSOHRJHQHUD/D
PD\RUSDUWHGHORVRWURVVHFWRUHVWDPELpQUHJLVWUDQFDtGDVGHO9DORUDJUHJDGR

/D 5H¿QDFLyQ GH SHWUyOHR IXH XQD GH ODV H[FHSFLRQHV DO UHLQLFLDUVH OD RSHUDFLyQ QRUPDO GH OD UH¿QHUtD GH
(VPHUDOGDV


3DUDHODxRHO%DQFR&HQWUDOFRQVLGHUDTXH(FXDGRUFUHFHUiGHO3URGXFWR,QWHUQR%UXWR 3,% 

(;3257$&,21(6(,03257$&,21(6

(QORVSULPHURVRQFHPHVHVGHODxRODVH[SRUWDFLRQHVFDHQGHODVFXDOHVODVSHWUROHUDVLQFOX\HQGR
FRPEXVWLEOHVVHUHGXFHQHQ/DVH[SRUWDFLRQHVGHORVFXDWURUXEURVGHtQGROHDJUtFROD\SHVTXHURPiV
LPSRUWDQWHV EDQDQR FDPDUyQ ÀRUHV \ HQODWDGRV GH SHVFDGR FUHFHQ  \ HO UHVWR GH ODV H[SRUWDFLRQHV
VH FRQWUDH  /DV H[SRUWDFLRQHV GLVWLQWDV DO SHWUyOHR WLHQGHQ D FRQFHQWUDUVH HQ ORV SULQFLSDOHV UXEURV
WUDGLFLRQDOHV

dKd>yWKZd/KE^ z>K^DzKZ^ZhZK^
Ŷ ŵŝůůŽŶĞƐĚĞĚſůĂƌĞƐ&K
1R3HWUROHURV
7RWDO
$f2 3HWUyOHR
([SRUWDFLRQHV &ODVLILFDGRV 2WURV

    

    
      
    
    
    
    
    
    
    
    
HQHURQRYLHPEUHGHO
)8(17(%&( ZZZEFHILQHF

(QORVSULPHURVRQFHPHVHVGHODxRODVLPSRUWDFLRQHVFDHQODVSHWUROHUDVHQ\ODVQRSHWUROHUDVHQ
7RGDVODVSULQFLSDOHVUDPDVGHLPSRUWDFLRQHVQRSHWUROHUDVPXHVWUDQXQDFDtGDIUHQWHDOPLVPRSHUtRGR
GHODxRDQWHULRU/DVGHELHQHVGHFRQVXPREDMDQORVLQVXPRVORVELHQHVGHFDSLWDO

dKd>/DWKZd/KE^
Ŷ ŵŝůůŽŶĞƐĚĞĚſůĂƌĞƐ&K

7RWDO &RPEXVWLEOHV\
$f2 1R3HWUROHUDV
,PSRUWDFLRQHV /XEULFDQWHV

   

   
    
   
   
   
   
   
   
   
   
HQHURQRYLHPEUHGHO
)8(17(%&( ZZZEFHILQHF

/DEDODQ]DFRPHUFLDOUHJLVWUyXQVXSHUiYLWGH86'PLOORQHVKDVWDQRYLHPEUHGHHVWHDxRHVWHVXSHUiYLW
VH GD FRPR FRQVHFXHQFLD GH OD IXHUWH GLVPLQXFLyQ GH ODV LPSRUWDFLRQHV  HQ XQ  \ D SHVDU GH TXH ODV
H[SRUWDFLRQHVWDPELpQVHUHGXMHURQHQXQ


+DVWDVHSWLHPEUHGHHOGHODGLIHUHQFLDHQWUHLQJUHVRV\HJUHVRVSRUFRPHUFLDOL]DFLyQLQWHUQDGH
GHULYDGRVLPSRUWDGRVFRUUHVSRQGLyDODFRPHUFLDOL]DFLyQGHGLHVHOHOODGH*/3\HODODGHQDIWD
GHDOWRRFWDQR

/D%DODQ]D&RPHUFLDO3HWUROHUDHQQRYLHPEUHGHODOFDQ]RORV86'PLOORQHVFLIUDPD\RUDODGH
QRYLHPEUHGHODxRDQWHULRU

/DUHGXFFLyQGHOSUHFLRGHOSHWUyOHRFRQWUDMRODHFRQRPtDGHOSDtVGHIRUPDQHJDWLYDDIHFWDQGRORVGLYHUVRV
VHFWRUHVTXHGHSHQGHQGHORVSUHVXSXHVWRVHVWDWDOHV\WDPELpQHQHOPHUFDGRHFXDWRULDQRPHGLDQWHRIHUWDV
JHQHUDGDVSRUPHGLRGHOSRUWDOGHFRPSUDVS~EOLFDVTXHYDQGLVSXHVWDVDHPSUHVDVSULYDGDVUHGXFLHQGRDVtHO
GHVXSDUWLFLSDFLyQSRUODUHGXFFLyQGHGLFKRSUHVXSXHVWRVHJ~QGDWRVGHOD&)1

,1)/$&,Ï1

/DLQÀDFLyQDQXDOGHOVHXELFyHQHOGHDFXHUGRFRQHOUHSRUWHGHOËQGLFHGH3UHFLRVDO&RQVXPLGRU
,3& TXHSXEOLFyHVWHYLHUQHVGHHQHURGHHO,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD\&HQVRV ,1(& ORTXH
UHÀHMDODIDOWDGHUHFXUVRVHFRQyPLFRVHQODSREODFLyQ\DTXHWDVDVEDMDVGHLQÀDFLyQSXHGHQVHULQWHUSUHWDGDV
FRPRXQDFRQWUDFFLyQGHOFRQVXPR(QHOHVHLQGLFDGRUIXHGHO

(QGLFLHPEUH0DQWDIXHODFLXGDGFRQODPD\RULQÀDFLyQPHQVXDOGHOSDtVFRQHO/HVLJXLy$PEDWRFRQ
(QFDPELR(VPHUDOGDV\/RMDIXHURQODVXUEHVFRPRPHQRULQÀDFLyQFRQHO\HQHVH
RUGHQ

/ŶĨůĂĐŝſŶŶƵĂů
ϱ͕ϰϭй

ϰ͕ϭϲй
ϯ͕ϲϳй
ϯ͕ϯϯй ϯ͕ϯϴй
Ϯ͕ϳϬй

ϭ͕ϭϮй

ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ

/ŶĨůĂĐŝſŶDĞŶƐƵĂů
Ϭ͕ϯϲй
Ϭ͕ϯϭй Ϭ͕ϯϭй

Ϭ͕ϭϱй Ϭ͕ϭϲй
Ϭ͕ϭϰй Ϭ͕ϭϰй
Ϭ͕Ϭϵй
Ϭ͕Ϭϯй

ĚŝĐͲϭϱ ĞŶĞͲϭϲ ĨĞďͲϭϲ ŵĂƌͲϭϲ ĂďƌͲϭϲ ŵĂLJͲϭϲ ũƵŶͲϭϲ ũƵůͲϭϲ ĂŐŽͲϭϲ ƐĞƉͲϭϲ ŽĐƚͲϭϲ ŶŽǀͲϭϲ ĚŝĐͲϭϲ

ͲϬ͕Ϭϵй ͲϬ͕Ϭϴй

ͲϬ͕ϭϲй ͲϬ͕ϭϱй

(OYDORUGHODFDQDVWDIDPLOLDUEiVLFDHQQRYLHPEUHGHOVHXELFyHQ86'VLQHPEDUJRHOLQJUHVR
IDPLOLDUPHQVXDOGHXQKRJDUWLSR PLHPEURVFRQSHUFHSWRUHVGHLQJUHVRV IXHGH86'ORTXH
RFDVLRQDXQDUHVWULFFLyQSUHVXSXHVWDULDGH86'HVWRVLJQL¿FDXQDFREHUWXUDGHOGHOFRVWRWRWDO
GHHVWDFDQDVWD


(03/(2<'(6(03/(2

/D WDVD GH HPSOHR DGHFXDGR HQ (FXDGRU VH UHGXFH HQ  SXQWRV SRUFHQWXDOHV D QLYHO QDFLRQDO GHO WHUFHU
WULPHVWUH GH  DO WHUFHU WULPHVWUH GH  \ D QLYHO XUEDQR \ UXUDO PXHVWUD UHGXFFLRQHV VLPLODUHV (VWRV
UHVXOWDGRVOOHYDQDTXHODWDVDGHVHPSOHRDXPHQWHGHD\ODWDVDGHVXEHPSOHRGHD
HQHOSHULRGR/RFXDOPXHVWUDXQFODURGHWHULRURHQODFDOLGDGGHOHPSOHRGXUDQWHHO~OWLPRDxRHVWR
SRUORVSUREOHPDVHFRQyPLFRVTXHDWUDYLHVDHOSDtV

(OGDWRUHDOPHQWHSUHRFXSDQWHHVTXHPHQRVGHOGHODSREODFLyQHFRQyPLFDPHQWHDFWLYDSRVHHXQHPSOHR
SOHQRHVGHFLUXQHPSOHRTXHJDUDQWLFHXQVDODULRHVWDEOHGHDFXHUGRDODOH\\FRQGLFLRQHVGHWUDEDMRDGHFXDGDV

/E/KZ^>KZ>^;E/KE>hZEKͲ ZhZ>ͿϭϱHK^zD^

GLF GLF GLF GLF VHS 9DULDFLyQ

3REODFLyQHQ(GDGGH7UDEDMDU 3(7      

3REODFLyQ(FRQyPLFDPHQWH$FWLYD 3($      
2FXSDGRV        
2FXSDGRVQRFODVLILFDGRV   ϭϲ   
2FXSDGRV3OHQRV        
6XEHPSOHDGRV       
'HVRFXSDGRV        
3REODFLyQ(FRQyPLFDPHQWH,QDFWLYD 3(,        

GH3($
2FXSDGRV      
2FXSDGRV1RFODVLILFDGRV      
2FXSDGRV3OHQRV      
6XEHPSOHDGRV      
'HVRFXSDGRV      

1RWD/RVGDWRVVHHQFXHQWUDQH[SUHVDGRVHQXQLGDGHVGHPLO
)8(17(,1(&

(OtQGLFHGHSREUH]DSHUFLELGRHQHOSDtVHQGLFLHPEUHGHOVHSUHVHQWyFRQXQGHODSREODFLyQOR
FXDOGHPXHVWUDODEDMDHQODGHPDQGDGHORVPHUFDGRVGHGLYHUVRVLQVXPRVTXHVHRIHUWDEDQHQHOPHUFDGR
HFXDWRULDQRVHJ~QGDWRVGHO%DQFR&HQWUDOGHO(FXDGRU

$VHSWLHPEUHGHOODWDVDGHSREUH]DDQLYHOXUEDQRVHXELFyHQ\ODWDVDGHH[WUHPDSREUH]DXUEDQD
HQ

d^ ^DW>KE/KE>
WŽƌƚƌŝŵĞƐƚƌĞ
ϴ͕ϬϬй
ϳ͕ϬϬй ϲ͕ϲϴй
ϲ͕ϬϬй
ϰ͕ϴϲй
ϱ͕ϬϬй
ϰ͕ϬϬй
ϯ͕ϬϬй
Ϯ͕ϬϬй
ϭ͕ϬϬй
Ϭ͕ϬϬй
ŝĐͲϭϯ DĂƌͲϭϰ :ƵŶͲϭϰ ^ĞƉͲϭϰ ŝĐͲϭϰ DĂƌͲϭϱ :ƵŶͲϭϱ ^ĞƉƚͲϭϱ ŝĐͲϭϱ DĂƌͲϭϲ :ƵŶͲϭϲ ^ĞƉƚͲϭϲ

6,67(0$),1$1&,(52

/RVGHSyVLWRVEDQFDULRVHQHODXPHQWDURQFRQUHVSHFWRDODxRDQWHULRUGLVPLQX\HQGRODSUHIHUHQFLDGHO
S~EOLFRDQREDQFDUL]DUVXGLQHUR


$O FUHFHU ORV GHSyVLWRV OD EDQFD SULYDGD EXVFD FRORFDU PiV FUpGLWR /D UHFHVLyQ VLQ HPEDUJR UHGXFH ODV
QHFHVLGDGHVGHFUpGLWRGHODVHPSUHVDV/DEDQFDQRORJUyFRORFDUHQWRGRHOFUpGLWRTXHVHSURSXVR
RWRUJDU

/DLPSRVLELOLGDGGHFRORFDUWRGRHOFUpGLWRSUHYLVWRDIHFWyDODEDMDODUHQWDELOLGDGGHODEDQFDDVRORHQ


sK>h/MEWM^/dK^E>
EWZ/s

$f2 'HS9LVWD 'HS3OD]R 7RWDO

GLF   

GLF   
GLF    
GLF   
GLF   
GLF   
GLF   
GLF   
GLF   
GLF   

)8(17(6XSHULQWHQGHQFLDGH%DQFRV

(O HQWRUQR UHJXODWRULR GH OD EDQFD H[SHULPHQWy UHSHQWLQDV \ UHSHWLGDV PRGL¿FDFLRQHV D OR ODUJR GHO DxR
REOLJDQGRDORVEDQFRVDWRPDUPHGLGDVLQPHGLDWDVSDUDDMXVWDUVHDODVQXHYDVUHJODV(QWUHHOODVGHVWDFDPRV
ODUHGXFFLyQHQODVWDULIDVDXWRUL]DGDVSDUDORVVHUYLFLRVEDQFDULRV\HOQXHYRFiOFXORGHFRH¿FLHQWHGHOLTXLGH]
GRPpVWLFDTXHREOLJyDDOJXQRVEDQFRVDWUDHUIRQGRVTXHPDQWHQtDQGHSRVLWDGRVHQHOH[WHULRU\GHSRVLWDUORV
HQHO%DQFR&HQWUDO

35,1&,3$/(6/,1($6'(352'8&7266(59,&,261(*2&,26<$&7,9,'$'(6'(/$&203$fË$

$/0$&(1(6 '( 35$7, 6$ WLHQH SRU DFWLYLGDG SULQFLSDO OD FRPSUD YHQWD LPSRUWDFLyQ FRPHUFLDOL]DFLyQ \
GLVWULEXFLyQGHYHVWLPHQWDVDUWtFXORVGHKRJDUHOHFWURGRPpVWLFRVSHUIXPHVELHQHVGHFRQVXPR\GHFDSLWDO$
ORODUJRGHHVWRVDxRVKDLQVWDODGRWLHQGDVXELFDGDVHQODVFLXGDGHVGH4XLWR\*XD\DTXLODGLFLRQDOODYHQWD
DWUDYpVGHOQHJRFLR(&RPPHUFHODVPLVPDVDWLHQGHQGLIHUHQWHVVHJPHQWRV0RGD+RJDU\(VSHFLDOLGDGHV
/DHVWUDWHJLDGHFUHFLPLHQWRGH$OPDFHQHV'H3UDWLOHKDSHUPLWLGRFRQYHUWLUVHHQHOOtGHUGHPHUFDGRHQHO
VHJPHQWRHQHOTXHVHGHVHQYXHOYH

&RQXQFRQFHSWRGHWLHQGDGHSDUWDPHQWDO$/0$&(1(6'(35$7,6$RIUHFHXQDH[SHULHQFLD~QLFDSDUDPiV
GHPLOORQHVGHSHUVRQDVTXHORYLVLWDQDODxRHQXQHVSDFLRDODDOWXUDGHORVPHMRUHVUHWDLOHUVLQWHUQDFLRQDOHV
TXHVHYHUHÀHMDGRHQODUHVSXHVWDSRVLWLYDGHORVFOLHQWHVDODVDPSOLDFLRQHVUHPRGHODFLRQHVTXHFRQWLQXDPHQWH
VHUHDOL]DQSDUDPDQWHQHUVDWLVIHFKRVDVXVPiVGHFOLHQWHVTXHDFWXDOPHQWHVHPDQWLHQHQUHJLVWUDGRV
FRQFUpGLWRGLUHFWR

6RQPiVGHDxRVGHVGHTXH$/0$&(1(6'(35$7,6$LQLFLyODFUHDFLyQGHVXVPDUFDVSURSLDVWUDEDMDQGR
FRQSURYHHGRUHVORFDOHVSDUDRIUHFHUDVXVFOLHQWHVSURGXFWRVGHFDOLGDGKHFKRVHQ(FXDGRU(VDVtFRPRDO
PRPHQWR HQWUH VXV PDUFDV SULQFLSDOHV WLHQH ,VDEHOOD 6WKHSKDQR + 2 ([SUHVVLRQV 1HZ (GLWLRQ =RQD -U
$PDQGD&LW\6SRUW.LGGR\'HFRQRYD(OGLVHxRGHFDGDFROHFFLyQLQFOX\HVLHPSUHODVPHMRUHVWHQGHQFLDV
GHODLQGXVWULDGHODPRGDDGDSWiQGRODVDOPHUFDGRDFWXDO%ULQGDQDVXYH]DORVSURYHHGRUHVQDFLRQDOHV
DVHVRUtDHQFRQIHFFLyQDFDEDGRV\FDOLGDGDVtFRPRIDFWRULQJFXDQGRHVWRVORQHFHVLWDQ

(QHO$/0$&(1(6'(35$7,6$DPSOtDVXOtDGHSURGXFWRVRIHUWDQGROtQHDVGHURSDLQWHUQDFLRQDOFRPR
VRQODVPDUFDV-HVVLFD6LPSVRQ-HQQLIHU/ySH]0DUF)LVKHU&ORH2SL)XQN\)LVK&RUWH¿HOG6SULQJ¿HOG
HQWUHRWUDV


$/0$&(1(6 '( 35$7, 6$ DFWXDOPHQWH HV UHFRQRFLGR FRPR XQ UHIHUHQWH HQ HO HFRPPHUFH &RQ XQD
WLHQGDYLUWXDOFRQPiVGHDxRVHQHOPHUFDGRKDUHFLELGRHQYDULDVRFDVLRQHVHOUHFRQRFLPLHQWRGHO,QVWLWXWR
/DWLQRDPHULFDQR GH &RPHUFLR HOHFWUyQLFR \ OD &iPDUD GH &RPHUFLR GH *XD\DTXLO FRPR OD HPSUHVD OtGHU HQ
HFRPPHUFHHQ,QGXPHQWDULD\0RGD

(Q HO  RFXSDURQ HO WHUFHU OXJDU HQ *UHDW 3ODFH WR :RUN HQ GRQGH UHFLELHURQ HO VHOOR GH (PSOHR -RYHQ
RWRUJDGRSRUHO0XQLFLSLRGH4XLWR

'(6&5,3&,21'(/$632/,7,&$6'(,19(56,21(6<'(),1$1&,$0,(172

$/0$&(1(6 '( 35$7, 6$ YLHQH ¿QDQFLDQGR VX FUHFLPLHQWR FRQ HO DSRUWH GH VXV DFFLRQLVWDV FUpGLWR GH
VXVSURYHHGRUHV\¿QDQFLDPLHQWRFRQLQVWLWXFLRQHV¿QDQFLHUDVORFDOHV$GLFLRQDOPHQWHKDSDUWLFLSDGRHQHO
PHUFDGRGHYDORUHVFRQWUHVWLWXODUL]DFLRQHVGH)OXMRV\XQ3URJUDPDGH3DSHOFRPHUFLDO

/DSROtWLFDGH,QYHUVLRQHVGH$/0$&(1(6'(35$7,6$HVWiQGLULJLGDVDODVDPSOLDFLRQHV\UHPRGHODFLRQHV
GHVXVWLHQGDVGHSDUWDPHQWDOHVTXHFRQWLQXDPHQWHVHUHDOL]DQSDUDPDQWHQHUVDWLVIHFKRVDVXVPiVGH
FOLHQWHV

'(6&5,3&,Ï168&,17$'(/$(675$7(*,$'(/(0,625(1/26Ò/7,02675(6$f26

$OPDFHQHV 'H 3UDWL 6$ WLHQH SRU DFWLYLGDG SULQFLSDO OD FRPSUD YHQWD LPSRUWDFLyQ FRPHUFLDOL]DFLyQ \
GLVWULEXFLyQGHYHVWLPHQWDVDUWtFXORVGHKRJDUHOHFWURGRPpVWLFRVSHUIXPHVELHQHVGHFRQVXPR\GHFDSLWDO$
ORODUJRGHHVWRVDxRVKDLQVWDODGRWLHQGDVXELFDGDVHQODVFLXGDGHVGH4XLWR\*XD\DTXLODGLFLRQDOODYHQWD
DWUDYpVGHOQHJRFLR(&RPPHUFHODVPLVPDVDWLHQGHQGLIHUHQWHVVHJPHQWRV0RGD+RJDU\(VSHFLDOLGDGHV
/DHVWUDWHJLDGHFUHFLPLHQWRGH$OPDFHQHV'H3UDWL6$OHKDSHUPLWLGRFRQYHUWLUVHHQHOOtGHUGHPHUFDGRHQHO
VHJPHQWRHQHOTXHVHGHVHQYXHOYH

$OPDFHQHV 'H 3UDWL 6$ KD UHDOL]DGR HVIXHU]RV HQ SDUWLFLSDU DFWLYDPHQWH HQ HO PHUFDGR GH WLHQGDV
GHSDUWDPHQWDOHV\SDUDHOORPDQWLHQHYLJHQWHVODVVLJXLHQWHVHVWUDWHJLDV

([FHOHQFLD RSHUDFLRQDO UHVSRQVDEOH PDQWHQHU SURFHVRV H¿FLHQWHV HQ OD XWLOL]DFLyQ GH ORV UHFXUVRV SDUD OD
HMHFXFLyQGHVXVDFWLYLGDGHV

)RUWDOHFHUVXPDUFDFRQVLGHUDQGRDVXVJUXSRVGHLQWHUpVPHGLDQWHODLPSOHPHQWDFLyQGHQXHYDVSUiFWLFDV
GH FRPHUFLDOL]DFLyQ TXH OH SHUPLWLUiQ XQD PD\RU FHUFDQtD FRQ VXV FOLHQWHV FRODERUDGRUHV SURYHHGRUHV \
DFFLRQLVWDV

,QQRYDFLyQ\HPSUHQGLPLHQWRPHGLDQWHODFRQWULEXFLyQDOGHVDUUROOR\HOLPSXOVRGHODHFRQRPtDORFDOHQODTXH
RSHUDFUHDQGRSXHVWRVGHWUDEDMRGLUHFWRHLQGLUHFWRFUHDQGRYDORUFRPSDUWLGRDWUDYpVGHVXVSURYHHGRUHV

&RPSURPLVRVFRQODFRPXQLGDG\HOPHGLRDPELHQWHPHGLDQWHHOUHVSHWRDOPHGLRDPELHQWH\DODVFRPXQLGDGHV
GRQGHGHVDUUROODQVXVSUR\HFWRVPiVDOOiGHOHVWULFWRFXPSOLPLHQWRGHODVQRUPDWLYDVYLJHQWHV

)$&725(6'(5,(6*2$62&,$'26&21/$&203$fË$&21(/1(*2&,2<2)(57$3Ò%/,&$

(QWUHORVSULQFLSDOHVIDFWRUHVGHULHVJRTXHDIHFWDQDODFRPSDxtD\TXH$OPDFHQHV'H3UDWL6$KDWRPDGRODV
GHELGDVSUHFDXFLRQHVVRQ

5,(6*26(1(/$0%,72/$%25$//DVDIHFWDFLRQHVTXHSRUODVRSHUDFLRQHVGHODFRPSDxtDSXHGDQLQÀXLU
VREUHODVDOXGGHODSREODFLyQWUDEDMDGRUD3RUORTXHVHKDLQVWDXUDGRFRQIRUPHDODVSROtWLFDVPHGLGDVGH
SUHYHQFLyQ HGXFDFLyQ HYDOXDFLyQ \ WUDWDPLHQWR VREUH ORV PLVPRV HQ SURFXUD GHO ELHQHVWDU LQWHJUDO GH ORV
FRODERUDGRUHVGLUHFWRVHLQGLUHFWRV

5,(6*26 &203(7,'25(6 /DV FRPSDxtDV FRQ QHJRFLRV GH WLHQGDV GHSDUWDPHQWDOHV DWLHQGHQ
IXQGDPHQWDOPHQWH DO VHJPHQWR GH FRQVXPR GH KRJDUHV OD OtQHD GH QHJRFLR KD SUHVHQWDGR XQ FUHFLHQWH
GHVDUUROOR\PRGHUQL]DFLyQHQODFXDOODVHPSUHVDVPiVHPSUHQGHGRUDVFRQXQDVyOLGDSRVLFLyQ¿QDQFLHUD\
FUHGLELOLGDGHQHOPHUFDGRKDQJDQDGRHQSDUWLFLSDFLyQ

6HJ~QHO5DQNLQJGHODVHPSUHVDVPiVJUDQGHVDFWXDOL]DGRSRUODUHYLVWD9LVWD]RHQVHSWLHPEUH


$OPDFHQHV'H3UDWL6$VHXELFyHQODSRVLFLyQPHMRUDQGRSRVLFLRQHVFRQUHVSHFWRDODxRDQWHULRU(O
OLGHUD]JRGH$OPDFHQHVGH3UDWLHVWiGLUHFWDPHQWHUHODFLRQDGRDODHVWUDWHJLDGHQHJRFLRVTXHKDLPSOHPHQWDGR
DORODUJRGHVXWUD\HFWRULDGHPiVGHDxRV/DFRPSDxtDFXHQWDFRQXQIXHUWHSRVLFLRQDPLHQWRGHODPDUFD
UHFRQRFLPLHQWRGHOPHUFDGRSODQHVVRVWHQLGRVGHH[SDQVLyQ\XQDSHUPDQHQWHLQQRYDFLyQHQHVWUDWHJLDVGH
FRPHUFLDOL]DFLyQ\VHUYLFLRVDGLFLRQDOHVSDUDVXVFOLHQWHV

5,(6*26 (;2*(126$OPDFHQHV 'H 3UDWL 6$ VH H[SRQH SULQFLSDOPHQWH D ULHVJRV GH WLSR ([yJHQR HQ
GRQGH IDFWRUHV FRPR HO LQFUHPHQWR HQ HO SUHFLR GH PDWHULD SULPD OD UHVWULFFLyQ SRU SDUWH GH OD EDQFD HQ HO
¿QDQFLDPLHQWRSDUDODDGTXLVLFLyQGHSUpVWDPRVLQFOXVRHOFOLPDSRGUtDQUHGXFLUODGHPDQGDGHORVSURGXFWRV
GHELGRDFDPELRGHWHQGHQFLDV\WHPSRUDGDV

5,(6*2635(&,2/D3ROtWLFDGHSUHFLRVGH$OPDFHQHV'H3UDWL6$HVWiHQIRFDGDHQRIUHFHUDVXVFOLHQWHV
HQODVGLIHUHQWHVFDWHJRUtDVTXHPDQHMDSUHFLRVDFRUGHDODFDOLGDGGHVXVSURGXFWRVFRPSHWLWLYRVGHQWURGHO
PHUFDGRWDUJHWDOTXHVHGLULJHHVWUXFWXUDQGRGHQWURGHFDGDFDWHJRUtDIDMDVGHSUHFLRVSDUDORJUDUXQDPD\RU
UHQWDELOLGDG

5,(6*263529(('25(6$OPDFHQHV'H3UDWL6$KDWUDEDMDGRGHVGHKDFHPiVXQDGpFDGDHQHOSURJUDPD
GHGHVDUUROORGHSURYHHGRUHVORFDOHVFRQHOFXDOKDQORJUDGRGLYHUVL¿FDUHOSRUWDIROLRDFWXDOGHSURYHHGRUHV
PDQWHQLHQGR3URYHHGRUHV(VWUDWpJLFRVORVFXDOHVVRQPRQLWRUHDGRVFRQVWDQWHPHQWHSRUVXGHSDUWDPHQWR
GH&DOLGDG

 '(7$//( '( $&7,926 /,%5(6 '( *5$9$0(1&21685(63(&7,929$/25

$FRQWLQXDFLyQVHGHWDOODQORVDFWLYRV/LEUHVGH*UDYDPHQGHODFRPSDxtDDOGH)HEUHURGHO


&$5$&7(5,67,&$6'(/$(0,6,21

)(&+$'(/$&7$'(/$-817$*(1(5$/'($&&,21,67$648(5(62/9,Ï/$(0,6,Ï1

/DSUHVHQWHHPLVLyQGH2EOLJDFLRQHVIXHUHVXHOWDSRUOD-XQWD*HQHUDO([WUDRUGLQDULD8QLYHUVDOGH$FFLRQLVWDV
FHOHEUDGDHOGH(QHURGHO

02172'(/$(0,6,Ï1

+DVWDSRUXQPRQWRGH'LH]PLOORQHVGHGyODUHVGHORV(VWDGRV8QLGRVGH$PpULFD 86 

81,'$'021(7$5,$(148(6(5(35(6(17$/$(0,6,Ï1

'yODUHVGHORV(VWDGRV8QLGRVGH$PpULFD

&/$6(<3/$=2

&/$6( 3/$=2 02172

$ 'Ë$6 86

% 'Ë$6 86

1Ò0(52<9$/25120,1$/'(&$'$&/$6(

/RV9$/25(6VHHPLWLUiQGHPDQHUD'HVPDWHULDOL]DGDSRUORWDQWRQRDSOLFDQXPHUDFLyQ

(OYDORUQRPLQDOPtQLPRGHGLFKRV9$/25(6GHVPDWHULDOL]DGRVVHUiGH810,/'Ï/$5(6'(/26(67$'26
81,'26'($0e5,&$ 86 EDMRHOVLJXLHQWHHVTXHPD

&/$6( 3/$=2 02172

$ 'Ë$6 86

% 'Ë$6 86

,1',&$&,Ï1'(6(5$/$25'(12$/3257$'25

3RUVHUXQDHPLVLyQGHVPDWHULDOL]DGDQRFDEHODHPLVLyQDOSRUWDGRURDODRUGHQGHDFXHUGRDOOLWHUDOGGHO$UW
GHOD/H\GH0HUFDGRGH9DORUHV

3(5,2',&,'$''(/3$*2'(,17(5(6(6

/RVLQWHUHVHVVHUiQFDQFHODGRVFDGDQRYHQWDGtDVHVGHFLUGHPDQHUDWULPHVWUDO

7$6$'(,17(5(6<)250$'(5($-867(

3DUDHOFiOFXORGHOLQWHUpVTXHGHYHQJDQORV9$/25(6GHOD&ODVH$VHXWLOL]DUiXQDWDVD)LMDDQXDOGHO6LHWH
SRUFLHQWR  

3DUDHOFiOFXORGHOLQWHUpVTXHGHYHQJDQORV9$/25(6GHOD&ODVH%VHXWLOL]DUiXQDWDVD)LMDDQXDOGHO6LHWH
FRPDYHLQWLFLQFRSRUFLHQWR  

)250$'(&È/&8/2

FRUUHVSRQGHDDxRVGHGtDVPHVHVGtDVFDGDPHV

)(&+$$3$57,5'(/&8$/(/7(1('25'(/$62%/,*$&,21(6(03,(=$$*$1$5,17(5(6(6

/RVLQWHUHVHVFRPHQ]DUiQDGHYHQJDUVHDSDUWLUGHODIHFKDGHHPLVLyQGHORVYDORUHVHVGHFLUIHFKDHQTXHVH
UHDOLFHODSULPHUDFRORFDFLyQGHODHPLVLyQ


,1',&$&,Ï1'(/$35(6(1&,$212'(&8321(6

3RUVHUXQDHPLVLyQGHVPDWHULDOL]DGDORVFXSRQHVGHODVREOLJDFLRQHVQRWHQGUiQH[LVWHQFLDItVLFDRPDWHULDO
VHUiQUHIHUHQFLDOHVSDUDHOSDJRGHODVFXRWDV

1R'(3$*26'( 1R'(3$*26'(
&/$6(
&$3,7$/ ,17(5(6

$ SDJRV SDJRV

% SDJRV SDJRV

)250$'(&$1&(/$&,Ï1'(,17(5(6(6

3RUVHUXQDHPLVLyQGHVPDWHULDOL]DGDHOSDJRVHUHDOL]DUiSRUFRPSHQVDFLyQDWUDYpVGHO'HSyVLWR&HQWUDOL]DGR
GHFRPSHQVDFLyQ\/LTXLGDFLyQGH9DORUHV'(&(9$/(6$HQODFXHQWDTXHLQGLTXHHOLQYHUVLRQLVWD

$0257,=$&,21'(/&$3,7$/

(OSDJRGHFDSLWDOVHUHDOL]DUiFDGDFLHQWRQRYHQWD  GtDV FRQWDGRVDSDUWLUGHODIHFKDGHHPLVLyQGHOD

2EOLJDFLyQHVGHFLUIHFKDHQTXHVHUHDOLFHODSULPHUDFRORFDFLyQGHODHPLVLyQKDVWDODUHGHQFLyQWRWDOGHO
FDSLWDO

$FRQWLQXDFLyQVHDGMXQWDODWDEODGHDPRUWL]DFLyQGHFDGDXQDGHODV&ODVHV

7$%/$'($0257,=$&,Ï1&/$6($

02172 
3/$=2 GtDV
7$6$'(,17(5e6 
3$*26'(&$3,7$/ &DGDGtDV
3$*26'(,17(5(6 &DGDGtDV

6$/'2325  3$*2'(&$3,7$/(
3(5,2'2 3$*2&$3,7$/ 3$*2,17(5e6
$0257,=$5 $0257,=$5 ,17(5e6
$ORVGtDV     
$ORVGtDV     
$ORVGtDV     
$ORVGtDV     
$ORVGtDV     
$ORVGtDV     
$ORVGtDV     
$ORVGtDV     
$ORVGtDV     
$ORVGtDV     
$ORVGtDV     
$ORVGtDV     

727$/    


 7$%/$'($0257,=$&,Ï1&/$6(%

02172 
3/$=2 GtDV
7$6$'(,17(5e6 
3$*26'(&$3,7$/ &DGDGtDV
3$*26'(,17(5(6 &DGDGtDV

6$/'2325  3$*2'(&$3,7$/(
3(5,2'2 3$*2&$3,7$/ 3$*2,17(5e6
$0257,=$5 $0257,=$5 ,17(5e6
$ORVGtDV     
$ORVGtDV     
$ORVGtDV     
$ORVGtDV     
$ORVGtDV     
$ORVGtDV     
$ORVGtDV     
$ORVGtDV     
$ORVGtDV     
$ORVGtDV     
$ORVGtDV     
$ORVGtDV     
$ORVGtDV     
$ORVGtDV     
$ORVGtDV     
$ORVGtDV     

727$/    

)250$'(&$1&(/$&,21'(/&$3,7$/

3RUVHUXQDHPLVLyQGHVPDWHULDOL]DGDHOSDJRVHUHDOL]DUiSRUFRPSHQVDFLyQDWUDYpVGHO'HSyVLWR&HQWUDOL]DGR
GHFRPSHQVDFLyQ\/LTXLGDFLyQGH9DORUHV'(&(9$/(6$HQODFXHQWDTXHLQGLTXHHOLQYHUVLRQLVWD

$*(17(3$*$'25</8*$5'(3$*2

$FWXDUiFRPR$JHQWHHO'HSyVLWR&HQWUDOL]DGRGHFRPSHQVDFLyQ\/LTXLGDFLyQGH9DORUHV'(&(9$/(6$

(O'HSyVLWR&HQWUDOL]DGRGH&RPSHQVDFLyQ\/LTXLGDFLyQGH9DORUHV'(&(9$/(6$VHHQFXHQWUDXELFDGRHQ

'RPLFLOLR *XD\DTXLO
'LUHFFLyQ 3LFKLQFKD\(OL]DOGH(GL¿FLR(O&RPHUFLR
7HOpIRQR  

'RPLFLOLR 4XLWR
'LUHFFLyQ $Y$PD]RQDV\1DFLRQHV8QLGDV(GL¿FLR/D3UHYLVRUD7RUUH%3LVR2¿FLQD
7HOpIRQR  

(OSDJRVHUHDOL]DUiSRUFRPSHQVDFLyQDWUDYpVGHO'HSyVLWR&HQWUDOL]DGRGHFRPSHQVDFLyQ\/LTXLGDFLyQGH
9DORUHV'(&(9$/(6$HQODFXHQWDTXHLQGLTXHHOLQYHUVLRQLVWD

*$5$17,$

/DHPLVLyQGH2EOLJDFLRQHVHVWiUHVSDOGDGDFRQOD*DUDQWtD*HQHUDOHQORVWpUPLQRVTXHHVWDEOHFHOD/H\GH
0HUFDGRGH9DORUHV /LEUR,,GHO&yGLJR2UJiQLFR0RQHWDULR\)LQDQFLHUR \VXV5HJODPHQWRV


/,0,7('((1'(8'$0,(172

(OHPLVRUPLHQWUDVHVWpYLJHQWHODSUHVHQWHHPLVLyQGH2EOLJDFLRQHVOLPLWDUiVXHQGHXGDPLHQWRGHWDOPDQHUD
TXH QR FRPSURPHWD OD UHODFLyQ HVWDEOHFLGD HQ HO DUWtFXOR  GH OD /H\ GH 0HUFDGR GH 9DORUHV /LEUR ,, GHO
&yGLJR 2UJiQLFR 0RQHWDULR \ )LQDQFLHUR  \ VXV QRUPDV FRPSOHPHQWDULDV 3DUDOHODPHQWH VH PDQWHQGUi XQ
OtPLWHGHHQGHXGDPLHQWRUHIHUHQWHDORVSDVLYRVFRQFRVWRGHKDVWDYHFHVHOSDWULPRQLRGHODFRPSDxtD

5(35(6(17$17('(/262%/,*$&,21,67$6

(O(VWXGLR-XUtGLFR3DQG]LF $VRFLDGRV6$DFWXDUiFRPR5HSUHVHQWDQWHGHORV2EOLJDFLRQLVWDV

'LUHFFLyQ9tFWRU0DQXHO5HQGyQ\*HQHUDO&yUGRYD
(GLI$PD]RQDVSLVR2¿FLQD\
7HOHID[  
(PDLOUSDQG]LF#SDQG]LFHF
'RPLFLOLR*XD\DTXLO±(FXDGRU

5(680(1'(/&219(1,2'(5(35(6(17$&,Ï1

(OGtDGH(QHURGHOVHVXVFULELyHOFRQWUDWRGHUHSUHVHQWDFLyQGHORVREOLJDFLRQLVWDVHQWUHODFRPSDxtD
$/0$&(1(6 '( 35$7, 6$ FRPR LQVWLWXFLyQ HPLVRUD \ HO (VWXGLR -XUtGLFR 3DQG]LF  $VRFLDGRV FRPR
UHSUHVHQWDQWHGHORVREOLJDFLRQLVWDVGHHVWDHPLVLyQ

6RQREOLJDFLRQHV\IDFXOWDGHVGH(/5(35(6(17$17(

D  9HUL¿FDU HO FXPSOLPLHQWR SRU SDUWH GH /$ (0,625$ GH ODV FOiXVXODV WpUPLQRV \ GHPiV REOLJDFLRQHV
FRQWUDtGDVHQHOFRQWUDWRGHHPLVLyQ

E ,QIRUPDUUHVSHFWRGHOFXPSOLPLHQWRGHFOiXVXODV\REOLJDFLRQHVSRUSDUWHGH/$(0,625$DORVREOLJDFLRQLVWDV
\DOD6XSHULQWHQGHQFLDGH&RPSDxtDVFRQODSHULRGLFLGDGTXHpVWDVHxDOH

F  9HUL¿FDU SHULyGLFDPHQWH HO XVR GH ORV IRQGRV GHFODUDGRV SRU /$ (0,625$ HQ OD IRUPD \ FRQIRUPH D OR
HVWDEOHFLGRHQHOFRQWUDWRGHHPLVLyQ

G  9HODU SRU HO SDJR HTXLWDWLYR \ RSRUWXQR D WRGRV ORV REOLJDFLRQLVWDV GH ORV FRUUHVSRQGLHQWHV LQWHUHVHV
DPRUWL]DFLRQHV\UHDMXVWHVGHODVREOLJDFLRQHVVRUWHDGDVRYHQFLGDV

H $FRUGDUFRQ/$(0,625$ODVUHIRUPDVHVSHFt¿FDVDOFRQWUDWRGHHPLVLyQTXHKXELHUDDXWRUL]DGRODDVDPEOHD
GHREOLJDFLRQLVWDV

I (ODERUDUHOLQIRUPHGHJHVWLyQSDUDSRQHUORDFRQVLGHUDFLyQGHODDVDPEOHDGHREOLJDFLRQLVWDV

J $FWXDUSRUHOELHQ\GHIHQVDGHORVREOLJDFLRQLVWDV

K 6ROLFLWDUODFRQIRUPDFLyQGHXQ)RQGRGH$PRUWL]DFLyQVLHPSUHTXHHO5HSUHVHQWDQWHGHORV2EOLJDFLRQLVWDV
GHWHUPLQHTXHH[LVWHULHVJRHQHOSDJRGHODHPLVLyQ

L 'HPDQGDUD/$(0,625$SRULQFXPSOLPLHQWRGHODVFRQGLFLRQHVDFRUGDGDVSDUDODHPLVLyQHQGHIHQVDGH
ORVLQWHUHVHVFRPXQHVGHORVREOLJDFLRQLVWDV

M &RQYRFDUDOD$VDPEOHDGHORVREOLJDFLRQLVWDV

N /HYDQWDURVXVWLWXLUODVJDUDQWtDVRWRUJDGDVFXPSOLHQGRFRQHOORFRQORHVWLSXODGRHQHO$UWSHQ~OWLPR
LQFLVRGHOD/H\GH0HUFDGRGH9DORUHV

O 6ROLFLWDULQIRUPDFLyQFRQWDEOH\¿QDQFLHUDDODFRPSDxtDHPLVRUDFRQHOSURSyVLWRGHYHUL¿FDUHOFXPSOLPLHQWR
GHWRGDVODVREOLJDFLRQHVDGTXLULGDVSRUpVWDHQHOFRQWUDWRGHHPLVLyQ

P (OFXPSOLPLHQWRGHODVGHPiVIXQFLRQHVHVWDEOHFLGDVHQODHVFULWXUDGHHPLVLyQ


6,67(0$'(&2/2&$&,Ï1

/DVREOLJDFLRQHVVHUiQFRORFDGDVPHGLDQWHRIHUWDS~EOLFDHQIRUPDEXUViWLODWUDYpVGHODVEROVDVGHYDORUHV
OHJDOPHQWHHVWDEOHFLGDVHQHOSDtVGHPDQHUDGHVPDWHULDOL]DGDPHFDQLVPRVSHUPLWLGRVSRUOD/H\

&2175$72'(81'(5:5,7,1*

/DSUHVHQWHHPLVLyQGH2EOLJDFLRQHVQRFRQWHPSODFRQWUDWRVGHXQGHUZULWLQJ

5(6&$7(6$17,&,3$'26

/DSUHVHQWHHPLVLyQGH2EOLJDFLRQHVQRFRQWHPSODVRUWHRVQL5HVFDWHVDQWLFLSDGRV

$*(17($6(625<&2/2&$'25

6LOYHUFURVV6$&DVDGH9DORUHV6&&9

2%-(72<'(67,12'(/265(&85626$&$37$5

(O2EMHWRGHODHPLVLyQHVPHMRUDUODHVWUXFWXUD¿QDQFLHUDGHODHPSUHVDGHVWLQDQGRORVUHFXUVRVTXHVHJHQHUHQ
HQXQSDUD¿QDQFLDUSDUWHGHO&DSLWDOGH7UDEDMRGHODHPSUHVDHVSHFt¿FDPHQWHSDJRGHSURYHHGRUHV\
FRPSUDGHLQYHQWDULRV

&$/,),&$'25$'(5,(6*26

&ODVV,QWHUQDWLRQDO5DWLQJ&DOL¿FDGRUDGH5LHVJR6$

&$/,),&$&,Ï12725*$'$
/D&DOLILFDGRUDGHULHVJRHQHO&RPLWpGHOGH)HEUHURGHODVLJQyDOD3ULPHUD(PLVLyQGH2EOLJDFLRQHVGH
$/0$&(1(6'(35$7,6$XQDFDOLILFDFLyQGH$$$


'(&/$5$&,Ï1-85$0(17$'$'(/5(35(6(17$17('(/262%/,*$&,21,67$6'(12(67$5
,1&8562(1/$6352+,%,&,21(6'(/$57,&8/2'(/$/(<'(0(5&$'2'(9$/25(6


(;75$&72'(/(678',2'(/$&$/,),&$&,Ï1'(5,(6*2

/E&KZD>/&//MEZ/^'K
D/^/MEK>/'/KE^>Z'KW>Kʹ>DE^WZd/^͘͘

YƵŝƚŽͲĐƵĂĚŽƌ
^ĞƐŝſŶĚĞŽŵŝƚĠEŽ͘ϬϱϵͬϮϬϭϳ͕ĚĞůϮϰĚĞĨĞďƌĞƌŽĚĞϮϬϭϳ ŶĂůŝƐƚĂ͗/ŶŐ͘yĂǀŝĞƌƐƉŝŶŽƐĂ^͘
/ŶĨŽƌŵĂĐŝſŶ&ŝŶĂŶĐŝĞƌĂĐŽƌƚĂĚĂĂůϯϭĚĞĚŝĐŝĞŵďƌĞĚĞϮϬϭϲ džĂǀŝĞƌ͘ĞƐƉŝŶŽƐĂΛĐůĂƐƐƌĂƚŝŶŐ͘ĞĐ
ǁǁǁ͘ĐůĂƐƐŝŶƚĞƌŶĂƚŝŽŶĂůƌĂƚŝŶŐ͘ĐŽŵ

>DE^  WZd/ ^͘͘ ƐĞ ĚĞĚŝĐĂ ƉƌŝŶĐŝƉĂůŵĞŶƚĞ Ă ůĂ ĐŽŵƉƌĂǀĞŶƚĂ͕ ŝŵƉŽƌƚĂĐŝſŶ͕ ĐŽŵĞƌĐŝĂůŝnjĂĐŝſŶ LJ
ĚŝƐƚƌŝďƵĐŝſŶĚĞǀĞƐƚŝŵĞŶƚĂƐĞŶĞůƌĂŵŽĚĞƚŝĞŶĚĂĚĞĚĞƉĂƌƚĂŵĞŶƚŽƐ͖ĂƌƚşĐƵůŽƐƉĂƌĂĞůŚŽŐĂƌ͕ĞůĞĐƚƌŽĚŽŵĠƐƚŝĐŽƐ͕
ŵƵĞďůĞƐ͕ƉĞƌĨƵŵĞƐ͕ďŝĞŶĞƐĚĞĐŽŶƐƵŵŽLJĚĞĐĂƉŝƚĂů͘ůŽůĂƌŐŽĚĞůƚŝĞŵƉŽƐĞŚĂŝĚŽĞdžƉĂŶĚŝĞŶĚŽLJŚĂůŽŐƌĂĚŽ
ƉŽƐŝĐŝŽŶĂƌƐĞĞŶůŽƐƉƌŝŶĐŝƉĂůĞƐĐĞŶƚƌŽƐĐŽŵĞƌĐŝĂůĞƐĚĞůƉĂşƐ͕ĂůŵŽŵĞŶƚŽĐƵĞŶƚĂĐŽŶϳƚŝĞŶĚĂƐĞŶůĂĐŝƵĚĂĚĚĞ
'ƵĂLJĂƋƵŝůLJϲƚŝĞŶĚĂƐĞŶůĂĐŝƵĚĂĚĚĞYƵŝƚŽ͕ĂĚĞŵĄƐĚĞƵŶĂƚŝĞŶĚĂǀŝƌƚƵĂů͘
EƵĞǀĂ

&ƵŶĚĂŵĞŶƚĂĐŝſŶĚĞůĂĂůŝĨŝĐĂĐŝſŶ
ů ŽŵŝƚĠ ĚĞ ĂůŝĨŝĐĂĐŝſŶ ƌĞƵŶŝĚŽ ĞŶ ƐĞƐŝſŶ EŽ͘ ϬϱϵͬϮϬϭϳ͕ ĚĞů Ϯϰ ĚĞ ĨĞďƌĞƌŽ ĚĞ ϮϬϭϳ͕ ĚĞĐŝĚŝſ ŽƚŽƌŐĂƌ ůĂ
ĐĂůŝĨŝĐĂĐŝſŶĚĞ͟͞;dƌŝƉůĞͿĂůĂŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽʹ>DE^WZd/^͘͘ƉŽƌƵŶ
ŵŽŶƚŽĚĞĚŝĞnjŵŝůůŽŶĞƐĚĞĚſůĂƌĞƐ;h^ϭϬ͘ϬϬϬ͘ϬϬϬ͕ϬϬͿ͘

ĂƚĞŐŽƌşĂ͗͞ŽƌƌĞƐƉŽŶĚĞĂůŽƐǀĂůŽƌĞƐĐƵLJŽƐĞŵŝƐŽƌĞƐLJŐĂƌĂŶƚĞƐƚŝĞŶĞŶĞdžĐĞůĞŶƚĞĐĂƉĂĐŝĚĂĚĚĞƉĂŐŽĚĞů
ĐĂƉŝƚĂůĞŝŶƚĞƌĞƐĞƐ͕ĞŶůŽƐƚĠƌŵŝŶŽƐLJƉůĂnjŽƐƉĂĐƚĂĚŽƐ͕ůĂĐƵĂůƐĞĞƐƚŝŵĂŶŽƐĞǀĞƌşĂĂĨĞĐƚĂĚĂĂŶƚĞƉŽƐŝďůĞƐĐĂŵďŝŽƐ
ĞŶĞůĞŵŝƐŽƌLJƐƵŐĂƌĂŶƚĞ͕ĞŶĞůƐĞĐƚŽƌĂůƋƵĞƉĞƌƚĞŶĞĐĞŶLJĞŶůĂĞĐŽŶŽŵşĂĞŶŐĞŶĞƌĂů͘͟ 

>ĂĐĂƚĞŐŽƌşĂĚĞĐĂůŝĨŝĐĂĐŝſŶĚĞƐĐƌŝƚĂƉƵĞĚĞŝŶĐůƵŝƌƐŝŐŶŽƐĚĞŵĄƐ;нͿŽŵĞŶŽƐ;ͲͿ͘ůƐŝŐŶŽĚĞŵĄƐ;нͿŝŶĚŝĐĂƌĄƋƵĞ
ůĂĐĂůŝĨŝĐĂĐŝſŶƉŽĚƌşĂƐƵďŝƌŚĂĐŝĂƐƵŝŶŵĞĚŝĂƚĂƐƵƉĞƌŝŽƌ͕ŵŝĞŶƚƌĂƐƋƵĞĞůƐŝŐŶŽŵĞŶŽƐ;ͲͿĂĚǀĞƌƚŝƌĄĚĞƐĐĞŶƐŽĂůĂ
ĐĂƚĞŐŽƌşĂŝŶŵĞĚŝĂƚĂŝŶĨĞƌŝŽƌ͘

>ĂĐĂůŝĨŝĐĂĐŝſŶĚĞƌŝĞƐŐŽƌĞƉƌĞƐĞŶƚĂůĂŽƉŝŶŝſŶŝŶĚĞƉĞŶĚŝĞŶƚĞĚĞůĂƐƐ/ŶƚĞƌŶĂƚŝŽŶĂůZĂƚŝŶŐƐŽďƌĞůĂƉƌŽďĂďŝůŝĚĂĚƋƵĞƵŶĚĞƚĞƌŵŝŶĂĚŽŝŶƐƚƌƵŵĞŶƚŽƐĞĂƉĂŐĂĚŽĞŶ
ůĂƐĐŽŶĚŝĐŝŽŶĞƐƉƌŽŵĞƚŝĚĂƐĞŶĞůĐŽŶƚƌĂƚŽĚĞĞŵŝƐŝſŶ͘^ŽŶŽƉŝŶŝŽŶĞƐĨƵŶĚĂŵĞŶƚĂĚĂƐ ƐŽďƌĞĞůƌŝĞƐŐŽƌĞůĂƚŝǀŽĚĞůŽƐƚşƚƵůŽƐŽǀĂůŽƌĞƐ͘^ĞĚĞďĞŝŶĚŝĐĂƌƋƵĞ͕ĚĞ
ĂĐƵĞƌĚŽĂ ůŽĚŝƐƉƵĞƐƚŽƉŽƌĞůŽŶƐĞũŽEĂĐŝŽŶĂů ĚĞsĂůŽƌĞƐ;ŚŽLJ ũƵŶƚĂĚĞWŽůşƚŝĐĂLJ ZĞŐƵůĂĐŝſŶDŽŶĞƚĂƌŝĂ LJ&ŝŶĂŶĐŝĞƌĂͿ͕ůĂ ƉƌĞƐĞŶƚĞĐĂůŝĨŝĐĂĐŝſŶ ĚĞƌŝĞƐŐŽ ͞ŶŽ
ŝŵƉůŝĐĂƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͕ŶŝŝŵƉůŝĐĂƵŶĂŐĂƌĂŶƚşĂĚĞůƉĂŐŽĚĞůŵŝƐŵŽ͕ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƵŶƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶ
ƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĂĠƐƚĞ͘͟

>ĂŝŶĨŽƌŵĂĐŝſŶƉƌĞƐĞŶƚĂĚĂƵƚŝůŝnjĂĚĂĞŶůŽƐĂŶĄůŝƐŝƐƋƵĞƐĞƉƵďůŝĐĂŶƉƌŽǀŝĞŶĞĚĞĨƵĞŶƚĞƐŽĨŝĐŝĂůĞƐ͘^ŝŶĞŵďĂƌŐŽ͕ĚĂĚĂůĂƉŽƐŝďŝůŝĚĂĚĚĞĞƌƌŽƌŚƵŵĂŶŽŽŵĞĐĄŶŝĐŽ͕
ůĂƐƐ/ŶƚĞƌŶĂƚŝŽŶĂůZĂƚŝŶŐŶŽŐĂƌĂŶƚŝnjĂůĂĞdžĂĐƚŝƚƵĚŽŝŶƚĞŐƌŝĚĂĚĚĞůĂŝŶĨŽƌŵĂĐŝſŶLJ͕ƉŽƌůŽƚĂŶƚŽ͕ŶŽƐĞŚĂĐĞƌĞƐƉŽŶƐĂďůĞĚĞĞƌƌŽƌĞƐƵŽŵŝƐŝŽŶĞƐ͕ĐŽŵŽƚĂŵƉŽĐŽ
ĚĞůĂƐĐŽŶƐĞĐƵĞŶĐŝĂƐĂƐŽĐŝĂĚĂƐĐŽŶĞůƵƐŽĚĞĞƐĂŝŶĨŽƌŵĂĐŝſŶ͘

>ĂƉƌĞƐĞŶƚĞĂůŝĨŝĐĂĐŝſŶĚĞZŝĞƐŐŽƐƚŝĞŶĞƵŶĂǀŝŐĞŶĐŝĂĚĞƐĞŝƐŵĞƐĞƐŽŵĞŶŽƐĚĞƐĞŝƐŵĞƐĞƐƐŝůĂĐĂůŝĨŝĐĂĚŽƌĂĚĞĐŝĚĞƌĞǀŝƐĂƌůĂĞŶŵĞŶŽƌƚŝĞŵƉŽ͘

>ĂĐĂůŝĨŝĐĂĐŝſŶŽƚŽƌŐĂĚĂĂůĂŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽʹ>DE^WZd/^͘͘ƐĞĨƵŶĚĂŵĞŶƚĂ
ĞŶ͗

^ŽďƌĞĞůŵŝƐŽƌ͗

x >DE^WZd/^͘͘ŚĂƌĞĐŝďŝĚŽĞŶǀĂƌŝĂƐŽĐĂƐŝŽŶĞƐĞůƌĞĐŽŶŽĐŝŵŝĞŶƚŽĚĞů/ŶƐƚŝƚƵƚŽ>ĂƚŝŶŽĂŵĞƌŝĐĂŶŽ
ĚĞŽŵĞƌĐŝŽĞůĞĐƚƌſŶŝĐŽLJůĂĄŵĂƌĂĚĞŽŵĞƌĐŝŽĚĞ'ƵĂLJĂƋƵŝůĐŽŵŽůĂĞŵƉƌĞƐĂůşĚĞƌĞŶĞͲĐŽŵŵĞƌĐĞĞŶ
/ŶĚƵŵĞŶƚĂƌŝĂLJDŽĚĂ͘
x >DE^WZd/^͘͘ĞŶĞůĂŹŽϮϬϭϱŽĐƵƉſĞůƚĞƌĐĞƌůƵŐĂƌĞŶ'ƌĞĂƚWůĂĐĞƚŽtŽƌŬĞŶĚŽŶĚĞƌĞĐŝďŝĞƌŽŶ
ĞůƐĞůůŽĚĞŵƉůĞŽ:ŽǀĞŶŽƚŽƌŐĂĚŽƉŽƌĞůDƵŶŝĐŝƉŝŽĚĞYƵŝƚŽ͘
x >DE^WZd/^͘͘ŽďƚƵǀŽƵŶĐĞƌƚŝĨŝĐĂĚŽƋƵĞĂĐƌĞĚŝƚĂĞů͞ƉƌŽƚŽĐŽůŽLJƌĞƋƵŝƐŝƚŽƐ^>>K,/E͟
ƋƵĞ ĚĞƚĞƌŵŝŶĂ ĐƵĂƚƌŽ ĠƚŝĐĂƐ ĨƵŶĚĂŵĞŶƚĂůĞƐ ƋƵĞ ĐŽŵƉƌĞŶĚĞŶ ƐƵ ŐĞƐƚŝſŶ ĞŵƉƌĞƐĂƌŝĂů͗ dĂůĞŶƚŽ ,ƵŵĂŶŽ͕
ŽŵƵŶŝĚĂĚ͕ĐůŝĞŶƚĞƐLJƉƌŽǀĞĞĚŽƌĞƐ͕ŐŽďŝĞƌŶŽLJĂŵďŝĞŶƚĞ͘
x >ĂĐŽŵƉĂŹşĂĐƵĞŶƚĂĐŽŶƉƌĄĐƚŝĐĂƐĚĞƵĞŶ'ŽďŝĞƌŶŽŽƌƉŽƌĂƚŝǀŽĚĞďŝĚĂŵĞŶƚĞŝŵƉůĞŵĞŶƚĂĚĂƐ͕ƉƵĞƐŽƉĞƌĂ
ĂƚƌĂǀĠƐĚĞůĂƐĚŝƌĞĐƚƌŝĐĞƐƉƌŽǀĞŶŝĞŶƚĞƐĚĞůĂ:ƵŶƚĂ'ĞŶĞƌĂůĚĞĐĐŝŽŶŝƐƚĂƐLJƐƵŝƌĞĐƚŽƌŝŽ͘
x ŶĐƵĂŶƚŽĂůĂƐƉƌŝŶĐŝƉĂůĞƐůşŶĞĂƐĚĞƉƌŽĚƵĐƚŽƐ͕>DE^WZd/^͘͘ŽĨƌĞĐĞĚŝǀĞƌƐĂƐůşŶĞĂƐĞŶĚĂŵĂƐ͕
ĐĂďĂůůĞƌŽƐ͕ŶŝŹŽƐ͕ŚŽŐĂƌ͕ƚĞĐŶŽůŽŐşĂLJĂĐĐĞƐŽƌŝŽƐ͕ĐĂůnjĂĚŽLJĐŽƐŵĠƚŝĐŽƐ͘

ϭ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘>ĂŝŶĨŽƌŵĂĐŝſŶƵƚŝůŝnjĂĚĂƐĞŚĂŽƌŝŐŝŶĂĚŽĞŶĨƵĞŶƚĞƐƋƵĞƐĞĞƐƚŝŵĂŶĐŽŶĨŝĂďůĞƐ͕ĞƐƉĞĐŝĂůŵĞŶƚĞĞůƉƌŽƉŝŽĞŵŝƐŽƌLJůŽƐŝŶĨŽƌŵĞƐĚĞĂƵĚŝƚŽƌşĂĞdžƚĞƌŶĂ͘>^^/EdZEd/KE>
Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌ
ƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

x >ŽƐ ŝŶŐƌĞƐŽƐ ĚĞ >DE^  WZd/ ^͘͘ ƉƌĞƐĞŶƚĂƌŽŶ ƵŶĂ ƚĞŶĚĞŶĐŝĂ ĐƌĞĐŝĞŶƚĞ ĞŶ Ğů ƉĞƌŝŽĚŽ ĂŶĂůŝnjĂĚŽ
;ϮϬϭϯͲϮϬϭϲͿ ĚĞƐĚĞ h^ ϮϬϰ͕ϰϵ ŵŝůůŽŶĞƐ ĞŶ ϮϬϭϯ ŚĂƐƚĂ h^ Ϯϲϯ͕ϱϴ ĞŶ ϮϬϭϲ͕ ĂƵŶƋƵĞ ĐŽŶ ƵŶĂ ƚĂƐĂ ĚĞ
ĐƌĞĐŝŵŝĞŶƚŽĚĞĐƌĞĐŝĞŶƚĞƋƵĞƉĂƐſĚĞƵŶϭϰ͕ϱϭйĞŶϮϬϭϰŚĂƐƚĂĞůϰ͕ϱϭйĞŶϮϬϭϲ͘
x >ŽƐŝŶŐƌĞƐŽƐŽƌĚŝŶĂƌŝŽƐƉƌŽǀŝĞŶĞŶĚĞĚŽƐĨƵĞŶƚĞƐ͗sĞŶƚĂĚĞŵĞƌĐĂĚĞƌşĂ͕ƋƵĞĐŽŵƉƌĞŶĚĞůĂƐĚŝǀŝƐŝŽŶĞƐĚĞ͗
ĂŵĂƐ͕ ĐĂďĂůůĞƌŽƐ͕ ŚŽŐĂƌ͕ ĐĂůnjĂĚŽ͕ ŶŝŹŽƐ͕ ĐŽƐŵĠƚŝĐŽƐ LJ ƚĞĐŶŽůŽŐşĂ LJ ĂĐĐĞƐŽƌŝŽƐ͖ Ğ ŝŶƚĞƌĞƐĞƐ ƉŽƌ
ĨŝŶĂŶĐŝĂŵŝĞŶƚŽ͕ ƋƵĞ ĐŽƌƌĞƐƉŽŶĚĞŶ Ă ůŽƐ ŝŶƚĞƌĞƐĞƐ ŐĞŶĞƌĂĚŽƐ ƉŽƌ ůŽƐ ƐĂůĚŽƐ ĚŝĨĞƌŝĚŽƐ ĚĞ ůĂƐ ĐƵĞŶƚĂƐ ƉŽƌ
ĐŽďƌĂƌ͕ ƋƵĞ ĐŽŶƚĞŵƉůĂŶ ƵŶĂ ƚĂƐĂ ĚĞ ŝŶƚĞƌĠƐ͘  ĚŝĐŝĞŵďƌĞ ĚĞ ϮϬϭϲ ůŽƐ ŝŶŐƌĞƐŽƐ ŽƌĚŝŶĂƌŝŽƐ ƉŽƌ ǀĞŶƚĂ ĚĞ
ŵĞƌĐĂĚĞƌşĂ ĚĞĐƌĞĐŝĞƌŽŶ ĞŶ Ϭ͕ϵϯй ƌĞƐƉĞĐƚŽ Ă ĚŝĐŝĞŵďƌĞ ĚĞ ϮϬϭϱ͕ ŵŝĞŶƚƌĂƐ ƋƵĞ ĂƋƵĞůůŽƐ ƉƌŽǀĞŶŝĞŶƚĞƐ ĚĞ
ŝŶƚĞƌĞƐĞƐƉŽƌĨŝŶĂŶĐŝĂŵŝĞŶƚŽĐƌĞĐŝĞƌŽŶĞŶϱϳ͕ϰϬй͘>ĂĚŝƐŵŝŶƵĐŝſŶĞŶϮϬϭϲĚĞůŽƐŝŶŐƌĞƐŽƐŽƌĚŝŶĂƌŝŽƐƉŽƌ
ǀĞŶƚĂĚĞŵĞƌĐĂĚĞƌşĂ ƐĞĚĞďŝſƉƌŝŶĐŝƉĂůŵĞŶƚĞĂ ůĂĐŽLJƵŶƚƵƌĂĞĐŽŶſŵŝĐĂƉŽƌůĂƋƵĞĂƚƌĂǀŝĞƐĂ ĞůƉĂşƐ͕ƋƵĞ
ĂĚŝĐŝŽŶĂůŵĞŶƚĞƉƌŽǀŽĐſĚŝĨŝĐƵůƚĂĚĞƐĂůĂĐŽŵƉĂŹşĂĞŶĞůĂďĂƐƚĞĐŝŵŝĞŶƚŽĞŶůşŶĞĂƐĚĞďĞůůĞnjĂLJƚĞĐŶŽůŽŐşĂ͕
ƉŽƌůĂƌĞƐƚƌŝĐĐŝſŶĂůĂƐŝŵƉŽƌƚĂĐŝŽŶĞƐ͕LJĞŶĞůŝŶĐƌĞŵĞŶƚŽĚĞůĂŵŽƌŽƐŝĚĂĚĚĞůĂĐĂƌƚĞƌĂĚĞĐƌĠĚŝƚŽ͘ŶƚĞĞƐƚĂƐ
ĐŝƌĐƵŶƐƚĂŶĐŝĂƐ͕ůĂĚŵŝŶŝƐƚƌĂĐŝſŶĚĞůĂĐŽŵƉĂŹşĂĂĚŽƉƚſůĂƐƐŝŐƵŝĞŶƚĞƐŵĞĚŝĚĂƐ͗ZĞŶĞŐŽĐŝĂĐŝſŶĚĞƉůĂnjŽƐĚĞ
ĚĞƐƉĂĐŚŽLJƉůĂnjŽƐĚĞƉĂŐŽƐĐŽŶƉƌŽǀĞĞĚŽƌĞƐ͕ĐŽŶƚƌĂƚĂĐŝſŶĚĞŶƵĞǀŽƐƐĞƌǀŝĐŝŽƐĚĞĐĂůůĐĞŶƚĞƌLJĚĞĐŽďƌĂŶnjĂ͕
ĂũƵƐƚĞ ĚĞů ŵŽĚĞůŽ ĚĞ ŝŶŝĐŝĂĐŝſŶ ĚĞ ĐƌĠĚŝƚŽ ƉĂƌĂ ŶƵĞǀŽƐ ĐůŝĞŶƚĞƐ͕ LJ ĞdžƉůŽƌĂĐŝſŶ ĚĞ ŶƵĞǀĂƐ ĨƵĞŶƚĞƐ ĚĞ
ĨŝŶĂŶĐŝĂŵŝĞŶƚŽ ĞdžƚĞƌŶŽ͕ ŵĞĚŝĚĂƐ ƋƵĞ ůĞ ƉĞƌŵŝƚŝĞƌŽŶ ĂĨƌŽŶƚĂƌ ůĂƐ ƐŝƚƵĂĐŝŽŶĞƐ ĂŶƚĞƐ ŝŶĚŝĐĂĚĂƐ LJ ĐŽŶƚŝŶƵĂƌ
ŽƉĞƌĂŶĚŽĞŶĨŽƌŵĂƌĞŶƚĂďůĞ͘
x >ŽƐŝŶŐƌĞƐŽƐĂůĐĂŶnjĂĚŽƐƉŽƌ>DE^WZd/^͕͘͘ĐƵďƌŝĞƌŽŶĚĞĨŽƌŵĂĂƉƌŽƉŝĂĚĂůŽƐĐŽƐƚŽƐLJŐĂƐƚŽƐ͕ĞƐ
ĂƐşƋƵĞůŽƐĐŽƐƚŽƐĚĞǀĞŶƚĂƐƐĞŵĂŶƚƵǀŝĞƌŽŶƌĞůĂƚŝǀĂŵĞŶƚĞĞƐƚĂďůĞƐĐŽŶƵŶĂƉĂƌƚŝĐŝƉĂĐŝſŶƉƌŽŵĞĚŝŽĞŶƚƌĞ
ϮϬϭϯ LJ ϮϬϭϲ ĚĞů ϱϰ͕Ϭϯй ƐŽďƌĞ ůŽƐ ŝŶŐƌĞƐŽƐ͕ ƐŝŵŝůĂƌ ĐŽŵƉŽƌƚĂŵŝĞŶƚŽ ;ĞƐƚĂďůĞͿ ƐĞ ŽďƐĞƌǀſ ĞŶ ůŽƐ ŐĂƐƚŽƐ
ŽƉĞƌĂĐŝŽŶĂůĞƐƉƵĞƐƐƵƉĂƌƚŝĐŝƉĂĐŝſŶƐŽďƌĞůŽƐŝŶŐƌĞƐŽƐĨƵĞĚĞůϮϵ͕ϴϭй;ƉƌŽŵĞĚŝŽͿ͘>ŽŵĞŶĐŝŽŶĂĚŽŐĞŶĞƌſ
ƵŶĂƵƚŝůŝĚĂĚŽƉĞƌĂĐŝŽŶĂůƌĞůĂƚŝǀĂŵĞŶƚĞǀĂƌŝĂďůĞƋƵĞƉĂƐſĂƌĞƉƌĞƐĞŶƚĂƌĞůϭϱ͕ϮϵйĚĞůŽƐŝŶŐƌĞƐŽƐĞŶĞůĂŹŽ
ϮϬϭϲ͕ůƵĞŐŽĚĞŚĂďĞƌƐĞƵďŝĐĂĚŽĞŶϭϰ͕ϵϭйĞŶϮϬϭϱ;ϭϳ͕ϯϳйĞŶϮϬϭϰͿ͘
x ĞƐƉƵĠƐĚĞĚĞƐĐŽŶƚĂƌůŽƐŐĂƐƚŽƐĨŝŶĂŶĐŝĞƌŽƐ͕ŽƚƌŽƐŝŶŐƌĞƐŽƐ͕ĞŐƌĞƐŽƐLJĞůŝŵƉƵĞƐƚŽĂůĂƌĞŶƚĂ͕ůĂĐŽŵƉĂŹşĂ
ŽďƚƵǀŽƵŶĂƵƚŝůŝĚĂĚŶĞƚĂǀĂƌŝĂďůĞƋƵĞƉĂƐſĚĞh^Ϯϲ͕ϭϮŵŝůůŽŶĞƐ;ϭϮ͕ϳϴйĚĞůŽƐŝŶŐƌĞƐŽƐͿĞŶϮϬϭϯĂh^
Ϯϰ͕ϳϵŵŝůůŽŶĞƐ;ϵ͕ϴϯйĚĞůŽƐŝŶŐƌĞƐŽƐͿĞŶϮϬϭϱLJh^Ϯϲ͕ϱϬŵŝůůŽŶĞƐ;ϭϬ͕ϬϱйĚĞůŽƐŝŶŐƌĞƐŽƐͿĂůĐŝĞƌƌĞĚĞ
ϮϬϭϲ͘
x WĂƌĂĚŝĐŝĞŵďƌĞĚĞϮϬϭϲ͕Ğů/d;ĂĐƵŵƵůĂĚŽͿĚĞĐĂĞůĞǀĞŵĞŶƚĞĨƌĞŶƚĞĂůŽƌĞĨůĞũĂĚŽĞŶƐƵƐŝŵŝůĂƌƉĞƌŝŽĚŽ
ĚĞϮϬϭϱ͕ĂůƵďŝĐĂƌƐĞĞŶh^ϱϰ͕ϲϲŵŝůůŽŶĞƐ͕ĐŽŶƵŶĂƉĂƌƚŝĐŝƉĂĐŝſŶƐŽďƌĞůŽƐŝŶŐƌĞƐŽƐĚĞůϮϬ͕ϳϰй;h^ϱϵ͕ϭϰ
ŵŝůůŽŶĞƐĂĚŝĐŝĞŵďƌĞĚĞϮϬϭϱLJĞůϮϯ͕ϰϱйĚĞůŽƐŝŶŐƌĞƐŽƐͿ͕ůŽƋƵĞĞǀŝĚĞŶĐŝĂůĂĐĂƉĂĐŝĚĂĚĚĞŐĞŶĞƌĂĐŝſŶĚĞ
ƌĞĐƵƌƐŽƐ ƉƌŽƉŝŽƐ ĚĞ ůĂ ĞŵƉƌĞƐĂ͕ ůĂ ŵŝƐŵĂ ƋƵĞ ůĞ ƉĞƌŵŝƚĞ ĐƵďƌŝƌ ƐƵƐ ŶĞĐĞƐŝĚĂĚĞƐ LJ ĐƵŵƉůŝƌ ĐŽŶ ƐƵƐ
ŽďůŝŐĂĐŝŽŶĞƐ͘
x >ŽƐĂĐƚŝǀŽƐƚŽƚĂůĞƐŵŽƐƚƌĂƌŽŶƵŶĂƚĞŶĚĞŶĐŝĂĐƌĞĐŝĞŶƚĞĚĞƐĚĞh^ϮϬϱ͕ϱϲŵŝůůŽŶĞƐĞŶϮϬϭϯŚĂƐƚĂh^Ϯϲϰ͕ϲϱ
ŵŝůůŽŶĞƐĞŶϮϬϭϲ͕ƉƌŽĚƵĐƚŽĚĞůŝŶĐƌĞŵĞŶƚŽĚĞůĂĂĐƚŝǀŝĚĂĚĐŽŵĞƌĐŝĂůĚĞůĂĐŽŵƉĂŹşĂ;ĐƵĞŶƚĂƐƉŽƌĐŽďƌĂƌĚĞ
ĐŽƌƚŽLJůĂƌŐŽƉůĂnjŽͿ͘ŶƐƵĞƐƚƌƵĐƚƵƌĂ͕ƉƌĞĚŽŵŝŶĂŶůŽƐĂĐƚŝǀŽƐĐŽƌƌŝĞŶƚĞƐ͕ĐĂƌĂĐƚĞƌşƐƚŝĐĂƉƌŽƉŝĂĚĞůĂĂĐƚŝǀŝĚĂĚ
ĐŽŵĞƌĐŝĂů ĚĞ ůĂ ĞŵƉƌĞƐĂ͕ ƉƵĞƐ ƌĞŐŝƐƚƌĂƌŽŶ ƵŶ ƉƌŽŵĞĚŝŽ ĚĞů ϲϮ͕ϰϵй ĚĞ ůŽƐ ĂĐƚŝǀŽƐ ƚŽƚĂůĞƐ Ă ůŽ ůĂƌŐŽ ĚĞů
ƉĞƌŝŽĚŽ ĂŶĂůŝnjĂĚŽ ;ϮϬϭϯ ʹ ϮϬϭϲͿ͘ >ĂƐ ƉƌŝŶĐŝƉĂůĞƐ ĐƵĞŶƚĂƐ ĚĞů ĂĐƚŝǀŽ ƐŽŶ͗ ƵĞŶƚĂƐ ƉŽƌ ĐŽďƌĂƌ͕ ƋƵĞ
ĐŽŶũƵŶƚĂŵĞŶƚĞĞŶƚƌĞĞůĐŽƌƚŽLJĞůůĂƌŐŽƉůĂnjŽƉƌĞƐĞŶƚĂƌŽŶƵŶĂƚĞŶĚĞŶĐŝĂĐƌĞĐŝĞŶƚĞĚĞƐĚĞĞůϰϴ͕ϱϰйĚĞůŽƐ
ĂĐƚŝǀŽƐ ĞŶ ϮϬϭϯ ŚĂƐƚĂ Ğů ϱϲ͕ϵϯй ĞŶ ϮϬϭϲ͖ ůĞ ƐŝŐƵĞ ƉƌŽƉŝĞĚĂĚ͕ ƉůĂŶƚĂ LJ ĞƋƵŝƉŽ͕ ĐŽŶ ƵŶĂ ƌĞƉƌĞƐĞŶƚĂĐŝſŶ
ƉƌŽŵĞĚŝŽĚĞůϮϯ͕ϮϮйĚĞůƚŽƚĂůĚĞĂĐƚŝǀŽƐĂůŽůĂƌŐŽĚĞůƉĞƌŝŽĚŽĂŶĂůŝnjĂĚŽ͖LJƉŽƌƷůƚŝŵŽůŽƐŝŶǀĞŶƚĂƌŝŽƐƋƵĞ
ƉĂƐĂƌŽŶĚĞƌĞƉƌĞƐĞŶƚĂƌĞůϭϱ͕ϲϴйĚĞůƚŽƚĂůĚĞĂĐƚŝǀŽƐĞŶϮϬϭϰŚĂƐƚĂĞůϵ͕ϱϭйĞŶϮϬϭϲ͕ĐŽŵŽƌĞĨůĞũŽĚĞůĂ
ĂĨĞĐƚĂĐŝſŶĚĞůĂĐŽLJƵŶƚƵƌĂĞĐŽŶſŵŝĐĂLJĂĂŶĂůŝnjĂĚĂ͘
x ůĞƐƚĂĚŽĚĞůĂĐĂƌƚĞƌĂĚĞ>DE^WZd/^͘͘ƐŝŶƚŽŵĂƌĞŶĐƵĞŶƚĂůĂƉƌŽǀŝƐŝſŶĚĞĐƵĞŶƚĂƐŝŶĐŽďƌĂďůĞƐ
ƌĞĨůĞũĂƵŶĂŵĞũŽƌşĂĂůŽůĂƌŐŽĚĞůƉĞƌŝŽĚŽĂŶĂůŝnjĂĚŽ͕ƉƵĞƐůĂĐĂƌƚĞƌĂƉŽƌǀĞŶĐĞƌĐƌĞĐŝſĚĞƐĚĞĞůϳϰ͕ϮϯйĚĞůĂ
ĐĂƌƚĞƌĂƚŽƚĂůĞŶϮϬϭϯŚĂƐƚĂĞůϳϴ͕ϰϮйĞŶϮϬϭϲ͖ŵŝĞŶƚƌĂƐƋƵĞůĂ ĐĂƌƚĞƌĂǀĞŶĐŝĚĂŵĄƐĚĞϵϬĚşĂƐĚŝƐŵŝŶƵLJſ
ĚĞƐĚĞĞůϮϱ͕ϳϳйĚĞůĂĐĂƌƚĞƌĂƚŽƚĂůĞŶϮϬϭϯŚĂƐƚĂĞůϳ͕ϲϱйĞŶϮϬϭϲ͘
x >ŽƐƉĂƐŝǀŽƐƚŽƚĂůĞƐĚĞůĂĞŵƉƌĞƐĂĂƉĂƌƚŝƌĚĞůĂŹŽϮϬϭϰƐĞƚŽƌŶĂƌŽŶĚĞĐƌĞĐŝĞŶƚĞ͕ƉƵĞƐƉĂƐĂƌŽŶĚĞh^ϴϳ͕ϱϯ
ŵŝůůŽŶĞƐ;ϯϳ͕ϬϯйĚĞůŽƐĂĐƚŝǀŽƐͿĞŶĞƐĞĂŹŽĂh^ϴϭ͕ϴϮŵŝůůŽŶĞƐ;ϯϬ͕ϵϮйĚĞůŽƐĂĐƚŝǀŽƐͿĞŶϮϬϭϲ͕ĞĨĞĐƚŽĚĞů
ĚĞĐƌĞŵĞŶƚŽĚĞƐƵƐƉĂƐŝǀŽƐĐŽƌƌŝĞŶƚĞƐ͘ůƉĂƐŝǀŽƚŽƚĂůƐĞĞŶĐŽŶƚƌſĐŽŶĨŽƌŵĂĚŽƉƌŝŶĐŝƉĂůŵĞŶƚĞƉŽƌƉĂƐŝǀŽƐ
ĚĞƚŝƉŽĐŽƌƌŝĞŶƚĞ͕ĞƐĂƐşƋƵĞĨŝŶĂŶĐŝĂƌŽŶĂůĂĐƚŝǀŽĞŶƵŶϯϯ͕ϬϵйĞŶϮϬϭϰLJĞŶƵŶϮϯ͕ϭϲйĞŶĚŝĐŝĞŵďƌĞĚĞ
ϮϬϭϲ͘ŶƐƵĞƐƚƌƵĐƚƵƌĂ͕ĞůƉĂƐŝǀŽĞƐƚƵǀŽĐŽŵƉƵĞƐƚŽƉƌŝŶĐŝƉĂůŵĞŶƚĞƉŽƌƉƌŽǀĞĞĚŽƌĞƐ͕ĂƵŶƋƵĞƐƵƚĞŶĚĞŶĐŝĂ
ĨƵĞĚĞĐƌĞĐŝĞŶƚĞ͕ĞƐĂƐşƋƵĞƉĂƐſĚĞĨŝŶĂŶĐŝĂƌĂůŽƐĂĐƚŝǀŽƐĚĞƵŶϭϲ͕ϳϲйĞŶĚŝĐŝĞŵďƌĞĚĞϮϬϭϰĂƵŶϵ͕ϭϯйĞŶ
ϮϬϭϲ͕ůĞƐŝŐƵĞůĂĚĞƵĚĂĨŝŶĂŶĐŝĞƌĂĂĐŽƌƚŽLJůĂƌŐŽƉůĂnjŽ͕ƋƵĞĨŝŶĂŶĐŝſĂůŽƐĂĐƚŝǀŽƐĞŶƵŶϭϯ͕ϴϳйĞŶϮϬϭϯŚĂƐƚĂ

Ϯ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘>ĂŝŶĨŽƌŵĂĐŝſŶƵƚŝůŝnjĂĚĂƐĞŚĂŽƌŝŐŝŶĂĚŽĞŶĨƵĞŶƚĞƐƋƵĞƐĞĞƐƚŝŵĂŶĐŽŶĨŝĂďůĞƐ͕ĞƐƉĞĐŝĂůŵĞŶƚĞĞůƉƌŽƉŝŽĞŵŝƐŽƌLJůŽƐŝŶĨŽƌŵĞƐĚĞĂƵĚŝƚŽƌşĂĞdžƚĞƌŶĂ͘>^^/EdZEd/KE>
Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌ
ƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

ƵŶϲ͕ϲϬйĞŶϮϬϭϲ͕ĚŝĐŚĂƐŽďůŝŐĂĐŝŽŶĞƐŝŶĐůƵLJĞŶƷŶŝĐĂŵĞŶƚĞĐƌĠĚŝƚŽƐĐŽŶĞůƐŝƐƚĞŵĂĨŝŶĂŶĐŝĞƌŽ͕ƉƵĞƐƚŽƋƵĞ
ůĂƐŽďůŝŐĂĐŝŽŶĞƐĐŽŶƚƌĂşĚĂƐĞŶĞůDĞƌĐĂĚŽĚĞsĂůŽƌĞƐLJĂĨƵĞƌŽŶĐĂŶĐĞůĂĚĂƐĞŶƐƵƚŽƚĂůŝĚĂĚ͘
x ůƉĂƚƌŝŵŽŶŝŽƐĞĐŽŶƐƚŝƚƵLJĞĞŶĞůƉƌŝŶĐŝƉĂůĨŝŶĂŶĐŝĂĚŽƌĚĞůŽƐ ĂĐƚŝǀŽƐĚĞůĂ ĞŵƉƌĞƐĂ͕ƉƵĞƐůƵĞŐŽĚĞŚĂďĞƌ
ĨŽŶĚĞĂĚŽ Ğů ϲϭ͕ϲϵй ĞŶ ϮϬϭϯ ;h^ ϭϮϲ͕ϴϬ ŵŝůůŽŶĞƐͿ ƉĂƐſ Ă ƵŶ ŝŶƚĞƌĞƐĂŶƚĞ ϲϵ͕Ϭϴй ĞŶ ϮϬϭϲ ;h^ ϭϴϮ͕ϴϯ
ŵŝůůŽŶĞƐͿ͕ ĐŽŵƉŽƌƚĂŵŝĞŶƚŽ ƋƵĞ ŽďĞĚĞĐĞ Ăů ƌĞŐŝƐƚƌŽ ĚĞ ŵĂLJŽƌĞƐ ƌĞƐƵůƚĂĚŽƐ ĂĐƵŵƵůĂĚŽƐ͕ ŵŝƐŵŽƐ ƋƵĞ
ĨŝŶĂŶĐŝĂƌŽŶƵŶĂŝŵƉŽƌƚĂŶƚĞƉŽƌĐŝſŶĚĞůŽƐĂĐƚŝǀŽƐ;ϱϯ͕ϯϴйĞŶĚŝĐŝĞŵďƌĞĚĞϮϬϭϲͿ͘
x ůƌĞĨĞƌŝƌŶŽƐĂůĐĂƉŝƚĂůƐŽĐŝĂů͕ƐĞĚĞďĞŝŶĚŝĐĂƌƋƵĞĞƐƚĞƐĞŵĂŶƚƵǀŽƐŝŶŶŝŶŐƵŶĂǀĂƌŝĂĐŝſŶĚƵƌĂŶƚĞĞůƉĞƌŝŽĚŽ
ĂŶĂůŝnjĂĚŽ;ϮϬϭϯʹϮϬϭϲͿĞŶƵŶƌƵďƌŽĚĞh^ϭϬ͕ϬϬŵŝůůŽŶĞƐ͕ŶŽŽďƐƚĂŶƚĞ͕ƐƵĨŝŶĂŶĐŝĂŵŝĞŶƚŽƐŽďƌĞůŽƐĂĐƚŝǀŽƐ
ĨƵĞĚĞĐƌĞĐŝĞŶƚĞ͕ƉƵĞƐůƵĞŐŽĚĞŚĂďĞƌĨŽŶĚĞĂĚŽĞůϰ͕ϴϲйĚĞůŽƐĂĐƚŝǀŽƐĞŶĞůĂŹŽϮϬϭϯƉĂƐſĂƵŶϯ͕ϳϴйĞŶĞů
ĂŹŽ ϮϬϭϲ͕ ůŽ ƋƵĞ ĚĞƚĞƌŵŝŶĂ ƋƵĞ ůŽƐ ĂĐĐŝŽŶŝƐƚĂƐ ĞŶ Ğů ĐŽƌƚŽ ƉůĂnjŽ ĚĞďĞƌşĂŶ ĐŽŶƐŝĚĞƌĂƌ ŝŶLJĞĐƚĂƌ ƌĞĐƵƌƐŽƐ
ĨƌĞƐĐŽƐ͕ĚĂĚŽůĂĐƌĞĐŝĞŶƚĞĂĐƚŝǀŝĚĂĚĚĞůĂĐŽŵƉĂŹşĂ͘
x >ŽĂŶƚĞƌŝŽƌĚĞƌŝǀĂĞŶƵŶĂƉĂůĂŶĐĂŵŝĞŶƚŽďĂũŽ;ƉĂƐŝǀŽƚŽƚĂůƐŽďƌĞƉĂƚƌŝŵŽŶŝŽͿLJĐŽŶƚĞŶĚĞŶĐŝĂĚĞĐƌĞĐŝĞŶƚĞ͕
ƉƵĞƐůĂĞŵƉƌĞƐĂƉƌŝǀŝůĞŐŝĂĞůĨŝŶĂŶĐŝĂŵŝĞŶƚŽĚĞĂĐƚŝǀŽƐĐŽŶƌĞĐƵƌƐŽƐƉƌŽƉŝŽƐ͕ĞƐĂƐşƋƵĞĞůĂƉĂůĂŶĐĂŵŝĞŶƚŽ
ĚĞƐĐĞŶĚŝſĚĞƐĚĞϬ͕ϲϮǀĞĐĞƐĞŶϮϬϭϯŚĂƐƚĂϬ͕ϰϱǀĞĐĞƐĞŶϮϬϭϲ͘
x ůŽůĂƌŐŽĚĞůƉĞƌŝŽĚŽĂŶĂůŝnjĂĚŽůĂĐŽŵƉĂŹşĂĐƵĞŶƚĂĐŽŶŝŶĚŝĐĂĚŽƌĞƐĚĞůŝƋƵŝĚĞnjƐƵƉĞƌŝŽƌĞƐĂůĂƵŶŝĚĂĚ͕ůŽƐ
ŵŝƐŵŽƐƋƵĞŵƵĞƐƚƌĂŶƵŶĂƉŽƐŝĐŝſŶĂƉƌŽƉŝĂĚĂƉĂƌĂĞůŐŝƌŽĚĞůŶĞŐŽĐŝŽ͕ĞƐĂƐşƋƵĞĂĚŝĐŝĞŵďƌĞĚĞϮϬϭϲůĂ
ƌĂnjſŶĐŝƌĐƵůĂŶƚĞƐĞƵďŝĐſĞŶϮ͕ϲϰǀĞĐĞƐ͕ŵŝĞŶƚƌĂƐƋƵĞĂĚŝĐŝĞŵďƌĞĚĞϮϬϭϱĨƵĞĚĞϮ͕ϬϳǀĞĐĞƐ͘>ŽŵĞŶĐŝŽŶĂĚŽ
ĂŶƚĞƌŝŽƌŵĞŶƚĞĚĞŵƵĞƐƚƌĂƋƵĞůŽƐĂĐƚŝǀŽƐĐŽƌƌŝĞŶƚĞƐƐƵƉĞƌĂŶůŽƐƉĂƐŝǀŽƐĚĞĐŽƌƚŽƉůĂnjŽ͘

^ŽďƌĞůĂŵŝƐŝſŶ͗

ͻ >Ă:ƵŶƚĂ'ĞŶĞƌĂůdžƚƌĂŽƌĚŝŶĂƌŝĂhŶŝǀĞƌƐĂůĚĞĐĐŝŽŶŝƐƚĂƐĚĞ>DE^WZd/^͕͘͘ĐĞůĞďƌĂĚĂĞůϮϬĚĞ
ĞŶĞƌŽĚĞϮϬϭϳ͕ƌĞƐŽůǀŝſƉŽƌƵŶĂŶŝŵŝĚĂĚĂƉƌŽďĂƌLJĂƵƚŽƌŝnjĂƌĞůƉƌŽĐĞƐŽĚĞŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐůĞ>ĂƌŐŽ
WůĂnjŽͲ>DE^WZd/^͘͘ƉŽƌƵŶŵŽŶƚŽĚĞŚĂƐƚĂh^ϭϬΖϬϬϬ͘ϬϬϬ͕ϬϬ͘
x WŽƐƚĞƌŝŽƌŵĞŶƚĞ͕ĐŽŶĨĞĐŚĂϮϯĚĞĨĞďƌĞƌŽĚĞϮϬϭϳ͕>DE^WZd/^͘͘ĐŽŵŽĞŵŝƐŽƌ͕ĐŽŶũƵŶƚĂŵĞŶƚĞ
ĐŽŶ^/>sZZK^^^͘͘^s>KZ^^sĐŽŵŽĞƐƚƌƵĐƚƵƌĂĚŽƌLJŐĞŶƚĞŽůŽĐĂĚŽƌ͕LJ^dh/K:hZ1/K
WE/ z ^K/K^ ^͘͘ ĐŽŵŽ ZĞƉƌĞƐĞŶƚĂŶƚĞ ĚĞ ůŽƐ KďůŝŐĂĐŝŽŶŝƐƚĂƐ͕ ƐƵƐĐƌŝďŝĞƌŽŶ Ğů ĐŽŶƚƌĂƚŽ ĚĞ ůĂ
ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ͘
ͻ >ĂŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽƐĞĞŶĐƵĞŶƚƌĂƌĞƐƉĂůĚĂĚĂƉŽƌƵŶĂŐĂƌĂŶƚşĂŐĞŶĞƌĂů͕ƉŽƌůŽƚĂŶƚŽ͕Ğů
ĞŵŝƐŽƌĞƐƚĄŽďůŝŐĂĚŽĂĐƵŵƉůŝƌĐŽŶůŽƐƌĞƐŐƵĂƌĚŽƐƋƵĞƐĞŹĂůĂůĂŽĚŝĨŝĐĂĐŝſŶĚĞůĂƐZĞƐŽůƵĐŝŽŶĞƐĞdžƉĞĚŝĚĂƐ
ƉŽƌĞůŽŶƐĞũŽEĂĐŝŽŶĂůĚĞsĂůŽƌĞƐ;ŚŽLJũƵŶƚĂĚĞWŽůşƚŝĐĂLJZĞŐƵůĂĐŝſŶDŽŶĞƚĂƌŝĂLJ&ŝŶĂŶĐŝĞƌĂͿ͕ůŽƐŵŝƐŵŽ
ƋƵĞƐĞĚĞƚĂůůĂŶĂĐŽŶƚŝŶƵĂĐŝſŶ͗
9 ĞƚĞƌŵŝŶĂƌ Ăů ŵĞŶŽƐ ůĂƐ ƐŝŐƵŝĞŶƚĞƐ ŵĞĚŝĚĂƐ ĐƵĂŶƚŝĨŝĐĂďůĞƐ ĞŶ ĨƵŶĐŝſŶ ĚĞ ƌĂnjŽŶĞƐ ĨŝŶĂŶĐŝĞƌĂƐ͕ ƉĂƌĂ
ƉƌĞƐĞƌǀĂƌƉŽƐŝĐŝŽŶĞƐĚĞůŝƋƵŝĚĞnjLJƐŽůǀĞŶĐŝĂƌĂnjŽŶĂďůĞƐĚĞůĞŵŝƐŽƌ͗
Ă͘ DĂŶƚĞŶĞƌƐĞŵĞƐƚƌĂůŵĞŶƚĞƵŶŝŶĚŝĐĂĚŽƌƉƌŽŵĞĚŝŽĚĞůŝƋƵŝĚĞnjŽĐŝƌĐƵůĂŶƚĞ͕ŵĂLJŽƌŽŝŐƵĂůĂƵŶŽ;ϭͿ͕Ă
ƉĂƌƚŝƌĚĞůĂĂƵƚŽƌŝnjĂĐŝſŶĚĞůĂŽĨĞƌƚĂƉƷďůŝĐĂLJŚĂƐƚĂůĂƌĞĚĞŶĐŝſŶƚŽƚĂůĚĞůŽƐǀĂůŽƌĞƐ͖LJ͖
ď͘ >ŽƐ ĂĐƚŝǀŽƐ ƌĞĂůĞƐ ƐŽďƌĞ ůŽƐ ƉĂƐŝǀŽƐ ĚĞďĞƌĄŶ ƉĞƌŵĂŶĞĐĞƌ ĞŶ ŶŝǀĞůĞƐ ĚĞ ŵĂLJŽƌ Ž ŝŐƵĂů Ă ƵŶŽ ;ϭͿ͕
ĞŶƚĞŶĚŝĠŶĚŽƐĞĐŽŵŽĂĐƚŝǀŽƐ ƌĞĂůĞƐĂ ĂƋƵĞůůŽƐĂĐƚŝǀŽƐƋƵĞƉƵĞĚĞŶƐĞƌůŝƋƵŝĚĂĚŽƐLJĐŽŶǀĞƌƚŝĚŽƐĞŶ
ĞĨĞĐƚŝǀŽ͘
9 EŽƌĞƉĂƌƚŝƌĚŝǀŝĚĞŶĚŽƐŵŝĞŶƚƌĂƐĞdžŝƐƚĂŶŽďůŝŐĂĐŝŽŶĞƐĞŶŵŽƌĂ͘
9 DĂŶƚĞŶĞƌ͕ĚƵƌĂŶƚĞůĂǀŝŐĞŶĐŝĂĚĞůĂĞŵŝƐŝſŶ͕ůĂƌĞůĂĐŝſŶĂĐƚŝǀŽƐůŝďƌĞƐĚĞŐƌĂǀĂŵĞŶƐŽďƌĞŽďůŝŐĂĐŝŽŶĞƐĞŶ
ĐŝƌĐƵůĂĐŝſŶ͕ ƐĞŐƷŶ ůŽ ĞƐƚĂďůĞĐŝĚŽ ĞŶ Ğů ĂƌƚşĐƵůŽ ϭϯ͕ ^ĞĐĐŝſŶ /͕ ĂƉşƚƵůŽ ///͕ ^ƵďƚşƚƵůŽ /͕ dşƚƵůŽ ///͕ ĚĞ ůĂ
ŽĚŝĨŝĐĂĐŝſŶĚĞůĂƐZĞƐŽůƵĐŝŽŶĞƐĚĞů͘E͘s͘;ŚŽLJũƵŶƚĂĚĞWŽůşƚŝĐĂLJZĞŐƵůĂĐŝſŶDŽŶĞƚĂƌŝĂLJ&ŝŶĂŶĐŝĞƌĂͿ͘
ͻ ĚŝĐŝŽŶĂůŵĞŶƚĞ>DE^WZd/^͘͘ĞƐƚĂďůĞĐĞĞůƐŝŐƵŝĞŶƚĞůşŵŝƚĞĚĞĞŶĚĞƵĚĂŵŝĞŶƚŽ͗
9 ůĞŵŝƐŽƌŵŝĞŶƚƌĂƐĞƐƚĠǀŝŐĞŶƚĞůĂĞŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐůŝŵŝƚĂƌĄƐƵĞŶĚĞƵĚĂŵŝĞŶƚŽĚĞƚĂůŵĂŶĞƌĂ
ƋƵĞŶŽĐŽŵƉƌŽŵĞƚĂůĂƌĞůĂĐŝſŶĞƐƚĂďůĞĐŝĚĂĞŶĞůĂƌƚşĐƵůŽϭϲϮĚĞůĂ>ĞLJĚĞDĞƌĐĂĚŽĚĞsĂůŽƌĞƐ;>ŝďƌŽ
//ĚĞůſĚŝŐŽKƌŐĄŶŝĐŽ͕DŽŶĞƚĂƌŝŽLJ&ŝŶĂŶĐŝĞƌŽͿLJƐƵƐŶŽƌŵĂƐĐŽŵƉůĞŵĞŶƚĂƌŝĂƐ͘
9 WĂƌĂůĞůĂŵĞŶƚĞƐĞŵĂŶƚĞŶĚƌĄƵŶůşŵŝƚĞĚĞĞŶĚĞƵĚĂŵŝĞŶƚŽƌĞĨĞƌĞŶƚĞĂůŽƐƉĂƐŝǀŽƐĐŽŶĐŽƐƚŽĚĞŚĂƐƚĂ
ϮǀĞĐĞƐĞůƉĂƚƌŝŵŽŶŝŽĚĞůĂĐŽŵƉĂŹşĂ͘
‡ ů ϯϭ ĚĞ ĚŝĐŝĞŵďƌĞ ĚĞ ϮϬϭϲ͕ >DE^  WZd/ ^͕͘͘ ƌĞŐŝƐƚƌſ ƵŶ ŵŽŶƚŽ ƚŽƚĂů ĚĞ ĂĐƚŝǀŽƐ ŵĞŶŽƐ ůĂƐ
ĚĞĚƵĐĐŝŽŶĞƐƐĞŹĂůĂĚĂƐĞŶůĂŶŽƌŵĂƚŝǀĂĚĞh^Ϯϯϵ͕ϲϮŵŝůůŽŶĞƐ͕ƐŝĞŶĚŽĞůϴϬйĚĞůŽƐŵŝƐŵŽƐůĂƐƵŵĂĚĞh^
ϭϵϭ͕ϳϬŵŝůůŽŶĞƐ͘ŝĐŚŽǀĂůŽƌŐĞŶĞƌĂƵŶĂĐŽďĞƌƚƵƌĂĚĞϭϵ͕ϭϳǀĞĐĞƐƐŽďƌĞĞůƐĂůĚŽĚĞĐĂƉŝƚĂůĚĞůĂŵŝƐŝſŶĚĞ
KďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ͕ĚĞƚĞƌŵŝŶĂŶĚŽĚĞĞƐƚĂŵĂŶĞƌĂƋƵĞĚŝĐŚĂĞŵŝƐŝſŶ͕ƐĞĞŶĐƵĞŶƚƌĂĚĞŶƚƌŽĚĞůŽƐ
ƉĂƌĄŵĞƚƌŽƐĞƐƚĂďůĞĐŝĚŽƐĞŶůĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞ͘
ϯ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘>ĂŝŶĨŽƌŵĂĐŝſŶƵƚŝůŝnjĂĚĂƐĞŚĂŽƌŝŐŝŶĂĚŽĞŶĨƵĞŶƚĞƐƋƵĞƐĞĞƐƚŝŵĂŶĐŽŶĨŝĂďůĞƐ͕ĞƐƉĞĐŝĂůŵĞŶƚĞĞůƉƌŽƉŝŽĞŵŝƐŽƌLJůŽƐŝŶĨŽƌŵĞƐĚĞĂƵĚŝƚŽƌşĂĞdžƚĞƌŶĂ͘>^^/EdZEd/KE>
Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌ
ƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

‡ >ĂƐ ƉƌŽLJĞĐĐŝŽŶĞƐ ƌĞĂůŝnjĂĚĂƐ ƉŽƌ Ğů ĞƐƚƌƵĐƚƵƌĂĚŽƌ ĨŝŶĂŶĐŝĞƌŽ ĚĞů ƉƌŽĐĞƐŽ͕ ŝŶĚŝĐĂŶ LJ ƉƌŽŶŽƐƚŝĐĂŶ ůĂ
ĚŝƐƉŽŶŝďŝůŝĚĂĚĚĞĨŽŶĚŽƐƉĂƌĂĂƚĞŶĚĞƌĞůƐĞƌǀŝĐŝŽĚĞůĂĚĞƵĚĂĂĚŝĐŝŽŶĂůĐŽŶůĂƋƵĞĐŽŶƚĂƌĄůĂĐŽŵƉĂŹşĂůƵĞŐŽ
ĚĞĐŽůŽĐĂƌůŽƐǀĂůŽƌĞƐĚĞůĂĞŵŝƐŝſŶ͕ƵŶĂǀĞnjƋƵĞĞůƉƌŽĐĞƐŽƐĞĂĂƵƚŽƌŝnjĂĚŽƉŽƌĞůĞŶƚĞĚĞĐŽŶƚƌŽů͘

ZŝĞƐŐŽƐWƌĞǀŝƐŝďůĞƐĞŶĞů&ƵƚƵƌŽ

>ĂĐĂƚĞŐŽƌşĂĚĞĐĂůŝĨŝĐĂĐŝſŶĂƐŝŐŶĂĚĂƐĞŐƷŶůŽĞƐƚĂďůĞĐŝĚŽĞŶĞůŶƵŵĞƌĂůϭ͘ϳĚĞůƌƚşĐƵůŽϭϴĚĞůĂƉşƚƵůŽ///ĚĞů
^ƵďƚşƚƵůŽ /s ĚĞů dşƚƵůŽ //͕ ĚĞ ůĂ ŽĚŝĨŝĐĂĐŝſŶ ĚĞ ůĂ ZĞƐŽůƵĐŝſŶ ĚĞů ͘E͘s͘ ;ŚŽLJ ũƵŶƚĂ ĚĞ WŽůşƚŝĐĂ LJ ZĞŐƵůĂĐŝſŶ
DŽŶĞƚĂƌŝĂLJ&ŝŶĂŶĐŝĞƌĂͿƚĂŵďŝĠŶƚŽŵĂĞŶĐŽŶƐŝĚĞƌĂĐŝſŶůŽƐƌŝĞƐŐŽƐƉƌĞǀŝƐŝďůĞƐĞŶĞůĨƵƚƵƌŽ͕ůŽƐĐƵĂůĞƐƐĞĚĞƚĂůůĂŶ
ĂĐŽŶƚŝŶƵĂĐŝſŶ͗

‡ &ĂĐƚŽƌĞƐĞdžƚĞƌŶŽƐ͕ƉŽůşƚŝĐŽƐ͕ĞĐŽŶſŵŝĐŽƐŶŽƌŵĂƚŝǀŽƐ͕ĞŶƚƌĞŽƚƌŽƐ͕ƉŽĚƌşĂŶĂĨĞĐƚĂƌĂůŵĞƌĐĂĚŽĚĞŵĂŶĞƌĂƋƵĞ
ƐĞƌĞƐƚƌŝŶũĂůĂĚĞŵĂŶĚĂĚĞůŽƐƉƌŽĚƵĐƚŽƐŽĨĞƌƚĂĚŽƐƉŽƌůĂĐŽŵƉĂŹşĂLJƐĞǀĞĂŶĚŝƐŵŝŶƵŝĚĂƐƐƵƐǀĞŶƚĂƐ͘
‡ ůŝŶŐƌĞƐŽĂůŵĞƌĐĂĚŽĚĞŐƌĂŶĚĞƐŵĂƌĐĂƐĚĞƚŝĞŶĚĂƐĚĞƉĂƌƚĂŵĞŶƚĂůĞƐŝŶƚĞƌŶĂĐŝŽŶĂůĞƐŽůĂƌĞƉŽƚĞŶĐŝĂĐŝſŶLJŽ
ĨƵƐŝſŶĚĞůĂƐLJĂĞdžŝƐƚĞŶƚĞƐ͕ƉŽĚƌşĂŶĚŝƐŵŝŶƵŝƌůĂĐƵŽƚĂĚĞŵĞƌĐĂĚŽĚĞůĂĐƵĂůĂĐƚƵĂůŵĞŶƚĞŐŽnjĂůĂĐŽŵƉĂŹşĂ
ĐŽŶƵŶĂĐŽŶƐĞĐƵĞŶƚĞĂĨĞĐƚĂĐŝſŶĞŶĞůŶŝǀĞůĚĞƐƵƐŝŶŐƌĞƐŽƐ͘
‡ ŶƚĞůĂƉƌŽďĂďŝůŝĚĂĚĚĞŽĐƵƌƌĞŶĐŝĂĚĞĐŝĐůŽƐĞĐŽŶſŵŝĐŽƐĂĚǀĞƌƐŽƐĞŶůĂĞĐŽŶŽŵşĂŶĂĐŝŽŶĂů͕ĞůŶŝǀĞůĚĞŝŶŐƌĞƐŽƐ
ĚĞůŽƐĞĐƵĂƚŽƌŝĂŶŽƐƉŽĚƌşĂǀĞƌƐĞƌĞĚƵĐŝĚŽLJĐŽŶĞůůŽƚĂŶƚŽƐƵƉŽĚĞƌĂĚƋƵŝƐŝƚŝǀŽĐŽŵŽůĂĐĂƉĂĐŝĚĂĚĚĞƉĂŐŽĚĞ
ůĂƐĚĞƵĚĂƐĂĚƋƵŝƌŝĚĂƐŚĂƐƚĂĞƐĞĞŶƚŽŶĐĞƐ͕ůŽĐƵĂůƐŝŶĚƵĚĂŽĐĂƐŝŽŶĂƌşĂƋƵĞůĂĚĞŵĂŶĚĂĚĞůŽƐƉƌŽĚƵĐƚŽƐƋƵĞ
ŽĨĞƌƚĂůĂĐŽŵƉĂŹşĂĚŝƐŵŝŶƵLJĂLJĐŽŶĞůůŽƐƵĨůƵũŽ͘
‡ /ŵƉůĞŵĞŶƚĂĐŝſŶĚĞŶƵĞǀĂƐƉŽůşƚŝĐĂƐŐƵďĞƌŶĂŵĞŶƚĂůĞƐŝŵƉŽƐŝƚŝǀĂƐ͕ĂƌĂŶĐĞůĂƌŝĂƐ͕ĚĞĐŽŶƐƵŵŽ͕ƌĞƐƚƌŝĐĐŝŽŶĞƐŽ
ƌĞŐƵůĂĐŝŽŶĞƐƉŽƌƉĂƌƚĞĚĞů'ŽďŝĞƌŶŽĞĐƵĂƚŽƌŝĂŶŽƐŽďƌĞůŽƐƉƌŽĚƵĐƚŽƐƋƵĞĐŽŵĞƌĐŝĂůŝnjĂůĂĐŽŵƉĂŹşĂƉŽĚƌşĂŶ
ĂĨĞĐƚĂƌƐƵƐƌĞƐƵůƚĂĚŽƐ͖ƐŝŶĞŵďĂƌŐŽ͕ĞŶĞůŵĞũŽƌĚĞůŽƐĐĂƐŽƐ͕ĞƐƚŽƐƉŽĚƌşĂŶƐĞƌƚƌĂƐůĂĚĂĚŽƐĂůƉƌĞĐŝŽĚĞǀĞŶƚĂ͕
ŵŝƚŝŐĂŶĚŽĚĞĂůŐƵŶĂŵĂŶĞƌĂůŽŵĞŶĐŝŽŶĂĚŽ͘
‡ >ĂƐƉĞƌƐƉĞĐƚŝǀĂƐĞĐŽŶſŵŝĐĂƐĚĞůƉĂşƐƐĞǀĞŶŵĞŶŽƐĨĂǀŽƌĂďůĞƐ͕ƉŽƌůŽƋƵĞƉŽĚƌşĂĂĨĞĐƚĂƌůŽƐƌĞƐƵůƚĂĚŽƐĚĞůĂ
ĐŽŵƉĂŹşĂ͘



ƚĞŶƚĂŵĞŶƚĞ͕


ĐŽŶ͘>ƵŝƐZ͘:ĂƌĂŵŝůůŽ:ŝŵĠŶĞnjD     
'ZEd'EZ>  

ϰ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘>ĂŝŶĨŽƌŵĂĐŝſŶƵƚŝůŝnjĂĚĂƐĞŚĂŽƌŝŐŝŶĂĚŽĞŶĨƵĞŶƚĞƐƋƵĞƐĞĞƐƚŝŵĂŶĐŽŶĨŝĂďůĞƐ͕ĞƐƉĞĐŝĂůŵĞŶƚĞĞůƉƌŽƉŝŽĞŵŝƐŽƌLJůŽƐŝŶĨŽƌŵĞƐĚĞĂƵĚŝƚŽƌşĂĞdžƚĞƌŶĂ͘>^^/EdZEd/KE>
Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌ
ƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


,1)250$&,21(&2120,&2),1$1&,(5$

(67$'26),1$1&,(526$8',7$'26'(/2675(68/7,026$f26

/RVHVWDGRV¿QDQFLHURVDXGLWDGRVGHO\VHHQFXHQWUDQHQHO$QH[R

(67$'26),1$1&,(526'(/0(6,10(',$72$17(5,25

6HDGMXQWDQORVHVWDGRV)LQDQFLHURVDOGH)HEUHURGHO



 $/0$&(1(6'(35$7,6$
%$/$1&(*(1(5$/

'(6&5,3&,21 GLF GLF GLF GLF GLF GLF IHE

$&7,926

$&7,926&255,(17(6
(IHFWLYR\HTXLYDOHQWHGHHIHFWLYR              
&XHQWDVSRUFREUDUFOLHQWHV              
2WUDVFXHQWDVSRUFREUDU              
,QYHQWDULRV              
2WURVDFWLYRVFRUULHQWHV              
7RWDOGHDFWLYRVFRUULHQWHV              

$&7,92612&255,(17(6
3URSLHGDGHVPXHEOHV\HTXLSR              
3URSLHGDGHVGHLQYHUVLyQ              
$FWLYRV,QWDQJLEOHV              
&XHQWDVSRUFREUDUFOLHQWHV              
,QYHUVLRQHVHQVXEVLGLDULDV              
2WURVDFWLYRV             
7RWDODFWLYRVQRFRUULHQWHV              

727$/$&7,926              

3$6,926<3$75,021,2'(/26$&&,21,67$6

3$6,926&255,(17(6
3UpVWDPRVFRQHQWLGDGHVILQDQFLHUDV              
(PLVLyQGHREOLJDFLRQHV              
&XHQWDVSRUSDJDUSURYHHGRUHV              
&XHQWDVSRUSDJDUFRPSDxtDVUHODFLRQDGDV              
2WUDVFXHQWDVSRUSDJDU              
%HQHILFLRVVRFLDOHV              
2WURVSDVLYRVFRUULHQWHV              
7RWDOSDVLYRVFRUULHQWHV              

3$6,92612&255,(17(6
$1$/,6,6+25,=217$/<9(57,&$/'(/26(67$'26),1$1&,(526

3UpVWDPRVFRQHQWLGDGHVILQDQFLHUDV              
(PLVLyQGH2EOLJDFLRQHV              
%HQHILFLRVVRFLDOHV              
,PSXHVWRDODUHQWDGLIHULGR              
2WURVSDVLYRVQRFRUULHQWHV              
7RWDOSDVLYRVQRFRUULHQWHV              
727$/3$6,926              

3$75,021,2'(/26$&&,21,67$6
&DSLWDOVRFLDO              
5HVHUYDV              
8WLOLGDGHVUHWHQLGDV              
727$/3$75,021,2              

727$/3$6,92<3$75,021,2              


 $/0$&(1(6'(35$7,6$
%$/$1&(*(1(5$/

'(6&5,3&,21 9DU'LF'LF 9DU'LF'LF 9DU'LF'LF 9DU'LF'LF 9DU'LF'LF 9DU)HE'LF

$&7,926

$&7,926&255,(17(6
(IHFWLYR\HTXLYDOHQWHGHHIHFWLYR            
&XHQWDVSRUFREUDUFOLHQWHV            
2WUDVFXHQWDVSRUFREUDU            
,QYHQWDULRV            
2WURVDFWLYRVFRUULHQWHV            
7RWDOGHDFWLYRVFRUULHQWHV            

$&7,92612&255,(17(6
3URSLHGDGHVPXHEOHV\HTXLSR            
3URSLHGDGHVGHLQYHUVLyQ            
$FWLYRV,QWDQJLEOHV            
&XHQWDVSRUFREUDUFOLHQWHV            
,QYHUVLRQHVHQVXEVLGLDULDV            
2WURVDFWLYRV            
7RWDODFWLYRVQRFRUULHQWHV            

727$/$&7,926            

3$6,926<3$75,021,2'(/26$&&,21,67$6

3$6,926&255,(17(6
3UpVWDPRVFRQHQWLGDGHVILQDQFLHUDV            
(PLVLyQGHREOLJDFLRQHV            
&XHQWDVSRUSDJDUSURYHHGRUHV            
&XHQWDVSRUSDJDUFRPSDxtDVUHODFLRQDGDV            
2WUDVFXHQWDVSRUSDJDU            
%HQHILFLRVVRFLDOHV            
2WURVSDVLYRVFRUULHQWHV            
7RWDOSDVLYRVFRUULHQWHV            

3$6,92612&255,(17(6
3UpVWDPRVFRQHQWLGDGHVILQDQFLHUDV            
(PLVLyQGH2EOLJDFLRQHV            
%HQHILFLRVVRFLDOHV            
,PSXHVWRDODUHQWDGLIHULGR            
2WURVSDVLYRVQRFRUULHQWHV            
7RWDOSDVLYRVQRFRUULHQWHV            
727$/3$6,926            

3$75,021,2'(/26$&&,21,67$6
&DSLWDOVRFLDO            
5HVHUYDV            
8WLOLGDGHVUHWHQLGDV            
727$/3$75,021,2            

727$/3$6,92<3$75,021,2            


 $/0$&(1(6'(35$7,6$
(67$'2'(3(5','$6<*$1$1&,$6

'(6&5,3&,21 GLF GLF GLF GLF GLF GLF IHE

,QJUHVRV              
&RVWRGH9HQWD              
87,/,'$'%587$              

*DVWRV2SHUDWLYRV              
2WURV,QJUHVRV HJUHVRV QHWR              
87,/,'$'23(5$&,21$/              

(JUHVRVILQDQFLHURVQHWR              
87,/,'$'$17(6'(,038(672$/$5(17$              

,PSXHVWRDODUHQWD              
87,/,'$'1(7$              

*DQDQFLDVDFWXDULDOHV              
87,/,'$'1(7$              


 $/0$&(1(6'(35$7,6$
(67$'2'(3(5','$6<*$1$1&,$6

'(6&5,3&,21 9DU'LF'LF 9DU'LF'LF 9DU'LF'LF 9DU'LF'LF 9DU'LF'LF

,QJUHVRV          
&RVWRGH9HQWD          
87,/,'$'%587$          

*DVWRV2SHUDWLYRV          
2WURV,QJUHVRV HJUHVRV QHWR          
87,/,'$'23(5$&,21$/          

(JUHVRVILQDQFLHURVQHWR          
87,/,'$'$17(6'(,038(672$/$5(17$          

,PSXHVWRDODUHQWD          
87,/,'$'1(7$          

*DQDQFLDVDFWXDULDOHV          
87,/,'$'1(7$          


$&7,926

(QORV~OWLPRVDxRVODFRPSDxtD$/0$&(1(6'(35$7,6$KDUHJLVWUDGRXQDXPHQWRHQHO7RWDOGHVXV
$FWLYRVSDVDQGRGH86HQHOD86HQHOD86HQHO
 D 86  HQ HO  \ ¶ D GLFLHPEUH  XQD YDULDFLyQ GHO   
\UHVSHFWLYDPHQWH

sK>h/MEdKd>d/sK^
;ŶŵŝůĞƐĚĞĚſůĂƌĞƐͿ

Ϯϯϲ͘ϯϱϴ Ϯϰϴ͘ϮϳϬ Ϯϲϭ͘ϰϵϰ

Ϯϱϯ͘ϵϱϯ
ϮϬϱ͘ϱϱϱ
ϭϴϯ͘ϱϱϮ

ϭϱϰ͘ϳϰϳ

ŝĐͲϭϭ ŝĐͲϭϮ ŝĐͲϭϯ ŝĐͲϭϰ ŝĐͲϭϱ ŝĐͲϭϲ &ĞďͲϭϳ

(OWRWDOGHDFWLYRVGHODFRPSDxtDDOFLHUUHGHODVFLHQGHQD86PLOHVGHGyODUHV\HVWiFRQIRUPDGR
SRUHOHQ$FWLYRVFRUULHQWHVHOHQ$FWLYRV¿MRV\HOHQ2WURV$FWLYRVGH/DUJR3OD]R
$OGHIHEUHURGHOHOWRWDOGHDFWLYRVGLVPLQX\HD86FRQIRUPDGRSULQFLSDOPHQWHSRUVXDFWLYR
FRUULHQWHFRQXQGHOWRWDOGHDFWLYRV

$FRQWLQXDFLyQVHPXHVWUDODHYROXFLyQGHODFRQIRUPDFLyQGHORV$FWLYRVGHODHPSUHVD

KDWK^//ME>d/sK
;ŶŵŝůĞƐĚĞĚſůĂƌĞƐͿ
ϳ͕ϳϵй ϭϰ͕ϲϲй ϭϯ͕ϮϬй ϭϯ͕ϭϳй ϭϰ͕ϲϲй ϭϱ͕ϰϵй
ϭϲ͕ϯϱй
Ϯϲ͕ϱϰй Ϯϯ͕ϭϲй ϮϮ͕ϯϯй
Ϯϰ͕Ϯϲй Ϯϰ͕ϲϭй Ϯϯ͕Ϭϰй Ϯϯ͕ϵϳй

ϲϬ͕ϱϰй
ϲϱ͕ϲϲй ϲϭ͕Ϭϴй ϲϯ͕ϲϰй ϲϰ͕ϱϬй ϲϬ͕ϳϯй
ϲϬ͕ϲϮй

ŝĐͲϭϭ ŝĐͲϭϮ ŝĐͲϭϯ ŝĐͲϭϰ ŝĐͲϭϱ ŝĐͲϭϲ &ĞďͲϭϳ

ĐƚŝǀŽŽƌƌŝĞŶƚĞ ĐƚŝǀŽ&ŝũŽ KƚƌŽƐĐƚŝǀŽƐEŽĐŽƌƌŝĞŶƚĞƐ

/RVDFWLYRVFRUULHQWHVDOGH)HEUHURGHODVFLHQGHQD86PLOHVGHGyODUHV\HVWiFRQIRUPDGR
SULQFLSDOPHQWHSRUFXHQWDVSRUFREUDUFOLHQWHVTXHUHSUHVHQWDQHOGHOWRWDOGHDFWLYRVFRUULHQWHVGHOD
FRPSDxtD$FRQWLQXDFLyQVHPXHVWUDODFRPSRVLFLyQGHODFWLYRFRUULHQWHDORODUJRGHOWLHPSR


 KDWK^//MEd/sKKZZ/Ed
;ŶŵŝůĞƐĚĞĚſůĂƌĞƐͿ
ĂũĂLJĂŶĐŽƐ ƵĞŶƚĂƐƉŽƌŽďƌĂƌ /ŶǀĞŶƚĂƌŝŽƐ KƚƌŽƐĐƚŝǀŽƐ

Ϭ͕Ϭϭй Ϭ͕Ϭϭй Ϭ͕Ϭϭй Ϭ͕Ϭϯй Ϭ͕ϬϬй Ϭ͕Ϭϭй

Ϭ͕Ϭϴй
ϭϯ͕ϳϰй ϵ͕ϲϭй ϭϵ͕ϱϭй ϭϱ͕Ϯϳй ϭϬ͕ϯϱй
ϮϬ͕Ϭϴй Ϯϰ͕ϯϭй

ϴϬ͕ϭϵй ϳϵ͕ϳϯй ϳϴ͕ϱϳй

ϳϯ͕ϰϭй ϳϬ͕ϯϳй ϳϲ͕ϳϮй ϰϲ͕ϴϮй

ϲ͕Ϭϱй ϭϬ͕ϲϰй ϲ͕ϱϬй ϱ͕Ϯϳй ϯ͕ϳϳй ϲ͕ϭϱй

ŝĐͲϭϭ ŝĐͲϭϮ ŝĐͲϭϯ ŝĐͲϭϰ ŝĐͲϭϱ ŝĐͲϭϲ &ĞďͲϭϳ

3$6,926<3$75,021,2

$OGH)HEUHURGHOGHOWRWDOGHDFWLYRVGHODFRPSDxtDHV¿QDQFLDGRHOPHGLDQWHSDVLYRFRUULHQWH
HOSDVLYRQRFRUULHQWH\HOSRUSDWULPRQLR$FRQWLQXDFLyQVHPXHVWUDODHYROXFLyQGHOSDVLYR\
SDWULPRQLRHQORV~OWLPRVDxRV

W^/sKzWdZ/DKE/K
;ŶŵŝůĞƐĚĞĚſůĂƌĞƐͿ ϭϴϮ͘ϰϲϵ
ϭϴϱ͘ϯϳϯ

ϭϲϮ͘ϱϳϬ
ϭϰϴ͘ϴϯϮ
ϭϮϲ͘ϳϵϳ

ϭϬϬ͘ϵϱϭ
ϴϬ͘ϱϴϭ ϳϴ͘ϮϬϵ
ϳϮ͘ϴϱϲ
ϲϬ͘ϲϭϮ ϱϴ͘Ϭϴϰ
ϱϬ͘ϵϱϯ
ϰϮ͘ϵϬϳ ϰϵ͘Ϭϳϲ

ϯϭ͘Ϯϱϵ ϮϬ͘ϵϰϭ
ϯϭ͘ϲϰϵ ϭϵ͘ϱϬϰ
ϭϴ͘ϭϰϲ ϭϮ͘ϴϰϰ
ϵ͘ϯϭϳ

ŝĐͲϭϭ ŝĐͲϭϮ ŝĐͲϭϯ ŝĐͲϭϰ ŝĐͲϭϱ ŝĐͲϭϲ &ĞďͲϭϳ

WĂƐŝǀŽŽƌƌŝĞŶƚĞ WĂƐŝǀŽ>ĂƌŐŽWůĂnjŽ WĂƚƌŝŵŽŶŝŽ


/RVSULQFLSDOHVSDVLYRVGHODFRPSDxtDDOGH)HEUHURGHOVRQODVFXHQWDVSRUSDJDUDSURYHHGRUHVTXH
UHSUHVHQWDQHOGHOWRWDOGHSDVLYRV\SDWULPRQLR\ORVRWURVSDVLYRVFRUULHQWHVTXHUHSUHVHQWDQHO
GHOWRWDOGHSDVLYRV\SDWULPRQLR

(O3DWULPRQLRGHODFRPSDxtDDOGH)HEUHURGHODVFLHQGHD86PLOHVGHGyODUHVTXHUHSUHVHQWD
HOGHOWRWDOGH$FWLYRV\HVWiFRQIRUPDGRSULQFLSDOPHQWHSRUORVUHVXOWDGRVDFXPXODGRV$FRQWLQXDFLyQ
VHPXHVWUDODFRPSRVLFLyQGHOSDWULPRQLRDOGH)HEUHURGHO


 KDWK^//ME>WdZ/DKE/K
ůϮϴĚĞ&ĞďƌĞƌŽĚĞůϮϬϭϳ
ĂƉŝƚĂůƐŽĐŝĂů
ϱй ZĞƐĞƌǀĂƐ
ϭϮй

hƚŝůŝĚĂĚĞƐ
ƌĞƚĞŶŝĚĂƐ
ϴϯй

,1*5(626

(QORV~OWLPRVDxRVODFRPSDxtDKDUHJLVWUDGR,QJUHVRVSRU86HQHO86
HQ HO  86   HQ HO   86  HQ HO  86 ¶ D 'LFLHPEUH GHO
UHSUHVHQWDQGRXQFUHFLPLHQWRGHHQHOHQHOHQHO\D
'LFLHPEUHGHO

$FRQWLQXDFLyQVHPXHVWUDODHYROXFLyQGHORV,QJUHVRV2SHUDFLRQDOHV&RVWRGH9HQWDGHODHPSUHVDHQORV
~OWLPRVDxRV

sEd^Ed^zK^dKsEd^
;ŶŵŝůĞƐĚĞĚſůĂƌĞƐͿ
ϯϬϬ͘ϬϬϬ
Ϯϲϰ͘ϭϲϬ
ϮϱϮ͘ϭϵϬ
ϮϱϬ͘ϬϬϬ Ϯϯϰ͘ϭϱϱ
ϮϬϰ͘ϴϬϱ
ϮϬϬ͘ϬϬϬ ϭϳϴ͘ϳϱϱ
ϭϰϮ͘ϳϮϵ ϭϰϯ͘ϲϯϮ
ϭϱϬ͘ϬϬϬ
ϭϯϰ͘ϲϭϭ
ϭϬϬ͘ϬϬϬ ϭϭϬ͘ϱϭϮ ϭϮϲ͘ϵϭϱ

ϵϲ͘Ϭϴϴ
ϱϬ͘ϬϬϬ ϴϰ͘ϴϰϰ

Ϭ
ŝĐͲϭϭ ŝĐͲϭϮ ŝĐͲϭϯ ŝĐͲϭϰ ŝĐͲϭϱ ŝĐͲϭϲ

sĞŶƚĂƐEĞƚĂƐ ŽƐƚŽKƉĞƌĂƚŝǀŽƐ

$OGH'LFLHPEUHGHOODFRPSDxtDORJUDREWHQHUXQWRWDOGHLQJUHVRVGH86PLOHVGHGyODUHV\
XQDXWLOLGDGQHWDGHO86PLOHVGHGyODUHV$FRQWLQXDFLyQVHPXHVWUDODHYROXFLyQGHODXWLOLGDGQHWDDOR
ODUJRGHOWLHPSR


 hd/>/Ed
;ŶĚſůĂƌĞƐͿ
ϯϱ͘ϬϬϬ͘ϬϬϬ
Ϯϵ͘ϴϳϮ͘ϮϬϮ Ϯϴ͘ϴϴϵ͘Ϯϭϰ
ϯϬ͘ϬϬϬ͘ϬϬϬ
Ϯϲ͘ϭϮϯ͘ϵϭϰ Ϯϱ͘Ϭϯϰ͘ϴϭϯ
Ϯϱ͘ϬϬϬ͘ϬϬϬ
ϮϬ͘ϲϮϮ͘ϰϱϲ
ϮϬ͘ϬϬϬ͘ϬϬϬ
ϭϲ͘ϬϮϱ͘ϬϰϮ
ϭϱ͘ϬϬϬ͘ϬϬϬ

ϭϬ͘ϬϬϬ͘ϬϬϬ

ϱ͘ϬϬϬ͘ϬϬϬ

Ϭ
ŝĐͲϭϭ ŝĐͲϭϮ ŝĐͲϭϯ ŝĐͲϭϰ ŝĐͲϭϱ ŝĐͲϭϲ

,1',&$'25(6),1$1&,(526

$/0$&(1(6'(35$7,6$

,1',&$'25(6),1$1&,(526

      
'(6&5,3&,21 GLF GLF GLF GLF GLF GLF IHE
&DSLWDOGH7UDEDMR       

/LTXLGH]5D]yQ&RUULHQWH       

/LTXLGH]3UXHED$FLGD       

5RWDFLyQFXHQWDVSRUFREUDU       

3DVLYRV7RWDOHV$FWLYRV7RWDOHV       

3DVLYRV7RWDOHV3DWULPRQLR       

3DVLYRV7RWDOHV9HQWDV1HWDV       

1R'H$FFLRQHV       

9HQWDV (QGyODUHV       

8WLOLGDGSRU$FFLyQ       

8WLOLGDG%UXWD9HQWDV       

8WLOLGDG1HWD$FWLYRV7RWDOHV       

8WLOLGDG1HWD3DWULPRQLR       

8WLOLGDG1HWD9HQWDV1HWDV       

*DVWRV)LMRV       

*DVWRV9DULDEOHV       

1RWD$OGH)HEUHURGHOORVLQGLFDGRUHVGH5HVXOWDGRVHHQFXHQWUDQDQXDOL]DGRV

$/0$&(1(6'(35$7,6$
9(17$6(181,'$'(6)Ë6,&$6

HK EK͘hE/^
ĚŝĐŝĞŵďƌĞĚĞůϮϬϭϰ ϭϯDzϯϮϱ͘ϰϬϮ
ĚŝĐŝĞŵďƌĞĚĞůϮϬϭϱ ϭϯDzϬϱϮ͘ϭϴϭ
ĚŝĐŝĞŵďƌĞĚĞůϮϬϭϲ ϭϯDzϬϭϮ͘Ϭϭϭ


 '(7$//( '( /$6 &217,1*(1&,$6 (1 /$6 &8$/(6 (/ (0,625 6($ *$5$17( 2 ),$'25 '(
2%/,*$&,21(6'(7(5&(526&21/$,1',&$&,Ï1'(/'(8'25<(/7,32'(9,1&8/$&,21

/DFRPSDxtDQRHVJDUDQWHQL¿DGRUGH2EOLJDFLRQHVGH7HUFHURV

'(7$//('(/$635,1&,3$/(6,19(56,21(6

$/0$&(1(6'(35$7,6$
'(7$//('(/$635,1&,3$/(6,19(56,21(6
([SUHVDGRVHQPLOHVGH86GyODUHV

'(6&5,3&,Ï1 727$/

$xR
$GTXLVLFLyQ(GLILFLRVHLQVWDODFLRQHV 
$GTXLVLFLyQ0iTXLQDV\(TXLSRV 
$GTXLVLFLyQ9HKtFXORV 
$GTXLVLFLyQ0XHEOHV\HQVHUHV 
$GTXLVLFLyQ(TXLSRVGHFRPSXWDFLyQ 
$GTXLVLVFLyQGH+HUUDPLHQWDV 
$GTXLVLFLyQ(TXLSRVGH2ILFLQD\2WURV 
2EUDVHQ&XUVR 
7RWDO$xR 

$xR
$GTXLVLFLyQ(GLILFLRVHLQVWDODFLRQHV 
$GTXLVLFLyQ0iTXLQDV\(TXLSRV 
$GTXLVLFLyQ0XHEOHV\HQVHUHV 
$GTXLVLFLyQ9HKtFXORV 
$GTXLVLFLyQ(TXLSRVGH2ILFLQD\2WURV 
$GTXLVLFLyQ(TXLSRVGHFRPSXWDFLyQ 
2EUDVHQ&XUVR 
7RWDO$xR 

$xR
$GTXLVLFLyQ(GLILFLRVHLQVWDODFLRQHV 
$GTXLVLFLyQ0iTXLQDV\(TXLSRV 
$GTXLVLFLyQ0XHEOHV\HQVHUHV 
$GTXLVLFLyQ9HKtFXORV 
$GTXLVLFLyQ(TXLSRVGH2ILFLQD\2WURV 
$GTXLVLFLyQ(TXLSRVGHFRPSXWDFLyQ 
2EUDVHQ&XUVR 
7RWDO$xR 


'(6&5,3&,Ï1'(/2635,1&,3$/(6$&7,926352'8&7,926(,0352'8&7,926&21,1',&$&,Ï1
'( /$6 ,19(56,21(6 $'48,6,&,21(6 < (1$-(1$&,21(6 '( ,03257$1&,$ 5($/,=$'$6 (1 (/
Ò/7,02(-(5&,&,2(&21Ï0,&2

$/0$&(1(6'(35$7,6$
'(7$//('(/2635,1&,3$/(6$&7,926352'8&7,926(,0352'8&7,926
$/'()(%5(52'(/

'(6&5,3&,Ï1 9$/25

$FWLYRV3URGXFWLYRV 
(IHFWLYR\HTXLYDOHQWHGHHIHFWLYR 
$FWLYRV)LQDQFLHURVPDQWHQLGRVKDVWDVXYHQFLPLHQWR 
&XHQWDVSRUFREUDUFOLHQWHV 
,QYHQWDULRV 
2WURVDFWLYRVFRUULHQWHV 
3URSLHGDGHVPXHEOHV\HTXLSR 
3URSLHGDGHVGHLQYHUVLyQ 
,QYHUVLRQHVHQDFFLRQHV 
&XHQWDVSRUFREUDUFRPHUFLDOHV 
2WURV$FWLYRV1RFRUULHQWHV 

$FWLYRV,PSURGXFWLYRV  

727$/$&7,926 

1RWD/D&RPSDxtDFRQVLGHUDTXHWRGRVVXVDFWLYRVVRQSURGXFWLYRV

35,1&,3$/(6,19(56,21(6<$'48,6,&,21(6(1(/$f2
([SUHVDGRVHQPLOHVGH86GyODUHV
'(6&5,3&,Ï1 9$/25
/ŶǀĞƌƐŝſŶĞŶƚŝĞŶĚĂƐĚĞƉĂƌƚĂŵĞŶƚĂůĞƐ ϰ͘ϱϭϲ
/ŶǀĞƌƐŝſŶĞŶƚĞĐŶŽůŽŐşĂ Ϯϲϱ
DƵĞďůĞƐ͕ƐĞŐƵƌŝĚĂĚ͕ŽƚƌŽƐĐƚŝǀŽƐ&ŝũŽƐ ϲϳϰ
KƚƌĂƐƌĞŵŽĚĞůĂĐŝŽŶĞƐŵĞŶŽƌĞƐĞŶƚŝĞŶĚĂƐ ϮϮϭ
WůĂƚĂĨŽƌŵĂǀŝƌƚƵĂů,LJďƌŝƐ ϵϳϱ
WƌŽLJĞĐƚŽƐĞŶƉƌŽĐĞƐŽ ϰϲϯ
7RWDO$xR ϳ͘ϭϭϰ


 $/0$&(1(6'(35$7,6$
(67$'2'(3(5','$6<*$1$1&,$6352<(&7$'23$5$(/7,(03248('85(/$(0,6,Ï1

'HVFULSFLyQ ,7ULP ,,7ULP ,,,7ULP ,97ULP ,7ULP ,,7ULP ,,,7ULP ,97ULP ,7ULP

9HQWDV         
,QJUHVRVSRUILQDQFLDPLHQWR         
7RWDO,QJUHVRV         
3/$=2'(/$(0,6,Ï1

&RVWRGH9HQWDV         
*DVWRVSRUILQDQFLDPLHQWR         
7RWDO&RVWRGH9HQWD         

8WLOLGDG%UXWD7RWDO         

*DVWRV2SHUDFLRQDOHV         
3DUWLFLSDFLyQGHWUDEDMDGRUHV         
3HUVRQDO         
9HQWDV         
2SHUDFLRQHV         
'HSUHFLDFLRQHV\$PRUWL]DFLRQHV         

8WLOLGDG2SHUDFLRQDO         

*DVWRV)LQDQFLHUR         
2WURV,QJUHVRV\HJUHVRV         

8WLOLGDGDQWHVGH,PSXHVWRV         

,PS$OD5HQWD         

8WLOLGDG1HWD            

6XSXHVWRV

ā6HKDFRQVLGHUDGRXQLQFUHPHQWRHQHOWRWDOGH,QJUHVRVGHODFRPSDxtDGHSDUDHODxRFRQUHVSHFWRDODxRDQWHULRUSDUDHO
HQHOHQHO\HQHO

ā(VWHLQFUHPHQWRHQODVYHQWDVVHGDSULQFLSDOPHQWHSRUODDSHUWXUDGHOQXHYRORFDOHQHO0DOOGHO3DFL¿FRHQ0DQWDHQHODxR$GLFLRQDOPHQWHVHWRPy
HQFRQVLGHUDFLyQHOFUHFLPLHQWRGHODVYHQWDVHQUHODFLyQDVLVHUH¿HUHDWLHQGDVFRPSDUDEOHV\WLHQGDVQR&RPSDUDEOHV

ā(OFRVWRGH9HQWDHQSURPHGLRUHSUHVHQWDHOGHO7RWDO,QJUHVRV\ORV*DVWRV2SHUDWLYRVUHSUHVHQWDQHQSURPHGLRHO

ā/RVJDVWRV¿QDQFLHURVVHKDQHVWLPDGRGHDFXHUGRDODV2EOLJDFLRQHVYLJHQWHV\FRQFRVWRTXHODFRPSDxtDHVWLPDFRQWUDHU
(67$'2'(5(68/7$'26(67$'2'()/8-2'(()(&7,92<&$-$75,0(675$/(63$5$(/


 $/0$&(1(6'(35$7,6$
(67$'2'(3(5','$6<*$1$1&,$6352<(&7$'23$5$(/7,(03248('85(/$(0,6,Ï1

'HVFULSFLyQ ,,7ULP ,,,7ULP ,97ULP ,7ULP ,,7ULP ,,,7ULP ,97ULP ,7ULP ,,7ULP

9HQWDV         
,QJUHVRVSRUILQDQFLDPLHQWR         
7RWDO,QJUHVRV         

&RVWRGH9HQWDV         
*DVWRVSRUILQDQFLDPLHQWR         
7RWDO&RVWRGH9HQWD         

8WLOLGDG%UXWD7RWDO         

*DVWRV2SHUDFLRQDOHV         
3DUWLFLSDFLyQGHWUDEDMDGRUHV         
3HUVRQDO         
9HQWDV         
2SHUDFLRQHV         
'HSUHFLDFLRQHV\$PRUWL]DFLRQHV         

8WLOLGDG2SHUDFLRQDO         

*DVWRV)LQDQFLHUR         
2WURV,QJUHVRV\HJUHVRV         

8WLOLGDGDQWHVGH,PSXHVWRV         

,PS$OD5HQWD         

8WLOLGDG1HWD               


 $/0$&(1(6'(35$7,6$
)/8-2'(()(&7,92352<(&7$'23$5$(/7,(03248('85$/$(0,6,Ï1
(10,/(6'('Ï/$5(6

'(6&5,3&,Ï1 ,7ULP ,,7ULP ,,,7ULP ,97ULP ,7ULP ,,7ULP ,,,7ULP ,97ULP ,7ULP
)/8-26'(()(&7,92'($&7,9,'$'(6'(23(5$&,Ï1
5HFLELGRGHFOLHQWHV         
3DJRVDSURYHHGRUHVHPSOHDGRV\RWURV         
,QWHUHVHVSDJDGRV         
,PSXHVWRVDODUHQWD  
(IHFWLYRQHWRSURYHQLHQWHGHDFWLYLGDGHVGHRSHUDFLyQ         

)/8-26'(()(&7,92(1$&7,9,'$'(6'(,19(56,Ï1
9HQFLPLHQWRGHDFWLYRVILQDQFLHURV
$GTXLVLFLRQHVGHSURSLHGDGHV\HTXLSRVQHWR         
$GTXLVLFLRQHVGHDFWLYRVLQWDQJLEOHV 
(IHFWLYRXWLOL]DGRHQLQYHUVLRQHV
(IHFWLYRQHWRXWLOL]DGRHQDFWLYLGDGHVGHLQYHUVLyQ         

)/8-26'(()(&7,92(1$&7,9,'$'(6'(),1$1&,$0,(172
1XHYRVSUpVWDPRVFRQLQVWLWXFLRQHVILQDQFLHUDV         
(PLVLyQGHREOLJDFLRQHVFRQLQYHUVLRQLVWDV  
3DJRGHREOLJDFLRQHVFRQLQVWLWXFLRQHVILQDQFLHUDV         
3DJRGH(PLVLyQGH2EOLJDFLRQHV       
(IHFWLYRXWLOL]DGRHQSDJRGHGLYLGHQGRV  
(IHFWLYRQHWRXWLOL]DGRHQDFWLYLGDGHVGHILQDQFLDPLHQWR         

()(&7,92<(48,9$/(17(6'(()(&7,92
$XPHQWR 'LVPLQXFLyQ QHWDGXUDQWHHODxR         
6DOGRDOLQLFLRGHOSHULRGR         

6$/'26$/),1$/'(/3(5,2'2         


 $/0$&(1(6'(35$7,6$
)/8-2'(()(&7,92352<(&7$'23$5$(/7,(03248('85$/$(0,6,Ï1
(10,/(6'('Ï/$5(6

'(6&5,3&,Ï1 ,,7ULP ,,,7ULP ,97ULP ,7ULP ,,7ULP ,,,7ULP ,97ULP ,7ULP ,,7ULP
)/8-26'(()(&7,92'($&7,9,'$'(6'(23(5$&,Ï1
5HFLELGRGHFOLHQWHV         
3DJRVDSURYHHGRUHVHPSOHDGRV\RWURV         
,QWHUHVHVSDJDGRV         
,PSXHVWRVDODUHQWD   
(IHFWLYRQHWRSURYHQLHQWHGHDFWLYLGDGHVGHRSHUDFLyQ         

)/8-26'(()(&7,92(1$&7,9,'$'(6'(,19(56,Ï1
9HQFLPLHQWRGHDFWLYRVILQDQFLHURV
$GTXLVLFLRQHVGHSURSLHGDGHV\HTXLSRVQHWR         
$GTXLVLFLRQHVGHDFWLYRVLQWDQJLEOHV
(IHFWLYRXWLOL]DGRHQLQYHUVLRQHV
(IHFWLYRQHWRXWLOL]DGRHQDFWLYLGDGHVGHLQYHUVLyQ         

)/8-26'(()(&7,92(1$&7,9,'$'(6'(),1$1&,$0,(172
1XHYRVSUpVWDPRVFRQLQVWLWXFLRQHVILQDQFLHUDV         
(PLVLyQGHREOLJDFLRQHVFRQLQYHUVLRQLVWDV 
3DJRGHREOLJDFLRQHVFRQLQVWLWXFLRQHVILQDQFLHUDV         
3DJRGH(PLVLyQGH2EOLJDFLRQHV         
(IHFWLYRXWLOL]DGRHQSDJRGHGLYLGHQGRV  
(IHFWLYRQHWRXWLOL]DGRHQDFWLYLGDGHVGHILQDQFLDPLHQWR         

()(&7,92<(48,9$/(17(6'(()(&7,92
$XPHQWR 'LVPLQXFLyQ QHWDGXUDQWHHODxR         
6DOGRDOLQLFLRGHOSHULRGR         

6$/'26$/),1$/'(/3(5,2'2         


 $/0$&(1(6'(35$7,6$
)/8-2'(&$-$352<(&7$'23$5$(/7,(03248('85$/$(0,6,Ï1
(10,/(6'('Ï/$5(6

'(6&5,3&,Ï1 ,7ULP ,,7ULP ,,,7ULP ,97ULP ,7ULP ,,7ULP ,,,7ULP ,97ULP ,7ULP
6$/'2,1,&,$/'(&$-$         

,1*5(626
5HFLELGRGHFOLHQWHV         
(PLVLyQGHREOLJDFLRQHVFRQLQYHUVLRQLVWDV         
1XHYRVSUpVWDPRVFRQLQVWLWXFLRQHVILQDQFLHUDV         
727$/,1*5(626         

(*5(626
3DJRVDSURYHHGRUHVHPSOHDGRV\RWURV         
,QWHUHVHVSDJDGRV         
,PSXHVWRVDODUHQWD         
$GTXLVLFLRQHVGHSURSLHGDGHV\HTXLSRVQHWR         
$GTXLVLFLRQHVGHDFWLYRVLQWDQJLEOHV         
3DJRGHREOLJDFLRQHVFRQLQVWLWXFLRQHVILQDQFLHUDV         
3DJRGH(PLVLyQGH2EOLJDFLRQHV         
(IHFWLYRXWLOL]DGRHQSDJRGHGLYLGHQGRV         
727$/(*5(626         

$80(1722',60,18&,Ï11(7$(1(/$f2         

)/8-2'(&$-$),1$/         


 $/0$&(1(6'(35$7,6$
)/8-2'(&$-$352<(&7$'23$5$(/7,(03248('85$/$(0,6,Ï1
(10,/(6'('Ï/$5(6

'(6&5,3&,Ï1 ,,7ULP ,,,7ULP ,97ULP ,7ULP ,,7ULP ,,,7ULP ,97ULP ,7ULP ,,7ULP
6$/'2,1,&,$/'(&$-$         

,1*5(626
5HFLELGRGHFOLHQWHV         
(PLVLyQGHREOLJDFLRQHVFRQLQYHUVLRQLVWDV         
1XHYRVSUpVWDPRVFRQLQVWLWXFLRQHVILQDQFLHUDV         
727$/,1*5(626         

(*5(626
3DJRVDSURYHHGRUHVHPSOHDGRV\RWURV         
,QWHUHVHVSDJDGRV         
,PSXHVWRVDODUHQWD         
$GTXLVLFLRQHVGHSURSLHGDGHV\HTXLSRVQHWR         
$GTXLVLFLRQHVGHDFWLYRVLQWDQJLEOHV         
3DJRGHREOLJDFLRQHVFRQLQVWLWXFLRQHVILQDQFLHUDV         
3DJRGH(PLVLyQGH2EOLJDFLRQHV         
(IHFWLYRXWLOL]DGRHQSDJRGHGLYLGHQGRV         
727$/(*5(626         

$80(1722',60,18&,Ï11(7$(1(/$f2         

)/8-2'(&$-$),1$/         


'(&/$5$&,Ï1-85$0(17$'$'(/5(35(6(17$17(/(*$/'(/$&203$fË$


'(&/$5$&,Ï1-85$0(17$'$'(/26$&7,926/,%5(6'(*5$9$0(1





$1(;26


 $1(;2

$/0$&(1(6'(35$7,6$


(67$'26),1$1&,(526 12&2162/,'$'26 
325(/$f27(50,1$'2(/'(',&,(0%5('(/


&RQWHQLGR 3iJLQD

,QIRUPHGHORV$XGLWRUHV,QGHSHQGLHQWHV 

(VWDGR QRFRQVROLGDGR GHVLWXDFLyQILQDQFLHUD 

(VWDGR QRFRQVROLGDGR GHUHVXOWDGRLQWHJUDO 

(VWDGR QRFRQVROLGDGR GHFDPELRVHQHOSDWULPRQLR 

(VWDGR QRFRQVROLGDGR GHIOXMRVGHHIHFWLYR 

1RWDVDORVHVWDGRVILQDQFLHURV QRFRQVROLGDGRV  

,QIRUPDFLyQ)LQDQFLHUD6XSOHPHQWDULD 
 
&XPSOLPLHQWRGHFRQGLFLRQHVHVWDEOHFLGDVHQHOSURVSHFWRGHRIHUWDS~EOLFDGH 
WLWXODUL]DFLRQHV $QH[R
 
&XPSOLPLHQWRGHFRQGLFLRQHVHVWDEOHFLGDVHQHOSURVSHFWRGHRIHUWDS~EOLFDGHHPLVLyQ 
GHSDSHOFRPHUFLDO $QH[R

$SOLFDFLyQGHORVUHFXUVRVFDSWDGRVSRUWLWXODUL]DFLRQHV\SDSHOFRPHUFLDO $QH[R

3URYLVLRQHVSDUDHOSDJRGHFDSLWDOHLQWHUHVHVGHWLWXODUL]DFLRQHV\SDSHOFRPHUFLDO $QH[R
 
*DUDQWtDVTXHUHVSDOGDQWLWXODUL]DFLRQHV\SDSHOFRPHUFLDO $QH[R
 
$EUHYLDWXUDV

1,& 1RUPDV,QWHUQDFLRQDOHVGH&RQWDELOLGDG
1,,) 1RUPDV,QWHUQDFLRQDOHVGH,QIRUPDFLyQ)LQDQFLHUD
&,1,,) ,QWHUSUHWDFLRQHVGHO&RPLWpGH1RUPDV,QWHUQDFLRQDOHVGH,QIRUPDFLyQ)LQDQFLHUD
65, 6HUYLFLRGH5HQWDV,QWHUQDV
3&*$ 3ULQFLSLRVGH&RQWDELOLGDG*HQHUDOPHQWH$FHSWDGRVHQHO(FXDGRU
86 86GyODUHV






  'HORLWWH 7RXFKH
(FXDGRU&tD/WGD
 $Y$PD]RQDV1
 7HOI  
4XLWR(FXDGRU
 
 7XOFiQ
7HOI  
 *XD\DTXLO(FXDGRU
ZZZGHORLWWHFRPHF


,1)250('(/26$8',725(6,1'(3(1',(17(6


$ORVVHxRUHV$FFLRQLVWDVGH
$OPDFHQHV'H3UDWL6$

,QIRUPHVREUHORVHVWDGRVILQDQFLHURV

+HPRVDXGLWDGRORVHVWDGRVILQDQFLHURVDGMXQWRVGH$OPDFHQHV'H3UDWL6$TXHLQFOX\HQHOHVWDGR QR
FRQVROLGDGR GHVLWXDFLyQILQDQFLHUDDOGHGLFLHPEUHGHO\ORVFRUUHVSRQGLHQWHVHVWDGRV QR
FRQVROLGDGR GHUHVXOWDGRLQWHJUDOGHFDPELRVHQHOSDWULPRQLR\GHIOXMRVGHHIHFWLYRSRUHODxRWHUPLQDGR
HQHVDIHFKD\XQUHVXPHQGHODVSROtWLFDVFRQWDEOHVVLJQLILFDWLYDV\RWUDVQRWDVH[SOLFDWLYDV

5HVSRQVDELOLGDGGHOD$GPLQLVWUDFLyQGHOD&RPSDxtDSRUORVHVWDGRVILQDQFLHURV

/D$GPLQLVWUDFLyQGHOD&RPSDxtDHVUHVSRQVDEOHGHODSUHSDUDFLyQ\SUHVHQWDFLyQUD]RQDEOHGHHVWRV
HVWDGRVILQDQFLHURV QRFRQVROLGDGRV GHDFXHUGRFRQ1RUPDV,QWHUQDFLRQDOHVGH,QIRUPDFLyQ)LQDQFLHUD
1,,)\GHOFRQWUROLQWHUQRGHWHUPLQDGRSRUOD$GPLQLVWUDFLyQFRPRQHFHVDULRSDUDSHUPLWLUODSUHSDUDFLyQ
GHORVHVWDGRVILQDQFLHURV QRFRQVROLGDGRV HVWpQOLEUHVGHHUURUHVPDWHULDOHVGHELGRDIUDXGHRHUURU

5HVSRQVDELOLGDGGHODXGLWRU

1XHVWUDUHVSRQVDELOLGDGHVH[SUHVDUXQDRSLQLyQVREUHHVWRVHVWDGRVILQDQFLHURV QRFRQVROLGDGRV EDVDGRV
HQQXHVWUDDXGLWRUtD1XHVWUDDXGLWRUtDIXHHIHFWXDGDGHDFXHUGRFRQQRUPDVLQWHUQDFLRQDOHVGHDXGLWRUtD
(VWDVQRUPDVUHTXLHUHQTXHFXPSODPRVFRQUHTXHULPLHQWRVpWLFRV\SODQLILTXHPRV\UHDOLFHPRVODDXGLWRUtD
SDUDREWHQHUFHUWH]DUD]RQDEOHTXHORVHVWDGRVILQDQFLHURV QRFRQVROLGDGRV HVWiQOLEUHVGHHUURUHV
PDWHULDOHV

8QDDXGLWRUtDFRPSUHQGHODUHDOL]DFLyQGHSURFHGLPLHQWRVSDUDREWHQHUHYLGHQFLDGHDXGLWRUtDVREUHORV
VDOGRV\UHYHODFLRQHVSUHVHQWDGDVHQORVHVWDGRVILQDQFLHURV QRFRQVROLGDGRV /RVSURFHGLPLHQWRV
VHOHFFLRQDGRVGHSHQGHQGHOMXLFLRGHODXGLWRULQFOX\HQGRODHYDOXDFLyQGHORVULHVJRVGHHUURUPDWHULDOHQ
ORVHVWDGRVILQDQFLHURV QRFRQVROLGDGRV GHELGRDIUDXGHRHUURU$OHIHFWXDUHVWDHYDOXDFLyQGHULHVJRHO
DXGLWRUWRPDHQFRQVLGHUDFLyQORVFRQWUROHVLQWHUQRVUHOHYDQWHVSDUDODSUHSDUDFLyQ\SUHVHQWDFLyQUD]RQDEOH
GHORVHVWDGRVILQDQFLHURV QRFRQVROLGDGRV GHOD&RPSDxtDDILQGHGLVHxDUSURFHGLPLHQWRVGHDXGLWRUtD
DGHFXDGRVDODVFLUFXQVWDQFLDVSHURQRFRQHOSURSyVLWRGHH[SUHVDUXQDRSLQLyQVREUHODHIHFWLYLGDGGHO
FRQWUROLQWHUQRGHOD&RPSDxtD8QDDXGLWRUtDWDPELpQFRPSUHQGHODHYDOXDFLyQTXHODVSROtWLFDVFRQWDEOHV
XWLOL]DGDVVRQDSURSLDGDV\TXHODVHVWLPDFLRQHVFRQWDEOHVKHFKDVSRUOD$GPLQLVWUDFLyQVRQUD]RQDEOHVDVt
FRPRXQDHYDOXDFLyQGHODSUHVHQWDFLyQJHQHUDOGHORVHVWDGRVILQDQFLHURV QRFRQVROLGDGRV 


'HORLWWHVHUHILHUHD'HORLWWH7RXFKH7RKPDWVX/LPLWHGVRFLHGDGSULYDGDGHUHVSRQVDELOLGDGOLPLWDGDHQHO5HLQR8QLGR\DVXUHGGHILUPDVPLHPEURFDGDXQDGHHOODV
FRPRXQDHQWLGDGOHJDO~QLFDHLQGHSHQGLHQWH&RQR]FDHQZZZGHORLWWHFRPHFFRQR]FDQRVODGHVFULSFLyQGHWDOODGDGHODHVWUXFWXUDOHJDOGH'HORLWWH7RXFKH7RKPDWVX
/LPLWHG\VXVILUPDVPLHPEUR

0HPEHURI'HORLWWH7RXFKH7RKPDWVX



&RQVLGHUDPRVTXHODHYLGHQFLDGHDXGLWRUtDTXHKHPRVREWHQLGRHVVXILFLHQWH\DSURSLDGDSDUDSURSRUFLRQDU
XQDEDVHSDUDQXHVWUDRSLQLyQGHDXGLWRUtD

2SLQLyQ

(QQXHVWUDRSLQLyQORVHVWDGRVILQDQFLHURV QRFRQVROLGDGRV SUHVHQWDQUD]RQDEOHPHQWHHQWRGRVORV
DVSHFWRVPDWHULDOHVODSRVLFLyQILQDQFLHUDGH$OPDFHQHV'H3UDWL6$DOGHGLFLHPEUHGHOHO
UHVXOWDGRGHVXVRSHUDFLRQHV\VXVIOXMRVGHHIHFWLYRSRUHODxRWHUPLQDGRHQHVDIHFKDGHDFXHUGRFRQ
1RUPDV,QWHUQDFLRQDOHVGH,QIRUPDFLyQ)LQDQFLHUD1,,)

$VXQWRGHeQIDVLV

6LQFDOLILFDUQXHVWUDRSLQLyQLQIRUPDPRVTXHWDOFRPRVHH[SOLFDHQOD1RWD$OPDFHQHV'H3UDWL6$
WDPELpQSUHSDUyHVWDGRVILQDQFLHURVFRQVROLGDGRVFRQIRUPHORUHTXLHUHQODV1,,)/RVHVWDGRVILQDQFLHURV
VHSDUDGRVDGMXQWRVVHSUHVHQWDQSRUUHTXHULPLHQWRGHOD6XSHULQWHQGHQFLDGH&RPSDxtDV

2WURVDVXQWRV

x /RVHVWDGRVILQDQFLHURV QRFRQVROLGDGRV GH$OPDFHQHV'H3UDWL6$DOGHGLFLHPEUHGHO
IXHURQH[DPLQDGRVSRURWURVDXGLWRUHVTXLHQHVHPLWLHURQXQDRSLQLyQVLQVDOYHGDGHQPDU]RGHO


x /DLQIRUPDFLyQILQDQFLHUDVXSOHPHQWDULDDGMXQWDGH$OPDFHQHV'H3UDWL6$SRUHODxRWHUPLQDGRHO
GHGLFLHPEUHGHOHVSUHVHQWDGDFRQHOSURSyVLWRGHFXPSOLUFRQODVGLVSRVLFLRQHVHVWDEOHFLGDV
HQHO7tWXOR,,6XEWtWXOR,9&DStWXOR,96HFFLyQ,9$UWtFXORGHOD&RGLILFDFLyQGH5HVROXFLRQHV
GHO&RQVHMR1DFLRQDOGH9DORUHV\QRHVUHTXHULGDFRPRSDUWHGHORVHVWDGRVILQDQFLHURVEiVLFRV/D
$GPLQLVWUDFLyQGHOD&RPSDxtDHVUHVSRQVDEOHGHODSUHSDUDFLyQ\SUHVHQWDFLyQUD]RQDEOHGHOD
LQIRUPDFLyQILQDQFLHUDVXSOHPHQWDULDGHDFXHUGRFRQODVGLVSRVLFLRQHVPHQFLRQDGDVSUHFHGHQWHPHQWH

$ODUHIHULGDLQIRUPDFLyQILQDQFLHUDVXSOHPHQWDULDKHPRVDSOLFDGRORVSURFHGLPLHQWRVGHDXGLWRUtD
XWLOL]DGRVHQHOH[DPHQGHORVHVWDGRVILQDQFLHURV QRFRQVROLGDGRV EiVLFRV\HQQXHVWUDRSLQLyQHVWi
SUHVHQWDGDUD]RQDEOHPHQWHHQWRGRVVXVDVSHFWRVPDWHULDOHVFXDQGRHVFRQVLGHUDGDHQFRQMXQWRFRQORV
HVWDGRVILQDQFLHURV QRFRQVROLGDGRV EiVLFRVSRUHODxRWHUPLQDGRHOGHGLFLHPEUHGHO




*XD\DTXLO)HEUHUR -DLPH&DVWUR+
6&51$( 6RFLR
 5HJLVWUR1R





$/0$&(1(6'(35$7,6$


(67$'2 12&2162/,'$'2 '(6,78$&,Ï1),1$1&,(5$
$/'(',&,(0%5('(/


$&7,926 1RWDV  
  HQ86GyODUHV 

$&7,926&255,(17(6   
(IHFWLYR\HTXLYDOHQWHVGHHIHFWLYR   
$FWLYRVILQDQFLHURVPDQWHQLGRVKDVWDVXYHQFLPLHQWR   
&XHQWDVSRUFREUDU   
,QYHQWDULRV   
,PSXHVWRFRUULHQWH   
2WURVDFWLYRVFRUULHQWHV   
7RWDODFWLYRVFRUULHQWHV   
   
$&7,92612&255,(17(6   
3URSLHGDGHV\HTXLSRV   
3URSLHGDGHVGHLQYHUVLyQ   
,QYHUVLyQHQVXEVLGLDULD   
$FWLYRVLQWDQJLEOHV   
&XHQWDVSRUFREUDU   
2WURVDFWLYRV   
   
7RWDODFWLYRVQRFRUULHQWHV   
   
   
   
   
  BBBBBBBBBBB BBBBBBBBBBB
   
   
727$/   


9HUQRWDVDORVHVWDGRVILQDQFLHURV

















3$6,926<3$75,021,2 1RWDV  
  HQ86GyODUHV 
 
3$6,926&255,(17(6   
3UpVWDPR   
2WURVSDVLYRVILQDQFLHURV   
&XHQWDVSRUSDJDU   
,PSXHVWRVFRUULHQWHV   
2EOLJDFLRQHVDFXPXODGDV   
,QJUHVRGLIHULGR   
7RWDOSDVLYRVFRUULHQWHV   
   
3$6,92612&255,(17(6   
3UpVWDPR   
2WURVSDVLYRVILQDQFLHURV   
2EOLJDFLyQSRUEHQHILFLRGHILQLGR   
,PSXHVWRGLIHULGR   
2WURVSDVLYRV   
7RWDOSDVLYRVQRFRUULHQWHV   
   
7RWDOSDVLYRV   
   
3$75,021,2   
&DSLWDOVRFLDO   
5HVHUYDV   
5HVXOWDGRVDFXPXODGRV   
7RWDOSDWULPRQLR   
   
727$/   
   









$/0$&(1(6'(35$7,6$


(67$'2 12&2162/,'$'2 '(5(68/7$'2,17(*5$/
325(/$f27(50,1$'2(/'(',&,(0%5('(/


 1RWDV  
  HQ86GyODUHV 

,1*5(626   
   
&2672'(9(17$6     
   
0$5*(1%5872   
   
2WURVLQJUHVRV   
*DVWRVGHDGPLQLVWUDFLyQ\YHQWDV     
&RVWRVILQDQFLHURV     
2WURV       
   
87,/,'$'$17(6'(,038(672$/$5(17$ 
 
0HQRVJDVWRGHLPSXHVWRDODUHQWD   
&RUULHQWH   
'LIHULGR       
7RWDO   
   
87,/,'$''(/$f2   
   
27525(68/7$'2,17(*5$/   
3DUWLGDVTXHQRVHUHFODVLILFDUiQSRVWHULRUPHQWHD
UHVXOWDGRV   
1XHYDVPHGLFLRQHVGHREOLJDFLRQHVSRUEHQHILFLRV
'HILQLGRV   
   
727$/5(68/7$'2,17(*5$/'(/$f2   
   
*DQDQFLDEiVLFDSRUDFFLyQ   



9HUQRWDVDORVHVWDGRVILQDQFLHURV







$/0$&(1(6'(35$7,6$ 


(67$'2 12&2162/,'$'2 '(&$0%,26(1(/3$75,021,2
325(/$f27(50,1$'2(/'(',&,(0%5('(/


 &DSLWDO 5HVXOWDGRV
VRFLDO 5HVHUYDV DFXPXODGRV 7RWDO
 HQ86GyODUHV 

(QHUR    
    
8WLOLGDG    
2WURUHVXOWDGRLQWHJUDO    
7UDQVIHUHQFLD     
'LYLGHQGRVSDJDGRV BBBBBBBBB BBBBBBBBB      
    
'LFLHPEUH    
    
8WLOLGDG    
2WURUHVXOWDGRLQWHJUDO    
'LYLGHQGRVSDJDGRVQRWD BBBBBBBBB BBBBBBBBB      
    
'LFLHPEUH    















9HUQRWDVDORVHVWDGRVILQDQFLHURV










 $/0$&(1(6'(35$7,6$


(67$'2 12&2162/,'$'2 '()/8-26'(()(&7,92
325(/$f27(50,1$'2(/'(',&,(0%5('(/


  
 HQ86GyODUHV 
 )/8-26'(()(&7,92'($&7,9,'$'(6'(23(5$&,Ð1  
 5HFLELGRGHFOLHQWHV  
 3DJRVDSURYHHGRUHVHPSOHDGRV\RWURV    
 ,QWHUHVHVSDJDGRV    
 ,PSXHVWRVDODUHQWD      
   
 (IHFWLYRQHWRSURYHQLHQWHGHDFWLYLGDGHVGHRSHUDFLyQ  
   
 )/8-26'(()(&7,92(1$&7,9,'$'(6'(,19(56,Ð1  
 9HQFLPLHQWRGHDFWLYRVILQDQFLHURV  
 $GTXLVLFLRQHVGHSURSLHGDGHV\HTXLSRVQHWR    
 $GTXLVLFLRQHVGHDFWLYRVLQWDQJLEOHV    
 (IHFWLYRXWLOL]DGRHQLQYHUVLRQHV BBBBBBBBBB   
   
 (IHFWLYRQHWRXWLOL]DGRHQDFWLYLGDGHVGHLQYHUVLyQ      
   
 )/8-26'(()(&7,92(1$&7,9,'$'(6'(
),1$1&,$0,(172  
 1XHYRVSUpVWDPRVFRQLQVWLWXFLRQHVILQDQFLHUDV  
 (PLVLyQGHREOLJDFLRQHVFRQLQYHUVLRQLVWDV  
 3DJRGHREOLJDFLRQHVFRQLQVWLWXFLRQHVILQDQFLHUDVHLQYHUVLRQLVWDV    
 (IHFWLYRXWLOL]DGRHQSDJRGHGLYLGHQGRV      
   
 (IHFWLYRQHWRXWLOL]DGRHQDFWLYLGDGHVGHILQDQFLDPLHQWR      

  
 ()(&7,92<(48,9$/(17(6'(()(&7,92  
 'LVPLQXFLyQQHWDGXUDQWHHODxR    
 &RPLHQ]RGHODxR  
   

6$/'26$/),1$/'(/$f2  
   



9HUQRWDVDORVHVWDGRVILQDQFLHURV














$/0$&(1(6'(35$7,6$


127$6$/26(67$'26),1$1&,(526 12&2162/,'$'26 
325(/$f27(50,1$'2(/'(',&,(0%5('(/


 ,1)250$&,Ï1*(1(5$/

$OPDFHQHV'H3UDWL6$ /D&RPSDxtD IXHFRQVWLWXLGDHQ(FXDGRUHQIHEUHURGHVX
GRPLFLOLRSULQFLSDOVHHQFXHQWUDHQODFLXGDGGH*XD\DTXLOHQODVFDOOHV%y\DFD\/XTXH\VX
DFWLYLGDGSULQFLSDOHVODFRPSUDYHQWDFRPHUFLDOL]DFLyQ\GLVWULEXFLyQGHYHVWLPHQWDVSRU
GHSDUWDPHQWRVDUWtFXORVSDUDHOKRJDUSHUIXPHVELHQHVGHFRQVXPR\GHFDSLWDOHQVXVWLHQGDV
XELFDGDVHQODVFLXGDGHVGH*XD\DTXLO\4XLWRDGLFLRQDOPHQWHOD&RPSDxtDUHDOL]DFRPHUFLDOL]DFLyQ
GHVXPHUFDGHUtDDQLYHOQDFLRQDODWUDYpVGHWLHQGDYLUWXDO

$OGHGLFLHPEUHGHHOSHUVRQDOWRWDOGHOD&RPSDxtDHVGHHPSOHDGRVTXHVH
HQFXHQWUDQGLVWULEXLGRVHQORVGLYHUVRVGHSDUWDPHQWRVGHOD&RPSDxtD

/DLQIRUPDFLyQFRQWHQLGDHQHVWRVHVWDGRVILQDQFLHURV QRFRQVROLGDGRV HVUHVSRQVDELOLGDGGHOD
$GPLQLVWUDFLyQGHOD&RPSDxtD


 32/Ë7,&$6&217$%/(66,*1,),&$7,9$6

 'HFODUDFLyQGHFXPSOLPLHQWR

/RVHVWDGRVILQDQFLHURV QRFRQVROLGDGRV KDQVLGRSUHSDUDGRVGHFRQIRUPLGDGFRQODV1RUPDV
,QWHUQDFLRQDOHVGH,QIRUPDFLyQ)LQDQFLHUD±1,,)HPLWLGDVSRUHO&RQVHMRGH1RUPDV
,QWHUQDFLRQDOHVGH&RQWDELOLGDG ,$6% 

 %DVHVGHSUHSDUDFLyQ

/RVHVWDGRVILQDQFLHURV QRFRQVROLGDGRV KDQVLGRSUHSDUDGRVVREUHODVEDVHVGHOFRVWR
KLVWyULFRH[FHSWRSRUFLHUWDVSURSLHGDGHVHLQVWUXPHQWRVILQDQFLHURVTXHVRQPHGLGRVDVXV
YDORUHVUD]RQDEOHVWDOFRPRVHH[SOLFDHQODVSROtWLFDVFRQWDEOHVLQFOXLGDVPiVDEDMR(OFRVWR
KLVWyULFRHVWiEDVDGRJHQHUDOPHQWHHQHOYDORUUD]RQDEOHGHODFRQWUDSUHVWDFLyQHQWUHJDGDD
FDPELRGHELHQHV\VHUYLFLRV

(OYDORUUD]RQDEOHHVHOSUHFLRTXHVHUHFLELUtDSRUYHQGHUXQDFWLYRRHOYDORUSDJDGRSDUD
WUDQVIHULUXQSDVLYRHQWUHSDUWLFLSDQWHVGHXQPHUFDGRHQODIHFKDGHYDORUDFLyQ
LQGHSHQGLHQWHPHQWHGHVLHVHSUHFLRHVGLUHFWDPHQWHREVHUYDEOHRHVWLPDGRXWLOL]DQGRRWUD
WpFQLFDGHYDORUDFLyQ$OHVWLPDUHOYDORUUD]RQDEOHGHXQDFWLYRRXQSDVLYROD&RPSDxtDWLHQH
HQFXHQWDODVFDUDFWHUtVWLFDVGHODFWLYRRSDVLYRTXHORVSDUWLFLSDQWHVGHOPHUFDGRWRPDUtDQHQ
FXHQWDDOILMDUHOSUHFLRGHODFWLYRRSDVLYRDODIHFKDGHPHGLFLyQ(OYDORUUD]RQDEOHDHIHFWRV
GHPHGLFLyQ\RGHUHYHODFLyQHQORVHVWDGRVILQDQFLHURV QRFRQVROLGDGRV VHGHWHUPLQDVREUH
XQDEDVHGHHVWHWLSRDH[FHSFLyQGHODVWUDQVDFFLRQHVUHODFLRQDGDVDSDJRVEDVDGRVHQDFFLRQHV
TXHVHHQFXHQWUDQGHQWURGHODOFDQFHGHOD1,,)ODVRSHUDFLRQHVGHDUUHQGDPLHQWRTXHHVWiQ
GHQWURGHODOFDQFHGHOD1,&\ODVPHGLFLRQHVTXHWLHQHDOJXQDVVLPLOLWXGHVFRQHOYDORU
UD]RQDEOHSHURQRVRQVXYDORUUD]RQDEOHWDOHVFRPRHOYDORUQHWRGHUHDOL]DFLyQGHOD1,&R
HOYDORUHQXVRGHOD1,&




 $GLFLRQDOPHQWHDHIHFWRVGHLQIRUPDFLyQILQDQFLHUDODVPHGLFLRQHVHIHFWXDGDVDYDORU
UD]RQDEOHVHFODVLILFDQHQHOQLYHORFRQEDVHHQHOJUDGRGHLPSRUWDQFLDGHORVLQVXPRV
SDUDODPHGLFLyQGHOYDORUUD]RQDEOHHQVXWRWDOLGDGORVFXDOHVVHGHVFULEHQDFRQWLQXDFLyQ

1LYHO6RQSUHFLRVFRWL]DGRV VLQDMXVWDU HQPHUFDGRVDFWLYRVSDUDDFWLYRVRSDVLYRVLGpQWLFRV
TXHODHQWLGDGSXHGHDFFHGHUDODIHFKDGHPHGLFLyQ

1LYHO,QVXPRVGLVWLQWRVDORVSUHFLRVFRWL]DGRVLQFOXLGRVHQHO1LYHOTXHVHDQREVHUYDEOHV
SDUDHODFWLYRRSDVLYR\DVHDGLUHFWDRLQGLUHFWDPHQWH

1LYHO,QVXPRVVRQGDWRVQRREVHUYDEOHVSDUDHODFWLYRRSDVLYR

$FRQWLQXDFLyQVHGHVFULEHQODVSULQFLSDOHVSROtWLFDVFRQWDEOHVDGRSWDGDVHQODSUHSDUDFLyQGH
HVWRVHVWDGRVILQDQFLHURV QRFRQVROLGDGRV 

 (IHFWLYR\HTXLYDOHQWHGHHIHFWLYR

,QFOX\HDTXHOORVDFWLYRVILQDQFLHURVOtTXLGRVGHSyVLWRVRLQYHUVLRQHVILQDQFLHUDVOtTXLGDVTXH
VHSXHGHQWUDQVIRUPDUUiSLGDPHQWHHQHIHFWLYRHQXQSOD]RLQIHULRUDWUHVPHVHV

 ,QYHQWDULRV

6RQSUHVHQWDGRVDOFRVWRGHDGTXLVLFLyQRYDORUQHWRUHDOL]DEOHHOPHQRU6RQYDOXDGRVFRQHO
PpWRGRGHOFRVWRSURPHGLRSRQGHUDGR/DVLPSRUWDFLRQHVHQWUiQVLWRVHHQFXHQWUDQUHJLVWUDGDV
DVXFRVWRGHDGTXLVLFLyQ

(OYDORUQHWRUHDOL]DEOHUHSUHVHQWDHOSUHFLRGHYHQWDHVWLPDGRPHQRVWRGRVORVFRVWRV
QHFHVDULRVSDUDODYHQWD

/D$GPLQLVWUDFLyQSDUDUHFRQRFHUSpUGLGDVSRUREVROHVFHQFLDRGHWHULRURUHDOL]DQUHEDMDV
SRUFHQWXDOHVHQIXQFLyQGHODURWDFLyQGHLQYHQWDULRGHDFXHUGRDDQiOLVLVGHODSRVLELOLGDGUHDO
GHYHQWD\HOHIHFWRHVUHJLVWUDGRHQUHVXOWDGRVHQHOSHUtRGRHQTXHVHSURGXFH

 3URSLHGDGHV\HTXLSRV

 0HGLFLyQHQHOPRPHQWRGHOUHFRQRFLPLHQWR

/DVSURSLHGDGHV\HTXLSRVVRQUHJLVWUDGDVDOFRVWRPHQRVODGHSUHFLDFLyQDFXPXODGD\
HOLPSRUWHDFXPXODGRGHODVSpUGLGDVGHGHWHULRURGHYDORU

(OFRVWRGHSURSLHGDGHV\HTXLSRVFRPSUHQGHVXSUHFLRGHDGTXLVLFLyQPiVWRGRVORV
FRVWRVGLUHFWDPHQWHUHODFLRQDGRVFRQODXELFDFLyQVXSXHVWDHQFRQGLFLRQHVGH
IXQFLRQDPLHQWRVHJ~QORSUHYLVWRSRUOD$GPLQLVWUDFLyQGHOD&RPSDxtD

 0HGLFLyQSRVWHULRUDOUHFRQRFLPLHQWR0RGHORGHOFRVWR

'HVSXpVGHOUHFRQRFLPLHQWRLQLFLDOODVSURSLHGDGHV\HTXLSRVVRQUHJLVWUDGDVDOFRVWR
PHQRVODGHSUHFLDFLyQDFXPXODGD\HOLPSRUWHDFXPXODGRGHODVSpUGLGDVGHGHWHULRUR
GHYDORU

/RVJDVWRVGHUHSDUDFLRQHV\PDQWHQLPLHQWRVVHLPSXWDQDUHVXOWDGRVHQHOSHUtRGRHQ
TXHVHSURGXFHQ





 /DVPHMRUDVHQHGLILFLRVTXHDODUJDQODYLGD~WLORHOUHQGLPLHQWRGHODVSURSLHGDGHVVH
DFWLYDQFRPRSDUWHGHODVSURSLHGDGHV\HTXLSRV\VHGHSUHFLDQGXUDQWHODYLGD~WLO
UHVWDQWHGHODFWLYRFRUUHVSRQGLHQWHRKDVWDODIHFKDHQTXHVHUHDOLFHODVLJXLHQWH
UHQRYDFLyQVLJQLILFDWLYDORTXHRFXUUDSULPHUR

 0pWRGRGHGHSUHFLDFLyQ\YLGDV~WLOHV

(OFRVWRGHSURSLHGDGHV\HTXLSRVVHGHSUHFLDGHDFXHUGRFRQHOPpWRGRGHOtQHDUHFWD
/DYLGD~WLOHVWLPDGDYDORUUHVLGXDO\PpWRGRGHGHSUHFLDFLyQVRQUHYLVDGRVDOILQDOGH
FDGDDxRVLHQGRHOHIHFWRGHFXDOTXLHUFDPELRHQHOHVWLPDGRUHJLVWUDGRVREUHXQDEDVH
SURVSHFWLYD

$FRQWLQXDFLyQVHSUHVHQWDQODVSDUWLGDVGHSURSLHGDGHV\HTXLSRV\ODVYLGDV~WLOHV
XVDGDVHQHOFiOFXORGHODGHSUHFLDFLyQ

3URSLHGDGHV\(TXLSRV 9LGD~WLO HQDxRV 

(GLILFLRV ±
,QVWDODFLRQHV 
0iTXLQDV\HTXLSRV 
9HKtFXORV 
0XHEOHV\HQVHUHV 
(TXLSRVGHFRPSXWDFLyQ 
(TXLSRVGHRILFLQD\RWURV 

 5HWLURRYHQWDGHSURSLHGDGHV\HTXLSRV

/DXWLOLGDGRSpUGLGDTXHVXUMDGHOUHWLURRYHQWDGHXQDSDUWLGDGHSURSLHGDGHV\
HTXLSRVHVFDOFXODGDFRPRODGLIHUHQFLDHQWUHHOSUHFLRGHYHQWD\HOYDORUHQOLEURVGHO
DFWLYR\UHFRQRFLGDHQUHVXOWDGRV

 3URSLHGDGHVGHLQYHUVLyQ

6RQDTXHOODVPDQWHQLGDVSDUDSURGXFLUUHQWDVSOXVYDOtDVRDPEDV\VHPLGHQLQLFLDOPHQWHDO
FRVWRLQFOX\HQGRORVFRVWRVGHODWUDQVDFFLyQ/DVSURSLHGDGHVGHOD&RPSDxtDPDQWHQLGDV
EDMRFRQWUDWRVGHDUUHQGDPLHQWRRSHUDWLYRSDUDJDQDUUHQWDRSOXVYDOtDVHFRQWDELOL]DQFRPR
SURSLHGDGHVGHLQYHUVLyQ/XHJRGHOUHFRQRFLPLHQWRLQLFLDOODVSURSLHGDGHVGHLQYHUVLyQVRQ
UHJLVWUDGDVDOFRVWRPHQRVODGHSUHFLDFLyQDFXPXODGD\HOLPSRUWHDFXPXODGRGHODVSpUGLGDVGH
GHWHULRURGHYDORU

/DYLGD~WLOHVWLPDGDSDUDODVSURSLHGDGHVGHLQYHUVLyQHVGHDxRV\VHKDHVWLPDGR
XQYDORUUHVLGXDOGHO

8QDSURSLHGDGGHLQYHUVLyQVHGDGHEDMDDOPRPHQWRGHVXGLVSRVLFLyQRFXDQGROD
SURSLHGDGGHLQYHUVLyQHVUHWLUDGDSHUPDQHQWHPHQWHGHXVR\QRVHHVSHUDUHFLELU
EHQHILFLRVHFRQyPLFRVIXWXURVGHHVDEDMD&XDOTXLHUJDQDQFLDRSpUGLGDTXHVXUMDGHOD
EDMDGHODSURSLHGDG FDOFXODGDFRPRODGLIHUHQFLDHQWUHORVLQJUHVRVSRUYHQWDQHWRV\HO
LPSRUWHHQOLEURVGHODFWLYR VHLQFOX\HHQORVUHVXOWDGRVGHOSHULRGRHQHOFXDOVHGLRGH
EDMDODSURSLHGDG





 $FWLYRVLQWDQJLEOHV

 $FWLYRVLQWDQJLEOHVDGTXLULGRVGHIRUPDVHSDUDGD

6RQUHJLVWUDGRVDOFRVWRPHQRVODDPRUWL]DFLyQDFXPXODGD\FXDOTXLHUSpUGLGDSRU
GHWHULRURDFXPXODGD

 0pWRGRGHDPRUWL]DFLyQ\YLGDV~WLOHV

/DDPRUWL]DFLyQGHORVDFWLYRVLQWDQJLEOHVVHFDUJDDUHVXOWDGRVVREUHVXVYLGDV~WLOHV
XWLOL]DQGRHOPpWRGRGHOtQHDUHFWD/DYLGD~WLOHVWLPDGDYDORUUHVLGXDO\PpWRGRGH
DPRUWL]DFLyQVRQUHYLVDGRVDOILQDOGHFDGDDxRVLHQGRHOHIHFWRGHFXDOTXLHUFDPELRHQ
HOHVWLPDGRUHJLVWUDGRVREUHXQDEDVHSURVSHFWLYD

6HHVWLPDTXHHOYDORUUHVLGXDOGHWRGRVORVDFWLYRVLQWDQJLEOHVGHOD&RPSDxtDVRQLJXDO
DFHUR

$FRQWLQXDFLyQVHSUHVHQWDQODVSULQFLSDOHVFODVHVGHDFWLYRVLQWDQJLEOHV\ODVYLGDV
~WLOHVXVDGDVHQHOFiOFXORGHODDPRUWL]DFLyQ

ÌWHP 9LGD~WLO HQDxRV 
 
'HUHFKRVGHFRQFHVLyQ 
/LFHQFLDV 
)UDQTXLFLDV 

 'HWHULRURGHOYDORUGHORVDFWLYRVWDQJLEOHVHLQWDQJLEOHV

$OILQDOGHFDGDSHUtRGROD&RPSDxtDHYDO~DORVYDORUHVHQOLEURVGHVXVDFWLYRVWDQJLEOHVH
LQWDQJLEOHVDILQGHGHWHUPLQDUVLH[LVWHXQLQGLFDWLYRGHTXHHVWRVDFWLYRVKDQVXIULGRDOJXQD
SpUGLGDSRUGHWHULRUR(QWDOFDVRVHFDOFXODHOLPSRUWHUHFXSHUDEOHGHODFWLYRRXQLGDG
JHQHUDGRUDGHHIHFWLYRDILQGHGHWHUPLQDUHODOFDQFHGHODSpUGLGDSRUGHWHULRUR GHH[LVWLU
DOJXQD 

/DVSpUGLGDV\UHYHUVLRQHVSRUGHWHULRURVHUHFRQRFHQLQPHGLDWDPHQWHHQUHVXOWDGRV

$OGHGLFLHPEUHGHOQRVHGHWHUPLQyGHWHULRURGHORVDFWLYRVWDQJLEOHVHLQWDQJLEOHV

 ,QYHUVLyQHQVXEVLGLDULD

/D&RPSDxtDPLGHVXLQYHUVLyQDOFRVWRORVGLYLGHQGRVSURFHGHQWHVGHODVXEVLGLDULDVH
UHFRQRFHQHQHOUHVXOWDGRFXDQGRVXUMDHOGHUHFKRDUHFLELUOR

 $UUHQGDPLHQWRV

 /D&RPSDxtDFRPRDUUHQGDGRU

(OLQJUHVRSRUFRQFHSWRGHDOTXLOHUHVEDMRDUUHQGDPLHQWRVRSHUDWLYRVVHUHFRQRFH
HPSOHDQGRHOPpWRGRGHOtQHDUHFWDGXUDQWHHOSOD]RFRUUHVSRQGLHQWHDODUUHQGDPLHQWR





  /D&RPSDxtDFRPRDUUHQGDWDULR

/RVDUUHQGDPLHQWRVRSHUDWLYRVVHFDUJDQDUHVXOWDGRVHPSOHDQGRHOPpWRGRGHOtQHD
UHFWDGXUDQWHHOSOD]RFRUUHVSRQGLHQWHDODUUHQGDPLHQWR

 ,PSXHVWRV

 ,PSXHVWRFRUULHQWH

(OLPSXHVWRSRUSDJDUFRUULHQWHVHEDVDHQODXWLOLGDGJUDYDEOH WULEXWDULD UHJLVWUDGD
GXUDQWHHODxR/DXWLOLGDGJUDYDEOHGLILHUHGHODXWLOLGDGFRQWDEOHGHELGRDODVSDUWLGDV
GHLQJUHVRVRJDVWRVLPSRQLEOHVRGHGXFLEOHV\SDUWLGDVTXHQRVRQJUDYDEOHVR
GHGXFLEOHV(OSDVLYRGHOD&RPSDxtDSRUFRQFHSWRGHOLPSXHVWRFRUULHQWHVHFDOFXOD
XWLOL]DQGRODVWDVDVILVFDOHVDSUREDGDVDOILQDOGHFDGDSHUtRGR

 ,PSXHVWRVGLIHULGRV

6HUHFRQRFHVREUHODVGLIHUHQFLDVWHPSRUDULDVGHWHUPLQDGDVHQWUHHOYDORUHQOLEURVGH
ORVDFWLYRV\SDVLYRVLQFOXLGRVHQORVHVWDGRVILQDQFLHURV\ODVEDVHVILVFDOHV
FRUUHVSRQGLHQWHVXWLOL]DGDVSDUDGHWHUPLQDUODXWLOLGDGJUDYDEOH(OSDVLYRSRULPSXHVWR
GLIHULGRVHUHFRQRFHJHQHUDOPHQWHSDUDWRGDVODVGLIHUHQFLDVWHPSRUDULDVLPSRQLEOHV6H
UHFRQRFHUiXQDFWLYRSRULPSXHVWRVGLIHULGRVSRUFDXVDGHWRGDVODVGLIHUHQFLDV
WHPSRUDULDVGHGXFLEOHVHQODPHGLGDHQTXHUHVXOWHSUREDEOHTXHOD&RPSDxtDGLVSRQJD
GHXWLOLGDGHVJUDYDEOHVIXWXUDVFRQWUDODVTXHVHSRGUtDFDUJDUHVDVGLIHUHQFLDV
WHPSRUDULDVGHGXFLEOHV

/RVDFWLYRV\SDVLYRVSRULPSXHVWRVGLIHULGRVVHPLGHQHPSOHDQGRODVWDVDVILVFDOHVTXH
VHHVSHUDVHDQGHDSOLFDFLyQHQHOSHUtRGRHQHOTXHHODFWLYRVHUHDOLFHRHOSDVLYRVH
FDQFHOH

 ,PSXHVWRVFRUULHQWHV\GLIHULGRV

/RVLPSXHVWRVFRUULHQWHV\GLIHULGRVGHEHUiQUHFRQRFHUVHFRPRLQJUHVRRJDVWR\VHU
LQFOXLGRVHQHOUHVXOWDGRH[FHSWRHQODPHGLGDHQTXHKD\DQVXUJLGRGHXQDWUDQVDFFLyQ
RVXFHVRTXHVHUHFRQRFHIXHUDGHOUHVXOWDGR\DVHDHQRWURUHVXOWDGRLQWHJUDOR
GLUHFWDPHQWHHQHOSDWULPRQLRHQFX\RFDVRHOLPSXHVWRWDPELpQVHUHFRQRFHIXHUDGHO
UHVXOWDGRRFXDQGRVXUJHQGHOUHJLVWURLQLFLDOGHXQDFRPELQDFLyQGHQHJRFLRV

 3URYLVLRQHV

6HUHFRQRFHQFXDQGROD&RPSDxtDWLHQHXQDREOLJDFLyQSUHVHQWH \DVHDOHJDORLPSOtFLWD FRPR
UHVXOWDGRGHXQVXFHVRSDVDGRHVSUREDEOHTXHOD&RPSDxtDWHQJDTXHGHVSUHQGHUVHGHUHFXUVRV
TXHLQFRUSRUHQEHQHILFLRVHFRQyPLFRVSDUDFDQFHODUODREOLJDFLyQ\SXHGHKDFHUVHXQD
HVWLPDFLyQILDEOHGHOLPSRUWHGHODREOLJDFLyQ

(OLPSRUWHUHFRQRFLGRFRPRSURYLVLyQGHEHVHUODPHMRUHVWLPDFLyQGHOGHVHPEROVRQHFHVDULR
SDUDFDQFHODUODREOLJDFLyQSUHVHQWHDOILQDOGHFDGDSHUtRGRWHQLHQGRHQFXHQWDORVULHVJRV\
ODVLQFHUWLGXPEUHVFRUUHVSRQGLHQWHV






 %HQHILFLRVDHPSOHDGRV

 %HQHILFLRVGHILQLGRV-XELODFLyQSDWURQDO

(OFRVWRGHORVEHQHILFLRVGHILQLGRV-XELODFLyQSDWURQDOHVGHWHUPLQDGRXWLOL]DQGRHO
0pWRGRGHOD8QLGDGGH&UpGLWR3UR\HFWDGDFRQYDORUDFLRQHVDFWXDULDOHVUHDOL]DGDVDO
ILQDOGHFDGDSHUtRGR

/RVFRVWRVSRUVHUYLFLRSUHVHQWH\SDVDGRVHUHFRQRFHQHQHOUHVXOWDGRGHODxRHQHOTXH
VHJHQHUDQDVtFRPRHOLQWHUpVILQDQFLHURJHQHUDGRSRUODREOLJDFLyQGHEHQHILFLR
GHILQLGR

/DVQXHYDVPHGLFLRQHVTXHFRPSUHQGHQODVJDQDQFLDV\SpUGLGDVDFWXDULDOHVVH
UHFRQRFHQHQHOHVWDGRGHVLWXDFLyQILQDQFLHUDFRQFDUJRRDERQRDRWURUHVXOWDGR
LQWHJUDOHQHOSHUtRGRHQTXHVHSURGXFHQ(OUHFRQRFPLHQWRGHODJDQDFLDV\SpUGLGDV
DFWXDULDOHVHQRWURUHVXOWDGRLQWHJUDOVHUHIOHMDQLQPHGLDWDPHQWHHQODVJDQDQFLDV
DFXPXODGDV\QRVRQUHFODVLILFDGDVDODXWLOLGDGRSpUGLGDGHOSHUtRGR

 3DUWLFLSDFLyQDWUDEDMDGRUHV

/D&RPSDxtDUHFRQRFHXQSDVLYR\JDVWRSRUODSDUWLFLSDFLyQGHORVWUDEDMDGRUHVHQODV
XWLOLGDGHVGHOD&RPSDxtD(VWHEHQHILFLRVHFDOFXODDODWDVDGHOGHODVXWLOLGDGHV
OtTXLGDVGHDFXHUGRFRQGLVSRVLFLRQHVOHJDOHV

 5HFRQRFLPLHQWRGHLQJUHVRV/RVLQJUHVRVVHFDOFXODQDOYDORUUD]RQDEOHGHODFRQWUDSUHVWDFLyQ
FREUDGDRSRUFREUDUWHQLHQGRHQFXHQWDHOLPSRUWHHVWLPDGRGHFXDOTXLHUGHVFXHQWRRUHEDMD
FRPHUFLDOTXHOD&RPSDxtDSXHGDRWRUJDU

 9HQWDGHELHQHV

6HUHFRQRFHQFXDQGROD&RPSDxtDWUDQVILHUHORVULHVJRV\EHQHILFLRVGHWLSR
VLJQLILFDWLYRGHULYDGRVGHODSURSLHGDGGHORVELHQHVHOLPSRUWHGHORVLQJUHVRV\ORV
FRVWRVLQFXUULGRVRSRULQFXUULUHQUHODFLyQFRQODWUDQVDFFLyQSXHGHQVHUPHGLGRVFRQ
ILDELOLGDG\HVSUREDEOHTXHOD&RPSDxtDUHFLEDORVEHQHILFLRVHFRQyPLFRVDVRFLDGRV
FRQODWUDQVDFFLyQ

 ,QJUHVRVSRUILQDQFLDPLHQWR\RWURVFDUJRV

/RVLQJUHVRVSRULQWHUHVHVVRQUHJLVWUDGRVVREUHXQDEDVHGHWLHPSRFRQUHIHUHQFLDDO
FDSLWDOSHQGLHQWH\DODWDVDGHLQWHUpVHIHFWLYDODWDVDYLJHQWHSRUILQDQFLDPLHQWR\
PRUDHVGHOUHVSHFWLYDPHQWH

/RVLQJUHVRVSRULQWHUHVHVSURYLHQHQGHOILQDQFLDPLHQWR TXHRWRUJDOD&RPSDxtDDVXV
FOLHQWHVSRUODDGTXLVLFLyQGHORVELHQHVGLVSRQLEOHV SDUDODYHQWD

 ,QJUHVRVSRUDOTXLOHUHV

/DSROtWLFDGHOD&RPSDxtDSDUDHOUHFRQRFLPLHQWRGHLQJUHVRVSURYHQLHQWHVGH
DUUHQGDPLHQWRVRSHUDWLYRVVHGHVFULEHHQODQRWD





  ,QJUHVRVGLIHULGRV
 
/RVLQJUHVRVGLIHULGRVSURYLHQHQGHODYHQWDGHWDUMHWDVUHJDOR\ODFRQFHVLyQGHORFDOHV
FRPHUFLDOHV\SRUODVFXDOHVOD&RPSDxtDUHFLEHHIHFWLYR\SDUDHVWDVWUDQVDFFLRQHVQR
KDRFXUULGRDXQODHQWUHJDGHODVPHUFDGHUtDVRORVVHUYLFLRVUHVSHFWLYDPHQWH\ODV
FRQGLFLRQHVSDUDHOUHFRQRFLPLHQWRGHLQJUHVRVQRVHKDQFXPSOLGRVRQUHJLVWUDGDV
FRPRLQJUHVRVGLIHULGRV

(VWRVLQJUHVRVGLIHULGRVVHUHFRQRFHQHQUHVXOWDGRVHQODPHGLGDTXHVHHQWUHJDQORV
ELHQHVRVHSUHVWDHOVHUYLFLR

 &RVWRV\JDVWRV

6HUHJLVWUDQDOFRVWRKLVWyULFR/RVFRVWRV\JDVWRVVHUHFRQRFHQDPHGLGDTXHVRQLQFXUULGRV
LQGHSHQGLHQWHPHQWHGHODIHFKDHQTXHVHKD\DUHDOL]DGRHOSDJR\VHUHJLVWUDQHQHOSHUtRGRHQ
HOTXHVHFRQRFHQ

 ,QVWUXPHQWRVILQDQFLHURV

/RVDFWLYRV\SDVLYRVILQDQFLHURVVHUHFRQRFHQFXDQGROD&RPSDxtDSDVDDIRUPDUSDUWHGHODV
GLVSRVLFLRQHVFRQWUDFWXDOHVGHOLQVWUXPHQWR

/RVDFWLYRV\SDVLYRVILQDQFLHURVVHPLGHQLQLFLDOPHQWHDOYDORUUD]RQDEOH/RVFRVWRVGH
WUDQVDFFLyQTXHVRQGLUHFWDPHQWHDWULEXLEOHVDODDGTXLVLFLyQRHPLVLyQGHDFWLYRV\SDVLYRV
ILQDQFLHURVVHDJUHJDQRGHGXFHQGHOYDORUUD]RQDEOHGHORVDFWLYRVRSDVLYRVILQDQFLHURV
FXDQGRVHDDSURSLDGRDOPRPHQWRGHOUHFRQRFLPLHQWRLQLFLDO

 $FWLYRVILQDQFLHURV/RVDFWLYRVILQDQFLHURVVHFODVLILFDQGHQWURGHODVVLJXLHQWHVFDWHJRUtDV
DFWLYRVILQDQFLHURV³LQYHUVLRQHVPDQWHQLGDVKDVWDHOYHQFLPLHQWR´\³FXHQWDVSRUFREUDU´/D
FODVLILFDFLyQGHSHQGHGHODQDWXUDOH]D\SURSyVLWRGHORVDFWLYRVILQDQFLHURV\VHGHWHUPLQDDO
PRPHQWRGHOUHFRQRFLPLHQWRLQLFLDO7RGDVODVFRPSUDVRYHQWDVUHJXODUHVGHDFWLYRV
ILQDQFLHURVVRQUHFRQRFLGDV\GDGDVGHEDMDDODIHFKDGHODWUDQVDFFLyQ/DVFRPSUDVRYHQWDV
UHJXODUHVVRQWRGDVDTXHOODVFRPSUDVRYHQWDVGHDFWLYRVILQDQFLHURVTXHUHTXLHUDQODHQWUHJDGH
DFWLYRVGHQWURGHOPDUFRGHWLHPSRHVWDEOHFLGRSRUXQDUHJXODFLyQRDFXHUGRHQHOPHUFDGR

 &XHQWDVSRUFREUDU

/DVFXHQWDVSRUFREUDUVRQDFWLYRVILQDQFLHURVQRGHULYDGRVFRQSDJRVILMRVR
GHWHUPLQDEOHVTXHQRVRQFRWL]DGRVHQXQPHUFDGRDFWLYR6RQPHGLGDVDOFRVWR
DPRUWL]DGRXVDQGRHOPpWRGRGHODWDVDGHLQWHUpVHIHFWLYDPHQRVFXDOTXLHUGHWHULRURGH
YDORU

6HFODVLILFDQHQDFWLYRVFRUULHQWHVH[FHSWRORVYHQFLPLHQWRVVXSHULRUHVDPHVHV
GHVGHODIHFKDGHOHVWDGRGHVLWXDFLyQILQDQFLHUDTXHVHFODVLILFDQFRPRDFWLYRVQR
FRUULHQWHV(OSHUtRGRGHFUpGLWRTXHRWRUJDOD&RPSDxtDDVXVFOLHQWHYDGHD
PHVHVSRUHOILQDQFLDPLHQWRRWRUJDGRFREUDXQDWDVDGHLQWHUpVGHODQXDO

/RVLQJUHVRVSRULQWHUHVHVVHUHFRQRFHQDSOLFDQGRODWDVDGHLQWHUpVHIHFWLYD

/DVFXHQWDVFRPHUFLDOHVSRUFREUDULQFOX\HQXQDSURYLVLyQSDUDUHGXFLUVXYDORUDOGH
SUREDEOHUHDOL]DFLyQ(VWDSURYLVLyQVHFRQVWLWX\HHQIXQFLyQGHXQDQiOLVLVGHORVGtDV
GHPRUDGHORVVDOGRVSRUFOLHQWH8QGHWDOOHGHORVSRUFHQWDMHVGHSURYLVLyQDSOLFDGRV
SRUORVGtDVGHPRUDHVFRPRVLJXH



 (GDGGHPRUD
HQGtDV 3RUFHQWDMH

± 
± 
± 
± 
± 
± 
± 
± 
± 
'HDPiV 

/D&RPSDxtDDQXDOPHQWHUHDOL]DUHYLVLyQGHODHVWLPDFLyQFRQWDEOHGHODSURYLVLyQGH
FDUWHUDEDVDGRVHQHODQiOLVLVGHFUpGLWRHQIXQFLyQDORVUHVXOWDGRVKLVWRULFRVGH
UHFXSHUDFLyQ

 'HWHULRURGHDFWLYRVILQDQFLHURVDOFRVWRDPRUWL]DGR

/RVDFWLYRVILQDQFLHURVVRQSUREDGRVSRUGHWHULRURGHYDORUDOILQDOGHFDGDSHULRGR
VREUHHOFXDOVHLQIRUPD8QDFWLYRILQDQFLHURHVWDUiGHWHULRUDGRFXDQGRH[LVWD
HYLGHQFLDREMHWLYDGHOGHWHULRURFRPRFRQVHFXHQFLDGHXQRRPiVHYHQWRVTXHKD\DQ
RFXUULGRGHVSXpVGHOUHFRQRFLPLHQWRLQLFLDOGHODFWLYR\ORVIOXMRVGHHIHFWLYRIXWXURV
HVWLPDGRVGHODFWLYRILQDQFLHURVHKDQYLVWRDIHFWDGRV

3DUDFLHUWDVFDWHJRUtDVGHDFWLYRVILQDQFLHURVFRPRFXHQWDVFRPHUFLDOHVSRUFREUDUXQ
DFWLYRFX\RGHWHULRURQRKDVLGRHYDOXDGRLQGLYLGXDOPHQWH\HVHYDOXDGRSRUGHWHULRUR
VREUHXQDEDVHFROHFWLYD(QWUHODHYLGHQFLDREMHWLYDGHTXHXQDFDUWHUDGHFXHQWDVSRU
FREUDUSRGUtDHVWDUGHWHULRUDGDVHSRGUtDLQFOXLUODH[SHULHQFLDSDVDGDGHOD&RPSDxtD
FRQUHVSHFWRDOFREURGHYDORUHVYHQFLGRVXQLQFUHPHQWRHQHOQ~PHURGHSDJRV
DWUDVDGRVHQODFDUWHUDTXHVXSHUHQHOSHULRGRGHFUpGLWRDVtFRPRFDPELRVREVHUYDEOHV
HQODVFRQGLFLRQHVHFRQyPLFDVQDFLRQDOHVTXHVHUHODFLRQHQFRQHOLQFXPSOLPLHQWRHQ
ORVSDJRV

(OLPSRUWHGHODSpUGLGDSRUGHWHULRURGHYDORUHVODGLIHUHQFLDHQWUHHOLPSRUWHHQOLEURV
\HOYDORUSUHVHQWHGHORVIOXMRVIXWXURVHVWLPDGRVGHODFWLYRGHVFRQWDGRVDODWDVDGH
LQWHUpVHIHFWLYDRULJLQDOGHODFWLYRILQDQFLHUR
(OYDORUHQOLEURVGHODFWLYRILQDQFLHURVHUHGXFHSRUODSpUGLGDSRUGHWHULRUR
GLUHFWDPHQWHH[FHSWRSDUDODVFXHQWDVFRPHUFLDOHVSRUFREUDUGRQGHHOLPSRUWHHQ
OLEURVVHUHGXFHDWUDYpVGHXQDFXHQWDGHSURYLVLyQ/RVFDPELRVHQHOLPSRUWHHQ
OLEURVGHODFXHQWDGHSURYLVLyQVHUHFRQRFHQHQHOHVWDGRGHUHVXOWDGRV

 %DMDHQFXHQWDGHORVDFWLYRVILQDQFLHURV

/D&RPSDxtDGDUiGHEDMDHQFXHQWDVXQDFWLYRILQDQFLHUR~QLFDPHQWHFXDQGRH[SLUHQ
ORVGHUHFKRVFRQWUDFWXDOHVVREUHORVIOXMRVGHHIHFWLYRGHODFWLYRILQDQFLHURRFXDQGR
WUDQVILHUHGHPDQHUDVXVWDQFLDOORVULHVJRV\YHQWDMDVLQKHUHQWHVDODSURSLHGDGGHO
DFWLYRILQDQFLHURDRWUDHQWLGDG3DUDODVFXHQWDVSRUFREUDUOD&RPSDxtDWLHQHFRPR
SUiFWLFDGDUiGHEDMDDODFDUWHUDFXDQGRFXPSODGtDVGHPRUD\SURYLVLRQDUHO
GHOVDOGRSRUFREUDUFXDQGRWLHQHQGtDVGHPRUDHVWRHQEDVHDORVDQiOLVLV



 UHDOL]DGRVSRUHOiUHDGHFUpGLWR\SRUORVUHVXOWDGRVKLVWyULFRVGHUHFXSHUDFLyQ(QHO
PRPHQWRGHODEDMDOD&RPSDxtDQRWUDQVILHUHQLUHQXQFLDDHMHUFHUDFFLRQHVSRVWHULRUHV
GHUHFXSHUDFLyQ

 3DVLYRVILQDQFLHURV

/RVSDVLYRVILQDQFLHURVVHFODVLILFDQFRPRSDVLYRDPHQRVTXHOD&RPSDxtDWHQJDGHUHFKR
LQFRQGLFLRQDOGHGLIHULUHOSDJRGHODREOLJDFLyQSRUORPHQRVPHVHVGHVSXpVGHODIHFKDGHO
HVWDGRGHVLWXDFLyQILQDQFLHUD

 3UpVWDPRV\RWURVSDVLYRVILQDQFLHURV
 
5HSUHVHQWDQSDVLYRVILQDQFLHURVTXHVHUHFRQRFHQLQLFLDOPHQWHDVXYDORUUD]RQDEOH
QHWRGHORVFRVWRVGHODWUDQVDFFLyQLQFXUULGRV\VHUHJLVWUDQDVXFRVWRDPRUWL]DGR
XVDQGRHOPpWRGRGHLQWHUpVHIHFWLYR

/RVSUpVWDPRV\RWURVSDVLYRVILQDQFLHURVVHFODVLILFDQFRPRSDVLYRFRUULHQWHDPHQRV
TXHOD&RPSDxtDWHQJDGHUHFKRLQFRQGLFLRQDOGHGLIHULUHOSDJRGHODREOLJDFLyQSRUOR
PHQRVPHVHVGHVSXpVGHODIHFKDGHOHVWDGRGHVLWXDFLyQILQDQFLHUD

 &XHQWDVSRUSDJDU

6RQSDVLYRVILQDQFLHURVQRGHULYDGRVFRQSDJRVILMRVRGHWHUPLQDEOHVTXHQRFRWL]DQ
HQXQPHUFDGRDFWLYR

'HVSXpVGHOUHFRQRFLPLHQWRLQLFLDODYDORUUD]RQDEOHVHPLGHQDOFRVWRDPRUWL]DGR
XWLOL]DQGRHOPpWRGRGHODWDVDGHLQWHUpVHIHFWLYD(OSHUtRGRGHFUpGLWRSURPHGLRSDUD
ODFRPSUDGHLQYHQWDULRHVGHDGtDVSURPHGLR

 %DMDVHQFXHQWDVGHXQSDVLYRILQDQFLHUR

/D&RPSDxtDGDUiGHEDMDHQFXHQWDVXQSDVLYRILQDQFLHURVL\VRORVLH[SLUDQ
FDQFHODQRFXPSOHQVXVREOLJDFLRQHV

 *DQDQFLDVSRUDFFLyQ 

/DJDQDQFLDSRUDFFLyQEiVLFDVHFDOFXODGLYLGLHQGRODXWLOLGDGDWULEXLEOHDORVDFFLRQLVWDVGHOD
&RPSDxtDHQWUHHOQ~PHURGHDFFLRQHV

 1RUPDVQXHYDV\UHYLVDGDVFRQHIHFWRPDWHULDOVREUHORVHVWDGRVILQDQFLHURV

'XUDQWHHODxRHQFXUVROD&RPSDxtDKDDSOLFDGRXQDVHULHGHQRUPDVQXHYDV\UHYLVDGDV
HPLWLGDVSRUHO&RQVHMRGH1RUPDV,QWHUQDFLRQDOHVGH&RQWDELOLGDG ,$6% HIHFWLYDVDSDUWLU
GHOGHHQHURGHORSRVWHULRUPHQWH

0RGLILFDFLRQHVDOD1,&&RPSHQVDFLyQGHDFWLYRVILQDQFLHURV\SDVLYRVILQDQFLHURV

/D&RPSDxtDKDDSOLFDGRODVPRGLILFDFLRQHVDOD1,&&RPSHQVDFLyQGH$FWLYRV)LQDQFLHURV
\3DVLYRV)LQDQFLHURVSRUSULPHUDYH]HQHOSUHVHQWHDxR





 'LFKDVPRGLILFDFLRQHVH[SOLFDQORVUHTXHULPLHQWRVLQKHUHQWHVDODFRPSHQVDFLyQGHDFWLYRV
ILQDQFLHURV\SDVLYRVILQDQFLHURV(VSHFtILFDPHQWHODVPRGLILFDFLRQHVH[SOLFDQHOVLJQLILFDGR
³DFWXDOPHQWHWLHQHXQGHUHFKRH[LJLEOHOHJDOPHQWHDFRPSHQVDUORVLPSRUWHVUHFRQRFLGRV´\
³UHDOL]DUHODFWLYR\OLTXLGDUHOSDVLYRVLPXOWiQHDPHQWH´

(QYLVWDGHTXHOD&RPSDxtDQRPDQWLHQHDFWLYRVILQDQFLHURV\SDVLYRVILQDQFLHURVTXH
FODVLILTXHQSDUDFRPSHQVDFLyQODDSOLFDFLyQGHODVPRGLILFDFLRQHVQRKDDIHFWDGRODV
UHYHODFLRQHVRORVLPSRUWHVUHFRQRFLGRVHQORVHVWDGRVILQDQFLHURV/D&RPSDxtDKDHYDOXDGRVL
DOJXQRVGHVXVDFWLYRVILQDQFLHURVRSDVLYRVILQDQFLHURVFDOLILTXHQSDUDFRPSHQVDFLyQVHJ~QHO
FULWHULRHVWDEOHFLGRHQODVPRGLILFDFLRQHV\FRQFOX\yTXHODDSOLFDFLyQGHODVPRGLILFDFLRQHVQR
KDWHQLGRLPSDFWRHQORVLPSRUWHVUHFRQRFLGRVHQORVHVWDGRVILQDQFLHURVGHOD&RPSDxtD

 1RUPDVQXHYDVUHYLVDGDVHPLWLGDVSHURD~QQRHIHFWLYDV

/D&RPSDxtDQRKDDSOLFDGRODVVLJXLHQWHV1RUPDV,QWHUQDFLRQDOHVGH,QIRUPDFLyQ)LQDQFLHUD
1,,)1RUPDV,QWHUQDFLRQDOHVGH&RQWDELOLGDG1,&H,QWHUSUHWDFLRQHVGHO&RPLWp&,1,,)
QXHYDVUHYLVDGDVTXHKDQVLGRHPLWLGDVSHURD~QQRVRQHIHFWLYDV

1,,) 7tWXOR (IHFWLYDDSDUWLUGH
  
1,,) ,QVWUXPHQWRVILQDQFLHURV (QHUR
  
1,,) ,QJUHVRVSURFHGHQWHVGHFRQWUDWRVFRQ 
FOLHQWHV (QHUR
  
0RGLILFDFLRQHVDOD1,&\OD &ODULILFDFLyQGHORVPpWRGRVDFHSWDEOHV 
1,& GHGHSUHFLDFLyQ\DPRUWL]DFLyQ (QHUR
  
0RGLILFDFLRQHVDODV1,,) 0HMRUDVDQXDOHVDODV1,,)&LFOR± 
 -XOLR

/D$GPLQLVWUDFLyQDQWLFLSDTXHHVWDVHQPLHQGDVTXHVHUiQDGRSWDGDVHQORVHVWDGRVILQDQFLHURV
GHOD&RPSDxtDHQORVSHUtRGRVIXWXURVQRWHQGUiQXQLPSDFWRVLJQLILFDWLYRVREUHORVLPSRUWHV
GHORVDFWLYRV\SDVLYRV\ODVUHYHODFLRQHVGHOD&RPSDxtD6LQHPEDUJRQRHVSRVLEOH
SURSRUFLRQDUXQDHVWLPDFLyQUD]RQDEOHGHHVHHIHFWRKDVWDTXHXQH[DPHQGHWDOODGRKD\DVLGR
FRPSOHWDGR


 (67,0$&,21(6<-8,&,26&217$%/(6&5Ë7,&26

/DSUHSDUDFLyQGHORVSUHVHQWHVHVWDGRVILQDQFLHURV QRFRQVROLGDGRV HQFRQIRUPLGDGFRQ1,,)
UHTXLHUHTXHOD$GPLQLVWUDFLyQUHDOLFHFLHUWDVHVWLPDFLRQHV\HVWDEOH]FDDOJXQRVVXSXHVWRVLQKHUHQWHV
DODDFWLYLGDGHFRQyPLFDGHODHQWLGDGFRQHOSURSyVLWRGHGHWHUPLQDUODYDOXDFLyQ\SUHVHQWDFLyQGH
DOJXQDVSDUWLGDVTXHIRUPDQSDUWHGHORVHVWDGRVILQDQFLHURV(QRSLQLyQGHOD$GPLQLVWUDFLyQWDOHV
HVWLPDFLRQHV\VXSXHVWRVHVWXYLHURQEDVDGRVHQODPHMRUXWLOL]DFLyQGHODLQIRUPDFLyQGLVSRQLEOHDO
PRPHQWRORVFXDOHVSRGUtDQOOHJDUDGLIHULUGHVXVHIHFWRVILQDOHV

/DVHVWLPDFLRQHV\MXLFLRVVXE\DFHQWHVVHUHYLVDQVREUHXQDEDVHUHJXODU/RVHIHFWRVGHORVFDPELRV
HQHVWLPDFLRQHVFRQWDEOHVVXUJLGRVGHHVWDVUHYLVLRQHVVHUHFRQRFHQHQHOSHUtRGRGHODUHYLVLyQ\
SHUtRGRVIXWXURVVLHOFDPELRDIHFWDWDQWRDOSHUtRGRDFWXDOFRPRDSHUtRGRVVXEVHFXHQWHV






  ()(&7,92<(48,9$/(17(6'(()(&7,92

  «'LFLHPEUH«
   
  HQ86GyODUHV 

 &DMD  
 %DQFRV  
 ,QYHUVLRQHVWHPSRUDOHV  
   
 7RWDO  

$OGHGLFLHPEUHGHO

x %DQFRVUHSUHVHQWDQVDOGRVHQFXHQWDVFRUULHQWHVHQEDQFRVORFDOHVORVFXDOHVQRJHQHUDQLQWHUHVHV

x ,QYHUVLRQHVWHPSRUDOHVLQFOX\HFHUWLILFDGRVGHGHSyVLWRDSOD]RFRQWUDWDGDVFRQEDQFRVORFDOHV
FRQXQDWDVDGHLQWHUpVSURPHGLRSRQGHUDGDGHO\XQYHQFLPLHQWRGHDGtDV
FRUUHVSRQGLHQWHD)LGHLFRPLVR0HUFDQWLO,UUHYRFDEOH ³6HJXQGD7LWXODUL]DFLyQ GH)OXMRV'H
3UDWL7DUMHWDVGH&UpGLWR7HUFHUDV´\³7HUFHUD7LWXODUL]DFLyQ GH)OXMRV'H3UDWL´SRU
86\86UHVSHFWLYDPHQWH


 &8(17$6325&2%5$5

  «'LFLHPEUH«
   
  HQ86GyODUHV 

 &RPHUFLDOHV  
 &DUWHUDSRUYHQFHU  
 &DUWHUDYHQFLGD  
 &DUWHUDQRGHYHQJDLQWHUpV  
 3URYLVLyQSRUGHWHULRURHQFXHQWDVSRUFREUDU      
 6XEWRWDO  
   
 )RQGRGHUHVHUYDILGXFLDULR  
 $QWLFLSRDSURYHHGRUHV  
 (PSOHDGRV  
 2WUDV  
   
 7RWDO  

  «'LFLHPEUH«
   
  HQ86GyODUHV 
  
 &ODVLILFDFLyQ  
 &RUULHQWH  
 1R&RUULHQWH  
   
 7RWDO  




 &RPHUFLDOHV±5HSUHVHQWDVDOGRVSRUFREUDUSRUYHQWDGHPHUFDGHUtDDWUDYpVGHO&UpGLWR'LUHFWR
RWRUJDGRDVXVFOLHQWHVFRQORTXHVHSHUPLWHFRPSUDUGHIRUPDFRUULHQWH\GLIHULGRKDVWDPHVHV
SOD]RDSOLFDQGRXQDWDVDGHLQWHUpVGHODQXDO

$QWHVGHDFHSWDUFXDOTXLHUQXHYRFOLHQWHOD&RPSDxtDXWLOL]DXQVLVWHPDGHSXQWXDFLyQGHFUpGLWRSDUD
HYDOXDUODFDOLGDGFUHGLWLFLDGHOFOLHQWHSRWHQFLDO\ORVOtPLWHVGHFUpGLWRSRUFOLHQWH/RVOtPLWHVGH
FUpGLWR\ODVSXQWXDFLRQHVDWULEXLGDVDORVFOLHQWHVVHUHYLVDQDQXDOPHQWHODVFXHQWDVSRUFREUDUGH
FOLHQWHVQRWLHQHQFRQFHQWUDFLyQGHFUpGLWR\DTXHVXULHVJRVHHQFXHQWUDGLYHUVLILFDGRHQWUH
DSUR[LPDGDPHQWHFOLHQWHVYLJHQWHVDGLFLHPEUHGHO FOLHQWHVHQHO 

$QWLJHGDGGHODVFXHQWDVSRUFREUDU8QGHWDOOHGHODDQWLJHGDGGHODVFXHQWDVSRUFREUDUHVFRPR
VLJXH

  «'LFLHPEUH«
   
  HQ86GyODUHV 

 &RUULHQWH  
 1RFRUULHQWH  
 9HQFLGRHQGtDV
±  
 ±  
 ±  
 ±  
 ±  
 ±  
 ±  
 ±(QDGHODQWH  
   
 7RWDO  

/RVPRYLPLHQWRVGHODSURYLVLyQSDUDFXHQWDVLQFREUDEOHVIXHURQFRPRVLJXH

   
  HQ86GyODUHV 

 6DOGRVDOFRPLHQ]RGHODxR  
 3URYLVLyQGHODxR  
 &DVWLJRV    
 $MXVWHSRUFDPELRGHHVWLPDFLyQ    
   
 6DOGRVDOILQGHODxR  

/D&RPSDxtDKDHVWLPDGRODEDMDHIHFWLYDGHFXHQWDVSRUFREUDUTXHWLHQHQDOPHQRVGtDVGHPRUD
\ODFDUWHUDFRQPRUDFRQPiVGHGtDVVHSURYLVLRQDDOVHUHFRQRFHQSURYLVLRQHVSDUD
FXHQWDVGHGXGRVRFREURFRQEDVHDORVVDOGRVLUUHFXSHUDEOHVGHWHUPLQDGRVSRUH[SHULHQFLDVGH
LQFXPSOLPLHQWRGHORVFOLHQWHV\XQDQiOLVLVGHODSRVLFLyQILQDQFLHUDDFWXDOGHORVFOLHQWHV

$OGHGLFLHPEUHGHOHOYDORUUD]RQDEOHGHODVFXHQWDVSRUFREUDUVHDFHUFDVXVWDQFLDOPHQWHDO
YDORUHQOLEURVGHELGRDTXHODVRSHUDFLRQHVGHILQDQFLDPLHQWRLQFOX\HQLQWHUHVHVGHWHUPLQDGRVDXQD
WDVDHIHFWLYDDQXDO





 (QGLFLHPEUHGHOOD&RPSDxtDFRPXQLFyDOD6XSHULQWHQGHQFLDGH&RPSDxtDVODEDMDGH
WDUMHWDVTXHFRUUHVSRQGHQDOGHOWRWDOGHFOLHQWHVFXPSOLHQGRFRQODUHVROXFLyQHPLWLGD
SRUOD-XQWD%DQFDULDGRQGHVHLQGLFDODHOLPLQDFLyQGHODVWDUMHWDVGHFLUFXODFLyQUHVWULQJLGD

)RQGRGHUHVHUYDILGXFLDULR±5HSUHVHQWDIRQGRGHUHVHUYDTXHFXEUHGLYLGHQGRWULVPHWUDOLQPHGLDWR
GHWRGRVORVSDVLYRVFRQLQYHUVLRQLVDV LQFOX\HQGRFDSLWDOHLQWHUHVHV HVWRVYDORUHVSURYHQLHQWHVGH
ORVIOXMRVGHYHQWDVHQHIHFWLYRWDUMHWDVGHFUpGLWRGHWHUFHURV\FRQFUHGLWRGLUHFWRRWRUJDGRDORV
FOLHQWHVVRQHQWUHJDGRVSRUOD&RPSDxtDDORV)LGHLFRPLVRVGH7LWXODUL]DFLyQSDUDUHVSDOGDUHOSDJRD
ORVLQYHUVLRQLVWDV


 ,19(17$5,26

  «'LFLHPEUH«
   
  HQ86GyODUHV 

 0HUFDGHUtDV  
 0DWHULDOHV\VXPLQLVWURV  
 5HSXHVWRVGHHTXLSRVGHFRPSXWR  
 0XHVWUDV  
 ,PSRUWDFLRQHVHQWUiQVLWR  
   
 7RWDO  

$OGHGLFLHPEUHGHO

x 0HUFDGHULDLQFOX\HSULQFLSDOPHQWH86PLOORQHVHQSUHQGDVGHYHVWLUGHGDPDVFDEDOOHURV\
QLxR86PLOORQHVFRVPpWLFRV86PLOORQHVKRJDU\86PLOORQHVFDO]DGR

x ,PSRUWDQFLRQHVHQWUiQVLWRUHSUHVHQWDPHUFDGHUtDHPEDUFDGDHQHOH[WHULRUTXHKDWUDQVIHULGRORV
ULHVJRV\EHQHILFLRVDIDYRUGHOD&RPSDxtDPiVORVFRVWRVLQFXUULGRVHQODLPSRUWDFLyQGH
PHUFDGHUtDV


 3523,('$'(6<(48,326

  «'LFLHPEUH«
   
  HQ86GyODUHV 
   
 &RVWR  
 'HSUHFLDFLyQDFXPXODGD    
   
 7RWDO  
   




  «'LFLHPEUH«
   
  HQ86GyODUHV 
   
 &ODVLILFDFLyQ  
 7HUUHQRV  
 (GLILFLRV  
 ,QVWDODFLRQHV  
 0XHEOHV\HQVHUHV  
 0DTXLQDULDV\HTXLSRV  
 (TXLSRVGHFRPSXWDFLyQ  
 (TXLSRVGHRILFLQD\RWURV  
 9HKtFXORV  
 &RQVWUXFFLRQHVHQFXUVR  
   
 7RWDO  

/RVPRYLPLHQWRVGHSURSLHGDGHV\HTXLSRVIXHURQFRPRVLJXH
 
  0XHEOHV\ (TXLSRV 
 HQVHUHV\ GH &RQV
 PDTXLQDULDV\ (TXLSRVGH RILFLQD\ WUXFFLyQ
7HUUHQRV (GLILFLRV ,QVWDODFLRQHV HTXLSRV FRPSXWDFLyQ RWURV 9HKtFXORV HQFXUVR 7RWDO
 HQ86GyODUHV 
&RVWR       
        

(QHUR        
$GTXLVLFLRQHV         
$FWLYDFLRQHV          
5HFODVLILFDFLyQ           
7UDQVIHUHQFLDV           
9HQWDVEDMDV BBBBBBBB BBBBBBBBB BBBBBBBBB             BBBBBBBB   
         
        
'LFLHPEUH         
 
       
$GTXLVLFLRQHV         
$FWLYDFLRQHV          
7UDQVIHUHQFLD            
9HQWDVEDMDV BBBBBBBB BBBBBBBBB                BBBBBBBB   
         
        
'LFLHPEUH         

$OGHGLFLHPEUHGH

x $GTXLVLFLRQHVLQFOX\HSULQFLSDOPHQWHFRVWRVLQFXUULGRVHQODUHPRGHODFLyQGH7LHQGD³4XLFHQWUR
1RUWH´\³6FDOD´XELFDGRVHQODFXLGDGGH4XLWRSRU86PLOORQHV\86
UHVSHFWLYDPHQWH

x /DVSURSLHGDGHV\HTXLSRVGHOD&RPSDxtDQRVHHQFXHQWUDQHQJDUDQWtD








 
 (TXLSRVGH
 0XHEOHV\ 0DTXLQDULD (TXLSRVGH RILFLQD\
(GLILFLRV ,QVWDODFLRQHV HQVHUHV \HTXLSRV FRPSXWDFLyQ RWURV 9HKtFXORV 7RWDO
 HQ86GyODUHV 
'HSUHFLDFLRQDFXPXDGD
       
(QHUR                
'HSUHFLDFLyQ                
9HQWDVEDMDV BBBBBBBB BBBBBBBBB  BBBBBBBBB    
        
       
'LFLHPEUH                
        
'HSUHFLDFLyQ                
9HQWDVEDMDV BBBBBBBB       
        
'LFLHPEUH                  
        

 3523,('$'(6'(,19(56,Ï1

  «'LFLHPEUH«
   
  HQ86GyODUHV 

 7HUUHQRV  
 (GLILFLRV  
   
 0HQRV  
 'HSUHFLDFLyQDFXPXODGD     
   
 7RWDO  

$OGHGLFLHPEUHGHSURSLHGDGHVGHLQYHUVLyQFRPSUHQGHSULQFLSDOPHQWHORFDOHVFRPHUFLDOHV
HQ&HQWUR&RPHUFLDO3OD]D1DYRQDXELFDGRHQ$YHQLGD6DPERURQGyQ.PORVFXDOHVVRQ
HQWUHJDGRVHQDUUHQGDPLHQWRDWHUFHURV(OYDORUUD]RQDEOHGHODVSURSLHGDGHVGHLQYHUVLyQGHOD
&RPSDxtDDOGHGLFLHPEUHGHVHREWXYRDWUDYpVGHXQDYDO~RUHDOL]DGRSRUXQSHULWR
LQGHSHQGLHQWHQRUHODFLRQDGRFRQOD&RPSDxtD

(OYDORUUD]RQDEOHGHWHUPLQDGRPHGLDQWHDYDO~RDVFLHQGHD86PLOORQHVDSUR[LPDGDPHQWHHOFXDO
VHUHDOL]yGHFRQIRUPLGDGFRQODV1RUPDV,QWHUQDFLRQDOHVGH$YDO~RVHGHWHUPLQyFRQEDVHHQOD
HYLGHQFLDGHPHUFDGRGHORVSUHFLRVGHWUDQVDFFLRQHVSDUDSURSLHGDGHVVLPLODUHV

1LQJXQDGHODVSURSLHGDGHVGHLQYHUVLyQGHOD&RPSDxtDVHHQFXHQWUDHQJDUDQWtD


 ,19(56,Ï1(168%6,',$5,$

$OGHGLFLHPEUHGHOUHSUHVHQWDLQYHUVLyQHQODVXEVLGLDULD,QPRELOLDULD5RPDEDO8QR6$
FRPSDxtDGHGLFDGDDODOTXLOHUGHORFDOHVFRPHUFLDOHVHQ&HQWUR&RPHUFLDO/D5RWRQGDXELFDGRHQ
$YHQLGD%HQMDPLQ&DUULyQ*XD\DTXLOHQODFXDOSRVHHXQDSDUWLFLSDFLyQDFFLRQDULDGHO\HMHUFH
FRQWURO





 /RVHVWDGRVILQDQFLHURVGH$OPDFHQHV'H3UDWL6$SRUHODxRWHUPLQDGRHOGHGLFLHPEUHGHO
WDPELpQVHSUHVHQWDQFRQVROLGDGRFRQVXFRPSDxtDVXEVLGLDULDHQODFXDOHMHUFHFRQWUROWDO
FRPRVHHVWDEOHFHHQOD1,,)(VWDGRV)LQDQFLHURV&RQVROLGDGRVVLQHPEDUJRSRUUHTXHULPLHQWR
GHOD6XSHULQWHQGHQFLDGH&RPSDxtDV$OPDFHQHV'H3UDWL6$SUHVHQWDHVWDGRVILQDQFLHURV
VHSDUDGRV


 $&7,926,17$1*,%/(6

  «'LFLHPEUH«
   
  HQ86GyODUHV 

 &RVWR  
 $PRUWL]DFLyQ      
   
 7RWDO  
   
 &ODVLILFDFLyQ  
 'HUHFKRVGHFRQFHVLRQHV  
 /LFHQFLDV  
 )UDQTXLFLDV  
   
 7RWDO  

$OGHGLFLHPEUHGH

x 'HUHFKRVGHFRQFHVLyQUHSUHVHQWDHVSDFLRVItVLFRVDGTXLULGRVHQGLIHUHQWHVFHQWURVFRPHUFLDOHV
HQGRQGHOD&RPSDxtDWLHQHGHUHFKRDHVWDEOHFHUXQSXQWRGHYHQWDHOXVRGHHVWRVHVSDFLRVWLHQHQ
SOD]RGHDDxRV

x /LFHQFLDVUHSUHVHQWDYDORUHVGHVHPEROVDGRVSRUOD&RPSDxtDSRUHOXVRGHSURJUDPDV
LQIRUPiWLFRV\VHDPRUWL]DQHQDxRV

x )UDQTXLFLDVUHSUHVHQWDXVRGHODVPDUFDV³6SULQGILHOG´³&RUWHILHO´\³:RPHQ¶6HFUHW´DGTXLULGDV
DO*UXSR&RUWHILHOGH(VSDxDSDUDODGLVWULEXFLyQGHSUHQGDVGHYHVWLUGHHVWDVPDUFDVDQLYHO
QDFLRQDOHQORVDOPDFHQHV\WLHQGDVGHOD&RPSDxtDSRUXQODSVRGHDxRV

'XUDQWHHODxROD&RPSDxtDUHFRQRFLyHQUHVXOWDGRV86FRPRJDVWRVGHDPRUWL]DFLyQGH
DFWLYRVLQWDQJLEOHV


 35e67$02

$OGHGLFLHPEUHGHOUHSUHVHQWDSUpVWDPRFRQFHGLGRSRUEDQFRGHO3DFtILFRDXQDWDVDGH
LQWHUpVILMDGHOFRQYHQFLPLHQWRHQ)HEUHURGHO$ODIHFKDGHODHPLVLyQGHORVHVWDGRV
ILQDQFLHURVHOSUpVWDPRIXHFDQFHODGRHQVXWRWDOLGDG

/D&RPSDxtDUHFRQRFLyHQUHVXOWDGRV86SRUFRQFHSWRGHLQWHUpVSRUSUpVWDPR





 275263$6,926),1$1&,(526

 «'LFLHPEUH«
  
 HQ86GyODUHV 
  
)LGHLFRPLVR0HUFDQWLO,UUHYRFDEOH³6HJXQGD7LWXODUL]DFLyQ  
GH)OXMRV'H3UDWL±7DUMHWDVGH&UpGLWR7HUFHUDV´HPLVLyQ  
GHWtWXORVFRQYHQFLPLHQWRVHQQRYLHPEUHGHO\FRQ  
XQDWDVDHIHFWLYDDQXDOGHOQRWD  
  
)LGHLFRPLVR0HUFDQWLO,UUHYRFDEOH³7HUFHUD7LWXODUL]DFLyQGH  
)OXMRV'H3UDWL´HPLVLyQGHWtWXORVFRQYHQFLPLHQWRVHQ  
VHSWLHPEUHGHO\VHSWLHPEUHGHO\FRQXQDWDVD  
HIHFWLYDDQXDOGHO\UHVSHFWLYDPHQWHQRWD  
  
)LGHLFRPLVR0HUFDQWLO,UUHYRFDEOH³&XDUWD7LWXODUL]DFLyQGH  
)OXMRV7DUMHWDGH&UpGLWR'H3UDWL´HPLVLyQGHWtWXORVFRQ  
YHQFLPLHQWRVHQDEULOGHO\DEULOGHO\FRQXQD  
WDVDHIHFWLYDDQXDOGHO\UHVSHFWLYDPHQWH  
QRWD  
  
(PLVLyQGHSDSHOFRPHUFLDOQHWRGHFRVWRVGHWUDQVDFFLyQ  
WtWXORVFRQYHQFLPLHQWRKDVWDMXQLRGHO\QHJRFLDGRV  
FRQXQDWDVDGHGHVFXHQWRSURPHGLRGHO  
  
7RWDO  
  
&ODVLILFDFLyQ  
&RUULHQWH  
1RFRUULHQWH  
  
7RWDO  

'XUDQWHHO

x /D&RPSDxtDKDUHFRQRFLGRHQUHVXODGRV86PLOORQHVSRUFRQFHSWRGHLQWHUHVHVSRUHPLVLyQ
GHREOLJDFLRQHVGHWLWXODUL]DFLRQHVGHIOXMRV\SDSHOFRPHUFLDO

x 1RVHKDQSURGXFLGRSRUSDUWHGHOD&RPSDxtDLQFXPSOLPLHQWRVHQODVFRQGLFLRQHVFRQWUDFWXDOHV
GHORVSUpVWDPRVTXHDXWRULFHQDOSUHVWDPLVWDDUHFODPDUHOLQPHGLDWRSDJRGHODREOLJDFLyQ














  &8(17$63253$*$5

  «'LFLHPEUH«
   
  HQ86GyODUHV 


 &RPHUFLDOHV  
 /RFDOHV  
 ([WHULRU  
 )RQGRGHJDUDQWtD  
 &RQFHVLRQHV3OD]D1DYRQD  
 6HUYLFLRGH5HQWDV,QWHUQDV  
 2WURV  
   
 7RWDO  

&RPHUFLDOHV$OGHGLFLHPEUHGHSURYHHGRUHVORFDOHV\GHOH[WHULRUUHSUHVHQWDQVDOGRVSRU
SDJDUFRQYHQFLPLHQWRVSURPHGLRVGHKDVWDGtDVORVFXDOHVQRGHYHQJDQLQWHUHVHV/D
&RPSDxtDGLVSRQHGHSROtWLFDVGHJHVWLyQGHULHVJRVILQDQFLHURVSDUDDVHJXUDUTXHWRGDVODVGHXGDVVH
SDJDQGHQWURGHORVWpUPLQRVGHFUpGLWRDFRUGDGRV


 ,038(6726&255,(17(6

 $FWLYRV\SDVLYRVSRULPSXHVWRVFRUULHQWHV

  «'LFLHPEUH«
   
  HQ86GyODUHV 
   
 $FWLYRSRULPSXHVWRFRUULHQWH  
 ,PSXHVWRDOYDORUDJUHJDGR  
   
 3DVLYRVSRULPSXHVWRFRUULHQWH  
 ,PSXHVWRDODUHQWDSRUSDJDU  
 ,PSXHVWRDO9DORU$JUHJDGR±,9$  
 5HWHQFLRQHVGH,9$SRUSDJDU  
 5HWHQFLRQHVHQODIXHQWHSRUSDJDU  
   
 7RWDO  

 ,PSXHVWRDODUHQWDFRUULHQWHUHFRQRFLGDHQORVUHVXOWDGRV

8QDUHFRQFLOLDFLyQHQWUHODXWLOLGDGVHJ~QHVWDGRVILQDQFLHURV QRFRQVROLGDGRV \HOJDVWRSRU
LPSXHVWRDODUHQWDFRUULHQWHHVFRPRVLJXH










  
HQ86GyODUHV 
 
8WLOLGDGVHJ~QHVWDGRVILQDQFLHURV QRFRQVROLGDGRV 
DQWHVGHLPSXHVWRDODUHQWD  
  
$MXVWHSRUQXHYDVPHGLFLRQHVGHREOLJDFLRQHVSRU
EHQHILFLRVGHILQLGRV  
  
*DVWRVQRGHGXFLEOHV  
([FHVRSURYLVLyQFXHQWDVLQFREUDEOHV  
%HQHILFLRVGHILQLGRV  
*ORVDVILVFDOHV  
2WURVJDVWRVQRGHGXFLEOHV  
,QJUHVRVH[HQWRV    
DWULEXLEOHDLQJUHVRVH[HQWRV  
  
8WLOLGDGJUDYDEOH  
  
,PSXHVWRDODUHQWDFDUJDGRDORVUHVXOWDGRV  

'HFRQIRUPLGDGFRQGLVSRVLFLRQHVOHJDOHVODWDULIDSDUDHOLPSXHVWRDODUHQWDVHFDOFXODHQXQ
 VREUH ODV XWLOLGDGHV VXMHWDV D GLVWULEXFLyQ \ GHO  VREUH ODV XWLOLGDGHV VXMHWDV D
FDSLWDOL]DFLyQ

 0RYLPLHQWRVGHODSURYLVLyQGHLPSXHVWRDODUHQWD

   
  HQ86GyODUHV 

 6DOGRVDOFRPLHQ]RGHODxR  
   
 *DVWRSRULPSXHVWRDODUHQWD  
   
 3DJRV  
 ,PSXHVWRDODUHQWD    
 5HWHQFLRQHVHQODIXHQWH    
 $QWLFLSRGHOLPSXHVWRDODUHQWD    
   
 6DOGRVDOILQDOGHODxR  

(ODQWLFLSRGHLPSXHVWRDODUHQWDGHODxRIXHFDQFHODGRHQHIHFWLYRHQORVPHVHVGHMXOLR
\VHSWLHPEUHGHODxRHQFXPSOLPLHQWRGHODVGLVSRVLFLRQHVOHJDOHVHFXDWRULDQDVYLJHQWHV

 $FWRVDGPLQLVWUDWLYRVGHGHWHUPLQDFLyQILVFDO

/DV GHFODUDFLRQHV GH LPSXHVWRV KDQ VLGR UHYLVDGDV SRU ODV DXWRULGDGHV WULEXWDULDV KDVWD HO DxR
\SUHVFULELySDUDUHYLVLyQHODxRVRQVXVFHSWLEOHVGHUHYLVLyQODVGHFODUDFLRQHVGHORV
DxRV  DO  VREUH ORV FXDOHV SRGUtDQ H[LVWLU GLIHUHQFLDV GH FULWHULR HQ FXDQWR DO
WUDWDPLHQWRILVFDOGHLQJUHVRVH[HQWRVJDVWRVGHGXFLEOHV\RWURV





 $OGHGLFLHPEUHGHOOD&RPSDxtDWLHQHORVVLJXLHQWHVMXLFLRVGHLPSXJQDFLyQHQ
FRQWUDGHO6HUYLFLRGH5HQWDV,QWHUQDV±65,
 
x -XLFLRVGHLPSXJQDFLyQ1RSRUDFWDGHGHWHUPLQDFLyQLPSXHVWDSRUHO6HUYLFLR
GH5HQWDV,QWHUQDVDOD&RPSDxtDSRUHOHMHUFLFLRILVFDOHQGRQGHOD&RUWH1DFLRQDOGH
-XVWLFLDHPLWHVHQWHQFLDSDUFLDODIDYRUGH$OPDFHQHV'H3UDWL6$\UHVXHOYHTXHGHEH
SDJDU86PiVLQWHUHVHVGHPRUDYDORUTXHKDVLGRFDQFHODGRSRUOD&RPSDxtDVLQ
HPEDUJROD$GPLQLVWUDFLyQ7ULEXWDULDLQWHUSXVRXQD$FFLyQ([WUDRUGLQDULDGH3URWHFFLyQ
DQWHOD&RUWH&RQVWLWXFLRQDO\KDVWDODIHFKDGHODHPLVLyQGHORVHVWDGRVILQDQFLHURVQRVH
KDGDGRDUHVROXFLyQ

x -XLFLRGHLPSXJQDFLyQ1RSRUDFWDGHGHWHUPLQDFLyQLPSXHVWDSRUHO6HUYLFLRGH
5HQWDV,QWHUQDVSRUHOHMHUFLFLRILVFDOSRU86VLQLQFOXLULQWHUHVHV$OPDFHQHV
'H3UDWL6$GHPDQGyDQWHHO7ULEXQDO'LVWULWDOGHOR&RQWHQFLRVR7ULEXWDULRHVWDDFWDGH
GHWHUPLQDFLyQHLPSXJQy86DODIHFKDGHODHPLVLyQGHORVHVWDGRVILQDQFLHURVOD
&RPSDxtDVHHQFXHQWUDHQHVSHUDGHVHQWHQFLD'XUDQWHHODxROD&RPSDxtDFDQFHOyD
OD$GPLQLVWUDFLyQ7ULEXWDULD86SRULPSXHVWRDODUHQWDPiVLQWHUHVHVTXH
FRUUHVSRQGHDORVYDORUHVQRLPSXJQDGRV

x -XLFLRGHLPSXJQDFLyQ1RSRUDFWDGHGHWHUPLQDFLyQLPSXHVWDSRUHO6HUYLFLRGH
5HQWDV,QWHUQDVGHOHMHUFLFLRILVFDOSRU86VLQLQFOXLULQWHUHVHV/D&RPSDxtD
LPSXJQyDQWHHO7ULEXQDO'LVWULWDOGHOR&RQWHQFLRVR7ULEXWDULRHVWDDFWDGHGHWHUPLQDFLyQ
$ODIHFKDGHHPLVLyQGHORVHVWDGRVILQDQFLHURVVHHVSHUDVHQWHQFLD

'XUDQWHHODxROD$GPLQLVWUDFLyQGHOD&RPSDxtDUHDOL]yGHVHPEROVRGHHIHFWLYRSRU
86FRUUHVSRQGLHQWHDJORVDVILVFDOHVSRULPSXHVWRDODUHQWDPiVLQWHUHVHV\PXOWD
SRUORVDxRV\GHODOHOHIHFWRGHHVWDVWUDQVDFFLRQHVIXHGLVPLQXFLyQGH
SDVLYRSRU86HLQFUHPHQWRQHWRHQUHVXOWDGRVGHODxRSRU86

 ,PSXHVWRGLIHULGR

 6DOGR 5HFRQRFLGRHQ 6DOGR
 ,QLFLDO UHVXOWDGRV ILQDO
 HQ86GyODUHV 
3DVLYRVSRULPSXHVWRGLIHULGR   
3URSLHGDGHV\HTXLSRV     

 $VSHFWRVWULEXWDULRV

 /H\2UJDQLFDGH,QFHQWLYRVDOD3URGXFFLyQ\3UHYHQFLyQGHO)UDXGH)LVFDO

(QGLFLHPEUHGHOVHSURPXOJyOD/H\2UJDQLFDGH,QFHQWLYRVDOD3URGXFFLyQ
\3UHYHQFLyQGHO)UDXGH)LVFDOODPLVPDTXHLQFOX\HHQWUHRWURVDVSHFWRVWULEXWDULRV
ORVVLJXLHQWHV

'HGXFLELOLGDGGH*DVWRV

x (QHOFDVRGHDFWLYRVUHYDOXDGRVHOJDVWRSRUGHSUHFLDFLyQGHDFWLYRVUHYDOXDGRVQR
VHUiGHGXFLEOH





 x 6HHOLPLQDQODVFRQGLFLRQHVTXHDFWXDOPHQWHGLVSRQHOD/H\GH5pJLPHQ7ULEXWDULR
,QWHUQRSDUDODHOLPLQDFLyQGHORVFUpGLWRVLQFREUDEOHV\VHHVWDEOHFHTXHODVPLVPDV
VHGHWHUPLQDUiQYtD5HJODPHQWR

x 9tDUHJODPHQWRVHHVWDEOHFHUiQORVOtPLWHVSDUDODGHGXFLELOLGDGGHJDVWRVGH
UHJDOtDVVHUYLFLRVWpFQLFRVDGPLQLVWUDWLYRV\GHFRQVXOWRUtDHQJHQHUDOHIHFWXDGR
HQWUHSDUWHVUHODFLRQDGDV

x 6HSHUPLWHHOUHFRQRFLPLHQWRGHDFWLYRV\SDVLYRVSRULPSXHVWRVGLIHULGRV
GHWHUPLQDQGRTXHHO5HJODPHQWRHVWDEOHFHUiORVFDVRV\FRQGLFLRQHV/DVQRUPDV
WULEXWDULDVSUHYDOHFHUiQVREUHODVFRQWDEOHV\ILQDQFLHUDV

7DULIDGH,PSXHVWRDOD5HQWD

x 6HLQWURGXFHQUHIRUPDVDODWDULIDGHO,PSXHVWRDOD5HQWDSDUD6RFLHGDGHV
HVWDEOHFLHQGRFRPRWDULIDJHQHUDOGHO,PSXHVWRDOD5HQWDHOQRREVWDQWHOD
WDULIDLPSRVLWLYDVHLQFUHPHQWDDOVREUHODSURSRUFLyQGHODEDVHLPSRQLEOHTXH
FRUUHVSRQGDDODSDUWLFLSDFLyQGLUHFWDRLQGLUHFWDGHVRFLRVDFFLRQLVWDV
EHQHILFLDULRVRVLPLODUHVTXHVHDQUHVLGHQWHVHQSDUDtVRVILVFDOHVRUHJtPHQHVGH
PHQRULPSRVLFLyQ6LGLFKDSDUWLFLSDFLyQH[FHGHGHOODWDULIDDSOLFDEOHSDUDOD
VRFLHGDGVHUiGHO

x /RVEHQHILFLDULRVGHXWLOLGDGHVRGLYLGHQGRVTXHVHSDJXHQSDJXHQRDFUHGLWHQDO
H[WHULRUSDJDUiQODWDULIDJHQHUDOSUHYLVWDSDUDVRFLHGDGHVSUHYLDODGHGXFFLyQGHORV
FUpGLWRVWULEXWDULRVDORVTXHWHQJDGHUHFKR

$QWLFLSRGH,PSXHVWRDOD5HQWD

x 3DUDHIHFWRVGHOFiOFXORGHO$QWLFLSRGH,PSXHVWRDOD5HQWDQRVHGHEHUiLQFOXLUHQ
ODIyUPXODHOYDORUGHOUHYDO~RGHORVDFWLYRVSRUDSOLFDFLyQGHODV1,,)WDQWRSDUD
HOUXEURGHODFWLYR\GHOSDWULPRQLR

x 6HH[FOXLUiGHOFiOFXORGHO$QWLFLSRGH,PSXHVWRDOD5HQWDORVPRQWRVUHIHULGRVD
JDVWRVLQFUHPHQWDOHVSRUODJHQHUDFLyQGHQXHYRHPSOHRDGTXLVLFLyQGHQXHYRV
DFWLYRVGHVWLQDGRVDODPHMRUDGHSURGXFWLYLGDGHLQQRYDFLyQWHFQROyJLFD\DTXHOODV
LQYHUVLRQHVQXHYDV\SURGXFWLYDV\JDVWRVHIHFWLYDPHQWHUHDOL]DGRVTXHVH
UHODFLRQHQFRQORVEHQHILFLRVWULEXWDULRVSDUDHOSDJRGHO,PSXHVWRDOD5HQWDTXH
UHFRQRFHHO&yGLJRGHOD3URGXFFLyQ

 5HIRUPDVDOD/H\5HIRUPDWRULDSDUDOD(TXLGDG7ULEXWDULDGHO(FXDGRU

,PSXHVWRDOD6DOLGDGH'LYLVDV

x /RVSDJRVHIHFWXDGRVDOH[WHULRUSRUFUpGLWRVREWHQLGRVSRUHQWLGDGHVHFXDWRULDQDV
HVWDUiQH[HQWRV~QLFDPHQWHUHVSHFWRGHDTXHOORVFUpGLWRVSDUDILQDQFLDUVHJPHQWRV
GHILQLGRVSRUHO&RPLWpGH3ROtWLFD7ULEXWDULD





 x 6HHVWDEOHFHFRPRKHFKRJHQHUDGRUGHO,6'FXDOTXLHUPHFDQLVPRGHH[WLQFLyQGH
REOLJDFLRQHVFXDQGRODVRSHUDFLRQHVVHUHDOLFHQKDFLDHOH[WHULRU


 35(&,26'(75$16)(5(1&,$6

/D&RPSDxtDQRGLVSRQHGHOHVWXGLRGHSUHFLRVGHWUDQVIHUHQFLDGHODVWUDQVDFFLRQHVHIHFWXDGDVFRQ
SDUWHVUHODFLRQDGDVORFDOHV\RGHOH[WHULRUFRUUHVSRQGLHQWHDODxRUHTXHULGRSRUGLVSRVLFLRQHV
OHJDOHVYLJHQWHVHQUD]yQGHTXHHOSOD]RSDUDVXSUHVHQWDFLyQDQWHODVDXWRULGDGHVWULEXWDULDVYHQFH
HQHOPHVGHMXQLRGHODxR'LFKRHVWXGLRFRQVWLWX\HXQDEDVHSDUDGHWHUPLQDUVLODVRSHUDFLRQHV
FRQSDUWHVUHODFLRQDGDVKDQVLGRHIHFWXDGDVDSUHFLRVUD]RQDEOHVTXHVHDSUR[LPDQDYDORUHVGHSOHQD
FRPSHWHQFLD

$ODIHFKDGHHPLVLyQGHORVHVWDGRVILQDQFLHURVGLFKRHVWXGLRVHHQFXHQWUDHQSURFHVRGHHMHFXFLyQ\
OD$GPLQLVWUDFLyQGHOD&RPSDxtDFRQVLGHUDTXHORVHIHFWRVGHOPLVPRVLKXELHUHFDUHFHQGH
LPSRUWDQFLDUHODWLYD$OGHGLFLHPEUHGHOOD&RPSDxtDHIHFWXyHOHVWXGLRGHSUHFLRVGH
WUDQVIHUHQFLDHQHOFXDOVHHVWDEOHFLyTXHODVWUDQVDFFLRQHVFRQSDUWHVUHODFLRQDGDVKDQVLGRHIHFWXDGDV
DSUHFLRVUD]RQDEOHVTXHVHDSUR[LPDQDYDORUHVGHSOHQDFRPSHWHQFLD


 2%/,*$&,21(6$&808/$'$6

  «'LFLHPEUH«
   
  HQ86GyODUHV 

 %HQHILFLRVVRFLDOHV  
 3DUWLFLSDFLyQDWUDEDMDGRUHV  
 2WURV  
   
 7RWDO  

 %HQHILFLRVVRFLDOHV

$OGHGLFLHPEUHGHUHSUHVHQWDQSUHVWDFLRQHVDIDYRUGHOSHUVRQDOGHOD&RPSDxtDGH
DFXHUGRDORHVWLSXODGRHQHO&yGLJRGH7UDEDMR 

 3DUWLFLSDFLyQDWUDEDMDGRUHV

/RVPRYLPLHQWRVGHODSURYLVLyQSDUDSDUWLFLSDFLyQDWUDEDMDGRUHVIXHURQFRPRVLJXH

   
  HQ86GyODUHV 

 6DOGRVDOFRPLHQ]RGHODxR  
 3URYLVLyQ  
 3DJRV    
   
 6DOGRVDOILQGHODxR  






 2%/,*$&,Ï1325%(1(),&,2'(),1,'2

-XELODFLyQSDWURQDO'HDFXHUGRFRQGLVSRVLFLRQHVGHO&yGLJRGHO7UDEDMRORVWUDEDMDGRUHVTXHSRU
YHLQWHDxRVRPiVKXELHUHQSUHVWDGRVXVVHUYLFLRVHQIRUPDFRQWLQXDGDRLQWHUUXPSLGDWHQGUiQ
GHUHFKRDVHUMXELODGRVSRUVXVHPSOHDGRUHVVLQSHUMXLFLRGHODMXELODFLyQTXHOHVFRUUHVSRQGHHQVX
FRQGLFLyQGHDILOLDGRVDO,QVWLWXWR(FXDWRULDQRGH6HJXULGDG6RFLDO

/RVPRYLPLHQWRVHQHOYDORUSUHVHQWHGHODREOLJDFLyQGHMXELODFLyQSDWURQDOIXHURQFRPRVLJXH

   
  HQ86GyODUHV 

 6DOGRVDOFRPLHQ]RGHODxR  
 &RVWRODERUDOSRUVHUYLFLR  
 &RVWRILQDQFLHUR  
 3DJRV    
 5HYHUVLyQGHUHVHUYDVSRUVDOLGDVGHWUDEDMDGRUHV      
   
 6DOGRVDOILQGHODxR  

/RVFiOFXORVDFWXDULDOHVGHOYDORUSUHVHQWHGHODREOLJDFLyQGHYHQJDGDSRUFRQFHSWRGHEHQHILFLR
GHILQLGR MXELODFLyQSDWURQDO IXHURQUHDOL]DGRVHOGHGLFLHPEUHGH\SRUXQDFWXDULR
LQGHSHQGLHQWH(OYDORUSUHVHQWHGHODREOLJDFLyQSRUFRQFHSWRGHEHQHILFLRGHILQLGR\ORVFRVWRVGHO
VHUYLFLRDFWXDO\HOFRVWRGHOVHUYLFLRDQWHULRUIXHURQFDOFXODGRVXWLOL]DQGRHOPpWRGRGHODXQLGDGGH
FUpGLWRSUR\HFWDGD%DMRHVWHPpWRGRHOEHQHILFLRGHILQLGRGHEHVHUDWULEXLGRDOSHUtRGRGHVHUYLFLR
GHOWUDEDMDGRU\EDVDGRHQODIyUPXODGHOSODQGHWDOIRUPDTXHVHDWULEX\HODPLVPDFDQWLGDGGH
EHQHILFLRDFDGDDxRGHVHUYLFLRFRQVLGHUDQGRHOXVRGHKLSyWHVLVDFWXDULDOHVSDUDFDOFXODUHOYDORU
SUHVHQWHGHGLFKREHQHILFLR(VWDVKLSyWHVLVUHIOHMDQHOYDORUGHGLQHURDWUDYpVGHOWLHPSRHO
LQFUHPHQWRVDODULDO\ODVSUREDELOLGDGHVGHSDJRGHHVWRVEHQHILFLRV/D&RPSDxtDWLHQHFRPRSROtWLFD
UHDOL]DUODGHWHUPLQDFLyQGHOEHQHILFLRGHILQLGR MXELODFLyQSDWURQDO SDUDORVWUDEDMDGRUHVFRQXQ
WLHPSRGHVHUYLFLRPD\RURLJXDODDxRV

/DVKLSyWHVLVDFWXDULDOHVVLJQLILFDWLYDVXWLOL]DGDVSDUDODGHWHUPLQDFLyQGHODREOLJDFLyQSRUEHQHILFLR
GHILQLGRVRQODWDVDGHGHVFXHQWRLQFUHPHQWRVDODULDOHVSHUDGR\ODPRUWDOLGDG

$OGHGLFLHPEUHGHO\ODVSUHVXQFLRQHVSULQFLSDOHVXVDGDVSDUDSURSyVLWRVGHORV
FiOFXORVDFWXDULDOHVVRQODVVLJXLHQWHV

«'LFLHPEUH«
 
 
7DVDGHGHVFXHQWR  
7DVDHVSHUDGDGHOLQFUHPHQWRVDODULDO  
7DVDQHWDGHFRQPXWDFLyQDFWXDULDO  

(ODQiOLVLVGHVHQVLELOLGDGGHWDOODGRDFRQWLQXDFLyQVHKDGHVDUUROODGRHQEDVHDORVFDPELRV
UD]RQDEOHPHQWHSRVLEOHVTXHVHSURGX]FDQDOILQDOGHOSHUtRGRGHUHIHUHQFLDGHORVUHVSHFWLYRV
VXSXHVWRV

6LODWDVDGHLQFUHPHQWRVDODULDOHVSHUDGDVDXPHQWDHQXQ\ODWDVDGHFRQPXWDFLyQDFWXDULDO
GLVPLQX\HQHQODREOLJDFLyQSRUEHQHILFLRVGHILQLGRVDXPHQWDUtDHQ86



 
(ODQiOLVLVGHVHQVLELOLGDGSUHVHQWDGRDQWHULRUPHQWHSXHGHQRVHUUHSUHVHQWDWLYRGHODYDULDFLyQUHDOHQ
ODREOLJDFLyQSRUEHQHILFLRGHILQLGR\DTXHHVSRFRSUREDEOHTXHHOFDPELRHQODVKLSyWHVLVVH
SURGX]FDHQIRUPDDLVODGDXQRVGHRWURV

(VLPSRUWDQWHPHQFLRQDUTXHHQHODQiOLVLVGHVHQVLELOLGDGGHVDUUROODGRHOYDORUSUHVHQWHGHOD
REOLJDFLyQSRUEHQHILFLRGHILQLGRVHFDOFXOyXWLOL]DQGRHOPpWRGRGHFUpGLWRXQLWDULRSUR\HFWDGRTXH
HVHOPLVPRTXHHODSOLFDGRHQHOFiOFXORGHODREOLJDFLyQSRUEHQHILFLRGHILQLGRUHFRQRFLGRHQHO
HVWDGRGHVLWXDFLyQILQDQFLHUD1RKLFLHURQFDPELRVHQORVPpWRGRVHKLSyWHVLVXWLOL]DGRVDOHODERUDUHO
DQiOLVLVGHVHQVLELOLGDGUHVSHFWRDDxRVDQWHULRUHV


 $55(1'$0,(172623(5$7,926

 /D&RPSDxtDFRPRDUUHQGDWDULR

/RVDUUHQGDPLHQWRVRSHUDWLYRVVHUHILHUHQSULQFLSDOPHQWHDFRQWUDWRVGHDOTXLOHUGHORFDOHV
FRPHUFLDOHVWHUUHQR\HGLILFLRXWLOL]DGRSRUOD&RPSDxtDSDUDVXVRSHUDFLRQHVFRQFRQGLFLRQHV
GHDUUHQGDPLHQWRGHHQWUH\DxRV7RGRVORVFRQWUDWRVGHDUUHQGDPLHQWRRSHUDWLYRGHPiV
GHDxRVFRQWLHQHQFOiXVXODVGHUHYLVLRQHVDQXDOHVGHOSUHFLRGHODOTXLOHUHQUHODFLyQDO
PHUFDGR/D&RPSDxtDQRWLHQHXQDRSFLyQSDUDFRPSUDUORVORFDOHVFRPHUFLDOHVWHUUHQRV\
HGLILFLRDUUHQGDGRVDOYHQFLPLHQWRGHORVSOD]RVGHDUUHQGDPLHQWR

'XUDQWHHODxROD&RPSDxtDUHFRQRFLyHQORVUHVXOWDGRVGHODxR86PLOORQHV
UHODFLRQDGRVFRQHVWRVFRQWUDWRV

 /D&RPSDxtDFRPRDUUHQGDGRU$FXHUGRVGHDUUHQGDPLHQWR

/RVDUUHQGDPLHQWRVRSHUDWLYRVVHUHODFLRQDQFRQHVSDFLRVHQORFDOHVFRPHUFLDOHVDGPLQLVWUDGRV
SRUOD&RPSDxtDFRQWpUPLQRVGHDUUHQGDPLHQWRGHHQWUHDDxRVORVFXDOHVVRQUHQRYDEOHVDO
WpUPLQRGHOPLVPR(ODUUHQGDWDULRQRWLHQHRSFLyQGHFRPSUDUODSURSLHGDGDODIHFKDGH
H[SLUDFLyQGHOSHUtRGRGHDUUHQGDPLHQWR

'XUDQWHHODxRORVLQJUHVRVSRUDOTXLOHUGHHVSDFLRVREWHQLGRVSRUOD&RPSDxtD
DVFHQGLHURQD86PLOORQHV


 3$75,021,2

 &DSLWDOVRFLDO

$OGHGLFLHPEUHGHOHVWiUHSUHVHQWDGRSRUDFFLRQHVGHYDORUQRPLQDO
XQLWDULRGH86WRGDVRUGLQDULDV\QRPLQDWLYDV$OGHGLFLHPEUHGHOODFRPSRVLFLyQ
DFFLRQDULDHVFRPRVLJXH


GH 1RGH &DSLWDO
$FFLRQLVWDV
SDUWLFLSDFLyQ DFFLRQHV VRFLDO
   HQ86GyODUHV 
   
-RVp-XDQ'H3UDWL&DYDQQD   
3DFLILF+RPH )DVKLRQ)UDQFKLVH//&   
0DWHGHFD/7'   
   
7RWDO   




  5HVHUYDV

  «'LFLHPEUH«
   
  HQ86GyODUHV 

 /HJDO  
 )DFXOWDWLYD  
   
 7RWDO  

 5HVHUYDOHJDO

'HFRQIRUPLGDGFRQ/D/H\GH&RPSDxtDVGHODVXWLOLGDGHVOtTXLGDVTXHUHVXOWHQGHFDGD
HMHUFLFLRVHWRPDUiXQSRUFHQWDMHQRPHQRUGHXQGLH]SRUFLHQWRGHVWLQDGRDIRUPDUHO
IRQGRGHUHVHUYDOHJDOKDVWDTXHpVWHDOFDQFHSRUORPHQRVHOFLQFXHQWDSRUFLHQWRGHO
FDSLWDOVRFLDO 'LFKDUHVHUYDQRHVGLVSRQLEOH SDUDHOSDJRGHGLYLGHQGRVHQHIHFWLYR
SXGLHQGRVHUFDSLWDOL]DGD HQVXWRWDOLGDGRXWLOL]DGDSDUDDEVRUEHUSpUGLGDV

 5HVHUYD)DFXOWDWLYD

5HSUHVHQWDQUHVHUYDVGHOLEUHGLVSRVLFLyQGHORVDFFLRQLVWDVFX\RVDOGRSXHGHVHU
FDSLWDOL]DGRGLVWULEXLGRRXWLOL]DGRSDUDFXEULUSpUGLGDV

 5HVXOWDGRVDFXPXODGRV

  «'LFLHPEUH«
   
  HQ86GyODUHV 

 8WLOLGDGHVUHWHQLGDVGLVWULEXLEOHV  
 5HVXOWDGRVDFXPXODGRVSURYHQLHQWHVGHOD
DGRSFLyQSRUSULPHUDYH]GHODV1,,)  
 5HVHUYDVHJ~Q3&*$DQWHULRUHV5HVHUYDGHFDSLWDO\
YDOXDFLyQGHSURSLHGDGHV\HTXLSRV  
   
 7RWDO  

5HVXOWDGRVDFXPXODGRVSURYHQLHQWHVGHODDGRSFLyQSRUSULPHUDYH]GHODV1,,)

,QFOX\HORVYDORUHVUHVXOWDQWHVGHORVDMXVWHVRULJLQDGRVHQODDGRSFLyQSRUSULPHUDYH]
GHODV1,,)'HDFXHUGRDUHVROXFLyQHPLWLGDSRUOD6XSHULQWHQGHQFLDGH&RPSDxtDVHO
GHRFWXEUHGHHOVDOGRGHHVWDFXHQWDVyORSRGUiVHUFDSLWDOL]DGRHQODSDUWHTXH
H[FHGDDOYDORUGHODVSpUGLGDVDFXPXODGDV\ODVGHO~OWLPRHMHUFLFLRHFRQyPLFR
FRQFOXLGRVLODVKXELHUHXWLOL]DGRHQDEVRUEHUSpUGLGDVRGHYXHOWRHQHOFDVRGH
OLTXLGDFLyQGHOD&RPSDxtD

5HVHUYDVHJ~Q3&*$DQWHULRUHV±5HVHUYDGHFDSLWDO\YDOXDFLyQGHSURSLHGDGHV\
HTXLSRV

(OVDOGRDFUHHGRUGHODUHVHUYDGHFDSLWDO\YDOXDFLyQGHSURSLHGDGHV\HTXLSRVVHJ~Q
3&*$DQWHULRUHVVyORSRGUiVHUFDSLWDOL]DGRHQODSDUWHTXHH[FHGDDOYDORUGHODV
SpUGLGDVDFXPXODGDV\ODVGHO~OWLPRHMHUFLFLRHFRQyPLFRFRQFOXLGRVLODVKXELHUH
XWLOL]DGRHQDEVRUEHUSpUGLGDVRGHYXHOWRHQHOFDVRGHOLTXLGDFLyQGHOD&RPSDxtD




  'LYLGHQGRVSDJDGRV

(QPDU]RGHVHGHFODUy\SDJyGLYLGHQGRVDDFFLRQLVWDVSRU86PLOORQHV
FRUUHVSRQGLHQWHVDODXWLOLGDGGHOHMHUFLFLRHFRQyPLFR

$SDUWLUGHODxRORVGLYLGHQGRVGLVWULEXLGRVDIDYRUGHDFFLRQLVWDVSHUVRQDVQDWXUDOHV
UHVLGHQWHVHQHO(FXDGRU\GHVRFLHGDGHVGRPLFLOLDGDVHQSDUDtVRVILVFDOHVRHQMXULVGLFFLRQHV
GHPHQRULPSRVLFLyQVHHQFXHQWUDQVXMHWRVDUHWHQFLyQSDUDHIHFWRVGHOLPSXHVWRDODUHQWD

 *DQDQFLDSRUDFFLyQ

«'LFLHPEUH«
 
HQ86GyODUHV 
8WLOLGDGHVGHODxRDWULEXLEOHDORVDFFLRQLVWDV  
1~PHURGHDFFLRQHV  
  
8WLOLGDGEiVLFDSRUDFFLyQ  


 ,167580(1726),1$1&,(526

 *HVWLyQGHULHVJRVILQDQFLHURV

(QHOFXUVRQRUPDOGHVXVQHJRFLRV\DFWLYLGDGHVGHILQDQFLDPLHQWROD&RPSDxtDHVWiH[SXHVWD
DGLVWLQWRVULHVJRVGHQDWXUDOH]DILQDQFLHUDTXHSXHGHQDIHFWDUGHPDQHUDPiVRPHQRV
VLJQLILFDWLYDDOYDORUHFRQyPLFRGHVXVIOXMRV\DFWLYRV\HQFRQVHFXHQFLDVXVUHVXOWDGRV

/D&RPSDxtDGLVSRQHGHXQDRUJDQL]DFLyQ\GHVLVWHPDVGHLQIRUPDFLyQDGPLQLVWUDGRVSRUOD
9LFHSUHVLGHQFLD)LQDQFLHUDTXHSHUPLWHQLGHQWLILFDUGLFKRVULHVJRVGHWHUPLQDUVXPDJQLWXG
SURSRQHUDO'LUHFWRULRPHGLGDVGHPLWLJDFLyQHMHFXWDUGLFKDVPHGLGDV\FRQWURODUVX
HIHFWLYLGDG

$FRQWLQXDFLyQVHSUHVHQWDXQDGHILQLFLyQGHORVULHVJRVTXHHQIUHQWDOD&RPSDxtDXQD
FDUDFWHUL]DFLyQ\FXDQWLILFDFLyQGHpVWRV\XQDGHVFULSFLyQGHODVPHGLGDVGHPLWLJDFLyQ
DFWXDOPHQWHHQXVRSRUSDUWHGHOD&RPSDxtDVLHVHOFDVR

 5LHVJRGHFUpGLWR

(OULHVJRGHFUpGLWRVHUHILHUHDOULHVJRGHTXHXQDGHODVSDUWHVLQFXPSODFRQVXV
REOLJDFLRQHVFRQWUDFWXDOHVUHVXOWDQGRHQXQDSpUGLGDILQDQFLHUDSDUDOD&RPSDxtD/D
&RPSDxtDKDDGRSWDGRODSROtWLFDGHTXHFDGDFOLHQWHQXHYRGHEHVHUDQDOL]DGRGH
DFXHUGRDOVLVWHPDGHSXQWXDFLyQGHFUpGLWRGRQGHOD&RPSDxtDHYDOXDODFDOLGDG
FUHGLWLFLDGHOFOLHQWHSRWHQFLDOHVWRFRQODILQDOLGDGGHLQYROXFUDUVHFRQSDUWHV
VROYHQWHVFRPRIRUPDGHPLWLJDUHOULHVJRGHODSpUGLGDILQDQFLHUDRFDVLRQDGDSRUORV
LQFXPSOLPLHQWRV/D&RPSDxtD~QLFDPHQWHUHDOL]DWUDQVDFFLRQHVFRQFOLHQWHVTXH
FXHQWDFRQXQDDGHFXDGDFDOLILFDFLyQODLQIRUPDFLyQXWLOL]DGDSRUOD&RPSDxtDSDUDHO
DQiOLVLVGHFDOLILFDFLyQHVSURSRUFLRQDGDSRUDJHQFLDVFDOLILFDGRUDVH[WHUQDVH
LQIRUPDFLyQILQDQFLHUDGLVSRQLEOH





 /DVFXHQWDVFRPHUFLDOHVSRUFREUDUHVWiQFRPSXHVWDVSRUXQQ~PHURLPSRUWDQWHGH
FOLHQWHVGLVWULEXLGRVHQWUHGLYHUVDViUHDVJHRJUiILFDV/DHYDOXDFLyQGHFUpGLWRFRQWLQXD
VHUHDOL]DVREUHODFRQGLFLyQILQDQFLHUDGHODVFXHQWDVSRUFREUDU

/D&RPSDxtDQRPDQWLHQHH[SRVLFLRQHVGHULHVJRGHFUpGLWRVLJQLILFDWLYDVFRQQLQJXQD
GHODVSDUWHVRQLQJXQD&RPSDxtDGHFRQWUDSDUWHVFRQFDUDFWHUtVWLFDVVLPLODUHV/D
H[SRVLFLyQGHFUpGLWRHVFRQWURODGDSRUHO'HSDUWDPHQWRGH3RUWDIROLRGHOD&RPSDxtD
TXLHQHVVHHQFDUJDQGHUHYLVDUGHPDQHUDFRQVWDQWHHOWDPDxR\ODGLVWULEXFLyQGHO
SRUWDIROLRGHFOLHQWHVFRQUHVSHFWRDOFRPSRUWDPLHQWRVHJ~QORVQLYHOHVGHPRURVLGDG
ORFXDOHVUHYLVDGR\DSUREDGDGRSRUHO9LFHSUHVLGHQWHGH&UpGLWR

 5LHVJRGH/LTXLGH]

/D9LFHSUHVLGHQFLD)LQDQFLHUDHVTXLHQWLHQHODUHVSRQVDELOLGDGHQFRQMXQWRFRQHO
(TXLSRGH'LUHFFLyQGHODJHVWLyQGHOLTXLGH]/D-XQWD'LUHFWLYDKDHVWDEOHFLGRXQ
PDUFRGHWUDEDMRDSURSLDGRSDUDODJHVWLyQGHOLTXLGH]GHPDQHUDTXHOD$GPLQLVWUDFLyQ
SXHGDPDQHMDUORVUHTXHULPLHQWRVGHILQDQFLDPLHQWRDFRUWRPHGLDQR\ODUJRSOD]RDVt
FRPRODJHVWLyQGHOLTXLGH]GHOD&RPSDxtD/D&RPSDxtDPDQHMDHOULHVJRGHOLTXLGH]
PDQWHQLHQGRUHVHUYDVIDFLOLGDGHVILQDQFLHUDV\GHSUpVWDPRDGHFXDGDVPRQLWRUHDQGR
FRQWLQXDPHQWHORVIOXMRVHIHFWLYRVSUR\HFWDGRV\UHDOHV\FRQFLOLDQGRORVSHUILOHVGH
YHQFLPLHQWRGHORVDFWLYRV\SDVLYRVILQDQFLHURV

/D-XQWD'LUHFWLYDUHYLVDWULPHVWUDOPHQWHHO(%,7'$RSHUDWLYRYHULILFDQGRHO
FUHFLPLHQWRGHORVPiUJHQHVEUXWRVTXHJHQHUDGHDFXHGRDOtQHDGHQHJRFLR\OD
FRQWULEXFLyQREWHQLGDSRUFDGDWLHQGDWHQLHQGRIOXMRGHFDMDRSHUDWLYRVXILFLHQWHFDSLWDO
GHWUDEDMR\FXEULUFRQODVREOLJDFLRQHVFRQLQYHUVLRQLVWDVHLQVWLWXFLRQHVILQDQFLHUDV

/LTXLGH]\WDEODVGHULHVJRGHLQWHUpV/DVVLJXLHQWHVWDEODVGHWDOODQORVYHQFLPLHQWRV
FRQWUDFWXDOHVUHVWDQWHVGHOD&RPSDxtDSDUDVXVSDVLYRVILQDQFLHURVQRGHULYDGRV/DV
WDEODVVHKDQHODERUDGRVREUHODEDVHGHORVIOXMRVGHHIHFWLYRQRGHVFRQWDGRVGHORV
SDVLYRVILQDQFLHURVEDVDGRVHQODSULPHUDIHFKDHQODTXHOD&RPSDxtDSXHGHVHU
REOLJDGDDSDJDU(OYHQFLPLHQWRFRQWUDFWXDOVHEDVDHQODSULPHUDIHFKDHQODTXHOD
&RPSDxtDSXHGHVHUREOLJDGDDSDJDU


  +DVWD 9DORUHQ
DxR +DVWDDxRV +DVWDDxRV OLEURV
GHGLFLHPEUHGHO
2EOLJDFLRQHVFRQLQVWLWXFLRQHV
ILQDQFLHUDV  
2EOLJDFLRQHVFRQLQYHUVLRQLVWDV    
   
7RWDO    

  
 
GHGLFLHPEUHGHO
2EOLJDFLRQHVFRQLQVWLWXFLRQHV
   
ILQDQFLHUDV
2EOLJDFLRQHVFRQLQYHUVLRQLVWDV    
    
7RWDO    





  5LHVJRGH&DSLWDO

/D$GPLQLVWUDFLyQJHVWLRQDVXFDSLWDOSDUDDVHJXUDUTXHOD&RPSDxtDHVWDUiHQ
FDSDFLGDGGHFRQWLQXDUFRPRHPSUHVDHQPDUFKD

(O(TXLSRGH'LUHFFLyQIRUPDGRSRUHO3UHVLGHQWH\ORV9LFHSUHVLGHQWHVGHOD&RPSDxtD
GHFDGDiUHDUHYLVDQODHVWUXFWXUDGHFDSLWDOVREUHXQDEDVHPHQVXDO&RPRSDUWHGH
HVWDUHYLVLyQOD$GPLQLVWUDFLyQFRQVLGHUDHOFRVWRGHOFDSLWDO\ORVULHVJRVDVRFLDGRV
FRQFDGDFODVHGHFDSLWDO/D&RPSDxtDWLHQHXQtQGLFHGHHQGHXGDPLHQWRGH
GHWHUPLQDGRFRPRODSURSRUFLyQGHODGHXGDILQDQFLHUDQHWD\HOSDWULPRQLR

/D$GPLQLVWUDFLyQJHVWLRQDVXFDSLWDOSDUDDVHJXUDUTXHOD&RPSDxtDHVWDUiHQ
FDSDFLGDGGHFRQWLQXDUFRPRHPSUHVDHQPDUFKDPLHQWUDVPD[LPL]DHOUHQGLPLHQWRD
VXVDFFLRQLVWDVDWUDYpVGHODRSWLPL]DFLyQGHORVVDOGRVGHGHXGD\SDWULPRQLR/D
HVWUDWHJLDJHQHUDOGHOD&RPSDxtDQRKDVLGRDOWHUDGDHQFRPSDUDFLyQFRQHO

 &DWHJRUtDVGH,QVWUXPHQWRV)LQDQFLHURV

(OGHWDOOHGHORVDFWLYRV\SDVLYRVILQDQFLHURVPDQWHQLGRVSRUOD&RPSDxtDHVFRPRVLJXH

«'LFLHPEUH«
 
HQ86GyODUHV 
$FWLYRV)LQDQFLHURV
&RVWRDPRUWL]DGR
(IHFWLYR\HTXLYDOHQWHVGHHIHFWLYR QRWD   
$FWLYRVILQDQFLHURVPDQWHQLGRVKDVWDVXYHQFLPLHQWR  
&XHQWDVSRUFREUDU QRWD   
  
7RWDO  
  
3DVLYRV)LQDQFLHURV  
&RVWRDPRUWL]DGR  
3UpVWDPR QRWD   
2WURVSDVLYRVILQDQFLHURV QRWD   
&XHQWDVSRUSDJDU QRWD   
  
7RWDO  

 9DORUUD]RQDEOHGHORVLQVWUXPHQWRVILQDQFLHURV

/D$GPLQLVWUDFLyQFRQVLGHUDTXHORVLPSRUWHVHQOLEURVGHORVDFWLYRV\SDVLYRVILQDQFLHURV
UHFRQRFLGRVDOFRVWRDPRUWL]DGRHQORVHVWDGRVILQDQFLHURVVHDSUR[LPDQDVXYDORUUD]RQDEOH











 ,1*5(626

  «'LFLHPEUH«
   
  HQ86GyODUHV 

 9HQWDVGHPHUFDGHUtDV  
 ,QWHUHVHVSRUILQDQFLDPLHQWR  
 5HFDUJRSRUSDJRWDUGtR  
 (PLVLyQGHHVWDGRVGHFXHQWD\RWURV  
 ,QJUHVRV3OD]D1DYRQD\ORFDOHVGH7LHQGD6XU  
 ,QWHUHVHVSRUPRUD  
 'HVFXHQWRHQYHQWDV    
 'HYROXFLRQHVVREUHYHQWDV      
   
 7RWDO  


 27526,1*5(626

  «'LFLHPEUH«
   
  HQ86GyODUHV 

 ,QJUHVRVH[WUDRUGLQDULRV  
 5HFXSHUDFLyQGHFXHQWDVFDVWLJDGDV  
 ,QWHUHVHVSRULQYHUVLRQHV  
 2WURV  
   
 7RWDO  


 ,1)250$&,Ï13256(*0(1726

/D&RPSDxtDPLGHVXVUHVXOWDGRVSRUVHJPHQWRVGHDFXHUGRDODVOtQHDVGHQHJRFLRTXHSRVHH(O
GHWDOOHLQGLFDGRDFRQWLQXDFLyQSURSRUFLRQDXQDQiOLVLVSRUVHJPHQWRGHORVLQJUHVRVFRVWRVGH
YHQWDV\XWLOLGDGHVGHOD&RPSDxtDSRUHODxRWHUPLQDGRHOGHGLFLHPEUHGHO

,QJUHVRVSRU &RVWRVGHYHQWDSRU 0DUJHQEUXWR
VHJPHQWRV VHJPHQWRV SRUVHJPHQWRV
      
 HQ86'yODUHV 
   
0RGD      
+RJDU      
&RVPpWLFRV      
$FFHVRULRV      
2WURV      
      
7RWDO      
 



  &26726<*$6726'($'0,1,675$&,Ï1<9(17$6325681$785$/(=$

   
  HQ86GyODUHV 
   
 &RVWRGHYHQWDV  
 *DVWRVGHDGPLQLVWUDFLyQ\YHQWDV  
   
 7RWDO  
   
8QGHWDOOHGHFRVWRV\JDVWRVSRUVXQDWXUDOH]DHVFRPRVLJXH

   
  HQ86GyODUHV 
   
 &RQVXPRGHPHUFDGHUtD  
 *DVWRSRUEHQHILFLRVDHPSOHDGRV  
 'HSUHFLDFLyQ\DPRUWL]DFLyQ  
 $OTXLOHUGHELHQHVLQPXHEOHV  
 3URYLVLyQGHFXHQWDVLQFREUDEOHV  
 0DUNHWLQJ\VXPLQLVWURVGHWLHQGDV  
 +RQRUDULRVSURIHVLRQDOHV  
 *DVWRVGHSXEOLFLGDG  
 0DQWHQLPLHQWR\UHSDUDFLRQHV  
 6HUYLFLRVEiVLFRV  
 $OtFXRWDVGHORFDOHVFRPHUFLDOHV  

,PSXHVWRVWDVDV\FRQWULEXFLRQHV  

&RUUHVSRQGHQFLD  
 2WURVPHQRUHVD86  
   
 7RWDO  

 *DVWRVSRUEHQHILFLRVDHPSOHDGRV

   
  HQ86GyODUHV 

 6XHOGRV\VDODULRV  
 3DUWLFLSDFLyQDWUDEDMDGRUHV  
 %HQHILFLRVVRFLDOHV  
 $SRUWHVDO,(66  
 *UDWLILFDFLRQHV\FRPLVLRQHV  
 %HQHILFLRVGHILQLGRV  
 2WURVEHQHILFLRV  
   
 7RWDO  








 &26726),1$1&,(526

  «'LFLHPEUH«
   
   HQ86GyODUHV 

 ,QWHUHVHVSRUWUDQVDFFLRQHVILQDQFLHUDV  
 (PLVLyQGHREOLJDFLRQHVSDSHOFRPHUFLDO\SUpVWDPRV  
 &RPLVLRQHVWDUMHWDVGHFUpGLWRH[WHUQDV  
 &RVWRILQDQFLHURDFWXDULDO  
 2WURV  
   
 7RWDO  


 35,1&,3$/(675$16$&&,21(6&213$57(65(/$&,21$'$6

 7UDQVDFFLRQHVFRPHUFLDOHV

  «'LFLHPEUH«
   
  HQ86GyODUHV 
   
 ,QPRELOLDULD$OGLMR6$  
 $UULHQGRVGHHGLILFLRDGPLQLVWUDWLYR  
 5HHPEROVRVFRQVXPRGHDJXD  
   
 ,QPRELOLDULD5RPDEDO8QR6$  
 $UULHQGRV  
   
 7RWDO  

 &RPSHQVDFLyQDOSHUVRQDOFODYHGHODJHUHQFLD

/DFRPSHQVDFLyQGHORVHMHFXWLYRV\RWURVPLHPEURVFODYHVGHODJHUHQFLDGXUDQWHHODxRIXHOD
VLJXLHQWH

   
   HQ86GyODUHV 

 5HPXQHUDFLRQHV\EHQHILFLRV  

/DFRPSHQVDFLyQGHORVHMHFXWLYRVFODYHHVGHWHUPLQDGDFRQEDVHHQHOUHQGLPLHQWRGHORV
LQGLYLGXRV\ODVWHQGHQFLDVGHOPHUFDGR


 &203520,626

$OGHGLFLHPEUHGHOOD&RPSDxtDPDQWLHQHREOLJDFLRQHVILQDQFLHUDVFRPRFRGHXGRUVHJ~Q
HOVLJXLHQWHGHWDOOH




 )LGHLFRPLVR0HUFDQWLO,UUHYRFDEOH³6HJXQGD7LWXODUL]DFLyQ GH)OXMRV'H3UDWL
7DUMHWDVGH&UpGLWR7HUFHUDV´

(QVHSWLHPEUHGHO$OPDFHQHV'H3UDWL6$FRQVWLWX\y)LGHLFRPLVR0HUFDQWLO
,UUHYRFDEOH³6HJXQGD7LWXODUL]DFLyQ GH)OXMRV'H3UDWL7DUMHWDVGH&UpGLWR7HUFHUDV´HOFXDO
HVDGPLQLVWUDGRSRU00*7UXVW(FXDGRU6$ODILQDOLGDGHVODHPLVLyQGH9DORUHVGH
7LWXODUL]DFLyQGH&RQWHQLGR&UHGLWLFLR 97&V SRUXQPRQWRGHKDVWD86PLOORQHVVRSRUWDGR
HQORVIOXMRVJHQHUDGRVGHODUHFDXGDFLyQGHYHQWDVDWUDYpVGHWDUMHWDVGHFUpGLWRGHWHUFHURVFRPR
%DQFR%ROLYDULDQR6$SDUDWRGDVODVWDUMHWDVGHFUpGLWR9LVD\0DVWHUFDUG%DQFRGHO3LFKLQFKD
&$SDUDHOFDVRGHODWDUMHWDGHFUpGLWR'LQHUV&OXE\%DQFRGH*XD\DTXLO6$SDUDHOFDVRGH
ODWDUMHWDGHFUpGLWR$PHULFDQ([SUHVVHQWRGRVORVFDVRVLQGHSHQGLHQWHPHQWHTXHODLQVWLWXFLyQ
FRPSDxtDVHDODHPLVRUDRDGPLQLVWUDGRUDGHGLFKDVWDUMHWDVGHFUpGLWR/RVWpUPLQRVGHHVWH
FRQWUDWRLQFOX\HQSULQFLSDOPHQWHORVLJXLHQWH

x $OPDFHQHV'H3UDWL6$DSRUWDUiDO)LGHLFRPLVRORVGHUHFKRVGHFREURTXHVHJHQHUHGHODV
YHQWDVGHPHUFDGHUtDDWUDYpVGHWDUMHWDVGHFUpGLWRGHWHUFHURVGHORVHVWDEOHFLPLHQWRV
VHOHFFLRQDGRVGHODVFLXGDGHVGH*XD\DTXLO\4XLWR

x $OPDFHQHV'H3UDWL6$DFWXDUiFRPRDJHQWHGHUHFDXGRGHOSURFHVRGH7LWXODUL]DFLyQ\ORV
IOXMRVJHQHUDGRVVHUiQGHSURSLHGDGH[FOXVLYDGHO)LGHLFRPLVR0HUFDQWLOFRQILQHVGH
7LWXODUL]DFLyQORVFXDOHVVHXWLOL]DUiQSDUDFDQFHODUORVSDVLYRVJHQHUDGRVSRUODDGTXLVLFLyQGH
ORV9DORUHVGH7LWXODUL]DFLyQGH&RQWHQLGR&UHGLWLFLR 97&V 

x /DHPLVLyQGHORV7tWXORVGH&RQWHQLGR&UHGLWLFR 97&V VHKDUiHQVHULHVVHULHV$%\&
SRU86PLOORQHVFDGDVHULHFRQYHQFLPLHQWRVWULPHVWUDOHVODVHULH$\%KDVWDHO\OD
VHULH&HOHLQWHUpVDQXDOGHO

x $OPDFHQHV'H3UDWL6$GHEHUiFRQVWLWXLUXQIRQGRGHUHVHUYDTXHGHEHUiDVFHQGHUDOGHO
PRQWRGHOGLYLGHQGRWULVPHWUDOLQPHGLDWRSRVWHULRUGHWRGRVORVSDVLYRVFRQLQYHUVLRQLVDV
LQFOX\HQGRHOFDSLWDOHLQWHUHVHV VLQH[FHGHUHOGHOVDOGRLQVROXWRGHWRGRVORVSDVLYRVGH
ORVLQYHUVLRQLVWDV

x $OPDFHQHV'H3UDWL6$DSRUWDUiDO)LGHLFRPLVRODVXPDGH86DHIHFWRVGHLQWHJUDU
LQLFLDOPHQWHHQHOHOIRQGRURWDWLYR

x (O)LGHLFRPLVRHVWDUiYLJHQWHKDVWDFXPSOLUFRQHOREMHWRGHOPLVPRyKDVWDTXHVHSURGX]FDXQD
FDXVDOGHWHUPLQDFLyQHVWLSXODGDVHQHOFRQWUDWRGHFRQVWLWXFLyQSHURHQQLQJ~QFDVRH[FHGHUiHO
SOD]RPi[LPRSHUPLWLGRSRUOD/H\GH0HUFDGRGH9DORUHVHOFXDOFRQWDUiGHVGHODIHFKDGH
HPLVLyQGHORV9DORUHVGH7LWXODUL]DFLyQGH&RQWHQLGR&UHGLWLFLR 97&V 

'XUDQWHHODxRODFRPSDxtDUHDOL]ySDJRVGHFDSLWDOSRU86UHODFLRQDGRVFRQ
ORVYHQFLPLHQWRVGHODxR

 )LGHLFRPLVR0HUFDQWLO,UUHYRFDEOH³7HUFHUD7LWXODUL]DFLyQ GH)OXMRV'H3UDWL´

(QMXOLRGHO$OPDFHQHV'H3UDWL6$FRQVWLWX\y)LGHLFRPLVR0HUFDQWLO,UUHYRFDEOH
³7HUFHUD7LWXODUL]DFLyQ GH)OXMRV'H3UDWL´HOFXDOHVDGPLQLVWUDGRSRU00*7UXVW(FXDGRU6
$ODILQDOLGDGHVODHPLVLyQGH9DORUHVGH7LWXODUL]DFLyQGH&RQWHQLGR&UHGLWLFLR 97&V SRUXQ
PRQWRGHKDVWD86PLOORQHVVRSRUWDGRHQORVIOXMRVJHQHUDGRVGHODUHFDXGDFLyQGHYHQWDVHQ
HIHFWLYRDFOLHQWHV/RVWpUPLQRVGHHVWHFRQWUDWRLQFOX\HQSULQFLSDOPHQWHORVLJXLHQWH





 x $OPDFHQHV'H3UDWL6$DSRUWDUiDO)LGHLFRPLVRORVGHUHFKRVGHFREURTXHVHJHQHUHGHODV
YHQWDVGHPHUFDGHUtDUHDOL]DGDVDVXVFOLHQWHVHQHIHFWLYRGHORVHVWDEOHFLPLHQWRVVHOHFFLRQDGRV
GHODVFLXGDGHVGH*XD\DTXLO\4XLWR

x $OPDFHQHV'H3UDWL6$DFWXDUiFRPRDJHQWHGHUHFDXGRGHOSURFHVRGH7LWXODUL]DFLyQ\ORV
IOXMRVJHQHUDGRVVHUiQGHSURSLHGDGH[FOXVLYDGHO)LGHLFRPLVR0HUFDQWLOFRQILQHVGH
7LWXODUL]DFLyQORVFXDOHVVHXWLOL]DUiQSDUDFDQFHODUORVSDVLYRVJHQHUDGRVSRUODDGTXLVLFLyQGH
ORV9DORUHVGH7LWXODUL]DFLyQGH&RQWHQLGR&UHGLWLFLR 97&V 

x /DHPLVLyQGHORV7tWXORVGH&RQWHQLGR&UHGLWLFR 97&V VHKDUiHQVHULHVVHULHV$\%SRU
86PLOORQHVFDGDXQD\ODVHULH&SRU86PLOORQHVFRQYHQFLPLHQWRVWULPHVWUDOHVODVHULH
$KDVWDHOODVHULH%KDVWDHO\ODVHULH&KDVWDHOHLQWHUpVDQXDOGHO
\UHVSHFWLYDPHQWHSRUFDGDVHULH

x $OPDFHQHV'H3UDWL6$GHEHUiFRQVWLWXLUXQIRQGRGHUHVHUYDSRUORVYDORUHVHQWUHJDGRVSRUOD
&RPSDxtDDSOLFDQGROD)LGXFLDULDDDMXVWHVDOIRQGRGHUHVHUYDVHJ~QODVVLJXLHQWHVUHODFLRQHV
D QRH[FHGDGHYHFHVHOtQGLFHGHGHVYLDFLyQTXHSDUDODSUHVHQWH7LWXODUL]DFLyQHVGH
HVGHFLUXQPRQWRSRU86\ E QRH[FHGDGHOGHOGLYLGHQGRWULPHVWUDO
FRPSXHVWRSRUFDSLWDOHLQWHUHVHV LQPHGLDWRSRVWHULRGHORVYDORUHVYLJHQWHV\HIHFWLYDPHQWH
FRORFDGRVHQWUHLQYHUVLRQLVWDV

x $OPDFHQHV'H3UDWL6$DSRUWDUiDO)LGHLFRPLVRODVXPDGH86DHIHFWRVGHLQWHJUDU
LQLFLDOPHQWHHQHOHO)RQGR5RWDWLYR

x (O)LGHLFRPLVRHVWDUiYLJHQWHKDVWDFXPSOLUFRQHOREMHWRGHOPLVPRyKDVWDTXHVHSURGX]FDXQD
FDXVDOGHWHUPLQDFLyQHVWLSXODGDVHQHOFRQWUDWRGHFRQVWLWXFLyQSHURHQQLQJ~QFDVRH[FHGHUiHO
SOD]RPi[LPRSHUPLWLGRSRUOD/H\GH0HUFDGRGH9DORUHVHOFXDOFRQWDUiGHVGHODIHFKDGH
HPLVLyQGHORV9DORUHVGH7LWXODUL]DFLyQGH&RQWHQLGR&UHGLWLFLR 97&V 

'XUDQWHHODxRODFRPSDxtDUHDOL]ySDJRVGHFDSLWDOSRU86PLOORQHVUHODFLRQDGRV
FRQORVYHQFLPLHQWRVGHODxR

)LGHLFRPLVR0HUFDQWLO,UUHYRFDEOH³&XDUWD7LWXODUL]DFLyQGH)OXMRV7DUMHWDGH&UpGLWR'H
3UDWL´

(QHQHURGHO$OPDFHQHV'H3UDWL6$FRQVWLWX\y)LGHLFRPLVR0HUFDQWLO,UUHYRFDEOH
³&XDUWD7LWXODUL]DFLyQ GH)OXMRV7DUMHWDGH&UpGLWR'H3UDWL´HOFXDOHVDGPLQLVWUDGRSRU
00*7UXVW(FXDGRU6$ODILQDOLGDGHVODHPLVLyQGH9DORUHVGH7LWXODUL]DFLyQGH&RQWHQLGR
&UHGLWLFLR 97&V SRUXQPRQWRGHKDVWD86PLOORQHVVRSRUWDGRHQORVIOXMRVJHQHUDGRVGHOD
UHFDXGDFLyQGHYHQWDVUHDOL]DGDVFRQFUpGLWRGLUHFWRRWRUJDGRSRUOD&RPSDxtDDVXVFOLHQWHV/RV
WpUPLQRVGHHVWHFRQWUDWRLQFOX\HQSULQFLSDOPHQWHORVLJXLHQWH

x $OPDFHQHV'H3UDWL6$DSRUWDUiDO)LGHLFRPLVRORVGHUHFKRVGHFREURTXHVHJHQHUHGHODV
YHQWDVGHPHUFDGHUtDDWUDYpVGHOFUpGLWRGLUHFWRRWRUJDGRSRUOD&RPSDxtDDVXVFOLHQWHVGHORV
HVWDEOHFLPLHQWRVVHOHFFLRQDGRVGHODVFLXGDGHVGH*XD\DTXLO\4XLWR

x $OPDFHQHV'H3UDWL6$DFWXDUiFRPRDJHQWHGHUHFDXGRGHOSURFHVRGH7LWXODUL]DFLyQ\ORV
IOXMRVJHQHUDGRVVHUiQGHSURSLHGDGH[FOXVLYDGHO)LGHLFRPLVR0HUFDQWLOFRQILQHVGH
7LWXODUL]DFLyQORVFXDOHVVHXWLOL]DUiQSDUDFDQFHODUORVSDVLYRVJHQHUDGRVSRUODDGTXLVLFLyQGH
ORV9DORUHVGH7LWXODUL]DFLyQGH&RQWHQLGR&UHGLWLFLR 97&V 

x /DHPLVLyQGHORV7tWXORVGH&RQWHQLGR&UHGLWLFR 97&V VHKDUiHQVHULHVVHULHV$\%SRU
86PLOORQHVFDGDVHULHFRQYHQFLPLHQWRVWULPHVWUDOHVODVHULH$KDVWDHO\ODVHULH%
KDVWDHOHLQWHUpVDQXDOGH\UHVSHFWLYDPHQWH





 x $OPDFHQHV'H3UDWL6$GHEHUiFRQVWLWXLUXQIRQGRGHUHVHUYDSRUORVYDORUHVHQWUHJDGRVSRUOD
&RPSDxtDDSOLFDQGROD)LGXFLDULDDDMXVWHVDOIRQGRGHUHVHUYDVHJ~QODVLJXLHQWHUHODFLyQQR
H[FHGDGHYHFHVHOtQGLFHGHGHVYLDFLyQTXHSDUDODSUHVHQWH7LWXODUL]DFLyQHVGHHV
GHFLUXQPRQWRSRU86

x $OPDFHQHV'H3UDWL6$DSRUWDUiDO)LGHLFRPLVRODVXPDGH86DHIHFWRVGHLQWHJUDU
LQLFLDOPHQWHHQHOHO)RQGR5RWDWLYR

x (O)LGHLFRPLVRHVWDUiYLJHQWHKDVWDFXPSOLUFRQHOREMHWRGHOPLVPRyKDVWDTXHVHSURGX]FDXQD
FDXVDOGHWHUPLQDFLyQHVWLSXODGDVHQHOFRQWUDWRGHFRQVWLWXFLyQSHURHQQLQJ~QFDVRH[FHGHUiHO
SOD]RPi[LPRSHUPLWLGRSRUOD/H\GH0HUFDGRGH9DORUHVHOFXDOFRQWDUiGHVGHODIHFKDGH
HPLVLyQGHORV9DORUHVGH7LWXODUL]DFLyQGH&RQWHQLGR&UHGLWLFLR 97&V 

'XUDQWHHODxRODFRPSDxtDUHDOL]ySDJRVSRU86PLOORQHVUHODFLRQDGRVFRQORV
YHQFLPLHQWRVGHODxR

/DVJDUDQWtDVHQWUHJDGDVSRUORVSURFHVRVGHWLWXODUL]DFLyQGHORVILGHLFRPLVRVYLJHQWHVVRQFRPRVLJXH

  )HFKD )HFKDGH 
%HQHILFLDULR ,QVWLWXFLyQ GHLQLFLR YHQFLPLHQWR 86GyODUHV 
    
)LGHLFRPLVR0HUFDQWLO,UUHYRFDEOH    
³6HJXQGD7LWXODUL]DFLyQGH)OXMRV'H    
3UDWL±7DUMHWDVGH&UpGLWR7HUFHUDV´ %DQFRGH   
*XD\DTXLO   
    
)LGHLFRPLVR0HUFDQWLO,UUHYRFDEOH    
³7HUFHUD7LWXODUL]DFLyQGH)OXMRV'H %DQFRGH   
3UDWL´ *XD\DTXLO   
    
)LGHLFRPLVR0HUFDQWLO,UUHYRFDEOH³&XDUWD    
7LWXODUL]DFLyQGH)OXMRV7DUMHWDGH %DQFRGH   
&UpGLWR'H3UDWL´ *XD\DTXLO   
    
7RWDO    


 +(&+262&855,'26'(638e6'(/3(5Ë2'262%5((/48(6(
,1)250$

(QWUHHOGHGLFLHPEUHGHO\ODIHFKDGHHPLVLyQGHORVHVWDGRVILQDQFLHURV IHEUHURGHO
 QRVHSURGXMHURQHYHQWRVTXHHQRSLQLyQGHOD$GPLQLVWUDFLyQSXGLHUDQWHQHUXQHIHFWR
LPSRUWDQWHVREUHORVHVWDGRVILQDQFLHURV QRFRQVROLGDGRV DGMXQWRV


 $352%$&,Ï1'(/26(67$'26),1$1&,(526

/RVHVWDGRVILQDQFLHURV QRFRQVROLGDGRV SRUHODxRWHUPLQDGRHOGHGLFLHPEUHGHOKDQVLGR
DSUREDGRVSRUOD$GPLQLVWUDFLyQHQIHEUHURGHO\VHUiQSUHVHQWDGRVDORV$FFLRQLVWDVSDUDVX
DSUREDFLyQ(QRSLQLyQGHODDGPLQLVWUDFLyQGHOD&RPSDxtDORVHVWDGRVILQDQFLHURV QR
FRQVROLGDGRV VHUiQDSUREDGRVSRUORVDFFLRQLVWDVVLQPRGLILFDFLRQHV







 $/0$&(1(6'(35$7,6$   $1(;2
   GH 

&803/,0,(172'(&21',&,21(6(67$%/(&,'$6(1(/35263(&72'(2)(57$3Ò%/,&$'(
7,78/$5,=$&,21(6
325(/$f27(50,1$'2(/'(',&,(0%5('(/

(PLVLyQGHREOLJDFLRQHVPHGLDQWHHO)LGHLFRPLVR0HUFDQWLO,UUHYRFDEOH³6HJXQGD7LWXODUL]DFLyQ GH)OXMRV'H3UDWL7DUMHWDVGH&UpGLWR
7HUFHUDV´DSUREDGDSRUOD6XSHULQWHQGHQFLDGH&RPSDxtDVVHJ~Q5HVROXFLyQ1RV6&,09'-09'$<5*

(O)LGHLFRPLVR0HUFDQWLO6HJXQGD7LWXODUL]DFLyQGH)OXMRV'H3UDWL±7DUMHWDVGH&UpGLWR7HUFHUDVVHFRQVWLWX\ySDUDHPLWLUYDORUHVSRUXQPRQWR
GHKDVWD86PLOORQHVFX\RVPRQWRVKDQVLGRGHELGDPHQWHGHILQLGRVSRUHO2ULJLQDGRU$OPDFHQHV'H3UDWL6$
(QQRYLHPEUHGHOPHGLDQWH5HVROXFLyQ1R6&,09'-09'$<5*OD6XSHULQWHQGHQFLDGH&RPSDxtDVGHO(FXDGRU
UHVXHOYHDSUREDUHOSURFHVRGHWLWXODUL]DFLyQKDVWDSRU86PLOORQHV&RQIHFKDGHQRYLHPEUHGHOVHLQVFULELyHO)LGHLFRPLVRHQHO
5HJLVWURGH0HUFDGRGH9DORUHVFRQHO1RHOPLVPR)LGHLFRPLVRFRPRHPLVRUEDMRHO1R\ORVWtWXORV
YDORUHVGHQRPLQDGRV³97&6(*81'$'(35$7,6(5,(6$%<&´VHHQFXHQWUDQLQVFULWRVFRPRYDORUEDMRHO1R/DV
SULQFLSDOHVFRQGLFLRQHVHVWDEOHFLGDVHQHOSURVSHFWRGHRIHUWDS~EOLFDVRQ

&DUDFWHUtVWLFDVGHODHPLVLyQGHREOLJDFLRQHV

180(5$/ '(6&5,3&,Ð1 &803/( &20(17$5,26
    
 1~PHUR\IHFKDGH /D6XSHULQWHQGHQFLDGH&RPSDxtDVGHO(FXDGRULQVFULELyHO &XPSOLGD 1LQJXQR
LQVFULSFLyQ )LGHLFRPLVRHQHO5HJLVWURGH0HUFDGRGH9DORUHVFRQHO
1RHQQRYLHPEUHGHO

 9DORU\SOD]R (OPRQWRWRWDOGHODHPLVLyQHVGH86PLOORQHVGLYLGLGRWUHV &XPSOLGD 1LQJXQR
VHULHV³$%\&´GH86PLOORQHVFDGDVHULH(OSOD]R
HVWDEOHFLGRDSDUWLUGHODIHFKDGHHPLVLyQVHJ~QVXFODVHHVFRPR
VLJXH

6HULHV3OD]R
$GtDV
%GtDV
&GtDV
&DGDFODVHDVXYH]HVWDUiGLYLGLGDHQVHULHVGHDFXHUGRDOYDORU
QRPLQDOGHORVWtWXORVGH86RP~OWLSORVGHHVWDVXPD



 $/0$&(1(6'(35$7,6$   $1(;2
   GH 

&803/,0,(172'(&21',&,21(6(67$%/(&,'$6(1(/35263(&72'(2)(57$3Ò%/,&$'(
7,78/$5,=$&,21(6
325(/$f27(50,1$'2(/'(',&,(0%5('(/

180(5$/ '(6&5,3&,Ð1 &803/( &20(17$5,26
    

 8QLGDGPRQHWDULD 'yODUGHORV(VWDGRV8QLGRVGH$PpULFD &XPSOLGD 1LQJXQR

 7DVDGHLQWHUpV\ 3DUDHOFiOFXORGHOLQWHUpVTXHGHYHQJDQORVWtWXORVVHXWLOL]DUiXQD &XPSOLGD 1LQJXQR
IRUPDGHFiOFXOR WDVDILMDDQXDOGHO/DPRGDOLGDGGHFiOFXORGHORVLQWHUHVHV
VREUHODVREOLJDFLRQHVHVHO

 &RPLHQ]RGH /RVLQYHUVLRQLVWDVFRPHQ]DUiQDJDQDULQWHUHVHVVREUHODV &XPSOLGD 1LQJXQR
LQWHUHVHV REOLJDFLRQHVDSDUWLUGHODIHFKDGHHPLVLyQGHORVWtWXORV

 3DJRGHLQWHUHVHV\ (OSDJRGHFDSLWDOHLQWHUHVHVVHUHDOL]DUiFDGDQRYHQWD  GtDV &XPSOLGD $OGHGLFLHPEUHGHOOD
DPRUWL]DFLyQGH HVGHFLUWULPHVWUDOPHQWH &RPSDxtDKDUHFRQRFLGR
FDSLWDO  FRQWDEOHPHQWHODSURYLVLyQGHO
 FDSLWDOHLQWHUHVHV9HU$QH[R

 $JHQWHSDJDGRU\ %DQFRGH*XD\DTXLO6$DFWXDUiFRPR$JHQWH3DJDGRU/RV &XPSOLGD 1LQJXQR
OXJDUGHSDJR SDJRVTXHGHEDQKDFHUVHDORVLQYHUVLRQLVWDVVHKDUiQPHGLDQWH
WUDQVIHUHQFLDVEDQFDULDVRHPLVLyQGHFKHTXHV 

 0HFDQLVPRGH /RVPHFDQLVPRVGHJDUDQWtDVRQORVVLJXLHQWHV   
JDUDQWtD   
)21'2'(5(6(59$ &XPSOLGD $OGHGLFLHPEUHGHOHO
  )LGHLFRPLVRWLHQHXQDJDUDQWtD
(O IRQGR GHUHVHUYD GHEHUi DVFHQGHUDO  VHWHQWD\ FLQFR SRU  EDQFDULDGHO%DQFR*XD\DTXLO6
FLHQWR GHOPRQWRGHOGLYLGHQGRWULPHVWUDOLQPHGLDWRSRVWHULRU GH  $RWRUJDGDSRUOD&RPSDxtD
WRGRVORVSDVLYRVFRQLQYHUVLRQLVWDV WRGRVORVYDORUHVGHWRGDVODV $OPDFHQHV'H3UDWL6$SRU
 86FRQYHQFLPLHQWRHQ
VHULHV LQFOX\HQGR FDSLWDO H LQWHUHVHV  SHUR VLQ H[FHGHU GHO   PDU]RGHOODFXDOIXH
YHLQWLFLQFRSRUFLHQWR GHOVDOGRLQVROXWRGHWRGRVORVSDVLYRVFRQ  UHQRYDGDSRU86\WLHQH
LQYHUVLRQLVWDV WRGRV ORV YDORUHV GH WRGDV ODV VHULHV LQFOX\HQGR  YHQFLPLHQWRHQMXQLRGHO
FDSLWDOHLQWHUHVHV ´  



 $/0$&(1(6'(35$7,6$   $1(;2
   GH 

&803/,0,(172'(&21',&,21(6(67$%/(&,'$6(1(/35263(&72'(2)(57$3Ò%/,&$'(
7,78/$5,=$&,21(6
325(/$f27(50,1$'2(/'(',&,(0%5('(/

180(5$/ '(6&5,3&,Ð1 &803/( &20(17$5,26
    
3RGUiHVWDULQWHJUDGRSRUVtVRORRHQFRQMXQWRDVRODGLVFUHFLyQ  
GHO RULJLQDGRU D WUDYpV GH FDUWD ³VWDQG E\´ HO FXDO GHEHUi VHU  
HPLWLGDSRUXQEDQFRRSHUDWLYRGHORV(VWDGRV8QLGRVTXHFXHQWH  
FRQ FDOLILFDFLyQ PtQLPD GH ³$´ \R XQD JDUDQWtD EDQFDULD TXH  

GHEHUiQ VHU RWRUJDGD SRU XQ EDQFR RSHUDWLYR GHO (FXDGRU TXH  
FXHQWHFRQFDOLILFDFLyQGHULHVJRGHDOPHQRV³$$´\RHQGLQHUR  
OLEUH\GLVSRQLEOHSRUXQPRQWRGH86  
  
(;&(62'()/8-2'()21'26  
 &XPSOLGD 1LQJXQR
(O H[FHVR GH IOXMR GH IRQGRV FRQVLVWH HQ TXH ORV IOXMRV  
WLWXODUL]DGRV TXH VH SUR\HFWD TXH VHDQ JHQHUDGRV SRU ODV FXHQWDV  
SRU FREUDU VHDQ VXSHULRUHV D ORV PRQWRV UHTXHULGRV SRU HO  
)LGHLFRPLVR SDUD SDJDU ORV SDVLYRV FRQ LQYHUVLRQLVWDV \ ORV 
 
SDVLYRV FRQ WHUFHURV GLVWLQWRV GH ORV LQYHUVLRQLVWDV WRGR HOOR GH  
FRQIRUPLGDG FRQ OD LQIRUPDFLyQ FRQVWDQWH HQ HO LQIRUPH GH  
HVWUXFWXUDFLyQILQDQFLHUD  
  
/Ì1($'(/,48,'(=  
 
&XPSOLGD
6LOOHJDGRHOVH[DJpVLPRGtDFRQWDGRGHVGHHOLQLFLRGHXQSHUtRGR 1LQJXQR 

WULPHVWUDO GHWHUPLQDGR OD )LGXFLDULD REVHUYD TXH ORV YDORUHV 

SURYLVLRQDGRV SRU HO )LGHLFRPLVR GH FRQIRUPLGDG FRQ OR 
 
HVWLSXODGRHQHOFRQWUDWRGHO)LGHLFRPLVRHVLQIHULRUDOSHUR
 
VXSHULRUDOGHODVXPDFRUUHVSRQGLHQWHDOSDJRGHOGLYLGHQGR
 
GHO UHIHULGR SHUtRGR WULPHVWUDO HO )LGHLFRPLVR GHEHUi SHUFLELU OD
 
WRWDOLGDG GH ORV UHFXUVRV UHFDXGDGRV SRU FRQFHSWR GH YHQWDV HQ
 
HIHFWLYR UHDOL]DGDV SRU HO RULJLQDGRU D WUDYpV GH ODV WLHQGDV
 
4XLFHQWUR6KRSSLQJ\6DQ/XLV6KRSSLQJHQODFLXGDGGH4XLWR 



 $/0$&(1(6'(35$7,6$   $1(;2
   GH 

&803/,0,(172'(&21',&,21(6(67$%/(&,'$6(1(/35263(&72'(2)(57$3Ò%/,&$'(
7,78/$5,=$&,21(6
325(/$f27(50,1$'2(/'(',&,(0%5('(/

180(5$/ '(6&5,3&,Ð1 &803/( &20(17$5,26
    
*$5$17Ì$68%6,',$5,$  
  
6LOOHJDGRHOVH[DJpVLPRGtDFRQWDGRGHVGHHOLQLFLRGHXQSHUtRGR &XPSOLGD 1LQJXQR
WULPHVWUDO \ OD )LGXFLDULD REVHUYD TXH ORV YDORUHV SURYLVLRQDGRV 
SRU HO )LGHLFRPLVR SDUD HO SDJR D ORV ,QYHUVLRQLVWDV GH 
FRQIRUPLGDGFRQORHVWLSXODGRHQHOFRQWUDWRHVLQIHULRUDOGH 
ODVXPDFRUUHVSRQGLHQWHDOSDJRGHOGLYLGHQGRGHOUHIHULGRSHUtRGR 
WULPHVWUDO VH SURFHGHUi D DFWLYDU OD JDUDQWtD VXEVLGLDULD RWRUJDGD 
SRU HO 2ULJLQDGRU TXH FRQVLVWH HQ OD REOLJDFLyQ GH DSRUWDU \ 

HQWUHJDUDO)LGHLFRPLVRHQGLQHUROLEUH\GLVSRQLEOHORVUHFXUVRV

VXILFLHQWHV\QHFHVDULRVSDUDFRPSOHWDUODSURYLVLyQGHOGHO
GLYLGHQGR WULPHVWUDO LQPHGLDWR SRVWHULRU GH ORV SDVLYRV FRQ
,QYHUVLRQLVWDV

 *DUDQWtDGHOD /DHPLVLyQHVWDUiUHVSDOGDGDSRU*DUDQWtD*HQHUDOHQORVWpUPLQRV &XPSOLGD 9HU$QH[R
HPLVLyQ GHOD/H\GH0HUFDGRGH9DORUHV\VXV5HJODPHQWRV 

 'HVWLQRGHOD (QWUHJDUDO2ULJLQDGRUORVUHFXUVRVQHWRVUHFLELGRVSRUHO &XPSOLGD 9HU$QH[R
HPLVLyQ )LGHLFRPLVRSURGXFWRGHODFRORFDFLyQGHORVYDORUHVHQWUHORV
 LQYHUVLRQLVWDVXQDYH]FDQFHODGDVODVFRPLVLRQHVUHVSHFWLYDVGH
ODVFDVDVGHYDORUHVSDUDSHUPLWLUOHDO2ULJLQDGRUHO
ILQDQFLDPLHQWRGHDPSOLDFLyQGHVXVRSHUDFLRQHVRUGLQDULDVDXQ
FRVWR\SOD]RUD]RQDEOHV

 'HVFULSFLyQGHO /DVREOLJDFLRQHVIXHURQFRORFDGDVPHGLDQWHRIHUWDS~EOLFDHQ &XPSOLGD 1LQJXQR
VLVWHPDGH IRUPDEXUViWLODWUDYpVGHODVEROVDVGHYDORUHVOHJDOPHQWH
FRORFDFLyQ HVWDEOHFLGDVHQHOSDtVRH[WUDEXUViWLOGHPDQHUDItVLFDR
GHVPDWHULDOL]DGDVHJ~QORGHWHUPLQHHOLQYHUVLRQLVWDPHFDQLVPRV
SHUPLWLGRVSRUODOH\



 $/0$&(1(6'(35$7,6$   $1(;2
   GH 

&803/,0,(172'(&21',&,21(6(67$%/(&,'$6(1(/35263(&72'(2)(57$3Ò%/,&$'(
7,78/$5,=$&,21(6
325(/$f27(50,1$'2(/'(',&,(0%5('(/

180(5$/ '(6&5,3&,Ð1 &803/( &20(17$5,26
    

 3URFHGLPLHQWRGH /DSUHVHQWHHPLVLyQGHREOLJDFLRQHVQRFRQWHPSODUHVFDWHV 1RDSOLFD 1LQJXQR
UHVFDWHVDQWLFLSDGRV DQWLFLSDGRV

 &RQWUDWRGH /DSUHVHQWHHPLVLyQGHREOLJDFLRQHVQRFRQWHPSODFRQWUDWRVGH 1RDSOLFD 1LQJXQR
8QGHUZULWLQJ 8QGHUZULWLQJ

 &DOLILFDGRUDGH 6RFLHGDG&DOLILFDGRUDGH5LHVJR/DWLQRDPHULFDQD6$ &XPSOLGD 1LQJXQR
ULHVJRV $QWHULRUPHQWH+XPSKUH\V6$ 




 $/0$&(1(6'(35$7,6$   $1(;2
   GH 

&803/,0,(172'(&21',&,21(6(67$%/(&,'$6(1(/35263(&72'(2)(57$3Ò%/,&$'(/$
(0,6,Ï1'(7,78/$5,=$&,21(6
325(/$f27(50,1$'2(/'(',&,(0%5('(/

(PLVLyQGHREOLJDFLRQHVPHGLDQWHHO)LGHLFRPLVR0HUFDQWLO,UUHYRFDEOH³7HUFHUD7LWXODUL]DFLyQ GH)OXMRV'H3UDWL´DSUREDGDSRUOD
6XSHULQWHQGHQFLDGH&RPSDxtDVVHJ~Q5HVROXFLyQ1RV6&,09'-09'$<5*

(O)LGHLFRPLVR0HUFDQWLO7HUFHUD7LWXODUL]DFLyQGH)OXMRV'H3UDWLVHFRQVWLWX\ySDUDHPLWLUYDORUHVSRUXQPRQWRGHKDVWD86PLOORQHVFX\RV
PRQWRVKDQVLGRGHELGDPHQWHGHILQLGRVSRUHO2ULJLQDGRU$OPDFHQHV'H3UDWL6$
(QDJRVWRGHOPHGLDQWH5HVROXFLyQ1R6&,09'-09'$<5*OD6XSHULQWHQGHQFLDGH&RPSDxtDVGHO(FXDGRUUHVXHOYH
DSUREDUHOSURFHVRGHWLWXODUL]DFLyQGHKDVWDSRU860LOORQHV(QDJRVWRGHOVHLQVFULELyHO)LGHLFRPLVRHQHO5HJLVWURGH0HUFDGRGH
9DORUHVFRPR)LGHLFRPLVRFRQHO1RHOPLVPR)LGHLFRPLVRFRPR(PLVRUEDMRHO1R\ORVWtWXORVYDORUHV
GHQRPLQDGRV³97&7(5&(5$'(35$7,6(5,($´³97&7(5&(5$'(35$7,6(5,(%´\³97&7(5&(5$'(35$7,6(5,(&´VH
HQFXHQWUDQLQVFULWRVFRPRYDORUHVEDMRHO1R/DVSULQFLSDOHVFRQGLFLRQHVHVWDEOHFLGDVHQHOSURVSHFWRGHRIHUWDS~EOLFDVRQ

&DUDFWHUtVWLFDVGHODHPLVLyQGHREOLJDFLRQHV

180(5$/ '(6&5,3&,Ð1 &803/( &20(17$5,26
    
 1~PHUR\IHFKDGH /D6XSHULQWHQGHQFLDGH&RPSDxtDVGHO(FXDGRULQVFULELyHO &XPSOLGD 1LQJXQR
LQVFULSFLyQ )LGHLFRPLVRHQHO5HJLVWURGH0HUFDGRGH9DORUHVFRQHO1R
HQDJRVWRGHO

 9DORU\SOD]R (OPRQWRWRWDOGHODHPLVLyQHVGH86PLOORQHVGLYLGLGRWUHV &XPSOLGD 1LQJXQR
VHULHV³$%\&´HPLWLHQGR86PLOORQHVODVHULH³$\%´\
86PLOORQHVODVHULH³&´(OSOD]RHVWDEOHFLGRDSDUWLUGHOD
IHFKDGHHPLVLyQVHJ~QVXFODVHHVFRPRVLJXH

6HULHV3OD]R
$GtDV
%GtDV
&GtDV

&DGDFODVHDVXYH]HVWDUiGLYLGLGDHQVHULHVGHDFXHUGRDOYDORU
QRPLQDOGHORVWtWXORVGH86RP~OWLSORVGHHVWDVXPD



 $/0$&(1(6'(35$7,6$   $1(;2
   GH 

&803/,0,(172'(&21',&,21(6(67$%/(&,'$6(1(/35263(&72'(2)(57$3Ò%/,&$'(
7,78/$5,=$&,21(6
325(/$f27(50,1$'2(/'(',&,(0%5('(/

180(5$/ '(6&5,3&,Ð1 &803/( &20(17$5,26
    
 8QLGDGPRQHWDULD 'yODUGHORV(VWDGRV8QLGRVGH$PpULFD &XPSOLGD 1LQJXQR

 7DVDGHLQWHUpV\ 3DUDHOFiOFXORGHOLQWHUpVTXHGHYHQJDQORVWtWXORVVHXWLOL]DUiXQD &XPSOLGD 1LQJXQR
IRUPDGHFiOFXOR WDVDILMDDQXDOGHSDUDODVHULH³$´SDUDVHULH³%´\
SDUDODVHULH³&´/DPRGDOLGDGGHFiOFXORGHORVLQWHUHVHVVREUH
ODVREOLJDFLRQHVHVHO

 &RPLHQ]RGH /RVLQYHUVLRQLVWDVFRPHQ]DUiQDJDQDULQWHUHVHVVREUHODV &XPSOLGD 1LQJXQR
LQWHUHVHV REOLJDFLRQHVDSDUWLUGHODIHFKDGHHPLVLyQGHORVWtWXORV

 3DJRGHLQWHUHVHV\ (OSDJRGHFDSLWDOHLQWHUHVHVVHUHDOL]DUiFDGDQRYHQWD  GtDV &XPSOLGD $OGHGLFLHPEUHGHOOD
DPRUWL]DFLyQGH HVGHFLUWULPHVWUDOPHQWH &RPSDxtDKDUHFRQRFLGR
FDSLWDO  FRQWDEOHPHQWHODSURYLVLyQGHO
 FDSLWDOHLQWHUHVHV9HU$QH[R

 $JHQWHSDJDGRU\ %DQFRGH*XD\DTXLO6$DFWXDUiFRPR$JHQWH3DJDGRU/RV &XPSOLGD 1LQJXQR
OXJDUGHSDJR SDJRVTXHGHEDQKDFHUVHDORVLQYHUVLRQLVWDVVHKDUiQPHGLDQWH
WUDQVIHUHQFLDVEDQFDULDVRHPLVLyQGHFKHTXHV 

 0HFDQLVPRGH /RVPHFDQLVPRVGHJDUDQWtDVRQORVVLJXLHQWHV   
JDUDQWtD   
)21'2'(5(6(59$ &XPSOLGD $OGHGLFLHPEUHGHOHO
  )LGHLFRPLVRWLHQHXQDJDUDQWtD
(O IRQGR GH UHVHUYD GHEHUi FXEULU DO PLVPR WLHPSR \ HQ WRGR  EDQFDULDGHO%DQFR*XD\DTXLO6
PRPHQWR GXUDQWH OD YLJHQFLD GH ORV YDORUHV GH OD WLWXODUL]DFLyQ  $RWRUJDGDSRUOD&RPSDxtD
$OPDFHQHV'H3UDWL6$SRU
ODVGRVVLJXLHQWHVUHODFLRQHV  86FRQYHQFLPLHQWRHQ
  PDU]RGHO
x 'HEHDVFHQGHUDOPHQRVDOYHFHVHOtQGLFHGHGHVYLDFLyQGH  
ODWLWXODUL]DFLyQ  HVGHFLULJXDOD86  



 $/0$&(1(6'(35$7,6$   $1(;2
   GH 

&803/,0,(172'(&21',&,21(6(67$%/(&,'$6(1(/35263(&72'(2)(57$3Ò%/,&$'(
7,78/$5,=$&,21(6
325(/$f27(50,1$'2(/'(',&,(0%5('(/

180(5$/ '(6&5,3&,Ð1 &803/( &20(17$5,26
    
x 'HEHDVFHQGHUDOGHOGLYLGHQGRWULPHVWUDO FRPSXHVWR  
GHFDSLWDOHLQWHUHVHV LQPHGLDWRSRVWHULRUGHORVYDORUHV  
YLJHQWHV\HIHFWLYDPHQWHFRORFDGRVHQWUH,QYHUVLRQLVWDV  
  

3RGUiHVWDULQWHJUDGRDOWHUQDWLYDPHQWHSRUVtVRORRHQFRQMXQWR  
DVRODGLVFUHFLyQGHO2ULJLQDGRUDWUDYpVGH L XQDJDUDQWtD  
EDQFDULD\R LL HQGLQHUROLEUH\GLVSRQLEOH &XPSOLGD 1LQJXQR
  
6H HMHFXWDUi HVWD JDUDQWtD VL OOHJDGR HO GtD  FRQWDGR GHVGH HO  
LQLFLRGHXQSHUtRGRWULPHVWUDOGHWHUPLQDGROD)LGXFLDULDREVHUYD  
TXH ORV YDORUHVDSURYLVLRQDGR GHQWUR GHO )LGHLFRPLVR HVLQIHULRU  

DO  GH OD VXPD FRUUHVSRQGLHQWH DO SDJR GHO GLYLGHQGR GHO  
UHIHULGR SHUtRGR WULPHVWUDO DPRUWL]DFLyQ GH FDSLWDO \ SDJR GH  
LQWHUHVHV   
  
(;&(62'()/8-2'()21'26  
  
&RQVLVWHHQTXHORVIOXMRVWLWXODUL]DGRVTXHVHSUR\HFWDJHQHUDGRV  
SRUORVGHUHFKRVGHFREURVHDQVXSHULRUHVDORVYDORUHVUHTXHULGRV  
SRUHO)LGHLFRPLVRSDUDSDJDUORVSDVLYRVFRQ,QYHUVLRQLVWDV\ORV  
SDVLYRVFRQWHUFHURVGLVWLQWRVGHORV,QYHUVLRQLVWDVGHFRQIRUPLGDG 
 
FRQ OD LQIRUPDFLyQ GHO LQIRUPH GH HVWUXFWXUDFLyQ ILQDQFLHUD  6H &XPSOLGD 
UHWHQGUiQ ORV IOXMRV HQ HO FDVR GH TXH ORV IOXMRV GH ORV  1LQJXQR
HVWDEOHFLPLHQWRV LQLFLDOHV PiV ORV VXEVHFXHQWHV SRU GRV PHVHV  
FRQVHFXWLYRVQRDOFDQFHDFXEULUXQDUHODFLyQPtQLPDGHODO  
FRPSDUDUHOYROXPHQGHORVIOXMRVLQJUHVDGRVDO)LGHLFRPLVRHQHO  
PHVLQPHGLDWRDQWHULRUFRQXQWHUFLRGHOGLYLGHQGR FRPSXHVWRGH  
FDSLWDO H LQWHUHVHV  GH ORV SDVLYRV FRQ ,QYHUVLRQLVWDV GHO PLVPR  
PHVLQPHGLDWRDQWHULRU 



 $/0$&(1(6'(35$7,6$   $1(;2
   GH 

&803/,0,(172'(&21',&,21(6(67$%/(&,'$6(1(/35263(&72'(2)(57$3Ò%/,&$'(
7,78/$5,=$&,21(6
325(/$f27(50,1$'2(/'(',&,(0%5('(/

180(5$/ '(6&5,3&,Ð1 &803/( &20(17$5,26
    
),$1=$62/,'$5,$  
  
&RQVLVWHHQOD)LDQ]D0HUFDQWLORWRUJDGDSRUHO2ULJLQDGRUODFXDO 
WLHQH SRU REMHWR UHVSDOGDU D ORV LQYHUVLRQLVWDV D SURUUDWD GH VX
LQYHUVLyQHQYDORUHVFXDQGRUHVXOWHQLQVXILFLHQWHV

x /RVUHFXUVRVSURYLVLRQDGRVVHJ~QODHVFULWXUDGHFRQVWLWXFLyQ
GHO)LGHLFRPLVR\

x /RVUHFXUVRVSURYHQLHQWHVGHODHMHFXFLyQGHOIRQGRGH
UHVHUYD

'H SURGXFLUVH HVWD VLWXDFLyQ HO 2ULJLQDGRU VH FRPSURPHWH GH
PDQHUDVROLGDULDDSDJDUORVUHIHULGRVSDVLYRVFRQLQYHUVLRQLVWDV
 *DUDQWtDGHOD /DHPLVLyQHVWDUiUHVSDOGDGDSRU*DUDQWtD*HQHUDOHQORVWpUPLQRV &XPSOLGD 9HU$QH[R
HPLVLyQ GHOD/H\GH0HUFDGRGH9DORUHV\VXV5HJODPHQWRV 

 'HVWLQRGHOD (QWUHJDUDO2ULJLQDGRUORVUHFXUVRVQHWRVUHFLELGRVSRUHO &XPSOLGD 9HU$QH[R
HPLVLyQ )LGHLFRPLVRSURGXFWRGHODFRORFDFLyQGHORVYDORUHVHQWUHORV
 LQYHUVLRQLVWDVXQDYH]FDQFHODGDVODVFRPLVLRQHVUHVSHFWLYDVGH
ODVFDVDVGHYDORUHVSDUDTXHHORULJLQDGRUORJUHXQDIXHQWHDOWHUQD
GHILQDQFLDPLHQWR

 'HVFULSFLyQGHO /DVREOLJDFLRQHVIXHURQFRORFDGDVPHGLDQWHRIHUWDS~EOLFDHQ &XPSOLGD 1LQJXQR
VLVWHPDGH IRUPDEXUViWLODWUDYpVGHODVEROVDVGHYDORUHVOHJDOPHQWH
FRORFDFLyQ HVWDEOHFLGDVHQHOSDtVRH[WUDEXUViWLOGHPDQHUDItVLFDR
GHVPDWHULDOL]DGDVHJ~QORGHWHUPLQHHOLQYHUVLRQLVWDPHFDQLVPRV
SHUPLWLGRVSRUODOH\


 $/0$&(1(6'(35$7,6$   $1(;2
   GH 

&803/,0,(172'(&21',&,21(6(67$%/(&,'$6(1(/35263(&72'(2)(57$3Ò%/,&$'(
7,78/$5,=$&,21(6
325(/$f27(50,1$'2(/'(',&,(0%5('(/

180(5$/ '(6&5,3&,Ð1 &803/( &20(17$5,26
    

 3URFHGLPLHQWRGH /DSUHVHQWHHPLVLyQGHREOLJDFLRQHVQRFRQWHPSODUHVFDWHV 1RDSOLFD 1LQJXQR
UHVFDWHVDQWLFLSDGRV DQWLFLSDGRV

 &RQWUDWRGH /DSUHVHQWHHPLVLyQGHREOLJDFLRQHVQRFRQWHPSODFRQWUDWRVGH 1RDSOLFD 1LQJXQR
8QGHUZULWLQJ 8QGHUZULWLQJ

 &DOLILFDGRUDGH 6RFLHGDG&DOLILFDGRUDGH5LHVJR/DWLQRDPHULFDQD6$ &XPSOLGD 1LQJXQR
ULHVJRV $QWHULRUPHQWH+XPSKUH\V6$ 



 $/0$&(1(6'(35$7,6$   $1(;2
   GH 

&803/,0,(172'(&21',&,21(6(67$%/(&,'$6(1(/35263(&72'(2)(57$3Ò%/,&$'(
7,78/$5,=$&,21(6
325(/$f27(50,1$'2(/'(',&,(0%5('(/

(PLVLyQGHREOLJDFLRQHVPHGLDQWHHO)LGHLFRPLVR0HUFDQWLO,UUHYRFDEOH³&XDUWD7LWXODUL]DFLyQGH)OXMRV7DUMHWDGH&UpGLWR'H3UDWL´
DSUREDGDSRUOD6XSHULQWHQGHQFLDGH&RPSDxtDVVHJ~Q5HVROXFLyQ1RV6&,09'-09'$<5*

(O)LGHLFRPLVR0HUFDQWLO&XDUWD7LWXODUL]DFLyQGH)OXMRV7DUMHWDGH&UpGLWR'H3UDWLVHFRQVWLWX\ySDUDHPLWLUYDORUHVSRUXQPRQWRGHKDVWD
86PLOORQHVFX\RVPRQWRVKDQVLGRGHELGDPHQWHGHILQLGRVSRUHO2ULJLQDGRU$OPDFHQHV'H3UDWL6$
(QPDU]RGHOPHGLDQWH5HVROXFLyQ1R6&,09'-09'$<5*OD6XSHULQWHQGHQFLDGH&RPSDxtDVGHO(FXDGRUUHVXHOYH
DSUREDUHOSURFHVRGHWLWXODUL]DFLyQGHKDVWDSRU860LOORQHV(QPDU]RGHOVHLQVFULELyHO)LGHLFRPLVRHQHO5HJLVWURGH0HUFDGRGH
9DORUHVFRPR)LGHLFRPLVRFRQHO1RHOPLVPR)LGHLFRPLVRFRPR(PLVRUEDMRHO1R\ORVWtWXORVYDORUHV
GHQRPLQDGRV³97&&8$57$'(35$7,6(5,($´\³97&&8$57$'(35$7,6(5,(%´VHHQFXHQWUDQLQVFULWRVFRPRYDORUHVEDMRHO1R
/DVSULQFLSDOHVFRQGLFLRQHVHVWDEOHFLGDVHQHOSURVSHFWRGHRIHUWDS~EOLFDVRQ

&DUDFWHUtVWLFDVGHODHPLVLyQGHREOLJDFLRQHV

180(5$/ '(6&5,3&,Ð1 &803/( &20(17$5,26
    
 1~PHUR\IHFKDGH /D6XSHULQWHQGHQFLDGH&RPSDxtDVGHO(FXDGRULQVFULELyHO &XPSOLGD 1LQJXQR
LQVFULSFLyQ )LGHLFRPLVRHQHO5HJLVWURGH0HUFDGRGH9DORUHVFRQHO1R
HQPDU]RGHO

 9DORU\SOD]R (OPRQWRWRWDOGHODHPLVLyQHVGH86PLOORQHVGLYLGLGRGRV &XPSOLGD 1LQJXQR
VHULHV³$\%´GH86PLOORQHVFDGDVHULH(OSOD]RHVWDEOHFLGR
DSDUWLUGHODIHFKDGHHPLVLyQVHJ~QVXFODVHHVFRPRVLJXH

6HULHV3OD]R
$GtDV
%GtDV

&DGDFODVHDVXYH]HVWDUiGLYLGLGDHQVHULHVGHDFXHUGRDOYDORU
QRPLQDOGHORVWtWXORVPtQLPRGH86RP~OWLSORVGHHVWD
VXPD



 $/0$&(1(6'(35$7,6$   $1(;2
   GH 

&803/,0,(172'(&21',&,21(6(67$%/(&,'$6(1(/35263(&72'(2)(57$3Ò%/,&$'(
7,78/$5,=$&,21(6
325(/$f27(50,1$'2(/'(',&,(0%5('(/

180(5$/ '(6&5,3&,Ð1 &803/( &20(17$5,26
    

 8QLGDGPRQHWDULD 'yODUGHORV(VWDGRV8QLGRVGH$PpULFD &XPSOLGD 1LQJXQR

 7DVDGHLQWHUpV\ 3DUDHOFiOFXORGHOLQWHUpVTXHGHYHQJDQORVWtWXORVVHXWLOL]DUiXQD &XPSOLGD 1LQJXQR
IRUPDGHFiOFXOR WDVDILMDDQXDOGHSDUDODVHULH³$´\SDUDVHULH³%´
/DPRGDOLGDGGHFiOFXORGHORVLQWHUHVHVVREUHODVREOLJDFLRQHVHV
HO

 &RPLHQ]RGH /RVLQYHUVLRQLVWDVFRPHQ]DUiQDJDQDULQWHUHVHVVREUHODV &XPSOLGD 1LQJXQR
LQWHUHVHV REOLJDFLRQHVDSDUWLUGHODIHFKDGHHPLVLyQGHORVWtWXORV

 3DJRGHLQWHUHVHV\ (OSDJRGHFDSLWDOHLQWHUHVHVVHUHDOL]DUiFDGDQRYHQWD  GtDV &XPSOLGD $OGHGLFLHPEUHGHOOD
DPRUWL]DFLyQGH HVGHFLUWULPHVWUDOPHQWH &RPSDxtDKDUHFRQRFLGR
FDSLWDO  FRQWDEOHPHQWHODSURYLVLyQGHO
 FDSLWDOHLQWHUHVHV9HU$QH[R

 $JHQWHSDJDGRU\ 00*7UXVW(FXDGRU6$DFWXDUiFRPR$JHQWH3DJDGRU/RV &XPSOLGD 1LQJXQR
OXJDUGHSDJR SDJRVTXHGHEDQKDFHUVHDORVLQYHUVLRQLVWDVVHKDUiQPHGLDQWH
WUDQVIHUHQFLDVEDQFDULDVRHPLVLyQGHFKHTXHV 

 0HFDQLVPRGH /RVPHFDQLVPRVGHJDUDQWtDVRQORVVLJXLHQWHV   
JDUDQWtD  &XPSOLGD $OGHGLFLHPEUHGHOHO
)21'2'(5(6(59$  )LGHLFRPLVRWLHQHXQDJDUDQWtD
  EDQFDULDGHO%DQFR*XD\DTXLO6
(O IRQGR GH UHVHUYD GHEHUi FXEULU DO PLVPR WLHPSR \ HQ WRGR  $RWRUJDGDSRUOD&RPSDxtD
 $OPDFHQHV'H3UDWL6$SRU
PRPHQWRGXUDQWHODYLJHQFLDGHORVYDORUHVGHODWLWXODUL]DFLyQ 86FRQYHQFLPLHQWRHQ
YHFHV HO tQGLFH GH GHVYLDFLyQ GH OD WLWXODUL]DFLyQ   HV  HQHURGHOODFXDOIXH
GHFLULJXDOD86  UHQRYDGDSRU86\WLHQH
  YHQFLPLHQWRHQDEULOGHO



 $/0$&(1(6'(35$7,6$   $1(;2
   GH 

&803/,0,(172'(&21',&,21(6(67$%/(&,'$6(1(/35263(&72'(2)(57$3Ò%/,&$'(
7,78/$5,=$&,21(6
325(/$f27(50,1$'2(/'(',&,(0%5('(/

180(5$/ '(6&5,3&,Ð1 &803/( &20(17$5,26
    
3RGUiHVWDULQWHJUDGRDOWHUQDWLYDPHQWHSRUVtVRORRHQFRQMXQWR  
DVRODGLVFUHFLyQGHO2ULJLQDGRUDWUDYpVGH L XQDFDUWDGH  
FUpGLWR³VWDQGE\´ LL XQDJDUDQWtDEDQFDULD LL HQLQVWUXPHQWRV  
ILQDQFLHURVHPLWLGRVSRUHO*RELHUQRGHORV(VWDGRV8QLGRVGH  

$PpULFDRVXVGHSHQGHQFLDVGLUHFWDV\R LY GLVSRQLEOH  
  
(O)RQGRGH5HVHUYDVHUiDMXVWDGRWULPHVWUDOPHQWHHQUHODFLyQDO  
VDOGRGHSDVLYRVFRQLQYHUVLRQLVWDVHVGHFLUGHEHUiFXPSOLUDO  
PHQRVHOHOVDOGRGHSDVLYRVFRQLQYHUVLRQLVWDV &XPSOLGD 1LQJXQR
  
6H HMHFXWDUi HVWD JDUDQWtD VL OOHJDGR HO GtD  FRQWDGR GHVGH HO  
LQLFLRGHXQSHUtRGRWULPHVWUDOGHWHUPLQDGROD)LGXFLDULDREVHUYD 

TXH ORV YDORUHVDSURYLVLRQDGR GHQWUR GHO )LGHLFRPLVR HVLQIHULRU 
 
DO  GH OD VXPD FRUUHVSRQGLHQWH DO SDJR GHO GLYLGHQGR GHO 
UHIHULGR SHUtRGR WULPHVWUDO DPRUWL]DFLyQ GH FDSLWDO \ SDJR GH 
 
LQWHUHVHV   

 
(;&(62'()/8-2'()21'26 
 
 
&RQVLVWHHQTXHORVIOXMRVWLWXODUL]DGRVTXHVHSUR\HFWDJHQHUDGRV 
SRUORVGHUHFKRVGHFREURVHDQVXSHULRUHVDORVYDORUHVUHTXHULGRV 

SRUHO)LGHLFRPLVRSDUDSDJDUORVSDVLYRVFRQ,QYHUVLRQLVWDV\ORV 

SDVLYRVFRQWHUFHURVGLVWLQWRVGHORV,QYHUVLRQLVWDVGHFRQIRUPLGDG  
FRQ OD LQIRUPDFLyQ GHO LQIRUPH GH HVWUXFWXUDFLyQ ILQDQFLHUD  6H  
UHWHQGUiQ ORV IOXMRV HQ HO FDVR GH TXH ORV IOXMRV GH ORV &XPSOLGD 
HVWDEOHFLPLHQWRV LQLFLDOHV PiV ORV VXEVHFXHQWHV SRU GRV PHVHV  1LQJXQR
FRQVHFXWLYRVQRDOFDQFHDFXEULUXQDUHODFLyQPtQLPDGHODO  
FRPSDUDUHOYROXPHQGHORVIOXMRVLQJUHVDGRVDO)LGHLFRPLVRHQHO  
 
PHVLQPHGLDWRDQWHULRUYHUVXVXQWHUFLRGHOGLYLGHQGR FRPSXHVWR 



 $/0$&(1(6'(35$7,6$   $1(;2
   GH 

&803/,0,(172'(&21',&,21(6(67$%/(&,'$6(1(/35263(&72'(2)(57$3Ò%/,&$'(
7,78/$5,=$&,21(6
325(/$f27(50,1$'2(/'(',&,(0%5('(/

180(5$/ '(6&5,3&,Ð1 &803/( &20(17$5,26
    
GHFDSLWDOHLQWHUHVHV GHORVSDVLYRVFRQ,QYHUVLRQLVWDVGHOPLVPR  
PHVLQPHGLDWRDQWHULRU  
  
),$1=$62/,'$5,$

&RQVLVWHHQOD)LDQ]D0HUFDQWLORWRUJDGDSRUHO2ULJLQDGRUODFXDO
WLHQH SRU REMHWR UHVSDOGDU D ORV LQYHUVLRQLVWDV D SURUUDWD GH VX
LQYHUVLyQHQYDORUHVFXDQGRUHVXOWHQLQVXILFLHQWHV

x /RVUHFXUVRVSURYLVLRQDGRVVHJ~QODHVFULWXUDGHFRQVWLWXFLyQ
GHO)LGHLFRPLVR\

x /RVUHFXUVRVSURYHQLHQWHVGHODHMHFXFLyQGHOIRQGRGH
UHVHUYD

'H SURGXFLUVH HVWD VLWXDFLyQ HO 2ULJLQDGRU VH FRPSURPHWH GH
PDQHUDVROLGDULDDSDJDUORVUHIHULGRVSDVLYRVFRQLQYHUVLRQLVWDV
 *DUDQWtDGHOD /DHPLVLyQHVWDUiUHVSDOGDGDSRU*DUDQWtD*HQHUDOHQORVWpUPLQRV &XPSOLGD 9HU$QH[R
HPLVLyQ GHOD/H\GH0HUFDGRGH9DORUHV\VXV5HJODPHQWRV 

 'HVWLQRGHOD (QWUHJDUDO2ULJLQDGRUORVUHFXUVRVQHWRVUHFLELGRVSRUHO &XPSOLGD 9HU$QH[R
HPLVLyQ )LGHLFRPLVRSURGXFWRGHODFRORFDFLyQGHORVYDORUHVHQWUHORV
 LQYHUVLRQLVWDVXQDYH]FDQFHODGDVODVFRPLVLRQHVUHVSHFWLYDVGH
ODVFDVDVGHYDORUHVSDUDTXHHORULJLQDGRUORJUHXQDIXHQWHDOWHUQD
GHILQDQFLDPLHQWR





 $/0$&(1(6'(35$7,6$   $1(;2
   GH 

&803/,0,(172'(&21',&,21(6(67$%/(&,'$6(1(/35263(&72'(2)(57$3Ò%/,&$'(
7,78/$5,=$&,21(6
325(/$f27(50,1$'2(/'(',&,(0%5('(/

180(5$/ '(6&5,3&,Ð1 &803/( &20(17$5,26
    
 'HVFULSFLyQGHO /DVREOLJDFLRQHVIXHURQFRORFDGDVPHGLDQWHRIHUWDS~EOLFDHQ &XPSOLGD 1LQJXQR
VLVWHPDGH IRUPDEXUViWLODWUDYpVGHODVEROVDVGHYDORUHVOHJDOPHQWH
FRORFDFLyQ HVWDEOHFLGDVHQHOSDtVRH[WUDEXUViWLOGHPDQHUDItVLFDR
GHVPDWHULDOL]DGDVHJ~QORGHWHUPLQHHOLQYHUVLRQLVWDPHFDQLVPRV
SHUPLWLGRVSRUODOH\

 3URFHGLPLHQWRGH /DSUHVHQWHHPLVLyQGHREOLJDFLRQHVQRFRQWHPSODUHVFDWHV 1RDSOLFD 1LQJXQR
UHVFDWHVDQWLFLSDGRV DQWLFLSDGRV

 &RQWUDWRGH /DSUHVHQWHHPLVLyQGHREOLJDFLRQHVQRFRQWHPSODFRQWUDWRVGH 1RDSOLFD 1LQJXQR
8QGHUZULWLQJ 8QGHUZULWLQJ

 &DOLILFDGRUDGH 6RFLHGDG&DOLILFDGRUDGH5LHVJR/DWLQRDPHULFDQD6$ &XPSOLGD 1LQJXQR
ULHVJRV $QWHULRUPHQWH+XPSKUH\V6$ 


 $/0$&(1(6'(35$7,6$   $1(;2
   GH 

&803/,0,(172'(&21',&,21(6(67$%/(&,'$6(1(/35263(&72'(2)(57$3Ò%/,&$'((0,6,Ï1
'(3$3(/&20(5&,$/
325(/$f27(50,1$'2(/'(',&,(0%5('(/


(PLVLyQGHSDSHOHVFRPHUFLDOHVDSUREDGDSRUOD6XSHULQWHQGHQFLDGH&RPSDxtDVVHJ~Q5HVROXFLyQ1R6&,09'-09'$<5*

/D-XQWD*HQHUDOGH$FFLRQLVWDVFHOHEUDGDHQPDU]RGHODSUREyODHPLVLyQGHSDSHOFRPHUFLDOSRU86PLOORQHVODFXDOIXHDSUREDGDSRU
OD6XSHULQWHQGHQFLDGH&RPSDxtDVPHGLDQWH5HVROXFLyQ1R6&,09'-09'$<5*HQMXQLRGHO(VWDHPLVLyQIXHLQVFULWD
HQHO5HJLVWURGH0HUFDGRGH9DORUHVHQMXQLRGHOFRQHO1R(QMXOLRGHOOD&RPSDxtDSURFHGLyFRQOD
UHQRYDFLyQGHODHPLVLyQGHSDSHOFRPHUFLDO/DVSULQFLSDOHVFRQGLFLRQHVHVWDEOHFLGDVHQHOSURVSHFWRGHRIHUWDS~EOLFDVRQ

&DUDFWHUtVWLFDVGHODHPLVLyQGHSDSHOFRPHUFLDO

180(5$/ '(6&5,3&,Ð1 &803/( &20(17$5,26
    
 )HFKDGHO$FWDGH /D-XQWD*HQHUDOGH$FFLRQLVWDVFHOHEUDGDHQPDU]RGHO &XPSOLGD 1LQJXQR
OD-XQWD*HQHUDOGH UHVROYLyDXWRUL]DUODHPLVLyQGHSDSHOFRPHUFLDOSRU86
$FFLRQLVWDV PLOORQHV

 9DORU\SOD]R (OPRQWRWRWDOGHODHPLVLyQHVGH86PLOORQHVGLYLGLGRHQGRV &XPSOLGD 1LQJXQR
VHULHV6HULHSRU86PLOORQHV\6HULHSRU86PLOORQHV(O
SOD]RHVWDEOHFLGRDSDUWLUGHODIHFKDGHHPLVLyQHVGHGtDV

(OSDSHOFRPHUFLDOIXHHPLWLGRHQIRUPDPDWHULDOL]DGDDGHFLVLyQ
GHOHPLVRUSRGUiQUHDOL]DUVHUHVFDWHVDQWLFLSDGDPHQWHHQVX
YHQFLPLHQWR/RVWtWXORVVHUiQDOSRUWDGRU

 8QLGDGPRQHWDULD 'yODUGHORV(VWDGRV8QLGRVGH$PpULFD &XPSOLGD 1LQJXQR

 7DVDGHLQWHUpV\ /DVREOLJDFLRQHVHPLWLGDVVHUiQFHURFXSyQHVGHFLUORVYDORUHVD 1$ 1LQJXQR
IRUPDGHFiOFXOR HPLWLUVHVHUiQYHQGLGRVFRQGHVFXHQWRVSRUORTXHQRVHDERQD

FDQWLGDGDOJXQDSRUFRQFHSWRGHLQWHUHVHVRGHDPRUWL]DFLyQKDVWD
ODIHFKDGHYHQFLPLHQWRHQFRQVHFXHQFLDQRH[LVWLUiQLQJ~QWLSR
GHFXSyQGHVSUHQGLEOHSDUDHOSDJRGHFDSLWDOHLQWHUHVHV



 $/0$&(1(6'(35$7,6$   $1(;2
   GH 

&803/,0,(172'(&21',&,21(6(67$%/(&,'$6(1(/35263(&72'(2)(57$3Ò%/,&$'((0,6,Ï1
'(3$3(/&20(5&,$/
325(/$f27(50,1$'2(/'(',&,(0%5('(/

180(5$/ '(6&5,3&,Ð1 &803/( &20(17$5,26
    


 &RPLHQ]RGH 1RJHQHUDLQWHUHVHV 1$ 1LQJXQR

LQWHUHVHV 

 $PRUWL]DFLyQGH (OSDJRGHOFDSLWDOVHUiDOYHQFLPLHQWRGHOSOD]R &XPSOLGD $OGHGLFLHPEUHGHOOD
FDSLWDO  &RPSDxtDKDUHFRQRFLGR
FRQWDEOHPHQWHODSURYLVLyQGHO
FDSLWDOHLQWHUHVHV9HU$QH[R
 $JHQWHSDJDGRU\ (ODJHQWHSDJDGRUGHODVREOLJDFLRQHVHVHO%DQFR%ROLYDULDQR &XPSOLGD 1LQJXQR
OXJDUGHSDJR 6$

 5HVJXDUGRV /D&RPSDxtDVHREOLJDDPDQWHQHUORVVLJXLHQWHVUHVJXDUGRV &XPSOLGD 1LQJXQR


x /DVPHGLGDVTXHLPSOHPHQWDUiOD(PLVRUDRULHQWDGDVD
SUHVHUYDUHOFXPSOLPLHQWRGHVXREMHWRVRFLDORILQDOLGDG
WHQGLHQWHVDJDUDQWL]DUHOSDJRGHODVREOLJDFLRQHVDORV
LQYHUVLRQLVWDVVRQODVVLJXLHQWHV

L  0DQWHQHUDOWRVJUDGRVGHHILFLHQFLDHQODVUHODFLRQHV
FRPHUFLDOHVFRQVXVFOLHQWHVFRPRORKDKHFKRGXUDQWHHO
HMHUFLFLRGHVXDFWLYLGDG
LL  0DQWHQHUXQPDQHMRILQDQFLHURSUXGHQWHFRQXQQLYHOGH
HQGHXGDPLHQWR SDVLYRVWRWDOHVSDWULPRQLRWRWDOHQXQD
UHODFLyQQRPD\RUDYHFHV 
LLL &XPSOLUFRQWRGDVODVQRUPDVODERUDOHV
LY 0DQWHQHUSUiFWLFDVGHEXHQJRELHUQRFRUSRUDWLYR
Y  (QJHQHUDOFXPSOLFRQWRGRVVXVDFWRVFRQQRUPDVGH
SUXGHQFLDHFRQyQLPR±ILQDQFLHUDTXHOHSHUPLWHQHO
GHVDUUROORGHVXVDFWLYLGDGHV\HOSDJRGHVXV
REOLJDFLRQHV



 $/0$&(1(6'(35$7,6$   $1(;2
   GH 

&803/,0,(172'(&21',&,21(6(67$%/(&,'$6(1(/35263(&72'(2)(57$3Ò%/,&$'((0,6,Ï1
'(3$3(/&20(5&,$/
325(/$f27(50,1$'2(/'(',&,(0%5('(/

180(5$/ '(6&5,3&,Ð1 &803/( &20(17$5,26
    
x /D&RPSDxtDQRUHSDUWLUiGLYLGHQGRVPLHQWUDVH[LVWDQ
REOLJDFLRQHVHQPRUD

x /DFRPSDxtDPDQWHQGUiODUHODFLyQGHORVDFWLYRVOLEUHVGH
JUDYDPHQVREUHREOLJDFLRQHVHQFLUFXODFLyQVHJ~QORTXH
HVWDEOHFHHODUWtFXORGHODVHFFLyQ,FDSLWXOR,9GHO
VXEWLWXOR,WtWXOR,,,GHOD&RGLILFDFLyQGH5HVROXFLRQHVGHO
&RQVHMR1DFLRQDOGH9DORUHV

 *DUDQWtDGHOD /DHPLVLyQHVWDUiUHVSDOGDGDSRU*DUDQWtD*HQHUDOHQORVWpUPLQRV &XPSOLGD 9HU$QH[R
HPLVLyQ GHOD/H\GH0HUFDGRGH9DORUHV\VXV5HJODPHQWRV 

 'HVWLQRGHOD /RVUHFXUVRVFDSWDGRVVHUYLUiQSDUDFDSLWDOGHWUDEDMR &XPSOLGD 9HU$QH[R
HPLVLyQ

 'HVFULSFLyQGHO /DVREOLJDFLRQHVVHUiQFRORFDGDVPHGLDQWHRIHUWDS~EOLFDHQ &XPSOLGD 1LQJXQR
VLVWHPDGH IRUPDEXUViWLODWUDYpVGHODVEROVDVGHYDORUHVOHJDOPHQWH
FRORFDFLyQ HVWDEOHFLGDVHQHOSDtVRH[WUDEXUViWLOGHVPDWHULDOL]DGDVHJ~QOR
GHWHUPLQHHOLQYHUVLRQLVWDPHFDQLVPRVSHUPLWLGRVSRUODOH\

 5HSUHVHQWDQWHGH (OUHSUHVHQWDQWHGHORVREOLJDFLRQLVWDVVHUiHO(VWXGLR-XUtGLFR &XPSOLGD 1LQJXQR
ORVREOLJDFLRQLVWDV $VHVRUVD6$
\FRQYHQLRGH 
UHSUHVHQWDFLyQ (QPDU]RGHOVHVXVFULELyHOFRQWUDWRGHUHSUHVHQWDFLyQ
GHREOLJDFLRQLVWDVHQWUH$OPDFHQHV'H3UDWL6$\(VWXGLR
-XUtGLFR$VHVRUVD6$HQHOTXHFRQVWDQODVREOLJDFLRQHV\
IDFXOWDGHVGHOUHSUHVHQWDQWHGHORVREOLJDFLRQLVWDVDVtFRPRODV
REOLJDFLRQHVGHOD(PLVRUD




 $/0$&(1(6'(35$7,6$   $1(;2
   GH 

&803/,0,(172'(&21',&,21(6(67$%/(&,'$6(1(/35263(&72'(2)(57$3Ò%/,&$'((0,6,Ï1
'(3$3(/&20(5&,$/
325(/$f27(50,1$'2(/'(',&,(0%5('(/

180(5$/ '(6&5,3&,Ð1 &803/( &20(17$5,26
    
 3URFHGLPLHQWRGH /DSUHVHQWHHPLVLyQGHSDSHOHVFRPHUFLDOHVFRQWHPSODUHVFDWH 1RDSOLFD 1LQJXQR
UHVFDWHVDQWLFLSDGRV DQWLFLSDGR

 &RQWUDWRGH 1RH[LVWHFRQWUDWRGH8QGHUZULWLQJ 1RDSOLFD 1LQJXQR
8QGHUZULWLQJ

 &DOLILFDGRUDGH 6RFLHGDG&DOLILFDGRUDGH5LHVJR/DWLQRDPHULFDQD6$ &XPSOLGD 1LQJXQR
ULHVJRV


 
           $1(;2
 GH 

$/0$&(1(6'(35$7,6$
  
$3/,&$&,Ï1'(/265(&85626&$37$'263257,78/$5,=$&,21(6<
3$3(/&20(5&,$/
325(/$f27(50,1$'2$/'(',&,(0%5('(/


),'(,&20,620(5&$17,/6(*81'$7,78/$5,=$&,Ð1'()/8-26'(35$7,±
7$5-(7$6'(&5e',727(5&(5$6

(PLVLyQGH9DORUHVGH&RQWHQLGR&UHGLWLFLR³97&6(*81'$'(35$7,6(5,(6$%<&´DSUREDGD
SRUOD6XSHULQWHQGHQFLDGH&RPSDxtDVVHJ~Q5HVROXFLyQ1RV6&,09'-09'$<5*

/RVUHFXUVRVQHWRVUHFLELGRVSRUHO)LGHLFRPLVRSURGXFWRGHODFRORFDFLyQGHORVYDORUHVHQWUHORV
LQYHUVLRQLVWDVXQDYH]FDQFHODGRVODVFRPLVLRQHVUHVSHFWLYDVGHODVFDVDVGHYDORUHVIXHURQHQWUHJDGRVDO
2ULJLQDGRUSDUDHOILQDQFLDPLHQWRGHDPSOLDFLyQGHVXVRSHUDFLRQHVRUGLQDULDVSDUDFDSLWDOGHWUDEDMR\
VXVWLWXFLyQGHSDVLYRVDXQFRVWR\SOD]RUD]RQDEOH

(QHQHURGHOVHFRPSOHWyODFRORFDFLyQGHORVWtWXORV³97&6(*81'$'(35$7,6(5,(6$%
<&´SRU86PLOORQHVORVFXDOHVIXHURQWUDQVIHULGRVDO&RQVWLWX\HQWHHQFRQFHSWRGHYHQWDGHWtWXORV
QHWRVGHODVFRPLVLRQHVDOD&DVDGH9DORUHV\%ROVDGH9DORUHV

$GLFLRQDOPHQWHHO)LGHLFRPLVRPHUFDQWLOUHVSHWDQGRHORUGHQGHSUHODFLyQTXHVHHVWDEOHFHHQHOFRQWUDWR
GHFRQVWLWXFLyQGHO)LGHLFRPLVRGHEHUiKRQUDUORVSDVLYRVFRQLQYHUVLRQLVWDVFRQFDUJRDORVIOXMRV
FRUUHVSRQGLHQWHVDODVYHQWDVDWUDYpVGHWDUMHWDVGHFUpGLWRWHUFHUDV$PHULFDQ([SUHVV9LVD0DVWHU&DUG\
'LQHUV&OXETXHHIHFWLYDPHQWHOOHJXHDSHUFLELUHO)LGHLFRPLVR\GHQRVHUHVWRVVXILFLHQWHVFRQFDUJRDORV
PHFDQLVPRVGHJDUDQWtD

'XUDQWHHODxRHO)LGHLFRPLVRSDJyFDSLWDOSRUXQWRWDOGH86HLQWHUHVHVSRU86HQ
FXPSOLPLHQWRGHODVREOLJDFLRQHVDVXPLGDVFRQORVLQYHUVLRQLVWDV








 
           $1(;2
 GH 

$/0$&(1(6'(35$7,6$
  
$3/,&$&,Ï1'(/265(&85626&$37$'263257,78/$5,=$&,21(6<
3$3(/&20(5&,$/
325(/$f27(50,1$'2$/'(',&,(0%5('(/


),'(,&20,620(5&$17,/7(5&(5$7,78/$5,=$&,Ð1'()/8-26'(35$7,

(PLVLyQGH9DORUHVGH&RQWHQLGR&UHGLWLFLR³97&7(5&(5$'(35$7,6(5,($´³97&
7(5&(5$'(35$7,6(5,(%´<³97&7(5&(5$'(35$7,6(5,(&´DSUREDGDSRUOD
6XSHULQWHQGHQFLDGH&RPSDxtDVVHJ~Q5HVROXFLyQ1RV6&,09'-09'$<5*

/RVUHFXUVRVQHWRVUHFLELGRVSRUHO)LGHLFRPLVRSURGXFWRGHODFRORFDFLyQGHORVYDORUHVHQWUHORV
LQYHUVLRQLVWDVXQDYH]FDQFHODGRVODVFRPLVLRQHVUHVSHFWLYDVGHODVFDVDVGHYDORUHVIXHURQHQWUHJDGRVDO
2ULJLQDGRUSDUDHOILQDQFLDPLHQWRGHDPSOLDFLyQGHVXVRSHUDFLRQHVRUGLQDULDVSDUDFDSLWDOGHWUDEDMR
UHPRGHODFLRQHVGH7LHQGDV\VXVWLWXFLyQGHSDVLYRVDXQFRVWR\SOD]RUD]RQDEOH

(QPDU]RGHOVHFRPSOHWyODFRORFDFLyQGHORVWtWXORV³97&7HUFHUD'H3UDWL6HULH$´³97&
7HUFHUD'H3UDWL6HULH%´\³97&7HUFHUD'H3UDWL6HULH&´SRU86PLOORQHVORVFXDOHVIXHURQ
WUDQVIHULGRVDO&RQVWLWX\HQWHHQFRQFHSWRGHYHQWDGHWtWXORVQHWRVGHODVFRPLVLRQHVDOD&DVDGH9DORUHV\
%ROVDGH9DORUHV

$GLFLRQDOPHQWHHO)LGHLFRPLVR0HUFDQWLOGHEHUiSDJDUORVSDVLYRVFRQLQYHUVLRQLVWDVGHDFXHUGRDOD
SUHODFLyQFRQFDUJRDORVIOXMRVSURYHQLHQWHVGHODVYHQWDVGHSURGXFWRVUHDOL]DGDVSRUHO2ULJLQDGRUDORV
&OLHQWHVDWUDYpVGHORV(VWDEOHFLPLHQWRV6HOHFFLRQDGRVTXHHIHFWLYDPHQWHOOHJXHDSHUFLELUHO)LGHLFRPLVR
\GHQRVHUHVWRVVXILFLHQWHVFRQFDUJRDORVPHFDQLVPRVGHJDUDQWtD

'XUDQWHHODxRHO)LGHLFRPLVRSDJyFDSLWDOSRUXQWRWDOGH86HLQWHUHVHVSRU86
HQFXPSOLPLHQWRGHODVREOLJDFLRQHVDVXPLGDVFRQORVLQYHUVLRQLVWDV








 
         $1(;2
 GH 
$/0$&(1(6'(35$7,6$
  
$3/,&$&,Ï1'(/265(&85626&$37$'263257,78/$5,=$&,21(6<
3$3(/&20(5&,$/
325(/$f27(50,1$'2$/'(',&,(0%5('(/


),'(,&20,620(5&$17,/&8$57$7,78/$5,=$&,Ð1'()/8-267$5-(7$'(
&5e',72'(35$7,

(PLVLyQGH9DORUHVGH&RQWHQLGR&UHGLWLFLR³97&&8$57$'(35$7,6(5,($´<³97&&8$57$
'(35$7,6(5,(%´DSUREDGDSRUOD6XSHULQWHQGHQFLDGH&RPSDxtDVVHJ~Q5HVROXFLyQ1RV6&,09
'-09'$<5*

/RVUHFXUVRVQHWRVUHFLELGRVSRUHO)LGHLFRPLVRSURGXFWRGHODFRORFDFLyQGHORVYDORUHVHQWUHORV
LQYHUVLRQLVWDVXQDYH]FDQFHODGRVODVFRPLVLRQHVUHVSHFWLYDVGHODVFDVDVGHYDORUHVIXHURQHQWUHJDGRVDO
2ULJLQDGRUSDUDHOILQDQFLDPLHQWRGHDPSOLDFLyQGHVXVRSHUDFLRQHVRUGLQDULDVSDUDFDSLWDOGHWUDEDMR\
SUR\HFWRVGHLQYHUVLyQDXQFRVWR\SOD]RUD]RQDEOH

(QGLFLHPEUHGHOVHFRPSOHWyODFRORFDFLyQGHORVWtWXORV³97&&8$57$'(35$7,6(5,($´
<³97&&8$57$'(35$7,6(5,(%´SRU86PLOORQHVORVFXDOHVIXHURQWUDQVIHULGRVDO
&RQVWLWX\HQWHHQFRQFHSWRGHYHQWDGHWtWXORVQHWRVGHODVFRPLVLRQHVDOD&DVDGH9DORUHV\%ROVDGH
9DORUHV

$GLFLRQDOPHQWHHO)LGHLFRPLVR0HUFDQWLOGHEHUiSDJDUORVSDVLYRVFRQLQYHUVLRQLVWDVGHDFXHUGRDOD
SUHODFLyQFRQFDUJRDORVIOXMRVSURYHQLHQWHVGHODVYHQWDVGHSURGXFWRVUHDOL]DGDVSRUHO2ULJLQDGRUSRU
FUpGLWRGLUHFWRRWRUJDGRDORV&OLHQWHVDWUDYpVGHORV(VWDEOHFLPLHQWRV6HOHFFLRQDGRVTXHHIHFWLYDPHQWH
OOHJXHDSHUFLELUHO)LGHLFRPLVR\GHQRVHUHVWRVVXILFLHQWHVFRQFDUJRDORVPHFDQLVPRVGHJDUDQWtD

'XUDQWHHODxRHO)LGHLFRPLVRSDJyFDSLWDOSRUXQWRWDOGH86HLQWHUHVHVSRU86
HQFXPSOLPLHQWRGHODVREOLJDFLRQHVDVXPLGDVFRQORVLQYHUVLRQLVWDV









 
$1(;2
 GH 


$/0$&(1(6'(35$7,6$
  
$3/,&$&,Ï1'(/265(&85626&$37$'263257,78/$5,=$&,21(6<
3$3(/&20(5&,$/
325(/$f27(50,1$'2$/'(',&,(0%5('(/

(PLVLyQGHSDSHOFRPHUFLDODSUREDGDSRUOD6XSHULQWHQGHQFLDGH&RPSDxtDVVHJ~Q5HVROXFLyQ
1R6&,09'-09'$<5*

/RVUHFXUVRVQHWRVUHFLELGRVSURGXFWRGHODFRORFDFLyQGHORVYDORUHVXQDYH]YHQGLGRVFRQ
GHVFXHQWRVSRUFRQFHSWRGHLQWHUHVHVRGHDPRUWL]DFLyQKDVWDODIHFKDGHYHQFLPLHQWR\GHVFRQWDGR
ODVFRPLVLRQHVUHVSHFWLYDVGHODVFDVDVGHYDORUHVIXHURQHQWUHJDGRVDO2ULJLQDGRUSDUDFDQFHODFLyQ
DSURYHHGRUHVDXQFRVWR\SOD]RUD]RQDEOH(QMXOLRGHOVHFRPSOHWyODFRORFDFLyQGHSDSHO
FRPHUFLDO

8QGHWDOOHGHOGHVWLQRGHORVIRQGRVSRUSURYHHGRUDFRQWLQXDFLyQ


3URYHHGRU 9DORUSDJDGR
 HQ86GyODUHV 
/DV)UDJDQFLDV&LD/WGD 
(VFDPGXV6$ 
-RUJH+HUQDQ5RGULJXH]9LWHUL 
-XOLR*DOR$EVDORQ*RQ]DOH]%DUURV 
3RPPH,QWHUQDWLRQDO 
'LVHQIRUPD'LVHxR<0RGD6$ 
%HOOHPDUW6$ 
)HPDU6$ 
7HFQRFDO]D6$ 
$OPDFHQHV0HU\ODQ)HOLSH 
&DVD0RHOOHU0DUWLQH]&$ 
'LVHxRV([FOXVLYRV'LVH[6$ 
$OPDFHQHV-XDQ(OMXUL&LD/WGD 
%HLHUVGRUI6$ 
,QGXVWULDV$OHV&$ 
5HSUHVHQWDFLRQHV5HSPDMXVD6$ 
5RPDFF6RFLHGDG&LYLO<&RPHUFLDO 
,QPRELOLDULD*UXSR9LHUWLQD6$ 
,QWFRPH['HO(FXDGRU6$ 
/D(VSHUDQ]D&RPHUFLDOL]DGRUD 
6DELMRX[6$ 
7H[WLOHV(O5D\R6$ 
6HJUR]6$ 
7H[WLOHV(O*UHFR6$ 
3ODJHOODW<DQQLFN 
$JXLUUH9LQWLPLOOD6LULD<HVVHQLD 
/HRQSDO6$ 
;X7DR 
2WURVSURYHHGRUHVLQIHULRUHVD86 
7RWDO 



 
$1(;2
$/0$&(1(6'(35$7,6$
  
3529,6,21(63$5$(/3$*2'(&$3,7$/(,17(5(6(6'(
7,78/$5,=$&,21(6<3$3(/&20(5&,$/
325(/$f27(50,1$'2$/'(',&,(0%5('(/


$OGHGLFLHPEUHGHO$OPDFHQHV'H3UDWL6$WLHQHUHJLVWUDGRHQVXVHVWDGRVILQDQFLHURVORV
VLJXLHQWHVVDOGRVUHODFLRQDGRVFRQODHPLVLyQGHWLWXODUL]DFLRQHV\SDSHOFRPHUFLDO

 6DOGRFRQWDEOH
 HQ86GyODUHV 
 
)LGHLFRPLVR0HUFDQWLO,UUHYRFDEOH6HJXQGD7LWXODUL]DFLyQGH)OXMRV'H3UDWL± 
7DUMHWDVGH&UpGLWR7HUFHUDVHPLVLyQGHWtWXORV³97&6(*81'$'(35$7, 
6(5,(&´FRQYHQFLPLHQWRVHQQRYLHPEUHGHOFRQWDVDGHLQWHUpVILMDDQXDO 
GHO 
 
)LGHLFRPLVR0HUFDQWLO,UUHYRFDEOH7HUFHUD7LWXODUL]DFLyQGH)OXMRV'H3UDWL 
HPLVLyQGHWtWXORV³97&7(5&(5$'(35$7,6(5,(%´\³97&7(5&(5$ 
'(35$7,6(5,(&´FRQYHQFLPLHQWRVHQVHSWLHPEUHGHO\VHSWLHPEUHGHO 
\FRQWDVDGHLQWHUpVILMDDQXDOGHO\UHVSHFWLYDPHQWH 
 
)LGHLFRPLVR0HUFDQWLO,UUHYRFDEOH&XDUWD7LWXODUL]DFLyQGH)OXMRV7DUMHWDGH&UpGLWR 
'H3UDWLHPLVLyQGHWtWXORV³97&&8$57$'(35$7,6(5,($´\³97& 
&8$57$'(35$7,6(5,(%FRQYHQFLPLHQWRVHQDEULOGHO\DEULOGHO 
\FRQWDVDGHLQWHUpVILMDDQXDOGHO\UHVSHFWLYDPHQWH 

 
(PLVLyQGHSDSHOFRPHUFLDOQHWRGHFRVWRVGHWUDQVDFFLyQWtWXORVFRQYHQFLPLHQWR 
KDVWDMXQLRGHO\FRQWDVDGHLQWHUpVGHO 
 
,QWHUHVHVSRUSDJDU 
 
7RWDO 
 
&ODVLILFDFLyQ 
&RUULHQWH 
1RFRUULHQWH 
 
7RWDO 






 
$1(;2
 GH 
$/0$&(1(6'(35$7,6$
  
*$5$17Ë$648(5(63$/'$17,78/$5,=$&,21(6<3$3(/&20(5&,$/
325(/$f27(50,1$'2$/'(',&,(0%5('(/

),'(,&20,620(5&$17,/6(*81'$7,78/$5,=$&,Ð1'()/8-26'(35$7,±
7$5-(7$6'(&5e',727(5&(5$6

(PLVLyQGH9DORUHVGH&RQWHQLGR&UHGLWLFLR³97&6(*81'$'(35$7,6(5,(6$%<&´
DSUREDGDSRUOD6XSHULQWHQGHQFLDGH&RPSDxtDVVHJ~Q5HVROXFLyQ1RV6&,09'-09'$<5
*

$OGHGLFLHPEUHGHOORVPHFDQLVPRVGHJDUDQWtDVHQFXPSOLPLHQWRDOFRQWUDWRGH
)LGHLFRPLVRXQGHWDOOHHVFRPRVLJXH

)21'2'(5(6(59$

&RUUHVSRQGHDOGHOPRQWRGHOGLYLGHQGRWULPHVWUDOLQPHGLDWRSRVWHULRUGHWRGRVORVSDVLYRVFRQ
LQYHUVLRQLVWDVSHURVLQH[FHGHUHOGHOVDOGRLQVROXWRGHWRGRVORVSDVLYRVFRQLQYHUVLRQLVWDV
3RGUiHVWDULQWHJUDGRSRUVtVRORRHQFRQMXQWRDVRODGLVFUHFLyQGHORULJLQDGRUDWUDYpVGHFDUWD
³VWDQGE\´HOFXDOGHEHUiVHUHPLWLGDSRUXQEDQFRRSHUDWLYRGHORV(VWDGRV8QLGRVTXHFXHQWHFRQ
FDOLILFDFLyQPtQLPDGH³$´\RXQDJDUDQWtDEDQFDULDTXHGHEHUiQVHURWRUJDGDSRUXQEDQFR
RSHUDWLYRGHO(FXDGRUTXHFXHQWHFRQFDOLILFDFLyQGHULHVJRGHDOPHQRV³$$´\RHQGLQHUROLEUH\
GLVSRQLEOHSRUXQPRQWRGH86

$OGHGLFLHPEUHGHOHO)LGHLFRPLVRWLHQHXQDJDUDQWtDEDQFDULDDVXIDYRUVROLFLWDGDSRUOD
&RPSDxtD$OPDFHQHV'H3UDWL6$\RWRUJDGDSRUHO%DQFRGH*XD\DTXLO6$SRU86
FRQYHQFLPLHQWRHQPDU]RGHO(VWDJDUDQWtDIXHUHQRYDGDSRU86\WLHQH
YHQFLPLHQWRHQMXQLRGHO

(;&(62'()/8-2'()21'26

&RQVLVWHHQTXHORVIOXMRVWLWXODUL]DGRVTXHVHSUR\HFWDTXHVHDQJHQHUDGRVSRUODVFXHQWDVSRU
FREUDUVHDQVXSHULRUHVDORVPRQWRVUHTXHULGRVSRUHO)LGHLFRPLVRSDUDSDJDUORVSDVLYRVFRQ
LQYHUVLRQLVWDV\ORVSDVLYRVFRQWHUFHURVGLVWLQWRVGHORVLQYHUVLRQLVWDVGHFRQIRUPLGDGFRQOD
LQIRUPDFLyQFRQVWDQWHHQHOLQIRUPHGHHVWUXFWXUDFLyQILQDQFLHUD$OGHGLFLHPEUHGHOHO
)LGHLFRPLVRQRKDHMHFXWDGRHVWHPHFDQLVPRGHJDUDQWtD

/Ì1($'(/,48,'(=

6LOOHJDGRHOVH[DJpVLPRGtDFRQWDGRGHVGHHOLQLFLRGHXQSHUtRGRWULPHVWUDOGHWHUPLQDGROD
ILGXFLDULDREVHUYDTXHORVYDORUHVSURYLVLRQDGRVSRUHO)LGHLFRPLVRGHFRQIRUPLGDGFRQOR
HVWLSXODGRHQHOFRQWUDWRHVLQIHULRUDOSHURVXSHULRUDOGHODVXPDFRUUHVSRQGLHQWHDOSDJR
GHOGLYLGHQGRGHOUHIHULGRSHUtRGRWULPHVWUDOHO)LGHLFRPLVRGHEHUiSHUFLELUODWRWDOLGDGGHORV
UHFXUVRVUHFDXGDGRVSRUFRQFHSWRGHYHQWDVHQHIHFWLYRUHDOL]DGDVSRUHORULJLQDGRUDWUDYpVGHODV
WLHQGDV4XLFHQWUR6KRSSLQJ\6DQ/XLV6KRSSLQJHQODFLXGDGGH4XLWR$OGHGLFLHPEUHGHO
HO)LGHLFRPLVRQRKDHMHFXWDGRHVWHPHFDQLVPRGHJDUDQWtD






 
$1(;2
 GH 
$/0$&(1(6'(35$7,6$
  
*$5$17Ë$648(5(63$/'$17,78/$5,=$&,21(6<3$3(/&20(5&,$/
325(/$f27(50,1$'2$/'(',&,(0%5('(/

),'(,&20,620(5&$17,/7(5&(5$7,78/$5,=$&,Ð1'()/8-26'(35$7,

(PLVLyQGH9DORUHVGH&RQWHQLGR&UHGLWLFLR³97&7(5&(5$'(35$7,6(5,($´³97&
7(5&(5$'(35$7,6(5,(%´<³97&7(5&(5$'(35$7,6(5,(&´DSUREDGDSRUOD
6XSHULQWHQGHQFLDGH&RPSDxtDVVHJ~Q5HVROXFLyQ1RV6&,09'-09'$<5*

$OGHGLFLHPEUHGHOORVPHFDQLVPRVGHJDUDQWtDVHQFXPSOLPLHQWRDOFRQWUDWRGH
ILGHLFRPLVRXQGHWDOOHHVFRPRVLJXH

)21'2'(5(6(59$

7LHQHFRPRREMHWLYRUHVSDOGDUDORV,QYHUVLRQLVWDVDSURUUDWDGHVXLQYHUVLyQHQYDORUHVFXDQGRHO
)LGHLFRPLVRHQIUHQWHHYHQWXDOHVLQVXILFLHQFLDVHQODUHFDXGDFLyQGHORVIOXMRV

(OIRQGRGHUHVHUYDGHEHUiFXEULUDOPLVPRWLHPSR\HQWRGRPRPHQWRGXUDQWHODYLJHQFLDGHORV
YDORUHVGHODWLWXODUL]DFLyQODVGRVVLJXLHQWHVUHODFLRQHV

x 'HEHDVFHQGHUDOPHQRVDOYHFHVHOtQGLFHGHGHVYLDFLyQGHODWLWXODUL]DFLyQ  HVGHFLU
LJXDOD86

x 'HEHDVFHQGHUDOGHOGLYLGHQGRWULPHVWUDO FRPSXHVWRGHFDSLWDOHLQWHUHVHV LQPHGLDWR
SRVWHULRUGHORVYDORUHVYLJHQWHV\HIHFWLYDPHQWHFRORFDGRVHQWUH,QYHUVLRQLVWDV

(VWHIRQGRSRGUiHVWDULQWHJUDGRDOWHUQDWLYDPHQWHSRUVtVRORRHQFRQMXQWRDVRODGLVFUHFLyQGHO
2ULJLQDGRUDWUDYpVGHXQDJDUDQWtDEDQFDULDTXHGHEHUiVHURWRUJDGDSRUXQEDQFRRSHUDWLYRGHO
(FXDGRUTXHFXHQWHFRQFDOLILFDFLyQGHULHVJRGHDOPHQRV$$\RHQGLQHUROLEUH\GLVSRQLEOH

6HHMHFXWDUiHVWDJDUDQWtDVLOOHJDGRHOGtDFRQWDGRGHVGHHOLQLFLRGHXQSHUtRGRWULPHVWUDO
GHWHUPLQDGROD)LGXFLDULDREVHUYDTXHORVYDORUHVDSURYLVLRQDGRGHQWURGHO)LGHLFRPLVRHVLQIHULRU
DOGHODVXPDFRUUHVSRQGLHQWHDOSDJRGHOGLYLGHQGRGHOUHIHULGRSHUtRGRWULPHVWUDO
DPRUWL]DFLyQGHFDSLWDO\SDJRGHLQWHUHVHV 

$OGHGLFLHPEUHGHOHO)LGHLFRPLVRWLHQHXQDJDUDQWtDEDQFDULDDVXIDYRUSRU86
RWRUJDGDSRUHO2ULJLQDGRU$OPDFHQHV'H3UDWL6$FRQYHQFLPLHQWRHQPDU]RGHO











 
$1(;2
 GH 
$/0$&(1(6'(35$7,6$
  
*$5$17Ë$648(5(63$/'$17,78/$5,=$&,21(6<3$3(/&20(5&,$/
325(/$f27(50,1$'2$/'(',&,(0%5('(/


(;&(62'()/8-2'()21'26

&RQVLVWHHQTXHORVIOXMRVWLWXODUL]DGRVTXHVHSUR\HFWDJHQHUDGRVSRUORVGHUHFKRVGHFREURVHDQ
VXSHULRUHVDORVYDORUHVUHTXHULGRVSRUHO)LGHLFRPLVRSDUDSDJDUORVSDVLYRVFRQ,QYHUVLRQLVWDV\
ORVSDVLYRVFRQWHUFHURVGLVWLQWRVGHORV,QYHUVLRQLVWDVGHFRQIRUPLGDGFRQODLQIRUPDFLyQGHO
LQIRUPHGHHVWUXFWXUDFLyQILQDQFLHUD6HUHWHQGUiQORVIOXMRVHQHOFDVRGHTXHORVIOXMRVGHORV
HVWDEOHFLPLHQWRVLQLFLDOHVPiVORVVXEVHFXHQWHVSRUGRVPHVHVFRQVHFXWLYRVQRDOFDQFHDFXEULUXQD
UHODFLyQPtQLPDGHODOFRPSDUDUHOYROXPHQGHORVIOXMRVLQJUHVDGRVDO)LGHLFRPLVRHQHOPHV
LQPHGLDWRDQWHULRUFRQXQWHUFLRGHOGLYLGHQGR FRPSXHVWRGHFDSLWDOHLQWHUHVHV GHORVSDVLYRVFRQ
,QYHUVLRQLVWDVGHOPLVPRPHVLQPHGLDWRDQWHULRU$OGHGLFLHPEUHGHOHO)LGHLFRPLVRQR
KDHMHFXWDGRHVWHPHFDQLVPRGHJDUDQWtD

),$1=$62/,'$5,$

&RQVLVWHHQODILDQ]DPHUFDQWLORWRUJDGDSRUHO2ULJLQDGRUODFXDOWLHQHSRUREMHWRUHVSDOGDUDORV
,QYHUVLRQLVWDVDSURUUDWDGHVXLQYHUVLyQHQYDORUHVFXDQGRUHVXOWHQLQVXILFLHQWHV

x /RVUHFXUVRVSURYLVLRQDGRVVHJ~QODHVFULWXUDGHFRQVWLWXFLyQGHO)LGHLFRPLVR\

x /RVUHFXUVRVSURYHQLHQWHVGHODHMHFXFLyQGHOIRQGRGHUHVHUYD

'HSURGXFLUVHHVWDVLWXDFLyQHO2ULJLQDGRUVHFRPSURPHWHGHPDQHUDVROLGDULDDSDJDUORV
UHIHULGRVSDVLYRVFRQLQYHUVLRQLVWDV

$OGHGLFLHPEUHGHOHO)LGHLFRPLVRQRKDHMHFXWDGRHVWHPHFDQLVPRGHJDUDQWtD



 
$1(;2
 GH 

$/0$&(1(6'(35$7,6$
  
*$5$17Ë$648(5(63$/'$17,78/$5,=$&,21(6<3$3(/&20(5&,$/
325(/$f27(50,1$'2$/'(',&,(0%5('(/

),'(,&20,620(5&$17,/&8$57$7,78/$5,=$&,Ð1'()/8-267$5-(7$'(
&5e',72'(35$7,

(PLVLyQGH9DORUHVGH&RQWHQLGR&UHGLWLFLR³97&&8$57$'(35$7,6(5,($´<³97&
&8$57$'(35$7,6(5,(%´DSUREDGDSRUOD6XSHULQWHQGHQFLDGH&RPSDxtDVVHJ~Q
5HVROXFLyQ1RV6&,09'-09'$<5*

$OGHGLFLHPEUHGHOORVPHFDQLVPRVGHJDUDQWtDVHQFXPSOLPLHQWRDOFRQWUDWRGH
)LGHLFRPLVRXQGHWDOOHHVFRPRVLJXH

)21'2'(5(6(59$

(OIRQGRGHUHVHUYDGHEHUiFXEULUDOPLVPRWLHPSR\HQWRGRPRPHQWRGXUDQWHODYLJHQFLDGHORV
YDORUHVGHODWLWXODUL]DFLyQYHFHVHOtQGLFHGHGHVYLDFLyQGHODWLWXODUL]DFLyQ  HVGHFLU
LJXDOD86

3RGUiHVWDULQWHJUDGRDOWHUQDWLYDPHQWHSRUVtVRORRHQFRQMXQWRDVRODGLVFUHFLyQGHO2ULJLQDGRUD
WUDYpVGH L XQDFDUWDGHFUpGLWR³VWDQGE\´ LL XQDJDUDQWtDEDQFDULD LL HQLQVWUXPHQWRV
ILQDQFLHURVHPLWLGRVSRUHO*RELHUQRGHORV(VWDGRV8QLGRVGH$PpULFDRVXVGHSHQGHQFLDVGLUHFWDV
\R LY GLVSRQLEOH

(O)RQGRGH5HVHUYDVHUiDMXVWDGRWULPHVWUDOPHQWHHQUHODFLyQDOVDOGRGHSDVLYRVFRQ
LQYHUVLRQLVWDVHVGHFLUGHEHUiFXPSOLUDOPHQRVHOHOVDOGRGHSDVLYRVFRQLQYHUVLRQLVWDV

6HHMHFXWDUiHVWDJDUDQWtDVLOOHJDGRHOGtDFRQWDGRGHVGHHOLQLFLRGHXQSHUtRGRWULPHVWUDO
GHWHUPLQDGROD)LGXFLDULDREVHUYDTXHORVYDORUHVDSURYLVLRQDGRGHQWURGHO)LGHLFRPLVRHVLQIHULRU
DOGHODVXPDFRUUHVSRQGLHQWHDOSDJRGHOGLYLGHQGRGHOUHIHULGRSHUtRGRWULPHVWUDO
DPRUWL]DFLyQGHFDSLWDO\SDJRGHLQWHUHVHV 

$OGHGLFLHPEUHGHOHO)LGHLFRPLVRWLHQHXQDJDUDQWtDEDQFDULDDVXIDYRUSRU86
RWRUJDGDSRUHO2ULJLQDGRU$OPDFHQHV'H3UDWL6$FRQYHQFLPLHQWRHQHQHURGHOODFXDO
IXHUHQRYDGDSRU86\WLHQHYHQFLPLHQWRHQDEULOGHO













 
$1(;2
 GH 

$/0$&(1(6'(35$7,6$
  
*$5$17Ë$648(5(63$/'$17,78/$5,=$&,21(6<3$3(/&20(5&,$/
325(/$f27(50,1$'2$/'(',&,(0%5('(/

(;&(62'()/8-2'()21'26

&RQVLVWHHQTXHORVIOXMRVWLWXODUL]DGRVTXHVHSUR\HFWDJHQHUDGRVSRUORVGHUHFKRVGHFREURVHDQ
VXSHULRUHVDORVYDORUHVUHTXHULGRVSRUHO)LGHLFRPLVRSDUDSDJDUORVSDVLYRVFRQ,QYHUVLRQLVWDV\
ORVSDVLYRVFRQWHUFHURVGLVWLQWRVGHORV,QYHUVLRQLVWDVGHFRQIRUPLGDGFRQODLQIRUPDFLyQGHO
LQIRUPHGHHVWUXFWXUDFLyQILQDQFLHUD6HUHWHQGUiQORVIOXMRVHQHOFDVRGHTXHORVIOXMRVGHORV
HVWDEOHFLPLHQWRVLQLFLDOHVPiVORVVXEVHFXHQWHVSRUGRVPHVHVFRQVHFXWLYRVQRDOFDQFHDFXEULUXQD
UHODFLyQPtQLPDGHODOFRPSDUDUHOYROXPHQGHORVIOXMRVLQJUHVDGRVDO)LGHLFRPLVRHQHOPHV
LQPHGLDWRDQWHULRUYHUVXVXQWHUFLRGHOGLYLGHQGR FRPSXHVWRGHFDSLWDOHLQWHUHVHV GHORVSDVLYRV
FRQ,QYHUVLRQLVWDVGHOPLVPRPHVLQPHGLDWRDQWHULRU$OGHGLFLHPEUHGHOHO)LGHLFRPLVR
QRKDHMHFXWDGRHVWHPHFDQLVPRGHJDUDQWtD

),$1=$62/,'$5,$

&RQVLVWHHQOD)LDQ]D0HUFDQWLORWRUJDGDSRUHO2ULJLQDGRUODFXDOWLHQHSRUREMHWRUHVSDOGDUDORV
LQYHUVLRQLVWDVDSURUUDWDGHVXLQYHUVLyQHQYDORUHVFXDQGRUHVXOWHQLQVXILFLHQWHV

x /RVUHFXUVRVSURYLVLRQDGRVVHJ~QODHVFULWXUDGHFRQVWLWXFLyQGHO)LGHLFRPLVR\

x /RVUHFXUVRVSURYHQLHQWHVGHODHMHFXFLyQGHOIRQGRGHUHVHUYD

'HSURGXFLUVHHVWDVLWXDFLyQHO2ULJLQDGRUVHFRPSURPHWHGHPDQHUDVROLGDULDDSDJDUORV
UHIHULGRVSDVLYRVFRQLQYHUVLRQLVWDV

$OGHGLFLHPEUHGHOHO)LGHLFRPLVRQRKDHMHFXWDGRHVWHPHFDQLVPRGHJDUDQWtD


 
$1(;2
 GH 

$/0$&(1(6'(35$7,6$
  
*$5$17Ë$648(5(63$/'$17,78/$5,=$&,21(6<3$3(/&20(5&,$/
325(/$f27(50,1$'2$/'(',&,(0%5('(/

(PLVLyQGHSDSHOFRPHUFLDODSUREDGDSRUOD6XSHULQWHQGHQFLDGH&RPSDxtDVVHJ~Q5HVROXFLyQ
1R6&,09'-09'$<5*

$OGHGLFLHPEUHGHOOD&RPSDxtDPDQWLHQHORVVLJXLHQWHVPHFDQLVPRVGHJDUDQWtDVXQ
GHWDOOHHVFRPRVLJXH

x /DVPHGLGDVTXHLPSOHPHQWDGDVSRUOD(PLVRUDRULHQWDGDVDSUHVHUYDUHOFXPSOLPLHQWRGHVX
REMHWRVRFLDORILQDOLGDGWHQGLHQWHVDJDUDQWL]DUHOSDJRGHODVREOLJDFLRQHVDORVLQYHUVLRQLVWDV
VRQODVVLJXLHQWHV

L 0DQWHQHUDOWRVJUDGRVGHHILFLHQFLDHQODVUHODFLRQHVFRPHUFLDOHVFRQVXVFOLHQWHVFRPR
ORKDKHFKRGXUDQWHHOHMHUFLFLRGHVXDFWLYLGDG

LL  0DQWHQHUXQPDQHMRILQDQFLHURSUXGHQWHFRQXQQLYHOGHHQGHXGDPLHQWR SDVLYRVWRWDOHV
SDWULPRQLRWRWDOHQXQDUHODFLyQQRPD\RUDYHFHV 

LLL  &XPSOLUFRQWRGDVODVQRUPDVODERUDOHV

LY  0DQWHQHUSUiFWLFDVGHEXHQJRELHUQRFRUSRUDWLYR

Y (QJHQHUDOFXPSOLFRQWRGRVVXVDFWRVFRQQRUPDVGHSUXGHQFLDHFRQyQLPR±ILQDQFLHUD
TXHOHSHUPLWHQHOGHVDUUROORGHVXVDFWLYLGDGHV\HOSDJRGHVXVREOLJDFLRQHV

x /D&RPSDxtDQRUHSDUWLUiGLYLGHQGRVPLHQWUDVH[LVWDQREOLJDFLRQHVHQPRUD

x /DFRPSDxtDPDQWHQGUiODUHODFLyQGHORVDFWLYRVOLEUHVGHJUDYDPHQVREUHREOLJDFLRQHVHQ
FLUFXODFLyQVHJ~QORTXHHVWDEOHFHHODUWtFXORGHODVHFFLyQ,FDSLWXOR,9GHOVXEWLWXOR,
WtWXOR,,,GHOD&RGLILFDFLyQGH5HVROXFLRQHVGHO&RQVHMR1DFLRQDOGH9DORUHV





























































$/0$&(1(6'(35$7,6$

(67$'26),1$1&,(5266(3$5$'26

'(',&,(0%5('(/

Ë1',&(

,QIRUPHGHORVDXGLWRUHVLQGHSHQGLHQWHV

(VWDGRVHSDUDGRGHVLWXDFLyQILQDQFLHUD

(VWDGRVHSDUDGRGHUHVXOWDGRVLQWHJUDOHV

(VWDGRVHSDUDGRGHFDPELRVHQHOSDWULPRQLR

(VWDGRVHSDUDGRGHIOXMRVGHHIHFWLYR

1RWDVH[SOLFDWLYDVDORVHVWDGRVILQDQFLHURVVHSDUDGRV




,1)250('(/26$8',725(6,1'(3(1',(17(6

$ORVVHxRUHVDFFLRQLVWDV

$OPDFHQHV'H3UDWL6$

*XD\DTXLOGHPDU]RGHO

2SLQLyQ

+HPRVDXGLWDGRORVHVWDGRVILQDQFLHURVVHSDUDGRVGH$OPDFHQHV'H3UDWL6$ OD&RPSDxtD TXH

FRPSUHQGHQHOHVWDGRGHVLWXDFLyQILQDQFLHUDDOGHGLFLHPEUHGHO\ORVFRUUHVSRQGLHQWHVHVWDGRV
GHUHVXOWDGRVLQWHJUDOHVGHFDPELRVHQHOSDWULPRQLR\GHIOXMRVGHHIHFWLYRSRUHODxRWHUPLQDGRHQHVD
IHFKDDVtFRPRODVQRWDVH[SOLFDWLYDVGHORVHVWDGRVILQDQFLHURVVHSDUDGRVTXHLQFOX\HQXQUHVXPHQGHODV
SROtWLFDVFRQWDEOHVVLJQLILFDWLYDV

(QQXHVWUDRSLQLyQORVHVWDGRVILQDQFLHURVVHSDUDGRVDGMXQWRVSUHVHQWDQUD]RQDEOHPHQWHHQWRGRVORV
DVSHFWRVPDWHULDOHVODVLWXDFLyQILQDQFLHUDGH$OPDFHQHV'H3UDWL6$DOGHGLFLHPEUHGHO\HO
GHVHPSHxRGHVXVRSHUDFLRQHV\VXVIOXMRVGHHIHFWLYRSRUHODxRWHUPLQDGRHQHVDIHFKDGHFRQIRUPLGDG
FRQ1RUPDV,QWHUQDFLRQDOHVGH,QIRUPDFLyQ)LQDQFLHUD 1,,) 

)XQGDPHQWRVGHODRSLQLyQ

1XHVWUDDXGLWRUtDIXHHIHFWXDGDGHDFXHUGRFRQ1RUPDV,QWHUQDFLRQDOHVGH$XGLWRUtD 1,$V 1XHVWUDV

UHVSRQVDELOLGDGHVGHDFXHUGRFRQGLFKDVQRUPDVVHGHVFULEHQPiVDGHODQWHHQODVHFFLyQ
³5HVSRQVDELOLGDGHVGHODXGLWRUHQUHODFLyQFRQODDXGLWRUtDGHORVHVWDGRVILQDQFLHURV´

&RQVLGHUDPRVTXHODHYLGHQFLDGHDXGLWRUtDTXHKHPRVREWHQLGRSURSRUFLRQDXQDEDVHVXILFLHQWH\
DSURSLDGDSDUDH[SUHVDUQXHVWUDRSLQLyQGHDXGLWRUtD

,QGHSHQGHQFLD

6RPRVLQGHSHQGLHQWHVGH$OPDFHQHV'H3UDWL6$GHFRQIRUPLGDGFRQHO&yGLJRGHeWLFDSDUD
3URIHVLRQDOHVGHOD&RQWDELOLGDGGHO&RQVHMRGH1RUPDV,QWHUQDFLRQDOHVGHeWLFDSDUD&RQWDGRUHV\
KHPRVFXPSOLGRFRQQXHVWUDVUHVSRQVDELOLGDGHVpWLFDVGHDFXHUGRFRQHVWRVUHTXLVLWRV

$VXQWRVVLJQLILFDWLYRVGHODDXGLWRUtD

/RVDVXQWRVVLJQLILFDWLYRVGHDXGLWRUtDGHDFXHUGRDQXHVWURMXLFLRSURIHVLRQDOIXHURQDTXHOORVDVXQWRVGH
PD\RULPSRUWDQFLDLGHQWLILFDGRVHQQXHVWUDDXGLWRUtDGHORVHVWDGRVILQDQFLHURVVHSDUDGRVGHOSHULRGR
DFWXDO(VWRVDVXQWRVKDQVLGRWUDWDGRVGXUDQWHODHMHFXFLyQGHQXHVWUDDXGLWRUtD\SDUDIRUPDUQRV

4:=@A3‘
B‘
  Sz{P|[\]b^_‘‘}~&~}‘ ‘ ‘}€~‘TGE‘8'‘‘Q ‘V '(‘ )‘*‘
k‘ lmnol‘
OpR‘‘5‘C‘qrq‘ ‘U‘D‘HD‘stuvwwxyw‘`YZ‘ ! ;(">‘K‘"?#$!%‘ ‘(+}, } ‚ƒ ‘``a„LJ bcdef‘„}†l‡†‘ ‘mˆ‘W-‘‰Š&m.‹‘ ‘,678‘IN‘MŒF‘vttwŽ}‘F‘/012 3494"‘X
,<"‘
‘ ‘g`hi

%Q;.3_,Y4N9G\V5GGJ3OWb26@b/\,2GPb < b"Z2, b] b'G2UGb9,^7abXEb*S,E;a,0;Fb&,PL\3bDKQ4V,T,AbGBHEb

#abb(GC,Obb2=1:Gb$8YOGJ,R?b[Ib&>Gb
!\,`-M\:Ab
.\-2GPb
)b
 bb+




$OPDFHQHV'H3UDWL6$
*XD\DTXLOGHPDU]RGHO

QXHVWUDRSLQLyQVREUHORVHVWDGRVILQDQFLHURVVHSDUDGRVHQVXFRQMXQWR\QRH[SUHVDPRVXQDRSLQLyQSRU
VHSDUDGRVREUHHVWRVDVXQWRV

&RPRHQIRFDPRVHODVXQWRHQQXHVWUDHQ
$VXQWRVVLJQLILFDWLYRVGHDXGLWRUtD
DXGLWRUtD

3URYLVLyQGHGHWHULRURGHFXHQWDVSRUFREUDUD
FOLHQWHV

/DSURYLVLyQGHGHWHULRURGHODVFXHQWDVSRUFREUDUD &RPRSDUWHGHORVSURFHGLPLHQWRVHMHFXWDGRVUHDOL]DPRV
FOLHQWHVHVFRQVLGHUDGDXQDVXQWRGHDOWDLPSRUWDQFLD ODHYDOXDFLyQ\YDOLGDFLyQGHORVFRQWUROHVGHOFLFOR
\DTXHpVWDUHTXLHUHGHODDSOLFDFLyQGHMXLFLR ,QJUHVRVFXHQWDVSRUFREUDUHQGRQGHSUREDPRV
SURIHVLRQDO\ODXWLOL]DFLyQGHSUHVXQFLRQHVSRUSDUWH DTXHOORVFRQWUROHVFODYHVPDQWHQLGRVSRUOD
GHOD$GPLQLVWUDFLyQ $GPLQLVWUDFLyQSDUDHVWRVUXEURVHQWUHORVFXDOHVLQFOX\HQ
HORWRUJDPLHQWRGHFUpGLWRDFOLHQWHV
/D&RPSDxtDRWRUJDDVXVFOLHQWHV DSUR[LPDGDPHQWH
 FUpGLWRGLUHFWRSDUDODFRPSUDGHORV 5HDOL]DPRVODFRQFLOLDFLyQGHODX[LOLDUGHFDUWHUDFRQ
SURGXFWRVTXHFRPHUFLDOL]DDWUDYpVGHVXVWLHQGDV UHJLVWURVFRQWDEOHVUHYLVLyQGHODDQWLJHGDGGHORVVDOGRV
GHSDUWDPHQWDOHV(VWHILQDQFLDPLHQWRUHSUHVHQWDDO SRUFREUDUFOLHQWHVHYLGHQFLDQGRHODQiOLVLVTXHOD
GHGLFLHPEUHGHOFXHQWDVSRUFREUDUSRU &RPSDxtDUHDOL]DSDUDODHYDOXDFLyQGHOGHWHULRURGH
DSUR[LPDGDPHQWH86UHSUHVHQWDQGRHO FDUWHUD
GHOWRWDOGHVXVDFWLYRV
(IHFWXDPRVODYDOLGDFLyQGHORVVXSXHVWRVXWLOL]DGRVSDUD
'HELGRDODOWRQ~PHURGHFOLHQWHV\DTXHORVVDOGRV HOFiOFXORGHODHVWLPDFLyQGHFXHQWDVLQFREUDEOHVORV
LQGLYLGXDOHVQRUHSUHVHQWDQPRQWRVVLJQLILFDWLYRVHVWH FXDOHVVHHQFXHQWUDQHQIXQFLyQDtQGLFHVGHUHFXSHUDFLyQ
JUXSRGHDFWLYRVVHHYDO~DQFROHFWLYDPHQWHSRU GHFDUWHUDTXHDSOLFDQDOWRWDOGHFDUWHUDSRUHGDGHV
GHWHULRURDJUXSiQGRORVHQIXQFLyQDSRUWDIROLRV
KRPRJpQHRVSRUVXVYHQFLPLHQWRV(OFiOFXORGHOD (QDGLFLyQUHDOL]DPRVHOUHSURFHVRGHORVFiOFXORVGHORV
SURYLVLyQSRUGHWHULRURHVHVWLPDGRDWUDYpVGH tQGLFHVGHUHFXSHUDFLyQGHFDUWHUDSRUHGDGHVSDUDWRGR
LQGLFDGRUHVGHUHFXSHUDFLyQORVFXDOHVVHEDVDQHQ HODxR\ODFRUUHVSRQGLHQWHVXPDWRULDGHODV
HVWDGtVWLFDVGHFRPSRUWDPLHQWRVGHFREURVDSOLFDGRVD UHFXSHUDFLRQHVSDUDYDOLGDUORVUHSRUWHVXWLOL]DGRV
ORVGLVWLQWRVVHJPHQWRVGHFDUWHUDHQIXQFLyQGHORV
UDQJRVGHDJUXSDFLyQSRUORVGtDVGHPRUDGHVX
FDUWHUDGHFOLHQWHVDVtFRPRFDPELRVREVHUYDEOHVHQ
ODVFRQGLFLRQHVHFRQyPLFDVQDFLRQDOHVTXHVH
UHODFLRQHQFRQHOLQFXPSOLPLHQWRGHORVSDJRV

$OGHGLFLHPEUHGHODSURYLVLyQSDUDFXHQWDV
LQFREUDEOHVFXEUHDSUR[LPDGDPHQWHHOGHOWRWDOGH
ODFDUWHUD

2WUDLQIRUPDFLyQ

/D$GPLQLVWUDFLyQHVUHVSRQVDEOHSRUODSUHSDUDFLyQGHRWUDLQIRUPDFLyQ2WUDLQIRUPDFLyQFRPSUHQGHHO
,QIRUPHGHO3ULPHU\6HJXQGR9LFHSUHVLGHQWHV TXHQRLQFOX\HORVHVWDGRVILQDQFLHURVQLHOLQIRUPHGH
DXGLWRUtDVREUHORVPLVPRV ODFXDOIXHREWHQLGDDQWHVGHODIHFKDGHQXHVWURLQIRUPHGHDXGLWRUtD

1XHVWUDRSLQLyQVREUHORVHVWDGRVILQDQFLHURVVHSDUDGRVGHOD&RPSDxtDQRLQFOX\HGLFKDLQIRUPDFLyQ\
QRH[SUHVDPRVQLQJXQDIRUPDGHDVHJXUDPLHQWRRFRQFOXVLyQVREUHODPLVPD

3iJLQDGH




$OPDFHQHV'H3UDWL6$
*XD\DTXLOGHPDU]RGHO

(QFRQH[LyQFRQQXHVWUDDXGLWRUtDGHORVHVWDGRVILQDQFLHURVVHSDUDGRVQXHVWUDUHVSRQVDELOLGDGHVOHHUHO
,QIRUPHGHO3ULPHU\6HJXQGR9LFHSUHVLGHQWHV\DOKDFHUORFRQVLGHUDUVLHVWDLQIRUPDFLyQFRQWLHQH
LQFRQVLVWHQFLDVPDWHULDOHVHQUHODFLyQFRQORVHVWDGRVILQDQFLHURVVHSDUDGRVRFRQQXHVWURFRQRFLPLHQWR
REWHQLGRGXUDQWHODDXGLWRUtDRVLSRUHOFRQWUDULRVHHQFXHQWUDGLVWRUVLRQDGDGHIRUPDPDWHULDO

6LEDVDGRVHQHOWUDEDMRTXHKHPRVHIHFWXDGRVREUHHVWDLQIRUPDFLyQREWHQLGDDQWHVGHODIHFKDGH
QXHVWURLQIRUPHGHDXGLWRUtDFRQFOXLPRVTXHH[LVWHQLQFRQVLVWHQFLDVPDWHULDOHVGHHVWDLQIRUPDFLyQ
QRVRWURVGHEHPRVUHSRUWDUHVWHKHFKR1RWHQHPRVQDGDTXHLQIRUPDUDOUHVSHFWR

2WURVDVXQWRV

,QIRUPDPRVTXHFRPRVHLQGLFDHQOD1RWDOD&RPSDxtDWDPELpQSUHSDUDGHDFXHUGRD1RUPDV
,QWHUQDFLRQDOHVGH,QIRUPDFLyQ)LQDQFLHUD 1,,) HVWDGRVILQDQFLHURVFRQVROLGDGRVDOGHGLFLHPEUHGHO
ORVFXDOHVVHSUHVHQWDQHQIRUPDVHSDUDGDGHHVWRVHVWDGRVILQDQFLHURV

5HVSRQVDELOLGDGGHOD$GPLQLVWUDFLyQGHOD&RPSDxtDSRUORVHVWDGRVILQDQFLHURV

/D$GPLQLVWUDFLyQGH$OPDFHQHV'H3UDWL6$HVUHVSRQVDEOHGHODSUHSDUDFLyQ\SUHVHQWDFLyQUD]RQDEOH
GHORVHVWDGRVILQDQFLHURVDGMXQWRVGHDFXHUGRFRQ1RUPDV,QWHUQDFLRQDOHVGH,QIRUPDFLyQ)LQDQFLHUD
1,,) \GHOFRQWUROLQWHUQRQHFHVDULRSDUDSHUPLWLUODSUHSDUDFLyQGHHVWDGRVILQDQFLHURVTXHHVWpQOLEUHV
GHGLVWRUVLRQHVVLJQLILFDWLYDVGHELGRDIUDXGHRHUURU

(QODSUHSDUDFLyQGHORVHVWDGRVILQDQFLHURVOD$GPLQLVWUDFLyQHVUHVSRQVDEOHGHHYDOXDUODFDSDFLGDGGH
OD&RPSDxtDGHFRQWLQXDUFRPRQHJRFLRHQPDUFKDUHYHODQGRVHJ~QFRUUHVSRQGDORVDVXQWRV
UHODFLRQDGRVFRQHPSUHVDHQPDUFKD\XWLOL]DQGRHOSULQFLSLRFRQWDEOHGHHPSUHVDHQPDUFKDDPHQRV
TXHOD$GPLQLVWUDFLyQWHQJDODLQWHQFLyQGHOLTXLGDUODVRFLHGDGRGHFHVDUVXVRSHUDFLRQHVRELHQQR
H[LVWDRWUDDOWHUQDWLYDPiVUHDOLVWDSDUDHYLWDUHOFLHUUHGHVXVRSHUDFLRQHV

/RVHQFDUJDGRVGHODDGPLQLVWUDFLyQGHODHQWLGDGVRQORVUHVSRQVDEOHVGHODVXSHUYLVLyQGHOSURFHVRGH
HODERUDFLyQGHODLQIRUPDFLyQILQDQFLHUDGHOD&RPSDxtD

5HVSRQVDELOLGDGGHODXGLWRUHQUHODFLyQFRQODDXGLWRUtDGHORVHVWDGRVILQDQFLHURV

/RVREMHWLYRVGHQXHVWUDDXGLWRUtDVRQREWHQHUXQDVHJXULGDGUD]RQDEOHGHVLORVHVWDGRVILQDQFLHURVHQVX
FRQMXQWRHVWiQOLEUHVGHHUURUHVPDWHULDOHV\DVHDSRUIUDXGHXHUURU\HPLWLUXQLQIRUPHGHDXGLWRUtDTXH
LQFOX\DQXHVWUDRSLQLyQ6HJXULGDGUD]RQDEOHHVXQDOWRJUDGRGHVHJXULGDGSHURQRJDUDQWL]DTXHXQD
DXGLWRUtDUHDOL]DGDGHFRQIRUPLGDGFRQ1RUPDV,QWHUQDFLRQDOHVGH$XGLWRUtDVLHPSUHGHWHFWHXQHUURU
PDWHULDOFXDQGRH[LVWH/RVHUURUHVPDWHULDOHVSXHGHQVXUJLUGHIUDXGHRHUURU\VHFRQVLGHUDQPDWHULDOHV
VLLQGLYLGXDOPHQWHRHQVXFRQMXQWRSRGUtDQUD]RQDEOHPHQWHLQIOXLUHQODVGHFLVLRQHVHFRQyPLFDVTXHORV
XVXDULRVWRPDQEDViQGRVHHQORVHVWDGRVILQDQFLHURV

&RPRSDUWHGHXQDDXGLWRUtDHIHFWXDGDGHFRQIRUPLGDGFRQODV1RUPDV,QWHUQDFLRQDOHVGH$XGLWRUtD
DSOLFDPRVQXHVWURMXLFLRSURIHVLRQDO\PDQWHQHPRVXQDDFWLWXGGHHVFHSWLFLVPRSURIHVLRQDOGXUDQWHWRGD
ODDXGLWRUtD7DPELpQFRPRSDUWHGHQXHVWUDDXGLWRUtD

3iJLQDGH




$OPDFHQHV'H3UDWL6$
*XD\DTXLOGHPDU]RGHO

x ,GHQWLILFDPRV\HYDOXDPRVORVULHVJRVGHHUURUPDWHULDOHQORVHVWDGRVILQDQFLHURVGHELGRDIUDXGHR
HUURUGLVHxDPRV\DSOLFDPRVSURFHGLPLHQWRVGHDXGLWRUtDSDUDUHVSRQGHUDGLFKRVULHVJRV\
REWHQHPRVHYLGHQFLDGHDXGLWRUtDVXILFLHQWH\DGHFXDGDSDUDSURSRUFLRQDUXQDEDVHSDUDQXHVWUD
RSLQLyQ(OULHVJRGHQRGHWHFWDUXQHUURUPDWHULDOGHELGRDXQIUDXGHHVPiVHOHYDGRTXHHQHOFDVR
GHXQDLQFRUUHFFLyQPDWHULDOGHELGRDHUURU\DTXHHOIUDXGHSXHGHLPSOLFDUHOXVLyQIDOVLILFDFLyQ
RPLVLRQHVGHOLEHUDGDVPDQLIHVWDFLRQHVLQWHQFLRQDGDPHQWHHUUyQHDVRODYXOQHUDFLyQGHOFRQWURO
LQWHUQR

x 2EWHQHPRVFRQRFLPLHQWRGHOFRQWUROLQWHUQRUHOHYDQWHSDUDODDXGLWRUtDFRQHOILQGHGLVHxDU
SURFHGLPLHQWRVGHDXGLWRUtDTXHVHDQDGHFXDGRVHQIXQFLyQGHODVFLUFXQVWDQFLDV\QRFRQODILQDOLGDG
GHH[SUHVDUXQDRSLQLyQVREUHODHILFLHQFLDGHOFRQWUROLQWHUQRGHOD&RPSDxtD

x (YDOXDPRVVLODVSROtWLFDVFRQWDEOHVDSOLFDGDVVRQDSURSLDGDV\TXHODVHVWLPDFLRQHVFRQWDEOHVVHDQ
UD]RQDEOHVDVtFRPRODVUHVSHFWLYDVGLYXOJDFLRQHVHIHFWXDGDVSRUOD$GPLQLVWUDFLyQ

x &RQFOXLPRVVREUHORDGHFXDGRGHODXWLOL]DFLyQSRUSDUWHGHOD$GPLQLVWUDFLyQGHOSULQFLSLRFRQWDEOH
GHHPSUHVDHQPDUFKD\EDViQGRQRVHQODHYLGHQFLDGHDXGLWRUtDREWHQLGDFRQFOXLPRVVREUHVL
H[LVWHRQRXQDLQFHUWLGXPEUHPDWHULDOUHODFLRQDGDFRQKHFKRVRFRQGLFLRQHVTXHSXHGHQJHQHUDU
GXGDVVLJQLILFDWLYDVVREUHODFDSDFLGDGGHOD&RPSDxtDSDUDFRQWLQXDUFRPRHPSUHVDHQPDUFKD6L
FRQFOXLPRVTXHH[LVWHXQDLQFHUWLGXPEUHPDWHULDOVHUHTXLHUHTXHOODPHPRVODDWHQFLyQHQQXHVWUR
LQIRUPHGHDXGLWRUtDVREUHODFRUUHVSRQGLHQWHLQIRUPDFLyQUHYHODGDHQORVHVWDGRVILQDQFLHURVRVL
GLFKDVUHYHODFLRQHVQRVRQDGHFXDGDVTXHH[SUHVHPRVXQDRSLQLyQPRGLILFDGD1XHVWUDV
FRQFOXVLRQHVVHEDVDQHQODHYLGHQFLDGHDXGLWRULDREWHQLGDKDVWDODIHFKDGHQXHVWURLQIRUPHGH
DXGLWRUtD6LQHPEDUJRKHFKRVRFRQGLFLRQHVIXWXURVSXHGHQOOHYDUDTXHOD&RPSDxtDQRFRQWLQ~H
FRPRXQDHPSUHVDHQIXQFLRQDPLHQWR

x (YDOXDPRVODSUHVHQWDFLyQJOREDOODHVWUXFWXUD\HOFRQWHQLGRGHORVHVWDGRVILQDQFLHURVLQFOXLGDOD
LQIRUPDFLyQUHYHODGD\VLORVHVWDGRVILQDQFLHURVUHSUHVHQWDQODVWUDQVDFFLRQHV\KHFKRV
FRUUHVSRQGLHQWHVGHPRGRTXHORJUDQVXSUHVHQWDFLyQUD]RQDEOH

&RPXQLFDPRVDORVUHVSRQVDEOHVGHOD$GPLQLVWUDFLyQGHOD&RPSDxtDHQUHODFLyQFRQHQWUHRWUDV
FXHVWLRQHVHODOFDQFH\HOPRPHQWRGHUHDOL]DFLyQGHODVDXGLWRUtDVSODQLILFDGDV\ORVKDOOD]JRV
VLJQLILFDWLYRVGHODDXGLWRUtDDVtFRPRFXDOTXLHUGHILFLHQFLDVLJQLILFDWLYDGHOFRQWUROLQWHUQRTXH
LGHQWLILFDPRVHQHOWUDQVFXUVRGHODDXGLWRUtD

7DPELpQSURSRUFLRQDPRVDORVUHVSRQVDEOHVGHOD$GPLQLVWUDFLyQGHOD&RPSDxtDXQDGHFODUDFLyQGHTXH
KHPRVFXPSOLGRORVUHTXHULPLHQWRVGHpWLFDDSOLFDEOHVHQUHODFLyQFRQODLQGHSHQGHQFLD\FRPXQLFDGRFRQ
HOORVDFHUFDGHWRGDVODVUHODFLRQHV\GHPiVFXHVWLRQHVGHODVTXHVHSXHGHHVSHUDUUD]RQDEOHPHQWHTXH
SXHGHQDIHFWDUDQXHVWUDLQGHSHQGHQFLD\HQVXFDVRODVFRUUHVSRQGLHQWHVVDOYDJXDUGDV

3iJLQDGH








 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

 ,1)250$&,Ï1*(1(5$/

&RQVWLWXFLyQ\REMHWRVRFLDO

$OPDFHQHV'H3UDWL6$ OD&RPSDxtD IXHFRQVWLWXLGDHQ(FXDGRUHQIHEUHURGHVXGRPLFLOLR

SULQFLSDOVHHQFXHQWUDHQODFLXGDGGH*XD\DTXLOHQODVFDOOHV%R\DFi\/XTXH\VXDFWLYLGDGSULQFLSDOHVOD
FRPSUDYHQWDFRPHUFLDOL]DFLyQ\GLVWULEXFLyQGHYHVWLPHQWDVSRUGHSDUWDPHQWRVDUWtFXORVSDUDHOKRJDU
SHUIXPHVELHQHVGHFRQVXPR\GHFDSLWDOHQVXVWLHQGDV  XELFDGDVHQODVFLXGDGHVGH
*XD\DTXLO\4XLWR$GLFLRQDOPHQWHOD&RPSDxtDUHDOL]DFRPHUFLDOL]DFLyQGHVXPHUFDGHUtDDQLYHO
QDFLRQDODWUDYpVGHVXWLHQGDYLUWXDO

'XUDQWHHODxROD&RPSDxtDDSHUWXUyHQVXWRWDOLGDGVXORFDOHQHO&HQWUR&RPHUFLDO(O5HFUHR
XELFDGRHQODFLXGDGGH4XLWR

6LWXDFLyQHFRQyPLFDGHOSDtV

'XUDQWHHOODVLWXDFLyQHFRQyPLFDGHOSDtVFRQWLQ~DDIHFWDGDSRUORVEDMRVSUHFLRVGHH[SRUWDFLyQGHO
SHWUyOHRSULQFLSDOIXHQWHGHLQJUHVRVGHO3UHVXSXHVWR*HQHUDOGHO(VWDGRDVtFRPRWDPELpQSRUOD
GHYDOXDFLyQGHRWUDVPRQHGDVFRQUHVSHFWRDO'yODUGHORV(VWDGRV8QLGRVGH$PpULFDPRQHGDGHXVR
OHJDOHQHO(FXDGRUODFXDOWLHQHXQLPSDFWRQHJDWLYRHQODVH[SRUWDFLRQHVQRSHWUROHUDVGHOSDtV
$GLFLRQDOPHQWHHOWHUUHPRWRRFXUULGRHQDEULOGHORFDVLRQyLPSRUWDQWHVGDxRVHQODLQIUDHVWUXFWXUD
GHFLHUWDVSURYLQFLDVGHOOLWRUDOHFXDWRULDQR\FXDQWLRVDVSpUGLGDVHFRQyPLFDV/DVDXWRULGDGHV
HFRQyPLFDVFRQHOILQGHDIURQWDUHVWDVVLWXDFLRQHVKDQGLVHxDGRGLIHUHQWHVDOWHUQDWLYDVHQWUHODVFXDOHV
WHQHPRVSULRUL]DFLyQGHODVLQYHUVLRQHVLQFUHPHQWRGHODLQYHUVLyQH[WUDQMHUDDWUDYpVGHDOLDQ]DV
S~EOLFRSULYDGDVFRQEHQHILFLRVWULEXWDULRVGLVPLQXFLyQGHOJDVWRFRUULHQWHLQFUHPHQWRWHPSRUDOGHO
LPSXHVWRDOYDORUDJUHJDGRFRQWULEXFLRQHVWULEXWDULDVH[WUDRUGLQDULDVDHPSUHVDV\SHUVRQDVQDWXUDOHV
ILQDQFLDPLHQWRGHOGpILFLWILVFDOPHGLDQWHODHPLVLyQGHERQRVGHO(VWDGRREWHQFLyQGHILQDQFLDPLHQWRD
WUDYpVGHRUJDQLVPRVLQWHUQDFLRQDOHV\JRELHUQRVH[WUDQMHURV &KLQD HQWUHRWUDVPHGLGDV$VtWDPELpQ
KDPDQWHQLGRHOHVTXHPDGHUHVWULFFLyQGHLPSRUWDFLRQHVDWUDYpVGHVDOYDJXDUGLDV\GHUHFKRV
DUDQFHODULRVFRQHOILQGHPHMRUDUODEDODQ]DFRPHUFLDODVSHFWRTXHVHWHQtDSUHYLVWRLUGHVPRQWDQGRHQHO
VLQHPEDUJRUHVROYLyGLIHULUXQDxRHOFURQRJUDPDGHHOLPLQDFLyQGHODVVDOYDJXDUGLDV\GLVSXVRTXH
ODIDVHGHGHVPDQWHODPLHQWRVHHIHFW~HDSDUWLUGHDEULOGHOKDVWDMXQLRGHO

/D$GPLQLVWUDFLyQGHOD&RPSDxtDFRQVLGHUDTXHODVVLWXDFLRQHVDQWHVLQGLFDGDVKDQRULJLQDGRHIHFWRVHQ
ODVRSHUDFLRQHVGHOD&RPSDxtDWDOHVFRPRUHGXFFLyQGHLPSRUWDFLRQHVHQFLHUWDVOtQHDVGHQHJRFLR
UHGXFFLyQGHORVPiUJHQHVLQLFLDOHVHQHOVLVWHPDGHFUpGLWRVHPDQWXYRXQLQFUHPHQWRGHPRURVLGDG\VH
SRVWHUJDURQFLHUWDVLQYHUVLRQHVTXHHVWDEDQSODQLILFDGDVDPHGLDQRSOD]R

$QWHORFXDOOD$GPLQLVWUDFLyQHVWiDGRSWDQGRODVVLJXLHQWHVPHGLGDVVXVWLWXFLyQGHOHVSDFLRDVLJQDGRD
PDUFDVGHWHUFHURVSRUPDUFDVSURSLDVUHQHJRFLDFLyQFRQSURYHHGRUHVGHPHUFDGHUtDVWDQWRHQSOD]R
FRPRSUHFLRVVHLQWHQVLILFDURQODVFREURVDFOLHQWHVHQPRUDFXLGDQGRODUHODFLyQVHKDGDGRPXFKR
pQIDVLVDOGHVDUUROORGHOQHJRFLRGHODWLHQGDHQOtQHD\HQODJHVWLyQ\GHSXUDFLyQGHOLQYHQWDULR/D

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

$GPLQLVWUDFLyQFRQVLGHUDTXHODVPHGLGDVLQGLFDGDVOHSHUPLWLUiQDIURQWDUODVVLWXDFLRQHVDQWHV
PHQFLRQDGDV\FRQWLQXDURSHUDQGRHQIRUPDUHQWDEOH

$SUREDFLyQGHORVHVWDGRVILQDQFLHURVVHSDUDGRV

/RVHVWDGRVILQDQFLHURVSRUHODxRWHUPLQDGRHOGHGLFLHPEUHGHOKDQVLGRHPLWLGRVFRQOD
DXWRUL]DFLyQGHIHFKDGHIHEUHURGHOGHO5HSUHVHQWDQWH/HJDOGHOD&RPSDxtD\SRVWHULRUPHQWH
VHUiQSXHVWRVDFRQVLGHUDFLyQGHOD-XQWD*HQHUDOGH$FFLRQLVWDVSDUDVXDSUREDFLyQGHILQLWLYD

 5(680(1'(/$635,1&,3$/(632/Ë7,&$6&217$%/(6

$FRQWLQXDFLyQVHGHVFULEHQODVSULQFLSDOHVSROtWLFDVFRQWDEOHVDGRSWDGDVHQODSUHSDUDFLyQGHHVWRVHVWDGRV
ILQDQFLHURVVHSDUDGRV(VWDVSROtWLFDVKDQVLGRGLVHxDGDV\DSOLFDGDVGHPDQHUDXQLIRUPHDWRGRVORVDxRV
TXHVHSUHVHQWDQHQHVWRVHVWDGRVILQDQFLHURV

 %DVHVGHSUHSDUDFLyQGHHVWDGRVILQDQFLHURV

 /RVSUHVHQWHVHVWDGRVILQDQFLHURVGH$OPDFHQHV'H3UDWL6$VHKDQSUHSDUDGRGHDFXHUGRFRQODV1RUPDV
,QWHUQDFLRQDOHVGH,QIRUPDFLyQ)LQDQFLHUD 1,,) HPLWLGDVSRUHO,$6% ,QWHUQDWLRQDO$FFRXQWLQJ6WDQGDUG
%RDUG TXHKDQVLGRDGRSWDGDVHQ(FXDGRU\UHSUHVHQWDQODDGRSFLyQLQWHJUDOH[SOtFLWD\VLQUHVHUYDVGHODV
UHIHULGDVQRUPDVLQWHUQDFLRQDOHV9HUQXPHUDO

(QFXPSOLPLHQWRGHODV1,,)$OPDFHQHV'H3UDWL6$WDPELpQSUHSDUDHVWDGRVILQDQFLHURVFRQVROLGDGRV
FRQ,QPRELOLDULD5RPDEDO8QR6$HPSUHVDFRQVLGHUDGDVXEVLGLDULDVREUHODTXHPDQWLHQHHOSRGHUGH
JREHUQDUVXVSROtWLFDVRSHUDWLYDV\ILQDQFLHUDV/RVHVWDGRVILQDQFLHURVVHSDUDGRVGH$OPDFHQHV'H3UDWL6$
VRQUHTXHULGRVSRUODVDXWRULGDGHVHFXDWRULDQDVUHVSHFWLYDVSRUORWDQWRORVHVWDGRVILQDQFLHURVDGMXQWRV
VHSDUDGRVUHIOHMDQODDFWLYLGDGLQGLYLGXDOGHOD&RPSDxtDVLQLQFOXLUORVHIHFWRVGHODFRQVROLGDFLyQGHHVWRV
FRQORVGH,QPRELOLDULD5RPDEDO8QR6$

/RVHVWDGRVILQDQFLHURVVHKDQSUHSDUDGREDMRHOFULWHULRGHOFRVWRKLVWyULFR

/DSUHSDUDFLyQGHORVHVWDGRVILQDQFLHURVFRQIRUPHDODV1,,)UHTXLHUHHOXVRGHHVWLPDFLRQHVFRQWDEOHV
7DPELpQH[LJHDOD$GPLQLVWUDFLyQTXHHMHU]DVXMXLFLRHQHOSURFHVRGHDSOLFDFLyQGHODVSROtWLFDVFRQWDEOHV
GHOD&RPSDxtD(QOD1RWDVHUHYHODQODViUHDVTXHLPSOLFDQXQPD\RUJUDGRGHMXLFLRRFRPSOHMLGDGRODV
iUHDVGRQGHORVVXSXHVWRV\HVWLPDFLRQHVVRQVLJQLILFDWLYRVSDUDODHODERUDFLyQGHORVHVWDGRVILQDQFLHURV
VHSDUDGRV'HELGRDODVXEMHWLYLGDGLQKHUHQWHHQHVWHSURFHVRFRQWDEOHORVUHVXOWDGRVUHDOHVSXHGHQGLIHULU
GHORVPRQWRVHVWLPDGRVSRUOD$GPLQLVWUDFLyQ

'HELGRDTXHOD&RPSDxtDPDQWXYRKDVWDVHSWLHPEUHGHOHPLVLRQHVGHREOLJDFLRQHVDWUDYpVGH
ILGHLFRPLVRVPHUFDQWLOHV\DTXHHOFRQWUROGHOILGHLFRPLVRHVHMHUFLGRSRUOD&RPSDxtDORVHVWDGRV
ILQDQFLHURVDGMXQWRVLQFOX\HQODVFXHQWDVFRUULHQWHVHLQYHUVLRQHVWHPSRUDOHVHQSRGHUGHO)LGHLFRPLVRORV
SDVLYRVDIDYRUGHORVLQYHUVLRQLVWDVDVtFRPRWDPELpQUHIOHMDQVXVSULQFLSDOHVLQJUHVRV\FRVWRVUHVSHFWLYRV
9HU1RWD 

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

 1XHYRVSURQXQFLDPLHQWRVFRQWDEOHV

$OGHGLFLHPEUHGHOVHKDQSXEOLFDGRQXHYDVQRUPDVHQPLHQGDVPHMRUDVHLQWHUSUHWDFLRQHVDODV
QRUPDVH[LVWHQWHVTXHQRKDQHQWUDGRHQYLJHQFLD

(VWDVVRQGHDSOLFDFLyQREOLJDWRULDHQODSUHSDUDFLyQGHORVHVWDGRVILQDQFLHURVGHOD&RPSDxtDDSDUWLUGH
ODVIHFKDVLQGLFDGDVDFRQWLQXDFLyQ
$SOLF D F Ly QR EOLJD WR ULD 
SD UD H MH UF LF LR V 
1R UP D 7H P D LQLF LD GR V D SD UWLUGH 
1,&  (QP LH QGD V TXH LQF R USR UD QUH YH OD F LR QH V D GLF LR QD OH V TXH SH UP LWH QD QD OL]D UOR V F D P ELR V H QV XV  GH H QH UR 
SD V LYR V GH ULYD GR V GH OD V D F WLYLGD GH V GH ILQD QF LD F Ly Q
1,&  (QP LH QGD V TXH H V WD EOH F H QH OUH F R QR F LP LH QWR GH D F WLYR V SR ULP SXH V WR V GLIH ULGR V SR USp UGLGD V QR  GH H QH UR 
UH D OL]D GD V \D F OD UD QF R P R F R QWD ELOL]D UOR V D F WLYR V SR ULP SXH V W R V GLIH ULGR V UH OD F LR QD GR V F R Q
LQV WUXP H QWR V GH GH XGD P H GLGR V D YD OR UUD ]R QD EOH 
1,,)  0 H MR UD V F R QUH V SH F WR D OD F OD ULILF D F Ly QGH OD OF D QF H GH OD QR UP D LQIR UP D F Ly QD UH YH OD UV R EUH  GH H QH UR 
SD UWLF LSD F LR QH V H QR WUD V H QWLGD GH V 
1,&  0 H MR UD V UH OD F LR QD GD V F R QOD P H GLF Ly QGH XQD D V R F LD GD R XQ D H P SUH V D F R QMXQWD D V XYD OR U GH H QH UR 
UD ]R QD EOH 
1,&  (QP LH QGD V TXH F OD V LILF D QD V SH F WR V UH IH UH QWH V D OD V WUD QV IH UH QF LD V GH SUR SLH GD GH V GH LQYH UV Ly Q\ GH H QH UR 
TXH OD V P LV P D V GH EH QUH D OL]D UV H F XD QGR KD \XQF D P ELR GH P R V WUD EOH H QH OXV R GH OD F WLYR 

1,,)  (QP LH QGD V UH OD F LR QD GD V D OD H OLP LQD F Ly QGH OD V H [H QF LR QH V D F R UWR SOD ]R SD UD OR V D GR SWD QWH V SR U GH H QH UR 
SULP H UD YH ]F R QUH V SH F WR D OD 1,,) OD 1,& \OD 1,,) 
1,,)  (QP LH QGD V TXH D F OD UD QF y P R F R QWD ELOL]D UGH WH UP LQD GR V WLSR V GH R SH UD F LR QH V GH SD JR ED V D GD V  GH H QH UR 
H QD F F LR QH V 
1,,)  (QP LH QGD V D OD 1,,) & R QWUD WR V GH V H JXUR V UH OD WLYD V D OD D SOLF D F Ly QGH OD 1,,)  ,QV WUXP H QWR V  GH H QH UR 
ILQD QF LH UR V 
& R UUH V SR QGH D OD UH YLV Ly QILQD OGH OD 1,,) TXH UH H P SOD ]D OD V SXEOLF D GD V D QWH ULR UP H QWH \D OD 1,& 
1,,)  \V XV JXtD V GH D SOLF D F Ly Q GH H QH UR 
1,,)  3 XEOLF D F Ly QGH OD QR UP D 5 H F R QR F LP LH QWR GH OR V LQJUH V R V SUR F H GH QWH V GH OR V F R QWUD WR V F R QOR V  GH H QH UR 
F OLH QWH V H V WD QR UP D UH H P SOD ]D Ui D OD 1,& \
,) 5 ,&  $F OD UD F Ly QV R EUH WUD QV D F F LR QH V H QP R QH GD H [WUD QMH UD R S D UWH V GH WUD QV D F F LR QH V H QOD V TXH H [LV WH  GH H QH UR 
XQD F R QWUD SUH V WD F Ly QGH QR P LQD GD R WD V D GD H QXQD P R QH GD H [WUD QMH UD 
1,,)  3 XEOLF D F Ly QGH OD QR UP D $UUH QGD P LH QWR V H V WD QR UP D UH H P SOD ]D Ui D OD 1,&  GH H QH UR 

/D&RPSDxtDHVWLPDTXHODDGRSFLyQGHODVQXHYDVQRUPDVHQPLHQGDVDODV1,,)\ODVQXHYDV
LQWHUSUHWDFLRQHVDQWHVGHVFULWDVQRWHQGUiXQLPSDFWRVLJQLILFDWLYRHQORVHVWDGRVILQDQFLHURVHQHO
HMHUFLFLRGHVXDSOLFDFLyQLQLFLDO

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

 &DPELRHQSROtWLFDFRQWDEOH
/D&RPSDxtDGXUDQWHHODGRSWyODHQPLHQGDDOD1,&³%HQHILFLRVDORVHPSOHDGRV´UHIHUHQWHDO
FDPELRHQODWDVDGHGHVFXHQWRXWLOL]DGDSDUDHOFiOFXORGHORVEHQHILFLRVSRVW±HPSOHR MXELODFLyQ
SDWURQDO\GHVDKXFLR SRUORFXDOOD&RPSDxtDFRPRVHHVWDEOHFHHQODUHIHULGDHQPLHQGDSURFHGLySDUD
HIHFWRVFRPSDUDWLYRVDUHHVWUXFWXUDUORVHVWDGRVILQDQFLHURVDOGHHQHURGHO\DOGHGLFLHPEUHGHO
FRPRVHGHWDOODDFRQWLQXDFLyQ
3 UR YLV LR QHV SR UEHQHILF LR V SR V WH PSOHR 3 D WULP R QLR
- XELODF Ly Q 5 H V XOWD GR V 
'H V D KXF LR 7R WD O
3 DWUR QD O D F XP XOD GR V
6 D OGR V UH JLV WUDGR V SUHYLDP H QWH D OGHH QH UR GH O    

(IH FWR GH DGR SFLy QGHH QP LHQGD DOD1,&       

6 D OGR V UH HV WD EOH FLGR V DOGH H QH UR GH O    

6 D OGR V UH JLV WUDGR V SUHYLDP H QWH D OGH GLF LH PEUH GH O    

(IH FWR GH DGR SFLy QGHH QP LHQGD DOD1,&GHD xR V DQWHULR UH V     
(IH FWR GH DGR SFLy QGHODH QP LHQGD HQHODxR V R EUH OD XWLOLGDGQH WD     
(IH FWR GH DGR SFLy QGHODH QP LHQGD HQHODxR V R EUH UH V XOWD GR V LQWHJUD OH V       

6 D OGR V UH HV WUXFWXUDGR V D OGH GLFLH PEUH GHO    

8WLOLGD GQH WD
8WLOLGD GSUH YLD P H QWH UH SR UWD GD D OGH GLF LH P EUH GH O 

(IH F WR GH D GR SF Ly QGH H QP LH QGD D OD 1,&    

8WLOLGD GUH H V WUXF WUXD GD D OGH GLF LH P EUH GH O 

2WUR V UH V XOWD GR V 

LQWH JUD OH V
2WUR V UH V XOWD GR V LQWH JUD OH V UH SR UWD GR V D OGH GLF LH P EUH GH O  

(IH F WR GH D GR SF Ly QGH H QP LH QGD D OD 1,&   

2WUR V UH V XOWD GR V LQWH JUD OH V UH H V WUXF WXUD GR V   

 /DVWDVDVGHGHVFXHQWRDQXDOHVXWLOL]DGDVHQODGHWHUPLQDFLyQGHODVSURYLVLRQHVSRUEHQHILFLRVSRVW
HPSOHRDQWHVGHODPRGLILFDFLyQDOD1,&SDUDORVDxRV\IXHURQGHODVFXDOHV
FRUUHVSRQGtDQDODWDVDSURPHGLRGHORVERQRVGHOJRELHUQRSXEOLFDGDSRUHO%DQFR&HQWUDOGHO
(FXDGRUVLQHPEDUJRGHDFXHUGRDODHQPLHQGDVHHVWDEOHFHTXHSDUDODVPRQHGDVGRQGHQRH[LVWD
XQPHUFDGRDPSOLRGHERQRVXREOLJDFLRQHVHPSUHVDULDOHVGHDOWDFDOLGDGVHXWLOL]DUiODWDVDGHORV
ERQRVFRUSRUDWLYRVGHDOWDFDOLGDGGHQRPLQDGRVHQHVWDPRQHGDVLHQGRHOGyODUODPRQHGDHQODFXDO
VHOLTXLGDUiQHVWRVSDVLYRVODWDVDGHERQRVGHDOWDFDOLGDGFRUUHVSRQGHDODWDVDSURPHGLRGHORV
ERQRVFRUSRUDWLYRVHPLWLGRVHQ(VWDGRV8QLGRVGH$PpULFDORVFXDOHVHVWiQGHQRPLQDGRVHQOD
PLVPDPRQHGDHQODTXHORVEHQHILFLDULRVVHUiQSDJDGRV\TXHWLHQHQWpUPLQRVTXHVHDSUR[LPDQD
ORVGHODVREOLJDFLRQHVSRUSHQVLRQHVKDVWDVXYHQFLPLHQWR\TXHSDUDHO\FRUUHVSRQGtDQDO
\UHVSHFWLYDPHQWH

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

 0RQHGDIXQFLRQDO\PRQHGDGHSUHVHQWDFLyQ

/DVSDUWLGDVHQORVHVWDGRVILQDQFLHURVGHOD&RPSDxtDVHH[SUHVDQHQODPRQHGDGHODPELHQWHHFRQyPLFR
SULPDULRGRQGHRSHUDODHQWLGDG PRQHGDIXQFLRQDO /RVHVWDGRVILQDQFLHURVVHH[SUHVDQHQGyODUHV
HVWDGRXQLGHQVHVTXHHVODPRQHGDIXQFLRQDO\ODPRQHGDGHSUHVHQWDFLyQGHOD&RPSDxtD$PHQRVTXH
VHLQGLTXHORFRQWUDULRODVFLIUDVLQFOXLGDVHQORVHVWDGRVILQDQFLHURVDGMXQWRVHVWiQH[SUHVDGDVHQGyODUHV
HVWDGRXQLGHQVHV

 ,QIRUPDFLyQILQDQFLHUDSRUVHJPHQWRV

/DLQIRUPDFLyQSRUVHJPHQWRVVHSUHVHQWDGHPDQHUDFRQVLVWHQWHFRQORVLQIRUPHVLQWHUQRV
SURSRUFLRQDGRVDORVUHVSRQVDEOHVGHWRPDUGHFLVLRQHVRSHUDWLYDVUHOHYDQWHV'LFKRVHMHFXWLYRVVRQ
UHVSRQVDEOHVGHDVLJQDUORVUHFXUVRV\HYDOXDUHOUHQGLPLHQWRGHORVVHJPHQWRVRSHUDWLYRVORVFXDOHVVH
KDQGHILQLGRFRPR'DPDVFDEDOOHURKRJDUFDO]DGRQLxRVFRVPpWLFRVWHFQRORJtD(VWDLQIRUPDFLyQVH
GHWDOODHQOD1RWD

 (IHFWLYR\HTXLYDOHQWHVGHHIHFWLYR

,QFOX\HHOHIHFWLYRGLVSRQLEOHGHSyVLWRVDODYLVWDHQEDQFRVRWUDVLQYHUVLRQHVDOWDPHQWHOtTXLGDVFRQ
YHQFLPLHQWRVRULJLQDOHVGHWUHVPHVHVRPHQRV

 $FWLYRV\SDVLYRVILQDQFLHURV

&ODVLILFDFLyQ

/D&RPSDxtDFODVLILFDVXVDFWLYRVILQDQFLHURVHQODVVLJXLHQWHVFDWHJRUtDV³DFWLYRVILQDQFLHURVDYDORU
UD]RQDEOHDWUDYpVGHJDQDQFLDVRSpUGLGDV´³SUpVWDPRV\FXHQWDVSRUFREUDU´³DFWLYRVILQDQFLHURV
PDQWHQLGRVKDVWDVXYHQFLPLHQWR´\³DFWLYRVILQDQFLHURVGLVSRQLEOHVSDUDODYHQWD´/RVSDVLYRVILQDQFLHURV
VHFODVLILFDQHQODVVLJXLHQWHVFDWHJRUtDV³SDVLYRVILQDQFLHURVDYDORUUD]RQDEOHDWUDYpVGHJDQDQFLDV\
SpUGLGDV´\³RWURVSDVLYRVILQDQFLHURV´/DFODVLILFDFLyQGHSHQGHGHOSURSyVLWRSDUDHOFXDOVHDGTXLULHURQORV
DFWLYRVRFRQWUDWDURQORVSDVLYRVILQDQFLHURV/D$GPLQLVWUDFLyQGHWHUPLQDODFODVLILFDFLyQGHVXVDFWLYRV
ILQDQFLHURVDODIHFKDGHVXUHFRQRFLPLHQWRLQLFLDO

$OGHGLFLHPEUHGHO\OD&RPSDxtDPDQWXYRDFWLYRVILQDQFLHURVHQODFDWHJRUtDGH
³SUpVWDPRV\FXHQWDVSRUFREUDU´'HLJXDOIRUPDOD&RPSDxtDVRORPDQWXYRSDVLYRVILQDQFLHURVHQOD
FDWHJRUtDGH³RWURVSDVLYRVILQDQFLHURV´FX\DVFDUDFWHUtVWLFDVVHH[SOLFDQVHJXLGDPHQWH

3UpVWDPRV\FXHQWDVSRUFREUDU5HSUHVHQWDGRVHQHOHVWDGRGHVLWXDFLyQILQDQFLHUDSRUODVFXHQWDV
SRUFREUDUDFRUWR\ODUJRSOD]RDFOLHQWHV\RWUDVFXHQWDVSRUFREUDU6RQDFWLYRVILQDQFLHURVQRGHULYDGRV
TXHGDQGHUHFKRDSDJRVILMRVRGHWHUPLQDEOHV\TXHQRFRWL]DQHQXQPHUFDGRDFWLYR6HLQFOX\HQHQHO
DFWLYRFRUULHQWHH[FHSWRSRUORVGHYHQFLPLHQWRPD\RUDPHVHVFRUWDGRVGHVGHODIHFKDGHOHVWDGRGH
VLWXDFLyQILQDQFLHUD

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

2WURVSDVLYRVILQDQFLHURV5HSUHVHQWDGRVHQHOHVWDGRGHVLWXDFLyQILQDQFLHUDSRUORVSUpVWDPRVFRQ
HQWLGDGHVILQDQFLHUDVHPLVLyQGHREOLJDFLRQHVFXHQWDVSRUSDJDUDFRPSDxtDVUHODFLRQDGDVSURYHHGRUHV
\RWUDVFXHQWDVSRUSDJDU6HLQFOX\HQHQHOSDVLYRFRUULHQWHH[FHSWRSRUORVGHYHQFLPLHQWRPD\RUD
PHVHVFRQWDGRVDSDUWLUGHODIHFKDGHOHVWDGRGHVLWXDFLyQILQDQFLHUD

5HFRQRFLPLHQWR\PHGLFLyQLQLFLDO\SRVWHULRU

5HFRQRFLPLHQWR

/D&RPSDxtDUHFRQRFHXQDFWLYRRSDVLYRILQDQFLHURHQHOHVWDGRGHVLWXDFLyQILQDQFLHUDDODIHFKDGHOD
QHJRFLDFLyQ\VHUHFRQRFHQFXDQGRVHFRPSURPHWHDFRPSUDURYHQGHUHODFWLYRRSDJDUHOSDVLYR

0HGLFLyQLQLFLDO

/RVDFWLYRV\SDVLYRVILQDQFLHURVVRQPHGLGRVLQLFLDOPHQWHDVXYDORUUD]RQDEOHPiVFXDOTXLHUFRVWR
DWULEXLEOHDODWUDQVDFFLyQTXHGHVHUVLJQLILFDWLYRHVUHFRQRFLGRFRPRSDUWHGHODFWLYRRSDVLYRVLHPSUH
TXHHODFWLYRRSDVLYRILQDQFLHURQRVHDGHVLJQDGRFRPRGHYDORUUD]RQDEOHDWUDYpVGHJDQDQFLDV\
SpUGLGDV&RQSRVWHULRULGDGDOUHFRQRFLPLHQWRLQLFLDOOD&RPSDxtDYDORUL]DORVPLVPRVFRPRVHGHVFULEHD
FRQWLQXDFLyQ

0HGLFLyQSRVWHULRU

3UpVWDPRV\FXHQWDVSRUFREUDU/DVFXHQWDVSRUFREUDUDFOLHQWHVSRVWHULRUDVXUHFRQRFLPLHQWR
LQLFLDOVHUHJLVWUDQDOFRVWRDPRUWL]DGRDSOLFDQGRHOPpWRGRGHLQWHUpVHIHFWLYRPHQRVFXDOTXLHUGHWHULRUR
SRUYDORU/D&RPSDxtDFODVLILFDHQDFWLYRVFRUULHQWHVH[FHSWRORVYHQFLPLHQWRVVXSHULRUHVDPHVHV
GHVGHODIHFKDGHOHVWDGRGHVLWXDFLyQILQDQFLHUDTXHVHFODVLILFDQFRPRDFWLYRVQRFRUULHQWHV(OSHULRGR
GHFUpGLWRTXHOD&RPSDxtDRWRUJDDVXVFOLHQWHVYDGHDPHVHV\SRUHOILQDQFLDPLHQWRRWRUJDGRFREUD
XQDWDVDGHLQWHUpVGHO  DQXDO

/RVLQWHUHVHVGHOFUpGLWRRWRUJDGRDVXVFOLHQWHVVRQFDOFXODGRVXVDQGRHOPpWRGRGHLQWHUpVHIHFWLYR/RV
LQWHUHVHVSHQGLHQWHVGHGHYHQJDUVHSUHVHQWDQQHWRVHQHOUXEUR³&XHQWDVSRUFREUDUDFOLHQWHV´\VH
UHFRQRFHQFRQIRUPHVXGHYHQJDPLHQWRHQHOHVWDGRGHUHVXOWDGRVLQWHJUDOHVHQHOUXEUR³,QJUHVRV´FXDQGR
VHKDHVWDEOHFLGRHOGHUHFKRGHOD&RPSDxtDDSHUFLELUVXSDJR

2WURVSDVLYRVILQDQFLHURV3RVWHULRUDVXUHFRQRFLPLHQWRLQLFLDOVHPLGHQDOFRVWRDPRUWL]DGR
DSOLFDQGRHOPpWRGRGHLQWHUpVHIHFWLYR(QHVSHFtILFROD&RPSDxtDSUHVHQWDODVVLJXLHQWHVFXHQWDVGHQWUR
GHHVWDFDWHJRUtD

L 3UpVWDPRVFRQHQWLGDGHVILQDQFLHUDV6HUHJLVWUDQLQLFLDOPHQWHDVXYDORUQRPLQDOTXHQRGLILHUHQGHVX
YDORUUD]RQDEOHSXHVHVWiQFRQWUDWDGRVDODVWDVDVYLJHQWHVHQHOPHUFDGR1RH[LVWHQFRVWRVGH
WUDQVDFFLRQHVVLJQLILFDWLYRVLQFXUULGRVDOPRPHQWRGHVXFRQWUDWDFLyQ3RVWHULRUPHQWHVHPLGHQDO
FRVWRDPRUWL]DGRXWLOL]DQGRODVWDVDVGHLQWHUpVSDFWDGDV/RVLQWHUHVHVGHYHQJDGRVTXHFRUUHVSRQGHQD
SUpVWDPRV\REOLJDFLRQHVXWLOL]DGDVHQHOILQDQFLDPLHQWRGHVXVRSHUDFLRQHVVHSUHVHQWDQHQHOHVWDGR
GHUHVXOWDGRVLQWHJUDOHVEDMRHOUXEURHJUHVRVILQDQFLHURVQHWR

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

LL (PLVLyQGHREOLJDFLRQHV5HSUHVHQWDQSDVLYRVILQDQFLHURVTXHVHUHFRQRFHQLQLFLDOPHQWHDVXYDORU
UD]RQDEOHQHWRGHORVFRVWRVGHODWUDQVDFFLyQLQFXUULGRVHQFDVRGHVHUVLJQLILFDWLYRV\VHUHJLVWUDQD
VXFRVWRDPRUWL]DGRXWLOL]DQGRODVWDVDVGHLQWHUpVSDFWDGDV/RVLQWHUHVHVGHYHQJDGRVFDOFXODGRVVH
UHFRQRFHQHQHOHVWDGRGHUHVXOWDGRVLQWHJUDOHVHQHOUXEURHJUHVRVILQDQFLHURVQHWRHQHOSHUtRGRHQ
TXHVHGHYHQJDQ

LLL &XHQWDVSRUSDJDUDSURYHHGRUHV6RQREOLJDFLRQHVGHSDJRSRUELHQHVRVHUYLFLRVDGTXLULGRVGH
SURYHHGRUHVORFDOHVRGHOH[WHULRUHQHOFXUVRQRUPDOGHORVQHJRFLRV6HUHFRQRFHQDVXYDORUQRPLQDO
TXHHVHTXLYDOHQWHDVXFRVWRDPRUWL]DGRSXHVQRJHQHUDQLQWHUHVHV\VRQSDJDGHUDVKDVWDHQGtDV

LY &XHQWDVSRUSDJDUDFRPSDxtDVUHODFLRQDGDV&RUUHVSRQGHQSULQFLSDOPHQWHDGLYLGHQGRVSHQGLHQWHV
GHSDJR6HUHJLVWUDQDVXYDORUQRPLQDOSXHVQRJHQHUDQLQWHUHVHV\VHOLTXLGDQHQHOFRUWRSOD]R

Y 2WUDVFXHQWDVSRUSDJDU &RUUHVSRQGHQSULQFLSDOPHQWHDYDORUHVLQLFLDOHVGHFRQFHVLyQILQDQFLDGRVD
FRUWR\ODUJRSOD]RGRQGHODHQWLGDGRSHUD6HUHJLVWUDQLQLFLDOPHQWHDVXYDORUQRPLQDOSDJDGHURV
KDVWDHQGtDVSRUODVFRQGLFLRQHVFRQWUDFWXDOHVHVSHFtILFDVGHHVWDRSHUDFLyQQRJHQHUDQLQWHUHVHV

'HWHULRURGHDFWLYRVILQDQFLHURV

/RVDFWLYRVILQDQFLHURVVRQSUREDGRVSRUGHWHULRURGHYDORUDOILQDOGHFDGDSHUtRGRVREUHHOFXDOVH
LQIRUPD8QDFWLYRILQDQFLHURHVWDUiGHWHULRUDGRFXDQGRH[LVWHHYLGHQFLDREMHWLYDGHOGHWHULRURFRPR
FRQVHFXHQFLDGHXQRRPiVHYHQWRVTXHKD\DQRFXUULGRGHVSXpVGHOUHFRQRFLPLHQWRLQLFLDOGHODFWLYR\ORV
IOXMRVGHHIHFWLYRIXWXURVHVWLPDGRVGHODFWLYRILQDQFLHURVHKDQYLVWRDIHFWDGRV

(QWUHODHYLGHQFLDREMHWLYDGHTXHXQDFXHQWDSRUFREUDUDFOLHQWHVSRGUtDHVWDUGHWHULRUDGDVHSRGUtD
LQFOXLUODH[SHULHQFLDSDVDGDGHOD&RPSDxtDFRQUHVSHFWRDOFREURGHYDORUHVYHQFLGRVXQLQFUHPHQWRHQ
HOQ~PHURGHSDJRVDWUDVDGRVHQODFDUWHUDTXHVXSHUHQHOSHULRGRGHFUpGLWRDVtFRPRFDPELRV
REVHUYDEOHVHQODVFRQGLFLRQHVHFRQyPLFDVQDFLRQDOHVTXHVHUHODFLRQHQFRQHOLQFXPSOLPLHQWRGHORV
SDJRV

$OGHGLFLHPEUHGHO\VHKDQUHJLVWUDGRSURYLVLRQHVSRUGHWHULRURGHODVFXHQWDVSRUFREUDU
TXHVHSUHVHQWDQHQHOHVWDGRGHVLWXDFLyQILQDQFLHUDQHWDVGHODVFXHQWDVSRUFREUDUDFOLHQWHV

%DMDGHDFWLYRV\SDVLYRVILQDQFLHURV

8QDFWLYRILQDQFLHURVHHOLPLQDFXDQGRH[SLUDQORVGHUHFKRVDUHFLELUORVIOXMRVGHHIHFWLYRGHODFWLYRRVL
$OPDFHQHV'H3UDWL6$WUDQVILHUHHODFWLYRDXQWHUFHURVLQUHWHQHUVXVWDQFLDOPHQWHORVULHVJRV\
EHQHILFLRVGHODFWLYR8QSDVLYRHVHOLPLQDGRFXDQGRODVREOLJDFLRQHVGHOD&RPSDxtDHVSHFLILFDGDVHQHO
FRQWUDWRVHKDQOLTXLGDGR

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

 ,QYHQWDULRV

/RVLQYHQWDULRVVHUHJLVWUDQDOFRVWRRDVXYDORUQHWRGHUHDOL]DFLyQHOTXHUHVXOWHPHQRU(OYDORUQHWR
UHDOL]DEOHHVHOSUHFLRGHYHQWDHVWLPDGRHQHOFXUVRQRUPDOGHORVQHJRFLRVPHQRVORVJDVWRVGH
FRPHUFLDOL]DFLyQ\GLVWULEXFLyQ

(OFRVWRGHORVLQYHQWDULRVGHPHUFDGHUtDVFRPSUHQGHORVFRVWRVGHFRPSUDLPSRUWDFLyQ\RWURVFRVWRV
GLUHFWRVWDOHVFRPRORVLPSXHVWRVQRUHFXSHUDEOHV DUDQFHOHVGHLPSRUWDFLyQHLPSXHVWRDODVDOLGDGH
GLYLVDV GHGXFLGRVORVGHVFXHQWRVHQFRPSUDV

(OFRVWRGHORVLQYHQWDULRV\GHORVSURGXFWRVYHQGLGRVVHGHWHUPLQDXVDQGRHOFRVWRSURPHGLRSRQGHUDGR
/RVLQYHQWDULRVHQWUiQVLWRVHSUHVHQWDQDOFRVWRGHODVIDFWXUDVPiVRWURVFDUJRVUHODFLRQDGRVFRQOD
LPSRUWDFLyQ

/D&RPSDxtDSDUDUHFRQRFHUSpUGLGDVSRUREVROHVFHQFLDRGHWHULRURUHDOL]DUHEDMDVSRUFHQWXDOHVDOFRVWRGH
VXLQYHQWDULRHQIXQFLyQGHODURWDFLyQGHOPLVPRGHDFXHUGRDODQiOLVLVGHODSRVLELOLGDGUHDOGHYHQWD\HO
HIHFWRHVUHJLVWUDGRHQUHVXOWDGRVHQHOSHUtRGRTXHVHSURGXFHEDMRHOUXEURFRVWRGHYHQWDV

 3URSLHGDGHVPXHEOHV\HTXLSR

/DVSURSLHGDGHVPXHEOHV\HTXLSRVRQUHJLVWUDGRVDOFRVWRPHQRVGHSUHFLDFLRQHVDFXPXODGDV\SpUGLGDV
SRUGHWHULRURHQFDVRGHSURGXFLUVH(OFRVWRLQFOX\HORVGHVHPEROVRVGLUHFWDPHQWHDWULEXLEOHVDOD
DGTXLVLFLyQRFRQVWUXFFLyQGHODFWLYRSDUDHOFDVRGHORVDFWLYRVFRQVWUXLGRVSRUOD&RPSDxtDVHLQFOX\HHO
FRVWRGHORVPDWHULDOHVODPDQRGHREUDGLUHFWDFRVWRVGHGHVPDQWHODPLHQWRRWUDVODGR\XQSRUFHQWDMH
DGHFXDGRGHJDVWRVJHQHUDOHV/RVGHVHPEROVRVSRVWHULRUHVDODFRPSUDRDGTXLVLFLyQTXHLQFOX\HQFRVWRV
GHDPSOLDFLyQPRGHUQL]DFLyQRPHMRUDVyORVRQFDSLWDOL]DGRVFXDQGRUHSUHVHQWHQXQDXPHQWRHQOD
SURGXFWLYLGDGFDSDFLGDGRHILFLHQFLD\SRUHQGHHVSUREDEOHTXHEHQHILFLRVHFRQyPLFRVIXWXURVDVRFLDGRV
DODLQYHUVLyQIOX\DQKDFLDOD&RPSDxtD\ORVFRVWRVSXHGHQVHUPHGLGRVUD]RQDEOHPHQWH/RVRWURV
GHVHPEROVRVSRVWHULRUHVFRUUHVSRQGHQDUHSDUDFLRQHVRPDQWHQLPLHQWR\VRQUHJLVWUDGRVHQUHVXOWDGRV
FXDQGRVRQLQFXUULGRV

/RVWHUUHQRVQRVHGHSUHFLDQ/DGHSUHFLDFLyQHVFDOFXODGDOLQHDOPHQWHEDVDGDHQODYLGD~WLOHVWLPDGDGH
ORVELHQHVRGHORVFRPSRQHQWHVVLJQLILFDWLYRVLGHQWLILFDEOHVTXHSRVHDQYLGDV~WLOHVGLIHUHQFLDGDV\QR
FRQVLGHUDYDORUHVUHVLGXDOHVGHELGRDTXHOD$GPLQLVWUDFLyQGHOD&RPSDxtDHVWLPDTXHHOYDORUGH
UHDOL]DFLyQGHVXVSURSLHGDGHV\HTXLSRVDOWpUPLQRGHVXYLGD~WLOVHUiLUUHOHYDQWH/DVHVWLPDFLRQHVGH
YLGDV~WLOHVGHORVDFWLYRVILMRVVRQUHYLVDGDV\DMXVWDGDVVLHVQHFHVDULRDFDGDIHFKDGHFLHUUHGHORV
HVWDGRVILQDQFLHURV

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

/DVYLGDV~WLOHVHVWLPDGDVGHSURSLHGDGHV\HTXLSRVVRQODVVLJXLHQWHV

/DVSpUGLGDV\JDQDQFLDVSRUODYHQWDGHSURSLHGDGHVPXHEOHV\HTXLSRVVHFDOFXODQFRPSDUDQGRORV
LQJUHVRVREWHQLGRVFRQHOYDORUHQOLEURV\VHLQFOX\HQHQHOHVWDGRGHUHVXOWDGRVLQWHJUDOHV

&XDQGRHOYDORUHQOLEURVGHXQDFWLYRGHSURSLHGDG\HTXLSRH[FHGHDVXPRQWRUHFXSHUDEOHHVWHHV
UHGXFLGRLQPHGLDWDPHQWHKDVWDVXYDORUUHFXSHUDEOH

/RVLQWHUHVHV\RWURVFRVWRVGHHQGHXGDPLHQWRVHFDSLWDOL]DQVLHPSUH\FXDQGRHVWpQUHODFLRQDGRVFRQOD
FRQVWUXFFLyQGHDFWLYRVFDOLILFDEOHV8QDFWLYRFDOLILFDEOHHVDTXpOTXHUHTXLHUHGHXQWLHPSRSURORQJDGR
SDUDTXHHVWpOLVWRSDUDVXXVR

 3URSLHGDGHVGHLQYHUVLyQ

/DVSURSLHGDGHVGHLQYHUVLyQVRQLQPXHEOHVPDQWHQLGRVFRQODILQDOLGDGGHFRQVHJXLUUHQWDVSOXVYDOtDVR
DPEDV\QRSDUDODYHQWDHQHOFXUVRQRUPDOGHOQHJRFLRXVRHQODSURGXFFLyQRDEDVWHFLPLHQWRGHELHQHV
RVHUYLFLRVRSDUDSURSyVLWRVDGPLQLVWUDWLYRV/DVSURSLHGDGHVGHOD&RPSDxtDPDQWHQLGDVEDMRFRQWUDWRV
GHDUUHQGDPLHQWRRSHUDWLYRVHFRQWDELOL]DQFRPRSURSLHGDGHVGHLQYHUVLyQ6HUHJLVWUDQLQLFLDOPHQWHDO
FRVWRLQFOX\HQGRORVFRVWRVGHWUDQVDFFLyQ/RVGHVHPEROVRVSRVWHULRUHVDODDGTXLVLFLyQRFRQVWUXFFLyQ
VyORVRQFDSLWDOL]DGRVFXDQGRHVSUREDEOHTXHEHQHILFLRVHFRQyPLFRVIXWXURVDVRFLDGRVDODLQYHUVLyQ
IOX\DQKDFLDOD&RPSDxtD\ORVFRVWRVSXHGHQVHUPHGLGRVUD]RQDEOHPHQWH/RVRWURVGHVHPEROVRV
SRVWHULRUHVFRUUHVSRQGHQDUHSDUDFLRQHVRPDQWHQLPLHQWRVPHQRUHV\VRQUHJLVWUDGRVHQUHVXOWDGRV
FXDQGRVRQLQFXUULGRV

3RVWHULRUDVXUHFRQRFLPLHQWRLQLFLDOODVSURSLHGDGHVGHLQYHUVLyQVRQUHJLVWUDGDVDOFRVWRPHQRV
GHSUHFLDFLRQHVDFXPXODGDV\SpUGLGDVSRUGHWHULRURHQFDVRGHSURGXFLUVH

/RVWHUUHQRVQRVHGHSUHFLDQ3DUDORVORFDOHVFRPHUFLDOHVODGHSUHFLDFLyQHVFDOFXODGDOLQHDOPHQWHEDVDGD
HQODYLGD~WLOHVWLPDGDGHGLFKRVELHQHVLQPXHEOHV\FRQVLGHUDYDORUHVUHVLGXDOHV/DVHVWLPDFLRQHVGH
YLGDV~WLOHVGHODVSURSLHGDGHVGHLQYHUVLyQVRQUHYLVDGDV\DMXVWDGDVVLHVQHFHVDULRDFDGDIHFKDGH
FLHUUHGHORVHVWDGRVILQDQFLHURV$OGHGLFLHPEUHGHO\ODYLGD~WLOHVWLPDGDGHSURSLHGDGHV
GHLQYHUVLyQHVGHDxRV\VHKDHVWLPDGRXQYDORUUHVLGXDOGHO

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

/DVSpUGLGDV\JDQDQFLDVSRUODYHQWDGHSURSLHGDGHVGHLQYHUVLyQVHFDOFXODQFRPSDUDQGRORVLQJUHVRV
REWHQLGRVFRQHOYDORUHQOLEURV\VHLQFOX\HQHQHOHVWDGRGHUHVXOWDGRVLQWHJUDOHV

&XDQGRHOYDORUHQOLEURVGHXQDSURSLHGDGGHLQYHUVLyQH[FHGHDVXPRQWRUHFXSHUDEOHHVWHHVUHGXFLGR
LQPHGLDWDPHQWHKDVWDVXYDORUUHFXSHUDEOH

 $FWLYRVLQWDQJLEOHV

6HFRQVLGHUDQDFWLYRVLQWDQJLEOHVDTXHOORVDFWLYRVQRPRQHWDULRVVLQVXVWDQFLDItVLFDVXVFHSWLEOHVGHVHU
LGHQWLILFDGRVLQGLYLGXDOPHQWHVHSDUDEOHV\RTXHSURYHQJDQGHXQGHUHFKROHJDORFRQWUDFWXDO/D
&RPSDxtDPDQWLHQHORVVLJXLHQWHVLQWDQJLEOHV

&RQFHVLRQHV&RPSUHQGHHOSDJRSRUODFRQFHVLyQGHXQiUHDGHQWURGHFHQWURVFRPHUFLDOHVSDUDHO
IXQFLRQDPLHQWRGHXQORFDO\VHDPRUWL]DQHQOtQHDUHFWDHQHOSOD]RGHOFRQWUDWR

/LFHQFLDVGHVRIWZDUH&RVWRVLQFXUULGRVSDUDODDGTXLVLFLyQGHVRIWZDUHHOFXDOVHDPRUWL]DHQOtQHDUHFWD
HQXQSHUtRGRGHDxRV

)UDQTXLFLDV3DJRVHIHFWXDGRVSDUDODDGTXLVLFLyQGHIUDQTXLFLDVGHFDGHQDVGHURSDORVFXDOHVVRQ
DPRUWL]DGRVEDMRHOPpWRGRGHOtQHDUHFWDHQXQSHUtRGRGHDxRVGHDFXHUGRFRQHOSOD]RGHOFRQWUDWR

 'HWHULRURGHDFWLYRVQRILQDQFLHURV SURSLHGDGHVPXHEOHV\HTXLSRVSURSLHGDGHVGH

LQYHUVLyQ\DFWLYRVLQWDQJLEOHV

/RVDFWLYRVVXMHWRVDGHSUHFLDFLyQ SURSLHGDGHVPXHEOHV\HTXLSR\SURSLHGDGHVGHLQYHUVLyQ \VXMHWRVD

DPRUWL]DFLyQ DFWLYRVLQWDQJLEOHV VHVRPHWHQDSUXHEDVGHGHWHULRURFXDQGRVHSURGXFHQHYHQWRVR
FLUFXQVWDQFLDVTXHLQGLFDQTXHSRGUtDQRUHFXSHUDUVHVXYDORUHQOLEURV/DVSpUGLGDVSRUGHWHULRUR
FRUUHVSRQGHQDOPRQWRHQHOTXHHOYDORUHQOLEURVGHODFWLYRH[FHGHDVXYDORUUHFXSHUDEOH(OYDORU
UHFXSHUDEOHGHORVDFWLYRVFRUUHVSRQGHDOPD\RUHQWUHHOPRQWRQHWRTXHVHREWHQGUiGHVXYHQWDRVXYDORU
HQXVR3DUDHIHFWRVGHODHYDOXDFLyQSRUGHWHULRURORVDFWLYRVVHDJUXSDQDORVQLYHOHVPiVSHTXHxRVHQ
ORVTXHJHQHUHQIOXMRVGHHIHFWLYRLGHQWLILFDEOHV XQLGDGHVJHQHUDGRUDVGHHIHFWLYR 

(QHOFDVRTXHHOPRQWRGHOYDORUHQOLEURVGHODFWLYRH[FHGDDVXPRQWRUHFXSHUDEOHOD&RPSDxtDUHJLVWUD
XQDSpUGLGDSRUGHWHULRURHQORVUHVXOWDGRVGHOHMHUFLFLR

$OGHGLFLHPEUHGHO\QRVHKDLGHQWLILFDGRODQHFHVLGDGGHFDOFXODURUHFRQRFHUSpUGLGDVSRU
GHWHULRURGHDFWLYRVQRILQDQFLHURV SURSLHGDGHVPXHEOHV\HTXLSRVSURSLHGDGHVGHLQYHUVLyQ\DFWLYRV
LQWDQJLEOHV GHELGRDTXHOD$GPLQLVWUDFLyQFRQVLGHUDTXHQRH[LVWHQLQGLFLRVGHGHWHULRURHQODV
RSHUDFLRQHVGHODHPSUHVD

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

 ,QYHUVLRQHVHQVXEVLGLDULDV

/DVLQYHUVLRQHVHQDFFLRQHVVHUHFRQRFHQDOFRVWRGHDGTXLVLFLyQ/RVGLYLGHQGRVVHFRQWDELOL]DQHQORV
UHVXOWDGRVGHODxRFXDQGRVXUMDHOGHUHFKRDUHFLELUORV

$OGHGLFLHPEUHGHO\OD&RPSDxtDUHSUHVHQWDLQYHUVLyQHQODVXEVLGLDULD,QPRELOLDULD
5RPDEDO8QR6$HQODFXDOSRVHHXQDSDUWLFLSDFLyQDFFLRQDULDGHO\HMHUFHFRQWUROHVWDVHGHGLFDDO
DOTXLOHUGHORFDOHVFRPHUFLDOHVHQHOFHQWURFRPHUFLDO/D5RWRQGDXELFDGRHQ*XD\DTXLO

 ,PSXHVWRDODUHQWDFRUULHQWH\GLIHULGR

(OJDVWRSRULPSXHVWRDODUHQWDGHODxRFRPSUHQGHHOLPSXHVWRDODUHQWDFRUULHQWH\HOGLIHULGR(O
LPSXHVWRVHUHFRQRFHHQHOHVWDGRGHUHVXOWDGRVLQWHJUDOHVH[FHSWRFXDQGRVHWUDWDGHSDUWLGDVTXHVH
UHFRQRFHQGLUHFWDPHQWHHQHOSDWULPRQLR(QHVWHFDVRHOLPSXHVWRWDPELpQVHUHFRQRFHHQRWURV
UHVXOWDGRVLQWHJUDOHVRGLUHFWDPHQWHHQHOSDWULPRQLR

,PSXHVWRDODUHQWDFRUULHQWH

(OFDUJRSRULPSXHVWRDODUHQWDFRUULHQWHVHFDOFXODPHGLDQWHODWDVDGHLPSXHVWRDSOLFDEOHDODVXWLOLGDGHV
JUDYDEOHV\VHFDUJDDORVUHVXOWDGRVGHODxRHQTXHVHGHYHQJDFRQEDVHHQHOLPSXHVWRSRUSDJDUH[LJLEOH
/DVQRUPDVWULEXWDULDVYLJHQWHVHVWDEOHFHQTXHODVFRPSDxtDVFX\RVDFFLRQLVWDVVHHQFXHQWUDQHQSDUDtVRV
ILVFDOHVFRQXQDSDUWLFLSDFLyQDFFLRQDULDPD\RUGHOGHEHUiQXWLOL]DUXQDWDVDGHLPSXHVWRGHO
VREUHODVXWLOLGDGHVJUDYDEOHVODFXDOVHUHGXFHDOVLODVXWLOLGDGHVVRQUHLQYHUWLGDVSRUHO
FRQWULEX\HQWH7DPELpQHVWDEOHFHHOSDJRGHO³DQWLFLSRPtQLPRGHLPSXHVWRDODUHQWD´HQIXQFLyQGHODV
FLIUDVUHSRUWDGDVHODxRDQWHULRUVREUHHOGHOSDWULPRQLRGHORVFRVWRV\JDVWRVGHGXFLEOHV
GHORVLQJUHVRVJUDYDEOHV\GHORVDFWLYRV

(QFDVRGHTXHHOLPSXHVWRDODUHQWDFDXVDGRVHDPHQRUTXHHOPRQWRGHODQWLFLSRPtQLPRHVWH~OWLPRVH
FRQYHUWLUiHQLPSXHVWRDODUHQWDGHILQLWLYRDPHQRVTXHHOFRQWULEX\HQWHVROLFLWHDO6HUYLFLRGH5HQWDV
,QWHUQDVVXGHYROXFLyQORFXDOSRGUtDVHUDSOLFDEOHGHDFXHUGRFRQODQRUPDTXHULJHODGHYROXFLyQGHHVWH
DQWLFLSR

(QHO\OD&RPSDxtDUHJLVWUyFRPRLPSXHVWRDODUHQWDFRUULHQWHFDXVDGRHOYDORUGHWHUPLQDGR
VREUHODEDVHGHOVREUHODVXWLOLGDGHVJUDYDEOHVSXHVWRTXHHVWHYDORUIXHPD\RUDODQWLFLSRPtQLPRGHO
LPSXHVWRDODUHQWDFRUUHVSRQGLHQWH

,PSXHVWRDODUHQWDGLIHULGR

(OLPSXHVWRDODUHQWDGLIHULGRVHSURYLVLRQDHQVXWRWDOLGDGSRUHOPpWRGRGHOSDVLYRVREUHODVGLIHUHQFLDV
WHPSRUDOHVTXHVXUJHQHQWUHODVEDVHVWULEXWDULDVGHDFWLYRV\SDVLYRV\VXVUHVSHFWLYRVYDORUHVPRVWUDGRV
HQORVHVWDGRVILQDQFLHURV(OLPSXHVWRDODUHQWDGLIHULGRVHGHWHUPLQDXVDQGRWDVDVWULEXWDULDVTXHKDQ
VLGRSURPXOJDGDVDODIHFKDGHOHVWDGRGHVLWXDFLyQILQDQFLHUD\TXHVHHVSHUDVHUiQDSOLFDEOHVFXDQGRHO
LPSXHVWRDODUHQWDGLIHULGRDFWLYRVHUHDOLFHRHOLPSXHVWRDODUHQWDSDVLYRVHSDJXH

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

/RVLPSXHVWRVDODUHQWDGLIHULGRVDFWLYRVVyORVHUHFRQRFHQHQODPHGLGDTXHVHDSUREDEOHTXHVH
SURGX]FDQEHQHILFLRVWULEXWDULRVIXWXURVFRQWUDORVTXHVHSXHGDQXVDUODVGLIHUHQFLDVWHPSRUDOHV

/RVVDOGRVGHLPSXHVWRVDODUHQWDGLIHULGRVDFWLYRV\SDVLYRVVHFRPSHQVDQFXDQGRH[LVWDHOGHUHFKROHJDO
H[LJLEOHDFRPSHQVDULPSXHVWRVDFWLYRVFRUULHQWHVFRQLPSXHVWRVSDVLYRVFRUULHQWHV\FXDQGRORV
LPSXHVWRVDODUHQWDGLIHULGRVDFWLYRV\SDVLYRVVHUHODFLRQHQFRQODPLVPDDXWRULGDGWULEXWDULD

 3URYLVLRQHVFRUULHQWHV

6HUHJLVWUDQFXDQGROD&RPSDxtDWLHQHXQDREOLJDFLyQSUHVHQWH\DVHDOHJDORDVXPLGDLPSOtFLWDTXHL HV
UHVXOWDGRGHHYHQWRVSDVDGRVLL HVSUREDEOHTXHYD\DDVHUQHFHVDULDXQDVDOLGDGHUHFXUVRVHFRQyPLFRV
SDUDOLTXLGDUODREOLJDFLyQ\LLL HOPRQWRVHKDHVWLPDGRGHIRUPDILDEOH/RVPRQWRVUHFRQRFLGRVFRPR
SURYLVLyQVRQODPHMRUHVWLPDFLyQGHOD$GPLQLVWUDFLyQDODIHFKDGHFLHUUHGHORVHVWDGRVILQDQFLHURVGH
ORVGHVHPEROVRVQHFHVDULRVSDUDOLTXLGDUODREOLJDFLyQ

 %HQHILFLRVDORVHPSOHDGRV

%HQHILFLRVVRFLDOHVFRUULHQWHV&RUUHVSRQGHQSULQFLSDOPHQWHD

L 3DUWLFLSDFLyQGHORVWUDEDMDGRUHVHQODVXWLOLGDGHV&DOFXODGDHQIXQFLyQGHOGHODXWLOLGDG
FRQWDEOHDQXDODQWHVGHOLPSXHVWRDODUHQWDVHJ~QORHVWDEOHFLGRSRUODOHJLVODFLyQHFXDWRULDQD
YLJHQWH6HUHJLVWUDFRQFDUJRDUHVXOWDGRV\VHSUHVHQWDFRPRSDUWHGHORVJDVWRVRSHUDWLYRVHQ
IXQFLyQGHODODERUGHODSHUVRQDEHQHILFLDULDGHHVWHEHQHILFLR

LL 9DFDFLRQHV6HUHJLVWUDHOFRVWRFRUUHVSRQGLHQWHDODVYDFDFLRQHVGHOSHUVRQDOVREUHEDVH
GHYHQJDGD

LLL 'pFLPRWHUFHU\GpFLPRFXDUWRVXHOGRV6HSURYLVLRQDQ\SDJDQGHDFXHUGRDODOHJLVODFLyQYLJHQWH
HQHO(FXDGRU

%HQHILFLRVVRFLDOHVQRFRUULHQWHV -XELODFLyQSDWURQDO\GHVDKXFLR 

3URYLVLRQHVGHMXELODFLyQSDWURQDO\GHVDKXFLR QRIRQGHDGRV /D&RPSDxtDWLHQHXQSODQGH

EHQHILFLRGHILQLGRSDUDMXELODFLyQSDWURQDOQRUPDGR\UHTXHULGRSRUODVOH\HVODERUDOHVHFXDWRULDQDV
$GLFLRQDOPHQWHDSDUWLUGHO\HQYLUWXGGHORVFDPELRVHQODQRUPDWLYDODERUDOOD&RPSDxtDUHJLVWUD
HOEHQHILFLRGHOGHVDKXFLR(VWHEHQHILFLRHVWDEOHFHTXHHQORVFDVRVGHWHUPLQDFLyQGHODUHODFLyQODERUDO
HOHPSOHDGRUERQLILFDUiDOWUDEDMDGRUFRQHOYHLQWLFLQFRSRUFLHQWRGHOHTXLYDOHQWHDOD~OWLPD
UHPXQHUDFLyQPHQVXDOSRUFDGDXQRGHORVDxRVGHVHUYLFLRVSUHVWDGRVDODPLVPDHPSUHVDRHPSOHDGRU

/D&RPSDxtDGHWHUPLQDDQXDOPHQWHODVSURYLVLRQHVSDUDMXELODFLyQSDWURQDO\GHVDKXFLRFRQEDVHHQ
HVWXGLRVDFWXDULDOHVSUDFWLFDGRVSRUXQSURIHVLRQDOLQGHSHQGLHQWH\VHUHFRQRFHQFRQFDUJRDORVFRVWRV\
JDVWRV UHVXOWDGRV GHODxRDSOLFDQGRHOPpWRGRGH&RVWHRGH&UpGLWR8QLWDULR3UR\HFWDGR\UHSUHVHQWDQHO
YDORUSUHVHQWHGHODVREOLJDFLRQHVDODIHFKDGHOHVWDGRGHVLWXDFLyQILQDQFLHUDHOFXDOHVREWHQLGR

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

GHVFRQWDQGRORVIOXMRVGHVDOLGDGHHIHFWLYRDXQDWDVDGH  DQXDOHTXLYDOHQWHDODWDVD

SURPHGLRGHORVERQRVFRUSRUDWLYRVGHDOWDFDOLGDGORVFXDOHVHVWiQGHQRPLQDGRVHQODPLVPDPRQHGDHQ
ODTXHORVEHQHILFLRVVHUiQSDJDGRV\TXHWLHQHQWpUPLQRVTXHVHDSUR[LPDQDORVWpUPLQRVGHODV
REOLJDFLRQHVKDVWDVXYHQFLPLHQWR

/DVKLSyWHVLVDFWXDULDOHVLQFOX\HQYDULDEOHVFRPRVRQHQDGLFLyQDODWDVDGHGHVFXHQWRWDVDGH
PRUWDOLGDGHGDGVH[RDxRVGHVHUYLFLRVUHPXQHUDFLRQHVLQFUHPHQWRIXWXURVGHUHPXQHUDFLRQHVWDVDGH
URWDFLyQHQWUHRWUDV

/DVJDQDQFLDV\SpUGLGDVDFWXDULDOHVTXHVXUJHQGHORVDMXVWHVEDVDGRVHQODH[SHULHQFLD\FDPELRVHQORV
VXSXHVWRVDFWXDULDOHVVHFDUJDQDRWURVUHVXOWDGRVLQWHJUDOHVHQHOSHUtRGRTXHVXUJHQ

/RVFRVWRVGHORVVHUYLFLRVSDVDGRVVHUHFRQRFHQLQPHGLDWDPHQWHHQUHVXOWDGRVGHODxR

$OFLHUUHGHODxRODVSURYLVLRQHVGHMXELODFLyQSDWURQDOFXEUHQDORVHPSOHDGRVTXHVHHQFRQWUDEDQ
WUDEDMDQGRSDUDOD&RPSDxtDSRUPiVGHDxRV3DUDHOEHQHILFLRGHOGHVDKXFLRSDUDORVHPSOHDGRVFRQ
PiVGHDxRGHVHUYLFLRGHDFXHUGRDODQRUPDWLYDODERUDOYLJHQWH

 'LVWULEXFLyQGHGLYLGHQGRV

/DGLVWULEXFLyQGHGLYLGHQGRVVHGHGXFHGHOSDWULPRQLR\VHUHFRQRFHQFRPRSDVLYRVFRUULHQWHVHQORV
HVWDGRVILQDQFLHURVHQHOSHULRGRHQHOTXHORVDFFLRQLVWDVUHVXHOYHQHQ-XQWD*HQHUDOGHFODUDU\GLVWULEXLU
GLYLGHQGRV

 5HVHUYDV

/HJDO

'HDFXHUGRFRQODOHJLVODFLyQYLJHQWHOD&RPSDxtDGHEHDSURSLDUSRUORPHQRVHOGHODXWLOLGDGQHWD
GHODxRDXQDUHVHUYDOHJDOKDVWDTXHHOVDOGRGHGLFKDUHVHUYDDOFDQFHHOGHOFDSLWDOVXVFULWR/D
UHVHUYDOHJDOQRHVWiGLVSRQLEOHSDUDGLVWULEXFLyQGHGLYLGHQGRVSHURSXHGHVHUFDSLWDOL]DGDRXWLOL]DGD
SDUDDEVRUEHUSpUGLGDV

)DFXOWDWLYD

(VWDUHVHUYDHVDSURSLDGDGHODVXWLOLGDGHV\HVGHOLEUHGLVSRQLELOLGDGSUHYLRGLVSRVLFLyQGHOD-XQWD*HQHUDO
GH$FFLRQLVWDVGHOD&RPSDxtD

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

 5HVXOWDGRVDFXPXODGRV

5HVHUYDGHFDSLWDO

(VWHUXEURLQFOX\HORVVDOGRVTXHOD&RPSDxtDUHJLVWUyFRPRUHVXOWDGRGHOSURFHVRGHFRQYHUVLyQGHORV
UHJLVWURVFRQWDEOHVGHVXFUHVDGyODUHVHVWDGRXQLGHQVHVUHDOL]DGRSRUH[LJHQFLDOHJDODOGHPDU]RGHO


'HDFXHUGRFRQGLVSRVLFLRQHVOHJDOHVYLJHQWHVHOVDOGRDFUHHGRUGHHVWDUHVHUYDSRGUiFDSLWDOL]DUVHHQOD
SDUWHTXHH[FHGDODVSpUGLGDVDFXPXODGDV\ODVGHO~OWLPRHMHUFLFLRHFRQyPLFRFRQFOXLGRVLODVKXELHUHQ
XWLOL]DGRSDUDDEVRUEHUSpUGLGDVRGHYXHOWRHQHOFDVRGHOLTXLGDFLyQGHOD&RPSDxtD6HFODVLILFDQHQ
5HVXOWDGRV$FXPXODGRVGHDFXHUGRDGLVSRVLFLRQHVOHJDOHVYLJHQWHVDOPRPHQWRGHDGRSFLyQGHODV1,,)

5HVXOWDGRVDFXPXODGRV$MXVWHVSURYHQLHQWHVGHODDGRSFLyQSRUSULPHUDYH]GHODV³1,,)´

/RVDMXVWHVSURYHQLHQWHVGHODDGRSFLyQSRUSULPHUDYH]GHODV1RUPDV,QWHUQDFLRQDOHVGH,QIRUPDFLyQ
)LQDQFLHUD³1,,)´TXHVHUHJLVWUDURQHQHOSDWULPRQLRHQODFXHQWD5HVXOWDGRVDFXPXODGRVVXEFXHQWD
³5HVXOWDGRV$FXPXODGRVSURYHQLHQWHVGHODDGRSFLyQSRUSULPHUDYH]GHODV³1,,)´TXHJHQHUDURQXQ
VDOGRDFUHHGRUVyORSRGUiVHUFDSLWDOL]DGRVHQODSDUWHTXHH[FHGDDOYDORUGHODVSpUGLGDVDFXPXODGDVODV
GHO~OWLPRHMHUFLFLRHFRQyPLFRFRQFOXLGRVLODVKXELHUHQRGHYXHOWRHQHOFDVRGHOLTXLGDFLyQGHOD
FRPSDxtD

5HVHUYDGHFDSLWDO\YDOXDFLyQGHSURSLHGDGHV\HTXLSRV

(OVDOGRDFUHHGRUGHODUHVHUYDGHFDSLWDO\YDOXDFLyQGHSURSLHGDGHV\HTXLSRVVHJ~QORVSULQFLSLRVGH
FRQWDELOLGDGJHQHUDOPHQWHDFHSWDGRVDQWHULRUHVVRORSRGUiVHUFDSLWDOL]DGRHQODSDUWHTXHH[FHGDDOYDORU
GHODVSpUGLGDVDFXPXODGDV\ODVGHO~OWLPRHMHUFLFLRHFRQyPLFRFRQFOXLGRVLODVKXELHUHXWLOL]DGRHQ
DEVRUEHUSHUGLGDVRGHYXHOWRHQHOFDVRGHOLTXLGDFLyQGHOD&RPSDxtD

 5HFRQRFLPLHQWRGHLQJUHVRV

x ,QJUHVRVRUGLQDULRVSRUYHQWDGHELHQHV

/RVLQJUHVRVFRPSUHQGHQHOYDORUGHODYHQWDGHELHQHVQHWRGHLPSXHVWRVDODVYHQWDV\
GHVFXHQWRV6HUHFRQRFHQFXDQGRVXLPSRUWHVHSXHGHPHGLUFRQILDEOHPHQWHHVSUREDEOHTXH
EHQHILFLRVHFRQyPLFRVIOX\DQDODHQWLGDGHQHOIXWXUR\ODWUDQVDFFLyQFXPSOHFRQFULWHULRV
HVSHFtILFRVSRUFDGDXQDGHODVDFWLYLGDGHVGHOD&RPSDxtD

(VWRVLQJUHVRVVHUHFRQRFHQFXDQGROD&RPSDxtDKDHQWUHJDGRORVSURGXFWRV\HOFOLHQWHKDDFHSWDGR
ORVSURGXFWRV/RVFRVWRVVRQDTXHOORVUHODFLRQDGRVFRQODJHQHUDFLyQGHHVWRVLQJUHVRVUHSUHVHQWDGRV
EiVLFDPHQWHSRUHOFRVWRGHORVDUWtFXORVDGTXLULGRV\YHQGLGRV

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

x ,QJUHVRVSRUILQDQFLDPLHQWR\RWURVFDUJRV

/RVLQJUHVRVSRULQWHUHVHVSRUHOFUpGLWRRWRUJDGRDVXVFOLHQWHVSDUDODFRPSUDGHORVSURGXFWRVTXH
OD&RPSDxtDFRPHUFLDOL]DVHUHFRQRFHQSRUHOPpWRGRGHOGHYHQJDGRFRQUHIHUHQFLDDOFDSLWDO
SHQGLHQWH\DODWDVDYLJHQWHSRUILQDQFLDPLHQWR\PRUDODFXDOHVGHO\
UHVSHFWLYDPHQWH

x ,QJUHVRVSRUDOTXLOHU

/RVDUUHQGDPLHQWRVRSHUDWLYRVVHUHODFLRQDQFRQHVSDFLRVHQORFDOHVFRPHUFLDOHVDGPLQLVWUDGRVSRU
OD&RPSDxtDFRQWpUPLQRVGHDUUHQGDPLHQWRGHHQWUHDDxRVORVFXDOHVVRQUHQRYDEOHVDO
WpUPLQRGHOPLVPR(ODUUHQGDWDULRQRWLHQHRSFLyQGHFRPSUDUODSURSLHGDGDODIHFKDGH
H[SLUDFLyQGHOSHULRGRGHDUUHQGDPLHQWR

'XUDQWHHOORVLQJUHVRVSRUDOTXLOHUGHHVSDFLRVREWHQLGRVSRUOD&RPSDxtDDVFHQGLHURQ
DSUR[LPDGDPHQWHD86 86 

 ,QJUHVRVGLIHULGRV

/RVLQJUHVRVGLIHULGRVSURYLHQHQGHODYHQWDGHWDUMHWDVUHJDOR\ODFRQFHVLyQGHORFDOHVFRPHUFLDOHV\SRU
ODVFXDOHVOD&RPSDxtDUHFLEHHIHFWLYR\QRKDRFXUULGRD~QODHQWUHJDGHPHUFDGHUtDVRVHUYLFLRV
UHVSHFWLYDPHQWHSRUORTXHODVFRQGLFLRQHVSDUDHOUHFRQRFLPLHQWRGHLQJUHVRVQRVHKDQFXPSOLGRVLHQGR
UHJLVWUDGDVFRPRLQJUHVRVGLIHULGRVHQHOSDVLYRFRUULHQWH/RVLQJUHVRVGLIHULGRVVHUHFRQRFHQHQ
UHVXOWDGRVHQODPHGLGDTXHVHHQWUHJDQORVELHQHVRVHSUHVWDHOVHUYLFLR

 $UUHQGDPLHQWRRSHUDWLYR

/RVDUUHQGDPLHQWRVRSHUDWLYRVVHUHILHUHQSULQFLSDOPHQWHDFRQWUDWRVGHDOTXLOHUGHORFDOHVFRPHUFLDOHV
WHUUHQR\HGLILFLRXWLOL]DGRSRUOD&RPSDxtDSDUDVXVRSHUDFLRQHVFRQFRQGLFLRQHVGHDUUHQGDPLHQWRGH
HQWUH\DxRV7RGRVORVFRQWUDWRVGHDUUHQGDPLHQWRRSHUDWLYRGHPiVGHDxRVFRQWLHQHQFOiXVXODV
GHUHYLVLRQHVDQXDOHVGHOSUHFLRGHODOTXLOHUHQUHODFLyQDOPHUFDGR/D&RPSDxtDQRWLHQHXQDRSFLyQSDUD
FRPSUDUORVORFDOHVFRPHUFLDOHVWHUUHQRV\HGLILFLRDUUHQGDGRVDOYHQFLPLHQWRGHORVSOD]RVGH
DUUHQGDPLHQWR

'XUDQWHHODxROD&RPSDxtDUHFRQRFLyHQORVUHVXOWDGRVGHODxRDSUR[LPDGDPHQWH86
86 UHODFLRQDGRVFRQHVWRVFRQWUDWRV

/RVSDJRVPtQLPRVWRWDOHVIXWXURVSRUHVWHDUUHQGDPLHQWRVRQORVVLJXLHQWHV

     
0HQ RVGH D x R               
(Q W U H \  D x RV                 
                 

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

 (67,0$&,21(6<&5,7(5,26&217$%/(66,*1,),&$7,926

/DSUHSDUDFLyQGHHVWDGRVILQDQFLHURVUHTXLHUHTXHOD$GPLQLVWUDFLyQUHDOLFHHVWLPDFLRQHV\XWLOLFH
VXSXHVWRVTXHDIHFWDQORVPRQWRVLQFOXLGRVHQHVWRVHVWDGRVILQDQFLHURV\VXVQRWDVUHODFLRQDGDV/DV
HVWLPDFLRQHVUHDOL]DGDV\VXSXHVWRVXWLOL]DGRVSRUOD&RPSDxtDVHHQFXHQWUDQEDVDGDVHQODH[SHULHQFLD
KLVWyULFDFDPELRVHQODLQGXVWULDHLQIRUPDFLyQVXPLQLVWUDGDSRUIXHQWHVH[WHUQDVFDOLILFDGDV6LQ
HPEDUJRORVUHVXOWDGRVILQDOHVSRGUtDQGLIHULUGHODVHVWLPDFLRQHVEDMRFLHUWDVFRQGLFLRQHV

/DVHVWLPDFLRQHV\SROtWLFDVFRQWDEOHVVLJQLILFDWLYDVVRQGHILQLGDVFRPRDTXHOODVTXHVRQLPSRUWDQWHVSDUD
UHIOHMDUFRUUHFWDPHQWHODVLWXDFLyQILQDQFLHUD\ORVUHVXOWDGRVGHOD&RPSDxtD\RODVTXHUHTXLHUHQXQDOWR
JUDGRGHMXLFLRSRUSDUWHGHODDGPLQLVWUDFLyQ

/DVSULQFLSDOHVHVWLPDFLRQHV\DSOLFDFLRQHVGHOFULWHULRSURIHVLRQDOVHHQFXHQWUDQUHODFLRQDGDVFRQORV
VLJXLHQWHVFRQFHSWRV

x 3URYLVLyQSRUGHWHULRURGHFXHQWDVSRUFREUDU$OPDFHQHV'H3UDWL6$HVWDEOHFHXQDSURYLVLyQSDUD
SpUGLGDVSRUGHWHULRURGHVXVFXHQWDVSRUFREUDUHQIXQFLyQGHXQDQiOLVLVGHORVGtDVGHPRUDGHORV
VDOGRVSRUFREUDUDOFOLHQWH8QGHWDOOHGHORVSRUFHQWDMHVGHSURYLVLyQDSOLFDGRVSRUORVGtDVGHPRUD
HVFRPRVLJXH

(GD GGHP RU D
HQ GtD V 3RU F HQ W D MH
 ±  
  ±  
  ±  
  ±   
   ±   
   ±   
   ±   
   ±   
   ±   
'H   D P i V  

/D&RPSDxtDDQXDOPHQWHUHDOL]DODUHYLVLyQGHODHVWLPDFLyQFRQWDEOHGHODSURYLVLyQGHFDUWHUDORV
SRUFHQWDMHVVHHVWDEOHFHQEDVDGRVHQHODQiOLVLVGHFUpGLWR\HQIXQFLyQDORVUHVXOWDGRVKLVWyULFRVGH
UHFXSHUDFLyQ

/DSURYLVLyQSDUDFXHQWDVLQFREUDEOHVVHFDUJDDORVUHVXOWDGRVGHODxR\ODVUHFXSHUDFLRQHVGH
FXHQWDVSURYLVLRQDGDVVHDFUHGLWDQDRWURVLQJUHVRV

x 3URSLHGDGHVPXHEOHV\HTXLSRVSURSLHGDGHVGHLQYHUVLyQHLQWDQJLEOHV/DGHWHUPLQDFLyQGHODVYLGDV
~WLOHVGHSURSLHGDGHVPXHEOHV\HTXLSRVSURSLHGDGHVGHLQYHUVLyQ\ORVSOD]RVGHDPRUWL]DFLyQGHORV
LQWDQJLEOHVVHHYDO~DQDOFLHUUHGHFDGDDxR

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

x 3URYLVLRQHVSRUEHQHILFLRVDHPSOHDGRV/DVSURYLVLRQHVGHMXELODFLyQSDWURQDO\GHVDKXFLRVH
UHJLVWUDQXWLOL]DQGRHVWXGLRVDFWXDULDOHVSUDFWLFDGRVSRUSURIHVLRQDOHVLQGHSHQGLHQWHV

x ,PSXHVWRDODUHQWDGLIHULGR/D&RPSDxtDKDUHDOL]DGRODHVWLPDFLyQGHVXVLPSXHVWRVGLIHULGRV
FRQVLGHUDQGRTXHWRGDVODVGLIHUHQFLDVHQWUHHOYDORUHQOLEURV\ODEDVHWULEXWDULDGHORVDFWLYRV\
SDVLYRVVHUHYHUWLUiQHQHOIXWXUR

 $'0,1,675$&,Ï1'(5,(6*26

 )DFWRUHVGHULHVJRVILQDQFLHURV

/DVDFWLYLGDGHVGHOD&RPSDxtDODH[SRQHQDXQDYDULHGDGGHULHVJRVILQDQFLHURVULHVJRVGHPHUFDGR
LQFOX\HQGRHOULHVJRGHPRQHGDULHVJRGHWDVDGHLQWHUpV\ULHVJRGHSUHFLR ULHVJRGHFUpGLWR\ULHVJRGH
OLTXLGH]

(QHOFXUVRQRUPDOGHVXVQHJRFLRV\DFWLYLGDGHVGHILQDQFLDPLHQWROD&RPSDxtDHVWiH[SXHVWDDGLVWLQWRV
ULHVJRVGHQDWXUDOH]DILQDQFLHUDTXHSXHGHQDIHFWDUGHPDQHUDPiVRPHQRVVLJQLILFDWLYDDOYDORU
HFRQyPLFRGHVXVIOXMRV\DFWLYRV\HQFRQVHFXHQFLDVXVUHVXOWDGRV

/D&RPSDxtDGLVSRQHGHXQDRUJDQL]DFLyQ\GHVLVWHPDVGHLQIRUPDFLyQDGPLQLVWUDGRVSRUHOHTXLSRGH
GLUHFFLyQTXHSHUPLWHQLGHQWLILFDUGLFKRVULHVJRVGHWHUPLQDUVXPDJQLWXGSURSRQHUDO'LUHFWRULR
PHGLGDVGHPLWLJDFLyQHMHFXWDUGLFKDVPHGLGDV\FRQWURODUVXHIHFWLYLGDG

$FRQWLQXDFLyQVHSUHVHQWDXQDGHILQLFLyQGHORVULHVJRVTXHHQIUHQWDOD&RPSDxtDXQDFDUDFWHUL]DFLyQ\
FXDQWLILFDFLyQGHpVWRV\XQDGHVFULSFLyQGHODVPHGLGDVGHPLWLJDFLyQDFWXDOPHQWHHQXVRSRUSDUWHGHOD
&RPSDxtDVLHVHOFDVR

D 5LHVJRVGHPHUFDGR

(VODFRQWLQJHQFLDGHTXHOD&RPSDxtDLQFXUUDHQSpUGLGDVGHELGRDYDULDFLRQHVHQHOSUHFLRGH
PHUFDGRGHXQDFWLYRILQDQFLHUR\FRPRUHVXOWDGRGHODVSRVLFLRQHVTXHPDQWHQJDGHQWUR\IXHUDGHO
EDODQFH/RVULHVJRVGHPHUFDGRVXUJHQSRUSRVLFLRQHVDELHUWDVHQODVWDVDVGHLQWHUpV\PRQHGD
WRGRVORVFXDOHVHVWiQH[SXHVWRVDPRYLPLHQWRVGHPHUFDGRJHQHUDOHV\HVSHFtILFRV\DFDPELRVHQHO
QLYHOGHYRODWLOLGDGGHODVWDVDVRSUHFLRVGHPHUFDGRWDOHVFRPRODVWDVDVGHLQWHUpVSULPDGH
ULHVJRGHFUpGLWRODVWDVDVGHFDPELRGHPRQHGDH[WUDQMHUD

(ODQiOLVLVGHULHVJRGHPHUFDGRVHHQFXHQWUDVXVWHQWDGRSULPRUGLDOPHQWHHQODHYDOXDFLyQGHODV
FDUDFWHUtVWLFDVGHOVHFWRUFRPHUFLDOHQHO(FXDGRU

/DVYDULDFLRQHVHQODVWDVDVGHLQWHUpVSRGUtDQDIHFWDUODSRVLFLyQILQDQFLHUDGHOD&RPSDxtDHVSRU
HVWRTXHFRPRSROtWLFDVHHVWDEOHFHSULQFLSDOPHQWHODUHYLVLyQSHULyGLFDGHODVWDVDVGHLQWHUpVGHORV
SULQFLSDOHVDFWLYRV\REOLJDFLRQHVGHODHPSUHVD

3iJLQDGH


$/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

L 5LHVJRFDPELDULR

/D&RPSDxtDQRHVWiH[SXHVWDDOULHVJRGHWLSRGHFDPELR 0RQHGDIXQFLRQDO±GyODU
HVWDGRXQLGHQVH SXHVQRUHDOL]DRSHUDFLRQHVGLVWLQWDVDHVWDPRQHGD

LL 5LHVJRSRUWDVDGHLQWHUpV

(OULHVJRGHWLSRGHLQWHUpVGHOD&RPSDxtDVXUJHGHODVREOLJDFLRQHVFRQLQVWLWXFLRQHVILQDQFLHUDV\
GHODVHPLVLRQHVHQWtWXORVILGXFLDULRVFRORFDGDVDWUDYpVGHOPHUFDGRGHYDORUHV/DVHPLVLRQHVHQ
WtWXORVILGXFLDULRVVHFRORFDURQDWDVDILMDVGHLQWHUpV\H[SRQHQDOD&RPSDxtDDULHVJRGHWLSRGH
LQWHUpVGHYDORUUD]RQDEOH/DVREOLJDFLRQHVFRQLQVWLWXFLRQHVILQDQFLHUDVHVWiQFRQWUDWDGDVDWDVDV
GHLQWHUpVYDULDEOHV\H[SRQHQDOD&RPSDxtDDOULHVJRGHWLSRVGHLQWHUpVGHIOXMRGHHIHFWLYR

/DSROtWLFDGHOD&RPSDxtDHVWUDWDUGHILQDQFLDUVXVRSHUDFLRQHVFRQUHFXUVRVSHUPDQHQWHV\
PDQWHQHUDSUR[LPDGDPHQWHXQHQLQVWUXPHQWRVDWDVDVGHLQWHUHVHVILMDV\YDULDEOHV

LLL 5LHVJRGHSUHFLR

/D&RPSDxtDQRHVWiH[SXHVWDVLJQLILFDWLYDPHQWHDOULHVJRGHSUHFLRVGHPHUFDQFtDVSXHVWRTXH
pVWDVVRQDGTXLULGDVHQVXPD\RUSDUWHHQPRQHGDORFDOWLHQHQXQDDOWDURWDFLyQ\VXVSUHFLRV
GHYHQWDVRQFRPSDUDEOHVFRQORVGHOPHUFDGR

E 5LHVJRGHFUpGLWR

(OULHVJRGHFUpGLWRVHUHILHUHDOULHVJRGHTXHXQDGHODVSDUWHVLQFXPSODFRQVXVREOLJDFLRQHV
FRQWUDFWXDOHVUHVXOWDQGRHQXQDSpUGLGDILQDQFLHUDSDUDOD&RPSDxtD/D&RPSDxtDKDDGRSWDGROD
SROtWLFDGHTXHFDGDFOLHQWHQXHYRGHEHVHUDQDOL]DGRGHDFXHUGRDOVLVWHPDGHSXQWXDFLyQGHFUpGLWR
GRQGHOD&RPSDxtDHYDO~DODFDOLGDGFUHGLWLFLDGHOFOLHQWHSRWHQFLDOHVWRFRQODILQDOLGDGGH
LQYROXFUDUVHFRQSDUWHVVROYHQWHVFRPRIRUPDGHPLWLJDUHOULHVJRGHODSpUGLGDILQDQFLHUD
RFDVLRQDGDSRUORVLQFXPSOLPLHQWRV/D&RPSDxtD~QLFDPHQWHUHDOL]DWUDQVDFFLRQHVFRQFOLHQWHV
TXHFXHQWDQFRQXQDDGHFXDGDFDOLILFDFLyQODLQIRUPDFLyQXWLOL]DGDSRUOD&RPSDxtDSDUDHODQiOLVLV
GHFDOLILFDFLyQHVSURSRUFLRQDGDSRUDJHQFLDVFDOLILFDGRUDVH[WHUQDVHLQIRUPDFLyQILQDQFLHUD
GLVSRQLEOH

/DVFXHQWDVFRPHUFLDOHVSRUFREUDUHVWiQFRPSXHVWDVSRUFOLHQWHVGLVWULEXLGRVHQWUH
GLYHUVDViUHDVJHRJUiILFDV/DHYDOXDFLyQGHFUpGLWRFRQWLQXDVHUHDOL]DVREUHODFRQGLFLyQILQDQFLHUD
GHODVFXHQWDVSRUFREUDU

/D&RPSDxtDQRPDQWLHQHH[SRVLFLRQHVGHULHVJRGHFUpGLWRVLJQLILFDWLYDVFRQQLQJXQDGHODVSDUWHV
RQLQJXQD&RPSDxtDGHFRQWUDSDUWHVFRQFDUDFWHUtVWLFDVVLPLODUHV/DH[SRVLFLyQGHFUpGLWRHV
FRQWURODGDSRUHO'HSDUWDPHQWRGHFUpGLWRGHOD&RPSDxtDTXLHQHVVHHQFDUJDQGHUHYLVDUGH
PDQHUDFRQVWDQWHHOWDPDxR\ODGLVWULEXFLyQGHOSRUWDIROLRGHFOLHQWHVFRQUHVSHFWRDO
FRPSRUWDPLHQWRVHJ~QORVQLYHOHVGHPRURVLGDGORFXDOHVUHYLVDGR\DSUREDGRSRUHO
9LFHSUHVLGHQWHGH&UpGLWR

3iJLQDGH


$/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

$VtPLVPRHOULHVJRGHFUpGLWRLQFOX\HHOHIHFWLYR\HTXLYDOHQWHVGHHIHFWLYRLQVWUXPHQWRV
ILQDQFLHURV\GHSyVLWRVHQEDQFRVHLQVWLWXFLRQHVILQDQFLHUDV5HVSHFWRGHEDQFRVHLQVWLWXFLRQHV
ILQDQFLHUDVVyORVHDFHSWDDLQVWLWXFLRQHVFX\DVFDOLILFDFLRQHVGHULHVJRLQGHSHQGLHQWHVGHWHUPLQHQ
QLYHOHVGHVROYHQFLDTXHJDUDQWLFHQHVWDELOLGDGGLQiPLFD\UHVSDOGRDODVLQYHUVLRQHVGHODHPSUHVD

/D&RPSDxtDPDQWLHQHVXHIHFWLYR\HTXLYDOHQWHGHHIHFWLYRHLQYHUVLRQHVPDQWHQLGDVKDVWDHO
YHQFLPLHQWRHQLQVWLWXFLRQHVILQDQFLHUDVFRQODVVLJXLHQWHVFDOLILFDFLRQHV

&D O L IL FD FL yQ
(Q W L GD GIL Q D Q FL HU D      

%D Q F RGH* X D \ D TX LO6 $  $$$ $$$

%D Q F RGHO 3D F tILF R6 $  $$$ $$$
%D Q F R3LF K LQ F K D &  $  $$$ $$$
%D Q F R%RO LY D U LD Q R&  $  $$$ $$$
%D Q F R6RO LGD U LR6 $  $$ $$
%D Q F RGHOD 3U RGX F F LyQ 6 $  $$$ $$$
%D Q F R,Q W HU Q D F LRQ D O6 $  $$$ $$$

'DWRVGLVSRQLEOHVDOGHGLFLHPEUHGHO)XHQWH6XSHULQWHQGHQFLDGH%DQFRV\6HJXURVGHO
(FXDGRU

F 5LHVJRGHOLTXLGH]

/D9LFHSUHVLGHQFLD)LQDQFLHUDHVTXLHQWLHQHODUHVSRQVDELOLGDGHQFRQMXQWRFRQHO(TXLSRGH
'LUHFFLyQGHODJHVWLyQGHOLTXLGH]/D-XQWD'LUHFWLYDKDHVWDEOHFLGRXQPDUFRGHWUDEDMRDSURSLDGR
SDUDODJHVWLyQGHOLTXLGH]GHPDQHUDTXHOD$GPLQLVWUDFLyQSXHGDPDQHMDUORVUHTXHULPLHQWRVGH
ILQDQFLDPLHQWRDFRUWRPHGLDQR\ODUJRSOD]RDVtFRPRODJHVWLyQGHOLTXLGH]GHOD&RPSDxtD/D
&RPSDxtDPHQVXDOPHQWHDWUDYpVGHVX&RPLWp$/&2PDQHMDHOULHVJRGHOLTXLGH]PDQWHQLHQGR
UHVHUYDVIDFLOLGDGHVILQDQFLHUDV\GHSUpVWDPRDGHFXDGDVPRQLWRUHDQGRFRQWLQXDPHQWHORVIOXMRV
HIHFWLYRVSUR\HFWDGRV\UHDOHV\FRQFLOLDQGRORVSHUILOHVGHYHQFLPLHQWRGHORVDFWLYRV\SDVLYRV
ILQDQFLHURV

/D-XQWD'LUHFWLYDUHYLVDWULPHVWUDOPHQWHHO(%,7'$RSHUDWLYRYHULILFDQGRHOFUHFLPLHQWRGHORV
PiUJHQHVEUXWRVTXHJHQHUDGHDFXHUGRDOtQHDGHQHJRFLR\ODFRQWULEXFLyQREWHQLGDSRUFDGD
WLHQGDWHQLHQGRIOXMRGHFDMDRSHUDWLYRVXILFLHQWHFDSLWDOGHWUDEDMR\FXEULUFRQODVREOLJDFLRQHV
FRQLQYHUVLRQLVWDVHLQVWLWXFLRQHVILQDQFLHUDV

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

/LTXLGH]\WDEODVGHULHVJRGHLQWHUpV/DVVLJXLHQWHVWDEODVGHWDOODQORVYHQFLPLHQWRVFRQWUDFWXDOHV
UHVWDQWHVGHOD&RPSDxtDSDUDVXVSDVLYRVILQDQFLHURVQRGHULYDGRV/DVWDEODVVHKDQHODERUDGRVREUHOD
EDVHGHORVIOXMRVGHHIHFWLYRQRGHVFRQWDGRVGHORVSDVLYRVILQDQFLHURVEDVDGRVHQODSULPHUDIHFKDHQOD
TXHOD&RPSDxtDSXHGHVHUREOLJDGDDSDJDU(OYHQFLPLHQWRFRQWUDFWXDOVHEDVDHQODSULPHUDIHFKDHQOD
TXHOD&RPSDxtDSXHGHVHUREOLJDGDDSDJDU

0HQ RVGH (Q W U H\ 

 D x R D x RV
3U pVW D P RVFRQ HQ W LGD GHVILQ D Q FLHU D V               
&X HQ W D VSRU SD J D U D SU RY HHGRU HV\ RW U D VFX HQ W D VSRU SD J D U 
        

0HQ RVGH (Q W U H\ 

 D x R D x RV
3U pVW D P RVFRQ HQ W LGD GHVILQ D Q FLHU D V         
&X HQ W D VSRU SD J D U D SU RY HHGRU HV\ RW U D VFX HQ W D VSRU SD J D U              
(P LVLyQ GHREOLJ D FLRQ HV        

 $GPLQLVWUDFLyQGHOULHVJRGHFDSLWDO

/D$GPLQLVWUDFLyQJHVWLRQDVXFDSLWDOSDUDDVHJXUDUTXHOD&RPSDxtDHVWDUiHQFDSDFLGDGGHFRQWLQXDU
FRPRHPSUHVDHQPDUFKD

(O(TXLSRGH'LUHFFLyQIRUPDGRSRUHO3UHVLGHQWH\ORV9LFHSUHVLGHQWHVGHOD&RPSDxtDGHFDGDiUHD
UHYLVDQODHVWUXFWXUDGHFDSLWDOVREUHXQDEDVHPHQVXDO&RPRSDUWHGHHVWDUHYLVLyQOD$GPLQLVWUDFLyQ
FRQVLGHUDHOFRVWRGHOFDSLWDO\ORVULHVJRVDVRFLDGRVFRQFDGDFODVHGHFDSLWDO/D&RPSDxtDWLHQHXQtQGLFH
GHHQGHXGDPLHQWRGHGHWHUPLQDGRFRPRODSURSRUFLyQGHODGHXGDILQDQFLHUDQHWD\HOSDWULPRQLR

/D$GPLQLVWUDFLyQJHVWLRQDVXFDSLWDOSDUDDVHJXUDUTXHOD&RPSDxtDHVWDUiHQFDSDFLGDGGHFRQWLQXDU
FRPRHPSUHVDHQPDUFKDPLHQWUDVPD[LPL]DHOUHQGLPLHQWRDVXVDFFLRQLVWDVDWUDYpVGHODRSWLPL]DFLyQ
GHORVVDOGRVGHGHXGD\SDWULPRQLR/DHVWUDWHJLDJHQHUDOGHOD&RPSDxtDQRKDVLGRDOWHUDGDHQ
FRPSDUDFLyQFRQHO

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

/RVUDWLRVGHDSDODQFDPLHQWRDOGHGLFLHPEUHGH\IXHURQORVVLJXLHQWHV

     

7 RW D OSU pVW D P RVF RQ HQ W LGD GHVILQ D Q F LHU D V\ HP LVLyQ GHREOLJ D FL RQ HV                
&X HQ W D VSRU SD J D U D SU RY HHGRU HV                
               
(IHFW LY R\ HTX LY D OHQ W HVGHHIHFW LY R                  
'HX GD Q HW D                      
7 RW D OSD W U LP RQ LRQ HW R                        
&D SLW D OW RW D O                        
5D W LRGHD SD OD Q F D P LHQ W R   

 ,167580(1726),1$1&,(526

&DWHJRUtDVGHLQVWUXPHQWRVILQDQFLHURV

$FRQWLQXDFLyQVHSUHVHQWDQORVYDORUHVOLEURVGHFDGDFDWHJRUtDGHLQVWUXPHQWRVILQDQFLHURVDOFLHUUHGH
FDGDHMHUFLFLR

 6HH[FOX\HQDQWLFLSRVHQWUHJDGRVDSURYHHGRUHV

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

9DORUUD]RQDEOHGHLQVWUXPHQWRVILQDQFLHURV

x (OYDORUHQOLEURVGHHIHFWLYR\HTXLYDOHQWHVGHHIHFWLYRRWUDVFXHQWDVFREUDUFXHQWDVSRUSDJDUD
SURYHHGRUHVFRPSDxtDVUHODFLRQDGDV\RWUDVFXHQWDVSRUSDJDUVHDSUR[LPDDOYDORUUD]RQDEOHGHELGRD
ODQDWXUDOH]DGHFRUWRSOD]RGHHVWRVLQVWUXPHQWRV

x (OYDORUUD]RQDEOHGHODVFXHQWDVSRUFREUDUVHDFHUFDVXVWDQFLDOPHQWHDOYDORUHQOLEURVGHELGRDTXHODV
RSHUDFLRQHVGHILQDQFLDPLHQWRLQFOX\HQLQWHUHVHVGHWHUPLQDGRVDXQDWDVDHIHFWLYDDQXDO

x /DVHPLVLRQHVGHREOLJDFLRQHVHQSDSHOHVFRPHUFLDOHV\HQWtWXORVILGXFLDULRVGHYHQJyLQWHUHVHV
HTXLYDOHQWHDODVWDVDVDFWLYDVGHHVWRVLQVWUXPHQWRVYLJHQWHVHQHOPHUFDGR YVSURPHGLR
UHSRUWDGRHQSiJLQDGH%ROVDGH9DORUHVGH*XD\DTXLOSDUDLQVWUXPHQWRVVLPLODUHV 

x (QORTXHUHVSHFWDDORVLQWHUHVHVFRQHQWLGDGHVILQDQFLHUDVODVWDVDVVRQYDULDEOHVSRUORFXDOVXYDORUHV
HTXLYDOHQWHDVXYDORUUD]RQDEOH WDVDGHLQWHUpVDFWLYDYLJHQWHDOGHGLFLHPEUHGHOVHJ~QHO
%DQFR&HQWUDOGHO(FXDGRUYV YV WDVDSURPHGLRTXHGHYHQJDQORV
SUpVWDPRV 

 ()(&7,92<(48,9$/(17(6'(()(&7,92

 &RUUHVSRQGHDFHUWLILFDGRVGHGHSyVLWRDSOD]RFRQEDQFRVORFDOHVFRQXQDWDVDGHLQWHUpVDQXDO
SURPHGLRSRQGHUDGDGHO\XQYHQFLPLHQWRGHDGtDV

 $OGHGLFLHPEUHGHOFRUUHVSRQGtDDOHIHFWLYRTXHVHPDQWHQtDHQODVFXHQWDVEDQFDULDVGHO
ILGHLFRPLVRUHODWLYDVDOIRQGRGHUHVHUYDTXHFXEUHGLYLGHQGRWULPHVWUDOLQPHGLDWRGHWRGRVORV
SDVLYRVFRQLQYHUVLRQLVWDV LQFOX\HQGRFDSLWDOHLQWHUHVHV HVWRVYDORUHVSURYHQLHQWHVGHORVIOXMRVGH
YHQWDVHQHIHFWLYRWDUMHWDVGHFUpGLWRGHWHUFHURV\FRQFUpGLWRGLUHFWRRWRUJDGRDORVFOLHQWHVIXHURQ
HQWUHJDGRVSRUOD&RPSDxtDDORV)LGHLFRPLVRVGH7LWXODUL]DFLyQSDUDUHVSDOGDUHOSDJRDORV
LQYHUVLRQLVWDV

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

 &8(17$6325&2%5$5&/,(17(6

D &RPSRVLFLyQDOGHGLFLHPEUH

     

&OLHQ W HV                     
0HQ RVSU RY LVLyQ SRU GHW HU LRU RGHFX HQ W D VSRU FREU D U                   
                    

 ,QFOX\H86 86 GHFDUWHUDTXHQRGHYHQJDLQWHUHVHV

&OD VLILFD FLyQ FRU U LHQ W H\ Q RFRU U LHQ W H      

3RU FLyQ FRU U LHQ W H                    
3RU FLyQ Q RFRU U LHQ W H                 
                  

9 HQ F LP LHQ W RVD Q X D OHVGHOD SRU F LyQ Q RF RU U LHQ W H      

             
             
                   

$QiOLVLVGHDQWLJHGDGGHORVVDOGRVDOFLHUUHGHFDGDDxR

     

3RU Y HQ FHU                    

9 HQ FLGD V
+D VWD   GtD V                   
  D   GtD V                
  D   GtD V                
  D    GtD V                
0i VGH                  
                     

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

E (OPRYLPLHQWRGHODSURYLVLyQGHGHWHULRURGHFDUWHUDHVHOVLJXLHQWH

     
6D OGRD OLQ LFLR                   
,Q FU HP HQ W RV                  
8W LOL]D F LRQ HVD MX VW HV                     
                   

 &RUUHVSRQGHDODEDMDGHFXHQWDVSRUFREUDUGHFOLHQWHVTXHVHHQFXHQWUDQYHQFLGRV\TXHVHORV
FRQVLGHUDGHGLItFLOUHFXSHUDFLyQ(QHODGLFLRQDOPHQWHVHLQFOX\HQ86SRUYHQWDGH
FDUWHUDTXHVHHQFRQWUDEDSURYLVLRQDGD

 ,19(17$5,26

     

0HU FD GHU tD V                 

,P SRU W D FLRQ HVHQ W U i Q VLW R             
5HSX HVW RVGHHTX LSRVGHFyP SX W R          
0D W HU LD OHV            
               

 /DLQIRUPDFLyQSRUVHJPHQWRVRSHUDFLRQDOHVHVFRPRVLJXH

     
'D P D V                  
& D ED OOHU RV                  
+ RJ D U                  
& D O]D GR                  
1Lx RV                  
& RVP pW LF RV                  
5RSD tQ W LP D                  
$ F F HVRU LRV                
7 HF Q RORJ tD \ RW U RV                
                   

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

 275$6&8(17$6325&2%5$5

     
$ Q WLFLSRD SU RY HHGRU HV              
(P SOHD GRV            
2WU D V              
             

 &RUUHVSRQGHSULQFLSDOPHQWHDDQWLFLSRVHQWUHJDGRVDSURYHHGRUHVGHOH[WHULRUSRULPSRUWDFLRQHVGH
PHUFDGHUtDVSRUDSUR[LPDGDPHQWH86 86 \GXUDQWHHODxR
SURYHHGRUHVORFDOHVSRU86

 ,QFOX\HSULQFLSDOPHQWHL PHUFDGHUtDIDFWXUDGDSRUSURYHHGRUHVTXHQRIXHUHFLELGD\GHYROXFLRQHV
GHPHUFDGHUtDHQPDOHVWDGRSRU86 86 LL YDORUHVPHQVXDOHVGHFRQFHVLyQ
GHOFHQWURFRPHUFLDOSOD]D1DYRQDSRU86 86 

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

 3523,('$'(608(%/(6<(48,326

,QV WD OD F LR QH V \ 0 i TXLQD V \ 0 XH EOH V \ (TXLSR V GH  (TXLSR V GH  2EUD V H Q
7H UUH QR V H TXLSR V  (GLILF LR V H TXLSR V H QV H UH V 9H KtF XOR V R ILF LQD \R WUR V F R P SXWD F Ly Q F XUV R 7R WD O
6 D OG R D OG H H Q H UR G H O  
& R V WR           
'H SUH F LD F Ly QD F XP XOD GD                  
9D OR UH QOLEUR V          

0 R Y LP LH Q W R V   
$GLF LR QH V            
7UD QV IH UH QF LD V           
% D MD V YH QWD V                
'H SUH F LD F Ly Q                  
% D MD V GH GH SUH F LD F Ly Q           
9D OR UH QOLEUR V D OGH GLF LH P EUH GH O          

$ O G H G LF LH P E UH G H O  

& R V WR          
'H SUH F LD F Ly QD F XP XOD GD                  
9D OR UH QOLEUR V          

0 R Y LP LH Q W R V   
$GLF LR QH V            
7UD QV IH UH QF LD V           
% D MD V YH QWD V                  
'H SUH F LD F Ly Q                  
% D MD V GH GH SUH F LD F Ly Q          
9D OR UH QOLEUR V D OGH GLF LH P EUH GH O          

$ O G H G LF LH P E UH G H O  

& R V WR          
'H SUH F LD F Ly QD F XP XOD GD                  
9D OR UH QOLEUR V          

 'XUDQWHHODxRODVSULQFLSDOHVDGLFLRQHV\WUDQVIHUHQFLDVVHHIHFWXDURQHQORVUXEURVLQVWDODFLRQHV\HTXLSRVSRUDSUR[LPDGDPHQWH
86 86 PXHEOHV\HQVHUHVSRU86 86 HTXLSRVGHRILFLQDSRU86
86 UHDOL]DGDVIXQGDPHQWDOPHQWHSDUDL DGHFXDFLRQHVGHOQXHYRDOPDFpQXELFDGRHQODFLXGDGGH4XLWR³(O5HFUHR´
DGHFXDFLRQHVHIHFWXDGDVHQFLHUWRVDOPDFHQHVSULQFLSDOPHQWHHQODVWLHQGDVXELFDGDVHQHOFHQWURFRPHUFLDO3ROLFHQWURVHFFLRQHVGH
GDPDV\FDEDOOHURV 

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

 3523,('$'(6'(,19(56,Ï1

D &RPSRVLFLyQ

(GLILFLRVH
7 HU U HQ RV LQ VW D OD FLRQ HV 7 RW D O

$ O GHHQ HU RGHO 

&RVW R                        
'HSU HFLD FLyQ D FX P X OD GD                  
9 D ORU HQ OLEU RVD O GHHQ HU RGHO                             

0RY L P L HQ W RV
'HSU HFLD FLyQ                
9 D ORU HQ OLEU RVD O  GHGLFLHP EU HGHO                            

$ O GHGL FL HP EU HGHO 

&RVW R                        
'HSU HFLD FLyQ D FX P X OD GD                  
9 D ORU HQ OLEU RVD O  GHGLFLHP EU HGHO                             

0RY L P L HQ W RV
'HSU HFLD FLyQ                
9 D ORU HQ OLEU RVD O  GHGLFLHP EU HGHO                           

$ O GHGL FL HP EU HGHO 

&RVW RK LVW yU LFR                        
'HSU HFLD FLyQ D FX P X OD GD                  
9 D ORU HQ OLEU RVD O  GHGLFLHP EU HGHO                            

E 9DORUUD]RQDEOHGHSURSLHGDGHVGHLQYHUVLyQ

$OGHGLFLHPEUHGHO\ODVSURSLHGDGHVGHLQYHUVLyQFRPSUHQGHQSULQFLSDOPHQWHORFDOHV
FRPHUFLDOHVHQHOFHQWURFRPHUFLDO3OD]D1DYRQDXELFDGRHQ$YHQLGD6DPERURQGyQ.PVHYDORUDQ
DVXFRVWRPHQRVGHSUHFLDFLyQDFXPXODGDVLQHPEDUJRGHDFXHUGRDORUHTXHULGRSRUOD1,&VH
GHEHGLYXOJDUHOYDORUUD]RQDEOHGHODVPLVPDV(OYDORUUD]RQDEOHVHGHILQHFRPRHOSUHFLRTXHVHUtD
UHFLELGRSRUYHQGHUXQDFWLYRRSDJDGRSRUWUDQVIHULUXQSDVLYRHQXQDWUDQVDFFLyQRUGHQDGDHQWUH
SDUWLFLSDQWHVGHOPHUFDGRHQODIHFKDGHODPHGLFLyQ&XDQGRVHPLGHHOYDORUUD]RQDEOHGHXQDFWLYR
RSDVLYROD&RPSDxtDXWLOL]DGDWRVGHPHUFDGRVREVHUYDEOHVVLHPSUHTXHVHDSRVLEOH'HDFXHUGRD
ODV1,,)ORVYDORUHVUD]RQDEOHVVHFODVLILFDQHQQLYHOHVGLVWLQWRVGHQWURGHXQDMHUDUTXtDGHOYDORU
UD]RQDEOHTXHVHEDVDHQODVYDULDEOHVXVDGDVHQODVWpFQLFDVGHYDORUL]DFLyQFRPRVLJXH

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

‡ 1LYHOSUHFLRVFRWL]DGRV QRDMXVWDGRV HQPHUFDGRVDFWLYRVSDUDDFWLYRVRSDVLYRVLGpQWLFRV

‡ 1LYHOGDWRVGLIHUHQWHVGHORVSUHFLRVFRWL]DGRVLQFOXLGRVHQHO1LYHOTXHVHDQREVHUYDEOHVSDUD
HODFWLYRRSDVLYR\DVHDGLUHFWDPHQWH SUHFLRV RLQGLUHFWDPHQWH GHULYDGRVGHORVSUHFLRV 

‡ 1LYHOGDWRVSDUDHODFWLYRRSDVLYRTXHQRVHEDVDQHQGDWRVGHPHUFDGRREVHUYDEOHV

$OGHGLFLHPEUHGHOHOYDORUUD]RQDEOHGHODVSURSLHGDGHVGHLQYHUVLyQVHJ~QYDOXDFLRQHV
UHDOL]DGDVSRUSHULWRVLQGHSHQGLHQWHVDVFLHQGHDDSUR[LPDGDPHQWH86PRQWR
GHWHUPLQDGREDMRORVOLQHDPLHQWRVGHOQLYHO

F  7pFQLFDVGHYDORUDFLyQXWLOL]DGRVSDUDREWHQHUHOQLYHOGHYDORUHVUD]RQDEOHV

(OQLYHOXVDGRSDUDGHWHUPLQDUHOYDORUUD]RQDEOHGHWHUUHQRV\HGLILFDFLRQHVVHEDVyHQORVSUHFLRV
GHYHQWDFRPSDUDEOHVGHWHUUHQRVFHUFDQRVDORVGHOD&RPSDxtD\HQORVFRVWRVGHFRQVWUXFFLyQ
DFWXDOHVSRUPFRQVLGHUDQGRDGHPiVHOXVR\HOHVWDGRGHFRQVHUYDFLyQGHORVLQPXHEOHV

 $&7,926,17$1*,%/(6

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

 &RUUHVSRQGHDFRQFHVLRQHVGHiUHDVFRPHUFLDOHVRWRUJDGDVDOD&RPSDxtDHQGLIHUHQWHVFHQWURV
FRPHUFLDOHVTXHWLHQHQXQSOD]RGHDDxRV

 &RUUHVSRQGHDOXVRGHPDUFDV³6SULQJILHOG´³&RUWHILHO´\³:RPHQ6HFUHW´DGTXLULGDVDO*UXSR
&RUWHILHOGH(VSDxDSDUDODGLVWULEXFLyQGHSUHQGDVGHYHVWLUGHHVWDVPDUFDVDQLYHOQDFLRQDOHQORV
DOPDFHQHV\WLHQGDVGHOD&RPSDxtDSRUXQODSVRGHDxRV

 &8(17$63253$*$5$3529(('25(6

&RUUHVSRQGHDSDVLYRVSRUDGTXLVLFLyQGHELHQHVSDUDVHUXWLOL]DGRVHQODVRSHUDFLRQHVGHOD&RPSDxtD
/RVSURYHHGRUHVORFDOHV\GHOH[WHULRUVHOLTXLGDQKDVWDHQGtDV

 35e67$026&21(17,'$'(6),1$1&,(5$6

&RUUHVSRQGHDSUpVWDPRVVREUHILUPDVFRQYHQFLPLHQWRVKDVWDHODxRSDUDILQDQFLDUSULQFLSDOPHQWH
FDSLWDOGHWUDEDMR\SUR\HFWRVGHLQYHUVLyQ(QJDUDQWtDVGHHVWRVSUpVWDPRVVHKDQHQWUHJDGR
86FRPSXHVWRVSRUXQDKLSRWHFDGHXQHGLILFLRSRU86FRQ%DQFR%ROLYDULDQR\
86FRQ%DQFRGH*XD\DTXLO

$OGHGLFLHPEUHGHOFRUUHVSRQGtDQDREOLJDFLRQHVILQDQFLHUDVGHFRUWRSOD]RSDUDILQDQFLDUFDSLWDOGH
WUDEDMR

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

9HQFLPLHQWRVDQXDOHVGHORVSUpVWDPRVDODUJRSOD]R

 (0,6,Ï1'(2%/,*$&,21(6

&RPSRVLFLyQ

  

(P LVLyQ GHSD SHOF RP HU F LD O  

(P LVLyQ GHREOLJ D F LRQ HVP HGLD Q W H)LGHLF RP LVR0HU F D Q W LO,U U HY RF D EOH³ 6HJ X Q GD 
7 LW X OD U L]D F LyQ GH)OX MRV'H3U D W L±7 D U MHW D VGH&U pGLW R7 HU F HU D V´   
(P LVLyQ GHREOLJ D F LRQ HVP HGLD Q W H)LGHLF RP LVR0HU F D Q W LO,U U HY RF D EOH³ 7 HU F HU D 
7 LW X OD U L]D F LyQ GH)OX MRV'H3U D W L´         
(P LVLyQ GHREOLJ D F LRQ HVP HGLD Q W H)LGHLF RP LVR0HU F D Q W LO,U U HY RF D EOH³ & X D U W D 
7 LW X OD U L]D F LyQ GH)OX MRV7 D U MHW D GH& U pGLW R'H3U D W L´           
      
0HQ RVSRU F LyQ F RU U LHQ W H       


3iJLQDGH


$/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

 /D-XQWD*HQHUDOGH$FFLRQLVWDVFHOHEUDGDHOGHPDU]RGHODSUREyODHPLVLyQGHSDSHO
FRPHUFLDOSRUXQPRQWRWRWDOGH86GHODVVHULHV³´\³´QHJRFLDGDVDXQDWDVDGH
GHVFXHQWRGHOFRQXQSOD]RGHKDVWDGtDVSDJDQGRFDSLWDODOYHQFLPLHQWR/RVIRQGRV
REWHQLGRVIXHURQGHVWLQDGRVSDUDFDSLWDOGHWUDEDMR(OSURVSHFWRGHRIHUWDS~EOLFDDVtFRPROD
LQVFULSFLyQHQHOUHJLVWURGHPHUFDGRGHYDORUHVIXHURQDSUREDGDVSRUOD,QWHQGHQFLDGH0HUFDGRGH
9DORUHVHQMXQLRGHO$OPDFHQHV'H3UDWL6$VHHQFXHQWUDLQVFULWDFRPRHPLVRUSULYDGRGH
YDORUHVGHOVHFWRUQRILQDQFLHUREDMRHO1R\ORVWtWXORVHPLWLGRVEDMRHO1R
'XUDQWHHOVHGHYHQJDURQ86SRUFRQFHSWRGHGHVFXHQWRVORVFXDOHVVH
HQFXHQWUDQUHJLVWUDGRVGHQWURGHOUXEURHJUHVRVILQDQFLHURVQHWRHQHOHVWDGRGHUHVXOWDGRV
LQWHJUDOHV

(P LVLyQ GHSD SHOF RP HU F LD O   

0RQ W RHP LW LGRSHQ GLHQ W HGHSD J RD O GHHQ HU R         

3D J RVGHF D SLW D OU HD OL]D GRV  

& RVW RILQ D Q F LHU RGHY HQ J D GR       

6D OGRD O  GHGLF LHP EU H 

'HDFXHUGRFRQORVLQGLFDGRVSURVSHFWRV$OPDFHQHV'H3UDWL6$GHEtDGXUDQWHODYLJHQFLDGHODV
REOLJDFLRQHV

 0DQWHQHUDOWRVJUDGRVGHHILFLHQFLDHQODVUHODFLRQHVFRPHUFLDOHVFRQVXVFOLHQWHVFRPRORKD
KHFKRGXUDQWHHOHMHUFLFLRGHVXDFWLYLGDG
 0DQWHQHUXQPDQHMRILQDQFLHURSUXGHQWHFRQXQQLYHOGHHQGHXGDPLHQWR SDVLYRVWRWDOHV
SDWULPRQLRWRWDOHQXQDUHODFLyQQRPD\RUDYHFHV 
 &XPSOLUFRQWRGDVODVQRUPDVODERUDOHV
 0DQWHQHUSUiFWLFDVGHEXHQJRELHUQRFRUSRUDWLYR
 (QJHQHUDOFXPSOLUFRQWRGRVVXVDFWRVFRQQRUPDVGHSUXGHQFLDHFRQyPLFR±ILQDQFLHUDTXHOH
SHUPLWHQHOGHVDUUROORGHVXVDFWLYLGDGHV\HOSDJRGHVXVREOLJDFLRQHV
 /D&RPSDxtDQRUHSDUWLUiGLYLGHQGRVPLHQWUDVH[LVWDQREOLJDFLRQHVHQPRUD

'XUDQWHHODxROD&RPSDxtDVHHQFRQWUyHQFXPSOLPLHQWRGHHVWRVUHVJXDUGRVKDVWDHOSDJR
GHODHPLVLyQGHSDSHOFRPHUFLDO$OGHGLFLHPEUHGHOOD&RPSDxtDFDQFHOyHQVXWRWDOLGDGOD
HPLVLyQGHREOLJDFLRQHVGHSDSHOFRPHUFLDO

 /D-XQWD*HQHUDOGH$FFLRQLVWDVFHOHEUDGDHOGHMXQLRGHODSUREyODHPLVLyQGHREOLJDFLRQHV
PHGLDQWHHO)LGHLFRPLVR0HUFDQWLO,UUHYRFDEOH³6HJXQGD7LWXODUL]DFLyQGH)OXMRV'H3UDWL7DUMHWDV
GH&UpGLWR7HUFHUDV´FRQJDUDQWtDJHQHUDO\HVSHFtILFDVSRUXQPRQWRWRWDOGH86GH
ODVVHULHV³$´³%´\³&´DXQDWDVDILMDDQXDOGHOFRQXQSOD]RGHGtDVGtDV\
GtDVUHVSHFWLYDPHQWHSDJDQGRFDSLWDOHLQWHUHVHVWULPHVWUDOPHQWHORVIRQGRVREWHQLGRVIXHURQ
GHVWLQDGRVSDUDFDSLWDOGHWUDEDMR(QVHSWLHPEUHGHO$OPDFHQHV'H3UDWL6$FRQVWLWX\yHO
)LGHLFRPLVR0HUFDQWLO,UUHYRFDEOH³6HJXQGD7LWXODUL]DFLyQGH)OXMRV'H3UDWL7DUMHWDVGH&UpGLWR

3iJLQDGH


$/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

7HUFHUDV´HOFXDOHUDDGPLQLVWUDGRSRU00*7UXVW(FXDGRU6$ODLQVFULSFLyQHQHOUHJLVWURGH
PHUFDGRGHYDORUHVIXHDSUREDGDSRUOD,QWHQGHQFLDGH0HUFDGRGH9DORUHVHQQRYLHPEUHGHO
(O)LGHLFRPLVRVHHQFRQWUDEDLQVFULWRFRPRHPLVRUSULYDGRGHYDORUHVGHOVHFWRUQRILQDQFLHUREDMR
HO1R\ORVWtWXORVHPLWLGRVEDMRHO1R'XUDQWHHODxRVH
FDQFHODURQ86HQFRQFHSWRGHLQWHUHVHVORVFXDOHVVHHQFRQWUDURQUHJLVWUDGRVGHQWURGHO
UXEURHJUHVRVILQDQFLHURVHQHOHVWDGRGHUHVXOWDGRVLQWHJUDOHV'XUDQWHQRYLHPEUHGHOVH
FDQFHODURQODVGHXGDVFRQORVLQYHUVLRQLVWDVGHOILGHLFRPLVR\HOGHPDU]RGHOVHOLTXLGyHO
ILGHLFRPLVR

6HJ X Q GD W LW X OD U L]D FLyQ 7 D U MHW D VGH&U pGLW R7 HU FHU D V   

0RQ W RHP LW LGRSHQ GLHQ W HGHSD J RD O GHHQ HU R         

3D J RVGHFD SLW D OU HD OL]D GRV          

3D J RVGHLQ W HU pVU HD OL]D GRV       

&RVW RILQ D Q FLHU RGHY HQ J D GR      

6D OGRD O  GHGLFLHP EU H 

'HDFXHUGRFRQORVLQGLFDGRVSURVSHFWRV$OPDFHQHV'H3UDWL6$GHEtDGXUDQWHODYLJHQFLDGHODV
REOLJDFLRQHVPDQWHQHU

 )RQGRGHUHVHUYD/D&RPSDxtDGHEHUiFRQVWLWXLUXQIRQGRGHUHVHUYDTXHGHEHUiDVFHQGHUDO
GHOPRQWRGHOGLYLGHQGRWULPHVWUDOLQPHGLDWRSRVWHULRUGHWRGRVORVSDVLYRVFRQ
LQYHUVLRQLVWDV LQFOX\HQGRHOFDSLWDOHLQWHUHVHV VLQH[FHGHUHOGHOVDOGRLQVROXWRGHWRGRV
ORVSDVLYRVGHORVLQYHUVLRQLVWDV3RGUiHVWDULQWHJUDGRSRUVtVRORRHQFRQMXQWRDVROD
GLVFUHFLyQGHORULJLQDGRUDWUDYpVGHFDUWD³VWDQGE\´HOFXDOGHEHUiVHUHPLWLGDSRUXQEDQFR
RSHUDWLYRGHORV(VWDGRV8QLGRVTXHFXHQWHFRQFDOLILFDFLyQPtQLPDGH³$´\RXQDJDUDQWtD
EDQFDULDTXHGHEHUiQVHURWRUJDGDSRUXQEDQFRRSHUDWLYRGHO(FXDGRUTXHFXHQWHFRQ
FDOLILFDFLyQGHULHVJRGHDOPHQRV³$$´\RHQGLQHUROLEUH\GLVSRQLEOH

 )RQGRURWDWLYR/D&RPSDxtDDSRUWDUiDO)LGHLFRPLVRODVXPDGH86DHIHFWRVGH
LQWHJUDULQLFLDOPHQWHHQHOHOIRQGRURWDWLYR

 ([FHVRGHIOXMRGHIRQGRV&RQVLVWHHQTXHORVIOXMRVWLWXODUL]DGRVTXHVHSUR\HFWDTXHVHDQ
JHQHUDGRVSRUODVFXHQWDVSRUFREUDUVHDQVXSHULRUHVDORVPRQWRVUHTXHULGRVSRUHO
)LGHLFRPLVRSDUDSDJDUORVSDVLYRVFRQLQYHUVLRQLVWDV\ORVSDVLYRVFRQWHUFHURVGLVWLQWRVGHORV
LQYHUVLRQLVWDVGHFRQIRUPLGDGFRQODLQIRUPDFLyQFRQVWDQWHHQHOLQIRUPHGHHVWUXFWXUDFLyQ
ILQDQFLHUD

 /tQHDGHOLTXLGH]6LOOHJDGRHOVH[DJpVLPRGtDFRQWDGRGHVGHHOLQLFLRGHXQSHUtRGRWULPHVWUDO
GHWHUPLQDGRODILGXFLDULDREVHUYDTXHORVYDORUHVSURYLVLRQDGRVSRUHO)LGHLFRPLVRGH
FRQIRUPLGDGFRQORHVWLSXODGRHQHOFRQWUDWRHVLQIHULRUDOSHURVXSHULRUDOGHODVXPD

3iJLQDGH


$/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

FRUUHVSRQGLHQWHDOSDJRGHOGLYLGHQGRGHOUHIHULGRSHUtRGRWULPHVWUDOHO)LGHLFRPLVRGHEHUi
SHUFLELUODWRWDOLGDGGHORVUHFXUVRVUHFDXGDGRVSRUFRQFHSWRGHYHQWDVHQHIHFWLYRUHDOL]DGDVSRU
HORULJLQDGRUDWUDYpVGHODVWLHQGDV4XLFHQWUR6KRSSLQJ\6DQ/XLV6KRSSLQJHQODFLXGDGGH
4XLWR

'XUDQWHHODxROD&RPSDxtDVHHQFRQWUyHQFXPSOLPLHQWRGHHVWRVUHVJXDUGRVKDVWDHO
SDJRGHODHPLVLyQGHREOLJDFLRQHVGHO)LGHLFRPLVR0HUFDQWLO,UUHYRFDEOH³6HJXQGD
7LWXODUL]DFLyQGH)OXMRV'H3UDWL7DUMHWDVGH&UpGLWR7HUFHUDV´

 /D-XQWD*HQHUDOGH$FFLRQLVWDVFHOHEUDGDHOGHDEULOGHODSUREyODHPLVLyQGHREOLJDFLRQHV
PHGLDQWHHO)LGHLFRPLVR0HUFDQWLO,UUHYRFDEOH³7HUFHUD7LWXODUL]DFLyQGH)OXMRV'H3UDWL´FRQ
JDUDQWtDJHQHUDO\HVSHFtILFDVSRUXQPRQWRWRWDOGH86GHODVVHULHV³$´³%´\³&´D
XQDWDVDILMDDQXDOGHO\FRQXQSOD]RGHGtDVGtDV\GtDV
UHVSHFWLYDPHQWHSDJDQGRFDSLWDOHLQWHUHVHVWULPHVWUDOPHQWHORVIRQGRVREWHQLGRVIXHURQ
GHVWLQDGRVSDUDFDSLWDOGHWUDEDMR(QMXOLRGHO$OPDFHQHV'H3UDWL6$FRQVWLWX\yHO
)LGHLFRPLVR0HUFDQWLO,UUHYRFDEOH³7HUFHUD7LWXODUL]DFLyQGH)OXMRV'H3UDWL´HOFXDOHUD
DGPLQLVWUDGRSRU00*7UXVW(FXDGRU6$ODLQVFULSFLyQHQHOUHJLVWURGHPHUFDGRGHYDORUHVIXH
DSUREDGDSRUOD,QWHQGHQFLDGH0HUFDGRGH9DORUHVHQDJRVWRGHO(O)LGHLFRPLVRVH
HQFRQWUDEDLQVFULWRFRPRHPLVRUSULYDGRGHYDORUHVGHOVHFWRUQRILQDQFLHUREDMRHO1R
\ORVWtWXORVHPLWLGRVEDMRHO1R'XUDQWHHODxRVHFDQFHODURQ
86 86 HQFRQFHSWRGHLQWHUHVHVORVFXDOHVVHHQFXHQWUDQUHJLVWUDGRV
GHQWURGHOUXEURHJUHVRVILQDQFLHURVQHWRHQHOHVWDGRGHUHVXOWDGRVLQWHJUDOHV

7 HU F HU D 7 LW X OD U L]D F LyQ GH)OX MRV'H3U D W L      

0RQ W RHP LW LGRSHQ GLHQ W HGHSD J RD O GHHQ HU R                
3D J RVGHF D SLW D OU HD OL]D GRVHQ 
             
           
3D J RVGHLQ W HU pVU HD OL]D GRVHQ 
           
          
&RVW RILQ D Q FLHU RGHY HQ J D GR
          
         
6D OGRD O  GHGLF LHP EU H        

'HDFXHUGRFRQORVLQGLFDGRVSURVSHFWRV$OPDFHQHV'H3UDWL6$GHEtDGXUDQWHODYLJHQFLDGHODV
REOLJDFLRQHVPDQWHQHU

 )RQGRGHUHVHUYD(OIRQGRGHUHVHUYDGHEHUiFXEULUDOPLVPRWLHPSR\HQWRGRPRPHQWR
GXUDQWHODYLJHQFLDGHORVYDORUHVGHODWLWXODUL]DFLyQODVGRVVLJXLHQWHVUHODFLRQHVL 'HEH
DVFHQGHUDOPHQRVDOYHFHVHOtQGLFHGHGHVYLDFLyQGHODWLWXODUL]DFLyQ  HVGHFLULJXDOD
86LL 'HEHDVFHQGHUDOGHOGLYLGHQGRWULPHVWUDO FRPSXHVWRGHFDSLWDOH

3iJLQDGH


$/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

LQWHUHVHV LQPHGLDWRSRVWHULRUGHORVYDORUHVYLJHQWHV\HIHFWLYDPHQWHFRORFDGRVHQWUH
,QYHUVLRQLVWDV(VWHIRQGRSRGUiHVWDULQWHJUDGRDOWHUQDWLYDPHQWHSRUVtVRORRHQFRQMXQWRD
VRODGLVFUHFLyQGHO2ULJLQDGRUDWUDYpVGHXQDJDUDQWtDEDQFDULDTXHGHEHUiVHURWRUJDGDSRUXQ
EDQFRRSHUDWLYRGHO(FXDGRUTXHFXHQWHFRQFDOLILFDFLyQGHULHVJRGHDOPHQRV$$\RHQGLQHUR
OLEUH\GLVSRQLEOH6HHMHFXWDUiHVWDJDUDQWtDVLOOHJDGRHOGtDFRQWDGRGHVGHHOLQLFLRGHXQ
SHUtRGRWULPHVWUDOGHWHUPLQDGROD)LGXFLDULDREVHUYDTXHORVYDORUHVDSURYLVLRQDGRGHQWURGHO
)LGHLFRPLVRHVLQIHULRUDOGHODVXPDFRUUHVSRQGLHQWHDOSDJRGHOGLYLGHQGRGHOUHIHULGR
SHUtRGRWULPHVWUDO DPRUWL]DFLyQGHFDSLWDO\SDJRGHLQWHUHVHV 

 )RQGRURWDWLYR/D&RPSDxtDDSRUWDUiDO)LGHLFRPLVRODVXPDGH86DHIHFWRVGH
LQWHJUDULQLFLDOPHQWHHQHOHOIRQGRURWDWLYR

 ([FHVRGHIOXMRGHIRQGRV&RQVLVWHHQTXHORVIOXMRVWLWXODUL]DGRVTXHVHSUR\HFWDJHQHUDGRVSRU
ORVGHUHFKRVGHFREURVHDQVXSHULRUHVDORVYDORUHVUHTXHULGRVSRUHO)LGHLFRPLVRSDUDSDJDUORV
SDVLYRVFRQ,QYHUVLRQLVWDV\ORVSDVLYRVFRQWHUFHURVGLVWLQWRVGHORV,QYHUVLRQLVWDVGH
FRQIRUPLGDGFRQODLQIRUPDFLyQGHOLQIRUPHGHHVWUXFWXUDFLyQILQDQFLHUD6HUHWHQGUiQORVIOXMRV
HQHOFDVRGHTXHORVIOXMRVGHORVHVWDEOHFLPLHQWRVLQLFLDOHVPiVORVVXEVHFXHQWHVSRUGRVPHVHV
FRQVHFXWLYRVQRDOFDQFHDFXEULUXQDUHODFLyQPtQLPDGHODOFRPSDUDUHOYROXPHQGHORV
IOXMRVLQJUHVDGRVDO)LGHLFRPLVRHQHOPHVLQPHGLDWRDQWHULRUFRQXQWHUFLRGHOGLYLGHQGR
FRPSXHVWRGHFDSLWDOHLQWHUHVHV GHORVSDVLYRVFRQ,QYHUVLRQLVWDVGHOPLVPRPHVLQPHGLDWR
DQWHULRU

 )LDQ]DVROLGDULD&RQVLVWHHQODILDQ]DPHUFDQWLORWRUJDGDSRUHO2ULJLQDGRUODFXDOWLHQHSRU
REMHWRUHVSDOGDUDORV,QYHUVLRQLVWDVDSURUUDWDGHVXLQYHUVLyQHQYDORUHVFXDQGRUHVXOWHQ
LQVXILFLHQWHVL /RVUHFXUVRVSURYLVLRQDGRVVHJ~QODHVFULWXUDGHFRQVWLWXFLyQGHO)LGHLFRPLVR\
LL /RVUHFXUVRVSURYHQLHQWHVGHODHMHFXFLyQGHOIRQGRGHUHVHUYD'HSURGXFLUVHHVWDVLWXDFLyQHO
2ULJLQDGRUVHFRPSURPHWHGHPDQHUDVROLGDULDDSDJDUORVUHIHULGRVSDVLYRVFRQLQYHUVLRQLVWDV

'XUDQWHHODxROD&RPSDxtDVHHQFRQWUyHQFXPSOLPLHQWRGHHVWRVUHVJXDUGRVKDVWDHO
SDJRGHODHPLVLyQGHREOLJDFLRQHVGHO)LGHLFRPLVR0HUFDQWLO,UUHYRFDEOH³7HUFHUD7LWXODUL]DFLyQ
GH)OXMRV'H3UDWL´

(OGHVHSWLHPEUHGHOVHFDQFHOyODWRWDOLGDGGHRVVDOGRVSHQGLHQWHVGHSDJRFRQ
LQYHUVLRQLVWDVGHOILGHLFRPLVR&RQIHFKDGHQRYLHPEUHGHOVHOLTXLGyHOILGHLFRPLVR

 /D-XQWD*HQHUDOGH$FFLRQLVWDVFHOHEUDGDHOGHHQHURGHODSUREyODHPLVLyQGHREOLJDFLRQHV
PHGLDQWHHO)LGHLFRPLVR0HUFDQWLO,UUHYRFDEOH³&XDUWD7LWXODUL]DFLyQGH)OXMRV7DUMHWDGH&UpGLWR
'H3UDWL´FRQJDUDQWtDJHQHUDO\HVSHFtILFDVSRUXQPRQWRWRWDOGH86GHODVVHULHV³$´
\³%´DXQDWDVDILMDDQXDOGHO\FRQXQSOD]RGHGtDV\GtDV
UHVSHFWLYDPHQWHSDJDQGRFDSLWDOHLQWHUHVHVWULPHVWUDOPHQWHORVIRQGRVREWHQLGRVIXHURQ
GHVWLQDGRVSDUDFDSLWDOGHWUDEDMR(QHQHURGHO$OPDFHQHV'H3UDWL6$FRQVWLWX\yHO
)LGHLFRPLVR0HUFDQWLO,UUHYRFDEOH³&XDUWD7LWXODUL]DFLyQGH)OXMRV7DUMHWDGH&UpGLWR'H3UDWL´HO
FXDOHUDDGPLQLVWUDGRSRU00*7UXVW(FXDGRU6$ODLQVFULSFLyQHQHOUHJLVWURGHPHUFDGRGH
YDORUHVIXHDSUREDGDSRUOD,QWHQGHQFLDGH0HUFDGRGH9DORUHVHQPDU]RGHO(O)LGHLFRPLVR

3iJLQDGH


$/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

VHHQFRQWUDEDLQVFULWRFRPRHPLVRUSULYDGRGHYDORUHVGHOVHFWRUQRILQDQFLHUREDMRHO1R
\ORVWtWXORVHPLWLGRVEDMRHO1R'XUDQWHHODxRFDQFHODURQ
86 86 HQFRQFHSWRGHLQWHUHVHVORVFXDOHVVHHQFXHQWUDQUHJLVWUDGRV
GHQWURGHOUXEURHJUHVRVILQDQFLHURVQHWRHQHOHVWDGRGHUHVXOWDGRVLQWHJUDOHV
&X D U W D W LW X OD U L]D FLyQ 7 D U MHW D GH&U pGLW R'H3U D W L      

0RQ W RHP LW LGRSHQ GLHQ W HGHSD J RD O GHHQ HU R                  
3D J RVGHFD SLW D OU HD OL]D GRVHQ 
           
            
3D J RVGHLQ W HU pVU HD OL]D GRVHQ 
          
          
&RVW RILQ D Q FLHU RGHY HQ J D GR
          
         
6D OGRD O  GHGLFLHP EU H         

'HDFXHUGRFRQORVLQGLFDGRVSURVSHFWRV$OPDFHQHV'H3UDWL6$GHELyGXUDQWHODYLJHQFLDGHODV
REOLJDFLRQHVPDQWHQHU

 )RQGRGHUHVHUYD(OIRQGRGHUHVHUYDGHEHUiFXEULUDOPLVPRWLHPSR\HQWRGRPRPHQWR
GXUDQWHODYLJHQFLDGHORVYDORUHVGHODWLWXODUL]DFLyQYHFHVHOtQGLFHGHGHVYLDFLyQGHOD
WLWXODUL]DFLyQ  HVGHFLULJXDOD863RGUiHVWDULQWHJUDGRDOWHUQDWLYDPHQWH
SRUVtVRORRHQFRQMXQWRDVRODGLVFUHFLyQGHO2ULJLQDGRUDWUDYpVGHL XQDFDUWDGHFUpGLWR
³VWDQGE\´LL XQDJDUDQWtDEDQFDULDLL HQLQVWUXPHQWRVILQDQFLHURVHPLWLGRVSRUHO*RELHUQRGH
ORV(VWDGRV8QLGRVGH$PpULFDRVXVGHSHQGHQFLDVGLUHFWDV\RLY GLVSRQLEOH(O)RQGRGH
5HVHUYDVHUiDMXVWDGRWULPHVWUDOPHQWHHQUHODFLyQDOVDOGRGHSDVLYRVFRQLQYHUVLRQLVWDVHV
GHFLUGHEHUiFXPSOLUDOPHQRVHOHOVDOGRGHSDVLYRVFRQLQYHUVLRQLVWDV6HHMHFXWDUiHVWD
JDUDQWtDVLOOHJDGRHOGtDFRQWDGRGHVGHHOLQLFLRGHXQSHUtRGRWULPHVWUDOGHWHUPLQDGROD
)LGXFLDULDREVHUYDTXHORVYDORUHVDSURYLVLRQDGRGHQWURGHO)LGHLFRPLVRHVLQIHULRUDOGH
ODVXPDFRUUHVSRQGLHQWHDOSDJRGHOGLYLGHQGRGHOUHIHULGRSHUtRGRWULPHVWUDO DPRUWL]DFLyQGH
FDSLWDO\SDJRGHLQWHUHVHV 

 )RQGRURWDWLYR$OPDFHQHV'H3UDWL6$DSRUWDUiDO)LGHLFRPLVRODVXPDGH86D
HIHFWRVGHLQWHJUDULQLFLDOPHQWHHQHOHOIRQGRURWDWLYR

 ([FHVRGHIOXMRGHIRQGRV&RQVLVWHHQTXHORVIOXMRVWLWXODUL]DGRVTXHVHSUR\HFWDJHQHUDGRVSRU
ORVGHUHFKRVGHFREURVHDQVXSHULRUHVDORVYDORUHVUHTXHULGRVSRUHO)LGHLFRPLVRSDUDSDJDUORV
SDVLYRVFRQ,QYHUVLRQLVWDV\ORVSDVLYRVFRQWHUFHURVGLVWLQWRVGHORV,QYHUVLRQLVWDVGH
FRQIRUPLGDGFRQODLQIRUPDFLyQGHOLQIRUPHGHHVWUXFWXUDFLyQILQDQFLHUD6HUHWHQGUiQORVIOXMRV
HQHOFDVRGHTXHORVIOXMRVGHORVHVWDEOHFLPLHQWRVLQLFLDOHVPiVORVVXEVHFXHQWHVSRUGRVPHVHV
FRQVHFXWLYRVQRDOFDQFHDFXEULUXQDUHODFLyQPtQLPDGHODOFRPSDUDUHOYROXPHQGHORV

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

IOXMRVLQJUHVDGRVDO)LGHLFRPLVRHQHOPHVLQPHGLDWRDQWHULRUYHUVXVXQWHUFLRGHOGLYLGHQGR
FRPSXHVWRGHFDSLWDOHLQWHUHVHV GHORVSDVLYRVFRQ,QYHUVLRQLVWDVGHOPLVPRPHVLQPHGLDWR
DQWHULRU

 )LDQ]DVROLGDULD&RQVLVWHHQOD)LDQ]D0HUFDQWLORWRUJDGDSRUHO2ULJLQDGRUODFXDOWLHQHSRU
REMHWRUHVSDOGDUDORVLQYHUVLRQLVWDVDSURUUDWDGHVXLQYHUVLyQHQYDORUHVFXDQGRUHVXOWHQ
LQVXILFLHQWHVL ORVUHFXUVRVSURYLVLRQDGRVVHJ~QODHVFULWXUDGHFRQVWLWXFLyQGHO)LGHLFRPLVR\
LL ORVUHFXUVRVSURYHQLHQWHVGHODHMHFXFLyQGHOIRQGRGHUHVHUYD'HSURGXFLUVHHVWDVLWXDFLyQHO
2ULJLQDGRUVHFRPSURPHWHGHPDQHUDVROLGDULDDSDJDUORVUHIHULGRVSDVLYRVFRQLQYHUVLRQLVWDV

'XUDQWHHODxR\OD&RPSDxtDVHFXPSOLyHVWRVUHVJXDUGRV

(OGHDEULOGHOVHFDQFHOyODWRWDOLGDGGHORVVDOGRVSHQGLHQWHVGHSDJRFRQLQYHUVLRQLVWDV
GHOILGHLFRPLVR&RQIHFKDGHMXOLRGHOVHOLTXLGyHOILGHLFRPLVR

 275$6&8(17$63253$*$5

 &RUUHVSRQGHSULQFLSDOPHQWHDL 86 86 HQFRQFHSWRGHFXHQWDVSRU

SDJDUSRUODFRQFHVLyQGHORFDOHQHO&HQWUR&RPHUFLDOHO&RQGDGRGHORVFXDOHVXQDSDUWHVH
FDQFHODUiHQHOLL FRQFHVLyQHTXLYDOHQWHDOGHOWRWDOGHOFRQWUDWRFRQHO&HQWUR&RPHUFLDO
³(O5HFUHR´SRU86LLL 86 86 HQFRQFHSWRGHFRQVXPRVGH
WDUMHWDVGHFUpGLWRFRUSRUDWLYDVLY 86 86 HQFRQFHSWRGHSDJRV
SHQGLHQWHVSRUUHWHQFLRQHVDOSHUVRQDOSDUDHOSDJRGHODSRUWHLQGLYLGXDODO,(66\Y SURYLVLyQGH
JDVWRVGHORVDOPDFHQHVSULQFLSDOPHQWHHOHFWULFLGDG\KRUDVH[WUDVSRU86
86 

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

 %(1(),&,2662&,$/(6&255,(17(6

6D OGRVD O 3D J RV\ R 6D OGRVD O

   LQ LFLR ,Q FU HP HQ W RV X WLOL]D FLRQ HV ILQ D O

%HQ HILFLRVVRFLD OHVFRU U LHQ W HV

%HQ HILFLRVD HP SOHD GRV                              
3D U W LFLSD FLyQ GHORVWU D ED MD GRU HV
HQ OD VX W LOLGD GHV                              
                              

  

%HQ HILFLRVVRFLD OHVFRU U LHQ W HV

%HQ HILFLRVD HP SOHD GRV                              
3D U W LFLSD FLyQ GHORVWU D ED MD GRU HV
HQ OD VX W LOLGD GHV                              
                              

 ,QFOX\HSURYLVLRQHVSRUGpFLPRWHUFHU\FXDUWRVXHOGRVIRQGRGHUHVHUYDDSRUWHSDWURQDOSRUSDJDU
DO,(66\YDFDFLRQHV

 9HU1RWD

 %(1(),&,2662&,$/(612&255,(17(6

-XELODFLyQSDWURQDO\GHVDKXFLR

/DVSULQFLSDOHVKLSyWHVLVDFWXDULDOHVXVDGDVIXHURQVREUHXQDEDVHGHSHUVRQDV 
SHUVRQDV SDUDMXELODFLyQSDWURQDO\ SHUVRQDV SDUDGHVDKXFLR
     

7 D VD GHGHVF X HQ W R         
)X W X U RLQ FU HP HQ W RVD OD U LD O        
7 D VD GHU RW D FLyQ        
7 D VD GHP RU W D OLGD GHLQ Y D OLGH]  7 0,(66    7 0,(66   

$ Q W LJ  HGD GSD U D MX ELOD FLyQ  + RP EU HV\ P X MHU HV   D x RV   D x RV

 9HU1RWD

3iJLQDGH


$/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

 &RUUHVSRQGHQDODV7DEODVGHPRUWDOLGDGSXEOLFDGDVSRUHO,QVWLWXWR(FXDWRULDQRGH6HJXULGDG6RFLDO
HQHODxR

D (OPRYLPLHQWRGHODSURYLVLyQSDUDMXELODFLyQSDWURQDO\GHVDKXFLRHQHOSDVLYR

-X ELOD FLyQ 'HVD K X FLR 7RWD O

                 
$ O GHHQ HU R                                         
&RVWRSRU VHU Y LFLRVFRU U LHQ WHV                                            
&RVWRVSRU LQ WHU HVHV                                     
6HU Y LFLRVSRU P RGLILFD FLyQ D OSOD Q U HGX FFLRQ HV
                                 
ROLTX LGD FLRQ HVD Q WLFLSD GD V 
3pU GLGD  J D Q D Q FLD D FWX D U LD OHV                                  
%HQ HILFLRVSD J D GRV              
$ O  GHGLFLHP EU H                                          

 6DOGRVUHHVWUXFWXUDGRV9HU1RWD

 (OJDVWRUHJLVWUDGRHQHOIXHGH86 86 SRUMXELODFLyQSDWURQDO\

86 86 SRUGHVDKXFLR

 /DVJDQDQFLDV\SpUGLGDVDFWXDULDOHVIXHURQFDUJDGRVDRWURVUHVXOWDGRVLQWHJUDOHV

E $QiOLVLVGH6HQVLELOLGDG

&DPELRVUD]RQDEOHPHQWHSRVLEOHVHQODVVXSRVLFLRQHVDFWXDULDOHVUHOHYDQWHVDODIHFKDGHOHVWDGRGH
VLWXDFLyQILQDQFLHUDVLHPSUHTXHODVRWUDVVXSRVLFLRQHVVHPDQWXYLHUDQFRQVWDQWHVKDEUtDQDIHFWDGR
ODREOLJDFLyQSRUEHQHILFLRVGHILQLGRV ³2%'´ HQORVPRQWRVLQFOXLGRVHQODWDEODDFRQWLQXDFLyQ

-X ELOD F LyQ 
3D W U RQ D O 'HVD K X F LR

7 D VD GHGHVFX HQ W R
9 D U LD F LyQ 2%' W D VD GHGHVFX HQ W R            
,P SD FW R HQ HO2%' W D VD GHGHVFX HQ W R    
9 D U LD F LyQ 2%' W D VD GHGHVFX HQ W R            
,P SD FW R HQ HO2%' W D VD GHGHVFX HQ W R       
7 D VD GHL Q FU HP HQ W RVD O D U L D O
9 D U LD F LyQ 2%' W D VD GHLQ F U HP HQ W RVD OD U LD O            
,P SD FW R HQ HO2%' W D VD GHLQ FU HP HQ W RVD OD U LD O     
9 D U LD F LyQ 2%' W D VD GHLQ F U HP HQ W RVD OD U LD O            
,P SD FW R HQ HO2%' W D VD GHLQ FU HP HQ W RVD OD U LD O       

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

 ,038(672$/$5(17$&255,(17(<',)(5,'2

D ,PSXHVWRDODUHQWD

/DFRPSRVLFLyQGHOLPSXHVWRDODUHQWDHVHOVLJXLHQWH

 
,PSXHVWRDODUHQWDFRUULHQWH  
,PSXHVWRDODUHQWDGLIHULGR   
 

E ,PSXHVWRVSRUSDJDU

/DFRPSRVLFLyQGHORVLPSXHVWRVSRUUHFXSHUDU\RWURVLPSXHVWRVSRUSDJDUHVHOVLJXLHQWH

 

2WURVLPSXHVWRVSRUSDJDU
5HWHQFLRQHVDHPSOHDGRVGH,PSXHVWRDOD5HQWD  
5HWHQFLRQHVHQODIXHQWHGHO,PSXHVWRDOD5HQWD  
5HWHQFLRQHVHQODIXHQWHGHO,PSXHVWRDO9DORU$JUHJDGR  
,PSXHVWRDO9DORU$JUHJDGRHQYHQWDV  
 

F 6LWXDFLyQILVFDO

(OSHUtRGRFRPSUHQGLGRHQWUHORVDxRVDVHHQFXHQWUDDELHUWRDUHYLVLyQSRUSDUWHGHODV
DXWRULGDGHVILVFDOHV

(QMXOLRGHOOD&RPSDxtDGHFLGLyDFRJHUVHDOD/H\GH5HPLVLyQ\HQFRQVHFXHQFLDGHVLVWLyGH
ORVSURFHVRVMXGLFLDOHVTXHPDQWHQtDHQFXUVRSURFHGLHQGRDSDJDUHOFDSLWDOGHODVJORVDV
UHODFLRQDGDVHQPDWHULDGH,PSXHVWRDOD5HQWDGHORVDxRV\SRU
DSUR[LPDGDPHQWH86

3iJLQDGH


$/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

G &RQFLOLDFLyQWULEXWDULDFRQWDEOH

$FRQWLQXDFLyQVHGHWDOODODGHWHUPLQDFLyQGHODSURYLVLyQSDUDLPSXHVWRVREUHHODxRWHUPLQDGRDO
GHGLFLHPEUH
      

8W LOLGD GD Q W HVGHSD U W LF LSD F LyQ GHORVW U D ED MD GRU HVHQ OD V                  

X W LOLGD GHVHLP SX HVW RD OD U HQ W D

0HQ RV   GHSD U W LF LSD F LyQ GHORVW U D ED MD GRU HVHQ OD VX W LOLGD GHV                 

8W LOLGD GD Q W HVGHLP SX HVW R                  

0i V$ MX VW HSRU J D Q D Q F LD VD F W X D U LD OHV              

0i V* D VW RVQ RGHGX F LEOHV                   
0HQ RV,Q J U HVRVH[ HQ W RV            
0D V   D W U LEX LEOHD LQ J U HVRVH[ HQ W RV        

%D VHLP SRQ LEOH                  

,P SX HVW RD OD U HQ W D F D OF X OD GRD OD W D VD                     

3D J RGHLP SX HVW RD OD U HQ W D GHD x RVD Q W HU LRU HV9 HU OLW HU D OF !        

,P SX HVW RD OD U HQ W D                  

0HQ RV$ Q W LF LSRVGHLP SX HVW RD OD U HQ W D \ U HW HQ F LRQ HV

GHLP SX HVW RD OD U HQ W D HQ OD IX HQ W H                
,P SX HVW RD OD U HQ W D GHD x RVD Q W HU LRU HVF D Q F HOD GR       
,P SX HVW RD OD U HQ W D SRU SD J D U                

 0RQWRVTXHQRLQFOX\HQHOHIHFWRGHODUHHVWUXFWXUDFLyQ9HU1RWD

 ,QFOX\HSULQFLSDOPHQWH86 86 GHH[FHVRHQODSURYLVLyQGH

FXHQWDVLQFREUDEOHV86 86 SRUSURYLVLyQGHMXELODFLyQ
SDWURQDOGHHPSOHDGRVPHQRUHVDDxRV\86SRULPSXHVWRVWDVDV\
FRQWULEXFLRQHVSULQFLSDOPHQWHODFRQWULEXFLyQVROLGDULDVREUHODVXWLOLGDGHV

H ,PSXHVWRDODUHQWDGLIHULGR

(ODQiOLVLVGHLPSXHVWRVGLIHULGRVSDVLYRHVHOVLJXLHQWH

     
,P SX HVW RGLIHU LGRTX HVHU HD OL]D U i GHQ W U RGH  P HVHV         
,P SX HVW RGLIHU LGRTX HVHU HD OL]D U i GHVSX pVGH  P HVHV                
               

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

(OPRYLPLHQWRGHODFXHQWDLPSXHVWRDODUHQWDGLIHULGRHVHOVLJXLHQWH

$OG H H Q H UR G H O       

&D UJ R D UH V X OWD G R V S R ULPS X H V WR V G LIH ULG R V     
$O G H G LF LH PE UH G H O       
&Up G LWR D UH V X OWD G R V S R ULPS X H V WR V G LIH ULG R V    
$O G H G LF LH PE UH G H O        

/DUHODFLyQHQWUHHOJDVWRSRULPSXHVWR\ODXWLOLGDGDQWHVGHLPSXHVWRVGHORVDxRV\VHPXHVWUD
DFRQWLQXDFLyQ

      

8W LOLGD GGHOD x RD Q W HVGHLP SX HVW RV                    

,P SX HVW RD OD W D VD Y LJ HQ W H                

0i VSD U W LGD VTX HQ RVHU HY HU VD U i Q HQ HOIX W X U R                

0HQ RV,Q J U HVRVH[ HQ W RV          
0i V  D W U LEX LEOHD LQ J U HVRVH[ FHQ W RV      

*D VW RSRU LP SX HVW RV                    

7 D VD HIHFW LY D        

 &LIUDVQRUHHVWUXFWXUDGDV

 &$3,7$/62&,$/

D &DSLWDO

(OFDSLWDODXWRUL]DGRVXVFULWR\SDJDGRGHOD&RPSDxtDFRPSUHQGHDFFLRQHVRUGLQDULDV
QRPLQDWLYDV\OLEHUDGDVGHYDORUQRPLQDO86FDGDXQD

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

$OGHGLFLHPEUHGHO\ORVDFFLRQLVWDVGH$OPDFHQHV'H3UDWL6$VRQ

 86

0D W HGHFD /W G              

3D FLILF+RP H )D VK LRQ )U D Q FK LVH//&               
'HJ HOL6 $               
               

 &RPSDxtDVGRPLFLOLDGDVHQHOH[WHULRU

'HELGRDODFRPSRVLFLyQGHFDSLWDODQWHVLQGLFDGD$OPDFHQHV'H3UDWL6$HVXQDFRPSDxtDGH
QDFLRQDOLGDGHFXDWRULDQDFRQVWLWXLGDHQHO(FXDGRUVHJ~QODVOH\HVHFXDWRULDQDV\TXHWLHQHODFDOLILFDFLyQ
GHHPSUHVDH[WUDQMHUDVHJ~QHO5pJLPHQ&RP~QGH7UDWDPLHQWRDORV&DSLWDOHV([WUDQMHURVSUHYLVWRHQOD
'HFLVLyQGHOD&RPLVLyQGHO$FXHUGRGH&DUWDJHQDSRUORFXDOWLHQHGHUHFKRDWUDQVIHULUOLEUHPHQWH
VXVXWLOLGDGHVDOH[WHULRUXQDYH]VHKD\DQSDJDGRORVLPSXHVWRVFRUUHVSRQGLHQWHV

E 'LVWULEXFLyQGHGLYLGHQGRV

'XUDQWHHOOD&RPSDxtDGHFODUyGLYLGHQGRVDVXVDFFLRQLVWDVSRU86 
86 

 6$/'26<75$16$&&,21(6&21&203$fË$6<3$57(65(/$&,21$'$6

(OVLJXLHQWHHVXQUHVXPHQGHODVSULQFLSDOHVWUDQVDFFLRQHVUHDOL]DGDVGXUDQWHHO\FRQFRPSDxtDV
\SDUWHVUHODFLRQDGDV6HLQFOX\HEDMRODGHQRPLQDFLyQGHFRPSDxtDVUHODFLRQDGDVDODVFRPSDxtDVFRQ
DFFLRQLVWDVFRPXQHVFRQSDUWLFLSDFLyQDFFLRQDULDVLJQLILFDWLYDHQOD&RPSDxtD

7UDQVDFFLRQHV

7 LSRGH
6RFLHGD G 5HO D FL yQ  W U D Q VD FFLyQ   

*D VW RVSRU D U U LHQ GR GH LQ P X HEO HV

,Q P RELOLD U LD $ OGLMR6$   (Q W LGD GGHO*U X SR &RP HU FLD O              

 &RUUHVSRQGHDOFRQWUDWRGHDUUHQGDPLHQWRGHOHGLILFLRGRQGHVHXELFDQODVRILFLQDVDGPLQLVWUDWLYDVGH
$OPDFHQHV'H3UDWL6$ILUPDGRHOGHDJRVWRGHOFRQXQDGXUDFLyQGHDxRV

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

5HPXQHUDFLRQHVSHUVRQDOFODYHGHODJHUHQFLD

/D$GPLQLVWUDFLyQGHOD&RPSDxtDLQFOX\HFRPRPLHPEURVFODYHDORVPLHPEURVGHOGLUHFWRULR
SUHVLGHQFLD\YLFHSUHVLGHQFLDGHODVGLIHUHQWHViUHDVGHODHPSUHVD/RVFRVWRVSRUKRQRUDULRVGHORV
PLHPEURVGHOSHUVRQDOFODYHGHODJHUHQFLDVHGHWDOODQDFRQWLQXDFLyQ

 ,1)250$&,Ï13256(*0(1726

/D&RPSDxtDUHSRUWDLQIRUPDFLyQSRUVHJPHQWRVGHDFXHUGRDORHVWDEOHFLGRHQOD1,,)³6HJPHQWRV
RSHUDWLYRV´8QVHJPHQWRRSHUDWLYRVHGHILQHFRPRXQFRPSRQHQWHGHXQDHQWLGDGVREUHHOFXDOVHWLHQH
LQIRUPDFLyQILQDQFLHUDVHSDUDGDTXHHVHYDOXDGDUHJXODUPHQWH

&ULWHULRVGHVHJPHQWDFLyQSDUDHIHFWRVGHJHVWLyQOD&RPSDxtDHVWiRUJDQL]DGDHQGLYLVLRQHV
RSHUDWLYDVVLHQGRORVSULQFLSDOHV'DPDV&DEDOOHURV+RJDU&DO]DGR1LxRV&RVPpWLFRV7HFQRORJtD\
DFFHVRULRV(VWRVVHJPHQWRVVRQODEDVHVREUHODFXDOOD&RPSDxtDWRPDGHFLVLRQHVUHVSHFWRGHVXV
RSHUDFLRQHV\DVLJQDFLyQGHUHFXUVRV

/RVVHJPHQWRVRSHUDWLYRVVRQLQIRUPDGRVGHPDQHUDFRKHUHQWHFRQODSUHVHQWDFLyQGHLQIRUPHVLQWHUQRV
TXHXVDOD$GPLQLVWUDFLyQHQHOSURFHVRGHWRPDGHGHFLVLRQHV\FRQWUROGHJHVWLyQFRQVLGHUiQGRORVGHVGH
XQDSHUVSHFWLYDDVRFLDGDDOWLSRGHQHJRFLR

/RVVHJPHQWRVRSHUDWLYRVUHSRUWDEOHVGHULYDQVXVLQJUHVRVSULQFLSDOPHQWHHQODYHQWDGHSURGXFWRV\HQOD
SUHVWDFLyQGHVHUYLFLRVDOFRQVXPLGRUILQDOGHODFDGHQDGHDOPDFHQHV

$FRQWLQXDFLyQVHSUHVHQWD~QLFDPHQWHODLQIRUPDFLyQSRUVHJPHQWRVGHODVFXHQWDVGHUHVXOWDGRVGDGR
TXHORVUXEURVGHOHVWDGRGHVLWXDFLyQILQDQFLHUDVRQDGPLQLVWUDGRV\FRQWURODGRVHQIRUPDFHQWUDOL]DGDD
H[FHSFLyQGHODLQIRUPDFLyQGHLQYHQWDULRVUHYHODGDHQOD1RWD

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

$ xR
,QWHU HVHVSRU 
7HFQ RORJtD \  ILQ D Q FLD P LHQ WR
'D P D V &D ED OOHU RV +RJD U &D O]D GR 1Lx RV &RVP pWLFRV 5RSD tQ WLP D $ FFHVRU LRV RWU RV \ RWU RV 7RWD O
,Q JU HVRVSRU Y HQ WD V                                                                                 
&RVWRGHY HQ WD V                                                                               
8WLOLGD GEU X WD                                                                       

0D U J HQ EU X WR            

$ xR
,Q WHU HVHVSRU 
7HFQ RORJ tD \ ILQ D Q FLD P LHQ WR
'D P D V &D ED OOHU RV +RJ D U &D O]D GR 1Lx RV &RVP pWLFRV 5RSD tQ WLP D $ FFHVRU LRV RWU RV \ RWU RV 7RWD O
,Q J U HVRVSRU Y HQ WD V                                                                                     
&RVWRGHY HQ WD V                                                                          
8WLOLGD GEU X WD                                                                               

0D U J HQ EU X WR              

(VWHVHJPHQWRGHLQJUHVRQRWLHQHQFRVWRVGHYHQWDVDVRFLDGRV

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

 ,1*5(626&26726<*$6726

,QJUHVRV

     

9 HQ W D VGHP HU FD GHU tD V                     

'HY ROX FLRQ HVVREU HY HQ W D V               
,Q W HU HVHVSRU ILQ D Q FLD P LHQ W R                  
5HFD U J RSRU SD J RW D U GtR                 
(P LVLyQ GHHVW D GRVGHFX HQ W D \ RW U RV                
,Q J U HVRVSRU D U U HQ GD P LHQ W RVGHORFD OHVD 3OD ]D 1D Y RQ D \ W LH Q GD 6X U                
,Q W HU HVHVSRU P RU D                
'HVFX HQ W RHQ Y HQ W D V               
                  

&RVWRV\JDVWRV

/DFRPSRVLFLyQGHORVFRVWRV\JDVWRVSRUQDWXUDOH]DHVFRPRVLJXH

     

*D VWRV *D VW RV
&RVWRGHY HQ WD RSHU D WLY RV &RVW RGHY HQ WD RSHU D WLY RV
&RQ VX P RVGHP HU FD GHU tD V                     
6X HOGRV\ EHQ HILFLRVVRFLD OHV                  
3D U W LFLSD FLyQ OD ERU D O 1RWD                 
*D VWRVGHSX EOLFLGD GP D U NHWLQ J \ VX P LQ LVWU RVGHW LHQ GD V                
*D VWRSRU LP SX HVWRV\ FRQ WU LEX FLRQ HV               
*D VWRSRU P D Q WHQ LP LHQ WR\ U HSD U D FLRQ HV                
*D VWRSRU K RQ RU D U LRV               
*D VWRSRU GHSU HFLD FLyQ SU RSLHGD GHVP X HEOHV\ HTX LSRV 1RWD                  
*D VWRSRU GHSU HFLD FLyQ SU RSLHGD GHVGHLQ Y HU VLyQ  1RWD               
*D VWRSRU VHU Y LFLRVEi VLFRV                
$ OtFX RWD VGHORFD OHVFRP HU FLD OHV                 
&RU U HVSRQ GHQ FLD              
*D VWRSRU D P RU WL]D FLRQ HV              
$ OTX LOHU GHELHQ HVLQ P X HEOHV                
3U RY LVLyQ GHFX HQ WD VLQ FREU D EOHV 1RWD                 
2WU RV                
                                 

 ,QFOX\HSULQFLSDOPHQWHYHQWDGHPHUFDGHUtD\GHWHULRUREDMDVSRUDQWLJHGDGGHPHUFDGHUtDSRU
DSUR[LPDGDPHQWH86 86 \86 
86 UHVSHFWLYDPHQWH

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

,QJUHVRV\HJUHVRVILQDQFLHURV

     
(J U HVRVILQ D Q FLHU RV
,Q WHU HVHVGHY HQ J D GRVVREU HSU pVWD P RVFRQ HQ WLGD GHVILQ D Q FLHU D V\ HP LVLyQ GHREOLJ D FLRQ HV              
&RP LVLRQ HVWD U MHW D VGHFU pGLWRH[ W HU Q D V            
*D VWRV\ FRP LVLRQ HVED Q FD U LD V            
2WU RV            
             
,Q J U HVRVILQ D Q FLHU RV
,Q WHU HVHVSRU LQ Y HU VLRQ HV           
          
           

 27526,1*5(626

     

2WU RVLQ J U HVRV

,Q J U HVRVH[ WU D RU GLQ D U LRV               
5HFX SHU D FLyQ GHFX HQ W D VFD VWLJ D GD V             
6HU Y LFLRGHHQ Y tRGHP HU FD GHU tD           
2WU RV           
             

2WU RVHJ U HVRV

2WU RV             
3pU GLGD HQ Y HQ WD GHFD U WHU D GHFX HQ WD VSRU FREU D U D FOLHQ WHV          
             

            

 &RUUHVSRQGHDL LQJUHVRVTXHVHJHQHUDQSULQFLSDOPHQWHSRUFRQYHQLRVFRPHUFLDOHVHQWHFQRORJtD
DFXHUGRVSURPRFLRQDOHVFRQSURYHHGRUHVHQWUHRWURVFRQFHSWRVPHQRUHV\LL UHYHUVRGHSURYLVLyQ
GHFXHQWDVLQFREUDEOHVGHDxRVDQWHULRUHVSRUYHQWDGHFDUWHUDHQHODxR

 &RUUHVSRQGHDODUHFXSHUDFLyQGHFXHQWDVTXHIXHURQFDVWLJDGDVHQDxRVDQWHULRUHV

 &RUUHVSRQGHDODSpUGLGDSRUODYHQWDGHFDUWHUDTXHOD&RPSDxtDHIHFWXyGXUDQWHHODxR

3iJLQDGH


 $/0$&(1(6'(35$7,6$

127$6(;3/,&$7,9$6$/26(67$'26),1$1&,(5266(3$5$'26
325(/$f27(50,1$'2(/'(',&,(0%5('(/
([SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV 

 (9(172668%6(&8(17(6

(QWUHHOGHGLFLHPEUHGHO\ODIHFKDGHHPLVLyQGHHVWRVHVWDGRVILQDQFLHURVQRVHSURGXMHURQ
HYHQWRVTXHHQRSLQLyQGHOD$GPLQLVWUDFLyQGHOD&RPSDxtDSXGLHUDQWHQHUXQHIHFWRVLJQLILFDWLYRVREUH
GLFKRVHVWDGRVILQDQFLHURVTXHQRVHKD\DQUHYHODGRHQORVPLVPRV

3iJLQDGH


$1(;2


$1(;2





/E&KZD>/&//MEZ/^'K
D/^/MEK>/'/KE^>Z'KW>Kʹ>DE^WZd/^͘͘

YƵŝƚŽͲĐƵĂĚŽƌ
^ĞƐŝſŶĚĞŽŵŝƚĠEŽ͘ϬϱϵͬϮϬϭϳ͕ĚĞůϮϰĚĞĨĞďƌĞƌŽĚĞϮϬϭϳŶĂůŝƐƚĂ͗/ŶŐ͘yĂǀŝĞƌƐƉŝŶŽƐĂ^͘
/ŶĨŽƌŵĂĐŝſŶ&ŝŶĂŶĐŝĞƌĂĐŽƌƚĂĚĂĂůϯϭĚĞĚŝĐŝĞŵďƌĞĚĞϮϬϭϲdžĂǀŝĞƌ͘ĞƐƉŝŶŽƐĂΛĐůĂƐƐƌĂƚŝŶŐ͘ĞĐ
ǁǁǁ͘ĐůĂƐƐŝŶƚĞƌŶĂƚŝŽŶĂůƌĂƚŝŶŐ͘ĐŽŵ

>DE^  WZd/ ^͘͘ ƐĞ ĚĞĚŝĐĂ ƉƌŝŶĐŝƉĂůŵĞŶƚĞ Ă ůĂ ĐŽŵƉƌĂǀĞŶƚĂ͕ ŝŵƉŽƌƚĂĐŝſŶ͕ ĐŽŵĞƌĐŝĂůŝnjĂĐŝſŶ LJ
ĚŝƐƚƌŝďƵĐŝſŶĚĞǀĞƐƚŝŵĞŶƚĂƐĞŶĞůƌĂŵŽĚĞƚŝĞŶĚĂĚĞĚĞƉĂƌƚĂŵĞŶƚŽƐ͖ĂƌƚşĐƵůŽƐƉĂƌĂĞůŚŽŐĂƌ͕ĞůĞĐƚƌŽĚŽŵĠƐƚŝĐŽƐ͕
ŵƵĞďůĞƐ͕ƉĞƌĨƵŵĞƐ͕ďŝĞŶĞƐĚĞĐŽŶƐƵŵŽLJĚĞĐĂƉŝƚĂů͘ůŽůĂƌŐŽĚĞůƚŝĞŵƉŽƐĞŚĂŝĚŽĞdžƉĂŶĚŝĞŶĚŽLJŚĂůŽŐƌĂĚŽ
ƉŽƐŝĐŝŽŶĂƌƐĞĞŶůŽƐƉƌŝŶĐŝƉĂůĞƐĐĞŶƚƌŽƐĐŽŵĞƌĐŝĂůĞƐĚĞůƉĂşƐ͕ĂůŵŽŵĞŶƚŽĐƵĞŶƚĂĐŽŶϳƚŝĞŶĚĂƐĞŶůĂĐŝƵĚĂĚĚĞ
'ƵĂLJĂƋƵŝůLJϲƚŝĞŶĚĂƐĞŶůĂĐŝƵĚĂĚĚĞYƵŝƚŽ͕ĂĚĞŵĄƐĚĞƵŶĂƚŝĞŶĚĂǀŝƌƚƵĂů͘


EƵĞǀĂ

&ƵŶĚĂŵĞŶƚĂĐŝſŶĚĞůĂĂůŝĨŝĐĂĐŝſŶ

ů ŽŵŝƚĠ ĚĞ ĂůŝĨŝĐĂĐŝſŶ ƌĞƵŶŝĚŽ ĞŶ ƐĞƐŝſŶ EŽ͘ ϬϱϵͬϮϬϭϳ͕ ĚĞů Ϯϰ ĚĞ ĨĞďƌĞƌŽ ĚĞ ϮϬϭϳ͕ ĚĞĐŝĚŝſ ŽƚŽƌŐĂƌ ůĂ
ĐĂůŝĨŝĐĂĐŝſŶĚĞ͟͞;dƌŝƉůĞͿĂůĂŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽʹ>DE^WZd/^͘͘ƉŽƌ
ƵŶŵŽŶƚŽĚĞĚŝĞnjŵŝůůŽŶĞƐĚĞĚſůĂƌĞƐ;h^ϭϬ͘ϬϬϬ͘ϬϬϬ͕ϬϬͿ͘

ĂƚĞŐŽƌşĂ͗͞ŽƌƌĞƐƉŽŶĚĞĂůŽƐǀĂůŽƌĞƐĐƵLJŽƐĞŵŝƐŽƌĞƐLJŐĂƌĂŶƚĞƐƚŝĞŶĞŶĞdžĐĞůĞŶƚĞĐĂƉĂĐŝĚĂĚĚĞƉĂŐŽĚĞů
ĐĂƉŝƚĂů Ğ ŝŶƚĞƌĞƐĞƐ͕ ĞŶ ůŽƐ ƚĠƌŵŝŶŽƐ LJ ƉůĂnjŽƐ ƉĂĐƚĂĚŽƐ͕ ůĂ ĐƵĂů ƐĞ ĞƐƚŝŵĂ ŶŽ ƐĞ ǀĞƌşĂ ĂĨĞĐƚĂĚĂ ĂŶƚĞ ƉŽƐŝďůĞƐ
ĐĂŵďŝŽƐĞŶĞůĞŵŝƐŽƌLJƐƵŐĂƌĂŶƚĞ͕ĞŶĞůƐĞĐƚŽƌĂůƋƵĞƉĞƌƚĞŶĞĐĞŶLJĞŶůĂĞĐŽŶŽŵşĂĞŶŐĞŶĞƌĂů͘͟

>ĂĐĂƚĞŐŽƌşĂĚĞĐĂůŝĨŝĐĂĐŝſŶĚĞƐĐƌŝƚĂƉƵĞĚĞŝŶĐůƵŝƌƐŝŐŶŽƐĚĞŵĄƐ;нͿŽŵĞŶŽƐ;ͲͿ͘ůƐŝŐŶŽĚĞŵĄƐ;нͿŝŶĚŝĐĂƌĄƋƵĞ
ůĂĐĂůŝĨŝĐĂĐŝſŶƉŽĚƌşĂƐƵďŝƌŚĂĐŝĂƐƵŝŶŵĞĚŝĂƚĂƐƵƉĞƌŝŽƌ͕ŵŝĞŶƚƌĂƐƋƵĞĞůƐŝŐŶŽŵĞŶŽƐ;ͲͿĂĚǀĞƌƚŝƌĄĚĞƐĐĞŶƐŽĂůĂ
ĐĂƚĞŐŽƌşĂŝŶŵĞĚŝĂƚĂŝŶĨĞƌŝŽƌ͘

>ĂĐĂůŝĨŝĐĂĐŝſŶĚĞƌŝĞƐŐŽƌĞƉƌĞƐĞŶƚĂůĂŽƉŝŶŝſŶŝŶĚĞƉĞŶĚŝĞŶƚĞĚĞůĂƐƐ/ŶƚĞƌŶĂƚŝŽŶĂůZĂƚŝŶŐƐŽďƌĞůĂƉƌŽďĂďŝůŝĚĂĚƋƵĞƵŶĚĞƚĞƌŵŝŶĂĚŽŝŶƐƚƌƵŵĞŶƚŽƐĞĂƉĂŐĂĚŽ
ĞŶůĂƐĐŽŶĚŝĐŝŽŶĞƐƉƌŽŵĞƚŝĚĂƐĞŶĞůĐŽŶƚƌĂƚŽĚĞĞŵŝƐŝſŶ͘^ŽŶŽƉŝŶŝŽŶĞƐĨƵŶĚĂŵĞŶƚĂĚĂƐƐŽďƌĞĞůƌŝĞƐŐŽƌĞůĂƚŝǀŽĚĞůŽƐƚşƚƵůŽƐ ŽǀĂůŽƌĞƐ͘^ĞĚĞďĞŝŶĚŝĐĂƌƋƵĞ͕ĚĞ
ĂĐƵĞƌĚŽĂ ůŽĚŝƐƉƵĞƐƚŽƉŽƌĞůŽŶƐĞũŽEĂĐŝŽŶĂů ĚĞsĂůŽƌĞƐ;ŚŽLJ ũƵŶƚĂĚĞWŽůşƚŝĐĂLJ ZĞŐƵůĂĐŝſŶDŽŶĞƚĂƌŝĂ LJ&ŝŶĂŶĐŝĞƌĂͿ͕ůĂ ƉƌĞƐĞŶƚĞĐĂůŝĨŝĐĂĐŝſŶ ĚĞƌŝĞƐŐŽ ͞ŶŽ
ŝŵƉůŝĐĂ ƌĞĐŽŵĞŶĚĂĐŝſŶ ƉĂƌĂ ĐŽŵƉƌĂƌ͕ ǀĞŶĚĞƌ Ž ŵĂŶƚĞŶĞƌ ƵŶ ǀĂůŽƌ͕ Ŷŝ ŝŵƉůŝĐĂ ƵŶĂ ŐĂƌĂŶƚşĂ ĚĞů ƉĂŐŽ ĚĞů ŵŝƐŵŽ͕ Ŷŝ ĞƐƚĂďŝůŝĚĂĚ ĚĞ ƵŶ ƉƌĞĐŝŽ͕ ƐŝŶŽ ƵŶĂ
ĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĂĠƐƚĞ͘͟

>Ă ŝŶĨŽƌŵĂĐŝſŶ ƉƌĞƐĞŶƚĂĚĂ ƵƚŝůŝnjĂĚĂ ĞŶ ůŽƐ ĂŶĄůŝƐŝƐ ƋƵĞ ƐĞ ƉƵďůŝĐĂŶ ƉƌŽǀŝĞŶĞ ĚĞ ĨƵĞŶƚĞƐ ŽĨŝĐŝĂůĞƐ͘ ^ŝŶ ĞŵďĂƌŐŽ͕ ĚĂĚĂ ůĂ ƉŽƐŝďŝůŝĚĂĚ ĚĞ ĞƌƌŽƌ ŚƵŵĂŶŽ Ž
ŵĞĐĄŶŝĐŽ͕ůĂƐƐ/ŶƚĞƌŶĂƚŝŽŶĂůZĂƚŝŶŐŶŽŐĂƌĂŶƚŝnjĂůĂĞdžĂĐƚŝƚƵĚ ŽŝŶƚĞŐƌŝĚĂĚĚĞůĂŝŶĨŽƌŵĂĐŝſŶLJ͕ƉŽƌůŽƚĂŶƚŽ͕ŶŽƐĞŚĂĐĞƌĞƐƉŽŶƐĂďůĞĚĞĞƌƌŽƌĞƐƵŽŵŝƐŝŽŶĞƐ͕
ĐŽŵŽƚĂŵƉŽĐŽĚĞůĂƐĐŽŶƐĞĐƵĞŶĐŝĂƐĂƐŽĐŝĂĚĂƐĐŽŶĞůƵƐŽĚĞĞƐĂŝŶĨŽƌŵĂĐŝſŶ͘

>ĂƉƌĞƐĞŶƚĞĂůŝĨŝĐĂĐŝſŶĚĞZŝĞƐŐŽƐƚŝĞŶĞƵŶĂǀŝŐĞŶĐŝĂĚĞƐĞŝƐŵĞƐĞƐŽŵĞŶŽƐĚĞƐĞŝƐŵĞƐĞƐƐŝůĂĐĂůŝĨŝĐĂĚŽƌĂĚĞĐŝĚĞƌĞǀŝƐĂƌůĂĞŶŵĞŶŽƌƚŝĞŵƉŽ͘

>Ă ĐĂůŝĨŝĐĂĐŝſŶ ŽƚŽƌŐĂĚĂ Ă ůĂ ŵŝƐŝſŶ ĚĞ KďůŝŐĂĐŝŽŶĞƐ ĚĞ >ĂƌŐŽ WůĂnjŽ ʹ >DE^  WZd/ ^͘͘ ƐĞ
ĨƵŶĚĂŵĞŶƚĂĞŶ͗

^ŽďƌĞĞůŵŝƐŽƌ͗

x >DE^WZd/^͘͘ŚĂƌĞĐŝďŝĚŽĞŶǀĂƌŝĂƐŽĐĂƐŝŽŶĞƐĞůƌĞĐŽŶŽĐŝŵŝĞŶƚŽĚĞů/ŶƐƚŝƚƵƚŽ>ĂƚŝŶŽĂŵĞƌŝĐĂŶŽ
ĚĞŽŵĞƌĐŝŽĞůĞĐƚƌſŶŝĐŽLJůĂĄŵĂƌĂĚĞŽŵĞƌĐŝŽĚĞ'ƵĂLJĂƋƵŝůĐŽŵŽůĂĞŵƉƌĞƐĂůşĚĞƌĞŶĞͲĐŽŵŵĞƌĐĞĞŶ
/ŶĚƵŵĞŶƚĂƌŝĂLJDŽĚĂ͘
x >DE^  WZd/ ^͘͘ ĞŶ Ğů ĂŹŽ ϮϬϭϱ ŽĐƵƉſ Ğů ƚĞƌĐĞƌ ůƵŐĂƌ ĞŶ 'ƌĞĂƚ WůĂĐĞ ƚŽ tŽƌŬ ĞŶ ĚŽŶĚĞ
ƌĞĐŝďŝĞƌŽŶĞůƐĞůůŽĚĞŵƉůĞŽ:ŽǀĞŶŽƚŽƌŐĂĚŽƉŽƌĞůDƵŶŝĐŝƉŝŽĚĞYƵŝƚŽ͘
x >DE^WZd/^͘͘ŽďƚƵǀŽƵŶĐĞƌƚŝĨŝĐĂĚŽƋƵĞĂĐƌĞĚŝƚĂĞů͞ƉƌŽƚŽĐŽůŽLJƌĞƋƵŝƐŝƚŽƐ^>>K,/E͟
ƋƵĞ ĚĞƚĞƌŵŝŶĂ ĐƵĂƚƌŽ ĠƚŝĐĂƐ ĨƵŶĚĂŵĞŶƚĂůĞƐ ƋƵĞ ĐŽŵƉƌĞŶĚĞŶ ƐƵ ŐĞƐƚŝſŶ ĞŵƉƌĞƐĂƌŝĂů͗ dĂůĞŶƚŽ ,ƵŵĂŶŽ͕
ŽŵƵŶŝĚĂĚ͕ĐůŝĞŶƚĞƐLJƉƌŽǀĞĞĚŽƌĞƐ͕ŐŽďŝĞƌŶŽLJĂŵďŝĞŶƚĞ͘
x >ĂĐŽŵƉĂŹşĂĐƵĞŶƚĂĐŽŶƉƌĄĐƚŝĐĂƐĚĞƵĞŶ'ŽďŝĞƌŶŽŽƌƉŽƌĂƚŝǀŽĚĞďŝĚĂŵĞŶƚĞŝŵƉůĞŵĞŶƚĂĚĂƐ͕ƉƵĞƐŽƉĞƌĂ
ĂƚƌĂǀĠƐĚĞůĂƐĚŝƌĞĐƚƌŝĐĞƐƉƌŽǀĞŶŝĞŶƚĞƐĚĞůĂ:ƵŶƚĂ'ĞŶĞƌĂůĚĞĐĐŝŽŶŝƐƚĂƐLJƐƵŝƌĞĐƚŽƌŝŽ͘
x ŶĐƵĂŶƚŽĂůĂƐƉƌŝŶĐŝƉĂůĞƐůşŶĞĂƐĚĞƉƌŽĚƵĐƚŽƐ͕>DE^WZd/^͘͘ŽĨƌĞĐĞĚŝǀĞƌƐĂƐůşŶĞĂƐĞŶĚĂŵĂƐ͕
ĐĂďĂůůĞƌŽƐ͕ŶŝŹŽƐ͕ŚŽŐĂƌ͕ƚĞĐŶŽůŽŐşĂLJĂĐĐĞƐŽƌŝŽƐ͕ĐĂůnjĂĚŽLJĐŽƐŵĠƚŝĐŽƐ͘

ϭ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

x >ŽƐ ŝŶŐƌĞƐŽƐ ĚĞ >DE^  WZd/ ^͘͘ ƉƌĞƐĞŶƚĂƌŽŶ ƵŶĂ ƚĞŶĚĞŶĐŝĂ ĐƌĞĐŝĞŶƚĞ ĞŶ Ğů ƉĞƌŝŽĚŽ ĂŶĂůŝnjĂĚŽ
;ϮϬϭϯͲϮϬϭϲͿ ĚĞƐĚĞ h^ ϮϬϰ͕ϰϵ ŵŝůůŽŶĞƐ ĞŶ ϮϬϭϯ ŚĂƐƚĂ h^ Ϯϲϯ͕ϱϴ ĞŶ ϮϬϭϲ͕ ĂƵŶƋƵĞ ĐŽŶ ƵŶĂ ƚĂƐĂ ĚĞ
ĐƌĞĐŝŵŝĞŶƚŽĚĞĐƌĞĐŝĞŶƚĞƋƵĞƉĂƐſĚĞƵŶϭϰ͕ϱϭйĞŶϮϬϭϰŚĂƐƚĂĞůϰ͕ϱϭйĞŶϮϬϭϲ͘
x >ŽƐŝŶŐƌĞƐŽƐŽƌĚŝŶĂƌŝŽƐƉƌŽǀŝĞŶĞŶĚĞĚŽƐĨƵĞŶƚĞƐ͗sĞŶƚĂĚĞŵĞƌĐĂĚĞƌşĂ͕ƋƵĞĐŽŵƉƌĞŶĚĞůĂƐĚŝǀŝƐŝŽŶĞƐĚĞ͗
ĂŵĂƐ͕ ĐĂďĂůůĞƌŽƐ͕ ŚŽŐĂƌ͕ ĐĂůnjĂĚŽ͕ ŶŝŹŽƐ͕ ĐŽƐŵĠƚŝĐŽƐ LJ ƚĞĐŶŽůŽŐşĂ LJ ĂĐĐĞƐŽƌŝŽƐ͖ Ğ ŝŶƚĞƌĞƐĞƐ ƉŽƌ
ĨŝŶĂŶĐŝĂŵŝĞŶƚŽ͕ ƋƵĞ ĐŽƌƌĞƐƉŽŶĚĞŶ Ă ůŽƐ ŝŶƚĞƌĞƐĞƐ ŐĞŶĞƌĂĚŽƐ ƉŽƌ ůŽƐ ƐĂůĚŽƐ ĚŝĨĞƌŝĚŽƐ ĚĞ ůĂƐ ĐƵĞŶƚĂƐ ƉŽƌ
ĐŽďƌĂƌ͕ ƋƵĞ ĐŽŶƚĞŵƉůĂŶ ƵŶĂ ƚĂƐĂ ĚĞ ŝŶƚĞƌĠƐ͘  ĚŝĐŝĞŵďƌĞ ĚĞ ϮϬϭϲ ůŽƐ ŝŶŐƌĞƐŽƐ ŽƌĚŝŶĂƌŝŽƐ ƉŽƌ ǀĞŶƚĂ ĚĞ
ŵĞƌĐĂĚĞƌşĂ ĚĞĐƌĞĐŝĞƌŽŶ ĞŶ Ϭ͕ϵϯй ƌĞƐƉĞĐƚŽ Ă ĚŝĐŝĞŵďƌĞ ĚĞ ϮϬϭϱ͕ ŵŝĞŶƚƌĂƐ ƋƵĞ ĂƋƵĞůůŽƐ ƉƌŽǀĞŶŝĞŶƚĞƐ ĚĞ
ŝŶƚĞƌĞƐĞƐƉŽƌĨŝŶĂŶĐŝĂŵŝĞŶƚŽĐƌĞĐŝĞƌŽŶĞŶϱϳ͕ϰϬй͘>ĂĚŝƐŵŝŶƵĐŝſŶĞŶϮϬϭϲĚĞůŽƐŝŶŐƌĞƐŽƐŽƌĚŝŶĂƌŝŽƐƉŽƌ
ǀĞŶƚĂĚĞŵĞƌĐĂĚĞƌşĂ ƐĞĚĞďŝſƉƌŝŶĐŝƉĂůŵĞŶƚĞĂ ůĂĐŽLJƵŶƚƵƌĂĞĐŽŶſŵŝĐĂƉŽƌůĂƋƵĞĂƚƌĂǀŝĞƐĂ ĞůƉĂşƐ͕ƋƵĞ
ĂĚŝĐŝŽŶĂůŵĞŶƚĞƉƌŽǀŽĐſĚŝĨŝĐƵůƚĂĚĞƐĂůĂĐŽŵƉĂŹşĂĞŶĞůĂďĂƐƚĞĐŝŵŝĞŶƚŽĞŶůşŶĞĂƐĚĞďĞůůĞnjĂLJƚĞĐŶŽůŽŐşĂ͕
ƉŽƌůĂƌĞƐƚƌŝĐĐŝſŶĂ ůĂƐŝŵƉŽƌƚĂĐŝŽŶĞƐ͕LJ ĞŶ ĞůŝŶĐƌĞŵĞŶƚŽ ĚĞůĂ ŵŽƌŽƐŝĚĂĚĚĞůĂĐĂƌƚĞƌĂ ĚĞĐƌĠĚŝƚŽ͘ŶƚĞ
ĞƐƚĂƐ ĐŝƌĐƵŶƐƚĂŶĐŝĂƐ͕ ůĂ ĚŵŝŶŝƐƚƌĂĐŝſŶ ĚĞ ůĂ ĐŽŵƉĂŹşĂ ĂĚŽƉƚſ ůĂƐ ƐŝŐƵŝĞŶƚĞƐ ŵĞĚŝĚĂƐ͗ ZĞŶĞŐŽĐŝĂĐŝſŶ ĚĞ
ƉůĂnjŽƐĚĞĚĞƐƉĂĐŚŽLJƉůĂnjŽƐĚĞƉĂŐŽƐĐŽŶƉƌŽǀĞĞĚŽƌĞƐ͕ĐŽŶƚƌĂƚĂĐŝſŶĚĞŶƵĞǀŽƐƐĞƌǀŝĐŝŽƐĚĞĐĂůůĐĞŶƚĞƌLJĚĞ
ĐŽďƌĂŶnjĂ͕ĂũƵƐƚĞĚĞůŵŽĚĞůŽĚĞŝŶŝĐŝĂĐŝſŶĚĞĐƌĠĚŝƚŽƉĂƌĂŶƵĞǀŽƐĐůŝĞŶƚĞƐ͕LJĞdžƉůŽƌĂĐŝſŶĚĞŶƵĞǀĂƐĨƵĞŶƚĞƐ
ĚĞĨŝŶĂŶĐŝĂŵŝĞŶƚŽĞdžƚĞƌŶŽ͕ŵĞĚŝĚĂƐƋƵĞůĞƉĞƌŵŝƚŝĞƌŽŶĂĨƌŽŶƚĂƌůĂƐƐŝƚƵĂĐŝŽŶĞƐĂŶƚĞƐŝŶĚŝĐĂĚĂƐLJĐŽŶƚŝŶƵĂƌ
ŽƉĞƌĂŶĚŽĞŶĨŽƌŵĂƌĞŶƚĂďůĞ͘
x >ŽƐŝŶŐƌĞƐŽƐĂůĐĂŶnjĂĚŽƐƉŽƌ>DE^WZd/^͕͘͘ĐƵďƌŝĞƌŽŶ ĚĞĨŽƌŵĂĂƉƌŽƉŝĂĚĂůŽƐĐŽƐƚŽƐLJŐĂƐƚŽƐ͕
ĞƐ ĂƐş ƋƵĞ ůŽƐ ĐŽƐƚŽƐ ĚĞ ǀĞŶƚĂƐ ƐĞ ŵĂŶƚƵǀŝĞƌŽŶ ƌĞůĂƚŝǀĂŵĞŶƚĞ ĞƐƚĂďůĞƐ ĐŽŶ ƵŶĂ ƉĂƌƚŝĐŝƉĂĐŝſŶ ƉƌŽŵĞĚŝŽ
ĞŶƚƌĞϮϬϭϯLJϮϬϭϲĚĞůϱϰ͕ϬϯйƐŽďƌĞůŽƐŝŶŐƌĞƐŽƐ͕ƐŝŵŝůĂƌĐŽŵƉŽƌƚĂŵŝĞŶƚŽ;ĞƐƚĂďůĞͿƐĞŽďƐĞƌǀſĞŶůŽƐŐĂƐƚŽƐ
ŽƉĞƌĂĐŝŽŶĂůĞƐƉƵĞƐƐƵƉĂƌƚŝĐŝƉĂĐŝſŶƐŽďƌĞůŽƐŝŶŐƌĞƐŽƐĨƵĞĚĞůϮϵ͕ϴϭй;ƉƌŽŵĞĚŝŽͿ͘>ŽŵĞŶĐŝŽŶĂĚŽŐĞŶĞƌſ
ƵŶĂƵƚŝůŝĚĂĚŽƉĞƌĂĐŝŽŶĂůƌĞůĂƚŝǀĂŵĞŶƚĞǀĂƌŝĂďůĞƋƵĞƉĂƐſĂƌĞƉƌĞƐĞŶƚĂƌĞůϭϱ͕ϮϵйĚĞůŽƐŝŶŐƌĞƐŽƐĞŶĞůĂŹŽ
ϮϬϭϲ͕ůƵĞŐŽĚĞŚĂďĞƌƐĞƵďŝĐĂĚŽĞŶϭϰ͕ϵϭйĞŶϮϬϭϱ;ϭϳ͕ϯϳйĞŶϮϬϭϰͿ͘
x ĞƐƉƵĠƐĚĞĚĞƐĐŽŶƚĂƌůŽƐŐĂƐƚŽƐĨŝŶĂŶĐŝĞƌŽƐ͕ŽƚƌŽƐŝŶŐƌĞƐŽƐ͕ĞŐƌĞƐŽƐLJĞůŝŵƉƵĞƐƚŽĂ ůĂƌĞŶƚĂ͕ůĂĐŽŵƉĂŹşĂ
ŽďƚƵǀŽƵŶĂƵƚŝůŝĚĂĚŶĞƚĂǀĂƌŝĂďůĞƋƵĞƉĂƐſĚĞh^Ϯϲ͕ϭϮŵŝůůŽŶĞƐ;ϭϮ͕ϳϴйĚĞůŽƐŝŶŐƌĞƐŽƐͿĞŶϮϬϭϯĂh^
Ϯϰ͕ϳϵŵŝůůŽŶĞƐ;ϵ͕ϴϯйĚĞůŽƐŝŶŐƌĞƐŽƐͿĞŶϮϬϭϱLJh^Ϯϲ͕ϱϬŵŝůůŽŶĞƐ;ϭϬ͕ϬϱйĚĞůŽƐŝŶŐƌĞƐŽƐͿĂůĐŝĞƌƌĞĚĞ
ϮϬϭϲ͘
x WĂƌĂĚŝĐŝĞŵďƌĞĚĞϮϬϭϲ͕Ğů/d;ĂĐƵŵƵůĂĚŽͿĚĞĐĂĞůĞǀĞŵĞŶƚĞĨƌĞŶƚĞĂůŽƌĞĨůĞũĂĚŽĞŶƐƵƐŝŵŝůĂƌƉĞƌŝŽĚŽ
ĚĞϮϬϭϱ͕ĂůƵďŝĐĂƌƐĞĞŶh^ϱϰ͕ϲϲŵŝůůŽŶĞƐ͕ĐŽŶƵŶĂƉĂƌƚŝĐŝƉĂĐŝſŶƐŽďƌĞůŽƐŝŶŐƌĞƐŽƐĚĞůϮϬ͕ϳϰй;h^ϱϵ͕ϭϰ
ŵŝůůŽŶĞƐĂĚŝĐŝĞŵďƌĞĚĞϮϬϭϱLJĞůϮϯ͕ϰϱйĚĞůŽƐŝŶŐƌĞƐŽƐͿ͕ůŽƋƵĞĞǀŝĚĞŶĐŝĂůĂĐĂƉĂĐŝĚĂĚĚĞŐĞŶĞƌĂĐŝſŶĚĞ
ƌĞĐƵƌƐŽƐ ƉƌŽƉŝŽƐ ĚĞ ůĂ ĞŵƉƌĞƐĂ͕ ůĂ ŵŝƐŵĂ ƋƵĞ ůĞ ƉĞƌŵŝƚĞ ĐƵďƌŝƌ ƐƵƐ ŶĞĐĞƐŝĚĂĚĞƐ LJ ĐƵŵƉůŝƌ ĐŽŶ ƐƵƐ
ŽďůŝŐĂĐŝŽŶĞƐ͘
x >ŽƐ ĂĐƚŝǀŽƐ ƚŽƚĂůĞƐ ŵŽƐƚƌĂƌŽŶ ƵŶĂ ƚĞŶĚĞŶĐŝĂ ĐƌĞĐŝĞŶƚĞ ĚĞƐĚĞ h^ ϮϬϱ͕ϱϲ ŵŝůůŽŶĞƐ ĞŶ ϮϬϭϯ ŚĂƐƚĂ h^
Ϯϲϰ͕ϲϱŵŝůůŽŶĞƐĞŶϮϬϭϲ͕ƉƌŽĚƵĐƚŽĚĞůŝŶĐƌĞŵĞŶƚŽĚĞůĂĂĐƚŝǀŝĚĂĚĐŽŵĞƌĐŝĂůĚĞůĂĐŽŵƉĂŹşĂ;ĐƵĞŶƚĂƐƉŽƌ
ĐŽďƌĂƌĚĞĐŽƌƚŽLJůĂƌŐŽƉůĂnjŽͿ͘ŶƐƵĞƐƚƌƵĐƚƵƌĂ͕ƉƌĞĚŽŵŝŶĂŶůŽƐĂĐƚŝǀŽƐĐŽƌƌŝĞŶƚĞƐ͕ĐĂƌĂĐƚĞƌşƐƚŝĐĂƉƌŽƉŝĂĚĞ
ůĂĂĐƚŝǀŝĚĂĚĐŽŵĞƌĐŝĂůĚĞůĂĞŵƉƌĞƐĂ͕ƉƵĞƐƌĞŐŝƐƚƌĂƌŽŶƵŶƉƌŽŵĞĚŝŽĚĞůϲϮ͕ϰϵйĚĞůŽƐĂĐƚŝǀŽƐƚŽƚĂůĞƐĂůŽ
ůĂƌŐŽĚĞůƉĞƌŝŽĚŽĂŶĂůŝnjĂĚŽ;ϮϬϭϯʹϮϬϭϲͿ͘>ĂƐƉƌŝŶĐŝƉĂůĞƐĐƵĞŶƚĂƐĚĞůĂĐƚŝǀŽƐŽŶ͗ƵĞŶƚĂƐƉŽƌĐŽďƌĂƌ͕ƋƵĞ
ĐŽŶũƵŶƚĂŵĞŶƚĞĞŶƚƌĞĞůĐŽƌƚŽLJĞůůĂƌŐŽƉůĂnjŽƉƌĞƐĞŶƚĂƌŽŶƵŶĂƚĞŶĚĞŶĐŝĂĐƌĞĐŝĞŶƚĞĚĞƐĚĞĞůϰϴ͕ϱϰйĚĞůŽƐ
ĂĐƚŝǀŽƐ ĞŶ ϮϬϭϯ ŚĂƐƚĂ Ğů ϱϲ͕ϵϯй ĞŶ ϮϬϭϲ͖ ůĞ ƐŝŐƵĞ ƉƌŽƉŝĞĚĂĚ͕ ƉůĂŶƚĂ LJ ĞƋƵŝƉŽ͕ ĐŽŶ ƵŶĂ ƌĞƉƌĞƐĞŶƚĂĐŝſŶ
ƉƌŽŵĞĚŝŽĚĞůϮϯ͕ϮϮйĚĞůƚŽƚĂůĚĞĂĐƚŝǀŽƐĂůŽůĂƌŐŽĚĞůƉĞƌŝŽĚŽĂŶĂůŝnjĂĚŽ͖LJƉŽƌƷůƚŝŵŽůŽƐŝŶǀĞŶƚĂƌŝŽƐƋƵĞ
ƉĂƐĂƌŽŶĚĞƌĞƉƌĞƐĞŶƚĂƌĞůϭϱ͕ϲϴйĚĞůƚŽƚĂůĚĞĂĐƚŝǀŽƐĞŶϮϬϭϰŚĂƐƚĂĞůϵ͕ϱϭйĞŶϮϬϭϲ͕ĐŽŵŽƌĞĨůĞũŽĚĞůĂ
ĂĨĞĐƚĂĐŝſŶĚĞůĂĐŽLJƵŶƚƵƌĂĞĐŽŶſŵŝĐĂLJĂĂŶĂůŝnjĂĚĂ͘
x ů ĞƐƚĂĚŽ ĚĞ ůĂ ĐĂƌƚĞƌĂ ĚĞ >DE^  WZd/ ^͘͘ ƐŝŶ ƚŽŵĂƌ ĞŶ ĐƵĞŶƚĂ ůĂ ƉƌŽǀŝƐŝſŶ ĚĞ ĐƵĞŶƚĂƐ
ŝŶĐŽďƌĂďůĞƐƌĞĨůĞũĂƵŶĂŵĞũŽƌşĂĂůŽůĂƌŐŽĚĞůƉĞƌŝŽĚŽĂŶĂůŝnjĂĚŽ͕ƉƵĞƐůĂĐĂƌƚĞƌĂƉŽƌǀĞŶĐĞƌĐƌĞĐŝſĚĞƐĚĞĞů
ϳϰ͕ϮϯйĚĞůĂĐĂƌƚĞƌĂƚŽƚĂůĞŶϮϬϭϯŚĂƐƚĂĞůϳϴ͕ϰϮйĞŶϮϬϭϲ͖ŵŝĞŶƚƌĂƐƋƵĞůĂĐĂƌƚĞƌĂǀĞŶĐŝĚĂŵĄƐĚĞϵϬĚşĂƐ
ĚŝƐŵŝŶƵLJſĚĞƐĚĞĞůϮϱ͕ϳϳйĚĞůĂĐĂƌƚĞƌĂƚŽƚĂůĞŶϮϬϭϯŚĂƐƚĂĞůϳ͕ϲϱйĞŶϮϬϭϲ͘
x >ŽƐ ƉĂƐŝǀŽƐ ƚŽƚĂůĞƐ ĚĞ ůĂ ĞŵƉƌĞƐĂ Ă ƉĂƌƚŝƌ ĚĞů ĂŹŽ ϮϬϭϰ ƐĞ ƚŽƌŶĂƌŽŶ ĚĞĐƌĞĐŝĞŶƚĞ͕ ƉƵĞƐ ƉĂƐĂƌŽŶ ĚĞ h^
ϴϳ͕ϱϯŵŝůůŽŶĞƐ;ϯϳ͕ϬϯйĚĞůŽƐĂĐƚŝǀŽƐͿĞŶĞƐĞĂŹŽĂh^ϴϭ͕ϴϮŵŝůůŽŶĞƐ;ϯϬ͕ϵϮйĚĞůŽƐĂĐƚŝǀŽƐͿĞŶϮϬϭϲ͕
ĞĨĞĐƚŽĚĞůĚĞĐƌĞŵĞŶƚŽĚĞ ƐƵƐƉĂƐŝǀŽƐ ĐŽƌƌŝĞŶƚĞƐ͘ůƉĂƐŝǀŽƚŽƚĂůƐĞĞŶĐŽŶƚƌſĐŽŶĨŽƌŵĂĚŽƉƌŝŶĐŝƉĂůŵĞŶƚĞ
ƉŽƌ ƉĂƐŝǀŽƐ ĚĞ ƚŝƉŽ ĐŽƌƌŝĞŶƚĞ͕ ĞƐ ĂƐş ƋƵĞ ĨŝŶĂŶĐŝĂƌŽŶ Ăů ĂĐƚŝǀŽ ĞŶ ƵŶ ϯϯ͕Ϭϵй ĞŶ ϮϬϭϰ LJ ĞŶ ƵŶ Ϯϯ͕ϭϲй ĞŶ
ĚŝĐŝĞŵďƌĞĚĞϮϬϭϲ͘ŶƐƵĞƐƚƌƵĐƚƵƌĂ͕ĞůƉĂƐŝǀŽĞƐƚƵǀŽĐŽŵƉƵĞƐƚŽƉƌŝŶĐŝƉĂůŵĞŶƚĞƉŽƌƉƌŽǀĞĞĚŽƌĞƐ͕ĂƵŶƋƵĞ
ƐƵƚĞŶĚĞŶĐŝĂĨƵĞĚĞĐƌĞĐŝĞŶƚĞ͕ĞƐĂƐşƋƵĞƉĂƐſĚĞĨŝŶĂŶĐŝĂƌĂůŽƐĂĐƚŝǀŽƐĚĞƵŶϭϲ͕ϳϲйĞŶĚŝĐŝĞŵďƌĞĚĞϮϬϭϰ
Ă ƵŶ ϵ͕ϭϯй ĞŶ ϮϬϭϲ͕ ůĞ ƐŝŐƵĞ ůĂ ĚĞƵĚĂ ĨŝŶĂŶĐŝĞƌĂ Ă ĐŽƌƚŽ LJ ůĂƌŐŽ ƉůĂnjŽ͕ ƋƵĞ ĨŝŶĂŶĐŝſ Ă ůŽƐ ĂĐƚŝǀŽƐ ĞŶ ƵŶ
ϭϯ͕ϴϳйĞŶϮϬϭϯŚĂƐƚĂƵŶϲ͕ϲϬйĞŶϮϬϭϲ͕ĚŝĐŚĂƐŽďůŝŐĂĐŝŽŶĞƐŝŶĐůƵLJĞŶƷŶŝĐĂŵĞŶƚĞĐƌĠĚŝƚŽƐĐŽŶĞůƐŝƐƚĞŵĂ
Ϯ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

ĨŝŶĂŶĐŝĞƌŽ͕ ƉƵĞƐƚŽ ƋƵĞ ůĂƐ ŽďůŝŐĂĐŝŽŶĞƐ ĐŽŶƚƌĂşĚĂƐ ĞŶ Ğů DĞƌĐĂĚŽ ĚĞ sĂůŽƌĞƐ LJĂ ĨƵĞƌŽŶ ĐĂŶĐĞůĂĚĂƐ ĞŶ ƐƵ
ƚŽƚĂůŝĚĂĚ͘
x ůƉĂƚƌŝŵŽŶŝŽƐĞĐŽŶƐƚŝƚƵLJĞĞŶĞůƉƌŝŶĐŝƉĂůĨŝŶĂŶĐŝĂĚŽƌĚĞůŽƐ ĂĐƚŝǀŽƐĚĞůĂ ĞŵƉƌĞƐĂ͕ƉƵĞƐůƵĞŐŽĚĞŚĂďĞƌ
ĨŽŶĚĞĂĚŽ Ğů ϲϭ͕ϲϵй ĞŶ ϮϬϭϯ ;h^ ϭϮϲ͕ϴϬ ŵŝůůŽŶĞƐͿ ƉĂƐſ Ă ƵŶ ŝŶƚĞƌĞƐĂŶƚĞ ϲϵ͕Ϭϴй ĞŶ ϮϬϭϲ ;h^ ϭϴϮ͕ϴϯ
ŵŝůůŽŶĞƐͿ͕ ĐŽŵƉŽƌƚĂŵŝĞŶƚŽ ƋƵĞ ŽďĞĚĞĐĞ Ăů ƌĞŐŝƐƚƌŽ ĚĞ ŵĂLJŽƌĞƐ ƌĞƐƵůƚĂĚŽƐ ĂĐƵŵƵůĂĚŽƐ͕ ŵŝƐŵŽƐ ƋƵĞ
ĨŝŶĂŶĐŝĂƌŽŶƵŶĂŝŵƉŽƌƚĂŶƚĞƉŽƌĐŝſŶĚĞůŽƐĂĐƚŝǀŽƐ;ϱϯ͕ϯϴйĞŶĚŝĐŝĞŵďƌĞĚĞϮϬϭϲͿ͘
x ůƌĞĨĞƌŝƌŶŽƐĂůĐĂƉŝƚĂůƐŽĐŝĂů͕ƐĞĚĞďĞŝŶĚŝĐĂƌƋƵĞĞƐƚĞƐĞŵĂŶƚƵǀŽƐŝŶŶŝŶŐƵŶĂǀĂƌŝĂĐŝſŶĚƵƌĂŶƚĞĞůƉĞƌŝŽĚŽ
ĂŶĂůŝnjĂĚŽ ;ϮϬϭϯ ʹ ϮϬϭϲͿ ĞŶ ƵŶ ƌƵďƌŽ ĚĞ h^ ϭϬ͕ϬϬ ŵŝůůŽŶĞƐ͕ ŶŽ ŽďƐƚĂŶƚĞ͕ ƐƵ ĨŝŶĂŶĐŝĂŵŝĞŶƚŽ ƐŽďƌĞ ůŽƐ
ĂĐƚŝǀŽƐĨƵĞĚĞĐƌĞĐŝĞŶƚĞ͕ƉƵĞƐůƵĞŐŽĚĞŚĂďĞƌĨŽŶĚĞĂĚŽĞůϰ͕ϴϲй ĚĞůŽƐĂĐƚŝǀŽƐĞŶĞůĂŹŽϮϬϭϯƉĂƐſĂƵŶ
ϯ͕ϳϴйĞŶĞůĂŹŽϮϬϭϲ͕ůŽƋƵĞĚĞƚĞƌŵŝŶĂƋƵĞůŽƐĂĐĐŝŽŶŝƐƚĂƐĞŶĞůĐŽƌƚŽƉůĂnjŽĚĞďĞƌşĂŶĐŽŶƐŝĚĞƌĂƌŝŶLJĞĐƚĂƌ
ƌĞĐƵƌƐŽƐĨƌĞƐĐŽƐ͕ĚĂĚŽůĂĐƌĞĐŝĞŶƚĞĂĐƚŝǀŝĚĂĚĚĞůĂĐŽŵƉĂŹşĂ͘
x >ŽĂŶƚĞƌŝŽƌĚĞƌŝǀĂĞŶƵŶĂƉĂůĂŶĐĂŵŝĞŶƚŽďĂũŽ;ƉĂƐŝǀŽƚŽƚĂůƐŽďƌĞƉĂƚƌŝŵŽŶŝŽͿLJĐŽŶƚĞŶĚĞŶĐŝĂĚĞĐƌĞĐŝĞŶƚĞ͕
ƉƵĞƐůĂĞŵƉƌĞƐĂƉƌŝǀŝůĞŐŝĂĞůĨŝŶĂŶĐŝĂŵŝĞŶƚŽĚĞĂĐƚŝǀŽƐĐŽŶƌĞĐƵƌƐŽƐƉƌŽƉŝŽƐ͕ĞƐĂƐşƋƵĞĞůĂƉĂůĂŶĐĂŵŝĞŶƚŽ
ĚĞƐĐĞŶĚŝſĚĞƐĚĞϬ͕ϲϮǀĞĐĞƐĞŶϮϬϭϯŚĂƐƚĂϬ͕ϰϱǀĞĐĞƐĞŶϮϬϭϲ͘
x ůŽůĂƌŐŽĚĞůƉĞƌŝŽĚŽĂŶĂůŝnjĂĚŽůĂĐŽŵƉĂŹşĂĐƵĞŶƚĂĐŽŶŝŶĚŝĐĂĚŽƌĞƐĚĞůŝƋƵŝĚĞnjƐƵƉĞƌŝŽƌĞƐĂůĂƵŶŝĚĂĚ͕ůŽƐ
ŵŝƐŵŽƐƋƵĞŵƵĞƐƚƌĂŶƵŶĂƉŽƐŝĐŝſŶĂƉƌŽƉŝĂĚĂƉĂƌĂĞůŐŝƌŽĚĞůŶĞŐŽĐŝŽ͕ĞƐĂƐşƋƵĞĂĚŝĐŝĞŵďƌĞĚĞϮϬϭϲůĂ
ƌĂnjſŶ ĐŝƌĐƵůĂŶƚĞ ƐĞ ƵďŝĐſ ĞŶ Ϯ͕ϲϰ ǀĞĐĞƐ͕ ŵŝĞŶƚƌĂƐ ƋƵĞ Ă ĚŝĐŝĞŵďƌĞ ĚĞ ϮϬϭϱ ĨƵĞ ĚĞ Ϯ͕Ϭϳ ǀĞĐĞƐ͘ >Ž
ŵĞŶĐŝŽŶĂĚŽĂŶƚĞƌŝŽƌŵĞŶƚĞĚĞŵƵĞƐƚƌĂƋƵĞůŽƐĂĐƚŝǀŽƐĐŽƌƌŝĞŶƚĞƐƐƵƉĞƌĂŶůŽƐƉĂƐŝǀŽƐĚĞĐŽƌƚŽƉůĂnjŽ͘

^ŽďƌĞůĂŵŝƐŝſŶ͗

ͻ >Ă:ƵŶƚĂ'ĞŶĞƌĂůdžƚƌĂŽƌĚŝŶĂƌŝĂhŶŝǀĞƌƐĂůĚĞĐĐŝŽŶŝƐƚĂƐĚĞ>DE^WZd/^͕͘͘ĐĞůĞďƌĂĚĂĞůϮϬĚĞ
ĞŶĞƌŽĚĞϮϬϭϳ͕ƌĞƐŽůǀŝſƉŽƌƵŶĂŶŝŵŝĚĂĚĂƉƌŽďĂƌLJĂƵƚŽƌŝnjĂƌĞůƉƌŽĐĞƐŽĚĞŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐůĞ>ĂƌŐŽ
WůĂnjŽͲ>DE^WZd/^͘͘ƉŽƌƵŶŵŽŶƚŽĚĞŚĂƐƚĂh^ϭϬΖϬϬϬ͘ϬϬϬ͕ϬϬ͘
x WŽƐƚĞƌŝŽƌŵĞŶƚĞ͕ĐŽŶĨĞĐŚĂϮϯĚĞĨĞďƌĞƌŽĚĞϮϬϭϳ͕>DE^WZd/^͘͘ĐŽŵŽĞŵŝƐŽƌ͕ĐŽŶũƵŶƚĂŵĞŶƚĞ
ĐŽŶ ^/>sZZK^^ ^͘͘ ^  s>KZ^ ^s ĐŽŵŽ ĞƐƚƌƵĐƚƵƌĂĚŽƌ LJ ŐĞŶƚĞ ŽůŽĐĂĚŽƌ͕ LJ ^dh/K
:hZ1/KWE/z^K/K^^͘͘ĐŽŵŽZĞƉƌĞƐĞŶƚĂŶƚĞĚĞůŽƐKďůŝŐĂĐŝŽŶŝƐƚĂƐ͕ƐƵƐĐƌŝďŝĞƌŽŶĞůĐŽŶƚƌĂƚŽ
ĚĞůĂŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ͘
ͻ >ĂŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽƐĞĞŶĐƵĞŶƚƌĂƌĞƐƉĂůĚĂĚĂƉŽƌƵŶĂŐĂƌĂŶƚşĂŐĞŶĞƌĂů͕ƉŽƌůŽƚĂŶƚŽ͕
Ğů ĞŵŝƐŽƌ ĞƐƚĄ ŽďůŝŐĂĚŽ Ă ĐƵŵƉůŝƌ ĐŽŶ ůŽƐ ƌĞƐŐƵĂƌĚŽƐ ƋƵĞ ƐĞŹĂůĂ ůĂ ŽĚŝĨŝĐĂĐŝſŶ ĚĞ ůĂƐ ZĞƐŽůƵĐŝŽŶĞƐ
ĞdžƉĞĚŝĚĂƐƉŽƌĞůŽŶƐĞũŽEĂĐŝŽŶĂůĚĞsĂůŽƌĞƐ;ŚŽLJũƵŶƚĂĚĞWŽůşƚŝĐĂLJZĞŐƵůĂĐŝſŶDŽŶĞƚĂƌŝĂLJ&ŝŶĂŶĐŝĞƌĂͿ͕
ůŽƐŵŝƐŵŽƋƵĞƐĞĚĞƚĂůůĂŶĂĐŽŶƚŝŶƵĂĐŝſŶ͗
9 ĞƚĞƌŵŝŶĂƌ Ăů ŵĞŶŽƐ ůĂƐ ƐŝŐƵŝĞŶƚĞƐ ŵĞĚŝĚĂƐ ĐƵĂŶƚŝĨŝĐĂďůĞƐ ĞŶ ĨƵŶĐŝſŶ ĚĞ ƌĂnjŽŶĞƐ ĨŝŶĂŶĐŝĞƌĂƐ͕ ƉĂƌĂ
ƉƌĞƐĞƌǀĂƌƉŽƐŝĐŝŽŶĞƐĚĞůŝƋƵŝĚĞnjLJƐŽůǀĞŶĐŝĂƌĂnjŽŶĂďůĞƐĚĞůĞŵŝƐŽƌ͗
Ă͘ DĂŶƚĞŶĞƌƐĞŵĞƐƚƌĂůŵĞŶƚĞƵŶŝŶĚŝĐĂĚŽƌƉƌŽŵĞĚŝŽĚĞůŝƋƵŝĚĞnjŽĐŝƌĐƵůĂŶƚĞ͕ŵĂLJŽƌŽŝŐƵĂůĂƵŶŽ;ϭͿ͕Ă
ƉĂƌƚŝƌĚĞůĂĂƵƚŽƌŝnjĂĐŝſŶĚĞůĂŽĨĞƌƚĂƉƷďůŝĐĂLJŚĂƐƚĂůĂƌĞĚĞŶĐŝſŶƚŽƚĂůĚĞůŽƐǀĂůŽƌĞƐ͖LJ͖
ď͘ >ŽƐ ĂĐƚŝǀŽƐ ƌĞĂůĞƐ ƐŽďƌĞ ůŽƐ ƉĂƐŝǀŽƐ ĚĞďĞƌĄŶ ƉĞƌŵĂŶĞĐĞƌ ĞŶ ŶŝǀĞůĞƐ ĚĞ ŵĂLJŽƌ Ž ŝŐƵĂů Ă ƵŶŽ ;ϭͿ͕
ĞŶƚĞŶĚŝĠŶĚŽƐĞĐŽŵŽĂĐƚŝǀŽƐ ƌĞĂůĞƐĂ ĂƋƵĞůůŽƐĂĐƚŝǀŽƐƋƵĞƉƵĞĚĞŶƐĞƌůŝƋƵŝĚĂĚŽƐLJĐŽŶǀĞƌƚŝĚŽƐĞŶ
ĞĨĞĐƚŝǀŽ͘
9 EŽƌĞƉĂƌƚŝƌĚŝǀŝĚĞŶĚŽƐŵŝĞŶƚƌĂƐĞdžŝƐƚĂŶŽďůŝŐĂĐŝŽŶĞƐĞŶŵŽƌĂ͘
9 DĂŶƚĞŶĞƌ͕ĚƵƌĂŶƚĞůĂǀŝŐĞŶĐŝĂĚĞůĂĞŵŝƐŝſŶ͕ůĂƌĞůĂĐŝſŶĂĐƚŝǀŽƐůŝďƌĞƐĚĞŐƌĂǀĂŵĞŶƐŽďƌĞŽďůŝŐĂĐŝŽŶĞƐ
ĞŶĐŝƌĐƵůĂĐŝſŶ͕ƐĞŐƷŶůŽĞƐƚĂďůĞĐŝĚŽĞŶĞůĂƌƚşĐƵůŽϭϯ͕^ĞĐĐŝſŶ/͕ĂƉşƚƵůŽ///͕^ƵďƚşƚƵůŽ/͕dşƚƵůŽ///͕ĚĞůĂ
ŽĚŝĨŝĐĂĐŝſŶĚĞůĂƐZĞƐŽůƵĐŝŽŶĞƐĚĞů͘E͘s͘;ŚŽLJũƵŶƚĂĚĞWŽůşƚŝĐĂLJZĞŐƵůĂĐŝſŶDŽŶĞƚĂƌŝĂLJ&ŝŶĂŶĐŝĞƌĂͿ͘
ͻ ĚŝĐŝŽŶĂůŵĞŶƚĞ>DE^WZd/^͘͘ĞƐƚĂďůĞĐĞĞůƐŝŐƵŝĞŶƚĞůşŵŝƚĞĚĞĞŶĚĞƵĚĂŵŝĞŶƚŽ͗
9 ů ĞŵŝƐŽƌ ŵŝĞŶƚƌĂƐ ĞƐƚĠ ǀŝŐĞŶƚĞ ůĂ ĞŵŝƐŝſŶ ĚĞ KďůŝŐĂĐŝŽŶĞƐ ůŝŵŝƚĂƌĄ ƐƵ ĞŶĚĞƵĚĂŵŝĞŶƚŽ ĚĞ ƚĂů
ŵĂŶĞƌĂ ƋƵĞ ŶŽ ĐŽŵƉƌŽŵĞƚĂ ůĂ ƌĞůĂĐŝſŶ ĞƐƚĂďůĞĐŝĚĂ ĞŶ Ğů ĂƌƚşĐƵůŽ ϭϲϮ ĚĞ ůĂ >ĞLJ ĚĞ DĞƌĐĂĚŽ ĚĞ
sĂůŽƌĞƐ;>ŝďƌŽ//ĚĞůſĚŝŐŽKƌŐĄŶŝĐŽ͕DŽŶĞƚĂƌŝŽLJ&ŝŶĂŶĐŝĞƌŽͿLJƐƵƐŶŽƌŵĂƐĐŽŵƉůĞŵĞŶƚĂƌŝĂƐ͘
9 WĂƌĂůĞůĂŵĞŶƚĞ ƐĞ ŵĂŶƚĞŶĚƌĄ ƵŶ ůşŵŝƚĞ ĚĞ ĞŶĚĞƵĚĂŵŝĞŶƚŽ ƌĞĨĞƌĞŶƚĞ Ă ůŽƐ ƉĂƐŝǀŽƐ ĐŽŶ ĐŽƐƚŽ ĚĞ
ŚĂƐƚĂϮǀĞĐĞƐĞůƉĂƚƌŝŵŽŶŝŽĚĞůĂĐŽŵƉĂŹşĂ͘
‡ ů ϯϭ ĚĞ ĚŝĐŝĞŵďƌĞ ĚĞ ϮϬϭϲ͕ >DE^  WZd/ ^͕͘͘ ƌĞŐŝƐƚƌſ ƵŶ ŵŽŶƚŽ ƚŽƚĂů ĚĞ ĂĐƚŝǀŽƐ ŵĞŶŽƐ ůĂƐ
ĚĞĚƵĐĐŝŽŶĞƐƐĞŹĂůĂĚĂƐĞŶůĂŶŽƌŵĂƚŝǀĂĚĞh^Ϯϯϵ͕ϲϮŵŝůůŽŶĞƐ͕ƐŝĞŶĚŽĞůϴϬйĚĞůŽƐŵŝƐŵŽƐůĂƐƵŵĂĚĞ
h^ ϭϵϭ͕ϳϬ ŵŝůůŽŶĞƐ͘ ŝĐŚŽ ǀĂůŽƌ ŐĞŶĞƌĂ ƵŶĂ ĐŽďĞƌƚƵƌĂ ĚĞ ϭϵ͕ϭϳ ǀĞĐĞƐ ƐŽďƌĞ Ğů ƐĂůĚŽ ĚĞ ĐĂƉŝƚĂů ĚĞ ůĂ
ŵŝƐŝſŶ ĚĞ KďůŝŐĂĐŝŽŶĞƐ ĚĞ >ĂƌŐŽ WůĂnjŽ͕ ĚĞƚĞƌŵŝŶĂŶĚŽ ĚĞ ĞƐƚĂ ŵĂŶĞƌĂ ƋƵĞ ĚŝĐŚĂ ĞŵŝƐŝſŶ͕ ƐĞ ĞŶĐƵĞŶƚƌĂ
ĚĞŶƚƌŽĚĞůŽƐƉĂƌĄŵĞƚƌŽƐĞƐƚĂďůĞĐŝĚŽƐĞŶůĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞ͘
ϯ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

‡ >ĂƐ ƉƌŽLJĞĐĐŝŽŶĞƐ ƌĞĂůŝnjĂĚĂƐ ƉŽƌ Ğů ĞƐƚƌƵĐƚƵƌĂĚŽƌ ĨŝŶĂŶĐŝĞƌŽ ĚĞů ƉƌŽĐĞƐŽ͕ ŝŶĚŝĐĂŶ LJ ƉƌŽŶŽƐƚŝĐĂŶ ůĂ
ĚŝƐƉŽŶŝďŝůŝĚĂĚ ĚĞ ĨŽŶĚŽƐ ƉĂƌĂ ĂƚĞŶĚĞƌ Ğů ƐĞƌǀŝĐŝŽ ĚĞ ůĂ ĚĞƵĚĂ ĂĚŝĐŝŽŶĂů ĐŽŶ ůĂ ƋƵĞ ĐŽŶƚĂƌĄ ůĂ ĐŽŵƉĂŹşĂ
ůƵĞŐŽĚĞĐŽůŽĐĂƌůŽƐǀĂůŽƌĞƐĚĞůĂĞŵŝƐŝſŶ͕ƵŶĂǀĞnjƋƵĞĞůƉƌŽĐĞƐŽƐĞĂĂƵƚŽƌŝnjĂĚŽƉŽƌĞůĞŶƚĞĚĞĐŽŶƚƌŽů͘

ZŝĞƐŐŽƐWƌĞǀŝƐŝďůĞƐĞŶĞů&ƵƚƵƌŽ

>ĂĐĂƚĞŐŽƌşĂĚĞĐĂůŝĨŝĐĂĐŝſŶĂƐŝŐŶĂĚĂƐĞŐƷŶůŽĞƐƚĂďůĞĐŝĚŽĞŶĞůŶƵŵĞƌĂůϭ͘ϳĚĞůƌƚşĐƵůŽϭϴĚĞůĂƉşƚƵůŽ///ĚĞů
^ƵďƚşƚƵůŽ /s ĚĞů dşƚƵůŽ //͕ ĚĞ ůĂ ŽĚŝĨŝĐĂĐŝſŶ ĚĞ ůĂ ZĞƐŽůƵĐŝſŶ ĚĞů ͘E͘s͘ ;ŚŽLJ ũƵŶƚĂ ĚĞ WŽůşƚŝĐĂ LJ ZĞŐƵůĂĐŝſŶ
DŽŶĞƚĂƌŝĂ LJ &ŝŶĂŶĐŝĞƌĂͿ ƚĂŵďŝĠŶ ƚŽŵĂ ĞŶ ĐŽŶƐŝĚĞƌĂĐŝſŶ ůŽƐ ƌŝĞƐŐŽƐ ƉƌĞǀŝƐŝďůĞƐ ĞŶ Ğů ĨƵƚƵƌŽ͕ ůŽƐ ĐƵĂůĞƐ ƐĞ
ĚĞƚĂůůĂŶĂĐŽŶƚŝŶƵĂĐŝſŶ͗

‡ &ĂĐƚŽƌĞƐ ĞdžƚĞƌŶŽƐ͕ ƉŽůşƚŝĐŽƐ͕ ĞĐŽŶſŵŝĐŽƐ ŶŽƌŵĂƚŝǀŽƐ͕ ĞŶƚƌĞ ŽƚƌŽƐ͕ ƉŽĚƌşĂŶ ĂĨĞĐƚĂƌ Ăů ŵĞƌĐĂĚŽ ĚĞ ŵĂŶĞƌĂ
ƋƵĞƐĞƌĞƐƚƌŝŶũĂůĂĚĞŵĂŶĚĂĚĞůŽƐƉƌŽĚƵĐƚŽƐŽĨĞƌƚĂĚŽƐƉŽƌůĂĐŽŵƉĂŹşĂLJƐĞǀĞĂŶĚŝƐŵŝŶƵŝĚĂƐƐƵƐǀĞŶƚĂƐ͘
‡ ůŝŶŐƌĞƐŽĂůŵĞƌĐĂĚŽĚĞŐƌĂŶĚĞƐŵĂƌĐĂƐĚĞƚŝĞŶĚĂƐĚĞƉĂƌƚĂŵĞŶƚĂůĞƐŝŶƚĞƌŶĂĐŝŽŶĂůĞƐŽůĂƌĞƉŽƚĞŶĐŝĂĐŝſŶLJŽ
ĨƵƐŝſŶĚĞůĂƐLJĂĞdžŝƐƚĞŶƚĞƐ͕ƉŽĚƌşĂŶĚŝƐŵŝŶƵŝƌůĂĐƵŽƚĂĚĞŵĞƌĐĂĚŽĚĞůĂĐƵĂůĂĐƚƵĂůŵĞŶƚĞŐŽnjĂůĂĐŽŵƉĂŹşĂ
ĐŽŶƵŶĂĐŽŶƐĞĐƵĞŶƚĞĂĨĞĐƚĂĐŝſŶĞŶĞůŶŝǀĞůĚĞƐƵƐŝŶŐƌĞƐŽƐ͘
‡ ŶƚĞ ůĂ ƉƌŽďĂďŝůŝĚĂĚ ĚĞ ŽĐƵƌƌĞŶĐŝĂ ĚĞ ĐŝĐůŽƐ ĞĐŽŶſŵŝĐŽƐ ĂĚǀĞƌƐŽƐ ĞŶ ůĂ ĞĐŽŶŽŵşĂ ŶĂĐŝŽŶĂů͕ Ğů ŶŝǀĞů ĚĞ
ŝŶŐƌĞƐŽƐĚĞůŽƐĞĐƵĂƚŽƌŝĂŶŽƐƉŽĚƌşĂǀĞƌƐĞƌĞĚƵĐŝĚŽLJĐŽŶĞůůŽƚĂŶƚŽƐƵƉŽĚĞƌĂĚƋƵŝƐŝƚŝǀŽĐŽŵŽůĂĐĂƉĂĐŝĚĂĚ
ĚĞƉĂŐŽĚĞůĂƐĚĞƵĚĂƐĂĚƋƵŝƌŝĚĂƐŚĂƐƚĂ ĞƐĞĞŶƚŽŶĐĞƐ͕ůŽĐƵĂůƐŝŶĚƵĚĂŽĐĂƐŝŽŶĂƌşĂƋƵĞůĂĚĞŵĂŶĚĂĚĞůŽƐ
ƉƌŽĚƵĐƚŽƐƋƵĞŽĨĞƌƚĂůĂĐŽŵƉĂŹşĂĚŝƐŵŝŶƵLJĂLJĐŽŶĞůůŽƐƵĨůƵũŽ͘
‡ /ŵƉůĞŵĞŶƚĂĐŝſŶĚĞŶƵĞǀĂƐƉŽůşƚŝĐĂƐŐƵďĞƌŶĂŵĞŶƚĂůĞƐŝŵƉŽƐŝƚŝǀĂƐ͕ĂƌĂŶĐĞůĂƌŝĂƐ͕ĚĞĐŽŶƐƵŵŽ͕ƌĞƐƚƌŝĐĐŝŽŶĞƐŽ
ƌĞŐƵůĂĐŝŽŶĞƐƉŽƌƉĂƌƚĞĚĞů'ŽďŝĞƌŶŽĞĐƵĂƚŽƌŝĂŶŽƐŽďƌĞůŽƐƉƌŽĚƵĐƚŽƐƋƵĞĐŽŵĞƌĐŝĂůŝnjĂůĂĐŽŵƉĂŹşĂƉŽĚƌşĂŶ
ĂĨĞĐƚĂƌ ƐƵƐ ƌĞƐƵůƚĂĚŽƐ͖ ƐŝŶ ĞŵďĂƌŐŽ͕ ĞŶ Ğů ŵĞũŽƌ ĚĞ ůŽƐ ĐĂƐŽƐ͕ ĞƐƚŽƐ ƉŽĚƌşĂŶ ƐĞƌ ƚƌĂƐůĂĚĂĚŽƐ Ăů ƉƌĞĐŝŽ ĚĞ
ǀĞŶƚĂ͕ŵŝƚŝŐĂŶĚŽĚĞĂůŐƵŶĂŵĂŶĞƌĂůŽŵĞŶĐŝŽŶĂĚŽ͘
‡ >ĂƐƉĞƌƐƉĞĐƚŝǀĂƐĞĐŽŶſŵŝĐĂƐĚĞůƉĂşƐƐĞǀĞŶŵĞŶŽƐĨĂǀŽƌĂďůĞƐ͕ƉŽƌůŽƋƵĞƉŽĚƌşĂĂĨĞĐƚĂƌůŽƐƌĞƐƵůƚĂĚŽƐĚĞůĂ
ĐŽŵƉĂŹşĂ͘

^ĞŐƷŶůŽĞƐƚĂďůĞĐŝĚŽĞŶĞůŶƵŵĞƌĂůϭ͘ϴĚĞůƌƚşĐƵůŽϭϴ͕^ƵďƐĞĐĐŝſŶ/s͘ŝŝ͕^ĞĐĐŝſŶ/s͕ĂƉşƚƵůŽ///͕^ƵďƚşƚƵůŽ/sĚĞů
dşƚƵůŽ //͕ ĚĞ ůĂ ŽĚŝĨŝĐĂĐŝſŶ ĚĞ ůĂ ZĞƐŽůƵĐŝſŶ ĚĞů ͘E͘s͘ ;ŚŽLJ ũƵŶƚĂ ĚĞ WŽůşƚŝĐĂ LJ ZĞŐƵůĂĐŝſŶ DŽŶĞƚĂƌŝĂ LJ
&ŝŶĂŶĐŝĞƌĂͿ͕ůŽƐƌŝĞƐŐŽƐƉƌĞǀŝƐŝďůĞƐĚĞůĂĐĂůŝĚĂĚĚĞůŽƐĂĐƚŝǀŽƐƋƵĞƌĞƐƉĂůĚĂŶůĂĞŵŝƐŝſŶ͕LJƐƵĐĂƉĂĐŝĚĂĚƉĂƌĂƐĞƌ
ůŝƋƵŝĚĂĚŽƐ͕ƐĞĞŶĐƵĞŶƚƌĂŶĞŶůŽƐĂƐƉĞĐƚŽƐƋƵĞƐĞƐĞŹĂůĂŶĂĐŽŶƚŝŶƵĂĐŝſŶ͗

WƌŝŵĞƌŽ ƐĞ ĚĞďĞ ŝŶĚŝĐĂƌ ƋƵĞ ƉĂƌĂ Ğů ƉƌĞƐĞŶƚĞ ƉƌŽĐĞƐŽ ůŽƐ ĂĐƚŝǀŽƐ ƋƵĞ ƌĞƐƉĂůĚĂŶ ůĂ ĞŵŝƐŝſŶ ƐŽŶ ƵĞŶƚĂƐ ƉŽƌ
ŽďƌĂƌŽŵĞƌĐŝĂůĞƐůŝďƌĞƐĚĞŐƌĂǀĂŵĞŶƉŽƌůŽƋƵĞůŽƐƌŝĞƐŐŽƐĂƐŽĐŝĂĚŽƐƉŽĚƌşĂŶƐĞƌ͗

ͻ hŶƌŝĞƐŐŽƋƵĞƉŽĚƌşĂŵĞƌŵĂƌůĂĐĂůŝĚĂĚĚĞůĂƐ ƵĞŶƚĂƐƉŽƌŽďƌĂƌŽŵĞƌĐŝĂůĞƐ ƋƵĞƌĞƐƉĂůĚĂŶůĂĞŵŝƐŝſŶ
ƐŽŶĞƐĐĞŶĂƌŝŽƐĞĐŽŶſŵŝĐŽƐĂĚǀĞƌƐŽƐĞŶĞůƐĞĐƚŽƌĞŶĞůƋƵĞŽƉĞƌĂŶůŽƐĐůŝĞŶƚĞƐĚĞůĂĞŵƉƌĞƐĂ͕LJƋƵĞĂĨĞĐƚĞŶ
ƐƵĐĂƉĂĐŝĚĂĚƉĂƌĂĐƵŵƉůŝƌƐƵƐĐŽŵƉƌŽŵŝƐŽƐĂĚƋƵŝƌŝĚŽƐĐŽŶůĂĐŽŵƉĂŹşĂ͘
ͻ ^ŝ ůĂ ĞŵƉƌĞƐĂ ŶŽ ŵĂŶƚŝĞŶĞ ĂĐƚƵĂůŝnjĂĚŽ Ğů ƉƌŽĐĞƐŽ ĚĞ ĂƉƌŽďĂĐŝſŶ ĚĞ ǀĞŶƚĂƐ Ă ĐƌĠĚŝƚŽ Ž ůŽƐ ĐƵƉŽƐ ĚĞ ůŽƐ
ĐůŝĞŶƚĞƐ͕ƉŽĚƌşĂ ĐŽŶǀĞƌƚŝƌƐĞĞŶƵŶƌŝĞƐŐŽĚĞŐĞŶĞƌĂƌĐĂƌƚĞƌĂ Ă ĐůŝĞŶƚĞƐƋƵĞƉƵĞĚĂŶƉƌĞƐĞŶƚĂƌƵŶŝƌƌĞŐƵůĂƌ
ĐŽŵƉŽƌƚĂŵŝĞŶƚŽĚĞƉĂŐŽ͘
ͻ ^ŝ ůĂ ĞŵƉƌĞƐĂ ŶŽ ŵĂŶƚŝĞŶĞ ĞŶ ďƵĞŶŽƐ ŶŝǀĞůĞƐ ůĂ ŐĞƐƚŝſŶ ĚĞ ƌĞĐƵƉĞƌĂĐŝſŶ LJ ĐŽďƌĂŶnjĂ ĚĞ ůĂƐ ƵĞŶƚĂƐ ƉŽƌ
ŽďƌĂƌ ŽŵĞƌĐŝĂůĞƐ͕ ĂƐş ĐŽŵŽ ƵŶĂ ĂĚĞĐƵĂĚĂ ĂĚŵŝŶŝƐƚƌĂĐŝſŶ͕ ƉŽůşƚŝĐĂ LJ ƉƌŽĐĞĚŝŵŝĞŶƚŽ͕ ƉŽĚƌşĂ ŐĞŶĞƌĂƌ
ĐĂƌƚĞƌĂǀĞŶĐŝĚĂĞŝŶĐŽďƌĂďŝůŝĚĂĚ͕ůŽƋƵĞƉŽĚƌşĂĐƌĞĂƌƵŶƌŝĞƐŐŽĚĞĚĞƚĞƌŝŽƌŽĚĞůĂĐĂƌƚĞƌĂLJƉŽƌůŽƚĂŶƚŽƵŶ
ƌŝĞƐŐŽƉĂƌĂĞůĂĐƚŝǀŽƋƵĞƌĞƐƉĂůĚĂůĂƉƌĞƐĞŶƚĞĞŵŝƐŝſŶ͘
ͻ &ŝŶĂůŵĞŶƚĞ͕ĂůƌĞĨĞƌŝƌŶŽƐĂůĂƐƵĞŶƚĂƐƉŽƌŽďƌĂƌŽŵĞƌĐŝĂůĞƐƋƵĞƌĞƐƉĂůĚĂŶůĂĞŵŝƐŝſŶƐĞĚĞďĞŝŶĚŝĐĂƌƋƵĞ
ƉƌĞƐĞŶƚĂŶƵŶŐƌĂĚŽďĂũŽƉĂƌĂƐĞƌůŝƋƵŝĚĂĚŽ͕ƉŽƌůŽƋƵĞƐƵůŝƋƵŝĚĂĐŝſŶƉŽĚƌşĂĚĞƉĞŶĚĞƌĚĞƋƵĞůĂĞŵƉƌĞƐĂ
ĞƐƚĠŶŽƌŵĂůŵĞŶƚĞŽƉĞƌĂŶĚŽ͕ĂƐşĐŽŵŽĚĞůŶŽƌŵĂůƉƌŽĐĞƐŽĚĞƌĞĐƵƉĞƌĂĐŝſŶLJĐŽďƌĂŶnjĂĚĞůĂĐĂƌƚĞƌĂĚĞŶƚƌŽ
ĚĞůŽƐƚĠƌŵŝŶŽƐ͕ĐŽŶĚŝĐŝŽŶĞƐLJƉůĂnjŽƐĞƐƚĂďůĞĐŝĚŽƐĞŶĐĂĚĂƵŶĂĚĞůĂƐƵĞŶƚĂƐƉŽƌŽďƌĂƌŽŵĞƌĐŝĂůĞƐ͘ 

^ĞŐƷŶůŽĞƐƚĂďůĞĐŝĚŽĞŶĞůŶƵŵĞƌĂůϭ͘ϵĚĞůƌƚşĐƵůŽϭϴ͕^ƵďƐĞĐĐŝſŶ/s͘ŝŝ͕^ĞĐĐŝſŶ/s͕ĂƉşƚƵůŽ///͕^ƵďƚşƚƵůŽ/sĚĞů
dşƚƵůŽ //͕ ĚĞ ůĂ ŽĚŝĨŝĐĂĐŝſŶ ĚĞ ůĂ ZĞƐŽůƵĐŝſŶ ĚĞů ͘E͘s͘ ;ŚŽLJ ũƵŶƚĂ ĚĞ WŽůşƚŝĐĂ LJ ZĞŐƵůĂĐŝſŶ DŽŶĞƚĂƌŝĂ LJ
&ŝŶĂŶĐŝĞƌĂͿ͕ ůĂƐ ĐŽŶƐŝĚĞƌĂĐŝŽŶĞƐ ĚĞ ƌŝĞƐŐŽ ĐƵĂŶĚŽ ůŽƐ ĂĐƚŝǀŽƐ ƋƵĞ ƌĞƐƉĂůĚĂŶ ůĂ ĞŵŝƐŝſŶ ŝŶĐůƵLJĂŶ ĐƵĞŶƚĂƐ ƉŽƌ
ĐŽďƌĂƌĂĞŵƉƌĞƐĂƐǀŝŶĐƵůĂĚĂƐ͕ƐĞĞŶĐƵĞŶƚƌĂŶĞŶůŽƐĂƐƉĞĐƚŽƐƋƵĞƐĞƐĞŹĂůĂŶĂĐŽŶƚŝŶƵĂĐŝſŶ͗ 
ϰ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

>Ă ĞŵƉƌĞƐĂ ĐĞƌƚŝĨŝĐſ ƋƵĞ ůĂƐ ĐƵĞŶƚĂƐ ƉŽƌ ĐŽďƌĂƌ ƋƵĞ ƌĞƐƉĂůĚĂŶ ůĂ ĞŵŝƐŝſŶ ŶŽ ŝŶĐůƵLJĞŶ ĐƵĞŶƚĂƐ ƉŽƌ ĐŽďƌĂƌ Ă
ǀŝŶĐƵůĂĚĂƐ͘

ƌĞĂƐĚĞŶĄůŝƐŝƐĞŶůĂĂůŝĨŝĐĂĐŝſŶĚĞZŝĞƐŐŽƐ͗

>ĂŝŶĨŽƌŵĂĐŝſŶƵƚŝůŝnjĂĚĂƉĂƌĂƌĞĂůŝnjĂƌĞůĂŶĄůŝƐŝƐĚĞůĂĐĂůŝĨŝĐĂĐŝſŶĚĞƌŝĞƐŐŽŝŶŝĐŝĂůĚĞůĂŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐ
ĚĞ>ĂƌŐŽWůĂnjŽͲ>DE^WZd/^͕͘͘ĞƐƚŽŵĂĚĂĚĞĨƵĞŶƚĞƐǀĂƌŝĂƐĐŽŵŽ͗
x ƐƚƌƵĐƚƵƌĂĐŝſŶ&ŝŶĂŶĐŝĞƌĂ;WƌŽLJĞĐĐŝŽŶĞƐĚĞ/ŶŐƌĞƐŽƐ͕ŽƐƚŽƐ͕'ĂƐƚŽƐ͕&ŝŶĂŶĐŝĂŵŝĞŶƚŽ͕&ůƵũŽĚĞĂũĂ͕ĞƚĐ͘Ϳ͘
x ƐĐƌŝƚƵƌĂĚĞůĂŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ͘
x ĐƚĂ ĚĞ ůĂ :ƵŶƚĂ 'ĞŶĞƌĂů džƚƌĂŽƌĚŝŶĂƌŝĂ hŶŝǀĞƌƐĂů ĚĞ ĐĐŝŽŶŝƐƚĂƐ ĚĞ >DE^  WZd/ ^͕͘͘ ĚĞů ϮϬ ĚĞ
ĞŶĞƌŽĚĞϮϬϭϲ͘
x ŽŶƚƌĂƚŽĚĞůZĞƉƌĞƐĞŶƚĂĐŝſŶĚĞůŽƐKďůŝŐĂĐŝŽŶŝƐƚĂƐ͘
x ĞĐůĂƌĂĐŝſŶ:ƵƌĂŵĞŶƚĂĚĂĚĞůŽƐĐƚŝǀŽƐƋƵĞƌĞƐƉĂůĚĂŶůĂĞŵŝƐŝſŶ͘
x ƐƚĂĚŽƐĚĞ^ŝƚƵĂĐŝſŶ &ŝŶĂŶĐŝĞƌĂĂƵĚŝƚĂĚŽƐĚĞƐĚĞ ĞůĂŹŽϮϬϭϯŚĂƐƚĂ ĞůĂŹŽϮϬϭϱĚĞ>DE^WZd/
^͕͘͘LJƐƚĂĚŽƐĚĞ^ŝƚƵĂĐŝſŶ&ŝŶĂŶĐŝĞƌĂŝŶƚĞƌŶŽƐŶŽĂƵĚŝƚĂĚŽƐĂůϯϭĚĞĚŝĐŝĞŵďƌĞĚĞϮϬϭϲ͘
x ŶƚŽƌŶŽDĂĐƌŽĞĐŽŶſŵŝĐŽĚĞůĐƵĂĚŽƌ͘
x ^ŝƚƵĂĐŝſŶĚĞů^ĞĐƚŽƌLJĚĞůDĞƌĐĂĚŽĞŶĞůƋƵĞƐĞĚĞƐĞŶǀƵĞůǀĞĞůŵŝƐŽƌ͘
x ĂůŝĚĂĚĚĞůŵŝƐŽƌ;WĞƌĨŝůĚĞůĂĞŵƉƌĞƐĂ͕ĂĚŵŝŶŝƐƚƌĂĐŝſŶ͕ĚĞƐĐƌŝƉĐŝſŶĚĞůƉƌŽĐĞƐŽŽƉĞƌĂƚŝǀŽ͕ĞƚĐ͘Ϳ͘
x /ŶĨŽƌŵĂĐŝſŶůĞǀĂŶƚĂĚĂ͞ŝŶƐŝƚƵ͟ĚƵƌĂŶƚĞĞůƉƌŽĐĞƐŽĚĞĚŝůŝŐĞŶĐŝĂĚĞďŝĚĂ͘
x /ŶĨŽƌŵĂĐŝſŶĐƵĂůŝƚĂƚŝǀĂƉƌŽƉŽƌĐŝŽŶĂĚĂƉŽƌůĂĞŵƉƌĞƐĂŵŝƐŽƌĂ͘

ŽŶďĂƐĞĂůĂŝŶĨŽƌŵĂĐŝſŶĂŶƚĞƐĚĞƐĐƌŝƚĂ͕ƐĞĂŶĂůŝnjĂĞŶƚƌĞŽƚƌĂƐĐŽƐĂƐ͗ 
x ů ĐƵŵƉůŝŵŝĞŶƚŽ ŽƉŽƌƚƵŶŽ ĚĞů ƉĂŐŽ ĚĞů ĐĂƉŝƚĂů Ğ ŝŶƚĞƌĞƐĞƐ LJ ĚĞŵĄƐ ĐŽŵƉƌŽŵŝƐŽƐ͕ ĚĞ ĂĐƵĞƌĚŽ ĐŽŶ ůŽƐ
ƚĠƌŵŝŶŽƐLJĐŽŶĚŝĐŝŽŶĞƐĚĞůĂĞŵŝƐŝſŶ͕ĂƐşĐŽŵŽĚĞůŽƐĚĞŵĄƐĂĐƚŝǀŽƐLJĐŽŶƚŝŶŐĞŶƚĞƐ͘
x >ĂƐƉƌŽǀŝƐŝŽŶĞƐĚĞƌĞĐƵƌƐŽƐƉĂƌĂĐƵŵƉůŝƌ͕ĞŶĨŽƌŵĂŽƉŽƌƚƵŶĂLJƐƵĨŝĐŝĞŶƚĞ͕ĐŽŶůĂƐŽďůŝŐĂĐŝŽŶĞƐĚĞƌŝǀĂĚĂƐĚĞ
ůĂĞŵŝƐŝſŶ͘
x >ĂƉŽƐŝĐŝſŶƌĞůĂƚŝǀĂĚĞůĂŐĂƌĂŶƚşĂĨƌĞŶƚĞĂŽƚƌĂƐŽďůŝŐĂĐŝŽŶĞƐĚĞůĞŵŝƐŽƌ͕ĞŶĞůĐĂƐŽĚĞƋƵŝĞďƌĂŽůŝƋƵŝĚĂĐŝſŶ
ĚĞĠƐƚŽƐ͘
x >ĂĐĂƉĂĐŝĚĂĚĚĞŐĞŶĞƌĂƌĨůƵũŽĚĞŶƚƌŽĚĞůĂƐƉƌŽLJĞĐĐŝŽŶĞƐĚĞůĞŵŝƐŽƌLJůĂƐĐŽŶĚŝĐŝŽŶĞƐĚĞůŵĞƌĐĂĚŽ͘
x ŽŵƉŽƌƚĂŵŝĞŶƚŽ ĚĞ ůŽƐ ſƌŐĂŶŽƐ ĂĚŵŝŶŝƐƚƌĂƚŝǀŽƐ ĚĞů ĞŵŝƐŽƌ͕ ĐĂůŝĨŝĐĂĐŝſŶ ĚĞ ƐƵ ƉĞƌƐŽŶĂů͕ ƐŝƐƚĞŵĂƐ ĚĞ
ĂĚŵŝŶŝƐƚƌĂĐŝſŶLJƉůĂŶŝĨŝĐĂĐŝſŶ͘
x ŽŶĨŽƌŵĂĐŝſŶĂĐĐŝŽŶĂƌŝĂLJƉƌĞƐĞŶĐŝĂďƵƌƐĄƚŝů͘
x ŽŶƐŝĚĞƌĂĐŝŽŶĞƐ ĚĞ ƌŝĞƐŐŽƐ ƉƌĞǀŝƐŝďůĞƐ ĞŶ Ğů ĨƵƚƵƌŽ͕ ƚĂůĞƐ ĐŽŵŽ ŵĄdžŝŵĂ ƉĠƌĚŝĚĂ ƉŽƐŝďůĞ ĞŶ ĞƐĐĞŶĂƌŝŽƐ
ĞĐŽŶſŵŝĐŽƐLJůĞŐĂůĞƐĚĞƐĨĂǀŽƌĂďůĞƐ
x ŽŶƐŝĚĞƌĂĐŝŽŶĞƐĚĞƌŝĞƐŐŽƐƉƌĞǀŝƐŝďůĞƐĚĞůĂĐĂůŝĚĂĚĚĞĂĐƚŝǀŽƐƋƵĞƌĞƐƉĂůĚĂůĂĞŵŝƐŝſŶ͕LJƐƵĐĂƉĂĐŝĚĂĚƉĂƌĂ
ƐĞƌůŝƋƵŝĚĂĚŽƐ͘

ů ƐƚƵĚŝŽ dĠĐŶŝĐŽ ŚĂ ƐŝĚŽ ĞůĂďŽƌĂĚŽ ďĂƐĄŶĚŽƐĞ ĞŶ ůĂ ŝŶĨŽƌŵĂĐŝſŶ ƉƌŽƉŽƌĐŝŽŶĂĚĂ ƉŽƌ ůĂ ĐŽŵƉĂŹşĂ LJ ƐƵƐ
ĂƐĞƐŽƌĞƐ͕ĂƐşĐŽŵŽĞůĞŶƚŽƌŶŽĞĐŽŶſŵŝĐŽLJƉŽůşƚŝĐŽŵĄƐƌĞĐŝĞŶƚĞ͘ŶůĂĚŝůŝŐĞŶĐŝĂĚĞďŝĚĂŵĞŶƚĞƌĞĂůŝnjĂĚĂĞŶůĂƐ
ŝŶƐƚĂůĂĐŝŽŶĞƐĚĞůĂĐŽŵƉĂŹşĂ͕ƐƵƐƉƌŝŶĐŝƉĂůĞƐĞũĞĐƵƚŝǀŽƐƉƌŽƉŽƌĐŝŽŶĂƌŽŶŝŶĨŽƌŵĂĐŝſŶƐŽďƌĞĞůĚĞƐĂƌƌŽůůŽĚĞůĂƐ
ĂĐƚŝǀŝĚĂĚĞƐ ŽƉĞƌĂƚŝǀĂƐ ĚĞ ůĂ ŵŝƐŵĂ͕ LJ ĚĞŵĄƐ ŝŶĨŽƌŵĂĐŝſŶ ƌĞůĞǀĂŶƚĞ ƐŽďƌĞ ůĂ ĞŵƉƌĞƐĂ͘ ^Ğ ĚĞďĞ ƌĞĐĂůĐĂƌ ƋƵĞ
>^^/EdZEd/KE>Zd/E'ĂůŝĨŝĐĂĚŽƌĂĚĞZŝĞƐŐŽƐ^͕͘͘ŶŽŚĂƌĞĂůŝnjĂĚŽĂƵĚŝƚŽƌşĂƐŽďƌĞůĂŵŝƐŵĂ͘ 

ů ƉƌĞƐĞŶƚĞ ƐƚƵĚŝŽ dĠĐŶŝĐŽ ƐĞ ƌĞĨŝĞƌĞ Ăů ŝŶĨŽƌŵĞ ĚĞ ĂůŝĨŝĐĂĐŝſŶ ĚĞ ZŝĞƐŐŽ͕ Ğů ŵŝƐŵŽ ƋƵĞ ĐŽŵƉƌĞŶĚĞ ƵŶĂ
ĞǀĂůƵĂĐŝſŶĚĞĂƐƉĞĐƚŽƐƚĂŶƚŽĐƵĂůŝƚĂƚŝǀŽƐĐŽŵŽĐƵĂŶƚŝƚĂƚŝǀŽƐĚĞůĂŽƌŐĂŶŝnjĂĐŝſŶ͘ůƐĞƌƚşƚƵůŽƐƋƵĞĐŝƌĐƵůĂƌĄŶĞŶ
ĞůDĞƌĐĂĚŽĚĞsĂůŽƌĞƐŶĂĐŝŽŶĂů͕ůĂĂůŝĨŝĐĂĚŽƌĂŶŽĐŽŶƐŝĚĞƌĂĞůΗƌŝĞƐŐŽƐŽďĞƌĂŶŽΗŽΗƌŝĞƐŐŽĐƌĞĚŝƚŝĐŝŽĚĞůƉĂşƐΗ͘

ĞďĞ ŝŶĚŝĐĂƌƐĞ ƋƵĞ ĞƐƚĂ ĐĂůŝĨŝĐĂĐŝſŶ ĚĞ ƌŝĞƐŐŽ ĞƐ ƵŶĂ ŽƉŝŶŝſŶ ƐŽďƌĞ ůĂ ƐŽůǀĞŶĐŝĂ LJ ĐĂƉĂĐŝĚĂĚ ĚĞ ƉĂŐŽ ĚĞ
>DE^WZd/^͕͘͘ƉĂƌĂĐƵŵƉůŝƌůŽƐĐŽŵƉƌŽŵŝƐŽƐĚĞƌŝǀĂĚŽƐĚĞůĂĞŵŝƐŝſŶĞŶĂŶĄůŝƐŝƐ͕ĞŶůŽƐƚĠƌŵŝŶŽƐLJ
ĐŽŶĚŝĐŝŽŶĞƐƉůĂŶƚĞĂĚŽƐ͕ĐŽŶƐŝĚĞƌĂŶĚŽĞůƚŝƉŽLJĐĂƌĂĐƚĞƌşƐƚŝĐĂĚĞůĂŐĂƌĂŶƚşĂŽĨƌĞĐŝĚĂ͘ƐƚĂŽƉŝŶŝſŶƐĞƌĄƌĞǀŝƐĂĚĂ
ĞŶůŽƐƉůĂnjŽƐĞƐƚŝƉƵůĂĚŽƐĞŶůĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞŽĐƵĂŶĚŽůĂƐĐŝƌĐƵŶƐƚĂŶĐŝĂƐůŽĂŵĞƌŝƚĞŶ͘



ϱ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

/E&KZD>/&//MEZ/^'K
/EdZKh/ME
ƐƉĞĐƚŽƐ'ĞŶĞƌĂůĞƐĚĞůĂŵŝƐŝſŶ

ŶůĂĐŝƵĚĂĚĚĞ'ƵĂLJĂƋƵŝů͕ĐŽŶĨĞĐŚĂϮϬĚĞĞŶĞƌŽĚĞϮϬϭϳ͕ƐĞƌĞƵŶŝſůĂ:ƵŶƚĂ'ĞŶĞƌĂůdžƚƌĂŽƌĚŝŶĂƌŝĂhŶŝǀĞƌƐĂů
ĚĞĐĐŝŽŶŝƐƚĂƐĚĞ>DE^WZd/^͕͘͘ůĂŵŝƐŵĂƋƵĞĞƐƚƵǀŽ ĐŽŶĨŽƌŵĂĚĂƉŽƌĞůϭϬϬйĚĞƐƵƐĂĐĐŝŽŶŝƐƚĂƐ
LJƋƵĞƌĞƐŽůǀŝſĂƵƚŽƌŝnjĂƌƉŽƌƵŶĂŶŝŵŝĚĂĚƋƵĞůĂĐŽŵƉĂŹşĂƌĞĂůŝĐĞůĂŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽƉŽƌ
ƵŶŵŽŶƚŽĚĞŚĂƐƚĂh^ϭϬ͕ϬϬŵŝůůŽŶĞƐ͘

WŽƐƚĞƌŝŽƌŵĞŶƚĞ͕ĐŽŶĨĞĐŚĂϮϯĚĞĨĞďƌĞƌŽĚĞϮϬϭϳ͕ĂŶƚĞůĂEŽƚĂƌşĂƵĂĚƌĂŐĠƐŝŵĂKĐƚĂǀĂĚĞůĂŶƚſŶ'ƵĂLJĂƋƵŝů͕
>DE^WZd/^͘͘ĐŽŵŽĞŵŝƐŽƌ͕ĐŽŶũƵŶƚĂŵĞŶƚĞĐŽŶ^/>sZZK^^^͘͘^s>KZ^^sĐŽŵŽ
ĞƐƚƌƵĐƚƵƌĂĚŽƌLJŐĞŶƚĞŽůŽĐĂĚŽƌ͕LJ^dh/K:hZ1/KWE/z ^K/K^^͘͘ĐŽŵŽZĞƉƌĞƐĞŶƚĂŶƚĞĚĞ
ůŽƐKďůŝŐĂĐŝŽŶŝƐƚĂƐ͕ƐƵƐĐƌŝďŝĞƌŽŶĞůĐŽŶƚƌĂƚŽĚĞůĂŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐ͘

ĐŽŶƚŝŶƵĂĐŝſŶƐĞĞdžƉŽŶĞŶůĂƐƉƌŝŶĐŝƉĂůĞƐĐĂƌĂĐƚĞƌşƐƚŝĐĂƐLJĐŽŶĚŝĐŝŽŶĞƐĚĞůĂĞŵŝƐŝſŶ͗

&8$'52(6758&785$'(/$(0,6,•1'(2%/,*$&,21(6
(0,6,•1'(2%/,*$&,21(6'(/$5*23/$=2ದ$/0$&(1(6'(35$7,6$
(PLVRU $/0$&(1(6'(35$7,6$
&DSLWDOD(PLWLU 86'ಬ    
0RQHGD 'µODUHVGHORV(VWDGRV8QLGRVGH$P«ULFD
7¯WXORVGHODVREOLJDFLRQHV /RVYDORUHVVHHPLWLU£QGHPDQHUD'HVPDWHULDOL]DGD(OYDORUQRPLQDOP¯QLPRVHU£GH86'
5HGHQFLµQ6RUWHRV\
1RFRQWHPSODVRUWHRVQLUHVFDWHVDQWLFLSDGRV\ODUHGHQFLµQVHU£DOYHQFLPLHQWR
5HVFDWHV$QWLFLSDGRV
8QGHUZULWLQJ /DSUHVHQWH(PLVLµQGH2EOLJDFLRQHVQRFRQWHPSODFRQWUDWRVGHXQGHUZULWLQJ
7LSRGH2IHUWD 3¼EOLFD    
&ODVH 0RQWR 3OD]R 7DVD
&ODVH0RQWR3OD]R7DVD  $ 86' G¯DV ILMDDQXDO 
% 86' G¯DV ILMDDQXDO
(VWUXFWXUDGRU\$JHQWH
6,/9(5&52666$&DVDGH9DORUHV6&&9
&RORFDGRU
$JHQWH3DJDGRU 'HSµVLWR&HQWUDOL]DGRGH&RPSHQVDFLµQ\/LTXLGDFLµQGH9DORUHV'(&(9$/(6$
7LSRGH*DUDQW¯D *DUDQW¯D*HQHUDOGHDFXHUGRDORHVWDEOHFLGRHQHO$UW/H\GH0HUFDGRGH9DORUHV
$PRUWL]DFLµQ&DSLWDO &DGDQRYHQWDG¯DV
3DJRGH,QWHUHVHV &DGDQRYHQWDG¯DV
)RUPDGH&£OFXORLQWHUHVHV %DVHFRPHUFLDOG¯DVSRUD³RFRQG¯DV
 SDUD ILQDQFLDU SDUWH GHO &DSLWDO GH 7UDEDMR GH OD HPSUHVD HVSHF¯ILFDPHQWH SDJR GH SURYHHGRUHV \ FRPSUD GH
'HVWLQRGHORVUHFXUVRV
LQYHQWDULRV
)HFKDGHOD(PLVLµQ )HFKDHQTXHVHUHDOLFHODSULPHUDFRORFDFLµQGHODVREOLJDFLRQHVHQIRUPDSULPDULD
5HSUHVHQWDQWHGH
(678',2-85',&23$1'=,& $62&,$'266$
2EOLJDFLRQLVWDV
6LVWHPDGH&RORFDFLµQ %XUV£WLO
&RQIRUPH OR TXH VH³DOD OD &RGLILFDFLµQ GH ODV 5HVROXFLRQHV GHO &RQVHMR 1DFLRQDO GH 9DORUHV KR\ -XQWD GH 3RO¯WLFD \
5HJXODFLµQ0RQHWDULD\)LQDQFLHUD HQHODUW¯FXOR6HFFLµQ,&DS¯WXOR,,,6XEW¯WXOR,7¯WXOR,,,HOHPLVRUGHEHPDQWHQHU
ORVVLJXLHQWHVUHVJXDUGRVPLHQWUDVVHHQFXHQWUHQHQFLUFXODFLµQODVREOLJDFLRQHV
5HVJXDUGRVHVWDEOHFLGRVHQ ™ 'HWHUPLQDU DO PHQRV ODV VLJXLHQWHV PHGLGDV FXDQWLILFDEOHV HQ IXQFLµQ GH UD]RQHV ILQDQFLHUDV SDUD SUHVHUYDU
OD&RGLILFDFLµQGHOD SRVLFLRQHVGHOLTXLGH]\VROYHQFLDUD]RQDEOHVGHOHPLVRU
5HVROXFLµQGHO&19 KR\ 9 0DQWHQHUVHPHVWUDOPHQWHXQLQGLFDGRUSURPHGLRGHOLTXLGH]RFLUFXODQWHPD\RUR LJXDODXQR  DSDUWLUGHOD
MXQWDGH3RO¯WLFD\5HJXODFLµQ DXWRUL]DFLµQGHODRIHUWDS¼EOLFD\KDVWDODUHGHQFLµQWRWDOGHORVYDORUHV\
0RQHWDULD\)LQDQFLHUD KR\ 9 /RVDFWLYRVUHDOHVVREUHORVSDVLYRVGHEHU£QSHUPDQHFHUHQQLYHOHVGHPD\RURLJXDODXQR  HQWHQGL«QGRVH
MXQWDGH3RO¯WLFD\5HJXODFLµQ FRPRDFWLYRVUHDOHVDDTXHOORVDFWLYRVTXHSXHGHQVHUOLTXLGDGRV\FRQYHUWLGRVHQHIHFWLYR
0RQHWDULD\)LQDQFLHUD  ™1RUHSDUWLUGLYLGHQGRVPLHQWUDVH[LVWDQREOLJDFLRQHVHQPRUD
™0DQWHQHU GXUDQWH OD YLJHQFLD GH OD HPLVLµQ OD UHODFLµQ DFWLYRV OLEUHV GH JUDYDPHQ VREUH REOLJDFLRQHV HQ FLUFXODFLµQ
VHJ¼QORHVWDEOHFLGRHQHODUW¯FXOR6HFFLµQ,&DS¯WXOR,,,6XEW¯WXOR,7¯WXOR,,,GHOD&RGLILFDFLµQGHODV5HVROXFLRQHV
GHO&19 KR\-XQWDGH3RO¯WLFD\5HJXODFLµQ0RQHWDULD\)LQDQFLHUD 

ϲ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

ͻ (O HPLVRU PLHQWUDV HVW« YLJHQWH OD HPLVLµQ GH 2EOLJDFLRQHV OLPLWDU£ VX HQGHXGDPLHQWR GH WDO PDQHUD TXH QR
FRPSURPHWDODUHODFLµQHVWDEOHFLGDHQHODUW¯FXORGHOD/H\GH0HUFDGRGH9DORUHV /LEUR,,GHO&µGLJR2UJ£QLFR
/¯PLWHGH(QGHXGDPLHQWR 0RQHWDULR\)LQDQFLHUR \VXVQRUPDVFRPSOHPHQWDULDV
ͻ 3DUDOHODPHQWH VH PDQWHQGU£ XQ O¯PLWH GH HQGHXGDPLHQWR UHIHUHQWH D ORV SDVLYRV FRQ FRVWR GH KDVWD  YHFHV HO
SDWULPRQLRGHODFRPSD³¯D
)XHQWH(VFULWXUDGH(PLVLµQGH2EOLJDFLRQHV(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ

ĐŽŶƚŝŶƵĂĐŝſŶƐĞƉƌĞƐĞŶƚĂĞůĞƐƋƵĞŵĂďĂũŽĞůĐƵĂůƐĞƌĞĂůŝnjĂƌĄůĂĂŵŽƌƚŝnjĂĐŝſŶĚĞĐĂƉŝƚĂůLJƉĂŐŽĚĞŝŶƚĞƌĞƐĞƐĂ
ůŽƐŽďůŝŐĂĐŝŽŶŝƐƚĂƐ͗

&8$'526$0257,=$&,•1'(&$3,7$/<3$*2'(,17(5(6(6 86' 
 &/$6($  &/$6(%
9HQFLPLHQWR &DSLWDO ,QWHU«V 'LYLGHQGR 6DOGRGH&DSLWDO 9HQFLPLHQWR &DSLWDO ,QWHU«V 'LYLGHQGR 6DOGRGH&DSLWDO
 
         
         
         
         
         
         
         
         
         
         
         
         
       
    
    
    
  
)XHQWH3URVSHFWRGHRIHUWDS¼EOLFD(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ


'ĂƌĂŶƚşĂƐLJZĞƐŐƵĂƌĚŽƐ

ŽŶĨŽƌŵĞ ůŽ ƋƵĞ ƐĞŹĂůĂ ůĂ ŽĚŝĨŝĐĂĐŝſŶ ĚĞ ůĂƐ ZĞƐŽůƵĐŝŽŶĞƐ ĚĞů ŽŶƐĞũŽ EĂĐŝŽŶĂů ĚĞ sĂůŽƌĞƐ ;ŚŽLJ :ƵŶƚĂ ĚĞ
WŽůşƚŝĐĂLJZĞŐƵůĂĐŝſŶDŽŶĞƚĂƌŝĂLJ&ŝŶĂŶĐŝĞƌĂͿĞŶĞůĂƌƚşĐƵůŽϭϭ͕^ĞĐĐŝſŶ/͕ĂƉşƚƵůŽ///͕^ƵďƚşƚƵůŽ/͕dşƚƵůŽ///͕Ğů
ĞŵŝƐŽƌĚĞďĞŵĂŶƚĞŶĞƌůŽƐƐŝŐƵŝĞŶƚĞƐƌĞƐŐƵĂƌĚŽƐŵŝĞŶƚƌĂƐƐĞĞŶĐƵĞŶƚƌĞŶĞŶĐŝƌĐƵůĂĐŝſŶůĂƐŽďůŝŐĂĐŝŽŶĞƐ͗
™ ĞƚĞƌŵŝŶĂƌ Ăů ŵĞŶŽƐ ůĂƐ ƐŝŐƵŝĞŶƚĞƐ ŵĞĚŝĚĂƐ ĐƵĂŶƚŝĨŝĐĂďůĞƐ ĞŶ ĨƵŶĐŝſŶ ĚĞ ƌĂnjŽŶĞƐ ĨŝŶĂŶĐŝĞƌĂƐ͕ ƉĂƌĂ
ƉƌĞƐĞƌǀĂƌƉŽƐŝĐŝŽŶĞƐĚĞůŝƋƵŝĚĞnjLJƐŽůǀĞŶĐŝĂƌĂnjŽŶĂďůĞƐĚĞůĞŵŝƐŽƌ͗
Đ͘ DĂŶƚĞŶĞƌƐĞŵĞƐƚƌĂůŵĞŶƚĞƵŶŝŶĚŝĐĂĚŽƌƉƌŽŵĞĚŝŽĚĞůŝƋƵŝĚĞnj ŽĐŝƌĐƵůĂŶƚĞ͕ŵĂLJŽƌŽŝŐƵĂůĂƵŶŽ;ϭͿ͕Ă
ƉĂƌƚŝƌĚĞůĂĂƵƚŽƌŝnjĂĐŝſŶĚĞůĂŽĨĞƌƚĂƉƷďůŝĐĂLJŚĂƐƚĂůĂƌĞĚĞŶĐŝſŶƚŽƚĂůĚĞůŽƐǀĂůŽƌĞƐ͖LJ͖
Ě͘ >ŽƐ ĂĐƚŝǀŽƐ ƌĞĂůĞƐ ƐŽďƌĞ ůŽƐ ƉĂƐŝǀŽƐ ĚĞďĞƌĄŶ ƉĞƌŵĂŶĞĐĞƌ ĞŶ ŶŝǀĞůĞƐ ĚĞ ŵĂLJŽƌ Ž ŝŐƵĂů Ă ƵŶŽ ;ϭͿ͕
ĞŶƚĞŶĚŝĠŶĚŽƐĞ ĐŽŵŽ ĂĐƚŝǀŽƐ ƌĞĂůĞƐ Ă ĂƋƵĞůůŽƐ ĂĐƚŝǀŽƐ ƋƵĞ ƉƵĞĚĞŶ ƐĞƌ ůŝƋƵŝĚĂĚŽƐ LJ ĐŽŶǀĞƌƚŝĚŽƐ ĞŶ
ĞĨĞĐƚŝǀŽ͘
™ EŽƌĞƉĂƌƚŝƌĚŝǀŝĚĞŶĚŽƐŵŝĞŶƚƌĂƐĞdžŝƐƚĂŶŽďůŝŐĂĐŝŽŶĞƐĞŶŵŽƌĂ͘
™ DĂŶƚĞŶĞƌ͕ĚƵƌĂŶƚĞůĂǀŝŐĞŶĐŝĂĚĞůĂĞŵŝƐŝſŶ͕ůĂƌĞůĂĐŝſŶĂĐƚŝǀŽƐůŝďƌĞƐĚĞŐƌĂǀĂŵĞŶƐŽďƌĞŽďůŝŐĂĐŝŽŶĞƐĞŶ
ĐŝƌĐƵůĂĐŝſŶ͕ ƐĞŐƷŶ ůŽ ĞƐƚĂďůĞĐŝĚŽ ĞŶ Ğů ĂƌƚşĐƵůŽ ϭϯ͕ ^ĞĐĐŝſŶ /͕ ĂƉşƚƵůŽ ///͕ ^ƵďƚşƚƵůŽ /͕ dşƚƵůŽ ///͕ ĚĞ ůĂ
ŽĚŝĨŝĐĂĐŝſŶĚĞůĂƐZĞƐŽůƵĐŝŽŶĞƐĚĞů͘E͘s͘;ŚŽLJ:ƵŶƚĂĚĞWŽůşƚŝĐĂLJZĞŐƵůĂĐŝſŶDŽŶĞƚĂƌŝĂLJ&ŝŶĂŶĐŝĞƌĂͿ͘

ĂďĞ ƐĞŹĂůĂƌ ƋƵĞ Ğů ŝŶĐƵŵƉůŝŵŝĞŶƚŽ ĚĞ ůŽƐ ƌĞƐŐƵĂƌĚŽƐ ĂŶƚĞƐ ŵĞŶĐŝŽŶĂĚŽƐ ĚĂƌĄ ůƵŐĂƌ Ă ĚĞĐůĂƌĂƌ ĚĞ ƉůĂnjŽ
ǀĞŶĐŝĚŽƚŽĚĂƐůĂƐĞŵŝƐŝŽŶĞƐ͕ƐĞŐƷŶůŽĞƐƚŝƉƵůĂĚŽĞŶĞůĂƌƚşĐƵůŽϭϭ͕^ĞĐĐŝſŶ/͕ĂƉşƚƵůŽ///͕^ƵďƚşƚƵůŽ/͕dşƚƵůŽ///ĚĞ

ϳ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

ůĂ ŽĚŝĨŝĐĂĐŝſŶ ĚĞ ůĂƐ ZĞƐŽůƵĐŝŽŶĞƐ ĚĞů ŽŶƐĞũŽ EĂĐŝŽŶĂů ĚĞ sĂůŽƌĞƐ ;ŚŽLJ :ƵŶƚĂ ĚĞ WŽůşƚŝĐĂ LJ ZĞŐƵůĂĐŝſŶ
DŽŶĞƚĂƌŝĂLJ&ŝŶĂŶĐŝĞƌĂͿ͘

>şŵŝƚĞĚĞŶĚĞƵĚĂŵŝĞŶƚŽ

x ůĞŵŝƐŽƌŵŝĞŶƚƌĂƐĞƐƚĠǀŝŐĞŶƚĞůĂĞŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐůŝŵŝƚĂƌĄƐƵĞŶĚĞƵĚĂŵŝĞŶƚŽĚĞƚĂůŵĂŶĞƌĂƋƵĞ
ŶŽ ĐŽŵƉƌŽŵĞƚĂ ůĂ ƌĞůĂĐŝſŶ ĞƐƚĂďůĞĐŝĚĂ ĞŶ Ğů ĂƌƚşĐƵůŽ ϭϲϮ ĚĞ ůĂ >ĞLJ ĚĞ DĞƌĐĂĚŽ ĚĞ sĂůŽƌĞƐ ;>ŝďƌŽ // ĚĞů
ſĚŝŐŽKƌŐĄŶŝĐŽ͕DŽŶĞƚĂƌŝŽLJ&ŝŶĂŶĐŝĞƌŽͿLJƐƵƐŶŽƌŵĂƐĐŽŵƉůĞŵĞŶƚĂƌŝĂƐ͘
x WĂƌĂůĞůĂŵĞŶƚĞ ƐĞ ŵĂŶƚĞŶĚƌĄ ƵŶ ůşŵŝƚĞ ĚĞ ĞŶĚĞƵĚĂŵŝĞŶƚŽ ƌĞĨĞƌĞŶƚĞ Ă ůŽƐ ƉĂƐŝǀŽƐ ĐŽŶ ĐŽƐƚŽ ĚĞ ŚĂƐƚĂ Ϯ
ǀĞĐĞƐĞůƉĂƚƌŝŵŽŶŝŽĚĞůĂĐŽŵƉĂŹşĂ͘

DŽŶƚŽDĄdžŝŵŽĚĞůĂŵŝƐŝſŶ 

>Ă ŵŝƐŝſŶ ĚĞ KďůŝŐĂĐŝŽŶĞƐ ĚĞ >ĂƌŐŽ WůĂnjŽ ĞƐƚĂƌĄ ƌĞƐƉĂůĚĂĚĂ ƉŽƌ ƵŶĂ 'ĂƌĂŶƚşĂ 'ĞŶĞƌĂů ŽƚŽƌŐĂĚĂ ƉŽƌ
>DE^WZd/^͕͘͘ĐŽŵŽŵŝƐŽƌ͕ůŽƋƵĞĐŽŶůůĞǀĂĂĂŶĂůŝnjĂƌůĂĞƐƚƌƵĐƚƵƌĂĚĞƐƵƐĂĐƚŝǀŽƐ͘ƐĂƐşƋƵĞĂů
ϯϭĚĞĚŝĐŝĞŵďƌĞĚĞϮϬϭϲ͕>DE^WZd/^͘͘ĂůĐĂŶnjſƵŶƚŽƚĂůĚĞĂĐƚŝǀŽƐĚĞh^Ϯϲϰ͕ϲϱŵŝůůŽŶĞƐ͕ĚĞůŽƐ
ĐƵĂůĞƐh^ϮϱϬ͕ϲϯŵŝůůŽŶĞƐƐŽŶĂĐƚŝǀŽƐůŝďƌĞƐĚĞŐƌĂǀĂŵĞŶĚĞĂĐƵĞƌĚŽĂůƐŝŐƵŝĞŶƚĞĚĞƚĂůůĞ͗
 
&8$'52'(7$//('($&7,926/,%5(6'(*5$9$0(1 ',&,(0%5( 
$FWLYRV /LEUHV 
'LVSRQLEOHV  
([LJLEOHV  
5HDOL]DEOHV  
3URSLHGDG3ODQWD\(TXLSR  
2WURVDFWLYRV  
727$/  
)XHQWH$/0$&(1(6'(35$7,6$(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ

>^^/EdZEd/KE>Zd/E'ĂůŝĨŝĐĂĚŽƌĂĚĞZŝĞƐŐŽƐ^͘͘ƉƌŽĐĞĚŝſĂǀĞƌŝĨŝĐĂƌƋƵĞůĂŝŶĨŽƌŵĂĐŝſŶƋƵĞĐŽŶƐƚĂ
ĞŶĞůĐĞƌƚŝĨŝĐĂĚŽĚĞůĐĄůĐƵůŽĚĞůŵŽŶƚŽŵĄdžŝŵŽĚĞůĂĞŵŝƐŝſŶĚĞůĂĞŵƉƌĞƐĂ͕ĐŽŶƌƵďƌŽƐĨŝŶĂŶĐŝĞƌŽƐĐŽƌƚĂĚŽƐĂů
ϯϭ ĚĞ ĚŝĐŝĞŵďƌĞ ĚĞ ϮϬϭϲ͕ ƐƵƐĐƌŝƚĂ ƉŽƌ Ğů ƌĞƉƌĞƐĞŶƚĂŶƚĞ ůĞŐĂů ĚĞů ĞŵŝƐŽƌ͕ ĞƐƚĠ ĚĂŶĚŽ ĐƵŵƉůŝŵŝĞŶƚŽ Ă ůŽ ƋƵĞ
ĞƐƚŝƉƵůĂĞůƌƚşĐƵůŽϭϯĚĞůĂ^ĞĐĐŝſŶ/͕ĚĞůĂƉşƚƵůŽ///͕^ƵďƚşƚƵůŽ/͕dşƚƵůŽ///͕ĚĞůĂŽĚŝĨŝĐĂĐŝſŶĚĞZĞƐŽůƵĐŝŽŶĞƐ
ĞdžƉĞĚŝĚĂƐƉŽƌĞů͘E͘s͘;ŚŽLJ:ƵŶƚĂĚĞWŽůşƚŝĐĂLJZĞŐƵůĂĐŝſŶDŽŶĞƚĂƌŝĂLJ&ŝŶĂŶĐŝĞƌĂͿ͕ƋƵĞƐĞŹĂůĂƋƵĞ͗͞ůŵŽŶƚŽ
ŵĄdžŝŵŽƉĂƌĂĞŵŝƐŝŽŶĞƐĂŵƉĂƌĂĚĂƐĐŽŶŐĂƌĂŶƚşĂŐĞŶĞƌĂů͕ĚĞďĞƌĄĐĂůĐƵůĂƌƐĞĚĞůĂƐŝŐƵŝĞŶƚĞŵĂŶĞƌĂ͗ůƚŽƚĂůĚĞ
ĂĐƚŝǀŽƐ ĚĞů ĞŵŝƐŽƌ ĚĞďĞƌĄ ƌĞƐƚĂƌƐĞ ůŽ ƐŝŐƵŝĞŶƚĞ͗ ůŽƐ ĂĐƚŝǀŽƐ ĚŝĨĞƌŝĚŽƐ Ž ŝŵƉƵĞƐƚŽƐ ĚŝĨĞƌŝĚŽƐ͖ ůŽƐ ĂĐƚŝǀŽƐ
ŐƌĂǀĂĚŽƐ͖ ůŽƐ ĂĐƚŝǀŽƐ ĞŶ ůŝƚŝŐŝŽ LJ Ğů ŵŽŶƚŽ ĚĞ ůĂƐ ŝŵƉƵŐŶĂĐŝŽŶĞƐ ƚƌŝďƵƚĂƌŝĂƐ͕ ŝŶĚĞƉĞŶĚŝĞŶƚĞŵĞŶƚĞ ĚĞ ůĂ
ŝŶƐƚĂŶĐŝĂ ĂĚŵŝŶŝƐƚƌĂƚŝǀĂ LJ ũƵĚŝĐŝĂů ĞŶ ůĂ ƋƵĞ ƐĞ ĞŶĐƵĞŶƚƌĞŶ͖ Ğů ŵŽŶƚŽ ŶŽ ƌĞĚŝŵŝĚŽ ĚĞ ŽďůŝŐĂĐŝŽŶĞƐ ĞŶ
ĐŝƌĐƵůĂĐŝſŶ͖ Ğů ŵŽŶƚŽŶŽƌĞĚŝŵŝĚŽĚĞƚŝƚƵůĂƌŝnjĂĐŝſŶĚĞ ĨůƵũŽƐĨƵƚƵƌŽƐĚĞ ĨŽŶĚŽƐĚĞďŝĞŶĞƐƋƵĞƐĞ ĞƐƉĞƌĂƋƵĞ
ĞdžŝƐƚĂŶĞŶůŽƐƋƵĞĞůĞŵŝƐŽƌŚĂLJĂĂĐƚƵĂĚŽĐŽŵŽŽƌŝŐŝŶĂĚŽƌ͖ůŽƐ ĚĞƌĞĐŚŽƐĨŝĚƵĐŝĂƌŝŽƐĚĞůĞŵŝƐŽƌƉƌŽǀĞŶŝĞŶƚĞƐ
ĚĞ ŶĞŐŽĐŝŽƐ ĨŝĚƵĐŝĂƌŝŽƐ ƋƵĞ ƚĞŶŐĂŶ ƉŽƌ ŽďũĞƚŽ ŐĂƌĂŶƚŝnjĂƌ ŽďůŝŐĂĐŝŽŶĞƐ ƉƌŽƉŝĂƐ Ž ĚĞ ƚĞƌĐĞƌŽƐ͖ ĐƵĞŶƚĂƐ LJ
ĚŽĐƵŵĞŶƚŽƐƉŽƌĐŽďƌĂƌƉƌŽǀĞŶŝĞŶƚĞƐĚĞůĂŶĞŐŽĐŝĂĐŝſŶĚĞĚĞƌĞĐŚŽƐĨŝĚƵĐŝĂƌŝŽƐĂĐƵĂůƋƵŝĞƌƚşƚƵůŽ͕ĞŶůŽƐĐƵĂůĞƐ
ĞůƉĂƚƌŝŵŽŶŝŽĂƵƚſŶŽŵŽĞƐƚĞĐŽŵƉƵĞƐƚŽƉŽƌďŝĞŶĞƐŐƌĂǀĂĚŽƐ͖ƐĂůĚŽĚĞůŽƐǀĂůŽƌĞƐĚĞƌĞŶƚĂĨŝũĂĞŵŝƚŝĚŽƐƉŽƌĞů
ĞŵŝƐŽƌLJŶĞŐŽĐŝĂĚŽƐĞŶĞůƌĞŐŝƐƚƌŽĞƐƉĞĐŝĂůƉĂƌĂǀĂůŽƌĞƐŶŽŝŶƐĐƌŝƚŽƐʹZsE/͖LJ͕ůĂƐŝŶǀĞƌƐŝŽŶĞƐĞŶĂĐĐŝŽŶĞƐĞŶ
ĐŽŵƉĂŹşĂƐŶĂĐŝŽŶĂůĞƐŽĞdžƚƌĂŶũĞƌĂƐƋƵĞŶŽĐŽƚŝĐĞŶĞŶďŽůƐĂŽĞŶŵĞƌĐĂĚŽƐƌĞŐƵůĂĚŽƐLJĞƐƚĠŶǀŝŶĐƵůĂĚĂƐĐŽŶĞů
ĞŵŝƐŽƌĞŶůŽƐƚĠƌŵŝŶŽƐĚĞůĂ>ĞLJĚĞDĞƌĐĂĚŽĚĞsĂůŽƌĞƐLJƐƵƐŶŽƌŵĂƐĐŽŵƉůĞŵĞŶƚĂƌŝĂƐ ϭ͘

hŶĂǀĞnjĞĨĞĐƚƵĂĚĂƐůĂƐĚĞĚƵĐĐŝŽŶĞƐĂŶƚĞƐĚĞƐĐƌŝƚĂƐ͕ƐĞĐĂůĐƵůĂƌĄƐŽďƌĞĞůƐĂůĚŽŽďƚĞŶŝĚŽĞůϴϬй͕ƐŝĞŶĚŽĞƐƚĞ
ƌĞƐƵůƚĂĚŽĞůŵŽŶƚŽŵĄdžŝŵŽĂĞŵŝƚŝƌ͘



ϭ͞>ĂǀĞƌŝĨŝĐĂĐŝſŶƌĞĂůŝnjĂĚĂƉŽƌůĂĐĂůŝĨŝĐĂĚŽƌĂĂůĐĞƌƚŝĨŝĐĂĚŽ ĚĞůŵŽŶƚŽŵĄdžŝŵŽĚĞůĂĞŵŝƐŝſŶ͕ĐŽŶƚĞŵƉůĂƷŶŝĐĂLJĞdžĐůƵƐŝǀĂŵĞŶƚ ĞƵŶĂŶĄůŝƐŝƐĚĞƋƵĞůĂŝŶĨŽƌŵĂĐŝſŶƋƵĞĐŽŶƐƚĂĞŶĚŝĐŚŽ
ĐĞƌƚŝĨŝĐĂĚŽĞƐƚĠĚĂŶĚŽĐƵŵƉůŝŵŝĞŶƚŽĂůŽƋƵĞůĂŶŽƌŵĂŝŶĚŝĐĂ͕ůŽĐƵĂůƐŝŐŶŝĨŝĐĂƋƵĞůĂĐĂůŝĨŝĐĂĚŽƌĂŶŽŚĂĂƵĚŝƚĂĚŽůĂŝŶĨŽƌŵĂĐŝſŶƋƵĞĐŽŶƐƚĂĞŶĞůĐĞƌƚŝĨŝĐĂĚŽLJƚĂŵƉŽĐŽŚĂǀĞƌŝĨŝĐĂĚŽůĂ
ĐĂůŝĚĂĚLJǀĞƌĂĐŝĚĂĚĚĞůĂŵŝƐŵĂ͕ůŽĐƵĂůĞƐĚĞĞŶƚĞƌĂLJƷŶŝĐĂƌĞƐƉŽŶƐĂďŝůŝĚĂĚĚĞůĞŵŝƐŽƌ͘͟
ϴ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

>ĂƌĞůĂĐŝſŶƉŽƌĐĞŶƚƵĂůĚĞůϴϬйĞƐƚĂďůĞĐŝĚĂĞŶĞƐƚĞĂƌƚşĐƵůŽĚĞďĞƌĄŵĂŶƚĞŶĞƌƐĞŚĂƐƚĂůĂƚŽƚĂůƌĞĚĞŶĐŝſŶĚĞůĂƐ
ŽďůŝŐĂĐŝŽŶĞƐ͕ƌĞƐƉĞĐƚŽĚĞůŵŽŶƚŽĚĞůĂƐŽďůŝŐĂĐŝŽŶĞƐĞŶĐŝƌĐƵůĂĐŝſŶ͘ůŝŶĐƵŵƉůŝŵŝĞŶƚŽĚĞĞƐƚĂĚŝƐƉŽƐŝĐŝſŶĚĂƌĄ
ůƵŐĂƌĂĚĞĐůĂƌĂƌĚĞƉůĂnjŽǀĞŶĐŝĚŽĂůĂĞŵŝƐŝſŶ͕ƐĞŐƷŶůŽĞƐƚŝƉƵůĂĚŽĞŶĞůĂƌƚşĐƵůŽϭϯĚĞůĂ^ĞĐĐŝſŶ/͕ĚĞůĂƉşƚƵůŽ
///͕ ^ƵďƚşƚƵůŽ /͕ dşƚƵůŽ ///͕ ĚĞ ůĂ ŽĚŝĨŝĐĂĐŝſŶ ĚĞ ZĞƐŽůƵĐŝŽŶĞƐ ĞdžƉĞĚŝĚĂƐ ƉŽƌ Ğů ͘E͘s͘ ;ŚŽLJ :ƵŶƚĂ ĚĞ WŽůşƚŝĐĂ LJ
ZĞŐƵůĂĐŝſŶDŽŶĞƚĂƌŝĂLJ&ŝŶĂŶĐŝĞƌĂͿ͘

hŶĂǀĞnjĚĞƚĞƌŵŝŶĂĚŽůŽĞdžƉƵĞƐƚŽĞŶĞůƉĄƌƌĂĨŽĂŶƚĞƌŝŽƌ͕ƐĞƉƵĚŽĂƉƌĞĐŝĂƌƋƵĞůĂĐŽŵƉĂŹşĂ͕ĐŽŶĨĞĐŚĂϯϭĚĞ
ĚŝĐŝĞŵďƌĞĚĞϮϬϭϲ͕ƉƌĞƐĞŶƚſƵŶŵŽŶƚŽƚŽƚĂůĚĞĂĐƚŝǀŽƐŵĞŶŽƐůĂƐĚĞĚƵĐĐŝŽŶĞƐƐĞŹĂůĂĚĂƐĞŶůĂŶŽƌŵĂƚŝǀĂĚĞ
h^ Ϯϯϵ͕ϲϮ ŵŝůůŽŶĞƐ͕ ƐŝĞŶĚŽ Ğů ϴϬ͕ϬϬй ĚĞ ůŽƐ ŵŝƐŵŽƐ ůĂ ƐƵŵĂ ĚĞ h^ ϭϵϭ͕ϳϬ ŵŝůůŽŶĞƐ͕ ƋƵĞ ĐŽŶƐƚŝƚƵLJĞ Ğů
ŵŽŶƚŽŵĄdžŝŵŽƋƵĞƉŽĚƌşĂĞŵŝƚŝƌůĂĐŽŵƉĂŹşĂ͕ĐŝĨƌĂƋƵĞŐĞŶĞƌĂƵŶĂĐŽďĞƌƚƵƌĂĚĞϭϵ͕ϭϳǀĞĐĞƐƐŽďƌĞĞůƐĂůĚŽĚĞ
ĐĂƉŝƚĂů ĚĞ ůĂ ŵŝƐŝſŶ ĚĞ KďůŝŐĂĐŝŽŶĞƐ ĚĞ >ĂƌŐŽ WůĂnjŽ͕ ĚĞƚĞƌŵŝŶĂŶĚŽ ĚĞ ĞƐƚĂ ŵĂŶĞƌĂ ƋƵĞ ĚŝĐŚĂ ĞŵŝƐŝſŶ ƐĞ
ĞŶĐƵĞŶƚƌĂĚĞŶƚƌŽĚĞůŽƐƉĂƌĄŵĞƚƌŽƐĞƐƚĂďůĞĐŝĚŽƐĞŶůĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞ͘

&8$'52&ƒ/&8/2'(/021720ƒ;,02'((0,6,•1 ',&,(0%5( 
'HVFULSFLµQ 86'
7RWDO$FWLYRV 
 $FWLYRV'LIHULGRVR,PSXHVWRVGLIHULGRV 86'  
 $FWLYRV*UDYDGRV 86'  
 $FWLYRVHQ/LWLJLR\PRQWRGHODVLPSXJQDFLRQHVWULEXWDULDV  86'  
 0RQWRQRUHGLPLGRGH2EOLJDFLRQHVHQFLUFXODFLµQ 86'  
 0RQWRQRUHGLPLGRGH7LWXODUL]DFLRQHVGH)OXMRVGH)RQGRVGHELHQHVTXHVHHVSHUDQTXHH[LVWDQ  86'  
 'HUHFKRV)LGXFLDULRV  86'  
 6DOGRGH5(91, 86'  
 ,QYHUVLRQHVHQ$FFLRQHVHQFRPSD³¯DVQDFLRQDOHVRH[WUDQMHUDV  86'  
7RWDO$FWLYRVFRQ'HGXFFLRQHVVH³DODGDVSRUODQRUPDWLYD 86'  
0RQWR0£[LPRGHODHPLVLµQ GHORV$FWLYRVFRQ'HGXFFLRQHV 
&DSLWDO(PLVLµQ2EOLJDFLRQHVDODUJRSOD]R 
7RWDO$FWLYRVFRQ'HGXFLRQHV6DOGR(PLVLµQ YHFHV  
GHORV$FWLYRVFRQ'HGXFFLRQHV6DOGR(PLVLµQ YHFHV  
)XHQWH$/0$&(1(6'(35$7,6$(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ

ĚŝĐŝŽŶĂůŵĞŶƚĞ͕ ƐĞ ĚĞďĞ ŵĞŶĐŝŽŶĂƌ ƋƵĞ͕ Ăů ϯϭ ĚĞ ĚŝĐŝĞŵďƌĞ ĚĞ ϮϬϭϲ͕ Ăů ĂŶĂůŝnjĂƌ ůĂ ƉŽƐŝĐŝſŶ ƌĞůĂƚŝǀĂ ĚĞ ůĂ
ŐĂƌĂŶƚşĂ ĨƌĞŶƚĞ Ă ŽƚƌĂƐ ŽďůŝŐĂĐŝŽŶĞƐ ĚĞů ĞŵŝƐŽƌ͕ ƐĞ ĞǀŝĚĞŶĐŝĂ ƋƵĞ Ğů ƚŽƚĂů ĚĞ ĂĐƚŝǀŽƐ ŵĞŶŽƐ ůĂƐ ĚĞĚƵĐĐŝŽŶĞƐ
ƐĞŹĂůĂĚĂƐƉŽƌůĂŶŽƌŵĂƚŝǀĂ͕ŽĨƌĞĐĞƵŶĂĐŽďĞƌƚƵƌĂĚĞϮ͕ϴϭǀĞĐĞƐ ϲƐŽďƌĞůŽƐƉĂƐŝǀŽƐƚŽƚĂůĞƐƵŽƚƌĂƐŽďůŝŐĂĐŝŽŶĞƐ
ĚĞůĂĐŽŵƉĂŹşĂ͘

WŽƌŽƚƌŽůĂĚŽ͕ƐĞŐƷŶůŽĞƐƚĂďůĞĐŝĚŽĞŶĞůƌƚşĐƵůŽϵ͕ĂƉşƚƵůŽ/͕^ƵďƚşƚƵůŽ/ĚĞůdşƚƵůŽ///͕ĚĞůĂŽĚŝĨŝĐĂĐŝſŶĚĞůĂ
ZĞƐŽůƵĐŝſŶĚĞů͘E͘s͘;ŚŽLJũƵŶƚĂĚĞWŽůşƚŝĐĂLJZĞŐƵůĂĐŝſŶDŽŶĞƚĂƌŝĂLJ&ŝŶĂŶĐŝĞƌĂͿ͕͞ůĐŽŶũƵŶƚŽĚĞůŽƐǀĂůŽƌĞƐ
ĞŶ ĐŝƌĐƵůĂĐŝſŶ ĚĞ ůŽƐ ƉƌŽĐĞƐŽƐ ĚĞ ƚŝƚƵůĂƌŝnjĂĐŝſŶ LJ ĚĞ ĞŵŝƐŝſŶ ĚĞ ŽďůŝŐĂĐŝŽŶĞƐ ĚĞ ůĂƌŐŽ LJ ĐŽƌƚŽ ƉůĂnjŽ͕ ĚĞ ƵŶ
ŵŝƐŵŽ ŽƌŝŐŝŶĂĚŽƌ LJͬŽ ĞŵŝƐŽƌ͕ ŶŽ ƉŽĚƌĄ ƐĞƌ ƐƵƉĞƌŝŽƌ Ăů ϮϬϬй ĚĞ ƐƵ ƉĂƚƌŝŵŽŶŝŽ͖ ĚĞ ĞdžĐĞĚĞƌƐĞ ĚŝĐŚŽ ŵŽŶƚŽ͕
ĚĞďĞƌĄŶĐŽŶƐƚŝƚƵŝƌƐĞŐĂƌĂŶƚşĂƐĞƐƉĞĐşĨŝĐĂƐĂĚĞĐƵĂĚĂƐƋƵĞĐƵďƌĂŶůŽƐǀĂůŽƌĞƐƋƵĞƐĞĞŵŝƚĂŶ͕ƉŽƌůŽŵĞŶŽƐĞŶ
ƵŶϭϮϬй͘͟
hŶĂ ǀĞnj ĚĞƚĞƌŵŝŶĂĚŽ ůŽ ĞdžƉƵĞƐƚŽ ĞŶ Ğů ƉĄƌƌĂĨŽ ĂŶƚĞƌŝŽƌ͕ ƐĞ ƉƵĚŽ ĞǀŝĚĞŶĐŝĂƌ ƋƵĞ Ğů ǀĂůŽƌ ƉŽƌ Ğŵŝƚŝƌ ĚĞ ůĂ
ŵŝƐŝſŶ ĚĞ KďůŝŐĂĐŝŽŶĞƐ ĚĞ >ĂƌŐŽ WůĂnjŽ ĚĞ >DE^  WZd/ ^͕͘͘ ƌĞƉƌĞƐĞŶƚĂ Ğů Ϯ͕ϳϯй ĚĞů ϮϬϬй ĚĞů
ƉĂƚƌŝŵŽŶŝŽĂůϯϭĚĞĚŝĐŝĞŵďƌĞĚĞϮϬϭϲ͕LJĞůϱ͕ϰϳйĚĞƉĂƚƌŝŵŽŶŝŽ͕ĐƵŵƉůŝĞŶĚŽĚĞĞƐƚĂŵĂŶĞƌĂĐŽŶůŽĞdžƉƵĞƐƚŽ
ĂŶƚĞƌŝŽƌŵĞŶƚĞ͘






Ϯ
/ŶĚĞƉĞŶĚŝĞŶƚĞŵĞŶƚĞĚĞůĂŝŶƐƚĂŶĐŝĂĂĚŵŝŶŝƐƚƌĂƚŝǀĂLJũƵĚŝĐŝĂůĞŶůĂƋƵĞƐĞĞŶĐƵĞŶƚƌĞŶ
ϯ
ŶůŽƐƋƵĞĞůĞŵŝƐŽƌŚĂLJĂĂĐƚƵĂĚŽĐŽŵŽKƌŝŐŝŶĂĚŽƌ
ϰ
WƌŽǀĞŶŝĞŶƚĞƐĚĞŶĞŐŽĐŝŽƐĨŝĚƵĐŝĂƌŝŽƐƋƵĞƚĞŶŐĂŶƉŽƌŽďũĞƚŽŐĂƌĂŶƚŝnjĂƌŽďůŝŐĂĐŝŽŶĞƐƉƌŽƉŝĂƐŽĚĞƚĞƌĐĞƌŽƐ͗ĐƵĞŶƚĂƐLJĚŽĐƵŵĞŶƚŽƐƉŽƌĐŽďƌĂƌƉƌŽǀĞŶŝĞŶƚĞƐĚĞůĂŶĞŐŽĐŝĂĐŝſŶĚĞ
ĚĞƌĞĐŚŽƐĨŝĚƵĐŝĂƌŝŽƐĂĐƵĂůƋƵŝĞƌƚşƚƵůŽĞŶůŽƐĐƵĂůĞƐĞůƉĂƚƌŝŵŽŶŝŽĂƵƚſŶŽŵŽĞƐƚĞĐŽŵƉƵĞƐƚŽƉŽƌďŝĞŶĞƐŐƌĂǀĂĚŽƐ
ϱ

YƵĞŶŽĐŽƚŝĐĞŶĞŶďŽůƐĂŽĞŶŵĞƌĐĂĚŽƐƌĞŐƵůĂĚŽƐLJĞƐƚĠŶǀŝŶĐƵůĂĚŽƐĐŽŶĞůĞŵŝƐŽƌĞŶůŽƐƚĠƌŵŝŶŽƐĚĞůĂ>ĞLJĚĞDĞƌĐĂĚŽĚĞsĂůŽ ƌĞƐLJƐƵƐŶŽƌŵĂƐĐŽŵƉůĞŵĞŶƚĂƌŝĂƐ
ϲ
;dŽƚĂůĐƚŝǀŽƐĞĚƵĐŝĚŽƐʹKďůŝŐĂĐŝŽŶĞƐĞŵŝƚŝĚĂƐͿͬ;dŽƚĂůWĂƐŝǀŽʹKďůŝŐĂĐŝŽŶĞƐĞŵŝƚŝĚĂƐͿ
ϵ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

&8$'52&ƒ/&8/2'(/'(/3$75,021,2 ',&,(0%5('( 
'HVFULSFLµQ 86'
3DWULPRQLR 86'  
GHO3DWULPRQLR 86'  
&DSLWDO(PLVLµQ2EOLJDFLRQHVDODUJRSOD]R 
7RWDO(PLVLRQHV 
9DORUHVHPLWLGRV\SRUHPLWLUGHO3DWULPRQLR 
9DORUHVHPLWLGRV\SRUHPLWLU3DWULPRQLR 
)XHQWH$/0$&(1(6'(35$7,6$(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ

WƌŽLJĞĐĐŝŽŶĞƐĚĞůŵŝƐŽƌ

>ĂƐ ƉƌŽLJĞĐĐŝŽŶĞƐ ĨŝŶĂŶĐŝĞƌĂƐ͕ ƉĂƌĂ Ğů ƉĞƌŝŽĚŽ ĐŽŵƉƌĞŶĚŝĚŽ ĞŶƚƌĞ Ğů ĂŹŽ ϮϬϭϳ LJ ϮϬϮϭ͕ ĂƌƌŽũĂŶ ůĂƐ ĐŝĨƌĂƐ
ĐŽŶƚĞŶŝĚĂƐ ĞŶ Ğů ĐƵĂĚƌŽ ƋƵĞ ƐĞ ƉƌĞƐĞŶƚĂ Ă ĐŽŶƚŝŶƵĂĐŝſŶ LJ ƌĞƐƵŵĞ Ğů ĞƐƚĂĚŽ ĚĞ ƌĞƐƵůƚĂĚŽƐ ŝŶƚĞŐƌĂůĞƐ
ƉƌŽLJĞĐƚĂĚŽƐ ĚĞ ůĂ ĐŽŵƉĂŹşĂ͖ ĚĞ ĂĐƵĞƌĚŽ Ăů ĐƵĂů͕ ĞŶ Ğů ĂŹŽ ϮϬϮϭ >DE^  WZd/ ^͘͘ ĂůĐĂŶnjĂƌşĂ ƵŶĂ
ƵƚŝůŝĚĂĚŶĞƚĂŝŐƵĂůĂh^ϯϭ͕ϱϭŵŝůůŽŶĞƐ͘

&8$'52(67$'2'(5(68/7$'26,17(*5$/(6352<(&7$'2 0LOHV86' 
5XEUR     
9HQWDVQHWDV     
&RVWRGHYHQWDV     
8WLOLGDGEUXWD     
*DVWRVDGPLQLVWUDWLYRV\YHQWDV     
'HSUHFLDFLµQ\DPRUWL]DFLµQ     
3DUWLFLSDFLµQWUDEDMDGRUHV     
8WLOLGDGRSHUDWLYD     
*DVWRVILQDQFLHURV     
2WURVLQJUHVRVHJUHVRVQHWR     
8WLOLGDGDQWHVGHLPSXHVWRV     
,PSXHVWRV     
8WLOLGDGQHWD     
)XHQWH(VWUXFWXUDFLµQ)LQDQFLHUD(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ

>ĂƐƉƌŽLJĞĐĐŝŽŶĞƐĐŽŶƐŝĚĞƌĂŶƵŶĐƌĞĐŝŵŝĞŶƚŽĚĞůĂƐǀĞŶƚĂƐĚĞůϲ͕ϳϲйƉĂƌĂĞůĂŹŽϮϬϭϳ͕ĨƌĞŶƚĞĂůŽƌĞŐŝƐƚƌĂĚŽĞŶ
ĚŝĐŝĞŵďƌĞĚĞϮϬϭϲ͕ƉĂƌĂ ůŽƐ ƐŝŐƵŝĞŶƚĞƐĂŹŽƐĐŽŶƚĞŵƉůĂƌşĂŶŝŶĐƌĞŵĞŶƚŽƐĚĞůϲ͕ϬϴйĞŶ ϮϬϭϴ͕ϴ͕ϵϴйĞŶϮϬϭϵ͕
ϳ͕ϮϬйĞŶϮϬϮϬLJϳ͕ϬϬйĞŶϮϬϮϭ͘

ů ŝŶĐƌĞŵĞŶƚŽ ĞŶ ǀĞŶƚĂƐ ĨƵĞ ĐŽŶƐŝĚĞƌĂĚŽ ĞŶ ĨƵŶĐŝſŶ ĚĞ ůĂ ĨƵƚƵƌĂ ĂƉĞƌƚƵƌĂ ĚĞů ŶƵĞǀŽ ůŽĐĂů ĞŶ Ğů DĂůů ĚĞů
WĂĐşĨŝĐŽ͕LJĂĚŝĐŝŽŶĂůŵĞŶƚĞƚŽŵſĞŶĐƵĞŶƚĂůĂƌĞůĂĐŝſŶĐŽŶƚŝĞŶĚĂƐĐŽŵƉĂƌĂďůĞƐLJƚŝĞŶĚĂƐŶŽĐŽŵƉĂƌĂďůĞƐ͘

ůĐŽƐƚŽĚĞǀĞŶƚĂƐƌĞƉƌĞƐĞŶƚĂƌşĂĞŶƉƌŽŵĞĚŝŽĞůϱϳ͕ϱϲйĚĞůĂƐǀĞŶƚĂƐƉĂƌĂƚŽĚŽĞůƉĞƌŝŽĚŽƉƌŽLJĞĐƚĂĚŽ͕ǀĂůŽƌ
ƐƵƉĞƌŝŽƌĂůŽĞdžƉĞƌŝŵĞŶƚĂĚŽƉŽƌůĂĐŽŵƉĂŹşĂĞŶůŽƐƷůƚŝŵŽƐĂŹŽƐ͕ůŽƋƵĞůĞƉĞƌŵŝƚŝƌşĂŐĞŶĞƌĂƌƵŶŵĂƌŐĞŶďƌƵƚŽ
ƌĞůĂƚŝǀĂŵĞŶƚĞ ĞƐƚĂďůĞ͕ ĐŽŶ ƵŶ ƉƌŽŵĞĚŝŽ ĚĞů ϰϮ͕ϰϰй ĚĞ ůĂƐ ǀĞŶƚĂƐ͘ >Ž ĂŶƚĞƌŝŽƌ ĞƐ ŝŶĚŝĐĂƚŝǀŽ ĚĞů ĐĂƌĄĐƚĞƌ
ĐŽŶƐĞƌǀĂĚŽƌĐŽŶĞůƋƵĞƐĞŚĂŶƌĞĂůŝnjĂĚŽůĂƐƉƌŽLJĞĐĐŝŽŶĞƐ͘

>ŽƐ ŐĂƐƚŽƐ ŽƉĞƌĂĐŝŽŶĂůĞƐ ƉŽƌ ƐƵ ƉĂƌƚĞ͕ ƋƵĞ ŝŶĐůƵLJĞŶ ůŽƐ ŐĂƐƚŽƐ ĂĚŵŝŶŝƐƚƌĂƚŝǀŽƐ͕ ĚĞ ǀĞŶƚĂƐ LJ ƉĂƌƚŝĐŝƉĂĐŝſŶ ĚĞ
ƚƌĂďĂũĂĚŽƌĞƐ͕ƐĞŚĂŶƉƌŽLJĞĐƚĂĚŽĞŶƵŶƉƌŽŵĞĚŝŽĚĞƉĂƌƚŝĐŝƉĂĐŝſŶƐŽďƌĞůĂƐǀĞŶƚĂƐĚĞů Ϯϵ͕ϱϭй͕ĐŽŶůŽĐƵĂůƐĞ
ƉƌŽLJĞĐƚĂƌşĂƵŶĂƵƚŝůŝĚĂĚŽƉĞƌĂƚŝǀĂƋƵĞƉĂƐĂƌşĂĚĞƵŶϭϮ͕ϲϳйĚĞŝŶŐƌĞƐŽƐŽƌĚŝŶĂƌŝŽƐĞŶϮϬϭϲĂůϭϮ͕ϲϬйĂůĐŝĞƌƌĞ
ĚĞϮϬϮϭ͘

WŽƐƚĞƌŝŽƌŵĞŶƚĞ͕ĚĞŶƚƌŽĚĞůŵŽĚĞůŽĨŝŶĂŶĐŝĞƌŽƐĞŽďƐĞƌǀĂĞůƌƵďƌŽĐŽƌƌĞƐƉŽŶĚŝĞŶƚĞĂŐĂƐƚŽƐĨŝŶĂŶĐŝĞƌŽƐ͕ƋƵĞƐĞ
ĚĞƌŝǀĂŶ ĚĞ ůĂƐ ŽďůŝŐĂĐŝŽŶĞƐ ĐŽŶ ĐŽƐƚŽ ƋƵĞ ůĂ ĐŽŵƉĂŹşĂ ĞƐƚŝŵĂ ĐŽŶƚƌĂĞƌ͕ ŵŝƐŵŽƐ ƋƵĞ ŵĂŶƚĞŶĚƌşĂŶ ƵŶĂ
ƉĂƌƚŝĐŝƉĂĐŝſŶĚĞĐƌĞĐŝĞŶƚĞĂƉĂƌƚŝƌĚĞůĂŹŽϮϬϭϴ͕ƉƵĞƐƉĂƐĂƌşĂŶĚĞƐŝŐŶŝĨŝĐĂƌƵŶϭ͕ϰϯйĚĞůĂƐǀĞŶƚĂƐĞŶĞƐĞĂŹŽĂ
ƵŶϭ͕ϮϬйƉĂƌĂĞůĐŝĞƌƌĞĚĞϮϬϮϭ͘
ϭϬ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

ĞƐƉƵĠƐ ĚĞ ůŽ ĚĞƐĐƌŝƚŽ LJ ĂŶƚĞ Ğů ĐſŵƉƵƚŽ ĚĞů ŝŵƉƵĞƐƚŽ Ă ůĂ ƌĞŶƚĂ͕ ůĂ ĐŽŵƉĂŹşĂ ŐĞŶĞƌĂƌşĂ ƵŶĂ ƵƚŝůŝĚĂĚ ŶĞƚĂ
ƉƌŽLJĞĐƚĂĚĂ ƋƵĞ ƐĞ ŝŶĐƌĞŵĞŶƚĂƌşĂ ĚĞ h^ Ϯϰ͕ϲϴ ŵŝůůŽŶĞƐ ;ϴ͕ϳϳй ĚĞ ůŽƐ ŝŶŐƌĞƐŽƐ ŽƌĚŝŶĂƌŝŽƐͿ ĞŶ ϮϬϭϳ Ă h^
ϯϭ͕ϱϭŵŝůůŽŶĞƐ;ϴ͕ϰϰйĚĞůŽƐŝŶŐƌĞƐŽƐŽƌĚŝŶĂƌŝŽƐͿĞŶϮϬϮϭ͘

ŽŵŽƉĂƌƚĞĚĞůĂŶĄůŝƐŝƐĚĞůĂƐƉƌŽLJĞĐĐŝŽŶĞƐ͕ƐƵƌŐĞůĂŝŵƉŽƌƚĂŶĐŝĂĚĞĚĞƚĞƌŵŝŶĂƌĞůŶŝǀĞůĚĞĐŽďĞƌƚƵƌĂďƌŝŶĚĂĚŽ
ƉŽƌĞů/dĨƌĞŶƚĞĂůŽƐŐĂƐƚŽƐĨŝŶĂŶĐŝĞƌŽƐ͕ƋƵĞůĂĐŽŵƉĂŹşĂƉƌĞƐĞŶƚĂƌşĂĚƵƌĂŶƚĞĞůƉĞƌŝŽĚŽĂŶĂůŝnjĂĚŽ͘WŽƌůŽ
ƋƵĞ ĚĞ ĂĐƵĞƌĚŽ Ăů ŵŽĚĞůŽ ĂŶĂůŝnjĂĚŽ͕ ůĂ ĐŽďĞƌƚƵƌĂ ĚĞů /d ĨƌĞŶƚĞ Ă ůŽƐ ŐĂƐƚŽƐ ĨŝŶĂŶĐŝĞƌŽƐ ĞƐ ƉŽƐŝƚŝǀĂ LJ
ƉĂƐĂƌşĂ ĚĞ ϭϰ͕ϭϬ ǀĞĐĞƐ ĞŶ ϮϬϭϳ Ă ϭϱ͕Ϯϰ ǀĞĐĞƐ ĞŶ ϮϬϮϭ͕ ĚĞŵŽƐƚƌĂŶĚŽ ƋƵĞ ĚĞ ĂĐƵĞƌĚŽ Ă ůĂƐ ƉƌŽLJĞĐĐŝŽŶĞƐ Ğů
ŵŝƐŽƌĚŝƐƉŽŶĚƌşĂĚĞĨŽŶĚŽƐƉƌŽƉŝŽƐƐƵĨŝĐŝĞŶƚĞƐƋƵĞƐƵƉĞƌĂŶůŽƐŐĂƐƚŽƐĨŝŶĂŶĐŝĞƌŽƐ͕ƉŽƌůŽƋƵĞƉƌĞƐĞŶƚĂƌşĂƵŶĂ
ĐĂƉĂĐŝĚĂĚĚĞƉĂŐŽĂĚĞĐƵĂĚĂLJĐŽŶĂŵƉůŝĂŚŽůŐƵƌĂ͘

*5ƒ),&21,9(/'(&2%(5785$(%,7'$96*$6726),1$1&,(526


)XHQWH(VWUXFWXUDFLµQ)LQDQFLHUD(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ

ů ĨůƵũŽ ĚĞ ĞĨĞĐƚŝǀŽ͕ ƐĞ ĞŶĐƵĞŶƚƌĂ ĚŝǀŝĚŝĚŽ ƉŽƌ ĂĐƚŝǀŝĚĂĚĞƐ͕ ĞŶ ƐƵ ƉƌŝŵĞƌĂ ŝŶƐƚĂŶĐŝĂ ĐŽŶƐŝĚĞƌĂ ůŽƐ ƌƵďƌŽƐ
ƌĞůĂĐŝŽŶĂĚŽƐ ĐŽŶ ůŽƐ ŵŽǀŝŵŝĞŶƚŽƐ ƋƵĞ ƐĞ ŽƌŝŐŝŶĂŶ ƉŽƌ ůĂ ŶŽƌŵĂů ŽƉĞƌĂĐŝſŶ ĚĞ ůĂ ĐŽŵƉĂŹşĂ͕ ĚŽŶĚĞ
ƉƌŝŶĐŝƉĂůŵĞŶƚĞƐĞĞŶĐƵĞŶƚƌĂŶŝŶŵĞƌƐŽƐůŽƐŝŶǀĞŶƚĂƌŝŽƐLJůĂƐĐƵĞŶƚĂƐƉŽƌĐŽďƌĂƌĂĐůŝĞŶƚĞƐ͕ƌƵďƌŽƐŝŵƉŽƌƚĂŶƚĞƐ
ƉĂƌĂ Ğů ĚĞƐĂƌƌŽůůŽ ĚĞů ŶĞŐŽĐŝŽ͘ WŽƐƚĞƌŝŽƌŵĞŶƚĞ ƐĞ ĞǀŝĚĞŶĐŝĂŶ ůŽƐ ŵŽǀŝŵŝĞŶƚŽƐ ŐĞŶĞƌĂĚŽƐ ƉŽƌ ĂĐƚŝǀŝĚĂĚĞƐ ĚĞ
ŝŶǀĞƌƐŝſŶ LJ Ğů ĚĞ ĂĐƚŝǀŝĚĂĚĞƐ ĚĞ ĨŝŶĂŶĐŝĂŵŝĞŶƚŽ͕ ĞŶ ĚŽŶĚĞ ƐĞ ŽďƐĞƌǀĂ Ğů ŝŶŐƌĞƐŽ ƉŽƌ ůĂ ĐŽůŽĐĂĐŝſŶ ĚĞ ůŽƐ
ƌĞĐƵƌƐŽƐŽďƚĞŶŝĚŽƐƉŽƌůĂĞŵŝƐŝſŶĚĞŽďůŝŐĂĐŝŽŶĞƐĂůĂƌŐŽƉůĂnjŽLJƐƵĐŽƌƌĞƐƉŽŶĚŝĞŶƚĞƉĂŐŽ͘

>ŽĂŶƚĞƌŝŽƌĚĞƌŝǀĂĞŶƵŶĨůƵũŽŽƉĞƌĂĐŝŽŶĂůƉƌŽLJĞĐƚĂĚŽƉŽƐŝƚŝǀŽ ĂůŽůĂƌŐŽĚĞƚŽĚŽĞůƉĞƌŝŽĚŽĚĞƉƌŽLJĞĐĐŝſŶ͕LJ
ƐĂůĚŽƐ ĨŝŶĂůĞƐ ĚĞ ĞĨĞĐƚŝǀŽ ƉŽƐŝƚŝǀŽƐ ĞŶ ĐĂĚĂ ƉĞƌŝŽĚŽ͕ ůŽ ƋƵĞ ŝŶĚŝĐĂ ůĂ ŐĞŶĞƌĂĐŝſŶ ĚĞ ƌĞĐƵƌƐŽƐ ƉƌŽƉŝŽƐ ƋƵĞ
ƚĞŶĚƌşĂůĂĞŵƉƌĞƐĂ͕ƐƵĨŝĐŝĞŶƚĞƐƉĂƌĂĂƚĞŶĚĞƌƐƵƐŶĞĐĞƐŝĚĂĚĞƐLJĐƵŵƉůŝƌĐŽŶƐƵƐĐŽŵƉƌŽŵŝƐŽƐĞŶĞůĨƵƚƵƌŽ͘

&8$'52)/8-2'(()(&7,92352<(&7$'2 0LOHV86' 
'HVFULSFLµQ
     
)/8-26'(()(&7,92(1$&7,9,'$'(6'(23(5$&,•1
5HFLELGRGHFOLHQWHV     
3DJRVDSURYHHGRUHVHPSOHDGRV\RWURV          
,QWHUHVHVSDJDGRV          
,PSXHVWRVDODUHQWD          
)OXMRGHHIHFWLYRSURGXFWRGHDFWLYLGDGHVGHRSHUDFLµQ     
)/8-26'(()(&7,92(1$&7,9,'$'(6'(,19(56,•1
$GTXLVLFLµQGHSURSLHGDGSODQWD\HTXLSR          
$GTXLVLFLRQHVGHDFWLYRVLQWDQJLEOHV      
)OXMRGHHIHFWLYRXWLOL]DGRHQDFWLYLGDGHVGHLQYHUVLµQ          
)/8-26'(()(&7,92(1$&7,9,'$'(6'(),1$1&,$0,(172
1XHYRVSU«VWDPRVFRQLQVWLWXFLRQHVILQDQFLHUDV     
(PLVLµQGHREOLJDFLRQHVFRQLQYHUVLRQLVWDV     
3DJRGHREOLJDFLRQHVFRQLQVWLWXFLRQHVILQDQFLHUDV          
3DJRGH(PLVLµQGH2EOLJDFLRQHV          

ϭϭ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

(IHFWLYRXWLOL]DGRHQSDJRGHGLYLGHQGRV         
)OXMRGHHIHFWLYRXWLOL]DGRHQDFWLYLGDGHVGHILQDQFLDPLHQWR          
)/8-2'(()(&7,921(72
,QFUHPHQWR GLVPLQXFLµQ QHWRHQHIHFWLYR\HTXLYDOHQWHVGHHIHFWLYR       
6DOGRDOLQLFLRGHOSHULRGR     
6$/'26$/),1'(/$“2     
)XHQWH(VWUXFWXUDFLµQ)LQDQFLHUD(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ

*5ƒ),&21,9(/'(&2%(5785$)/8-26 963$*2&$3,7$/'(/$'(8'$),1$1&,(5$


)XHQWH(VWUXFWXUDFLµQ)LQDQFLHUD(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ

&ŝŶĂůŵĞŶƚĞ͕ ůĂ ĐĂůŝĨŝĐĂĚŽƌĂ ƌĞĂůŝnjſ ƵŶ ĞƐƚƌĠƐ Ăů ŵŽĚĞůŽ ĚĞ ůĂ ĞƐƚƌƵĐƚƵƌĂĐŝſŶ ĨŝŶĂŶĐŝĞƌĂ͕ ĂĨĞĐƚĂŶĚŽ ƵŶĂ ĚĞ ƐƵƐ
ǀĂƌŝĂďůĞƐ͕ Ğů ŽƐƚŽ ĚĞ sĞŶƚĂƐ͕ ĐŽŶ Ğů ĨŝŶ ĚĞ ĞǀĂůƵĂƌ ůĂ ĐĂƉĂĐŝĚĂĚ ĚĞ ƐŽƉŽƌƚĞ ƋƵĞ ƚĞŶĚƌşĂ ůĂ ŽƉĞƌĂĐŝſŶ ĚĞů
ŶĞŐŽĐŝŽ͘ ^Ğ ĂƵŵĞŶƚſ ůĂ ƉĂƌƚŝĐŝƉĂĐŝſŶ ĚĞů ĐŽƐƚŽ ĚĞ ǀĞŶƚĂƐ ƐŽďƌĞ ůŽƐ ŝŶŐƌĞƐŽƐ͕ ĚĞů ϱϳ͕ϱϲй ƐŽďƌĞ ůŽƐ ŝŶŐƌĞƐŽƐ
ŽƌĚŝŶĂƌŝŽƐƋƵĞĐŽŶƚĞŵƉůĂůĂƉƌŽLJĞĐĐŝſŶ͕Ăůϳϭ͕ϬϬй͖ĞƐƚĂĂĨĞĐƚĂĐŝſŶƉƌŽǀŽĐſƵŶĂĚŝƐŵŝŶƵĐŝſŶƉƌŽŵĞĚŝŽĚĞůĂ
ƵƚŝůŝĚĂĚ ŶĞƚĂ ĚĞů ϴϯ͕ϳϳй͖ ƐŝŶ ĞŵďĂƌŐŽ͕ ůĂ ƉƌŽLJĞĐĐŝſŶ ƐŝŐƵŝſ ƉƌĞƐĞŶƚĂŶĚŽ ƵƚŝůŝĚĂĚĞƐ ŶĞƚĂƐ͘ WŽƌ ŽƚƌŽ ůĂĚŽ͕ ůĂ
ƉƌŽLJĞĐĐŝſŶ ĚĞ ĨůƵũŽƐ ƐĞ ĂĨĞĐƚſ ĐŽŶƐŝĚĞƌĂŶĚŽ ůĂ ŐĞŶĞƌĂĐŝſŶ ƐſůŽ ĚĞů ϳϭй ĚĞ ůŽƐ ĨůƵũŽƐ ŽƉĞƌĂƚŝǀŽƐ ĞŶ ĐĂĚĂ
ƉĞƌŝŽĚŽ͖ ĞƐƚĂ ĂĨĞĐƚĂĐŝſŶ ƉƌŽǀŽĐſ ƵŶĂ ĚŝƐŵŝŶƵĐŝſŶ ƉƌŽŵĞĚŝŽ ĚĞ ůŽƐ ĨůƵũŽƐ ŽƉĞƌĂĐŝŽŶĂůĞƐ ĚĞů Ϯϯ͕ϳϲй͖ ƐŝŶ
ĞŵďĂƌŐŽ͕ ůĂ ƉƌŽLJĞĐĐŝſŶ ƐŝŐƵŝſ ƉƌĞƐĞŶƚĂŶĚŽ ƐĂůĚŽƐ ĚĞ ĞĨĞĐƚŝǀŽ ƉŽƐŝƚŝǀŽƐ͕ ƐƵĨŝĐŝĞŶƚĞƐ ƉĂƌĂ ŚŽŶƌĂƌ ůĂ ĚĞƵĚĂ
ĚĞƌŝǀĂĚĂĚĞůĂĞŵŝƐŝſŶĞǀĂůƵĂĚĂĞŶĞƐƚĞŝŶĨŽƌŵĞ͕ĂƵŶƋƵĞĐŽŶĞůůŽĞůĨůƵũŽĚĞĞĨĞĐƚŝǀŽƉŽƐŝƚŝǀŽůůĞŐĂƌşĂŚĂƐƚĂƐƵ
ůşŵŝƚĞ͘

>^^ /EdZEd/KE> Zd/E' ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ ^͘͘ ŚĂ ĂŶĂůŝnjĂĚŽ LJ ĞƐƚƵĚŝĂĚŽ ůĂƐ ƉƌŽLJĞĐĐŝŽŶĞƐ ĚĞ
ĞƐƚĂĚŽĚĞƌĞƐƵůƚĂĚŽƐ͕ĞƐƚĂĚŽĚĞĨůƵũŽĚĞĞĨĞĐƚŝǀŽLJĚĞĨůƵũŽĚĞĐĂũĂ͕ƉƌĞƐĞŶƚĂĚĂƐƉŽƌůĂĞŵƉƌĞƐĂĞŶĞůŝŶĨŽƌŵĞ
ĚĞĞƐƚƌƵĐƚƵƌĂĐŝſŶĨŝŶĂŶĐŝĞƌŽ͕ƉĂƌĂĞůƉůĂnjŽĚĞǀŝŐĞŶĐŝĂĚĞůĂƉƌĞƐĞŶƚĞĞŵŝƐŝſŶ͕ŵŝƐŵĂƐƋƵĞ͕ďĂũŽůŽƐƐƵƉƵĞƐƚŽƐ
ƋƵĞŚĂŶƐŝĚŽĞůĂďŽƌĂĚĂƐ͕ƐĞŹĂůĂŶƋƵĞůĂĞŵƉƌĞƐĂƉŽƐĞĞƵŶĂĂĐĞƉƚĂďůĞĐĂƉĂĐŝĚĂĚƉĂƌĂŐĞŶĞƌĂƌĨůƵũŽƐĚĞŶƚƌŽĚĞ
ůĂƐƉƌŽLJĞĐĐŝŽŶĞƐ ĞƐƚĂďůĞĐŝĚĂƐĐŽŶƌĞƐƉĞĐƚŽĂ ůŽƐƉĂŐŽƐĞƐƉĞƌĂĚŽƐĂƐş ĐŽŵŽ ƐŽďƌĞůĂ ďĂƐĞĚĞ ůĂƐ ĞdžƉĞĐƚĂƚŝǀĂƐ
ĞƐƉĞƌĂĚĂƐĚĞƌĞĂĐĐŝſŶĚĞůDĞƌĐĂĚŽ͖ĂĚŝĐŝŽŶĂůŵĞŶƚĞ͕ĚŝĐŚĂƐƉƌŽLJĞĐĐŝŽŶĞƐƐĞŹĂůĂŶƋƵĞĞůĞŵŝƐŽƌŐĞŶĞƌĂƌĄůŽƐ
ƌĞĐƵƌƐŽƐƐƵĨŝĐŝĞŶƚĞƐƉĂƌĂƉƌŽǀŝƐŝŽŶĂƌLJĐƵďƌŝƌƚŽĚŽƐůŽƐƉĂŐŽƐĚĞĐĂƉŝƚĂůĞŝŶƚĞƌĞƐĞƐLJĚĞŵĄƐĐŽŵƉƌŽŵŝƐŽƐƋƵĞ
ĚĞďĂĂĨƌŽŶƚĂƌůĂƉƌĞƐĞŶƚĞĞŵŝƐŝſŶ͕ĚĞĂĐƵĞƌĚŽĐŽŶůŽƐƚĠƌŵŝŶŽƐ LJĐŽŶĚŝĐŝŽŶĞƐƉƌĞƐĞŶƚĂĚĂƐĞŶĞůĐŽŶƚƌĂƚŽĚĞů
ŵŝƐŝſŶ ĚĞ KďůŝŐĂĐŝŽŶĞƐ͕ ĂƐş ĐŽŵŽ ĚĞ ůŽƐ ĚĞŵĄƐ ĂĐƚŝǀŽƐ LJ ĐŽŶƚŝŶŐĞŶƚĞƐ͘ WŽƌ ůŽ ƚĂŶƚŽ >^^ /EdZEd/KE>
Zd/E' ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ ^͘͘ ĞƐƚĄ ĚĂŶĚŽ ĐƵŵƉůŝŵŝĞŶƚŽ Ăů ĂŶĄůŝƐŝƐ͕ ĞƐƚƵĚŝŽ LJ ĞdžƉƌĞƐĂƌ ĐƌŝƚĞƌŝŽ ƐŽďƌĞ ůŽ
ĞƐƚĂďůĞĐŝĚŽ ĞŶ ůŽƐ ŶƵŵĞƌĂůĞƐ ϭ͘ϭ͕ ϭ͘Ϯ͕ LJ ϭ͘ϰ ĚĞů ƌƚşĐƵůŽ ϭϴ ĚĞů ĂƉşƚƵůŽ /// ĚĞů ^ƵďƚşƚƵůŽ /s ĚĞů dşƚƵůŽ // ĚĞ ůĂ
ŽĚŝĨŝĐĂĐŝſŶ ĚĞ ůĂƐ ZĞƐŽůƵĐŝŽŶĞƐ džƉĞĚŝĚĂƐ ƉŽƌ Ğů ŽŶƐĞũŽ EĂĐŝŽŶĂů ĚĞ sĂůŽƌĞƐ ;ŚŽLJ :ƵŶƚĂ ĚĞ WŽůşƚŝĐĂ LJ
ZĞŐƵůĂĐŝſŶDŽŶĞƚĂƌŝĂLJ&ŝŶĂŶĐŝĞƌĂͿ͘







ϳ
;ΎͿ&ůƵũŽĚĞĞĨĞĐƚŝǀŽĨŝŶĂůĞŶĐĂĚĂƵŶŽĚĞůŽƐƉĞƌŝŽĚŽƐĂŶƚĞƐĚĞĐŽŶƐŝĚĞƌĂƌĞůƉĂŐŽĚĞĐĂƉŝƚĂůĚĞůĂĞŵŝƐŝſŶŽďũĞƚŽĚĞĂŶĄůŝƐŝƐĞŶĞůƉƌĞƐĞŶƚĞĞƐƚƵĚŝŽ͘
ϭϮ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

ZŝĞƐŐŽĚĞůĂĐŽŶŽŵşĂ
^ĞĐƚŽƌZĞĂů

ů &D/ ĚĞƚĞƌŵŝŶſ ƋƵĞ ƉĂƌĂ Ğů ĂŹŽ ϮϬϭϲ͕ Ğů ĐƌĞĐŝŵŝĞŶƚŽ ŵƵŶĚŝĂů ĨƵĞ ƉĞƌĚŝĞŶĚŽ ĨƵĞƌnjĂ Ă ƌĂşnj ĚĞ ƵŶĂ
ĚĞƐĂĐĞůĞƌĂĐŝſŶĞŶƐƚĂĚŽƐhŶŝĚŽƐLJĞůǀŽƚŽĞŶ'ƌĂŶƌĞƚĂŹĂĂĨĂǀŽƌĚĞĂďĂŶĚŽŶĂƌůĂhŶŝſŶƵƌŽƉĞĂ͕ƉŽƌŽƚƌŽ
ůĂĚŽ͕ƉƌŽŶŽƐƚŝĐſƵŶůŝŐĞƌŽƌĞƉƵŶƚĞĂƉĂƌƚŝƌĚĞůϮϬϭϳ;нϯ͕ϰйͿ͕ŝŵƉƵůƐĂĚŽƉƌŝŶĐŝƉĂůŵĞŶƚĞƉŽƌĞůĚŝŶĂŵŝƐŵŽĚĞ
ůŽƐŵĞƌĐĂĚŽƐĞŵĞƌŐĞŶƚĞƐ;ĞŶƚƌĞĞůůĂƐZƵƐŝĂLJƌĂƐŝů ϴͿ͘

KĐŚŽ ĂŹŽƐ ĚĞƐƉƵĠƐ ĚĞ ůĂ ĐƌŝƐŝƐ ĨŝŶĂŶĐŝĞƌĂ ŵƵŶĚŝĂů͕ ůĂ ƌĞĐƵƉĞƌĂĐŝſŶ ƐŝŐƵĞ ƐŝĞŶĚŽ ƉƌĞĐĂƌŝĂ LJ ƐĞ ƉůĂŶƚĞĂ ůĂ
ĂŵĞŶĂnjĂ ĚĞƋƵĞƵŶĞƐƚĂŶĐĂŵŝĞŶƚŽ ƉĞƌƐŝƐƚĞŶƚĞ͕ƉĂƌƚŝĐƵůĂƌŵĞŶƚĞĞŶůĂƐĞĐŽŶŽŵşĂƐĂǀĂŶnjĂĚĂƐ͕ƉƵĞĚĂŶĂǀŝǀĂƌ
ůŽƐůůĂŵĂĚŽƐĂĂĚŽƉƚĂƌŵĞĚŝĚĂƐƉŽƉƵůŝƐƚĂƐĂĨĂǀŽƌĚĞƌĞƐƚƌŝŶŐŝƌĞůĐŽŵĞƌĐŝŽLJůĂĞŵŝŐƌĂĐŝſŶ͘ŶƚĞ ĞƐƚŽĞů&D/
ƐƵďƌĂLJſ ůĂ ŶĞĐĞƐŝĚĂĚ ƵƌŐĞŶƚĞ ĚĞ ĂĚŽƉƚĂƌ ƵŶ ĞŶĨŽƋƵĞ ŝŶƚĞŐƌĂů͕ ĐŽŚĞƌĞŶƚĞ LJ ĐŽŽƌĚŝŶĂĚŽ ĐŽŶ ƌĞƐƉĞĐƚŽ Ă ůĂƐ
ƉŽůşƚŝĐĂƐ͕ĂĨŝŶĚĞƌĞǀŝƚĂůŝnjĂƌĞůĐƌĞĐŝŵŝĞŶƚŽLJĂƉůŝĐĂŶĚŽƉŽůşƚŝĐĂƐŵŽŶĞƚĂƌŝĂƐ͕ĨŝƐĐĂůĞƐLJĞƐƚƌƵĐƚƵƌĂůĞƐĚĞŵĂŶĞƌĂ
ĐŽŶĐĞƌƚĂĚĂ͕ĚĞŶƚƌŽĚĞĐĂĚĂƉĂşƐ͕ĂůŽůĂƌŐŽĚĞůƚŝĞŵƉŽLJĞŶƚƌĞůŽƐĚŝƐƚŝŶƚŽƐƉĂşƐĞƐ͘

>ŽƐƉƌŝŶĐŝƉĂůĞƐŝŶĚŝĐĂĚŽƌĞƐŵĂĐƌŽĞĐŽŶſŵŝĐŽƐĚĞůĐƵĂĚŽƌ͕ĚĞƚĞƌŵŝŶĂĚŽƐĂůĐŝĞƌƌĞĚĞĚŝĐŝĞŵďƌĞĚĞϮϬϭϲŽůŽƐ
ŵĄƐƉƌſdžŝŵŽƐĚŝƐƉŽŶŝďůĞƐĂĚŝĐŚĂĨĞĐŚĂ͕ƐĞƉƌĞƐĞŶƚĂŶĂĐŽŶƚŝŶƵĂĐŝſŶ͗

&8$'52,1',&$'25(60$&52(&21•0,&26(&8$'25
5XEUR 9DORU 5XEUR 9DORU
3,% PLOHV86' 3UHYLVLµQ  ,QIODFLµQDQXDO ;,,  
'HXGD([WHUQD3¼EOLFDFRPR3,% ;,,   ,QIODFLµQPHQVXDO ;,,  
%DODQ]D&RPHUFLDO PLOORQHV86';   ,QIODFLµQDFXPXODGD ;,,  
5, PLOORQHV86';,,    5HPHVDV PLOORQHV86'  ,;  
5LHVJRSD¯V (0%,DOGHGLFLHPEUHGH   QGLFHGH3UHFLRVDOFRQVXPLGRU ;,,  
3UHFLR3URPHGLR%DUULO3HWUµOHR:7, 86'DOGLF   'HVHPSOHR ,;  
)XHQWH%DQFR&HQWUDOGHO(FXDGRU(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ

ů WƌŽĚƵĐƚŽ /ŶƚĞƌŶŽ ƌƵƚŽ ;W/Ϳ͕ ĚĞ ĂĐƵĞƌĚŽ Ă ůĂƐ ĐŝĨƌĂƐ ƌĞƉŽƌƚĂĚĂƐ ƉŽƌ Ğů ĂŶĐŽ ĞŶƚƌĂů ĚĞů ĐƵĂĚŽƌ͕
ĞǀŝĚĞŶĐŝĂŶ ƋƵĞ͕ ƉĂƌĂ Ğů ĂŹŽ ϮϬϭϱ͕ Ğů 'ŽďŝĞƌŶŽ EĂĐŝŽŶĂů ĞƐƚŝŵſ ŝŶŝĐŝĂůŵĞŶƚĞ ƵŶ ĐƌĞĐŝŵŝĞŶƚŽ ĚĞů ϰй͕ ƐŝŶ
ĞŵďĂƌŐŽ͕ ůĂ ĐĂşĚĂ ĞŶ Ğů ƉƌĞĐŝŽ ĚĞů ƉĞƚƌſůĞŽ LJ ůĂ ĂƉƌĞĐŝĂĐŝſŶ ĚĞů ĚſůĂƌ ŚŝnjŽ ƋƵĞ ůĂ ĞĐŽŶŽŵşĂ ĐƌĞnjĐĂ ĞŶ Ϭ͕ϯй͕
ƉŽƌĐĞŶƚĂũĞƋƵĞĞƐĐůĂƌĂŵĞŶƚĞŝŶĨĞƌŝŽƌĂůĚĞĂŹŽƐƉƌĞǀŝŽƐLJůĂŵĄƐďĂũĂĚĞƐĚĞϭϵϵϵĐƵĂŶĚŽĨƵĞϰ͕ϳй͘

ůŝŶĨŽƌŵĞĚĞůĂŽŵŝƐŝſŶĐŽŶſŵŝĐĂƉĂƌĂŵĠƌŝĐĂ>ĂƚŝŶĂLJĞůĂƌŝďĞ;ĞƉĂůͿ͕ƉƵďůŝĐĂĚŽĞůϭϱĚĞĚŝĐŝĞŵďƌĞĚĞů
ϮϬϭϲ͕ ĚĂ ĐƵĞŶƚĂ ĚĞ ƵŶĂ ĐŽŶƚƌĂĐĐŝſŶ ĚĞů WƌŽĚƵĐƚŽ /ŶƚĞƌŶŽ ƌƵƚŽ ;W/Ϳ ĞĐƵĂƚŽƌŝĂŶŽ ĚĞů Ϯй ƉĂƌĂ Ğů ĐŝĞƌƌĞ ĚĞ
ϮϬϭϲ͘ĞĂĐƵĞƌĚŽĐŽŶůŽƐĚĂƚŽƐĚĞůŽƌŐĂŶŝƐŵŽ͕ĞƐƚĞƌĞƐƵůƚĂĚŽƉĂƌƚĞĚĞƵŶĂ͞ĚĠďŝůĚĞŵĂŶĚĂŝŶƚĞƌŶĂ͕͟ŵĞŶŽƌ
ŝŶǀĞƌƐŝſŶLJĚŝŵŝŶƵĐŝſŶĚĞůĐŽŶƐƵŵŽĚĞůŽƐŚŽŐĂƌĞƐ͘

KƚƌŽƐ ĨĂĐƚŽƌĞƐ ƋƵĞ ƐĞ ƚŽŵĂŶ ĞŶ ĐƵĞŶƚĂ ĞŶ Ğů ŝŶĨŽƌŵĞ ƐŽŶ ůĂ ďĂũĂ ĚĞů ƉƌĞĐŝŽ ĚĞů ƉĞƚƌſůĞŽ LJ Ğů ƚĞƌƌĞŵŽƚŽ
ŽĐƵƌƌŝĚŽ Ğů ƉĂƐĂĚŽ ϭϲ ĚĞ Ăďƌŝů ĚĞ ϮϬϭϲ͘ >Ă ĐŽŶƚƌĂĐĐŝſŶ ƉĂƌĂ Ğů ĐŝĞƌƌĞ ĚĞů ĂŹŽ ƐĞ ƉƌĞƐĞŶƚĂ ŵĞŶŽƌ Ă ůĂƐ
ƉƌŽLJĞĐĐŝŽŶĞƐƋƵĞŚŝnjŽůĂŽŵŝƐŝſŶĞŶĞůŵĞƐĚĞŽĐƚƵďƌĞ͕ĐƵĂŶĚŽƐĞŚĂďůĂďĂĚĞƵŶϮ͕ϱй͘ƐĂƐşƋƵĞĞŶůĂƌĞŐŝſŶ
ƐĞ ƌĞŐŝƐƚƌſ ƋƵĞ ůĂ ĐŽŶƚƌĂĐĐŝſŶ ĚĞ ůĂ ĂĐƚŝǀŝĚĂĚ ĞĐŽŶſŵŝĐĂ ƉĂƐſ ĚĞ ϭ͕ϳй ĞŶ ϮϬϭϱ Ă Ϯ͕ϰй ĞŶ Ğů ϮϬϭϲ͕ ĐŽŵŽ
ĐŽŶƐĞĐƵĞŶĐŝĂĚĞůĂĐĂşĚĂĚĞůĂŝŶǀĞƌƐŝſŶLJĚĞůĐŽŶƐƵŵŽ ϵ͘

ů ϯϭ ĚĞ ĚŝĐŝĞŵďƌĞ ĚĞ ϮϬϭϱ ůĂƐ ŝŵƉŽƌƚĂĐŝŽŶĞƐ ƚŽƚĂůĞƐ ĞŶ ǀĂůŽƌ &K ĂůĐĂŶnjĂƌŽŶ h^ ϮϬ͕ϰϲ ŵŝů ŵŝůůŽŶĞƐ͕
ŝŶĨĞƌŝŽƌĞƐ ĞŶ ϮϮ͕ϲй Ă ůĂƐ ĐŽŵƉƌĂƐ ĞdžƚĞƌŶĂƐ ƌĞĂůŝnjĂĚĂƐ ĞŶ ƐŝŵŝůĂƌ ƉĞƌŝŽĚŽ ĚĞů ĂŹŽ ϮϬϭϰ͘ Ğ ĂĐƵĞƌĚŽ Ă ůĂ
ůĂƐŝĨŝĐĂĐŝſŶĐŽŶſŵŝĐĂĚĞůŽƐWƌŽĚƵĐƚŽƐƉŽƌhƐŽŽĞƐƚŝŶŽĐŽŶſŵŝĐŽ;hKͿLJŚĂƐƚĂĚŝĐŝĞŵďƌĞĚĞϮϬϭϱ ϭϬ͕
ĞŶ ǀĂůŽƌ &K͕ ůŽƐ ŐƌƵƉŽƐ ĚĞ ƉƌŽĚƵĐƚŽƐ ƋƵĞ ĐƌĞĐŝĞƌŽŶ ĨƵĞƌŽŶ͗ WƌŽĚƵĐƚŽƐ ŝǀĞƌƐŽƐ͕ ŵŝĞŶƚƌĂƐ ƋƵĞ ůŽƐ ƋƵĞ
ĚŝƐŵŝŶƵLJĞƌŽŶĨƵĞƌŽŶůŽƐŽŵďƵƐƚŝďůĞƐLJ>ƵďƌŝĐĂŶƚĞƐ͕ŝĞŶĞƐĚĞĂƉŝƚĂů͕ŝĞŶĞƐĚĞŽŶƐƵŵŽLJDĂƚĞƌŝĂƐWƌŝŵĂƐ͘
ů'ŽďŝĞƌŶŽEĂĐŝŽŶĂůĞŶƚƌĞƐƵƐƉŽůşƚŝĐĂƐĞĐŽŶſŵŝĐĂƐĨƵŶĚĂŵĞŶƚĂůĞƐƉĂƌĂůŽƐƉƌſdžŝŵŽƐĂŹŽƐ͕ƐĞŚĂƉůĂŶƚĞĂĚŽůĂ


ϴ
ŚƚƚƉ͗ͬͬǁǁǁ͘ŝŵĨ͘ŽƌŐͬĞƐͬEĞǁƐͬƌƚŝĐůĞƐͬϮϬϭϲͬϭϬͬϬϯͬDϮϬϭϲͲEϭϬϬϰϭϲͲtK 
ϵŚƚƚƉ͗ͬͬǁǁǁ͘ĞůĐŽŵĞƌĐŝŽ͘ĐŽŵͬĂĐƚƵĂůŝĚĂĚͬĐŝĨƌĂƐͲŶĞŐĂƚŝǀĂƐͲĐƌĞĐŝŵŝĞŶƚŽͲĞĐƵĂĚŽƌͲĐĞƉĂů͘Śƚŵů
ϭϬ

/ŶĨŽƌŵĂĐŝſŶĚŝƐƉŽŶŝďůĞŵĄƐƌĞĐŝĞŶƚĞĞŶůŽƐďŽůĞƚŝŶĞƐĚĞů
ϭϯ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

ƐƵƐƚŝƚƵĐŝſŶ ĚĞ ƉƌŽĚƵĐƚŽƐ LJ ƐĞƌǀŝĐŝŽƐ ŝŵƉŽƌƚĂĚŽƐ͕ ĐŽŶ Ğů ĨŝŶ ĚĞ ŵĞũŽƌĂƌ ůĂ ďĂůĂŶnjĂ ĐŽŵĞƌĐŝĂů LJ ĚĞƐĂƌƌŽůůĂƌ ůĂ
ŝŶĚƵƐƚƌŝĂ ŶĂĐŝŽŶĂů͘ ů ŶŽǀŝĞŵďƌĞ ĚĞ ϮϬϭϲ͕ ůĂƐ ŝŵƉŽƌƚĂĐŝŽŶĞƐ ƚŽƚĂůĞƐ ĞŶ ǀĂůŽƌ &K ĂůĐĂŶnjĂƌŽŶ h^ ϭϰ͘Ϭϰϵ͕ϵϬ
ŵŝůůŽŶĞƐ͕ ŶŝǀĞů ŝŶĨĞƌŝŽƌ ĞŶ ƌĞůĂĐŝſŶ ĐŽŶ ůĂƐ ĐŽŵƉƌĂƐ ĞdžƚĞƌŶĂƐ ƌĞĂůŝnjĂĚĂƐ ĚƵƌĂŶƚĞ ĞŶĞƌŽ LJ ŶŽǀŝĞŵďƌĞ ĚĞ ϮϬϭϱ
;h^ϭϵ͘Ϭϱϵ͕ϭϬŵŝůůŽŶĞƐͿ͕ůŽĐƵĂůƌĞƉƌĞƐĞŶƚſƵŶĂĚŝƐŵŝŶƵĐŝſŶĚĞůϮϲ͕ϯϬй͘

džƉŽƌƚĂĐŝŽŶĞƐƚŽƚĂůĞƐ͘Ͳ>ĂĐŝĨƌĂĚĞůĂƐĞdžƉŽƌƚĂĐŝŽŶĞƐƉĞƚƌŽůĞƌĂƐĞŶǀĂůŽƌ&KĞŶƚƌĞĞŶĞƌŽLJĚŝĐŝĞŵďƌĞĚĞϮϬϭϱ͕
ĂůƐĞƌĐŽŵƉĂƌĂĚĂĐŽŶůĂĂůĐĂŶnjĂĚĂĞŶĞůŵŝƐŵŽƉĞƌŝŽĚŽĚĞϮϬϭϰ͕ŵƵĞƐƚƌĂŶƵŶĂĚŝƐŵŝŶƵĐŝſŶĚĞϰϵ͕ϳйƉĂƐĂŶĚŽ
ĚĞ h^ ϭϯ͕ϯϬ ŵŝů ŵŝůůŽŶĞƐ Ă h^ ϲ͕ϳϬ ŵŝů ŵŝůůŽŶĞƐ ƌĞƐƉĞĐƚŝǀĂŵĞŶƚĞ͕ ŵŝĞŶƚƌĂƐ ƋƵĞ ůĂƐ ĞdžƉŽƌƚĂĐŝŽŶĞƐ ŶŽ
ƉĞƚƌŽůĞƌĂƐƌĞŐŝƐƚƌĂĚĂƐĚƵƌĂŶƚĞĞůĂŹŽϮϬϭϱ͕ƚŽƚĂůŝnjĂƌŽŶƵŶǀĂůŽƌ&KĚĞh^ϭϭ͕ϲϳŵŝůŵŝůůŽŶĞƐ͕ŵŽŶƚŽŝŶĨĞƌŝŽƌ
ĞŶϲ͕ϭйĐŽŶƌĞƐƉĞĐƚŽĂůŵŝƐŵŽƉĞƌşŽĚŽĞŶĞůĂŹŽĂŶƚĞƌŝŽƌ͕ƋƵĞĨƵĞĚĞh^ϭϮ͕ϰϯŵŝůŵŝůůŽŶĞƐ͘ĞŶƚƌŽĚĞůĂƐ
ĞdžƉŽƌƚĂĐŝŽŶĞƐŶŽƉĞƚƌŽůĞƌĂƐ͕ ůŽƐƉƌŽĚƵĐƚŽƐƋƵĞŵĂLJŽƌƉĂƌƚŝĐŝƉĂĐŝſŶƉŽƌĐĞŶƚƵĂůƚƵǀŝĞƌŽŶĚƵƌĂŶƚĞĞůĂŹŽϮϬϭϱ
ĨƵĞƌŽŶ͗ ďĂŶĂŶŽ LJ ƉůĄƚĂŶŽ͕ ĐĂŵĂƌſŶ LJ ƉƌŽĚƵĐƚŽƐ ĚĞů ŵĂƌ ĞŶƚƌĞ ůŽƐ ƉƌŝŶĐŝƉĂůĞƐ͘ WĂƌĂ ŶŽǀŝĞŵďƌĞ ĚĞ ϮϬϭϲ͕ ůĂƐ
ĞdžƉŽƌƚĂĐŝŽŶĞƐ ƚŽƚĂůĞƐ ĂůĐĂŶnjĂƌŽŶ h^ ϭϱ͘ϮϭϬ͕ϮϬ ŵŝůůŽŶĞƐ͕ ĞŶ ƚĠƌŵŝŶŽƐ ƌĞůĂƚŝǀŽƐ ĨƵĞƌŽŶ ŵĞŶŽƌĞƐ ĞŶ ϭϬ͕ϱϬй
ĐŽŶƌĞůĂĐŝſŶĂůŵŝƐŵŽƉĞƌŝŽĚŽĚĞϮϬϭϱ;h^ϭϲ͘ϵϵϮ͕ϴϬŵŝůůŽŶĞƐͿ͘WĂƌĂŶŽǀŝĞŵďƌĞĚĞϮϬϭϲ͕ůĂƐĞdžƉŽƌƚĂĐŝŽŶĞƐ
ƉĞƚƌŽůĞƌĂƐ ĞŶ ǀĂůŽƌ &K ĞdžƉĞƌŝŵĞŶƚĂƌŽŶ ƵŶĂ ĚŝƐŵŝŶƵĐŝſŶ ĚĞů ϮϮ͕ϲϬй ĨƌĞŶƚĞ Ă ƐƵ ƐŝŵŝůĂƌ ƉĞƌŝŽĚŽ ĚĞ ϮϬϭϱ͕
ƉĂƐĂŶĚŽĚĞh^ϲ͘ϯϮϱ͕ϱϬŵŝůůŽŶĞƐĂh^ϰ͘ϴϵϴ͕ϲϬŵŝůůŽŶĞƐ͕ŵŝĞŶƚƌĂƐƋƵĞůĂƐĞdžƉŽƌƚĂĐŝŽŶĞƐŶŽƉĞƚƌŽůĞƌĂƐƉĂƌĂ
ĞƐĞŵŝƐŵŽƉĞƌŝŽĚŽĨƵĞƌŽŶĚĞh^ϭϬ͘ϯϭϭ͕ϲŵŝůůŽŶĞƐ͕ŵŽŶƚŽŝŶĨĞƌŝŽƌĞŶϯ͕ϰϬйƌĞƐƉĞĐƚŽĚĞŶŽǀŝĞŵďƌĞĚĞϮϬϭϱ͕
ĚĞŶƚƌŽĚĞůĂƐĞdžƉŽƌƚĂĐŝŽŶĞƐŶŽƉĞƚƌŽůĞƌĂƐƚƌĂĚŝĐŝŽŶĂůĞƐůĂƐƉĂƌƚŝĐŝƉĂĐŝŽŶĞƐĚĞůŽƐƉƌŝŶĐŝƉĂůĞƐĨƵĞƌŽŶ͗ďĂŶĂŶŽLJ
ƉůĄƚĂŶŽ͕ĐĂŵĂƌſŶ͕ĐĂĐĂŽLJĞůĂďŽƌĂĚŽƐ͕ĂƚƷŶLJƉĞƐĐĂĚŽ͕LJ͕ĐĂĨĠLJĞůĂďŽƌĂĚŽƐ͖ĞŶůĂƐŶŽƚƌĂĚŝĐŝŽŶĂůĞƐĚĞƐƚĂĐĂƌŽŶ
ĞŶůĂƚĂĚŽƐĚĞƉĞƐĐĂĚŽ͕ĨůŽƌĞƐŶĂƚƵƌĂůĞƐ͕ĞŶƚƌĞŽƚƌŽƐ͘

>ĂƉƌŽĚƵĐĐŝſŶĚŝĂƌŝĂĚĞĐƌƵĚŽ ϭϭĞŶŶƵĞƐƚƌŽƉĂşƐĞŶŶŽǀŝĞŵďƌĞĚĞϮϬϭϲ͕ĞŶůŽĐŽŶĐĞƌŶŝĞŶƚĞĂŵƉƌĞƐĂƐWƷďůŝĐĂƐ
ĂůĐĂŶnjſ ƵŶ ƉƌŽŵĞĚŝŽ ĚŝĂƌŝŽ ĚĞ ϰϯϬ͕ϳ ŵŝů ďĂƌƌŝůĞƐ͕ ĚĞ ůŽƐ ĐƵĂůĞƐ Ğů ϭϬϬй ƉĞƌƚĞŶĞĐŝſ Ă WĞƚƌŽĂŵĂnjŽŶĂƐ W͖ ůĂ
ƉƌŽĚƵĐĐŝſŶĚĞKƉĞƌĂĚŽƌĂZşŽEĂƉŽůĂĂƐƵŵŝſWĞƚƌŽĂŵĂnjŽŶĂƐW͕ŵŝĞŶƚƌĂƐƋƵĞůĂƉƌŽĚƵĐĐŝſŶƉƌŽŵĞĚŝŽĚŝĂƌŝĂ
ĚĞĐƌƵĚŽĚĞůĂƐĞŵƉƌĞƐĂƐƉƌŝǀĂĚĂƐĂƐĐĞŶĚŝĞƌŽŶĂϭϭϯ͕ϭŵŝůďĂƌƌŝůĞƐ͘ůƉƌĞĐŝŽƉƌŽŵĞĚŝŽĚĞůďĂƌƌŝůĚĞƉĞƚƌſůĞŽ
td/ĚĞĂĐƵĞƌĚŽĂĐŝĨƌĂƐĚĞů͕ĂĚŝĐŝĞŵďƌĞĚĞϮϬϭϲĂůĐĂŶnjſƵŶǀĂůŽƌƉƌŽŵĞĚŝŽĚĞh^ϰϲ͕ϴϲƉŽƌďĂƌƌŝů ϭϮ͘Ğ
ĂĐƵĞƌĚŽ Ă ĐŝĨƌĂƐ ĚĞ /ŶĚĞdžŵƵŶĚŝ͕ Ğů ƉƌĞĐŝŽ ƉƌŽŵĞĚŝŽ Ă ĚŝĐŝĞŵďƌĞ ĚĞ ϮϬϭϲ ƐĞ ƵďŝĐſ ĞŶ h^ ϱϮ͕ϲϭ ƉŽƌ ďĂƌƌŝů͕
ŵŝĞŶƚƌĂƐƋƵĞĞŶƚƌĞĞŶĞƌŽLJĚŝĐŝĞŵďƌĞĚĞϮϬϭϲĨƵĞĚĞh^ϰϮ͕ϴϰƉŽƌďĂƌƌŝůĞŶƉƌŽŵĞĚŝŽ ϭϯ͘
 
*5ƒ),&235(&,23520(',2,17(51$&,21$/'(/3(75•/(2


)XHQWH,QGH[PXQGL(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ

hŶĂďĂũĂŵŽĚĞƌĂĚĂƉĞƌŽƐŽƐƚĞŶŝĚĂĚĞůƉƌĞĐŝŽĚĞůƉĞƚƌſůĞŽƐĞǀŝǀĞĂĞƐĐĂůĂŵƵŶĚŝĂůĚĞƐĚĞũƵŶŝŽĚĞϮϬϭϱ͕ƐŝŶ
ĞŵďĂƌŐŽ͕ĞŶƉĂşƐĞƐƉƌŽĚƵĐƚŽƌĞƐĚĞĐƌƵĚŽĐŽŵŽĞƐĞůĐƵĂĚŽƌƐĞĚĞďĞƐƵŵĂƌĞůĨĂĐƚŽƌĂĚŝĐŝŽŶĂůĚĞůĚŝĨĞƌĞŶĐŝĂů
ŽĐĂƐƚŝŐŽƉŽƌƐƵŵĞŶŽƌĐĂůŝĚĂĚƋƵĞƚĂŵďŝĠŶƐĞŚĂĂŵƉůŝĂĚŽ ϭϰ͘

>Ă ĂĐƚŝǀŝĚĂĚ ĞĐŽŶſŵŝĐĂ ĚĞů ƉĂşƐ ĨƵĞ ŝŵƉƵůƐĂĚĂ ĞŶ ŐƌĂŶ ŵĞĚŝĚĂ ƉŽƌ ůĂ ĂůƚĂ ĚŝƐƉŽŶŝďŝůŝĚĂĚ ĚĞ ĨŽŶĚŽƐ ƋƵĞ ŚĂ
ƚĞŶŝĚŽ Ğů 'ŽďŝĞƌŶŽ ĞĐƵĂƚŽƌŝĂŶŽ͕ ƌĞĐƵƌƐŽƐ ƋƵĞ Ă ƐƵ ǀĞnj ǀŝĞƌŽŶ ĨĂǀŽƌĞĐŝĚŽƐ ƉŽƌ ƵŶ ĂůƚŽ ƉƌĞĐŝŽ ƉƌŽŵĞĚŝŽ ĚĞů


ϭϭ
/ŶĨŽƌŵĂĐŝſŶĚŝƐƉŽŶŝďůĞŵĄƐƌĞĐŝĞŶƚĞĞŶĞů
ϭϮ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ďĐĞ͘ĨŝŶ͘ĞĐͬŝŶĚĞdž͘ƉŚƉͬĐŽŵƉŽŶĞŶƚͬŬϮͬŝƚĞŵͬϳϳϲ 
ϭϯ
ϭϰ
ŚƚƚƉ͗ͬͬǁǁǁ͘ŝŶĚĞdžŵƵŶĚŝ͘ĐŽŵͬĞƐͬƉƌĞĐŝŽƐͲĚĞͲŵĞƌĐĂĚŽ͍ͬŵĞƌĐĂŶĐŝĂсƉĞƚƌŽůĞŽͲĐƌƵĚŽΘŵĞƐĞƐсϭϮϬ 
ŚƚƚƉ͗ͬͬǁǁǁ͘ĞůĐŽŵĞƌĐŝŽ͘ĐŽŵͬĂĐƚƵĂůŝĚĂĚͬďĂƌƌŝůͲƉĞƚƌŽůĞŽͲĞĐƵĂƚŽƌŝĂŶŽͲďĂũĂͲƉƌĞĐŝŽ͘Śƚŵů
ϭϰ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

ďĂƌƌŝůĚĞƉĞƚƌſůĞŽ͕ƐŝŶĞŵďĂƌŐŽ͕ůĂƚĞŶĚĞŶĐŝĂŝŶƚĞƌŶĂĐŝŽŶĂůŝŶĞƐƚĂďůĞĚĞĚŝĐŚŽƐƉƌĞĐŝŽƐ͕ŚĂůůĂŵĂĚŽůĂĂƚĞŶĐŝſŶ
ĚĞů 'ŽďŝĞƌŶŽ ĞĐƵĂƚŽƌŝĂŶŽ͕ ƉƵĞƐ ůĂ ĐĂşĚĂ ƉŽƌ ĚĞďĂũŽ ĚĞů ƉƌĞĐŝŽ ƉƌĞƐƵƉƵĞƐƚĂĚŽ͕ ƉŽŶĚƌşĂ ĞŶ ƉƌŽďůĞŵĂ ůĂ ĐĂũĂ
ĨŝƐĐĂůLJŐĞŶĞƌĂƌşĂƵŶĚĠĨŝĐŝƚĚĞĨŽŶĚŽƐƉĂƌĂůĂĞĐŽŶŽŵşĂĚĞůƉĂşƐ͕ĚĞƚĞƌŵŝŶĂŶĚŽĂĚĞŵĄƐƋƵĞƉĂƌĂĞůĐƵĂĚŽƌĞů
ĞĨĞĐƚŽĚĞƵŶĂ ĐĂşĚĂ ĚĞƉƌĞĐŝŽƐĚĞůĐƌƵĚŽĞƐĚŝƌĞĐƚŽLJĂ ƋƵĞĞůŐĂƐƚŽƉƷďůŝĐŽƐĞ ĨŝŶĂŶĐŝĂďĄƐŝĐĂŵĞŶƚĞ ĐŽŶůŽƐ
ƌĞĐƵƌƐŽƐƉĞƚƌŽůĞƌŽƐ͘ůƉƌĞĐŝŽĚĞůďĂƌƌŝůĚĞůƉĞƚƌſůĞŽĞŶĚŝĐŝĞŵďƌĞĚĞϮϬϭϲĨƵĞĚĞh^ϱϯ͕ϳϮ͕ƵďŝĐĂŶĚŽĞŶƵŶ
ƉƌĞĐŝŽĞŶŶŝǀĞůĞƐƋƵĞŶŽƐĞǀĞşĂŶĞŶŵĄƐĚĞĚŝĞnjĂŹŽƐ͕ĂĚĞŵĄƐƋƵĞĞůĐƌƵĚŽĞĐƵĂƚŽƌŝĂŶŽĂůƐĞƌŵĄƐƉĞƐĂĚŽ͕ƐĞ
ůŽĐŽŵƉƌĂĂƵŶŵĞŶŽƌƉƌĞĐŝŽ;ĂůƌĞĚĞĚŽƌĚĞh^ϭϬ͕ϬϬŵĞŶŽƐͿ ϭϱ͘

>ĂƌĞĐĂƵĚĂĐŝſŶĚĞŝŵƉƵĞƐƚŽƐĚƵƌĂŶƚĞĞůĂŹŽϮϬϭϱĂůĐĂŶnjſƵŶǀĂůŽƌĚĞh^ϭϯ͕ϵϱŵŝůŵŝůůŽŶĞƐ͕ŵĂŶƚĞŶŝĞŶĚŽůĂ
ƚĞŶĚĞŶĐŝĂĐƌĞĐŝĞŶƚĞĚĞůŽƐĞũĞƌĐŝĐŝŽƐĂŶƚĞƌŝŽƌĞƐ͕ƐŝĞŶĚŽĂƐş͕ĞƐƚĂĐŝĨƌĂƉƌĞƐĞŶƚſƵŶĐƌĞĐŝŵŝĞŶƚŽĚĞůϮ͕ϰϱйĨƌĞŶƚĞ
ĂůŽƐh^ϭϯ͕ϲϮŵŝůŵŝůůŽŶĞƐĚĞůĂŹŽϮϬϭϰ;h^ϭϮ͕ϳϲŵŝůŵŝůůŽŶĞƐĞŶĞůϮϬϭϯͿ͘ůϯϭĚĞĚŝĐŝĞŵďƌĞĚĞϮϬϭϲůĂ
ƌĞĐĂƵĚĂĐŝſŶ ĚĞ ŝŵƉƵĞƐƚŽƐ ƐŝŶ ƌĞŵŝƐŝſŶ LJ ĐŽŶ ĐŽŶƚƌŝďƵĐŝŽŶĞƐ ƐŽůŝĚĂƌŝĂƐ ƌĞŐŝƐƚƌſ ƵŶ ŵŽŶƚŽ ĚĞ h^ ϭϮ͘ϮϮϲ͕ϳϴ
ŵŝůůŽŶĞƐ͕ ŝŶĨĞƌŝŽƌ Ă ůŽ ĂůĐĂŶnjĂĚŽ ĞŶ ƐŝŵŝůĂƌ ƉĞƌŝŽĚŽ ĚĞ ƐƵ ĂŹŽ ƉƌĞǀŝŽ ;h^ ϭϯ͘ϯϳϭ͕ϲϮ ŵŝůůŽŶĞƐͿ͘ ŶƚƌĞ ůŽƐ
ŝŵƉƵĞƐƚŽƐĐŽŶŵĂLJŽƌĂƉŽƌƚĞĂĚŝĐŝĞŵďƌĞĚĞϮϬϭϲƐĞĚĞƐƚĂĐĂŶ͗ů/sĐŽŶh^ϰ͘ϯϳϰ͕ϴϱŵŝůůŽŶĞƐ͕ƐĞŐƵŝĚŽĚĞ/Z
;/ŵƉƵĞƐƚŽĂ ůĂZĞŶƚĂͿ;h^ϯ͘ϵϰϲ͕ϮϴŵŝůůŽŶĞƐͿ͕ĂƐşĐŽŵŽĞů/^ ;/ŵƉƵĞƐƚŽĂůĂƐĂůŝĚĂĚĞĚŝǀŝƐĂƐͿ;h^ϵϲϰ͕ϲϲ
ŵŝůůŽŶĞƐͿ͕Ğů/;/ŵƉƵĞƐƚŽĂůŽƐŽŶƐƵŵŽƐƐƉĞĐŝĂůĞƐͿ;h^ϲϳϰ͕ϮϳŵŝůůŽŶĞƐͿ͘

>Ă ŝŶĨůĂĐŝſŶ ĞŶ Ğů ƉĂşƐ Ă ƉĂƌƚŝƌ ĚĞ ůĂ ĐŝƌĐƵůĂĐŝſŶ ĚĞů ĚſůĂƌ ĚĞ ůŽƐ ƐƚĂĚŽƐ hŶŝĚŽƐ ĐŽŵŽ ŵŽŶĞĚĂ ŽĨŝĐŝĂů ĚĞů
ĐƵĂĚŽƌ͕ ŚĂ ůŽŐƌĂĚŽ ŵĂŶƚĞŶĞƌ ůĂ ǀĂƌŝĂĐŝſŶ ĚĞů ĐƌĞĐŝŵŝĞŶƚŽ ĚĞ ƉƌĞĐŝŽƐ ĞƐƚĂďůĞ͕ ĞŶ ĐŝĨƌĂƐ ƉƌſdžŝŵĂƐ Ğ ŝŶĐůƵƐŽ
ŵĞŶŽƌĞƐ Ăů ϯй ĂŶƵĂů͘ WĂƌĂ Ğů ĂŹŽ ϮϬϭϰ ĐƵĂĚŽƌ ƌĞŐŝƐƚƌſ ƵŶĂ ŝŶĨůĂĐŝſŶ ĂŶƵĂů ϯ͕ϲϳй͕ ŵŝĞŶƚƌĂƐ ƋƵĞ ƉĂƌĂ
ĚŝĐŝĞŵďƌĞ ĚĞ ϮϬϭϱ ůĂ ŝŶĨůĂĐŝſŶ ĂŶƵĂů ĨƵĞ ĚĞ ϯ͕ϯϴй͕ ƉŽƌĐĞŶƚĂũĞ ŝŶĨĞƌŝŽƌ Ă ůĂ ĚĞ ƐƵ ƉĞƌŝŽĚŽ ƉƌĞĐĞĚĞŶƚĞ͘ Ŷ
ĚŝĐŝĞŵďƌĞ ĚĞů ϮϬϭϲ͕ Ğů ƉĂşƐ ƌĞŐŝƐƚƌſ ƵŶĂ ŝŶĨůĂĐŝſŶ ŵĞŶƐƵĂů ĚĞ Ϭ͕ϭϲй͕ ĚĂƚŽ ƋƵĞ ƌĞĨůĞũĂ ƵŶĂ ŵĞũŽƌĂ ĞŶ Ğů
ĚŝŶĂŵŝƐŵŽĚĞƉƌĞĐŝŽƐ͘ŶĚŝĐŝĞŵďƌĞĚĞůϮϬϭϱ͕ůĂŝŶĨůĂĐŝſŶŵĞŶƐƵĂůůůĞŐſĂϬ͕Ϭϵй͘

ŶƌĞĨĞƌĞŶĐŝĂĂůƐĂůĂƌŝŽŵşŶŝŵŽǀŝƚĂůŶŽŵŝŶĂůƉƌŽŵĞĚŝŽ͕ƐĞĂƉƌĞĐŝĂƋƵĞĂůĐŝĞƌƌĞĚĞĚŝĐŝĞŵďƌĞĚĞϮϬϭϲ͕ĞƐƚĞ
ĂůĐĂŶnjſ ƵŶ ŵŽŶƚŽ ĚĞ h^ ϰϮϲ͕ϵϮ͕ ŵŝĞŶƚƌĂƐ ƋƵĞ Ğů ƐĂůĂƌŝŽ ƵŶŝĨŝĐĂĚŽ ŶŽŵŝŶĂů͕ ĨƵĞ ĨŝũĂĚŽ ĞŶ h^ ϯϲϲ͕ϬϬ͕ Ğů
ŵŝƐŵŽ ƋƵĞ ŝŶĐƌĞŵĞŶƚſ ĞŶ ƵŶ ϯ͕ϯϵй ĨƌĞŶƚĞ Ăů ƐĂůĂƌŝŽ ƵŶŝĨŝĐĂĚŽ ŶŽŵŝŶĂů ĚĞů ĂŹŽ ϮϬϭϱ ;h^ ϯϱϰ͕ϬϬͿ͕ ĠƐƚĞ
ŝŶĐƌĞŵĞŶƚŽĞƐĞůŵĄƐƌĞĚƵĐŝĚŽĚĞůŽƐƷůƚŝŵŽƐŶƵĞǀĞĂŹŽƐ͘ ůĂƵŵĞŶƚŽĞŶĞůƐĂůĂƌŝŽ ƵŶŝĨŝĐĂĚŽŶŽŵŝŶĂůǀĂ ĚĞ
ĂĐƵĞƌĚŽ Ă ƵŶĂ ƌĞĨŽƌŵĂ ůĂďŽƌĂů ŝŵƉƵĞƐƚĂ ƉŽƌ Ğů 'ŽďŝĞƌŶŽ ĞĐƵĂƚŽƌŝĂŶŽ͕ ĐƵLJŽ ŽďũĞƚŝǀŽ ĞƐ ƋƵĞ ůŽƐ ƐĂůĂƌŝŽƐ
ƉƌŽŐƌĞƐŝǀĂŵĞŶƚĞ ƐĞ ĞƋƵŝƉĂƌĞŶ ĐŽŶ Ğů ĐŽƐƚŽ ĚĞ ůĂ ĐĂŶĂƐƚĂ ďĄƐŝĐĂ ĨĂŵŝůŝĂƌ͕ ůĂ ŵŝƐŵĂ ƋƵĞ Ăů ŵĞƐ ĚĞ ĞŶĞƌŽ ĚĞ
ϮϬϭϳ͕ ƐĞ ƵďŝĐſ ĞŶ h^ ϳϬϭ͕ϵϯ ϭϲ͕ ŵŝĞŶƚƌĂƐ Ğů ŝŶŐƌĞƐŽ ĨĂŵŝůŝĂƌ ŵĞŶƐƵĂů ĐŽŶ ϭ͕ϲϬ ƉĞƌĐĞƉƚŽƌĞƐ ĞƐ ĚĞ ϳϬϬ͕ϬϬ
ĚſůĂƌĞƐƐŝŶŝŶĐůƵŝƌĨŽŶĚŽƐĚĞƌĞƐĞƌǀĂ͕ĞƐĚĞĐŝƌ͕ĐŽŶƵŶĂĐŽďĞƌƚƵƌĂĚĞůϵϵ͕ϳϮй͘

ůƌĞĨĞƌŝƌŶŽƐĂůĂƚĂƐĂƵƌďĂŶĂĚĞĞŵƉůĞŽĂĚĞĐƵĂĚŽƐĞĚĞďĞŵĞŶĐŝŽŶĂƌƋƵĞůĂƷůƚŝŵĂĞŶĐƵĞƐƚĂĚĞŝŶĚŝĐĂĚŽƌĞƐ
ůĂďŽƌĂůĞƐ͕ ƉƵďůŝĐĂĚĂ ƉŽƌ Ğů /E͕ ƌĞǀĞůĂ ƋƵĞ ůĂ ƚĂƐĂ ĚĞ ĞŵƉůĞŽ ŶĂĐŝŽŶĂů ĂĚĞĐƵĂĚŽ Ă ƐĞƉƚŝĞŵďƌĞ ĚĞ ϮϬϭϲ
ĂůĐĂŶnjſĞůϰϳ͕ϱй͕ϲ͕ϵƉƵŶƚŽƐƉŽƌĐĞŶƚƵĂůĞƐŝŶĨĞƌŝŽƌĐŽŶƌĞƐƉĞĐƚŽĂůŵŝƐŵŽŵĞƐĚĞůĂŹŽϮϬϭϱ;ϱϰ͕ϰйͿ͘WŽƌŽƚƌŽ
ůĂĚŽ͕ ůĂ ƚĂƐĂ ĚĞ ƉŽďƌĞnjĂ ;ƐĞƉƚŝĞŵďƌĞ ϮϬϭϲͿ ĚĞ ůĂ ƉŽďůĂĐŝſŶ ŶĂĐŝŽŶĂů ƵƌďĂŶĂ ĚĞů ĐƵĂĚŽƌ ƐĞ ƐŝƚƵſ ĞŶ ϭϰ͕ϱй͕
ƉƌĞƐĞŶƚĂŶĚŽ ƵŶĂ ƚĂƐĂ ŝŶĨĞƌŝŽƌ ĞŶ ĨƌĞŶƚĞ Ă ƐƵ ƐŝŵŝůĂƌ ƉĞƌşŽĚŽ ĚĞů ĂŹŽ ϮϬϭϱ ;ϭϱ͕ϬйͿ͘ ů ŶŝǀĞů ĚĞ
ĚĞƐĞŵƉůĞŽͬĚĞƐŽĐƵƉĂĚŽƐϭϳ;ƚĂƐĂĚĞĚĞƐŽĐƵƉĂĐŝſŶƚŽƚĂůͿĂƐĞƉƚŝĞŵďƌĞĚĞϮϬϭϲ͕ůůĞŐſĂϲ͕ϳй͘

Ğ ĂĐƵĞƌĚŽ Ă ůĂ ŝŶĨŽƌŵĂĐŝſŶ ƉƵďůŝĐĂĚĂ ƉŽƌ Ğů ĂŶĐŽ ĞŶƚƌĂů ĚĞů ĐƵĂĚŽƌ͕ ůĂƐ ƚĂƐĂƐ ĚĞ ŝŶƚĞƌĠƐ͕ ŶŽ ŚĂŶ
ƉƌĞƐĞŶƚĂĚŽ ŵĂLJŽƌĞƐ ĐĂŵďŝŽƐ͕ ĞƐ ĂƐş ƋƵĞ ůĂ ƚĂƐĂ ƉĂƐŝǀĂ ƌĞĨĞƌĞŶĐŝĂů ĨƵĞ ĚĞ ϱ͕ϭϮй ƉĂƌĂ ĚŝĐŝĞŵďƌĞ ĚĞ ϮϬϭϲ͕
ŵŝĞŶƚƌĂƐ ƋƵĞ ůĂ ƚĂƐĂ ĂĐƚŝǀĂ ƌĞĨĞƌĞŶĐŝĂů ĨƵĞ ĚĞ ϴ͕ϭϬй ĞdžŝƐƚŝĞŶĚŽ ƵŶ ƐƉƌĞĂĚ ĚĞ ƚĂƐĂƐ ĂĐƚŝǀĂƐ LJ ƉĂƐŝǀĂƐ
ƌĞĨĞƌĞŶĐŝĂůĞƐ ƉĂƌĂ Ğů ŵĞƐ ĚĞ ĚŝĐŝĞŵďƌĞ ĚĞ ϮϬϭϲ ĚĞ Ϯ͕ϵϴй͘ ů ǀŽůƵŵĞŶ ĚĞů ĐƌĠĚŝƚŽ ŽƚŽƌŐĂĚŽ ƉŽƌ Ğů ƐŝƐƚĞŵĂ
ĨŝŶĂŶĐŝĞƌŽ ŶĂĐŝŽŶĂů ƚƵǀŽ ƵŶĂ ǀĂƌŝĂĐŝſŶ ŝŵƉŽƌƚĂŶƚĞ͕ ĞƐ ĂƐş ƋƵĞ Ă ŶŽǀŝĞŵďƌĞ ĚĞ ϮϬϭϲ͕ Ğů ǀŽůƵŵĞŶ ĚĞ ĐƌĠĚŝƚŽ
ĞŶƚƌĞŐĂĚŽĨƵĞĚĞh^Ϯ͘ϴϯϮ͕ϭŵŝůůŽŶĞƐ͕ŵŝĞŶƚƌĂƐƋƵĞĂůŵŝƐŵŽƉĞƌŝŽĚŽĚĞϮϬϭϱůůĞŐſĂh^ϭ͘ϴϴϮ͕ϰŵŝůůŽŶĞƐ͘

ůĨůƵũŽĚĞƌĞŵĞƐĂƐϭϴĨĂŵŝůŝĂƌĞƐƋƵĞŝŶŐƌĞƐſĂůƉĂşƐĚƵƌĂŶƚĞĞůϮϬϭϱƐƵŵſh^Ϯ͘ϯϳϳ͕ϴϬŵŝůůŽŶĞƐ͕ĐŝĨƌĂƋƵĞĨƵĞ
ŝŶĨĞƌŝŽƌ ĞŶ ƵŶ ϯ͕ϰй ĐŽŶ ƌĞƐƉĞĐƚŽ ĚĞ ůŽ ƌĞƉŽƌƚĂĚŽ ĞŶ Ğů ϮϬϭϰ͕ ĞƐƚĂ ĚŝƐŵŝŶƵĐŝſŶ ƐĞ ĂƚƌŝďƵLJĞ Ă ůĂ ĐŽLJƵŶƚƵƌĂ


ϭϱ
ŚƚƚƉ͗ͬͬĞdžƉƌĞƐŽ͘ĞĐͬĞdžƉƌĞƐŽͬƉůĂŶƚŝůůĂƐͬŶŽƚĂ͘ĂƐƉdž͍ŝĚĂƌƚсϴϴϬϵϬϯϱΘŝĚĐĂƚсϯϴϮϮϵΘƚŝƉŽсϮ
ϭϲ
ŚƚƚƉ͗ͬͬǁǁǁ͘ĞĐƵĂĚŽƌĞŶĐŝĨƌĂƐ͘ŐŽď͘ĞĐͬĚŽĐƵŵĞŶƚŽƐͬǁĞďͲŝŶĞĐͬ/ŶĨůĂĐŝŽŶͬϮϬϭϲͬ/ŶĨůĂĐŝŽŶEŽǀŝĞŵďƌĞϮϬϭϲͬŝƉĐͺWƌĞƐĞŶƚĂĐŝŽŶͺ/WͺŽĐƚƵďƌĞͺϭϲ͘ƉĚĨ
ŚƚƚƉ͗ͬͬǁǁǁ͘ĞĐƵĂĚŽƌĞŶĐŝĨƌĂƐ͘ŐŽď͘ĞĐͬĐĂŶĂƐƚĂͬ͘
ϭϳ
/ŶĨŽƌŵĂĐŝſŶĚŝƐƉŽŶŝďůĞŵĄƐƌĞĐŝĞŶƚĞĞŶĞů͘
ϭϴ
ŚƚƚƉ͗ͬͬĐŽŶƚĞŶŝĚŽ͘ďĐĞ͘ĨŝŶ͘ĞĐͬĚŽĐƵŵĞŶƚŽƐͬƐƚĂĚŝƐƚŝĐĂƐͬ^ĞĐƚŽƌdžƚĞƌŶŽͬĂůĂŶnjĂWĂŐŽƐͬZĞŵĞƐĂƐͬĞƌĞϮϬϭϱϬϱ͘ƉĚĨ͕ƷůƚŝŵĂŝŶĨŽƌŵĂĐŝſŶƌĞŐ ŝƐƚƌĂĚĂ͘ 
ϭϱ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

ĞĐŽŶſŵŝĐĂĚĞůŽƐƉƌŝŶĐŝƉĂůĞƐƉĂşƐĞƐĚŽŶĚĞƌĞƐŝĚĞŶůŽƐĞŵŝŐƌĂŶƚĞƐĞĐƵĂƚŽƌŝĂŶŽƐ;ƐƚĂĚŽƐhŶŝĚŽƐĚĞŵĠƌŝĐĂ͕
ƐƉĂŹĂĞ/ƚĂůŝĂ͕ĞŶƚƌĞŽƚƌŽƐͿ͕ĂƐşĐŽŵŽůĂĚĞƉƌĞĐŝĂĐŝſŶĚĞůĞƵƌŽĐŽŶƌĞƐƉĞĐƚŽĂůĚſůĂƌĞŶϭϵ͕ϲйĞŶĞůƉĞƌŝŽĚŽ
ϮϬϭϱ͘ůĨůƵũŽĚĞƌĞŵĞƐĂƐƌĞĐŝďŝĚĂƐĞŶĞůƉĂşƐĚƵƌĂŶƚĞĞůƚĞƌĐĞƌƚƌŝŵĞƐƚƌĞĚĞϮϬϭϲƐƵŵſh^ϲϲϲ͕ϰŵŝůůŽŶĞƐ͕
ĐŝĨƌĂŝŶĨĞƌŝŽƌĞŶƵŶϬ͕ϰйĐŽŶƌĞůĂĐŝſŶĂůƐĞŐƵŶĚŽƚƌŝŵĞƐƚƌĞĚĞϮϬϭϲ;h^ϲϲϵ͕ϱŵŝůůŽŶĞƐͿ͕LJŵĂLJŽƌĞŶƵŶϴ͕ϭй
ĐŽŶƌĞƐƉĞĐƚŽĂůƚĞƌĐĞƌƚƌŝŵĞƐƚƌĞĚĞϮϬϭϱ;h^ϲϭϲ͕ϯŵŝůůŽŶĞƐͿ͘ >ĂǀĂƌŝĂĐŝſŶĚĞůĨůƵũŽĚĞƌĞŵĞƐĂƐLJŶƷŵĞƌŽĚĞ
ŐŝƌŽƐ ƌĞĐŝďŝĚŽƐ ĞŶ Ğů ƉĂşƐ ĚƵƌĂŶƚĞ Ğů ƚĞƌĐĞƌ ƚƌŝŵĞƐƚƌĞ ĚĞ ϮϬϭϲ͕ ƐĞ ĞŶĐƵĞŶƚƌĂ ƌĞůĂĐŝŽŶĂĚĂ ĐŽŶ ůĂ ƐŝƚƵĂĐŝſŶ
ĞĐŽŶſŵŝĐĂ ĚĞ ůŽƐ ƉƌŝŶĐŝƉĂůĞƐ ƉĂşƐĞƐ͗ ƐƚĂĚŽƐ hŶŝĚŽƐ ĚĞ ŵĠƌŝĐĂ͕ ƐƉĂŹĂ͕ /ƚĂůŝĂ͕ ĞŶƚƌĞ ŽƚƌŽƐ͕ ĚŽŶĚĞ ƌĞƐŝĚĞŶ
ĞŵŝŐƌĂŶƚĞƐĞĐƵĂƚŽƌŝĂŶŽƐ͘ĞĂĐƵĞƌĚŽĂůĂƷůƚŝŵĂŵĞĚŝĐŝſŶĚĞƌĞŵĞƐĂƐ͕ĐŽŶĨŽƌŵĞŝŶĨŽƌŵĂĐŝſŶƌĞƉŽƌƚĂĚĂƉŽƌĞů
͕ ƐĞ ĐŽŶĨŝƌŵĂ ůĂ ƉƌĞƐĞŶĐŝĂ ĚĞ ĞŵŝŐƌĂŶƚĞƐ ĞĐƵĂƚŽƌŝĂŶŽƐ ĞŶ DĠdžŝĐŽ͕ ŚŝůĞ͕ WĞƌƷ͕ ĂŶĂĚĄ LJ ŽůŽŵďŝĂ͕ ƋƵĞ
ĂƉŽƌƚĂƌŽŶĐŽŶĞůϱ͕ϱй;h^ϯϲ͕ϴŵŝůůŽŶĞƐͿĂůĨůƵũŽƐĞŵĞƐƚƌĂůĚĞƌĞŵĞƐĂƐƌĞĐŝďŝĚŽĞŶĞůƉĂşƐ͘ĞŝŐƵĂůŵĂŶĞƌĂ
ĚĞƐĚĞŶĂĐŝŽŶĞƐƵƌŽƉĞĂƐĐŽŵŽZĞŝŶŽhŶŝĚŽ͕ůĞŵĂŶŝĂ͕^ƵŝnjĂ͕&ƌĂŶĐŝĂLJĠůŐŝĐĂ͕ƐĞĐĂŶĂůŝnjſĞůϯ͕ϭй;h^ϮϬ͕ϰ
ŵŝůůŽŶĞƐͿĚĞůƚŽƚĂůĚĞƌĞŵĞƐĂƐƌĞĐĞƉƚĂĚŽĞŶĐƵĂĚŽƌ ϭϵ͘

ů ĐƵĂĚŽƌ ƌĞĐŝďŝſ h^ ϳϳϮ͕ϵϰ ŵŝůůŽŶĞƐ ƉŽƌ ĐŽŶĐĞƉƚŽ ĚĞ ŝŶǀĞƌƐŝſŶ ĞdžƚƌĂŶũĞƌĂ ĚŝƌĞĐƚĂ ;/Ϳ ĞŶ Ğů ĂŹŽ ϮϬϭϰ͕
ƐĞŐƷŶĞůƷůƚŝŵŽŝŶĨŽƌŵĞĚĞůĂŶĐŽĞŶƚƌĂů;Ϳ͕ƉƌĞƐĞŶƚĂŶĚŽƵŶŝŶĐƌĞŵĞŶƚŽĨƌĞŶƚĞĂůĂ/ƌĞĐŝďŝĚĂĞŶĞůĂŹŽ
ϮϬϭϯƋƵĞƐƵŵſƵŶŵŽŶƚŽƚŽƚĂůĚĞh^ϳϮϲ͕ϴϭŵŝůůŽŶĞƐ͘ůϯϭĚĞĚŝĐŝĞŵďƌĞĚĞϮϬϭϱ͕ůĂ/ĂƌƌŽũſƵŶǀĂůŽƌĚĞ
h^ ϭ͘ϯϮϭ͕ϰϮ ŵŝůůŽŶĞƐ͕ ĞǀŝĚĞŶĐŝĂŶĚŽ ůĂ ƚĞŶĚĞŶĐŝĂ ĐƌĞĐŝĞŶƚĞ ƌĞŐŝƐƚƌĂĚĂ ŚŝƐƚſƌŝĐĂŵĞŶƚĞ͘ ů ŵŽŶƚŽ ƉŽƌ /
ŵĞŶĐŝŽŶĂĚŽƌĞƐƉŽŶĚĞƉƌŝŶĐŝƉĂůŵĞŶƚĞĂůŝŵƉƵůƐŽĚĂĚŽĞŶĞůƉĂşƐĂĂĐƚŝǀŝĚĂĚĞƐĞĐŽŶſŵŝĐĂƐĚĞdžƉůŽƚĂĐŝſŶĚĞ
DŝŶĂƐ LJ ĂŶƚĞƌĂƐ͕ ŽŵĞƌĐŝŽ͕ /ŶĚƵƐƚƌŝĂ DĂŶƵĨĂĐƚƵƌĞƌĂ͕ ^ĞƌǀŝĐŝŽƐ ƉƌĞƐƚĂĚŽƐ Ă ůĂƐ ĞŵƉƌĞƐĂƐ͕ ĞŶƚƌĞ ůĂƐ ŵĄƐ
ŝŵƉŽƌƚĂŶƚĞƐ͘WĂƌĂĞůƐĞŐƵŶĚŽƚƌŝŵĞƐƚƌĞĚĞůĂŹŽϮϬϭϲůĂŝŶǀĞƌƐŝſŶĞdžƚƌĂŶũĞƌĂĚŝƌĞĐƚĂĂƐĐĞŶĚŝſĂƵŶƚŽƚĂůĚĞh^
ϮϬϲ͕ϭϭŵŝůůŽŶĞƐ͘

WĂƌĂĞůŵĞƐĚĞĚŝĐŝĞŵďƌĞĚĞϮϬϭϲ͕ĚĞĂĐƵĞƌĚŽĂŝŶĨŽƌŵĂĐŝſŶƉƌĞƐĞŶƚĂĚĂƉŽƌĞůDŝŶŝƐƚĞƌŝŽĚĞ&ŝŶĂŶnjĂƐ͕ĞůƐĂůĚŽ
ĚĞůĂĚĞƵĚĂĞdžƚĞƌŶĂƉƷďůŝĐĂ ĨƵĞĚĞh^Ϯϱ͘ϲϳϵ͕ϯϬŵŝůůŽŶĞƐ͕ŵŽŶƚŽƋƵĞŝŶĐůƵLJĞĞůƐĂůĚŽĨŝŶĂůŵĄƐĂƚƌĂƐŽƐĚĞ
ŝŶƚĞƌĞƐĞƐ͕ ĠƐƚĂ ĐŝĨƌĂ ƉƌĞƐĞŶƚſ ƵŶ ŝŶĐƌĞŵĞŶƚŽ ĐŽŶ ƌĞƐƉĞĐƚŽ Ă ĚŝĐŝĞŵďƌĞ ĚĞ ϮϬϭϱ ;h^ ϮϬ͘ϮϮϱ͕Ϯ ŵŝůůŽŶĞƐͿ͕
ŵŝĞŶƚƌĂƐ ƋƵĞ Ğů ƐĂůĚŽ ĚĞ ĚĞƵĚĂ ĞdžƚĞƌŶĂ ƉƌŝǀĂĚĂ ŚĂƐƚĂ ŽĐƚƵďƌĞ ĚĞ ϮϬϭϲ ĨƵĞ ĚĞ h^ ϴ͘ϮϰϬ͕ϭ ŵŝůůŽŶĞƐ͕
ĞǀŝĚĞŶĐŝĂŶĚŽ ƵŶ ŝŶĐƌĞŵĞŶƚŽ ĨƌĞŶƚĞ Ă ůŽ ƌĞŐŝƐƚƌĂĚŽ Ă ĚŝĐŝĞŵďƌĞ ĚĞ ϮϬϭϱ ;h^ ϳ͘ϱϭϳ͕ϭϬ ŵŝůůŽŶĞƐͿ ĐŽŶĨŽƌŵĞ
ĚĂƚŽƐƌĞƉŽƌƚĂĚŽƐƉŽƌĞůĂŶĐŽĞŶƚƌĂůĚĞůĐƵĂĚŽƌ͘ƐŝŵŝƐŵŽ͕ƵŶƉƵŶƚŽŝŵƉŽƌƚĂŶƚĞĂƐĞƌŵĞŶĐŝŽŶĂĚŽĞŶĞƐƚĞ
ĄŵďŝƚŽĞƐƋƵĞ ĞůŐŽďŝĞƌŶŽŶĂĐŝŽŶĂůƚŽĚĂǀşĂƚŝĞŶĞ ĞƐƉĂĐŝŽƉĂƌĂ ĐŽŶƚƌĂƚĂƌĚĞƵĚĂ ĚĞĂĐƵĞƌĚŽĂ ůĂŶŽƌŵĂ ůĞŐĂů
ǀŝŐĞŶƚĞ ĐŽŶƐŝĚĞƌĂŶĚŽ ƋƵĞ ƐĞŐƷŶ ůŽ ĞƐƚĂďůĞĐĞ ůĂ ŶŽƌŵĂƚŝǀĂ ƌĞƐƉĞĐƚŝǀĂ͕ Ğů ůşŵŝƚĞ ůĞŐĂů ƉĂƌĂ ůĂ ƌĞůĂĐŝſŶ ĚĞƵĚĂ
ͬW/ ĞƐ ĚĞů ϰϬй͕ ůĂ ŵŝƐŵĂ ƋƵĞ ƐĞŐƷŶ Ğů  LJ Ğů DŝŶŝƐƚĞƌŝŽ ĚĞ &ŝŶĂŶnjĂƐ ĚĞů ĐƵĂĚŽƌ Ă ŽĐƚƵďƌĞ ĚĞ ϮϬϭϲ͕ ƐĞ
ĞŶĐŽŶƚƌſĞŶϯϵ͕ϲϬй͘

>ĂĂĐƵŵƵůĂĐŝſŶĚĞƌĞƐĞƌǀĂƐŝŶƚĞƌŶĂĐŝŽŶĂůĞƐĞŶůŽƐƷůƚŝŵŽƐĂŹŽƐŚĂƉƌĞƐĞŶƚĂĚŽǀĂƌŝĂďůĞƐ͕ƉƵĞƐƚŽƋƵĞĞůϮϬϭϰ
ƐĞƌĞĚƵũĞƌŽŶŚĂƐƚĂƌĞŐŝƐƚƌĂƌƵŶƐĂůĚŽĚĞh^ϯ͘ϵϰϵ͕ϭŵŝůůŽŶĞƐ͕ƐŝƚƵĂĐŝſŶƐŝŵŝůĂƌƐĞĞǀŝĚĞŶĐŝſĂůĐŝĞƌƌĞĚĞϮϬϭϱ͕
ƉƵĞƐ ůĂƐ Z/͕ ƌĞŐŝƐƚƌĂƌŽŶ h^ Ϯ͘ϰϵϲ͕Ϭ ŵŝůůŽŶĞƐ͕ ĚĞƚĞƌŵŝŶĂŶĚŽ ƋƵĞ ůŽƐ ƉƌŝŶĐŝƉĂůĞƐ ŝŶŐƌĞƐŽƐ
ĚĞůĂZĞƐĞƌǀĂ/ŶƚĞƌŶĂĐŝŽŶĂůƐŽŶ͗ƌĞĐĂƵĚĂĐŝſŶĚĞŝŵƉƵĞƐƚŽƐ͕ĞdžƉŽƌƚĂĐŝŽŶĞƐĚĞƉĞƚƌſůĞŽLJĚĞƌŝǀĂĚŽƐ͕ĞŵŝƐŝſŶĚĞ
ĚĞƵĚĂ ŝŶƚĞƌŶĂ͕ ĚĞƉſƐŝƚŽƐ ĚĞ ůŽƐ ŐŽďŝĞƌŶŽƐ ůŽĐĂůĞƐ͕ ĚĞƐĞŵďŽůƐŽƐ ĚĞ ĚĞƵĚĂ ĞdžƚĞƌŶĂ LJ ĞdžƉŽƌƚĂĐŝŽŶĞƐ ƉƌŝǀĂĚĂƐ͕
ĞŶƚƌĞ ŽƚƌŽƐ͘ ů ϯϭ ĚĞ ĚŝĐŝĞŵďƌĞ ĚĞ ϮϬϭϲ ůĂƐ ƌĞƐĞƌǀĂƐ ŝŶƚĞƌŶĂĐŝŽŶĂůĞƐ ƌĞŐŝƐƚƌĂƌŽŶ ƵŶ ƐĂůĚŽ h^ ϰ͘Ϯϱϴ͕ϴϱ
ŵŝůůŽŶĞƐ͘
 
>ĂĐĂůŝĨŝĐĂĐŝſŶĐƌĞĚŝƚŝĐŝĂĚĞůƉĂşƐĞŶŵĞƌĐĂĚŽƐŝŶƚĞƌŶĂĐŝŽŶĂůĞƐ͕ƉĂƌĂĨŝŶĂůĞƐĚĞůĂŹŽϮϬϭϱ͕ůĂĨŝƌŵĂ^ƚĂŶĚĂƌĚΘ
WŽŽƌDzƐ ƌĞĚƵũŽ ůĂ ĐĂůŝĨŝĐĂĐŝſŶ ƋƵĞ ŚĂďşĂ ŽƚŽƌŐĂĚŽ Ăů ĐƵĂĚŽƌ͕ ůůĞǀĄŶĚŽůĂ ĚĞ ͞н ;WŽƐŝƚŝǀŽͿ Ă ͕͟͞ ĚĞďŝĚŽ Ă ƵŶ
ĚĞƚĞƌŝŽƌŽ ĚĞ ůĂƐ ĐƵĞŶƚĂƐ ĨŝƐĐĂůĞƐ LJ ĞdžƚĞƌŶĂƐ͕ ƉƌŽĚƵĐƚŽ ĚĞ ůĂ ĐĂşĚĂ ĞŶ ůŽƐ ƉƌĞĐŝŽƐ ĚĞů ƉĞƚƌſůĞŽ͕ ĂƐş ĐŽŵŽ ƵŶĂ
ŵĂLJŽƌƚĞŶƐŝſŶĞŶƚƌĞĞůŐŽďŝĞƌŶŽLJůĂƐŽĐŝĞĚĂĚ ϮϬ͘WŽƌŽƚƌŽůĂĚŽ͕ĞŶƵŶĂŶƵĞǀĂƌĞǀŝƐŝſŶĂůĂĐĂůŝĨŝĐĂĐŝſŶĐƌĞĚŝƚŝĐŝĂ
ĚĞůƉĂşƐĞŶŵĞƌĐĂĚŽƐŝŶƚĞƌŶĂĐŝŽŶĂůĞƐ͕ůĂĂŐĞŶĐŝĂ&/d,ƌĞǀŝƐſĂ͞ŶĞŐĂƚŝǀŽ͟ĚĞƐĚĞ͞ĞƐƚĂďůĞ͟ĞůƉĂŶŽƌĂŵĂƉĂƌĂůĂ
ĐĂůŝĨŝĐĂĐŝſŶ͟͞ĚĞĐƵĂĚŽƌ͕ƉŽƌƵŶĚĞƚĞƌŝŽƌŽĚĞůĂƐƉĞƌƐƉĞĐƚŝǀĂƐĚĞĐƌĞĐŝŵŝĞŶƚŽĚĞůĂĞĐŽŶŽŵşĂĚĞƵŶŽĚĞůŽƐ
ƉƌŽĚƵĐƚŽƌĞƐ ŵĄƐ ƉĞƋƵĞŹŽƐ ĚĞ ůĂ KƌŐĂŶŝnjĂĐŝſŶ ĚĞ WĂşƐĞƐ džƉŽƌƚĂĚŽƌĞƐ ĚĞ WĞƚƌſůĞŽ ;KWWͿ͕ ůĂ ĞŶƚŝĚĂĚ
ĐĂůŝĨŝĐĂĚŽƌĂ ƐĞŹĂůŽ ƋƵĞ ůŽƐ ŝŶĚŝĐĂĚŽƌĞƐ ĚĞ ƐŽůǀĞŶĐŝĂ ĞdžƚĞƌŶĂ LJ ůŝƋƵŝĚĞnj ĚĞů ƉĂşƐ ƐƵĚĂŵĞƌŝĐĂŶŽ ƐĞ ŚĂŶ
ĚĞďŝůŝƚĂĚŽϮϭ͘


ϭϵ
ϮϬ
ŚƚƚƉƐ͗ͬͬĐŽŶƚĞŶŝĚŽ͘ďĐĞ͘ĨŝŶ͘ĞĐͬĚŽĐƵŵĞŶƚŽƐͬƐƚĂĚŝƐƚŝĐĂƐͬ^ĞĐƚŽƌdžƚĞƌŶŽͬĂůĂŶnjĂWĂŐŽƐͬZĞŵĞƐĂƐͬĞƌĞϮϬϭϲϬϲ͘ƉĚĨ 
ŚƚƚƉ͗ͬͬǁǁǁ͘ĞůĐŽŵĞƌĐŝŽ͘ĐŽŵͬĂĐƚƵĂůŝĚĂĚͬĨŝŶĂŶnjĂƐͲĞĐƵĂĚŽƌͲƌŝĞƐŐŽĐƌĞĚŝƚŝĐŝŽͲĞĐŽŶŽŵŝĂ͘Śƚŵů
Ϯϭ
ŚƚƚƉ͗ͬͬǁǁǁ͘ĞůƵŶŝǀĞƌƐŽ͘ĐŽŵͬŶŽƚŝĐŝĂƐͬϮϬϭϲͬϬϴͬϮϱͬŶŽƚĂͬϱϳϲϯϭϱϲͬĐĂůŝĨŝĐĂĚŽƌĂͲĨŝƚĐŚͲďĂũĂͲƉĞƌƐƉĞĐƚŝǀĂͲĐƌĞĚŝƚŝĐŝĂͲĞĐƵĂĚŽƌͲŶĞŐĂƚŝǀĂ 
ϭϲ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

ŶĞƐƚĞƉƵŶƚŽƌĞƐƵůƚĂŝŵƉŽƌƚĂŶƚĞŵĞŶĐŝŽŶĂƌƋƵĞůĂĐĂůŝĨŝĐĂĐŝſŶĐƌĞĚŝƚŝĐŝĂƋƵĞƉŽƐĞĞĐƵĂĚŽƌŚĂŽĐĂƐŝŽŶĂĚŽƵŶ
ŝŵƉŽƌƚĂŶƚĞ ŝŶĐƌĞŵĞŶƚŽ ĞŶ Ğů ƌŝĞƐŐŽ ƉĂşƐ͕ ůŽ ĐƵĂů ĚŝĨŝĐƵůƚĂ Ğů ĐŽŶƐĞŐƵŝƌ ĨŝŶĂŶĐŝĂŵŝĞŶƚŽ ĞŶ Ğů ŵĞƌĐĂĚŽ
ŝŶƚĞƌŶĂĐŝŽŶĂů͕ŵĂŶƚĞŶŝĞŶĚŽƷŶŝĐĂŵĞŶƚĞůĂ ĨƵĞŶƚĞĚĞ ĨŝŶĂŶĐŝĂŵŝĞŶƚŽƉƌŽǀĞŶŝĞŶƚĞĚĞŚŝŶĂ͕ůĂŵŝƐŵĂ ƋƵĞ ĞŶ
ĐŝĞƌƚŽƐĐĂƐŽƐĞƐĚĞƐĨĂǀŽƌĂďůĞĚĞďŝĚŽĂůĂƐĂůƚĂƐƚĂƐĂƐĚĞŝŶƚĞƌĠƐŽƉŽƌůĂǀĞŶƚĂĨƵƚƵƌĂĚĞƉĞƚƌſůĞŽ͘

ŶƚĠƌŵŝŶŽƐŐĞŶĞƌĂůĞƐ͕ĞŶĞůŵĞĚŝĂŶŽƉůĂnjŽůĂĐƌĞĐŝĞŶƚĞƉĂƌƚŝĐŝƉĂĐŝſŶLJƌĞŐƵůĂĐŝſŶĚĞůĂĂĐƚŝǀŝĚĂĚĞĐŽŶſŵŝĐĂ
ƉŽƌƉĂƌƚĞĚĞů'ŽďŝĞƌŶŽĞĐƵĂƚŽƌŝĂŶŽŐĞŶĞƌĂĐŝĞƌƚĂŝŶĐĞƌƚŝĚƵŵďƌĞ ĞŶƐƵƐŽƐƚĞŶŝďŝůŝĚĂĚLJĂƋƵĞĞƐƚĂĚĞƉĞŶĚĞĞŶ
ŐƌĂŶŵĞĚŝĚĂĚĞƐƵƐŝŶŐƌĞƐŽƐƉĞƚƌŽůĞƌŽƐLJĞƐƚŽƐ͕ĂƐƵǀĞnjƉƌĞƐĞŶƚĂŶƵŶĂƚĞŶĚĞŶĐŝĂĂůĂďĂũĂ͕ĐŽŶůŽĐƵĂůůĂĐĂşĚĂ
ĚĞůƉƌĞĐŝŽĚĞůĐƌƵĚŽŐĞŶĞƌĂŝŶĐĞƌƚŝĚƵŵďƌĞ͕ĞŶĞƐƉĞĐŝĂůƌĞƐƉĞĐƚŽĂůĂŝŶǀĞƌƐŝſŶLJŐĂƐƚŽƉƷďůŝĐŽ͕ůŽƋƵĞŽďůŝŐĂĂ
ŵŽĚĞƌĂƌůĂƐĞdžƉĞĐƚĂƚŝǀĂƐĚĞĐƌĞĐŝŵŝĞŶƚŽ͘

ŶƌĞůĂĐŝſŶĂ ůŽ ƐƵĐĞĚŝĚŽ ĐŽŶůĂĚŝƐŵŝŶƵĐŝſŶĞŶ ĞůƉƌĞĐŝŽ ĚĞůƉĞƚƌſůĞŽ͕ƐĞĚĞďĞŵĞŶĐŝŽŶĂƌĞůĂůnjĂ ƋƵĞǀŝĞŶĞ
ƉƌĞƐĞŶƚĂŶĚŽĞůĚſůĂƌĞŶĐŽŵƉĂƌĂĐŝſŶĚĞůĂƐƉƌŝŶĐŝƉĂůĞƐŵŽŶĞĚĂƐĚĞůŵƵŶĚŽ͕ĞƐĂƐşƋƵĞĞůĚſůĂƌŚĂƉƌĞƐĞŶƚĂĚŽ
ƵŶĂ ĂƉƌĞĐŝĂĐŝſŶ ŝŵƉŽƌƚĂŶƚĞ ĞŶ ůŽƐ ƷůƚŝŵŽƐ ŵĞƐĞƐ ϮϮ͘ ů ĞĨĞĐƚŽ ĚĞ ĞƐƚĞ ŝŶĐƌĞŵĞŶƚŽ ĞƐƚĂƌşĂ ƌĞĨůĞũĂĚŽ ĞŶ ůĂƐ
ĞdžƉŽƌƚĂĐŝŽŶĞƐ ĚĞ ůŽƐ ƉĂşƐĞƐ ĚŽůĂƌŝnjĂĚŽƐ ƋƵĞ ƐĞƌĄŶ ŵĄƐ ĐĂƌĂƐ LJ ŵĞŶŽƐ ĐŽŵƉĞƚŝƚŝǀĂƐ͕ ŵŝĞŶƚƌĂƐ ƋƵĞ ůĂƐ
ŝŵƉŽƌƚĂĐŝŽŶĞƐ ƐĞ ĂďĂƌĂƚĂƌĄŶ͘ YƵŝĞŶĞƐ ŐĂŶĂŶ ĐŽŶ ĞƐƚĂ ĂůnjĂ ƐŽŶ ůŽƐ ĐŽŶƐƵŵŝĚŽƌĞƐ͕ ƋƵĞ ƚĞŶĚƌĄŶ ĂĐĐĞƐŽ Ă
ƉƌŽĚƵĐƚŽƐ ŝŵƉŽƌƚĂĚŽƐ Ă ŵĞŶŽƌĞƐ ƉƌĞĐŝŽƐ͕ ƐŝŶ ĞŵďĂƌŐŽ͕ ůŽƐ ƋƵĞ ƉŝĞƌĚĞŶ ƉŽĚƌşĂŶ ƐĞƌ ůĂƐ ĞŵƉƌĞƐĂƐ ƋƵĞ ƐĞ
ĚĞĚŝĐĂŶĂůĂƉƌŽĚƵĐĐŝſŶ͕ƉŽƌůĂƐĚŝĨŝĐƵůƚĂĚĞƐĚĞĞdžƉŽƌƚĂĐŝſŶLJƉŽƌůĂĐŽŵƉĞƚĞŶĐŝĂŝŶƚĞƌŶĂ Ϯϯ͘^ĞĚĞďĞŵĞŶĐŝŽŶĂƌ
ƋƵĞƉŽƌůĂĂƉƌĞĐŝĂĐŝſŶĚĞůĚſůĂƌ͕ŵƵĐŚĂŐĞŶƚĞŚĂǀŝƐƚŽůĂŽƉŽƌƚƵŶŝĚĂĚĚĞƐĂĐĂƌĐĂƉŝƚĂůĞƐLJƌĞĂůŝnjĂƌĐŽŵƉƌĂƐĞŶ
ůŽƐƉĂşƐĞƐĨƌŽŶƚĞƌŝnjŽƐĚĞďŝĚŽĂƋƵĞƐƵƐŵŽŶĞĚĂƐŚĂŶƐŝĚŽĚĞǀĂůƵĂĚĂƐ͘

ŽŵŽ ĐŽŶƐĞĐƵĞŶĐŝĂ ĚĞ ůĂ ďĂũĂ ĚĞů ƉƌĞĐŝŽ ĚĞů ƉĞƚƌſůĞŽ LJ ůĂ ĂƉƌĞĐŝĂĐŝſŶ ĚĞů ĚſůĂƌ Ğů ƉĂŶŽƌĂŵĂ ĞdžƚĞƌŶŽ ŚĂ
ŵŽĚŝĨŝĐĂĚŽůĂƐƉƌĞǀŝƐŝŽŶĞƐƌĞůĂĐŝŽŶĂĚĂƐĐŽŶůĂďĂůĂŶnjĂĚĞƉĂŐŽƐĚĞůƉĂşƐ͕ƉŽƌůŽƋƵĞĞůŐŽďŝĞƌŶŽŶĂĐŝŽŶĂůƐĞŚĂ
ǀŝƐƚŽĞŶůĂŶĞĐĞƐŝĚĂĚĚĞĂƉůŝĐĂƌŵĞĚŝĚĂƐƉĂƌĂƌĞŐƵůĂƌ ĞůŶŝǀĞů ŐĞŶĞƌĂůĚĞůĂƐŝŵƉŽƌƚĂĐŝŽŶĞƐLJĂƐşĞƋƵŝůŝďƌĂƌůĂ
ďĂůĂŶnjĂ ĐŽŵĞƌĐŝĂů͘ hŶĂ ĚĞ ůĂƐ ŵĞĚŝĚĂƐ ĂĚŽƉƚĂĚĂƐ ƋƵĞ ĂĨĞĐƚſ ĚĞ ŵĂŶĞƌĂ ĚŝƌĞĐƚĂ Ă ǀĂƌŝĂƐ ŝŶĚƵƐƚƌŝĂƐ ƋƵĞ ƐĞ
ĚĞƐĞŶǀƵĞůǀĞŶĞŶĞůŵĞƌĐĂĚŽďƵƌƐĄƚŝůĞƐůĂĂƉůŝĐĂĐŝſŶĚĞƐĂůǀĂŐƵĂƌĚŝĂƐĚĞŚĂƐƚĂƵŶϰϱйĂůĂƐŝŵƉŽƌƚĂĐŝŽŶĞƐ͕ůĂ
ŵĞŶĐŝŽŶĂĚĂĚŝƐƉŽƐŝĐŝſŶĂĨĞĐƚĂĂϮ͘ϴϬϬƉƌŽĚƵĐƚŽƐĐŽŶƵŶĂƐŽďƌĞƚĂƐĂĚĞůϱйƉĂƌĂďŝĞŶĞƐĚĞĐĂƉŝƚĂůLJŵĂƚĞƌŝĂƐ
ƉƌŝŵĂƐ ŶŽ ĞƐĞŶĐŝĂůĞƐ͕ ƵŶ ϭϱй ƉĂƌĂ ďŝĞŶĞƐ ĚĞ ƐĞŶƐŝďŝůŝĚĂĚ ŵĞĚŝĂ͕ ƵŶ Ϯϱй Ă ŶĞƵŵĄƚŝĐŽƐ͕ ĐĞƌĄŵŝĐĂ͕ ĐŬĚ ĚĞ
ƚĞůĞǀŝƐŽƌĞƐLJĐŬĚĚĞŵŽƚŽƐLJĨŝŶĂůŵĞŶƚĞƵŶĂƐŽďƌĞƚĂƐĂĚĞϰϱйƉĂƌĂďŝĞŶĞƐĚĞĐŽŶƐƵŵŽĨŝŶĂů͕ĞŶƚƌĞůŽƐƋƵĞƐĞ
ŝŶĐůƵLJĞŶƚĞůĞǀŝƐŽƌĞƐLJŵŽƚŽĐŝĐůĞƚĂƐ͘/ŶŝĐŝĂůŵĞŶƚĞ͕ůĂƐƐĂůǀĂŐƵĂƌĚŝĂƐƚĞŶşĂŶƵŶĂǀŝŐĞŶĐŝĂĚĞϭϱŵĞƐĞƐĂƉĂƌƚŝƌĚĞů
ϭϭĚĞŵĂƌnjŽĚĞϮϬϭϱ͕ƚŝĞŵƉŽĞŶĞůĐƵĂůƐĞƌĞĂůŝnjĂƌŽŶĞǀĂůƵĂĐŝŽŶĞƐƉĞƌŝſĚŝĐĂƐLJƵŶĂǀĞnjĐŽŶĐůƵŝĚŽĞůƉůĂnjŽƐĞ
ŚĂƌşĂƵŶĐƌŽŶŽŐƌĂŵĂĚĞĚĞƐŐƌĂǀĂĐŝſŶ Ϯϰ͘ĂďĞŝŶĚŝĐĂƌƋƵĞĞŶĞůŵĞƐĚĞŶŽǀŝĞŵďƌĞĚĞϮϬϭϱĐƵĂĚŽƌĞŶǀŝſĂůĂ
KƌŐĂŶŝnjĂĐŝſŶ DƵŶĚŝĂů ĚĞ ŽŵĞƌĐŝŽ ƵŶ ĐƌŽŶŽŐƌĂŵĂ ĚĞ ĚĞƐŵĂŶƚĞůĂŵŝĞŶƚŽ ƉƌŽŐƌĞƐŝǀŽ ĚĞ ůĂƐ ƐĂůǀĂŐƵĂƌĚŝĂƐ Ă
ƌĞĂůŝnjĂƌƐĞĚƵƌĂŶƚĞĞůĂŹŽϮϬϭϲ Ϯϱ͕ƐŝŶĞŵďĂƌŐŽĐŽŶůŽƐƵĐĞĚŝĚŽĞŶůĂƐĐŝƵĚĂĚĞƐĐŽƐƚĞƌĂƐĂĐĂƵƐĂ ĚĞůƚĞƌƌĞŵŽƚŽ
ŽĐƵƌƌŝĚŽ ĞŶ Ğů ŵĞƐ ĚĞ Ăďƌŝů ĚĞů ŵŝƐŵŽ ĂŹŽ LJ ĚĞďŝĚŽ Ă ůĂ ƉĞƌƐŝƐƚĞŶĐŝĂ ĞŶ ůĂƐ ĚŝĨŝĐƵůƚĂĚĞƐ ĞdžƚĞƌŶĂƐ ƋƵĞ
ĚĞƚĞƌŵŝŶĂƌŽŶůĂĂĚŽƉĐŝſŶĚĞĞƐƚĂƐƐĂůǀĂŐƵĂƌĚŝĂƐ͕ĞůŽŵŝƚĠĚĞŽŵĞƌĐŝŽdžƚĞƌŝŽƌ;KDyͿĚĞĐŝĚŝſĚŝĨĞƌŝƌƉŽƌ
ƵŶĂŹŽŵĄƐĞůĐƌŽŶŽŐƌĂŵĂĚĞĚĞƐŵĂŶƚĞůĂŵŝĞŶƚŽĚĞůĂƐƐĂůǀĂŐƵĂƌĚŝĂƐ Ϯϲ͕ŶŽŽďƐƚĂŶƚĞĞů'ŽďŝĞƌŶŽƐƵĂǀŝnjſůĂƐ
ƐĂůǀĂŐƵĂƌĚŝĂƐ͕ĚĞƚĞƌŵŝŶĂŶĚŽƋƵĞůĂƚĂƌŝĨĂŵĄƐĞůĞǀĂĚĂĚĞϰϬйƐĞƌĞĚƵnjĐĂĂůϯϱйLJůĂϮϱйĂůϭϱй͘

ŽŶ ĨĞĐŚĂ ϭϭ ĚĞ ŶŽǀŝĞŵďƌĞ ĚĞ ϮϬϭϲ ĐƵĂĚŽƌ LJ ůĂ hŶŝſŶ ƵƌŽƉĞĂ ;hͿ ĨŝƌŵĂƌŽŶ ƐƵ ĂĐƵĞƌĚŽ ĐŽŵĞƌĐŝĂů
ŵƵůƚŝƉĂƌƚĞƐϮϳ͘ůŵĞĐĂŶŝƐŵŽĐŽŵĞƌĐŝĂůƉĞƌŵŝƚŝƌĄĞůĂĐĐĞƐŽĚĞůĂŽĨĞƌƚĂŶĂĐŝŽŶĂůĞdžƉŽƌƚĂďůĞƐŝŶĂƌĂŶĐĞůĞƐLJĞů
ĂĐĐĞƐŽĂƵŶŵĞƌĐĂĚŽĚĞϲϭϰŵŝůůŽŶĞƐĚĞƉĞƌƐŽŶĂƐ͕ƐĞƉƌĞǀĠĞŶƚƌĞĞŶǀŝŐĞŶĐŝĂĞůϬϭĚĞĞŶĞƌŽĚĞϮϬϭϳ͕ƐŝĞŵƉƌĞ
LJĐƵĂŶĚŽƐĞĐƵŵƉůĂůĂƌĂƚŝĨŝĐĂĐŝſŶĞŶůŽƐůĞŐŝƐůĂƚŝǀŽƐĚĞůĂƐƉĂƌƚĞƐ͘






ϮϮ
ŚƚƚƉ͗ͬͬǁǁǁ͘ĨŝŶĂŶnjĂƐ͘ĐŽŵͬŶŽƚŝĐŝĂƐͬŵĞƌĐĂĚŽƐͬďŽůƐĂƐͬϮϬϭϱϬϯϭϯͬƉĂƌŝĚĂĚͲĞƵƌŽͲĚŽůĂƌͲƉĞƌŽͲϮϴϵϮϯϳϲ͘Śƚŵů
Ϯϯ
ŚƚƚƉ͗ͬͬĚŝŶĞƌŽ͘ƵŶŝǀŝƐŝŽŶ͘ĐŽŵͬƉƌŽƐƉĞƌŝĚĂĚͬĂƌƚŝĐůĞͬϮϬϭϰͲϭϬͲϬϮͬĐŝŶĐŽͲŵĂŶĞƌĂƐͲĞŶͲƋƵĞͲĞůͲĂůnjĂͲĂůͲĚŽůĂƌͲŶŽƐͲĂĨĞĐƚĂ
Ϯϰ
ŚƚƚƉ͗ͬͬǁǁǁ͘ĞůĐŽŵĞƌĐŝŽ͘ĐŽŵͬĂĐƚƵĂůŝĚĂĚͬŶĞŐŽĐŝŽƐͲƐĂůǀĂŐƵĂƌĚŝĂƐͲƉƌŽĚƵĐƚŽƐͲĐŽŵĞƌĐŝŽͲĞdžƚĞƌŝŽƌ͘Śƚŵů
Ϯϱ
ŚƚƚƉ͗ͬͬǁǁǁ͘ĞůĐŽŵĞƌĐŝŽ͘ĐŽŵͬĂĐƚƵĂůŝĚĂĚͬĞĐƵĂĚŽƌͲĐƌŽŶŽŐƌĂŵĂͲƐĂůǀĂŐƵĂƌĚŝĂƐͲƉĂŐŽƐͲďĂůĂŶnjĂ͘Śƚŵů
ϮϲŚƚƚƉ͗ͬͬǁǁǁ͘ĞůĐŽŵĞƌĐŝŽ͘ĐŽŵͬĂĐƚƵĂůŝĚĂĚͬĞĐƵĂĚŽƌͲƐĂůǀĂŐƵĂƌĚŝĂƐͲĐŽŵĞdžͲĞƋƵŝůŝďƌĂƌͲďĂůĂŶnjĂ͘Śƚŵů 
Ϯϳ
ŚƚƚƉ͗ͬͬǁǁǁ͘ĞůĐŽŵĞƌĐŝŽ͘ĐŽŵͬĂĐƚƵĂůŝĚĂĚͬĞĐƵĂĚŽƌͲĨŝƌŵĂͲĂĐƵĞƌĚŽͲƵŶŝŽŶĞƵƌŽƉĞĂͲĞdžƉŽƌƚĂĐŝŽŶĞƐ͘Śƚŵů͘^ŝĞƐƚĄƉĞŶƐĂŶĚŽĞŶŚĂĐĞƌƵƐŽĚĞůŵŝƐŵŽ͕ƉŽƌĨĂǀŽƌ͕ĐŝƚĞůĂĨƵĞŶƚĞLJ
ŚĂŐĂƵŶĞŶůĂĐĞŚĂĐŝĂůĂŶŽƚĂŽƌŝŐŝŶĂůĚĞĚŽŶĚĞƵƐƚĞĚŚĂƚŽŵĂĚŽĞƐƚĞĐŽŶƚĞŶŝĚŽ͘ůŽŵĞƌĐŝŽ͘ĐŽŵ
ϭϳ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

ZŝĞƐŐŽĚĞůEĞŐŽĐŝŽ
ĞƐĐƌŝƉĐŝſŶĚĞůĂŵƉƌĞƐĂ

DĞĚŝĂŶƚĞ ĞƐĐƌŝƚƵƌĂ ƉƷďůŝĐĂ ĐĞůĞďƌĂĚĂ Ğů Ϯϭ ĚĞ ĞŶĞƌŽ ĚĞ ϭϵϱϳ͕ Ğ ŝŶƐĐƌŝƚĂ ĞŶ Ğů ZĞŐŝƐƚƌŽ DĞƌĐĂŶƚŝů ĚĞů ĐĂŶƚſŶ
'ƵĂLJĂƋƵŝů͕ Ğů ϭϱ ĚĞ ĨĞďƌĞƌŽ ĚĞů ŵŝƐŵŽ ĂŹŽ͕ ƐĞ ĐŽŶƐƚŝƚƵLJſ ůĂ ŽŵƉĂŹşĂ >DE^  WZd/ ^͕͘͘ ƐŝĞŶĚŽ Ğů
ƉůĂnjŽĚĞĚƵƌĂĐŝſŶĚĞϭϱϬĂŹŽƐĂƉĂƌƚŝƌĚĞůĂĨĞĐŚĂĚĞŝŶƐĐƌŝƉĐŝſŶĞŶĞůZĞŐŝƐƚƌŽDĞƌĐĂŶƚŝůĚĞůĂĞƐĐƌŝƚƵƌĂƉƷďůŝĐĂ
ĚĞƐƵĐŽŶƐƚŝƚƵĐŝſŶ͕ĞƐĚĞĐŝƌŚĂƐƚĂĞůϭϱĚĞĨĞďƌĞƌŽĚĞϮϭϬϳ͘

Ŷ ůĂ ĂĐƚƵĂůŝĚĂĚ ƐƵ ĚŽŵŝĐŝůŝŽ ƉƌŝŶĐŝƉĂů ƐĞ ĞŶĐƵĞŶƚƌĂ ĞŶ ůĂ ĐŝƵĚĂĚ ĚĞ 'ƵĂLJĂƋƵŝů LJ ƐƵ ŽďũĞƚŽ ƉƌŝŶĐŝƉĂů ĞƐ ůĂ
ĐŽŵƉƌĂǀĞŶƚĂ͕ ŝŵƉŽƌƚĂĐŝſŶ͕ ĐŽŵĞƌĐŝĂůŝnjĂĐŝſŶ LJ ĚŝƐƚƌŝďƵĐŝſŶ ĚĞ ǀĞƐƚŝŵĞŶƚĂƐ ĞŶ Ğů ƌĂŵŽ ĚĞ ƚŝĞŶĚĂ ĚĞ
ĚĞƉĂƌƚĂŵĞŶƚŽƐ͖ ĂƌƚşĐƵůŽƐ ƉĂƌĂ Ğů ŚŽŐĂƌ͕ ĞůĞĐƚƌŽĚŽŵĠƐƚŝĐŽƐ͕ ŵƵĞďůĞƐ͕ ƉĞƌĨƵŵĞƐ͕ ďŝĞŶĞƐ ĚĞ ĐŽŶƐƵŵŽ LJ ĚĞ
ĐĂƉŝƚĂů͕ ĚĞ ŝŐƵĂů ĨŽƌŵĂ͕ ƚŝĞŶĞ ĂƵƚŽƌŝnjĂĚĂ ůĂ ĚŝƐƚƌŝďƵĐŝſŶ Ăů ƉŽƌ ŵĞŶŽƌ͕ Ă ĐƌĠĚŝƚŽ Ž Ăů ĐŽŶƚĂĚŽ͕ ĐŽŵƉƌĂ͕ ǀĞŶƚĂ͕
ĂƌƌĞŶĚĂŵŝĞŶƚŽ͕ ĂĚŵŝŶŝƐƚƌĂĐŝſŶ͕ ĐŽƌƌĞƚĂũĞ͕ ƉĞƌŵƵƚĂ LJ ĂŐĞŶĐŝĂŵŝĞŶƚŽ ĚĞ ďŝĞŶĞƐ ŝŶŵƵĞďůĞƐ͕ ĂƐş ĐŽŵŽ ĚĞ
ĐƵĂůƋƵŝĞƌŽƚƌŽĂĐƚŽũƵƌşĚŝĐŽƌĞůĂĐŝŽŶĂĚŽĚŝƌĞĐƚĂŵĞŶƚĞĐŽŶďŝĞŶĞƐŝŶŵƵĞďůĞƐ͘

^ŽŶŵĄƐĚĞϭϮĂŹŽƐĚĞƐĚĞƋƵĞ>DE^WZd/^͘͘ŝŶŝĐŝſůĂ ĐƌĞĂĐŝſŶĚĞƐƵƐŵĂƌĐĂƐƉƌŽƉŝĂƐƚƌĂďĂũĂŶĚŽ
ĐŽŶ ƉƌŽǀĞĞĚŽƌĞƐ ůŽĐĂůĞƐ ƉĂƌĂ ŽĨƌĞĐĞƌ Ă ƐƵƐ ĐůŝĞŶƚĞƐ ƉƌŽĚƵĐƚŽƐ ĚĞ ĐĂůŝĚĂĚ ŚĞĐŚŽƐ ĞŶ ĐƵĂĚŽƌ͘ Ɛ ĂƐş ĐŽŵŽ Ăů
ŵŽŵĞŶƚŽ ĞŶƚƌĞ ƐƵƐ ŵĂƌĐĂƐ ƉƌŝŶĐŝƉĂůĞƐ ƚŝĞŶĞ͗ /ƐĂďĞůůĂ͕ ^ƚŚĞƉŚĂŶŽ͕ ,ΘK͕ džƉƌĞƐƐŝŽŶƐ͕ EĞǁ ĚŝƚŝŽŶ͕ ŽŶĂ :ƌ͕
ŵĂŶĚĂ͕ŝƚLJ^ƉŽƌƚ͕<ŝĚĚŽLJĞĐŽŶŽǀĂ͘ůĚŝƐĞŹŽĚĞĐĂĚĂĐŽůĞĐĐŝſŶŝŶĐůƵLJĞƐŝĞŵƉƌĞůĂƐŵĞũŽƌĞƐƚĞŶĚĞŶĐŝĂƐĚĞůĂ
ŝŶĚƵƐƚƌŝĂĚĞůĂŵŽĚĂ͕ĂĚĂƉƚĄŶĚŽůĂƐĂůŵĞƌĐĂĚŽĂĐƚƵĂů͘ƌŝŶĚĂŶĂƐƵǀĞnjĂůŽƐƉƌŽǀĞĞĚŽƌĞƐŶĂĐŝŽŶĂůĞƐĂƐĞƐŽƌşĂ
ĞŶĐŽŶĨĞĐĐŝſŶ͕ĂĐĂďĂĚŽƐLJĐĂůŝĚĂĚ͕ĂƐşĐŽŵŽĨĂĐƚŽƌŝŶŐĐƵĂŶĚŽĞƐƚŽƐůŽŶĞĐĞƐŝƚĂŶ͘

ŶϮϬϭϰ>DE^WZd/^͘͘ĂŵƉůşĂƐƵůşŶĞĂĚĞƉƌŽĚƵĐƚŽƐŽĨĞƌƚĂŶĚŽůşŶĞĂƐĚĞƌŽƉĂŝŶƚĞƌŶĂĐŝŽŶĂůĐŽŵŽ
ƐŽŶůĂƐŵĂƌĐĂƐ͗:ĞƐƐŝĐĂ^ŝŵƉƐŽŶ͕:ĞŶŶŝĨĞƌ>ſƉĞnj͕DĂƌĐ&ŝƐŚĞƌůŽĞ͕KƉŝ͕&ƵŶŬLJ&ŝƐŚ͕ŽƌƚĞĨŝĞůĚ͕^ƉƌŝŶŐĨŝĞůĚ͕ĞŶƚƌĞ
ŽƚƌĂƐ͘

>DE^WZd/^͘͘ĂĐƚƵĂůŵĞŶƚĞĞƐƌĞĐŽŶŽĐŝĚŽĐŽŵŽƵŶƌĞĨĞƌĞŶƚĞ ĞŶĞůĞͲĐŽŵŵĞƌĐĞ͘ ŽŶƵŶĂ ƚŝĞŶĚĂ
ǀŝƌƚƵĂů ĐŽŶ ŵĄƐ ĚĞ ϴ ĂŹŽƐ ĞŶ Ğů ŵĞƌĐĂĚŽ ŚĂ ƌĞĐŝďŝĚŽ ĞŶ ǀĂƌŝĂƐ ŽĐĂƐŝŽŶĞƐ Ğů ƌĞĐŽŶŽĐŝŵŝĞŶƚŽ ĚĞů /ŶƐƚŝƚƵƚŽ
>ĂƚŝŶŽĂŵĞƌŝĐĂŶŽĚĞŽŵĞƌĐŝŽĞůĞĐƚƌſŶŝĐŽLJůĂĄŵĂƌĂĚĞŽŵĞƌĐŝŽĚĞ'ƵĂLJĂƋƵŝůĐŽŵŽůĂĞŵƉƌĞƐĂůşĚĞƌĞŶĞͲ
ĐŽŵŵĞƌĐĞ ĞŶ /ŶĚƵŵĞŶƚĂƌŝĂ LJ DŽĚĂ͘ Ŷ Ğů ϮϬϭϱ ŽĐƵƉĂƌŽŶ Ğů ƚĞƌĐĞƌ ůƵŐĂƌ ĞŶ 'ƌĞĂƚ WůĂĐĞ ƚŽ tŽƌŬ ĞŶ ĚŽŶĚĞ
ƌĞĐŝďŝĞƌŽŶĞůƐĞůůŽĚĞŵƉůĞŽ:ŽǀĞŶŽƚŽƌŐĂĚŽƉŽƌĞůDƵŶŝĐŝƉŝŽĚĞYƵŝƚŽ͘

>ĂƐůşŶĞĂƐĚĞƉƌŽĚƵĐƚŽƐLJƐƵƐŐƌƵƉŽƐƵƚŝůŝnjĂĚŽƐƉĂƌĂƐƵƐŵĞĚŝĐŝŽŶĞƐĨŝŶĂŶĐŝĞƌĂƐƐŽŶůĂƐƐŝŐƵŝĞŶƚĞƐ͗

*5ƒ),&235,1&,3$/(6/1($6'(352'8&7261(*2&,26<$&7,9,'$'(6


)XHQWH(ODERUDFLµQ$/0$&(1(6'(35$7,6$


WƌŽƉŝĞĚĂĚ͕ĚŵŝŶŝƐƚƌĂĐŝſŶLJ'ŽďŝĞƌŶŽŽƌƉŽƌĂƚŝǀŽ 

ůϯϭĚĞĚŝĐŝĞŵďƌĞĚĞϮϬϭϲ͕>DE^WZd/^͕͘ƌĞŐŝƐƚƌſĐŽŵŽĐĂƉŝƚĂůƐƵƐĐƌŝƚŽLJƉĂŐĂĚŽƉŽƌůĂƐƵŵĂĚĞ
h^ϭϬ͘ϬϬϬ͘ϬϬϬ͕ϬϬ͕ĞůŵŝƐŵŽƋƵĞĞƐƚƵǀŽĐŽŶĨŽƌŵĂĚŽƉŽƌϭϬ͘ϬϬϬ͘ϬϬϬĚĞĂĐĐŝŽŶĞƐŽƌĚŝŶĂƌŝĂƐLJŶŽŵŝŶĂƚŝǀĂƐĚĞ
h^ϭ͕ϬϬĐĂĚĂƵŶĂ͘ĐŽŶƚŝŶƵĂĐŝſŶƐĞĚĞƚĂůůĂůŽŵĞŶĐŝŽŶĂĚŽ͗


ϭϴ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

&8$'52$&&,21,67$6
1RPEUH 3D¯VGHRULJHQ &DSLWDO 86'  3DUWLFLSDFLµQ
'(*(/,6$ (FXDGRU  
3$&,),&+20( )$6+,21)5$1&+,6(//& (VWDGRV8QLGRVGH$P«ULFD  
0$7('(&$/7' %DKDPDV  
7RWDO   
)XHQWH$/0$&(1(6'(35$7,6$(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ

>Ă :ƵŶƚĂ 'ĞŶĞƌĂů͕ ĨŽƌŵĂĚĂ ƉŽƌ ůŽƐ ĂĐĐŝŽŶŝƐƚĂƐ ĞƐ Ğů ſƌŐĂŶŽ ƐƵƉƌĞŵŽ ĚĞ ůĂ ŽŵƉĂŹşĂ͕ ŵŝĞŶƚƌĂƐ ƋƵĞ ůĂ
ĂĚŵŝŶŝƐƚƌĂĐŝſŶ ĞƐĞũĞƌĐŝĚĂƉŽƌĞůŝƌĞĐƚŽƌŝŽ͕ĞůWƌĞƐŝĚĞŶƚĞĚĞůŝƌĞĐƚŽƌŝŽ͕ĞůWƌĞƐŝĚĞŶƚĞĚĞůĂŽŵƉĂŹşĂ͕LJůŽƐ
sŝĐĞƉƌĞƐŝĚĞŶƚĞƐĚĞůĂŽŵƉĂŹşĂ͘

ĐŽŶƚŝŶƵĂĐŝſŶƐĞĂƉƌĞĐŝĂĞůŽƌŐĂŶŝŐƌĂŵĂĂĚŵŝŶŝƐƚƌĂƚŝǀŽĚĞ>DE^WZd/^͘͘ 

*5ƒ),&225*$1,*5$0$'(/$&203$“$


)XHQWH$/0$&(1(6'(35$7,6$(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ

Ŷ Ğů ƐŝŐƵŝĞŶƚĞ ĐƵĂĚƌŽ ƐĞ ƉƵĞĚĞ ĂƉƌĞĐŝĂƌ ĐſŵŽ ƐĞ ĞŶĐƵĞŶƚƌĂ ĐŽŶĨŽƌŵĂĚŽ Ğů ŝƌĞĐƚŽƌŝŽ ĚĞ ůĂ ĐŽŵƉĂŹşĂ͕
ĚĞƚĞƌŵŝŶĂŶĚŽƋƵĞĐĂĚĂƵŶŽĚĞůŽƐŝŶƚĞŐƌĂŶƚĞƐƉƌĞƐĞŶƚĂƵŶĂĂŵƉůŝĂĞdžƉĞƌŝĞŶĐŝĂĞŶůĂƐĂĐƚŝǀŝĚĂĚĞƐĂƐŝŐŶĂĚĂƐ͕
ůŽƋƵĞůĞŽƚŽƌŐĂƵŶĂǀĞŶƚĂũĂĐŽŵƉĞƚŝƚŝǀĂƉĂƌĂůĂĐŽŶƚŝŶƵŝĚĂĚĚĞƐƵŶĞŐŽĐŝŽ͘

&8$'52',5(&725,2
&DUJR 1RPEUH
3UHVLGHQWHGHO'LUHFWRULR $OGR;DYLHU%RUJHV'H3UDWL
'LUHFWRU -RV«-XDQ'H3UDWL&DYDQQD
'LUHFWRU <XUL$QWRQLR3URD³R2UWL]
'LUHFWRU 0LJXHO%DEUD/\RQ
'LUHFWRU -XDQ*DEULHO9LODVHFD'H3UDWL
)XHQWH$/0$&(1(6'(35$7,6$(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ


ϭϵ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

>ŽƐ ůŽŐƌŽƐ ĚĞ >DE^  WZd/ ^͘͘ ĞŶ Ğů ŵĞƌĐĂĚŽ͕ ƐŽŶ Ğů ƌĞƐƵůƚĂĚŽ͕ ĞŶƚƌĞ ŽƚƌĂƐ ĐŽƐĂƐ͕ ĚĞ ůĂ ĂĐĞƌƚĂĚĂ
ĂĚŵŝŶŝƐƚƌĂĐŝſŶ͕ĨƌƵƚŽĚĞůĂĞdžƉĞƌŝĞŶĐŝĂĚĞƐƵƐƉƌŝŶĐŝƉĂůĞƐĞũĞĐƵƚŝǀŽƐ͕ůŽƐŵŝƐŵŽƐƋƵĞƐĞƉƌĞƐĞŶƚĂŶĞŶĞůĐƵĂĚƌŽ
ƐŝŐƵŝĞŶƚĞ͗

&8$'523/$1$*(5(1&,$/
&DUJR 1RPEUH 3ULQFLSDOHV)XQFLRQHV
3ULPHU9LFHSUHVLGHQWH 2OJD3ULVFLOOD$OWDPLUDQR5RGU¯JXH] 3UHVLGHQWHGHOD&RPSD³¯D HQFDUJDGR 
6HJXQGR9LFHSUHVLGHQWH &DUORV$XJXVWR3DUHGHV0HF¯DV *HVWLµQGHO£UHDGH&U«GLWR2 0\6LVWHPDV
7HUFHU9LFHSUHVLGHQWH -DLPH$OIUHGR)UHLUH3DWL³R *HVWLµQGHO£UHDGH)LQDQ]DV$GPLQLVWUDFLµQH,QPRELOLDULR
&XDUWR9LFHSUHVLGHQWH &DUROLQD6XVDQD5D\PRQG&RUQHMR *HVWLµQGH£UHDGH5HFXUVRV+XPDQRV
4XLQWR9LFHSUHVLGHQWH 5REHUWR$QGU«V%LJDOOL3DODFLRV *HVWLµQGHO£UHDGH7LHQGDV\'LVWULEXFLµQ
6HFUHWDULR&RUSRUDWLYR -RV«-LP«QH]6£QFKH] 6HFUHWDULR&RUSRUDWLYR
)XHQWH$/0$&(1(6'(35$7,6$(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ

ŵƉůĞĂĚŽƐ

ů ϯϭ ĚĞ ĚŝĐŝĞŵďƌĞ ĚĞ ϮϬϭϲ͕ ůĂ ĐŽŵƉĂŹşĂ ĐŽŶƚſ ĐŽŶ Ϯ͘ϯϮϭ ĞŵƉůĞĂĚŽƐ͕ ůŽƐ ŵŝƐŵŽƐ ƋƵĞ ƐĞ ĞŶĐŽŶƚƌĂƌŽŶ
ĚŝƐƚƌŝďƵŝĚŽƐƉŽƌĄƌĞĂƐĐŽŵŽƐĞŵƵĞƐƚƌĂĂĐŽŶƚŝŶƵĂĐŝſŶ͗

&8$'52(03/($'26
ƒUHD 1RHPSOHDGRV
$XGLWRU¯D 
&HQWURGH'LVWULEXFLµQ 
)LQDQ]DV$GPLQLVWUDFLµQH,QPRELOLDULR 
0DUNHWLQJ 
2SHUDFLRQHV 
2UJDQL]DFLµQ\0«WRGRV 
3UHVLGHQFLD 
5HFXUVRV+XPDQRV 
6LVWHPDV 
9LVXDO0HUFKDQGLVLQJ 
&RPHUFLDO 
&U«GLWR 
7LHQGDV 
727$/(03/($'26 
)XHQWH$/0$&(1(6'(35$7,6$(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ

ĚŝĐŝŽŶĂůŵĞŶƚĞ͕ ĞƐ ŝŵƉŽƌƚĂŶƚĞ ƐĞŹĂůĂƌ ƋƵĞ ůĂ ĐŽŵƉĂŹşĂ ŶŽ ƉŽƐĞĞ ƐŝŶĚŝĐĂƚŽƐ Ŷŝ ĐŽŵŝƚĠƐ ĚĞ ĞŵƉƌĞƐĂ ƋƵĞ
ŽďƐƚƌƵLJĂŶ Ğů ŶŽƌŵĂů ĚĞƐĂƌƌŽůůŽ ĚĞ ƐƵƐ ĂĐƚŝǀŝĚĂĚĞƐ͘ dŽĚŽ ůŽ ĐŽŶƚƌĂƌŝŽ͕ ůĂ ĐŽŵƉĂŹşĂ ŵĂŶƚŝĞŶĞ ƵŶĂ ƌĞůĂĐŝſŶ
ƉŽƐŝƚŝǀĂĐŽŶƐƵƐĞŵƉůĞĂĚŽƐ͘

'ŽďŝĞƌŶŽŽƌƉŽƌĂƚŝǀŽ

>ĂĐŽŵƉĂŹşĂĐƵĞŶƚĂĐŽŶƉƌĄĐƚŝĐĂƐĚĞƵĞŶ'ŽďŝĞƌŶŽŽƌƉŽƌĂƚŝǀŽĚĞďŝĚĂŵĞŶƚĞŝŵƉůĞŵĞŶƚĂĚĂƐ͕ ƉƵĞƐŽƉĞƌĂĂ
ƚƌĂǀĠƐĚĞ ůĂƐĚŝƌĞĐƚƌŝĐĞƐƉƌŽǀĞŶŝĞŶƚĞƐĚĞůĂ :ƵŶƚĂ'ĞŶĞƌĂů ĚĞĐĐŝŽŶŝƐƚĂƐLJ ƐƵŝƌĞĐƚŽƌŝŽ͘>ĂĐŽŵƉĂŹşĂĂƉůŝĐĂ
ƵŶĂƉůĂŶŝĨŝĐĂĐŝſŶŽƌĚĞŶĂĚĂLJǀŝŐŝůĂůĂĐŽŶƚŝŶƵŝĚĂĚĚĞůŶĞŐŽĐŝŽĨƌĞŶƚĞĂĞǀĞŶƚŽƐĂĚǀĞƌƐŽƐƋƵĞƉƵĚŝĞƌĂŶŽĐƵƌƌŝƌ͕
ƉĂƌĂůŽĐƵĂůŵĂŶƚŝĞŶĞŵĂŶƵĂůĞƐĚĞƉŽůşƚŝĐĂƐLJƉƌŽĐĞƐŽƐ͕ůŽƐŵŝƐŵŽƐƋƵĞƐŽŶŽďƐĞƌǀĂĚŽƐLJƉƵĞƐƚŽƐĞŶƉƌĄĐƚŝĐĂ͘

ŵƉƌĞƐĂƐǀŝŶĐƵůĂĚĂƐŽƌĞůĂĐŝŽŶĂĚĂƐ

ůϯϭĚĞĚŝĐŝĞŵďƌĞĚĞϮϬϭϲ͕ĚĞĂĐƵĞƌĚŽĂůĂŝŶĨŽƌŵĂĐŝſŶƉƌŽƉŽƌĐŝŽŶĂĚĂƉŽƌůĂĞŵƉƌĞƐĂ͕>DE^WZd/
^͘͘ƌĞŐŝƐƚƌĂǀŝŶĐƵůĂĐŝſŶLJƉĂƌƚŝĐŝƉĂĐŝſŶĞŶĞůĐĂƉŝƚĂůĐŽŶůĂƐƐŝŐƵŝĞŶƚĞƐĐŽŵƉĂŹşĂƐ͗




ϮϬ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

&8$'52&203$“$65(/$&,21$'$6325*(67,•1
5$=2162&,$/ 120%5('(/$(035(6$9,1&8/$'$ 7LSRGH9LQFXODFLµQ
3$&,),&+20( )$6+,21)5$1&+,6(//& ,102%,/,$5,$$/',-26$ $FFLRQLVWD
'(*(/,6$ ,102%,/,$5,$$/',-26$ $FFLRQLVWD
)5(,5(3$7,“2-$,0($/)5('2 '$5(16$6$ 5HSUHVHQWDQWH/HJDO
%,*$//,3$/$&,2652%(572$1'5(6 .$3526$ 5HSUHVHQWDQWH/HJDO
%,*$//,3$/$&,2652%(572$1'5(6 6,67(0$*/2%$/,17(*5$'26*,&,$/7'$ 5HSUHVHQWDQWH/HJDO
)XHQWH$/0$&(1(6'(35$7,6$(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ

&8$'523$57,&,3$&,•1(1(/&$3,7$/
5$=2162&,$/ 02172&$3,7$/686&5,72 '(3$57,&
,102%,/,$5,$520$%$/8126$  
)XHQWH$/0$&(1(6'(35$7,6$(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ


KƚƌŽƐƐƉĞĐƚŽƐĚĞůĂŵƉƌĞƐĂ
ůŝĞŶƚĞƐ

dŽŵĂŶĚŽĞŶĐƵĞŶƚĂƋƵĞ>DE^WZd/^͘͘ƉĞƌƚĞŶĞĐĞĂůƐĞĐƚŽƌĚĞŐƌĂŶĐŽŶƐƵŵŽ;ƌĞƚĂŝůͿ͕ŶŽĞƐĨĂĐƚŝďůĞ
ĞƐƚĂďůĞĐĞƌ LJ ĚĞƐĐƌŝďŝƌ Ă ĐůŝĞŶƚĞƐ ĞƐƉĞĐşĨŝĐŽƐ͖ ƐŝŶ ĞŵďĂƌŐŽ͕ ƐĞ ƉƵĞĚĞ ĞǀŝĚĞŶĐŝĂƌ Ă ƚƌĂǀĠƐ ĚĞ ůĂ ŝŶĨŽƌŵĂĐŝſŶ
ƉƌŽƉŽƌĐŝŽŶĂĚĂƋƵĞůĂĞŵƉƌĞƐĂŵĂŶĞũĂŵĄƐĚĞϲϲϬ͘ϬϬϬ͕ĚŝƐƚƌŝďƵŝĚŽƐĞŶƚƌĞĚŝǀĞƌƐĂƐĄƌĞĂƐŐĞŽŐƌĄĨŝĐĂƐ͘

>ĂĐŽŵƉĂŹşĂŚĂ ĂĚŽƉƚĂĚŽůĂ ƉŽůşƚŝĐĂĚĞƋƵĞĐĂĚĂ ĐůŝĞŶƚĞ ŶƵĞǀŽĚĞďĞƐĞƌĂŶĂůŝnjĂĚŽĚĞĂĐƵĞƌĚŽĂů ƐŝƐƚĞŵĂ ĚĞ
ƉƵŶƚƵĂĐŝſŶĚĞĐƌĠĚŝƚŽĚŽŶĚĞůĂĐŽŵƉĂŹşĂĞǀĂůƷĂůĂĐĂůŝĚĂĚĐƌĞĚŝƚŝĐŝĂĚĞůĐůŝĞŶƚĞƉŽƚĞŶĐŝĂů͕ĞƐƚŽĐŽŶůĂĨŝŶĂůŝĚĂĚ
ĚĞŝŶǀŽůƵĐƌĂƌƐĞĐŽŶƉĂƌƚĞƐƐŽůǀĞŶƚĞƐ͕ĐŽŵŽĨŽƌŵĂĚĞŵŝƚŝŐĂƌĞů ƌŝĞƐŐŽĚĞůĂƉĠƌĚŝĚĂĨŝŶĂŶĐŝĞƌĂŽĐĂƐŝŽŶĂĚĂƉŽƌ
ůŽƐŝŶĐƵŵƉůŝŵŝĞŶƚŽƐ͘>ĂĐŽŵƉĂŹşĂƷŶŝĐĂŵĞŶƚĞƌĞĂůŝnjĂƚƌĂŶƐĂĐĐŝŽŶĞƐĐŽŶĐůŝĞŶƚĞƐƋƵĞĐƵĞŶƚĂŶĐŽŶƵŶĂĂĚĞĐƵĂĚĂ
ĐĂůŝĨŝĐĂĐŝſŶ ;ůĂ ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƉŽƌ ůĂ ĐŽŵƉĂŹşĂ ƉĂƌĂ Ğů ĂŶĄůŝƐŝƐ ĚĞ ĐĂůŝĨŝĐĂĐŝſŶ ĞƐ ƉƌŽƉŽƌĐŝŽŶĂĚĂ ƉŽƌ
ĂŐĞŶĐŝĂƐĐĂůŝĨŝĐĂĚŽƌĂƐĞdžƚĞƌŶĂƐĞŝŶĨŽƌŵĂĐŝſŶĨŝŶĂŶĐŝĞƌĂĚŝƐƉŽŶŝďůĞͿ͘

>ĂĞdžƉŽƐŝĐŝſŶĚĞĐƌĠĚŝƚŽ ĞƐĐŽŶƚƌŽůĂĚĂ ƉŽƌĞůĞƉĂƌƚĂŵĞŶƚŽĚĞWŽƌƚĂĨŽůŝŽ͕ƋƵŝĞŶĞƐƐĞ ĞŶĐĂƌŐĂŶĚĞƌĞǀŝƐĂƌĚĞ
ŵĂŶĞƌĂĐŽŶƐƚĂŶƚĞĞůƚĂŵĂŹŽLJůĂĚŝƐƚƌŝďƵĐŝſŶĚĞůƉŽƌƚĂĨŽůŝŽĚĞĐůŝĞŶƚĞƐ͕ĐŽŶƌĞƐƉĞĐƚŽĂůĐŽŵƉŽƌƚĂŵŝĞŶƚŽƐĞŐƷŶ
ůŽƐŶŝǀĞůĞƐĚĞŵŽƌŽƐŝĚĂĚ͕ůŽĐƵĂůĞƐƌĞǀŝƐĂĚŽLJĂƉƌŽďĂĚŽƉŽƌĞůsŝĐĞƉƌĞƐŝĚĞŶƚĞĚĞƌĠĚŝƚŽ͘

ůĞƐƚĂĚŽĚĞůĂĐĂƌƚĞƌĂĚĞ>DE^WZd/^͘͘ƐŝŶƚŽŵĂƌĞŶĐƵĞŶƚĂůĂƉƌŽǀŝƐŝſŶĚĞĐƵĞŶƚĂƐŝŶĐŽďƌĂďůĞƐ
ƌĞĨůĞũĂƵŶĂŵĞũŽƌşĂĂůŽůĂƌŐŽĚĞůƉĞƌŝŽĚŽĂŶĂůŝnjĂĚŽ͕ƉƵĞƐůĂĐĂƌƚĞƌĂƉŽƌǀĞŶĐĞƌĐƌĞĐŝſĚĞƐĚĞĞůϳϰ͕ϮϯйĚĞůĂ
ĐĂƌƚĞƌĂ ƚŽƚĂů ĞŶ ϮϬϭϯ ŚĂƐƚĂ Ğů ϳϴ͕ϰϮй ĞŶ ϮϬϭϲ͖ ŵŝĞŶƚƌĂƐ ƋƵĞ ůĂ ĐĂƌƚĞƌĂ ǀĞŶĐŝĚĂ ŵĄƐ ĚĞ ϵϬ ĚşĂƐ ĚŝƐŵŝŶƵLJſ
ĚĞƐĚĞĞůϮϱ͕ϳϳйĚĞůĂĐĂƌƚĞƌĂƚŽƚĂůĞŶϮϬϭϯŚĂƐƚĂĞůϳ͕ϲϱйĞŶϮϬϭϲ͘

WŽƌ ŽƚƌŽ ůĂĚŽ͕ Ğů ŐĂƐƚŽ ĚĞ ƉƌŽǀŝƐŝſŶ ƉĂƌĂ ĐƵĞŶƚĂƐ ŝŶĐŽďƌĂďůĞƐ ĨƵĞ ĐƌĞĐŝĞŶƚĞ ĚĞƐĚĞ Ğů ϯ͕ϰϴй ĚĞ ůĂ ĐĂƌƚĞƌĂ ĞŶ
ϮϬϭϯŚĂƐƚĂĞůϱ͕ϳϯйĞŶϮϬϭϱ͕ŶŽŽďƐƚĂŶƚĞƉĂƌĂĞůĐŝĞƌƌĞĚĞ ϮϬϭϲůĂĐŽŵƉĂŹşĂŶŽƌĞŐŝƐƚƌſŐĂƐƚŽĚĞƉƌŽǀŝƐŝſŶ
ƉĂƌĂĐƵĞŶƚĂƐŝŶĐŽďƌĂďůĞƐ͘ƐşŵŝƐŵŽƐĞĚĞďĞŝŶĚŝĐĂƌƋƵĞƉĂƌĂĚŝĐŝĞŵďƌĞĚĞϮϬϭϲůĂĐŽŵƉĂŹşĂĐĂƐƚŝŐſĞůϯ͕ϰϵй
ĚĞůĂĐĂƌƚĞƌĂ;Ϯ͕ϱϭйĂĚŝĐŝĞŵďƌĞĚĞϮϬϭϱͿ͘

>ĂĐŽŵƉĂŹşĂĞƐƚĂďůĞĐĞƵŶĂƉƌŽǀŝƐŝſŶƉĂƌĂƉĠƌĚŝĚĂƐƉŽƌĚĞƚĞƌŝŽƌŽĚĞƐƵƐĐƵĞŶƚĂƐƉŽƌĐŽďƌĂƌĞŶĨƵŶĐŝſŶĚĞƵŶ
ĂŶĄůŝƐŝƐĚĞůŽƐĚşĂƐĚĞŵŽƌĂĚĞůŽƐƐĂůĚŽƐƉŽƌĐůŝĞŶƚĞ͘ůĐĂƐƚŝŐŽĚĞĐĂƌƚĞƌĂĐŽƌƌĞƐƉŽŶĚĞĂůĂďĂũĂĚĞĐƵĞŶƚĂƐƉŽƌ
ĐŽďƌĂƌĚĞĐůŝĞŶƚĞƐƋƵĞƐĞĞŶĐƵĞŶƚƌĂŶǀĞŶĐŝĚŽƐLJƋƵĞƐĞůŽƐĐŽŶƐŝĚĞƌĂĚĞĚŝĨşĐŝůƌĞĐƵƉĞƌĂĐŝſŶ͘









Ϯϭ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

*5ƒ),&2&$57(5$$',&,(0%5( 


)XHQWH$/0$&(1(6'(35$7,6$(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ

WƌŽǀĞĞĚŽƌĞƐ

>Ă ĐŽŵƉĂŹşĂ ƐŝĞŵƉƌĞ ĚĞďĞ ŵĂŶƚĞŶĞƌ ƵŶĂ ŐĂŵĂ ĂŵƉůŝĂ ĚĞ ƉƌŽǀĞĞĚŽƌĞƐ ;ůŽĐĂůĞƐ Ž ĞdžƚƌĂŶũĞƌŽƐͿ ƋƵĞ ůĞ
ĂďĂƐƚĞnjĐĂŶĚĞůŽƐƉƌŽĚƵĐƚŽƐŶĞĐĞƐĂƌŝŽƐƉĂƌĂƐƵŽƉĞƌĂĐŝſŶ͘

^ŽďƌĞ ĞƐƚĞ ƉƵŶƚŽ͕ >DE^  WZd/͕ ^͘͘ ƉĂƌĂ ŵŝŶŝŵŝnjĂƌ Ğů ƌŝĞƐŐŽ ĚĞ ŶŽ ĂďĂƐƚĞĐŝŵŝĞŶƚŽ͕ ŚĂ ǀĞŶŝĚŽ
ƚƌĂďĂũĂŶĚŽĚĞƐĚĞŚĂĐĞŵĄƐĚĞƵŶĂĚĠĐĂĚĂĞŶĞůƉƌŽŐƌĂŵĂĚĞĚĞƐĂƌƌŽůůŽĚĞƉƌŽǀĞĞĚŽƌĞƐůŽĐĂůĞƐ͕ĐŽŶĞůĐƵĂůŚĂ
ůŽŐƌĂĚŽĚŝǀĞƌƐŝĨŝĐĂƌĞůƉŽƌƚĂĨŽůŝŽĂĐƚƵĂůĚĞƉƌŽǀĞĞĚŽƌĞƐ͕ŵĂŶƚĞŶŝĞŶĚŽϮϳƉƌŽǀĞĞĚŽƌĞƐĞƐƚƌĂƚĠŐŝĐŽƐ͕ůŽƐĐƵĂůĞƐ
ƐŽŶŵŽŶŝƚŽƌĞĂĚŽƐĐŽŶƐƚĂŶƚĞŵĞŶƚĞƉŽƌĞůĚĞƉĂƌƚĂŵĞŶƚŽĚĞĐĂůŝĚĂĚ͘

>ŽƐƉƌŝŶĐŝƉĂůĞƐƉƌŽǀĞĞĚŽƌĞƐůŽĐĂůĞƐĐŽŶůŽƐƋƵĞŽƉĞƌĂůĂĐŽŵƉĂŹşĂƐŽŶ͗ /^E&KZD/^HKzDK^͕͘͘
:KZ',ZEEZKZ/'hs/dZ/͕hK>>^͘͘LJ^Dh^^͕͘͘ŵŝĞŶƚƌĂƐƋƵĞůŽƐƉƌŝŶĐŝƉĂůĞƐƉƌŽǀĞĞĚŽƌĞƐ
ĚĞůĞdžƚĞƌŝŽƌ ƐŽŶ͗ KZd&/>KDDZ/>^͕KE/EdZE/KE>h^KZWLJW//EdZEd/KE>
^͘͘

>DE^  WZd/ ^͘͘ ŶŽ ƐĞ ĞŶĐƵĞŶƚƌĂ ĞdžƉƵĞƐƚĂ Ă ƌŝĞƐŐŽƐ ĚĞƌŝǀĂĚŽƐ Ă ƚŝƉŽƐ ĚĞ ĐĂŵďŝŽ͕ ƉƵĞƐ ƚŽĚĂƐ ůĂƐ
ŶĞŐŽĐŝĂĐŝŽŶĞƐLJƚƌĂŶƐĂĐĐŝŽŶĞƐƐĞůĂƐƌĞĂůŝnjĂĞŶĚſůĂƌĞƐĚĞůŽƐƐƚĂĚŽƐhŶŝĚŽƐĚĞŵĠƌŝĐĂ͕ůŽĐƵĂůůĞŽƚŽƌŐĂƵŶĂ
ǀĞŶƚĂũĂĞŶĞůƚĞŵĂĚĞůƉŽĚĞƌĂĚƋƵŝƐŝƚŝǀŽ͘

ƐƚƌĂƚĞŐŝĂƐLJWŽůşƚŝĐĂƐĚĞůĂŵƉƌĞƐĂ

>ĂĐŽŵƉĂŹşĂĐƵĞŶƚĂĐŽŶŽďũĞƚŝǀŽƐĞƐƚƌĂƚĠŐŝĐŽƐ͕ĚĞŶƚƌŽĚĞůŽƐĐƵĂůĞƐĚĞƐƚĂĐĂŶůŽƐƐŝŐƵŝĞŶƚĞƐĂƐƉĞĐƚŽƐ͗

9 džĐĞůĞŶĐŝĂŽƉĞƌĂĐŝŽŶĂůƌĞƐƉŽŶƐĂďůĞ͕ƋƵĞĐŽŶƐŝƐƚĞĞŶ ŵĂŶƚĞŶĞƌƉƌŽĐĞƐŽƐĞĨŝĐŝĞŶƚĞƐĞŶůĂ ƵƚŝůŝnjĂĐŝſŶĚĞůŽƐ
ƌĞĐƵƌƐŽƐƉĂƌĂůĂĞũĞĐƵĐŝſŶĚĞƐƵƐĂĐƚŝǀŝĚĂĚĞƐ͘
9 DĂŶƚĞŶĞƌƐŽƐƚĞŶŝĚĂŵĞŶƚĞůĂZĞŶƚĂďŝůŝĚĂĚĚĞůŶĞŐŽĐŝŽĞŶůŽƐƉƌſdžŝŵŽƐĂŹŽƐ͘
9 &ŽƌƚĂůĞĐĞƌƐƵŵĂƌĐĂĐŽŶƐŝĚĞƌĂŶĚŽĂƐƵƐŐƌƵƉŽƐĚĞŝŶƚĞƌĠƐ͕ŵĞĚŝĂŶƚĞůĂŝŵƉůĞŵĞŶƚĂĐŝſŶĚĞŶƵĞǀĂƐƉƌĄĐƚŝĐĂƐ
ĚĞĐŽŵĞƌĐŝĂůŝnjĂĐŝſŶƋƵĞůĞƉĞƌŵŝƚŝƌĄŶƵŶĂ ŵĂLJŽƌĐĞƌĐĂŶşĂ ĐŽŶƐƵƐĐůŝĞŶƚĞƐ͕ĐŽůĂďŽƌĂĚŽƌĞƐ͕ƉƌŽǀĞĞĚŽƌĞƐLJ
ĂĐĐŝŽŶŝƐƚĂƐ
9 ^ĞƌƵŶĂŽƌŐĂŶŝnjĂĐŝſŶĐĞŶƚƌĂĚĂĞŶĞůĐůŝĞŶƚĞ͕ŽƉƚŝŵŝnjĂŶĚŽůĂŚĞƌƌĂŵŝĞŶƚĂĞƐƚƌĂƚĠŐŝĐĂĚĞZD͘
9 /ŶŶŽǀĂĐŝſŶLJĞŵƉƌĞŶĚŝŵŝĞŶƚŽ͕ŵĞĚŝĂŶƚĞůĂĐŽŶƚƌŝďƵĐŝſŶĂůĚĞƐĂƌƌŽůůŽLJĞůŝŵƉƵůƐŽĚĞůĂĞĐŽŶŽŵşĂůŽĐĂůĞŶ
ůĂ ƋƵĞ ŽƉĞƌĂ͕ ĐƌĞĂŶĚŽ ƉƵĞƐƚŽƐ ĚĞ ƚƌĂďĂũŽ ĚŝƌĞĐƚŽ Ğ ŝŶĚŝƌĞĐƚŽ͕ ĐƌĞĂŶĚŽ ǀĂůŽƌ ĐŽŵƉĂƌƚŝĚŽ Ă ƚƌĂǀĠƐ ĚĞ ƐƵƐ
ƉƌŽǀĞĞĚŽƌĞƐ͘
9 ŽŵƉƌŽŵŝƐŽƐ ĐŽŶ ůĂ ĐŽŵƵŶŝĚĂĚ LJ Ğů ŵĞĚŝŽ ĂŵďŝĞŶƚĞ͕ ŵĞĚŝĂŶƚĞ Ğů ƌĞƐƉĞƚŽ Ăů ŵĞĚŝŽ ĂŵďŝĞŶƚĞ LJ Ă ůĂƐ
ĐŽŵƵŶŝĚĂĚĞƐ ĚŽŶĚĞ ĚĞƐĂƌƌŽůůĂŶ ƐƵƐ ƉƌŽLJĞĐƚŽƐ͕ ŵĄƐ ĂůůĄ ĚĞů ĞƐƚƌŝĐƚŽ ĐƵŵƉůŝŵŝĞŶƚŽ ĚĞ ůĂƐ ŶŽƌŵĂƚŝǀĂƐ
ǀŝŐĞŶƚĞƐ͘
9 KƉƚŝŵŝnjĂƌĞůŶĞŐŽĐŝŽĚĞĐƌĠĚŝƚŽĚŝƌĞĐƚŽ͘
9 ŶĨŽĐĂƌůŽƐĞƐĨƵĞƌnjŽƐĚĞůĂŽƌŐĂŶŝnjĂĐŝſŶƉĂƌĂĚĞƐĂƌƌŽůůĂƌƐŝŐŶŝĨŝĐĂƚŝǀĂŵĞŶƚĞůĂƐǀĞŶƚĂƐĞŶůşŶĞĂ͘

ϮϮ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

9 ƐĞŐƵƌĂƌLJĚĞƐĂƌƌŽůůĂƌĞůƚĂůĞŶƚŽLJĐƵůƚƵƌĂŽƌŐĂŶŝnjĂĐŝŽŶĂůƋƵĞƉĞƌŵŝƚĂĂůĐĂŶnjĂƌůŽƐŽďũĞƚŝǀŽƐĞƐƚƌĂƚĠŐŝĐŽƐĚĞ
ůĂĞŵƉƌĞƐĂ͘
9 ƐĞŐƵƌĂƌ LJ ĐŽŶƐŽůŝĚĂƌ Ğů ƉƌŽŐƌĂŵĂ ĚĞ ZĞƐƉŽŶƐĂďŝůŝĚĂĚ ^ŽĐŝĂů ŵƉƌĞƐĂƌŝĂů Ă ƚƌĂǀĠƐ ĚĞů ĐŽŵƉƌŽŵŝƐŽ ĚĞ ůĂ
ŐĞŶƚĞ͕ĐŽŶƉƌŽǀĞĞĚŽƌĞƐ͕LJĚĞĂůŝĂŶnjĂƐĐŽŶŝŶƐƚŝƚƵĐŝŽŶĞƐĞŶĨŽĐĂĚĂƐĞŶĂƉŽLJĂƌĞůĐƌĞĐŝŵŝĞŶƚŽĚĞůĂƐƉĞƌƐŽŶĂƐ
LJůĂĐŽŵƵŶŝĚĂĚ͘

WŽůşƚŝĐĂĚĞ&ŝŶĂŶĐŝĂŵŝĞŶƚŽ

>Ă ƉƌŝŶĐŝƉĂů ĨƵĞŶƚĞ ĚĞ ĨŝŶĂŶĐŝĂŵŝĞŶƚŽ ĚĞ ůĂ ĐŽŵƉĂŹşĂ ĞƐƚĄ ĐŽŶƐƚŝƚƵŝĚĂ ƉŽƌ ƐƵ ƉƌŽƉŝŽ ƉĂƚƌŝŵŽŶŝŽ͕ ůŽ ƋƵĞ
ƌĞĚƵŶĚĂĞŶƵŶĂƉĂůĂŶĐĂŵŝĞŶƚŽĚĞϬ͕ϰϱǀĞĐĞƐĂĚŝĐŝĞŵďƌĞĚĞϮϬϭϲ͘

>ĂƐ ŽďůŝŐĂĐŝŽŶĞƐ ĨŝŶĂŶĐŝĞƌĂƐ ĞƐƚƵǀŝĞƌŽŶ ĐŽŶƐƚŝƚƵŝĚĂƐ ƷŶŝĐĂŵĞŶƚĞ ƉŽƌ ĐƌĠĚŝƚŽƐ ĐŽŶ ŝŶƐƚŝƚƵĐŝŽŶĞƐ ĨŝŶĂŶĐŝĞƌĂƐ͕
ƚŽĚĂ ǀĞnj ƋƵĞ ůĂƐ ŽďůŝŐĂĐŝŽŶĞƐ ĐŽŶ Ğů DĞƌĐĂĚŽ ĚĞ sĂůŽƌĞƐ LJĂ ĨƵĞƌŽŶ ƚŽƚĂůŵĞŶƚĞ ĐĂŶĐĞůĂĚĂƐ͕ ĞƐ ĂƐş ƋƵĞ ĞƐƚĂ
ĨŝŶĂŶĐŝſĂĚŝĐŝĞŵďƌĞĚĞϮϬϭϲĞůϲ͕ϲϬйĚĞůŽƐĂĐƚŝǀŽƐĚĞůĂĐŽŵƉĂŹşĂ͘

*5ƒ),&2&20326,&,•1'(/$'(8'$),1$1&,(5$ ',&,(0%5( 


)XHQWH$/0$&(1(6'(35$7,6$(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ

WŽůşƚŝĐĂĚĞ/ŶǀĞƌƐŝŽŶĞƐ

>ĂƉŽůşƚŝĐĂĚĞ/ŶǀĞƌƐŝŽŶĞƐĚĞ>DE^WZd/^͘͘ĞƐƚĄŶĚŝƌŝŐŝĚĂƐĂůĂƐĂŵƉůŝĂĐŝŽŶĞƐLJƌĞŵŽĚĞůĂĐŝŽŶĞƐĚĞ
ƐƵƐƚŝĞŶĚĂƐĚĞƉĂƌƚĂŵĞŶƚĂůĞƐƋƵĞĐŽŶƚŝŶƵĂŵĞŶƚĞƐĞƌĞĂůŝnjĂŶƉĂƌĂ ŵĂŶƚĞŶĞƌƐĂƚŝƐĨĞĐŚŽƐĂƐƵƐŵĄƐĚĞϲϲϬ͘ϬϬϬ
ĐůŝĞŶƚĞƐĂƉƌŽdžŝŵĂĚĂŵĞŶƚĞ͘

^ŽďƌĞĞƐƚĂďĂƐĞ͕ĞŶĞůĂŹŽϮϬϭϯƐĞƌĞĂůŝnjſůĂĂƉĞƌƚƵƌĂĚĞĞWƌĂƚŝ^ĐĂůĂĞŶƵŵďĂLJĄLJƉĂƌĂĞůƐŝŐƵŝĞŶƚĞĂŹŽ
ĞƐƚƵǀŽ ůĂƌĞŵŽĚĞůĂĐŝſŶĚĞůĂƚŝĞŶĚĂ YƵŝĐĞŶƚƌŽ^ŚŽƉƉŝŶŐ͕ďĂũŽŶƵĞǀŽĐŽŶĐĞƉƚŽĚĞ ƚŝĞŶĚĂ ĚĞƉĂƌƚĂŵĞŶƚĂů͕ĂƐş
ĐŽŵŽůĂŝŶĐƵƌƐŝſŶĞŶƚŝĞŶĚĂƐĐŽŶĂƌƚşĐƵůŽƐĚĞƚĞĐŶŽůŽŐşĂLJĞŶĞůĂŹŽϮϬϭϱůĂƌĞŵŽĚĞůĂĐŝſŶLJĂŵƉůŝĂĐŝſŶĚĞůĂ
ƚŝĞŶĚĂ ĚĞů ĞŶƚƌŽ ŽŵĞƌĐŝĂů WŽůŝĐĞŶƚƌŽ LJ ƌĞŵŽĚĞůĂĐŝſŶ ĚĞ ůĂ ƚŝĞŶĚĂ ĞŶ Ğů ĞŶƚƌŽ ŽŵĞƌĐŝĂů ů ŽŶĚĂĚŽ ĞŶ
YƵŝƚŽ͘ŶϮϬϭϲƐĞĂďƌŝſůĂƚŝĞŶĚĂĞŶĞůĞŶƚƌŽŽŵĞƌĐŝĂůůZĞĐƌĞŽĞŶYƵŝƚŽ͘ŶůŽƉŽƐƚĞƌŝŽƌƐĞĂďƌŝƌĄĞůůŽĐĂůĞŶ
ĞůDĂůůĚĞůWĂĐşĨŝĐŽĞŶDĂŶƚĂ͕ĐŽŶϯ͘ϲϲϱŵĞƚƌŽƐĐƵĂĚƌĂĚŽƐ͘

WŽůşƚŝĐĂĚĞWƌĞĐŝŽ

>ĂƉŽůşƚŝĐĂĚĞƉƌĞĐŝŽƐĚĞ>DE^WZd/^͕͘͘ĞƐƚĄĞŶĨŽĐĂĚĂ ĞŶŽĨƌĞĐĞƌĂ ƐƵƐĐůŝĞŶƚĞƐĞŶůĂƐĚŝĨĞƌĞŶƚĞƐ
ĐĂƚĞŐŽƌşĂƐƋƵĞŵĂŶĞũĂ͕ƉƌĞĐŝŽƐĂĐŽƌĚĞĂůĂĐĂůŝĚĂĚĚĞƐƵƐƉƌŽĚƵĐƚŽƐ͕ĐŽŵƉĞƚŝƚŝǀŽƐĚĞŶƚƌŽĚĞůŵĞƌĐĂĚŽƚĂƌŐĞƚĂů
ƋƵĞƐĞĚŝƌŝŐĞ͕ĞƐƚƌƵĐƚƵƌĂŶĚŽĚĞŶƚƌŽĚĞĐĂĚĂĐĂƚĞŐŽƌşĂĨĂũĂƐĚĞƉƌĞĐŝŽƐƉĂƌĂůŽŐƌĂƌƵŶĂŵĂLJŽƌƌĞŶƚĂďŝůŝĚĂĚ͘

ZĞŐƵůĂĐŝŽŶĞƐĂůĂƐƋƵĞĞƐƚĄƐƵũĞƚĂůĂŵƉƌĞƐĂ

>DE^WZd/^͘͘ŶŽƉƌĞƐĞŶƚĂƌĞŐƵůĂĐŝŽŶĞƐĞƐƉĞĐşĨŝĐĂƐĂ ƐƵƐĂĐƚŝǀŝĚĂĚĞƐ͕Ă ŵĄƐĚĞůĂƐƌĞŐƵůĂĐŝŽŶĞƐ
ƚƌĂĚŝĐŝŽŶĂůĞƐ͕ ůĂƐ ŵŝƐŵĂƐ ƋƵĞ ĞƐƚĄŶ ĚĞĨŝŶŝĚĂƐ ƉŽƌ ĚŝĨĞƌĞŶƚĞƐ ĞŶƚĞƐ ŐƵďĞƌŶĂŵĞŶƚĂůĞƐ͕ ůŽƐ ĐƵĂůĞƐ ǀŝŐŝůĂŶ Ğů
Ϯϯ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

ĐƵŵƉůŝŵŝĞŶƚŽĚĞŶŽƌŵĂƐLJƉƌŽĐĞƐŽƐĚĞƚĞƌŵŝŶĂĚŽƐĞŶƐƵƐĚŝƐƚŝŶƚĂƐŽƉĞƌĂĐŝŽŶĞƐ͘Ɛş͕ĞŶƚƌĞŽƚƌŽƐŽƌŐĂŶŝƐŵŽƐ
ƌĞŐƵůĂĚŽƌĞƐĂůŽƐƋƵĞƐĞĞŶĐƵĞŶƚƌĂƐƵũĞƚĂůĂĐŽŵƉĂŹşĂ͕ĞƐƚĄŶ͗Ğů^ĞƌǀŝĐŝŽĚĞZĞŶƚĂƐ/ŶƚĞƌŶĂƐ͕^ƵƉĞƌŝŶƚĞŶĚĞŶĐŝĂ
ĚĞŽŵƉĂŹşĂƐ͕sĂůŽƌĞƐLJ^ĞŐƵƌŽƐ͕/^^͕DŝŶŝƐƚĞƌŝŽĚĞZĞůĂĐŝŽŶĞƐ>ĂďŽƌĂůĞƐ͕ĚƵĂŶĂƐ͕ĞŶƚƌĞŽƚƌŽƐ͘

Ŷ ĞƐƚĞ ĐŽŶƚĞdžƚŽ͕ ĞƐ ŝŵƉŽƌƚĂŶƚĞ ŵĞŶĐŝŽŶĂƌ ƋƵĞ ůĂ ĞŵƉƌĞƐĂ ƐĞ ŚĂ ƐŽŵĞƚŝĚŽ Ă ůĂ ĐĞƌƚŝĨŝĐĂĐŝſŶ ͞WƌŽƚŽĐŽůŽ LJ
ZĞƋƵŝƐŝƚŽƐ ^>>K , /E͕͟ ŽƚŽƌŐĂĚŽ ƉŽƌ hZh sZ/d^ Zd/&/d/KE͕ Ğů ĐƵĂů ŚĂ ĞǀĂůƵĂĚŽ ĐƵĂƚƌŽ
ĠƚŝĐĂƐ͗dĂůĞŶƚŽ,ƵŵĂŶŽ͖ŽŵƵŶŝĚĂĚ͕ĐůŝĞŶƚĞƐLJƉƌŽǀĞĞĚŽƌĞƐ͖ŐŽďŝĞƌŶŽLJĂŵďŝĞŶƚĞĐŽŶƵŶĂǀĂůŝĚĞnjŚĂƐƚĂũƵůŝŽ
ϮϬϭϵ͘

ZŝĞƐŐŽůĞŐĂů

^ĞŐƷŶ ŝŶĨŽƌŵĂĐŝſŶ ƌĞŵŝƚŝĚĂ ƉŽƌ ůŽƐ ĂĚŵŝŶŝƐƚƌĂĚŽƌĞƐ ĚĞ ůĂ ĐŽŵƉĂŹşĂ͕ >DE^  WZd/ ^͘͘ ƌĞŐŝƐƚƌĂ
ƉƌŽĐĞƐŽƐũƵĚŝĐŝĂůĞƐĚĞŽƌĚĞŶůĂďŽƌĂůLJĐŝǀŝůĞŶƐƵĐŽŶƚƌĂ͕ƵŶŽƐĐŽŶĂůƚĂƉƌŽďĂďŝůŝĚĂĚĚĞĠdžŝƚŽƉĂƌĂůĂĐŽŵƉĂŹşĂ͕LJ
ŽƚƌŽƐĞŶĚŝĨĞƌĞŶƚĞƐŝŶƐƚĂŶĐŝĂƐ;ƵŶŽĚĞĞůůŽƐĂĨĂǀŽƌĚĞƵŶĐŽůĂďŽƌĂĚŽƌLJŽƚƌŽĐŽŶƵŶĂĐƵĞƌĚŽĞdžƚƌĂũƵĚŝĐŝĂůͿ͘EŽ
ŽďƐƚĂŶƚĞ͕ĞƐƚŽƐŶŽƌĞƉƌĞƐĞŶƚĂŶƵŶƌŝĞƐŐŽƉĂƌĂůĂŶŽƌŵĂůŽƉĞƌĂĐŝſŶĚĞůĂĐŽŵƉĂŹşĂ͘

WƌĞƐĞŶĐŝĂƵƌƐĄƚŝů

>DE^WZd/^͘͘ƉƌĞƐĞŶƚĂƵŶĂĂŵƉůŝĂƉĂƌƚŝĐŝƉĂĐŝſŶĞŶĞůDĞƌĐĂĚŽĚĞsĂůŽƌĞƐ͕ƋƵĞŝŶĐůƵLJĞ͗

x ŵŝƐŝſŶĚĞƉĂƉĞůĐŽŵĞƌĐŝĂůĞŶϮϬϭϯ͘
x ^ĞŐƵŶĚĂƚŝƚƵůĂƌŝnjĂĐŝſŶĚĞĨůƵũŽƐdĂƌũĞƚĂĚĞƌĠĚŝƚŽĞWƌĂƚŝĞŶϮϬϬϵ͘
x dĞƌĐĞƌĂƚŝƚƵůĂƌŝnjĂĐŝſŶĚĞĨůƵũŽƐdĂƌũĞƚĂĚĞƌĠĚŝƚŽĞWƌĂƚŝĞŶϮϬϭϭ͘
x ƵĂƌƚĂƚŝƚƵůĂƌŝnjĂĐŝſŶĚĞĨůƵũŽƐdĂƌũĞƚĂĚĞƌĠĚŝƚŽĞWƌĂƚŝĞŶϮϬϭϮ͘

ůϯϭĚĞĚŝĐŝĞŵďƌĞĚĞϮϬϭϲƚŽĚĂƐůĂƐĞŵŝƐŝŽŶĞƐŵĞŶĐŝŽŶĂĚĂƐLJĂƐĞĞŶĐŽŶƚƌĂďĂŶĚĞďŝĚĂŵĞŶƚĞĐĂŶĐĞůĂĚĂƐ͘ 

^ŽďƌĞ ůĂ ďĂƐĞ ĚĞ ůŽ ĂŶĂůŝnjĂĚŽ LJ ĚĞƚĂůůĂĚŽ͕ >^^ /EdZEd/KE> Zd/E' ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ ^͕͘͘ ŽƉŝŶĂ
ƋƵĞĞƐĂĐĞƉƚĂďůĞůĂĐĂůŝĚĂĚLJĐŽŵƉŽƌƚĂŵŝĞŶƚŽĚĞůŽƐſƌŐĂŶŽƐĂĚŵŝŶŝƐƚƌĂƚŝǀŽƐĚĞůŵŝƐŽƌ͕ůĂĐĂůŝĨŝĐĂĐŝſŶĚĞƐƵ
ƉĞƌƐŽŶĂů͕ ƐŝƐƚĞŵĂƐ ĚĞ ĂĚŵŝŶŝƐƚƌĂĐŝſŶ LJ ƉůĂŶŝĨŝĐĂĐŝſŶ͕ ĂĚĞŵĄƐ ĞdžƉƌĞƐĂ ƋƵĞ ƐĞ ŽďƐĞƌǀĂ ĐŽŶƐŝƐƚĞŶĐŝĂ ĞŶ ůĂ
ĐŽŶĨŽƌŵĂĐŝſŶ ĂĐĐŝŽŶĂƌŝĂ LJ ƉƌĞƐĞŶĐŝĂ ďƵƌƐĄƚŝů͘ WŽƌ ůŽ ƐĞŹĂůĂĚŽ >^^ /EdZEd/KE> Zd/E' ĂůŝĨŝĐĂĚŽƌĂ ĚĞ
ZŝĞƐŐŽƐ^͕͘͘ŚĂĚĂĚŽĐƵŵƉůŝŵŝĞŶƚŽĐŽŶůŽĞƐƚŝƉƵůĂĚŽĞŶůŽƐŶƵŵĞƌĂůĞƐϭ͘ϱLJϭ͘ϲĚĞůƌƚşĐƵůŽϭϴ͕ĚĞůĂ^ĞĐĐŝſŶ
/s͕ĂƉşƚƵůŽ///͕^ƵďƚşƚƵůŽ/s͕dşƚƵůŽ//ĚĞůĂŽĚŝĨŝĐĂĐŝſŶĚĞůĂƐZĞƐŽůƵĐŝŽŶĞƐdžƉĞĚŝĚĂƐƉŽƌĞůŽŶƐĞũŽEĂĐŝŽŶĂůĚĞ
sĂůŽƌĞƐ;ŚŽLJ:ƵŶƚĂĚĞWŽůşƚŝĐĂLJZĞŐƵůĂĐŝſŶDŽŶĞƚĂƌŝĂLJ&ŝŶĂŶĐŝĞƌĂͿ͘

ǀĞŶƚŽƐ/ŵƉŽƌƚĂŶƚĞƐ

x ŶĞůĂŹŽϮϬϭϱŝŶŝĐŝſůĂŝŵƉůĞŵĞŶƚĂĐŝſŶĚĞƵŶĂŶƵĞǀĂƉůĂƚĂĨŽƌŵĂtĞďƉĂƌĂůĂƚŝĞŶĚĂƋƵĞůĞƉĞƌŵŝƚĞĐŽŶƚĂƌ
ĐŽŶŶƵĞǀĂƐĨƵŶĐŝŽŶĂůŝĚĂĚĞƐĐŽŵŽĞůƐĞƌǀŝĐŝŽĚĞƉŝĐŬͲƵƉĞŶůĂƐƚŝĞŶĚĂƐ͕ŵĂLJŽƌƐƵƌƚŝĚŽLJŵĞũŽƌĂƌƚŝĞŵƉŽƐĚĞ
ƌĞƐƉƵĞƐƚĂĞŶĞůƐĞƌǀŝĐŝŽ͘
x WƵƐŽĂĚŝƐƉŽƐŝĐŝſŶĚĞůŽƐĐůŝĞŶƚĞƐĞůĐĂŶĂůĚĞǀĞŶƚĂƉŽƌƚĞůĠĨŽŶŽƉĂƌĂůĂƚŝĞŶĚĂĞŶůşŶĞĂ͕ĞůĐƵĂůĐŽŶƐƚŝƚƵLJĞƵŶ
ŵĞĚŝŽĨĄĐŝůLJƐĞŐƵƌŽ͘
x ŶŽĐƚƵďƌĞĚĞϮϬϭϲ͕ĨƵĞůĂĂƉĞƌƚƵƌĂĚĞƵŶĂŶƵĞǀĂƚŝĞŶĚĂĞŶĞůĞŶƚƌŽŽŵĞƌĐŝĂůůZĞĐƌĞŽĞŶůĂĐŝƵĚĂĚĚĞ
YƵŝƚŽ͕ĐŽŶƵŶĄƌĞĂĚĞϰϬϬϬŵϮ͘

^ŝƚƵĂĐŝſŶĚĞů^ĞĐƚŽƌ

 ůŽ ůĂƌŐŽ ĚĞů ƚŝĞŵƉŽ͕ ůĂƐ ĚŝǀĞƌƐĂƐ ĞŵƉƌĞƐĂƐ ĚĞĚŝĐĂĚĂƐ Ă ůĂ ĂĐƚŝǀŝĚĂĚ ƚĞdžƚŝů ƵďŝĐĂƌŽŶ ƐƵƐ ŝŶƐƚĂůĂĐŝŽŶĞƐ ĞŶ
ĚŝĨĞƌĞŶƚĞƐĐŝƵĚĂĚĞƐĚĞůƉĂşƐ͘^ŝŶĞŵďĂƌŐŽ͕ƐĞƉƵĚĞĂĨŝƌŵĂƌƋƵĞůĂƐƉƌŽǀŝŶĐŝĂƐĐŽŶŵĂLJŽƌŶƷŵĞƌŽĚĞŝŶĚƵƐƚƌŝĂƐ
ĚĞĚŝĐĂĚĂƐĂĞƐƚĂĂĐƚŝǀŝĚĂĚƐŽŶ͗WŝĐŚŝŶĐŚĂ͕'ƵĂLJĂƐ͕njƵĂLJ͕dƵŶŐƵƌĂŚƵĂĞ/ŵďĂďƵƌĂ͘

>ĂŝŶĚƵƐƚƌŝĂƚĞdžƚŝůLJĐŽŶĨĞĐĐŝŽŶĞƐĞƐƵŶƐĞĐƚŽƌĨƵŶĚĂŵĞŶƚĂůƉĂƌĂĞůĚĞƐĂƌƌŽůůŽƐŽĐŝĂů͕ƉƌŽĚƵĐƚŝǀŽLJĞĐŽŶſŵŝĐŽĚĞů
ƉĂşƐ͘^ƵŝŵƉŽƌƚĂŶĐŝĂĞŶůĂŐĞŶĞƌĂĐŝſŶĚĞĞŵƉůĞŽĚŝƌĞĐƚŽĞŝŶĚŝƌĞĐƚŽ͕ĚŽŶĚĞƐĞƵďŝĐĂĐŽŵŽůĂƐĞŐƵŶĚĂŝŶĚƵƐƚƌŝĂ͘
Ϯϰ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

 ƉĞƐĂƌ ĚĞ ƋƵĞ ůĂ ƉƌŽĚƵĐĐŝſŶ ƚĞdžƚŝů LJ ĐŽŶĨĞĐĐŝſŶ ŵĂLJŽƌŝƚĂƌŝĂŵĞŶƚĞ ƐĞ ǀĞŶĚĞ ĞŶ Ğů ŵĞƌĐĂĚŽ ůŽĐĂů͕
ĂƉƌŽdžŝŵĂĚĂŵĞŶƚĞƵŶϭϱйƐĞĞdžƉŽƌƚĂĂŵĄƐĚĞϳϬƉĂşƐĞƐ͘ŶůŽƐƷůƚŝŵŽƐϵĂŹŽƐĞůƐĞĐƚŽƌŐĞŶĞƌſƵŶŝŶŐƌĞƐŽĚĞ
ĚŝǀŝƐĂƐ Ăů ƉĂşƐ ƐƵƉĞƌŝŽƌ Ă ůŽƐ h^ ϴϲϬ ŵŝůůŽŶĞƐ ĚĞ ĚſůĂƌĞƐ Ϯϴ͘ >ŽƐ ƉƌŝŶĐŝƉĂůĞƐ ƉƌŽĚƵĐƚŽƐ ĚĞ ĞdžƉŽƌƚĂĐŝſŶ ĚĞ ůĂ
ŝŶĚƵƐƚƌŝĂƚĞdžƚŝůĞƌĂƐŽŶ͗ŚŝůĂĚŽƐĚĞĨŝďƌĂƐƐŝŶƚĠƚŝĐĂƐ͕ƚĞũŝĚŽƐ ĚĞƉƵŶƚŽ͕ƚĞũŝĚŽƐĚĞĂůŐŽĚſŶ͕ĐĂůnjĂƐ;ƉĂŶƚLJͲŵĞĚŝĂƐͿ͕
ůĞŽƚĂƌĚŽƐ͕ ŵĞĚŝĂƐ͕ ĐĂůĐĞƚŝŶĞƐ͕ ƚƌĂũĞƐ ĐŽŶũƵŶƚŽƐ͕ ĐŚĂƋƵĞƚĂƐ͕ ƉĂŶƚĂůŽŶĞƐ ůĂƌŐŽƐ͕ ƉĂŶƚĂůŽŶĞƐ ĐŽŶ ƉĞƚŽ͕ ƉĂŶƚĂůŽĞƐ
ĐŽƚŽƐ͕ ŵĂŶƚĂƐ͕ ĂďƌŝŐŽƐ͕ ĐŚĂƋƵĞƚĂƐ͕ ĐĂƉĂƐ͕ ĂŶŽƌĂŬƐ͕ ƌŽƉĂ ĚĞ ĐĂŵĂ͕ ŵĞƐĂ͕ ƚŽĐĂĚŽƌ͕ ĐŽĐŝŶĂ͕ ƚĞƌĐŝŽƉĞůŽ͘ &ĞůƉĂ LJ
ƚĞũŝĚŽƐ ĐŽŶ ďƵĐůĞƐ ĚĞ ƉƵŶƚŽ͕ ƚƌĂũĞƐ ĚĞ ƐĂƐƚƌĞ͕ ĐŽŶũƵŶƚŽƐ͕ ǀĞƐƚŝĚŽƐ͕ ĨĂůĚĂƐ͕ ǀŝƐŝůůŽƐ LJ ĐŽƌƚŝŶĂƐ͕ ŐƵĂƌĚĂŵĂůĞƚĂƐ͕
ƌŽĚĂƉŝĞƐĚĞĐĂŵĂ͕ĞŶƚƌĞŽƚƌŽƐ͘

ĐŽŶƚŝŶƵĂĐŝſŶƐĞĚĞƚĂůůĂůĂĞǀŽůƵĐŝſŶĚĞůĂƐĞdžƉŽƌƚĂĐŝŽŶĞƐĚĞĐŽŶĨĞĐĐŝſŶLJƚĞdžƚŝůĂůĐƵĂƌƚŽƚƌŝŵĞƐƚƌĞĚĞϮϬϭϲ͗

*5ƒ),&2(YROXFLµQGHODV([SRUWDFLRQHVGH&RQIHFFLµQ\7H[WLO 0LOORQHV86' 


)XHQWH352(&8$'25 (ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ 

>ŽƐŝŶƐƵŵŽƐƚĞdžƚŝůĞƐ͕ƚĂůĞƐĐŽŵŽ͗ŚŝůŽƐLJƚĞůĂƐ͕ƐŽŶŵƵLJĂƉƌĞĐŝĂĚŽƐĞŶŵĞƌĐĂĚŽƐŶĂƚƵƌĂůĞƐĐŽŵŽŽůŽŵďŝĂ͕WĞƌƷ
LJsĞŶĞnjƵĞůĂ͕ĂĚĞŵĄƐĐƵĂĚŽƌĞdžƉŽƌƚĂĂƐƚĂĚŽƐhŶŝĚŽƐ͕ZĞŝŶŽhŶŝĚŽ͕DĠdžŝĐŽ͕:ĂƉſŶLJ&ŝůŝƉŝŶĂƐ͘ĐŽŶƚŝŶƵĂĐŝſŶ
ƐĞƉƌĞƐĞŶƚĂƵŶŐƌĄĨŝĐŽĚĞůŽŵĞŶĐŝŽŶĂĚŽ͗

*5ƒ),&2(YROXFLµQGHODV([SRUWDFLRQHVGH&RQIHFFLµQ\7H[WLOSRUGHVWLQR 0LOORQHV86' 


)XHQWH352(&8$'25 (ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ 

>ĂĐŽŵƉůĞũĂƐŝƚƵĂĐŝſŶŵĂĐƌŽĞĐŽŶſŵŝĐĂƋƵĞĂƚƌĂǀŝĞƐĂĞůĐƵĂĚŽƌƐĞƚƌĂƐůĂĚĂƌĄƉŝĚĂŵĞŶƚĞĂůŽƐŶĞŐŽĐŝŽƐ͕ĂůĂ
ŵŝĐƌŽĞĐŽŶŽŵşĂ͕ Ăů ƐĞĐƚŽƌ ƉƌŝǀĂĚŽ͘ WĂƌĂ ůĂ ŝŶĚƵƐƚƌŝĂ ƚĞdžƚŝů LJ ĐŽŶĨĞĐĐŝſŶ ĞĐƵĂƚŽƌŝĂŶĂ ĞƐƚĞ ĨĞŶſŵĞŶŽ ŽĐƵƌƌĞ
ĚĞƐĚĞ ϮϬϭϮ͕ ĂŹŽ ĞŶ Ğů ĐƵĂů ĐĂLJſ ƵŶ ϳ͕ϲϳй ĞŶ ƐƵ W/ ƌĞĂů ĨƌĞŶƚĞ Ăů ĂŹŽ ŝŶŵĞĚŝĂƚĂŵĞŶƚĞ ĂŶƚĞƌŝŽƌ͘ Ŷ ϮϬϭϯ LJ
ϮϬϭϰ͕ƐĞŐƷŶůĂƐŵŝƐŵĂƐĐŝĨƌĂƐ͕ĞůƐĞĐƚŽƌĐƌĞĐŝſϯ͕ϮϴйLJϮ͕ϵϮй͕ ƉĞƌŽŚĂƐƚĂĞůƚĞƌĐĞƌƚƌŝŵĞƐƚƌĞĚĞϮϬϭϱǀƵĞůǀĞĂ
ƚĞŶĞƌƵŶĚĞĐƌĞĐŝŵŝĞŶƚŽĚĞϮ͕ϲϰй͘

ŶϮϬϭϲĨƵĞƵŶĂŹŽŝŐƵĂůĚĞĚŝĨşĐŝůƋƵĞĞůĂŹŽϮϬϭϱ͘ŵĄƐĚĞůĂĐĂşĚĂĞŶǀĞŶƚĂƐ͕ůĂůŝƋƵŝĚĞnjĚĞůĂƐĐŽŵƉĂŹşĂƐ
ĞƐƚĄ ĞŶ ƌŝĞƐŐŽ ƉŽƌ Ğů ĂƵŵĞŶƚŽ ĞŶ ůŽƐ ĚşĂƐ ĚĞ ĐŽďƌŽ LJ ƉŽƌ ůŽ ůŝŵŝƚĂĚŽ ĚĞů ĐƌĠĚŝƚŽ ŽĨƌĞĐŝĚŽ ƉŽƌ Ğů ƐŝƐƚĞŵĂ
ĨŝŶĂŶĐŝĞƌŽ ƉƌŝǀĂĚŽ͘ ĚĞŵĄƐ͕ ƐĞ ŝŶĐƌĞŵĞŶƚĂƌŽŶ ůŽƐ ĐŽƐƚŽƐ ĚĞ ƉƌŽĚƵĐĐŝſŶ ƉŽƌ ƐƵďŝĚĂ ĚĞů ƉƌĞĐŝŽ ĚĞ ůŽƐ
ĐŽŵďƵƐƚŝďůĞƐLJůĂĞŶĞƌŐşĂĞůĠĐƚƌŝĐĂƉĂƌĂůĂŝŶĚƵƐƚƌŝĂ͘

KWWSZZZDLWHFRPHFEROHWLQHVLQGXVWULDWH[WLOSGI

KWWSZZZSURHFXDGRUJREHFH[SRUWDGRUHVSXEOLFDFLRQHVHVWDGLVWLFDVSRUVHFWRU

KWWSZZZSURHFXDGRUJREHFH[SRUWDGRUHVSXEOLFDFLRQHVHVWDGLVWLFDVSRUVHFWRU

Ϯϱ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

ŶĞƐƚĞĐŽŶƚĞdžƚŽ͕ůĂƐ ĞƐƚƌĂƚĞŐŝĂƐĚĞ ůĂƐ ĞŵƉƌĞƐĂƐŝƌĄŶĞŶ ůĂůşŶĞĂĚĞůĂ ƐƵďƐŝƐƚĞŶĐŝĂ͕ĐƵŝĚĂŶĚŽĂůŵĄdžŝŵŽůŽƐ
ƉƵĞƐƚŽƐĚĞƚƌĂďĂũŽƋƵĞƐĞŐĞŶĞƌĂŶLJƉƌŽĐƵƌĂŶĚŽŵĞũŽƌĂƌƐƵĞĨŝĐŝĞŶĐŝĂƉĂƌĂƉĂůĞĂƌůĂƐĂĚǀĞƌƐŝĚĂĚĞƐ ϯϭ͘

&ŝŶĂůŵĞŶƚĞĚĞŶƚƌŽĚĞůƐĞĐƚŽƌŝŶĚƵƐƚƌŝĂů͕ƐĞĂĚǀŝĞƌƚĞƋƵĞĞŶƚƌĞ ůĂƐďĂƌƌĞƌĂƐĚĞĞŶƚƌĂĚĂ ĚĞůĂŝŶĚƵƐƚƌŝĂĞƐƚĄůĂ
ŶĞĐĞƐŝĚĂĚĚĞŐƌĂŶĚĞƐŝŶĨƌĂĞƐƚƌƵĐƚƵƌĂƐƉĂƌĂĐĂĚĂƵŶŽĚĞůŽƐĞƐƚĂďůĞĐŝŵŝĞŶƚŽƐ͕ŐƌĂŶĚĞƐŝŶǀĞƌƐŝŽŶĞƐĞŶƐŝƐƚĞŵĂƐ
ĂƵƚŽŵĂƚŝnjĂĚŽƐĚĞĐŽŶƚƌŽůĚĞŝŶǀĞŶƚĂƌŝŽLJůĂŝŵƉŽƌƚĂŶĐŝĂĚĞƵŶĂĚĞĐƵĂĚŽĐĂŶĂůĚĞĚŝƐƚƌŝďƵĐŝſŶƋƵĞƚĞŶŐĂƵŶĂ
ĂŵƉůŝĂĐŽďĞƌƚƵƌĂ͘WŽƌƐƵƉĂƌƚĞƵŶĂĚĞůĂƐďĂƌƌĞƌĂƐĚĞƐĂůŝĚĂŵĄƐƌĞƉƌĞƐĞŶƚĂƚŝǀĂĞƐĞůĐŽŵƉƌŽŵŝƐŽĂůĂƌŐŽƉůĂnjŽ
ƋƵĞŵĂŶĞũĂŶĐŽŶƐƵƐƉƌŽǀĞĞĚŽƌĞƐ͕ĂƐşĐŽŵŽůĂůŝƋƵŝĚĂĐŝſŶĚĞŝŶǀĞŶƚĂƌŝŽƐLJĞdžŝƐƚĞŶĐŝĂƐ͘

džƉĞĐƚĂƚŝǀĂƐ

ƐŝŵƉŽƌƚĂŶƚĞĚĞƐƚĂĐĂƌƋƵĞůĂĐĂşĚĂĚĞůƉƌĞĐŝŽĚĞůƉĞƚƌſůĞŽŚĂƉƌŽǀŽĐĂĚŽĐŝĞƌƚĂŝŶĐĞƌƚŝĚƵŵďƌĞLJƵŶƉĂŶŽƌĂŵĂ
ĚŝĨşĐŝůƉĂƌĂĞůƉĂşƐ͘WŽƌĞƐƚĂƌĂnjſŶƐĞƉŽĚƌşĂĐƌĞĞƌƋƵĞĞůƐĞĐƚŽƌĂƉĞƐĂƌĚĞƐƵƉůŝƌĚĞďŝĞŶĞƐŶĞĐĞƐĂƌŝŽƐĂĐĂĚĂ
ƵŶŽĚĞƐƵƐĐůŝĞŶƚĞƐ͕ƉƵĞĚĂůůĞŐĂƌĂƚĞŶĞƌƵŶĂĐĂşĚĂĞŶƐƵƐƉƌŽĚƵĐƚŽƐĚĞŵĂŶĚĂĚŽƐĂŶƚĞƵŶĂƌĞĚƵĐĐŝſŶĚĞůŐĂƐƚŽ
ĚĞĐĂĚĂƵŶŽĚĞůŽƐŚĂďŝƚĂŶƚĞƐĚĞůƉĂşƐ͘WŽƌŽƚƌĂƉĂƌƚĞůĂĞƐƚƌĂƚĞŐŝĂĚĞůŐŽďŝĞƌŶŽƉĂƌĂůĂƌĞĚƵĐĐŝſŶĚĞůĚĠĨŝĐŝƚĞŶ
ůĂ ďĂůĂŶnjĂ ĐŽŵĞƌĐŝĂů͕ ůĂ ƋƵĞ ŝŵƉůŝĐĂ ƌĞĚƵĐŝƌ ůĂƐ ŝŵƉŽƌƚĂĐŝŽŶĞƐ ĚĞ ĞůĞĐƚƌŽĚŽŵĠƐƚŝĐŽƐ͕ ĂůŝŵĞŶƚŽƐ͕ ũƵŐƵĞƚĞƐ͕
ĐŽƐŵĠƚŝĐŽƐ͕ ĞŶƚƌĞ ŽƚƌŽƐ͕ ƉŽŶĞ Ă ĐĂĚĞŶĂƐ ĚĞ ƐƵƉĞƌŵĞƌĐĂĚŽƐ Ă ƉƌŝŽƌŝnjĂƌ ůĂ ƉƌŽĚƵĐĐŝſŶ ŶĂĐŝŽŶĂů͕ ƐŝŶ ĞŵďĂƌŐŽ
ĞƐƚŽ ƉŽĚƌşĂ ĂĐĂƌƌĞĂƌ ŝŶĐŽŶǀĞŶŝĞŶƚĞƐ LJĂ ƋƵĞ ĂůŐƵŶĂƐ ĞŵƉƌĞƐĂƐ ŶŽ ƚĞŶĚƌşĂŶ ůĂ ĐĂƉĂĐŝĚĂĚ ĚĞ ƉƌŽĚƵĐĐŝſŶ
ŶĞĐĞƐĂƌŝĂƉĂƌĂĂďĂƐƚĞĐĞƌůŽĚĞŵĂŶĚĂĚŽƉŽƌůŽƐƐƵƉĞƌŵĞƌĐĂĚŽƐ͘

 ĨŝŶĂůĞƐ ĚĞů ŵĞƐ ĚĞ ŶŽǀŝĞŵďƌĞ ĚĞ ϮϬϭϲ͕ ĐƵĂĚŽƌ Ĩŝƌŵſ Ğů ĐƵĞƌĚŽ ĐŽŶ ůĂ hŶŝſŶ ƵƌŽƉĞĂ͕ ƋƵĞ ŶŽƌŵĂƌĄ Ğů
ĐŽŵĞƌĐŝŽĚĞďŝĞŶĞƐLJƐĞƌǀŝĐŝŽƐ͘>ŽƐƉƌŽĚƵĐƚŽƐĞĐƵĂƚŽƌŝĂŶŽƐĞdžƉŽƌƚĂĚŽƐĂůŵĞƌĐĂĚŽĞƵƌŽƉĞŽŝŶŐƌĞƐĂƌĄŶůŝďƌĞƐ
ĚĞ ĂƌĂŶĐĞůĞƐ LJ ŽďƐƚĄĐƵůŽƐ Ă ƵŶĂ ĚĞ ůĂƐ ƌĞŐŝŽŶĞƐ ĚĞ ŵĂLJŽƌ ƉŽĚĞƌ ĂĚƋƵŝƐŝƚŝǀŽ ĚĞů ŵƵŶĚŽ͘ ƐƚŽ ƐĞ ƉƌŽĚƵĐŝƌĄ
ŝŶŵĞĚŝĂƚĂŵĞŶƚĞĚĞƐƉƵĠƐĚĞůĂĞŶƚƌĂĚĂĚĞǀŝŐĞŶĐŝĂĚĞůĐƵĞƌĚŽ͘ůĐƵĞƌĚŽŶŽƐŽůŽĂƐĞŐƵƌĂĞůĂĐĐĞƐŽĐŽŶϬй
ĚĞ ĂƌĂŶĐĞů ƉĂƌĂ ƚŽĚĂ ůĂ ŽĨĞƌƚĂ ĂĐƚƵĂů ĚĞů ĐƵĂĚŽƌ ĚĞ ďŝĞŶĞƐ ŵĂŶƵĨĂĐƚƵƌĂĚŽƐ͕ ƐŝŶŽ ƋƵĞ ƚĂŵďŝĠŶ ĂďƌĞ
ŽƉŽƌƚƵŶŝĚĂĚĞƐ ƉĂƌĂ ŵƵĐŚŽƐ ŽƚƌŽƐ ƉƌŽĚƵĐƚŽƐ͕ ŝŶĐůƵLJĞŶĚŽ ĂƋƵĞůůŽƐ ƋƵĞ ŐĞŶĞƌĂƌĄ Ğů ĐĂŵďŝŽ ĚĞ ůĂ ŵĂƚƌŝnj
ƉƌŽĚƵĐƚŝǀĂ͘ Ŷ ůĂƐ ĞdžƉŽƌƚĂĐŝŽŶĞƐ ĞĐƵĂƚŽƌŝĂŶĂƐ ĞŶ ďŝĞŶĞƐ ŵĂŶƵĨĂĐƚƵƌĂĚŽƐ ĞƐƚĄŶ ƉƌĞƐĞŶƚĞƐ ƐĞĐƚŽƌĞƐ ĐŽŵŽ
ĂůŝŵĞŶƚŽƐ͖ĞůĚĞůĂĐŽŶĨĞĐĐŝſŶLJĂƌƚşĐƵůŽƐƐŝŵŝůĂƌĞƐ͖ŵƵĞďůĞƐĚĞŵĂĚĞƌĂ͖ŵĂĚĞƌĂƐ͖ŵĂŶƵĨĂĐƚƵƌĂƐĚĞƉůĄƐƚŝĐŽ͖
ĞŶƚƌĞ ŽƚƌŽƐ͘ Ŷ ĐƵĂŶƚŽ Ă ŶŽƌŵĂƐ ĚĞ ŽƌŝŐĞŶ ƉĂƌĂ Ğů ƐĞĐƚŽƌ ŝŶĚƵƐƚƌŝĂů͕ ĐƵĂĚŽƌ ŽďƚƵǀŽ ĨůĞdžŝďŝůŝĚĂĚĞƐ ƉĂƌĂ
ƉƌŽĚƵĐƚŽƐ ƋƵĞ ĂŶƚĞƐ ƚĞŶşĂŶ ƵŶĂ ŶŽƌŵĂ ƌĞƐƚƌŝĐƚŝǀĂ ĞŶ Ğů ^'W ;^ŝƐƚĞŵĂ 'ĞŶĞƌĂů ĚĞ WƌĞĨĞƌĞŶĐŝĂƐͿ ƉůƵƐ͘ ƐƚŽ
ƉĞƌŵŝƚŝƌĄĂƉƌŽǀĞĐŚĂƌĞůƉƌŽŐƌĂŵĂĚĞůŝďĞƌĂĐŝſŶĐŽŶůĂhĚĞƵŶĂŵĞũŽƌĨŽƌŵĂ ϯϮ͘^ĞĞƐƉĞƌĂƋƵĞĞŶĞůĂŹŽϮϬϭϳ
ĞŶ ĚŽŶĚĞ ĞŶƚƌĂ ĞŶ ǀŝŐĞŶĐŝĂ Ğů ĂĐƵĞƌĚŽ Ğů ƐĞĐƚŽƌ ƐĞ ƌĞĐƵƉĞƌĞ LJ ĐƌĞnjĐĂ ƉĂƵůĂƚŝŶĂŵĞŶƚĞ͕ LJĂ ƋƵĞ ĞƐƚĞ ĂĐƵĞƌĚŽ
ďĞŶĞĨŝĐŝĂĂŵƵĐŚŽƐƐĞĐƚŽƌĞƐĞƐƉĞĐŝĂůŵĞŶƚĞĂůƐĞĐƚŽƌŝŶĚƵƐƚƌŝĂůLJŵĂŶƵĨĂĐƚƵƌĞƌŽ͘

WŽƐŝĐŝſŶŽŵƉĞƚŝƚŝǀĂĚĞůĂŵƉƌĞƐĂ

ŽŶƐĐŝĞŶƚĞƐĚĞƋƵĞĞůĚĞƐĂƌƌŽůůŽĚĞůƐĞĐƚŽƌĞƐƚĄĚŝƌĞĐƚĂŵĞŶƚĞƌĞůĂĐŝŽŶĂĚŽĐŽŶůĂƐǀĞŶƚĂƐĞŶĞůŵĞƌĐĂĚŽůŽĐĂůĞ
ŝŶƚĞƌŶĂĐŝŽŶĂů͕ ůŽƐ ŝŶĚƵƐƚƌŝĂůĞƐ ƚĞdžƚŝůĞƐ LJ ĂŐĞŶƚĞƐ ƉƌŽŵŽƚŽƌĞƐ ĚĞ ůĂ ŵŽĚĂ ŚĂŶ ŝŶǀĞƌƚŝĚŽ ĞŶ ůĂ ĂĚƋƵŝƐŝĐŝſŶ ĚĞ
ŶƵĞǀĂ ŵĂƋƵŝŶĂƌŝĂ LJ ĂƉĞƌƚƵƌĂ ĚĞ ƚŝĞŶĚĂƐ ƋƵĞ ůĞƐ ƉĞƌŵŝƚĂ ƐĞƌ ŵĄƐ ĐŽŵƉĞƚŝƚŝǀŽƐ ĨƌĞŶƚĞ Ă ƵŶĂ ĞĐŽŶŽŵşĂ
ŐůŽďĂůŝnjĂĚĂ͘ Ɛş ŵŝƐŵŽ͕ ůĂƐ ĞŵƉƌĞƐĂƐ ŝŶǀŝĞƌƚĞŶ ĞŶ ƉƌŽŐƌĂŵĂƐ ĚĞ ĐĂƉĂĐŝƚĂĐŝſŶ ƉĂƌĂ ůŽƐ ĐŽůĂďŽƌĂĚŽƌĞƐ͕ ĐŽŶ Ğů
ĂĨĄŶĚĞŝŶĐƌĞŵĞŶƚĂƌůŽƐŶŝǀĞůĞƐĚĞĞĨŝĐŝĞŶĐŝĂLJƉƌŽĚƵĐƚŝǀŝĚĂĚ͖ůĂŝŶƚĞŶĐŝſŶĞƐŵĞũŽƌĂƌůŽƐşŶĚŝĐĞƐĚĞƉƌŽĚƵĐĐŝſŶ
ĂĐƚƵĂůĞƐ͕ ƉƌŽŵŽĐŝŽŶĂƌ ůĂ ǀĞŶƚĂ Ğ ŝŶŶŽǀĂƌ ĞŶ ůĂ ĐƌĞĂĐŝſŶ ĚĞ ŶƵĞǀŽƐ ƉƌŽĚƵĐƚŽƐ ƋƵĞ ƐĂƚŝƐĨĂŐĂŶ ůĂ ĚĞŵĂŶĚĂ
ŶĂĐŝŽŶĂůĞŝŶƚĞƌŶĂĐŝŽŶĂů͘

>Ă ĐŽŵƉĞƚĞŶĐŝĂ ĚĞ >DE^  WZd/͕ ^͘͘ ƐĞ ĐŽŶĐĞŶƚƌĂ ĞŶ ĞŵƉƌĞƐĂƐ ƌĞĐŽŶŽĐŝĚĂƐ ĞŶ Ğů ŵĞƌĐĂĚŽ ĚĞ
ŶĞŐŽĐŝŽƐĚĞƚŝĞŶĚĂƐĚĞƉĂƌƚĂŵĞŶƚĂůĞƐƋƵĞĂƚŝĞŶĚĞŶĨƵŶĚĂŵĞŶƚĂůŵĞŶƚĞĂůƐĞŐŵĞŶƚŽĚĞĐŽŶƐƵŵŽĚĞŚŽŐĂƌĞƐ͘
^ĞŐƷŶĞůƌĂŶŬŝŶŐĚĞůĂƐϱϬϬĞŵƉƌĞƐĂƐŵĄƐŐƌĂŶĚĞƐĂĐƚƵĂůŝnjĂĚŽƉŽƌůĂƌĞǀŝƐƚĂsŝƐƚĂnjŽĞŶƐĞƉƚŝĞŵďƌĞĚĞϮϬϭϲ͕
>DE^WZd/͕^͘͘ƐĞƵďŝĐſĞŶůĂƉŽƐŝĐŝſŶϰϵ͕ŵĞũŽƌĂŶĚŽϭϬƉŽƐŝĐŝŽŶĞƐĐŽŶƌĞƐƉĞĐƚŽĂůĂŹŽĂŶƚĞƌŝŽƌ͘



ϯϭ
ŚƚƚƉ͗ͬͬǀŝƐƚĂnjŽ͘ĐŽŵͬƐĞĐĐŝŽŶͬƉĂŝƐͬĞůͲƐĞĐƚŽƌͲƚĞdžƚŝůͲĞŶͲĐŝĨƌĂƐ
KWWSZZZFRPHUFLRH[WHULRUJREHFZSFRQWHQWXSORDGVGRZQORDGV&$57,//$81,21(8523($SGI

Ϯϲ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


  



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

>Ă ĐŽŵƉĞƚĞŶĐŝĂ ƉŽƌ Ğů ŵĞƌĐĂĚŽ ƚŝĞŶĞ Ă ĚŽƐ ŐƌĂŶĚĞƐ ĞŵƉƌĞƐĂƐ ƋƵĞ ŽĐƵƉĂŶ ƵŶ ƉŽĐŽ ŵĄƐ ĚĞ ůĂ ŵŝƚĂĚ ĚĞ ůĂ
ƉĂƌƚŝĐŝƉĂĐŝſŶĚĞůĂƐǀĞŶƚĂƐLJĞůƌĞƐƚŽĞƐƚĄŵƵĐŚŽŵĄƐĂƚŽŵŝnjĂĚŽ͘ĐŽŶƚŝŶƵĂĐŝſŶƐĞŵƵĞƐƚƌĂŶůŽƐƉƌŝŶĐŝƉĂůĞƐ
ĐŽŵƉĞƚŝĚŽƌĞƐĚĞĞƐƚĞƐĞĐƚŽƌ͗

*5ƒ),&235,1&,3$/(6&203(7,'25(6


)XHQWH$/0$&(1(6'(35$7,6$(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ

ůůŝĚĞƌĂnjŐŽĚĞ>DE^WZd/͕^͘͘ĞƐƚĄĚŝƌĞĐƚĂŵĞŶƚĞƌĞůĂĐŝŽŶĂĚŽĂůĂĞƐƚƌĂƚĞŐŝĂĚĞŶĞŐŽĐŝŽƐƋƵĞŚĂ
ŝŵƉůĞŵĞŶƚĂĚŽ Ă ůŽ ůĂƌŐŽ ĚĞ ƐƵ ƚƌĂLJĞĐƚŽƌŝĂ ĚĞ ŵĄƐ ĚĞ ϳϱ ĂŹŽƐ͘ >Ă ĐŽŵƉĂŹşĂ ĐƵĞŶƚĂ ĐŽŶ ƵŶ ĨƵĞƌƚĞ
ƉŽƐŝĐŝŽŶĂŵŝĞŶƚŽĚĞŵĂƌĐĂ͕ƌĞĐŽŶŽĐŝŵŝĞŶƚŽĚĞů ŵĞƌĐĂĚŽ͕ ƉůĂŶĞƐƐŽƐƚĞŶŝĚŽƐĚĞĞdžƉĂŶƐŝſŶLJƵŶĂ ƉĞƌŵĂŶĞŶƚĞ
ŝŶŶŽǀĂĐŝſŶĞŶĞƐƚƌĂƚĞŐŝĂƐĚĞĐŽŵĞƌĐŝĂůŝnjĂĐŝſŶLJƐĞƌǀŝĐŝŽƐĂĚŝĐŝŽŶĂůĞƐƉĂƌĂƐƵƐĐůŝĞŶƚĞƐ͘

ĞŝŐƵĂůŵĂŶĞƌĂ͕LJƉŽƌĐŽŶƐŝĚĞƌĂƌƐĞƵŶĂŚĞƌƌĂŵŝĞŶƚĂƋƵĞƉĞƌŵŝƚĞǀŝƐƵĂůŝnjĂƌƵŶĐƵĂĚƌŽĚĞůĂƐŝƚƵĂĐŝſŶĂĐƚƵĂů
ĚĞ ůĂ ĐŽŵƉĂŹşĂ͕ ĞƐ ŝŵƉŽƌƚĂŶƚĞ ŝŶĐůƵŝƌ Ă ĐŽŶƚŝŶƵĂĐŝſŶ Ğů ĂŶĄůŝƐŝƐ &K ĚĞ >DE^  WZd/ ^͕͘͘
ĞǀŝĚĞŶĐŝĂŶĚŽ ůŽƐ ƉƵŶƚŽƐ ŵĄƐ ƌĞůĞǀĂŶƚĞƐ ƚĂŶƚŽ ƉŽƐŝƚŝǀŽƐ ĐŽŵŽ ŶĞŐĂƚŝǀŽƐ ĞŶ ĐƵĂŶƚŽ Ă ƐƵ ĞĨĞĐƚŽ͕ ĂƐş ĐŽŵŽ
ĨĂĐƚŽƌĞƐĞŶĚſŐĞŶŽƐLJĞdžſŐĞŶŽƐ͕ĚĞĂĐƵĞƌĚŽĂƐƵŽƌŝŐĞŶ͘

&8$'52)2'$
)257$/(=$6 2325781,'$'(6
(V XQD HPSUHVD IRUPDO HQ VX WRPD GH GHFLVLRQHV SXHV FXHQWD FRQ GLUHFWRULR \
£UHDVELHQGHILQLGDV
&XHQWD FRQ XQD FHUWLILFDFLµQ SRU SDUWH GH %85($8 9(5,7$6 GH 6(//2 +$&(
%,(1
6XGLYHUVLGDGDFFLRQDULDOFRQIRUPDGDSRUHQWLGDGHVQDFLRQDOHVHLQWHUQDFLRQDOHV\
&UHFLPLHQWR GH SURGXFWRV HQ PDUFD SURSLD FRPR VRQ ,VDEHOOD 6WKHSKDQR + 2
XQDGLVWULEXFLµQTXHSHUPLWHODUHVROXFLµQGHFRQIOLFWRV DFFLRQLVWDV 
([SUHVVLRQV1HZ(GLWLRQ=RQD-U$PDQGD&LW\6SRUW.LGGR\'HFRQRYD
/D H[SHULHQFLD DGTXLULGD D OR ODUJR GH VXV D³RV FRQ SUHVHQFLD LPSRUWDQWH HQ HO
PHUFDGRGHODVWLHQGDVGHSDUWDPHQWDOHVHQHO(FXDGRU
/DGLYHUVLGDGGHSURGXFWRVTXHRIUHFHKDFHQTXHDWLHQGDGHPHMRUPDQHUDDVX
PHUFDGRREMHWLYR
6XRSHUDFLµQHVW£HQPDUFDGDHQVXSODQHVWUDW«JLFR
$/0$&(1(6'(35$7,6$FXHQWDFRQFDQDOHVGHYHQWDI¯VLFRV\HOHFWUµQLFRV &UHFLPLHQWRGHODVYHQWDVHQO¯QHDXQDYH]TXHVHKDLPSOHPHQWDGR+\EULV\GHVDUUROOR
TXHSHUPLWHQHODFFHVRGHFOLHQWHVVLQUHVWULFFLRQHV GHODRPQLFDQDOLGDG
3RU RWUD SDUWH OD HVWUDWHJLD GHO JRELHUQR SDUD OD UHGXFFLµQ GHO G«ILFLW HQ OD EDODQ]D
FRPHUFLDO OD TXH LPSOLFD UHGXFLU ODV LPSRUWDFLRQHV GH HOHFWURGRP«VWLFRV DOLPHQWRV
/D FRPSD³¯D KD RFXSDGR HO WHUFHU OXJDU HQ *UHDW 3ODFH WR :RUN HQ GRQGH
MXJXHWHV FRVP«WLFRV HQWUH RWURV SRQH D FDGHQDV GH VXSHUPHUFDGRV D SULRUL]DU OD
UHFLELHURQHOVHOORGH(PSOHR-RYHQRWRUJDGRSRUHO0XQLFLSLRGH4XLWR
SURGXFFLµQ QDFLRQDO SRU OR FXDO VXV SURYHHGRUHV VH SRGU¯DQ IRUWDOHFHU HQ YROXPHQ R HQ
LQQRYDFLµQ
'(%,/,'$'(6 $0(1$=$6
)XWXUDVFDW£VWURIHVQDWXUDOHVFRPRHOWHUUHPRWRGHOSDVDGR GHDEULOTXHHQW«UPLQRV
6XV WLHQGDV HVW£Q FRQFHQWUDGDV VROR HQ GRV FLXGDGHV 4XLWR \ *XD\DTXLO VLQ
GHFRVWRVVHJ¼QOD6(13/$'(6UHSUHVHQWµFDVLHOGHO3,%
HPEDUJRODFRPSD³¯DFXHQWDFRQGRVWLHQGDVHQODVDIXHUDVGHHVWDVFLXGDGHV
7HPDVLPSRVLWLYRVFRPRHOGHVDOLGDGHFDSLWDOHVSRULPSRUWDFLµQGHPDWHULDSULPDHQHO
XQD HQ HO FDQWµQ 5XPL³DKXL &HQWUR &RPHUFLDO 6DQ /XLV  \ RWUD HQ HO FDQWµQ
VHQWLGRTXHQRVHDSRVLEOHWUDVODGDUORVDOFOLHQWHILQDORGHGXFLUORVGHOLPSXHVWRDODUHQWD
6DPERURQGµQ 3OD]D1DYRQD 
6LQHPEDUJRHVWR¼OWLPRV¯HVW£FRQWHPSODGRHQHOUHJODPHQWRGHGLFKRLPSXHVWR
8QD VXELGD EUXVFD HQ ORV SUHFLRV GH OD PHUFDQF¯D GHELGR D OD UHVWULFFLµQ GH ODV
&LHUWRVSURGXFWRVVRQLQDFFHVLEOHVGHDFXHUGRDVXSUHFLRGHYHQWD
LPSRUWDFLRQHV

)XHQWH$/0$&(1(6'(35$7,6$(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ

Ϯϳ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

ZŝĞƐŐŽŽƉĞƌĂĐŝŽŶĂů

>ŽƐƉƌŝŶĐŝƉĂůĞƐƌŝĞƐŐŽƐƋƵĞƉƵĞĚĂŶĂĨĞĐƚĂƌĂůĨůƵũŽĚĞĐĂũĂƉƌĞǀŝƐƚŽƉŽƌĞůĞŵŝƐŽƌ͕ĂƐşĐŽŵŽůĂĐŽŶƚŝŶƵŝĚĂĚĚĞůĂ
ŽƉĞƌĂĐŝſŶ͕ ĞŶ ƚĠƌŵŝŶŽƐ ŐĞŶĞƌĂůĞƐ ƐĞ ĞŶĐƵĞŶƚƌĂŶ ƌĞůĂĐŝŽŶĂĚŽƐ ĐŽŶ ĐŽŵƉĞƚĞŶĐŝĂƐ ƚĠĐŶŝĐĂƐ͕ ƚĞŵĂƐ ĠƚŝĐŽƐ͕
ƐƵĐĞƐŽƐ ŶĂƚƵƌĂůĞƐ͕ ĨĂůůĂƐ ŚƵŵĂŶĂƐ͕ ĚĂŹŽƐ Ă ĂĐƚŝǀŽƐ ŵĂƚĞƌŝĂůĞƐ͕ ŝŶƚĞƌƌƵƉĐŝſŶ ĞŶ ůŽƐ ŶĞŐŽĐŝŽƐ Ž ĨĂůůĂƐ ĞŶ ůŽƐ
ƐŝƐƚĞŵĂƐ͘

ů ƌŝĞƐŐŽ ĚĞ ĐŽŵƉĞƚŝĚŽƌĞƐ ƐĞ ƉƌĞƐĞŶƚĂ ĚĞďŝĚŽ Ă ƵŶ ĐƌĞĐŝĞŶƚĞ ĚĞƐĂƌƌŽůůŽ LJ ŵŽĚĞƌŶŝnjĂĐŝſŶ ĚĞ ĞŵƉƌĞƐĂƐ
ĞŵƉƌĞŶĚĞĚŽƌĂƐ ƋƵĞ ŚĂŶ ĐŽŶƐƚŝƚƵŝĚŽ ŶĞŐŽĐŝŽƐ ĚĞ ƚŝĞŶĚĂƐ ĚĞƉĂƌƚĂŵĞŶƚĂůĞƐ͕ ůĂƐ ĐƵĂůĞƐ ĂƚŝĞŶĚĞŶ
ĨƵŶĚĂŵĞŶƚĂůŵĞŶƚĞ Ăů ƐĞŐŵĞŶƚŽ ĚĞ ĐŽŶƐƵŵŽ ĚĞ ŚŽŐĂƌĞƐ͖ ƐŝŶ ĞŵďĂƌŐŽ͕ ůĂ ƉĂƌƚŝĐŝƉĂĐŝſŶ ƐŽďƌĞ ůĂƐ ǀĞŶƚĂƐ ĚĞů
ŵĞƌĐĂĚŽĚĞůϯϯйůĞĚĂƐŽůŝĚĞnjĂ>DE^WZd/͕^͕͘͘ĂĚŝĐŝŽŶĂůĂƐƵĐƌĞĚŝďŝůŝĚĂĚLJƚƌĂLJĞĐƚŽƌŝĂ͘

^ŽďƌĞĞƐƚĞŵĂƌĐŽ͕ƚĂŵďŝĠŶĞƐŝŵƉŽƌƚĂŶƚĞŝŶĐůƵŝƌůŽƐĨĂĐƚŽƌĞƐĐŽŵŽĞůŝŶĐƌĞŵĞŶƚŽĞŶůŽƐƉƌĞĐŝŽƐĚĞŵĞƌĐĂĚĞƌşĂ͕
ůĂƌĞƐƚƌŝĐĐŝſŶƉŽƌƉĂƌƚĞĚĞůĂďĂŶĐĂĞŶĞůĨŝŶĂŶĐŝĂŵŝĞŶƚŽƉĂƌĂ ůĂĂĚƋƵŝƐŝĐŝſŶĚĞƉƌĠƐƚĂŵŽƐĞŝŶĐůƵƐŽĞůĐůŝŵĂ͕
ƷůƚŝŵŽĨĂĐƚŽƌƋƵĞƉƵĞĚĞƌĞĚƵĐŝƌůĂĚĞŵĂŶĚĂ ĚĞůŽƐƉƌŽĚƵĐƚŽƐĚĞďŝĚŽĂ ĐĂŵďŝŽĚĞƚĞŶĚĞŶĐŝĂƐLJƚĞŵƉŽƌĂĚĂƐ
;ZŝĞƐŐŽƐdžſŐĞŶŽƐͿ͘

^ŽďƌĞĞůƌŝĞƐŐŽĚĞƉƌŽǀĞĞĚŽƌĞƐĞƐŝŵƉŽƌƚĂŶƚĞŵĞŶĐŝŽŶĂƌƋƵĞ>DE^ WZd/^͘͘ŚĂƚƌĂďĂũĂĚŽĚĞƐĚĞ
ŚĂĐĞ ŵĄƐ ĚĞ ƵŶĂ ĚĠĐĂĚĂ ĞŶ Ğů ƉƌŽŐƌĂŵĂ ĚĞ ĚĞƐĂƌƌŽůůŽ ĚĞ ƉƌŽǀĞĞĚŽƌĞƐ ůŽĐĂůĞƐ͕ ĐŽŶ Ğů ĐƵĂů  ŚĂ ůŽŐƌĂĚŽ
ĚŝǀĞƌƐŝĨŝĐĂƌ Ğů ƉŽƌƚĂĨŽůŝŽ ĂĐƚƵĂů ĚĞ ƉƌŽǀĞĞĚŽƌĞƐ͕ ŵĂŶƚĞŶŝĞŶĚŽ Ϯϳ ƉƌŽǀĞĞĚŽƌĞƐ ĞƐƚƌĂƚĠŐŝĐŽƐ ůŽƐ ĐƵĂůĞƐ ƐŽŶ
ŵŽŶŝƚŽƌĞĂĚŽƐĐŽŶƐƚĂŶƚĞŵĞŶƚĞƉŽƌĞůĚĞƉĂƌƚĂŵĞŶƚŽĚĞĐĂůŝĚĂĚ͘

>ĂŽƉĞƌĂƚŝǀŝĚĂĚĚĞůĂĞŵƉƌĞƐĂŝŶĐůƵLJĞƚĂŵďŝĠŶĞůƌŝĞƐŐŽĚĞŵŽƌŽƐŝĚĂĚ͖ĐŽŶĞůƉƌŽƉſƐŝƚŽĚĞŵŝƚŝŐĂƌĞƐƚĞƌŝĞƐŐŽ͕
ůĂĐŽŵƉĂŹşĂĐƵĞŶƚĂĐŽŶƵŶĚĞƉĂƌƚĂŵĞŶƚŽĚĞƌĠĚŝƚŽƐLJŽďƌĂŶnjĂ͕ƋƵĞĂŶĂůŝnjĂĐŽŶƐƚĂŶƚĞŵĞŶƚĞĂƐƵƐĐůŝĞŶƚĞƐLJ
ŚĂĐĞůĂƐŐĞƐƚŝŽŶĞƐĚĞĐŽďƌĂŶnjĂƐƌĞƐƉĞĐƚŝǀĂƐ͘

Ğ ŝŐƵĂů ŵĂŶĞƌĂ LJ ƉĂƌĂ ĂƐĞŐƵƌĂƌ ĂƷŶ ŵĄƐ͕ ƋƵĞ ĂŶƚĞ Ğů ƐƵƉƵĞƐƚŽ ŶŽ ĐŽŶƐĞŶƚŝĚŽ ĚĞ ƋƵĞ ĞǀĞŶƚŽƐ ĐŽŶƚƌĂƌŝŽƐ LJ
ĚĞƐĨĂǀŽƌĂďůĞƐ͕ ŶŽ ĂĨĞĐƚĞŶ ĞŶ ŵĂLJŽƌ ŵĞĚŝĚĂ Ă ůĂ ŽƉĞƌĂĐŝſŶ ĚĞ ůĂ ĐŽŵƉĂŹşĂ͕ >DE^  WZd/ ^͘͘ ŚĂ
ƐƵƐĐƌŝƚŽƵŶĂƉſůŝnjĂĚĞŵƵůƚŝƌŝĞƐŐŽŝŶĚƵƐƚƌŝĂů͕ĞŶůĂƋƵĞƐĞĞŶĐƵĞŶƚƌĂŶĂƐĞŐƵƌĂĚŽƐďŝĞŶĞƐLJĞƋƵŝƉŽƐĞůĞĐƚƌſŶŝĐŽƐ
ĨƌĞŶƚĞĂŝŶĐĞŶĚŝŽLJƌŽďŽƉƌŝŶĐŝƉĂůŵĞŶƚĞ͕ĐƵLJĂǀŝŐĞŶĐŝĂĞƐŚĂƐƚĂĚŝĐŝĞŵďƌĞĚĞϮϬϭϳ͘

ZŝĞƐŐŽ&ŝŶĂŶĐŝĞƌŽ

ů ĂŶĄůŝƐŝƐ ĨŝŶĂŶĐŝĞƌŽ ĞĨĞĐƚƵĂĚŽ Ă >DE^  WZd/ ^͘͘ ƐĞ ƌĞĂůŝnjſ ĐŽŶ ďĂƐĞ Ă ůŽƐ ƐƚĂĚŽƐ ĚĞ ^ŝƚƵĂĐŝſŶ
&ŝŶĂŶĐŝĞƌĂLJƐƚĂĚŽƐĚĞZĞƐƵůƚĂĚŽƐ/ŶƚĞŐƌĂůĞƐĂƵĚŝƚĂĚŽƐĚĞůŽƐĂŹŽƐϮϬϭϯ͕ϮϬϭϰLJϮϬϭϱ͕ũƵŶƚŽĂůŽƐƐƚĂĚŽƐĚĞ
^ŝƚƵĂĐŝſŶ &ŝŶĂŶĐŝĞƌĂ LJ ƐƚĂĚŽƐ ĚĞ ZĞƐƵůƚĂĚŽƐ /ŶƚĞŐƌĂůĞƐ ŝŶƚĞƌŶŽƐ ŶŽ ĂƵĚŝƚĂĚŽƐ͕ ƐŝŶ ŶŽƚĂƐ Ă ůŽƐ ĞƐƚĂĚŽƐ
ĨŝŶĂŶĐŝĞƌŽƐ͕ĐŽƌƚĂĚŽƐĂůϯϭĚĞĚŝĐŝĞŵďƌĞĚĞϮϬϭϲ͘

ŶĄůŝƐŝƐĚĞůŽƐZĞƐƵůƚĂĚŽƐĚĞůĂŵƉƌĞƐĂ

>ŽƐŝŶŐƌĞƐŽƐĚĞ>DE^WZd/^͘͘ƉƌĞƐĞŶƚĂƌŽŶƵŶĂƚĞŶĚĞŶĐŝĂĐƌĞĐŝĞŶƚĞĞŶĞůƉĞƌŝŽĚŽĂŶĂůŝnjĂĚŽ;ϮϬϭϯͲ
ϮϬϭϲͿ ĚĞƐĚĞ h^ ϮϬϰ͕ϰϵ ŵŝůůŽŶĞƐ ĞŶ ϮϬϭϯ ŚĂƐƚĂ h^ Ϯϲϯ͕ϱϴ ĞŶ ϮϬϭϲ͕ ĂƵŶƋƵĞ ĐŽŶ ƵŶĂ ƚĂƐĂ ĚĞ ĐƌĞĐŝŵŝĞŶƚŽ
ĚĞĐƌĞĐŝĞŶƚĞƋƵĞƉĂƐſĚĞƵŶϭϰ͕ϱϭйĞŶϮϬϭϰŚĂƐƚĂĞůϰ͕ϱϭйĞŶϮϬϭϲ͘

>ŽƐ ŝŶŐƌĞƐŽƐ ŽƌĚŝŶĂƌŝŽƐ ƉƌŽǀŝĞŶĞŶ ĚĞ ĚŽƐ ĨƵĞŶƚĞƐ͗ sĞŶƚĂ ĚĞ ŵĞƌĐĂĚĞƌşĂ͕ ƋƵĞ ĐŽŵƉƌĞŶĚĞ ůĂƐ ĚŝǀŝƐŝŽŶĞƐ ĚĞ͗
ĂŵĂƐ͕ĐĂďĂůůĞƌŽƐ͕ŚŽŐĂƌ͕ĐĂůnjĂĚŽ͕ŶŝŹŽƐ͕ĐŽƐŵĠƚŝĐŽƐLJƚĞĐŶŽůŽŐşĂLJĂĐĐĞƐŽƌŝŽƐ͖ĞŝŶƚĞƌĞƐĞƐƉŽƌĨŝŶĂŶĐŝĂŵŝĞŶƚŽ͕
ƋƵĞĐŽƌƌĞƐƉŽŶĚĞŶĂůŽƐŝŶƚĞƌĞƐĞƐŐĞŶĞƌĂĚŽƐƉŽƌůŽƐƐĂůĚŽƐĚŝĨĞƌŝĚŽƐĚĞůĂƐĐƵĞŶƚĂƐƉŽƌĐŽďƌĂƌ͕ƋƵĞĐŽŶƚĞŵƉůĂŶ
ƵŶĂƚĂƐĂĚĞŝŶƚĞƌĠƐ͘

>ŽƐŝŶŐƌĞƐŽƐƉƌŽǀĞŶŝĞŶƚĞƐĚĞǀĞŶƚĂĚĞŵĞƌĐĂĚĞƌşĂƌĞƉƌĞƐĞŶƚĂŶůĂŵĂLJŽƌƉŽƌĐŝſŶĚĞůŽƐŝŶŐƌĞƐŽƐŽƌĚŝŶĂƌŝŽƐĚĞ
ůĂ ĐŽŵƉĂŹşĂLJƌĞŐŝƐƚƌĂƌŽŶĞůϴϱ͕ϵϱйĞŶϮϬϭϲ;ϵϬ͕ϲϳйĞŶϮϬϭϱͿ͕ĞůƌĞƐƚĂŶƚĞϭϰ͕ϬϱйĐŽƌƌĞƐƉŽŶĚŝſĂ ŝŶƚĞƌĞƐĞƐ
ƉŽƌ ĨŝŶĂŶĐŝĂŵŝĞŶƚŽ ;ϵ͕ϯϯй ĞŶ ϮϬϭϱͿ͘  ĚŝĐŝĞŵďƌĞ ĚĞ ϮϬϭϲ ůŽƐ ŝŶŐƌĞƐŽƐ ŽƌĚŝŶĂƌŝŽƐ ƉŽƌ ǀĞŶƚĂ ĚĞ ŵĞƌĐĂĚĞƌşĂ

Ϯϴ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

ĚĞĐƌĞĐŝĞƌŽŶ ĞŶ Ϭ͕ϵϯй ƌĞƐƉĞĐƚŽ Ă ĚŝĐŝĞŵďƌĞ ĚĞ ϮϬϭϱ͕ ŵŝĞŶƚƌĂƐ ƋƵĞ ĂƋƵĞůůŽƐ ƉƌŽǀĞŶŝĞŶƚĞƐ ĚĞ ŝŶƚĞƌĞƐĞƐ ƉŽƌ
ĨŝŶĂŶĐŝĂŵŝĞŶƚŽĐƌĞĐŝĞƌŽŶĞŶϱϳ͕ϰϬй͘

>Ă ĚŝƐŵŝŶƵĐŝſŶ ĞŶ ϮϬϭϲ ĚĞ ůŽƐ ŝŶŐƌĞƐŽƐ ŽƌĚŝŶĂƌŝŽƐ ƉŽƌ ǀĞŶƚĂ ĚĞ ŵĞƌĐĂĚĞƌşĂ ƐĞ ĚĞďŝſ ƉƌŝŶĐŝƉĂůŵĞŶƚĞ Ă ůĂ
ĐŽLJƵŶƚƵƌĂĞĐŽŶſŵŝĐĂƉŽƌůĂƋƵĞĂƚƌĂǀŝĞƐĂĞůƉĂşƐ͕ƋƵĞĂĚŝĐŝŽŶĂůŵĞŶƚĞƉƌŽǀŽĐſĚŝĨŝĐƵůƚĂĚĞƐĂůĂĐŽŵƉĂŹşĂĞŶĞů
ĂďĂƐƚĞĐŝŵŝĞŶƚŽĞŶůşŶĞĂƐĚĞďĞůůĞnjĂLJƚĞĐŶŽůŽŐşĂ͕ƉŽƌůĂƌĞƐƚƌŝĐĐŝſŶĂůĂƐŝŵƉŽƌƚĂĐŝŽŶĞƐ͕LJĞŶĞůŝŶĐƌĞŵĞŶƚŽĚĞ
ůĂŵŽƌŽƐŝĚĂĚĚĞůĂĐĂƌƚĞƌĂĚĞĐƌĠĚŝƚŽ͘ŶƚĞĞƐƚĂƐĐŝƌĐƵŶƐƚĂŶĐŝĂƐ͕ůĂĂĚŵŝŶŝƐƚƌĂĐŝſŶĚĞůĂĐŽŵƉĂŹşĂĂĚŽƉƚſůĂƐ
ƐŝŐƵŝĞŶƚĞƐŵĞĚŝĚĂƐ͗ZĞŶĞŐŽĐŝĂĐŝſŶĚĞƉůĂnjŽƐĚĞĚĞƐƉĂĐŚŽLJƉůĂnjŽƐĚĞƉĂŐŽƐĐŽŶƉƌŽǀĞĞĚŽƌĞƐ͕ĐŽŶƚƌĂƚĂĐŝſŶĚĞ
ŶƵĞǀŽƐƐĞƌǀŝĐŝŽƐĚĞĐĂůůĐĞŶƚĞƌLJĚĞĐŽďƌĂŶnjĂ͕ĂũƵƐƚĞĚĞůŵŽĚĞůŽĚĞŝŶŝĐŝĂĐŝſŶĚĞĐƌĠĚŝƚŽƉĂƌĂŶƵĞǀŽƐĐůŝĞŶƚĞƐ͕LJ
ĞdžƉůŽƌĂĐŝſŶĚĞŶƵĞǀĂƐĨƵĞŶƚĞƐĚĞĨŝŶĂŶĐŝĂŵŝĞŶƚŽĞdžƚĞƌŶŽ͕ŵĞĚŝĚĂƐƋƵĞůĞƉĞƌŵŝƚŝĞƌŽŶĂĨƌŽŶƚĂƌůĂƐƐŝƚƵĂĐŝŽŶĞƐ
ĂŶƚĞƐŝŶĚŝĐĂĚĂƐLJĐŽŶƚŝŶƵĂƌŽƉĞƌĂŶĚŽĞŶĨŽƌŵĂƌĞŶƚĂďůĞ͘

*5ƒ),&26\,1*5(62625',1$5,26325/1($6'(352'8&72
$³R $³R

)XHQWH$/0$&(1(6'(35$7,6$(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ

ůĐŽƐƚŽĚĞǀĞŶƚĂƐƐĞŵĂŶƚƵǀŽĞƐƚĂďůĞĂůŽůĂƌŐŽĚĞůƉĞƌŝŽĚŽĂŶĂůŝnjĂĚŽ͕ĐŽŶƵŶĂƌĞƉƌĞƐĞŶƚĂĐŝſŶƉƌŽŵĞĚŝŽĚĞů
ϱϰ͕Ϭϯй ĚĞ ůŽƐ ŝŶŐƌĞƐŽƐ ŽƌĚŝŶĂƌŝŽƐ ;ϱϰ͕ϰϵй Ă ĚŝĐŝĞŵďƌĞ ĚĞ ϮϬϭϲͿ͕ ůŽ ƋƵĞ ƉŽŶĞ ĚĞ ŵĂŶŝĨŝĞƐƚŽ ƵŶ ĞĨŝĐŝĞŶƚĞ
ĐŽŶƚƌŽůƐŽďƌĞůŽƐĐŽƐƚŽƐĚĞǀĞŶƚĂƐƉŽƌƉĂƌƚĞĚĞůĂĐŽŵƉĂŹşĂ͘ĞƌŝǀĂĚŽĚĞůŽĂŶƚĞƌŝŽƌ͕ĞůŵĂƌŐĞŶďƌƵƚŽƚĂŵďŝĠŶ
ƐĞƉƌĞƐĞŶƚſĞƐƚĂďůĞ͕ĐŽŶƵŶƉƌŽŵĞĚŝŽĚĞůϰϱ͕ϵϳй;ϰϱ͕ϱϭйĂĚŝĐŝĞŵďƌĞĚĞϮϬϭϲͿ͘

>ŽƐ ŐĂƐƚŽƐ ŽƉĞƌĂĐŝŽŶĂůĞƐ͕ ƉŽƌ ƐƵ ƉĂƌƚĞ͕ ƉƌĞƐĞŶƚĂƌŽŶ ƵŶĂ ƚĞŶĚĞŶĐŝĂ ĐƌĞĐŝĞŶƚĞ ĞŶ ƐƵ ƌĞƉƌĞƐĞŶƚĂĐŝſŶ ƐŽďƌĞ ůŽƐ
ŝŶŐƌĞƐŽƐŽƌĚŝŶĂƌŝŽƐŚĂƐƚĂĞůĂŹŽϮϬϭϱ͕ƉƵĞƐƉĂƐĂƌŽŶĚĞƵŶϮϴ͕ϴϲйĞŶϮϬϭϯĂƵŶϯϭ͕ϳϮйĞŶϮϬϭϱ͘WĂƌĂĞůĂŹŽ
ϮϬϭϲůĂƌĞƉƌĞƐĞŶƚĂĐŝſŶƐĞƌĞĚƵũŽůĞǀĞŵĞŶƚĞĂůϯϬ͕ϮϮй͕ůŽƋƵĞŽďĞĚĞĐĞĂƵŶĂĚĞĐƵĂĚŽŵĂŶĞũŽĞŶƐƵƐƉŽůşƚŝĐĂƐ
ĚĞŐĂƐƚŽƐ͘

ĂďĞĚĞƐƚĂĐĂƌƋƵĞ ĚĞŶƚƌŽĚĞ ůŽƐ ŐĂƐƚŽƐŽƉĞƌĂĐŝŽŶĂůĞƐ ƐĞŝŶĐůƵLJĞůĂƉĂƌƚŝĐŝƉĂĐŝſŶĚĞƵƚŝůŝĚĂĚĞƐĂ ĞŵƉůĞĂĚŽƐ͕
ĐŽŵŽĞĨĞĐƚŽĚĞE//&DzƐ͘

>ŽŵĞŶĐŝŽŶĂĚŽĂŶƚĞƌŝŽƌŵĞŶƚĞŐĞŶĞƌſƋƵĞůĂĐŽŵƉĂŹşĂĂƌƌŽũĞƵŶĂ ƵƚŝůŝĚĂĚŽƉĞƌĂĐŝŽŶĂůǀĂƌŝĂďůĞƋƵĞƉĂƐſĚĞ
ƌĞƉƌĞƐĞŶƚĂƌĞůϭϱ͕ϮϵйĚĞůŽƐŝŶŐƌĞƐŽƐĞŶĞůĂŹŽϮϬϭϲ͕ůƵĞŐŽĚĞŚĂďĞƌƐĞƵďŝĐĂĚŽĞŶϭϰ͕ϵϭйĞŶϮϬϭϱ;ϭϳ͕ϯϳйĞŶ
ϮϬϭϰͿ͘










Ϯϵ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

*5ƒ),&287,/,'$'23(5$&,21$/(,1*5(626


)XHQWH$/0$&(1(6'(35$7,6$(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ

WŽƌŽƚƌŽůĂĚŽ͕ůŽƐŐĂƐƚŽƐĨŝŶĂŶĐŝĞƌŽƐĐĂƌĞĐŝĞƌŽŶĚĞƌĞƉƌĞƐĞŶƚĂĐŝſŶĨƌĞŶƚĞĂůŽƐŝŶŐƌĞƐŽƐŽƌĚŝŶĂƌŝŽƐĞŶĞůƉĞƌŝŽĚŽ
ĂŶĂůŝnjĂĚŽ͕ ƌĞŐŝƐƚƌĂŶĚŽ ƵŶ ƉƌŽŵĞĚŝŽ ĚĞů ϭ͕ϯϰй ;ϭ͕ϯϭй Ă ĚŝĐŝĞŵďƌĞ ĚĞ ϮϬϭϲͿ͕ ĞƐƚŽ ĐŽŵŽ ĚĞƌŝǀĂĐŝſŶ ĚĞů ďĂũŽ
ĂƉĂůĂŶĐĂŵŝĞŶƚŽƋƵĞƚŝĞŶĞůĂĞŵƉƌĞƐĂ ;Ϭ͕ϰϱ ǀĞĐĞƐĞŶϮϬϭϲͿ͘ >ŽƐŽƚƌŽƐŝŶŐƌĞƐŽƐLJĞŐƌĞƐŽƐŶĞƚŽƐƚƵǀŝĞƌŽŶƵŶĂ
ƌĞƉƌĞƐĞŶƚĂĐŝſŶĂƷŶŵĞŶŽƌ;ŝŶĨĞƌŝŽƌĂůϭ͕ϬϬйͿLJĐŽƌƌĞƐƉŽŶĚĞŶƉƌŝŶĐŝƉĂůŵĞŶƚĞĂŽƚƌŽƐŝŶŐƌĞƐŽƐƉƌŽǀĞŶŝĞŶƚĞƐĚĞ
ĐŽŶǀĞŶŝŽƐĐŽŵĞƌĐŝĂůĞƐĞŶƚĞĐŶŽůŽŐşĂ͕ĂĐƵĞƌĚŽƐƉƌŽŵŽĐŝŽŶĂůĞƐĐŽŶƉƌŽǀĞĞĚŽƌĞƐLJĂůĂƌĞĐƵƉĞƌĂĐŝſŶĚĞĐĂƌƚĞƌĂ
ĐĂƐƚŝŐĂĚĂĞŶĂŹŽƐĂŶƚĞƌŝŽƌĞƐ͘

&ŝŶĂůŵĞŶƚĞ͕ĚĞƐƉƵĠƐĚĞĚĞƐĐŽŶƚĂƌĞůŝŵƉƵĞƐƚŽĂůĂƌĞŶƚĂ͕ůĂĐŽŵƉĂŹşĂŽďƚƵǀŽƵŶĂƵƚŝůŝĚĂĚŶĞƚĂǀĂƌŝĂďůĞ͕ĞƐĂƐş
ƋƵĞƉĂƐſĚĞh^Ϯϲ͕ϭϮŵŝůůŽŶĞƐ;ϭϮ͕ϳϴйĚĞůŽƐŝŶŐƌĞƐŽƐͿĞŶϮϬϭϯĂh^Ϯϰ͕ϳϵŵŝůůŽŶĞƐ;ϵ͕ϴϯйĚĞůŽƐŝŶŐƌĞƐŽƐͿ
ĞŶϮϬϭϱLJh^Ϯϲ͕ϱϬŵŝůůŽŶĞƐ;ϭϬ͕ϬϱйĚĞůŽƐŝŶŐƌĞƐŽƐͿĂůĐŝĞƌƌĞĚĞϮϬϭϲ͘

/ŶĚŝĐĂĚŽƌĞƐĚĞZĞŶƚĂďŝůŝĚĂĚLJŽďĞƌƚƵƌĂ

ĂĚĂƐ ůĂƐ ƚĞŶĚĞŶĐŝĂƐ ĐƌĞĐŝĞŶƚĞƐ ƚĂŶƚŽ ĚĞ ůŽƐ ĂĐƚŝǀŽƐ ĐŽŵŽ ĚĞů ƉĂƚƌŝŵŽŶŝŽ͕ Ğů ĨĂĐƚŽƌ ĚĞƚĞƌŵŝŶĂŶƚĞ ƉĂƌĂ ůĂƐ
ǀĂƌŝĂĐŝŽŶĞƐ ĞŶ ůŽƐ ŝŶĚŝĐĂĚŽƌĞƐ ĚĞ ƌĞŶƚĂďŝůŝĚĂĚ ƐŽďƌĞ ůŽƐ ĂĐƚŝǀŽƐ LJ Ğů ƉĂƚƌŝŵŽŶŝŽ ĞƐ Ğů ŶŝǀĞů ĚĞ ƵƚŝůŝĚĂĚ ŶĞƚĂ͕
ĐƵLJĂƐ ǀĂƌŝĂĐŝŽŶĞƐ LJĂ ĨƵĞƌŽŶ ĂŶĂůŝnjĂĚĂƐ͘ Ŷ ĨƵŶĐŝſŶ ĚĞ ůŽ ĂŶƚĞƌŝŽƌ͕ ůĂ ƌĞŶƚĂďŝůŝĚĂĚ ƐŽďƌĞ ůŽƐ ĂĐƚŝǀŽƐ ĚĞ ůĂ
ĐŽŵƉĂŹşĂ ƉƌĞƐĞŶƚſ ƵŶĂ ƚĞŶĚĞŶĐŝĂ ĚĞĐƌĞĐŝĞŶƚĞ ŚĂƐƚĂ Ğů ĂŹŽ ϮϬϭϱ LJ ƵŶ ƌĞƉƵŶƚĞ ĐĂƐŝ ŝŵƉĞƌĐĞƉƚŝďůĞ ĞŶ Ğů ĂŹŽ
ϮϬϭϲ͕ĐƵĂŶĚŽƌĞŐŝƐƚƌſƵŶϭϬ͕Ϭϭй͘

>ĂƌĞŶƚĂďŝůŝĚĂĚƐŽďƌĞĞůƉĂƚƌŝŵŽŶŝŽƉƌĞƐĞŶƚſƵŶĐŽŵƉŽƌƚĂŵŝĞŶƚŽĂůĂďĂũĂĚƵƌĂŶƚĞƚŽĚŽĞůƉĞƌŝŽĚŽĂŶĂůŝnjĂĚŽ͕
ĚĞďŝĚŽĂůĂŵĂLJŽƌǀĞůŽĐŝĚĂĚĚĞĐƌĞĐŝŵŝĞŶƚŽĚĞůƉĂƚƌŝŵŽŶŝŽ͘

>ĂƌĞŶƚĂďŝůŝĚĂĚ;ZKLJZKͿŽďƚĞŶŝĚĂƉŽƌůĂĞŵƉƌĞƐĂƐĞƵďŝĐĂĞŶŶŝǀĞůĞƐĂĚĞĐƵĂĚŽƐƉĂƌĂĞůŐŝƌŽĚĞůŶĞŐŽĐŝŽLJ
ƌĞƐƉŽŶĚĞŶĂůĂƐƉŽůşƚŝĐĂƐĂƉůŝĐĂĚĂƐƌĞƐƉĞĐƚŽĂůĂƌĞǀŝƐŝſŶƉĞƌŝſĚŝĐĂĚĞůĂƐƚĂƐĂƐĚĞŝŶƚĞƌĠƐ͕ĞůĨŝŶĂŶĐŝĂŵŝĞŶƚŽĚĞ
ƐƵƐ ŽƉĞƌĂĐŝŽŶĞƐ ĐŽŶ ƌĞĐƵƌƐŽƐ ƉĞƌŵĂŶĞŶƚĞƐ͕ Ğů ĂŶĄůŝƐŝƐ ĚĞ ĐĂĚĂ ĐůŝĞŶƚĞ ŶƵĞǀŽ ĚĞ ĂĐƵĞƌĚŽ Ăů ƐŝƐƚĞŵĂ ĚĞ
ƉƵŶƚƵĂĐŝſŶĚĞĐƌĠĚŝƚŽƉƌŽƉŝŽĚĞůĂĐŽŵƉĂŹşĂ͕ĞŶƚƌĞŽƚƌŽƐĨĂĐƚŽƌĞƐ͘













ϯϬ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

&8$'52*5ƒ),&25(17$%,/,'$'62%5($&7,92<3$75,021,2



WHP    
52$    
52(    


)XHQWH$/0$&(1(6'(35$7,6$(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ

WŽƌƐƵƉĂƌƚĞ͕Ğů/d;ĂĐƵŵƵůĂĚŽͿĚĞůĂĐŽŵƉĂŹşĂƉƌĞƐĞŶƚſƵŶĂƚĞŶĚĞŶĐŝĂĐƌĞĐŝĞŶƚĞŚĂƐƚĂĞůĂŹŽϮϬϭϱ͕ĞƐĂƐş
ƋƵĞ ƉĂƐŽ ĚĞ h^ ϰϵ͕Ϭϰ ŵŝůůŽŶĞƐ ;Ϯϯ͕ϵϴй ĚĞ ůŽƐ ŝŶŐƌĞƐŽƐͿ ĞŶ ϮϬϭϯ Ă h^ ϱϵ͕ϭϰ ŵŝůůŽŶĞƐ ;Ϯϯ͕ϰϱй ĚĞ ůŽƐ
ŝŶŐƌĞƐŽƐͿĞŶϮϬϭϱ͘

WĂƌĂĚŝĐŝĞŵďƌĞĚĞϮϬϭϲ͕Ğů/d;ĂĐƵŵƵůĂĚŽͿĚĞĐĂĞůĞǀĞŵĞŶƚĞ͕ƵďŝĐĄŶĚŽƐĞĞŶh^ϱϰ͕ϲϲŵŝůůŽŶĞƐ;ϮϬ͕ϳϰй
ĚĞůŽƐŝŶŐƌĞƐŽƐͿ͕ůŽƋƵĞĞǀŝĚĞŶĐŝĂůĂĐĂƉĂĐŝĚĂĚĚĞŐĞŶĞƌĂĐŝſŶĚĞƌĞĐƵƌƐŽƐƉƌŽƉŝŽƐĚĞůĂĞŵƉƌĞƐĂ͕ůĂŵŝƐŵĂƋƵĞ
ůĞƉĞƌŵŝƚĞĐƵďƌŝƌƐƵƐŶĞĐĞƐŝĚĂĚĞƐLJ ĐƵŵƉůŝƌĐŽŶƐƵƐŽďůŝŐĂĐŝŽŶĞƐ͕ůŽĐƵĂůƐĞƌĂƚŝĨŝĐĂĐŽŶůĂ ŚŽůŐĂĚĂĐŽďĞƌƚƵƌĂ
ĚĞů/d;ĂĐƵŵƵůĂĚŽͿƐŽďƌĞůŽƐŐĂƐƚŽƐĨŝŶĂŶĐŝĞƌŽƐ͕ƋƵĞĞŶĞůĂŹŽϮϬϭϲƐĞƵďŝĐſĞŶϭϱ͕ϴϯǀĞĐĞƐ͘

&8$'52*5ƒ),&2(%,7'$<&2%(5785$ 0,/(686' 


WHP    
(%,7'$    
*DVWRV)LQDQFLHURV    
&REHUWXUD(%,7'$*DVWRV
   
)LQDQFLHURV YHFHV 


)XHQWH$/0$&(1(6'(35$7,6$(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ

ĂƉŝƚĂůĚĞĐƵĂĚŽ
ĐƚŝǀŽƐ

>ŽƐĂĐƚŝǀŽƐƚŽƚĂůĞƐŵŽƐƚƌĂƌŽŶƵŶĂƚĞŶĚĞŶĐŝĂĐƌĞĐŝĞŶƚĞĚĞƐĚĞh^ϮϬϱ͕ϱϲŵŝůůŽŶĞƐĞŶϮϬϭϯŚĂƐƚĂh^ Ϯϲϰ͕ϲϱ
ŵŝůůŽŶĞƐĞŶϮϬϭϲ͕ƉƌŽĚƵĐƚŽĚĞůŝŶĐƌĞŵĞŶƚŽĚĞůĂĂĐƚŝǀŝĚĂĚĐŽŵĞƌĐŝĂůĚĞůĂĐŽŵƉĂŹşĂ;ĐƵĞŶƚĂƐƉŽƌĐŽďƌĂƌĚĞ
ĐŽƌƚŽLJůĂƌŐŽƉůĂnjŽͿ͘

Ŷ ƐƵ ĞƐƚƌƵĐƚƵƌĂ͕ ƉƌĞĚŽŵŝŶĂŶ ůŽƐ ĂĐƚŝǀŽƐ ĐŽƌƌŝĞŶƚĞƐ͕ ĐĂƌĂĐƚĞƌşƐƚŝĐĂ ƉƌŽƉŝĂ ĚĞ ůĂ ĂĐƚŝǀŝĚĂĚ ĐŽŵĞƌĐŝĂů ĚĞ ůĂ
ĞŵƉƌĞƐĂ͕ƉƵĞƐƌĞŐŝƐƚƌĂƌŽŶƵŶƉƌŽŵĞĚŝŽĚĞůϲϮ͕ϰϵйĚĞůŽƐĂĐƚŝǀŽƐƚŽƚĂůĞƐĂůŽůĂƌŐŽĚĞůƉĞƌŝŽĚŽĂŶĂůŝnjĂĚŽ;ϮϬϭϯ
ʹϮϬϭϲͿ͘>ĂƐƉƌŝŶĐŝƉĂůĞƐĐƵĞŶƚĂƐĚĞůĂĐƚŝǀŽƐŽŶ͗ƵĞŶƚĂƐƉŽƌĐŽďƌĂƌ͕ƋƵĞĐŽŶũƵŶƚĂŵĞŶƚĞĞŶƚƌĞĞůĐŽƌƚŽLJĞůůĂƌŐŽ
ƉůĂnjŽƉƌĞƐĞŶƚĂƌŽŶƵŶĂƚĞŶĚĞŶĐŝĂĐƌĞĐŝĞŶƚĞĚĞƐĚĞĞůϰϴ͕ϱϰйĚĞůŽƐĂĐƚŝǀŽƐĞŶϮϬϭϯŚĂƐƚĂĞůϱϲ͕ϵϯйĞŶϮϬϭϲ͖ůĞ
ƐŝŐƵĞƉƌŽƉŝĞĚĂĚ͕ƉůĂŶƚĂLJĞƋƵŝƉŽ͕ĐŽŶƵŶĂƌĞƉƌĞƐĞŶƚĂĐŝſŶƉƌŽŵĞĚŝŽĚĞůϮϯ͕ϮϮйĚĞůƚŽƚĂůĚĞĂĐƚŝǀŽƐĂůŽůĂƌŐŽ
ĚĞůƉĞƌŝŽĚŽĂŶĂůŝnjĂĚŽ͖LJƉŽƌƷůƚŝŵŽůŽƐŝŶǀĞŶƚĂƌŝŽƐƋƵĞƉĂƐĂƌŽŶĚĞƌĞƉƌĞƐĞŶƚĂƌĞůϭϱ͕ϲϴйĚĞůƚŽƚĂůĚĞĂĐƚŝǀŽƐ
ĞŶϮϬϭϰŚĂƐƚĂĞůϵ͕ϱϭйĞŶϮϬϭϲ͕ĐŽŵŽƌĞĨůĞũŽĚĞůĂĂĨĞĐƚĂĐŝſŶĚĞůĂĐŽLJƵŶƚƵƌĂĞĐŽŶſŵŝĐĂLJĂĂŶĂůŝnjĂĚĂ͘

ϯϭ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

ĞŶƚƌŽĚĞůĂƉŽůşƚŝĐĂĚĞůĂĞŵƉƌĞƐĂ͕ůĂƐĐƵĞŶƚĂƐƉŽƌĐŽďƌĂƌƌĞƉƌĞƐĞŶƚĂŶƉƌŝŶĐŝƉĂůŵĞŶƚĞůŽƐƐĂůĚŽƐƉĞŶĚŝĞŶƚĞƐ
ĚĞ ĐŽďƌŽ Ă ĐůŝĞŶƚĞƐ ƉŽƌ Ğů ŝŵƉŽƌƚĞ ĐŽƌƌŝĞŶƚĞ LJ ĚŝĨĞƌŝĚŽ ĚĞ ůĂ ĨĂĐƚƵƌĂ LJ ŽƚƌŽƐ ĐĂƌŐŽƐ͘ >ŽƐ ƐĂůĚŽƐ ĚŝĨĞƌŝĚŽƐ ƋƵĞ
ĐŽŶƐƚŝƚƵLJĞŶ ĐƌĠĚŝƚŽƐ ŐĞŶĞƌĂŶ ƵŶĂ ƚĂƐĂ ĚĞ ŝŶƚĞƌĠƐ ĞĨĞĐƚŝǀĂ͕ Ğů ŝŵƉŽƌƚĞ ŐĞŶĞƌĂĚŽ ƉŽƌ Ğů ŝŶƚĞƌĠƐ ŝŶĐƌĞŵĞŶƚĂ ůĂ
ĐƵĞŶƚĂƉŽƌĐŽďƌĂƌLJƐĞĐĂƌŐĂĂƌĞƐƵůƚĂĚŽƐĐŽŵŽŝŶŐƌĞƐŽƐƉŽƌŝŶƚĞƌĠƐůŽƐĐƵĂůĞƐƐĞƌĞŐŝƐƚƌĂŶƉŽƌĞůŵĠƚŽĚŽĚĞů
ĚĞǀĞŶŐĂĚŽŝŶĚŝƐƚŝŶƚĂŵĞŶƚĞĚĞůĂĨĞĐŚĂĚĞĐŽďƌŽ͘

ĚŝĐŝŽŶĂůŵĞŶƚĞ ƐĞ ĚĞďĞ ŝŶĚŝĐĂƌ ƋƵĞ ĚĞŶƚƌŽ ĚĞů ƚŽƚĂů ĚĞ ĂĐƚŝǀŽƐ ƐĞ ĞŶĐƵĞŶƚƌĂ ůĂ ĐƵĞŶƚĂ ƉƌŽƉŝĞĚĂĚĞƐ ĚĞ
ŝŶǀĞƌƐŝſŶ ;ϲ͕ϳϮй ĞŶ ƉƌŽŵĞĚŝŽ ĚƵƌĂŶƚĞ ůŽƐ ĂŹŽƐ ϮϬϭϯ ʹ ϮϬϭϲͿ ƋƵĞ ĐŽŵƉƌĞŶĚĞŶ ƉƌŝŶĐŝƉĂůŵĞŶƚĞ ůŽĐĂůĞƐ
ĐŽŵĞƌĐŝĂůĞƐĞŶĞůĐĞŶƚƌŽĐŽŵĞƌĐŝĂůWůĂnjĂEĂǀŽŶĂ͕ƵďŝĐĂĚŽĞŶůĂ ǀĞŶŝĚĂ^ĂŵďŽƌŽŶĚſŶ<ŵϱ͕ ƐŽŶŝŶŵƵĞďůĞƐ
ŵĂŶƚĞŶŝĚŽƐĐŽŶůĂĨŝŶĂůŝĚĂĚĚĞĐŽŶƐĞŐƵŝƌƌĞŶƚĂƐ͕ƉůƵƐǀĂůşĂƐŽĂŵďĂƐLJŶŽƉĂƌĂůĂǀĞŶƚĂĞŶĞůĐƵƌƐŽŶŽƌŵĂůĚĞů
ŶĞŐŽĐŝŽ͕ƵƐŽĞŶůĂƉƌŽĚƵĐĐŝſŶŽĂďĂƐƚĞĐŝŵŝĞŶƚŽĚĞďŝĞŶĞƐŽƐĞƌǀŝĐŝŽƐ͕ŽƉĂƌĂƉƌŽƉſƐŝƚŽƐĂĚŵŝŶŝƐƚƌĂƚŝǀŽƐ͘>ĂƐ
ƉƌŽƉŝĞĚĂĚĞƐ ĚĞ ůĂ ŽŵƉĂŹşĂ ŵĂŶƚĞŶŝĚĂƐ ďĂũŽ ĐŽŶƚƌĂƚŽƐ ĚĞ ĂƌƌĞŶĚĂŵŝĞŶƚŽ ŽƉĞƌĂƚŝǀŽ ƐĞ ĐŽŶƚĂďŝůŝnjĂŶ ĐŽŵŽ
ƉƌŽƉŝĞĚĂĚĞƐ ĚĞ ŝŶǀĞƌƐŝſŶ͘ ^Ğ ƌĞŐŝƐƚƌĂŶ ŝŶŝĐŝĂůŵĞŶƚĞ Ăů ĐŽƐƚŽ͕ ŝŶĐůƵLJĞŶĚŽ ůŽƐ ĐŽƐƚŽƐ ĚĞ ƚƌĂŶƐĂĐĐŝſŶ͘ >ŽƐ
ĚĞƐĞŵďŽůƐŽƐ ƉŽƐƚĞƌŝŽƌĞƐ Ă ůĂ ĂĚƋƵŝƐŝĐŝſŶ Ž ĐŽŶƐƚƌƵĐĐŝſŶ ƐſůŽ ƐŽŶ ĐĂƉŝƚĂůŝnjĂĚŽƐ ĐƵĂŶĚŽ ĞƐ ƉƌŽďĂďůĞ ƋƵĞ
ďĞŶĞĨŝĐŝŽƐ ĞĐŽŶſŵŝĐŽƐ ĨƵƚƵƌŽƐ ĂƐŽĐŝĂĚŽƐ Ă ůĂ ŝŶǀĞƌƐŝſŶ ĨůƵLJĂŶ ŚĂĐŝĂ ůĂ ŽŵƉĂŹşĂ LJ ůŽƐ ĐŽƐƚŽƐ ƉƵĞĚĞŶ ƐĞƌ
ŵĞĚŝĚŽƐƌĂnjŽŶĂďůĞŵĞŶƚĞ͘>ŽƐŽƚƌŽƐĚĞƐĞŵďŽůƐŽƐƉŽƐƚĞƌŝŽƌĞƐĐŽƌƌĞƐƉŽŶĚĞŶĂƌĞƉĂƌĂĐŝŽŶĞƐŽŵĂŶƚĞŶŝŵŝĞŶƚŽƐ
ŵĞŶŽƌĞƐLJƐŽŶƌĞŐŝƐƚƌĂĚŽƐĞŶƌĞƐƵůƚĂĚŽƐĐƵĂŶĚŽƐŽŶŝŶĐƵƌƌŝĚŽƐ͘

KƚƌŽƌƵďƌŽĚĞůĂĐƚŝǀŽŶŽĐŽƌƌŝĞŶƚĞĐŽŶƐƚŝƚƵLJĞŝŶǀĞƌƐŝŽŶĞƐĞŶƐƵďƐŝĚŝĂƌŝĂƐ͕ƚĂůĞƐĞůĐĂƐŽĚĞ/ŶŵŽďŝůŝĂƌŝĂZŽŵĂďĂů
hŶŽ ^͕͘͘ ĞŶ ůĂ ĐƵĂů ƉŽƐĞĞ ƵŶĂ ƉĂƌƚŝĐŝƉĂĐŝſŶ ĂĐĐŝŽŶĂƌŝĂ ĚĞů ϵϵй LJ ĞũĞƌĐĞ ĐŽŶƚƌŽů͕ ŵŝƐŵĂ ƋƵĞ ƐĞ ĚĞĚŝĐĂ Ăů
ĂůƋƵŝůĞƌĚĞůŽĐĂůĞƐĐŽŵĞƌĐŝĂůĞƐĞŶĞůĐĞŶƚƌŽĐŽŵĞƌĐŝĂů>ĂZŽƚŽŶĚĂ͕ƵďŝĐĂĚŽĞŶ'ƵĂLJĂƋƵŝů͘ĚŝĐŝĞŵďƌĞĚĞϮϬϭϲ
ĞůǀĂůŽƌƌĞŐŝƐƚƌĂĚŽĂƐĐŝĞŶĚĞh^Ϭ͕ϯϮŵŝůůŽŶĞƐ͘

ĚŝĐŝŽŶĂůŵĞŶƚĞ͕ Ğů ĂĐƚŝǀŽ ŶŽ ĐŽƌƌŝĞŶƚĞ ĐŽŶƚĞŵƉůĂ ĂĐƚŝǀŽƐ ŝŶƚĂŶŐŝďůĞƐ͘ >ŽƐ ĂĐƚŝǀŽƐ ŝŶƚĂŶŐŝďůĞƐ ŝŶĐůƵLJĞŶ
ĐŽŶĐĞƐŝŽŶĞƐ͕ ƋƵĞ ĐŽƌƌĞƐƉŽŶĚĞŶ Ă ĐŽŶĐĞƐŝŽŶĞƐ ĚĞ ĄƌĞĂƐ ĐŽŵĞƌĐŝĂůĞƐ ŽƚŽƌŐĂĚĂƐ Ă ůĂ ŽŵƉĂŹşĂ ĞŶ ĚŝĨĞƌĞŶƚĞƐ
ĐĞŶƚƌŽƐĐŽŵĞƌĐŝĂůĞƐLJƋƵĞƚŝĞŶĞŶƵŶƉůĂnjŽĚĞϭϬĂϮϬĂŹŽƐ͖ĨƌĂŶƋƵŝĐŝĂƐ͕ƋƵĞĐŽƌƌĞƐƉŽŶĚĞŶĂůƵƐŽĚĞŵĂƌĐĂƐ
Η^ƉƌŝŶŐĨŝĞůĚΗ͕ΗŽƌƚĞĨŝĞůΗLJΗtŽŵĞŶ^ĞĐƌĞƚΗ͕ĂĚƋƵŝƌŝĚĂƐĂů'ƌƵƉŽŽƌƚĞĨŝĞůĚĞƐƉĂŹĂ͕ ƉĂƌĂ ůĂĚŝƐƚƌŝďƵĐŝſŶĚĞ
ƉƌĞŶĚĂƐĚĞǀĞƐƚŝƌĚĞĞƐƚĂƐŵĂƌĐĂƐĂŶŝǀĞůŶĂĐŝŽŶĂůĞŶůŽƐĂůŵĂĐĞŶĞƐLJƚŝĞŶĚĂƐĚĞůĂĐŽŵƉĂŹşĂ͕ƉŽƌƵŶůĂƉƐŽĚĞ
ϱĂŹŽƐ͖LJƉŽƌƷůƚŝŵŽ͕ůŝĐĞŶĐŝĂƐĚĞƐŽĨƚǁĂƌĞ͘ůϯϭĚĞĚŝĐŝĞŵďƌĞĚĞϮϬϭϲ͕ůŽƐĂĐƚŝǀŽƐŝŶƚĂŶŐŝďůĞƐƐŝŐŶŝĨŝĐĂƌŽŶĞů
ϰ͕ϬϰйĚĞůƚŽƚĂůĚĞĂĐƚŝǀŽƐ;ϯ͕ϰϬйĂĚŝĐŝĞŵďƌĞĚĞϮϬϭϱͿ͘

WĂƐŝǀŽƐ

>ŽƐƉĂƐŝǀŽƐƚŽƚĂůĞƐĚĞůĂĞŵƉƌĞƐĂĂƉĂƌƚŝƌĚĞůĂŹŽϮϬϭϰƐĞƚŽƌŶĂƌŽŶĚĞĐƌĞĐŝĞŶƚĞ͕ƉƵĞƐƉĂƐĂƌŽŶĚĞ h^ϴϳ͕ϱϯ
ŵŝůůŽŶĞƐ;ϯϳ͕ϬϯйĚĞůŽƐĂĐƚŝǀŽƐͿĞŶĞƐĞĂŹŽĂ h^ϴϭ͕ϴϮŵŝůůŽŶĞƐ;ϯϬ͕ϵϮйĚĞůŽƐĂĐƚŝǀŽƐͿĞŶϮϬϭϲ͕ĞĨĞĐƚŽĚĞů
ĚĞĐƌĞŵĞŶƚŽĚĞƐƵƐƉĂƐŝǀŽƐĐŽƌƌŝĞŶƚĞƐ͘

ůƉĂƐŝǀŽƚŽƚĂůƐĞĞŶĐŽŶƚƌſĐŽŶĨŽƌŵĂĚŽƉƌŝŶĐŝƉĂůŵĞŶƚĞƉŽƌƉĂƐŝǀŽƐĚĞƚŝƉŽĐŽƌƌŝĞŶƚĞ͕ĞƐĂƐşƋƵĞĨŝŶĂŶĐŝĂƌŽŶĂů
ĂĐƚŝǀŽĞŶƵŶϯϯ͕ϬϵйĞŶϮϬϭϰLJĞŶƵŶϮϯ͕ϭϲйĞŶĚŝĐŝĞŵďƌĞĚĞϮϬϭϲ͘

Ŷ ƐƵ ĞƐƚƌƵĐƚƵƌĂ͕ Ğů ƉĂƐŝǀŽ ĞƐƚƵǀŽ ĐŽŵƉƵĞƐƚŽ ƉƌŝŶĐŝƉĂůŵĞŶƚĞ ƉŽƌ ƉƌŽǀĞĞĚŽƌĞƐ͕ ĂƵŶƋƵĞ ƐƵ ƚĞŶĚĞŶĐŝĂ ĨƵĞ
ĚĞĐƌĞĐŝĞŶƚĞ͕ĞƐĂƐşƋƵĞƉĂƐſĚĞĨŝŶĂŶĐŝĂƌĂůŽƐĂĐƚŝǀŽƐĚĞƵŶϭϲ͕ϳϲйĞŶĚŝĐŝĞŵďƌĞĚĞϮϬϭϰĂƵŶϵ͕ϭϯйĞŶϮϬϭϲ͕
ůĞƐŝŐƵĞůĂĚĞƵĚĂĨŝŶĂŶĐŝĞƌĂĂĐŽƌƚŽLJůĂƌŐŽƉůĂnjŽ͕ ƋƵĞĨŝŶĂŶĐŝſĂ ůŽƐĂĐƚŝǀŽƐ ĞŶƵŶ ϭϯ͕ϴϳйĞŶϮϬϭϯŚĂƐƚĂ ƵŶ
ϲ͕ϲϬй ĞŶ ϮϬϭϲ͕ ĚŝĐŚĂƐ ŽďůŝŐĂĐŝŽŶĞƐ ŝŶĐůƵLJĞŶ ƷŶŝĐĂŵĞŶƚĞ ĐƌĠĚŝƚŽƐ ĐŽŶ Ğů ƐŝƐƚĞŵĂ ĨŝŶĂŶĐŝĞƌŽ͕ ƉƵĞƐƚŽ ƋƵĞ ůĂƐ
ŽďůŝŐĂĐŝŽŶĞƐĐŽŶƚƌĂşĚĂƐĞŶĞůDĞƌĐĂĚŽĚĞsĂůŽƌĞƐLJĂĨƵĞƌŽŶĐĂŶĐĞůĂĚĂƐĞŶƐƵƚŽƚĂůŝĚĂĚ͘

WĂƚƌŝŵŽŶŝŽ

ů ƉĂƚƌŝŵŽŶŝŽ ƐĞ ĐŽŶƐƚŝƚƵLJĞ ĞŶ Ğů ƉƌŝŶĐŝƉĂů ĨŝŶĂŶĐŝĂĚŽƌ ĚĞ ůŽƐ ĂĐƚŝǀŽƐ ĚĞ ůĂ ĞŵƉƌĞƐĂ͕ ƉƵĞƐ ůƵĞŐŽ ĚĞ ŚĂďĞƌ
ĨŽŶĚĞĂĚŽ Ğů ϲϭ͕ϲϵй ĞŶ ϮϬϭϯ ;h^ ϭϮϲ͕ϴϬ ŵŝůůŽŶĞƐͿ ƉĂƐſ Ă ƵŶ ŝŶƚĞƌĞƐĂŶƚĞ ϲϵ͕Ϭϴй ĞŶ ϮϬϭϲ ;h^ ϭϴϮ͕ϴϯ
ŵŝůůŽŶĞƐͿ͕ ĐŽŵƉŽƌƚĂŵŝĞŶƚŽ ƋƵĞ ŽďĞĚĞĐĞ Ăů ƌĞŐŝƐƚƌŽ ĚĞ ŵĂLJŽƌĞƐ ƌĞƐƵůƚĂĚŽƐ ĂĐƵŵƵůĂĚŽƐ͕ ŵŝƐŵŽƐ ƋƵĞ
ĨŝŶĂŶĐŝĂƌŽŶ ƵŶĂ ŝŵƉŽƌƚĂŶƚĞ ƉŽƌĐŝſŶ ĚĞ ůŽƐ ĂĐƚŝǀŽƐ ;ϱϯ͕ϯϴй ĞŶ ĚŝĐŝĞŵďƌĞ ĚĞ ϮϬϭϲͿ͕ Ă ĞƐƚŽƐ ůĞ ƐŝŐƵĞŶ ůŽƐ
ƌĞƐƵůƚĂĚŽƐĚĞůĞũĞƌĐŝĐŝŽ͕ƋƵĞĨŝŶĂŶĐŝĂƌŽŶƵŶϭϬ͕ϬϭйĚĞůŽƐĂĐƚŝǀŽƐĂĚŝĐŝĞŵďƌĞĚĞϮϬϭϲ;ϵ͕ϵϵйĞŶĞůĂŹŽϮϬϭϱͿ͘

ϯϮ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

ů ƌĞĨĞƌŝƌŶŽƐ Ăů ĐĂƉŝƚĂů ƐŽĐŝĂů͕ ƐĞ ĚĞďĞ ŝŶĚŝĐĂƌ ƋƵĞ ĞƐƚĞ ƐĞ ŵĂŶƚƵǀŽ ƐŝŶ ŶŝŶŐƵŶĂ ǀĂƌŝĂĐŝſŶ ĚƵƌĂŶƚĞ ĞůƉĞƌŝŽĚŽ
ĂŶĂůŝnjĂĚŽ;ϮϬϭϯʹϮϬϭϲͿĞŶƵŶƌƵďƌŽĚĞh^ϭϬ͕ϬϬŵŝůůŽŶĞƐ͕ŶŽŽďƐƚĂŶƚĞ͕ƐƵĨŝŶĂŶĐŝĂŵŝĞŶƚŽƐŽďƌĞůŽƐĂĐƚŝǀŽƐ
ĨƵĞĚĞĐƌĞĐŝĞŶƚĞ͕ƉƵĞƐůƵĞŐŽĚĞŚĂďĞƌĨŽŶĚĞĂĚŽĞůϰ͕ϴϲйĚĞůŽƐĂĐƚŝǀŽƐĞŶĞůĂŹŽϮϬϭϯƉĂƐſĂƵŶϯ͕ϳϴйĞŶĞů
ĂŹŽϮϬϭϲ͕ůŽƋƵĞĚĞƚĞƌŵŝŶĂƋƵĞůŽƐĂĐĐŝŽŶŝƐƚĂƐĞŶĞůĐŽƌƚŽƉůĂnjŽĚĞďĞƌşĂŶĐŽŶƐŝĚĞƌĂƌŝŶLJĞĐƚĂƌƌĞĐƵƌƐŽƐĨƌĞƐĐŽƐ͕
ĚĂĚŽůĂĐƌĞĐŝĞŶƚĞĂĐƚŝǀŝĚĂĚĚĞůĂĐŽŵƉĂŹşĂ͘

&ůĞdžŝďŝůŝĚĂĚ&ŝŶĂŶĐŝĞƌĂ

 ůŽ ůĂƌŐŽ ĚĞů ƉĞƌŝŽĚŽ ĂŶĂůŝnjĂĚŽ ůĂ ĐŽŵƉĂŹşĂ ĐƵĞŶƚĂ ĐŽŶ ŝŶĚŝĐĂĚŽƌĞƐ ĚĞ ůŝƋƵŝĚĞnj ƐƵƉĞƌŝŽƌĞƐ Ă ůĂ ƵŶŝĚĂĚ͕ ůŽƐ
ŵŝƐŵŽƐƋƵĞŵƵĞƐƚƌĂŶƵŶĂƉŽƐŝĐŝſŶĂƉƌŽƉŝĂĚĂƉĂƌĂĞůŐŝƌŽĚĞůŶĞŐŽĐŝŽ͕ĞƐĂƐşƋƵĞĂĚŝĐŝĞŵďƌĞĚĞϮϬϭϲůĂƌĂnjſŶ
ĐŝƌĐƵůĂŶƚĞƐĞƵďŝĐſĞŶϮ͕ϲϰǀĞĐĞƐ͕ŵŝĞŶƚƌĂƐƋƵĞĂĚŝĐŝĞŵďƌĞĚĞϮϬϭϱĨƵĞĚĞϮ͕ϬϳǀĞĐĞƐ͘

ůşŶĚŝĐĞĚĞůŝƋƵŝĚĞnjŝŶŵĞĚŝĂƚĂƚĂŵďŝĠŶƐĞƵďŝĐſĞŶďƵĞŶĂƉŽƐŝĐŝſŶ͕ĂƉĞƐĂƌĚĞůƉĞƐŽƋƵĞƚŝĞŶĞŶůŽƐŝŶǀĞŶƚĂƌŝŽƐ
ƐŽďƌĞůŽƐĂĐƚŝǀŽƐ͘

>Ž ŵĞŶĐŝŽŶĂĚŽ ĂŶƚĞƌŝŽƌŵĞŶƚĞ ĚĞŵƵĞƐƚƌĂ ƋƵĞ ůŽƐ ĂĐƚŝǀŽƐ ĐŽƌƌŝĞŶƚĞƐ ƐƵƉĞƌĂŶ ůŽƐ ƉĂƐŝǀŽƐ ĚĞ ĐŽƌƚŽ ƉůĂnjŽ͕
ƐŝƚƵĂĐŝſŶ ƋƵĞ ĚĞƚĞƌŵŝŶĂ ƋƵĞ ůĂ ĐŽŵƉĂŹşĂ ĞƐƚĄ ĞŶ ĐĂƉĂĐŝĚĂĚ ĚĞ ĐƵďƌŝƌ ƐƵƐ ƉĂƐŝǀŽƐ ŝŶŵĞĚŝĂƚŽƐ ĐŽŶ ĂĐƚŝǀŽƐ
ůşƋƵŝĚŽƐ͘

Ŷ ĨƵŶĐŝſŶ ĚĞ ůŽƐ ĂůƚŽƐ ŝŶĚŝĐĂĚŽƌĞƐ ĚĞ ůŝƋƵŝĚĞnj ĚĞ ůĂ ĐŽŵƉĂŹşĂ͕ Ğů ĐĂƉŝƚĂů ĚĞ ƚƌĂďĂũŽ ƐĞ ĚĞĨŝŶĞ ƉŽƐŝƚŝǀŽ LJ
ƐƵĨŝĐŝĞŶƚĞƉĂƌĂŵĂŶƚĞŶĞƌůĂŽƉĞƌĂĐŝſŶŶŽƌŵĂůĚĞůŶĞŐŽĐŝŽ͘ĚŝĐŝĞŵďƌĞĚĞϮϬϭϲĞůĐĂƉŝƚĂůĚĞƚƌĂďĂũŽĂƐĐĞŶĚŝſ
Ăh^ϭϬϬ͕ϯϳŵŝůůŽŶĞƐ͕ƋƵĞƌĞƉƌĞƐĞŶƚſƵŶŝŶƚĞƌĞƐĂŶƚĞϯϳ͕ϵϯйĚĞůŽƐĂĐƚŝǀŽƐƚŽƚĂůĞƐ͘

>Ă:ƵŶƚĂŝƌĞĐƚŝǀĂŚĂĞƐƚĂďůĞĐŝĚŽƵŶŵĂƌĐŽĚĞƚƌĂďĂũŽĂƉƌŽƉŝĂĚŽƉĂƌĂůĂŐĞƐƚŝſŶĚĞůŝƋƵŝĚĞnjĚĞŵĂŶĞƌĂƋƵĞůĂ
ĚŵŝŶŝƐƚƌĂĐŝſŶƉƵĞĚĂŵĂŶĞũĂƌůŽƐƌĞƋƵĞƌŝŵŝĞŶƚŽƐĚĞĨŝŶĂŶĐŝĂŵŝĞŶƚŽĂĐŽƌƚŽ͕ŵĞĚŝĂŶŽLJůĂƌŐŽƉůĂnjŽ͕ĂƐşĐŽŵŽ
ůĂ ŐĞƐƚŝſŶ ĚĞ ůŝƋƵŝĚĞnj ĚĞ ůĂ ĐŽŵƉĂŹşĂ͘ >DE^  WZd/ ^͘͘ ŵĂŶĞũĂ Ğů ƌŝĞƐŐŽ ĚĞ ůŝƋƵŝĚĞnj ŵĂŶƚĞŶŝĞŶĚŽ
ƌĞƐĞƌǀĂƐ͕ ĨĂĐŝůŝĚĂĚĞƐ ĨŝŶĂŶĐŝĞƌĂƐ LJ ĚĞ ƉƌĠƐƚĂŵŽ ĂĚĞĐƵĂĚĂƐ͕ ŵŽŶŝƚŽƌĞĂŶĚŽ ĐŽŶƚŝŶƵĂŵĞŶƚĞ ůŽƐ ĨůƵũŽƐ ĞĨĞĐƚŝǀŽƐ
ƉƌŽLJĞĐƚĂĚŽƐLJƌĞĂůĞƐLJĐŽŶĐŝůŝĂŶĚŽůŽƐƉĞƌĨŝůĞƐĚĞǀĞŶĐŝŵŝĞŶƚŽĚĞůŽƐĂĐƚŝǀŽƐLJƉĂƐŝǀŽƐĨŝŶĂŶĐŝĞƌŽƐ͘

&8$'52*5ƒ),&21,9(/'(/,48,'(= 0,/(686' 


WHP    
$FWLYR&RUULHQWH    
3DVLYR&RUULHQWH    
5D]µQ&LUFXODQWH YHFHV     
/LTXLGH],QPHGLDWD
   
YHFHV 



)XHQWH$/0$&(1(6'(35$7,6$(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ

/ŶĚŝĐĂĚŽƌĞƐĚĞĨŝĐŝĞŶĐŝĂ

>DE^WZd/^͘͘ĂůϯϭĚĞĚŝĐŝĞŵďƌĞĚĞϮϬϭϲƉƌĞƐĞŶƚſƵŶƉĞƌŝŽĚŽĚĞĐŽďƌŽĚĞϭϳϬĚşĂƐ;ϭϲϰĚşĂƐĞŶ
ϮϬϭϱͿ͕ ůŽ ƋƵĞ ĚĞƚĞƌŵŝŶĂ ƋƵĞ ůĂ ĐŽŵƉĂŹşĂ ŚĂĐĞ ĞĨĞĐƚŝǀĂ ůĂ ĐŽďƌĂŶnjĂ ĚĞ ƐƵƐ ĨĂĐƚƵƌĂƐ ĞŶ ĞƐƚĞ ůĂƉƐŽ
ĂƉƌŽdžŝŵĂĚĂŵĞŶƚĞ͘

WŽƌ ŽƚƌŽ ůĂĚŽ͕ Ăů ƌĞĨĞƌŝƌŶŽƐ Ăů ŝŶĚŝĐĂĚŽƌ ĚĞ WůĂnjŽ ĚĞ WƌŽǀĞĞĚŽƌĞƐ͕ ƐĞ ĚĞďĞ ƐĞŹĂůĂƌ ƋƵĞ ĞƐ ŝŶĨĞƌŝŽƌ Ăů ƋƵĞ ůĂ
ĞŵƉƌĞƐĂĐŽŶĐĞĚĞĂƐƵƐĐůŝĞŶƚĞƐ͕ƉƵĞƐĂůĐŝĞƌƌĞĚĞϮϬϭϲĨƵĞĚĞϲϭĚşĂƐ;ϴϯĚşĂƐĞŶϮϬϭϱͿ͕ůŽƋƵĞĚĞƚĞƌŵŝŶĂƵŶ

ϯϯ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

ĚĞƐĐĂůĐĞĚĞϭϬϵĚşĂƐ;ϴϭĚşĂƐĞŶϮϬϭϱͿĞŶƚƌĞĞůƉůĂnjŽƋƵĞƌĞĐŝďĞĚĞƐƵƐƉƌŽǀĞĞĚŽƌĞƐLJĞůƉůĂnjŽƋƵĞĐŽŶĐĞĚĞĂ
ƐƵƐĐůŝĞŶƚĞƐ͘

ŶĐƵĂŶƚŽĂůƚĞŵĂĚĞůĂƵƌĂĐŝſŶĚĞdžŝƐƚĞŶĐŝĂƐ͕ƋƵĞĞƐƚĂďůĞĐĞĞůƚŝĞŵƉŽĚĞƉĞƌŵĂŶĞŶĐŝĂĚĞůŽƐŝŶǀĞŶƚĂƌŝŽƐ͕Ăů
ϯϭĚĞĚŝĐŝĞŵďƌĞĚĞϮϬϭϲĨƵĞĚĞϲϰĚşĂƐ;ϴϬĚşĂƐĞŶϮϬϭϱͿ͕ůŽƋƵĞĚĞƚĞƌŵŝŶĂƵŶĚĞƐĐĂůĐĞĚĞϭϳϯĚşĂƐ;ϭϲϭĚşĂƐ
ĞŶ ϮϬϭϱͿ ĞŶƚƌĞ Ğů ƉůĂnjŽ ƋƵĞ ƌĞĐŝďĞ ĚĞ ƐƵƐ ƉƌŽǀĞĞĚŽƌĞƐ͕ Ğů ƉůĂnjŽ ƋƵĞ ĐŽŶĐĞĚĞ Ă ƐƵƐ ĐůŝĞŶƚĞƐ LJ Ğů ƚŝĞŵƉŽ ĚĞ
ŵĂŶƚĞŶŝŵŝĞŶƚŽ ĚĞ ůŽƐ ŝŶǀĞŶƚĂƌŝŽƐ͕ ůŽ ƋƵĞ ĚĞƚĞƌŵŝŶĂ ƋƵĞ ůĂ ĐŽŵƉĂŹşĂ ƚƵǀŽ ƋƵĞ ĨŝŶĂŶĐŝĂƌ ƐƵ ŽƉĞƌĂĐŝſŶ ĐŽŶ
ĨƵĞŶƚĞƐĚŝƐƚŝŶƚĂƐĂƉƌŽǀĞĞĚŽƌĞƐ͘

/ŶĚŝĐĂĚŽƌĞƐĚĞŶĚĞƵĚĂŵŝĞŶƚŽ͕^ŽůǀĞŶĐŝĂLJ^ŽůŝĚĞnj

ů ŝŶĚŝĐĂĚŽƌ ƋƵĞ ƌĞůĂĐŝŽŶĂ Ğů ƉĂƐŝǀŽ ƚŽƚĂů ƐŽďƌĞ ƉĂƚƌŝŵŽŶŝŽ ƉƌĞƐĞŶƚſ ƵŶĂ ƚĞŶĚĞŶĐŝĂ ĚĞĐƌĞĐŝĞŶƚĞ ĚĞƐĚĞ Ϭ͕ϲϮ
ǀĞĐĞƐ ĞŶ ϮϬϭϯ ŚĂƐƚĂ Ϭ͕ϰϱ ǀĞĐĞƐ ĞŶ ϮϬϭϲ͕ ůŽ ƋƵĞ ĞǀŝĚĞŶĐŝĂ ƋƵĞ ůĂ ĐŽŵƉĂŹşĂ ĨŝŶĂŶĐŝĂ ƐƵƐ ŽƉĞƌĂĐŝŽŶĞƐ
ƉƌŝŵŽƌĚŝĂůŵĞŶƚĞ ĐŽŶ ƌĞĐƵƌƐŽƐ ƉƌŽƉŝŽƐ͕ ƉƵĞƐ ůĂ ĞŵƉƌĞƐĂ ƉƌŝǀŝůĞŐŝĂ Ğů ĨŝŶĂŶĐŝĂŵŝĞŶƚŽ ĚĞ ĂĐƚŝǀŽƐ ĐŽŶ ƐƵ
ƉĂƚƌŝŵŽŶŝŽ͘

*5ƒ),&21,9(/'($3$/$1&$0,(172


)XHQWH$/0$&(1(6'(35$7,6$(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ

ĞƌŝǀĂĚŽ ĚĞ ůŽ ĂŶƚĞƌŝŽƌ͕ Ğů ŝŶĚŝĐĂĚŽƌ ĚĞ ƐŽůŝĚĞnj ĚĞ ůĂ ĐŽŵƉĂŹşĂ ƉƌĞƐĞŶƚſ ƵŶĂ ƚĞŶĚĞŶĐŝĂ ĐƌĞĐŝĞŶƚĞ ĚĞƐĚĞ ƵŶ
ϲϭ͕ϲϵйĞŶϮϬϭϯŚĂƐƚĂƵŶϲϵ͕ϬϴйĞŶϮϬϭϲ͕ŐƌĂĐŝĂƐĂůĨŽƌƚĂůĞĐŝŵŝĞŶƚŽĚĞůƉĂƚƌŝŵŽŶŝŽǀşĂƵƚŝůŝĚĂĚĞƐƌĞƚĞŶŝĚĂƐ͕ůŽ
ƋƵĞĞǀŝĚĞŶĐŝĂĞůĐŽŵƉƌŽŵŝƐŽĚĞůŽƐĂĐĐŝŽŶŝƐƚĂƐĐŽŶĞůĨƵƚƵƌŽĚĞůĂĞŵƉƌĞƐĂ͘

>ĂƌĞůĂĐŝſŶƉĂƐŝǀŽƚŽƚĂůƐŽďƌĞĞů/d;ĂŶƵĂůŝnjĂĚŽͿƐĞŵĂŶƚƵǀŽĞƐƚĂďůĞĂůŽůĂƌŐŽĚĞůƉĞƌŝŽĚŽĂŶĂůŝnjĂĚŽ͕ĐŽŶ
ƵŶ ƉƌŽŵĞĚŝŽ ĚĞ ϭ͕ϱϭ ĂŹŽƐ ;ϭ͕ϱϬ ĂŹŽƐ Ă ĚŝĐŝĞŵďƌĞ ĚĞ ϮϬϭϲͿ͕ ůŽ ĐƵĂů ŝŶĚŝĐĂ Ğů ƚŝĞŵƉŽ ĞŶ Ğů ƋƵĞ ůĂ ĞŵƉƌĞƐĂ
ƉŽĚƌşĂĐĂŶĐĞůĂƌĞůƚŽƚĂůĚĞƐƵĚĞƵĚĂ͘

WŽƌ ŽƚƌŽ ůĂĚŽ͕ Ğů ŝŶĚŝĐĂĚŽƌ ĞƵĚĂ &ŝŶĂŶĐŝĞƌĂͬ/d ;ĂŶƵĂůŝnjĂĚŽͿ ƚĂŵďŝĠŶ ƉƌĞƐĞŶƚſ ƵŶ ĐŽŵƉŽƌƚĂŵŝĞŶƚŽ
ĞƐƚĂďůĞĂůŽůĂƌŐŽĚĞůƉĞƌŝŽĚŽĂŶĂůŝnjĂĚŽ͕ĐŽŶƵŶƉƌŽŵĞĚŝŽĚĞϬ͕ϯϳĂŹŽƐ;Ϭ͕ϯϮĂŹŽƐĂĚŝĐŝĞŵďƌĞĚĞϮϬϭϲͿ͕ůŽĐƵĂů
ŝŶĚŝĐĂĞůƚŝĞŵƉŽĞŶƋƵĞůĂĐŽŵƉĂŹşĂƉŽĚƌşĂĐĂŶĐĞůĂƌƐƵƐĐŽŵƉƌŽŵŝƐŽƐĨŝŶĂŶĐŝĞƌŽƐ͘

ŽŶƚŝŶŐĞŶƚĞƐ

ůϯϭĚĞĚŝĐŝĞŵďƌĞĚĞϮϬϭϲ͕ůŽƐĂĚŵŝŶŝƐƚƌĂĚŽƌĞƐĚĞůĂĐŽŵƉĂŹşĂ ŝŶĨŽƌŵĂŶƋƵĞ >DE^WZd/^͘͘ŶŽ
ŵĂŶƚŝĞŶĞŽďůŝŐĂĐŝŽŶĞƐĨŝŶĂŶĐŝĞƌĂƐ͕ĐŽŵŽĐŽĚĞƵĚŽƌŽŐĂƌĂŶƚĞ͘ 







ϯϰ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

>ŝƋƵŝĚĞnjĚĞůŽƐŝŶƐƚƌƵŵĞŶƚŽƐ
^ŝƚƵĂĐŝſŶĚĞůDĞƌĐĂĚŽƵƌƐĄƚŝů ϯϯ

ĞĞŶĞƌŽĂĚŝĐŝĞŵďƌĞĚĞϮϬϭϲ͕ĞůDĞƌĐĂĚŽĚĞsĂůŽƌĞƐĂƵƚŽƌŝnjſϮϳŵŝƐŝŽŶĞƐĚĞKďůŝŐĂĐŝŽŶĞƐĚĞůĂƐĐƵĂůĞƐĞů
ϵϲ͕ϯϬй ƉĞƌƚĞŶĞĐŝĞƌŽŶ Ăů ƐĞĐƚŽƌ ŵĞƌĐĂŶƚŝů LJ Ğů ϯ͕ϳϬй Ăů ƐĞĐƚŽƌ ĨŝŶĂŶĐŝĞƌŽ͕ ůŽ ƋƵĞ ĚĞƚĞƌŵŝŶſ ƋƵĞ ϵ ĞŵŝƐŝŽŶĞƐ
ĨƵĞƌŽŶĂƵƚŽƌŝnjĂĚĂƐĞŶůĂĐŝƵĚĂĚĚĞYƵŝƚŽLJϭϴĞŶůĂĐŝƵĚĂĚĚĞ'ƵĂLJĂƋƵŝů͕ƌĞŐŝƐƚƌĂŶĚŽƵŶŵŽŶƚŽƚŽƚĂůĚĞh^
ϮϮϳ͕ϴϬŵŝůůŽŶĞƐ͕ǀĂůŽƌƋƵĞƌĞƉƌĞƐĞŶƚſϯϱ͕ϵϰйĚĞůŵŽŶƚŽƚŽƚĂůĚĞĞŵŝƐŝŽŶĞƐĂƵƚŽƌŝnjĂĚĂƐ͘

>ĂƐdŝƚƵůĂƌŝnjĂĐŝŽŶĞƐƌĞƉƌĞƐĞŶƚĂƌŽŶĞůϲ͕ϵϰй͕ůĂƐŵŝƐŝŽŶĞƐĚĞWĂƉĞůŽŵĞƌĐŝĂůĞůϱϱ͕ϯϬйLJůĂƐĂĐĐŝŽŶĞƐĞůϭ͕ϴϯй
ĚĞů ƚŽƚĂů ĂƉƌŽďĂĚŽ͘ ,ĂƐƚĂ Ğů ϯϭ ĚĞ ĚŝĐŝĞŵďƌĞ ĚĞ ϮϬϭϲ͕ Ğů DĞƌĐĂĚŽ ĚĞ sĂůŽƌĞƐ ĂƵƚŽƌŝnjſ ƉƌŽĐĞƐŽƐ ĚĞ ŽĨĞƌƚĂ
ƉƷďůŝĐĂĚĞĂĐĐŝŽŶĞƐ͕ƚŝƚƵůĂƌŝnjĂĐŝŽŶĞƐ͕ĞŵŝƐŝŽŶĞƐĚĞŽďůŝŐĂĐŝŽŶĞƐLJƉĂƉĞůĞƐĐŽŵĞƌĐŝĂůĞƐ͕ƉŽƌƵŶŵŽŶƚŽƚŽƚĂůĚĞ
h^ ϲϯϯ͕ϴϳ ŵŝůůŽŶĞƐ͕ ĚĞƚĞƌŵŝŶĂŶĚŽ ƋƵĞ ůĂ ĚŝƐƚƌŝďƵĐŝſŶ ƉŽƌ ƐĞĐƚŽƌ ĞĐŽŶſŵŝĐŽ ĞƐƚƵǀŽ ĐŽŶĐĞŶƚƌĂĚŽ ĞŶ Ğů
ƐĞŐŵĞŶƚŽĚĞĐŽŵĞƌĐŝŽĂůƉŽƌŵĂLJŽƌLJŵĞŶŽƌĐŽŶĞůϱϯ͕Ϭϭй͕ŝŶĚƵƐƚƌŝĂƐLJŵĂŶƵĨĂĐƚƵƌĂƐĐŽŶĞůϮϲ͕Ϯϳй͕ŵŝĞŶƚƌĂƐ
ƋƵĞĞůƐĞŐŵĞŶƚŽĚĞĂĐƚŝǀŝĚĂĚĞƐĨŝŶĂŶĐŝĞƌĂLJĚĞƐĞŐƵƌŽƐĐŽŶƚƌŝďƵLJſĐŽŶĞůϳ͕ϰϭй͘ 

>ŝƋƵŝĚĞnjĚĞůŽƐƚşƚƵůŽƐ

ůƐĞƌůĂĐĂůŝĨŝĐĂĐŝſŶŝŶŝĐŝĂůĚĞůĂŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐʹ>DE^WZd/^͕͘͘ƚŽĚĂǀşĂŶŽƐĞĐƵĞŶƚĂĐŽŶ
ůĂŝŶĨŽƌŵĂĐŝſŶŶĞĐĞƐĂƌŝĂƉĂƌĂĞǀĂůƵĂƌůĂůŝƋƵŝĚĞnjĚĞůŽƐƚşƚƵůŽƐĂĞŵŝƚŝƌƐĞ͕ůĂƋƵĞƐĞƌĄĂŶĂůŝnjĂĚĂĞŶůĂƐƌĞǀŝƐŝŽŶĞƐ
ĚĞůĂƉƌĞƐĞŶƚĞĐĂůŝĨŝĐĂĐŝſŶ͘

ƚĞŶƚĂŵĞŶƚĞ͕

 
ĐŽŶ͘>ƵŝƐZ͘:ĂƌĂŵŝůůŽ:ŝŵĠŶĞnjD     /ŶŐ͘yĂǀŝĞƌƐƉŝŶŽƐĂ
'ZEd'EZ>  ŶĂůŝƐƚĂ 
 


ϯϯ ΁
 dŽŵĂĚŽĚĞůŽůĞƚşŶDĞŶƐƵĂůĚĞDĞƌĐĂĚŽĚĞsĂůŽƌĞƐƉƵďůŝĐĂĚŽƉŽƌůĂ^ƵƉĞƌŝŶƚĞŶĚĞŶĐŝĂĚĞŽŵƉĂŹşĂƐ͕sĂůŽƌĞƐLJ^ĞŐƵƌŽƐ;ƷůƚŝŵĂŝŶĨŽƌŵĂĐŝſŶĚŝƐƉŽŶŝďůĞͿ͘
ŚƚƚƉ͗ͬͬǁǁǁ͘ƐƵƉĞƌĐŝĂƐ͘ŐŽď͘ĞĐ
ϯϱ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

$1(;2,(67$'2'(6,78$&,•1),1$1&,(5$ 0LOHV86' 
&XHQWD    
$&7,92    
(IHFWLYR\HTXLYDOHQWHVGHHIHFWLYR    
&XHQWDVSRUFREUDUFOLHQWHV    
3URYLVLµQFXHQWDVLQFREUDEOHV            
,QYHQWDULRV    
2WURV$FWLYRV&RUULHQWHV    
727$/$&7,92&255,(17(    
3URSLHGDGSODQWD\HTXLSRQHWR    
3URSLHGDGHVGH,QYHUVLµQQHWR    
$FWLYRVLQWDQJLEOHV FRQFHVLRQHV\RWUDV     
&XHQWDVSRUFREUDUFOLHQWHV    
2WURV$FWLYRV1R&RUULHQWHV    
727$/$&7,9212&255,(17(    
727$/$&7,926    
3$6,926    
3U«VWDPRV 2EOLJDFLRQHV%DQFDULDV     
3URYHHGRUHVORFDOHV\GHOH[WHULRU    
2EOLJDFLRQHV0HUFDGRGH9DORUHV    
2WURV3DVLYRV&RUULHQWHV    
727$/3$6,926&255,(17(    
3U«VWDPRV 'HXGDEDQFDULD/3     
2EOLJDFLRQHV0HUFDGRGH9DORUHV    
2WURV3DVLYRV1R&RUULHQWHV    
727$/3$6,92612&255,(17(    
'HXGD)LQDQFLHUD    
'HXGD)LQDQFLHUD&3    
'HXGD)LQDQFLHUD/3    
727$/3$6,926    
3$75,021,2    
&DSLWDO6RFLDO    
5HVHUYDV    
8WLOLGDGQHWDGHOHMHUFLFLR    
5HVXOWDGRVDFXPXODGRV    
727$/3$75,021,2    
)XHQWH$/0$&(1(6'(35$7,6$(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ

$1(;2,,(67$'2'(5(68/7$'26,17(*5$/(6 0LOHV86' 
(67$'2'(5(68/7$'26    
9HQWDV    
&RVWRGHYHQWDV    
0$5*(1%5872    
727$/*$6726    
87,/,'$'23(5$&,21$/    
*DVWRV)LQDQFLHURV    
2WURVLQJUHVRVHJUHVRVQHWRV    
87,/,'$'$17(6'(3$57(,03726    
,PSXHVWRDOD5HQWD PHQRV     
87,/,'$'1(7$'(/(-(5&,&,2    
)XHQWH$/0$&(1(6'(35$7,6$(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ





ϯϲ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


 



ŵŝƐŝſŶĚĞKďůŝŐĂĐŝŽŶĞƐĚĞ>ĂƌŐŽWůĂnjŽ>DE^WZd/^͕͘͘&ĞďƌĞƌŽϮϬϭϳ

$1(;2,,,,1',&$'25(6),1$1&,(526
5D]µQ)LQDQFLHUD    
*DVWRV2SHUDFLRQDOHV,QJUHVRV    
8WLOLGDG2SHUDFLRQDO,QJUHVRV    
8WLOLGDG1HWDGHO(MHUFLFLR,QJUHVRV    
8WLOLGDGRSHUDFLRQDO8WLOLGDG1HWDGHO(MHUFLFLR    
 2WURVLQJUHVRVHJUHVRVQHWRV 8WLOLGDG1HWD(MHUFLFLR    
*DVWRVILQDQFLHURV8WLOLGDG1HWDGHO(MHUFLFLR    
5HQWDELOLGDG    
5HQWDELOLGDGVREUH3DWULPRQLR    
5HQWDELOLGDGVREUH$FWLYRV    
/LTXLGH]    
5D]µQ&RUULHQWH    
/LTXLGH],QPHGLDWD    
&DSLWDOGH7UDEDMR    
&DSLWDOGH7UDEDMR$FWLYRV7RWDOHV    
&REHUWXUD    
(%,7'$    
(%,7'$DQXDOL]DGR    
,QJUHVRV    
*DVWRV)LQDQFLHURV    
(%,7'$,QJUHVRV    
(%,7'$*DVWRV)LQDQFLHURV    
8WLOLGDG2SHUDWLYD'HXGD)LQDQFLHUD    
(%,7'$ DQXDOL]DGR *DVWRVGH&DSLWDO    
*DVWRVGH&DSLWDO'HSUHFLDFLµQ    
6ROYHQFLD    
3DVLYR7RWDO3DWULPRQLR    
$FWLYR7RWDO&DSLWDO6RFLDO    
3DVLYR7RWDO&DSLWDO6RFLDO    
'HXGD)LQDQFLHUD(%,7'$ DQXDOL]DGR     
3DVLYR7RWDO(%,7'$ DQXDOL]DGR     
'HXGD)LQDQFLHUD3DVLYR    
'HXGD)LQDQFLHUD3DWULPRQLR    
3DVLYR7RWDO$FWLYR7RWDO    
&DSLWDO6RFLDO$FWLYR7RWDO    
6ROLGH]    
3DWULPRQLR7RWDO$FWLYR7RWDO    
(ILFLHQFLD    
3HULRGRGH&REURV G¯DV     
'XUDFLµQGH([LVWHQFLDV G¯DV     
3OD]RGH3URYHHGRUHV G¯DV     
)XHQWH$/0$&(1(6'(35$7,6$(ODERUDFLµQ&ODVV,QWHUQDWLRQDO5DWLQJ


ϯϳ
>^^ /EdZEd/KE> Zd/E' ĂƵƚŽƌŝnjĂĚĂ Ă ŽƉĞƌĂƌ ĐŽŵŽ ĂůŝĨŝĐĂĚŽƌĂ ĚĞ ZŝĞƐŐŽƐ͕ ŚĂ ĚĞƐĂƌƌŽůůĂĚŽ Ğů ƉƌĞƐĞŶƚĞ ĞƐƚƵĚŝŽ ƚĠĐŶŝĐŽ ĐŽŶ Ğů ĐƵŝĚĂĚŽ LJ ƉƌĞĐĂƵĐŝſŶ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ ƐƵ
ĞůĂďŽƌĂĐŝſŶ͘ >Ă ŝŶĨŽƌŵĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ƐĞ ŚĂ ŽƌŝŐŝŶĂĚŽ ĞŶ ĨƵĞŶƚĞƐ ƋƵĞ ƐĞ ĞƐƚŝŵĂŶ ĐŽŶĨŝĂďůĞƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƉƌŽƉŝŽ ĞŵŝƐŽƌ LJ ůŽƐ ŝŶĨŽƌŵĞƐ ĚĞ ĂƵĚŝƚŽƌşĂ ĞdžƚĞƌŶĂ͘ >^^
/EdZEd/KE>Zd/E'ŶŽŚĂƌĞĂůŝnjĂĚŽƚĂƌĞĂƐĚĞĂƵĚŝƚŽƌşĂƐŽďƌĞ ůĂŝŶĨŽƌŵĂĐŝſŶƌĞĐŝďŝĚĂ͘>ŽƐŝŶĨŽƌŵĞƐLJĐĂůŝĨŝĐĂĐŝſŶĐŽŶƐƚŝƚƵLJĞŶŽƉŝŶŝſŶLJŶŽƐŽŶƌĞĐŽŵĞŶĚĂĐŝſŶƉĂƌĂĐŽŵƉƌĂƌ͕
ǀĞŶĚĞƌŽŵĂŶƚĞŶĞƌƵŶǀĂůŽƌ͖ŶŝƵŶĂŐĂƌĂŶƚşĂĚĞƉĂŐŽĚĞůŵŝƐŵŽ͖ŶŝĞƐƚĂďŝůŝĚĂĚĚĞƐƵƉƌĞĐŝŽ͕ƐŝŶŽƵŶĂĞǀĂůƵĂĐŝſŶƐŽďƌĞĞůƌŝĞƐŐŽŝŶǀŽůƵĐƌĂĚŽĞŶĠƐƚĞ͘ 


$1(;2