CARTA MENSAL Nº 09 MARÇO

>OQ> *BKP>I EƷŵĞƌŽ ϵ Ͳ DĂƌĕŽ ϮϬϭϲ

*BKP>DBJ AL $LSBOK>ALO

'ŽǀĞƌŶĂĚŽƌ ƌŝƐƚſǀĆŽ ĐŽŵ Ž 'ŽǀĞƌŶĂĚŽƌ ĞůĞŝƚŽ ŶĚƌĠ >Ƶŝnj ŽƚĂ

DƵůƚŝ WĞƚƐ ĚĞ ƌĂƐşůŝĂ

^ĞŵŝŶĄƌŝŽ ĚĞ dƌĞŝŶĂŵĞŶƚŽ Ğŵ DƵƌŝĂĠ͘

ŽŵĞĕĂŵŽƐ Ă ƚƌĂŶƐŵŝƐƐĆŽ ĚŽ ĐĂƌŐŽ ĚĞ ŐŽǀĞƌŶĂĚŽƌ͘ Ƶŵ ƉƌŽĐĞƐƐŽ ƋƵĞ ĚƵƌĂ ϲ ŵĞƐĞƐ͘ ŽŵĞĕĂ ĐŽŵ Ă ƉĂƌƚŝĐŝƉĂĕĆŽ ĚŽ ŐŽǀĞƌŶĂĚŽƌ ĞůĞŝƚŽ ŶĂ ƐƐĞŵďůĠŝĂ /ŶƚĞƌŶĂƚŝŽŶĂů͕ ƉĂƌĂ ŽŶĚĞ ŽƐ ŚŽůŽĨŽƚĞƐ ƐĆŽ ĚŝƌĞĐŝŽŶĂĚŽƐ͘ dŽŵĂŵŽƐ ĐŽŶŚĞĐŝŵĞŶƚŽ ĚŽ ŶŽǀŽ ůĞŵĂ Ğ ũĄ ƉĂƐƐĂŵŽƐ Ă ƚƌĂďĂůŚĂƌ ĐŽŵ ĞůĞ͘ ĞƉŽŝƐ ǀġŵ ĂƐ ĨĂƐĞƐ ĚĞ ƚƌĞŝŶĂŵĞŶƚŽ ĚĂ ĞƋƵŝƉĞ ĚŝƐƚƌŝƚĂů͕ ŐŽǀĞƌŶĂĚŽƌĞƐ ĂƐƐŝƐƚĞŶƚĞƐ͕ ƉƌĞƐŝĚĞŶƚĞƐ ĞůĞŝƚŽƐ Ğ ĚŝƌĞƚŽƌŝĂ ĚŽƐ ĐůƵďĞƐ͘ Ƶŵ ŵŽŵĞŶƚŽ ŵƵŝƚŽ ĚĞůŝĐĂĚŽ ƉĂƌĂ ŽƐ ĚŽŝƐ ŐŽǀĞƌŶĂĚŽƌĞƐ͘ /ƐƚŽ ƉŽƌƋƵĞ Ž ŐŽǀĞƌŶĂĚŽƌ ĞůĞŝƚŽ Ġ Ž ĐŽŶǀŽĐĂĚŽƌ ĚŽƐ ƚƌĞŝŶĂŵĞŶƚŽƐ͕ ŵĂƐ Ž ŐŽǀĞƌŶĂĚŽƌ ĂŝŶĚĂ ƚĞŵ ŵƵŝƚŽ ƚƌĂďĂůŚŽ ƉĞůĂ ĨƌĞŶƚĞ͘ EŽƐƐŽ ĚŝƐƚƌŝƚŽ ƚĞŵ ƚŝĚŽ Ă ƐĂďĞĚŽƌŝĂ ĚĞ ĨĂnjĞƌ ĞƐƚĂ ƚƌĂŶƐŝĕĆŽ ĐŽŵ ŵƵŝƚĂ ŚĂƌŵŽŶŝĂ͘ EŽ ĨŝŶĂůnjŝŶŚŽ ĚĞ ĨĞǀĞƌĞŝƌŽ ĨŽŝ ƌĞĂůŝnjĂĚŽ Ğŵ ƌĂƐşůŝĂ Ƶŵ DƵůƚŝ WĞƚƐ ƋƵĞ ĐŽŶƚŽƵ ĐŽŵ Ă ƉĂƌƚŝĐŝƉĂĕĆŽ ĚĞ ǀĄƌŝŽƐ ŝƐƚƌŝƚŽƐ͘ ŵ ŵĂƌĕŽ ƚŝǀĞŵŽƐ Ƶŵ ^ĞŵŝŶĄƌŝŽ ĚĞ dƌĞŝŶĂŵĞŶƚŽ ƉĂƌĂ Ă ƋƵŝƉĞ ŝƐƚƌŝƚĂů͕ 'ŽǀĞƌŶĂĚŽƌĞƐ ƐƐŝƐƚĞŶƚĞƐ Ğ WƌĞƐŝĚĞŶƚĞƐ ůĞŝƚŽƐ Ğŵ DƵƌŝĂĠ͘ K ĞǀĞŶƚŽ ĐŽŶƚƌŝďƵŝ ƉĂƌĂ Ž ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĚŽ ĐŽŵƉĂŶŚĞŝƌŝƐŵŽ͘ ŵ Ăďƌŝů ƚĞƌĞŵŽƐ Ă ƐƐĞŵďůĠŝĂ ĚĞ ƚƌĞŝŶĂŵĞŶƚŽ Ğŵ DĂƌŝĂŶĂ͘ ŵ ŵĂŝŽ ǀŽůƚĂŵŽƐ ŽƐ ŽůŚŽƐ ƉĂƌĂ Ă ŐĞƐƚĆŽ ĂƚƵĂů ĐŽŵ Ă ŽŶĨĞƌġŶĐŝĂ Ğŵ ƷnjŝŽƐ͘ ŵ ũƵůŚŽ Ă ƉŽƐƐĞ ĚŽ ŐŽǀĞƌŶĂĚŽƌ ŶĚƌĠ Ğŵ DĂƌŝĂŶĂ͘ dƵĚŽ ĐŽŵ ŵƵŝƚĂ ŚĂƌŵŽŶŝĂ Ğ ĂůĞŐƌŝĂ͘ WĂůĞƐƚƌĂ ĚŽ ĚŝƌĞƚŽƌ 'ĞƌƐŽŶ 'ŽŶĕĂůǀĞƐ

ĂŶĚĂ :ŽŚŶŶLJ sŝĂŶŶĂ

ŶƚƀŶŝŽ ĂƌůŽƐ ŽƵƚŝŶŚŽ ;^ŚĞŝůĂͿ ƐĞƌĄ Ž ƌĞƉƌĞƐĞŶƚĞŶƚĞ ĚŽ ƉƌĞƐŝĚĞŶƚĞ ZĂǀŝŶĚƌĂŶ͘ ŽƵƚŝŶŚŽ ƉĞƌƚĞŶĐĞ ĂŽ Z EŽǀĂ /ŐƵĂĕƵ͕ ĚŝƐƚƌŝƚŽ ϰϱϳϬ Ğ ŐŽǀĞƌŶĂĚŽƌ ϮϬϭϬͲϭϭ͘

ĐŽŵ ũĂŶƚĂƌ

ŶĐŽŶƚƌŽ ĚĂƐ DƵůŚĞƌĞƐ ^ĄďĂĚŽ͕ ϭϳ͗ϬϬ Ś ,ĂǀĞƌĄ ƚƌŽĐĂ ĚĞ ƉƌĞƐĞŶƚĞƐ͘

Ϯ

DĂƌĕŽ ĚĞ ϮϬϭϲ

>OQ> *BKP>I

ŽůƵŶĂ ĚŽ WƌĞƐŝĚĞŶƚĞ ĚŽ ZŽƚĂƌLJ /ŶƚĞƌŶĂƚŝŽŶĂů $EULO 0XLWRV DQRV DWUiV QD ÌQGLD WLYH R SULYLOpJLR GH FRQKHFHU D 0DGUH 7HUHVD GH &DOFXWi (OD IRL XPD PXOKHU LQFUtYHO <͘Z͘ ZĂǀŝŶĚƌĂŶ WƌĞƐŝĚĞŶƚĞ͕ ϮϬϭϱͲϭϲ FRP XPD SHUVRQDOLGDGH H[WUHPDPHQWH PDUFDQWH 4XDQGR FDPLQKDYD SHODV UXDV D PXOWLGmR DEULD FDPLQKR j VXD IUHQWH 1R HQWDQWR HP VXDV FRQYHUVDV HOD SUDWLFDPHQWH QmR IDODYD VREUH RV VHXV JUDQGHV IHLWRV 4XDQGR DOJXpP OKH SHUJXQWDYD VREUH D VXD PDLRU FRQTXLVWD HOD JHUDOPHQWH UHVSRQGLD 6RX HVSHFLDOLVWD HP OLPSDU EDQKHLURV $SHVDU GH HQJUDoDGD D UHVSRVWD HUD DEVROXWDPHQWH VpULD 6HX REMHWLYR HUD FXLGDU GR SUy[LPR (QWmR VH EDQKHLURV SUHFLVDYDP GH OLPSH]D HOD RV OLPSDYD 1HQKXP WUDEDOKR HUD SHTXHQR GHPDLV SDUD HVVD JUDQGH PXOKHU $MXGDU DV SHVVRDV QHFHVVLWDGDV HUD R VHX GHYHU H QDGD QR PXQGR HUD PDLV LPSRUWDQWH GR TXH LVVR &HUWR GLD XP KRPHP PXLWR EHP YHVWLGR IRL D &DOFXWi j SURFXUD GD 0DGUH 7HUHVD $V IUHLUDV TXH DEULUDP D SRUWD R LQIRUPDUDP TXH HOD HVWDYD QR IXQGR GD FDVD OLPSDQGR RV EDQKHLURV (ODV LQGLFDUDP R FDPLQKR H HOH GH IDWR HQFRQWURX D EHDWD HVIUHJDQGR R VDQLWiULR (OD GLVVH RL H SUHVXPLQGR TXH HOH HVWLYHVVH DOL SDUD ID]HU WUDEDOKR YROXQWiULR FRPHoRX D H[SOLFDU FRPR XVDU D HVFRYD GH

OLPSH]D FRUUHWDPHQWH H QmR GHVSHUGLoDU iJXD (OD OKH GHX XPD HVFRYLQKD H R GHL[RX DOL HP VHX WHUQR FDUR VR]LQKR QR EDQKHLUR 0DLV WDUGH R KRPHP VDLX HQFRQWURX 0DGUH 7HUHVD QRYDPHQWH H GLVVH 7HUPLQHL 3RVVR IDODU FRP D VHQKRUD DJRUD" (OD UHVSRQGHX TXH VLP FODUR 2 YLVLWDQWH WLURX XP HQYHORSH GR EROVR H DQXQFLRX 0DGUH 7HUHVD VRX R GLUHWRU GD FRPSDQKLD DpUHD H DTXL HVWmR DV VXDV SDVVDJHQV 4XLV HQWUHJi ODV SHVVRDOPHQWH $TXHOH GLUHWRU GH FRPSDQKLD DpUHD FRQWRX H UHFRQWRX HVVD KLVWyULD SHOR UHVWR GH VHXV GLDV (OH GLVVH TXH DTXHOHV PLQXWRV HP TXH SDVVRX OLPSDQGR R EDQKHLUR HQFKHUDP VHX FRUDomR FRP XPD DOHJULD TXH QXQFD KDYLD VHQWLGR $R DMXGDU D 0DGUH 7HUHVD HOH VH WRUQRX SDUWH GH VHX WUDEDOKR 1DTXHOHV PLQXWRV HOH FXLGRX GRV HQIHUPRV DVVLP FRPR HOD FRP VXDV SUySULDV PmRV H FRP VHX SUySULR VXRU ( p H[DWDPHQWH HVWD D RSRUWXQLGDGH TXH R 5RWDU\ QRV Gi 3RGHPRV QmR ID]HU R TXH D 0DGUH 7HUHVD IH] ² UHQXQFLDU QRVVDV SUySULDV YLGDV FDVDV H IDPtOLDV 0DV SRU PLQXWRV KRUDV RX GLDV GR DQR SRGHPRV VHU FRPR HOD 3RGHPRV ID]HU R WUDEDOKR TXH RXWUDV SHVVRDV QmR HVWmR GLVSRVWDV D ID]HU 3RGHPRV ID]r OR FRP QRVVDV PmRV QRVVRV FRUDo}HV QRVVR VXRU H QRVVD GHYRomR VDEHQGR TXH HVVH WUDEDOKR p R PDLV LPSRUWDQWH GR PXQGR

ŽůƵŶĂ ĚŽ ŝƌĞƚŽƌ ĚŽ ZŽƚĂƌLJ /ŶƚĞƌŶĂƚŝŽŶĂů )XQGDomR 5RWiULD SURWHJH PmHV H FULDQoDV FDUHQWHV 3UHWHQGHPRV HQIRFDU R WHPD ´6D~GH 0DWHUQR ,QIDQWLOµ GHVWH PrV PRVWUDQGR XP SRXFR GR TXH WHP IHLWR D QRVVD TXDVH FHQWHQiULD )XQGDomR 5RWiULD HVSHFLDOPHQWH HP SDtVHV VXEGHVHQYROYLGRV DMXGDQGR D IRUQHFHU FXLGDGRV SUp H SyV QDWDO SDUD PmHV HP iUHDV FDUHQWHV GH DVVLVWrQFLD PpGLFD GXUDQWH H DSyV R SDUWR $ )XQGDomR 5RWiULD WHP DMXGDGR D PHOKRUDU R DFHVVR D FXLGDGRV PpGLFRV HVVHQFLDLV SDUD DV PmHV H ILOKRV YLVDQGR UHGX]LU R Q~PHUR GH PLOK}HV GH FULDQoDV FRP PHQRV GH FLQFR DQRV TXH PRUUHP DQXDOPHQWH SRU FDXVD GH GHVQXWULomR IDOWD GH DWHQGLPHQWR PpGLFR H VDQHDPHQWR SUHFiULR SULQFLSDOPHQWH HP SDtVHV GH H[WUHPD SREUH]D (VWLPDWLYDV UHJLVWUDP TXH PDLV GH GDV PRUWHV PDWHUQDV SRGHP VHU HYLWDGDV FRP DFHVVR D FXLGDGRV FRP D VD~GH UHSURGXWLYD H WUDWDPHQWR PpGLFR 3DUD DMXGDU D DWHQGHU D HVVDV QHFHVVLGDGHV D )XQGDomR 5RWiULD RIHUHFH WUHLQDPHQWR LPXQL]DomR NLWV SDUD SDUWHLUDV H FOtQLFDV DPEXODQWHV $V PmHV DSUHQGHP D HYLWDU D WUDQVPLVVmR GR +,9 D VHXV EHErV DPDPHQWDU H FRPEDWHU GRHQoDV 2 REMHWLYR GD )XQGDomR 5RWiULD p UHGX]LU D WD[D GH PRUWDOLGDGH LQIDQWLO GH FULDQoDV FRP PHQRV GH FLQFR DQRV UHGX]LU D WD[D GH PRUWDOLGDGH PDWHUQD IDFLOLWDU R DFHVVR D DWHQGLPHQWR H WUDWDPHQWR PpGLFR HVVHQFLDO SDUD PmHV H ILOKRV DSRLDU HVWXGRV OLJDGRV j VD~GH PDWHUQR LQIDQWLO 3DUD LVVR HOD FDSDFLWD RV URWDULDQRV D DWXDUHP QD iUHD GH VD~GH PDWHUQR LQIDQWLO 1R %UDVLO SRGHPRV LGHQWLILFDU TXH DV SROtWLFDV S~EOLFDV GH VD~GH PDWHUQR LQIDQWLO WrP VLGR GHILQLGDV VHJXLQGR GHVGH RV SULQFtSLRV PHUDPHQWH UHSURGXWLYRV DWp DTXHOHV PDLV DPSORV YROWDGRV SDUD

JDUDQWLU XPD PHOKRU FRQGLomR GH VD~GH H GH YLGD 1DV ~OWLPDV GpFDGDV FRP R DX[tOLR GR JRYHUQR H GD VRFLHGDGH KRXYH XPD SURJUHVVmR QR DWHQGLPHQWR GD VD~GH GD PXOKHU H GD FULDQoD 1R HQWDQWR FRQFOXL VH :ŽƐĠ hďŝƌĂĐLJ Ͳ ŝƌĂ ŝƌĞƚŽƌ͕ ϮϬϭϱͲϭϳ TXH DSHVDU GD HYROXomR REVHUYDGD R JUDQGH GHVDILR DLQGD VH HQFRQWUD QD UHGXomR GD PRUWDOLGDGH PDWHUQD QHRQDWDO H LQIDQWLO 7RGDYLD XP SUREOHPD GH H[WUHPD JUDYLGDGH QD iUHD GD VD~GH PDWHUQR LQIDQWLO WHP SUHRFXSDGR DV DXWRULGDGHV GR QRVVR SDtV WHQGR HP YLVWD TXH VH LQWHQVLILFRX D SUROLIHUDomR GR PRVTXLWR $HGHV DHJ\SWL FDXVDGRU GD GHQJXH GD FKLNXQJXQ\D H SULQFLSDO YHWRU GH SURSDJDomR GR YtUXV GD ]LND FDXVDGRU GD PLFURFHIDOLD 'HVGH QRYHPEUR GH TXDQGR R 0LQLVWpULR GD 6D~GH GHFODURX VLWXDomR GH HPHUJrQFLD HP VD~GH S~EOLFD QR SDtV SRU FRQWD GR DXPHQWR UHSHQWLQR GR Q~PHUR GH EHErV QDVFLGRV FRP XPD Pi IRUPDomR FRQJrQLWD QR FpUHEUR R WHUPR PLFURFHIDOLD HQWURX QR FRWLGLDQR GH QRWLFLiULRV H FRQYHUVDV 0pGLFRV H SHVTXLVDGRUHV FRPHoDP D IDODU HP XPD VtQGURPH FRQJrQLWD GD ]LND TXH LQFOXL RXWURV GDGRV UHODWDGRV FRPR FDOFLILFDo}HV QR WHFLGR FHUHEUDO KLGURFHIDOLD SUREOHPDV QRV ROKRV QRV RXYLGRV H QDV DUWLFXODo}HV H DWp PHPEURV FRP Pi IRUPDomR 'LDQWH GHVVH TXDGUR GH H[WUHPD JUDYLGDGH UHXQL PH UHFHQWHPHQWH FRP R &ROpJLR GH 'LUHWRUHV H FRP WRGRV RV *RYHUQDGRUHV GRV 'LVWULWRV D ILP GH TXH SRVVDPRVHQFRQWUDU D PHOKRU IRUPD GR 5RWDU\ SDUWLFLSDU GRV HVIRUoRV GR *RYHUQR SDUD GHEHODU HVVH JUDYH SUREOHPD (VWDPRV WUDEDOKDQGR QHVVH VHQWLGR

>OQ> *BKP>I ([SHGLHQWH

DĂƌĕŽ ĚĞ ϮϬϭϲ

ϯ

Z > dMZ/K D E^ > K /^dZ/dK

ZKd Zz /Ed ZE d/KE > WƌĞƐŝĚĞŶƚĞ ͗ <͘ Z͘ ZĂǀŝŶĚƌĂŶ ŝƌĞƚŽƌ͗ :ŽƐĠ hďŝƌĂĐLJ ^ŝůǀĂ /^dZ/dK ϰϱϴϬ 'ŽǀĞƌŶĂĚŽƌ͗ ƌŝƐƚſǀĆŽ DĂƵƌşĐŝŽ DĞƐƋƵŝƚĂ &ĞƌƌĞŝƌĂ ĐƌŝƐƚŽǀĂŽŵĂƵƌŝĐŝŽΛŐŵĂŝů͘ĐŽŵ sŝĐĞ 'ŽǀĞƌŶĂĚŽƌ͗ ŝƌĐĞƵ ZŽĐŚĂ WĞƌĞŝƌĂ ĚŝƌĐĞƵΛďĂƌďĂĐĞŶĂ͘ĐŽŵ͘ďƌ 'ŽǀĞƌŶĂĚŽƌ ůĞŝƚŽ ϮϬϭϲͲϮϬϭϳ ŶĚƌĠ >Ƶŝnj ŽƚĂ ĂĐŽƚĂΛƵĂŝ͘ĐŽŵ͘ďƌ 'ŽǀĞƌŶĂĚŽƌ /ŶĚŝĐĂĚŽ Ͳ ϮϬϭϳͲϮϬϭϴ WĂƵůŽ ĠnjĂƌ ƚĂLJĚĞƐ ^ŝůǀĂ ĂƚĂLJĚĞƐΛƵĂŝ͘ĐŽŵ͘ďƌ ŽŽƌĚĞŶĂĚŽƌĂ ŝƐƚƌŝƚĂů ĚĂƐ ĂƐĂƐ ĚĂ ŵŝnjĂĚĞ ^ĂŶĚƌĂ ZĞŐŝŶĂ ĚĂ ^ŝůǀĂ <ŝůĞƐƐĞ ƐĂŶĚƌĂŬŝůĞƐƐĞΛŐŵĂŝů͘ĐŽŵ ^ĞĐƌĞƚĄƌŝĂ ŝƐƚƌŝƚĂů ^ŝŵŽŶĞ ĂŵƉŽƐ ŽŶĂƚƚŝ ƐŝŵŽŶĞ͘ďŽŶĂƚƚŝΛŐŵĂŝů͘ĐŽŵ dĞƐŽƵƌĞŝƌŽ ŵĂŝů ĚĂ ƌƵnj &ŝůŚŽ ĐůĂƌŝĐĂƌŵĞĐĂŶŝĐĂΛŚŽƚŵĂŝů͘ĐŽŵ dĞƐŽƵƌĂƌŝĂ͗ ĞďŽƌĂŚ ĂŶĚŝĚŽ &ĞƌƌĞŝƌĂ ƌŽƚĂƌLJĚŝƐƚƌŝƚŽϰϱϴϬΛŐŵĂŝů͘ĐŽŵ ĂƌƚĂ DĞŶƐĂů DĂƌŝĂ ĚĂ 'ůſƌŝĂ >ĂĐĞƌĚĂ ZŽĚƌŝŐƵĞƐ ŐŽŐŽŝĂůĂĐĞƌĚĂΛďŽů͘ĐŽŵ͘ďƌ ŝĂŐƌĂŵĂĕĆŽ͗ ,ĞůĚĞƌ ͘ ZĞŝƐ ĐĂŵŝƐĂϴĞƚĞƌŶŽΛŐŵĂŝů͘ĐŽŵ /ŶƐĐƌŝĕĆŽ ƉĂƌĂ ŽŶĨĞƌġŶĐŝĂ ŝƐƚƌŝƚĂů ^ĞǀĞŶƚƵƌ ůŽLJƐŝŽ ŽƵ ůĞŶ ƐĞǀĞŶƚƵƌ͘ĂůŽLJƐŝŽΛŚŽƚŵĂŝů͘ĐŽŵ ;ϯϮͿ ϯϮϭϲͲϭϬϳϬ

)9 /HJDOL]DomR ,PRELOLiULD

/HJDOL]Do}HV MXQWR DR &DUWyULR GH ,PyYHLV 5HFHLWD )HGHUDO H 3UHIHLWXUD 3URMHWRV GH (QJHQKDULD $UTXLWHW{QLFR (VWUXWXUDO 3UHYHQomR H &RPEDWH D ,QFrQGLR 'HVPHPEUDPHQWRV H HWF

&iOFXOR GH )UDomR ,GHDO SHOD 1%5 DWLQHQWH 1%5

&RQYHQomR GH &RQGRPtQLR ([HFXWDPRV VHUYLoRV HP 8Ei H UHJLmR

d E K WƌĞŵŝĂĕĆŽ ƉĂƌĂ ĂƐ ŵĂŝŽƌĞƐ ĐŽŶƚƌŝďƵŝĕƁĞƐ ă &ƵŶĚĂĕĆŽ ZŽƚĄƌŝĂ Ğ ĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĚŽ YƵĂĚƌŽ ƐƐŽĐŝĂƚŝǀŽ͘ ƉƵƌĂĕĆŽ ĚŝĂ ϯϬ ĚĞ Ăďƌŝů ĚĞ ϮϬϭϲ

ϰ

DĂƌĕŽ ĚĞ ϮϬϭϲ

>OQ> *BKP>I

^ĞŵŝŶĄƌŝŽ ĚĞ dƌĞŝŶĂŵĞŶƚŽ ƋƵŝƉĞ ŝƐƚƌŝƚĂů͕ 'ŽǀĞƌŶĂĚŽƌĞƐ ƐƐŝƐƚĞŶƚĞƐ Ğ WƌĞƐŝĚĞŶƚĞƐ ůĞŝƚŽƐ ;W d^Ϳ͘ ^ĞƐĐ DƵƌŝĂĠ͘ hŵ ŐƌĂŶĚĞ ƐƵĐĞƐƐŽ͊

ZĞŐŽĐĞŶƚƌŽ

y/y ZĞŐŽĐĞŶƚƌŽ͕ ZĞƵŶŝĆŽ ĚŽƐ 'ŽǀĞƌŶĂĚŽƌĞƐ ĚŽ ĞŶƚƌŽ KĞƐƚĞ ĨŽŝ ƌĞĂůŝnjĂĚĂ ĚŝĂƐ ϭϴ Ă ϮϬ ĚĞ ŵĂƌĕŽ Ğŵ ĂdžĂŵďƵ͘ KƐ ϳ ĚŝƐƚƌŝƚŽƐ ĞƐƚŝǀĞƌĂŵ ƌĞƉƌĞƐĞŶƚĂĚŽƐ͘ K ŐŽǀĞƌŶĂĚŽƌ ƌŝƐƚſǀĆŽ ƉĂƌƚŝĐŝƉŽƵ ĚŽƐ ƉĂŝŶĠŝƐ ĚĞƐƚŝŶĂĚŽ ĂŽƐ ŐŽǀĞƌŶĂĚŽƌĞƐ ϮϬϭϱͲϭϲ Ğ ϮϬϭϲͲϭϳ

KƐ ĐŽŽƌĚĞŶĂĚŽƌĞƐ ƌŽƚĄƌŝŽƐ ĚŽ ƌĂƐŝů͕ ƌĞƵŶŝĚŽƐ ŶĂ ĐŝĚĂĚĞ ĚĞ ƵƌŝƚŝďĂ ŶŽ dƌĞŝŶĂŵĞŶƚŽ ĚĞ ĂƉĂĐŝƚĂĕĆŽ ĚŽƐ ŽŽƌĚĞŶĂĚŽƌĞƐ ƐƐŝƐƚĞŶƚĞƐ ƉĂƌĂ Ă 'ĞƐƚĆŽ ϮϬϭϲͲϭϳ͘ EŽƐƐŽ ŝƐƚƌŝƚŽ ĞƐƚĂǀĂ ƌĞƉƌĞƐĞŶƚĂĚŽ ƉĞůĂ ' ŶŐĞůĂ Ğ ŽƐ ĐŽŵƉĂŶŚĞŝƌŽƐ DĂƌĐŽ ŶƚƀŶŝŽ DĂƌŽƚĂ Ğ >ƵĚŝŵŝůĂ ĚŽ Z sŝĕŽƐĂͲ ŝĚĂĚĞ hŶŝǀĞƌƐŝƚĄƌŝĂ

// Zz> ĚĂ ĄƌĞĂ ϭ

K ZŽƚĂƌLJ ůƵď ĚĞ ŽŶƐĞůŚĞŝƌŽ >ĂĨĂŝĞƚĞ͕ ůŝĚĞƌĂĚŽ ƉĞůŽ ƉƌĞƐŝĚĞŶƚĞ :ĂŵĞƐ &ƌĂŶĐŝƐĐŽ ^ŽĂƌĞƐ ĚĞ KůŝǀĞŝƌĂ ƉƌŽŵĞǀĞƵ Ž ϮǑ Zz> ĚĂ ĄƌĞĂ ϭ͕ ŶŽ ĚŝĂ ϭϵ ĚĞ ŵĂƌĕŽ͘

>OQ> *BKP>I

ϱ

DĂƌĕŽ ĚĞ ϮϬϭϲ

"JMOBP> FA>Ag

Đ ƐŽ

'ƵĂƌĚĂ

D ŝ

Ă Žƌ

.DVWHOR 7HOHFRPXQLFDo}HV /WGD 9LVFRQGH GR 5LR %UDQFR $ /RMD GR .DVWHOR

Ă ĕĆŽ ƚĞ

ĚĞ :Ƶŝnj ĚĞ & ƌŝŵ

ŝĂĕĆŽ ĚĞ WƌŽ

&DWDJXDVHV

Ɛ

/DERUDWyULR $OPHLGD

IR?BP BJ igL K ZŽƚĂƌLJ ůƵď ĚĞ DĂƌŝĂŶĂ Ğŵ ƉĂƌĐĞƌŝĂ ĐŽŵ Ă ^ĞĐƌĞƚĂƌŝĂ ĚĞ ^ĂƷĚĞ ƉƌŽŵŽǀĞƵ Ă ĐĂŵƉĂŶŚĂ ĚĞ ŝƐƚƌŝďƵŝĕĆŽ ĚĞ &ŝůƚƌŽƐ ĚĞ ĂƌƌŽ ŽďũĞƚŝǀĂŶĚŽ Ž ĐŽŶƐƵŵŽ ĚĞ ĄŐƵĂ ĐŽŵ ƋƵĂůŝĚĂĚĞ͘K ŝƐƚƌŝƚŽ ϰ͘ϲϭϬ ĚŽŽƵ ŵĂŝƐ ĚĞ ϱϬϬ ĨŝůƚƌŽƐ͘ EĂ ĨŽƚŽ ĐŽŵƉĂŶŚĞŝƌŽ WĂƐĐŽĂů ^ĐŚĞƚƚŝŶŝ͘ ZŽƚĂƌLJ ůƵď ĚĞ sŝĕŽƐĂ ʹ ŝĚĂĚĞ hŶŝǀĞƌƐŝƚĄƌŝĂ͕ ƌĞƉƌĞƐĞŶƚĂĚŽ ƉĞůŽ ĚƵĂƌĚŽ ZŽnjĂĚŽ͕ >ƵĐĂƐ Ğ DĂƌĐŽƐ͕ ƉƌŽĚƵƚŽƌĞƐ ĚĂ &ĞƐƚĂ ^ƉƌŝŶŐ ƌĞĂŬ͕ ĨŽƌĂŵ ă ŽŵƵŶŝĚĂĚĞ ƐƐŝƐƚĞŶĐŝĂů Ğ ĚƵĐĂĐŝŽŶĂů ^ĆŽ :ŽĆŽ ĂƚŝƐƚĂ͕ Ğ ĨŝnjĞƌĂŵ Ă ĞŶƚƌĞŐĂ ŽĨŝĐŝĂů ĚĞ ZΨ ϯ͘ϱϱϬ͕ϬϬ͕ ĨƌƵƚŽ ĚŽ WƌŽũĞƚŽ ĚĞ ƌƌĞĐĂĚĂĕĆŽ ^ŽĐŝĂů͘ ƌĞĐŚĞ ^ĆŽ :ŽĆŽ ĂƚŝƐƚĂ ĂĐŽůŚĞ ŐƌĂƚƵŝƚĂŵĞŶƚĞ ϳϲ ĐƌŝĂŶĕĂƐ͕ ĚĂƐ ƋƵĂŝƐ ϲϬ ĐŽŵ ŵĞŶŽƐ ĚĞ ϱ ĂŶŽƐ͘ ŝĚĞĂůŝnjĂĚŽƌĂ ĚĞƐƚĂ ŽďƌĂ Ġ Ă ĨŝŐġŶŝĂ͕ ĐŽŵ ŽƐ ƐĞƵƐ ϴϬ ĂŶŽƐ͘

ŵ ǀŝƐŝƚĂ Ă DĂĐĞŝſ͕ ŶŽ ĚŝĂ Ϯϰ ĚĞ ĨĞǀĞƌĞŝƌŽ ͕ Ž ĂƐƐŽĐŝĂĚŽ ĚŽ ZŽƚĂƌLJ ůƵď ĚĞ sŝĕŽƐĂ ʹ ŝĚĂĚĞ hŶŝǀĞƌƐŝƚĄƌŝĂ͕ :ŽƐĠ WĂƵůŽ &ŝůŚŽ͕ ƐƵĂ ĞƐƉŽƐĂ ĂŵŝůĂ Ğ ĨŝůŚĂ ůŝĐĞ͕ ǀŝƐŝƚĂƌĂŵ Ž ZŽƚĂƌLJ ůƵď ĚĞ DĂĐĞŝſ͕ ŽĐĂƐŝĆŽ Ğŵ ƋƵĞ Ž ĐůƵďĞ ƌĞĐĞďŝĂ Ă ǀŝƐŝƚĂ ĚŽ 'ŽǀĞƌŶĂĚŽƌ ĚŽ ŝƐƚƌŝƚŽ ϰϯϵϬ͕ :ŽƐĠ ŽŶŝĨĄĐŝŽ &ŽƌƚĞƐ &ŝůŚŽ͘

ĐŽŵƉĂŶŚĞŝƌĂ sąŶŝĂ :ĂĐŽď ͕ ƉƌĞƐŝĚĞŶƚĞ ĚŽ Z hďĄͲ ƌLJ ĂƌƌŽƐŽ ĨŽŝ ĐŽŶǀŝĚĂĚĂ ƉĞůŽ ƉƌĞƐŝĚĞŶƚĞ <͘ Z͘ ZĂǀŝŶĚƌĂŶ ƉĂƌĂ ƌĞĐĞďĞƌ Ž ƉŝŶ ŶşǀĞů KƵƌŽ ŶĂ ŽŶǀĞŶĕĆŽ ĚĞ ^ĞƵů͘ ƐƚĞ ƉŝŶ Ġ ĚĞĚŝĐĂĚŽ ĂŽƐ ĐŽŵƉĂŶŚĞŝƌŽƐ ƋƵĞ Ă Ɖ Ă Ě ƌ ŝ Ŷ Ś Ă ƌĂ ŵ ŵ Ă ŝ Ɛ Ě Ğ ϱ ĂƐƐŽĐŝĂĚŽƐ͘