Catálogo Instronic 2015

'HVGH

6(8 3529('25 '( 62/8d¯(6 (/e75,&$ 0(&Ç1,&$ 7(/(&2081,&$d¯(6

1RVVD +LVWyULD K ŐƌƵƉŽ /ŶƐƚƌŽŶŝĐ ĂƚƵĂ ŶŽ ŵĞƌĐĂĚŽ ĚĞƐĚĞ ϭϵϳϳ͕ ĐŽŵ ĨŽĐŽ Ğŵ ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĚĞ ƐŽůƵĕƁĞƐ ĐŽŵƉůĞƚĂƐ ƉĂƌĂ ŵĞĚŝĕĆŽ͕ ŵŽŶŝƚŽƌĂŵĞŶƚŽ Ğ ŵĂŶƵƚĞŶĕĆŽ ŶĂƐ ĄƌĞĂƐ ůĠƚƌŝĐĂ͕ DĞĐąŶŝĐĂ Ğ dĞůĞĐŽŵƵŶŝĐĂĕƁĞƐ͘ ĞdžƉĞƌŝġŶĐŝĂ ĂĐƵŵƵůĂĚĂ ĂŽ ůŽŶŐŽ ĚŽƐ ĂŶŽƐ ƉĞƌŵŝƚĞ Ă /ŶƐƚƌŽŶŝĐ ŽĨĞƌĞĐĞƌ ƐŽůƵĕƁĞƐ ĚĞƐĚĞ Ž ƉƌŽũĞƚŽ ĂƚĠ Ă ĂƐƐŝƐƚġŶĐŝĂ ƚĠĐŶŝĐĂ͕ ƉĂƐƐĂŶĚŽ ƉĞůĂƐ ĞƚĂƉĂƐ ĚĞ ĞƐƉĞĐŝĨŝĐĂĕĆŽ͕ ŝŵƉůĞŵĞŶƚĂĕĆŽ͕ ŝŶƐƚĂůĂĕĆŽ͕ ƐƚĂƌƚͲƵƉ͕ ƐƵƉŽƌƚĞƐ Ğ ƚƌĞŝŶĂŵĞŶƚŽƐ͘ dŽĚĂƐ ĂƐ ĞƚĂƉĂƐ ĚŽ ƉƌŽũĞƚŽ ƐĆŽ ĐŽŶĚƵnjŝĚĂƐ ƉŽƌ ƉƌŽĨŝƐƐŝŽŶĂŝƐ ĂůƚĂŵĞŶƚĞ ƋƵĂůŝĨŝĐĂĚŽƐ Ğ ĞdžƉĞƌŝĞŶƚĞƐ ĐĂƉĂnjĞƐ ĚĞ ĂƚĞŶĚĞƌ ĐĂĚĂ ƐŽůŝĐŝƚĂĕĆŽ ĐŽŵ ĂŐŝůŝĚĂĚĞ Ğ ĂƐƐĞƌƚŝǀŝĚĂĚĞ͘

K /ŶƐƚŝƚƵƚŽ /ŶƐƚƌŽŶŝĐ ƚĞŵ ĐŽŵŽ ŽďũĞƚŝǀŽ͗ dƌĂŶƐĨĞƌŝƌ ĐŽŶŚĞĐŝŵĞŶƚŽ ƐŽďƌĞ ĂƉůŝĐĂĕĆŽ ĚĞ ƚĠĐŶŝĐĂƐ ƉĂƌĂ ƚĞƐƚĞƐ Ğ ŵŽŶŝƚŽƌĂŵĞŶƚŽ Ğŵ DĂŶƵƚĞŶĕĆŽ͕ DĞĚŝĕĆŽ Ğ WƌŽƚĞĕĆŽ͘ ŝǀƵůŐĂƌ ŝŶĨŽƌŵĂĕƁĞƐ ƐŽďƌĞ ƚĞĐŶŽůŽŐŝĂƐ Ğ ĂƉůŝĐĂĕƁĞƐ ƉĞƌƚŝŶĞŶƚĞƐ͘ ŽŶƚƌŝďƵŝƌ ƉĂƌĂ ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ƉƌŽĨŝƐƐŝŽŶĂů ĚĞ ŶŽƐƐŽƐ ĐůŝĞŶƚĞƐ ƋƵĞ ĂƚƵĂŵ ŶĂƐ ĄƌĞĂƐ ůŝŐĂĚĂƐ Ă ŶŽƐƐĂ ĐŽŵƉĞƚġŶĐŝĂ͘ KƐ ĐƵƌƐŽƐ ƉŽĚĞŵ ƐĞƌ ƌĞĂůŝnjĂĚŽƐ Ğŵ ŶŽƐƐŽ ĞŶƚƌŽ ĚĞ dƌĞŝŶĂŵĞŶƚŽ Ğŵ KƐĂƐĐŽ͕ ^ĆŽ WĂƵůŽ͕ ŽƵ /Ŷ ŽŵƉĂŶLJ͘

K ŐƌƵƉŽ ƚĂŵďĠŵ ĞŶŐůŽďĂ Ă DƵůƚŝ dĞƐƚ Ğ Ă /ŶƚĞƐƚ͕ ĂŐƌĞŐĂŶĚŽ ŵĂŝƐ ƚĞĐŶŽůŽŐŝĂ ŶĂ ĨĂďƌŝĐĂĕĆŽ Ğ ŵĂŶƵƚĞŶĕĆŽ ĚĞ ƐĞƵƐ ĞƋƵŝƉĂŵĞŶƚŽƐ͘ ůĠŵ ĚŝƐƐŽ͕ ĂƚƌĂǀĠƐ ĚŽ ǀĂƐƚŽ ĐŽŶŚĞĐŝŵĞŶƚŽ ĂĚƋƵŝƌŝĚŽ ĐŽŵ Ž ĐŽŶƐƚĂŶƚĞ ŝŶƚĞƌĐąŵďŝŽ ĚĞ ŝŶĨŽƌŵĂĕƁĞƐ Ğ ĞdžƉĞƌŝġŶĐŝĂƐ ĐŽŵ ĞŵƉƌĞƐĂƐ ĨŽƌŶĞĐĞĚŽƌĂƐ͕ ŐĂƌĂŶƚŝƵ Ă ďĂƐĞ ĂĚĞƋƵĂĚĂ ƉĂƌĂ Ž ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĚĞ ƚƌĞŝŶĂŵĞŶƚŽƐ Ğ ĐƵƌƐŽƐ ĚĞ ĐĂƉĂĐŝƚĂĕĆŽ ŶĂƐ ĄƌĞĂƐ ĚĞ ƚĞƐƚĞƐ͕ ŵĞĚŝĕĆŽ Ğ ŵŽŶŝƚŽƌĂŵĞŶƚŽ ĂƚƌĂǀĠƐ ĚŽ ŶŽƐƐŽ /ŶƐƚŝƚƵƚŽ /ŶƐƚƌŽŶŝĐ͘

'HVGH RIHUHFHQGR VROXo}HV SDUD HQVDLRV H PRQLWRUDPHQWR QDV iUHDV GH (OpWULFD 0HFkQLFD 7HOHFRPXQLFDo}HV H 6HUYLoRV

ÌQGLFH ^K>h O ^ W Z ͗ dĞƐƚĞƐ ŽŵƉůĞƚŽƐ Ğŵ dƌĂŶƐĨŽƌŵĂĚŽƌĞƐ Ğ ^ƵďĞƐƚĂĕƁĞƐ ŝƐũƵŶƚŽƌĞƐ͕ ZĞůŝŐĂĚŽƌĞƐ Ğ ŚĂǀĞƐ ^ĞĐĐŝŽŶĂĚŽƌĂƐ ŝƐũƵŶƚŽƌĞƐ͕ ZĞůŝŐĂĚŽƌĞƐ͕ ŚĂǀĞƐ ^ĞĐĐŝŽŶĂĚŽƌĂƐ Ğ ZĞůĠƐ WƌŝŵĄƌŝŽƐ ŝƐũƵŶƚŽƌĞƐ͕ ZĞůŝŐĂĚŽƌĞƐ͕ ŚĂǀĞƐ ^ĞĐĐŝŽŶĂĚŽƌĂƐ Ğ ZĞůĠƐ ^ĞĐƵŶĚĄƌŝŽƐ dƌĂŶƐĨŽƌŵĂĚŽƌĞƐ ZĞůĠƐ ĚĞ WƌŽƚĞĕĆŽ Ğ dƌĂŶƐĚƵƚŽƌĞƐ DĞĚŝĕĆŽ ĚĞ ƚĞƌƌĂŵĞŶƚŽ Ğ ZĞƐŝƐƚŝǀŝĚĂĚĞ ĚĞ ^ŽůŽ DĄƋƵŝŶĂƐ͕ &ĞƌƌĂŵĞŶƚĂƐ Ğ DĂƚĞƌŝĂŝƐ /ƐŽůĂŶƚĞƐ >şƋƵŝĚŽƐ Ğ DĂƚĞƌŝĂŝƐ /ƐŽůĂŶƚĞƐ DĂƚĞƌŝĂŝƐ /ƐŽůĂŶƚĞƐ W/͛Ɛ Ğ W ͛Ɛ ZĞƐŝƐƚġŶĐŝĂ ĚĞ /ƐŽůĂĕĆŽ ĂďŽƐ YƵĂůŝĚĂĚĞ ĚĞ ŶĞƌŐŝĂ ^ĞƌǀŝĕŽƐ ƵdžŝůŝĂƌĞƐ ƋƵŝƐŝĕĆŽ͕ ZĞŐŝƐƚƌŽ Ğ ŶĄůŝƐĞ ĚĞ ĂĚŽƐ ĨĞŝƚŽ ŽƌŽŶĂ /ŶƐƉĞĕƁĞƐ DŽƚŽƌĞƐ Ğ DĄƋƵŝŶĂƐ ZŽƚĂƚŝǀĂƐ dĞƌŵŽŐƌĂĨŝĂ ŶĄůŝƐĞ ƐƚƌƵƚƵƌĂů &ůƵdžŽ DƵůƚŝŐƌĂŶĚĞnjĂƐ DŽŶŝƚŽƌĂŵĞŶƚŽ ĚĞ ĂŵƉŽ ůĞƚƌŽŵĂŐŶĠƚŝĐŽ hŶŝĚĂĚĞƐ DſǀĞŝƐ DŽŶƚĂŐĞŵ ĚĞ WĂŝŶĠŝƐ ůĠƚƌŝĐŽƐ ƚƵĂůŝnjĂĕĆŽ dĞĐŶŽůſŐŝĐĂƐ ^ĞƌǀŝĕŽƐ ƐƉĞĐŝĂůŝnjĂĚŽƐ WƌŽĨŝƐƐŝŽŶĂŝƐ ĚĂ ƌĞĂ Ͳ ƵƌƐŽƐ /ŶƐƚŝƚƵƚŽ /ŶƐƚƌŽŶŝĐ

Ϭϭ ϬϮ Ϭϱ Ϭϳ Ϭϴ ϭϱ ϭϴ ϭϵ ϮϬ Ϯϭ ϮϮ Ϯϯ Ϯϱ Ϯϲ Ϯϳ Ϯϴ Ϯϵ ϯϬ ϯϯ ϯϱ ϯϲ ϯϳ ϯϵ ϰϬ ϰϭ ϰϯ ϰϰ ϰϱ

(OpWULFD

,QVWURQLF ,QVWUXPHQWRV GH 7HVWHV /WGD

6(8 3529('25 '( 62/8d¯(6 (/e75,&$ 0(&Ç1,&$ 7(/(&2081,&$d¯(6

6ROXomR 0XOWLIXQFLRQDO SDUD (QVDLRV &RPSOHWRV HP 6XEHVWDo}HV H *HUDGRUHV /$1d$0(172 ,129$'25$ )(55$0(17$ 08/7,)81&,21$/ SDUD 7HVWHV GH 6XEHVWDomR H 7UDQIRUPDGRUHV

K dƌĂdž ĂůŝŶŚĂ Ž ĐŽŶĐĞŝƚŽ ĚĞ ƐĞƌ ƵŵĂ ǀĞƌĚĂĚĞŝƌĂ ĐĂŝdžĂ ĚĞ ĨĞƌƌĂŵĞŶƚĂƐ ĚĞ dĞƐƚĞƐ Ğŵ ^ƵďĞƐƚĂĕƁĞƐ Ğ 'ĞƌĂĚŽƌĞƐ ĐŽŵ ĨĂĐŝůŝĚĂĚĞ ĚĞ KƉĞƌĂĕĆŽ Ğ ŽŶĞdžĆŽ ĚĞ ĂďŽƐ͘

/(9( H 3257É7,/ SHUPLWH VHU IDFLOPHQWH WUDQVSRUWDGR H PDQXVHDGR SRU XP ~QLFR RSHUDGRU

6ROXo}HV SDUD 7HVWHV &RPSOHWRV HP 7UDQVIRUPDGRUHV H 6XEHVWDo}HV

ZĞĂůŝnjĂ ƚĞƐƚĞƐ Ğŵ͗

dƌĂŶƐĨŽƌŵĂĚŽƌĞƐ ĚĞ WŽƚġŶĐŝĂ DŽŶŽĨĄƐŝĐĂ Ğ dƌŝĨĄƐŝĐĂ͘ dƌĂŶƐĨŽƌŵĂĚŽƌĞƐ ĚĞ DĞĚŝĕĆŽ͘ ŝƐũƵŶƚŽƌĞƐ͘ ^ĞĐĐŝŽŶĂĚŽƌĂ͘ ĂƌƌĂŵĞŶƚŽ͘ ĂƉĂĐŝƚŽƌĞƐ͘ /ŶĚƵƚŽƌĞƐ ͬ ZĞĂƚŽƌĞƐ͘ WĂŝŶĠŝƐ͘ WĂƌĂͲƌĂŝŽƐ͘ ZĞůĠƐ DŽŶŽĨĄƐŝĐŽƐ͘ ƚĞƌƌĂŵĞŶƚŽ͘ 'ĞƌĂĚŽƌĞƐ͘ DŽƚŽƌĞƐ͘

&yGLJR 05$ $

&ƵŶĕƁĞƐ ͬ DĞĚŝĕĆŽ͗ ZĞƐŝƐƚġŶĐŝĂ ĚĞ ĞŶƌŽůĂŵĞŶƚŽ DŽŶŽĨĄƐŝĐŽ Ğ dƌŝĨĄƐŝĐŽ͘ ĞƐŵĂŐŶĞƚŝnjĂĕĆŽ͘ ZĞƐŝƐƚġŶĐŝĂ ĚŝŶąŵŝĐĂ ĚĞ K>d ͘ ZĞůĂĕĆŽ ĚĞ ĞƐƉŝƌĂƐ Ͳ DŽŶŽĨĄƐŝĐŽ Ğ dƌŝĨĄƐŝĐŽ͘ /ŵƉĞĚąŶĐŝĂ dĞƌŵŝŶĂů ͬ ƵƌƚŽ ŝƌĐƵŝƚŽ͘ ĚŵŝƚąŶĐŝĂ͘ &ĂƚŽƌ ĚĞ WŽƚġŶĐŝĂ Ğ dĂŶŐĞŶƚĞ ĞůƚĂ ĐŽŵ ĐŽƌƌĞĕĆŽ ĂƵƚŽŵĄƚŝĐĂ Ğŵ ĨƵŶĕĆŽ ĚĂ dĞŵƉĞƌĂƚƵƌĂ͘ ŽƌƌĞŶƚĞ ĚĞ džĐŝƚĂĕĆŽ͘ WŽůĂƌŝĚĂĚĞ͘ WŽŶƚŽ ĚĞ ^ĂƚƵƌĂĕĆŽ͘ ZĞƐŝƐƚġŶĐŝĂ ĚĞ ŽŶƚĂƚŽ Ͳ DŝĐƌŽŚŵşŵĞƚƌŽ ;ϬͲϭϬϬ Ϳ͘ KƐĐŝůŽŐƌĂĨŝĂ ĐŽŶƚĂƚŽƐ ƉƌŝŶĐŝƉĂŝƐ Ğ ƌĞƐŝƐƚŝǀŽƐ͘ DĞĚŝĕĆŽ ͬ ŶĄůŝƐĞ ĚĞ ƉĞƌĐƵƌƐŽ Ğ ƌĞƐŝƐƚġŶĐŝĂ ĚŝŶąŵŝĐĂ͘ DĞĚŝĕĆŽ ĚĞ ƚĞŵƉŽ͘ dĞƐƚĞ ĚĞ ƚĞƌƌĂŵĞŶƚŽ͘ ĂůŝďƌĂĕĆŽ ĚĞ ZĞůĠƐ ĚĞ WƌŽƚĞĕĆŽ͘ dĞƐƚĞƐ ĚĞ ƉƌŽƚĞĕĆŽ ƉƌŝŵĄƌŝĂ͘ DĞĚŝĕĆŽ ĚĞ ąŶŐƵůŽ ĚĞ ĨĂƐĞ͘ KƐĐŝůŽƐĐſƉŝŽ͘ Ϭϰ ĂŶĂŝƐ ŵƵůƚŝŵĞĚŝĚŽƌĞƐ ƉĂƌĂ ĐƌŝĂĕĆŽ ĐƵƐƚŽŵŝnjĂĚĂ ĚĞ ĨƵŶĕƁĞƐ ĚĞ ƚĞƐƚĞ͘ ŶĄůŝƐĞ ĚĞ ƌĞƐƉŽƐƚĂ Ğŵ ĨƌĞƋƵġŶĐŝĂ ĚĞ ƉĞƌĚĂƐ ;&Z^>Ϳ͘

ZZZ LQVWURQLF FRP EU

WŽƐƐƵŝ ŝƐƉůĂLJ ƚŽƵĐŚƐĐƌĞĞŶ Ğ ĐŽŶƚĂ ĐŽŵ ĨĞƌƌĂŵĞŶƚĂƐ ĂŵŝŐĄǀĞŝƐ͕ ŝŶƚƵŝƚŝǀĂƐ ďĞŵ ĚĞĨŝŶŝĚĂƐ ƋƵĞ ĐŽŶĚƵnjĞŵ Ž ŽƉĞƌĂĚŽƌ Ă ƌĞĂůŝnjĂƌ Ž ŶƐĂŝŽ ĚĞƐĞũĂĚŽ ĐŽŵ ĨĂĐŝůŝĚĂĚĞ͘

YHQGDV#LQVWURQLF FRP EU

,QVWURQLF ,QVWUXPHQWRV GH 7HVWHV /WGD

6(8 3529('25 '( 62/8d¯(6 (/e75,&$ 0(&Ç1,&$ 7(/(&2081,&$d¯(6

(OpWULFD

6LVWHPD $QDOLVDGRU GH 'LVMXQWRUHV ƋƵŝƉĂŵĞŶƚŽ ŝĚĞĂů ƉĂƌĂ ŶĄůŝƐĞ ĚĞ ŝƌĐƵŝƚŽƐ ĚĞ ŝƐũƵŶƚŽƌĞƐ ĐŽŵ Ƶŵ ĐŽŶƚĂƚŽ ƉƌŝŶĐŝƉĂů ƉŽƌ ĨĂƐĞ͘

ZĞĂůŝnjĂ ŶƐĂŝŽƐ ĚĞ ^ŝŵƵůƚĂŶĞŝĚĂĚĞ͕ WĞƌĐƵƌƐŽ͕ ŽƌƌĞŶƚĞ ĚĞ ŽďŝŶĂƐ͕ sĞůŽĐŝĚĂĚĞ ĚĞ ďĞƌƚƵƌĂ Ğ &ĞĐŚĂŵĞŶƚŽ͘ Žŵ ĂƵdžŝůŝŽ ĚŽ ĂĐĞƐƐſƌŝŽ ^ ZD ƉĞƌŵŝƚĞ DĞĚŝĕƁĞƐ ĚĞ ZĞƐŝƐƚġŶĐŝĂ ƐƚĄƚŝĐĂ Ğ ŝŶąŵŝĐĂ͘ ŝƐƉƁĞ ĚĞ Ϭϯ ĐĂŶĂŝƐ ĚĞ ƚĞŵƉŽ͕ ϬϮ ĐĂŶĂŝƐ ĂƵdžŝůŝĂƌĞƐ ĚĞ ƌĞƐŝƐƚŝǀŝĚĂĚĞ Ğ Ϭϭ ĐĂŶĂů ĂŶĂůſŐŝĐŽ ƉĂƌĂ ŵĞĚŝĕĆŽ ĚĞ ƉĞƌĐƵƌƐŽ͘ /ŶƚĞƌĨĂĐĞ h^ ƉĂƌĂ ŽŵƵŶŝĐĂĕĆŽ ĐŽŵ ^ŽĨƚǁĂƌĞ Ğ ĂŶĐŽ ĚĞ ĂĚŽƐ͘ WŽƐƐƵŝ ŝŵƉƌĞƐƐŽƌĂ ŝŶĐŽƌƉŽƌĂĚĂ ƉĂƌĂ ŵŝƐƐĆŽ ĚĞ ZĞůĂƚſƌŝŽƐ͘ &yGLJR 35$ '

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0DLV $JLOLGDGH H 6HJXUDQoD

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&yGLJR 35$ $

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,QVWURQLF ,QVWUXPHQWRV GH 7HVWHV /WGD

6(8 3529('25 '( 62/8d¯(6 (/e75,&$ 0(&Ç1,&$ 7(/(&2081,&$d¯(6

ƋƵŝƉĂŵĞŶƚŽƐ Ğ ^ŝƐƚĞŵĂƐ ƋƵĞ ĂƉƌĞƐĞŶƚĂŵ ůƚĂ WƌĞĐŝƐĆŽ Ğ dĞĐŶŽůŽŐŝĂ ĚĞ WŽŶƚĂ ĐĂƉĂnjĞƐ ĚĞ ƌĞĂůŝnjĂƌ ŶƐĂŝŽƐ ĚĞ /ƐŽůĂĕĆŽ͕ &ĂƚŽƌ ĚĞ WŽƚġŶĐŝĂ Ğ ĂƉĂĐŝƚąŶĐŝĂ ĚĞ ĨŽƌŵĂ WƌĄƚŝĐĂ͕ ZĄƉŝĚĂ Ğ ^ĞŐƵƌĂ Ğŵ ĂŵƉŽ ŽƵ >ĂďŽƌĂƚſƌŝŽ͘ 0HGLGRU ,QWHOLJHQWH GH &DSDFLWkQFLD H )DWRU GH 3RWrQFLD

&yGLJR 05$ -

8OWUD /(9(

DĞĚŝĕƁĞƐ ZĄƉŝĚĂƐ Ğ WƌĞĐŝƐĂƐ͕ ŶƐĂŝŽƐ ĂƚĠ ϭϮ<s Ğŵ ^ƵďĞƐƚĂĕƁĞƐ ĚĞ ĂƚĠ ϳϲϱ <͘ K ŵĞĚŝĚŽƌ /ŶƚĞůŝŐĞŶƚĞ ĚĞ ĂƉĂĐŝƚąŶĐŝĂ Ğ &ĂƚŽƌ ĚĞ WŽƚġŶĐŝĂ ĂǀĂůŝĂ Ă ĐŽŶĚŝĕĆŽ ĚĞ /ƐŽůĂŵĞŶƚŽ ůĠƚƌŝĐŽ Ğŵ ƋƵŝƉĂŵĞŶƚŽƐ ĚĞ ůƚĂ dĞŶƐĆŽ ĐŽŵŽ͗ dƌĂŶƐĨŽƌŵĂĚŽƌĞƐ͕ ƵĐŚĂƐ͕ ŝƐũƵŶƚŽƌĞƐ͕ ĂďŽƐ Ğ DĄƋƵŝŶĂƐ ZŽƚĂƚŝǀĂƐ͘ ϬϮ ĨŽƌŵĂƐ ĚĞ KƉĞƌĂĕĆŽ͗ dŽƚĂůŵĞŶƚĞ ĂƵƚŽŵĄƚŝĐĂ͗ ^ŝŵƉůŝĨŝĐĂ͕ ĞůŝŵŝŶĂ ĞƌƌŽƐ ĚĞ KƉĞƌĂĕĆŽ Ğ ƌĞĚƵnj ƚĞŵƉŽ ĚĞ ŶƐĂŝŽ͕ ƌĞĂůŝnjĂŶĚŽ Ă ĐŽƌƌĞĕĆŽ ĚŽ &͘W͘ΛϮϬǑ ͘ ƚĞůĂ ĚĞ ƚĞƐƚĞ Ġ ŝŐƵĂů ĂŽ ƌĞůĂƚſƌŝŽ ŐĞƌĂĚŽ͘ ^ĞŵŝĂƵƚŽŵĄƚŝĐĂͬdƌĂĚŝĐŝŽŶĂů͗ 'ƌĂŶĚĞ ǀŝƐŝďŝůŝĚĂĚĞ Ğ ĚŽŵşŶŝŽ ĚŽ ŶƐĂŝŽ͕ ĐŽŵ ĞdžĐůƵƐŝǀĂ dĞůĂ ĚĞ KƐĐŝůŽƐĐſƉŝŽ ƉĂƌĂ sŝƐŝďŝůŝĚĂĚĞ ĚĂƐ KŶĚĂƐ ŐĞƌĂĚĂƐ Ğ ŵĞĚŝĚĂƐ͘ EŽ ŵŽĚŽ ^ĞŵŝĂƵƚŽŵĄƚŝĐŽ ƉĞƌŵŝƚĞ Ă džƉŽƌƚĂĕĆŽ ĚĂƐ ĂĚŽƐ ĚĞ dĞƐƚĞƐ Ğŵ ĨŽƌŵĂƚŽ ^s͘ ZĞĂůŝnjĂ ŶƐĂŝŽƐ ŶŽ ƉĂĚƌĆŽ h^d ;ĂŵŽƐƚƌĂƐ ŶĆŽ ĂƚĞƌƌĂĚĂƐͿ Ğ '^d ;ĂŵŽƐƚƌĂƐ ĂƚĞƌƌĂĚĂƐͿ͕ ĐŽŵŽ ŽƵ ƐĞŵ ŝƌĐƵŝƚŽ ĚĞ 'ƵĂƌĚĂ͘ sĂƌŝĂĕĆŽ ĚĂ &ƌĞƋƵġŶĐŝĂ ĚĞ dĞƐƚĞ ĚĞ͗ ϭ Ă ϱϬϬ,nj͘ DĞĚĞ͗ ĂƉĂĐŝƚąŶĐŝĂ͕ /ŶĚƵƚąŶĐŝĂ͕ &ĂƚŽƌ ĚĞ WŽƚġŶĐŝĂ ŽƵ dĂŶͲ ĞůƚĂ Ğ ƉĞƌĚĂƐ͘ ŽƌƌĞĕĆŽ ĚĂ DĞĚŝĕĆŽ Ğŵ &ƵŶĕĆŽ ĚĂ dĞŵƉĞƌĂƚƵƌĂ ĚĞ dĞƐƚĞ͘ ĞƚĞĐĕĆŽ ƵƚŽŵĄƚŝĐĂ ĚĞ DĞĚŝĕĆŽ ŶĆŽ ůŝŶĞĂƌ͘ ŝƌĐƵŝƚŽ ƵƚŽŵĄƚŝĐŽ ĚĞ ^ƵƉƌĞƐƐĆŽ ĚĞ /ŶƚĞƌĨĞƌġŶĐŝĂ ŐĂƌĂŶƚĞ Ă WƌĞĐŝƐĆŽ Ğ ŽŶĨŝĂŶĕĂ ĚŽ dĞƐƚĞ Ğŵ ƐĞǀĞƌĂƐ ŽŶĚŝĕƁĞƐ ĚĞ /ŶƚĞƌĨĞƌġŶĐŝĂ͘ /ŶƚĞƌĨĂĐĞ h^ Ğ ƚŚĞƌŶĞƚ Ğ DĞŵſƌŝĂ ƉĂƌĂ ĂƚĠ ϭϬϬ͘ϬϬϬ ŵĞĚŝĕƁĞƐ͘ WŽƌƚĄƚŝů ĐŽŵ ĂƉĞŶĂƐ ϯϲ<Ő ;ƉĞƐŽ ƚŽƚĂů ĚŽƐ ŵſĚƵůŽƐͿ ƉŽĚĞ ƐĞƌ ŵŽŶƚĂĚŽ Ğŵ Ƶŵ ĂƌƌŝŶŚŽ ĚĞ dƌĂŶƐƉŽƌƚĞ͘

$QDOLVDGRU GH 'HVORFDPHQWR H 'HIRUPDomR GH (QURODPHQWRV )5$ K ĂŶĂůŝƐĂĚŽƌ ĚĞ ƌĞƐƉŽƐƚĂ Ğŵ ǀĂƌƌĞĚƵƌĂ ĚĞ ĨƌĞƋƵġŶĐŝĂ ĚĞƚĞĐƚĂ ĚĞƐůŽĐĂŵĞŶƚŽ Ğ ĚĞĨŽƌŵĂĕĆŽ ĚĂƐ ƉĂƌƚĞƐ ŝŶƚĞƌŶĂƐ͕ ƉƌŽůŽŶŐĂŶĚŽ Ž ƚĞŵƉŽ ĚĞ ǀŝĚĂ ĚŽ ƚƌĂŶƐĨŽƌŵĂĚŽƌ ƋƵĞ ƉŽĚĞ ŽƉĞƌĂƌ Ğŵ ĐĂƌŐĂ ŵĄdžŝŵĂ ĐŽŵ ƚŽƚĂů ƐĞŐƵƌĂŶĕĂ͘ ĞƚĞĐƚĂ͗ ĞĨŽƌŵĂĕƁĞƐ Ğ ĞƐůŽĐĂŵĞŶƚŽ ĚŽ ŶƌŽůĂŵĞŶƚŽ͘ ƵƌƚŽ ŝƌĐƵŝƚŽ ĞŶƚƌĞ ƐƉŝƌĂƐ ŽƵ ĂďĞƌƚƵƌĂ ĚŽ ŶƌŽůĂŵĞŶƚŽ͘ ƐƚƌƵƚƵƌĂƐ ĚĞƐĂƉĞƌƚĂĚĂƐ͘ ƐƚƌƵƚƵƌĂƐ ƋƵĞďƌĂĚĂƐ͘ WƌŽďůĞŵĂƐ ĚĂ ĐŽŶĞdžĆŽ ĚŽ ŶƷĐůĞŽ͘ ŽůĂƉƐŽ ƉĂƌĐŝĂů ĚŽ ŶƌŽůĂŵĞŶƚŽ͘ dĞƌƌĂƐ ĚĞĨĞŝƚƵŽƐĂƐ ĚŽ EƷĐůĞŽ͘ DŽǀŝŵĞŶƚŽƐ ĚŽ EƷĐůĞŽ͘

6ROXo}HV SDUD 7UDQVIRUPDGRUHV

&yGLJR 3$$ %

6LVWHPD GH 'LDJQyVWLFR GH ,VRODomR ,'$

&yGLJR 3$$ %

hƚŝůŝnjĂ dĞĐŶŽůŽŐŝĂ &Z ;ZĞƐƉŽƐƚĂ Ğŵ &ƌĞƋƵġŶĐŝĂ ŝĞůĠƚƌŝĐĂͿ ƋƵĞ ƚĂŵďĠŵ Ġ ĐŽŶŚĞĐŝĚŽ ĐŽŵŽ & ^ ; ƐƉĞĐƚƌŽƐĐŽƉŝĂ ŶŽ ŽŵşŶŝŽ ĚĂ &ƌĞƋƵġŶĐŝĂͿ͘ &ŽƌŶĞĐĞƌ ĐŽŶĚŝĕƁĞƐ ƉƌĞĐŝƐĂƐ Ğ ĐŽŶĨŝĄǀĞŝƐ ƉĂƌĂ ǀĞƌŝĨŝĐĂĕĆŽ ĚĞ /ƐŽůĂŵĞŶƚŽ Ğŵ dƌĂŶƐĨŽƌŵĂĚŽƌĞƐ͕ ƵĐŚĂƐ͕ 'ĞƌĂĚŽƌĞƐ Ğ ĂďŽƐ͘ ǀĂůŝĂĕĆŽ ƌĄƉŝĚĂ Ğ ƉƌĞĐŝƐĂ ĚĞ ƵŵŝĚĂĚĞ Ğŵ dƌĂŶƐĨŽƌŵĂĚŽƌĞƐ͘ WŽƐƐƵŝ ƌĞƐƵůƚĂĚŽƐ ĐŽŶĨŝĄǀĞŝƐ Ğŵ ƋƵĂůƋƵĞƌ dĞŵƉĞƌĂƚƵƌĂ͘ ŶĄůŝƐĞ ƵƚŽŵĄƚŝĐĂ ĚĞ hŵŝĚĂĚĞ Ğ ŽŶĚƵƚŝǀŝĚĂĚĞ ĚŽ ſůĞŽ͘ &ƌĞƋƵġŶĐŝĂ͗ Ϭ͕ϭ ŵ,nj ʹ ϭϬ Ŭ,nj͘

ZZZ LQVWURQLF FRP EU

YHQGDV#LQVWURQLF FRP EU

6(8 3529('25 '( 62/8d¯(6 (/e75,&$ 0(&Ç1,&$ 7(/(&2081,&$d¯(6

^ŽůƵĕƁĞƐ /ŶƚĞŐƌĂĚĂƐ ƋƵĞ ĂƐƐĞŐƵƌĂŵ Ž ĂƵŵĞŶƚŽ ĚĂ ǀŝĚĂ Ʒƚŝů ĚĞ dƌĂŶƐĨŽƌŵĂĚŽƌĞƐ͕ ƌĞĚƵnjŝŶĚŽ ŽƐ ĐƵƐƚŽƐ ĐŽŵ ƉĂƌĂĚĂƐ ŝŶĞƐƉĞƌĂĚĂƐ Ğ ƉƌŽŐƌĂŵĂƐ ĚĞ ŵĂŶƵƚĞŶĕĆŽ͘ 'ĂƌĂŶƚŝŵŽƐ Ă ŵĞůŚŽƌ ^ŽůƵĕĆŽ ƵƐƚŽŵŝnjĂĚĂ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ĂƐ ƌĞĂŝƐ ŶĞĐĞƐƐŝĚĂĚĞƐ ĚĞ ƐƵĂ ŵƉƌĞƐĂ͕ ƉŽĚĞŶĚŽ͕ ŝŶĐůƵƐŝǀĞ͕ WƌŽũĞƚĂƌ Ƶŵ ^ŝƐƚĞŵĂ DŽĚƵůĂƌ ƋƵĞ ĂĐŽŵƉĂŶŚĂƌĄ Ă ĂŵƉůŝĂĕĆŽ ĚĞ ƐƵĂ ZĞĚĞ ĚĞ dƌĂŶƐĨŽƌŵĂĚŽƌĞƐ͘

(OpWULFD

,QVWURQLF ,QVWUXPHQWRV GH 7HVWHV /WGD

'ĞƌĞŶĐŝĂŵĞŶƚŽ ĐŽŵƉůĞƚŽ ĚĞ ƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐ ƋƵĞ ƉƌŽƉŽƌĐŝŽŶĂ͗ ĞƚĞĐĕĆŽ ĚĞ 'ĂƐĞƐ ŝƐƐŽůǀŝĚŽƐ Ğŵ >şƋƵŝĚŽƐ /ƐŽůĂŶƚĞƐ͘ ŽŶƚƌŽůĞ ĚĂ ǀŽůƵĕĆŽ ĚĂƐ &ĂůŚĂƐ Ğŵ dĞŵƉŽ ZĞĂů͘ ƉƌŝŵŽƌĂŵĞŶƚŽ ĚŽ ŽŶƚƌŽůĞ ĚĞ ĂƌƌĞŐĂŵĞŶƚŽ͘ WƌŽŐƌĂŵĂĕĆŽ ĨŝĐĂnj ĚĂƐ DĂŶƵƚĞŶĕƁĞƐ ƌĞĚƵnjŝŶĚŽ ĐƵƐƚŽƐ Ğ Ž ǀŽůƵŵĞ ĚĞ ƚƌĂďĂůŚŽ͘ ŽŶƚƌŽůĞ ĚŽ WƌŽĐĞƐƐŽ ĚĞ ŶǀĞůŚĞĐŝŵĞŶƚŽ ĚŽ ^ŝƐƚĞŵĂ ĚĞ /ƐŽůĂĕĆŽ͘

$QDOLVDGRU 3RUWiWLO GH *DVHV 'LVVROYLGRV ƋƵŝƉĂŵĞŶƚŽ ŵĞĚĞ ,ŝĚƌŽŐġŶŝŽ ;,ϮͿ͕ DŽŶſdžŝĚŽ ĚĞ ĐĂƌďŽŶŽ ; KͿ͕ ŝſdžŝĚŽ ĚĞ ĐĂƌďŽŶŽ ; KϮͿ͕ DĞƚĂŶŽ ; ŚϰͿ͕ ĐĞƚŝůĞŶŽ ; Ϯ,ϮͿ͕ ƚĂŶŽ ; Ϯ,ϲͿ͕ ƚŝůĞŶŽ ; Ϯ,ϰͿ͘ K ƌĞƐƵůƚĂĚŽ ĚĂ ŶĄůŝƐĞ Ġ ĂƉƌĞƐĞŶƚĂĚŽ ŶŽ ůŽĐĂů Ğŵ ƋƵĞƐƚĆŽ ĚĞ ŵŝŶƵƚŽƐ͘ hƚŝůŝnjĂ DĠƚŽĚŽƐ ĚĞ ůŐŽƌŝƚŵŽ ĚĞ ŝĂŐŶſƐƚŝĐŽ ' ZŽŐĞƌDzƐ ZĂƚŝŽ dƌŝąŶŐƵůŽ ĚĞ ƵƌǀĂů Ğ 'ĂƐĞƐ ŚĂǀĞƐ ĐŽŶĨŽƌŵĞ / ͘ KĨĞƌĞĐĞ Ă ŽƉĕĆŽ ĚĞ ƌĞƚŝƌĂĚĂ ĚĞ ĂŵŽƐƚƌĂ ĚŽ ZĞůĠ ƵĐŚŚŽůnj͘ dŽƚĂůŵĞŶƚĞ /ŶƚĞŐƌĂĚŽ ĂŽ ^ŽĨƚǁĂƌĞ ĚĞ ŐĞƌĞŶĐŝĂŵĞŶƚŽ W Z Wd/KE ƋƵĞ ƉĞƌŵŝƚĞ ƌŵĂnjĞŶĂŵĞŶƚŽ Ğ džƉŽƌƚĂĕĆŽ ĚŽƐ ĂĚŽƐ ƉĂƌĂ ƉŽƐƚĞƌŝŽƌ ŶĄůŝƐĞ͘ ƋƵŝƉĂŵĞŶƚŽ WŽƌƚĄƚŝů ĐĂƉĂnj ĚĞ DĞĚŝƌ Ϭϳ ŐĂƐĞƐ ĚŝƐƐŽůǀŝĚŽƐ Ğ Ă ƵŵŝĚĂĚĞ Ğŵ ſůĞŽ ŵŝŶĞƌĂů ŝƐŽůĂŶƚĞ ƵƐĂĚŽ Ğŵ dƌĂŶƐĨŽƌŵĂĚŽƌĞƐ͘

&URPDWyJUDIR 3257É7,/ JDVHV 8PLGDGH &yGLJR 6<$ $

6LVWHPD GH 0RQLWRUDPHQWR H 'LDJQyVWLFR 2QOLQH HP 7UDQVIRUPDGRUHV 'HWHFWRU GH *DVHV 'LVVROYLGRV H 8PLGDGH 2QOLQH ƋƵŝƉĂŵĞŶƚŽ ŝŶĐŽƌƉŽƌĂ Ž DŽŶŝƚŽƌĂŵĞŶƚŽ ĚĞ hŵŝĚĂĚĞ ĂŽ ĞƚĞĐƚŽƌ ĚĞ 'ĂƐĞƐ ĚŝƐƐŽůǀŝĚŽƐ ŶŽ MůĞŽ͘ ƐƐĂ ĐĂƌĂĐƚĞƌşƐƚŝĐĂ ƉĞƌŵŝƚĞ Ž ƵƐŽ ĚĞ Ƶŵ ƷŶŝĐŽ ĚĞƚĞĐƚŽƌ ĚĞ DŽŶŝƚŽƌĂŵĞŶƚŽ KŶůŝŶĞ ĚĞ >şƋƵŝĚŽƐ ŝĞůĠƚƌŝĐŽƐ ĚĞ dƌĂŶƐĨŽƌŵĂĚŽƌĞƐ͘ ŽŶƚĂ ĐŽŵ ĚŝƐƉŽƐŝƚŝǀŽ ĚĞ ĂůĂƌŵĞ ĚĞ ĐŽŶĚŝĕƁĞƐ ĚĞ ĨĂůŚĂ͕ ǀŝĂďŝůŝnjĂŶĚŽ Ă ĂŶƚĞĐŝƉĂĕĆŽ ĚĞ ĂĕƁĞƐ ĐŽƌƌĞƚŝǀĂƐ͘ DŽŶŝƚŽƌĂ ĐŽŵƉŽƐƚŽ ĚĞ Ϭϰ ŐĂƐĞƐ͗ ,ŝĚƌŽŐġŶŝŽ ;,ϮͿ͕ DŽŶŽdžŝĚŽ ĚĞ ĂƌďŽŶŽ ; KͿ͕ ƚŝůĞŶŽ ; Ϯ,ϰͿ͕ ĐĞƚŝůĞŶŽ ; Ϯ,ϮͿ Ğ hŵŝĚĂĚĞ ZĞůĂƚŝǀĂ͘ ŽŵƵŶŝĐĂĕĆŽ ǀŝĂ /ŶƚĞƌĨĂĐĞ Z^ͲϮϯϮ͕ Z^Ͳϰϴϱ Ğ ƚŚĞƌŶĞƚ͘ &ĄĐŝů /ŶƐƚĂůĂĕĆŽ Ğ DŽŶƚĂŐĞŵ͘

'HWHFWRU GH *DVHV 'LVVROYLGRV GH %DL[R &XVWR /ŶĚŝĐĂĚŽ ƉĂƌĂ DŽŶŝƚŽƌĂŵĞŶƚŽ ĚĞ dƌĂŶƐĨŽƌŵĂĚŽƌĞƐ ŵĞŶŽƐ ĐƌşƚŝĐŽƐ Ğ ĐĂƌŽƐ͕ Ğŵ ƋƵĞ Ž ŽďũĞƚŝǀŽ ƉƌŝŶĐŝƉĂů Ġ ĞǀŝƚĂƌ ĂƐ ĐŽŶƐĞƋƵġŶĐŝĂƐ ĚĞ ƵŵĂ /ŶƚĞƌƌƵƉĕĆŽ ŶĆŽ ƉůĂŶĞũĂĚĂ͕ ƚĂŝƐ ĐŽŵŽ͗ ƉĞƋƵĞŶŽƐ dƌĂŶƐĨŽƌŵĂĚŽƌĞƐ ĚĞ WŽƚġŶĐŝĂ͕ dƌĂŶƐĨŽƌŵĂĚŽƌĞƐ ĚĞ ŝƐƚƌŝďƵŝĕĆŽ͕ K>d ͛Ɛ ă ſůĞŽ Ğ dƌĂŶƐĨŽƌŵĂĚŽƌĞƐ ĚĞ DĞĚŝĕĆŽ ă ſůĞŽ ;d ͛Ɛ Ğ dW͛ƐͿ͘ ĂŝdžŽ ĐƵƐƚŽ ĚĞ /ŶƐƚĂůĂĕĆŽ Ğ DĂŶƵƚĞŶĕĆŽ͘ DĞĚĞ ĐŽŶƚŝŶƵĂŵĞŶƚĞ ,Ϯ͘ ϬϮ ĂůĂƌŵĞƐ ĐŽŶĨŝŐƵƌĄǀĞŝƐ ĚĞ EşǀĞů ĚĞ ŐĄƐ͘ /ŶĚŝĐĂĚŽƌĞƐ ĐŽůŽƌŝĚŽƐ Ğ Ϭϯ ƐĂşĚĂƐ ĚĞ ZĞůĠ͕ ĂůƚĂŵĞŶƚĞ /ŶƚƵŝƚŝǀŽ ƐĞŵ Ă ŶĞĐĞƐƐŝĚĂĚĞ ĚĞ W ŽƵ ^ŽĨƚǁĂƌĞ ƉĂƌĂ DŽŶŝƚŽƌĂƌ ǀĂůŽƌĞƐ ŽƵ dĞŶĚġŶĐŝĂƐ ĚĞ ŐĄƐ͘

ZZZ LQVWURQLF FRP EU

YHQGDV#LQVWURQLF FRP EU

6ROXo}HV SDUD 7UDQVIRUPDGRUHV

&yGLJR 6<$ $

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&yGLJR 6<$ &

'ĂƐĞƐ DŽŶŝƚŽƌĂĚŽƐ͗ EŝƚƌŽŐġŶŝŽ ;EϮͿ͕ ,ŝĚƌŽŐġŶŝŽ ;,ϮͿ͕ DĞƚĂŶŽ ; ,ϰͿ͕ ƚĂŶŽ ; Ϯ,ϲͿ͕ ƚŝůĞŶŽ ; Ϯ,ϰͿ͕ ĐĞƚŝůĞŶŽ ; Ϯ,ϮͿ͕ DŽŶſdžŝĚŽ ĚĞ ĂƌďŽŶŽ ; KͿ͕ ŝſdžŝĚŽ ĚĞ ĂƌďŽŶŽ ; KϮͿ͕ KdžŝŐġŶŝŽ ;KϮͿ͘ ĐŽŶĐĞŶƚƌĂĕĆŽ ĚĞ ĐĂĚĂ ŐĄƐ ĚŝƐƐŽůǀŝĚŽ Ġ ŝŶĨŽƌŵĂĚŽ ĚĞ ŵĂŶĞŝƌĂ ŝŶĚĞƉĞŶĚĞŶƚĞ Ğ ĞdžƉƌĞƐƐŽ Ğŵ WWDΖƐ͘ WŽƐƐƵŝ ĚŽŝƐ ĐĂŶĂŝƐ ƉĂƌĂ ĐŽŵƵŶŝĐĂĕĆŽ ƌĞŵŽƚĂ͘ ^ƵƉŽƌƚĂ ƉƌŽƚŽĐŽůŽƐ DK h^͕ DK h^ͬd W͕ EWϯ͘Ϭ Ğ / ϲϭϴϱϬ͘ ŽŶĞdžĆŽ ůŽĐĂů ǀŝĂ ƉŽƌƚĂ h^ ŽƵ ƌĞŵŽƚĂ Z^ϮϯϮ͕ Z^ϰϴϱ͕ d, ZE d͕ DK D W^dE ŽƵ ĂŝŶĚĂ ĂƚƌĂǀĠƐ ĚĞ DK D D ŽƵ '^D͘ dŽƚĂůŵĞŶƚĞ /ŶƚĞŐƌĂĚŽ ĂŽ ^ŽĨƚǁĂƌĞ ͞W Z Wd/KE͟ ƋƵĞ ƉŽĚĞ ŽŶƚƌŽůĂƌ Ğ 'ĞƌĞŶĐŝĂƌ ƚŽĚŽƐ ŽƐ ůĂƌŵĞƐ ĚŽ ƋƵŝƉĂŵĞŶƚŽ ĂƚƌĂǀĠƐ ĚŽ ŽŵƉƵƚĂĚŽƌ͕ ĐĂƉĂnj ĚĞ ƌĞĂůŝnjĂƌ ŶĄůŝƐĞ ĚŽƐ 'ĂƐĞƐ ŝƐƐŽůǀŝĚŽƐ ; ' Ϳ͕ ƚƌĂĕĂƌ 'ƌĄĨŝĐŽƐ ĚĞ dĞŶĚġŶĐŝĂƐ ĚĞ ƵŵĞŶƚŽ ĚĞ 'ĂƐĞƐ Ğ ŐĞƌĂƌ ĂŶĐŽ ĚĞ ĂĚŽƐ ĐŽŵ ŚŝƐƚſƌŝĐŽ ĚŽ dƌĂŶƐĨŽƌŵĂĚŽƌ͘ ǀŝƚĂ ĚĞƐůŝŐĂŵĞŶƚŽƐ ŝŶĚĞƐĞũĂĚŽƐ͘ ĞƚĞĐƚĂ ĂƐ ƉŽƐƐşǀĞŝƐ &ĂůŚĂƐ ŶŽ ŝŶşĐŝŽ ĚŽ ƉƌŽďůĞŵĂ͘ WŽƐƐŝďŝůŝƚĂ Ž ĄůĐƵůŽ ĚŽ ĞŶǀĞůŚĞĐŝŵĞŶƚŽ ĚŽ dƌĂŶƐĨŽƌŵĂĚŽƌ͘ ƵŵĞŶƚĂ Ă ĐŽŶĨŝĂďŝůŝĚĂĚĞ ĚŽ ^ŝƐƚĞŵĂ͘

^ŝƐƚĞŵĂ ĚĞ DŽŶŝƚŽƌĂŵĞŶƚŽ Ğ ŝĂŐŶſƐƚŝĐŽ KŶůŝŶĞ Ğŵ dƌĂŶƐĨŽƌŵĂĚŽƌĞƐ͕ ĐĂƉĂnj ĚĞ ƌĞĂůŝnjĂƌ Ž DŽŶŝƚŽƌĂŵĞŶƚŽ ĚĞ Ϭϯ ƚŝƉŽƐ ĚĞ ŐĂƐĞƐ Ğ ƵŵŝĚĂĚĞ ĚŝƐƐŽůǀŝĚŽƐ Ğŵ ſůĞŽ ŵŝŶĞƌĂů ŝƐŽůĂŶƚĞ ƵƐĂĚŽ Ğŵ dƌĂŶƐĨŽƌŵĂĚŽƌĞƐ͘ ϬϮ ĐĂŶĂŝƐ ŝŶĚĞƉĞŶĚĞŶƚĞƐ ƉĂƌĂ ĐŽŵƵŶŝĐĂĕĆŽ ƌĞŵŽƚĂ͗ h^ Ğ d, ZE d͘ ^ƵƉŽƌƚĂ ƉƌŽƚŽĐŽůŽƐ ĚĞ ĐŽŵƵŶŝĐĂĕĆŽ͗ DK h^͕ DK h^ͬd W͕ EWϯ͘Ϭ Ğ / ϲϭϴϱϬ͘ ŽŶĞdžƁĞƐ ƌĞŵŽƚĂƐ ŽƉĐŝŽŶĂŝƐ͗ Z^ϮϯϮ͕ Z^ϰϴϱ͕ d, ZE d͕ DK D W^dE͕ Ğ DK D ǁŝƌĞůĞƐƐ D Kh '^D͘ ůĂƌŵĞƐ ĐŽŶĨŝŐƵƌĄǀĞŝƐ ƉĞůŽ ƵƐƵĄƌŝŽ ƋƵĞ ƉŽĚĞŵ ƐĞƌ ďĂƐĞĂĚŽƐ ŶŽƐ ŶşǀĞŝƐ ĚŽƐ ŐĂƐĞƐ Ğ ƵŵŝĚĂĚĞ͕ ƚĂdžĂ ĚĞ ǀĂƌŝĂĕĆŽ ĚĞ ĐĂĚĂ ŐĄƐ Ğ ĂŶĄůŝƐĞ ĚĞ ŐĂƐĞƐ ĚŝƐƐŽůǀŝĚŽƐ ; ' Ϳ͘ ƋƵŝƉĂŵĞŶƚŽ ƚŽƚĂůŵĞŶƚĞ ŝŶƚĞŐƌĂĚŽ ĂŽ ^ŽĨƚǁĂƌĞ ĚĞ ŐĞƌĞŶĐŝĂŵĞŶƚŽ ͞W Z Wd/KE͕͟ ĐĂƉĂnj ĚĞ ƌĞĂůŝnjĂƌ Ă ĂŶĂůŝƐĞ ĚŽƐ ŐĂƐĞƐ͕ ƚƌĂĕĂƌ ŐƌĄĨŝĐŽƐ ĚĞ ƚĞŶĚġŶĐŝĂƐ Ğ ĐƌŝĂƌ Ƶŵ ďĂŶĐŽ ĚĞ ĚĂĚŽƐ ĐŽŵ ŚŝƐƚſƌŝĐŽ ĚŽ ƚƌĂŶƐĨŽƌŵĂĚŽƌ͘

6ROXo}HV SDUD 7UDQVIRUPDGRUHV

&yGLJR 6<$ $

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ZZZ LQVWURQLF FRP EU

YHQGDV#LQVWURQLF FRP EU

,QVWURQLF ,QVWUXPHQWRV GH 7HVWHV /WGD

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0RQLWRUDPHQWR GH )DWRU GH 3RWrQFLD H 'HVFDUJDV 3DUFLDLV HP %XFKDV

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/ŶƚĞƌĨĂĐĞ͗ DŽĚďƵƐ Z^ ϰϴϱ͘

^ŽĨƚǁĂƌĞ ĞƐƉĞĐŝĂůŝƐƚĂ ƉĂƌĂ ĂŶĄůŝƐĞ͕ ĂůĂƌŵĞƐ Ğ ďĂŶĐŽ ĚĞ ĚĂĚŽƐ͘

ZZZ LQVWURQLF FRP EU

YHQGDV#LQVWURQLF FRP EU

6ROXo}HV SDUD 7UDQVIRUPDGRUHV

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,QVWURQLF ,QVWUXPHQWRV GH 7HVWHV /WGD

6(8 3529('25 '( 62/8d¯(6 (/e75,&$ 0(&Ç1,&$ 7(/(&2081,&$d¯(6

8QLGDGH 3RUWiWLO 3ROLIiVLFD SDUD (QVDLRV GH 5HOpV 6057 ^ŝƐƚĞŵĂ DŽĚƵůĂƌ ĐŽŵ ĐŽŶĨŝŐƵƌĂĕƁĞƐ ĚĞ Ϭϰ ƐĂşĚĂƐ ŐĞƌĂĚŽƌĂƐ ĚĞ dĞŶƐĆŽ ;ƌĞǀĞƌƐşǀĞŝƐ ƉĂƌĂ ĐŽƌƌĞŶƚĞͿ Ğ Ϭϲ ƐĂşĚĂƐ ŐĞƌĂĚŽƌĂƐ ĚĞ ŽƌƌĞŶƚĞ͕ ƚŽƚĂůŝnjĂŶĚŽ ĂƚĠ ϭϬ ƐĂşĚĂ ĚĞ ŽƌƌĞŶƚĞ ĐŽŶĨŝŐƵƌĄǀĞŝƐ͘ WŽĚĞ ĐŽŶƚĞƌ ĂƚĠ Ϭϲ ƐĂşĚĂƐ ďŝŶĄƌŝĂƐ Ğ ϭϬ ĞŶƚƌĂĚĂƐ ŶĄůŽŐŽͲ ŝŐŝƚĂŝƐ͘ ŶƐĂŝŽƐ Ğŵ ZĂŵƉĂ ĐŽŵ ǀĂƌŝĂĕĆŽ ĚĞ ŵĂŝƐ ĚĞ ƵŵĂ 'ƌĂŶĚĞnjĂ ƐŝŵƵůƚĂŶĞĂŵĞŶƚĞ ;dĞŶƐĆŽ͕ ŽƌƌĞŶƚĞ͕ &ƌĞƋƵġŶĐŝĂ Ğ ŶŐƵůŽͿ͘ ^ŝŵƵůĂ ĚŝǀĞƌƐŽƐ ĞƐƚĂĚŽƐ ĚĞ WƌĠͲĨĂůƚĂ Ğ &ĂůƚĂ ƐĞƋƵĞŶĐŝĂůŵĞŶƚĞ͘ ^ŝŵƵůĂĚŽƌ ĚĞ ĂƚĞƌŝĂƐ ŶĂƐ dĞŶƐƁĞƐ ;&ŽŶƚĞ ƵdžŝůŝĂƌͿ ĂƚĠ ϮϱϬs ĂũƵƐƚĄǀĞů Ğ ŝŶĚĞƉĞŶĚĞŶƚĞ͘ WŽƌƚĂƐ ĚĞ ĐŽŵƵŶŝĐĂĕĆŽ͗ h^ ͕ ƚŚĞƌŶĞƚ ĐŽŵ / ϲϭϴϱϬ ;ĚŝƐƉĞŶƐĂŶĚŽ Ă ƵƚŝůŝnjĂĕĆŽ ĚĞ ZƵďDzƐ ŽƵ ^ǁŝƚĐŚƐ ĞŶƚƌĞ Ă ĐĂŝdžĂ͕ Ž ZĞů Ğ Ă ZĞĚĞͿ͘ WŽƌƚĄƚŝů Ğ ůĞǀĞ ;ĂƚĠ ϭϳ͕ϴ <ŐͿ͕ ŝĚĞĂů ƉĂƌĂ ƵƐŽ Ğŵ ůĂďŽƌĂƚſƌŝŽ ŽƵ Ğŵ ĐĂŵƉŽ͘ ^ŽĨƚǁĂƌĞ ĞŵďĂƌĐĂĚŽ ĐŽŵƉůĞƚŽ Ğ ŝŶƚƵŝƚŝǀŽ͘ 'ĞƌĂĕĆŽ ĚĞ ďĂŶĐŽ ĚĞ ĚĂĚŽƐ Ğ ƌĞůĂƚſƌŝŽƐ ŶŽ ƉƌſƉƌŝŽ ĐŽŶƚƌŽůĂĚŽƌ͕ ƐĞŵ Ă ŶĞĐĞƐƐŝĚĂĚĞ ĚĞ ŽƵƚƌŽƐ ĂƉĂƌĂƚŽƐ͘ &yGLJR 05$ $

6ROXo}HV SDUD 5HOpV GH 3URWHomR H 7UDQVGXWRUHV

6LVWHPD 3RUWiWLO 3ROLIiVLFR SDUD (QVDLR GH 5HOpV )5(-$

&yGLJR 05$ (

WŽƐƐƵŝ ƚĞůĂ ĚĞ > dŽƵĐŚƐĐƌĞĞŶ͕ ƉĂƌĂ WƌŽŐƌĂŵĂĕĆŽ Ğ ŶĄůŝƐĞ͕ ƉŽƐƐŝďŝůŝƚĂŶĚŽ ƵƐŽ ĚĞ ĨŽƌŵĂ ^ƚĂŶĚ ůŽŶĞ͕ ƐĞŵ Ă ŶĞĐĞƐƐŝĚĂĚĞ ĚĞ EŽƚĞŬ ŽƵ W ͘

ĐŽŶƐĂŐƌĂĚĂ >ŝŶŚĂ &Z : ĂŐŽƌĂ ĐŽŵ ŶŽǀĂƐ ĨƵŶĐŝŽŶĂůŝĚĂĚĞƐ Ğ ŵĂŝŽƌ ƋƵĂŶƚŝĚĂĚĞ ĚĞ ƐĂşĚĂƐ 'ĞƌĂĚŽƌĂƐ ĚĞ dĞŶƐĆŽ Ğ ŽƌƌĞŶƚĞ͘ Ϭϯ ĐŽŶĨŝŐƵƌĂĕƁĞƐ͗ Ϭϳ ƐĂşĚĂƐ ŐĞƌĂĚŽƌĂƐ͗ ϰhͬϯ/͘ ϭϬ ƐĂşĚĂƐ ŐĞƌĂĚŽƌĂƐ͗ ϰhͬϲ/͘ ϭϬ ƐĂşĚĂƐ ŐĞƌĂĚŽƌĂƐ͗ ϰhͬϲ/ ŽƵ ϭhͬϵ/ŽƵ ϭh ͬϲ/ н Ϯ ^ĂŵƉůĞƐ sĂůƵĞƐ͘ ^ŝƐƚĞŵĂ DŽĚƵůĂƌ ĐŽŵ ĐĂƉĂĐŝĚĂĚĞ ĚĞ ĞdžƉĂŶƐĆŽ ĂƚƌĂǀĠƐ ĚĞ ĐŽŶĞdžĆŽ ŵĞƐƚƌĞ dž ĞƐĐƌĂǀŽ ĞŶƚƌĞ ƵŶŝĚĂĚĞƐ͕ ƉŽĚĞŶĚŽ ƉŽƐƐƵŝƌ ĂƚĠ ϰϬ ƐĂşĚĂƐ ŐĞƌĂĚŽƌĂƐ͗ ϭϲh ͬϮϰ/ ŽƵ ϰhͬϯϲ/͕ ĐŽŵ ĐŽŶƚƌŽůĞ ƚŽƚĂů ĂƚƌĂǀĠƐ ĚŽ ĚŝƐƉůĂLJ ĚĂ ƵŶŝĚĂĚĞ ŵĞƐƚƌĞ ŽƵ ĚŽ ƐŽĨƚǁĂƌĞ ƉĂƌĂ W ŶƐĂŝŽƐ Ğŵ ZĂŵƉĂ ĐŽŵ ǀĂƌŝĂĕĆŽ ĚĞ ŵĂŝƐ ĚĞ ƵŵĂ 'ƌĂŶĚĞnjĂ ƐŝŵƵůƚĂŶĞĂŵĞŶƚĞ ;dĞŶƐĆŽ͕ ŽƌƌĞŶƚĞ͕ &ƌĞƋƵġŶĐŝĂ Ğ ŶŐƵůŽͿ͘ ^ŝŵƵůĂ ĚŝǀĞƌƐŽƐ ĞƐƚĂĚŽƐ ĚĞ WƌĠͲĨĂůƚĂ Ğ &ĂůƚĂ ƐĞƋƵĞŶĐŝĂůŵĞŶƚĞ͘ ^ŝŵƵůĂĚŽƌ ĚĞ ĂƚĞƌŝĂƐ ŶĂƐ dĞŶƐƁĞƐ ;&ŽŶƚĞ ƵdžŝůŝĂƌͿ ĂƚĠ ϮϱϬs ĂũƵƐƚĄǀĞů Ğ ŝŶĚĞƉĞŶĚĞŶƚĞ͘ WŽƌƚĂƐ ĚĞ ŽŵƵŶŝĐĂĕĆŽ͗ h^ ͕ ƚŚĞƌŶĞƚ ŝƐŽůĂĚĂ Ğ ƚŚĞƌŶĞƚ / ϲϭϴϱϬ ;ĚŝƐƉĞŶƐĂŶĚŽ Ă ƵƚŝůŝnjĂĕĆŽ ĚĞ ZƵďDzƐ ŽƵ ^ǁŝƚĐŚƐ ĞŶƚƌĞ Ă ĐĂŝdžĂ͕ Ž ZĞůĞ Ğ Ă ZĞĚĞͿ͘ ŵ ƵƐŽ ^ƚĂŶĚ ůŽŶĞ ƉŽƐƐƵŝ ^ŽĨƚǁĂƌĞ ĞŵďĂƌĐĂĚŽ ĐŽŵ 'ƌĂŶĚĞ ŝƐƉůĂLJ > dŽƵĐŚƐĐƌĞĞŶ 'ƌĄĨŝĐŽ Ğ ŽůŽƌŝĚŽ͕ ƉĞƌŵŝƚĞ ƚŽƚĂů ĞdžĞĐƵĕĆŽ ĚĞ ĞŶƐĂŝŽƐ ĐŽŵ ĐƵƌǀĂƐ ƐĞŵ Ă ŶĞĐĞƐƐŝĚĂĚĞ ĚĞ ĐƌŝĂĕĆŽ ĚĞ ŵĂĐƌŽƐ͕ ƉĞƌŵŝƚĞ ĂŽ ƵƐƵĄƌŝŽ Ă ŶĄůŝƐĞ ĚĞ ƌĞƐƵůƚĂĚŽƐ Ğ ŐĞƌĂĕĆŽ ĚĞ ƌĞůĂƚſƌŝŽƐ͘ ^ŽĨƚǁĂƌĞ ƉĂƌĂ W ĐŽŵƉůĞƚŽ ;ƐĞŵ Ă ŶĞĐĞƐƐŝĚĂĚĞ ĚĞ ĐƌŝĂĕĆŽ ĚĞ DĂĐƌŽƐͿĞ ŝŶƚƵŝƚŝǀŽ ĐŽŵ ĨĞƌƌĂŵĞŶƚĂƐ 'ƌĂĨŝĐĂƐ ƉĂƌĂ ŐĞƌĂĕĆŽ ĚĞ ĂŶĐŽ ĚĞ ĂĚŽƐ Ğ ZĞůĂƚſƌŝŽƐ͘

ZZZ LQVWURQLF FRP EU

YHQGDV#LQVWURQLF FRP EU

6(8 3529('25 '( 62/8d¯(6 (/e75,&$ 0(&Ç1,&$ 7(/(&2081,&$d¯(6

6LVWHPD 0RGXODU SDUD (QVDLR GH 5HOpV

&yGLJR 05$ )

DſĚƵůŽƐ ZŽďƵƐƚŽƐ Ğ >ĞǀĞƐ ;ϯ͕ϲ<ŐͿ ƉĂƌĂ DŽŶƚĂŐĞŵ Ğŵ ZĂĐŬ͘ sĞƌƐĄƚŝů͕ ƐĞ ĂĚĞƋƵĂ Ă ŶĞĐĞƐƐŝĚĂĚĞ ĚĞ dĞƐƚĞƐ ĚŽƐ hƐƵĄƌŝŽƐ Ğŵ ^ŝƐƚĞŵĂƐ ĐŽŵ͗ ϬϮ ƐĂşĚĂƐ 'ĞƌĂĚŽƌĂƐ ;Ϭϭ ƚĞŶƐĆŽ ĞͬŽƵ ϬϮ ĐŽƌƌĞŶƚĞƐͿ ĐŽŵ Ϭϭ ĞŶƚƌĂĚĂ Ğ Ϭϭ ƐĂşĚĂ ŝŶĄƌŝĂ͘ WŽĚĞŵ ƐĞƌ ƐŝŶĐƌŽŶŝnjĂĚĂƐ ĂƚĠ ϭϴ ŵſĚƵůŽƐ ƚŽƚĂůŝnjĂŶĚŽ ĂƚĠ ϯϲ ƵŶŝĚĂĚĞƐ 'ĞƌĂĚŽƌĂƐ͘ WŽƐƐƵŝ ƵƌǀĂƐ ĚĞ WŽƚġŶĐŝĂ ƉůĂŶŝĨŝĐĂĚĂ͕ ƉĞƌŵŝƚŝŶĚŽ ůƚĂ WĞƌĨŽƌŵĂŶĐĞ͕ ŵĞƐŵŽ Ğŵ ĂŝdžĂƐ ŵƉůŝƚƵĚĞƐ͕ ƌĞĂůŝnjĂŶĚŽ dĞƐƚĞƐ Ğŵ ZĞůĠƐ ĚĞ ŐƌĂŶĚĞ ĐĂƌŐĂ Ğ ĂůƚĂ ŝŵƉĞĚąŶĐŝĂ͘ /ŶƚĞƌĨĂĐĞ ĚĞ ŽŵƵŶŝĐĂĕĆŽ ƚŚĞƌŶĞƚ Ğ ůƵĞƚŽŽƚŚ͘

(OpWULFD

,QVWURQLF ,QVWUXPHQWRV GH 7HVWHV /WGD

&RQWURODGRU +DQG +HOG > ŐƌĂŶĚĞ͕ dŽƵĐŚƐĐƌĞĞŶ͕ 'ƌĄĨŝĐŽ Ğ ŽůŽƌŝĚŽ͘ ĂƉĂĐŝĚĂĚĞ ĚĞ 'ĞƌĂƌ ĂƵƚŽŵĂƚŝĐĂŵĞŶƚĞ ZĂŵƉĂƐ͕ WƵůƐŽƐ͕ ƵƐĐĂ ĚĞ ŝŶĄƌŝĂ͘ sĂƐƚĂ ďŝďůŝŽƚĞĐĂ ĚĞ dĞƐƚĞ ĐŽŵ ŵĂŝƐ ĚĞ ϭϬϬ ƵƌǀĂƐ ĚĞ dĞŵƉŽ ;ŝŶĐůƵƐŽ / Ğ / Ϳ͕ ŶƐĂŝŽƐ ĂƵƚŽŵĄƚŝĐŽƐ͕ &ƵŶĕĆŽ WĂƐƐĂ ͬ &ĂůŚĂ͕ /DWKZd K ZYh/sK^ Z/K Ğ ĚŝƚŽƌ 'ƌĄĨŝĐŽ ĚĞ ƵƌǀĂƐ ĚĞ ƚƵĂĕĆŽ͘ ĂƉĂĐŝĚĂĚĞ ĚĞ ƌĞĂůŝnjĂƌ ŶƐĂŝŽƐ ŝŶąŵŝĐŽƐ͕ DƵůƚŝƐŚŽƚ Ğ ZĞůŝŐĂĚŽƌĞƐ͘ ZĞĂůŝnjĂ ƚĞƐƚĞƐ Ğŵ Ƶŵ ƷŶŝĐŽ ĐůŝƋƵĞ ĂƚƌĂǀĠƐ ĚĂ &ƵŶĕĆŽ ůŝĐŬŽŶĨĂƵůƚ͘ Žŵ ŝŶĚŝĐĂĕĆŽ ĚĞ sĞƚŽƌĞƐ 'ĞƌĂĚŽƌĞƐ Ğ &ĂƐŽƌĞƐ Ğŵ dĞŵƉŽ ZĞĂů͕ Ğ ZĞƐƵůƚĂĚŽƐͬ'ƌĄĨŝĐŽƐ ĚĞ dĞƐƚĞ ŶĂ ŵĞƐŵĂ ƚĞůĂ͕ ƉĞƌŵŝƚŝŶĚŽ ŵĞůŚŽƌ sŝƐƵĂůŝnjĂĕĆŽ Ğ ŽŶƚƌŽůĞ ƐŽďƌĞ Ž ŶƐĂŝŽ͘ WĞƌŵŝƚĞ ƐĂůǀĂƌ͕ ǀŝƐƵĂůŝnjĂƌ Ğ ŐĞƌĂƌ ZĞůĂƚſƌŝŽƐ ĚĞ dĞƐƚĞƐ ĐŽŵƉůĞƚŽƐ ĐŽŵ 'ƌĄĨŝĐŽƐ Ğ ĂĚŽƐ EƵŵĠƌŝĐŽƐ͘ WŽƌƚĂ ƚŚĞƌŶĞƚ Ğ h^ ƉĂƌĂ dƌĂŶƐĨĞƌġŶĐŝĂ ĚŽƐ ZĞƐƵůƚĂĚŽƐ ĚĞ dĞƐƚĞƐ͘

&yGLJR 05% %

^ŽĨƚǁĂƌĞ ƚŽƚĂůŵĞŶƚĞ 'ƌĄĨŝĐŽ͘ WĞƌŵŝƚĞ Ă WƌĠͲWƌŽŐƌĂŵĂĕĆŽ͕ ĂůŝďƌĂĕĆŽ͕ ŶĄůŝƐĞ ĚĞ ĞƐǀŝŽƐ͕ DƵĚĂŶĕĂ ĚĞ WĞƌĨŽƌŵĂŶĐĞ ĚĞ ZĞůĠƐ Ğ dƌĂŶƐĚƵƚŽƌĞƐ ĐŽŵƉĂƌĂŶĚŽ ĐŽŵ Ž ƌĞƐƉĞĐƚŝǀŽ ,ŝƐƚſƌŝĐŽ ĚĞ ŶƐĂŝŽƐ ƐĂůǀŽƐ ŶĂ ĂƐĞ ĚĞ ĂĚŽƐ͘ WŽƐƐƵŝ ŵſĚƵůŽƐ ĞƐƉĞĐŝĂůŝƐƚĂƐ Ğŵ ZĞůĠƐ ĚĞ ĚŝƐƚąŶĐŝĂ͕ ƐŽďƌĞ ŽƵ ƐƵďĐŽƌƌĞŶƚĞ͕ ƐŝŶĐƌŽŶŝƐŵŽ͕ ƐŽďƌĞ Ğ ^Ƶď dĞŶƐĆŽ͕ &ƌĞƋƵġŶĐŝĂ Ğ ZĞůŝŐĂĚŽƌĞƐ͕ ĞƚĐ͘​͘ WŽƐƐƵŝ ŵſĚƵůŽƐ ŐĞŶĞƌĂůŝƐƚĂƐ ƋƵĞ ƉŽƐƐŝďŝůŝƚĂŵ 'ĞƌĂƌ Ğ ^ŝŵƵůĂƌ ĚŝǀĞƌƐŽƐ ƚŝƉŽƐ ĚĞ ĚŝƐƚƷƌďŝŽƐ ĚĞ ^ŝƐƚĞŵĂ͘ ZĞĂůŝnjĂ ŶƐĂŝŽƐ ƵƚŽŵĂƚŝĐĂŵĞŶƚĞ Ă ƉĂƌƚŝƌ ĚĞ ŶƐĂŝŽƐ ĂŶƚĞƌŝŽƌĞƐ͘ /ŵƉƌŝŵĞ ZĞůĂƚſƌŝŽƐ ĐŽŵƉůĞƚŽƐ Ğ ƉĞƌƐŽŶĂůŝnjĂĚŽƐ͕ ĐŽŶƚĞŶĚŽ 'ƌĄĨŝĐŽƐ Ğ dĂďĞůĂƐ ĚĞ ZĞƐƵůƚĂĚŽƐ͘ ZĞĂůŝnjĂ ŶƐĂŝŽƐ ĞŶĚͲƚŽͲĞŶĚ 'W^͘ WĞƌŵŝƚĞ ƋƵĞ Ă hŶŝĚĂĚĞ ĚĞ ĂůŝďƌĂĕĆŽ ĚĞ ZĞůĠƐ ŐĞƌĞ Ğ ƐŝŵƵůĞ ƚƌĂŶƐŝĞŶƚĞƐ ĞdžƉŽƌƚĂĚŽƐ ĚĞ KƐĐŝůŽƉĞƌƚƵďſŐƌĂĨŽƐ Ğ ZĞůĠƐ͘ ƚƌĂǀĠƐ ĚĞƐƐĞ ^ŽĨƚǁĂƌĞ Ġ ƉŽƐƐşǀĞů ƌĞĂůŝnjĂƌ ƵŵĂ ŶĄůŝƐĞ ƌĞĂů ĚĂ WĞƌĨŽƌŵĂŶĐĞ ĚĞ ZĞůĠƐ Ğ ^ŝƐƚĞŵĂƐ ĚĞ WƌŽƚĞĕĆŽ ĚŝĂŶƚĞ ĚĞ ƵŵĂ WĞƌƚƵƌďĂĕĆŽ ƌĞĂů ŶŽ ^ŝƐƚĞŵĂ͘

&yGLJR 05' 2

*36 SDUD (QVDLRV 6LQFURQL]DGRV WĞƌŵŝƚĞ Ž ƐŝŶĐƌŽŶŝƐŵŽ ĞŶƚƌĞ ĂŝdžĂƐ ƉĂƌĂ ĂůŝďƌĂĕĆŽ ĚĞ ZĞůĠƐ ƉĂƌĂ Ă ĞdžĞĐƵĕĆŽ ĚĞ ŶƐĂŝŽƐ ĞŶĚͲƚŽͲĞŶĚ͘

&yGLJR 05% $

ZZZ LQVWURQLF FRP EU

YHQGDV#LQVWURQLF FRP EU

6ROXo}HV SDUD 5HOpV GH 3URWHomR H 7UDQVGXWRUHV

6RIWZDUH (VSHFLDOLVWD

(OpWULFD

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&yGLJR 35' %

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&yGLJR 05$ +

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6ROXo}HV SDUD 0HGLomR GH $WHUUDPHQWR H 5HVLVWLYLGDGH GH 6ROR

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6ROXo}HV SDUD 0DTXLQDV )HUUDPHQWDV H 0DWHULDLV ,VRODQWHV

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DĞŐƀŚŵĞƚƌŽ ĚĞ ϭϱ<sƐ ͕ d /s ϲϬϬs Ğ /Ɖϲϱ͘ ŝƐƉůĂLJ ĐŽŵ ůĞŝƚƵƌĂ ĚŝŐŝƚĂů Ğ ĂŶĂůſŐŝĐĂ ƌĞƚƌŽŝůƵŵŝŶĂĚŽ͘ KƉĞƌĂĕĆŽ ĂƚƌĂǀĠƐ ĚĞ ďĂƚĞƌŝĂƐ ƌĞĐĂƌƌĞŐĄǀĞŝƐ ŽƵ ĂůŝŵĞŶƚĂĕĆŽ ĚŝƌĞƚĂ ŶĂ ƌĞĚĞ͘ ƐĐĂůĂ ĚĞ ŵĞĚŝĕĆŽ ĂƚĠ ϯϬ dŽŚŵƐ͘ dĞƐƚĞ ĂƵƚŽŵĄƚŝĐŽ ĚĞ ZĞůĂĕĆŽ ĚĞ ďƐŽƌĕĆŽ ŝĞůĠƚƌŝĐĂ ; ZͿ͕ 1ŶĚŝĐĞ ĚĞ WŽůĂƌŝnjĂĕĆŽ ;W/Ϳ͕ ^ƚĞƉ sŽůƚĂŐĞ ;^sͿ ;ƉĂƐƐŽƐ ĚĞ ƚĞŶƐĆŽͿ͕ dĞƐƚĞ ĚĞ ŝƐĐĂƌŐĂ ŝĞůĠƚƌŝĐĂ; Ϳ Ğ dĞƐƚĞ ĚĞ ZĂŵƉĂ͘ ĞƐĐĂƌŐĂ ĂƵƚŽŵĄƚŝĐĂ ĚŽ ĐŽƌƉŽ ĚĞ ƚĞƐƚĞ ĐŽŵ ŝŶĚŝĐĂĕĆŽ ĚŽ ƉƌŽĐĞƐƐŽ ĚĞ ĚĞƐĐĂƌŐĂ ŶŽ ŝƐƉůĂLJ͕ ŝŶŝďŝŶĚŽ Ă ƉƌĞƐĞŶĕĂ ĚĞ ƚĞŶƐƁĞƐ ĞdžƚĞƌŶĂƐ ĚĞ ĂĐŽƌĚŽ ĐŽŵ Ă ŶŽƌŵĂ ŶϲϭϬϭϬ͘ WŽƐƐƵŝ ďůŝŶĚĂŐĞŵ ĞůĞƚƌŽƐƚĄƚŝĐĂ Ğ &ŝůƚƌŽ ƉĂƌĂ ĞůŝŵŝŶĂƌ ŝŶƚĞƌĨĞƌġŶĐŝĂƐ͘ /ŶƚĞƌĨĂĐĞ h^ ͘ DĞŵſƌŝĂ ĂǀĂŶĕĂĚĂ ĐŽŵ ƌĞŐŝƐƚƌŽ ĚĞ ƚĞŵƉŽͬĚĂƚĂ Ğ ŝĚĞŶƚŝĨŝĐĂĕĆŽ͘ ^ŽĨƚǁĂƌĞ ƉĂƌĂ ƌĞĂůŝnjĂĕĆŽ ĚĞ ĚŽǁŶůŽĂĚƐ Ğ ĂŶĄůŝƐĞƐ ƉŽƐƚĞƌŝŽƌĞƐ͘

&yGLJR 05$ $,

ZZZ LQVWURQLF FRP EU

YHQGDV#LQVWURQLF FRP EU

6ROXo}HV SDUD 5HVLVWrQFLD GH ,VRODomR

0HJ{KPHWURV GH .9·V

6(8 3529('25 '( 62/8d¯(6 (/e75,&$ 0(&Ç1,&$ 7(/(&2081,&$d¯(6

/ŶƐƚƌŽŶŝĐ ŽĨĞƌĞĐĞ ^ŽůƵĕƁĞƐ ĐŽŵƉůĞƚĂƐ ƉĂƌĂ ĞƚĞĐĕĆŽ Ğ ŶĄůŝƐĞ ĚĞ &ĂůŚĂƐ Ğŵ ĂďŽƐ ƉĞůĂ ZĞĨůĞƚŽŵĞƚƌŝĂ ŶŽ ĚŽŵşŶŝŽ ĚŽ ƚĞŵƉŽ ;d ZΖƐͿ͘ WŽƌƚĄƚĞŝƐ͕ ĚĞ &ĄĐŝů ŵĂŶƵƐĞŝŽ ĐŽŵ ĂůƚĂ ƚĞĐŶŽůŽŐŝĂ͕ ĂƚĞŶĚĞŵ Ă ŵĂŝŽƌŝĂ ĚĂƐ ŶŽƌŵĂƐ ŝŶƚĞƌŶĂĐŝŽŶĂŝƐ͘

6LVWHPD 3RUWiWLO SDUD /RFDOL]DGRU GH )DOKDV HP &DERV GH 5HGHV 6XEWHUUkQHDV

7HOHFRP

(OpWULFD

,QVWURQLF ,QVWUXPHQWRV GH 7HVWHV /WGD

&yGLJR +$$ $

^ŝƐƚĞŵĂƐ ƉŽƌƚĄƚĞŝƐ Ğ ĐŽŵƉůĞƚŽƐ ĚĞ ĂŶĄůŝƐĞ͕ WƌĠͲůŽĐĂůŝnjĂĕĆŽ Ğ >ŽĐĂůŝnjĂĕĆŽ ĚĞ &ĂůŚĂƐ Ğŵ ĂďŽƐ ĚĞ ZĞĚĞƐ ^ƵďƚĞƌƌąŶĞĂƐ͕ ƵƚŝůŝnjĂŶĚŽ ƚĞĐŶŽůŽŐŝĂ ĚĞ ZĞĨůĞdžĆŽ ĚĞ ƌĐŽ͘ hƚŝůŝnjĂŵ ƐŝƐƚĞŵĂ ĚĞ ƌĞĨůĞƚŽŵĞƚƌŝĂ ŶŽ ĚŽŵşŶŝŽ ĚŽ ƚĞŵƉŽ ;d ZͿ ƉĂƌĂ ŝĚĞŶƚŝĨŝĐĂĕĆŽ Ğ ƉŽƐŝĐŝŽŶĂŵĞŶƚŽ ĚĂ ĨĂůŚĂ͘ WŽƐƐƵĞŵ ŵƷůƚŝƉůŽƐ ŵŽĚŽƐ ĚĞ ƚĞƐƚĞ͗ ZĞĨůĞdžĆŽ ĚĞ ƌĐŽ͘ ZĞĨůĞdžĆŽ ĚŝĨĞƌĞŶĐŝĂů ĚĞ ƌĐŽ͘ ZĞĨůĞdžĆŽ ĚĞ ƉƵůƐŽ ͞^ƵƌŐĞ͘͟ ^ƵƌŐĞ ĚĞ ůƚĂ dĞŶƐĆŽ͘ WƌŽǀĂ Ğ YƵĞŝŵĂ͘ ^ŝƐƚĞŵĂ ŽƉĞƌĂĐŝŽŶĂů ĐŽŵ ĨƵŶĕƁĞƐ ĚĞ ĐŽŶƚƌŽůĞ ƐŝŵƉůŝĨŝĐĂĚĂƐ ƉĂƌĂ ƉƌŽŐƌĂŵĂĕĆŽ ŝŶƚƵŝƚŝǀĂ Ğ ĨĄĐŝů ĂŶĄůŝƐĞ͘ ^ŝƐƚĞŵĂƐ ƉĂƌĂ ĐĂďŽƐ ĚĞ ďĂŝdžĂ͕ ŵĠĚŝĂ Ğ ĂůƚĂ ĂƚĠ ϮϯϬ<s͘

5HIOHW{PHWUR 3RUWiWLO ĨĂŵşůŝĂ ĚĞ ƌĞĨůĞƚƀŵĞƚƌŽƐ ƉŽƌƚĄƚĞŝƐ ĞĨĞƚƵĂ Ă ůŽĐĂůŝnjĂĕĆŽ ĚĞ ĨĂůŚĂƐ Ğŵ ĐĂďŽƐ ĚĞ ƐŝŶĂůŝnjĂĕĆŽ Ğ ĐĂďŽƐ ĚĞ ƉŽƚġŶĐŝĂ͘ KƐ ƌĞĨůĞƚƀŵĞƚƌŽƐ ƉŽƐƐƵĞŵ ĞdžĐĞůĞŶƚĞ ƌĞƐŽůƵĕĆŽ ;ĂƚĠ Ϭ͘ϭŵͿ Ğ ĞƐĐĂůĂ ŵĄdžŝŵĂ ĚĞ ϮϬϬ<ŵ͘ ŝƐƉŽŶşǀĞŝƐ ĐŽŵ Ƶŵ ŽƵ ĚŽŝƐ ĐĂŶĂŝƐ ƉĂƌĂ Ă ůŽĐĂůŝnjĂĕĆŽ ĚĞ ĨĂůŚĂƐ Ğŵ ĐĂďŽƐ ŵĞƚĄůŝĐŽƐ͘ ŝƐƉůĂLJ ƚŝƉŽ > 'ƌĄĨŝĐŽ ĐŽŵ ĐŽŶƚƌĂƐƚĞ ĂũƵƐƚĄǀĞů͘ ůƚĂ ZĞƐŽůƵĕĆŽ͘ DĞĚĞ ĐĂďŽƐ ĐŽŵ ƋƵŝůƀŵĞƚƌŽƐ ĚĞ ĐŽŵƉƌŝŵĞŶƚŽ͘ hƚŝůŝnjĄǀĞů Ğŵ ĐĂďŽƐ ĐŽŵ d /// ϯϬϬs͕ ƚĞůĞĐŽŵƵŶŝĐĂĕƁĞƐ͕ ƐŝŶĂůŝnjĂĕĆŽ͕ ĞƚĐ͘ 'ƌĂƵ ĚĞ ƉƌŽƚĞĕĆŽ /Wϱϰ͘ /ŵƉĞĚąŶĐŝĂ ĚĞ ƐĂşĚĂ ƐĞůĞĐŝŽŶĄǀĞů ƉĞůŽ ƵƐƵĄƌŝŽ Ϯϱ ͕ϱϬ ͕ϳϱ Ğ ϭϬϬ KŚŵƐ͘ DĞĚŝĕĆŽ ĚĞ ƌĞƐŝƐƚġŶĐŝĂ͘ &ĂƚŽƌ ĚĞ ǀĞůŽĐŝĚĂĚĞ ĂũƵƐƚĄǀĞů ĚĞ Ϭ͘Ϯ Ă Ϭ͘ϵϵ͘ ũƵƐƚĞ Ζdy EƵůůΖ ƉĂƌĂ ůŽĐĂůŝnjĂĕĆŽ ĚĞ ĨĂůŚĂƐ ƉƌſdžŝŵĂƐ͘ ũƵƐƚĞ ĂƵƚŽŵĄƚŝĐŽ ĚĂ ĞƐĐĂůĂ͕ ŐĂŶŚŽ Ğ ĐƵƌƐŽƐ ƉĂƌĂ ĂĐŚĂƌ ĞǀĞŶƚŽƐ ĐŽŵ Ƶŵ ƷŶŝĐŽ ƚŽƋƵĞ͘ ƐĐĂůĂ ĚĞ ŵĞĚŝĕĆŽ Ğŵ ŵĞƚƌŽƐ ŽƵ ƉĠƐ͘

&yGLJR 05$ ' &yGLJR +$$

6LVWHPD GH 7HVWH GH 7HQVmR $SOLFDGD '$& hƚŝůŝnjĂ ƚĞĐŶŽůŽŐŝĂ Ͳ KŶĚĂ ŵŽƌƚĞĐŝĚĂ͘ ZĞĂůŝnjĂ ĚŝĂŐŶſƐƚŝĐŽ Ğ ŵĞĚŝĕĆŽ ĚĞ ĞƐĐĂƌŐĂƐ WĂƌĐŝĂŝƐ͘ dĞƐƚĂ ĐĂďŽƐ ŝƐŽůĂĚŽƐ ĚĞ ďĂŝdžĂ Ğ ŵĠĚŝĂ dĞŶƐĆŽ Ğ ĂďŽƐ ĚĞ ĂůƚĂ dĞŶƐĆŽ ĂƚĠ Ϯϳϱ Ŭs͘ Ğ ĨĄĐŝů ŽƉĞƌĂĕĆŽ ĐŽŵ ĚŝĂŐŶſƐƚŝĐŽƐ ƉƌĞĐŝƐŽ͘

&yGLJR +$$ ) +$& %

6ROXo}HV SDUD &DERV

6LVWHPD GH 7HVWH GH 7HQVmR $SOLFDGD 9/)

DŽĚĞůŽƐ͗ ^ĞŶŽŝĚĂů ŽƵ ŽƐƐĞŶŽ ZĞƚĂŶŐƵůĂƌ͘ ŶƐĂŝŽƐ ĚĞ ƚĞŶƐĆŽ ĂƉůŝĐĂĚĂ Ğŵ ĚĞ Ϭ͕ϭ, Ğ ͘ ŝĂŐŶſƐƚŝĐŽ ĚĞ ŝƐŽůĂĕĆŽ ;ĨĂƚŽƌ ĚĞ ƉŽƚġŶĐŝĂ Ğ ĚĞƐĐĂƌŐĂƐ ƉĂƌĐŝĂŝƐͿ͘ dĞƐƚĞƐ ĚĞ ĂůŵĂ Ğ ĐĂƉĂ͘ WŽƐƐƵŝ ĨƵŶĕĆŽ ƉĂƌĂ dĞƐƚĞ ĚĞ ŐƌĂŶĚĞƐ ůĂŶĐĞƐ ĚĞ ĂďŽƐ /ƐŽůĂĚŽƐ͘ WŽƌƚĂďŝůŝĚĂĚĞ Ğ ĚĞ ĨĄĐŝů KƉĞƌĂĕĆŽ͘ DŽĚĞůŽƐ ĞƐƉĞĐŝĂŝƐ ƉĂƌĂ DŽŶƚĂŐĞŵ Ğŵ hŶŝĚĂĚĞƐ DſǀĞŝƐ͘

7(&12/2*,$ 9/) %DL[D )UHTXrQFLD &yGLJR +$$ $

ZZZ LQVWURQLF FRP EU

YHQGDV#LQVWURQLF FRP EU

6(8 3529('25 '( 62/8d¯(6 (/e75,&$ 0(&Ç1,&$ 7(/(&2081,&$d¯(6

5HIOHW{PHWUR SDUD /RFDOL]DomR GH )DOKDV H )XUWR GH (QHUJLD ƋƵŝƉĂŵĞŶƚŽ ŝĚĞĂůŝnjĂĚŽ ƉĂƌĂ ŝĚĞŶƚŝĨŝĐĂĕĆŽ ĚĞ ĨĂůŚĂƐ Ğŵ ĐĂďŽƐ ĚĞ ďĂŝdžĂ ƚĞŶƐĆŽ Ğ͕ ƉƌŝŶĐŝƉĂůŵĞŶƚĞ ĐŽŶĞdžƁĞƐ ŝůĞŐĂŝƐ Ğ ĨƵƌƚŽ ĚĞ ĞŶĞƌŐŝĂ ĞůĠƚƌŝĐĂ͘ hƚŝůŝnjĂ ƚĞĐŶŽůŽŐŝĂ ŝŶŽǀĂĚŽƌĂ ^d W d Z͕ ĐŽŵ ĚĞ ƌĂŵƉĂ ĚĞ ƌĄƉŝĚŽ ĐƌĞƐĐŝŵĞŶƚŽ͘ WŽƐƐƵŝ ĨƵŶĕĆŽ ĚĞ ŐĞƌĂĚŽƌ ĚĞ ƐŝŶĂŝƐ ƉĂƌĂ ƵƐŽ Ğŵ ĐŽŶũƵŶƚŽ ĐŽŵ ůŽĐĂůŝnjĂĚŽƌ ĚĞ ƚƌĂĕĂĚŽ͘ /2&$/,=$ FRQH[}HV ,/(*$,6 H IXUWR GH (1(5*,$

(OpWULFD

ƉůŝĐĂĕƁĞƐ͗ >ŽĐĂůŝnjĂĕĆŽ ĚĞ ĨƵƌƚŽ ĚĞ ĞůĞƚƌŝĐŝĚĂĚĞ ũƵŶĕƁĞƐ Ğŵ d͘ ZĞĨůĞƚŽŵĞƚƌŝĂ Ğŵ ŝŶƐƚĂůĂĕƁĞƐ ĐƵƌƚĂƐ Ͳ /ŶĚƵƐƚƌŝĂŝƐ Ğ ƐĞƌǀŝĕŽƐ ĚĞ ŵĂŶƵƚĞŶĕĆŽ͘ DĂŶƵƚĞŶĕĆŽ ĚĞ sĞşĐƵůŽ͘ DĂŶƵƚĞŶĕĆŽ ĚĞ sĂŐƁĞƐ͘ ǀŝĂĕĆŽ͘

7HOHFRP

,QVWURQLF ,QVWUXPHQWRV GH 7HVWHV /WGD

&yGLJR +$$ %

'HWHFWRU GH LPSXOVR DF~VWLFR ƋƵŝƉĂŵĞŶƚŽ ƉŽƌƚĄƚŝů ƉĂƌĂ ƵƐŽ Ğŵ ĐĂŵƉŽ͕ ƵƚŝůŝnjĂĚŽ ƉĂƌĂ Ă ůŽĐĂůŝnjĂĕĆŽ ĞdžĂƚĂ ĚĞ ĨĂůŚĂƐ ƉƌŽĚƵnjŝĚĂƐ ƉŽƌ ĂƌĐŽ ĞůĠƚƌŝĐŽ Ğŵ ĐĂďŽƐ͘ >ŽĐĂůŝnjĂĕĆŽ ĚĞ ĨĂůƚĂƐ ƉŽƌ ƚĞŶƐĆŽ ĚĞ ƉĂƐƐŽ Ğ ĂĐƷƐƚŝĐĂƐ Ğŵ Ƶŵ ƷŶŝĐŽ ŝŶƐƚƌƵŵĞŶƚŽ͘ dĞĐŶŽůŽŐŝĂ EZ͕ ĞdžĐĞůĞŶƚĞ ƋƵĂůŝĚĂĚĞ ĐƷƐƚŝĐĂ Ğ ŝŵƵŶĞ Ă ƌƵşĚŽƐ͘ ZĞĂůŝnjĂ ƚĞƐƚĞƐ Ğŵ ĐĂďŽƐ ĚĞ ƉŽƚġŶĐŝĂ Ğ ƚĞůĞĐŽŵƵŶŝĐĂĕĆŽ͘ &ŝůƚƌŽ ĂƵƚŽŵĄƚŝĐŽ ĚĞ ƐŝŶĂŝƐ ĚĞ ŝŶƚĞƌĨĞƌġŶĐŝĂ͘ ũƵƐƚĞ ĂƵƚŽŵĄƚŝĐŽ ƉĂƌĂ ƚŽĚŽƐ ŽƐ ƉĂƌąŵĞƚƌŽƐ͕ ŶĆŽ Ġ ŶĞĐĞƐƐĄƌŝŽ ŶĞŶŚƵŵ ĂũƵƐƚĞ͘

&yGLJR +$$ &

7UDoDGRU GH &DERV

&yGLJR +$$ %

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džĞĐƵƚĂ ŵĞĚŝĕĆŽ ƉŽƌ hůƚƌĂƐƐŽŵ͕ ŝŶĚŝĐĂĚŽ ƉĂƌĂ >ŝŶŚĂƐ ĚĞ dƌĂŶƐŵŝƐƐĆŽ͕ ŝƐƚƌŝďƵŝĕĆŽ Ğ dĞůĞĐŽŵƵŶŝĐĂĕƁĞƐ͘ WƌŽũĞƚĂĚŽ ƉĂƌĂ ŵĞĚŝĕĆŽ ĚĞ >ŝŶŚĂƐ ĐŽŵ ĂƚĠ ϰϱŵĞƚƌŽƐ ĚĞ ĂůƚƵƌĂ͘ WŽĚĞ ƐĞƌ ƵƚŝůŝnjĂĚŽ ƉĂƌĂ ŵĞĚŝĕƁĞƐ sĞƌƚŝĐĂŝƐ ;ĂůƚƵƌĂͿ͕ ĐŽŵŽ ƚĂŵďĠŵ ,ŽƌŝnjŽŶƚĂŝƐ ;ĚŝƐƚĂŶĐŝĂ ĞŶƚƌĞ ƉŽƐƚĞƐͿ͘

&yGLJR 68$ $

ZZZ LQVWURQLF FRP EU

YHQGDV#LQVWURQLF FRP EU

6ROXo}HV SDUD &DERV

0HGLGRU GH $OWXUD GH &DERV

,QVWURQLF ,QVWUXPHQWRV GH 7HVWHV /WGD

6(8 3529('25 '( 62/8d¯(6 (/e75,&$ 0(&Ç1,&$ 7(/(&2081,&$d¯(6

(OpWULFD

$QDOLVDGRU GH 4XDOLGDGH GH (QHUJLD SDUD 3RVWH

&yGLJR 05$ $

^ĞůĞĕĆŽ ĚĞ ĂƚĠ ϲϰ ƉĂƌąŵĞƚƌŽƐ ĚĞ ĂŶĄůŝƐĞ ĐŽŵ ŵĞĚŝĕĆŽ ƐŝŵƵůƚąŶĞĂ Ğ ŝŶƚĞŐƌĂů ;ƐĞŵ ŐĂƉΖƐͿ͘ ƚƵĂ ƐĞŐƵŶĚŽ ŶŽƌŵĂ ƉƌſƉƌŝĂ ĐŽŶĨŝŐƵƌĂĚĂ ƉĞůĂ ŶĞĐĞƐƐŝĚĂĚĞ ĚŽ ƵƐƵĄƌŝŽ ŽƵ ŶŽƌŵĂ EϱϬϭϬϲ͘ &ƵŶĕƁĞƐ ĚĞ ŵĞĚŝĕĆŽ Ğ ĂŶĄůŝƐĞ Ğŵ ƚĞŵƉŽ ƌĞĂů͘ ^ĐŽƉĞ͗ ǀŝƐƵĂůŝnjĂĕĆŽ ĚĂ ĨŽƌŵĂ ĚĞ ŽŶĚĂ ĚĞ ƚĞŶƐĆŽ Ğ ĐŽƌƌĞŶƚĞ͕ ŵĞƚĞƌ ;ŵĞĚŝĚŽƌͿ ŵĞĚŝĕĆŽ ƚƌŝĨĄƐŝĐĂ ĚŽƐ ƉĂƌąŵĞƚƌŽƐ ƐĞůĞĐŝŽŶĂĚŽƐ͘ ^ƉĞĐƚƌƵŵ ƉĂƌĂ ǀŝƐƵĂůŝnjĂĕĆŽ Ğ ĂŶĄůŝƐĞ ĚĞ ŚĂƌŵƀŶŝĐŽƐ ĚĞ ƚĞŶƐĆŽ Ğ ĐŽƌƌĞŶƚĞ͘ &ƵŶĕƁĞƐ ƌĞŐŝƐƚƌŽ Ğ ĐĂƉƚƵƌĂ ĚĞ͗ ĨůŝĐŬĞƌ Ğ ƚƌĂŶƐŝĞŶƚĞƐ͕ ŚĂƌŵƀŶŝĐŽƐ Ğ ŝŶƚĞƌͲŚĂƌŵƀŶŝĐŽƐ͕ ĚŝƐƚƷƌďŝŽƐ͕ ĞƚĐ͘ &ƵŶĕĆŽ ĚĞ ZĞŐŝƐƚƌŽ Ğ DĞĚŝĕĆŽ ĚĞ ŶĞƌŐŝĂ͕ ĐŽŵ ǀĂůŽƌĞƐ ƚŽƚĂŝƐ͕ ƐƵďƚŽƚĂŝƐ Ğ ƵůƚŝŵĂ DĞĚŝĕĆŽ͘ DĞŵſƌŝĂ /ŶƚĞƌŶĂ ƉĂƌĂ DĞĚŝĕĆŽ ĚĞ ĂŵƉĂŶĂ ƉŽĚĞ ƌĞĂůŝnjĂƌ ŵĞĚŝĚĂƐ ƉŽƌ ŵĂŝƐ ĚĞ ϯϲϱ ĚŝĂƐ͘ ĂƚĞƌŝĂ /ŶƚĞƌŶĂ ZĞĐĂƌƌĞŐĄǀĞů ĐŽŵ ĂƵƚŽŶŽŵŝĂ ŵşŶŝŵĂ ĚĞ ϱ ŚŽƌĂƐ͘ /ŶƚĞƌĨĂĐĞ Z^ϮϯϮ Ğ ĐĂƉĂĐŝĚĂĚĞ ĚĞ ĐŽŵƵŶŝĐĂĕĆŽ ůŽĐĂů Ğ ƌĞŵŽƚĂ ǀŝĂ ŵŽĚĞŵ͕ ŵŽĚĞŵ '^D Ğ /ŶƚĞƌŶĞƚ͘ WŽƐƐƵŝ ^ŽĨƚǁĂƌĞ ĞƐƉĞĐŝĂůŝƐƚĂ ƉĂƌĂ ŶĄůŝƐĞ͕ ĨŽƌŵĂĕĆŽ ĚĞ ĂŶĐŽ ĚĞ ĂĚŽƐ͕ &ŽƌŵĂ ĚĞ KŶĚĂ͕ ZĞƐƵůƚĂĚŽƐ ƐƚĂƚşƐƚŝĐŽƐ ĐŽŵ ĐƵƌǀĂƐ ĚĞ dĞŶĚġŶĐŝĂ͕ 'ĞƌĂĕĆŽ ĚĞ ZĞůĂƚſƌŝŽƐ Ğ džƉŽƌƚĂĕĆŽ ƉĂƌĂ ƉůĂŶŝůŚĂƐ ĞůĞƚƌƀŶŝĐĂƐ͘

6ROXo}HV SDUD 4XDOLGDGH GH (QHUJLD

$QDOLVDGRUHV 3RUWiWHLV GH 4XDOLGDGH GH (QHUJLD

>ŝŶŚĂ ĚĞ /ŶƐƚƌƵŵĞŶƚŽƐ WŽƌƚĄƚĞŝƐ ƉĂƌĂ ĂŶĄůŝƐĞ ĚĞ ƋƵĂůŝĚĂĚĞ ĚĞ ĞŶĞƌŐŝĂ ĚĞ ĨŽƌŵĂ ƌĄƉŝĚĂ Ğ ƉƌĞĐŝƐĂ͘ ŶĂůŝƐĂ ƐŝŵƵůƚĂŶĞĂŵĞŶƚĞ ƉĂƌąŵĞƚƌŽ ĚĞ ƋƵĂůŝĚĂĚĞ ĚĞ ĞŶĞƌŐŝĂ ;h͘/͕ W͕ Y͕ ^͕ &d͕ ĞƚĐ͘Ϳ͘ ŶĄůŝƐĞ ĚĞ ŚĂƌŵƀŶŝĐŽƐ ĚĞ ƚĞŶƐĆŽ Ğ ĐŽƌƌĞŶƚĞ ĂƚĠ Ă ϲϯǑ ŽƌĚĞŵ͘ &ƵŶĕƁĞƐ ĚĞ ZĞŐŝƐƚƌŽ Ğ ĐĂƉƚƵƌĂ ĚĞ &ůŝĐŬĞƌƐ͕ dƌĂŶƐŝĞŶƚĞƐ͕ ,ĂƌŵƀŶŝĐŽƐ͕ /ŶƚĞƌͲ ŚĂƌŵƀŶŝĐŽƐ Ğ ŝƐƚƷƌďŝŽƐ͘ &ƵŶĕƁĞƐ ^ KW Ğ ^W dZhD͘ DĞŵſƌŝĂ ŝŶƚĞƌŶĂ ƉĂƌĂ DĞĚŝĕĆŽ ĚĞ ĂƉĂŶĂ͕ ĐŽŵ ŵĞĚŝĕƁĞƐ ĚĞ ŵĂŝƐ ĚĞ ϯϲϱ ĚŝĂƐ͘ ƉƌĞƐĞŶƚĂĕĆŽ ĚĞ ŝĂŐƌĂŵĂ &ĂƐŽƌŝĂů͘ ĄůĐƵůŽ ĚĞ ĚĞƐďĂůĂŶĕŽ ĚĞ ĨĂƐĞƐ ĚĞ dĞŶƐĆŽ ƉĂƌĂ ^ŝƐƚĞŵĂ dƌŝĨĄƐŝĐŽ͘ &ƵŶĕĆŽ /EZh^, ƉĂƌĂ ĂŶĄůŝƐĞ ĚĞ ƉĂƌƚŝĚĂƐ Ğ ƉĂƌĂĚĂƐ ĚĞ ŵŽƚŽƌĞƐ͕ ĐŽŵ sĂůŽƌĞƐ DşŶŝŵŽƐ͕ DĠĚŝŽƐ Ğ DĄdžŝŵŽƐ͘ /ŶƚĞƌĨĂĐĞ ĚĞ ŽŵƵŶŝĐĂĕĆŽ Ğ ^ŽĨƚǁĂƌĞ ĞƐƉĞĐŝĂůŝƐƚĂ ĐŽŵ ĂŶĐŽ ĚĞ ĂĚŽƐ Ğ ŐĞƌĂĕĆŽ ĚĞ ZĞůĂƚſƌŝŽƐ ĐŽŵ ĨŽƌŵĂ ĚĞ ŽŶĚĂ Ğ ƌĞƐƵůƚĂĚŽƐ ĞƐƚĂƚşƐƚŝĐŽƐ͘

ZZZ LQVWURQLF FRP EU

&yGLJR 0($ (

YHQGDV#LQVWURQLF FRP EU

6(8 3529('25 '( 62/8d¯(6 (/e75,&$ 0(&Ç1,&$ 7(/(&2081,&$d¯(6

^ŝƐƚĞŵĂƐ ƐŽůŝĚĄƌŝŽƐ ƋƵĞ ŽĨĞƌĞĐĞŵ ^ŽůƵĕƁĞƐ ƉĂƌĂ dĞƐƚĞƐ Ğ ŶĄůŝƐĞƐ ĚĞ ƉĞƌĨŽƌŵĂŶĐĞ Ğŵ ĂŶĐŽ ĚĞ ĂƚĞƌŝĂƐ͘

'HVFDUUHJDGRUHV $XWRPiWLFRV GH %DWHULDV 2QOLQH

7HOHFRP

ŝƐƉŽŶşǀĞŝƐ Ğŵ ŵŽĚĞůŽƐ ĞƐƉĞĐşĨŝĐŽƐ ƉĂƌĂ ĂƐ ĄƌĞĂƐ ĚĞ ŶĞƌŐŝĂ Ğ dĞůĞĐŽŵƵŶŝĐĂĕƁĞƐ͘ ĂƌŐĂƐ ŵŝĐƌŽ ƉƌŽĐĞƐƐĂĚĂƐ ĐĂƉĂnjĞƐ ĚĞ ĚĞƐĐĂƌƌĞŐĂƌ ĂƵƚŽŵĂƚŝĐĂŵĞŶƚĞ ĐĠůƵůĂƐ ŽƵ ďĂŶĐŽƐ ĚĞ ďĂƚĞƌŝĂƐ ĚĞ ĐŚƵŵďŽ ĄĐŝĚŽ ŽƵ ŶşƋƵĞů ĐĄĚŵŝŽ͕ ŵĂŶƚĞŶĚŽ ĐŽƌƌĞŶƚĞ͕ ƌĞƐŝƐƚġŶĐŝĂ ŽƵ ƉŽƚġŶĐŝĂ ĐŽŶƐƚĂŶƚĞƐ Ğŵ ĨƵŶĕĆŽ ĚŽ ƚĞŵƉŽ͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ Ž ƉĞƌĨŝů ĚĂ ĐĂƌŐĂ͘ ŝƐƉƁĞŵ ĚĞ ŝŶƚĞƌ ƚƌĂǀĂŵĞŶƚŽƐ ƉŽƌ ƚĞŵƉŽ Ğ ƚĞŶƐĆŽ ŵşŶŝŵĂ ĚĞ ĚĞƐĐĂƌŐĂ ƉĂƌĂ ŶĆŽ ĚĂŶŝĨŝĐĂƌ Ă ĂŵŽƐƚƌĂ͘ WŽƐƐƵĞŵ /ŶƚĞƌĨĂĐĞ ĚĞ ĐŽŵƵŶŝĐĂĕĆŽ͘ džƉŽƌƚĂŵ ĂĚŽƐ ĚĞ ŶƐĂŝŽ ƉĂƌĂ ^ŽĨƚǁĂƌĞ ĞƐƉĞĐŝĂůŝƐƚĂ Ğŵ ĂŵďŝĞŶƚĞ tŝŶĚŽǁƐΠ͘

(OpWULFD

,QVWURQLF ,QVWUXPHQWRV GH 7HVWHV /WGD

021,725$0(172 FRPSOHWR GR %$1&2 '( %$7(5,$6 &yGLJR 35$ &

6LVWHPD 2QOLQH SDUD (QVDLR HP %DQFR GH %DWHULDV ^ŝƐƚĞŵĂ ĐŽŵƉůĞƚŽ ƉƌŽũĞƚĂĚŽ ƉĂƌĂ ŵĞĚŝĕĆŽ ĚĞ dĞŶƐĆŽ Ğ ĂƉĂĐŝĚĂĚĞ Ğŵ ŐƌĂŶĚĞƐ ĂŶĐŽƐ ĚĞ ďĂƚĞƌŝĂƐ /ŶĚƵƐƚƌŝĂŝƐ ĐŽŵƵŵĞŶƚĞ ĞŶĐŽŶƚƌĂĚŽƐ Ğŵ ^ƵďĞƐƚĂĕĆŽ ĚĞ ŶĞƌŐŝĂ ůĠƚƌŝĐĂ͕ dĞůĞĐŽŵƵŶŝĐĂĕƁĞƐ Ğ ƐŝƐƚĞŵĂƐ ĚĞ ĂŶĐŽƐ ĚĞ ĂĚŽƐ͘ WŽĚĞ ƐĞƌ ƵƚŝůŝnjĂĚŽ Ğŵ ĐŽŶũƵŶƚŽ ĐŽŵ ĂůŐƵŵ ^ŝƐƚĞŵĂ ĚĞ ĞƐĐĂƌŐĂ͕ ƉŽƐƐŝďŝůŝƚĂŶĚŽ ĚĞ ĨŽƌŵĂ ƚŽƚĂůŵĞŶƚĞ ĂƵƚŽŵĄƚŝĐĂ͕ ƌĞĂůŝnjĂƌ ŶƐĂŝŽƐ ĚĞ ĐĂƉĂĐŝĚĂĚĞ Ğŵ ĂŶĐŽƐ ĚĞ ďĂƚĞƌŝĂƐ͕ ŵĠƚŽĚŽ ĚĞ ŶƐĂŝŽ / ͘ ŽŶƐƚƌƵşĚŽ ĚĞ ĨŽƌŵĂ ŵŽĚƵůĂƌ͕ ĞdžĞĐƵƚĂ Ă ŵĞĚŝĕĆŽ ŝŶĚŝǀŝĚƵĂů ĚĞ ĐĂĚĂ ĞůĞŵĞŶƚŽ ĚŽ ďĂŶĐŽ͕ ŶƵŵ ƚŽƚĂů ĚĞ ĂƚĠ ϭϮϬ ĞůĞŵĞŶƚŽƐ͘ ^ŽĨƚǁĂƌĞ ĞƐƉĞĐŝĂůŝƐƚĂ ĐŽŵ ĐĂƉĂĐŝĚĂĚĞ ĚĞ ǀŝƐƵĂůŝnjĂĕĆŽ KŶͲƚŝŵĞ ĚŽƐ ƚĞƐƚĞƐ͕ ĂƌŵĂnjĞŶĂŵĞŶƚŽ Ğŵ ĂŶĐŽ ĚĞ ĂĚŽƐ ƉĂƌĂ ƉŽƐƚĞƌŝŽƌ ĂŶĄůŝƐĞ͘ &yGLJR 35$ (

&yGLJR 35' $

WĞƌŵŝƚĞ ƚƌĂŶƐĨĞƌġŶĐŝĂ͕ ŝŵƉƌĞƐƐĆŽ ŽƵ ĞdžƉŽƌƚĂĕĆŽ ĚĞ ĂĚŽƐ͘ Žŵ Ž W ĐŽŶĞĐƚĂĚŽ ă ƵŶŝĚĂĚĞ ĚƵƌĂŶƚĞ ŽƐ ŶƐĂŝŽƐ͕ Ž ^ŽĨƚǁĂƌĞ ĞƐƉĞĐŝĂůŝƐƚĂ ƚƌĂĕĂƌĄ ƵŵĂ ĐƵƌǀĂ ĚĞ ƚĞŶƐĆŽ ŶĂ ƚĞůĂ Ğŵ ƚĞŵƉŽ ƌĞĂů Ğ ŵŽƐƚƌĂƌĄ ĂƐ >ĞŝƚƵƌĂƐ ĚĂ ŽƌƌĞŶƚĞ͕ dĞŶƐĆŽ Ğ ĂƉĂĐŝĚĂĚĞ͕ ĐŽŶƚƌŽůĂŶĚŽ ƚŽĚŽ Ž ŶƐĂŝŽ͘

ZZZ LQVWURQLF FRP EU

YHQGDV#LQVWURQLF FRP EU

6ROXo}HV SDUD 6HUYLoRV $X[LOLDUHV

6RIWZDUH SDUD $QiOLVH GR 'HVFDUUHJDGRU GH %DWHULDV

7HOHFRP

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6(8 3529('25 '( 62/8d¯(6 (/e75,&$ 0(&Ç1,&$ 7(/(&2081,&$d¯(6

>ŝŶŚĂ ĐŽŵƉŽƐƚĂ ƉŽƌ /ŶƐƚƌƵŵĞŶƚŽƐ ƉƌĞĐŝƐŽƐ Ğ ĐŽŵƉĂĐƚŽƐ͘ /ŶĚŝĐĂĚŽƐ ƉĂƌĂ ƵƐŽ Ğŵ ĂŵƉŽ͕ >ĂďŽƌĂƚſƌŝŽƐ Ğ WĄƚŝŽƐ ĚĞ DĂŶƵƚĞŶĕĆŽ͘

3HQWD 0HWHU 0XOWL 0HGLGRU GH 3RWrQFLD WŽƐƐƵŝ ƚĞĐŶŽůŽŐŝĂ ĚĞ ƉŽŶƚĂ ƉĂƌĂ ŵĞĚŝĕƁĞƐ DŽŶŽĨĄƐŝĐĂƐ ŽƵ dƌŝĨĄƐŝĐĂƐ ĚĞ ƚŽĚŽƐ ŽƐ ƉĂƌąŵĞƚƌŽƐ ĚŽ ^ŝƐƚĞŵĂ ůĠƚƌŝĐŽ͘ DĞĚŝĕƁĞƐ ƐŝŵƵůƚąŶĞĂƐ ĚĞ ƚŽĚŽƐ ŽƐ ƉĂƌąŵĞƚƌŽƐ͘ 'ƌĂŶĚĞ > ĚĞ ĨĄĐŝů ůĞŝƚƵƌĂ͕ ĂĐŬ >ŝŐŚƚ Ğ ĂũƵƐƚĞ ĚĞ ĐŽŶƚƌĂƐƚĞ͘ /ŶƐƚƌƵŵĞŶƚŽ ǀĞƌƐĄƚŝů ĐŽŵ ŵĞŶƵƐ ŝŶƚƵŝƚŝǀŽƐ͕ ƌĞůſŐŝŽ ŝŶƚĞƌŶŽ Ğ ĂƚĂ >ŽŐŐĞƌ͘ ůƚĂ ǀĞůŽĐŝĚĂĚĞ ĚĞ DĞĚŝĕĆŽ͘ ůŝŵĞŶƚĂĕĆŽ͗ ďĂƚĞƌŝĂ ƌĞĐĂƌƌĞŐĄǀĞů ŽƵ ZĞĚĞ ĐŽŵ ZĞĐĂƌŐĂ ƵƚŽŵĄƚŝĐĂ͘ ĞƐŝŐŶ ĞƌŐŽŶƀŵŝĐŽ Ğ ƌŽďƵƐƚŽ͘ ĂŶĂŝƐ ŝŶĚĞƉĞŶĚĞŶƚĞƐ ƉĂƌĂ ŵĞĚŝĕĆŽ ĚĞ ƚĞŶƐĆŽ Ğ ĐŽƌƌĞŶƚĞ͘ ůƚĂ ƉƌĞĐŝƐĆŽ ĐůĂƐƐĞ͗ Ϭ͕Ϭϱй͘ ŽŶĨŝŐƵƌĂĕĆŽ ĚĂ ƌĞůĂĕĆŽ ĚĞ d ĂƚĠ ϵϵϵϵ͗ϭ͘ DĞĚŝĕĆŽ ƐŝŵƵůƚąŶĞĂ ĐŽŵ ĂƉƌĞƐĞŶƚĂĕĆŽ ŶŽ ŝƐƉůĂLJ ĚĞ͗ dĞŶƐĆŽ͕ ŽƌƌĞŶƚĞ͕ ŶŐƵůŽ ĚĞ &ĂƐĞ͕ WŽƚġŶĐŝĂ ƚŝǀĂ͕ ZĞĂƚŝǀĂ Ğ ƉĂƌĞŶƚĞ͕ &ĂƚŽƌ ĚĞ WŽƚġŶĐŝĂ Ğ &ƌĞƋƵġŶĐŝĂ͘ DĞĚŝĕĆŽ ĚĞ ĐŽƌƌĞŶƚĞ ĚĞ EĞƵƚƌŽƐ Ğ ŽƌƌĞŶƚĞƐ WƌŝŵĄƌŝĂƐ͘ DĞĚŝĕĆŽ ĚĞ ŚĂƌŵƀŶŝĐŽƐ ĚĞ dĞŶƐĆŽ Ğ ŽƌƌĞŶƚĞ͕ ƐŝŵƵůƚĂŶĞĂŵĞŶƚĞ͕ ĂƚĠ Ă ϰϵĂ ŽƌĚĞŵ͘ ZĂŶŐĞƐ ĚĞ DĞĚŝĕĆŽ ĐŽŵ ĞƐĐĂůĂƐ ĂƵƚŽŵĄƚŝĐĂƐ͘ ĂƉƚƵƌĂ ĚĞ dĞŶƐĆŽ͕ ŽƌƌĞŶƚĞ Ğ WŽƚġŶĐŝĂ ĚĞ ƉĂƌƚŝĚĂ ĚĞ DŽƚŽƌĞƐ͘ DĂdž ,ŽůĚ ƉĂƌĂ ŐƌĂǀĂĕĆŽ ĚĂƐ ĂŵƉůŝƚƵĚĞƐ ŵĄdžŝŵĂƐ ĂƚŝŶŐŝĚĂƐ ĚƵƌĂŶƚĞ Ž ƉĞƌşŽĚŽ ĚĞ ŐƌĂǀĂĕĆŽ͘ ƌŵĂnjĞŶĂ ĂƚĠ ϭϮϬϬ ĐŽŶũƵŶƚŽƐ ĚĞ ĂĚŽƐ ĚĞ DĞĚŝĕĆŽ͘ dƌĂŶƐŵŝƐƐĆŽ ĚĞ ĚĂĚŽƐ ĚĞ ĨŽƌŵĂ ƉƌŽŐƌĂŵĂĚĂ͘ ĂĚŽƐ ĂƌŵĂnjĞŶĂĚŽƐ ĐŽŵƉĂƚşǀĞŝƐ ĐŽŵ ƉůĂŶŝůŚĂƐ ĞůĞƚƌƀŶŝĐĂƐ ƚŝƉŽ DŝĐƌŽƐŽĨƚ džĐĞů͘

&yGLJR 05$ $

5REXVWR /HYH H 3257É7,/

6ROXo}HV SDUD $TXLVLomR 5HJLVWUR H $QiOLVH GH 'DGRV

2VFLOyJUDIRV

&yGLJR 1($ *

ƚĠ ϯϮ ĐĂŶĂŝƐ ĚĞ ĞŶƚƌĂĚĂ ƉĂƌĂ ŵĞĚŝĕĆŽ ĚĞ͗ dĞŶƐĆŽ͕ ŽƌƌĞŶƚĞ͕ dĞƌŵŽƉĂƌĞƐ͕ ǀĞŶƚŽƐ͕ sŝďƌĂĕĆŽ ĚĞ ĨŽƌŵĂĕĆŽ ^ƚƌĂŝŶ 'ĂƵŐĞ͕ &ƌĞƋƵĞŶĐŝĂ Ğ ^ŝŶĂŝƐ ŝŐŝƚĂŝƐ͘ KƉĞƌĂĕĆŽ Ğŵ ƚĞŵƉŽ ƌĞĂů͕ ŽƵ ŵŽĚŽ ĚĞ ĐĂƉƚƵƌĂ Ğŵ DĞŵſƌŝĂ͘ ůƚĂ ǀĞůŽĐŝĚĂĚĞ ĚĞ ǀĂƌƌĞĚƵƌĂ ϭh^͘ > ĚĞ ϭϰ͕ϭ WŽů ĐŽůŽƌŝĚŽ ĐŽŵ dŽƵĐŚƐĐƌĞĞŶ͘ ŽŶĨŝŐƵƌĂĕƁĞƐ ƌĄƉŝĚĂƐ ŶŽ ƚĞĐůĂĚŽ ǀŝƌƚƵĂů ŶŽ > ͘ sŝƐƵĂůŝnjĂĕĆŽ ĚĞ ĨŽƌŵĂƐ ĚĞ ŽŶĚĂ͕ ĞƐĐĂůĂ͕ ŝĚĞŶƚŝĨŝĐĂĕĆŽ ĚŽ ƐŝŶĂů͕ ǀĂůŽƌ ŶƵŵĠƌŝĐŽ Ğ ĐƵƌƐŽƌĞƐ ĐŽŵ d͕ ŶĂ ŵĞƐŵĂ ƚĞůĂ͘ 'ƌĂŶĚĞ ĐĂƉĂĐŝĚĂĚĞ ĚĞ ĂƌŵĂnjĞŶĂŵĞŶƚŽ ĚĞ ĚĂĚŽƐ͕ ĂƚĠ ϮϬϳϰ ĚŝĂƐ ĚĞ ŐƌĂǀĂĕĆŽ ĐŽŶƚşŶƵĂ͘ /ŶƚĞƌĨĂĐĞ ĚĞ ĐŽŵƵŶŝĐĂĕĆŽ͗ ZƐϮϯϮ͕ ƚŚĞƌŶĞƚ ;ϭϬϬ ĂƐĞͲdͿ͕ h^ ͘

$QDOLVDGRU GH 3RWrQFLD 3RUWiWLO ^ŽĨŝƐƚŝĐĂĚŽ /ŶƐƚƌƵŵĞŶƚŽ ĚĞ ŵĞĚŝĕĆŽ ĚĞƐĞŶǀŽůǀŝĚŽ ƉĂƌĂ ƵƐŽ Ğŵ >ĂďŽƌĂƚſƌŝŽ Ğ Ğŵ ĂŵƉŽ͘ Žŵ ĨĂŝdžĂƐ ĚĞ ŵĞĚŝĕĆŽ ĚĞ ĨƌĞƋƵġŶĐŝĂ ĞůĞǀĂĚĂƐ͕ &ĂŝdžĂ ĚĞ ƌĞũĞŝĕĆŽ Ğ ŽƌƌĞŶƚĞƐ ĂƚĠ ϱϬ ĚŝƌĞƚĂŵĞŶƚĞ͕ ĞƐƐĞ ŝŶƐƚƌƵŵĞŶƚŽ Ġ ĂĚĞƋƵĂĚŽ ƉĂƌĂ ĂƉůŝĐĂĕƁĞƐ ƋƵĞ ĞdžŝũĂŵ ƉƌĞĐŝƐĆŽ͕ ƋƵĂůŝĚĂĚĞ Ğ ĐŽŶĨŝĂďŝůŝĚĂĚĞ ĚŽƐ ƌĞƐƵůƚĂĚŽƐ ŽďƚŝĚŽƐ͘ WŽƐƐƵŝ /ŶƚĞƌĨĂĐĞ Z^ ϮϯϮ Ğ ^ŽĨƚǁĂƌĞ ĞƐƉĞĐŝĂůŝƐƚĂ ƉĂƌĂ ŶĄůŝƐĞ ĚĞ ĂĚŽƐ͘ &yGLJR ,)$ )

$QDOLVDGRU GH 3RWrQFLD

&yGLJR ,)$ )

ŶĂůŝƐĂĚŽƌ ĚĞ WŽƚġŶĐŝĂ ĐŽŵ ŵŽĚĞůŽƐ ĚĞ ŵĞĚŝĕĆŽ DŽŶŽĨĄƐŝĐĂ͕ dƌŝĨĄƐŝĐĂ ŽƵ ,ĞdžĂĨĄƐŝĐĂ͘ ƐĐĂůĂƐ ĚĞ dĞŶƐĆŽ ĚĞ Ϭ͕ϯs Ă ϭϬϬϬs ͘ ƐĐĂůĂ ĚĞ ĨƌĞƋƵġŶĐŝĂ͗ ͲϯϬϬŬ,nj ͯ ĂĐŽƉůĂŵĞŶƚŽ͗ ͬ н Ͳ ϭ,njͲϯϬϬŬ,njͬ ͲϯϬϬŬ,nj͘ ƐĐĂůĂƐ ĚĞ ĐŽƌƌĞŶƚĞ͗ ϭϱŵ Ă ϯϬϬ ͘ DĞĚĞ ǀĂůŽƌĞƐ ZD^ ĚĞ ƚĞŶƐĆŽ͕ ĐŽƌƌĞŶƚĞ Ğ ƉŽƚġŶĐŝĂ͘ WŽƚġŶĐŝĂ ƚŝǀĂ͕ ZĞĂƚŝǀĂ͕ ƉĂƌĞŶƚĞ Ğ &ĂƚŽƌ ĚĞ WŽƚġŶĐŝĂ͘ &ƌĞƋƵġŶĐŝĂ Ă ϯϬϬ <Śnj͘ ŝƐƉůĂLJ 'ƌĄĨŝĐŽ ĐŽůŽƌŝĚŽ d&d͕ dŽƵĐŚƐĐƌĞĞŶ͘ džĐĞůĞŶƚĞ ƉƌĞĐŝƐĆŽ ƉĂƌĂ ƚŽĚŽƐ ŽƐ dŝƉŽƐ ĚĞ DĞĚŝĕƁĞƐ͘

ZZZ LQVWURQLF FRP EU

YHQGDV#LQVWURQLF FRP EU

6(8 3529('25 '( 62/8d¯(6 (/e75,&$ 0(&Ç1,&$ 7(/(&2081,&$d¯(6

/LQKD GH ,QVWUXPHQWRV SDUD /RFDOL]DomR H 9LVXDOL]DomR GH (IHLWR &RURQD ƚĞŶĚġŶĐŝĂ ĚŽ DĞƌĐĂĚŽ Ġ Ă ƵƚŝůŝnjĂĕĆŽ ĐĂĚĂ ǀĞnj ŵĂŝŽƌ ĚĞ /ƐŽůĂĚŽƌĞƐ WŽůŝŵĠƌŝĐŽƐ͕ ŝŶĐůƵŝŶĚŽ ƉůŝĐĂĕƁĞƐ Ğŵ WĂƌĂͲƌĂŝŽƐ͘

(OpWULFD

,QVWURQLF ,QVWUXPHQWRV GH 7HVWHV /WGD

Ɛ ĐŽŶĚŝĕƁĞƐ ĨĂǀŽƌĄǀĞŝƐ ƉĂƌĂ Ž ĚĞĨĞŝƚŽ ǀĆŽ ĚĞƐĚĞ Ă 'ĞŽŵĞƚƌŝĂ ĚŽ /ƐŽůĂĚŽƌ ĂƚĠ Ă ŐƌĞƐƐŝǀŝĚĂĚĞ ĚŽ DĞŝŽ ;ƉŽůƵŝĕĆŽ͕ ĂŵďŝĞŶƚĞ ƐĂůŝŶŽ͕ ƋƵĞŝŵĂĚĂͿ͘ Žŵ Ž DŽŶŝƚŽƌĂŵĞŶƚŽ ĚŽ ĨĞŝƚŽ ŽƌŽŶĂ Ġ ƉŽƐƐşǀĞů ĐŽŵďĂƚĞƌ Ă ŐĞƌĂĕĆŽ ĚĞ Z/s͕ &ůĂƐŚ ŽǀĞƌ Ğ Ă dƌŽĐĂ ƉƌĞŵĂƚƵƌĂ ĚĞ ĐŽŵƉŽŶĞŶƚĞƐ Ğŵ ^ŝƐƚĞŵĂƐ ůĠƚƌŝĐŽƐ͕ ĂůĠŵ ĚĂ ĨŽƌŵĂĕĆŽ ĚĞ ĂƌĐŽ ĞůĠƚƌŝĐŽ Ğŵ WĂŝŶĠŝƐ͘

'HWHFWRU H 9LVXDOL]DGRU GH (IHLWR &RURQD

3UHGLWLYD

K ŵŽŶŝƚŽƌĂŵĞŶƚŽ ĚŽ ĨĞŝƚŽ ŽƌŽŶĂ Ġ ǀŝƚĂů ƚĂŶƚŽ ĂŽ ^ŝƐƚĞŵĂ ůĠƚƌŝĐŽ ƋƵĂŶƚŽ ŶĂ /ŶĚƷƐƚƌŝĂ Ğŵ WůĂŶƚĂƐ ĂŐƌĞƐƐŝǀĂƐ͘

ĞƚĞĐƚŽƌ Ğ ǀŝƐƵĂůŝnjĂĚŽƌ ĚĞ ĨĞŝƚŽ ŽƌŽŶĂ ƉĞƌŵŝƚŝŶĚŽ Ă ŝŶƐƉĞĕĆŽ ĚƵƌĂŶƚĞ Ž ĚŝĂ Ğ Ă ŶŽŝƚĞ͘ hƚŝůŝnjĂ ƚĞĐŶŽůŽŐŝĂ ĚĞ ǀŝƐƵĂůŝnjĂĕĆŽ Ğ ƉƌŽĐĞƐƐĂŵĞŶƚŽ ĚŽ hůƚƌĂǀŝŽůĞƚĂ Ğŵ ĐŽŶũƵŶƚŽ ĐŽŵ Ă ŝŵĂŐĞŵ ZĞĂů͘ WŽƌƚĄƚŝů͕ >ĞǀĞ͕ Ğ ƉĞƌŵŝƚĞ ŝŶƐƉĞĕƁĞƐ Ğŵ ĐĂŵƉŽ Ğ Ğŵ ŵŽǀŝŵĞŶƚŽ ;ǀĞşĐƵůŽ ŽƵ ĂĞƌŽŶĂǀĞƐͿ ĂůĠŵ ĚŽ Ž ƵƐŽ Ğŵ ůĂďŽƌĂƚſƌŝŽ͘ ZĞĐƵƌƐŽ ĚĞ ĐŽŶƚĂŐĞŵ ĚĞ ĨſƚŽŶƐ͘ 'ƌĂǀĂĕĆŽ ĚĞ ǀŽnj͕ ůŽĐĂůŝnjĂĚŽƌ 'W^ Ğ ŝĚĞŶƚŝĨŝĐĂĚŽƌ >ĂƐĞƌ͘ ƌŵĂnjĞŶĂŵĞŶƚŽ ĚĞ ŝŵĂŐĞŶƐ Ğŵ ĐĂƌƚĆŽ ^ Ğ /ŶƚĞƌĨĂĐĞ h^ ͘ ^ŽĨƚǁĂƌĞ ĞƐƉĞĐŝĂůŝƐƚĂ ƉĂƌĂ ĂŶĄůŝƐĞ Ğ ĂŶĐŽ ĚĞ ĂĚŽƐ͘

ſĚŝŐŽ͗ ϭ ^ ϬϬϭ,

&kPHUD 0XOWL (VSHFWUDO 8OWUDYLROHWD ,QIUDYHUPHOKR ,PDJHP 5HDO

6ROXo}HV SDUD (IHLWR &RURQD

&yGLJR &6$ *

&ŽƌŶĞĐĞ ŝŵĂŐĞŶƐ ƐŝŵƵůƚąŶĞĂƐ ĚĞ ƉŽŶƚŽƐ ĚĞ ĂƋƵĞĐŝŵĞŶƚŽƐ ;ƚĞƌŵŽŐƌĄĨŝĐĂ ͬ ŝŶĨƌĂǀĞƌŵĞůŚŽͿ Ğ ĚŽ ĨĞŝƚŽ ŽƌŽŶĂ ;ƵůƚƌĂǀŝŽůĞƚĂͿ͘ WŽƌ ƉƌŽƉŽƌĐŝŽŶĂƌ ŝŵĂŐĞŶƐ Ğŵ ƚĞŵƉŽ ƌĞĂů Ğ ƐŝŵƵůƚąŶĞĂ ;sŝƐşǀĞů н hs͕ ƚĞƌŵŽŐƌĄĨŝĐĂ Ğ hs н ƚĞƌŵŽŐƌĄĨŝĐĂͿ Ġ ƉŽƐƐşǀĞů ĚĞƚĞƌŵŝŶĂƌ Ă ƐĞǀĞƌŝĚĂĚĞ ĚŽ ĨĞŝƚŽ ŽƌŽŶĂ ;Ă ƌĞůĂĕĆŽ ĚĂ ŝŶƚĞŶƐŝĚĂĚĞ ĚŽ ĨĞŝƚŽ ŽƌŽŶĂ Ğŵ ƌĞůĂĕĆŽ ă ĂŶŽŵĂůŝĂ ƚĠƌŵŝĐĂͿ Ğ Ž ĐŽŵƉŽƌƚĂŵĞŶƚŽ ĚŽ ŵĂƚĞƌŝĂů ĐŽŵ Ă ŝŶĐŝĚġŶĐŝĂ ĚŽ ĨĞŝƚŽ ŽƌŽŶĂ͘ WŽƐƐƵŝ ĨĞƌƌĂŵĞŶƚĂ ĚĞ ĚŝĂŐŶſƐƚŝĐŽ͕ ƋƵĞ ƉĞƌŵŝƚĞ ĂŽ ƵƐƵĄƌŝŽ ĞŶĐŽŶƚƌĂƌ Ğ ŝĚĞŶƚŝĨŝĐĂƌ Ž ĨĞŝƚŽ ŽƌŽŶĂ Ğ ƉŽŶƚŽƐ ƋƵĞŶƚĞƐ Ğŵ ĞƋƵŝƉĂŵĞŶƚŽƐ ĞůĠƚƌŝĐŽƐ͘ WĞƌŵŝƚĞ ƌĞĂůŝnjĂƌ ŝŶƐƉĞĕƁĞƐ ă ůƵnj ĚŽ ĚŝĂ͕ ă ŶŽŝƚĞ ŽƵ Ğŵ ĂŵďŝĞŶƚĞƐ ĐŽŵ ůƵnj ĂƌƚŝĨŝĐŝĂů͘ WƌŽĚƵnj ŝŵĂŐĞŵ dĞƌŵŽŐƌĄĨŝĐĂ ĚŽ ŽďũĞƚŽ ĐŽŵ Ă ĞƐĐĂƌŐĂ ĚĞ ŽƌŽŶĂ ƐŽďƌĞƉŽƐƚĂ͕ Ž ƋƵĞ ƉĞƌŵŝƚĞ ĂŽ ƵƐƵĄƌŝŽ ĚĞƚĞƌŵŝŶĂƌ Ă ƉŽƐŝĕĆŽ ĞdžĂƚĂ ĚŽ ƉŽŶƚŽ ƋƵĞŶƚĞ Ğ ĚĂ ĨŽŶƚĞ ĚĞ ĐŽƌŽŶĂ͘ WŽƌƚĄƚŝů͕ ĞƌŐŽŶƀŵŝĐĂ Ğ ĚĞ ĨĄĐŝů KƉĞƌĂĕĆŽ͘ WŽĚĞ ƐĞƌ ŝŶƐƚĂůĂĚĂ Ğŵ ǀĞşĐƵůŽƐ ŽƵ ĂĞƌŽŶĂǀĞƐ͘

ZZZ LQVWURQLF FRP EU

YHQGDV#LQVWURQLF FRP EU

3UHGLWLYD

(OpWULFD

,QVWURQLF ,QVWUXPHQWRV GH 7HVWHV /WGD

6(8 3529('25 '( 62/8d¯(6 (/e75,&$ 0(&Ç1,&$ 7(/(&2081,&$d¯(6

'HWHFomR GH )DOKDV SRU 8OWUDVVRP ĞƚĞĐƚŽƌ ƵůƚƌĂƐƐƀŶŝĐŽ ƚŝƉŽ ƉŝƐƚŽůĂ ƉƌŽũĞƚĂĚŽ ƉĂƌĂ ŝĚĞŶƚŝĨŝĐĂĕĆŽ ĚĞ ĨĂůŚĂƐ ůĠƚƌŝĐĂƐ͕ DĞĐąŶŝĐĂƐ Ğ sĂnjĂŵĞŶƚŽƐ͕ ĂƚƌĂǀĠƐ ĚĂ ĐĂƉƚƵƌĂ ĚŽ hůƚƌĂƐƐŽŵ ŐĞƌĂĚŽ ƉĞůĂƐ ĂŶŽŵĂůŝĂƐ͘ &ĂŝdžĂ ĚĞ ĨƌĞƋƵġŶĐŝĂ͗ ĚĞ ϮϬ Ă ϭϬϬ <Śnj͘ KĨĞƌĞĐĞ ƌĞĐƵƌƐŽƐ ĚĞ ŐƌĂǀĂĕĆŽ ĚĞ ĚĂĚŽƐ͕ ĐŽŵŽ ǀĂůŽƌĞƐ Ğŵ Ě ͕ ĞƐƉĞĐƚƌŽ Ğ ƐŽŵ͘ ŝƐƉůĂLJ > ĐŽŵ ĨƵŶĕĆŽ dŽƵĐŚƐĐƌĞĞŶ Ğ ŵĞŶƵ ĂŵŝŐĄǀĞů͘ ƌŵĂnjĞŶĂŵĞŶƚŽ ĚĂƐ ŵĞĚŝĕƁĞƐ Ğŵ ĐĂƌƚĆŽ ^ ĂƌĚ͘ ąŵĞƌĂ ĚŝŐŝƚĂů Ğ ƉŝƌƀŵĞƚƌŽƐ ſƉƚŝĐŽƐ ŝŶĐŽƌƉŽƌĂĚŽƐ͘ ^ŽĨƚǁĂƌĞ ƉĂƌĂ ĂŶĄůŝƐĞ ĐŽŵ ĂŶĐŽ ĚĞ ĂĚŽƐ͕ ƉĞƌŵŝƚŝŶĚŽ ĂǀĂůŝĂƌ Ă ĐŽŶĚŝĕĆŽ ĚŽ ĞƋƵŝƉĂŵĞŶƚŽ ŝŶƐƉĞĐŝŽŶĂĚŽ Ğ ƐƵĂ ƚĞŶĚġŶĐŝĂ͘

&yGLJR 8($ %

ƉůŝĐĂĕƁĞƐ͗ /ŶƐƉĞĕĆŽ ĞůĠƚƌŝĐĂ͗ ƉƌŽďůĞŵĂƐ ĚĞ ďĂŝdžĂ ŝƐŽůĂĕĆŽ Ͳ ĞĨĞŝƚŽ ĐŽƌŽŶĂ͕ ƚƌĂĐŬŝŶŐ͕ ĂĐŽ Ğ ĚĞƐĐĂƌŐĂƐ ƉĂƌĐŝĂŝƐ Ğŵ ƉĂŝŶĠŝƐ͕ ŵŽƚŽƌĞƐ͕ ƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐ Ğ Ğŵ ƐƵďĞƐƚĂĕƁĞƐ͘ /ŶƐƉĞĕĆŽ ŵĞĐąŶŝĐĂ͗ ƉŽƐƐŝďŝůŝƚĂ ŝĚĞŶƚŝĨŝĐĂƌ ƉƌŽďůĞŵĂƐ ƌĞůĂĐŝŽŶĂĚŽƐ ă ůƵďƌŝĨŝĐĂĕĆŽ͘ sĂnjĂŵĞŶƚŽƐ͗ ĚĞ ƋƵĂůƋƵĞƌ ƚŝƉŽ ĚĞ ŐĄƐ͕ ǀĄĐƵŽ Ğ ǀĂƉŽƌ͘ ƐƚĂŶƋƵĞŝĚĂĚĞ͗ Ğŵ ǀĄůǀƵůĂƐ͕ ƐŽůĚĂƐ͕ ƚƵďƵůĂĕƁĞƐ͕ ƚƌŽĐĂĚŽƌĞƐ ĚĞ ĐĂůŽƌ Ğ Ğŵ ƚĂŶƋƵĞƐ͘

0RQLWRU GH /XEULILFDomR SRU 8OWUDVVRP ĞƚĞĐƚĂ ƉŽƌ ŵĞŝŽ ĚĞ hůƚƌĂƐƐŽŵ ;ϯϲͲϰϰ <ŚnjͿ ĨĂůŚĂ Ğŵ ƌŽůĂŵĞŶƚŽƐ Ğ ĨĂůŚĂ ŶĂ ůƵďƌŝĨŝĐĂĕĆŽ͘ ZĞĐŽŶŚĞĐĞ Ž ŵŽŵĞŶƚŽ ĚĞ ŝŶƚĞƌƌŽŵƉĞƌ Ă ĂƉůŝĐĂĕĆŽ ĚĂ ůƵďƌŝĨŝĐĂĕĆŽ ĞǀŝƚĂŶĚŽ Ž ĞdžĐĞƐƐŽ ĚĞ ůƵďƌŝĨŝĐĂŶƚĞ͘ ĞǀĞ ƐĞƌ ĂĐŽƉůĂĚŽ ĚŝƌĞƚĂŵĞŶƚĞ ă ƉŝƐƚŽůĂ ƵŶŝǀĞƌƐĂů ĚĞ ŐƌĂdžĂ ƉŽƐƐŝďŝůŝƚĂŶĚŽ ŵŽǀŝŵĞŶƚĂĕĆŽ ůĂƚĞƌĂů ƉĂƌĂ ǀŝƐƵĂůŝnjĂĕĆŽ Ğŵ ůŽĐĂŝƐ ĚĞ ĚŝĨşĐŝů ĂĐĞƐƐŽ͘

&yGLJR 8($ %

6ROXo}HV SDUD ,QVSHo}HV

6LVWHPDV GH ,QVSHomR SRU 9tGHR 9LGHRVFySLR

sŝĚĞŽƐĐſƉŝŽ ŝĚĞĂů ƉĂƌĂ ŝŶƐƉĞĕĆŽ Ğŵ dƵďƵůĂĕƁĞƐ͕ ƌĞŶĂŐĞŵ͕ ƐŐŽƚŽ͕ ƵƚŽƐ͕ ŚĂŵŝŶĠƐ͕ DĄƋƵŝŶĂƐ Ğ ŽŶƐƚƌƵĕƁĞƐ͘ ąŵĞƌĂ ĚĞ ϭͬϯ ƉŽůĞŐĂĚĂƐ͕ ĐŽŵ ĂŵƉůŽ ąŶŐƵůŽ ĚĞ ǀŝƐĆŽ ĚĞ ϭϯϱ Σ͘ WŽŶƚĞŝƌĂ ĚĞ ŝŶƐƉĞĕĆŽ Ğŵ ĂĕŽ ŝŶŽdžŝĚĄǀĞů ĐŽŵ /W ϲϴ͕ Ă ƉƌŽǀĂ ΖĄŐƵĂ͘ dĂŵƉĂ ĚĂ ůĞŶƚĞ ĚĞ ǀŝĚƌŽ ĚĞ ƐĂĨŝƌĂ͕ ϭϮ > Ɛ ďƌĂŶĐŽƐ͘ ŝąŵĞƚƌŽ ĚĂ ĐąŵĂƌĂ͗ Ϯϯ ŵŵ͘ ůŝŵĞŶƚĂĕĆŽ͗ ďĂƚĞƌŝĂƐ ƌĞĐĂƌƌĞŐĄǀĞŝƐ ĚĞ ĂůƚĂ ĐĂƉĂĐŝĚĂĚĞ ĂƚĠ Ϭϴ ŚŽƌĂƐ ĚĞ KƉĞƌĂĕĆŽ ĐŽŶƚşŶƵĂ͘

&yGLJR 79$ $

ZZZ LQVWURQLF FRP EU

YHQGDV#LQVWURQLF FRP EU

6(8 3529('25 '( 62/8d¯(6 (/e75,&$ 0(&Ç1,&$ 7(/(&2081,&$d¯(6

7HVWH 2QOLQH ŽůĞƚŽƌ ĚĞ ŐƌĂŶĚĞnjĂƐ ĞůĠƚƌŝĐĂƐ͕ ŝŶĚŝĐĂĚŽ ƉĂƌĂ Ă ĂǀĂůŝĂĕĆŽ KŶůŝŶĞ ĚĂƐ ĐŽŶĚŝĕƁĞƐ ĚĞ ŽƉĞƌĂĕĆŽ ĚĞ ŵŽƚŽƌĞƐ Ğŵ ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĐŽŵ ƉůĞŶĂ ĐĂƌŐĂ͘ ĂƉĂnj ĚĞ ĨĂnjĞƌ ĂŶĄůŝƐĞ ŶŽƐ Ϭϯ ĚŽŵşŶŝŽƐ ĚŽ ŵŽƚŽƌ͗ ůŝŵĞŶƚĂĕĆŽ͕ KƉĞƌĂĕĆŽ Ğ ĂƌŐĂ͘ ĞƚĞƌŵŝŶĂŵ ƋƵĂŝƐ ƐĆŽ ŽƐ ĨĂƚŽƌĞƐ ƋƵĞ ƉƌĞũƵĚŝĐĂŵ Ğ ĞŶĐƵƌƚĂŵ Ă ǀŝĚĂ Ʒƚŝů ĚŽ ŵŽƚŽƌ Ğ ĂƉƌĞƐĞŶƚĂ ŽƐ ƌĞƐƵůƚĂĚŽƐ ƉŽƌ ŵĞŝŽ ĚĞ ŐƌĄĨŝĐŽƐ ŝŶĚŝǀŝĚƵĂŝƐ Ğ ƉŽƌ ŝŶĚŝĐĂĕĆŽ ĚŝƌĞƚĂ ĚŽƐ ĂůĂƌŵĞƐ͘ KƐ ĚĂĚŽƐ ƉŽĚĞŵ ƐĞƌ ĐŽůĞƚĂĚŽƐ ĚĞ ĨŽƌŵĂ ĐŽŶƚşŶƵĂ ŽƵ Ğŵ ŝŶƚĞƌǀĂůŽƐ ĚĞ ƚĞŵƉŽ ĚĞƚĞƌŵŝŶĂĚŽƐ ƉĞůŽ ƵƐƵĄƌŝŽ͘ K ŝŶƐƚƌƵŵĞŶƚŽ Ġ ĂĐŽŶĚŝĐŝŽŶĂĚŽ Ğŵ ŵĂůĞƚĂ ƉĂƌĂ ƚƌĂŶƐƉŽƌƚĞ ũƵŶƚĂŵĞŶƚĞ ĐŽŵ Ƶŵ ŶŽƚĞŬ͕ ĐĂďŽƐ ĂŵƉĞƌŝŵĠƚƌŝĐŽƐ ĚĞ ƚĞŶƐĆŽ Ğ ǀŝďƌĂĕĆŽ͘

(OpWULFD

3UHGLWLYD

,QVWURQLF ,QVWUXPHQWRV GH 7HVWHV /WGD

&yGLJR 6&$ &

7HVWHV 2IIOLQH 6XUJH 7HVW

&yGLJR 6&$ $

$QDOLVDGRU 3RUWiWLO ƋƵŝƉĂŵĞŶƚŽ ƉĂƌĂ ĞŶƐĂŝŽƐ Ğ ĂŶĄůŝƐĞ ĚĞ ŵŽƚŽƌĞƐ ĞůĠƚƌŝĐŽƐ Ğ ĞŶƌŽůĂŵĞŶƚŽƐ͘ ϭϬ ƚŝƉŽƐ ĚĞ ĞŶƐĂŝŽƐ͗ dƵƌŶͲƚŽͲƚƵƌŶ͕ ^ƵƌŐĞͲdĞƐƚ͕ ZĞƐŝƐƚġŶĐŝĂ͕ ůƚĂ ƚĞŶƐĆŽ ĂƚĠ ϰ<s͕ 1ŶĚŝĐĞ ĚĞ ƉŽůĂƌŝnjĂĕĆŽ Ğ ĂďƐŽƌĕĆŽ ĚŝĞůĠƚƌŝĐĂ͕ ZĞƐŝƐƚġŶĐŝĂ ĚĞ ŝƐŽůĂĕĆŽ͕ ŝŶƚĞŐƌŝĚĂĚĞ ĚĞ ĂƚĞƌƌĂŵĞŶƚŽ͕ ŽŶĂ ŶĞƵƚƌĂ͕ ^ĞŶƐŽ ĚĞ ĚŝƌĞĕĆŽ ĚŽ ĞŶƌŽůĂŵĞŶƚŽ Ğ ƵƚŽͲƚĞƐƚ͘ ǀĂůŝĂĕĆŽ ĚĂ ƋƵĂůŝĚĂĚĞ ƚŽƚĂůŵĞŶƚĞ ĂƵƚŽŵĄƚŝĐĂ͘ dĞƐƚĞƐ ƉŽĚĞŵ ƐĞƌ ĨĞŝƚĂƐ ŶŽ ŵŽĚŽ ŵĂŶƵĂů ŽƵ ĂƵƚŽŵĄƚŝĐŽ͘ >ŽĐĂůŝnjĂĕĆŽ ĚĞ ĨĂůŚĂƐ ĞŶƚƌĞ ĞƐƉŝƌĂƐ͘ >ĞǀĞ Ğ WŽƌƚĄƚŝů ĐŽŵ ĂůŝŵĞŶƚĂĕĆŽ ƉŽƌ ĨŽŶƚĞ ŽƵ ďĂƚĞƌŝĂ͘ ĂƉĂĐŝĚĂĚĞ ĚĞ ĂƌŵĂnjĞŶĂŵĞŶƚŽ ĚĞ ƌĞƐƵůƚĂĚŽ ŝŶƚĞŐƌĂĚŽ ƉĂƌĂ ƚƌĂŶƐŵŝƐƐĆŽ ǀŝĂ Z^ϮϯϮ ŽƵ h^ ͘ &yGLJR 6&$ $

ZZZ LQVWURQLF FRP EU

YHQGDV#LQVWURQLF FRP EU

6ROXo}HV SDUD 0RWRUHV H 0iTXLQDV 5RWDWLYDV

K ĞŶƐĂŝŽ ŶŽ ŵŽƚŽƌ ƉĞůŽ ŵĠƚŽĚŽ ^hZ' d ^d Ġ Ž ƷŶŝĐŽ ĐĂƉĂnj ĚĞ ĚĞƚĞĐƚĂƌ Ă ĨĂůŚĂ Ğŵ ƐĞƵ ŝŶşĐŝŽ͘ ^ŽŵĞŶƚĞ ĐŽŵ Ž ^hZ' d ^d Ġ ƉŽƐƐşǀĞů Ž dĞƐƚĞ ĚŽ /ƐŽůĂŵĞŶƚŽ ĞŶƚƌĞ ĂƐ ƐƉŝƌĂƐ ĚŽ ŵďŽďŝŶĂĚŽ͘ K ĞŶƐĂŝŽ Ġ Ƶŵ ƚĞƐƚĞ WƌĞĚŝƚŝǀŽ Ğ ŶĆŽ ĚĞƐƚƌƵƚŝǀŽ͕ ĚĞƚĞĐƚĂŶĚŽ Ž ĚĞĨĞŝƚŽ Ğŵ ƐĞƵ ŝŶşĐŝŽ͘ K ƌĞƐƵůƚĂĚŽ Ġ ĂƉƌĞƐĞŶƚĂĚŽ ŶĂ ƚĞůĂ ĚŽ ƋƵŝƉĂŵĞŶƚŽ ĂƚƌĂǀĠƐ ĚĞ ĨŽƌŵĂƐ ĚĞ ŽŶĚĂ ƚĞŶĚŽ ƵŵĂ ĨĄĐŝů ŝŶƚĞƌƉƌĞƚĂĕĆŽ WŽƐƐŝďŝůŝƚĂ ƚĞƐƚĞƐ Ğŵ ŵŽƚŽƌĞƐ ĚĞ ĂƚĠ ϲ͘ϬϬϬ ,Ɖ ĐŽŵ ĂůŝŵĞŶƚĂĕĆŽ ĚĞ ĂƚĠ ϭϯ͕ϴŬs͘ KƐ ĞŶƐĂŝŽƐ ƉŽƐƐşǀĞŝƐ ƉĞůŽ ĞƋƵŝƉĂŵĞŶƚŽ ƐĆŽ͗ ^ƵƌŐĞ dĞƐƚ͘ ,ŝƉŽƚ͘ 1ŶĚŝĐĞ ĚĞ WŽůĂƌŝnjĂĕĆŽ͘ 1ŶĚŝĐĞ ĚĞ ďƐŽƌĕĆŽ͘ WŽŶƚĞ <ĞůǀŝŶ͘ dĞƐƚĞƐ Ğŵ ƌŵĂĚƵƌĂƐ͘ KƉĞƌĂĕĆŽ ĨĄĐŝů ĂƚƌĂǀĠƐ ĚĞ ƚĞůĂ dŽƵĐŚƐĐƌĞĞŶ ŽƵ DŽƵƐĞ Ğ dĞĐůĂĚŽ͘ ĂƉĂĐŝĚĂĚĞ ĚĞ ĂƌŵĂnjĞŶĂŵĞŶƚŽ ĚĞ ƉƌŽŐƌĂŵĂĕĆŽ Ğ ƌĞƐƵůƚĂĚŽƐ ĚŽƐ ƚĞƐƚĞƐ͘ ƌŵĂnjĞŶĂŵĞŶƚŽ ĚŽƐ ƌĞƐƵůƚĂĚŽƐ ŝŶĐůƵŝŶĚŽ ŽƐ ĚĂĚŽƐ ĚĂ ƉůĂĐĂ ĚŽ ŵŽƚŽƌ Ğ ĐƵƌǀĂƐ ĚĞ ĨŽƌŵĂƐ ĚĞ ŽŶĚĂƐ͘ ƐƚĄ Ğŵ ĐŽŶĨŽƌŵŝĚĂĚĞ ĐŽŵ ŽƐ ƉĂĚƌƁĞƐ / ͘ WŽƐƐƵŝ ƐŽĨƚǁĂƌĞ ƉĂƌĂ ĐŽŶĞdžĆŽ ĐŽŵ W ĐŽŵ Ž tŝŶĚŽǁƐ yW Π ŽƵ tŝŶĚŽǁƐ Π ϳ͘ >ŝŶŚĂ ĚĞ ĞƋƵŝƉĂŵĞŶƚŽƐ ƉƌŽũĞƚĂĚŽƐ ƉĂƌĂ ƚĞƐƚĂƌ ĞŶƌŽůĂŵĞŶƚŽƐ Ğŵ ĂůƚĞƌŶĂĚŽƌĞƐ͕ ĞƐƚĂƚŽƌĞƐ ƚƌŝĨĄƐŝĐŽƐ͕ ĞƐƚĂƚŽƌĞƐ ŵŽŶŽĨĄƐŝĐŽƐ͕ ƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐ͕ ĂƌŵĂĚƵƌĂƐ ŽƵ ŵŽƚŽƌĞƐ͘ KƐ ƚĞƐƚĞƐ ƉŽĚĞŵ ƐĞƌ ĨĞŝƚŽƐ ĚĞ ĨŽƌŵĂ ŵĂŶƵĂů ŽƵ ĂƵƚŽŵĄƚŝĐĂ͘

,QVWURQLF ,QVWUXPHQWRV GH 7HVWHV /WGD

6(8 3529('25 '( 62/8d¯(6 (/e75,&$ 0(&Ç1,&$ 7(/(&2081,&$d¯(6

3UHGLWLYD

%DODQFHDGRUDV

&yGLJR ,%$ % &yGLJR ,%$ $

K ďĂůĂŶĐĞĂŵĞŶƚŽ ƉƌŽƉŽƌĐŝŽŶĂ Ă ĚŝŵŝŶƵŝĕĆŽ ĚŽƐ ŶşǀĞŝƐ ĚĞ ǀŝďƌĂĕĆŽ ŵĞůŚŽƌĂŶĚŽ ĂƐ ĐŽŶĚŝĕƁĞƐ ŽƉĞƌĂĐŝŽŶĂŝƐ ĚĞ DĄƋƵŝŶĂƐ Ğ ƋƵŝƉĂŵĞŶƚŽƐ͕ ƉŽƌ ĐŽŶƐĞƋƵġŶĐŝĂ ƉƌŽƉŽƌĐŝŽŶĂŶĚŽ Ƶŵ ĂƵŵĞŶƚŽ ĚĂ ǀŝĚĂ Ʒƚŝů͕ ŵĞůŚŽƌĂŶĚŽ Ă ƋƵĂůŝĚĂĚĞ ĨŝŶĂů ĚŽ ƉƌŽĚƵƚŽ Ğ ĞůĞǀĂŶĚŽ ŽƐ ŶşǀĞŝƐ ĚĞ ƐĞŐƵƌĂŶĕĂ͘ KƐ ĞƋƵŝƉĂŵĞŶƚŽƐ ĚĞ ďĂůĂŶĐĞĂŵĞŶƚŽ ƉŽĚĞŵ ƐĞƌ ĂƉůŝĐĂĚŽƐ Ğŵ ZŽƚŽƌĞƐ ĚĞ ŝůŝŶĚƌŽƐ͕ džĂƵƐƚŽƌĞƐ͕ WĄƐ ĚĞ sĞŶƚŝůĂĚŽƌĞƐ͕ ĚĞ ŽŵďĂƐ sĞƌƚŝĐĂŝƐ͕ dƵƌďŝŶĂƐ͕ ĞƚĐ͘ DĄƋƵŝŶĂƐ ƉĂƌĂ ďĂůĂŶĐĞĂŵĞŶƚŽ ŚŽƌŝnjŽŶƚĂů͘ DŽĚĞůŽƐ WŽƌƚĄƚĞŝƐ ŽƵ &ŝdžĂƐ͘ ĂƉĂĐŝĚĂĚĞ ĚĞ ďĂůĂŶĐĞĂŵĞŶƚŽ ĚĞƐĚĞ ƉĞƋƵĞŶŽƐ ƌŽƚŽƌĞƐ ƋƵĞ ŶĞĐĞƐƐŝƚĂŵ ĚĞ ƉƌĞĐŝƐĆŽ ĚĞ Ϭ͘Ϭϭϱ Őͬŵŵ ĂƚĠ ŐƌĂŶĚĞƐ ƌŽƚŽƌĞƐ ĐŽŵ ϮϮϳ ƚŽŶĞůĂĚĂƐ͘ &ĄĐŝů ŽƉĞƌĂĕĆŽ͕ DĞŵſƌŝĂ ƉĂƌĂ ŐƌĂǀĂĕĆŽ ĚĂƐ DĞĚŝĕƁĞƐ͘ /ŶƚĞƌĨĂĐĞƐ͗ h^ Ğ Z^ ϮϯϮ͘

%DODQFHDGRU H &ROHWRU GH 9LEUDomR SDUD &DPSR

6ROXo}HV SDUD 0RWRUHV H 0iTXLQDV 5RWDWLYDV

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&yGLJR %$ $

%DODQFHDGRUDV (VWDFLRQiULDV ^ŝƐƚĞŵĂƐ ƉĂƌĂ ĂůĂŶĐĞĂŵĞŶƚŽ ,ŽƌŝnjŽŶƚĂů͘ ĂƉĂĐŝĚĂĚĞ ĚĞ ďĂůĂŶĐĞĂŵĞŶƚŽ Ğŵ ƉĞƋƵĞŶŽƐ ƌŽƚŽƌĞƐ ĚĞ Ϯŵŵ ƋƵĞ ŶĞĐĞƐƐŝƚĂŵ ĚĞ ƉƌĞĐŝƐĆŽ ĚĞ Ϭ͕Ϭϭϱ Ő ĂƚĠ ŐƌĂŶĚĞƐ ƌŽƚŽƌĞƐ ĐŽŵ ϮϮϳ dŽŶĞůĂĚĂƐ͘ &ĄĐŝů ŽƉĞƌĂĕĆŽ Ğ ŵĞŵſƌŝĂ ƉĂƌĂ ŐƌĂǀĂĕĆŽ ĚĂƐ DĞĚŝĕƁĞƐ͘

6ROXo}HV SDUD 52725(6 GH .J D 7.J

ZZZ LQVWURQLF FRP EU

&yGLJR %$ *

YHQGDV#LQVWURQLF FRP EU

,QVWURQLF ,QVWUXPHQWRV GH 7HVWHV /WGD

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3UHGLWLYD

(OpWULFD

7HVWH GH 3HUGD GD &DSDFLGDGH GH 0DJQpWLFD GR 1~FOHR &RUHV /RVV

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Ɛ ƉĞƌĚĂƐ ŵĂŐŶĠƚŝĐĂƐ ĚŽ ŶƷĐůĞŽ ĚĂƐ ŵĄƋƵŝŶĂƐ ŝŶĨůƵĞŶĐŝĂŵ ŶĂ ŝŶƚĞŶƐŝĚĂĚĞ ĚĞ ŵĂŐŶĞƚŝnjĂĕĆŽ͕ Ğ ƐĆŽ ĚŝƐƐŝƉĂĚĂƐ ŶĂ ĨŽƌŵĂ ĚĞ ĐĂůŽƌ͕ ŝŶĨůƵĞŶĐŝĂŶĚŽ ĚŝƌĞƚĂŵĞŶƚĞ ŶĂ ĞĨŝĐŝġŶĐŝĂ ĚŽ ŵŽƚŽƌ͘ ƋƵŝƉĂŵĞŶƚŽ ƚŽƚĂůŵĞŶƚĞ ĂƵƚŽŵĂƚŝnjĂĚŽ ƌĞĂůŝnjĂ ŽƐ dĞƐƚĞƐ ĐŽŵ ĂůƚĂ ĐŽƌƌĞŶƚĞ Ğ ďĂŝdžĂ dĞŶƐĆŽ͘ ĞƐĞŶǀŽůǀŝĚŽ ĞƐƉĞĐŝĂůŵĞŶƚĞ ƉĂƌĂ dĞƐƚĞƐ Ğŵ ZŽƚŽƌĞƐ͕ ƐƚĂƚŽƌĞƐ Ğ ƌŵĂĚƵƌĂƐ ĂƚĠ ϭϮϱϬ,W ŽƵ Ϯϱ<s ͘ ^ŝŵƵůĂ ĂƐ ĐŽŶĚŝĕƁĞƐ ƌĞĂŝƐ ĚĞ ŽƉĞƌĂĕĆŽ Ğ ĐĂůĐƵůĂ Ă ƉĞƌĚĂ ŶŽ ŶƷĐůĞŽ ďĂƐĞĂĚŽ ŶĂƐ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ ƌĞĂŝƐ ĚŽ ŵŽƚŽƌ͘ WŽƐƐƵŝ ^ŽĨƚǁĂƌĞ ƉĂƌĂ ĂŶĄůŝƐĞ͕ ŐĞƌĂĕĆŽ ĚĞ ƌĞůĂƚſƌŝŽ Ğ ĂŶĐŽ ĚĞ ĂĚŽƐ͘

6LVWHPD GH 0RQLWRUDPHQWRV 2QOLQH GH 0iTXLQD +LGUR JHUDGRUDV

&ROHWRUHV 3RUWiWHLV SDUD $QiOLVH GH 9LEUDomR ŽůĞƚŽƌ ͬ ĂŶĂůŝƐĂĚŽƌ ƉŽƌƚĄƚŝů ĚĞ ǀŝďƌĂĕĆŽ ƋƵĞ ƉĞƌŵŝƚĞ Ă ĐŽůĞƚĂ ĚĞ ǀŝďƌĂĕĆŽ Ğ ďĂůĂŶĐĞĂŵĞŶƚŽ Ğŵ ĐĂŵƉŽ͘ WŽĚĞŵ ƚĞƌ ĂƚĞ Ϭϰ ĐĂŶĂŝƐ ĚĞ ǀŝďƌĂĕĆŽ͘ dĞůĂ ĚĞ > ĚĞ ĂůƚĂ ƌĞƐŽůƵĕĆŽ ;,s' Ϳ ƌĞƚƌŽ ŝůƵŵŝŶĂĚĂ͘ 'ƌĂǀĂĕĆŽ ĚĞ ĚĂĚŽƐ Ğŵ ŵƷůƚŝƉůŽƐ ĐĂŶĂŝƐ Ğŵ ƌŽƚĂƐ ƉƌŽŐƌĂŵĂĚĂƐ͘ DĞŵſƌŝĂ ŝŶƚĞƌŶĂ ĐŽŵ ĐĂƉĂĐŝĚĂĚĞ ĚĞ ŐƌĂǀĂĕĆŽ ĚĞ ĞƐƉĞĐƚƌŽƐ Ğ ĨŽƌŵĂƐ ĚĞ ŽŶĚĂ͘ /ŶƐƚƌƵŵĞŶƚŽƐ ĞdžƚƌĞŵĂŵĞŶƚĞ ůĞǀĞƐ Ğ ƌŽďƵƐƚŽƐ ĐŽŵ ĐůĂƐƐĞ ĚĞ ƉƌŽƚĞĕĆŽ /Ɖϲϱ͘ ĞƌƚŝĨŝĐĂĕĆŽ ƉĂƌĂ ƵƐŽ Ğŵ ĄƌĞĂƐ ĐůĂƐƐŝĨŝĐĂĚĂƐ ^ ůĂƐƐ /͕ ŝǀŝƐŝŽŶ Ϯ͘ ƵŵƉ ƚĞƐƚ͘ K ^ŽĨƚǁĂƌĞ ĚĞ ĂŶĄůŝƐĞ ĐŽŵƉůĞƚŽ ĐŽŵ ĂŶĐŽ ĚĞ ĂĚŽƐ ƌĞƐŝĚĞŶƚĞ ƉĂƌĂ ĚŝĂŐŶſƐƚŝĐŽ Ğ ƉĞƌŵŝƚĞ ĞƐƚĂďĞůĞĐĞƌ Ƶŵ ƉƌŽŐƌĂŵĂ ĚĞ ŵĞĚŝĕƁĞƐ ƵƐĂŶĚŽ ŽƐ ǀĂůŽƌĞƐ ůŝŵŝƚĞƐ ĞƐƚĂďĞůĞĐŝĚŽƐ ƉĞůĂƐ ŶŽƌŵĂƐ /^K ϮϯϳϮ Ğ ϭϬϴϭϲ Ğ ŐĞƌĂĕĆŽ ĚĞ ĂůĂƌŵĞƐ ƉŽƌ ďĂŶĚĂ͘ dŝƉŽƐ ĚĞ ƐĞŶƐŽƌ͗ ĐĞůĞƌƀŵĞƚƌŽ͕ sĞůŽĐŝĚĂĚĞ͕ ĞƐůŽĐĂŵĞŶƚŽ͕ ŽƌƌĞŶƚĞ͕ dĞŶƐĆŽ͘

ZZZ LQVWURQLF FRP EU

&yGLJR *%$ $

YHQGDV#LQVWURQLF FRP EU

6ROXo}HV SDUD 0RWRUHV H 0iTXLQDV 5RWDWLYDV

/ŶƐƚƌŽŶŝĐ ŽĨĞƌĞĐĞ ƐŽůƵĕƁĞƐ ĐŽŵ ĚŝǀĞƌƐĂƐ ƉŽƐƐŝďŝůŝĚĂĚĞƐ ĚĞ ŶşǀĞŝƐ ĚĞ ŵŽŶŝƚŽƌĂŵĞŶƚŽ Ğ ƉƌŽƚĞĕĆŽ ĚĞ ŵĄƋƵŝŶĂƐ ŚŝĚƌŽ ŐĞƌĂĚŽƌĂƐ͕ ƚƵƌďŽͲ ŐĞƌĂĚŽƌĂƐ Ğ ŐĞƌĂĚŽƌĞƐ͘ ^ŝƐƚĞŵĂƐ ŵŽĚƵůĂƌĞƐ ĐŽŵ ƉŽƐƐŝďŝůŝĚĂĚĞ ĚĞ ĂƋƵŝƐŝĕĆŽ ĚĞ ĚĂĚŽƐ ĚĞ ǀŝďƌĂĕĆŽ͕ ƚĞŵƉĞƌĂƚƵƌĂ͕ ƉĂƌąŵĞƚƌŽƐ ĚĞ ƉƌŽĐĞƐƐŽ͕ ĞƚĐ͘ DſĚƵůŽƐ ƉĂƌĂ ƉƌŽƚĞĕĆŽ ĚĂ DĄƋƵŝŶĂ ĐŽŵ ZĞůĠƐ Ğ /ŶƚĞƌĨĂĐĞƐ ƉĂƌĂ ĂƵƚŽŵĂĕĆŽ Ğ ĐŽŶƚƌŽůĞ ĚĞ ƉƌŽĐĞƐƐŽ͘ DſĚƵůŽƐ ĞƐƉĞĐşĨŝĐŽƐ ĐŽŵ ƉĂƌąŵĞƚƌŽƐ ƉĂƌĂ ŵŽŶŝƚŽƌĂŵĞŶƚŽ ĚĞ ǀŝďƌĂĕĆŽ Ğŵ ŚŝĚƌŽ ŐĞƌĂĚŽƌĞƐ͕ ŝŶĐůƵŝŶĚŽ ŝƌͲ'ĂƉ͕ Ğ ŵŽŶŝƚŽƌĂŵĞŶƚŽ ĚŽ ĐŽŵƉŽƌƚĂŵĞŶƚŽ ĚŝŶąŵŝĐŽ ĚĂƐ ĞƐƚƌƵƚƵƌĂƐ ĚŽ ƌŽƚŽƌ Ğ ĞƐƚĂƚŽƌ͘ ^ŽĨƚǁĂƌĞ ĞƐƉĞĐŝĂůŝƐƚĂ ĐŽŵƉůĞƚŽ ƉĂƌĂ ŐĞƌĞŶĐŝĂŵĞŶƚŽ ĚĞ ŵĄƋƵŝŶĂƐ Ğ ĂƚŝǀŽƐ ŝŶĚƵƐƚƌŝĂŝƐ͕ ŵŽŶŝƚŽƌĂŵĞŶƚŽ ĚĞ ƋƵŝƉĂŵĞŶƚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ͕ Ğ ĚŝĂŐŶſƐƚŝĐŽ ĚĞ ĞǀĞŶƚŽƐ͘

(OpWULFD

,QVWURQLF ,QVWUXPHQWRV GH 7HVWHV /WGD

6(8 3529('25 '( 62/8d¯(6 (/e75,&$ 0(&Ç1,&$ 7(/(&2081,&$d¯(6

dĞƌŵŽŐƌĂĨŝĂ Ġ ƵŵĂ ĨĞƌƌĂŵĞŶƚĂ ŝŵƉŽƌƚĂŶƚĞ ŶĂ ŵĞůŚŽƌŝĂ ĚŽƐ ƉƌŽĐĞƐƐŽƐ Ğ ĂƚŝǀŝĚĂĚĞƐ ŶĂƐ ĄƌĞĂƐ ĚĞ ŵĂŶƵƚĞŶĕĆŽ ƉƌĞĚŝƚŝǀĂ͕ ƉƌŽĚƵĕĆŽ͕ ƉĞƐƋƵŝƐĂ Ğ ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĚĞ ƉƌŽĚƵƚŽƐ͘ Žŵ ƵƐŽ ĚĞƐƐĂ ƚĞĐŶŽůŽŐŝĂ ƉŽĚĞͲƐĞ ƉƌĞǀĞƌ Ğ ĞǀŝƚĂƌ ĨĂůŚĂƐ ůĠƚƌŝĐĂƐ Ğ DĞĐąŶŝĐĂƐ͕ ĞǀŝƚĂŶĚŽ ƋƵĞďƌĂƐ͕ ŝŶƚĞƌƌƵƉĕƁĞƐ ĚĞ ƉƌŽĚƵĕĆŽ Ğ ƉŽƌ ĐŽŶƐĞƋƵġŶĐŝĂ ƉƌĞũƵşnjŽƐ͘ /ŶƐƚƌŽŶŝĐ ĚŝƐƉŽŶŝďŝůŝnjĂ ƵŵĂ >ŝŶŚĂ ĐŽŵƉůĞƚĂ ĚĞ dĞƌŵſŐƌĂĨŽƐ ĐŽŵ ĂůƚĂ ƋƵĂůŝĚĂĚĞ ĚĞ ŝŵĂŐĞŵ͕ ĞdžĐĞůĞŶƚĞ ƉŽƌƚĂďŝůŝĚĂĚĞ͕ ĂůĠŵ ĚĞ ĚŝǀĞƌƐŽƐ ƌĞĐƵƌƐŽƐ ƋƵĞ ƉĞƌŵŝƚĞŵ ĂŽ ŽƉĞƌĂĚŽƌ ĂĚĂƉƚĂƌ Ž ŝŶƐƚƌƵŵĞŶƚŽ Ă ƐƵĂ ƌĞĂů ŶĞĐĞƐƐŝĚĂĚĞ͘

7HOHFRP

3UHGLWLYD

7HUPRYLVRUHV /LQKD * dĞƌŵŽǀŝƐŽƌ ĚĞ ĂůƚŽ ĚĞƐĞŵƉĞŶŚŽ ĐŽŵ ĚĞƚĞĐƚŽƌ ĚĞ ϳϲ͘ϴϬϬ ƉŝdžĞů͘ /ĚĞĂů ƉĂƌĂ ŝŵƉůĞŵĞŶƚĂĕĆŽ ĚĞ ƉůĂŶŽ ĚĞ ŝŶƐƉĞĕĆŽ dĞƌŵŽŐƌĄĨŝĐĂ Ğŵ ĞŵƉƌĞƐĂƐ Ğ ƉƌĞƐƚĂĚŽƌĞƐ ĚĞ ƐĞƌǀŝĕŽƐ͕ ĚĞǀŝĚŽ ƐĞƵ ĐƵƐƚŽ ĐŽŵƉĞƚŝƚŝǀŽ͘ WĞƌŵŝƚĞ ŝŶƐƉĞĕƁĞƐ ĞůĠƚƌŝĐĂƐ Ğ ŵĞĐąŶŝĐĂƐ ĐŽŵ ƉŽƐƐŝďŝůŝĚĂĚĞ ĚĞ ŵĞĚŝĕĆŽ ĚĞ ƚĞŵƉĞƌĂƚƵƌĂ ĂƚĠ ϭ͘ϱϬϬǑ ͘ ŝƐƉůĂLJ > ĚĞ ĂůƚĂ ƌĞƐŽůƵĕĆŽ Ğ ĂŶƚŝͲƌĞĨůĞdžŽ͕ njŽŽŵ ĚĞ ĂƚĠ ϰy͕ ĨƵƐĆŽ ĚĞ ŝŵĂŐĞŵ ŶŽ ŝƐƉůĂLJ Ğ ŐƌĂŶĚĞ ĂƵƚŽŶŽŵŝĂ ĚĞ ďĂƚĞƌŝĂ͘ ĂƉĂĐŝĚĂĚĞ ĚĞ ĂƌŵĂnjĞŶĂŵĞŶƚŽ ĚĂƐ ŝŵĂŐĞŶƐ ƚĠƌŵŝĐĂƐ Ğ ƌĞĂŝƐ Ğŵ ĐĂƌƚĆŽ ĚŽ ƚŝƉŽ ^ ͘ &ƵŶĕƁĞƐ ĞƐƉĞĐŝĂŝƐ ƉĂƌĂ ĂŶĄůŝƐĞ ĐŽŵŽ͗ ŵĞĚŝĕƁĞƐ ƉŽƌ ĄƌĞĂ ďƵƐĐĂ ĂƵƚŽŵĄƚŝĐŽ ĚŽ ƉŽŶƚŽ ƉĂŝƐ ƋƵĞŶƚĞƐ͕ ĞŶƚƌĞ ŽƵƚƌĂƐ͘ ZĞĂůŝnjĂ ĨŝůŵĞ dĞƌŵŽŐƌĄĨŝĐŽ Ğ ŝŵĂŐĞŵ ƉĂŶŽƌąŵŝĐĂ͘ ^ŽĨƚǁĂƌĞ ĚĞ ŝŶƐƚĂůĂĕĆŽ ůŝǀƌĞ͕ ĐŽŵ ďĂŶĐŽ ĚĞ ĚĂĚŽƐ͕ ƌĞůĂƚſƌŝŽƐ ƉĂĚƌƁĞƐ ŽƵ ĐƵƐƚŽŵŝnjĄǀĞŝƐ͕ ŐĂƌĂŶƚŝŶĚŽ ĂŐŝůŝĚĂĚĞ Ğ ĐŽŶĨŝĂďŝůŝĚĂĚĞ ŶĂƐ ŝŶƐƉĞĕƁĞƐ͘ >ĞǀĞ Ğ ZŽďƵƐƚŽ͕ ĐŽŵ ĞŶĐĂƉƐƵůĂŵĞŶƚŽ /Wϱϰ͕ ƉƌŽƚĞĕĆŽ ĐŽŶƚƌĂ ĐŚŽƋƵĞ ĚĞ ϯϬ' Ğ ǀŝďƌĂĕĆŽ ϯ'͘

&yGLJR 1($ +

3257$%,/,'$'( H &8672 %(1()Ì&,2

7HUPRYLVRUHV /LQKD 5 35(&,6®2 H $/7$ 3(5)250$1&(

&yGLJR 1($ %

,PDJHP 7pUPLFD

,PDJHP 5HDO

dĞƌŵŽǀŝƐŽƌ ĚĞ ƉƌĞĐŝƐĆŽ Ğ ĂůƚĂ ƉĞƌĨŽƌŵĂŶĐĞ ĐŽŵ ĚĞƚĞĐƚŽƌ ĚĞ ϯϬϳ͘ϬϬϬ ƉŝdžĞů Ğ ŵŽĚŽ ĚĞ ƐƵƉĞƌ ĨƌĂŵĞ ĚĞ ϭ͘ϮϬϬ͘ϬϬ ƉŝdžĞů͘ sŝƐƵĂůŝnjĂĕĆŽ ĚĞ ŝŵĂŐĞŶƐ͗ ŝŵĂŐĞŵ ƚĠƌŵŝĐĂ͕ ŝŵĂŐĞŵ ƌĞĂů Ğ ĐŽŵƉŽƐŝĕĆŽ ĚĞ ŝŵĂŐĞŵ ;ƚĠƌŵŝĐĂнƌĞĂůͿ͘ WĞƌŵŝƚĞ ŝŶƐƉĞĕƁĞƐ ĞůĠƚƌŝĐĂƐ Ğ ŵĞĐąŶŝĐĂƐ ĐŽŵ ƉŽƐƐŝďŝůŝĚĂĚĞ ĚĞ ŵĞĚŝĕĆŽ ĚĞ ƚĞŵƉĞƌĂƚƵƌĂ ĚĞ ĂƚĠ Ϯ͘ϬϬϬǑ ͘ KĨĞƌĞĐĞ ĚŝƐƉůĂLJ > ĚĞ ĂůƚĂ ƌĞƐŽůƵĕĆŽ ƚŝƉŽ ĨŝůƉ Ğ ǀŝĞǁ ĨŝŶĚĞƌ͘ ŽŽŵ ĚĞ ĂƚĠ ϴy Ğ ĨƵŶĕĆŽ ƉĂŶŽƌąŵŝĐĂ͘ 'ƌĂǀĂĕĆŽ ĚĞ ĨŝůŵĞ ƚĠƌŵŝĐŽ ĚĞ ĂůƚĂ ǀĞůŽĐŝĚĂĚĞ ƐĞŶĚŽ ŝĚĞĂů ƉĂƌĂ ƵƐŽ Ğŵ ŝŶƐƉĞĕƁĞƐ ĂĠƌĞĂƐ͘ ƌƋƵŝǀŽ ĐŽŵ ĨŽƌŵĂƚŽ :W ' ƌĂĚŝŽŵĠƚƌŝĐŽ͘ /ŶƚĞƌĨĂĐĞ h^ ƉĂƌĂ ƵƐŽ Ğŵ ĐŽŵŽ ƐŝƐƚĞŵĂ ĚĞ ŵŽŶŝƚŽƌĂŵĞŶƚŽ͘ ^ŽĨƚǁĂƌĞ ĚĞ ŝŶƐƚĂůĂĕĆŽ ůŝǀƌĞ͕ ĐŽŵ ďĂŶĐŽ ĚĞ ĚĂĚŽƐ͕ ƌĞůĂƚſƌŝŽƐ ƉĂĚƌƁĞƐ ŽƵ ĐƵƐƚŽŵŝnjĄǀĞŝƐ͕ ŐĂƌĂŶƚŝŶĚŽ ĂŐŝůŝĚĂĚĞ Ğ ĐŽŶĨŝĂďŝůŝĚĂĚĞ ŶĂƐ ŝŶƐƉĞĕƁĞƐ͘

&RPSRVLomR GH ,PDJHP 7pUPLFD 5HDO

6ROXo}HV SDUD 7HUPRJUDILD

7HUPRYLVRUHV /LQKD +

dĞƌŵŽǀŝƐŽƌ ĂůƚĂ ƌĞƐŽůƵĕĆŽ ĐŽŵ ĚĞƚĞĐƚŽƌ ĚĞ ϯϬϳ͘ϬϬϬ ƉŝdžĞů͘ /ĚĞĂůŝnjĂĚŽ ƉĂƌĂ ŝŶƐƉĞĕƁĞƐ Ă ŐƌĂŶĚĞƐ ĚŝƐƚĂŶĐŝĂƐ Ğ Ğŵ ůŝŶŚĂ ĚĞ ƚƌĂŶƐŵŝƐƐĆŽ͘ KĨĞƌĞĐĞ ůĂƌŐŽ ĚŝƐƉůĂLJ > ƚŝƉŽ ĨůŝƉ ĚĞ ĂůƚĂ ƌĞƐŽůƵĕĆŽ ĐŽŵ ĂŶƚŝͲƌĞĨůĞdžŽ͕ Ğ ǀŝĞǁ ĨŝŶĚĞƌ͘ ůƚĂ ƐĞŶƐŝďŝůŝĚĂĚĞ ĚĞ ĂƚĠ Ϭ͕ϬϯǑ ͘ WŽƐƐƵŝ ƐŽďƌĞƉŽƐŝĕĆŽ ĚĞ ŝŵĂŐĞŶƐ͕ ĂũƵƐƚĞ ĚĞ ŝŵĂŐĞŶƐ ĂƵƚŽŵĄƚŝĐĂƐ͕ ĨƵŶĕĆŽ ĄƌĞĂ Ğ ďƵƐĐĂ ĚŽ ƉŽŶƚŽ ŵĂŝƐ ƋƵĞŶƚĞ͘ >ĞŶƚĞ ƉĂĚƌĆŽ ĐŽŵ ĐĂŵƉŽ ĚĞ ǀŝƐĆŽ Ğ /&Ks ŽƚŝŵŝnjĂĚŽ ĚĞ Ϭ͕ϲ DZ ͘ &ŽĐŽ ŵĂŶƵĂů Ğ ĂƵƚŽŵĄƚŝĐŽ ĐŽŵ ĂũƵƐƚĞ ĚŝƌĞƚŽ ŶĂ ůĞŶƚĞ͘ ŽŽŵ ĚĞ ĂƚĠ ϴy͘ WĞƌŵŝƚĞ ŝŶƐƉĞĕƁĞƐ ĞůĠƚƌŝĐĂƐ Ğ ŵĞĐąŶŝĐĂƐ ĐŽŵ ƉŽƐƐŝďŝůŝĚĂĚĞ ĚĞ ŵĞĚŝĕĆŽ ĚĞ ƚĞŵƉĞƌĂƚƵƌĂ ĚĞ ĂƚĠ Ϯ͘ϬϬϬǑ ͘ 'ƌĂǀĂ ŝŵĂŐĞŶƐ ĐŽŵ ĨŽƌŵĂƚŽ :W ' ƌĂĚŝŽŵĠƚƌŝĐŽ͘ /ŶƚĞƌĨĂĐĞ͗ Z^ϮϯϮ͕ / ϭϯϵϰ͕ h^ ͘ ^ŽĨƚǁĂƌĞ ĐŽŵ ďĂŶĐŽ ĚĞ ĚĂĚŽƐ͕ ƌĞůĂƚſƌŝŽƐ ƉĂĚƌƁĞƐ ŽƵ ĐƵƐƚŽŵŝnjĄǀĞŝƐ͕ ŐĂƌĂŶƚŝŶĚŽ ĂŐŝůŝĚĂĚĞ Ğ ĐŽŶĨŝĂďŝůŝĚĂĚĞ ŶĂƐ ŝŶƐƉĞĕƁĞƐ͘ ZŽďƵƐƚŽ͕ ĐŽŵ ĞŶĐĂƉƐƵůĂŵĞŶƚŽ /Wϱϰ͕ ƉƌŽƚĞĕĆŽ ĐŽŶƚƌĂ ĐŚŽƋƵĞ ĚĞ ϯϬ' Ğ ǀŝďƌĂĕĆŽ ϯ'͘

ZZZ LQVWURQLF FRP EU

$/7$ 5(62/8d®2

&yGLJR 1($ $

YHQGDV#LQVWURQLF FRP EU

6(8 3529('25 '( 62/8d¯(6 (/e75,&$ 0(&Ç1,&$ 7(/(&2081,&$d¯(6

7HUPRYLVRUHV

3UHGLWLYD

dĞƌŵŽǀŝƐŽƌĞƐ ƵůƚƌĂ ĐŽŵƉĂĐƚŽƐ ĐŽŵ ĐŽŵƉŽƐŝĕĆŽ ĚĞ ŝŵĂŐĞŶƐ ƚĠƌŵŝĐĂ Ğ ƌĞĂů͘ ƋƵŝƉĂĚŽƐ ĐŽŵ ƐĞŶƐŽƌ ĚĞ ƷůƚŝŵĂ ŐĞƌĂĕĆŽ ĚĞ ϭϵ͘ϮϬϬ ƉŝdžĞůƐ Ğ ůĞŶƚĞ ĂŵƉůĂ͘ ϭϵ͘ϮϬϬ ƉŝdžĞůƐ ĐŽŵ ďŽĂ ƐĞŶƐŝďŝůŝĚĂĚĞ͘ WƌŽƉşĐŝŽ ƉĂƌĂ ĂƉůŝĐĂĕƁĞƐ ŝŶĚƵƐƚƌŝĂŝƐ ĐŽŶǀĞŶĐŝŽŶĂŝƐ ĐŽŵŽ ŝŶƐƉĞĕĆŽ ĞůĠƚƌŝĐĂ͕ ŵĞĐąŶŝĐĂ Ğ ƉƌŽĐĞƐƐŽƐ͘ ĂƉĂnj ĚĞ ĚĞƚĞĐƚĂƌ ƚĞŵƉĞƌĂƚƵƌĂƐ ĂƚĠ ϯϱϬǑ ͘ ƵƐĐĂ ĂƵƚŽŵĄƚŝĐĂ ĚŽ ƉŽŶƚŽ ŵĂŝƐ ƋƵĞŶƚĞ͘ ĞůƚĂ d͘

(OpWULFD

,QVWURQLF ,QVWUXPHQWRV GH 7HVWHV /WGD

&yGLJR 1($ &

,QVSHo}HV HP 3DLQpLV

7HOHFRP

ĞǀŝĚŽ ăƐ ĞdžŝŐġŶĐŝĂƐ ĚĂƐ ŶŽƌŵĂƐ ĚĞ ƐĞŐƵƌĂŶĕĂ Ă /ŶƐƚƌŽŶŝĐ ĚŝƐƉŽŶŝďŝůŝnjĂ ŽƐ ƐŝƐƚĞŵĂƐ ŵĂŝƐ ŵŽĚĞƌŶŽƐ ƉĂƌĂ ŝŶƐƉĞĕĆŽ ĚĞ ƉĂŝŶĠŝƐ ĞůĠƚƌŝĐŽƐ͘ WŽƐƐŝďŝůŝƚĂ Ă ǀŝƐƵĂůŝnjĂĕĆŽ ĚĞ ƉŽŶƚŽƐ ƋƵĞŶƚĞƐ Ğŵ ƉĂŝŶĠŝƐ ĞůĠƚƌŝĐŽƐ ƐĞŵ Ă ŶĞĐĞƐƐŝĚĂĚĞ ĚĞ ƐƵĂ ĂďĞƌƚƵƌĂ͘ KƐ ĚĞĨĞŝƚŽƐ ƐĆŽ ŝĚĞŶƚŝĨŝĐĂĚŽƐ ĐŽŵ ƵƐŽ ĚĞ ƵŵĂ ůĞŶƚĞ ĚĞ ďĂŝdžŽ ĐƵƐƚŽ Ğ ĨĄĐŝů ŝŶƐƚĂůĂĕĆŽ͘ WŽĚĞͲƐĞ ĂƵŵĞŶƚĂƌ Ă ĨƌĞƋƵġŶĐŝĂ ĚĞ ŝŶƐƉĞĕƁĞƐ͕ ƉƌŝŶĐŝƉĂůŵĞŶƚĞ Ğŵ ƉĂŝŶĠŝƐ ƋƵĞ ƉŽƐƐƵĂŵ ƐŝƐƚĞŵĂ ĚĞ ĚĞƐĞŶĞƌŐŝnjĂĕĆŽ͕ ƵŵĂ ǀĞnj ƋƵĞ ŶĆŽ ŶĞĐĞƐƐĄƌŝĂ ă ĂďĞƌƚƵƌĂ ĚŽ ƉĂŝŶĞů͘

&yGLJR 1(& 0

7HUPRJUDILD H 8OWUDVVRP 6LVWHPD GH 0RQLWRUDPHQWR dĞƌŵſŐƌĂĨŽ /ŶĨƌĂǀĞƌŵĞůŚŽ ĨŝdžŽ͘ DŽŶŝƚŽƌĂŵĞŶƚŽ KŶůŝŶĞ ĚĂ ƚĞŵƉĞƌĂƚƵƌĂ Ğŵ ^ƵďĞƐƚĂĕƁĞƐ͕ ƉƌŽĐĞƐƐŽƐ Ğ ůŝŶŚĂƐ ĚĞ WƌŽĚƵĕĆŽ͕ dƌĂŶƐĨŽƌŵĂĚŽƌĞƐ͕ WůĂŶƚĂƐ WĞƚƌŽƋƵşŵŝĐĂƐ͕ WƌŽƚĞĕĆŽ ƉĂƚƌŝŵŽŶŝĂů ;ƌŝƐĐŽ ĚĞ ŝŶĐġŶĚŝŽ Ğ ŝŶǀĂƐĆŽͿ Ğ ŽƵƚƌĂƐ ƉůŝĐĂĕƁĞƐ ŽŶĚĞ Ġ ĨƵŶĚĂŵĞŶƚĂů Ă ĨŽƌŵĂĕĆŽ ĚĞ /ŵĂŐĞŵ ƚĠƌŵŝĐĂ Ğ Ž ŵŽŶŝƚŽƌĂŵĞŶƚŽ͘

6RIWZDUH SDUD $QiOLVH 7HUPRJUiILFD ^ŽĨƚǁĂƌĞ ƉĂƌĂ ŐĞƌĂĕĆŽ ĚĞ ƌĞůĂƚſƌŝŽƐ Ğŵ ĂŵďŝĞŶƚĞ tŝŶĚŽǁƐ ĐŽŵ ĨƵŶĕƁĞƐ ĚĞ ĞĚŝĕĆŽ ĚĞ ŝŵĂŐĞŵ dĞƌŵŽŐƌĄĨŝĐĂ͕ ĐĂƉƚƵƌĂ ĚĞ ŝŵĂŐĞŶƐ ŽŶͲůŝŶĞ͕ D^ tŽƌĚ͕ ƉůĂŶŝůŚĂ ĚĞ džĐĞů Ğ ŚŝƐƚŽŐƌĂŵĂ͘ ƉƌĞƐĞŶƚĂŵ ĨƵŶĕƁĞƐ ĚĞ njŽŽŵ͕ Ϭϴ ĨĂŝdžĂƐ ŝƐŽƚĠƌŵŝĐĂƐ͕ ĄƌĞĂ͕ ƐĞůĞĕĆŽ ĚĞ ϰϬ ƉŽŶƚŽƐ ĚĞ ƚĞŵƉĞƌĂƚƵƌĂ Ğ ĐƵƌƐŽƌ yͲz ĐŽŵ ĨŽƌŵĂ ĚĞ ŽŶĚĂ͕ ƉůĂLJ ĚŽ ĐŽŵĞŶƚĄƌŝŽ ĚĞ ǀŽnj͕ ŽǁŶůŽĂĚ ĚĂ ŝŵĂŐĞŵ ƌĞĂů͕ ĞŶƚƌĞ ŽƵƚƌĂƐ ĨƵŶĕƁĞƐ͘ WŽƐƐŝďŝůŝƚĂ ĂŶĞdžĂƌ ĨŝůŵĞ Ğ ĨŽƚŽ ĚŝŐŝƚĂů ĂůĠŵ ĚĞ ƵƚŝůŝnjĂƌͲƐĞ ĚĞ ŽƵƚƌŽƐ ĂƉůŝĐĂƚŝǀŽƐ ĚŽ tŝŶĚŽǁƐ ƉĂƌĂ ĞůĂďŽƌĂĕĆŽ ĚŽ ƌĞůĂƚſƌŝŽ ĚĞ dĞƌŵŽŐƌĂĨŝĂ͘

&yGLJR 1(' $

ZZZ LQVWURQLF FRP EU

YHQGDV#LQVWURQLF FRP EU

6ROXo}HV SDUD 7HUPRJUDILD

&yGLJR 1($ $

KƉĐŝŽŶĂůŵĞŶƚĞ͕ ƉŽĚĞ ƐĞƌ ĨŽƌŶĞĐŝĚŽ ĐŽŵ ƐŝƐƚĞŵĂ ĚĞ ƵůƚƌĂƐƐŽŵ ƐĞŶĚŽ ƵŵĂ ƐŽůƵĕĆŽ ĐŽŵƉůĞƚĂ ŶŽ ŵŽŶŝƚŽƌĂŵĞŶƚŽ ĚĞ ^ƵďĞƐƚĂĕƁĞƐ ĐƌşƚŝĐĂƐ Ğ ^ƵďĞƐƚĂĕƁĞƐ ĨĞĐŚĂĚĂƐ͘ WĞƌŵŝƚĞ Ž DŽŶŝƚŽƌĂŵĞŶƚŽ ĚĞ ƉŽŶƚŽƐ ƋƵĞŶƚĞƐ͕ ĨĞŝƚŽ ŽƌŽŶĂ Ğ ĚĞƐĐĂƌŐĂƐ ƉĂƌĐŝĂŝƐ͘

(OpWULFD

,QVWURQLF ,QVWUXPHQWRV GH 7HVWHV /WGD

6(8 3529('25 '( 62/8d¯(6 (/e75,&$ 0(&Ç1,&$ 7(/(&2081,&$d¯(6

^ŽůƵĕĆŽ ĐŽŵƉůĞƚĂ Ğŵ ĞdžƚĞŶƐŝŽŵĞƚƌŝĂ ƉĂƌĂ Ă ŶĄůŝƐĞ Ğŵ hƐŝŶĂƐ ,ŝĚƌĞůĠƚƌŝĐĂƐ͕ dĞƌŵŽ ůĠƚƌŝĐĂ Ğ EƵĐůĞĂƌ͘ ƚĞŶĚĞ ĂƐ ŶĞĐĞƐƐŝĚĂĚĞƐ ĚĞ ĂŶĄůŝƐĞ Ğŵ ZŽƚŽƌĞƐ ĚĞ dƵƌďŝŶĂƐ Ğ ĚĞŵĂŝƐ ĐŽŵƉŽŶĞŶƚĞƐ ƉĂƌĂ ǀĂůŝĂĕĆŽ Ğ ƐƚƵĚŽ ĚĂ dĞŶƐĆŽ ƌĞƐŝĚĞŶĐŝĂů ĐŽŵďĂƚĞŶĚŽ ĚĞƐŐĂƐƚĞƐ Ğ ƚƌŝŶĐĂƐ ƋƵĞ ƉŽĚĞŵ ŽĐŽƌƌĞƌ Ğŵ ĨƵŶĕĆŽ ĚĂƐ ĐŽŶĚŝĕƁĞƐ ĚĞ ŽƉĞƌĂĕĆŽ ŽƵ ŵĞƐŵŽ ƉĞůĂ ĐĂǀŝƚĂĕĆŽ͘ ůĠŵ ĚĂ ĂŶĄůŝƐĞ Ğŵ ƚƵƌďŝŶĂƐ͕ ŽĨĞƌĞĐĞŵŽƐ ^ŽůƵĕƁĞƐ ƉĂƌĂ Ă ŶŐĞŶŚĂƌŝĂ ŝǀŝů Ğŵ ŶĄůŝƐĞ ĞƐƚƌƵƚƵƌĂů Ğ ĐŽŵƉŽŶĞŶƚĞ ƉĂƌĂ ƵƚŽŵĂƚŝnjĂĕĆŽ Ğ DĞĚŝĕĆŽ ĚĞ ƉĂƌąŵĞƚƌŽƐ ĚŽ ƉƌŽĐĞƐƐŽ͘

'DWDORJJHU &DQDO D &DQDLV

3UHGLWLYD

WŽƐƐŝďŝůŝƚĂ Ă ŵĞĚŝĕĆŽ ĚĞ ƚĞŶƐĆŽ ͕ ƚĞƌŵŽƉĂƌĞƐ͕ Wƚ͕ Zd Ğ ^ƚƌĂŝŶ 'ĂƵŐĞƐ͘ Žŵ ĂůƚĂ ǀĞůŽĐŝĚĂĚĞ ;Ϭ͕ϬϮ ƐĞŐ͘ ͬ ĂŶĂůͿ Ğ ĂůƚĂ ƌĞƐŽůƵĕĆŽ͘ ƌŵĂnjĞŶĂŵ ĚĂĚŽƐ Ğŵ &ůŽƉƉLJ ŝƐŬ͘ WŽƐƐƵŝ ƚĞůĂ > Ğ ĐŽŵƵŶŝĐĂĕĆŽ 'WͲ/ ͕ Z^ ϮϯϮ Ğ ƚŚĞƌŶĞƚ͘

&yGLJR 70$ $

6WUDLQ *DXJHV ^ƚƌĂŝŶ 'ĂƵŐĞƐ ƐĆŽ ƵƚŝůŝnjĂĚŽƐ ŶĂƐ ŵĞĚŝĕƁĞƐ Ğ ŵŽŶŝƚŽƌĂŵĞŶƚŽ ĚĂ ĚĞĨŽƌŵĂĕĆŽ ĚĞ ŵĂƚĞƌŝĂŝƐ͘ ŵ ĨƵŶĕĆŽ ĚĞ ƐƵĂ ĐŽŶĨŝĂďŝůŝĚĂĚĞ͕ ƉƌĞĐŝƐĆŽ Ğ ƐĞŶƐŝďŝůŝĚĂĚĞ͕ ƉŽĚĞŵ ƐĞƌ ĂƉůŝĐĂĚĂƐ ŶĂ ŶŐĞŶŚĂƌŝĂ ŝǀŝů Ğ DĞĐąŶŝĐĂ Ğŵ ĞƐƚƌƵƚƵƌĂƐ͕ ĐŽŶƐƚƌƵĕĆŽ Ğ ƌĞƐƚĂƵƌĂĕĆŽ ŽƵ ŶŽ ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĚĞ ƉƌŽĚƵƚŽƐ Ğ ŵĂƚĞƌŝĂŝƐ ;ƌŽƚŽƌ͕ ƉĄƐ͕ ĐĂƌĐĂĕĂƐ͕ ĞŝdžŽ͕ ĞƐƚƌƵƚƵƌĂƐ ĚĞ ĐŽŶĐƌĞƚŽͿ͘

6HQVRUHV GH 'HIRUPDomR

&yGLJR 70& $

'DWD /RJJHU +DQGKHOG /ŶĚŝĐĂĚŽ ƉĂƌĂ ƵƚŝůŝnjĂĕĆŽ ĐŽŵ ^ƚƌĂŝŶ 'ĂƵŐĞƐ͕ dƌĂŶƐĚƵƚŽƌĞƐ͕ dĞƌŵŽƉĂƌĞƐ Ğ dĞŶƐĆŽ͘ Ğ Ϭϭ Ă Ϭϱ ĞŶƚƌĂĚĂƐ͘ DĞĚŝĕĆŽ ĚĞ ZĞƐŝƐƚġŶĐŝĂ͕ /ƐŽůĂĕĆŽ Ğ dĞŶƐĆŽ͘ dĞŵƉĞƌĂƚƵƌĂ͕ dƌĂŶƐĚƵƚŽƌĞƐ ;ĐĠůƵůĂ ĚĞ ĐĂƌŐĂ Ğ ƉƌĞƐƐĆŽͿ Ğ ^ƚƌĂŝŶ 'ĂƵŐĞƐ͘ DĞŵſƌŝĂ /ŶƚĞƌŶĂ ƉĂƌĂ ϭϯ͘ϬϬϬ ƉŽŶƚŽƐ͘ WƌŽƚĞĕĆŽ /W ϱϰ͘

6ROXo}HV SDUD $QiOLVH (VWUXWXUDO

&yGLJR 70$ '

5HJLVWUDGRU GH (VIRUoR 0HFkQLFR ĂƚĂ >ŽŐŐĞƌ Ğ ƌĞŐŝƐƚƌĂĚŽƌ ĚŝŶąŵŝĐŽ ĚĞ ĞdžƚĞŶƐŝŽŵĞƚƌŝĂ ĐŽŵ ƚĂŵĂŶŚŽ Ğ ƉĞƐŽ ƌĞĚƵnjŝĚŽƐ͘ /ĚĞĂů ƉĂƌĂ ŵĞĚŝĕƁĞƐ Ğŵ ǀĞşĐƵůŽƐ ;ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĚĞ ƉƌŽĚƵƚŽͿ ŽƵ Ğŵ ŵŽŶŝƚŽƌĂŵĞŶƚŽ ĚŽ ĐŽŵƉŽƌƚĂŵĞŶƚŽ ĚĞ ŵĂƚĞƌŝĂŝƐ͘ KƐ ĚĂĚŽƐ ƉŽĚĞŵ ƐĞƌ ŐƌĂǀĂĚŽƐ ŽĨĨͲůŝŶĞ ƵƐĂŶĚŽ Ƶŵ ĐĂƌƚĆŽ ĚĞ ŵĞŵſƌŝĂ ĐŽŵƉĂĐƚŽ ĚŽ ĨůĂƐŚ ĚĞ ϯϮ͕ ĚĞ ϲϰ ŽƵ ĚĞ ϭϮϴDď ĚĞ ĂƌŵĂnjĞŶĂŵĞŶƚŽ͘ ĂƌĂĐƚĞƌşƐƚŝĐĂƐ͗ ŽŶĨŝŐƵƌĂĕĆŽ ƉĂƌĂ Ϭϰ ĐĂŶĂŝƐ ĐŽŵ ĂůƚĂ ƌĞƐŽůƵĕĆŽ ĚĞ ϭϲďŝƚ͘ dĂdžĂ ĞůĞǀĂĚĂ ĚĞ ĂŵŽƐƚƌĂŐĞŵ ĚĞ ϱϬ ŵŝĐƌŽƐƐĞŐƵŶĚŽƐ ƉŽƌ ĐĂŶĂů͘ ŽŵƵŶŝĐĂĕĆŽ h^ WŽƐƐƵŝ ƐŽĨƚǁĂƌĞ ƋƵĞ ƉĞƌŵŝƚĞ ĂŽ ƵƐƵĄƌŝŽ ĞdžĞĐƵƚĂƌ ƚŽĚĂƐ ĂƐ ĞƚĂƉĂƐ ĚĂ ŵĞĚŝĕĆŽ ĚŝŶąŵŝĐĂ Ğ ǀŝƐƵĂůŝnjĂĕĆŽ ŐƌĄĨŝĐĂ͘

ZZZ LQVWURQLF FRP EU

&yGLJR 70$ $

YHQGDV#LQVWURQLF FRP EU

,QVWURQLF ,QVWUXPHQWRV GH 7HVWHV /WGD

6(8 3529('25 '( 62/8d¯(6 (/e75,&$ 0(&Ç1,&$ 7(/(&2081,&$d¯(6

/ŶƐƚƌŽŶŝĐ ĚŝƐƉŽŶŝďŝůŝnjĂ ƵŵĂ >ŝŶŚĂ ĐŽŵƉůĞƚĂ ĚĞ DŽŶŝƚŽƌĞƐ ĚĞ sĂnjĆŽ ĚĞ &ůƵŝĚŽ Ğŵ ƚƵďƵůĂĕƁĞƐ ĐŚĞŝĂƐ͕ ƉĂƌĐŝĂůŵĞŶƚĞ ĐŚĞŝĂƐ͕ ĐĂŶĂŝƐ ĂďĞƌƚŽƐ͕ ĐſƌƌĞŐŽƐ Ğ ƌŝŽƐ͘ hƚŝůŝnjĂ ƚĞĐŶŽůŽŐŝĂ hůƚƌĂƐƐƀŶŝĐĂ ĚĞ ŵƷůƚŝƉůŽƐ ĐĂŶĂŝƐ ĚĞ ƚĞŵƉŽ ĚĞ ƚƌąŶƐŝƚŽ͘ DŽŶŝƚŽƌĞƐ ĐŽŵ ĂƚĠ Ϭϴ ƉŽŶƚŽƐ ĚĞ ŵĞĚŝĕĆŽ ĞͬŽƵ Ϭϰ ƚƵďƵůĂĕƁĞƐͬĐĂŶĂů ĂďĞƌƚŽ͘ ^ĞŶƐŽƌĞƐ Ğ dƌĂŶƐĚƵƚŽƌĞƐ ƉƌŽũĞƚĂĚŽƐ ƉĂƌĂ ĐĂĚĂ ƚŝƉŽ ĚĞ ĂƉůŝĐĂĕĆŽ ĐŽŵ /W ϲϳ͘ ^ŝƐƚĞŵĂ ƚŽƚĂůŵĞŶƚĞ ŵŽĚƵůĂƌ ĚĞ ĨĄĐŝů ŝŶƐƚĂůĂĕĆŽ Ğ ƉƌŽŐƌĂŵĂĕĆŽ͘

3UHGLWLYD

6LVWHPDV GH 0RQLWRUDPHQWR GH 9D]mR 8OWUDVVRQLFR )L[RV

&yGLJR $&8$ %

0RQLWRU GH 9D]mR 8OWUDVVRQLFR 3RUWiWLO

ŝƐƉůĂLJ ŐƌĄĨŝĐŽ ĐŽŵ ƚĞĐůĂĚŽ͘

DĞĚŝĚŽƌ ĚĞ ǀĂnjĆŽ ƉŽƌƚĄƚŝů͕ ĨůĞdžşǀĞů Ğ ƉƌĞĐŝƐŽ͕ ŵĞĚĞ ĨůƵdžŽ ĚĞ ůşƋƵŝĚŽƐ Ğŵ ƋƵĂůƋƵĞƌ ƚŝƉŽ ĚĞ ƚƵďŽƐ Ğ ƉĂƌĂ ƵŵĂ ǀĂƌŝĞĚĂĚĞ ĚĞ ĨŝŶƐ͕ ŝŶĐůƵŝŶĚŽ ĞƐƚƵĚŽƐ ĚĞ ďĂůĂŶĕŽ ĚĞ ĨůƵdžŽ͕ ǀĞƌŝĨŝĐĂĕĆŽ Ğ ŵĞĚŝĕĆŽ Ğŵ ƚĞŵƉŽ ƌĞĂů͕ ĞƐƚƵĚŽƐ ĚĞ ƉůĂŶƚĂƐ͕ Ğ ĚŝĂŐŶſƐƚŝĐŽ ĚĞ ďŽŵďĂ ŽƵ ǀĄůǀƵůĂ͘ &ƵŶĕĆŽ ŵƵůƚŝͲĨůƵdžŽ ƉĂƌĂ ϬϮ ĐĂŶĂŝƐ ŽƵ ϬϮ ƉŽŶƚŽƐ ĚĞ ŵĞĚŝĕĆŽ WŽĚĞ ƐĞƌ ŝŶƐƚĂůĂĚŽ ƐĞŵĂ ŶĞĐĞƐƐŝĚĂĚĞ Ğ ĚĞƐůŝŐĂƌ Ž ƉƌŽĐĞƐƐŽ ŽƵ ĞƐǀĂnjŝĂŵĞŶƚŽ ĚĂ ƚƵďƵůĂĕĆŽ͘ ^ĞŶƐŽƌ ĚĞ ŵĞĚŝĕĆŽ ĚĞ ĞƐƉĞƐƐƵƌĂ ƉĂƌĂ ǀĞƌŝĨŝĐĂĕĆŽ ĞƐƉĞƐƐƵƌĂ ĚĂ ƉĂƌĞĚĞ ĚŽ ƚƵďŽ͘ DĞŵſƌŝĂ ŝŶƚĞƌŶĂ ƉĂƌĂ ƌĞŐŝƐƚƌŽ ĚĂƐ ŵĞĚŝĕƁĞƐ Ğ ƉŽƌƚĂ h^ ƉĂƌĂ ƚƌĂŶƐĨĞƌġŶĐŝĂ͘ ůŝŵĞŶƚĂĕĆŽ ƉŽƌ ďĂƚĞƌŝĂ ĚĞ ůŽŶŐĂ ĚƵƌĂĕĆŽ͘

&yGLJR 6&8 $

DĞĚŝĚŽƌĞƐ ĚĞ ĨůƵdžŽ ƉŽƌ ŵĂƐƐĂ ƚĠƌŵŝĐĂ ƉƌŽũĞƚĂĚĂ ƉĂƌĂ ŵĞĚŝƌ Ğ ŵŽŶŝƚŽƌĂƌ ĐŽŵ ƉƌĞĐŝƐĆŽ Ž Ăƌ ƐĞĐŽ͕ ŐĄƐ ƐĞĐŽ͕ Ğ ŐĄƐ ƷŵŝĚŽ͘ dĞĐŶŽůŽŐŝĂ ĚĞ ŵĂƐƐĂ ƚĠƌŵŝĐĂ ĐŽŵ ĚƵƉůĂ ŵĞĚŝĕĆŽ ʹ ƵŵĂ ƚĞŵƉĞƌĂƚƵƌĂ ĐŽŵŽ ƌĞĨĞƌġŶĐŝĂ Ğ ŽƵƚƌĂ ƉĂƌĂ ŵĞĚŝĕĆŽ ĚŽ ĨůƵdžŽ ĚĞ ƉƌŽĐĞƐƐŽ͘ ŝƐƉŽƐŝƚŝǀŽƐ ĚĞ ŵĂƐƐĂ ƚĠƌŵŝĐĂ ŝŶƚƌŽĚƵnjŝƌ ĐĂůŽƌ ƉĂƌĂ Ă ĐŽƌƌĞŶƚĞ ĚĞ ĨůƵdžŽ͕ ƵƚŝůŝnjĂŶĚŽ Ž ĐŽŶĐĞŝƚŽ ĚĞ ƋƵĞ ŽƐ ĨůƵdžŽƐ ĨŽƌƚĞƐ ĐĂƵƐĂƌ Ƶŵ ŵĂŝŽƌ ĞĨĞŝƚŽ ĚĞ ĂƌƌĞĨĞĐŝŵĞŶƚŽ͘ /ŵƵŶĞƐ Ă ƉƌŽďůĞŵĂƐ ƋƵĞ ŝŶŝďĞŵ Ă ƉƌĞĐŝƐĆŽ ƚĂŝƐ ĐŽŵŽ Ă ďĂŝdžĂ ǀĞůŽĐŝĚĂĚĞ͕ ƉŽƌ ƉĂƌƚşĐƵůĂƐ ŶŽ ĨůƵdžŽ͕ ĂĐƷŵƵůŽ ŶŽ ĚƵƚŽ͕ ŽƵ ĨŽƌŵĂĕĆŽ ƐŽďƌĞ Ž ƐĞŶƐŽƌ͘ ƉůŝĐĂĕƁĞƐ͗ ĂůĚĞŝƌĂƐ Ğ ĐĂůĚĞŝƌĂƐ ĚĞ ƌĞĐƵƉĞƌĂĕĆŽ͕ ůŝŶŚĂƐ ĚĞ ŐĄƐ͕ ƉƌŽĐĞƐƐŽ ƋƵşŵŝĐŽƐ͕ ĂĞƌĂĕĆŽ͕ ĐŽŐĞƌĂĕĆŽ͕ ƉŽůƉĂ Ğ ƉĂƉĞů͕ ĨƵŶĚŝĕƁĞƐ ĚĞ ŵĞƚĂŝƐ͕ ĨƵŶĚŝĕƁĞƐ͕ ƌĞĨŝŶĂƌŝĂƐ͕ ĨĄďƌŝĐĂƐ Ğ ĞŵƉƌĞƐĂƐ ĚĞ ƌĞĐŝĐůĂŐĞŵ͕ ĨĄďƌŝĐĂƐ ĚĞ ĐŝŵĞŶƚŽ͕ ŝŶƐƚĂůĂĕƁĞƐ ƉĞƚƌŽƋƵşŵŝĐĂƐ͕ ƐĞĐĂŐĞŵ Ğŵ Ɖſ Ă ŐƌĂŶĞů͕ ŝŶĐŝŶĞƌĂĚŽƌĞƐ͕ ƉƵůǀĞƌŝnjĂĚŽƌĞƐ ĚĞ ĐĂƌǀĆŽ͕ ůŝŶŚĂƐ ĚĞ ĐŽŵďƵƐƚşǀĞů͕ ŐĄƐ ŶĂƚƵƌĂů͕ Ăƌ ĐŽŵƉƌŝŵŝĚŽ Ğ ĚĞ ĐŽŵďƵƐƚĆŽ͘

&yGLJR .=$ $

ZZZ LQVWURQLF FRP EU

YHQGDV#LQVWURQLF FRP EU

6ROXo}HV SDUD )OX[R

0HGLGRU GH 9D]mR SRU 0DVVD 7pUPLFD

,QVWURQLF ,QVWUXPHQWRV GH 7HVWHV /WGD

6(8 3529('25 '( 62/8d¯(6 (/e75,&$ 0(&Ç1,&$ 7(/(&2081,&$d¯(6

$QDOLVDGRUHV GH 3DUkPHWURV $PELHQWDLV

(OpWULFD 7HOHFRP

&yGLJR 0($ %

[ 7HPSHUDWXUD 9HORFLGDGH GR $U 8PLGDGH ,OXPLQDomR H 1tYHO GH 6RP

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ƚĞŶĚĞ ŶŽƌŵĂƐ ŝŶƚĞƌŶĂĐŝŽŶĂŝƐ ; ϭϵϵͬϱϭϵͿ Ğ ĚŝƌĞƚŝǀĂ ĞƵƌŽƉĞŝĂ ϮϬϬϰͬϰϬͬ​ͬ

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6ROXo}HV SDUD 8QLGDGHV 0yYHLV

0RELOLGDGH H 3UDWLFLGDGH

ŵŽŶƚĂŐĞŵ ĚĂ hŶŝĚĂĚĞ DſǀĞů Ġ ĨĞŝƚĂ ƉŽƌ ƉƌŽĨŝƐƐŝŽŶĂŝƐ ƚƌĞŝŶĂĚŽƐ Ğ ĞƐƉĞĐŝĂůŝnjĂĚŽƐ͕ ƌĞĂůŝnjĂŶĚŽ Ƶŵ ƚƌĂďĂůŚŽ ĚĞ ĂůƚĂ ƋƵĂůŝĚĂĚĞ Ğ ĂĐĂďĂŵĞŶƚŽ ŝŵƉĞĐĄǀĞů͘ Žŵ ƚŽƚĂů ƐĞŐƵƌĂŶĕĂ Ğ ĐŽŵŽĚŝĚĂĚĞ ĂŽ ŽƉĞƌĂĚŽƌ͕ ƉĞƌŵŝƚĞ ƋƵĞ ƐĞũĂ Ƶŵ ƉŽƐƚŽ ĚĞ ƚƌĂďĂůŚŽ ĂǀĂŶĕĂĚŽ ĚĂ ĞŵƉƌĞƐĂ͘

ZZZ LQVWURQLF FRP EU

YHQGDV#LQVWURQLF FRP EU

(OpWULFD

,QVWURQLF ,QVWUXPHQWRV GH 7HVWHV /WGD

6(8 3529('25 '( 62/8d¯(6 (/e75,&$ 0(&Ç1,&$ 7(/(&2081,&$d¯(6

3URMHWR GH 3DLQpLV (OpWULFRV KƐ WĂŝŶĠŝƐ /ŶƐƚƌŽŶŝĐ ƐĆŽ ƉƌŽũĞƚĂĚŽƐ͕ ŵŽŶƚĂĚŽƐ Ğ ƚĞƐƚĂĚŽƐ Ğŵ ĐŽŶĨŽƌŵŝĚĂĚĞ ĐŽŵ ĂƐ EŽƌŵĂƐ E Z / ϲϬϰϯϵͲϭ͕ EZϭϬ Ğ E Z ϱϰϭϬ͘ EŽƐƐĂ >ŝŶŚĂ ĚĞ WĂŝŶĠŝƐ͗

6HUYLoRV

7HOHFRP

ĞŶƚƌŽ ĚĞ ŝƐƚƌŝďƵŝĕĆŽ ĚĞ ĂƌŐĂƐ d ;Y' dͿ ĂƚĠ ϲϯϬϬ ͘ YƵĂĚƌŽƐ ĚĞ ŝƐƚƌŝďƵŝĕĆŽ ĚĞ >Ƶnj Ğ &ŽƌĕĂƐ͘ ĞŶƚƌŽ ĚĞ ŽŶƚƌŽůĞ ĚĞ DŽƚŽƌĞƐ ; DͿ͕ ŐĂǀĞƚĂƐ ĨŝdžĂƐ ŽƵ ĞdžƚƌĂşǀĞŝƐ͘ WĂŝŶĠŝƐ ĚĞ ĐŽŵĂŶĚŽ ĐŽŵ /ŶǀĞƌƐŽƌĞƐ͕ ƐŽĨƚƐƚĂƚĞƌΖƐ͘ YƵĂĚƌŽƐ ĚĞ ƉĂƌƚŝĚĂƐ ĚĞ ŵŽƚŽƌĞƐ͗ ƉĂƌƚŝĚĂƐͲĚŝƌĞƚĂ͕ ĞƐƚƌĞůĂͲƚƌŝąŶŐƵůŽ Ğ ĐŽŵƉĞŶƐĂĚĂ͘ DĞƐĂƐ ĚĞ ŽŵĂŶĚŽ͘ ĂŶĐŽƐ ĚĞ ĂƉĂĐŝƚŽƌĞƐ ;ĨŝdžŽƐ Ğ ĂƵƚŽŵĄƚŝĐŽƐͿ͘ WĂŝŶĠŝƐ ĚĞ ƵƚŽŵĂĕĆŽ ĐŽŵ >W͕ ƐŝƐƚĞŵĂ ƐƵƉĞƌǀŝƐſƌŝŽ͘ WĂŝŶĠŝƐ ĚĞ ƵƚŽŵĂĕĆŽ ĚĞ ^ƵďĞƐƚĂĕĆŽ͘ WĂŝŶĠŝƐ ĚĞ WƌŽƚĞĕĆŽ͘ &yGLJR 69

ƚĞŶĚĞŵŽƐ ŽƐ ƐĞŐƵŝŶƚĞƐ ŵĞƌĐĂĚŽƐ͗

6ROXo}HV SDUD 0RQWDJHP GH 3DLQpLV (OpWULFRV

ŽŶƐƚƌƵĕĆŽ ŝǀŝů͘ /ŶĚƵƐƚƌŝĂů͘ &ĞƌƌŽǀŝĄƌŝŽ͘ ŶĞƌŐŝĂ͘

WƌŽũĞƚŽƐ͗ K ƉƌŽũĞƚŽ ĚŽƐ ƉĂŝŶĠŝƐ /ŶƐƚƌŽŶŝĐ ƐĆŽ ĞůĂďŽƌĂĚŽƐ Ğŵ ^ŽĨƚǁĂƌĞ ƵƚŽĐĂĚ ŽƵ ƉůĂŶ͕ ĐŽŵƉŽƐƚŽƐ ĚĞ ĨŽůŚĂ ĚĞ ƌŽƐƚŽ͕ ĚĞƐĞŶŚŽ ĞůĠƚƌŝĐŽ Ğ ůŝƐƚĂ ĚĞ ŵĂƚĞƌŝĂŝƐ͕ ĞdžĞĐƵƚĂĚŽƐ ŶŽ ƚĂŵĂŶŚŽ ϰ͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ Ă EŽƌŵĂ Ed͕ ĂŽ ƋƵĂů ƐĞƌĆŽ ƐƵďŵĞƚŝĚŽƐ ă ĂƉƌŽǀĂĕĆŽ ĚŽ ĐůŝĞŶƚĞ͘

ZZZ LQVWURQLF FRP EU

YHQGDV#LQVWURQLF FRP EU

6(8 3529('25 '( 62/8d¯(6 (/e75,&$ 0(&Ç1,&$ 7(/(&2081,&$d¯(6

3URMHWR GH 3DLQpLV (OpWULFRV ŚĂƉĂƌŝĂ͗

KƐ ďĂƌƌĂŵĞŶƚŽƐ ƵƚŝůŝnjĂĚŽƐ ƐĆŽ ĐŽŶĨĞĐĐŝŽŶĂĚŽƐ Ğŵ ĐŽďƌĞ ĞůĞƚƌŽůşƚŝĐŽ ĐŽŵ ƉƵƌĞnjĂ ĚĞ ϵϵ͕ϵϵй͕ ƉƌĂƚĞĂĚŽƐ Ğŵ ƚŽĚĂ Ă ƐƵĂ ĞdžƚĞŶƐĆŽ͕ ƐĞŶĚŽ ŝĚĞŶƚŝĨŝĐĂĚŽƐ ƉŽƌ WŝŶƚƵƌĂ Ğŵ ƚŽĚĂ Ă ƐƵĂ ĞdžƚĞŶƐĆŽ͕ ŶŽ ƉĂĚƌĆŽ ĚĞ ĐŽƌĞƐ ĐŽŶĨŽƌŵĞ Ă ŶŽƌŵĂ Ed ;/ Ͳ ϲϬϰϯϵͿ͕ ŽƵ ŶŽ ƉĂĚƌĆŽ ĚĞ ĐŽƌĞƐ ĚĂ ŽŶƚƌĂƚĂŶƚĞ͘

KƐ WĂŝŶĠŝƐ /ŶƐƚƌŽŶŝĐ ƉĂƐƐĂŵ ƉĞůŽ ƉƌŽĐĞƐƐŽ ĚĞ ƚƌĂƚĂŵĞŶƚŽ͕ ƉŝŶƚƵƌĂ͕ ĂĐĂďĂŵĞŶƚŽ͕ Ğ ƌĞƐŝƐƚġŶĐŝĂ ĂƚĞŶĚĞŶĚŽ Ă ŶŽƌŵĂ E Z ϴϳϱϱ Ͳ ^ŝƐƚĞŵĂƐ ĚĞ ZĞǀĞƐƚŝŵĞŶƚŽƐ WƌŽƚĞƚŽƌĞƐ ƉĂƌĂ WĂŝŶĠŝƐ ůĠƚƌŝĐŽƐ͘ ŽƌĞƐ͕ ĞƐƉĞƐƐƵƌĂƐ ĚĞ ĐŚĂƉĂ Ğ ŐƌĂƵ ĚĞ ƉƌŽƚĞĕĆŽ͕ ĐŽŶĨŽƌŵĞ Ă ĂƉůŝĐĂĕĆŽ ĚĞ ĐĂĚĂ ƉĂŝŶĞů͘

^ĞƌǀŝĕŽƐ ĂĚŝĐŝŽŶĂŝƐ͗

/ĚĞŶƚŝĨŝĐĂĕƁĞƐ͗

/ŶƐƚƌŽŶŝĐ ĚŝƐƉŽŶŝďŝůŝnjĂ ĞƋƵŝƉĞƐ ĞƐƉĞĐŝĂůŝnjĂĚĂƐ ƉĂƌĂ ĨŽƌŶĞĐĞƌ Ğŵ ĐŽŶũƵŶƚŽƐ ĐŽŵ ŽƐ ƉĂŝŶĠŝƐ ŽƐ ƐĞŐƵŝŶƚĞƐ ƐĞƌǀŝĕŽƐ͗ /ŶƐƚĂůĂĕĆŽ Ğ ĐŽŵŝƐƐŝŽŶĂŵĞŶƚŽ ĚŽƐ ƉĂŝŶĠŝƐ͘ ŶĄůŝƐĞ ĚĞ YƵĂůŝĚĂĚĞ ĚĞ ŶĞƌŐŝĂ ůĠƚƌŝĐĂ Ğŵ ^ŝƐƚĞŵĂƐ ĚĞ ĂŝdžĂ dĞŶƐĆŽ͗ DĞĚŝĕĆŽ Ğŵ ƚƌĂŶƐĨŽƌŵĂĚŽƌĞƐ͕ >ĂƵĚŽƐ ƚĠĐŶŝĐŽƐ͕ ŽƌƌĞĕĆŽ ĚŽ &ĂƚŽƌ ĚĞ WŽƚġŶĐŝĂ͕ ŝƐƚŽƌĕƁĞƐ ,ĂƌŵƀŶŝĐĂƐ͘ ĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĚĞ ĂƉůŝĐĂƚŝǀŽƐ Ğ ƉƌŽŐƌĂŵĂĕĆŽ ĚĞ >WΖƐ ĚĂƐ ŵĂŝƐ ǀĂƌŝĂĚĂƐ ŵĂƌĐĂƐ͘ ĞƐĞŶǀŽůǀŝŵĞŶƚŽ Ğ ƉƌŽŐƌĂŵĂĕĆŽ ĚĞ ^ŝƐƚĞŵĂƐ ĚĞ ^ƵƉĞƌǀŝƐĆŽ Ğ ŽŶƚƌŽůĞ WĂƌĂ ĂƵƚŽŵĂĕĆŽ ŝŶĚƵƐƚƌŝĂů͕ ƉƌĞĚŝĂů Ğ ƐĂŶĞĂŵĞŶƚŽ͕ ĂƉůŝĐĂŶĚŽ ŽƐ ƐŽĨƚǁĂƌĞƐ ŵĂŝƐ ĐŽŶŚĞĐŝĚŽƐ ŶŽ ŵĞƌĐĂĚŽ͘

ZZZ LQVWURQLF FRP EU

EĂ ƉĂƌƚĞ ĞdžƚĞƌŶĂ ĚŽƐ ƉĂŝŶĠŝƐ /ŶƐƚƌŽŶŝĐ ƐĆŽ ƵƚŝůŝnjĂĚĂƐ ƉůĂƋƵĞƚĂ Ğŵ ĂĕŽ ŝŶŽdž /^/ͲϯϬϰ͕ ĞƐĐŽǀĂĚŽ͕ ĐŽŶƚĞŶĚŽ ĂƐ ŝŶĨŽƌŵĂĕƁĞƐ ƚĠĐŶŝĐĂƐ ĚŽ WĂŝŶĞů͕ ĂƚĞŶĚĞŶĚŽ Ă ŶŽƌŵĂ EZͲ ϭϬ͘ WĂƌĂ Ă ŝĚĞŶƚŝĨŝĐĂĕĆŽ ĚŽƐ ĐŝƌĐƵŝƚŽƐ ƵƚŝůŝnjĂŵŽƐ ƉůĂƋƵĞƚĂƐ ĚĞ ĂĐƌşůŝĐŽ ĐŽŵ ĨƵŶĚŽ ƉƌĞƚŽ ĐŽŵ ůĞƚƌĂƐ ďƌĂŶĐĂƐ͕ ĞƐƉĞƐƐƵƌĂ Ϯŵŵ͕ ĐŽŵ ŐƌĂǀĂĕĆŽ ƉĞůĂ ƉĂƌƚĞ ƉŽƐƚĞƌŝŽƌ͘ WĂƌĂ ŽƐ ĐŽŵƉŽŶĞŶƚĞƐ ƵƚŝůŝnjĂŵŽƐ ƉŽƌƚĂͲŝĚĞŶƚŝĨŝĐĂĚŽƌĞƐ Ğŵ ƚĞƌŵŽƉůĄƐƚŝĐŽ ͞ƚŝƉŽ ĞŶǀĞůŽƉĞ͟ ;ŵŝŶŝ ĐƌĂĐŚĄͿ͕ ƉƌŽǀŝĚŽƐ ĚĞ ĞƚŝƋƵĞƚĂ ƉůŽƚĂĚĂƐ͕ ĨŝdžĂĚŽ Ă ƉůĂĐĂ ĚĞ ŵŽŶƚĂŐĞŵ͕ ƉƌſdžŝŵŽ ĂŽ ĞƋƵŝƉĂŵĞŶƚŽ͘

YHQGDV#LQVWURQLF FRP EU

3URMHWR H 0RQWDJHP GH 3DLQpLV (OpWULFRV

6HUYLoRV

7HOHFRP

ĂƌƌĂŵĞŶƚŽƐ͗

(OpWULFD

,QVWURQLF ,QVWUXPHQWRV GH 7HVWHV /WGD

6HUYLoRV

,QVWURQLF ,QVWUXPHQWRV GH 7HVWHV /WGD

6(8 3529('25 '( 62/8d¯(6 (/e75,&$ 0(&Ç1,&$ 7(/(&2081,&$d¯(6

/ŶƐƚƌŽŶŝĐ ĞĨĞƚƵĂ ƌĞĨŽƌŵĂ ĐŽŵƉůĞƚĂ Ğ ĂƚƵĂůŝnjĂĕĆŽ ƚĞĐŶŽůſŐŝĐĂ͕ ĂŐƌĞŐĂŶĚŽ ƋƵĂůŝĚĂĚĞ Ğ ŵĞůŚŽƌ ĚĞƐĞŵƉĞŶŚŽ ĂŽƐ ƐĞƵƐ ƋƵŝƉĂŵĞŶƚŽƐ͘ Žŵ Ž ĐŽŶŚĞĐŝŵĞŶƚŽ ĂĚƋƵŝƌŝĚŽ ĚĞƐĚĞ ϭϵϳϳ Ă /ŶƐƚƌŽŶŝĐ ŽĨĞƌĞĐĞ ĂŽ ŵĞƌĐĂĚŽ Ă ŽƉĕĆŽ ĚĞ ƌĞĨŽƌŵĂ͕ ŽƚŝŵŝnjĂĕĆŽ Ğ ĂƚƵĂůŝnjĂ ĚĞ ĞƋƵŝƉĂŵĞŶƚŽƐ͕ ĂƉůŝĐĂŶĚŽ Ă ŵĂŝƐ ƌĞĐĞŶƚĞ ƚĞĐŶŽůŽŐŝĂ ĞdžŝƐƚĞŶƚĞ ŶŽ ŵĞƌĐĂĚŽ͘ ŶŐĞŶŚĞŝƌŽƐ ĞƐƉĞĐŝĂůŝnjĂĚŽƐ ƌĞĂůŝnjĂŵ ĚĞ ĨŽƌŵĂ ĐƵƐƚŽŵŝnjĂĚĂ͕ ƵŵĂ ŵŝŶƵĐŝŽƐĂ ŝŶƐƉĞĕĆŽ ƉĂƌĂ ĂǀĂůŝĂĕĆŽ ĚĞ ƚŽĚĂƐ ĂƐ ƉĂƌƚĞƐ Ğ ƉĞĕĂƐ ĂƚŝǀĂƐ ĚŽ ĞƋƵŝƉĂŵĞŶƚŽ͘ ƐƚĂ ŽƚŝŵŝnjĂĕĆŽ͕ ƉĞƌŵŝƚĞ ƋƵĞ ĞƋƵŝƉĂŵĞŶƚŽƐ ĂŶƚŝŐŽƐ Ğ ͬŽƵ ĐŽŵ ƚĞĐŶŽůŽŐŝĂ ƵůƚƌĂƉĂƐƐĂĚĂ ŽƉĞƌĞŵ ĚĂŶĚŽ ƌĞƐƵůƚĂĚŽƐ ĐŽŵŽ ŶŽǀŽƐ͕ ƚƌĂnjĞŶĚŽ Ă ƐĞƵƐ ƵƐƵĄƌŝŽƐ ƵŵĂ ĞdžĐĞůĞŶƚĞ ƌĞůĂĕĆŽ ĐƵƐƚŽ dž ďĞŶĞĨŝĐŝŽ͘ ŽŶƐƵůƚĞͲŶŽƐ͊

0yGXOR GH &RPDQGR ŶƚĞƐ

(TXLSDPHQWR &21),É9(/ DWXDOL]DGR FRP PDLV 02'(51$6 7(&12/2*,$6

ĞƉŽŝƐ

6ROXo}HV SDUD $WXDOL]DomR 7HFQROyJLFDV

0yGXOR GH $OWD 7HQVmR

ŶƚĞƐ

ĞƉŽŝƐ

ZZZ LQVWURQLF FRP EU

YHQGDV#LQVWURQLF FRP EU

6(8 3529('25 '( 62/8d¯(6 (/e75,&$ 0(&Ç1,&$ 7(/(&2081,&$d¯(6

6HUYLoRV (VSHFLDOL]DGRV /ŶƐƚƌŽŶŝĐ ƐĞŵƉƌĞ ƐĞ ŽƌŐƵůŚĂ ĚĞ ĨŽƌŶĞĐĞƌ ĂƐ ŵĞůŚŽƌĞƐ ^ŽůƵĕƁĞƐ dĞĐŶŽůſŐŝĐĂƐ ă ƐĞƵƐ ůŝĞŶƚĞƐ Ğ WĂƌĐĞŝƌŽƐ͕ Ğ ƉĂƌĂ ŝƐƐŽ ĂƉƌŽdžŝŵĂ ĐĂĚĂ ǀĞnj ŵĂŝƐ ĚĞůĞƐ͕ ĚĞ ŵŽĚŽ Ă ĞŶƚĞŶĚĞƌ ƐĞƵƐ ƉƌŽďůĞŵĂƐ ĂƚƵĂŝƐ Ğ ƐŽůŝĐŝƚĂĕƁĞƐ ĨƵƚƵƌĂƐ͘ ƐƐĂ ƉƌŽdžŝŵŝĚĂĚĞ ƉĞƌŵŝƚŝƵ Ă /ŶƐƚƌŽŶŝĐ ŝĚĞŶƚŝĨŝĐĂƌ Ă ŶĞĐĞƐƐŝĚĂĚĞ ĚĂ ĐƌŝĂĕĆŽ ĚĞ ƵŵĂ ŶŽǀĂ ƐŽůƵĕĆŽ ƉĂƌĂ ^ĞƌǀŝĕŽƐ ƐƉĞĐŝĂůŝnjĂĚŽƐ͘

6HUYLoRV

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