Catálogo Instronic 2015 by Castwork

'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

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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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ZZZ LQVWURQLF FRP EU

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&yGLJR 05$ '

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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

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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 EŽƚĞďŽŽŬ 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 ĞƚĐ͘͘ 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

,QVWURQLF ,QVWUXPHQWRV GH 7HVWHV /WGD

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

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&yGLJR 35' %

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ĂƌĂĐƚĞƌşƐƚŝĐĂƐ͗

7HUU{PHWUR VHP (VWDFDV ůŝĐĂƚĞ ƉĂƌĂ Ă DĞĚŝĕĆŽ ĚĞ DĂůŚĂƐ ĚĞ ƚĞƌƌĂŵĞŶƚŽ͕ ƋƵĞ ƌĞĂůŝǌĂ ŵĞĚŝĕĆŽ ƐĞŵ ĐŽŶƚĂƚŽ Ğ ƐĞŵ ĞƐƚĂĐĂƐ Ğŵ ŵĂůŚĂƐ ĚĞ ĂƚĠ ϯϱ ŵŵ͘ ƐĐĂůĂƐ ĚĞ DĞĚŝĕĆŽ ĚĞ Ϭ͕ϬϮϱ Ă ϭ͘ϱϬϬt͘ ŵƉůĂ ŐĂŵĂ ĚĞ DĞĚŝĕĆŽ ĚĞ ŽƌƌĞŶƚĞ ŝĨƵƐĂ ĚĞ Ϭ͕Ϯ Ă ϯϱ ͘ ĂƚĂ >ŽŐŐĞƌ ƉĂƌĂ ĂƚĠ ϴϭϴϬ ŐƌĂǀĂĕƁĞƐ͘ ůƚĂ WƌĞĐŝƐĆŽ͘ sĂůŽƌĞƐ dƌƵĞ ZD^͘ Z^ϮϯϮ Ğ ^ŽĨƚǁĂƌĞ ƉĂƌĂ ŽǁŶůŽĂĚ͘

&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 +$$ %

hƚŝůŝǌĂĚŽ ƉĂƌĂ ĞŶĐŽŶƚƌĂƌ ĚĞ ĨŽƌŵĂ ƌĄƉŝĚĂ Ğ ĨĄĐŝů͕ ĨĂůŚĂƐ Ğŵ ĐĂďŽƐ͕ ůŽĐĂůŝǌĂƌ ůŝŶŚĂƐ Ğ ŵĞĚŝƌ ƐƵĂ ƉƌŽĨƵŶĚŝĚĂĚĞ͘ ĂƉĂǌ ĚĞ ƐĂůǀĂƌ ŽƐ ĚĂĚŽƐ Ğ ŝŶĐůƵŝƌ ĐŽŽƌĚĞŶĂĚĂƐ 'W^ ŶĂ ŵĞĚŝĕĆŽ ƐĂůǀĂ ŶĂ ŵĞŵſƌŝĂ͘ hƚŝůŝǌĂ ƚĠĐŶŝĐĂ ĚĞ ŽƌŝĞŶƚĂĕĆŽ ĚŝƌĞƚĂ Ğ ƉƌĞĐŝƐĂ ĐŽŵ ƐĞƚĂƐ ƉĂƌĂ ĚŝƌĞŝƚĂ ͬ ĞƐƋƵĞƌĚĂ Ğ ŝŶĚŝĐĂĕĆŽ ĚĞ ƐŝŶĂů͘ DĞĚŝĕĆŽ ĚĞ ƉƌŽĨƵŶĚŝĚĂĚĞ Ğ ŝŶƚĞŶƐŝĚĂĚĞ ĚŽ ƐŝŶĂů͘ ^ĞŶƐŽƌ ĚĞ ƌŽƚĂ ĐŽŵ ƉĞƐŽ ŝŶĨĞƌŝŽƌ Ă ϭ <Ő͘ ũƵŶƚĞ ĂƵƚŽŵĄƚŝĐŽ ĚĞ ŝŵƉĞĚąŶĐŝĂ͘ ^ĞůĞĕĆŽ ĚĞ ĨƌĞƋƵġŶĐŝĂ͗ ŵĂŶƵĂů Ğ ĂƵƚŽŵĄƚŝĐĂ͘ ^ŽĨƚǁĂƌĞ ƉĂƌĂ ƚƌĂĕĂƌ Ă ƉůĂŶƚĂ ĚĂ ƌĞĚĞ͘

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 ŶŽƚĞďŽŽŬ͕ ĐĂďŽƐ ĂŵƉĞƌŝŵĠƚƌŝĐŽƐ ĚĞ ƚĞŶƐĆŽ Ğ ǀŝďƌĂĕĆŽ͘

(OpWULFD

3UHGLWLYD

,QVWURQLF ,QVWUXPHQWRV GH 7HVWHV /WGD

&yGLJR 6&$ &

7HVWHV 2IIOLQH 6XUJH 7HVW

&yGLJR 6&$ $

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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

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

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 ϮϬϬϰͬϰϬͬͬ

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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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