CARTA MENSAL Nº 11

>OQ> *BKP>I EƷŵĞƌŽ ϭϭ Ͳ DĂŝŽ ϮϬϭϲ

*BKP>DBJ AL $LSBOK>ALO

ŽŶĨĞƌġŶĐŝĂ ΗK WƌĞƐĞŶƚĂ ĚĂ &ĂŵşůŝĂ ZŽƚĄƌŝĂΗ ZĞĂůŝnjĂŵŽƐ Ă ŶŽƐƐĂ ŽŶĨĞƌġŶĐŝĂ Ğŵ ƌŵĂĕĆŽ ĚŽƐ ƷnjŝŽƐ ƵƚŝůŝnjĂŶĚŽ Ž ƉƌŝŶĐŝƉĂů ƐĞŶƚŝĚŽ ĚĂ ƉĂůĂǀƌĂ͗ ƚŽ ĚĞ ŽŶĨĞƌŝƌ͕ sĞƌŝĨŝĐĂĕĆŽ͘ EĂƐ ĨŽƚŽƐ ƋƵĞ ƉƵďůŝĐĂŵŽƐ Ă ƉĂƌƚŝƌ ĚĂ ƉĄŐŝŶĂ ϰ͕ ŵŽƐƚƌĂŵŽƐ Ă ƐĞƋƵĞŶĐŝĂ ĚĂ ŶŽƐƐĂ ŽŶĨĞƌġŶĐŝĂ͘ EĂ ĂďĞƌƚƵƌĂ ĂƉƌĞƐĞŶƚĂŵŽƐ Ƶŵ ĨŝůŵĞ ĐŽŵ ĨŽƚŽƐ ĚĂƐ ǀŝƐŝƚĂƐ ĂŽƐ ĐůƵďĞƐ͕ Ă ŵĞŶƐĂŐĞŵ ĚŽ ŝƌĐĞƵ ZŽĐŚĂ WĞƌĞŝƌĂ Ğ Ă ƉƌŝŵĞŝƌĂ ŝŶƚĞƌǀĞŶĕĆŽ ĚŽ ƌĞƉƌĞƐĞŶƚĂŶƚĞ ĚŽ ƉƌĞƐŝĚĞŶƚĞ ĚĞ ZŽƚĂƌLJ /ŶƚĞƌŶĂƚŝŽŶĂů ŶƚƀŶŝŽ ĂƌůŽƐ ŽƵƚŝŶŚŽ Ğ ^ŚĞŝůĂ͘ ZĞĐŽŵĞĕĂŵŽƐ ĂƐ ƉůĞŶĄƌŝĂƐ ĐŽŵ ƵŵĂ ŵĞŶƐĂŐĞŵ ƐŽďƌĞ Ž ƉƌŽŐƌĂŵĂ ,ĞƉĂƚŝƚĞ ĞƌŽ Ğ ĐŽŶĨĞƌŝŶĚŽ Ž ƋƵĞ ĨŽŝ ĨĞŝƚŽ ƉĞůŽƐ ĐůƵďĞƐ ĚĞ ZŽƚĂƌĂĐƚ Ğ /ŶƚĞƌĂĐƚ͘ ĞƉŽŝƐ Ž ƉĂŝŶĞů ĚŽ ĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĚŽ YƵĂĚƌŽ ƐƐŽĐŝĂƚŝǀŽ͘ ƐĞŐƵŝƌ Ă ƉĂůĞƐƚƌĂ ĚŽ ŶŽƐƐŽ ĚŝƌĞƚŽƌ ĚĞ ZŽƚĂƌLJ /ŶƚĞƌŶĂƚŝŽŶĂů ϭϵϵϯͲϵϱ 'ĞƌƐŽŶ 'ŽŶĕĂůǀĞƐ͗ ƚŝĐĂ Ğ ƐƚĠƚŝĐĂ͘ DĂŝƐ ƵŵĂ ǀĞnj ŵƵŝƚĂ ĞŵŽĕĆŽ͘ >ŽŐŽ ĂƉſƐ͕ ĐŽŶĨĞƌŝŵŽƐ Ă ŶŽƐƐĂ ĐŽŶƚƌŝďƵŝĕĆŽ ă &ƵŶĚĂĕĆŽ ZŽƚĄƌŝĂ Ğ Ž ŶŽƐƐŽ ƉƌŽŐƌĂŵĂ ĚĞ /ŶƚĞƌĐąŵďŝŽ ĚĞ :ŽǀĞŶƐ͘ ƉƌĞƐĞŶƚĂŵŽƐ ŽƐ ŐŽǀĞƌŶĂĚŽƌĞƐ ŝŶĚŝĐĂĚŽ Ğ ĞůĞŝƚŽ͘ WĂƌĂ Ă ŵŝŶŚĂ ƐƵƌƉƌĞƐĂ͕ Ƶŵ ĚĞƉŽŝŵĞŶƚŽ ĚŽ ŵĞƵ ŶĞƚŽ 'ƵŝůŚĞƌŵĞ͘ ,ŽŵĞŶĂŐĞĂŵŽƐ ŽƐ ϭϬ ĐůƵďĞƐ ƋƵĞ ĨŝnjĞƌĂŵ ũƵƐ ă DĞŶĕĆŽ WƌĞƐŝĚĞŶĐŝĂů͘ dĞƌŵŝŶĂŵŽƐ ĂƐ ƉůĞŶĄƌŝĂƐ ĐŽŵ Ă ŵĞŶƐĂŐĞŵ ĚŽ ŐŽǀĞƌŶĂĚŽƌ ϮϬϭϬͲϭϭ ŶƚƀŶŝŽ ĂƌůŽƐ ŽƵƚŝŶŚŽ ƋƵĞ ƌĞƉƌĞƐĞŶƚŽƵ Ž ƉƌĞƐŝĚĞŶƚĞ ĚĞ ZŽƚĂƌLJ /ŶƚĞƌŶĂƚŝŽŶĂů͘ K ĞŶĐŽŶƚƌŽ ĚĂƐ ŵƵůŚĞƌĞƐ ĨŽŝ ŵĂŝƐ Ƶŵ ŵŽŵĞŶƚŽ ĚĞ ŐƌĂŶĚĞ ĂůĞŐƌŝĂ͘ WĂƌĂ ĨĞĐŚĂƌ ĐŽŵ ĐŚĂǀĞ ĚĞ ŽƵƌŽ͕ Ž ďĂŝůĞ ĚŽ ,ĂǀĂş͘ Žŵ ĐŽůĂƌĞƐ ŚĂǀĂŝĂŶŽƐ͕ ĨĂŶƚĂƐŝĂƐ Ğ ƵŵĂ ſƚŝŵĂ ďĂŶĚĂ͕ Ă ĂůĞŐƌŝĂ ĨŽŝ ĐŽŶƚĂŐŝĂŶƚĞ͘ sŽůƚĂŵŽƐ ĚĞ ƷnjŝŽƐ͕ ŵƵŝƚŽ ĨĞůŝnjĞƐ ĐŽŵ Ž ƌĞƐƵůƚĂĚŽ ĚĂ ŶŽƐƐĂ ŽŶĨĞƌġŶĐŝĂ͘

*BKP>DBJ A> +>W>OBQE YƵĞƌŝĚĂƐ ĂŵŝŐĂƐ Ğ ĐŽŵƉĂŶŚĞŝƌĂƐ ĚŽ ZŽƚĂƌLJ Ğ ĚĂƐ ĂƐĂƐ ĚĂ ŵŝnjĂĚĞ͘ YƵĂŶĚŽ ƐĞ ĐŚĞŐĂ ĂŽ ,ĂǀĂş ĚŝnjͲƐĞ >K, ͊ ^ŝŐŶŝĨŝĐĂ͗ ƐĞũĂ ďĞŵ ǀŝŶĚŽ͊ KůĄ͊ ŽŵŽ ŚŽũĞ Ž ,ĂǀĂş Ġ ĂƋƵŝ͕ >K, ͊ ƋƵŝ ĞƐƚĂŵŽƐ ƌĞƵŶŝĚĂƐ ƉĂƌĂ ĐŽŵĞŵŽƌĂƌ ŵĂŝƐ Ƶŵ ĞŶĐĞƌƌĂŵĞŶƚŽ ĚĞ ĂŶŽ ZŽƚĄƌŝŽ͘ dĂŶŝĂ Ğ ĞƵ ũĄ ƐŽŵŽƐ ĐŽŶŚĞĐŝĚĂƐ ĚĞ ůŽŶŐĂ ĚĂƚĂ͕ ĚĞ ǀĞnj ƋƵĞ ĨŽŵŽƐ ĐŽŽƌĚĞŶĂĚŽƌĂƐ ĚĂƐ ĐĂƐĂƐ ĚĂ ĂŵŝnjĂĚĞ ƋƵĂŶĚŽ ŶŽƐƐŽƐ ŵĂƌŝĚŽƐ ĞƐƚŝǀĞƌĂŵ ŶĂ ŐŽǀĞƌŶĂĚŽƌŝĂ͘ ^ĂŶĚƌĂ ƐĞ ƉƌĞƉĂƌŽƵ ƉĂƌĂ ǀŝǀĞƌ ĞƐƐĞƐ ŵŽŵĞŶƚŽƐ ĐŽŵ ǀŽĐġƐ͕ ŵĂƐ Ž ĚĞƐƚŝŶŽ ŶĆŽ ƋƵŝƐ ƋƵĞ ĞůĂ ĐƵŵƉƌŝƐƐĞ Ž ƋƵĞ ƉůĂŶĞũŽƵ ĐŽŵ ƚĂŶƚŽ ĐĂƌŝŶŚŽ͘ YƵĂŶĚŽ ĨƵŝ ĐŽŽƌĚĞŶĂĚŽƌĂ͕ ĚŝnjŝĂ ƐĞŵƉƌĞ ƋƵĞ ĂƐ ĐĂƐĂƐ ĚĂ ĂŵŝnjĂĚĞ ƚġŵ ǀŝĚĂ ƉƌſƉƌŝĂ͊ YƵĞŵ ĚĞůĂƐ ƉĂƌƚŝĐŝƉĂ ĨŝĐĂ ŝŵďƵşĚĂ ĚŽ ďĞŵ ĨĂnjĞƌ Ğ ĚŽ ƉƌĂnjĞƌ Ğŵ ƐĞƌǀŝƌ͘ ŽƐ ďĞůŽƐ ƚƌĂďĂůŚŽƐ ĂƉĂƌĞĐĞŵ͘ ^ĆŽ ƌĞƐƉŽŶƐĄǀĞŝƐ ƉŽƌ ŵƵŝƚŽƐ ĞǀĞŶƚŽƐ ůĂŶĕĂĚŽƐ ĐŽŵŽ ƐĞ ĨŽƐƐĞŵ ƉƌŽũĞƚŽƐ ĚŽ ZŽƚĂƌLJ͕ ŵĂƐ ŵŝƐƚƵƌĂŵͲƐĞ Ă ƐĞƵƐ ŵĂƌŝĚŽƐ Ğ ĂĐĂďĂ ƚƵĚŽ ďĞŵ͘ Ġ ĂƐƐŝŵ ƋƵĞ ƚĞŵ ƋƵĞ ƐĞƌ͊ ƐƐĞ ĨŽŝ Ƶŵ ĂŶŽ ƉĂƌƚŝĐƵůĂƌŵĞŶƚĞ ĚŝĨşĐŝů͘ ŝĨşĐŝů ƉĂƌĂ Ž ƌŝƐƚſǀĆŽ ƋƵĞ ƌĞŶƵŶĐŝŽƵ Ă ƚƵĚŽ Ğŵ ŶŽŵĞ ĚŽ ĚŝƐƚƌŝƚŽ͕ ĚŝĨşĐŝů ƉĂƌĂ ŵŝŵ͕ ƋƵĞ ŶĆŽ ƉƵĚĞ ĂĐŽŵƉĂŶŚĄͲůŽ ĐŽŵŽ ŐŽƐƚĂƌŝĂ Ğ ĚŝĨşĐŝů ƉĂƌĂ Ă ^ĂŶĚƌĂ ƋƵĞ ƐĞ ǀŝƵ ŝŵƉĞĚŝĚĂ ĚĞ ĐƵŵƉƌŝƌ ƐƵĂ ŵŝƐƐĆŽ͘ DĂƐ ǀĞŶĐĞŵŽƐ͊ dŽĚĂƐ ŶſƐ ƐŽŵŽƐ ǀĞŶĐĞĚŽƌĂƐ Ğ ƚĞŵŽƐ ĐĞƌƚĞnjĂ ĚŽ ďŽŵ ƚƌĂďĂůŚŽ ƋƵĞ ƌĞĂůŝnjĂŵŽƐ͘ dĂŶŝĂ Ğ ŝƌĐĞƵ ĨŽƌĂŵ ŶŽƐƐŽƐ ĂŶũŽƐ ĚĂ ŐƵĂƌĚĂ ŶĞƐƐĞƐ ŵŽŵĞŶƚŽƐ ĚŝĨşĐĞŝƐ Ğ ƉƌĞƐƚŽ Ă ĞůĞƐ ŽƐ ŶŽƐƐŽƐ ĂŐƌĂĚĞĐŝŵĞŶƚŽƐ͕ ũƵŶƚĂŵĞŶƚĞ ĐŽŵ ŶŽƐƐĂƐ ŚŽŵĞŶĂŐĞŶƐ͘ ǀŽĐġƐ͕ ŵĞŶŝŶĂƐ ŐƵĞƌƌĞŝƌĂƐ͕ ĚĞƐĞũŽ ŵƵŝƚĂ ĨŽƌĕĂ ƉĂƌĂ ƋƵĞ ƉŽƐƐĂŵ ƐĞŵƉƌĞ ĐŽŶƚŝŶƵĂƌ ŶĞƐƐĂ ůƵƚĂ ĚĞ ĨĂnjĞƌ Ž ďĞŵ͊ KďƌŝŐĂĚĂ ƉŽƌ ƚƵĚŽ͊ ΎΎΎΎΎΎΎΎ ĐŽƌƌĞƵ ƚƵĚŽ ƚĆŽ ďĞŵ͊​͊​͊ EŽƐƐŽ ĞŶĐŽŶƚƌŽ ƌĞƵŶŝƵ ƉĞƐƐŽĂƐ ĨĞůŝnjĞƐ Ğ Ž ƌĞƐƵůƚĂĚŽ Ɛſ ƉŽĚĞƌŝĂ ƐĞƌ ŵĂƌĂǀŝůŚŽƐŽ͊ KƐ ĐŽŵƉĂŶŚĞŝƌŽƐ ƌĞƐƉŽŶĚĞƌĂŵ ă ŶŽƐƐĂ ĐŽŶǀŽĐĂĕĆŽ Ğ ŶĞŵ ŶŽ ,ĂǀĂş ƉŽĚĞƌŝĂ ĂĐŽŶƚĞĐĞƌ ƵŵĂ ĨĞƐƚĂ ƚĆŽ ůŝŶĚĂ Ğ ĂŶŝŵĂĚĂ͘ Ɛ ĂƐĂƐ ĚĂ ŵŝnjĂĚĞ ƐĞ ĂƉƌĞƐĞŶƚĂƌĂŵ ĐŽŵ ƐĞƵƐ ƵŶŝĨŽƌŵĞƐ ŶŽǀŽƐ͕ ĞƐƚƌĞĂŶĚŽ ŶĂ ŽŶĨĞƌġŶĐŝĂ͊ YƵĂŶƚĂ ĂůĞŐƌŝĂ͕ ŵĞŶŝŶĂƐ͊ sŽĐġƐ ƌĞĂůŵĞŶƚĞ ĨĂnjĞŵ Ă ĚŝĨĞƌĞŶĕĂ ͊ ZĞƚŽƌŶĂŵŽƐ ĐŽŵ ŽƐ ĐŽƌĂĕƁĞƐ ƌĞƉůĞƚŽƐ ĚĞ ĂůĞŐƌŝĂ͊ sĂůĞƵ ŝƐƚƌŝƚŽ ϰϱϴϬ͊ ƌŵĂĕĆŽ ĚŽƐ ƷnjŝŽƐ ͕ Ϯϭ ĚĞ ŵĂŝŽ ĚĞ ϮϬϭϲ

Ϯ

DĂŝŽ ĚĞ ϮϬϭϲ

>OQ> *BKP>I

ŽůƵŶĂ ĚŽ WƌĞƐŝĚĞŶƚĞ ĚŽ ZŽƚĂƌLJ /ŶƚĞƌŶĂƚŝŽŶĂů -XQKR GH HVFULWRU LQJOrV H SLORWR GD )RUoD $pUHD 5HDO %ULWkQLFD 5RDOG 'DKO HUD WDPEpP XP iYLGR IRWyJUDIR VHPSUH OHYDQGR VXD TXHULGD FkPHUD =HLVV HP VXDV DYHQWXUDV IRWRJUiILFDV 0HVPR QDTXHOD pSRFD <͘Z͘ ZĂǀŝŶĚƌĂŶ WƌĞƐŝĚĞŶƚĞ͕ ϮϬϭϱͲϭϲ TXDQGR DV IRWRJUDILDV WLQKDP TXH VHU UHYHODGDV ODERULRVDPHQWH FRP R UHWRTXH PDQXDO HP QHJDWLYRV GH YLGUR RX HP SHOtFXOD HOH FRQVHJXLX DFXPXODU XPD FROHWkQHD GH FHQWHQDV GH LPDJHQV $QRV GHSRLV DV PHVPDV IRWRJUDILDV VHUYLUDP FRPR XP UHJLVWUR GDV VXDV YLDJHQV XPD PDQHLUD GH GRFXPHQWDU H[SHULrQFLDV YLYLGDV SDUD VHUHP FRPSDUWLOKDGDV FRP RV RXWURV 1R HQWDQWR HOH VHPSUH LQGLFRX TXH VXDV PHPyULDV HUDP PXLWR PDLV YtYLGDV GR TXH DV LPDJHQV UHIOHWLGDV QDV IRWRJUDILDV ´)RUDP WDQWRV RV HYHQWRV H H[SHULrQFLDVµ DILUPRX HOH ´TXH VHULD LPSRVVtYHO FDSWDU WXGR SRLV QmR VHULDP DGHTXDGDPHQWH UHSUHVHQWDGRV HP LPDJHQV RX SDODYUDVµ $ OtQJXD SRGH IUDTXHMDU H D IRWRJUDILD GHVERWDU DV PHQWHV IDOKDP H RV GHWDOKHV VH HVYDHP 3RUpP VHJXQGR 'DKO DOJXPDV H[SHULrQFLDV QXQFD VH DSDJDP (ODV FRQWLQXDP YLYDV HP QRVVDV PHQWHV PHVPR DSyV GpFDGDV FRPR XPD PXUDOKD GH IRJR (ODV VH VREUHVVDHP SDUD VHPSUH QD SDLVDJHP GR QRVVR SDVVDGR GLYLGLQGR QRVVDV YLGDV HP DQWHV H GHSRLV (VWD PHWiIRUD SHUPDQHFHX FRPLJR QR GHFRUUHU GR DQR SDVVDGR TXDQGR YLDMDYD PXQGR DIRUD D VHUYLoR GR 5RWDU\ 'HFLGLGDPHQWH WRGR HVWH DQR

2

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ŽůƵŶĂ ĚŽ ŝƌĞƚŽƌ ĚŽ ZŽƚĂƌLJ /ŶƚĞƌŶĂƚŝŽŶĂů &RPSDQKHLULVPR p D IRUoD PRWUL] GR 5RWDU\

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RPSDQKHLULVPR HVWi VHPSUH HP IRFR HP WRGRV RV PRPHQWRV GD QRVVD YLGD URWiULD HQDOWHFHQGR R YDORU GH H[HUFLWDUPRV HVVD SUiWLFD VDOXWDU TXH FDUDFWHUL]D D QRVVD ,QVWLWXLomR H TXH ID] R 5RWDU\ VHU GLIHUHQWH GH RXWUDV RUJDQL]Do}HV VRFLDLV $OLiV R QRVVR IXQGDGRU 3DXO +DUULV HP LQ~PHURV SURQXQFLDPHQWRV FDUDFWHUL]RX R &RPSDQKHLULVPR FRPR ´$OJR PDUDYLOKRVR TXH LOXPLQD DV VHQGDV GD YLGD H HVSDOKD DOHJULD e D SHGUD IXQGDPHQWDO VREUH D TXDO R 5RWDU\ IRL FULDGRµ 7RGRV RV QRVVRV GLDVFRPSURYDPRV HP QRVVR UHODFLRQDPHQWR TXH &RPSDQKHLULVPR p R FRQYtYLR FRUGLDO D DPL]DGH OHDO H VLQFHUD D WROHUkQFLD D FRPSUHHQVmR P~WXD H SHUHQH TXH UHIOHWH WRGD D ILORVRILD URWiULD e XP VHQWLPHQWR GH DIHWR VROLGiULR GH FDULQKR DPDELOLGDGH FRPSUHHQVmR VROLGDULHGDGH HQILP ,QHJDYHOPHQWH R VDOXWDU &RPSDQKHLULVPR URWiULR JHUD D SDUWLFLSDomR HVSRQWkQHD QDV GLYHUVDV DWLYLGDGHV GRV &OXEHV 2EYLDPHQWH TXH R 5RWDU\ p DFLPD GH WXGR SDUWLFLSDomR TXH GHYH VHU UHDOL]DGD FRP LGHDOLVPR HQWXVLDVPR GHGLFDomR H VREUHWXGR FRP UHVSRQVDELOLGDGH WHQGR VHPSUH HP PHQWH TXH &RPSDQKHLULVPR p IRPHQWDU R FRQKHFLPHQWR UHFtSURFR H D DPL]DGH VLQFHUD HQWUH RV DVVRFLDGRV GR FOXEH p D IRUoD PRWUL] TXH PRYH R 5RWDU\ &RPSDQKHLULVPR p WDPEpP DWXDU FRP DEQHJDomR HP SURO GD FRQVHFXomR GRV REMHWLYRV TXH FRQGX]HP DR EHP HVWDU H j IHOLFLGDGH GD FRPXQLGDGH D TXH SHUWHQFHPRV HQULTXHFHQGR H SURPRYHQGR R

5RWDU\ DWUDYpV GR WUDEDOKR FRP GHGLFDomR H DPRU DR SUy[LPR 2 URWDULDQR p XP LQGLYtGXR TXH UH~QH DOJXPDV TXDOLGDGHV TXH QHP WRGRV :ŽƐĠ hďŝƌĂĐLJ Ͳ ŝƌĂ SRVVXHP SURELGDGH DPRU DR SUy[LPR ŝƌĞƚŽƌ͕ ϮϬϭϱͲϭϳ VROLGDULHGDGH WROHUkQFLD pWLFD LQWHJULGDGH PRUDO FRPSUHHQVmR H XPD LQDEDOiYHO FDSDFLGDGH GH OXWDU SRU XP PXQGR PHOKRU GH WUDEDOKDU SDUD UHGX]LU DV GHVLJXDOGDGHV VRFLDLV SRU XP IXWXUR HP TXH R PXQGR TXH QRV URGHLD VHMD KDELWDGR SRU VHUHV KXPDQRV PDLV FRPSUHHQVLYRV PDLV VROLGiULRV H PHQRV HJRtVWDV $R LQJUHVVDUPRV QXP FOXEH GH 5RWDU\ QRV MXQWDPRV D OtGHUHV GH WRGDV DV FXOWXUDV GH WRGDV DV SURILVV}HV H iUHDV GH DWXDomR H SDVVDPRV D IUHTXHQWDU XP DPELHQWH PXLWR IpUWLO SDUD D WURFD GH LGHLDV H SDUD QRV HQYROYHU HP SURMHWRV TXH FULDP PXGDQoDV SRVLWLYDV HP QRVVDV FRPXQLGDGHV H FXMR VXFHVVR LUi VH UHIOHWLU HP QRVVDV YLGDV

7XGR LVVR FODUR VHP IDODU TXH R 5RWDU\ HP TXDOTXHU SDUWH GR PXQGR p XPD PDUDYLOKRVD HVFROD GH &RPSDQKHLULVPR TXH VH WRUQRX D VXD IRUoD PRWUL] 9DL GHVFREULU TXH R 5RWDU\ p GLIHUHQWH GH WDQWDV RXWUDV RUJDQL]Do}HV H YDL DSUHQGHU TXH VHUYLU j KXPDQLGDGH p D PHOKRU REUD GH XPD YLGD ( OHPEUH VH $ PDLRU GDV FRQTXLVWDV p R HVIRUoR P~WXR GR FRUDomR GD PHQWH H GDV PmRV WUDEDOKDQGR HP SHUIHLWD KDUPRQLD ² 3DXO +DUULV IXQGDGRU GR 5RWDU\

>OQ> *BKP>I

ϯ

DĂŝŽ ĚĞ ϮϬϭϲ

([SHGLHQWH

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

ZKd Zz /Ed ZE d/KE > WƌĞƐŝĚĞŶƚĞ ͗ <͘ Z͘ ZĂǀŝŶĚƌĂŶ ŝƌĞƚŽƌ͗ :ŽƐĠ hďŝƌĂĐLJ ^ŝůǀĂ /^dZ/dK ϰϱϴϬ 'ŽǀĞƌŶĂĚŽƌ͗ ƌŝƐƚſǀĆŽ DĂƵƌşĐŝŽ DĞƐƋƵŝƚĂ &ĞƌƌĞŝƌĂ ĐƌŝƐƚŽǀĂŽŵĂƵƌŝĐŝŽΛŐŵĂŝů͘ĐŽŵ sŝĐĞ 'ŽǀĞƌŶĂĚŽƌ͗ ŝƌĐĞƵ ZŽĐŚĂ WĞƌĞŝƌĂ ĚŝƌĐĞƵΛďĂƌďĂĐĞŶĂ͘ĐŽŵ͘ďƌ 'ŽǀĞƌŶĂĚŽƌ ůĞŝƚŽ ϮϬϭϲͲϮϬϭϳ ŶĚƌĠ >Ƶŝnj ŽƚĂ ĂĐŽƚĂΛƵĂŝ͘ĐŽŵ͘ďƌ 'ŽǀĞƌŶĂĚŽƌ /ŶĚŝĐĂĚŽ Ͳ ϮϬϭϳͲϮϬϭϴ WĂƵůŽ ĠnjĂƌ ƚĂLJĚĞƐ ^ŝůǀĂ ĂƚĂLJĚĞƐΛƵĂŝ͘ĐŽŵ͘ďƌ ŽŽƌĚĞŶĂĚŽƌĂ ŝƐƚƌŝƚĂů ĚĂƐ ĂƐĂƐ ĚĂ ŵŝnjĂĚĞ ^ĂŶĚƌĂ ZĞŐŝŶĂ ĚĂ ^ŝůǀĂ <ŝůĞƐƐĞ ƐĂŶĚƌĂŬŝůĞƐƐĞΛŐŵĂŝů͘ĐŽŵ ^ĞĐƌĞƚĄƌŝĂ ŝƐƚƌŝƚĂů ^ŝŵŽŶĞ ĂŵƉŽƐ ŽŶĂƚƚŝ ƐŝŵŽŶĞ͘ďŽŶĂƚƚŝΛŐŵĂŝů͘ĐŽŵ dĞƐŽƵƌĞŝƌŽ ŵĂŝů ĚĂ ƌƵnj &ŝůŚŽ ĐůĂƌŝĐĂƌŵĞĐĂŶŝĐĂΛŚŽƚŵĂŝů͘ĐŽŵ dĞƐŽƵƌĂƌŝĂ͗ ĞďŽƌĂŚ ĂŶĚŝĚŽ &ĞƌƌĞŝƌĂ ƌŽƚĂƌLJĚŝƐƚƌŝƚŽϰϱϴϬΛŐŵĂŝů͘ĐŽŵ ĂƌƚĂ DĞŶƐĂů DĂƌŝĂ ĚĂ 'ůſƌŝĂ >ĂĐĞƌĚĂ ZŽĚƌŝŐƵĞƐ ŐŽŐŽŝĂůĂĐĞƌĚĂΛďŽů͘ĐŽŵ͘ďƌ ŝĂŐƌĂŵĂĕĆŽ͗ ,ĞůĚĞƌ ͘ ZĞŝƐ ĐĂŵŝƐĂϴĞƚĞƌŶŽΛŐŵĂŝů͘ĐŽŵ ůĂƐƐŝĨŝĐĂĕĆŽ ĚŽ ŝƐƚƌŝƚŽ Ğŵ ϮϬϭϱͲϭϲ Ͳ ƚĠ ϯϬͬϬϰͬϮϬϭϲ ƌĞƐĐŝŵĞŶƚŽ Ͳ Y ͗ ŽĂĕĆŽ ă &ƵŶĚĂĕĆŽ ZŽƚĄƌŝĂ͗ ϭǑ hďĄͲ ƌLJ ĂƌƌŽƐŽ ϭǑ ŽŶŐŽŶŚĂƐ ϮǑ ĂƌďĂĐĞŶĂ ϮǑ sŝƐĐ͘ ĚŽ ZŝŽ ƌĂŶĐŽ ϯǑ ŽŶŐŽŶŚĂƐ ϯǑ ĂƌďĂĐĞŶĂ ^ĂŶƚŽƐ ƵŵŽŶƚ ϰǑ ^ĂŶƚŽƐ ƵŵŽŶƚ dŽĐĂŶƚŝŶƐ ϱǑ KƵƌŽ WƌĞƚŽ

DĞŶĕĆŽ WƌĞƐŝĚĞŶĐŝĂů KƵƌŽ͗ ŽŶŐŽŶŚĂƐ͘ KƵƌŽ WƌĞƚŽ͘ ^ĂŶƚŽƐ ƵŵŽŶƚ͘ sŝƐĐŽŶĚĞ ĚŽ ZŝŽ ƌĂŶĐŽ͘ sŝĕŽƐĂͲ ŝĚĂĚĞ hŶŝǀĞƌƐŝƚĄƌŝĂ͘

ΎK ŝƐƚƌŝƚŽ ĚĞƉŽƐŝƚŽƵ h^ϭ͘ϬϬϬ Ğŵ ŶŽŵĞ ĚŽ Z ŽŶŐŽŶŚĂƐ ͕ h^ ϭ͘ϬϬϬ Ğŵ ŶŽŵĞ ĚŽ sŝƐĐ͘ ĚŽ ZŝŽ ƌĂŶĐŽ Ğ hΨϮϬ Ğŵ ϮϬ ĐůƵďĞƐ ƉĂƌĂ Ă WŽůŝŽWůƵƐ

WƌĂƚĂ͗ ĂƌďĂĐĞŶĂͲDŽŶƚĞ DĄƌŝŽ ƌŽŶnjĞ͗ ĂƌďĂĐĞŶĂ :Ƶŝnj ĚĞ &ŽƌĂ ʹ ŝƐƚƌŝƚŽ /ŶĚƵƐƚƌŝĂů͘ ĂƚĂŐƵĂƐĞƐ͘ ƐƉĞƌĂ &Ğůŝnj͘

ϰ

DĂŝŽ ĚĞ ϮϬϭϲ

>OQ> *BKP>I

>OQ> *BKP>I

DĂŝŽ ĚĞ ϮϬϭϲ

ϱ

ϲ

DĂŝŽ ĚĞ ϮϬϭϲ

>OQ> *BKP>I

+LQn@F>P AL !FPQOFQL

K ĚŝĂ ϭϮ ĚĞ ŵĂŝŽ͕ ĨŽŝ ŵĂŝƐ Ƶŵ ĚŝĂ ĚĞ ĨĞƐƚĂ ƉĂƌĂ Ž ZŽƚĂƌLJ ůƵď ĚĞ sŝĕŽƐĂ ʹ ŝĚĂĚĞ hŶŝǀĞƌƐŝƚĄƌŝĂ͘ &Žŝ ƌĞĂůŝnjĂĚĂ ŶĂ &ĂnjĞŶĚŝŶŚĂ͕ Ă &ĞŝũŽĂĚĂ ĞŶĞĨŝĐĞŶƚĞ͕ ŽŶĚĞ ƚŽĚĂ Ă ƌĞŶĚĂ ĂƌƌĞĐĂĚĂ ƐĞƌĄ ĚŝƌĞĐŝŽŶĂĚĂ ă ƌĞĨŽƌŵĂ ĚĂ ƐĐŽůĂ DƵŶŝĐŝƉĂů ůŵŝƌŽ WĂƌĂşƐŽ͕ ƉƌŽũĞƚŽ ĂŽ ƋƵĂů Ž ĐůƵďĞ ĞƐƚĄ ƐĞ ĚĞĚŝĐĂŶĚŽ ŝŶƚĞŐƌĂůŵĞŶƚĞ͘ ůĠŵ ĚĂ ĂƌƌĞĐĂĚĂĕĆŽ͕ ƚŝǀĞŵŽƐ Ă ƉŽƐƐĞ ĚĞ ŵĂŝƐ ƚƌġƐ ĐŽŵƉĂŶŚĞŝƌŽƐ͗ ZŝƚĂ ĚĞ ĂƐƐŝĂ ZĞŝƐ ŚĞǀŝƚĂƌĞƐĞ ʹ ĐŽŶƚĂĚŽƌĂ͕ ƌƵŶŽ ĂŵƉŽƐ ^ĂďŝŽŶĞ ʹ ŶŐĞŶŚĞŝƌŽ ŝǀŝů Ğ sŝŶŝĐŝƵƐ >ĂŐĞƐ 'ƵŝŵĂƌĆĞƐ ʹ ĚĞŶƚŝƐƚĂ͘ ůĞƐ ĨŽƌĂŵ ĂƉĂĚƌŝŶŚĂĚŽƐ ƉĞůŽƐ ĂƐƐŽĐŝĂĚŽƐ >ƵĚŝŵŝůĂ DĂƌŽƚĂ͕ tĞŶĚĞƌ ^ĂŶƚŽƐ Ğ ŶĚƌĠ KůŝǀĞŝƌĂ͕ ƌĞƐƉĞĐƚŝǀĂŵĞŶƚĞ͘ ZĞŐĂĚĂ Ă ďŽĂ ŵƷƐŝĐĂ Ğ ĚĞůŝĐŝŽƐĂ ĨĞŝũŽĂĚĂ͕ Ă ŶŽŝƚĞ ĨŽŝ ŵƵŝƚŽ ĂŐƌĂĚĄǀĞů͕ ĐŽŵ Ă ƉƌĞƐĞŶĕĂ ĚĞ ĨĂŵŝůŝĂƌĞƐ Ğ ĂŵŝŐŽƐ͘

"JMOBP> FA>Ag

Ğ Ϯϲ Ă Ϯϴ ĚĞ ŵĂŝŽ͕ Ž ' :ƵĂŶ dƵŵďĂͲEŽĠ͕ ƉƌĞƐŝĚĞŶƚĞ ĚĂ ŽŵŝƐƐĆŽ ĚĞ /ŶƚĞƌĐąŵďŝŽ ĚŽ ŝƐƚƌŝƚŽ ϰϱϴϬ Ğ ƌĞƉƌĞƐĞŶƚĂŶĚŽ Ž Z͘ ͘ WŽŶƚĞ EŽǀĂͲWŝƌĂŶŐĂ ƉĂƌƚŝĐŝƉŽƵ ĚŽ ŶĐŽŶƚƌŽ WƌĠͲ ŽŶǀĞŶĕĆŽ ĚĞ KĨŝĐŝĂŝƐ ĚĞ /ŶƚĞƌĐąŵďŝŽ ĚĞ :ŽǀĞŶƐ ĚĞ ZŽƚĂƌLJ /ŶƚĞƌŶĂƚŝŽŶĂů͕ ŶŽ ĞŶƚƌŽ ĚĞ ŽŶǀĞŶĕƁĞƐ </Ed y͕ Ğŵ ^ĞƵů͕ ŽƌĠŝĂ ĚŽ ^Ƶů͘ Žŵ Ă ƌĞƉƌĞƐĞŶƚĂĕĆŽ ĚĞ ŵĂŝƐ ĚĞ ϯϱϬ ĚĞůĞŐĂĚŽƐ ĚĞ ϳϬ ƉĂşƐĞƐ͕ ĨŽƌĂŵ ĚŝƐĐƵƚŝĚŽƐ ŽƐ ƉƌŽďůĞŵĂƐ ƌĞůĂĐŝŽŶĂĚŽƐ ĂŽ /ŶƚĞƌĐąŵďŝŽ /ŶƚĞƌŶĂĐŝŽŶĂů ĚĞ :ŽǀĞŶƐ͕ ĚĞ ĐĂƌĄƚĞƌ ƉƐŝĐŽůſŐŝĐŽ͕ ďƵƌŽĐƌĄƚŝĐŽ͕ ůĞŐĂů Ğ ĚŝƉůŽŵĄƚŝĐŽ͘

W ĚĞ sŝƐĐŽŶĚĞ ĚŽ ZŝŽ ƌĂŶĐŽ͕ Ğŵ ƉĂƌĐĞƌŝĂ ĐŽŵ Ž ZŽƚĂƌLJ ůƵď ĚĞ sŝƐĐŽŶĚĞ ĚŽ ZŝŽ ƌĂŶĐŽ Ğ ZŽƚĂƌLJ ůƵď EŝƚĞƌŽŝͲ>ĞƐƚĞ͕ ŝƐƚƌŝƚŽ ϰϳϱϬ͕ ƉĂƌƚŝĐŝƉŽƵ ĚŽ WƌŽũĞƚŽ ĚĞ ĂĚĞŝƌĂƐ ĂĚĂƉƚĂĚĂƐ ƉĂƚƌŽĐŝŶĂĚŽ ƉĞůŽƐ ƌŽƚĂƌŝĂŶŽƐ ĚŽƐ ƐƚĂĚŽƐ hŶŝĚŽƐ