Baixe o app para aproveitar ainda mais
Prévia do material em texto
^ĆŽ�ĐůĂƐƐŝĨŝĐĂĚĂƐ�ŶĞƐƐĂ�ĐĂƚĞŐŽƌŝĂ�ĂƋƵĞůĂƐ�ĂƚŝǀŝĚĂĚĞƐ�ŶŽƌŵĂůŵĞŶƚĞ�ĚĞĐŽƌƌĞŶƚĞƐ�ĚĂ�ŽƉĞƌĂĕĆŽ�ĚĂ�ĞŶƚŝĚĂĚĞ͕�ƚĂŝƐ� ĐŽŵŽ͗�ƌĞĐĞďŝŵĞŶƚŽƐ�ƉĞůĂ�ǀĞŶĚĂ�ĚĞ�ƉƌŽĚƵƚŽƐ�Ğ�ƐĞƌǀŝĕŽƐ͖�ƉĂŐĂŵĞŶƚŽ�ĚĞ�ĨŽƌŶĞĐĞĚŽƌĞƐ͖�ĞƚĐ͘� �ƚŝǀŝĚĂĚĞƐ�KƉĞƌĂĐŝŽŶĂŝƐ� �ƚŝǀŝĚĂĚĞƐ�ĚĞ��ƌĞĚŽƌĞƐ�Ğ��ĐŝŽŶŝƐƚĂƐ� �ƚŝǀŝĚĂĚĞƐ�ĚĞ�/ŵŽďŝůŝnjĂĕĆŽ� �ƚŝǀŝĚĂĚĞƐ�ĚĞ�&ŝŶĂŶĐŝĂŵĞŶƚŽ� �ƚŝǀŝĚĂĚĞƐ�ĚĞ�/ŶǀĞƐƚŝŵĞŶƚŽ� WŽĚĞŵŽƐ�ĚŝnjĞƌ�ƋƵĞ�YƵĂŶĚŽ�Ž�ǀĂůŽƌ�ĚŽ�ƉĂƐƐŝǀŽ�ĐŝƌĐƵůĂŶƚĞ�ƐƵƉĞƌĂ�Ž�ĚŽ�ĂƚŝǀŽ�ĐŝƌĐƵůĂŶƚĞ�ĚĂ�ĞŵƉƌĞƐĂ͗� ƉŽƐƐƵŝ��'>�ŝŐƵĂů�Ă�ϭ� ƉŽƐƐƵŝ��'>�ŶƵůŽ� ƉŽƐƐƵŝ��'>�ŵĞŶŽƌ�ƋƵĞ�ϭ� ƉŽƐƐƵŝ��'>�ƉŽƐŝƚŝǀŽ� ƉŽƐƐƵŝ��'>�ŶĞŐĂƚŝǀŽ� WĞƌŵŝƚĞ�ǀĞƌŝĨŝĐĂƌ�ƐĞ�ĞdžŝƐƚĞŵ�ƌĞĐƵƌƐŽƐ�Ğŵ�ŐŝƌŽ�ƐƵĨŝĐŝĞŶƚĞƐ�ƉĂƌĂ�ĐŽďƌŝƌ�ŽƐ�ĐŽŵƉƌŽŵŝƐƐŽƐ�Ă�ĐƵƌƚŽ�ƉƌĂnjŽ�ŶĂ� ĞŵƉƌĞƐĂ� ^ŝƚƵĂĕĆŽ��ƚŝǀĂ�ĨĂǀŽƌĄǀĞů� >ŝƋƵŝĚĞnj�ƐĞĐĂ� >ŝƋƵŝĚĞnj�ĐŽƌƌĞŶƚĞ� 1ŶĚŝĐĞ�ĚĞ�ůŝƋƵŝĚĞnj� >ŝƋƵŝĚĞnj�ŐĞƌĂů� ^ĞŐƵŶĚŽ�Ă�ĞƐƚƌƵƚƵƌĂ�ĚŽ��ĂƉŝƚĂů�ĚĞ�'ŝƌŽ�͕�ƐƵĂ�ĂĚŵŝŶŝƐƚƌĂĕĆŽ�ĂďƌĂŶŐĞ�Ƶŵ�ĐŽŶũƵŶƚŽ�ĚĞ�ƌĞŐƌĂƐ�ƋƵĞ�ǀŝƐĂ�Ă�ƋƵĂůŝĚĂĚĞ� ĚĂ�ƐĂƷĚĞ�ĨŝŶĂŶĐĞŝƌĂ�ĚĂ�ĞŵƉƌĞƐĂ͘��ƐƐŝŵ�ƐĞŶĚŽ�ƚĞŵŽƐ�ĐŽŵŽ�ĐŽŶƐĞƋƵġŶĐŝĂ�ĚĞƐƚĂ�ƉƌĄƚŝĐĂ͍� ��ŵŝŶŝŵŝnjĂĕĆŽ�ĚĂ�ŝŶƐŽůǀġŶĐŝĂ� K�ĞƋƵŝůşďƌŝŽ�ĞŶƚƌĞ�ůƵĐƌŽ�Ğ�ƉƌĞũƵşnjŽ� ��ŵĂdžŝŵŝnjĂĕĆŽ�ĚĂ�ŝŶƐŽůǀġŶĐŝĂ� ��ŵŝŶŝŵŝnjĂĕĆŽ�ĚŽ�ůƵĐƌŽ� ��ŵĂdžŝŵŝnjĂĕĆŽ�ĚŽ�ůƵĐƌŽ� &ĂůĂŶĚŽ�ƐŽďƌĞ�ĐĂƉŝƚĂů͕�ƉŽĚĞŵŽƐ�ĐůĂƐƐŝĨŝĐĄͲůŽ�ĐŽŵŽ͗�ĐĂƉŝƚĂů�ͺͺͺͺͺͺͺͺͺͺͺͺͺͺ�ƋƵĞ�Ġ�ĨŽƌŵĂĚŽ�ƉĞůŽƐ�ĂƚŝǀŽƐ� ŝŵŽďŝůŝnjĂĚŽƐ�Ğ�Ž�ĐĂƉŝƚĂů�ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ�ĨŽƌŵĂĚŽ�ƉĞůŽƐ�ĂƚŝǀŽƐ�ĐŝƌĐƵůĂŶƚĞƐ͘� ĨŝdžŽ�Ͳ ĚĞ�ŐŝƌŽ� ĚĞ�ŐŝƌŽ�Ͳ ĨŝdžŽ� ƚŽƚĂů�Ͳ ĐŽƌƌĞŶƚĞ� ĐŽƌƌĞŶƚĞ�Ͳ ĨŝdžŽ� ĐŽƌƌĞŶƚĞ�Ͳ ƚŽƚĂů� �ĂƉŝƚĂů�ĚĞ�ŐŝƌŽ͕�ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺƋƵĞ�ƐƵƐƚĞŶƚĂ�ĂƐ�ŽƉĞƌĂĕƁĞƐ�ĚŽ�ĚŝĂͲĂͲĚŝĂ�ĚĂ�ĞŵƉƌĞƐĂ�Ğ�ƌĞƉƌĞƐĞŶƚĂ�Ă�ƉĂƌĐĞůĂ� ĚŽ�ŝŶǀĞƐƚŝŵĞŶƚŽ�ƋƵĞ�ĐŝƌĐƵůĂ�ĚĞ�ƵŵĂ�ĨŽƌŵĂ�Ă�ŽƵƚƌĂ͕�ĚƵƌĂŶƚĞ�Ă�ĐŽŶĚƵĕĆŽ�ŶŽƌŵĂů�ĚŽƐ�ŶĞŐſĐŝŽƐ� Ġ�Ž�ĂƚŝǀŽ�ĂŽ�ĐŝƌĐƵůĂŶƚĞ Ġ�Ž�ĂƚŝǀŽ�ƉĞƌŵĂŶĞŶƚĞ� Ġ�Ž�ƉĂƐƐŝǀŽ�ŶĆŽ�ĐŝƌĐƵůĂŶƚĞ� Ġ�Ž�ĂƚŝǀŽ�ĐŝƌĐƵůĂŶƚĞ� Ġ�Ž�ƉĂƐƐŝǀŽ�ĐŝƌĐƵůĂŶƚĞ� &DSLWDO�GH�JLUR�p�R�FRQMXQWR�GH�YDORUHV�QHFHVViULRV�SDUD�D�HPSUHVD�ID]HU�VHXV�QHJyFLRV� DFRQWHFHUHP��JLUDU���([LVWH�D�H[SUHVVmR��&DSLWDO�HP�*LUR���TXH�VHULDP�RV�EHQV� HIHWLYDPHQWH�HP�XVR��3RGHPRV�DILUPDU�TXH�R�&DSLWDO�GH�*LUR�GLPLQXL�TXDQGR�D�HPSUHVD� UHDOL]D�� QRYRV�LQYHVWLPHQWRV�HP�EHQV�GR�DWLYR�LPRELOL]DGR $TXLVLomR�GH�Do}HV $TXLVLomR�GH�IRUQHFHGRUHV $TXLVLomR�GH�QRYRV�HVWRTXHV �džĞƌĐşĐŝŽƐ�'ĞƐƚĆŽ�ĚŽ��ĂƉŝƚĂů�ĚĞ�'ŝƌŽ 1RYRV�DFLRQLVWDV YƵĂŶƚŽ�ĂŽ�ĂƐƉĞĐƚŽ�ĚŽ�ĨůƵdžŽ�ĚŽ��ĂƉŝƚĂů��ŝƌĐƵůĂŶƚĞ�>şƋƵŝĚŽ�;���>�Ϳ͕�ƉŽĚĞŵŽƐ�ĂĨŝƌŵĂƌ�ƋƵĞ͗� YƵĂŶƚŽ�ŵĂŝŽƌ�ĨŽƌ�Ž���>�ŵĞŶŽƌ�ƐĞƌĄ�Ž�ƌŝƐĐŽ�ĚĞ�ŝŶƐŽůǀġŶĐŝĂ�ĚĂ�ĞŵƉƌĞƐĂ͘� YƵĂŶƚŽ�ŵĂŝŽƌ�ĨŽƌ�Ž���>�ŵĂŝŽƌ�ƐĞƌĄ�Ž�ƌŝƐĐŽ�ĚĞ�ŝŶƐŽůǀġŶĐŝĂ�ĚĂ�ĞŵƉƌĞƐĂ� YƵĂŶƚŽ�ŵĞŶŽƌ�ĨŽƌ�Ž���>�ŵĞŶŽƌ�ƐĞƌĄ�Ž�ƌŝƐĐŽ�ĚĞ�ŝŶƐŽůǀġŶĐŝĂ�ĚĂ�ĞŵƉƌĞƐĂ͘� YƵĂŶĚŽ�Ž���>�ĨŽƌ�ďĂŝdžŽ͕�Ă�ůŝƋƵŝĚĞnj�ƐĞĐĂ�ƐĞƌĄ�ĐŽŶƐŝĚĞƌĂĚĂ�ďŽĂ͘� YƵĂŶĚŽ�Ž���>�ĨŽƌ�ĂůƚŽ͕�Ă�ůŝƋƵŝĚĞnj�ŝŵĞĚŝĂƚĂ�ƐĞƌĄ�ĐŽŶƐŝĚĞƌĂĚĂ�ďŽĂ͘ K�ŝŶĚŝĐĂĚŽƌ�ĚĞ�>ŝƋƵŝĚĞnj�/ŵĞĚŝĂƚĂ�ĐŽƌƌĞƐƉŽŶĚĞ�Ă�ƌĂnjĆŽ�ĞŶƚƌĞ�͗� �ƚŝǀŽ�EĆŽ��ŝƌĐƵůĂŶƚĞ�Ğ�WĂƐƐŝǀŽ��ŝƌĐƵůĂŶƚĞ� �ƚŝǀŽƐ�ĚĞ��ƵƌƚŽ�ͬ�>ŽŶŐŽ�WƌĂnjŽ�Ğ�Ž�WĂƐƐŝǀŽ��ŝƌĐƵůĂŶƚĞ� �ŝƐƉŽŶşǀĞů�Ğ�WĂƐƐŝǀŽ��ŝƌĐƵůĂŶƚĞ� �ƚŝǀŽ��ŝƌĐƵůĂŶƚĞ�Ğ�WĂƐƐŝǀŽ��ŝƌĐƵůĂŶƚĞ� 2�,QGLFDGRU�GH�/LTXLGH]�&RUUHQWH�FRUUHVSRQGH�D�UD]mR�HQWUH�� 'LVSRQtYHO�H�3DVVLYR�&LUFXODQWH $WLYR�1mR�&LUFXODQWH�H�3DVVLYR�1mR�&LUFXODQWH $WLYR�&LUFXODQWH�H�$WLYR�1mR�&LUFXODQWH $WLYR�&LUFXODQWH�H�3DVVLYR�&LUFXODQWH $�DGPLQLVWUDomR�GR�&DSLWDO�GH�*LUR�HQYROYH�XP�SURFHVVR�FRQWtQXR�GH�WRPDGD�GH�GHFLV}HV�YROWDGDV� SULQFLSDOPHQWH��SDUD�D�SUHVHUYDomR�GD�OLTXLGH]�GD�HPSUHVD�TXH�WDPEpP�DIHWD�D�UHQWDELOLGDGH��&RP� EDVH�QR�FRQWH[WR�DFLPD��SRGHPRV�GL]HU�TXH�DGPLQLVWUDomR�GR�&DSLWDO�GH�*LUR�DEUDQJH�DV�FRQWDV�GR� $WLYR�&LUFXODQWH�H�$WLYR�1mR�&LUFXODQWH� $WLYR�1mR�&LUFXODQWH�H�3DVVLYR�1mR�&LUFXODQWH� 3DVVLYR�&LUFXODQWH��3DVVLYR�1mR�&LUFXODQWH�H�3/� $WLYR�&LUFXODQWH�H�3DVVLYR�&LUFXODQWH� 3DVVLYR�&LUFXODQWH�H�3DVVLYR�1mR�&LUFXODQWH KďƐĞƌǀĂŶĚŽ�ŽƐ�ƐĞŐƵŝŶƚĞƐ��ŝĐůŽƐ�ĚĞ��ĂŝdžĂ�ĚĂƐ�ĞŵƉƌĞƐĂƐ�Ă�ƐĞŐƵŝƌ�͗� WDW����WD����/D�� �ŵƉƌĞƐĂ�ϭ����ϰϮ���������ϴϬ�����ϱϬ� �ŵƉƌĞƐĂ�Ϯ����ϰϱ���������ϱϬ�����ϵϬ� �ŵƉƌĞƐĂ�ϯ����ϯϱ��������ϰϱ������ϴϬ� �ŵƉƌĞƐĂ�ϰ�����ϱϬ��������ϰϱ����ϭϬϮ� �ŵƉƌĞƐĂ�ϱ�����ϰϴ�������ϲϮ������ϳϬ� YƵĂů�ĚĂƐ�ĞŵƉƌĞƐĂƐ�ŽĨĞƌĞĐĞ�Ž�ŵĞůŚŽƌ�ĐŝĐůŽ�ĚĞ�ĐĂŝdžĂ�ĐŽŶƐŝĚĞƌĂŶĚŽ�͗�K�^�͗�WƌĂnjŽ�DĠĚŝŽ�ĚĞ�WĂŐĂŵĞŶƚŽ�;WDWͿ͕� WƌĂnjŽ�DĠĚŝŽ�ĚĞ��ŽďƌĂŶĕĂ�;WD�Ϳ�Ğ�/ĚĂĚĞ�DĠĚŝĂ�ĚĞ��ƐƚŽƋƵĞƐ�;/D�Ϳ� �ŵƉƌĞƐĂ�ϯ� �ŵƉƌĞƐĂ�ϭ� �ŵƉƌĞƐĂ�ϰ� �ŵƉƌĞƐĂ�Ϯ� �ŵƉƌĞƐĂ�ϱ� $VVLQDOH�D�DOWHUQDWLYD�TXH�FRPSOHWD��GH�PDQHLUD�FRUUHWD��D�LGHLD�DSUHVHQWDGD�D�VHJXLU��$� DGPLQLVWUDomR�GR�FDSLWDO�GH�JLUR�p�D�DWLYLGDGH�PDLV�FRQKHFLGD�GD�$GPLQLVWUDomR�BBBBBBBBB��$�PDLRU� SDUWH�GR�WHPSR�GHVWH�DGPLQLVWUDGRU�p�WRPDGR�SHOD�DGPLQLVWUDomR�GRV�BBBBBBBBBB� WULEXWiULD�� DWLYRV�WRWDLV� ILQDQFHLUD�� DWLYRV�WRWDLV� ILQDQFHLUD�� DWLYRV�FRUUHQWHV� HFRQ{PLFD�� SDVVLYRV�WRWDLV� HFRQ{PLFD�� DWLYRV�FRUUHQWHV� K�ĐĂƉŝƚĂů�ĚĞ�ŐŝƌŽ�ƐŽĨƌĞ�ƚƌĂŶƐĨŽƌŵĂĕĆŽ�Ğ�ĐĂĚĂ�ƚƌĂŶƐĨŽƌŵĂĕĆŽ͕�ƚĞŵ�ŽďũĞƚŝǀŽ�ĚĞ�ĨĂnjĞƌ�Ž�ĐĂƉŝƚĂů�ͺͺͺͺͺͺͺͺͺͺƋƵĞ�Ž� ǀĂůŽƌ�ĚŽ�ŝŶŝĐŝŽ�ĚŽ�ĐŝĐůŽ�ŽƉĞƌĂĐŝŽŶĂů� ZĞƚŽƌŶĂƌ�ƐĞŵƉƌĞ�ŵĂŝŽƌ� ZĞƚŽƌŶĂƌ�ĂƐ�ǀĞnjĞƐ�ŵĞŶŽƌ� ZĞƚŽƌŶĂƌ�ƐĞŵƉƌĞ�ŵĞŶŽƌ� ZĞƚŽƌŶĂƌ�ĂƐ�ǀĞnjĞƐ�ŵĂŝŽƌ� ZĞƚŽƌŶĂƌ�ŶƵŶĐĂ�ŵĂŝŽƌ e�FRQVLGHUDGD�$WLYLGDGH�GH�,QYHVWLPHQWR�VRE�R�SRQWR�GH�YLVWD�GR�)OX[R�GH�&DL[D�� $TXLVLomR�GH�0iTXLQDV�H�(TXLSDPHQWRV 'HSUHFLDomR�GH�(TXLSDPHQWRV 3DJDPHQWR�GH�1RWDV�SURPLVVyULDV (PSUpVWLPR�EDQFiULR 9HQGDV�D�SUD]R�FRP�GXSOLFDWDV�D�UHFHEHU e�FRQVLGHUDGD�$WLYLGDGH�GH�,QYHVWLPHQWR�VRE�R�SRQWR�GH�YLVWD�GR�)OX[R�GH�&DL[D�� 9HQGDV�D�SUD]R�FRP�GXSOLFDWDV�D�UHFHEHU 3DJDPHQWR�GH�GXSOLFDWDV 9HQGDV�D�YLVWD�FRP�GXSOLFDWDV�D�UHFHEHU (PSUpVWLPR�EDQFiULR�GH�FXUWR�SUD]R $TXLVLomR�GH�9HtFXORV �ŽŵƉƌĂ�ĚĞ�ŝŵſǀĞŝƐ�ă�ǀŝƐƚĂ� �ŽŵƉƌĂ�ĚĞ�ĞƐƚŽƋƵĞƐ� �ĞƉƌĞĐŝĂĕĆŽ�ĚŽ�ĞƋƵŝƉĂŵĞŶƚŽ� sĞŶĚĂ�ĚĞ�sĞşĐƵůŽƐ�ă�ǀŝƐƚĂ� �ŽŵƉƌĂ�ĚĞ�DĞƌĐĂĚŽƌŝĂƐ͕�ĐŽŵ�ƉĂŐĂŵĞŶƚŽ�Ă�ĐƵƌƚŽ�ƉƌĂnjŽ͘� YƵĂŶĚŽ�ĚŝnjĞŵŽƐ�ƋƵĞ�ƌĞĐĞďĞŵŽƐ�ŵĂŝƐ�ĐĞĚŽ�Ğ�ƉĂŐĂŵŽƐ�ŵĂŝƐ�ƚĂƌĚĞ�ĞƐƚĂŵŽƐ�ĞǀŝƚĂŶĚŽ͗� Ž�ĂƵŵĞŶƚŽ�ĚŽ�ĐŝĐůŽ�ĚĞ�ĐĂŝdžĂ� Ž�ĂƵŵĞŶƚŽ�ĚŽ�ƉĂƐƐŝǀŽ� Ă�ƌĞĚƵĕĆŽ�ĚĞ�ĨŽƌŶĞĐĞĚŽƌĞƐ� Ž�ĂƵŵĞŶƚŽ�ĚĂƐ�ĐŽŶƚĂƐ�Ă�ƌĞĐĞďĞƌ� Ă�ƌĞĚƵĕĆŽ�ĚŽ�ĐŝĐůŽ�ĚĞ�ĐĂŝdžĂ WŽĚĞŵŽƐ�ƌĞĚƵnjŝƌ�Ž��ĂƉŝƚĂů�ĚĞ�'ŝƌŽ�͗� �ŽŵƉƌĂ�ĚĞ��ƐƚŽƋƵĞƐ�ă�ĐƵƌƚŽ�ƉƌĂnjŽ� �ŽŵƉƌĂ�ĚĞ�ŝŵſǀĞŝƐ�ĨŝŶĂŶĐŝĂĚŽ�Ă�ůŽŶŐŽ�ƉƌĂnjŽ� ZĞĐĞďŝŵĞŶƚŽ�ĚĞ��ŵƉƌĠƐƚŝŵŽ��ĂŶĐĄƌŝŽ�ĚĞ�>ŽŶŐŽ�WƌĂnjŽ� sĞŶĚĂ�ĚĞ�ŵĞƌĐĂĚŽƌŝĂƐ�Ă�ƉƌĞĕŽ�ĚĞ�ĐƵƐƚŽ͘� �ŽŵƉƌĂ�ĚĞ�sĞşĐƵůŽƐ�ă�ǀŝƐƚĂ� ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ�Ġ�Ž�ƉĞƌşŽĚŽ�ĐŽŵƉƌĞĞŶĚŝĚŽ�ĞŶƚƌĞ�ŽƐ�ŐĂƐƚŽƐ�Ğ�ƌĞĐĞďŝŵĞŶƚŽƐ�ĚĞ�ĐĂŝdžĂ͘��ŽƌƌĞƐƉŽŶĚĞ�ĂŽ�ĐŝĐůŽ� ŽƉĞƌĂĐŝŽŶĂů�ŵĞŶŽƐ�Ž�ƉƌĂnjŽ�ŵĠĚŝŽ�ĚĞ�ƉĂŐĂŵĞŶƚŽ͘� /ĚĂĚĞ�DĞĚŝĂ�ĚĞ��ƐƚŽƋƵĞƐ� �ŝĐůŽ�KƉĞƌĂĐŝŽŶĂů� WƌĂnjŽ�DĠĚŝŽ�ĚĞ��ŽďƌĂŶĕĂ� 'ŝƌŽ�ĚĞ�ĞƐƚŽƋƵĞƐ� �ŝĐůŽ�ĚĞ��ĂŝdžĂ� YƵĂŶĚŽ�ŶŽƐ�ƌĞĨĞƌŝŵŽƐ�ĂŽ�ƌĞƚŽƌŶŽ�ƉƌŽƉŽƌĐŝŽŶĂĚŽ�ƉĞůŽ�ŝŶǀĞƐƚŝŵĞŶƚŽ͕�ĚĞǀĞŵŽƐ�ŽďƐĞƌǀĂƌ�ƋƵĂů�ĂƐƉĞĐƚŽ͍� K�ĐŝĐůŽ�ĚŽƐ��ƚŝǀŽƐ�ŶĆŽ��ŝƌĐƵůĂŶƚĞƐ� ��ƌŽƚĂĕĆŽ�ĚŽ��ĂƉŝƚĂů��ŝƌĐƵůĂŶƚĞ� ^ŽŵĞŶƚĞ�Ž�ĨŝŶĂŶĐŝĂŵĞŶƚŽ� ��ŝŶĞĨŝĐŝġŶĐŝĂ�ĚĂ��ĚŵŝŶŝƐƚƌĂĕĆŽ�ĚĂ�ĞŵƉƌĞƐĂ� ^ŽŵĞŶƚĞ�Ă�ZĞŶƚĂďŝůŝĚĂĚĞ� ͺͺͺͺͺͺͺͺͺͺͺͺͺͺ�ĐŽƌƌĞƐƉŽŶĚĞ�ĂŽ�ƉĞƌşŽĚŽ�ĚĞ�ĚŝĂƐ�ƋƵĞ�ĂƐ�ŵĞƌĐĂĚŽƌŝĂƐ�ĨŝĐĂŵ�ĞƐƚŽĐĂĚĂƐ�ŶĂ�ĞŵƉƌĞƐĂ�ĂƚĠ�Ž�ƐĞƵ�ĂƚŽ� ĚĞ�ǀĞŶĚĂ͘� WƌĂnjŽ�DĠĚŝŽ�ĚĞ�WĂŐĂŵĞŶƚŽ� WƌĂnjŽ�DĠĚŝŽ�ĚĞ��ŽďƌĂŶĕĂ� 'ŝƌŽ�ĚĞ��ƐƚŽƋƵĞƐ� 'ŝƌŽ�ĚĞ��ƵƉůŝĐĂƚĂƐ�Ă�ZĞĐĞďĞƌ� /ĚĂĚĞ�DĞĚŝĂ�ĚĞ��ƐƚŽƋƵĞƐ� ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ�ĐŽƌƌĞƐƉŽŶĚĞ�ĂŽ�ĚŝĂƐ�ĞŶƚƌĞ�Ž�ƌĞĐĞďŝŵĞŶƚŽ�ĚĞ�ĞƐƚŽƋƵĞ�ŽƵ�ŵĂƚĠƌŝĂƐ�ƉƌŝŵĂƐ�ĚŽƐ� ĨŽƌŶĞĐĞĚŽƌĞƐ�Ğ�ƐĞƵ�ƉĂŐĂŵĞŶƚŽ�Ă�ĞƐƚĞƐ�ĨŽƌŶĞĐĞĚŽƌĞƐ� WƌĂnjŽ�DĠĚŝŽ�ĚĞ��ŽďƌĂŶĕĂ� /ĚĂĚĞ�DĠĚŝĂ�ĚĞ�ĞƐƚŽƋƵĞƐ� 'ŝƌŽ�ĚĞ��ƐƚŽƋƵĞƐ� WƌĂnjŽ�DĠĚŝŽ�ĚĞ�WĂŐĂŵĞŶƚŽ� 'ŝƌŽ�ĚĞ��ƵƉůŝĐĂƚĂƐ�Ă�ƌĞĐĞďĞƌ� K��ŝƌĞƚŽƌ�&ŝŶĂŶĐĞŝƌŽ�ĚĞ�ƵŵĂ�ĚĞƚĞƌŵŝŶĂĚĂ�ĞŵƉƌĞƐĂ�ƌĞĂůŝnjŽƵ�ƵŵĂ�ĐĂƉƚĂĕĆŽ�ĚĞ�ƌĞĐƵƌƐŽƐ�ŶĂ�ŽƌĚĞŵ�ĚĞ� ZΨϭϬ͘ϬϬϬ͘ϬϬϬ͕ϬϬ�Ă�ůŽŶŐŽ�ƉƌĂnjŽ͘��ŝƌĞĐŝŽŶŽƵ�ZΨϲ͘ϬϬϬ͘ϬϬϬ͕ϬϬ�ƉĂƌĂ�ĂƋƵŝƐŝĕĆŽ�ĚĞ�ĞƋƵŝƉĂŵĞŶƚŽƐ�Ğ�ǀĞşĐƵůŽƐ͕�ZΨ� ϯ͘ϬϬϬ͘ϬϬϬ͕ϬϬ�ƉĂƌĂ�ĂŵƉůŝĂĕĆŽ�ĚŽ�ƉĄƚŝŽ�ƉĂƌĂ�ŵŽǀŝŵĞŶƚĂĕĆŽ�ĚĞ�ĐĂƌŐĂ�Ğ�ZΨ�ϭ͘ϬϬϬ͘ϬϬϬ͕ϬϬ�ƉĂƌĂ�ĂƋƵŝƐŝĕĆŽ�ĚĞ� ŵĂƚĠƌŝĂͲƉƌŝŵĂ͕�ƐĞŶĚŽ�ĂƐƐŝŵ͕�ƉŽĚĞŵŽƐ�ĂĨŝƌŵĂƌ�ƋƵĞ�ϭϬй�ĚŽƐ�ƌĞĐƵƌƐŽƐ�ĐĂƉƚĂĚŽƐ�ĨŽƌĂŵ�ĚŝƌĞĐŝŽŶĂĚŽƐ�ƉĂƌĂ� ŝŶǀĞƐƚŝŵĞŶƚŽƐ�Ğŵ� ĐĂƉŝƚĂů�ĚĞ�ŐŝƌŽ�ůşƋƵŝĚŽ� ĂůĂǀĂŶĐĂŐĞŵ�ĨŝŶĂŶĐĞŝƌĂ� ĂůĂǀĂŶĐĂŐĞŵ�ŽƉĞƌĂĐŝŽŶĂů� ĂŵƉůŝĂĕĆŽ�ĚŽ�ƉĂƌƋƵĞ�ŝŶĚƵƐƚƌŝĂů� ĐĂƉŝƚĂů�ĚĞ�ŐŝƌŽ� ͺͺͺͺͺͺͺͺͺͺͺͺͺͺ�ĐŽƌƌĞƐƉŽŶĚĞ�ĂŽ�ƉĞƌşŽĚŽ�ĚĞ�ĚŝĂƐ�ĞŶƚƌĞ�Ž�Ă�ǀĞŶĚĂ�ĚĞ�ƵŵĂ�ŵĞƌĐĂĚŽƌŝĂ�ĂŽ�ĐůŝĞŶƚĞ�Ğ�ƐĞƵ� ƌĞĐĞďŝŵĞŶƚŽ�ĨŝŶĂŶĐĞŝƌŽ͘� WƌĂnjŽ�DĠĚŝŽ�ĚĞ��ŽďƌĂŶĕĂ� 'ŝƌŽ�ĚĞ��ƐƚŽƋƵĞƐ� /ĚĂĚĞ�DĞĚŝĂ�ĚĞ�ĞƐƚŽƋƵĞƐ� 'ŝƌŽ�ĚĞ��ƵƉůŝĐĂƚĂƐ�Ă�WĂŐĂƌ� WƌĂnjŽ�DĠĚŝŽ�ĚĞ�WĂŐĂŵĞŶƚŽ YƵĂŶƚŽ�Ă�ŶĞĐĞƐƐŝĚĂĚĞ�ĚĞ�ŝŶǀĞƐƚŝŵĞŶƚŽƐ�Ğŵ��ĂƉŝƚĂů�ĚĞ�'ŝƌŽ͕�ĚĞǀĞŵŽƐ�ŽďƐĞƌǀĂƌ�ƋƵĞ�Ă�ŵĞƐŵĂ�ĞƐƚĄ�ůŝŐĂĚĂ�Ă� ǀĄƌŝŽƐ�ĨĂƚŽƌĞƐ͕�ĚĞŶƚƌĞ�ŽƐ�ƋƵĂŝƐ�ƉŽĚĞŵŽƐ�ĐŝƚĂƌ͍� �ĂƉĂĐŝĚĂĚĞ�ĚĞ�ĨŝŶĂŶĐŝĂƌ�ƐŽŵĞŶƚĞ�ƌĞĐƵƌƐŽƐ�ĚĞ�ĐƵƌƚŽ�ƉƌĂnjŽ͘� sŽůƵŵĞ�ĚĞ�ĂƚŝǀŝĚĂĚĞƐ�ĚĂ�ĞŵƉƌĞƐĂ�Ğŵ�ƉƌŽĚƵnjŝƌ�DŽŶƚĂŶƚĞ�ĚĞ�ĐŽŶƚĂƐ�ŶĆŽ�ĐŝƌĐƵůĂŶƚĞƐ� �ŝĐůŽ�ĨŝŶĂŶĐĞŝƌŽ�Ğ�ĐĂƉĂĐŝĚĂĚĞ�ĚĞ�ƉƌŽĚƵnjŝƌ�Ğ�ǀĞŶĚĞƌ� DŽŶƚĂŶƚĞ�ĚĞ�ĐŽŶƚĂƐ� K�ƉƌĂnjŽ�ŵĠĚŝŽ�ĚĞ�ƉĂŐĂŵĞŶƚŽ�ĐŽƌƌĞƐƉŽŶĚĞ�ĂŽ�ŶƷŵĞƌŽ�ĚĞ�ĚŝĂƐ�ŽďƚŝĚŽƐ�ƉĞůĂ�ƌĂnjĆŽ�ĞŶƚƌĞ�Ž�ĂŶŽ�ĐŽŵĞƌĐŝĂů�;ϯϲϬͿ�Ğ�͗� ŐŝƌŽ�ĚĞ�ǀĞŶĚĂƐ� ŐŝƌŽ�ĚĞ�ĐŽďĞƌƚƵƌĂ�ĚĞ�ũƵƌŽƐ� ŐŝƌŽ�ĚĞ�ĞƐƚŽƋƵĞƐ� �ŝĐůŽ�KƉĞƌĂĐŝŽŶĂů� ŐŝƌŽ�ĚĞ�ĨŽƌŶĞĐĞĚŽƌĞƐ� WŽĚĞŵŽƐ��ĨŝƌŵĂƌ�ƋƵĞ͗� YƵĞ�ŽĐŽƌƌĞ�Ă�ƉĂƌƚŝƌ�ĚĂ�ƐŽŵĂ�ĚŽƐ�ƉƌĂnjŽƐ�ŵĠĚŝŽƐ�ĚĞ�ƉĂŐĂŵĞŶƚŽƐ� YƵĞ�Ă�ŶĞĐĞƐƐŝĚĂĚĞ�ĚĞ�ŝŶǀĞƐƚŝŵĞŶƚŽ�ĚĞ�ŐŝƌŽ�Ğ�ŶĂ�ĞƐƚƌƵƚƵƌĂ�ŽĐŽƌƌĞ�Ă�ƉĂƌƚŝƌ�ĚŽ�ĐŝĐůŽ�ŽƉĞƌĂĐŝŽŶĂů͘� YƵĞ�ŽĐŽƌƌĞ�Ă�ƉĂƌƚŝƌ�ĚĂ�ƐŽŵĂ�ĚŽƐ�ƉƌĂnjŽƐ�ŵĠĚŝŽƐ�ĚĞ�ĞƐƚŽĐĂŐĞŵ͘� YƵĞ�Ă�ŶĞĐĞƐƐŝĚĂĚĞ�ĚĞ�ŝŶǀĞƐƚŝŵĞŶƚŽ�ĚĞ�ŐŝƌŽ�Ğ�ŶĂ�ĞƐƚƌƵƚƵƌĂ�ŽĐŽƌƌĞ�Ă�ƉĂƌƚŝƌ�ĚŽ�ĐŝĐůŽ�ĨŝŶĂŶĐĞŝƌŽ�ĚĂ�ĞŵƉƌĞƐĂ͘� YƵĞ�Ă�ŶĞĐĞƐƐŝĚĂĚĞ�ĚĞ�ŝŶǀĞƐƚŝŵĞŶƚŽ�ĚĞ�ŐŝƌŽ�Ğ�ŶĂ�ĞƐƚƌƵƚƵƌĂ�ŽĐŽƌƌĞ�Ă�ƉĂƌƚŝƌ�ĚŽ�ƉƌĂnjŽ�ŵĠĚŝŽ�ĚĞ� ƌĞĐĞďŝŵĞŶƚŽ͘� K�ĐĂƉŝƚĂů�ĚĞ�ŐŝƌŽ�ƐŽĨƌĞ�ƚƌĂŶƐĨŽƌŵĂĕĆŽ�Ğ�ĐĂĚĂ�ƚƌĂŶƐĨŽƌŵĂĕĆŽ͕�ƚĞŵ�ŽďũĞƚŝǀŽ�ĚĞ�ĨĂnjĞƌ�Ž�ĐĂƉŝƚĂů�ͺͺͺͺͺͺͺͺͺͺƋƵĞ�Ž� ǀĂůŽƌ�ĚŽ�ŝŶŝĐŝŽ�ĚŽ�ĐŝĐůŽ�ŽƉĞƌĂĐŝŽŶĂů� ZĞƚŽƌŶĂƌ�ĂƐ�ǀĞnjĞƐ�ŵĂŝŽƌ� ZĞƚŽƌŶĂƌ�ƐĞŵƉƌĞ�ŵĂŝŽƌ� ZĞƚŽƌŶĂƌ�ŶƵŶĐĂ�ŵĂŝŽƌ� ZĞƚŽƌŶĂƌ�ƐĞŵƉƌĞ�ŵĞŶŽƌ� ZĞƚŽƌŶĂƌ�ĂƐ�ǀĞnjĞƐ�ŵĞŶŽƌ YƵĂŶĚŽ�ƚĞŵŽƐ�ƵŵĂ�ƌĞĚƵĕĆŽ�ĚĂ�ŵĂƌŐĞŵ�ĚĞ�ƐĞŐƵƌĂŶĕĂ�ĚĂ�ĞŵƉƌĞƐĂ�ĚĞǀŝĚŽ�Ă�ƵŵĂ�ĨŽƌƚĞ�ĞdžƉĂŶƐĆŽ�ĚĂƐ�ĂƚŝǀŝĚĂĚĞƐ�͕� ƐĞŵ�Ž�ĚĞǀŝĚŽ�ĂĐŽŵƉĂŶŚĂŵĞŶƚŽ�ĚĞ�ĐƌĞƐĐŝŵĞŶƚŽ�ƉĂƌĂůĞůŽ�ĚŽƐ�ƌĞĐƵƌƐŽƐ�ŶĞĐĞƐƐĄƌŝŽƐ͕�ƉŽĚĞŵŽƐ�ĐůĂƐƐŝĨŝĐĂƌ�ĐŽŵŽ� ƐĞŶĚŽ͍� �ƵŵĞŶƚŽ�ĚĂƐ�ĚŝƐƉŽŶŝďŝůŝĚĂĚĞƐ� KǀĞƌƚƌĂĚŝŶŐ� �ŝŵŝŶƵŝĕĆŽ�ĚŽ��ƚŝǀŽ��ŽƌƌĞŶƚĞ� �ŝŵŝŶƵŝĕĆŽ�ĚĂƐ�ĚşǀŝĚĂƐ�ƉĂƐƐŝǀĂƐ� >ƵĐƌĂƚŝǀŝĚĂĚĞ� WŽĚĞŵŽƐ�ƌĞůĂĐŝŽŶĂƌ�ĐŽŵŽ�ĞĨĞŝƚŽƐ�ƐĞĐƵŶĚĄƌŝŽƐ�ƉƌŽǀŽĐĂĚŽƐ�ƉĞůŽ�ŽǀĞƌƚƌĂĚŝŶŐ�ĐŽŵŽ͗� �ŝŵŝŶƵŝĕĆŽ�ĚŽƐ�ĚŝƐƉŽŶşǀĞŝƐ͕�ĂƵŵĞŶƚŽ�ĚŽ�ĂƚŝǀŽ�ĐŽƌƌĞŶƚĞ�Ğ�ĚŝŵŝŶƵŝĕĆŽ�ĚĂƐ�ĚŝǀŝĚĂƐ�ƉĂƐƐŝǀĂƐ͘� �ƵŵĞŶƚŽ�ĚŽƐ�ĚŝƐƉŽŶşǀĞŝƐ͕�ĂƵŵĞŶƚŽ�ĚŽ�ĂƚŝǀŽ�ĐŽƌƌĞŶƚĞ�Ğ�ĚŝŵŝŶƵŝĕĆŽ�ĚĂƐ�ĚŝǀŝĚĂƐ�ƉĂƐƐŝǀĂƐ͘� �ƵŵĞŶƚŽ�ĚŽƐ�ĚŝƐƉŽŶşǀĞŝƐ͕�ĚŝŵŝŶƵŝĕĆŽ�ĚŽ�ĂƚŝǀŽ�ĐŽƌƌĞŶƚĞ�Ğ�ĂƵŵĞŶƚŽ�ĚĂƐ�ĚŝǀŝĚĂƐ�ƉĂƐƐŝǀĂƐ͘� �ƵŵĞŶƚŽ�ĚŽƐ�ĚŝƐƉŽŶşǀĞŝƐ͕�ĂƵŵĞŶƚŽ�ĚŽ�ĂƚŝǀŽ�ĐŽƌƌĞŶƚĞ�Ğ�ĂƵŵĞŶƚŽ�ĚĂƐ�ĚŝǀŝĚĂƐ�ƉĂƐƐŝǀĂƐ͘� �ŝŵŝŶƵŝĕĆŽ�ĚŽƐ�ĚŝƐƉŽŶşǀĞŝƐ͕�ĂƵŵĞŶƚŽ�ĚŽ�ĂƚŝǀŽ�ĐŽƌƌĞŶƚĞ�Ğ�ĂƵŵĞŶƚŽ�ĚĂƐ�ĚŝǀŝĚĂƐ�ƉĂƐƐŝǀĂƐ͘� K�ĐŝĐůŽ�ĚĞ�ĐĂŝdžĂ�ĚĞ�ƵŵĂ�ĞŵƉƌĞƐĂ�Ġ�ĚĞ�ϲϬ�ĚŝĂƐ͘�K�ƉƌĂnjŽ�ŵĠĚŝŽ�ĚĞ�ƉĂŐĂŵĞŶƚŽ�Ġ�ĚĞ�ϭϱ�ĚŝĂƐ�Ğ�Ž�ƉƌĂnjŽ�ŵĠĚŝŽ�ĚĞ� ĐŽďƌĂŶĕĂ�ĚĞ�Ϯϱ�ĚŝĂƐ͘���ŝĚĂĚĞ�ŵĠĚŝĂ�ĚĞ�ĞƐƚŽƋƵĞƐ�ƐĞƌĄ�͕Ğŵ�ĚŝĂƐ͕�ĚĞ�͗� ϲϬ� ϰϬ� ϳϱ� ϲϱ� ϱϬ� �džŝƐƚĞŵ�ǀĂƌŝĂƐ�ƌĂnjƁĞƐ�ƉĂƌĂ�Ă�ĚĞŵĂŶĚĂ�ĚĞ�ĐĂŝdžĂ͘���ŶĞĐĞƐƐŝĚĂĚĞ�ĚĞ�ĐŽďƌŝƌ�ƐŝƚƵĂĕƁĞƐ�ĞƐƉĞĐşĨŝĐĂƐ�ƐĞ�ũƵƐƚŝĨŝĐĂ�ƉĞůĂ�͗ ƚƌĂŶƐĂĕĆŽ� ƉƌĞĐĂƵĕĆŽ� ĞƐƉĞĐƵůĂĕĆŽ� ůŝƋƵŝĚĞnj� WƌĞƐĐƌŝĕĆŽ ([LVWHP�YDULDV�UD]}HV�SDUD�D�GHPDQGD�GH�FDL[D��$�QHFHVVLGDGH�GHFRUUHQWH�GR�QHJyFLR�YDQWDMRVR� SDUD�D�HPSUHVD��TXH�SRGH�YLU�D�DFRQWHFHU�VH�MXVWLILFD�SHOD�� (VSHFXODomR 3UHFDXomR /LTXLGH] 3UHVFULomR WUDQVDomR �Ž�ŶŽƐ�ƌĞĨĞƌŝƌŵŽƐ�ƐŽďƌĞ�Ă�ŝŵƉŽƌƚąŶĐŝĂ�ĚĞ�ƚĞƌŵŽƐ�ƌĞĐƵƌƐŽƐ�Ğŵ�ĐĂŝdžĂ�ƉĂƌĂ�ĂƉƌŽǀĞŝƚĂƌ�ĂƐ�ŽƉŽƌƚƵŶŝĚĂĚĞƐ�ĚĞ� ŝŶǀĞƐƚŝŵĞŶƚŽƐ͕�ĞƐƚĂŵŽƐ�ŶŽƐ�ƌĞĨĞƌŝŶĚŽ�Ă͗� EĞĐĞƐƐŝĚĂĚĞ�ĚĞ�ĐĂƉŝƚĂů�ĚĞ�ŐŝƌŽ� WƌĞĐĂƵĕĆŽ� �ĞŵĂŶĚĂ�ĚĞ�ĐĂŝdžĂ� dƌĂŶƐĂĕĆŽ� �ƐƉĞĐƵůĂĕĆŽ� ([LVWHP�YDULDV�UD]}HV�SDUD�D�GHPDQGD�GH�FDL[D��$�QHFHVVLGDGH�GH�KRQUDU�FRP� FRPSURPLVVRV�RSHUDFLRQDLV��FRPR�GtYLGDV�H�SDJDPHQWRV�D�FXUWR�H�ORQJR�SUD]R�VH� MXVWLILFD�SHOD SUHFDXomR 3UHVFULomR WUDQVDomR YDORUL]DomR HVSHFXODomR YƵĂů�Ž�ĂƚŝǀŽ�ŵĂŝƐ�ůşƋƵŝĚŽ�ĚŝƐƉŽŶşǀĞů�ŶĂ�ĞŵƉƌĞƐĂ͍� �ŽŶƚĂƐ�Ă�ZĞĐĞďĞƌ� �ĂŝdžĂ� �ŽŶƚĂƐ�Ğŵ��ĂŶĐŽƐ� &ŽƌŶĞĐĞĚŽƌĞƐ� �ƉůŝĐĂĕĆŽ�ĚĞ�ĐƵƌƚŽ�ƉƌĂnjŽ�Ğŵ�ǀĂůŽƌĞƐ�ŵŽďŝůŝĄƌŝŽƐ� WŽĚĞŵŽƐ�ĐŽŶƐŝĚĞƌĂƌ�ĐŽŵŽ�ĂĨŝƌŵĂƚŝǀĂ�ĐŽƌƌĞƚĂ͗� K�ĨĂƚŽƌ�ĚĞƚĞƌŵŝŶĂŶƚĞ�ĚĂ�ŶĞĐĞƐƐŝĚĂĚĞ�ĚĞ�ŝŶǀĞƐƚŝŵĞŶƚŽ�Ğŵ�ĐĂƉŝƚĂů�ĚĞ�ŐŝƌŽ�Ġ�Ă�ƐƵĂ�ĐĂƉĂĐŝĚĂĚĞ�Ğŵ�ĐĂƉƚĂƌ� ƌĞĐƵƌƐŽƐ͘� YƵĂŶƚŽ�ŵĂŝŽƌ�ĨŽƌ�Ă�ƌŽƚĂĕĆŽ�ĚŽ�ĂƚŝǀŽ�ĐŝƌĐƵůĂŶƚĞ͕�ŵĂŝŽƌ�ƐĞƌĄ�Ž�ƌĞƚŽƌŶŽ�ƉƌŽƉŽƌĐŝŽŶĂĚŽ�ƉĞůŽ�ŝŶǀĞƐƚŝŵĞŶƚŽ͘� ��ƌŽƚĂĕĆŽ�ĚŽ�ĂƚŝǀŽ�ĐŝƌĐƵůĂŶƚĞ�ŶĆŽ�ĞƐƚĄ�ƌĞůĂĐŝŽŶĂĚĂ�Ă�ƌĞůĂĕĆŽ�ĞŶƚƌĞ�ƌŝƐĐŽ�Ğ�ƌĞƚŽƌŶŽ͘� ��ŶĞĐĞƐƐŝĚĂĚĞ�ĚĞ�ŝŶǀĞƐƚŝŵĞŶƚŽ�Ğŵ�ĐĂƉŝƚĂů�ĚĞ�ŐŝƌŽ�ŶĆŽ�ƚĞŵ�ƌĞůĂĕĆŽ�ĐŽŵ�Ž�ĐŝĐůŽ�ĨŝŶĂŶĐĞŝƌŽ�ĚĂ�ĞŵƉƌĞƐĂ͘� KƐ�ŝŶǀĞƐƚŝŵĞŶƚŽƐ�Ğŵ�ĂƚŝǀŽƐ�ĨŝdžŽƐ�ĞƐƚĆŽ�ĂŐƌƵƉĂĚŽƐ�ŶŽ�ĂƚŝǀŽ�ĐŝƌĐƵůĂŶƚĞ͘� hŵ�ŝŶǀĞƐƚŝĚŽƌ�ĚĞĐŝĚĞ�ŝŶǀĞƐƚŝƌ�ŶŽ�ƌĂŵŽ�ĚĂ�ĞĚƵĐĂĕĆŽ�Ğ�ĂĚƋƵŝƌĞ�Ƶŵ�ĐŽůĠŐŝŽ�ĚĞ�ĞŶƐŝŶŽ�ĨƵŶĚĂŵĞŶƚĂů͘�K�ĐŽůĠŐŝŽ� ƉŽƐƐƵŝ�Ƶŵ�ƉĞƌşŽĚŽ�ĚĞ�ƌĞĐĞďŝŵĞŶƚŽ�ĚĞ�ŵĞŶƐĂůŝĚĂĚĞƐ�ĐŽŶĐĞŶƚƌĂĚŽ�ŶŽƐ�ƉƌŝŵĞŝƌŽƐ�ϴ�ĚŝĂƐ�ĚŽ�ŵġƐ͕�ŵĂƐ͕�ŽƐ� ƉĂŐĂŵĞŶƚŽƐ�ŽĐŽƌƌĞŵ�ĚƵƌĂŶƚĞ�ƚŽĚŽ�ŽƐ�ŵġƐ͘�K�ĐŽŶƐƵůƚŽƌ�ĨŝŶĂŶĐĞŝƌŽ�ŝŶĚŝĐŽƵ�ƉĂƌĂ�ĂĚŵŝŶŝƐƚƌĂĕĆŽ�ĚŽƐ�ĚŝƐƉŽŶşǀĞŝƐ�Ž� ŵŽĚĞůŽ͗� �ĂƉŝƚĂů�ĚĞ�'ŝƌŽ�ůşƋƵŝĚŽ� ĚŝĂ�ĚĂ�ƐĞŵĂŶĂ� ĐĂŝdžĂ�ŵşŶŝŵŽ� ŵŽĚĞůŽ��ĂƵŵŽů� DŝůůĞƌ�Ğ�Kƌƌ �ŽŶƐŝĚĞƌĂŶĚŽ�Ă�ĞƋƵĂĕĆŽ�;��ĞƐĞŵďŽůƐŽ�ƚŽƚĂŝƐͬ'ŝƌŽ�ĚĞ��ĂŝdžĂ�dŽƚĂůͿ͕�ƉŽĚĞŵŽƐ�ĂĨŝƌŵĂƌ͗� DĞůŚŽƌ�ŽƉĕĆŽ�ƉĂƌĂ�ĚĞƚĞƌŵŝŶĂƌ�Ž�ŵŽĚĞůŽ��ŝĂ�ĚĂ�^ĞŵĂŶĂ͖� hƚŝůŝnjĂĚĂ�ŶŽ�ŵŽĚĞůŽ��ĂƵŵŽů͖� hƚŝůŝnjĂĚĂ�ƉĂƌĂ�ĚĞƚĞƌŵŝŶĂƌ�Ž��ĂŝdžĂ�DşŶŝŵŽ�KƉĞƌĂĐŝŽŶĂů͖� hƚŝůŝnjĂĚĂ�ŶŽ�ŵŽĚĞůŽ�DŝůůĞƌ�Ğ�Kƌƌ͖� dƌĂƚĂͲƐĞ�ĚĞ�ƵŵĂ�ĞƋƵĂĕĆŽ�ŐĞŶĠƌŝĐĂ�ƉƌĂ�ĚĞƚĞƌŵŝŶĂƌ�Ž�ƐĂůĚŽ�ĚĞ�ĐĂŝdžĂ͘� DŽĚĞůŽ�ďĂƐĞĂĚŽ�Ğŵ�ŝŶĐĞƌƚĞnjĂƐ�ƋƵĞ�ŶĞŵ�ƚĞŵ�ĚĞĨŝŶŝĚŽ�ƋƵĂŶĚŽ�ƐĆŽ�ĞĨĞƚƵĂĚŽƐ�ŽƐ�ĚĞƉſƐŝƚŽƐ�Ğ�ƐĂƋƵĞƐ�ŶĂƐ� ĂƉůŝĐĂĕƁĞƐ͘� DƵůůĞƌ�Kƌƌ� �ŝĂƐ�ĚĂ�^ĞŵĂŶĂ� DŽĚĞůŽ�ĚŽ��ĂŝdžĂ�DşŶŝŵŽ�KƉĞƌĂĐŝŽŶĂů� �ĂƵŵŽů� �ŝĐůŽ�ĚĞ��ĂŝdžĂ� �ŽŶƐŝĚĞƌĂŶĚŽ�ĂƐ�ƐĞŐƵŝŶƚĞƐ�ĂĨŝƌŵĂƚŝǀĂƐ�͗� /�Ͳ K��ĂƉŝƚĂů�ĚĞ�'ŝƌŽ�ůşƋƵŝĚŽ�ĐŽƌƌĞƐƉŽŶĚĞ�Ă�ĚŝĨĞƌĞŶĕĂ�ĞŶƚƌĞ�Ž��ƚŝǀŽ��ŝƌĐƵůĂŶƚĞ�Ğ�Ž��ƚŝǀŽ�EĆŽ��ŝƌĐƵůĂŶƚĞ� //�Ͳ YƵĂŶƚŽ�ŵĂŝŽƌ�ĨŽƌ�Ž��ĂƉŝƚĂů�ĚĞ�'ŝƌŽ�͕�ŵĂŝŽƌ�ƐĞƌĄ�Ž�ƌŝƐĐŽ�ĚĂ�ĞŵƉƌĞƐĂ͘� ///�Ͳ K��ĂƉŝƚĂů�ĚĞ�'ŝƌŽ�Ġ�Ƶŵ�ŝŵƉŽƌƚĂŶƚĞ�ŝŶĚŝĐĂĚŽƌ�ƉĂƌĂ�ƚŽŵĂĚĂ�ĚĞ�ĚĞĐŝƐƁĞƐ�Ă�ĐƵƌƚŽ�ƉƌĂnjŽ�ĚĂ�ĞŵƉƌĞƐĂ͘� �ƐƚĆŽ�ĐŽƌƌĞƚĂƐ�͗� &DL[D�p�R�DWLYR�PDLV�OtTXLGR�GLVSRQtYHO�HP�TXDOTXHU�HPSUHVD��VHQGR�DVVLP��SRGHPRV�DILUPDU� 1D�JHVWmR�GH�FDL[D�QmR�Ki�SUHRFXSDomR�FRP�ULVFR��VRPHQWH�HP�PD[LPL]DU�R�UHWRUQR� 1D�JHVWmR�GH�FDL[D�Ki�XP�FRQIOLWR�HQWUH�ULVFR�H�UHWRUQR� (P�XPD�VLWXDomR�LGHDO�FRP�FRQWUROH�WRWDO�GD�OLTXLGH]�GH�XPD�HPSUHVD��R�VDOGR�GH�FDL[D�WHU�TXH�VHU� DODYDQFDGR� 1D�JHVWmR�GH�FDL[D�QmR�FRQIOLWR�HQWUH�ULVFR�H�UHWRUQR��SRU�TXH��TXDQWR�PDLRU�R�VDOGR�GR�FDL[D�PHOKRU�p� 4XDQGR�Ki�QHFHVVLGDGH�GH�FDSLWDO�GH�JLUR�R�VDOGR�HP�FDL[D�p�LUUHOHYDQWH� �ƉĞŶĂƐ�///� /�Ğ�///� �ƉĞŶĂƐ�/� //�Ğ�///� dŽĚŽƐ�ŽƐ�ŝƚĞŶƐ�ƐĆŽ�ĨĂůƐŽƐ� K�ŝŶĚŝĐĂĚŽƌ�ĚĞ�>ŝƋƵŝĚĞnj�/ŵĞĚŝĂƚĂ�ĐŽƌƌĞƐƉŽŶĚĞ�Ă�ƌĂnjĆŽ�ĞŶƚƌĞ�͗� �ƚŝǀŽ�EĆŽ��ŝƌĐƵůĂŶƚĞ�Ğ�WĂƐƐŝǀŽ��ŝƌĐƵůĂŶƚĞ� �ƚŝǀŽƐ�ĚĞ��ƵƌƚŽ�ͬ�>ŽŶŐŽ�WƌĂnjŽ�Ğ�Ž�WĂƐƐŝǀŽ��ŝƌĐƵůĂŶƚĞ� �ƚŝǀŽ��ŝƌĐƵůĂŶƚĞ�Ğ�WĂƐƐŝǀŽ��ŝƌĐƵůĂŶƚĞ� �ŝƐƉŽŶşǀĞů�Ğ�WĂƐƐŝǀŽ��ŝƌĐƵůĂŶƚĞ� �Ğ�ĂĐŽƌĚŽ�ĐŽŵ�ĂƐ�ƐĞŐƵŝŶƚĞƐ�ĂĨŝƌŵĂƚŝǀĂƐ�͗� /�Ͳ YƵĂŶƚŽ�ŵĂŝŽƌ�Ă�ůŝƋƵŝĚĞnj�͕�ŵĂŝŽƌ�Ă�ƌĞŶƚĂďŝůŝĚĂĚĞ //�Ͳ K�ĐĂƉŝƚĂů�ĚĞ� ŐŝƌŽ�ůşƋƵŝĚŽ�ĐŽƌƌĞƐƉŽŶĚĞ�Ă�ĚŝĨĞƌĞŶĕĂ�ĞŶƚƌĞ��ƚŝǀŽ��ŝƌĐƵůĂŶƚĞ�Ğ�EĆŽ��ŝƌĐƵůĂŶƚĞ �ƐƚĆŽ�ĐŽƌƌĞƚŽƐ�ŽƐ�ŝƚĞŶƐ�͗� �ƉĞŶĂƐ�/� EĞŶŚƵŵĂ�ĚĂƐ�ĚƵĂƐ� �ƉĞŶĂƐ�//� /�Ğ�//� dŽĚĂƐ�ĂƐ�ĚƵĂƐ �ǀĂůŝĂƌ�Ž�ŵŽŵĞŶƚŽ�ĂƚƵĂů͕�ĂƐ�ĨĂůƚĂƐ�Ğ�ĂƐ�ƐŽďƌĂƐ�ĚĞ�ƌĞĐƵƌƐŽƐ�ĨŝŶĂŶĐĞŝƌŽƐ�Ğ�ŽƐ�ƌĞĨůĞdžŽƐ�ŐĞƌĂĚŽƐ�ƉŽƌ�ĚĞĐŝƐƁĞƐ� ƚŽŵĂĚĂƐ�Ğŵ�ƌĞůĂĕĆŽ�Ă�ĐŽŵƉƌĂƐ͕�ǀĞŶĚĂƐ�Ğ�ă�ĂĚŵŝŶŝƐƚƌĂĕĆŽ�ĚŽ�ĐĂŝdžĂ͕�ƐĆŽ�ĂůŐƵŵĂƐ�ĨŽƌŵĂƐ�ĚĞ͗� ĂĚŵŝŶŝƐƚƌĂƌ�Ž�ĐĂƉŝƚĂů�ĚĞ�ĨŝdžŽ�ĚĂ�ĞŵƉƌĞƐĂ� ĂĚŵŝŶŝƐƚƌĂƌ�Ž�ĐĂƉŝƚĂů�ĚĞ�ŽƉĞƌĂĐŝŽŶĂů�ĚĂ�ĞŵƉƌĞƐĂ� ĂĚŵŝŶŝƐƚƌĂƌ�Ž�ĐĂƉŝƚĂů�ĚĞ�ĨŝŶĂŶĐĞŝƌŽ�ĚĂ�ĞŵƉƌĞƐĂ� ĂĚŵŝŶŝƐƚƌĂƌ�Ž�ĐĂƉŝƚĂů�ĚĞ�ŝŶƚĞůĞĐƚƵĂů�ĚĂ�ĞŵƉƌĞƐĂ� ĂĚŵŝŶŝƐƚƌĂƌ�Ž�ĐĂƉŝƚĂů�ĚĞ�ŐŝƌŽ�ĚĂ�ĞŵƉƌĞƐĂ� �ŽƌƌĞƐƉŽŶĚĞ�ĂŽƐ�ŝƚĞŶƐ�ĚĞ�ĐƵƌƚşƐƐŝŵŽ�ƉƌĂnjŽ�ĚŽ�ĂƚŝǀŽ�ĐŝƌĐƵůĂŶƚĞ�ƋƵĞ�ƉŽƐƐƵĞŵ�ŶĂƚƵƌĞnjĂ�ƚƌĂŶƐŝƚſƌŝĂ�ĐŽŵŽ�ĐĂŝdžĂ͕� ďĂŶĐŽƐ�Ğ�ĂƉůŝĐĂĕƁĞƐ�ĨŝŶĂŶĐĞŝƌĂƐ�ĚĞ�ĐƵƌƚŽ�ƉƌĂnjŽ͘� �ƚŝǀŽ�KƉĞƌĂĐŝŽŶĂů� �ƚŝǀŽ�&ŝdžŽ� �ƚŝǀŽ�/ŵŽďŝůŝnjĂĚŽ� �ƚŝǀŽ�&ůƵƚƵĂŶƚĞ� �ƚŝǀŽ�/ŶƚĂŶŐşǀĞů� K�ƉƌĂnjŽ�ŵĠĚŝŽ�ĚĞ�ĐŽďƌĂŶĕĂ�ĐŽƌƌĞƐƉŽŶĚĞ�ĂŽ�ŶƷŵĞƌŽ�ĚĞ�ĚŝĂƐ�ŽďƚŝĚŽƐ�ƉĞůĂ�ƌĂnjĆŽ�ĞŶƚƌĞ�Ž�ĂŶŽ�ĐŽŵĞƌĐŝĂů�;ϯϲϬͿ�Ğ�͗� �ŝĐůŽ�KƉĞƌĂĐŝŽŶĂů� ŐŝƌŽ�ĚĞ�ĚƵƉůŝĐĂƚĂƐ�Ă�ƌĞĐĞďĞƌ� ŐŝƌŽ�ĚĞ�ĞƐƚŽƋƵĞƐ� ŐŝƌŽ�ĚĞ�ĐŽďĞƌƚƵƌĂ�ĚĞ�ũƵƌŽƐ� ŐŝƌŽ�ĚĞ�ĨŽƌŶĞĐĞĚŽƌĞƐ� ��/ĚĂĚĞ�DĠĚŝĂ�ĚĞ��ƐƚŽƋƵĞƐ�ĐŽƌƌĞƐƉŽŶĚĞ�ĂŽ�ŶƷŵĞƌŽ�ĚĞ�ĚŝĂƐ�ŽďƚŝĚŽƐ�ƉĞůĂ�ƌĂnjĆŽ�ĞŶƚƌĞ�Ž�ĂŶŽ�ĐŽŵĞƌĐŝĂů�;ϯϲϬͿ�Ğ�͗� 'ŝƌŽ�ĚĞ��ƵƉůŝĐĂƚĂƐ�Ă�ZĞĐĞďĞƌ� 'ŝƌŽ�ĚĞ��ŽďĞƌƚƵƌĂ�ĚĞ�:ƵƌŽƐ� 'ŝƌŽ�ĚĞ��ƐƚŽƋƵĞƐ� �ŝĐůŽ�ĚĞ�ĐĂŝdžĂ� 'ŝƌŽ�ĚĞ�&ŽƌŶĞĐĞĚŽƌĞƐ� DŽĚĞůŽ�ďĂƐĞĂĚŽ�Ğŵ�ŝŶĐĞƌƚĞnjĂƐ�ƋƵĞ�ŶĞŵ�ƚĞŵ�ĚĞĨŝŶŝĚŽ�ƋƵĂŶĚŽ�ƐĆŽ�ĞĨĞƚƵĂĚŽƐ�ŽƐ�ĚĞƉſƐŝƚŽƐ�Ğ�ƐĂƋƵĞƐ�ŶĂƐ� ĂƉůŝĐĂĕƁĞƐ͘� �ŝĐůŽ�ĚĞ��ĂŝdžĂ� �ĂƵŵŽů� DŽĚĞůŽ�ĚŽ��ĂŝdžĂ�DşŶŝŵŽ�KƉĞƌĂĐŝŽŶĂů� �ŝĂƐ�ĚĂ�^ĞŵĂŶĂ� DƵůůĞƌ�Kƌƌ� 'HQWUH�RV�PRGHORV�GH�&DL[D�HVWXGDGRV���RV�GH�0LOOHU�H�2UU�VmR�FRQVLGHUDGRV" 3UHYLVtYHO 2YHUWUDGLQJ 3UREDELOtVWLFRV 'HWHUPLQtVWLFRV &DL[D�0tQLPR WĂƌĂ�ĞŵƉƌĞƐĂƐ�Ğŵ�ƋƵĞ�Ă�ĞŶƚƌĂĚĂ�ĚĞ�ĚŝŶŚĞŝƌŽ�ŽĐŽƌƌĞ�ĚĞ�ĨŽƌŵĂ�ƉĞƌŝſĚŝĐĂ�Ğ�ĂƐ�ƐĂşĚĂƐ�ĚĞ�ƌĞĐƵƌƐŽƐ�ĚĞ�ŵĂŶĞŝƌĂ� ĐŽŶƐƚĂŶƚĞ͕�Ž�ŵŽĚĞůŽ�ĂĚĞƋƵĂĚŽ�ƉĂƌĂ�ŐĞƐƚĆŽ�ĚĞ�ĐĂŝdžĂ�Ġ͗� WŽĚĞ�ƐĞƌ�ƵƚŝůŝnjĂĚŽ�ƋƵĂůƋƵĞƌ�ŵŽĚĞůŽ͕�ƉŽŝƐ͕�ƚŽĚŽƐ�ǀĆŽ�ŵĂŶƚĞƌ�Ă�ŵĞƐŵĂ�ƌĞŶƚĂďŝůŝĚĂĚĞ�ĐŽŵ�Ž�ŵĞŶŽƌ�ƌŝƐĐŽ͘� �ĂƵŵŽů� �ŝĂ�ĚĂ�^ĞŵĂŶĂ� �ĂŝdžĂ�DşŶŝŵŽ� DŝůůĞƌ�Ğ�Kƌƌ� ��ĞŵƉƌĞƐĂ��y�ƉŽƐƐƵŝ�Ƶŵ�ƉƌĂnjŽ�ŵĠĚŝŽ�ĚĞ��ƐƚŽĐĂŐĞŵ�ĚĞ�ϮϬ�ĚŝĂƐ͕�Ƶŵ�ƉƌĂnjŽ�ŵĠĚŝŽ�ĚĞ�ĐŽďƌĂŶĕĂ�ĚĞ�ϭϱ�ĚŝĂƐ�Ğ�Ƶŵ�ƉƌĂnjŽ�ŵĠĚŝŽ�ĚĞ�ƉĂŐĂŵĞŶƚŽ�ĚĞ�Ϭϳ�ĚŝĂƐ͘�hƚŝůŝnjĂŶĚŽ�ƐŽŵĞŶƚĞ� ĞƐƚĂƐ�ŝŶĨŽƌŵĂĕƁĞƐ�ƉŽĚĞŵŽƐ�ĐĂůĐƵůĂ͗� 'ŝƌŽ�ĚĞ�ĐĂŝdžĂ� 'ŝƌŽ�ĚĞ�WĂŐĂŵĞŶƚŽ� 'ŝƌŽ�ĚĞ��ƐƚŽƋƵĞ� �ŝĐůŽ�ĚĞ��ĂŝdžĂ� WƌĂnjŽ�ŵĠĚŝŽ�Ğ�'ŝƌŽ�ĚĞ�ĞƐƚŽƋƵĞ� ��ĞŵƉƌĞƐĂ��y�ƉŽƐƐƵŝ�Ƶŵ�ĚĞƐĞŵďŽůƐŽ�ƚŽƚĂů�ĂŶƵĂů�ĚĞ�Ψϭ͘ϬϬϬ͕ϬϬ�Ğ�Ƶŵ�ŐŝƌŽ�ĚĞ�ĐĂŝdžĂ�ĚĞ�ϰϱ� ĚŝĂƐ͘�hƚŝůŝnjĂŶĚŽ�ƐŽŵĞŶƚĞ�ĞƐƚĂƐ�ŝŶĨŽƌŵĂĕƁĞƐ�ƉŽĚĞŵŽƐ�ĐĂůĐƵůĂ͗� >ƵĐƌŽ�KƉĞƌĂĐŝŽŶĂů� 'ŝƌŽ�ĚĞ��ƐƚŽƋƵĞ� �ĂŝdžĂ�ŵşŶŝŵŽ�ŽƉĞƌĂĐŝŽŶĂů� �ŝĐůŽ�ĚĞ��ĂŝdžĂ� 'ŝƌŽ�ĚĞ�ĐĂŝdžĂ� ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺĐŽŶƐŝĚĞƌĂ�Ă�ŝŶĐĞƌƚĞnjĂ�ĂƐƐŽĐŝĂĚĂ�Ă�ŶĞĐĞƐƐŝĚĂĚĞ�ĚĞ�ĐĂŝdžĂ͘� DŽĚĞůŽ�ĚŝĂ�ĚĂ�ƐĞŵĂŶĂ͘� DŽĚĞůŽ��ĂŝdžĂ�DşŶŝŵŽ͘� DŽĚĞůŽ�DŝůůĞƌ�Ğ�Kƌƌ͘� DŽĚĞůŽ��ĂƵŵŽů͘� DŽĚĞůŽ�ĚŝĂ�ĚĂ�ƐĞŵĂŶĂ͘� YƵĂŶƚŽ�ĂŽƐ�ŵŽĚĞůŽƐ�ĚĞ�ĨůƵdžŽ�ĚĞ�ĐĂŝdžĂ͕�ŽƐ�ŵŽĚĞůŽƐ�ĚĞ��ĂƵŵŽů�͕�ĚĞ�DŝůůĞƌ�Ğ�Ž�KZZ͕� ƉŽĚĞŵŽƐ�ĞŶƚĞŶĚĞƌ�ƋƵĞ͗� �ŵďŽƐ�ŶĆŽ�ŽďƐĞƌǀĂŵ�Ă�ƐĂnjŽŶĂůŝĚĂĚĞ͘� �ŵďŽƐ�ŽƐ�ŵŽĚĞůŽƐ�ŶĆŽ�ŽďƐĞƌǀĂŵ�Ž�ĐĂŝdžĂ�ĐŽŵŽ�ƐĞŶĚŽ�Ƶŵ�ĞƐƚŽƋƵĞ͘� �ŵďŽƐ�ƉŽƐƐƵĞŵ�ƉƌĞŽĐƵƉĂĕƁĞƐ�ĐŽŵ�Ă�ŽƚŝŵŝnjĂĕĆŽ�ĚŽƐ�ŵĞƐŵŽƐ͘� sŝƐĂŵ�Ƶŵ�ĂĐŽŵƉĂŶŚĂŵĞŶƚŽ�ƉĞƌŵĂŶĞŶƚĞ͕�ƉŽŝƐ�Ž�ĨůƵdžŽ�ĚĞ�ĐĂŝdžĂ�ƐŽĨƌĞ�ƵŵĂ�ǀĂƌŝĂĕĆŽ� ĐŽŶƐƚĂŶƚĞ͘� K�ŵŽĚĞůŽ�ĚĞ�DŝůůĞƌ�Ğ�KZZ�ǀŝƐĂŵ�Ƶŵ�ĐŽŶƚƌŽůĞ�ĞƐƉĞĐşĨŝĐŽ�Ğ�ƉĂĚƌŽŶŝnjĂĚŽ͘� YƵĂů�ĚĂƐ�ĂĨŝƌŵĂƚŝǀĂƐ�E�K�Ġ�Ƶŵ�ĞdžĞŵƉůŽ�ĚĞ�ĚŝĨŝĐƵůĚĂĚĞƐ�ĚĞ��ĂƉŝƚĂů�ĚĞ�'ŝƌŽ͍� �ƵŵĞŶƚŽ�ĚŽƐ��ƵƐƚŽƐ͖� ZĞĚƵĕĆŽ�ĚĞ�sĞŶĚĂƐ͖� �ƌĞƐĐŝŵĞŶƚŽ�ĚĂ�/ŶĂĚŝŵƉůġŶĐŝĂ͖� �ůĞǀĂĚĂ�ŵĂƌŐĞŵ�ĚĞ��ŽŶƚƌŝďƵŝĕĆŽ�ĚŽƐ�ƉƌŽĚƵƚŽƐ͘� �ƵŵĞŶƚŽ�ĚĂƐ��ĞƐƉĞƐĂƐ�&ŝŶĂŶĐĞŝƌĂƐ͖� WŽĚĞŵŽƐ�ĂĨŝƌŵĂƌ�ƋƵĞ͗� WĂƌĂ�ĐĂůĐƵůĂƌ�Ž�ĐŝĐůŽ�ĚĞ�ĐĂŝdžĂ�ŶĆŽ�ƵƚŝůŝnjĂŵŽƐ�ŶĞŶŚƵŵĂ�ŝŶĨŽƌŵĂĕĆŽ�ĚŽ�ĐŝĐůŽ�ŽƉĞƌĂĐŝŽŶĂů͘� K�ĐŝĐůŽ�ĚĞ�ĐĂŝdžĂ�Ġ�ŝŐƵĂů�ĂŽ�ĐŝĐůŽ�ŽƉĞƌĂĐŝŽŶĂů�н�Ž�ƉƌĂnjŽ�ŵĠĚŝŽ�ĚĞ�ĞƐƚŽĐĂŐĞŵ�ĚĞ� ƉƌŽĚƵƚŽƐ�Ğŵ�ĨĂďƌŝĐĂĕĆŽ͘� EĂ�ĂĚŵŝŶŝƐƚƌĂĕĆŽ�ĨŝŶĂŶĐĞŝƌĂ�Ž�ĐŽŶŚĞĐŝŵĞŶƚŽ�ƐŽďƌĞ�ĐŝĐůŽ�ŽƉĞƌĂĐŝŽŶĂů�Ğ�Ž�ĐŝĐůŽ�ĚĞ�ĐĂŝdžĂ� ƐĆŽ�ŝƌƌĞůĞǀĂŶƚĞƐ�ŶĂ�ŐĞƐƚĆŽ�ĚĞ�ĐĂƉŝƚĂů�ĚĞ�ŐŝƌŽ͘� K�ĐŝĐůŽ�ĚĞ�ĐĂŝdžĂ�Ġ�ŝŐƵĂů�ĂŽ�ĐŝĐůŽ�ŽƉĞƌĂĐŝŽŶĂů�н�Ž�ƉƌĂnjŽ�ŵĠĚŝŽ�ĚĞ�ƉĂŐĂŵĞŶƚŽƐ͘� �Ž�ƐƵďƚƌĂŝƌŵŽƐ�Ž�ƉƌĂnjŽ�ŵĠĚŝŽ�ĚĞ�ƉĂŐĂŵĞŶƚŽƐ�ĚŽ�ĐŝĐůŽ�ŽƉĞƌĂĐŝŽŶĂů�ĞŶĐŽŶƚƌĂŵŽƐ�Ž� ĐŝĐůŽ�ĚĞ�ĐĂŝdžĂ͘ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺĠ�Ă�ĐŽŶĐĞƐƐĆŽ�ĚĞ�ĐƌĠĚŝƚŽ�ƉĂƌĂ�Ž�ĐŽŶƐƵŵŝĚŽƌ�ĨŝŶĂů� ƉĞƐƐŽĂ�ĨşƐŝĐĂ͘� &ŝŶĂŶĐŝĂŵĞŶƚŽ�ĚĞ�ǀĞşĐƵůŽƐ͘� �ƌĠĚŝƚŽ�DĞƌĐĂŶƚŝů� WƌĂnjŽ�DĠĚŝŽ�ĚĞ��ŽďƌĂŶĕĂ� �ƌĠĚŝƚŽ�ĂŽ��ŽŶƐƵŵŝĚŽƌ� &ŝŶĂŶĐŝĂŵĞŶƚŽ�ĚĞ�/ŵſǀĞů WŽĚĞŵŽƐ�ĐŽŶƐŝĚĞƌĂƌ�ĐŽŵŽ�ƉŽůşƚŝĐĂ�ĚĞ�ĐƌĠĚŝƚŽ͗� YƵĂŶĚŽ�ĨĂůĂŵŽƐ�ďĂƐŝĐĂŵĞŶƚĞ�Ğŵ�ĚĞƚĞƌŵŝŶĂƌ͗�ǀŽůƵŵĞ�ĚĞ�ĞƐƚŽƋƵĞ͕�ĂůƚĞƌŶĂƚŝǀĂƐ�ĚĞ� ĐŽŵƉƌĂ�Ğ�ƉƌĂnjŽ�ĚĞ�ƉĂŐĂŵĞŶƚŽ͘� YƵĂŶĚŽ�ĨĂůĂŵŽƐ�ďĂƐŝĐĂŵĞŶƚĞ�Ğŵ�ĚĞƚĞƌŵŝŶĂƌ͗�ƐĞůĞĕĆŽ�ĚĞ�ĨƵŶĐŝŽŶĄƌŝŽƐ͕�ĂĚŝĂŶƚĂŵĞŶƚŽ� ĚĞ�ƐĂůĄƌŝŽ͕�ĐƌĠĚŝƚŽ�Ă�ĨƵŶĐŝŽŶĄƌŝŽ͘� YƵĂŶĚŽ�ĨĂůĂŵŽƐ�ďĂƐŝĐĂŵĞŶƚĞ�Ğŵ�ĚĞƚĞƌŵŝŶĂƌ͗�ƉƌĂnjŽ�ĚĞ�ƉĂŐĂŵĞŶƚŽ͖�ƐĞůĞĕĆŽ�ĚĞ� ĨŽƌŶĞĐĞĚŽƌĞƐ�Ğ�ůŝŵŝƚĞƐ�ĚĞ�ĐƌĠĚŝƚŽ͘� YƵĂŶĚŽ�ĨĂůĂŵŽƐ�ďĂƐŝĐĂŵĞŶƚĞ�Ğŵ�ĚĞƚĞƌŵŝŶĂƌ͗�ƉƌĂnjŽ�ĚĞ�ĐƌĠĚŝƚŽ͖�ƐĞůĞĕĆŽ�ĚŽƐ�ĐůŝĞŶƚĞƐ�Ğ� ůŝŵŝƚĞƐ�ĚĞ�ĐƌĠĚŝƚŽ͘� YƵĂŶĚŽ�ĨĂůĂŵŽƐ�ďĂƐŝĐĂŵĞŶƚĞ�Ğŵ�ĚĞƚĞƌŵŝŶĂƌ͗�ƉƌĂnjŽ�ĚĞ�ĐƌĠĚŝƚŽ͖�ƐĞůĞĕĆŽ�ĚĞ�ĞƐƚŽƋƵĞ�Ğ� ƉƌĂnjŽ�ĚĞ�ĐŽŵƉƌĂ͘� �ŽŶƐŝĚĞƌĂŵŽƐ�ĐŽŵŽ�şŶĚŝĐĞ�ĚĞ�ŝŶĂĚŝŵƉůġŶĐŝĂ͘� ��ƌĞůĂĕĆŽ�ĞŶƚƌĞ�ǀĞŶĚĂƐ�ă�ĐƌĠĚŝƚŽ�Ğ�ǀĞŶĚĂƐ�ƚŽƚĂŝƐ͘� ��ƌĞůĂĕĆŽ�ĞŶƚƌĞ�ǀĞŶĚĂƐ�ă�ǀŝƐƚĂ�Ğ�ǀĞŶĚĂƐ�ƚŽƚĂŝƐ͘� ��ƌĞůĂĕĆŽ�ĞŶƚƌĞ�ĚĞǀĞĚŽƌĞƐ�ĚƵǀŝĚŽƐŽƐ�Ğ�ǀĞŶĚĂƐ�ƚŽƚĂŝƐ�ƌĞƉƌĞƐĞŶƚĂŵ�Ă�ĐĂƌƚĞŝƌĂ�ĚĞ� ĐƌĠĚŝƚŽ�ĐŽŵ�ƉƌŽďůĞŵĂƐ�ŶĂ�ĐĂƌƚĞŝƌĂ�ĚĞ�ǀĂůŽƌ�Ă�ƌĞĐĞďĞƌ͘� ��ƌĞůĂĕĆŽ�ĞŶƚƌĞ�>ƵĐƌŽ��ƌƵƚŽ�Ğ�sĞŶĚĂƐ��ƌƵƚĂƐ͘� ��ƌĞůĂĕĆŽ�ĞŶƚƌĞ�ĚĞƐƉĞƐĂƐ�ƉĂŐĂƐ�Ğ�ǀĞŶĚĂƐ�ƚŽƚĂŝƐ͘ ��y��ƉŽƐƐƵŝ�Ψϭ͘ϬϬϬ͘ϬϬϬ͕ϬϬ�ĚĞ�sĞŶĚĂƐ�Ă�WƌĂnjŽ�Ğ�ƉŽƐƐƵŝ�ΨϭϮ͘ϬϬϬ͘ϬϬϬ͕ϬϬ� Ğŵ�ǀĂůŽƌĞƐ�Ă�ZĞĐĞďĞƌ͕�ƐĞŶĚŽ�ĂƐƐŝŵ͕�ŶĂ�ƌĞůĂĕĆŽ�ĞŶƚƌĞ�ŽƐ�ŶƷŵĞƌŽƐ� ĂƉƌĞƐĞŶƚĂĚŽƐ�ĞŶĐŽŶƚƌĂŵŽƐ͗� 'ŝƌŽ�ĚĞ�ĐĂŝdžĂ� WƌĂnjŽ�DĠĚŝŽ�ĚĞ�ƌĞĐĞďŝŵĞŶƚŽ͘� WƌĂnjŽ�DĠĚŝŽ�ĚĞ�ƉĂŐĂŵĞŶƚŽ� 'ŝƌŽ�ĚĞ�ǀĂůŽƌĞƐ�ă�ƌĞĐĞďĞƌ͘� 'ŝƌŽ�ĚĞ��ƐƚŽĐĂŐĞŵ� ^ĞŶĚŽ�ĚĞ�Ψ�ϯϬϬ͘ϬϬϬ�ĂƐ�ǀĞŶĚĂƐ�ƌĞĂůŝnjĂĚĂƐ�Ă�ƉƌĂnjŽ�Ğ�ĚĞ�Ψ�ϳϱ͘ϬϬϬ�Ž� ǀŽůƵŵĞ�ĚĂ�ĐĂƌƚĞŝƌĂ�ĚĞ�ĚƵƉůŝĐĂƚĂƐ�Ă�ƌĞĐĞďĞƌ͕�ĂƉƵƌĂĚŽ�ĂŽ�ĨŝŶĂů�ĚĞ�Ƶŵ� ƐĞŵĞƐƚƌĞ͕�ƚĞŵͲƐĞ�Ž�ƐĞŐƵŝŶƚĞ�ƉƌĂnjŽ�ŵĠĚŝŽ�ĚĞ�ĐŽďƌĂŶĕĂ�ĚŽ�ƉĞƌşŽĚŽ�ŶŽ� ƉĞƌşŽĚŽ�͗� ϵϬ�ĚŝĂƐ� ϲϬ�ĚŝĂƐ� ϮϬ�ĚŝĂƐ� ϰϱ�ĚŝĂƐ� ϭϱ�ĚŝĂƐ� hŵ�ƉƌĂnjŽ�ĚĞ�ĐƌĠĚŝƚŽ�ŵĂŝƐ�ĂŵƉůŽ�ƌĞƉƌĞƐĞŶƚĂ�͗ YƵĞĚĂ�ĚŽ�sŽůƵŵĞ�ĚĞ�sĞŶĚĂƐ� ZĞĚƵĕĆŽ�ŶĂƐ�ĚĞƐƉĞƐĂƐ�ĚĞ�ĐƌĠĚŝƚŽ� ZĞĚƵĕĆŽ�ĚĞ�/ŶǀĞƐƚŝŵĞŶƚŽƐ�Ğŵ��ƵƉůŝĐĂƚĂƐ�Ă�ZĞĐĞďĞƌ� �ƵŵĞŶƚŽ�ĚĞ��ƵƐƚŽƐ�&ŝdžŽƐ� �ƵŵĞŶƚŽ�ĚŽ�sŽůƵŵĞ�ĚĞ�sĞŶĚĂƐ� KƐ�ĞĨĞŝƚŽƐ�ĚŽ�ƌĞůĂdžĂŵĞŶƚŽ�ĚŽƐ�ƉĂĚƌƁĞƐ�ĚĞ�ĐƌĠĚŝƚŽ�ŶĂƐ�ǀĞŶĚĂƐ�ƉŽĚĞŵ� ĂĐĂƌƌĞƚĂƌ�͕�ŶĞĐĞƐƐĂƌŝĂŵĞŶƚĞ�͗��y��dK͗ �ƵŵĞŶƚŽ�ŶŽƐ�ƌĞĐĞďŝŵĞŶƚŽƐ�Ă�ǀŝƐƚĂ� �ƵŵĞŶƚŽ�ĚĂƐ�ǀĞŶĚĂƐ�ƉŽƌ�ĐĂƉƚĂƌ�ŵĂŝƐ�ĐůŝĞŶƚĞƐ� �ƵŵĞŶƚŽ�ĚŽ�ŐƌĂƵ�ĚĞ�ŝŶĂĚŝŵƉůġŶĐŝĂ� �ƵŵĞŶƚŽ�ŶŽ�ǀŽůƵŵĞ�ĚĞ�ĚƵƉůŝĐĂƚĂƐ�Ă�ƌĞĐĞďĞƌ� �ƵŵĞŶƚŽ�ĚŽƐ�ZŝƐĐŽƐ� YƵĂŶĚŽ�ƵƚŝůŝnjĂŵŽƐ�Ă�ŵĞƚŽĚŽůŽŐŝĂ�ĚŽ�ǀĂůŽƌ�ƉƌĞƐĞŶƚĞ�ůşƋƵŝĚŽ͗� �ƐƚĂŵŽƐ�ĐŽŵƉĂƌĂŶĚŽ�Ž�ĨƵƚƵƌŽ�ĐŽŵ�Ž�ƉƌĞƐĞŶƚĞ͘� ĞƐƚĂŵŽƐ�ĚĞƐĞŶǀŽůǀĞŶĚŽ�Ƶŵ�ŝŶĚŝĐĂĚŽƌ�ĚĞ�ĚĞƐĞŵƉĞŶŚŽ�ŶĆŽ�ŽƉĞƌĂĐŝŽŶĂů͘� �ƐƚĂŵŽƐ�ĐŽŶƐŝĚĞƌĂŶĚŽ�Ž�ĨĂƚŽƌ�ŚŝƐƚſƌŝĐŽ�ŽƉĞƌĂĐŝŽŶĂů�ĚĂ�ĞŵƉƌĞƐĂ͘� �ƐƚĂŵŽƐ�ƉƌŽũĞƚĂŶĚŽ�Ƶŵ�ĨůƵdžŽ�ĚĞ�ĐĂŝdžĂ͘� �ƐƚĂŵŽƐ�ƚƌĂnjĞŶĚŽ�Ă�ǀĂůŽƌ�ƉƌĞƐĞŶƚĞ�Ƶŵ�ĨůƵdžŽ�ĚĞ�ĐĂŝdžĂ�ƉƌŽũĞƚĂĚŽ͘� EĂ�ƵƚŝůŝnjĂĕĆŽ�ĚĂ�ĂŶĄůŝƐĞ�ŚŽƌŝnjŽŶƚĂů�ĞƐƚĂŵŽƐ�ŽďƐĞƌǀĂŶĚŽ͗� �ŽŵƉĂƌĂƌ�ŽƐ�şŶĚŝĐĞƐ�ĚĂƐ�ĞŵƉƌĞƐĂƐ�ĐŽŵ�ƵŵĂ�ŵĠĚŝĂ�ƐĞƚŽƌŝĂů� ��ĞǀŽůƵĕĆŽ�ĚĂƐ�ĐŽŶƚĂƐ͕�ĂŽ�ůŽŶŐŽ�ĚĞ�ƉĞƌşŽĚŽƐ�ĐŽŶƐĞĐƵƚŝǀŽƐ� WĂƌƚŝĐŝƉĂĕĆŽ�ƌĞůĂƚŝǀĂ�ĚĞ�ĐĂĚĂ�ĐŽŶƚĂ�ƐŽďƌĞ�Ž�ǀĂůŽƌ�ƚŽƚĂů� ��ĐĂƉĂĐŝĚĂĚĞ�ĚĞ�ƐŽůǀġŶĐŝĂ�ĚĂƐ�ĞŵƉƌĞƐĂƐ� ��ůƵĐƌĂƚŝǀŝĚĂĚĞ�ĚĂƐ�ĞŵƉƌĞƐĂƐ ��ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ�ĞĨĞƚƵĂ�ŶĞŐĂƚŝǀĂĕĆŽ͕�Ğŵ�ąŵďŝƚŽ�ŶĂĐŝŽŶĂů͕� ĚŽ�ĐůŝĞŶƚĞ�ƉĞƐƐŽĂ�ĨşƐŝĐĂ�Ğ�ũƵƌşĚŝĐĂ͕�ĐŽŵ�ƌĞƐƚƌŝĕƁĞƐ�ĨŝŶĂŶĐĞŝƌĂƐ͘� ^W�� ^ĞƌĂƐĂ� &ĞĐŽŵĞƌĐŝŽ &ĞďƌĂďĂŶ� >ŝƐƚĂ�EĞŐƌĂ� �ŽŶƐŝĚĞƌĞ�ĂƐ�ƐĞŐƵŝŶƚĞƐ�ŝŶĨŽƌŵĂĕƁĞƐ�ĚĂƐ�ĚĞŵŽŶƐƚƌĂĕƁĞƐ�ĨŝŶĂŶĐĞŝƌĂƐ�ĚĂ� ĞŵƉƌĞƐĂ�EŝĐŬ�^ͬ�͘��ŽŶƚĂƐ�Ă�ZĞĐĞďĞƌ�͗�sĂůŽƌ�/ŶŝĐŝĂů�ĚĞ�ZΨ�ϮϬ͘ϬϬϬ͕ϬϬ�Ğ� sĂůŽƌ�&ŝŶĂů�ĚĞ�ZΨ�ϯϬ͘ϬϬϬ͕ϬϬ͘��Ɛ�ǀĞŶĚĂƐ�ƐĆŽ�ĚĞ�ZΨ�ϭϱϬ͘ϬϬϬ͕ϬϬ�Ğ�Ž��Ds�ĚĞ� ZΨ�ϭϬϬ͘ϬϬϬ͕ϬϬ͘��ŽŶƐŝĚĞƌĞ�Ž�ĂŶŽ�ĚĞ�ϯϲϬ�ĚŝĂƐ͘��ĂůĐƵůĂƌ�ƉƌĂnjŽ�ŵĠĚŝŽ�ĚĞ� ĐŽďƌĂŶĕĂ͘� ϵϬ�ĚŝĂƐ� ϰϱ�ĚŝĂƐ� ϲϬ�ĚŝĂƐ� ϭϴϬ�ĚŝĂƐ� ϯϬ�ĚŝĂƐ� ��ƉŽůşƚŝĐĂ�ĚĞ�ĞƐƚŽĐĂŐĞŵ͕�ĐŽŵƉƌĂ�ĚĞ�ŵĂƚĞƌŝĂŝƐ͕�ƉƌŽĚƵĕĆŽ͕�ǀĞŶĚĂ�ĚĞ� ƉƌŽĚƵƚŽƐ�Ğ�ŵĞƌĐĂĚŽƌŝĂƐ�Ğ�ƉƌĂnjŽ�ĚĞ�ƌĞĐĞďŝŵĞŶƚŽ�ŐĂƌĂŶƚĞ�Ă�ŽƌŐĂŶŝnjĂĕĆŽ�ĚĂ�͗ 'ĞƐƚĆŽ�ĚĞ�ƉŽůşƚŝĐĂ�ĚĞ�ĞƐƚŽƋƵĞ� 'ĞƐƚĆŽ�ĚĞ�ĐŽŶƚĂƐ�Ă�ƌĞĐĞďĞƌ� 'ĞƐƚĆŽ�ĚĞ�ĐŽŵƉƌĂƐ� 'ĞƐƚĆŽ�ĚĞ�ĐŽŶƚĂƐ�Ă�ƉĂŐĂƌ� 'ĞƐƚĆŽ�ĚŽ�ĐĂƉŝƚĂů�ĚĞ�ŐŝƌŽ� hŵĂ�ĞŵƉƌĞƐĂ�ǀĞŶĚĞ�ϮϬ͘ϬϬϬ�ƵŶŝĚĂĚĞƐ�ĐŽŵ�ƉƌĞĕŽ�ĚĞ�ZΨ�ϰ͕ϬϬ�Ă�ƵŶŝĚĂĚĞ�Ă�ƵŶŝĚĂĚĞ͕�ĐŽŵ� ŐƌĂƵ�ĚĞ�ŝŶĂĚŝŵƉůġŶĐŝĂ�ĚĞ�Ϯ͕Ϭй͘�^Ğ�Ă�ĞŵƉƌĞƐĂ�ĂƵŵĞŶƚĂ�Ğŵ�ϭϬ͕Ϭй�ĂƐ�ǀĞŶĚĂƐ�͕�Ž�ŐƌĂƵ�ĚĞ� ŝŶĂĚŝŵƉůġŶĐŝĂ�ƐƵďŝƌĄ�ƉĂƌĂ�ϯ͕ϱй͘��ŵ�ƋƵĂŶƚŽ�ĂƵŵĞŶƚĂƌĄ�Ă�ŝŶĂĚŝŵƉůġŶĐŝĂ�ĚĂƐ�ǀĞŶĚĂƐ͍� ZΨ�ϭ͘ϱϲϬ͕ϬϬ� ZΨ�ϭ͘ϰϴϬ͕ϬϬ� ZΨ�ϭ͘ϮϲϬ͕ϬϬ� ZΨ�ϭ͘ϬϬϬ͕ϬϬ� ZΨ�ϭϯϱϬ͕ϬϬ� ��ŵĞĚŝĚĂ�ƌĞƉƌĞƐĞŶƚĂƚŝǀĂ�ĚĂ�ƉĂƌƚŝĐŝƉĂĕĆŽ�ĚĞ�ĐƌĠĚŝƚŽƐ�ĐŽŵ�ƉƌŽďůĞŵĂƐ�ŶŽƐ�ǀĂůŽƌĞƐ�Ă� ƌĞĐĞďĞƌ�Ġ͗� ZK�� WDZs� 1ŶĚŝĐĞ�ĚĞ�/ŶĂĚŝŵƉůġŶĐŝĂ� 1ŶĚŝĐĞ�ĚĞ�/ŶĂĚŝŵƉůġŶĐŝĂ� ZK�� 'ŝƌŽ�ĚĞ�sĂůŽƌĞƐ�Ă�ZĞĐĞďĞƌ� ��ƌĞůĂĕĆŽ�ĞŶƚƌĞ�ĚĞǀĞĚŽƌĞƐ�ĚƵǀŝĚŽƐŽƐ�Ğ�ǀĞŶĚĂƐ�ƚŽƚĂŝƐ�Ġ�ĐŽŶŚĞĐŝĚĂ�ĐŽŵŽ͗ 1ŶĚŝĐĞ�ĚĞ�>ƵĐƌĂƚŝǀŝĚĂĚĞ� 1ŶĚŝĐĞ�KƉĞƌĂĐŝŽŶĂů� 1ŶĚŝĐĞ�ĚĞ�>ŝƋƵŝĚĞnj� 1ŶĚŝĐĞ�ĚĞ�ƌĞŶƚĂďŝůŝĚĂĚĞ� 1ŶĚŝĐĞ�ĚĞ�/ŶĂĚŝŵƉůġŶĐŝĂ͘� �ŽƌƌĞƐƉŽŶĚĞ�Ă�ƌĂnjĆŽ�ĞŶƚƌĞ�ŽƐ��ĞǀĞĚŽƌĞƐ��ƵǀŝĚŽƐŽƐ�Ğ�ĂƐ�sĞŶĚĂƐ�dŽƚĂŝƐ� 1ŶĚŝĐĞ�ĚĞ�&ŝŶĂŶĐŝĂŵĞŶƚŽ� 1ŶĚŝĐĞ�ĚĞ�/ŶĂĚŝŵƉůġŶĐŝĂ� 1ŶĚŝĐĞ�ĚĞ��ŶĚŝǀŝĚĂŵĞŶƚŽ� 1ŶĚŝĐĞ�ĚĞ�^ŽůǀġŶĐŝĂ� 1ŶĚŝĐĞ�ĚĞ�>ŝƋƵŝĚĞnj ��ĞƋƵĂĕĆŽ͗�sĂůŽƌĞƐ�Ă�ZĞĐĞďĞƌ�ŶŽ�WĞƌşŽĚŽ�ͬ�;sĞŶĚĂƐ�ŶŽ�WĞƌşŽĚŽ�ͬ�EƷŵĞƌŽ�ĚĞ��ŝĂƐ�ŶŽ� WĞƌşŽĚŽͿ�ĐŽƌƌĞƐƉŽŶĚĞ�ĂŽ�ŝŶĚŝĐĂĚŽƌ͗ 1ŶĚŝĐĞ�ĚĞ�/ŶĂĚŝŵƉůġŶĐŝĂ� �sZ� ZK�� WDZs� ZK�� WK��DK^��&/ZD�Z�Yh��'/ZK����s�>KZ�^���Z�����Z��͗� /'h�>���s�E��^���WZ�K�D�EK^�s�>KZ�^���Z�����Z͘� s�E��^���WZ�K��/s/�/�K�WKZ�s�>KZ�^���Z�����Z͘� s�E��^���WZ�K�D�EK^�s�>KZ�^���Z�����Z͘� s�E��^���s/^d���/s/�/�K�WKZ�s�E��^���WZ�K͘� /'h�>���s�E��^���s/^d��н�s�>KZ�^���Z�����Z͘� K�ǀŽůƵŵĞ�ĚŽ�ĐŽŶƚĂƐ�Ă��ƌĞĐĞďĞƌ͕�ƐŽĨƌĞ�ǀĂƌŝĂĕƁĞƐ�ŶŽ�ĚĞĐŽƌƌĞƌ�ĚŽ�ƚĞŵƉŽ�ƉŽƌ͗� sĂƌŝĂĕƁĞƐ�ĚĂƐ�ǀĞŶĚĂƐ�Ă�ƉƌĂnjŽ�Ğ�ŶŽ�ƉĂĚƌĆŽ�ĚĞ�ƉĂŐĂŵĞŶƚŽƐ�ĚŽƐ�ĨŽƌŶĞĐĞĚŽƌĞƐ͘� sĂƌŝĂĕƁĞƐ�ĚĂƐ�ǀĞŶĚĂƐ�Ă�ǀŝƐƚĂ�Ğ�Ă�ƉƌĂnjŽ͕�Ğ�ŶŽ�ƉĂĚƌĆŽ�ĚĞ�ƉĂŐĂŵĞŶƚŽƐ�ĚŽƐ�ĐůŝĞŶƚĞƐ͘� sĂƌŝĂĕƁĞƐ�ĚĂƐ�ĐŽŵƉƌĂƐ�Ă�ǀŝƐƚĂ�Ğ�Ă�ƉƌĂnjŽ�Ğ�ŶŽ�ƉĂĚƌĆŽ�ĚĞ�ƉĂŐĂŵĞŶƚŽƐ�ĚŽƐ� ĨŽƌŶĞĐĞĚŽƌĞƐ͘� sĂƌŝĂĕƁĞƐ�ĚĂƐ�ĐŽŵƉƌĂƐ�Ă�ƉƌĂnjŽ�Ğ�ŶŽ�ƉĂĚƌĆŽ�ĚĞ�ƉĂŐĂŵĞŶƚŽƐ�ĚŽƐ�ĐůŝĞŶƚĞƐ͘� sĂƌŝĂĕƁĞƐ�ĚĂƐ�ǀĞŶĚĂƐ�Ă�ƉƌĂnjŽ�Ğ�ŶŽ�ƉĂĚƌĆŽ�ĚĞ�ƉĂŐĂŵĞŶƚŽƐ�ĚŽƐ�ĐůŝĞŶƚĞƐ͘� hŵ�ĂƵŵĞŶƚŽ�ŶŽ��sZ͕�ƉŽĚĞ�ŝŶĚŝĐĂƌ͍� ƵŵĂ�ĚŝŵŝŶƵŝĕĆŽ�ŶĂƐ�ǀĞŶĚĂƐ�Ă�ƉƌĂnjŽ͘� hŵĂ�ĚŝŵŝŶƵŝĕĆŽ�ŶŽ�ĐŽŶƚĂƐ�Ă�ƌĞĐĞďĞƌ� DĂŝŽƌ�ŝŶǀĞƐƚŝŵĞŶƚŽ�ŶŽ�ĐŽŶƚĂƐ�Ă�ƌĞĐĞďĞƌ� hŵ�ĂƵŵĞŶƚŽ�ŶĂ�ůŝƋƵŝĚĞnj� hŵ�ĂƵŵĞŶƚŽ�ŶŽ�ŐŝƌŽ�ĚĞ�ĞƐƚŽƋƵĞ hŵĂ��ŵƉƌĞƐĂ�ĂƉƌĞƐĞŶƚĂƐ�ŽƐ�ƐĞŐƵŝŶƚĞƐ�şŶĚŝĐĞ��sZ͕�ũĂŶ�сϭϴĚ͕�ĨĞǀ�сϮϮĚ͕�ŵĂƌ�с�ϯϭĚ͘� �ŶĂůŝƐĂŶĚŽ�ŽƐ�ĚĂĚŽƐ�ĂĐŝŵĂ�ƉŽĚĞŵŽƐ�ĐŽŶĐůƵŝƌ�ƋƵĞ͗� /ŶĚŝĐĂ�Ƶŵ�ŵĂŝŽƌ�ŶşǀĞů�ĚĞ�ŝŶǀĞƐƚŝŵĞŶƚŽ�Ğŵ�ĐŽŶƚĂƐ�Ă�ƌĞĐĞďĞƌ͘� /ŶĚŝĐĂ�Ƶŵ�ŵĞŶŽƌ�ŶşǀĞů�ĚĞ�ŝŶǀĞƐƚŝŵĞŶƚŽ�Ğŵ�ĐŽŶƚĂƐ�ĚŽ�ĚŝƐƉŽŶşǀĞů͘� /ŶĚŝĐĂ�Ƶŵ�ŵĞŶŽƌ�ŶşǀĞů�ĚĞ�ŝŶǀĞƐƚŝŵĞŶƚŽ�Ğŵ�ĐŽŶƚĂƐ�Ă�ƌĞĐĞďĞƌ͘� /ŶĚŝĐĂ�Ƶŵ�ŵĂŝŽƌ�ŶşǀĞů�ĚĞ�ŝŶǀĞƐƚŝŵĞŶƚŽ�Ğŵ�ĐŽŶƚĂƐ�ĚŽ�ĞƐƚŽƋƵĞ͘� /ŶĚŝĐĂ�Ƶŵ�ŵĂŝŽƌ�ŶşǀĞů�ĚĞ�ŝŶǀĞƐƚŝŵĞŶƚŽ�Ğŵ�ĐŽŶƚĂƐ�ĚŽ�ĚŝƐƉŽŶşǀĞů͘�WŽĚĞŵŽƐ�ĂĨŝƌŵĂƌ�ƋƵĞ�Ž��sZ͗� ^ŽŵĞŶƚĞ�ƵŵĂ�ǀĂƌŝĂĕĆŽ�ŶĂƐ�sĞŶĚĂƐ� WŽƐƐŝďŝůŝƚĂ�Ž�ĐŽŶƚƌŽůĞ�ĚŽ�ǀŽůƵŵĞ�ĚĞ�ǀĞŶĚĂƐ�Ă�ƉƌĂnjŽ�ƉĞŶĚĞŶƚĞ�ĚĞ�ƉĂŐĂŵĞŶƚŽ� ^ŽŵĞŶƚĞ�ƵŵĂ�ǀĂƌŝĂĕĆŽ�ŶĂ�ĐŽďƌĂŶĕĂ� ^ŽŵĞŶƚĞ�Ž�ƌĞƚŽƌŶŽ�ƐŽďƌĞ�ĂƚŝǀŽƐ� ^ŽŵĞŶƚĞ�ƵŵĂ�ǀĂƌŝĂĕĆŽ�ŶŽ�ƉƌĂnjŽ�ŵĠĚŝŽ�ĚĞ�ƌĞĐĞďŝŵĞŶƚŽƐ� ;�sZ�ĚŽ�ƉĞƌşŽĚŽ�Ͳ �sZ�ĚŽ�ƉĞƌşŽĚŽ�ĂŶƚĞƌŝŽƌͿ�dž�ǀĞŶĚĂƐ�ĚŝĄƌŝĂƐ�ĚŽ�ƉĞƌşŽĚŽ�Ġ�ƵŵĂ� ĨŽƌŵƵůĂĕĆŽ�ĐŽŶŚĞĐŝĚĂ�ĐŽŵŽ͗� sĂƌŝĂĕĆŽ�ŶĂ��ŽďƌĂŶĕĂ͘� ǀĂƌŝĂĕĆŽ�ĚĞ��ĂƉŝƚĂů�ĚĞ�'ŝƌŽ͘� sĂƌŝĂĕĆŽ�ŶŽ�WƌĂnjŽ�DĠĚŝŽ�ĚĞ�ƌĞĐĞďŝŵĞŶƚŽ͘� sĂƌŝĂĕĆŽ�ŶŽ�ŐŝƌŽ�ĚĞ�ĞƐƚŽƋƵĞ� sĂƌŝĂĕĆŽ�ŶŽ�ŐŝƌŽ�ĚĞ�ƌĞĐĞďŝŵĞŶƚŽ� ��ĞƋƵĂĕĆŽ͗�;sĞŶĚĂƐ�ĚŝĄƌŝĂƐ�ŶŽ�ƉĞƌşŽĚŽ�Ͳ sĞŶĚĂƐ�ĚŝĄƌŝĂƐ�ŶŽ�ƉĞƌşŽĚŽ�ĂŶƚĞƌŝŽƌͿ�dž��sZ�ĚŽ� ƉĞƌşŽĚŽ�ĂŶƚĞƌŝŽƌ�ĐŽƌƌĞƐƉŽŶĚĞ�Ă�͗� sĂƌŝĂĕĆŽ�ŶĂƐ�sĞŶĚĂƐ� �sZ�ĂƚƵĂů� ZK�� sĂƌŝĂĕĆŽ�ŶĂ��ŽďƌĂŶĕĂ� WDZs 2�,QGLFDGRU�GH�/LTXLGH]�6HFD�FRUUHVSRQGH�D�UD]mR�HQWUH�� $WLYR�QmR�&LUFXODQWH�H�$WLYR�&LUFXODQWH $WLYR�&LUFXODQWH�H�R�$WLYR�1mR�&LUFXODQWH $WLYR�&LUFXODQWH��H[FHWR�HVWRTXHV��H�R�3DVVLYR�&LUFXODQWH $WLYR�&LUFXODQWH�H�R�3DVVLYR�&LUFXODQWH $WLYR�&LUFXODQWH��H[FHWR�HVWRTXHV��H�R�3DVVLYR�1mR�&LUFXODQWH /HLD�DWHQWDPHQWH�R�WUHFKR�D�VHJXLU���p�R�PRYLPHQWR�GH�WRGDV�DV�HQWUDGDV�H�VDtGDV�GH�UHFXUVRV� ILQDQFHLURV�GR�FDL[D��RX�VHMD��GDV�RULJHQV�GH�FDL[D��IDWRUHV�TXH�DXPHQWDP�R�FDL[D�GD�HPSUHVD��H� GDV�DSOLFDo}HV�GH�FDL[D��UHGX]HP�R�FDL[D�GD�HPSUHVD���(VWH�FRQFHLWR�UHIHUH�VH� DR�3ODQHMDPHQWR�)LQDQFHLUR� j�$GPLQLVWUDomR�GH�&DL[D� DR�3ODQHMDPHQWR�GH�&DL[D� DR�2UoDPHQWR�GH�&DL[D� DR�)OX[R�GH�&DL[D� 4XDQGR�GL]HPRV�TXH�UHFHEHPRV�PDLV�FHGR�H�SDJDPRV�PDLV�WDUGH�HVWDPRV�HYLWDQGR� R�DXPHQWR�GDV�FRQWDV�D�UHFHEHU D�UHGXomR�GR�FLFOR�GH�FDL[D R�DXPHQWR�GR�SDVVLYR D�UHGXomR�GH�IRUQHFHGRUHV R�DXPHQWR�GR�FLFOR�GH�FDL[D $QDOLVDQGR�R�'95�'LDV�GH�YHQGDV�D�UHFHEHU���FRPR�PHGLGD�SDUD�FRQWUROH�GD�FDUWHLUD�GH�YDORUHV�D� UHFHEHU���SRGHPRV�HQWHQGHU�TXH�� 0HQVXUD�TXDO�D�SURSRUomR�GD�FDUWHLUD�GH�YDORUHV�D�SDJDU )LVFDOL]D�R�FRQWUROH�GH�SDJDPHQWRV�j�YLVWD )D]�FRQWUROH�GH�FRQWDV�D�SDJDU 5HDOL]DGR�R�FRQWUROH�GH�YHQGDV�j�YLVWD )D]�R�FRQWUROH�GH�YHQGDV�j�SUD]R�SHQGHQWHV�GH�SDJDPHQWRV &20�5(/$d2�$26�&,&/2�'(�&$,;$�72'$6�$6�$/7(51$7,9$6�$35(6(17$'$6�62�,19(5'$'(6�� (;&(72 ,1,&,$�6(�(0�020(172�3267(5,25�$2�'(6(0%2/62�3$5$�$48,6,d2�'(�0(5&$'25,$6 ,1,&,$�6(�1$�&2035$�'(�0(5&$'25,$�(�(1&(55$�6(�1$�9(1'$�28�5(&(%,0(172�'26� 5(&85626�'(�9(1'$ e�&21+(&,'2�&202�&,&/2�),1$1&(,52 e�&21+(&,'2�&202�&,&/2�(&21Ð0,&2 7(0�5(/$d2�&20�2�3(5Ë2'2�(0�48(�$6�0(5&$'25,$6�3(50$1(&(0�1$�(035(6$ 'H�DFRUGR�FRP�DV�VHJXLQWHV�DILUPDWLYDV�� ,�� 4XDQWR�PDLRU�D�OLTXLGH]���PHQRU�D�UHQWDELOLGDGH� ,,�� 2�FDSLWDO�GH�JLUR�FRUUHVSRQGH�DR�$WLYR�&LUFXODQWH�(VWmR�FRUUHWRV�RV�LWHQV�� $SHQDV�,, $SHQDV�, ,�H�,, 1HQKXPD�GDV�GXDV 'H�DFRUGR�FRP�DV�VHJXLQWHV�DILUPDWLYDV�� ,�� 4XDQWR�PHQRU�D�OLTXLGH]���PDLRU�D�UHQWDELOLGDGH� ,,�� 2�FDSLWDO�GH�JLUR�FRUUHVSRQGH�D�GLIHUHQoD�HQWUH�$WLYR�&LUFXODQWH�H�3DVVLYR�1mR�&LUFXODQWH�(VWmR� FRUUHWRV�RV�LWHQV�� ,�H�,, $SHQDV�, 1HQKXPD�GDV�GXDV $SHQDV�,, 3DUD�FDOFXODU�XP�GHWHUPLQDGR�tQGLFH�RV�DQDOLVWDV�XWLOL]DP�GD�VHJXLQWH�IRUPXOD���GLVSRQLELOLGDGH��� SDVVLYR�FLUFXODQWH���GLDQWH�GHVWD�LQIRUPDomR�SRGHPRV�DILUPDU�TXH�RV�PHVPRV�HVWmR�FDOFXODQGR� ËQGLFH�GH�OLTXLGH]�VHFD ËQGLFH�GH�UHQWDELOLGDGH ËQGLFH�GH�OLTXLGH]�FRUUHQWH ËQGLFH�GH�OLTXLGH]�JHUDO ËQGLFH�GH�OLTXLGH]�LPHGLDWD 3RGH�VH�DILUPDU�TXH�R�ËQGLFH�TXH�LQGLFD�TXDQWR�D�HPSUHVD�SRVVXL�HP�UHFXUVRV�GLVSRQtYHLV��EHQV�H� GLUHLWRV�UHDOL]iYHLV�D�FXUWR�SUD]R��SDUD�ID]HU�IDFH�DR�WRWDO�GH�VXDV�GtYLGDV�GH�FXUWR�SUD]R�p�FRQKHFLGR� FRPR� ËQGLFH�GH�/LTXLGH]�,PHGLDWD��,/,� ËQGLFH�GH�6ROYrQFLD�*HUDO���,6*� ËQGLFH�GH�/LTXLGH]�&RUUHQWH��,/&� ËQGLFH�GH�/LTXLGH]�*HUDO��,/*� ËQGLFH�GH�/LTXLGH]�6HFD��,/6� $YDOLDU�R�PRPHQWR�DWXDO��DV�IDOWDV�H�DV�VREUDV�GH�UHFXUVRV�ILQDQFHLURV�H�RV�UHIOH[RV�JHUDGRV�SRU� GHFLV}HV�WRPDGDV�HP�UHODomR�D�FRPSUDV��YHQGDV�H�j�DGPLQLVWUDomR�GR�FDL[D�VmR�DOJXPDV�IRUPDV�GH� DGPLQLVWUDU�R�FDSLWDO�GH�LQWHOHFWXDO�GD�HPSUHVD DGPLQLVWUDU�R�FDSLWDO�GH�JLUR�GD�HPSUHVD DGPLQLVWUDU�R�FDSLWDO�GH�RSHUDFLRQDO�GD�HPSUHVD DGPLQLVWUDU�R�FDSLWDO�GH�IL[R�GD�HPSUHVD DGPLQLVWUDU�R�FDSLWDO�GH�ILQDQFHLUR�GD�HPSUHVD 3DUWLQGR�GD�DILUPDomR�TXH�R�IOX[R�GH�FDL[D�GHVFUHYH�DV�PRYLPHQWDo}HV�ILQDQFHLUDV�GD�HPSUHVD�HP� GHWHUPLQDGR�SHUtRGR�GH�WHPSR��GHYHPRV�HQWHQGHU�TXH�GHQWUH�VXDV�QHFHVVLGDGHV�WHPRV" &REULU�R�IOX[R�GH�VDtGDV�ILQDQFHLUDV 9HULILFDU�DV�FDSDFLWDo}HV�GH�UHFXUVRV 3UHRFXSDomR�H[FOXVLYD�GD�iUHD�ILQDQFHLUD 9HULILFDU�DV�YDULDo}HV�GH�FXVWRV�IL[RV 9HULILFDU�R�IOX[R�GH�SDJDPHQWRV�H�UHFHELPHQWRV )OX[R�GH�FDL[D�p�R�FRQMXQWR�GH�LQJUHVVRV�H�GHVHPEROVRV�GH�QXPHUiULR�DR�ORQJR�GH�XP�SHUtRGR� GHWHUPLQDGR��3HOD�YDULHGDGH�GH�GHVHPEROVRV�TXH�RFRUUHP�HP�XPD�HPSUHVD��HVWHV�SRGHP�VHU� FODVVLILFDGRV�FRPR�5HJXODUHV��3HULyGLFRV�H�,UUHJXODUHV��$VVLQDOH�D�DOWHUQDWLYD�TXH�FRQWpP�XP� H[HPSOR�GH�GHVHPEROVR�5HJXODU� 3DJDPHQWR�GH�GLYLGHQGRV�D�DFLRQLVWDV� 3DJDPHQWR�GH�VDOiULRV� &RPSUD�GH�$o}HV� $PRUWL]DomR�GH�ILQDQFLDPHQWRV� $TXLVLomR�GH�,PRELOL]DGRV� /HLD�DWHQWDPHQWH�R�WUHFKR�D�VHJXLU���p�R�PRYLPHQWR�GH�WRGDV�DV�HQWUDGDV�H�VDtGDV�GH�UHFXUVRV� ILQDQFHLURV�GR�FDL[D��RX�VHMD��GDV�RULJHQV�GH�FDL[D��IDWRUHV�TXH�DXPHQWDP�R�FDL[D�GD�HPSUHVD��H� GDV�DSOLFDo}HV�GH�FDL[D��UHGX]HP�R�FDL[D�GD�HPSUHVD���(VWH�FRQFHLWR�UHIHUH�VH� DR�3ODQHMDPHQWR�)LQDQFHLUR� j�$GPLQLVWUDomR�GH�&DL[D� DR�3ODQHMDPHQWR�GH�&DL[D� DR�2UoDPHQWR�GH�&DL[D� DR�)OX[R�GH�&DL[D� e�FRQVLGHUDGR�DWLYLGDGH�GH�)OX[R�GH�&DL[D�GH�)LQDQFLDPHQWR�� &RPSUD�GH�,PyYHLV ([DXVWmR�GH�0LQD�GH�&REUH 2EWHQomR�GH�(PSUpVWLPRV 'HSUHFLDomR�GH�9HtFXORV $TXLVLomR�GH�GLUHLWRV�VREUH�PDUFDV�H�SDWHQWHV e�FRQVLGHUDGR�DWLYLGDGH�GH�)OX[R�GH�&DL[D�GH�)LQDQFLDPHQWR�� 'HSUHFLDomR�GH�(TXLSDPHQWRV $TXLVLomR�GH�GLUHLWRV�VREUH�IUDQTXLDV &RPSUD�GH�9HtFXORV 2EWHQomR�GH�(PSUpVWLPRV�GH�ORQJR�SUD]R $XPHQWR�GDV�UHVHUYDV�OHJDLV 2EVHUYDQGR�DV�FDXVDV�GDV�PRYLPHQWDo}HV�QD�FDUWHLUD�GH�YDORUHV�D�UHFHEHU��SRGHPRV�HQWHQGHU�TXH� VHULDP" 9DULDomR�QDV�FRPSUDV��PRWLYDGDV�SHOR�SUHoR 3ROtWLFDV�GH�,QYHVWLPHQWRV�HP�,PRELOL]DGRV 3HOD�DOWHUDomR�QD�SROtWLFD�GH�UHFHELPHQWRV 3ROtWLFD�GH�SDJDPHQWRV�H�UHFHELPHQWRV�GD�HPSUHVD 9DULDo}HV�QDV�YHQGDV��PRWLYDGDV�SHORV�SUHoRV��FRPR�SHODV�TXDQWLGDGHV�YHQGLGDV 'H�DFRUGR�FRP�DV�VHJXLQWHV�DILUPDWLYDV�� ,�� 4XDQWR�PDLRU�D�OLTXLGH]���PDLRU�D�UHQWDELOLGDGH� ,,�� 2�FDSLWDO�GH�JLUR�OtTXLGR�FRUUHVSRQGH�D�GLIHUHQoD�HQWUH�$WLYR�&LUFXODQWH�H�1mR�&LUFXODQWH�(VWmR� FRUUHWRV�RV�LWHQV�� $SHQDV�, 7RGDV�DV�GXDV $SHQDV�,, ,�H�,, 1HQKXPD�GDV�GXDV 2�tQGLFH�GH�OLTXLGH]�FRUUHQWH�p�LJXDO�D�XP���VH�UHVROYHVVH�SDJDU�����GH�VXDV�GtYLGDV�GH�FXUWR�SUD]R��HVWH� tQGLFH�LUi� DXPHQWDU���� GLPLQXLU���� SHUPDQHFHU�LQDOWHUDGR GLPLQXLU���� DXPHQWDU���� )OX[R�GH�FDL[D�p�R�FRQMXQWR�GH�LQJUHVVRV�H�GHVHPEROVRV�GH�QXPHUiULR�DR�ORQJR�GH�XP�SHUtRGR� GHWHUPLQDGR��3HOD�YDULHGDGH�GH�GHVHPEROVRV�TXH�RFRUUHP�HP�XPD�HPSUHVD��HVWHV�SRGHP�VHU� FODVVLILFDGRV�FRPR�5HJXODUHV��3HULyGLFRV�H�,UUHJXODUHV��$VVLQDOH�D�DOWHUQDWLYD�TXH�FRQWpP�XP� H[HPSOR�GH�GHVHPEROVR�3HULyGLFR� 3DJDPHQWR�GH�GLYLGHQGRV�D�DFLRQLVWDV� $TXLVLomR�GH�,PRELOL]DGRV� $TXLVLomR�GH�REUDV�GH�DUWH� 3DJDPHQWR�GH�VDOiULRV� 3DJDPHQWR�D�IRUQHFHGRUHV� 4XDQWR�PDLRU�IRU�D�UHVHUYD�ILQDQFHLUD�DORFDGD�j�PDQXWHQomR�GR�FDSLWDO�GH�JLUR���PHQRU�VHUi�R�ULVFR� GH�D�HPSUHVD�GHL[DU�GH�KRQUDU�VHXV�FRPSURPLVVRV�ILQDQFHLURV�BBBBBBBBBBB� PpGLR�SUD]R DQXDLV ORQJR�SUD]R D�FXUWR�SUD]R GLiULRV &DSLWDO�GH�JLUR�p�R�FRQMXQWR�GH�YDORUHV�QHFHVViULRV�SDUD�D�HPSUHVD�ID]HU�VHXV�QHJyFLRV�DFRQWHFHUHP� �JLUDU���([LVWH�D�H[SUHVVmR��&DSLWDO�HP�*LUR���TXH�VHULDP�RV�EHQV�HIHWLYDPHQWH�HP�XVR��3RGHPRV� DILUPDU�TXH�R�&DSLWDO�GH�*LUR�GLPLQXL�TXDQGR�D�HPSUHVD�UHDOL]D�� QRYRV�LQYHVWLPHQWRV�HP�EHQV�GR�DWLYR�LPRELOL]DGR $TXLVLomR�GH�IRUQHFHGRUHV $TXLVLomR�GH�QRYRV�HVWRTXHV $TXLVLomR�GH�Do}HV 1RYRV�DFLRQLVWDV &RQVLGHUDQGR�D�HTXDomR���'HVHPEROVR�WRWDLV�*LUR�GH�&DL[D�7RWDO���SRGHPRV�DILUPDU� 8WLOL]DGD�QR�PRGHOR�%DXPRO� 8WLOL]DGD�SDUD�GHWHUPLQDU�R�&DL[D�0tQLPR�2SHUDFLRQDO�0HOKRU�RSomR�SDUD�GHWHUPLQDU�R�PRGHOR�'LD�GD�6HPDQD� 8WLOL]DGD�QR�PRGHOR�0LOOHU�H�2UU� 7UDWD�VH�GH�XPD�HTXDomR�JHQpULFD�SUD�GHWHUPLQDU�R�VDOGR�GH�FDL[D� 2�REMHWLYR�GD�DGPLQLVWUDomR�GH�FDSLWDO�GH�JLUR�p�DGPLQLVWUDU�DV�FRQWDV�GLUHWDPHQWH�HQYROYLGDV��SDUD� TXH�SRVVD�JDUDQWLU�XP�QtYHO�DFHLWiYHO�GH� /XFUR�/tTXLGR� &DSLWDO�&LUFXODQWH�/tTXLGR� *DUDQWLDV�/tTXLGDV� 3DWULP{QLR�/tTXLGR� 5HVXOWDGR�/tTXLGR� 4XDQGR�QRV�UHIHULPRV�DR�UHWRUQR�SURSRUFLRQDGR�SHOR�LQYHVWLPHQWR��GHYHPRV�REVHUYDU�TXDO�DVSHFWR" 6RPHQWH�R�ILQDQFLDPHQWR 2�FLFOR�GRV�$WLYRV�QmR�&LUFXODQWHV $�URWDomR�GR�&DSLWDO�&LUFXODQWH 6RPHQWH�D�5HQWDELOLGDGH $�LQHILFLrQFLD�GD�$GPLQLVWUDomR�GD�HPSUHVD
Compartilhar