Baixe o app para aproveitar ainda mais
Prévia do material em texto
x 25*$1,=$d®2�'$�$'0,1,675$d®2�3Ô%/,&$� WĂƌĂ� ĞĨĞŝƚŽƐ�ĚĞ� ĐŽŶĐĞŝƚƵĂĕĆŽ� ĚŽ� ƋƵĞ� ǀĞŵ�Ă� ƐĞƌ��ĚŵŝŶŝƐƚƌĂĕĆŽ� WƷďůŝĐĂ͕� ĞdžŝƐƚĞŵ ĚŽŝƐ� ĐƌŝƚĠƌŝŽƐ� ĚŝƐƚŝŶƚŽƐ͘�KďƐĞƌǀĞ͗ � $'0,1,675$d®2�3Ô%/,&$�(0�6(17,'2�0$7(5,$/��2%-(7,92�28�)81&,21$/�� WŽƌ� ĞƐƚĞ� ĐƌŝƚĠƌŝŽ͕� ůĞǀĂͲƐĞ� Ğŵ� ĐŽŶƚĂ� ƉĂƌĂ� ĚĞĨŝŶŝƌ� Ž� ƚĞƌŵŽ� ͞�ĚŵŝŶŝƐƚƌĂĕĆŽ� WƷďůŝĐĂ͟ Ă� ĂƚŝǀŝĚĂĚĞ� ĐŽŶĐƌĞƚĂ� Ğ� ŝŵĞĚŝĂƚĂ� ƋƵĞ� Ž� ĞƐƚĂĚŽ� ĚĞƐĞŶǀŽůǀĞ͕� ƐŽď� ƌĞŐŝŵĞ� ũƵƌşĚŝĐŽ� ĚĞ� ĚŝƌĞŝƚŽ� ƉƷďůŝĐŽ͕� ƉĂƌĂ� Ă� ĐŽŶƐĞĐƵĕĆŽ�ĚŽƐ�ŝŶƚĞƌĞƐƐĞƐ�ĚĞ�ƚŽĚŽƐ�;ĐŽůĞƚŝǀŽƐͿ͘ K�^͗��ƐƚĞ�ĐƌŝƚĠƌŝŽ�ŶĆŽ�Ġ�ĂĚŽƚĂĚŽ�ƉĞůŽ�ŽƌĚĞŶĂŵĞŶƚŽ�ũƵƌşĚŝĐŽ�ďƌĂƐŝůĞŝƌŽ͘� � $'0,1,675$d®2�3Ô%/,&$�(0�6(17,'2�)250$/��68%-(7,92 28�25*Ç1,&2�� WŽƌ�ĞƐƚĞ�ĐƌŝƚĠƌŝŽ͕� ůĞǀĂͲƐĞ�Ğŵ�ĐŽŶƚĂ�ƉĂƌĂ�ĚĞĨŝŶŝƌ�Ž� ƚĞƌŵŽ�͞�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ͕͟�ŽƐ�ĞŶƚĞƐ�ŽƵ� ĞŶƚŝĚĂĚĞƐ�ƋƵĞ�Ă�ĐŽŵƉƁĞŵ͘� �d�E��K͗��ƐƚĞ�Ġ�Ž�ĐƌŝƚĠƌŝŽ�ĂĚŽƚĂĚŽ�ƉĞůŽ�ŽƌĚĞŶĂŵĞŶƚŽ�ũƵƌşĚŝĐŽ�ďƌĂƐŝůĞŝƌŽ͘ �ĞƐƚĂ�ĨŽƌŵĂ͕�ĐŽŶƐŝĚĞƌĂͲƐĞ��ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�ŽƐ�ĞŶƚĞƐ�ŽƵ�ĞŶƚŝĚĂĚĞƐ�ƋƵĞ�Ă�>Ğŝ�ĚĞĨŝŶĞ�ĐŽŵŽ� ƚĂů͕�Ğŵ�ƌŽů�d�y�d/sK͘ �ƐƐŝŵ͕� Ă� ůĞŐŝƐůĂĕĆŽ� ƉĄƚƌŝĂ� ĞƐƚĂďĞůĞĐĞ� ĐŽŵŽ��ĚŵŝŶŝƐƚƌĂĕĆŽ� WƷďůŝĐĂ� ϴ� ;ŽŝƚŽͿ� ĞŶƚĞƐ� Ğ� ĞŶƚŝĚĂĚĞƐ͕� ƐĞŶĚŽ�ƋƵĞ�ŽƐ�ŵĞƐŵŽƐ�ƐĆŽ�ĚŝǀŝĚŝĚŽƐ�Ğŵ�ĚŽŝƐ�ŐƌƵƉŽƐ�ĚŝƐƚŝŶƚŽƐ�;�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ��ŝƌĞƚĂ�Ğ� �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�/ŶĚŝƌĞƚĂͿ͘�EŽƚĞ͗ � $'0,1,675$d®2�3Ô%/,&$�',5(7$� ���ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ��ŝƌĞƚĂ�Ġ�ĐŽŵƉŽƐƚĂ�ƉĞůŽƐ�ĚĞŶŽŵŝŶĂĚŽƐ��Ed�^�&���Z��K^�;�Ed�^�Kh� W�^^K�^�WK>1d/��^�Kh���D/E/^dZ���K���EdZ�>/���Ϳ͘� �ŽŵƉƁĞŵ Ă��ĚŵŝŶŝƐƚƌĂĕĆŽ WƵďůŝĐĂ��ŝƌĞƚĂ͕�ĚĞ�ĨŽƌŵĂ�ƚĂdžĂƚŝǀĂ͕�ŽƐ�ƐĞŐƵŝŶƚĞƐ�ĞŶƚĞƐ͗ �d�E��K͗�KƐ�ĞŶƚĞƐ�ĚĂ�ĂĚŵŝŶŝƐƚƌĂĕĆŽ�ƉƷďůŝĐĂ�ĚŝƌĞƚĂ� ƐĆŽ�ƉĞƐƐŽĂƐ� ũƵƌşĚŝĐĂƐ�ĚĞ�ĚŝƌĞŝƚŽ�ƉƷďůŝĐŽ͕� ŽƵ�ƐĞũĂ͕�ƉŽƐƐƵĞŵ�ƉĞƌƐŽŶĂůŝĚĂĚĞ�ũƵƌşĚŝĐĂ ;ƉĂƚƌŝŵƀŶŝŽ�ƉƌſƉƌŝŽ�Ğ�ĐĂƉĂĐŝĚĂĚĞ�ƉƌŽĐĞƐƐƵĂůͿ�Ğ�ĂƚƵĂŵ� ĐŽŵ�ƐƵƉĞƌŝŽƌŝĚĂĚĞ Ğŵ�ĨĂĐĞ�ĚŽ�ƉĂƌƚŝĐƵůĂƌ͘� K�^͗� WŽƐƐƵĞŵ� ĂƵƚŽŶŽŵŝĂ� ƉŽůşƚŝĐĂ� ;ĐĂƉĂĐŝĚĂĚĞ� ĚĞ� ĐƌŝĂƌ� ůĞŝƐͿ͕� ĂĚŵŝŶŝƐƚƌĂƚŝǀĂ ;ĐĂƉĂĐŝĚĂĚĞ� ĚĞ� ĂĚŵŝŶŝƐƚƌĂƌ�ƐĞƵƐ�ƉƌſƉƌŝŽƐ�ƐĞƌǀŝĕŽƐͿ�Ğ�ĨŝŶĂŶĐĞŝƌĂ ;ĐĂƉĂĐŝĚĂĚĞ�ĚĞ�ŐĞƌŝƌ�ƐĞƵƐ�ƌĞĐƵƌƐŽƐͿ͘� K�^͗�KƐ�ĞŶƚĞƐ�ĚĂ�ĂĚŵŝŶŝƐƚƌĂĕĆŽ�ƉƷďůŝĐĂ�ĚŝƌĞƚĂ͕�ƉŽƐƐƵĞŵ�Ğŵ�ƐƵĂ�ĞƐƚƌƵƚƵƌĂ͕�ŽƐ�ƚƌġƐ�WŽĚĞƌĞƐ�ĚĂ� ZĞƉƷďůŝĐĂ� ;�y��hd/sK͕� >�'/^>�d/sK� Ğ� :h�/�/�Z/KͿ͕� ^�>sK� ŽƐ�DƵŶŝĐşƉŝŽƐ ƋƵĞ� ŶĆŽ� ƉŽƐƐƵĞŵ� WŽĚĞƌ�:ƵĚŝĐŝĄƌŝŽ�ƉƌſƉƌŝŽ͘� K�^͗� KƐ� ĞŶƚĞƐ� ĚĂ� ĂĚŵŝŶŝƐƚƌĂĕĆŽ� ƉƷďůŝĐĂ� ĚŝƌĞƚĂ� ƐĆŽ� /E��W�E��Ed�^͕ ŽƵ� ƐĞũĂ͕� ŶĆŽ� ĞdžŝƐƚĞ� ŚŝĞƌĂƌƋƵŝĂ�ŽƵ�ƐƵďŽƌĚŝŶĂĕĆŽ�ĞŶƚƌĞ�ĞůĞƐ͕�ŚĂǀĞŶĚŽ�ĂƉĞŶĂƐ�ĐŽůĂďŽƌĂĕĆŽ�ƌĞĐşƉƌŽĐĂ͘� �h/���K͗� YƵĂŶĚŽ� Ž� ƐĞƌǀŝĕŽ� ƉƷďůŝĐŽ� Ġ� ƌĞĂůŝnjĂĚŽ� ĚŝƌĞƚĂŵĞŶƚĞ� ƉĞůŽƐ� ĞŶƚĞƐ� ĚĂ� ĂĚŵŝŶŝƐƚƌĂĕĆŽ� ƉƷďůŝĐĂ�ĚŝƌĞƚĂ�;hŶŝĆŽ͕��ƐƚĂĚŽƐ͕��&�ŽƵ�DƵŶŝĐşƉŝŽƐͿ͕�ĂƚƌĂǀĠƐ�ĚĞ�ƐĞƵƐ�ſƌŐĆŽƐ�ŽƵ�ĂŐĞŶƚĞƐ�ƉƷďůŝĐŽƐ͕� ŽĐŽƌƌĞƌĄ�Ă�ĚĞŶŽŵŝŶĂĚĂ�͞��EdZ�>/���K���D/E/^dZ�d/s�͘͟ WŽƌ�ĞƐƚĂ�ƌĂnjĆŽ�Ă�ĂĚŵŝŶŝƐƚƌĂĕĆŽ�ƉƷďůŝĐĂ�ĚŝƌĞƚĂ�Ġ�ĚĞŶŽŵŝŶĂĚĂ�ĚĞ�ĂĚŵŝŶŝƐƚƌĂĕĆŽ�ĐĞŶƚƌĂůŝnjĂĚĂ͘� � $'0,1,675$d®2�3Ô%/,&$�,1',5(7$� �� �ĚŵŝŶŝƐƚƌĂĕĆŽ� WƷďůŝĐĂ� /ŶĚŝƌĞƚĂ� Ġ� ĐŽŵƉŽƐƚĂ� ƉĞůĂƐ� ĚĞŶŽŵŝŶĂĚĂƐ� �Ed/����^� ��D/E/^dZ�d/s�^ ;��D/E/^dZ���K�Wj�>/�����^��EdZ�>/���Ϳ͘ ^ĆŽ� ĞŶƚŝĚĂĚĞƐ� ĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐ� ƋƵĞ� ĐŽŵƉƁĞŵ� Ă� �ĚŵŝŶŝƐƚƌĂĕĆŽ WƷďůŝĐĂ� /ŶĚŝƌĞƚĂ͕� ĚĞ� ĨŽƌŵĂ� ƚĂdžĂƚŝǀĂ͗ �d�E��K͗��Ɛ��ŵƉƌĞƐĂƐ�WƷďůŝĐĂƐ Ğ�^ŽĐŝĞĚĂĚĞ�ĚĞ��ĐŽŶŽŵŝĂ DŝƐƚĂ�ƚĂŵďĠŵ�ƐĆŽ�ĚĞŶŽŵŝŶĂĚĂƐ�ĚĞ� �DWZ�^�^��^d�d�/^͘ K�^͗�dŽĚĂƐ�ĂƐ�ĞŶƚŝĚĂĚĞƐ�ĚĂ��ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�/ŶĚŝƌĞƚĂ�ƐĆŽ�ƉĞƐƐŽĂƐ�ũƵƌşĚŝĐĂƐ͕�ƐĞŶĚŽ�ƋƵĞ�Ă� �hd�ZYh/� Ġ� ƉĞƐƐŽĂ� ũƵƌşĚŝĐĂ� ĚĞ� ĚŝƌĞŝƚŽ� ƉƷďůŝĐŽ͕� ĞŶƋƵĂŶƚŽ� ƋƵĞ� ĂƐ� ĚĞŵĂŝƐ� ;&hE���O�^� Wj�>/��^͕� �DWZ�^�^� Wj�>/��^� �� ^K�/������ �����KEKD/��D/^d�Ϳ ƐĆŽ�ƉĞƐƐŽĂƐ�ũƵƌşĚŝĐĂƐ�ĚĞ�ĚŝƌĞŝƚŽ�ƉƌŝǀĂĚŽ͘ �d�E��K͗��Ɛ�ĞŶƚŝĚĂĚĞƐ�ĚĂ��ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�/ŶĚŝƌĞƚĂ�ƉŽƐƐƵĞŵ�ĂƵƚŽŶŽŵŝĂ�ĂĚŵŝŶŝƐƚƌĂƚŝǀĂ Ğ�ĨŝŶĂŶĐĞŝƌĂ͕�ŵĂƐ�ŶĆŽ�ƉŽƐƐƵĞŵ�ĂƵƚŽŶŽŵŝĂ�ƉŽůşƚŝĐĂ͘� �h/���K͗���ĐƌŝĂĕĆŽ�ŽƵ�ĞdžƚŝŶĕĆŽ ĚĂƐ�ƌĞĨĞƌŝĚĂƐ ĞŶƚŝĚĂĚĞƐ�ƐĞ�ƐƵďŵĞƚĞŵ�ĂŽ�ƉƌŝŶĐşƉŝŽ�ĚĂ�ƌĞƐĞƌǀĂ� ůĞŐĂů͕�ŽƵ�ƐĞũĂ͕�ĚĞƉĞŶĚĞŵ�ĚĞ�ůĞŝ͘ KĐŽƌƌĞ�ƋƵĞ�ĂƐ��hd�ZYh/�^ ƐĆŽ��Z/���^ ĚŝƌĞƚĂŵĞŶƚĞ�ƉŽƌ�>�/͕�ĞŶƋƵĂŶƚŽ�ƋƵĞ�ĂƐ�ĚĞŵĂŝƐ� ĞŶƚŝĚĂĚĞƐ� ;&hE���O�^� Wj�>/��^͕� �DWZ�^�^� Wj�>/��^� Ğ� ^K�/�����������KEKD/��D/^d�Ϳ͕�ƐĆŽ��hdKZ/���^ ƉŽƌ�>�/͕�ƉŽŝƐ�ƐŽŵĞŶƚĞ� ĂĚƋƵŝƌĞŵ�ƉĞƌƐŽŶĂůŝĚĂĚĞ�ũƵƌşĚŝĐĂ�;ŶĂƐĐĞŵͿ͕�ĂƉſƐ�Ž�ƌĞŐŝƐƚƌŽ�Ğŵ�ĐĂƌƚſƌŝŽ͘ �ŵ�ƐƵŵĂ͗ �d�E��K͗����ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�/ŶĚŝƌĞƚĂ ĂƚƵĂ�ĚĞ�ĨŽƌŵĂ���^��EdZ�>/���͕�ƉŽƌ�ĞƐƚĂ�ƌĂnjĆŽ� Ġ�ƚĂŵďĠŵ�ĚĞŶŽŵŝŶĂĚĂ�ĚĞ��ĚŵŝŶŝƐƚƌĂĕĆŽ��ĞƐĐĞŶƚƌĂůŝnjĂĚĂ͘� K�^͗�KĐŽƌƌĞ�Ă���^��EdZ�>/���K���D/E/^dZ�d/s� ƋƵĂŶĚŽ�Ă�ƉƌĞƐƚĂĕĆŽ�ĚŽ�ƐĞƌǀŝĕŽ�ƉƷďůŝĐŽ͕� ĚĞ�ƚŝƚƵůĂƌŝĚĂĚĞ�ĚŽƐ�ĞŶƚĞƐ�ĚĂ��ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ��ŝƌĞƚĂ͕�Ġ�ĚĞƐĐĞŶƚƌĂůŝnjĂĚĂ� ;ƌĞƉĂƐƐĂĚĂͿ�ƉĂƌĂ� ĂƐ� ĞŶƚŝĚĂĚĞƐ� ĚĂ� �ĚŵŝŶŝƐƚƌĂĕĆŽ� WƷďůŝĐĂ� /ŶĚŝƌĞƚĂ� ŽƵ� ƉĂƌĂ� ƉĂƌƚŝĐƵůĂƌĞƐ� ;ĐŽŶĐĞƐƐŝŽŶĄƌŝŽƐ͕� ƉĞƌŵŝƐƐŝŽŶĄƌŝŽƐ�Ğ�ĂƵƚŽƌŝnjĂƚĄƌŝŽƐͿ͘ �h/���K͗��ůŐƵŵĂƐ�ƌĞŐƌĂƐ�ƐĆŽ�ĚŝƐƚŝŶƚĂƐ ƋƵĂŶĚŽ�Ă�ĚĞƐĐĞŶƚƌĂůŝnjĂĕĆŽ�ĂĚŵŝŶŝƐƚƌĂƚŝǀĂ�ŽĐŽƌƌĞ�ƉĂƌĂ� ĂƐ�ĞŶƚŝĚĂĚĞƐ�ĚĂ��ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�/ŶĚŝƌĞƚĂ�ŽƵ�ƉĂƌĂ�ŽƐ�ƉĂƌƚŝĐƵůĂƌĞƐ͘�EŽƚĞ͗ � '(6&(175$/,=$d®2� $'0,1,675$7,9$� 3$5$� (17,'$'(6� '$� $'0�� 3Ô%/,&$�,1',5(7$� K�^͗���ĚĞƐĐĞŶƚƌĂůŝnjĂĕĆŽ�ŽĐŽƌƌĞ�ƉŽƌ�>�/͖ K�^͗��ĞŶŽŵŝŶĂͲƐĞ���^��EdZ�>/���K�WKZ�^�Zs/�K�Kh���^��EdZ�>/���K�WKZ�KhdKZ'�� >�'�>͖ K�^͗�dƌĂŶƐĨĞƌĞ�Ă��y��h��K Ğ�d/dh>�Z/���� ĚŽ�ƐĞƌǀŝĕŽ�ƉƷďůŝĐŽ͘� �h/���K͗� EĂ� ǀĞƌĚĂĚĞ͕� Ă� ƚŝƚƵůĂƌŝĚĂĚĞ� ĚŽ� ƐĞƌǀŝĕŽ� ƉƷďůŝĐŽ� ƐŽŵĞŶƚĞ� ƐĞƌĄ� ƚƌĂŶƐĨĞƌŝĚŽ� Ă �hd�ZYh/�͕ ƉŽŝƐ�ĞƐƚĂ�Ġ�Ă�ƷŶŝĐĂ�ĞŶƚŝĚĂĚĞ�ĚĂ��Ěŵ͘�WƷďůŝĐĂ�/ŶĚŝƌĞƚĂ�ƋƵĞ�ƉŽƐƐƵŝ�ŶĂƚƵƌĞnjĂ�ũƵƌşĚŝĐĂ� ĚĞ�ĚŝƌĞŝƚŽ�ƉƷďůŝĐŽ͘� � '(6&(175$/,=$d®2� $'0,1,675$7,9$� 3$5$� 3$57,&8/$5(6� �&21&(66,21É5,26��3(50,66,21É5,26�28�$8725,=$7É5,26�� K�^͗�KĐŽƌƌĞ�ƉŽƌ�ĐŽŶƚƌĂƚŽ�ŽƵ�ĂƚŽ�ĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͖ K�^͗� �ĞŶŽŵŝŶĂͲƐĞ� ��^��EdZ�>/���K� WKZ� ��>�'���K� Kh� ��^��EdZ�>/���K� WKZ� �K>��KZ���K͖ K�^͗�dƌĂŶƐĨĞƌĞͲƐĞ�ĂƉĞŶĂƐ�Ă��y��h��K ĚŽ�ƐĞƌǀŝĕŽ�ƉƷďůŝĐŽ͕�ƉĞƌŵĂŶĞĐĞŶĚŽ�Ă�ƚŝƚƵůĂƌŝĚĂĚĞ�ĐŽŵ�Ž� ĞŶƚĞ�ĚĂ��Ěŵ͘�WƷďůŝĐĂ��ŝƌĞƚĂ͘� 48(67¯(6�'(�&21&8562 /�����ʹ �'�Ed����D/E/^dZ�d/sK�ʹ ϮϬϭϴ� ^ĆŽ� ĞŶƚŝĚĂĚĞƐ� ĚĂ� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ŝŶĚŝƌĞƚĂ� ĂƐ� ĂƵƚĂƌƋƵŝĂƐ͕� ĞŵƉƌĞƐĂƐ� ƉƷďůŝĐĂƐ͕� ƐŽĐŝĞĚĂĚĞƐ�ĚĞ�ĞĐŽŶŽŵŝĂ�ŵŝƐƚĂ͕�ĨƵŶĚĂĕƁĞƐ�ƉƷďůŝĐĂƐ͕�Ğ�ĂƐ�ŽƌŐĂŶŝnjĂĕƁĞƐ�ƐŽĐŝĂŝƐ͘ ��ZdK �ZZ��K /�����ʹ �'�Ed����D/E/^dZ�d/sK�ʹ ϮϬϭϴ� �� ŽƵƚŽƌŐĂ͕� ĞƐƉĠĐŝĞ� ĚĞ� ĚĞƐĐĞŶƚƌĂůŝnjĂĕĆŽ� ĂĚŵŝŶŝƐƚƌĂƚŝǀĂ͕� Ġ� ŝŶƐƚƌƵŵĞŶƚĂůŝnjĂĚĂ� ƉŽƌ� ĐŽŶƚƌĂƚŽ� ŽƵ� ĂƚŽ� ĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͕� Ğŵ� ƋƵĞ� Ž� ƉŽĚĞƌ� ĐŽŶĐĞĚĞŶƚĞ ŽƵƚŽƌŐĂ� ĂŽ� ĐŽŶĐĞƐƐŝŽŶĄƌŝŽ�Ă�ĞdžĞĐƵĕĆŽ�ĚĞ�ƐĞƌǀŝĕŽ�ƉƷďůŝĐŽ͘ ��ZdK �ZZ��K &���ʹ d��E/�K�:h�/�/�Z/K�Ͳ ϮϬϭϳ dŽĚĂƐ� ĂƐ� ĂƵƚĂƌƋƵŝĂƐ� Ğ� ĨƵŶĚĂĕƁĞƐ� ƉƷďůŝĐĂƐ� ƉŽƐƐƵĞŵ� ƉĞƌƐŽŶĂůŝĚĂĚĞ� ũƵƌşĚŝĐĂ� ĚĞ� ĚŝƌĞŝƚŽ�ƉƷďůŝĐŽ͕�ĞŶƋƵĂŶƚŽ�ĂƐ�ĞŵƉƌĞƐĂƐ�ƉƷďůŝĐĂƐ�Ğ�ƐŽĐŝĞĚĂĚĞƐ�ĚĞ�ĞĐŽŶŽŵŝĂ�ŵŝƐƚĂ� ƉŽƐƐƵĞŵ�ƉĞƌƐŽŶĂůŝĚĂĚĞ�ũƵƌşĚŝĐĂ�ĚĞ�ĚŝƌĞŝƚŽ�ƉƌŝǀĂĚŽ͘ ��ZdK �ZZ��K &�W�^��ʹ ��sK'��K�ʹ ϮϬϭϳ� �Ɛ�ĂƵƚĂƌƋƵŝĂƐ�ƐĆŽ�ƉĞƐƐŽĂƐ�ũƵƌşĚŝĐĂƐ�ĚĞ�ĚŝƌĞŝƚŽ�ƉƌŝǀĂĚŽ͕�ĐƌŝĂĚĂƐ�ƉŽƌ�ůĞŝ͕�ĚĞƐƚŝŶĂĚĂƐ�Ă� ƌĞĂůŝnjĂƌ�ĂƚŝǀŝĚĂĚĞƐ͕�ŽďƌĂƐ�ŽƵ�ƐĞƌǀŝĕŽƐ�ĚĞ�ĨŽƌŵĂ�ĚĞƐĐĞŶƚƌĂůŝnjĂĚĂ͘ ��ZdK �ZZ��K WZKDhD�ʹ �^�Z/dhZ�Z/K�ʹ ϮϬϭϴ� �Ğ�ĂĐŽƌĚŽ�ĐŽŵ�Ž�ĚŝƌĞŝƚŽ�ƉŽƐŝƚŝǀŽ͕�Ă�͞�ĚŵŝŶŝƐƚƌĂĕĆŽ�/ŶĚŝƌĞƚĂ͟�Ġ�ĐŽŵƉŽƐƚĂ�ƉŽƌ͗ �Ϳ �ƵƚĂƌƋƵŝĂƐ͕�ĞŵƉƌĞƐĂƐ�ƉƷďůŝĐĂƐ͕�ƐŽĐŝĞĚĂĚĞƐ�ĚĞ�ĞĐŽŶŽŵŝĂ�ŵŝƐƚĂ�Ğ�ĞŵƉƌĞƐĂƐ� ĐŽŶĐĞƐƐŝŽŶĄƌŝĂƐ�ĚĞ�ƐĞƌǀŝĕŽ�ƉƷďůŝĐŽ͘ �Ϳ �ƵƚĂƌƋƵŝĂƐ͕�ĞŵƉƌĞƐĂƐ�ƉƷďůŝĐĂƐ͕�ƐŽĐŝĞĚĂĚĞƐ�ĚĞ�ĞĐŽŶŽŵŝĂ�ŵŝƐƚĂ�Ğ�ĨƵŶĚĂĕƁĞƐ� ƉƷďůŝĐĂƐ͘ �Ϳ �ƵƚĂƌƋƵŝĂƐ͕� ſƌŐĆŽƐ� ĂƵƚƀŶŽŵŽƐ͕� ĞŵƉƌĞƐĂƐ� ƉƷďůŝĐĂƐ͕� ƐŽĐŝĞĚĂĚĞƐ� ĚĞ� ĞĐŽŶŽŵŝĂ�ŵŝƐƚĂ�Ğ�ĨƵŶĚĂĕƁĞƐ�ƉƷďůŝĐĂƐ͘ �Ϳ �ƵƚĂƌƋƵŝĂƐ͕�ĞŵƉƌĞƐĂƐ�ƉƷďůŝĐĂƐ�Ğ�ĨƵŶĚĂĕƁĞƐ�ƉƷďůŝĐĂƐ͘ *$%$5,72��� (�² ��(�² ��(�² ��(�² ��% �ƉſƐ�ƚĞĐĞƌ�ĂůŐƵŶƐ�ĐŽŵĞŶƚĄƌŝŽƐ�ĂĐĞƌĐĂ�ĚĂƐ�ĞŶƚŝĚĂĚĞƐ�ĚĂ��ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�/ŶĚŝƌĞƚĂ͕ ŝƌĞŵŽƐ� ĞƐƚƵĚĂƌ�ĐĂĚĂ�ƵŵĂ�ĚĞůĂƐ͕ ƐĞƉĂƌĂĚĂŵĞŶƚĞ͘�KďƐĞƌǀĞ͗ � $87$548,$6� � &$5$&7(5Ì67,&$6� Ͳ W�^^K�^�:hZ1�/��^�����/Z�/dK�Wj�>/�K͖ K�^͗� WŽƌ� ƉŽƐƐƵşƌĞŵ� ƉĞƌƐŽŶĂůŝĚĂĚĞ� ũƵƌşĚŝĐĂ� ĚĞ� ĚŝƌĞŝƚŽ� ƉƷďůŝĐŽ͕� Ğ� ƉŽƌ� ĐŽŶƐĞƋƵġŶĐŝĂ� ƐĞ� ƐƵďŵĞƚĞƌĞŵ�ĂƐ�ƌĞŐƌĂƐ�ĚĞ�ĚŝƌĞŝƚŽ�ƉƷďůŝĐŽ͕ ĂƐ�ĂƵƚĂƌƋƵŝĂƐ�ƐĆŽ�ƉĞƐƐŽĂƐ�ũƵƌşĚŝĐĂƐ�ĚĞ�ĚŝƌĞŝƚŽ�ƉƷďůŝĐŽ͘� Ͳ �Z/���^��/Z�d�D�Ed��WKZ�>�/��^W��1&/��͖ K�^͗��Ɛ�ĂƵƚĂƌƋƵŝĂƐ�ƐĆŽ��Z/���^ ĚŝƌĞƚĂŵĞŶƚĞ�ƉŽƌ�ůĞŝ�ĞƐƉĞĐşĨŝĐĂ͕�ŽƵ�ƐĞũĂ�ŶĆŽ�ŚĄ�ŶĞĐĞƐƐŝĚĂĚĞ�ĚĞ� ƋƵĞ�ŚĂũĂ�ƌĞŐŝƐƚƌŽ�ĚĞ�ƐĞƵƐ�ĂƚŽƐ�ĐŽŶƐƚŝƚƵƚŝǀŽƐ�Ğŵ�ĐĂƌƚſƌŝŽ͕�ĚŝĨĞƌĞŶƚĞŵĞŶƚĞ�ĚŽ�ƋƵĞ�ŽĐŽƌƌĞ�ĐŽŵ�ĂƐ� ĚĞŵĂŝƐ�ĞŶƚŝĚĂĚĞƐ�ĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐ�ĚĂ�ĂĚŵŝŶŝƐƚƌĂĕĆŽ�ƉƷďůŝĐĂ�ŝŶĚŝƌĞƚĂ͘� Ͳ WK^^h�D�W�dZ/DNE/K�WZMWZ/K͖ K�^͗�K�ĞŶƚĞ�ĐƌŝĂĚŽƌ�;hŶŝĆŽ͕��ƐƚĂĚŽ͕��&�ŽƵ�DƵŶŝĐşƉŝŽͿ͕�ŶŽ�ŵŽŵĞŶƚŽ�Ğŵ�ƋƵĞ�ĐƌŝĂ ƵŵĂ�ĂƵƚĂƌƋƵŝĂ͕ ƚƌĂŶƐĨĞƌĞ ƉĂƚƌŝŵƀŶŝŽ�ƉĂƌĂ�Ă�ŵĞƐŵĂ͕�Ğ�ĞƐƚĞ�ƉĂƚƌŝŵƀŶŝŽ�ƉĂƐƐĂ�Ă�ŝŶƚĞŐƌĂƌ�Ž�ƉĂƚƌŝŵƀŶŝŽ�ũƵƌşĚŝĐŽ ĚĂ� ƌĞĨĞƌŝĚĂ�ĞŶƚŝĚĂĚĞ͘� �h/���K͗� ^Ğ� Ă� ĂƵƚĂƌƋƵŝĂ� ĨŽƌ� ĞdžƚŝŶƚĂ͕� ĚĞǀĞƌĄ� ƐĞƌ� ĚĞǀŽůǀŝĚŽ�Ž� ƌĞƐƉĞĐƚŝǀŽ� ƉĂƚƌŝŵƀŶŝŽ� ĂŽ� ĞŶƚĞ� ĐƌŝĂĚŽƌ͘�� Ͳ WK^^h/�'�^d�K���^��EdZ�>/���͖ K�^͗� /ƐƐŽ�ƐŝŐŶŝĨŝĐĂ�ƋƵĞ�ĂƐ�ĂƵƚĂƌƋƵŝĂƐ�ƉŽƐƐƵĞŵ�ĂƵƚŽŶŽŵŝĂ�ĂĚŵŝŶŝƐƚƌĂƚŝǀĂ�Ğ� ĨŝŶĂŶĐĞŝƌĂ͕�ŽƵ�ƐĞũĂ͕� ƉŽƐƐƵĞŵ�ĐĂƉĂĐŝĚĂĚĞ�ƉĂƌĂ�ĂĚŵŝŶŝƐƚƌĂƌĞŵ�ƐƵĂƐ�ĂƚŝǀŝĚĂĚĞƐ�Ğ�ƌĞĐƵƌƐŽƐ͘� � ),1$/,'$'(6� �Ɛ�ĂƵƚĂƌƋƵŝĂƐ�ƐĆŽ�ĐƌŝĂĚĂƐ�ƉĂƌĂ�ƌĞĂůŝnjĂƌĞŵ�ĂƚŝǀŝĚĂĚĞƐ�ƚşƉŝĐĂƐ�ĚŽ��ƐƚĂĚŽ͕�ŽƵ�ƐĞũĂ͕�ƐĆŽ�ƉƌĞƐƚĂĚŽƌĂƐ� ĚĞ�ƐĞƌǀŝĕŽ�ƉƷďůŝĐŽ͕�ŶĆŽ�ĞdžĞƌĐĞŶĚŽ�ĂƚŝǀŝĚĂĚĞ�ĞĐŽŶƀŵŝĐĂ�;ŶĆŽ�ƉŽƐƐƵĞŵ�ĨŝŶƐ�ůƵĐƌĂƚŝǀŽƐͿ͘� K�^͗� �� Ă� ĞŶƚŝĚĂĚĞ� ĚĂ� ĂĚŵŝŶŝƐƚƌĂĕĆŽ� ŝŶĚŝƌĞƚĂ� ƋƵĞ�ŵĂŝƐ� ƐĞ� ĂƉƌŽdžŝŵĂ� ĚĂ� ĂĚŵŝŶŝƐƚƌĂĕĆŽ�ƉƷďůŝĐĂ� ĚŝƌĞƚĂ͘� � &21&(,72� �Žŵ�ďĂƐĞ�ŶĂƐ�ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ Ğ�ĨŝŶĂůŝĚĂĚĞƐ ĂƉƌĞƐĞŶƚĂĚĂƐ͕�ƉŽĚĞŵŽƐ�ĐŽŶĐĞŝƚƵĂƌ�ĂƵƚĂƌƋƵŝĂ ĐŽŵŽ� ͞ƉĞƐƐŽĂ� ũƵƌşĚŝĐĂ ĚĞ�ĚŝƌĞŝƚŽ�ƉƷďůŝĐŽ͕ ĐƌŝĂĚĂƐ�ƉŽƌ�ůĞŝ�ĞƐƉĞĐşĨŝĐĂ͕�ƉĂƌĂ�ƌĞĂůŝnjĂƌ ĂƚŝǀŝĚĂĚĞƐ�ƚşƉŝĐĂƐ� ĚŽ��ƐƚĂĚŽ͕�ĚĞ�ĨŽƌŵĂ�ĚĞƐĐĞŶƚƌĂůŝnjĂĚĂ͘͟ EŽƚĞ�Ž�ĐŽŶĐĞŝƚŽ�ůĞŐĂů�ĚĂƐ�ĂƵƚĂƌƋƵŝĂƐ͕�ƉƌĞǀŝƐƚŽ�ŶŽ�Ăƌƚ͘�ϱ ĚŽ��ĞĐƌĞƚŽ�ϮϬϬͲϲϳ͗ $UW��� 3DUD�RV�ILQV�GHVWD�OHL��FRQVLGHUD�VH� ,�� $XWDUTXLD�� R�VHUYLoR�DXW{QRPR��FULDGR�SRU�OHL��FRP�SHUVRQDOLGDGH�MXUtGLFD�� SDWULP{QLR� H� UHFHLWD� SUySULRV�� SDUD� H[HFXWDU� DWLYLGDGHV� WtSLFDV� GD� $GPLQLVWUDomR� 3~EOLFD�� TXH� UHTXHLUDP�� SDUD� VHX�PHOKRU� IXQFLRQDPHQWR�� JHVWmR� DGPLQLVWUDWLYD� H� ILQDQFHLUD�GHVFHQWUDOL]DGD� � (63e&,(6�'(�$87$548,$6� Ͳ �hd�ZYh/� WZKWZ/�D�Ed���/d�͖ ^Ğ�ĚŝǀŝĚĞŵ�Ğŵ�ĂƵƚĂƌƋƵŝĂ�ĐŽŵƵŵ�;ŽƌĚŝŶĄƌŝĂͿ�Ğ�ĂƵƚĂƌƋƵŝĂ�ƐŽď�ƌĞŐŝŵĞ�ĞƐƉĞĐŝĂů͘�EŽƚĞ͗ Ͳ �hd�ZYh/���KDhD�;KZ�/E�Z/�Ϳ͖ ^ĆŽ� ĂƐ� ĂƵƚĂƌƋƵŝĂƐ� ƋƵĞ� ŶĆŽ� ƉŽƐƐƵĞŵ� ŵĂŝŽƌ� ĂƵƚŽŶŽŵŝĂ� Ğ� ŶĆŽ� ƐĞ� ĞŶƋƵĂĚƌĂŵ� ŶĂƐ� ĚĞŵĂŝƐ� ĞƐƉĠĐŝĞƐ͘� �ƐƐŝŵ͕�Ž�ĐŽŶĐĞŝƚŽ�ĚĞ�ĂƵƚĂƌƋƵŝĂ�ĐŽŵƵŵ�ĚĞǀĞ�ƐĞƌ�ĐĂƌĂĐƚĞƌŝnjĂĚŽ�ƉŽƌ�ŵĞƌĂ�ĞdžĐůƵƐĆŽ͕�ŽƵ�ƐĞũĂ͕�ŶĆŽ� ƐĞ�ƚƌĂƚĂŶĚŽ�ĚĂƐ�ĚĞŵĂŝƐ�ĞƐƉĠĐŝĞƐ�ĚĞ�ĂƵƚĂƌƋƵŝĂ͕�ƐĞƌĄ�Ă�ŵĞƐŵĂ�ĐŽŵƵŵ�;ŽƌĚŝŶĄƌŝĂͿ͘� Ͳ �hd�ZYh/� ^K��Z�'/D���^W��/�>͖ ��ĂƵƚĂƌƋƵŝĂ ƐŽď�ƌĞŐŝŵĞ�ĞƐƉĞĐŝĂů�Ġ ĂƋƵĞůĂ ƋƵĞ ƉŽƐƐƵŝ ŝŶƐƚƌƵŵĞŶƚŽƐ�ĂƉƚŽƐ�Ă�ĐŽŶĨĞƌŝƌͲůŚĞƐ�ŵĂŝŽƌ� ĂƵƚŽŶŽŵŝĂ ĚŽ�ƋƵĞ�ĂƐ�ĐŽŶĨĞƌŝĚĂƐ�ĂƐ�ĂƵƚĂƌƋƵŝĂƐ�ĐŽŵƵŶƐ�;ŽƌĚŝŶĄƌŝĂƐͿ͘� �� ĞdžĞŵƉůŽ͕�ƉŽĚĞŵŽƐ�ĂƉŽŶƚĂƌ� ĐŽŵŽ� ŝŶƐƚƌƵŵĞŶƚŽƐ�ƋƵĞ� ŐĞƌĂŵ�ŵĂŝŽƌ� ĂƵƚŽŶŽŵŝĂ� ĂƐ� ĂƵƚĂƌƋƵŝĂƐ� ƐŽď�ƌĞŐŝŵĞ�ĞƐƉĞĐŝĂů͗ � ([LJrQFLD�GH�DSURYDomR�SUpYLD�SHOR�6HQDGR�)HGHUDO�GH�VHXV�GLULJHQWHV� � (VWDEHOHFLPHQWR� GH� PDQGDWR� SDUD� VHXV� GLUHWRUHV�� R� TXH� OKH� UHVJXDUGD� XPD� PDLRU� DXWRQRPLD� WpFQLFD� H� DGPLQLVWUDWLYD�� SRLV� RV� PHVPR� QmR� SRGHUmR� VHU� ´GHPLWLGRVµ�VHP�PRWLYR�� �d�E��K͗�WŽĚĞŵŽƐ�ĂƉŽŶƚĂƌ�ĐŽŵŽ�ĞdžĞŵƉůŽ�ĚĞ�ĂƵƚĂƌƋƵŝĂ ƐŽď�ƌĞŐŝŵĞ�ĞƐƉĞĐŝĂů�ĂƐ�ĚĞŶŽŵŝŶĂĚĂƐ� �'�E�/�^� Z�'h>��KZ�^͕� ƋƵĞ� ĂůĠŵ� ĚĞ� ŵĂŝŽƌ� ĂƵƚŽŶŽŵŝĂ͕� ƚĂŵďĠŵ� ƉŽƐƐƵĞŵ� Ž� ƉŽĚĞƌ� ĚĞ ĨŝƐĐĂůŝnjĂƌ͕� ĐŽŶƚƌŽůĂƌ� Ğ� ƌĞŐƵůĂŵĞŶƚĂƌ� ĚĞƚĞƌŵŝŶĂĚĂƐ� ĂƚŝǀŝĚĂĚĞƐ� ;ƐĞƌǀŝĕŽƐ� ƉƷďůŝĐŽƐͿ� ĚĞůĞŐĂĚŽƐ� Ă� ƉĂƌƚŝĐƵůĂƌĞƐ�ĂƚƌĂǀĠƐ�ĚĂ�ƉƌŝǀĂƚŝnjĂĕĆŽ͘� �y͗��E�d�>� ;�ŐġŶĐŝĂ�EĂĐŝŽŶĂů�ĚĞ�dĞůĞĐŽŵƵŶŝĐĂĕƁĞƐͿ͕��Es/^�� ;�ŐġŶĐŝĂ�EĂĐŝŽŶĂů�ĚĞ�sŝŐŝůąŶĐŝĂ� ^ĂŶŝƚĄƌŝĂͿ͕��E���;�ŐġŶĐŝĂ�EĂĐŝŽŶĂů�ĚĞ��ǀŝĂĕĆŽ��ŝǀŝůͿ͕�ĞŶƚƌĞ�ŽƵƚƌĂƐ͘� Ͳ �hd�ZYh/��&hE���/KE�>�;&hE����K��hd�ZYh/��Ϳ͖ ^ĆŽ� ĂƐ� &ƵŶĚĂĕƁĞƐ� WƷďůŝĐĂƐ� ĐƌŝĂĚĂƐ� ƐŽď� ƌĞŐŝŵĞ� ĚĞ� ĚŝƌĞŝƚŽ� ƉƷďůŝĐŽ͕� ŽƵ� ƐĞũĂ͕� ƐĆŽ� ĂƐ� &ƵŶĚĂĕƁĞƐ� WƷďůŝĐĂƐ�ĚĞ��ŝƌĞŝƚŽ�WƷďůŝĐŽ͘� K�^͗� �ůŐƵŶƐ� ƉƌŽĨĞƐƐŽƌĞƐ� ĐŽƐƚƵŵĂŵ� ĂƉĞůŝĚĂƌ� Ă�ŵĞƐŵĂ� ĐŽŵŽ� &hE����K� dZ�s�^d/͕� ŽƵ� ƐĞũĂ͕� ĂƉĂƌĞŶƚĂŵ�ƐĞƌ�&ƵŶĚĂĕƁĞƐ�WƷďůŝĐĂƐ͕�ŵĂƐ�ŶĂ�ǀĞƌĚĂĚĞ�ƐĞ�ƚƌĂƚĂŵ�ĚĞ�ĞƐƉĠĐŝĞ�ĚĞ�ĂƵƚĂƌƋƵŝĂ͘� Ͳ �hd�ZYh/��d�ZZ/dKZ/�>͖ ^ĆŽ�ŽƐ�dĞƌƌŝƚſƌŝŽƐ�&ĞĚĞƌĂŝƐ͘� K�^͗��ƚƵĂůŵĞŶƚĞ�ŶĆŽ�ƚĞŵŽƐ�dĞƌƌŝƚſƌŝŽ�&ĞĚĞƌĂů�ŶŽ��ƌĂƐŝů͘� Ͳ �hd�ZYh/��WZK&/^^/KE�>�;�hd�ZYh/������>�^^��Kh��hd�ZYh/���KKW�Z�d/s�Ϳ͖ ^ĆŽ�ĂƐ�ĂƵƚĂƌƋƵŝĂƐ�ƋƵĞ�ƌĞƉƌĞƐĞŶƚĂŵ�ĞŶƚŝĚĂĚĞƐ�ĚĞ�ĐůĂƐƐĞ͘ �y͗��ZD�;�ŽŶƐĞůŚŽ�ZĞŐŝŽŶĂů�ĚĞ�DĞĚŝĐŝŶĂͿ͘ �h/���K͗�EŽ�ƋƵĞ�ƐĞ�ƌĞĨĞƌĞ�Ă�K���;KƌĚĞŵ�ĚŽƐ��ĚǀŽŐĂĚŽƐ�ĚŽ��ƌĂƐŝůͿ͕ ĂƉĞƐĂƌ�ĚĞ�ƌĞƉƌĞƐĞŶƚĂƌ�Ă� ĐůĂƐƐĞ� ƉƌŽĨŝƐƐŝŽŶĂů� ĚŽƐ� ĂĚǀŽŐĂĚŽƐ͕� ĞŶƚĞŶĚĞ� Ž� ^d&� ƋƵĞ� Ă� ŵĞƐŵĂ� ƐĞ� ƚƌĂƚĂ� ĚĞ� ĂƵƚĂƌƋƵŝĂ� ͞ƐƵŝ� ŐĞŶĞƌŝƐ͕͟�ŽƵ�ƐĞũĂ͕�ƵŵĂ�ĞƐƉĠĐŝĞ�ĚŝĨĞƌĞŶƚĞ�ĚĞ�ĂƵƚĂƌƋƵŝĂ͕�ƵŵĂ�ǀĞnj�ƋƵĞ�Ă�ŵĞƐŵĂ�ŶĆŽ�ƐĞŐƵĞ�ƚŽĚĂƐ� ĂƐ�ŶŽƌŵĂƐ�ĚĞ�ĚŝƌĞŝƚŽ�ƉƷďůŝĐŽ͘ �y͗�EĆŽ�ĞdžŝƐƚĞ ĐŽŶĐƵƌƐŽ�ƉƷďůŝĐŽ�ƉĂƌĂ�ƚƌĂďĂůŚĂƌ�ŶĂ�K��͘� Ͳ �hd�ZYh/��/Ed�Z&���Z�d/s�͖ K�^͗� /ŶƚĞƌĨĞĚĞƌĂƚŝǀĂ� ƐŝŐŶŝĨŝĐĂ� Ă� ƌĞƵŶŝĆŽ� ĞŶƚƌĞ� ĞŶƚĞƐ� ĨĞĚĞƌĂĚŽƐ� ;hŶŝĆŽ͕� �ƐƚĂĚŽƐ͕� �&� Ğ� DƵŶŝĐşƉŝŽƐͿ͘ ��>Ğŝ�ϭϭ͘ϭϬϳͲϬϱ�;>Ğŝ�ĚŽƐ��ŽŶƐſƌĐŝŽƐ�WƷďůŝĐŽƐͿ͕�ƌĞŐƵůĂŵĞŶƚĂ Ă�ĐƌŝĂĕĆŽ�ĚĞ�ĐŽŶƐſƌĐŝŽƐ ƉƷďůŝĐŽƐ͘� �ŶƚĞŶĚĞͲƐĞ� ƉŽƌ� �ŽŶƐſƌĐŝŽ� WƷďůŝĐŽ� Ă� ƌĞƵŶŝĆŽ� ĚĞ� ĞŶƚĞƐ� ĨĞĚĞƌĂĚŽƐ� ƋƵĞ� ďƵƐĐĂŵ� Ƶŵ� ŽďũĞƚŝǀŽ� ĐŽŵƵŵ͘ KĐŽƌƌĞ� ƋƵĞ͕� ƋƵĂŶĚŽ�Ƶŵ� ĐŽŶƐſƌĐŝŽ� ƉƷďůŝĐŽ� Ġ� ĨŽƌŵĂĚŽ͕� ĐƌŝĂͲƐĞ� ŶŽǀĂ� ƉĞƐƐŽĂ� ũƵƌşĚŝĐĂ�ĚĞ� ĚŝƌĞŝƚŽ� ƉƷďůŝĐŽ� ĚŝĨĞƌĞŶƚĞŵĞŶƚĞ� ĚŽƐ� ĞŶƚĞƐ� ĨĞĚĞƌĂĚŽƐ� ƋƵĞ� Ă� ĐŽŵƉƁĞŵ͕� ĚĞŶŽŵŝŶĂĚĂ� ĚĞ��^^K�/���K� Wj�>/��͕�ƉŽƐƐƵŝŶĚŽ�Ă�ŵĞƐŵĂ�ŶĂƚƵƌĞnjĂ�ũƵƌşĚŝĐĂ�ĚĞ�ĂƵƚĂƌƋƵŝĂ�ŝŶƚĞƌĨĞĚĞƌĂƚŝǀĂ͘ �y͗� hE/�K�н� �^d��K��K�Z/K�'Z�E����K� ^h>�н�DhE/�/W/K����WKZdK��>�'Z�� ĨŽƌŵĂŵ�Ƶŵ� ŐƌƵƉŽ� ;�KE^MZ�/K� Wj�>/�K� ŶĂ� ŵŽĚĂůŝĚĂĚĞ� ĚĞ� �^^K�/���K� Wj�>/��Ϳ� ǀŝƐĂŶĚŽ� ƉƌĞƐƚĂƌ� Ƶŵ� ŵĞůŚŽƌ�ƐĞƌǀŝĕŽ�ƉƷďůŝĐŽ�ĚĞ�ƐĂƷĚĞ�ŶĂ�ƌĞƐƉĞĐƚŝǀĂ�ƌĞŐŝĆŽ͘� �ƐƐŝŵ͕�ŶŽ�ĞdžĞŵƉůŽ� ĂĐŝŵĂ͕� Ă� ĂƐƐŽĐŝĂĕĆŽ�ƉƷďůŝĐĂ� ĐŽŶƐƚŝƚƵşĚĂ�ƉĞůŽƐ� ĞŶƚĞƐ�ƉŽůşƚŝĐŽƐ� ƐƵƉƌĂĐŝƚĂĚŽƐ� ƉŽƐƐƵŝƌĄ�ŶĂƚƵƌĞnjĂ�ũƵƌşĚŝĐĂ�ĚĞ��hd�ZYh/��/Ed�Z&���Z�d/s�͘ � 5(63216$%,/,'$'(�&,9,/� WŽĚĞŵŽƐ�ĐŽŶĐĞŝƚƵĂƌ�ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ�Đŝǀŝů�ĐŽŵŽ�Ă�ŽďƌŝŐĂĕĆŽ�ĚĞ�ƌĞƉĂƌĂƌ�Ƶŵ�ĚĂŶŽ�ĐĂƵƐĂĚŽ͘ KĐŽƌƌĞ�ƋƵĞ�Ă�ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ�Đŝǀŝů�ƉŽƐƐƵŝ�ĚƵĂƐ�ĞƐƉĠĐŝĞƐ͗ Ͳ Z�^WKE^��/>/������/s/>�^h�:�d/s�͖ ��ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ�Đŝǀŝů�ƐƵďũĞƚŝǀĂ�Ġ�ĂƋƵĞůĂ�ƋƵĞ�ĞdžŝŐĞ�Ă�ƉƌĞƐĞŶĕĂ�ĚĞ��h>W��ŽƵ��K>K�ƉŽƌ�ƉĂƌƚĞ� ĚŽ�ĂŐĞŶƚĞ�ĐĂƵƐĂĚŽƌ�ĚŽ�ĚĂŶŽ͘� ^ĆŽ�ƌĞƋƵŝƐŝƚŽƐ�ĚĂ�ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ�Đŝǀŝů�ƐƵďũĞƚŝǀĂ͗ � &21'87$� � '$12� � 1(;2�&$86$/� � '2/2�28�&8/3$�325�3$57(�'2�$*(17(�&$86$'25�'2�'$12�� �ĞƐƚĞ�ŵŽĚŽ͕�ƐĞŐƵŶĚŽ�Ă�ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ�ƐƵďũĞƚŝǀĂ͕�ƐŽŵĞŶƚĞ�ŶĂƐĐĞƌĄ�Ă ŽďƌŝŐĂĕĆŽ�ĚĞ�ƌĞƉĂƌĂƌ�Ž� ĚĂŶŽ�;ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ�ĐŝǀŝůͿ͕�ƐĞ�ĐŽŵƉƌŽǀĂĚŽ�ƋƵĞ�Ž�ĂŐĞŶƚĞ�ĐĂƵƐĂĚŽƌ�ĚŽ�ĚĂŶŽ�ĂŐŝƵ�ĐŽŵ�ĚŽůŽ ŽƵ� ĐƵůƉĂ ;ĞůĞŵĞŶƚŽ�ƐƵďũĞƚŝǀŽ�ĞdžŝŐŝĚŽ�ƉĂƌĂ�ĐŽŶĨŝŐƵƌĂĕĆŽ�ĚŽ�ĚĞǀĞƌ�ĚĞ�ŝŶĚĞŶŝnjĂƌͿ͘� Ͳ Z�^WKE^��/>/������/s/>�K�:�d/s�͖� ��ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ�Đŝǀŝů�ŽďũĞƚŝǀĂ�Ġ�ĂƋƵĞůĂ�ƋƵĞ�E�K�ĞdžŝŐĞ�Ă�ƉƌĞƐĞŶĕĂ�ĚĞ�ĐƵůƉĂ�ŽƵ�ĚŽůŽ�ƉŽƌ�ƉĂƌƚĞ� ĚŽ�ĂŐĞŶƚĞ�ĐĂƵƐĂĚŽƌ�ĚŽ�ĚĂŶŽ͕ ďĂƐƚĂŶĚŽ�ƉĂƌĂ�ƚĂŶƚŽ�ƋƵĞ�ƐĞ�ĐŽŵƉƌŽǀĞ�Ă�ĐŽŶĚƵƚĂ͕�Ž�ĚĂŶŽ�ĐĂƵƐĂĚŽ� Ğ�Ž�ŶĞdžŽ�ĐĂƵƐĂů�ĞŶƚƌĞ�ĞůĞƐ͘� ^ĆŽ�ƌĞƋƵŝƐŝƚŽƐ�ĚĂ�ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ�Đŝǀŝů�ŽďũĞƚŝǀĂ͗ � &21'87$� � '$12� � 1(;2�&$86$/� �h/���K͗�^ĞŐƵŶĚŽ�Ă��ŽŶƐƚŝƚƵŝĕĆŽ�&ĞĚĞƌĂů͕�Ğŵ�ƐĞƵ�Ăƌƚ͘�ϯϳ͕�Α�ϲǑ͗ � �� $V� SHVVRDV� MXUtGLFDV� GH� GLUHLWR� S~EOLFR H� DV� GH� GLUHLWR� SULYDGR� SUHVWDGRUDV�GH�VHUYLoRV�S~EOLFRV UHVSRQGHUmR�SHORV�GDQRV�TXH�VHXV�DJHQWHV��QHVVD� TXDOLGDGH�� FDXVDUHP� D� WHUFHLURV�� DVVHJXUDGR� R� GLUHLWR� GH� UHJUHVVR� FRQWUD� R� UHVSRQViYHO�QRV�FDVRV�GH�GROR�RX�FXOSD� �ĞƐƚĂ� ĨŽƌŵĂ͕� Ğŵ� ĚĞĐŽƌƌġŶĐŝĂ� ĚĂƐ� ĂƵƚĂƌƋƵŝĂƐ� ƐĞƌĞŵ� ƉĞƐƐŽĂƐ� ũƵƌşĚŝĐĂƐ� ĚĞ� ĚŝƌĞŝƚŽ� ƉƷďůŝĐŽ͕� ĂƐ� ŵĞƐŵĂƐ� ƐĞ� ƐƵďŵĞƚĞŵ� ĂƐ� ƌĞŐƌĂƐ� ĚĂ� ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ� Đŝǀŝů� K�:�d/s�͕� ƐĞŶĚŽ� ĂƐƐĞŐƵƌĂĚŽ� ĂƐ� ŵĞƐŵĂƐ�Ž�ĚŝƌĞŝƚŽ�ĚĞ� ƌĞŐƌĞƐƐŽ�ĐŽŶƚƌĂ�Ž� ƌĞƐƉŽŶƐĄǀĞů�ƉĞůŽ�ĚĂŶŽ�ƋƵĂŶĚŽ�ĞƐƚĞ�ĂŐŝƌ� ĐŽŵ�ĚŽůŽ�ŽƵ� ĐƵůƉĂ͘� � ,081,'$'(�75,%87É5,$� ���ŽŶƐƚŝƚƵŝĕĆŽ�&ĞĚĞƌĂů�ĐŽŶĨĞƌĞ�ŝŵƵŶŝĚĂĚĞ�ƚƌŝďƵƚĄƌŝĂ�;ŶŽ�ƋƵĞ�ƚĂŶŐĞ�ĂŽƐ�ŝŵƉŽƐƚŽƐͿ�ăƐ�ĂƵƚĂƌƋƵŝĂƐ͕� ĚĞƐĚĞ�ƋƵĞ�Ă�ŝŵƵŶŝĚĂĚĞ�ƌĞĐĂŝĂ�ƐŽďƌĞ�ƐƵĂ�ĨŝŶĂůŝĚĂĚĞ�ĞƐƉĞĐşĨŝĐĂ͘ �y͗��ƵƚĂƌƋƵŝĂ�͞y͟�ƌĞĐĞďĞ�ĚĞƚĞƌŵŝŶĂĚŽ�ŝŵſǀĞů�ƉĂƌĂ�ƵƚŝůŝnjĄͲůŽ�ŶŽ�ĚĞƐĞŵƉĞŶŚŽ�ĚĞ�ƐƵĂ�ĨŝŶĂůŝĚĂĚĞ� ;ĞdžĞĐƵĕĆŽ� ĚĂ� ĂƚŝǀŝĚĂĚĞ� Ă� ƋƵĂů� ĨŽŝ� ĐƌŝĂĚĂͿ͘� KĐŽƌƌĞ� ƋƵĞ� Ž� ŝŵſǀĞů� ĂŝŶĚĂ� ŶĆŽ� ĨŽŝ� ĞĨĞƚŝǀĂŵĞŶƚĞ� ƵƚŝůŝnjĂĚŽ͘�EĞƐƚĞ�ĐĂƐŽ͕�ƉŽƌ�ŶĆŽ�ĞƐƚĂƌ�ƐĞŶĚŽ�ƵƚŝůŝnjĂĚŽ�ĞĨĞƚŝǀĂŵĞŶƚĞ�Ğŵ�ƐƵĂ�ĨŝŶĂůŝĚĂĚĞ�ĞƐƉĞĐŝĨŝĐĂ͕� ŶĆŽ�ŐŽnjĂƌĄ�ĚĞ�ŝŵƵŶŝĚĂĚĞ�ƚƌŝďƵƚĄƌŝĂ�;ŝŵƉŽƐƚŽƐ�ʹ /WdhͿ͘� �d�E��K͗� �ƐƐŝŵ͕� ƐĞ� Ă� ƉƌŽǀĂ� ůŚĞ� ƉĞƌŐƵŶƚĂƌ� ƐĞ� ĂƐ� ĂƵƚĂƌƋƵŝĂƐ� ƉŽƐƐƵĞŵ� ŝŵƵŶŝĚĂĚĞ� ƚƌŝďƵƚĄƌŝĂ͕� ƌĞƐƉŽŶĚĂ� ƋƵĞ� ^/D͕� ƉŽƌĠŵ͕� ƐĞ� Ă� ŵĞƐŵĂ� ĂƉƌŽĨƵŶĚĂƌ� Ž� ƚĞŵĂ� Ğ� ƉĞƌŐƵŶƚĂƌ� ƐĞ� ^�DWZ�� ĂƐ� ĂƵƚĂƌƋƵŝĂƐ�ƚĞƌĄ�ŝŵƵŶŝĚĂĚĞ�ƚƌŝďƵƚĄƌŝĂ͕�ƌĞƐƉŽŶĚĂ�ƋƵĞ�ŶĆŽ͕�ƉŽŝƐ�Ă�ŝŵƵŶŝĚĂĚĞ�ƚƌŝďƵƚĄƌŝĂ�;ƋƵĞ�ƌĞĐĂŝ� ĂƉĞŶĂƐ� ƐŽďƌĞ� ŝŵƉŽƐƚŽƐͿ͕� ƐŽŵĞŶƚĞ� ƐĞƌĄ� ĐŽŶĨĞƌŝĚĂ� ŶŽƐ� ĐĂƐŽƐ� Ğŵ� ƋƵĞ� ŚĂũĂ� ƌĞůĂĕĆŽ� ĞŶƚƌĞ� Ă� ŝŵƵŶŝĚĂĚĞ�Ğ�Ă�ĞdžĞĐƵĕĆŽ�ĚĞ�ƐƵĂƐ�ĨŝŶĂůŝĚĂĚĞƐ͘� � '83/2�*5$8�'(�-865,6',d®2�2%5,*$7Ð5,2� �Ɛ�ƐĞŶƚĞŶĕĂƐ�ƋƵĞ� ũƵůŐĂƌĞŵ ƉƌŽĐĞĚĞŶƚĞ ƋƵĂůƋƵĞƌ�ƉƌĞƚĞŶƐĆŽ�ĐŽŶƚƌĂ�ĂƵƚĂƌƋƵŝĂ�ʹ ƐĞũĂ�ĞůĂ�ĚĞ�ƋƵĞ� ĞƐĨĞƌĂ� ĨŽƌ͕� ĨĞĚĞƌĂů͕� ĞƐƚĂĚƵĂů͕� ĚŝƐƚƌŝƚĂů� ŽƵ� ŵƵŶŝĐŝƉĂů� ʹ Ɛſ� ƉƌŽĚƵnjŝƌĆŽ� ĞĨĞŝƚŽƐ� ĂƉſƐ� Ă� ƌĞŵĞƐƐĂ� ŶĞĐĞƐƐĄƌŝĂ� ĂŽ� ƚƌŝďƵŶĂů� ƌĞƐƉĞĐƚŝǀŽ͕� ŶŽƐ� ĞdžĂƚŽƐ� ƚĞƌŵŽƐ� ĚŽ� ŝŶĐŝƐŽ� /� ĚŽ� Ăƌƚ͘� ϰϵϲ� ĚŽ� �ſĚŝŐŽ� ĚĞ� WƌŽĐĞƐƐŽ��ŝǀŝů͕�Ă�ƐĞŐƵŝƌ�ƌĞƉƌŽĚƵnjŝĚŽ͕ǀĞƌďŝƐ͗ $UW�� ���� (VWi� VXMHLWD� DR� GXSOR� JUDX� GH� MXULVGLomR� QmR� SURGX]LQGR� HIHLWR� VHQmR� GHSRLV�GH�FRQILUPDGD�SHOR�WULEXQDO� D�VHQWHQoD� ,� � SURIHULGD�FRQWUD D�8QLmR��RV�(VWDGRV��R�'LVWULWR�)HGHUDO��RV�0XQLFtSLRV� H VXDV� UHVSHFWLYDV�DXWDUTXLDV H�IXQGDo}HV�GH�GLUHLWR�S~EOLFR� � )250$� '(� &21752/(� (;(5&,'2� 3(/$� $'0,1,675$d®2� 3Ô%/,&$� ',5(7$� (0� )$&(�'$�$'0,1,675$d®2�3Ô%/,&$�,1',5(7$� �d�E��K͗� K� ĐŽŶƚƌŽůĞ� ƌĞĂůŝnjĂĚŽ� ƉĞůĂ� �ĚŵŝŶŝƐƚƌĂĕĆŽ� WƷďůŝĐĂ� �ŝƌĞƚĂ� Ğŵ� ĨĂĐĞ� ĚĂ� �ĚŵŝŶŝƐƚƌĂĕĆŽ� WƷďůŝĐĂ�/ŶĚŝƌĞƚĂ�Ġ�ĚĞŶŽŵŝŶĂĚŽ�ĐŽŵŽ�ĐŽŶƚƌŽůĞ�ĨŝŶĂůşƐƚŝĐŽ�;ƚƵƚĞůĂͿ͘ �ŶƚĞŶĚĞͲƐĞ�ƉŽƌ�ĐŽŶƚƌŽůĞ�ĨŝŶĂůşƐƚŝĐŽ�ĂƋƵĞůĞ�ƋƵĞ�ďƵƐĐĂ�ĨŝƐĐĂůŝnjĂƌ�ƐĞ�Ă�ĞŶƚŝĚĂĚĞ�ĚĂ�ĂĚŵŝŶŝƐƚƌĂĕĆŽ� ƉƷďůŝĐĂ�ŝŶĚŝƌĞƚĂ�ĞƐƚĄ�ĐƵŵƉƌŝŶĚŽ�ĂƐ�&/E�>/����^ ƉĂƌĂ�ŽƐ�ƋƵĂŝƐ�ĨŽŝ�ĐƌŝĂĚĂ͘ �h/���K͗�EĆŽ�ƐĞ�ƚƌĂƚĂ�ĚĞ�ĐŽŶƚƌŽůĞ�ŚŝĞƌĄƌƋƵŝĐŽ͕ ƵŵĂ�ǀĞnj�ƋƵĞ�Ž�ŵĞƐŵŽ�ƐŽŵĞŶƚĞ�ŽĐŽƌƌĞ�ĚĞŶƚƌŽ� ĚĞ� ƵŵĂ� ŵĞƐŵĂ� ƉĞƐƐŽĂ� ũƵƌşĚŝĐĂ͘� �ĚĞŵĂŝƐ͕� ŶĆŽ� ŚĄ� ƐƵďŽƌĚŝŶĂĕĆŽ� ĚĂ� ĂĚŵŝŶŝƐƚƌĂĕĆŽ� ƉƷďůŝĐĂ� ŝŶĚŝƌĞƚĂ�Ğŵ�ƌĞůĂĕĆŽ�Ă�ĂĚŵŝŶŝƐƚƌĂĕĆŽ�ƉƷďůŝĐĂ�ĚŝƌĞƚĂ͕�ŵĂƐ�Ɛŝŵ�ǀŝŶĐƵůĂĕĆŽ͘ 48(67¯(6�'(�&21&8562 /�'W�ʹ WZK�hZ��KZ�DhE/�/W�>�ʹ ϮϬϭϴ� �� ƐĂďŝĚŽ� ƋƵĞ� Ž� �ƐƚĂĚŽ� ƉŽĚĞ� ĐƌŝĂƌ� ĞŶƚŝĚĂĚĞƐ͕� ĚŽƚĂĚĂƐ� ĚĞ� ĂƵƚŽŶŽŵŝĂ� Ğ� ƉĞƌƐŽŶĂůŝĚĂĚĞ� ũƵƌşĚŝĐĂ� ƉƌſƉƌŝĂ� ĚĞ� ĚŝƌĞŝƚŽ� ƉƷďůŝĐŽ͕� ƉĂƌĂ� ĚĞƐĞŵƉĞŶŚĂƌ� ĂƚŝǀŝĚĂĚĞƐ� ĐŽŶƐŝĚĞƌĂĚĂƐ�ƉƌſƉƌŝĂƐ�Ğ�ƚşƉŝĐĂƐ�ĚŽ�ƉŽĚĞƌ�ƉƷďůŝĐŽ͘ �Ğ�ĂĐŽƌĚŽ�ĐŽŵ�ĂƐ�ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ�ĂƉƌĞƐĞŶƚĂĚĂƐ͕�Ă�ĨŽƌŵĂ�ĚĞ�ĚĞƐĐĞŶƚƌĂůŝnjĂĕĆŽ�ƋƵĞ� ƐĞ�ŵŽƐƚƌĂ�ŵĂŝƐ ���Yh��� Ġ�Ă͗ �Ϳ &ƵŶĚĂĕĆŽ�WƷďůŝĐĂ͘ �Ϳ �ŵƉƌĞƐĂ�WƷďůŝĐĂ͘ �Ϳ �ƵƚĂƌƋƵŝĂ͘ �Ϳ ^ŽĐŝĞĚĂĚĞ�ĚĞ��ĐŽŶŽŵŝĂ�DŝƐƚĂ͘ ��^W��ʹ �h�/dKZ�&/^��>����Z���/d���^d��h�>�ʹ Z^�ʹ ϮϬϭϵ� �� ĞŶƚŝĚĂĚĞ� ĚĂ� ĂĚŵŝŶŝƐƚƌĂĕĆŽ� ƉƷďůŝĐĂ� ŝŶĚŝƌĞƚĂ� ĐƌŝĂĚĂ� ƉŽƌ� ŵĞŝŽ� ĚĞ� ůĞŝ� ƉĂƌĂ� ĚĞƐĞŵƉĞŶŚŽ� ĚĞ� ĂƚŝǀŝĚĂĚĞƐ� ĞƐƉĞĐşĨŝĐĂƐ͕� ĐŽŵ� ƉĞƌƐŽŶĂůŝĚĂĚĞ� ũƵƌşĚŝĐĂ� ƉƷďůŝĐĂ� Ğ� ĐĂƉĂĐŝĚĂĚĞ�ĚĞ�ĂƵƚŽĂĚŵŝŶŝƐƚƌĂĕĆŽ�Ġ�Ă $� ĂƵƚĂƌƋƵŝĂ͘ %� ĨƵŶĚĂĕĆŽ�ƉƌŝǀĂĚĂ͘ &� ƐŽĐŝĞĚĂĚĞ�ĚĞ�ĞĐŽŶŽŵŝĂ�ŵŝƐƚĂ͘ '� ĞŵƉƌĞƐĂ�ƉƷďůŝĐĂ͘ (� ĞŵƉƌĞƐĂ�ƐƵďƐŝĚŝĄƌŝĂ͘ shE�^W�ʹ d��E/�K���D/E/^dZ�d/sK�ʹ ϮϬϭϵ� �Ϳ �Ɛ� ƐŽĐŝĞĚĂĚĞƐ� ĚĞ� ĞĐŽŶŽŵŝĂ� ŵŝƐƚĂ� ƉŽƐƐƵĞŵ� ƉĞƌƐŽŶĂůŝĚĂĚĞ� ũƵƌşĚŝĐĂ� ĚĞ� ĚŝƌĞŝƚŽ�ƉƷďůŝĐŽ�Ğ�ŝŶƚĞŐƌĂŵ�Ă�ĂĚŵŝŶŝƐƚƌĂĕĆŽ�ƉƷďůŝĐĂ�ĚŝƌĞƚĂ͘ �Ϳ �Ɛ�ĞŵƉƌĞƐĂƐ�ƉƷďůŝĐĂƐ�ƉŽƐƐƵĞŵ�ƉĞƌƐŽŶĂůŝĚĂĚĞ� ũƵƌşĚŝĐĂ�ĚĞ�ĚŝƌĞŝƚŽ�ƉƷďůŝĐŽ�Ğ� ŝŶƚĞŐƌĂŵ�Ă�ĂĚŵŝŶŝƐƚƌĂĕĆŽ�ƉƷďůŝĐĂ�ĚŝƌĞƚĂ�Ğ�ŝŶĚŝƌĞƚĂ͘ �Ϳ �Ɛ� ĨƵŶĚĂĕƁĞƐ� ŶĆŽ� ƉŽƐƐƵĞŵ� ƉĞƌƐŽŶĂůŝĚĂĚĞ� ũƵƌşĚŝĐĂ� Ğ� ŝŶƚĞŐƌĂŵ� Ă� ĂĚŵŝŶŝƐƚƌĂĕĆŽ�ƉƷďůŝĐĂ�ĚŝƌĞƚĂ͘ �Ϳ �Ɛ�ĞŵƉƌĞƐĂƐ�ƉƷďůŝĐĂƐ�ƉŽƐƐƵĞŵ�ƉĞƌƐŽŶĂůŝĚĂĚĞ� ũƵƌşĚŝĐĂ�ĚĞ�ĚŝƌĞŝƚŽ�ƉƷďůŝĐŽ�Ğ� ƉƌŝǀĂĚŽ�Ğ�ŝŶƚĞŐƌĂŵ�ĞdžĐůƵƐŝǀĂŵĞŶƚĞ�Ă�ĂĚŵŝŶŝƐƚƌĂĕĆŽ�ƉƷďůŝĐĂ�ĚŝƌĞƚĂ͘ �Ϳ �Ɛ�ĂƵƚĂƌƋƵŝĂƐ�ƉŽƐƐƵĞŵ�ƉĞƌƐŽŶĂůŝĚĂĚĞ�ũƵƌşĚŝĐĂ�ĚĞ�ĚŝƌĞŝƚŽ�ƉƷďůŝĐŽ�Ğ�ŝŶƚĞŐƌĂŵ� Ă�ĂĚŵŝŶŝƐƚƌĂĕĆŽ�ƉƷďůŝĐĂ�ŝŶĚŝƌĞƚĂ͘ &�W�^��ʹ ��sK'��K�ʹ ϮϬϭϲ� ��ĂƵƚĂƌƋƵŝĂ͕�ƋƵĞ�Ɛſ�ƉŽĚĞ ƐĞƌ�ĐƌŝĂĚĂ�ƉŽƌ�ĂƵƚŽƌŝnjĂĕĆŽ�ůĞŐĂů͕�ĂĚƋƵŝƌĞ�ƉĞƌƐŽŶĂůŝĚĂĚĞ� ũƵƌşĚŝĐĂ�ĐŽŵ�Ă�ŝŶƐĐƌŝĕĆŽ�ĚĂ�ĞƐĐƌŝƚƵƌĂ�ƉƷďůŝĐĂ�ĚĞ�ƐƵĂ�ĐŽŶƐƚŝƚƵŝĕĆŽ�ŶŽ�ZĞŐŝƐƚƌŽ��ŝǀŝů� ĚĞ�WĞƐƐŽĂƐ�:ƵƌşĚŝĐĂƐ͘ ��ZdK �ZZ��K shE�^W�ʹ WZK�hZ��KZ�ʹ ϮϬϭϳ� �Ɛ��ƵƚĂƌƋƵŝĂƐ�ƐĆŽ�ƉĞƐƐŽĂƐ�ũƵƌşĚŝĐĂƐ�ĚĞ��ŝƌĞŝƚŽ�WƷďůŝĐŽ�Ğ͕�ƉŽƌƚĂŶƚŽ͕�ŐŽnjĂŵ�ĚĞ�ƚŽĚĂƐ� ĂƐ�ŐĂƌĂŶƚŝĂƐ�Ğ�ĐĂƉĂĐŝĚĂĚĞƐ�ƋƵĞ�Ƶŵ�ĞŶƚĞ�ĚĂ��ĚŵŝŶŝƐƚƌĂĕĆŽ��ŝƌĞƚĂ͕� ŝŶĐůƵƐŝǀĞ�ƉĂƌĂ� ůĞŐŝƐůĂƌ͘ ��ZdK �ZZ��K Yh��Z/y�ʹ �ZDͲ�&�ʹ �^^/^d�Ed����D/E/^dZ�d/sK�ʹ ϮϬϭϴ :ƵůŐƵĞ�Ž�ŝƚĞŵ�ƐĞŐƵŝŶƚĞ�ĂĐĞƌĐĂ�ĚĂƐ�ĂƵƚĂƌƋƵŝĂƐ�Ğ�ĚĂ�ŽƌŐĂŶŝnjĂĕĆŽ�ĂĚŵŝŶŝƐƚƌĂƚŝǀĂ�ĚĂ� hŶŝĆŽ͘ �Ɛ�ĂƵƚĂƌƋƵŝĂƐ�ĞƐƚĆŽ�ƐƵũĞŝƚĂƐ�ĂŽ�ĚƵƉůŽ�ŐƌĂƵ�ĚĞ� ũƵƌŝƐĚŝĕĆŽ�ŽďƌŝŐĂƚſƌŝŽ͕� ĐŽŶƚƌĂ�ĞůĂƐ� ƐŽŵĞŶƚĞ�ƉƌŽĚƵnjŝŶĚŽ�ĞĨĞŝƚŽ�ĞǀĞŶƚƵĂů� ƐĞŶƚĞŶĕĂ�ĐŽŶĚĞŶĂƚſƌŝĂ�ĂƉſƐ�Ă�ĐŽŶĨŝƌŵĂĕĆŽ� ƉŽƌ�ƚƌŝďƵŶĂů͘ ��ZdK �ZZ��K Yh��Z/y�ʹ �ZDͲ�&�ʹ �^^/^d�Ed����D/E/^dZ�d/sK�ʹ ϮϬϭϴ :ƵůŐƵĞ�Ž�ŝƚĞŵ�ƐĞŐƵŝŶƚĞ�ĂĐĞƌĐĂ�ĚĂƐ�ĂƵƚĂƌƋƵŝĂƐ�Ğ�ĚĂ�ŽƌŐĂŶŝnjĂĕĆŽ�ĂĚŵŝŶŝƐƚƌĂƚŝǀĂ�ĚĂ� hŶŝĆŽ͘ �Ɛ� ĂƵƚĂƌƋƵŝĂƐ� Ğŵ� ƌĞŐŝŵĞ� ĞƐƉĞĐŝĂů� ƉŽƐƐƵĞŵ͕� ĐŽŵŽ� ƚƌĂĕŽ� ĞƐƐĞŶĐŝĂů͕� ĚŝƐĐŝƉůŝŶĂ� ũƵƌşĚŝĐĂ� ĞƐƉĞĐşĨŝĐĂ� ƋƵĞ� ůŚĞƐ� ĂƚƌŝďƵŝ� ĐĞƌƚĂƐ� ƉƌĞƌƌŽŐĂƚŝǀĂƐ� ŶĆŽ� ĐŽŶĐĞĚŝĚĂƐ ŝŶĚŝƐĐƌŝŵŝŶĂĚĂŵĞŶƚĞ�ăƐ�ĚĞŵĂŝƐ�ĂƵƚĂƌƋƵŝĂƐ͘ ��ZdK �ZZ��K *$%$5,72����&�² ��$�² ��(�² ��(�² ��(��� ��&�² ��& x )81'$d¯(6�3Ô%/,&$6 � &$5$&7(5Ì67,&$6� Ͳ W�^^K��:hZ1�/�������/Z�/dK�WZ/s��K͖ �d�E��K͗� �Ɛ� &ƵŶĚĂĕƁĞƐ� WƷďůŝĐĂƐ� ƉŽĚĞŵ� ƐĞƌ� ĐƌŝĂĚĂƐ� ĐŽŵ� ƉĞƌƐŽŶĂůŝĚĂĚĞ� ũƵƌşĚŝĐĂ� ĚĞ� ĚŝƌĞŝƚŽ� ƉƷďůŝĐŽ͕�ƉŽƌĠŵ͕�ŶĞƐƚĞƐ�ĐĂƐŽƐ͕�Ă�ŵĞƐŵĂ�ƐĞƌĄ�Ƶŵ�ĞƐƉĠĐŝĞ�ĚĞ��hd�ZYh/��;&ƵŶĚĂĕĆŽ��ƵƚĄƌƋƵŝĐĂ� ŽƵ��ƵƚĂƌƋƵŝĂ�&ƵŶĚĂĐŝŽŶĂůͿ͘� K�^͗� �ƉĞůŝĚĂĚĂ�ĚĞ� ͞&ƵŶĚĂĕĆŽ�dƌĂǀĞƐƚŝ͕͟� ŽƵ� ƐĞũĂ͕� ĂƉĂƌĞŶƚĂ� ƐĞƌ ƵŵĂ� ĐŽŝƐĂ� ;&ƵŶĚĂĕĆŽͿ͕�ŵĂƐ�ŶĂ� ǀĞƌĚĂĚĞ�Ġ�ŽƵƚƌĂ�ĐŽŝƐĂ�;ĞƐƉĠĐŝĞ�ĚĞ�ĂƵƚĂƌƋƵŝĂͿ͘� Ͳ �Z/���� D��/�Ed�� �hdKZ/���K� WKZ� >�/� �� WK^d�/KZD�Ed�� Z�'/^dZ��K� ^�h^� �dK^� �KE^d/dhd/sK^��D���ZdMZ/K͖ K�^͗� �ŝĨĞƌĞŶƚĞŵĞŶƚĞ� ĚĂƐ� ĂƵƚĂƌƋƵŝĂƐ͕� ƋƵĞ� ƐĆŽ� ĐƌŝĂĚĂƐ� ĚŝƌĞƚĂŵĞŶƚĞ� ƉŽƌ� ůĞŝ� ĞƐƉĞĐşĨŝĐĂ͕� ĂƐ� &ƵŶĚĂĕƁĞƐ�WƷďůŝĐĂƐ�ƐŽŵĞŶƚĞ�ĂĚƋƵŝƌĞŵ�ƉĞƌƐŽŶĂůŝĚĂĚĞ� ũƵƌşĚŝĐĂ� ;ŶĂƐĐĞŵ�ƉĂƌĂ�Ž�ĚŝƌĞŝƚŽͿ͕�ĂƉſƐ�Ž� ƌĞŐŝƐƚƌŽ�ĚĞ�ƐĞƵƐ�ĂƚŽƐ�ĐŽŶƐƚŝƚƵƚŝǀŽƐ�Ğŵ�ĐĂƌƚſƌŝŽ͘� �ĞƐƚĂ�ĨŽƌŵĂ͕�ƐĆŽ�ƌĞƋƵŝƐŝƚŽƐ�ƉĂƌĂ�Ă�ĐƌŝĂĕĆŽ�ĚĂƐ�&ƵŶĚĂĕƁĞƐ�WƷďůŝĐĂƐ͗ Ͳ �hdKZ/���K�>�'�>͖ Ͳ Z�'/^dZK��D���ZdMZ/K͘ Ͳ >�/��KDW>�D�Ed�Z���&/E/�KZ���K�^�h���DWK�����dh���K͖ �� �ŽŶƐƚŝƚƵŝĕĆŽ� &ĞĚĞƌĂů� ĚĞƚĞƌŵŝŶĂ� ƋƵĞ� ĐŽŵƉĞƚĞ� Ă� >�/� �KDW>�D�Ed�Z ĚĞĨŝŶŝƌ� Ž� ĐĂŵƉŽ� ĚĞ� ĂƚƵĂĕĆŽ�ĚĂƐ�&ƵŶĚĂĕƁĞƐ�WƷďůŝĐĂƐ͘� KĐŽƌƌĞ� ƋƵĞ͕� ĂƉĞƐĂƌ� ĚĂ� ĞdžŝŐġŶĐŝĂ� ĐŽŶƐƚŝƚƵĐŝŽŶĂů͕� ŶĂ� ĂƚƵĂůŝĚĂĚĞ͕� Ă� ƌĞĨĞƌŝĚĂ� >Ğŝ� �ŽŵƉůĞŵĞŶƚĂƌ� ĂŝŶĚĂ� ŶĆŽ� ĨŽŝ� ĐƌŝĂĚĂ͕� ĚĞĨŝŶŝŶĚŽ� ĂƐƐŝŵ� Ă� ĚŽƵƚƌŝŶĂ͕� ĐŽŵŽ� ĐĂŵƉŽ� ĚĞ� ĂƚƵĂĕĆŽ� ĚĂƐ� &ƵŶĚĂĕƁĞƐ� WƷďůŝĐĂƐ�ĂƐ�ĄƌĞĂƐ�ǀŽůƚĂĚĂƐ�ƉĂƌĂ�Ă�ĂƐƐŝƐƚġŶĐŝĂ͕�ĞĚƵĐĂĕĆŽ�Ğ�ĐƵůƚƵƌĂ͘ �y͗�&hE�/͕��/�>/Kd����E��/KE�>͘� Ͳ WZ�^d��KZ�����^�Zs/�K�Wj�>/�K�^�D�&/E^�>h�Z�d/sK^͖ �d�E��K͗� �Ɛ� &ƵŶĚĂĕƁĞƐ� WƷďůŝĐĂƐ� ƉƌĞƐƚĂŵ ƐĞƌǀŝĕŽ� ƉƷďůŝĐŽ� ŶĂƐ�ŵĂŝƐ� ĚŝǀĞƌƐĂƐ� ĄƌĞĂƐ� ;ƉĞƐƋƵŝƐĂ͕� ĞŶƐŝŶŽ͕�ĐƵůƚƵƌĂ͕�ĞŶƚƌĞ�ŽƵƚƌŽƐͿ͕�E�K�WK^^h/E�K�&/E^�>h�Z�d/sK^͘ Ͳ W�dZ/DNE/K�WZMWZ/K͖ �ƐƐŝŵ�ĐŽŵŽ�ĂƐ��ƵƚĂƌƋƵŝĂƐ͕�ĂƐ�&ƵŶĚĂĕƁĞƐ�WƷďůŝĐĂƐ�ƌĞĐĞďĞŵ�ĚĞ�ƐĞƵ�ĞŶƚĞ�ĐƌŝĂĚŽƌ�ƉĂƚƌŝŵƀŶŝŽ͕�ƋƵĞ� ĂŽ�ƐĞƌ�ƌĞƉĂƐƐĂĚŽ�Ă�ŵĞƐŵĂ͕�ĐŽŶƐƚŝƚƵŝͲƐĞ�Ğŵ�ƉĂƚƌŝŵƀŶŝŽ�ƉƌſƉƌŝŽ͘� K�^͗�^Ğ�Ă�ĨƵŶĚĂĕĆŽ�ƉƷďůŝĐĂ�ĨŽƌ�ĞdžƚŝŶƚĂ͕�Ž�ƉĂƚƌŝŵƀŶŝŽ�ƐĞƌĄ�ƌĞƐƚŝƚƵşĚŽ�ĂŽ�ĞŶƚĞ�ƉŽůşƚŝĐŽ�ĐƌŝĂĚŽƌ͘� � &21&(,72�'(�)81'$d¯(6�3Ô%/,&$6� dƌĂƚĂͲƐĞ� ĚĂ� ƉĞƌƐŽŶŝĨŝĐĂĕĆŽ� ĚĞ� ĚĞƚĞƌŵŝŶĂĚŽ� ƉĂƚƌŝŵƀŶŝŽ� ƉƷďůŝĐŽ ĂŽ� ƋƵĂů� Ġ� ĂƚƌŝďƵşĚĂ� ƵŵĂ� ĨŝŶĂůŝĚĂĚĞ�ĞƐƉĞĐşĨŝĐĂ�Ğ�ŶĆŽ� ůƵĐƌĂƚŝǀĂ͕�ĚĞ�ŽƌĚĞŵ�ƐŽĐŝĂů͕�ĂƚƌĂǀĠƐ�ĚĞ�ĂƵƚŽƌŝnjĂĕĆŽ� ůĞŐĂů�ƐĞŐƵŝĚĂ�ĚŽ� ƌĞŐŝƐƚƌŽ�ĚĞ�ƐĞƵƐ�ĂƚŽƐ�ĐŽŶƐƚŝƚƵƚŝǀŽƐ�Ğŵ�ĐĂƌƚſƌŝŽ�ĐŽŵƉĞƚĞŶƚĞ͘� � 5(63216$%,/,'$'(�&,9,/� �ƐƚĂďĞůĞĐĞ� Ž� ƚĞdžƚŽ� ĐŽŶƐƚŝƚƵĐŝŽŶĂů� ƋƵĞ� ĂƐ� ƉĞƐƐŽĂƐ� ũƵƌşĚŝĐĂƐ� ĚĞ� ĚŝƌĞŝƚŽ� ƉƷďůŝĐŽ� Ğ� ĂƐ� ƉĞƐƐŽĂƐ� ũƵƌşĚŝĐĂƐ� ĚĞ� ĚŝƌĞŝƚŽ� ƉƌŝǀĂĚŽ� ƉƌĞƐƚĂĚŽƌĂƐ� ĚĞ� ƐĞƌǀŝĕŽ� ƉƷďůŝĐŽ ƐĞ� ƐƵďŵĞƚĞƌĆŽ� ĂƐ� ƌĞŐƌĂƐ� ĚĂ� ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ�ŽďũĞƚŝǀĂ͕�ŽƵ�ƐĞũĂ͕�ĂƋƵĞůĂ�Ğŵ�ƋƵĞ�Ă�ƌĞƐƉŽŶƐĂďŝůŝnjĂĕĆŽ�ƉŽƌ�ĚĂŶŽƐ�ĐĂƵƐĂĚŽƐ�ƉŽƌ� ƐĞƵƐ�ĂŐĞŶƚĞƐ�E�K���W�E��D������DKE^dZ���K�����K>K�Kh �h>W� ;ĞůĞŵĞŶƚŽ�ƐƵďũĞƚŝǀŽͿ͕� ƉŽƌ�ƉĂƌƚĞ�ĚŽ�ĂŐĞŶƚĞ�ĐĂƵƐĂĚŽƌ͘� K�^͗� �ŽŵŽ� ƐĂďŝĚŽ͕� ĂƐ� &ƵŶĚĂĕƁĞƐ� WƷďůŝĐĂƐ� ƉƌĞƐƚĂŵ� ƐĞƌǀŝĕŽ� ƉƷďůŝĐŽ� ;ƐĞƌǀŝĕŽ� ĚĞ� ŝŶƚĞƌĞƐƐĞ� ĚĂ� ĐŽůĞƚŝǀŝĚĂĚĞͿ͕�Ğ�ƉŽƌ�ĞƐƚĂ�ƌĂnjĆŽ�ƐĞ�ƐƵďŵĞƚĞŵ�ĂƐ�ƌĞŐƌĂƐ�ĚĂ�Z�^WKE^��/>/������/s/>�K�:�d/s�͘ � ,081,'$'(�75,%87É5,$� �ƐƐŝŵ�ĐŽŵŽ�ĂƐ�ĂƵƚĂƌƋƵŝĂƐ͕�ĂƐ�ĨƵŶĚĂĕƁĞƐ�ƉƷďůŝĐĂƐ�ƉŽƐƐƵĞŵ�ŝŵƵŶŝĚĂĚĞ�ƚƌŝďƵƚĄƌŝĂ�;ƌĞĨĞƌĞŶƚĞ�ĂŽƐ� ŝŵƉŽƐƚŽƐͿ͕�ĚĞƐĚĞ�ƋƵĞ�ǀŝŶĐƵůĂĚŽ�ĐŽŵ�ƐƵĂ�ĨŝŶĂůŝĚĂĚĞ�ĞƐƉĞĐşĨŝĐĂ͘ � 5(*,0(�-85Ì',&2�+Ì%5,'2��0,672�� �Ɛ�&ƵŶĚĂĕƁĞƐ�WƷďůŝĐĂƐ�ƐĞ�ƐƵďŵĞƚĞŵ�Ă�ƌĞŐƌĂƐ�;ƌĞŐŝŵĞ�ũƵƌşĚŝĐŽͿ�ŚşďƌŝĚĂƐ͕�ŽƵ�ƐĞũĂ͕�ƐĞ�ƐƵďŵĞƚĞŵ� ĂƐ�ƌĞŐƌĂƐ�ĚĞ�ĚŝƌĞŝƚŽ�ƉƌŝǀĂĚŽ�Ğ�Ă�ĂůŐƵŵĂƐ�ƌĞŐƌĂƐ�ƚşƉŝĐĂƐ�ĚĞ�ĚŝƌĞŝƚŽ�ƉƷďůŝĐŽ͘� K�^͗�^ĆŽ�ĞdžĞŵƉůŽƐ�ĚĞ�ƌĞŐƌĂƐ�ĚĞ�ĚŝƌĞŝƚŽ�ƉƷďůŝĐŽ�ĂƉůŝĐĄǀĞŝƐ�ăƐ�&ƵŶĚĂĕƁĞƐ�WƷďůŝĐĂƐ͗ Ͳ �džŝŐġŶĐŝĂ�ĚĞ�ĐŽŶĐƵƌƐŽ�ƉƷďůŝĐŽ͖ Ͳ >ŝĐŝƚĂĕĆŽ͖ Ͳ WƌĞƐƚĂĕĆŽ�ĚĞ�ĐŽŶƚĂƐ͖ Ͳ &ŝƐĐĂůŝnjĂĕĆŽ�ƉŽƌ�ƉĂƌƚĞ�ĚŽƐ�dƌŝďƵŶĂŝƐ�ĚĞ��ŽŶƚĂƐ͘ � '83/2�*5$8�'(�-85,6',d®2� �h/���K͗�^ŽŵĞŶƚĞ�ĂƐ� ĨƵŶĚĂĕƁĞƐ�ĂƵƚĄƌƋƵŝĐĂƐ ŐŽnjĂŵ�ĚĂ�ƉƌĞƌƌŽŐĂƚŝǀĂ�ƉƌĞǀŝƐƚĂ�ŶŽ� ĂƌƚŝŐŽ�ϰϵϲ͕� ŝŶĐŝƐŽ�/�ĚŽ��ſĚŝŐŽ�ĚĞ�WƌŽĐĞƐƐŽ��ŝǀŝů͕�ƋƵĞ�ƚƌĂƚĂ�ĚŽ�ĚƵƉůŽ�ŐƌĂƵ�ĚĞ�ũƵƌŝƐĚŝĕĆŽ�ŽďƌŝŐĂƚſƌŝŽ͘ � (63e&,(6�'(�)81'$d¯(6� �Ɛ�&ƵŶĚĂĕƁĞƐ�ƐĞ�ĚŝǀŝĚĞŵ�Ğŵ�ƚƌġƐ�ĞƐƉĠĐŝĞƐ͘ EŽƚĞ͗ Ͳ &hE���O�^�WZ/s���^͖ dƌĂƚĂͲƐĞ� ĚĂ� ƉĞƌƐŽŶŝĨŝĐĂĕĆŽ� ĚĞ� ƉĂƚƌŝŵƀŶŝŽ� ƉƌŝǀĂĚŽ� ;ƉĂƌƚŝĐƵůĂƌͿ ǀŽůƚĂĚŽ� ƉĂƌĂ� Ă� ĞdžĞĐƵĕĆŽ� ĚĞ� ĨŝŶĂůŝĚĂĚĞ�ĞƐƉĞĐŝĨŝĐĂ͕�ƐĞŵ�ĨŝŶƐ�ůƵĐƌĂƚŝǀŽƐ�Ğ�ĚĞ�ĐƵŶŚŽ�ƐŽĐŝĂů͘� �y͗�&ƵŶĚĂĕĆŽ��ŝƌƚŽŶ�^ĞŶŶĂ͘� �h/���K͗�WĂƌĂ�ĞĨĞŝƚŽ�ĚĞ��ĚŵŝŶŝƐƚƌĂĕĆŽ WƷďůŝĐĂ� /ŶĚŝƌĞƚĂ͕�ĂƐ�ĨƵŶĚĂĕƁĞƐ�ƉƌŝǀĂĚĂƐ�ŶĆŽ�ƉŽƐƐƵĞŵ� ƌĞůĞǀąŶĐŝĂ͕�ƉŽŝƐ�ĂƐ�ŵĞƐŵĂƐ�ŶĆŽ�ƐĆŽ�ĞŶƚŝĚĂĚĞƐ�ĚĂ�ĂĚŵŝŶŝƐƚƌĂĕĆŽ�ƉƷďůŝĐĂ�ŝŶĚŝƌĞƚĂ͘�K�^͗�^ĆŽ�ƌĞŐŝĚĂƐ�ƉĞůĂƐ�ƌĞŐƌĂƐ�ĚŽ��ſĚŝŐŽ��ŝǀŝů͘� Ͳ &hE���O�^�Wj�>/��^�����/Z�/dK�WZ/s��K�;&hE����K�'Ks�ZE�D�Ed�>Ϳ͖ dƌĂƚĂͲƐĞ� ĚĂ�ƉĞƌƐŽŶŝĨŝĐĂĕĆŽ� ĚĞ� ƉĂƚƌŝŵƀŶŝŽ� ƉƷďůŝĐŽ� ƋƵĞ� Ġ� ĐŽŶƐƚŝƚƵşĚŽ� ƐŽď� Ă� ĨŽƌŵĂ�ĚĞ� ƉĞƐƐŽĂ� ũƵƌşĚŝĐĂ�ĚĞ�ĚŝƌĞŝƚŽ�ƉƌŝǀĂĚŽ͘� �y͗�&ƵŶĂŝ͕��ŝďůŝŽƚĞĐĂ�EĂĐŝŽŶĂů͕�&ƵŶĚĂĕĆŽ�ŽŽůſŐŝĐŽ͕�ĞŶƚƌĞ�ŽƵƚƌŽƐ͘� Ͳ &hE���O�^�Wj�>/��^�����/Z�/dK�Wj�>/�K͖ dƌĂƚĂͲƐĞ� ĚĂ�ƉĞƌƐŽŶŝĨŝĐĂĕĆŽ� ĚĞ� ƉĂƚƌŝŵƀŶŝŽ� ƉƷďůŝĐŽ� ƋƵĞ� Ġ� ĐŽŶƐƚŝƚƵşĚŽ� ƐŽď� Ă� ĨŽƌŵĂ�ĚĞ� ƉĞƐƐŽĂ� ũƵƌşĚŝĐĂ�ĚĞ�ĚŝƌĞŝƚŽ�ƉƷďůŝĐŽ͘ �h/���K͗�dƌĂƚĂͲƐĞ�ŶĂ�ǀĞƌĚĂĚĞ͕�ĚĞ�ĞƐƉĠĐŝĞ�ĚĞ�ĂƵƚĂƌƋƵŝĂ͘� �y͗�&hE����K�hE/s�Z^/�����&���Z�>��K�D�dK�'ZK^^K��K�^h>͘� � $*È1&,$6�(;(&87,9$6� 48(67¯(6�'(�&21&8562 DW��ʹ WZKDKdKZ����:h^d/���ʹ ϮϬϭϴ� ^ŽŵĞŶƚĞ�ĂƐ�ĨƵŶĚĂĕƁĞƐ�ĂƵƚĄƌƋƵŝĐĂƐ�ŐŽnjĂŵ�ĚĂ�ƉƌĞƌƌŽŐĂƚŝǀĂ�ƉƌĞǀŝƐƚĂ�ŶŽ�ĂƌƚŝŐŽ�ϰϵϲ͕� ŝŶĐŝƐŽ� /� ĚŽ� �ſĚŝŐŽ� ĚĞ� WƌŽĐĞƐƐŽ� �ŝǀŝů͕� ƋƵĞ� ƚƌĂƚĂ� ĚŽ� ĚƵƉůŽ� ŐƌĂƵ� ĚĞ� ũƵƌŝƐĚŝĕĆŽ� ŽďƌŝŐĂƚſƌŝŽ͘ ��ZdK �ZZ��K shE�^W�ʹ ��>�'��K����WK>1�/��Ͳ ϮϬϭϲ ^ŽďƌĞ�ĂƐ�ĂŐġŶĐŝĂƐ�ĞdžĞĐƵƚŝǀĂƐ�Ġ��KZZ�dK�ĂĨŝƌŵĂƌ�ƋƵĞ͗ $� ƐŽŵĞŶƚĞ ĂƐ�ĂƵƚĂƌƋƵŝĂƐ�ƉŽĚĞŵ�ƐĞƌ�ĐŽŶƐŝĚĞƌĂĚĂƐ�ĂŐġŶĐŝĂƐ�ĞdžĞĐƵƚŝǀĂƐ͘ %� ĂƐ�ĨƵŶĚĂĕƁĞƐ�ŶĆŽ�ƉŽĚĞŵ�ƐĞƌ�ĂŐġŶĐŝĂƐ�ĞdžĞĐƵƚŝǀĂƐ͘ &� ĞƐƚĄ�ǀŝŶĐƵůĂĚĂ�ă��ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�ĂƚƌĂǀĠƐ�ĚĞ�Ƶŵ�ĐŽŶƚƌĂƚŽ�ĚĞ�ŐĞƐƚĆŽ͘ '� ƐĆŽ ĞŶƚŝĚĂĚĞƐ� ĐƌŝĂĚĂƐ� ƉĞůĂ� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ƉƷďůŝĐĂ� ƉĂƌĂ� Ž� ĚĞƐĞŵƉĞŶŚŽ� ĚĞ� ĐŽŵƉĞƚġŶĐŝĂƐ�ĞƐƉĞĐşĨŝĐĂƐ͘ ��^W��ʹ �h�/dKZ�����KEdZK>��/Ed�ZEK�ʹ ϮϬϭϴ �� ƉŽƐƐşǀĞů� Ă� ĐŽŶƐƚŝƚƵŝĕĆŽ� ĚĞ� ĨƵŶĚĂĕĆŽ� ƉƷďůŝĐĂ� ĚĞ� ĚŝƌĞŝƚŽ� ƉƷďůŝĐŽ� ŽƵ� ĚĞ� ĚŝƌĞŝƚŽ� ƉƌŝǀĂĚŽ� ƉĂƌĂ� Ă� ĞdžƉůŽƌĂĕĆŽ� ĚŝƌĞƚĂ� ĚĞ� ĂƚŝǀŝĚĂĚĞ� ĞĐŽŶƀŵŝĐĂ� ƉĞůŽ� �ƐƚĂĚŽ͕� ƋƵĂŶĚŽ� ƌĞůĞǀĂŶƚĞ�ĂŽ�ŝŶƚĞƌĞƐƐĞ�ƉƷďůŝĐŽ͘ ��ZdK �ZZ��K Eh��W��ʹ W�Z/dK��Z/D/E�>�ʹ ϮϬϭϲ �Ɛ�ĨƵŶĚĂĕƁĞƐ�ƉƷďůŝĐĂƐ͕�ŶŽ�ąŵďŝƚŽ�ĚĂ��ĚŵŝŶŝƐƚƌĂĕĆŽ�/ŶĚŝƌĞƚĂ͕�ŶĆŽ�ĞƐƚĆŽ�ƐƵũĞŝƚĂƐ�ăƐ� ƌĞŐƌĂƐ� ĚĂ� ŽďƌŝŐĂƚŽƌŝĞĚĂĚĞ� ĚĞ� ƌĞĂůŝnjĂƌ� ůŝĐŝƚĂĕƁĞƐ� ƉĂƌĂ� ĐŽŶƚƌĂƚĂĕĆŽ� ĚĞ� ŽďƌĂƐ� Ğ� ƐĞƌǀŝĕŽƐ͕�ŶĞŵ�ĚĂ�ƌĞĂůŝnjĂĕĆŽ�ĚĞ�ĐŽŶĐƵƌƐŽ�ƉƷďůŝĐŽ�ƉĂƌĂ�ƉƌŽǀŝŵĞŶƚŽ�ĚĞ�ƐĞƵƐ�ĐĂƌŐŽƐ� ĞĨĞƚŝǀŽƐ͘ ��ZdK �ZZ��K &�W�D^�ʹ ��>�'��K����WK>1�/���/s/>�Z^�Ͳ ϮϬϭϳ �Ɛ�ĨƵŶĚĂĕƁĞƐ�ƉƷďůŝĐĂƐ�ĚĞ�ĚŝƌĞŝƚŽ�ƉƌŝǀĂĚŽ�ĚĞǀĞŵ�ƐĞƌ�ĐƌŝĂĚĂƐ�ƉŽƌ�ůĞŝ�ĞƐƉĞĐşĨŝĐĂ͘ ��ZdK �ZZ��K &�W�D^�ʹ ��>�'��K����WK>1�/���/s/>�Z^�Ͳ ϮϬϭϳ �Ɛ�ĨƵŶĚĂĕƁĞƐ�ƉƷďůŝĐĂƐ�ĚĞ�ĚŝƌĞŝƚŽ�ƉƷďůŝĐŽ�ĚĞǀĞŵ�ƐĞƌ�ĐƌŝĂĚĂƐ�ƉŽƌ�ůĞŝ�ĞƐƉĞĐşĨŝĐĂ͘ ��ZdK �ZZ��K &�W�D^�ʹ ��>�'��K����WK>1�/���/s/>�Z^�Ͳ ϮϬϭϳ ��ŝŵƵŶŝĚĂĚĞ�ƚƌŝďƵƚĄƌŝĂ�ƌĞĐşƉƌŽĐĂ�ŶĆŽ�ƐĞ�ĞƐƚĞŶĚĞ�ăƐ�ĨƵŶĚĂĕƁĞƐ͘ ��ZdK �ZZ��K ��W�Z:�ʹ �h�/dKZ�&/^��>�Ͳ ϮϬϭϳ ��ĞŶƚŝĚĂĚĞ� ŝŶƚĞŐƌĂŶƚĞ� ĚĂ� ĂĚŵŝŶŝƐƚƌĂĕĆŽ� ƉƷďůŝĐĂ� ŝŶĚŝƌĞƚĂ� ƋƵĞ� ĐŽƌƌĞƐƉŽŶĚĞ� Ă� Ƶŵ� ƉĂƚƌŝŵƀŶŝŽ�ƉƷďůŝĐŽ�ƉĞƌƐŽŶŝĨŝĐĂĚŽ�Ğ�ĂĨĞƚĂĚŽ�Ă�Ƶŵ�Ĩŝŵ�Ġ�Ă͗ $� ĂƵƚĂƌƋƵŝĂ %� ĞŵƉƌĞƐĂ�ƉƷďůŝĐĂ &� ĨƵŶĚĂĕĆŽ�ƉƷďůŝĐĂ '� ĂŐġŶĐŝĂ�ĞdžĞĐƵƚŝǀĞ (� ƐŽĐŝĞĚĂĚĞ�ĚĞ�ĞĐŽŶŽŵŝĂ�ŵŝƐƚĂ shE�^W�ʹ ��>�'��K����WK>1�/��ʹ ϮϬϭϱ �Ɛ�ĨƵŶĚĂĕƁĞƐ�ŐŽǀĞƌŶĂŵĞŶƚĂŝƐ�ƐƵũĞŝƚĂŵͲƐĞ�ă�ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ�Đŝǀŝů�ŶĂ�ŵŽĚĂůŝĚĂĚĞ� ƐƵďũĞƚŝǀĂ͕�Ğŵ�ŽďĞĚŝġŶĐŝĂ�ĂŽƐ�ƉƌŝŶĐşƉŝŽƐ�ĐŽŶƐƚŝƚƵĐŝŽŶĂŝƐ�ĚĂ��ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ͘ ��ZdK �ZZ��K *$%$5,72��� &�² ��&�² ��(�² ��(�² ��(�² ��&� ² ��(�² ��&�² ��( x (035(6$�3Ô%/,&$ � &$5$&7(5Ì67,&$6� Ͳ W�^^K��:hZ1�/�������/Z�/dK�WZ/s��K͖ Ͳ �Z/����WKZ��hdKZ/���K�>�'�>�^�'h/������Z�'/^dZK͖ � (63e&,(6�'(�(035(6$6�3Ô%/,&$6� �Ɛ��ŵƉƌĞƐĂƐ�WƷďůŝĐĂƐ�ƉŽƐƐƵĞŵ�ĚƵĂƐ� ĞƐƉĠĐŝĞƐ�ĚŝƐƚŝŶƚĂƐ ƋƵĞ� ƐĞƌĆŽ�ĚĞĨŝŶŝĚĂƐ�ĚĞ�ĂĐŽƌĚŽ� ĐŽŵ�Ă� ĨŝŶĂůŝĚĂĚĞ�ƋƵĞ�ƉŽƐƐƵŝƌ͘�EŽƚĞ͗ Ͳ �DWZ�^��Wj�>/����yW>KZ��KZ������d/s/�������KEND/��͖ �Ɛ� �ŵƉƌĞƐĂƐ� WƷďůŝĐĂƐ� ĞdžƉůŽƌĂĚŽƌĂƐ� ĚĞ� ĂƚŝǀŝĚĂĚĞ� ĞĐŽŶƀŵŝĐĂ� ƉŽƐƐƵĞŵ� ĂƐ� ƐĞŐƵŝŶƚĞƐ� ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ͗ � 5(*,0(�-85',&2�35('20,1$17(0(17(�'(�',5(,72� � �h/���K͗��ƉĞƐĂƌ�ĚĞ�ƐĞ�ƐƵďŵĞƚĞƌ�ĂŽ�ƌĞŐŝŵĞ�ũƵƌşĚŝĐŽ�ƉƌĞĚŽŵŝŶĂŶƚĞŵĞŶƚĞ�ƉƌŝǀĂĚŽ͕�ŚĄ�ƐŝƚƵĂĕƁĞƐ� Ğŵ�ƋƵĞ�ƐĞƌĄ�ĂƉůŝĐĂĚŽ�Ă�ŵĞƐŵĂ�ĂƐ�ŶŽƌŵĂƐ�ĚĞ�ĚŝƌĞŝƚŽ�ƉƷďůŝĐŽ͕�ƚĂŝƐ�ĐŽŵŽ͗ Ͳ >/�/d���K͖ Ͳ �KE�hZ^K�Wj�>/�K͖ Ͳ WZ/E�1W/K^��KE^d/dh�/KE�/^������D͘�Wj�>/���;>/DW�Ϳ͘ K�^͗��ƐƐŝŵ͕�ĞŶƚĞŶĚĞͲƐĞ�ƋƵĞ�Ă�ƌĞĨĞƌŝĚĂ�ĞŶƚŝĚĂĚĞ�ĂĚŽƚĂ�ƌĞŐŝŵĞ�ũƵƌşĚŝĐŽ�ŚşďƌŝĚŽ�;ŵŝƐƚŽͿ͘ � � ,081,'$'(�75,%875,$�5(&352&$� � 6(�68%0(7(0�$6�5(*5$6�'$� Ͳ �DWZ�^�^�Wj�>/��^�WZ�^d��KZ�^����^�Zs/�K�Wj�>/�K͖ �Ɛ��ŵƉƌĞƐĂƐ�WƷďůŝĐĂƐ�ƉƌĞƐƚĂĚŽƌĂƐ�ĚĞ�ƐĞƌǀŝĕŽƐ�ƉƷďůŝĐŽƐ�ƉŽƐƐƵĞŵ�ĂƐ�ƐĞŐƵŝŶƚĞƐ�ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ͗ � 5(*,0(�-85',&2�35('20,1$17(0(17(�'(�',5(,72� � � 7(5�$&(662�$�%(1()&,26�),6&$,6�(;&/86,926� � ,081,'$'(�75,%875,$�5(&352&$� � 6(�68%0(7(0�$6�5(*5$6�'$�5(63216$%,/,'$'(�&,9,/� � 5(*,0(�'(�3(662$/� �Ɛ��ŵƉƌĞƐĂƐ�WƷďůŝĐĂƐ�Ğ�ĂƐ�^ŽĐŝĞĚĂĚĞƐ�ĚĞ��ĐŽŶŽŵŝĂ�DŝƐƚĂ ĂĚŽƚĂŵ͕ Ğŵ�ƌĞŐƌĂ͕ ĐŽŵŽ�ƌĞŐŝŵĞ ĚĞ ƉĞƐƐŽĂů� ;ĐŽŶũƵŶƚŽ� ĚĞ� ŶŽƌŵĂƐ� ƋƵĞ� ƌĞŐƵůĂŵĞŶƚĂ� Ă� ƌĞůĂĕĆŽ� ƚƌĂďĂůŚŝƐƚĂ� ĚĞ� ƐĞƵƐ� ĞŵƉƌĞŐĂĚŽƐͿ͕� Ž� ƌĞŐŝŵĞ���>�d/^d��;�>dͿ͕ ĚŝĨĞƌĞŶƚĞŵĞŶƚĞ�ĚĂƐ��ƵƚĂƌƋƵŝĂƐ�Ğ�&ƵŶĚĂĕƁĞƐ�WƷďůŝĐĂƐ ƋƵĞ�ĂĚŽƚĂŵ�Ž� ƌĞŐŝŵĞ��^d�dhd�Z/K͘ �h/���K͗��ƉĞƐĂƌ�ĚŽƐ�ĞŵƉƌĞŐĂĚŽƐ�ĚĂƐ��ŵƉƌĞƐĂƐ�WƷďůŝĐĂƐ�Ğ�ĚĂ�^ŽĐŝĞĚĂĚĞ�ĚĞ��ĐŽŶŽŵŝĂ�DŝƐƚĂ�Ğ� ƐƵďŵĞƚĞŵ� ĂŽ� ƌĞŐŝŵĞ� ĐĞůĞƚŝƐƚĂ͕� ŽƐ� ƐĞƵƐ� �/Z/'�Ed�^� ƐĆŽ� ŽĐƵƉĂŶƚĞƐ� ĚĞ� ĐĂƌŐŽ� ƉƷďůŝĐŽ�Ğŵ�ĐŽŵŝƐƐĆŽ�;ĐĂƌŐŽ�ĚĞ� ůŝǀƌĞ�ŶŽŵĞĂĕĆŽ�Ğ�ĞdžŽŶĞƌĂĕĆŽͿ͕�Ğ͕�ƉŽƌ� ĞƐƚĂ�ƌĂnjĆŽ͕�ƐĞ�ƐƵďŵĞƚĞŵ�ĂŽ�ƌĞŐŝŵĞ��^d�dhd�Z/K͘ � &$3,7$/�62&,$/� �ŶƚĞŶĚĞͲƐĞ�ƉŽƌ�ĐĂƉŝƚĂů�ƐŽĐŝĂů Ž�ǀĂůŽƌ�ĚŽƐ�ďĞŶƐ�ŽƵ�Ž�ĚŝŶŚĞŝƌŽ�ĐŽŵ�ƋƵĞ�ŽƐ�ƐſĐŝŽƐ�ĐŽŶƚƌŝďƵĞŵ�ƉĂƌĂ� ƵŵĂ�ĞŵƉƌĞƐĂ͘� �h/���K͗�K�ĐĂƉŝƚĂů�ƐŽĐŝĂů�ĚĂƐ��DWZ�^�^�Wj�>/��^�Ġ�/Ed�'Z�>D�Ed��Wj�>/�K͘ � 02'$/,'$'(�62&,(7É5,$� �Ɛ� �ŵƉƌĞƐĂƐ� WƷďůŝĐĂƐ� ƉŽĚĞƌĆŽ� ƐĞƌ� ĐŽŶƐƚŝƚƵşĚĂƐ� ƐŽď� Yh�>Yh�Z� DK��>/����� ^K�/�d�Z/�� ��D/d/����D��/Z�/dK͘� � &203(7È1&,$�-85,6',&,21$/� K�^͗� ^Ğ� Ž� ůŝƚşŐŝŽ� ĞŶǀŽůǀĞƌ� ƋƵĞƐƚƁĞƐ� ƚƌĂďĂůŚŝƐƚĂƐ͕� ƐĞƌĄ� ĐŽŵƉĞƚĞŶƚĞ� ƉĂƌĂ� ƉƌŽĐĞƐƐĂƌ� Ğ� ũƵůŐĂƌ� Ă� ƌĞƐƉĞĐƚŝǀĂ�ĚĞŵĂŶĚĂ�Ă�:h^d/����K�dZ���>,K͘ K�^͗�^Ğ�Ž�ůŝƚşŐŝŽ�ĨŽƌ�ĚĞ�ĐŽŵƉĞƚġŶĐŝĂ�ĚĂ�ũƵƐƚŝĕĂ�ĐŽŵƵŵ͕�ƐĞƌĄ�ĐŽŵƉĞƚĞŶƚĞ�Ă�:h^d/���&���Z�>�;ƐĞ� ƚƌĂƚĂƌͲƐĞ� ĚĞ� ĞŵƉƌĞƐĂ� ƉƷďůŝĐĂ� ĨĞĚĞƌĂůͿ͕� ŽƵ� ĚĂ� :h^d/��� �^d��h�>� ;ƐĞ� ƚƌĂƚĂƌͲƐĞ� ĚĞ� ĞŵƉƌĞƐĂ� ƉƷďůŝĐĂ�ĞƐƚĂĚƵĂůͿ͘� �62&,('$'(�'(�(&2120,$�0,67$� � &$5$&7(5Ì67,&$6� Ͳ W�^^K��:hZ1�/�������/Z�/dK�WZ/s��K͖ Ͳ �Z/����WKZ��hdKZ/���K�>�'�>�^�'h/������Z�'/^dZK͖ � (63e&,(6�'( 62&,('$'(�'(�(&2120,$�0,67$� �Ɛ�^K�/�����^������KEKD/��D/^d� ƉŽƐƐƵĞŵ�ĚƵĂƐ�ĞƐƉĠĐŝĞƐ�ĚŝƐƚŝŶƚĂƐ ƋƵĞ�ƐĞƌĆŽ�ĚĞĨŝŶŝĚĂƐ�ĚĞ� ĂĐŽƌĚŽ�ĐŽŵ�Ă�ĨŝŶĂůŝĚĂĚĞ�ƋƵĞ�ƉŽƐƐƵŝƌ͘�EŽƚĞ͗ Ͳ ^K�/�����^������KEKD/��D/^d���yW>KZ��KZ������d/s/�������KEND/��͖ �Ɛ�^ŽĐŝĞĚĂĚĞƐ�ĚĞ��ĐŽŶŽŵŝĂ�DŝƐƚĂ�ĞdžƉůŽƌĂĚŽƌĂƐ�ĚĞ�ĂƚŝǀŝĚĂĚĞ�ĞĐŽŶƀŵŝĐĂ�ƉŽƐƐƵĞŵ�ĂƐ�ƐĞŐƵŝŶƚĞƐ� ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ͗ � 5(*,0(�-85',&2�35('20,1$17(0(17(�'(�',5(,72� � �h/���K͗��ƉĞƐĂƌ�ĚĞ�ƐĞ�ƐƵďŵĞƚĞƌ�ĂŽ�ƌĞŐŝŵĞ�ũƵƌşĚŝĐŽ�ƉƌĞĚŽŵŝŶĂŶƚĞŵĞŶƚĞ�ƉƌŝǀĂĚŽ͕�ŚĄ�ƐŝƚƵĂĕƁĞƐ� Ğŵ�ƋƵĞ�ƐĞƌĄ�ĂƉůŝĐĂĚŽ�Ă�ŵĞƐŵĂ�ĂƐ�ŶŽƌŵĂƐ�ĚĞ�ĚŝƌĞŝƚŽ�ƉƷďůŝĐŽ͕�ƚĂŝƐ�ĐŽŵŽ͗ Ͳ >/�/d���K͖ Ͳ �KE�hZ^K�Wj�>/�K͖ Ͳ WZ/E�1W/K^��KE^d/dh�/KE�/^������D͘�Wj�>/���;>/DW�Ϳ͘ K�^͗��ƐƐŝŵ͕�ĞŶƚĞŶĚĞͲƐĞ�ƋƵĞ�Ă�ƌĞĨĞƌŝĚĂ�ĞŶƚŝĚĂĚĞ�ĂĚŽƚĂ�ƌĞŐŝŵĞ�ũƵƌşĚŝĐŽ�ŚşďƌŝĚŽ�;ŵŝƐƚŽͿ͘ � 620(17(� 7(5� $&(662� $� 35,9,/K*,26� 48(� )25(0� $3/,&$'26� $6� '(0$,6� (035(6$6�35,9$'$6� � 32668,�,081,'$'(�75,%875,$�5(&352&$� � 6(�68%0(7(0�$6�5(*5$6�'$� Ͳ ^K�/�����^������KEKD/��D/^d��WZ�^d��KZ�^����^�Zs/�K�Wj�>/�K͖ �Ɛ� ^ŽĐŝĞĚĂĚĞƐ� ĚĞ� �ĐŽŶŽŵŝĂ� DŝƐƚĂ� ƉƌĞƐƚĂĚŽƌĂƐ� ĚĞ� ƐĞƌǀŝĕŽƐ� ƉƷďůŝĐŽƐ� ƉŽƐƐƵĞŵ� ĂƐ� ƐĞŐƵŝŶƚĞƐ� ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ͗ � 5(*,0(�-85',&2�35('20,1$17(0(17(�'(�',5(,72� � � 7(5�$&(662�$�%(1()&,26�),6&$,6�(;&/86,926� � ,081,'$'(�75,%875,$�5(&352&$� � 6(�68%0(7(0�$6�5(*5$6�'$� � 5(*,0(�'(�3(662$/� �Ɛ� �ŵƉƌĞƐĂƐ� WƷďůŝĐĂƐ� Ğ� ĂƐ� ^ŽĐŝĞĚĂĚĞƐ� ĚĞ� �ĐŽŶŽŵŝĂ� DŝƐƚĂ ĂĚŽƚĂŵ͕� ĐŽŵŽ� ƌĞŐŝŵĞ� ƉĞƐƐŽĂů� ;ĐŽŶũƵŶƚŽ� ĚĞ� ŶŽƌŵĂƐ� ƋƵĞ� ƌĞŐƵůĂŵĞŶƚĂ� Ă� ƌĞůĂĕĆŽ� ƚƌĂďĂůŚŝƐƚĂ� ĚĞ� ƐĞƵƐ� ĞŵƉƌĞŐĂĚŽƐͿ͕� Ž� ƌĞŐŝŵĞ� ��>�d/^d��;�>dͿ͕ ĚŝĨĞƌĞŶƚĞŵĞŶƚĞ�ĚĂƐ��ƵƚĂƌƋƵŝĂƐ�Ğ�&ƵŶĚĂĕƁĞƐ�WƷďůŝĐĂƐ ƋƵĞ�ĂĚŽƚĂŵ�Ž�ƌĞŐŝŵĞ� �^d�dhd�Z/K͘� �h/���K͗��ƉĞƐĂƌ�ĚŽƐ�ĞŵƉƌĞŐĂĚŽƐ�ĚĂƐ��ŵƉƌĞƐĂƐ�WƷďůŝĐĂƐ�Ğ�ĚĂ�^ŽĐŝĞĚĂĚĞ�ĚĞ��ĐŽŶŽŵŝĂ�DŝƐƚĂ�Ğ� ƐƵďŵĞƚĞŵ�ĂŽ� ƌĞŐŝŵĞ�ĐĞůĞƚŝƐƚĂ͕�ŽƐ�ƐĞƵƐ��/Z/'�Ed�^�ƐĆŽ�ŽĐƵƉĂŶƚĞƐ�ĚĞ�ĐĂƌŐŽ�ƉƷďůŝĐŽ� Ğŵ� ĐŽŵŝƐƐĆŽ� ;ĐĂƌŐŽ� ĚĞ� ůŝǀƌĞ� ŶŽŵĞĂĕĆŽ� Ğ� ĞdžŽŶĞƌĂĕĆŽͿ͕� Ğ͕� ƉŽƌ� ĞƐƚĂ� ƌĂnjĆŽ͕� ƐĞ� ƐƵďŵĞƚĞŵ�ĂŽ�ƌĞŐŝŵĞ��^d�dhd�Z/K͘ � &$3,7$/�62&,$/� �ŶƚĞŶĚĞͲƐĞ�ƉŽƌ�ĐĂƉŝƚĂů�ƐŽĐŝĂů Ž�ǀĂůŽƌ�ĚŽƐ�ďĞŶƐ�ŽƵ�Ž�ĚŝŶŚĞŝƌŽ�ĐŽŵ�ƋƵĞ�ŽƐ�ƐſĐŝŽƐ�ĐŽŶƚƌŝďƵĞŵ�ƉĂƌĂ� ƵŵĂ�ĞŵƉƌĞƐĂ͘� �h/���K͗� K� ĐĂƉŝƚĂů� ƐŽĐŝĂů� ĚĂƐ� ^K�/�����^� ��� ��KEKD/�� D/^d� Ġ� ĐŽŵƉŽƐƚŽ� ƉŽƌ� ĐĂƉŝƚĂů� ƉƷďůŝĐŽ�Ğ�ƉƌŝǀĂĚŽ͕�ŶĞĐĞƐƐĂƌŝĂŵĞŶƚĞ͕ ƐĞŶĚŽ�ƋƵĞ�Ġ�ĞdžŝŐŝĚŽ�ƋƵĞ�Ă�ŵĂŝŽƌ�ƉĂƌƚĞ�ĚŽ�ĐĂƉŝƚĂů�ƐŽĐŝĂů� ƐĞũĂ�ƉƷďůŝĐŽ�;ĐŽŶƚƌŽůĞ�ĂĐŝŽŶĄƌŝŽ�ƉŽƌ�ƉĂƌƚĞ�ĚŽ�ƉŽĚĞƌ�ƉƷďůŝĐŽͿ͘� 02'$/,'$'(�62&,(7É5,$� �Ɛ�^ŽĐŝĞĚĂĚĞƐ�ĚĞ��ĐŽŶŽŵŝĂ�DŝƐƚĂ ƐŽŵĞŶƚĞ ƉŽĚĞƌĆŽ�ƐĞƌ�ĐŽŶƐƚŝƚƵşĚĂƐ�ŶĂ�ŵŽĚĂůŝĚĂĚĞ�ĚĞ� ^K�/�������ENE/D��;^͘�Ϳ͘ � &203(7È1&,$�-85,6',&,21$/� K�^͗� ^Ğ� Ž� ůŝƚşŐŝŽ� ĞŶǀŽůǀĞƌ� ƋƵĞƐƚƁĞƐ� ƚƌĂďĂůŚŝƐƚĂƐ͕� ƐĞƌĄ� ĐŽŵƉĞƚĞŶƚĞ� ƉĂƌĂ� ƉƌŽĐĞƐƐĂƌ� Ğ� ũƵůŐĂƌ� Ă� ƌĞƐƉĞĐƚŝǀĂ�ĚĞŵĂŶĚĂ�Ă�:h^d/����K�dZ���>,K͘ K�^͗�^Ğ�Ž�ůŝƚşŐŝŽ�ĨŽƌ�ĚĞ�ĐŽŵƉĞƚġŶĐŝĂ�ĚĂ�ũƵƐƚŝĕĂ�ĐŽŵƵŵ͕�ƐĞƌĄ�ĐŽŵƉĞƚĞŶƚĞ�Ă�:h^d/����^d��h�>͕� /E��W�E��Ed�D�Ed��ƐĞ�Ă�ƋƵĞƐƚĆŽ�Ġ�ĚĞ�ĐŽŵƉĞƚġŶĐŝĂ�ĚĂ�:ƵƐƚŝĕĂ�&ĞĚĞƌĂů�ŽƵ�ŶĆŽ͘�
Compartilhar