,$SSUHVHQWDomR ,3UHVHQWDWLRQ 3 *UXSR -RVp 3LQWR ² &RPpUFLR *HUDO /'$ WSGMIHEHI GSQ WIHI I IWGVMXzVMS IQ 0YERHE RE 6YE 'EFVEP 1SRGEHE R &EMVVS HE 7EKVEHE *EQuPME 1YRMGuTMS HE 1EMERKE GSRXVMFYMRXI RQIVS MRWGVMXE RE GSRWIVZEXzVME HS VIKMWXS GSQIVGMEPWSFRYQIVS 8LI*URXS-RVp3LQWR*HQHUDO7UDGLQJ/7'-WEGSQTER][MXLLIEHUYEVXIVW ERHSJJMGIWMR0YERHE6YE'EFVEP1SRGEHE2S&EMVVSHE7EKVEHE*EQuPME 1YRMGuTMSHE1EMERKEXE\TE]IVRYQFIVVIKMWXIVIHMRXLIXVEHIVIKMWXIV YRHIVRYQFIV *EGI k WYE TSPuXMGE HI I\TERWnS GSRWGMIRXI I WYWXIRXEHE RIWXI QSQIRXS S *-3 XIQ*MPMEMWIQHEWTVSZuRGMEWHI%RKSPE (YIXSMXWTSPMG]SJGSRWGMSYWERHWYWXEMRIHI\TERWMSREXXLMWXMQIXLI*-3LEW FVERGLIWMRSJXLITVSZMRGIWSJ%RKSPE 8VEXERHSWI HI YQ KVYTS HI IQTVIWEW GEHE YQE HIPEW GSQ GVIWGMQIRXS VIKYPEV I GETE^HIVIWTSRHIVESWQEMWSYWEHSWIHMZIVWMJMGEHSWHIWEJMSWHSQIVGEHSHIWIRZSPZI EGXMZMHEHIWREWWIKYMRXIWjVIEW &IMRKEKVSYTSJGSQTERMIWIEGL[MXLVIKYPEVKVS[XLERHGETEFPISJVIWTSRHMRKXSXLI QSWXHEVMRKERHHMZIVWIQEVOIXGLEPPIRKIWMWEGXMZIMRXLIJSPPS[MRKEVIEW &RPpUFLR*HUDO &RQVWUXomR ,PRELOLiULD 7UDQVSRUWHV 6HUYLoRV 0LQDV$UHHLUR([SORUDomRGH,QHUWHV &RPpUFLRGH$XWRPyYHLV 5HSUHVHQWDo}HV *HQHUDO7UDGH &RQVWUXFWLRQ 5HDO(VWDWH 7UDQVSRUW 6HUYLFHV 0LQLQJ0HJULP([SORUDWLRQRI$JJUHJDWHV &DU7UDGH 5HSUHVHQWDWLRQV -%TTVIWIRXEpnS`-4VIWIRXEXMSR ,,9DORUHVGR*UXSR ,,*URXS9DOXHV 2SUYEHVSHEWYEIWXVEXqKMEHIHMZIVWMJMGEpnSHIRIKzGMSWUYIPLITVSTSVGMSRE GVIWGMQIRXSS*-3EWWYQISZEPSVGSQTIXsRGMEGSQSTVMRGMTEPGSQTVSQMWWSI IWXVYXYVEHIXSHEEGXMZMHEHIUYIHIWIRZSPZI(IWXIQSHSS+VYTSIRXIRHIUYIS EGXMZSQEMWMQTSVXERXIHEWYESVKERM^EpnSWIIRGSRXVERSWVIGYVWSWLYQERSWI GSRWIUYIRXIQIRXIHIWIRZSPZIYQEQFMGMSWSQSHIPSHIJSVQEpnSHIRSZEW GSQTIXsRGMEWSVMIRXEHSTEVEEQIPLSVMEGSRXuRYEITEVEWEXMWJEpnSHSWGPMIRXIW MRWXMXYMp~IWTFPMGEWTVMZEHEWITEVXMGYPEVIW %WTEVXSJMXWHMZIVWMJMGEXMSRWXVEXIK]XLEXTVSZMHIWFYWMRIWWKVS[XL+.4XEOIWXLI ZEPYIGSQTIXIRGIERHGSQQMXQIRXEWXLIQEMRWXVYGXYVISJEPPFYWMRIWWGSRHYGXIH 8LYWXLI+VSYTFIPMIZIWXLEXXLIQSWXMQTSVXERXEWWIXSJ]SYVSVKERM^EXMSRMWMR LYQERVIWSYVGIWERHGSRWIUYIRXP]HIZIPSTWEREQFMXMSYWQSHIPJSVXVEMRMRKMRRI[ WOMPPWKIEVIHXS[EVHWGSRXMRYSYWMQTVSZIQIRXERHGYWXSQIVWEXMWJEGXMSRTYFPMG MRWXMXYXMSRWTVMZEXIERHMRHMZMHYEP 2EGSRWXERXITVSGYVEHIMRSZEpnSIEGSQTERLEQIRXSHEWRSZEWXIGRSPSKMEWHIWHIS MRMGMSHEWYEEGXMZMHEHIIQS+VYTS.SWq4MRXS'SQqVGMS+IVEP0HEXIQZMRHSE WIKYMVYQETSPMXMGEIQUYISMRZIWXMQIRXSREZEPSVM^EpnSTVSJMWWMSREPHSWUYEHVSWq IRGEVEHSGSQSYQJEGXSVIWWIRGMEPkSFXIRpnSHITEHV~IWHII\GIPsRGMERSWTVSGIWWSW HIXVEFEPLS2IWWIWIRXMHSJE^IQTEVXIHEWSVMIRXEp~IWIWXVEXqKMGEWHS+VYTSE TVSQSpnSWMWXIQjXMGEHEUYEPMJMGEpnSXqGRMGEHSWVIGYVWSWLYQERSW -RXLIGSRWXERXWIEVGLJSVMRRSZEXMSRERHQSRMXSVMRKSJRI[XIGLRSPSKMIWWMRGIXLI FIKMRRMRKSJMXWEGXMZMX]MRXLI+VYTS.SWq4MRXS+IRIVEP'SQQIVGI0XHLEW FIIRJSPPS[MRKETSPMG]XLEXXLIMRZIWXQIRXMRTVSJIWWMSREPHIZIPSTQIRXSJWXEJJMWWIIR EWIWWIRXMEPXSEGLMIZIWXERHEVHWSJI\GIPPIRGIMR[SVOTVSGIWWIW -RXLMWWIRWIXLIW]WXIQEXMGTVSQSXMSRSJXIGLRMGEPUYEPMJMGEXMSRSJLYQERVIWSYVGIWMW TEVXSJXLI+VSYTWWXVEXIKMGKYMHIPMRIW --:EPSVIWHS+VYTS`--+VSYT:EPYIW ,,,&RPpUFLR*HUDO ,,,*HQHUDO7UDGH %QMWWnSHS*-3qTVMQEVTIPEWEXMWJEpnSHEWRIGIWWMHEHIWHSWGPMIRXIWJSVRIGIRHS TVSHYXSWIWIVZMpSWHIUYEPMHEHI%WTEVGIVMEWIWXEFIPIGMHEWGSQIQTVIWEWIQEVGEW HIEPXSTVIWXuKMSMRXIVREGMSREMWTIVQMXIQES+VYTSEYQIRXEVUYEPMXEXMZEQIRXIEWYE GETEGMHEHIHISJIVXEIGSRWSPMHEVGSQWYGIWWSSWIYIWTEpSRSQIVGEHSERKSPERS RSQIEHEQIRXIREGSQIVGMEPM^EpnSHIIUYMTEQIRXSW,1*(562//5$1'I06$ JSVRIGMQIRXSHIEGIWWzVMSWITVIWXEpnSHIWIVZMpSWTzWZIRHEHIWMKREHEQIRXI QERYXIRpnSSRWLSVIISJJWLSVI *-3WQMWWMSRMWXSI\GIPF]QIIXMRKXLIRIIHWSJGYWXSQIVWF]TVSZMHMRKUYEPMX] TVSHYGXWERHWIVZMGIW8LITEVXRIVWLMTW[MXLGSQTERMIWERHTVIWXMKMSYWMRXIVREXMSREP FVERHWIREFPIXLI+VSYTXSMRGVIEWIMXWEFMPMX]XSUYEPMXEXMZIP]WYTTP]ERHGSRWSPMHEXI WYGGIWWJYPP]]SYVWTEGIMRXLI%RKSPERQEVOIXTEVXMGYPEVP]MRXLIGSQQIVGMEPM^EXMSRSJ IUYMTQIRX,1*(562//5$1'ERH06$TVSZMHMRKEGGIWWSVMIWERHTVSZMWMSRSJ EJXIVWEPIWWIVZMGIWMRGPYHMRKQEMRXIRERGISRWLSVIERHSJJWLSVI 2IWXIWIGXSVS*-3IWXjZSGEGMSREHSIRXVISYXVEWREGSQIVGMEPM^EpnSHI -RXLMWWIGXSVXLI*-3MWHIHMGEXIHXSXLIGSQQIVGMEPM^EXMSRSJ )HUUDPHQWDV(OpFWULFDV 3RZHU7RROV %HUEHTXLQV 5HEDUEDGRUD 3ROLGRUDV 3ODLQDV 3ODLQDVH*DUORSDV 6HUUDV&LUFXODUHVSDUD0DGHLUDGHIXUDUHWF 'ULOOV *ULQGHUV 3ROLVKHUV 3ODQHV 3ODQHVDQG3ODQHUV &LUFXODU6DZVIRUZRRGGULOOLQJHWF ---'SQqVGMS+IVEP`---+IRIVEP8VEHI 0iTXLQDVH(TXLSDPHQWRV 0DFKLQHU\DQG(TXLSPHQW &RPSUHVVRUHVG$U&RPSULPLGR,1*(562//5$1' $SDUHOKRGHVROGDU &DUUHJDGRUHVGHEDWHULDV (OHFWURERPEDV 0RWRERPEDV5$3,'$//:(,/(5 *HUDGRUHV 0RWRVROGDGRUDV 0RWR&RPSUHVVRU 0RWRVHUUDV 0DTXLQDVGHODYDUDSUHVVmRHOLPSH]D(VWDomRGH6HUYLoR $SDUHOKRGH$UFRQGLFLRQDGR (TXLSDPHQWRVGHPDQXVHDPHQWRGHIOXLGRV &RPSUHVVHG$LU&RPSUHVVRUV,1*(562//5$1' :HOGHUV %DWWHU\&KDUJHUV (OHFWULFSXPSV 0RWRUSXPSV5$3,'$//:(,/(5 *HQHUDWRUV 0RWRZHOGHUV 0RWR&RPSUHVVRU &KDLQVDZV &OHDQLQJ3UHVVXUH:DVKHUV0DFKLQHV6HUYLFH6WDWLRQ $LUFRQGLWLRQLQJ )OXLGKDQGOLQJHTXLSPHQW 0DWHULDLVSDUD6HJXUDQoD,QGXVWULDO06$ 0DWHULDOVIRU,QGXVWULDO6DIHW\06$ &DSDFHWHVF3URWHFomR$XULFXODU /XYDV 0iVFDUDVGH5HVSLUDomR $XVFXOWDGRUHVGH3URWHFomR$XULFXODU ÐFXORVGH3URWHFomR6HJXUDQoD 0iVFDUDVGH6ROGDU &UHPHGH3URWHFomRGH3HOH 6XVSHQVyULRVGH6HJXUDQoD 'HWHFWRUHVGH*iV 'HWHFWRUHVGH7XERV &DOLEUDGRUHVGH*iV 'HWHFWRUHVGH,QFrQGLRV )DWRV0DFDFR30DQXVHDPHQWR3URGXWRV4XtPLFRV ([WLQWRUHVGH,QFrQGLRV &DPELDUDVGR0LQHLUR +HOPHWV:LWK+HDULQJ3URWHFWLRQ+HDGVHW *ORYHV %UHDWKLQJ0DVNV (DU3URWHFWLRQ+HDGSKRQHV 3URWHFWLRQ*ODVVHV6DIHW\ :HOGLQJ0DVNV 6NLQ&UHDP3URWHFWLRQ 6DIHW\%UDFHV *DV'HWHFWRUV 7XEH'HWHFWRUV *DXJHVIRU*DV )LUH'HWHFWRUV ZRUN2YHUDOOV)RU7KH+DQGOLQJ2I&KHPLFDOV )LUH([WLQJXLVKHUV 0LQHUV+DW ---'SQqVGMS+IVEP`---+IRIVEP8VEHI $UWLJRVHHTXLSDPHQWRVGHXVRPLOLWDU $UWLFOHVDQGHTXLSPHQWIRUPLOLWDU\XVH 7HQGDVGH&DPSDQKD %RWDV 8QLIRUPHV &DQWLV 7HQWV %RRWV 8QLIRUPV &DQWHHQV 0DWHULDLVHTXLSDPHQWRVDUWLJRVHSURGXWRV KRVSLWDODUHV 0DWHULDOVHTXLSPHQWVXSSOLHVDQGKRVSLWDO SURGXFWV 0iTXLQDVGH3XULILFDomRGHiJXD &RPSULPLGRVGHSXULILFDomRGHiJXD &RPSULPLGRVWRQLKLGUDWDQWHV 0DWHULDOPpGLFR .LWVGH3ULPHLURVVRFRUURV 0DFKLQHV)RU:DWHU3XULILFDWLRQ :DWHUSXULILFDWLRQWDEOHWV K\GUDWLQJWDEOHWV 0HGLFDO6XSSOLHV )LUVW$LG.LWV 0RELOLiULR )XUQLWXUH (VFULWyULR &DVD (TXLSDPHQWRSDUDDSHWUHFKDPHQWRGH&HQWURV0pGLFRV &DUWHLUDV(VFRODUHVH4XDGURV3UHWRV 2IILFH +RPH )XUQLWXUH)RU0HGLFDO&HQWHUV 6FKRRO7DEOHVDQG%ODFN%RDUGV $OLPHQWDomR )RRG )UDQJR&RQJHODGR &DUQH&RQJHODGD 3HVFDGRH)UXWRVGR0DU )UXWDGLYHUVD 3URGXWRVGH0HUFHDULD &DED]HVGH1DWDO 3URGXWRVGH&HVWD%iVLFD )UR]HQFKLFNHQ )UR]HQPHDW )LVKDQG6HDIRRG 'LYHUVH)UXLW *URFHU\3URGXFWV &KULVWPDVKDPSHUV )RRG%DVNHW3URGXFWV ---'SQqVGMS+IVEP`---+IRIVEP8VEHI ,9&RQVWUXomR&LYLO H2EUDV3~EOLFDV ,9&RQVWUXFWLRQ DQG3XEOLF:RUNV 1RVHFWRUGDFRQVWUXomRFLYLOHREUDVS~EOLFDV*UXSR-RVp 3LQWRHVWUXWXURXRVHXWUDEDOKRHPWUrVHL[RVSULQFLSDLV ,QFRQVWUXFWLRQDQGFLYLOHQJLQHHULQJ*UXSR-RVp3LQWRKDV VWUXFWXUHGLWVZRUNRQWKUHHPDLQD[HV 4XDOLGDGHGDFRQVWUXomR &XPSULPHQWRGRVSUD]RV 5LJRUQRVHUYLoRSyVYHQGD &RQVWUXFWLRQ4XDOLW\ 0HHWLQJGHDGOLQHV 5LJRULQDIWHUVDOHVVHUYLFH ,VWRpSRVVtYHODWUDYpVGDDUWLFXODomRFRQVWDQWHGHIDFWRUHVFRPRH[SHULrQFLD FDSDFLGDGHWpFQLFDLQRYDomRHGLQDPLVPREHPFRPRDJDUDQWLDGHHOHYDGRV SDGU}HVpWLFRVGHUHVSHLWRSHORDPELHQWHHKLJLHQHHVHJXUDQoDQRWUDEDOKR 7KLVLVSRVVLEOHWKURXJKWKHFRQVWDQWDUWLFXODWLRQRIIDFWRUVVXFKDVH[SHULHQFH H[SHUWLVHLQQRYDWLRQDQGG\QDPLVPDVZHOODVHQVXULQJKLJKHWKLFDOVWDQGDUGV UHVSHFWIRUWKHHQYLURQPHQWKHDOWKDQGVDIHW\DWZRUN 1HVVHVSLODUHVDVVHQWDRFUHVFHQWHSUHVWLJLRTXHR*UXSR-RVp3LQWRWHP JUDQMHDGRQRVHFWRUGDFRQVWUXomRRQGHSURFXUDPDQWHUVHPSUHXPDUHODomR GXUDGRXUDHGHSDUFHULDFRPWRGRVRVDJHQWHVGRPHUFDGRDOLFHUoDGDQXPD YHUGDGHLUDHSHUPDQHQWHFXOWXUDGDTXDOLGDGH ,Q7KHVHSLOODUVDUHWKHXQGHUSLQQLQJRIWKHJURZLQJSUHVWLJHWKDWWKH*UXSR -RVp3LQWRKDVJDUQHUHGLQWKHFRQVWUXFWLRQVHFWRUZKLFKDOZD\VVHHNVWR PDLQWDLQDODVWLQJUHODWLRQVKLSDQGSDUWQHUVKLSZLWKDOODJHQWVRIWKHPDUNHW EDVHGRQDWUXHODVWLQJTXDOLW\FXOWXUH -:'SRWXVYpnS'MZMPI3FVEW4FPMGEW`-:'SRWXVYGXMSRERH4YFPMG;SVOW 2*-3pXPDHPSUHVDKDELOLWDGDQRVHFWRUGDFRQVWUXomR FLYLODH[HFXWDUREUDVGHTXDOTXHUQDWXUH]D 5HVWDXURHUHDELOLWDomRGHHGLItFLRV &RQVWUXomRGHUDL]GH(GLItFLRV5HVLGrQFLDV6HGHV&RUSRUDWLYDV,QVWLWXLo}HV %DQFiULDV(VSDoRV&RPHUFLDV (PSUHVDVGH'LVWULEXLomRH/RJtVWLFD 3RVWRVGHDEDVWHFLPHQWRiUHDVGHVHUYLoRHRXWUDV,QVWDODo}HVGHDSRLR5RGRYLiULR 8QLGDGHV,QGXVWULDLVHGH$UPD]HQDJHP 8QLGDGHV+RWHOHLUDVHGH5HVWDXUDomR (VWDEHOHFLPHQWRVGH(QVLQRH&RPSOH[RV'HVSRUWLYRV 8QLGDGHVGH6D~GHH,QG~VWULD)DUPDFrXWLFD (GLItFLRV3~EOLFRV É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pnS'MZMPI3FVEW4FPMGEW`-:'SRWXVYGXMSRERH4YFPMG;SVOW 9,PRELOLiULD7UDQVSRUWH 95HDO(VWDWH7UDQVSRUWDWLRQ 6HUYLoRV0LQDV&RPpUFLRGH $XWRPyYHLV5HSUHVHQWDo}HV 6HUYLFHV0LQLQJ&DU7UDGH 5HSUHVHQWDWLRQV 2*UXSR-RVp3LQWRGHGLFDJUDQGHSDUWHGRVHXYROXPHGH QHJyFLRVDRUDPRGD,PRELOLiULDGRV7UDQVSRUWHV5RGRYLiULRV &DUJDVH3DVVDJHLURVGRV6HUYLoRVQRVHFWRUSHWUROtIHURH QD([SORUDomR0LQHLUDFRPIRUQHFLPHQWRGHLQHUWHVDSDUWLUGH DUHHLURQD%DUUDGR'DQGH *UXSR-RVp3LQWRGHYRWHVPXFKRILWVWXUQRYHUWRWKH UHDOHVWDWHVHFWRU5RDG7UDQVSRUW )UHLJKWDQG3DVVHQJHU6HUYLFHVLQWKHRLOVHFWRUDQG 0LQLQJWRVXSSO\LQHUWIURPLWVVLWHLQ%DUUDGR'DQGH $FRPHUFLDOL]DomRGHDXWRPyYHLVWRSGHJDPDWHPDWLQJLGR HOHYDGRVtQGLFHVGHYHQGDMXQWRGHHQWLGDGHV3~EOLFDVH3ULYDGDV 7KH6DOHVRIWRSRIWKHUDQJHFDUVKDVDFKLHYHGKLJKUDWHVLQ ERWKWKHSXEOLFDQGSULYDWHVHFWRUV 1RGRPtQLRGH5HSUHVHQWDo}HVR*UXSR-RVp3LQWR DSURYHLWDDVYDOrQFLDVIXQGDPHQWDLVSDUDDFUHGLELOLGDGHSHUDQWH RVFOLHQWHVIRUQHFHGRUHVHFRQFRUUrQFLDRUJDQL]DomRH WUDQVSDUrQFLD ,QWKHILHOGRIUHSUHVHQWDWLRQV*UXSR-RVp3LQWRWDNHV DGYDQWDJHRIWKHYDOHQFHVIXQGDPHQWDOWRWKHFUHGLELOLW\RI RXUFXVWRPHUVVXSSOLHUVDQGFRPSHWLWLRQRUJDQL]DWLRQDQG WUDQVSDUHQF\ :-QSFMPMjVME8VERWTSVXI`:6IEP)WXEXI8VERWTSVXEXMSR FDVDVVRFLDLVFRQVWUXLGDVQRPXQLFtSLRGR4XHOD3URYtQFLDGH0DODQMH VRFLDOKRXVHVEXLOWLQWKHPXQLFLSDOLW\RI4XHOD3URYLQFHRI0DODQMH 1RWDV1RWHV 1RWDV1RWHV $0/5"$5&/04]$0/5"$564 5FM 'BY &NBJMJOGP!HSVQPKPTFQJOUPPSH 8FCTJUFXXXHSVQPKPTFQJOUPPSH QIPUPHSBQIZEFTJHOCZ+PTF%B$PTUB