&yGLJR 0$'2

9HUVLyQ 
0DQXDOGHSUiFWLFDVGHO
3iJLQD 
/DERUDWRULRGH0HFiQLFD
6HFFLyQ,62 
([SHULPHQWDO
)HFKDGH
 GHMXQLRGH
HPLVLyQ
ÈUHD'HSDUWDPHQWR
6HFUHWDUtD'LYLVLyQ'LYLVLyQGH&LHQFLDV%iVLFDV
/DERUDWRULRGH0HFiQLFD([SHULPHQWDO
/DLPSUHVLyQGHHVWHGRFXPHQWRHVXQDFRSLDQRFRQWURODGD

WƌĄĐƚŝĐĂϮ
ĞƚĞƌŵŝŶĂĐŝſŶĚĞůĐŽĞĨŝĐŝĞŶƚĞĚĞĨƌŝĐĐŝſŶĞƐƚĄƚŝĐĂ

/ŶƚƌŽĚƵĐĐŝſŶ ĐŽŶƚĂĐƚŽ͕ĚĞŶƚƌŽĚĞŵƵLJĂŵƉůŝŽƐůşŵŝƚĞƐ͘
 ^ĞŐƵŶĚĂ͗ĞƐƉƌŽƉŽƌĐŝŽŶĂůĂůĂĨƵĞƌnjĂŶŽƌŵĂů͘
>ĂƐĨƵĞƌnjĂƐĚĞĨƌŝĐĐŝſŶŽƌŽnjĂŵŝĞŶƚŽƐŝĞŵƉƌĞ >ĂƐĚŽƐůĞLJĞƐĂŶƚĞƌŝŽƌĞƐĚĞĨƌŝĐĐŝſŶĨƵĞƌŽŶ
ĞƐƚĄŶƉƌĞƐĞŶƚĞƐĞŶĐƵĂůƋƵŝĞƌƉƌŽďůĞŵĂ ĚĞƐĐƵďŝĞƌƚĂƐĞdžƉĞƌŝŵĞŶƚĂůŵĞŶƚĞƉŽƌ
ŵĞĐĄŶŝĐŽ͕ĞŶĂůŐƵŶŽƐĐĂƐŽƐĞŶŵĞŶŽƌŐƌĂĚŽLJ >ĞŽŶĂƌĚŽĚĂsŝŶĐŝ;ϭϰϱϮʹϭϱϭϵͿ͕ƋƵŝĞŶŚŝnjŽ
ĞŶŽƚƌŽƐĚĞĨŽƌŵĂǀŝƐŝďůĞĞŝŵƉŽƌƚĂŶƚĞ͕ƉŽƌ ĞƐƚƵĚŝŽƐĚĞůŵŽǀŝŵŝĞŶƚŽĚĞƵŶďůŽƋƵĞ
ĞũĞŵƉůŽ͕ĞŶĞůĐĂƐŽĚĞƵŶĞũĞƋƵĞĞƐƚĄĞŶ ƌĞĐƚĂŶŐƵůĂƌĚĞƐůŝnjĂŶĚŽƐŽďƌĞƵŶĂƐƵƉĞƌĨŝĐŝĞ
ƌŽƚĂĐŝſŶ͕ĚŝĐŚĂĨƵĞƌnjĂŚĂĐĞƋƵĞƐĞĚĞƚĞŶŐĂ͘Ŷ ƉůĂŶĂ͘
ƵŶĂƵƚŽŵſǀŝů͕ĐĞƌĐĂĚĞůϮϬйĚĞůĂƉŽƚĞŶĐŝĂĚĞů
ŵŽƚŽƌƐĞĐŽŶƐƵŵĞƉĂƌĂĐŽŶƚƌĂƌƌĞƐƚĂƌĞƐƚĂƐ >ĂƌĞůĂĐŝſŶĚĞůĂŵĂŐŶŝƚƵĚĚĞůĂŵĄdžŝŵĂ
ĨƵĞƌnjĂƐ͘ ĨƵĞƌnjĂĚĞĨƌŝĐĐŝſŶĞƐƚĄƚŝĐĂĂůĂŵĂŐŶŝƚƵĚĚĞůĂ
ĨƵĞƌnjĂŶŽƌŵĂůƐĞůůĂŵĂĐŽĞĨŝĐŝĞŶƚĞĚĞĨƌŝĐĐŝſŶ
>ĂĐĂƵƐĂĨşƐŝĐĂĚĞůĂƌĞƐŝƐƚĞŶĐŝĂŽƉƵĞƐƚĂƉŽƌůĂ ĞƐƚĄƚŝĐĂƉĂƌĂůĂƐƐƵƉĞƌĨŝĐŝĞƐĚĞƋƵĞƐĞƚƌĂƚĂ͘^ŝ
ĨƌŝĐĐŝſŶĂůŵŽǀŝŵŝĞŶƚŽĚĞƐƵƉĞƌĨŝĐŝĞƐƋƵĞƐĞ ƌĞƉƌĞƐĞŶƚĂŵŽƐƉŽƌ&ƌƐ͕ůĂŵĂŐŶŝƚƵĚĚĞůĂ
ĚĞƐůŝnjĂŶƵŶĂƐŽďƌĞŽƚƌĂ͕ƉƵĞĚĞƐĞƌĞdžƉůŝĐĂĚĂ ĨƵĞƌnjĂĚĞĨƌŝĐĐŝſŶĞƐƚĄƚŝĐĂ͕ƉŽĚĞŵŽƐĞƐĐƌŝďŝƌ͗
ƐƵƉŽŶŝĞŶĚŽƵŶĞŶƚƌĞůĂnjĂŵŝĞŶƚŽĚĞůĂƐ
ƌƵŐŽƐŝĚĂĚĞƐĚĞůĂƐƐƵƉĞƌĨŝĐŝĞƐ͕ƋƵĞŶŽƉƵĞĚĞŶ &ƌƐчƐE͕
ƐĞƌƐĞƉĂƌĂĚĂƐĂŵĞŶŽƐƋƵĞĐĞĚĂŶŽƐĞ ĚŽŶĚĞƐĞƐĞůĐŽĞĨŝĐŝĞŶƚĞĚĞĨƌŝĐĐŝſŶĞƐƚĄƚŝĐĂLJ
ƌŽŵƉĂŶŽƐĞĂŶůĞǀĂŶƚĂĚĂƐƐŽďƌĞůŽƐĞdžƚƌĞŵŽƐ EůĂŵĂŐŶŝƚƵĚĚĞůĂĨƵĞƌnjĂŶŽƌŵĂů͘
ƐƵƉĞƌŝŽƌĞƐĚĞƵŶĂƐLJŽƚƌĂƐ͕ŽƐƵƉŽŶŝĞŶĚŽƋƵĞ
>ĂĨƵĞƌnjĂĚĞĨƌŝĐĐŝſŶĐŝŶĠƚŝĐĂ&ƌŬĞŶƚƌĞĚŽƐ
ůĂƐŵŽůĠĐƵůĂƐĚĞůĂƐƐƵƉĞƌĨŝĐŝĞƐĚĞůŽƐĚŽƐ
ƐƵƉĞƌĨŝĐŝĞƐƐĞĐĂƐŶŽůƵďƌŝĐĂĚĂƐ͕ƐŝŐƵĞůĂƐ
ƉůĂŶŽƐĞŶĐŽŶƚĂĐƚŽĞƐƚĄŶƚĂŶĐĞƌĐĂŶĂƐƋƵĞ
ŵŝƐŵĂƐůĞLJĞƐƋƵĞůĂĨƌŝĐĐŝſŶĞƐƚĄƚŝĐĂ͘
ĚĞƐĂƌƌŽůůĂŶƵŶĂĐŽŚĞƐŝſŶƋƵĞĚĞďĞƐĞƌ
ǀĞŶĐŝĚĂƉĂƌĂƉƌŽĚƵĐŝƌĞůŵŽǀŝŵŝĞŶƚŽ͘ ^ĞůĞƐĂƚƌŝďƵLJĞĂůŵĂƚĞŵĄƚŝĐŽĨƌĂŶĐĠƐ:ĞĂŶ
^ŽůĂŵĞŶƚĞůĂĞdžƉĞƌŝŵĞŶƚĂĐŝſŶƉƵĞĚĞ DŽƌŝŶ;ϭϱϵϭʹϭϲϱϵͿLJĂůĐŝĞŶƚşĨŝĐŽĨƌĂŶĐĠƐ
ĐĂƉĂĐŝƚĂƌŶŽƐƉĂƌĂŽďƐĞƌǀĂƌůĂƌĞĂůŝĚĂĚĚĞ ŚĂƌůĞƐŽƵůŽŵď͕;ϭϳϯϲʹϭϴϬϲͿ͕ůĂ
ĞƐƚĂƐĚŝĨĞƌĞŶƚĞƐĐĂƵƐĂƐ͘ ƌĞĂůŝnjĂĐŝſŶĚĞĞdžƉĞƌŝŵĞŶƚŽƐƐŽďƌĞůĂƐĨƵĞƌnjĂƐ
ĚĞĨƌŝĐĐŝſŶ͘ŶƉĂƌƚŝĐƵůĂƌŽƵůŽŵďŚŝnjŽƵŶ
ůǀĂůŽƌŵĄdžŝŵŽĚĞůĂĨƵĞƌnjĂĚĞĨƌŝĐĐŝſŶ
ĞƐƚƵĚŝŽƐŽďƌĞůĂĚŝĨĞƌĞŶĐŝĂĞŶƚƌĞĨƌŝĐĐŝſŶ
ĞƐƚĄƚŝĐĂĞŶƚƌĞƵŶƉĂƌĐƵĂůƋƵŝĞƌĂĚĞƐƵƉĞƌĨŝĐŝĞƐ
ĞƐƚĄƚŝĐĂLJĨƌŝĐĐŝſŶĐŝŶĠƚŝĐĂ͕LJƉƵďůŝĐſĞŶƐƵ
ƐĞĐĂƐ͕ŶŽůƵďƌŝĐĂĚĂƐ͕ŽďĞĚĞĐĞĂůĂƐƐŝŐƵŝĞŶƚĞƐ
ŽďƌĂdŚĠŽƌŝĞĚĞƐDĂĐŚŝŶĞƐ^ŝŵƉůĞƐ;ϭϳϳϵͿ͕
ĚŽƐůĞLJĞƐĞŵƉşƌŝĐĂƐ͘WƌŝŵĞƌĂ͗ĞƐ
ĂůŐƵŶŽƐĚĞůŽƐƌĞƐƵůƚĂĚŽƐŵĄƐŝŵƉŽƌƚĂŶƚĞƐĚĞ
ĂƉƌŽdžŝŵĂĚĂŵĞŶƚĞŝŶĚĞƉĞŶĚŝĞŶƚĞĚĞůĄƌĞĂĞŶ
ƐƵƚƌĂďĂũŽ͘

ϭϬ

 &yGLJR 0$'2
9HUVLyQ 
0DQXDOGHSUiFWLFDVGHO
3iJLQD 
/DERUDWRULRGH0HFiQLFD
6HFFLyQ,62 
([SHULPHQWDO
)HFKDGH
 GHMXQLRGH
HPLVLyQ
ÈUHD'HSDUWDPHQWR
6HFUHWDUtD'LYLVLyQ'LYLVLyQGH&LHQFLDV%iVLFDV
/DERUDWRULRGH0HFiQLFD([SHULPHQWDO
/DLPSUHVLyQGHHVWHGRFXPHQWRHVXQDFRSLDQRFRQWURODGD

ϭ KďũĞƚŝǀŽ ϰ ĞƐĂƌƌŽůůŽ
 
ĞƚĞƌŵŝŶĂƌĞůǀĂůŽƌŶƵŵĠƌŝĐŽĚĞůĐŽĞĨŝĐŝĞŶƚĞ ϰ͘ϭ ŽŶĞůĞƋƵŝƉŽŵĞŶĐŝŽŶĂĚŽĞŶĞůƉƵŶƚŽ
ĚĞĨƌŝĐĐŝſŶĞƐƚĄƚŝĐĂĞŶƚƌĞĚŽƐƐƵƉĞƌĨŝĐŝĞƐĞŶ ĂŶƚĞƌŝŽƌ͕ĂƌŵĞůĂĐŽŶĨŝŐƵƌĂĐŝſŶƋƵĞƐĞ
ĐŽŶƚĂĐƚŽƐĞĐĂƐ͕ĞŶĐŽŶĚŝĐŝŽŶĞƐĚĞŵŽǀŝŵŝĞŶƚŽ ŵƵĞƐƚƌĂĞŶůĂ&ŝŐƵƌĂϭ͘
ŝŶŵŝŶĞŶƚĞ͕ĂƉĂƌƚŝƌĚĞƵŶŵŽĚĞůŽĚĞĐƵĞƌƉŽƐ
ĐŽŶĞĐƚĂĚŽƐLJŵĞĚŝĂŶƚĞĞůĞŵƉůĞŽĚĞůĂƐ 
ĞĐƵĂĐŝŽŶĞƐĚĞĞƋƵŝůŝďƌŝŽ͘ 

 
Ϯ ůĞŵĞŶƚŽƐĐŽŶĐĞƉƚƵĂůĞƐ 
 
ĂͿ ŝĂŐƌĂŵĂĚĞĐƵĞƌƉŽůŝďƌĞ 
ďͿ ůĞLJĞƐĞŵƉşƌŝĐĂƐĚĞůĂĨƌŝĐĐŝſŶƐĞĐĂ 

ĐͿ ĞƐƚĂĚŽĚĞŵŽǀŝŵŝĞŶƚŽŝŶŵŝŶĞŶƚĞĚĞƵŶ &ŝŐƵƌĂϭŽŶĨŝŐƵƌĂĐŝſŶŝŶŝĐŝĂůĚĞůŽƐĞůĞŵĞŶƚŽƐ
ĐƵĞƌƉŽ ŵĞĐĄŶŝĐŽƐƉĂƌĂůĂƉƌĄĐƚŝĐĂ͘
ĚͿ ŵŽĚĞůŽƐĚĞĐƵĞƌƉŽƐ 
ůƐŝƐƚĞŵĂŵĞĐĄŶŝĐŽĞƐƚĄĐŽŶĨŽƌŵĂĚŽƉŽƌƚƌĞƐ
ĞͿ ĐŽŶĚŝĐŝŽŶĞƐĚĞĞƋƵŝůŝďƌŝŽĚĞƵŶĂƉĂƌƚşĐƵůĂ
ĐƵĞƌƉŽƐƐĞŹĂůĂĚŽƐĐŽŶůĂƐůĞƚƌĂƐ͕LJ͕LJ
LJŵŽĚĞůŽƐŵĂƚĞŵĄƚŝĐŽƐ͘
ƚƌĞƐĞůĞŵĞŶƚŽƐĚĞƐƵũĞĐŝſŶĂƵdžŝůŝĂƌĞƐ͗ĚŽƐ
 ƉŽůĞĂƐLJƵŶĂĐƵĞƌĚĂ͘ůďůŽƋƵĞƐĞĐŽŶĞĐƚĂĂ
ϯ ƋƵŝƉŽĞŵƉůĞĂĚŽ ŵĞĚŝĂŶƚĞůĂĐƵĞƌĚĂƋƵĞƉĂƐĂƉŽƌĂŵďĂƐ
 ƉŽůĞĂƐ͘ƐƵǀĞnj͕ĞůďůŽƋƵĞĚĞƐĐĂŶƐĂƐŽďƌĞůĂ
ϭ DĂƌĐŽĐŽŶďĂƐĞĚĞŵĂĚĞƌĂLJĂĐĐĞƐŽƌŝŽƐ ƉůĂĐĂLJĠƐƚĂƐŽďƌĞůĂƐƵƉĞƌĨŝĐŝĞĚĞƵŶĂŵĞƐĂ͘
ƐƚĞĞƐƚĂĚŽŵĞĐĄŶŝĐŽĚĞůƐŝƐƚĞŵĂƐƵƉŽŶĞƋƵĞ
Ϯ ũƵĞŐŽĚĞďůŽƋƵĞƐĚĞŵĂĚĞƌĂ;ϮͿ
ĞůƉĞƐŽĚĞůďůŽƋƵĞĞƐŵĂLJŽƌĂůĚĞ͘
ϯ ƉůĂĐĂĚĞŵĂĚĞƌĂ
>ĂĨŽƌŵĂĞŶƋƵĞƐĞĚĞďĞŽƉĞƌĂƌĞůŵŽĚĞůŽ͕
ϰ ŚŝůŽĚĞĐĄŹĂŵŽ ĐŽŶĞůŽďũĞƚŽĚĞƌĞĂůŝnjĂƌůĂůĞĐƚƵƌĂĚĞĚĂƚŽƐ͕ƐĞ
ϱ ĨůĞdžſŵĞƚƌŽ ĚĞƐĐƌŝďĞĂĐŽŶƚŝŶƵĂĐŝſŶ͘

ϲ ĚŝŶĂŵſŵĞƚƌŽĚĞϭϬE ƉĂƌƚŝƌĚĞůĂƉŽƐŝĐŝſŶĚĞĞƋƵŝůŝďƌŝŽŝŶŝĐŝĂů͕ƋƵĞ
ƐĞŵƵĞƐƚƌĂĞŶůĂ&ŝŐƵƌĂϭ͕ƐĞĚĞďĞƌĄŵŽǀĞƌ
ϳ ƉůĂĐĂĚĞĂĐƌşůŝĐŽ͘ ůĞŶƚĂŵĞŶƚĞůĂƚĂďůĂŚĂĐŝĂůĂŝnjƋƵŝĞƌĚĂ͕ƚĂů
 ĐŽŵŽƐĞŽďƐĞƌǀĂĞŶůĂ&ŝŐƵƌĂϮ͘ƐƚĂĂĐĐŝſŶ
 ƐŽďƌĞůĂƚĂďůĂ͕ŽďůŝŐĂĂƋƵĞĞůĐƵĞƌƉŽ


ϭϭ

 &yGLJR 0$'2
9HUVLyQ 
0DQXDOGHSUiFWLFDVGHO
3iJLQD 
/DERUDWRULRGH0HFiQLFD
6HFFLyQ,62 
([SHULPHQWDO
)HFKDGH
 GHMXQLRGH
HPLVLyQ
ÈUHD'HSDUWDPHQWR
6HFUHWDUtD'LYLVLyQ'LYLVLyQGH&LHQFLDV%iVLFDV
/DERUDWRULRGH0HFiQLFD([SHULPHQWDO
/DLPSUHVLyQGHHVWHGRFXPHQWRHVXQDFRSLDQRFRQWURODGD

ĂƐĐŝĞŶĚĂLJůĂĚŝƐƚĂŶĐŝĂdžƐĞŝŶĐƌĞŵĞŶƚĞ;ůĂ ŶŽƚĞůŽƐǀĂůŽƌĞƐĐŽƌƌĞƐƉŽŶĚŝĞŶƚĞƐĂĞƐƚĂ
ĂůƚƵƌĂŚƉĞƌŵĂŶĞĐĞĐŽŶƐƚĂŶƚĞͿ͘ ǀĂƌŝĂďůĞĞŶůĂƐĞŐƵŶĚĂĐŽůƵŵŶĂĚĞůĂƐƚĂďůĂƐϭ
 LJϮƋƵĞƐĞŵƵĞƐƚƌĂŶĂĐŽŶƚŝŶƵĂĐŝſŶ͘
 KďƐĞƌǀĂĐŝſŶ͗>ĂĂůƚƵƌĂǀĞƌƚŝĐĂůŚĚĞďĞ
 ŵĞĚŝƌƐĞ͕ĚĞƐĚĞĞůĞdžƚƌĞŵŽĚĞůĂĐƵĞƌĚĂƋƵĞ
 ƐƵũĞƚĂĂůĐƵĞƌƉŽĂůƉƵŶƚŽĚĞƚĂŶŐĞŶĐŝĂĚĞůĂ
 ĐƵĞƌĚĂĐŽŶůĂƉŽůĞĂŝnjƋƵŝĞƌĚĂ͘

dĂďůĂϭDĞĚŝĐŝŽŶĞƐƉĂƌĂůĂƉůĂĐĂĚĞŵĂĚĞƌĂ͘

 ǀĞŶƚŽͬ
džŵĂdž͕ĞŶĐŵ Ɛ 
ƉŽƐŝĐŝſŶ

ϭ  
&ŝŐƵƌĂϮŽŶĨŝŐƵƌĂĐŝſŶĨŝŶĂůĚĞůŽƐĞůĞŵĞŶƚŽƐ
ĚĞůĂƉƌĄĐƚŝĐĂ͘ Ϯ  
 ϯ  
^ŝŶĞŵďĂƌŐŽ͕ĞƐƚĞƉƌŽĐĞƐŽŵĞĐĄŶŝĐŽĚĞďĞŝƌ ϰ  
ĂĐŽŵƉĂŹĂĚŽĚĞůĂĐƵŝĚĂĚŽƐĂŽďƐĞƌǀĂĐŝſŶ ϱ  
ĐŽƌƌĞƐƉŽŶĚŝĞŶƚĞĂůŵŽŵĞŶƚŽĞŶĞůƋƵĞ
ŚсĐŵ
ƐƵĐĞĚĞĞůĚĞƐůŝnjĂŵŝĞŶƚŽƌĞůĂƚŝǀŽĞŶƚƌĞůĂƐ
ƐƵƉĞƌĨŝĐŝĞƐĞŶĐŽŶƚĂĐƚŽĚĞůďůŽƋƵĞLJůĂƉůĂĐĂ 
͘:ƵƐƚŽĐƵĂŶĚŽŽĐƵƌƌĞĞƐƚĞĚĞƐůŝnjĂŵŝĞŶƚŽ͕ƐĞ dĂďůĂϮDĞĚŝĐŝŽŶĞƐƉĂƌĂůĂƉůĂĐĂĚĞĂĐƌşůŝĐŽ͘
ĚĞďĞƐƵƐƉĞŶĚĞƌĞůŵŽǀŝŵŝĞŶƚŽĚĞůĂƉůĂĐĂ͕ ǀĞŶƚŽͬ
ƉĞƌŽƐŝŶƐŽůƚĂƌůĂ͘ŶĞƐƚĂƉŽƐŝĐŝſŶƐĞĚĞďĞƌĄ džŵĂdž͕ĞŶĐŵ Ɛ 
ƉŽƐŝĐŝſŶ
ŵĞĚŝƌĞůǀĂůŽƌdžсdžŵĂdž͘ ϭ  
ϰ͘Ϯ ĞƐƉƵĠƐĚĞŚĂďĞƌƌĞŐŝƐƚƌĂĚŽĞůǀĂůŽƌ Ϯ  
ŶƵŵĠƌŝĐŽĚĞdžŵĂdž͕ŽďƐĞƌǀĞůŽƋƵĞůĞƐƵĐĞĚĞĂů ϯ  
ĂƌƌĞŐůŽŵĞĐĄŶŝĐŽƐŝůĂƉůĂĐĂƐĞƐƵĞůƚĂĚĞ ϰ  
ŵĂŶĞƌĂŝŶƚĞŵƉĞƐƚŝǀĂ͘ ϱ  
ϰ͘ϯ ZĞĂůŝĐĞĞůĞdžƉĞƌŝŵĞŶƚŽ͕ĂĐŽƌĚĞĂů ŚсĐŵ
ƉƌŽĐĞĚŝŵŝĞŶƚŽĚĞƐĐƌŝƚŽĞŶĞůƉƵŶƚŽϰ͘ϭ͕ƉĂƌĂ
ƵŶĂƉůĂĐĂĚĞŵĂĚĞƌĂLJŽƚƌĂĚĞĂĐƌşůŝĐŽ͕LJ 
ŽďƚĞŶŐĂůĂŵĞĚŝĐŝſŶĚĞůǀĂůŽƌdžсdžŵĂdž͘ ϱ /ŶĨŽƌŵĞ

ZĞƉŝƚĂĐŝŶĐŽǀĞĐĞƐĞůĞdžƉĞƌŝŵĞŶƚŽƉĂƌĂĐĂĚĂ ĞĚƵĐĐŝſŶĚĞŵŽĚĞůŽƐŵĂƚĞŵĄƚŝĐŽƐ
ƵŶĂĚĞůĂƐƉůĂĐĂƐĐŽŶĞůŽďũĞƚŽĚĞƌĞĐĂďĂƌůŽƐ
ĚĂƚŽƐƉĂƌĂdžсdžŵĂdž͘ ϱ͘ϭ ŶƌĞůĂĐŝſŶĐŽŶůĂ&ŝŐƵƌĂϮ͕ĐƵĂŶĚŽĞů
ďůŽƋƵĞƐĞĞŶĐƵĞŶƚƌĂĞŶůĂĐŽŶĚŝĐŝſŶĚĞ
ϭϮ

 &yGLJR 0$'2
9HUVLyQ 
0DQXDOGHSUiFWLFDVGHO
3iJLQD 
/DERUDWRULRGH0HFiQLFD
6HFFLyQ,62 
([SHULPHQWDO
)HFKDGH
 GHMXQLRGH
HPLVLyQ
ÈUHD'HSDUWDPHQWR
6HFUHWDUtD'LYLVLyQ'LYLVLyQGH&LHQFLDV%iVLFDV
/DERUDWRULRGH0HFiQLFD([SHULPHQWDO
/DLPSUHVLyQGHHVWHGRFXPHQWRHVXQDFRSLDQRFRQWURODGD

ĨƌŝĐĐŝſŶůşŵŝƚĞ;ŵŽǀŝŵŝĞŶƚŽŝŶŵŝŶĞŶƚĞͿ͕ƌĞĂůŝĐĞ ĚŽŶĚĞdžчdžŵĂdž͕ƐŝůĂƉůĂĐĂƐĞŵŽǀŝſŚĂĐŝĂůĂ
ůŽƐĚŝĂŐƌĂŵĂƐĚĞĐƵĞƌƉŽůŝďƌĞ͗ ĚĞƌĞĐŚĂĚĞƐƉƵĠƐĚĞƐŽůƚĂƌůĂ͖LJdžсdžŵĂdž͕ƉĂƌĂĞů
ĂͿ ĚĞůďůŽƋƵĞ͕ ĐĂƐŽĞŶƋƵĞƐĞŵĂŶƚŝĞŶĞĞŶƌĞƉŽƐŽ͘

ďͿ ĚĞůďůŽƋƵĞ͕ ϱ͘ϰ >ŽƐƐŝŐƵŝĞŶƚĞƐĐĂƐŽƐƐƵƉŽŶĞŶůĂůĞĐƚƵƌĂĚĞ

džсdžŵĂdžƐŽƐƚĞŶŝĞŶĚŽůĂƉůĂĐĂ͘ĞŵƵĞƐƚƌĞƋƵĞ
ĐͿ ĚĞůĂƉůĂĐĂ͕ ůĂƐŵĂŐŶŝƚƵĚĞƐĚĞůĂƐĐŽŵƉŽŶĞŶƚĞƐŚŽƌŝnjŽŶƚĂů
ĚͿ ĚĞůĂƐĚŽƐƉŽůĞĂƐLJ LJǀĞƌƚŝĐĂůĚĞůĂĨƵĞƌnjĂĚĞƌĞĂĐĐŝſŶĞŶĞůĞũĞĚĞ
ůĂƉŽůĞĂŝnjƋƵŝĞƌĚĂĞƐƚĄŶĚĂĚĂƐƉŽƌůĂƐ
ĞͿ ĚĞůƚƌĂŵŽĚĞĐƵĞƌĚĂĞŶƚƌĞĞůďůŽƋƵĞLJůĂ ĞdžƉƌĞƐŝŽŶĞƐ͗
ƉŽůĞĂĚĞůĂŝnjƋƵŝĞƌĚĂ͘
‫ݔ‬௠௔௫
ϱ͘Ϯ DĞĚŝĂŶƚĞĞůĞŵƉůĞŽĚĞůĂƐĞĐƵĂĐŝŽŶĞƐĚĞ ܴு ൌ ܹ஻ ቆͳ െ ቇ
ଶ
ඥ‫ݔ‬௠௔௫ ൅ ݄ଶ
ĞƋƵŝůŝďƌŝŽ͕ǀĞƌŝĨŝƋƵĞƋƵĞůĂĞdžƉƌĞƐŝſŶ
ĐŽƌƌĞƐƉŽŶĚŝĞŶƚĞĂůǀĂůŽƌĚĞůĐŽĞĨŝĐŝĞŶƚĞĚĞ ௐಳ ௛
ܴ௏ ൌ ͘
ĨƌŝĐĐŝſŶĞƐƚĄƚŝĐĂ͕ĞƐƚĄĚĂĚŽƉŽƌůĂƐŝŐƵŝĞŶƚĞ మ
ට௫೘ೌೣ ା௛మ
ĞdžƉƌĞƐŝſŶ͗
ŶĐĂŵďŝŽ͕ůĂŵĂŐŶŝƚƵĚĚĞůĂƌĞĂĐĐŝſŶĞŶůĂ
ܹ஻ ‫ݔ‬௠௔௫
ߤ௦ ൌ  ƉŽůĞĂĚĞůĂĚĞƌĞĐŚĂĞƐƚĄĚĂĚĂƉŽƌůĂ
ଶ
ܹ஺ ඥ‫ݔ‬௠௔௫ ൅ ݄ଶ  െ  ܹ஻ ݄ ĞdžƉƌĞƐŝſŶ͗
ŽŶĞůĞŵƉůĞŽĚĞĞƐƚĞŵŽĚĞůŽŵĂƚĞŵĄƚŝĐŽLJ ܴௗ௘௥ ൌ ξʹܹ஻ ͘
ĐŽŶůŽƐĚĂƚŽƐĞdžƉĞƌŝŵĞŶƚĂůĞƐƌĞŐŝƐƚƌĂĚŽƐƉĂƌĂ
^ŝŶƐƵƐƚŝƚƵŝƌǀĂůŽƌĞƐŶƵŵĠƌŝĐŽƐ͎ĐƵĄůĚĞůĂƐ
džсdžŵĂdž͕ŽďƚĞŶŝĚŽƐĞŶůĂƐdĂďůĂƐϭLJϮ͕ƌĞŐŝƐƚƌĞ ĚŽƐƉŽůĞĂƐƚŝĞŶĞŵĂLJŽƌŵĂŐŶŝƚƵĚĚĞƌĞĂĐĐŝſŶ
ůŽƐǀĂůŽƌĞƐƉĂƌĂʅƐ͕ĐŽŶĞůŽďũĞƚŽĚĞůůĞŶĂƌůĂ ĞŶƐƵĞũĞ͍
ƚĞƌĐĞƌĂĐŽůƵŵŶĂĚĞĚŝĐŚĂƐƚĂďůĂƐ͘ƉĂƌƚŝƌĚĞ ϱ͘ϱ ŽŶƚĞƐƚĞĐŽŶƚŽĚŽĚĞƚĂůůĞůĂƐƐŝŐƵŝĞŶƚĞƐ
ĞƐƚĞĐŽŶũƵŶƚŽĚĞǀĂůŽƌĞƐŽďƚĞŶŐĂĞůǀĂůŽƌ ƉƌĞŐƵŶƚĂƐ͗
ƉƌŽŵĞĚŝŽʅƐƉ͘
ĂͿ ͎^ĞƌĄƉŽƐŝďůĞŵĞĚŝƌĞůĐŽĞĨŝĐŝĞŶƚĞĚĞ
ϱ͘ϯ ^ƵƉŽŶŐĂƋƵĞĞŶĞůŵŽŵĞŶƚŽĚĞŵĞĚŝƌĞů ĨƌŝĐĐŝſŶĐŝŶĠƚŝĐĂ͕ʅŬ͕ĞŶƚƌĞĞůďůŽƋƵĞLJůĂ
ǀĂůŽƌdžсdžŵĂdž͕ƐĞƐƵĞůƚĂĚĞŵĂŶĞƌĂĚĞůŝďĞƌĂĚĂ ƉůĂĐĂĐŽŶĞůĞŵƉůĞŽĚĞĞƐƚĞŵŽĚĞůŽ
ůĂƉůĂĐĂ͘ĞŵƵĞƐƚƌĞƋƵĞĞůǀĂůŽƌĚĞůĂĨƵĞƌnjĂ ĞdžƉĞƌŝŵĞŶƚĂů͍džƉůŝƋƵĞĐƵĄůƐĞƌşĂůĂĨŽƌŵĂĚĞ
ĚĞĨƌŝĐĐŝſŶĞƐƚĄƚŝĐĂĞŶƚƌĞůĂƐƐƵƉĞƌĨŝĐŝĞƐĞŶ ŵĂŶŝƉƵůĂƌůŽLJĞůƉƌŽĐĞĚŝŵŝĞŶƚŽƉĂƌĂĞĨĞĐƚƵĂƌ
ĐŽŶƚĂĐƚŽĚĞůĂŵĞƐĂ͕LJĚĞůĂƉĂƌƚĞŝŶĨĞƌŝŽƌĚĞ ůĂƐŵĞĚŝĐŝŽŶĞƐĐŽŶĞůŽďũĞƚŽĚĞŽďƚĞŶĞƌĞƐƚĞ
ůĂƉůĂĐĂ͕ĞƐƚĄĚĂĚĂƉŽƌůĂĞdžƉƌĞƐŝſŶ͗ ƉĂƌĄŵĞƚƌŽĨşƐŝĐŽ͘
ܹ஻ ‫ݔ‬௠௔௫
‫ݎܨ‬௦ ൌ  ďͿ ^ĞŹĂůĞůĂ;ƐͿǀĂƌŝĂďůĞ;ƐͿƋƵĞŽĐĂƐŝŽŶĂƌşĂ;ŶͿ
ଶ
ඥ‫ݔ‬௠௔௫ ൅ ݄ଶ ĚŝĨŝĐƵůƚĂĚ;ĞƐͿĞŶĞůƉƌŽĐĞƐŽĚĞŵĞĚŝĐŝſŶĚĞʅŬ͘
ĚĞŵĄƐ͕ĚĞƐĐƌŝďĂďƌĞǀĞŵĞŶƚĞůĂƐĐŽŶĚŝĐŝŽŶĞƐ

ϭϯ

 &yGLJR 0$'2
9HUVLyQ 
0DQXDOGHSUiFWLFDVGHO
3iJLQD 
/DERUDWRULRGH0HFiQLFD
6HFFLyQ,62 
([SHULPHQWDO
)HFKDGH
 GHMXQLRGH
HPLVLyQ
ÈUHD'HSDUWDPHQWR
6HFUHWDUtD'LYLVLyQ'LYLVLyQGH&LHQFLDV%iVLFDV
/DERUDWRULRGH0HFiQLFD([SHULPHQWDO
/DLPSUHVLyQGHHVWHGRFXPHQWRHVXQDFRSLDQRFRQWURODGD

ŵĞĐĄŶŝĐĂƐĚĞůƐŝƐƚĞŵĂďĂũŽůĂƐĐƵĄůĞƐĚĞďĞƌşĂ ϴ ŝďůŝŽŐƌĂĨşĂ
ĚĞĞĨĞĐƚƵĂƌƐĞĞƐƚĞƉƌŽĐĞƐŽĚĞŵĞĚŝĐŝſŶ͘ 
 ϭ ^ƉŝĞŐĞů͘D͕͘DĞĐĄŶŝĐĂƚĞſƌŝĐĂ͕
ϲ WƌĞƐĞŶƚĂĐŝſŶĚĞƌĞƐƵůƚĂĚŽƐ ^ĞƌŝĞ^ĐŚĂƵŵ͕ĚŝƚŽƌŝĂůDĐ'ƌĂǁʹ,ŝůů͕
DĠdžŝĐŽ͕ϭϵϳϲ͘


ůƉůĂŶƚĞĂŵŝĞŶƚŽĚĞůĂƐĞĐƵĂĐŝŽŶĞƐĚĞ
Ϯ ĞĞƌ&͘W͘:ŽŚŶƐƚŽŶ:ƌ͘͘Z͘ΘDĂnjƵƌĞŬ͘
ĞƋƵŝůŝďƌŝŽ͕ĚĞďĞƌĄƌĞĂůŝnjĂƌƐĞĐŽŶƌĞĨĞƌĞŶĐŝĂĂ
&͕͘DĞĐĄŶŝĐĂsĞĐƚŽƌŝĂůƉĂƌĂ/ŶŐĞŶŝĞƌŽƐ͕
ůŽƐĚŝĂŐƌĂŵĂƐĚĞĐƵĞƌƉŽůŝďƌĞƉůĂŶƚĞĂĚŽƐ͘>Ă
ƐƚĄƚŝĐĂ͕ϭϬǐĞĚŝĐŝſŶ͕ĚŝƚŽƌŝĂůDĐ'ƌĂǁʹ
ƐŽůƵĐŝſŶĚĞůƐŝƐƚĞŵĂĚĞĞĐƵĂĐŝŽŶĞƐƉƵĞĚĞ
,ŝůů͕DĠdžŝĐŽ͕ϮϬϭϯ͘
ƌĞƐŽůǀĞƌƐĞĐŽŶDĂƉůĞůĄƐŝĐŽ͘

 
ϳ ŽŶĐůƵƐŝŽŶĞƐ͕ƐƵŐĞƌĞŶĐŝĂƐLJ  ,ƵŐŽ^ĞƌƌĂŶŽDŝƌĂŶĚĂ
ĐŽŵĞŶƚĂƌŝŽƐ  zƵŬŝŚŝƌŽDŝŶĂŵŝ<ŽLJĂŵĂ
 

 
 



 

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