)DFHERRN

GDWDWH[WKWPOFKDUVHW XWI&SVW\OH'PDUJLQ$HPS[%FRORU$UJE&&%IRQW

&DQGRPEOpGH&DERFOR

$RULJHPGRV&DQGRPEOpVGH&DERFORVHVWiQRULWXDOGHDQWLJRVQHJURVGHRULJHPEDQWRTXHQDIULFDGLVWDQWHFXOWXDYDPRV1NLVLHTXHQR%UDVLOYLUDPVHIRUoDGRVDHQFRQWUDUXPRXWURDQWHSDVVDGRSDUDVXEVWLWXLUR1NLVLTXHQmRRVDFRPSDQKRXjQRYDWHUUD1HVWHQRYRHGLVWDQWHSDtVTXHDQWHSDVVDGRFXOWXDUVHQmRRtQGLRRFDERFORFRPRGL]LDRVDQWLJRVQRUGHVWLQRV"2VDQWLJRVKDELWDQWHVTXHPVHQmRRYHUGDGHLURHRULJLQDOGRQRGDWHUUD"6DQWRV

2&DQGRPEOpGH&DERFORVHGHXLQLFLRHQWUHRVQHJURV%DQWXVHQGRRVHVStULWRVLQGtJHQDVSDUDOHODPHQWHFXOWXDGRVDVGLYLQGDGHVDIULFDQDV1NLVLH+DPEDVHPPLVWXUDURV&DERFORVFRP1NLVLRX+DPED2VQHJURVWLYHUDPDSUHRFXSDomRGHFXOWXDURVDQFHVWUDLVGHVWDWHUUDSDVVDQGRDFXOWXDUSDUDOHORDRFXOWRTXHSUHVWDYDPDRVVHXV0LQNLVLH0DKDPED

2VFDERFORVHVStULWRVGRVDQWLJRVtQGLRVTXHSRYRDUDPRWHUULWyULREUDVLOHLURRVDQWLJRVFDERFORVHOHLWRVSHORVSRYRV%DQWXTXHDTXLYLYHUDPDQWHULRUPHQWHDFKHJDGDGRVQHJURVQDJ{VFRPRRVYHUGDGHLURVDQFHVWUDLVHPWHUUDVQDWLYDV6mRHVStULWRVQmR'HXVHV

$R&DERFORQGLRVmRGHVLJQDGRVFRP&DERFORGHSHQDSRUFDXVDGDUHIHUrQFLDDRVSHQDFKRVHFRFDUHVTXHXVDPTXDQGRHPWUDQVHSDUDPDUFDUVXDRULJHPLQGtJHQDHWDPEpPH[LVWHPRV&DERFORVGHRXWUDVSURFHGrQFLDVTXHVmRRV&DERFORVGHFRXUR%RLDGHLURVTXHWHULDPXPGLDYLYLGRQRVHUWmRQDOLGDGRJDGRHTXHXVDPRFKDSpXFDUDFWHUtVWLFRGHVXDDQWLJDRFXSDomR

2&DQGRPEOp.HWXQmRFXOWXDYD&DERFORRTXHH[LVWHKRMHpQHVVDVFDVDVGH.HWXpPRGHUQLGDGHSRLV&DERFORVHPSUHIRLFXOWXDGRVSHORVDQJROHLURVSRUVHUHPFXOWXDGRVSHORVSRYRV%DQWXDRFKHJDUHPQHVWDVWHUUDV

1ROLYUR1HJURV%DQWRV(GLVRQ&DUQHLURUHODWRXPXLWDVFDQWLJDVHFHULP{QLDVDVVLVWLGDVQR7HUUHLURGD*RPpLDGH-RmRGD3HGUD3UHWDDTXHPPHQFLRQDHPSULPHLUROXJDUQDVOLVWDVGR3DLVGH6DQWRFRQVXOWDGRV&DUQHLURS2XWURHVFULWRUWDPEpPPHQFLRQDHP1HJURHVLQ%UD]LORVPDLVFRQKHFLGRV7HUUHLURVGHQDomR&RQJR$QJRODGH6DOYDGRUPHQFLRQDR7HUUHLURGD*RPpLDDRODGRGHWHUUHLURVSUHVWLJLDGRVFRPRR%DWH)ROKDDWHPHVPRR7HUUHLURGH-XELDEi3LHUVRQS9DJQHU*RQoDOYHVGD6LOYDS

7HQKRQRWLFLDVGHXPPDLVYHOKRGHVFHQGHQWHHSHVTXLVDGRUGD1GDQML*RPpLDTXHDRULJHPGD*RPpLDp&DQGRPEOp$QJROD&DERFORSRUSDUWHGR7DWHWX6HYHULQR0DQRHOGH$EUHX-XELDEi3DLGH6DQWRGH-RmR]LQKRGD*RPpLD&RPDRULJHPGR&DQGRPEOpGH&DERFORTXHVHRULJLQRXSHORVSRYRV%DQWXID]GHVWD1GDQMLXPLPSRUWDQWH&DQGRPEOp$QJRODSRUFRQWDGRVSULQFtSLRVEDQWXQDSUHFLVmRGDHODERUDomRGHFXOWXDURVDQFHVWUDLVLQGtJHQDVGHVWDVWHUUDV

-RmR]LQKRGD*RPpLDIRLXPGRVSULQFLSDLVFRODERUDGRUHVGH(GLVRQ&DUQHLURTXHHP1HJURV%DQWRVUHDOL]RXXPDHWQRJUDILDVREUHRV&DQGRPEOpVGHULWRV$QJRODHGH&DERFORV8PDFDUWDHQYLDGD$UWXU5DPRVRHGLWRUGH1HJURV%DQWRV(GLVRQ&DUQHLURVHUHYHORXEDVWDQWHHQWXVLDVPDGRFRPR&DQGRPEOpGD*RPpLDHOHGL]

1mRVHHVSDQWHSRULVVRPHVPRFRPRXWURVDUWLJRVVREUHQHJURVTXHYRXFRPHWHUGDTXLSRUGLDQWH3RUH[HPSORQRV1HJURV%DQWRVSUHWHQGRGHGLFDUFDStWXORVDRVFDQGRPEOpVGHFDERFORHDVVHVV}HVGHFDERFOR$UUDQMHLXPyWLPRFDPSRGHREVHUYDomRRFDQGRPEOpGD*RPpLD$QJROD-iWHQKRREVHUYDo}HVQRWiYHLVTXHYmRHVSDQWDURSRYR2OLYHLUDH/LPDS9DJQHU*RQoDOYHVGD6LOYDS

6REUHDVSROHPLFDVFRQWUD-RmR]LQKRGD*RPpLDGHFXOWXDUFDERFORQRVHXFDQGRPEOpREVHUYDPRVTXH(GLVRQ&DUQHLURVDELDRTXHHVWDYDIDODQGRQDFDUWDHQYLDGDD$UWXU5DPRVSRUFRQWDGDVFULWLFDVTXHDV6DFHUGRWLVDVGLUHFLRQDYDPDR-RmR]LQKRGD*RPpLDFXOWXDUFDERFORHPVHXFDQGRPEOpSRLVGHQWURGDVFDVDVWUDGLFLRQDLVGD%DKLDGHQDomRNHWXQmRFXOWXDYDPFDERFORVQmRSUHRFXSDUDPHPFXOWXDURVDQFHVWUDLVGHVWDVWHUUDVSUHRFXSDQGRVRPHQWHFRPRV2UL[iVGHOHVQR&DQGRPEOp

1DHVIHUDGDVUHOLJL}HVDIUREUDVLOHLUDVDSDUWLFLSDomRGRVEDQWRVIRLIXQGDPHQWDOSRLVpGDUHOLJLRVLGDGHGHVVHVSRYRVRXVREVXDLQIOXrQFLDGHFLVLYDTXHVHIRUPRXQR%UDVLOR&DQGRPEOpGH&DERFOREDLDQRHRXWUDVYDULDQWHVUHJLRQDLVGHFXOWRDRDQWHSDVVDGRLQGtJHQD

'DQHFHVVLGDGHGHFXOWXDURDQFHVWUDOHGRVHQWLPHQWRGHTXHKDYLDXPDDQFHVWUDOLGDGHWHUULWRULDOSUySULDGRQRYRVRORTXHKDELWDYDPRVEDQWRVHVHXVGHVFHQGHQWHVFULDUDPRFDQGRPEOpGHFDERFORTXHFHOHEUDYDHVStULWRVGRVtQGLRVDQFHVWUDLV6DQWRV3UDQGL9DOODGRH6RX]D

2V%DQWXHVWLYHUDPQR%UDVLODPXLWRPDLVWHPSRPDVH[LVWHLQGtFLRVKLVWyULFRVTXHOHYDPDFUHUTXHVRPHQWHFRPDIRUPDomRGR&DQGRPEOp$QJRODH&RQJRGHFXOWRDVGLYLQGDGHVDIULFDQDV1NLVLH+DPEDWHULDVXUJLGRTXDQGRRV&DQGRPEOpV.HWXH&DQGRPEOp'MHGMHMiHVWDYDPVHRUJDQL]DQGRRXRUJDQL]DGRV

(PERUDWRGRVRVQHJURVHPHVWLoRVIRVVHPFRQVLGHUDGRVFRPRLJXDLVQDPHGLGDHPTXHRFXSDYDPQDVRFLHGDGHEUDQFDSRVLomRRILFLDOPHQWHVXEDOWHUQDHPDUJLQDOL]DGDDVLGHQWLGDGHVpWQLFDVHVWDYDPSUHVHUYDGDVQDVLUPDQGDGHVUHOLJLRVDVFDWyOLFDVTXHUHXQLDPHPLJUHMDVHDVVRFLDo}HVHVSHFtILFDVRVGLIHUHQWHVJUXSRVDIULFDQRVpWQLFROLQJXtVWLFR

)DFHERRN

GDWDWH[WKWPOFKDUVHW XWI&SVW\OH'PDUJLQ$HPS[%FRORU$UJE&&%IRQW

3RLVTXDQGRQDJ{VHMHMHVUHXQLGRVQDVLUPDQGDGHVFDWyOLFDV6LOYHLUDUHIL]HUDPQR%UDVLOVXDVUHOLJL}HVDIULFDQDVGHRULJHPRV%DQWXRVDFRPSDQKDUDP

1RFDPSRUHOLJLRVRIRLSRUWDQWRGXSODDFRQWULEXLomREDQWDRULJLQDGDQD%DKLDR&DQGRPEOpGH&DERFORHR&DQGRPEOpGH$QJRODH.RQJRGXDVPRGDOLGDGHVTXHVHFDVDULDPQXP~QLFRFRPSOH[RDIURtQGLREUDVLOHLURSRYRDQGRDSDUWLUGDGpFDGDGHSUDWLFDPHQWHR%UDVLOWRGRGHWHUUHLURVDQJRODFRQJRFDERFOR

1D6DOYDGRUGDVGpFDGDVGHRFDQGRPEOpGHFDERFORPDLVSUy[LPRGHLQIOXrQFLDVLQGtJHQDVFRQWDYDFRPVDFHUGRWHVGHJUDQGHSUHVWtJLRHQWUHPXLWRVRXWURV3DL2WiYLR2Gp7DLRFr6DELQD&RQVWkQFLDHVXDLUPm6LOYDQDTXHWHULDVLGRDSULPHLUDVDFHUGRWLVDGRULWRTXHWRDLQFRUSRUDURFXOWRGRVFDERFORVXPDSURWRPmHGDXPEDQGD/DQGHVFDS

2&DQGRPEOp.HWXVHPSUHGLVSXWDYDHPSRSXODULGDGHFRPRV&DQGRPEOpV%DQWXFRQKHFLGRVSHORVQRPHVGH&DQGRPEOp$QJRODRX&RQJRRVTXDLVVHHVSDOKDPSRUWRGRR%UDVLO$OJXQVGHVWHV&DQGRPEOpVGHUDL]%DQWXVmRRFDQGRPEOpGR%DWH)ROKDGRVILQDGRV3DL%HUQDUGLQRGD3DL[mRH0mH6DPED'LDPRQJRRFDQGRPEOpGH0DULD1HQpPRFDQGRPEOpGH&LULDFR7XPED-XQoDUDRFDQGRPEOpGH3DL0DQRHO1DWLYLGDGHGR&DERFOR1HLYH%UDQFDHRFDQGRPEOpGD*RPpLDGH-RmR]LQKRGD*RPpLDLPSRUWDQWtVVLPRGLYXOJDGRUGDSRSXODUL]DomRGR&DQGRPEOpQR5LRGH-DQHLURSDUDRQGHVHWUDQVIHULXQRDQRHTXHWHPOXJDUVLJQLILFDWLYRQDPHPyULDGRVFDQGRPEOpVSDXOLVWDV

5XWK/DQGHVDQWURSyORJDDPHULFDQDTXHHQWUHHJXLDGDSRU(GLVRQ&DUQHLURSHUFRUUHXPXLWRV&DQGRPEOpVEDLDQRVWUDQVFUHYHDVHJXLQWHH[SOLFDomRTXHOKHGHUD6DELQDPmHLQLFLDGDQRVFXOWRVFDERFORVSRU6LOYDQDFRPTXHPMiHVWDYDURPSLGD

(VWHWHPSORpSURWHJLGRSRU-HVXVH2[DOiHSHUWHQFHDR%RP-HVXVGD/DSDeXPDGDVFDVDVGRVHVStULWRVFDERFORVRVDQWLJRVtQGLRVEUDVLOHLURVHQmRYHPGRVDIULFDQRVLRUXEiVRXGR&RQJR2VDQWLJRVtQGLRVGDPDWDPDQGDPRVHVStULWRVGHOHVQRVJXLDUHDOJXQVGHOHVVmRHVStULWRVGHtQGLRVPRUWRVKiFHQWHQDVGHDQRV6DOYDPRVSULPHLURRVGHXVHVLRUXEiVQDVQRVVDVIHVWDVSRUTXHQmRSRGHPRVGHL[iORVGHODGRPDVGHSRLVVDOYDPRVRVFDERFORVSRUTXHIRUDPRVSULPHLURVGRQRVGDWHUUDHPTXHYLYHPRV)RUDPRVGRQRVHSRUWDQWRVmRDJRUDRVQRVVRVJXLDV>@7DOYH]HXGHYDLUDR5LRHLQVWDODUXPFDQGRPEOp"LELG

0mH6DELQDMRJDYDE~]LRVUHFHELDjVTXDUWDVIHLUDVRVHXFDERFORSDUDGDUFRQVXOWDVID]LDRVGHVSDFKRVHHEyV$VFDQWLJDVHSUHFHVHPVXDFDVDHUDPHPSRUWXJXrVPLVWXUDGRFRPSDODYUDVTXHKRMHRXYLPRVQRVFDQGRPEOpVDQJROD

2VVDFHUGRWHVGHVVHVWHUUHLURVGHQDo}HVGLIHUHQWHVYLYLDPHPFRQVWDQWHWURFDGHYLVLWDVHIDYRUHVDSHVDUGDVGLVSXWDVHQWUHHOHV$HQWmRMRYHP0HQLQLQKDGR*DQWRLVTXHHUDDGPLUDGRUDHDPLJDGH&RQVWkQFLDPmHGHFDQGRPEOpGHFDERFORFRPHQWDFRP5XWK/DQGHVVREUH0mH6DELQD$VHQKRUDDFKDPDGHPmH"(ODTXHUpJDQKDUDYLGDHQmRDMXGDURVRXWURVHQXQFDIRLWUHLQDGDHPFDQGRPEOpDOJXP>@(YLYHFRPEDWHQGR&RQVWkQFLDTXHpXPDJUDQGHPmHSRUTXH&RQVWkQFLDDEDWL]RXQDOHLGHFDERFOR&RQVWkQFLDH6LOYDQDHVVDVVLPVmRJUDQGHVVDFHUGRWLVDVLELG

3UHFRQFHLWXRVDPHQWHRFDQGRPEOpDQJRODWHPVLGRFRQVLGHUDGRXPULWRPHQRUHGHOHSRXFRVHHVWXGRX7ULQGDGH6HUUD&DUQHLUR&RVVDUG%LQRQVG

2&DQGRPEOp$QJRODOHJLWLPRXGHVGHFHGRRFXOWRGRVFDERFORVEUDVLOHLURVTXHDOpPGHVHFRQVWLWXLUFRPRULWRLQGHSHQGHQWHIRLWDPEpPLQFRUSRUDGROiSHORVDQRVHGRVpFXOR;;SRUFDVDVQDJ{VTXHQmRDVGDWUtDGHIXQGDQWHD&DVD%UDQFDR*DQWRLVR2S{$IRQMi/DQGHV

1mRVHSRGHFRQIXQGLU&DQGRPEOpGH&DERFORFRPD8PEDQGDSRLVR&DQGRPEOpGH&DERFORQDpSRFDGHVXDIRUPDomRFXOWXDYDDVVXDVSUySULDV'LYLQGDGHV1NLVLH0XNL[LHRVDQFHVWUDLVGHVWDWHUUD$8PEDQGDIRLIRUPDGDHPRQGHDGRWRXRV2UL[iV&DERFORV3UHWRV9HOKRV0DUXMRV%DLDQRVH0HQLQRGH$QJRODWRGRVHVWHVHVStULWRV

-RmR]LQKRJRVWDYDGHRIHUWDUVHPSUHRPHOKRUHPVHX&DQGRPEOpID]LDDVPDLVEHODVYHVWLPHQWDVGRV0XNL[L2UL[iSDUDYHVWLORVRQGHGHVHPEROVRX&UVSDUDID]HUXPDURXSDSURVHX0XNL[L2UL[iQRGLDGHVXDIHVWD

(OHVHPSUHXP6DFHUGRWHDSDL[RQDGRSRU&DQGRPEOpID]LDVRPHQWHRTXHRV0XNL[L2UL[iGHWHUPLQDYD

SRU7DWD.LWDOHKRX[L