$UJHQWLQD D VWUHVV WHVW RI WKH ~QHZ

Anuncio
$UJHQWLQDDVWUHVVWHVWRIWKH
~QHZLQWHUQDWLRQDOILQDQFLDO
DUFKLWHFWXUH"
¨ 1EVOIXXEPOSJEDFEMPSYX
TEGOEKIJSV%VKIRXMREMWGSQTPIXIP]YRJSYRHIH
8LI GSYRXV] MW RSX LEIQSVVLEKMRK ERH FIWMHIW XLI + EVI I\XVIQIP]
VIPYGXERXXSTYXXSKIXLIVER]VIWGYITEGOEKIWrIWTIGMEPP]EXXLMWXMQI
¨ +MZIR XLI YRNYWXMJMEFP] XSYKL + EXXMXYHI XS[EVHW PIRHIVW ERH MRZIWXSVW
IRWLVMRIH MR XLI DRI[ MRXIVREXMSREP JMRERGMEP EVGLMXIGXYVI
IZIR E WGEPIH
HS[RJMRERGMEPVIWGYIIJJSVXGSYPHHSQSVIHEQEKIXLERKSSH
0EWX ;IHRIWHE] ERH 8LYVWHE] 3GXSFIV XLIVI [EW MRXIRWI
WTIGYPEXMSRMRXLIJMRERGMEPQEVOIXWXLEXXLIKSZIVRQIRXSJ%VKIRXMRE[EW
RIKSXMEXMRKERIQIVKIRG]PSERTEGOEKI[SVXLFRSVQSVI[MXLXLI97
KSZIVRQIRX ERH XLI -1* 8LMW WTIGYPEXMSR RSX[MXLWXERHMRK XLI TVMGIW SJ
%VKIRXMRE FSRHW ERH QSWX SXLIVW GSRXMRYIH XS [IEOIR ERH WTVIEHW OITX
SR[MHIRMRK[MXLXLI%VKIRXMREFSRHGSQTSWMXIVIEGLMRKETIEOWTVIEHSJ
FT SZIV 97 8VIEWYVMIW SR 8LYVWHE] 3GXSFIV 1EVOIX WIRXMQIRX
JMREPP] VIZIVWIH MXWIPJ PEWX *VMHE] [MXL XLI %VKIRXMRE WTVIEH GSQTSWMXI
REVVS[MRK XS FT SZIV 97 8VIEWYVMIW r IZIR XLSYKL %VKIRXMRI ERH -1*
EYXLSVMXMIW VITIEXIHP] HIRMIH XLI QEVOIX VYQSYVW %VKIRXMRE FSRHW ERH
XLI QEVOIX KIRIVEPP] VIGSZIVIH JYVXLIV XLMW TEWX 1SRHE]8YIWHE] 3GXSFIV[MXLXLIWTVIEHGSQTSWMXIREVVS[MRKJYVXLIVXSFTSZIV978
HIWTMXI EHHMXMSREP HIRMEPW SJ ER] FEMPSYX STIVEXMSR 8LI ITMWSHI QEOIW
IQMRIRXWIRWIFIGEYWIIZIVWMRGIXLI+KSZIVRQIRXW[EPOIHE[E]JVSQ
6YWWME MR %YKYWX ERH PEXIV VEXMSREPMWIH XLEX GEXEWXVSTLMG HIGMWMSR EW
TEVX SJ E DRI[MRXIVREXMSREP JMRERGMEP EVGLMXIGXYVI
MRZIWXSVW LEZI PIEVRIH
XLI LEVH [E] XLEX +WTSRWSVIH FEMPSYXW GER FI ZIV] LE^EVHSYW XS XLIMV
LIEPXL 1ER] MRZIWXSVW LEZI XSPH YW MR JEGX XLEX XLI] [SYPH VIKEVH ER]
HMWFYVWIQIRX F] %VKIRXMRE JVSQ XLI -1* IZIR YRHIV MXW I\MWXMRK FR
7XERHF] JEGMPMX] EW E WXVSRK WMKREP XS YRPSEH XLIMV VIQEMRMRK LSPHMRKW SJ
%VKIRXMRI FSRHW r JSV JIEV XLEX XLI *YRH
W LIPT QMKLX FI GSRHMXMSRIH SR
XLIGSYRXV]SFXEMRMRKVIPMIJJVSQMXWI\XIVREPHIFXSFPMKEXMSRW
7KHPLVVLQJUDWLRQDOHIRUDUHVFXHDWWHPSW
$UWXUR3RU]HFDQVNL
$UWXURSRU]HFDQVNL#DEQDPURFRP
7MQTP]TYX%VKIRXMREHSIWRSXUYEPMJ]JSVE;EWLMRKXSREVVERKIH VIWGYI
8LI GSYRXV] MW RSX I\TIVMIRGMRK E PSWW SJ SJJMGMEP MRXIVREXMSREP VIWIVZIW
[LMGL LEZI JPYGXYEXIH MR E VERKI SJ FR WMRGI XLI FIKMRRMRK SJ XLI
]IEV -XW GSQQIVGMEP FEROW EVI PMOI[MWI RSX [MXRIWWMRK ER] VIHYGXMSR MR
XLIMVTVIGEYXMSREV]LSPHMRKWSJ97HSPPEVW3RXLIGSRXVEV]XLIEQSYRXSJ
HSPPEVWLIPHF]%VKIRXMRIFEROWMRXLI97MRGSQTPMERGI[MXLXLIMVPMUYMHMX]
VIUYMVIQIRXW r E WYQ XLEX MW RSX GSYRXIH EW TEVX SJ SJJMGMEP MRXIVREXMSREP
VIWIVZIWrLEWMRGVIEWIHMRVIGIRXQSRXLWXSI\GIIHFR
%&2%163)1)6+-2+1%6/)87*3682-+,80=
)LJ2IILFLDOUHVHUYHVDQGEDQN
OLTXLGLW\UHTXLUHPHQWEQ
5HVHUYHV
/LTUHT
6RXUFH%DQFR&HQWUDOGHOD5HS$UJHQWLQD
)LJ&URVVERUGHUVKRUWWHUP
GHEWDVRI-XQH
EQ
RIWRWDOGHEW
*RYHUQPHQW
1DWLRQDO
6WDWHORFDO
3ULYDWHVHFWRU
&RUSRUDWLRQV
%DQNV
6RXUFH0LQLVWHULRGH(FRQRP½D
8LIFEROMRKW]WXIQVIQEMRWI\GIIHMRKP][IPPGETMXEPMWIH[MXLGETMXEPSZIV
VMWO[IMKLXIH EWWIXW EFSZI ERH MX MW LMKLP] PMUYMH EW HIXEMPIH FIPS[
8LIVI LEZI FIIR RS RIX [MXLHVE[EPW SJ HSPPEV SV TIWSHIRSQMREXIH
HITSWMXWSRXLIGSRXVEV]HITSWMXWLEZIKVS[R1SSH]
W-RZIWXSVW7IVZMGI
VEROW %VKIRXMRE
W FERO JMRERGMEP WXVIRKXL EQSRK XLI LMKLIWX MR IQIVKMRK
QEVOIXWREQIP]EXE(EHIUYEXIPIZIPWMQMPEVXSXLIVEXMRKFIWXS[IHSR
XLIFEROMRKW]WXIQWSJ4SPERH:IRI^YIPE7PSZIRMEERH8EM[ERXSREQIE
JI[ %GGSVHMRK XS 7XERHEVH 4SSV
W XLI %VKIRXMRI FEROMRK W]WXIQ MW
WXVSRKIV XLER XLSWI SJ QSWX RSRMRZIWXQIRXKVEHI GSYRXVMIW MR TEVX
FIGEYWI SJ WYFWXERXMEP JSVIMKR S[RIVWLMT -RHIIH RMRI SJ XLI XST XIR
GSQQIVGMEPFEROWEVIJSVIMKRS[RIHXLIJSVIMKRS[RIHFEROWEGGSYRX
JSV QSVI XLER SRIXLMVH SJ XSXEP ERH EFSYX LEPJ SJ EPP WMKLX WEZMRKW ERH
XIVQHITSWMXWEVIOITXMRJSVIMKRS[RIHFEROW-RHIIHMRPMKLXSJI\MWXMRK
PMUYMHMX] VIUYMVIQIRXW ERH VIHMWGSYRX ERH GSRXMRKIRX JEGMPMXMIW MR XLI
IZIRXSJEGSRJMHIRGIGVMWMWXLIFEROMRKW]WXIQGSYPH[MXLWXERHEVYRSR
HITSWMXWIUYMZEPIRXXSQSVIXLERSJXSXEP[MXLSYXLEZMRKXSGEPPMRER]
PSERW
%RSXLIVWSYVGISJ MRLIVIRX WXVIRKXL MW XLEX XLI %VKIRXMRIKSZIVRQIRX LEW
ZIV] PMXXPI MR XLI [E] SJ WLSVXXIVQ HIFX r E QENSV HMJJIVIRGI ZMWÎZMW
1I\MGS MR 6YWWME MR ERH &VE^MP MR IEVP] +SZIVRQIRX
SFPMKEXMSRWHYI[MXLMRSRI]IEVXSXEPRSXIZIRFRXLIIUYMZEPIRXSJPIWW
XLERSJXLIXSXEPTYFPMGHIFXERHGSRWMWXSJ8VIEWYV]FMPPWQSWXP]MRXLI
LERHWSJPSGEPFEROW ERHTIRWMSR JYRHW 8LI TVMZEXIWIGXSV PMOI[MWI LEW E
PMQMXIH EQSYRX SJ WLSVXXIVQ SFPMKEXMSRW XS JSVIMKR GVIHMXSVW %VKIRXMRI
GSQTERMIW QER] SJ [LMGL EVI EPWS JSVIMKRS[RIH EX PEWX GSYRX LEH
GSRXVEGXIH EFSYX FR SJ WLSVXXIVQ HIFX [MXL SZIVWIEW FEROW ERH
WYTTPMIVWVITVIWIRXMRKSJXLIMVXSXEPGVSWWFSVHIVPMEFMPMXMIW%VKIRXMRI
FEROW JSV XLIMV TEVX S[I WSQI FR XS GSYRXIVTEVXMIW EFVSEH [MXL E
QEXYVMX] SJ PIWW XLER SRI ]IEV 8LI VMWO SJ XLIMV IRGSYRXIVMRK VSPPSZIV
TVSFPIQW MW WQEPP FIGEYWI KMZIR XLI [MHIWTVIEH JSVIMKR S[RIVWLMT SJ
%VKIRXMRI FEROW QYGL SJ XLMW I\TSWYVI GSRWMWXW SJ EHZERGIW JVSQ LIEH
SJJMGIW MR )YVSTI ERH XLI 9RMXIH 7XEXIW 7S JEV XLIVI MW RS IZMHIRGI XLEX
IMXLIV%VKIRXMRIGSQTERMIWSVFEROWEVIJEGMRKE[MXLHVE[EPSJWLSVXXIVQ
PMRIWSJGVIHMXEWHMH/SVIERGSVTSVEXMSRWERHJMRERGMEPMRWXMXYXMSRWMR,
ERH&VE^MPMERIRXMXMIWMR,5
8LISRP]VIEPMWXMGVMWOMWXLEXXLIKSZIVRQIRXQE]JMRHMXZIV]GSWXP]rIZIR
SYXVMKLX MQTSWWMFPI r XS XET XLI MRXIVREXMSREP GETMXEP QEVOIXW MR XLI RI\X
WIZIVEP QSRXLW YRXMP JSVIMKR MRZIWXSV GSRJMHIRGI MR %VKIRXMRE MW VIFYMPX
8LMWMWUYMXIEQEREKIEFPIVMWOLS[IZIV8LISJJMGMEPJMRERGMEPTVSKVEQQI
GEPPW JSV VEMWMRK FR EX LSQI ERH EFVSEH MR QSWXP] XS GSZIV
EQSVXMWEXMSR TE]QIRXW JEPPMRK HYI SJ FR SJ [LMGL FR
GSVVIWTSRHW XS FSRH VIHIQTXMSRW ERH JYRH XLI I\TIGXIH FYHKIX HIJMGMX
FR2SVQEPP]XLIEYXLSVMXMIW[SYPHWIIOXSVEMWIEXPIEWXX[SXLMVHWSJ
XLMW EQSYRX EFVSEH MR SVHIV XS SFXEMR FIXXIV XIVQW ERH GSRHMXMSRW XLER
EZEMPEFPI HSQIWXMGEPP] ERH XS QMRMQMWI ER] GVS[HMRKSYX IJJIGX MR XLI
LSQI QEVOIX =IX XLI PSGEP TIRWMSR JYRHW VIKYPEVP] TYVGLEWI E TSVXMSR SJ
% & 2 % 1 6 3 ) 1 ) 6 + - 2 + 1 % 6 / ) 8 7 * 3 6 8 2 - + , 8 0 =
%VKIRXMRE
W )YVSFSRHW MWWYIH MR XLI 97 ERH )YVSTI WYGL XLEX XLI
MQTSVXERGISJGVSWWFSVHIVMRZIWXSVWMWPIWWXLERMXETTIEVWSRTETIV
)LJ%DQNGHSRVLWVDQGORDQV
EQ
'HSRVLWV
/RDQV
6RXUFH%DQFR&HQWUDOGHOD5HS$UJHQWLQD
8LI ZIV] VIGIRX TPEGIQIRX SJ FR MR X[S]IEV *62W [MXL WSQI SJ XLI
PSGEPFEROWMPPYWXVEXIWLS[IZIVXLEXMJRIIHFIXLIKSZIVRQIRXGERI\TPSMX
ZEVMSYW HSQIWXMG JMRERGMRK EPXIVREXMZIW -RHIIH XLMW XVERWEGXMSR [EW
GSRWYQQEXIHIZIRXLSYKLMX[EWRSXGSRXIQTPEXIHMRXLISJJMGMEPJMRERGMEP
TVSKVEQQI JSV 5 ERH XLI %VKIRXMRI 8VIEWYV] GSYPH VEMWI WIZIVEP
QSVI FMPPMSRW JVSQ XLI FEROMRK W]WXIQ ERH XLI TIRWMSR JYRHW HYVMRK ,
8LI FEROW EVI IWTIGMEPP] JPYWL [MXL PMUYMHMX] ERH XLYW LEZI VSSQ XS
EFWSVF KSZIVRQIRX FSRHW SR XLIMV FSSOW &ERO LSPHMRKW SJ KSZIVRQIRX
FSRHWLEZIVIQEMRIHJPEXEXEVSYRHFRMRXLITEWX]IEVrERHrELEPJERH
LEZIJEPPIRFIPS[EWETVSTSVXMSRSJXSXEPEWWIXW;LMPIFEROHITSWMXW
LEZIKVS[RWXIEHMP]MRVIGIRX]IEVWPSERWSRXLIFSSOWSJXLIFEROWLEZI
WXEKREXIHEWSJPEXIWYGLXLEXWMRGI5XLI]WXERHFIPS[XLIPIZIPSJ
HITSWMXW *SV I\EQTPI [LMPI MR XLI QSRXLW IRHMRK MR 7ITXIQFIV FERO
HITSWMXW HIRSQMREXIH MR 97 HSPPEVW MRGVIEWIH F] FR SV XS
EGGSYRX JSV SJ XSXEP HSPPEVHIRSQMREXIH PSERW VSWI F] FR SV
XSEGGSYRXJSVSJXSXEP
-J RIGIWWEV] XLI %VKIRXMRI 8VIEWYV] GER EPWS WIPP FSRHW HMVIGXP] XS XLI
GIRXVEPFERO9RHIVXLI'SRZIVXMFMPMX]0E[XLIQSRIXEV]EYXLSVMX]LEWXLI
EFMPMX]XSTYVGLEWIHSPPEVHIRSQMREXIHHIFXMWWYIHF]XLIKSZIVRQIRXYT
XS E QE\MQYQ SJ SRIXLMVH SJ XLI QSRIXEV] FEWI [LMGL GYVVIRXP]
XVERWPEXIW MRXS ETTVS\MQEXIP] FR 8LMW I\XVESVHMREV] VIGSYVWI [EW
YXMPMWIH MR MR XLI [EOI SJ XLI 1I\MGER JMRERGMEP GVMWMW [LIR XLI
JSVIMKRGETMXEPQEVOIXWGPSWIHYTERHXLIGIRXVEPFEROLEHXSWXITMR ERH
TVSZMHI WYFWXERXMEP JYRHMRK SJ E PEWXVIWSVX REXYVI %RH SJ GSYVWI
%VKIRXMRE GER XYVR XS XLI ;SVPH &ERO ERH XLI -RXIV%QIVMGER
(IZIPSTQIRX&EROJVSQ[LMGLXLIGSYRXV]LEWHVE[RVIPEXMZIP]PMXXPIXLMW
]IEV FR WS JEV JSV WXITTIHYT EWWMWXERGI 8LI -%(& JSV MRWXERGI MW
[MPPMRKXSMREYKYVEXIMXWS[RTVSKVEQQISJKYEVERXIIWJSVWSZIVIMKRFSRHW
F]FEGOMRKER%VKIRXMRIMWWYIXLEX[SYPHVEMWIYTXSFR
*UHOXFWDQFHWRODXQFKEDLORXWV
8EPO SJ E VIWGYI TEGOEKI JSV %VKIRXMRE EPWS QMWWIW XLI QEVO FIGEYWI
FEMPSYXW EVI WIVMSYWP] SYX SJ JEZSYV [MXL XLI QEMR + KSZIVRQIRXW 8LI
ZMI[MRSJJMGMEPGMVGPIWMWXLEXXLIVIWGYIW[LIXLIVSJ1I\MGSMRIEVP]SV
&VE^MPMRPEXITYXPSEHWSJ+XE\TE]IVW
QSRI]YREGGITXEFP]EXVMWOr
XS GSZIV YT QMWXEOIR IGSRSQMG TSPMGMIW MR OI] IQIVKMRK REXMSRW ERH
QMWNYHKIQIRXW SR XLI TEVX SJ GSQQIVGMEP FEROW ERH MRWXMXYXMSREP
MRZIWXSVW %W +IVQER *MRERGI 1MRMWXIV ,ERW )MGLIP WEMH E JI[ [IIOW EKS
l-X GERRSX FI XLEX TVMZEXI MRWXMXYXMSRW XEOI SR VMWO] GVIHMXW XS IEVR LMKL
]MIPHW FYX XLIR QEOI XLI TYFPMG WIGXSV ERH XLIVIJSVI XE\TE]IVW FIEV XLI
VIWYPXMRK GSRWIUYIRGIWz 8LIVIJSVI HYVMRK XLI TEWX GSYTPI SJ ]IEVW XLI
JSGYWMR+GMVGPIWLEWWLMJXIHXSXLITVIZIRXMSRSJJYXYVIGVMWIWF]MRWMWXMRK
SR WSYRHIV ERH QSVI XVERWTEVIRX IGSRSQMG TSPMGMIW IWTIGMEPP] XLI
EHSTXMSR SJ VIEPMWXMG I\GLERKI VEXI VIKMQIW ERH XLI MQTVSZIQIRX SJ HIFX
QEXYVMX]TVSJMPIWMRIQIVKMRKREXMSRW%RH[LIRIZIVGVMWIWHSEVMWIXLI+
% & 2 % 1 6 3 ) 1 ) 6 + - 2 + 1 % 6 / ) 8 7 * 3 6 8 2 - + , 8 0 =
LEZI MRWMWXIH SR JSVGMFP] DFEMPMRK MR
PIRHIVW ERH MRZIWXSVW [LIXLIV F]
LEZMRKGSQQIVGMEPFEROWVSPPSZIVXLIMVPMRIWSJGVIHMX/SVIEERH&VE^MPSV
F] LEZMRK FSRHLSPHIVW VIJMRERGI QEXYVMXMIW 4EOMWXER ERH 9OVEMRI SV
KVERXHIFXJSVKMZIRIWW)GYEHSV
-RXLMWGSRRIGXMSRMXMW[SVXLRSXMRKXLEXXLI+KSZIVRQIRXWVITVIWIRXIH
EX XLI )\IGYXMZI &SEVH SJ XLI -1* VIGIRXP] KEZI %VKIRXMRE EW GPSWI XS E
DGPIER FMPP SJ LIEPXL
EW TSWWMFPI *SPPS[MRK ER MRHITXL VIZMI[ SJ XLI
GSYRXV]XLEXXSSOTPEGISR7ITXIQFIVXLI*YRH
WKSZIVRMRKFSH]MWWYIH
E WXEXIQIRX JSYV [IIOW EKS XLEX LIETIH SRP] TVEMWI SR XLI %VKIRXMRI
EYXLSVMXMIWXLIMVTSPMG]WXERGIERHIZIRSRXLIGSRZIVXMFMPMX]VIKMQI[LMGL
lXSKIXLIV[MXLEWXVSRKJMRERGMEPW]WXIQ?LEWAWIVZIH%VKIRXMRE[IPPz8LIMV
FSXXSQPMRI GSRGPYWMSR l8LI %VKIRXMRI IGSRSQ] ?MWA RS[ MR E KSSH
YRHIVP]MRKTSWMXMSRXSVIWYQIWYWXEMREFPIKVS[XLz
8LMW MW RSX XS WE] SJ GSYVWI XLEX XLI + REXMSRW [SYPH FI MQTEWWMZI MJ E
GSYRXV] PMOI %VKIRXMRE [IVI LEIQSVVLEKMRK ERH GEYWMRK E QENSV
HMWXYVFERGI MR MRXIVREXMSREP JMRERGMEP QEVOIXW %W 8MQSXL] +IMXLRIV XLI
978VIEWYV]9RHIVWIGVIXEV]JSV-RXIVREXMSREP%JJEMVWWXEXIHVIGIRXP]l-RE
[SVPH SJ WYFWXERXMEPP] KVIEXIV GETMXEP QSFMPMX] MX [SYPH FI FSXL E TSPMG]
QMWXEOI ERH RSX FI JYPP] GVIHMFPI XS JSVIW[IEV XLI GETEGMX] XS VIWTSRH XS
I\GITXMSREPGVMWIW[MXLI\GITXMSREPJMRERGMEPJSVGIz&YXXLMWHSIWRSXQIER
XLEX E PSER JEGMPMX] QIEWYVIH MR QIKEFMPPMSRW MW PMOIP] XS FI GSFFPIH
XSKIXLIVMRLEWXI%W+IMXLRIV[IRXSRXSGEYXMSRlFIGEYWIMXMWGVMXMGEPXS
QMRMQMWIXLIVMWOXLEXWYGLRI[JMRERGMEPGETEGMX][MPPFIQMWYWIH[ILEZI
TYXMRTPEGITVSKVIWWMZIP]QSVIHMJJMGYPXEGXMZEXMSRXLVIWLSPHWJSVEGGIWWMRK
IQIVKIRG]JEGMPMXMIWEZEMPEFPIMR?EAGVMWMWz
8MQMRK MW ERSXLIV GSRWMHIVEXMSR 8LI QENSV )YVSTIER KSZIVRQIRXW ERH
XLI.ETERIWIEYXLSVMXMIW[SYPHWYVIP]VIKEVHER%VKIRXMREMRJMRERGMEPGVMWMW
EW TVMQEVMP] E 97 TVSFPIQ r XLI LYKI I\TSWYVI SJ 7TERMWL FEROW ERH
GSVTSVEXMSRWXSXLIGSYRXV]RSX[MXLWXERHMRK8LIVIJSVIPIEHIVWLMTSJER]
IZIRXYEP VIWGYI EXXIQTX [SYPH MR TVEGXMGI JEPP SR XLI WLSYPHIVW SJ XLI 97
8VIEWYV](ITEVXQIRX-XMWLMKLP]YRPMOIP]XLEXXLI978VIEWYV][SYPHEKVII
XS WTIEVLIEH E LMKLTVSJMPI JMRERGMEP VIWGYI GSRWMHIVMRK XLI TVS\MQMX] SJ
97REXMSREPIPIGXMSRWRI\X8YIWHE]2SZIQFIVERHXLIJEGXXLEXIZIRMJ
:MGI 4VIWMHIRX %P +SVI [IVI XS [MR XLI TVIWMHIRXMEP GSRXIWX XLI 'PMRXSR
EHQMRMWXVEXMSR [MPP FI MR E XVERWMXMSR QSHI JSV XLI RI\X JI[ QSRXLW
'LERGIW EVI XLEX MR E VIEPMWXMG [SVWXGEWI WGIREVMS XLI -1* [SYPH FI
ZSPYRXIIVIHXSEHZERGIJYRHWXS%VKIRXMREYRHIVMXWI\MWXMRKFR7XERHF]
EVVERKIQIRX%WMXMWXLIGSYRXV]GERHVE[HS[REPQSWXFRMQQIHMEXIP]
FYXMRERIQIVKIRG]QSVIGSYPHFIQEHIEZEMPEFPIMJXLI+REXMSRW[IVI
XSHIIQMX[EVVERXIH
7KHGRZQVLGHRID*UHVFXHRSHUDWLRQ
-R JEGX KMZIR XLI YRNYWXMJMEFP] XSYKL + EXXMXYHI XS[EVHW PIRHIVW ERH
MRZIWXSVWIRWLVMRIHMRXLIDRI[MRXIVREXMSREPJMRERGMEPEVGLMXIGXYVI
IZIRE
WGEPIHHS[R JMRERGMEP VIWGYI IJJSVX SR %VKIRXMRE
W FILEPJ GSYPH HS QSVI
HEQEKIXLERKSSH8LIVIEWSRMWXLEXQER]MRZIWXSVW[MPPXIRHXSWIPPXLIMV
% & 2 % 1 6 3 ) 1 ) 6 + - 2 + 1 % 6 / ) 8 7 * 3 6 8 2 - + , 8 0 =
FSRH LSPHMRKW MJ XLI] WII XLEX XLI GSYRXV] MW PMRMRK YT JMRERGMEP WYTTSVX
JVSQXLI;EWLMRKXSREKIRGMIWrJSVJIEVXLEXWEMHWYTTSVX[MPPFITVSZMHIH
SR XLI HMVIGX SV MRHMVIGX GSRHMXMSR XLEX TVMZEXI GVIHMXSVW VIWTSRH MR OMRH
7TIGMJMGEPP]XLIGSRGIVRXLEXQER]MRZIWXSVWLEZIMWXLEXIZIRMJ%VKIRXMRE
[IVI XSHVE[ HS[R YRHIV MXW I\MWXMRK -1* JEGMPMX] XLI + REXMSRW ERH XLI
-1*GSYPHVIUYMVIXLIGSYRXV]XSVITVSJMPIMXWHIFXSFPMKEXMSRWTEZMRKXLI
[E]JSVEHIJEYPX'SRWIUYIRXP]XLIXLVS[MRKSJEPMJIPMRIJVSQ;EWLMRKXSR
GSYPH[IPPPIEHXSEGSPPETWIMR%VKIRXMREFSRHTVMGIWTYXXMRKKVIEXYT[EVH
TVIWWYVISRHSQIWXMGMRXIVIWXVEXIWZMEELMOIMRXLIGSYRXV]VMWOTVIQMYQ
ERH VEMWMRK IZIV QSVI WIVMSYW UYIWXMSRW EFSYX %VKIRXMRE
W KVS[XL
TVSWTIGXWERHXLIWYWXEMREFMPMX]SJ MXW HIFX SFPMKEXMSRW 7YVIP] XLI QEVOIX
WLSGO [EZIW XLEX [SYPH FI KIRIVEXIH r RIZIV QMRH XLI JEPPSYX JVSQ ER
EGXYEP HIFX VIWXVYGXYVMRK r [SYPH QEOI XLI )GYEHSV ERH 9OVEMRI
I\TIVMIRGIW PSSO PMOI 4]VVLMG ZMGXSVMIW JSV XLI DRI[ MRXIVREXMSREP JMRERGMEP
EVGLMXIGXYVI
%WQIRXMSRIHEXXLISYXWIXTVIPMQMREV]IZMHIRGISJXLMWTSXIRXMEPGLEMRSJ
IZIRXW MW TVSZMHIH F] XLI FILEZMSYV SJ FSRH TVMGIW PEWX [IIO [LIR XLIVI
[EW XEPO EFSYX ER MQTIRHMRK +WTSRWSVIH FEMPSYX SJ %VKIRXMRE FSRH
TVMGIW JIPP ERH XLIR VIGSZIVIH IZIR XLSYKL XLI WTIGYPEXMSR [EW HIRMIH MR
FSXL &YIRSW %MVIW ERH ;EWLMRKXSR 9TSR VIJPIGXMSR XLMW MW TVIGMWIP] XLI
OMRHSJTIVZIVWIFILEZMSYVXLEX[I[EVRIHSRI]IEVEKS[SYPHJSPPS[JVSQ
XLI LEVHPMRI ETTVSEGL EHSTXIH F] XLI + KSZIVRQIRXW ERH XLI -1* WII
D/MPPMRK XLI KSPHIR KSSWI
MR XLI 2SZIQFIV IHMXMSR SJ )QIVKMRK
1EVOIXW-RZIWXSVQEKE^MRI%XXLIXMQI[I[VSXIXLEXXLIEXXIQTXXSMRJPMGX
TIVQERIRX PSWWIW SR FSRHLSPHIVW [MPP FEGOJMVI l?-XA [MPP RSX SRP]
HMWGSYVEKIJYXYVITSVXJSPMSMRZIWXQIRXMRIQIVKMRKQEVOIXWKIRIVEPP]FYX
[MPP TEVXMGYPEVP] HMWGSYVEKI MX JVSQ KSMRK XS GSYRXVMIW LEZMRK SRP] PMQMXIH
EGGIWW XS XLI MRXIVREXMSREP GETMXEP QEVOIXW | 'SRWMHIVMRK XLI
SZIV[LIPQMRK MQTSVXERGI SJ TVMZEXI JYRHMRK MR XLI I\XIVREP JMRERGMRK SJ
IQIVKMRKQEVOIX REXMSRW XLI RI[ LEVHPMRI TSPMG] GSYPH [IPP OMPP XLI
TVSZIVFMEP DKSSWI XLEX LEW FIIR PE]MRK XLI KSPHIR IKKW
SJ MRXIVREXMSREP
JMRERGIz
)LJ1HWH[WHUQDOILQDQFLQJWRHPHUJLQJPDUNHWHFRQRPLHVEQ
)
7RWDO
1HWSULYDWHIORZV
RIWRWDO
1HWRIILFLDOIORZV
RIWRWDO
6RXUFH,QVWLWXWHRI,QWHUQDWLRQDO)LQDQFH
8LIVI MW QSYRXMRK IZMHIRGI SJ E FEGOPEWL EKEMRWX XLI KIXXSYKL +-1*
TSPMG]1ER]FSRHMRZIWXSVWTEVXMGYPEVP]MRXLI97EVIFIKMRRMRKXSWXERH
YTJSVXLIMVGSRXVEGXYEPVMKLXWXSVIGIMZITE]QIRXrRSQEXXIV[LEXXLI-1*
ERH MXW QEMR WLEVILSPHIVW HIGMHI MW VMKLX 8LI WYGGIWWJYP PE[WYMX JMPIH
EKEMRWX XLI KSZIVRQIRX SJ 4IVY F] )PPMSXX %WWSGMEXIW GSRXIWXMRK XLI
GSYRXV]
W &VEH] HIFX VIWXVYGXYVMRK ERH [LMGL VIGIRXP] JSVGIH XLEX
KSZIVRQIRXXSWIXXPIMRGEWLWIRXETS[IVJYP[EVRMRKWLSXEKEMRWXXLIRI[
% & 2 % 1 6 3 ) 1 ) 6 + - 2 + 1 % 6 / ) 8 7 * 3 6 8 2 - + , 8 0 =
IHMJMGI FIMRK FYMPX F] XLI + -X [MPP IRGSYVEKI SXLIV MRZIWXSVW XS VIWMWX
JYXYVI FSRH VIWXVYGXYVMRKW [LIRIZIV XLI EJJIGXIH WIGYVMXMIW EVI WYFNIGX XS
2I[ =SVO 7XEXI PE[ %PWS [SVXL] SJ RSXI MW XLI VIGIRX JSVQEXMSR SJ XLI
)QIVKMRK 1EVOIXW 'VIHMXSVW %WWSGMEXMSR JSYRHIH F] QENSV MRWXMXYXMSREP
MRZIWXSVW WYGL EW 4EGMJMG -RZIWXQIRX 1EREKIQIRX 4MQGS XLI PEVKIWX 97
FSRHJYRHERHXLI1IXVSTSPMXER0MJI-RWYVERGI'SQTER]XLIFMKKIWX97
PMJIMRWYVIVF]EWWIXW8LI)1'%MRXIRHWXSQEOIXLIZMI[WSJFSRHLSPHIVW
LIEVH QYGL QSVI GPIEVP] XLER LIVIXSJSVI IWTIGMEPP] [LIR MX GSQIW XS
TSPMXMGEPP] QSXMZEXIH +-1* HIGMWMSRW SR DFYVHIR WLEVMRK
ERH
DGSQTEVEFPIXVIEXQIRX
1ER]MRZIWXSVWEVISYXVEKIHF]XLI-1*
WGYVVIRX
MRWMWXIRGI XLEX 2MKIVME JSV MRWXERGI WLSYPH SFXEMR WYFWXERXMEP HIFX VIPMIJ
JVSQ MXW FSRHLSPHIVW EW E UYMH TVS UYS JSV KIXXMRK MXW 4EVMW 'PYF HIFX
VIWXVYGXYVIH r HIWTMXI XLI JEGX XLEX XLI GSYRXV] MW FIRIJMXMRK JVSQ XLI SMP
TVMGI [MRHJEPP ERH LEW XLI JYRHW XS OIIT WIVZMGMRK MXW VIPEXMZIP] WQEPP ERH
TVIZMSYWP] VIWXVYGXYVIH HIFX XS TVMZEXI MRZIWXSVW 8LI] EVI EPWS
HMWLIEVXIRIHWXMPPF]XLIGEWISJ)GYEHSVEGSYRXV]XLEX[EWIRGSYVEKIHXS
HIJEYPXSRMXW&VEH]WERH)YVSFSRHWF];EWLMRKXSRIZIRXLSYKLWIVZMGMRK
XLSWIWIGYVMXMIWHMHRSXMQTSWIEQENSVLEVHWLMTIWTIGMEPP][MXLSMPTVMGIW
SR XLI VMWI % JI[ QSRXLW EKS FSRHLSPHIVW LEH XS KVERX )GYEHSV
WYFWXERXMEP HIFX JSVKMZIRIWW JSV XLI WIGSRH XMQI MR E LEPJHS^IR ]IEVW r
SRP] XS WII XLI 4EVMW 'PYF SJ SJJMGMEP GVIHMXSVW VIJYWMRK QSVI VIGIRXP] XS
KVERXXLIGSYRXV]ER]HIFXJSVKMZIRIWWEPWSJSVXLIWIGSRHXMQI
-R GSRGPYWMSR XLI GEWI SJ %VKIRXMRE LEW XLI TSXIRXMEP XS WYFNIGX XLI DRI[
MRXIVREXMSREPJMRERGMEPEVGLMXIGXYVI
XSEWIVMSYWWXVIWWXIWXMRXLIQSRXLWXS
GSQI%R]EXXIQTXSRXLITEVXSJXLI+JMRERGIQMRMWXIVWERHXLI-1*XS
JSVGI E VIWXVYGXYVMRK SJ %VKIRXMRE
W HIFX GSYPH PIEH XS UYMXI E WLS[HS[R
FIX[IIR MRZIWXSVW ERH XLI SJJMGMEP GSQQYRMX] 9RHIVWIGVIXEV] +IMXLRIV
LEW WEMH VIGIRXP] XLEX lFSXL XLI ETTVSTVMEXI VSPI ERH WGEPI SJ SJJMGMEP
JMRERGI ERH XLI REXYVI SJ XLI GSRXVMFYXMSR SJ TVMZEXI MRZIWXSVW
JYRHEQIRXEPP]HITIRHWSRENYHKIQIRXEFSYXXLIGSYRXV]
WTSWMXMSRSRE
WTIGXVYQXLEXVERKIWJVSQGEWIWQEVOIHF]EWTIGXWSJEVYRXSGEWIW[LIVI
XLI GSYRXV]
W HIFX ERH JMRERGMEP WXVYGXYVI MW MRGSRWMWXIRX [MXL MXW
YRHIVP]MRKJYRHEQIRXEPW-XWLSYPHEPWSFIGPIEVXLEXXLIVIEVISRP]WLEHIW
SJKVI]SRXLMWWTIGXVYQz3RIGERSRP]LSTIXLEXXLI+JMRERGIQMRMWXIVW
ERHXLI-1*VIEPMWMRKNYWXLS[QYGLMWEXWXEOI[MPPFIEFPIXSHMJJIVIRXMEXI
%VKIRXMRE
WWLEHISJKVI]JVSQXLEXSJXLISXLIVVIGIRXGEWIW
% & 2 % 1 6 3 ) 1 ) 6 + - 2 + 1 % 6 / ) 8 7 * 3 6 8 2 - + , 8 0 =
7KHDERYHPDWHULDOZDVSURGXFHGE\RQHRIWKHFRPSDQLHVLQWKH$%1$052JURXSOLVWHGEHORZHDFKD~*URXS&RPSDQ\$*URXS&RPSDQ\DQGRUSHUVRQVFRQQHFWHGZLWKLWPD\HIIHFWRUKDYHHIIHFWHGDWUDQVDFWLRQIRUWKHLU
RZQ DFFRXQW LQ WKH LQYHVWPHQWV UHIHUUHG WR LQ WKH DERYH PDWHULDO RU DQ\ UHODWHG LQYHVWPHQW EHIRUH WKH PDWHULDO LV SXEOLVKHG WRDQ\ *URXS &RPSDQ\V FXVWRPHUV 3HUVRQV FRQQHFWHG ZLWK D *URXS &RPSDQ\ PD\ SURYLGH RU KDYH
SURYLGHGFRUSRUDWHILQDQFHDQGRWKHUVHUYLFHVWRWKHLVVXHURIWKHVHFXULWLHVPHQWLRQHGDERYH~WKH6HFXULWLHV$FFRUGLQJO\LQIRUPDWLRQPD\EHDYDLODEOHWRD*URXS&RPSDQ\DQGRUWRSHUVRQVFRQQHFWHGZLWKD*URXS&RPSDQ\
ZKLFKLVQRWUHIOHFWHGLQWKHDERYHPDWHULDO$*URXS&RPSDQ\DQGRUSHUVRQVFRQQHFWHGZLWKLWPD\IURPWLPHWRWLPHSDUWLFLSDWHRULQYHVWLQFRPPHUFLDOEDQNLQJWUDQVDFWLRQVLQFOXGLQJORDQVZLWKWKHLVVXHURIWKH6HFXULWLHV$
*URXS&RPSDQ\SHUVRQVFRQQHFWHGZLWKLWDQGWKHLUUHVSHFWLYHGLUHFWRUVDQGRUUHSUHVHQWDWLYHVDQGRUHPSOR\HHVPD\KDYHDSRVLWLRQLQWKH6HFXULWLHVRUDQ\UHODWHGLQYHVWPHQWDQGPD\PDNHDSXUFKDVHDQGRUVDOHRURIIHUWR
PDNHDSXUFKDVHDQGRUVDOH RIWKH 6HFXULWLHVRUDQ\ UHODWHGLQYHVWPHQW IURPWLPHWRWLPHLQ WKHRSHQPDUNHW RURWKHUZLVHLQ HDFK FDVHHLWKHUDVSULQFLSDORUDVDJHQW7KLV GRFXPHQWLV QRW DQG VKRXOG QRW EH FRQVWUXHG DV DQ
RIIHU WRVHOORUVROLFLWDWLRQRIDQ RIIHUWREX\DQ\VHFXULWLHV7KHLQIRUPDWLRQDQGRSLQLRQV FRQWDLQHGLQWKLVGRFXPHQW KDYHEHHQ FRPSLOHGRUDUULYHGDWE\ WKH UHOHYDQW *URXS &RPSDQ\ IURP VRXUFHV EHOLHYHG WR EH UHOLDEOH DQG LQ
JRRG IDLWK EXW QR UHSUHVHQWDWLRQ RU ZDUUDQW\ H[SUHVV RU LPSOLHG LV PDGH DV WR WKHLU DFFXUDF\ FRPSOHWHQHVV RU FRUUHFWQHVV $OO RSLQLRQV DQG HVWLPDWHV FRQWDLQHG LQ WKLV GRFXPHQW FRQVWLWXWH WKH UHOHYDQW *URXS &RPSDQ\V
MXGJHPHQWDVRIWKHGDWHRIWKLVGRFXPHQWDQGDUHVXEMHFWWRFKDQJHZLWKRXWQRWLFH7KHLQIRUPDWLRQFRQWDLQHGLQWKLVGRFXPHQWLVSXEOLVKHGIRUWKHDVVLVWDQFHRIUHFLSLHQWVEXWLVQRWWREHUHOLHGXSRQDVDXWKRULWDWLYHRUWDNHQLQ
VXEVWLWXWLRQIRUWKHH[HUFLVHRIMXGJHPHQWE\DQ\UHFLSLHQW1R*URXS&RPSDQ\DFFHSWVDQ\OLDELOLW\ZKDWVRHYHUIRUDQ\GLUHFWRUFRQVHTXHQWLDOORVVDULVLQJIURPDQ\XVHRIWKLVGRFXPHQWRULWVFRQWHQWV7KLVGRFXPHQWPD\QRWEH
UHSURGXFHGGLVWULEXWHGRUSXEOLVKHGIRUDQ\SXUSRVH,WLVQRWLQWHQGHGIRUDQGPXVWQRWEHGLVWULEXWHGWRSULYDWHFXVWRPHUV)XUWKHULQIRUPDWLRQPD\EHREWDLQHGXSRQUHTXHVWDQG IRU WKLVSXUSRVHSHUVRQV LQ,WDO\VKRXOGFRQWDFW
$%1$052%DQN190LODQ%UDQFK$XVWUDOLDQLQYHVWRUVVKRXOGQRWHWKDWWKLVGRFXPHQWZDVSUHSDUHGIRUSURIHVVLRQDOLQYHVWRUV,I\RXDUHDQRQSURIHVVLRQDOLQYHVWRUDQGWKLVUHSRUWKDVFRPHLQWR\RXUSRVVHVVLRQ\RXVKRXOGQRW
DFWRUUHO\RQWKHFRQWHQWRIWKLVGRFXPHQWEXWVKRXOGFRQWDFW\RXUSURIHVVLRQDOLQYHVWPHQWDGYLVHUDVLWKDVQRWEHHQSRVVLEOHWRWDNHLQWRDFFRXQWWKHLQYHVWPHQWREMHFWLYHVILQDQFLDOVLWXDWLRQDQGSDUWLFXODUQHHGVRIDQ\LQGLYLGXDO
QRQSURIHVVLRQDOLQYHVWRU7KLVUHSRUWLVGLVWULEXWHGLQWKH86VROHO\WR|PDMRULQVWLWXWLRQDOLQYHVWRUV}DVGHILQHGLQ5XOHD866HFXULWLHV([FKDQJH$FWRI(DFK86UHFLSLHQWE\LWVDFFHSWDQFHKHUHRIZDUUDQWVWKDWLWLVD
PDMRULQVWLWXWLRQDOLQYHVWRUDVGHILQHGXQGHUVWDQGVWKHULVNVLQYROYHGLQGHDOLQJLQWKH6HFXULWLHVRUDQ\UHODWHGLQYHVWPHQWVRULQVWUXPHQWVDQGVKDOOQRWGLVWULEXWHQRUSURYLGHWKLVUHSRUWRUDQ\SDUWWKHUHRIWRDQ\RWKHUSHUVRQ
$Q\86UHFLSLHQWZLVKLQJWRHIIHFWDWUDQVDFWLRQLQDQ\VHFXULW\PHQWLRQHGKHUHLQRUDQ\UHODWHGLQYHVWPHQWRULQVWUXPHQWVKRXOGGRVRE\FRQWDFWLQJ$%1$052,QFRUSRUDWHGDWWKHDGGUHVVJLYHQEHORZ
$%1$052%DQN19
$%1$052(TXLWLHV$XVWUDOLD/WG
$%1$0526HFXULWLHV)UDQFH6$
$%1$052%DQN'HXWVFKODQG$*
$%1$0526WRFNEURNHUV,UHODQG/WG
*XVWDY0DKOHUODDQ
/HYHO*HRUJH6W
UXHGH&RXUFHOOHV
0DLQ]HU/DQGVWUDVVH
$%1$052+RXVH
33$PVWHUGDP
%R[*32
3DULV&HGH[
)UDQNIXUWD0
,)6&'XEOLQ
1HWKHUODQGV
6\GQH\$XVWUDOLD
)UDQFH
*HUPDQ\
,UHODQG
7HO
7HO
7HO
7HO
7HO
)D[
)D[
)D[
)D[
)D[
$%1$052%DQN19
$%1$052(TXLWLHV6SDLQ6$69%
$%1$052%DQN19=XULFK%UDQFK
$%1$052(TXLWLHV8./LPLWHG
$%1$052,QFRUSRUDWHG
0LODQ%UDQFK
2UWHJD\*DVVHWDSOWD
%HHWKRYHQVWUDVVH
%LVKRSVJDWH
$YHQXHRIWKH$PHULFDV
9LD0HUDYLJOL
0DGULG
&+=XULFK
/RQGRQ(&0$$
1HZ<RUN1<
0LODQ
6SDLQ
6ZLW]HUODQG
7HO
86$
,WDO\
7HO
7HO
)D[
7HO
7HO
)D[
)D[
5HJLVWHUHGLQ(QJODQG1R
)D[
)D[
Descargar