>şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž EKKZ^/>
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
$XOD 'HPRQVWUDWLYD
680È5,2 5(680,'2 3È*,1$
$SUHVHQWDomR SURJUDPD H FURQRJUDPD
7pFQLFDV GH ,QWHUSUHWDomR GH 7H[WRV
7H[WR 4XHVW}HV &RPHQWDGDV H 7UDGXomR
7H[WR 9RFDEXOiULR H 7UDGXomR
9RFDEXOiULRV
/LVWD GH 4XHVW}HV &RPHQWDGDV H *DEDULWR
± $SUHVHQWDomR FRQWH~GR SURJUDPiWLFR H FURQRJUDPD
+HOOR 6HMD %HP 9LQGR D j PLQKD DXOD GHPRQVWUDWLYD
)RL SXEOLFDGR KRMH XP QRYR HGLWDO SDUD R FRQFXUVR GR
%DQFR GR %UDVLO +DYHUi QRYDPHQWH SURYD GH /tQJXD ,QJOHVD H R FDUJR p
SDUD HVFULWXUiULR $ EDQFD p D &(6*5$15,2 9DPRV HQWmR HVWXGDU MXQWRV
0DV DQWHV JRVWDULD GH ID]HU XPD EUHYH DSUHVHQWDomR SDUD DTXHOHV TXH
DLQGD QmR PH FRQKHFHP PHX QRPH p (QD 6PLWK H p FRP LPHQVD
VDWLVIDomR TXH IDoR SDUWH GHVVH H[FHOHQWH WLPH GR (VWUDWpJLD &RQFXUVRV
H YRX DFRPSDQKiOR D FRP D PDWpULD GH ,QJOrV ,QVWUXPHQWDO SDUD
FRQFXUVRV 6H GHVHMDU YRFr SRGH FKHFDU R PHX FXUUtFXOR DTXL QR VLWH
(VVD GLVFLSOLQD FRQVLVWH GH FRQKHFLPHQWR GH XP YRFDEXOiULR
IXQGDPHQWDO H GRV DVSHFWRV JUDPDWLFDLV EiVLFRV SDUD D LQWHUSUHWDomR GH
WH[WRV WpFQLFRV
$ SULQFtSLR YHUHPRV QHVVD DXOD GHPRQVWUDWLYD DV SULQFLSDLV WpFQLFDV
GH LQWHUSUHWDomR GH WH[WRV HP ,QJOrV TXH VmR DGRWDGDV SHOD PDLRULD GRV
PHVWUHV H FRQFLOLDQGR D HVVH HVWXGR YHUHPRV RV FRJQDWRV IDOVRV H
YHUGDGHLURV
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭ ĚĞ Ϯϰ
>şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž EKKZ^/>
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
$ SDUWLU GD SUy[LPD DXOD DQDOLVDUHPRV TXHVW}HV GH SURYDV QR
HVWLOR GD RUJDQL]DGRUD GR FRQFXUVR TXH p D )XQGDomR &(6*5$15,2 SDUD
RV FDUJRV GH QtYHO VXSHULRUVHPSUH GLUHFLRQDQGR QRVVD DWHQomR D
WHUPLQRORJLD H[LJLGD SHOR %DQFR GR %UDVLO
%HP R Q~PHUR GH SHVVRDV TXH WHP HVWXGDGR SDUD FRQFXUVRV YLD
RQOLQH WrP FUHVFLGR UDSLGDPHQWH SRLV GHVVD PDQHLUD YRFr SRGH HVWXGDU
QR FRQIRUWR GR VHX ODU H QR KRUiULR TXH SDUD YRFr p PDLV FRQYHQLHQWH
7HQKR FHUWH]D TXH YRFr WHUi SURYHLWR QD GLVFLSOLQD TXH PLQLVWUR
1HVVH FXUVR D SULQFtSLR DXOD QRV FRQFHQWUDUHPRV QDV WpFQLFDV GH
LQWHUSUHWDomR DEUDQJHUHPRV QDV DXODV VHJXLQWHV RV SULQFLSDLV LWHQV
UHOHYDQWHV GD JUDPiWLFD GD OtQJXD ,QJOHVD
$VVLP HVVH PDWHULDO GLGiWLFR SRGHUi VHU XWLOL]DGR SRU YRFr
IXWXUDPHQWH VH TXLVHU HVWXGDU SDUD RXWURV FRQFXUVRV SRLV DLQGD TXH
HVVH VHMD XP FXUVR YROWDGR SDUD R FRQFXUVR GR %DQFR GR %UDVLO
JHUDOPHQWH DV SURYDV GH /tQJXD ,QJOHVD DEUDQJHP D PHVPD PDWpULD RX
VHMD FRPHoDP FRP LQWHUSUHWDomR GH WH[WRV H H[SORUDP R VHX
FRQKHFLPHQWR HP YRFDEXOiULR H JUDPiWLFD H VHUi DVVLP VHPSUH HP
TXDOTXHU RXWUR FRQFXUVR TXH YRFr IRU ID]HU H WLYHU D GLVFLSOLQD GD /tQJXD
,QJOHVD
(X SURFXUHL QD SUHSDUDomR GHVVH PDWHULDO FRQFLOLDU WHRULD GLFDV H
H[HUFtFLRV QR HVWLOR &(6*5$15,2 %HP GLJDPRV TXH YRFr GHYHUi WHU XP
FRQKHFLPHQWR DEUDQJHQWH GH WRGD D JUDPiWLFD GD /tQJXD ,QJOHVD
&RPR VDEHPRV TXH YRFr WHP RXWUDV GLVFLSOLQDV D HVWXGDU H
DOJXPDV DWp FRP SHVR PDLRU HQWmR R TXH IL] IRL FRQGHQVDU GH XPD
IRUPD SUHFLVD MXVWDPHQWH RV DVSHFWRV PDLV UHOHYDQWHV GD OtQJXD H TXH
VmR PDLV FRPXQV HP HVWXGRV SDUD FRQFXUVRV Mi TXH LQWHUSUHWDU WH[WRV
VLJQLILFD TXH YRFr SUHFLVD VDEHU WXGR JUDPiWLFD YRFDEXOiULR WpFQLFDV GH
LQWHUSUHWDomR HWF
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ Ϯ ĚĞ Ϯϰ
>şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž EKKZ^/>
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
0DV ILTXH WUDQTLOR D TXH MXQWRV GHVYHQGDUHPRV RV PLVWpULRV GDV
SURYDV GH ,QJOrV QRV FRQFXUVRV H HVVD GLVFLSOLQD QmR VHUi QHQKXP
REVWiFXOR j VXD DSURYDomR ( PHVPR TXH QHVVH PRPHQWR YRFr DFKH TXH
VHMD GHVSUHRFXSHVH H SDVVH D SHQVDU DVVLP 2V REVWiFXORV H[LVWHP
SDUD VHU YHQFLGRV
$ QRVVD SURJUDPDomR p FRPSRVWD GD DXOD RX GHPRQVWUDWLYD TXH
p HVVD H PDLV DXODV 4XHP DGTXLULU R FXUVR TXH p HP SGI JDQKDUi
E{QXV HP YLGHRDXODV QRV TXDLV VHUmR UHSHWLGRV RV FRPHQWiULRV GH
DOJXQV WH[WRV 9HMD D VHJXLU FRPR VHUi R QRVVR FURQRJUDPD R TXH VHUi
DEUDQJLGR HP FDGD DXOD
&RQWH~GR 3URJUDPiWLFR
7pFQLFDV GH ,QWHUSUHWDomR GH WH[WRV
7HUPRV UHOHYDQWHV GD RUDomR 6LQ{QLPRV H $QW{QLPRV
3UHVHQW 6LPSOH H 3UHVHQW &RQWLQXRXV
9HUERV 0RGDLV H )UDVHRORJLD
$GMHWLYRV $GYpUELRV H 7HUPLQRORJLD
3UHVHQW 3HUIHFW H 3DVW 6LPSOH
9R] $WLYD H 9R] 3DVVLYD 9HUERV $X[LOLDUHV
3URQRPHV 3HVVRDLV 3RVVHVVLYRV H 'HPRQVWUDWLYRV
'HWHUPLQDQWHV H &RQMXQo}HV
9HUERV FRP DGYpUELRV YHUERV IUDVDLV
2UGHP GDV SDODYUDV QD IUDVH H )XWXUR (VWUDQJHLULVPR
3UHSRVLo}HV H 4XDQWLILFDGRUHV 3UHIL[RV H 6XIL[RV
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϯ ĚĞ Ϯϰ
>şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž EKKZ^/>
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
5HVROXomR GH 3URYD H 7UDGXomR GH 7H[WR 9RFDEXOiULR
&URQRJUDPD
7RGDV DV DXODV Mi HVWmR GLVSRQtYHLV SRLV FRPHoDPRV FRP D SUHSDUDomR
DQWHV GR HGLWDO GHYLGR D LPSRUWkQFLD GH VH HVWXGDU FRP DQWHFHGrQFLD 2
FXUVR HVWi DWXDOL]DGR H DEUDQJH WRGR R FRQWH~GR H[LJLGR SHOD EDQFD
H[DPLQDGRUD
$XOD 'LVSRQtYHO 7pFQLFDV GH ,QWHUSUHWDomR GH WH[WRV 4XHVW}HV
&RPHQWDGDV H 7H[WR SDUD WUHLQR GH 9RFDEXOiULR
$XOD GLVSRQtYHO 6XEVWDQWLYRV H 5HVROXomR GH 3URYD &(6*5$15,2
$XOD GLVSRQtYHO ± $GMHWLYRV H $GYpUELRV 5HVROXomR GH 3URYD H WUrV
YtGHRDXODV FRPR E{QXV
$XOD GLVSRQtYHO ± 9HUERV $X[LOLDUHV H 4& &(6*5$15,2
$XOD GLVSRQtYHO ± 7HPSRV 9HUEDLV 4XHVW}HV &RPHQWDGDV
&(6*5$15,2 H GXDV YLGHRDXODV HP E{QXV
$XOD GLVSRQtYHO ± 7HPSRV 9HUEDLV H 5HVROXomR GH 3URYD
&(6*5$15,2
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϰ ĚĞ Ϯϰ
>şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž EKKZ^/>
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
$XOD GLVSRQtYHO ± )UDVHRORJLD ([SUHVV}HV ,GLRPiWLFDV 4XHVW}HV
&RPHQWDGDV *ORVViULR GH 7HUPRV H WUrV YLGHRDXODV HP E{QXV
± 7pFQLFDV GH ,QWHUSUHWDomR GH 7H[WRV
,QJOrV ,QVWUXPHQWDO
7pFQLFDV GH /HLWXUD H ,QWHUSUHWDomR GH 7H[WRV
$ SULQFtSLR YDPRV REVHUYDU D WHRULD GHVVDV WpFQLFDV HP VHJXLGD
YDPRV UHVROYHU TXHVW}HV GH XPD SURYD H YHU D WUDGXomR GR WH[WR H RV
YRFDEXOiULRV $VVLP DR SDVVR TXH DGTXLULU FRQKHFLPHQWR JUDPDWLFDO YRFr
WDPEpP LUi VH IDPLOLDUL]DU FRP R HVWLOR GD HODERUDGRUD
&RJQDWRV YHUGDGHLURV TXDQGR YRFr HVWLYHU GLDQWH GH XP WH[WR GH
/tQJXD ,QJOHVD VHPSUH REVHUYDUi TXH H[LVWHP SDODYUDV VLPLODUHV DR
3RUWXJXrV H TXH UHDOPHQWH VmR R TXH SDUHFHP VHU (VVHV VmR RV
FKDPDGRV FRJQDWRV YHUGDGHLURV
3DODYUDV FRQKHFLGDV ± VHPSUH YRFr REVHUYDUi WDPEpP QRV WH[WR TXH
H[LVWHP SDODYUDV TXH VmR EHP FRQKHFLGDV H YHPRV HP YiULRV OXJDUHV SRU
H[HPSOR ZH QyV JRRG ERP ZHOFRPH EHPYLQGR SHRSOH
SHVVRDV PRQH\ GLQKHLUR WHDFKHU SURIHVVRU EORJ GLiULR YLUWXDO
RXWGRRU SURSDJDQGD HP H[SRVLomR QD UXD HPERUD QmR VHMDP FRJQDWRV
PDV D JUDQGH PDLRULD GH QyV DV FRQKHFH H HVVD p PDLV XPD WpFQLFD TXH
YRFr XVDUi QD KRUD GH LQWHUSUHWDU DV SDODYUDV TXH FRQKHFH GHVGH R
FROpJLR SRU PHLR GD PtGLD WHOHYLVmR P~VLFDV YRFr Mi VDEH R TXH
VLJQLILFDP SRLV Mi HVWi IDPLOLDUL]DGR FRP HODV
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϱ ĚĞ Ϯϰ
>şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž EKKZ^/>
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
6XD LQWXLomR ,VVR PHVPR PXLWDV YH]HV YRFr FKHJDUi D FRQFOXVmR GD
WUDGXomR GH XP VHJPHQWR DSHQDV SHOR FRQWH[WR TXH YRFr Mi GHGX]LX RX
VDEH SHOD VXD LQWXLomR RX SHOR FRQKHFLPHQWR DFXPXODGR TXH YRFr WHP
GH PXQGR RX GH RXWUDV SURYDV RX OHLWXUDV TXH IH] D LQWXLomR QHVVH
PRPHQWR VHUi XP JUDQGH DOLDGR SRUWDQWR QmR GHVDQLPH TXDQGR QR PHLR
GH XPD IUDVH WLYHU XPD SDODYUD TXH YRFr QmR FRQKHFH SRLV LVVR VHPSUH
DFRQWHFHUi DILQDO DWp PHVPR QD QRVVD OtQJXD PDWHUQD QmR FRQKHFHPRV
WRGDV DV SDODYUDV GR GLFLRQiULR QmR p PHVPR" 6LJD HP IUHQWH H XVH H
DEXVH GD VXD LQWXLomR
2 FRQKHFLPHQWR GR IRUPDWR GDV RUDo}HV VDEHU TXH DV RUDo}HV HP
,QJOrV VmR JHUDOPHQWH IRUPDGDV QHVVH PRGR VXMHLWR YHUER
FRPSOHPHQWR VDEHQGR LVVR ILFDUi PDLV IiFLO SDUD YRFr LGHQWLILFDU QR
WH[WR FDGD FRPSRQHQWH GD RUDomR SULQFLSDOPHQWH RV HOHPHQWRV
HVVHQFLDLV TXH VmR R VXMHLWR H R YHUER &RP D SUiWLFD DSUHQGHUi D
UHFRQKHFrORV
6NLPPLQJ XPD OHLWXUD UiSLGD GR WH[WR DSHQDV SDUD WHU XPD QRomR
JHUDO PpWRGR RQGH R OHLWRU PRYH UDSLGDPHQWH RV ROKRV VREUH R WH[WR
FRP R REMHWLYR GH SHUFHEHU R SHQVDPHQWR GRPLQDQWH GR DXWRU H WHU XPD
YLVmR FRPSOHWD GR DVVXQWR
6FDQQLQJ ± DomR GH YROWDU RV ROKRV DR WH[WR OHQGR UDSLGDPHQWH FRPR
ID] XP ³VFDQQHU´ PDV Mi VDEHQGR R TXH HVWi SURFXUDQGR FRPR SRU
H[HPSOR XP QRPH XPD GDWD XP IDWR HP JHUDO XP VHJPHQWR GH
SDODYUDV SDUHFLGR FRP R HQXQFLDGR GD TXHVWmR 4XDQGR HQFRQWUDU R TXH
HVWi SURFXUDQGR OHLD D VHQWHQoD WRGD H D JULIH
(VVDV WpFQLFDV VmR HVSHFtILFDV GH OHLWXUD UiSLGD PDV HPERUD XVHP R
PHVPR SURFHVVR RV REMHWLYRV GR VFDQQLQJ H VNLPPLQJ VmR GLIHUHQWHV
PDV YRFr DV DFKDUi ~WHLV SULQFLSDOPHQWH QD KRUD GD SURYD SRLV YRFr HVWi
QXPD FRUULGD FRQWUD R WHPSR H p MXVWDPHQWH SRU LVVR TXH UHFRPHQGR D
WpFQLFD D VHJXLU TXDQGR IRUHP FRPHoDU D ID]HU D SURYD
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϲ ĚĞ Ϯϰ
>şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž EKKZ^/>
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
/HU SULPHLUR DV TXHVW}HV HPERUD QRVVD WHQGrQFLD VHMD OHU ORJR R
WH[WR PDV DR OHU ORJR D RSomR ILFD EHP PDLV IiFLO GH HQFRQWUDU D
UHVSRVWD SRLV JDQKDUi WHPSR H TXDQGR IRU SDUD R WH[WR Mi YDL SURFXUDU
DV SDODYUDV TXH IRUDP FLWDGDV DR HQXQFLDGR
/HLD D SULPHLUD VHQWHQoD GH FDGD SDUiJUDIR ± $ LGpLD SULQFLSDO QD
PDLRULD GRV SDUiJUDIRV DSDUHFH QD SULPHLUD VHQWHQoD
3DODYUDV FKDYHV ± VmR WDPEpP FKDPDGDV GH FOXH ZRUGV RX SLVWDV DV
SDODYUDV WDLV FRPR EHFDXVH SRUTXH EHVW R PHOKRU ZRUVW R SLRU
WKH PRVW R PDLV QRPHV GH SHVVRDV OXJDUHV GDWDV SDODYUDV HP
QHJULWR RX LWiOLFR VXEOLQKDGDV HQWUH DVSDV HWF &RQFHQWUHVH QHODV
TXDQGR HVWLYHU DQDOLVDQGR R WH[WR HP EXVFD GH UHVSRVWDV
$ SDUWLU GH DJRUD DPLJR D YRFr HVWi FRP ³D IDFD H R TXHLMR QD
PmR´ LVWR p DJRUD TXH Mi WHP DV IHUUDPHQWDV p Vy XViODV (QWmR DVVLP
VHQGR YDPRV DQDOLVDU QRVVR SULPHLUR WH[WR DR SDVVR TXH XVDUHPRV DV
WpFQLFDV FRPHQWDUHPRV R JDEDULWR GDV TXHVW}HV PDV LQLFLDOPHQWH HX
VXJLUR TXH WHQWH UHVSRQGHU VR]LQKR D H Vy HQWmR GHSRLV FKHTXH DV
UHVSRVWDV EHOH]D" &RPELQDGR" $VVLP HVWDUi WHVWDQGR D YRFr PHVPR D H
FRP FHUWH]D FRP R DQGDPHQWR GR FXUVR SRGHUi VH VXSHUDU 9DPRV Oi
'HVHMR TXH DSURYHLWH FRQFHQWUHVH GHVOLJXH R VRP QmR GHVYLH VXD
DWHQomR QHVVH PRPHQWR SDUD RXWURV DVVXQWRV Yi SDUD XP OXJDU
DGHTXDGR FRPR VH HVWLYHVVH QD KRUD GD SURYD
(P DOJXPDV SURYDV H[LVWHP WH[WRV PDLV ORQJRV DR SDVVR TXH HP
RXWUDV REVHUYDPRV WH[WRV PHQRUHV 1R FDVR GHVVH WH[WR GD DXOD GH KRMH
QmR VH WUDWD GH XP WH[WR H[WHQVR HQWmR ILFD DR VHX FULWpULR OHU SULPHLUR R
WH[WR RX DV TXHVW}HV PDV HX VXJLUR TXH TXDQGR R WH[WR IRU PDLRU OHLD
SULPHLUR DV TXHVW}HV SRLV R WHPSR p DOJR UHOHYDQWH QDV SURYDV GH
FRQFXUVR 3URFXUH FRQIHULU R JDEDULWR VRPHQWH GHSRLV GH UHVROYHU DV
TXHVW}HV SRLV DVVLP VHUi PDLV SURYHLWRVR 9DPRV Oi
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϳ ĚĞ Ϯϰ
>şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž EKKZ^/>
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
%RRVWHU 9RFDEXODU\
EHZDUH DFDXWHODUVH WHU FXLGDGR PD\ SRGHU
SRZHU SRGHU IRUoD OLNH JRVWDU FRPR
EORJ WLSR RX SDUWH GH XP VLWH EXW PDV
± 7H[WR 4XHVW}HV &RPHQWDGDV H 7UDGXomR
$WHQomR (VWHV H[HUFtFLRV TXH VHJXHP VmR GHPRQVWUDWLYRV D
SDUWLU GD SUy[LPD DXOD VHUmR H[HUFtFLRV GH SURYDV &(6*5$15,2
7e&1,&2 /(*,6/$7,92 ± 6(1$'2 )('(5$/ )*9
5HDG WH[W , DQG DQVZHU TXHVWLRQV WR
7(;7 ,
%HZDUH WKH SRZHU RI WKH EORJ
&RPSDQLHV PD\ QRW OLNH EORJV EXW LI WKH\ LJQRUH WKHP WKH\ PD\ EH
LQYLWLQJ VRPH 35 GLVDVWHUV 7KH QXPEHU RI EORJV RQ WKH LQWHUQHW LV
GRXEOLQJ HYHU\ ILYH PRQWKV DFFRUGLQJ WR EORJWUDFNLQJ VLWH 7HFKQRUDWL
7KH WRWDO LV QRZ DURXQG PLOOLRQ ZLWK DURXQG PLOOLRQ SRVWV PDGH
HDFK GD\ 0RVW DUH QR PRUH LQWHUHVWLQJ WKDQ RYHUKHDULQJ DQRWKHU SHUVRQ V
WHOHSKRQH FDOO EXW WKHUH DUH H[FHSWLRQV WKDW FDQ KDYH D UHPDUNDEOH
LPSDFW
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϴ ĚĞ Ϯϰ
>şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž EKKZ^/>
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
EHZDUHSRZHUEORJ UHWULHYHG RQ 6HSWHPEHU WK
)URP KWWSZZZFRPSXWLQJFRXNLWZHHNFRPPHQW
7KH IXQFWLRQ RI WKH WLWOH RI WKLV WH[W LV WR
$ SUDLVH
% ZDUQ
& FRPSODLQ
' FKHHU
( ODPHQW
$FFRUGLQJ WR WKH WH[W EORJV DUH
$ VHOOLQJ
% LQFUHDVLQJ
& GLPLQLVKLQJ
' DJLWDWLQJ
( FRQWDPLQDWLQJ
7KH ZULWHU¶V RSLQLRQ DERXW EORJV LV WKDW
$ WKH\ DUH DOO UHOHYDQW
% QHDUO\ DOO RI WKHP DUH LPSRUWDQW
& VRPH RI WKHP FDQ EH VWULNLQJ
' QRQH RI WKHP DUH HVVHQWLDO
( PRVW RI WKHP DUH FUXFLDO
)RQWH KWWSSRUWDOIJYEUFRQVXOWRULDFRQFXUVRV
&RPHQWiULRV
9DPRV HQWmR DRV FRPHQWiULRV GDV TXHVW}HV H FRQFRPLWDQWHPHQWH
WUHLQDUHPRV DV Mi YLVWDV WpFQLFDV GH OHLWXUD H LQWHUSUHWDomR GH WH[WRV
LQFOXLQGR WDPEpP R UHFRQKHFLPHQWR GRV HOHPHQWRV HVVHQFLDLV GD RUDomR
TXH VmR R VXMHLWR R YHUER H R FRPSOHPHQWR %HP YDPRV DQDOLVDU D
SULPHLUD WpFQLFD TXH YLPRV OHPEUDVH TXDO IRL" ,VVR PHVPR
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϵ ĚĞ Ϯϰ
>şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž EKKZ^/>
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
2V FRJQDWRV YHUGDGHLURV WDPEpP FKDPDGRV GH WUXH IULHQGV
DPLJRV YHUGDGHLURV YRFr FRP FHUWH]D Mi RV SHUFHEHX QR WH[WR (OHV VmR
DR WRGR TXDQWRV FRJQDWRV 9LX Vy" -i HVWi QD KRUD GH FRPHoDU D
SHUGHU R PHGR GH LQJOrV SRLV R XVR GH WDQWRV FRJQDWRV QmR p FRPXP
DSHQDV D HVVH WH[WR DFLPD WRGRV RV WH[WRV TXH HQFRQWUDU QD OtQJXD
LQJOHVD SHUFHEHUi D SUHVHQoD GRV FRJQDWRV YHUGDGHLURV TXH VmR
SUDWLFDPHQWH Mi D SDODYUD WUDGX]LGD SDUD R SRUWXJXrV YHMD Vy RV
FRJQDWRV HQFRQWUDGRV IRUDP
9HUERV 7UDGXomR
DFFRUGLQJ GH DFRUGR FRP
FRPSDQLHV FRPSDQKLDV
GLVDVWHUV GHVDVWUHV
H[FHSWLRQV H[FHo}HV
LJQRUH LJQRUDU
LPSDFW LPSDFWR
LQWHUHVWLQJ LQWHUHVVDQWH
PLOOLRQ PLOKmR
SRVWV SRVWRV SRVWDU
WHOHSKRQH WHOHIRQH
WRWDO WRWDO
0DV TXH PDUDYLOKD &RPR RV FRJQDWRV YHUGDGHLURV VHUmR GH DMXGD
QR HQWHQGLPHQWR GR WH[WR QmR p PHVPR DPLJR D " 1R WH[WR DFLPD HOHV
VmR GR WRWDO GDV SDODYUDV PDV HP DOJXQV WH[WRV HOHV FKHJDP DWp D
PDV VH H[LVWHP RV FRJQDWRV YHUGDGHLURV HQWmR GHGX]LPRV TXH
WDPEpP H[LVWHP RV IDOVRV FXLGDGR
(PERUD HOHV VHMDP HP PLQRULD GHYHPRV FRQKHFrORV SRLV SRU
FDXVD GH XP IDOVH FRJQDWH SRGHVH SHUGHU XPD TXHVWmR YHMD DEDL[R
DOJXQV GRV IDOVRV DPLJRV TXH QmR VmR R TXH SDUHFHP VHU
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϬ ĚĞ Ϯϰ
>şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž EKKZ^/>
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
$FWXDOO\ DGY QD YHUGDGH GH IDWR
$QWLFLSDWH Y SUHYHU DJXDUGDU ILFDU QD H[SHFWDWLYD
$QWKHP Q ± KLQR
$SSOLFDWLRQ Q LQVFULomR UHJLVWUR XVR
$SSRLQWPHQW Q KRUD PDUFDGD FRPSURPLVVR SURILVVLRQDO
$UJXPHQW Q GLVFXVVmR EDWH ERFD
$VVLVW Y DMXGDU GDU DVVLVWrQFLD
$VVXPH Y SUHVXPLU DFHLWDU FRPR YHUGDGHLUR
$WWHQG Y DVVLVWLU SDUWLFLSDU GH
%DWRQ EDWXWD Q P~VLFD
&LJDU Q ± FKDUXWR
&ROODU Q JROD FRODULQKR FROHLUD
&ROOHJH Q IDFXOGDGH HQVLQR GH JUDX
&RPPRGLW\ Q DUWLJR PHUFDGRULD
&RPSUHKHQVLYH DGM DEUDQJHQWH DPSOR H[WHQVR
&RQWHVW Q FRPSHWLomR FRQFXUVR
'DWD Q GDGRV Q~PHURV LQIRUPDo}HV
([LW Q Y ± VDtGD
([TXLVLWH DGM EHOR UHILQDGR
*ULS Y ± DJDUUDU ILUPH
+D]DUG QY ± SHULJR DUULVFDU
,QFRPH WD[ UHWXUQ Q ± GHFODUDomR GH LPSRVWR GH UHQGD
-RXUQDO Q ± SHULyGLFR UHYLVWD HVSHFLDOL]DGD
/HJHQG Q OHQGD
/LEUDU\ Q ELEOLRWHFD
0DJD]LQH Q UHYLVWD
1RWRULRXV ± DOJR RX DOJXpP IDPRVR SRU DOJR UXLP
2IILFH Q HVFULWyULR
3DUHQWV Q SDLV
3ROLF\ Q ± 3ROtWLFD GLUHWUL]HV
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϭ ĚĞ Ϯϰ
>şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž EKKZ^/>
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
3UHWHQG Y ILQJLU
3XOO Y SX[DU
3XVK Y HPSXUUDU
7D[ Q LPSRVWR
9HJHWDEOHV Q ± YHUGXUDV OHJXPHV
&RPR S{GH REVHUYDU QRV IDOVRV DFLPD D SDODYUD DFWXDOO\ QmR p
DWXDOPHQWH FRPR SDUHFH VHU PDV VLP ³QD YHUGDGH´ HQWmR GD SUy[LPD
YH] TXH D HQFRQWUDU QR WH[WR YRFr QmR VH FRQIXQGLUi H QHP FDLUi QHVVD
FDVFD GH EDQDQD H DVVLP WUHLQH FRP RV FLWDGRV DFLPD H RXWURV IDOVH
FRJQDWHV j PHGLGD TXH RV IRU FRQKHFHQGR SRLV YLVWR TXH VmR D PLQRULD
VH YRFr RV FRQKHFHU Mi ILFDUi WUDQTLOR DR HQFRQWUDU RV YHUGDGHLURV
FRJQDWRV WUXH IULHQGV EHP DJRUD YDPRV DR FRPHQWiULR GD SULPHLUD
RSomR
7KH IXQFWLRQ RI WKH WLWOH RI WKLV WH[W LV WR
$ SUDLVH
% ZDUQ
& FRPSODLQ
' FKHHU
( ODPHQW
7KH IXQFWLRQ RI WKH WLWOH RI WKLV WH[W LV WR
$ IXQomR GR WtWXOR GHVWH WH[WR p
$ SUDLVH ORXYDU
% ZDUQ DYLVDU
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϮ ĚĞ Ϯϰ
>şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž EKKZ^/>
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
& FRPSODLQ UHFODPDU
' FKHHU DSODXGLU
( ODPHQW ODPHQWDU
(VWD TXHVWmR H[SORUD R FRQKHFLPHQWR GR FRQFXUVDQGR TXDQWR DR
YRFDEXOiULR R WtWXOR GR WH[WR p ´ %HZDUH WKH SRZHU RI WKH EORJ´
³&XLGDGR FRP R SRGHU GR EORJ´
&RPR YRFr DFDERX GH REVHUYDU DFLPD QD WUDGXomR GD TXHVWmR ILFD EHP
FODUR TXH D RSomR TXH H[SUHVVD H[DWDPHQWH R TXH R WtWXOR GR WH[WR GL] p D
RSomR % ZDUQ 2 WtWXOR GR WH[WR QmR HVWi HORJLDQGR UHFODPDQGR
DSODXGLQGR RX ODPHQWDQGR 2EVHUYH DEDL[R RV VLQ{QLPRV
%HZDUH DFDXWHODUVH WHU FXLGDGR FRP HVWDU DOHUWD FRP ZDUQ DYLVDU
DGPRHVWDULQIRUPDU DFDXWHODUQRWLILFDU DOHUWDU H[RUWDU
*$%$5,72 %
$FFRUGLQJ WR WKH WH[W EORJV DUH
$ VHOOLQJ
% LQFUHDVLQJ
& GLPLQLVKLQJ
' DJLWDWLQJ
( FRQWDPLQDWLQJ
$FFRUGLQJ WR WKH WH[W EORJV DUH
6HJXQGR R WH[WR RV EORJV HVWmR
$ VHOOLQJ YHQGHQGR
% LQFUHDVLQJ FUHVFHQGR
& GLPLQLVKLQJ GLPLQXLQGR
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϯ ĚĞ Ϯϰ
>şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž EKKZ^/>
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
' DJLWDWLQJ DJLWDQGR
( FRQWDPLQDWLQJ FRQWDPLQDQGR
7HQKR XPD GLFD LPSRUWDQWH DR REVHUYDU DV RSo}HV YRFr QRWD TXH
H[LVWHP GXDV RSo}HV TXH VmR RSRVWDV % LQFUHDVLQJ FUHVFHQGR H
& GLPLQLVKLQJ GLPLQXLQGR 4XDQGR LVWR DFRQWHFH XPD GDV GXDV p D
YHUGDGHLUD RX VHMD QmR WHP FRPR ILFDU HP G~YLGD HQWUH HVVDV GXDV
9DPRV DR WH[WR H REVHUYH R VHJPHQWR DEDL[R
³7KH QXPEHU RI EORJV RQ WKH LQWHUQHW LV GRXEOLQJ HYHU\ ILYH PRQWKV
DFFRUGLQJ WR EORJWUDFNLQJ VLWH 7HFKQRUDWL ³
³2 Q~PHUR GH EORJV QD LQWHUQHW HVWi GREUDQGR D FDGD FLQFR PHVHV
GH DFRUGR FRP R VLWH GH UDVWUHDPHQWR GH EORJ 7HFKQRUDWL´
2EVHUYH R VLQ{QLPR GRXEOLQJ GREUDQGR LQFUHDVLQJ FUHVFHQGR
(PERUD DWp SRVVD VHU FRUUHWR VHJXQGR DV HYLGrQFLDV GL]HU TXH RV EORJV
QD LQWHUQHW HVWmR YHQGHQGR VHOOLQJ FRQWDPLQDQGR FRQWDPLQDWLQJ RX
DJLWDQGR DJLWDWLQJ PDV D UHVSRVWD FHUWD p DTXHOD TXH p PRVWUDGD GH
IRUPD FODUD QR WH[WR H HVWD p DSUHVHQWDGD QD RSomR % FRP XP VLQ{QLPR
GH SDODYUD FRPR YRFr DFDERX GH REVHUYDU DFLPD
*$%$5,72 %
7KH ZULWHU¶V RSLQLRQ DERXW EORJV LV WKDW
$ WKH\ DUH DOO UHOHYDQW
% QHDUO\ DOO RI WKHP DUH LPSRUWDQW
& VRPH RI WKHP FDQ EH VWULNLQJ
' QRQH RI WKHP DUH HVVHQWLDO
( PRVW RI WKHP DUH FUXFLDO
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϰ ĚĞ Ϯϰ
>şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž EKKZ^/>
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
7KH ZULWHU¶V RSLQLRQ DERXW EORJV LV WKDW
$ RSLQLmR GR HVFULWRU VREUH RV EORJV p TXH
$ WKH\ DUH DOO UHOHYDQW HOHV WRGRV VmR LPSRUWDQWHV
% QHDUO\ DOO RI WKHP DUH LPSRUWDQW TXDVH WRGRV HOHV VmR LPSRUWDQWHV
& VRPH RI WKHP FDQ EH VWULNLQJ DOJXQV GHOHV SRGHP VHU
VXUSUHHQGHQWHV
' QRQH RI WKHP DUH HVVHQWLDO QHQKXP GHOHV p HVVHQFLDO
( PRVW RI WKHP DUH FUXFLDO D PDLRULD GHOHV p FUXFLDO
³0RVW DUH QR PRUH LQWHUHVWLQJ WKDQ RYHUKHDULQJ DQRWKHU SHUVRQ V
WHOHSKRQH FDOO EXW WKHUH DUH H[FHSWLRQV WKDW FDQ KDYH D UHPDUNDEOH
LPSDFW´
³$ PDLRULD QmR p PDLV LQWHUHVVDQWH GR TXH RXYLU SRU DFDVR D FRQYHUVD GH
DOJXpP DR WHOHIRQH PDV H[LVWHP H[FHo}HV TXH SRGHP WHU XP LPSDFWR
QRWiYHO´
5HPDUNDEOH ~QLFR VLQJXODU SHFXOLDU H[WUDRUGLQiULR VWULNLQJ
HVSHWDFXODU VXUSUHHQGHQWH H[FHOHQWH SURHPLQHQWH
$R DQDOLVDU XP WH[WR VHPSUH DSHJXHVH jV H[FHo}HV &RPR YRFr SRGH
REVHUYDU QR VHJPHQWR GR WH[WR DFLPD QmR H[SUHVVD TXH WRGRV RX TXDVH
WRGRV VmR LPSRUWDQWHV RX FUXFLDLV WDPEpP QmR GL] TXH QHQKXP GHOHV p
HVVHQFLDO 2 TXH GL] p TXH HPERUD D PDLRULD VHMD SRXFR LQWHUHVVDQWH
H[LVWHP H[FHo}HV TXH VmR VXUSUHHQGHQWHV QRWiYHLV
*$%$5,72 &
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϱ ĚĞ Ϯϰ
>şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž EKKZ^/>
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
7UDQVODWLRQ
5HDG WH[W , DQG DQVZHU TXHVWLRQV WR
%HZDUH WKH SRZHU RI WKH EORJ
&XLGDGR FRP R SRGHU GR EORJ
&RPSDQLHV PD\ QRW OLNH EORJV EXW LI WKH\ LJQRUH WKHP WKH\ PD\ EH
LQYLWLQJ VRPH 35 GLVDVWHUV
$V HPSUHVDV SRGHP QmR JRVWDU GRV GLiULRV YLUWXDLV PDV VH HODV RV
LJQRUDU HOHV SRGHP RV FRQYLGDU SDUD FHUWRV GHVDVWUHV GH UHODFLRQDPHQWRV
SHVVRDLV
7KH QXPEHU RI EORJV RQ WKH LQWHUQHW LV GRXEOLQJ HYHU\ ILYH PRQWKV
DFFRUGLQJ WR EORJWUDFNLQJ VLWH 7HFKQRUDWL 7KH WRWDO LV QRZ DURXQG
PLOOLRQ ZLWK DURXQG PLOOLRQ SRVWV PDGH HDFK GD\ 0RVW DUH QR PRUH
LQWHUHVWLQJ WKDQ RYHUKHDULQJ DQRWKHU SHUVRQ V WHOHSKRQH FDOO EXW WKHUH
DUH H[FHSWLRQV WKDW FDQ KDYH D UHPDUNDEOH LPSDFW
2 Q~PHUR GH GLiULRV YLUWXDLV QD LQWHUQHW HVWi GREUDQGR D FDGD FLQFR
PHVHV GH DFRUGR FRP R VLWH GH UDVWUHDPHQWR GH EORJV 7HFKQRUDWL 2 WRWDO
p DJRUD FHUFD GH PLOK}HV FRP DSUR[LPDGDPHQWH PLOK}HV GH
SRVWRV IHLWRV FDGD GLD $ PDLRULD QmR p PDLV LQWHUHVVDQWH GR TXH RXYLU SRU
DFDVR D FRQYHUVD GH DOJXpP HP XP WHOHIRQHPD PDV H[LVWHP H[FHo}HV
TXH SRGHP WHU XP LPSDFWR QRWiYHO
$WHQomR (VWD p XPD DXOD GHPRQVWUDWLYD 1DV DXODV VHJXLQWHV
YRFr WHUi EDVWDQWH H[HUFtFLRV SDUD SUDWLFDU
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϲ ĚĞ Ϯϰ
>şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž EKKZ^/>
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
%RRVWHU 9RFDEXODU\
UHPDUNDEOH QRWiYHO H[FHSFLRQDO DQRWKHU RXWUR
KDYH WHU SRVVXLU RYHUKHDULQJ RXYLQGR SRU DFDVR
FDOO FKDPDU WHOHIRQDU PRUH PDLV
± 7H[WR 9RFDEXOiULR H 7UDGXomR
%UD]LO &HQWUDO %DQN 6HHV (FRQRP\ &RQWUDFWLQJ LQ
%\ 'RZ -RQHV %XVLQHVV 1HZV 0DUFK
62 3$8/27KH &HQWUDO %DQN RI %UD]LO V YLHZ RI WKH HFRQRP\ LV JHWWLQJ
ZRUVH DFFRUGLQJ WR WKH IRUHFDVWV DQG HVWLPDWHV LQ WKH TXDUWHUO\
LQIODWLRQ UHSRUW LW LVVXHG 7KXUVGD\
7KH EDQN HVWLPDWHV WKDW JURVV GRPHVWLF SURGXFW VKUDQN LQ
DQG IRUHFDVW LW ZLOO FRQWUDFW WKLV \HDU ,I WKRVH QXPEHUV DUH
FRUUHFW LW ZRXOG EH WKH ILUVW WLPH VLQFH WKH *UHDW 'HSUHVVLRQ WKDW %UD]LO
SRVWHG FRQWUDFWLRQV LQ WZR FRQVHFXWLYH \HDUV ,Q LWV 'HFHPEHU LQIODWLRQ
UHSRUW WKH EDQN HVWLPDWHG *'3 JURZWK RI IRU DQG IRUHFDVW
JURZWK RI LQ WKH IRXU TXDUWHUV WKURXJK 6HSWHPEHU
7KH EDQN H[SHFWV FRQVXPHU SULFHV WR ULVH GXULQJ PXFK PRUH
WKDQ WKH FHLOLQJ RI WKH EDQN V WR WDUJHW UDQJH ,Q WKH
'HFHPEHU UHSRUW WKH EDQN KDG IRUHFDVW LQIODWLRQ RI IRU WKH \HDU
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϳ ĚĞ Ϯϰ
>şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž EKKZ^/>
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
7KH EDQN IRUHFDVW D PRQWK LQIODWLRQ UDWH RI IRU GRZQ
IURP WKH LW IRUHFDVW LQ WKH 'HFHPEHU UHSRUW
KWWSZZZQDVGDTFRPDUWLFOHEUD]LOFHQWUDOEDQNVHHVHFRQRP\
FRQWUDFWLQJLQ
9RFDEXOiULR 7UDGXomR
IRUHFDVW SUHYLVmR
*URVV GRPHVWLF SURGXFW *'3 3URGXWR ,QWHUQR %UXWR 3,%
JURZWK FUHVFLPHQWR
TXDUWHO\ WULPHVWUDO
UDWH WD[D
VKULQN GLPLQXLU HQFROKHU
WDUJHW UDQJH PHWD
7UDQVODWLRQ
%UD]LO &HQWUDO %DQN 6HHV (FRQRP\ &RQWUDFWLQJ LQ
%DQFR &HQWUDO GR %UDVLO 9r &RQWUDomR (FRQ{PLFD GH HP
%\ 'RZ -RQHV %XVLQHVV 1HZV 0DUFK
62 3$8/27KH &HQWUDO %DQN RI %UD]LO V YLHZ RI WKH HFRQRP\ LV JHWWLQJ
ZRUVH DFFRUGLQJ WR WKH IRUHFDVWV DQG HVWLPDWHV LQ WKH TXDUWHUO\ LQIODWLRQ
UHSRUW LW LVVXHG 7KXUVGD\
62 3$8/2 ± $ DYDOLDomR GR %DQFR &HQWUDO GR %UDVLO VREUH D HFRQRPLD
HVWi ILFDQGR SLRU GH DFRUGR FRP DV SUHYLV}HV H HVWLPDWLYDV GR UHODWyULR
WULPHVWUDO GH LQIODomR TXH IRL HPLWLGR QD TXLQWDIHLUD
7KH EDQN HVWLPDWHV WKDW JURVV GRPHVWLF SURGXFW VKUDQN LQ
DQG IRUHFDVW LW ZLOO FRQWUDFW WKLV \HDU ,I WKRVH QXPEHUV DUH
FRUUHFW LW ZRXOG EH WKH ILUVW WLPH VLQFH WKH *UHDW 'HSUHVVLRQ WKDW %UD]LO
SRVWHG FRQWUDFWLRQV LQ WZR FRQVHFXWLYH \HDUV ,Q LWV 'HFHPEHU LQIODWLRQ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϴ ĚĞ Ϯϰ
>şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž EKKZ^/>
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
UHSRUW WKH EDQN HVWLPDWHG *'3 JURZWK RI IRU DQG IRUHFDVW
JURZWK RI LQ WKH IRXU TXDUWHUV WKURXJK 6HSWHPEHU
$ HVWLPDWLYD GR %DQFR p TXH R 3URGXWR ,QWHUQR %UXWR HQFROKHX HP
H Ki XPD SUHYLVmR TXH LUi FRQWUDLU HVWH DQR 6H HVVHV
Q~PHURV HVWLYHUHP FRUUHWRV VHULD D SULPHLUD YH] GHVGH D *UDQGH
'HSUHVVmR TXH R %UDVLO WHYH FRQWUDo}HV HP GRLV DQRV FRQVHFXWLYRV 1R
VHX UHODWyULR GH LQIODomR GH GH]HPEUR R EDQFR FDOFXOD R FUHVFLPHQWR GR
3,% GH SDUD H SUHYr R FUHVFLPHQWR GH QRV TXDWUR
WULPHVWUHV DWp VHWHPEUR GH
7KH EDQN H[SHFWV FRQVXPHU SULFHV WR ULVH GXULQJ PXFK PRUH
WKDQ WKH FHLOLQJ RI WKH EDQN V WR WDUJHW UDQJH ,Q WKH
'HFHPEHU UHSRUW WKH EDQN KDG IRUHFDVW LQIODWLRQ RI IRU WKH \HDU
7KH EDQN IRUHFDVW D PRQWK LQIODWLRQ UDWH RI IRU GRZQ
IURP WKH LW IRUHFDVW LQ WKH 'HFHPEHU UHSRUW
KWWSZZZQDVGDTFRPDUWLFOHEUD]LOFHQWUDOEDQNVHHVHFRQRP\
FRQWUDFWLQJLQ
2 EDQFR HVSHUD TXH RV SUHoRV DR FRQVXPLGRU HOHYHPVH GXUDQWH
PXLWR PDLV GR TXH R WHWR GD PHWD GR EDQFR QR LQWHUYDOR GH D
1R UHODWyULR GH 'H]HPEUR R EDQFR WLQKD XPD SUHYLVmR GH LQIODomR
GH SDUD R DQR 2 EDQFR SUHYr XPD WD[D GH LQIODomR GH PHVHV GH
SDUD DEDL[R GRV SUHYLVWR QR UHODWyULR GH GH]HPEUR
2 HVWXGR GD RUGHP GDV SDODYUDV QDV IUDVHV R D DMXGD D WHU XPD YLVmR
PDLV FODUD GH FRPR HQWHQGHU R WH[WR H WUDGX]LOR $JRUD ILQDOL]DUHL D
PLQKD DXOD FRP R VXPiULRYRFDEXOiULR H VLQ{QLPR GDV SDODYUDV GR WH[WR
TXH WDOYH] VHMDP QRYDV SDUD YRFr RX DV PDLV GHVFRQKHFLGDV SDUD TXH
DVVLP VH IDPLOLDUL]H FRP HODV H GD SUy[LPD YH] TXH DV HQFRQWUDU QR WH[WR
Mi VDEHUi R TXH VLJQLILFDP H LVVR VHP VRPEUD GH G~YLGD IDFLOLWDUi D
LQWHUSUHWDomR GR PHVPR H R VHX HQWHQGLPHQWR GDV TXHVW}HV
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϵ ĚĞ Ϯϰ
>şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž EKKZ^/>
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
± 9RFDEXOiULRV
9RFDEXOiULR 7UDGXomR
DOZD\V VHPSUH
DQRWKHU RXWUR D
DURXQG HP WRUQR GH
EHZDUH DFDXWHODUVH WHU FXLGDGR
FKHHU DOHJULD DOHJUDU
FRPSODLQ UHFODPDU
GRXEOLQJ GXSOLFDQGR GREUDQGR
HDFK FDGD
LQFUHDVH DXPHQWDU FUHVFHU
PDGH IHLWR SDVVDGR GR YHUER WR PDNH
PRVW D PDLRULD GH
QHDUO\ TXDVH DSUR[LPDGDPHQWH
QRQH QHQKXP
RYHUKHDULQJ RXYLQGR SRU DFDVR
SRVW SRVWDU
SRZHU SRGHU LQIOXrQFLD
SUDLVH ORXYDU HORJLDU
UHPDUNDEOH QRWiYHO H[WUDRUGLQiULR
VHOO YHQGHU
VRPH DOJXP D
VWULNLQJ VXUSUHHQGHQWH HVSHWDFXODU
WKDQ GR TXH
ZDUQ DYLVR DYLVDU
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϮϬ ĚĞ Ϯϰ
>şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž EKKZ^/>
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
ZULWHU HVFULWRU D
6\QRQ\PV 6LQ{QLPRV
$OZD\V IRUHYHU SHUSHWXDOO\
$QRWKHU VRPH RWKHU
$URXQG QHDUO\ FORVH WR
%HZDUH WDNH FDUH PLQG
&KHHU UHFUHDWH YLYLI\
&RPSODLQ PXUPXU UHFRLO
'RXEOLQJ ± WZREDVH KLW GRXEOH
(DFK LQGLYLGXDOO\ VHSDUDWHO\
,QFUHDVH DGGLWLRQ JURZWK
0DGH VXFFHVVIXO SURGXFHG E\
0RVW WKH KLJKHVW GHJUHH
1HDUO\ DERXW DOPRVW
1RQH QRW DQ\ QRW DW DOO
2IWHQ IUHTXHQWO\ ORWV
2YHUKHDULQJ FDSWXULQJ FDWFKLQJ
3RVW ± SRVLWLRQ VLWXDWLRQ
3RZHU IRUFH DELOLW\
3UDLVH FRQJUDWXODWLRQV DSSODXVH
5HPDUNDEOH VLQJXODU XQLTXH
6HOO GHDO WUDGH
6RPH DSSUR[LPDWHO\ DERXW
6WULNLQJ VSHWDFXODU RXWVWDQGLQJ
:DUQ GLVFRXUDJH DGPRQLVK
:ULWHU DXWKRU VRXUFH
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ Ϯϭ ĚĞ Ϯϰ
>şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž EKKZ^/>
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
/LVWD GH 4XHVW}HV &RPHQWDGDV H *DEDULWR
5HDG WH[W , DQG DQVZHU TXHVWLRQV WR
7(;7 ,
%HZDUH WKH SRZHU RI WKH EORJ
&RPSDQLHV PD\ QRW OLNH EORJV EXW LI WKH\ LJQRUH WKHP WKH\ PD\ EH
LQYLWLQJ VRPH 35 GLVDVWHUV 7KH QXPEHU RI EORJV RQ WKH LQWHUQHW LV
GRXEOLQJ HYHU\ ILYH PRQWKV DFFRUGLQJ WR EORJWUDFNLQJ VLWH 7HFKQRUDWL
7KH WRWDO LV QRZ DURXQG PLOOLRQ ZLWK DURXQG PLOOLRQ SRVWV PDGH
HDFK GD\ 0RVW DUH QR PRUH LQWHUHVWLQJ WKDQ RYHUKHDULQJ DQRWKHU SHUVRQ V
WHOHSKRQH FDOO EXW WKHUH DUH H[FHSWLRQV WKDW FDQ KDYH D UHPDUNDEOH
LPSDFW
EHZDUHSRZHUEORJ UHWULHYHG RQ 6HSWHPEHU WK
)URP KWWSZZZFRPSXWLQJFRXNLWZHHNFRPPHQW
7KH IXQFWLRQ RI WKH WLWOH RI WKLV WH[W LV WR
$ SUDLVH
% ZDUQ
& FRPSODLQ
' FKHHU
( ODPHQW
$FFRUGLQJ WR WKH WH[W EORJV DUH
$ VHOOLQJ
% LQFUHDVLQJ
& GLPLQLVKLQJ
' DJLWDWLQJ
( FRQWDPLQDWLQJ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϮϮ ĚĞ Ϯϰ
>şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž EKKZ^/>
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
7KH ZULWHU¶V RSLQLRQ DERXW EORJV LV WKDW
$ WKH\ DUH DOO UHOHYDQW
% QHDUO\ DOO RI WKHP DUH LPSRUWDQW
& VRPH RI WKHP FDQ EH VWULNLQJ
' QRQH RI WKHP DUH HVVHQWLDO
( PRVW RI WKHP DUH FUXFLDO
)RQWH KWWSSRUWDOIJYEUFRQVXOWRULDFRQFXUVRV
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ Ϯϯ ĚĞ Ϯϰ
>şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž EKKZ^/>
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
*$%$5,72 % % &
2UJDQL]HL R FRQWH~GR SURJUDPiWLFR GH WDO IRUPD TXH SRVVD VHU ~WLO D WRGRV
RV QtYHLV HP TXH RV DOXQRV HVWmR SRLV SHOD PLQKD H[SHULrQFLD GH HQVLQR
REVHUYR TXH H[LVWHP RV QtYHLV EiVLFR LQWHUPHGLiULR H DYDQoDGR QDTXHOHV
TXH VH SUHSDUDP SDUD FRQFXUVRV DOpP GH XVXIUXLU GDV DXODV GR FXUVR
YRFr WDPEpP SRGHUi FRPXQLFDUVH FRPLJR SHORV HPDLOV RX SHOR IyUXP
6XFHVVR QRV HVWXGRV
$Wp D SUy[LPD DXOD DPLJR D
%HVW ZLVKHV
(QD 6PLWK
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ Ϯϰ ĚĞ Ϯϰ