0% found this document useful (0 votes)
45 views24 pages

Aula 00 Língua Inglesa para o Banco Do Brasil

This document provides an overview of an English course for bank exams in Brazil. It introduces the teacher and outlines the course content, schedule, and techniques that will be covered, including vocabulary, grammar, and interpreting written texts. The goal is to help students learn the English skills needed to succeed on competitive exams.
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
0% found this document useful (0 votes)
45 views24 pages

Aula 00 Língua Inglesa para o Banco Do Brasil

This document provides an overview of an English course for bank exams in Brazil. It introduces the teacher and outlines the course content, schedule, and techniques that will be covered, including vocabulary, grammar, and interpreting written texts. The goal is to help students learn the English skills needed to succeed on competitive exams.
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 24

>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 WUDQTLOR 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 ž 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 WUDQTLOR 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

You might also like