Direito Processual Penal - OAB

ͲWZK^^KWE>Ͳ
'ƵŝĂĚĞƐƚƵĚŽƉĂƌĂŽǆĂŵĞĚĂK
ϭǐ&ĂƐĞ

Ϯ

/͘WZ/E1W/K^KWZK^^KWE>͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱ
ϭ͘͞EĞŵŽƚĞŶĞƚƵƌƐĞĚĞƚĞŐĞƌĞ͟ʹWƌŽŝďŝĕĆŽĚĞWƌŽǀĂĐŽŶƚƌĂƐŝŵĞƐŵŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱ
Ϯ͘WƌŝŶĐşƉŝŽĚŽĞǀŝĚŽWƌŽĐĞƐƐŽ>ĞŐĂů;Ăƌƚ͘ϱǑ͕>/sĚĂ&Ϳ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱ
Ϯ͘WƌŝŶĐşƉŝŽĚŽŽŶƚƌĂĚŝƚſƌŝŽĞŵƉůĂĞĨĞƐĂ;Ăƌƚ͘ϱǑ͕>sĚĂ&Ϳ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲ
ϯ͘WƌŝŶĐşƉŝŽĚŽ:ƵŝǌEĂƚƵƌĂů;Ăƌƚ͘ϱǑ͕ŝŶĐŝƐŽƐyyys//Ğ>///ĚĂ&Ϳ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳ
ϰ͘WƌŝŶĐşƉŝŽĚŽƐƚĂĚŽĚĞ/ŶŽĐġŶĐŝĂŽƵWƌĞƐƵŶĕĆŽĚĞ/ŶŽĐġŶĐŝĂ;Ăƌƚ͘ϱǑ͕>s//ĚĂ&Ϳ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳ
//͘^/^dD^WZK^^h/^WE/^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴ
ϭ͘ĐƵƐĂƚſƌŝŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴ
Ϯ͘/ŶƋƵŝƐŝƚŝǀŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴ
ϯ͘DŝƐƚŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴ
///͘>/WZK^^h>EKdDWK͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴ
ϭ͘ƌƚ͘ϮǑ͕WW͗ůĞŝƉĞŶĂůŶĆŽƌĞƚƌŽĂŐĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴ
Ϯ͘WƌŝŶĐşƉŝŽĚŽĨĞŝƚŽ/ŵĞĚŝĂƚŽ;͞ƚĞŵƉƵƐƌĞŐŝƚĂĐƚƵŵ͟Ϳ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵ
ϯ͘dĞŽƌŝĂĚŽŝƐŽůĂŵĞŶƚŽĚŽƐĂƚŽƐƉƌŽĐĞƐƐƵĂŝƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵ
ϰ͘ŽŶĨůŝƚŽĚĞůĞŝƐƉƌŽĐĞƐƐƵĂŝƐŶŽƚĞŵƉŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵ
/s͘/EYhZ/dKWK>//>͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵ
ϭ͘ŽŶĐĞŝƚŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵ
Ϯ͘ĂƌĂĐƚĞƌşƐƚŝĐĂƐĚŽ/W͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵ
ϯ͘/ŶƐƚĂƵƌĂĕĆŽĚŽ/W͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬ
ϰ͘ĞƐĞŶǀŽůǀŝŵĞŶƚŽĚŽ/W͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭ
ϰ͘ϭ͘WƌĂǌŽĚŽ/W͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭ
ϰ͘Ϯ͘ŶĐĞƌƌĂŵĞŶƚŽĚŽ/W͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭ
s͘Z/D^KWE>Wj>/͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϯ
s/͘Z/D^KWE>WZ/s͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϱ
s//͘KWE>͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϱ
ϭ͘ƐƉĠĐŝĞƐ͗͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϱ
ϭ͘ϭ͘YƵĂŶƚŽăƉƌĞƚĞŶƐĆŽŽƵĂŽƐĞƵĐŽŶƚĞƷĚŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϱ
ϭ͘Ϯ͘YƵĂŶƚŽăƚŝƚƵůĂƌŝĚĂĚĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϲ
Ϯ͘ĕĆŽWĞŶĂůWƷďůŝĐĂyĕĆŽWĞŶĂůWƌŝǀĂĚĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϲ
ϯ͘WƌŝŶĐşƉŝŽƐƋƵĞƌĞŐĞŵĂĂĕĆŽƉĞŶĂů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϴ
ϰ͘ĕĆŽWĞŶĂůWƷďůŝĐĂŽŶĚŝĐŝŽŶĂĚĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϮ
ϰ͘ϭ͘ŝƌĞŝƚŽĚĞƌĞƉƌĞƐĞŶƚĂĕĆŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϮ
s///͘K/s/>͞y>/dK͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͟Ϯϱ
ϭ͘/ŶƚƌŽĚƵĕĆŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϱ
Ϯ͘/ŶĚĞƉĞŶĚġŶĐŝĂĞŶƚƌĞĂƐŝŶƐƚąŶĐŝĂƐƉĞŶĂůĞĐŝǀŝů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϱ
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ϯ͘ĨĞŝƚŽƐĚĂĐŽŶĚĞŶĂĕĆŽƉĞŶĂůŶĂĞƐĨĞƌĂĐŝǀŝů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϱ
ĂͿŶƚĞƐĚŽƚƌąŶƐŝƚŽĞŵũƵůŐĂĚŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϱ
ďͿĞƉŽŝƐĚŽƚƌąŶƐŝƚŽĞŵũƵůŐĂĚŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϲ
ϰ͘ĨĞŝƚŽƐĚĂĂďƐŽůǀŝĕĆŽĐƌŝŵŝŶĂůŶĂĞƐĨĞƌĂĞǆƚƌĂͲƉĞŶĂů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϳ
/y͘KDWdE/͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϵ
ϭ͘ŽŶĐĞŝƚŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϵ
Ϯ͘&ĂƐĞƐŽƵWĂƐƐŽƐWĂƌĂ&ŝǆĂĕĆŽĚĂŽŵƉĞƚġŶĐŝĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϵ
ϯ͘:ƵƐƚŝĕĂŽŵƵŵ&ĞĚĞƌĂů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϬ
ĂͿƌŝŵĞƐƉŽůşƚŝĐŽƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϬ
ďͿ ƌŝŵĞƐ ƉƌĂƚŝĐĂĚŽƐ Ğŵ ĚĞƚƌŝŵĞŶƚŽ ĚĞ ďĞŶƐ͕ ƐĞƌǀŝĕŽƐ ŽƵ ŝŶƚĞƌĞƐƐĞ ĚĂ hŶŝĆŽ ŽƵ ĚĞ ƐƵĂƐ ĂƵƚĂƌƋƵŝĂƐ ŽƵ
ĞŵƉƌĞƐĂƐƉƷďůŝĐĂƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϬ
ĐͿƌŝŵĞƐĂŝƐƚąŶĐŝĂƉƌĞǀŝƐƚŽƐĞŵƚƌĂƚĂĚŽŽƵĐŽŶǀĞŶĕĆŽŝŶƚĞƌŶĂĐŝŽŶĂů;ƌƚ͘ϭϬϵ͕s͕&Ϳ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϮ
ĚͿƌŝŵĞƐƉƌĂƚŝĐĂĚŽƐĂďŽƌĚŽĚĞŶĂǀŝŽŽƵĂĞƌŽŶĂǀĞ͕ƌĞƐƐĂůǀĂĚĂĂĐŽŵƉĞƚġŶĐŝĂĚĂ:ƵƐƚŝĕĂDŝůŝƚĂƌ;ƌƚ͘ϭϬϵ͕/y͕
&Ϳ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϮ
ĞͿƌŝŵĞƐĐŽŶƚƌĂĂŽƌŐĂŶŝǌĂĕĆŽĚŽƚƌĂďĂůŚŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϮ
ĨͿƌŝŵĞƐĚĞŝŶŐƌĞƐƐŽŽƵƉĞƌŵĂŶġŶĐŝĂŝƌƌĞŐƵůĂƌĚĞĞƐƚƌĂŶŐĞŝƌŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϮ
ϰ͘:ƵƐƚŝĕĂĚŽdƌĂďĂůŚŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϰ
ϱ͘:ƵƐƚŝĕĂůĞŝƚŽƌĂů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϰ
ϲ͘:ƵƐƚŝĕĂDŝůŝƚĂƌ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϰ
ϳ͘:ƵƐƚŝĕĂŽŵƵŵƐƚĂĚƵĂů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϰ
ϴ͘ŽŵƉĞƚġŶĐŝĂ,ŝĞƌĄƌƋƵŝĐĂŽƵƉŽƌWƌĞƌƌŽŐĂƚŝǀĂĚĞĨƵŶĕĆŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϰ
ϵ͘ŽŵƉĞƚġŶĐŝĂdĞƌƌŝƚŽƌŝĂů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϱ
ϭϬ͘ŽŵƉĞƚġŶĐŝĂĚĞ:ƵşǌŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϲ
ϭϭ͘ŽŶĞǆĆŽĞŽŶƚŝŶġŶĐŝĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϲ
ĂͿŽŶĞǆĆŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϲ
ďͿŽŶƚŝŶġŶĐŝĂ;ƌƚ͘ϳϳ͕WWͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϳ
y͘WZ/Ô^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϬ
ϭ͘ŽŶĐĞŝƚŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϬ
Ϯ͘ƐƉĠĐŝĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϬ
ϯ͘WƌŝƐĆŽĞŵ&ůĂŐƌĂŶƚĞ;ƌƚ͘ϯϬϮĚŽWWͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϭ
ϯ͘ϭ͘ƐƉĠĐŝĞƐĚĞ&ůĂŐƌĂŶƚĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϮ
ϯ͘Ϯ͘&KZD>/^WZ/^KD&>'ZEd͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϱ
ϰ͘WZ/^KdDWKZZ/сWZKs/^MZ/͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϲ
ϱ͘WZ/^KWZsEd/s;ĂƵƚĞůĂƌͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϲ
ϱ͘ϭ͘ŽŶĚŝĕƁĞƐĚĞĚŵŝƐƐŝďŝůŝĚĂĚĞʹĂƌƚ͘ϯϭϯʹWW͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϳ
ϱ͘Ϯ͘ZĞƋƵŝƐŝƚŽƐͲƌƚ͘ϯϭϮ͕WW͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϳ
ϲ͘^^KWZ/^K͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϵ
ϳ͘>/ZWZKs/^MZ/͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϬ
ϳ͘ϭ͘^ŝƚƵĂĕƁĞƐĞŵƋƵĞŶĆŽƐĞƌĄĐŽŶĐĞĚŝĚĂĂĨŝĂŶĕĂͲƌƚ͘ϯϮϯ͕WW͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϬ
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϰ

ϳ͘Ϯ͘^ŝƚƵĂĕƁĞƐĞŵƋƵĞƐĞƌĄĐŽŶĐĞĚŝĚĂĂĨŝĂŶĕĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϭ
y/͘WZK/DEdK^WE/^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϰ
ϭ͘WZK/DEdKKZ/EZ/K͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϰ
Ϯ͘WƌŽĐĞĚŝŵĞŶƚŽ^ƵŵĄƌŝŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϵ
ϯ͘WƌŽĐĞĚŝŵĞŶƚŽ^ƵŵĂƌşƐƐŝŵŽʹ>ĞŝϵϬϵϵͬϵϱ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϵ
ϰ͘WƌŽĐĞĚŝŵĞŶƚŽƐĞƐƉĞĐŝĂŝƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϬ
ϰ͘ϭ͘WƌŽĐĞĚŝŵĞŶƚŽĞƐƉĞĐŝĂůĚŽƐƌŝŵĞƐĐŽŶƚƌĂĂŚŽŶƌĂ;ĐĂůƷŶŝĂ͕ŝŶũƷƌŝĂĞĚŝĨĂŵĂĕĆŽͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϬ
ϰ͘Ϯ͘WƌŽĐĞĚŝŵĞŶƚŽƐƉĞĐŝĂůĚĂ>ĞŝĚĞƌŽŐĂƐʹůĞŝϭϭ͘ϯϰϯͬϮϬϬϲ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϬ
ϰ͘ϯ͘WƌŽĐĞĚŝŵĞŶƚŽ:Ʒƌŝʹ>Ğŝϭϭ͘ϲϴϵͬϬϴ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϭ
y//͘WZKsÊKWZK^^KWE>͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϯ
ϭ͘^ŝƐƚĞŵĂĚĞĂƉƌĞĐŝĂĕĆŽĚĂƐƉƌŽǀĂƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϯ
Ϯ͘WƌŽǀĂŝůşĐŝƚĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϰ
ϯ͘WƌŽǀĂƐĞŵĞƐƉĠĐŝĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϰ
ϯ͘ϭ͘WZKsWZ//>͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϰ
ϯ͘Ϯ͘/EdZZK'dMZ/K͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϱ
ϯ͘ϯ͘KE&/^^K͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϱ
ϯ͘ϰ͘WZKsd^dDhE,>͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϲ
ϯ͘ϱ͘>ZO^KK&E/K͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϲ
y///͘ZhZ^K^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϵ
ϭ͘WZ/E1W/K^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϵ
Ϯ͘&/dK^K^ZhZ^K^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϵ
ϯ͘ZĞĐƵƌƐŽĚĞŽĨşĐŝŽ;ƌĞĞǆĂŵĞŶĞĐĞƐƐĄƌŝŽͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϵ
ϰ͘ZhZ^K^D^W/͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϬ
ϰ͘ϭ͘ƉĞůĂĕĆŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϬ
ϰ͘Ϯ͘Z^;ZĞĐƵƌƐŽĞŵ^ĞŶƚŝĚŽƐƚƌŝƚŽͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϬ
ϰ͘ϯ͘ŐƌĂǀŽĞŵĞǆĞĐƵĕĆŽ;Ăƌƚ͘ϭϵϳ͕ĚĂ>ĞŝĚĞĞǆĞĐƵĕƁĞƐƉĞŶĂŝƐͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϭ
ϰ͘ϰ͘ŵďĂƌŐŽƐŝŶĨƌŝŶŐĞŶƚĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϭ
ϰ͘ϱ͘ŵďĂƌŐŽƐĚĞĚĞĐůĂƌĂĕĆŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϮ
ϰ͘ϲ͘ĂƌƚĂdĞƐƚĞŵƵŶŚĄǀĞů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϮ
ϰ͘ϳ͘ZĞĐƵƌƐŽKƌĚŝŶĄƌŝŽŽŶƐƚŝƚƵĐŝŽŶĂů;Z͘K͘Ϳ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϮ
ϰ͘ϵ͘ZĞĐƵƌƐŽƐƉĞĐŝĂů;Ăƌƚ͘ϭϬϱ͕///͕&Ϳ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϯ
ϰ͘ϭϬ͘ZĞĐƵƌƐŽǆƚƌĂŽƌĚŝŶĄƌŝŽ;Ăƌƚ͘ϭϬϮ͕///&Ϳ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϯ
/y͘O^hdNEKD^/DWh'Ed/s^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϯ
ϭ͘,^KZWh^;͞dƌĂŐĂͲŵĞŽŽƌƉŽ͟Ϳ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϯ
ϭ͘ϭ͘ZŝƚŽĚŽ,ĂďĞĂƐŽƌƉƵƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϯ
ϭ͘Ϯ͘,ŝƉſƚĞƐĞƐĚĞĂďŝŵĞŶƚŽ;ƌƚ͘ϲϰϳͬϲϰϴĚŽWWͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϰ
Ϯ͘DEK^'hZEEZZ/D/E>͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϰ
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϱ

ͲŝƌĞŝƚŽWƌŽĐĞƐƐƵĂůWĞŶĂůͲ

ǤA
ͷǤǲ
ǳȂ.!
ϭ͘ϭ͘>K>/K͗ƐƚĞƉƌŝŶĐşƉŝŽŶĆŽĞƐƚĄĞǆƉƌĞƐƐŽŶĂ&͕ŵĂƐĚĞůĞĚĞĐŽƌƌĞŽĚŝƌĞŝƚŽĚĞĨŝĐĂƌ
ĐĂůĂĚŽ͕ƉƌĞǀŝƐƚŽŶŽĂƌƚŝŐŽϱǑ͕>y///͕ĚĂŽŶƐƚŝƚƵŝĕĆŽ&ĞĚĞƌĂů;ΗŽƉƌĞƐŽƐĞƌĄŝŶĨŽƌŵĂĚŽĚĞƐĞƵƐ
ĚŝƌĞŝƚŽƐ͕ĞŶƚƌĞŽƐƋƵĂŝƐŽĚĞƉĞƌŵĂŶĞĐĞƌĐĂůĂĚŽ͕͘͘͘ΗͿ͘
LXIII - o preso será informado de seus direitos,

entre os quais o de permanecer calado, sendo-lhe
assegurada a assistência da família e de
advogado;
.!ǣ ± Ȃ
ȋͳͻ͸ͻȌ ȋ Ǥ ͸͹ͺȀͻʹȌ
Àǣǲ ǡǦ
ǳǤǦǤ
ϭ͘Ϯ͘&hEK͗ƉƌŝŶĐŝƉĂůĨƵŶĕĆŽĚŽƉƌŝŶĐşƉŝŽŶĞŵŽƚĞŶĞƚƵƌƐĞĚĞƚĞŐĞƌĞĠƉƌŽƚĞŐĞƌŽĂĐƵƐĂĚŽ
ŶŽ ŵŽŵĞŶƚŽ ĚĂ ƉƌŽĚƵĕĆŽ ĚĂƐ ƉƌŽǀĂƐ͕ ŶĆŽ ƉĞƌŵŝƚŝŶĚŽ ƋƵĞ ƐĞũĂ ǀŝŽůĂĚŽ ĂůĠŵ ĚŽ ĚŝƌĞŝƚŽ ĂŽ
ƐŝůġŶĐŝŽ͕ŵĂƐƚĂŵďĠŵŽƵƚƌŽƐĚŝƌĞŝƚŽƐĚŽĂĐƵƐĂĚŽ͕ƚĂŝƐĐŽŵŽĂĚŝŐŶŝĚĂĚĞŚƵŵĂŶĂ͕ĂŚŽŶƌĂĞĂ
ŝŶƚŝŵŝĚĂĚĞ͘
Æ EŽ ƐŝƐƚĞŵĂ ďƌĂƐŝůĞŝƌŽ͕ ĂĚŵŝƚĞͲƐĞ ƋƵĞ Ž ŝŶĚŝĐŝĂĚŽ ŽƵ ƌĠƵ ŵŝŶƚĂ͕ ƋƵĞ ŶĞŐƵĞ ƌĞůĂĕĆŽ ĐŽŵ Ž
ĨĂƚŽ͕ƋƵĞĐĂůĞĂǀĞƌĚĂĚĞ͕ƋƵĞĨĂŶƚĂƐŝĞ͕ƋƵĞĂŵŽůĚĞǀĞƌƐƁĞƐĂŽƐƐĞƵƐŝŶƚĞƌĞƐƐĞƐ͘
Æ^ĆŽƉƌŽŝďŝĚĂƐŝŶƚĞƌǀĞŶĕƁĞƐĐŽƌƉŽƌĂŝƐŽƵĐŽůĂďŽƌĂĕƁĞƐĂƚŝǀĂƐƐĞŵĐŽŶĐŽƌĚąŶĐŝĂĚŽĂĐƵƐĂĚŽ͘
ÆŽůĂďŽƌĂĕƁĞƐƉĂƐƐŝǀĂƐƐĆŽƉĞƌŵŝƚŝĚĂƐ͘ǆ͗͘ƌĞĐŽŶŚĞĐŝŵĞŶƚŽ͘

7URFDQGRHPPL~GRVQLQJXpPpREULJDGRDFRQIHVVDUFULPHGHTXHVHMDDFXVDGD
RX FRODERUDU FRP R (VWDGR 3ROtFLD -XGLFLiULD H 0LQLVWpULR 3~EOLFR SDUD R
GHVFREULPHQWR GH XP FULPH GH TXH VH p DFXVDGR RX GR TXDO VH SRVVD YLU D VHU
DFXVDGR 6REUH R (VWDGR QR VLVWHPD DFXVDWyULR UHFDHP R {QXV GD SURYD H D
PLVVmR GH GHVID]HU D SUHVXQomR GH LQRFrQFLD TXH YLJRUD HP IDYRU GR DFXVDGR VHP
HVSHUDUTXDOTXHUFRODERUDomRGHVXDSDUWH
͸ǤA

ȋǤͻ͕ǡ ȌǤ
LIV - ninguém será privado da liberdade ou de

seus bens sem o devido processo legal;
ŽŶƐŽĂŶƚĞăĐŽŶƐƚƌƵĕĆŽũƵƌŝƐƉƌƵĚĞŶĐŝĂůĚĂ^ƵƉƌĞŵĂŽƌƚĞŶŽƌƚĞĂŵĞƌŝĐĂŶĂ͕ŽĚĞǀŝĚŽƉƌŽĐĞƐƐŽ
ůĞŐĂů;ĚƵĞƉƌŽĐĞƐƐŽĨůĂǁͿ͕ƚĞŵƵŵĂĂĐĞƉĕĆŽƉƌŽĐĞĚŝŵĞŶƚĂůŽƵĨŽƌŵĂů;ƉƌŽĐĞĚƵƌĂůĚƵĞƉƌŽĐĞƐƐͿ
ĞŽƵƚƌĂƐƵďƐƚĂŶĐŝĂůŽƵŵĂƚĞƌŝĂů;ƐƵďƐƚĂŶƚŝǀĞĚƵĞƉƌŽĐĞƐƐͿ͘
• ĞǀŝĚŽ ƉƌŽĐĞƐƐŽ ƉƌŽĐĞĚŝŵĞŶƚĂů ŽƵ ĨŽƌŵĂů͗ Ɛ ůĞŝƐ ĚĞǀĞŵ ƐĞƌ ŽďĞĚĞĐŝĚĂƐ͕ ĚĞǀĞͲƐĞ
ĂƐƐĞŐƵƌĂƌ Ž ƌĞŐƵůĂƌ Ğ ũƵƐƚŽ ĂŶĚĂŵĞŶƚŽ ĚŽ ƉƌŽĐĞƐƐŽ ũƵĚŝĐŝĂů ĐƵŵƉƌŝŶĚŽ ĂƐ ŶŽƌŵĂƐ
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϲ

ĚŝƐƉŽƐƚĂƐĞŵ>Ğŝ͘ĂƐŽŵĂĚĞƚŽĚŽƐŽƐĚŝƌĞŝƚŽƐĞŐĂƌĂŶƚŝĂƐĂƉůŝĐĂĚŽƐĂŽƉƌŽĐĞƐƐŽ͕ƋƵĞ
ĂƐǀĞǌĞƐĞƐƚĆŽĞǆƉƌĞƐƐŽƐĞŽƵƚƌĂƐĞƐƚĆŽŝŵƉůşĐŝƚŽƐ͘
o direito expresso na CF Æ contraditório art.5º, LV, CF.
o direito implícito na CF Æ o direito de recorrer.
• ĞǀŝĚŽƉƌŽĐĞƐƐŽƐƵďƐƚĂŶĐŝĂůŽƵŵĂƚĞƌŝĂů͗,ĄůŝŵŝƚĞƐƉĂƌĂĂĂƚŝǀŝĚĂĚĞĚŽůĞŐŝƐůĂĚŽƌ͘
o "a essência do substantive due process of law reside na necessidade de proteger os
direitos e as liberdades das pessoas contra qualquer modalidade de legislação que se
revele opressiva ou destituída do necessário coeficiente de razoabilidade" (STF,
ADIMC-1755/DF, rel. Ministro CELSO DE MELLO).
͸ǤAV ȋǤͻ͕ǡ Ȍ
LV - aos litigantes, em processo judicial ou

administrativo, e aos acusados em geral são
assegurados o contraditório e ampla defesa, com
os meios e recursos a ela inerentes;
ÆĂƉůŝĐĂĚŽĂŽƉƌŽĐĞƐƐŽũƵĚŝĐŝĂůĞĂŽƉƌŽĐĞƐƐŽĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͘
Ϯ͘ϭ͘ ŽŶƚƌĂĚŝƚſƌŝŽ ;ƚĂŵďĠŵ ĐŚĂŵĂĚŽ ĚĞ ĂƵĚŝġŶĐŝĂ ďŝůĂƚĞƌĂůͿ͗ Ġ Ă ƐŽŵĂ ĚĞ ƵŵĂ ŝŶĨŽƌŵĂĕĆŽ
ŶĞĐĞƐƐĄƌŝĂнƌĞĂĕĆŽƉŽƐƐşǀĞů͕ŽƵƐĞũĂ͕ĂŶĞĐĞƐƐĄƌŝĂĐŝġŶĐŝĂ͕ƉŽƌĂŵďĂƐĂƐƉĂƌƚĞƐ͕ĚŽƋƵĞƐĞĨĂǌ
ŽƵƋƵĞƐĞƉƌĞƚĞŶĚĞƋƵĞƐĞũĂĨĞŝƚŽŶŽƉƌŽĐĞƐƐŽĞƉŽƐƐŝďŝůŝĚĂĚĞĚĞĐŽŽƉĞƌĂƌĞĐŽŶƚƌĂƌŝĂƌ͘
Ύ/ŶĨŽƌŵĂĕĆŽŶĞĐĞƐƐĄƌŝĂ͗ĂƐƉĂƌƚĞƐĚĞǀĞŵƐĞƌŝŶĨŽƌŵĂĚĂƐƐŽďƌĞƚƵĚŽŽƋƵĞŽĐŽƌƌĞŶŽƉƌŽĐĞƐƐŽ͘
Ϯ͘Ϯ͘ŵƉůĂĞĨĞƐĂ͗WŽƐƐƵŝĚƵƉůĂŵĂŶŝĨĞƐƚĂĕĆŽ͘

ŝƌĞŝƚŽƐĚĞ͗
WƌĞƐĞŶĕĂ

• ƵƚŽͲĚĞĨĞƐĂ ƵĚŝġŶĐŝĂ ZEhE/s>͊

WŽƐƚƵůĂƌƉĞƐƐŽĂůŵĞŶƚĞ

• ĞĨĞƐĂdĠĐŶŝĐĂ͗ĞǆĞƌĐŝĚĂƉŽƌƉƌŽĨŝƐƐŝŽŶĂůŚĂďŝůŝƚĂĚŽƉĞƌĂŶƚĞĂK͘ /ZZEhE/s>͊

dEK͗ƵŝĚĂĚŽĐŽŵŽĚŝƐƉŽƐƚŽŶŽƌƚ͘ϭϴϱ͕ΑϮǑ͕WW͗
§ 2o Excepcionalmente, o juiz, por decisão
fundamentada, de ofício ou a requerimento das
partes, poderá realizar o interrogatório do réu
preso por sistema de videoconferência ou outro
recurso tecnológico de transmissão de sons e
imagens em tempo real, desde que a medida seja
necessária para atender a uma das seguintes
finalidades: (Redação dada pela Lei nº 11.900, de
2009)
I - prevenir risco à segurança pública,
quando exista fundada suspeita de que o preso
integre organização criminosa ou de que, por
outra razão, possa fugir durante o deslocamento;
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϳ

II - viabilizar a participação do réu no
referido ato processual, quando haja relevante
dificuldade para seu comparecimento em juízo, por
enfermidade ou outra circunstância pessoal;
III - impedir a influência do réu no
ânimo de testemunha ou da vítima, desde que não
seja possível colher o depoimento destas por
videoconferência, nos termos do art. 217 deste
Código; (Incluído pela Lei nº 11.900, de 2009)
IV - responder à gravíssima questão de
ordem pública. (Incluído pela Lei nº 11.900, de
2009)
͹ǤA ȋǤͻ͕ǡ Ȍ
XXXVII - não haverá juízo ou tribunal de exceção;

LIII - ninguém será processado nem sentenciado
senão pela autoridade competente;

ͲĂƉƌŽŝďŝĕĆŽĚŽdƌŝďƵŶĂůĚĞǆĐĞĕĆŽ͘
ΎdƌŝďƵŶĂůĚĞǆĐĞĕĆŽ͗ĐƌŝĂĚŽƉĂƌĂũƵůŐĂƌƵŵĨĂƚŽĞƐƉĞĐşĨŝĐŽŽƵƵŵĂƉĞƐƐŽĂĞƐƉĞĐşĨŝĐĂ͘
ͲdŽĚĂƉĞƐƐŽĂƚĞŵŽĚŝƌĞŝƚŽĚĞƐĞƌũƵůŐĂĚĂƉĞůŽũƵŝǌĐŽŵƉĞƚĞŶƚĞ͘
ͺǤA3.!3ȋǤͻ͕ǡ

Ȍ
LVII - ninguém será considerado culpado até o

trânsito em julgado de sentença penal
condenatória;
ͲƉƌŝƐĆŽƉƌŽĐĞƐƐƵĂů;ĚĞĐƌĞƚĂĚĂŶŽĐƵƌƐŽĚŽƉƌŽĐĞƐƐŽͿĠĞǆĐĞƉĐŝŽŶĂů͘
ͲKƵƐŽĚĞĂůŐĞŵĂƐĠĞǆĐĞƉĐŝŽŶĂůͲ^ƷŵƵůĂsŝŶĐƵůĂŶƚĞŶǑϭϭĚŽ^d&͘
K^͗͘ ƌƚ͘ ϱǑ͕ >s// Ͳ K ĐŝǀŝůŵĞŶƚĞ ŝĚĞŶƚŝĨŝĐĂĚŽ ƐƵďŵĞƚŝĚŽ ă ŝĚĞŶƚŝĨŝĐĂĕĆŽ ĐƌŝŵŝŶĂů͕ ƐĂůǀŽ ŶĂƐ
ŚŝƉſƚĞƐĞƐƉƌĞǀŝƐƚĂƐĞŵůĞŝ͘
ͲZĞƐƐĂůǀĂƐ>ĞŝϭϬ͘ϬϱϰͬϬϬʹǆ͗͘ĨŽƚŽŵƵŝƚŽĂŶƚŝŐĂ͘
Art. 3o O civilmente identificado por documento original
não será submetido à identificação criminal, exceto
quando:
I – estiver indiciado ou acusado pela prática de
homicídio doloso, crimes contra o patrimônio praticados
mediante violência ou grave ameaça, crime de receptação
qualificada, crimes contra a liberdade sexual ou crime
de falsificação de documento público;
II – houver fundada suspeita de falsificação ou
adulteração do documento de identidade;
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϴ

III – o estado de conservação ou a distância temporal da
expedição de documento apresentado impossibilite a
completa identificação dos caracteres essenciais;
IV – constar de registros policiais o uso de outros
nomes ou diferentes qualificações;
V – houver registro de extravio do documento de
identidade;
VI – o indiciado ou acusado não comprovar, em quarenta e
oito horas, sua identificação civil.

Ǥ

ͷǤV
Ͳ ,Ą ƐĞƉĂƌĂĕĆŽ ĚĞ ĨƵŶĕƁĞƐ͘ ĐŽŶƚƌĂĚŝƚſƌŝŽ͕ ƉƷďůŝĐŽ͕ ŝŵƉĂƌĐŝĂů͕ ĂƐƐĞŐƵƌĂ ĂŵƉůĂ ĚĞĨĞƐĂ͖ ŚĄ
ĚŝƐƚƌŝďƵŝĕĆŽĚĂƐĨƵŶĕƁĞƐĚĞĚĞĨĞŶĚĞƌ͕ĚĞĂĐƵƐĂƌĞĚĞũƵůŐĂƌĂſƌŐĆŽƐĚŝƐƚŝŶƚŽƐ͘
Ͳ^ĞŐƵŶĚŽŽ^d&ĠŽƐŝƐƚĞŵĂĂĚŽƚĂĚŽŶŽŽƌĚĞŶĂŵĞŶƚŽďƌĂƐŝůĞŝƌŽ͘
Ressalta-se, contudo, que a Lei de Combate ao Crime Organizado (Lei 9.034/95) prevê a hipótese de
diligências realizadas pessoalmente pelo juiz ainda na fase do inquérito, como a violação de sigilos
preservados pela Constituição ou pela lei.
͸Ǥ
ͲEĆŽŚĄƐĞƉĂƌĂĕĆŽĚĞĨƵŶĕƁĞƐ͗ũƵůŐĂĚŽƌĞĂĐƵƐĂĚŽƌ ƐĆŽĂƐŵĞƐŵĂƐƉĞƐƐŽĂƐ͘ƐŝŐŝůŽƐŽ͕ŶĆŽ
ĐŽŶƚƌĂĚŝƚſƌŝŽĞƌĞƷŶĞŶĂŵĞƐŵĂƉĞƐƐŽĂĂƐĨƵŶĕƁĞƐĚĞĂĐƵƐĂƌ͕ĚĞĨĞŶĚĞƌĞũƵůŐĂƌ͘KƌĠƵĠŵĞƌŽ
ŽďũĞƚŽĚĞƉĞƌƐĞĐƵĕĆŽ͘ƚŽƌƚƵƌĂĠĂĐĞŝƚĂ͘
͹Ǥ
Ͳ ,Ą ƵŵĂ ĨĂƐĞ ŝŶŝĐŝĂů ŝŶƋƵŝƐŝƚŝǀĂ͕ ŶĂ ƋƵĂů ƐĞ ƉƌŽĐĞĚĞ Ă ƵŵĂ ŝŶǀĞƐƚŝŐĂĕĆŽ ƉƌĞůŝŵŝŶĂƌ Ğ ƵŵĂ
ŝŶƐƚƌƵĕĆŽ ƉƌĞƉĂƌĂƚſƌŝĂ͕ Ğ ƵŵĂ ĨĂƐĞ ĨŝŶĂů͕ Ğŵ ƋƵĞ ƐĞ ƉƌŽĐĞĚĞ ĂŽ ũƵůŐĂŵĞŶƚŽ ĐŽŵ ƚŽĚĂƐ ĂƐ
ŐĂƌĂŶƚŝĂƐĚŽƉƌŽĐĞƐƐŽĂĐƵƐĂƚſƌŝŽ͘
K^͗͘ ƚŽĚŽƐ ŽƐ ƉƌŝŶĐşƉŝŽƐ ͞ďŽŶƐ͟ ;ĐŽŶƚƌĂĚŝƚſƌŝŽ͕ ĂŵƉůĂ ĚĞĨĞƐĂ ĞƚĐ͘Ϳ ƐĆŽ ůŝŐĂĚŽƐ ĂŽ ƐŝƐƚĞŵĂ
ĂĐƵƐĂƚſƌŝŽ͘
Ǥ
ͷǤǤ͸͕ǡǣ!
Ǥ
;ƌĞƚƌŽĂŐĞсƐŝŐŶŝĨŝĐĂĂŐŝƌƉĂƌĂƚƌĄƐсĞĨĞŝƚŽĞǆƚƵŶĐͿ
Art. 2o A lei processual penal aplicar-se-á desde

logo, sem prejuízo da validade dos atos
realizados sob a vigência da lei anterior.
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϵ

͸ǤA ȋǲ
ǳȌ
ʹKƚĞŵƉŽƌĞŐĞŽĂƚŽ͘
• ŶŽǀĂůĞŝƉƌŽĐĞƐƐƵĂůƐĞƌĄĂƉůŝĐĂĚĂĂƚŽĚŽƐŽƐƉƌŽĐĞƐƐŽƐĞŵĐƵƌƐŽ͕ŶĆŽŝŵƉŽƌƚĂŶĚŽƐĞ
ďĞŶĞĨŝĐŝĂŽƵŶĆŽŽƌĠƵ͘
͹ǤǤ
• KƐĂƚŽƐƉƌŽĐĞƐƐƵĂŝƐũĄƉƌĂƚŝĐĂĚŽƐƉĞƌŵĂŶĞĐĞƌĆŽǀĄůŝĚŽƐ͘

Atos anteriores Vale pra frente
são válidos
Processo

LEI NOVA

Ǩǣ!±ǤǨ
ͺǤ
dEK͗EKZDD/^dʹĂƌƚ͘ϯϲϲ͕WW͘
Art. 366. Se o acusado, citado por edital, não

comparecer, nem constituir advogado, ficarão
suspensos o processo e o curso do prazo
prescricional, podendo o juiz determinar a
produção antecipada das provas consideradas
urgentes e, se for o caso, decretar prisão
preventiva, nos termos do disposto no art. 312.
ͲĂŽŵĞƐŵŽƚĞŵƉŽƵŵĂŶŽƌŵĂĚĞĚŝƌĞŝƚŽƉƌŽĐĞƐƐƵĂůĞĚĞĚŝƌĞŝƚŽŵĂƚĞƌŝĂů;ƉĞŶĂůͿ͘
ͲEĞƐƚĞĐĂƐŽƵƐĂͲƐĞŽƐŝƐƚĞŵĂĚĞĚŝƌĞŝƚŽƉĞŶĂůŵĂƚĞƌŝĂů͕ŽƵƐĞũĂ͕ƐĞĂŶŽǀĂŶŽƌŵĂĨŽƌŵŝƐƚĂĞ
ĨŽƌďĞŶĠĨŝĐĂĂŽƌĠƵ͕ĞůĂƌĞƚƌŽĂŐŝƌĄ͊
Ǥ2

ͷǤ
ƵŵƉƌŽĐĞĚŝŵĞŶƚŽĂĚŵŝŶŝƐƚƌĂƚŝǀŽǀŽůƚĂĚŽƉĂƌĂĂĂƉƵƌĂĕĆŽĚĞĨĂƚŽĐƌŝŵŝŶŽƐŽĞĚĞƐƵĂ
ĂƵƚŽƌŝĂ͘
͸ǤA
ĂͿKďƌŝŐĂƚŽƌŝĞĚĂĚĞ͗ĠŽďƌŝŐĂƚſƌŝŽƉĂƌĂĂĂƵƚŽƌŝĚĂĚĞƉŽůŝĐŝĂů͕ƉĞůŽĚĞǀĞƌĚĞĂŐŝƌ͘
ďͿŝƐƉĞŶƐĂďŝůŝĚĂĚĞ͗ĠĚŝƐƉĞŶƐĄǀĞůƋƵĂŶƚŽĄĂĕĆŽƉĞŶĂů͘
ĐͿ/ŶƋƵŝƐŝƚŝǀŽ͗ŶĆŽƉŽƐƐƵŝĐŽŶƚƌĂĚŝƚſƌŝŽ͘;Ăƌƚ͘ϭϰ͕WWͿ
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϭϬ

Ǥǣ ǡ ± ǡ
ǡÀ
Ǥ
/DWKZdEd͊ÆͲƐƉĂƌƚĞƐƉŽĚĞŵƌĞƋƵĞƌĞƌŽŝƚŝǀĂĚĞƚĞƐƚĞŵƵŶŚĂƐŶŽ/W͍ʹ^ŝŵ͘
Art. 14. O ofendido, ou seu representante legal,

e o indiciado poderão requerer qualquer
diligência, que será realizada, ou não, a juízo
da autoridade.
ĚͿ^ŝŐŝůŽƐŽ͗ŽƐŝŐŝůŽŶĆŽǀĂůĞƉĂƌĂŽĂĚǀŽŐĂĚŽ͘;^ƷŵƵůĂsŝŶĐƵůĂŶƚĞϭϰͿ
SÚMULA VINCULANTE Nº 14 - STF
É DIREITO DO DEFENSOR, NO INTERESSE DO

REPRESENTADO, TER ACESSO AMPLO AOS ELEMENTOS DE
PROVA QUE, JÁ DOCUMENTADOS EM PROCEDIMENTO
INVESTIGATÓRIO REALIZADO POR ÓRGÃO COM
COMPETÊNCIA DE POLÍCIA JUDICIÁRIA, DIGAM RESPEITO
AO EXERCÍCIO DO DIREITO DE DEFESA.
ĞͿƐĐƌŝƚŽ͗ŽƐƚĞƌŵŽƐĚŽŝŶƋƵĠƌŝƚŽƐĆŽĞƐĐƌŝƚŽƐ͘
ĨͿ/ŶĚŝƐƉŽŶşǀĞů͗ƐŝŐŶŝĨŝĐĂƋƵĞŽĚĞůĞŐĂĚŽŶĆŽƉŽĚĞĂƌƋƵŝǀĂƌŽ/W;ƋƵĞŵƚĞŵĞƐƚĂƉƌĞƌƌŽŐĂƚŝǀĂĠ
ŽũƵŝǌĂƉĞĚŝĚŽĚŽƉƌŽŵŽƚŽƌͿ͘
͹Ǥ.!
ĂͿĕĆŽWĞŶĂůWƷďůŝĐĂ/ŶĐŽŶĚŝĐŝŽŶĂĚĂ
• ĚĞŽĨşĐŝŽ͖
• ƌĞƋƵŝƐŝĕĆŽĨĞŝƚĂƉĞůŽDWŽƵĚĂŵĂŐŝƐƚƌĂƚƵƌĂ͘
o ZĞŐƌĂ͗ĚĞůĞŐĂĚŽĚĞǀĞĂƚĞŶĚĞƌĂŽƌĞƋƵĞƌŝŵĞŶƚŽ͘
o ǆĐĞĕĆŽ͗ ƋƵĂŶĚŽ Ă ŽƌĚĞŵ ĨŽƌ ŵĂŶŝĨĞƐƚĂŵĞŶƚĞ ŝůĞŐĂů͕ Ž ĚĞůĞŐĂĚŽ ŶĆŽ Ġ ŽďƌŝŐĂĚŽ Ă
ĂƚĞŶĚĞƌ͘
• ZYhZ/DEdKĚŽŽĨĞŶĚŝĚŽ͗
o ^ĞŽĚĞůĞŐĂĚŽŝŶĚĞĨĞƌŝƌŽƉĞĚŝĚŽĚĞŝŶƐƚĂƵƌĂĕĆŽ͕ĐĂďĞƌĄƌĞĐůĂŵĂĕĆŽĂŽĐŚĞĨĞ
ĚĞƉŽůşĐŝĂ͘
ďͿĕĆŽWĞŶĂůWƷďůŝĐĂŽŶĚŝĐŝŽŶĂĚĂĂZĞƉƌĞƐĞŶƚĂĕĆŽ
• ĂƵƚŽƌŝǌĂĚĂƉĞůŽŽĨĞŶĚŝĚŽŵĞĚŝĂŶƚĞZWZÊdK͘
• K ĚĞůĞŐĂĚŽ ŶĆŽ ƉŽĚĞƌĄ ŝŶƐƚĂƵƌĂƌ /W ĚĞ ŽĨşĐŝŽ͕ ƐŽŵĞŶƚĞ ŵĞĚŝĂŶƚĞ ƌĞƋƵĞƌŝŵĞŶƚŽ ĚŽ
ŽĨĞŶĚŝĚŽ͘
ÆĞƉĞŶĚĞĚĞŵĂŶŝĨĞƐƚĂĕĆŽĚŽŽĨĞŶĚŝĚŽ͘
ĐͿĕĆŽWĞŶĂůWƌŝǀĂĚĂ
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϭϭ

• EĆŽƉŽĚĞƐĞƌŝŶƐƚĂƵƌĂĚŽĚĞŽĨşĐŝŽ͘
• WŽƌ ZYhZ/DEdK ĚŽ ŽĨĞŶĚŝĚŽ͕ Ă ĂƵƚŽƌŝĚĂĚĞ ƉŽůŝĐŝĂů ƉŽĚĞƌĄ ĚĞĨĞƌŝƌ ŽƵ ŶĆŽ Ă
ŝŶƐƚĂƵƌĂĕĆŽĚŽ/W͘;^ĞŽĚĞůĞŐĂĚŽŝŶĚĞĨĞƌŝƌŽƉĞĚŝĚŽĚĞŝŶƐƚĂƵƌĂĕĆŽĐĂďĞƌĞĐůĂŵĂĕĆŽ
ĂŽĐŚĞĨĞĚĞƉŽůşĐŝĂͿ͘
ÆĞƉĞŶĚĞĚĞŵĂŶŝĨĞƐƚĂĕĆŽĚŽŽĨĞŶĚŝĚŽ͘
ͺǤ
ͶǤͳǤ
ȗ

ϭϬĚŝĂƐ ϯϬĚŝĂƐ YƵĞŚŽƌĂƐŽĚĞůĞŐĂĚŽĐŚĞŐĂ͍
ȗ ϭϱĚŝĂƐ ϯϬĚŝĂƐ YƵĞŚŽƌĂƐŽĚĞů͘ĨĞĚĞƌĂůƐĂŝ͍
ȗ ϯϬĚŝĂƐ ϵϬĚŝĂƐ ϯϬͲϵϬ
ϮϬĚŝĂƐ ϰϬĚŝĂƐ :ŽƌŶĂůŶĂĐŝŽŶĂů
ϭϬĚŝĂƐ ϭϬĚŝĂƐ ZĞůſŐŝŽĚŽĐŽŵĞƌĐŝĂů

ΎjŶŝĐĂƐŚŝƉſƚĞƐĞƐĞŵƋƵĞŽ/WĚŽŝŶĚŝĐŝĂĚŽƉƌĞƐŽƉŽĚĞƐĞƌƉƌŽƌƌŽŐĂĚŽ͘
K^͗͘dŽĚŽŝŶƋƵĠƌŝƚŽĚĞŝŶĚŝĐŝĂĚŽƐŽůƚŽƉŽĚĞƐĞƌƉƌŽƌƌŽŐĂĚŽ͘
ͶǤʹǤ
ͲŽĨŝŶĂůĚŽ/WĂĂƵƚŽƌŝĚĂĚĞƉŽůŝĐŝĂůĨĂƌĄƵŵƌĞůĂƚſƌŝŽƌĞƐƵŵŝŶĚŽĂƐĚŝůŝŐġŶĐŝĂƐĞŵƉƌĞĞŶĚŝĚĂƐ
ĚƵƌĂŶƚĞĂŝŶǀĞƐƚŝŐĂĕĆŽĞŽĞŶĐĂŵŝŶŚĂĂŽũƵŝǌ;Ăƌƚ͘ϭϬ͕ΑϭǑ͕WWͿ͘
Art. 10. O inquérito deverá terminar no prazo de

10 dias, se o indiciado tiver sido preso em
flagrante, ou estiver preso preventivamente,
contado o prazo, nesta hipótese, a partir do dia
em que se executar a ordem de prisão, ou no prazo
de 30 dias, quando estiver solto, mediante fiança
ou sem ela.
§ 1º A autoridade fará minucioso relatório do que

tiver sido apurado e enviará autos ao juiz
competente.
ͲKũƵŝǌ͕ƌĞĐĞďĞŶĚŽŽƐĂƵƚŽƐĚŽ/W͕ǀĞƌŝĨŝĐĂ͗
• ^ĞĕĆŽWĞŶĂůWƷďůŝĐĂÆĞŶĐĂŵŝŶŚĂĂŽDW͘
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϭϮ

• ^Ğ ĕĆŽ WĞŶĂů WƌŝǀĂĚĂ Æ ƌĞŵĞƚĞ ŽƐ ĂƵƚŽƐ ĂŽ ĐĂƌƚſƌŝŽ ƉĂƌĂ ĂŐƵĂƌĚĂƌ ŝŶŝĐŝĂƚŝǀĂ ĚŽ
ŽĨĞŶĚŝĚŽ͘

Yh^dO^^KZKdD
ϭ͘;Kͬ^WʹϮϬϬϳ͘ϯ͘WZͿĐĞƌĐĂĚĂƐŐĂƌĂŶƚŝĂƐĐŽŶƐƚŝƚƵĐŝŽŶĂŝƐƌĞĨĞƌĞŶƚĞƐĂŽƐĚŝƌĞŝƚŽƐƉƌŽĐĞƐƐƵĂůĞ
ƉĞŶĂů͕ĂƐƐŝŶĂůĞĂŽƉĕĆŽĐŽƌƌĞƚĂ͘
ĂͿ ^ĆŽ ŝŵƉƌĞƐĐƌŝƚşǀĞŝƐ͕ ĞŶƚƌĞ ŽƵƚƌŽƐ͕ ŽƐ ĐƌŝŵĞƐ ĚĞ ƌĂĐŝƐŵŽ͕ ƚŽƌƚƵƌĂ͕ ƚƌĄĨŝĐŽ ŝůşĐŝƚŽ ĚĞ ĞŶƚŽƌƉĞĐĞŶƚĞƐ͕
ƚĞƌƌŽƌŝƐŵŽĞŽƐĚĞĨŝŶŝĚŽƐĐŽŵŽŚĞĚŝŽŶĚŽƐ͘
ďͿ KƐ ƉƌŝŶĐşƉŝŽƐ ĚŽ ĐŽŶƚƌĂĚŝƚſƌŝŽ͕ ĂŵƉůĂ ĚĞĨĞƐĂ͕ ĚĞǀŝĚŽ ƉƌŽĐĞƐƐŽ ůĞŐĂů͕ ǀĞĚĂĕĆŽ ĚĂƐ ƉƌŽǀĂƐ ŝůşĐŝƚĂƐ Ğ
ƉƵďůŝĐŝĚĂĚĞƚġŵĞǆƉƌĞƐƐĂƉƌĞǀŝƐĆŽĐŽŶƐƚŝƚƵĐŝŽŶĂů͘
ĐͿ ǀŝŽůĂĕĆŽ ĚŽ ƐŝŐŝůŽ ĚĂƐ ĐŽŵƵŶŝĐĂĕƁĞƐ ƚĞůĞĨƀŶŝĐĂƐ ƉŽĚĞ ŽĐŽƌƌĞƌ ƉŽƌ ŽƌĚĞŵ ũƵĚŝĐŝĂů͕ ƉĂƌĂ ĨŝŶƐ ĚĞ
ŝŶǀĞƐƚŝŐĂĕĆŽĐƌŝŵŝŶĂů͕ŝŶƐƚƌƵĕĆŽƉƌŽĐĞƐƐƵĂůƉĞŶĂůŽƵĐŝǀŝů͘
ĚͿ ďƵƐĐĂ Ğ ĂƉƌĞĞŶƐĆŽ Ğŵ ĚŽŵŝĐşůŝŽ ƉŽĚĞŵ ŽĐŽƌƌĞƌ ĚƵƌĂŶƚĞ Ž ĚŝĂ ŽƵ ă ŶŽŝƚĞ͕ ĚĞƐĚĞ ƋƵĞ ŵĞĚŝĂŶƚĞ
ĚĞƚĞƌŵŝŶĂĕĆŽũƵĚŝĐŝĂů͘

Ϯ͘;Kͬ^WʹϮϬϬϳ͘ϯͿŽŵƌĞůĂĕĆŽĂŽŝŶƋƵĠƌŝƚŽƉŽůŝĐŝĂů͕ĂƐƐŝŶĂůĞĂŽƉĕĆŽĐŽƌƌĞƚĂ͘
ĂͿ ŝŶĚŝƐƉĞŶƐĄǀĞů Ă ĂƐƐŝƐƚġŶĐŝĂ ĚĞ ĂĚǀŽŐĂĚŽ ĂŽ ŝŶĚŝĐŝĂĚŽ͕ ĚĞǀĞŶĚŽ ƐĞƌ ŽďƐĞƌǀĂĚĂƐ ĂƐ ŐĂƌĂŶƚŝĂƐ
ĐŽŶƐƚŝƚƵĐŝŽŶĂŝƐĚŽĐŽŶƚƌĂĚŝƚſƌŝŽĞĚĂĂŵƉůĂĚĞĨĞƐĂ͘
ďͿŝŶƐƚĂƵƌĂĕĆŽĚĞŝŶƋƵĠƌŝƚŽƉŽůŝĐŝĂůĠĚŝƐƉĞŶƐĄǀĞůĐĂƐŽĂĂĐƵƐĂĕĆŽƉŽƐƐƵĂĞůĞŵĞŶƚŽƐƐƵĨŝĐŝĞŶƚĞƐƉĂƌĂĂ
ƉƌŽƉŽƐŝƚƵƌĂĚĂĂĕĆŽƉĞŶĂů͘
ĐͿdƌĂƚĂͲƐĞĚĞƉƌŽĐĞĚŝŵĞŶƚŽĞƐĐƌŝƚŽ͕ŝŶƋƵŝƐŝƚŝǀŽ͕ƐŝŐŝůŽƐŽ͕ŝŶĨŽƌŵĂƚŝǀŽĞĚŝƐƉŽŶşǀĞů͘
ĚͿŝŶƚĞƌĐĞƉƚĂĕĆŽƚĞůĞĨƀŶŝĐĂƉŽĚĞƌĄƐĞƌĚĞƚĞƌŵŝŶĂĚĂƉĞůĂĂƵƚŽƌŝĚĂĚĞƉŽůŝĐŝĂů͕ŶŽĐƵƌƐŽĚĂŝŶǀĞƐƚŝŐĂĕĆŽ͕
ĚĞĨŽƌŵĂŵŽƚŝǀĂĚĂĞŽďƐĞƌǀĂĚŽƐŽƐƌĞƋƵŝƐŝƚŽƐůĞŐĂŝƐ͘

ϯ͘;K^WϮϬϬϴ͘ϯͿŽŵďĂƐĞŶŽWW͕ĂƐƐŝŶĂůĞĂŽƉĕĆŽĐŽƌƌĞƚĂĂĐĞƌĐĂĚŽŝŶƋƵĠƌŝƚŽƉŽůŝĐŝĂů͘
ĂͿ K DW͕ ĐĂƐŽ ĞŶƚĞŶĚĂ ƐĞƌĞŵ ŶĞĐĞƐƐĄƌŝĂƐ ŶŽǀĂƐ ĚŝůŝŐġŶĐŝĂƐ͕ ƉŽƌ ĐŽŶƐŝĚĞƌĄͲůĂƐ ŝŵƉƌĞƐĐŝŶĚşǀĞŝƐ ĂŽ
ŽĨĞƌĞĐŝŵĞŶƚŽĚĂĚĞŶƷŶĐŝĂ͕ƉŽĚĞƌĄƌĞƋƵĞƌĞƌĂĚĞǀŽůƵĕĆŽĚŽŝŶƋƵĠƌŝƚŽăĂƵƚŽƌŝĚĂĚĞƉŽůŝĐŝĂů͘
ďͿ^ĞŽſƌŐĆŽĚŽDW͕ĞŵǀĞǌĚĞĂƉƌĞƐĞŶƚĂƌĂĚĞŶƷŶĐŝĂ͕ƌĞƋƵĞƌĞƌŽĂƌƋƵŝǀĂŵĞŶƚŽĚŽŝŶƋƵĠƌŝƚŽƉŽůŝĐŝĂů͕Ž
ũƵŝǌĚĞƚĞƌŵŝŶĂƌĄĂƌĞŵĞƐƐĂĚĞŽĨŝĐŝŽĂŽƚƌŝďƵŶĂůĚĞũƵƐƚŝĕĂƉĂƌĂƋƵĞƐĞũĂĚĞƐŝŐŶĂĚŽŽƵƚƌŽſƌŐĆŽĚĞDW
ƉĂƌĂŽĨĞƌĞĐġͲůĂ͘
ĐͿĂƵƚŽƌŝĚĂĚĞƉŽůŝĐŝĂů͕ĐĂƐŽĞŶƚĞŶĚĂŶĆŽĞƐƚĂƌĞŵƉƌĞƐĞŶƚĞƐŝŶĚşĐŝŽƐĚĞĂƵƚŽƌŝĂĚĞĚĞƚĞƌŵŝŶĂĚŽĐƌŝŵĞ͕
ƉŽĚĞƌĄŵĂŶĚĂƌĂƌƋƵŝǀĂƌĂƵƚŽƐĚĞŝŶƋƵĠƌŝƚŽ͘
ĚͿĞƉŽŝƐĚĞŽƌĚĞŶĂĚŽŽĂƌƋƵŝǀĂŵĞŶƚŽĚŽŝŶƋƵĠƌŝƚŽƉĞůĂĂƵƚŽƌŝĚĂĚĞũƵĚŝĐŝĄƌŝĂ͕ƉŽƌĨĂůƚĂĚĞďĂƐĞƉĂƌĂĂ
ĚĞŶƷŶĐŝĂ͕ĂĂƵƚŽƌŝĚĂĚĞƉŽůŝĐŝĂůŶĆŽƉŽĚĞƌĄƉƌŽĐĞĚĞƌĂŶŽǀĂƐƉĞƐƋƵŝƐĂƐ͕ĂŝŶĚĂƋƵĞƚŽŵĞĐŽŶŚĞĐŝŵĞŶƚŽ
ĚĞŽƵƚƌĂƐƉƌŽǀĂƐ͘

'Z/dK͗
ϭ͖͘Ϯ͖͘ϯ͘͘
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϭϯ

Ǥ.!l

ͲdŝƚƵůĂƌÆDW;Ăƌƚ͘ϭϮϵ͕/͕&Ϳ
Art. 129. São funções institucionais do
Ministério Público:
I - promover, privativamente, a ação penal
pública, na forma da lei;

Havendo indícios de
autoria e prova da Denúncia
materialidade
MP
Não havendo base Requer diligências
pra denúncia complementares

NÃO SIM

Requer (ao juiz) Denúncia
arquivamento

Juiz

Discorda Concorda

Procurador Arquiva
Geral

Concorda Concorda Discorda

Denúncia Designa outro Insistir no
membro do MP arquivamento
para oferecer (o juiz está
denúncia (que obrigado ao
não seja aquele arquivamento).
que requereu o
arquivamento

ͲŽŵŽƐĂƵƚŽƐĚĞ/WĞŵŵĆŽƐ͕ŽDWƉŽĚĞƌĄƉƌŽƉŽƌĂĂĕĆŽƉƷďůŝĐĂƉŽƌŵĞŝŽĚĞĚĞŶƷŶĐŝĂ͕ƐĞ
ǀĞƌŝĨŝĐĂƌ ŽƐ ŝŶĚşĐŝŽƐ ĚĞ ĂƵƚŽƌŝĂ Ğ ƉƌŽǀĂ ĚĞ ŵĂƚĞƌŝĂůŝĚĂĚĞ ĚŽ ĐƌŝŵĞ͘ &ŝƐĐĂůŝǌĂŶĚŽ ŽƐ ĂƚŽƐ
ƉƌŽĐĞƐƐƵĂŝƐĞŽďƐĞƌǀĂŶĚŽĂůĞŝʹ;Ăƌƚ͘ϭϬϬ͕ΑϭǑĚŽWͿ͘
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϭϰ

§ 1º - A ação pública é promovida pelo Ministério
Público, dependendo, quando a lei o exige, de
representação do ofendido ou de requisição do
Ministro da Justiça.
ͲEĆŽŚĂǀĞŶĚŽďĂƐĞƉĂƌĂĂĕĆŽƉĞŶĂů͕ŽDWƉŽĚĞƌĄƌĞƋƵĞƌĞƌĚŝůŝŐġŶĐŝĂƐĐŽŵƉůĞŵĞŶƚĂƌĞƐ;Ăƌƚ͘
ϭϲ͕WWͿ͘EĞƐƐĂŚŝƉſƚĞƐĞĚĞǀŽůǀĞŽ/WƉĂƌĂŽĚĞůĞŐĂĚŽ͕ƋƵĞŝƌĄƉƌŽĐĞĚĞƌăƐŶŽǀĂƐĚŝůŝŐġŶĐŝĂƐ͘
Art. 16. O Ministério Público não poderá

requerer a devolução do inquérito à autoridade
policial, senão para novas diligências,
imprescindíveis ao oferecimento da denúncia.
Ͳ ^Ğ Ž DW ĞŶƚĞŶĚĞƌ ƋƵĞ ŶĆŽ ŚĄ ďĂƐĞ ƉĂƌĂ ĕĆŽ WĞŶĂů WƷďůŝĐĂ͕ ƉŽĚĞƌĄ ƌĞƋƵĞƌĞƌ ĂŽ ũƵŝǌ Ž
ĂƌƋƵŝǀĂŵĞŶƚŽĚŽƐĂƵƚŽƐĚĞ/W͘

2%6 2 GHOHJDGR QXQFD DUTXLYD ,3 R 03 p TXHP UHTXHU R DUTXLYDPHQWR TXH SRGH VHU
GHIHULGRRXQmRSHORMXL]

Ͳ K ũƵŝǌ͕ ĐŽŶĐŽƌĚĂŶĚŽ ĐŽŵ Ž DW͕ ƉŽĚĞƌĄ ĚĞĨĞƌŝƌ Ž ƌĞƋƵĞƌŝŵĞŶƚŽ ĚŽ DW͘ ^Ğ ĚŝƐĐŽƌĚĂƌ ĚĂ
ŽƉŝŶŝĆŽĚŽDW͕ŽũƵŝǌƌĞŵĞƚĞƌĄŽƐĂƵƚŽƐĚĞ/WĂŽWƌŽĐƵƌĂĚŽƌ'ĞƌĂů͞ũƵƐƐƉĞƌŶŝĂŶĚŝ͟;Ăƌƚ͘Ϯϴ͕
WWͿ͕ƋƵĞŝƌĄĚĞĐŝĚŝƌƐĞŚĄŽƵŶĆŽďĂƐĞƉĂƌĂĂƉƌŽƉŽƐŝĕĆŽĚĂĂĕĆŽƉĞŶĂů͘
Art. 28. Se o órgão do Ministério Público, ao

invés de apresentar a denúncia, requerer o
arquivamento do inquérito policial ou de
quaisquer peças de informação, o juiz, no caso de
considerar improcedentes as razões invocadas,
fará remessa do inquérito ou peças de informação
ao procurador-geral, e este oferecerá a denúncia,
designará outro órgão do Ministério Público para
oferecê-la, ou insistirá no pedido de
arquivamento, ao qual só então estará o juiz
obrigado a atender.

KƉƌŽĐƵƌĂĚŽƌ'ĞƌĂůƚĞŵƚƌġƐŽƉĕƁĞƐ͗
ϭͿ KĨĞƌĞĐĞƌ ĚĞŶƷŶĐŝĂ͕ ĚŝƌĞƚĂŵĞŶƚĞ ;ƐĞ ĐŽŶĐŽƌĚĂƌ ĐŽŵ Ž ũƵŝǌ ĞŶƚĞŶĚĞƌ ƋƵĞ ŚĄ ďĂƐĞ
ƉĂƌĂĂĕĆŽƉĞŶĂůͿ͖
ϮͿĞƐŝŐŶĂƌŽƵƚƌŽŵĞŵďƌŽĚŽDW;ĞŶĆŽĂƋƵĞůĞƋƵĞƌĞƋƵĞƌĞƵŽĂƌƋƵŝǀĂŵĞŶƚŽͿƉĂƌĂ
ŽĨĞƌĞĐĞƌĚĞŶƷŶĐŝĂĞŵƐĞƵůƵŐĂƌ͖
ϯͿ^ĞŽWƌŽĐƵƌĂĚŽƌ'ĞƌĂůĞŶƚĞŶĚĞƌƋƵĞŶĆŽŚĄďĂƐĞƉĂƌĂĂĕĆŽ͕ŝƌĄŝŶƐŝƐƚŝƌ;ĐŽŶĐŽƌĚĂŶĚŽ
ĐŽŵŽDWͿŶŽĂƌƋƵŝǀĂŵĞŶƚŽĞŽũƵŝǌĞƐƚĂƌĄŽďƌŝŐĂĚŽĂŽĂƌƋƵŝǀĂŵĞŶƚŽĚŽ/W͘
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϭϱ

K^͗͘ K DW ƉŽĚĞƌĄ ƉƌŽƉŽƌ ĂĕĆŽ ƉĞŶĂů ŽĨĞƌĞĐĞŶĚŽ ĚĞŶƷŶĐŝĂ ĚĞ ŝŶƋƵĠƌŝƚŽ ũĄ ĂƌƋƵŝǀĂĚŽ ŶĂƐ
ƐĞŐƵŝŶƚĞƐĐŽŶĚŝĕƁĞƐ͗
• ^ĞƐƵƌŐŝƌĞŵŶŽǀĂƐƉƌŽǀĂƐƋƵĞĂĨƵŶĚĂŵĞŶƚĞŵ͖
• ƐƐĂƐŶŽǀĂƐƉƌŽǀĂƐƐƵƌũĂŵĂŶƚĞƐĚĞĞǆƚŝŶƚĂĂƉƵŶŝďŝůŝĚĂĚĞ͘
SÚMULA STF Nº 524
Arquivado o inquérito policial, por despacho do
juiz, a requerimento do Promotor de Justiça, não
pode a ação penal ser iniciada, sem novas provas.

Ǥ.!
Ͳƌƚ͘ϭϵ͕WW
Art. 19. Nos crimes em que não couber ação

pública, os autos do inquérito serão remetidos ao
juízo competente, onde aguardarão a iniciativa do
ofendido ou de seu representante legal, ou serão
entregues ao requerente, se o pedir, mediante
traslado.
Ͳ K /W ĨŝĐĂƌĄ ĞŵũƵşǌŽ ĂŐƵĂƌĚĂŶĚŽ ŝŶŝĐŝĂƚŝǀĂ ;ƋƵĞŝǆĂͿĚŽ ŽĨĞŶĚŝĚŽ ŽƵ ƉŽĚĞƌĄ ƐĞƌ ĞŶƚƌĞŐƵĞĂŽ
ŽĨĞŶĚŝĚŽŵĞĚŝĂŶƚĞƚƌĂƐůĂĚŽ;ĐſƉŝĂͿ͕ƐĞĂƐƐŝŵŽƉĞĚŝƌ͘

Ǥ.!
ÆŽŶĐĞŝƚŽ͗ŽĚŝƌĞŝƚŽĚĞŝŶǀŽĐĂƌͲƐĞŽWŽĚĞƌ:ƵĚŝĐŝĄƌŝŽŶŽƐĞŶƚŝĚŽĚĞĂƉůŝĐĂƌŽĚŝƌĞŝƚŽ
ƉĞŶĂůŽďũĞƚŝǀŽ͘
ͷǤ2ǣ
ͳǤͳǤ ï
conhecimento cautelar executiva
condenatória declaratória constitutiva

'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϭϲ

ͳǤʹǤ
ação penal
pública privada
condicionada incondicionada exclusiva subsidiária da púb. personalíssima
à requisição do MJ à representação

ŝĨĞƌĞŶĐŝĂŵͲƐĞƉĞůŽƐƵũĞŝƚŽƋƵĞĂƉƌŽŵŽǀĞ
͸Ǥ.!l.!
WƷďůŝĐĂ WƌŝǀĂĚĂ
ͲdŝƚƵůĂƌ͗DW͕ŵĞĚŝĂŶƚĞĚĞŶƷŶĐŝĂ͘ Ͳ dŝƚƵůĂƌ͗ Ğŵ ƌĞŐƌĂ Ž ŽĨĞŶĚŝĚŽ͕ ŵĞĚŝĂŶƚĞ ƋƵĞŝǆĂͲ

ĐƌŝŵĞ͘
WŽĚĞƐĞƌ͗
ΎWŽĚĞƌĄ ƐĞƌ ĂũƵŝǌĂĚĂ ƉĞůŽ ƌĞƉƌĞƐĞŶƚĂŶƚĞ ůĞŐĂů
• /ŶĐŽŶĚŝĐŝŽŶĂĚĂʹƌĞŐƌĂ͕ŝŶŝĐŝĂƚŝǀĂůŝǀƌĞĚŽ ;ƉƌŽĨŝƐƐŝŽŶĂůŚĂďŝůŝƚĂĚŽƉĞůĂKͿŽƵ/;ƐƵĐĞƐƐŽƌĞƐ͗
DW͘ ĐƀŶũƵŐĞ͕ĂƐĐĞŶĚĞŶƚĞƐ͕ĚĞƐĐĞŶĚĞŶƚĞƐ͕ŝƌŵĆŽͿ͘
• ŽŶĚŝĐŝŽŶĂĚĂ͕ƉŽƌŵĞŝŽĚĞ͗ Ͳ^ƵďĚŝǀŝĚĞͲƐĞĞŵƚƌġƐƚŝƉŽƐ͗
o ZĞƉƌĞƐĞŶƚĂĕĆŽĚŽŽĨĞŶĚŝĚŽ͖ • ŽŵƵŵ ŽƵ ĞǆĐůƵƐŝǀĂŵĞŶƚĞ ƉƌŝǀĂĚĂ͗
o ZĞƋƵŝƐŝĕĆŽ ĚŽ DŝŶŝƐƚƌŽ ĚĂ EƵŶĐĂƉŽĚĞƌĄƐĞƌƉƌŽƉŽƐƚĂƉĞůŽDW͘
:ƵƐƚŝĕĂ͘ • ^ƵďƐŝĚŝĄƌŝĂ͗ ŽĨĞŶĚŝĚŽ Ğ DW ƉŽĚĞŵ
5HSUHVHQWDomR p D PDQLIHVWDomR GH YRQWDGH GR ĨŝŐƵƌĂƌĐŽŵŽĂƵƚŽƌĞƐĚĂĂĕĆŽ͘
RIHQGLGR RX GH VHX UHSUHVHQWDQWH SHQDO QR VHQWLGR o ^ƵƌŐĞ ƐĞ ŶŽ ĐƌŝŵĞ ĚĞ WWƷďůŝĐĂ Ž
GHPRYLPHQWDUVHRMXVSHUVHTXDQGLLQMXGLWLR DW ƉĞƌŵĂŶĞĐĞ ŝŶĞƌƚĞ ŶĆŽ
Ͳ ZĞŐƌĂ͗ Ă ƌĞŐƌĂ ĚĂ ĂĕĆŽ ƉƷďůŝĐĂ Ġ ƐĞƌ ƌĞƐƉĞŝƚĂŶĚŽ Ž ƉƌĂǌŽ ĚĞĨŝŶŝĚŽ ƉĂƌĂ
ŝŶĐŽŶĚŝĐŝŽŶĂĚĂ͕ ƐĂůǀŽ ƐĞ͕ ŶŽ ƉƌſƉƌŝŽ ĂƌƚŝŐŽ ŚĄ ŽĨĞƌĞĐŝŵĞŶƚŽ ĚĂ ĚĞŶƷŶĐŝĂ͕ Ġ
ƉĞƌŵŝƚŝĚŽ ĂŽ ŽĨĞŶĚŝĚŽ ŽĨĞƌĞĐĞƌ
ŝŶĚŝĐĂĕĆŽ ĚĞ ŚŝƉſƚĞƐĞ ĚĞ ĂĕĆŽ ĐŽŶĚŝĐŝŽŶĂĚĂ ă
ƋƵĞŝǆĂ ƐƵďƐŝĚŝĄƌŝĂ ƉĂƌĂ ŝŶŝĐŝĂƌ Ă
ƌĞƉƌĞƐĞŶƚĂĕĆŽ;Ğǆ͗͘Ăƌƚ͘ϭϰϳ͕ƉĂƌĄŐƌĂĨŽƷŶŝĐŽ͕Wͬ ĂĕĆŽƉĞŶĂů͘
Ăƌƚ͘ϭϰϱ͕ƉĂƌĄŐƌĂĨŽƷŶŝĐŽ͕WͿ͗
• WĞƌƐŽŶĂůşƐƐŝŵĂ͗ ƐŽŵĞŶƚĞ Ž ŽĨĞŶĚŝĚŽ
Ameaça
Art. 147 - Ameaçar alguém, ƉŽĚĞƌĄ ƉƌŽƉŽƌ Ă ĂĕĆŽ͕ ŶŝŶŐƵĠŵ Ğŵ ƐĞƵ
por palavra, escrito ou ůƵŐĂƌ͘
gesto, ou qualquer outro
o ǆŝƐƚĞ ĂƉĞŶĂƐ Ƶŵ ĐĂƐŽ Ğŵ ƋƵĞ
meio simbólico, de causar-
lhe mal injusto e grave: ĐĂďĞƌĄĞƐƐĂĂĕĆŽ͕ĂĚŽĂƌƚ͘Ϯϯϲ͕
(...) ƉĂƌĄŐƌĂĨŽ ƷŶŝĐŽ͕ W͗
Parágrafo único - Somente ;ŝŶĚƵǌŝŵĞŶƚŽ ŽƵ ŽĐƵůƚĂĕĆŽ ĚĞ
se procede mediante ŝŵƉĞĚŝŵĞŶƚŽ ĂŽ ĐĂƐĂŵĞŶƚŽ ʹ
representação.
ĐƌŝŵĞĐŽŶƚƌĂĂĨĂŵşůŝĂͿ͘
ͲĕĆŽŵĞĚŝĂŶƚĞƋƵĞŝǆĂ͗Ăƌƚ͘ϮϮϱ͕W;Ăƌƚ͘Ϯϭϯ͕WͿ͘
Retratação ǆ͗͘ƐƚƵƉƌŽ͕ĂƚĞŶƚĂĚŽǀŝŽůĞŶƚŽĂŽƉƵĚŽƌ͘
(...)
Art. 145 - Nos crimes
previstos neste Capítulo
somente se procede
mediante queixa, salvo
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϭϳ

quando, no caso do art.
140, § 2º, da violência
resulta lesão corporal.
Parágrafo único - Procede-
se mediante requisição do
Ministro da Justiça, no
caso do n.º I do art. 141,
e mediante representação
do ofendido, no caso do
n.º II do mesmo artigo.
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϭϴ
͹ǤA

.!
KWE>Wj>/ KWE>WZ/s
YƵĂŶƚŽĂƉƌŽƉŽƐŝƚƵƌĂ͗ YƵĂŶƚŽĂƉƌŽƉŽƐŝƚƵƌĂ͗
ϭ Ͳ WƌŝŶĐşƉŝŽ ĚĂ KďƌŝŐĂƚŽƌŝĞĚĂĚĞ͗ K DW ĞƐƚĄ ϭ Ͳ WƌŝŶĐşƉŝŽ ĚĂ ŽŶǀĞŶŝġŶĐŝĂ ŽƵ KƉŽƌƚƵŶŝĚĂĚĞ͗
ŽďƌŝŐĂĚŽ Ă ŽĨĞƌĞĐĞƌ ĚĞŶƷŶĐŝĂ͕ ĚĞƐĚĞ ƋƵĞ ŚĂũĂ DĞƐŵŽ ƋƵĞ ƚĞŶŚĂ ďĂƐĞ ƉĂƌĂ Ă ĂĕĆŽ͕ Ž ŽĨĞŶĚŝĚŽ
ďĂƐĞƉĂƌĂĂŵĞƐŵĂ͘;Ăƌƚ͘Ϯϰ͕WWͿ͘ ŶĆŽ ĞƐƚĄ ŽďƌŝŐĂĚŽ Ă ĂƉƌĞƐĞŶƚĂƌ ƋƵĞŝǆĂ͕
ĂũƵŝǌĂŶĚŽͲĂƐĞƋƵŝƐĞƌ͘
Art. 24. Nos crimes de ação pública,
esta será promovida por denúncia do ͲWŽĚĞƐĞĚĂƌĚĞϮĨŽƌŵĂƐ͗
Ministério Público, mas dependerá,
quando a lei o exigir, de requisição • ZĞŶƷŶĐŝĂ;ĨĂǌĞƌͿĚŽĚŝƌĞŝƚŽĚĞƋƵĞŝǆĂ͖
do Ministro da Justiça, ou de
representação do ofendido ou de quem • ĞĐĂĚġŶĐŝĂ ;ŶĆŽͲĨĂǌĞƌͿ ĚŽ ĚŝƌĞŝƚŽ ĚĞ
tiver qualidade para representá-lo. ƋƵĞŝǆĂ;ƐĞŝƐŵĞƐĞƐͿ
Ͳǆ͗͘ƌƚ͘ϭϬϯͬϭϬϰ͕W͗
Art. 103 - Salvo disposição expressa
em contrário, o ofendido decai do
direito de queixa ou de representação
se não o exerce dentro do prazo de 6
(seis) meses, contado do dia em que
veio a saber quem é o autor do crime,
ou, no caso do § 3º do art. 100 deste
Código, do dia em que se esgota o
prazo para oferecimento da denúncia
Art. 104 - O direito de queixa não
pode ser exercido quando renunciado
expressa ou tacitamente.
Ϯ Ͳ WƌŝŶĐşƉŝŽ ĚĂ /ŶĚŝƐƉŽŶŝďŝůŝĚĂĚĞ͗ Ž DW ŶĆŽ ϮͲWƌŝŶĐşƉŝŽĚĂŝƐƉŽŶŝďŝůŝĚĂĚĞ͗ŽŽĨĞŶĚŝĚŽ͕ĂƉſƐ

ƉŽĚĞƌĄ ĚĞƐŝƐƚŝƌ ĚĂ ĂĕĆŽ ƉĞŶĂů ƉƷďůŝĐĂ ;ĚĞǀĞƌĄ ĞǆĞƌĐĞƌŽĚŝƌĞŝƚŽĚĞƋƵĞŝǆĂŶŽƉƌĂǌŽĚĞĐĂĚĞŶĐŝĂůĞ
ƐĞŐƵŝƌ ĂƚĠ Ž ĨŝŶĂů͕ ŶĆŽ ĞƐƚĂŶĚŽ ŽďƌŝŐĂĚŽ Ă ŝŶƐƚĂƵƌĂĚĂ ĂĕĆŽ ƉĞŶĂů͕ ƉŽĚĞƌĄ ĚŝƐƉŽƌ ĚĂ ĂĕĆŽ
ƌĞƋƵĞƌĞƌĂĐŽŶĚĞŶĂĕĆŽͿ͘ƌƚ͘ϰϮ͕WW͗ ƉĞŶĂůŽĨĞƌĞĐĞŶĚŽ͗
Art. 42. O Ministério Público não • ƉĞƌĚĆŽ;Ăƌƚ͘ϭϬϱ͕WͿŽƵ

poderá desistir da ação penal.
• ĚĂŶĚŽ ĐĂƵƐĂ ă ƉĞƌĞŵƉĕĆŽ ;ƉƌĞǀġ
ĚĞƐŝŶƚĞƌĞƐƐĞ ĚŽ ƋƵĞƌĞůĂŶƚĞͿ ;Ăƌƚ͘ ϲϬ͕
ΎEĂƐ ĂůĞŐĂĕƁĞƐ ĨŝŶĂŝƐ Ž DW ƉŽĚĞ ƌĞƋƵĞƌĞƌ Ă WWͿ͘
ĐŽŶĚĞŶĂĕĆŽŽƵŽƉŝŶŝĂƌƉĞůĂĂďƐŽůǀŝĕĆŽ;ƌƚ͘ϯϴϱ͕ KďƐ͗͘KƉĞƌĚĆŽĚŽŽĨĞŶĚŝĚŽĠ/>dZ>͕ƵŵĂǀĞǌƋƵĞ
WWͿ͘ ĚĞƉĞŶĚĞĚĞĂĐĞŝƚĂĕĆŽƉŽƌƉĂƌƚĞĚŽƋƵĞƌĞůĂĚŽ͘
Art. 385. Nos crimes de ação pública, • WĞƌĚĆŽĂĐĞŝƚŽÆĞǆƚŝŶĕĆŽĚĂƉƵŶŝďŝůŝĚĂĚĞ͘

o juiz poderá proferir sentença
condenatória, ainda que o Ministério • WĞƌĚĆŽ ƌĞĐƵƐĂĚŽ Æ ĂĕĆŽ ƉƌŽƐƐĞŐƵĞ ĂƚĠ Ž
Público tenha opinado pela absolvição, ĨŝŶĂů͘
bem como reconhecer agravantes, embora
nenhuma tenha sido alegada. K^͗͘ƌƚ͘ϭϬϲ͕W
Art. 106 - O perdão, no processo ou
fora dele, expresso ou tácito:
I - se concedido a qualquer dos
querelados, a todos aproveita.
ϯ Ͳ WƌŝŶĐşƉŝŽ ĚĂ /ŶƚƌĂŶƐĐĞŶĚġŶĐŝĂ͗ ^ĞŐƵŶĚŽ ĞƐƐĞ ƉƌŝŶĐŝƉŝŽ Ă ĂĕĆŽ ƉĞŶĂů ŶĆŽ ƉŽĚĞ ƉĂƐƐĂƌ ĚĞ ƋƵĞŵ
ĐŽŵĞƚĞƵŽĨĂƚŽ͕ŽƵƐĞũĂ͕ĂĂĕĆŽƉĞŶĂůƐſƉŽĚĞƐĞƌŝŶƚĞƌƉŽƐƚĂĐŽŶƚƌĂƋƵĞŵƐĞŝŵƉƵƚĂŽĨĂƚŽĐƌŝŵŝŶŽƐŽ͘
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϭϵ

;ƌƚ͘ϱǑ͕y>sĚĂ&Ϳ͘
XLV - nenhuma pena passará da pessoa do condenado,

podendo a obrigação de reparar o dano e a decretação do
perdimento de bens ser, nos termos da lei, estendidas
aos sucessores e contra eles executadas, até o limite
do valor do patrimônio transferido;
ϰ Ͳ WƌŝŶĐşƉŝŽ ŝǀŝƐşǀĞů с ĚŝǀŝĚŝƌ Ă ĂĕĆŽ ĞŶƚƌĞ ϰͲWƌŝŶĐşƉŝŽ/ŶĚŝǀŝƐşǀĞů͗ƌƚ͘ϰϴWW

ƐƵũĞŝƚŽƐĚŝƐƚŝŶƚŽƐ͘
• WƌĞƐƐƵƉŽƐƚŽƐ͗ ƌŝŵĞ ĐŽŵĞƚŝĚŽ Ğŵ
• WƌĞƐƐƵƉŽƐƚŽƐ͗ ĐŽŶĐƵƌƐŽ ĚĞ ĂŐĞŶƚĞƐ ĐŽŶĐƵƌƐŽƐĚĞĂŐĞŶƚĞƐ͘
;ƐĞ ŵĂŝƐ ĚĞ Ƶŵ ĐŽŶĐŽƌƌĞ ƉĂƌĂ
ǆ͗͘ ^Ğ Ž ŽĨĞŶĚŝĚŽ ƚŝǀĞƌ ĐŽŶŚĞĐŝŵĞŶƚŽ ĚĞ ƚŽĚŽƐ͕
ŵĞƐŵĂĂĕĆŽƉĞŶĂůͿ͘
ŶĆŽ ƉŽĚĞƌĄ ŵŽǀĞƌ ĂĕĆŽ ƉĞŶĂů ƉƌŝǀĂĚĂ ĐŽŶƚƌĂ
ǆ͗͘dĞŵŽƐϯƐƵũĞŝƚŽƐŝŶĚŝĐŝĂĚŽƐ͘ ĂƉĞŶĂƐƵŵĞŵĚĞƚƌŝŵĞŶƚŽĚŽƐŽƵƚƌŽƐ͘
EŽĞŶƚĂŶƚŽƐſƚĞŵďĂƐĞƉĂƌĂƉƌŽƉŽƌĂĕĆŽĐŽŶƚƌĂ ^Ğ ŶĆŽ ŝŶĐůƵŝƌ Ƶŵ ĚŽƐ ĂĐƵƐĂĚŽƐ͕ Ġ ĐĂƐŽ ĚĞ
ϮĚĞůĞƐ͘ ƌĞŶƷŶĐŝĂ ƚĄĐŝƚĂ ĚŽ ĚŝƌĞŝƚŽ ĚĞ ƋƵĞŝǆĂ ;Ăƌƚ͘ ϭϬϰ͕ Α
ƷŶŝĐŽĚŽWͿ͘
YƵĂŶĚŽ ŚŽƵǀĞƌ ŝŶĚşĐŝŽ ĚĞ ĂƵƚŽƌŝĂ ĐŽŶƚƌĂ Ž ϯǑ͕
ďĂƐƚĂ Ž DW ĂĚŝƚĂƌ Ă ĚĞŶƷŶĐŝĂ ƉĂƌĂ ŝŶĐůƵşͲůŽ ŶĂ Renúncia expressa ou tácita do
direito de queixa
ŵĞƐŵĂĂĕĆŽƉĞŶĂů͘
Art. 104 - O direito de queixa não
^ĞŶĆŽĐŽŶƐĞŐƵŝƌŝŶĚşĐŝŽĚĞĂƵƚŽƌŝĂĐŽŶƚƌĂŽϯǑƐſ pode ser exercido quando renunciado
ƌĞƐƚĂ ƌĞƋƵĞƌĞƌ ĂƌƋƵŝǀĂŵĞŶƚŽ ƉĂƌĂ ĞƐƚĞ͕ ƉŽŝƐ ƉŽƌ expressa ou tacitamente.
ƋƵĞŶĆŽƚĞŵďĂƐĞĚĞĂĕĆŽƉĞŶĂů͘ Parágrafo único - Importa renúncia

tácita ao direito de queixa a prática
WŽƌĠŵ͕ĐŽŶƚŝŶƵĂĂĂĕĆŽĐŽŶƚƌĂŽϭǑĞϮǑ͘ de ato incompatível com a vontade de
exercê-lo; não a implica, todavia, o
KƵ ƐĞũĂ͕ ĞƐƐĞ ƉƌŝŶĐşƉŝŽ ƉŽĚĞ ƐĞ ĚŝǀŝĚŝƌ ŶŽ ƐĞƵ fato de receber o ofendido a
ŶĂƐĐĞĚŽƵƌŽ͘ indenização do dano causado pelo
crime.
K^͗͘ƌƚ͘ϰϵWWсƐƚĞŶĚĞͲƐĞĂŽƐĚĞŵĂŝƐ͘
Art. 49. A renúncia ao exercício do

direito de queixa, em relação a um dos
autores do crime, a todos se
estenderá.
/ŶĐůƵŝ ƚŽĚŽƐ ŶĂ ĂĕĆŽ͕ ƉŽŝƐ Ă ĂĕĆŽ Ġ ƉƌŽƉŽƐƚĂ

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ƉƌŽĐĞƐƐĂĚŽ͕ƉĂƌĂĞǀŝƚĂƌŵĂƵƵƐŽĚŽƉƌŽĐĞƐƐŽ͘
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϮϬ

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GHFLGLX R 6XSUHPR TXH D QRUPD QmR p LQFRQVWLWXFLRQDO SRUTXDQWR D GLULJHVH WmR VRPHQWH j
DXWRULGDGH DGPLQLVWUDWLYD LQGLFDQGR R PRPHQWR HP TXH VHUi RIHUHFLGD D UHSUHVHQWDomR E QmR
UHWLUDGR03DSRVVLELOLGDGHGHLQGHSHQGHQWHPHQWHGHWDOUHSUHVHQWDomRSURSRUGHVGHORJRDDomR
SHQDO S~EOLFD $ PHX YHU R RIHUHFLPHQWR GH GHQ~QFLD SHOD SUiWLFD GH FULPH WULEXWiULR
DQWHULRUPHQWHDRWpUPLQRGDGLVFXVVmRDGPLQLVWUDWLYDVREUHDH[LVWrQFLDYDOLGDGHRXTXDQWLGDGHGR
FUpGLWRWULEXWiULRHPERUDVHMDSRVVtYHOFRQIRUPHHQWHQGLPHQWRGR67)SRUFHUWRVHFDUDFWHUL]D
FRPRDWRWHPHUiULRHPXLWDVYH]HVLPSOLFDUiHPDEXVRGHDXWRULGDGH
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
Ϯϭ

Yh^dO^^KZKdD
ϭ͘;Kͬ^WʹϮϬϬϲ͘ϯͿƐƐŝŶĂůĞĂŽƉĕĆŽĐŽƌƌĞƚĂĂĐĞƌĐĂĚĂĂĕĆŽƉĞŶĂů͘
ͿŵƐĞƚƌĂƚĂŶĚŽĚĞĐƌŝŵĞĚĞĂĕĆŽƉĞŶĂůƉƷďůŝĐĂĐŽŶĚŝĐŝŽŶĂĚĂ͕ĞǆŝŐĞͲƐĞƌŝŐŽƌĨŽƌŵĂůŶĂƌĞƉƌĞƐĞŶƚĂĕĆŽ
ĚŽŽĨĞŶĚŝĚŽŽƵĚĞƐĞƵƌĞƉƌĞƐĞŶƚĂŶƚĞůĞŐĂů͘
ͿKƉĞƌĚĆŽĚŽŽĨĞŶĚŝĚŽ͕ƐĞũĂĞůĞĞǆƉƌĞƐƐŽŽƵƚĄĐŝƚŽ͕ƉŽĚĞƐĞƌ ĐĂƵƐĂĚĞĞǆƚŝŶĕĆŽĚĂƉƵŶŝďŝůŝĚĂĚĞŶŽƐ
ĐƌŝŵĞƐƋƵĞƐĞĂƉƵƌĂŵƉŽƌĂĕĆŽƉĞŶĂůƉƷďůŝĐĂĐŽŶĚŝĐŝŽŶĂĚĂ͘
ͿƌĞƉƌĞƐĞŶƚĂĕĆŽƐĞƌĄƌĞƚƌĂƚĄǀĞůĚĞƉŽŝƐĚĞŽĨĞƌĞĐŝĚĂĂĚĞŶƷŶĐŝĂ͘
ͿEŽƐĐƌŝŵĞƐĐŽŶƚƌĂŽƐĐŽƐƚƵŵĞƐ͕ƵŵĂǀĞǌĂƚĞƐƚĂĚĂĂƉŽďƌĞǌĂĚĂǀşƚŝŵĂƉĞůĂĂƵƚŽƌŝĚĂĚĞƉŽůŝĐŝĂůŽƵƉŽƌ
ŽƵƚƌŽƐ ŵĞŝŽƐ ĚĞ ƉƌŽǀĂ͕ Ă ĂĕĆŽ ƉĞŶĂů ƉĂƐƐĂ Ă ƐĞƌ ƉƷďůŝĐĂ ĐŽŶĚŝĐŝŽŶĂĚĂ ă ƌĞƉƌĞƐĞŶƚĂĕĆŽ͕ ƚĞŶĚŽ Ž
DŝŶŝƐƚĠƌŝŽWƷďůŝĐŽůĞŐŝƚŝŵŝĚĂĚĞƉĂƌĂŽĨĞƌĞĐĞƌĂĚĞŶƷŶĐŝĂ͘

ϮͿ;Kͬ^WʹϮϬϬϲ͘ϭͿŽŵƌĞůĂĕĆŽăĂĕĆŽƉĞŶĂů͕ĠĐŽƌƌĞƚŽĂĨŝƌŵĂƌƋƵĞ
ͿĂŽŶƐƚŝƚƵŝĕĆŽĚĂZĞƉƷďůŝĐĂĚĞĨĞƌŝƵĂŽDŝŶŝƐƚĠƌŝŽWƷďůŝĐŽŽŵŽŶŽƉſůŝŽĚĂĂĕĆŽƉĞŶĂůƉƷďůŝĐĂ͘
ͿŽŝŶƋƵĠƌŝƚŽƉŽůŝĐŝĂůĠŽďƌŝŐĂƚſƌŝŽĞŝŶĚŝƐƉĞŶƐĄǀĞůƉĂƌĂŽĞǆĞƌĐşĐŝŽĚĂĂĕĆŽƉĞŶĂů͘
Ϳ Ž ƉƌŝŶĐşƉŝŽ ĚĂ ŝŶĚŝǀŝƐŝďŝůŝĚĂĚĞ ĂƉůŝĐĂͲƐĞ ă ĂĕĆŽ ƉĞŶĂů ƉƷďůŝĐĂ͕ ũĄ ƋƵĞ Ž ŽĨĞƌĞĐŝŵĞŶƚŽ ĚĂ ĚĞŶƷŶĐŝĂ
ĐŽŶƚƌĂƵŵĚŽƐĂĐƵƐĂĚŽƐŝŵƉŽƐƐŝďŝůŝƚĂƉŽƐƚĞƌŝŽƌĂĐƵƐĂĕĆŽĚĞŽƵƚƌŽĞŶǀŽůǀŝĚŽ͘
ͿŽƉƌĂǌŽƉĂƌĂĂĂĕĆŽƉĞŶĂůƉƌŝǀĂĚĂĠĚĞƐĞŝƐŵĞƐĞƐ͕ĞƐƚĂŶĚŽƐƵũĞŝƚŽĂŝŶƚĞƌƌƵƉĕƁĞƐĞƐƵƐƉĞŶƐƁĞƐ͘

ϯͿ;Kͬ^WʹϮϬϬϰ͘^ͿƐƐŝŶĂůĞĂŽƉĕĆŽĐŽƌƌĞƚĂƋƵĂŶƚŽăĂĕĆŽƉĞŶĂů͘
ͿEĂĂĕĆŽƉĞŶĂůƉƷďůŝĐĂĐŽŶĚŝĐŝŽŶĂĚĂ͕ĂƌĞƉƌĞƐĞŶƚĂĕĆŽƐĞƌĄƌĞƚƌĂƚĄǀĞůĂƚĠĂƉƌŽůĂĕĆŽĚĂƐĞŶƚĞŶĕĂĚĞ
ƉƌŝŵĞŝƌŽŐƌĂƵ͘
ͿĂĕĆŽƉĞŶĂůĠƉƷďůŝĐĂ͕ƐĂůǀŽƋƵĂŶĚŽĂůĞŝĞǆƉƌĞƐƐĂŵĞŶƚĞĂĚĞĐůĂƌĞƉƌŝǀĂƚŝǀĂĚŽŽĨĞŶĚŝĚŽ͘
Ϳ K ĚŝƌĞŝƚŽ ĚĞ ƋƵĞŝǆĂ͕ ŶĂƐ ĂĕƁĞƐ ƉĞŶĂŝƐ ƉƌŝǀĂĚĂƐ͕ ŶĆŽ ƉŽĚĞ ƐĞƌ ƌĞŶƵŶĐŝĂĚŽ͕ ƉŽŝƐ Ġ ĚŝƌĞŝƚŽ
ƉĞƌƐŽŶĂůşƐƐŝŵŽ͘
ͿĚŵŝƚĞͲƐĞŽƉĞƌĚĆŽĚŽŽĨĞŶĚŝĚŽ͕ŶŽƐĐƌŝŵĞƐĚĞĂĕĆŽƉĞŶĂůƉƌŝǀĂĚĂ͕ĞŵƋƵĂůƋƵĞƌƚĞŵƉŽĞŐƌĂƵĚĞ
ũƵƌŝƐĚŝĕĆŽ͘

ϰͿ;Kͬ^WͲyDϭϯϲǑͿͲƐƐŝŶĂůĞĂŽƉĕĆŽĐŽƌƌĞƚĂĂĐĞƌĐĂĚĂĂĕĆŽƉĞŶĂů͘
Ϳ ^Ğ͕ Ğŵ ƋƵĂůƋƵĞƌ ĨĂƐĞ ĚŽ ƉƌŽĐĞƐƐŽ͕ Ž ũƵŝǌ ƌĞĐŽŶŚĞĐĞƌ ĞǆƚŝŶƚĂ Ă ƉƵŶŝďŝůŝĚĂĚĞ͕ ĚĞǀĞƌĄ ĂŐƵĂƌĚĂƌ Ž
ƌĞƋƵĞƌŝŵĞŶƚŽ ĚŽ DW͕ ĚŽ ƋƵĞƌĞůĂŶƚĞ ŽƵ ĚŽ ƌĠƵ͕ ĂƉŽŶƚĂŶĚŽ Ă ĐĂƵƐĂ ĚĞ ĞǆƚŝŶĕĆŽ ĚĂ ƉƵŶŝďŝůŝĚĂĚĞ͕ ƉĂƌĂ
ƉŽĚĞƌĚĞĐůĂƌĄͲůĂ͘
ͿƌĞŶƷŶĐŝĂĂŽĞǆĞƌĐşĐŝŽĚŽĚŝƌĞŝƚŽĚĞƋƵĞŝǆĂ͕ĞŵƌĞůĂĕĆŽĂƵŵĚŽƐĂƵƚŽƌĞƐĚŽĐƌŝŵĞ͕ŶĆŽƐĞĞƐƚĞŶĚĞ
ĂŽƐĚĞŵĂŝƐĂŐĞŶƚĞƐ͘
ͿƋƵĞŝǆĂĐŽŶƚƌĂƋƵĂůƋƵĞƌĚŽƐĂƵƚŽƌĞƐĚŽĐƌŝŵĞŽďƌŝŐĂƌĄĂŽƉƌŽĐĞƐƐŽĚĞƚŽĚŽƐ͕ĞŽDWǀĞůĂƌĄƉĞůĂƐƵĂ
ŝŶĚŝǀŝƐŝďŝůŝĚĂĚĞ͘
ͿKƉĞƌĚĆŽĐŽŶĐĞĚŝĚŽĂƵŵĚŽƐƋƵĞƌĞůĂĚŽƐĂƉƌŽǀĞŝƚĂƌĄĂƚŽĚŽƐ͕ŝŶĐůƵƐŝǀĞĂŽƋƵĞƌĞůĂĚŽƋƵĞŽƌĞĐƵƐĂƌ͘

'Z/dK͗ϭ͖͘Ϯ͖͘ϯ͖͘ϰ͘͘
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϮϮ

ͺǤ.!l
ÆŽŵĞĕĂĐŽŵĚĞŶƷŶĐŝĂƉƌŽŵŽǀŝĚĂƉĞůŽDW͘

KDWŶĞĐĞƐƐŝƚĂƐĞƌƉƌĞǀŝĂŵĞŶƚĞĂƵƚŽƌŝǌĂĚŽĂŽĨĞƌĞĐĞƌĂĚĞŶƷŶĐŝĂ͕ŵĞĚŝĂŶƚĞĚƵĂƐĐŽŶĚŝĕƁĞƐ͕
ƋƵĂŝƐƐĞũĂŵ͗

ĂͿ ZĞƉƌĞƐĞŶƚĂĕĆŽ ĚŽ ŽĨĞŶĚŝĚŽ͗ K ŽĨĞŶĚŝĚŽ ŽƵ ƐĞƵ ƌĞƉƌĞƐĞŶƚĂŶƚĞ ůĞŐĂů͕ ŶŽ ƐĞŶƚŝĚŽ ĚĞ ƚĞƌ
ŝŶƚĞƌĞƐƐĞĞŵƉƵŶŝƌŽĂƵƚŽƌĚŽĨĂƚŽ͕ĂƵƚŽƌŝǌĂŵŽDŝŶŝƐƚĠƌŝŽWƷďůŝĐŽŝŶŝĐŝĂƌĂĕĆŽWĞŶĂů͘

ďͿZĞƋƵŝƐŝĕĆŽĚŽDŝŶŝƐƚƌŽĚĂ:ƵƐƚŝĕĂ͗ƌĞƋƵŝƐŝĕĆŽĠƵŵĂƚŽƉƷďůŝĐŽ͕ŚĂǀĞŶĚŽĐĞƌƚŽƐĐƌŝŵĞƐĞŵ
ƋƵĞ Ă ĐŽŶǀĞŶŝġŶĐŝĂ ĚĂ ƉĞƌƐĞĐƵĕĆŽ ƉĞŶĂů ĞŶĐŽŶƚƌĂͲƐĞ ƐƵďŽƌĚŝŶĂĚĂ ĂŽ ƉƌŽŶƵŶĐŝĂŵĞŶƚŽ ĚŽ
DŝŶŝƐƚƌŽ ĚĂ :ƵƐƚŝĕĂ͕ ƐĞŵ Ž ƋƵĂů Ž DŝŶŝƐƚĠƌŝŽ WƷďůŝĐŽ ŶĆŽ ĞƐƚĂƌĄ ĂƵƚŽƌŝǌĂĚŽ Ă ƉƌŽŵŽǀĞƌ Ă
ĂƚŝǀŝĚĂĚĞƉĞƌƐĞĐƵƚſƌŝĂƉĞŶĂů͘
ͶǤͳǤ

ϰ͘ϭ͘ϭ͘ZĞƉƌĞƐĞŶƚĂĕĆŽĚŽKĨĞŶĚŝĚŽ

ϭͿYƵĞŵƐĆŽƐĞƵƐƚŝƚƵůĂƌĞƐ͗

ĂͿŵƌĞŐƌĂĂŽŽĨĞŶĚŝĚŽĚĞƐĚĞƋƵĞũĄƚĞŶŚĂϭϴĂŶŽƐĐŽŵƉůĞƚŽ͖

ďͿ ^Ğ Ž ŽĨĞŶĚŝĚŽ Ġ ŵĞŶŽƌ ĚĞ ϭϴ ĂŶŽƐ ŽƵ ĚŽĞŶƚĞ ŵĞŶƚĂů͕ ĞƐƐĞ ĚŝƌĞŝƚŽ ƉĂƐƐĂ ƉĂƌĂ ƐĞƵƐ
ƌĞƉƌĞƐĞŶƚĂŶƚĞƐůĞŐĂŝƐ;ĞŵǀŝĂĚĞƌĞŐƌĂ͕ƐĆŽƐĞƵƐƉĂŝƐͿ͘

ĐͿYƵĂŶĚŽŽŽĨĞŶĚŝĚŽĠŵĞŶŽƌƋƵĞϭϴĂŶŽƐŽƵĚŽĞŶƚĞŵĞŶƚĂů͕ŵĂƐŶĆŽŚĄƌĞƉƌĞƐĞŶƚĂŶƚĞůĞŐĂů
ŽƵ ĞǆŝƐƚĞ Ƶŵ ĐŽŶĨůŝƚŽ ĚĞ ŝŶƚĞƌĞƐƐĞ ;Ğǆ͗ Ž ƉĂƚƌĆŽ ĞƐƚƵƉƌŽƵ Ă ĨŝůŚĂ ĚŽ ĞŵƉƌĞŐĂĚŽ Ğ ĂŵĞĂĕĂ Ž
ĞŵƉƌĞŐĂĚŽ ƋƵĞ ƐĞ ĚĞŶƵŶĐŝĄͲůŽ ǀĂŝ ƐĞƌ ĚĞŵŝƚŝĚŽͿ͕ ƉŽƌƚĂŶƚŽ͕ŽũƵŝǌ ŶŽŵĞŝĂŽ ƵƌĂĚŽƌ ƐƉĞĐŝĂů
ƉĂƌĂĞǆĞƌĐĞƌŽĚŝƌĞŝƚŽĚĞƌĞƉƌĞƐĞŶƚĂĕĆŽͲƌƚ͘ϯϯĚŽWW͘
Art. 33. Se o ofendido for menor de 18 anos, ou

mentalmente enfermo, ou retardado mental, e não
tiver representante legal, ou colidirem os
interesses deste com os daquele, o direito de
queixa poderá ser exercido por curador especial,
nomeado, de ofício ou a requerimento do
Ministério Público, pelo juiz competente para o
processo penal.
ĚͿ K ŽĨĞŶĚŝĚŽ ŵŽƌƌĞ ŽƵ ĚĞĐůĂƌĂĚŽ ũƵĚŝĐŝĂůŵĞŶƚĞ ĂƵƐĞŶƚĞ Æ EĞƐƐĞ ĐĂƐŽ Ž ĚŝƌĞŝƚŽ ĚĞ
ƌĞƉƌĞƐĞŶƚĂĕĆŽƐĞĨĂǌƉĞůŽ/сƀŶũƵŐĞ͖ƐĐĞŶĚĞŶƚĞ͖ĞƐĐĞŶĚĞŶƚĞŽƵ/ƌŵĆŽ͘

ϮͿWƌĂǌŽƉĂƌĂĞǆĞƌĐĞƌŽĚŝƌĞŝƚŽĚĞƌĞƉƌĞƐĞŶƚĂĕĆŽ͗

• ĞĐĂĚĞŶĐŝĂů;ƌƚ͘ϯϴWWĞƌƚ͘ϭϬϯWͿ
o ϲŵĞƐĞƐĐŽŶƚĂĚŽƐĚŽĐŽŶŚĞĐŝŵĞŶƚŽĚĂĂƵƚŽƌŝĂĚŽƐĨĂƚŽƐ͘
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
Ϯϯ

Art. 38. Salvo disposição em contrário, o
ofendido, ou seu representante legal, decairá no
direito de queixa ou de representação, se não o
exercer dentro do prazo de seis meses, contado do
dia em que vier a saber quem é o autor do crime,
ou, no caso do art. 29, do dia em que se esgotar
o prazo para o oferecimento da denúncia.
Art. 103 - Salvo disposição expressa em

contrário, o ofendido decai do direito de queixa
ou de representação se não o exerce dentro do
prazo de 6 (seis) meses, contado do dia em que
veio a saber quem é o autor do crime, ou, no caso
do § 3º do art. 100 deste Código, do dia em que
se esgota o prazo para oferecimento da denúncia.
K^͗͘WƌĞƐĐƌŝĕĆŽÆ
ÆĐŽŵĞĕĂĚĂĚĂƚĂĚĂĐŽŶƐƵŵĂĕĆŽĚŽĐƌŝŵĞ;ƌƚ͘ϭϭϭ͕/͕WͿ͘

KďƐ͗ŵƉĞŶĂůƚĞŵŽƐ͗
ĞĐĂĚġŶĐŝĂ WƌĞƐĐƌŝĕĆŽ
ͲWĞƌƚĞŶĐĞĂŽŽĨĞŶĚŝĚŽŽƵƐĞƵƌĞƉƌĞƐĞŶƚĂŶƚĞ Ͳ^ſƐĞĂƉůŝĐĂĐŽŶƚƌĂŽƐƚĂĚŽ͖
ůĞŐĂů͖
ͲƚŝŶŐĞƚŽĚŽƐŽƐƚŝƉŽƐĚĞĂĕĆŽƉĞŶĂů͘
Ͳ ^ſ ƐĞ ĂƉůŝĐĂ ĂŽƐ ĚŝƌĞŝƚŽƐ ĚĞ ƌĞƉƌĞƐĞŶƚĂĕĆŽ
;͘W͘WƷďůŝĐĂŽŶĚŝĐŝŽŶĂĚĂͿŽƵ

ͲŝƌĞŝƚŽƐĚĞƋƵĞŝǆĂ;͘W͘WƌŝǀĂĚĂͿ͘
ΎEhEŚĂǀĞƌĄĚĞĐĂĚġŶĐŝĂĞŵĐƌŝŵĞƐĚĞĕĆŽWĞŶĂůWƷďůŝĐĂ/ŶĐŽŶĚŝĐŝŽŶĂĚĂ͘

ϯͿŝƌĞŝƚŽĚĞZĞƚƌĂƚĂĕĆŽĚĂZĞƉƌĞƐĞŶƚĂĕĆŽ;ƌƚ͘Ϯϱ͕WWͿ

ͲĂďĞƌĄƌĞƚƌĂƚĂĕĆŽ͕ĚĞƐĚĞƋƵĞĨĞŝƚĂĂŶƚĞƐĚŽŽĨĞƌĞĐŝŵĞŶƚŽĚĂĚĞŶƷŶĐŝĂ;ϲŵĞƐĞƐͿ͘
Art. 25. A representação será irretratável,

depois de oferecida a denúncia.
ͲǆĐĞĕĆŽ͗>ĞŝDĂƌŝĂĚĂWĞŶŚĂ;>ĞŝĚĞǀŝŽůġŶĐŝĂĚŽŵĠƐƚŝĐĂŽƵĨĂŵŝůŝĂƌĐŽŶƚƌĂĂŵƵůŚĞƌͿʹƌƚ͘
ϭϲ͕>Ğŝϭϭ͘ϯϰϬͬϬϲ͘
Art. 16. Nas ações penais públicas condicionadas

à representação da ofendida de que trata esta
Lei, só será admitida a renúncia à representação
perante o juiz, em audiência especialmente
designada com tal finalidade, antes do
recebimento da denúncia e ouvido o Ministério
Público.

Ͳ ZĞƚƌĂƚĂĕĆŽ ĚĂ ƌĞƚƌĂƚĂĕĆŽ͗ ƌĞƚƌĂƚĂĕĆŽ͕ ƵŵĂ ǀĞǌ ƌĞĂůŝǌĂĚĂ͕ ŶĆŽ ŐĞƌĂ ĞǆƚŝŶĕĆŽ ĚĂ
ƉƵŶŝďŝůŝĚĂĚĞ͕ ƉŽĚĞŶĚŽ Ž ŽĨĞŶĚŝĚŽ ŽĨĞƌĞĐĞƌ ŶŽǀĂ ƌĞƉƌĞƐĞŶƚĂĕĆŽ͕ƐĞ ĂŝŶĚĂ ĞƐƚŝǀĞƌ Ğŵ ĐƵƌƐŽ Ž
ƉƌĂǌŽĚĞĐĂĚĞŶĐŝĂů͘

'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
Ϯϰ

ϰ͘ϭ͘Ϯ͘ZĞƋƵŝƐŝĕĆŽĚŽDŝŶŝƐƚƌŽĚĂ:ƵƐƚŝĕĂ

ϭͿdŝƚƵůĂƌ͗DŝŶŝƐƚƌŽĚĂ:ƵƐƚŝĕĂ͘

ϮͿWƌĂǌŽ͗EĆŽŚĄƉƌĂǌŽ͕ŽWWĠŽŵŝƐƐŽĂƌĞƐƉĞŝƚŽ͘ƐƐŝŵ͕ĞŶƚĞŶĚĞͲƐĞƋƵĞƉŽĚĞƌĄƐĞƌĞǆĞƌĐŝĚĂ
ĂƋƵĂůƋƵĞƌƚĞŵƉŽ͕ĞŶƋƵĂŶƚŽŶĆŽŚŽƵǀĞƌĂĞǆƚŝŶĕĆŽĚĂƉƵŶŝďŝůŝĚĂĚĞ͘

ϯͿ,ŝƉſƚĞƐĞƐ͗

ĂͿ ƌŝŵĞĐŽŶƚƌĂŚŽŶƌĂĚŽWƌĞƐŝĚĞŶƚĞĚĂZĞƉƵďůŝĐĂŽƵĐŚĞĨĞĚĞŐŽǀĞƌŶŽĞƐƚƌĂŶŐĞŝƌŽ;ƌƚ͘
ϭϰϱ͕ΑƷŶŝĐŽ͕WͿ͖
ďͿ ƌŝŵĞĐŽŶƚƌĂŚŽŶƌĂĚŽWƌĞƐŝĚĞŶƚĞĚĂZĞƉƷďůŝĐĂŽƵŚĞĨĞĚŽŐŽǀĞƌŶŽ;ƉƌĞǀŝƐƚŽŶĂůĞŝĚĞ
ŝŵƉƌĞŶƐĂʹŶĆŽĞƐƚĄǀŝŐĞŶƚĞͿ͖
ĐͿ ſĚŝŐŽ WĞŶĂů Ͳ ƌƚ͘ ϳǑ͕ Α ϯǑ͕ ͞ď͟Ͳ ǆƚƌĂƚĞƌƌŝƚŽƌŝĂůŝĚĂĚĞ ʹ ĂƉůŝĐĂĕĆŽ ĚĂ ůĞŝ ďƌĂƐŝůĞŝƌĂ ă
ĨĂƚŽƐƉƌĂƚŝĐĂĚŽƐĨŽƌĂĚŽƌĂƐŝů͘

ZĞƉƌĞƐĞŶƚĂĕĆŽĚŽŽĨĞŶĚŝĚŽ ZĞƋƵŝƐŝĕĆŽĚŽDŝŶŝƐƚƌŽĚĂ:ƵƐƚŝĕĂ
ͲdŝƚƵůĂƌĞƐ͗ ͲdŝƚƵůĂƌ͗DŝŶŝƐƚƌŽĚĂ:ƵƐƚŝĕĂ͘
• K ŽĨĞŶĚŝĚŽ ;Ğŵ ƌĞŐƌĂͿ͕ ĚĞƐĚĞ ƋƵĞ Đͬ ϭϴ Ͳ WƌĂǌŽ͗ EĆŽ ŚĄ ƉƌĂǌŽ͕ ƉŽĚĞƌĄ ƐĞƌ ĞǆĞƌĐŝĚĂ Ă ƋƵĂůƋƵĞƌ
ĂŶŽƐĐŽŵƉůĞƚŽƐ͖ ƚĞŵƉŽ͕ ĞŶƋƵĂŶƚŽ ŶĆŽ ŚŽƵǀĞƌ Ă ĞǆƚŝŶĕĆŽ ĚĂ
ƉƵŶŝďŝůŝĚĂĚĞ͘
• ^Ğ Ž ŽĨĞŶĚŝĚŽ ф ϭϴ ĂŶŽƐ ŽƵ ĚŽĞŶƚĞ
ŵĞŶƚĂů͗ ϯͿ,ŝƉſƚĞƐĞƐ͗
o ƌĞƉƌĞƐĞŶƚĂŶƚĞƐ ůĞŐĂŝƐ ;Ğŵ
ƌĞŐƌĂƐĆŽŽƐƉĂŝƐͿ͘ ĂͿ ƌŝŵĞ ĐŽŶƚƌĂ ŚŽŶƌĂ ĚŽ WƌĞƐŝĚĞŶƚĞ ĚĂ
• ^Ğ Ž ŽĨĞŶĚŝĚŽ ф ϭϴ ĂŶŽƐ ŽƵ ĚŽĞŶƚĞ ZĞƉƵďůŝĐĂŽƵĐŚĞĨĞĚĞŐŽǀĞƌŶŽĞƐƚƌĂŶŐĞŝƌŽ͖
ŵĞŶƚĂů͕ĞĂŝŶĚĂ͗ ďͿ ƌŝŵĞ ĐŽŶƚƌĂ ŚŽŶƌĂ ĚŽ WƌĞƐŝĚĞŶƚĞ ĚĂ
o ŶĆŽŚĄƌĞƉƌĞƐĞŶƚĂŶƚĞůĞŐĂůŽƵ ZĞƉƷďůŝĐĂ ŽƵ ŚĞĨĞ ĚŽ ŐŽǀĞƌŶŽ Ͳ ůĞŝ ĚĞ
ŝŵƉƌĞŶƐĂʹŶĆŽǀŝŐĞŶƚĞͿ͖
o ĞǆŝƐƚĞƵŵĐŽŶĨůŝƚŽĚĞŝŶƚĞƌĞƐƐĞ
ĐͿ ǆƚƌĂƚĞƌƌŝƚŽƌŝĂůŝĚĂĚĞ ʹ ĂƉůŝĐĂĕĆŽ ĚĂ ůĞŝ
o ÆƵƌĂĚŽƌƐƉĞĐŝĂů;ƌƚ͘ϯϯĚŽ ďƌĂƐŝůĞŝƌĂăĨĂƚŽƐƉƌĂƚŝĐĂĚŽƐĨŽƌĂĚŽƌĂƐŝů͘
WWͿ͘

• ^ĞŽŽĨĞŶĚŝĚŽŵŽƌƌĞͬĂƵƐĞŶƚĞ
o / ;ƀŶũƵŐĞ͖ ƐĐĞŶĚĞŶƚĞ͖

ĞƐĐĞŶĚĞŶƚĞ ŽƵ /ƌŵĆŽͿ
ŵĞĚŝĂŶƚĞĚĞŶƷŶĐŝĂ͘
ͲWƌĂǌŽ͗
• ĞĐĂĚĞŶĐŝĂů;ϲŵĞƐĞƐĚĂĂƵƚŽƌŝĂͿ
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
Ϯϱ

Ǥ.!ǲǳ
ǆĚĞůŝĐƚŽсƉƌŽǀĞŶŝĞŶƚĞĚĞƵŵĚĞůŝƚŽ
ͷǤ.!
sĞƌŝĨŝĐĂĚŽ ŶŽ ŵƵŶĚŽ ŶĂƚƵƌĂůşƐƚŝĐŽ Ă ŽĐŽƌƌġŶĐŝĂ ĚĞ Ƶŵ ĚĞůŝƚŽ͕ ƐƵƌŐĞ ĂŽ ŽĨĞŶĚŝĚŽ Ž
ĚŝƌĞŝƚŽ ĚĞ ŽďƚĞƌ Ă ƌĞƉĂƌĂĕĆŽ͕ ŝƐƚŽ ƉŽƌƋƵĞ ƚŽĚŽ ŝůşĐŝƚŽ ƉĞŶĂů Ġ ŝŐƵĂůŵĞŶƚĞ Đŝǀŝů͘ Ž
ĞŶƚĞŶĚŝŵĞŶƚŽĚĂƐĞƉĂƌĂĕĆŽĚĂũƵƌŝƐĚŝĕĆŽĞŵĐŝǀŝůĞƉĞŶĂů͕ĞĚĂŝŶĚĞƉĞŶĚġŶĐŝĂĞŶƚƌĞĞƐƚĂƐ͕Ž
ĚĞǀĞƌ ĚĞ ŝŶĚĞŶŝǌĂƌ ŶĆŽ ĚĞƉĞŶĚĞ ĂƉĞŶĂƐ ĚĂ ĞĨĞƚŝǀĂ ĐŽŶĚĞŶĂĕĆŽ ƉĞŶĂů͕ ĚĂş͕ ĂŽ ĚŝǌĞƌ ĚŽ WƌŽĨ͘
sŝĐĞŶƚĞ 'ƌĞĐŽ &ŝůŚŽ͕ ΗĂ ƉŽƐƐŝďŝůŝĚĂĚĞ ĚĞ ĚŽŝƐ ƚŝƉŽƐ ĚĞ ĂĕĆŽ Đŝǀŝů Ğǆ ĚĞůŝĐƚŽ͗ Ă ĂĕĆŽ ĚĞ
ĐŽŶŚĞĐŝŵĞŶƚŽ͕ ĚĞ ŶĂƚƵƌĞǌĂ ĐŽŶĚĞŶĂƚſƌŝĂ͕ Ğ Ă ĞǆĞĐƵĕĆŽ ĚĂ ƐĞŶƚĞŶĕĂ ƉĞŶĂů ĐŽŶĚĞŶĂƚſƌŝĂ
ƚƌĂŶƐŝƚĂĚĂĞŵũƵůŐĂĚŽΗ͘

Temos então que: o ilícito penal Æ sempre implica um ilícito civil, de sorte a suscitar
a pretensão ao ressarcimento do dano civil porventura suportado pelo ofendido em razão
da infração penal.

Uma infração penal proveniente de um delito, pode ensejar o surgimento da pretensão
de reparação do dano, tendo suporte no Direito Civil, na teoria da responsabilidade civil
por ato ilícito.
͸Ǥ3
ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Đŝǀŝů Ġ ŝŶĚĞƉĞŶĚĞŶƚĞ ĚĂ ĐƌŝŵŝŶĂů͘ WĞůŽ ŶŽƐƐŽ ƐŝƐƚĞŵĂ͕ ƋƵĞ Ġ Ž ĚĂ
ŝŶĚĞƉĞŶĚġŶĐŝĂ͕ĂƐũƵƌŝƐĚŝĕƁĞƐĐŝǀŝůĞĐƌŝŵŝŶĂůƐĆŽŝŶĚĞƉĞŶĚĞŶƚĞƐĞŶƚƌĞƐŝ͖ŶĆŽŚĄƉƌĞĐĞĚġŶĐŝĂ͕
ƚĂŶƚŽ ƉŽĚĞ Ă ĂĕĆŽ Đŝǀŝů ƉƌĞĐĞĚĞƌ Ă ĐƌŝŵŝŶĂů͕ ĐŽŵŽ ĞƐƚĂ ăƋƵĞůĂ͖ ĐŽŵŽ ƐĞƌĞŵ ƉƌŽƉŽƐƚĂƐ ĂŽ
ŵĞƐŵŽƚĞŵƉŽ͕ŽƌŝƵŶĚĂƐĚĂŵĞƐŵĂĨŽŶƚĞ͕ŶĂƐĐŝĚĂƐĚŽŵĞƐŵŽĂƚŽ͘ŽŶƚƵĚŽ͕ĂŝŶĚĞƉĞŶĚġŶĐŝĂ
ĚĂƐĂĕƁĞƐĠĐŽŵƉĞŶƐĂĚĂƉĞůĂĂƚƌŝďƵŝĕĆŽĚĞĞĨŝĐĄĐŝĂĐŝǀŝůăƐƐĞŶƚĞŶĕĂƐƉĞŶĂŝƐ͕ĐŽŶĚĞŶĂƚſƌŝĂƐŽƵ
ĂďƐŽůƵƚſƌŝĂƐ͘
͹Ǥ .!
Ȍ

ĂĕĆŽĐŝǀŝůƉŽĚĞƌĄƐĞƌƉƌŽƉŽƐƚĂĚƵƌĂŶƚĞĂƚƌĂŵŝƚĂĕĆŽĚĂĂĕĆŽĐƌŝŵŝŶĂů͕ĐĂƐŽĞŵƋƵĞ
ƚĞƌĄ Ă ŶĂƚƵƌĞǌĂ ĚĞ ĂĕĆŽ ĚĞ ĐŽŶŚĞĐŝŵĞŶƚŽ͕ Ğŵ ƋƵĞ Ă ĐƵůƉĂ ĚŽ ĂƵƚŽƌ ĚŽ ŝůşĐŝƚŽ ;ĂŝŶĚĂ ŶĆŽ
ĂƉƵƌĂĚĂŶĂĂĕĆŽƉĞŶĂůͿĚĞǀĞƌĄƐĞƌĐŽŵƉƌŽǀĂĚĂ͘
ƐƐŝŵ͕ ƐĞ Ž ŽĨĞŶĚŝĚŽ͕ ƐĞƵ ƌĞƉƌĞƐĞŶƚĂŶƚĞ ůĞŐĂů ŽƵ ƐĞƵƐ ŚĞƌĚĞŝƌŽƐ ĚĞƐĞũĂƌĞŵ͕ ŶĆŽ
ŶĞĐĞƐƐŝƚĂƌĆŽ ĂŐƵĂƌĚĂƌ Ž ƚĠƌŵŝŶŽ ĚĂ ĂĕĆŽ ƉĞŶĂů͕ ƉŽĚĞŶĚŽ ŝŶŐƌĞƐƐĂƌ͕ ĚĞƐĚĞ ůŽŐŽ͕ ĐŽŵ Ă ĂĕĆŽ
ĐŝǀŝůƌĞƉĂƌĂƚſƌŝĂ͘
EĂ ŚŝƉſƚĞƐĞ ĚĂ ĂĕĆŽ ƉĞŶĂů Ğ ĚĂ ĐşǀĞů ĐŽƌƌĞƌĞŵ ƉĂƌĂůĞůĂŵĞŶƚĞ͕ Ž ũƵŝǌ͕ ŶŽ ŝŶƚƵŝƚŽ ĚĞ
ĞǀŝƚĂƌ ĚĞĐŝƐƁĞƐ ĐŽŶƚƌĂĚŝƚſƌŝĂƐ͕ ƉŽĚĞƌĄ ƐƵƐƉĞŶĚĞƌ Ž ĐƵƌƐŽ ĚĂ ĂĕĆŽ Đŝǀŝů͕ ĂƚĠ Ž ũƵůŐĂŵĞŶƚŽ
ĚĞĨŝŶŝƚŝǀŽĚĂĂĕĆŽƉĞŶĂů;ƌƚ͘ϲϰ͕ƉĂƌĄŐƌĂĨŽƷŶŝĐŽ͕WWͿ͘ƐƚĂĚĞƉĞŶĚġŶĐŝĂĚĞũƵůŐĂŵĞŶƚŽĠŽ
ƋƵĞƐĞĚĞŶŽŵŝŶĂĚĞƋƵĞƐƚĆŽƉƌĞũƵĚŝĐŝĂů;ƌƚƐ͘ϵϯĞϵϰ͕WWͿ͘
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
Ϯϲ

ĂĕĆŽ Đŝǀŝů ĚĞ ĐŽŶŚĞĐŝŵĞŶƚŽ ƉŽĚĞ ĂŝŶĚĂ ƐĞƌ ƉƌŽƉŽƐƚĂ ƚĆŽ ůŽŐŽ Ž ĨĂƚŽ ŝůşĐŝƚŽ ƚĞŶŚĂ
ŽĐŽƌƌŝĚŽ͕ŝƐƚŽŝŶĚĞƉĞŶĚĞŶƚĞĚĂŝŶŝĐŝĂĕĆŽĚĂƉĞƌƐĞĐƵƚŝŽĐƌŝŵŝŶŝƐ͘
Art. 64.
Parágrafo único. Intentada a ação penal, o juiz
da ação civil poderá suspender o curso desta, até
o julgamento definitivo daquela.
Art. 93. Se o reconhecimento da existência da

infração penal depender de decisão sobre questão
diversa da prevista no artigo anterior, da
competência do juízo cível, e se neste houver
sido proposta ação para resolvê-la, o juiz
criminal poderá, desde que essa questão seja de
difícil solução e não verse sobre direito cuja
prova a lei civil limite, suspender o curso do
processo, após a inquirição das testemunhas e
Art. 94. A suspensão do curso da ação penal, nos

casos dos artigos anteriores, será decretada pelo
juiz, de ofício ou a requerimento das partes.

OBS.: Com o trânsito em julgado da ação penal condenatória, torna-se prejudicado o
julgamento da ação civil.
Ȍ
hŵĚŽƐĞĨĞŝƚŽƐĚĂƐĞŶƚĞŶĕĂƉĞŶĂůĐŽŶĚĞŶĂƚſƌŝĂĠƚŽƌŶĂƌĐĞƌƚĂĂŽďƌŝŐĂĕĆŽĚĞƌĞƉĂƌĂƌŽ
ĚĂŶŽĐĂƵƐĂĚŽƉĞůŽĐƌŝŵĞ;ĂƌƚŝŐŽϵϭ͕ŝŶĐŝƐŽ/͕ĚŽſĚŝŐŽWĞŶĂůͿ͘
Art. 91 - São efeitos da condenação: (Redação

dada pela Lei nº 7.209, de 11.7.1984)
I - tornar certa a obrigação de indenizar o dano

causado pelo crime;
ͲƐĞŶƚĞŶĕĂƉĞŶĂůĐŽŶĚĞŶĂƚſƌŝĂƚƌĂŶƐŝƚĂĚĂĞŵũƵůŐĂĚŽĨƵŶĐŝŽŶĂĐŽŵŽƚşƚƵůŽĞǆĞĐƵƚŝǀŽũƵĚŝĐŝĂů
ŶŽũƵşǌŽĐşǀĞů͖
Ͳ&ĂǌĐŽŝƐĂũƵůŐĂĚĂŶŽĐşǀĞů͕ŝŵƉĞĚŝŶĚŽĂĚŝƐĐƵƐƐĆŽĚŽĐŽŶƚĞƷĚŽĚĂĚĞĐŝƐĆŽ͖
Ͳ K ŽĨĞŶĚŝĚŽ ƉŽĚĞ ŽďƚĞƌ Ă ƌĞƉĂƌĂĕĆŽ ĚŽ ƉƌĞũƵşǌŽ ƐĞŵ Ă ŶĞĐĞƐƐŝĚĂĚĞ ĚĞ ƉƌŽƉŽƌ ĂĕĆŽ Đŝǀŝů ĚĞ
ĐŽŶŚĞĐŝŵĞŶƚŽ͕ƵŵĂǀĞǌƋƵĞũĄƐĞƚĞŵĂĐĞƌƚĞǌĂ͖
Ͳ EĞƐƐĞ ĐĂƐŽ͕ Ă ƉĂƌƚĞ ƌĞƋƵĞƌĞŶƚĞ ƐŽŵĞŶƚĞ ƉůĞŝƚĞĂƌĄ Ă ůŝƋƵŝĚĂĕĆŽ ĚŽ ĚĂŶŽ ƉĂƌĂ ĂƉƵƌĂƌ Ž
ƋƵĂŶƚƵŵ͕ŶĆŽŚĂǀĞŶĚŽƋƵĂůƋƵĞƌĚŝƐĐƵƐƐĆŽƐŽďƌĞĂĐƵůƉĂŽƵƐŽďƌĞŽĞǀĞŶƚŽ͕ƵŵĂǀĞǌƋƵĞĞƐƐĂ
ŵĂƚĠƌŝĂũĄĞƐƚĄĂĐŽďĞƌƚĂĚĂƉĞůĂĂƵƚŽƌŝĚĂĚĞĚĂĐŽŝƐĂũƵůŐĂĚĂŵĂƚĞƌŝĂůŶŽũƵşǌŽĐƌŝŵŝŶĂů͖
ͲĞƉŽƐƐĞĚĂĐĞƌƚĞǌĂĞůŝƋƵŝĚĞǌƉŽĚĞƌĄĞŶƚĆŽŽŽĨĞŶĚŝĚŽŝŶŐƌĞƐƐĂƌĐŽŵĂĂĕĆŽĐŝǀŝůĞǆĚĞůŝĐƚŽ
ĚĞĞǆĞĐƵĕĆŽ͘
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
Ϯϳ

OBS.: Na decisão condenatória penal o juiz pode já fixar o valor mínimo de reparação civil.
Nesse caso, como já se tem certeza e liquidez, pode-se, não havendo questionamentos com
relação ao quantum, partir para a execução direta (Art. 387, IV do CPP).
Art. 387. O juiz, ao proferir sentença

condenatória: (Vide Lei nº 11.719, de 2008)
IV - fixará valor mínimo para reparação dos danos

causados pela infração, considerando os prejuízos
sofridos pelo ofendido;
ͺǤ .! Ǧ
ĂďƐŽůǀŝĕĆŽ ĚŽ ƌĠƵ ŶŽ ũƵşǌŽ ĐƌŝŵŝŶĂů ŶĆŽ ĨĂǌ ĐŽŝƐĂ ũƵůŐĂĚĂ ĨŽƌĂ ĚĂ ĞƐĨĞƌĂ ƉĞŶĂů͕
ƋƵĂůƋƵĞƌƋƵĞƐĞũĂĞůĂ;Đŝǀŝů͕ƚƌŝďƵƚĄƌŝĂ͕ĞƚĐ͘Ϳ͕ŽƵƐĞũĂ͕ĂƐĞŶƚĞŶĕĂƉĞŶĂůĂďƐŽůƵƚſƌŝĂŶĆŽŝŵƉĞĚŝƌĄ
ŽŽĨĞŶĚŝĚŽĚĞĞǆĞƌĐĞƌĂĂĐƚŝŽĐŝǀŝůŝƐĞǆĚĞůŝĐƚŽ͘
ƐƐŝŵ͕ŶĆŽŝŵƉĞĚŝƌĆŽĂƉƌŽƉŽƐŝƚƵƌĂĚĂĂĕĆŽĐŝǀŝů͗
• ŽĚĞƐƉĂĐŚŽĚĞĂƌƋƵŝǀĂŵĞŶƚŽĚŽŝŶƋƵĠƌŝƚŽŽƵĚĂƐƉĞĕĂƐĚĞŝŶĨŽƌŵĂĕĆŽ͖
• ĂĚĞĐŝƐĆŽƋƵĞũƵůŐĂƌĞǆƚŝŶƚĂĂƉƵŶŝďŝůŝĚĂĚĞ͖
• ĂƐĞŶƚĞŶĕĂĂďƐŽůƵƚſƌŝĂƋƵĞĚĞĐŝĚŝƌƋƵĞŽĨĂƚŽŝŵƉƵƚĂĚŽŶĆŽĐŽŶƐƚŝƚƵŝĐƌŝŵĞ͖
• ĂƐĞŶƚĞŶĕĂĂďƐŽůƵƚſƌŝĂƉŽƌŝŶƐƵĨŝĐŝġŶĐŝĂĚĞƉƌŽǀĂƐ͖
• ĂƐĞŶƚĞŶĕĂĂďƐŽůƵƚſƌŝĂĞŵĨĂĐĞĚĞĐĂƵƐĂĞǆĐůƵĚĞŶƚĞĚĞĐƵůƉĂďŝůŝĚĂĚĞ͘

ŶƚƌĞƚĂŶƚŽ͕ Ğŵ ĐĂƌĄƚĞƌ ĚĞ ĞǆĐĞĕĆŽ͕ ŶĆŽ ĐĂďĞƌĄ ĂĕĆŽ Đŝǀŝů ƌĞƉĂƌĂƚſƌŝĂ͕ ƉŽƌƚĂŶƚŽ ĨĂǌ ĐŽŝƐĂ
ũƵůŐĂĚĂŶĂĞƐĨĞƌĂĞǆƚƌĂͲƉĞŶĂů͕ĂƐĞŶƚĞŶĕĂĂďƐŽůƵƚſƌŝĂƋƵĂŶĚŽ͗
ĂͿ ŽũƵŝǌĐƌŝŵŝŶĂůƌĞĐŽŶŚĞĐĞƌĂŝŶĞǆŝƐƚġŶĐŝĂŵĂƚĞƌŝĂůĚŽĨĂƚŽ;ƌƚ͘ϲϲ͕WWͿ͖
Art. 66. Não obstante a sentença absolutória no

juízo criminal, a ação civil poderá ser proposta
quando não tiver sido, categoricamente,
reconhecida a inexistência material do fato.
ďͿ ŽũƵŝǌĐƌŝŵŝŶĂůƌĞĐŽŶŚĞĐĞƌƋƵĞŽƐƵũĞŝƚŽŶĆŽƉĂƌƚŝĐŝƉŽƵĚŽĨĂƚŽ;ƌƚ͘ϯϴϲ͕/͕WWͿ͖
Art. 386. O juiz absolverá o réu, mencionando a

causa na parte dispositiva, desde que reconheça:
IV – estar provado que o réu não concorreu para

a infração penal;
ĐͿ ŽũƵŝǌĐƌŝŵŝŶĂůƌĞĐŽŶŚĞĐĞƌƵŵĂĐĂƵƐĂĞǆĐůƵĚĞŶƚĞĚĂŝůŝĐŝƚƵĚĞ;ƌƚ͘ϲϰ͕WͿ͗
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
Ϯϴ

• ůĞŐşƚŝŵĂĚĞĨĞƐĂ͖
• ĞƐƚĂĚŽĚĞŶĞĐĞƐƐŝĚĂĚĞ͖
• ĞǆĞƌĐşĐŝŽƌĞŐƵůĂƌĚĞĚŝƌĞŝƚŽ͖ŽƵ
• ĞƐƚƌŝƚŽĐƵŵƉƌŝŵĞŶƚŽĚŽĚĞǀĞƌůĞŐĂů͘
Essas causas excluem a ilicitude penal e civil. Há, entretanto, exceções:

a) no estado de necessidade agressivo, no qual o agente sacrifica bem de terceiro
inocente, ou seja, o prejudicado não teve culpa pela situação de perigo que determinou
a incidência do estado de necessidade, este pode acioná-lo civilmente, restando ao
causador do dano a ação regressiva contra quem provocou a situação de perigo (artigos
929 e 930 do Código Civil de 2002);
b) se o autor agiu acobertado pela legítima defesa putativa (imaginária), a vítima (ou seus
herdeiros) deverão ser indenizados;
o a legítima defesa putativa exclui a culpabilidade ou o dolo, subsistindo a ilicitude do fato.
c) na hipótese de legítima defesa, na qual, por erro na execução/erro de pontaria

(aberratio ictus ou aberratio criminis), vem a ser atingido terceiro inocente, este terá
direito à indenização contra quem o atingiu, ainda que este último estivesse em situação
de legítima defesa, restando-lhe apenas a ação regressiva contra seu agressor (parágrafo
único do artigo 930 c/c o artigo 188, inciso I, do novo Código Civil).
Art. 65. Faz coisa julgada no cível a sentença

penal que reconhecer ter sido o ato praticado em
estado de necessidade, em legítima defesa, em
estrito cumprimento de dever legal ou no
exercício regular de direito.
CÓDIGO CIVIL
Art. 929. Se a pessoa lesada, ou o dono da coisa,
no caso do inciso II do art. 188, não forem
culpados do perigo, assistir-lhes-á direito à
indenização do prejuízo que sofreram.
Art. 930. No caso do inciso II do art. 188, se o
perigo ocorrer por culpa de terceiro, contra este
terá o autor do dano ação regressiva para haver a
importância que tiver ressarcido ao lesado.

NOTAS:
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HDH[HFXomRGDVHQWHQoDFRQGHQDWyULDDUWRXDDomRFLYLODUWVHUiSURPRYLGDD
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e LPSRUWDQWH REVHYDU TXH D PRGHUQD MXULVSUXGrQFLD YHP DGPLWLQGR D SURSRVLWXUD GHVVD DomR SHOR
FRPSDQKHLURXQLmRHVWiYHOSDUDTXHHVWHREWHQKDGRDXWRUGRLOtFLWRXPDUHSDUDomRSHORVGDQRVGHFRUUHQWHV
GRKRPLFtGLRSUDWLFDGR
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Ϯϵ
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ŽŵƉĞƚġŶĐŝĂĠĂĚĞůŝŵŝƚĂĕĆŽĚŽƉŽĚĞƌũƵƌŝƐĚŝĐŝŽŶĂů;ĨŝǆĂŽƐůŝŵŝƚĞƐĚĞŶƚƌŽĚŽƐƋƵĂŝƐŽ
ũƵŝǌƉŽĚĞƉƌĞƐƚĂƌĂũƵƌŝƐĚŝĕĆŽͿ͘ĂŵĞĚŝĚĂĚĞũƵƌŝƐĚŝĕĆŽƋƵĞĂƉŽŶƚĂƋƵĂŝƐŽƐĐĂƐŽƐƋƵĞƉŽĚĞŵ
ƐĞƌũƵůŐĂĚŽƐƉĞůŽſƌŐĆŽĚŽWŽĚĞƌ:ƵĚŝĐŝĄƌŝŽ͘
͸Ǥ .!3
KƐĐƌŝƚĠƌŝŽƐƉĂƌĂĞƐƚĂďĞůĞĐĞƌĂĐŽŵƉĞƚġŶĐŝĂƉĞŶĂů͕ĞŵĐĂĚĂĐĂƐŽĐŽŶĐƌĞƚŽ͕ĚĞŵĂŶĚĂĂ
ŽďƐĞƌǀąŶĐŝĂĚĞƵŵĂƐĞƋƵġŶĐŝĂůſŐŝĐĂĚĞĐƌŝƚĠƌŝŽƐĂďĂŝǆŽĚĞƐĐƌŝƚŽƐ͗

ϭǑͿsĞƌŝĨŝĐĂƌĂKDWdE/:h^d/͕ƋƵĞĚŝǀŝĚĞͲƐĞĞŵ͗
• ^W/>͗
o ůĞŝƚŽƌĂů͗ ĐŽŶƐŝƐƚĞ Ğŵ ƉƌŽĐĞƐƐĂƌ Ğ ũƵůŐĂƌ ŽƐ ĐƌŝŵĞƐ ĞůĞŝƚŽƌĂŝƐ Ğ ŽƐ ƋƵĞ ůŚĞ
ĨŽƌĞŵĐŽŶĞǆŽƐ;ƌƚ͘ϯϱ͕//ĚŽſĚŝŐŽůĞŝƚŽƌĂůͿ͘

Art. 35. Compete aos juizes:
II - processar e julgar os crimes eleitorais e os
comuns que lhe forem conexos, ressalvada a
competência originária do Tribunal Superior e dos
Tribunais Regionais;

(VWUXWXUD
• 7ULEXQDO6XSHULRU(OHLWRUDO%UDVtOLD
• 7ULEXQDO5HJLRQDO(OHLWRUDOFDSLWDOGR(VWDGR
• -XL](OHLWRUDO-Xt]HVGH'LUHLWRGD-XVWLoD(VWDGXDO

o DŝůŝƚĂƌ͗ ƉŽƐƐƵŝ ĐŽŵƉĞƚġŶĐŝĂ ƉĂƌĂ ũƵůŐĂƌ ŽƐ ĐƌŝŵĞƐ ŵŝůŝƚĂƌĞƐ ĚĞĨŝŶŝĚŽƐ Ğŵ ůĞŝ͕
ĐŽŶƐƚĂŶƚĞƐ ĚŽ ſĚŝŐŽ WĞŶĂů DŝůŝƚĂƌ͕ ŶĆŽ ĐĂďĞŶĚŽͲůŚĞ ũƵůŐĂƌ ŽƐ ĐƌŝŵĞƐ
ĐŽŶĞǆŽƐ͕ƋƵĞƐĞƌĆŽƉƌŽĐĞƐƐĂĚŽƐĞŵĂƉĂƌƚĂĚŽ͕ƉĞƌĂŶƚĞĂ:ƵƐƚŝĕĂŽŵƵŵ͘;ƌƚ͘
ϳϵ͕/͕WWͿ͘ŝǀŝĚĞͲƐĞĞŵ&ĞĚĞƌĂůĞƐƚĂĚƵĂů͘
Art. 79. A conexão e a continência importarão

unidade de processo e julgamento, salvo:
I - no concurso entre a jurisdição comum e a

militar;

o ĚŽdƌĂďĂůŚŽ͗ŶĆŽƚĞŵĐŽŵƉĞƚġŶĐŝĂĐƌŝŵŝŶĂů͘
• KDhD͗&ĞĚĞƌĂůĞƐƚĂĚƵĂů͘
o $ -XVWLoD (VWDGXDO WDPEpP p FRQKHFLGD FRPR UHVLGXDO SRLV VXD FRPSHWrQFLD

FRPSUHHQGHRTXHQmRIRUGDFRPSHWrQFLDGDV-XVWLoDV(OHLWRUDO0LOLWDUH)HGHUDO
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϯϬ

ϮǑͿsĞƌŝĨŝĐĂƌĂĞǆŝƐƚġŶĐŝĂĚĞWZZZK'd/s&hEK
eH[HUFLGDSHODSHVVRDGRDFXVDGRSRGHDFRPSHWrQFLDVHUDWULEXtGDRULJLQDULDPHQWHDXP
7ULEXQDO QmR VH VXEPHWHQGR R SURFHVVR H R MXOJDPHQWR GD LQIUDomR SHQDO DR SULPHLUR JUDX GH
MXULVGLomR

ϯǑͿsĞƌŝĨŝĐĂƌĂKDWdE/dZZ/dKZ/>;ĚĞ&ŽƌŽͿ
• -XVWLoDHVWDGXDOFRPDUFD
• -XVWLoD)HGHUDOVHomRMXGLFLiULD

ϰǑͿsĞƌŝĨŝĐĂƌĂKDWdE/:h1K;ĚĞsĂƌĂͿ

͹Ǥ .
KĂƌƚŝŐŽϭϬϵĚĂŽŶƐƚŝƚƵŝĕĆŽ&ĞĚĞƌĂůĞƐƚĂďĞůĞĐĞŽƐĐƌŝŵĞƐĚĞĐŽŵƉĞƚġŶĐŝĂĚĂ:ƵƐƚŝĕĂ
&ĞĚĞƌĂů͗
ȌÀ
ůĞŝŶĆŽĚĞĨŝŶĞŽƋƵĞĠĐƌŝŵĞƉŽůşƚŝĐŽ͘KƐĚŽƵƚƌŝŶĂĚŽƌĞƐĞƐƚĂďĞůĞĐĞŵĚŽŝƐĐƌŝƚĠƌŝŽƐ͗
• ƐƵďũĞƚŝǀŽ͗ůĞǀĂĞŵĐŽŶƚĂĂĨŝŶĂůŝĚĂĚĞ͕ƋƵĞĚĞǀĞƐĞƌƉŽůşƚŝĐĂ͖
• ŽďũĞƚŝǀŽ͗ ůĞǀĂ Ğŵ ĐŽŶƚĂ Ž ďĞŵ ũƵƌşĚŝĐŽ ǀŝŽůĂĚŽ ;ĐƌŝŵĞƐ ƋƵĞ ǀŝŽůĞŵ Ž ZĞŐŝŵĞ
ĞŵŽĐƌĄƚŝĐŽŽƵƉƌĂƚŝĐĂĚŽĐŽŶƚƌĂĂƐ/ŶƐƚŝƚƵŝĕƁĞƐWŽůşƚŝĐĂƐͿ͖ĐƌŝŵĞƐĞŶƋƵĂĚƌĂĚŽƐŶĂ>Ğŝ
ĚĞ^ĞŐƵƌĂŶĕĂEĂĐŝŽŶĂů͘
Ȍǡ
ï
:ƵƐƚŝĕĂ&ĞĚĞƌĂů͕ĞŵďŽƌĂĐŽŵƉŽŶŚĂĂĞƐƚƌƵƚƵƌĂĚĂ:ƵƐƚŝĕĂŽŵƵŵ͕ƚĞŵƉƌĞĐĞĚġŶĐŝĂ
ƐŽďƌĞĂ:ƵƐƚŝĕĂƐƚĂĚƵĂůĞƐƵĂĐŽŵƉĞƚġŶĐŝĂĞƐƚĄĞůĞŶĐĂĚĂŶŽĂƌƚ͘ϭϬϵ͕ŝŶĐŝƐŽ/sĚĂ&͘
Art. 109. Aos juízes federais compete processar e

julgar:
IV - os crimes políticos e as infrações penais

praticadas em detrimento de bens, serviços ou
interesse da União ou de suas entidades
autárquicas ou empresas públicas, excluídas as
contravenções e ressalvada a competência da
Justiça Militar e da Justiça Eleitoral;
ͲhE/K

ƌŝŵĞƐ
ƉƌĂƚŝĐĂĚŽƐ

ͲEd/^hdZYh/^&Z/^

ĐŽŶƚƌĂ / ;ƵƚĂƌƋƵŝĂƐн&ƵŶĚĂĕƁĞƐWƷďůŝĐĂƐͿǆ͗͘/E^^

^
ͲDWZ^^Wj>/^&Z/^
ǆ͗͘ŽƌƌĞŝŽƐ͕&
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϯϭ

ΎK^͗͘/^ÆEĆŽďĂƐƚĂƐĞƌƉƌĂƚŝĐĂĚŽ͞ƉŽƌ͟ŽƵ͞ĐŽŶƚƌĂ͕͟ƚĞŵƋƵĞƚĞƌƌĞůĂĕĆŽ͘

ƌŝŵĞƐ ƉƌĂƚŝĐĂĚŽƐ ĐŽŶƚƌĂ ĨƵŶĐŝŽŶĄƌŝŽ ƉƷďůŝĐŽ ĨĞĚĞƌĂů͕ ƋƵĂŶĚŽ ƌĞůĂĐŝŽŶĂĚŽƐ ĐŽŵ Ž
ĞǆĞƌĐşĐŝŽĚĂĨƵŶĕĆŽ͕ƐĆŽũƵůŐĂĚŽƐƉĞůĂ:ƵƐƚŝĕĂ&ĞĚĞƌĂů͕ĐŽŶĨŽƌŵĞĂ^ƷŵƵůĂŶ͘ϭϰϳĚŽ^ƵƉĞƌŝŽƌ
dƌŝďƵŶĂůĚĞ:ƵƐƚŝĕĂ͘dĂŵďĠŵƐĆŽĚĞĐŽŵƉĞƚġŶĐŝĂĚĂ:ƵƐƚŝĕĂ&ĞĚĞƌĂůŽƐĐƌŝŵĞƐƉƌĂƚŝĐĂĚŽƐƉŽƌ
ƐĞƌǀŝĚŽƌƉƷďůŝĐŽĨĞĚĞƌĂůŶŽĞǆĞƌĐşĐŝŽĚĞƐƵĂƐĨƵŶĕƁĞƐ͘

STJ Súmula nº 147 - STJ
Compete à Justiça Federal processar e julgar os
crimes praticados contra funcionário público
federal, quando relacionados com o exercício da
função.
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ŶŽƌŵĂ ĐŽŶƐƚŝƚƵĐŝŽŶĂů ĂŽ ŵĞŶĐŝŽŶĂƌ ͞ĞŵƉƌĞƐĂƐ ƉƷďůŝĐĂƐ͟ ŽŵŝƚŝƵ ĂƐ ƐŽĐŝĞĚĂĚĞƐ ĚĞ
ĞĐŽŶŽŵŝĂŵŝƐƚĂ͕ĚĞƐŽƌƚĞƋƵĞĂƐŝŶĨƌĂĕƁĞƐƉĞŶĂŝƐƉƌĂƚŝĐĂĚĂƐĞŵĚĞƚƌŝŵĞŶƚŽĚĞďĞŶƐ͕ƐĞƌǀŝĕŽƐ
ŽƵŝŶƚĞƌĞƐƐĞĚĞƐŽĐŝĞĚĂĚĞƐĚĞĞĐŽŶŽŵŝĂŵŝƐƚĂ͕ĂŝŶĚĂƋƵĞĐŽŶƚƌŽůĂĚĂƐƉĞůĂhŶŝĆŽ͕EKƐĆŽĚĂ
ĐŽŵƉĞƚġŶĐŝĂĚĂ:ƵƐƚŝĕĂ&ĞĚĞƌĂů͕ŵĂƐĚĂ:ƵƐƚŝĕĂƐƚĂĚƵĂů͘

SÚMULA STJ Nº 42 STJ
Compete à Justiça Comum Estadual processar e

julgar as causas cíveis em que é parte sociedade
de economia mista e os crimes praticados em seu
detrimento.
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ĞŵĚĞƚƌŝŵĞŶƚŽĚĞďĞŶƐŽƵŝŶƚĞƌĞƐƐĞƐĚĂhŶŝĆŽƐĞƌĆŽũƵůŐĂĚĂƐƉĞůĂ:ƵƐƚŝĕĂŽŵƵŵƐƚĂĚƵĂů͘
STJ Súmula nº 38 STJ

Compete à Justiça Estadual Comum, na vigência da
Constituição de 1988, o processo por contravenção
penal, ainda que praticada em detrimento de bens,
serviços ou interesse da União ou de suas
entidades.

Æ^ĆŽĚĞĐŽŵƉĞƚġŶĐŝĂĚĂ:ƵƐƚŝĕĂŽŵƵŵƐƚĂĚƵĂůŽƐĐƌŝŵĞƐƉƌĂƚŝĐĂĚŽƐƉŽƌŝŶĚşŐĞŶĂ
ŽƵĐŽŶƚƌĂĞůĞ;^ƷŵƵůĂŶ͘ϭϰϬĚŽ^ƵƉĞƌŝŽƌdƌŝďƵŶĂůĚĞ:ƵƐƚŝĕĂͿ͘
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Ȍ ȋǤͳͲͻǡǡ
Ȍ
ƌŝŵĞƐƋƵĞĐŽŵĞĐĞŵĞŵƵŵWĂşƐĞƚĞƌŵŝŶĞŵĞŵŽƵƚƌŽ;ĐƌŝŵĞƐĂĚŝƐƚąŶĐŝĂŽƵĞƐƉĂĕŽ
ŵĄǆŝŵŽͿ͕ŽƵƐĞũĂ͕ĂƚƌĂǀĞƐƐŽƵĨƌŽŶƚĞŝƌĂƐ͕ƐĆŽĚĞĐŽŵƉĞƚġŶĐŝĂĚĂ:ƵƐƚŝĕĂ&ĞĚĞƌĂů͘
ĞǆĞŵƉůŽĚŽƐĐƌŝŵĞƐĚĞƚƌĄĨŝĐŽŝŶƚĞƌŶĂĐŝŽŶĂůĚĞĞŶƚŽƌƉĞĐĞŶƚĞƐ͕ƚƌĄĨŝĐŽŝŶƚĞƌŶĂĐŝŽŶĂů
ĚĞĐƌŝĂŶĕĂƐĞƚƌĄĨŝĐŽŝŶƚĞƌŶĂĐŝŽŶĂůĚĞŵƵůŚĞƌĞƐ;ƉƌĞǀŝƐƚŽŶĂŽŶǀĞŶĕĆŽĚĞsŝĞŶĂͿ͘
Art. 109 (omissis)

V - os crimes previstos em tratado ou convenção
internacional, quando, iniciada a execução no
País, o resultado tenha ou devesse ter ocorrido
no estrangeiro, ou reciprocamente;
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;ĚƵƌĂŶƚĞŽǀƀŽŽƵĞŵƐŽůŽͿ͘
ƐĞŵďĂƌĐĂĕƁĞƐĚĞƉĞƋƵĞŶŽƉŽƌƚĞƐĆŽĚĞĐŽŵƉĞƚġŶĐŝĂĚĂ:ƵƐƚŝĕĂŽŵƵŵƐƚĂĚƵĂů͘
Art. 109 (omissis)
IX - os crimes cometidos a bordo de navios ou

aeronaves, ressalvada a competência da Justiça
Militar;
Ȍ
dƌĂƚĂͲƐĞĚĞĐƌŝŵĞƐĐŽŶƚƌĂĂŽƌŐĂŶŝǌĂĕĆŽĐŽůĞƚŝǀĂĚŽƚƌĂďĂůŚŽ͘
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ƉƷďůŝĐŽƋƵĂŶƚŽĞŵĚŝƌĞŝƚŽĐŽŶƐƚŝƚƵĐŝŽŶĂů͕ĂƐƐŝŶĂůĞĂŽƉĕĆŽŝŶĐŽƌƌĞƚĂ͘
Ϳ ŵ ƐĞŶƚŝĚŽ ũƵƌşĚŝĐŽ͕ Ž ƚĞƌƌŝƚſƌŝŽ ŶĂĐŝŽŶĂů Ġ ŵĂŝƐ ĂŵƉůŽ ƋƵĞ Ž ƚĞƌƌŝƚſƌŝŽ ĐŽŶƐŝĚĞƌĂĚŽ ƉĞůĂ ŐĞŽŐƌĂĨŝĂ
ƉŽůşƚŝĐĂ͕ƉŽŝƐĂďƌĂŶŐĞĄƌĞĂƐĨşƐŝĐĂƐƋƵĞǀĆŽĂůĠŵĚŽƐůŝŵŝƚĞƐĞĚĂƐĨƌŽŶƚĞŝƌĂƐĚŝƚĂĚĂƐƉŽƌĞƐƚĂ͘
Ϳ K ƚĞƌƌŝƚſƌŝŽ ŶĂĐŝŽŶĂů͕ Ğŵ ƐĞŶƚŝĚŽ ũƵƌşĚŝĐŽ͕ ƉŽĚĞ ŝŶĐůƵŝƌ ŶĂǀŝŽƐ Ğ ĂĞƌŽŶĂǀĞƐ ŵŝůŝƚĂƌĞƐ͕
ŝŶĚĞƉĞŶĚĞŶƚĞŵĞŶƚĞĚŽƐůŽĐĂŝƐĞŵƋƵĞĞƐƚĞũĂŵ͕ĚĞƐĚĞƋƵĞĞŵĞƐƉĂĕŽŝŶƚĞƌŶĂĐŝŽŶĂůĞƐŽďĂĐŽŶĚŝĕĆŽĚĞ
ƋƵĞŶĆŽƐĞƚƌĂƚĞĚĞĞƐƉĂĕŽũƵƌŝƐĚŝĐŝŽŶĂůĚĞŽƵƚƌŽƉĂşƐ͘
Ϳ K ƚĞƌƌŝƚſƌŝŽ ŶĂĐŝŽŶĂů͕ Ğŵ ƐĞŶƚŝĚŽ ũƵƌşĚŝĐŽ͕ ƉŽĚĞ ƉŽƐƐƵŝƌ ĐŽŶƚŽƌŶŽƐ ŝŶĞǆĂƚŽƐ͕ ĐŽŶĨŽƌŵĞ ŽĐŽƌƌĞ ŶĂ
ĚĞůŝŵŝƚĂĕĆŽĚĂƉƌŽũĞĕĆŽǀĞƌƚŝĐĂůĚŽĞƐƉĂĕŽĂĠƌĞŽ͘
ͿKƚĞƌƌŝƚſƌŝŽ͕ĞŵƐĞŶƚŝĚŽũƵƌşĚŝĐŽ͕ƉŽĚĞƐĞƌŵĂŝƐŽƵŵĞŶŽƐĂďƌĂŶŐĞŶƚĞ͕ĂĚĞƉĞŶĚĞƌĚĞŵĂŶŝĨĞƐƚĂĕƁĞƐ
ƵŶŝůĂƚĞƌĂŝƐĚŽƐƐƚĂĚŽƐƐŽďĞƌĂŶŽƐ͘

Ϯ͘;KͲϮϬϬϴ͘Ϯͬ^WͿͲŵƌĞůĂĕĆŽăĚĞůŝŵŝƚĂĕĆŽĚĂĐŽŵƉĞƚġŶĐŝĂŶŽƉƌŽĐĞƐƐŽƉĞŶĂů͕ăƐƉƌĞƌƌŽŐĂƚŝǀĂƐ
ĚĞĨƵŶĕĆŽĞĂŽĨŽƌŽĞƐƉĞĐŝĂů͕ĂƐƐŝŶĂůĞĂŽƉĕĆŽĐŽƌƌĞƚĂ͘
ĂͿEŽĐĂƐŽĚĞĐŽŶĞǆĆŽĞŶƚƌĞƵŵĐƌŝŵĞĐŽŵƵŵĞƵŵĐƌŝŵĞĞůĞŝƚŽƌĂů͕ĞƐƚĞĚĞǀĞƐĞƌƉƌŽĐĞƐƐĂĚŽƉĞƌĂŶƚĞĂ
ũƵƐƚŝĕĂĞůĞŝƚŽƌĂůĞĂƋƵĞůĞ͕ƉĞƌĂŶƚĞĂũƵƐƚŝĕĂĞƐƚĂĚƵĂů͕ǀŝƐƚŽƋƵĞ͕ŶŽĐŽŶĐƵƌƐŽĚĞũƵƌŝƐĚŝĕƁĞƐĚĞĚŝǀĞƌƐĂƐ
ĐĂƚĞŐŽƌŝĂƐ͕ŽĐŽƌƌĞĂƐĞƉĂƌĂĕĆŽĚŽƐƉƌŽĐĞƐƐŽƐ͘
ďͿEĆŽǀŝŽůĂĂŐĂƌĂŶƚŝĂĚŽũƵŝǌŶĂƚƵƌĂůĂĂƚƌĂĕĆŽƉŽƌĐŽŶƚŝŶġŶĐŝĂĚŽƉƌŽĐĞƐƐŽĚŽĐŽͲƌĠƵĂŽĨŽƌŽĞƐƉĞĐŝĂů
ĚŽŽƵƚƌŽĚĞŶƵŶĐŝĂĚŽ͕ƌĂǌĆŽƉĞůĂƋƵĂůƵŵĂĚǀŽŐĂĚŽĞƵŵũƵŝǌĚĞĚŝƌĞŝƚŽƋƵĞƉƌĂƚŝƋƵĞŵĐƌŝŵĞĐŽŶƚƌĂŽ
ƉĂƚƌŝŵƀŶŝŽĚĞǀĞŵƐĞƌƉƌŽĐĞƐƐĂĚŽƐƉĞƌĂŶƚĞŽƚƌŝďƵŶĂůĚĞũƵƐƚŝĕĂ͘
ĐͿ K ŵŝůŝƚĂƌ ƋƵĞ͕ ŶŽ ĞǆĞƌĐşĐŝŽ ĚĂ ĨƵŶĕĆŽ͕ ƉƌĂƚŝĐĂ ĐƌŝŵĞ ĚŽůŽƐŽ ĐŽŶƚƌĂ Ă ǀŝĚĂ ĚĞ Ƶŵ Đŝǀŝů ĚĞǀĞ ƐĞƌ
ƉƌŽĐĞƐƐĂĚŽƉĞƌĂŶƚĞĂũƵƐƚŝĕĂŵŝůŝƚĂƌ͘
ĚͿDĞŵďƌŽĚŽDŝŶŝƐƚĠƌŝŽWƷďůŝĐŽĞƐƚĂĚƵĂůƋƵĞƉƌĂƚŝĐĂĐƌŝŵĞĚŽůŽƐŽĐŽŶƚƌĂĂǀŝĚĂĚĞǀĞƐĞƌƉƌŽĐĞƐƐĂĚŽ
ƉĞƌĂŶƚĞ Ž ƚƌŝďƵŶĂů ĚŽ ũƷƌŝ Ğ͕ ŶĆŽ͕ ŶŽ ĨŽƌŽ ƉŽƌ ƉƌĞƌƌŽŐĂƚŝǀĂ ĚĞ ĨƵŶĕĆŽ ŽƵ ĞƐƉĞĐŝĂů͕ ǀŝƐƚŽ ƋƵĞ Ă
ĐŽŵƉĞƚġŶĐŝĂĚŽƚƌŝďƵŶĂůĚŽũƷƌŝĞƐƚĄĞǆƉƌĞƐƐĂŶĂŽŶƐƚŝƚƵŝĕĆŽ&ĞĚĞƌĂů͘

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ͻǤ .
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ĐƌŝŵĞ ŶĆŽ ĨŽƌ ŵŝůŝƚĂƌ͕ ĞůĞŝƚŽƌĂů Ğ ŶĆŽ ĞƐƚŝǀĞƌ ŝŶƐĞƌŝĚŽ ŶĂ ĐŽŵƉĞƚġŶĐŝĂ ĚĂ :ƵƐƚŝĕĂ ŽŵƵŵ
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ϯϱ

KĨŽƌŽƉŽƌƉƌĞƌƌŽŐĂƚŝǀĂĚĞĨƵŶĕĆŽŶĆŽĠƉƌŝǀŝůĠŐŝŽƉĞƐƐŽĂů͕ŵĂƐƐŝŵŐĂƌĂŶƚŝĂŝŶĞƌĞŶƚĞĂ
ĐĂƌŐŽŽƵĨƵŶĕĆŽ͘
ƌĂǌĆŽĚŽůĞŐŝƐůĂĚŽƌ͕ĂŽĂƚƌŝďƵŝƌŽũƵůŐĂŵĞŶƚŽĂƵŵſƌŐĆŽĐŽůĞŐŝĂĚŽ͕ĠĞǀŝƚĂƌƋƵĞƵŵ
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ͲYƵĂůĂŝŶƐƚąŶĐŝĂĐŽŵƉĞƚĞŶƚĞ͍
ͲƌŝŵĞƉƌĂƚŝĐĂĚŽƉŽƌ͗
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Ͳ:ƵŝǌĞƐƚĂĚƵĂůŽƵDĞŵďƌŽĚŽDWĞƐƚĂĚƵĂůʹd:
ͲĞƐĞŵďĂƌŐĂĚŽƌʹ^d:
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ĂƋƵĞůĂƵƚŝůŝǌĂĚĂƉĂƌĂǀĞƌŝĨŝĐĂƌŽĨŽƌŽĐŽŵƉĞƚĞŶƚĞ͘
Ͳ ZĞŐƌĂ ŐĞƌĂů͗ Ž ůƵŐĂƌ ĚŽ ƌĞƐƵůƚĂĚŽ ;ƌƚ͘ ϳϬ͕ WWͿ͕ ŶŽ ĞŶƚĂŶƚŽ ŚĄ ĞǆĐĞĕƁĞƐ ŶĂ
ũƵƌŝƐƉƌƵĚġŶĐŝĂ͘
Ͳ^ĞŽĐƌŝŵĞŶĆŽĨŽƌĐŽŶƐƵŵĂĚŽ͕ĐŽŵƉĞƚĞŶƚĞƐĞƌĄŽůƵŐĂƌĚŽƷůƚŝŵŽĂƚŽĚĞĞǆĞĐƵĕĆŽ͘
Art. 70. A competência será, de regra,

determinada pelo lugar em que se consumar a
infração, ou, no caso de tentativa, pelo lugar em
que for praticado o último ato de execução.
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ϯϲ

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• &RPSHWHQWHVHUiRGRPLFtOLRGRDFXVDGR

Ͳ ŵ ƐĞ ƚƌĂƚĂŶĚŽ ĚĞ ĐƌŝŵĞ ĐŽŶƚŝŶƵĂĚŽ ;ƉĂƐƐĂ ƉŽƌ ǀĄƌŝŽƐ ůƵŐĂƌĞƐͿ ŽƵ ƉĞƌŵĂŶĞŶƚĞ ;Ă
ĐŽŶƐƵŵĂĕĆŽƐĞƉƌŽůŽŶŐĂŶŽƚĞŵƉŽͿ͕ŽĨŽƌŽĐŽŵƉĞƚĞŶƚĞƐĞƌĄŽĚĂƉƌĞǀĞŶĕĆŽ͘
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ͷͶǤ3 A
ĂƋƵĞůĂƵƚŝůŝǌĂĚĂƉĂƌĂǀĞƌŝĨŝĐĂƌĂsĂƌĂĐŽŵƉĞƚĞŶƚĞ͘
Ͳ:hZ/Æ
ÆĐƌŝŵĞƐĚŽůŽƐŽƐĐŽŶƚƌĂĂǀŝĚĂ;ƚĞŶƚĂĚŽƐŽƵĐŽŶƐƵŵĂĚŽƐͿнĐƌŝŵĞƐĐŽŶĞǆŽƐ͘
KďƐ͗͘>ĂƚƌŽĐşŶŝŽŶĆŽĠĚĞĐŽŵƉĞƚġŶĐŝĂĚŽũƷƌŝ͘
ͷͷǤ!3
^ĆŽĚŽŝƐŝŶƐƚŝƚƵƚŽƐƋƵĞďƵƐĐĂŵĂƌĞƵŶŝĆŽĚĞƉƌŽĐĞƐƐŽƐ͘
Ȍ
ĐŽŶĞǆĆŽ ĞǆŝƐƚĞ ƋƵĂŶĚŽ ĚƵĂƐ ŽƵ ŵĂŝƐ ŝŶĨƌĂĕƁĞƐ ĞƐƚŝǀĞƌĞŵ ĞŶƚƌĞůĂĕĂĚĂƐ ƉŽƌ Ƶŵ
ǀşŶĐƵůŽ͕ƵŵŶĞǆŽ͕ƵŵůŝĂŵĞƋƵĞĂĐŽŶƐĞůŚĂĂũƵŶĕĆŽĚŽƐƉƌŽĐĞƐƐŽƐ͘EĞƐƐĞĐĂƐŽ͕ĂƐĂĕƁĞƐƐĞƌĆŽ
ƌĞƵŶŝĚĂƐĞũƵůŐĂĚĂƐĞŵĐŽŶũƵŶƚŽ͕ƐŝŵƵůƚĂŶĞƵƐƉƌŽĐĞƐƐƵƐ͕ĂĨŝŵĚĞƐĞĞǀŝƚĂƌŽŝŶĐŽŶǀĞŶŝĞŶƚĞĚĞ
ĚĞĐŝƐƁĞƐ ĐŽŶĨůŝƚĂŶƚĞƐ ŶĂ ĄƌĞĂ ƉĞŶĂů͕ ďĞŵ ĐŽŵŽ ƉŽƐƐŝďŝůŝƚĂƌ ĂŽ ũƵŝǌ ƵŵĂ ǀŝƐĆŽ ŵĂŝƐ ĂŵƉůĂ ĚŽ
ƋƵĂĚƌŽƉƌŽďĂƚſƌŝŽ;ƌƚ͘ϳϲ͕WWͿ͘
Art. 76. A competência será determinada pela

conexão:
I - se, ocorrendo duas ou mais infrações,
houverem sido praticadas, ao mesmo tempo, por
várias pessoas reunidas, ou por várias pessoas em
concurso, embora diverso o tempo e o lugar, ou
por várias pessoas, umas contra as outras;
II - se, no mesmo caso, houverem sido umas
praticadas para facilitar ou ocultar as outras,
ou para conseguir impunidade ou vantagem em
relação a qualquer delas;
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϯϳ

III - quando a prova de uma infração ou de
qualquer de suas circunstâncias elementares
influir na prova de outra infração.

ͲĐŽŶĞǆĆŽŽĐŽƌƌĞĞŵϯĐĂƐŽƐ͗
• ŐĞŶƚĞƐƌĞƵŶŝĚŽƐŽƵƉŽƌƐŝŵƵůƚĂŶĞŝĚĂĚĞ͗ƋƵĂŶĚŽĂƐŝŶĨƌĂĕƁĞƐŚŽƵǀĞƌĞŵƐŝĚŽ
ƉƌĂƚŝĐĂĚĂƐ ƉŽƌ ǀĄƌŝĂƐ ƉĞƐƐŽĂƐ͕ ƐĞŵ ǀşŶĐƵůŽ ƐƵďũĞƚŝǀŽ͕ ĂŽ ŵĞƐŵŽ ƚĞŵƉŽ͕ ŶŽ
ŵĞƐŵŽůŽĐĂů͘
o ([ XP FDPLQKmR FDUUHJDGR GH ODUDQMDV WRPED H YiULRV PRUDGRUHV GD
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ŶĂƉƌŽǀĂĚĞŽƵƚƌĂŝŶĨƌĂĕĆŽ͘
o ([SURYDGHXPFULPHGHIXUWRHPUHODomRjUHFHSWDomR
• ŽŶĞǆĆŽůſŐŝĐĂŽƵŵĂƚĞƌŝĂů;ŽƵĂŝŶĚĂ ƚĞůĞŽůſŐŝĐĂͿ͗ ƋƵĂŶĚŽ ĂƐ ŝŶĨƌĂĕƁĞƐ
ŚŽƵǀĞƌĞŵƐŝĚŽƉƌĂƚŝĐĂĚĂƐƉĂƌĂĂƐƐĞŐƵƌĂƌĂĞǆĞĐƵĕĆŽĚĞŽƵƚƌĂ͘
o ([PDWDVHRVHJXUDQoDSDUDVHTHVWUDURHPSUHViULR
Ȍ²ȋǤ͹͹ǡȌ
Art. 77. A competência será determinada pela

continência quando:
I - duas ou mais pessoas forem acusadas pela
mesma infração;
II - no caso de infração cometida nas condições
previstas nos arts. 51, § 1o, 53, segunda parte, e
54 do Código Penal.
Ͳ,ŝƉſƚĞƐĞƐ͗
• ŽŶĐƵƌƐŽĨŽƌŵĂů;ƌƚ͘ϳϬ͕WͿ͗ϭĐŽŶĚƵƚĂƉƌŽĚƵǌŝŶĚŽǀĄƌŝŽƐƌĞƐƵůƚĂĚŽƐ͘
o ([HQYHQHQDUDFRPLGDTXHVHUiVHUYLGDDYiULDVSHVVRDV
• ďĞƌƌĂƚŝŽ ŝĐƚƵƐ͗ ĞƌƌŽ ŶĂ ĞǆĞĐƵĕĆŽ ĐŽŵ ƌĞƐƵůƚĂĚŽ ĚƵƉůŽ ;Ăƌƚ͘ ϳϯ͕ ƉĂƌƚĞ ĨŝŶĂů͕
WͿ͖
o ([DWLUDUHPXPDSHVVRDHDFHUWDUGXDV
• ďĞƌƌĂƚŝŽĐƌŝŵŝŶŝƐ͗ƌĞƐƵůƚĂĚŽĚŝǀĞƌƐŽĚŽƉƌĞƚĞŶĚŝĚŽĐŽŵƌĞƐƵůƚĂĚŽĚƵƉůŽ;Ăƌƚ͘
ϳϰ͕ƉĂƌƚĞĨŝŶĂů͕ĚŽſĚŝŐŽWĞŶĂůͿ͘
• ŽŶĐƵƌƐŽ ĚĞ ĂŐĞŶƚĞƐ͗ ƋƵĂŶĚŽ ĚƵĂƐ ŽƵ ŵĂŝƐ ƉĞƐƐŽĂƐ ĨŽƌĞŵ ĂĐƵƐĂĚĂƐ ƉĞůĂ
ŵĞƐŵĂŝŶĨƌĂĕĆŽ͘

Código Penal - Concurso formal
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϯϴ

Art. 70 - Quando o agente, mediante uma só ação
ou omissão, pratica dois ou mais crimes,
idênticos ou não, aplica-se-lhe a mais grave das
penas cabíveis ou, se iguais, somente uma delas,
mas aumentada, em qualquer caso, de um sexto até
metade. As penas aplicam-se, entretanto,
cumulativamente, se a ação ou omissão é dolosa e
os crimes concorrentes resultam de desígnios
autônomos, consoante o disposto no artigo
anterior.
Erro na execução
Art. 73 - Quando, por acidente ou erro no uso dos

meios de execução, o agente, ao invés de atingir
a pessoa que pretendia ofender, atinge pessoa
diversa, responde como se tivesse praticado o
crime contra aquela, atendendo-se ao disposto no
§ 3º do art. 20 deste Código. No caso de ser
também atingida a pessoa que o agente pretendia
ofender, aplica-se a regra do art. 70 deste
Código.(Redação dada pela Lei nº 7.209, de
11.7.1984)
Resultado diverso do pretendido
Art. 74 - Fora dos casos do artigo anterior,

quando, por acidente ou erro na execução do
crime, sobrevém resultado diverso do pretendido,
o agente responde por culpa, se o fato é previsto
como crime culposo; se ocorre também o resultado
pretendido, aplica-se a regra do art. 70 deste
Código. (Redação dada pela Lei nº 7.209, de
11.7.1984)
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Súmula n. 90 do STJ
“Compete à Justiça Estadual Militar processar e julgar o policial
militar pela prática de crime militar, e à Comum pela prática do crime comum
simultâneo àquele”.
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ϯϵ

Æ/XJDUGH$WUDomR
CONCURSO ENTRE JURISDIÇÕES DE Prevalece a mais graduada.

CATEGORIAS DIVERSAS (INSTÂNCIAS
DIFERENTES) Ex.:
TJ e juiz singular – prevalece o TJ

Justiça Estadual e Justiça Federal – JF
Súmula n. 122 STJ
“Compete à Justiça Federal o processo e

julgamento unificado dos crimes conexos de
competência federal e estadual, não se
aplicando a regra do artigo 78, inciso II,
‘a’, do Código de Processo Penal”.
CONCURSO DE JURISDIÇÕES DE MESMA Prepondera o local da infração mais grave (pena

CATEGORIA (MESMA GRADUAÇÃO) mais grave).
Ex.: Roubo em SP com furto em campinas Æ
prepondera SP
Obs.:
I - Se a pena máxima for igual, compara-se a pena
mínima.
II - Sendo iguais as penas (máxima e mínima),
prevalece o local onde foi praticado o maior
número de crimes.
Ex.: 3 furtos em Natal e 1 furto em Mossoró Æ
prepondera Natal
III - Se nenhum desses casos fixar a competência,

utiliza-se o critério da prevenção.
COMPETÊNCIA DO JÚRI E DE OUTRO ÓRGÃO Prevalecerá a competência do Júri.

DA JURISDIÇÃO COMUM Obs.:
- Se o crime for eleitoral E doloso contra a vida, os
processos serão julgados separadamente, não haverá a
reunião de processos, pois a competência de ambos é
fixada na Constituição Federal/88.
CONCURSO ENTRE JURISDIÇÃO COMUM E Prevalecerá a Especial.

JURISDIÇÃO ESPECIAL
CONCURSO ENTRE JURISDIÇÃO ELEITORAL E Prevalecerá a Eleitoral.

JURISDIÇÃO COMUM
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ϰϬ

ǤX
ͷǤ
WƌŝƐĆŽĐŽŶƐŝƐƚĞŶĂƉƌŝǀĂĕĆŽĚĂůŝďĞƌĚĂĚĞĚĞůŽĐŽŵŽĕĆŽ͕ŵĞĚŝĂŶƚĞĐůĂƵƐƵƌĂ͕ĚĞĐƌĞƚĂĚĂ
ƉŽƌ ŽƌĚĞŵ ĞƐĐƌŝƚĂ Ğ ĨƵŶĚĂŵĞŶƚĂĚĂ ĚĂ ĂƵƚŽƌŝĚĂĚĞ ũƵĚŝĐŝĄƌŝĂ ĐŽŵƉĞƚĞŶƚĞ͕ ŽƵ ĚĞĐŽƌƌĞŶƚĞ ĚĞ
ĨůĂŐƌĂŶƚĞĚĞůŝƚŽ͘
ŽŶĨŽƌŵĞ Ž Ăƌƚ͘ ϱ͘Ǒ͕ ŝŶĐ͘ >y/͕ ĚĂ ŽŶƐƚŝƚƵŝĕĆŽ &ĞĚĞƌĂů͕ ninguém será preso senão em
flagrante delito, ou por ordem escrita e fundamentada de autoridade judiciária competente,
salvo nos casos de transgressão militar ou crime propriamente militar, definidos em lei͘

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͸Ǥ2
ĂͿWƌŝƐĆŽWĞŶĂů͗ĠĂƉƌŝƐĆŽĚĞĐŽƌƌĞŶƚĞĚĞƵŵĂƐĞŶƚĞŶĕĂƉĞŶĂůĐŽŶĚĞŶĂƚſƌŝĂŝƌƌĞĐŽƌƌşǀĞů͘
ďͿWƌŝƐĆŽŝǀŝů͗ƐĞŐƵŶĚŽŽ^d&͕ƐſĠƉŽƐƐşǀĞůĂƉƌŝƐĆŽĐŝǀŝůĚŽĚĞǀĞĚŽƌĚĞĂůŝŵĞŶƚŽƐ͘
ĐͿ WƌŝƐĆŽ ŝƐĐŝƉůŝŶĂƌ͗ ƌĞĐĂŝ ƐŽďƌĞ ŽŵŝůŝƚĂƌ͕ ĚĞĐƌĞƚĂĚĂ ƉĞůŽ ƐƵƉĞƌŝŽƌ ŵŝůŝƚĂƌ ;ŶĆŽ ĂĚŵŝƚĞ ,Ϳ Ͳ
ƌƚ͘ϭϰϮ͕ΑϮǑ͕&͘
Art. 142. As Forças Armadas, constituídas pela
Marinha, pelo Exército e pela Aeronáutica, são
instituições nacionais permanentes e regulares,
organizadas com base na hierarquia e na
disciplina, sob a autoridade suprema do
Presidente da República, e destinam-se à defesa
da Pátria, à garantia dos poderes constitucionais
e, por iniciativa de qualquer destes, da lei e da
ordem.
(...)
§ 2º - Não caberá "habeas-corpus" em relação a
punições disciplinares militares.

ĚͿWƌŝƐĆŽĚŵŝŶŝƐƚƌĂƚŝǀĂ͗WƌŝƐĆŽĚĞĐƌĞƚĂĚĂƉĂƌĂĨŝŶƐĂĚŵŝŶŝƐƚƌĂƚŝǀŽƐ͘
([SULVmRGRHVWUDQJHLURHPYLDVGHVHUH[WUDGLWDGR

ĞͿ WƌŝƐĆŽ WƌŽĐĞƐƐƵĂů ;WƌŽǀŝƐſƌŝĂƐ ŽƵ ĂƵƚĞůĂƌĞƐͿ͗ Ġ Ă ƉƌŝƐĆŽ ĚĞĐƌĞƚĂĚĂ ĂŶƚĞƐ ŽƵ ĚƵƌĂŶƚĞ Ž
ƉƌŽĐĞƐƐŽƉĞŶĂů͘^ĆŽĞƐƉĠĐŝĞƐ͗
• WƌŝƐĆŽĞŵ&>'ZEd͖
o Ǥ͵Ͳͳ͵ͳͲǡȀǤͷ͑ǡ Ǥ
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϰϭ

o Ǧ
ǡ±ǡǤ
o Ǧǡǡ
ǡǡ Ǥ
• WƌŝƐĆŽWZsEd/sсhd>Z͖
o 2 ²ǡ

Ǥ
o À ±
Ǥ
• WƌŝƐĆŽdDWKZZ/сWZKs/^MZ/͖
o 2 ǡǤ
o ǡ ± À ±
ÀïÙǤ
o ǦǦ ² ±
ïǤ
Æ4XHPGHFUHWDSULVmRQR%UDVLOpR-XL]YLDGHUHJUDVDOYRGXDVH[FHo}HV
3ULVmRHPIODJUDQWH
3ULVmRGLVFLSOLQDU
͹Ǥ!
ȋǤ͹Ͷ͸Ȍ
• ƉĂůĂǀƌĂ͚ĨůĂŐƌĂŶƚĞ͛ǀĞŵĚŽůĂƚŝŵ͕ƐŝŐŶŝĨŝĐĂŶĚŽ͚ƋƵĞŝŵĂƌ͛͘
• &ůĂŐƌĂŶƚĞ ĚĞůŝƚŽ Ġ Ž ĐƌŝŵĞ ƋƵĞ ͚ĂŝŶĚĂ ƋƵĞŝŵĂ͕͛ ŝƐƚŽ Ġ͕ ƋƵĞ ĞƐƚĄ ƐĞŶĚŽ ĐŽŵĞƚŝĚŽ ŽƵ
ĂĐĂďŽƵĚĞƐġͲůŽ͘

Art. 302. Considera-se em flagrante delito quem:
I - está cometendo a infração penal;
II - acaba de cometê-la;
III - é perseguido, logo após, pela autoridade,
pelo ofendido ou por qualquer pessoa, em situação
que faça presumir ser autor da infração;
IV - é encontrado, logo depois, com instrumentos,
armas, objetos ou papéis que façam presumir ser
ele autor da infração.
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϰϮ

͵ǤͳǤ±
ĂͿ &ůĂŐƌĂŶƚĞ ƉƌſƉƌŝŽ͗ Ġ Ž ĨůĂŐƌĂŶƚĞ ƉƌŽƉƌŝĂŵĞŶƚĞ ĚŝƚŽ͕ ƌĞĂů ŽƵ ǀĞƌĚĂĚĞŝƌŽ͘ K ĂŐĞŶƚĞ Ġ ƉƌĞƐŽ
ĞŶƋƵĂŶƚŽĞƐƚĄĐŽŵĞƚĞŶĚŽĂŝŶĨƌĂĕĆŽƉĞŶĂůŽƵĂƐƐŝŵƋƵĞĂĐĂďĂĚĞĐŽŵĞƚġͲůĂ͘

I - está cometendo a infração penal;
II - acaba de cometê-la;

ďͿ &ůĂŐƌĂŶƚĞŝŵƉƌſƉƌŝŽŽƵ ƋƵĂƐĞĨůĂŐƌĂŶƚĞ͗ ĠŽ ĨůĂŐƌĂŶƚĞ ŝƌƌĞĂů͘K ĂŐĞŶƚĞ Ġ ƉĞƌƐĞŐƵŝĚŽ ůŽŐŽ
ĂƉſƐĐŽŵĞƚĞƌŽŝůşĐŝƚŽ͕ĞŵƐŝƚƵĂĕĆŽƋƵĞĨĂĕĂƉƌĞƐƵŵŝƌƐĞƌĞůĞŽĂƵƚŽƌĚĂŝŶĨƌĂĕĆŽ͘
(...)
III - é perseguido, logo após, pela autoridade,
pelo ofendido ou por qualquer pessoa, em situação
que faça presumir ser autor da infração;

ΎƐƚĂĞƐƉĠĐŝĞĚĞĨůĂŐƌĂŶƚĞŶĆŽƚĞŵƉƌĂǌŽ͕ƉĞƌĚƵƌĂĞŶƋƵĂŶƚŽĚƵƌĂƌĂƉĞƌƐĞŐƵŝĕĆŽ͘

ĐͿ &ůĂŐƌĂŶƚĞ ƉƌĞƐƵŵŝĚŽ͗ K ĂŐĞŶƚĞ ĚŽ ĚĞůŝƚŽ Ġ ĞŶĐŽŶƚƌĂĚŽ͕ ůŽŐŽ ĚĞƉŽŝƐ͕ ĐŽŵ ƉĂƉĠŝƐ͕
ŝŶƐƚƌƵŵĞŶƚŽƐ͕ĂƌŵĂƐŽƵŽďũĞƚŽƐƋƵĞĨĂǌĞŵƉƌĞƐƵŵŝƌƐĞƌĞůĞŽĂƵƚŽƌĚŽĚĞůŝƚŽ͘

(...)
IV - é encontrado, logo depois, com instrumentos,
armas, objetos ou papéis que façam presumir ser
ele autor da infração.
KďƐ͗͘KƋƵĞŶĆŽƐĞĞŶƋƵĂĚƌĂƌŶŽĂƌƚ͘ϯϬϮĚŽWWŶĆŽĠĨůĂŐƌĂŶƚĞ͘
([DSUHVHQWDomRHVSRQWkQHD

ĚͿ&ůĂŐƌĂŶƚĞŽďƌŝŐĂƚſƌŝŽŽƵĐŽŵƉƵůƐſƌŝŽ͗ĂƐĂƵƚŽƌŝĚĂĚĞƐƉŽůŝĐŝĂŝƐĞƐĞƵƐĂŐĞŶƚĞƐƚġŵŽĚĞǀĞƌ
ĚĞĞĨĞƚƵĂƌĂƉƌŝƐĆŽĞŵĨůĂŐƌĂŶƚĞ͕ŶĆŽƉŽƐƐƵŝŶĚŽƋƵĂůƋƵĞƌĚŝƐĐƌŝĐŝŽŶĂƌŝĞĚĂĚĞ͘

ĞͿ &ůĂŐƌĂŶƚĞ ĨĂĐƵůƚĂƚŝǀŽ͗ Ġ Ă ĨĂĐƵůĚĂĚĞ ƋƵĞ ƋƵĂůƋƵĞƌ Ƶŵ ĚŽ ƉŽǀŽ ƚĞŵ ĚĞ ĞĨĞƚƵĂƌ ŽƵ ŶĆŽ Ă
ƉƌŝƐĆŽĞŵĨůĂŐƌĂŶƚĞ͕ĐŽŶĨŽƌŵĞŽƐĐƌŝƚĠƌŝŽƐĚĞĐŽŶǀĞŶŝġŶĐŝĂĞŽƉŽƌƚƵŶŝĚĂĚĞ;ƌƚ͘ϯϬϭ͕WWͿ
Art. 301. Qualquer do povo poderá e as

autoridades policiais e seus agentes deverão
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ϰϯ

prender quem quer que seja encontrado em
flagrante delito.
ĨͿ&ůĂŐƌĂŶƚĞĞƐƉĞƌĂĚŽ͗ŽĨůĂŐƌĂŶƚĞƌĞŐƵůĂƌĚĂĂƵƚŽƌŝĚĂĚĞ͕ƋƵĞĂŐƵĂƌĚĂĂƉƌĄƚŝĐĂĚĂŝŶĨƌĂĕĆŽ
ƉĂƌĂƉƌĞŶĚĞƌŽĂŐĞŶƚĞ͘
([3ROLFLDID]FDPSDQDHPIUHQWHDFDVDGHVXSRVWRWUDILFDQWH

ŐͿ &ůĂŐƌĂŶƚĞ ĨŽƌũĂĚŽ͗ Ž ĨůĂŐƌĂŶƚĞ ŝƌƌĞŐƵůĂƌ ĚĂ ĂƵƚŽƌŝĚĂĚĞ͕ ƋƵĞ ƐŝŵƵůĂ ƵŵĂ ƐŝƚƵĂĕĆŽ ĚĞ
ĨůĂŐƌĂŶƚĞ͘ŽĨůĂŐƌĂŶƚĞŵĂƋƵŝŶĂĚŽ͕ĨĂďƌŝĐĂĚŽŽƵƵƌĚŝĚŽ͘WŽůŝĐŝĂŝƐŽƵƚĞƌĐĞŝƌŽƐĐƌŝĂŵƉƌŽǀĂƐĚĞ
ƵŵĐƌŝŵĞŝŶĞǆŝƐƚĞŶƚĞƉĂƌĂƉƌĞŶĚĞƌĞŵĨůĂŐƌĂŶƚĞ͘
([SROLFLDODRUHYLVWDURFDUURDILUPDWHUHQFRQWUDGRGURJDVTXDQGRQDYHUGDGHIRLHOH
TXHPFRORFRXDGURJDGHQWURGRFDUURYLVDQGRDLQFULPLQDomR
ΎƉĞƐĂƌ ĚĂ ĚŝĨŝĐƵůĚĂĚĞ ĚĞ ƐƵĂ ƉƌŽǀĂ͕ ƋƵĂŶĚŽ ĞůĂ ƐĞ ĚĄ Ġ ĐŽŶƐŝĚĞƌĂĚŽ ĐƌŝŵĞ
ŝŶĞǆŝƐƚĞŶƚĞ͕ĞŽƉŽůŝĐŝĂůƌĞƐƉŽŶĚĞƉŽƌĂďƵƐŽĚĞĂƵƚŽƌŝĚĂĚĞ͘

ŚͿ&ůĂŐƌĂŶƚĞƉƌĞƉĂƌĂĚŽ͗ŽĚĞůŝƚŽŽŶĚĞŽĂŐĞŶƚĞĠŝŶĚƵǌŝĚŽĂƉƌĂƚŝĐĂƌĂŝŶĨƌĂĕĆŽ͘KĨůĂŐƌĂŶƚĞ
ƉƌĞƉĂƌĂĚŽĠŝƌƌĞŐƵůĂƌ͕ƉŽƌƐĞƚƌĂƚĂƌĚĞĐƌŝŵĞŝŵƉŽƐƐşǀĞů͕ĠŽĞŶƚĞŶĚŝŵĞŶƚŽŵĂũŽƌŝƚĄƌŝŽ͘
K^ƵƉƌĞŵŽdƌŝďƵŶĂů&ĞĚĞƌĂůĐŽŶƐŝĚĞƌĂĂƚşƉŝĐĂĂĐŽŶĚƵƚĂ͕ĐŽŶĨŽƌŵĞĂ^ƷŵƵůĂŶ͘ϭϰϱ͘
STF Súmula nº 145
Não há crime, quando a preparação do flagrante
pela polícia torna impossível a sua consumação.
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ϰϰ

Yh^dO^^KZKdD

ϭͿ ;K͘^W͘^WͬϮϬϬϴ͘ϮͿ ƐƐŝŶĂůĞ Ă ŽƉĕĆŽ ĐŽƌƌĞƚĂ ĂĐĞƌĐĂ ĚĂ ĐŽŶĞǆĆŽ Ğ ĚĂ ĐŽŶƚŝŶġŶĐŝĂ͕ ƐĞŐƵŶĚŽ Ž
ſĚŝŐŽĚĞWƌŽĐĞƐƐŽWĞŶĂů;WWͿ͘
Ϳ EŽ ĐŽŶĐƵƌƐŽ ĞŶƚƌĞ Ă ĐŽŵƉĞƚġŶĐŝĂ ĚŽ ũƷƌŝ Ğ Ă ĚĞ ŽƵƚƌŽ ſƌŐĆŽ ĚĂ ũƵƌŝƐĚŝĕĆŽ ĐŽŵƵŵ͕ ƉƌĞǀĂůĞĐĞƌĄ Ă
ĐŽŵƉĞƚġŶĐŝĂĚĞƐƚĞƷůƚŝŵŽ͘
Ϳ EŽ ĐŽŶĐƵƌƐŽ ĚĞ ũƵƌŝƐĚŝĕƁĞƐ ĚĂ ŵĞƐŵĂ ĐĂƚĞŐŽƌŝĂ͕ ƉƌĞƉŽŶĚĞƌĂƌĄ Ă ĚŽ ůƵŐĂƌ ĚĂ ŝŶĨƌĂĕĆŽ ă ƋƵĂů ĨŽƌ
ĐŽŵŝŶĂĚĂĂƉĞŶĂŵĂŝƐŐƌĂǀĞ͘
ͿĐŽŶĞǆĆŽĞĂĐŽŶƚŝŶġŶĐŝĂŝŵƉŽƌƚĂƌĆŽƵŶŝĚĂĚĞĚĞƉƌŽĐĞƐƐŽĞũƵůŐĂŵĞŶƚŽ͕ŝŶĐůƵƐŝǀĞŶŽĐŽŶĐƵƌƐŽĞŶƚƌĞ
ĂũƵƌŝƐĚŝĕĆŽĐŽŵƵŵĞĂĚŽũƵşǌŽĚĞŵĞŶŽƌĞƐ͘
ͿEŽĐŽŶĐƵƌƐŽĞŶƚƌĞĂũƵƌŝƐĚŝĕĆŽĐŽŵƵŵĞĂĞƐƉĞĐŝĂů͕ƉƌĞǀĂůĞĐĞƌĄĂƋƵĞůĂ͘

ϮͿ;K͘^WͬϮϬϬϴ͘ϭͿŵƌĞůĂĕĆŽăĚĞůŝŵŝƚĂĕĆŽĚĂĐŽŵƉĞƚġŶĐŝĂŶŽƉƌŽĐĞƐƐŽƉĞŶĂů͕ăƐƉƌĞƌƌŽŐĂƚŝǀĂƐ
ĚĞĨƵŶĕĆŽĞĂŽĨŽƌŽĞƐƉĞĐŝĂů͕ĂƐƐŝŶĂůĞĂŽƉĕĆŽĐŽƌƌĞƚĂ͘
ĂͿEŽĐĂƐŽĚĞĐŽŶĞǆĆŽĞŶƚƌĞƵŵĐƌŝŵĞĐŽŵƵŵĞƵŵĐƌŝŵĞĞůĞŝƚŽƌĂů͕ĞƐƚĞĚĞǀĞƐĞƌƉƌŽĐĞƐƐĂĚŽƉĞƌĂŶƚĞĂ
ũƵƐƚŝĕĂĞůĞŝƚŽƌĂůĞĂƋƵĞůĞ͕ƉĞƌĂŶƚĞĂũƵƐƚŝĕĂĞƐƚĂĚƵĂů͕ǀŝƐƚŽƋƵĞ͕ŶŽĐŽŶĐƵƌƐŽĚĞũƵƌŝƐĚŝĕƁĞƐĚĞĚŝǀĞƌƐĂƐ
ĐĂƚĞŐŽƌŝĂƐ͕ŽĐŽƌƌĞĂƐĞƉĂƌĂĕĆŽĚŽƐƉƌŽĐĞƐƐŽƐ͘
ďͿEĆŽǀŝŽůĂĂŐĂƌĂŶƚŝĂĚŽũƵŝǌŶĂƚƵƌĂůĂĂƚƌĂĕĆŽƉŽƌĐŽŶƚŝŶġŶĐŝĂĚŽƉƌŽĐĞƐƐŽĚŽĐŽͲƌĠƵĂŽĨŽƌŽĞƐƉĞĐŝĂů
ĚŽŽƵƚƌŽĚĞŶƵŶĐŝĂĚŽ͕ƌĂǌĆŽƉĞůĂƋƵĂůƵŵĂĚǀŽŐĂĚŽĞƵŵũƵŝǌĚĞĚŝƌĞŝƚŽƋƵĞƉƌĂƚŝƋƵĞŵĐƌŝŵĞĐŽŶƚƌĂŽ
ƉĂƚƌŝŵƀŶŝŽĚĞǀĞŵƐĞƌƉƌŽĐĞƐƐĂĚŽƐƉĞƌĂŶƚĞŽƚƌŝďƵŶĂůĚĞũƵƐƚŝĕĂ͘
ĐͿ K ŵŝůŝƚĂƌ ƋƵĞ͕ ŶŽ ĞǆĞƌĐşĐŝŽ ĚĂ ĨƵŶĕĆŽ͕ ƉƌĂƚŝĐĂ ĐƌŝŵĞ ĚŽůŽƐŽ ĐŽŶƚƌĂ Ă ǀŝĚĂ ĚĞ Ƶŵ Đŝǀŝů ĚĞǀĞ ƐĞƌ
ƉƌŽĐĞƐƐĂĚŽƉĞƌĂŶƚĞĂũƵƐƚŝĕĂŵŝůŝƚĂƌ͘
ĚͿDĞŵďƌŽĚŽDŝŶŝƐƚĠƌŝŽWƷďůŝĐŽĞƐƚĂĚƵĂůƋƵĞƉƌĂƚŝĐĂĐƌŝŵĞĚŽůŽƐŽĐŽŶƚƌĂĂǀŝĚĂĚĞǀĞƐĞƌƉƌŽĐĞƐƐĂĚŽ
ƉĞƌĂŶƚĞ Ž ƚƌŝďƵŶĂů ĚŽ ũƷƌŝ Ğ͕ ŶĆŽ͕ ŶŽ ĨŽƌŽ ƉŽƌ ƉƌĞƌƌŽŐĂƚŝǀĂ ĚĞ ĨƵŶĕĆŽ ŽƵ ĞƐƉĞĐŝĂů͕ ǀŝƐƚŽ ƋƵĞ Ă
ĐŽŵƉĞƚġŶĐŝĂĚŽƚƌŝďƵŶĂůĚŽũƷƌŝĞƐƚĄĞǆƉƌĞƐƐĂŶĂŽŶƐƚŝƚƵŝĕĆŽ&ĞĚĞƌĂů͘

ϯͿ;K͘^WͬϮϬϬϴ͘ϭͿEŽƋƵĞƐĞƌĞĨĞƌĞăƐĚŝƐƉŽƐŝĕƁĞƐĚŽWWĂĐĞƌĐĂĚĂĐŽŵƉĞƚġŶĐŝĂƉŽƌĐŽŶĞǆĆŽŽƵ
ĐŽŶƚŝŶġŶĐŝĂ͕ĂƐƐŝŶĂůĞĂŽƉĕĆŽŝŶĐŽƌƌĞƚĂ͘
Ϳ EŽ ĐŽŶĐƵƌƐŽ ĞŶƚƌĞ Ă ĐŽŵƉĞƚġŶĐŝĂ ĚŽ ũƷƌŝ Ğ ĚĞ ŽƵƚƌŽ ſƌŐĆŽ ĚĂ ũƵƌŝƐĚŝĕĆŽ ĐŽŵƵŵ͕ ƉƌĞǀĂůĞĐĞƌĄ Ă
ĐŽŵƉĞƚġŶĐŝĂĚŽũƷƌŝ͘
ͿEŽĐŽŶĐƵƌƐŽĞŶƚƌĞĂũƵƌŝƐĚŝĕĆŽĐŽŵƵŵĞĂĞƐƉĞĐŝĂů͕ƉƌĞǀĂůĞĐĞƌĄĂũƵƌŝƐĚŝĕĆŽĞƐƉĞĐŝĂů͘
ͿĐŽŶĞǆĆŽĞĂĐŽŶƚŝŶġŶĐŝĂŝŵƉŽƌƚĂƌĆŽƵŶŝĚĂĚĞĚĞƉƌŽĐĞƐƐŽĞũƵůŐĂŵĞŶƚŽ͕ŝŶĐůƵƐŝǀĞŶŽĐŽŶĐƵƌƐŽĞŶƚƌĞ
ĂũƵƌŝƐĚŝĕĆŽĐŽŵƵŵĞĂŵŝůŝƚĂƌ͘
ͿĐŽŶĞǆĆŽĞĂĐŽŶƚŝŶġŶĐŝĂŶŽĐŽŶĐƵƌƐŽĞŶƚƌĞĂũƵƌŝƐĚŝĕĆŽĐŽŵƵŵĞĂĚŽũƵşǌŽĚĞŵĞŶŽƌĞƐŝŵƉŽƌƚĂƌĆŽ
ƐĞƉĂƌĂĕĆŽĚĞƉƌŽĐĞƐƐŽƐĞĚĞũƵůŐĂŵĞŶƚŽ͘

'Z/dK
ϭ͖͘Ϯ͖͘ϯ͘
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϰϱ

͵ǤʹǤ !

Æ&KZD>/^>'/^͗
• sĞƌŝĨŝĐĂĚĂ Ă ĨĂůƚĂ ĚĞ ĨŽƌŵĂůŝĚĂĚĞ ůĞŐĂů͕ ƚŽƌŶĂͲƐĞ />'> Ă ƉƌŝƐĆŽ͕ ĞŶƐĞũĂŶĚŽ Ž
Z>yDEdKʹƌƚ͘ϱǑ͕>ys͘
o Ǧ Ǣ
Æ&KZD>/^͗
ϭͿ>ĂǀƌĂƚƵƌĂĚŽhdKĚĞƉƌŝƐĆŽĞŵĨůĂŐƌĂŶƚĞʹĂƌƚ͘ϯϬϰ͕WW͘
• ƐƐŝŵ ƋƵĞ Ž ƉƌĞƐŽ ĨŽƌ ĂƉƌĞƐĞŶƚĂĚŽ ă ĂƵƚŽƌŝĚĂĚĞ ĐŽŵƉĞƚĞŶƚĞ͕ ůĂǀƌĂƌͲƐĞͲĄ Ž ĂƵƚŽ ĚĞ
ƉƌŝƐĆŽĞŵĨůĂŐƌĂŶƚĞ͘
• ůĂǀƌĂƚƵƌĂ ĚŽ ĂƵƚŽ ĚĞǀĞƌŝĂ ƐĞƌ ŝŵĞĚŝĂƚĂ͕ ŵĂƐ Ă :ƵƌŝƐƉƌƵĚġŶĐŝĂ ƚĞŵ ĂĚŵŝƚŝĚŽ ƵŵĂ
ĞůĂƐƚŝĐŝĚĂĚĞ ŵĂŝŽƌ͕ ĚĞǀŝĚŽ ĂŽ ŶƷŵĞƌŽ ĞǆĐĞƐƐŝǀŽ ĚĞ ƉƌŝƐƁĞƐ͕ ƉŽĚĞŶĚŽ Ž ĂƵƚŽ ƐĞƌ
ůĂǀƌĂĚŽŶŽŵĄǆŝŵŽϮϰŚŽƌĂƐĚĂƉƌŝƐĆŽ͘
o KƵǀŝƌŽĐŽŶĚƵƚŽƌĚŽƉƌĞƐŽ͖
o dĞƐƚĞŵƵŶŚĂƐ͖
o /ŶƚĞƌƌŽŐĂŝŶĚŝĐŝĂĚŽ͘
Ǥ ͵ͲͶǤ ǡ
ǡ ǡ ǡ ×
Ǥ ǡ
×
± ǡ ǡ ×
ǡǡǡǡǤ
ϮͿŶƚƌĞŐĂĚĂEKdh>WʹĂƌƚ͘ϯϬϲ͕ΑϮǑ͕WW͘
• ŽŵƵŶŝĐĂĕĆŽĂŽƉƌĞƐŽĚŽŵŽƚŝǀŽĚĞƐƵĂƉƌŝƐĆŽĞƉŽƌƋƵĞŵĞůĞĨŽŝƉƌĞƐŽ͘
o 2² Ǥ
• WƌĂǌŽсϮϰŚŽƌĂƐ;ĐŽŶƚĂĚĂƐĚŽŵŽŵĞŶƚŽĚĂƉƌŝƐĆŽͿ
• >ĂǀƌĂĚŽŽ ĂƵƚŽ͕ ĚĞǀĞƌĄƐĞƌ ĐŽŵƵŶŝĐĂĚĂĂ ƉƌŝƐĆŽ ŝŵĞĚŝĂƚĂŵĞŶƚĞ ă ĂƵƚŽƌŝĚĂĚĞũƵĚŝĐŝĂů

ĐŽŵƉĞƚĞŶƚĞ͕ƋƵĞƌĞůĂǆĂƌĄĂƉƌŝƐĆŽƐĞĞƐƚĂĨŽƌŝůĞŐĂů͘;ƌƚ͘ϯϬϰ͕͞ĐĂƉƵƚ͕͟WWͿ͘
Ǥ ͵Ͳ͸Ǥ
À
Ǥ
Ț ͳ ʹͶ ȋ Ȍ ǡ

'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϰϲ

ǡ
ǡ×ïǤ
Țʹǡǡǡ
ǡ ǡ ǡ
Ǥ
ϯͿŵϮϰŚŽƌĂƐ͕ŽĚĞůĞŐĂĚŽĚĞǀĞƌĄKDhE/ZĂƉƌŝƐĆŽĂŽũƵŝǌʹĂƌƚ͘ϯϬϲ͕ΑϭǑ͕WW͘
ϰͿŽŵƵŶŝĐĂĕĆŽă&E^KZ/Wj>/
Ȃ ǡ ÙǦ
ïǡʹͶ Ǥ

ͺǤ!εV
ƵŵĂĂŶƚĞĐŝƉĂĕĆŽĚĂƉƌŝƐĆŽƉƌĞǀĞŶƚŝǀĂ͕ƚĞŶĚŽƌĞƋƵŝƐŝƚŽƐŵĞŶŽƐƌŝŐŽƌŽƐŽƐ͘
• ^ĞŐƵŶĚŽŽƌƚ͘ϭǑĚĞƐƵĂ>Ğŝ͕ĐĂďĞƌĄ͗
o /ʹYƵĂŶĚŽĨŽƌŝŵƉƌĞƐĐŝŶĚşǀĞůăƐŝŶǀĞƐƚŝŐĂĕƁĞƐ͖
WĞƌŝĐƵůƵŵŝŶŵŽƌĂс
ƚŽƌŶĂŵŶĞĐĞƐƐĄƌŝĂŽƵ o //ʹYƵĂŶĚŽŽƐƵũĞŝƚŽŶĆŽƚŝǀĞƌƌĞƐŝĚġŶĐŝĂĨŝǆĂŽƵƐĞŚŽƵǀĞƌĚƷǀŝĚĂƋƵĂŶƚŽă
ƵƌŐĞŶƚĞ ƐƵĂŝĚĞŶƚŝĚĂĚĞ͖
&ƵŵƵƐŽŶŝ/ƵƌŝƐс
o /// ʹ YƵĂŶĚŽ ŚŽƵǀĞƌ ŝŶĚşĐŝŽƐ ĚĞ ĂƵƚŽƌŝĂ ŽƵ ƉĂƌƚŝĐŝƉĂĕĆŽ ŶƵŵ ĚŽƐ ĐƌŝŵĞƐ
ĂƉĂƌġŶĐŝĂĚĞĐĂďŝŵĞŶƚŽ ĞůĞŶĐĂĚŽƐŶŽƌŽů;ƚĂǆĂƚŝǀŽͿ͘

!ǫ

Ǥǣ Ϊ
αΪΪǤ
• WƌĂǌŽ͗ϱĚŝĂƐ͕ƉƌŽƌƌŽŐĂĚŽƐƵŵĂƷŶŝĐĂǀĞǌƉŽƌŵĂŝƐϱĚŝĂƐ͘
o K^͗͘>Ğŝϴ͘ϬϳϮͬϵϬʹƌŝŵĞƐ,ĞĚŝŽŶĚŽƐ
ϯϬĚŝĂƐƉƌŽƌƌŽŐĂĚŽƐƉŽƌŵĂŝƐϯϬĚŝĂƐ͘

ͻǤ!ȋȌ
• KƉƌĞƐƐƵƉŽƐƚŽƉĂƌĂĂĚĞĐƌĞƚĂĕĆŽĠŽfumus comissi delicti͕ŽƵƐĞũĂ͕ĂĞǆŝƐƚġŶĐŝĂĚĞ

ŝŶĚşĐŝŽƐƵĨŝĐŝĞŶƚĞĚĞĂƵƚŽƌŝĂĞŵĂƚĞƌŝĂůŝĚĂĚĞ͘
• KƐ ĨƵŶĚĂŵĞŶƚŽƐ ƉĂƌĂ Ă ĚĞĐƌĞƚĂĕĆŽ ƐĆŽ ĞƐƉĠĐŝĞƐ ĚĞ periculum libertatis Ğ ƐĆŽ
ĞǆƉƌĞƐƐŽƐŶĂƐŚŝƉſƚĞƐĞƐůĞŐĂŝƐ;ƌƚ͘ϯϭϮ͕WWͿ͘
Art. 312. A prisão preventiva poderá ser

decretada como garantia da ordem pública, da
ordem econômica, por conveniência da instrução
criminal, ou para assegurar a aplicação da lei
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϰϳ

penal, quando houver prova da existência do crime
e indício suficiente de autoria.
ͷǤͳǤÙȂǤ͵ͳ͵Ȃ
KĂƌƚ͘ϯϭϯ͕ĐĂƉƵƚ͕WW͕ƚƌĂǌĚƵĂƐĐŽŶĚŝĕƁĞƐĂďƐŽůƵƚĂƐ͗
• ƌŝŵĞƐŽůŽƐŽƐ;ϭͲƐĞƌĐƌŝŵĞͬϮͲƐĞƌĚŽůŽƐŽͿ͖
o Ǥǣ.! Ǥ
o Ǥǣ Ǥ
• WƵŶŝĚŽƐĐŽŵƉĞŶĂĚĞƌĞĐůƵƐĆŽ;Ăƌƚ͘ϯϭϯ͕/͕WWͿ
o ƐƐĂĠĂƌĞŐƌĂ͘ĚŵŝƚĞĞǆĐĞĕĆŽ;ŝŶĐŝƐŽƐ//͕///Ğ/sͿ͘
Ǧ ǡ ±
ǡ ï ǡ
²ǦǢ
Ǧ ± ǡ
ǡ
ïǤͶ͸×ǤȋȌǤ
Ǧ²±
ǡ Àǡ
²ǤȋȌ
• ƐƚĞŝŶĐŝƐŽĨŽŝŝŶƐĞƌŝĚŽƉĞůĂ>Ğŝϭϭ͘ϯϰϬͬϬϲʹ>ĞŝDĂƌŝĂĚĂWĞŶŚĂ͘
ͷǤʹǤǦǤ͵ͳʹǡ
• ͞&ƵŵƵƐďŽŶŝŝƵƌŝƐ͗͟
hDh>d/sK^͕ĂŵďŽƐ
o ŝŶĚşĐŝŽƐĚĞĂƵƚŽƌŝĂ͖Ğ
ƚġŵƋƵĞĞƐƚĂƌƉƌĞƐĞŶƚĞƐ͘ o ƉƌŽǀĂĚĞŵĂƚĞƌŝĂůŝĚĂĚĞ͘
• Ͳ͞WĞƌŝĐƵůƵŵŝŶŵŽƌĂ͗͟ƌĞǀĞůĂĂŶĞĐĞƐƐŝĚĂĚĞĚĂƉƌŝƐĆŽ͘
o YƵĞƐĞũĂŶĞĐĞƐƐĄƌŝĂƉĂƌĂĂŐĂƌĂŶƚŝĂĚĂŽƌĚĞŵƉƷďůŝĐĂ͖

o YƵĞƐĞũĂŶĞĐĞƐƐĄƌŝĂƉĂƌĂĂŐĂƌĂŶƚŝĂĚĂŽƌĚĞŵĞĐŽŶƀŵŝĐĂ͕
>dZEd/sK^
o WĂƌĂŐĂƌĂŶƚŝƌĂƉƌŽĚƵĕĆŽĚĞƉƌŽǀĂƐŽƵĐŽŶǀĞŶŝġŶĐŝĂĚĂŝŶƐƚƌƵĕĆŽĐƌŝŵŝŶĂů͖
ĂƐƚĂĂƉƌĞƐĞŶĕĂĚĞƵŵ
ĚĞƐƐĞƐϰ͘ Ǥǣ Ǥ
o WĂƌĂĂƐƐĞŐƵƌĂƌĂĨƵƚƵƌĂĂƉůŝĐĂĕĆŽĚĂůĞŝƉĞŶĂů͖
ǤǣÆÀǤ

ȗÙǣ
• ïȂͶͲͺǢ
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ϰϴ

• ÀȂͷͻͶǤ
o EĞƐƐĞƐĐĂƐŽƐƐſŶĆŽƉƌĞŶĚŝĂƐĞĨŽƐƐĞƉƌŝŵĄƌŝŽĞĚĞďŽŶƐĂŶƚĞĐĞĚĞŶƚĞƐ͘
! !
ǦǤ͵ͳͳǦ͵ͳ͸ǡǤ Ǧ͹Ǥͻ͸ͲȀͺͻǤ
ǦǤ ǦǤ
Ǧ ±ǡ ± Ǧ×
ȋǤ͵ͳͳǡȌǤ ȋ±ȌǢ
Ǧǣ Ǧ2ǡ
ǦÀǤǤʹ͑ǡǤ
• ÀǢ
Ǧ
• Ǣ
Ǥ
•
ǦȂǤͳ͑ȂȂ
ȋȌǢ
Ǥ
• Ǥ
Ǧǣ
• ȋȌǢ
• ȋȌǤ
ǦǣͲͷȋΪ
ͷȌ
ǦͺǤͲ͹ʹȀͻͲȂ

ȋȀȀȌǣ
• ǡ
͵ͲȋΪ͵ͲȌǤ
• Ǥʹ͑ǡȚͶ͑ǡǤ
Ǥ͵ͳͳǤ± Ǥ ʹ͑ ǡ

ǡ ǡ À
ǡ Àǡ À
± ïǡ ǣ
ǡ
ǦǡǢ
Ǥ
Ț ͳ
Ǥ ͵ͳ͸Ǥ

ǡǡ
Ǥ
ǡ
Ǧǡ Ù Ț ʹ ǡ
Ǥ
ǡ ǦǦ × ʹȀͷ
ȋ Ȍ ǡ
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϰϵ

ǡ ͵Ȁͷ ȋ² Ȍǡ
Ǥ
Ț ͵ ×ǡ
±
Ǥ
ȚͶ ǡÙ
͹Ǥͻ͸Ͳǡ ʹͳ ͳͻͺͻǡ
ǡ
͵Ͳ ȋȌ ǡ
À
Ǥ
ͼǤ.!!
ϭͿWƌŝƐĆŽĞŵ&ůĂŐƌĂŶƚĞ͗
• ZĞůĂǆĂŵĞŶƚŽ;ƉƌĞƐƐƵƉƁĞŝůĞŐĂůŝĚĂĚĞĚĂƉƌŝƐĆŽʹĂƌƚ͘ϱǑ͕>ys͕&Ϳ͘
o ,Ą ƌĞůĂǆĂŵĞŶƚŽ ĚĂ ƉƌŝƐĆŽ Ğŵ ĨůĂŐƌĂŶƚĞ ƐĞŵƉƌĞ ƋƵĞ ŝŶĐŝĚĞ ǀşĐŝŽ ĨŽƌŵĂů ŽƵ
ŵĂƚĞƌŝĂů͘
o ,ŽƵǀĞ/>'>/ŶŽĨůĂŐƌĂŶƚĞ͘
o ,Ą ǀşĐŝŽ ĨŽƌŵĂů ƋƵĂŶĚŽ ĂůŐƵŵ ĚŽƐ ƌĞƋƵŝƐŝƚŽƐ ĞǆƉŽƐƚŽƐ ŶĆŽ ĨŽŝ ĐƵŵƉƌŝĚŽ͕
ĐŽŵŽĂŝŶǀĞƌƐĆŽĚĞŽŝƚŝǀĂƐŶĂůĂǀƌĂƚƵƌĂĚŽĂƵƚŽ͕ĂĂƵƐġŶĐŝĂĚĞ͞ŶŽƚĂĚĞĐƵůƉĂ͟
ŽƵĂŶĆŽĐŽŵƵŶŝĐĂĕĆŽŝŵĞĚŝĂƚĂĚĂƉƌŝƐĆŽăĂƵƚŽƌŝĚĂĚĞũƵĚŝĐŝĄƌŝĂĐŽŵƉĞƚĞŶƚĞ͘
dĂŝƐŝƌƌĞŐƵůĂƌŝĚĂĚĞƐŶĆŽŐĞƌĂŵŶƵůŝĚĂĚĞ͕ƋƵĞŝŶĞǆŝƐƚĞŶĂĨĂƐĞŝŶƋƵŝƐŝƚŝǀĂ͕ŵĂƐ
ĐĞŝĨĂŵĂůĞŐŝƚŝŵŝĚĂĚĞĚĂĐƵƐƚſĚŝĂĞŵƌĂǌĆŽĚŽĨůĂŐƌĂŶƚĞ͘
• >ŝďĞƌĚĂĚĞWƌŽǀŝƐſƌŝĂ;ƉƌŝƐĆŽĠůĞŐĂů͕ŵĂƐĚĞƐŶĞĐĞƐƐĄƌŝĂͿ͘
o Ă ƐŝƚƵĂĕĆŽ ƐƵďƐƚŝƚƵƚŝǀĂ ĚĂ ƉƌŝƐĆŽ Ğŵ ĨůĂŐƌĂŶƚĞ͕ ŶŽƐ ĐĂƐŽƐ Ğŵ ƋƵĞ Ă ůĞŝ Ă
ĐŽŶƐŝĚĞƌĂĚĞƐŶĞĐĞƐƐĄƌŝĂ͘
ϮͿWƌŝƐĆŽdĞŵƉŽƌĄƌŝĂ͗
o ĞƐƐĂƉŽƌZsK'K͘
o WŽƌƐĞƌƵŵĂƚŽĚŽũƵŝǌ͕ĠĚĞƐĐŽŶƐƚŝƚƵşĚĂƚĂŵďĠŵƉĞůŽũƵŝǌ͘
ϯͿWƌŝƐĆŽWƌĞǀĞŶƚŝǀĂ͗Ăƌƚ͘ϯϭϲ͕WW
o ĞƐƐĂƉŽƌZsK'KĂƋƵĂůƋƵĞƌƚĞŵƉŽ͕ƐĞĐĞƐƐĂƌĞŵŽƐŵŽƚŝǀŽƐƋƵĞĂƵƚŽƌŝǌĂŵ
Ă ĚĞĐƌĞƚĂĕĆŽ͕ ďĞŵ ĐŽŵŽ ŶŽǀĂ ĚĞĐƌĞƚĂĕĆŽ ƉĞůĂ ƐƵƉĞƌǀĞŶŝġŶĐŝĂ ĚĞ ŵŽƚŝǀŽ ƋƵĞ Ă
ũƵƐƚŝĨŝƋƵĞ͘
o EĞƐƐĞĐĂƐŽ͕ŶĆŽŚĂǀĞƌĄůŝďĞƌĚĂĚĞƉƌŽǀŝƐſƌŝĂ͕ƉŽŝƐŶĆŽŚĂǀĞƌĄƋƵĂůƋƵĞƌƌĞƐƚƌŝĕĆŽă
ůŝďĞƌĚĂĚĞĚŽŝŶĚŝǀşĚƵŽ͘
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ϱϬ

Ǥǣ
Æα.!!Ǥ
ÆVα.!!Ǥ
ͽǤV
Art. 310. Quando o juiz verificar pelo auto

de prisão em flagrante que o agente praticou
o fato, nas condições do art. 19, I, II e
III, do Código Penal, poderá, depois de
ouvir o Ministério Público, conceder ao réu
liberdade provisória, mediante termo de
comparecimento a todos os atos do processo,
sob pena de revogação.
• ƉůŝĐĂĚĂĞŵĐĂƐŽƐĚĞƉƌŝƐĆŽĞŵĨůĂŐƌĂŶƚĞĚĞƐŶĞĐĞƐƐĄƌŝĂʹĂƌƚ͘ϱǑ͕>ys/͕&͘
• ŐġŶĞƌŽĚĞϮĞƐƉĠĐŝĞƐ͗
o KD&/E͗ƌƚƐ͘ϯϮϯͲϯϮϰ͕WW
o ^D&/E͗Ăƌƚ͘ϯϭϬ͕WW
• ƌƚ͘ϯϮϯͬϯϮϰ͕WW͘
o ƐƐĞƐ ĂƌƚŝŐŽƐ ƚƌĂǌĞŵ ĂƐ ŚŝƉſƚĞƐĞƐ Ğŵ ƋƵĞ ŶĆŽ ĐĂďĞ Ă ĨŝĂŶĕĂ͘ ŝŶƚĞƌƉƌĞƚĂĕĆŽ
ĚĞǀĞƌĄƐĞƌĨĞŝƚĂĂĐŽŶƚƌĄƌŝŽƐĞŶƐŽŽƵƉŽƌĞǆĐůƵƐĆŽƉĂƌĂĐŚĞŐĂƌăƐŚŝƉſƚĞƐĞƐĞŵ
ƋƵĞƉŽĚĞƌĄƐĞƌĂƌďŝƚƌĂĚĂĂĨŝĂŶĕĂ;ƐĞŵƉƌĞƋƵĞŶĆŽŚŽƵǀĞƌƉƌŽŝďŝĕĆŽͿ͘
͹ǤͳǤÙ ǦǤ͵ʹ͵ǡ
• EŽƐ ĐƌŝŵĞƐ ƉƵŶŝĚŽƐ ĐŽŵ ƌĞĐůƵƐĆŽ Ğŵ ƋƵĞ Ă ƉĞŶĂ ŵşŶŝŵĂĐŽŵŝŶĂĚĂ ĨŽƌƐƵƉĞƌŝŽƌ ĂϮ
ĂŶŽƐ͖
• EĂƐĐŽŶƚƌĂǀĞŶĕƁĞƐƚŝƉŝĨŝĐĂĚĂƐŶŽƐĂƌƚƐ͘ϱϵĞϲϬĚĂ>ĞŝĚĂƐŽŶƚƌĂǀĞŶĕƁĞƐWĞŶĂŝƐ͖
• EŽƐ ĐƌŝŵĞƐ ĚŽůŽƐŽƐ ƉƵŶŝĚŽƐ ĐŽŵ ƉĞŶĂ ƉƌŝǀĂƚŝǀĂ ĚĂ ůŝďĞƌĚĂĚĞ͕ ƐĞ Ž ƌĠƵ ũĄ ƚŝǀĞƌ ƐŝĚŽ
ĐŽŶĚĞŶĂĚŽƉŽƌŽƵƚƌŽĐƌŝŵĞĚŽůŽƐŽ͕ĞŵƐĞŶƚĞŶĕĂƚƌĂŶƐŝƚĂĚĂĞŵũƵůŐĂĚŽ͖
• ŵƋƵĂůƋƵĞƌĐĂƐŽ͕ƐĞŚŽƵǀĞƌŶŽƉƌŽĐĞƐƐŽƉƌŽǀĂĚĞƐĞƌŽƌĠƵǀĂĚŝŽ͖
• EŽƐ ĐƌŝŵĞƐ ƉƵŶŝĚŽƐ ĐŽŵ ƌĞĐůƵƐĆŽ͕ ƋƵĞ ƉƌŽǀŽƋƵĞŵ ĐůĂŵŽƌ ƉƷďůŝĐŽ ŽƵ ƋƵĞ ƚĞŶŚĂŵ
ƐŝĚŽĐŽŵĞƚŝĚŽƐĐŽŵǀŝŽůġŶĐŝĂĐŽŶƚƌĂĂƉĞƐƐŽĂ͕ŽƵ͕ŐƌĂǀĞĂŵĞĂĕĂ͘
Ǥǣ ȋǤ ͵ͳʹǡ Ȍǡ
À ×Ǥ
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϱϭ

͹ǤʹǤÙ
• ƌŝŵĞĨŽƌĂƉĞŶĂĚŽĐŽŵĚĞƚĞŶĕĆŽŽƵƉƌŝƐĆŽƐŝŵƉůĞƐ͖
• ƉĞŶĂĚŽĐŽŵƌĞĐůƵƐĆŽĐŽŵƉĞŶĂŵşŶŝŵĂĚĞĂƚĠĚŽŝƐĂŶŽƐ͘

ÆVǤǤǤǫ
• .
o Æ Ǣ
o Æ ȋȂ͵͵͵Ȍ
• .
o ÆǤ

Ǥ͵ʹͳǤ Ǥ͵ʹ͵ǡ ǡ ± ǦǦ ǡ

ǣ
Ǧ ǡ ǡ ǡ ǡ
Ǣ
Ǧ ǡ ǡ
ǡ ²Ǥ
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϱϮ

.ǣ .ǣ

Ǥ͵ʹ͵Ǧ͵ʹͶǡ Ǥ͵ͳͲǡ
• • ± ǦǦ

Ǧ
ǡǡ
ǦǤ
ǡ
• ǡ ±
ȋǤ
ǡ
͵ʹͳǡǡȌǢ
ǡ ǡ
À ± ± ×ǡ •
Ǥ ͵ ǡ

ȋǤ͵ʹͳǡǡȌǤ
• ǡ

ǡ
×
Ǥ
•

ǡ
± Ǣ±
²

Ǥ
• À²
ǡ
ǡÀ
± ïǡ
×Ǥ
• Ǧ ǡ
ǡ
± ïǤ

ǡ Ǥ
• ×
±
Ǥ
• ×ǡ
×ǡ
ǦǦǤ

'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϱϯ

Xǣ

ͳǤȋǤȀʹͲͲͺǤʹȌǤ͑ͳͳǤ͵ͶͲȀʹͲͲ͸ǡ
ǡ²±ǡ
ǡǡ²ǣ
Ȍ Ǧǡǡ
ÀǤ
Ȍ Ǥ
Ȍ ǡǡǡ
Ǥ
Ȍ À
Ǥ

ʹǤȋȀȂʹͲͲ͹Ǥ͵Ȍǡ Ǥ
Ǥ͑ͺǤͲ͹ʹȀͳͻͻͲ ±Ǥ
2À Ǥ
À ± À
Ǥ
×ǡ± ǡ
Ǥ

͵ǤȋȀȂʹͲͲ͹Ǥ͵ǤȌ ǡ Ǥ
À
±Ǥ
× ǡ
ïǡ² ïǤ
ǡ ǡ
Ǥ
± × ×
ǡǡǤ
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϱϰ

Ǥ
• WZK/DEdK^^W//^
o WŽĚĞŵ ƐĞƌ ƉƌĞǀŝƐƚŽƐ ŶŽ WW ;ƉƌŽĐĞĚŝŵĞŶƚŽƐ ĚŽƐ ĐƌŝŵĞƐ ĐŽŶƚƌĂ Ă ŚŽŶƌĂ͕ ĚŽƐ
ĐƌŝŵĞƐ ĨƵŶĐŝŽŶĂŝƐ ĞƚĐ͘Ϳ ŽƵ Ğŵ ůĞŝƐ ĞǆƚƌĂǀĂŐĂŶƚĞƐ ;>Ğŝ ϭϭ͘ϯϰϯͬϬϲ ʹ ůĞŝ ĚĞ
ĚƌŽŐĂƐͿ͘
• WZK/DEdKKDhD
o EĆŽĐĂďĞŶĚŽŽƌŝƚŽĞƐƉĞĐŝĂů͕ƉƌŽĐĞĚĞƉĞůŽƌŝƚŽĐŽŵƵŵ;ƌĞƐŝĚƵĂůͿ͘
o KƌŝƚŽĐŽŵƵŵĚŝǀŝĚĞͲƐĞĞŵ͗Ăƌƚ͘ϯϵϰ͕WW͘
ϭͿKƌĚŝŶĄƌŝŽ͗
• ƌŝŵĞƐĐƵũĂƉĞŶĂŵĄǆŝŵĂƐĞũĂŝŐƵĂůŽƵƐƵƉĞƌŝŽƌĂϰĂŶŽƐ͘
ϮͿ^ƵŵĄƌŝŽ͗
• ƌŝŵĞƐĐƵũĂƉĞŶĂŵĄǆŝŵĂƐĞũĂŵĞŶŽƌƋƵĞϰĂŶŽƐĞŵĂŝŽƌƋƵĞ
ϮĂŶŽƐ͘
ϯͿ^ƵŵĂƌşƐƐŝŵŽ͗
• WƌŽĐĞĚŝŵĞŶƚŽ ĚŽ :ƌŝŵ͕ ĂƉůŝĐĂͲƐĞ ĂŽƐ ĐƌŝŵĞƐ ĚĞ ŵĞŶŽƌ
ƉŽƚĞŶĐŝĂůŽĨĞŶƐŝǀŽ͘
o ŽŶƚƌĂǀĞŶĕƁĞƐƉĞŶĂŝƐ͖
o ƌŝŵĞƐƋƵĞƚĞŶŚĂŵƉĞŶĂŵĄǆŝŵĂĚĞĂƚĠϮĂŶŽƐ͘
ͷǤ
• /ŶŝĐŝĂͲƐĞĂĂĕĆŽƉĞŶĂůĐŽŵĂĂĐƵƐĂĕĆŽƉƌŽƉŽŶĚŽĂĂĕĆŽƉĞŶĂůʹĚĞŶƷŶĐŝĂŽƵƋƵĞŝǆĂ͘

ÆWƌŽĐĞĚŝŵĞŶƚŽ͗

ϭͿKĨĞƌĞĐŝŵĞŶƚŽĚĞŶƷŶĐŝĂͬƋƵĞŝǆĂ
• ƌƌŽůĂƚĞƐƚĞŵƵŶŚĂƐ͗
o KƌĚŝŶĄƌŝŽ͗ϴƚĞƐƚĞŵƵŶŚĂƐ
o ^ƵŵĄƌŝŽ͗ϱƚĞƐƚĞŵƵŶŚĂƐ

ϮͿZĞũĞŝĕĆŽůŝŵŝŶĂƌʹƌĞĐĞďĞĂĚĞŶƷŶĐŝĂͬƋƵĞŝǆĂ͘;Ăƌƚ͘ϯϵϲ͕WWͿ
o EŽƐƉƌŽĐĞĚŝŵĞŶƚŽƐŽƌĚŝŶĄƌŝŽĞƐƵŵĄƌŝŽ͕ŽĨĞƌĞĐŝĚĂĂĚĞŶƷŶĐŝĂŽƵƋƵĞŝǆĂ͕ŽũƵŝǌ͕ƐĞ
ŶĆŽ Ă ƌĞũĞŝƚĂƌ ůŝŵŝŶĂƌŵĞŶƚĞ͕ ƌĞĐĞďġͲůĂͲĄ Ğ ŽƌĚĞŶĂƌĄ Ă ĐŝƚĂĕĆŽ ĚŽ ĂĐƵƐĂĚŽ ƉĂƌĂ
ƌĞƐƉŽŶĚĞƌăĂĐƵƐĂĕĆŽ͕ƉŽƌĞƐĐƌŝƚŽ͕ŶŽƉƌĂǌŽĚĞϭϬ;ĚĞǌͿĚŝĂƐ͘
o ZĞũĞŝĕĆŽʹĂƌƚ͘ϯϵϱ͕WWʹŚŝƉſƚĞƐĞƐ͗
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϱϱ

&ŽƌŵĂŶŝĨĞƐƚĂŵĞŶƚĞŝŶĞƉƚĂ͖
&ĂůƚĂƌƉƌĞƐƐƵƉŽƐƚŽƉƌŽĐĞƐƐƵĂůŽƵĐŽŶĚŝĕĆŽƉĂƌĂŽĞǆĞƌĐşĐŝŽĚĂĂĕĆŽƉĞŶĂů͖
&ĂůƚĂƌ ũƵƐƚĂ ĐĂƵƐĂ ƉĂƌĂ Ž ĞǆĞƌĐşĐŝŽ ĚĂ ĂĕĆŽ ƉĞŶĂů ;ŝŶĚşĐŝŽƐ ĚĞ ĂƵƚŽƌŝĂ ͬ
ƉƌŽǀĂĚĂŵĂƚĞƌŝĂůŝĚĂĚĞͿ͘
• Ǥǣ

±Ǥ Ǥ

ĐͿŝƚĂĕĆŽĚŽĐƵƐĂĚŽ
• ŽĐŚĂŵĂŵĞŶƚŽĚŽƌĠƵƉĂƌĂƐĞĚĞĨĞŶĚĞƌĞŵũƵşǌŽ͘
• ĞǀĞƌĄĂƉƌĞƐĞŶƚĂƌZ^WK^dĞŵϭϬĚŝĂƐ͘
o ± ǡ²ǦǤ
• WŽĚĞƐĞƌĚĞϯƚŝƉŽƐ͗
o W^^K>;ƌĞŐƌĂͿ͗ĐŝƚĂĚŽƉŽƌŵĂŶĚĂĚŽ͖ĐĂƌƚĂƉƌĞĐĂƚſƌŝĂ;ŽƵƚƌĂĐŽŵĂƌĐĂͿ͖ĐĂƌƚĂ
ƌŽŐĂƚſƌŝĂ;ŽƵƚƌŽƉĂşƐͿ͖ŶĂƉĞƐƐŽĂĚŽƐƵƉĞƌŝŽƌ;ŵŝůŝƚĂƌͿ͘
±
V
Ǥ
ï ǡ
Ǥ
Ǥ
± ǫÆǤ
o WKZ/d>͗ƌĠƵĞƐƚĄĞŵůƵŐĂƌŝŶĐĞƌƚŽĞŶĆŽƐĂďŝĚŽ͘
± ǫ
• ǡ
ȋǤ ͵͸͸ǡ ȌǤ ± ǡ
ǡǤ
o WKZ,KZZd͗YƵĂŶĚŽŽƌĠƵƐĞŽĐƵůƚĂƉĂƌĂŶĆŽƐĞƌĐŝƚĂĚŽƉĞƐƐŽĂůŵĞŶƚĞ͘
Ǥ
ǫÆǤ
ĚͿZĞƐƉŽƐƚĂĚŽĂĐƵƐĂĚŽʹƉƌĂǌŽĚĞϭϬĚŝĂƐ͘;Ăƌƚ͘ϯϵϲ͕WWͿ
• ĞĨĞƐĂ^Z/dʹĂƌƚ͘ϯϵϲͲ͕WW͗
o WƌĞůŝŵŝŶĂƌĞƐ͖
o ǆĐĞĕƁĞƐ͖
o dƵĚŽƋƵĞŝŶƚĞƌĞƐƐĂĂĚĞĨĞƐĂ͘
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϱϲ

• ƌƌŽůĂƚĞƐƚĞŵƵŶŚĂƐ͗ŶŽŵĄǆŝŵŽϴ;ŽƌĚŝŶĄƌŝŽͿ͘

ĞͿWƌŽĨĞƌĞĂďƐŽůǀŝĕĆŽƐƵŵĄƌŝĂŽƵƌĞĐĞďĞĂĚĞŶƷŶĐŝĂŽƵƋƵĞŝǆĂ;ƌĞĐĞďŝŵĞŶƚŽʹĂƌƚ͘ϯϵϵ͕WWͿ͘
• ^K>s/K^hDZ/;ϯϵϳ͕WWͿͲĂďŝŵĞŶƚŽ͗
ǆŝƐƚġŶĐŝĂŵĂŶŝĨĞƐƚĂĚĞĐĂƵƐĂĞǆĐůƵĚĞŶƚĞĚĂŝůŝĐŝƚƵĚĞĚŽĨĂƚŽ͖
ǆŝƐƚġŶĐŝĂ ŵĂŶŝĨĞƐƚĂ ĚĞ ĐĂƵƐĂ ĞǆĐůƵĚĞŶƚĞ ĚĂ ĐƵůƉĂďŝůŝĚĂĚĞ ĚŽ ĂŐĞŶƚĞ͕
ƐĂůǀŽŝŶŝŵƉƵƚĂďŝůŝĚĂĚĞ;ƐŽŵĞŶƚĞĂĚŽĞŶĕĂŵĞŶƚĂůŶĆŽĂĨĂƐƚĂĂĂďƐŽůǀŝĕĆŽ
ƐƵŵĄƌŝĂƉŽƌƋƵĞĚĞůĂŽĐŽƌƌĞƌĄĂDĞĚŝĚĂĚĞ^ĞŐƵƌĂŶĕĂͿ͖
YƵĞŽĨĂƚŽŶĂƌƌĂĚŽĞǀŝĚĞŶƚĞŵĞŶƚĞŶĆŽĐŽŶƐƚŝƚƵŝĐƌŝŵĞ;ĂƚŝƉŝĐŝĚĂĚĞͿ͖
ǆƚŝŶƚĂĂƉƵŶŝďŝůŝĚĂĚĞĚŽĂŐĞŶƚĞ͘
Ǥǣ
.!Æ
Æ.!2Ǥ
.!
Ǥ

Ǥ͵ͻ͹Ǥ×Ǥ͵ͻ͸Ǧǡǡ
×ǡǣ
Ǧ²Ǣ
Ǧ ² ǡ
Ǣ
Ǧ Ǣ
ǦǤ

Æ EĆŽ ĐĂďĞŶĚŽ ĂďƐŽůǀŝĕĆŽ ƐƵŵĄƌŝĂ͕ ĚĞƐŝŐŶĂͲƐĞ Ă h/E/ /E^dZhK
:h>'DEdK
Æ.!Ǥ
Ǥǣ.!Æ

• Z/DEdKEjE/͗
ϭǑͲEŽŽĨĞƌĞĐŝŵĞŶƚŽ;ϯϵϲ͕WWͿ
• Ǥ ͵ͻ͸Ǥ ǡ
ïǡǡ ǡ²ǦǦ
ǡ
ǡͳͲȋȌǤ
ϮǑ Ͳ EŽ ŶĆŽ ĐĂďŝŵĞŶƚŽ ĚĞ ĂďƐŽůǀŝĕĆŽ ƐƵŵĄƌŝĂ Ͳ ĂƉſƐ Ă ǀĞƌŝĨŝĐĂĕĆŽ ĚĞ
ĞǆŝƐƚġŶĐŝĂĨŽƌŵĂůĞŵĂƚĞƌŝĂůĚĞĐƌŝŵĞ͘;ƉŽƐŝĕĆŽŵŝŶŽƌŝƚĄƌŝĂͿ

ÆƵĚŝġŶĐŝĂĚĞ/ŶƐƚƌƵĕĆŽĞ:ƵůŐĂŵĞŶƚŽ
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϱϳ

ĞƐŝŐŶĂĚĂƉĂƌĂŶŽŵĄǆŝŵŽϲϬĚŝĂƐ͘
Ǥ ͶͲͲǤ ² ǡ
͸Ͳ ȋȌ ǡ ǦǦ Ù
ǡ ǡ
ǡ Ǥ ʹʹʹ ×ǡ
ǡÙ
ǡǦǡǡǤ
ͲWĂƐƐŽƐ;ŽƌĚĞŵƉƌŽĐĞĚŝŵĞŶƚĂůƉĂƌĂĂƉƌŽĚƵĕĆŽĚĂƉƌŽǀĂŽƌĂůͿ͗
• ĞĐůĂƌĂĕƁĞƐĚŽŽĨĞŶĚŝĚŽ͖
• dĞƐƚĞŵƵŶŚĂƐĚĞĂĐƵƐĂĕĆŽ͖
• dĞƐƚĞŵƵŶŚĂƐĚĞĚĞĨĞƐĂ͖
• WĞƌŝƚŽƐ͖
• ĐĂƌĞĂĕƁĞƐ͖
• ZĞĐŽŶŚĞĐŝŵĞŶƚŽ͖
o ǆ͗͘ĚĞƉĞƐƐŽĂƐŽƵŽďũĞƚŽƐ͘
• /ŶƚĞƌƌŽŐĂƚſƌŝŽĚŽĂĐƵƐĂĚŽ͖
o ĞďĂƚĞƐŽƌĂŝƐϮϬŵŝŶƵƚŽƐƉƌŽƌƌŽŐĄǀĞŝƐƉŽƌнϭϬƉĂƌĂĐĂĚĂƉĂƌƚĞ͘
• ůĞŐĂĕƁĞƐĨŝŶĂŝƐŽƌĂŝƐ͖
• ^ĞŶƚĞŶĕĂ͖
o ϭϬĚŝĂƐƉĂƌĂĂĚĞĐŝƐĆŽ͘
Ǥǣ͵× ǣ
Ȍ±Ǣ
ȌǢ
ȌǤ

ǣ
Ǧ ǣͷ
Ǧǣͷ
Ǧ ǣͳͲǤ
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϱϴ

ÆWƌŽĐĞĚŝŵĞŶƚŽKƌĚŝŶĄƌŝŽ
ZĞĐĞďŝŵĞŶƚŽ ZĞƐƉŽƐƚĂĂ
ĞŶƷŶĐŝĂ ŽƵ ďƐŽůǀŝĕĆŽ ƵĚŝġŶĐŝĂ
ĚĂ ĞŶƷŶĐŝĂ ŽƵ /dK ĂĐƵƐĂĕĆŽŶŽ ÊdE
ƋƵĞŝǆĂ ʹ ƌƚ͘ ^ƵŵĄƌŝĂʹƌƚ͘ /ŶƐƚƌƵĕĆŽĞ
ƋƵĞŝǆĂ ƉƌĂǌŽĚĞϭϬ
ϰϭ͕WW ϯϵϳWW :ƵůŐĂŵĞŶƚŽ
ĚŝĂƐ
ĞƐƐĂĚĞĐŝƐĆŽEK
ZhZ^K͘
^ŽŵĞŶƚĞ,͘

Xǣ

ͳȌ

Ȍ Ǥ
Ȍ Ǥ
ȌǤ
ȌǤ
ƌƚ͘ϯϮϲ͘WĂƌĂĚĞƚĞƌŵŝŶĂƌŽǀĂůŽƌĚĂĨŝĂŶĕĂ͕ĂĂƵƚŽƌŝĚĂĚĞƚĞƌĄĞŵĐŽŶƐŝĚĞƌĂĕĆŽĂ
ŶĂƚƵƌĞǌĂ ĚĂ ŝŶĨƌĂĕĆŽ͕ ĂƐ ĐŽŶĚŝĕƁĞƐ ƉĞƐƐŽĂŝƐ ĚĞ ĨŽƌƚƵŶĂ Ğ ǀŝĚĂ ƉƌĞŐƌĞƐƐĂ ĚŽ
ĂĐƵƐĂĚŽ͕ ĂƐ ĐŝƌĐƵŶƐƚąŶĐŝĂƐ ŝŶĚŝĐĂƚŝǀĂƐ ĚĞ ƐƵĂ ƉĞƌŝĐƵůŽƐŝĚĂĚĞ͕ ďĞŵ ĐŽŵŽ Ă
ŝŵƉŽƌƚąŶĐŝĂƉƌŽǀĄǀĞůĚĂƐĐƵƐƚĂƐĚŽƉƌŽĐĞƐƐŽ͕ĂƚĠĨŝŶĂůũƵůŐĂŵĞŶƚŽ͘
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϱϵ

͸Ǥ
• ƌŝŵĞƐĐƵũĂƉĞŶĂŵĄǆŝŵĂƐĞũĂŵĞŶŽƌƋƵĞϰĂŶŽƐĞŵĂŝŽƌƋƵĞϮĂŶŽƐ͘

ÆŝĨĞƌĞŶĕĂƐĚŽƉƌŽĐĞĚŝŵĞŶƚŽŽƌĚŝŶĄƌŝŽ;ŽƌĞƐƚĂŶƚĞƐĞƌĄŝŐƵĂůĂŽƉƌŽĐĞĚŝŵĞŶƚŽŽƌĚŝŶĄƌŝŽͿ͗
• ϭǐEƷŵĞƌŽĚĞƚĞƐƚĞŵƵŶŚĂƐсĂƚĠϬϱ͘
• ϮǐWƌĂǌŽĚĂĂƵĚŝġŶĐŝĂсϯϬĚŝĂƐ͘
• ϯǐEĆŽŚĄƉƌĞǀŝƐĆŽĚĞĐŽŶǀĞƌƐĆŽĚŽƐĚĞďĂƚĞƐĞŵŵĞŵŽƌĂŝƐ͘
͹ǤAȂͿͶͿͿȀͿͻ
• EĆŽƐĞĂƉůŝĐĂĂůĞŝϵϬϵϵͬϵϱ͗ĐĂƐŽƐĚĞǀŝŽůġŶĐŝĂĚŽŵĠƐƚŝĐĂĞĨĂŵŝůŝĂƌĐŽŶƚƌĂŵƵůŚĞƌ;>Ğŝ
DĂƌŝĂĚĂWĞŶŚĂͿ͘
Æϯ&ĂƐĞƐ͗
ϭǐ&ĂƐĞ͗&^WK>//>
• ůĂǀƌĂĚŽŽƚĞƌŵŽĐŝƌĐƵŶƐƚĂŶĐŝĂĚŽ;dĠƵŵďŽůĞƚŝŵĚĞŽĐŽƌƌġŶĐŝĂŵĂŝƐĐŽŵƉůĞƚŽͿ͘
Ϯǐ&ĂƐĞ͗h/E/WZ>/D/EZ
• dĞŶƚĂƚŝǀĂĚĞĐŽŵƉŽƐŝĕĆŽĚŽƐĚĂŶŽƐ͖
• ZĞƉƌĞƐĞŶƚĂĕĆŽĚŽŽĨĞŶĚŝĚŽ;ƐĞĨŽƌŽĐĂƐŽͿ͖
• dƌĂŶƐĂĕĆŽƉĞŶĂů͗
o 2 ± ï
Ǥ
o
Ǥ
• ,ŽŵŽůŽŐĂĚĂĂƚƌĂŶƐĂĕĆŽƉĞŶĂůŽĐŽƌƌĞăĞǆƚŝŶĕĆŽĚĂƉƵŶŝďŝůŝĚĂĚĞ͖
• ĞŶƷŶĐŝĂŽƌĂů͘
ϯǐ&ĂƐĞ͗Z/dK^hDZ1^^/DK
• ƵŵĂĂƵĚŝġŶĐŝĂƐſ͖
o ± ±
ï Ǥ
• KŝƚŝǀĂĚĞƚĞƐƚĞŵƵŶŚĂƐ͖
o ͷ͵ǡ Ǩ
• /ŶƚĞƌƌŽŐĂƚſƌŝŽ͖
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϲϬ

• ĞďĂƚĞƐŽƌĂŝƐ͖
o ʹͲΪͳͲǤ
• ^ĞŶƚĞŶĕĂ͘
ͺǤ
ͶǤͳǤȋïǡï ȌǤ
• ĂůƷŶŝĂ͗/ŵƉƵƚĂƌĨĂůƐĂŵĞŶƚĞƵŵĨĂƚŽĚĞĨŝŶŝĚŽĐŽŵĐƌŝŵĞ͖
o ǣ ǲ ǳ ǲ ǳ ±ǡ
ǡïǤ
• /ŶũƷƌŝĂ͗/ŶũƵƌŝĂƌĂůŐƵĠŵ͕ĂƚƌŝďƵŝŶĚŽͲůŚĞƋƵĂůŝĚĂĚĞŶĞŐĂƚŝǀĂ͕ŽĨĞŶĚĞŶĚŽͲůŚĞĂĚŝŐŶŝĚĂĚĞ
ŽƵŽĚĞĐŽƌŽ͖
o ǣǲ ǳǲ ǳ
ïǤ
• ŝĨĂŵĂĕĆŽ͗/ŵƉƵƚĂƌĨĂƚŽŶĞŐĂƚŝǀŽͬŽĨĞŶƐŝǀŽăƌĞƉƵƚĂĕĆŽĚĞĂůŐƵĠŵ͘
o ǣ ǲ ǳ ǲ ǳ
Ǥ

Ǥǣ ²
ǡ Ǥ

ǣȋȌ²ǫ
Ǥǣ ȂǤ͸ͲǡǡǤ

ǣ±ǫ
ǤǣǤ

ͶǤʹǤȂͳͳǤ͵Ͷ͵ȀʹͲͲ͸
ϭͿEŽĐĂƐŽĚĞWKZdʹƌƚ͘ϮϴĚĂůĞŝ͗
•
ͻͲͻͻȀͻͷǡ± Ǥ

ϮͿEŽĐĂƐŽĚĞdZ&/K͗
• ï ǦǤ
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϲϭ

ÆEĂƵĚŝġŶĐŝĂĚĂůĞŝĚĞĚƌŽŐĂƐŽƐĂƚŽƐƐĞƌĆŽŽƐƐĞŐƵŝŶƚĞƐ͗
• ϭǑ/ŶƚĞƌƌŽŐĂƚſƌŝŽ͖
• ϮǑ^ĞƌĆŽŽƵǀŝĚĂƐdĞƐƚĞŵƵŶŚĂƐĚĞĂĐƵƐĂĕĆŽсϬϱ͖
• ϯǑ^ĞƌĆŽŽƵǀŝĚĂƐdĞƐƚĞŵƵŶŚĂƐĚĞdĞƐƚĞŵƵŶŚĂĚĞĨĞƐĂсϬϱ͖
• ϰǑĞďĂƚĞƐKƌĂŝƐ͗ϮϬŵŝŶƵƚŽƐнϭϬŵŝŶƵƚŽƐ͖
• ϱǑ^ĞŶƚĞŶĕĂ͘
ͶǤ͵Ǥ ïȂͳͳǤ͸ͺͻȀͲͺ
ͿWƌŝŶĐşƉŝŽƐʹƌƚ͘ϱǑĚĂ&͗
EŽĂƌƚ͘ϱǑ͕yyys///ĚĂ&͕ŽƉƌŽĐĞĚŝŵĞŶƚŽĚŽũƷƌŝĠƌĞŐŝĚŽƉŽƌĂůŐƵŶƐƉƌŝŶĐşƉŝŽƐ͗
• ϭǐWůĞŶŝƚƵĚĞĚĞĚĞĨĞƐĂ͗
o WŽƐƐŝďŝůŝĚĂĚĞĚĞƵƚŝůŝǌĂĕĆŽĚĞĂƌŐƵŵĞŶƚŽƐŵĞƚĂũƵƌşĚŝĐŽƐ;ƐĆŽĂƌŐƵŵĞŶƚŽƐƋƵĞ
ĞƐƚĆŽĨŽƌĂĚŽĚŝƌĞŝƚŽͿ͖
• Ϯǐ^ŝŐŝůŽĚĂƐǀŽƚĂĕƁĞƐ͗
o ǀŽƚĂĕĆŽ ĚŽ ũƷƌŝ Ġ ƐĞĐƌĞƚĂ͘ ƉƵƌĂĚŽƐ ƋƵĂƚƌŽƐ ǀŽƚŽƐ ŝŐƵĂŝƐ͕ ĞŶĐĞƌƌĂͲƐĞ Ă
ǀŽƚĂĕĆŽ͖
• ϯǐ^ŽďĞƌĂŶŝĂĚŽƐǀĞƌĞĚŝĐƚŽƐ͗
o sŝĂĚĞƌĞŐƌĂ͕ŽƚƌŝďƵŶĂůŶĆŽƉŽĚĞƌĄĂůƚĞƌĂƌĂĚĞĐŝƐĆŽĚŽƐũƵƌĂĚŽƐ͘
o ǆĐĞĕĆŽ͗Zs/^KZ/D/E>͘
±
Ǥ
• ϰǐŽŵƉĞƚġŶĐŝĂ͗
o ƌŝŵĞƐĚŽůŽƐŽƐĐŽŶƚƌĂĂǀŝĚĂ;ĐŽŶƐƵŵĂĚŽƐŽƵƚĞŶƚĂĚŽƐͿ͘
o KďƐ͗͘>dZK1E/KEKÆƌŝŵĞĐŽŶƚƌĂŽƉĂƚƌŝŵƀŶŝŽ͘
Ϳ&ĂƐĞƐ͗
• ϭǐ&ĂƐĞʹ:h1͗:ƵĚŝĐŝƵŵĂĐĐƵƐĂƚŝŽŶŝƐ
• Ϯǐ&ĂƐĞʹ:jZ/͗:ƵĚŝĐŝƵŵĂƵƐĂůĞ
ϭǐ &^͗ ƐƐĂ ĨĂƐĞ Ġ Ă ĚĞ ĂĚŵŝƐƐŝďŝůŝĚĂĚĞ ĚĂ ĂĐƵƐĂĕĆŽ͕ ƐĞŶĚŽ ƚĂŵďĠŵ ĐŽŶŚĞĐŝĚĂ ĐŽŵŽ
ƐƵŵĄƌŝŽĚĞĐƵůƉĂ͘
• ŝŐƵĂůŽƉƌŽĐĞĚŝŵĞŶƚŽŽƌĚŝŶĄƌŝŽƚĞŶĚŽĂƉĞŶĂƐƵŵĂĚŝĨĞƌĞŶĕĂ͗
o ^Ăŝ Ă ĂďƐŽůǀŝĕĆŽ ƐƵŵĄƌŝĂ ;Ăƌƚ͘ ϯϵϳͿ Ğ ĞŶƚƌĂ Ă ƌĠƉůŝĐĂ ĚŽ DŝŶŝƐƚĠƌŝŽ WƷďůŝĐŽ ŶŽ
ƉƌĂǌŽĚĞϬϱĚŝĂƐ͘
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϲϮ

• ϭͲKĨĞƌĞĐŝŵĞŶƚŽĚĂĚĞŶƷŶĐŝĂŽƵƋƵĞŝǆĂ͗
o ƌƌŽůĂĚĂƐĂƐƚĞƐƚĞŵƵŶŚĂƐĚĞĂĐƵƐĂĕĆŽсŵĄǆŝŵŽϴ͖
o ZĞƋƵĞƌŝĚĂƐĂƐĚŝůŝŐġŶĐŝĂƐ͖
o :ƵŶƚĂĚŽƐŽƐĚŽĐƵŵĞŶƚŽƐ͕ƐĞŶĞĐĞƐƐĄƌŝŽ͘
• ϮʹZĞĐĞďŝŵĞŶƚŽ;ũƵŝǌͿĚĂĚĞŶƷŶĐŝĂŽƵƋƵĞŝǆĂ͗
o ŝƚĂĕĆŽĚŽĂĐƵƐĂĚŽ͕ƉĂƌĂĂƉƌĞƐĞŶƚĂƌƌĞƐƉŽƐƚĂ͕ƉŽƌĞƐĐƌŝƚŽ͕ŶŽƉƌĂǌŽĚĞϭϬĚŝĂƐ͘
o ± Àǡ ± ȋ Ȍǡ
ǡ×
Ǥ
• ϯͲĞĨĞƐĂĞƐĐƌŝƚĂ;ƌĞƐƉŽƐƚĂͿ͗
o WƌĞůŝŵŝŶĂƌĞƐĞŵĂƚĠƌŝĂĚĞŵĠƌŝƚŽ͖
o ŽĐƵŵĞŶƚŽƐĞũƵƐƚŝĨŝĐĂĕƁĞƐ͖
o ƐƉĞĐŝĨŝĐĂƌƉƌŽǀĂƐ͖
o ƌƌŽůĂƌĞƌĞƋƵĞƌĞƌĂŝŶƚŝŵĂĕĆŽĚĞƚĞƐƚĞŵƵŶŚĂƐсĂƚĠϴ͖
• ϰͲDĂŶŝĨĞƐƚĂĕĆŽĚĂĂĐƵƐĂĕĆŽ͗
o ŵϱĚŝĂƐÆƐĞŽĂĐƵƐĂĚŽĂƌŐƺŝƵƉƌĞůŝŵŝŶĂƌĞƐŽƵĂƉƌĞƐĞŶƚŽƵĚŽĐƵŵĞŶƚŽƐ͘
• ϱͲƵĚŝġŶĐŝĂƵŵĂĚĞŝŶƐƚƌƵĕĆŽĞũƵůŐĂŵĞŶƚŽ͗
o ƵĚŝġŶĐŝĂhE͖
oWƌŝŵĞŝƌŽƐĞƌĄŽƵǀŝĚŽŽŽĨĞŶĚŝĚŽ͕ƐĞƉŽƐƐşǀĞů͖
oƉſƐ͕ƐĞƌĆŽŽƵǀŝĚĂƐĂƐƚĞƐƚĞŵƵŶŚĂƐĚĞĂĐƵƐĂĕĆŽ͕ĂƐƚĞƐƚĞŵƵŶŚĂƐĚĞ
ĚĞĨĞƐĂ͕ ĞƐĐůĂƌĞĐŝŵĞŶƚŽƐ ĚĞ ƉĞŝƚŽƐ͕ ĂĐĂƌĞĂĕƁĞƐ͕ ƌĞĐŽŶŚĞĐŝŵĞŶƚŽƐ Ğ͕
ƉŽƌĨŝŵ͕ŽŝŶƚĞƌƌŽŐĂƚſƌŝŽ͘
• ϲͲ^ĞŶƚĞŶĕĂ͗
o ^ĞƌĄƉƌŽĨĞƌŝĚĂƉĞůŽũƵŝǌ͕ƉŽĚĞŶĚŽĚĞĐŝĚŝƌ͗
o ϭǐWƌŽŶƷŶĐŝĂÆZĞĐƵƌƐŽĂďşǀĞůсZ^;ƌĞĐƵƌƐŽĞŵƐĞŶƚŝĚŽĞƐƚƌŝƚŽͿ͖
o Ϯǐ/ŵƉƌŽŶƷŶĐŝĂÆZĞĐƵƌƐŽĂďşǀĞůсƉĞůĂĕĆŽ
o ϯǐĞƐĐůĂƐƐŝĨŝĐĂĕĆŽÆZĞĐƵƌƐŽĂďşǀĞůсZ^
o ϰǐďƐŽůǀŝĕĆŽ^ƵŵĄƌŝĂÆZĞĐƵƌƐŽĂďşǀĞůсƉĞůĂĕĆŽ

Ϯǐ&^͗
• >Ğŝϭϭ͘ϲϴϵͬϬϴ͖
• EŽƚŽƚĂůƐĞƌĆŽƐŽƌƚĞĂĚŽƐϮϱũƵƌĂĚŽƐƉĂƌĂĐŽŵƉĂƌĞĐĞƌăĂƵĚŝġŶĐŝĂ͘
o ĞƐƐĞƐ͕ĚĞǀĞƌĆŽĞƐƚĂƌƉƌĞƐĞŶƚĞƐϭϱũƵƌĂĚŽƐ͕
o ϬϳŝƌĆŽĐŽŵƉŽƌŽŽŶƐĞůŚŽĚĞ^ĞŶƚĞŶĕĂ͖
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϲϯ

• EĆŽĞǆŝƐƚĞŵĂŝƐŽůŝďĞůŽĂĐƵƐĂƚſƌŝŽ͕ŶĞŵĂĐŽŶƚƌĂƌŝĞĚĂĚĞĂŽůŝďĞůŽ͖
• ƐĞŐƵŶĚĂ ĨĂƐĞ ŝŶŝĐŝĂͲƐĞ ĐŽŵ Ă ŝŶƚŝŵĂĕĆŽ ĚĂƐ ƉĂƌƚĞƐ ƉĂƌĂ ƋƵĞ ĂƌƌŽůĞŵ ƚĞƐƚĞŵƵŶŚĂƐ ;ĂƚĠ
ϬϱͿŶŽƉƌĂǌŽĚĞϬϱĚŝĂƐ͖
• KďƐ͗͘ƐƉĂƌƚĞƐƉŽĚĞƌĆŽĨĂǌĞƌƚƌġƐƌĞĐƵƐĂƐŝŵŽƚŝǀĂĚĂƐ͘
• ƉſƐŚĂǀĞƌĄĂŽŝƚŝǀĂĚŽŽĨĞŶĚŝĚŽĞĂƐƚĞƐƚĞŵƵŶŚĂƐĚĞĂĐƵƐĂĕĆŽĞĚĞĚĞĨĞƐĂ͕ƐĞŐƵŝĚĂƐĚĞ
ƉĞƌŝƚŽĞĂƐƐŝƐƚĞŶƚĞƐƚĠĐŶŝĐŽƐ͖
• /ŶƚĞƌƌŽŐĂƚſƌŝŽĚŽƌĠƵ͖
• ĞďĂƚĞƐŽƌĂŝƐ;ƚĞŵƉŽĚĞϬϭŚϯϬƉĂƌĂĐĂĚĂƉĂƌƚĞ͖ĂĐƌĞƐĐŝĚĂƐ͕ŶŽĐĂƐŽĚĞƌĠƉůŝĐĂ͕ĚĞϬϭŚϬϬ
ƉĂƌĂĐĂĚĂƉĂƌƚĞͿ͖
• YƵĞƐŝƚŽƐ͖
o ^ĞŽƐũƵƌĂĚŽƐũƵůŐĂƌĞŵŽƐƋƵĞƐŝƚŽƐĚĞĨŽƌŵĂĐŽŶƚƌĂĚŝƚſƌŝĂ͕ŽũƵŝǌĚĞǀĞƌĄĞƐĐůĂƌĞĐġͲ
ůŽ͘
o ^ĞƵŵƋƵĞƐŝƚŽƉƌĞũƵĚŝĐĂƌŽƐĚĞŵĂŝƐ͕ĞƐƐĞƐŽƵƚƌŽƐŶĆŽƐĞƌĆŽŝŶĚĂŐĂĚŽƐ͘
Ǥ
ͲƌƚƐ͘ϭϱϱĂŽĂƌƚ͘ϮϱϬĚŽWW͘
Ͳ>Ğŝϭϭ͘ϲϵϬͬϬϴĞ>Ğŝϭϭ͘ϵϬϬͬϬϵ͘
ͷǤ.!
• KƐŝƐƚĞŵĂƵƚŝůŝǌĂĚŽƉĞůŽŶŽƐƐŽŽƌĚĞŶĂŵĞŶƚŽũƵƌşĚŝĐŽĠŽƐŝƐƚĞŵĂĚĂůŝǀƌĞĂƉƌĞĐŝĂĕĆŽ
ĚĂƉƌŽǀĂ;Ăƌƚ͘ϭϱϱ͕ϭǐƉĂƌƚĞĚŽWWͿ͘
• WŽƌ ĞƐƐĞ ƐŝƐƚĞŵĂ͕ ƋƵĞŵ ĂƚƌŝďƵŝ ǀĂůŽƌ ăƐ ƉƌŽǀĂƐ Ġ Ž ũƵŝǌ͕ ƋƵĞ Ž ĨĂƌĄ ĚĞ ĨŽƌŵĂ
ĨƵŶĚĂŵĞŶƚĂĚĂ͘
ǆĐĞĕĆŽ:
• ǆŝƐƚĞƵŵĂŚŝƉſƚĞƐĞĞŵƋƵĞƐĞĂƉůŝĐĂŽƐŝƐƚĞŵĂĚĂşŶƚŝŵĂĐŽŶǀŝĐĕĆŽ;ŽũƵŝǌƉŽĚĞũƵůŐĂƌ
ĚĞĂĐŽƌĚŽĐŽŵƐƵĂƐŝŵƉƌĞƐƐƁĞƐƉĞƐƐŽĂŝƐͿ͘
• ƐƐĞƐŝƐƚĞŵĂĠĂƉůŝĐĂĚŽĂŽƐŽŵĞŶƚĞĂŽƚƌŝďƵŶĂůĚŽũƷƌŝ͘
Ǥǣ ±ǡǦǡ
×ǤȋǤͳͷͷǡʹ͐ǡȌǤ
Ǥǣ ×ǣ
ÀǤ
Ǥǣ×Ǥ
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϲϰ

͸ǤA
Ͳƌƚ͘ϭϱϳ͕WW͘
ͲĂƉƌŽǀĂƋƵĞĨĞƌĞŶŽƌŵĂĐŽŶƐƚŝƚƵĐŝŽŶĂůŽƵŶŽƌŵĂůĞŐĂů͘
Ǥǣ Ǥ
Ͳ&ĐŽŶƐŝĚĞƌĂŝŶĂĚŵŝƐƐşǀĞŝƐŶŽƉƌŽĐĞƐƐŽ͕ĂƐƉƌŽǀĂƐŝůşĐŝƚĂƐ;Ăƌƚ͘ϱǑ͕>s/Ϳ͘
Ͳ^ĞĂƉƌŽǀĂŝůşĐŝƚĂŝŶŐƌĞƐƐĂƌŶŽƉƌŽĐĞƐƐŽ͕ĚĞǀĞƌĄƐĞƌŝŵĞĚŝĂƚĂŵĞŶƚĞĚĞƐĞŶƚƌĂŶŚĂĚĂĚŽƐĂƵƚŽƐĞ
ĚĞƐƚƌƵşĚĂ͘
Æ/>//dhWKZZ/sK͗ƚĂŵďĠŵĐŚĂŵĂĚĂĚĞ͞ĨƌƵƚŽƐĚĂĄƌǀŽƌĞĞŶǀĞŶĞŶĂĚĂ͘͟
ͲdƵĚŽŽƋƵĞĚĞƌŝǀĂĚĞƵŵĂƉƌŽǀĂŝůşĐŝƚĂƚĂŵďĠŵƐĞƌĄŝůşĐŝƚŽ͘
ǆ͗͘ĐŽŶĨŝƐƐĆŽŽďƚŝĚĂŵĞĚŝĂŶƚĞƚŽƌƚƵƌĂ͘
ͲǆĐĞĕƁĞƐ;ƌƚ͘ϭϱϳ͕WWͿ͗
ĂͿYƵĂŶĚŽŶĆŽĨŽƌĞǀŝĚĞŶƚĞŽŶĞǆŽĐĂƵƐĂůĞŶƚƌĞĂƐƉƌŽǀĂƐ͖
ďͿ YƵĂŶĚŽ Ă ƉƌŽǀĂ ƉŽĚĞƌŝĂ ƚĞƌ ƐŝĚŽ ƉƌŽĚƵǌŝĚĂ ƉŽƌ ƵŵĂ ĨŽŶƚĞ ŝŶĚĞƉĞŶĚĞŶƚĞ ;ƋƵĂŶĚŽ Ă
ĂƚŝǀŝĚĂĚĞƌĞŐƵůĂƌĚĞŝŶǀĞƐƚŝŐĂĕĆŽĚĂƉŽůşĐŝĂĐŚĞŐĂƌŝĂĂƚĠĂƋƵĞůĂƉƌŽǀĂͿ͘
͹Ǥ2
Æ^ĆŽĂƐƉƌŽǀĂƐƉƌĞǀŝƐƚĂƐŶŽWW͗
ĂͿWƌŽǀĂƉĞƌŝĐŝĂů͖
ďͿ/ŶƚĞƌƌŽŐĂƚſƌŝŽ͖
ĐͿŽŶĨŝƐƐĆŽ͖
ĚͿĞĐůĂƌĂĕƁĞƐĚŽŽĨĞŶĚŝĚŽ͖
ĞͿWƌŽǀĂƚĞƐƚĞŵƵŶŚĂů͖
ĨͿWƌŽǀĂĚŽĐƵŵĞŶƚĂů͖
ŐͿĐĂƌĞĂĕĆŽ͖
ŚͿZĞĐŽŶŚĞĐŝŵĞŶƚŽ͖
ŝͿƵƐĐĂĞĂƉƌĞĞŶƐĆŽ͘
K^͗͘ƐƐĞƌŽůĠĞǆĞŵƉůŝĨŝĐĂƚŝǀŽ͘
͵ǤͳǤ
ͲƵŵĂƉƌŽǀĂƚĠĐŶŝĐĂ͘
ͲĂƐƚĂƵŵƉĞƌŝƚŽŽĨŝĐŝĂů͘
ͲEĆŽŚĂǀĞŶĚŽƉĞƌŝƚŽŽĨŝĐŝĂů͕ŽũƵŝǌŶŽŵĞĂƌĄĚƵĂƐƉĞƐƐŽĂƐŝĚƀŶĞĂƐ;ĚĞǀĞŵƚĞƌĐƵƌƐŽƐƵƉĞƌŝŽƌĞ
ŚĂďŝůŝƚĂĕĆŽƉĂƌĂŽĞǆĂŵĞͿ͘
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϲϱ

Ͳ Ɛ ƉĂƌƚĞƐ ƉŽĚĞŵ ŶŽŵĞĂƌ ĂƐƐŝƐƚĞŶƚĞƐ ƚĠĐŶŝĐŽƐ ;ƋƵĞ ĂƚƵĂƌĆŽ ƐŽŵĞŶƚĞ ĚĞƉŽŝƐ ĚĞ ƌĞĂůŝǌĂĚĂ Ă
ƉĞƌşĐŝĂͿ͘
ͲƉƌŽǀĂƉĞƌŝĐŝĂůŶĆŽǀŝŶĐƵůĂŽŵĂŐŝƐƚƌĂĚŽƋƵĞƉŽĚĞƌĄũƵůŐĂƌĐŽŶƚƌĂƌŝĂŵĞŶƚĞăƐƉƌŽǀĂƐ͘
Æ ƉƌŽǀĂ ŝůşĐŝƚĂ ƉŽĚĞƌĄ ƐĞƌ ƵƐĂĚĂ Ğŵ ďĞŶĞĨşĐŝŽ ĚŽ ƌĠƵ͕ Ğŵ ƌĂǌĆŽ ĚŽ ƉƌŝŶĐşƉŝŽ ĚĂ
ƉƌŽƉŽƌĐŝŽŶĂůŝĚĂĚĞ͘
͵ǤʹǤ
V
• ŽĂƚŽƉƌŽĐĞƐƐƵĂůƉĞůŽƋƵĂůŽĂĐƵƐĂĚŽĠŽƵǀŝĚŽƉĞůŽũƵŝǌƐŽďƌĞĂŝŵƉƵƚĂĕĆŽĐŽŶƚƌĂ
ĞůĞĨŽƌŵƵůĂĚĂ͘
• KŝŶƚĞƌƌŽŐĂƚſƌŝŽƉŽƐƐŝďŝůŝƚĂĂŽĂĐƵƐĂĚŽŽĞǆĞƌĐşĐŝŽĚĞĂƵƚŽĚĞĨĞƐĂ͘
• ƚŽ ƉƷďůŝĐŽ ;ĞǆĐĞƉĐŝŽŶĂůŵĞŶƚĞ͕ Ă ƉƵďůŝĐŝĚĂĚĞ ƉŽĚĞƌĄ ƐĞƌ ƌĞƐƚƌŝŶŐŝĚĂ͕ ŶŽƐ ƚĞƌŵŽƐ
ĚŽĂƌƚŝŐŽϳϵϮĚŽſĚŝŐŽĚĞWƌŽĐĞƐƐŽWĞŶĂůͿ͘
• ƚŽƉƌŽĐĞƐƐƵĂůŽƌĂů͘
o ǆĐĞĕƁĞƐ͗ƉĂƌĂŽƐƵƌĚŽ͕ĂƐƉĞƌŐƵŶƚĂƐƐĞƌĆŽĨĞŝƚĂƐƉŽƌĞƐĐƌŝƚŽĞƌĞƐƉŽŶĚŝĚĂƐ
ŽƌĂůŵĞŶƚĞ͖ ƉĂƌĂ Ž ŵƵĚŽ ĂƐ ƉĞƌŐƵŶƚĂƐ ƐĞƌĆŽ ĨĞŝƚĂƐ ŽƌĂůŵĞŶƚĞ Ğ
ƌĞƐƉŽŶĚŝĚĂƐ ƉŽƌ ĞƐĐƌŝƚŽ͖ ƉĂƌĂ Ž ƐƵƌĚŽͲŵƵĚŽ͕ ĂƐ ƉĞƌŐƵŶƚĂƐ Ğ ĂƐ ƌĞƐƉŽƐƚĂƐ
ƐĞƌĆŽ ĨĞŝƚĂƐ ƉŽƌ ĞƐĐƌŝƚŽ͘ ^Ğ Ž ƌĠƵ ĨŽƌ ĞƐƚƌĂŶŐĞŝƌŽ ŽƵ ƐƵƌĚŽͲŵƵĚŽ Ğ
ĂŶĂůĨĂďĞƚŽ͕ ƐĞƌĄ ŶŽŵĞĂĚŽ Ƶŵ ŝŶƚĠƌƉƌĞƚĞ ƋƵĞ ĨƵŶĐŝŽŶĂƌĄ ƚĂŵďĠŵ ĐŽŵŽ
ĐƵƌĂĚŽƌ͘
• ƚŽƉĞƌƐŽŶĂůşƐƐŝŵŽ͘^ſŽƌĠƵƉŽĚĞƐĞƌŝŶƚĞƌƌŽŐĂĚŽ͘
• ƚŽŝŶĚŝǀŝĚƵĂů͘
• ƚŽƉƌŝǀĂƚŝǀŽĞŶƚƌĞũƵŝǌĞƌĠƵ͘
o Ɛ ƉĂƌƚĞƐ ŶĆŽ ƉŽĚĞŵ ĨĂǌĞƌ ƌĞƉĞƌŐƵŶƚĂƐ͘ K ĚĞĨĞŶƐŽƌ ƉŽĚĞƌĄ͕ ĞŶƚƌĞƚĂŶƚŽ͕
ǌĞůĂƌƉĞůĂƌĞŐƵůĂƌŝĚĂĚĞĨŽƌŵĂůĚŽƉƌŽĐĞƐƐŽ͘ŽŵĂĞŶƚƌĂĚĂĚŽEŽǀŽſĚŝŐŽ
ŝǀŝů͕ŶĆŽƐĞĞǆŝŐĞŵĂŝƐĂƉƌĞƐĞŶĕĂĚĞĐƵƌĂĚŽƌƉĂƌĂŽŵĞŶŽƌĚĞϮϭĂŶŽƐ͘
͵Ǥ͵Ǥ !
• ĂĂĚŵŝƐƐĆŽƉĞůŽƌĠƵĚĂĂƵƚŽƌŝĂĚŽƐĨĂƚŽƐĂĞůĞŝŵƉƵƚĂĚŽƐ͘
o ĐŽŶĨŝƐƐĆŽƌĞĨĞƌĞͲƐĞăĂƵƚŽƌŝĂĚŽĨĂƚŽ͘ŵĂƚĞƌŝĂůŝĚĂĚĞĚŽĚĞůŝƚŽŶĆŽĠŽďũĞƚŽ
ĚĂĐŽŶĨŝƐƐĆŽ͘
• ƐƉĠĐŝĞƐ͗
o ^ŝŵƉůĞƐ͗ƋƵĂŶĚŽŽƌĠƵĂĚŵŝƚĞĂĂƵƚŽƌŝĂĚĞĨĂƚŽƷŶŝĐŽ͕ĂƚƌŝďƵŝĂƐŝĂƉƌĄƚŝĐĂĚĞ
ŝŶĨƌĂĕĆŽƉĞŶĂů͘
o YƵĂůŝĨŝĐĂĚĂ͗ ƋƵĂŶĚŽ Ž ƌĠƵ ĂĚŵŝƚĞ Ă ĂƵƚŽƌŝĂ ĚŽƐ ĨĂƚŽƐ Ă ĞůĞ ŝŵƉƵƚĂĚŽƐ͕ ŵĂƐ
ĂůĞŐĂ ĂůŐŽ Ğŵ ƐĞƵ ďĞŶĞĨşĐŝŽ͕ ŽƉƁĞ Ƶŵ ĨĂƚŽ ŵŽĚŝĨŝĐĂƚŝǀŽ ŽƵ ŝŵƉĞĚŝƚŝǀŽ͕ ƉŽƌ
ĞǆĞŵƉůŽ͗ĞǆĐůƵĚĞŶƚĞĚĞĂŶƚŝũƵƌŝĚŝĐŝĚĂĚĞ͕ĐƵůƉĂďŝůŝĚĂĚĞ͘
o ŽŵƉůĞǆĂ͗ƋƵĂŶĚŽŽƌĠƵĂĚŵŝƚĞĂĂƵƚŽƌŝĂĚĞĨĂƚŽŵƷůƚŝƉůŽ͘
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϲϲ

o :ƵĚŝĐŝĂů͗ Ġ Ă ĐŽŶĨŝƐƐĆŽ ƉƌĞƐƚĂĚĂ ƉĞƌĂŶƚĞ Ž ũƵŝǌ ĐŽŵƉĞƚĞŶƚĞ͕ ŶŽ ƉƌſƉƌŝŽ
ƉƌŽĐĞƐƐŽ͘
o ǆƚƌĂũƵĚŝĐŝĂů͗ĠĂĐŽŶĨŝƐƐĆŽƉƌĞƐƚĂĚĂŶŽ/ŶƋƵĠƌŝƚŽWŽůŝĐŝĂů͕ŽƵĨŽƌĂĚŽƐĂƵƚŽƐĚĂ
ĂĕĆŽƉĞŶĂů͘
o ǆƉůşĐŝƚĂ͗ƋƵĂŶĚŽŽĂĐƵƐĂĚŽƌĞĐŽŶŚĞĐĞƐĞƌŽĂƵƚŽƌĚĂŝŶĨƌĂĕĆŽ͘
o /ŵƉůşĐŝƚĂ͗ƋƵĂŶĚŽŽĂĐƵƐĂĚŽŶĆŽĂĚŵŝƚĞĂĂƵƚŽƌŝĂ͕ŵĂƐƌĞĂůŝǌĂĂƚŽƐƋƵĞůĞǀĂŵ
ŝŶĚŝƌĞƚĂŵĞŶƚĞăĐŽŶĐůƵƐĆŽĚĞƋƵĞĞůĞĠŽĂƵƚŽƌĚŽĚĞůŝƚŽ͘
ǆĞŵƉůŽ͗ƋƵĂŶĚŽŽĂĐƵƐĂĚŽƉƌŽĐƵƌĂƌĞƐƐĂƌĐŝƌŽŽĨĞŶĚŝĚŽĚŽƐƉƌĞũƵşǌŽƐ
ĐĂƵƐĂĚŽƐƉĞůĂŝŶĨƌĂĕĆŽ͘
͵ǤͶǤ
• dĞƐƚĞŵƵŶŚĂĠƚŽĚĂƉĞƐƐŽĂĞƐƚƌĂŶŚĂĂŽƉƌŽĐĞƐƐŽĞĞƋƺŝĚŝƐƚĂŶƚĞĚĂƐƉĂƌƚĞƐ͕ĐŚĂŵĂĚĂ
Ğŵ:ƵşǌŽƉĂƌĂĚĞƉŽƌƐŽďƌĞŽƐĨĂƚŽƐƋƵĞĐĂşƌĂŵƐŽďƌĞƐĞƵƐƐĞŶƚŝĚŽƐ͘
ͲůĂƐƐŝĨŝĐĂĕĆŽ͗
• ĚŝƌĞƚĂŽƵ͞ĚĞǀŝƐƵ͗͟ĚĞƉƁĞƐŽďƌĞŽƐĨĂƚŽƐƋƵĞƉƌĞƐĞŶĐŝŽƵʹƚĞǀĞĐŽŶƚĂƚŽĚŝƌĞƚŽ͖
• ŝŶĚŝƌĞƚĂŽƵ͞ĚĞĂƵĚŝƚŽ͗͟ĚĞƉƁĞƐŽďƌĞŽƐĨĂƚŽƐƋƵĞƚŽŵŽƵĐŽŶŚĞĐŝŵĞŶƚŽƉŽƌƚĞƌĐĞŝƌŽƐ͕ƋƵĞ
͞ŽƵǀŝƵĚŝǌĞƌ͖͟
• ƉƌſƉƌŝĂ͗ƉƌĞƐƚĂĚĞƉŽŝŵĞŶƚŽĂĐĞƌĐĂĚŽƚĞŵĂƉƌŽďĂŶĚƵ͕ĚŽĨĂƚŽŽďũĞƚŽĚĂƉƌŽǀĂ͖
• ŝŵƉƌſƉƌŝĂ ŽƵ ŝŶƐƚƌƵŵĞŶƚĄƌŝĂ͗ Ġ Ă ƚĞƐƚĞŵƵŶŚĂ ĐŚĂŵĂĚĂ Ă ƉƌĞƐĞŶĐŝĂƌ Ă ƉƌĄƚŝĐĂ ĚĞ ĂƚŽƐ

ƉƌŽĐĞƐƐƵĂŝƐŽƵĂƚŽƐĚŽŝŶƋƵĠƌŝƚŽƉŽůŝĐŝĂů͖
• ƌĞĨĞƌŝĚĂ͗ ƐĆŽ ĂƋƵĞůĂƐ ĐŝƚĂĚĂƐ ŶŽ ĚĞƉŽŝŵĞŶƚŽ ĚĞ ŽƵƚƌĂ ƚĞƐƚĞŵƵŶŚĂ͖ ƐĞƌĆŽ ŽƵǀŝĚĂƐ ĐŽŵŽ
ƚĞƐƚĞŵƵŶŚĂƐĚŽ:ƵşǌŽ͖
• ŝŶĨŽƌŵĂŶƚĞ͗ƐĆŽĂƐƚĞƐƚĞŵƵŶŚĂƐƋƵĞŶĆŽƉƌĞƐƚĂŵĐŽŵƉƌŽŵŝƐƐŽĚĞĚŝǌĞƌĂǀĞƌĚĂĚĞ͖
• ŶƵŵĞƌĄƌŝĂ͗ƚĞƐƚĞŵƵŶŚĂĂƌƌŽůĂĚĂƉĞůĂƉĂƌƚĞĚĞĂĐŽƌĚŽĐŽŵŽŶƷŵĞƌŽŵĄǆŝŵŽůĞŐĂůĞƋƵĞ
ƐĆŽ ĐŽŵƉƌŽŵŝƐƐĂĚĂƐ ;ŶƷŵĞƌŽŵĄǆŝŵŽ͗ϴ ŶŽ ƉƌŽĐĞƐƐŽ ĐŽŵƵŵ͖ϱ ŶŽ ƉƌŽĐĞƐƐŽƐƵŵĄƌŝŽ͖ ϱ
ŶŽƉůĞŶĄƌŝŽĚŽũƷƌŝ͖ϯŶŽũƵŝǌĂĚŽĞƐƉĞĐŝĂůĐƌŝŵŝŶĂůͿ͖
• ĞǆƚƌĂͲŶƵŵĞƌĄƌŝĂ͗ŶĆŽĞŶƚƌĂŶŽĐƀŵƉƵƚŽůĞŐĂů͘^ĆŽĂƐƌĞĨĞƌŝĚĂƐ͕ŝŶĨŽƌŵĂŶƚĞƐ͕ƚĞƐƚĞŵƵŶŚĂƐ
ƋƵĞŶĂĚĂƐŽƵďĞƌĂŵĂƌĞƐƉĞŝƚŽĚŽƐĨĂƚŽƐ͘
͵ǤͷǤ.X

^ĞŵƉƌĞ ƋƵĞ ƉŽƐƐşǀĞů͕ Ž ũƵŝǌ ĚĞǀĞƌĄ ŽƵǀŝƌ Ž ƐƵũĞŝƚŽ ƉĂƐƐŝǀŽ ĚĂ ŝŶĨƌĂĕĆŽ ;ĂƌƚŝŐŽ ϮϬϭ ĚŽ
ſĚŝŐŽĚĞWƌŽĐĞƐƐŽWĞŶĂůͿ͘
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϲϳ

ĞƐƐĞŵĞŝŽĚĞƉƌŽǀĂƐĞĂƉůŝĐĂŵĂƐŵĞƐŵĂƐƌĞŐƌĂƐĚĂƉƌŽǀĂƚĞƐƚĞŵƵŶŚĂů͕ŽďƐĞƌǀĂĚŽŽ
ƐĞŐƵŝŶƚĞ͗
• sşƚŝŵĂƉƌĞƐƚĂĚĞĐůĂƌĂĕƁĞƐĞŶĆŽĚĞƉŽŝŵĞŶƚŽ͘
• sşƚŝŵĂŶĆŽĠĐŽŵƉƵƚĂĚĂŶŽŶƷŵĞƌŽůĞŐĂůĚĞƚĞƐƚĞŵƵŶŚĂƐ͘
• sşƚŝŵĂ ŶĆŽ ƌĞƐƉŽŶĚĞ ƉĞůŽ ĐƌŝŵĞ ĚĞ ĨĂůƐŽ ƚĞƐƚĞŵƵŶŚŽ ;ŽďƐĞƌǀĂĕĆŽ͗ ƐĞ ĚĞƌ ĐĂƵƐĂ Ă
ŝŶǀĞƐƚŝŐĂĕĆŽƉŽůŝĐŝĂůŽƵĂƉƌŽĐĞƐƐŽũƵĚŝĐŝĂů͕ŝŵƉƵƚĂŶĚŽĂĂůŐƵĠŵĐƌŝŵĞĚĞƋƵĞŽƐĂďĞ
ŝŶŽĐĞŶƚĞ͕ƌĞƐƉŽŶĚĞƌĄƉĞůŽĐƌŝŵĞĚĞĚĞŶƵŶĐŝĂĕĆŽĐĂůƵŶŝŽƐĂͿ͘
• sşƚŝŵĂŶĆŽƉƌĞĐŝƐĂƐĞƌĂƌƌŽůĂĚĂƉĞůĂƐƉĂƌƚĞƐ͕ĚĞǀĞŶĚŽƐĞƌŽƵǀŝĚĂĚĞŽĨşĐŝŽƉĞůŽũƵŝǌ͘
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϲϴ

X
ͳǤ ȋȀ Ȃ ʹͲͲ͹Ǥ͵ǤȌ ïǡ
Ǥ
ïǡǣ
ǡ ÀÀǤ
ïÙǦǡ
ͳͺǤ
± ïǡ
±±Ǥ
ǡ À Àǡ À ǡ
ïǤ

ʹǤ ȋȀ Ȃ ʹͲͲ͹ǤͳȌ
ïǤ
À
Ǥ
ïòǡ ǡ
Ǥ

²ǡǡ²Ǥ
ǡǡ
²ǡ ǡ
±Ǥ

͵ǤȋȀȂʹͲͲ͹Ǥ͵ǤȌǡ
Ǥ
2ïǡ
Ǥ
² À
ïǡ Ø
±Ǥ
ǡ ± ǡ ²
×ǡ×Ǥ
× ²
±Ǥ
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϲϵ

Ǥ
ŽDĞĐĂŶŝƐŵŽŶĞĐĞƐƐĄƌŝŽĚĞƐƚŝŶĂĚŽĂŽƌĞĞǆĂŵĞĚĂƐĚĞĐŝƐƁĞƐũƵĚŝĐŝĂŝƐ͘
ͷǤA
ĂͿ ƵƉůŽŐƌĂƵĚĞũƵƌŝƐĚŝĕĆŽ͖
• EĆŽĞƐƚĄƉƌĞǀŝƐƚŽĞǆƉƌĞƐƐĂŵĞŶƚĞŶĂ&͖
• ƐƚĄƉƌĞǀŝƐƚŽŶŽWĂĐƚŽĚĞ^ĂŶ:ŽƐĠĚĂŽƐƚĂZŝĐĂ͘
ďͿ &ƵŶŐŝďŝůŝĚĂĚĞZĞĐƵƌƐĂů͖
• ŽĂĨĠ͖
• ^ĞŝŶƚĞƌƉŽƐƚŽŽƌĞĐƵƌƐŽĞƌƌĂĚŽ͕ĞŶĆŽƐĞƚƌĂƚĂŶĚŽĚĞĞƌƌŽŐƌŽƐƐĞŝƌŽ͕ƌĞĐĞďĞͲƐĞ
ŽƌĞĐƵƌƐŽĞƌƌĂĚŽĐŽŵŽƐĞĨŽƐƐĞŽĐŽƌƌĞƚŽ͘
͸Ǥ
ĂͿ sK>hd/sK Æ ^ƵĂ ŝŶƚĞƌƉŽƐŝĕĆŽ ƐĞƌǀĞ ƉĂƌĂ ƋƵĞ Ă ŝŶƐƚąŶĐŝĂ ƐƵƉĞƌŝŽƌ ;d:͕ dƵƌŵĂ
ZĞĐƵƌƐĂů͕^d:͕dZ&ĞƚĐ͘ͿĂŶĂůŝƐĞ͕ƚŽƚĂůŽƵƉĂƌĐŝĂůŵĞŶƚĞ͕ĂŵĂƚĠƌŝĂĐŽŵďĂƚŝĚĂ͘KƵƐĞũĂ͕Ġ
ĂŐĂƌĂŶƚŝĂĚĞƵŵĂƐĞŐƵŶĚĂŽƉŝŶŝĆŽƐŽďƌĞŽƚĞŵĂ͘
ďͿ ^h^WE^/sK Æ ^ƵƐƉĞŶĚĞ Ž ĂŶĚĂŵĞŶƚŽ ĚŽ ƉƌŽĐĞƐƐŽ ƉƌŝŶĐŝƉĂů ĞŶƋƵĂŶƚŽ ŶĆŽ ĨŽƌ
ƌĞƐŽůǀŝĚĂĂƋƵĞƐƚĆŽĚŝƐĐƵƚŝĚĂŶŽƌĞĐƵƌƐŽ͘
• ǡ
Ù±À
Ǥ
• ǣ ×Ǣ
ȋǤͷͺͶǡȌǢ Ǣ
Ǥ
ĐͿ Z'Z^^/sKÆ
Æ:ƵşǌŽĚĞƌĞƚƌĂƚĂĕĆŽ͘
• ȋȌǢ ǢǤ
•
ĚͿ ydE^/sK;ƌƚ͘ϱϴϬ͕WͿ͘

͹Ǥ AȋȌ
ůŐƵŵĂƐĚĞĐŝƐƁĞƐũƵĚŝĐŝĂŝƐĚĞǀĞŵƐĞƌƌĞǀŝƐƚĂƐŽďƌŝŐĂƚŽƌŝĂŵĞŶƚĞƉĞůŽƚƌŝďƵŶĂů͘
• ĂĚĞĐŝƐĆŽƋƵĞĐŽŶĐĞĚĞhabeas corpus ;Ăƌƚ͘ϱϳϰ͕/͕WWͿ͘
• ĂĚĞĐŝƐĆŽƋƵĞĐŽŶĐĞĚĞƌĞĂďŝůŝƚĂĕĆŽĐƌŝŵŝŶĂů;Ăƌƚ͘ϳϰϲ͕WWͿ͘
• ĞĐŝƐĆŽƋƵĞĐŽŶĐĞĚĞĂĂďƐŽůǀŝĕĆŽƐƵŵĄƌŝĂ;ũƷƌŝͿ͘
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϳϬ

• ĞĐŝƐĆŽ ƋƵĞ ĂƌƋƵŝǀĂ ŝŶƋƵĠƌŝƚŽ ƉŽůŝĐŝĂů ŽƵ ĂďƐŽůǀĞ Ž ƌĠƵ ŶŽƐ ĐƌŝŵĞƐ ĐŽŶƚƌĂ Ă
ĞĐŽŶŽŵŝĂƉŽƉƵůĂƌ͘
ͺǤ2
ͶǤͳǤ
Ž ƌĞĐƵƌƐŽ ŝŶƚĞƌƉŽƐƚŽ ĚĂƐĞŶƚĞŶĕĂ ĚĞĨŝŶŝƚŝǀĂŽƵ ĐŽŵ ĨŽƌĕĂ ĚĞ ĚĞĨŝŶŝƚŝǀĂ͕ ƉĂƌĂ Ă ƐĞŐƵŶĚĂ
ŝŶƐƚąŶĐŝĂ͕ ĐŽŵ Ž Ĩŝŵ ĚĞ ƋƵĞ ƐĞ ƉƌŽĐĞĚĂ ĂŽ ƌĞĞǆĂŵĞ ĚĂ ŵĂƚĠƌŝĂ͕ ĐŽŵ Ă ĐŽŶƐĞƋƺĞŶƚĞ
ŵŽĚŝĨŝĐĂĕĆŽƉĂƌĐŝĂůŽƵƚŽƚĂůĚĂĚĞĐŝƐĆŽ͘
ŽŵƉŽƐƚŽƉŽƌϮƉĞĕĂƐ͗ŝŶƚĞƌƉŽƐŝĕĆŽĞƌĂǌƁĞƐ͘
• /ŶƚĞƌƉŽƐŝĕĆŽ Æ ƉĂƌĂ Ž :h/ ͞Ă ƋƵŽ͟ ;Ɖͬ ƋƵĞ ƐĞ ĨĂĕĂ Ž ũƵşǌŽ ĚĞ ĂĚŵŝƐƐŝďŝůŝĚĂĚĞ͕
ǀĞƌŝĨŝĐĂŶĚŽŽƐWZ^^hWK^dK^WZK^^h/^Ϳ͘
& ĂďĞŽZ^ƐĞĞůĞŶĞŐĂƌ͘
• ZĂǌƁĞƐÆƉĂƌĂŽdZ/hE>͘
• WƌĂǌŽ͗
& ϱĚŝĂƐƉĂƌĂŝŶƚĞƌƉŽƌ͖
& ϴĚŝĂƐƉĂƌĂŽĨĞƌĞĐĞƌĂƐZO^͘
& ǆĐĞĕĆŽ͗
± ͳͲ
ÙǤ
• ,ŝƉſƚĞƐĞƐĚĞĐĂďŝŵĞŶƚŽ͗;Ăƌƚ͘ϱϵϯ͕WWͿ
Ô ŽŶƚƌĂƐĞŶƚĞŶĕĂĐŽŶĚĞŶĂƚſƌŝĂ͖
Ô ŽŶƚƌĂƐĞŶƚĞŶĕĂĂďƐŽůƵƚſƌŝĂ͖
o ×Æ Ù Ǥ
o ×ÆǡÙǤ
Ô ŽŶƚƌĂĂďƐŽůǀŝĕĆŽƐƵŵĄƌŝĂ;Ăƌƚ͘ϯϵϳ͕WWͿ
Ô ϭǑĨĂƐĞĚŽũƷƌŝ;ŝŵƉƌŽŶƷŶĐŝĂͬĂďƐŽůǀŝĕĆŽƐƵŵĄƌŝĂͿ
• ůŐƵŵĂƐĚĞĐŝƐƁĞƐĚŽ:ƷƌŝƐĆŽĂƉĞůĄǀĞŝƐ͗
& EƵůŝĚĂĚĞƉŽƐƚĞƌŝŽƌăƉƌŽŶƷŶĐŝĂ;ƉĞĚĞͲƐĞƵŵŶŽǀŽũƵůŐĂŵĞŶƚŽͿ͖
& ƌƌŽĚŽũƵŝǌƉƌĞƐŝĚĞŶƚĞ;ƉĞĚĞͲƐĞĂƌĞĨŽƌŵĂĚĂĚĞĐŝƐĆŽͿ͘
& YƵĂŶĚŽĂĚĞĐŝƐĆŽĚŽƐũƵƌĂĚŽƐĠŵĂŶŝĨĞƐƚĂŵĞŶƚĞĐŽŶƚƌĄƌŝĂĂƉƌŽǀĂĚŽƐĂƵƚŽƐ
;ƉĞĚĞͲƐĞƵŵŶŽǀŽũƵůŐĂŵĞŶƚŽͿ͘
ͶǤʹǤȋȌ
• ϮƉĞĕĂƐ͗
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϳϭ

& /ŶƚĞƌƉŽƐŝĕĆŽƉĂƌĂŽ:Ƶŝǌ͞ĂƋƵŽ͟;ƉͬƋƵĞƐĞĨĂĕĂũƵşǌŽĚĞƌĞƚƌĂƚĂĕĆŽͿ͖
& ZĂǌƁĞƐƉĂƌĂŽdƌŝďƵŶĂů;ũƵşǌŽĂĚƋƵĞŵͿ͘
• ĚŵŝƚĞŵũƵşǌŽĚĞƌĞƚƌĂƚĂĕĆŽ͗
& Z^͕ŐƌĂǀŽĞŵĞǆĞĐƵĕĆŽĞĂĂƌƚĂƚĞƐƚĞŵƵŶŚĄǀĞů͘
• WƌĂǌŽ͗
& ϱĚŝĂƐƉĂƌĂŝŶƚĞƌƉŽƌ;ĐŽŶƚĂĚŽƐĚĂŝŶƚŝŵĂĕĆŽͿ͖
& ϮĚŝĂƐƉĂƌĂƌĂǌƁĞƐ͘
• YƵĂŶĚŽĐĂďĞŽZ^͍;Ăƌƚ͘ϱϴϭ͕WWͿ
& ĞĐŝƐƁĞƐƋƵĞƌĞũĞŝƚĂŵĂĚĞŶƷŶĐŝĂ;ƋƵĞŝǆĂͿ͖
KďƐ͗͘EŽ:ƌŝŵĂŽƐĞƌĞũĞŝƚĂƌĚĞŶƷŶĐŝĂŽƵƋƵĞŝǆĂĐĂďĞW>KĞŵ
ϭϬĚŝĂƐ͊
& ĞĐŝƐƁĞƐĚĞWƌŽŶƷŶĐŝĂ͖
& ^>^^/&/K;:Ʒƌŝ͖Ϳ
& ĞĐŝƐĆŽƋƵĞĐŽŶĐĞĚĞŽƵŶĞŐĂ,͖
& ĞĐŝƐƁĞƐƋƵĞĂŶƵůĂŵŽƉƌŽĐĞƐƐŽ͖
& ǆƚŝŶĕĆŽĚĂƉƵŶŝďŝůŝĚĂĚĞ͘
ͶǤ͵Ǥ ȋǤͳͻ͹ǡÙȌ
• YƵĂŶĚŽĐĂďĞ͍
o ŽŶƚƌĂƚŽĚĂĚĞĐŝƐĆŽƉƌŽĨĞƌŝĚĂŶĂĨĂƐĞĚĞĞǆĞĐƵĕĆŽĚĂƉĞŶĂ͘
Ǥ Ǥ
o ĞĐŝƐĆŽƋƵĞĐŽŶĐĞĚĞŽƵŶĞŐĂůŝǀƌĂŵĞŶƚŽĐŽŶĚŝĐŝŽŶĂů͘
• YƵĂůĠŽƌŝƚŽ͍
o KŵĞƐŵŽĚŽZ^͊
• WƌĂǌŽсϱĚŝĂƐ͘
ͶǤͶǤ
• ŽƷŶŝĐŽƌĞĐƵƌƐŽĞǆĐůƵƐŝǀŽĚĂĚĞĨĞƐĂ͘
• ^ĆŽŽƉŽƐƚŽƐĞŵϭϬĚŝĂƐ͘
• ĂďĞÆĐŽŶƚƌĂĂĐſƌĚĆŽŶĆŽƵŶąŶŝŵĞĚĞĂƉĞůĂĕĆŽĞZ^͘
• ^ŽŵĞŶƚĞƉŽĚĞƐĞƌƉĞĚŝĚŽŽƋƵĞĨŽŝĐŽŶĐĞĚŝĚŽƉĞůŽǀŽƚŽǀĞŶĐŝĚŽ͘
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϳϮ

ͶǤͷǤ
• ^ĞƌĆŽ ĚŝƌŝŐŝĚŽƐ ĂŽ ƌĞůĂƚŽƌ͕ ĐĂƐŽ ĚĞ ĂĐſƌĚĆŽ͕ Ğ ĂŽ ũƵŝǌ ƐĞŶƚĞŶĐŝĂŶƚĞ͕ Ğŵ ĐĂƐŽ ĚĞ
ƐĞŶƚĞŶĕĂ͘
• :ƵůŐĂĚŽƉĞůŽŵĞƐŵŽũƵŝǌŽƵƚƌŝďƵŶĂůƋƵĞĚĞĐŝĚŝƵ͘
• WƌĂǌŽсƐĆŽŽƉŽƐƚŽƐĞŵϬϮĚŝĂƐ;ϬϱĚŝĂƐŶŽ:Z/DͿ
• ĂďŝŵĞŶƚŽ͗ĚĂĚĞĐŝƐĆŽƋƵĞŵĐŽŶƚĠŵ͗KEdŽŵďK^͊
o KEdƌĂĚŝĕĆŽ
o KŵŝƐƐĆŽ
o DŝŐƵŝĚĂĚĞ
o K^ĐƵƌŝĚĂĚĞ
ŽƉŽƐŝĕĆŽ ĚŽƐ ĞŵďĂƌŐŽƐ ĚĞ ĚĞĐůĂƌĂĕĆŽ ŝŶƚĞƌƌŽŵƉĞ Ž ƉƌĂǌŽ ĚŽƐ ĚĞŵĂŝƐ ƌĞĐƵƌƐŽƐ͘ K ƉƌĂǌŽ
ǀŽůƚĂƉĂƌĂŽǌĞƌŽ͘
ͶǤ͸Ǥ
• &ŝŶĂůŝĚĂĚĞ͗ ǀŝƚĂƌ ƋƵĞ Ž ũƵŝǌ ŝŵƉĞĕĂ Ž dƌŝďƵŶĂů ĚŽ ĐŽŶŚĞĐŝŵĞŶƚŽ ĚĞ ĂůŐƵŵ
ŝŶĐŽŶĨŽƌŵŝƐŵŽ;ĨĂǌĞƌƐƵďŝƌƌĞĐƵƌƐŽĚĞŶĞŐĂĚŽͿ͘
• WƌĂǌŽсϰϴŚŽƌĂƐ͘
• /ŶƚĞƌƉŽƐŝĕĆŽсƉĂƌĂŽĞƐĐƌŝǀĆŽĐŚĞĨĞĚŽĐĂƌƚſƌŝŽ͘
• ĂďĞсĐŽŶƚƌĂĚĞĐŝƐĆŽƋƵĞŶĞŐĂƐĞŐƵŝŵĞŶƚŽĂŽZ^ĞĂŽŐƌĂǀŽĞŵĞǆĞĐƵĕĆŽ͘
• ĚŵŝƚĞŽũƵşǌŽĚĞƌĞƚƌĂƚĂĕĆŽƉĞůŽ:Ƶŝǌ͘
ͶǤ͹ǤȋǤǤȌ
• WƌĂǌŽсϱĚŝĂƐ
• ĂďĞсĐŽŶƚƌĂĚĞĐŝƐĆŽĚŽƐƚƌŝďƵŶĂŝƐƋƵĞŶĞŐĂŵŽ,͘
• :ƵŝǌŶĞŐĂʹĐĂďĞZ^ŽƵŽƵƚƌŽ,͘
• dƌŝďƵŶĂůŶĞŐĂ,ʹĐĂďĞZ͘K͘ŽƵŽƵƚƌŽ,͘
• WŽĚĞƐĞƌũƵůŐĂĚŽƉŽƌ͗
YƵĞŵŶĞŐĂ, YƵĞŵ:ƵůŐĂŽZK
Ͳd:ŽƵdZ& Ͳ^d:
Ͳ^d: Ͳ^d&
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϳϯ

ͶǤͻǤȋǤͳͲͷǡǡ Ȍ
• WƌĂǌŽϭϱĚŝĂƐ͘
• ŽŵƉĞƚġŶĐŝĂĚŽ^ƵƉĞƌŝŽƌdƌŝďƵŶĂůĚĞ:ƵƐƚŝĕĂͲ^d:͘
• ĂĚĞĐŝƐĆŽƋƵĞĐŽŶƚƌĂƌŝĂƌůĞŝĨĞĚĞƌĂů͘
• ĞǀĞŚĂǀĞƌƉƌĞƋƵĞƐƚŝŶŽŵĞŶƚŽ͘
ͶǤͳͲǤȋǤͳͲʹǡ Ȍ
• WƌĂǌŽϭϱĚŝĂƐ
• ŽŵƉĞƚġŶĐŝĂĚŽ^d&͘
• ĂďĞĚĂĚĞĐŝƐĆŽƋƵĞĨŽƌĐŽŶƚƌĂĂŽŶƐƚŝƚƵŝĕĆŽ&ĞĚĞƌĂů͘
• ĞǀĞŚĂǀĞƌƉƌĞƋƵĞƐƚŝŽŶĂŵĞŶƚŽ͘
• ZĞƉĞƌĐƵƐƐĆŽ'ĞƌĂů͘

Ǥ.XW

• ZĞǀŝƐĆŽƌŝŵŝŶĂů͖
• DĂŶĚĂĚŽĚĞ^ĞŐƵƌĂŶĕĂ͖
• ,ĂďĞĂƐŽƌƉƵƐ͘
ͷǤȋǲ
ǦǳȌ
K ŚĂďĞĂƐ ĐŽƌƉƵƐ ŶĆŽ Ġ ƌĞĐƵƌƐŽ͖ ŶĆŽ ƚĞŵ ƉƌĂǌŽ ƉĂƌĂ Ă ƐƵĂ ŝŶƚĞƌƉŽƐŝĕĆŽ͖ ŶĆŽ Ġ
ŽďƌŝŐĂƚſƌŝŽ ƐƵĂ ĞǆŝƐƚġŶĐŝĂ Ğŵ Ƶŵ ƉƌŽĐĞƐƐŽ͘ ĂĕĆŽ ĐŽŶƐƚŝƚƵĐŝŽŶĂů ĚĞ ĐĂƌĄƚĞƌ ƉĞŶĂů Ğ
ƉƌŽĐĞĚŝŵĞŶƚŽĞƐƉĞĐŝĂů͘
ŽŶƐƚŝƚƵŝĕĆŽ&ĞĚĞƌĂůĚĞϭϵϴϴŝŶƐƚŝƚƵŝĚƵĂƐĞƐƉĠĐŝĞƐĚĞŚĂďĞĂƐĐŽƌƉƵƐ͗
• ŚĂďĞĂƐ ĐŽƌƉƵƐ ƉƌĞǀĞŶƚŝǀŽ ŽƵ ƐĂůǀŽ ĐŽŶĚƵƚŽ͗ ŶĆŽ ŚŽƵǀĞ ĚĂŶŽ ĐŽŶƐƵŵĂĚŽ͕ ŚĂǀĞŶĚŽ
ƌŝƐĐŽĨƵƚƵƌŽĚĞƐĞƐŽĨƌĞƌƵŵĂĐŽĂĕĆŽ͘
• ŚĂďĞĂƐ ĐŽƌƉƵƐ ƌĞƉƌĞƐƐŝǀŽ ŽƵ ůŝďĞƌĂƚſƌŝŽ͗ ǀŝƐĂ ĐŽŵďĂƚĞƌ Ž ĚĂŶŽ ă ůŝďĞƌĚĂĚĞ ĚĞ
ůŽĐŽŵŽĕĆŽ͕ĐŽĂĕĆŽŽƵǀŝŽůġŶĐŝĂƋƵĞƐĞĞŶĐŽŶƚƌĂŵĐŽŶƐƵŵĂĚŽƐ͘

ͳǤͳǤ
ŝŵƉĞƚƌĂĕĆŽĚŽŚĂďĞĂƐĐŽƌƉƵƐƐĞĨĂǌƉŽƌŵĞŝŽĚĞƉĞƚŝĕĆŽŝŶŝĐŝĂů͕ƋƵĞĚĞǀĞƌĄĐŽŶƚĞƌŽƐ
ƐĞŐƵŝŶƚĞƐƌĞƋƵŝƐŝƚŽƐŵşŶŝŵŽƐ͗
• ŶŽŵĞĚŽƉĂĐŝĞŶƚĞ͖
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϳϰ

• ĚĞƐĐƌŝĕĆŽĚĂĂƚƵĂůŽƵĨƵƚƵƌĂǀŝŽůġŶĐŝĂŽƵĐŽĂĕĆŽăůŝďĞƌĚĂĚĞĚĞůŽĐŽŵŽĕĆŽ͖
• ƉĞƚŝĕĆŽĞƐĐƌŝƚĂĞŵůşŶŐƵĂƉŽƌƚƵŐƵĞƐĂ͖
• ĂƐƐŝŶĂƚƵƌĂĚŽŝŵƉĞƚƌĂŶƚĞŽƵĚĞĂůŐƵĠŵĂƐĞƵƌŽŐŽ͖
• ĚŽĐƵŵĞŶƚŽƐƋƵĞĐŽŵƉƌŽǀĞŵŽƐĨĂƚŽƐĂůĞŐĂĚŽƐ͘
ͳǤʹǤ×ȋǤ͸Ͷ͹Ȁ͸ͶͺȌ
Ǥǣ͸Ͷͺ×±ǫ
ǣ ǡ ͸Ͷ͹ × ±
ÙǤ
^ĆŽŚŝƉſƚĞƐĞƐĚĞĐĂďŝŵĞŶƚŽĚŽŚĂďĞĂƐĐŽƌƉƵƐ͗
• YƵĂŶĚŽ ŶĆŽ ŚŽƵǀĞƌ ũƵƐƚĂ ĐĂƵƐĂ͗ ŚĂǀĞƌĄ ũƵƐƚĂ ĐĂƵƐĂ ƐĞŵƉƌĞ ƋƵĞ Ă ƉĞƌƐĞĐƵĕĆŽ ƉĞŶĂů
ƉŽƐƐƵŝƌĨƵŶĚĂŵĞŶƚŽƐĨĄƚŝĐŽƐĞũƵƌşĚŝĐŽƐ͘
• ^ĞŵƉƌĞƋƵĞĂůŐƵĠŵĞƐƚŝǀĞƌƉƌĞƐŽƉŽƌŵĂŝƐƚĞŵƉŽƋƵĞĂůĞŝƉĞƌŵŝƚĂ͗
o ĚŝƐƉŽƐŝƚŝǀŽƋƵĞǀĂůĞƉĂƌĂƉƌŝƐĆŽƉĞŶĂůĞƉĂƌĂƉƌŝƐĆŽƉƌŽĐĞƐƐƵĂů͘
• YƵĂŶĚŽƋƵĞŵŽƌĚĞŶĂƌĂĐŽĂĕĆŽŶĆŽƚŝǀĞƌĐŽŵƉĞƚġŶĐŝĂƉĂƌĂĨĂǌġͲůŽ͘
• YƵĂŶĚŽŚŽƵǀĞƌĐĞƐƐĂĚŽŽŵŽƚŝǀŽƋƵĞĂƵƚŽƌŝǌŽƵĂĐŽĂĕĆŽ͘
• YƵĂŶĚŽŶĆŽĨŽƌĂůŐƵĠŵĂĚŵŝƚŝĚŽĂƉƌĞƐƚĂƌĨŝĂŶĕĂ͕ŶŽƐĐĂƐŽƐĞŵƋƵĞĂůĞŝĂĂƵƚŽƌŝǌĂ͘
• YƵĂŶĚŽŽƉƌŽĐĞƐƐŽĨŽƌŵĂŶŝĨĞƐƚĂŵĞŶƚĞŶƵůŽ͗ĂŶƵůŝĚĂĚĞĚĞǀĞƐĞƌŵĂŶŝĨĞƐƚĂ͘
• YƵĂŶĚŽĞǆƚŝŶƚĂĂƉƵŶŝďŝůŝĚĂĚĞ͘
o ǆ͗͘ŝŶƐƚĂƵƌĂͲƐĞŝŶƋƵĠƌŝƚŽƉŽůŝĐŝĂůƉĂƌĂĂƉƵƌĂƌĐƌŝŵĞƉƌĞƐĐƌŝƚŽ͘

Ǥǣ 2 À ×
ǫ
ǤǣǤ±Àǡ Ǥ
͸Ǥ
.
KŵĂŶĚĂĚŽĚĞƐĞŐƵƌĂŶĕĂĞŶĐŽŶƚƌĂͲƐĞƉƌĞǀŝƐƚŽŶŽƐŝŶĐŝƐŽƐ>y/yĞ>yyĚŽĂƌƚŝŐŽϱ͘ǑĚĂ
ŽŶƐƚŝƚƵŝĕĆŽ&ĞĚĞƌĂů͘
ĞƐĚĞ ƐĞƵ ƐƵƌŐŝŵĞŶƚŽ ĚŝƐĐƵƚŝĂͲƐĞ Ă ƉŽƐƐŝďŝůŝĚĂĚĞ ĚĞ ĐĂďŝŵĞŶƚŽ ĐŽŶƚƌĂ ĂƚŽ
ũƵƌŝƐĚŝĐŝŽŶĂů͘,ŽũĞŶĆŽŚĄĚƷǀŝĚĂ͗ĠĐĂďşǀĞůĐŽŶƚƌĂĂƋƵĞůĞĂƚŽũƵƌŝƐĚŝĐŝŽŶĂůƉĂƌĂŽƋƵĂůŶĆŽƐĞ
ƉƌĞǀŝƵƌĞĐƵƌƐŽ͘
ǆ͗͘ƉĞĚŝĚŽĚĞŚĂďŝůŝƚĂĕĆŽĚŽĂƐƐŝƐƚĞŶƚĞĚĞĂĐƵƐĂĕĆŽŶĞŐĂĚŽ͖ĚĞĐŝƐĆŽƋƵĞĚĞƚĞƌŵŝŶĂĂ
ĂƉƌĞĞŶƐĆŽĚĞŽďũĞƚŽƐŶĆŽƌĞůĂĐŝŽŶĂĚŽƐĂŽĐƌŝŵĞ͕ƉĂƌĂŐĂƌĂŶƚŝƌĂƐƉƌĞƌƌŽŐĂƚŝǀĂƐĚŽĂĚǀŽŐĂĚŽ͘
ƐĞŽĂƚŽĨŽƌƌĞĐŽƌƌşǀĞů͍^ĞŐƵŶĚŽĂ>ĞŝĚŽDĂŶĚĂĚŽĚĞ^ĞŐƵƌĂŶĕĂŶĆŽƐĞƌĄĐĂďşǀĞů͘
ǀĄůŝĚĂĞƐƐĂƌĞƐƚƌŝĕĆŽ͍
'-+?-26(+(15,48(?0<'2&6?1$&,21$/?',5(,72?&85626??/)*2$%?)$6(?$8/$6?352&(6623(1$/
ϳϱ

EĆŽ͘ ƐƐĂ ƌĞƐƚƌŝĕĆŽ ŶĆŽ ĠĂƉůŝĐĂĚĂ͘ WƌĞǀĂůĞĐĞŽ ĞŶƚĞŶĚŝŵĞŶƚŽ ĚĞ ƋƵĞ ŽŵĂŶĚĂĚŽ ĚĞ
ƐĞŐƵƌĂŶĕĂ ƉŽĚĞƌĄ ƐĞƌ ŝŵƉĞƚƌĂĚŽ ĐŽŶƚƌĂ ĂƚŽ ũƵƌŝƐĚŝĐŝŽŶĂů ƋƵĞ ĂĚŵŝƚĂ ƌĞĐƵƌƐŽ͕ ƐĞŵƉƌĞ ƋƵĞ Ž
ƌĞĐƵƌƐŽŶĆŽƉŽƐƐƵŝƌĞĨĞŝƚŽƐƵƐƉĞŶƐŝǀŽ͕ƉŽŝƐ͕ŶĞƐƐĞĐĂƐŽ͕ĂŝŶƚĞƌƉŽƐŝĕĆŽĚŽƌĞĐƵƌƐŽŶĆŽŝŵƉĞĚĞ
ƋƵĞ Ă ĚĞĐŝƐĆŽ ƉƌŽĚƵǌĂ ƐĞƵƐ ĞĨĞŝƚŽƐ͕ ĚĞ ƚĂů ĨŽƌŵĂ ƋƵĞ ŶĆŽ ŽďƐƚĂ Ă ĐŽŶƐƵŵĂĕĆŽ ĚĂ ůĞƐĆŽ Ă
ĚŝƌĞŝƚŽůşƋƵŝĚŽĞĐĞƌƚŽĞŵǀŝƌƚƵĚĞĚĞŝůĞŐĂůŝĚĂĚĞŽƵĂďƵƐŽĚĞƉŽĚĞƌ͘
ĂďĞ ƚĂŵďĠŵ Ž DĂŶĚĂĚŽ ĚĞ ^ĞŐƵƌĂŶĕĂ ƉĂƌĂ ŽďƚĞƌ ĞĨĞŝƚŽ ƐƵƐƉĞŶƐŝǀŽ Ğŵ ĂŐƌĂǀŽ
ŝŶƚĞƌƉŽƐƚŽ ĐŽŶƚƌĂ ĚĞĐŝƐĆŽ ƋƵĞ Ğŵ ƐĞĚĞ ĚĞ ĞǆĞĐƵĕƁĞƐ ĐŽŶĐĞĚĞ ůŝǀƌĂŵĞŶƚŽ ĐŽŶĚŝĐŝŽŶĂů ŽƵ
ƉƌŽŐƌĞƐƐĆŽ ĚĞ ƌĞŐŝŵĞ ƐĞŵ Ž ƉƌĞĞŶĐŚŝŵĞŶƚŽ ĚŽƐ ƌĞƋƵŝƐŝƚŽƐ ůĞŐĂŝƐ ŽƵ ƉĂƌĂ ŽďƚĞƌ ĞĨĞŝƚŽ
ƐƵƐƉĞŶƐŝǀŽĐŽŶƚƌĂĂĐŽŶĐĞƐƐĆŽĚĞůŝďĞƌĚĂĚĞƉƌŽǀŝƐſƌŝĂĞŵĐƌŝŵĞŚĞĚŝŽŶĚŽ͘

ŝƌĞŝƚŽ>şƋƵŝĚŽĞĞƌƚŽ
ƉſƐŐƌĂŶĚĞĚŝƐĐƵƐƐĆŽĚŽƵƚƌŝŶĄƌŝĂ͕ĐŚĞŐŽƵͲƐĞĂŽĐŽŶƐĞŶƐŽĚĞƋƵĞĂĞǆƉƌĞƐƐĆŽ͞ĚŝƌĞŝƚŽ
ůşƋƵŝĚŽ Ğ ĐĞƌƚŽ͟ ĚĞǀĞ ƐĞƌ ƚŽŵĂĚĂ ŶŽ ƐĞŶƚŝĚŽ ƉƌŽĐĞƐƐƵĂů͕ ƉĂƌĂ ŝŶĚŝĐĂƌ ĚŝƌĞŝƚŽ ĂƉƵƌĄǀĞů ƐĞŵ
ŶĞĐĞƐƐŝĚĂĚĞ ĚĞ ĚŝůĂĕĆŽ ƉƌŽďĂƚſƌŝĂ͘ ŝƐƐŽ ĚĞĐŽƌƌĞ Ă ĞǆŝŐġŶĐŝĂ ĚĞ ƉƌŽǀĂ ƉƌĠͲĐŽŶƐƚŝƚƵşĚĂ ĚŽ
ĚŝƌĞŝƚŽƉĂƌĂƋƵĞƐĞĐŽŐŝƚĞĂĐŽŶĐĞƐƐĆŽĚĞŵĂŶĚĂĚŽĚĞƐĞŐƵƌĂŶĕĂ͘

WĂƌƚĞƐ
^ĆŽůĞŐŝƚŝŵĂĚŽƐƉĂƌĂŝŵƉĞƚƌĂƌŽŵĂŶĚĂĚŽĚĞƐĞŐƵƌĂŶĕĂĂƉĞƐƐŽĂĨşƐŝĐĂŽƵũƵƌşĚŝĐĂͲĞ͕
ĂƚĠ͕ ĞŶƚĞ ĚĞƐƉĞƌƐŽŶĂůŝǌĂĚŽ Ͳ ƚŝƚƵůĂƌ ĚŽ ĚŝƌĞŝƚŽ ůşƋƵŝĚŽ Ğ ĐĞƌƚŽ ĂŵĞĂĕĂĚŽ ŽƵ ǀŝŽůĂĚŽ ƉĞůĂ
ŝůĞŐĂůŝĚĂĚĞŽƵĂďƵƐŽĚĞƉŽĚĞƌ͘EŽƌŵĂůŵĞŶƚĞ͕ŶŽƉƌŽĐĞƐƐŽƉĞŶĂů͕ĞƐƐĞƌĞŵĠĚŝŽƐĞƌĄƵƚŝůŝǌĂĚŽ
ƉĞůĂĂĐƵƐĂĕĆŽʹƉŽŝƐĂĚĞĨĞƐĂƉŽĚĞĨĂǌĞƌƵƐŽĚŽŚĂďĞĂƐĐŽƌƉƵƐ͘
KſƌŐĆŽĚŽDŝŶŝƐƚĠƌŝŽWƷďůŝĐŽƉŽĚĞŝŵƉĞƚƌĂƌŵĂŶĚĂĚŽĚĞƐĞŐƵƌĂŶĕĂƉĞƌĂŶƚĞƚƌŝďƵŶĂŝƐ͘
EŽ ƉſůŽ ƉĂƐƐŝǀŽ͕ ƐĞŐƵŶĚŽ Ă ĚŽƵƚƌŝŶĂ ĚŽŵŝŶĂŶƚĞ͕ ĞŶĐŽŶƚƌĂͲƐĞ Ă ƉĞƐƐŽĂ ũƵƌşĚŝĐĂ ĚĞ
ĚŝƌĞŝƚŽƉƷďůŝĐŽĂĐƵũŽƋƵĂĚƌŽƉĞƌƚĞŶĐĞĂĂƵƚŽƌŝĚĂĚĞĐŽĂƚŽƌĂ͘

ŽŵƉĞƚġŶĐŝĂ
ŽŵŽƐĞƚƌĂƚĂĚĞŵĂŶĚĂĚŽĚĞƐĞŐƵƌĂŶĕĂĞŵĨĂĐĞĚĞĂƚŽũƵƌŝƐĚŝĐŝŽŶĂů͕ĂĐŽŵƉĞƚġŶĐŝĂ
ƐĞƌĄƐĞŵƉƌĞĚŽƐƚƌŝďƵŶĂŝƐʹŽƌŝŐŝŶĂƌŝĂŵĞŶƚĞ͘

WƌŽĐĞĚŝŵĞŶƚŽ
• WƌĂǌŽƉĂƌĂŝŵƉĞƚƌĂĕĆŽ͗ϭϮϬĚŝĂƐĐŽŶƚĂĚŽƐĚĂĐŝġŶĐŝĂĚŽĂƚŽŝŵƉƵŐŶĂĚŽ͘
• ƉĞƚŝĕĆŽ ŝŶŝĐŝĂů ĚĞǀĞ ĂƚĞŶĚĞƌ ĂŽƐ ƌĞƋƵŝƐŝƚŽƐ ĚŽƐ ĂƌƚŝŐŽƐ ϮϴϮ Ğ Ϯϴϯ ĚŽ ſĚŝŐŽ ĚĞ
WƌŽĐĞƐƐŽŝǀŝůĞĞƐƚĂƌŵƵŶŝĚĂĚĂƉƌŽǀĂƉƌĠͲĐŽŶƐƚŝƚƵşĚĂĚŽĚŝƌĞŝƚŽĚŽŝŵƉĞƚƌĂŶƚĞ͘
• KƚƌŝďƵŶĂůƉŽĚĞŽƵŶĆŽĐŽŶĐĞĚĞƌĂůŝŵŝŶĂƌ͘
• ĂƵƚŽƌŝĚĂĚĞĐŽĂƚŽƌĂƐĞƌĄŶŽƚŝĨŝĐĂĚĂƉĂƌĂƉƌĞƐƚĂƌŝŶĨŽƌŵĂĕƁĞƐŶŽƉƌĂǌŽĚĞϭϬĚŝĂƐ͘
• KſƌŐĆŽĚŽDŝŶŝƐƚĠƌŝŽWƷďůŝĐŽĚĞǀĞĂƉƌĞƐĞŶƚĂƌƉĂƌĞĐĞƌĞŵϱĚŝĂƐʹĂƚƵĂĐŽŵŽĐƵƐƚŽƐ
ůĞŐŝƐ͘
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ϳϲ

>ŝŵŝŶĂƌ
ůĞŝ ĚŽ ŵĂŶĚĂĚŽ ĚĞ ƐĞŐƵƌĂŶĕĂ ĂƐƐĞŐƵƌĂ Ă ƉŽƐƐŝďŝůŝĚĂĚĞ ĚĞ ĐŽŶĐĞƐƐĆŽ ĚĞ ůŝŵŝŶĂƌ ĂŽ
ŝŵƉĞƚƌĂŶƚĞƐĞŵƉƌĞƋƵĞĂĂŵĞĂĕĂĂŽĚŝƌĞŝƚŽůşƋƵŝĚŽĞĐĞƌƚŽĨŽƌĂƚƵĂůĞŽďũĞƚŝǀĂ;Ăƌƚ͘ϳϬ͕ŝŶĐ͘//Ϳ͘
KďƐ͗͘ Ă ŶŽƚŝĨŝĐĂĕĆŽ ĚĂ ĂƵƚŽƌŝĚĂĚĞ ĐŽĂƚŽƌĂ ƉĂƌĂ ĂƉƌĞƐĞŶƚĂĕĆŽ ĚĂƐ ŝŶĨŽƌŵĂĕƁĞƐ ƚĞŵ ǀĂůŽƌ ĚĞ
ĐŝƚĂĕĆŽ͘
ƚĞŶĕĆŽ͗ Ž ^ƵƉƌĞŵŽ dƌŝďƵŶĂů &ĞĚĞƌĂů ĞŶƚĞŶĚĞ ƋƵĞ Ž ŵĂŶĚĂĚŽ ĚĞ ƐĞŐƵƌĂŶĕĂ͕ ƋƵĂŶĚŽ
ŝŵƉĞƚƌĂĚŽƉĞůŽDŝŶŝƐƚĠƌŝŽWƷďůŝĐŽĐŽŶƚƌĂĚĞĐŝƐĆŽĨĂǀŽƌĄǀĞůĂĚĞĨĞƐĂ͕ĚĞǀĞƌĄƚĂŵďĠŵƌĞƋƵĞƌĞƌ
ĞŽƚƌŝďƵŶĂůĚĞƚĞƌŵŝŶĂƌĂĐŝƚĂĕĆŽĚŽƌĠƵĐŽŵŽůŝƚŝƐĐŽŶƐſƌĐŝŽŶĞĐĞƐƐĄƌŝŽ͘^ĞŵŝƐƐŽ͕Ž^ƵƉƌĞŵŽ
dƌŝďƵŶĂů&ĞĚĞƌĂůĂŶƵůĂŽŵĂŶĚĂĚŽĚĞƐĞŐƵƌĂŶĕĂ͘
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ϳϳ

X
ͳǤȋȂʹͲͲͻǤͳȌ ÀͳʹǤ͐
Ǥ ×±ǡ
× Ǥ ±ǡǦ
ǡ
ǡ ×ǡǣ
ȋȌ Ǥ
ȋȌ ×ÀǤ
ȋȌ Ǥ
ȋȌ Ǥ

ȋȀ
ʹͲͲͺ ͳȌÀ ±±×ǣ
ȋȌǤ
ȋȌ Ǥ
ȋȌïǤ
ȋȌ Ǥ

ǣ
ͳǤǢʹǤ
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DIREITO PENAL
patriciavanzolini@uol.com.br
ϭΣĂƵůĂϭϬ͘Ϭϯ͘Ϭϴʹ>ZĐĂƉ͘ϭĞϮ>ŝǀƌŽ
W>/K>/WE>
/ʹWƌŝŶĐşƉŝŽƐĚĂůĞŝWĞŶĂů ƌƚ͘ϭ͕W
ϭ͘ WƌŝŶĐşƉŝŽĚĂ>ĞŐĂůŝĚĂĚĞ ƌƚ͘
ϭ͘ϭ͘ WƌŝŶĐşƉŝŽĚĂĞƐƚƌŝƚĂůĞŐĂůŝĚĂĚĞŽƵƌĞƐĞƌǀĂůĞŐĂů ƌƚ͘
ϭ͘Ϯ͘ WƌŝŶĐşƉŝŽĚĂƚĂǆĂƚŝǀŝĚĂĚĞ ƌƚ͘
ϭ͘ϯ͘ WƌŝŶĐşƉŝŽĚĂƉƌŽŝďŝĕĆŽĂŶĂůſŐŝĐĂ ƌƚ͘
Ϯ͘ WƌŝŶĐşƉŝŽĚĂŶƚĞƌŝŽƌŝĚĂĚĞ
//ʹ>ĞŝƉĞŶĂůŶŽƚĞŵƉŽ ƌƚ͘Ϯ͕ϯĞϰ͕W
ϭ͘ dĞŵƉŽĚŽƌŝŵĞ ƌƚ͘
Ϯ͘ ŽŶĨůŝƚŽƐĚĞ>ĞŝŶŽƚĞŵƉŽ ƌƚ͘
APLICAÇÃO DA LEI PENAL
I – PRINCÍPIOS DA LEI PENAL
1. Princípio da Legalidade
1.1. Princípio da estrita legalidade ou reserva legal

Definição: Apenas a lei em sentido estrito (lei ordinária e lei complementar) pode criar
direito penal.
• Atos normativos (ex. medida provisória, decretos, regulamentos) NÃO podem
criar direito penal.
• Este princípio vale para tudo: Para os crimes e para as penas.
Medida provisória não pode veicular direito penal,. Hot! hot!

Art. 62, CF/88 e EC 32/01 §1°.
• A lei é a única fonte formal imediata do direito penal.
É competência privativa de a União legislar sobre o

direito Penal – art. 22, parágrafo único, CF.
• A União pode delegar para os Estados através de lei Complementar.
1.2. Princípio da taxatividade

Definição: A lei Penal tem completa, taxativa, detalhada, marcando exatamente a
conduta incriminada.
Duas situações relativizam a taxatividade: Hot! hot!
a) Norma penal em branco
Conceito: É a norma cujo preceito primário é incompleto, e, portanto, precisa de

complementação por outro ato normativo.
ϭ

Duas espécies de norma penal em branco: Hot! hot!
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b) Tipo penal aberto
Conceito: É aquele que possui elementos normativos.

o Elementos normativos são aqueles que precisam de um juízo de valor
do aplicador da norma.
o Ex. Art. 233, CP – 3UDWLFDUDWRREVFHQRGHSHQGHGHLQWHUSUHWDomR

Art. 244, CP1mRSDJDUSHQVmRDOLPHQWtFLD³'HL[DU6(0
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o Elemento normativo é DIFERENTE de elemento subjetivo. Este é
todo elemento relativo ao dolo, a intenção do agente.
1.3. Princípio da proibição analógica

Conceito: É a proibida a analogia em direito penal, salvo para beneficiar o réu.
2. Princípio da anterioridade
Conceito: Significa que a lei penal tem que ser anterior ao fato incriminado.
II – LEI PENAL NO TEMPO
1. Tempo do crime – art. 4PP, CP

Considera-se praticado o crime no momento da ação ou omissão, ainda que outro seja o
momento do resultado, é a TEORIA DA RELATIVIDADE, adotada pelo art. 4P.
• A Teoria da Relatividade não se aplica na PRESCRIÇÃO, porque o legislador

no art. 111, CP, determinou que o PRAZO PRESCRICIONAL começa a
correr da data em que o crime se CONSUMOU.
2. Conflitos de lei no tempo (Direito Penal Intertemporal) são 03 regras:
2.1. Irretroatividade da lei MAIS severa/ gravosa

Ex. A lei 11.464/02 que entrou em vigor 29.03.07, passou a permitir progressão de regime
dos crimes hediondos após o cumprimento de 2/5 da pena. Anteriormente, no entanto, o STF
já havia declarado a inconstitucionalidade do Regime Integral Fechado e permitindo a
progressão após o cumprimento de 1/6 da pena. (Não podia agora pode, para o réu é
maléfica a lei).
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^d:͗ Z/D^ ,/KEK^͘ WZK'Z^^K͘ Z'/D͘ >W^K^ dDWKZ/^͘ >/ E͘ ϭϭ͘ϰϲϰͬϮϬϬϳ͘ dƌĂƚĂͲƐĞ ĚĞ
ŚĂďĞĂƐĐŽƌƉƵƐƐƵďƐƚŝƚƵƚŝǀŽŝŵƉĞƚƌĂĚŽĐŽŶƚƌĂĂƚŽĚŽdƌŝďƵŶĂůĂƋƵŽƉŽƌŽĐĂƐŝĆŽĚŽũƵůŐĂŵĞŶƚŽĚŽĂŶƚĞƌŝŽƌǁƌŝƚ
ĞŵĨĂǀŽƌĚŽƉĂĐŝĞŶƚĞƋƵĞĂĨĂƐƚŽƵŽſďŝĐĞăƉƌŽŐƌĞƐƐĆŽĚĞƌĞŐŝŵĞŝŵƉŽƐƚŽŶĂƐĞŶƚĞŶĕĂĐŽŶĚĞŶĂƚſƌŝĂĚĞϰĂŶŽƐ
ĞϴŵĞƐĞƐĚĞƌĞĐůƵƐĆŽƉŽƌƚƌĄĨŝĐŽĚĞĞŶƚŽƌƉĞĐĞŶƚĞƐ͕ŵĂƐŝŵƉŽŶĚŽĂŽďƐĞƌǀąŶĐŝĂĚŽůĂƉƐŽƚĞŵƉŽƌĂůƉƌĞǀŝƐƚŽŶĂ
>Ğŝ Ŷ͘ ϭϭ͘ϰϲϰͬϮϬϬϳ͘ ǆƉůŝĐĂ Ă DŝŶ͘ ZĞůĂƚŽƌĂ ƋƵĞ ĞƐƐĂ ůĞŝ ďĂŶŝƵ ĞǆƉƌĞƐƐĂŵĞŶƚĞ Ă ǀĞĚĂĕĆŽ ă ƉƌŽŐƌĞƐƐĆŽ ĚĞ
ƌĞŐŝŵĞƉƌŝƐŝŽŶĂůĞŵĐĂƐŽƐĚĞĐŽŶĚĞŶĂĚŽƐƉŽƌĐƌŝŵĞƐŚĞĚŝŽŶĚŽƐ͕ĐŽŶƚƵĚŽĞƐƚĂďĞůĞĐĞƵůĂƉƐŽƐƚĞŵƉŽƌĂŝƐŵĂŝƐ
ŐƌĂǀŽƐŽƐ ƉĂƌĂ ŽƐ ĐŽŶĚĞŶĂĚŽƐ ĚĞƐƐĞƐ ĐƌŝŵĞƐ͕ ĐŽŶƐƚŝƚƵŝŶĚŽͲƐĞ ŶĞƐƐĞ ƉŽŶƚŽ ǀĞƌĚĂĚĞŝƌĂ ŶŽǀĂƚŝŽ ůĞŐŝƐ ŝŶ ƉĞũƵƐ͕
ĐƵũĂĂƉůŝĐĂĕĆŽƌĞƚƌŽĂƚŝǀĂĠǀĞĚĂĚĂƉĞůŽĂƌƚ͘ϱǑ͕y>͕ĚĂ&ͬϭϵϴϴĞĂƌƚ͘ϮǑ͕ĚŽW͘ƐƐŝŵĂŶŽǀĞůůĞŐŝƐůĂĕĆŽĚĞǀĞ

ŝŶĐŝĚŝƌĂƉĞŶĂƐŶŽƐĐƌŝŵĞƐŚĞĚŝŽŶĚŽƐĞĂƐƐĞŵĞůŚĂĚŽƐƉƌĂƚŝĐĂĚŽƐĂƉſƐϮϵĚĞŵĂƌĕŽĚĞϮϬϬϳ͘ZĞƐƐĂůƚĂƋƵĞĞƐƚĞ

^ƵƉĞƌŝŽƌ dƌŝďƵŶĂů ĂĚŽƚŽƵ Ž ŵĞƐŵŽ ƉŽƐŝĐŝŽŶĂŵĞŶƚŽ ƋƵĂŶĚŽ ĚŽ ĂĚǀĞŶƚŽ ĚĂ >Ğŝ Ŷ͘ ϴ͘ϬϳϮͬϭϵϵϬ͕ ĨŝĐĂŶĚŽ ƐƵĂ
ĂƉůŝĐĂĕĆŽƌĞƐƚƌŝƚĂĂŽƐĐƌŝŵĞƐĐŽŵĞƚŝĚŽƐĂƉſƐƐƵĂǀŝŐġŶĐŝĂƉŽƌƚĂŵďĠŵƐĞƚƌĂƚĂƌĚĞŶŽƌŵĂŵĂŝƐƉƌĞũƵĚŝĐŝĂůĂŽ
ĐŽŶĚĞŶĂĚŽ͘ Žŵ ĞƐƐĞ ĞŶƚĞŶĚŝŵĞŶƚŽ͕ Ă dƵƌŵĂ ĐŽŶĐĞĚĞƵ Ă ŽƌĚĞŵ ƉĂƌĂ ĂĨĂƐƚĂƌ Ă ŝŶĐŝĚġŶĐŝĂ ĚŽƐ ůĂƉƐŽƐ
ƚĞŵƉŽƌĂŝƐ ƉƌĞǀŝƐƚŽƐ ŶĂ >Ğŝ Ŷ͘ ϭϭ͘ϰϲϰͬϮϬϬϳ͕ ƉĂƌĂ ƋƵĞ Ž ũƵşǌŽ ĚĂƐ ĞǆĞĐƵĕƁĞƐ ĐƌŝŵŝŶĂŝƐ ĂŶĂůŝƐĞ ŽƐ ƌĞƋƵŝƐŝƚŽƐ
ŽďũĞƚŝǀŽƐĞƐƵďũĞƚŝǀŽƐĚŽƉĂĐŝĞŶƚĞƉĂƌĂĂŽďƚĞŶĕĆŽĚĂƉƌŽŐƌĞƐƐĆŽĚĞƌĞŐŝŵĞĚĞĂĐŽƌĚŽĐŽŵŽƌĞŐƌĂŵĞŶƚŽĚŽ
Ăƌƚ͘ ϭϭϮ ĚĂ >Ğŝ ĚĞ ǆĞĐƵĕƁĞƐ WĞŶĂŝƐ͘ , ϴϯ͘ϳϵϵD^͕ ZĞů͘ DŝŶ͘ DĂƌŝĂ dŚĞƌĞǌĂ ĚĞ ƐƐŝƐ DŽƵƌĂ͕ ũƵůŐĂĚŽ Ğŵ
ϮϱͬϵͬϮϬϬϳ͘

^d&͗ WZK'Z^^K Z'/D͗ >/ ϭϭ͘ϰϲϰͬϮϬϬϳ >/ WE> D/^ 'ZsK^ ŽŶƐŝĚĞƌĂĚĂ Ă ŐĂƌĂŶƚŝĂ ĚĂ
ŝƌƌĞƚƌŽĂƚŝǀŝĚĂĚĞĚĂŶŽƌŵĂƉĞŶĂůŵĂŝƐŐƌĂǀŽƐĂ;&͕Ăƌƚ͘ϱǑ͕y>ĞW͕Ăƌƚ͘ϮǑͿ͕ŽƐĐƌŝƚĠƌŝŽƐĚĞƉƌŽŐƌĞƐƐĆŽĚĞƌĞŐŝŵĞ
ĞƐƚĂďĞůĞĐŝĚŽƐƉĞůĂ>Ğŝϭϭ͘ϰϲϰͬϮϬϬϳƐŽŵĞŶƚĞƐĞĂƉůŝĐĂŵĂŽƐĨĂƚŽƐŽĐŽƌƌŝĚŽƐĂƉĂƌƚŝƌĚĞϮϵ͘ϯ͘ϮϬϬϳ͘ŽŵďĂƐĞ
ŶĞƐƐĞ ĞŶƚĞŶĚŝŵĞŶƚŽ͕ Ă dƵƌŵĂ ĚĞĨĞƌŝƵ͕ ĚĞ ŽĨşĐŝŽ͕ ŚĂďĞĂƐ ĐŽƌƉƵƐ ƉĂƌĂ ƋƵĞ Ž ũƵşǌŽ ĚĂƐ ĞǆĞĐƵĕƁĞƐ ĐƌŝŵŝŶĂŝƐ
ĂƉƌĞĐŝĞŶŽǀĂŵĞŶƚĞŽƉůĞŝƚŽĚĞƉƌŽŐƌĞƐƐĆŽĚĞƌĞŐŝŵĞĨŽƌŵƵůĂĚŽƉĞůŽƉĂĐŝĞŶƚĞ͕ĐŽŵŽĞŶƚĞŶĚĞƌĚĞĚŝƌĞŝƚŽ͕ŵĂƐ
ŽďƐĞƌǀĂŶĚŽ ŽƐ ĐƌŝƚĠƌŝŽƐ ĚĞ ƉƌŽŐƌĞƐƐĆŽ ĞƐƚĂďĞůĞĐŝĚŽƐ ŶŽ ſĚŝŐŽ WĞŶĂů Ğ ŶĂ >Ğŝ ĚĞ ǆĞĐƵĕĆŽ WĞŶĂů Ͳ >W͕
ǀŝŐĞŶƚĞƐăĠƉŽĐĂĚĂƉƌĄƚŝĐĂĐƌŝŵŝŶŽƐĂ͘WƌĞůŝŵŝŶĂƌŵĞŶƚĞ͕ƚĞŶĚŽĞŵĐŽŶƚĂĂĞĨŝĐŝġŶĐŝĂŶĂŝŶƐƚƌƵĕĆŽ͕ĂdƵƌŵĂŶĆŽ
ĐŽŶŚĞĐĞƵĚĞǁƌŝƚŝŵƉĞƚƌĂĚŽĐŽŶƚƌĂĂĐſƌĚĆŽĚŽ^d:ƋƵĞũƵůŐĂƌĂƉƌĞũƵĚŝĐĂĚĂ͕ĂŶƚĞĂƉĞƌĚĂĚĞŽďũĞƚŽ͕ŝĚġŶƚŝĐĂ
ŵĞĚŝĚĂĂŽĨƵŶĚĂŵĞŶƚŽĚĞƋƵĞŽƚƌŝďƵŶĂůĚĞŽƌŝŐĞŵĂĨĂƐƚĂƌĂŽſďŝĐĞăƉƌŽŐƌĞƐƐĆŽĚĞƌĞŐŝŵĞƉƌŝƐŝŽŶĂůŝŵƉŽƐƚŽ
ĂŽ ƉĂĐŝĞŶƚĞ͕ ĐŽŶĚĞŶĂĚŽ ƉĞůĂ ƉƌĄƚŝĐĂ ĚŽ ĐƌŝŵĞ ĚĞ ƚƌĄĨŝĐŽ ŝůşĐŝƚŽ ĚĞ ĞŶƚŽƌƉĞĐĞŶƚĞƐ ;>Ğŝ ϲ͘ϯϲϴͬϳϲ͕ Ăƌƚ͘ ϭϮͿ͘ EŽ
ŵĠƌŝƚŽ͕ĞŶĨĂƚŝǌŽƵͲƐĞ ƋƵĞĂĚĞĨĞƐĂŽďũĞƚŝǀĂǀĂ͕ƚĂŵďĠŵ͕ĂŶĆŽƐƵďŵŝƐƐĆŽĚŽƉĂĐŝĞŶƚĞăƐƌĞŐƌĂƐ ĞƐƚĂďĞůĞĐŝĚĂƐ
ƉĞůĂ>Ğŝϭϭ͘ϰϲϰͬϮϬϬϳ͕ƋƵĞĚĞƵŶŽǀĂƌĞĚĂĕĆŽĂŽĂƌƚ͘ϮǑĚĂ>ĞŝĚĞƌŝŵĞƐ,ĞĚŝŽŶĚŽƐ͕ĞŶĆŽĂŵĞƌĂƐƵƉĞƌĂĕĆŽĚŽ
ĞŵƉĞĐŝůŚŽăƉƌŽŐƌĞƐƐĆŽ͘ƐƐĞǀĞƌŽƵͲƐĞƋƵĞŽƌĞĐŽŶŚĞĐŝŵĞŶƚŽĚĂŝŶĐŽŶƐƚŝƚƵĐŝŽŶĂůŝĚĂĚĞĚŽſďŝĐĞăƉƌŽŐƌĞƐƐĆŽ
ĚĞƌĞŐŝŵĞĐŽŶƚŝĚŽŶĂƌĞĚĂĕĆŽŽƌŝŐŝŶĂůĚŽΑϭǑ͕ĚŽĂƌƚ͘ϮǑ͕ĚĂ>Ğŝϴ͘ϬϳϮͬϵϬŝŵƉĞĚŝƌŝĂƋƵĞĞƐƐĞĚŝƐƉŽƐŝƚŝǀŽůĞŐĂů
ĨŽƐƐĞ ƵƚŝůŝǌĂĚŽ ĐŽŵŽ ͞ƉĂƌąŵĞƚƌŽ ĚĞ ĐŽŵƉĂƌĂĕĆŽ͟ ƉĂƌĂ Ž ĞǆĂŵĞ ĚĂ ŶŽƌŵĂ ƉĞŶĂů ĂƉůŝĐĄǀĞů ĂŽ ĐĂƐŽ͘ ƐƐŝŵ͕
ĂĨŝƌŵŽƵͲƐĞ ƋƵĞ ĞƐƐĂ ǀĞƌŝĨŝĐĂĕĆŽ ĚĞǀĞƌŝĂ ŽĐŽƌƌĞƌ Ă ƉĂƌƚŝƌ ĚĂ ĂƉƌĞĐŝĂĕĆŽ ĚĂƐ ĚĞŵĂŝƐ ŶŽƌŵĂƐ ǀĂůŝĚĂŵĞŶƚĞ
ĞǆŝƐƚĞŶƚĞƐŶŽŽƌĚĞŶĂŵĞŶƚŽũƵƌşĚŝĐŽĞƋƵĞƚŝǀĞƌĂŵǀŝŐġŶĐŝĂĚĞƐĚĞĂƉƌĄƚŝĐĂĚŽĨĂƚŽƉĞůŽƋƵĂůŽƉĂĐŝĞŶƚĞĨŽƌĂ
ĐŽŶĚĞŶĂĚŽ͕ĂƐĂďĞƌ͗Ă>WĞĂ>Ğŝϭϭ͘ϰϲϰͬϮϬϬϳ͕ƋƵĞĞŶƚƌŽƵĞŵǀŝŐŽƌƉŽƐƚĞƌŝŽƌŵĞŶƚĞ͕Ğŵϵ͘ϯ͘ϮϬϬϳ͘ĚƵǌŝƵͲƐĞ͕
ĞŶƚƌĞƚĂŶƚŽ͕ ƋƵĞ ĞƐƚĂ ƷůƚŝŵĂ͕ ŶŽ ƉŽŶƚŽ Ğŵ ƋƵĞ ĚŝƐĐŝƉůŝŶŽƵ Ă ƉƌŽŐƌĞƐƐĆŽ ĚĞ ƌĞŐŝŵĞ͕ ĞƐƚĂďĞůĞĐĞƵ ůĂƉƐŽƐ
ƚĞŵƉŽƌĂŝƐ ŵĂŝƐ ŐƌĂǀŽƐŽƐ ĚŽ ƋƵĞ ŽƐ ĂŶƚĞƌŝŽƌŵĞŶƚĞ ĨŝǆĂĚŽƐ ŶĂ >W͕ ĐŽŶƐƚŝƚƵŝŶĚŽͲƐĞ͕ ƉŽŝƐ͕ ǀĞƌĚĂĚĞŝƌĂ ŶŽǀĂƚŝŽ
ůĞŐŝƐŝŶƉĞũƵƐ͘ŽŶĐůƵŝƵͲƐĞ͕ŶĞƐƐĞƐĞŶƚŝĚŽ͕ƋƵĞƐĞŽĨĂƚŽŽĐŽƌƌĞƵĂŶƚĞƐĚĞϮϵ͘ϯ͘ϮϬϬϳ͕ĐŽŵŽŶĂĞƐƉĠĐŝĞ͕ŝŶĐŝĚĞŵ
ĂƐƌĞŐƌĂƐƉƌĞǀŝƐƚĂƐŶĂ>W͕ĞǆŝŐŝŶĚŽͲƐĞƉĂƌĂĂƉƌŽŐƌĞƐƐĆŽ͕ŽĐƵŵƉƌŝŵĞŶƚŽĚĞ͕ĂŽŵĞŶŽƐ͕ϭͬϲĚĂƉĞŶĂ;>W͕Ăƌƚ͘
ϭϭϮͿ͘,ϵϭϲϯϭͬ^W͕ƌĞů͘DŝŶ͘ĄƌŵĞŶ>ƷĐŝĂ͕ϭϲ͘ϭϬ͘ϮϬϬϳ͘
ϯ

YƵĞƐƚƁĞƐ^W

ϮϬϬϲ͘ϯͲϱϮ͘ZĞůĂƚŝǀĂŵĞŶƚĞĂũƵƌŝƐƉƌƵĚġŶĐŝĂĚŽ^d:ĞĚŽ^d&͕ĂƐƐŝŶĂůĞĂŽƉĕĆŽŝŶĐŽƌƌĞƚĂ͘
ĂͿ ^ĞŐƵŶĚŽ Ž ƉƌŝŶĐşƉŝŽ ĚĂ ůĞŐĂůŝĚĂĚĞ͕ Ă ĞůĂďŽƌĂĕĆŽ ĚĂƐ ŶŽƌŵĂƐ ŝŶĐƌŝŵŝŶĂĚŽƌĂƐ Ğ ĚĂƐ ƌĞƐƉĞĐƚŝǀĂƐ ƐĂŶĕƁĞƐ
ĐŽŶƐƚŝƚƵŝĨƵŶĕĆŽĞǆĐůƵƐŝǀĂĚĂůĞŝ͘
ďͿKƐŝƐƚĞŵĂĐŽŶƐƚŝƚƵĐŝŽŶĂůďƌĂƐŝůĞŝƌŽĂƵƚŽƌŝǌĂƋƵĞƐĞĂƉůŝƋƵĞŵůĞŝƐƉĞŶĂŝƐƐƵƉĞƌǀĞŶŝĞŶƚĞƐŵĂŝƐŐƌĂǀŽƐĂƐĂĨĂƚŽƐ
ĚĞůŝƚƵŽƐŽƐĐŽŵĞƚŝĚŽƐĞŵŵŽŵĞŶƚŽĂŶƚĞƌŝŽƌĂŽĚĂĞĚŝĕĆŽĚĂůĞǆŐƌĂǀŝŽƌ͘
ĐͿKƐƚĂƚƵƚŽĚŽĞƐĂƌŵĂŵĞŶƚŽ͕ĂŽĞƐƚĂďĞůĞĐĞƌŽƉƌĂǌŽĚĞϭϴϬĚŝĂƐƉĂƌĂƋƵĞŽƐƉŽƐƐƵŝĚŽƌĞƐĞƉƌŽƉƌŝĞƚĄƌŝŽƐĚĞ
ĂƌŵĂƐĚĞĨŽŐŽƐĞŵƌĞŐŝƐƚƌŽƌĞŐƵůĂƌŝǌĂƐƐĞŵĂƐŝƚƵĂĕĆŽŽƵĂƐĞŶƚƌĞŐĂƐƐĞŵăWŽůşĐŝĂ&ĞĚĞƌĂů͕ĐƌŝŽƵƵŵĂƐŝƚƵĂĕĆŽ
ƉĞĐƵůŝĂƌ͕ƉŽŝƐ͕ĚƵƌĂŶƚĞĞƐƐĞƉĞƌşŽĚŽ͕ĂĐŽŶĚƵƚĂĚĞƉŽƐƐƵŝƌĂƌŵĂĚĞĨŽŐŽĚĞŝǆŽƵĚĞƐĞƌĐŽŶƐŝĚĞƌĂĚĂƚşƉŝĐĂ͘
ĚͿŵŝƐƐĆŽĚŽĚŝƌĞŝƚŽƉĞŶĂů ŵŽĚĞƌŶŽĐŽŶƐŝƐƚĞ ĞŵƚƵƚĞůĂƌŽƐďĞŶƐũƵƌşĚŝĐŽƐ ŵĂŝƐƌĞůĞǀĂŶƚĞƐ͘ŵĚĞĐŽƌƌġŶĐŝĂ
ĚŝƐƐŽ͕ Ă ŝŶƚĞƌǀĞŶĕĆŽ ƉĞŶĂů ĚĞǀĞ ƚĞƌ Ž ĐĂƌĄƚĞƌ ĨƌĂŐŵĞŶƚĄƌŝŽ͕ ƉƌŽƚĞŐĞŶĚŽ ĂƉĞŶĂƐ ŽƐ ďĞŶƐ ũƵƌşĚŝĐŽƐ ŵĂŝƐ
ŝŵƉŽƌƚĂŶƚĞƐĞĞŵĐĂƐŽĚĞůĞƐƁĞƐĚĞŵĂŝŽƌŐƌĂǀŝĚĂĚĞ͘

ϮϬϬϳͲ'KͲϱϴͲƐƐŝŶĂůĞĂŽƉĕĆŽĐŽƌƌĞƚĂĂĐĞƌĐĂĚĂůĞŝƉĞŶĂů͘
ĂͿůĞŝƉŽƐƚĞƌŝŽƌ͕ƋƵĞĚĞƋƵĂůƋƵĞƌŵŽĚŽĨĂǀŽƌĞĐĞƌŽĂŐĞŶƚĞ͕ĂƉůŝĐĂͲƐĞĂŽƐĨĂƚŽƐĂŶƚĞƌŝŽƌĞƐ͕ĚĞƐĚĞƋƵĞĂŝŶĚĂ
ŶĆŽƚĞŶŚĂŵƐŝĚŽĚĞĐŝĚŝĚŽƐƉŽƌƐĞŶƚĞŶĕĂĐŽŶĚĞŶĂƚſƌŝĂƚƌĂŶƐŝƚĂĚĂĞŵũƵůŐĂĚŽ͘
ďͿŽŶƐŝĚĞƌĂͲƐĞƋƵĞƵŵĐƌŝŵĞĨŽŝƉƌĂƚŝĐĂĚŽŶŽůƵŐĂƌĞŵƋƵĞŽĐŽƌƌĞƵĂĂĕĆŽŽƵĂŽŵŝƐƐĆŽ͕ŶŽƚŽĚŽŽƵĞŵƉĂƌƚĞ͕
ŶĆŽƐĞůĞǀĂŶĚŽĞŵĐŽŶƚĂŽŶĚĞƐĞƉƌŽĚƵǌŝƵŽƵĚĞǀĞƌŝĂƐĞƉƌŽĚƵǌŝƌŽƌĞƐƵůƚĂĚŽ͘
ĐͿ ůĞŝ ĞǆĐĞƉĐŝŽŶĂů ŽƵ ƚĞŵƉŽƌĄƌŝĂ Ġ ŝŶĂƉůŝĐĄǀĞů ĂƉſƐ Ž ƉĞƌşŽĚŽ ĚĞ ƐƵĂ ĚƵƌĂĕĆŽ ŽƵ ĂƉſƐ ĐĞƐƐĂĚĂƐ ĂƐ
ĐŝƌĐƵŶƐƚąŶĐŝĂƐƋƵĞĂĚĞƚĞƌŵŝŶĂƌĂŵ͘
ĚͿEŝŶŐƵĠŵƉŽĚĞƐĞƌƉƵŶŝĚŽƉŽƌĨĂƚŽƋƵĞůĞŝƉŽƐƚĞƌŝŽƌĚĞŝǆŽƵĚĞĐŽŶƐŝĚĞƌĂƌĐƌŝŵĞ͕ĐĞƐƐĂŶĚŽĞŵǀŝƌƚƵĚĞĚĞůĂĂ
ĞǆĞĐƵĕĆŽĞŽƐĞĨĞŝƚŽƐƉĞŶĂŝƐĚĂƐĞŶƚĞŶĕĂĐŽŶĚĞŶĂƚſƌŝĂ͘

ϮϬϬϰͲ^Ͳϯϵ͘ŽŵƌĞůĂĕĆŽăĂƉůŝĐĂĕĆŽĚĂůĞŝƉĞŶĂů͕ĂƐƐŝŶĂůĞĂŽƉĕĆŽŝŶĐŽƌƌĞƚĂ͘
ĂͿYƵĂŶƚŽĂŽƚĞŵƉŽĚŽĐƌŝŵĞ͕ŽſĚŝŐŽWĞŶĂůĂĚŽƚŽƵĂƚĞŽƌŝĂĚĂƵďŝƋƺŝĚĂĚĞ͕ƉĞůĂƋƵĂůĐŽŶƐŝĚĞƌĂͲƐĞƉƌĂƚŝĐĂĚŽ
ŽĐƌŝŵĞŶŽŵŽŵĞŶƚŽĚĂĂĕĆŽŽƵĚŽƌĞƐƵůƚĂĚŽ͘
ďͿůĞŝƉŽƐƚĞƌŝŽƌ͕ƋƵĞĚĞƋƵĂůƋƵĞƌŵŽĚŽĨĂǀŽƌĞĕĂŽĂŐĞŶƚĞ͕ĂƉůŝĐĂͲƐĞĂŽƐĨĂƚŽƐĂŶƚĞƌŝŽƌĞƐ͕ĂŝŶĚĂƋƵĞĚĞĐŝĚŝĚŽƐ
ƉŽƌƐĞŶƚĞŶĕĂĐŽŶĚĞŶĂƚſƌŝĂƚƌĂŶƐŝƚĂĚĂĞŵũƵůŐĂĚŽ͘
ĐͿKĐŽƌƌĞĂĂďŽůŝƚŝŽĐƌŝŵŝŶŝƐƋƵĂŶĚŽĂůĞŝŶŽǀĂĚĞŝǆĂĚĞĐŽŶƐŝĚĞƌĂƌĚĞƚĞƌŵŝŶĂĚŽĨĂƚŽĐŽŵŽĐƌŝŵĞ͕ŽĐĂƐŝŽŶĂŶĚŽ
ĂĞǆƚŝŶĕĆŽĚĂƉƵŶŝďŝůŝĚĂĚĞĚŽƐĨĂƚŽƐŽĐŽƌƌŝĚŽƐĂŶƚĞƌŝŽƌŵĞŶƚĞăĞĚŝĕĆŽĚĂůĞŝŶŽǀĂ͘
ĚͿ&ŝĐĂŵƐƵũĞŝƚŽƐăůĞŝďƌĂƐŝůĞŝƌĂ͕ĞŵďŽƌĂĐŽŵĞƚŝĚŽƐŶŽĞƐƚƌĂŶŐĞŝƌŽ͕ŽƐĐƌŝŵĞƐĐŽŶƚƌĂĂĂĚŵŝŶŝƐƚƌĂĕĆŽƉƷďůŝĐĂ͕
ƉŽƌƋƵĞŵĞƐƚŝǀĞƌĂƐĞƵƐĞƌǀŝĕŽ͘
2.2. Retroatividade da lei mais benéfica – art. 2PP, CP
Alcance: A lei mais benéfica retroage aplicando-se inclusive aos fatos

decididos por sentença transitada em julgado, art. 2 PS
único. Hot! hot!.
Espécies de Lei mais benéfica, duas formas:
A) ABOLITIO CRIMINIS – É a lei nova que deixa de considerar o fato como

criminoso. Ex. Crime de Sedução e Crime de Adultério.
• O porte de drogas não foi descriminalizado, continua como crime embora não
tenha pena privativa de liberdade.
ϰ

• Abolitio criminis trata de causa de EXTINÇÃO DA PUNIBILIDADE, a Lex
mitier é uma causa porque lei melhor retroage.
• Abolitio criminis extingue todos os efeitos penais da sentença condenatória

Ex. Execução; reincidência; antecedentes criminais...
ϮΣĂƵůĂϭϮ͘Ϭϯ͘Ϭϴ
B) NOVATIO LEGIS IN MELLIUS – Não vai abolir o crime, mas irá melhorar a
situação do réu. Parou a aula neste ponto.
C) ULTRATIVIDADE DA LEI EXCEPECIONAL OU TEMPORÁRIA
• São chamadas leis de vigência temporária porque, ao contrário da

maioria das normas, não tem vigência indeterminada, no aguardo de que
norma posterior as revogue.
• A LEI EXCEPCIONAL é a lei que só vigora durante determinada situação

excepcional e depois de encerrada a situação ela se auto-revoga.
• A ULTRATIVIDADE (sempre irradiam efeitos mesmo após o final do

prazo de sua vigência) – Ambas as Leis continuam aplicando-se aos
crimes cometidos na sua vigência, mesmo após a auto-revogação.
Súmula 711, SFT – Aplica-se a lei mais severa ao crime permanente e continuada desde que
tenha entrado em vigor antes de cessada a continuidade ou permanência͘+RWKRW

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III - LEI PENAL NO ESPAÇO: 7(55,725,$/,'$'((;75$7(55,725,$/,'$'(
• É a aplicação da lei penal no tempo e no espaço, territorialidade e extraterritorialidade com

relação ao LUGAR DO CRIME – TEORIA DA UBIQUIDADE.
1) TEORIA DO LUGAR DO CRIMEE (teoria mista) : LUTA

L - lugar
U - ubiquidade
T - tempo
A – atividade (momento da ação ou omissão)
ϱ

o Ubiquidade (Teoria Mista) – Considera-se praticado o crime tanto no lugar que
ocorreu a ação ou omissão, no todo ou em parte, quanto no lugar em que se produziu
ou deveria produzir-se resultado, Ler art. 6P, CP.
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2) CONFLITO DE LEIS NO ESPAÇO – DIREITO PENAL INTERNACIONAL
o Direito Penal Internacional – São as regras de direito interno que disciplinam a Lei
Penal no espaço.
Direito Internacional Penal – São as regras de direito internacional (Tratados

e Convenções) que tratam da temática penal.
Duas regras regem o Direito Penal Internacional
a) PRINCÍPIO DA TERRITORIALIDADE TEMPERADA OU RELATIVA

Aplica-se a Lei Brasileira ao crime cometido no Brasil, SALVO o disposto em tratados e
convenções Internacionais. Ex. Convenção de Viena, 1963 – prevê imunidades diplomáticas.
Conceito de TERRITÓRIO NACIONAL – Concidera-se território nacional todo o lugar sobre o

qual um estado Soberano exerce a sua jurisdição.
Duas espécies de território:

1) Território Físico – O território nacional é formado pela superfície terrestre entre fronteiras,
águas territoriais e espaço aéreo correspondente. Ou seja, é o solo, sub-solo, mar territorial
(12 milhas marítimas) e a coluna aérea correspondente.
2) Território por extensão (Não é físico) - É o território jurídico ou território flutuante. São
consideradas extensões do território nacional:
2.1 Embarcações e aeronaves - Navios e aeronaves públicos ou à serviço do governo

brasileiro, onde quer que se encontrem. Hot! hot! .
2.2 Embarcações e aeronaves privadas em alto mar ou espaço aéreo correspondente.
ϲ

2.3 Embarcações e aeronaves estrangeiras privadas quando em territórios brasileiro.
Observação: Consulados e embaixadas não são considerados território de origem. Estão

previstos em tratados e convenções.
• Tem imunidade: chefe da missão, corpo diplomático e suas famílias
b) PRINCÍPIO DA EXTRATERRITORIALIDADE – art. 7, CP
• Não é território brasileiro, para crimes praticados fora do Brasil (artigo 7P, CP) serão
abertos 02 processos (lá e cá)
Pode ser a extraterritorialidade: Incondicionada ou

Condicionada, sendo que há uma hipótese com condições
especiais (art. 7P, §3PCP).
b.1) EXTRATERRIRORIALIDADE INCONDICIONADA
• Aplicação da lei brasileira ao crime cometido fora do território nacional.
• Aplica-se a lei brasileiro mesmo que o agente já tenha sido absolvido ou

cumprido pena no estrangeiro – crime no esterior.. É a exceção do bis in
idem.
São 03 casos de extraterritorialidade incondicionada:

a. Nos crimes contra PRESIDENTE DA REPÚBLICA, são os crimes
CONTRA A VIDA ou a LIBERDADE do Presidente.
1. Obs. Não é o crime contra a honra do Presidente da
República. Hot! hot!
b. Nos crimes contra a ADMINISTRAÇÃO PÚBLICA (contra o

patrimônio ou fé pública da União, de estados, do Distrito federal, de
Territórios, de Municípios, de empresas públicas, de sociedades de
economia mista, autarquias ou fundações instituídas pelo poder
Público), praticados fora do Brasil serão julgados pela Lei Brasileira.
• Princípio da Defesa – Um bem jurídico atacado, é um bem

jurídico público nacional: Embaixada, Presidente da
República
c. Nos crimes de GENOCÍDIO quando o agente for brasileiro ou

domiciliado no Brasil. (Princípio da justiça Universal)
• Princípio da Universalidade – A lei penal brasileira será

aplicada no país em que o crime foi praticado. Ex. Crimes de
Genocídio; Trafico Internacional de Drogas, Tortura –
qualquer país pode punir.
Obs.: Regra do art. 8, CP – Pena cumprida no estrangeiro (ler).
ϳ

b.2) EXTRATERRITORIALIDADE INCONDICIONADA
• Nesses casos só se aplica a lei brasileira subsidiariamente, desde que estejam

presentes determinadas condições. (art. 7°, §2°, CP ).
• Quais casos:
• T – Tratados e Convenções
• A – Aeronaves ou embarcações
• B – Brasileiro
• T – Tratados e Convenções – Crimes que por tratado ou convenção o Brasil se obrigou a

reprimir.
• A – Aeronaves ou embarcações – Crime cometido em aeronave ou embarcação

brasileira privada quando ocorrido no Estrangeiro e aí não for julgado.
• B – Brasileiro – Crime cometido por brasileiro ou contra brasileiro.
Princípios da Extraterritorialidade
PAG – PRINCÍPIOS TAB - PRINCÍPIOS

P Principio de Defesa T 3ULQFtSLRGD-XVWLoD8QLYHUVDO
A Principio de Defesa A Princípio da representação
G 3ULQFtSLRGD-XVWLoD8QLYHUVDO B Princípio da nacionalidade
Princípio da Defesa – Um bem jurídico atacado, é um bem jurídico público nacional: Embaixada,
Presidente da República.
Princípio da Universalidade – A lei penal brasileira será aplicada no país em que o crime foi praticado.
Ex. Crimes de Genocídio; Trafico Internacional de Drogas, Tortura – qualquer país pode punir.
Principio da representação - Bandeira brasileira .
Princípio da Nacionalidade –
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Ě͘ dŝƉŝĐŝĚĂĚĞ
͘ ŽŶĚƵƚĂ͗
9 ŽŶĐĞŝƚŽʹĠƚŽĚĂĂĕĆŽŽƵŽŵŝƐƐĆŽŚƵŵĂŶĂǀŽůƵŶƚĄƌŝĂĞĐŽŶƐĐŝĞŶƚĞƚĞŶĚĞŶƚĞĂƵŵĨŝŵ͘
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• K^͗͘ ZĞƐƉŽŶƐĂďŝůŝĚĂĚĞ ƉĞŶĂů ĚĂ ƉĞƐƐŽĂ ũƵƌşĚŝĐĂ ʹ Ă ƉĞƐƐŽĂ ũƵƌşĚŝĐĂ Ɛſ ƉŽĚĞ ƐĞƌ
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• & ƉƌĞǀġ ĚƵĂƐ ƉŽƐƐŝďŝůŝĚĂĚĞƐ ĚĞ ĐƌŝŵĞƐ ĐŽŵĞƚŝĚŽƐ ƉĞůĂ ƉĞƐƐŽĂ ũƵƌşĚŝĐĂ͕ ĐƌŝŵĞƐ
ĞĐŽŶƀŵŝĐŽƐ Ğ ĐƌŝŵĞƐ ĂŵďŝĞŶƚĂŝƐ͕ ƉŽƌĠŵ͕ ƐŽŵĞŶƚĞ ŽƐ ĐƌŝŵĞƐ ĂŵďŝĞŶƚĂŝƐ ĨŽƌĂŵ
ƌĞŐƵůĂŵĞŶƚĂĚĂƐƉŽƌůĞŝŝŶĨƌĂĐŽŶƐƚŝƚƵĐŝŽŶĂů͘
o K ^d: ĞŶƚĞŶĚĞ ƋƵĞ͕ Ă ƉĞƐƐŽĂ ũƵƌşĚŝĐĂ Ɛſ ƉŽĚĞ ƐĞƌ ƌĞƐƉŽŶƐĂďŝůŝǌĂĚĂ ƐĞ ƚĂŵďĠŵ
ĨŽƌĂƉĞƐƐŽĂĨşƐŝĐĂŶŽƐĐƌŝŵĞƐĂŵďŝĞŶƚĂŝƐ͘
9 ǆĐůƵĚĞŶƚĞƐĚĂŽŶĚƵƚĂʹƚŽĚŽŵŽǀŝŵĞŶƚŽŽƵƉĂƌĂůŝƐŝĂĐŽƌƉŽƌĂůƋƵĞŶĆŽĨŽƌĞŵǀŽůƵŶƚĄƌŝŽƐŽƵ
ĐŽŶƐĐŝĞŶƚĞƐŶĆŽƌĞƉƌĞƐĞŶƚĂĐŽŶĚƵƚĂĞŵĨĂĐĞĚŽĚŝƌĞŝƚŽĚŽƉĞŶĂů͘

ĂƵƐĂƐĚĞĞǆĐůƵƐĆŽĚĂĐŽŶĚƵƚĂ͗EĆŽƚĞŵŵŽǀŝŵĞŶƚŽŚƵŵĂŶŽĐŽƌƉŽƌĂůǀŽůƵŶƚĄƌŝŽ͕ůŽŐŽ
ĚĞǀŝĚŽĂĞƐƚĂĂƵƐġŶĐŝĂŶĆŽƚĞŵĨĂƚŽƚşƉŝĐŽ͘
o ƚŽƐƌĞĨůĞƚŝǀŽƐͲĂƚŽƌĞĨůĞǆŽ
o ĕĆŽĚĞĐƵƌƚŽĐŝƌĐƵŝƚŽʹĚŽƵƵŵƚĂƉĂ͕ĂĕĆŽŝŵƉĞŶƐĂĚĂ͕ĞǆŝƐƚĞǀŽůƵŶƚĂƌŝĞĚĂĚĞ͘
o ŽĂĕĆŽĨşƐŝĐĂŝƌƌĞƐŝƐƚşǀĞůĞǆĐůƵŝĂĐŽŶĚƵƚĂƵŵĂǀĞǌƋƵĞŶĆŽŚĄǀŽůƵŶƚĂƌŝĞĚĂĚĞͿ
o ŽĂĕĆŽŵŽƌĂůŝƌƌĞƐŝƐƚşǀĞů;ƐŽŶĂŵďƵůŝƐŵŽͬŚŝƉŶŽƐĞͿ
o W͘^͗͘ŽĂĕĆŽŵŽƌĂů͕ŶŽĞŶƚĂŶƚŽ͕ĞǆĐůƵŝĐƵůƉĂďŝůŝĚĂĚĞ͘
&ŽƌŵĂƐĚĞŽŶĚƵƚĂ͗
9 ĕĆŽʹĐƌŝŵĞĐŽŵŝƐƐŝǀŽ
9 KŵŝƐƐĆŽʹĐƌŝŵĞŽŵŝƐƐŝǀŽʹƌƚ͘ϭϯϱͬϮϲϵͬϮϰϲ͕W͗
ϭ͘ WƌſƉƌŝŽƐ ʹ ƐĆŽ ĂƋƵĞůĞƐ Ğŵ ƋƵĞ Ă ůĞŝ ũĄ ƉƌĞǀġ Ă ĨŽƌŵĂ ŽŵŝƐƐŝǀĂ͘ ^Ğ
ĐŽŶƐƵŵĂŵ ĐŽŵ Ă ŵĞƌĂ ŽŵŝƐƐĆŽ͕ ŝŶĚĞƉĞŶĚĞŶƚĞŵĞŶƚĞ ĚĞ ƌĞƐƵůƚĂĚŽ͘ EĆŽ
ĂĚŵŝƚĞŵƚĞŶƚĂƚŝǀĂ͘

Ϯ͘ /ŵƉƌſƉƌŝŽƐ ŽƵ ĐŽŵŝƐƐŝǀŽƐ ƉŽƌ ŽŵŝƐƐĆŽ ;ĞƋƵŝƉĂƌĂĕĆŽ ƉŽƌ ĨŽƌĕĂ ĚŽ Ăƌƚ͘ ϭϯ͕
ΑϮǑ͕ WͿ ʹ ƐĆŽ ĐƌŝŵĞƐ ĐŽŵŝƐƐŝǀŽƐ͕ ŵĂƐ ƋƵĞ ƉŽĚĞŵ ƐĞƌ ƉƵŶŝĚŽƐ Ă ƚşƚƵůŽ ĚĞ
ŽŵŝƐƐĆŽ͕ƋƵĂŶĚŽƋƵĞŵƐĞŽŵŝƚĞƚŝŶŚĂŽĚĞǀĞƌĚĞĂŐŝƌƉĂƌĂŝŵƉĞĚŝͲůŽƐ͘
9 ůşŶĞĂ͞Ă͟ʹĚĞǀĞƌůĞŐĂůĚŽƉŽůŝĐŝĂůƉĞůĂƐĞŐƵƌĂŶĕĂƉƷďůŝĐĂ͖ĚĞǀĞƌůĞŐĂů
ĚŽƐƉĂŝƐĐŽŵƌĞůĂĕĆŽĂŽƐĨŝůŚŽƐ͘
9 ůşŶĞĂ ͞ď͟ ʹ ĚĞǀĞƌ ĐŽŶƚƌĂƚƵĂů͘ ǆ͗͘ ƐĂůǀĂͲǀŝĚĂƐ͖ ďĂďĄ͖ ĞŶĨĞƌŵĞŝƌĂ͖
ƐĞŐƵƌĂŶĕĂƉĂƌƚŝĐƵůĂƌ͘
9 ůşŶĞĂ ͞Đ͟ ʹ ƉƌŽĚƵĕĆŽ ĂŶƚĞƌŝŽƌ ĚŽ ƌŝƐĐŽ ʹ ƋƵĞŵ ĐŽŵ ƐĞƵ
ĐŽŵƉŽƌƚĂŵĞŶƚŽĂŶƚĞƌŝŽƌĐƌŝŽƵŽƌŝƐĐŽĚŽƌĞƐƵůƚĂĚŽ͘
o K^͗͘ KƐ ĐƌŝŵĞƐ ŽŵŝƐƐŝǀŽƐ ŝŵƉƌſƉƌŝŽƐ ƐĞ ĐŽŶƐƵŵĂŵ ĐŽŵ Ž
ƌĞƐƵůƚĂĚŽʹĂĚŵŝƚĞŵƚĞŶƚĂƚŝǀĂ͘
ϭϬ

&ULPH35Ï35,2RPLVVLYR &ULPH,035Ï35,2RX&RPLVVLYRSRURPLVVmR
³GHL[DUGH´ 6mRRVFULPHVFRPHWLGRVSRUTXHPWLQKDRGHYHU
1mRGHSHQGHPGHUHVXOWDGR GHDJLU
6HFRQVXPDPSHODRPLVVmR
1mRDGPLWHPWHQWDWLYD
͘ ZĞƐƵůƚĂĚŽ
ĂŵŽĚŝĨŝĐĂĕĆŽĚĂƐŝƚƵĂĕĆŽĂŶƚĞƌŝŽƌƉƌŽǀŽĐĂĚĂƉĞůĂĐŽŶĚƵƚĂ͕ŵĂƐŝŶĚĞƉĞŶĚĞŶƚĞĚĞůĂ͘

:ƵƌşĚŝĐŽŽƵŶŽƌŵĂƚŝǀŽ EĂƚƵƌĂůşƐƚŝĐŽ
ĂŵŽĚŝĨŝĐĂĕĆŽĚŽŵƵŶĚŽũƵƌşĚŝĐŽ͘ EĞŵƚŽĚŽĐƌŝŵĞƚĞŵƌĞƐƵůƚĂĚŽ
dŽĚŽĐƌŝŵĞƚĞŵƌĞƐƵůƚĂĚŽMXUtGLFR±SURFHVVR± ŶĂƚƵƌĂůşƐƚŝĐŽ͘
FRQGHQDomR
DĂƚĞƌŝĂů &ŽƌŵĂů DĞƌĂŽŶĚƵƚĂ

&ULPH0DWHULDO &ULPH)RUPDO &ULPHGH0HUD
&GHFRQVXPDomR &RQGXWD
DQWHFLSDGDRX&
GHFRQVXPDomR
FRUWDGDRX7LSR
LQFRQJUXHQWH
$OHLSUHYrXPUHVXOWDGR $OHLSUHYrXPUHVXOWDGR $OHLQmRSUHYrTXDOTXHU
9 ([0DWDUDOJXpPPRUWH UHVXOWDGR
([LJHTXHRUHVXOWDGRRFRUUDSDUDR 0DVQmRH[LJHTXHRUHVXOWDGR
FULPHHVWDUFRQVXPDGR RFRUUD SDUD R FULPH HVWDU
FRQVXPDGR
6yVHFRQVXPDFRPRUHVXOWDGR 6HFRQVXPDFRPDFRQGXWD 6HFRQVXPDFRPDFRQGXWD
9 &RQGXWDPDWDU ([ $57 &3 3257( '(
9 5HVXOWDGRPRUWH $50$
([KRPLFtGLRURXER ([$UW&3±VHFRQVXPD 9 ([ $UW &3 ±
FRP R VHTHVWUR ± YLRODomRGHGRPLFtOLR
DUUHEDWDPHQWR GD YtWLPD $UW
&3 ± VH FRQVXPD FRP D
H[LJrQFLD
([H[WRUVmRPHGLDQWH
VHTHVWUR
&RQGXWD6(48(675$5
5HVXOWDGR9$17$*(0
,1'(9,'$
&RPRILPGH
&RPLQWXLWRGH

9 W͘^͗͘ K ĐƌŝŵĞ ĨŽƌŵĂů Ğ Ž ĚĞ ŵĞƌĂ ĐŽŶĚƵƚĂ ĂĚŵŝƚĞŵ ƚĞŶƚĂƚŝǀĂ ƋƵĂŶĚŽ Ž ĂŐĞŶƚĞ ƚŝǀĞƌ ŝŶŝĐŝĂĚŽ Ă
ĞǆĞĐƵĕĆŽĚĂĐŽŶĚƵƚĂ͕ŵĂƐŶĆŽĐŽŶƐĞŐƵŝƌƚĞƌŵŝŶĄͲůĂ͘
• dŽĚŽƐŽƐĐƌŝŵĞƐĐŽŶƚƌĂĂŚŽŶƌĂƐĆŽĨŽƌŵĂŝƐ͗ĂůƵŶŝĂƌ;Ăƌƚ͘ϭϯϴͿ

͘ EĞǆŽĂƵƐĂů

ŽŶĐĞŝƚŽ͗WĞůŽƌĞƐƵůƚĂĚŽĚŽƋƵĂůĚĞƉĞŶĚĞĂĞǆŝƐƚġŶĐŝĂĚŽĐƌŝŵĞ͕ƐŽŵĞŶƚĞĠŝŵƉƵƚĄǀĞů;ƉƵŶşǀĞůͿƋƵĞŵ
ůŚĞĚĞƵĐĂƵƐĂ͘

9 ƌƚ͘ϭϯ͕ĐĂƉƵƚ͕W͖
dĞŽƌŝĂŽŶĚŝƚŝŽƐŝŶĞƋƵĂŶŽŶͬƋƵŝǀĂůġŶĐŝĂĚŽƐĂŶƚĞĐĞĚĞŶƚĞƐĐĂƵƐĂŝƐͲĐŽŶƐŝĚĞƌĂĚŽ
ĐĂƵƐĂƚƵĚŽăƋƵŝůŽƐĞŵŽƋƵĞŶĆŽƚĞƌŝĂŽĐŽƌƌŝĚŽŽƌĞƐƵůƚĂĚŽ͘
ϭϭ

dƵĚŽŽƋƵĞĐŽŶƚƌŝďƵĂĐŽŵŽƌĞƐƵůƚĂĚŽƐĆŽĐŽŶƐŝĚĞƌĂĚŽƐĐĂƵƐĂ͘

9 DĠƚŽĚŽĚĞĞůŝŵŝŶĂĕĆŽŚŝƉŽƚĠƚŝĐĂ͖
9 ǆĐĞĕĆŽ ʹ ĂƵƐĂ ƐƵƉĞƌǀĞŶŝĞŶƚĞ ƌĞůĂƚŝǀĂŵĞŶƚĞ ŝŶĚĞƉĞŶĚĞŶƚĞ ʹ ƌƚ͘ ϭϯ͕ ΑϭǑ͕ W ʹ Ă
ĐĂƵƐĂƐƵƉĞƌǀĞŶŝĞŶƚĞƌĞůĂƚŝǀĂŵĞŶƚĞŝŶĚĞƉĞŶĚĞŶƚĞĞǆĐůƵŝĂŝŵƉƵƚĂĕĆŽƋƵĂŶĚŽƉŽƌƐŝ
ƐſƚŝǀĞƌƉƌŽǀŽĐĂĚŽŽƌĞƐƵůƚĂĚŽ͘KƐĨĂƚŽƐĂŶƚĞƌŝŽƌĞƐ͕ŶŽĞŶƚĂŶƚŽ͕ŝŵƉƵƚĂŵͲƐĞĂƋƵĞŵ
ŽƐƚĞŶŚĂƉƌĂƚŝĐĂĚŽ͘
o DĠƚŽĚŽ ƉĂƌĂ Ă ǀĞƌŝĨŝĐĂĕĆŽ ĚŽ ŶĞǆŽ ĐĂƵƐĂů Ġ Ž ŵĠƚŽĚŽ ĚĞ ĞůŝŵŝŶĂĕĆŽ ŚŝƉŽƚĠƚŝĐĂ͘
ůŝŵŝŶĂͲƐĞ ŵĞŶƚĂůŵĞŶƚĞ Ƶŵ ĞǀĞŶƚŽ͕ ƐĞ ĐŽŵ ŝƐƐŽ Ž ƌĞƐƵůƚĂĚŽ ĚĞƐĂƉĂƌĞĐĞƌ ŚĄ ŶĞǆŽ
ĐĂƵƐĂů͘

• h^^hWZsE/Ed͗ǆĐůƵŝĂŝŵƉƵƚĂĕĆŽƋƵĂŶĚŽƉŽƌƐŝƐſƚŝǀĞƌƉƌŽĚƵǌŝĚŽƌĞƐƵůƚĂĚŽ͘
ZĞůĂƚŝǀĂŵĞŶƚĞŝŶĚĞƉĞŶĚĞŶƚĞ͘
ϰΣĂƵůĂʹϮϬ͘Ϭϯ͘ϬϴʹWƌŽĨĞƐƐŽƌ'ƵƐƚĂǀŽ:ƵŶƋƵĞŝƌĂ

ƌŝŵĞ͗ĨĂƚŽƚşƉŝĐŽ͕ĂŶƚŝũƵƌşĚŝĐŽ͕ĐƵůƉĄǀĞů͘

9 &ĂƚŽdşƉŝĐŽʹĞŶƚƌŽĚŽĨĂƚŽƚşƉŝĐŽƚĞŵͲƐĞ͗ͲŽŶƚŝŶƵĂĕĆŽ
Ă͘ ŽŶĚƵƚĂ
ď͘ ZĞƐƵůƚĂĚŽ
Đ͘ EĞǆŽĂƵƐĂů
Ě͘ dŝƉŝĐŝĚĂĚĞ

d/W//͗ĠĂƉĞƌĨĞŝƚĂĂĚĞƋƵĂĕĆŽĚŽĨĂƚŽĂŽŵŽĚĞůŽĚĂůĞŝ͘
&ŽƌŵĂƐ͗;ĐŽŵƉůĞŵĞŶƚŽĚĂĂƵůĂͿ
• WŽƌĂĚĞƋƵĂĕĆŽĚŝƌĞƚĂŽƵŝŵĞĚŝĂƚĂŽĨĂƚŽĞŶƋƵĂĚƌĂͲƐĞĚŝƌĞƚĂŵĞŶƚĞŶŽƚŝƉŽƉĞŶĂů͘

• WŽƌ ĂĚĞƋƵĂĕĆŽ ŝŶĚŝƌĞƚĂ ŽƵ ŵĞĚŝĂƚĂ Ž ĨĂƚŽ ŶĆŽ ĞŶƋƵĂĚƌĂͲƐĞ ĚŝƌĞƚĂŵĞŶƚĞ ŶŽ ƚŝƉŽ ƉĞŶĂů͘ ʹ
ĂƋƵĞůĂƋƵĞƉƌĞĐŝƐĂĚĞƵŵĂŶŽƌŵĂĚĞĞǆƚĞŶƐĆŽĚĂĨŝŐƵƌĂƚşƉŝĐĂƉƌĞǀŝƐƚĂŶĂƉĂƌƚĞŐĞƌĂů͘ǆ͘Ăƌƚ͘
Ϯϵ͕W

o WĂƌƚŝĐŝƉĂĕĆŽʹĐŽŶƐŝĚĞƌĂĚĂƵŵĂŶŽƌŵĂĚĞĞǆƚĞŶƐĆŽĞƐƉĂĐŝĂůĚĂĨŝŐƵƌĂƚşƉŝĐĂ͘
o dĞŶƚĂƚŝǀĂʹƵŵĂŶŽƌŵĂĚĞĞǆƚĞŶƐĆŽƚĞŵƉŽƌĂůĚĂĨŝŐƵƌĂƚşƉŝĐĂ͘ǆ͘Ăƌƚ͘ϭϰ͕ϭϯ͕W͘

7LSLFLGDGH)RUPDO 7LSLFLGDGHPDWHULDO

eDRIHQVDDXPEHPMXUtGLFRSURWHJLGR
$GHTXDomRGRIDWRDQRUPD 9 2EV23ULQFtSLRGD,QVLJQLILFkQFLDWRUQDRIDWR
PDWHULDOPHQWHDWtSLFR

ƚŝƉŝĐŝĚĂĚĞƉŽĚĞƐĞƌ͗ĚŽůŽƐĂĞĐƵůƉŽƐĂ͘
9 ŽůŽƐĂʹKƐƚŝƉŽƐƐĆŽĞŵƌĞŐƌĂĚŽůŽƐŽƐĞƉŽƌŝƐƐŽƐĞĚŝǌƋƵĞŽĚŽůŽĞƐƚĄŝŵƉůşĐŝƚŽŶŽƐƚŝƉŽƐĚŽſĚŝŐŽ
WĞŶĂů
9 ƵůƉŽƐĂ ʹĐƵůƉĂƉŽƌŽƵƚƌŽ ůĂĚŽƉƌĞĐŝƐĂĚĞƉƌĞǀŝƐĆŽ ĞǆƉƌĞƐƐĂŽƋƵĞĠƌĂƌŽŶĂůĞŐŝƐůĂĕĆŽƉĞŶĂů͗ ĠĂ
ƌĞŐƌĂĚĂĞǆĐĞƉĐŝŽŶĂůŝĚĂĚĞĚŽĐƌŝŵĞĐƵůƉŽƐŽ͘
ϭϮ

ƐƉĠĐŝĞĚĞƚŝƉŝĐŝĚĂĚĞʹdŽĚŽƐŽƐƚŝƉŽƐƉĞŶĂŝƐƚġŵƋƵĞƚĞƌƵŵĚĞƐƐĞƐ͗ĚŽůŽ͕ĐƵůƉĂŽƵƉƌĞƚĞƌĚŽůŽƐŽ͘

7,3,&,'$'( 7,3,&,'$'( 7,3,&,'$'(
'2/26$ &8/326$ 35(7(5'2/26$
'RORGLUHWR ,PSUXGHQFLD 'RORQRDQWHFHGHQWH
'RORHYHQWXDO 1HJOLJHQFLD 'RORQRFRQVHTHQWH
DVVXPHRULVFR
,PSHUtFLD
9 &ULPH,QFRQVFLHQWH±2$*(17(QmR
SUHYrRUHVXOWDGRTXHHUDSUHYLVtYHO

9 &ULPH&RQVFLHQWH±2$*(17(SUHYrR
UHVXOWDGR
ŽůŽĠĐŽŶƐĐŝġŶĐŝĂĞǀŽŶƚĂĚĞ͘ĠĐŚĂŵĂĚŽƚĂŵďĠŵĚĞĚŽůŽŶĂƚƵƌĂůŽƵƉƐŝĐŽůſŐŝĐŽ͕ƋƵĞŽWĂĚŽƚĂ͘KĚŽůŽƐĞ
ĚŝǀŝĚĞĞŵ͗
9 ŽůŽĚŝƌĞƚŽʹŽƐƵũĞŝƚŽƉƌĞǀġĞƋƵĞƌŽƌĞƐƵůƚĂĚŽ͘
9 ŽůŽĞǀĞŶƚƵĂůʹŽƐƵũĞŝƚŽƉƌĞǀġŽƌĞƐƵůƚĂĚŽĞƚŽůĞƌĂŽƌŝƐĐŽĚĞƐƵĂŽĐŽƌƌġŶĐŝĂ͘

ƵůƉĂ͗ĞƐƐġŶĐŝĂĚŽĐƌŝŵĞĐƵůƉŽƐŽĠĂƋƵĞďƌĂĚĞƵŵĚĞǀĞƌŽďũĞƚŝǀŽĚĞĐƵŝĚĂĚŽ͕ďĞŵĐŽŵŽĂƉƌĞǀŝƐŝďŝůŝĚĂĚĞ
ŽďũĞƚŝǀĂ;ĂƉĂƌƚŝƌĚŽĚĞƐĐƵŝĚŽĂůĞƐĆŽĚĞǀĞƐĞƌŽŶŽƌŵĂůŵĞŶƚĞƉƌĞǀŝƐşǀĞůͿ
9 ǆ͘ ƵŵĂ ƉĞƐƐŽĂ ĞƐƚĄ ĐŽƌƌĞŶĚŽ Ă ŵĂƌŐĞŵ ĚĂ ƌƵĂ Ğ͕ ĚĞ ƌĞƉĞŶƚĞ͕ ƐŽďƌĞ Ă ĨĂŝǆĂ ĚĞ ƉĞĚĞƐƚƌĞ ƌĞƐŽůǀĞ
ĂƚƌĂǀĞƐƐĂƌĂϭŵĞƚƌŽĚĞĚŝƐƚąŶĐŝĂĚŽǀĞşĐƵůŽ͕ŽĂƚƌŽƉĞůĂŵĞŶƚŽĠŝŶĞǀŝƚĄǀĞů͘ŽŵŽĂƉĞƐƐŽĂĞƐƚĂǀĂƐĞ
ĞǆĞƌĐŝƚĂŶĚŽ͕ ŶĆŽ ŚĂǀŝĂ ĐŽŵŽ ƐĂďĞƌ ƋƵĞ ƉƌĞƚĞŶĚŝĂ ĂƚƌĂǀĞƐƐĂƌ͕ ĞŶƚĆŽ Ž ƌĞƐƵůƚĂĚŽ ŶĆŽ ĞƌĂ ƉƌĞǀŝƐşǀĞů͘
ĞƐƚĂĨŽƌŵĂ͕ĨĂůƚŽƵĂƉƌĞǀŝƐŝďŝůŝĚĂĚĞŽďũĞƚŝǀĂ͘

&ŽƌŵĂƐĚĞƋƵĞďƌĂĚŽĚĞǀĞƌĚĞĐƵŝĚĂĚŽ͗
9 EĞŐůŝŐġŶĐŝĂʹĠŽĚĞƐĐƵŝĚŽŽŵŝƐƐŝǀŽ͕ĠŽŶĆŽƚŽŵĂƌŽĐƵŝĚĂĚŽĚĞǀŝĚŽĂŶƚĞƐĚĞĂŐŝƌ͘ǆ͘ŶĆŽǀĞƌŝĨŝĐŽƵŽ
ƉŶĞƵĂŶƚĞƐĚĞǀŝĂũĂƌ͘

9 /ŵƉƌƵĚġŶĐŝĂʹĠŽĚĞƐĐƵŝĚŽĐŽŵŝƐƐŝǀŽ͘ŽĂŐŝƌĚĞƐĐƵŝĚĂĚŽ͕ƚĞŵĞƌĄƌŝŽ͘ǆ͘ĂƚƌĂǀĞƐƐĂƌŽƐŝŶĂůǀĞƌŵĞůŚŽ͕
Ğǆ͘ǀŝĂũĂƌĐŽŵŽƉŶĞƵĐĂƌĞĐĂ͘EŽƌŵĂůŵĞŶƚĞĂŶƚĞƐĚĞƵŵĂŝŵƉƌƵĚġŶĐŝĂǀĂŝŚĂǀĞƌƵŵĂŶĞŐůŝŐġŶĐŝĂ͘

9 /ŵƉĞƌşĐŝĂʹĠĂĨĂůƚĂĚĞƚĂůĞŶƚŽŽƵĐŽŶŚĞĐŝŵĞŶƚŽĞƐƉĞĐşĨŝĐŽƉĂƌĂƉƌŽĨŝƐƐĆŽ͕ĂƌƚĞŽƵŽĨşĐŝŽ͘;Ğǆ͘ŵĂŶĚĂ
ĐŽŶƐƚƌƵŝƌƵŵƉƌĠĚŝŽĐŽŵĂƌĞŝĂĚŽŵĂƌĞ͕ĚĞƉŽŝƐĚĞĐŽŶƐƚƌƵŝƌ͕ŽƉƌĠĚŝŽĐĂŝͿ

EĆŽŚĄĚŝĨĞƌĞŶĕĂĞƐƐĞŶĐŝĂůĞŶƚƌĞĂƐƚƌġƐĨŽƌŵĂƐ͕ĂĚŝĨĞƌĞŶĕĂĠůŝŶŐƺşƐƚŝĐĂ͘
ĐƵůƉĂƉŽĚĞƐĞƌĐůĂƐƐŝĨŝĐĂĚĂĞŵ͗
9 ƵůƉĂĐŽŶƐĐŝĞŶƚĞ͗ŽĂŐĞŶƚĞƉƌĞǀġŽƌĞƐƵůƚĂĚŽ͕ŵĂƐƚĞŵĐĞƌƚĞǌĂƋƵĞŝƌĄĞǀŝƚĄͲůĂ͘

9 ƵůƉĂ ŝŶĐŽŶƐĐŝĞŶƚĞ͗ Ġ ĂƋƵĞůĞ Ğŵ ƋƵĞ Ž ƐƵũĞŝƚŽ ƐĞƋƵĞƌ ƉƌĞǀġ Ž ƌĞƐƵůƚĂĚŽ͕ ƋƵĞ ƐĞƌŝĂ ŶŽƌŵĂůŵĞŶƚĞ
ƉƌĞǀŝƐşǀĞů͘ǆ͘ŶĂƉƌĞƐƐĂĚĞŝƌƉĂƌĂĐĂƐĂĞƐƋƵĞĐĞͲƐĞĚĞĚŝŵŝŶƵŝƌĂǀĞůŽĐŝĚĂĚĞĂŽƉĂƐƐĂƌƉŽƌƵŵĂĞƐĐŽůĂ
ĞĂĐĂďĂĂƚƌŽƉĞůĂŶĚŽƵŵĂĐƌŝĂŶĕĂ͘
^ĞŵĞůŚĂŶĕĂĞŶƚƌĞĚŽůŽĞǀĞŶƚƵĂůĞĐƵůƉĂĐŽŶƐĐŝĞŶƚĞ
ϭϯ

9 ƐĞŵĞůŚĂŶĕĂĚŽĚŽůŽĞǀĞŶƚƵĂůĐŽŵĂĐƵůƉĂĐŽŶƐĐŝĞŶƚĞĠƋƵĞĞŵĂŵďŽƐ͕ŽƐƵũĞŝƚŽƉƌĞǀġŽƌĞƐƵůƚĂĚŽ͕Ă
ĚŝĨĞƌĞŶĕĂ Ġ ƋƵĞ ŶŽ ĚŽůŽ ĞǀĞŶƚƵĂů ĞůĞ ĂĐĞŝƚĂͬƚŽůĞƌĂ Ž ƌŝƐĐŽ ĚŽ ƌĞƐƵůƚĂĚŽ͕ ĞŶƋƵĂŶƚŽ ƋƵĞ ŶĂ ĐƵůƉĂ
ĐŽŶƐĐŝĞŶƚĞŽƐƵũĞŝƚŽŶĆŽĂĐĞŝƚĂͬƚŽůĞƌĂƚĞŶĚŽĂĐĞƌƚĞǌĂƋƵĞĠĐĂƉĂǌĚĞĞǀŝƚĄͲůŽ͘
ŽůŽĚŝƌĞƚŽ WƌĞǀŝƐĆŽ YƵĞƌŽƌĞƐƵůƚĂĚŽ

ŽůŽĞǀĞŶƚƵĂů WƌĞǀŝƐĆŽ dŽůĞƌĂŽƌĞƐƵůƚĂĚŽ
ƵůƉĂĐŽŶƐĐŝĞŶƚĞ WƌĞǀŝƐĆŽ EĆŽƚŽůĞƌĂ͕ǀĂŝĞǀŝƚĂƌŽƌĞƐƵůƚĂĚŽ
ƵůƉĂŝŶĐŽŶƐĐŝĞŶƚĞ EĆŽƉƌĞǀġ
Z/DWZdZK>K^K͗ĠĂƋƵĞůĞĞŵƋƵĞĂƉſƐĂƉƌĞǀŝƐĆŽĚĞƵŵĐƌŝŵĞĚŽůŽƐŽ͕ŽůĞŐŝƐůĂĚŽƌĨĂǌƉƌĞǀŝƐĆŽĚĞƵŵ
ƌĞƐƵůƚĂĚŽĐƵůƉŽƐŽĐĂƉĂǌĚĞŝŶĨůƵŝƌŶĂĚŽƐĂŐĞŵĚĂƉĞŶĂ͘
9 ĂƋƵĞůĞƋƵĞƚĞŵĚŽůŽŶŽĂŶƚĞĐĞĚĞŶƚĞĞĐƵůƉĂŶŽĐŽŶƐĞƋƺĞŶƚĞ͘;ƉƌĞƚĞƌĚŽůŽʹĂůĠŵĚŽĚŽůŽͿ

'2/2(&8/3$1$7(25,$'2&5,0(
7HRULD&DXVDOLVWD 7HRULD)LQDOLVWD%UDVLO
)7$17&8/3$% ,QWHQFLRQDODRDQDOLVDUDFRQGXWDWHPTXHDQDOLVDUD
LQWHQomR
&21'5(631&7,3,&
'RORHFXOSDID]HPSDUWHGD&8/3$%,/,'$'( 'RORHFXOSDID]HPSDUWHGD7,3,&,'$'(
'RORpSVLFRQRUPDWLYRLQFOXLRFRQKHFLPHQWRGD 2GRORpSXUDPHQWHSVLFROyJLFRRXQDWXUDOQmRLQFOXLR
LOLFLWXGH FRQKHFLPHQWRGDLOLFLWXGH
$FXOSDELOLGDGHHUDSVLFRQRUPDWLYD±7HRULD $FXOSDELOLGDGHpSXUDPHQWHQRUPDWLYD
QRUPDWLYDSXUDGDFXOSDELOLGDGH

dKZ/KZZKd/WK
9 ƌƌŽĠĂĞƋƵŝǀŽĐĂĚĂĐŽŵƉƌĞĞŶƐĆŽͬƉĞƌĐĞƉĕĆŽĚĞƵŵĂƌĞĂůŝĚĂĚĞ͘
ƌƌŽĚĞƚŝƉŽƉŽĚĞƐĞƌ͗
ƌƌŽĚĞƚŝƉŽĞƐƐĞŶĐŝĂů
ƌƌŽĚĞƚŝƉŽĂĐŝĚĞŶƚĂů

Ϳ KZZKd/WK^Ê/>
9 ZĞĐĂŝƐŽďƌĞŽĞůĞŵĞŶƚŽĞƐƐĞŶĐŝĂůĚŽƚŝƉŽ͘
9 KĂŐĞŶƚĞŶĆŽƉĞƌĐĞďĞƋƵĞĞƐƚĄƉƌĂƚŝĐĂŶĚŽƵŵĨĂƚŽƚşƉŝĐŽ͘ŽĨĂǌĞƌƐĞŵƉĞƌĐĞďĞƌ͕ůŽŐŽĨĂĕŽƐĞŵ
ƋƵĞƌĞƌ͕ŶĆŽƚĞŵĚŽůŽ͘ǆ͘hŵŚŽŵĞŵŵĂƚĂƵŵĂŵƵůŚĞƌƉĞŶƐĂĚŽƋƵĞĞƌĂƵŵũĂĐĂƌĠ͘

WŽĚĞŝŶĐŝĚŝƌƐŽďƌĞ͗
o ůĞŵĞŶƚĂƌĠŽƋƵĞĞƐƚĄŶŽĐĂƉƵƚĚŽĂƌƚŝŐŽ͘ǆ͘ƌƚ͘ϭϮϭʹDĂƚĂƌĂůŐƵĠŵĞ
o ĞƐĐƌŝŵŝŶĂŶƚĞ;ĚĞƐĐƌŝŵŝŶĂŶƚĞǀĞŵĚĞĚĞƐĐƌŝŵŝŶĂůŝǌĂƌͿ͘

K ZZK ^KZ >DEdZ͕ Ž ƐƵũĞŝƚŽ ƚĞŵ ƵŵĂ ĞƌƌĂĚĂ ĐŽŵƉƌĞĞŶƐĆŽ ĚŽƐ ĨĂƚŽƐ ƋƵĞ ĞƐƚĂƌŝĂŵ
ŶĂƌƌĂĚŽƐŶĂƐĞůĞŵĞŶƚĂƌĞƐĚŽƚŝƉŽ͘
9 K ĞƌƌŽ ĚĞ ƚŝƉŽ ƐŽďƌĞ Ă ĞůĞŵĞŶƚĂƌ ^DWZ y>h/ K K>K ;ƉŽƌƋƵĞ ƋƵĞŵ ĞƌƌĂ ŶĆŽ ƚĞŵ
ĐŽŶƐĐŝġŶĐŝĂ͕ůŽŐŽŶĆŽƚĞŵĚŽůŽͿ͘

9 KĞƌƌŽƉŽĚĞƐĞƌĐůĂƐƐŝĨŝĐĂĚŽĐŽŵŽĞƌƌŽŝŶĞǀŝƚĄǀĞůŽƵĞǀŝƚĄǀĞů͘
9 ƌƌŽŝŶĞǀŝƚĄǀĞůĠĂƋƵĞůĞƋƵĞĐŽŵŽĐƵŝĚĂĚŽĐŽŵƵŵŶĆŽƐĞĞǀŝƚĂƌŝĂ͘

9 ƌƌŽĞǀŝƚĄǀĞůĠĂƋƵĞůĞƋƵĞƐĞƌŝĂĞǀŝƚĂĚŽĐŽŵŽĐƵŝĚĂĚŽĐŽŵƵŵ͘
ϭϰ

o WŽĚĞͲƐĞĂĨŝƌŵĂƌƋƵĞŽĞƌƌŽŝŶĞǀŝƚĄǀĞů&^dh>W;ĞƌƌŽĚĞƚŝƉŽͿ͘

o YƵĂŶĚŽŽĐƵŝĚĂĚŽŶŽƌŵĂůĞǀŝƚĂ͕ƐŝŐŶŝĨŝĐĂƋƵĞŶĆŽŚŽƵǀĞĐƵŝĚĂĚŽ͕ŶĞƐƚĞ
ĐĂƐŽWhEͲ^WKZh>W^,KhsZWZs/^K͘

ŽŶƐĞƋƺġŶĐŝĂ
dƐƐĞŶĐŝĂůs/ds> dƐƐĞŶĐŝĂů/Es/ds>
&ĂůƚŽƵĐĂƵƚĞůĂ
• ŽůŽʹǆĐůƵŝŽĚŽůŽ • ƌƚϮϬ͕WʹǆĐůƵŝŽĚŽůŽŵĂƐĂĚŵŝƚĞĂƉƵŶŝĕĆŽ
• ƵůƉĂʹǆĐůƵŝĂĐƵůƉĂƉŽƌƋƵĞĞƌĂ ƉŽƌĐƌŝŵĞĐƵůƉŽƐŽƐĞƉƌĞǀŝƐƚŽĞŵůĞŝ͘,Žƚ͊ŚŽƚ͊
ŝŶĞǀŝƚĄǀĞů
ŵƐƵŵĂ͗KƌƌŽĚĞƚŝƉŽy>h/^DWZKK>K͕
ŵĂƐƉĞƌŵŝƚĞĂƉƵŶŝĕĆŽƉŽƌĐƌŝŵĞh>WK^K͕ƐĞƉƌĞǀŝƐƚŽĞŵůĞŝ͘

KZZK^KZ^Z/D/EEd^͗
9 ^ŝŶƀŶŝŵŽĚĞĞǆĐůƵĚĞŶƚĞĚĞĂŶƚŝũƵƌŝĚŝĐŝĚĂĚĞ
>ĞŐŝƚŝŵĂĚĞĨĞƐĂ͕
ƐƚĂĚŽĚĞŶĞĐĞƐƐŝĚĂĚĞ͕
ƐƚƌŝƚŽĚĞǀĞƌůĞŐĂůĞ
ǆĞƌĐşĐŝŽƌĞŐƵůĂƌĚĞĚŝƌĞŝƚŽ

ĞƐĐƌŝŵŝŶĂŶƚĞƉƵƚĂƚŝǀĂ͗ƉƵƚĂƌĞʹƐŝŐŶŝĨŝĐĂĞƌƌĂƌ͘ĞƐĐƌŝŵŝŶĂŶƚĞĞƌƌĂĚĂ͘
o EĂ ĚĞƐĐƌŝŵŝŶĂŶƚĞ ƉƵƚĂƚŝǀĂ ƉŽƌ ĞƌƌŽ ĚĞ ƚŝƉŽ͕ Ž ƐƵũĞŝƚŽ͕ ƉŽƌ ĞƋƵŝǀŽĐĂĚĂ ĐŽŵƉƌĞĞŶƐĆŽ ĚĂ
ƌĞĂůŝĚĂĚĞ͕ ŝŵĂŐŝŶĂ ƐŝƚƵĂĕĆŽ ƋƵĞ ƐĞ ǀĞƌĚĂĚĞŝƌĂ ĨŽƐƐĞ ƚŽƌŶĂƌŝĂ Ă ƐƵĂ ĐŽŶĚƵƚĂ ĂĐŽďĞƌƚĂĚĂ ƉŽƌ
ƵŵĂĞǆĐůƵĚĞŶƚĞĚĞĂŶƚŝũƵƌŝĚŝĐŝĚĂĚĞ͘ǆ͘ŝŵĂŐŝŶĂͲƐĞƋƵĞĞƐƚĄŶƵŵŶĂƵĨƌĄŐŝŽƐŽďƌĞƵŵĂƚĄďƵĂ
ĚĞƐĂůǀĂĕĆŽĞĞůĞŵŽƌƌĞŽƵŽƵƚƌŽŵŽƌƌĞ͘

o ĐŽŶƐĞƋƺġŶĐŝĂ ĚŽ ĞƌƌŽ ĚĞ ƚŝƉŽ ƐŽďƌĞ ĚĞƐĐƌŝŵŝŶĂŶƚĞ Ġ Ă ŵĞƐŵĂ ĚĞ ĞƌƌŽ ĚĞ ƚŝƉŽ ƐŽďƌĞ
ĞůĞŵĞŶƚĂƌ͗
^ĞŵƉƌĞĞǆĐůƵŝŽĚŽůŽ͘^ĞŝŶĞǀŝƚĄǀĞůĞǆĐůƵŝĂĐƵůƉĂĞƐĞĞǀŝƚĄǀĞůƉĞƌŵŝƚĞĂƉƵŶŝĕĆŽƉŽƌ
ĐƵůƉĂƐĞŚŽƵǀĞƌƉƌĞǀŝƐĆŽ͘

ϱΣĂƵůĂͲϮϴ͘Ϭϯ&ʹŝŐŝƚĂĕĆŽ>ƵĐŝĂŶĂ

ZZKd/WKĐŽŶƚ͘͘͘͘ƉŽĚĞƐĞƌ͗
o ƌƌŽĚĞƚŝƉŽĞƐƐĞŶĐŝĂů
o ƌƌŽĚĞƚŝƉŽĂĐŝĚĞŶƚĂů

Ϳ KZZKd/WK^Ê/>
YƵĞƌ ĐŽŵĞƚĞƌ Ƶŵ ĐƌŝŵĞ͕ ŵĂƐ ĐŽŵĞƚĞ ŽƵƚƌŽ͘ ^ŝŐŶŝĨŝĐĂ ƋƵĞ ĞƵ EK ƋƵĞƌŝĂ ƉƌĂƚŝĐĂƌ ĞƐƚĞ
ĐƌŝŵĞ͕ŵĂƐŽƵƚƌŽ͘KĞƌƌŽƌĞĐĂŝƐŽďƌĞĂƉĞƐƐŽĂ͘

ϬϯĞƐƉĠĐŝĞƐ͗
ϭ͘ ƌƌŽƐŽďƌĞĂƉĞƐƐŽĂ;Ăƌƚ͘ϮϬ͕ΑϯǑͿ
Ϯ͘ ƌƌŽŶĂĞǆĞĐƵĕĆŽ;Ăƌƚ͘ϳϯͿĂďĞƌƌĂƚŝŽŝĐƚƵƐ
ϯ͘ ZĞƐƵůƚĂĚŽ ĚŝǀĞƌƐŽ ĚŽ ƉƌĞƚĞŶĚŝĚŽ ;Ăƌƚ͘ ϳϰͿ ĂďĞƌƌĂƚŝŽ ĐƌŝŵŝŶŝƐ ŽƵ ĂďĞƌƌĂƚŝŽ
ĚĞůŝĐƚƵƐ
ϭϱ

ϭ͘ ƌƌŽƐŽďƌĞĂƉĞƐƐŽĂ;Ăƌƚ͘ϮϬ͕ΑϯǑͿ
ĂͿ ŽŶĐĞŝƚŽ͗ Ž ĂŐĞŶƚĞ͕ ƉŽƌ ĞƌƌŽ ĚĞ ƌĞƉƌĞƐĞŶƚĂĕĆŽ ;ĐŽŶĨƵƐĆŽͿ ĂƚŝŶŐĞ ƉĞƐƐŽĂ ĚŝǀĞƌƐĂ ĚĂ ƉĞƐƐŽĂ
ƉƌĞƚĞŶĚŝĚĂ͘

ďͿŽŶƐĞƋƺġŶĐŝĂ͗͞ĞƐĞ͘͘͘͟ŽĂŐĞŶƚĞƌĞƐƉŽŶĚĞĐŽŵŽƐĞƚŝǀĞƐƐĞĂƚŝŶŐŝĚŽĂǀşƚŝŵĂƉƌĞƚĞŶĚŝĚĂ͘ZĞƐƉŽŶĚĞ
ƉĞůŽƋƵĞƋƵĞƌŝĂ͘

WZ'hE͞^͍ZĞƐƉŽŶĚŽƉĞůŽƋƵĞƋƵĞƌŝĂĞŶĆŽƉĞůŽƋƵĞĂĐŽŶƚĞĐĞƵ͘

¾ y͘ϭ͗:ŽĆŽĂĐĂďŽƵĚĞƚĞƌƐƵĂĨŝůŚĂĞƐƚƵƉƌĂĚĂƉĞůŽDĂƌŝŽ͕Ž:ŽĆŽƐĂŝƵƉĞƌƐĞŐƵŝŶĚŽŽDĂƌŝŽ͕
ŵĂƐ ĐŽŵŽ ĞŶƚĂƌĚĞĐŝĂ ĞůĞ ƉĞƌĚĞƵ Ž DĂƌŝŽ Ğ ĂĐĂďŽƵ ĐŽŶĨƵŶĚŝŶĚŽ Ğ ĂƚŝŶŐŝĚŽ >ƵĐŝŽ͕ ƉŽƌ
ƋƵĂůĐƌŝŵĞŽ:ŽĆŽĚĞǀĞƌŝĂƌĞƐƉŽŶĚĞƌ͍ĐĂƐŽƚşƉŝĐŽĚĞŚŽŵŝĐşĚŝŽƉƌŝǀŝůĞŐŝĂĚŽ͘

¾ y͘ϭ͗YƵĞƌŝĂŵĂƚĂƌŵĞƵƉĂŝĞŵĂƚĞŝŵĞƵƚŝŽ͘ƌŝŵĞĚĞŚŽŵŝĐşĚŝŽĂŐƌĂǀĂĚŽ͘
Ϯ͘ ƌƌŽŶĂĞǆĞĐƵĕĆŽ;Ăƌƚ͘ϳϯͿͲZZd/K/dh^
ŽŶĐĞŝƚŽ͗ŽĂŐĞŶƚĞƉŽƌĞƌƌŽŶĂĞǆĞĐƵĕĆŽĂƚŝŶŐĞƉĞƐƐŽĂĚŝǀĞƌƐĂĚĂƉĞƐƐŽĂƉƌĞƚĞŶĚŝĚĂ͘

ĂͿ ŽŶƐĞƋƺġŶĐŝĂ͗ŽĂŐĞŶƚĞƌĞƐƉŽŶĚĞĐŽŵŽƐĞƚŝǀĞƐƐĞĂƚŝŶŐŝĚŽĂǀşƚŝŵĂƉƌĞƚĞŶĚŝĚĂ͘

WZ'hE͞^͍ƵŵĞƌƌŽĚĞƉŽŶƚĂƌŝĂ͕EKĐŽŶĨƵŶĚŽŽŵĞƵƉĂŝĐŽŵŵĞƵƚŝŽ͕ǀĞũŽ
ŽƐĚŽŝƐĞĂƚŝƌŽ͘ZZ/͕ĂĐĞƌƚĞŝŵĞƵƚŝŽ͘
ǆ͘ϭ͗͘YƵĞƌŵĂƚĂƌŽƉĂŝ͕ŵĂƐŶĆŽĂĐĞƌƚĂŽƉĂŝĞĂĐĞƌƚĂŽƚŝŽŶŽďƌĂĕŽ͕ŽƋƵĂůĨŝĐĂŝŶĐĂƉĂĐŝƚĂĚŽ
ƉŽƌŵĂŝƐĚĞ ϯϬĚŝĂƐ͘WŽƌƋƵĂůĐƌŝŵĞƌĞƐƉŽŶĚĞ͍EĆŽƚŝƉŝĨŝƋƵĞĂĐŽŶĚƵƚĂƉĞůŽƌĞƐƵůƚĂĚŽ͕ŽƋƵĞ
ŝŵƉŽƌƚĂ Ġ Ž ĚŽůŽ͕ Ž ƌĞƐƵůƚĂĚŽ ĂƉĞŶĂƐ ŝƌĄ ĂŐƌĞŐĂƌ Ƶŵ ĐŽŵƉůĞŵĞŶƚŽ͘ EĞƐƚĂ ŚŝƉſƚĞƐĞ ƌĞƐƉŽŶĚĞ
ƉŽƌƚĞŶƚĂƚŝǀĂĚĞŚŽŵŝĐşĚŝŽĐŽŵĂŐƌĂǀĂŶƚĞ͘^ĞƋƵĞƌŝĂŵĂƚĂƌĠƚĞŶƚĂƚŝǀĂĚĞŚŽŵŝĐşĚŝŽ͘
ǆ͘Ϯ͗͘ ;ĨƌĂƋƵŝŶŚŽͿ͕ ;ĨŽƌƚĞͿ͕ ƉĂƌĂ ƐĞ ĚĞĨĞŶĚĞƌ ƵƐĂŶĚŽ ŵŽĚĞƌĂĚĂŵĞŶƚĞ ĚŽƐ ŵĞŝŽƐ
ŶĞĐĞƐƐĄƌŝŽƐ ƉĂƌĂ ĞǀŝƚĂƌ ƐĞƌ ĞƐƚƌĂŶŐƵůĂĚŽ ƉŽƌ ͕ ĂƚŝŶŐĞͲŽ ĐŽŵ ƵŵĂ ƉĞĚƌĂ͘ KĐŽƌƌĞ ƋƵĞ Ă ƉĞĚƌĂ
ŶĆŽĂƚŝŶŐĞĞĂĐĞƌƚĂ͕ŵĂƚĂŶĚŽͲŽ͘WŽƌƋƵĂůĐƌŝŵĞŽĚĞǀĞƐĞƌĐƵůƉĂĚŽ͍,ŽŵŝĐşĚŝŽƵůƉŽƐŽ͕
,ŽŵŝĐşĚŝŽŽůŽƐŽ͕,ŽŵŝĐşĚŝŽŽůŽƐŽWƌŝǀŝůĞŐŝĂĚŽŽƵĐƌŝŵĞĂůŐƵŵ͍ƉůŝĐĂͲƐĞĂƚĠĐŶŝĐĂĚŽ͞ƐĞ͘͘͘͟
ƐĞ ƚŝǀĞƐƐĞ ĂƚŝŶŐŝĚŽ ͕ ƵƐĂŶĚŽ ĚŽƐ ŵĞŝŽƐ ŶĞĐĞƐƐĄƌŝŽƐ͕ ŵŽĚĞƌĂĚĂŵĞŶƚĞ͕ ĞůĞ ŶĆŽ ĐŽŵĞƚĞ ĐƌŝŵĞ
ĂůŐƵŵ͕ĞƐƚĄĞŵůĞŐŝƚŝŵĂĚĞĨĞƐĂ͕ůŽŐŽ͕ŶĆŽƌĞƐƉŽŶĚĞƉŽƌĐƌŝŵĞĂůŐƵŵ͘

ǆ͘ϯ͗͘ĞĞƐƚĆŽĂƐƐĂůƚĂŶĚŽ͘ŽŶƚƵĚŽƌĞĂŐĞĞƉĂƌĂƌŽƵďĂƌŽƌĞůſŐŝŽĚŽ͕ĂƚŝƌĂŶĞůĞƉĂƌĂ
ƌŽƵďĂƌĞ͕ŶĂĐŽŶĨƵƐĆŽ͕ŽƚŝƌŽĂƚŝŶŐĞ;ĐŽŵƉĂƌƐĂͿ͘YƵĂůŽĐƌŝŵĞƋƵĞƉƌĂƚŝĐĂ͍ƉůŝĐĂĂƚĠĐŶŝĐĂ
ĚŽ͞ƐĞ͘͘͘͟ĠůĂƚƌŽĐşŶŝŽ͘

>'/d/D &^ Whdd/s͗ ƵŵĂ ƐŝƚƵĂĕĆŽ ƋƵĞ ŶĆŽ ŚĄ ŶĞĐĞƐƐŝĚĂĚĞ ĚĞ ĚĞĨĞŶĚĞƌͲƐĞ͘ ǆ͘
͟͞ƉĂƌĂĚĞĨĞŶĚĞƌͲƐĞĚĞ͟͞ĂƚŝƌĂĞĂĐĞƌƚĂĞŵ͕͞͞ŶĆŽZ^WKEWKZE͕ƉŽƌƋƵĞĂŐŝƌƵŵ
ůĞŐşƚŝŵĂĚĞĨĞƐĂĞĂďĞƌƌĂƚŝŽŝĐƚŝƵƐ

ϯ͘ ZĞƐƵůƚĂĚŽĚŝǀĞƌƐŽĚŽƉƌĞƚĞŶĚŝĚŽ;Ăƌƚ͘ϳϰͿĂďĞƌƌĂƚŝŽĐƌŝŵŝŶŝƐŽƵĂďĞƌƌĂƚŝŽĚĞůŝĐƚƵƐ
ĂͿ ŽŶĐĞŝƚŽ͗ŽĂŐĞŶƚĞ͕ƉŽƌĞƌƌŽŶĂĞǆĞĐƵĕĆŽĂƚŝŶŐĞďĞŵũƵƌşĚŝĐŽĚŝǀĞƌƐŽĚŽƉƌĞƚĞŶĚŝĚŽ;ŵƵĚĂŽ
ƚŝƉŽͿ͘;WĞƐƐŽĂ'ĐŽŝƐĂͿ
¾ ǆ͘YƵĞƌŝĂŵĂƚĂƌĂůŐƵĠŵĞĂƚŝŶŐŝƵŵĂũĂŶĞůĂ;ĐƌŝŵĞĚĞĚĂŶŽͿ͘

ϭϲ

ďͿ ŽŶƐĞƋƺġŶĐŝĂ͗ŽĂŐĞŶƚĞƌĞƐƉŽŶĚĞƉĞůŽĐƌŝŵĞĐŽŵĞƚŝĚŽĂƚşƚƵůŽĐƵůƉŽƐŽƋƵĞƚŝǀĞƌĐŽŵĞƚŝĚŽ͘
¾ EĆŽƌĞƐƉŽŶĚŽƉĞůŽƋƵĞYhZ/͕ƐſƌĞƐƉŽŶĚŽƉĞůŽƋƵĞKDd/͘

͕ŶĂŚŝƉſƚĞƐĞĚĞŽƚŝƉŽƉĞŶĂůŶĆŽĂĚŵŝƚŝƌĂŵŽĚĂůŝĚĂĚĞĐƵůƉŽƐĂ͍ĚŽƵƚƌŝŶĂĞŶƚĞŶĚĞ
ƋƵĞƋƵĂŶĚŽŽĐƌŝŵĞĐŽŵĞƚŝĚŽŶĆŽƉƌĞǀġĂŵŽĚĂůŝĚĂĚĞĐƵůƉŽƐĂƐſƌĞƐƚĂĂƐŽůƵĕĆŽĚĞ
ƉƵŶŝƌͲƐĞ Ž ĂŐĞŶƚĞ ƉĞůŽ ĐƌŝŵĞ ƉƌĞƚĞŶĚŝĚŽ ŶĂ &KZD dEd ĚŽ ƋƵĞ ƋƵĞƌŝĂ
ĐŽŵĞƚĞƌ͘

KďƐĞƌǀĂĕĆŽ ĨŝŶĂů ƐŽďƌĞ Ž ĞƌƌŽ͗ dĂŶƚŽ ŶŽ ĂďĞƌƌĂƚŝŽ ŝĐƚƵƐ ƋƵĂŶƚŽ ŶŽ ĂďĞƌƌĂƚŝŽ ĐƌŝŵŝŶŝƐ ^ K
'EdKd/sZhW>KZ^h>dK

^ĞĨŽƌĂƚŝŶŐŝĚĂĂƉĞƐƐŽĂŽƵĐŽŝƐĂƉƌĞƚĞŶĚŝĚĂ;нͿƵŵĂƉĞƐƐŽĂŽƵĐŽŝƐĂŶĆŽƉƌĞƚĞŶĚŝĚĂ>ĐŽŶĐƵƌƐŽ

ĨŽƌŵĂů͘

9 ZĞƐƉŽŶĚĞƉŽƌĂŵďŽƐŽƐĐƌŝŵĞƐĞŵĐŽŶĐƵƌƐŽ&KZD>;ƵŵĂƐſĐŽŶĚƵƚĂĚĄŽƌŝŐĞŵĂнĚĞ
ƵŵƌĞƐƵůƚĂĚŽͿ͘
KE^hD
K
dEdd/sͲŚŽƚ͊ŚŽƚ͊ŚŽƚ͊

Z/DdEdK
WĂƐƐŽƐĚŽ/dZZ/D/E/^
ϭ͘ ŽŐŝƚĂĕĆŽ͗ŶĆŽĠƉƵŶşǀĞů
Ϯ͘ ƚŽƐ ƉƌĞƉĂƌĂƚſƌŝŽƐ͗ ŽƐ ĂƚŽƐ ƉƌĞƉĂƌĂƚſƌŝŽƐ ŶĆŽ ƐĆŽ ƉƵŶşǀĞŝƐ͕ ƐĂůǀŽ ƋƵĂŶĚŽ ĐŽŶƐƚŝƚƵşƌĞŵ ĐƌŝŵĞ
ĂƵƚƀŶŽŵŽ͘
ϯ͘ ǆĞĐƵĕĆŽ͗ Ž ƌĂƐŝů ĂĚŽƚĂ Ă ƚĞŽƌŝĂ ŽďũĞƚŝǀŽ ĨŽƌŵĂů͕ ƐĞŐƵŶĚŽ Ă ƋƵĂů Ă ĞǆĞĐƵĕĆŽ ƐĞ ŝŶŝĐŝĂ ĐŽŵ Ă
ƌĞĂůŝǌĂĕĆŽĚŽǀĞƌďŽĚŽƚŝƉŽ͘
ϰ͘ ŽŶƐƵŵĂĕĆŽ͗ĐŽŶƐŝĚĞƌĂͲƐĞĐŽŶƐƵŵĂĚŽŽĐƌŝŵĞƋƵĂŶĚŽƐĞƌĞƷŶĞŵƚŽĚŽƐŽƐĞůĞŵĞŶƚŽƐĚŽƚŝƉŽůĞŐĂů
ϱ͘ ǆĂƵƌŝŵĞŶƚŽ͗ĠĂƋƵĞůĞƋƵĞĚĞƉŽŝƐĚĞĐŽŶƐƵŵĂĚŽĂƚŝŶŐĞĂƐƵĂŵĄǆŝŵĂƉŽƚĞŶĐŝĂůŝĚĂĚĞůĞƐŝǀŽ͘ŽƋƵĞ
ĂĐŽŶƚĞĐĞĐŽŵŽƐĐƌŝŵĞƐĨŽƌŵĂŝƐƋƵĂŶĚŽŽĂŐĞŶƚĞŽďƚĠŵŽƌĞƐƵůƚĂĚŽ͘

ϭͿ ϮͿ ϯͿ ϰͿ ϱͿ
K'/dK dK^ yhK KE^hDK yhZ/DEdK
WZWZdMZ/K^
dEdd/sͲKĐŽƌƌĞĞŶƚƌĞĂĞǆĞĐƵĕĆŽĞ
ĐŽŶƐƵŵĂĕĆŽ
dEdd/sZEʹŶĞƐƚĂĂǀşƚŝŵĂŶĆŽƐŽĨƌĞ
ůĞƐĆŽ͘

WhE/KdEdd/s
ŵƌĞŐƌĂĠƉƵŶŝĚŽĐŽŵĂŵĞƐŵĂƉĞŶĂĚŽZ/D
KE^hDK͕ĚŝŵŝŶƵŝĕĆŽĚĞϭͬϯĂϮͬϯʹĂƌƚ͘
ϭϰ͕W͘
EĆŽĠƉƵŶşǀĞů EĆŽĠƉƵŶşǀĞů͕^>sK ƌĂƐŝůĂĚŽƚĂĂ ƐƚĂĐŽŶƐƵŵĂĚĂ
ƋƵĂŶĚŽĐŽŶƐƚŝƚƵşƌĞŵ dĞŽƌŝĂŽďũĞƚŝǀŽĨŽƌŵĂů ƋƵĂŶĚŽŶĞůĞƐĞ
ĐƌŝŵĞĂƵƚƀŶŽŵŽ͘ ŽŶƐŝĚĞƌĂŝŶŝĐŝĂĚĂĂ ƌĞƷŶĞŵƚŽĚŽƐŽƐ
ĞǆĞĐƵĕĆŽĐŽŵŽŝŶşĐŝŽ ĞůĞŵĞŶƚŽƐĚŽƚŝƉŽ
ĚŽǀĞƌďŽĚŽƚŝƉŽ ůĞŐĂůĂƌƚ͘ϭϰ

dEdd/sͲKĐŽƌƌĞĞŶƚƌĞĂĞǆĞĐƵĕĆŽĞĐŽŶƐƵŵĂĕĆŽʹKZ/DEK^KE^hD
KĐƌŝŵĞŶĆŽƐĞĐŽŶƐƵŵĂƉŽƌ KĐƌŝŵĞŶĆŽƐĞĐŽŶƐƵŵĂƉŽƌ KĐƌŝŵĞŶĆŽƐĞĐŽŶƐƵŵĂƉŽƌ

DKd/sK^>,/K^sKEdĚŽ WŽƌƋƵĞĞƌĂŝŵƉŽƐƐşǀĞů WŽƌƋƵĞŽĂŐĞŶƚĞŵƵĚŽƵĚĞŝĚĠŝĂ
ĂŐĞŶƚĞ ;WZMWZ/sKEdͿ
ϭϳ

Z/DdEdd/s ƌŝŵĞ/DWK^^1s> 'HVLVWrQFLD $UUHSHQGLPHQWR
ƌƚ͘ϭϰ͕W dEdd/s/E/NE 9ROXQWiULD'9 (ILFD]$(
ŶƚĞƐĚĞ ĞƉŽŝƐĚĞ
ĞƌŵŝŶĂƌ ƚĞƌŵŝŶĂƌĂ 2DJHQWHGHVLVWH 2$*(17(
ĂĞǆĞĐƵĕĆŽ ĞǆĞĐƵĕĆŽ GHWHUPLQDUD 7(50,1$$
H[HFXomRSRUTXH (;(&8d2
dĞŶƚĂƚŝǀĂ dĞŶƚĂƚŝǀĂ ďƐŽůƵƚĂ ďƐŽůƵƚĂ
(
/ŵƉĞƌĨĞŝƚĂ WĞƌĨĞŝƚĂ ŝŵƉƌŽƉƌŝĞĚĂ ŝŶĞĨŝĐĄĐŝĂĚŽ
1248(5 ,03('($
ĚĞĚŽŽďũĞƚŽ ŵĞŝŽ
08'$'(,'e,$ &21680$d2
2DJHQWHQmR 2DJHQWHWHUPLQD ,17(55203(
WHUPLQDD DH[HFXomR
H[HFXomR ;ƌŝŵĞĨĂůŚŽͿ
;ŝŵƉĞĚŝĚŽͿ
Z'Z͗ EĞƐƚĞƐĐĂƐŽƐsĞ͕ŽĂŐĞŶƚĞ
ƉƵŶŝĕĆŽĚŽĐƌŝŵĞƚĞŶƚĂĚŽƐĞƌĄ ƉƵŶŝĕĆŽĚŽĐƌŝŵĞ ƐſƌĞƐƉŽŶĚĞƉĞůŽƐĂƚŽƐũĄƉƌĂƚŝĐĂĚŽƐ͕
ŝŐƵĂůĂŽĐŽŶƐƵŵĂĚŽĚŝŵŝŶƵşĚĂϭͬϯ ŝŵƉŽƐƐşǀĞů ;Ăƌƚ͘ϭϱͿŽƵƐĞũĂ͕ƉĞůŽƌĞƐƵůƚĂĚŽŽďƚŝĚŽ͘
Ăϭͬϯ͘ WŽĚĞƐĞƌƚşƉŝĐŽŽƵĂƚşƉŝĐŽ
EK^WhE^YhZ EhEdEdd/s
KZ/dZ/KWZ/D/Eh/K dEdd/s
ĂƉƌŽǆŝŵŝĚĂĚĞĚĂĐŽŶƐƵŵĂĕĆŽ͘

ΎΎΎKůĞŐŝƐůĂĚŽƌĞŵĚĞƚĞƌŵŝŶĂĚŽƐĐĂƐŽƐƉƌĞǀġĂŵĞƐŵĂƉĞŶĂƉĂƌĂĂĨŽƌŵĂĐŽŶƐƵŵĂĚĂĞƚĞŶƚĂĚĂĚŽĐƌŝŵĞ͘K
ĐƌŝƚĠƌŝŽƉĂƌĂĂƌĞĚƵĕĆŽĚĂƉĞŶĂĠĂƉƌŽǆŝŵŝĚĂĚĞĚŽŵŽŵĞŶƚŽĐŽŶƐƵŵĂƚŝǀŽ͘
9 dĞŶƚĂƚŝǀĂďƌĂŶĐĂĠĂƋƵĞůĂŶĂƋƵĂůĂǀşƚŝŵĂŶĆŽƐŽĨƌĞƋƵĂůƋƵĞƌůĞƐĆŽ͘
9 dĞŶƚĂƚŝǀĂ ǀĞƌŵĞůŚĂ Ġ ĂƋƵĞůĂ ŶĂ ƋƵĂů Ă ǀşƚŝŵĂ ƐŽĨƌĞ ůĞƐĆŽ͘ ĐŚĂŵĂĚĂ ĚĞ ƚĞŶƚĂƚŝǀĂ ǀĞƌŵĞůŚĂ ŽƵ
ĐƌƵĞŶƚĂ͘
)KĂŐĞŶƚĞƌĞƐƉŽŶĚĞƉĞůŽƌĞƐƵůƚĂĚŽĞĨĞƚŝǀĂŵĞŶƚĞŽďƚŝĚŽĞŶĆŽƉĞůĂƚĞŶƚĂƚŝǀĂĚĞŶĂĚĂ͘
KďƐϭ͗͘Z/D/DWK^^1s>͗ŽĐƌŝŵĞŝŵƉŽƐƐşǀĞůŶŶĆŽƐĞƉƵŶĞĂƚĞŶƚĂƚŝǀĂƋƵĂŶĚŽƉŽƌĂďƐŽůƵƚĂŝŶĞĨŝĐĄĐŝĂĚŽŵĞŝŽ
ŽƵĂďƐŽůƵƚĂŝŵƉƌŽƉƌŝĞĚĂĚĞĚŽŽďũĞƚŽĠŝŵƉŽƐƐşǀĞůĐŽŶƐƵŵĂƌͲƐĞŽĐƌŝŵĞ͘
o ǆ͘ ĂŽ ŝŶǀĠƐ ĚĞ ĐŽůŽĐĂƌ ǀĞŶĞŶŽ͕ ĐŽůŽĐĂ ĂĕƷĐĂƌ͘ ZŽƵďŽ ĐŽŵ ĂƌŵĂ ĚĞ ďƌŝŶƋƵĞĚŽ ŶĆŽ Ġ ƉŽƐƐşǀĞů
ŵĂƚĂƌ͕ŵĂƐĠƉŽƐƐşǀĞůƌŽƵďĂƌ͘
KďƐϮ͗͘ ZZWE/DEdK WK^dZ/KZ ;Ăƌƚ͘ ϭϲͿ͗ Ž ĂƌƌĞƉĞŶĚŝŵĞŶƚŽ ĂƉſƐ Ă ĐŽŶƐƵŵĂĕĆŽ ƚƌĂƚĂͲƐĞ ĚĞ ƵŵĂ
ĐĂƵƐĂŽďƌŝŐĂƚſƌŝĂĚĞƌƌĞĚƵĕĆŽĚĞƉĞŶĂƋƵĞƐĞĂƉůŝĐĂĂŽĐƌŝŵĞũĄĐŽŶƐƵŵĂĚŽ͕ĚĞƐĚĞƋƵĞ͕ϬϰƌĞƋƵŝƐŝƚŽƐ͗
ϭ͘ ƌŝŵĞƐĞŵǀŝŽůġŶĐŝĂŽƵŐƌĂǀĞĂŵĞĂĕĂ͖
Ϯ͘ ZĞƉĂƌĂĕĆŽŝŶƚĞŐƌĂůĚŽĚĂŶŽ͖
ϯ͘ WŽƌĂƚŽǀŽůƵŶƚĄƌŝŽĚŽĂŐĞŶƚĞ;ĂĐŽŶƐĞůŚĂĚŽƉĞůŽĂĚǀŽŐĂĚŽĠǀĄůŝĚŽͿ͖
ϰ͘ ŶƚĞƐĚŽƌĞĐĞďŝŵĞŶƚŽĚĂĚĞŶƷŶĐŝĂŽƵƋƵĞŝǆĂ͘
KďƐϯ͗͘/E&ZO^YhEKD/dDdEdd/s͗ŚŽƚ͊ŚŽƚ͊ŚŽƚ͊
ϭ͘ ŽŶƚƌĂǀĞŶĕƁĞƐƉĞŶĂŝƐ;ĂůĞŝĚŝǌƋƵĞŶĆŽƐĞƉƵŶĞĐŽŵƚĞŶƚĂƚŝǀĂͿ
9 /ŶĨƌĂĕĆŽĚĞŵĞŶŽƌƉŽƚĞŶĐŝĂůŽĨĞŶƐŝǀŽŶĆŽĠƐŝŶƀŶŝŵŽĚĞĐŽŶƚƌĂǀĞŶĕĆŽƉĞŶĂůĞƐŝŵŝŶĐůƵŝ
KEdZsEO^Z/D^KDWEDy/D/'h>KhDEKZYhϮEK^͘

Ϯ͘ ƵůƉŽƐŽƐͬƉƌĞƚĞƌĚŽůŽƐŽƐ;ƉŽƌƋƵĞŽƌĞƐƵůƚĂĚŽŶĆŽĠƉƌĞƚĞŶĚŝĚŽͿ
9 ^ĂůǀŽĂĐƵůƉĂŝŵƉƌſƉƌŝĂƉŽƌƋƵĞĞƐƚĂĂĚŵŝƚĞƚĞŶƚĂƚŝǀĂ͘
ϭϴ

ϯ͘ ƌŝŵĞƐŽŵŝƐƐŝǀŽƐƉƌſƉƌŝŽƐ;ĚĞŝǆĂƌĚĞ͘͘͘ͿŽƵƉƵƌŽƐͲĚĞƐĐƌŝƚŽƐĞŵůĞŝ͘;K/ŵƉƌſƉƌŝŽĂĚŵŝƚĞƚĞŶƚĂƚŝǀĂͿ

ϰ͘ ƌŝŵĞƐƵŶŝƐƐƵďƐŝƐƚĞŶƚĞƐ;ĐƌŝŵĞƐƋƵĞƐĞƌĞĂůŝǌĂŵŶƵŵƷŶŝĐŽĂƚŽʹĞǆ͘ŝŶũƷƌŝĂǀĞƌďĂůͿ
9 ;ƉůƵƌŝƐƐƵďƐŝƐƚĞŶƚĞƐĂĚŵŝƚĞŵƚĞŶƚĂƚŝǀĂͿ

ϱ͘ ƌŝŵĞƐŚĂďŝƚƵĂŝƐ;ĠĂƋƵĞůĞĐƌŝŵĞƋƵĞĞǆŝŐĞĂƌĞƉĞƚŝĕĆŽĚĞƵŵĂĐŽŶĚƵƚĂƚşƉŝĐĂ͕ŚĄĂŶĞĐĞƐƐŝĚĂĚĞĚĂ
ƌĞƉĞƚŝĕĆŽ͕ĐĂƐŽĐŽŶƚƌĄƌŝŽĐŽŶĚƵƚĂĂƚşƉŝĐĂͿ͘
9 ǆ͘ZƵĨŝĂŶŝƐŵŽ͕ĂƐĂĚĞƉƌŽƐƚŝƚƵŝĕĆŽ͕ĐƵƌĂŶĚĞŝƌŝƐŵŽ͘

ŽŵƉůĞŵĞŶƚŽ͗
ƌŝŵĞĚĞĂƚĞŶƚĂĚŽ;ƉƌĞǀŝƐƚŽƐŶĂ>ĞŝĚĞ^ĞŐƵƌĂŶĕĂEĂĐŝŽŶĂůͿ
ƌŝŵĞĚĞŝŶĚƵǌŝŵĞŶƚŽ͕ŝŶƐƚŝŐĂĕĆŽĞĂƵǆşůŝŽĂŽƐƵŝĐşĚŝŽEĆŽĂĚŵŝƚĞŵƚĞŶƚĂƚŝǀĂ͗
9 KƵƐŽďƌĞǀŝǀĞŵĐŽŵůĞƐĆŽĐŽƌƉŽƌĂůŐƌĂǀĞŽƵŵŽƌƚĞʹũĄƐĞĐŽŶƐƵŵŽƵ͘
9 KƵŶĆŽƐŽďƌĞǀŝǀĞŵůĞƐĆŽĐŽƌƉŽƌĂůŐƌĂǀĞŽƵŵŽƌƚĞͲĠĨĂƚŽĂƚşƉŝĐŽ͘
^d&͗Z/DD/>/dZWZ/E1W/K/E^/'E/&/E/WŽƌĨĂůƚĂĚĞũƵƐƚĂĐĂƵƐĂ͕ĂdƵƌŵĂĚĞĨĞƌŝƵ ŚĂďĞĂƐ ĐŽƌƉƵƐ

ƉĂƌĂƚƌĂŶĐĂƌĂĕĆŽƉĞŶĂůƉƌŽŵŽǀŝĚĂĐŽŶƚƌĂŵŝůŝƚĂƌĂĐƵƐĂĚŽĚĂƐƵƉŽƐƚĂƉƌĄƚŝĐĂĚŽĚĞůŝƚŽĚĞĂďĂŶĚŽŶŽĚĞƉŽƐƚŽ;WD͕Ăƌƚ͘ϭϵϱͿ͘
dƌĂƚĂǀĂͲƐĞ͕ ŶĂ ĞƐƉĠĐŝĞ͕ ĚĞ ǁƌŝƚ ŝŵƉĞƚƌĂĚŽ ƉĞůĂ ĞĨĞŶƐŽƌŝĂ WƷďůŝĐĂ ĚĂ hŶŝĆŽ Ğŵ ĨĂǀŽƌ ĚĞ ĐĂďŽ ĚĂ ŵĂƌŝŶŚĂ ƋƵĞ͕ ĚŝĂŶƚĞ ĚĂ
ŶĞĐĞƐƐŝĚĂĚĞĚĞƐŽĐŽƌƌĞƌƐĞƵĨŝůŚŽƋƵĞĨŽƌĂŝŶƚĞƌŶĂĚŽ͕ĞŵĐĂƌĄƚĞƌĚĞƵƌŐġŶĐŝĂ͕ƉĂƌĂĂƌĞƚŝƌĂĚĂĚĞƌŝŵ͕ĂĨĂƐƚĂƌĂͲƐĞƉŽƌĂůŐƵŵĂƐ
ŚŽƌĂƐ ĚĞ ƐĞƵ ƉŽƐƚŽ ĚĞ ƐĞƌǀŝĕŽ ;ǀŝŐŝĂǀĂ ďŽŵďĂ ĚĞ ŐĂƐŽůŝŶĂ ĨĞĐŚĂĚĂ Ă ĐĂĚĞĂĚŽͿ͘ EŽ ĐĂƐŽ͕ ĂŶƚĞ Ž ƌĞĚƵǌŝĚŽ ŐƌĂƵ ĚĞ
ƌĞƉƌŽǀĂďŝůŝĚĂĚĞĚĂĐŽŶĚƵƚĂĞĐŽŶƐŝĚĞƌĂŶĚŽƐĞƵƐŵŽƚŝǀŽƐĚĞƚĞƌŵŝŶĂŶƚĞƐ͕ĂƉůŝĐŽƵͲƐĞŽƉƌŝŶĐşƉŝŽĚĂŝŶƐŝŐŶŝĨŝĐąŶĐŝĂĞĞŶƚĞŶĚĞƵͲ
ƐĞ ĐŽŶĨŝŐƵƌĂĚĂ͕ ĂŝŶĚĂ͕ ĐĂƵƐĂ ĞǆĐůƵĚĞŶƚĞ ĚĞ ŝůŝĐŝƚƵĚĞ͕ ƋƵĂů ƐĞũĂ͕ Ž ĞƐƚĂĚŽ ĚĞ ŶĞĐĞƐƐŝĚĂĚĞ͘ ĚĞŵĂŝƐ͕ ƌĞƐƐĂůƚŽƵͲƐĞ Ă
ũƵƌŝƐƉƌƵĚġŶĐŝĂĚĂŽƌƚĞŶŽƐĞŶƚŝĚŽĚĂĂƉůŝĐĂďŝůŝĚĂĚĞ͕ĂŽƉƌŽĐĞƐƐŽƉĞŶĂůŵŝůŝƚĂƌ͕ĚŽĂůƵĚŝĚŽƉƌŝŶĐşƉŝŽĚĂŝŶƐŝŐŶŝĨŝĐąŶĐŝĂ͘KƌĚĞŵ
ĐŽŶĐĞĚŝĚĂƉĂƌĂĚĞƚĞƌŵŝŶĂƌĂĞǆƚŝŶĕĆŽĚĞĨŝŶŝƚŝǀĂĚŽƉƌŽĐĞĚŝŵĞŶƚŽƉĞŶĂůŝŶƐƚĂƵƌĂĚŽĐŽŶƚƌĂŽƉĂĐŝĞŶƚĞ͕ƋƵĞƚƌĂŵŝƚĂƉĞƌĂŶƚĞŽ
:ƵşǌŽĚĂϰǐƵĚŝƚŽƌŝĂDŝůŝƚĂƌĚĂϭǐŝƌĐƵŶƐĐƌŝĕĆŽ:ƵĚŝĐŝĄƌŝĂDŝůŝƚĂƌĚŽZŝŽĚĞ:ĂŶĞŝƌŽ͘,ϵϮϵϭϬͬZ:͕ƌĞů͘DŝŶ͘ĞůƐŽĚĞDĞůůŽ͕
ϮϬ͘ϭϭ͘ϮϬϬϳ͘
^d&͗ Z Z/D/E>͗ ^D/E,K WZ/E1W/K /E^/'E/&/E/ WŽƌ ĂƵƐġŶĐŝĂ ĚĞ ƉƌĞƋƵĞƐƚŝŽŶĂŵĞŶƚŽ͕ Ă dƵƌŵĂ ŶĆŽ
ĐŽŶŚĞĐĞƵ ĚĞ ƌĞĐƵƌƐŽ ĞǆƚƌĂŽƌĚŝŶĄƌŝŽ ĐƌŝŵŝŶĂů͕ ŵĂƐ ĐŽŶĐĞĚĞƵ ŚĂďĞĂƐ ĐŽƌƉƵƐ͕ ĚĞ ŽĨşĐŝŽ͕ ƉĂƌĂ ĂŶƵůĂƌ Ž ƚşƚƵůŽ ũƵĚŝĐŝĂů
ĐŽŶĚĞŶĂƚſƌŝŽĨŽƌŵĂĚŽĐŽŶƚƌĂŽƌĞĐŽƌƌĞŶƚĞƉĞůĂƉƌĄƚŝĐĂĚŽĐƌŝŵĞĚĞĚĞƐĐĂŵŝŶŚŽ;W͕Ăƌƚ͘ϯϯϰ͕ĐĂƉƵƚĞΑϭǑ͕ĐͿ͘EŽĐĂƐŽ͕ŽdZ&
ĚĂ ϰǐ ZĞŐŝĆŽ͕ ĞŵďŽƌĂ ƚŝǀĞƐƐĞ ĐŽŶƐŝĚĞƌĂĚŽ ĚĞ ƉĞƋƵĞŶĂ ŵŽŶƚĂ ŽƐ ƚƌŝďƵƚŽƐ ŝůƵĚŝĚŽƐ͕ ŶĞŐĂƌĂ ĂƉůŝĐĂĕĆŽ ĂŽ ƉƌŝŶĐşƉŝŽ ĚĂ
ŝŶƐŝŐŶŝĨŝĐąŶĐŝĂ͕ĂŽĨƵŶĚĂŵĞŶƚŽĚĞƌĞƐƚĂƌĐĂƌĂĐƚĞƌŝǌĂĚĂĂŚĂďŝƚƵĂůŝĚĂĚĞĐƌŝŵŝŶŽƐĂĚŽĂŐĞŶƚĞ͘ƐƐĞǀĞƌŽƵͲƐĞƋƵĞĂŝŶĐŝĚġŶĐŝĂĚŽ
ŵĞŶĐŝŽŶĂĚŽƉƌŝŶĐşƉŝŽĞƐƚĄƌĞůĂĐŝŽŶĂĚĂĐŽŵĂĞŶǀĞƌŐĂĚƵƌĂĚĂůĞƐĆŽĂŽďĞŵũƵƌşĚŝĐŽƚƵƚĞůĂĚŽƉĞůĂŶŽƌŵĂƉĞŶĂů͕ĞǆĐůƵŝŶĚŽ͕Ğŵ
ĐŽŶƐĞƋƺġŶĐŝĂ͕ĂƉƌſƉƌŝĂƚŝƉŝĐŝĚĂĚĞĚĂĐŽŶĚƵƚĂ͘ŶƚĞŶĚĞƵͲƐĞƋƵĞ͕ŶĂĞƐƉĠĐŝĞ͕ĂŽƌƚĞĚĞŽƌŝŐĞŵŶĆŽƉŽĚĞƌŝĂƚĞƌůĞǀĂĚŽĞŵ
ĐŽŶƚĂ ĐŝƌĐƵŶƐƚąŶĐŝĂƐ ĂůŚĞŝĂƐ ăƐ ĚŽ ĚĞůŝƚŽ Ğŵ ƚĞƐĞ ǀĞƌŝĨŝĐĂĚŽ ƉĂƌĂ ĂĨĂƐƚĂƌ Ă ĂƉůŝĐĂĕĆŽ ĚŽ ƉƌŝŶĐşƉŝŽ ĚĂ ŝŶƐŝŐŶŝĨŝĐąŶĐŝĂ͘ ƐƐŝŵ͕
ƌĞƉƵƚŽƵͲƐĞŝŶĂĚĞƋƵĂĚĂĂĐŽŶƐŝĚĞƌĂĕĆŽĚĞĂŶƚĞĐĞĚĞŶƚĞƐĐƌŝŵŝŶĂŝƐĚŽƌĠƵ;ϮƉƌŽĐĞƐƐŽƐĞŵĐƵƌƐŽͿƉĂƌĂƐĞĂƉƌĞĐŝĂƌƐĞŽĨĂƚŽ
ŝŵƉƵƚĂĚŽƐĞƌŝĂŽƵŶĆŽƚşƉŝĐŽ͕ĂƐƐŝŵĐŽŵŽƐĞĂůĞƐĆŽƉƌŽǀŽĐĂĚĂƚĞƌŝĂŽƵŶĆŽĞǆƉƌĞƐƐĆŽƐƵĨŝĐŝĞŶƚĞƉĂƌĂƉƌĞĞŶĐŚĞƌŽƚŝƉŽƉĞŶĂů
Ğŵ ƐƵĂ ĂĐĞƉĕĆŽ ŵĂƚĞƌŝĂů͕ Ğ ĐŽŶĐůƵŝƵͲƐĞ ƉĞůĂ ĂƚŝƉŝĐŝĚĂĚĞ ĚĂ ĐŽŶĚƵƚĂ͘ WƌĞĐĞĚĞŶƚĞƐ ĐŝƚĂĚŽƐ͗ / ϱϱϵϵϬϰ YKͬZ^ ;:h ĚĞ
Ϯϲ͘ϴ͘ϮϬϬϱͿ͖ , ϵϮϯϲϰͬZ: ;:h ĚĞ ϭϵ͘ϭϬ͘ϮϬϬϳͿ͖ , ϴϵϲϮϰͬZ^ ;:h ĚĞ ϳ͘ϭϮ͘ϮϬϬϲͿ͖ , ϴϴϯϵϯͬZ: ;:h ĚĞ ϴ͘ϲ͘ϮϬϬϳͿ͘ Z
ϱϱϬϳϲϭͬZ^͕ƌĞů͘DŝŶ͘DĞŶĞǌĞƐŝƌĞŝƚŽ͕Ϯϳ͘ϭϭ͘ϮϬϬϳ͘
ϭϵ

ŽŵƉůĞŵĞŶƚŽ͗

^d:͗WZ/E1W/K͘/E^/'E/&/E/͘^hZ^/^WZK^^h>͘^h^d/dh/K͘WE^͘dƌĂƚĂͲƐĞĚĞƚĞŶƚĂƚŝǀĂĚĞĨƵƌƚŽĚĞƚƌŝŶƚĂĞ
ĚƵĂƐĐĂƌƚĞůĂƐĚĞƉŝůŚĂƐ͘WĂƌĂƋƵĞƐĞĂƉůŝƋƵĞŽƉƌŝŶĐşƉŝŽĚĂŝŶƐŝŐŶŝĨŝĐąŶĐŝĂ͕ĠŶĞĐĞƐƐĄƌŝŽƋƵĞƐĞǀĞƌŝĨŝƋƵĞŵĚŽŝƐĐƌŝƚĠƌŝŽƐ͗Ž
ǀĂůŽƌ ĚĞ ƉĞƋƵĞŶĂ ŵŽŶƚĂ Ğ Ž ƐĞƵ şŶĨŝŵŽ ĐĂƌĄƚĞƌ ƉĂƌĂ Ă ǀşƚŝŵĂ͘ EĂ ĞƐƉĠĐŝĞ͕ Ž ǀĂůŽƌ ĚĂ ƌĞƐ ĨƵƌƚŝǀĂ ƵůƚƌĂƉĂƐƐŽƵ Ž ƐĂůĄƌŝŽ
ŵşŶŝŵŽ ǀŝŐĞŶƚĞ ă ĠƉŽĐĂ ĚŽ ĨĂƚŽ͕ ůŽŐŽ ŶĆŽ ŚĄ ƋƵĞ ƐĞ ĨĂůĂƌ Ğŵ ĐƌŝŵĞ ĚĞ ďĂŐĂƚĞůĂ͘ YƵĂŶƚŽ ĂŽ ƐƵƌƐŝƐ ƉƌŽĐĞƐƐƵĂů͕ ĚĞǀĞ Ž
ŵĂŐŝƐƚƌĂĚŽ ǀĞƌŝĨŝĐĂƌ ƐĞ Ž ƌĠƵ ĞƐƚĄ ƐĞŶĚŽ ƉƌŽĐĞƐƐĂĚŽ͕ ĂůĠŵ ĚĞ ŽďƐĞƌǀĂƌ ĂƐ ĐŽŶĚŝĐŝŽŶĂŶƚĞƐ ĚŝƐƉŽƐƚĂƐ ŶŽ Ăƌƚ͘ ϳϳ ĚŽ W͘
ƐƐŝŵ͕ŽĨĂƚŽĚĞũĄƚĞƌƐĞƐƵďŵĞƚŝĚŽĂƵŵĂĂŶƚĞƌŝŽƌƐƵƐƉĞŶƐĆŽƉƌŽĐĞƐƐƵĂůŶĆŽĚĞƐĞƐƚŝŵƵůŽƵŽŽƌĂƉĂĐŝĞŶƚĞ͕ƋƵĞǀŽůƚŽƵĂ
ĚĞůŝŶƋƺŝƌ͕ ŵŽƚŝǀŽ ƋƵĞ ŝŶǀŝĂďŝůŝǌĂ ƵŵĂ ŶŽǀĂ ĐŽŶĐĞƐƐĆŽ͘ WĂƌĂ ƋƵĞ Ž ĐŽŶĚĞŶĂĚŽ ƚĞŶŚĂ Ă ƉĞŶĂ ƉƌŝǀĂƚŝǀĂ ĚĞ ůŝďĞƌĚĂĚĞ
ƐƵďƐƚŝƚƵşĚĂƉĞůĂƌĞƐƚƌŝƚŝǀĂĚĞĚŝƌĞŝƚŽƐ͕ĠŶĞĐĞƐƐĄƌŝŽƋƵĞƉƌĞĞŶĐŚĂŽƐƌĞƋƵŝƐŝƚŽƐĚŽĂƌƚ͘ϰϰĚŽW͘>ŽŐŽĂdƵƌŵĂĚĞŶĞŐŽƵĂ
ŽƌĚĞŵ͘,ϱϯ͘ϭϯϵͲW͕ZĞů͘DŝŶ͘DĂƌŝĂdŚĞƌĞǌĂĚĞƐƐŝƐDŽƵƌĂ͕ũƵůŐĂĚŽĞŵϯϭͬϭϬͬϮϬϬϳ͘

2 SULQFtSLR GD LQVLJQLILFkQFLD FRQVLGHUD QHFHVViULD QD DIHULomR GR UHOHYR PDWHULDO GD WLSLFLGDGH SHQDO D
SUHVHQoDGHFHUWRVYHWRUHVHQWUHRVTXDLVQmRVHLQFOXL
DDPtQLPDRIHQVLYLGDGHGDFRQGXWDGRDJHQWH
EQHQKXPDSHULFXORVLGDGHVRFLDOGDDomR
FUHGX]LGtVVLPRJUDXGHUHSURYDELOLGDGHGRFRPSRUWDPHQWR
GH[SUHVVLYLGDGHGDOHVmRMXUtGLFDSURYRFDGD
^d:͗WZ/E1W/K͘/E^/'E/&/E/͘&hZdKdEdK͘ƵŝĚŽƵͲƐĞĚĞĨƵƌƚŽĞŶƚĂĚŽĚĞĚƵĂƐĐĂŵŝƐĞƚĂƐĞƵŵĂďĞƌŵƵĚĂŶŽǀĂůŽƌ
ĂƉƌŽǆŝŵĂĚŽĚĞƐĞƐƐĞŶƚĂĞĐŝŶĐŽƌĞĂŝƐ͘ŝĂŶƚĞĚŝƐƐŽ͕ŽDŝŶ͘ZĞůĂƚŽƌ͕ĂŽďƵƐĐĂƌĂƐůŝĕƁĞƐĚĞtĞůǌĞů͕ZŽǆŝŶ͕ƐƐŝƐŽůĞĚŽĞ>ƵşƐ
'ƌĞĐŽ͕ ǀŝƐůƵŵďƌŽƵ͕ ŶŽ ĐĂƐŽ͕ Ă ĞǆĐĞƉĐŝŽŶĂůŝĚĂĚĞ ĚŽ ƉƌŝŶĐşƉŝŽ ĚĂ ŝŶƐŝŐŶŝĨŝĐąŶĐŝĂ͕ ĞŶƚĞŶĚŝŵĞŶƚŽ ĂĐŽŵƉĂŶŚĂĚŽ ƚĂŵďĠŵ ƉĞůĂ
DŝŶ͘DĂƌŝĂdŚĞƌĞǌĂĚĞƐƐŝƐDŽƵƌĂ͘WŽƌĠŵ͕ĂŽĨŝŶĂů͕ĂdƵƌŵĂ͕ƉŽƌŶĆŽĂĐŽůŚĞƌĂĂƉůŝĐĂĕĆŽĚŽƉƌŝŶĐşƉŝŽĂŽĐĂƐŽ͕ĞŶƚĞŶĚĞƵƉŽƌ
ĚĂƌ ƉƌŽǀŝŵĞŶƚŽ ĂŽ ĞƐƉĞĐŝĂů ĚŽ DW͘ ZƐƉ ϳϮϰ͘ϰϲϴͲZ^͕ ZĞů͘ ŽƌŝŐŝŶĄƌŝŽ DŝŶ͘ EŝůƐŽŶ EĂǀĞƐ͕ ZĞů͘ ƉĂƌĂ ĂĐſƌĚĆŽ DŝŶ͘ ,ĂŵŝůƚŽŶ
ĂƌǀĂůŚŝĚŽ͕ũƵůŐĂĚŽĞŵϭϲͬϴͬϮϬϬϳ͘

(6$VVLQDOHDRSomRFRUUHWD
D 1R FULPH SUHWHUGRORVR Ki UHVXOWDGR GLYHUVR GR SUHWHQGLGR KDYHQGR GROR GLUHWR QR DQWHFHGHQWH H GROR HYHQWXDO QR
FRQVHTHQWH
E2GRORHYHQWXDORFRUUHTXDQGRRDJHQWHQmRDVVXPHRULVFRGHSURGX]LURUHVXOWDGRGRFULPHPDVDJHFRPLPSUXGrQFLD
F2FRUUHFXOSDFRQVFLHQWHTXDQGRRDJHQWHHPERUDSUHYHMDRUHVXOWDGRGRFULPHDFUHGLWDVLQFHUDPHQWHTXHHOHQmRVH
SURGX]LUi
G2GRORHYHQWXDOpSXQLGRFRPDSHQDGRWLSRGRORVRUHGX]LGDGHXPDGRLVWHUoRV

6HGXUDQWHRVDWRVGHH[HFXomRGRFULPHPDVVHPHVJRWDUWRGRRSURFHVVRH[HFXWLYRGRGHOLWRRDJHQWH
GHVLVWHYROXQWDULDPHQWHGHQHOHSURVVHJXLURFRUUH
DDUUHSHQGLPHQWRHILFD]
EGHVLVWrQFLDYROXQWiULD
FDUUHSHQGLPHQWRSRVWHULRU
GWHQWDWLYDSHUIHLWD

2DWRHPTXHRVXMHLWRHVJRWDVHJXQGRVHXHQWHQGLPHQWRWRGRVRVPHLRVDVHX DOFDQFHGHFRQVXPDUD
LQIUDomRSHQDOTXHVRPHQWHGHL[DGHRFRUUHUSRUFLUFXQVWkQFLDVDOKHLDVjVXDYRQWDGHpGHQRPLQDGR
DWHQWDWLYDLPSHUIHLWD
EFULPHFRQVXPDGR
FFULPHIDOKRRXWHQWDWLYDSHUIHLWDRXDUUHSHQGLPHQWRHILFD]
GWHQWDWLYDEUDQFD
ϮϬ

&RQVLGHUHVHTXHGHSRLVGHHVJRWDUWRGRVRVPHLRVGLVSRQtYHLVSDUDFKHJDUjFRQVXPDomRGDLQIUDomRSHQDO
RDJHQWHDUUHSHQGDVHHDWXHHPVHQWLGRFRQWUiULRHYLWDQGRDSURGXomRGRUHVXOWDGRLQLFLDOPHQWHSRUHOHSUHWHQGLGR1HVVD
KLSyWHVHFRQILJXUDVH
DDUUHSHQGLPHQWRHILFD]RXDUUHSHQGLPHQWRHILFD]
EGHVLVWrQFLDYROXQWiULD
FFULPHLPSRVVtYHO
GDUUHSHQGLPHQWRSRVWHULRU

eFDEtYHORDUUHSHQGLPHQWRSRVWHULRUQRFULPHGHDURXEREIXUWRVHPYLROHQFLD
FOHVmRFRUSRUDOGRORVDGKRPLFtGLR
ϲΣĂƵůĂͲϯϭ͘Ϭϯ͘Ϭϴ
ƌŝŵĞ͗ĨĂƚŽƚşƉŝĐŽ͕ĂŶƚŝũƵƌşĚŝĐŽĞĐƵůƉĄǀĞů
/>//dhŽƵEd/:hZ///;ŽƵŝŶũƵƐƚŽ͕ŽƵŝůĞŐĂůͿ

9 ŽŶĐĞŝƚŽ͗ĂƌĞůĂĕĆŽĚĞĐŽŶƚƌĂƌŝĞĚĂĚĞ;ƉƌŽŝďŝĚŽͿĂŽĚŝƌĞŝƚŽ͘
o dŽĚŽ&dK d1W/KƉƌĞƐƵŵĞͲƐĞĂŶƚŝũƵƌşĚŝĐŽ;dĞŽƌŝĂ ŝŶĚŝĐŝĄƌŝĂʹŶĆŽƉƌĞĐŝƐŽƉƌŽǀĂƌͿ͕Ă ŵĞŶŽƐ
ƋƵĞĞǆŝƐƚĂƵŵĂĐĂƵƐĂĚĞĞǆĐůƵĚĞŶƚĞĚĞĂŶƚŝũƵƌŝĚŝĐŝĚĂĚĞ͘

o ŝůŝĐŝƚƵĚĞĠƉƌĞƐƵŵŝĚĂ͘

y>hEd^/>//dh;ĨĂƚŽƚşƉŝĐŽƉĞƌŵŝƚŝĚŽ͕ĂƵƚŽƌŝǌĂĚŽƉĞůŽůĞŐŝƐůĂĚŽƌͿ
ƐŝŶƀŶŝŵŽƐ
9 сĞǆĐůƵĚĞŶƚĞĚĞĂŶƚŝũƵƌŝĚŝĐŝĚĂĚĞ
9 сĐĂƵƐĂƐĚĞũƵƐƚŝĨŝĐĂĕĆŽ;ũƵƐƚŝĨŝĐĂŵŽ&dŽƵĂĐŽŶĚƵƚĂƚşƉŝĐĂͿ
9 сũƵƐƚŝĨŝĐĂŶƚĞƐ;ĐŽŵĞƚĞŽ&d͕ŵĂƐŶĆŽĠĐƌŝŵĞͿ
9 сĚĞƐĐƌŝŵŝŶĂŶƚĞƐʹ>
>ĞŐŝƚŝŵĂĚĞĨĞƐĂ͕Ăƌƚ͘Ϯϯ͕//͕W
ƐƚĂĚŽĚĞŶĞĐĞƐƐŝĚĂĚĞ͕Ăƌƚ͘Ϯϯ͕/͕W
ǆĞƌĐşĐŝŽƌĞŐƵůĂƌĚŽĚŝƌĞŝƚŽ͕Ăƌƚ͘Ϯϯ͕///͕W
ƐƚƌŝƚŽĐƵŵƉƌŝŵĞŶƚŽĚŽĚĞǀĞƌůĞŐĂů͕Ăƌƚ͘Ϯϯ͕///͕ĐƉ

:ƵƐƚŝĨŝĐĂŶƚĞ͗ĐĂƵƐĂĚĞĞǆĐůƵƐĆŽĚĞŝůŝĐŝƚƵĚĞ͘ ǆĐƵůƉĂŶƚĞ͗ĞǆĐůƵĚĞŶƚĞĚĞĐƵůƉĂďŝůŝĚĂĚĞ
9 ǆ͘ WŽƐƐŽ ŵĂƚĂƌ Ž ůĂĚƌĆŽ ƋƵĞ ŝŶǀĂĚĞ ŵŝŶŚĂ
ĐĂƐĂƉĂƌĂŐĂƌĂŶƚŝƌŵĞƵƉĂƚƌŝŵƀŶŝŽ͘

/^Z/D/EEd^Ͳ>

>'/d/D&^͗ŐĞĞŵ>ƋƵĞŵƉƌĂƚŝĐĂŽĨĂƚŽƚşƉŝĐŽƵƐĂŶĚŽŵŽĚĞƌĂĚĂŵĞŶƚĞŵĞŝŽƐŶĞĐĞƐƐĄƌŝŽƐ
;ƉƌŽƉŽƌĐŝŽŶĂůŵĞŶƚĞ ĞŶƚƌĞ ĂƚĂƋƵĞ Ğ ĚĞĨĞƐĂͿ ƉĂƌĂ ZW>/Z /E:h^d 'Z^^K ĂƚƵĂů ŽƵ ŝŵŝŶĞŶƚĞ Ă
ĚŝƌĞŝƚŽƉƌſƉƌŝŽŽƵĚĞŽƵƚƌĞŵ͘

ZĞƋƵŝƐŝƚŽƐĚĂ>͗
o ͿŐƌĞƐƐĆŽ͗ƐĞŵƉƌĞƵŵĂĐŽŶĚƵƚĂŚƵŵĂŶĂ͕ƋƵĞĞƐƚĄĂĐŽŶƚĞĐĞŶĚŽŽƵƉƌĞƐƚĞƐĂĂĐŽŶƚĞĐĞƌ͘
EƵŶĐĂĐŽŶƚƌĂĂŐƌĞƐƐĆŽƉĂƐƐĂĚĂ͘

EĆŽŚĄ>ĐŽŶƚƌĂĂƚĂƋƵĞĞƐƉŽŶƚąŶĞŽĚĞĂŶŝŵĂůŝƌƌĂĐŝŽŶĂů͘
9 ǆ͘ϭ͗hŵĐĂĐŚŽƌƌŽŵĞĂƚĂĐĂ͕ŵĂƚŽŽĐĂĐŚŽƌƌŽ͘ĐƌŝŵĞĚĞĚĂŶŽ;ĨĂƚŽƚşƉŝĐŽͿ͕
ũƵƐƚŝĨŝĐĂƚŝǀĂ͕ĂƌŐƵŵĞŶƚŽĚĞĚĞĨĞƐĂĞƐƚĂĚŽĚĞŶĞĐĞƐƐŝĚĂĚĞ͕EKƉŽĚĞĂƌŐƺŝƌ
>͘
Ϯϭ

9 ǆ͘Ϯ͗^ĞŽĂŶŝŵĂůĞƐƚŝǀĞƌƐŝĚŽĐŽŵĂŶĚĂĚŽƉŽƌƵŵƐĞƌŚƵŵĂŶŽ͕ƵƐĂĚŽĐŽŵŽ
ĂƌŵĂ͕ĚĂşƐŝŵĐĂďĞ>͘
o Ϳ/ŶũƵƐƚĂ͗ĂŐƌĞƐƐĆŽƚĞŵƋƵĞƐĞƌŝŶũƵƐƚĂ͕ŶĆŽĐĂďĞůĞŐŝƚŝŵĂĚĞĨĞƐĂĐŽŶƚƌĂĂŐƌĞƐƐĆŽũƵƐƚĂ͘

/DEdK ĐŽŶƚƌĂ 'Z^^K
^ſ> y ŐƌĞƐƐĆŽ/ŶũƵƐƚĂ,Žƚ͊,Žƚ͊
EK> y ŐƌĞƐƐĆŽ:ƵƐƚĂ,Žƚ͊,Žƚ͊
EK> y ŐƌĞƐƐĆŽĂŵƉĂƌĂĚĂƉŽƌĐĂƵƐĂĚĞũƵƐƚŝĨŝĐĂĕĆŽ
;>ї>ͬDͬZͬdͿ
> y ǆĐĞƐƐŽĚĞĐĂƵƐĂĚĞũƵƐƚŝĨŝĐĂĕĆŽ
> y ĞƐĐƌŝŵŝŶĂŶƚĞƉƵƚĂƚŝǀĂ
> y ŐƌĞƐƐĆŽĚĞŝŶŝŵƉƵƚĄǀĞů
;ŵĞŶŽƌ͕ůŽƵĐŽ͕ƋƵĞŶĆŽƚĞŵĐƵůƉĂďŝůŝĚĂĚĞʹŶĆŽƚĞŵ
ƉĞŶĂͿ
^ſ>ƌĞĂů y >Whdd/s
EK> y ŐƌĞƐƐĆŽƉĂƐƐĂĚĂ

o ͿƚƵĂůŽƵŝŵŝŶĞŶƚĞ͗ƋƵĞĞƐƚĂĂĐŽŶƚĞĐĞŶĚŽŽƵƉƌĞƐƚĞƐĂĂĐŽŶƚĞĐĞƌ
9 EKĐĂďĞ>ĐŽŶƚƌĂĂŐƌĞƐƐĆŽƉĂƐƐĂĚĂ

ƐƉĠĐŝĞƐĚĞ>
>ZĞĂůŽƵWƵƚĂƚŝǀĂ͗KĂŐĞŶƚĞŝŵĂŐŝŶĂƋƵĞĞƐƚĄĂŐƌĞĚŝŶĚŽĞŶĆŽĞƐƚĄ͕ƉƵƌĂŵĞŶƚĞŝŵĂŐŝŶĄƌŝĂ͘

>WƌſƉƌŝĂŽƵĚĞƚĞƌĐĞŝƌŽƐ͗ƋƵĂůƋƵĞƌĚŝƌĞŝƚŽƉŽĚĞƐĞƌĚĞĨĞŶĚŝĚŽ͘

>^ƵďũĞƚŝǀĂ͗ŽŶŽŵĞĚŽƵƚƌŝŶĄƌŝŽƉĂƌĂŽĞǆĐĞƐƐŽŝŶĞǀŝƚĄǀĞůĚĂ>;ƋƵĂůƋƵĞƌƉĞƐƐŽĂŶĂƋƵĞůĂ
ƐŝƚƵĂĕĆŽĨĂƌŝĂĚĂƋƵĞůĂĨŽƌŵĂͿ͕ŶĆŽĚĞǀĞƐĞƌƉƵŶŝĚŽ͘

>^ƵĐĞƐƐŝǀĂ͗Ă>ĐŽŶƚƌĂŽĞǆĐĞƐƐŽĚĞŽƵƚƌĂ>

/ŶũƵƐƚĂ ŽƵ ĞǆĐĞƐƐŝǀĂ͗ ,ĂǀĞƌĄ ĞǆĐĞƐƐŽ ƋƵĂŶĚŽ ĨŽƌĞŵ ƵƐĂĚŽƐ ŵĞŝŽƐ ŵĂŝƐ ůĞƐŝǀŽƐ ĚŽ ƋƵĞ ŽƐ
ŶĞĐĞƐƐĄƌŝŽƐƉĂƌĂĂĚĞĨĞƐĂ͕ŽƵƋƵĂŶĚŽĨŽƌĞŵƵƐĂĚŽƐŵĞŝŽƐŶĞĐĞƐƐĄƌŝŽƐĚĞĨŽƌŵĂŝŵŽĚĞƌĂĚĂ͘

^dKE^^/͕Ăƌƚ͘Ϯϯ͕/

ŽŶĐĞŝƚŽ͗ŐĞĞŵEƋƵĞŵƉƌĂƚŝĐĂŽĨĂƚŽƚşƉŝĐŽƉĂƌĂƐĂůǀĂƌĚĞWZ/'Kdh>͕ƋƵĞEKWZKsKKh
sK>hEdZ/DEdEDWK/KhdZKDKKs/dZ͕ĚŝƌĞŝƚŽƉƌſƉƌŝŽŽƵĂůŚĞŝŽĐƵũŽƐĂĐƌŝĨşĐŝŽ
ŶĆŽƐĞƌŝĂƌĂǌŽĄǀĞů͘

ZĞƋƵŝƐŝƚŽƐ͗
o ͿWZ/'K͗ĚŝĨĞƌĞŶƚĞĚĂĂŐƌĞƐƐĆŽƋƵĞĚĞƉĞŶĚĞĚĞĐŽŶĚƵƚĂŚƵŵĂŶĂ͘
9 WŽĚĞŽĐŽƌƌĞƌĚĞĨŽƌĕĂĚĂŶĂƚƵƌĞǌĂ͕ĂƚĂƋƵĞĚĞĂŶŝŵĂůŽƵŵĞƐŵŽŽƵƚƌĂĐŽŶĚƵƚĂŚƵŵĂŶĂ͘
o ǆ͘ϭ͗ŵĂĚĞůĞŝƚĞƉŽƌƚĂĚŽƌĂĚĞĚŽĞŶĕĂŝŶĨĞĐƚŽĐŽŶƚĂŐŝŽƐĂ͕ŽŵĠĚŝĐŽĂǀŝƐŽƵŽƐ
ƉĂŝƐ ĚĂ ĐƌŝĂŶĕĂ͘ ůĞ ƉŽĚĞ ĨĂǌĞƌ ŝƐƚŽ Ğŵ ĚĞĐŽƌƌġŶĐŝĂ ĂŽ ƉĞƌŝŐŽ ĞŵŝŶĞŶƚĞ͘ ;K
ŵĠĚŝĐŽŶĂĚĞĨĞƐĂũƵƐƚŝĨŝĐĂͬĂůĞŐĂDĚĞƚĞƌĐĞŝƌŽͿ

ϬϮĐĂƌĂĐƚĞƌşƐƚŝĐĂƐĚŽWZ/'K
9 ϭǑͿEKWZKsKKsK>hEdZ/DEdW>K'Ed/DWK^^1s>
^Zs/dK͗YƵĞŵƉƌŽǀŽĐŽƵĚŽůŽƐĂŵĞŶƚĞŽƉĞƌŝŐŽŶĆŽƉŽĚĞĂůĞŐĂƌE͘

ϮϮ

EK WK ^Z >'K E͕ ^ K WZ/'K WKZ/ dZ ^/K
s/dKKhdZ&KZDͬDKK͘

EK WK ^Z >'K E͕ YhD d/E, K sZ
E&ZEdZKWZ/'K͘

9 ϮǑͿ ^ſ ƐĞ ĂĚŵŝƚĞ D ĐŽŶƚƌĂ ƉĞƌŝŐŽ ĂƚƵĂů Ğ ŶĆŽ ŝŵŝŶĞŶƚĞ͕ ͕ Ž ƉĞƌŝŐŽ ĚĞǀĞ
ĞƐƚĂƌŝŶƐƚĂƵƌĂĚŽ͕ĞǆŝƐƚŝŶĚŽŶĂŚŽƌĂ͘

o Ϳ/Z/dKh:K^Z/&1/KEK^:ZKs>
9 ^ſŚĂǀĞƌĄĂĞǆĐůƵƐĆŽĚĞŝůŝĐŝƚƵĚĞƐĞŽďĞŵƐĂůǀŽĨŽƌŵĂŝŽƌŽƵŶŽŵşŶŝŵŽ
ŝŐƵĂůĂŽďĞŵƐĂĐƌŝĨŝĐĂĚŽ͘ŐŽƌĂ͕ƐĞŽďĞŵƐĂůǀŽĨŽƌŵĞŶŽƌŚĂǀĞƌĄƐŽŵĞŶƚĞ
ƵŵĂƌĞĚƵĕĆŽĚĞƉĞŶĂĚĞϭͬϯĂϮͬϯ͘

ZĞƋƵŝƐŝƚŽƐ͗
EZĞĂůŽƵƉƵƚĂƚŝǀĂ͗ǆ͘ůĂƌŵĞĚĞŝŶĐġŶĚŝŽŝƌƌĞĂů͘

EWƌſƉƌŝĂŽƵĚĞƚĞƌĐĞŝƌŽƐ͗ƋƵĂůƋƵĞƌĚŝƌĞŝƚŽƉŽĚĞƐĞƌĚĞĨĞŶĚŝĚŽ͘
ǆ͘

EĞĨĞŶƐŝǀŽyĂŐƌĞƐƐŝǀŽ͗
• ĞĨĞŶƐŝǀŽʹKĂŐĞŶƚĞůĞƐĂƵŵďĞŵĚŽƉƌſƉƌŝŽĐĂƵƐĂĚŽƌĚŽƉĞƌŝŐŽ͘
• ŐƌĞƐƐŝǀŽʹhŵĂŐĞŶƚĞůĞƐĂƵŵďĞŵĚĞƵŵƚĞƌĐĞŝƌŽŝŶŽĐĞŶƚĞ͘

ŵďŽƐǀĆŽƚĞƌƐĞŶƚĞŶĕĂĂďƐŽůƵƚſƌŝĂ

EĂŐƌĞƐƐŝǀŽ͗EĆŽĨĂǌĐŽŝƐĂũƵůŐĂĚĂŶĂĞƐĨĞƌĂĐŝǀŝů͕ŝƐƚŽĠŶĆŽŝŵƉĞĚĞĂĕĆŽĚĞ
ŝŶĚĞŶŝǌĂĕĆŽ͘

K^͗͘>ĐŽŵĂďĞƌƌĂƚŝŽŝĐƚŝŽƐʹEĆŽĨĂǌĐŽŝƐĂũƵůŐĂĚĂŶĂĞƐĨĞƌĂĐŝǀĞů

yZ1/KZ'h>ZK/Z/dK͗ƚŝǀŝĚĂĚĞĂƵƚŽƌŝǌĂĚĂ͘

ŽŶĐĞŝƚŽ͗ŐĞĞŵZƋƵĞŵͬŽĂŐĞŶƚĞƋƵĞƉƌĂƚŝĐĂŽĨĂƚŽĞǆĞƌĐĞŶĚŽĂƚŝǀŝĚĂĚĞĂƵƚŽƌŝǌĂĚĂƉĞůŽƐƚĂĚŽ͘
ǆĞŵƉůŽƐ͗sŝŽůġŶĐŝĂŶĂƉƌĄƚŝĐĂĞƐƉŽƌƚŝǀĂ
ƚŝǀŝĚĂĚĞŵĠĚŝĐĂ;ƚĞŵƋƵĞƐĞƌĐŽŶƐĞŶƚŝĚĂͿ
• YƵĂŶĚŽ Ă ŝŶƚĞƌǀĞŶĕĆŽ ŵĠĚŝĐĂ ^D ĐŽŶƐĞŶƚŝŵĞŶƚŽ ĚŽ ƉĂĐŝĞŶƚĞ Ġ
ƌĞĂůŝǌĂĚĂ ƉĂƌĂ ƐĂůǀĄͲůĂ ĚĞ ƉĞƌŝŐŽ ĂƚƵĂů Ă ũƵƐƚŝĨŝĐĂƚŝǀĂ ƐĞƌĄ E ĚĞ
dĞƌĐĞŝƌŽƐ͘
• ^ĞŵŽĐŽŶƐĞŶƚŝŵĞŶƚŽĠZ/D͘

KĨĞŶĚşĐƵůŽƐ

KĨĞŶĚşĐƵůŽƐʹ^ĆŽĂƉĂƌĂƚŽƐĚĞĚĞĨĞƐĂƉƌĠͲĚŝƐƉŽƐƚŽƐ͘
• ǆ͘ĞƌĐĂĞůĞƚƌŝĨŝĐĂĚĂ͕ĐĂĐŽĚĞǀŝĚƌŽŶŽŵƵƌŽ͕ƉŽŶƚĂĚĞůĂŶĕĂŶŽŵƵƌŽ͕ĐĂĐŚŽƌƌŽ͘

ϬϮƉŽƐŝĕƁĞƐĚĂĚŽƵƚƌŝŶĂĚŽŽĨĞŶĚşĐƵůŽ
• WĂƌƚĞ ĚĂ ĚŽƵƚƌŝŶĂ ĐŽŶƐŝĚĞƌĂ ƋƵĞ ŽƐ ŽĨĞŶĚşĐƵůŽƐ ƐĆŽ ũƵƐƚŝĨŝĐĂĚŽƐ ƉĞůŽ Z ;Ž ƐƚĂĚŽ
ĂƵƚŽƌŝǌĂĞƐƚĞƐĂƉĂƌĂƚŽƐĚĞĚĞĨĞƐĂͿ

• KƵƚƌĂƉĂƌƚĞĐŽŶƐŝĚĞƌĂƋƵĞŽƐŽĨĞŶĚşĐƵůŽƐƐĆŽũƵƐƚŝĨŝĐĂĚŽƐƉĞůĂ>ƉƌĠͲŽƌĚĞŶĂĚĂ͘;KĚŽŶŽ
ĚŽĐĂĐŚŽƌƌŽŶĆŽƉŽĚĞƌŝĂƐĞƌƌĞƐƉŽŶƐĂďŝůŝǌĂĚŽƉĞŶĂůŵĞŶƚĞͿ
Ϯϯ

• ,Žƚ͊ ŚŽƚ͊ EK ,sZ />//dh ;ƚŽĚŽƐ ĐŽŶĐŽƌĚĂŵͿ ƐĞ ŽƐ ŽĨĞŶĚşĐƵůŽƐ ƚŝǀĞƌĞŵ ƐŝĚŽ
ĚĞǀŝĚĂŵĞŶƚĞĐŽůŽĐĂĚŽƐĞƐŝŶĂůŝǌĂĚŽƐ͘ĂƐŽĐŽŶƚƌĄƌŝŽ͕͞ƉŽƐƐĂ͟ĐŽŶĨŝŐƵƌĂƌĐƌŝŵĞĐƵůƉŽƐŽ͘

• ǆ͘ ƐĞ ůĂĚƌĆŽ ŵĂƚĂ ĐĂĐŚŽƌƌŽ ƉĂƌĂ ĞŶƚƌĂƌ ŶĂ ĐĂƐĂ͕ ĨƵƌƚŽ ƋƵĂůŝĨŝĐĂĚŽ ĐŽŵ ƌŽŵƉŝŵĞŶƚŽ ĚĞ
ŽďƐƚĄĐƵůŽ͘

^dZ/dKhDWZ/DEdKKsZ>'>͗ŽĂƚŽĚĞŽĨşĐŝŽ͘ǆ͘WŽůŝĐŝĂůĞďŽŵďĞŝƌŽ͘

ŽŶĐĞŝƚŽ͗ŐĞĐŽŵ>ƋƵĞŵƉƌĂƚŝĐĂŽĨĂƚŽƚşƉŝĐŽŶŽĐƵŵƉƌŝŶĚŽƵŵĚĞǀĞƌĚĞŽĨşĐŝŽ͘
ǆ͘ŐĞŶƚĞƐƉƷďůŝĐŽƐ͖ĨƵŶĐŝŽŶĄƌŝŽƐƉƷďůŝĐŽƐ͖ƉŽůŝĐŝĂů͕ďŽŵďĞŝƌŽƐ͘

• DĂƚĂďĂŶĚŝĚŽʹWŽůŝĐŝĂů>
^ĞŐƵƌĂŶĕĂͲZ

(6&RPUHODomRjVFDXVDVGHH[FOXVmRGHLOLFLWXGHDVVLQDOHDRSomRFRUUHWD
D4XDQWRDRHVWDGRGHQHFHVVLGDGHR&yGLJR3HQDOEUDVLOHLURDGRWRXDWHRULD
GLIHUHQFLDGRUDDOHPmTXHOHYDHPFRQVLGHUDomRRVEHQVHPFRQIOLWRDILPGHMXVWLILFDUVHRHVWDGRGHQHFHVVLGDGHp
H[FXOSDQWHRXMXVWLILFDQWH
E1mRKiSRVVLELOLGDGHGHKDYHUOHJtWLPDGHIHVDUHDOUHFtSURFD
F2FRUUHOHJtWLPDGHIHVDVXFHVVLYDTXDQGRRVXMHLWRDJHHPOHJtWLPDGHIHVDHPUHODomRDGRLVDJUHVVRUHV
G3DUDTXHVHMDH[FOXtGDDLOLFLWXGHGHFRQGXWDQRVFDVRVGHHVWULWRFXPSULPHQWRGHGHYHUOHJDOHH[HUFtFLRUHJXODUGR
GLUHLWRDDomRVRPHQWHGHYHVHUSUDWLFDGDSRUIXQFLRQiULRS~EOLFRQRH[HUFtFLRGHVXDVIXQo}HV
ϳǑĂƵůĂͲϬϯ͘Ϭϰ͘Ϭϴ
ƌŝŵĞ͗ĨĂƚŽƚşƉŝĐŽ͕ĂŶƚŝũƵƌşĚŝĐŽĞĐƵůƉĄǀĞů
h>W/>/ͲƉĂƐƐşǀĞůĚĞƌĞƐƉŽŶƐĂďŝůŝǌĂĕĆŽ
ƵŵĂƉƌĞƌƌŽŐĂƚŝǀĂĚŽƐƵũĞŝƚŽ
Ă ĐĂƉĂĐŝĚĂĚĞ ;ƚĞƌ ĐŽŶƐĐŝġŶĐŝĂͿ ƉŽƌ ƐĞƌ ƌĞƐƉŽŶƐĄǀĞů ƉĞůŽ ƋƵĞ ĐŽŵĞƚĞƵ ;ĨĂƚŽ ƚşƉŝĐŽ Ğ
ĂŶƚŝũƵƌşĚŝĐŽͿ͘

KE/dK͗ŽũƵşǌŽĚĞƌĞƉƌŽǀĂĕĆŽƋƵĞƌĞĐĂŝƐŽďƌĞĂĐŽŶĚƵƚĂ͕ƉŽƐƐŝďŝůŝĚĂĚĞĚĞƐĞƌƉƵŶŝĚŽƉĞůŽƋƵĞĨĞǌ͘
• ǆŝƐƚĞƵŵĐƌŝŵĞ͕ĠƵŵƉƌĞƐƐƵƉŽƐƚŽĞĂŵĞĚŝĚĂĚĂƉĞŶĂ͘
• ^ĞŵĐƵůƉĂďŝůŝĚĂĚĞŶĆŽƚĞŵƉĞŶĂ͕ŵĞƐŵŽƚĞŶĚŽĐŽŵĞƚŝĚŽŽĐƌŝŵĞ͘
• ƵůƉĂƋƵĞƌĚŝǌĞƌ/DWZhE/͕E'>/'E//DWZ1/͘

>DEdK^h>W/>/͗/W;WĂƌĂƐĞƌĐƵůƉĄǀĞůƉƌĞĐŝƐŽĚĞϬϯĂƚƌŝďƵƚŽƐͿ͗
• /ʹ/DWhd/>/
• WʹWKdE/>KE,/DEdK/>//dh
• ʹy/'//>/KEhd/sZ^

>DEdK^ y>hEd^ĚĂh>W/>/
/DWhd/>/ DĞŶŽƌŝĚĂĚĞʹϭϴĂ
• ĂĐĂƉĂĐŝĚĂĚĞƉƐŝĐŽůſŐŝĐĂĚĞ ŵďƌŝĂŐƵġƐĂĐŝĚĞŶƚĂůĞĐŽŵƉůĞƚĂ
ĞŶƚĞŶĚĞƌŽĐĂƌĄƚĞƌŝůşĐŝƚŽĚŽĨĂƚŽ ŽĞŶĕĂDĞŶƚĂů
• KďƐ͘ĞŵŽĕĆŽĞĂƉĂŝǆĆŽŶĆŽŝƐĞŶƚĂŵĚĞ
ƉĞŶĂ͕ƉŽĚĞŵĚŝŵŝŶƵŝƌ͕ĂƚĞŶƵĂƌ͘͘͘
WKdE/>KE,/DEdK ƌƌŽĚĞƉƌŽŝďŝĕĆŽ
/>//dh EŝŶŐƵĠŵŵĞĂǀŝƐŽƵ͕ŶĆŽƐĂďŝĂƋƵĞĞƌĂƉƌŽŝďŝĚŽ
• EĆŽĠƉƐŝĐŽůſŐŝĐĂĠƐŽĐŝĂů͘
Ϯϰ

y/'//>/KEhd/sZ^ ŽĂĕĆŽŵŽƌĂů
• WŽƐƐŝďŝůŝĚĂĚĞĚĞĂŐŝƌĚĂĨŽƌŵĂ KďĞĚŝġŶĐŝĂ,ŝĞƌĄƌƋƵŝĐĂ
ĐŽƌƌĞƚĂ

/Z/DEd^h>W/>/
o /DWhd/>/
ŵďƌŝĂŐƵĞǌĂĐŝĚĞŶƚĂůĐŽŵƉůĞƚĂ
o /Ey/'//>/KEhd/sZ^
o ZZKWZK//K/Es/ds>

DKн/Ey/'//>/KEhd/sZ^;ǆĐůƵĚĞŶƚĞƐĚĞĐƵůƉĂďŝůŝĚĂĚĞͿ
DʹDEKZ/ ďƐŽůƵƚĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ фϭϴĂŶŽƐʹ̴/ƐĞŶƚĂƉĞŶĂ
ZĞůĂƚŝǀĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ фϮϭĂŶŽƐͲљƚĞŶƵĂŶƚĞ
ͲDZ/'h^/Ed> ŽŵƉůĞƚĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ̴/ƐĞŶƚĂƉĞŶĂ
/ŶĐŽŵƉůĞƚĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ љƚĞŶƵĂŶƚĞ
ʹKEDEd> ŽŵƉůĞƚĂŵĞŶƚĞŝŶĐĂƉĂǌ͘͘͘͘͘ ̴/ƐĞŶƚĂƉĞŶĂ
ZĞůĂƚŝǀĂŵĞŶƚĞŝŶĐĂƉĂǌ͘͘͘͘͘͘͘ љƚĞŶƵĂŶƚĞ
ʹZZKWZK//K /ŶĞǀŝƚĄǀĞů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ̴/ƐĞŶƚĂƉĞŶĂ
ǀŝƚĄǀĞů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ љƚĞŶƵĂŶƚĞ
ʹKKDKZ> /ƌƌĞƐŝƐƚşǀĞů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ̴/ƐĞŶƚĂƉĞŶĂ
ZĞƐŝƐƚşǀĞů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ љƚĞŶƵĂŶƚĞ
KʹK/E/,/ZZYh/

/E/DWhds>͕ůĞƌĂƌƚ͘Ϯϲ͕WʹWĞƌĚĞĂƚŽƚĂůĐĂƉĂĐŝĚĂĚĞĚĞĞŶƚĞŶĚĞƌŽĂƚŽŝůşĐŝƚŽ͘

o ŽŶƐĞƋƺġŶĐŝĂ͗D/ ^'hZE͕ŽŝŶŝŵƉƵƚĄǀĞůƋƵĞƉƌĂƚŝĐĂ ĨĂƚŽƚşƉŝĐŽ ĞĂŶƚŝũƵƌşĚŝĐŽ
ƌĞĐĞďĞD^͕ƉŽƌŵĞŝŽĚĞƵŵĂÊdE^K>s/K/DWZMWZ/

^D/Ͳ/DWhds>ʹWĞƌĚĞƉĂƌĐŝĂůŵĞŶƚĞĂĐĂƉĂĐŝĚĂĚĞĚĞĞŶƚĞŶĚĞƌŽĂƚŽŝůşĐŝƚŽ

o ŽŶƐĞƋƺġŶĐŝĂ͗ K ƐĞŵŝͲŝŵƉƵƚĄǀĞů ƋƵĞ ƉƌĂƚŝĐĂ ĨĂƚŽ ƚşƉŝĐŽ Ğ ĂŶƚŝũƵƌşĚŝĐŽ Ġ KEEK Ğ
ƌĞĐĞďĞKhWEZh/;ϭͬϯĂϮͬϯͿKhD^͘

D/^'hZE;ĂďƌŝƵƵŵƉĂƌġŶƚĞƐĞƐŶĂŵĂƚĠƌŝĂͿ

• ƵŵĂ ĞƐƉĠĐŝĞ ĚĞ ƐĂŶĕĆŽ ƉĞŶĂů ĚĞ ĐĂƌĄƚĞƌ ĐƵƌĂƚŝǀŽ ƋƵĞ ďƵƐĐĂ Ž Ĩŝŵ ĚĂ ƉĞƌŝĐƵůŽƐŝĚĂĚĞ ;ƉĂƌĂ ƋƵĞ Ž
ƐƵũĞŝƚŽĚĞŝǆĞĚĞƐĞƌƉĞƌŝŐŽƐŽͿ͘

• &ƵŶĚĂŵĞŶƚŽ͗WZ/h>K^/
9 ƌŝŵĞнh>W/>/сWE
9 ƌŝŵĞнWZ/h>K^/сD^

^ƵũĞŝƚŽŝŶŝŵƉƵƚĄǀĞů͕ũĄĐŽŶƐƚĂŶŽ/W͕ŽDWĠŽďƌŝŐĂĚŽĂĚĞŶƵŶĐŝĂƌ͕ĞŽũƵŝǌĂŽƌĞĐĞďĞƌĂĚĞŶƷŶĐŝĂ
ŽƋƵĞĨĂǌ͍ZEjE/͕ŽƉƌŽĐĞƐƐŽƐĞŐƵĞĞĂƉůŝĐĂĂD^͘

• ^ŝƐƚĞŵĂƐĚĞĂƉůŝĐĂĕĆŽĚĞDĞĚŝĚĂĚĞ^ĞŐƵƌĂŶĕĂ
o ^ŝƐƚĞŵĂsŝĐĂƌŝĂŶƚĞ;ĂůƚĞƌŶĂƚŝǀŽͿʹŽƐŝƐƚĞŵĂĂĚŽƚĂĚŽŶŽƌĂƐŝů͕ŽƵƐĞŝŵƉƁĞƉĞŶĂŽƵƐĞ
ŝŵƉƁĞD^͘

Ϯϱ

o ^ŝƐƚĞŵĂĚŽƵƉůŽŝŶĄƌŝŽ;EŽƌĂƚĠϭϵϴϰͿʹƉůŝĐĂǀĂƉĞŶĂD^ʹŚŽƚ͊ŚŽƚ͊

• ƐƉĠĐŝĞƐĚĞDĞĚŝĚĂĚĞƐĞŐƵƌĂŶĕĂ͗
o /ŶƚĞƌŶĂĕĆŽ;ĚĞƚĞŶƚŝǀĂͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘,ŽƐƉŝƚĂŝƐWƐŝƋƵŝĄƚƌŝĐŽƐ
o dƌĂƚĂŵĞŶƚŽĂŵďƵůĂƚŽƌŝĂů;ƌĞƐƚƌŝƚŝǀĂͿ͘͘͘͘͘͘͘͘͘͘͘͘ŵĐĂƐĂĐŽŵĐŽŶƐƵůƚĂϮǆƉŽƌƐĞŵĂŶĂ͘

o ŽŵŽƐĞĞƐĐŽůŚĞŽƐĐƌŝƚĠƌŝŽƐ͗
Ϳ >Ğŝ͗ EŽƐ ĐƌŝŵĞƐ ƉƵŶŝĚŽƐ ĐŽŵ Z>h^K͕ Ă D^ ĚĞǀĞ ƐĞƌ ĚĞ ŝŶƚĞƌŶĂĕĆŽ͘ ŶŽƐ
ĐƌŝŵĞƐ ƉƵŶŝĚŽƐ ĐŽŵ dEK Ă D^ ĐĂďĞƌĄĂŽ ũƵŝǌ ĞƐĐŽůŚĞƌ ƋƵĂů ĚĞůĂƐ Ġ Ă ŵĂŝƐ
ĂĚĞƋƵĂĚĂ͘

Ϳ:ƵƌŝƐƉƌƵĚġŶĐŝĂ͗ƉĞƐĂƌĂůĞƚƌĂĚĂ>Ğŝ͕ŚŽũĞƉƌĞǀĂůĞĐĞŶĂũƵƌŝƐƉƌƵĚġŶĐŝĂĂƌĞǀĞůŝĂĚĂ
ĞƐƉĠĐŝĞĚĞƉĞŶĂĚĞǀĞƐĞƌĂƉůŝĐĂĚĂĂD^ĂĚĞƋƵĂĚĂWĐĂƐŽ͘

• WƌĂǌŽĚĂDĞĚŝĚĂĚĞ^ĞŐƵƌĂŶĕĂ

o ƵƌĂĕĆŽ ŵşŶŝŵĂ͗ ĚĞ Ϭϭ Ă ϯ ĂŶŽƐ͕ sĞŶĐŝĚŽ Ž ƉƌĂǌŽ ĚĞǀĞ ƐĞƌ ĨĞŝƚŽ ĞǆĂŵĞ ƉĂƌĂ ǀĞƌŝĨŝĐĂƌ Ă
ĐĞƐƐĂĕĆŽĚĂƉĞƌŝĐƵůŽƐŝĚĂĚĞ͘
^ĞƉĞƌƐŝƐƚŝƌƉĞƌŝŐŽƐŽŽĞǆĂŵĞƐĞƌĄƌĞŶŽǀĂĚŽĂĐĂĚĂĂŶŽ͘
^ĞĨŝŶĚĂĂƉĞƌŝĐƵůŽƐŝĚĂĚĞŽƐƵũĞŝƚŽĠůŝďĞƌĂĚŽ͘

• KďƐ͗͘KƉƌĂǌŽŵşŶŝŵŽĠƵŵƉƌĂǌŽ/DWZMWZ/K͕ŽƵƐĞũĂƉŽĚĞƐĞƌĂŶƚĞĐŝƉĂĚŽƉĞůŽ:Ƶŝǌ
ƐĞŚŽƵǀĞƌŵŽƚŝǀŽƐƉĂƌĂƚĂŶƚŽ͘

o ƵƌĂĕĆŽŵĄǆŝŵĂ
WĂƌĂ Ă ĚŽƵƚƌŝŶĂ ƚƌĂĚŝĐŝŽŶĂů ŶĆŽ ŚĄ ƉƌĂǌŽ ŵĄǆŝŵŽ͕ ƉŽƌƋƵĞ D^ Ġ Ƶŵ ďĞŵ͕ Ƶŵ
ƚƌĂƚĂŵĞŶƚŽ͘

K^d&ĞŶƚĞŶĚĞƋƵĞŶĆŽƉŽĚĞƵůƚƌĂƉĂƐƐĂƌϯϬĂŶŽƐ͘

EŽ ĐĂƐŽ ĚĞ D^ ĚĞĐŽƌƌĞŶƚĞ ĚĞ ƐƵƉĞƌǀĞŶŝġŶĐŝĂ ĚĞ ĚŽĞŶĕĂ ŵĞŶƚĂů ĚƵƌĂŶƚĞ Ž
ĐƵŵƉƌŝŵĞŶƚŽĚĂƉĞŶĂŽƉƌĂǌŽŵĄǆŝŵŽƐĞƌĄŽƋƵĞƌĞƐƚĂǀĂĚĞƉĞŶĂƉĂƌĂĐƵŵƉƌŝƌ͘

• >ŝďĞƌĂĕĆŽĚĂDĞĚŝĚĂĚĞ^ĞŐƵƌĂŶĕĂ͗
o ůŝďĞƌĂĕĆŽ ĚĂ D^ Ġ ĐŽŶĚŝĐŝŽŶĂů͕ ŵĂƐ ŶŽ ƉƌĂǌŽ ĚĞ Ϭϭ ĂŶŽ ŶĆŽ ƉŽĚĞ ƉƌĂƚŝĐĂƌ ĂƚŽ ƋƵĞ
ĚĞŵŽŶƐƚƌĞƐĞƌƉĞƌŝŐŽƐŽƐŽďƉĞŶĂĚĞƌĞƚŽƌŶŽĂD^͘&ŝŵĚŽƉƌĂǌŽƐĞŵƌĞƚŽƌŶŽĞǆƚŝŶŐƵĞͲƐĞĂ
D^͘

ϭͿDʹDEKZ/ʹĂƌƚ͘Ϯϳ͕WĞϮϮϴ&ͲфϭϴĂŶŽƐ
o ŽŶĐĞŝƚŽ͗ Ž ĂŐĞŶƚĞ ŵĞŶŽƌ ĚĞ ϭϴ ĂŶŽƐ ;Ƶŵ ŵŝŶƵƚŽ ĚŽ ĚŝĂ ĂŶƚĞƌŝŽƌ ĂŽ ĚŽ ĂŶŝǀĞƌƐĄƌŝŽͿ͕ ŶŽ
ŵŽŵĞŶƚŽĚĂĐŽŶĚƵƚĂĐƌŝƚĠƌŝŽƉƵƌĂŵĞŶƚĞƉƐŝĐŽůſŐŝĐŽ͘

EŽĐƌŝŵĞƉĞƌŵĂŶĞŶƚĞƐĞŽĂŐĞŶƚĞĂůĐĂŶĕĂĂŵĂŝŽƌŝĚĂĚĞĚĞǀĞƐĞĐŽŶƐŝĚĞƌĂĚŽŝŵƉƵƚĄǀĞů͘

o ŽŶƐĞƋƺġŶĐŝĂ͗KĂŐĞŶƚĞŵĞŶŽƌĚĞϭϴĂŶŽƐƐĞƌĄĐŽŶƐŝĚĞƌĂĚŽŝŶŝŵƉƵƚĄǀĞů͘
фϭϴĂŶŽƐͲ/E/DWhds>
сϭϴĂŶŽƐʹ/DWhds>
фϮϭĂŶŽƐʹDEKZ/Z>d/sͲĂƚĞŶƵĂŶƚĞ
• ŝŵƉƵƚĄǀĞů͕ƚĞŵϬϮďĞŶĞĨşĐŝŽƐ͗Ăƌƚ͘ϲϱ͕W͗ĂƚĞŶƵĂŶƚĞĞĂƌƚ͘ϭϭϱ͕W͖ĞŽƉƌĂǌŽ
ƉƌĞƐĐƌŝĐŝŽŶĂůƉĞůĂŵĞƚĂĚĞ͘

/'h>KhD/KZϳϬʹEÊdE͕ŵĞƐŵŽƐďĞŶĞĨşĐŝŽƐ

ϮͿͲDZ/'h
• ŽŶĐĞŝƚŽ͗ĂŝŶƚŽǆŝĐĂĕĆŽƉŽƌĄůĐŽŽůŽƵƉŽƌƐƵďƐƚąŶĐŝĂƐĚĞĞĨĞŝƚŽƐĂŶĄůŽŐŽƐ͘

Ϯϲ

• ůĂƐƐŝĨŝĐĂĕĆŽ͗
o ŵďƌŝĂŐƵĞǌ WZͲKZE ʹ K ƐƵũĞŝƚŽ ƋƵĞ ƐĞ ĞŵďƌŝĂŐĂ ƉĂƌĂ ƉƌĂƚŝĐĂƌ Ž ĐƌŝŵĞ͕ ƉĂƌĂ
ƚŽŵĂƌĐŽƌĂŐĞŵ͘
ŽŶƐĞƋƺġŶĐŝĂ͗ĞŵďƌŝĂŐƵĞǌƉƌĠͲŽƌĚĞŶĂĚĂĠƵŵĂ/ZhE^dE/'ZsEd͕
ĞůĞǀĂĂƉĞŶĂ͘͞KƌĠƵĐŽŶĨĞƐƐĂƋƵĞďĞďĞƵƉĂƌĂ ŵĂƚĂƌ͕͟Ž ĂĚǀŽŐĂĚŽĚŽŵĞƐŵŽ
ƚĞŵƋƵĞŽƌŝĞŶƚĄͲůŽĚĂƐĐŽŶƐĞƋƺġŶĐŝĂƐĚŽĂƚŽ͘
o ŵďƌŝĂŐƵĞǌsK>hEdZ/Khh>WK^ʹEĂĞŵďƌŝĂŐƵĞǌǀŽůƵŶƚĄƌŝĂŽƐƵũĞŝƚŽƐĞĞŵďƌŝĂŐĂ
ƉŽƌƋƵĞ ŐŽƐƚĂ͘ EK &d h>W/>/͘ ŶĂ ĞŵďƌŝĂŐƵĞǌ ĐƵůƉŽƐĂ Ġ ĂƋƵĞůĂ ƋƵĞ Ž
ƐƵũĞŝƚŽƐĞĞŵďƌŝĂŐĂƉŽƌĚĞƐĐƵŝĚŽ͘
ŽŶƐĞƋƺġŶĐŝĂ͗ EĆŽ ĂĨĞƚĂ Ă ĐƵůƉĂďŝůŝĚĂĚĞ͕ ƌĞƐƉŽŶĚĞ ŶŽƌŵĂůŵĞŶƚĞ͘ EĆŽ ĂĨĞƚĂ
ƉŽƌƋƵĞĞůĞĞƌĂůŝǀƌĞƉĂƌĂďĞďĞƌŽƵŶĆŽ͕ůŽŐŽĞƌĂůŝǀƌĞŶĂĐĂƵƐĂ͘

dĞŽƌŝĂĚĂ͞ĐƚŝŽůŝďĞƌĂŝŶĐĂƵƐĂ͟ʹ EĂĞŵďƌŝĂŐƵĞǌǀŽůƵŶƚĄƌŝĂŽƵĐƵůƉŽƐĂŶĆŽĠ
ĂĨĂƐƚĂĚĂĂĐƵůƉĂďŝůŝĚĂĚĞ͕ĐŽŶĨŽƌŵĞŽĂƌƚ͘Ϯϴ͕W͕ĂƋƵŝĠĨĞŝƚĂĂƉƌĞƐƵŶĕĆŽĐŽŶƚƌĂ
ŽƌĠƵĚĞƋƵĞĂŝŶĚĂƋƵĞŶŽŵŽŵĞŶƚŽĚŽĐƌŝŵĞĞůĞŶĆŽƐĞũĂĐĂƉĂǌ;ůŝǀƌĞͿĚĞďĞŵ
ĐŽŽƌĚĞŶĂƌƐƵĂƐĂĕƁĞƐ͕ĞůĞĞƌĂůŝǀƌĞŶŽŵŽŵĞŶƚŽĞŵƋƵĞŝŶŐĞƌŝƵĂƐƐƵďƐƚąŶĐŝĂƐ
ŽƵƐĞũĂ͕ĂĂĕĆŽĞƌĂůŝǀƌĞŶĂƐƵĂĐĂƵƐĂ;ĂĐƚŝŽůŝďĞƌĂŝŶĐĂƵƐĂͿ͘

o ŵďƌŝĂŐƵĞǌ /Ed> ʹ ĂƋƵĞůĂ ƋƵĞ ĚĞĐŽƌƌĞ ĚĞ ĐĂƐŽ ĨŽƌƚƵŝƚŽ;Ğǆ͘ ĞƐƚĂ ƚŽŵĂŶĚŽ
ĚĞƚĞƌŵŝŶĂĚŽƌĞŵĠĚŝŽĞďĞďĞƵŵĐŽƋƵĞƚĞůĚĞĨƌƵƚĂƐ͕ĂƉſƐŝŶĚĂŐĂƌƐĞŚĂǀŝĂŽƵŶĆŽĄůĐŽŽůͿ
ŽƵĨŽƌĕĂŵĂŝŽƌ;ŝŵƉŽƐƚĂ͕Ğǆ͘ƚƌŽƚĞŶĂĨĂĐƵůĚĂĚĞͿ͘

WŽĚĞƐĞƌĂĞŵďƌŝĂŐƵĞǌĂĐŝĚĞŶƚĂů͗
• KDW>dʹĨĂƐƚĂĂĐƵůƉĂďŝůŝĚĂĚĞ
• /EKDW>dʹŝŵŝŶƵŝĕĆŽĚĂƉĞŶĂ

o ŵďƌŝĂŐƵĞǌ WdK>M'/ Ͳ ŽƌŝƵŶĚĂ ĚĂ ĚŽĞŶĕĂ ĚĞ ĂůĐŽŽůŝƐŵŽ͕ ĞƋƵŝƉĂƌĂͲƐĞ Ă ĚŽĞŶĕĂ
ŵĞŶƚĂůĞůĞǀĂƉĂƌĂĂƐŵĞƐŵĂƐĐŽŶƐĞƋƺġŶĐŝĂƐĚĞƐƚĂ͗/ŶŝŵƉƵƚĂďŝůŝĚĂĚĞ͕ĂƉůŝĐĄǀĞůͲD^͘

ϯͿʹKEDEd>ʹĂƌƚ͘Ϯϲ͕W
o ŽŶĐĞŝƚŽ͗ƚĂŵďĠŵƉĂƚŽůŽŐŝĂŵĞŶƚĂůŐƌĂǀĞ͘
ĞƐĞŶǀŽůǀŝŵĞŶƚŽ ŵĞŶƚĂů ƌĞƚĂƌĚĂĚŽ͗ KůŝŐŽĨƌĞŶŝĂ͗ /ĚŝŽƚĂ͕
/ŵďĞĐŝů͕ĠďŝůŵĞŶƚĂů
ĞƐĞŶǀŽůǀŝŵĞŶƚŽ/ŶĐŽŵƉůĞƚŽ͗^ŝůǀşĐŽůĂŽƵŽŝŶĂĚĂƉƚĂĚŽ

o ŽŶƐĞƋƺġŶĐŝĂ
ŽŵƉůĞƚĂŵĞŶƚĞŝŶĐĂƉĂǌʹ/E/DWhds>ʹD^Ͳ/ƐĞŶƚĂĚĞƉĞŶĂ
ZĞůĂƚŝǀĂŵĞŶƚĞŝŶĐĂƉĂǌʹ^D/Ͳ/DWhds>
o WĞŶĂƌĞĚƵǌŝĚĂϭͬϯĂϮͬϯсWŽĚĞƐĞƌƐƵďƐƚŝƚƵşĚĂƉŽƌ D^͕ ŽƐŝƐƚĞŵĂ
ĐŚĂŵĂs/Z/Ed;ƐƵďƐƚŝƚƵƚŽͿ͘

ϰͿʹZZKWZK//K
o ŽŶĐĞŝƚŽ͗ Ă ĞƋƵŝǀŽĐĂĚĂ ĐŽŵƉƌĞĞŶƐĆŽ ĚŽ ƋƵĞ Ġ ƉƌŽŝďŝĚŽ Ğ ĚŽ ƋƵĞ Ġ ƉĞƌŵŝƚŝĚŽ͕ ŵĂƐ Ž
ĚĞƐĐŽŶŚĞĐŝŵĞŶƚŽĚĂůĞŝĠŝŶĞƐĐƵƐĄǀĞů͘
ƌƌŽƐŽďƌĞŽĐĂƌĄƚĞƌŝůşĐŝƚŽĚŽĨĂƚŽ͗KĨĂƚŽũĄĂĐŽŶƚĞĐĞƵ͕ŵĂƐŶĆŽƐĂďŝĂƐĞƌƉƌŽŝďŝĚŽ͘

o KĞƌƌŽĚĞƉƌŽŝďŝĕĆŽƉŽĚĞƐĞƌĐůĂƐƐŝĨŝĐĂĚŽĞŵ͗
WŝŶĞǀŝƚĄǀĞů͗^ŝŐŶŝĨŝĐĂƋƵĞŽƐƵũĞŝƚŽŶĆŽƐĂďŝĂƋƵĞŽƋƵĞĞƐƚĂǀĂĨĂǌĞŶĚŽĞƌĂĐƌŝŵĞĞŶĂƐ
ƐƵĂƐĐŽŶĚŝĕƁĞƐĚĞǀŝĚĂŶĆŽƉŽĚĞƌŝĂƐĂďĞƌĚĂƉƌŽŝďŝĕĆŽ͘
o ĚŝĨĞƌĞŶĕĂĞƐƚĄŶŽWKdE/>;ŶĆŽƐĂďŝĂĞŶĞŵƉŽĚŝĂƐĂďĞƌʹŽWĠŝŶĞǀŝƚĄǀĞů͘

o ŽŶƐĞƋƺġŶĐŝĂĚŽWŝŶĞǀŝƚĄǀĞů͗ǆĐůƵŝƉŽƚĞŶĐŝĂůĐŽŶŚĞĐŝŵĞŶƚŽĚĂŝůŝĐŝƚƵĚĞ͘ǆĐůƵŝ
ĂĐƵůƉĂďŝůŝĚĂĚĞĞŝƐĞŶƚĂĂƉĞŶĂ͘
Ϯϳ

W ĞǀŝƚĄǀĞů͗ K ƐƵũĞŝƚŽ ŶĆŽ ƐĂďĞ ƋƵĞ Ž ƋƵĞ ĨĂǌ Ġ ĐƌŝŵĞ͕ ŵĂƐ ƉŽƌ ƐƵĂƐ ĐŽŶĚŝĕƁĞƐ ĚĞ ǀŝĚĂ
ƉŽĚĞƌŝĂƐĂďĞƌĚĂƉƌŽŝďŝĕĆŽ͘

o ŽŶƐĞƋƺġŶĐŝĂĚŽWĞǀŝƚĄǀĞůZĞĚƵǌĂƉĞŶĂĚĞϭͬϲĂϭͬϯ

KďƐ͘ϭ͗ ĞǆŝƐƚġŶĐŝĂ ĚĂ ůĞŝ ĐŽŶƚŝŶƵĂ ƐĞŶĚŽ ĚĞ ĐŽŶŚĞĐŝŵĞŶƚŽ ƉƌĞƐƵŵŝĚŽ ĚĞ ƚŽĚŽƐ͘ EŽ ĞƌƌŽ ĚĞ
ƉƌŽŝďŝĕĆŽŽƐƵũĞŝƚŽƉƌĞƐƵŵŝĚĂŵĞŶƚĞƐĂďĞƋƵĞĂůĞŝĞǆŝƐƚĞŵĂƐĞƌƌĂƐŽďŽĐŽŶƚĞƷĚŽƉƌŽŝďŝƚŝǀŽ
ƋƵĞĞůĂĐŽŶƚġŵ͘ƌƚ͘Ϯϭ͘

EĆŽĚĂĚŽĞŵĂƵůĂ
y^^K͗dŽĚĂƐĂƐĚŝƐĐƌŝŵŝŶĂŶƚĞƐƉŽĚĞŵĂƉƌĞƐĞŶƚĂƌy^^K͘
KĞǆĐĞƐƐŽƉŽĚĞƐĞƌĚĞĚƵĂƐĨŽƌŵĂƐ͗y^^KWhE1s>Kh/DWhE1s>
• y^^KWhE1s>͗YƵĂŶĚŽĨŽƌĚŽůŽƐĂŽƵĐƵůƉŽƐŽ͘
• y^^K/DWhE1s>ŽƵĞǆĐĞƐƐŽĞǆĐƵůƉĂŶƚĞŽƵƐĞũĂĞǆĐůƵŝĂƉƵŶŝďŝůŝĚĂĚĞ͕ŝƐĞŶƚĂĂƉĞŶĂ͘
• YƵĂŶĚŽ ĨŽƌ ŝŶĞǀŝƚĄǀĞů͖ ĞǆĐĞƐƐŽ ĞǆĐƵůƉĂŶƚĞ ;ĞǆĐůƵĚĞŶƚĞ ĚĞ

ƉƵŶŝďŝůŝĚĂĚĞͿ͘
^Z/D/EEd^Whdd/s^͗dŽĚĂƐĂĚŝƐĐƌŝŵŝŶĂŶƚĞƐƉŽĚĞŵƐĞƌƉƵƚĂƚŝǀĂƐ͘
o ĐŚĂŵƋƵĞĠĞŶĂǀĞƌĚĂĚĞŶĆŽĠ͘dŽĚĂƐĂƐ>ĂĚŵŝƚĞŵW͘
WƉŽĚĞŵƐĞƌs/ds>ŽƵ/Es/ds>
• ǀŝƚĄǀĞůʹKĞƌƌŽĚĞĞǆĞĐƵĕĆŽ;ŚŽƵǀĞĞǆĐĞƐƐŽͿ͘
o ^Ğ Ž ĞƌƌŽ ĚĞƌŝǀĂ ĚĞ ĐƵůƉĂ͕ ĚĞǀĞ ƐĞƌ ƉƵŶŝĚŽ ƉŽƌ ĐƌŝŵĞ ĐƵůƉŽƐŽ ƋƵĞ ƚŝǀĞƌ ĐŽŵĞƚŝĚŽ͘
ZĞƐƉŽŶĚĞƉĞůĂ//E͕ĠĂĐƵůƉĂŝŵƉƌſƉƌŝĂĚĞƌŝǀĂĚĂĚĞƵŵĂĚŝƐĐƌŝŵŝŶĂŶƚĞƉƵƚĂƚŝǀĂ͘
• /ŶĞǀŝƚĄǀĞůʹ/ƐĞŶƚĂĂƉĞŶĂ͕ŚĂǀĞƌĄĐƌŝŵĞ͕ƋƵĂůƋƵĞƌƉĞƐƐŽĂƚĞƌŝĂĂŐŝĚŽĚĂŵĞƐŵĂĨŽƌŵĂƋƵĞŽ
ĂŐĞŶƚĞ͘ ǆ͘ K ƐƵũĞŝƚŽ ƚĞŶƚĂ ŵĞ ĂƐƐĂůƚĂƌ͕ ĚŽƵ ƵŵĂ ďŽůƐĂĚĂ ŶĞůĞ Ğ ĞƐƚĞ ŵŽƌƌĞ͕ ŚŽƵǀĞ Ž ĐƌŝŵĞ͕
ƉŽƌĠŵƐŽƵŝƐĞŶƚŽĚĞƉĞŶĂ͘
• ŽŶƐĞƋƺġŶĐŝĂ͕ >Ğŝ ʹ /ƐĞŶƚŽ ĚĞ ƉĞŶĂ ƋƵĞŵ ƉŽƌ ĞƌƌŽ ƉůĞŶĂŵĞŶƚĞ ũƵƐƚŝĨŝĐĄǀĞů ƉĞůĂƐ ĐŝƌĐƵŶƐƚąŶĐŝĂƐ͕
ƉƌĞƐƵŵĞƐŝƚƵĂĕĆŽĚĞĨĂƚŽƋƵĞƐĞĞǆŝƐƚŝƐƐĞƚŽƌŶĂƌŝĂĂĂĕĆŽůĞŐşƚŝŵĂ͘
ƵůƉĂŝŵƉƌſƉƌŝĂ
ŽĐƌŝŵĞĐƵůƉŽƐŽĚĞĐŽƌƌĞŶƚĞĚĞƵŵĂĚŝƐĐƌŝŵŝŶĂŶƚĞƉƵƚĂƚŝǀĂƉŽƌĞƌƌŽĞǀŝƚĄǀĞůʹĂĚŵŝƚĞƚĞŶƚĂƚŝǀĂ͘
ǆϭ͘dĞŶƚĂƚŝǀĂĞŵĐƌŝŵĞĐƵůƉŽƐŽʹƌƌŽĞǀŝƚĄǀĞůʹEŽƉŽŶƚŽĚĞƀŶŝďƵƐĂůŐƵĠŵǀĞŵƉĞĚŝƌŝŶĨŽƌŵĂĕĆŽ͕ĞǀĐ
ƉĞŶƐĂƋƵĞĠƵŵĂƐƐĂůƚŽ͕ƚĞŶƚĂƐĞĚĞĨĞŶĚĞƌĞĂƚŝƌĂƉĂƌĂŵĂƚĂƌ͘
ǆϮ͘dĞŶƚĂƚŝǀĂĚĞŚŽŵŝĐşĚŝŽĐƵůƉŽƐŽͲdŝƉŽŽďũĞƚŝǀŽʹĚĞĐŽƌƌĞŶƚĞĚĞ>&ƉƵƚĂƚŝǀĂ;ĞǀŝƚĄǀĞůͿƌĞƐƉŽŶĚĞƉŽƌ

ĐƌŝŵĞĐƵůƉŽƐŽ͘

ϴǑĂƵůĂʹϬϰ͘Ϭϰ͘ϬϴʹWĂƚƌşĐŝĂ

DKн/Ey/'//>/KEhd/sZ^;ǆĐůƵĚĞŶƚĞƐĚĞĐƵůƉĂďŝůŝĚĂĚĞͿ
DʹDEKZ/ ďƐŽůƵƚĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ фϭϴĂŶŽƐʹ̴/ƐĞŶƚĂƉĞŶĂ
ZĞůĂƚŝǀĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ фϮϭĂŶŽƐͲљƚĞŶƵĂŶƚĞ
ͲDZ/'h^/Ed> ŽŵƉůĞƚĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ̴/ƐĞŶƚĂƉĞŶĂ
/ŶĐŽŵƉůĞƚĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ љƚĞŶƵĂŶƚĞ
ʹKEDEd> ŽŵƉůĞƚĂŵĞŶƚĞŝŶĐĂƉĂǌ͘͘͘͘͘ ̴/ƐĞŶƚĂƉĞŶĂ
ZĞůĂƚŝǀĂŵĞŶƚĞŝŶĐĂƉĂǌ͘͘͘͘͘͘͘ љƚĞŶƵĂŶƚĞ
ʹZZKWZK//K /ŶĞǀŝƚĄǀĞů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ̴/ƐĞŶƚĂƉĞŶĂ
ǀŝƚĄǀĞů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ љƚĞŶƵĂŶƚĞ
Ϯϴ

ʹKKDKZ> /ƌƌĞƐŝƐƚşǀĞů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ̴/ƐĞŶƚĂƉĞŶĂ
ZĞƐŝƐƚşǀĞů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ љƚĞŶƵĂŶƚĞ
KʹK/E/,/ZZYh/ ŽƌĚĞŵĂŽƐƵďŽƌĚŝŶĂĚŽEK
ĠŵĂŶŝĨĞƐƚĂĚĂŵĞŶƚĞ/>'>͘͘͘͘ ̴ǆĐůƵŝĂĐƵůƉĂďŝůŝĚĂĚĞ
ŽƌĚĞŵĂŽƐƵďŽƌĚŝŶĂĚŽ
ŵĂŶŝĨĞƐƚĂĚĂŵĞŶƚĞ/>'>͘͘͘͘ љƚĞŶƵĂŶƚĞ
ϱͿʹKKDKZ>
o ŽŶĐĞŝƚŽ͗KĂŐĞŶƚĞƉƌĂƚŝĐĂŽĨĂƚŽƚşƉŝĐŽŽďƌŝŐĂĚŽƉŽƌƚĞƌĐĞŝƌŽ;ĐŽĂƚŽƌͿ͘

o ŽŶƐĞƋƺġŶĐŝĂƐ͗
WĂƌĂŽĐŽĂŐŝĚŽ͗ŽĂĕĆŽŵŽƌĂůŝƌƌĞƐŝƐƚşǀĞůʹ/ÊdWE͕ĞǆĐůƵŝĂĐƵůƉĂďŝůŝĚĂĚĞ͘ŐŽƌĂ
ƐĞĂĐŽĂĕĆŽŵŽƌĂůƌĞƐŝƐƚşǀĞůʹdEhEd͕ƉĞŶĂƌĞĚƵǌŝĚĂ͘

WĂƌĂŽĐŽĂƚŽƌ͗Z^WKEW>KZ/D͘

ŽĂĕĆŽĨşƐŝĐĂ͗ŽŵĞƚĞŽĐƌŝŵĞƵƐĂŶĚŽŽĐŽƌƉŽĚŽĐŽĂŐŝĚŽ;ƐĞŐƵƌĂĂŵĆŽĚŽƐƵũĞŝƚŽĞŽĨĂǌĂƉĞƌƚĂƌŽ
ŐĂƚŝůŚŽͿ
o ŽŶƐĞƋƺġŶĐŝĂ͗ǆĐůƵŝĂƚŝƉŝĐŝĚĂĚĞ;ŶĆŽƚĞŵǀŽůƵŶƚĂƌŝĞĚĂĚĞͿ͕ĞǆĐůƵŝĂĐŽŶĚƵƚĂ͕ƋƵĞĠƵŵĚŽƐ
ĞůĞŵĞŶƚŽƐĚŽ&d͘

ϲͿKʹK/E/,/ZZYh/
o ŽŶĐĞŝƚŽ͗KĂŐĞŶƚĞĐŽŵĞƚĞŽĐƌŝŵĞĞŵĂƚĞŶĚŝŵĞŶƚŽăŽƌĚĞŵĚĞƐƵƉĞƌŝŽƌŚŝĞƌĄƌƋƵŝĐŽ͘
^ſ ŚĄ ŽďĞĚŝġŶĐŝĂ ŚŝĞƌĄƌƋƵŝĐĂ Ğŵ ĐƌŝŵĞƐ ĞŶǀŽůǀĞŶĚŽ ĨƵŶĐŝŽŶĄƌŝŽƐ ƉƷďůŝĐŽƐ͕ ŽƵ ƐĞũĂ͕
ŶĆŽŚĄŽďĞĚŝġŶĐŝĂŚŝĞƌĄƌƋƵŝĐĂĞŵƌĞůĂĕƁĞƐƉƌŝǀĂĚĂƐŽƵĨĂŵŝůŝĂƌĞƐ͘

o ŽŶƐĞƋƺġŶĐŝĂƐ͗
WĂƌĂ Ž ƐƵďŽƌĚŝŶĂĚŽ͗ ŽƌĚĞŵ EK Ġ ŵĂŶŝĨĞƐƚĂĚĂŵĞŶƚĞ ŝůĞŐĂů ʹ /Êd WE͕
ĞǆĐůƵŝĂĐƵůƉĂďŝůŝĚĂĚĞ͘ŐŽƌĂƐĞĂŽƌĚĞŵŵĂŶŝĨĞƐƚĂĚĂŵĞŶƚĞŝůĞŐĂů͕ƌĞĚƵǌĂƉĞŶĂ͕Ġ
ĂƚĞŶƵĂŶƚĞ͘

WĂƌĂŽƐƵƉĞƌŝŽƌŚŝĞƌĄƌƋƵŝĐŽ͗Z^WKEW>KZ/D

^d&͗ /Ey/'//>/ KEhd /sZ^ WŽƌ ĞŶƚĞŶĚĞƌ ĐĂƌĂĐƚĞƌŝǌĂĚĂ Ă ŽĨĞŶƐĂ ĂŽ Ăƌƚ͘ ϱΣ͕ y/͕ ĚĂ & ;͞Ă ĐĂƐĂ Ġ ĂƐŝůŽ
ŝŶǀŝŽůĄǀĞůĚŽŝŶĚŝǀşĚƵŽ͕ŶŝŶŐƵĠŵŶĞůĂƉŽĚĞŶĚŽƉĞŶĞƚƌĂƌƐĞŵĐŽŶƐĞŶƚŝŵĞŶƚŽĚŽŵŽƌĂĚŽƌ͕ƐĂůǀŽĞŵĐĂƐŽĚĞĨůĂŐƌĂŶƚĞĚĞůŝƚŽ
ŽƵĚĞƐĂƐƚƌĞ͕ŽƵƉĂƌĂƉƌĞƐƚĂƌƐŽĐŽƌƌŽ͕ŽƵ͕ĚƵƌĂŶƚĞŽĚŝĂ͕ƉŽƌĚĞƚĞƌŵŝŶĂĕĆŽũƵĚŝĐŝĂů͖͟Ϳ͕ĂdƵƌŵĂĚĞƵƉƌŽǀŝŵĞŶƚŽĂƌĞĐƵƌƐŽ
ĞǆƚƌĂŽƌĚŝŶĄƌŝŽƉĂƌĂ͕ƌĞĨŽƌŵĂŶĚŽĂĐſƌĚĆŽĚŽdƌŝďƵŶĂůĚĞ:ƵƐƚŝĕĂĚŽƐƚĂĚŽĚŽZŝŽ'ƌĂŶĚĞĚŽ^Ƶů͕ƌĞƐƚĂďĞůĞĐĞƌĂƐĞŶƚĞŶĕĂ
ƋƵĞĂďƐŽůǀĞƌĂŽƌĞĐŽƌƌĞŶƚĞƉŽƌŝŶĞǆŝŐŝďŝůŝĚĂĚĞĚĞĐŽŶĚƵƚĂĚŝǀĞƌƐĂ͘EŽĐĂƐŽ͕ĂŽƌƚĞĂƋƵŽƌĞƉƵƚĂƌĂĐŽŶĨŝŐƵƌĂĚŽŽĐƌŝŵĞĚĞ
ƌĞƐŝƐƚġŶĐŝĂ͕ƵŵĂǀĞǌƋƵĞŽƌĞĐŽƌƌĞŶƚĞ͕ĚĞƐƉƌĞǌĂŶĚŽĂĞǆŝƐƚġŶĐŝĂĚĞŵĂŶĚĂĚŽũƵĚŝĐŝĂůĞǆƉĞĚŝĚŽŶŽƐŵŽůĚĞƐĚŽΑϮǑĚŽĂƌƚ͘
ϭϳϮĚŽWͶƋƵĞƉĞƌŵŝƚĞ͕ĞŵƐŝƚƵĂĕƁĞƐĞǆĐĞƉĐŝŽŶĂŝƐĞŵĞĚŝĂŶƚĞĂƵƚŽƌŝǌĂĕĆŽĞǆƉƌĞƐƐĂĚŽũƵŝǌ͕ĂĐŝƚĂĕĆŽ͕ĞŵĚŽŵŝŶŐŽƐĞ
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ďͿDĆĞĚĞĨŝůŚŽŵĞŶŽƌŽƵ ĨĂŵşůŝĂ͕ĨƌĞƋƺġŶĐŝĂ
ĚĞĨŝĐŝĞŶƚĞ ĚĞĐƵƌƐŽƐĞŽƵƚƌĂƐ
ĐͿŵĂŝŽƌĚĞϳϬĂŶŽƐ ĂƚŝǀŝĚĂĚĞƐĚĞƌĞͲ
ϯϮ

ĚͿƉŽƌƚĂĚŽƌĚĞĞŶĨĞƌŵŝĚĂĚĞŐƌĂǀĞ͘ ƐŽĐŝĂůŝǌĂĕĆŽ͘

:hZ/^WZhE/ĂĚŵŝƚĞŽĐƵŵƉƌŝŵĞŶƚŽ
ĞŵĚŽŵŝĐşůŝŽŶŽƐůƵŐĂƌĞƐĞŵƋƵĞŶĆŽŚĄ
ĐĂƐĂĚĞĂůďĞƌŐĂĚŽƐ͘

Z'/D/E//>͗^jDh>ϳϭϴϳϭϵK^d&ͲƌŝƚĠƌŝŽƐŽďũĞƚŝǀŽĞƐƵďũĞƚŝǀŽ

ƌŝƚĠƌŝŽŽďũĞƚŝǀŽ͕ŚŽƚ͊ŚŽƚ͊
WĞŶĂхϴĂŶŽƐʹZ'/D&,K
ϰфWфϴZ'/D^D/ͲZdKƌĠƵƉƌŝŵĄƌŝŽ
WфϰZdK

WĞŶĂхϴĂŶŽƐʹZ'/D&, ƌĠƵZ/E/Ed
ϰфWфϴZ'/D&,KEKWK/E//Z
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ƌŝƚĠƌŝŽƐƵďũĞƚŝǀŽZd͘ϱϵ͕WͲŚŽƚ͊ŚŽƚ͊
o ^ƷŵƵůĂ ^d& ϳϭϵ ʹ ŝŵƉŽƐŝĕĆŽ ĚĞ ƌĞŐŝŵĞ ŵĂŝƐ ƐĞǀĞƌĂ ĚŽ ƋƵĞ Ž ƉĞƌŵŝƚŝĚŽ ƐĞŐƵŶĚŽ Ă
ƉĞŶĂĂƉůŝĐĂĚĂĞǆŝŐĞŵŽƚŝǀĂĕĆŽŝĚƀŶĞĂ;ƉŽĚĞŵĂƐƚĞŵƋƵĞƚĞƌƵŵďŽŵŵŽƚŝǀŽͿ͘

o ^ƷŵƵůĂ^d&ϳϭϴ ʹŵĞƌĂŽƉŝŶŝĆŽĚŽũƵůŐĂĚŽƌƐŽďƌĞĂŐƌĂǀŝĚĂĚĞĞŵĂďƐƚƌĂƚŽĚŽĐƌŝŵĞ
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ƉĞŶĂĂƉůŝĐĂĚĂ;ĞƐƚĞĨĂƚŽĐŽŶĐƌĞƚŽĨŽŝĞǆĐĞƉĐŝŽŶĂůŵĞŶƚĞŐƌĂǀĞͿ͘WĂƌĂĂƉůŝĐĂƌƌĞŐŝŵĞŵĂŝƐ
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• KƌĂƐŝůĂĚŽƚĂŽƌĞŐŝŵĞƉƌŽŐƌĞƐƐŝǀŽĚĞĐƵŵƉƌŝŵĞŶƚŽĚĞƉĞŶĂ͘

ϯϯ

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• KƐdƌŝďƵŶĂŝƐŶĆŽĂĐĞŝƚĂŵĂƉƌŽŐƌĞƐƐĆŽWKZ^>dK͕ŽƵƐĞũĂ͕ĚŽZ&ƉĂƌĂŽZ͘

ZĞƋƵŝƐŝƚŽƐ ƉĂƌĂ
DƵŶĚŽ:ƵƌşĚŝĐŽDƵŶĚŽĚŽƐĨĂƚŽƐ
Ă ƉƌŽŐƌĞƐƐĆŽ ĚĞ ƌĞŐŝŵĞ͗
KďũĞƚŝǀŽƐ &ї^ї&ї
^ƵďũĞƚŝǀŽƐ

• ŚŽƚ͊ŚŽƚ͊Ͳ>Ğŝϭϭ͘ϰϲϰͬϬϳƋƵĞƉĂƐƐŽƵĂƉĞƌŵŝƚŝƌƉƌŽŐƌĞƐƐĆŽĞŵĐƌŝŵĞŚĞĚŝŽŶĚŽĠ
ŶŽǀĂƚŝŽůĞŐŝƐŝŶƉĞũƵƐ;ŶĆŽƌĞƚƌŽĂŐĞͿ

WZK'Z^^K >/sZDEdK
^ĞŵƉƌĞĚĞƉŽŝƐĚĂƉƌŽŐƌĞƐƐĆŽ
WĞŶĂшϮĂŶŽƐĐƵŵƉƌŝŵĞŶƚŽ͗
ƵŵƉƌŝŵĞŶƚŽ
ZĞƋƵŝƐŝƚŽƐ ϭͬϲƉĂƌĂĐƌŝŵĞĐŽŵƵŵͲƌĞŐƌĂ • ϭͬϯʹƐĞŶĆŽƌĞŝŶĐŝĚĞŶƚĞĞŵ
K:d/sK^ Ϯͬϱ͘,ĞĚŝŽŶĚŽƉƌŝŵĄƌŝŽ ĐƌŝŵĞĐŽŵƵŵĚŽůŽƐŽ͘
ϯͬϱ,ĞĚŝŽŶĚŽƌĞŝŶĐŝĚĞŶƚĞ • ϭͬϮͲ^ĞĨŽƌƌĞŝŶĐŝĚĞŶƚĞĞŵ
ĐƌŝŵĞĚŽůŽƐŽ
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ƌĞŝŶĐŝĚĞŶƚĞ Ğŵ ƌŝŵĞ ŚĞĚŝŽŶĚŽ
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ŵĞƐŵĂĞƐƉĠĐŝĞͿ͘
WZK'Z^^K >/sZDEdK
ƚƵĂůŵĞŶƚĞŽŵĠƌŝƚŽĚŽĐŽŶĚĞŶĂĚŽĚĞǀĞ Ϳ ZĞƉĂƌĂĕĆŽ ĚŽ ĚĂŶŽ Ġ ĐŽŶĚŝĕĆŽ ƉĂƌĂ
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DZ/dK ĐŽŶĚƵƚĂĂƌĐĞƌĄƌŝĂ͘
;ĞǆŝŐĞĂ
ĐŽŵƉƌŽǀĂĕĆŽ ƉĞŶĂƐƐĞŚŽƵǀĞƌŵŽƚŝǀŽĞƐƉĞĐŝĂů Ϳ EĆŽ ĞǆŝŐĞ ;Ġ ŵĂŝƐ ŶĞĐĞƐƐĄƌŝŽͿ ĞǆĂŵĞ
ĚŽŵĠƌŝƚŽͿ ĞǆƉƌĞƐƐŽŶĂĚĞĐŝƐĆŽĨƵŶĚĂŵĞŶƚĂĚĂĠƋƵĞ ĐƌŝŵŝŶŽůſŐŝĐŽ ŽƵ ƉĂƌĞĐĞƌ ĚŽ ĐŽŶƐĞůŚŽ
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ĐƌŝŵŝŶŽůſŐŝĐŽ͘

ŶƚĞŶĚŝŵĞŶƚŽ ^d& Ğ ^d: ʹ ĞĐŝĚŝƌĂŵ ƋƵĞ
Ž ĞǆĂŵĞ Ġ ĐŽŶƚŝŶƵĂ ƐĞŶĚŽ ĨĂĐƵůĚĂĚĞ ĚŽ
ũƵŝǌĞŵďŽƌĂŶĆŽƐŝƌǀĂŝƐŽůĂĚĂŵĞŶƚĞƉĂƌĂĂ
ĂďŶĞŐĂĕĆŽĚŽďĞŶĞĨşĐŝŽ͘
ƌŝŵĞƐ ĐŽŶƚƌĂ Ă ĂĚŵŝŶŝƐƚƌĂĕĆŽ ƉƷďůŝĐĂ Ă ƌŝŵĞƐ ĐŽŵĞƚŝĚŽƐ ĐŽŵ ǀŝŽůġŶĐŝĂ Ğ ŐƌĂǀĞ
^W/> ƉƌŽŐƌĞƐƐĆŽ ĨŝĐĂ ĐŽŶĚŝĐŝŽŶĂĚĂ ;ĞǆŝŐĞͿ Ă ĂŵĞĂĕĂ Ġ ƉƌĞĐŝƐŽ ĚĂ ĐŽŵƉƌŽǀĂĕĆŽ ĚĞ ƋƵĞ Ž
ƌŝĂĚŽĞŵ ƌĞƉĂƌĂĕĆŽĚŽĚĂŶŽ ĐŽŶĚĞŶĂĚŽŶĆŽǀŽůƚĂƌĄĂĚĞůŝŶƋƺŝƌ͘
ϮϬϬϯ

• KďƐϭ͗ƌŝŵĞŚĞĚŝŽŶĚŽ;ϯͬϱͿĂ>ĞŝĂƉĂƌƚŝƌĚĞϮϬϬϳĚŝǌƋƵĞĐĂďĞƉƌŽŐƌĞƐƐĆŽĚĞƌĞŐŝŵĞ͕ŵĂƐ͗
o ƌŝŵĞ ƉƌĂƚŝĐĂĚŽ ĂŶƚĞƐ ĚĂ ǀŝŐġŶĐŝĂ ĚĂ >ĞŝͬϬϳ ї ŶƚĞƐ ĚĞƐƚĂ ĚĂƚĂ ŶĆŽ ƉŽĚŝĂ
ƉƌŽŐƌĞĚŝƌ͕ůĞŝŝŶĐŽŶƐƚŝƚƵĐŝŽŶĂůʹϭͬϲĚĞƉƌŽŐƌĞƐƐĆŽ͘

o ƌŝŵĞŚĞĚŝŽŶĚŽƉƌĂƚŝĐĂĚŽĞŵϮϬϬϳʹŶŽǀĂůĞŝĠŵĂŝƐŵĂůĠĨŝĐĂĂŽƌĠƵ͕ƉŽƌƋƵĞĠ
ϮͬϱĞϯͬϱ;ƉĂĐşĨŝĐŽŶŽƐdƌŝďƵŶĂŝƐ^ƵƉĞƌŝŽƌĞƐͿ

• KďƐϮ͗KĐƵŵƉƌŝŵĞŶƚŽĚĞƉĂƌƚĞĚĂƉĞŶĂ;ϭͬϲ͖ϮͬϱĞϯͬϱͿĚĂƉĞŶĂĂƉůŝĐĂĚĂ;ƉĞŶĂŽƌŝŐŝŶĂůͿĞŶĆŽĚĂƉĞŶĂ
ƵŶŝĨŝĐĂĚĂ;ĠƉĂĐşĨŝĐŽĞƐŝŵƵůĂĚŽƉĞůŽ^d&Ϳ͘
o ǆ͘ŽŶĚĞŶĂĚŽĂϯϬϬĂŶŽƐƋƵĞĠĂƉĞŶĂĂƉůŝĐĂĚĂ͕ŵĂƐĞůĞŝƌĄĐƵŵƉƌŝƌϯϬƉŽƌƋƵĞĞƐƚĂĠĂƉĞŶĂ
ŵĄǆŝŵĂ͘
o KďƐ͗͘ƵŶŝĨŝĐĂĕĆŽƐſƐĞƌǀĞƉĂƌĂĚŝǌĞƌƋƵĂŶĚŽƚĞƌŵŝŶĂĂƉĞŶĂ͘

ϯϰ

• KďƐϯ͗WĂƌĂĂƉƌŽŐƌĞƐƐĆŽŶŽƐĐƌŝŵĞƐĐŽŶƚƌĂĂĚŵŝŶŝƐƚƌĂĕĆŽƉƷďůŝĐĂĠŶĞĐĞƐƐĄƌŝŽƋƵĞƐĞƌĞƉĂƌĞŽĚĂŶŽĂŽ
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o ĐŽŶĚĞŶĂĕĆŽĂƵŵĂƉĞŶĂƋƵĞƐŽŵĂĚĂĂĂŶƚĞƌŝŽƌĂĐĂƌƌĞƚĂƵŵƌĞŐŝŵĞŵĂŝƐƐĞǀĞƌŽ͘

• ƌĞŐƌĞƐƐĆŽƉŽĚĞƐĞƌƉŽƌ^>dK;ĨĞǌƵŵĂďŽďĂŐĞŵŝƌĄĚĞї&Ϳ͘

• YƵĂŶĚŽŽƌĠƵƉƌĂƚŝĐĂĨĂůƚĂŐƌĂǀĞ;ƌŝŵĞĚŽůŽƐŽͿŽƵƚŝǀĞƌƵŵĂŶŽǀĂĐŽŶĚĞŶĂĕĆŽƋƵĞƚŽƌŶĞ
ŝŶĐŽŵƉĂƚşǀĞůŽƌĞŐŝŵĞĚĞƌĞŐƌĞƐƐĆŽ
o ŽŵĞƚŝŵĞŶƚŽĚĞĐƌŝŵĞĚŽůŽƐŽŽƵĨĂůƚĂŐƌĂǀĞĂĐĂƌƌĞƚĂĂƌĞŐƌĞƐƐĆŽĚĞƌĞŐŝŵĞ;ŶĆŽĠ
ŶĞĐĞƐƐĄƌŝŽŽƚƌĂŶƐŝƚŽĞŵũƵůŐĂĚŽͿ͘

>/sZDEdKKE//KE>ͲĂƌƚ͘ϴϯĞƐƐ

WZK'Z^^K >/sZDEdK
^ĞŵƉƌĞĚĞƉŽŝƐĚĂƉƌŽŐƌĞƐƐĆŽ
WĞŶĂхŵĂŝŽƌŽƵŝŐƵĂůϮĂŶŽƐĐƵŵƉƌŝŵĞŶƚŽ
ƵŵƉƌŝŵĞŶƚŽ • ϭͬϯʹƐĞŶĆŽƌĞŝŶĐŝĚĞŶƚĞĞŵĐƌŝŵĞ
ϭͬϲƉĂƌĂĐƌŝŵĞĐŽŵƵŵ ĐŽŵƵŵĚŽůŽƐŽ͘
K:d/sK Ϯͬϱ͘,ĞĚŝŽŶĚŽƉƌŝŵĄƌŝŽ • ЪͲ^ĞĨŽƌƌĞŝŶĐŝĚĞŶƚĞĞŵĐƌŝŵĞĚŽůŽƐŽ
ϯͬϱ,ĞĚŝŽŶĚŽƌĞŝŶĐŝĚĞŶƚĞ • Ϯͬϯʹ,ĞĚŝŽŶĚŽ͕^>sKƐĞƌĞŝŶĐŝĚĞŶƚĞĞŵ
ƌŝŵĞ ŚĞĚŝŽŶĚŽ ;ĐŽŶƐŝĚĞƌĂĚŽ ƉŽƌ ĐƌŝŵĞ
ĚĂŵĞƐŵĂĞƐƉĠĐŝĞͿ͘
EĆŽĞǆŝŐĞ;ĠŵĂŝƐŶĞĐĞƐƐĄƌŝŽͿ ͿZĞƉĂƌĂĕĆŽĚŽĚĂŶŽĠĐŽŶĚŝĕĆŽƉĂƌĂůŝǀƌĂŵĞŶƚŽ͘
ϯϱ

^h:d/sK ĞǆĂŵĞĐƌŝŵŝŶŽůſŐŝĐŽŽƵƉĂƌĞĐĞƌ
DZ/dK ĚŽĐŽŶƐĞůŚŽƉĞŶŝƚĞŶĐŝĄƌŝŽ͕ŵĂƐ Ϳ EĆŽ ĞǆŝŐĞ ;Ġ ŵĂŝƐ ŶĞĐĞƐƐĄƌŝŽͿ ĞǆĂŵĞ ĐƌŝŵŝŶŽůſŐŝĐŽ
;ĞǆŝŐĞĂ ĠĨĂĐƵůƚĂĚŽĂŽũƵŝǌƉĞĚŝƌŽ ŽƵƉĂƌĞĐĞƌĚŽĐŽŶƐĞůŚŽƉĞŶŝƚĞŶĐŝĄƌŝŽ
ĐŽŵƉƌŽǀĂĕĆŽĚŽ ĞǆĂŵĞĚĞĨŽƌŵĂĞǆĐĞƉĐŝŽŶĂůĞ
ŵĠƌŝƚŽͿ ĨƵŶĚĂŵĞŶƚĂĚĂ͘
ƌŝŵĞƐ ĐŽŶƚƌĂ Ă ĂĚŵŝŶŝƐƚƌĂĕĆŽ ƌŝŵĞƐ ĐŽŵĞƚŝĚŽƐ ĐŽŵ ǀŝŽůġŶĐŝĂ Ğ ŐƌĂǀĞ ĂŵĞĂĕĂ Ġ
^W/> ƉƷďůŝĐĂ Ă ƉƌŽŐƌĞƐƐĆŽ ĨŝĐĂ ƉƌĞĐŝƐŽ ĚĂ ĐŽŵƉƌŽǀĂĕĆŽ ĚĞ ƋƵĞ Ž ĐŽŶĚĞŶĂĚŽ ŶĆŽ
ƌŝĂĚŽĞŵϮϬϬϯ ĐŽŶĚŝĐŝŽŶĂĚĂ ;ĞǆŝŐĞͿ Ă ǀŽůƚĂƌĄĂĚĞůŝŶƋƺŝƌ͘
ƌĞƉĂƌĂĕĆŽĚŽĚĂŶŽ

ZĞǀŽŐĂĕĆŽĚŽůŝǀƌĂŵĞŶƚŽ͗ŚŽƚ͊ŚŽƚ͊

ZĞǀŽŐĂĕĆŽŽďƌŝŐĂƚſƌŝĂͲŚŽƚ͊ŚŽƚ͊ ZĞǀŽŐĂĕĆŽĨĂĐƵůƚĂƚŝǀĂ
ŽŶĚĞŶĂĕĆŽƚƌĂŶƐŝƚĂĚĂĞŵũƵůŐĂĚŽƉŽƌZ/DĂƵŵĂ
WEWZ/sd/s>/Z ĂƐĞŶƚĞŶĕĂĐŽŶĚĞŶĂƚſƌŝĂ/ZZKZZ1s>WKZZ/D
Kh KEdZsEK͕ ƉĞŶĂ EK ƉƌŝǀĂƚŝǀĂ ĚĞ
Ă ƐĞŶƚĞŶĕĂ ĐŽŶĚĞŶĂƚſƌŝĂ /ZZKZZ1s> ƉŽƌ ĐƌŝŵĞ ůŝďĞƌĚĂĚĞ͘
ŶĂƉĞŶĂƉƌŝǀĂƚŝǀĂĚĞůŝďĞƌĚĂĚĞ͘
ĞƐĐƵŵƉƌŝŵĞŶƚŽĚĞƵŵĂĐŽŶĚŝĕĆŽŝŵƉŽƐƚĂ͘

ŽŶƐĞƋƺġŶĐŝĂƐĚĂƌĞǀŽŐĂĕĆŽ
• ^d: ʹ K ůŝǀƌĂŵĞŶƚŽ ĐŽŶĚŝĐŝŽŶĂů Ġ ƌĞǀŽŐĂĚŽ͕ Ğŵ ǀŝƌƚƵĚĞ ĚĞ ĐƌŝŵĞ ĐŽŵĞƚŝĚŽ ĂŶƚĞƌŝŽƌ ĂŽ >͕
ĐŽŵƉƵƚĂͲƐĞĂƉĞŶĂŽƚĞŵƉŽĚĞůŝďĞƌĚĂĚĞ͘
• ^d: Ͳ ^Ğ Ž ůŝǀƌĂŵĞŶƚŽ Ġ ƌĞǀŽŐĂĚŽ Ğŵ ǀŝƌƚƵĚĞ ĚĞ ĐƌŝŵĞ ĐŽŵĞƚŝĚŽ ĚƵƌĂŶƚĞ Ž ůŝǀƌĂŵĞŶƚŽ͕ ŶĆŽ ƐĞ
ĐŽŵƉƵƚĂŶĂƉĞŶĂŽƚĞŵƉŽĚĞůŝďĞƌĚĂĚĞĞŶĞŵƐĞĐŽŶĐĞĚĞĞŵƌĞůĂĕĆŽĂĞůĂŶŽǀŽůŝǀƌĂŵĞŶƚŽ͘

Z'/D/^/W>/EZ/&ZE/KʹZ
• ĐŚĂŵĂĚŽĚĞƌĞŐŝŵĞ͕ŵĂƐŶĆŽĠƌĞŐŝŵĞ͘ƵŵĂƉƵŶŝĕĆŽĚŝƐĐŝƉůŝŶĂƌ͘
• sĞƌŝĨŝĐĂƌŵĂƚĞƌŝĂůĚĞŝƌĞŝƚŽWƌŽĐĞƐƐƵĂůWĞŶĂůͲWƌŽĨǑ&ůĄǀŝŽ͘

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GH TXH DQWH D LQH[LVWrQFLD GH QRUPD HVSHFtILFD TXDQWR DR SUD]R SUHVFULFLRQDO SDUD D DSOLFDomR GH VDQomR
GLVFLSOLQDUGHQDWXUH]DJUDYHGHYHVHXWLOL]DUSRUDQDORJLDRGLVSRVWRQRDUW9,GR&3OHYDQGRVHHPFRQWDR
PHQRU ODSVR SUHYLVWR TXDO VHMD DQRV $GHPDLV DVVHYHURXVH TXH HP VH WUDWDQGR GH IXJD GH SUHVR LQIUDomR
SHUPDQHQWH VHULD UD]RiYHO IL[DU FRPR WHUPR LQLFLDO GD FRQWDJHP GR SUD]R SUHVFULFLRQDO D GDWD GD UHFDSWXUD
WRPDQGRVHGHHPSUpVWLPRRDUW,,,GR&3³$UW$SUHVFULomRDQWHVGHWUDQVLWDUHPMXOJDGRDVHQWHQoDILQDO
FRPHoD D FRUUHU ,,, QRV FULPHV SHUPDQHQWHV GR GLD HP TXH FHVVRX D SHUPDQrQFLD´ $VVLP FRQFOXLXVH SHOD
LQRFRUUrQFLD GD SUHVFULomR QR FDVR FRQFUHWR KDMD YLVWD TXH WUDQVFRUUHUD SHUtRGR LQIHULRU D DQRV HQWUH R UHWRUQR GR
SDFLHQWHjSULVmRHDFRQGHQDomRDGPLQLVWUDWLYDHPERUDRSDFLHQWHWLYHVVHVHHYDGLGRGD~OWLPD
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ZD/K
• ŽĚĞƐĐŽŶƚŽĚŽƚĞŵƉŽĚĞƉĞŶĂƉĞůŽƐĚŝĂƐƚƌĂďĂůŚĂĚŽƐŶĂƌĂǌĆŽĚĞ;ĂďĂƚŝŵĞŶƚŽĚĞͿϬϭƵŵĚŝĂĚĞ
ƉĞŶĂĂĐĂĚĂϬϯĚŝĂƐƚƌĂďĂůŚĂĚŽ͕ŶŽƐƌĞŐŝŵĞƐĨĞĐŚĂĚŽĞƐĞŵŝͲĂďĞƌƚŽ͘

• WŽƐŝĕĆŽ^d&ĠƉĂĐşĨŝĐŽͲƌĞŵŝƐƐĆŽƉĞůŽĞƐƚƵĚŽĠD/^^1s>͘

• WĞƌĚĂĚŽƐĚŝĂƐƌĞŵŝĚŽƐʹƌĞŵŝƐƐĆŽĠƉĞƌĚŝĚĂƐĞŽƐƵũĞŝƚŽƉƌĂƚŝĐĂĐƌŝŵĞĚŽůŽƐŽŽƵĨĂůƚĂŐƌĂǀĞĂĐĂƌƌĞƚĂ
ĂƉĞƌĚĂĚŽƐĚŝĂƐƌĞŵŝĚŽƐʹWZdhK͘
ϯϲ

• ,Žƚ͊ŚŽƚ͊ŽƐĚŝƌĞŝƚŽƐĂĚƋƵŝƌŝĚŽƐ͍^ĞŐƵŶĚŽŽƐƚƌŝďƵŶĂŝƐ^ƵƉĞƌŝŽƌĞƐ͞ĂƉĞƌĚĂĚŽƐĚŝĂƐƌĞŵŝĚŽƐŶĆŽ
ǀŝŽůĂŽĚŝƌĞŝƚŽĂĚƋƵŝƌŝĚŽĞŶĞŵƚĞŵƋƵĂůƋƵĞƌůŝŵŝƚĞƚĞŵƉŽƌĂů͕ƚŽĚŽƐŽƐĚŝĂƐƌĞŵŝĚŽƐ͗ϭϬ͕ϮϬ͕ϯϬ͘͘͘ƉĞƌĚĞ
ƚƵĚŽ͘͟

• ZĞŵŝƐƐĆŽƉŽƌĚŝĂƐƚƌĂďĂůŚĂĚŽƐ
o ^d&Ğ^d:ĞŶƚĞŶĚĞŵƋƵĞŽƉƌĞƐŽŶĆŽĨĂǌũƵƐĂƌĞŵŝƐƐĆŽƐĞŶĆŽƚŝǀĞƌƚƌĂďĂůŚĂĚŽ͕^>sKƉŽƌ
ŵŽƚŝǀŽĚĞĂĐŝĚĞŶƚĞĚĞƚƌĂďĂůŚŽ;ƉƌĞƐŽƐŽĨƌĞƵĂĐŝĚĞŶƚĞĚĞƚƌĂďĂůŚŽ͘

67-5(0,d®2)$/7$*5$9(3(5'$7(032 5(0,'2$7XUPDSRUPDLRULDHQWHQGHXTXHRFRQGHQDGRTXH
FRPHWH IDOWD JUDYH QR FXUVR GD H[HFXomR GH VXD SHQD LQHTXLYRFDPHQWH SHUGH RV GLDV UHPLGRV Mi DGTXLULGRV
FRQWDQGRVHQRYRSHUtRGRDSDUWLUGDGDWDGDLQIUDomRGLVFLSOLQDUDUWGD/(3)LUPRXVHWDPEpPGHVFDEHU
DOHJDomR GH DIURQWD D GLUHLWR DGTXLULGR RX FRLVD MXOJDGD GDGD D SUySULD QDWXUH]D GR LQVWLWXWR GD UHPLomR
3UHFHGHQWHVFLWDGRVGR67)+&63'-+&63'-+&63'-GR
67-5(VS56'-5(VS56'-+&63'-+&63'-
H+&63'-+&635HO0LQ+DPLOWRQ&DUYDOKLGRMXOJDGRHP

dZK
• ĂĐŽŶƚĂŐĞŵĚŽƚĞŵƉŽĚĞWƌŝƐĆŽWƌŽĐĞƐƐƵĂů;ƐĆŽϬϱĞƐƉĠĐŝĞƐͿŶŽƚĞŵƉŽĚĂƉĞŶĂĂĐƵŵƉƌŝƌ͘Ž
ĚĞƐĐŽŶƚŽ ŶĂ ƉĞŶĂ ƉƌŝǀĂƚŝǀĂ ĚĞ ůŝďĞƌĚĂĚĞ ŽƵ ŶĂ ŵĞĚŝĚĂ ĚĞ ƐĞŐƵƌĂŶĕĂ ĚŽ ƚĞŵƉŽ ĚĞ ƉƌŝƐĆŽ
ƉƌŽǀŝƐſƌŝĂŽƵĚĞŝŶƚĞƌŶĂĕĆŽƉƌŽǀŝƐſƌŝĂ͘

• ^d& Ğ ^d:͗ ũƵƌŝƐƉƌƵĚġŶĐŝĂ D/d͕ Ġ ƉŽƐƐşǀĞů Ă ĚĞƚƌĂĕĆŽ Ğŵ ƉƌŽĐĞƐƐŽƐ ĚŝƐƚŝŶƚŽƐ͕ ĚĞƐĚĞ ƋƵĞ Ž
ĐƌŝŵĞ ŶŽ ƋƵĂů ƐĞ ƋƵĞƌ Ă ĚĞƚƌĂĕĆŽ͕ ƚĞŶŚĂ ƐŝĚŽ ĂŶƚĞƌŝŽƌ Ă ƉƌŝƐĆŽ ŽƵ ĚĞƐĚĞ ƋƵĞ Ă ƉƌŝƐĆŽ ŝŶũƵƐƚĂ͕
ƚĞŶŚĂƐŝĚŽƉŽƐƚĞƌŝŽƌĂŽĐƌŝŵĞ͘
o KŽďũĞƚŝǀŽĠŝŵƉĞĚŝƌĂĐŽŶƚĂĐŽƌƌĞŶƚĞĚĞƉĞŶĂ͘

K^ZsK&/E>͗WƌŽŐƌĞƐƐĆŽĂŶƚĞƐĚŽƚƌąŶƐŝƚŽĞŵũƵůŐĂĚŽ

ǆƉůŝĐĂĕĆŽ ĚĂ ƐƷŵƵůĂ ϳϭϲͬϳϭϳ Ͳ WŽĚĞ ŚĂǀĞƌ ƉƌŽŐƌĞƐƐĆŽ ĚĞ ƌĞŐŝŵĞ͕ ůŝǀƌĂŵĞŶƚŽ ĚĂ ĐŽŶĚŝĐŝŽŶĂů ŽƵ
ŝŵƉŽƐŝĕĆŽĚĞƌĞŐŝŵĞĂďĞƌƚŽŽƵƐĞŵŝͲĂďĞƌƚŽ͕ŵĞƐŵŽĂŶƚĞƐĚŽƚƌĂŶƐŝƚŽĞŵũƵůŐĂĚŽĚĂƐĞŶƚĞŶĕĂ͘

o ^ƷŵƵůĂ ^d& ϳϭϲ ʹ ƉĞƌŵŝƚŝĚĂ Ă ƉƌŽŐƌĞƐƐĆŽ ĚĞ ƌĞŐŝŵĞ Ğ Ă ĂƉůŝĐĂĕĆŽ ĚĞ ƌĞŐŝŵĞ ŵĞŶŽƐ ƐĞǀĞƌŽ
ŵĞƐŵŽĂŶƚĞƐĚŽƚƌąŶƐŝƚŽĞŵũƵůŐĂĚŽĚĂƐĞŶƚĞŶĕĂƉĞŶĂůĐŽŶĚĞŶĂƚſƌŝĂ͘

o ^ƷŵƵůĂ^d&ϳϭϳʹKŵĞƐŵŽƚƌĂƚĂŵĞŶƚŽĚĞǀĞƐĞƌĐŽŶĐĞĚŝĚŽƉĂƌĂŽƉƌĞƐŽĞŵƉƌŝƐĆŽĞƐƉĞĐŝĂů͘

o ƉƌŽŐƌĞƐƐĆŽĚĞƌĞŐŝŵĞĞŵĐƌŝŵĞŚĞĚŝŽŶĚŽĠƉĞƌŵŝƚŝĚĂ͕ŶŽĞŶƚĂŶƚŽĠŽďƌŝŐĂƚſƌŝŽŽƌĞŐŝŵĞŝŶŝĐŝĂů
ĨĞĐŚĂĚŽ͘
ƐƚƵƉƌŽĐŽŵǀŝŽůġŶĐŝĂƉƌĞƐƵŵŝĚĂĠŚĞĚŝŽŶĚŽ͕ŵĂƐŽƌĂƉĂǌƚĞŵϭϴĂŶŽƐĞĂŵĞŶŝŶĂƚĞŵ
ϭϯĞŶĆŽĠŵĂŝƐǀŝƌŐĞŵ͘

hE/&/KWE^
• ƐƉĞŶĂƐĚĞǀĞƌĆŽƐĞƌƵŶŝĨŝĐĂĚĂƐƉĂƌĂĂƚĞŶĚĞƌĂŽůŝŵŝƚĞĚĞϯϬĂŶŽƐ͘

• ^ƷŵƵůĂ ^d& ϳϭϱ ʹ ƉĞŶĂ ƵŶŝĨŝĐĂĚĂ ŶĆŽ ƐĞƌǀĞ ĐŽŵŽ ďĂƐĞ ƉĂƌĂ Ž ĐĄůĐƵůŽ ĚŽƐ ďĞŶĞĨşĐŝŽƐ ĐŽŵŽ
ƉƌŽŐƌĞƐƐĆŽĚĞƌĞŐŝŵĞĞůŝǀƌĂŵĞŶƚŽĐŽŶĚŝĐŝŽŶĂů͘
WE^Z^dZ/d/s^/Z/dK^;ƉĞŶĂƐĂůƚĞƌŶĂƚŝǀĂƐͿ

ƐƉĠĐŝĞƐ͗
ĂͿ WƌĞƐƚĂĕĆŽ ĚĞ ƐĞƌǀŝĕŽƐ Ă ĐŽŵƵŶŝĚĂĚĞ ʹ ŽŶƐŝƐƚĞ ŶĂ ƉƌĞƐƚĂĕĆŽ ŐƌĂƚƵŝƚĂ ĚĞ ƐĞƌǀŝĕŽƐ Ğŵ ŶƚĞ WƷďůŝĐŽ ŽƵ
ŽŶǀĞŶŝĂĚŽ͕ŶĂƌĂǌĆŽĚĞϭŚŽƌĂĚĞƐĞƌǀŝĕŽƉĂƌĂĐĂĚĂĚŝĂĚĞĐƵŵƉƌŝŵĞŶƚŽĚĞƉĞŶĂ͘

ZĞƋƵŝƐŝƚŽƐʹŚŽƚ͊ŚŽƚ͊ʹ^ſƉŽĚĞƐĞĂƉĞŶĂĨŽƌƐƵƉĞƌŝŽƌĂϲŵĞƐĞƐ;WхϲͿ͘
ϯϳ

• WфϭĂŶŽїŽƌĠƵƉŽĚĞĚŽďƌĂƌĂũŽƌŶĂĚĂĞĐƵŵƉƌŝƌĂƉĞŶĂŶĂŵĞƚĂĚĞ;ϭͬϮͿĚŽ
ƚĞŵƉŽ͘ ǆ͘ WĞŶĂ ĚĞ ϯ ĂŶŽƐ͕ ƉƌĞƐƚĂ ƐĞƌǀŝĕŽƐ ĚĞ Ϭϭ ŚŽƌĂ͘͘͘ ƐĞ ĐƵŵƉƌŝƌ Ϯ ŚŽƌĂƐ
ĐƵŵƉƌŝƌĄĂƉĞŶĂĞŵϭЪ͘

• W^ŶĆŽƉŽĚĞĨĞƌŝƌĂĚŝŐŶŝĚĂĚĞĚĂƉĞƐƐŽĂŚƵŵĂŶĂ͕ĂƐƐŝŵĚĞǀĞƌĄƐĞƌĂĚĞƋƵĂĚĂ
ĂǀŽĐĂĕĆŽĚŽƉƌſƉƌŝŽƐƵũĞŝƚŽ͘;EŽƌƐſĚĆŽƉƌĞƐƚĂĕĆŽĚĞƐĂŐƌĂĚĄǀĞůͿ

ďͿ>ŝŵŝƚĂĕĆŽĚĞ&ŝŶĂůĚĞƐĞŵĂŶĂʹƵƌĂŶƚĞĨĞƌŝĂĚŽĞĨŝŶĂŝƐĚĞƐĞŵĂŶĂŽƐƵũĞŝƚŽƚĞƌŝĂƋƵĞƉĂƐƐĂƌϱŚŽƌĂƐĚĞ
ĐĂĚĂĚŝĂĞŵĂƐĂĚĞůďĞƌŐĂĚŽŽƵƐŝŵŝůĂƌ͘͘͘ŽƵǀŝŶĚŽƉĂůĞƐƚƌĂƐ͕ĨĂǌĞŶĚŽĐƵƌƐŽƐ͘

ĐͿ/ŶƚĞƌĚŝĕĆŽƚĞŵƉŽƌĄƌŝĂĚĞĚŝƌĞŝƚŽƐʹůŐƵŶƐĚŝƌĞŝƚŽƐĚŽƐƵũĞŝƚŽƐĞƌĆŽƐƵƐƉĞŶƐŽƐ͘
• DĂŶĚĂƚŽ͕ĐĂƌŐŽŽƵĨƵŶĕĆŽ͘͘
• WƌŽĨŝƐƐĆŽƋƵĞĞǆŝũĂĂƵƚŽƌŝǌĂĕĆŽ;Ğǆ͘ĂĚǀŽŐĂĚŽ͖ŵĠĚŝĐŽͿ
• ŝƌŝŐŝƌ
• &ƌĞƋƺĞŶƚĂƌĚĞƚĞƌŵŝŶĂĚŽƐůƵŐĂƌĞƐ͘

EĞƐƚĞƐϬϯĐĂƐŽƐƚĞŵƋƵĞŚĂǀĞƌǀŝŶĐƵůĂĕĆŽĞŶƚƌĞŽĐƌŝŵĞĞĂƉĞŶĂ͕ŽƵƐĞũĂ͕ƐſƉŽĚĞĨŝĐĂƌƐƵƐƉĞŶƐŽŶŽĐĂƌŐŽƐĞ
ĞǆĞƌĐĞƌĂĨƵŶĕĆŽ͘

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FRQVLVWHQWHHPSUHVWDomRSHFXQLiULDHPIDYRUGDYtWLPD²SOHLWHDYDDGHFODUDomRGDSUHVFULomRGDSUHWHQVmRSXQLWLYDDR
DUJXPHQWR GH TXH Mi WUDQVFRUULGR SHUtRGR VXSHULRU D DQRV HQWUH D GDWD GR UHFHELPHQWR GD GHQ~QFLD H D VHQWHQoD
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3UHFHGHQWHV FLWDGRV 5+& 63 '-8 GH +& 6& '-8 GH 5+& 35 '-8 GH
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ϭϬǑĂƵůĂʹϭϰ͘Ϭϰ͘Ϭϴ'ƵƐƚĂǀŽ

WE^Z^dZ/d/s^/Z/dK^;ƉĞŶĂƐĂůƚĞƌŶĂƚŝǀĂƐͿ

ƐƉĠĐŝĞƐ͗
• WƌĞƐƚĂĕĆŽĚĞƐĞƌǀŝĕŽƐĂĐŽŵƵŶŝĚĂĚĞ
• >ŝŵŝƚĂĕĆŽĚĞ&ŝŶĂůĚĞƐĞŵĂŶĂ
• /ŶƚĞƌĚŝĕĆŽƚĞŵƉŽƌĄƌŝĂĚĞĚŝƌĞŝƚŽƐ
• >ŝŵŝƚĂĕĆŽĚĞĨŝŶĂůĚĞƐĞŵĂŶĂ
• WĞƌĚĂĚĞďĞŶƐĞǀĂůŽƌĞƐ
• WƌĞƐƚĂĕĆŽWĞĐƵŶŝĄƌŝĂ

ĞͿWĞƌĚĂĚĞďĞŶƐĞǀĂůŽƌĞƐ
• ĂĚĞĐƌĞƚĂĕĆŽĚĂƉĞƌĚĂĚĞďĞŶƐĞǀĂůŽƌĞƐĚŽĐŽŶĚĞŶĂĚŽŶŽůŝŵŝƚĞĚŽƉƌĞũƵşǌŽŽƵůƵĐƌŽĂůĐĂŶĕĂĚŽĐŽŵ
ŽĐƌŝŵĞ͘WƌĞǀĂůĞĐĞƋƵĞĂƉĞƌĚĂĚĞǀĞƌĞĐĂƌŝƐŽďƌĞŽƐďĞŶƐ>1/dK^ĚŽĐŽŶĚĞŶĂĚŽ͘

ϯϴ

ĨͿWƌĞƐƚĂĕĆŽWĞĐƵŶŝĄƌŝĂ
• ŽŶƐŝƐƚĞ ŶŽ ƉĂŐĂŵĞŶƚŽ ĚĞ ϭ Ă ϯϲϬ ƐĂůĄƌŝŽƐ ŵşŶŝŵŽƐ ƉĂƌĂ Ă s1d/D ŽƵ ƉĂƌĂ ĞŶƚŝĚĂĚĞ ďĞŶĞĨŝĐĞŶƚĞ
ĐŽŶǀĞŶŝĂĚĂ͘^ĞŽƉĂŐĂŵĞŶƚŽĨŽƌƉĂƌĂǀşƚŝŵĂŽǀĂůŽƌƐĞƌĄĚĞƐĐŽŶƚĂĚŽĞŵĞǀĞŶƚƵĂůĨƵƚƵƌĂŝŶĚĞŶŝǌĂĕĆŽ
Đŝǀŝů͘

^h^d/dh/K^WE^
• ƐWZͲƉĞŶĂƐƌĞƐƚƌŝƚŝǀĂƐĚĞĚŝƌĞŝƚŽƐƐĆŽĞŵƌĞŐƌĂƐƵďƐƚŝƚƵƚŝǀĂƐĚĂƐWW>ͲƉĞŶĂƐƉƌŝǀĂƚŝǀĂƐĚĞůŝďĞƌĚĂĚĞ͕
ƉƌĞǀŝƐƚĂƐŶĂ>ĞŝWĞŶĂů͘

• ǆĐĞĕƁĞƐ͗>ĞŝĚĞƌŽŐĂƐ
ſĚŝŐŽĚĞdƌąŶƐŝƚŽƌĂƐŝůĞŝƌŽ

ZĞƋƵŝƐŝƚŽƐƉĂƌĂĂƐƵďƐƚŝƚƵŝĕĆŽĚĂƐƉĞŶĂƐ͗WW>їWZ
͘ WW>чϰĂŶŽƐʹĂƉĞŶĂƉƌŝǀĂƚŝǀĂĚĞůŝďĞƌĚĂĚĞƋƵĞŶĆŽƐƵƉĞƌĞϰĂŶŽƐƐĞŽĐƌŝŵĞĨŽƌ
ĚŽůŽƐŽ͖ƐĞĐƵůƉŽƐŽŶĆŽŚĄůŝŵŝƚĞ͘
͘ EĆŽƉŽĚĞŚĂǀĞƌǀŝŽůġŶĐŝĂŽƵŐƌĂǀĞĂŵĞĂĕĂăƉĞƐƐŽĂ͖
͘ EĆŽƉŽĚĞƐĞƌƌĞŝŶĐŝĚĞŶƚĞŶŽŵĞƐŵŽĐƌŝŵĞĚŽůŽƐŽ
͘ ŝƌĐƵŶƐƚąŶĐŝĂƐƐƵďũĞƚŝǀĂƐĨĂǀŽƌĄǀĞŝƐ

KďƐ͗͘ŶĞĐĞƐƐĄƌŝŽƉƌĞĞŶĐŚĞƌŽƐϬϰƌĞƋƵŝƐŝƚŽƐƉĂƌĂĂƐƵďƐƚŝƚƵŝĕĆŽ͗WW>їWZ

,ŝƉſƚĞƐĞƐĚĞĐŽŶǀĞƌƐĆŽWZїWW>
• ^ĆŽϬϮŚŝƉſƚĞƐĞƐƉĂƌĂĐŽŶǀĞƌƚĞƌ;ǀŽůƚĂƌͿĂƐĞƌƉĞŶĂƉƌŝǀĂƚŝǀĂĚĞĚŝƌĞŝƚŽƐ
͘ ĞƐĐƵŵƉƌŝŵĞŶƚŽ ŝŶũƵƐƚŝĨŝĐĂĚŽ ĚĂ ƌĞƐƚƌŝĕĆŽ ;WZͿ ŝŵƉŽƐƚĂ͘ ďƌĞͲƐĞ ƉĂƌĂ Ž
ĐŽŶƚƌĂĚŝƚſƌŝŽ͘
͘ ^ƵƉĞƌǀĞŶŝġŶĐŝĂ ĚĞ ĐŽŶĚĞŶĂĕĆŽ Ă ƵŵĂ WW>ͲƉĞŶĂ ƉƌŝǀĂƚŝǀĂ ĚĞ ůŝďĞƌĚĂĚĞ͕ ƋƵĞ ƚŽƌŶĞ
ŝŵƉŽƐƐşǀĞůŽĐƵŵƉƌŝŵĞŶƚŽĚĂƌĞƐƚƌŝĕĆŽ͘

• ǆ͗͘͞y͟ĐƵŵƉƌĞϬϮĂŶŽƐĚĞƉƌĞƐƚĂĕĆŽĚĞƐĞƌǀŝĕŽƐĂĐŽŵƵŶŝĚĂĚĞ͕ƉŽƌĠŵƉŽƐƚĞƌŝŽƌŵĞŶƚĞĨŽŝĐŽŶĚĞŶĂĚŽ
ŚĄϭϬĂŶŽƐĞŵƌĞŐŝŵĞĨĞĐŚĂĚŽ͕ŽƋƵĞƚŽƌŶĂƌĄŝŵƉŽƐƐşǀĞůŽĐƵŵƉƌŝŵĞŶƚŽĚĂƌĞƐƚƌŝĕĆŽ͘

WEDh>dʹWD
• WDĐŽŶƐŝƐƚĞŶŽƉĂŐĂŵĞŶƚŽĚĞƋƵĂŶƚŝĂĐĞƌƚĂĐĂůĐƵůĂĚĂĞŵĚŝĂƐͲŵƵůƚĂĂŽ&ƵŶĚŽWĞŶŝƚĞŶĐŝĄƌŝŽ͘
o ŝĂƐͲŵƵůƚĂƐʹYƵĂŶƚŽƐD͍
YƵĂůŽǀĂůŽƌĚĞĐĂĚĂD͍

o YƵĂŶƚŽƐĚŝĂƐͲŵƵůƚĂĂůŐƵĠŵƉŽĚĞƐĞƌĐŽŶĚĞŶĂĚŽ͍Z͗͘ĚĞϭϬĂϯϲϬDĞƐĞŐƵŝƌĄϬϮĐƌŝƚĠƌŝŽƐ͗ĂͿ
ĐŝƌĐƵŶƐƚąŶĐŝĂƐĚŽĐƌŝŵĞĞďͿĐĂƉĂĐŝĚĂĚĞĞĐŽŶƀŵŝĐĂĚŽĐŽŶĚĞŶĂĚŽ͘

o YƵĂů Ž ǀĂůŽƌ ĚĞ ĐĂĚĂ D͍ Z͗͘ K ǀĂůŽƌ ƐĞƌĄ ĚĞ ϭͬϯϬ ƐĂůĄƌŝŽ ŵşŶŝŵŽ ĂƚĠ Ă ϱ ǀĞǌĞƐ Ž ƐĂůĄƌŝŽ
ŵşŶŝŵŽ͘KĐƌŝƚĠƌŝŽĂƐĞƌƐĞŐƵŝĚŽƐĞƌĄƐŽŵĞŶƚĞŽĚĂĐĂƉĂĐŝĚĂĚĞĞĐŽŶƀŵŝĐĂ͘

KŶĆŽƉĂŐĂŵĞŶƚŽĚĂWD
o ^ĞŽƐƵũĞŝƚŽŶĆŽƉĂŐĂŽƐD͕ŽƋƵĞĂĐŽŶƚĞĐĞ͍Z͗͘EKƐĞƌĄWZ^K͘KŝŶĂĚŝŵƉůĞŵĞŶƚŽĚĂWD
EK ƌĞƐƵůƚĂ Ğŵ WZ/^K͘ K s>KZ ƐĞƌĄ ŝŶƐĐƌŝƚŽ ŶĂ ͲĚşǀŝĚĂ ĂƚŝǀĂ Ğ ĐŽďƌĂĚŽ sĂƌĂ ĚĞ
&ĂǌĞŶĚĂWƷďůŝĐĂ͕ĐŽŶĨŽƌŵĞĂůĞŝĚĞǆĞĐƵĕƁĞƐWĞŶĂŝƐ͘

o WƌĞƐĐƌŝĕĆŽʹWĞŶĂĚĞŵƵůƚĂŝƐŽůĂĚĂŵĞŶƚĞƉƌĞƐĐƌĞǀĞĞŵϮĂŶŽƐ͘

ZĞƋƵŝƐŝƚŽƐƉĂƌĂĂƐƵďƐƚŝƚƵŝĕĆŽĚĂƐƉĞŶĂƐ͗WW>їWD
͘ WW>чϭĂŶŽʹĂƉĞŶĂƉƌŝǀĂƚŝǀĂĚĞůŝďĞƌĚĂĚĞƋƵĞŶĆŽƐƵƉĞƌĞϭĂŶŽƐĞŽĐƌŝŵĞĨŽƌĚŽůŽƐŽ͖
ƐĞĐƵůƉŽƐŽŶĆŽŚĄůŝŵŝƚĞ͘
͘ EĆŽƉŽĚĞŚĂǀĞƌǀŝŽůġŶĐŝĂŽƵŐƌĂǀĞĂŵĞĂĕĂăƉĞƐƐŽĂ͖
͘ EĆŽƉŽĚĞƐĞƌƌĞŝŶĐŝĚĞŶƚĞŶŽŵĞƐŵŽĐƌŝŵĞĚŽůŽƐŽ
͘ ŝƌĐƵŶƐƚąŶĐŝĂƐƐƵďũĞƚŝǀĂƐĨĂǀŽƌĄǀĞŝƐ

ϯϵ

KďƐ͗͘ŶĞĐĞƐƐĄƌŝŽƉƌĞĞŶĐŚĞƌŽƐϬϰƌĞƋƵŝƐŝƚŽƐƉĂƌĂĂƐƵďƐƚŝƚƵŝĕĆŽ͗WW>їWZ

K^/DdZ/ŽƵK^'DWEͲW>/KWE
• WƌŝŵĞŝƌŽǀĂŵŽƐĂŶĂůŝƐĂƌĂĐůĂƐƐŝĨŝĐĂĕĆŽĚĂƐĐŝƌĐƵŶƐƚąŶĐŝĂƐƉĂƌĂĚĞƉŽŝƐƉĂƐƐĂƌŵŽƐĂĂƉůŝĐĂĕĆŽĚĂƉĞŶĂ͘

• ůĂƐƐŝĨŝĐĂĕĆŽĚĂƐĐŝƌĐƵŶƐƚąŶĐŝĂƐ
o ŝƌĐƵŶƐƚąŶĐŝĂƐ:ƵĚŝĐŝĂŝƐʹĂƌƚ͘ϱϵ͕W͕ƐĆŽϬϴ

ϭͲĐƵůƉĂďŝůŝĚĂĚĞ Ϯ Ͳ ϯͲĐŽŶĚƵƚĂƐŽĐŝĂů ϰͲƉĞƌƐŽŶĂůŝĚĂĚĞĚŽ
ĂŶƚĞĐĞĚĞŶƚĞƐ ĂŐĞŶƚĞ
ϱͲŽƐŵŽƚŝǀŽƐĚŽ ϲ Ͳ ϳͲĐŽŶƐĞƋƺġŶĐŝĂƐ ϴ Ͳ ĐŽŵƉŽƌƚĂŵĞŶƚŽƐ ĚĂ
ĐƌŝŵĞ ĐŝƌĐƵŶƐƚąŶĐŝĂƐ ǀşƚŝŵĂ

o ŝƌĐƵŶƐƚąŶĐŝĂƐ>ĞŐĂŝƐʹYƵĂůŝĨŝĐĂĚŽƌĂƐ
ŐƌĂǀĂŶƚĞƐ;Ăƌƚ͘ϲϭͬϲϮͿĞĂƚĞŶƵĂŶƚĞƐ;Ăƌƚ͘ϲϱͬϲϲͿ
ĂƵƐĂƐĚĞĂƵŵĞŶƚŽĞĚŝŵŝŶƵŝĕĆŽĚĞƉĞŶĂ
ŝƌĐƵŶƐƚąŶĐŝĂƐ>ĞŐĂŝƐ
• YƵĂůŝĨŝĐĂĚŽƌĂʹŚŽƚ͊ŚŽƚ͊ʹĂĐŝƌĐƵŶƐƚąŶĐŝĂƋƵĞƚƌĄƐEKsKůŝŵŝƚĞŵşŶŝŵŽĞŵĄǆŝŵŽĞǆƉƌĞƐƐŽƉĂƌĂĂ
ƉĞŶĂ;ŶĆŽƉŽĚĞƐĞƌĨƌĂĕĆŽʹЪ͖Ы͘͘͘Ϳ͘
o ǆϭ͗ƌƚ͘ϭϮϭʹ,ŽŵŝĐşĚŝŽƐŝŵƉůĞƐʹƉĞŶĂĚĞϲĂϮϬ
ƌƚ͘ϭϮϭ͕ΑϮǑͲ,ŽŵŝĐşĚŝŽƋƵĂůŝĨŝĐĂĚŽʹƉĞŶĂϭϮĂϯϬ͘

• ŐƌĂǀĂŶƚĞʹĂƌƚ͘ϲϭͬϲϮ͕WʹŝƌĐƵŶƐƚϲĂŶĐŝĂƐƋƵĞƐĞŵƉƌĞĂŐƌĂǀĂŵĂƉĞŶĂ͘dĞƌŵŽƚĠĐŶŝĐŽƚĞŵƋƵĞ
ĞƐƚĂƌĞǆƉƌĞƐƐŽ͘
o ǆϭ͗ZĞŝŶĐŝĚġŶĐŝĂ͖ƚĞƌŽĂŐĞŶƚĞĐŽŵĞƚŝĚŽŽĐƌŝŵĞƉŽƌŵŽƚŝǀŽĨƷƚŝůŽƵƚŽƌƉĞ͘͘

ƌƚ͘ϲϭͲ^ĆŽĐŝƌĐƵŶƐƚąŶĐŝĂƐƋƵĞƐĞŵƉƌĞĂŐƌĂǀĂŵĂƉĞŶĂ͕ƋƵĂŶĚŽŶĆŽĐŽŶƐƚŝƚƵĞŵŽƵ
ƋƵĂůŝĨŝĐĂŵŽĐƌŝŵĞ͗
/ͲĂƌĞŝŶĐŝĚġŶĐŝĂ͖
//ͲƚĞƌŽĂŐĞŶƚĞĐŽŵĞƚŝĚŽŽĐƌŝŵĞ͗
ĂͿƉŽƌŵŽƚŝǀŽĨƷƚŝůŽƵƚŽƌƉĞ͖
ďͿƉĂƌĂĨĂĐŝůŝƚĂƌŽƵĂƐƐĞŐƵƌĂƌĂĞǆĞĐƵĕĆŽ͕ĂŽĐƵůƚĂĕĆŽ͕ĂŝŵƉƵŶŝĚĂĚĞŽƵǀĂŶƚĂŐĞŵĚĞŽƵƚƌŽ
ĐƌŝŵĞ͖
ĐͿăƚƌĂŝĕĆŽ͕ĚĞĞŵďŽƐĐĂĚĂ͕ŽƵŵĞĚŝĂŶƚĞĚŝƐƐŝŵƵůĂĕĆŽ͕ŽƵŽƵƚƌŽƌĞĐƵƌƐŽƋƵĞĚŝĨŝĐƵůƚŽƵŽƵ
ƚŽƌŶŽƵŝŵƉŽƐƐşǀĞůĂĚĞĨĞƐĂĚŽŽĨĞŶĚŝĚŽ͖
ĚͿĐŽŵĞŵƉƌĞŐŽĚĞǀĞŶĞŶŽ͕ĨŽŐŽ͕ĞǆƉůŽƐŝǀŽ͕ƚŽƌƚƵƌĂŽƵŽƵƚƌŽŵĞŝŽŝŶƐŝĚŝŽƐŽŽƵĐƌƵĞů͕ŽƵ
ĚĞƋƵĞƉŽĚŝĂƌĞƐƵůƚĂƌƉĞƌŝŐŽĐŽŵƵŵ͖
ĞͿĐŽŶƚƌĂĂƐĐĞŶĚĞŶƚĞ͕ĚĞƐĐĞŶĚĞŶƚĞ͕ŝƌŵĆŽŽƵĐƀŶũƵŐĞ͖
ĨͿĐŽŵĂďƵƐŽĚĞĂƵƚŽƌŝĚĂĚĞŽƵƉƌĞǀĂůĞĐĞŶĚŽͲƐĞĚĞƌĞůĂĕƁĞƐĚŽŵĠƐƚŝĐĂƐ͕ĚĞĐŽĂďŝƚĂĕĆŽŽƵ
ĚĞŚŽƐƉŝƚĂůŝĚĂĚĞ͖
ŐͿĐŽŵĂďƵƐŽĚĞƉŽĚĞƌŽƵǀŝŽůĂĕĆŽĚĞĚĞǀĞƌŝŶĞƌĞŶƚĞĂĐĂƌŐŽ͕ŽĨşĐŝŽ͕ŵŝŶŝƐƚĠƌŝŽŽƵ
ƉƌŽĨŝƐƐĆŽ͖
ŚͿĐŽŶƚƌĂĐƌŝĂŶĕĂ͕ǀĞůŚŽ͕ĞŶĨĞƌŵŽŽƵŵƵůŚĞƌŐƌĄǀŝĚĂ͖
ŝͿƋƵĂŶĚŽŽŽĨĞŶĚŝĚŽĞƐƚĂǀĂƐŽďĂŝŵĞĚŝĂƚĂƉƌŽƚĞĕĆŽĚĂĂƵƚŽƌŝĚĂĚĞ͖
ũͿĞŵŽĐĂƐŝĆŽĚĞŝŶĐġŶĚŝŽ͕ŶĂƵĨƌĄŐŝŽ͕ŝŶƵŶĚĂĕĆŽŽƵƋƵĂůƋƵĞƌĐĂůĂŵŝĚĂĚĞƉƷďůŝĐĂ͕ŽƵĚĞ
ĚĞƐŐƌĂĕĂƉĂƌƚŝĐƵůĂƌĚŽŽĨĞŶĚŝĚŽ͖
ůͿĞŵĞƐƚĂĚŽĚĞĞŵďƌŝĂŐƵĞǌƉƌĞŽƌĚĞŶĂĚĂ͘

• ƚĞŶƵĂŶƚĞʹĂƌƚ͘ϲϱĞϲϲ͕WʹŝƌĐƵŶƐƚąŶĐŝĂƐƋƵĞƐĞŵƉƌĞĂƚĞŶƵĂŵĂƉĞŶĂ͘
o ǆϭ͗^ĞƌŽĂŐĞŶƚĞŵĞŶŽƌĚĞϮϭŶĂĚĂƚĂĚŽĨĂƚŽ͖ƚĞƌĚĞƐĐŽŶŚĞĐŝŵĞŶƚŽĚĂůĞŝ͘͘͘

ƌƚ͘ϲϱͲ^ĆŽĐŝƌĐƵŶƐƚąŶĐŝĂƐƋƵĞƐĞŵƉƌĞĂƚĞŶƵĂŵĂƉĞŶĂ͗
/ͲƐĞƌŽĂŐĞŶƚĞŵĞŶŽƌĚĞϮϭ;ǀŝŶƚĞĞƵŵͿ͕ŶĂĚĂƚĂĚŽĨĂƚŽ͕ŽƵŵĂŝŽƌĚĞϳϬ;ƐĞƚĞŶƚĂͿĂŶŽƐ͕ŶĂ
ϰϬ

ĚĂƚĂĚĂƐĞŶƚĞŶĕĂ͖
//ͲŽĚĞƐĐŽŶŚĞĐŝŵĞŶƚŽĚĂůĞŝ͖
///ͲƚĞƌŽĂŐĞŶƚĞ͗
ĂͿĐŽŵĞƚŝĚŽŽĐƌŝŵĞƉŽƌŵŽƚŝǀŽĚĞƌĞůĞǀĂŶƚĞǀĂůŽƌƐŽĐŝĂůŽƵŵŽƌĂů͖
ďͿƉƌŽĐƵƌĂĚŽ͕ƉŽƌƐƵĂĞƐƉŽŶƚąŶĞĂǀŽŶƚĂĚĞĞĐŽŵĞĨŝĐŝġŶĐŝĂ͕ůŽŐŽĂƉſƐŽĐƌŝŵĞ͕ĞǀŝƚĂƌͲůŚĞ
ŽƵŵŝŶŽƌĂƌͲůŚĞĂƐĐŽŶƐĞƋƺġŶĐŝĂƐ͕ŽƵƚĞƌ͕ĂŶƚĞƐĚŽũƵůŐĂŵĞŶƚŽ͕ƌĞƉĂƌĂĚŽŽĚĂŶŽ͖
ĐͿĐŽŵĞƚŝĚŽŽĐƌŝŵĞƐŽďĐŽĂĕĆŽĂƋƵĞƉŽĚŝĂƌĞƐŝƐƚŝƌ͕ŽƵĞŵĐƵŵƉƌŝŵĞŶƚŽĚĞŽƌĚĞŵĚĞ
ĂƵƚŽƌŝĚĂĚĞƐƵƉĞƌŝŽƌ͕ŽƵƐŽďĂŝŶĨůƵġŶĐŝĂĚĞǀŝŽůĞŶƚĂĞŵŽĕĆŽ͕ƉƌŽǀŽĐĂĚĂƉŽƌĂƚŽŝŶũƵƐƚŽĚĂ
ǀşƚŝŵĂ͖
ĚͿĐŽŶĨĞƐƐĂĚŽĞƐƉŽŶƚĂŶĞĂŵĞŶƚĞ͕ƉĞƌĂŶƚĞĂĂƵƚŽƌŝĚĂĚĞ͕ĂĂƵƚŽƌŝĂĚŽĐƌŝŵĞ͖
ĞͿĐŽŵĞƚŝĚŽŽĐƌŝŵĞƐŽďĂŝŶĨůƵġŶĐŝĂĚĞŵƵůƚŝĚĆŽĞŵƚƵŵƵůƚŽ͕ƐĞŶĆŽŽƉƌŽǀŽĐŽƵ͘

• ĂƵƐĂƐĚĞĂƵŵĞŶƚŽŽƵĚŝŵŝŶƵŝĕĆŽĚĂƉĞŶĂʹ^ĆŽĂƐĐĂƵƐĂƐƋƵĞĂƵŵĞŶƚĂŵŽƵĚŝŵŝŶƵĞŵĂƉĞŶĂĞŵ
&ZK͘
o ǆϭ͗ƌƚ͘ϭϱϱ͕ΑϭǑͲĂƵŵĞŶƚĂĂƉĞŶĂĞŵЫƐĞŽĐƌŝŵĞĠƉƌĂƚŝĐĂĚŽŶŽƌĞƉŽƵƐŽŶŽƚƵƌŶŽ͘
ƌƚ͘ϭϱϱ͕ΑϮǑͲĚŝŵŝŶƵŝĂƉĞŶĂĞŵĚĞϭĂа͕ƐĞŽĐƌŝŵŝŶŽƐŽĠƉƌŝŵĄƌŝŽ͘͘

ZĞƚŽƌŶĂŶĚŽĂŽ^/^dDdZ/&^/K

ǑIDVH3(1$%$6(
6,67(0$75,)È6,&2 &RPEDVHQDVFLUFXQVWkQFLDV-XGLFLDLV
$57 ǑIDVH02',),&$'25$6*(1e5,&$6 $*5$9$17(6 $UW
'RXWULQDH 02',),&$'25$6(63(&Ë),&$6 $7(18$17(6 $UW
-XULVSUXGrQFL$
ǑIDVH&$86$6'($80(',0'$3(1$
ϭǑĨĂƐĞ͗WE^
• EĞƐƚĂĨĂƐĞŽŽďũĞƚŝǀŽĠĚĞƐĐŽďƌŝƌĂƉĞŶĂďĂƐĞ͕ŽůŝŵŝƚĞŵşŶŝŵŽĞŵĄǆŝŵŽƐĞƌĄĨŽƌŶĞĐŝĚŽŶŽ͞ĐĂƉƵƚ͟ĚŽ
ƚŝƉŽŽƵƉĞůĂƋƵĂůŝĨŝĐĂĚŽƌĂƐĞŚŽƵǀĞƌ͘

• ŝŶĚĂ ŶĂ ϭǑ ĨĂƐĞ͕ ĚĞŶƚƌŽ ĚŽƐ ůŝŵŝƚĞƐ ĞƐƚĂďĞůĞĐŝĚŽƐ Ž :Ƶŝǌ ĨŝǆĂƌĄ Ă ƉĞŶĂ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ĂƐ
/ZhE^dE/^:h///^͕ƉĂƌƚŝŶĚŽƐĞŵƉƌĞĚĂƉĞŶĂŵşŶŝŵĂ͘ŝŶĐŝĚġŶĐŝĂĚĞĐŝƌĐƵŶƐƚąŶĐŝĂƐũƵĚŝĐŝĂŝƐ
ŝŶĨůƵĞŶĐŝĂĂƉĞŶĂĚĞĂĐŽƌĚŽĐŽŵŽƉƌƵĚĞŶƚĞĂƌďşƚƌŝŽĚŽũƵŝǌ͘

ϮǑĨĂƐĞ͗DK/&/KZ^'EZ/^Ğ^W1&/^
• EĂ ϮǑ ĨĂƐĞ ƉĂƌƚŝŶĚŽ ĚŽ ƌĞƐƵůƚĂĚŽ ĚĂ ϭǑ ĨĂƐĞ͕ Ž :Ƶŝǌ ĂƉůŝĐĂƌĄ ĂƐ /ZhE^dE/^ 'ZsEd^
dEhEd^͕ ŶĆŽ ƉŽĚĞŶĚŽ ƵůƚƌĂƉĂƐƐĂƌ ŽƐ ůŝŵŝƚĞƐ ŵşŶŝŵŽƐ Ğ ŵĄǆŝŵŽƐ ĨŝǆĂĚŽƐ͘ dĂŵďĠŵ ĂƋƵŝ Ă
ŵƵĚĂŶĕĂĚĂƉĞŶĂƐĞĨĂǌĚĞĂĐŽƌĚŽĐŽŵŽƉƌƵĚĞŶƚĞůŝǀƌĞĂƌďşƚƌŝŽĚŽ:Ƶŝǌ͘

ϯǑĨĂƐĞ͗h^^hDEdK/D/Eh/KWE
• 1DϯǑĨĂƐĞŝŶĐŝĚĞŵĂƐh^^hDEdK/D/Eh/KWE͕ĂƋƵŝĂůĞŝĞƐƚĂďĞůĞĐĞŽƋƵĂŶƚŽĂ
ƉĞŶĂĂƵŵĞŶƚĂƌĄŽƵĚŝŵŝŶƵŝƌĄ͕ĞĂŝŶĚĂƉĞƌŵŝƚĞƋƵĞĂƉĞŶĂƵůƚƌĂƉĂƐƐĞŽƐůŝŵŝƚĞƐŵşŶŝŵŽƐĞŵĄǆŝŵŽƐ
ĂŶƚĞƌŝŽƌŵĞŶƚĞĨŝǆĂĚŽƐ͘

• 3ULPHLUDPHQWH VmR DSOLFDGDV DV FDXVDV GH DXP H GLP GD 3DUWH (VSHFLDO GHSRLV GD 3DUWH
*HUDO
K^/DdZ/KhK^'DWEZĞƐƵŵŽ͗&ƌĂŐŽƐŽ
ŝƌĐƵŶƐƚąŶĐŝĂƐ>ĞŐĂŝƐ͗ŐƌĂǀĂŶƚĞƐʹƌƚ͘ϲϭĞϲϮ
ƚĞŶƵĂŶƚĞƐʹƌƚ͘ϲϱĞϲϲ
ĞǀĞŵƐĞƌĐŽŵƉƵƚĂĚĂƐĚĞƉŽŝƐĚĂĨŝǆĂĕĆŽĚĂƉĞŶĂͲďĂƐĞŽďƌŝŐĂƚŽƌŝĂŵĞŶƚĞ͘
ŶĞĐĞƐƐĄƌŝŽ ƋƵĞ ĞůĂƐ ŶĆŽ ƐĞũĂŵ ĐŽŶƐƚŝƚƵşĚĂƐ ĚŽ ĐƌŝŵĞ Ğ ƋƵĞ ƚĂŵƉŽƵĐŽ Ž ƋƵĂůŝĨŝƋƵĞŵ ŽƵ Ž ƚŽƌŶĞŵ
ƉƌŝǀŝůĞŐŝĂĚŽ͘
ϰϭ

ŝƌĐƵŶƐƚąŶĐŝĂƐ:ƵĚŝĐŝĂŝƐʹĂƌƚ͘ϱϵʹ^ĆŽϴ
EĆŽ ĞƐƚĆŽ ĞƐƉĞĐŝĨŝĐĂĚĂƐ ŶĂ ůĞŝ͕ ĂƉƌĞĐŝĂĕƁĞƐ ĚŝƐĐƌŝĐŝŽŶĄƌŝĂƐ ĚŽ :Ƶŝǌ͘ ;ĐƌŝƚĠƌŝŽƐ ŶŽƌƚĞĂĚŽƌĞƐ ĚĂ ĂĕĆŽ ĚŽ
ũƵůŐĂĚŽƌͿ͘
ϭͿ ƵůƉĂďŝůŝĚĂĚĞ͗ ĐƵůƉĂďŝůŝĚĂĚĞ ĚĂ ĐŽŶĚƵƚĂ͕ ŽƵ ĚĂ ƌĞƉƌŽǀĂďŝůŝĚĂĚĞ Ġ ŵĞĚŝĚĂ ƉĞůŽ ƋƵĆŽ
ƌĞƐƉŽŶƐĄǀĞů Ž ĂŐĞŶƚĞ ĨĞǌ ƉĂƌĂ Ă ƐŽĐŝĞĚĂĚĞ͘ K ũƵŝǌ ƚĞŵ ƋƵĞ ĚŽƐĂƌ Ă ƉĞŶĂ ƐŽď ŽƐ ĂƐƉĞĐƚŽƐ
ŝŶĨŽƌŵĂƚŝǀŽƐĚĞǀĂůŽƌĞƐĞĐŽŶĚƵƚĂƋƵĞĞůĞƚĞŵ͘dĞŵƋƵĞĂŶĂůŝƐĂƌŽĨĂƚŽĚĞŶƚƌŽĚŽƐǀĂůŽƌĞƐĚŽ
ĐŽůĞƚŝǀŽ͘
ϮͿ ŶƚĞĐĞĚĞŶƚĞƐ͗ ŽŵƉŽƌƚĂŵĞŶƚŽ ĂŶƚĞƌŝŽƌ ĚŽ ĂĐƵƐĂĚŽ͕ ŵĂƐ ŶĆŽ Ă ƌĞŝŶĐŝĚġŶĐŝĂ͕ ƉŽƌƋƵĞ ĞƐƚĂ Ġ Ă
ĐŝƌĐƵŶƐƚąŶĐŝĂůĞŐĂů͘
ϯͿ ŽŶĚƵƚĂƐŽĐŝĂů͗ZĞůĂĕĆŽĚŽĂĐƵƐĂĚŽĐŽŵƐƵĂĨĂŵşůŝĂ͕ĞƐƵĂĂĚĂƉƚĂĕĆŽĂŽƚƌĂďĂůŚŽ͕ĂŽĞƐƚƵĚŽ͘͘͘Ġ
ĂƐƵĂĐŽŶĚƵƚĂƉĞƌĂŶƚĞĂƐŽĐŝĞĚĂĚĞ͕ĨŽƌĂĚŽĐƌŝŵĞĐŽŵĞƚŝĚŽ͘
ϰͿ WĞƌƐŽŶĂůŝĚĂĚĞĚŽĂŐĞŶƚĞ
ϱͿ DŽƚŝǀŽƐĚŽĐƌŝŵĞ͗ĂĐĂƵƐĂƉƌŝŵĄƌŝĂĚĞƵŵĂĐŽŶƚĞĐŝŵĞŶƚŽĐƌŝŵŝŶŽƐŽ͘^ĆŽĚĞƉĂƌƚŝĐƵůĂƌƌĞůĞǀŽ
ŶĂ ŵĂŝŽƌ ŽƵ ŵĞŶŽƌ ŐƌĂǀŝĚĂĚĞ ĚĂ ĂĕĆŽ͘ EĆŽ ƉŽĚĞ ƐĞƌ ͗ ŐƌĂǀĂŶƚĞ ŽƵ ĂƚĞŶƵĂŶƚĞ͖ ƋƵĂůŝĨŝĐĂĚŽƌĂ
;ĐĂƵƐĂĞƐƉĞĐŝĂůĚĞŵŽĚŝĨŝĐĂĕĆŽͿ͖ŝŶĞƌĞŶƚĞĂŽƚŝƉŽ;ŶĆŽƉŽĚĞĨĂǌĞƌƉĂƌƚĞĚŽƚŝƉŽͿ͘
ϲͿ ŝƌĐƵŶƐƚąŶĐŝĂƐĚĞƵŵĐƌŝŵĞ͗^ĆŽŽƐĞůĞŵĞŶƚŽƐĂĐŝĚĞŶƚĂŝƐĚŽĚĞůŝƚŽ͕ŽƵƐĞũĂ͕ĂƋƵĞůĞƋƵĞŶĆŽƐĆŽ
ĞůĞŵĞŶƚŽƐĐŽŶƐƚŝƚƵƚŝǀŽĚŽƚŝƉŽ͘
ϳͿ ŽŶƐĞƋƺġŶĐŝĂƐ͗ĨĞŝƚŽƐĚĂĂĕĆŽĚĞůŝƚƵŽƐĂƋƵĞĞƐƚĆŽĂůĠŵĚŽĞǀĞŶƚŽ͘
ϴͿ ŽŵƉŽƌƚĂŵĞŶƚŽ ĚĂ ǀşƚŝŵĂ͗ K ĐŽŵƉŽƌƚĂŵĞŶƚŽ ĚĂ ǀşƚŝŵĂ ƐĞƌĄ ĐŽŶƐŝĚĞƌĂĚŽ ƉĂƌĂ ĂǀĂůŝĂƌ Ă
ĐŽŶƚƌŝďƵŝĕĆŽƉŽƌĞůĂĚĂĚĂĂŽĨĂƚŽƉƵŶşǀĞů͕ĚĞŵŽĚŽĂŝŶĨůƵŝƌĂƌĞƉƌŽǀĂďŝůŝĚĂĚĞĚĂĂĕĆŽ͘
• K^͗͘ KƐ ŵŽƚŝǀŽƐ ŶĆŽ ĚĞƐƚĂĐĂĚŽƐ ƉĂƌĂ ĐŽŶƐƚŝƚƵŝƌ &KZD^ Yh>/&/^ ,KD/1/K
;ŵŽƚŝǀŽ ĨƷƚŝů Ğ ŵŽƚŝǀŽ ƚŽƌƉĞͿ͘ DŽƚŝǀŽ &Ʒƚŝů Ğ DŽƚŝǀŽ dŽƌƉĞ͕ ƋƵĂŶĚŽ ƐĞ ƚƌĂƚĂ ĚĞ ĐƌŝŵĞ ĚĞ
ŽƵƚƌĂ ĞƐƉĠĐŝĞ͕ ŶĆŽ ƉŽĚĞŵ ƐĞƌ ĐŽŶƐŝĚĞƌĂĚŽƐ ŶĂ ƉĞŶĂ ďĂƐĞ͕ ƉŽƌƋƵĞ ƐĆŽ ĐŝƌĐƵŶƐƚąŶĐŝĂƐ
ĂŐƌĂǀĂŶƚĞƐůĞŐĂŝƐĂƐĞƌĞŵĐŽŵƉƵƚĂĚĂƐĞŵĨĂƐĞƉŽƐƚĞƌŝŽƌ

KEhZ^KZ/D^ʹ
• ŽŶĐƵƌƐŽDdZ/>͕
• ŽŶĐƵƌƐŽ&KZD>Ğ
• Z/DKEd/EhK

ŽŶĐƵƌƐŽDdZ/>͕
• KƐƵũĞŝƚŽĐŽŵϬϮŽƵнĐŽŶĚƵƚĂƐƌĞĂůŝǌĂϮŽƵнĐƌŝŵĞƐ
• ŽŶƐĞƋƺġŶĐŝĂ͗ƐƉĞŶĂƐƐĞƌĆŽĐƵŵƵůĂĚĂƐ;ƐŽŵĂĚĂƐͿ

• ĂŚŝƉſƚĞƐĞƌĞƐŝĚƵĂů͕ŽƵƐĞũĂ͕ƐſĂƉůŝĐĂŵŽƐŽŽŶĐƵƌƐŽDĂƚĞƌŝĂůƋƵĂŶĚŽŝŶĐĂďşǀĞůŽĐŽŶĐƵƌƐŽ
ĨŽƌŵĂůŽƵĐƌŝŵĞĐŽŶƚŝŶƵĂĚŽ͘

ŽŶĐƵƌƐŽ&KZD>
• EŽĐŽŶĐƵƌƐŽĨŽƌŵĂůĐŽŵϬϭĐŽŶĚƵƚĂŽƐƵũĞŝƚŽƌĞĂůŝǌĂнĚĞϭĐƌŝŵĞ͘
• ŽŶƐĞƋƺġŶĐŝĂ͗WĞŶĂƐƐĞƌĆŽƐŽŵĂĚĂƐ

• WŽĚĞƐĞƌĐůĂƐƐŝĨŝĐĂĚŽŽĐŽŶĐƵƌƐŽĨŽƌŵĂůĞŵϬϮƚŝƉŽƐ͗

ŽŶĐƵƌƐŽĨŽƌŵĂů ŽŶĐƵƌƐŽĨŽƌŵĂů
WZMWZ/KŽƵWZ&/dK /DWZMWZ/KKh/DWZ&/dK
YƵĂŶĚŽEKƚĞŵ YƵĂŶĚŽdD
нĚĞϬϭ^1'E/K нĚĞϬϭ^1'E/K
KďƐϭ͗ĞƐşŐŶŝŽƐĠĂŝŶƚĞŶĕĆŽĚŽƌĞƐƵůƚĂĚŽ͘

WƌſǆŝŵĂĂƵůĂ͗
• Z/DKEd/EhK
ϰϮ

^d&͗ Z/E/E/ ͞/^ /E /D͟ ŵĂũŽƌĂĕĆŽ ĚĂ ƉĞŶĂ ƌĞƐƵůƚĂŶƚĞ ĚĂ ƌĞŝŶĐŝĚġŶĐŝĂ ŶĆŽ ĐŽŶĨŝŐƵƌĂ
ǀŝŽůĂĕĆŽ ĂŽ ƉƌŝŶĐşƉŝŽ ĚŽ ŶŽŶ ďŝƐ ŝŶ ŝĚĞŵ͘ Žŵ ďĂƐĞ ŶĞƐƐĞ ĞŶƚĞŶĚŝŵĞŶƚŽ Ğ ĂƐƐĞŶƚĂŶĚŽ Ă ƌĞĐĞƉĕĆŽ͕ ƉĞůĂ
&ͬϴϴ͕ ĚŽ ŝŶĐŝƐŽ / ĚŽ Ăƌƚ͘ ϲϭ ĚŽ W ;͞^ĆŽ ĐŝƌĐƵŶƐƚąŶĐŝĂƐ ƋƵĞ ƐĞŵƉƌĞ ĂŐƌĂǀĂŵ Ă ƉĞŶĂ͕ ƋƵĂŶĚŽ ŶĆŽ
ĐŽŶƐƚŝƚƵĞŵŽƵƋƵĂůŝĨŝĐĂŵŽĐƌŝŵĞ͗/ͲĂƌĞŝŶĐŝĚġŶĐŝĂ͖͟Ϳ͕ĂdƵƌŵĂŝŶĚĞĨĞƌŝƵŚĂďĞĂƐĐŽƌƉƵƐĞŵƋƵĞĐŽŶĚĞŶĂĚŽ
ƉĞůĂ ƉƌĄƚŝĐĂ ĚŽ ĐƌŝŵĞ ĚĞ ƌŽƵďŽ͕ ĐƵũĂ ƉĞŶĂ ĨŽƌĂ ŵĂũŽƌĂĚĂ Ğŵ ƌĂǌĆŽ ĚĂ ƌĞŝŶĐŝĚġŶĐŝĂ͕ Ğ ŵĂŶƚŝĚĂ ƉĞůŽ ^d:͕
ƐƵƐƚĞŶƚĂǀĂƋƵĞĂƐƵĂƵƚŝůŝǌĂĕĆŽ͕ĐŽŵŽĐĂƵƐĂŽďƌŝŐĂƚſƌŝĂĚĞĂŐƌĂǀĂŵĞŶƚŽĚĞƉĞŶĂ͕ĐŽŶĨůŝƚĂƌŝĂĐŽŵŽĂůƵĚŝĚŽ
ƉƌŝŶĐşƉŝŽĐŽŶƐƚŝƚƵĐŝŽŶĂů͕ƉŽƌƋƵĂŶƚŽĞƐƚĂďĞůĞĐĞƌŝĂĐŽŵŽƌĞŐƌĂĂƉƵŶŝĕĆŽĂĨĂƚŽũĄƉƵŶŝĚŽ͘ŽŶƐŝĚĞƌŽƵͲƐĞƋƵĞ
ŽĂĐſƌĚĆŽĚŽ^d:ĞƐƚĂƌŝĂĞŵĐŽŶƐŽŶąŶĐŝĂĐŽŵĂŽƌŝĞŶƚĂĕĆŽƉĂĐŝĨŝĐĂĚĂŶĞƐƚĂŽƌƚĞ͘WƌĞĐĞĚĞŶƚĞƐĐŝƚĂĚŽƐ͗,
ϳϯϯϵϰͬ^W;:hĚĞϮϭ͘ϯ͘ϵϳͿ͖,ϳϰϳϰϲͬ^W;:hĚĞϭϭ͘ϰ͘ϵϳͿ͘,ϵϭϲϴϴͬZ^͕ƌĞů͘DŝŶ͘ƌŽƐ'ƌĂƵ͕ϭϰ͘ϴ͘ϮϬϬϳ͘
^d&͗Z/D^^dhWZKdEdKs/K>EdKKWhKZ͕WZd/K^&KZD/EWEEd͘
ZKE,/DEdK KEd/Eh/ >/d/s͘ ϭ͘ ƐƚĂ ŽƌƚĞ ũĄ ĂƐƐĞŶƚŽƵ Ž ĞŶƚĞŶĚŝŵĞŶƚŽ ĚĞ ƋƵĞ ĂƐ
ĨĠƌŝĂƐĨŽƌĞŶƐĞƐƐƵƐƉĞŶĚĞŵĂĐŽŶƚĂŐĞŵĚŽƐƉƌĂǌŽƐƌĞĐƵƌƐĂŝƐ͕ĂƚĞŽƌĚŽĂƌƚŝŐŽϲϲĚĂ>KDE͘KĨĂƚŽĚĞŽƌĠƵ
ĞŶĐŽŶƚƌĂƌͲƐĞ ƉƌĞƐŽ ŶĆŽ ĂůƚĞƌĂ ƚĂů ĞŶƚĞŶĚŝŵĞŶƚŽ͕ ƉŽŝƐ Ž ĂƉĂƌĂƚŽ ũƵĚŝĐŝĄƌŝŽ Ğŵ ĨƵŶĐŝŽŶĂŵĞŶƚŽ Ğŵ ƚĂŝƐ
ƉĞƌşŽĚŽƐ ƚĞŵ ĐŽŵŽ ĞƐĐŽƉŽ ĞǀŝƚĂƌ ĂďƵƐŽƐ Ğ ŝůĞŐĂůŝĚĂĚĞƐ ŝƌƌĞƉĂƌĄǀĞŝƐ͘ Ϯ͘ ƚƵƌŵĂ ĞŶƚĞŶĚĞƵ ƉĞůŽ
ƌĞĐŽŶŚĞĐŝŵĞŶƚŽ ĚĞ ĐŽŶƚŝŶƵŝĚĂĚĞ ĚĞůŝƚŝǀĂ ĞŶƚƌĞ ŽƐ ĚĞůŝƚŽƐ ĚĞ ĞƐƚƵƉƌŽ Ğ ĂƚĞŶƚĂĚŽ ǀŝŽůĞŶƚŽ ĂŽ ƉƵĚŽƌ͕
ƋƵĂŶĚŽƉƌĂƚŝĐĂĚŽƐĚĞĨŽƌŵĂŝŶĚĞƉĞŶĚĞŶƚĞ͘sĞŶĐŝĚŽ͕ŶĞƐƚĞƉŽŶƚŽ͕ŽZĞůĂƚŽƌ͕ƋƵĞĂĨŝƌŵĂǀĂĂĐŽŶĨŝŐƵƌĂĕĆŽ
ĚĞĐŽŶĐƵƌƐŽŵĂƚĞƌŝĂů͘ϯ͘ZĞĐŽŶŚĞĐŝĚĂĂŝŶĐŽŶƐƚŝƚƵĐŝŽŶĂůŝĚĂĚĞĚŽŝŵƉĞĚŝŵĞŶƚŽĚĂƉƌŽŐƌĞƐƐĆŽĚĞƌĞŐŝŵĞŶĂ
ĞǆĞĐƵĕĆŽĚĂƐƉĞŶĂƐƉĞůŽĐŽŵĞƚŝŵĞŶƚŽĚĞĐƌŝŵĞŚĞĚŝŽŶĚŽ͕ŝŵƉƁĞͲƐĞĂĐŽŶĐĞƐƐĆŽĚĂŽƌĚĞŵƉĂƌĂĂĨĂƐƚĂƌĂ
ǀĞĚĂĕĆŽƋƵĞ ƐĞŝŵƉƀƐĂŽƉĂĐŝĞŶƚĞ͘ZĞƐƐĂůǀĞͲƐĞƋƵĞƉƌĞƚĞŶĚŝĚĂƉƌŽŐƌĞƐƐĆŽĚĞƉĞŶĚĞƌĄ ĚŽƉƌĞĞŶĐŚŝŵĞŶƚŽ
ĚŽƐ ƌĞƋƵŝƐŝƚŽƐ ŽďũĞƚŝǀŽƐ Ğ ƐƵďũĞƚŝǀŽƐ ƋƵĞ Ă ůĞŝ ƉƌĞǀġ͖ ƚƵĚŽ Ă ƐĞƌ ĂĨĞƌŝĚŽ ƉĞůŽ :ƵşǌŽ ĚĂ ĞǆĞĐƵĕĆŽ͘ tƌŝƚ
ƉĂƌĐŝĂůŵĞŶƚĞĚĞĨĞƌŝĚŽ͘;,ϴϵϴϮϳͬ^W^KWh>K͕ϳͲϬϰͲϮϬϬϳͿ
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ϭϭǑĂƵůĂʹϭϳ͘Ϭϰ͘Ϭϴʹ'ƵƐƚĂǀŽ:ƵŶƋƵĞŝƌĂ

Z/DKEd/EhK

• ŽŶĐĞŝƚŽ ʹ Ġ ƵŵĂ ĨŝĐĕĆŽ ũƵƌşĚŝĐĂ͕ ƐĞŐƵŶĚŽ Ă ƋƵĂů ĚŽŝƐ ŽƵ ŵĂŝƐ ĐƌŝŵĞƐ ƐĞƌĆŽ ƉƵŶŝĚŽƐ ĐŽŵŽ ƐĞ
ĨŽƐƐĞŵƵŵƐſ͕ĚĞƐĚĞƋƵĞƉƌĞƐĞŶƚĞƐŽƐƌĞƋƵŝƐŝƚŽƐĚĂ>Ğŝ͘
ZĞƋƵŝƐŝƚŽƐĚŽƌŝŵĞĐŽŶƚŝŶƵĂĚŽ͗
ϭͿ ^ĞũĂŵĐƌŝŵĞƐĚĂŵĞƐŵĂĞƐƉĠĐŝĞʹĂƋƵĞůĞƐƋƵĞĞƐƚĆŽŶŽŵĞƐŵŽƚŝƉŽ;ĨƵƌƚŽƋƵĂůŝĨŝĐĂĚŽ͕ĨƵƌƚŽƐŝŵƉůĞƐ͕
ĞƚĐ͖ŶĆŽĠƉŽƐƐşǀĞůƋƵĞ ƐĞũĂĨƵƌƚŽĞĚĞƉŽŝƐƌŽƵďŽͿ͘,ĄƉŽƐŝĕĆŽŵŝŶŽƌŝƚĄƌŝĂŶŽƐĞŶƚŝĚŽƋƵĞĐƌŝŵĞƐĚĂ
ŵĞƐŵĂĞƐƉĠĐŝĞƐĆŽĂƋƵĞůĞƐƋƵĞĂƚĞŶƚĂŵĐŽŶƚƌĂŽŵĞƐŵŽďĞŵũƵƌşĚŝĐŽ͘

ϮͿ YƵĞƚĞŶŚĂŵĂƐŵĞƐŵĂƐĐŽŶĚŝĕƁĞƐĚĞƚĞŵƉŽʹƐĆŽĂƋƵĞůĞƐƋƵĞƚĞŶŚĂŵƵŵŝŶƚĞƌǀĂůŽĚĞŶŽŵĄǆŝŵŽ
ϯϬĚŝĂƐĞŶƚƌĞƵŵĞŽƵƚƌŽĐƌŝŵĞ͘

ϯͿ DĞƐŵĂƐĐŽŶĚŝĕƁĞƐĚĞůƵŐĂƌʹĂũƵƌŝƐƉƌƵĚġŶĐŝĂĂĐĞŝƚĂĂƚĠĐŝĚĂĚĞƐǀŝǌŝŶŚĂƐ͘

ϰͿ DĞƐŵŽŵŽĚŽĚĞĞǆĞĐƵĕĆŽʹŶĆŽƉŽĚĞŚĂǀĞƌŐƌĂŶĚĞĚŝƐƉĂƌŝĚĂĚĞĞŶƚƌĞĂĨŽƌŵĂƋƵĞĨŽŝƉƌĂƚŝĐĂĚŽƵŵ
ĐƌŝŵĞĞŽƵƚƌŽ͘ĂƐƚĂƋƵĞŽƐĐƌŝŵĞƐƐĞũĂŵƐĞŵĞůŚĂŶƚĞƐ͘

ŽŶƐĞƋƺġŶĐŝĂĚŽĐƌŝŵĞĐŽŶƚŝŶƵĂĚŽ͗
ŽŝŶǀĠƐĚĞƐŽŵĂƌĂƐƉĞŶĂƐƐĞƌĄĂƉůŝĐĂĚĂĂƉĞŶĂĚŽĐƌŝŵĞŵĂŝƐŐƌĂǀĞ͘ǆĂƐƉĞƌĂĚĂ;ĂƵŵĞŶƚĂĚĂͿĚĞϭͬϲĂϮͬϯ͘
YƵĂŶƚŽŵĂŝŽƌŽŶƷŵĞƌŽĚĞĐƌŝŵĞƐ͕ŵĂŝŽƌŽĂƵŵĞŶƚŽŶĂƉĞŶĂ͘

K^d:ĐƌŝŽƵƵŵƌĞƋƵŝƐŝƚŽŶŽǀŽ͕ƋƵĞŶĆŽĞƐƚĄŶĂůĞŝ͗
• hŶŝĚĂĚĞĚĞĚĞƐşŐŶŝŽ;ĞŶƚĞŶĚŝĚŽŽĚĞƐşŐŶŝŽĐŽŵŽƵŵƉůĂŶŽƷŶŝĐŽĚĞǀĄƌŝŽƐĐƌŝŵĞƐͿ

• ƌŝŵĞĐŽŶƚŝŶƵĂĚŽĞƐƉĞĐşĨŝĐŽ͗^ĞŽƐĐƌŝŵĞƐƐĆŽƉƌĂƚŝĐĂĚŽƐĐŽŵǀŝŽůġŶĐŝĂŽƵŐƌĂǀĞĂŵĞĂĕĂĂƉĞƐƐŽĂ
ĐŽŶƚƌĂǀşƚŝŵĂƐĚŝĨĞƌĞŶƚĞƐƉŽĚĞƐĞƌƌĞĐŽŶŚĞĐŝĚŽŽĐƌŝŵĞĐŽŶƚŝŶƵĂĚŽ͘DĂƐĂƋƵŝŽĂƵŵĞŶƚŽƐĞƌĄĚĞ
ϭͬϲĂŽƚƌŝƉůŽ͘;ƉĂƌĄŐƌĂĨŽƷŶŝĐŽ͕Ăƌƚ͘ϴϭͿ

ƵĂƐŽďƐĞƌǀĂĕƁĞƐƐŽďƌĞĐŽŶĐƵƌƐŽĚĞĐƌŝŵĞƐ͗
ϰϰ

EŽĐĂƐŽĚĞĐŽŶĐƵƌƐŽĚĞĐƌŝŵĞƐĂƐ ƉĞŶĂƐĚĞŵƵůƚĂƐĞƌĆŽĂƉůŝĐĂĚĂƐĚŝƐƚŝŶƚĂĞŝŶƚĞŐƌĂůŵĞŶƚĞ͕ŽƵƐĞũĂ͕
ƐĞƌĆŽƐĞŵƉƌĞƐŽŵĂĚĂƐ͘

K ĂƵŵĞŶƚŽ ĚĂ ƉĞŶĂ Ğŵ ĨƌĂĕĆŽ ĚĞĐŽƌƌĞŶƚĞ ĚŽ ĐŽŶĐƵƌƐŽ ĨŽƌŵĂů ƉƌſƉƌŝŽ Ğ ĚŽ ĐƌŝŵĞ ĐŽŶƚŝŶƵĂĚŽ ŶĆŽ
ƉŽĚĞ ƐĞƌ ŵĂŝƐ ŐƌĂǀŽƐŽ ĂŽ ƌĠƵ ĚŽ ƋƵĞ ƐĞƌŝĂ Ă ƐŽŵĂ ĚĂƐ ƉĞŶĂƐ͘ ^Ğ Ž ĨŽƌ͕ ĚĞƐƉƌĞǌĂͲƐĞ Ž ĂƵŵĞŶƚŽ Ğŵ
ĨƌĂĕĆŽĞŵĨĂǀŽƌĚĂƐŽŵĂ͘ŽƋƵĞĐŚĂŵĂŵŽƐĐŽŶĐƵƌƐŽŵĂƚĞƌŝĂůďĞŶĠĨŝĐŽ͘

WZ^Z/K͗ŚŽƚ͊ŚŽƚ͊ĐĂŝĂƉĂƌƚĞƚĞſƌŝĐĂ
ĂƉĞƌĚĂĚŽƉŽĚĞƌĚĞƉƵŶŝƌĚŽƐƚĂĚŽĞŵƌĂǌĆŽĚŽĚĞĐƵƌƐŽĚŽƚĞŵƉŽ͘
ƉƌĞƐĐƌŝĕĆŽƉŽĚĞƐĞƌĐůĂƐƐŝĨŝĐĂĚĂĞŵ͗
WƌĞƐĐƌŝĕĆŽĚĂƉƵŶŝĕĆŽƉƵŶŝƚŝǀĂ;WWWͿ
WƌĞƐĐƌŝĕĆŽĚĂƉƌĞƚĞŶƐĆŽĞǆĞĐƵƚſƌŝĂ;WWͿ͘

ϭͿWZ^Z/KWhE/KWhE/d/sʹĠĂƉĞƌĚĂĚŽƉŽĚĞƌĚĞƉƵŶŝƌĚŽƐƚĂĚŽƋƵĞŶĆŽĐŽŶƐĞŐƵĞŶŽƉƌĂǌŽ
ĚĞƚĞƌŵŝŶĂĚŽĞŵůĞŝĂĐĞƌƚĞǌĂĚĂĐƵůƉĂ;ƚƌąŶƐŝƚŽĞŵũƵůŐĂĚŽĚĂƐĞŶƚĞŶĕĂͿ͘

YƵĂůŽƉƌĂǌŽĚĂWWW͍
dĂďĞůĂĚŽĂƌƚ͘ϭϬϵ͕WʹŽŵĞŶŽƌƉƌĂǌŽƉƌĞƐĐƌŝĐŝŽŶĂůĠϮĂŶŽƐĞŽŵĂŝŽƌĠϮϬĂŶŽƐ͘

ŶƋƵĂŶƚŽ ŶĆŽ ƐĞ ƐĂďĞ Ă ƉĞŶĂ ĐŽŶĐƌĞƚĂŵĞŶƚĞ ĂƉůŝĐĂĚĂ ĂŽ ƐƵũĞŝƚŽ ĚĞǀĞ ƐĞƌ ƵƚŝůŝǌĂĚĂ Ă ƉĞŶĂ
ŵĄǆŝŵĂĞŵĂďƐƚƌĂƚŽƉĂƌĂŽĐĄůĐƵůŽŶĂƚĂďĞůĂŶŽĂƌƚ͘ϭϬϵĚŽW͘

dĞƌŵŽŝŶŝĐŝĂůĚĂWWW͗
ϭ͘ ŽŶƐƵŵĂĕĆŽĚŽĐƌŝŵĞʹĚŽĚŝĂĞŵƋƵĞŽĐƌŝŵĞƐĞĐŽŶƐƵŵŽƵ͖

Ϯ͘ ^ĞĨŽƌƚĞŶƚĂĚŽĐŽŵĞĕĂĂĐŽƌƌĞƌĚŽƷůƚŝŵŽĂƚŽĚĞƚĞŶƚĂƚŝǀĂ͖

ϯ͘ ^Ğ Ž ĐƌŝŵĞ ĨŽƌ ƉĞƌŵĂŶĞŶƚĞ ŽƵ ŚĂďŝƚƵĂů͕ ĐŽŵĞĕĂ Ă ĐŽƌƌĞƌ ĚŽ ŵŽŵĞŶƚŽ Ğŵ ƋƵĞ ĐĞƐƐĂ Ă
ƉĞƌŵĂŶġŶĐŝĂŽƵŚĂďŝƚƵĂůŝĚĂĚĞ͘

ϰ͘ EŽƐĐƌŝŵĞƐĚĞďŝŐĂŵŝĂĞĨĂůƐŝĨŝĐĂĕĆŽĚĞĂƐƐĞŶƚĂŵĞŶƚŽĞŵƌĞŐŝƐƚƌŽĐŝǀŝů͕ĐŽŵĞĕĂĂĐŽƌƌĞƌĚŽ
ĚŝĂĞŵƋƵĞŽĨĂƚŽƐĞƚŽƌŶĂƉƷďůŝĐŽ͘

ĂƵƐĂƐƐƵƐƉĞŶƐŝǀĂƐĚĂWWW͗
ϭ͘ ŶƋƵĂŶƚŽŽƐƵũĞŝƚŽĐƵŵƉƌŝƌƉĞŶĂŶŽĞƐƚƌĂŶŐĞŝƌŽ͘

Ϯ͘ ŶƋƵĂŶƚŽĠƌĞƐŽůǀŝĚĂĞŵŽƵƚƌŽƉƌŽĐĞƐƐŽƋƵĞƐƚĆŽƉƌĞũƵĚŝĐŝĂů͘

ϯ͘ ZĠƵĐŝƚĂĚŽƉŽƌĞĚŝƚĂůƋƵĞŶĆŽĐŽŵƉĂƌĞĐĞĞŶĆŽĐŽŶƐƚŝƚƵŝĂĚǀŽŐĂĚŽʹƌƚ͘ϯϲϲ͕WW͘

ϰ͘ WĞƌşŽĚŽĚĞƉƌŽǀĂĚĂƐƵƐƉĞŶƐĆŽĐŽŶĚŝĐŝŽŶĂůĚŽƉƌŽĐĞƐƐŽ;ƐƵƌƐŝƉƌŽĐĞƐƐƵĂůͿ͘

ĂƵƐĂƐŝŶƚĞƌƌƵƉƚŝǀĂƐĚĂWWW͗;ƉĂƌĂĐŽŶƚĂƌǀŽůƚĂĂŽZKͿ
ϭ͘ ŽZ/DEdKĚĂĚĞŶƷŶĐŝĂŽƵƋƵĞŝǆĂ͘;dEK͊͊͊ŶĆŽĠŽĨĞƌĞĐŝŵĞŶƚŽͿ

Ϯ͘ WƵďůŝĐĂĕĆŽĚĂƐĞŶƚĞŶĕĂĐŽŶĚĞŶĂƚſƌŝĂƌĞĐŽƌƌşǀĞůĞĚŽĂĐſƌĚĆŽĐŽŶĚĞŶĂƚſƌŝŽ͘

ϯ͘ ĞĐŝƐĆŽĚĞƉƌŽŶƷŶĐŝĂ͘

ϰ͘ ĐſƌĚĆŽƋƵĞĐŽŶĨŝƌŵĂĂƉƌŽŶƷŶĐŝĂ͘

K^͘ϭ͗ WWW Ğŵ ĂďƐƚƌĂƚŽ ʹ ƐĞŶĚŽ ĞƐƚĂ ĐĂůĐƵůĂĚĂ ĞŶƚƌĞ ŽƐ ŵĂƌĐŽƐ ŝŶƚĞƌƌƵƉƚŝǀŽƐ Ğ ƋƵĞ ůĞǀĂŵ Ğŵ
ĐŽŶƐŝĚĞƌĂĕĆŽ ŶŽ ĐĄůĐƵůŽ ĚŽ ƉƌĂǌŽ ƉƌĞƐĐƌŝĐŝŽŶĂů ũƵŶƚŽ ĂŽ ƌƚ͘ ϭϬϵ ĚŽ W Ă ŵĂŝŽƌ ƉĞŶĂ Ğŵ ĂďƐƚƌĂƚŽ
ƉƌĞǀŝƐƚĂƉĂƌĂŽĐƌŝŵĞ͘
ϰϱ

ƌŝŵĞĚĞĐŽŶƐƚƌĂŶŐŝŵĞŶƚŽŝůĞŐĂů
&ĂƚŽĐŽŶƐƵŵĂĚŽ
ϭϮ

Z/DEdK
EjE/ͬYh/y

ϭEK/EdZZKDW/EdZZKDWÊdEWE>KEEdMZ/ZKZZ1s>
WĞŶĂŵĂǆ͘DϰEK^DϰEK^WWWĞŵ^dZdK
ĞŵĂďƐƚƌĂƚŽ

WĂƌĂĚĂƌƉƌĞƐĐƌŝĕĆŽ;ŶĆŽƐŽŵĂƉƋŝŶƚĞƌƌŽŵƉĞͿ
EĆŽĚĞƵϰĂʹŶĆŽĐŽŶƐĞŐƵŝƵƉƌĞƐĐƌĞǀĞƌ
WƌĞƐĐƌĞǀĞĞŵϰĂŶŽƐ
K^͘Ϯ͗ WWW Ğŵ ĐŽŶĐƌĞƚŽ ƌĞƚƌŽĂƚŝǀĂ ʹ Ġ ĂƋƵĞůĂ ƋƵĞ ŽĐŽƌƌĞ ĞŶƚƌĞ Ž ƚĞƌŵŽ ŝŶŝĐŝĂů Ğ Ž ƌĞĐĞďŝŵĞŶƚŽ ĚĂ
ĚĞŶƷŶĐŝĂŽƵĚĞŶƚƌĞŽƐŽƵƚƌŽƐŵĂƌĐŽƐŝŶƚĞƌƌƵƉƚŝǀŽƐĂŶƚĞƌŝŽƌĞƐăƐĞŶƚĞŶĕĂ͘>ĞǀĂĞŵĐŽŶƐŝĚĞƌĂĕĆŽƉĂƌĂ
Ž ĐĄůĐƵůŽ ĚŽ ƉƌĂǌŽ ƉƌĞƐĐƌŝĐŝŽŶĂů Ă ƉĞŶĂ Ğŵ ĐŽŶĐƌĞƚŽ Ğ ƉŽƌ ŝƐƐŽ ĞǆŝŐĞ ƉĂƌĂ ƐĞƵ ƌĞĐŽŶŚĞĐŝŵĞŶƚŽ Ž
ƚƌąŶƐŝƚŽĞŵũƵůŐĂĚŽƉĂƌĂĂĂĐƵƐĂĕĆŽ͘
ϰϲ

ϭϮϯdƌĂŶƐŝƚŽƵĞŵũƵůŐĂĚŽ
Z/DEdK
EjE/ͬYh/y
ϮĂŶŽƐϭĂŶŽϭĂŶŽ
dZDK/E//>ÊdEWE>KEEdMZ/ZKZZ1s>
:Ƶŝǌ ĨŝǆŽƵ Ă WE D1E/D D Ϭϯ D^^
;WZ^ZsDϬϮEK^Ϳ

/ŶƚŝŵĂĂƐƉĂƌƚĞƐ͕ĂĂĐƵƐĂĕĆŽĠĂƉƌŝŵĞŝƌĂĂƐĞƌ
ŝŶƚŝŵĂĚĂ͕ Ž ƉƌŽŵŽƚŽƌ ƚŽŵĂ ĐŝġŶĐŝĂ͕ EK
ZKZZ ;ĚĞƐŝƐƚĞ ĚŽ ƌĞĐƵƌƐŽͿ͕ dZE^/dKh
D:h>'KWZ&^͘

,ŽƵǀĞŽdƌĂŶƐŝƚŽĞŵũƵůŐĂĚŽƉĂƌĂĂĂĐƵƐĂĕĆŽ
ĐŽŵ ďĂƐĞ ŶĂ ƉĞŶĂ ŝŶ KEZdK ;ϯŵ ї Ϯ ĂͿ
ĚĞƵƉƌĞƐĐƌŝĕĆŽ͍
WƌĞƐĐƌĞǀĞƵĞŵϮĂŶŽƐWWWDKEZdKZdZKd/sK
K^͘ϯ͗ WWW Ğŵ ĐŽŶĐƌĞƚŽ ƐƵƉĞƌǀĞŶŝĞŶƚĞͬŝŶƚĞƌĐŽƌƌĞŶƚĞ ʹ Ġ ĂƋƵĞůĞ ƋƵĞ ŽĐŽƌƌĞ ĂƉſƐ Ă ƐĞŶƚĞŶĕĂ
ĐŽŶĚĞŶĂƚſƌŝĂ ƌĞĐŽƌƌşǀĞů ůĞǀĂŶĚŽ Ğŵ ĐŽŶƐŝĚĞƌĂĕĆŽ ƉĂƌĂ Ž ĐĄůĐƵůŽ ĚŽ ƉƌĂǌŽ ƉƌĞƐĐƌŝĐŝŽŶĂů Ă ƉĞŶĂ Ğŵ
ĐŽŶĐƌĞƚŽ͘
ϭϮϯ^ĞŶƚĞŶĕĂƚƌĂŶƐŝƚĂĚĂĞŵũƵůŐĂĚŽ

ϭEKϭEK^ĞŶƚĞŶĕĂWĞŶĂů
ŽŶĚĞŶĂƚſƌŝĂƌĞĐŽƌƌşǀĞů
WWW Ğŵ KEZdK ^hWZsE/Ed Kh
/EdZKZZEd

dEK͊͊͊KďƐĞƌǀĂĕƁĞƐƐƵƉĞƌŝŵƉŽƌƚĂŶƚĞƐ͗
9 ŽŵĞŶŽƌĚĞϮϭĂŶŽƐŶĂĚĂƚĂĚŽĨĂƚŽ͕ĞŵĂŝŽƌĚĞϳϬĂŶŽƐŶĂĚĂƚĂĚĂƐĞŶƚĞŶĕĂ͕ŽƉƌĂǌŽƉƌĞƐĐƌŝĐŝŽŶĂů
ĐĂŝƉĞůĂŵĞƚĂĚĞ͖

9 ^ĆŽŝŵƉƌĞƐĐƌŝƚşǀĞŝƐŽƌĂĐŝƐŵŽĞĂĂĕĆŽĚĞŐƌƵƉŽƐĂƌŵĂĚŽƐĐŽŶƚƌĂŽƐƚĂĚŽĞŵŽĐƌĄƚŝĐŽ͖

9 EŽĐĂƐŽĚĞĐŽŶĐƵƌƐŽĚĞĐƌŝŵĞƐĂƉƌĞƐĐƌŝĕĆŽĚĞǀĞƐĞƌĐŽŶƚĂĚĂƉĂƌĂĐĂĚĂĐƌŝŵĞƐĞƉĂƌĂĚĂŵĞŶƚĞ͘

33(±12'(8
(6&RPUHODomRDRFRQFXUVRGHFULPHVDVVLQDOHDRSomRLQFRUUHWD
D2FRUUHRFRQFXUVRPDWHULDOGHFULPHVTXDQGRRDJHQWHPHGLDQWHPDLVGHXPDDomRRXRPLVVmRSUDWLFDGRLVRXPDLV
FULPHV GD PHVPD HVSpFLH H SHODV FRQGLo}HV GH WHPSR OXJDU PDQHLUD GH H[HFXomR H RXWUDV VHPHOKDQWHV GHYHP RV
VXEVHTHQWHV
VHUKDYLGRVFRPRFRQWLQXDomRGRSULPHLUR
E2FRUUHRFRQFXUVRIRUPDOTXDQGRRDJHQWHPHGLDQWHXPDVyDomRRXRPLVVmRSUDWLFDGRLVRXPDLVFULPHVLGrQWLFRVRX
QmR
F1RFRQFXUVRPDWHULDODSOLFDPVHFXPXODWLYDPHQWHDVSHQDVSULYDWLYDVGHOLEHUGDGHHPTXHRDJHQWHKDMDLQFRUULGR
ϰϳ

G'HDFRUGRFRPRHQWHQGLPHQWRGR67-REHQHItFLRGDVXVSHQVmRGRSURFHVVRQmRpDSOLFiYHOHPUHODomRjVLQIUDo}HV
SHQDLVFRPHWLGDVHPFRQFXUVRPDWHULDOFRQFXUVRIRUPDORXFRQWLQXLGDGHGHOLWLYDTXDQGRDSHQDPtQLPDFRPLQDGDVHMD
SHORVRPDWyULRVHMDSHODLQFLGrQFLDGDPDMRUDQWHXOWUDSDVVDUROLPLWHGHXPDQR

ϭϮǑĂƵůĂʹϮϭ͘Ϭϰ͘Ϭϴʹ&ůĄǀŝŽDĂƌƚŝŶƐ

ƌŝŵĞƐĐŽŶƚƌĂĂǀŝĚĂ
,KD/1/K
• ŽŶĐĞŝƚŽĚĞŵŽƌƚĞсĐŽŶĐĞŝƚŽĚĞŵŽƌƚĞĞŶĐĞĨĄůŝĐĂʹ>ĞŝĚĞdƌĂŶƐƉůĂŶƚĞƐ͘
WŽĚĞƐĞƌ͗
ϭ͘ ,ŽŵŝĐşĚŝŽWƌŝǀŝůĞŐŝĂĚŽʹƌƚ͘ϭϮϭ͕ΑϭǑ͕WʹĐĂƵƐĂĚĞĚŝŵŝŶƵŝĕĆŽĚĞƉĞŶĂ͖
Ă͘ ZĞůĞǀĂŶƚĞǀĂůŽƌŵŽƌĂůʹĐƌŝŵĞĂƉƌŽǀĂĚŽƉĞůĂŵŽƌĂůƉƌĄƚŝĐĂʹǆ͗͘ĞƵƚĂŶĄƐŝĂ͖
ď͘ ZĞůĞǀĂŶƚĞǀĂůŽƌƐŽĐŝĂůʹĠĂŵŽƌƚĞƉƌŽǀŽĐĂĚĂŶĂĚĞĨĞƐĂĚŽŝŶƚĞƌĞƐƐĞĚĞƵŵŐƌƵƉŽƐŽĐŝĂů͘ǆ͗͘
ŵĂƚĂƌŽĐŚĞĨĞĚŽŵŽƌƌŽ͖
Đ͘ ŽŵşŶŝŽĚĞǀŝŽůĞŶƚĂĞŵŽĕĆŽůŽŐŽĂƉſƐŝŶũƵƐƚĂƉƌŽǀŽĐĂĕĆŽĚĂǀşƚŝŵĂ͖
W͘^͗͘KŚŽŵŝĐşĚŝŽƉƌŝǀŝůĞŐŝĂĚŽ:D/^ƐĞƌĄŚĞĚŝŽŶĚŽ͘^ĞƚĞŵƉƌŝǀŝůĠŐŝŽŶĆŽƚĞŵŚĞĚŝŽŶĚĞǌ͘
Ϯ͘ ,ŽŵŝĐşĚŝŽYƵĂůŝĨŝĐĂĚŽʹƌƚ͘ϭϮϭ͕ΑϮǑ͕W͗
Ă͘ WĂŐĂƉƌŽŵĞƐƐĂĚĞƌĞĐŽŵƉĞŶƐĂŽƵŽƵƚƌŽŵŽƚŝǀŽƚŽƌƉĞ͖
ŵŽƚŝǀŽƐ
ď͘ DŽƚŝǀŽĨƷƚŝůʹĠŽĨůĂŐƌĂŶƚĞŵĞŶƚĞĚĞƐƉƌŽƉŽƌĐŝŽŶĂůʹǆ͗͘ďƌŝŐĂĚĞƚƌĂŶƐŝƚŽ͕ďƌŝŐĂĚĞƚŽƌĐŝĚĂ͖
Đ͘ sĞŶĞŶŽ͕ĨŽŐŽ͕ĞǆƉůŽƐĆŽ͕ĂƐĨŝǆŝĂ͕ƚŽƌƚƵƌĂ͕ŝŶƐŝĚŝŽƐŽ͕ĐƌƵĞů͕ƉĞƌŝŐŽĐŽŵƵŵ͘
ŵĞŝŽ K^͗͘ ŝĨĞƌĞŶĕĂ ĚĞ ŚŽŵŝĐşĚŝŽ ŵĞĚŝĂŶƚĞ ƚŽƌƚƵƌĂ Ğ ƚŽƌƚƵƌĂ ĐŽŵ ƌĞƐƵůƚĂĚŽ ŵŽƌƚĞ ʹ ŶŽ ƉƌŝŵĞŝƌŽ Ž
ŽďũĞƚŝǀŽĠĂŵŽƌƚĞĞŽŵĞŝŽĞƐĐŽůŚŝĚŽĠĂƚŽƌƚƵƌĂ͘EŽƐĞŐƵŶĚŽŽŽďũĞƚŝǀŽĠĂƚŽƌƚƵƌĂĞĂŵŽƌƚĞƵŵ
ƌĞƐƵůƚĂĚŽƋƵĞǀĞŵĚŽĞǆĐĞƐƐŽ͘
Ě͘ dƌĂŝĕĆŽ͕ ĞŵďŽƐĐĂĚĂ͕ ĚŝƐƐŝŵƵůĂĕĆŽ ŽƵ ŽƵƚƌŽ ƌĞĐƵƌƐŽ ƋƵĞ ĚŝĨŝĐƵůƚĞͬŝŵƉŽƐƐŝďŝůŝƚĞ Ă ĚĞĨĞƐĂ ĚĂ
ŵŽĚŽƐ ǀşƚŝŵĂ͘
Ğ͘ ƐƐĞŐƵƌĂƌĂĞǆĞĐƵĕĆŽ͕ĂŽĐƵůƚĂĕĆŽ͕ŝŵƉƵŶŝĚĂĚĞĞĂǀĂŶƚĂŐĞŵĚĞƵŵŽƵƚƌŽĐƌŝŵĞ͘
ŵŽƚŝǀŽƐ W͘^͗͘EĂŽĐƵůƚĂĕĆŽĂŵŽƌƚĞŽĐŽƌƌĞƉĂƌĂƋƵĞŶĆŽƐĞƐĂŝďĂƋƵĞŚŽƵǀĞĐƌŝŵĞ͘
EĂ ŝŵƉƵŶŝĚĂĚĞ Ă ŵŽƌƚĞ ďƵƐĐĂ ůŝǀƌĂƌ Ž ƐƵũĞŝƚŽ ĚĂƐ ĐŽŶƐĞƋƺġŶĐŝĂƐ ĂŝŶĚĂ ƋƵĞ ƐĞ ƐĂŝďĂ ƋƵĞ ŚŽƵǀĞ
ĐƌŝŵĞ͘
EĂǀĂŶƚĂŐĞŵ͕ƉŽƌĞǆĞŵƉůŽ͕ŽƐƵũĞŝƚŽŵĂƚĂŽĐŽŵƉĂƌƐĂƉĂƌĂĨŝĐĂƌĐŽŵƚŽĚŽŽƉƌŽĚƵƚŽĚŽĐƌŝŵĞ͘
/DWKZdEd͊͊͊KŚŽŵŝĐşĚŝŽƋƵĂůŝĨŝĐĂĚŽĠ͕ĞŵƌĞŐƌĂ͕ŚĞĚŝŽŶĚŽ͘
K ,ŽŵŝĐşĚŝŽ ƋƵĂůŝĨŝĐĂĚŽ Ğ ƉƌŝǀŝůĞŐŝĂĚŽ Ġ ƉŽƐƐşǀĞů ƋƵĂŶĚŽ ĂƐ ƋƵĂůŝĨŝĐĂĚŽƌĂƐ ƐĆŽ ŽďũĞƚŝǀĂƐ͕ ŽƵ ƐĞũĂ͕ ŵĞŝŽƐ Ğ
ŵŽĚŽƐƉƌĞǀŝƐƚĂƐŶŽƐŝŶĐŝƐŽƐ///Ğ/s͘^ĞĂƋƵĂůŝĨŝĐĂĚŽƌĂĨŽƌƐƵďũĞƚŝǀĂ;ŵŽƚŝǀŽƐĐŽŵŽĂƐƉƌĞǀŝƐƚĂƐŶŽƐŝŶĐŝƐŽƐ/͕//Ğ
sͿƐĞƌĄŝŵƉŽƐƐşǀĞůĂĐŽŵďŝŶĂĕĆŽĚĂƋƵĂůŝĨŝĐĂĚŽƌĂĐŽŵŽƉƌŝǀŝůĠŐŝŽ͘
KŚŽŵŝĐşĚŝŽƋƵĂůŝĨŝĐĂĚŽĞƉƌŝǀŝůĞŐŝĂĚŽŶĆŽĠŚĞĚŝŽŶĚŽ͘

ƌŝŵĞƐĐŽŶƚƌĂĂǀŝĚĂ
/Ϳ,ŽŵŝĐşĚŝŽƐƐƉĞĐŝĂŝƐ
ϰϴ

• ,ŽŵŝĐşĚŝŽ^ŝŵƉůĞƐ
o K ,^ ŶĆŽ Ġ ŚĞĚŝŽŶĚŽ ƐĂůǀŽ ƋƵĂŶĚŽ ĐŽŵĞƚŝĚŽ Ğŵ ĂĕĆŽ ƚşƉŝĐĂ ĚĞ ŐƌƵƉŽ ĚĞ
ĞǆƚĞƌŵşŶŝŽ͘
• ,ŽŵŝĐşĚŝŽWƌŝǀŝůĞŐŝĂĚŽ
o ƵŵĂĚŝŵŝŶƵŝĕĆŽĚĞƉĞŶĂ͕ĚŝǌƌĞƐƉĞŝƚŽĂŽŵŽƚŝǀŽĞĠƐĞŵƉƌĞƐƵďũĞƚŝǀŽ͘
o ,ŝƉſƚĞƐĞƐĚĞƉƌŝǀŝůĠŐŝŽ
o ZĞůĞǀĂŶƚĞǀĂůŽƌƐŽĐŝĂů
o ZĞůĞǀĂŶƚĞǀĂůŽƌŵŽƌĂůǆ͘ƵƚĂŶĄƐŝĂ
o ^ŽďŽĚŽŵşŶŝŽĚĞǀŝŽůĞŶƚĂĞŵŽĕĆŽ;ůŽŐŽĂƉſƐŝŶũƵƐƚĂƉƌŽǀŽĐĂĕĆŽͿ
o ŶƚĞŶĚŝŵĞŶƚŽũƵƌŝƐƉƌƵĚĞŶĐŝĂůĠƋƵĞŽŚŽŵŝĐşĚŝŽƉƌŝǀŝůĞŐŝĂĚŽĠŽďƌŝŐĂƚſƌŝŽ͘
• ,ŽŵŝĐşĚŝŽYƵĂůŝĨŝĐĂĚŽ
o ^ĞŵƉƌĞŚĞĚŝŽŶĚŽ͘
o WŽĚĞƐĞƌĂŽŵĞƐŵŽƚĞŵƉŽ,WĞ,Y͍WŽĚĞ͕ĚĞƐĚĞƋƵĞ͘͘͘͘
o ^d&ʹ,YWŶĆŽĠŚĞĚŝŽŶĚŽ͘

K:d/sK ^h:d/sK
D/K͗ ĨŽŐŽ͕ ĞǆƉůŽƐŝǀŽ͕ dKZW
ƚŽƌƚƵƌĂ͕ǀĞŶĞŶŽ͕ĂƐĨŝǆŝĂ &jd/>
DKK͗ ƚƌĂŝĕĆŽ͕ ĞŵďŽƐĐĂĚĂ W' Kh WZKD^^
ŽƵĚŝƐƐŝŵƵůĂĕĆŽ ZKDWE^͘

• ,ŽŵŝĐşĚŝŽƵůƉŽƐŽ
• WĞƌĚĆŽ ũƵĚŝĐŝĂů Ž , ĂĚŵŝƚĞ ƋƵĂŶĚŽ ĂƐ ĐŽŶƐĞƋƺġŶĐŝĂƐ ĚŽ ĐƌŝŵĞ ƚŽƌŶĂŵ Ă ƉƵŶŝĕĆŽ
ĚĞƐŶĞĐĞƐƐĄƌŝĂ͘
• ,ŶŽdʹũƵƌŝƐƉƌƵĚġŶĐŝĂĂĚŵŝƚĞƉĞƌĚĆŽũƵĚŝĐŝĂůŶĞƐƚĞĐƌŝŵĞ͘
• ƵŵĞŶƚŽĚĞƉĞŶĂʹĚŽůŽƐŽŝƌĐƵŶƐƚĂŶĐŝĂĚŽĞĐƵůƉŽƐŽ
o YƵĂŶĚŽŽ,ŽŵŝĐşĚŝŽĚŽůŽƐŽƚĞŵƉĞŶĂĂƵŵĞŶƚĂĚĂ͍
DĞŶŽƌĚĞϭϰĞŵĂŝŽƌĚĞϲϬ
o YƵĂŶĚŽŽ,ŽŵŝĐşĚŝŽĐƵůƉŽƐŽƚĞŵĂƉĞŶĂĂƵŵĞŶƚĂĚĂ͍
YƵĂŶĚŽ ĨŽŝ ĐŽŵĞƚŝĚĂ ĐŽŵ ĚĞƐŽďĞĚŝġŶĐŝĂ Ă ƌĞŐƌĂ ƚĠĐŶŝĐĂ͕ ŽƵ ƋƵĂŶĚŽ Ž
ĂŐĞŶƚĞƚĞŶƚĂƌƌĞƉĂƌĂƌĂƐĐŽŶƐĞƋƺġŶĐŝĂƐĚŽƐƐĞƵƐĂƚŽƐ͘
^d:͗,KD/1/Kh>WK^K͘^KKZZK͘s1d/D͘ŽƌĞŐŝƐƚƌĂƌŝŶŝĐŝĂůŵĞŶƚĞƋƵĞŽĨĂƚŽĞŵƋƵĞƐƚĆŽŽĐŽƌƌĞƵĂŶƚĞƐ
ĚĂǀŝŐġŶĐŝĂĚŽſĚŝŐŽƌĂƐŝůĞŝƌŽĚĞdƌąŶƐŝƚŽ;dͿ͕ĂdƵƌŵĂĞŶƚĞŶĚĞƵƋƵĞ͕ŶŽŚŽŵŝĐşĚŝŽĐƵůƉŽƐŽ͕ĂĂƵƐġŶĐŝĂ
ĚĞŝŵĞĚŝĂƚŽƐŽĐŽƌƌŽăǀşƚŝŵĂĠĐĂƵƐĂĚĞĂƵŵĞŶƚŽĚĞƉĞŶĂ;Ăƌƚ͘ϭϮϭ͕ΑϰǑ͕ĚŽWͿĞƋƵĞŶĆŽŚĄƋƵĞƐĞĐŽŐŝƚĂƌ
ŶĂ ĂƉůŝĐĂĕĆŽ ĚĂ ĂƚĞŶƵĂŶƚĞ ŐĞŶĠƌŝĐĂ ĚŽ Ăƌƚ͘ ϲϱ͕ ///͕ ď͕ ĚĂƋƵĞůĞ ŵĞƐŵŽ ĐſĚŝŐŽ ƋƵĂŶĚŽ ƚĂů ƐŽĐŽƌƌŽ ĨŽƌ
ĞĨĞƚŝǀĂŵĞŶƚĞ ƉƌĞƐƚĂĚŽ͕ ƉŽŝƐ ƐĞ ĐƵŝĚĂ͕ Ɛŝŵ͕ ĚĞ ĚĞǀĞƌ ůĞŐĂů ĚŽ ĂŐĞŶƚĞ ĐĂƵƐĂĚŽƌ ĚŽ ĚĞůŝƚŽ͕ ĂŶŽƚĂĚŽ ƋƵĞ ƐĞƵ
ĐƵŵƉƌŝŵĞŶƚŽŶĆŽŝŵƉŽƌƚĂŵŝƚŝŐĂĕĆŽĚĂƐĂŶĕĆŽ͘,ϲϱ͘ϵϳϭͲWZ͕ZĞů͘DŝŶ͘EĂƉŽůĞĆŽEƵŶĞƐDĂŝĂ&ŝůŚŽ͕ũƵůŐĂĚŽ
ĞŵϭϯͬϵͬϮϬϬϳ͘
KZdK
• ŝŶƚĞƌƌƵƉĕĆŽĚĂŐĞƐƚĂĕĆŽĐŽŵŽƌĞƐƵůƚĂĚŽŵŽƌƚĞĚŽĨĞƚŽ͘

• EĆŽ ŝŵƉŽƌƚĂ ƐĞ Ă ŵŽƌƚĞ ĚŽ ĨĞƚŽ ŽĐŽƌƌĞ ĚĞŶƚƌŽ ŽƵ ĨŽƌĂ ĚŽ ǀĞŶƚƌĞ ŵĂƚĞƌŶŽ͕ ƉŽĚĞŶĚŽ ĐŽŶĨŝŐƵƌĂƌ ŶŽƐ
ĚŽŝƐĐĂƐŽƐŽĐƌŝŵĞĚĞĂďŽƌƚŽ͘
ƐƉĠĐŝĞƐ͗
ϭ͘ ƌƚ͘ϭϮϰ͕WʹƵƚŽͲĂďŽƌƚŽʹĂŐĞƐƚĂŶƚĞƋƵĞƉƌŽǀŽĐĂŽƵĐŽŶƐĞŶƚĞ͖
Ϯ͘ ƌƚ͘ϭϮϱ͕WʹďŽƌƚŽƐĞŵĐŽŶƐĞŶƚŝŵĞŶƚŽ͖
ϯ͘ ƌƚ͘ϭϮϲ͕WʹďŽƌƚŽĐŽŵĐŽŶƐĞŶƚŝŵĞŶƚŽ͖
ϰϵ

ϰ͘ ƌƚ͘ϭϮϴ͕WʹďŽƌƚŽůĞŐĂů͘^ŽŵĞŶƚĞĨĞŝƚŽƉŽƌŵĠĚŝĐŽ͘,ŝƉſƚĞƐĞƐ͗
Ă͘ EĞĐĞƐƐĄƌŝŽʹƉĂƌĂƐĂůǀĂƌĂǀŝĚĂĚĂŐĞƐƚĂŶƚĞ͖
ď͘ ^ĞŶƚŝŵĞŶƚĂůʹŐƌĂǀŝĚĞǌƋƵĞĚĞĐŽƌƌĞĚĞĞƐƚƵƉƌŽĞƚĞŵƋƵĞƚĞƌŽĐŽŶƐĞŶƚŝŵĞŶƚŽĚĂŐĞƐƚĂŶƚĞ͘
• W͘^͗͘ƉĞŶĂĚŽƌƚ͘ϭϮϱĞϭϮϲĠĂƵŵĞŶƚĂĚĂƐĞĚĂĂĕĆŽĂďŽƌƚŝǀĂƌĞƐƵůƚĂůĞƐĆŽŐƌĂǀĞŽƵŵŽƌƚĞĚĂ
ŐĞƐƚĂŶƚĞ͘
•
/E&Ed/1/K
• ƵŵĐƌŝŵĞƉƌŝǀŝůĞŐŝĂĚŽĞŵƌĞůĂĕĆŽĂŽŚŽŵŝĐşĚŝŽ͘
• YƵĂŝƐŽƐĞůĞŵĞŶƚŽƐ͍
o ^ƵũĞŝƚŽĂƚŝǀŽʹDĆĞĞŵ^dKWhZ/WZ>;ŶĆŽƐĞƉƌĞƐƵŵĞĞƐƚĞĞƐƚĂĚŽ͕
ƚĞŵƋƵĞƐĞƌĨĞŝƚŽƵŵĞǆĂŵĞͿ͘
o ŽŶĐƵƌƐŽĚĞƉĞƐƐŽĂƐʹĚŵŝƚĞĐŽŶĐƵƌƐŽ^/D͘
o ^ƵũĞŝƚŽƉĂƐƐŝǀŽʹ&ŝůŚŽŶĞŽͲŶĂƚŽŽƵŶĂƐĐĞŶƚĞ
o DŽŵĞŶƚŽʹƵƌĂŶƚĞŽƉĂƌƚŽŽƵůŽŐŽĂƉſƐ͘
YƵĂŶĚŽ͍EŽŵŽŵĞŶƚŽĚŽƌŽŵƉŝŵĞŶƚŽĚŽƐĂĐŽĂŵŶŝſƚŝĐŽ͘
Z/DKZdK
• ĂŝŶƚĞƌƌƵƉĕĆŽĚĂŐƌĂǀŝĚĞǌ͕ĐŽŵĂĐŽŶƐĞƋƺĞŶƚĞŵŽƌƚĞĚŽĨĞƚŽ
• ƵŵĂĞǆĐĞĕĆŽĂdĞŽƌŝĂDŽŶŝƐƚĂ͕ƉŽƌƋƵĞĂ'ĞƐƚĂŶƚĞƌĞƐƉŽŶĚĞƉĞůŽƌŝŵĞĚŽĂƌƚ͘ϭϮϰĞ
ŽƚĞƌĐĞŝƌŽƉĞůŽƌŝŵĞĚŽĂƌƚ͘ϭϮϲ͘
ƐƉĠĐŝĞƐƉƌĞǀŝƐƚĂƐƐĆŽϬϯ͗
ͿƵƚŽĂďŽƌƚŽʹƌŝŵĞƉƌſƉƌŝŽ͕ƐſĂŵĆĞ͘
ͿďŽƌƚŽWƌŽǀŽĐĂĚŽͲWƌĂƚŝĐĂĚŽƉŽƌdZ/ZKƐĞŵŽĐŽŶƐĞŶƚŝŵĞŶƚŽ
ͿďŽƌƚŽŽŶƐĞŶƐƵĂůͲƉƌĂƚŝĐĂĚŽƉŽƌdZ/ZKĐŽŵŽĐŽŶƐĞŶƚŝŵĞŶƚŽ
• &ŽƌŵĂƐƋƵĂůŝĨŝĐĂĚŽƌĂƐ;ƉĞŶĂŵĂŝŽƌͿ
o ^ĞĚĞĐŽƌƌĞƌůĞƐĆŽŐƌĂǀĞŽƵŵŽƌƚĞ͕ƐſƐĞĂƉůŝĐĂŶŽƐĐƌŝŵĞƐĚŽĂƌƚŝŐŽϭϮϱĞϭϮϲ͘
• ǆĐůƵĚĞŶƚĞƐĚĞŝůŝĐŝƚƵĚĞ;ďŽƌƚŽĐŽŶƐŝĚĞƌĂĚŽůĞŐĂůͿ͘
o ďŽƌƚŽ >ĞŐĂů Ͳ YƵĂŶĚŽ ƉƌĂƚŝĐĂĚŽ ƉŽƌ ŵĠĚŝĐŽ͕ ŶĆŽ ƉĂƌƚĞŝƌĂ ŽƵ ŽƵƚƌŽ
ƉƌŽĨŝƐƐŝŽŶĂůĚĂƐĂƷĚĞ͘ŵĚŽŝƐĐĂƐŽƐ͗
ďŽƌƚŽEĞĐĞƐƐĄƌŝŽʹĂƋƵĞůĞƉƌĂƚŝĐĂĚŽƉĂƌĂƐĂůǀĂƌĂǀŝĚĂĚĂƉĂĐŝĞŶƚĞ͘
ďŽƌƚŽƐĞŶƚŝŵĞŶƚĂůʹĠĂƋƵĞůĞƋƵĞŽĐŽƌƌĞĞŵĚĞĐŽƌƌġŶĐŝĂĚĞĞƐƚƵƉƌŽ
ĐŽŵĂĂƵƚŽƌŝǌĂĕĆŽĚĂƉĂĐŝĞŶƚĞ͘
^d&Ğ^d:ŶĆŽĂĚŵŝƚĞŵŽĂďŽƌƚŽƵŐġŶŝĐŽ͘
Z/D/Eh/DEdKK^h/1/K;hy1>/KK^h/1/KͿ
• ŽŶĚƵƚĂƐ͗/Eh/Z͕/E^d/'ZĞhy/>/Z
• ^ƵũĞŝƚŽƉĂƐƐŝǀŽ͗,Žƚ͊ŚŽƚ͊ƋƵĂůƋƵĞƌƉĞƐƐŽĂ͕ŵĂƐĞƐƚĂƚĞŵƋƵĞƚĞƌĐŽŶƐĐŝġŶĐŝĂĚŽƋƵĞĞƐƚĂ
ĨĂǌĞŶĚŽ͘
• ŽŶƐƵŵĂĕĆŽ͗ŚŽƚ͊ŚŽƚ͊^ſƐĞĐŽŶƐƵŵĂĐŽŵĂůĞƐĆŽŐƌĂǀĞŽƵŵŽƌƚĞ;ŵĞƐŵŽƋƵĂŶĚŽŽĂƚŽ
ĚĞƐƵŝĐşĚŝŽŶĆŽƐĞĐŽŶƐƵŵĂ͘
• dĞŶƚĂƚŝǀĂ͗ŶĆŽĂĚŵŝƚĞ͘
4XHVW}HV&HVSH
$)iELRLQGX]LX0DUtOLDSRUWDGRUDGHGHVHQYROYLPHQWRPHQWDOUHWDUGDGR²VtQGURPHGH'RZQ²DSUDWLFDUVXLFtGLR
3RVWHULRUPHQWHDSyV0DUtOLDWHUDGHULGRjLGpLD)iELRHPSUHVWRXOKHXPUHYyOYHUYLQGRHODDVHPDWDU1HVVDVLWXDomR
)iELRUHVSRQGHUiSRU
$LQGX]LPHQWRDVXLFtGLR
%LQVWLJDomRDVXLFtGLR
&DX[tOLRDVXLFtGLR
ϱϬ

'KRPLFtGLR&255(7$
%&RQVLGHUHTXHXPDJHVWDQWHVyEULDHVWDQGRQDGLUHomRGHVHXYHtFXORDXWRPRWRUVROLGDFXOSRVDPHQWHFRPXPSRVWH
FDXVDQGRHPUD]mRGRLPSDFWRVRIULGRRDERUWR1HVVDVLWXDomRDFRQGXWDGDJHVWDQWH
$FRUUHVSRQGHDRGHOLWRGHKRPLFtGLR
%FRUUHVSRQGHDRGHOLWRGHOHVmRFRUSRUDOFXOSRVD
&FRUUHVSRQGHDRGHOLWRGHDERUWRSURYRFDGRSHODJHVWDQWH
' QmR JHUD UHVSRQVDELOLGDGH KDMD YLVWD D LQH[LVWrQFLD GH SUHYLVmR OHJDO SDUD D PRGDOLGDGH FXOSRVD GH DERUWR
&255(7$
&hZdK
^ƵďƚƌĂŝƌĐŽŝƐĂĂůŚĞŝĂŵſǀĞůƉĂƌĂƐŝŽƵƉĂƌĂŽƵƚƌĞŵ͘
^ƵďƚƌĂŝƌĠƚŝƌĂƌĚĞĨŽƌŵĂĐůĂŶĚĞƐƚŝŶĂ͘
ŽŝƐĂĠƚŽĚŽŽďũĞƚŽŵſǀĞůƉĂƐƐşǀĞůĚĞĂƉƌĞĞŶƐĆŽ͕ƚĞŶĚŽǀĂůŽƌƌĞůĞǀĂŶƚĞ͘
ůŚĞŝĂĠĂƋƵŝůŽƋƵĞĠĚĞƚĞƌĐĞŝƌŽ͘
DſǀĞůĠĂƋƵŝůŽƋƵĞĚĄƉĂƌĂƐĞĚĞƐůŽĐĂƌƐĞŵĚĞƐƚƌƵŝƌ͘
WĂƌĂƐŝŽƵƉĂƌĂŽƵƚƌĞŵʹąŶŝŵŽĚĞƚŝƌĂƌĂĐŽŝƐĂĚĞĨŽƌŵĂĚĞĨŝŶŝƚŝǀĂĚŽƉĂƚƌŝŵƀŶŝŽĚĂǀşƚŝŵĂƉĂƌĂƋƵĞ
ŝŶƚĞŐƌĞŽƵƚƌŽƉĂƚƌŝŵƀŶŝŽ͘

9 W͘^͗͘KĨƵƌƚŽĚĞĐŽŝƐĂĐŽŵƵŵʹƌƚ͘ϭϱϲ͕WʹĠĐƌŝŵĞĚĞĂĕĆŽƉĞŶĂůĐŽŶĚŝĐŝŽŶĂĚĂ͘

9 W͘^͗͘&ƵƌƚŽĨĂŵĠůŝĐŽʹĠŽƉƌĂƚŝĐĂĚŽĞŵĞƐƚĂĚŽĚĞŶĞĐĞƐƐŝĚĂĚĞƉĂƌĂƐĂƚŝƐĨĂǌĞƌŶĞĐĞƐƐŝĚĂĚĞĂůŝŵĞŶƚşĐŝĂ
ĞŝŵĞĚŝĂƚĂ͘

&hZdKWZ/s/>'/K͗
ϭͿ ZĞƋƵŝƐŝƚŽƐ͗
Ă͘ WƌŝŵĄƌŝŽʹŶĆŽƌĞŝŶĐŝĚĞŶƚĞ͘
ď͘ ƉĞƋƵĞŶŽǀĂůŽƌĂĐŽŝƐĂ;ƐĂůĄƌŝŽŵşŶŝŵŽͿ͘
ϮͿ ĨĞŝƚŽƐ͗
Ă͘ ZĞĐůƵƐĆŽƉŽĚĞƐĞƌĐŽŶǀĞƌƚŝĚĂĞŵĚĞƚĞŶĕĆŽ͖
ď͘ ŝŵŝŶƵŝĂƉĞŶĂĚĞϭĂϮͬϯ͖ŽƵ͕
Đ͘ ŽŶǀĞƌƚĞĞŵŵƵůƚĂ͘
ϯͿ YƵĂůŝĨŝĐĂĚŽƌĂĚŽĨƵƌƚŽʹƌƚ͘ϭϱϱ͕ΑϰǑ͕W͗
Ă͘ ZŽŵƉŝŵĞŶƚŽĚĞŽďƐƚĄĐƵůŽʹŽŽďƐƚĄĐƵůŽĠŽŽďũĞƚŽĞǆƚĞƌŝŽƌĂĐŽŝƐĂƋƵĞĚĞǀĞƐĞƌǀĞŶĐŝĚŽƉĂƌĂ
ĂƐƵďƚƌĂĕĆŽʹŶĞĐĞƐƐĄƌŝŽǀŝŽůġŶĐŝĂĐŽŶƚƌĂŽŽďƐƚĄĐƵůŽ͖
ď͘ ĞƐƚƌĞǌĂ ;ŚĂďŝůŝĚĂĚĞ ĚŽ ƉƵŶŐƵŝƐƚĂ ʹ ͞ŵĆŽ ůĞǀĞ͟ ʹ Ă ǀşƚŝŵĂ ŶĆŽ ƉĞƌĐĞďĞ Ă ƐƵďƚƌĂĕĆŽ ʹ Ɛſ
ƋƵĂůŝĨŝĐĂ ƋƵĂŶĚŽ Ġ ŶĞĐĞƐƐĄƌŝĂͿ͕ ĂďƵƐŽ ĚĞ ĐŽŶĨŝĂŶĕĂ ;ŶĆŽ ďĂƐƚĂ Ă ƌĞůĂĕĆŽ ĚĞ ĞŵƉƌĞŐŽͿ͕
ĞƐĐĂůĂĚĂ;ĞŶƚƌĂĚĂƉŽƌǀŝĂĂŶŽƌŵĂůĞŵƉƌĠĚŝŽŶŽƐĞŶƚŝĚŽĚĞĐŽŶƐƚƌƵĕĆŽʹƚĞŵƋƵĞƚĞƌĞƐĨŽƌĕŽͿ
ĞĂĨƌĂƵĚĞ;ĂŵĞŶƚŝƌĂĠƵƚŝůŝǌĂĚĂƉĂƌĂĂĨĂƐƚĂƌĂǀŝŐŝůąŶĐŝĂĚĂǀşƚŝŵĂ͘ĚŝĨĞƌĞŶƚĞĚŽĞƐƚĞůŝŽŶĂƚŽ͕
ĞŵƋƵĞĂŵĞŶƚŝƌĂĠƵƚŝůŝǌĂĚĂƉĂƌĂŝůƵĚŝƌĂǀşƚŝŵĂ͕ƋƵĞĞŶƚƌĞŐĂĂĐŽŝƐĂĚĞĨŽƌŵĂĚĞĨŝŶŝƚŝǀĂͿ͖
Đ͘ ŵƉƌĞŐŽ ĚĞ ĐŚĂǀĞ ĨĂůƐĂ ʹ Ġ Ž ƋƵĞ ĂďƌĞ Ž ŵĞĐĂŶŝƐŵŽ ĚĞ ƐĞŐƵƌĂŶĕĂ ĚĞ ĨŽƌŵĂ ŶŽƌŵĂů͘ EĆŽ
ƉƌĞĐŝƐĂƉĂƌĞĐĞƌĐŚĂǀĞ͖
Ě͘ ŽŶĐƵƌƐŽĚĞĂŐĞŶƚĞƐʹƉƌĞǀĂůĞĐĞƋƵĞĐŽŶƚĂŽŵĞŶŽƌ
/^KZKhK͗
ϭ͘ WƌĞǀĂůĞĐĞŶŽƐdƌŝďƵŶĂŝƐ^ƵƉĞƌŝŽƌĞƐƋƵĞŶĆŽĠŶĞĐĞƐƐĄƌŝĂĂƉŽƐƐĞƚƌĂŶƋƺŝůĂƉĂƌĂĐŽŶƐƵŵĂĕĆŽĚŽĐƌŝŵĞ
ĚĞƌŽƵďŽ͖

Ϯ͘ /͊͊͊WƌĞǀĂůĞĐĞŶŽƐdƌŝďƵŶĂŝƐ^ƵƉĞƌŝŽƌĞƐƋƵĞŽĞŵƉƌĞŐŽĚĞĂƌŵĂĚĞďƌŝŶƋƵĞĚŽEKĂƵŵĞŶƚĂĂƉĞŶĂ
ĚŽĐƌŝŵĞĚĞƌŽƵďŽ͘

ϯ͘ ƉƌŝǀĂĕĆŽ ĚĞ ůŝďĞƌĚĂĚĞ ĚĂ ǀşƚŝŵĂ ĂƵŵĞŶƚĂ Ă ƉĞŶĂ ŶŽ ĐƌŝŵĞ ĚĞ ƌŽƵďŽ͘ ĞǀĞ ƐĞƌ ŝŶƚĞƌƉƌĞƚĂĚĂ ĚĂ
ƐĞŐƵŝŶƚĞĨŽƌŵĂ͗
ϱϭ

Ă͘ ƉƌŝǀĂĕĆŽĚĞůŝďĞƌĚĂĚĞŝƌƌĞůĞǀĂŶƚĞŶĆŽŝŶĨůƵġŶĐŝĂĂƉĞŶĂ͖
ď͘ ƉƌŝǀĂĕĆŽĚĞůŝďĞƌĚĂĚĞƌĞůĞǀĂŶƚĞĞŶĞĐĞƐƐĄƌŝĂĐŽŶĨŝŐƵƌĂĂĐĂƵƐĂĚĞĂƵŵĞŶƚŽĚŽŝŶĐŝƐŽsĚŽ
ΑϮǑ͖
Đ͘ ƉƌŝǀĂĕĆŽ ĚĞ ůŝďĞƌĚĂĚĞ ĚĞƐŶĞĐĞƐƐĄƌŝĂ Ğ ƌĞůĞǀĂŶƚĞ ĐŽŶĨŝŐƵƌĂ ĐƌŝŵĞ ĚĞ ƌŽƵďŽ Ğŵ ĐŽŶĐƵƌƐŽ
ĐŽŵĐƌŝŵĞĚĞƐĞƋƺĞƐƚƌŽ͘
/^K^d>/KEdKWKZD/K,Yh͗
ϭ͘ ƌĞƉĂƌĂĕĆŽĚŽĚĂŶŽĂƚĠŽƌĞĐĞďŝŵĞŶƚŽĚĂĚĞŶƷŶĐŝĂƚŽƌŶĂŽĨĂƚŽŝƌƌĞůĞǀĂŶƚĞƉĞŶĂů͖

Ϯ͘ KĞƐƚĞůŝŽŶĂƚŽƉŽƌŵĞŝŽĚĞĐŚĞƋƵĞƉƌĠͲĚĂƚĂĚŽĚĞƐĐĂƌĂĐƚĞƌŝǌĂŽĐƌŝŵĞ͖

ϯ͘ KƵƐŽĚĞĐŚĞƋƵĞƐĞŵĨƵŶĚŽƉĂƌĂƉĂŐĂƌĚşǀŝĚĂŝŶĞǆŝŐşǀĞů;ĚşǀŝĚĂĚĞũŽŐŽ͕ƉƌŽƐƚŝƚƵŝĕĆŽͿ ŶĆŽĐŽŶĨŝŐƵƌĂ
ĐƌŝŵĞ͘

^d:͗ KDWdE/͘ &Zh >dZNE/͘ /EdZEd͘ KEdͲKZZEd͘ EK͘ K ĐĞƌŶĞ ĚĂ ƋƵĞƐƚĆŽ
ĐŽŶƐŝƐƚĞ Ğŵ ƐĞ ĚĞƚĞƌŵŝŶĂƌ Ž ũƵşǌŽ ĐŽŵƉĞƚĞŶƚĞ ƉĂƌĂ ƉƌŽĐĞƐƐĂƌ Ğ ũƵůŐĂƌ ĐƌŝŵĞ ĚĞ ƚƌĂŶƐĨĞƌġŶĐŝĂƐ ĞůĞƚƌƀŶŝĐĂƐ
ďĂŶĐĄƌŝĂƐƐĞŵĐŽŶƐĞŶƚŝŵĞŶƚŽĚŽĐŽƌƌĞŶƚŝƐƚĂƉĂƌĂŽƵƚƌĂƉĞƐƐŽĂǀŝĂŝŶƚĞƌŶĞƚĞŵĚĞƚƌŝŵĞŶƚŽĚĂ&͘EŽĐĂƐŽ
ĚŽƐ ĂƵƚŽƐ͕ Ă ĨƌĂƵĚĞ ĨŽŝ ƵƐĂĚĂ ƉĂƌĂ ďƵƌůĂƌ Ž ƐŝƐƚĞŵĂ ĚĞ ƉƌŽƚĞĕĆŽ Ğ ǀŝŐŝůąŶĐŝĂ ĚŽ ďĂŶĐŽ ƐŽďƌĞ ŽƐ ǀĂůŽƌĞƐ
ŵĂŶƚŝĚŽƐ ƐŽď ƐƵĂ ŐƵĂƌĚĂ͕ ĐŽŶĨŝŐƵƌĂŶĚŽ ĐƌŝŵĞ ĚĞ ĨƵƌƚŽ ƋƵĂůŝĨŝĐĂĚŽ ƉŽƌ ĨƌĂƵĚĞ Ğ ŶĆŽ ĞƐƚĞůŝŽŶĂƚŽ͘ ƐƐŝŵ͕
ĐŽŶƐŝĚĞƌĂͲƐĞĐŽŶƐƵŵĂĚŽŽĐƌŝŵĞĚĞĨƵƌƚŽŶŽŵŽŵĞŶƚŽĞŵƋƵĞŽĂŐĞŶƚĞƚŽƌŶĂͲƐĞƉŽƐƐƵŝĚŽƌĚĂƌĞƐĨƵƌƚŝǀĂ͕ŽƵ
ƐĞũĂ͕ ŶŽ ŵŽŵĞŶƚŽ Ğŵ ƋƵĞ Ž ďĞŵ ƐƵďƚƌĂşĚŽ ƐĂŝ ĚĂ ĞƐĨĞƌĂ ĚĞ ĚŝƐƉŽŶŝďŝůŝĚĂĚĞ ĚĂ ǀşƚŝŵĂ͘ EŽ ĐĂƐŽ͕ Ă ĐŽŶƚĂͲ
ĐŽƌƌĞŶƚĞĚĂǀşƚŝŵĂĞƐƚĂǀĂƐŝƚƵĂĚĂĞŵWŽƌƚŽůĞŐƌĞͲZ^͕ůŽĐĂůĚĂĐŽŶƐƵŵĂĕĆŽĚŽĚĞůŝƚŽ;Ăƌƚ͘ϭϱϱ͕ΑϰǑ͕//͕ĚŽWͿ͘
ŽŵĞƐƐĞĞŶƚĞŶĚŝŵĞŶƚŽ͕ĞŵƐŝŶƚŽŶŝĂĐŽŵŽƉĂƌĞĐĞƌĚŽDW&ĞĂũƵƌŝƐƉƌƵĚġŶĐŝĂĚĞƐƚĞ^ƵƉĞƌŝŽƌdƌŝďƵŶĂů͕Ă^ĞĕĆŽ
ĚĞĐůĂƌŽƵ ĐŽŵƉĞƚĞŶƚĞ Ž :ƵşǌŽ &ĞĚĞƌĂů ƐƵƐĐŝƚĂŶƚĞ͘ WƌĞĐĞĚĞŶƚĞ ĐŝƚĂĚŽ͗ ϲϳ͘ϯϰϯͲ'K͘ ϳϮ͘ϳϯϴͲZ^͕ ZĞů͘ DŝŶ͘
DĂƌŝĂdŚĞƌĞǌĂĚĞƐƐŝƐDŽƵƌĂ͕ũƵůŐĂĚŽĞŵϴͬϴͬϮϬϬϳ͘

^d&͗ZKhKDKDEdKKE^hDd/sK͖dƵƌŵĂ͕ƉŽƌŵĂŝŽƌŝĂ͕ŝŶĚĞĨĞƌŝƵŚĂďĞĂƐĐŽƌƉƵƐĞŵƋƵĞƐĞƉůĞŝƚĞĂǀĂ
ĂƚŝƉŝĨŝĐĂĕĆŽĚĂĐŽŶĚƵƚĂĚŽƐƉĂĐŝĞŶƚĞƐŶĂŵŽĚĂůŝĚĂĚĞƚĞŶƚĂĚĂĚŽĐƌŝŵĞĚĞƌŽƵďŽ͕ĂŽĂƌŐƵŵĞŶƚŽĚĞƋƵĞŶĆŽ
ŚŽƵǀĞƌĂĂĐĞƐƐĂĕĆŽĚĂĂŵĞĂĕĂͬǀŝŽůġŶĐŝĂĂůĞŐŝƚŝŵĂƌĂƐƵĂĐŽŶƐƵŵĂĕĆŽ͕ƵŵĂǀĞǌƋƵĞĨŽƌĂŵƐƵƌƉƌĞĞŶĚŝĚŽƐŶŽ
ŝŶƐƚĂŶƚĞĞŵƋƵĞĂĂĕĆŽŽĐŽƌƌŝĂĞƐŽĨƌĞƌĂŵŝŶƚĞƌĐĞƉƚĂĕĆŽŝŵĞĚŝĂƚĂ͘ƐĐůĂƌĞĐĞƵͲƐĞ͕ŝŶŝĐŝĂůŵĞŶƚĞ͕ƋƵĞ͕ĂƉſƐĂ
ƐƵďƚƌĂĕĆŽĚĂĐŽŝƐĂ͕ŽƐƉĂĐŝĞŶƚĞƐĚĞŝǆĂƌĂŵŽůŽĐĂůĐĂŵŝŶŚĂŶĚŽ͕ĞƋƵĞĂǀşƚŝŵĂ͕ƉĞƌĐĞďĞŶĚŽĂĚŝƌĞĕĆŽƋƵĞ
ƚŽŵĂǀĂŵ͕ŝŶĨŽƌŵĂƌĂăĂƵƚŽƌŝĚĂĚĞůŽĐĂů͕ƋƵĞ͕ƉŽƌƐƵĂǀĞǌ͕ĞĨĞƚŝǀĂƌĂĂƉƌŝƐĆŽĚŽƐŵĞƐŵŽƐ͘ƉůŝĐŽƵͲƐĞŽ
ĞŶƚĞŶĚŝŵĞŶƚŽĨŝƌŵĂĚŽƉĞůŽ^d&͕ƋƵĞĚŝƐƉĞŶƐĂ͕ƉĂƌĂĂĐŽŶƐƵŵĂĕĆŽĚŽƌŽƵďŽ͕ŽĐƌŝƚĠƌŝŽĚĞƐĂşĚĂĚĂĐŽŝƐĂĚĂ
ĐŚĂŵĂĚĂ͞ĞƐĨĞƌĂĚĞǀŝŐŝůąŶĐŝĂĚĂǀşƚŝŵĂ͟ĞƐĞĐŽŶƚĞŶƚĂĐŽŵĂǀĞƌŝĨŝĐĂĕĆŽĚĞƋƵĞ͕ĐĞƐƐĂĚĂĂĐůĂŶĚĞƐƚŝŶŝĚĂĚĞ
ŽƵĂǀŝŽůġŶĐŝĂ͕ŽĂŐĞŶƚĞƚĞŶŚĂƚŝĚŽĂƉŽƐƐĞĚĂƌĞƐĨƵƌƚŝǀĂ͕ĂŝŶĚĂƋƵĞƌĞƚŽŵĂĚĂ͕ĞŵƐĞŐƵŝĚĂ͕ƉĞůĂƉĞƌƐĞŐƵŝĕĆŽ
ŝŵĞĚŝĂƚĂ͘sĞŶĐŝĚŽŽDŝŶ͘DĂƌĐŽƵƌĠůŝŽƋƵĞ͕ƐĂůŝĞŶƚĂŶĚŽĂƚƌĂŶƐĐƌŝĕĆŽĚŽĚĞƉŽŝŵĞŶƚŽĚĂǀşƚŝŵĂĂƌĞǀĞůĂƌƋƵĞ
ŶĆŽƉĞƌĚĞƌĂŽƐĂŐĞŶƚĞƐĚĞǀŝƐƚĂ͕ĐŽŶƐŝĚĞƌŽƵƋƵĞŽƌĞĐƵƌƐŽĞƐƉĞĐŝĂů͕ĂŽƌĞƐƚĂďĞůĞĐĞƌĂƐĞŶƚĞŶĕĂƋƵĞĐŽŶĚĞŶĂƌĂ
ŽƐƉĂĐŝĞŶƚĞƐƉŽƌƌŽƵďŽĐŽŶƐƵŵĂĚŽ͕ŶĆŽƚŝŶŚĂĐŽŶĚŝĕƁĞƐĚĞƐĞƌĐŽŶŚĞĐŝĚŽ͘WƌĞĐĞĚĞŶƚĞƐĐŝƚĂĚŽƐ͗ZϭϬϮϰϵϬͬ^W
;:hĚĞϭϲ͘ϴ͘ϮϬϬϭͿ͖,ϴϵϵϱϴͬ^W;:hĚĞϮϳ͘ϰ͘ϮϬϬϳͿ͖,ϴϵϲϱϯͬ^W;:hĚĞϮϯ͘ϯ͘ϮϮϬϳͿ͘,ϴϵϵϱϵͬ^W͕ƌĞů͘DŝŶ͘
ĂƌůŽƐƌŝƚƚŽ͕Ϯϵ͘ϱ͘ϮϬϬϳ͘;,Ͳϴϵϵϱϵ

ƌŝŵĞƐĐŽŶƚƌĂŽƉĂƚƌŝŵƀŶŝŽ
ϭͿ&hZdKʹĂƌƚ͘ϭϱϱ͕W
ϱϮ

• ƐƉĠĐŝĞƐ͗
o &ƵƌƚŽ^ŝŵƉůĞƐ͗^ƵďƚƌĂŝƌƐĞŵŽĐŽŶƐĞŶƚŝŵĞŶƚŽĚĂǀşƚŝŵĂ͘^ĞĂǀşƚŝŵĂĞŶƚƌĞŐĂŽ
ďĞŵŶĆŽĠĨƵƌƚŽĠƉƌŽƉƌŝĂĕĆŽŝŶĚĠďŝƚĂ͘
o &ƵƌƚŽEŽƚƵƌŶŽͲZĞƉŽƵƐŽŶŽƚƵƌŶŽ͗;ĐĂƵƐĂĚĞĂƵŵĞŶƚŽ ĚĞƉĞŶĂĞŵϭͬϯͿ͖ĠŽ
ŚŽƌĄƌŝŽĞŵƋƵĞŚĂďŝƚƵĂůŵĞŶƚĞƐĞĞŶĐŽŶƚƌĂŵƌĞƉŽƵƐĂŶĚŽ͘
^ſƐĞĂƉůŝĐĂĂŽĨƵƌƚŽƐŝŵƉůĞƐ͘
• &ƵƌƚŽ WƌŝǀŝůĞŐŝĂĚŽ ŽƵ ŵşŶŝŵŽ͗ YƵĂŶĚŽ Ă ͞ĐŽŝƐĂ͟ĨŽƌ ĚĞ ƉĞƋƵĞŶŽ ǀĂůŽƌ Ϭϭ ƐĂů
ŵŝŶͿĞŽĐƌŝŵŝŶŽƐŽĨŽƌƉƌŝŵĄƌŝŽ͘KũƵŝǌƉŽĚĞ͗
ŝŵŝŶƵŝƌĂƉĞŶĂĚĞƌĞĐůƵƐĆŽƉĞůĂĚĞĚĞƚĞŶĕĆŽ
ŝŵŝŶƵşͲůĂĚĞƵŵĂĚŽŝƐƚĞƌĕŽƐ
ƉůŝĐĂƌƐŽŵĞŶƚĞƉĞŶĂĚĞŵƵůƚĂ͘
• &ƵƌƚŽYƵĂůŝĨŝĐĂĚŽ͗
ZŽŵƉŝŵĞŶƚŽĚŽŽďƐƚĄĐƵůŽ
&ƵƌƚŽŵĞĚŝĂŶƚĞĨƌĂƵĚĞ
ƐĐĂůĂĚĂ
ĞƐƚƌĞǌĂ
ďƵƐŽĚĞĐŽŶĨŝĂŶĕĂ
ŚĂǀĞĨĂůƐĂ
^ƵďƚƌĂĕĆŽĚĞǀĞşĐƵůŽĂƵƚŽŵŽƚŽƌƋƵĞǀĞŶŚĂĂƐĞƌƚƌĂŶƐƉŽƌƚĂĚŽƉĂƌĂ
ŽƵƚƌŽƐƚĂĚŽŽƵƉĂƌĂŽǆƚĞƌŝŽƌ͘
• DŽŵĞŶƚŽĐŽŶƐƵŵĂƚŝǀŽĚŽĨƵƌƚŽ͗
o ^d&͖ ^d: ʹ Ž ŵŽŵĞŶƚŽ Ğŵ ƋƵĞ Ă ĐŽŝƐĂ ƐĂŝ ĚĂ ĞƐĨĞƌĂ ĚĞ ĚŝƐƉŽŶŝďŝůŝĚĂĚĞ ĚĂ
ǀşƚŝŵĂ͘
ϮͿZKhKĂƌƚ͘ϭϱϳ͕W
• ƌŝŵĞĐŽŵƉůĞǆŽĞŵƐĞŶƚŝĚŽĞƐƚƌŝƚŽ;ĐŽŶũƵŐĂĚŽϬϮƚŝƉŽƐƉĞŶĂŝƐĂƵƚƀŶŽŵŽƐͿ͘
• ƐƉĠĐŝĞƐ
o ZŽƵďŽ WƌſƉƌŝŽ ;ĐĂƉƵƚͿ ͗ WZ/D/ZK sD s/K>E/ Kh 'Zs D͕
WK/^^hdZK͘
o ZŽƵďŽ/ŵƉƌſƉƌŝŽ;ƉĂƌĄŐƌĂĨŽƉƌŝŵĞŝƌŽͿ͗WZ/D/ZKsD^hdZK͕WK/^
s/K>E/Kh'ZsD͘
o ĂƵƐĂ ĚĞ ĂƵŵĞŶƚŽ ĚĞ ƉĞŶĂ ;ϭϱϳ͕ ƉĂƌĄŐƌĂĨŽ ϮͿ͗ ŵƉƌĞŐŽ ĚĞ ĂƌŵĂ ;ŵĂŝƐ
ŝŵƉŽƌƚĂŶƚĞ͕ƚĞŵŽƵƚƌŽƐ͘͘͘Ϳ
WŽƐŝĕĆŽ^d&ͬ^d:ʹĂƌŵĂĚĞďƌŝŶƋƵĞĚŽ͕ĂƌŵĂŝŶĞĨŝĐĂǌ Ğ ƐŝŵƵůĂĕĆŽĚĞ
ĂƌŵĂŶĆŽƉĞƌŵŝƚĞŵĂĐĂƵƐĂĚĞĂƵŵĞŶƚŽĚĞƉĞŶĂ͘
o &ŽƌŵĂƐƋƵĂůŝĨŝĐĂĚŽƌĂƐ͗
ZŽƵďŽƐĞŐƵŝĚŽĚĞ>ĞƐĆŽ'ƌĂǀĞŽƵ
ZŽƵďŽ ƐĞŐƵŝĚŽ ĚĞ DŽƌƚĞ ;ŚĄ Ž ĐƌŝŵĞ ĚĞ >ĂƚƌŽĐşŶŝŽͿ ʹ Ɛſ ĞƐƚĞ Ġ
ŚĞĚŝŽŶĚŽ
• ^ƷŵƵůĂ ^d& ͕ ϲϭϬ ʹ >ĂƚƌŽĐşŶŝŽ͕ ŵŽƌƚĞ ĐŽŶƐƵŵĂĚĂ͕ Ġ
ůĂƚƌŽĐşŶŝŽĐŽŶƐƵŵĂĚŽ͘^ĞƚĞŶƚĂĚŽŽůĂƚƌŽĐşŶŝŽĠƚĞŶƚĂĚŽ͘
WŽĚĞƐĞƌƉƌŽĚƵǌŝĚŽĚĞĨŽƌŵĂĚŽůŽƐĂŽƵĐƵůƉŽƐĂ
o DŽŵĞŶƚŽĐŽŶƐƵŵĂƚŝǀŽ͗
ZŽƵďŽ WƌſƉƌŝŽ ʹ Ă ŵĞƌĂ ĚĞƚĞŶĕĆŽ ĚĂ ĐŽŝƐĂ ũĄ ĐŽŶĨŝŐƵƌĂ Ă
ĐŽŶƐƵŵĂĕĆŽ͕ĂĚŵŝƚĞƚĞŶƚĂƚŝǀĂ͘
ZŽƵďŽ/ŵƉƌſƉƌŝŽʹƌĞƚŝƌĂĚĂĚĂĐŽŝƐĂĚĂĞƐĨĞƌĂĚĂǀşƚŝŵĂĚĞƉŽŝƐƋƵĞ
ƚĞƌŵŝŶŽƵĂǀŝŽůġŶĐŝĂ͘ŽŶƐƵŵĂĐŽŵĂƌĞĂůŝǌĂĕĆŽĚĂǀŝŽůġŶĐŝĂ͘
ϯͿydKZ^K
ϰͿydKZ^KŵĞĚŝĂŶƚĞƐĞƋƺĞƐƚƌŽʹĂƌƚ͘ϭϱϵ͕W
o ĐƌŝŵĞ ĨŽƌŵĂů͕ ƉĞƌŵĂŶĞŶƚĞ͕ ĐŽŶƐƵŵĂͲƐĞ ĐŽŵ Ž ĐŽŶƐƚƌĂŶŐŝŵĞŶƚŽ ĚĂ ǀşƚŝŵĂ ;ĐŽŵ Ž
ƐĞƋƺĞƐƚƌŽͿ͘
ϱͿEK
ϲͿWZKWZ/K/E/dʹĂƌƚ͘ϭϲϴ͕W
o ƉƌŽƉƌŝĂƌͲƐĞĚĞĐŽŝƐĂĂůŚĞŝĂŵſǀĞů͕ĚĞƋƵĞƚĞŵĂƉŽƐƐĞŽƵĂĚĞƚĞŶĕĆŽ͘
o ^ƵũĞŝƚŽ ĂƚŝǀŽ ʹ K ƐƵũĞŝƚŽ ĂƚŝǀŽ ƚĞŵ Ă ƉŽƐƐĞ ŽƵ Ă ĚĞƚĞŶĕĆŽ ĚĞƐǀŝŐŝĂĚĂ͕ Ă ĞůĞ ĐŽŶĨŝĂĚĂ
ƉĞůŽƐƵũĞŝƚŽƉĂƐƐŝǀŽƉĂƐƐĂĂƐĞĐŽŵƉŽƌƚĂƌĐŽŵŽƐĞĨŽƐƐĞĚŽŶŽ͘
ϱϯ

o ŽůŽ^ƵďƐĞƋƺĞŶƚĞͲ
ϳͿWZKWZ/K/E/dWZs/E/Z/
ϵͿZWdKʹĂƌƚ͘ϭϴϬ͕W
o ZĞĐĞƉƚĂĕĆŽƋƵĂůŝĨŝĐĂĚĂ
o ZĞĐĞƉƚĂĕĆŽĐƵůƉŽƐĂ

^d:͗ ZKhK͘ ZD &K'K͘ WZ1/͘ Z/E/E/͘ 'ZsEd͘ /E/s/h>/K͘ WE͘ WĂƌĂ
ĐŽŶĨŝŐƵƌĂƌĂĐĂƵƐĂĞƐƉĞĐŝĂůĚŽĂƵŵĞŶƚŽĚĞƉĞŶĂ;Ăƌƚ͘ϭϱϳ͕ΑǑϮǑ͕/͕ĚŽWͿ͕ŶĆŽƐĆŽŶĞĐĞƐƐĄƌŝĂƐĂĂƉƌĞĞŶƐĆŽĞ
Ă ƉĞƌşĐŝĂ ŶĂ ĂƌŵĂ ĚĞ ĨŽŐŽ ƵƚŝůŝǌĂĚĂ ŶŽ ƌŽƵďŽ͕ ƋƵĂŶĚŽ ĂƐ ĚĞŵĂŝƐ ƉƌŽǀĂƐ ĐŽŶƐƚĂŶƚĞƐ ĚŽƐ ĂƵƚŽƐ ƐĆŽ ĨŝƌŵĞƐ
ƐŽďƌĞƐƵĂĞĨĞƚŝǀĂƵƚŝůŝǌĂĕĆŽŶĂƉƌĄƚŝĐĂĚĂĐŽŶĚƵƚĂĐƌŝŵŝŶŽƐĂ͘EĂĞƐƉĠĐŝĞ͕ĨŽƌĂŵĚŝƐƉĂƌĂĚŽƐƚŝƌŽƐƉĂƌĂŽĂůƚŽŶŽ
ŝŶƚƵŝƚŽĚĞŝŶƚŝŵŝĚĂƌĂƐǀşƚŝŵĂƐĚƵƌĂŶƚĞŽĂƐƐĂůƚŽ͕ĐŝƌĐƵŶƐƚąŶĐŝĂƉŽƌƐŝƐſ͕ĐĂƌĂĐƚĞƌŝǌĂĚŽƌĂĚĂƌĞĂůƉŽƐƐŝďŝůŝĚĂĚĞ
ůĞƐŝǀĂĚĂĂƌŵĂ͘ĚĞŵĂŝƐ͕ƌĞƐƚĂŶĚŽĐŽŵƉƌŽǀĂĚĂŶŽŵŽŵĞŶƚŽĚĂĚŽƐŝŵĞƚƌŝĂĚĂƉĞŶĂĂƌĞŝŶĐŝĚġŶĐŝĂ͕ĂƐĂŶĕĆŽ
ĚĞǀĞƌĄ ƐĞƌ ƐĞŵƉƌĞ ĂŐƌĂǀĂĚĂ͕ ƐŽď ƉĞŶĂ ĚĞ ǀŝŽůĂĕĆŽ ĂŽ ĐŽŵĂŶĚŽ ĚŝƐƉŽƐƚŽ ŶŽ Ăƌƚ͘ ϲϭ͕ /͕ ĚŽ W͘ WƌĞĐĞĚĞŶƚĞƐ
ĐŝƚĂĚŽƐ͗ ZƐƉ ϴϯϴ͘ϭϱϰͲZ^͕ : ϭϴͬϭϮͬϮϬϬϲ͕ ZƐƉ ϴϮϮ͘ϭϲϭͲZ^͕ : ϯϬͬϭϬͬϮϬϬϲ͕ Ğ , ϭϴ͘ϴϭϴͲ^W͕ : ϭϱͬϰͬϮϬϬϮ͘
ZƐƉϵϲϱ͘ϵϵϴͲZ^͕ZĞů͘DŝŶ͘EĂƉŽůĞĆŽEƵŶĞƐDĂŝĂ&ŝůŚŽ͕ũƵůŐĂĚŽĞŵϮϱͬϵͬϮϬϬϳ͘

^d:͗ZKhK͘&hZdK͘KEhZ^K͘'Ed^͘E>K'/͘ĞƐĐĂďŝĚĂĂĂƉůŝĐĂĕĆŽĂŶĂůſŐŝĐĂĚŽĂƌƚ͘ϭϱϳ͕ΑϮǑ͕//͕
W͕ƋƵĞƚƌĂƚĂĚŽĂƵŵĞŶƚŽĚĞƉĞŶĂŶŽĐƌŝŵĞĚĞƌŽƵďŽ͕ĂŽĐƌŝŵĞĚĞĨƵƌƚŽƋƵĂůŝĨŝĐĂĚŽ͕ŵŽƌŵĞŶƚĞĞŵƌĂǌĆŽĚŽ
ĐŽŶĐƵƌƐŽ ĚĞ ĂŐĞŶƚĞƐ ;W͕ Ăƌƚ͘ ϭϱϱ͕ Α ϰǑ͕ /sͿ͘ WƌĞĐĞĚĞŶƚĞƐ ĐŝƚĂĚŽƐ͗ ZƐƉ ϱϰϬ͘ϳϲϴͲZ^͕ : ϮϰͬϭϭͬϮϬϬϯ͕ Ğ ZƐƉ
ϰϬϭ͘ϮϳϰͲZ^͕ : ϰͬϴͬϮϬϬϯ͘ ZƐƉ ϵϭϲ͘ϵϳϳͲZ^͕ ZĞů͘ DŝŶ͘ ĂƌůŽƐ &ĞƌŶĂŶĚŽ DĂƚŚŝĂƐ ;:Ƶŝǌ ĐŽŶǀŽĐĂĚŽ ĚŽ dZ& ϭǐ
ZĞŐŝĆŽͿ͕ũƵůŐĂĚŽĞŵϭϲͬϭϬͬϮϬϬϳ͘

^d:͗,^KZWh^͘^d>/KEdK͘dZEDEdK͘KWE>KƉĂĐŝĞŶƚĞĐŽŵƉƌŽƵŐƌĂŶĚĞƋƵĂŶƚŝĚĂĚĞ
ĚĞŵŝůŚŽ͕ĞŽƐƉƌŝŵĞŝƌŽƐĐŚĞƋƵĞƐƉĂƌĂƉĂŐĂŵĞŶƚŽĨŽƌĂŵĚĞǀŝĚĂŵĞŶƚĞĐŽŵƉĞŶƐĂĚŽƐ͘WŽƐƚĞƌŝŽƌŵĞŶƚĞ͕ĨĞǌƵŵĂ
ŽƵƚƌĂ ĐŽŵƉƌĂ Ă ƉƌĂǌŽ Ğ ĚĞƵ Ğŵ ŐĂƌĂŶƚŝĂ ĐŚĞƋƵĞƐ ƋƵĞ ĂĐĂďĂƌĂŵ ƐĞŶĚŽ ŽďũĞƚŽ ĚŽ ƉƌŽĐĞĚŝŵĞŶƚŽ ĐƌŝŵŝŶĂů
ŝŶƐƚĂƵƌĂĚŽ ;Ăƌƚ͘ ϭϳϭ͕ Α ϮǑ͕ s/͕ ƐĞŐƵŶĚĂ ĨŝŐƵƌĂ͕ ĚŽ WͿ͘ DĂƐ Ž DŝŶ͘ ZĞůĂƚŽƌ ŽďƐĞƌǀŽƵ ƉĂŝƌĂƌ ĚƷǀŝĚĂƐ ƋƵĂŶƚŽ ă
ĞŵŝƐƐĆŽ ĚŽƐ ŵĞŶĐŝŽŶĂĚŽƐ ĐŚĞƋƵĞƐ Ğŵ ŐĂƌĂŶƚŝĂ ĚĞ ĚşǀŝĚĂ͕ ƉŽŝƐ Ž ŽĨĞŶĚŝĚŽ ŶĆŽ ĚĞŝǆŽƵ ĐůĂƌŽ ƚƌĂƚĂƌͲƐĞ ĚĞ
ĐŚĞƋƵĞƐ ƐĞŵ ƐƵĨŝĐŝĞŶƚĞ ƉƌŽǀŝƐĆŽ ĚĞ ĨƵŶĚŽƐ͕ ĚĞ ŽƌĚĞŵ ĚĞ ƉĂŐĂŵĞŶƚŽ ă ǀŝƐƚĂ͘ ͕ ĚŝĂŶƚĞ ĚŝƐƐŽ͕ ŶĆŽ ŚĂǀĞŶĚŽ
ĐůĂƌĞǌĂƋƵĂŶƚŽĂƐĞƚƌĂƚĂƌĚĞŽƌĚĞŶƐĚĞƉĂŐĂŵĞŶƚŽăǀŝƐƚĂ͕ĨĂůŽƵͲƐĞĂƚĠĞŵƉĂŐĂŵĞŶƚŽĂƉƌĂǌŽ͘dƵƌŵĂĚĞƵ
ƉƌŽǀŝŵĞŶƚŽĂŽƌĞĐƵƌƐŽŽƌĚŝŶĄƌŝŽĐŽŵĂĨŝŶĂůŝĚĂĚĞĚĞĞǆƚŝŶŐƵŝƌĂĂĕĆŽƉĞŶĂů͘Z,ϮϬ͘ϲϬϬͲ'K͕ZĞů͘DŝŶ͘EŝůƐŽŶ
EĂǀĞƐ͕ũƵůŐĂĚŽĞŵϵͬϭϬͬϮϬϬϳ͘

^d&͗EdhZKZ/D^d>/KEdKKEdZWZs/E/dƵƌŵĂĐŽŶĐůƵŝƵũƵůŐĂŵĞŶƚŽĚĞŚĂďĞĂƐ
ĐŽƌƉƵƐĞŵƋƵĞĐŽŶĚĞŶĂĚŽăƉĞŶĂĚĞƵŵĂŶŽĞŽŝƚŽŵĞƐĞƐĚĞƌĞĐůƵƐĆŽĞŵƵůƚĂƉĞůĂƉƌĄƚŝĐĂĚŽĐƌŝŵĞƉƌĞǀŝƐƚŽ
ŶŽ Ăƌƚ͘ ϭϳϭ͕ Α ϯǑ͕ ĚŽ W ƉƌĞƚĞŶĚŝĂ Ă ĚĞĐůĂƌĂĕĆŽ ĚĞ ĞǆƚŝŶĕĆŽ ĚĂ ƉƵŶŝďŝůŝĚĂĚĞ ƉĞůĂ ŽĐŽƌƌġŶĐŝĂ ĚĂ ƉƌĞƐĐƌŝĕĆŽ
ƌĞƚƌŽĂƚŝǀĂ͕ŚĂũĂǀŝƐƚĂƋƵĞŽĚĞůŝƚŽĨŽƌĂĐŽŵĞƚŝĚŽĞŵϰ͘ϭϬ͘ϵϰĞĂĚĞŶƷŶĐŝĂƌĞĐĞďŝĚĂĞŵϮϯ͘ϭϭ͘ϵϵ͘dƌĂƚĂǀĂͲƐĞĚĞ
ǁƌŝƚŝŵƉĞƚƌĂĚŽĐŽŶƚƌĂĚĞĐŝƐĆŽĚŽWƌĞƐŝĚĞŶƚĞĚŽ^d:ƋƵĞŶĞŐĂƌĂƐĞŐƵŝŵĞŶƚŽĂƌĞĐƵƌƐŽŽƌĚŝŶĄƌŝŽĂŽĨƵŶĚĂŵĞŶƚŽ
ĚĞ ŶĆŽ ƌĞƐƚĂƌ ĂƚĞŶĚŝĚĂ Ă ĞǆŝŐġŶĐŝĂ ĐŽŶƐƚŝƚƵĐŝŽŶĂů ĞƐƚĂďĞůĞĐŝĚĂ ƉĞůŽ Ăƌƚ͘ ϭϬϮ͕ //͕ Ă͕ ƋƵĂů ƐĞũĂ͕ ĐƵŝĚĂƌͲƐĞ ĚĞ
ĚĞĐŝƐĆŽĐŽůĞŐŝĂĚĂĚĞdƌŝďƵŶĂů^ƵƉĞƌŝŽƌͶǀ͘/ŶĨŽƌŵĂƚŝǀŽϰϲϭ͘dĞŶĚŽĞŵĐŽŶƚĂƋƵĞĂƉĞŶĂĂƉůŝĐĂĚĂƐĞƌŝĂŝŶĨĞƌŝŽƌ
Ă Ϯ ĂŶŽƐ Ğ ƋƵĞ ũĄ ƚƌĂŶƐĐŽƌƌŝĚŽ Ž ƉƌĂǌŽ ƉƌĞƐĐƌŝĐŝŽŶĂů ĚĞ ϰ ĂŶŽƐ ;W͕ Ăƌƚ͘ ϭϬϵ͕ sͿ͕ ĚĞĨĞƌŝƵͲƐĞ Ă ŽƌĚĞŵ ƉĂƌĂ
ĨƵůŵŝŶĂƌ͕ ĂŶƚĞ Ă ƉƌĞƐĐƌŝĕĆŽ ƌĞƚƌŽĂƚŝǀĂ͕ Ă ƉƌĞƚĞŶƐĆŽ ƉƵŶŝƚŝǀĂ͘ /ŶŝĐŝĂůŵĞŶƚĞ͕ ƐĂůŝĞŶƚŽƵͲƐĞ ƋƵĞ Ă ŝŶƚĞƌƉŽƐŝĕĆŽ ĚĞ
ƌĞĐƵƌƐŽ ŽƌĚŝŶĄƌŝŽ ƉƌĞƐƐƵƉƁĞ ĚĞĐŝƐĆŽ ĚĞ dƌŝďƵŶĂů ^ƵƉĞƌŝŽƌ ĨŽƌŵĂůŝǌĂĚĂ ƉŽƌ ĐŽůĞŐŝĂĚŽ Ğ ƋƵĞ͕ ŶĂ ĞƐƉĠĐŝĞ͕ ƐĞƌŝĂ
ĐĂďşǀĞůĂŐƌĂǀŽĐŽŶƚƌĂŽĂƚŽŝŶĚŝǀŝĚƵĂůĚŽƌĞůĂƚŽƌŝŶĚĞĨĞƌŝŶĚŽŽŚĂďĞĂƐ͘YƵĂŶƚŽăƉƌĞƐĐƌŝĕĆŽ͕ŝŶĨŽƌŵŽƵͲƐĞƋƵĞŽ
ƉĂĐŝĞŶƚĞ ĨŽƌĂ ĐŽŶĚĞŶĂĚŽ ƉŽƌ ŚĂǀĞƌ ǀŝĂďŝůŝǌĂĚŽ͕ ŵĞĚŝĂŶƚĞ ĨƌĂƵĚĞ Ğ ŶĂ ƋƵĂůŝĚĂĚĞ ĚĞ ƐĞƌǀŝĚŽƌ ĚŽ /ŶƐƚŝƚƵƚŽ
EĂĐŝŽŶĂůĚŽ^ĞŐƵƌŽ^ŽĐŝĂůͲ/E^^͕ŽƌĞĐŽŶŚĞĐŝŵĞŶƚŽĚĞďĞŶĞĨşĐŝŽƉƌĞǀŝĚĞŶĐŝĄƌŝŽ͘ŽŶƐŝĚĞƌŽƵͲƐĞƋƵĞĂĨƌĂƵĚĞ
ƉĞƌƉĞƚƌĂĚĂ ƉĞůŽ ĂŐĞŶƚĞ ĐŽŶƐƵďƐƚĂŶĐŝĂ ĐƌŝŵĞ ŝŶƐƚĂŶƚąŶĞŽ ĚĞ ƌĞƐƵůƚĂĚŽƐ ƉĞƌŵĂŶĞŶƚĞƐ͕ ŶĆŽ ŽďƐƚĂŶƚĞ ƚĞŶŚĂ
ƌĞƉĞƌĐƵƚŝĚŽ ŶŽ ƚĞŵƉŽ Ğ ďĞŶĞĨŝĐŝĂĚŽ ƚĞƌĐĞŝƌŽ͘ WƌĞĐĞĚĞŶƚĞ ĐŝƚĂĚŽ͗ , ϴϬϯϰϵͬ^ ;:h ĚĞ ϰ͘ϱ͘ϮϬϬϭͿ͘ ,
ϴϲϰϲϳͬZ^͕ƌĞů͘DŝŶ͘DĂƌĐŽƵƌĠůŝŽ͕Ϯϯ͘ϰ͘ϮϬϬϳ͘;,ͲϴϲϰϲϳͿ͘

^d&͗K>>dZNE/ d/W/&/KWE>ŵĐŽŶĐůƵƐĆŽĚĞũƵůŐĂŵĞŶƚŽ͕ŽdƌŝďƵŶĂů͕ƉŽƌŵĂŝŽƌŝĂ͕ƌĞũĞŝƚŽƵ
ĚĞŶƷŶĐŝĂĂƉƌĞƐĞŶƚĂĚĂĐŽŶƚƌĂĞƉƵƚĂĚŽ&ĞĚĞƌĂů͕ĞŵƌĂǌĆŽĚĞƚĞƌĚĞƐƉĞŶĚŝĚŽƋƵĂŶƚŝĂĞŵĚŝŶŚĞŝƌŽŶĂƚĞŶƚĂƚŝǀĂ
ĚĞ ŽďƚĞƌ͕ ƉŽƌ ŝŶƚĞƌŵĠĚŝŽ ĚĞ ĐŽůĂ ĞůĞƚƌƀŶŝĐĂ͕ Ă ĂƉƌŽǀĂĕĆŽ ĚĞ ƐƵĂ ĨŝůŚĂ Ğ ĂŵŝŐŽƐ ĚĞůĂ ŶŽ ǀĞƐƚŝďƵůĂƌ ĚĞ
ƵŶŝǀĞƌƐŝĚĂĚĞ ĨĞĚĞƌĂů͕ ĐŽŶĚƵƚĂ ĞƐƐĂ ƚŝƉŝĨŝĐĂĚĂ ƉĞůŽ DŝŶŝƐƚĠƌŝŽ WƷďůŝĐŽ &ĞĚĞƌĂů ĐŽŵŽ ĐƌŝŵĞ ĚĞ ĞƐƚĞůŝŽŶĂƚŽ ;W͕
ϱϰ

Ăƌƚ͘ϭϳϭͿ͕ĞƉŽƐƚĞƌŝŽƌŵĞŶƚĞĂůƚĞƌĂĚĂƉĂƌĂĨĂůƐŝĚĂĚĞŝĚĞŽůſŐŝĐĂ;W͕Ăƌƚ͘ϮϵϵͿͶǀ͘/ŶĨŽƌŵĂƚŝǀŽƐϯϬϲ͕ϯϵϱĞϰϰϴ͘
ŶƚĞŶĚĞƵͲƐĞ ƋƵĞ Ž ĨĂƚŽŶĂƌƌĂĚŽ ŶĆŽ ĐŽŶƐƚŝƚƵŝƌŝĂ ĐƌŝŵĞ ĂŶƚĞ Ă ĂƵƐġŶĐŝĂ ĚĂƐ ĞůĞŵĞŶƚĂƌĞƐ ŽďũĞƚŝǀĂƐ ĚŽ ƚŝƉŽ͕
ƉŽƌƋƵĂŶƚŽ͕ŶĂĞƐƉĠĐŝĞ͕ĂĨƌĂƵĚĞŶĆŽĞƐƚĂƌŝĂŶĂǀĞƌĂĐŝĚĂĚĞĚŽĐŽŶƚĞƷĚŽĚŽĚŽĐƵŵĞŶƚŽ͕ŵĂƐƐŝŵŶĂƵƚŝůŝǌĂĕĆŽ
ĚĞ ƚĞƌĐĞŝƌŽƐ ŶĂ ĨŽƌŵƵůĂĕĆŽ ĚĂƐ ƌĞƐƉŽƐƚĂƐ ĂŽƐ ƋƵĞƐŝƚŽƐ͘ ^ĂůŝĞŶƚŽƵͲƐĞ͕ ĂŝŶĚĂ͕ ƋƵĞ͕ ĂƉĞƐĂƌ ĚĞ ƐĞƵ ŐƌĂƵ ĚĞ
ƌĞƉƌŽǀĂĕĆŽƐŽĐŝĂů͕ƚĂůĐŽŶĚƵƚĂŶĆŽƐĞĞŶƋƵĂĚƌĂƌŝĂŶŽƐƚŝƉŽƐƉĞŶĂŝƐĞŵǀŝŐŽƌ͕ĞŵĨĂĐĞĚŽƉƌŝŶĐşƉŝŽĚĂƌĞƐĞƌǀĂ
ůĞŐĂůĞĚĂƉƌŽŝďŝĕĆŽĚĞĂƉůŝĐĂĕĆŽĚĂĂŶĂůŽŐŝĂŝŶŵĂůĂŵƉĂƌƚĞŵ͘sĞŶĐŝĚŽƐŽƐDŝŶŝƐƚƌŽƐĂƌůŽƐƌŝƚƚŽ͕ZŝĐĂƌĚŽ
>ĞǁĂŶĚŽǁƐŬŝ͕ :ŽĂƋƵŝŵ ĂƌďŽƐĂ Ğ DĂƌĐŽ ƵƌĠůŝŽ͕ ƋƵĞ ƌĞĐĞďŝĂŵ Ă ĚĞŶƷŶĐŝĂ͘ /ŶƋ ϭϭϰϱͬW͕ ƌĞů͘ ŽƌŝŐ͘ DŝŶ͘
DĂƵƌşĐŝŽŽƌƌġĂ͕ƌĞů͘ƉͬŽĂĐſƌĚĆŽDŝŶ͘'ŝůŵĂƌDĞŶĚĞƐ͕ϭϵ͘ϭϮ͘ϮϬϬϲ͘;/ŶƋͲϭϭϰϱͿ͘

^d:͗ ^d>/KEdK͘ ZWZK͘ EK͘ ZZWE/DEdK͘ dƌĂƚĂͲƐĞ ĚĞ ŚĂďĞĂƐ ĐŽƌƉƵƐ ŝŵƉĞƚƌĂĚŽ ƉĞůĂ
ĞĨĞŶƐŽƌŝĂWƷďůŝĐĂĞŵĨĂǀŽƌĚĞƉĂĐŝĞŶƚĞĐŽŶĚĞŶĂĚĂ͕ĐŽŵŽŝŶĐƵƌƐĂŶĂƐĂŶĕĆŽĚŽĂƌƚ͘ϭϳϭ͕ĐĂƉƵƚ͕ĚŽW͕ăƉĞŶĂ
ĚĞƵŵĂŶŽĚĞƌĞĐůƵƐĆŽ͕ƐƵďƐƚŝƚƵşĚĂƉŽƌƌĞƐƚƌŝƚŝǀĂĚĞĚŝƌĞŝƚŽ͘WŽƐƚƵůĂƐĞũĂĚĞĐůĂƌĂĚĂĂĞǆƚŝŶĕĆŽĚĂƉƵŶŝďŝůŝĚĂĚĞ
ĂŽĂůĞŐĂƌƋƵĞŶĆŽŚŽƵǀĞƉƌĞũƵşǌŽĚĞĐŽƌƌĞŶƚĞĚĂĐŽŶĚƵƚĂ͕ƉŽŝƐĂƉĂĐŝĞŶƚĞƌĞƐƚŝƚƵŝƵăǀşƚŝŵĂŽƐǀĂůŽƌĞƐŽďƚŝĚŽƐ
ŝůŝĐŝƚĂŵĞŶƚĞ͘^ŽůŝĐŝƚĂ͕ƚĂŵďĠŵ͕ĂĂƉůŝĐĂĕĆŽĚĂ^Ʒŵ͘Ŷ͘ϱϱϰͲ^d&ĞŽĚŝƐƉŽƐƚŽŶŽĂƌƚ͘ϯϰĚĂ>ĞŝŶ͘ϵ͘Ϯϰϵͬϭϵϵϱ͕Ă
ƋƵĂůĚĞƚĞƌŵŝŶĂĂĞǆƚŝŶĕĆŽĚĂƉƵŶŝďŝůŝĚĂĚĞƋƵĂŶĚŽŚĄŽƉĂŐĂŵĞŶƚŽĚŽƐƚƌŝďƵƚŽƐĚĞǀŝĚŽƐĂŶƚĞƐĚŽƌĞĐĞďŝŵĞŶƚŽ
ĚĂĚĞŶƷŶĐŝĂ͘ǆƉůŝĐŽƵŽDŝŶ͘ZĞůĂƚŽƌƋƵĞŽĞƐƚĞůŝŽŶĂƚŽĐŽŶƐƵŵŽƵͲƐĞŶŽŵŽŵĞŶƚŽĞŵƋƵĞĂƉĂĐŝĞŶƚĞŽďƚĞǀĞ
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Ž ĐƌŝŵĞ ĚĞ ĞƐƚĞůŝŽŶĂƚŽ Ğŵ ƐƵĂ ĨŽƌŵĂ ďĂƐĞ͕ ƉŽŝƐ Ă ^Ʒŵ Ŷ͘ ϱϱϰͲ^d& Ɛſ ƚĞŵ ĂƉůŝĐĂĕĆŽ ƉĂƌĂ Ž ĐƌŝŵĞ ĚĞ
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ƐĞƌŝŶǀŝĄǀĞůĂĂƉůŝĐĂĕĆŽĚŽĂƌƚ͘ϯϰĚĂ>ĞŝŶ͘ϵ͘ϮϰϵͬϭϵϵϱĂŽĐƌŝŵĞĚĞĞƐƚĞůŝŽŶĂƚŽ͘ŽŵĞƐƐĞĞŶƚĞŶĚŝŵĞŶƚŽ͕Ă
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ƌŝŵĞƐĐŽŶƚƌĂĂŚŽŶƌĂ;ĚŝŐŶŝĚĂĚĞŚƵŵĂŶĂͿ
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ĚĞĨŝŶŝĚŽĐŽŵŽĐƌŝŵĞ͘ ĚĞƐĂďŽŶĂĚŽƌăƌĞƉƵƚĂĕĆŽ͘ dƌĂƚĂͲƐĞĚĂŝŵƉƵƚĂĕĆŽĚĞ
EĆŽƉƌĞĐŝƐĂƐĞƌĨĂůƐŽŽƵ ƋƵĂůŝĚĂĚĞŶĞŐĂƚŝǀĂĂĂůŐƵĠŵ͘
ĐƌŝŵŝŶŽƐŽ
WƌŽƚĞŐĞĂŚŽŶƌĂK:d/s;,KͿ͘ WƌŽƚĞŐĞĂŚŽŶƌĂK:d/s WƌŽƚĞŐĞĂŚŽŶƌĂ^h:d/sͲ,^

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ĐŽŵŽŽũƵşǌŽƋƵĞƚĞƌĐĞŝƌŽƐĨĂǌĞŵ ƉĞƐƐŽĂĨĂǌĂĐĞƌĐĂĚĞƐĞƵƐ
ĂĐĞƌĐĂĚŽƐĂƚƌŝďƵƚŽƐĚĞĂůŐƵĠŵ͘ ĂƚƌŝďƵƚŽƐ͘
^ĞĐŽŶƐƵŵĂƋƵĂŶĚŽĐŚĞŐĂƌĂŽ ^ĞĐŽŶƐƵŵĂƋƵĂŶĚŽĐŚĞŐĂƌĂŽ ^ĞĐŽŶƐƵŵĂƋƵĂŶĚŽĐŚĞŐĂƌĂŽ
ĐŽŶŚĞĐŝŵĞŶƚŽĚĞƚĞƌĐĞŝƌŽ ĐŽŶŚĞĐŝŵĞŶƚŽĚĞƚĞƌĐĞŝƌŽ ĐŽŶŚĞĐŝŵĞŶƚŽĚĂǀşƚŝŵĂ
ĚŵŝƚĞƌĞƚƌĂƚĂĕĆŽ ĚŵŝƚĞƌĞƚƌĂƚĂĕĆŽ
EKĂĚŵŝƚĞƌĞƚƌĂƚĂĕĆŽ
WŽƐƐŽƌĞƉĂƌĂƌĂŚŽŶƌĂŽďũĞƚŝǀĂ ZĞƚƌĂƚĂĕĆŽʹŽĂŐĞŶƚĞƋƵĞĚĞƐĚŝǌ
ŽƋƵĞĚŝƐƐĞĂƚĠŽŵŽŵĞŶƚŽĚĂ
ƐĞŶƚĞŶĕĂ͕ƚĞŵĞǆƚŝŶƚĂĂ
ƉƵŶŝďŝůŝĚĂĚĞ͘
ĚŵŝƚĞĞŵƌĞŐƌĂĂyK EKͲĚŵŝƚĞĞŵƌĞŐƌĂĂ ĚŵŝƚĞĞŵƌĞŐƌĂĂyK
sZƉĂƌĂĚĞŵŽŶƐƚƌĂƌƋƵĞŽ yKsZ͕ sZ
ĨĂƚŽŝŵƉƵƚĂĚŽŶĆŽĠĨĂůƐŽ͗
ƐĂůǀŽƋƵĂŶĚŽŽŽĨĞŶĚŝĚŽĨŽƌ
sŶĆŽĠĐĂďşǀĞůͲǆĐĞĕƁĞƐ͗ ĨƵŶĐŝŽŶĄƌŝŽƉƷďůŝĐŽĞŵĞǆĞƌĐşĐŝŽ
ͲYƵĂŶĚŽŽŽĨĞŶĚŝĚŽĨŽƌ ĚĂĨƵŶĕĆŽ;ĠĚĞŝŶƚĞƌĞƐƐĞƉƷďůŝĐŽͿ
WƌĞƐŝĚĞŶƚĞĚĂZĞƉƷďůŝĐĂŽƵ
ŚĞĨĞĚĞ'ŽǀĞƌŶŽƐƚƌĂŶŐĞŝƌŽ

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o KĨĞŶƐĂƌŽŐĂĚĂĞŵũƵşǌŽƉĞůĂƐƉĂƌƚĞƐĞƐĞƵƐƉƌŽĐƵƌĂĚŽƌĞƐ͘
o KƉŝŶŝĆŽĚĞƐĨĂǀŽƌĄǀĞůĞŵŝƚŝĚĂƉŽƌĨƵŶĐŝŽŶĄƌŝŽƉƷďůŝĐŽŶŽĞǆĞƌĐşĐŝŽĚĂĨƵŶĕĆŽ;ĞůĞƋƵĞ
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o ƌşƚŝĐĂĂƌƚşƐƚŝĐĂŽƵůŝƚĞƌĄƌŝĂ

• O^WE/^;ǀĞƌĞŵWƌŽĐĞƐƐŽƉĞŶĂůͿ
ϱϲ

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ŚĂďĞĂƐ ĐŽƌƉƵƐ ƉĂƌĂ ƚƌĂŶĐĂƌ ĂĕĆŽ ƉĞŶĂů ŝŶƐƚĂƵƌĂĚĂ ĐŽŶƚƌĂ ƐĂƌŐĞŶƚŽ ĚŽ ǆĠƌĐŝƚŽ ĂĐƵƐĂĚŽ ƉĞůĂ ƐƵƉŽƐƚĂ
ƉƌĄƚŝĐĂĚŽĐƌŝŵĞĚĞĐĂůƷŶŝĂĐŽŶƚƌĂƐƵƉĞƌŝŽƌŚŝĞƌĄƌƋƵŝĐŽ;WD͕Ăƌƚ͘Ϯϭϰ͕ĐĂƉƵƚ͕ĐͬĐŽĂƌƚ͘Ϯϭϴ͕//Ϳ͘EŽĐĂƐŽ͕Ž
ƉĂĐŝĞŶƚĞ͕ ĐŽŶƐŝĚĞƌĂŶĚŽͲƐĞ ǀşƚŝŵĂ ĚŽ ĐƌŝŵĞ ĚĞ ĂďƵƐŽ ĚĞ ĂƵƚŽƌŝĚĂĚĞ͕ ĂƉƌĞƐĞŶƚĂƌĂ ƋƵĞŝǆĂͲĐƌŝŵĞ ĐŽŶƚƌĂ
ŽĨŝĐŝĂŝƐ ƐƵƉĞƌŝŽƌĞƐ͘ ŵ ĚĞĐŽƌƌġŶĐŝĂ ĚŝƐƐŽ͕ ĞƐƐĞƐ ŽĨŝĐŝĂŝƐ͕ ƉĞƌĂŶƚĞ Ă ũƵƐƚŝĕĂ ĐĂƐƚƌĞŶƐĞ͕ ƌĞƉƌĞƐĞŶƚĂƌĂŵ ĂŽ
DŝŶŝƐƚĠƌŝŽ WƷďůŝĐŽ DŝůŝƚĂƌ͕ ƋƵĞ ƉƌŽƉƵƐĞƌĂ Ă ĐŝƚĂĚĂ ĂĕĆŽ ƉĞŶĂů ƉŽƌ ĚĞůŝƚŽ ĐŽŶƚƌĂ Ă ŚŽŶƌĂ͘ /ŶŝĐŝĂůŵĞŶƚĞ͕
ĂƐƐĞŶƚŽƵͲƐĞĂůĞŐŝƚŝŵŝĚĂĚĞĚŽDŝŶŝƐƚĠƌŝŽWƷďůŝĐŽDŝůŝƚĂƌƉĂƌĂƉƌŽƉŽƌĂĂĕĆŽƉĞŶĂůŵŝůŝƚĂƌ͕ƋƵĞĠƐĞŵƉƌĞ
ŝŶĐŽŶĚŝĐŝŽŶĂĚĂĞĚĞĂƚƌŝďƵŝĕĆŽĞǆĐůƵƐŝǀĂĚŽƉĂƌƋƵĞƚ͘^ĂůŝĞŶƚĂŶĚŽ͕ŶĂĞƐƉĠĐŝĞ͕ĂĚĞƐŶĞĐĞƐƐŝĚĂĚĞĚĞĞǆĂŵĞ
ĂƉƌŽĨƵŶĚĂĚŽĚŽƐĞůĞŵĞŶƚŽƐĚĞƉƌŽǀĂĞƚĞŶĚŽĞŵĐŽŶƚĂĂƐŝŶĨŽƌŵĂĕƁĞƐĐŽŶƚŝĚĂƐŶĂĚĞŶƷŶĐŝĂĞŶĂƐĞŶƚĞŶĕĂ
ĐŽŶĚĞŶĂƚſƌŝĂ͕ ĞŶƚĞŶĚĞƵͲƐĞ ƋƵĞ Ž ĐŽŵƉŽƌƚĂŵĞŶƚŽ ĚŽ ƉĂĐŝĞŶƚĞ ŶĆŽ ƌĞǀĞůĂƌŝĂ ŝŶƚĞŶĕĆŽ ĚĞ ĐĂůƵŶŝĂƌ͕ Ž ƋƵĞ
ĂĨĂƐƚĂƌŝĂĂĐŽŶĨŝŐƵƌĂĕĆŽĚŽĞůĞŵĞŶƚŽƐƵďũĞƚŝǀŽĞƐƐĞŶĐŝĂůă
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ƉƵŶŝĕĆŽĚĞƐĞƵƐƐƵƉĞƌŝŽƌĞƐƉŽƌĞǀĞŶƚƵĂůĚĞůŝƚŽĚĞĂďƵƐŽĚĞĂƵƚŽƌŝĚĂĚĞŶĆŽĚĞǀĞƌŝĂƐĞƌƚŝĚĂĐŽŵŽŝŶƚĞŶĕĆŽ
ĚĞƉƌĂƚŝĐĂƌŽĐƌŝŵĞ͘ĚĞŵĂŝƐ͕ĂƐƐĞǀĞƌŽƵͲƐĞƋƵĞĂďƵƐĐĂĚŽĚŝƌĞŝƚŽƉĞƌĂŶƚĞŽWŽĚĞƌ:ƵĚŝĐŝĄƌŝŽŶĆŽƉŽĚĞƌŝĂ
ĂĐĂƌƌĞƚĂƌ Ă ƉƌĞƐƵŶĕĆŽ ĚĂ ĞǆŝƐƚġŶĐŝĂ ĚŽ ąŶŝŵŽ ĚĞ ĐĂůƷŶŝĂ͘ , ϴϲϰϲϲͬZ^͕ ƌĞů͘ DŝŶ͘ DĞŶĞǌĞƐ ŝƌĞŝƚŽ͕
ϯϬ͘ϭϬ͘ϮϬϬϳ͘;,ͲϴϲϰϲϲͿ
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ĂĚǀŽŐĂĚŽ͕ ŝŵƉƵƚŽƵ ĂŽ ƋƵĞƌĞůĂĚŽ͕ ĚĞƐĞŵďĂƌŐĂĚŽƌ ƌĞůĂƚŽƌ ĚĞ ĞǆĐĞĕƁĞƐ ĚĞ ƐƵƐƉĞŝĕĆŽ͕ Ă ŽĨĞŶƐĂ Ğŵ ƐƵĂ
ŚŽŶƌĂ ŽďũĞƚŝǀĂ Ğ ƐƵďũĞƚŝǀĂ ĂŽ ĂĨŝƌŵĂƌ͕ ŶŽ ĞǆĞƌĐşĐŝŽ ĚĞ ƐƵĂƐ ĨƵŶĕƁĞƐ͕ Ğŵ ƐĞƐƐĆŽ ĚĞ ũƵůŐĂŵĞŶƚŽ͕ ƋƵĞ ͞Ž
ĐĂƵƐşĚŝĐŽƋƵĞƉĂƚƌŽĐŝŶĂǀĂŽĞǆĐŝƉŝĞŶƚĞƚĞŶƚĂŝŶĚƵǌŝƌĞŵĞƌƌŽĞƐƚĞdƌŝďƵŶĂů͕ƐƵƐĐŝƚĂŶĚŽĂůĞŐĂĕƁĞƐŝŶĨƵŶĚĂĚĂƐ
ĞŽŵŝƚŝŶĚŽĂƌĞĂůŝĚĂĚĞĚŽƐĨĂƚŽƐ͘͟ZĞƐƐĂůƚŽƵŽDŝŶ͘ZĞůĂƚŽƌƋƵĞ͕ŶŽĞǆĞƌĐşĐŝŽĚĂĨƵŶĕĆŽũƵƌŝƐĚŝĐŝŽŶĂůĞĐŽŵŽ
ĨƵŶĚĂŵĞŶƚŽ ĚĞ ĚĞĐŝƐĆŽ͕ Ž ĚĞƐĞŵďĂƌŐĂĚŽƌ ĂƚĞŶƚŽƵ ƉĂƌĂ Ă ĐŽŶĚƵƚĂ ĚŽ ĐĂƵƐşĚŝĐŽ ƉŽƌƋƵĞ ŽƐ ĂƌŐƵŵĞŶƚŽƐ
ƵƚŝůŝǌĂĚŽƐ ŶĆŽ ƐĞ ƐƵƐƚĞŶƚĂǀĂŵ ŶĂ ĞǆĐĞĕĆŽ ĚĞ ƐƵƐƉĞŝĕĆŽ͘ ĚĞŵĂŝƐ͕ ŶĆŽ ƐĞ ƉŽĚĞ ŝŶĨĞƌŝƌ ĚĂƐ ĞǆƉƌĞƐƐƁĞƐ
ƵƚŝůŝǌĂĚĂƐ ƉĞůŽ ƋƵĞƌĞůĂĚŽ͕ ƌĞůĂĐŝŽŶĂĚĂƐ ĐŽŵ Ž ŵĠƌŝƚŽ ĚĂ ĚĞĐŝƐĆŽ͕ Ă ǀŽŶƚĂĚĞ ĚĞ ŝŶũƵƌŝĂƌ ŽƵ ĚŝĨĂŵĂƌ Ž
ƋƵĞƌĞůĂŶƚĞ͘KƋƵĞƌĞůĂĚŽ͕ŶŽĞƐƚƌŝƚŽĐƵŵƉƌŝŵĞŶƚŽĚŽĚĞǀĞƌůĞŐĂů͕ĂƚĞŽƌĚŽĂƌƚ͘ϰϭĚĂ>ŽŵĂŶ͕ŶĆŽƉŽĚĞƐĞƌ
ƉƵŶŝĚŽ ŽƵ ƉƌĞũƵĚŝĐĂĚŽ ƉĞůĂƐ ŽƉŝŶŝƁĞƐ ƋƵĞ ŵĂŶŝĨĞƐƚĂƌ ŽƵ ƉĞůŽ ƚĞŽƌ ĚĂƐ ĚĞĐŝƐƁĞƐ ƋƵĞ ƉƌŽĨĞƌŝƌ͘ EŽ ĐĂƐŽ
ĐŽŶĐƌĞƚŽ͕ŶĞŵŚŽƵǀĞĞǆĐĞƐƐŽĚĞůŝŶŐƵĂŐĞŵŽƵĐŽŶĚƵƚĂŽĨĞŶƐŝǀĂ͘ĐƌĞƐĐĞŶƚŽƵƋƵĞ͕ŶŽƐƚĞƌŵŽƐĚŽĂƌƚ͘ϭϰϮ͕
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ǀĂŶƚĂŐĞŵ
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ZĞĐĞďĞƌŽƵ ǆŝŐŝƌǀĂŶƚĂŐĞŵ ǆŝŐŝƌƚƌŝďƵƚŽƐŽƵĐŽŶƚƌŝďƵŝĕĆŽ
ĐĞŝƚĂƌƉƌŽŵĞƐƐĂ ŽŶƐƵŵĂͲƐĞ ƐŽĐŝĂů͕ƋƵĞƐĂďĞŽƵĚĞǀŝĂ
ƐĂďĞƌƐĞŝŶĚĞǀŝĚŽŽƵŶĆŽ͘͘͘
sĂŶƚĂŐĞŵŝŶĚĞǀŝĚĂ sĂŶƚĂŐĞŵŝŶĚĞǀŝĚĂ EKǀĂŶƚĂŐĞŵŝŶĚĞǀŝĚĂ
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ĐŽŶĨŝŐƵƌĂĐƌŝŵĞ͘ǆ͘ƌƚϯϭϵǐʹWƌŽǀĂʹƌŝŵĞŽŵŝƐƐŝǀŽ͖ƉƌſƉƌŝŽ͖ƐƵũĞŝƚŽĂƚŝǀŽƉƌſƉƌŝŽ͕ƉĂƌĂŽƉƌĞƐŽĠ
ĐŽŶƐŝĚĞƌĂĚŽĨĂůƚĂŐƌĂǀĞ͘

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WĞĐƵůĂƚŽͲĚĞƐǀŝŽ
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ŽŶĐŽƌƌĞƌƉĂƌĂĂƐƵďƚƌĂĕĆŽ

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o DĞĚŝĂŶƚĞĞƌƌŽĚĞŽƵƚƌĞŵʹƉĞĐƵůĂƚŽʹĞƐƚĞůŝŽŶĂƚŽʹĂƌƚ͘ϯϭϯ͕W

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ĂƚŝǀĂ ƐƵũĞŝƚĂƌͲƐĞ Ă ƉĂŐĂƌ Ă ƉƌŽƉŝŶĂ ĞǆŝŐŝĚĂ ƉĞůĂ ĂƵƚŽƌŝĚĂĚĞ ƉŽůŝĐŝĂů͕ ƐŽďƌĞƚƵĚŽ ƐĞ͕ ŶĂ ĞƐƉĠĐŝĞ͕ ŶĆŽ ŚŽƵǀĞ
ŽďƚĞŶĕĆŽ ĚĞ ǀĂŶƚĂŐĞŵ ŝŶĚĞǀŝĚĂ ĐŽŵ Ž ƉĂŐĂŵĞŶƚŽ ĚĂ ƋƵĂŶƚŝĂ͘ EŽ ŶŽƐƐŽ ƐŝƐƚĞŵĂ ƉĞŶĂů͕ ŶĆŽ ƐĞ ĂĐĞŝƚĂ Ă
ĐŽŶĨŝƐƐĆŽ ĞǆƚƌĂũƵĚŝĐŝĂů ŽďƚŝĚĂ ŵĞĚŝĂŶƚĞ ĚĞƉŽŝŵĞŶƚŽ ŝŶĨŽƌŵĂů ;ƐĂďŝĚĂŵĞŶƚĞ ĐůĂƐƐŝĨŝĐĂĚŽ ĐŽŵŽ ƉƌŽǀĂ ŝůşĐŝƚĂͿ͕
ƉŽƌĠŵŶĆŽƐĞŽďƐƚĂ͕ĞŵƉƌŝŶĐşƉŝŽ͕ĂĐĞŝƚĂƌŽƚĞƐƚĞŵƵŶŚŽŝŶĚŝƌĞƚŽ͕ŽƵƉŽƌŽƵǀŝƌĚŝǌĞƌ͘WƌĞĐĞĚĞŶƚĞƐĐŝƚĂĚŽƐĚŽ
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ũƵůŐĂĚŽĞŵϲͬϭϭͬϮϬϬϳ͘
^d:͗^K/E/͘^K>//dK͘,͘>/D/EZ͘ƌĞŐƌĂĠƋƵĞŶĆŽƐĞĂĐĞŝƚĞ͕ŶŽąŵďŝƚŽĚĞƐƚĞ^ƵƉĞƌŝŽƌ
dƌŝďƵŶĂů͕ŚĂďĞĂƐĐŽƌƉƵƐƉĂƌĂĐŽŵďĂƚĞƌůŝŵŝŶĂƌĞŵŽƵƚƌŽǁƌŝƚ;^Ʒŵ͘Ŷ͘ϲϵϭͲ^d&Ϳ͘WŽƌĠŵĐĞƌƚŽĠƋƵĞŽƚĞŽƌ
ĚŽ ƌĞĨĞƌŝĚŽ ĞŶƵŶĐŝĂĚŽ ƉŽĚĞ ƐĞƌ ŵŝƚŝŐĂĚŽ ĞŶƋƵĂŶƚŽ ƉƌĞƐĞŶƚĞ ĨůĂŐƌĂŶƚĞ ǀŝŽůĂĕĆŽ ĚĞ ĚŝƌĞŝƚŽ ƐƵďũĞƚŝǀŽ͕ ƚĂů
ĐŽŵŽ ŶŽ ĐĂƐŽ͕ Ğŵ ƋƵĞ Ž ƌĞůĂƚŽƌ͕ ŶŽ dƌŝďƵŶĂů Ă ƋƵŽ͕ Ğŵ ĚĞĐŝƐĆŽ ŵŽŶŽĐƌĄƚŝĐĂ͕ ŶĆŽ ŽƵƚŽƌŐŽƵ Ă ƚƵƚĞůĂ
ŵĂŶĚĂŵĞŶƚĂůĞǀŝĚĞŶƚĞŵĞŶƚĞĐĂďşǀĞůĨƌĞŶƚĞăĂƚŝƉŝĐŝĚĂĚĞĚĂĐŽŶĚƵƚĂŽďũĞƚŽĚĂĂĕĆŽƉĞŶĂů͘ŵǀĞƌĚĂĚĞ͕Ž
ĐƌŝŵĞĚĞĚĞƐŽďĞĚŝġŶĐŝĂ;Ăƌƚ͘ϯϯϬĚŽWͿŽƌĂŝŵƉƵƚĂĚŽƉƌĞƐƐƵƉƁĞŶĞĐĞƐƐĂƌŝĂŵĞŶƚĞĂĞǆŝƐƚġŶĐŝĂĚĞƵŵĂ
ŽƌĚĞŵŝŶĞƋƵşǀŽĐĂĞǆĂƌĂĚĂƉŽƌĨƵŶĐŝŽŶĄƌŝŽƉƷďůŝĐŽĞĐŽŵƵŶŝĐĂĚĂĂŽĚĞƐƚŝŶĂƚĄƌŝŽĚĞĨŽƌŵĂůĞŐĂů͕ĂŶŽƚĂĚŽ
ƋƵĞ͕ ƵŵĂ ǀĞǌ ĐĂƌĂĐƚĞƌŝǌĂĚŽ Ž ĚĞůŝƚŽ͕ ŶĆŽ ŚĄ ƋƵĞ ƐĞ ĨĂůĂƌ Ğŵ ĞůŝƐĆŽ ƉŽƌ ƵůƚĞƌŝŽƌ ĂĐĂƚĂŵĞŶƚŽ ĚĂ
ĚĞƚĞƌŵŝŶĂĕĆŽ͘EŽĐĂƐŽ͕ŽƐŽĨşĐŝŽƐĞǆƉĞĚŝĚŽƐƉĞůŽũƵşǌŽƐŽůŝĐŝƚĂǀĂŵ;ĞŶĆŽŽƌĚĞŶĂǀĂŵŽƵĚĞƚĞƌŵŝŶĂǀĂŵͿ
ƋƵĞ ƐĞ ĂŐĞŶĚĂƐƐĞ ĚŝĂ Ğ ŚŽƌĂ ƉĂƌĂ ƋƵĞ ŽƉĂĐŝĞŶƚĞ͕ ĞŶƚĆŽĚĞƉƵƚĂĚŽ ĨĞĚĞƌĂů ĚĞƚĞŶƚŽƌĚĞƐƐĂ ƉƌĞƌƌŽŐĂƚŝǀĂ
ƉƌŽĐĞƐƐƵĂů͕ƉƌĞƐƚĂƐƐĞĚĞƉŽŝŵĞŶƚŽ͕ŽƋƵĞŶĆŽƐĞĐŽŶĨƵŶĚĞĐŽŵŽƌĚĞŵũƵĚŝĐŝĂůƉĂƌĂĨŝŶƐĚĞŝŶĐŝĚġŶĐŝĂĚŽ
Ăƌƚ͘ ϯϯϬ ĚŽ W͘ EŽƚĞͲƐĞ ƋƵĞ ŽƐ ŽĨşĐŝŽƐ ƐĞƋƵĞƌ ĐŽŶƚŝŶŚĂŵ Ž ĐůĄƐƐŝĐŽ ĂůĞƌƚĂ ĂŽ ĚĞƐƚŝŶĂƚĄƌŝŽ ĚĞ ƋƵĞ ƐĞƵ
ĚĞƐĐƵŵƉƌŝŵĞŶƚŽ ŝŵƉŽƌƚĂƌŝĂ Ğŵ ĐƌŝŵĞ͕ ŽƵ ŵĞƐŵŽ Ă ŐĞŶĠƌŝĐĂ ĐůĄƵƐƵůĂ ĚĞ ͞ƐŽď ĂƐ ƉĞŶĂƐ ĚĂ ůĞŝ͕͟ ĚĂş
ĐŽŶĐůƵŝƌͲƐĞ ƉĞůĂ ŝŶĞǆŝƐƚġŶĐŝĂ ĚĞ ŽƌĚĞŵ͕ ƐĞŶĚŽ ĨŽƌĕŽƐŽ Ž ƚƌĂŶĐĂŵĞŶƚŽ ĚĂ ĂĕĆŽ ƉĞŶĂů ƉŽƌ ŵĂŶŝĨĞƐƚĂ
ĂƚŝƉŝĐŝĚĂĚĞ ĚĂ ĐŽŶĚƵƚĂ ĚŽ ƉĂĐŝĞŶƚĞ͘ Žŵ ĞƐƐĞ ĞŶƚĞŶĚŝŵĞŶƚŽ͕ Ă dƵƌŵĂ͕ ĂŽ ƉƌŽƐƐĞŐƵŝƌ Ž ũƵůŐĂŵĞŶƚŽ͕
ĐŽŶĐĞĚĞƵ Ă ŽƌĚĞŵ͘ WƌĞĐĞĚĞŶƚĞƐ ĐŝƚĂĚŽƐ ĚŽ ^d&͗ , ϵϬ͘ϭϳϮͲ^W͕ : ϭϳͬϴͬϮϬϬϳ͖ ĚŽ ^d:͗ , ϰϵ͘ϱϭϳͲW/͕ :
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DSHQDV FRLQFLGHQWHPHQWH SROLFLDO PLOLWDU PDV WDPEpP HP WUDMH H FDUUR FLYLO TXDQGR HQWmR DQXQFLDUHP H
FRQVXPDUHPRGHOLWRpFULPHPLOLWDU
' $SOLFDVH D DWHQXDQWH GD FRQILVVmR HVSRQWkQHD TXDQGR D FRQILVVmR H[WUDMXGLFLDO HIHWLYDPHQWH VLUYD SDUD
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3HGUR IXQFLRQiULR S~EOLFR GHL[RX GH SUDWLFDU DWR GH RItFLR FRP LQIUDomR GH GHYHU IXQFLRQDO FHGHQGR j LQIOXrQFLD GH
'DQLHOH VXD QDPRUDGD 1HVVD VLWXDomR KLSRWpWLFD D FRQGXWD GH 3HGUR VH DPROGD DR WLSR GH FULPH SUHYLVWR QR &yGLJR
3HQDOGH
$WUiILFRGHLQIOXrQFLD
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&SUHYDULFDomR
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Z/D^KEdZD/E/^dZK:h^d/
ϭ͘&>^Kd^dDhE,K
Ϯ͘&sKZ/DEdKW^^K>
ϯ͘&sKZ/DEdKZ>

Questão Cespe
'HDFRUGRFRPDMXULVSUXGrQFLDGR67-DFRQGXWDGRDGYRJDGRTXHLOLFLWDPHQWHLQVWUXLD
WHVWHPXQKDDPHQWLUHPMXt]RLQFLGHQRWLSRSHQDOGHQRPLQDGR
$IUDXGHSURFHVVXDO
%SDWURFtQLRLQILHO
&SDUWLFLSDomRHPIDOVRWHVWHPXQKR&255(7$
'DGYRFDFLDDGPLQLVWUDWLYD

>'/^>K^W/>
ZdK>/ϮϬϭͬϲϳ͗Z/D^Z^WKE^/>/WZ&/dK^sZKZ^

^d&͗ Zd͘ ϭǑ͕ /͕ K ZdKͲ>/ ϮϬϭͬϲϳ DKE^dZK K K>K ŵ ƌĞĐƵƌƐŽ ĐƌŝŵŝŶĂů͕ Ă ĂƵƐġŶĐŝĂ ĚĞ
ƉƌĞƋƵĞƐƚŝŽŶĂŵĞŶƚŽ ŶĆŽ ŝŵƉĞĚĞ Ă ĐŽŶĐĞƐƐĆŽ ĚĞ ŚĂďĞĂƐ ĐŽƌƉƵƐ ĚĞ ŽĨşĐŝŽ ƋƵĂŶĚŽ Ă ŝůĞŐĂůŝĚĂĚĞ Ġ ĨůĂŐƌĂŶƚĞ Ğ
ŝŵƉůŝĐĂ ĐŽŶƐƚƌĂŶŐŝŵĞŶƚŽ ă ůŝďĞƌĚĂĚĞ ĚĞ ůŽĐŽŵŽĕĆŽ͘ Žŵ ďĂƐĞ ŶĞƐƐĞ ĞŶƚĞŶĚŝŵĞŶƚŽ͕ Ă dƵƌŵĂ͕ ƌĞƐŽůǀĞŶĚŽ
ƋƵĞƐƚĆŽ ĚĞ ŽƌĚĞŵ͕ ŶĞŐŽƵ ƉƌŽǀŝŵĞŶƚŽ Ă ĂŐƌĂǀŽ ĚĞ ŝŶƐƚƌƵŵĞŶƚŽ ƉŽƌ ĂƵƐġŶĐŝĂ ĚĞ ƉƌĞƋƵĞƐƚŝŽŶĂŵĞŶƚŽ͕ ŵĂƐ͕
ĐŽŶĐĞĚĞƵ͕ĚĞŽĨşĐŝŽ͕ŚĂďĞĂƐĐŽƌƉƵƐƉĂƌĂĐĂƐƐĂƌĂƐĞŶƚĞŶĕĂƋƵĞĐŽŶĚĞŶĂƌĂŽƉĂĐŝĞŶƚĞƉŽƌƐƵƉŽƐƚĂŝŶĨƌĂĕĆŽĚŽ
Ăƌƚ͘ ϭǑ͕ /͕ ĚŽ ĞĐƌĞƚŽͲůĞŝ ϮϬϭͬϲϳ ;ϯ ǀĞǌĞƐͿ͕ Ğŵ ĐŽŶƚŝŶƵŝĚĂĚĞ ĚĞůŝƚŝǀĂ͘ EŽ ĐĂƐŽ͕ Ž ĂĐſƌĚĆŽ ƌĞĐŽƌƌŝĚŽ ĐŽŶĐůƵşƌĂ
ƉĞůĂƌĞƐƉŽŶƐĂďŝůŝǌĂĕĆŽĚŽƉĂĐŝĞŶƚĞƉŽƌĚĞƐǀŝŽĚĞƌĞŶĚĂƐƉƷďůŝĐĂƐĞŵĨĂǀŽƌĚĞĞŵƉƌĞŝƚĞŝƌŽƐ͕ƉŽƌƋƵĂŶƚŽĂĞůĞ͕
ŶĂƋƵĂůŝĚĂĚĞĚĞƉƌĞĨĞŝƚŽ͕ĐĂďĞƌŝĂǀĞƌŝĨŝĐĂƌŽƐĂƚŽƐĂĚŵŝŶŝƐƚƌĂƚŝǀŽƐƉƌĂƚŝĐĂĚŽƐƉĞůŽƐƐĞƌǀŝĚŽƌĞƐĞƐĞĐƌĞƚĄƌŝŽƐ
ϲϭ

ŵƵŶŝĐŝƉĂŝƐ͕ ĞƐƚĂŶĚŽ Ž ĚŽůŽ͕ ĚĞƐƐĂ ĨŽƌŵĂ͕ şŶƐŝƚŽ ŶĂ ƉƌſƉƌŝĂ ĐŽŶĚƵƚĂ ŝŶĐƌŝŵŝŶĂĚĂ͘ ŶƚĞŶĚĞƵͲƐĞ ƋƵĞ Ž ĚĞůŝƚŽ
ƉƌĞǀŝƐƚŽŶŽĐŝƚĂĚŽĂƌƚ͘ϭǑ͕/͕ĚŽ>ϮϬϭͬϲϳƐŽŵĞŶƚĞƐĞĐŽŶĨŝŐƵƌĂƋƵĂŶĚŽƉƌĞƐĞŶƚĞŽĚŽůŽ͕ƋƵĞƉƌĞƐƐƵƉƁĞŽ
ĐŽŶŚĞĐŝŵĞŶƚŽĞĂǀŽŶƚĂĚĞĚĞƌĞĂůŝǌĂƌŽƐĞůĞŵĞŶƚŽƐĚĂĨŝŐƵƌĂƚşƉŝĐĂ͕ĞƋƵĞ͕ŶĂĞƐƉĠĐŝĞ͕ŶĆŽďĂƐƚĂƌŝĂŽĨĂƚŽĚĞ
Ž ĂŐƌĂǀĂŶƚĞ ĚĞŝǆĂƌ ĚĞ ĨŝƐĐĂůŝǌĂƌ ƐĞƵƐ ƐƵďŽƌĚŝŶĂĚŽƐ͘ ĚĞŵĂŝƐ͕ ĂƐƐĞǀĞƌŽƵͲƐĞ ƋƵĞ ƐĞƌŝĂ ŝŵƉƌĞƐĐŝŶĚşǀĞů Ă
ĚĞŵŽŶƐƚƌĂĕĆŽĚĞƋƵĞŽĂŐƌĂǀĂŶƚĞƚŝǀĞƐƐĞĐŽŶŚĞĐŝŵĞŶƚŽĚĂƐĐŽŶĚƵƚĂƐƉƌĂƚŝĐĂĚĂƐƉĞůŽƐƐĞƌǀŝĚŽƌĞƐĞĚĞƋƵĞ
ƋƵŝƐĞƐƐĞ Ž ƌĞƐƵůƚĂĚŽ ŽƵ ĂƐƐƵŵŝƐƐĞ Ž ƌŝƐĐŽ ĚĞ ƉƌŽĚƵǌŝͲůŽ ;W͕ Ăƌƚ͘ ϭϴ͕ /Ϳ͕ ƐŝƚƵĂĕĆŽ ĞƐƚĂ ŶĆŽ ĂĨŝƌŵĂĚĂ ƉĞůĂƐ
ŝŶƐƚąŶĐŝĂƐĚĞŵĠƌŝƚŽ͘WŽƌĨŝŵ͕ƐĂůŝĞŶƚŽƵͲƐĞƐĞƌŝƌƌĞůĞǀĂŶƚĞĐŽŐŝƚĂƌͲƐĞĚĞƋƵĂůŝĨŝĐĂƌŽĨĂƚŽŝŵƉƵƚĂĚŽĂŽĂŐĞŶƚĞ
ĐŽŵŽ ƉĞĐƵůĂƚŽ ĐƵůƉŽƐŽ͕ ƵŵĂ ǀĞǌ ƋƵĞ͕ ƐĞŶĚŽ ĚĞ Ƶŵ ĂŶŽ Ă ƉĞŶĂ ŵĄǆŝŵĂ ĐŽŵŝŶĂĚĂ ĂŽ ƌĞĨĞƌŝĚŽ ĐƌŝŵĞ͕
ŝŶĞǀŝƚĄǀĞů Ž ƌĞĐŽŶŚĞĐŝŵĞŶƚŽ ĚĂ ƉƌĞƐĐƌŝĕĆŽ͘ / ϱϭϲϰϮϵ YKͬZ^͕ ƌĞů͘ DŝŶ͘ ^ĞƉƷůǀĞĚĂ WĞƌƚĞŶĐĞ͕ Ϯϱ͘ϲ͘ϮϬϬϳ͘ ;/Ͳ
ϱϭϲϰϮϵͿ

^d:͗WZ&/dK͘Z/D͘Z^WKE^/>/͘dZ^K͘WZ^dK͘KEd^͘ĚĞŶƷŶĐŝĂĂƚĞŶĚĞŽƐƌĞƋƵŝƐŝƚŽƐ
ĚŽ Ăƌƚ͘ ϰϭ ĚŽ WW Ğ͕ ƉĂƌĂ ĂĞůƵĐŝĚĂĕĆŽ ĚŽƐ ĨĂƚŽƐ Ğŵ ƚĞƐĞ ĚĞůŝƚƵŽƐŽƐ ŶĞůĂ ĚĞƐĐƌŝƚŽƐ͕ ŶĞĐĞƐƐĄƌŝŽ ƋƵĞ ƐĞ ĨĂĕĂ Ă
ƌĞŐƵůĂƌ ŝŶƐƚƌƵĕĆŽ ĐƌŝŵŝŶĂů͕ ĐŽŵ Ž ĐŽŶƚƌĂĚŝƚſƌŝŽ Ğ Ă ĂŵƉůĂ ĚĞĨĞƐĂ ĂƐƐĞŐƵƌĂĚŽƐ͘ EĆŽ ĐĂďĞƌŝĂ͕ ŶĂ ĨĂƐĞ ĚĞ
ƌĞĐĞďŝŵĞŶƚŽ ŽƵ ƌĞũĞŝĕĆŽ ĚĂ ĚĞŶƷŶĐŝĂ͕ Ă ǀĞƌŝĨŝĐĂĕĆŽ ĚĂ ĞǆŝƐƚġŶĐŝĂ ĚŽ ĞůĞŵĞŶƚŽ ƐƵďũĞƚŝǀŽ ĚŽ ĐƌŝŵĞ͘ ƐƐŝŵ͕ Ă
dƵƌŵĂ͕ ƉŽƌ ŵĂŝŽƌŝĂ͕ ĚĞƵ ƉƌŽǀŝŵĞŶƚŽ ĂŽ ƌĞĐƵƌƐŽ Ğ ƌĞŝƚĞƌŽƵ Ž ĞŶƚĞŶĚŝŵĞŶƚŽ ĚĞ ƋƵĞ Ž ƐŝŵƉůĞƐ ĂƚƌĂƐŽ ŶĂ
ƉƌĞƐƚĂĕĆŽ ĚĞ ĐŽŶƚĂƐ ƉĞůŽ ƉƌĞĨĞŝƚŽ Ġ ƐƵĨŝĐŝĞŶƚĞ ƉĂƌĂ ĐŽŶĨŝŐƵƌĂƌ Ž ĚĞůŝƚŽ ƉƌĞǀŝƐƚŽ ŶŽ Ăƌƚ͘ ϭǑ͕ s/͕ ĚŽ > Ŷ͘
ϮϬϭͬϭϵϲϳ͕ ƐĞŶĚŽ ŝƌƌĞůĞǀĂŶƚĞ ƉĂƌĂ ƐƵĂ ĐŽŶĨŝŐƵƌĂĕĆŽ ƋƵĞ Ă ƉƌĞƐƚĂĕĆŽ ƚĞŶŚĂ ƐŝĚŽ ĨĞŝƚĂ ĂŶƚĞƐ ĚĂ ĚĞŶƷŶĐŝĂ͘
WƌĞĐĞĚĞŶƚĞƐ ĐŝƚĂĚŽƐ͗ , ϭϭ͘ϯϱϱͲ͕ : ϭϮͬϯͬϮϬϬϭ͖ ZƐƉ ϳϵϱ͘ϴϵϵͲD͕ : ϭϭͬϵͬϮϬϬϲ͕ Ğ ZƐƉ ϰϭϲ͘ϮϯϯͲD͕ :
ϭϬͬϱͬϮϬϬϰ͘ZƐƉϰϰϴ͘ϱϰϯͲD͕ZĞů͘DŝŶ͘ƌŶĂůĚŽƐƚĞǀĞƐ>ŝŵĂ͕ũƵůŐĂĚŽĞŵϲͬϵͬϮϬϬϳ͘

M/'KWE>D/>/dZ

^d&͗ Zd͘ Ϯϴ >/ ϭϭ͘ϯϰϯͬϮϬϬϲ Z/D D/>/dZ dƵƌŵĂ ĚĞĨĞƌŝƵ ŚĂďĞĂƐ ĐŽƌƉƵƐ ƉĂƌĂ ĂďƐŽůǀĞƌ ŵŝůŝƚĂƌ
ĐŽŶĚĞŶĂĚŽ ƉĞůĂ ƉƌĄƚŝĐĂ ĚŽ ĐƌŝŵĞ ĚĞ ƉŽƐƐĞ ĚĞ ƐƵďƐƚąŶĐŝĂ ĞŶƚŽƌƉĞĐĞŶƚĞ Ğŵ ůƵŐĂƌ ƐƵũĞŝƚŽ ă ĂĚŵŝŶŝƐƚƌĂĕĆŽ
ĐĂƐƚƌĞŶƐĞ;WD͕Ăƌƚ͘ϮϵϬͿ͕ĚĞĐŽƌƌĞŶƚĞĚŽĨĂƚŽĚĞƚĞƌƐŝĚŽƉƌĞƐŽĞŵĨůĂŐƌĂŶƚĞƋƵĂŶĚŽĨƵŵĂǀĂĞƉŽƌƚĂǀĂĐŝŐĂƌƌŽ
ĚĞŵĂĐŽŶŚĂŶŽŝŶƚĞƌŝŽƌĚĞƵŶŝĚĂĚĞŵŝůŝƚĂƌ͘dƌĂƚĂǀĂͲƐĞ͕ŶĂĞƐƉĠĐŝĞ͕ĚĞǁƌŝƚŝŵƉĞƚƌĂĚŽƉĞůĂĞĨĞŶƐŽƌŝĂWƷďůŝĐĂ
ĚĂhŶŝĆŽĐŽŶƚƌĂĂĐſƌĚĆŽĚŽ^d:ƋƵĞŵĂŶƚŝǀĞƌĂĞŶƚĞŶĚŝŵĞŶƚŽĚŽ^dDƋƵĂŶƚŽăŝŶĂƉůŝĐĂďŝůŝĚĂĚĞĚŽƉƌŝŶĐşƉŝŽ
ĚĂ ŝŶƐŝŐŶŝĨŝĐąŶĐŝĂ ŶŽ ąŵďŝƚŽ ĚĂ ũƵƐƚŝĕĂ ŵŝůŝƚĂƌ͘ ŽŶĐůƵŝƵͲƐĞ ƉĞůĂ ĂƉůŝĐĂĕĆŽ ĚĞƐƐĞ ƉƌŝŶĐşƉŝŽ͕ ŶĂ ŚŝƉſƚĞƐĞ͕
ƉŽƌƋƵĂŶƚŽ ƉƌĞĞŶĐŚŝĚŽƐ ƐĞƵƐ ƌĞƋƵŝƐŝƚŽƐ ŽďũĞƚŝǀŽƐ͕ Ă ƐĂďĞƌ͗ ŵşŶŝŵĂ ŽĨĞŶƐŝǀŝĚĂĚĞ ĚĂ ĐŽŶĚƵƚĂ͖ ĂƵƐġŶĐŝĂ ĚĞ
ƉĞƌŝĐƵůŽƐŝĚĂĚĞ ƐŽĐŝĂů ĚĂ ĂĕĆŽ͖ ƌĞĚƵǌŝĚŽ ŐƌĂƵ ĚĞ ƌĞƉƌŽǀĂďŝůŝĚĂĚĞ ĚŽ ĐŽŵƉŽƌƚĂŵĞŶƚŽ Ğ ŝŶĞǆƉƌĞƐƐŝǀŝĚĂĚĞ ĚĂ
ůĞƐĆŽũƵƌşĚŝĐĂĐĂƵƐĂĚĂ͘ĚĞŵĂŝƐ͕ĂĚĞƐƉĞŝƚŽĚŽƉƌŝŶĐşƉŝŽĚĂĞƐƉĞĐŝĂůŝĚĂĚĞĞĞŵĂƚĞŶĚŝŵĞŶƚŽĂŽƉƌŝŶĐşƉŝŽĚĂ
ĚŝŐŶŝĚĂĚĞĚĂƉĞƐƐŽĂŚƵŵĂŶĂ͕ĐŽŶƐŝĚĞƌŽƵͲƐĞƋƵĞĂEŽǀĂ>ĞŝĚĞƌŽŐĂƐ;>Ğŝϭϭ͘ϯϰϯͬϮϬϬϲͿĚĞǀĞƌŝĂŝŶĐŝĚŝƌŶĂ
ŚŝƉſƚĞƐĞ͕ŶĆŽŽďƐƚĂŶƚĞƚĂůƉŽƐƐŝďŝůŝĚĂĚĞŶĆŽƚŝǀĞƐƐĞƐŝĚŽĞǆĂŵŝŶĂĚĂƉĞůŽ^d:͘EŽƉŽŶƚŽ͕ƌĞƐƐĂůƚŽƵͲƐĞƋƵĞĂ
ƌĞĨĞƌŝĚĂŶŽƌŵĂƉƌĞǀġƋƵĞĂĚŝƐƚŝŶĕĆŽĞŶƚƌĞƵƐƵĄƌŝŽĚĞĚƌŽŐĂƐĞƚƌĂĨŝĐĂŶƚĞĚĞǀĞƚĞƌƉŽƌďĂƐĞŽĐĂƐŽĐŽŶĐƌĞƚŽ
Ğ ƋƵĞ Ž ƉƌŝŵĞŝƌŽ ƉƌĞĐŝƐĂ ƐĞƌ ƌĞĐƵƉĞƌĂĚŽ ĂŽ ŝŶǀĠƐ ĚĞ ƉĞŶĂůŝǌĂĚŽ͕ ƚƌĂƚĂŶĚŽͲƐĞ͕ ƉŽŝƐ͕ ĚĞ ŶŽƌŵĂ ĐůĂƌĂŵĞŶƚĞ
ďĞŶĠĨŝĐĂĂŽƵƐƵĄƌŝŽĞĚĞƉĞŶĚĞŶƚĞĚĞĚƌŽŐĂƐ͘WŽƌĨŝŵ͕ƐĂůŝĞŶƚŽƵͲƐĞƋƵĞŽƉĂĐŝĞŶƚĞũĄĨŽƌĂƉƵŶŝĚŽĐŽŵĞǆĐůƵƐĆŽ
ĚĂƐĨŝůĞŝƌĂƐĚŽǆĠƌĐŝƚŽ͕ƐĂŶĕĆŽƐƵĨŝĐŝĞŶƚĞƉĂƌĂƋƵĞƌĞƐƚĂƐƐĞŵƉƌĞƐĞƌǀĂĚĂƐĂĚŝƐĐŝƉůŝŶĂĞĂŚŝĞƌĂƌƋƵŝĂŵŝůŝƚĂƌĞƐ͘
,ϵϮϵϲϭͬ^W͕ƌĞů͘DŝŶ͘ƌŽƐ'ƌĂƵ͕ϭϭ͘ϭϮ͘ϮϬϬϳ͘;,ͲϵϮϵϲϭͿ͘

^d&͗ Zd͘ Ϯϴ >/ ϭϭ͘ϯϰϯͬϮϬϬϲ Z/D D/>/dZ dƵƌŵĂ ŝŶĚĞĨĞƌŝƵ ŚĂďĞĂƐ ĐŽƌƉƵƐ Ğŵ ƋƵĞ ŵŝůŝƚĂƌ
ĐŽŶĚĞŶĂĚŽăƉĞŶĂĚĞƌĞĐůƵƐĆŽƉĞůĂƉƌĄƚŝĐĂĚŽĐƌŝŵĞĚĞƉŽƐƐĞĚĞƐƵďƐƚąŶĐŝĂĞŶƚŽƌƉĞĐĞŶƚĞĞŵůƵŐĂƌƐƵũĞŝƚŽă
ĂĚŵŝŶŝƐƚƌĂĕĆŽĐĂƐƚƌĞŶƐĞ;WD͕Ăƌƚ͘ϮϵϬͿƉůĞŝƚĞĂǀĂĂĂƉůŝĐĂĕĆŽĚĞƉĞŶĂĂůƚĞƌŶĂƚŝǀĂ͕ŶŽƐƚĞƌŵŽƐĚŽĂƌƚ͘ϮϴĚĂ
>Ğŝ ϭϭ͘ϯϰϯͬϮϬϬϲ ŽƵ Ă ĂŶƵůĂĕĆŽ ĚĂ ĚĞĐŝƐĆŽ ƉƌŽĨĞƌŝĚĂ ƉĞůŽ ^dD͕ ĚĞƚĞƌŵŝŶĂŶĚŽͲƐĞ ŶŽǀĂ ŝŶƐƚƌƵĕĆŽ ĚŽ ĨĞŝƚŽ͕
ƌĞƐƉĞŝƚĂĚŽŽƉƌŽĐĞĚŝŵĞŶƚŽĚĂŶŽǀĂůĞŝĚĞĚƌŽŐĂƐ͘dĞŶĚŽĞŵĐŽŶƚĂŽĐƵŝĚĂĚŽĐŽŶƐƚŝƚƵĐŝŽŶĂůĚŽĚĞůŝƚŽŵŝůŝƚĂƌ
;&͕ Ăƌƚ͘ ϭϮϰ͕ ƉĂƌĄŐƌĂĨŽ ƷŶŝĐŽͿ͕ ďĞŵ ĐŽŵŽ Ă ĞƐƉĞĐŝĂůŝĚĂĚĞ ĚĂ ůĞŐŝƐůĂĕĆŽ ƉĞŶĂů Ğ ĚĂ ũƵƐƚŝĕĂ ŵŝůŝƚĂƌĞƐ͕
ĐŽŶƐŝĚĞƌŽƵͲƐĞůĞŐşƚŝŵŽŽƚƌĂƚĂŵĞŶƚŽĚŝĨĞƌĞŶĐŝĂĚŽĐŽŶĨĞƌŝĚŽĂŽƚŝƉŽƉĞŶĂůŵŝůŝƚĂƌĚĞƉŽƐƐĞĚĞĞŶƚŽƌƉĞĐĞŶƚĞ͘
EĞƐƐĞ ƐĞŶƚŝĚŽ͕ ĂƐƐĞǀĞƌŽƵͲƐĞ ƋƵĞ ŶŽǀŽƐ ĐƌŝƚĠƌŝŽƐ ůĞŐĂŝƐ ƋƵĞ ƉĂƐƐĞŵ Ă ƌĞŐĞƌ ĐŽŵ ŵĞŶŽƌ ŽƵ ŵĂŝŽƌ ƌŝŐŝĚĞǌ Ž
ĐƌŝŵĞ ĐŽŵƵŵ ĚĞ ƉŽƌƚĞ ŝůĞŐĂů ĚĞ ƐƵďƐƚąŶĐŝĂ ĞŶƚŽƌƉĞĐĞŶƚĞ ŶĆŽ ĂĨĂƐƚĂŵ Ă ŝŶĐŝĚġŶĐŝĂ ŝŶƚĞŐƌĂů ĚĂƐ ŶŽƌŵĂƐ
ƉĞŶĂŝƐ ĐĂƐƚƌĞŶƐĞƐ͕ ƋƵĞ ĂƉƌĞƐĞŶƚĂŵ ĐŝƌĐƵŶƐƚąŶĐŝĂƐ ĞƐƉĞĐŝĂŝƐ ƌĞůĂƚŝǀĂƐ ĂŽƐ ĂŐĞŶƚĞƐ Ğ ŽďũĞƚŽƐ ũƵƌşĚŝĐŽƐ
ƉƌŽƚĞŐŝĚŽƐ ƉĂƌĂ Ă ĂĨĞƌŝĕĆŽ ĚĂ ƚŝƉŝĐŝĚĂĚĞ ĚŽƐ ĐƌŝŵĞƐ ŵŝůŝƚĂƌĞƐ͘ ĚĞŵĂŝƐ͕ ƌĞƐƐĂůƚŽƵͲƐĞ ƋƵĞ͕ ŶĂ ŚŝƉſƚĞƐĞ͕ Ă
ĞƐƉĞĐŝĂůŝĚĂĚĞ ĚŽ ĨŽƌŽ ŵŝůŝƚĂƌ ƉĂƌĂ ƉƌŽĐĞƐƐĂƌ Ğ ũƵůŐĂƌ Ž ƉĂĐŝĞŶƚĞ ƐĞƌŝĂ ŝŶĐŽŶƚƌŽǀĞƌƐĂ͕ ŚĂũĂ ǀŝƐƚĂ ĞƐƚĂƌĞŵ
ƉƌĞƐĞŶƚĞƐƚƌġƐĞůĞŵĞŶƚŽƐĚĞĐŽŶĞǆĆŽŵŝůŝƚĂƌĚŽĨĂƚŽ͗ĂͿĂĐŽŶĚŝĕĆŽĨƵŶĐŝŽŶĂůĚŽƉĂĐŝĞŶƚĞͶĞǆͲĂƚŝƌĂĚŽƌĚŽ
ǆĠƌĐŝƚŽ͖ďͿŽƚĞŵƉŽĚŽĐƌŝŵĞͶƌĞǀŝƐƚĂĚĂƚƌŽƉĂ͖ĞĐͿŽůƵŐĂƌĚŽĐƌŝŵĞͶƋƵĂƌƚĞů͕ŽƋƵĞĂĨĂƐƚĂƌŝĂĂĂƉůŝĐĂĕĆŽ
ĚĂůĞŐŝƐůĂĕĆŽƉĞŶĂůĐŽŵƵŵ͘,ϵϭϳϲϳͬ^W͕ƌĞů͘DŝŶ͘ĄƌŵĞŶ>ƷĐŝĂ͕ϰ͘ϵ͘ϮϬϬϳ͘;,ͲϵϭϳϲϳͿ
ϲϮ

^d&͗^ZKdZDK/E//>WZ^Z/KdƵƌŵĂŝŶĚĞĨĞƌŝƵŚĂďĞĂƐĐŽƌƉƵƐĞŵƋƵĞŵŝůŝƚĂƌ͕ăĠƉŽĐĂ
ĚŽ ĨĂƚŽ ŵĞŶŽƌ ĚĞ Ϯϭ ĂŶŽƐ ĚĞ ŝĚĂĚĞ͕ ƉůĞŝƚĞĂǀĂ Ž ƌĞĐŽŶŚĞĐŝŵĞŶƚŽ ĚĂ ƉƌĞƐĐƌŝĕĆŽ ĚĂ ƉƌĞƚĞŶƐĆŽ ƵŶŝƚŝǀĂ͕ ŶĂ
ŵŽĚĂůŝĚĂĚĞƌĞƚƌŽĂƚŝǀĂ͕ĂŽĂƌŐƵŵĞŶƚŽĚĞƋƵĞŽĐƌŝŵĞ ĚĞ ĚĞƐĞƌĕĆŽƉĞůŽƋƵĂůĨŽƌĂĐŽŶĚĞŶĂĚŽ;WD͕Ăƌƚ͘ϭϴϳͿ
ĐŽŶĨŝŐƵƌĂƌŝĂ ĚĞůŝƚŽ ĚĞ ŵĞƌĂ ĐŽŶĚƵƚĂ͘ dƌĂƚĂǀĂͲƐĞ͕ ŶĂ ĞƐƉĠĐŝĞ͕ ĚĞ ǁƌŝƚ ŝŵƉĞƚƌĂĚŽ ƉĞůĂ ĞĨĞŶƐŽƌŝĂ WƷďůŝĐĂ ĚĂ
hŶŝĆŽĐŽŶƚƌĂĂĐſƌĚĆŽĚŽ^dDƋƵĞ͕ƉŽƌĐŽŶƐŝĚĞƌĂƌĂĚĞƐĞƌĕĆŽĐƌŝŵĞƉĞƌŵĂŶĞŶƚĞ͕ĂƐƐĞŶƚĂƌĂƋƵĞĂƉƌĞƐĐƌŝĕĆŽ
ƐŽŵĞŶƚĞŽĐŽƌƌĞƌŝĂƋƵĂŶĚŽĐĞƐƐĂĚĂĂƉĞƌŵĂŶġŶĐŝĂ͕ĚĞĂĐŽƌĚŽĐŽŵŽĚŝƐƉŽƐƚŽŶŽĂƌƚ͘ϭϮϱ͕ΑϮǑ͕Đ͕ĚŽWD;͞Α
ϮǑ͘ ƉƌĞƐĐƌŝĕĆŽ ĚĂ ĂĕĆŽ ƉĞŶĂů ĐŽŵĞĕĂ Ă ĐŽƌƌĞƌ͗ ͘͘͘ ĐͿ ŶŽƐ ĐƌŝŵĞƐ ƉĞƌŵĂŶĞŶƚĞƐ͕ ĚŽ ĚŝĂ Ğŵ ƋƵĞ ĐĞƐƐŽƵ Ă
ƉĞƌŵĂŶġŶĐŝĂ͖͟Ϳ͘ůĞŐĂǀĂĂŝŵƉĞƚƌĂĕĆŽƋƵĞ͕ĐŽŶƐƵŵĂĚŽŽĐƌŝŵĞƉƌŽƉƌŝĂŵĞŶƚĞŵŝůŝƚĂƌĞĞǆĐůƵşĚŽŽƉĂĐŝĞŶƚĞĚŽ
ƐĞƌǀŝĕŽ ĂƚŝǀŽ͕ ƚŽƌŶĂŶĚŽͲƐĞ Đŝǀŝů ƉĂƌĂ ƚŽĚŽƐ ŽƐ ĞĨĞŝƚŽƐ͕ ŶĆŽ ŵĂŝƐ ƐƵďƐŝƐƚŝƌŝĂ Ž ĚĞůŝƚŽ͕ ďĞŵ ĐŽŵŽ Ă ƌĞƐƉĞĐƚŝǀĂ
ƉƌŝƐĆŽ͘/ŶŝĐŝĂůŵĞŶƚĞ͕ƐĂůŝĞŶƚŽƵͲƐĞƋƵĞŽƉĂĐŝĞŶƚĞ͕ĂŽƐĞƌĐĂƉƚƵƌĂĚŽ͕ƌĞĐĞďĞƌĂŽďĞŶĞĨşĐŝŽĚĂ͞ŵĞŶĂŐĞŵ͕͟ŽƋƵĞ͕
ƉŽƌƐŝ͕ƐŝŐŶŝĨŝĐĂƌŝĂĂƐƵĂƌĞŝŶĐůƵƐĆŽĂŽƐƋƵĂĚƌŽƐŵŝůŝƚĂƌĞƐ͕ĂĨĂƐƚĂĚĂ͕ĂƐƐŝŵ͕ĂĂĨŝƌŵĂĕĆŽĚĞƋƵĞ͕ƉŽƌƋƵĞĞǆĐůƵşĚŽ
ĚŽƐĞƌǀŝĕŽĂƚŝǀŽ͕ŵŽƐƚƌĂƌͲƐĞͲŝĂůŽŐŝĐĂŵĞŶƚĞŝŵƉŽƐƐşǀĞůĂŵĂŶƵƚĞŶĕĆŽĚŽĐƌŝŵĞĞ͕ƉŽƌĐŽŶƐĞƋƺġŶĐŝĂ͕ĚĂƉƌŝƐĆŽ
ĚĞůĂĂĚǀŝŶĚĂ͘ĞŝŐƵĂůŵŽĚŽ͕ƌĞũĞŝƚŽƵͲƐĞĂĂůĞŐĂĕĆŽĚĞƋƵĞĂĚĞƐĞƌĕĆŽĐŽŶƐƵŵĂƌĂͲƐĞƋƵĂŶĚŽŽƉĂĐŝĞŶƚĞĞƌĂ
ŵĞŶŽƌ ĚĞ Ϯϭ ĂŶŽƐ ĚĞ ŝĚĂĚĞ͕ Ž ƋƵĞ ŝŶǀŝĂďŝůŝǌĂƌŝĂ Ă ĂƉůŝĐĂĕĆŽ ĚĂ ƌĞĚƵĕĆŽ ƉĞůĂ ŵĞƚĂĚĞ ĚŽƐ ƉƌĂǌŽƐ
ƉƌĞƐĐƌŝĐŝŽŶĂŝƐ͘ EŽ ƉŽŶƚŽ͕ ĂĚƵǌŝƵͲƐĞ ƋƵĞ͕ ĐŽŶƐŽĂŶƚĞ ĚĞŵŽŶƐƚƌĂĚŽ ŶŽ ĂĐſƌĚĆŽ ƌĞĐŽƌƌŝĚŽ͕ Ž ŵŝůŝƚĂƌ ĨŽƌĂ
ƌĞĐĂƉƚƵƌĂĚŽĂƉſƐĐŽŵƉůĞƚĂƌĞƐƐĂŝĚĂĚĞĞĞƐƚĞĨĂƚŽƐĞƌǀŝƌĂĚĞĨƵŶĚĂŵĞŶƚŽƉĂƌĂƋƵĞŶĆŽĨŽƐƐĞƌĞĐŽŶŚĞĐŝĚĂĂ
ƉƌĞƐĐƌŝĕĆŽ͘ĚĞŵĂŝƐ͕ĞŶƚĞŶĚĞƵͲƐĞƋƵĞŶŽĐƌŝŵĞĚĞĚĞƐĞƌĕĆŽ͕ĐƵũĂĐŽŶƐƵŵĂĕĆŽƚĞŵĐŽŵŽŝŶşĐŝŽŽƚĠƌŵŝŶŽĚŽ
ƉƌĂǌŽĚĞŐƌĂĕĂ͕ŽĨŝŶĂůĚĂƉĞƌŵĂŶġŶĐŝĂŽĐŽƌƌĞĐŽŵĂĂƉƌĞƐĞŶƚĂĕĆŽǀŽůƵŶƚĄƌŝĂŽƵĐĂƉƚƵƌĂĚŽĂŐĞŶƚĞ͘ĂşĂ
ƌĂǌĆŽĚĞƐĞƌĚĂƌĞŐƌĂĞƐƉĞĐŝĂůşƐƐŝŵĂĚŽĂƌƚ͘ϭϯϮĚŽŵĞƐŵŽWD;͞EŽĐƌŝŵĞĚĞĚĞƐĞƌĕĆŽ͕ĞŵďŽƌĂĚĞĐŽƌƌŝĚŽŽ
ƉƌĂǌŽĚĂƉƌĞƐĐƌŝĕĆŽ͕ĞƐƚĂƐſĞǆƚŝŶŐƵĞĂƉƵŶŝďŝůŝĚĂĚĞƋƵĂŶĚŽŽĚĞƐĞƌƚŽƌĂƚŝŶŐĞĂŝĚĂĚĞĚĞϰϱ;ƋƵĂƌĞŶƚĂĞĐŝŶĐŽͿ
ĂŶŽƐ͕ Ğ͕ ƐĞ ŽĨŝĐŝĂů͕ Ă ĚĞ ϲϬ ;ƐĞƐƐĞŶƚĂͿ͘͟Ϳ͘ ĞƐƐĞ ŵŽĚŽ͕ ĂƐƐĞǀĞƌŽƵͲƐĞ ƋƵĞ͕ ƉƌŽƚƌĂŝŶĚŽͲƐĞ ŶŽ ƚĞŵƉŽ͕ Ă
ƉĞƌŵĂŶġŶĐŝĂ ĚŽ ĐƌŝŵĞ ĚĞ ĚĞƐĞƌĕĆŽ ǀŝŶĐƵůĂ Ă ĞǆƚŝŶĕĆŽ ĚĂ ƉƵŶŝďŝůŝĚĂĚĞ ĂŽ ĂƚŝŶŐŝŵĞŶƚŽ ĚĞ ĐĞƌƚĂ ŝĚĂĚĞ͕
ŝŶĚĞƉĞŶĚĞŶƚĞŵĞŶƚĞĚĂĨůƵġŶĐŝĂĚŽƐƉƌĂǌŽƐĞƐƚĂďĞůĞĐŝĚŽƐ ƉĞůŽĂƌƚ͘ϭϮϱĚŽWD͘WŽƌĨŝŵ͕ƌĞƉƵƚŽƵͲƐĞŚşŐŝĚĂĂ
ƉƌĞƚĞŶƐĆŽƉƵŶŝƚŝǀĂ͕ƉŽƌƋƵĂŶƚŽ͕ƚĞŶĚŽĞŵĐŽŶƚĂƋƵĞŽĐƌŝŵĞĚĞĚĞƐĞƌĕĆŽƉƌĞǀġƉĞŶĂĚĞϲŵĞƐĞƐĂϮĂŶŽƐĚĞ
ĚĞƚĞŶĕĆŽ͕ĂĚĞŶƷŶĐŝĂĨŽƌĂƌĞĐĞďŝĚĂĂŶƚĞƐĚŽƉƌĂǌŽƉƌĞƐĐƌŝĐŝŽŶĂůĞŵĂďƐƚƌĂƚŽĚĞϰĂŶŽƐ;WD͕Ăƌƚ͘ϭϮϱ͕s/Ϳ͘
>/ϳϰϵϮͬϴϲ͗Z/D^KEdZK^/^dD&/EE/ZK
^d&͗ WZd//WK DZ/D'^dK&Zhh>EddƵƌŵĂŝŶĚĞĨĞƌŝƵŚĂďĞĂƐĐŽƌƉƵƐ Ğŵ ƋƵĞ ƐĞ

ƉƌĞƚĞŶĚŝĂŽƚƌĂŶĐĂŵĞŶƚŽĚĞĂĕĆŽƉĞŶĂůŝŶƐƚĂƵƌĂĚĂĐŽŶƚƌĂĚĞŶƵŶĐŝĂĚŽĐŽŵŽƐƵƉŽƐƚŽƉĂƌƚşĐŝƉĞĚŽĐƌŝŵĞĚĞ
ŐĞƐƚĆŽĨƌĂƵĚƵůĞŶƚĂ;>Ğŝϳ͘ϰϵϮͬϴϲ͕Ăƌƚ͘ϰǑ͕ĐĂƉƵƚ͕ĐͬĐŽĂƌƚ͘ϮϱͿ͕ĞŵĚĞĐŽƌƌġŶĐŝĂĚŽĨĂƚŽĚĞŚĂǀĞƌĂǀĂůŝǌĂĚŽ͕
ĞŵƉƌĞũƵşǌŽĚĞŝŶƐƚŝƚƵŝĕĆŽĨŝŶĂŶĐĞŝƌĂ͕ĞŵƉƌĠƐƚŝŵŽƌĞƉƵƚĂĚŽŝƌƌĞŐƵůĂƌƋƵĞďĞŶĞĨŝĐŝĂƌŝĂƐƵĂƉƌſƉƌŝĂĞŵƉƌĞƐĂ͘
^ƵƐƚĞŶƚĂǀĂͲƐĞ͕ŶĂĞƐƉĠĐŝĞ͕ĂŝŶĠƉĐŝĂĚĂĚĞŶƷŶĐŝĂĞĂŝŵƉŽƐƐŝďŝůŝĚĂĚĞĚĞƐĞƵƌĞĐĞďŝŵĞŶƚŽ͕ƐŽďĂĂůĞŐĂĕĆŽĚĞ
ĂƚŝƉŝĐŝĚĂĚĞĚĂĐŽŶĚƵƚĂ͘ŝŵƉĞƚƌĂĕĆŽĂƌŐƵŵĞŶƚĂǀĂƋƵĞŽĂǀĂůŝƐƚĂ͕ŶĞƐƐĂƋƵĂůŝĚĂĚĞ͕ŶĆŽƉŽĚĞƌŝĂĐŽŵĞƚĞƌ
Ž ĚĞůŝƚŽ ĚĞ ŐĞƐƚĆŽ ĨƌĂƵĚƵůĞŶƚĂ Ğ ƋƵĞ Ă ĐŽŶĐĞƐƐĆŽ ĚĞ Ƶŵ ƷŶŝĐŽ ĂǀĂů ŶĆŽ ƐĞƌŝĂ ĂƉƚĂ Ă ĐŽŶĨŝŐƵƌĂƌ Ž ƚŝƉŽ͘
ŶƚĞŶĚĞƵͲƐĞƋƵĞ͕ŶŽĐĂƐŽ͕ĂĚĞŶƷŶĐŝĂĚĞƐĐƌĞǀĞƌĂƐƵĨŝĐŝĞŶƚĞŵĞŶƚĞĂĐŽŶĚƵƚĂĚŽƉĂĐŝĞŶƚĞĂŽŝŵƉƵƚĂƌͲůŚĞ
Ă ƉĂƌƚŝĐŝƉĂĕĆŽ ŶŽ ĐƌŝŵĞ ĚĞ ŐĞƐƚĆŽ ĨƌĂƵĚƵůĞŶƚĂ͘ EĞƐƐĞ ƐĞŶƚŝĚŽ͕ ĂƐƐĞǀĞƌŽƵͲƐĞ ƋƵĞ Ă ĐŽŶĚŝĕĆŽ ƉĞƐƐŽĂů ĚĞ
ĐŽŶƚƌŽůĂĚŽƌ͕ ĂĚŵŝŶŝƐƚƌĂĚŽƌ͕ ĚŝƌĞƚŽƌ ŽƵ ŐĞƌĞŶƚĞ ĚĞ ŝŶƐƚŝƚƵŝĕĆŽ ĨŝŶĂŶĐĞŝƌĂ͕ ƉŽƌ ƐĞƌ ĞůĞŵĞŶƚĂƌ ĚŽ
ŵĞŶĐŝŽŶĂĚŽĐƌŝŵĞ͕ĐŽŵƵŶŝĐĂƌͲƐĞͲŝĂĂŽƉĂĐŝĞŶƚĞ͕ ƐĞŶĚŽƉŽƐƐşǀĞů͕ĚĞƐƐĂ ĨŽƌŵĂ͕ĂĞǆŝƐƚġŶĐŝĂĚĂĨŝŐƵƌĂĚŽ
ƉĂƌƚşĐŝƉĞĚŽĐƌŝŵĞĚĞŐĞƐƚĆŽĨƌĂƵĚƵůĞŶƚĂ͘ůĠŵĚŝƐƐŽ͕ƌĞũĞŝƚŽƵͲƐĞĂĂůĞŐĂĕĆŽĚĞŶĞĐĞƐƐŝĚĂĚĞĚĞƌĞŝƚĞƌĂĕĆŽ
ĚĞĐŽŶĚƵƚĂƐƉĂƌĂĂĐĂƌĂĐƚĞƌŝǌĂĕĆŽĚŽŵĞŶĐŝŽŶĂĚŽĚĞůŝƚŽ͕ŚĂũĂǀŝƐƚĂƚƌĂƚĂƌͲƐĞĚĞĐƌŝŵĞŚĂďŝƚƵĂůŝŵƉƌſƉƌŝŽ͕
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ƐĞŵŝůŝďĞƌĚĂĚĞ ŶĆŽ ĐŽŵƉŽƌƚĂ ƉƌĂǌŽ ĚĞƚĞƌŵŝŶĂĚŽ͕ ĂƉůŝĐĂŶĚŽͲƐĞ͕ ŶŽ ƋƵĞ ĐŽƵďĞƌ͕ ĂƐ ĚŝƐƉŽƐŝĕƁĞƐ ƌĞůĂƚŝǀĂƐ ă
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ĞƐƚƌƵƚƵƌĂ Ğ ƐŝƐƚĞŵĄƚŝĐĂ ĚŝƐƚŝŶƚŽƐ ĚŽ ſĚŝŐŽ WĞŶĂů Ğ ǀŝƐĂ ƉƌĞƐĞƌǀĂƌ Ă ĚŝŐŶŝĚĂĚĞ ĚŽ ŵĞŶŽƌ ŝŶĨƌĂƚŽƌ͕
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ĞǆĐĞƉĐŝŽŶĂůŝĚĂĚĞĞƌĞƐƉĞŝƚŽăĐŽŶĚŝĕĆŽƉĞĐƵůŝĂƌĚĞƉĞƐƐŽĂĞŵĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ͕ƋƵĞƌĞŐĞŵŽŝŶƐƚŝƚƵƚŽĚĂ
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ϴ͘ϭϯϳͬϭϵϵϬĚĞƉĞŶĚĞĚŽůĂŶĕĂŵĞŶƚŽĚĞĨŝŶŝƚŝǀŽĚŽĐƌĠĚŝƚŽƚƌŝďƵƚĄƌŝŽ͘ƐƐĞƐƐĆŽƚŝĚŽƐƉŽƌĐƌŝŵĞƐĚĞƌĞƐƵůƚĂĚŽŽƵ
ŵĂƚĞƌŝĂŝƐ͘>ŽŐŽ͕ĠĚĞƐĞĐŽŶĐůƵŝƌƋƵĞĂĂƵƐġŶĐŝĂĚĞůĂŶĕĂŵĞŶƚŽĚŽĐƌĠĚŝƚŽĨŝƐĐĂůƉĞůĂĚŵŝŶŝƐƚƌĂĕĆŽ͕ƉŽƌĨŽƌĕĂ
ĚĂ ĨůƵġŶĐŝĂ ĚŽ ƉƌĂǌŽ ĚĞĐĂĚĞŶĐŝĂů ƋƺŝŶƋƺĞŶĂů ;Ăƌƚ͘ ϭϱϬ͕ Α ϰǑ͕ ĚŽ dEͿ ĐŽŶƚĂĚŽ ĚŽ ĨĂƚŽ ŐĞƌĂĚŽƌ ĚŽ ƚƌŝďƵƚŽ͕
ŝŵƉĞĚĞ Ă ĐŽŶĚĞŶĂĕĆŽ ƉĞůĂ ƉƌĄƚŝĐĂ ĚŽ ĐƌŝŵĞ ĚĞ ƐŽŶĞŐĂĕĆŽ ĨŝƐĐĂů͘ Žŵ ĞƐƐĞ ĞŶƚĞŶĚŝŵĞŶƚŽ͕ Ă dƵƌŵĂ͕ ĂŽ
ƉƌŽƐƐĞŐƵŝƌŽũƵůŐĂŵĞŶƚŽ͕ĐŽŶĐĞĚĞƵĂŽƌĚĞŵĚĞŚĂďĞĂƐĐŽƌƉƵƐ͘WƌĞĐĞĚĞŶƚĞƐĐŝƚĂĚŽƐĚŽ^d&͗,ϴϭ͘ϲϭϭͲ&͕:
ϮϬͬϱͬϮϬϬϱ͖,ϴϰ͘ϮϲϮͲ&͕:ϮϵͬϰͬϮϬϬϱ͖ĚŽ^d:͗ZƐƉϳϰϳ͘ϴϮϵͲWZ͕:ϭǑͬϮͬϮϬϬϲ͖ŐZŐŶŽZƐƉϳϲϮ͘ϭϰϰͲWZ͕:
ϭϯͬϯͬϮϬϬϲ͕ Ğ , ϱϲ͘ϳϵϵͲ^W͕ : ϭϲͬϰͬϮϬϬϳ͘ , ϳϳ͘ϵϴϲͲD^͕ ZĞů͘ DŝŶ͘ ƌŶĂůĚŽ ƐƚĞǀĞƐ >ŝŵĂ͕ ũƵůŐĂĚŽ Ğŵ
ϭϯͬϵͬϮϬϬϳ͘

^d&͗ Z/D KEdZ KZD dZ/hdZ/ >/dK^ hdNEKDK^ ^ĂůŝĞŶƚĂŶĚŽ Ă ĞǆŝƐƚġŶĐŝĂ ĚĞ ƐŝƚƵĂĕĆŽ
ũƵƌşĚŝĐĂ ĚŝƐƚŝŶƚĂ ĞŶƚƌĞ ƚƌġƐ ƉĂĐŝĞŶƚĞƐ͕ Ă dƵƌŵĂ͕ ƉŽƌ ŶĆŽ ǀŝƐůƵŵďƌĂƌ ŵĂŶŝĨĞƐƚŽ ĐŽŶƐƚƌĂŶŐŝŵĞŶƚŽ ŝůĞŐĂů ĂƉƚŽ Ă
ĂĨĂƐƚĂƌĂŝŶĐŝĚġŶĐŝĂĚŽŶƵŶĐŝĂĚŽĚĂ^ƷŵƵůĂϲϵϭĚŽ^d&͕ŶĆŽĐŽŶŚĞĐĞƵĚĞŚĂďĞĂƐĐŽƌƉƵƐŝŵƉĞƚƌĂĚŽĞŵĨĂǀŽƌ
ĚĞĚŽŝƐĚĞůĞƐ͕ĂŽĨƵŶĚĂŵĞŶƚŽĚĞƋƵĞ͕ĐŽŶƐŽĂŶƚĞĚŽĐƵŵĞŶƚŽƐĞŝŶĨŽƌŵĂĕƁĞƐƉƌĞƐƚĂĚĂƐƉĞůŽũƵşǌŽĚĞŽƌŝŐĞŵ͕Ă
ĚĞŶƷŶĐŝĂ ĨŽƌĂ ŽĨĞƌĞĐŝĚĂ ƋƵĂŶĚŽ ũĄ ĞŶĐĞƌƌĂĚŽ Ž ƉƌŽĐĞĚŝŵĞŶƚŽ ĂĚŵŝŶŝƐƚƌĂƚŝǀŽ ĨŝƐĐĂů͘ EŽ ĐĂƐŽ͕ ŽƐ ƉĂĐŝĞŶƚĞƐ
ĨŽƌĂŵĚĞŶƵŶĐŝĂĚŽƐƉĞůĂƐƵƉŽƐƚĂƉƌĄƚŝĐĂĚŽƐĐƌŝŵĞƐĚĞƐŽŶĞŐĂĕĆŽĨŝƐĐĂů;>Ğŝϴ͘ϭϯϳͬϵϬ͕Ăƌƚ͘ϭǑ͕/Ğ//Ϳ͖ĨĂůƐŝĚĂĚĞƐ
ŵĂƚĞƌŝĂůĞŝĚĞŽůſŐŝĐĂ;W͕ĂƌƚŝŐŽƐϮϵϳĞϮϵϵͿ͖ƵƐŽĚĞĚŽĐƵŵĞŶƚŽĨĂůƐŽ;W͕Ăƌƚ͘ϯϬϰͿ͖ĨŽƌŵĂĕĆŽĚĞƋƵĂĚƌŝůŚĂ;W͕
ϲϱ

Ăƌƚ͘ϮϴϴͿ͖ĞůĂǀĂŐĞŵĚĞďĞŶƐĞǀĂůŽƌĞƐ;>Ğŝϵ͘ϲϭϯͬϵϴ͕Ăƌƚ͘ϭǑ͕s//͖ΑϭǑ͕/͖ĞΑϮǑ͕//Ϳ͘WƌĞůŝŵŝŶĂƌŵĞŶƚĞ͕ĂĨĂƐƚŽƵͲƐĞ
ŽĂƌŐƵŵĞŶƚŽĚŽDŝŶŝƐƚĠƌŝŽWƷďůŝĐŽŶŽƐĞŶƚŝĚŽĚĞƋƵĞĂƐƵďƐƚŝƚƵŝĕĆŽĚĞĚĞĐŝƐĆŽůŝŵŝŶĂƌŝŵƉƵŐŶĂĚĂƉŽƌĂĐſƌĚĆŽ
ĚĞŵĠƌŝƚŽƉƌŽĨĞƌŝĚŽĞŵŚĂďĞĂƐĐŽƌƉƵƐĞŶƐĞũĂƌŝĂŽƉƌĞũƵşǌŽĚŽǁƌŝƚ͘ŽŶƐŝĚĞƌŽƵͲƐĞ͕ŶŽƉŽŶƚŽ͕ƐĞƌƉŽƐƐşǀĞů͕ĂŽ
ŵĞŶŽƐĞŵƚĞƐĞ͕ƋƵĞŽ^d&ĂƉƌĞĐŝĞĂůĞŐĂĚŽĐŽŶƐƚƌĂŶŐŝŵĞŶƚŽŝůĞŐĂůĚĞĐŽƌƌĞŶƚĞĚĞĚĞĐŝƐĆŽĚĞŵĠƌŝƚŽƋƵĞĂƉĞŶĂƐ
ƌĞŝƚĞƌĂ ŽƐ ĨƵŶĚĂŵĞŶƚŽƐ ĚŽ ŝŶĚĞĨĞƌŝŵĞŶƚŽ ĚĞ ŵĞĚŝĚĂ ůŝŵŝŶĂƌ ŽƌŝŐŝŶĂƌŝĂŵĞŶƚĞ ŝŵƉƵŐŶĂĚĂ ƉĞƌĂŶƚĞ ĞƐƚĂ ŽƌƚĞ͘
WŽƌŽƵƚƌŽůĂĚŽ͕ĚĞĨĞƌŝƵͲƐĞĂŽƌĚĞŵƵŶŝĐĂŵĞŶƚĞĞŵĨĂǀŽƌĚĞƵŵĚŽƐƉĂĐŝĞŶƚĞƐĞŶŽƋƵĞƐĞƌĞĨĞƌĞĂŽĐƌŝŵĞĚĞ
ƐŽŶĞŐĂĕĆŽ ĨŝƐĐĂů͕ ƉĂƌĂ ƚƌĂŶĐĂƌ Ă ĂĕĆŽ ƉĞŶĂů ƉŽƌ ĨĂůƚĂ ĚĞ ũƵƐƚĂ ĐĂƵƐĂ͕ ƉŽƌƋƵĂŶƚŽ ŝŶĞǆŝƐƚĞŶƚĞƐ ĞůĞŵĞŶƚŽƐ ƋƵĞ
ŝŶĚŝƋƵĞŵĂĐŽŶƐƚŝƚƵŝĕĆŽĚĞĨŝŶŝƚŝǀĂĚĞĐƌĠĚŝƚŽƚƌŝďƵƚĄƌŝŽ͕ƐĞŵƉƌĞũƵşǌŽĚĞƋƵĞĂƉĞƌƐĞĐƵĕĆŽƉĞŶĂůƉĞƌĚƵƌĞĞŵ
ƌĞůĂĕĆŽ ĂŽƐ ĚĞŵĂŝƐ ƚŝƉŽƐ ŝŵƉƵƚĂĚŽƐ͘ ƉůŝĐŽƵͲƐĞ͕ ŶĂ ĞƐƉĠĐŝĞ͕ Ă ŽƌŝĞŶƚĂĕĆŽ ĨŝƌŵĂĚĂ ŶŽ ũƵůŐĂŵĞŶƚŽ ĚŽ ,
ϴϭϲϭϭͬ&;:hĚĞϭϯ͘ϱ͘ϮϬϬϲͿ͕ĞŵƋƵĞĨŝǆĂĚŽŽĞŶƚĞŶĚŝŵĞŶƚŽĚĞƋƵĞ͕ĞŶƋƵĂŶƚŽƉĞŶĚĞŶƚĞĚĞĐŝƐĆŽĚĞĨŝŶŝƚŝǀĂĚŽ
ƉƌŽĐĞƐƐŽĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͕ĂĂĕĆŽƉĞŶĂůƉĞůĂƉƌĄƚŝĐĂĚŽĚĞůŝƚŽƚŝƉŝĨŝĐĂĚŽŶŽĂƌƚ͘ϭǑĚĂ>Ğŝϴ͘ϭϯϳͬϵϬĐĂƌĞĐĞĚĞũƵƐƚĂ
ĐĂƵƐĂ͘WƌĞĐĞĚĞŶƚĞƐĐŝƚĂĚŽƐ͗,ϴϳϯϱϯͬ^;:hĚĞϭϵ͘ϭϮ͘ϮϬϬϲͿ͖/ϭϱϳϭͬ&;:hĚĞϯϬ͘ϰ͘ϮϬϬϰͿ͖,ϴϱϮϬϳͬZ^
;:hĚĞϮϵ͘ϰ͘ϮϬϬϱͿ͘,ϴϴϭϲϮͬD^͕ƌĞů͘DŝŶ͘'ŝůŵĂƌDĞŶĚĞƐ͕ϲ͘Ϯ͘ϮϬϬϳ͘;,ͲϴϴϭϲϮͿ

^d&͗>/ϭϬ͘ϲϴϰͬϮϬϬϯ͗WZ>DEdK^W/>/>/'E//Es^d/'dMZ/dƵƌŵĂ͕ƚĞŶĚŽĞŵĐŽŶƚĂ
Ă ĂƌƚŝĐƵůĂĕĆŽ ĚĞ ŝŶĐŽŶƐƚŝƚƵĐŝŽŶĂůŝĚĂĚĞ ĚĞ ƉƌĞĐĞŝƚŽ ŶŽƌŵĂƚŝǀŽ͕ ĚĞůŝďĞƌŽƵ ĂĨĞƚĂƌ ĂŽ WůĞŶĄƌŝŽ ũƵůŐĂŵĞŶƚŽ ĚĞ
ƌĞĐƵƌƐŽĞǆƚƌĂŽƌĚŝŶĄƌŝŽŝŶƚĞƌƉŽƐƚŽƉĞůŽDŝŶŝƐƚĠƌŝŽWƷďůŝĐŽ&ĞĚĞƌĂůĐŽŶƚƌĂĂĐſƌĚĆŽĚŽdZ&ĚĂϰǐZĞŐŝĆŽƋƵĞ
ŝŶĚĞĨĞƌŝƌĂĐŽƌƌĞŝĕĆŽƉĂƌĐŝĂů͕ ĞŵŵĂƚĠƌŝĂĐƌŝŵŝŶĂů͕ĂŽ ĨƵŶĚĂŵĞŶƚŽĚĞŝŶĞǆŝƐƚġŶĐŝĂĚĞ ĞƌƌŽŶĂĐŽŶĚƵĕĆŽĚĞ
ƉƌŽĐĞƐƐŽƉĞůĂϭǐŝŶƐƚąŶĐŝĂ͘EŽĐĂƐŽ͕ĂƉſƐŽƌĞĐĞďŝŵĞŶƚŽĚĞƌĞƉƌĞƐĞŶƚĂĕĆŽĨŝƐĐĂůƉĂƌĂĨŝŶƐƉĞŶĂŝƐŽƌŝƵŶĚĂĚĂ
ĚĞůĞŐĂĐŝĂĚĂZĞĐĞŝƚĂ&ĞĚĞƌĂů͕ŽƉĂƌƋƵĞƚƌĞƋƵŝƐŝƚĂƌĂĂŝŶƐƚĂƵƌĂĕĆŽĚĞŝŶƋƵĠƌŝƚŽĞĂŽŝƚŝǀĂĚŽƐƌĞƐƉŽŶƐĄǀĞŝƐ
ƉĞůĂĞŵƉƌĞƐĂ͘KĐŽƌƌĞƋƵĞĂĂƵƚŽƌŝĚĂĚĞƉŽůŝĐŝĂů͕ĐŽŶƐŝĚĞƌĂŶĚŽĂĞǆŝƐƚġŶĐŝĂĚĞƉĂƌĐĞůĂŵĞŶƚŽĚĞĚĠďŝƚŽĨŝƐĐĂů͕
ĞŶĐĞƌƌĂƌĂ ĂƐ ŝŶǀĞƐƚŝŐĂĕƁĞƐ͘ WŽƌ ĐŽŶƐĞŐƵŝŶƚĞ͕ Ž :ƵşǌŽ &ĞĚĞƌĂů ƌŝŵŝŶĂů ĚĞ EŽǀŽ ,ĂŵďƵƌŐŽͬZ^ ĂƉůŝĐĂƌĂ Ž
ĚŝƐƉŽƐƚŽ ŶŽ Α ϭǑ ĚŽ Ăƌƚ͘ ϵǑ ĚĂ >Ğŝ ϭϬ͘ϴϲϰͬϮϬϬϯ ;͞ƌƚ͘ ϵǑ͘ ƐƵƐƉĞŶƐĂ Ă ƉƌĞƚĞŶƐĆŽ ƉƵŶŝƚŝǀĂ ĚŽ ƐƚĂĚŽ͕
ƌĞĨĞƌĞŶƚĞĂŽƐĐƌŝŵĞƐƉƌĞǀŝƐƚŽƐŶŽƐĂƌƚƐ͘ϭǑ ĞϮǑĚĂ>ĞŝŶǑ ϴ͘ϭϯϳ͕ĚĞϮϳĚĞĚĞǌĞŵďƌŽĚĞϭϵϵϬ͕ ĞŶŽƐĂƌƚƐ͘
ϭϲϴĞϯϯϳĚŽĞĐƌĞƚŽͲ>ĞŝŶǑϮ͘ϴϰϴ͕ĚĞϳĚĞĚĞǌĞŵďƌŽĚĞϭϵϰϬʹſĚŝŐŽWĞŶĂů͕ĚƵƌĂŶƚĞŽƉĞƌşŽĚŽĞŵƋƵĞ
ĂƉĞƐƐŽĂũƵƌşĚŝĐĂƌĞůĂĐŝŽŶĂĚĂĐŽŵŽĂŐĞŶƚĞĚŽƐĂůƵĚŝĚŽƐĐƌŝŵĞƐĞƐƚŝǀĞƌŝŶĐůƵşĚĂŶŽƌĞŐŝŵĞĚĞƉĂƌĐĞůĂŵĞŶƚŽ͘
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ƋƵĞŽƐĚĞŵĂŝƐĐŽŶƐƵďƐƚĂŶĐŝĂŵƉƌĞĐĞŝƚŽƐƋƵĞŵĂŶƚġŵƌĞůĂĕĆŽĚĞƉĞƌƚŝŶġŶĐŝĂĐŽŵĂ>Ğŝϵ͘ϰϯϳͬϵϳŽƵĐŽŵŽ
ƉƌŽũĞƚŽĚĞ>Ğŝϭ͘Ϭϳϯͬϵϵ͕ĞŶĐĂŵŝŶŚĂĚŽƐĂŽŽŶŐƌĞƐƐŽ EĂĐŝŽŶĂůƉĞůĂWƌĞƐŝĚġŶĐŝĂĚĂZĞƉƷďůŝĐĂ͕ŐĞƌĂůŵĞŶƚĞ
ĞǆƉůŝĐŝƚĂŶĚŽƉƌĂǌŽƐ ĞƉƌŽĐĞĚŝŵĞŶƚŽƐĂĚŵŝŶŝƐƚƌĂƚŝǀŽƐ͕ŽƵĨŽƌĂŵŝŶƚƌŽĚƵǌŝĚŽƐŶŽƚĞǆƚŽƉŽƌĚŝƉůŽŵĂƐ ůĞŐĂŝƐ
ŽƌŝŐŝŶĂĚŽƐ ĨŽƌĂ ĚŽ ąŵďŝƚŽ ĐŽŶŐƌĞƐƐƵĂů ;>ĞŝƐ ϭϬ͘ϴϲϳͬϮϬϬϰ͕ ϭϬ͘ϴϴϰͬϮϬϬϰ͕ ϭϭ͘ϭϭϴͬϮϬϬϱ Ğ ϭϭ͘ϭϵϭͬϮϬϬϱͿ͕ ŽƵ͕
ĂŝŶĚĂ͕ ƐĆŽ ƉƌĞƐĐƌŝĕƁĞƐ ŶŽƌŵĂƚŝǀĂƐ ƋƵĞ Ğŵ ŶĂĚĂ ŝŶƚĞƌĨĞƌĞŵ ĐŽŵ Ă ŝŶŝĐŝĂƚŝǀĂ ĚŽ WƌĞƐŝĚĞŶƚĞ ĚĂ ZĞƉƷďůŝĐĂ͘
^ĂůŝĞŶƚŽƵͲƐĞ͕ ƉŽƌ Ĩŝŵ͕ Ă ŶĂƚƵƌĞǌĂ ĐŽŶĐŽƌƌĞŶƚĞ ĚĂ ŝŶŝĐŝĂƚŝǀĂ Ğŵ ŵĂƚĠƌŝĂ ĐƌŝŵŝŶĂů Ğ ƉƌŽĐĞƐƐƵĂů͕ Ğ Ă
ƉŽƐƐŝďŝůŝĚĂĚĞ͕ĞŵƌĂǌĆŽĚŝƐƐŽ͕ĚĂĐƌŝĂĕĆŽ͕ŵŽĚŝĨŝĐĂĕĆŽŽƵĞǆƚĞŶƐĆŽĚĞƚŝƉŽƐƉĞŶĂŝƐĞƌĞƐƉĞĐƚŝǀĂƐƐĂŶĕƁĞƐ͕
ďĞŵ ĐŽŵŽ Ž ĞƐƚĂďĞůĞĐŝŵĞŶƚŽ ĚĞ ƚĂǆĂƐ ŽƵ Ă ŝŶƐƚŝƚƵŝĕĆŽ ĚĞ ŝƐĞŶĕƁĞƐ ƉĞůĂ ůĞŝ ŝŵƉƵŐŶĂĚĂ͕ ĂŝŶĚĂ ƋƵĞ
ƌĞƐƵůƚĂŶƚĞƐĚĞĞŵĞŶĚĂƐŽƵƉƌŽũĞƚŽƐĚĞůĞŝƉĂƌůĂŵĞŶƚĂƌĞƐ͘ŵƐĞŐƵŝĚĂ͕ƌĞůĂƚŝǀĂŵĞŶƚĞĂŽƐƉĂƌĄŐƌĂĨŽƐƷŶŝĐŽƐ
ĚŽƐĂƌƚŝŐŽƐϭϰĞϭϱĚĂ>ĞŝϭϬ͘ϴϲϴͬϮϬϬϯ͕ƋƵĞƉƌŽşďĞŵŽĞƐƚĂďĞůĞĐŝŵĞŶƚŽĚĞĨŝĂŶĕĂ͕ƌĞƐƉĞĐƚŝǀĂŵĞŶƚĞ͕ƉĂƌĂŽƐ
ĐƌŝŵĞƐ ĚĞ ƉŽƌƚĞ ŝůĞŐĂů ĚĞ ĂƌŵĂ ĚĞ ĨŽŐŽ ĚĞ ƵƐŽ ƉĞƌŵŝƚŝĚŽ Ğ ĚĞ ĚŝƐƉĂƌŽ ĚĞ ĂƌŵĂ ĚĞ ĨŽŐŽ͕ ĐŽŶƐŝĚĞƌŽƵͲƐĞ
ĚĞƐĂƌƌĂǌŽĂĚĂ Ă ǀĞĚĂĕĆŽ͕ ĂŽ ĨƵŶĚĂŵĞŶƚŽ ĚĞ ƋƵĞ ƚĂŝƐ ĚĞůŝƚŽƐ ŶĆŽ ƉŽĚĞƌŝĂŵ ƐĞƌ ĞƋƵŝƉĂƌĂĚŽƐ Ă ƚĞƌƌŽƌŝƐŵŽ͕
ƉƌĄƚŝĐĂ ĚĞ ƚŽƌƚƵƌĂ͕ ƚƌĄĨŝĐŽ ŝůşĐŝƚŽ ĚĞ ĞŶƚŽƌƉĞĐĞŶƚĞƐ ŽƵ ĐƌŝŵĞƐ ŚĞĚŝŽŶĚŽƐ ;&͕ Ăƌƚ͘ ϱǑ͕ y>///Ϳ͘ ƐƐĞǀĞƌŽƵͲƐĞ͕
ĂĚĞŵĂŝƐ͕ĐƵŝĚĂƌͲƐĞ͕ŶĂǀĞƌĚĂĚĞ͕ĚĞĐƌŝŵĞƐĚĞ ŵĞƌĂĐŽŶĚƵƚĂƋƵĞ͕ĞŵďŽƌĂŝŵƉůŝƋƵĞŵƌĞĚƵĕĆŽŶŽŶşǀĞůĚĞ
ƐĞŐƵƌĂŶĕĂĐŽůĞƚŝǀĂ͕ŶĆŽƉŽĚĞŵƐĞƌŝŐƵĂůĂĚŽƐĂŽƐĐƌŝŵĞƐƋƵĞĂĐĂƌƌĞƚĂŵůĞƐĆŽŽƵĂŵĞĂĕĂĚĞůĞƐĆŽăǀŝĚĂŽƵ
ăƉƌŽƉƌŝĞĚĂĚĞ͘YƵĂŶƚŽĂŽĂƌƚ͘ϮϭĚĂůĞŝŝŵƉƵŐŶĂĚĂ͕ƋƵĞƉƌĞǀġƐĞƌĞŵŝŶƐƵƐĐĞƚşǀĞŝƐĚĞůŝďĞƌĚĂĚĞƉƌŽǀŝƐſƌŝĂ
ŽƐĚĞůŝƚŽƐĐĂƉŝƚƵůĂĚŽƐŶŽƐĂƌƚŝŐŽƐϭϲ;ƉŽƐƐĞŽƵƉŽƌƚĞŝůĞŐĂůĚĞĂƌŵĂĚĞĨŽŐŽĚĞƵƐŽƌĞƐƚƌŝƚŽͿ͕ϭϳ;ĐŽŵĠƌĐŝŽ
ŝůĞŐĂů ĚĞ ĂƌŵĂ ĚĞ ĨŽŐŽͿ Ğ ϭϴ ;ƚƌĄĨŝĐŽ ŝŶƚĞƌŶĂĐŝŽŶĂů ĚĞ ĂƌŵĂ ĚĞ ĨŽŐŽͿ͕ ĞŶƚĞŶĚĞƵͲƐĞ ŚĂǀĞƌ ĂĨƌŽŶƚĂ ĂŽƐ
ƉƌŝŶĐşƉŝŽƐ ĐŽŶƐƚŝƚƵĐŝŽŶĂŝƐ ĚĂ ƉƌĞƐƵŶĕĆŽ ĚĞ ŝŶŽĐġŶĐŝĂ Ğ ĚŽ ĚĞǀŝĚŽ ƉƌŽĐĞƐƐŽ ůĞŐĂů ;&͕ Ăƌƚ͘ ϱǑ͕ >s// Ğ >y/Ϳ͘
ZĞƐƐĂůƚŽƵͲƐĞ͕ŶŽƉŽŶƚŽ͕ƋƵĞ͕ŶĆŽŽďƐƚĂŶƚĞĂŝŶƚĞƌĚŝĕĆŽăůŝďĞƌĚĂĚĞƉƌŽǀŝƐſƌŝĂƚĞŶŚĂƐŝĚŽĞƐƚĂďĞůĞĐŝĚĂƉĂƌĂ
ĐƌŝŵĞƐ ĚĞ ƐƵŵĂ ŐƌĂǀŝĚĂĚĞ͕ ůŝďĞƌĂŶĚŽͲƐĞ Ă ĨƌĂŶƋƵŝĂ ƉĂƌĂ ŽƐ ĚĞŵĂŝƐ ĚĞůŝƚŽƐ͕ Ă ŽŶƐƚŝƚƵŝĕĆŽ ŶĆŽ ƉĞƌŵŝƚĞ Ă
ƉƌŝƐĆŽĞǆůĞŐĞ͕ƐĞŵŵŽƚŝǀĂĕĆŽ͕ĂƋƵĂůǀŝŽůĂ͕ĂŝŶĚĂ͕ŽƐƉƌŝŶĐşƉŝŽƐĚĂĂŵƉůĂĚĞĨĞƐĂĞĚŽĐŽŶƚƌĂĚŝƚſƌŝŽ;&͕Ăƌƚ͘
ϱǑ͕ >sͿ͘ sĞŶĐŝĚŽƐ͕ ƉĂƌĐŝĂůŵĞŶƚĞ͕ ŽƐ DŝŶŝƐƚƌŽƐ ĂƌůŽƐ ƌŝƚƚŽ͕ 'ŝůŵĂƌ DĞŶĚĞƐ Ğ ^ĞƉƷůǀĞĚĂ WĞƌƚĞŶĐĞ͕ ƋƵĞ
ũƵůŐĂǀĂŵ ŝŵƉƌŽĐĞĚĞŶƚĞ Ž ƉĞĚŝĚŽ ĨŽƌŵƵůĂĚŽ ƋƵĂŶƚŽ ĂŽƐ ƉĂƌĄŐƌĂĨŽƐ ƷŶŝĐŽƐ ĚŽƐ ĂƌƚŝŐŽƐ ϭϰ Ğ ϭϱ͕ Ğ Ž DŝŶ͘
DĂƌĐŽƵƌĠůŝŽ͕ƋƵĞŽũƵůŐĂǀĂŝŵƉƌŽĐĞĚĞŶƚĞƋƵĂŶƚŽĂŽƉĂƌĄŐƌĂĨŽƷŶŝĐŽĚŽĂƌƚ͘ϭϱĞ͕ĞŵƌĞůĂĕĆŽĂŽĂƌƚ͘Ϯϭ͕
ĂƉĞŶĂƐƋƵĂŶƚŽăƌĞĨĞƌġŶĐŝĂĂŽĂƌƚ͘ϭϲ͘KdƌŝďƵŶĂů͕ƉŽƌƵŶĂŶŝŵŝĚĂĚĞ͕ũƵůŐŽƵ͕ĂŝŶĚĂ͕ŝŵƉƌŽĐĞĚĞŶƚĞŽƉĞĚŝĚŽ
ƋƵĂŶƚŽĂŽƐĂƌƚŝŐŽƐϮǑ͕y͖ϱǑ͕ΑΑϭǑ͕ϮǑĞϯǑ͖ϭϬ͖ϭϭ͕//͖ϭϮ͖Ϯϯ͕ΑΑϭǑ͕ϮǑĞϯǑ͖Ϯϱ͕ƉĂƌĄŐƌĂĨŽƷŶŝĐŽ͖Ϯϴ͖ϮϵĞĂŽ
ƉĂƌĄŐƌĂĨŽƷŶŝĐŽĚŽĂƌƚ͘ϯϮ͕ĞĚĞĐůĂƌŽƵŽƉƌĞũƵşǌŽĚĂĂĕĆŽĞŵƌĞůĂĕĆŽĂŽĂƌƚ͘ϯϱ͕ƚŽĚŽƐĚĂ>ĞŝϭϬ͘ϴϮϲͬϮϬϬϯ͘
/ϯϭϭϮͬ&͕ƌĞů͘DŝŶ͘ZŝĐĂƌĚŽ>ĞǁĂŶĚŽǁƐŬŝ͕Ϯ͘ϱ͘ϮϬϬϳ͘;/ͲϯϭϭϮͿ
/ϯϭϯϳͬ&͕ƌĞů͘DŝŶ͘ZŝĐĂƌĚŽ>ĞǁĂŶĚŽǁƐŬŝ͕Ϯ͘ϱ͘ϮϬϬϳ͘;/ͲϯϭϯϳͿ
/ϯϭϵϴͬ&͕ƌĞů͘DŝŶ͘ZŝĐĂƌĚŽ>ĞǁĂŶĚŽǁƐŬŝ͕Ϯ͘ϱ͘ϮϬϬϳ͘;/ͲϯϭϵϴͿ
/ϯϮϲϯͬ&͕ƌĞů͘DŝŶ͘ZŝĐĂƌĚŽ>ĞǁĂŶĚŽǁƐŬŝ͕Ϯ͘ϱ͘ϮϬϬϳ͘;/ͲϯϮϲϯͿ
/ϯϱϭϴͬ&͕ƌĞů͘DŝŶ͘ZŝĐĂƌĚŽ>ĞǁĂŶĚŽǁƐŬŝ͕Ϯ͘ϱ͘ϮϬϬϳ͘;/ͲϯϱϭϴͿ
/ϯϱϯϱͬ&͕ƌĞů͘DŝŶ͘ZŝĐĂƌĚŽ>ĞǁĂŶĚŽǁƐŬŝ͕Ϯ͘ϱ͘ϮϬϬϳ͘;/ͲϯϱϯϱͿ
/ϯϱϴϲͬ&͕ƌĞů͘DŝŶ͘ZŝĐĂƌĚŽ>ĞǁĂŶĚŽǁƐŬŝ͕Ϯ͘ϱ͘ϮϬϬϳ͘;/ͲϯϱϴϲͿ
/ϯϲϬϬͬ&͕ƌĞů͘DŝŶ͘ZŝĐĂƌĚŽ>ĞǁĂŶĚŽǁƐŬŝ͕Ϯ͘ϱ͘ϮϬϬϳ͘;/ͲϯϲϬϬͿ
/ϯϳϴϴͬ&͕ƌĞů͘DŝŶ͘ZŝĐĂƌĚŽ>ĞǁĂŶĚŽǁƐŬŝ͕Ϯ͘ϱ͘ϮϬϬϳ͘;/ͲϯϳϴϴͿ
/ϯϴϭϰͬ&͕ƌĞů͘DŝŶ͘ZŝĐĂƌĚŽ>ĞǁĂŶĚŽǁƐŬŝ͕Ϯ͘ϱ͘ϮϬϬϳ͘;/ͲϯϴϭϰͿ

ϲϴ

^d:͗ WKZd />'>͘ ZD͘ WZ/'K KEZdK͘K ĚĞůŝƚŽ ƚŝƉŝĨŝĐĂĚŽ ŶŽ Ăƌƚ͘ ϭϬ͕ ĐĂƉƵƚ͕ ĚĂ ƌĞǀŽŐĂĚĂ >Ğŝ Ŷ͘
ϵ͘ϰϯϳͬϭϵϵϳ ĂƉĞŶĂƐ ĞǆŝŐĞ Ž ƉŽƌƚĞ ĚĞ ĂƌŵĂ ĚĞ ĨŽŐŽ ƐĞŵ ĂƵƚŽƌŝǌĂĕĆŽ ŽƵ Ğŵ ĚĞƐĂĐŽƌĚŽ ĐŽŵ ĚĞƚĞƌŵŝŶĂĕĆŽ
ůĞŐĂů ŽƵ ƌĞŐƵůĂƌ͘ DŽƐƚƌĂͲƐĞ ĚĞƐŶĞĐĞƐƐĄƌŝĂ͕ ƉĂƌĂ ƐƵĂ ĐŽŶĨŝŐƵƌĂĕĆŽ͕ Ă ĚĞŵŽŶƐƚƌĂĕĆŽ ĚĞ ĞĨĞƚŝǀŽ ƉĞƌŝŐŽ ă
ĐŽůĞƚŝǀŝĚĂĚĞ͕ĚĂşĂŝƌƌĞůĞǀąŶĐŝĂĚĞ͕ŶŽĐĂƐŽ͕ĂĂƌŵĂĞƐƚĂƌĂƌŵĂǌĞŶĂĚĂĚĞŶƚƌŽĚĞƵŵĂďŽůƐĂ͕ƋƵĂŶƚŽŵĂŝƐƋƵĞ
ĞůĂ ĞƌĂ ĐĂƉĂǌ ĚĞ ĞĨĞƚƵĂƌ ĚŝƐƉĂƌŽƐ͕ ĚĞůĂ ƉŽĚĞŶĚŽ ůĂŶĕĂƌ ŵĆŽ Ž ƌĞĐŽƌƌŝĚŽ Ă ƋƵĂůƋƵĞƌ ƚĞŵƉŽ͘ WƌĞĐĞĚĞŶƚĞƐ
ĐŝƚĂĚŽƐ͗ ZƐƉ ϲϲϲ͘ϴϲϵͲZ^͕ : ϭǑͬϳͬϮϬϬϱ͕ Ğ ZƐƉ ϮϵϮ͘ϵϰϯͲD'͕ : ϭϲͬϵͬϮϬϬϮ͘ ZƐƉ ϵϯϬ͘ϮϭϵͲD'͕ ZĞů͘ DŝŶ͘
&Ğůŝǆ&ŝƐĐŚĞƌ͕ũƵůŐĂĚŽĞŵϴͬϭϭͬϮϬϬϳ͘

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6835,0,'227ULEXQDOLQLFLRXMXOJDPHQWRGHUHFXUVRRUGLQiULRHPKDEHDVFRUSXVDIHWDGRDR3OHQRSHOD
7XUPD LPSHWUDGR HP IDYRU GH FRQGHQDGR SHOD SUiWLFD GR FULPH GH SRUWH LOHJDO GH DUPD GH IRJR FRP
QXPHUDomRGHLGHQWLILFDomRVXSULPLGD/HLDUWSDUiJUDIR~QLFR,9QRTXDOVHSUHWHQGHD
QXOLGDGH GD FRQGHQDomR SRU DWLSLFLGDGH GD FRQGXWD HP IDFH GD DXVrQFLD GH OHVLYLGDGH GD DUPD
GHVPXQLFLDGD DSUHHQGLGD ² Y ,QIRUPDWLYR $ 0LQ &iUPHQ /~FLD UHODWRUD FRQKHFHX HP SDUWH GR
UHFXUVR H QD SDUWH FRQKHFLGD QHJRXOKH SURYLPHQWR SRU FRQVLGHUDU TXH RV IDWRV GHVFULWRV QD GHQ~QFLD
DPROGDPVH DR WLSR SUHYLVWR QR DUW SDUiJUDIR ~QLFR ,9 GD /HL ³$UW 3RVVXLU GHWHU
SRUWDUDGTXLULUIRUQHFHUUHFHEHUWHUHPGHSyVLWRWUDQVSRUWDUFHGHUDLQGDTXHJUDWXLWDPHQWHHPSUHVWDU
UHPHWHUHPSUHJDUPDQWHUVREVXDJXDUGDRXRFXOWDUDUPDGHIRJRDFHVVyULRRXPXQLomRGHXVRSURLELGR
RXUHVWULWRVHPDXWRUL]DomRHHPGHVDFRUGRFRPGHWHUPLQDomROHJDORXUHJXODPHQWDU3HQDUHFOXVmRGH
WUrVDVHLVDQRVHPXOWD3DUiJUDIR~QLFR1DVPHVPDVSHQDVLQFRUUHTXHP,9SRUWDUSRVVXLU
DGTXLULU WUDQVSRUWDU RX IRUQHFHU DUPD GH IRJR FRP QXPHUDomR PDUFD RX TXDOTXHU RXWUR VLQDO GH
LGHQWLILFDomRUDVSDGRVXSULPLGRRXDGXOWHUDGR´ (QIDWL]RXTXHQDVFRQGXWDVGHVFULWDVQRUHIHULGRLQFLVR
QmRVHH[LJLULDFRPRHOHPHQWDUGRWLSRDDUPDVHUGHXVRSHUPLWLGRRXUHVWULWRHTXHQRFDVRDDUPDVHULD
GHXVRSHUPLWLGRWHQGRVLGRFRPSURYDGDDVXSUHVVmRGRVHXQ~PHURGHVpULHSRUDEUDVmR'LDQWHGLVVR
FRQFOXLXVHULPSHUWLQHQWHDGLVFXVVmRDFHUFDGDLQDGHTXDomRGDFRQGXWDGHVFULWDQDGHQ~QFLDHWLSLILFDomR
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ĐŽŶƚƌĂǀĞŶĕĆŽ͕ Ž ƋƵĞ ŶĆŽ ŝŵƉĞĚŝƌŝĂ ƋƵĞ ůĞŝ ŽƌĚŝŶĄƌŝĂ ƐƵƉĞƌǀĞŶŝĞŶƚĞ ĂĚŽƚĂƐƐĞ ŽƵƚƌŽƐ ƌĞƋƵŝƐŝƚŽƐ ŐĞƌĂŝƐ ĚĞ
ĚŝĨĞƌĞŶĐŝĂĕĆŽ ŽƵ ĞƐĐŽůŚĞƐƐĞ ƉĂƌĂ ĚĞƚĞƌŵŝŶĂĚŽ ĚĞůŝƚŽ ƉĞŶĂ ĚŝǀĞƌƐĂ ĚĂ ƉƌŝǀĂĕĆŽ ŽƵ ƌĞƐƚƌŝĕĆŽ ĚĂ ůŝďĞƌĚĂĚĞ͘
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ƉĂƌƚŝƌĚĂƉƌĞŵŝƐƐĂĚĞŵĞƌŽĞƋƵşǀŽĐŽŶĂĐŽůŽĐĂĕĆŽĚĂƐŝŶĨƌĂĕƁĞƐƌĞůĂƚŝǀĂƐĂŽƵƐƵĄƌŝŽĞŵĐĂƉşƚƵůŽĐŚĂŵĂĚŽ
͞ŽƐ ƌŝŵĞƐ Ğ ĚĂƐ WĞŶĂƐ͘͟ WŽƌ ŽƵƚƌŽ ůĂĚŽ͕ ƐĂůŝĞŶƚŽƵͲƐĞ Ă ƉƌĞǀŝƐĆŽ͕ ĐŽŵŽ ƌĞŐƌĂ ŐĞƌĂů͕ ĚŽ ƌŝƚŽ ƉƌŽĐĞƐƐƵĂů
ĞƐƚĂďĞůĞĐŝĚŽƉĞůĂ>Ğŝϵ͘Ϭϵϵͬϵϱ͘WŽƌĨŝŵ͕ƚĞŶĚŽĞŵĐŽŶƚĂƋƵĞŽĂƌƚ͘ϯϬĚĂ>Ğŝϭϭ͘ϯϰϯͬϮϬϬϲĨŝǆŽƵĞŵϮĂŶŽƐŽ
ƉƌĂǌŽĚĞƉƌĞƐĐƌŝĕĆŽĚĂƉƌĞƚĞŶƐĆŽƉƵŶŝƚŝǀĂĞƋƵĞũĄƚƌĂŶƐĐŽƌƌĞƌĂƚĞŵƉŽ
ƐƵƉĞƌŝŽƌ Ă ĞƐƐĞ ƉĞƌşŽĚŽ͕ ƐĞŵ ƋƵĂůƋƵĞƌ ĐĂƵƐĂ ŝŶƚĞƌƌƵƉƚŝǀĂ ĚĂ ƉƌĞƐĐƌŝĕĆŽ͕ ƌĞĐŽŶŚĞĐĞƵͲƐĞ Ă ĞǆƚŝŶĕĆŽ ĚĂ
ƉƵŶŝďŝůŝĚĂĚĞ ĚŽ ĨĂƚŽ Ğ͕ Ğŵ ĐŽŶƐĞƋƺġŶĐŝĂ͕ ĐŽŶĐůƵŝƵͲƐĞ ƉĞůĂ ƉĞƌĚĂ ĚĞ ŽďũĞƚŽ ĚŽ ƌĞĐƵƌƐŽ ĞǆƚƌĂŽƌĚŝŶĄƌŝŽ͘ Z
ϰϯϬϭϬϱYKͬZ:͕ƌĞů͘DŝŶ͘^ĞƉƷůǀĞĚĂWĞƌƚĞŶĐĞ͕ϭϯ͘Ϯ͘ϮϬϬϳ͘;ZͲϰϯϬϭϬϱͿ

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• ^ĆŽĐĂƵƐĂƐƉĞƐƐŽĂŝƐĚĞƵŵĂ͘͘͘͘͘͘ĚĞƉĞŶĂĨƵŶĚĂĚĂĚĞƵŵĂƌĞůĂĕĆŽĚĞƉĂƌĞŶƚĞƐĐŽ͘

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o /ƌŵĆŽ
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o EĆŽŚĄĞƐĐƵƐĂĂďƐŽůƵƚſƌŝĂƋƵĂŶĚŽŽĐƌŝŵĞĠĚĞĨĂǀŽƌĞĐŝŵĞŶƚŽZ>͕;ĠĂƵǆŝůŝĂƌĂƚŽƌŶĂƌ
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• ŝƐĞŶƚŽĚĞƉĞŶĂƐĞƋƵĞŵĐŽŵĞƚĞŽĐƌŝŵĞĠŽ͘
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Direito Processual Penal - OAB

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LXIII - o preso será informado de seus direitos,

͸Ǥ A  

LIV - ninguém será privado da liberdade ou de

͸Ǥ A  V  ȋǤͻ͕ǡ Ȍ

LV - aos litigantes, em processo judicial ou

͹Ǥ A   ȋǤͻ͕ǡ     Ȍ

XXXVII - não haverá juízo ou tribunal de exceção;

ͺǤ A  3 .! 3 ȋǤͻ͕ǡ

LVII - ninguém será considerado culpado até o

Ǥ   

͸Ǥ    

Art. 2o A lei processual penal aplicar-se-á desde

͹Ǥ   Ǥ

ͺǤ    

Art. 366. Se o acusado, citado por edital, não

Ǥ 2   

Art. 14. O ofendido, ou seu representante legal,

SÚMULA VINCULANTE Nº 14 - STF

É DIREITO DO DEFENSOR, NO INTERESSE DO

    ȗ 

­ ȗ ϭϱĚŝĂƐ ϯϬĚŝĂƐ YƵĞŚŽƌĂƐŽĚĞů͘ĨĞĚĞƌĂůƐĂŝ͍

 ȗ ϯϬĚŝĂƐ ϵϬĚŝĂƐ ϯϬͲϵϬ

 ϮϬĚŝĂƐ ϰϬĚŝĂƐ :ŽƌŶĂůŶĂĐŝŽŶĂů

  ϭϬĚŝĂƐ ϭϬĚŝĂƐ ZĞůſŐŝŽĚŽĐŽŵĞƌĐŝĂů

Art. 10. O inquérito deverá terminar no prazo de

§ 1º A autoridade fará minucioso relatório do que

Ǥ .!l 

Art. 16. O Ministério Público não poderá

Art. 28. Se o órgão do Ministério Público, ao

Art. 19. Nos crimes em que não couber ação

conhecimento cautelar executiva

condenatória declaratória constitutiva

condicionada incondicionada exclusiva subsidiária da púb. personalíssima

ͲdŝƚƵůĂƌ͗DW͕ŵĞĚŝĂŶƚĞĚĞŶƷŶĐŝĂ͘ Ͳ dŝƚƵůĂƌ͗ Ğŵ ƌĞŐƌĂ Ž ŽĨĞŶĚŝĚŽ͕ ŵĞĚŝĂŶƚĞ ƋƵĞŝǆĂͲ

͹Ǥ A 

Ϯ Ͳ WƌŝŶĐşƉŝŽ ĚĂ /ŶĚŝƐƉŽŶŝďŝůŝĚĂĚĞ͗ Ž DW ŶĆŽ ϮͲWƌŝŶĐşƉŝŽĚĂŝƐƉŽŶŝďŝůŝĚĂĚĞ͗ŽŽĨĞŶĚŝĚŽ͕ĂƉſƐ

Art. 42. O Ministério Público não • ƉĞƌĚĆŽ;Ăƌƚ͘ϭϬϱ͕WͿŽƵ

Art. 385. Nos crimes de ação pública, • WĞƌĚĆŽĂĐĞŝƚŽÆĞǆƚŝŶĕĆŽĚĂƉƵŶŝďŝůŝĚĂĚĞ͘

XLV - nenhuma pena passará da pessoa do condenado,

ϰ Ͳ WƌŝŶĐşƉŝŽ ŝǀŝƐşǀĞů с ĚŝǀŝĚŝƌ Ă ĂĕĆŽ ĞŶƚƌĞ ϰͲWƌŝŶĐşƉŝŽ/ŶĚŝǀŝƐşǀĞů͗ƌƚ͘ϰϴWW

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Art. 103 - Salvo disposição expressa em

Art. 25. A representação será irretratável,

Art. 16. Nas ações penais públicas condicionadas

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Art. 91 - São efeitos da condenação: (Redação

I - tornar certa a obrigação de indenizar o dano

Art. 387. O juiz, ao proferir sentença

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IV – estar provado que o réu não concorreu para

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