MICROMASTER Vector

Transkript

MICROMASTER Vector

)UHNYHQþQtPQLþ
VQDS"RYêPPH]LREYRGHP
0,&520$67(59HFWRU
0,',0$67(59HFWRU
YHU]H'
9ãHFKQ\SRXåLWpQi]Y\YêUREN $MVRXREFKRGQtR]QDþHQtQHERQi]Y\ILUP\6LHPHQV$*SRS MLQêFKYêUREF$
9\GiQRILUPRX6,(0(16VUR3UDKD
.RStURYiQtDãtHQtWpWRWLVNRYLQ\EH]S HGFKR]tKRVRXKODVXY\GDYDWHOHMH]DNi]iQR
6(0,&520$67(59HFWRUx3RSLVDQiYRGNREVOX]H
2EVDK
9é675$ä1È$%(=3(ý12671Ë832=2511Ë
'HILQLFH
3(+/('
3RSLVPQLþHDMHKRIXQNFH 0217Èä$,167$/$&( 3URYR]PQLþHQDL]RORYDQpVtWL,7Vt" 3URYR]PQLþHVSURXGRYêPFKUiQLþHP 8YHGHQtPQLþHGRSURYR]XSRGHOãtGREVNODGRYiQt
0RQWiåPQLþH0,&520$67(59HFWRU
(OHNWULFNiLQVWDODFHPQLþH0,&520$67(59HFWRU 3LSRMHQtPQLþHYHOLNRVW$ 3LSRMHQtPQLþHYHOLNRVW% 3LSRMHQtPQLþHYHOLNRVW& 3LSRMHQtVtWDPRWRUX tGLFtVYRUNRYQLFH %ORNRYpVFKpPDPQLþH 0RQWiåPQLþH0,',0$67(59HFWRU (OHNWULFNiLQVWDODFHPQLþH0,',0$67(59HFWRU
3LSRMHQtVtWDPRWRUX tGLFtVYRUNRYQLFH %ORNRYpVFKpPDPQLþH 9ROEDDQDORJRYêFKYVWXS$
7HSHOQiRFKUDQDPRWRUX -DN]DSRMRYDWDYpVWVLORYpDtGLFtYRGLþHDE\VHRPH]LORUXãHQtDY]iMHPQpPXRYOLYRYiQtVLORYêFK
DtGLFtFKYRGLþ$
&KOD]HQtDYHQWLODFH =WUiWRYpYêNRQ\ &KOD]HQtDYHQWLODFH 29/È'$&Ë3$1(/
2YOiGDFtDLQGLNDþQtSUYN\
9êYRMRYêGLDJUDPQDVWDYRYiQtSDUDPHWU$ 29/È'È1Ë$Ë=(1Ë01,ý( 9ãHREHFQpSRN\Q\ =iNODGQtSURYR]
3URYR]GLJLWiOQtt]HQt 3URYR]DQDORJRYpt]HQt
=S$VRE\t]HQtPRWRUX
9HNWRURYpt]HQtEH]]SWQpYD]E\
=DVWDYHQtPRWRUX .G\åVHPRWRUQHUR]EKQH
7HFKQRORJLFNê3,'UHJXOiWRU 1DVWDYHQtUHJXOiWRUX 0tVWQtDGiONRYpRYOiGiQtPQLþH 3tNODG\]DSRMHQtDQDVWDYHQtPQLþH
3Ë./$'±t]HQtPQLþHSHVVYRUNRYQLFLD]DGiYiQtRWiþHNSRWHQFLRPHWUHP 3Ë./$'±t]HQtPQLþHSHVVYRUNRYQLFLD]DGiYiQtRWiþHNSURXGRYRXVP\þNRX
3Ë./$'±t]HQtPQLþHSHVVYRUNRYQLFLDYROEDU$]QêFKRWiþHN
3Ë./$'±0RWRUVWHUPLVWRUHPt]HQtPQLþHSHVVYRUNRYQLFLD]DGiYiQtRWiþHN
QDS"RYêPVLJQiOHP 3Ë./$'±t]HQtPQLþHSHVVYRUNRYQLFLD]DGiYiQtRWiþHNWODþtWN\PpQYtFH 3Ë./$'±0tVWQtDGiONRYpRYOiGiQtPQLþH
3Ë./$'±0tVWQtDGiONRYp]DGiYiQtåiGDQpKRGQRW\RWiþHN 3Ë./$'±3,'UHJXOiWRU 3Ë./$'±3HStQiQtPH]L3,'UHJXOiWRUHPD]DGiYiQtRWiþHNSRWHQFLRPHWUHP
3Ë./$'±.RPELQDFHStPpKRQDSiMHQtPRWRUXDQDSiMHQtSHVPQLþ 3Ë./$'±.RPELQDFHStPpKRQDSiMHQtPRWRUXVUR]EKHP<'DQDSiMHQtSHVPQLþ
3Ë./$'±6WtGDYpQDSiMHQtGYRXPRWRU$VNRPELQDFtStPpKRQDSiMHQtPRWRU$D
QDSiMHQtSHVPQLþ ~QRU
2EVDK
3Ë./$'±6WtGDYpQDSiMHQtGYRXPRWRU $VNRPELQDFtStPpKRQDSiMHQtPRWRU $
VUR]EKHP<'DQDSiMHQtSHVPQLþ 323,63$5$0(75 # 3258&+<$3258&+29È+/Èâ(1Ë 3RUXFKRYiKOiãHQt
9êVWUDåQiKOiãHQt 7(&+1,&.eÒ'$-(01,ý#$'23/.# 7HFKQLFNp~GDMHPQLþ$
(OHNWURPDJQHWLFNiNRPSDWLELOLWD(0& =DD]HQtPQLþ$GRWtG(0& 7HFKQLFNp~GDMHGRSON$
%U]GQpRGSRUQtN\DEU]GQiMHGQRWND 2GUXãRYDFtILOWU\
9VWXSQtWOXPLYN\
9êVWXSQtWOXPLYN\
9êVWXSQtGXGWILOWU\ .RPIRUWQtRYOiGDFtSDQHO 0RGXO352),%86
0RGXO&$1%86 2YOiGDFtSURJUDP6,029,6SUR3& 3(+/('3$5$0(75# /,7(5$785$ 0DOêVORYQtNYêUD]$VORYQtFKVSRMHQtD]NUDWHN /LWHUDWXUD 32=1È0.<
~QRU
9êVWUDåQiDEH]SHþQRVWQtXSR]RUQQt
8SR]RUQQt
ýWWH SR]RUQ YãHFKQ\ YêVWUDK\ XSR]RUQ Qt DSRN\Q\ NWHUp REVDKXMH WHQWR QiYRG
NREVOX]HQHERNWHUpMVRXXPtVW Q\QDYêVWUDåQêFKãWtWFtFKP QLþH'EHMWHQDWRDE\YãHFKQ\
YêVWUDåQpãWtWN\E\O\GRNRQDOHþLWHOQp3RãNR]HQpQHERFK\E MtFtãWtWN\QDKUDWHQRYêPL
'tYH QHå ]DþQHWH SUDFRYDW V PQLþHP SHþWWH G$NODGQ QiYRG N REVOX]H DVH]QDPWH
VHVNRQWUROQtPLDRFKUDQQêPL]Dt]HQtPL3LSUiFLVPQLþHPMHQDWRXåSR]G 'EHMWHQDWR
DE\VPQLþHPQHPDQLSXORYDOQLNGREH]S tVOXãQêFK]QDORVWt
9êVWUDKD
1DQNWHUêFKþiVWHFKP QLþH6(0,&520$67(59HFWRUD0,',0$67(59HFWRUVH
Y\VN\WXMt QHEH]SHþQi HOHNWULFNi QDS Wt DPQLþ QDSiMt URWXMtFt PHFKDQLFNp ]D t]HQt -HVWOLåH
SL XYiGQt PQLþH GR SURYR]X QHEXGH SRVWXSRYiQR SRGOH WRKRWR QiYRGX D EH]SHþQRVWQtFK
SHGSLV$P$åHGRMtWNWåNêPQHERVPUWHOQêP~UD] $PQHERNH]QDþQêPKPRWQêPãNRGiP
3UiFHQDPQLþLPRKRXSURYiGWSRX]HNYDOLILNRYDQpRVRE\NWHUpPXVtEêWVH]QiPHQp
VH YãHPL YêVWUDKDPL DRSDWHQtPL WêNDMtFt VH GRSUDY\ VHVWDYHQt D REVOXK\ PQLþH XYHGHQp
YWRPWRQiYRGXNREVOX]HD~GUåE
6LORYêStYRGPQLþHPXVtEêWSHYQêDP QLþPXVtEêWX]HPQ QQRUPD,(&ý61
WtGDRFKUDQ\,3RNXGMHSRXåLWR]D t]HQtSURWLRFKUDQ SHG]E\WNRYêPSURXGHPPXVt
EêWWRWR]Dt]HQtW\SX%
%H]SRUXFKRYê DVSROHKOLYê SURYR] ]D t]HQt MH SRGPtQQ GRGUåHQtP VWDQRYHQêFK
WHFKQLFNêFK SRGPtQHN S L GRSUDY VNODGRYiQt VHVWDYHQt PRQWiåL D RGERUQp REVOX]H
D~GUåE

)UHNYHQþQtP QLþH6(0,&520$67(59HFWRUD0,',0$67(59HFWRUMVRX]D t]HQt
YêNRQRYp HOHNWURQLN\ DQD QNWHUêFK þiVWHFK P QLþH VH Y\VN\WXMt Y\VRNi QDS Wt 1D
NRQGHQ]iWRUHFK VWHMQRVP UQpKR PH]LREYRGX MH L SR Y\SQXWt P QLþH D RGSRMHQt QDSiMHFtKR
QDSWtSRXUþLWRXGREXMHãW Y\VRNpQDSWtQHEH]SHþQpQDS WtVHP$åHY\VN\WRYDWQDYãHFK
VLORYêFKVYRUNiFKP QLþH6PQLþHPMHGRYROHQRPDQLSXORYDWDåSR PLQXWiFKSRRGSRMHQt
QDSiMHFtKR QDSWt 3L SUiFL VPQLþHP MH WHED GiYDW SR]RU QD YROQ StVWXSQp þiVWL SRG
QDSWtP-HSURWRQXWQp]DMLVWLWDE\QHGRãORN GRW\NXVWPLWRþiVWPLDSUDFRYDWVH]YêãHQRX
RSDWUQRVWt
0QLþH VWtIi]RYêP Vt"RYêP QDSiMHQtP D ]DEXGRYDQêP RGUXãRYDFtP ILOWUHP QHVPt EêW
SLSRMHQ\QDVt"SHVSURXGRYêFKUiQLþYL]QRUPD',19'(NDSLWROD
, NG\å PRWRU QHQt Y FKRGX P$åH VH QD QiVOHGXMtFtFK VYRUNiFK Y\VN\WRYDW QHEH]SHþQp
QDSWt
StYRGQtVYRUN\XUþHQpSURS LSRMHQtVt"RYpKRQDSWt//1/QHER//1//
YêVWXSQtVYRUN\NPRWRUX89:
VYRUN\SURSLSRMHQtEU]GQpKRRGSRUQtNXQH EREU]GQpMHGQRWN\%'&%'&

=DXUþLWêFKSRGPtQHNS LMLVWpPQDVWDYHQtSDUDPHWU $P$åHPQLþSRYêSDGNXQDSiMHFtKR
QDSWtDQiVOHGQpPREQRYHQtGRGiYN\HOHNWULFNpHQHUJLH]QRYXDXWRPDWLFN\XYpVWPRWRUGR
FKRGX

)UHNYHQþQt P QLþ XPRåXMH WHSHOQRX RFKUDQX PRWRUX GOH SRåDGDYN $ 8/& þiVW YL]SDUDPHWU37HSHOQRXRFKUDQXPRWRUXO]H]DMLVWLWWpåH[WHUQtPWHSORWQtPVQtPDþHP
37&XPtVWQêPYHYLQXWtPRWRUX
=Dt]HQt MH PRåQp SURYR]RYDW QD VtWtFK VH ]NUDWRYêP SURXGHP GR $ S L PD[
QDSWt99SRNXGVHSRXåLWtSRMLVWN\VS HGHSVDQRXFKDUDNWHULVWLNRXY\SQXWt

~QRU
)UHNYHQþQtP QLþQHVPtEêWSRXåLWMDNR]D t]HQtQRX]RYpKRVWRSXGOH(1
9êVWUDKD
3LSRMRYDWPQLþXYiGWKRGRSURYR]XDRGVWUDRYDWSRUXFK\P$åHSRX]HRVREDNWHUi
E\ODG$NODGQVH]QiPHQDVHYãHPLXSR]RUQ QtPLLSRN\Q\DSUDYLGO\SURSURYiG QtREVOXK\
D~GUåE\SRGOHWRKRWRQiYRGXN REVOX]HD~GUåE
'WHPFL]tPDQHNYDOLILNRYDQêPRVREiPMHS tVWXSNPQLþL]DNi]iQ
0QLþ VPt EêW SRXåtYiQ SRX]H N ~þHO$P VSHFLILNRYDQêP YêUREFHP 6YpYROQp ]P Q\
SRXåtYiQt QiKUDGQtFK GtO$ NWHUp QHMVRX SRVN\WQXW\ QHER GRSRUXþHQ\ YêUREFHP PRKRX
]S$VRELWSRåiU\YêSDGN\HOHNWULFNpHQHUJLHQHER]UDQ Qt
0MWHWHQWRQiYRGYåG\SRUXFHD SHGHMWHKRYãHPXåLYDWHO $P
(YURSVNpVPUQLFHSUR]Dt]HQtQt]NpKRQDSWt
)UHNYHQþQtP QLþHDG\0,&520$67(59HFWRUD0,',0$67(59HFWRUVSO XMtSRåDGDYN\HYURSVNpVP UQLFH
SUR ]Dt]HQt Qt]NpKR QDSWt ((' D GRSON$ ((& 0QLþH MVRX FHUWLILNRYiQ\ GOH SRåDGDYN $
QiVOHGXMtFtFKQRUHP
(1 )UHNYHQþQt P QLþH VSRORYRGLþRYêPL SUYN\ YãHREHFQp SRåDGDYN\ D IUHNYHQþQt P QLþH
NRPXWRYDQpVtWt
(1
%H]SHþQRVWQtSRåDGDYN\SUDFRYQtFKVWURM $(OHNWULFNi]Dt]HQtSUDFRYQtFKVWURM $
(YURSVNpVPUQLFHSURSUDFRYQtVWURMH
)UHNYHQþQt P QLþH DG\ 0,&520$67(5 9HFWRU D 0,',0$67(5 9HFWRU QHVSDGDMt GR VP UQLF SUR SUDFRYQt
VWURMH 3HVWR ]Dt]HQt E\OD QDYUåHQD WDN DE\ Y\KRYRYDOD ]iVDGQtP SRåDGDYN $P RFKUDQ\ D EH]SHþQRVWL
YW\SLFNêFKDSOLNDFtFKSURNWHUpMVRXP QLþHXUþHQ\
(YURSVNpVPUQLFHHOHNWURPDJQHWLFNpNRPSDWLELOLW\
3RNXG EXGRX GRGUåHQ\ GRSRUXþHQt XYHGHQi Y WRPWR QiYRGX NREVOX]H IUHNYHQþQt P QLþH DG\
0,&520$67(5 9HFWRU D 0,',0$67(5 9HFWRU EXGRX VSO RYDW SRåDGDYN\ HYURSVNp VP UQLFH
HOHNWURPDJQHWLFNpNRPSDWLELOLW\(11RUP\YêUREN $(0&3RKRQ\
UL
£
C
UL
£
,62
t]HQtYêUREQtKRSURFHVX6LHPHQVSOFMHY VRXODGXVSRåDGDYN\,62
~QRU
'HILQLFH
x .YDOLILNRYDQiREVOXKD
9H VP\VOX QiYRGX NREVOX]H D~GUåE UHVS YêVWUDåQêFK SRN\Q $ XYHGHQêFK QD VDPRWQpP YêURENX MVRX WR
RVRE\ NWHUp MVRX ]QDOp VHVWDYHQt PRQWiåH XYHGHQt GR SURYR]X D SURYR]X YêURENX DPDMt RGSRYtGDMtFt
NYDOLILNDFLSURVYRXþLQQRVW
Y]GOiQt QHER ãNROHQt UHVS RSUiYQ Qt ]DStQDW DY\StQDW X]HPRYDW DR]QDþRYDW HOHNWULFNi ]D t]HQt
DStVWURMHSRGOHEH]SHþQRVWQtFKS HGSLV$
Y]GOiQt QHER ãNROHQt SRGOH QRUHP EH]SHþQRVWL SUiFH R SRXåtYiQt StVOXãQêFK RFKUDQQêFK SUDFRYQtFK
SRP$FHNSLSUiFLDSpþLRQ
ãNROHQtSUYQtSRPRFL
x 1HEH]SHþt
9HVP\VOXWRKRWRQiYRGXNREVOX]HD~GUåEDYêVWUDåQêFKSRN\Q$XYHGHQêFKQDVDPRWQpPYêURENX]QDPHQi
åHYStSDGNG\åQHEXGRXUHVSHNWRYiQ\EH]SHþQRVWQtS HGSLV\GRMGHNWåNpPXQHERVPUWHOQpPX~UD]XQHER
NH]QDþQêPKPRWQêPãNRGiP
x 9êVWUDKD
åHYStSDGNG\åQHEXGRXUHVSHNWRYiQ\EH]SHþQRVWQtS HGSLV\P$åHGRMtWNWåNpPXQHERVPUWHOQpPX~UD]X
QHERNH]QDþQêPKPRWQêPãNRGiP
x 8SR]RUQQt
åHYStSDGNG\åQHEXGRXUHVSHNWRYiQDXSR]RUQ QtP$åHGRMtWN~UD]XQHERNHKPRWQpãNRG x 3R]QiPND
9HVP\VOXWRKRWRQiYRGXNREVOX]HD~GUåEMHWRG$OHåLWiLQIRUPDFHRYêURENXQHERRStVOXãQpþiVWLQiYRGX
NREVOX]HD~GUåEQDNWHURXMHQXWQp]YOiã "XSR]RUQLW
~QRU
3HKOHG
3RSLVPQLþHDMHKRIXQNFH
6( 0,&520$67(5 9HFWRU D 0,',0$67(5 9HFWRU MVRX IUHNYHQþQt P QLþH VQDS"RYêP PH]LREYRGHP
XUþHQp NQDSiMHQt WtIi]RYêFK DV\QFKURQQtFK D V\QFKURQQtFK PRWRU $ 0QLþH 0,&520$67(5 9HFWRU D
0,',0$67(59HFWRUPRKRXQDSiMHWW tIi]RYpDV\QFKURQQtD V\QFKURQQtPRWRU\VYêNRQ\RG:GRN:
2EYRG\t]HQtDUHJXODFHMVRXUHDOL]RYiQ\SRPRFtGLJLWiOQtWHFKQLN\VPLNURSURFHVRURYêP t]HQtPDYêNRQRYêPL
WUDQ]LVWRU\ W\SX ,*%7 0HWRGD YHNWRURYpKR t]HQt EH] ]SWQp YD]E\ XPRåXMH GRViKQRXW St]QLYp KRGQRW\
WRþLYpKR PRPHQWX SRKRQX Y ãLURNpP UR]VDKX RWiþHN D ]DWtåHQt PRWRUX 2FKUDQQp IXQNFH P QLþH D PRWRUX
]DMLã"XMtGRNRQDORXRFKUDQXSRKRQX
&KDUDNWHULVWLFNpYODVWQRVWL
x 9HOLFHVQDGQpSLSRMHQtQDVWDYHQtDXYHGHQtGRSURYR]X
x 2EYRG\PLNURSURFHVRURYpKR t]HQtDUHJXODFH]DEH]SHþXMtY\VRNRXVSROHKOLYRVWD IOH[LELOLWX]Dt]HQt
x 9HVWDYQêWHFKQRORJLFNê3,'UHJXOiWRUXPRå XMHt]HQtSURFHVXEH]QXWQRVWLQDG D]HQpKRtGLFtKRV\VWpPX
x 1DVWDYLWHOQiGREDUR]E KXDGREKXVSRþiWHþQtPDNRQFRYêP]DREOHQtPUR]E KRYpNLYN\
x 0QLþHMVRXY\EDYHQ\ãHVWLELQiUQtPLYVWXS\GY PDUHOpRYêPLYêVWXS\GY PDDQDORJRYêPLYVWXS\DMHGQtP
009QHERGYPD0'9DQDORJRYêPLYêVWXS\9ãHFKQ\YVWXS\DYêVWXS\MVRXSURJUDPRYDWHOQp
x 3RåDGRYDQRXKRGQRWXYêVWXSQtIUHNYHQFHDWHG\L KRGQRWXRWiþHNPRWRUXO]H]DGiYDWW PLWR]S$VRE\
StPêPþtVHOQêP]DGiQtPKRGQRW\IUHNYHQFH
DQDORJRYêPQDS"RYêPQHERSURXGRYêPVLJQiOHP
H[WHUQtPSRWHQFLRPHWUHP
PRWRUSRWHQFLRPHWUHP DåRVPLSHYQSHGQDVWDYHQêPLKRGQRWDPLIUHNYHQFH
SURVWHGQLFWYtPVpULRYpKRUR]KUDQt866SURWRNRO352),%86&$1EXV
x 2FKUDQDPQLþHLPRWRUXSHGSHWtåHQtP
x 0RåQRVWEU]GQtSRPRFtEU]GQpMHGQRWN\QHERVWHMQRVP UQêPSURXGHPNRPSDXQGQtP]S $VREHP
x 2YOiGDFtSDQHOSRXåtYiPHPEUiQRYRXNOiYHVQLFLMHMtåYêKRGRXMH]QDþQiRGROQRVWY QiURþQpPSURYR]X
x 0QLþH MH PRåQp GiONRY RYOiGDW SURVWHGQLFWYtP VpULRYpKR UR]KUDQt 56 V NRPXQLNDþQtP SURWRNROHP
866 x 3LSRXåLWtNRPXQLNDþQtKRSURWRNROX866MHPRåQpRYOiGDWDåP QLþ$
x .RQHNWRU VpULRYpKR UR]KUDQt O]H SRXåtW N SLSRMHQt H[WHUQtKR RYOiGDFtKR SDQHOX QHER MDNR H[WHUQt
NRPXQLNDþQtUR]KUDQt56
x +RGQRW\SDUDPHWU$VHDXWRPDWLFN\XNOiGDMtGRQHPD]DWHOQpSDP WL((3520DQDVWDYHQpKRGQRW\] $VWiYDMt
]DFKRYiQ\LSRY\SQXWtQDSiMHFtKRQDS WtPQLþH
x ýLQQRVW IUHNYHQþQtFK P QLþ$ 6( 0,&520$67(5 9HFWRU D 0,',0$67(5 9HFWRU P $åH EêW SL]S$VR
EHQD WpP YãHP PRåQêP SUDFRYQtP D SURYR]QtP SRGPtQNiP SRKRQX MHGQRGXFKêP QDVWDYHQtP
SDUDPHWU$
x 3HGQDVWDYHQpKRGQRW\SDUDPHWU $RGSRYtGDMtSRåDGDYN $PHYURSVNêFKDVHYHURDPHULFNêFKQRUHP
x .RPIRUWQt RYOiGDFt SDQHO XPRå XMH QDVWDYLW GY VDG\ SDUDPHWU$ PRWRUX D VQDGQê ]S $VRE QDVWDYHQt
XFKRYiQtDNRStURYiQtSDUDPHWU $
x 5R]ãLXMtFtNRPXQLNDþQtPRGXO352),%86QHER&$1EXV
PRWRUSRWHQFLRPHWU a WtPWR SRMPHP MH þDVWR R]QDþRYiQD WDNRYi IXQNFH åH MHGQtP WODþtWNHP YtFH VH ]Y\ãXMH KRGQRWD D GUXKêP
WODþtWNHPPpQVHVQLåXMHSLXYROQQtWODþtWHN]$VWiYiQDVWDYHQiSRVOHGQtKRGQRWD
866 8QLYHUVHOOHV 6HULHOOHV 6FKQLWWVWHOOHQSURWRNROO a XQLYHU]iOQt SURWRNRO XUþHQê NH NRPXQLNDFL SURVW HGQLFWYtP VpULRYpKR UR]KUDQt
Y\YLQXWêILUPRX6LHPHQV$*XUþHQê]HMPpQDSURDSOLNDFHY REODVWLSRKRQ $
~QRU
0RQWiåDLQVWDODFH
0RQWiåDLQVWDODFH
9êVWUDKD

)UHNYHQþQtP QLþPXVtEêWX]HPQ Q
6SROHKOLYêSURYR]P QLþHMHSRGPtQQWtPåHPQLþHEXGRXQDPRQWRYiQ\D XYHGHQ\GR
SURYR]XSUDFRYQtN\VStVOXãQRXNYDOLILNDFtDSLGRGUåRYiQtSRN\Q$DXSR]RUQQtNWHUiMVRX
XYHGHQDYWRPWRQiYRGXNREVOX]HD~GUåE
=YOiãWMHQXWQpUHVSHNWRYDWYãHREHFQp] L]RYDFtDEH]SHþQRVWQtSHGSLV\SURSUiFHQD
VLOQRSURXGêFK ]Dt]HQtFK RGERUQ SRXåtYDW QiDGt DSRXåtYDW RFKUDQQp SUDFRYQt SRP $FN\
GOHStVOXãQêFKSHGSLV$

1DVLORYêFKVYRUNiFKP QLþHVHP$åHY\VN\WRYDWY\VRNpQDS WtQHEH]SHþQpåLYRWX3R
RGSRMHQt PQLþH RG VtW Y\þNHMWH DOHVSR PLQXW QHå ]DþQHWH PDQLSXORYDW VH VLORYêPL
REYRG\PQLþH
1HGRGUåRYiQt YêãH XYHGHQêFK S HGSLV$ D ]iVDG P$åH PtW ]D QiVOHGHN VPUW W åNi
]UDQQtQHER]QDþQpKPRWQpãNRG\
9StSDGåHPQLþHEXGRXPRQWRYiQ\GRUR]YiG þRYpVNtQXMLVWWHVHåHFKOD]HQt
VNtQMHGRVWDWHþQpQHER] $VWDOGRVWDWHþQêSURVWRUDE\QHGRFKi]HORN DNXPXODFLWHSOD

-HQXWQpY\ORXþLWQDGP UQpYLEUDFHDRWHV\
3ODVWLFNê PDWHULiO P QLþH P$åH EêW SRãNR]HQ ROHML QHER PD]LY\ 3 L PRQWiåL GEHMWH QD
þLVWRWXD]DEUDWHXãSLQQtPQLþHXYHGHQêPLOiWNDPL
8SR]RUQQt
3L YêEUX PtVWD DGDOãtFK QiOHåLWRVWt PRQWiåH P QLþH XYDåWH ]GD QHEXGH QXWQp LQVWDORYDW
QNWHUiGRSONRYiY\EDYHQtQDS RGUXãRYDFtILOWUYVWXSQtDYêVWXSQtWOXPLYNXDSRG
1DG PQLþHP PXVt EêW SRQHFKiQ YROQê SURVWRU QHMPpQ PP SRG
PQLþHPQHMPpQPPDE\E\OD]DMLãWQDFLUNXODFHFKODGtFtKRY]GXFKX
YL]REU
9StSDGåHPQLþHEXGRXPRQWRYiQ\GRUR]YiG þRYpVNtQXMLVWWHVH
åH FKOD]HQt VNtQ MH GRVWDWHþQp QHER ] $VWDO GRVWDWHþQê SURVWRU DE\
QHGRFKi]HOR NDNXPXODFL WHSOD 3RWHEQp UR]PU\ UR]YiGþRYp VNtQ D
PQRåVWYt FKODGtFtKR Y]GXFKX MH XYHGHQR Y NDSLWROH 3tYRG\ N
SRWHQFLRPHWUX QHER N H[WHUQtPX ]GURML tGLFtKR QDSWt YHWH VWtQQêP
NDEHOHP
0D[LPiOQt GpOND YRGLþ $ PH]L ]GURMHP SRPRFQpKR QDS Wt 9 D
RYOiGDFtPL YVWXS\ MH P 3RNXG MH SRXåLW H[WHUQt QDSiMHFt ]GURM P $åH EêW
GpOND StYRGQtFK YRGLþ$ GHOãt 9 WRPWR StSDG YHWH YRGLþH VWtQQêP
NDEHOHP NWHUê EXGH X]HPQ Q QD VWUDQ ]GURMH 3RNXG Y]GiOHQRVW
StYRGQtFK YRGLþ$ MH YHONi MH YKRGQp YVWXS\ RGG OLW SRPRFQêPL
RGGORYDFtPLUHOp
100 mm
160 mm
2EU9ROQêSURVWRUNROHP
PQLþH
~QRU
0RQWiåDLQVWDODFH
3URYR]PQLþHQDL]RORYDQpVtWL,7Vt"
0QLþHNPLWRþWXPRKRXSUDFRYDWYL]RORYDQêFKVtWtFK3RNXGGRMGHNNH]NUDWXMHGQp]QDSiMHFtFKIi]tQD]HP
PQLþEXGHSRNUDþRYDWYþLQQRVWL3RNXGGRMGHNH]NUDWXMHGQp]YêVWXSQtFKIi]tQD]HPPQLþRKOiVtSRUXFKX
)SHNURþHQtSURXGX
3R]QiPND 3L SURYR]X PQLþH NPLWRþWX 0,',0$67(5 9HFWRU QD L]RORYDQp VtWL PXVt EêW QDVWDYHQ VStQDFt
PRGXODþQtNPLWRþHWQDN+]3 QHER
3URYR]PQLþHVSURXGRYêPFKUiQLþHP
0QLþ NPLWRþWX P$åH EêW QD YVWXSX Y\EDYHQ SURXGRYêP FKUiQLþHP SRNXG EXGRX GRGUåHQ\ QiVOHGXMtFt
SRåDGDYN\
SURXGRYpUHOpEXGHW\SX%
~QLNRYêSURXGUHOpEXGHP$
QXORYêYRGLþQDSiMHFtVtWEXGHX]HPQQ
MHGQtPSURXGRYêPUHOpEXGHFKUiQQSRX]HMHGHQPQLþNPLWRþWX
PD[ GpOND PRWRURYpKR NDEHOX EXGH P Y StSDG VWtQQpKR NDEHOX QHER P Y StSDG QHVWtQQpKR
NDEHOX
8YHGHQtPQLþHGRSURYR]XSRGHOãtGREVNODGRYiQt
3RNXG RG GDWD YêURE\ XSO\QXO YtFH QHå URN MH QXWQp ]QRYX QDIRUPRYDW NRQGHQ]iWRUX PH]LREYRGX PQLþH
QiVOHGXMtFtP]S$VREHP
x 0QLþE\OY\UREHQSHGDåURN\
3LSRMWHPQLþNQDSiMHFtVtWDSRQHFKHMWHKR]DSQXWêSRGREXKRGLQ\SRWpWRGREP$åHWHGiWSRYHON
FKRGXPRWRUX
x 0QLþE\OY\UREHQSHGDåURN\
3RXåLMWH]GURMV QDVWDYLWHOQêP VWtGDYêP QDSWtP QDS UHJXODþQt WUDQVIRUPiWRU QDVWDYWH QDSiMHFt QDSWt
QDKRGQRWXMPHQRYLWpKRQDSWtDSRQHFKHMWHKRSRGREXPLQXW]Y\ãWHQDSWtQDDSRQHFKHMWH
KR GDOãtFK PLQXW ]Y\ãWH QDSWt QD D SRQHFKHMWH KR GDOãtFK PLQXW ]Y\ãWH QDSWt QD MPHQRYLWRX
KRGQRWXDSRPLQXWiFKP$åHWHGiWSRYHONFKRGXPRWRUXFHONRYiGREDIRUPRYiQtEXGHWUYDWKRGLQ\
x 0QLþE\OY\UREHQSHGGpOHQHåURN\
3RVWXSXMWH REGREQ MDNR Y SHGHãOpP StSDG MHGQRWOLYp NURN\ SURGOXåWH QD KRGLQRYp FHONRYi GRED
IRUPRYiQtEXGHWUYDWKRGLQ
VWtQQêRYOiGDFt
NDEHO
DåPP
)5(.9(1ý1Ë01,ý
VWtQQê
QDSiMHFt
NDEHO
VWtQQêPRWRURYê
NDEHO
/ 1
2'58â29$&Ë
),/75
X]HPQQtILOWUX
StPRNPRQWiåQtPX
SDQHOX
/ 1
QHVWtQQê
QDSiMHFt
NDEHO
2EU=DSRMHQtPQLþH]KOHGLVNDPLQLPiOQtKRUXãHQt
~QRU
0RQWiåDLQVWDODFH
0RQWiåPQLþH0,&520$67(59HFWRU
0QLþXSHYQWHGOHPRQWiåQtFKSRN\Q$ YWDEXOFH DQD REU âURXE\ 0 XWDKXMWH PRPHQWHP 1P ãURXE\
0PRPHQWHP1P
)
â
9
9
8
9
9
9
9
',1OLãWD
8
â
â
2EU9UWDFtSHGSLVDUR]PURYêQiþUWHNPQLþ$0,&520$67(59HFWRU
W\SPQLþH
009D009
009D009
009D009
009D009
009D009
5R]PU\SURXSHYQQtPQLþH0,&520$67(59HFWRU
UR]PU UR]PU KORXEND UR]PU UR]PU UR]PU UR]PU NPRQWiåLEXGHWH
SRWHERYDW
9
â
9
9
â
)
ãURXE\0PDWN\
0SRGORåN\0
PP PP PP PP PP
PP RWYRU\YUWDWYUWiNHP
RIPPUR]PU8
ãURXE\0PDWN\
0SRGORåN\0
RWYRU\YUWDWYUWiNHP
RIPPUR]PU8
ãURXE\0PDWLFH
009D009
0SRGORåN\0
009D009 PP PP PP PP PP PP

RWYRU\YUWDWYUWiNHP
009
RIPPUR]PU8
009
ãURXE\0PDWN\
009
0SRGORåN\0
PP PP PP PP PP
PP
009
RWYRU\YUWDWYUWiNHP
009
RIPPUR]PU8
009
ãURXE\0PDWN\
009)
0SRGORåN\0
PP PP PP PP PP PP
009
RWYRU\YUWDWYUWiNHP
009)
RIPPUR]PU8
009
ãURXE\0PDWLFH
009)
0SRGORåN\0
009
PP PP PP PP PP PP

RWYRU\YUWDWYUWiNHP
009)
RIPPUR]PU8
009
009)
009D009
PP PP PP PP PP PP
009D009
3RGPQLþHPMH]G$YRGXFKOD]HQtQXWQp]DFKRYDWYROQêSURVWRUDOHVSRPPQDGPP
~QRU
0RQWiåDLQVWDODFH
(OHNWULFNiLQVWDODFHPQLþH0,&520$67(59HFWRU
9êVWUDKD

3LLQVWDODFLPQLþHQHVPtEêWYåiGQpPStSDGSRUXãHQDEH]SHþQRVWtRSDWHQt
8SR]RUQQt
1D GHVNiFK VSORãQêPL VSRML MVRX XPtVWQ\ SRORYRGLþRYp VRXþiVWN\ &026 NWHUp MVRX
FLWOLYp ]YOiãW QD VWDWLFNRX HOHNWLQX 3URWR VH MLFK QHGRWêNHMWH UXNDPD QHER NRYRYêPL
SHGPW\ 3RX]H SL ]DSRMRYiQt YRGLþ$ P$åHWH NH ãURXERYiQt ãURXE$ VYRUNRYQLFH SRXåtW
L]RORYDQêãURXERYiN

6LORYêStYRGQtLPRWRURYêNDEHODRYOiGDFtNDEHOPXVtEêWYHGHQ\VDPRVWDWQ
9DURYiQt

3HG]DSRþHWtPSUDFtRGSRMWHQDSiMHFtStYRGNPQLþL
8MLVWWH VH åH PRWRU Pi VSUiYQ ]DSRMHQp YLQXWt 0QLþH VMHGQRIi]RYêP QHER
WURMIi]RYêP YVWXSHP QD QDSWt 9 QHVPt EêW SLSRMHQ\ QD QDSWt 9 9RSDþQpP
StSDGGRMGHNH]QLþHQtPQLþH

8MLVWWH VH YêNRQ PQLþH RGSRYtGi SRåDGRYDQpPX YêNRQX SRKiQQp DSOLNDFH VSLKOpGQXWtP QD VSHFLILFNp
SRåDGDYN\ SRKRQX =GD VNXWHþQp QDSiMHFt QDSWt RGSRYtGi WHFKQLFNêP SRåDGDYN$ PQLþH D PQLþ MH MLãWQ
RGSRYtGDMtFtPMLVWLþHPQHERSRMLVWNDPL
3UR RYOiGiQt SRXåLMWH VWtQQê NDEHO 3RXåtYHMWH YêKUDGQ PGQp YRGLþH QHER NDEHO\ VPGQêPL ÄåLODPL³
XUþHQpSURSURYR]SLWHSORWiFKGRWtGD
1DSLãURXERYiQtãURXE$QDVYRUNRYQLFLSRXåLMWHW\WRãURXERYiN\

VLORYiVYRUNRYQLFHNtåRYêãURXERYiN·PP

tGLFtVYRUNRYQLFHSORFKêãURXERYiN·PP
6LORYpVYRUN\QDPQLþLYVWXSQtQDSiMHFtDYêVWXSQtPRWRURYpXWDKXMWHVPD[LPiOQtPPRPHQWHP1P
0QLþH 0,&520$67(5 9HFWRU O]H SURYR]RYDW QD VtWtFK VQDSWtP 9 VH ]NUDWRYêP SURXGHP
$HIV\PHWULFNêFK0QLþHMLVWWHQRUPiOQtPLSRMLVWNDPLGOHQiVOHGXMtFtWDEXON\
3RMLVWN\QHERMLVWLþHXUþHQpNMLãWQtPQLþ$0,&520$67(59HFWRU
-PQDSWt
[9
7\SPQLþH
009
009
009
009
009
009
009
009
009
-LãWQt
$
$
$
$
$
$
$
$
$
7\SSRMLVWN\
1$
1$
1$
1$
1$
1$
1$
1$
1$
-PQDSWt
[9
7\SPQLþH
009
009
009
009
009
009
009
009
009
009
-LãWQt
$
$
$
$
$
$
$
$
$
$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
~QRU
0RQWiåDLQVWDODFH
[
·9
009
009
009
009
009
009
009
009
009
009
$
$
$
$
$
$
$
$
$
$
1$
1$
1$
1$
1$
1$
1$
1$
1$
1$
3RMLVWN\VFKDUDNWHULVWLNRXNMLãWQtYHGHQtNDEHO$
DRVWDWQtFKHO]Dt]HQtSHGSHWtåHQtPD]NUDWHP
-HGQiVHQDSRW\S\DG\1$Y\UiEQpILUPRX
6,(0(16QHER313+13+339YVRXþDVQRVWL
Y\UiEQpILUPRX2(=/HWRKUDG
-LVWLþHVPRWRURYRXFKDUDNWHULVWLNRX
3LSRMHQtPQLþHYHOLNRVW$
8PtVWQtVYRUNRYQLFQDPQLþLMHXYHGHQRQDREU
tGLFtVYRUNRYQLFH
VYRUN\
VYRUN\
',3
SHStQDþH
VYRUN\
StYRG
SLSRMHQt
PRWRUX
SLSRMHQt
EU]GQpKR
RGSRUQtNX
~QRU
2EU8PtVWQtVYRUNRYQLFXPQLþHYHOLNRVWL$
0RQWiåDLQVWDODFH
3LSRMHQtPQLþHYHOLNRVW%
6YRUNRYQLFH P QLþH YHOLNRVWL % MVRX WRWRåQp MDNR X P QLþH YHOLNRVWL $ D EXGRX StVWXSQp SR RGHMPXWt NU\WX
3LSRMRYDQpYRGLþHVHS LYiGMtGRPQLþHSU$FKRGNDPL]HVSRGQtVWUDQ\.DEHO\MHW HEDMHSURWiKQRXWRWYRU\D
]DMLVWLW YJXPRYêFK XFSiYNiFK 8PtVWQt MHGQRWOLYêFK
NDEHO$MHXYHGHQRQDREU
GHVNDVSU$FKRGNDPL
=DVXWHGR]iSDGN\$GOH REU%ãURXERYiNPDOp
YHOLNRVWLD]iSDGNXVWODþWHGRYQLW 6RXþDVQSUVWHP
WiKQWH]D]iSDGNX%QDRSDþQpVWUDQ 7tPVHXYROQtNU\FtSDQHOVYRUNRYQLFHNWHUêMHPRåQp
RGNORSLW VPUHP GRO$ 3RNXG SDQHO RGNORStWH SRX]H
Y~KOXDVLDPtUQQDQKR]DWODþtWHY]DGQtþiVWL
VPUHPGRPQLþHMHKRPRåQp]FHODY\WiKQRXW]H
]iSDGHNVPUHPYSHGREU%
]DYHQêNU\W
VYRUNRYQLF
3RYROWH X]HPRYDFt ãURXEHN GHVN\ V SU$FKRGNDPL
&VWODþWH]iSDGN\'D(GOH REU&DVHMPWHGHVNX
VSU$FKRGNDPLSURNDEHO\
3URWiKQWHStVOXãQRXSU$FKRGNRXRGSRYtGDMtFtNDEHO
D ]DMLVWWH KR 8MLVWWH VH åH REQDåHQp NRQFH NDEHO $ MVRX GRVWDWHþQ
GORXKpDE\GRViKO\GRVYRUNRYQLFH
3HG ]SWQêP XSHYQQtP GHVN\ VSU$FKRGNDPL XPtVWWH tGLFt YRGLþH
MHVWOLåHMVRXSRXåLW\GRSUYQtKRYê H]XVSROHþQVQDSiMHFtPLYRGLþLYRGLþH
SURSLSRMHQtPRWRUXXPtVW WHGRGUXKpKRYêH]X-HG$OHåLWpDE\RYOiGDFt
DPRWRURYpYRGLþHE\O\YHGHQ\RGGOHQ
=DSRMWHVLORYpYRGLþHGRVYRUNRYQLFGOH REUDtGLFtYRGLþHGRVYRUNRYQLFH
GOHREU
8SHYQWH]SWGHVNXVSU$FKRGNDPL8MLVWWH VH åH ]iSDGN\ GHVN\ MVRX YH
VSUiYQêFKSR]LFtFK
=DYHWHNU\WVYRUNRYQLFH
$
%
&
'D(
)
*
+
-
=iSDGNDNU\WXVYRUNRYQLF
8FKRSRYDFtYêþQOHN
8]HPRYDFtãURXEGHVN\V SU$FKRGNDPL
=iSDGN\GHVN\VSU$FKRGNDPL
9VWXSSURRYOiGDFtNDEHOSU$PUGtU\PP
GRYROXMHSRXåLWtNDEHOXGRSU $PUXPP
1DSiMHFtVLORYêNDEHOSU$PUGtU\PP
0RWRURYêVLORYêNDEHOSU$PUGtU\PP
3LSRMHQtEU]GQpKRRGSRUQtNX SU$PUGtU\
PPGRYROXMHSRXåLWtNDEHOXGRSU $PUX
PP
2EU8PtVWQtNDEHO$XPQLþHYHOLNRVWL%
~QRU
0RQWiåDLQVWDODFH
3LSRMHQtPQLþHYHOLNRVW&
6YRUNRYQLFHP QLþHYHOLNRVWL&MVRXWRWRåQpMDNRXP QLþHYHOLNRVWL$D EXGRXStVWXSQpSRRGHMPXWtYHQWLOiWRUX
3LSRMRYDQpYRGLþHVHS LYiGMtGRPQLþHSU$FKRGNDPL]HVSRGQtVWUDQ\.DEHO\MHW HEDMHSURWiKQRXWRWYRU\D
]DMLVWLWYJXPRYêFKXFSiYNiFK8PtVW QtMHGQRWOLYêFKNDEHO $MHXYHGHQRQDREU
8FKRSWH MHGQRX UXNRX NU\W YHQWLOiWRUX GR
YêH]X $ QD VSRGQt VWUDQ PQLþH GOH REU ]DVXWH ãURXERYiN VWHGQt YHOLNRVWL D VWODþWH
XSHYRYDFt ]iSDGNX YHQWLOiWRUX 9HQWLOiWRU
NWHUê MH XSHYQQ QD RWRþQpP SDQWX RGNORSWH
YSUDYR
6WODþWH]iSDGN\%D&YHVP UX ãLSHN GOH
REU D RGNORSWH YOHYR GHVNX VSU$FKRGNDPL
SURNDEHO\
GHVNDVSU$FKRGNDPL
YHQWLOiWRUYRWHYHQp
SROR]H
3URWiKQWH
StVOXãQRX
SU$FKRGNRX
RGSRYtGDMtFt NDEHO D ]DMLVW WH KR 8MLVWWH VH
åH REQDåHQp NRQFH NDEHO $ MVRX GRVWDWHþQ
GORXKpDE\GRViKO\GRVYRUNRYQLFH
=DSRMWH VLORYp YRGLþH GR VYRUNRYQLF GOH
REUDtGLFtYRGLþHGRVYRUNRYQLFHQD REU
-H G$OHåLWp DE\ RYOiGDFt D PRWRURYp
YRGLþHE\O\YHGHQ\RGGOHQ
=DNODSQWH ]SW GHVNX VSU$FKRGNDPL
8MLVWWH VH åH ]iSDGN\ GHVN\ MVRX YH
VSUiYQêFKSR]LFtFK
=DYHWHGUåiNYHQWLOiWRUX
$
=iSDGNDGUåiNXYHQWLOiWRUX
%D& =iSDGN\GHVN\VSU$FKRGNDPL
'
9VWXSSURRYOiGDFtNDEHOSU$PUGtU\PP
(
1DSiMHFtVLORYêNDEHOSU$PUGtU\PP
)
0RWRURYêVLORYêNDEHOSU$PUGtU\PP
*
.DEHOSURSLSRMHQtEU]GQpKRRGSRUQtNX
SU$PUGtU\PPGRYROXMHSRXåLWtNDEHOXGR
SU$PUXPP
+
.RQHNWRUYHQWLOiWRUX
-
3DQWGUåiNXYHQWLOiWRUX
2EU8PtVWQtNDEHO$XPQLþHYHOLNRVWL&
~QRU
0RQWiåDLQVWDODFH
3LSRMHQtVtWDPRWRUX
0QLþH6(0,&520$67(59HFWRUPRKRXQDSiMHWDV\QFKURQQtLV\QFKURQQtPRWRU\MHGQRPRWRURYp
LVNXSLQRYp
8SR]RUQQt
8MLVWWH VH åH PRWRU MH XUþHQ SUR S LSRMHQt QD VSUiYQRX KRGQRWX QDS Wt DPQLþ MH
QDSiMHQVSUiYQêPQDS WtP
-HQXWQp]DMLVWLWDE\QDS WtVt"RYpKRStYRGXRGSRYtGDORWHFKQLFNêPSRGPtQNiPD DE\Vt"RYêStYRGE\O
GLPHQ]RYiQQDSRåDGRYDQêSURXGPRWRUX0 QLþPXVtEêWFKUiQQYKRGQGLPHQ]RYDQêPLSRMLVWNDPLQHER
MLVWLþHP
6t"RYpQDSWtSLSRMWHWtåLORYêPNDEHOHPQDVLORYpVYRUN\//1/D QD]HPQtFtVYRUNX3(XMHGQRIi]RYpKR
PQLþHQHERþW\åLORYêPNDEHOHPQDVYRUN\//1//D QD]HPQtFtVYRUNX3(XWtIi]RYpKRPQLþH
3U$H]YRGLþ$MHXYHGHQYNDSLWROH7HFKQLFNp~GDMH
3URSLSRMHQtPRWRUXSRXåLMWHþW\ åLORYêNDEHO.DEHOVHS LSRMtQDVLORYpVYRUN\89: DQD]HPQtFtVYRUNX3(
WDNMDNMHXYHGHQRYQiVOHGXMtFtWDEXOFH
3(
6LORYi
VYRUNRYQLFH
3(
//
1/
/
3(
8
9
:
%'&
%
'&
//
1/
/
3(
//
1/
/
=DSRMHQtVLORYpVYRUNRYQLFH
)XQNFH
X]HPQQtVtW
Vt"RYêStYRG
Vt"RYêStYRG
Vt"RYêStYRGVYRUNDVH]DSRMXMHMHQ
XPQLþ$VWtIi]RYêPQDSiMHQtP[
9
X]HPQQtPRWRUX
StYRGNPRWRUX
StYRGNPRWRUX
StYRGNPRWRUX
EU]GQêRGSRUQtNSyOVVPH]LREYRGX
EU]GQêRGSRUQtN
SyOVVPH]LREYRGX
MHGQRIi] RY p
QDSiMHQt[ 9
3(
8
9
WtIi] RY pQDSiMHQt
[ Då 9
:
0
a
WtIi] RY ê P RWRU
W\S\009[[D009[[
3(
8
9
:
0
a
WtIi] RY ê P RWRU
W\S\009[[
2EU3LSRMHQtVtWDPRWRUX
&HONRYiGpONDNDEHOXRGP QLþHNPRWRUXQHVPtSHNURþLWP3RXåLMHOLVHPH]LP QLþHPDPRWRUHPVWtQQê
NDEHOP$åHEêWMHKRFHONRYiGpONDPD[P3 LSRXåLWtPRWRURYpKRNDEHOXY WãtGpON\MHQXWQpSRXåtW
YêVWXSQtWOXPLYNXQHERVLQXVRYêILOWUQHER "P$åHGRFKi]HWNH]YêãHQpPXQDS "RYpPXDWHSHOQpPXQDPiKiQt
PQLþHDPRWRUX
0QLþH 6( 0,&520$67(5 9HFWRU PRKRX QDSiMHW DV\QFKURQQt LV\QFKURQQt PRWRU\ MHGQRPRWRURYp
LVNXSLQRYp
8SR]RUQQt
QDSiMHQ VSUiYQêP QDS WtP 1LNG\ QHSLSRMXMWH PQLþ W\SRYpKR R]QDþHQt 009[[ QD
QDSiMHFtVt"['RMGHNH]QLþHQtP QLþH
~QRU
0RQWiåDLQVWDODFH
tGLFtVYRUNRYQLFH
6YRUN\QDtGLFt
VYRUNRYQLFL
=DSRMHQttGLFtVYRUNRYQLFHPQLþH0,&520$67(59HFWRU
2]QDþHQt
+RGQRWD
)XQNFH
3R]QiPND
3
9
$,1
$,1
9
9
·9·9
99
·P$·P$
SURJUDPRYDWHOQp
YVWXS\
YL]3·3
UHIHUHQþQtQDSWt
UHIHUHQþQtQDSWt
DQDORJRYêYVWXS
dP$
Y]WDåQêSRWHQFLiO
NODGQêSRWHQFLiO
]iSRUQêSRWHQFLiO
9
·P$·P$
GLJLWiOQtYVWXS
GLJLWiOQtYVWXS
GLJLWiOQtYVWXS
GLJLWiOQtYVWXS
SRPRFQpQDSiMHFtQDS
DQDORJRYêYVWXS
3,'UHJXOiWRUX
DQDORJRYêYêVWXS
SURJUYVWXSYL]3
SURJUYVWXSYL]3
9a$
9 $
WHUPLVWRUPRWRUX
YL]3
GLJLWiOQtYVWXS
GLJLWiOQtYVWXS
SURJUDPRYDWHOQpUHOp
YL]3
',1
',1
',1
',1
3
$,13,'
$,13,'
$287
$287
37&
37&
',1
',1
5/$
5/%
5/&
5/%
5/&
3(
1
3
39
9
·9·P$
9a$
9 $
9
SURJUDPRYDWHOQpUHOp
YL]3
NRVWUDPQLþH
VpULRYiOLQND56
dP$9 VY
NODGQêSRWHQFLiO
]iSRUQêSRWHQFLiO
NODGQêSRWHQFLiO
]iSRUQêSRWHQFLiO
SUR5!N:)
9
UR]StQDFtNRQWDNW
VStQDFtNRQWDNW
VWHGQtNRQWDNW
VStQDFtNRQWDNW
VWHGQtNRQWDNW
SDUDOHOQN56QD
NRQHNWRUXþHOQtKR
SRPRFQpQDSiMHFtQDS SDQHOX9 VY
3tYRG\NSRWHQFLRPHWUXQHERNH[WHUQtPX]GURML tGLFtKRQDSWtYHWHVWtQQêPNDEHOHP3URY WãtY]GiOHQRVWL
SRXåLMWH SURXGRYRX VP\þNX P$ 7\S SURXGRYpKR QHER QDS "RYpKR YVWXSX $,1 D $,1 MH YROHQ ',3
SHStQDþLNWHUpMVRXXPtVW Q\SRGRGNORSQêPYtþNHPQDþHOQtPSDQHOXP QLþHYL]NDSLWROD 0D[LPiOQtGpONDYRGLþ $PH]L]GURMHPSRPRFQpKRQDS Wt9VYRUNDDtGLFtPLYVWXS\VYRUN\·
MH P 3RNXG MH SRXåLW H[WHUQt QDSiMHFt ]GURM P $åH EêW GpOND StYRGQtFK YRGLþ$ GHOãt 9 WRPWR StSDG YHWH
YRGLþHVWtQQêPNDEHOHPNWHUêEXGHX]HPQ QQDVWUDQ]GURMH3RNXGY]GiOHQRVWS tYRGQtFKYRGLþ$MHYHONi
MHYKRGQpYVWXS\RGG OLWSRPRFQêPLRGG ORYDFtPLUHOp
7HUPLVWRUWHSHOQpRFKUDQ\PRWRUX]DSRMWHGOHNDS7HSHOQiRFKUDQDPRWRUX
6RXþDVQO]HSRXåtWSRX]HMHGQRVpULRYpUR]KUDQt56EX QD tGLFtVYRUNRYQLFL VYRUN\ QHER QD
þHOQtPSDQHOXP QLþHNRQHNWRU&DQRQ7]QSRNXGMHSRXåLWRYOiGDFtSDQHO230QHO]HQD VYRUN\ ]DSRMLW MLQê tGLFt V\VWpP 3HV W\WR VYRUN\ DOH O]H S LSRMLW GDOãt PQLþ RYOiGDQê ]MHGQRKR RYOiGDFtKR SDQHOX
230
9VWXSQtLPSHGDQFHN :
9VWXSQtLPSHGDQFH :
/RJLFNi~URYH+ Då9YVWXSQtSURXGPD[ P$
0D[]iWå:
2GSRURYi]iW å
~QRU
3
1
3(
0RQWiåDLQVWDODFH
39
',1
37&
37&
$287
$,13,'
3
',1
',1
GLJLWiOQt
YVWXS\
UHIHUHQ þQDQDORJRYê
t
QD SWt YVWX S
$287
',1
9
1
3
9
3(
VpULRYiOLQND56
QDþHOQ tPS DQHOX
RYOiGDFt DQDORJRYê
QD SWt YVWX S
',1
',1
$,1
$,1
9
3
56
$,13,'
DQDORJRYê WHUPLVWRU GLJLWiOQt
YêVWXS PRWRUX YVWXS\
YêVWXS Qt
UHOp5/
5/&
5/%
5/&
-
5/%
5/$
YêVWXS Qt
UHOp5/
2EUtGLFtVYRUNRYQLFHP QLþH0,&520$67(59HFWRU
9RGLþH tGLFt VYRUNRYQLFH ]DSRMWH SRPRFt PDOpKR SORFKpKR ãURXERYiNX PD[ PP GOH REU 3RPRFt
ãURXERYiNXVWODþWHSUXåLQXVYRUN\YVX WHYRGLþDSUXåLQXXYROQ WH
2EU=S$VRESLSRMHQtYRGLþ$tGLFtVYRUNRYQLFH
~QRU
0RQWiåDLQVWDODFH
%ORNRYpVFKpPDPQLþH
[9
[9
[·9
3(
)8
QDS"RYêYVWXS·9
·9
SURXGRYêYVWXS·P$
·P$
$,1
$,1
/1
9
$'
SHYRGQtN
a
-RJ
21
9
3(
QHER
///
9
XVPURYDþ
3
',1
',1
',1
',1
þLGORUHJ
SURFHVX
·9
·P$
03
9
P$
WHUPLVWRU
W
PRWRUX
$,13,'
$,13,'
$287
$287
37&$
37&%
',1
',1
:
%'&
EU]GQê
WUDQ]LVWRU
%
21
9
$'
SHYRGQtN
3,'
UHJXOiWRUX
EU]GQêRGSRUQtN
&38
VVPH]LREYRG
'$
SHYRGQtN
VWtGDþ
a
5/
89:
3(
0
5/
a
1
3
3(
56
9
2EU%ORNRYpVFKpPDP QLþH0,&520$67(59HFWRU
~QRU
0RQWiåDLQVWDODFH
0RQWiåPQLþH0,',0$67(59HFWRU
0QLþXSHYQWHGOHPRQWiåQtFKSRN\Q $YWDEXOFHDQDREU3HGXSHYQQtPPQLþHY\ãURXEXMWHãURXE\0
DVHMPWH]PQLþHNU\W
â
â
â
â
YHO
9
9
9
9
YHO
) PP
2EU9UWDFtSHGSLVDUR]PURYêQiþUWHNP QLþ$0,',0$67(59HFWRU
5R]PU\SURXSHYQQtPQLþH0,',0$67(59HFWRU
UR]PU
9
W\SPQLþH
UR]PU
â
KORXEND
UR]PU
9
UR]PU
â
NU\Wt,3
NU\Wt,3VRGUXãRYDFtPILOWUHP
NPRQWiåLEXGHWH
SRWHERYDW
>NU\Wt,3@
0'9
0'9
0'9
0'9
0'9 0'9
0'9 0'9
0'9
0'9
0'9 0'9
0'9 0'9
0'9 0'9 0'9
0'9 0'9 0'9
0'9 0'9 0'9
0'9 0'9
0'9 0'9
0'9 0'9
PP
PP
>PP@
PP
PP
>PP@
PP
PP
PP
PP PP PP ãURXE\0
>PP@ >PP@ >PP@ PDWLFH0
SRGORåN\0
RWYRU\YUWDW
PP PP PP PP PP
YUWiNHP
PP PP PP PP PP
RIPP
>PP@ >PP@ >PP@ >PP@ >PP@
PP
PP
PP
PP
PP
PP PP PP PP PP
>PP@ >PP@ >PP@ >PP@ >PP@
ãURXE$0
PDWLF0
PP PP PP PP PP
>PP@ >PP@ >PP@ >PP@ >PP@ SRGORåHN0
RWYRU\YUWDWYUWi
NHPRIPP
PP
PP
PP
PP
PP
3RGDQDGPQLþHPMH]G$YRGXFKOD]HQtQXWQp]DFKRYDWYROQêSURVWRUDOHVSR PP
~QRU
0RQWiåDLQVWDODFH
(OHNWULFNiLQVWDODFHPQLþH0,',0$67(59HFWRU
9êVWUDKD

3LLQVWDODFLPQLþHQHVPtEêWYåiGQpPStSDGSRUXãHQDEH]SHþQRVWtRSDWHQt

3HG]DSRþHWtPSUDFtRGSRMWHQDSiMHFtS tYRGNPQLþL

8MLVWWHVHåHPRWRUPiVSUiYQ ]DSRMHQpYLQXWt
8SR]RUQQt
1D GHVNiFK VSORãQêPL VSRML MVRX XPtVW Q\ SRORYRGLþRYp VRXþiVWN\ &026 NWHUp MVRX
FLWOLYp ]YOiãW QD VWDWLFNRX HOHNW LQX 3URWR VH MLFK QHGRWêNHMWH UXNDPD QHER NRYRYêPL
SHGPW\ 3RX]H SL ]DSRMRYiQt YRGLþ $ P$åHWH NH ãURXERYiQt ãURXE $ VYRUNRYQLFH SRXåtW
L]RORYDQêãURXERYiN

6LORYêStYRGQtLPRWRURYêNDEHODRYOiGDFtNDEHOPXVtEêWYHGHQ\VDPRVWDWQ 3LSRMHQtVtWDPRWRUX
8MLVWWH VH YêNRQ P QLþH RGSRYtGi SRåDGRYDQpPX YêNRQX SRKiQ Qp DSOLNDFH VSLKOpGQXWtP QD VSHFLILFNp
SRåDGDYN\ SRKRQX =GD VNXWHþQp QDSiMHFt QDS Wt RGSRYtGi WHFKQLFNêP SRåDGDYN $ PQLþH D PQLþ MH MLãWQ
RGSRYtGDMtFtPL SRMLVWNDPL SRS MLVWLþHP 3RNXG MH P QLþ MLãWQ SRMLVWNDPL VFKDUDNWHULVWLNRX SUR MLãW Qt
SRORYRGLþ$MVRXRFKUiQQ\WpåYVWXSQtVLORYpREYRG\P QLþH9StSDGMLãWQtPQLþHSRMLVWNDPLQHERMLVWLþHP
VFKDUDNWHULVWLNRXSURMLãW QtYHGHQtMHRFKUiQQSRX]HStYRGPQLþH
3UR RYOiGiQt SRXåLMWH VWtQ Qê NDEHO 3RXåtYHMWH YêKUDGQ PGQp YRGLþH QHER NDEHO\ V PGQêPL ÄåLODPL³
XUþHQpSURSURYR]S LWHSORWiFKGRWtGD
6LORYpVYRUN\QDP QLþLYVWXSQtQDSiMHFtDYêVWXSQtPRWRURYp XWDKXMWHVPD[LPiOQtPPRPHQWHP
1PXPQLþHYHOLNRVWLD
1PXPQLþHYHOLNRVWL
1PXPQLþHYHOLNRVWL
3RMLVWN\XUþHQpNMLãWQtPQLþ$0,',0$67(59HFWRU
7\SPQLþH
0'9
0'9
0'9
0'9
0'9
0'9
0'9
0'9
0'9
0'9
~QRU
+RGQRWD
SRMLVWHN
$
$
$
$
$
$
$
$
$
$
7\SSRMLVWHN
6LHPHQV
1(
1(
1(
1(
1(
1(
1(
1(
1(
1(
7\SSRMLVWHN
2(=/HWRKUDG
35
35
35
35
37
37
37
35
38
38
0RQWiåDLQVWDODFH
'&
VYRUN\VV
PH]LREYRGX
YHO
'&
-RJ
3
tGLFtGHVND
',3SHStQDþH
VLORYiVYRUNRYQLFH
YHOD
/ / /
3( 3(
'&
8 9 :
'&
VLORYiVYRUNRYQLFH
YHO
VLORYiVYRUNRYQLFH
YHO
/
/
/
8
/
9
:
3(
/
/
8
'&
9
:
'&
3(
2EU6FKHPDWLFNêQiNUHVP QLþH0,',0$67(59HFWRUSRRGHMPXWtNU\WX
~QRU
0RQWiåDLQVWDODFH
8SR]RUQQt
QDSiMHQVSUiYQêPQDS WtP
-H QXWQp ]DMLVWLW DE\ QDS Wt Vt"RYpKR StYRGX RGSRYtGDOR WHFKQLFNêP SRGPtQNiP D DE\ Vt"RYê StYRG E\O
GLPHQ]RYiQ QD SRåDGRYDQê SURXG PRWRUX 3U $H] YRGLþ$ MH XYHGHQ Y NDSLWROH 7HFKQLFNp ~GDMH 3 tYRG
PQLþHPXVtEêWFKUiQQYKRGQGLPHQ]RYDQêPLSRMLVWNDPLQHERMLVWLþHP9êVWXSP QLþHVHMLVWLWQHVPt
6t"RYpQDSiMHQtSLSRMWHþW\åLORYêPNDEHOHPQDVYRUN\///D QD]HPQtFtVYRUNX3(3URS LSRMHQtPRWRUX
SRXåLMWHþW\åLORYêNDEHO.DEHOVHS LSRMtQDVLORYpVYRUN\89: DQD]HPQtFtVYRUNX3(WDNMDNMHXYHGHQR
YQiVOHGXMtFt WDEXOFH 3RNXG MH WR QXWQp NVWHMQRVPUQpPX REYRGX QD VYRUN\ '& D '& S LSRMWH EU]GQRX
MHGQRWNX
=DSRMHQtVLORYpVYRUNRYQLFH
6LORYiVYRUNRYQLFH
/
/
/
3(
3(
8
9
:
'&
'&
/
/
)XQNFH
Vt"RYêStYRG
Vt"RYêStYRG
Vt"RYêStYRG
X]HPQQtVtW
X]HPQQtPRWRUX
StYRGNPRWRUX
StYRGNPRWRUX
StYRGNPRWRUX
SyOVVPH]LREYRGX
SyOVVPH]LREYRGX
/
3(
'&
'&
3(
9
8
:
5
0
YROLWHOQ EU]GQiMHGQRWND
WtIi]RYpQDSiMHQt
[9
[Då9
[9
a
WtIi]RYêPRWRU
2EU3LSRMHQtVtWDPRWRUX
',1
',1
37&
37&
$287
$287
$,13,'
$,13,'
3
',1
',1
',1
5/%
56
DQDORJRYê
YêVWXS
YêVWXSQt
UHOp5/ 5/&
9
1
5/&
YêVWXSQt
UHOp5/
GLJLWiOQt
YVWXS\
WHUPLVWRU
PRWRUX
DQDORJRYê
YêVWXS
DQDORJRYê
YVWXS
RYOiGDFt
QDSWt
$287GLJLWiOQt
YVWXS\
1
3
DQDORJRYê
YVWXS
39
UHIHUHQþQt
QDSWt
-
5/%
5/$
',1
$,1
$,1
9
3
&HONRYi GpOND NDEHOX RG P QLþH NPRWRUX QHVPt SHNURþLW
P3RXåLMHOLVHPH]LP QLþHPDPRWRUHPVWtQQêNDEHOP$åHEêWMHKRFHONRYiGpONDPD[P3 LSRXåLWt
PRWRURYpKRNDEHOXYWãtGpON\DåGRPMHQXWQpSRXåtWYêVWXSQtWOXPLYNXQHERVLQXVRYêILOWUQHER "P$åH
GRFKi]HWNH]YêãHQpPXQDS "RYpPXDWHSHOQpPXQDPiKiQtP QLþHDPRWRUX
3
9
3(
VpULRYiOLQND56
QDþHOQtPSDQHOX
2EUtGLFtVYRUNRYQLFHP QLþH0,',0$67(59HFWRU
~QRU
0RQWiåDLQVWDODFH
tGLFtVYRUNRYQLFH
6YRUN\QDtGLFt
VYRUNRYQLFL
=DSRMHQttGLFtVYRUNRYQLFHP QLþH0,',0$67(59HFWRU
2]QDþHQt
+RGQRWD
)XQNFH
3R]QiPND
3
9
$,1
9
9
·9·9
9
·P$·P$
SURJUDPRYDWHOQp
YVWXS\
YL]3·3
UHIHUHQþQtQDSWt
UHIHUHQþQtQDSWt
DQDORJRYêYVWXS
dP$
Y]WDåQêSRWHQFLiO
NODGQêSRWHQFLiO
$,1
',1
',1
',1
',1
3
$,13,'
$,13,'
$287
$287
37&
37&
',1
',1
5/$
5/%
5/&
5/%
5/&
39
3
1
3(
$287
9
·9·P$
·P$·P$
GLJLWiOQtYVWXS
GLJLWiOQtYVWXS
GLJLWiOQtYVWXS
GLJLWiOQtYVWXS
SRPRFQpQDSiMHFtQDS
DQDORJRYêYVWXS
3,'UHJXOiWRUX
DQDORJRYêYêVWXS
WHUPLVWRUPRWRUX
]iSRUQêSRWHQFLiO
9
dP$
NODGQêSRWHQFLiO
]iSRUQêSRWHQFLiO
NODGQêSRWHQFLiO
]iSRUQêSRWHQFLiO
SUR5!N:)
SURJUYVWXSYL]3
SURJUYVWXSYL]3
9a$
9 $
GLJLWiOQtYVWXS
GLJLWiOQtYVWXS
SURJUDPRYDWHOQpUHOp
YL]3
9a$
9 $
9
SURJUDPRYDWHOQpUHOp
YL]3
SRPRFQpQDSiMHFtQDS
VpULRYiOLQND56
SDUDOHOQN56QD
NRQHNWRUXþHOQtKR
SDQHOX
NRVWUDPQLþH
DQDORJRYêYêVWXS
NODGQêSRWHQFLiO
$287QDVYRUFH
·P$·P$
9
UR]StQDFtNRQWDNW
VStQDFtNRQWDNW
VWHGQtNRQWDNW
VStQDFtNRQWDNW
VWHGQtNRQWDNW
3tYRG\NSRWHQFLRPHWUXQHERNH[WHUQtPX]GURML tGLFtKRQDSWtYHWHVWtQQêPNDEHOHP3URY WãtY]GiOHQRVWL
SRXåLMWHSURXGRYRXVP\þNXP$
7\SSURXGRYpKRQHERQDS "RYpKRYVWXSX$,1D$,1MHYROHQ',3S HStQDþLNWHUpMVRXXPtVW Q\QDtGLFtGHVFH
PQLþH3HStQDþHMVRXGRVWXSQpSRRGHMPXWtYtNDP QLþH
0D[LPiOQtGpONDYRGLþ $PH]L]GURMHPSRPRFQpKRQDS Wt9VYRUNDDtGLFtPLYVWXS\VYRUN\·
MH P 3RNXG MH SRXåLW H[WHUQt QDSiMHFt ]GURM P $åH EêW GpOND StYRGQtFK YRGLþ$ GHOãt 9 WRPWR StSDG YHWH
YRGLþHVWtQQêPNDEHOHPNWHUêEXGHX]HPQ QQDVWUDQ]GURMH3RNXGY]GiOHQRVWS tYRGQtFKYRGLþ$MHYHONi
MHYKRGQpYVWXS\RGG OLWSRPRFQêPLRGG ORYDFtPLUHOp
7HUPLVWRUWHSHOQpRFKUDQ\PRWRUX]DSRMWHGOHNDS7HSHOQiRFKUDQDPRWRUX
6RXþDVQO]HSRXåtWSRX]HMHGQRVpULRYpUR]KUDQt56EX QD tGLFtVYRUNRYQLFL VYRUN\ QHER QD
þHOQtPSDQHOXP QLþHNRQHNWRU&DQRQ7]QSRNXGMHSRXåLWRYOiGDFtSDQHO230QHO]HQD VYRUN\ ]DSRMLW MLQê tGLFt V\VWpP 3HV W\WR VYRUN\ O]H DOH S LSRMLW GDOãt PQLþ RYOiGDQê ]MHGQRKR RYOiGDFtKR SDQHOX
230
9VWXSQtLPSHGDQFHN :
9VWXSQtLPSHGDQFH :
/RJLFNi~URYH+ Då9YVWXSQtSURXGPD[ P$
0D[]iWå:
2GSRURYi]iW å
~QRU
0RQWiåDLQVWDODFH
%ORNRYpVFKpPDPQLþH
[9
[9·9
[9·9
3(
)8
QDS"RYêYVWXS·9
·9
SURXGRYêYVWXS·P$
·P$
$,1
$,1
9
3(
///
9
$'
SHYRGQtN
9
a
-RJ
21
XVPURYDþ
3
',1
',1
',1
',1
þLGORUHJ SURFHVX
·9
·P$ 03
9
P$
$,13,'
$,13,'
$287
$287
37&$
37&%
',1
',1
:
WHUPLVWRU
W
PRWRUX
EU]GQiMHGQRWND
(%8
'&
21
9
$'
SHYRGQtN
3,'
UHJXOiWRUX
'&
&38
VVPH]LREYRG
'$
SHYRGQtN
VWtGDþ
a
5/
89:
3(
0
5/
3
1
03
9
P$
a
$287
$287
:
9
56
3(
'$
SHYRGQtN
2EU%ORNRYpVFKpPDP QLþH0,',0$67(59HFWRU
~QRU
0RQWiåDLQVWDODFH
9ROEDDQDORJRYêFKYVWXS$
)UHNYHQþQt P QLþH 0,&520$67(5 9HFWRU L 0,',0$67(5 9HFWRU PDMt GYD DQDORJRYp YVWXS\ .RQILJXUDFH
YVWXS$MHYROHQDSDUDPHWU\3D3D',3S HStQDþLNWHUpMVRXXPtVW Q\XW\SX0,&520$67(59HFWRU
SRGRGNORSQêPYtþNHPQDþHOQtVWUDQ PQLþHXW\SX0,',0$67(59HFWRUQD tGLFtGHVFHNWHUiMHS tVWXSQi
SR RGHMPXWt NU\WX P QLþH ',3 SHStQDþL MH YROHQ QDS "RYê QHER SURXGRYê YVWXS S tS ELSROiUQt YVWXS $,1
·9SDUDPHWU\YVWXSW\SX·9·P$QHER·9·P$StS9·9
.RQILJXUDFHDQDORJRYêFKYVWXS $SRPRFt',3
SHStQDþ$ MH XYHGHQD QD REU 3HStQDþL
',3 Då ',3 MH YROHQD NRQILJXUDFH
DQDORJRYpKR YVWXSX SHStQDþL ',3 ',3
MHYROHQDNRQILJXUDFHDQDORJRYpKRYVWXSX
SHStQDþ',3QHQtY\XåLW7RYiUQtQDVWDYHQt
QDS"RYêFKYVWXS$MH·9
',3
21
21
2))
',3S HStQDþ
YSROR]H
21
2))
2))
·9
QHER
·9
·9
QHY\XåLW
·P$
QHER
·P$
7HSHOQiRFKUDQDPRWRUX
3RNXG PRWRU SUDFXMH V QLåãtPL QHå
MPHQRYLWêPL RWiþNDPL MH VQtåHQ FKODGtFt ~þLQHN
YHQWLOiWRUX NWHUê MH XPtVW Q QD KtGHOL PRWRUX = WRKRWR
G$YRGXMHQXWQiUHGXNFH]DW åRYDFtKRPRPHQWXPRWRUXV
YODVWQt YHQWLODFt 9HOLNRVW UHGXNFH SUR E åQp SyORYp
PRWRU\ MH RULHQWDþQ XYHGHQD QD REU D ]iYLVt QD
SURYHGHQt PRWRUX 3RNXG MH PRWRU Y\EDYHQ YODVWQt
YHQWLODFtQDVWDYWHGOHW\SXPRWRUXSDUDPHWU3
DQDORJRYêYVWXS
$,1
DQDORJRYêYVWXS
$,13,'
2EU.RQILJXUDFHDQDORJRYêFKYVWXS $
SRNOHVPRPHQWX
]G$YRGX~þLQRVWL
SRKRQXV)0
0PRW
a
VYRUNRYQLFH
P QLþH
37&
-
2EU=DSRMHQtSR]LVWRUX
PRWRUX
Q
MP
Q
MP
RWiþN\
2EU5HGXNFH]DWåRYDFtKRPRPHQWX
PRWRUXVYODVWQtYHQWLODFt
$E\QHPRKORGRMtWNWHSHOQpPXS HWtåHQtPRWRUXSLSURYR]XQDQt]NêFKRWiþNiFK
]YêãHQpWHSORWRNROtDSRGMHYHOPLYKRGQpY\EDYLWPRWRUWHSORWQtPþLGOHP
%LPHWDORYêNRQWDNW]DSRMWHGRREYRGXH[WHUQtSRUXFK\S HVRGGORYDFtQHJDþQt
UHOpQDQNWHUê]GLJLWiOQtFKYVWXS $',1Då',1DStVOXãQêSDUDPHWU3Då
33QDVWDYWHQDKRGQRWX
3RNXG SUR VQtPiQt WHSORW\ YLQXWt PRWRUX MH SRXåLW SR]LVWRU V NODGQRX WHSORWQt
FKDUDNWHULVWLNRX ]DSRMWH KR QD VYRUN\ 37& VY D D SRYROWH YVWXS 37&
QDVWDYHQtPSDUDPHWUX3 3RNXGMHPRWRUY\EDYHQWHSORWQtPþLGOHPQDVWDYWHSDUDPHWU3QDKRGQRWX
3 ~QRU
0RQWiåDLQVWDODFH
-DN]DSRMRYDWDYpVWVLORYpDtGLFtYRGLþHDE\VHRPH]LORUXãHQtDY]iMHPQpPX
RYOLYRYiQtVLORYêFKDtGLFtFKYRGLþ$
0QLþH0,&520$67(59HFWRUD0,',0$67(59HFWRUE\O\Y\YLQXW\N SRXåLWtYSU$P\VORYêFKSRGPtQNiFKYH
NWHUêFKO]HRþHNiYDW Y\VRNê VWXSH HOHNWURPDJQHWLFNpKR UXãHQt 9 SULQFLSX ]DMLã"XMH EH]SUREOpPRYê SURYR] MLå
RGERUQi LQVWDODFH 9\VN\WQRXOL VH LSRWp SRWtåH QHER W åNRVWL SRVWXSXMWH SRGOH QtåH SRSVDQêFK NURN $
%H]SRGPtQHþQQXWQpMHX]HPQQtY]WDåQpKRSRWHQFLiOX3(P QLþH
=DMLVWWH DE\ YãHFKQ\ StVWURMH DVWURMH XPtVWQp YH VNtQL E\O\ X]HPQQ\ GR VSROHþQpKR ]HPQtFtKR ERGX
DWRFRPRåQiQHMNUDWãtPLYRGLþLQHERSDV\V YHONêPSU$H]HP=YOiãWG$OHåLWpMHWRDE\NDåGê tGLFtQHER
DXWRPDWL]DþQt SURVW HGHN SLSRMHQê NPQLþL E\O VSRMHQ NUiWNêP YRGLþHP YHONpKR SU $H]X VH VSROHþQêP
]HPQtFtPERGHP-HG $OHåLWpDE\QDWHQWRVSROHþQê]HPQtFtERGE\OWpåS LSRMHQVDPRWQêP QLþ9êKRGQp
MHSRXåtYDWSORFKêFKYRGLþ $NWHUpVHY\]QDþXMtQt]NRXLPSHGDQFtL SLY\VRNêFKIUHNYHQFtFK
2FKUDQQêYRGLþPRWRUXQDSiMHQpKR] PQLþHMHQXWQpSLYpVWStPRQDRFKUDQQRXVYRUNX3 (StVOXãQpKR
PQLþH
3RNXGMHWRPRåQpSRXåtYHMWHSUR tGLFtREYRG\VWtQQpYRGLþH2FKUDQQpYRGLþHDVWtQ QtSHþOLYVSRMWHVH
]HPt FR QHMYWãt SORFKRX REMtPNRX D GHMWH SR]RU QD WR DE\ VLJQiORYp YRGLþH QHE\O\ YHGHQ\ QD GORXKRX
Y]GiOHQRVWEH]VWtQ Qt
tGLFtYRGLþHVHVQDåWHYpVWFRPRåQiQHMGiOHRGVLORYêFKYRGLþ $DWDNDE\QHYHGO\SDUDOHOQ YHGOHVHEH
3RNXGMHWRPRåQpSRXåLMWHRGG OHQêFKNDEHORYêFKNDQiO $%XGRXOLVHYRGLþHN tåLWVQDåWHVHGRGUåHW~KHO
NtåHQt
8MLVWWH VH åH YãHFKQ\ VW\NDþH XPtVW Qp YH VNtQL MVRX RGUXãHQp DWR EX RGOHKþRYDFtPL REYRG\ 5&
YStSDG VW\NDþ$ VWtGDYpKR QDSiMHQt QHER QXORYêFK GLRG Y StSDG VWHMQRVPUQpKR QDSiMHQt VW\NDþ $
SLþHPå RGUXãRYDFt SUYHN PXVt EêW S LSRMHQ StPR NFtYFH VW\NDþH ÒþLQQp MVRX Wpå YD ULVWRU\ VORXåtFt
NRPH]HQtSHSWt9êãHXYHGHQiRSDW HQtMVRX]YOiãWG$OHåLWiWHKG\MVRXOLVW\NDþHRYOiGiQ\SRPRFtUHOp
XPtVWQêFKYPQLþL
1D VLORYp VSRMH RG P QLþH N PRWRUX SRXåtYHMWH VWtQ Qp QHER SDQFpRYDQp NDEHO\ 6WtQQt SRS
SDQFpRYiQtQDRERXNRQFtFKX]HPQ WH
%XGHOL PQLþ SURYR]RYiQ YSURVWHGt MHKRå RNROt MH FLWOLYp QD HOHNWURPDJQHWLFNp UXãHQt MH YKRGQp SRXåtW
RGUXãRYDFtILOWUNWHUêRPH]tMDNUXãHQtSURFKi]HMtFtVtWtWDNUXãHQtY\]D RYDQpStPR]PQLþH2GUXãRYDFt
ILOWUMHQXWQpSLSRMLWFRPRåQiQHMEOtåHN YODVWQtPXPQLþLDPQLþLILOWUVSUiYQX]HPQLWYL]ERG
=YROWH FR PRåQi QHMPHQãt KRGQRWX PRGXODþQt IUHNYHQFH NWHUi EXGH V RKOHGHP QD WHFKQRORJLFNê SURFHV
MHãWY\KRYRYDW1LåãtKRGQRWDPRGXODþQtIUHNYHQFH]PHQãtLQWHQ]LWXHOHNWURPDJQHWLFNpKRUXãHQtP QLþH
0QLþ YHO $ X]HPQWH SiVNRYêP YRGLþHP NWHUê MH VRXþiVWt GRGiYN\ 9RGLþ S LSRMWH QD X]HP RYDFt
IDVWRQRYêNRQHNWRUP QLþHDPRQWiåQtSDQHO'EHMWHQDGREUêNRQWDNWYRGLþHVPRQWiåQtPSDQHOHP
NDEHOVtGLFtPL
VLJQiO\
NRYRYê
PRQWiåQtSDQHO
VLORYê
YVWXS
NRYRYê
PRQWiåQtSDQHO
X]HPQQt
PQLþH
~QRU
SLSRMHQtVWtQQt
NDEHO$
2EU=S$VRESLSRMHQtPQLþHYHO$
SLSRMHQt
PRWRUX
0RQWiåDLQVWDODFH
SLSRMHQt
PRWRUX
VLORYê
YVWXS
NRYRYê
PRQWiåQtSDQHO
SLSRMHQtVWtQQt
NDEHO$
NDEHOVtGLFtPL
VLJQiO\
2EU=S$VRESLSRMHQtPQLþHYHO%
NDEHOVtGLFtPL
VLJQiO\
VLORYê
YVWXS
NRYRYê
PRQWiåQtSDQHO
SLSRMHQtVWtQQt
NDEHO$
NDEHOVtGLFtPL
VLJQiO\
SLSRMHQt
PRWRUX
SLSRMHQtVWtQQt
NDEHO$
2EU=S$VRESLSRMHQtPQLþHYHO&
~QRU
0RQWiåDLQVWDODFH
&KOD]HQtDYHQWLODFH
=WUiWRYpYêNRQ\
=WUiW\ PQLþH MVRX ]iYLVOp QD PRGXODþQt IUHNYHQFL GpOFH D SURYHGHQt VWtQ Qê QHVWtQQê SU$H] NDSDFLWD
PRWRURYpKRNDEHOX3URYêSRþHWRWHSOHQtUR]YiG þRYpVNtQO]HXYDåRYDW]WUiWRYpKRYêNRQXP QLþH]MHKR
MPHQRYLWpKRGQRW\
&KOD]HQtDYHQWLODFH
0LQLPiOQtUR]PU\UR]YiGþRYpVNtQ
0LQLPiOQtUR]P U\UR]YiGþRYpVNtQYHNWHUpMHPQLþXPtVWQPXVtEêWWDNRYpDE\UR]YiG þE\OVFKRSHQ
RGYpVW WHSOR ]S$VREHQp HOHNWULFNêPL ]WUiWDPL Y P QLþL 3RG D QDG P QLþHP PXVt EêW SRQHFKiQ YROQê SURVWRU
QHMPpQPP
3L YêSRþWX UR]P U$ UR]YiGþRYp VNtQ MH QXWQp N FHONRYpPX WHSOX Y\WYR HQpKR XYQLW VNtQ ]DKUQRXW QHMHQ
WHSOR ]S$VREHQp HOHNWULFNêPL ]WUiWDPL Y P QLþL DOH WDNp WHSOR ]S $VREHQp HOHNWULFNêPL ]WUiWDPL RVWDWQtFK
StVWURM$XPtVWQêFKXYQLWVNtQVSROXVPQLþHP
(IHNWLYQtFKODGtFtSORFKD
3RåDGRYDQRX HIHNWLYQt FKODGLFt SORFKX UR]YiG þRYp VNtQ 6H REVDKXMtFt SUYN\ NWHUp JHQHUXMt WHSOR XUþtPH
SRGOHQiVOHGXMtFtKRY]WDKX
3]
6H N 7L 7RN
(IHNWLYQtFKODGtFtSORFKDYP ]DKUQXMtFtFHOêSRYUFKUR]YiG þRYpVNtQVYêMLPNRXSORFKNWHUp
NGH6H
MVRXYNRQWDNWXVSORFKDPLVW QQHERMLQêFKUR]YiG þRYêFKVNtQt
3=
9êNRQRYp]WUiW\YHZDWWHFKYãHFKS tVWURM$SURGXNXMtFtFKWHSOR
7L 0D[LPiOQtGRYROHQiSURYR]QtWHSORWDP QLþHYH&
0D[LPiOQtWHSORWDRNROtYH&
7RN
N
.RQVWDQWDWHSHOQpYRGLYRVWLPDWHULiOX]HNWHUpKRMH]KRWRYHQDUR]YiG þRYiVNt
3Ë./$' 8UþHQtUR]PU$UR]YiGþHYNU\Wt,3SURLQVWDODFLPQLþH009N:
x ,QVWDODFH MH ]DSRX]G HQi Y NU\Wt ,3 YãHFKQ\ þiVWL
PQLþHYþHWQFKODGLþHMVRXXPtVWQ\XYQLWUR]YiGþH
UR]YiGþMHX]DYHQêVYQLWQtYHQWLODFt7HSORP $åHEêW
RGYiGQRSRX]HSRYUFKHPUR]YiG þH
x 5R]YiGþMHXPtVWQQDSRGOD]H D RS HQê R VWQX YL]
REU WDN åH MHKR ]iNODGQD D ]DGQt VW QD QHPRKRX
EêW FKOD]HQ\ YQMãtP SURVWHGtP (IHNWLYQt FKODGtFt 9
SORFKD MH SDN WYRHQD YUFKQt VWQRX UR]YiGþH MHKR
þHOQtVWQRXDGYPDERþQtPLVWQDPL
x 5R]YiGþMHY\UREHQ]SOHFKXWORXã "N\PPRSDWHQê
QiWUHP
x 0D[LPiOQtWHSORWDRNROtMH&
9êSRþHWHIHNWLYQtFKODGtFtSORFK\
+RGQRW\SURPQQêFKMVRXGiQ\SHGFKR]tVSHFLILNDFt
â
2EU5R]YiGþRYiVNt
:]WUiWRYêYêNRQP QLþH
7L
&PD[WHSORWDRNROtP QLþH
&
7RN
N
W\SLFNiKRGQRWDSURSOHFKWORXã "N\PPRSDWHQêQiWUHP
3=
6H
+
P 3R]QiPND'RFHONRYêFKYêNRQRYêFK]WUiW3=MHQH]E\WQp]DSRþtWDW]WUiW\YãHFKS tVWURM$XPtVWQêFK
YUR]YiGþL
~QRU
0RQWiåDLQVWDODFH
9êSRþHWUR]PU$UR]YiGþRYpVNtQ
-HVWOLåHMHUR]YiGþY\UiEQPiPHPRåQRVW]YROLWMHKR OLERYROQp UR]P U\ Y RSDþQpP StSDG MVPH
RGNi]iQLQDYêEUVWDQGDUGQGRGiYDQêFKVN tQt9RERXStSDGHFKMHG$OHåLWpY]tWGR~YDK\UR]P U\
PQLþHDYHOLNRVWPLQLPiOQtKRYROQpKRSURVWRUXQDGDSRGP QLþHPPP
9êSRþHWUR]P U$UR]YiGþHY\FKi]t]SHGEåQpKRVWDQRYHQtYêãN\D KORXEN\DYêSRþWXMHKRãtN\
(IHNWLYQtFKODGLFtSORFKXUR]YiG þHXPtVWQpKRQDSRGOD]HREUXUþtPHSRGOHY]WDKX
6H 9+9â+â
3HGSRNOiGHMPHYêãNXUR]YiG þH9 PMHå]DMLã"XMHStVOXãQêYROQêSURVWRUQDGDSRGP QLþHPD
KORXENX+ P
-HOLNRå6H9D+MVRX]QiPpYHOLþLQ\P $åHPHXUþLWãtNXâ~SUDYRXSHGFKR]tKRY]WDKX
6 9+
H
6 9 +
6
â P
3HGFKR]tYêSRþHWãt N\UR]YiGþHMHSLMDWHOQê3RNXGE\E\O\GRUR]YiG þHXPtVWQ\GDOãtStVWURMH
SURGXNXMtFt WHSOR MH QXWQp MHMLFK YOLY ]DKUQRXW GR FHONRYêFK ]WUiW 3= D SURYpVW SHSRþHW -HVWOLåH
SHSRþHW6 HSRYHGHNQHYKRGQpYHOLNRVWLâMHW HEDSURYpVWQRYêS HSRþHWVQRY]YROHQêPLUR]P U\
9D+
9 NDWDORJX SDN ]YROtPH UR]YiG þRYRX VNt V YWãt QHER VWHMQRX HIHNWLYQt FKODGLFt SORFKRX QHå E\OD
Y\SRþWHQD
-HG$OHåLWpDE\WHSORSURGXNXMtFtS tVWURMHQHE\O\XPtVWQ\SRGPQLþHPDYãDNFRQHMYtFHYHVSRGQt
þiVWL UR]YiGþH ] G$YRGX SRGSRU\ YQLW QtKR SURXGQt D UR]ORåHQt WHSOD Y UR]YiG þL -HVWOLåH MH
QHY\KQXWHOQp XPtVWLW W\WR S tVWURMH GR KRUQt þiVWL UR]YiG þH MH WHED ]YWãLW MHKR ãtNX D KORXENX QD
~NRUMHKRYêãN\
1XFHQiYHQWLODFHUR]YiGþRYpVNtQ
-HVWOLåH MH SRXåLW YHQWLOiWRU SUR YêP QX Y]GXFKX PH]L YQLW Qt D YQMãt þiVWt UR]YiGþH PRKRX EêW UR]P U\
UR]YiGþRYpVNtQPHQãt
0QRåVWYtY\PQQpKRY]GXFKX]DKRGLQXXUþtPHSRGOHY]WDKX
9
3]
7L 7RN
NGH9 SRåDGRYDQpPQRåVWYtY]GXFKXYP K 3Ë./$' 8UþHQtUR]PU$UR]YiGþHYNU\Wt,3SURLQVWDODFLPQLþH009N:
x ,QVWDODFHMHYNU\Wt,37HSORMHRGYiG QRSRPRFtFKODGtFtFKYHQWLOiWRU $
x +RGQRW\SURPQQêFKMVRXGiQ\SHGFKR]tVSHFLILNDFt
3=
7L
7RN
:]WUiWRYêYêNRQP QLþH009
&PD[WHSORWDRNROtSURP QLþH009
&
9
9 P K
~QRU
2YOiGiQt
2YOiGDFtSDQHO
9êVWUDKD
9ãHFKQDQDVWDYHQtVPtSURYpVWSRX]HNYDOLILNRYDQiREVOXKDNWHUiGEiQDEH]SHþQRVWQt
RSDWHQt

3RåDGRYDQiKRGQRWDIUHNYHQFHE\ODY WRYiUQQDVWDYHQDQD+]7tPWRQDVWDYHQtPMH
PRåQp MHGQRGXFKêP ]S $VREHP SURYLW VSUiYQê FKRG PRWRUX SR SRYHOX 67$57 VWLVNQXWtP
WODþtWND Ä, QD RYOiGDFtP SDQHOX P QLþH 3RåDGRYDQRX KRGQRWX IUHNYHQFH O]H QDVWDYLW
WODþtWNHPÄ'QHERMLQDVWDYLWSURVW HGQLFWYtPSDUDPHWUX3
3RRGSRMHQtPQLþHRGQDSiMHFtVtWMHQXWQpQHMSUYHPLQXWY\þNDWQHåVHY\ELMt
NRQGHQ]iWRU\ YPQLþL 7HSUYH SRWRP MH GRYROHQR SLSRMRYDW QHER RGSRMRYDW VLORYp
YRGLþH =DQHGEiQt WRKRWR YêVWUDåQpKR SRN\QX P $åH YpVW NH VPUWHOQêP QHER N WåNêP
~UD]$P
+RGQRW\SDUDPHWU$VHQDVWDYXMtYL]YêYRMRYêGLDJUDPQDVWU SRPRFtWtWODþtWHNÄ3³Ä'³DÄ³XPtVWQêFKQD
MHGQRGXFKpP RYOiGDFtP SDQHOX ýtVOD SDUDPHWU $ 3 · 3 DMHMLFK KRGQRW\ · MVRX
]REUD]RYiQ\QDþW\PtVWQpPVHGPLVHJPHQWRYpPGLVSOHML/(' REU
/('GLVSOHM
WODþtWNR
.52.29È1Ë
WODþtWNR
5(9(5=$&(
WODþtWNR&+2'
WODþtWNR]Y\ãRYiQt
-RJ
WODþtWNR6723
UR]KUDQt
56
3
WODþtWNRVQLåRYiQt
IUHNYHQFHSDUDPHWU$
KRGQRW
WODþtWNRSUR
SURJUDPRYiQt
2EU2YOiGDFtSDQHOP QLþH
~QRU
2YOiGiQt
2YOiGDFt 3RSLV
WODþtWNR WODþtWND
)XQNFHWODþtWND
,
WODþtWNR
Ä,³
7ODþtWNR Ä,³ VORXåt N]DSQXWt FKRGX PRWRUX &KFHWHOL SRKRQ ]DSQRXW VWLVNQ WH
WODþtWNRÄ,³7XWRIXQNFLO]H]DEORNRYDWQDVWDYHQtPSDUDPHWUX3QDKRGQRWXQXOD
3 2
WODþtWNR
Ä³
7ODþtWNR Ä³ VORXåt NY\SQXWt FKRGX PRWRUX &KFHWHOL SRKRQ Y\SQRXW WDNRYêP
]S$VREHPDE\PRWRUGREtKDOSRGRE KRYpUDPSVWLVNQWHWODþtWNRÄ³MHGHQNUiW
3RNXG VWLVNQHWH WODþtWNR Ä ³ GYDNUiW D SL GUXKpP VWLVNQXWt SRGUåtWH WODþtWNR
VWLVNQXWp GRMGH NYROQpPX GREKX PRWRUX 7ODþtWNR MH DNWLYQt L Y S tSDG t]HQt
PQLþHSHVVYRUNRYQLFL3 3
WODþtWNR
Ä3³
7ODþtWNR Ä3³ VORXåt NSHStQiQt PH]L þtVOHP SDUDPHWUX D KRGQRWRX SDUDPHWUX
7ODþtWNRO]H]DEORNRYDWVLJQiOHP+QDVYRUNRYQLFLS LQDVWDYHQtMHGQRKR]HYVWXS $
',1GRIXQNFHÄEORNRYiQtWODþtWND3³MHGHQ]SDUDPHWU $3·33 WODþtWNR
Ä'³
7ODþtWNR Ä'³ VORXåt N]YWãRYiQt þtVHO D KRGQRW SDUDPHWU $ QHER QD ]PQX
SRåDGRYDQpKRGQRW\YêVWXSQtIUHNYHQFH0RåQRVWSRXåLWtWRKRWRWODþtWNDP QLþHO]H
]DEORNRYDWQDVWDYHQtPSDUDPHWUX3QDKRGQRWXQXOD3 WODþtWNR
Ä³
7ODþtWNR Ä³ VORXåt N]PHQãRYiQt þtVHO D KRGQRW SDUDPHWU $ QHER QD ]PQX
SRåDGRYDQpKRGQRW\YêVWXSQtIUHNYHQFH0RåQRVWSRXåLWtWRKRWRWODþtWNDP QLþHO]H
]DEORNRYDWQDVWDYHQtPSDUDPHWUX3QDKRGQRWXQXOD3 WODþtWNR
ÄNURNRYiQt³
%XGHOLWODþtWNRÄNURNRYiQt³VWLVNQXWRS LVWRMtFtPSRKRQX]DþQHVHSRKRQUR]EtKDW
Y]iYLVORVWL QD QDVWDYHQêFK KRGQRWiFK SDUDPHWU $ 3R XYROQQt WODþtWND VH SRKRQ
]DVWDYt 6WLVN WODþtWND S L EåtFtP SRKRQX QHPi åiGQê ~þLQHN 0RåQRVW SRXåLWt
WRKRWRWODþtWNDO]H]DEORNRYDWQDVWDYHQtPSDUDPHWUX3QDKRGQRWXQXOD3
WODþtWNR
ÄUHYHU]DFH³
7ODþtWNRSUR]P QXVPUXRWiþHQtPRWRUX-HOL]YROHQVP\VORWiþHQtGROHYDREMHYt
VHQDGLVSOHML]QDPpQNRPLQXVQDPtVW iGXWLVtF$LQGLNRYDQiKRGQRWD] LQWHUYDOX
!SRS]DþQHEOLNDWGHVHWLQQiWHþND]DPtVWHP iGXVWRYHNLQGLNRYDQi
KRGQRWD ]LQWHUYDOX ! )XQNFL WODþtWND O]H ]DEORNRYDW QDVWDYHQtP
SDUDPHWUX3QDKRGQRWXQXOD3 -RJ
+RGQRWDYêVWXSQtIUHNYHQFH +]VP\VORWiþHQtGROHYD
+RGQRWDYêVWXSQtIUHNYHQFH +]VP\VORWiþHQtGROHYD
6HGPLVHJPHQWRYê GLVSOHM /(' VORXåt N LQGLNDFL þtVHO SDUDPHWU $ 3 Då 3
KRGQRW SDUDPHWU$ Då QHER NyG$ SRUXFKRYêFK KOiãHQt ) Då
)
8SR]RUQQt $þNROLGLVSOHMLQGLNXMHKRGQRW\IUHNYHQFHMHQV UR]OLãHQtP+]O]H
WpåUR]OLãHQt]OHSãLWQD+]YL]YêYRMRYêGLDJUDPQDVWU 8SR]RUQQt
3DUDPHWU\ 3 Då 3 O]H QDVWDYRYDW MHQ WHKG\ E\OOL S HGWtP QDVWDYHQ SDUDPHWU 3 QD
KRGQRWXQHER3 ~QRU
2YOiGiQt
9êYRMRYêGLDJUDPQDVWDYRYiQtSDUDPHWU$
6WLVNQWHWODþtWNRÄ3³
6WLVNQWHWODþtWNRÄ'³QHERÄ³
=PQDKRGQRW\SDUDPHWUX"
DQR
QH
1DGLVSOHMLVHREMHYt3
=YROWHSRåDGRYDQêSDUDPHWU
=REUD]tVHKRGQRWD]YROHQpKRSDUDPHWUX
&KFHWHWXWRKRGQRWX]P QLW"3RNXGQHSRNUDþXMWH
ERGHP
+RGQRWXSDUDPHWUXP $åHWHVQtåLWþL]YêãLW 6WLVNQWH
WODþtWNRÄ'³
QHERÄ³
1RY QDVWDYHQRX KRGQRWX XORåWH VWLVNHP WODþtWND Ä 3³ GR
SDPWLDWtPVHYUiWtWHGRPyGXLQGLNDFHþtVHOSDUDPHWU $
=PQDKRGQRW\GDOãtKRSDUDPHWUX"
DQR
QH
&KFHWHOL ]PQLW KRGQRWX GDOãtKR SDUDPHWUX SRNUDþXMWH
ERGHP
6WLVNQWH
WODþtWNRÄ'³
QHERÄ³
8SR]RUQQt
3RNXG GUåtWH VWLVNQXWp WODþtWNR Ä '³ QHER Ä³ WUYDOH QD
GLVSOHML VH EXGRX SRVWXSQ REMHYRYDW þtVOD SDUDPHWU $
Ä3³DåÄ3³3L]Y\ãRYiQtþtVHOSDUDPHWU $VHSRK\E
DXWRPDWLFN\]DVWDYtQDÄ3³1RYêPVWLVNHPWODþtWNDÄ '³
VH]PQtKRGQRWDQDGLVSOHMLQDÄ3³
&HOê SURFHV QDVWDYHQt QHER SURKOtåHQt KRGQRW SDUDPHWU $
VHXNRQþtDYUiWtWHVHGRQRUPiOQtKRSURYR]QtKRUHåLPX
6WDQGDUGQtFK KRGQRW YãHFK SDUDPHWU $ ÄWRYiUQt QDVWDYHQt³ W]Q QDVWDYHQt KRGQRW SDUDPHWU $
]YêUREQtKR SRGQLNX O]H GRViKQRXW QDVWDYHQtP KRGQRW\ SDUDPHWUX 3 QD KRGQRWX MHGQD
3 DQiVOHGQêPVWLVNHPWODþtWNDÄ 3³YL]WpåNDSLWROD3RSLVSDUDPHWU $
3RNXG MH PRWRU Y FKRGX O]H P QLW KRGQRWX SRX]H Q NWHUêFK SDUDPHWU $ Y NDSLWROH 3RSLV SDUDPHWU $ R]QDþHQêFK Ú 1NWHUp
SDUDPHWU\O]HSRX]HþtVWDQHO]HP QLWMHMLFKKRGQRWX
8SR]RUQQt &KFHWHOL ]YêãLW UR]OLãHQt IUHNYHQFH QD +] QHVPtWH VWLVNQRXW WODþtWNR Ä 3³ MHQ NUiWFH WtP E\VWH VH YUiWLOL GR PyGX
]REUD]HQtþtVHOSDUDPHWU $0XVtWHKRWLVNQRXWWDNGORXKRGRNXGVHQDGLVSOHMLQHREMHYtÄ Q³NGHQMHKRGQRWDIUHNYHQFH
iGXGHVHWLQQDS SL]YROHQpIUHNYHQFL+]VH]REUD]tÄ ³+RGQRWXO]HP QLWRSWWODþtWN\Ä'³QHERÄ³YUR]VDKX
Då'RPyGX]REUD]HQtþtVHOSDUDPHWU $VHYUiWtWHGYRMQiVREQêPVWLVNHPWODþtWNDÄ 3³
~QRU
2YOiGiQt
2YOiGiQtDt]HQtPQLþH
.RPSOHWQtSRSLVYãHFKSDUDPHWU $MHXYHGHQYNDSLWROH3RSLVSDUDPHWU $
9ãHREHFQpSRN\Q\
0QLþ QHQt Y\EDYHQ KODYQtP Vt "RYêP VStQDþHP D SR S LSRMHQt NVtWL MH VWiOH SRG QDS WtP SLSUDYHQ
NSURYR]XPi]DEORNRYDQêYêVWXSQtWUDQ]LVWRURYêVW tGDþDRþHNiYiVHVWLVNWODþtWNDÄ ,³QHERVLJQiOÄ]DS³QD
VYRUFHVP\VORWiþHQtGRSUDYDSRS QDVYRUFHVP\VORWiþHQtGROHYD9L]WpåSDUDPHWU\3D3
-HOL MDNR LQGLNRYDQi YHOLþLQD QD GLVSOHML ]YROHQD KRGQRWD YêVWXSQt IUHNYHQFH 3 SDN VH EXGH SL
VWDYXPQLþHÄSLSUDYHQNSURYR]X³QDGLVSOHMLREMHYRYDWKRGQRWDSRåDGRYDQpYêVWXSQtIUHNYHQFHV SHULRGRX
DVLV
0QLþH MVRX ]WRYiUQ\ QDVWDYHQ\ QD SRXåLWt þW\ SyORYêFK VWDQGDUGQtFK PRWRU $ ILUP\ 6LHPHQV $* VWHMQpKR
YêNRQXMDNRMHMPHQRYLWêYêNRQP QLþH9StSDGSRXåLWt PRWRU$ MLQêFK YêUREF$ MH SRWHEQp ]DGDW ãWtWNRYp
KRGQRW\NRQNUpWQtKRPRWRUXMDNRKRGQRW\SDUDPHWU $3·33tVWXSNWPWRSDUDPHWU$PMHPRåQêDå
SRQDVWDYHQtSDUDPHWUX3QDKRGQRWXQHER3 8SR]RUQQt
8MLVWWHVHåHYLQXWtPRWRUXMHVSUiYQ ]DSRMHQR8PRWRU $PHQãtFKYêNRQ$MHREY\NOp
]DSRMHQt YLQXWt GR WURM~KHOQtNX SUR QDS Wt 9 9 D ]DSRMHQt GR KY ]G\ SUR QDSWt
998YWãtFKPRWRU$MHREY\NOp]DSRMHQtYLQXWtGRWURM~KHOQtNXSUR QDSWt9
9D]DSRMHQtGRKY ]G\SURQDSWt99
3R ]PQ KRGQRW\ QNWHUpKR ] SDUDPHWU $ VH QRYi KRGQRWD DXWRPDWLFN\ XORåt GR YQLW Qt SDPWL D ]$VWDQH
]DFKRYiQDLSRRGSRMHQtQDSiMHFtKRQDS Wt3RNXGQHFKFHWH]P QQpKRGQRW\SDUDPHWU $XNOiGDWQDVWDYWH
SDUDPHWU3QDKRGQRWX3 =iNODGQtSURYR]
9 QiVOHGXMtFt NDSLWROH MH SRSViQ ]iNODGQt SRVWXS QDVWDYHQt P QLþH DMHKR XYHGHQt GR SURYR]X 3RåDGRYDQi
KRGQRWD YêVWXSQt IUHNYHQFH MH ]DGiYiQD þtVHOQ SHV RYOiGDFt SDQHO 3UR QDVWDYHQt P QLþH MH QXWQp ]P QLW
QNROLNSDUDPHWU$
=NRQWUROXMWH]GDMVRXS LSRMHQ\iGQYãHFKQ\YRGLþHDRY WHåHSL]DSQXWtQDSiMHQtQHP $åHGRMtWN~UD]X
RVRE
3
a0RW
0$'(,1*(50$1<
,(&
,0%
+]9'<
$
N:
3
FRVM
3
9'(
3
3
/$$$
1U('
,3
5RW./,&,)
+]
9<
$
N:
FRVM
PLQ
6)
3
PLQ
3LSRMWH
Vt"RYp
QDSiMHQt 3DUDPHWU
3 QDVWDYWH QD
KRGQRWX QHER 3 7DNRYp
QDVWDYHQt
XPRåQt
PRGLILNRYDW
SDUDPHWU\ VþtVOHP
YWãtPQHå
=NRQWUROXMWHStSDGQ
]PWH
SDUDPHWU\
QDVWDYHQt
PRWRUX
3 Då 3 GOH
ãWtWNX PRWRUX YL]
REU
2EU3tNODGW\SRYpKRãWtWNXDV\QFKURQQtKRPRWRUX
8MLVWWH
VH
åH
P$åHWHVSXVWLWPRWRU6WLVNQ WHWODþtWNRÄ,³QDRYOiGDFtPSDQHOX0 QLþ]DþQHQDSiMHWPRWRUIUHNYHQFtGDQRX
SDUDPHWUHP3NWHUêMHQDVWDYHQQDKRGQRWX+]
-HVWOLåHMHWRQXWQpMHPRåQpRWiþN\PRWRUXUHVSYêVWXSQtIUHNYHQFLP QLþHPQLW StPR SRPRFt WODþtWHN
Ä'³QHERÄ³1DVWDYWHSDUDPHWU3VWLVNQ WHÄ3³DIUHNYHQFL]P WHWODþtWN\Ä'³QHERÄ³
~QRU
2YOiGiQt
0RWRU ]DVWDYWH VWLVNQXWtP WODþtWND Ä ³ 1D GLVSOHML VH EXGH VW tGDY REMHYRYDW KRGQRWD D SRåDGRYDQi
IUHNYHQFHGDQiKRGQRWRXSDUDPHWUX3
3DUDPHWU 3 QDVWDYWH QD KRGQRWX MHVWOLåH SRåDGXMHWH DE\ VH SRVOHGQt QDVWDYHQi KRGQRWD YêVWXSQt
IUHNYHQFHPQLþHXORåLODGRQHPD]DWHOQpSDP WLPQLþHD]$VWDOD]DFKRYiQDLSRRGSRMHQtPQLþHRGVtW
3URYR]GLJLWiOQtt]HQt
1iVOHGXMtFtNURN\SRSLVXMt]iNODGQtQDVWDYHQtSRKRQXS LþtVHOQpP]DGiYiQtIUHNYHQFHD t]HQt]HVYRUNRYQLFH
0H]LVYRUNXSRPRFQpQDS WtDVYRUNXVP\VORWiþHQtGRSUDYD]DSRMWHRYOiGDFtVStQDþÄ]DSY\S³
3LSRMWHVt"RYpQDSWt3DUDPHWU3QDVWDYWHQDKRGQRWXQHER3 7DNRYpQDVWDYHQtXPRåQt
PRGLILNRYDWSDUDPHWU\VþtVOHPY WãtPQHå9L]YêYRMRYêGLDJUDPQDVWU 1DVWDYHQt KRGQRW\ SDUDPHWUX 3 XUþXMH åH SRåDGRYDQi KRGQRWD YêVWXSQt IUHNYHQFH MH ]DGiYiQD
KRGQRWRXSDUDPHWUX3QHERWODþtWN\Ä '³QHERÄ³
1DVWDYHQtPKRGQRW\SDUDPHWUX3 VH]DEORNXMtRYOiGDFtSUYN\QDRYOiGDFtPSDQHOX2YOiGiQtP QLþH
VHEXGHXVNXWHþRYDWSURVWHGQLFWYtPGLJLWiOQtFKYVWXS $',1QDtGLFtVYRUNRYQLFL
3DUDPHWUHP3QDVWDYWHSRåDGRYDQRXKRGQRWXYêVWXSQtIUHNYHQFHP QLþH
=NRQWUROXMWHStSDGQ]PWHKRGQRW\SDUDPHWU $3Då3WDNDE\VRXKODVLO\V KRGQRWDPLQDW\SRYpP
ãWtWNXSRXåLWpKRPRWRUXYL] REU
2YOiGDFt VStQDþ Ä]DSY\S³ S HSQWH GR SRORK\ Ä]DS³ 0QLþ ]DþQH QDSiMHW PRWRU IUHNYHQFt GDQRX
SDUDPHWUHP3
-HVWOLåHMHWRQXWQpMHPRåQpRWiþN\PRWRUXUHVSYêVWXSQtIUHNYHQFLP QLþHPQLW StPR SRPRFt WODþtWHN
Ä'³QHERÄ³1DVWDYWHSDUDPHWU3VWLVNQ WHÄ3³DIUHNYHQFL]P WHWODþtWN\Ä'³QHERÄ³
3DUDPHWU 3 QDVWDYWH QD KRGQRWX MHVWOLåH SRåDGXMHWH DE\ VH QDVWDYHQi KRGQRWD YêVWXSQt IUHNYHQFH
PQLþHXORåLODGRQHPD]DWHOQpSDP WLPQLþHD]$VWDOD]DFKRYiQDLSRRGSRMHQtPQLþHRGVtW
3URYR]DQDORJRYpt]HQt
$,1
$,1
3
1iVOHGXMtFt NURN\ SRSLVXMt ]iNODGQt QDVWDYHQt SRKRQX S L DQDORJRYpP ]DGiYiQt IUHNYHQFH D t]HQt ]H
VYRUNRYQLFH
~QRU
9
1DtGLFtVYRUNX$,1SLSRMWHEåHFSRWHQFLRPHWUXV RGSRUHPtN:QD
VYRUNX$,1SLSRMWHQXORYêSRWHQFLiOUHIHUHQþQtKRQDS WtYL]REU-DNR
UHIHUHQþQt QDSWt MH PRåQp Y\XåtW QDS"RYê ]GURM PQLþH · 9 PH]L
VYRUNDPL9D9
3HStQDþL',3QDVWDYWHQDS "RYêYVWXS·9WRYiUQtQDVWDYHQt
0H]L tGLFt VYRUNX D VYRUNX VP\VO RWiþHQt GRSUDYD ]DSRMWH RYOiGDFt
VStQDþÄ]DSY\S³
9StSDG 0'9 XSHYQWH ]SW NU\W PQLþH 3LSRMWH Vt"RYp QDSWt 3DUDPHWU
3QDVWDYWHQDKRGQRWXQHER3 7DNRYpQDVWDYHQtXPRåQt
UHIHUHQþQt
DQDORJRYê
QDSWt
YVWXS
PRGLILNRYDWSDUDPHWU\VþtVOHPY WãtPQHå9L]YêYRMRYêGLDJUDPQDVWU
2EUt]HQtPQLþH
1DVWDYHQtP KRGQRW\ SDUDPHWUX 3 VH ]DEORNXMt RYOiGDFt SUYN\ QD
DQDORJRYêPQDSWtP
RYOiGDFtP SDQHOX 2YOiGiQt P QLþH VH EXGH XVNXWHþ RYDW SURVWHGQLFWYtP
GLJLWiOQtFKYVWXS$',1QDtGLFtVYRUNRYQLFL
1DVWDYHQt KRGQRW\ SDUDPHWUX 3 XUþXMH åH SRåDGRYDQi KRGQRWD YêVWXSQt IUHNYHQFH MH ]DGiYiQD
DQDORJRYêPVLJQiOHP
3DUDPHWU\ 3 D3 QDVWDYWH KRGQRW\ PLQLPiOQt DPD[LPiOQt YêVWXSQt IUHNYHQFH RGSRYtGDMtFt NUDMQtP
SRORKiPSRWHQFLRPHWUX
=NRQWUROXMWHStSDGQ]PWHKRGQRW\SDUDPHWU $3Då3WDNDE\VRXKODVLO\V KRGQRWDPLQDW\SRYpP
ãWtWNXSRXåLWpKRPRWRUXYL] REU
2YOiGDFt VStQDþ Ä]DSY\S³ S HSQWH GR SRORK\ Ä]DS³ 3RWHQFLRPHWUHP QDVWDYWH SRåDGRYDQRX KRGQRWX
YêVWXSQtIUHNYHQFH-HMtKRGQRWDMH]REUD]RYiQDQDGLVSOHMLP QLþH
2YOiGiQt
=S$VRE\t]HQtPRWRUX
3RGOHKRGQRW\SDUDPHWUX3MHPRåQpQDVWDYLWSRKRQY QNROLNDUHåLPHFKþLQQRVWL
3 6WDQGDUGQt t]HQt SRKRQX GOH IXQNFH 8I NRQVW 1HMMHGQRGXããt ]S $VRE t]HQt NG\ QDSWt QD
PRWRUX MH ~PUQp VWDWRURYp IUHNYHQFL 3RXåLWê ]S $VRE t]HQt MH QXWQp QDVWDYLW YStSDG VNXSLQRYêFK
SRKRQ$ WM GYRX D YtFH PRWRU $ SLSRMHQêFK SDUDOHOQ NMHGQRPX PQLþL QHER SRKRQX VH V\QFKURQQtP
PRWRUHP 9StSDG åH SRKRQ MH WYRHQ DV\QFKURQQtP PRWRUHP GRFKi]t S L Qt]NêFK RWiþNiFK SRKRQX
NSRNOHVXPRPHQWXPRWRUX9\URYQiQtPRPHQWRYpFKDUDNWHULVWLN\PRWRUXYREODVWLQt]NêFKRWiþHNMHPRåQp
]DFHQX]YêãHQpKRSURXGXPRWRUXGRViKQRXW]YêãHQtPSRþiWHþQtKRQDS WtPRWRUXSDUDPHWUHP3SRS 3
3 )&& t]HQt t]HQt VDNWLYQt UHJXODFt PDJQHWL]DþQtKR SURXGX 9\OHSãHQê ]S $VRE VWDQGDUGQtKR
t]HQt SL ]PQ ]iWåH SRKRQX 3RXåLWê ]S$VRE t]HQt MH YKRGQê SUR DXWRPDWLFNRX NRPSHQ]DFL VNOX]X
PRWRUXGRGUåHQtNRQVWDQWQtFKRWiþHNSRKRQXQH]iYLVOêFKQD]DWtåHQt$E\VSUiYQ IXQJRYDODNRPSHQ]DFH
VNOX]XMHQXWQpQDVWDYLWVSUiYQ SDUDPHWU3
3 t]HQtSRKRQXGOHIXQNFH8I NRQVWMHYDULDQWRXVWDQGDUGQtKR t]HQt3 7HQWR]S$VRE
t]HQt MH YKRGQê YStSDG SRKRQX VNYDGUDWLFNRX ]DW åRYDFt FKDUDNWHULVWLNRX SRKRQ\ NG\ VH VWRXSDMtFtPL
RWiþNDPL VWRXSi NYDGUDWLFN\ ]iW å SRKRQX MDNR MVRX YHQWLOiWRU\ RGVW HGLYi þHUSDGOD DSRG 3 L QLåãtFK
RWiþNiFK NG\ MH ]DWtåHQt PHQãt GRFKi]t N RGEX]HQt SRKRQX D WtP ]OHSãHQt MHKR ~þLQQRVWL D VWDELOQ MãtKR
FKRGX 3RXåLWê ]S$VRE t]HQt MH PRåQp SRXåtW L SUR VNXSLQRYp SRKRQ\ V NYDGUDWLFNRX ]DWåRYDFt
FKDUDNWHULVWLNRX
3 9HNWRURYpt]HQtEH]]SWQpYD]E\XPRåXMHRSWLPiOQt]S$VREt]HQtDV\QFKURQQtKRPRWRUX3RKRQ
Pi NRQVWDQWQt PRPHQW RG YHOPL Qt]NêFK RWiþHN D MVRX DXWRPDWLFN\ Y\URYQiYiQ\ RWiþN\ PRWRUX S L ]PQ
]DWtåHQt
9HNWRURYpt]HQtEH]]SWQpYD]E\
)UHNYHQþQtP QLþH DG\0,&520$67(59HFWRUD0,',0$67(59HFWRUDXWRPDWLFN\QDVWDYXMt FKDUDNWHULVWLNX
SRKRQX SL SLSRMHQt PRWRUX D XYiG Qt SRKRQX GR SURYR]X $XWRPDWLFNp QDVWDYHQt FKDUDNWHULVWLN\ SRKRQX VH
XVNXWHþXMHSRSUYQtPSRYHOXÄ]DS³DSRX]HY StSDGåHPQLþMHQDVWDYHQYUHåLPXYHNWRURYpKR t]HQtEH]
]SWQpYD]E\SDUDPHWUHP3 DMH]YROHQDIXQNFHDXWRNDOLEUDFHVWDWRURYpKRRGSRUXPRWRUXSDUDPHWUHP
3 3RNXG MH SRYHO Ä]DS³ MH Y\GiQ S HV tGLFt VYRUNRYQLFL P QLþH PXVt WUYDW QHMPpQ VHNXQG DE\ P QLþ PO
GRVWDWHNþDVXQDQDVWDYHQtFKDUDNWHULVWLNSRKRQX1HMG tYH PQLþ Pt SDUDPHWU\ PRWRUX Y NOLGX D QD GLVSOHML
PQLþH VYtWt QiSLV &$/ SRWp VH PRWRU UR]E KQH EåQêP ]S$VREHP SR QDVWDYHQp UR]E KRYp UDPS QD
SRåDGRYDQpRWiþN\3RDXWRPDWLFNpPQDVWDYHQtSRKRQXMHSDUDPHWU3Y\QXORYiQ3 3RNXG SRåDGXMHWH RSWRYQp DXWRPDWLFNp QDVWDYHQt FKDUDNWHULVWLN SRKRQX QDVWDYWH SDUDPHWUHP 3 MLQê
]S$VREt]HQtQHåYHNWRURYp t]HQtEH]]SWQpYD]E\3 QHERD]SW3 1DVWDYWHSDUDPHWU
3 D]DGHMWHSRYHOÄ]DS³
2SWLPiOQt]S$VREG\QDPLFNpKRFKRYiQtSRKRQXMHPRåQpQDVWDYLWSDUDPHWU\3D39 StSDGåHFKRG
PRWRUX QHQt QNG\ ]FHOD VWDELOQt D GRFKi]t N YLEUDFtP SRKRQX MH PRåQp ]P QLW SDUDPHWU 3 SRS 3
=HVtOHQt U\FKORVWQt VP\þN\ UHJXOiWRUX YHNWRURYpKR t]HQt MH DXWRPDWLFN\ QDVWDYHQR ~P UQ PRPHQWX
VHWUYDþQRVWL ]iWåH =PQRX KRGQRW\ SDUDPHWUX 3 MH PRåQp P QLW ]HVtOHQt D LQWHJUDþQt VORåNX 3
UHJXOiWRUXDWtPRGVWUDQLWQHVWDELOLWXS LFKRGXSRKRQX
3R]QiPND7ODþtWNHPÄNURNRYiQt³QHO]HY\YRODWDXWRPDWLFNpQDVWDYHQtSDUDPHWU $SRKRQX
3LDXWRPDWLFNpPQDVWDYHQtFKDUDNWHULVWLNSRKRQXGEHMWHQDQiVOHGXMtFt]iVDG\
3HG SUYQtP VSXãWQtP SRKRQX YUHåLPX YHNWRURYpKR t]HQt EH] ]SWQp YD]E\ QDVWDYWH S HVQ SDUDPHWU\
PRWRUX3Då3
$XWRPDWLFNp QDVWDYHQt SURYiG MWH ]iVDGQ VH VWXGHQêP PRWRUHP 5HJXODþQt REYRG\ P QLþH SRþtWDMt
DXWRPDWLFN\ VH ]YêãHQtP WHSORW\ PRWRUX E KHP MHKR þLQQRVWL D S L]S$VREt WRPX VYRMH SDUDPHWU\ 3RNXG
EXGH DXWRPDWLFNp P HQt SURYHGHQR QD PRWRUX ]DK iWpP SURYR]HP QDVWDYHQt FKDUDNWHULVWLN\ QHEXGH
VSUiYQp
3HSQXWt]S$VREXt]HQt]MLQpKRQHåYHNWRURYpKR t]HQt3 QHERGRUHåLPXYHNWRURYpKR t]HQt
EH]]SWQpYD]E\3 D]DGiQtSRYHOXÄ]DS³SURYH WHSRX]H]YêãHXYHGHQpKRG$YRGXYGRENG\
PRWRUMHVWXGHQê
~QRU
2YOiGiQt
)XQNFH V\QFKURQL]DFH QD RWiþHMtFt VH PRWRU MH Y\NRQiYiQD YåG\ YUHåLPX YHNWRURYpKR t]HQt EH] ]SWQp
YD]E\ L YStSDG åH SRKRQ SUDFXMH YMLQpP UHåLPX 3 QHER 3RNXG IXQNFL V\QFKURQL]DFH QD
RWiþHMtFt VH PRWRU Y\XåLMHWH 3 Pi MLQRX KRGQRWX QHå SURYHWH QHMGtYH DXWRPDWLFNp QDVWDYHQt
FKDUDNWHULVWLNSRKRQXYHYHNWRURYpPt]HQtEH]]SWQpYD]E\WMKODYQQDVWDYWHVSUiYQSDUDPHWU\3Då
3DSURYHWHDXWRNDOLEUDFLSRKRQX3 SLVWXGHQpPPRWRUX
3DUDPHWU\3D3O]HRSWLPDOL]RYDWþLQQRVWSRKRQX
=DVWDYHQtPRWRUX
=DVWDYHQtPRWRUXVHP$åHSURYpVWQNROLND]S$VRE\
6QLåRYiQtPSRåDGRYDQpKRGQRW\IUHNYHQFHQD+]SRPRFtWODþtWNDÄ´]S$VREtNRQWURORYDQp]DVWDYRYiQt
3RGRVDåHQtQXORYpIUHNYHQFHVWLVNQWHWODþtWNRÄ³
6WLVNQXWt WODþtWND Ä³ QD RYOiGDFtP SDQHOX PQLþH QHER ]UXãHQt SRYHOX Ä]DS´ RWiþHQt YSUDYR QHER RWiþHQt
YOHYRRYOiGDFtPVStQDþHPQDtGLFtVYRUNRYQLFL]S$VREtSO\QXOpVQLåRYiQtYêVWXSQtIUHNYHQFHPQLþHSRGOH
QDVWDYHQpGREKRYpUDPS\GDQpSDUDPHWUHP3
3L QDVWDYHQp NUiWNp GREKRYp UDPS D YHONpP PRPHQWX VHWUYDþQRVWL ]iWåH PRWRU SHFKi]t GR
JHQHUiWRULFNpKR VWDYX D YUDFt HQHUJLL GR PQLþH 1DSWt YVWHMQRVPUQpP PH]LREYRGX VWRXSi 3RNXG
SHNURþtSRYROHQRXKUDQLFLGRMGH NSRUXãH ) 9WDNRYpP StSDG MH QXWQp SURGORXåLW GREKRYRX UDPSX
QHERQDVWDYLWSDUDPHWU3 QHERJHQHURYDQRXHQHUJLLPDLWYEU]GQpPRGSRUQtNXSLSRMHQpPNPQLþL
XPQLþH0,&520$67(59HFWRUQHERNEU]GQpMHGQRWFHXPQLþH0,',0$67(59HFWRU
3R]QiPND 3L QDVWDYHQt SDUDPHWUX 3 GRMGH SL ]YêãHQt QDSWt PH]LREYRGX NDXWRPDWLFNpPX
SURGORXåHQtGREKRYpUDPS\3LQDVWDYHQt3 MHGREKRYiUDPSDYåG\GRGUåHQDDHQHUJLLMHQXWQp
PDLWYEU]GQpPRGSRUQtNX
3L ]DGiYiQt RWiþHN SURVWHGQLFWYtP DQDORJRYp SRåDGRYDQp KRGQRW\ D QDVWDYHQpP SDUDPHWUX 3 DQDORJRYêPVLJQiOHPPHQãtPQHå9QHERP$GRMGHNSRVWXSQpPXVQLåRYiQtRWiþHNDY\SQXWtPRWRUX
3L]YêãHQtDQDORJRYpKRGQRW\!9QHER!P$GRMGHNDXWRPDWLFNpPXVSXãWQtPRWRUX
3RYHOHP ÄY\S´ Y\SQXWt PQLþH VYROQêP GREKHP PRWRUX 3 Då 3 3 6WHMQê SRYHO O]H
Y\NRQDW SRNXG VWLVNQHWH GYRMQiVREQ WODþtWNR Ä³ D SRGUåtWH KR VWLVNQXWp 9êVWXSQt WUDQ]LVWRU\ MVRX LKQHG
]DEORNRYiQ\QDPRWRUXQHQtQDSWtDSRKRQYROQGREtKi
3RYHOHP ÄY\S´ U\FKOp EU]GQt V NRQWURORX QDSWt PH]LREYRGX 3 Då 3 3 GOH SRORYLQ\
GREKRYpUDPS\QDVWDYHQp3GREDGREKX 33LSHNURþHQtQDSWtPH]LREYRGXMHDXWRPDWLFN\
SURGORXåHQDGREDGREKXEH]RKOHGXQDQDVWDYHQtSDUDPHWUX3
=UXãHQtPSRYHOXÄ]DS´SLDNWLYRYDQpPVWHMQRVPUQpPEU]GQtQHERNRPSDXQGQtPEU]GQt9StSDGåHMH
]YROHQR DQDVWDYHQR EU]GQt SRPRFt VWHMQRVPUQpKR SURXGX 3 QHER NRPSDXQGQt EU]GQt 3
P$åHVHY\YLQRXWEU]GQêPRPHQWNWHUêRGSRYtGiDåMPHQRYLWpKRSURXGXPRWRUX
.G\åVHPRWRUQHUR]EKQH
3RNXGQDGLVSOHMLPQLþHMH]REUD]HQSRUXFKRYêVWDYSRVWXSXMWHGOHNDSLWRO\3RUXFK\DSRUXFKRYiKOiãHQt
-HVWOLåHSRSRYHOXÄ]DS´QHGRMGHNUR]EtKiQtPRWRUX]NRQWUROXMWH]GDMH]DGiQDSRåDGRYDQiKRGQRWDIUHNYHQFH
SDUDPHWUHP3QHERMHVWOLE\O\VSUiYQ]DGiQ\ãWtWNRYp~GDMHPRWRUXMDNRREVDKSDUDPHWU$3·3
-HVWOLåHMHPQLþNRQILJXURYiQQDRYOiGiQtSURVWHGQLFWYtPRYOiGDFtKRSDQHOX3 DPRWRUVHSRVWLVNQXWt
WODþtWND Ä,³ QHUR]EtKi SH]NRXãHMWH ]GD IXQNFH WODþtWND QHQt EORNRYiQD QDVWDYHQtP SDUDPHWUX 3 7ODþtWNRÄ,³RGEORNXMHWHQDVWDYHQtP3 -HVWOLåHMHPQLþNRQILJXURYiQQDRYOiGiQtSURVWHGQLFWYtPVYRUNRYQLFH3 ]NRQWUROXMWH]GDMHVSUiYQ
QDVWDYHQDNRQILJXUDFHYVWXS$SDUDPHWU\3Då33
-HVWOLåH PQLþ QHY\ND]XMH åiGQRX þLQQRVW QHER QHGRSDWHQtP QDVWDYtWH QNWHUp SDUDPHWU\ ãSDWQ MH YKRGQp
DNWLYRYDW S$YRGQt WRYiUQt QDVWDYHQt PQLþH QDVWDYHQtP SDUDPHWUX 3 DQiVOHGQêP VWLVNQXWtP WODþtWND
Ä3´3RWpMHQXWQp]QRYXQDVWDYLWSDUDPHWU\PQLþHSRGOH]iNODGQtKRQDVWDYHQtDSRåDGRYDQpIXQNFH
~QRU
2YOiGiQt
7HFKQRORJLFNê3,'UHJXOiWRU
=DEXGRYDQê WHFKQRORJLFNê 3,' UHJXOiWRU VORXåt N UHJXODFL WHFKQRORJLFNpKR SURFHVX QD QDVWDYHQRX ~URYH SRåDGRYDQpYHOLþLQ\3 tNODGHPP$åHEêW
UHJXODFH RWiþHN þHUSDGOD WDN DE\ Y QiGUåL E\OD XGUåRYiQDNRQVWDQWQt YêãND KODGLQ\ QH]iYLVOH QD PQRåVWYt
RGWpNDMtFtNDSDOLQ\
UHJXODFHRWiþHNþHUSDGODWDNDE\WODNYRG\YSRWUXEtE\ONRQVWDQWQtQH]iYLVOêQDRGE UX
UHJXODFHRWiþHNVSDOLQRYpKRYHQWLOiWRUXQDNRQVWDQWQtSRGWODN
UHJXODFH RWiþHN þHLþH YRG\ QHER GP\FKDGOD Y]GXFKX WDN DE\ Y DNWLYDþQt QiGUåL RGSDGQtFK YRG E\OR
XGUåRYiQRRSWLPiOQtPQRåVWYtN\VOtNX
UHJXODFHRWiþHNYHQWLOiWRUXWDNDE\YSHFLE\ODXGUåRYiQDNRQVWDQWQtWHSORWD
UHJXODFHRWiþHNSRGDYDþHPDWHULiOXWDNDE\KODYQtSRKRQ]D t]HQtNWHUê]SUDFRYiYiSRKiQ QêPDWHULiOE\O
RSWLPiOQ]DWtåHQ
UHJXODFH RWiþHN GiYNRYDFtKR þHUSDGOD OLVX WDN DE\ WODN OLVX E\O NRQVWDQWQt QH]iYLVOê QD RGWRNX NDSDOLQ\
]OLVRYDQpKPRW\DWG
3URPQQRX YHOLþLQRX MVRX RWiþN\ HOHNWURPRWRUX QH]iYLVOi YHOLþLQD MH VQtPiQD YKRGQêP þLGOHP ýLGOR PXVt
SRVN\WRYDWVSRMLWêVLJQiONWHUêMH]S WQRYD]HEQ]DYiGQQDYVWXSUHJXOiWRUX2EY\NOp VQtPDQp YHOLþLQ\ MVRX
WODN WHSORWD PQRåVWYt N\VOtNX YêãND KODGLQ\ DSRG &tOHP MH DE\ UHJXORYDQi YHOLþLQD P OD NRQVWDQWQt ~URYH QH]iYLVORXQDSRUXFKRYêFKYHOLþLQiFKMDNRMVRXWHSORWDRNROtYêK HYQRVWSDOLYD]P QDRGEUXKXVWRWDKPRW\
DSRG
5HJXOiWRU QHQt YKRGQê QD t]HQt SURFHV$ NGH MH SRåDGRYiQD YHOPL U\FKOi RGH]YD QD UHJXORYDQRX QHER
SRUXFKRYRXYHOLþLQX5HJXOiWRUO]HSRXåtWSURRWiþNRYRXUHJXODFLUHJXODFLQDNRQVWDWQtU\FKORVWRWiþHQtPRWRUX
YStSDGHFKNG\MH]P QDRWiþHNSRPDOi
1DVWDYHQtUHJXOiWRUX
3RNXGMH3 MHUHJXOiWRUY\D]HQDPQLþVHFKRYiVWDQGDUGQtP]S $VREHPMVRX]DGiYiQ\S tPRRWiþN\
PRWRUX 3,' UHJXOiWRU VH DNWLYXMH QDVWDYHQtP SDUDPHWUX 3 QD KRGQRWX 9êYRMRYê GLDJUDP MH QD VWU 3RNXG MH 3,' UHJXOiWRU DNWLYRYiQ NDåGi SRåDGRYDQi KRGQRWD MH Y UR]VDKX RG GR W]Q SRNXG MH QD
GLVSOHML]REUD]HQDKRGQRWD]QDPHQiWRåHVHMHGQiRåiGDQpKRGQRW\
9êEU]GURMHSRåDGRYDQpKRGQRW\
3
3RåDGRYDQRX KRGQRWX UHJXORYDQp YHOLþLQ\ O]H ]DGDW SRGREQ MDNR SRåDGRYDQRX KRGQRWX
IUHNYHQFH SL RWiþNRYpP t]HQt SDUDPHWUHP 3 3RåDGRYDQRX KRGQRWX O]H ]DGiYDW
SDUDPHWUHP3StSPQLWWODþtWN\Ä'³DÄ³SHYQRXSHGQDVWDYHQRXKRGQRWRX)6:QHER
DQDORJRYêPYVWXSHP$,1
3RåDGRYDQRX KRGQRWX QHO]H ]DGiYDW YVWXSHP $,1 NWHUê MH XUþHQ SRX]H SUR ]S WQRYD]HEQt
KRGQRWX]þLGOD
1RUPRYiQtDQDORJRYpKR]SWQRYD]HEQtKRVLJQiOX
9,
6LJQiO]H]SWQRYD]HEQtKRþLGODMHS LYiGQQDVYRUN\$,13,'D$,13,'9ROED
SURXGRYpKR QHER QDS "RYpKR W\SX VLJQiOX VH YROt S HStQDþL ',3 D ',3 UR]VDK YVWXSQtKR
VLJQiOXSDUDPHWUHP3
',33
33
3
3RPRFt SDUDPHWUX 3 D3 O]H QDVWDYLW SHYRGQt FKDUDNWHULVWLNX þLGOD 3RNXG VH EXGRX
KRGQRW\SDUDPHWU$3D3VRESLEOLåRYDWEXGHFLWOLYRVWþLGODPHQãt3DUDPHWUHP3
VH QDVWDYt VNXWHþQi KRGQRWD ]S WQRYD]HEQtKR VLJQiOX RGSRYtGDMtFt QXORYpPX QDS Wt SURXGX
P$QHERP$þLGODSDUDPHWUHP3KRGQRWDVLJQiOXS LQDSWt9SURXGXP$
5R]VDK KRGQRW ]S WQRYD]HEQtKR VLJQiOX MH · WRPX RGSRYtGi KRGQRWD · SRåDGRYDQpKRGQRW\
3RNXG MH VLJQiO ] þLGOD ]DUXãHQ QHER NROtVi NROHP VW HGQt KRGQRW\ ]Y\ãWH KRGQRWX SDUDPHWUX
3 ILOWUDFH DQDORJRYpKR VLJQiOX ýtP Y Wãt MH KRGQRWD SDUDPHWUX WtP YtFH MH VLJQiO
]SU$PURYiQ+RGQRWXSDUDPHWUXMHQXWQpQDVWDYLW]NRXãNRX3RNXGILOWUDFHMHS tOLãYHONiP$åH
GRMtWNUR]NPLWiQtV\VWpPX3URWRY\ããtKRGQRWXILOWUDFH]D DWHSLSRPDOpUHJXORYDQpVRXVWDY DSL U\FKOp VRXVWDY ILOWUDFL ]UXãWH 3 9 NDåGpP S tSDG MH QXWQp GEiW QD SLYHGHQt FR
QHMVWDELOQMãtKR VLJQiOX ] þLGOD WM SRXåLWt RGG ORYDFtFK SHYRGQtN$ SUR GHOãt NDEHO\ SRXåLWt
VWtQQpKR NDEHOX QD SURSRMHQt þLGOD GRGUåRYiQt ]iVDG VSUiYQpKR X]HPQ Qt þLGOD DVWtQQt
~QRU
2YOiGiQt
NDEHOX L XPtVWQt þLGOD DYHGHQt NDEHOX FR QHMGiOH RG ]GURM $ UXãHQt WM L RG PQLþH DMHKR VLORYêFK NDEHO$
)LOWUDFHVLJQiOXMH~þLQQiSRX]HYS tSDGåHVNXWHþQiKRGQRWDNROtViNROHPVW HGQtKRGQRW\QDSYOQQtQD
KODGLQSLUHJXODFLNRQVWDQWQtYêãN\KODGLQ\NDSDOLQ\
8 SRPDOHMãtFK UHJXORYDQêFK VRXVWDY MH YêKRGQp Wpå QDVWDYLW GHOãt GREX Y]RUNRYiQt VLJQiOX
QDVWDYHQtP SDUDPHWUX 3 3UR QDVWDYHQt SDUDPHWUX SODWt SRGREQp ]iVDG\ MDNR Y S tSDG
QDVWDYHQt SDUDPHWUX 3 VWtP åH VRXVWDYD P $åH EêW MHãW YtFH QiFK\OQMãt QD UR]NPLWiQt SL
3
GORXKêFK GREiFK Y]RUNRYiQt 1DRSDN SRPDOHMãt VRXVWDYD QHUHDJXMH QD NDåGRX RGFK\ONX
]SWQRYD]HEQtKRVLJQiOXD WtPUXãLYêFKYHOLþLQ1DSSLXGUåRYDQtWHSORW\YSHFLMHYHOPLQHYêKRGQpDE\PRWRU
PQLOU\FKOHRWiþN\QDSSLRWHYHQtGYHtSHFHDSUXGNpPSRNOHVXWHSORW\YRNROtþLGODS LYNOiGiQtDY\MtPiQt
WHSHOQ]SUDFRYiYDQêFKYêUREN $7HSHOQiNDSDFLWDSHFHMHWDNYHONiåHS L]DYHQtGYHtGRMGHYHOPLU\FKOHN
QiYUDWXWHSORW\QDS$YRGQtKRGQRWXNG\åPRWRUSRFHORXGREXXGUåXMHNRQVWDQWQtRWiþN\YHQWLOiWRUX1DRSDNS L
]PQ RWiþHN YHQWLOiWRUX UHJXODFH QD S $YRGQt KRGQRWX P $åH EêW GRVWL GORXKi DWHSORWD SHFH SL WRPWR
SHFKRGQpPGMLVHP$åHYOLYHPãSDWQpUHJXODFHQHYKRGQ ]PQLW
1DVWDYHQtNRQVWDQW3,'UHJXOiWRUX
3URQDVWDYHQt3,'UHJXOiWRUXH[LVWXMtUR]ViKOpVWXGLHSURWRQHQtPRåQpYNUiWNRVWLSRSVDWRSWLPiOQt]S $VRE%H]
]QDORVWLUHJXORYDQpVRXVWDY\DSRUXFKRYêFKVLJQiO$O]HVWDQRYLWNRQVWDQW\UHJXOiWRUXSRX]HS LEOLåQSRNXVQêP
]S$VREHP
1HMGtYH MH SRWHEQp VWDQRYLW UR]VDK UHJXODFH RWiþHN D RGSRYtGDMtFt UR]VDK þLGOD 0 QLþ SHSQWH
GR EåQpKR RWiþNRYpKR t]HQt EH] UHJXOiWRUX 3 3RPRFt RYOiGDFtKR SDQHOX QHER
33
SRWHQFLRPHWUX QDVWDYWH QHMQLåãt D QHMY\ããt RWiþN\ SRKRQX NWHUp Y\KRYXMt GDQp DSOLNDFL D W\WR
KRGQRW\XORåWHGRSDUDPHWU $3D37]QSLSRKRQXþHUSDGODEXGRXQHMQLåãtRWiþN\WDNRYpNG\þHUSDGOR
MHãWþHUSiDQHMY\ããtRWiþN\WDNRYpNG\MHGRVDåHQPD[LPiOQtS tSXVWQêWODNYSRWUXEtS LPD[LPiOQtPRGEUX
StSDGQQHQtSHNURþHQSRYROHQêSUDFRYQtUR]VDKRWiþHNþHUSDGOD6DPR] HMPMHQXWQpXYDåRYDWVWDNRYêP
SURWLWODNHP Y SRWUXEt S L NWHUpP EXGH SUDFRYDW V\VWpP Y UHJXODFL 8å WRWR QDVWDYHQt P $åH EêW QNG\ REWtåQp
QHER"QHO]HYNDåGpPRNDPåLNXQDVWDYLWRGSRYtGDMtFtRGE U]SRWUXEt
6RXþDVQQDVWDYWHYKRGQRXUR]E KRYRXDGREKRYRXUDPSX33WDNDE\RWiþN\PRWRUX
E\O\ PQQ\ SRåDGRYDQRX U\FKORVWt QHER S L UR]EKX QHE\O SHNURþHQ PD[LPiOQt SURXG PRWRUX
3 StS ) DSL VQLåRYDQt RWiþHN QHGRãOR N SRUXãH P QLþH YOLYHP SHSWt PH]LREYRGX
)YL]NDS
33
=NDOLEUXMWH þLGOR WM PD[LPiOQtPX ]P HQpPX ~GDML VNXWHþQp VRXVWDY\ RGSRYtGi MLVWp YêVWXSQt
QDSWt þLGOD DPLQLPiOQtPX ]P HQpPX ~GDML RGSRYtGi RS W MLVWp QDSWt þLGOD 7\WR KRGQRW\ VH
PRKRX
DOH QHPXVHMt VKRGRYDW VPD[LPiOQtP UR]VDKHP QDS Wt NWHUp þLGOR SRVN\WXMH =PHQãLW
33
FLWOLYRVW þLGOD O]H SRPRFt SDUDPHWU $ 3 D3 1D YVWXS UHJXOiWRUX ]DGHMWH SRåDGRYDQRX
KRGQRWX MDNR )6:[ 3 QHER S HV DQDORJRYê YVWXS 7pWR SRåDGRYDQp KRGQRW RGSRYtGi SRåDGRYDQi
~URYHVNXWHþQpUHJXORYDQpYHOLþLQ\WODNWHSORWDYêãND
6WDQRYHQtRWiþNRYpKR UR]VDKX FLWOLYRVWL þLGOD D UHJXODþQtKR UR]VDKX MH Q NG\ G$OHåLWMãt QHå YODVWQt QDVWDYHQt
NRQVWDQW3,'UHJXOiWRUX
3RGOH þDVRYp NRQVWDQW\ VRXVWDY\ QDVWDYWH ILOWUDFL VLJQiOX ] þLGOD 3 D GREX Y]RUNRYiQt 3 ýDVRYi
NRQVWDQWDILOWUXDGREDY]RUNRYiQtE\P ODEêWDVLDåNUDWãtQHåMHþDVRYiNRQVWDQWDUHJXORYDQpVRXVWDY\
3
3RNXG VH Y]U$VWDMtFtPL RWiþNDPL PRWRUX NOHVi YêVWXSQt VLJQiO ] þLGOD QDVWDYWH LQYHU]L
]SWQRYD]HEQtKRVLJQiOXQDVWDYHQtPSDUDPHWUX3 QDS YStSDGåHVH]Y\ãXMtFtPL
VHRWiþNDPLYHQWLOiWRUXNOHViSRGWODNQHERS LY\ããtFKRWiþNiFKþHUSDGODVH]Y\ãXMHKODGLQD
YQiGUåLD]PHQãXMHVHY]GiOHQRVWPH]LKODGLQRXDþLGOHPDSRG
ýDVRYiNRQVWDQWDVRXVWDY\MH]MHGQRGXãHQ GRED]DNWHURXS LMHGQRWNRYpPVNRNXQDYVWXSXGRViKQHYêVWXSQtYHOLþLQDMPHQRYLWp
KRGQRW\WMQDSGRED]DNWHURXVHQDSOQtSUi]GQiQiGUåQDS LSOQêFKRWiþNiFKPRWRUXþHUSDGOD
7DNWR]MHGQRGXãHQêSRKOHGMHSODWQêSRX]HSURVRXVW DYXiGXVHWUYDþQêþOiQHNO]HKRYãDNDSOLNRYDWQDY WãLQX
3R]QiPND
EåQêFKVRXVWDY
~QRU
$,1
3,'
$,1
YVWXSQt
VLJQiO
3
',3
3
',3
YVWXSQt
VLJQiO
9
9
33
]HVtOHQt
33
]HVtOHQt
',1[
3
ILOWU
3
33
]HVtOHQt
3
3
)6:[
3
3
Y]RUNRYiQt
3
NG\å3 SRåDGRYDQi
KRGQRWD
UHJXODþQt
RGFK\OND
VNXWHþQi
KRGQRWD
3
NG\å3 33
,
3
3
3
'
UHJXOiWRU
3
3
]SWQiYD]ED
33
UR]EKRYi
DGREKRYi
UDPSD
33
VQtPDþ
RPH]HQt
PD[DPLQ
U\FKORVWL
0
UHJXORYDQê
SURFHV
PRWRU
3
NG\å3 6(0,&520$67(59HFWRUx3RSLVDQiYRGNREVOX]H
2YOiGiQt
2EU)XQNþQtGLDJUDP3,'UHJXOiWRUX
~QRU
2YOiGiQt
1DVWDYWH QXORYRX KRGQRWX LQWHJUDþQt 3 D GHULYDþQt 3 VORåN\ UHJXOiWRUX WRYiUQt
QDVWDYHQt 1DVWDYWH SURSRUFLRQiOQt NRQVWDQWX 3 QD KRGQRWX D]DSQWH PRWRU VH
]DSRMHQêP UHJXOiWRUHP 3 =Y\ãXMWH SRVWXSQ ]D FKRGX PRWRUX SURSRUFLRQiOQt NRQVWDQWX
3
3DåV\VWpP]DþQHNPLWDWWMYêVWXSQtNPLWRþHWVH]DþQHQHMGtYHPpQSRWpVWiOHYtFHDYtFH
RSDNRYDQ]PHQãRYDWDRSW]YWãRYDW.PLWiQtREY\NOHQDVWiYiSLKRGQRWNRQVWDQW\ DVL Då
=PHQãHWH SURSRUFLRQiOQt NRQVWDQWX WDN DE\ NPLW\ VRXVWDY\ E\O\ EH]SHþQ SRWODþHQ\ 3RNXG þDVRYi
NRQVWDQWD VRXVWDY\ MH StOLã GORXKi QDS UHJXODFH YêãN\ KODGLQ\ QiGUåL VYWãtP REMHPHP MH PRåQp QDVWDYLW
]NXVPR3QDKRGQRWXDåFRåMVRXREY\NOpKRGQRW\SURSRUFLRQiOQtNRQVWDQW\
3
,
,QWHJUDþQtVORåNX3QDVWDYWH]NXVPR3URU\FKOHMãtVRXVWDY\YROWHYWãtKRGQRWXNRQVWDQW\SUR
VRXVWDY\ VGHOãt þDVRYRX NRQVWDQWRX YROWH KRGQRWX PHQãt 3RNXG EXGH NRQVWDQWD StOLã YHONi
3
VRXVWDYD VH UR]NPLWi 9\D]HQtP LQWHJUDþQt NRQVWDQW\ QHGRViKQHWH QLNG\ UHJXODFL SHVQ QD
SRåDGRYDQRXKRGQRWX9WRPWRStSDGPXVtEêW]SULQFLSXþLQQRVWLQDYêVWXSXUR]GtORYpKRþOHQX
UHJXOiWRUX MLVWi RGFK\OND NWHUp VH ]PHQãXMH SL YWãt KRGQRW SURSRUFLRQiOQt VORåN\ ,QWHJUDþQt
VORåND RGFK\ONX Y\NRPSHQ]XMH L QD QXORYRX KRGQRWX ]iOHåt QD W\SX VRXVWDY\ WM GRViKQH VH SHVQMãt
UHJXODFH2EHFQO]HtFLåH]DD]HQtLQWHJUDþQtNRQVWDQW\YUHJXOiWRUXMHYKRGQMãtSURSRPDOHMãtVRXVWDY\
9QNWHUêFKStSDGHFKMHYKRGQpRPH]LWUR]VDKþLQQRVWLLQWHJUDþQtVORåN\UHJXOiWRUXQDSSLUHJXODFLWODNXMH
SUR YWãt UHJXODþQt RGFK\ON\ QiEK PRWRUX RWHYHQt YHQWLOX DSRG YKRGQMãt LQWHJUDþQt VORåNX Y\DGLW
DSRQHFKDW SRX]H SURSRUFLRQiOQt VORåNX $å VNXWHþQê WODN GRViKQH KRGQRWX EOt]NRX SRåDGRYDQp KRGQRW
DXWRPDWLFN\VH]DDGtLQWHJUDþQtNRQVWDQWDNWHUiÄGRUHJXOXMH³SRWHEQêWODNSHVQQDSRåDGRYDQRXKRGQRWX9
WRPWRStSDGO]HYROLWPHQãtKRGQRWXSURSRUFLRQiOQtNRQVWDQW\DY\ããtKRGQRWXLQWHJUDþQtNRQVWDQW\VPHQãtP
UL]LNHPUR]NPLWiQtVRXVWDY\3DUDPHWU3Y\PH]XMHUR]VDKþLQQRVWLLQWHJUDþQtVORåN\3RNXGMH3 MHLQWHJUDþQtVORåNDWUYDOH]DD]HQiSL3 MHWUYDOHY\SQXWiSRNXGPiKRGQRWXQDS]QDPHQiWR
MHOL UHJXODþQt RGFK\OND PHQãt QHå VNXWHþQp KRGQRW\ MH LQWHJUDþQt VORåND UHJXOiWRUX DNWLYQt Y RSDþQpP
StSDGMHY\SQXWD
'
3
~QRU
'HULYDþQt NRQVWDQWD 3 Pi Yê]QDP SRX]H X U\FKOêFK VRXVWDY QDS ]SWQRYD]HEQt UHJXODFH
RWiþHNPRWRUX VWDFKRG\QDPHP DVQLåXMH SHNPLW SHFKRGRYpKR GMH D]SRPDOXMH KR 9 EåQêFK
UHJXORYDQêFK VRXVWDYiFK SUR NWHUp MH 3,' UHJXOiWRU PQLþH XUþHQ MH ]DD]HQt GHULYDþQt VORåN\
þDVWR]E\WHþQp
2YOiGiQt
0tVWQtDGiONRYpRYOiGiQtPQLþH
0QLþH0,&520$67(59HFWRUD0,',0$67(59HFWRUO]HRYOiGDWEX]PtVWDSHVRYOiGDFtSDQHOQHERtGLFt
VYRUNRYQLFLQHERGiONRYSURVWHGQLFWYtPVpULRYpKRNRPXQLNDþQtKRUR]KUDQtDSURWRNROX866'DWRYpYRGLþHVH
SLSRMXMt QD VYRUN\ D ]iVXYN\ 68%' UR]KUDQt 56 NWHUi MH XPtVWQD QD RYOiGDFtP SDQHOX QHER QD
VYRUN\DQDtGLFtVYRUNRYQLFL
3R]QiPND
6RXþDVQ MH PRåQp NRPXQLNRYDW MHQ SHV MHGQR VpULRYp UR]KUDQt EX SURVWHGQLFWYtP ]iVXYN\
68%'QDRYOiGDFtPSDQHOXQDSRYOiGDFtSDQHO230DQHERSHVtGLFtVYRUNRYQLFL
3L PtVWQtP RYOiGiQt MH PRåQp PQLþ RYOiGDW EX SURVWHGQLFWYtP RYOiGDFtKR SDQHOX QHER tGLFtFK YVWXS$
3tND]\ QHER ]DGiQt SRåDGRYDQp KRGQRW\ IUHNYHQFH SURYiGQp SURVWHGQLFWYtP VpULRYpKR UR]KUDQt QHPDMt
YWRPWRStSDGåiGQê~þLQHN
'iONRYp RYOiGiQt VH XVNXWHþXMH SURVWHGQLFWYtP VpULRYpKR UR]KUDQt -HGQi VH RGYRXYRGLþRYp VSRMHQt
VRERXVPUQêPSHQRVHPGDW3RGOHQDVWDYHQtSDUDPHWUX3MVRXPRåQpþW\L]S$VRE\GiONRYpKRRYOiGiQt
3L GiONRYpP RYOiGiQt PQLþ QHUHDJXMH QD tGLFt SRYHO\ SLYiGQp QD tGLFt VYRUN\ VYêMLPNRX SRYHO$ ÄY\S³
YROQêGREKDÄY\S³U\FKOp]DVWDYHQtNWHUpPRKRXEêWDNWLYRYiQ\SHVYVWXS\',1QDtGLFtVYRUNRYQLFLSRGOH
QDVWDYHQtSDUDPHWU$3Då33
1DMHGHQtGLFtV\VWpPP$åHEêWVRXþDVQSLSRMHQRYtFHPQLþ$.RPXQLNDFLVMHGQRWOLYêPLPQLþLXUþXMHtGLFt
V\VWpPSRGOHQDVWDYHQpDGUHV\PQLþH
8SR]RUQQt -HOLPQLþQDVWDYHQQDGiONRYpRYOiGiQtSURVWHGQLFWYtPVpULRYpKRUR]KUDQtDSRY\VOiQtSRYHOX
Ä]DS³VHPRWRUQH]DþQHUR]EtKDW]NRQWUROXMWHVSUiYQRVWSRDGtYRGLþ$SLSRMHQêFKQDVYRUN\D
QDNRQHNWRUX68%'QHERQDVYRUN\DQDtGLFtVYRUNRYQLFL
'DOãtLQIRUPDFHRVpULRYpNRPXQLNDFLQDOH]QHWHYSXEOLNDFtFK
x $QZHQGXQJ GHV 8663URWRNROV EHL 6,029(57 *HUlWHQ 6( XQG 0,&52 0$67(5 REM þ (
%6$
x $SSOLFDWLRQ RI WKH 866 3URWRFRO LQ 6,029(57 8QLWV 6( DQG 0,&52 0$67(5 REM þ (%
6$$
~QRU
2YOiGiQt
3tNODG\]DSRMHQtDQDVWDYHQtPQLþH
8YHGHQp StNODG\ XPRåXMt VQDGQR D U\FKOH QDVWDYLW PQLþH 0,&520$67(5 9HFWRU D 0,',0$67(5 9HFWRU
1DVWDYHQt PQLþ$ Y\FKi]t YåG\ ]H ]iNODGQtKR QDVWDYHQt SRGOH NDS 9KRGQRX GREX UR]EKX D GREKX
QDVWDYWHSDUDPHWU\3D3DSRþiWHþQtQDSWtSLUR]EKXSDUDPHWUHP3
3L]DSRMHQtPQLþ$]YDåWHYKRGQRVW]DSRMHQtRGUXãRYDFtKRILOWUXYVWXSQtDYêVWXSQtWOXPLYN\SRSGXGWILOWUX
=S$VRE]DSRMHQtGRSONRYêFKNRPSRQHQW$MHXYHGHQQDREUREU
/
/
/
3(
)8
.0
7/
3( 8 9 :
=
8 9 :
/ / /
-RJ
3
0,&520$67(59HFWRU
0,',0$67(59HFWRU
21
',3SHStQDþH
2))
8 9 :
7/
0
2EU=DSRMHQtPQLþHVHYVWXSQtDYêVWXSQtWOXPLYNRXDRGUXãRYDFtPILOWUHP
~QRU
2YOiGiQt
3Ë./$'±t]HQtPQLþHSHVVYRUNRYQLFLD]DGiYiQtRWiþHNSRWHQFLRPHWUHP
2WiþN\ YHQWLOiWRUX MVRX ]DGiYiQ\ SRWHQFLRPHWUHP YEOt]NRVWL PQLþH 3RYHO NUR]EKX D ]DVWDYHQt PQLþH MH
SHVVYRUNRYQLFL
1$67$9(1Ë01,ý(
1DVWDYHQtSDUDPHWU$
9ê]QDPQDVWDYHQt
3 =DGiYiQtRWiþHNSHVDQDORJRYêYVWXS
3 2YOiGiQt]HVYRUNRYQLFHVLJQiOÄ]DS³
/
/
/
3(
/ / /
-RJ
3
0,&520$67(59HFWRU
0,',0$67(59HFWRU
LQGLNDFHSRUXFK\
PQLþYSRiGNX
SRUXFKDPQLþH
.$
6$
.$
3
6$
.$
8 9 :
21
',3SHStQDþH
2))
0
3UYHN
3RSLVSUYNX
6
6WDUWFKRGXPRWRUX
6
6WRSFKRGXPRWRUX
.$
3RYHOÄ]DS³PQLþL
3
3RWHQFLRPHWUSUR]DGiYiQtRWiþHNN:OLQHiUQt
~QRU
2YOiGiQt
3Ë./$'±t]HQtPQLþHSHVVYRUNRYQLFLD]DGiYiQtRWiþHNSURXGRYRXVP\þNRX
2WiþN\ RGVWHGLYpKR þHUSDGOD MVRX ]DGiYiQ\ SURXGRYRX VP\þNRX Då P$ ]H Y]GiOHQpKR PtVWD 3RYHO
NUR]EKXD]DVWDYHQtPQLþHSHVVYRUNRYQLFL
1$67$9(1Ë01,ý(
1DVWDYHQtSDUDPHWU$
9ê]QDPQDVWDYHQt
3 $QDORJRYêYVWXSP$
',3 2))',3 2))
',3 21
9ROEDSURXGRYpVP\þN\DQDORJRYpKRYVWXSX$,1
/
/
/
3(
/ / /
-RJ
3
LQGLNDFHSRUXFK\
PQLþYSRiGNX
SRUXFKDPQLþH
.$
6$
.$
P$ *6
6$
0,&520$67(59HFWRU
0,',0$67(59HFWRU
.$
8 9 :
21
',3SHStQDþH
2))
0
ý(53$'/2
3UYHN
3RSLVSUYNX
6
6WDUWFKRGXPRWRUX
6
6WRSFKRGXPRWRUX
.$
3RYHOÄ]DS³PQLþL
*6
=GURMSURXGRYpKRVLJQiOXP$SUR]DGiYiQtRWiþHN
~QRU
2YOiGiQt
3Ë./$'±t]HQtPQLþHSHVVYRUNRYQLFLDYROEDU$]QêFKRWiþHN
9HQWLOiWRUVHRWiþtWHPLSHYQêPLRWiþNDPLNWHUpVHSRVWXSQYROtRWRþQêPSHStQDþHP9SUYQtSROR]HMHPRWRU
Y\SQXW
1$67$9(1Ë01,ý(
1DVWDYHQtSDUDPHWU$
3 3 3 3 3 3 3 3 9ê]QDPQDVWDYHQt
=DGiYiQtRWiþHNSHYQêPLSRåDGRYDQêPLKRGQRWDPL
2YOiGiQt]HVYRUNRYQLFH
3HYQiSRåDGRYDQiKRGQRWD3VYRUND
SHYQpRWiþN\ +]
SHYQpRWiþN\ +]
SHYQpRWiþN\ +]
/
/
/
3(
/ / /
-RJ
3
LQGLNDFHSRUXFK\
PQLþYSRiGNX
SRUXFKDPQLþH
6
6
6
6
6
6
0,&520$67(59HFWRU
0,',0$67(59HFWRU
8 9 :
21
',3SHStQDþH
2))
0
3UYHN
3RSLVSUYNX
6Då6
2WRþQêSHStQDþ3RORKD Y\SQXWRSRORKD SUYQtU\FKORVW
SRORKD GUXKiU\FKORVWSRORKD WHWtU\FKORVW
~QRU
2YOiGiQt
3Ë./$'±0RWRUVWHUPLVWRUHPt]HQtPQLþHSHVVYRUNRYQLFLD]DGiYiQtRWiþHN
QDS"RYêPVLJQiOHP
0RWRU SRKRQX YHQWLOiWRUX Pi YH YLQXWt ]DEXGRYiQ WHUPLVWRU SUR KOtGiQt PD[LPiOQtKR RWHSOHQt YLQXWt 2WiþN\
YHQWLOiWRUX MVRX ]DGiYiQ\ QDS"RYêP ]GURMHP YEOt]NRVWL PQLþH 3RYHO NUR]EKX D ]DVWDYHQt PQLþH SHV
VYRUNRYQLFL
1$67$9(1Ë01,ý(
1DVWDYHQtSDUDPHWU$
9ê]QDPQDVWDYHQt
/
/
/
3(
/ / /
LQGLNDFHSRUXFK\
PQLþYSRiGNX
SRUXFKDPQLþH
.$
-RJ
3
0,&520$67(59HFWRU
0,',0$67(59HFWRU
6$
9
.$
*6
6$
.$
8 9 :
21
',3SHStQDþH
2))
0
W
37&
3UYHN
3RSLVSUYNX
6
6WDUWFKRGXPRWRUX
6
6WRSFKRGXPRWRUX
.$
3RYHOÄ]DS³PQLþL
3
3RWHQFLRPHWUSUR]DGiYiQtRWiþHNN:OLQHiUQt
~QRU
2YOiGiQt
3Ë./$'±t]HQtPQLþHSHVVYRUNRYQLFLD]DGiYiQtRWiþHNWODþtWN\PpQ YtFH
2WiþN\YHQWLOiWRUXMVRX]DGiYiQ\GYPDWODþtWN\ÄYtFH³DÄPpQ³PRWRUSRWHQFLRPHWU3LVWLVNQXWtWODþtWNDÄYtFH³
VH RWiþN\ YHQWLOiWRU\ ]Y\ãXMt SL VWLVNQXWt WODþtWND ÄPpQ³ VH RWiþN\ VQLåXMt 3RNXG MVRX RE WODþtWND SXãWQi
RWiþN\VHQHPQtD]$VWiYDMtSRVOHGQQDVWDYHQp3RYHONUR]EKXD]DVWDYHQtPQLþHSHVVYRUNRYQLFL5HOp
5/LQGLNXMHFKRGPRWRUX
1$67$9(1Ë01,ý(
1DVWDYHQtSDUDPHWU$
9ê]QDPQDVWDYHQt
3 =Y\ãRYiQtRWiþHNWODþtWNHPÄYtFH³VYRUND
3 6QLåRYiQtRWiþHNWODþtWNHPÄPpQ³VYRUND
3 5HOp5/LQGLNXMHFKRGPRWRUX
/
/
/
3(
/ / /
-RJ
3
LQGLNDFHSRUXFK\
PQLþYSRiGNX
SRUXFKDPQLþH
LQGLNDFHFKRGX
PRWRUYFKRGX
6
6
6
EH]]PQ\
]Y\ãRYiQtRWiþHN
VQLåRYiQtRWiþHN
0,&520$67(59HFWRU
0,',0$67(59HFWRU
8 9 :
6
6
',3SHStQDþH
21
2))
0
3UYHN
3RSLVSUYNX
6
6WDUWFKRGXPRWRUX
6
7ODþtWNRÄYtFH³
6
7ODþtWNRÄPpQ³
~QRU
2YOiGiQt
3Ë./$'±0tVWQtDGiONRYpRYOiGiQtP QLþH
=DGiYiQtRWiþHNDRYOiGiQtPQLþHMHEXPtVWQ]RYOiGDFtKRSDQHOXPQLþHQHERGiONRY]RYOiGDFtVNtN\
3LPtVWQtPRYOiGiQtMHSRYHONHVWDUWXD]DVWDYHQtPQLþH]DGiYiQ]RYOiGDFtKRSDQHOXPQLþHWODþtWN\Ä³D
Ä³DRWiþN\VH]DGiYDMtWODþtWN\Än³DÄp³3LGiONRYpPRYOiGiQtMHSRYHONHVWDUWXD]DVWDYHQtPQLþH]DGiYiQ
WODþtWN\6$D6$RWiþN\MVRX]DGiYiQ\SURXGRYRXVP\þNRXP$
1$67$9(1Ë01,ý(
9ê]QDPQDVWDYHQt
3HStQiQt]DGiYiQtåiGDQpKRGQRW\]RYOiGDFtKRSDQHOXQHERDQDORJRYpKRYVWXSX
3HStQiQtRYOiGiQt]RYOiGDFtKRSDQHOXQHER]HVYRUNRYQLFH
1DVWDYHQtSDUDPHWU$
3 3 /
/
/
3(
/ / /
SRUXFKD
PQLþH
-RJ
3
0,&520$67(59HFWRU
0,',0$67(59HFWRU
6$
.$
6$
.$
+/
'È/.29
9<31872
0Ë671
'È/.29e
29/È'È1Ë
LQGLNDFHSRUXFK\
PQLþYSRiGNX
29/È'È1Ë
1$52=9È'ý,
6
.$
8 9 :
P$ *6
21
',3SHStQDþH
2))
0
3UYHN
3RSLVSUYNX
6
.$
*6
3HStQDþ'È/.29e29/È'È1Ë9<318720Ë671Ë29/È'È1Ë
3RYHOÄ]DS³PQLþLSLGiONRYpPRYOiGiQt
=GURMSURXGRYpKRVLJQiOXP$SUR]DGiYiQtRWiþHN
~QRU
2YOiGiQt
3Ë./$'±0tVWQtDGiONRYp]DGiYiQtåiGDQpKRGQRW\RWiþHN
=DGiYiQt RWiþHN MH EX PtVWQ SRWHQFLRPHWUHP QHER GiONRY SURXGRYRX VP\þNRX ] tGLFtKR V\VWpPX 3L
PtVWQtP RYOiGiQt MH SRYHO NH VWDUWX D ]DVWDYHQt PQLþH ]DGiYiQ SHStQDþHP D RWiþN\ VH ]DGiYDMt
SRWHQFLRPHWUHP 3L RYOiGiQt ]tGLFtKR V\VWpPX MH SRYHO NH VWDUWX D ]DVWDYHQt PQLþH ]DGiYiQ SHStQDþHP
YtGLFtPV\VWpPXDRWiþN\MVRX]DGiYiQ\SURXGRYRXVP\þNRXP$
1$67$9(1Ë01,ý(
1DVWDYHQtSDUDPHWU$
3 3 3 9ê]QDPQDVWDYHQt
=DGiYiQtRWiþHNSHVDQDORJRYêYVWXS
2YOiGiQt]HVYRUNRYQLFH
3HStQiQtPH]L]DGiYiQtPåiGDQpKRGQRW\]DQDORJRYpKRYVWXSXPtVWQtRYOiGiQt
QHERDQDORJRYpKRYVWXSXRYOiGiQt]tGLFtKRV\VWpPX
/
/
/
3(
29/È'È1Ë
=Ë',&Ë+26<67e08
LQGLNDFHSRUXFK\
PQLþYSRiGNX
29/È'È1Ë
1$52=9È' ý,
/ / /
3
0,&520$67(59HFWRU
0,',0$67(59HFWRU
8 9 :
.$
SRUXFKD
PQLþH
+/
67$57
6723
6
Ë',&Ë6<6
327(1&
.$
6
3
P$ *6
21
',3SHStQDþH
2))
0
3UYHN
3RSLVSUYNX
6
6
.$
3
*6
3HStQDþ0Ë671Ë29/È'È1Ë'È/.29e29/È'È1Ë
3HStQDþSRYHOXÄ]DS³YPtVWQtPRYOiGiQt
3RYHOÄ]DS³PQLþL]tGtFtKRV\VWpPX
3RWHQFLRPHWUSUR]DGiYiQtRWiþHNYPtVWQtPRYOiGiQt
=GURMSURXGRYpKRVLJQiOXP$SUR]DGiYiQtRWiþHNYRYOiGiQt]6
~QRU
2YOiGiQt
3Ë./$'±3,'UHJXOiWRU
2WiþN\ YHQWLOiWRUX MVRX ]iYLVOp QD WODNX Y]GXFKX YSRWUXEt äiGDQi KRGQRWD WODNX Y]GXFKX MH ]DGiYiQD
SRWHQFLRPHWUHPDQDORJRYêPVLJQiOHPDå97ODNRYêVQtPDþMHQDSiMHQ]PQLþH0,&520$67(59HFWRU
D MHKR YêVWXSQt VLJQiO MH Då P$ $E\ WODNRYê UR]GtO PHQê VQtPDþHP WODNX E\O NRQVWDQWQt MH Y\XåLW
WHFKQRORJLFNê3,'UHJXOiWRUPQLþH
1$67$9(1Ë01,ý(
1DVWDYHQtSDUDPHWU$
3 3 3 3 3 3 3 3 3 3 9ê]QDPQDVWDYHQt
=DGiYiQtåiGDQpKRGQRW\SHVDQDORJRYêYVWXS
2YOiGiQt]HVYRUNRYQLFHVLJQiOÄ]DS³
0LQLPiOQtU\FKORVWSRKRQXMH+]
$NWLYDFH3,'UHJXOiWRUX
3URSRUFLRQiOQtVORåNXUHJXOiWRUXQDVWDYWHGOHNDS
,QWHJUDþQtVORåNXUHJXOiWRUXQDVWDYWHGOHNDS
9\SQXWtPQLþHSLGRVDåHQtPLQLPiOQtU\FKORVWL
=SWQRYD]HEQtVLJQiO]3,'UHJXOiWRUXDåP$
/
/
/
3(
/ / /
-RJ
3
LQGLNDFHSRUXFK\
PQLþYSR iGNX
SRUXFKDP QLþH
6
3
0,&520$67(59HFWRU
0,',0$67(59HFWRU
8 9 :
21
',3SHStQDþH
2))
P$
P$
*8
S
9
9
QDSiMHQtS HYRGQtNX
9PD[P$
WODN
0
3UYHN
3RSLVSUYNX
6
3
*8
6WDUWFKRGXPRWRUX
=DGiYiQtSRåDGRYDQpKRWODNRYpKRUR]GtOXSRWHQFLRPHWUHPDå9
7ODNRYêVQtPDþ
~QRU
2YOiGiQt
3Ë./$'±3HStQiQtPH]L3,'UHJXOiWRUHPD]DGiYiQtRWiþHNSRWHQFLRPHWUHP
2WiþN\ YHQWLOiWRUX MVRX ]iYLVOp QD WODNX Y]GXFKX YSRWUXEt äiGDQi KRGQRWD WODNX Y]GXFKX MH ]DGiYiQD
SRWHQFLRPHWUHPDQDORJRYêPVLJQiOHPDå97ODNRYêVQtPDþMHQDSiMHQ]PQLþH0,&520$67(59HFWRU
D MHKR YêVWXSQt VLJQiO MH Då P$ $E\ WODNRYê UR]GtO PHQê VQtPDþHP WODNX E\O NRQVWDQWQt MH Y\XåLW
WHFKQRORJLFNê3,'UHJXOiWRUPQLþH
9StSDG SRWHE\ MVRX RWiþN\ PRWRUX ]DGiYiQ\ StPR SRWHQFLRPHWUHP EH] ]SWQp YD]E\ SRPRFt WODNRYpKR
VQtPDþH3URSHStQiQtPH]LGYPD]S$VRE\RYOiGiQtMHSRXåLWNRPIRUWQtRYOiGDFtSDQHO23HYHNWHUpPMVRX
XORåHQ\GYVDG\QDVWDYHQtSDUDPHWU$PQLþH=PQDQDVWDYHQtPQLþ$WUYiSLEOLåQV
1$67$9(1Ë01,ý(
9ê]QDPQDVWDYHQt
=DGiYiQtåiGDQpKRGQRW\SHVDQDORJRYêYVWXS
2YOiGiQt]HVYRUNRYQLFHVLJQiOÄ]DS³
0LQLPiOQtU\FKORVWSRKRQXMH+]
1DKUiQtVDG\SDUDPHWU$UHJXODFH3,'UHJXOiWRUHP
1DKUiQtVDG\SDUDPHWU$StPp]DGiYiQtRWiþHN
$NWLYDFH3,'UHJXOiWRUX
3URSRUFLRQiOQtVORåNXUHJXOiWRUXQDVWDYWHGOHNDS
,QWHJUDþQtVORåNXUHJXOiWRUXQDVWDYWHGOHNDS
9\SQXWtPQLþHSLGRVDåHQtPLQLPiOQtU\FKORVWL
=SWQRYD]HEQtVLJQiO]3,'UHJXOiWRUXDåP$
6DGDSDUDPHWU$
3 3 3 3 3 3 3 3 3 3 3 6DGDSDUDPHWU$
3 3 3 3 3 3 3 3UYHN
3RSLVSUYNX
6
6
6
3
*8
6WDUWFKRGXPRWRUX
1DKUiQtVDG\SDUDPHWU$UHJXODFH3,'UHJXOiWRUHP
1DKUiQtVDG\SDUDPHWU$StPp]DGiYiQtRWiþHN
=DGiYiQtSRåDGRYDQpKRWODNRYpKRUR]GtOXSRWHQFLRPHWUHPDå9
7ODNRYêVQtPDþ
~QRU
2YOiGiQt
/
/
/
3(
/ / /
-RJ
3
5816723
-RJ
0HQX
3
RYOiGDFtSDQHO
23P
LQGLNDFHSRUXFK\
PQLþYSR iGNX
SRUXFKDPQLþH
6
6
6
0,&520$67(59HFWRU
0,',0$67(59HFWRU
3
8 9 :
21
',3SHStQDþH
2))
P$
P$
*8
S
9
9
QDSiMHQtS HYRGQtNX
9PD[P$
WODN
0
~QRU
2YOiGiQt
3Ë./$'±.RPELQDFHStPpKRQDSiMHQtPRWRUXDQDSiMHQtS HVPQLþ
0RWRU YHQWLOiWRUX MH QDSiMHQ SHV PQLþ NPLWRþWX 9StSDG SRWHE\ MH PRåQp SHSRMLW QDSiMHQt PRWRUX StPR
]QDSiMHFt VtW EH] UHJXODFH RWiþHN 3tPê UR]EK PRWRUX WODþtWNHP 67$57 ]DVWDYHQt WODþtWNHP 6723 3L
QDSiMHQtSHVPQLþNPLWRþWXVHPRWRUDXWRPDWLFN\UR]EKQHRWiþN\PRWRUXMVRX]DGiYiQ\SRWHQFLRPHWUHP
1$67$9(1Ë01,ý(
1DVWDYHQtSDUDPHWU$
9ê]QDPQDVWDYHQt
3 2YOiGiQt]HVYRUNRYQLFH
3 %ORNRYiQtYêVWXSXPQLþH
3 6\QFKURQL]DFHQDRWiþHMtFtVHPRWRU
3UYHN
3RSLVSUYNX
6
1RX]RYp]DVWDYHQtVYROQêPGREKHPPRWRUX .0
6W\NDþQDSiMHQtPQLþH
6
3HStQiQtStPpQDSiMHQt±SURYR]]PQLþH
.0
9êVWXSQtVW\NDþPQLþH
6
6WDUWFKRGXPRWRUXSLStPpPQDSiMHQt
.0
6W\NDþStPpKRQDSiMHQt
6
6WRSFKRGXPRWRUXSLStPpPQDSiMHQt
.$
5HOpVWDUWVWRSPQLþH
)8Då -LãWQtPQLþHDPRWRUX
)8
3
3RWHQFLRPHWUSUR]DGiYiQtRWiþHNN:
OLQHiUQt
)8
)$
7HSHOQiRFKUDQDPRWRUXSLStPpPQDSiMHQt
+/
,QGLNDFHSRUXFK\PQLþH
-LãWQtRYOiGiQt
3UYHN
3RSLVSUYNX
~QRU
2YOiGiQt
/
/
/
1
3(
)8
)8
.0
/ / /
.0
-RJ
3
)$
6
0,&520$67(59HFWRU
0,',0$67(59HFWRU
+/
6
.$
.0
6
.$
6
3
)$
8 9 :
.0
.0
21
.0
.0
',3SHStQDþH
.0
.0
.$
.0
2))
0
~QRU
2YOiGiQt
3Ë./$'±.RPELQDFHStPpKRQDSiMHQtPRWRUXVUR]EKHP<'DQDSiMHQtSHVPQLþ
0RWRU YHQWLOiWRUX MH QDSiMHQ SHV PQLþ NPLWRþWX 9StSDG SRWHE\ MH PRåQp SHSRMLW QDSiMHQt PRWRUX StPR
]QDSiMHFt VtW EH] UHJXODFH RWiþHN 5R]EK PRWRUX WODþtWNHP 67$57 VSHSQXWtP ]KY]G\ GR WURM~KHOQtNX
]DVWDYHQt WODþtWNHP 6723 3L QDSiMHQt SHV PQLþ NPLWRþWX VH PRWRU DXWRPDWLFN\ UR]EKQH RWiþN\ PRWRUX
MVRX]DGiYiQ\SRWHQFLRPHWUHP
1$67$9(1Ë01,ý(
1DVWDYHQtSDUDPHWU$
9ê]QDPQDVWDYHQt
3 $XWRPDWLFNêUR]EKPRWRUX±V\QFKURQL]DFHQDRWiþHMtFtVHPRWRU
3UYHN
3RSLVSUYNX
6
6
3HStQiQtStPpQDSiMHQt±SURYR]]PQLþH
.0
9êVWXSQtVW\NDþPQLþH
6
6WDUWFKRGXPRWRUXSLStPpPQDSiMHQt
.0
6W\NDþStPpKRQDSiMHQtPRWRUX
6
6WRSFKRGXPRWRUXSLStPpPQDSiMHQt
.0
6W\NDþVSRMHQtYLQXWtPRWRUXGRKY]G\
)8Då -LãWQtPQLþHDPRWRUX
)8
.0
6W\NDþVSRMHQtYLQXWtPRWRUXGRWURM~KHOQtNX
)8
-LãWQtRYOiGiQt
.7
ýDVRYpUHOpSHStQiQt'<
.$
5HOpVWDUWVWRSPQLþH
)$
7HSHOQiRFKUDQDPRWRUXSLStPpPQDSiMHQt
3
3RWHQFLRPHWUSUR]DGiYiQtRWiþHNN:
OLQHiUQt
+/
3UYHN
3RSLVSUYNX
~QRU
2YOiGiQt
/
/
/
1
3(
)8
)8
.0
/ / /
-RJ
3
.0
6
+/
6
.$
.0
6
.0
.$
0,&520$67(59HFWRU
0,',0$67(59HFWRU
)$
6
.0
8 9 :
)$
.0
.0
21
.0
3
',3SHStQDþH
.0
.0
.7
2))
.0
.0
8
9
.7
.0
.$
.7
.0
.0
.0
.0
:
0
.0
:
8
9
.0
~QRU
2YOiGiQt
3Ë./$'±6WtGDYpQDSiMHQtGYRXPRWRU$VNRPELQDFtStPpKRQDSiMHQtPRWRU$DQDSiMHQt
SHVPQLþ
'YDPRWRU\þHUSDGHOMVRXVWtGDYQDSiMHQ\]MHGQRKRPQLþHNPLWRþWX9StSDG SRWHE\ MH PRåQp QDSiMHQt
NDåGpKR PRWRUX StPR ]QDSiMHFt VtW EH] UHJXODFH RWiþHN 5R]EK PRWRUX WODþtWNHP 67$57 VStPêP
SLSRMHQtPPRWRUXNVtWL]DVWDYHQtWODþtWNHP67233LQDSiMHQtSHVPQLþNPLWRþWXUR]EKD]DVWDYHQtPRWRUX
WODþtWN\67$57D67232WiþN\PRWRUXMVRX]DGiYiQ\SRWHQFLRPHWUHP
1$67$9(1Ë01,ý(
1DVWDYHQtSDUDPHWU$
9ê]QDPQDVWDYHQt
3UYHN
3RSLVSUYNX
3UYHN
3RSLVSUYNX
6
6
=DVWDYHQtFKRGXPRWRUXSLQDSiMHQt]PQLþH .0
.0
9êVWXSQtVW\NDþHPQLþH
6
6WDUWFKRGXPRWRUXSLQDSiMHQt]PQLþH
.0
.0
6W\NDþHStPpKRQDSiMHQtPRWRU$
6
9ROED0QHER0SLQDSiMHQt]PQLþH
)$
7HSHOQiRFKUDQD0SLStPpPQDSiMHQt
6
6WDUWFKRGXPRWRUX0SLStPpPQDSiMHQt
)$
6
6WRSFKRGXPRWRUX0SLStPpPQDSiMHQt
.$
.$
5HOpVWDUWVWRSPQLþH
6
3
3RWHQFLRPHWUSUR]DGiYiQtRWiþHNN:OLQ
6
+/
)8· -LãWQtPQLþH
)8·
-LãWQtPRWRU$SLStPpPQDSiMHQt
)8·
)8
-LãWQtRYOiGiQt
~QRU
2YOiGiQt
/
/
/
1
3(
)8
)8
)8
.0
.0
.0
/ / /
-RJ
3
0,&520$67(59HFWRU
0,',0$67(59HFWRU
+/
QDS+/
QDS.$
.$
.$
.0
3
)$
.$
.0
)$
8 9 :
21
',3SHStQDþH
2))
.0
8
9
:
0
~QRU
.0
8
9
:
0
2YOiGiQt
/
/
/
1
3(
)8
6
QDS.$
6
6
6
.$ .$
.0 .0
QDS+/
.$ .$
.$ .$
.0
.0
)$
)$
.0
.0
.0
.0
6
0
.$
6
.0
6
.0
6
.0
.0
0
.$
.0
.0
.0
.0
.0
~QRU
2YOiGiQt
3Ë./$'±6WtGDYpQDSiMHQtGYRXPRWRU$VNRPELQDFtStPpKRQDSiMHQtPRWRU$
VUR]EKHP<'DQDSiMHQtSHVPQLþ
'YDPRWRU\þHUSDGHOMVRXVWtGDYQDSiMHQ\]MHGQRKRPQLþHNPLWRþWX9StSDG SRWHE\ MH PRåQp QDSiMHQt
NDåGpKR PRWRUX StPR ]QDSiMHFt VtW EH] UHJXODFH RWiþHN 5R]EK PRWRUX WODþtWNHP 67$57 VSHSQXWtP
]KY]G\ GR WURM~KHOQtNX ]DVWDYHQt WODþtWNHP 6723 3L QDSiMHQt SHV PQLþ NPLWRþWX UR]EK D ]DVWDYHQt
PRWRUXWODþtWN\67$57D67232WiþN\PRWRUXMVRX]DGiYiQ\SRWHQFLRPHWUHP
1$67$9(1Ë01,ý(
1DVWDYHQtSDUDPHWU$
9ê]QDPQDVWDYHQt
3UYHN
3RSLVSUYNX
6
6
=DVWDYHQtFKRGXPRWRUXSLQDSiMHQt]PQLþH .0
.0
9êVWXSQtVW\NDþHPQLþH
6
6WDUWFKRGXPRWRUXSLQDSiMHQt]PQLþH
.0·
.0
6W\NDþHStPpKRQDSiMHQtPRWRUX0
6
3HStQiQt0QHER0SLQDSiMHQt]PQLþH
.7
ýDVRYpUHOpSHStQiQt'<PRWRUX0
6
)$
6
.0·
.0
6W\NDþHStPpKRQDSiMHQtPRWRUX0
6
.7
ýDVRYpUHOpSHStQiQt'<PRWRUX0
6
)$
)8· -LãWQtPQLþH
.$
.$
5HOpVWDUWVWRSPQLþH
)8·
-LãWQtPRWRU$SLStPpPQDSiMHQt
)8·
3
3RWHQFLRPHWUSUR]DGiYiQtRWiþHNN:OLQ
)8
+/
-LãWQtRYOiGiQt
~QRU
3UYHN
3RSLVSUYNX
2YOiGiQt
/
/
/
1
3(
)8
)8
)8
.0
.0
.0
/ / /
-RJ
3
0,&520$67(59HFWRU
0,',0$67(59HFWRU
+/
QDS+/
QDS.$
.$
.$
.0
.0
.0
.0
3
)$
.$
)$
8 9 :
21
',3SHStQDþH
2))
.0
.0
6
6
6
8
.0
6
.0
9
:
8
9
:
0
0
: 9
8
: 9
8
.0
6
.0
~QRU
2YOiGiQt
~QRU
/
/
/
1
3(
)8
6
QDS.$
6
.$ .$
.0 .0
QDS+/
6
0
.$ .$
.$ .$
.0
.0
)$
)$
.0
.0
.0
.0
.0
.0
.$
.$
6
.0
.7
0
.0
.0
6
6
.0
.0
.0
.0
.0
.7
.0
.0
.7
.0
.0
.0
.0
.7
.7
.0
.7
.0
.0
.0
.0
6
6
2YOiGiQt
~QRU
3RSLVSDUDPHWU$
3RSLVSDUDPHWU$
+RGQRW\ SDUDPHWU$ PRKRX EêW PQQ\ SURVWHGQLFWYtP WODþtWHN QD RYOiGDFtP SDQHOX PQLþH WH[WRYpKR
RYOiGDFtKR SDQHOX 230 &7' QHER VpULRYp OLQN\ 3RGOH QDVWDYHQêFK KRGQRW SDUDPHWU$ MH PRåQp PQLW
NRQILJXUDFL PQLþH GREX UR]EKX D GREKX PRWRUX PLQLPiOQt DPD[LPiOQt KRGQRWX IUHNYHQFH DWG ýtVOR
DKRGQRWD]YROHQpKRSDUDPHWUXMHLQGLNRYiQDQDVHGPLVHJPHQWRYpPþW\PtVWQpPGLVSOHML/('
3R]QiPND
3LNUiWNpPVWLVNXWODþtWHNÄ'³þLÄ³VHPQtKRGQRWDQHERþtVORSDUDPHWUXSRNURFtFK3RNXG
VHVWLVNQHWODþtWNRGpOHPQtVHKRGQRWDQHERþtVORSDUDPHWUXSO\QXOHDXWRPDWLFN\
3tVWXS NSDUDPHWU$P VH XVNXWHþXMH Y]iYLVORVWL QD KRGQRW SDUDPHWUX 3 =NRQWUROXMWH ]GD PiWH SUR
QDVWDYHQtPQLþH]YROHQRYKRGQpStVWXSRYpSUiYRNSDUDPHWU$P
ýtVOR
SDUDPHWUX 1i]HYDSRSLVSDUDPHWUX
ÚO]HPQLW
]DSURYR]X
3
,QGLNDFH]YROHQpKRGQRW\QDGLVSOHMLP QLþH
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
>@
9HOLþLQD XUþHQi SDUDPHWUHP 3 VH ]D EH]SRUXFKRYpKR VWDYX PQLþH ]REUD]XMH QD GLVSOHML MDNR REVDK
SDUDPHWUX 3 3L YêVN\WX SRUXFK\ VH REMHYt QD GLVSOHML NyG StVOXãQp SRUXFK\ YL] NDSLWROD 3RUXFK\
DSRUXFKRYi KOiãHQt 3L YêVN\WX YêVWUDK\ GLVSOHM EOLNi -HVWOLåH VH SDUDPHWUHP 3 ]YROt LQGLNDFH YêVWXSQt
IUHNYHQFH SDN YH VWDYX ÄY\S´ EXGH QD GLVSOHML EOLNDW VSHULRGRX FFD VSRåDGRYDQi KRGQRWD IUHNYHQFH
D+]
3
Ú
9HOLþLQD]REUD]RYDQiQDGLVSOHML
Då
>@
3DUDPHWUHPVHXVNXWHþXMHYêEUYHOLþLQ\NWHUiVHEXGH]REUD]RYDWQDGLVSOHMLYL]Wpå33DUDPHWU3
P$åHQDEêYDWWFKWRKRGQRW
YêVWXSQtIUHNYHQFHPQLþH>+]@
SRåDGRYDQiKRGQRWDYêVWXSQtIUHNYHQFHPQLþH>+]@
YêVWXSQtSURXGPQLþHSURXGPRWRUX>$@
QDSWtVWHMQRVPUQpKRPH]LREYRGX>9@
PRPHQWPRWRUX>MPHQRYLWpKRGQRW\@
RWiþN\PRWRUX>RWPLQ@
VWDYSURWRNROX866
GLVSOHMEOLNQHSRNXGMHSLMDWêMHGHQE\WHLQGLNDFHVSUiYQpNRPXQLNDFH
]SUiYDSLMDWDYSRiGNX
SLMDWDDGUHVDPQLþH
FK\EQêVWDUWRYDFt]QDNSRNXGEOLNiWUYDOHMHSHUXãHQDNRPXQLNDFH
SHNURþHQDSURGOHYDPH]LWHOHJUDP\3
FK\EQêNRQWUROQtVRXþHW
FK\EQiGpOND]SUiY\
FK\EQiSDULWD
VNXWHþQiKRGQRWD]SWQRYD]HEQtKRYVWXSX3,UHJXOiWRUX>@
YêVWXSQtQDSWt>9@
URWRURYiIUHNYHQFHPRWRUX>+]@SRX]HMHOLPQLþYUHåLPXYHNWRURYpKRt]HQtEH]]SWQpYD]E\3 ~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
Ú
'REDQiU$VWXYêVWXSQtIUHNYHQFHPQLþH]+]QDIPD[
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>V@
2EVDKHPSDUDPHWUXMHGREDUR]EKXPRWRUX]NOLGXQDPD[LPiOQtIUHNYHQFL3YL]REU1DVWDYHQtStOLã
NUiWNpGRE\UR]EKXP$åHYpVWNRGSRMHQtPQLþHYG$VOHGNXMHKRSHWtåHQtSRUXFKRYpKOiãHQt)
3
Ú
'REDSRNOHVXYêVWXSQtIUHNYHQFHPQLþH]IPD[QD+]
Då
>V@
2EVDKHPSDUDPHWUXMHGREDGREKXPRWRUX]PD[LPiOQtIUHNYHQFH3QDQXOXYL]REU1DVWDYHQtStOLã
NUiWNp GRE\ GREKX P$åH YpVW NRGSRMHQt PQLþH YG$VOHGNX ]YêãHQt QDSWt QD VV PH]LREYRGX SRUXFKRYp
KOiãHQt ) 3RNXG MH SRWHEQê NUiWNê þDV GREKX SRXåLMWH NRPSDXQGQt QHER VWHMQRVPUQp EU]GQt QHER
SRXåLMWHEU]GQêRGSRUQtNXW\SX009QHEREU]GQRXMHGQRWNXXW\SX0'9
3DUDPHWUXUþXMHWpåþDVVWHMQRVPUQpKREU]GQtSRNXGMHQDVWDYHQRSDUDPHWUHP3
3
Ú
=DREOHQtNLYN\QiU$VWXDSRNOHVXRWiþHN
W]Y6NLYN\
Då
>V@
3DUDPHWUHPVHQDVWDYXMH]DREOHQtNLYN\QiU$VWXDSRNOHVXRWiþHNW]Y6NLYN\YL]REU7RKRWR]DREOHQt
VHY\XåtYiYWDNRYêFKDSOLNDFtFKNGHMHQXWQêSURYR]EH]MDNêFKNROLYUi]$QDSYWH[WLOQtPSU$P\VOXSRKRQ\
GRSUDYQtN$ DWG 3DUDPHWU MH ~þLQQê SRX]H WHKG\ MHOL QDVWDYHQD UR]EKRYi D GREKRYi UDPSD GHOãt QHå V
33!
I>+]@
IPD[
3
VH]DREOHQtP
EH]]DREOHQt
3
3
3
EH]]DREOHQt
VH]DREOHQtP
+]
3
3
GREDQiU$VWXRWiþHN
3
W>V@
GREDSRNOHVXRWiþHN
FHONRYiGREDUR]EKX]QXO\QDPD[LPiOQtRWiþN\ 33
GREKX 33
2EU'REDQiU$VWX3GREDSRNOHVX3D]DREOHQtNLYN\QiU$VWXDSRNOHVXRWiþHN3
VW\S\009D0'90'9
VW\S\0'9·0'9
VW\S\0'9·0'9
~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
Ú
3RåDGRYDQiKRGQRWDYêVWXSQtIUHNYHQFHP QLþH
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>+]@
2EVDKHP SDUDPHWUX MH SRåDGRYDQi KRGQRWD YêVWXSQt IUHNYHQFH PQLþH SL W]Y GLJLWiOQtP t]HQt 3DUDPHWU MH
~þLQQêMHQWHKG\MHOL3 QHER
3
Då
>@
3DUDPHWUVORXåtNYêEUX]GURMHSRåDGRYDQpKRGQRW\DP$åHQDEêYDWQiVOHGXMtFtFKKRGQRW
GLJLWiOQt SRåDGRYDQi KRGQRWD SRåDGRYDQi KRGQRWD YêVWXSQt IUHNYHQFH MH GDQi REVDKHP SDUDPHWUX 3
QHERVH]DGiYiStPRWODþtWN\Ä'³DÄ³SLQDVWDYHQt3 D]PQKRGQRW\SDUDPHWUX3
MHVWOLåHMH3 IUHNYHQFHP$åHEêW]DGiYiQDPRWRUSRWHQFLRPHWUHPSRPRFt]YROHQêFKGYRXELQiUQtFK
YVWXS$QDVWDYHQtPSDUDPHWU$3·33QDD
SRNXGMHQDVWDYHQ3 ]$VWiYi]DFKRYiQDSRVOHGQtQDVWDYHQiåiGDQiKRGQRWDLSRY\SQXWtQDSiMHQt
SRåDGRYDQiKRGQRWD]DGiYDQiDQDORJRYSURVWHGQLFWYtPDQDORJRYpKRtGLFtKRYVWXSX
SRNXG MH QDVWDYHQR ]DGiYiQt IUHNYHQFH VpULRYRX OLQNRX 3 QHER DQDORJRYê YVWXS MH SLþWHQ K
KRGQRW]DGDQpVpULRYRXOLQNRX
SHYQiSRåDGRYDQiKRGQRWD)6:·)6:QHER)6:·)6:MHGHQQHERYtFHSDUDPHWU$3·3
3PXVtEêWQDVWDYHQRQDKRGQRWXQHER
SRåDGRYDQi KRGQRWD MH GiQD VRXþWHP GLJLWiOQt SRåDGRYDQp KRGQRW\ 3 SHYQp SRåDGRYDQp KRGQRW\
)6:·)6:
3
2YOiGiQt]HVYRUNRYQLFHQHER]RYOiGDFtKRSDQHOX
Då
>@
3DUDPHWU VORXåt NRGEORNRYiQt UHVS ]DEORNRYiQt RYOiGDFtFK SUYN$ XPtVWQêFK QD RYOiGDFtP SDQHOX DP$åH
QDEêYDWQiVOHGXMtFtFKKRGQRW
RYOiGDFt SUYN\ XPtVWQp QD MHGQRGXFKpP RYOiGDFtP SDQHOX NURP WODþtWND Ä³ MVRX ]DEORNRYiQ\ PQLþ MH
t]HQSURVWHGQLFWYtPGLJLWiOQtFKYVWXS$QDVYRUNRYQLFL
SRNXGMH]YROHQR]DGiYiQtSRåDGRYDQpKRGQRW\SURVWHGQLFWYtPGLJLWiOQtKRGQRW\3 DWODþtWNDÄ'³D
Ä³MVRXRGEORNRYiQDQDVWDYHQtPSDUDPHWUX3 DVRXþDVQQHE\ODVWHMQiIXQNFH]YROHQDGLJLWiOQtPL
YVWXS\ SDUDPHWU\ 3 · 3 3 QHMVRX QDVWDYHQ\ QD KRGQRWX D MH PRåQp WPLWR WODþtWN\
]DGiYDWSRåDGRYDQRXKRGQRWX
RYOiGDFtSUYN\XPtVWQpQDMHGQRGXFKpPRYOiGDFtPSDQHOXMVRXRGEORNRYiQ\PQLþMHt]HQSHVRYOiGDFt
SDQHO
MHGQRWOLYi WODþtWND QD RYOiGDFtP SDQHOX PRKRX EêW ]DEORNRYiQD SDUDPHWU\ 3 · 3 WODþtWNR Ä3³ QHO]H
]DEORNRYDW
3
Ú
6WXSHStVWXSRYêFKSUiY
Då
>@
3DUDPHWU VORXåt NQDVWDYHQt VWXSQ StVWXSRYêFK SUiY NMHGQRWOLYêP SDUDPHWU$P 8UþXMH NWHUp SDUDPHWU\
PRKRXEêWþWHQ\DNWHUpSHSLVRYiQ\
þtVWLSHSLVRYDWO]HSRX]HSDUDPHWU\3·3
SDUDPHWU\3·3O]HþtVWLSHSLVRYDWDSDUDPHWU\3·3O]HMHQþtVW
YãHFKQ\ SDUDPHWU\ O]H þtVW LSHSLVRYDW DOH SR Y\SQXWt DRSWRYQpP ]DSQXWt PQLþH VH QDVWDYt KRGQRWD
3 YãHFKQ\SDUDPHWU\O]HþtVWLSHSLVRYDWKRGQRWDSDUDPHWUX3VHQH]PQtLSRY\SQXWtPQLþH
~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
Ú
0tWNRYHOLþLQ]REUD]RYDQêFKQDGLVSOHML
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>@
3DUDPHWUVORXåtNH]PQPtWNDKRGQRW]REUD]RYDQêFKYSDUDPHWUX3+RGQRWDXUþHQiSDUDPHWUHP3
MHY\QiVREHQDKRGQRWRXSDUDPHWUX3D]REUD]HQDMDNRKRGQRWDSDUDPHWUX3
3DUDPHWUMH~þLQQêSRX]HWHKG\MHOL3 QHER
3
8ORåHQtQDVWDYHQpKRGQRW\YêVWXSQtIUHNYHQFH
GRQHPD]DWHOQpSDPWL
Då
>@
3DUDPHWU VORXåt NQDVWDYHQt XNOiGiQt SRåDGRYDQp KRGQRW\ IUHNYHQFH GR QHPD]DWHOQp SDPWL PQLþH SL
]DGiYiQtSRåDGRYDQpKRGQRW\WODþtWN\Ä'³þLÄ³QHER]Y\ãRYDQtVQLåRYiQtKRGQRW\SHVGLJLWiOQtYVWXS\SRPRFt
PRWRUSRWHQFLRPHWUX 3R RSWRYQpP ]DSQXWt QDSiMHQt VH PRWRU UR]EKQH QD SRVOHGQt QDVWDYHQRX KRGQRWX
IUHNYHQFH3DUDPHWUP$åHQDEêYDWQiVOHGXMtFtFKKRGQRW
XNOiGiQtQHQtDNWLYQt
SRY\SQXWtPQLþHVHGRSDPWLXORåtSRåDGRYDQiKRGQRWDIUHNYHQFHQDVWDYHQiWODþtWN\Ä'³þLÄ³QHERSHV
GLJLWiOQtYVWXS\]Y\ãRYDQtVQLåRYiQtKRGQRW\SRPRFtPRWRUSRWHQFLRPHWUXSLQDVWDYHQt3 QHER
3
Ú
0LQLPiOQtKRGQRWDYêVWXSQtIUHNYHQFHI PLQ
Då
>+]@
2EVDKHPSDUDPHWUXMHPLQLPiOQtKRGQRWDYêVWXSQtIUHNYHQFHIPLQQDNWHUpP$åHPRWRUWUYDOHSUDFRYDW=+]
QDPLQLPiOQtIUHNYHQFLVHPRWRUUR]EtKiSRQDVWDYHQpUR]EKRYpUDPS3
3
Ú
0D[LPiOQtKRGQRWDYêVWXSQtIUHNYHQFHIPD[
Då
>+]@
2EVDKHP SDUDPHWUX MH PD[LPiOQt KRGQRWD YêVWXSQt IUHNYHQFH IPD[ 9\ããt QHå PD[LPiOQt IUHNYHQFL QHO]H
QDVWDYLW
3LYHNWRURYpPt]HQtEH]]SWQpYD]E\3 E\PD[LPiOQtIUHNYHQFHQHPODEêWY\ããtQHå
3R]QiPND
WURMQiVREHNMPHQRYLWpIUHNYHQFHPRWRUX3
3
Ú
3RWODþHQtUH]RQDQþQtIUHNYHQFHPRWRUX
Då
>+]@
3DUDPHWUVORXåtNY\PH]HQtþiVWLIUHNYHQþQtKRUR]VDKXNG\VHP$åHSRKRQYþHWQSUDFRYQtKRPHFKDQLVPX
UR]NPLWDWGRVWDWVHGRVWDYXPHFKDQLFNpUH]RQDQFH3DUDPHWUHPVHQDVWDYXMHKRGQRWDUH]RQDQþQtIUHNYHQFH
3RNXGåiGDQiKRGQRWDIUHNYHQFHOHåtYSiVPXNPLWRþW$3KRGQRWDSDUDPHWUX3PQLþNULWLFNpSiVPR
SO\QXOH SHMHGH D QDVWDYt QHMEOLåãt Y\ããt IUHNYHQFL SL ]Y\ãRYiQt IUHNYHQFH QHER QHMEOLåãt QLåãt IUHNYHQFL SL
VQLåRYiQtIUHNYHQFHNWHUiOHåtYQNULWLFNpKRSiVPD
3LQDVWDYHQt3 QHQtIXQNFHDNWLYQt
~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
Ú
$XWRPDWLFNêVWDUWPQLþHSRREQRYHQtGRGiYN\
HOHNWULFNpHQHUJLH
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>@
3RYROHQtQHER]DNi]iQtDXWRPDWLFNpKRUHVWDUWXPQLþHSRYêSDGNXDQiVOHGQpPREQRYHQtGRGiYN\HOHNWULFNp
HQHUJLH-HOLUHVWDUWDNWLYRYiQDWUYDOH]DGiQSRYHOÄ]DS³SURVWHGQLFWYtPGLJLWiOQtKRYVWXSX]DþQHVHSRKRQSR
REQRYHQtGRGiYN\HOHNWULFNpHQHUJLH]QRYXUR]EtKDW3DUDPHWUP$åHQDEêYDWWFKWRKRGQRW
UHVWDUWQHQtDNWLYRYiQ
UHVWDUWMHDNWLYRYiQ
$XWRPDWLFNêVWDUWMHPRåQêSRX]HMHOL3 RYOiGiQt]HVYRUNRYQLFHD3 QHERPtVWQtRYOiGiQt
3
Ú
6\QFKURQL]DFHQDRWiþHMtFtVHPRWRU
Då
>@
3RYROHQtQHER]DNi]iQtV\QFKURQL]DFHQDRWiþHMtFtVHPRWRU%åQêMHUR]EKPRWRUX]QXORYêFKRWiþHN3RNXG
QHQtV\QFKURQL]DFHDNWLYQtDPRWRUVHRWiþtQDSSRYêSDGNXDREQRYHQtGRGiYN\HOHNWULFNpHQHUJLHYêVWXSQt
IUHNYHQFH VH ]Y\ãXMH ] +] QD åiGDQRX IUHNYHQFL D GRFKi]t N QHåiGRXFtPX EU]GQt PRWRUX ]YWãHQt
YêVWXSQtKR SURXGX PQLþH D PRåQRVWL YêSDGNX PQLþH SL SHNURþHQt PD[LPiOQtKR YêVWXSQtKR SURXGX QHER
QDSWtPH]LREYRGX
3RNXG MH V\QFKURQL]DFH DNWLYQt QDVWDYt PQLþ KRGQRWX YêVWXSQt IUHNYHQFH WDNRYRX DE\ RGSRYtGDOD RWiþNiP
PRWRUXDSRWpML]DþQH]Y\ãRYDWþLVQLåRYDWVPUHPNSRåDGRYDQpKRGQRW
3R]QiPND
3RNXG PRWRU VWRMt QHER VH SRPDOX RWiþt P$åH GRMtW NH NêYiQt KtGHOH QHER" PQLþ VL SHG
QDVWDYHQtPIUHNYHQFHDXWRPDWLFN\]MLã"XMHVPURWiþHQt
8SR]RUQQt
3L V\QFKURQL]DFL QD RWiþHMtFt VH PRWRU MH PQLþ YåG\ YUHåLPX YHNWRURYpKR t]HQt EH] ]SWQp
YD]E\ L YStSDG åH 3 QHER 3URWR MH QXWQp QHMGtYH QDVWDYLW VSUiYQ SDUDPHWU\
PRWRUX 3 · 3 D SURYpVW DXWRPDWLFNp QDVWDYHQt FKDUDNWHULVWLN\ SRKRQX SL VWXGHQpP
PRWRUX3 3 D]DGDWSRYHOÄ]DS³7HSUYHSRWpMHPRåQpQDVWDYLW3 QHER
D3!0D[LPiOQtYêVWXSQtIUHNYHQFHE\PODEêW+]
3DUDPHWUP$åHQDEêYDWWFKWRKRGQRW
V\QFKURQL]DFH QD RWiþHMtFt VH PRWRU QHQt DNWLYRYiQD D SR SRYHOX Ä]DS³ PQLþ ]DþQH ]Y\ãRYDW YêVWXSQt
IUHNYHQFLRGQXO\
V\QFKURQL]DFH QD RWiþHMtFt VH PRWRU MH DNWLYRYiQD SR YêSDGNX D REQRYHQt GRGiYN\ HOHNWULFNp HQHUJLH SR
SRUXãHMHOL3 QHERSRSRYHOXÄY\S´YROQêGREK
V\QFKURQL]DFHQDRWiþHMtFtVHPRWRUMHDNWLYQtYåG\WRWRQDVWDYHQtMHYKRGQpYStSDGåHPRWRUMHUR]WiþHQ
]iWåtDNWLYQt]iWåQêPRPHQW
V\QFKURQL]DFHQDRWiþHMtFtVHPRWRUMHDNWLYRYiQDMDNRSL3 DOHSRX]HY]DGDQpPVPUXRWiþHQt
V\QFKURQL]DFHQDRWiþHMtFtVHPRWRUMHDNWLYRYiQDMDNRSL3 DOHSRX]HY]DGDQpPVPUXRWiþHQt
3R]QiPND
~QRU
-HOL3 QHERPQLþQHMGtYHY\KOHGiVNXWHþQêVPURWiþHQtPRWRUX3RNXGMHRSDþQê
QHåSRåDGRYDQêGREKQHPRWRUSRUDPSQD+]DSRWpVHUR]WRþtYHVSUiYQpPVPUX
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
Ú
=S$VRE]DREOHQtUR]EKRYpQHERGREKRYpUDPS\
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>@
3DUDPHWU VORXåt NQDVWDYHQt ]S$VREX ]DREOHQt NLYN\ QiU$VWX DSRNOHVX RWiþHN PRWRUX DP$åH QDEêYDW
QiVOHGXMtFtFKKRGQRW
NRQWLQXiOQt]DREORYiQtGHILQRYDQpSURVWHGQLFWYtP3
GLVNRQWLQXiOQt ]DREORYiQt SURFHV ]DREORYiQt VH SHUXãt SRNXG VH ]PHQãt SRåDGRYDQi KRGQRWD YêVWXSQt
IUHNYHQFHQHERMH]DGiQSRYHOÄY\S³FRåXPRåQtU\FKOHMãtVQtåHQtIUHNYHQFH
3R]QiPND
3
Ú
3DUDPHWUMHDNWLYQtMHQWHKG\MHOLKRGQRWD3!
Då
>@
$XWRPDWLFNêUHVWDUWSLYêVN\WXSRUXFK\
3RYROHQt QHER ]DNi]iQt DXWRPDWLFNpKR UHVWDUWX PQLþH SL YêVN\WX SRUXFK\ 3DUDPHWUP$åH QDEêYDW WFKWR
KRGQRW
DXWRPDWLFNêUHVWDUWQHQtDNWLYRYiQ
DXWRPDWLFNê UHVWDUW MH DNWLYRYiQ SRNXG MH PQLþ YH VWDYX Ä]DS³ SR YêVN\WX SRUXFK\ VH [ SRNXVt
RDXWRPDWLFNê UHVWDUW QXORYiQt SRUXFK\ 9StSDG åH SRUXFKD QHEXGH RGVWUDQQD DQL SR SiWpP SRNXVX
]$VWDQHMLåPQLþYHVWDYXÄSRUXFKD³
8SR]RUQQt
3
Ú
3RNXGPQLþY\þNiYiDE\VHSRNXVLORY\QXORYiQtSRUXFK\GLVSOHMEOLNi3RRGVWUDQQtSRUXFK\
GRMGHNDXWRPDWLFNpPXUR]EKXPRWRUX.yGSRUXFKRYpKRKOiãHQtMHPRåQpSHþtVWY3
Då
>+]@
âtNDSiVPDUH]RQDQþQtFKIUHNYHQFtPRWRUX
3DUDPHWUHP VH QDVWDYXMH ãtND SiVPD IUHNYHQFH NWHUi VH EXGH SO\QXOH SHMtåGW SL SRWODþHQt UH]RQDQþQtFK
IUHNYHQFtSRKRQXGDQêPLSDUDPHWU\333D3
3
Ú
+RGQRWDYêVWXSQtIUHNYHQFHSLQXORYpKRGQRW
DQDORJRYpKRVLJQiOXYVWXSX$,1
2EVDKHPSDUDPHWUXMHKRGQRWDYêVWXSQtIUHNYHQFH
SLDQDORJRYpPYVWXSQtPVLJQiOX9P$SRS
9 P$ SRGOH QDVWDYHQt SDUDPHWUX 3 D
',3·',3 +RGQRWX SDUDPHWUX 3 O]H ]YROLW
YWãt QHå MH KRGQRWD SDUDPHWUX 3 DWtP GRFtOLW
RSDþQpKR UHFLSURNpKR Y]WDKX PH]L DQDORJRYêP
YVWXSQtPVLJQiOHPDYêVWXSQtIUHNYHQFtPQLþHYL]
REU
3RNXG MH SDUDPHWUHP 3 ]YROHQ ELSROiUQt YVWXS
3 SDUDPHWUHP 3 MH ]DGiQD KRGQRWD
IUHNYHQFH SL 9 SDUDPHWUHP 3 MH ]DGiQD
KRGQRWDIUHNYHQFHSL9
Då
>+]@
YêVWXSQtIUHNYHQFH
I>+]@
IPD[
DQDORJ
3
3
UHF
IPLQ
DQDORJ
3
9P$
9P$
LSUR
Nê
Y]W
DK
3
9P$
QHER
>9@>P$@
åiGDQiKRGQRWD
2EU9]WDKPH]LSDUDPHWU\3D3
~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
Ú
+RGQRWDYêVWXSQtIUHNYHQFHSLPD[LPiOQtKRGQRW
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>+]@
2EVDKHP SDUDPHWUX MH KRGQRWD YêVWXSQt IUHNYHQFH SL DQDORJRYpP YVWXSQtP VLJQiOX 9 P$ SRGOH
QDVWDYHQt ',3·',3 +RGQRWX SDUDPHWUX O]H ]YROLW PHQãt QHå MH KRGQRWD SDUDPHWUX 3 DWtP GRFtOLW
RSDþQpKRUHFLSURNpKRY]WDKXPH]LDQDORJRYêPYVWXSQtPVLJQiOHPDYêVWXSQtIUHNYHQFtPQLþHYL]REU
3RNXGMHSDUDPHWUHP3]YROHQELSROiUQtYVWXS3 SDUDPHWUHP3MH]DGiQDKRGQRWDIUHNYHQFHSL
9SDUDPHWUHP3MH]DGiQDKRGQRWDIUHNYHQFHSL9
3R]QiPND
3
Ú
9êVWXSQtIUHNYHQFHMHRPH]HQDKRGQRWDPLGDQêPLSDUDPHWU\3D3
7\SDQDORJRYpKRYVWXSQtKRVLJQiOXYVWXSX$,1
Då
>@
3DUDPHWU VORXåt NYêEUX ]GURMH SRåDGRYDQp KRGQRW\ ]DGiYDQp DQDORJRYêP YVWXSQtP VLJQiOHP YVWXSX $,1
VYRUN\DDP$åHQDEêYDWQiVOHGXMtFtFKKRGQRW
9·9QHERP$·P$
9·9QHERP$·P$
9·9QHERP$·P$
9·9
3R]QiPND
3
Ú
SLYVWXSQtPVLJQiOX9MHåiGDQiKRGQRWDQXORYiQHQtKOiãHQD
åiGQiSRUXFKD
SLYVWXSQtPVLJQiOX9GRMGHN]DVWDYHQtSRKRQX
SLYVWXSQtPVLJQiOXYWãtPQHå9NUR]EKXSRKRQX
O]HY\XåtWNHVSXãWQtD]DVWDYHQtSRKRQXDQDORJRYêPVLJQiOHP
YPtVWQtPRYOiGiQt3 QHER
3R]QiPND)XQNFHUR]EKXQHER]DVWDYHQtFKRGXMHDNWLYQt
SLDQDORJRYpP ]DGiYDQtSRåDGRYDQpKRGQRW\3 LYStSDG
åHMH]YROHQRGLJLWiOQt]DGiYiQtåiGDQpKRGQRW\3 ELSROiUQtQDS"RYêYVWXSPiSiVPRQHFLWOLYRVWL9SL9
1DS"RYêQHERSURXGRYêYVWXSStSQDS"RYêELSROiUQtMHYROHQSHStQDþL',3·',3
3LþtWiQtDQDORJRYpKRVLJQiOX
NSHYQpSRåDGRYDQpKRGQRW
Då
>@
3DUDPHWU VORXåt NDNWLYDFL SLþtWiQt SRåDGRYDQp KRGQRW\ ]DGiYDQp DQDORJRYêP YVWXSQtP VLJQiOHP N KRGQRW
]DGiYDQp SDUDPHWUHP 3 3 NSRåDGRYDQp KRGQRW ]DGiYDQp SRPRFt PRWRUSRWHQFLRPHWUX
3 QHERNSHYQpSRåDGRYDQpKRGQRW)6:·)6:3 1HERNQiVREHQt·KRGQRW\]DGiYDQpGLJLWiOQDQDORJRYêPYVWXSHP3DUDPHWU3P$åH QDEêYDW
WFKWRKRGQRW
SLþtWiQtQHQtDNWLYRYiQR
SLþtWiQtMHDNWLYRYiQR
QRUPRYiQtSHYQpSRåDGRYDQpKRGQRW\QHERKRGQRW\]DGiYDQpPRWRUSRWHQFLRPHWUHPSRPRFtDQDORJRYpKR
YVWXSXYUR]VDKX·
~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
Ú
.RQILJXUDFHDQDORJRYpKRYêVWXSX$287
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>@
3DUDPHWU VORXåt NH NRQILJXUDFL DQDORJRYpKR YêVWXSX $287 VYRUN\ /]H ]YROLW YHOLþLQX MHMtå KRGQRWD
EXGH LQGLNRYiQD QD DQDORJRYpP YêVWXSX DUR]VDK YêVWXSQtKR SURXGRYpKR VLJQiOX P$ ·P$ 3 ·
QHERP$·P$3 ·3DUDPHWU3P$åHQDEêYDWQiVOHGXMtFtFKKRGQRW
P$·P$ P$·P$
YêVWXSQtIUHNYHQFH
SRåDGRYDQiKRGQRWDIUHNYHQFH
SURXGPRWRUX
QDSWtYVVPH]LREYRGX
WRþLYêPRPHQWPRWRUX
3
Ú
RWiþN\PRWRUX
PDJQHWL]DþQtSURXGPRWRUX
þLQQêSURXGPRWRUX
SRX]H0'9
P$
P$RGSRYtGi
+]
PD[IUHNYHQFH3
+]
PD[IUHNYHQFH3
$
PD[SURXG33
9
9
331P
RWPLQ
MPRWiþN\3
$
PD[SURXG33
$
PD[SURXG33
Då
>@
3DUDPHWU VORXåt NH NRQILJXUDFL DQDORJRYpKR YêVWXSX $287 VYRUN\ X PQLþH 0,',0$67(5 9HFWRU
/]H ]YROLW YHOLþLQX MHMtå KRGQRWD EXGH LQGLNRYiQD QD DQDORJRYpP YêVWXSX DUR]VDK YêVWXSQtKR SURXGRYpKR
VLJQiOX P$ ·P$ 3 · QHER P$ ·P$ 3 · 3DUDPHWU 3 P$åH QDEêYDW
VWHMQêFKKRGQRWDYê]QDPXMDNRXSDUDPHWU3
3
Ú
Då
>@
3DUDPHWUVORXåtNY\PH]HQtþiVWLIUHNYHQþQtKRUR]VDKXNG\VHP$åHSRKRQUR]NPLWDWGRVWDWVHGR VWDYX
PHFKDQLFNpUH]RQDQFH9L]SDUDPHWU3
3
Ú
Då
>@
3
Ú
Då
>@
~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
Ú
3RåDGRYDQiKRGQRWDSLNURNRYiQt
VP\VORWiþHQtGRSUDYD
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>+]@
2EVDKHP SDUDPHWUX MH SRåDGRYDQi KRGQRWD IUHNYHQFH SL ÄNURNRYiQt´ SL RWiþHQt PRWRUX GRSUDYD .URNRYiQt
VORXåt NSRRWRþHQt PRWRUX RPDOê SRþHW RWiþHN QHER MHQ R~KORYRX YêVHþ QDS SL VHL]RYiQt SRKRQX QHER
WHFKQRORJLFNpKRFHONX)XQNFHNURNRYiQtGRSUDYDMHRYOiGiQDQNWHUêP]GLJLWiOQtFKYVWXS$',1·',13
Då33 QHERWODþtWNHPÄ-RJ³QDRYOiGDFtPSDQHOX
3RNXGQNWHUê]tGLFtFKYVWXS$MHQDVWDYHQQDIXQNFLNURNRYiQtGRSUDYD3Då33 DYVWXSMH
DNWLYQt VHSQXWp WODþtWNR QHER VStQDþ PQLþ ]DþQH ]Y\ãRYDW YêVWXSQt IUHNYHQFL SRGOH QDVWDYHQp UR]EKRYp
UDPS\ QD KRGQRWX 3 3L GHDNWLYDFL YVWXSX UR]SRMHQp WODþtWNR QHER VStQDþ PQLþ VQLåXMH IUHNYHQFL SRGOH
QDVWDYHQpGREKRYpUDPS\QDQXORYRXKRGQRWX
3R]QiPND
3
Ú
3RåDGRYDQiKRGQRWDSLNURNRYiQtP$åHEêWLQLåãtQHåKRGQRWDPLQIUHNYHQFHIPLQ3
VP\VORWiþHQtGROHYD
Då
>+]@
2EVDKHP SDUDPHWUX MH SRåDGRYDQi KRGQRWD IUHNYHQFH SL ÄNURNRYiQt´ SL RWiþHQt PRWRUX GROHYD .URNRYiQt
VORXåt NSRRWRþHQt PRWRUX RPDOê SRþHW RWiþHN QHER MHQ R~KORYRX YêVHþ QDS SL VHL]RYiQt SRKRQX QHER
WHFKQRORJLFNpKRFHONX)XQNFHNURNRYiQtGROHYDMHRYOiGiQDQNWHUêP]GLJLWiOQtFKYVWXS$',1·',13
Då33 3RNXGQNWHUê]tGLFtFKYVWXS$MHQDVWDYHQQDIXQNFLNURNRYiQtGRSUDYD3Då33 DYVWXSMH
DNWLYQt VHSQXWp WODþtWNR QHER VStQDþ PQLþ ]DþQH ]Y\ãRYDW YêVWXSQt IUHNYHQFL SRGOH QDVWDYHQp UR]EKRYp
UDPS\ QD KRGQRWX 3 3L GHDNWLYDFL YVWXSX UR]SRMHQp WODþtWNR QHER VStQDþ PQLþ VQLåXMH IUHNYHQFL SRGOH
QDVWDYHQpGREKRYpUDPS\QDQXORYRXKRGQRWX
3R]QiPND
3
Ú
3RåDGRYDQiKRGQRWDSLÄNURNRYiQt´P$åHEêWLQLåãtQHåKRGQRWDPLQIUHNYHQFHIPLQ3
'REDUR]EKXPRWRUXSLNURNRYiQt
Då
>V@
2EVDKHPSDUDPHWUXMHGREDQiU$VWXYêVWXSQtIUHNYHQFH]QXO\ QD PD[LPiOQt IUHNYHQFL 3 SL NURNRYDFtP
SURYR]X
3RNXGMHQNWHUêPGLJLWiOQtPYVWXSHP',1·',1]YROHQDIXQNFH 3 Då 3 3 SDUDPHWU
XUþXMHGREXUR]EKXPRWRUXSRSRYHOXÄ]DS³PtVWR3
3
Ú
'REDGREKXPRWRUXSLNURNRYiQt
Då
>V@
2EVDKHPSDUDPHWUXMHGREDQiU$VWXYêVWXSQtIUHNYHQFH]PD[LPiOQtIUHNYHQFH3QD+]SLNURNRYDFtP
SURYR]X
3RNXGMHQNWHUêPGLJLWiOQtPYVWXSHP',1·',1]YROHQDIXQNFH 3 Då 3 3 SDUDPHWU
XUþXMHGREXGREKXPRWRUXSRSRYHOXÄY\S³PtVWR3
~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
Ú
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>@
.RUHNFHGRE\GREKXSLSRORKRYiQt
3DUDPHWUHPMHPRåQpNRULJRYDWGREXGREKXSRKRQXWDNDE\PRWRUSRSRYHOX6723VHYåG\RWRþLOQH]iYLVOH
QDU\FKORVWL]NWHUp]DVWDYXMH
3DUDPHWU3P$åHQDEêYDWWFKWRKRGQRW
GREDGREKXMHXUþHQDSDUDPHWUHP3
GREDGREKXMHDXWRPDWLFN\Y\SRþtWiQDWDNDE\PRWRUSRSRYHOX6723VHRWRþLOYåG\RVWHMQêSRþHWRWiþHN
7]Q SRNXG MH SDUDPHWU 3 V D PRWRU ]DVWDYXMH ]U\FKORVWL +] EXGH GRED GREKX V ]U\FKORVWL
+]VD]U\FKORVWL+]VYL]REU
I >+]@
I PD[ +]
3
+]
+]
+]
3
3
GREDQiU$VWXRWiþHN
W>V@
GREDSRNOHVXRWiþHN V
2EU.RUHNFHGREKRYpUDPS\SLSRORKRYiQt
~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
Ú
3HYQiSRåDGRYDQiKRGQRWD)6:
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>+]@
2EVDKHP SDUDPHWUX MH SHYQi SRåDGRYDQi KRGQRWD YêVWXSQt IUHNYHQFH )6: SL DNWLYQtP YVWXSX ',1
3 QHERD3 )6:O]HWpåY\YRODWNRPELQDFtYVWXS$',1·',1SLQDVWDYHQt3 QHER
3 QHER3 YL]WDEXONDELQiUQtKRNyGRYiQtSRåDGRYDQêFKKRGQRWQDVWU
3
Ú
Då
>+]@
3
Ú
Då
>+]@
3
Ú
Då
>+]@
3
,QYHUWRYiQtSHYQpSRåDGRYDQpKRGQRW\
)6:Då)6:
Då
>@
3DUDPHWU GHILQXMH ]QDPpQNR IUHNYHQFH SHYQêFK SRåDGRYDQêFK KRGQRW )6: · )6: W]Q GHILQXMH VPU
RWiþHQtRSURWL]DGDQpPXVPUXRWiþHQtStND]HPÄ]DSYOHYR³QHERÄ]DSYSUDYR³
=QDPpQNRYêVWXSQtIUHNYHQFHSHYQêFKSRåDGRYDQêFKKRGQRW)6:Då)6:
3R]QiPND
~QRU
)6:
3
)6:
3
)6:
3
)6:
3
3 3 3 3 3 3 3 3 6PURWiþHQtXSHYQêFKSRåDGRYDQêFKKRGQRW]iYLVtQDSRYHOXÄ]DS³GRSUDYDGROHYD
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
Ú
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>+]@
3
Ú
Då
>+]@
3
Ú
Då
>+]@
3HYQi SRåDGRYDQi KRGQRWD YêVWXSQt IUHNYHQFH )6: GDQi NRPELQDFt YVWXS$ ',1 · ',1 SL QDVWDYHQt
3 QHER 3 QHER 3 YL] WDEXOND ELQiUQtKR NyGRYiQt SRåDGRYDQêFK KRGQRW QD VWU D3 3
Ú
Då
>+]@
3HYQi SRåDGRYDQi KRGQRWD YêVWXSQt IUHNYHQFH )6: GDQi NRPELQDFt YVWXS$ ',1 · ',1 SL QDVWDYHQt
3 QHER 3 QHER 3 YL] WDEXOND ELQiUQtKR NyGRYiQt SRåDGRYDQêFK KRGQRW QD VWU D3 3
)6:Då)6:
Då
>@
3DUDPHWU GHILQXMH ]QDPpQNR IUHNYHQFH SHYQêFK SRåDGRYDQêFK KRGQRW )6: · )6: W]Q GHILQXMH VPU
RWiþHQtRSURWL]DGDQpPXVPUXRWiþHQtStND]HPÄ]DSYOHYR³QHERÄ]DSYSUDYR³
=QDPpQNRYêVWXSQtIUHNYHQFHSHYQêFKSRåDGRYDQêFKKRGQRW)6:Då)6:
3R]QiPND
)6:
3
)6:
3
)6:
3
)6:
3
3 3 3 3 3 3 3 3 6PURWiþHQtXSHYQêFKSRåDGRYDQêFKKRGQRW]iYLVtQDSRYHOXÄ]DS³GRSUDYDGROHYD
~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
3LD]HQtIXQNFtMHGQRWOLYêPELQiUQtPYVWXS $P3y3D3
+RGQRWD
SDUDPHWUX
)XQNFH
)XQNFHYHVWDYX
/9
)XQNFHYHVWDYX
+9
YVWXSEH]IXQNFH
FKRGPRWRUXVPURWiþHQtYSUDYR
ÄY\S³
Ä]DSGRSUDYD³
FKRGPRWRUXVPURWiþHQtYOHYR
ÄY\S³
Ä]DSGROHYD³
UHYHU]DFHVPUXRWiþHQt
QRUPiOQt
UHYHU]DFH
YROQêGREKPRWRUXÄY\S´
ÄY\S³
QHDNWLYQt
]DVWDYHQtSRKRQXVY\ããtSULRULWRXÄY\S´
ÄY\S³
QHDNWLYQt
EORNRYiQ\
DNWLYRYiQ\
SHYQpSRåDGRYDQpKRGQRW\)6:Då)6:
NURNRYiQtGRSUDYD
ÄY\S³
Ä]DS³
NURNRYiQtGROHYD
ÄY\S³
Ä]DS³
]S$VRERYOiGiQtSL3 QHER
PtVWQt
RYOiGiQt
GiONRYp
RYOiGiQt
QXORYiQtSRUXFK\
QHDNWLYQt
Y]HVWXSQRX
KUDQRX
PRWRUSRWHQFLRPHWUIUHNYHQFL]YêãLW
IUHNYHQFHVH
QHPQt
IUHNYHQFL]YêãLW
PRWRUSRWHQFLRPHWUIUHNYHQFLVQtåLW
IUHNYHQFHVH
QHPQt
IUHNYHQFLVQtåLW
SRWODþHQtIXQNFHDQDORJRYpKRYVWXSXSRåDGRYDQi
KRGQRWDIUHNYHQFHMH+]
RGEORNRYiQ
]DEORNRYiQ
EORNRYiQtWODþtWNDÄ3³QDRYOiGDFtPSDQHOX
RGEORNRYiQR
]DEORNRYiQR
EU]GQtVWHMQRVPUQêPSURXGHP
GREDUR]EKXDGREKX
ELQiUQtt]HQtSHYQêFKSRåDGRYDQêFKKRGQRW)6:Då
)6:SRX]H',1·',13·3
SHYQpSRåDGRYDQpKRGQRW\)6:Då)6:DVRXþDVQ
SRYHOÄ]DSGRSUDYD³SL3 H[WHUQtSRUXFKD
KOtGiQtþDVRYiQtZDWFKGRJEGORVWLVRXYLVHMtFtKR
V\VWpPXYL]3
QHDNWLYQt
DNWLYQt
XUþHQi
SDUDPHWU\
3D3
XUþHQi
SDUDPHWU\
3D3
YL]WDEXONDÄ%LQiUQtNyGRYiQt
SHYQêFKSRåDGRYDQêFKKRGQRW³
EORNRYiQ\
³Y\S³
DNWLYRYiQ\
³]DSGRSUDYD³
DNWLYQt
QHDNWLYQt
QHDNWLYQt
Y]HVWXSQRX
KUDQRX
)XQNFHMHDNWLYQtLSURSHGQDVWDYHQpU\FKORVWL
9L]NDSLWROD=DVWDYHQtPRWRUX
~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
+RGQRWD
SDUDPHWUX
)XQNFH
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
)XQNFHYHVWDYX
/9
)XQNFHYHVWDYX
+9
SHSLVVDG\SDUDPHWU$]RYOiGDFtKRSDQHOX230GR
PQLþH
QHDNWLYQt
SHSLV
SHSLVVDG\SDUDPHWU$]RYOiGDFtKRSDQHOX230GR
PQLþH
QHDNWLYQt
SHSLV
9ROEDDQDORJRYêFKYVWXS$SRåDGRYDQpKRGQRW\
$,1
$,1
3R]QiPND
3RNXG MH VRXþDVQ ]DGiQ SRYHO Ä]DS GROHYD³ L Ä]DS GRSUDYD³ PRWRU MH VWiOH Y FKRGX D VPU
RWiþHQtVHQHPQt
3RNXGMH]DGiQSRYHOÄY\S³QHERÄY\S³MHQXWQpSURREQRYHQtFKRGX]DGDWSRYHOÄY\S³DRSW
Ä]DSGROHYD³Ä]DSGRSUDYD³
3
9êEUtGLFtIXQNFHELQiUQtKRYVWXSX',1
Då
>@
3DUDPHWUVORXåtNYêEUXtGLFtIXQNFHELQiUQtKRYVWXSX',1YVWXSQtVYRUN\
3LYROE3 QHERD3 MHYVWXSHPYROHQDSHYQiSRåDGRYDQiKRGQRWD)6:3
3
Då
>@
3
Då
>@
3L YROE 3 D3 MH RGEORNRYiQ QHMY\ããt ELW %&' NyGRYiQt SHYQêFK SRåDGRYDQêFK KRGQRW
YL]WDEXONDELQiUQtKRNyGRYiQtSHYQêFKSRåDGRYDQêFKKRGQRW)6:·)6:QDVWU
3
Då
>@
3L YROE 3 D3 MH RGEORNRYiQ SURVWHGQt ELW %&' NyGRYiQt SHYQêFK SRåDGRYDQêFK KRGQRW
'REDSHSLVXMHSLEOLåQV3RKRQPXVtEêW]DVWDYHQ
1DGLVSOHMLPQLþHEOLNiKRUQtOHYêVHJPHQW
~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>@
3L YROE 3 D3 MH RGEORNRYiQ QHMQLåãt ELW %&' NyGRYiQt SHYQêFK SRåDGRYDQêFK KRGQRW
3
Då
>@
%LQiUQtNyGRYiQtSHYQêFKSRåDGRYDQêFKKRGQRW)6:Då)6:
',1
3 ',1
3 ',1
3 )6:3
+
/
/
)6:3
+
/
+
)6:3
+
+
/
)6:3
+
+
+
)6:3
/
/
/
)6:3
/
/
+
)6:3
/
+
/
)6:3
/
+
+
3R]QiPND
3RNXG MH ]YROHQD IXQNFH SHYQêFK SRåDGRYDQêFK U\FKORVWt 3 · 3 3 QHER D
VRXþDVQMVRXY\EUiQ\GYQHERYtFHU\FKORVWt)6:·)6:VRXþDVQU\FKORVWLVHY]iMHPQ
VþtWDMt
3R]QiPND
-HOL3 QHERDQHER3 QHERDVRXþDVQ3QHER3QHER3 SDN
VHNY\EUDQpSHYQpSRåDGRYDQpKRGQRW)6:·)6:SLþtWiKRGQRWD)6:DQHER)6:
3R]QiPND
3RNXGQHQtQXWQpSRXåtWYãHFKSHYQêFKU\FKORVWt)6:·)6:DOHPpQQHPXVtEêWQNWHUê
]H YVWXS$ QD IXQNFL SHGQDVWDYHQêFK U\FKORVWt QDVWDYHQ 9WRPWR StSDG MH KRGQRWD
RGSRYtGDMtFtKRYVWXSXYWDEXOFH%LQiUQtNyGRYiQtSHYQêFKSRåDGRYDQêFKKRGQRW/
3tNODG 3LQDVWDYHQt3 3 3 MVRXYROHQ\SRX]HU\FKORVWL)6:·)6:
3
'RED]SRåGQtELQiUQtKRYVWXSX
Då
>@
2EVDKHPSDUDPHWUXMHGRED]SRåGQtUHDNFHELQiUQtKRYVWXSXDP$åHQDEêYDWWFKWRKRGQRW
W PV
W PV
W PV
~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
'REDKOtGiQtþDVRYiQtZDWFKGRJEGORVWL
VRXYLVHMtFtKRV\VWpPX
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>@
3RNXGMHQDQNWHUpP]ELQiUQtFKYVWXS$',1·',1Y\EUiQDIXQNFHKOtGiQtþDVRYiQtZDWFKGRJEGORVWL
VRXYLVHMtFtKRV\VWpPX3·33 PXVtEêWQDY\EUDQpPYVWXSXStWRPQ\SUDYLGHOQpLPSXOV\GHOãt
QHåPVDNUDWãtQHåMHKRGQRWDSDUDPHWUX33RNXGQHSLMGHGRGRE\3QiEåQiKUDQDGDOãtKRSXOVX
PQLþ]DKOiVtSRUXFKX)
3R]QiPND
3
+OtGiQtMHLQLFLDOL]RYiQRSUYQtQiEåQRXKUDQRX
9êEUIXQNFHUHOp5/
Då
>@
3DUDPHWUHPVHVSHFLILNXMHXGiORVWQDMDNRXEXGHUHOp5/UHDJRYDWVYRUN\D
3LD]HQtIXQNFtUHOp5/D5/
+RGQRWDSDUDPHWUX
3
3
3RåDGRYDQRX
XGiORVWKOiVtUHOp
YHVWDYX
5HOpQHUHDJXMHQDåiGQRXXGiORVWUHOpQHQtDNWLYQt
&KRGPRWRUX
VHSQXWR
9êVWXSQtIUHNYHQFHMH+]
UR]HSQXWR
0RWRUVHWRþtGRSUDYD
VHSQXWR
([WHUQtEU]GDVHSQXWDYL]Wpå3D3
9êVWXSQtIUHNYHQFHMH!IPLQ
3RUXFKD
9êVWXSQtIUHNYHQFHtSRåDGRYDQiKRGQRWDIUHNYHQFH
9êVWUDKD
9êVWXSQtSURXGt3
9êVWUDKDGRVDåHQtRPH]HQtYêVWXSQtKRSURXGX
UR]HSQXWR
9êVWUDKDGRVDåHQtPH]QtWHSORW\PRWRUX
UR]HSQXWR
9êVWXS3,'UHJXOiWRUXMHIPLQ
VHSQXWR
9êVWXS3,'UHJXOiWRUXMH!IPD[
VHSQXWR
8SR]RUQQt
3
)XQNFHUHOp
UR]HSQXWR
UR]HSQXWR
VHSQXWR
UR]HSQXWR
VHSQXWR
UR]HSQXWR
VHSQXWR
3L]PQSDUDPHWU$3D3QHQtGHILQRYiQVWDYYêVWXSQtFKUHOp5/D5/8MLVWWHVH
åH REYRG\ RYOiGDQp 5/ D 5/ SL VHSQXWt UR]HSQXWt UHOp QH]S$VREt RKURåHQt EH]SHþQRVWL
QHERQHRþHNiYDQêVWDY]Dt]HQt
9êEUIXQNFHUHOp5/
Då
>@
3DUDPHWUHPVHVSHFLILNXMHXGiORVWQDMDNRXEXGHUHOp5/UHDJRYDWVYRUN\D1DVWDYLWHOQpKRGQRW\MVRX
VWHMQpMDNRX3
~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
'RED]SRåGQtSURRGSRMHQtH[WHUQtEU]G\
SLUR]EKXPRWRUX
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>V@
2EVDK SDUDPHWUX XUþXMH MDN GORXKR SL UR]EKX PRWRUX ]$VWDQH YêVWXSQt IUHNYHQFH QD KRGQRW PLQLPiOQt
IUHNYHQFH 3 QHå VH RGEORNXMH tGLFt UHOp EU]G\ 5/ QHER 5/ DRWiþN\ ]DþQRX QDU$VWDW QD åiGDQRX
KRGQRWXYL]REU
I>+]@
SRYHO
=$3
UHYHU]DF H
SRYHO
9<3
IP D[
Iå
IP L Q
W>V @
IP L Q
Iå
IP D[
3
EU]G DV HSQXWD
UHOp5/5/UR]HSQXWR
3
EU]G DY\SQXWD
UHOp5/5/V HSQXWR
EU]G DV HSQXWD
UHOp5/5/UR]HSQXWR
2EU=S$VRERYOiGiQtH[WHUQtEU]G\
3R]QiPND
3
3DUDPHWUMH~þLQQêMHQWHKG\MHOLUHOpRYêYêVWXSQDVWDYHQQD t]HQtH[WHUQtEU]G\3QHER
3 'RED]SRåGQtSURVHSQXWtH[WHUQtEU]G\
SLGREKXPRWRUX
Då
>V@
2EVDK SDUDPHWUX XUþXMH MDN GORXKR SR GRVDåHQt PLQLPiOQtFK RWiþHN 3 SL GREKX SRKRQX ]$VWDQH
YêVWXSQtIUHNYHQFHPQLþHQDPLQLPiOQtKRGQRWYL]REU
3DUDPHWU MH ~þLQQê MHQ WHKG\ MHOL UHOpRYê YêVWXS QDVWDYHQ QD t]HQt H[WHUQt EU]G\ 3QHER
3 3RN\Q\NHVSUiYQpPXQDVWDYHQtKRGQRWSDUDPHWU$3D3
3R]QiPND
o KRGQRW\SDUDPHWU$3D3E\PO\EêWQDVWDYHQ\RWURFKXYWãtQHåVNXWHþQpþDV\SRWHEQpNSLWDåHQt
DY\SQXWtH[WHUQtEU]G\
o QDVWDYHQtStOLãYHONêFKKRGQRWSDUDPHWU$3D3P$åHYpVWNSHWtåHQtDRGSRMHQtPQLþH]HMPpQD
WHKG\ MHOL KRGQRWD SDUDPHWUX 3 PLQLPiOQt IUHNYHQFH YHONi YWDNRYpP StSDG VH PQLþ SRNRXãt
UR]WiþHWSHYQ]DEUi]GQRXKtGHOPRWRUX
o SRNXG MH SRXåLWD IXQNFH NRPSHQ]DFH VNOX]X 3! PLQLPiOQt IUHNYHQFH PXVt EêW PHQãt QHå +]
3MLQDNPQLþP$åHKOiVLWSRUXFKX
3
3UDKRYiKRGQRWDYêVWXSQtKRSURXGXYHGRXFt
NVHSQXWtUHOp5/QHER5/
Då
>$@
3DUDPHWU REVDKXMH SUDKRYRX KRGQRWX YêVWXSQtKR SURXGX PQLþH YHGRXFt NVHSQXWt UHOp 5HOp SLWiKQH
YStSDG åH SURXG PRWRUX SHNURþt QDVWDYHQRX KRGQRWX 3 DRGSDGQH SRNOHVQHOL KRGQRWD SURXGX SRG
QDVWDYHQpKRGQRW\
3R]QiPND
~QRU
3DUDPHWU MH ~þLQQê MHQ WHKG\ MHOL UHOpRYê YêVWXS QDVWDYHQ QD LQGLNDFL SHNURþHQt YêVWXSQtKR
SURXGX3QHER3 6(0,&520$67(59HFWRUx3RSLVDQiYRGNREVOX]H
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
.RPSDXQGQtEU]GQt
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>@
.RPSDXQGQt EU]GQt XPRåXMH NUDWãt GREX GREKX D OHSãt EU]GtFt VFKRSQRVW SL VRXþDVQp PRåQp ]PQ
YêVWXSQtIUHNYHQFH]YOiãWXPQLþ$V9QDSiMHQtP3tOLãYHONiKRGQRWDSDUDPHWUXP$åH]S$VRELWSRUXFKX
SHSWtPH]LREYRGX).RPSDXQGQtEU]GQtMHDNWLYQtSRNXG3!
3R]QiPND
3
.RPSDXQGQtEU]GQtQHQtDNWLYQtSLYHNWRURYpUHJXODFLEH]]SWQpYD]E\3 .RUHNFHGRE\UR]EKXDGREKX
Då
>@
3DUDPHWUHP MH PRåQp QDVWDYLW DXWRPDWLFNp SL]S$VREHQt GRE\ UR]EKX D GREKX WDNRYêP ]S$VREHP DE\ VH
SHGHãOR YêSDGNX PQLþH SRUXFKRYpPX KOiãHQt SL SURXGRYpP RPH]HQt SHNURþHQt QDSWt PH]LRREYRGX D
SHNURþHQtVNOX]XPRWRUX
NRUHNFHGRE\UR]EKXDGREKXQHDNWLYQt
DXWRPDWLFNpSURGORXåHQtGRE\UR]EKXDGREKXWDNDE\VH]DEUiQLORPH]QtPXSHNURþHQtKRGQRW\SURXGX
QDSWt PH]LREYRGX QHER VNOX]X PRWRUX IXQNFH QHQt DNWLYQt SRNXG MH QDVWDYHQD UHJXODFH YHNWRURYpKR
t]HQtEH]]SWQpYD]E\3 3
3UDFRYQtF\NOXV]DWtåHQtEU]GQpKRRGSRUQtNX
SRX]H009
Då
>@
3DUDPHWUHP MH PRåQp QDVWDYLW RFKUDQX WHSHOQpKR ]DWtåHQt EU]GQpKR RGSRUQtNX +RGQRWD SDUDPHWUX Y\MDGXMH
PD[ VWtGX ]DWtåHQt SRPU PH]L SLSRMHQtP D RGSRMHQtP RGSRUQtNX 3DUDPHWU P$åH QDEêYDW QiVOHGXMtFtFK
KRGQRW
SUDFRYQtF\NOXVPD[GREDVHSQXWtV
SUDFRYQtF\NOXV
SUDFRYQtF\NOXV
SUDFRYQtF\NOXVPD[GREDVHSQXWtV
SUDFRYQtF\NOXV
3R]QiPND
6WDQGDUGQtEU]GQpRGSRUQtN\DG\6(YL]NDS%U]GQpRGSRUQtN\DEU]GQiMHGQRWND
MVRXXUþHQ\SURSUDFRYQtF\NOXV
3R]QiPND
3DUDPHWU MH DNWLYQt SRX]H X W\S$ 0,&520$67(5 9HFWRU NWHUê Pi EU]GQRX MHGQRWNX
]DEXGRYDQRX8W\SX0,',0$67(59HFWRUMHQXWQpSRXåtWEU]GQRXMHGQRWNXYQMãt(%8
3
Ú
.RPSHQ]DFHVNOX]X
Då
>@
3DUDPHWUHPO]HNRPSHQ]RYDWVNOX]DV\QFKURQQtKRPRWRUX3LNRPSHQ]DFLVNOX]XVH]Y\ãXMHKRGQRWDYêVWXSQt
IUHNYHQFH Y ]iYLVORVWL QD ]DWtåHQt PRWRUX RWiþN\ PRWRUX ]$VWiYDMt WpP NRQVWDQWQt 0RåQRVW QDVWDYHQt
NRPSHQ]DFHVNOX]XYãLURNpPUR]PH]tDåXPRåXMHSL]S$VRELWPQLþQDMDNêNROLYPRWRU
8SR]RUQQt
8SRKRQ$VHV\QFKURQQtPLPRWRU\QHERXSRKRQ$VNXSLQRYêFKMHQXWQpSDUDPHWU3QDVWDYLW
QDQXOX3 3R]QiPND
.RPSHQ]DFHVNOX]XQHQtDNWLYQtSLYHNWRURYpUHJXODFLEH]]SWQpYD]E\3 ~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
Ú
2PH]HQtVNOX]X
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>@
3DUDPHWUHPO]HRPH]LWVNOX]PRWRUXQDKRGQRWXDåMPHQRYLWpKRGQRW\VNOX]XDWDN]DEUiQLWPRåQpPX
SHFKRGX PRWRUX GR QHVWDELOQt þiVWL PRPHQWRYp FKDUDNWHULVWLN\ QHER MHKR SHWtåHQt SRNXG MH ]DEORNRYiQ D
QHP$åH VH RWiþHW 3R GRVDåHQt KRGQRW\ RPH]HQt VNOX]X ]DþQH PQLþ VQLåRYDW YêVWXSQt IUHNYHQFL Då VH
GRVWDQHPLPRREODVWRPH]HQt
3
Ú
Då
>@
%U]GQtVWHMQRVPUQêPSURXGHP
3DUDPHWUHP VH QDVWDYXMH KRGQRWD VWHMQRVPUQpKR EU]GQpKR SURXGX SL SRYHOX ÄY\S³ QHER ÄEU]GQt VV
SURXGHP³ QD KRGQRWX Då MPHQRYLWpKR SURXGX PRWRUX 3 %U]GQê YêNRQ VH SHPXMH YWHSOR
QLNROLYYPQLþLDOHYPRWRUX'REDEU]GQtMHGiQDKRGQRWRXSDUDPHWUX3GREDGREKXSLSRYHOXÄY\S³
QHER SR GREX NG\ MH DNWLYRYiQ GLJLWiOQt YVWXS ',1·',1 V QDVWDYHQRX IXQNFt ÄEU]GQt VV SURXGHP³
3·33 )XQNFHMHGHDNWLYRYiQDWHKG\MHOL3QHER3 RYOiGiQtH[WHUQtEU]G\QHER
SDUDPHWU3PiQXORYRXKRGQRWX
8SR]RUQQt
8SR]RUQQt
3
Ú
ýDVWpDGpOHWUYDMtFtSRXåtYiQtVWHMQRVPUQpKREU]GQtP$åHYpVWNSHKiWtPRWRUX0RWRUQHQt
SL VQtåHQêFK RWiþNiFK GRVWDWHþQ FKOD]HQ YODVWQtP YHQWLOiWRUHP SURWR MH QXWQp SRXåtYDW
VWHMQRVPUQp EU]GQt RSDWUQ QHER ]DMLVWLW GRVWDWHþQp FKOD]HQt PRWRUX YQMãtP YHQWLOiWRUHP
QHERSHGLPHQ]RYiQtPPRWRUX
3R]RUQDGREXS$VREHQtVVEU]GQtSLMHKRDNWLYDFLGLJLWiOQtPYVWXSHP
.LYN\RPH]HQtWUYDOpKRSURXGXPRWRUX
Då
>@
3DUDPHWUVORXåtNQDVWDYHQtRFKUDQ\PRWRUXSURWLQDGPUQpPXRWHSOHQt3LQLåãtFKSUDFRYQtFKRWiþNiFKQHQt
PRWRUVYODVWQtYHQWLODFtGRVWDWHþQFKOD]HQDSL]YêãHQtMHKRWHSORW\GRFKi]tNWHSHOQpPXQDPiKiQtL]RODFH
YLQXWt$E\QHGRãORNSRãNR]HQtPRWRUXPQLþNRQWUROXMHRWHSOHQtPRWRUXSRGOHFKDUDNWHULVWLNQDREU
3L]YêãHQt]DWtåHQtPRWRUXMHSURXGRPH]HQSRGOHKRGQRW\SURXGRYpKRRPH]HQtQDVWDYHQpSDUDPHWUHP3
3L QDVWDYHQt 3 MH PD[LPiOQt GRED SHWtåHQt DVL PLQ 3R WpWR GRE GRMGH NH VQtåHQt YêVWXSQtKR
SURXGXQDKRGQRWXFFDMPHQRYLWpKRSURXGX33RDVLPLQVHGMRSDNXMH6QtåHQtSURXGXVHGRVDKXMH
VQtåHQtP YêVWXSQt IUHNYHQFH 3HGSRNOiGi VH åH SL VQtåHQt IUHNYHQFH NOHVQH ]iWå SRKRQX L SURXG PRWRUX
)XQNFHMHYKRGQi]YOiãWSURSRKRQ\VNYDGUDWLFNRX]DWåRYDFtFKDUDNWHULVWLNRX
3RNXGPiSDUDPHWUKRGQRWXDå3 ·QHQtLQWHUQY\SRþtWiYiQDWHSORWDPRWRUX
3RNXG Pi SDUDPHWU KRGQRWX Då 3 · MH Y\SRþtWiYiQD WHSORWD PRWRUX D SL GRVDåHQt WHSORW\ &
PQLþKOiVtSRUXFKX)
8SR]RUQQt
~QRU
9êSRþHWWHSHOQpKR]DWtåHQtPRWRUX, WQHPXVt]DMLVWLWGRVWDWHþQRXRFKUDQXPRWRUX9DSOLNDFtFK
QiURþQêFK QD EH]SHþQRVW SURYR]X GRSRUXþXMHPH SRXåtW MDNR RFKUDQX SURWL SHKiWt PRWRUX
WHSORWQtþLGOR37&
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
SURXGPRWRUX
3 , MP
3 , MP
3 IMPHQRYLWiIUHNYHQFHPRWRUX3
MP
,MPHQRYLWêSURXGPRWRUX3
MP
3 I MP
I MP
I MP
YêVWXSQtIUHNYHQFH
2EU5HGXNFHYêNRQX3
3DUDPHWU3P$åHQDEêYDWQiVOHGXMtFtFKKRGQRW
åiGQp RPH]HQt SURXGX QDVWDYHQt MH YKRGQp SUR PRWRU\ VFL]tP FKOD]HQtP QHER SUR PRWRU\ VNRQVWUXNFt
XQLFKåRGYRGWHSODQH]iYLVtQDRWiþNiFKPRWRUXQHERXPRWRU$Y\EDYHQêFKWHSORWQtPþLGOHP37&
QDVWDYHQt MH XUþHQR YãHREHFQ SUR GYRX D þW\SyORYp PRWRU\ MHMLFKå Y\ããt SUDFRYQt RWiþN\ XPRåXMt OHSãt
FKOD]HQtSHGSRNOiGiVHåHSLIUHNYHQFL!IMPO]HRGYpVWSOQêYêNRQ
QDVWDYHQt MH XUþHQR SUR VSHFLiOQt PRWRU\ NWHUp PRKRX EêW ]DWåRYiQ\ MPHQRYLWêP SURXGHP Då QD Y\ããtFK
RWiþNiFKQHåMVRXMPHQRYLWp
QDVWDYHQtMHXUþHQRYãHREHFQSURãHVWLDRVPLSyORYpPRWRU\SHGSRNOiGiVHåHPRWRUP$åHRGYpVWSOQê
YêNRQ SL Y\ããtFK QHå MPHQRYLWêFK RWiþNiFK YKRGQp SUR PRWRU\ NWHUp SUDFXMt V MPHQRYLWêP YêNRQHP SL
IUHNYHQFLtIMP
QDVWDYHQt MH WRWRåQp MDNR NG\å 3 VUR]GtOHP åH PQLþ Y\KRGQRFXMH WHSORWX PRWRUX D SL SHNURþHQt
PH]QtWHSORW\KOiVtSRUXFKX)
3
Ú
([WHUQtEU]GQêRGSRUQtN
SRX]H009
Då
>@
3RYROHQtQHER]DNi]iQtEU]GQtSRPRFtYQMãtKREU]GQpKRRGSRUQtNX
%U]GQêRGSRUQtNVORXåtNPDHQtHQHUJLHGRGiYDQp]SWGRPQLþHSLEU]GQtPRWRUX-HKRKRGQRWDD]DWtåHQt
]iYLVt QD PRPHQWX VHWUYDþQRVWL SRKRQX LQWHQ]LW EU]GQt GRE EU]GQt QDVWDYHQp 3 DSUDFRYQtP F\NOX
þHWQRVWUR]EK$D]DVWDYHQtPRWRUX
0LQLPiOQtKRGQRWDMH:SURPQLþHVQDSiMHQtP9009[[[D009[[[D:SURPQLþHVQDSiMHQtP
9009[[[3LStOLãQt]NpKRGQRWRGSRUQtNXP$åHGRMtWNSRãNR]HQtPQLþH
EU]GQêRGSRUQtNQHQtSLSRMHQ
EU]GQêRGSRUQtNSLSRMHQ
8SR]RUQQt
,]RODFHEU]GQpKRRGSRUQtNXPXVtEêWGLPHQ]RYiQDSRGOHQDSWtPH]LREYRGXPQLþH
%U]GQê RGSRUQtN MH PRåQp SLSRMLW SRX]H N PQLþL W\SX 0,&520$67(5 9HFWRU 0QLþ 0,',0$67(5 9HFWRU
SRXåtYiH[WHUQtEU]GQRXMHGQRWNX(%8
~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
Ú
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>@
QHER
0RGXODþQtIUHNYHQFH
3DUDPHWUHP VH YROt KRGQRWD PRGXODþQt IUHNYHQFH SXO]Q ãtNRYp PRGXODFH 3â0 ]UR]VDKX RG N+] GR
N+] -HVWOLåH QHQt EH]SRGPtQHþQ QXWQê QHKOXþQê SURYR] PQLþH MH YKRGQp YROLW QLåãt KRGQRWX PRGXODþQt
IUHNYHQFH3LQLåãtKRGQRWPRGXODþQtIUHNYHQFHVHVQtåt]WUiW\YPQLþLDWDNpUXãHQt
3DUDPHWU3P$åHQDEêYDWWFKWRKRGQRW
QHER
QHER
QHER
QHER
N+]
N+]
N+]
N+]
WRYiUQtQDVWDYHQtSURPQLþHVQDSiMHQtP9
WRYiUQtQDVWDYHQtSURPQLþHVQDSiMHQtP9
3L VXGêFK KRGQRWiFK SDUDPHWUX MH SRXåLW EåQê ]S$VRE PRGXODFH SL OLFKêFK KRGQRWiFK SDUDPHWUX MH SUR
YêVWXSQtIUHNYHQFL!+]SRXåLWDDV\QFKURQQtPRGXODFHVQLåãtPL]WUiWDPL
3R]QiPND
3LYROEPRGXODþQtIUHNYHQFHN+]3 EXGHLQGLNDFHYêVWXSQtKRSURXGXPQLþHSL
YêVWXSQtIUHNYHQFLI+]QHSHVQi
8QiVOHGXMtFtFKW\S$IUHNYHQþQtFKPQLþ$MHQXWQiUHGXNFHYêVWXSQtKRSURXGXPQLþHY]iYLVORVWLQDPRGXODþQt
IUHNYHQFLQDKRGQRWX,MPPQLþH
3 3 3 3 009
009
009
009
009
009
009
009
0'9
0'9
0'9
0'9
0'9
0'9
0'9
0'9
·
0'9
QHO]H
QHO]H
3RNXG VH WHSORWD FKODGLþH PQLþH EOtåt PD[ StSXVWQp KRGQRW PRGXODþQt IUHNYHQFH VH DXWRPDWLFN\ VQLåXMH
3RNXGWHSORWDFKODGLþHVHVQtåtPRGXODþQtIUHNYHQFHVHYUiWtQDS$YRGQtKRGQRWX
8W\S$009VQDSiMHQtP9KRGQRWDXW\S$009VQDSiMHQtP9DXW\S$0'9KRGQRWD
~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>@
9ROEDPyGXt]HQtDUHJXODFH
3DUDPHWUHP VH YROt ]iYLVORVW QDSWt QD PRWRUX QD YêVWXSQt IUHNYHQFL 3DUDPHWU 3 P$åH QDEêYDW WFKWR
KRGQRW
UHJXODFHGOHOLQHiUQtFKDUDNWHULVWLN\8IREU
WXWR FKDUDNWHULVWLNX O]H SRXåtW SUR
V\QFKURQQt SRKRQ\ DSUR SDUDOHOQ VSRMHQp
PRWRU\VNXSLQRYpSRKRQ\
)&& DNWLYQt UHJXODFH PDJQHWL]DþQtKR
SURXGX 9\OHSãHQê ]S$VRE VWDQGDUGQtKR
t]HQt SL ]PQ ]iWåH SRKRQX 3RXåLWê
]S$VRE t]HQt MH YKRGQê SUR DXWRPDWLFNRX
NRPSHQ]DFL VNOX]X PRWRUX GRGUåHQt
NRQVWDQWQtFK RWiþHN SRKRQX QH]iYLVOêFK QD
]DWtåHQt3LWRPWR]S$VREXt]HQtPXVtEêW
VSUiYQ QDVWDYHQ\ SDUDPHWU\ 3·3
$E\VSUiYQIXQJRYDODNRPSHQ]DFHVNOX]X
MHQXWQpQDVWDYLWVSUiYQSDUDPHWU3
UHJXODFH GOH NYDGUDWLFNp FKDUDNWHULVWLN\ 8I
REUWHQWR]S$VREUHJXODFHMHXUþHQSUR
SRKRQ\
V
NYDGUDWLFNRX
]DWåRYDFt
FKDUDNWHULVWLNRX YHQWLOiWRU\ RGVWHGLYi
þHUSDGODDWG
3R]QiPND
8YêVW
8YVW
8MP
3
PD[YêVWQDSWt
8 NRQVW
3 I
a
8
8SRþ
3
3
3 aI
8
I MP
3
I
YêVW
2EU/LQHiUQtDNYDGUDWLFNiFKDUDNWHULVWLND8I
8 W\SX 0'9 MH SL QDVWDYHQt 3 DXWRPDWLFN\ ]YêãHQ MPHQRYLWê SURXG PQLþH SUR
NYDGUDWLFNRX]iWåYL]NDS7HFKQLFNp~GDMHPQLþ$
9HNWRURYp t]HQt EH] ]SWQp YD]E\ XPRåXMH RSWLPiOQt ]S$VRE t]HQt DV\QFKURQQtKR PRWRUX 3RKRQ Pi
NRQVWDQWQt PRPHQW RG YHOPL Qt]NêFK RWiþHN D MVRX DXWRPDWLFN\ Y\URYQiYiQ\ RWiþN\ PRWRUX SL ]PQ
]DWtåHQt3LWRPWR]S$VREXt]HQtPXVtEêWVSUiYQQDVWDYHQ\SDUDPHWU\3·3DPXVtEêWSURYHGHQR
DXWRPDWLFNp]PHQtFKDUDNWHULVWLNSRKRQX3 3
Ú
7UYDOp]YêãHQtQDSiMHFtKRQDSWtPRWRUX
Då
>@
3DUDPHWUHP MH PRåQp ]YêãLW UR]EKRYê SURXG PRWRUX SL Qt]NêFK IUHNYHQFtFK WDN DE\ PRWRU PO GRVWDWHþQê
PRPHQWSLUR]EKX1DSWtMH]YêãHQRWUYDOHLSRVNRQþHQtUR]EKX5R]VDKDåMPHQRYLWpKRSURXGX
PRWRUX
8SR]RUQQt
3
Ú
3tOLã YHONp ]YêãHQt WRKRWR SDUDPHWUX P$åH YpVW NQDGPUQpPX RWHSOHQt PRWRUX V PRåQRVWt
U\FKOHMãtKRVWiUQXWtQHERLSRãNR]HQtL]RODFH
=YêãHQtQDSiMHFtKRQDSWtPRWRUXSLUR]EKX
Då
>@
8SRKRQ$ NGH MH Y\åDGRYiQ YHONê ]iEURYê PRPHQW MH PRåQp QDVWDYLW StGDYQp ]YêãHQt QDSWt QD PRWRUX
YUR]VDKX Då MPHQRYLWp KRGQRW\ SURXGX PRWRUX 7RWR ]YêãHQt QDSWt MH DNWLYQt SRX]H SL UR]EKX
SRKRQXDQHQtDNWLYQtSRGRVDåHQtåiGDQpKRGQRW\IUHNYHQFH
8SR]RUQQt
7RWRStGDYQp]YêãHQtQDSWtVHVþtWiVQDVWDYHQtPGDQpSDUDPHWUHP3DFHONRYiKRGQRWD
MHRPH]HQD
3UR0'9D3 QHER
~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
ÒþLQtNPRWRUXFRVM
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>@
+RGQRWX SDUDPHWUX MH SRWHEQp ]DGDW SRGOH ãWtWNRYêFK ~GDM$ PRWRUX 3RNXG KRGQRWX SDUDPHWUX QH]QiWH
QDVWDYWHSDUDPHWUQDQXOX3 3
-PHQRYLWiKRGQRWDIUHNYHQFHPRWRUX
Då
>+]@
Då
>RWPLQ@
Då
>$@
Då
>9@
Då
>N:@
Då
>@
+RGQRWXSDUDPHWUXMHSRWHEQp]DGDWSRGOHãWtWNRYêFK~GDM$PRWRUX
3
-PHQRYLWiKRGQRWDRWiþHNPRWRUX
3
-PHQRYLWiKRGQRWDSURXGXPRWRUX
3
-PHQRYLWiKRGQRWDQDSiMHFtKRQDSWtPRWRUX
3
-PHQRYLWiKRGQRWDYêNRQXPRWRUX
3
Ú
2PH]HQtSURXGXPRWRUX
3DUDPHWUHP O]H RPH]LW SURXG PRWRUX D ]DEUiQLW QDGPUQpPX RWHSOHQt PRWRUX YL] Wpå 3 +RGQRWD
SDUDPHWUX MH Y]WDåHQi NMPHQRYLWpPX SURXGX PRWRUX 3 9StSDG åH SURXG PRWRUX SHNURþt KRGQRWX
QDVWDYHQRXSDUDPHWUHPSRGREXGHOãtQHåPLQXWXEXGHPQLþVQLåRYDWYêVWXSQtIUHNYHQFLWDNGORXKRGRNXG
YêVWXSQt SURXG PQLþH D WHG\ LPRWRUX QHEXGH PHQãt QHå KRGQRWD SURXGRYpKR RPH]HQt 7HQWR VWDY
SHNURþHQt RPH]HQt DQiVOHGQpKR VQLåRYiQt YêVWXSQt IUHNYHQFH MH LQGLNRYiQ EOLNiQtP GLVSOHMH 3HNURþHQt
SURXGRYpKRRPH]HQtP$åHEêWLQGLNRYiQRSRPRFtUHOpSLQDVWDYHQt3QHER3 7UYDOp SHNURþHQt SURXGRYpKR RPH]HQt P$åH EêW KOiãHQR SRUXFKRYêP KOiãHQtP ) SRX]H MHOL QDVWDYHQ
SDUDPHWU3QDKRGQRWXDå3 ·
3R]QiPND
0D[LPiOQt KRGQRWD SDUDPHWUX MH DXWRPDWLFN\ RPH]HQD QiVRENHP MPHQRYLWpKR SURXGX
PQLþH3RNXGMHXW\SX0'9QDVWDYHQDUHJXODFHGOHNYDGUDWLFNpFKDUDNWHULVWLN\8I3 MHPD[LPiOQtKRGQRWDSDUDPHWUXURYQDMPHQRYLWpPXSURXGXPQLþHSURNYDGUDWLFNRX]iWå
7RYiUQtQDVWDYHQtKRGQRW\SDUDPHWUX]iYLVtQDW\SRYpPYêNRQXP QLþH
~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
Ú
%ORNRYiQtYVWXSXSURWHUPLVWRU37&
XPtVWQpKRYPRWRUX
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>@
3DUDPHWU VORXåt NEORNRYiQt YVWXSX SUR WHUPLVWRU 37& WHUPLVWRU V SR]LWLYQtP WHSORWQtP NRHILFLHQWHP NWHUê
VQtPiWHSORWXPRWRUX3DUDPHWU3P$åHQDEêYDWWFKWRKRGQRW
YVWXSQHQtDNWLYQt
YVWXSSURH[WHUQtWHUPLVWRU37&MHDNWLYQt
8SR]RUQQt
3
3LQDVWDYHQt3 DRGSRUX37&PH]LVYRUNDPL D !N: GRMGH N RGSRMHQt PQLþH
DLQGLNDFLSRUXFKRYpKRKOiãHQt)6WDYRYpUHOp5/5/EXGHLQGLNRYDWSRUXFKXPQLþHSL
]YêãHQtWHSORW\SRX]HWHKG\MHOLQDVWDYHQSDUDPHWU3QHER3 $XWRNDOLEUDFH
Då
>@
3DUDPHWU VH SRXåtYi QD DXWRPDWLFNp ]MLãWQt RGSRUX VWDWRUX PRWRUX +RGQRWD VH Y\XåtYi SL YêSRþWHFK )&&
UHJXODFH 1DVWDYHQt SDUDPHWUX QD KRGQRWX D ]DGiQt SRYHOX Ä]DS³ ]S$VREt DXWRPDWLFNp ]PHQt RGSRUX
VWDWRUXPRWRUX=tVNDQiKRGQRWDVHXORåtGRSDUDPHWUX33DUDPHWU3VHSDNDXWRPDWLFN\QDVWDYtQD
7RWRPHQtVHPXVtSURYpVWSRNXGPQLþSUDFXMHYUHåLPXt]HQt)&&3 QHERYHNWRURYpUHJXODFLEH]
]SWQpYD]E\3 3R]QiPND
3RNXGMH]PHQiKRGQRWDVWDWRURYpKRRGSRUXPRWRUXSURGDQêW\SPQLþHStOLãYHONiMHGQi
VHRYHOPLPDOêPRWRUQHERPRWRUQHQtSLSRMHQPQLþKOiVtSRUXFKX)DSDUDPHWU3
]$VWDQHQDVWDYHQQD9WDNRYpPStSDGQDVWDYWHKRGQRWXVWDWRURYpKRRGSRUX]H]PHQêFK
~GDM$UXþQ3DQDVWDYWH3 8SR]RUQQt
0HQtMHQXWQpSURYpVWSLVWXGHQpPPRWRUX
3
Ú
+RGQRWDVWDWRURYpKRRGSRUX
Då
>:@
2EVDKHP SDUDPHWUX MH KRGQRWD VWDWRURYpKR RGSRUX PRWRUX +RGQRWX SDUDPHWUX O]H ]DGDW PDQXiOQ QHER
]tVNDWDXWRPDWLFNêPPHQtPYL]38YDåXMHVHRGSRUPH]LGYPDIi]HPLVWXGHQpKRPRWRUX
3tOLã YHONi ]DGDQi KRGQRWD VWDWRURYpKR RGSRUX P$åH ]S$VRELW SRUXFKRYp KOiãHQt ) SHNURþHQt
PD[LPiOQtKRSURXGXPQLþH
9DURYiQt
3HG PHQtP Y\SQWH QDSiMHQt PQLþH Y\þNHMWH PLQXW QHå VH Y\ELMH NRQGHQ]iWRU
PH]LREYRGXDSRWpRGSRMWHPRWRURGPQLþH
~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
Ú
$GUHVDPQLþH
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>@
2EVDKHP SDUDPHWUX MH DGUHVD PQLþH SL NRPXQLNDFL SHV VpULRYp UR]KUDQt SURVWHGQLFWYtP MHGQRGXFKpKR
XQLYHU]iOQtKR SURWRNROX 866 VQDGD]HQêP SRþtWDþHP QHER MLQêP tGLFtP V\VWpPHP 1D MHGQp VpULRYp OLQFH
P$åHEêWSLSRMHQRDåPQLþ$
3
Ú
5\FKORVWSHQRVXGDWVpULRYpNRPXQLNDFH
Då
>@
3DUDPHWUHP VH QDVWDYXMH U\FKORVW SHQRVX GDW SR VpULRYp OLQFH VpULRYp UR]KUDQt 56 MHGQRGXFKê
XQLYHU]iOQtSURWRNRO8663DUDPHWU3P$åHQDEêYDWQiVOHGXMtFtFKKRGQRW
%DXG
%DXG
%DXG
%DXG
%DXG
3
Ú
0D[LPiOQtStSXVWQiSURGOHYDPH]LGYPDSRVRE
MGRXFtPLWHOHJUDP\
Då
>V@
9StSDGåHEH]SRUXFKRYêVWDYPQLþHMHNRQWURORYiQSURVWHGQLFWYtPVpULRYpOLQN\YSUDYLGHOQêFKLQWHUYDOHFK
SLSHUXãHQtNRPXQLNDFHSRGREXGHOãtQHåMHKRGQRWDSDUDPHWUXGRMGHNRGSRMHQtPQLþH
+OtGiQt GRE\ PH]L GYPD WHOHJUDP\ VH DNWLYXMH SR SLMHWt SODWQpKR WHOHJUDPX 1HSLMGHOL Y]DGDQpP þDVRYpP
LQWHUYDOX3åiGQêGDOãtWHOHJUDPPQLþVHRGSRMtDREMHYtVHSRUXFKRYpKOiãHQt)
+RGQRWDGHDNWLYXMHIXQNFLKOtGiQtSURGOHY\PH]LGYPDWHOHJUDP\
3
Ú
9]WDåQiKRGQRWDIUHNYHQFHSRXåtYDQiSLRYOiGiQt
SURVWHGQLFWYtPVpULRYpOLQN\
Då
>+]@
2EVDKHP SDUDPHWUX MH Y]WDåQi KRGQRWD IUHNYHQFH SRXåtYDQi SL RYOiGiQt SURVWHGQLFWYtP VpULRYp OLQN\
3RåDGRYDQi KRGQRWD IUHNYHQFH VH ]DGiYi YH IRUP UHODWLYQtFK KRGQRW >@ Y]WDåHQêFK N KRGQRW SDUDPHWUX
3+RGQRWDRGSRYtGi+
3tNODG
3
Ú
-HOL QDVWDYHQD KRGQRWD 3 DPQLþ GRVWDQH SRN\Q ÄSRåDGRYDQi KRGQRWD YêVWXSQt
IUHNYHQFH ³]QDPHQiWRåHSRåDGRYDQiKRGQRWDYêVWXSQtIUHNYHQFHEXGH+]
5R]OLãHQtIUHNYHQFHSLRYOiGiQtSURVWHGQLFWYtP
VpULRYpOLQN\
Då
>@
2EVDK SDUDPHWUX VSHFLILNXMH UR]OLãHQL IUHNYHQFH SL NRPXQLNDFL SRPRFt XQLYHU]iOQtKR SURWRNROX 866 DP$åH
QDEêYDWQiVOHGXMtFtFKKRGQRW
UR]OLãHQtIUHNYHQFH+]
UR]OLãHQtIUHNYHQFH+]
GDWD]DGRWHFKQRORJLFNpKRSURFHVXKODYQKRGQRW\IUHNYHQFHQHSRXåtYDMtMDNRMHGQRWNX>@YL]3DOH
>+]@VUR]OLãHQtP+]W]QåHKRGQRWDa+]
~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
Ú
7\SUR]ãLXMtFtKRPRGXOX
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>@
Då
>@
3DUDPHWUP$åHQDEêYDWQiVOHGXMtFtFKKRGQRW
åiGQêUR]ãLXMtFtPRGXOQHQtSLSRMHQ
SLSRMHQPRGXO352),%86
SLSRMHQPRGXO&$1%86
3
Ú
3URYR]PQLþHY(YURSQHERY86$
2EVDKHP SDUDPHWUX VH YROt KRGQRWD MPHQRYLWp IUHNYHQFH QDSiMHFtKR QDSWt PRWRUX +] QHER +]
3DUDPHWUP$åHQDEêYDWWFKWRKRGQRW
(YURSD+]DYêNRQPQLþHYN:
86$+]DYêNRQPQLþHYKS
3R]QiPND
3
3R QDVWDYHQt SDUDPHWUX 3 PXVt EêW SURYHGHQ UHVHW PQLþH SUR WRYiUQt QDVWDYHQt
SDUDPHWU$
-PHQRYLWêYêNRQPQLþH
Då
>N:@
2EVDKHPSDUDPHWUXMHKRGQRWDMPHQRYLWpKRYêNRQX3DUDPHWUMHXUþHQMHQSURþWHQt+RGQRWD]QDPHQi
åHPQLþPiMPHQRYLWêYêNRQN:
3R]QiPND
3
9StSDG åH KRGQRWD SDUDPHWUX 3 PQLþ XUþHQ SUR SURYR] Y86$ EXGH YêNRQ
XGiYiQYNRVNêFKVLOiFK>KS@
7\SPQLþHPRGHO
Då
>@
3DUDPHWUXUþHQêSRX]HNHþWHQtP$åHQDEêYDWQiVOHGXMtFtFKKRGQRW
0,&520$67(5VpULH00
&20%,0$67(5
0,',0$67(5
0,&520$67(5-XQLRU00-
0,&520$67(5VpULH00
0,&520$67(59HFWRU009
0,',0$677(59HFWRU0'9
&20%,0$67(5VpULH
7RYiUQtQDVWDYHQtKRGQRW\SDUDPHWUX]iYLVtQDW\SXP QLþH
~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>@
7\SPQLþHMPHQRYLWêYêNRQ
3DUDPHWUXUþHQêSRX]HNHþWHQtP$åHQDEêYDWQiVOHGXMtFtFKKRGQRW
3
3 3 3
3 009
0'9
009
0'9
009
0'9
009
0'9
009
0'9
009
0'9
009
0'9
009
0'9
009
0'9
009
0'9
009
0'9
009
0'9
009
0'9
009
0'9
009
0'9
009
0'9
009
0'9
009
0'9
009
0'9
009
0'9
009
0'9
009
0'9
009
0'9
009
0'9
009
0'9
009
0'9
009
0'9
009
0'9
009
0'9
3
3 2GEORNRYiQt]DEORNRYiQtWODþtWNDÄ]DS³
3
3 Då
>@
3 3DUDPHWUVORXåtNRGEORNRYiQtQHER]DEORNRYiQtWODþtWNDÄ,³QDRYOiGDFtPSDQHOXDP$åHQDEêYDWQiVOHGXMtFtFK
KRGQRW
WODþtWNRÄ,³MH]DEORNRYiQR
WODþtWNRÄ,³MHRGEORNRYiQRMHQSL3 3
2GEORNRYiQt]DEORNRYiQtWODþtWNDÄUHYHU]DFH³
Då
>@
3DUDPHWU VORXåt NRGEORNRYiQt QHER ]DEORNRYiQt WODþtWND ÄUHYHU]DFH³ QD RYOiGDFtP SDQHOX DP$åH QDEêYDW
QiVOHGXMtFtFKKRGQRW
WODþtWNRÄUHYHU]DFH³MH]DEORNRYiQR
WODþtWNRÄUHYHU]DFH³MHRGEORNRYiQRMHQSL3 3
2GEORNRYiQt]DEORNRYiQtWODþtWNDÄNURNRYiQt³
Då
>@
3DUDPHWU VORXåt NRGEORNRYiQt UHVS ]DEORNRYiQt WODþtWND ÄNURNRYiQt³ QD RYOiGDFtP SDQHOX DP$åH QDEêYDW
QiVOHGXMtFtFKKRGQRW
WODþtWNRÄNURNRYiQt³MH]DEORNRYiQR
WODþtWNRÄNURNRYiQt³MHRGEORNRYiQRMHQSL3 7RYiUQtQDVWDYHQtKRGQRW\SDUDPHWUX]iYLVtQDW\SRYpPYêNRQXP QLþH
~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
2GEORNRYiQt]DEORNRYiQtWODþtWHNÄ '³DÄ³
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>@
3DUDPHWU VORXåt NRGEORNRYiQt QHER ]DEORNRYiQt WODþtWHN Ä'³ D Ä³ QD RYOiGDFtP SDQHOX DP$åH QDEêYDW
QiVOHGXMtFtFKKRGQRW
WODþtWNDÄ'³DÄ³MVRX]DEORNRYiQD
WODþtWNDÄ'³DÄ³MVRXRGEORNRYiQDMHQSL3 3R]QiPND
3
7RWR EORNRYiQt SODWt SRX]H SUR QDVWDYRYiQt IUHNYHQFH 7ODþtWND O]H L QDGiOH SRXåtYDW SUR
QDVWDYRYiQtSDUDPHWU$
2GEORNRYiQt]DEORNRYiQtUHYHU]DFHRWiþHQt
Då
>@
3DUDPHWUVORXåtN]DEORNRYiQtUHYHU]DFHRWiþHQtDP$åHQDEêYDWQiVOHGXMtFtFKKRGQRW
UHYHU]DFHRWiþHQtMH]DEORNRYiQDDWRSURYãHFKQ\]GURMHtGLFtKRVLJQiOX
UHYHU]DFHRWiþHQtMHRGEORNRYiQDQRUPiOQtSURYR]
3
'REDFKRGXYHQWLOiWRUXSRSRYHOXÄY\S³
SRX]H009
Då
>V@
9HQWLOiWRUFKODGtFtPQLþMHYFKRGXSRX]HSRGREXFKRGXPRWRUX3DUDPHWUXUþXMHMDNGORXKREXGHYHQWLOiWRU
YFKRGXMHãWSR]DVWDYHQtPRWRUX
3
3RåDGRYDQiKRGQRWDIUHNYHQFH
Då
>+]@
2EVDKHP SDUDPHWUX MH SRåDGRYDQi KRGQRWD IUHNYHQFH 3DUDPHWU MH XUþHQ SRX]H NH þWHQt DMHGQi VH RNRSLL
KRGQRW\ XORåHQp MDNR REVDK SDUDPHWUX 3 ,QIRUPDFL R SRåDGRYDQp KRGQRW IUHNYHQFH MH PRåQp YêKRGQ
Y\XåtWSLGiONRYpPRYOiGiQtPQLþHSURVWHGQLFWYtPVpULRYpKRUR]KUDQt
3
3URXGPRWRUX
Då
>$@
2EVDKHPSDUDPHWUXMHSURXGPRWRUX3DUDPHWUMHXUþHQSRX]HNHþWHQtDMHGQiVHRNRSLLKRGQRW\XORåHQpMDNR
REVDK SDUDPHWUX 3 ,QIRUPDFL R SURXGX PRWRUX MH PRåQp YêKRGQ Y\XåtW SL GiONRYpP RYOiGiQt PQLþH
SURVWHGQLFWYtPVpULRYpKRUR]KUDQt
3
0RPHQWPRWRUX
Då
>@
2EVDKHPSDUDPHWUXMHPRPHQWPRWRUXY]WDåHQêNMPHQRYLWpPXPRPHQWXPRWRUX 33
3DUDPHWUMHXUþHQSRX]HNHþWHQtDMHGQiVHRNRSLLKRGQRW\XORåHQpMDNRREVDKSDUDPHWUX3,QIRUPDFLR
PRPHQWXPRWRUXMHPRåQpYêKRGQY\XåtWSLGiONRYpPRYOiGiQtPQLþHSURVWHGQLFWYtPVpULRYpKRUR]KUDQt
3
+RGQRWDQDSWtQDS"RYpKRPH]LREYRGX
Då
>9@
2EVDKHPSDUDPHWUXMHKRGQRWDQDSWtVVQDS"RYpKRPH]LREYRGX3DUDPHWUMHXUþHQSRX]HNHþWHQtDMHGQi
VHRNRSLLKRGQRW\XORåHQpMDNRREVDKSDUDPHWUX3,QIRUPDFLRQDSWtPH]LREYRGXMHPRåQpYêKRGQY\XåtW
SLGiONRYpPRYOiGiQtPQLþHSURVWHGQLFWYtPVpULRYpKRUR]KUDQt
~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
2WiþN\PRWRUX
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>PLQ @
2EVDKHPSDUDPHWUXMVRXSLEOLåQpRWiþN\PRWRUX3DUDPHWUMHXUþHQSRX]HNHþWHQtDMHGQiVHRNRSLLKRGQRW\
XORåHQp MDNR REVDK SDUDPHWUX 3 ,QIRUPDFL R RWiþNiFK PRWRUX MH PRåQp YêKRGQ Y\XåtW SL GiONRYpP
RYOiGiQtPQLþHSURVWHGQLFWYtPVpULRYpKRUR]KUDQt
3
9êVWXSQtQDSWt
Då
>9@
2EVDKHPSDUDPHWUXMHKRGQRWDYêVWXSQtKRQDSWtPQLþH3DUDPHWUMHXUþHQSRX]HNHþWHQtDMHGQiVHRNRSLL
KRGQRW\ XORåHQp MDNR REVDK SDUDPHWUX 3 ,QIRUPDFL R YêVWXSQtP QDSWt MH PRåQp YêKRGQ Y\XåtW SL
GiONRYpPRYOiGiQtPQLþHSURVWHGQLFWYtPVpULRYpKRUR]KUDQt
3
2NDPåLWiIUHNYHQFHURWRUXPRWRUX
Då
>+]@
2EVDKHP SDUDPHWUX MH RNDPåLWi IUHNYHQFH URWRUX PRWRUX 3DUDPHWU MH XUþHQ SRX]H NH þWHQt D MH GRVWXSQê
SRX]H MHOL PQLþ YH YHNWRURYpP t]HQt EH] ]SWQp YD]E\ -HGQi VH RNRSLL KRGQRW\ XORåHQp MDNR REVDK
SDUDPHWUX 3 ,QIRUPDFL R IUHNYHQFL URWRUX PRWRUX MH PRåQp YêKRGQ Y\XåtW SL GiONRYpP RYOiGiQt PQLþH
SURVWHGQLFWYtPVpULRYpKRUR]KUDQt
3
âSLþNRYêSURXGPRWRUX
Då
>$@
2EVDKHP SDUDPHWUX MH ]D]QDPHQDQi KRGQRWD ãSLþNRYpKR SURXGX PRWRUX 3DUDPHWU MH XUþHQ SRX]H NH þWHQt
+RGQRWDSDUDPHWUXMHXFKRYiQDLSRSRNOHVXSURXGXPRWRUXQHERSRYHOXÄY\S³1XORYiQtKRGQRW\SDUDPHWUXMH
PRåQpWODþtWNHPÄ'³QHERÄ³
3
.yGSRVOHGQtSRUXFK\
Då
>@
3DUDPHWU REVDKXMH NyG SRVOHGQt SRUXFK\ PQLþH 9L] Wpå NDSLWROD 3RUXFK\ DSRUXFKRYi KOiãHQt 3R UHVHWX
PQLþHVHNyGSRUXFK\Y\PDåHDOH]$VWiYi]DFKRYiQLSRRGSRMHQtQDSiMHQtPQLþH
+RGQRWDSDUDPHWUXMHNRSLHKRGQRW\XORåHQpMDNRREVDKSDUDPHWUX3
3
.yGSRVOHGQtSRUXFK\
Då
>@
3DUDPHWUREVDKXMHNyGSRVOHGQtSRUXFK\SHGSRUXFKRXNWHUiMHXORåHQDMDNRREVDKSDUDPHWUX33
3
.yGSRVOHGQtSRUXFK\
Då
>@
3
.yGSRVOHGQtSRUXFK\
Då
>@
~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
Ú
2PH]HQtãSLþNRYpKRSURXGXPRWRUX
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>@
3DUDPHWUHPO]HRPH]LWãSLþNRYêSURXGPRWRUX+RGQRWDSDUDPHWUXMHY]WDåHQiNMPHQRYLWpPXSURXGXPRWRUX
3 9StSDG åH SURXG PRWRUX SHNURþt KRGQRWX QDVWDYHQRX SDUDPHWUHP SR GREX GHOãt QHå YWHLQ\
YêVWXSQtSURXGPQLþHEXGHRPH]HQQDKRGQRWXSURXGRYpKRRPH]HQtPRWRUX3
3R]QiPND
0D[LPiOQtKRGQRWDSDUDPHWUXMHDXWRPDWLFN\RPH]HQDQiVREHNMPHQRYLWpKRSURXGXPQLþH
3UR IUHNYHQþQt UR]VDK Då +] P$åH EêW SDUDPHWU Y\XåLW SUR PRPHQWRYp t]HQt SRKRQX QD MHGQX NRQVWDWQt
KRGQRWXPRPHQWX0QLþPXVtEêWYHYHNWRURYpPt]HQtEH]]SWQpYD]E\3 DKRGQRWDSDUDPHWUX3
D3PXVtEêWWRWRåQiQHMþDVWML3 3dMPHQRYLWpPXSURXGXPRWRUXWM3
3
9ROED3,'UHJXOiWRUX
Då
>@
3DUDPHWUVORXåtNRGEORNRYiQtUHVS]DEORNRYiQt3,'UHJXOiWRUXDP$åHQDEêYDWQiVOHGXMtFtFKKRGQRW
3,'UHJXOiWRUQHQtDNWLYQtSRåDGRYDQRXKRGQRWRXMVRXVWDWRURYiIUHNYHQFHQHERRWiþN\PRWRUX
UHJXOiWRU3,'MHDNWLYQtMDNRYVWXS]SWQpYD]E\3,'UHJXOiWRUXMHSRXåLWDQDORJRYêYVWXS$,13,'VYRUN\
D SRåDGRYDQRX KRGQRWX MH PRåQp ]DGiYDW SRX]H MDNR GLJLWiOQt QHER DQDORJRYRX KRGQRWX SRS
VpULRYRXOLQNRX
3
Ú
3URSRUFLRQiOQtNRQVWDQWD3,'UHJXOiWRUX
Då
>@
Då
>@
2EVDKHPSDUDPHWUXMHKRGQRWDSURSRUFLRQiOQtVORåN\3,'UHJXOiWRUX
3
Ú
,QWHJUDþQtNRQVWDQWD3,'UHJXOiWRUX
2EVDKHPSDUDPHWUXMHKRGQRWDLQWHJUDþQtVORåN\3,'UHJXOiWRUXRGSRYtGiQHMGHOãtLQWHJUDþQtGRE
3
Ú
'HULYDþQtNRQVWDQWD3,'UHJXOiWRUX
Då
>@
Då
>@
2EVDKHPSDUDPHWUXMHKRGQRWDGHULYDþQtVORåN\3,'UHJXOiWRUX
3
Ú
'REDY]RUNRYiQt3,'UHJXOiWRUX
2EVDKHP SDUDPHWUX MH GRED Y]RUNRYiQt 3,' UHJXOiWRUX 6NXWHþQi GRED Y]RUNRYiQt Y >PV@ MH GiQD KRGQRWRX
SDUDPHWUXQiVREHQiPV
3
Ú
ýDVRYiNRQVWDQWDILOWUDþQtKRþOHQX3,'UHJXOiWRUX
Då
>@
2EVDKHPSDUDPHWUXMHUHODWLYQtKRGQRWDþDVRYpNRQVWDQW\ILOWUDþQtKRþOHQX3,'UHJXOiWRUX
·
ILOWUMHY\SQXW
ILOWUMHDNWLYQtY\ããtþtVOR]QDPHQiGHOãtþDVRYRXNRQVWDQWXILOWUDFH
~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
Ú
5R]VDKUHJXODþQtRGFK\ON\þLQQRVWLLQWHJUDþQtVORåN\
3,'UHJXOiWRUX
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>@
3DUDPHWUVORXåtNY\PH]HQtUR]VDKXþLQQRVWLLQWHJUDþQtVORåN\3,'UHJXOiWRUXSRGOHYHOLNRVWLUHJXODþQtRGFK\ON\
3RNXGUHJXODþQtRGFK\ONDMHYWãtQHåQDVWDYHQêUR]VDKQHQtLQWHJUDþQtVORåNDDNWLYQt9þLQQRVWL]$VWiYiSRX]H
SURSRUFLRQiOQtSRSGHULYDþQtVORåNDUHJXOiWRUX
3
3RODULWDVLJQiOX]SWQRYD]HEQtKRþLGOD
3,'UHJXOiWRUX
Då
>@
3DUDPHWU VORXåt NYROE SRODULW\ VLJQiOX ]SWQRYD]HEQtKR þLGOD 3,' UHJXOiWRUX DP$åH QDEêYDW QiVOHGXMtFtFK
KRGQRW
YHOLNRVW]SWQRYD]HEQtKRVLJQiOXURVWHSL]YêãHQtKRGQRW\UHJXORYDQpYHOLþLQ\
YHOLNRVW]SWQRYD]HEQtKRVLJQiOXNOHViSL]YêãHQtKRGQRW\UHJXORYDQpYHOLþLQ\QDVWDYHQtMHYKRGQpSRNXG
PD[LPiOQtKRGQRWDQDORJRYpKRVLJQiOX]SWQRYD]HEQtKRþLGODRGSRYtGDMtPLQLPiOQtRWiþN\SRKRQX
3
+RGQRWDVLJQiOX]SWQRYD]HEQtKRþLGOD
3,'UHJXOiWRUX
Då
>@
2EVDKHPSDUDPHWUXMHKRGQRWDVLJQiOX]SWQRYD]HEQtKRþLGOD]DILOWUDþQtPþOHQHP3DUDPHWUMHXUþHQSRX]HNH
þWHQt1DKRGQRWXSDUDPHWUXQHPiYOLYQDVWDYHQtSDUDPHWU$3D3
3R]QiPND
3
Ú
3RNXG ]YROtWH N LQGLNDFL KRGQRW\ VLJQiOX ]SWQRYD]HEQtKR þLGOD SDUDPHWU 3 SL QDVWDYHQt
3 EXGH SDUDPHWU 3 ]REUD]RYDW KRGQRWX Då SR NDOLEUDFL VLJQiOX SRPRFt SDUDPHWU$
3D3
0LQLPiOQtKRGQRWDVLJQiOX]SWQRYD]HEQtKRþLGOD
3,'UHJXOiWRUX
Då
>@
2EVDKHP SDUDPHWUX MH KRGQRWD ]SWQRYD]HEQtKR YVWXSQtVLJQiO
3,'UHJXOiWRUX
VLJQiOX SL DQDORJRYpP YVWXSQtP VLJQiOX 99
>@
P$P$YL]REU
QHER
>9@>P$@
9P$ 3
3
9P$ VLJQiOþLGOD
2EU.DOLEUDFH]SWQRYD]HEQtKRþLGOD
3
Ú
0D[LPiOQtKRGQRWDVLJQiOX]SWQRYD]HEQtKRþLGOD
3,'UHJXOiWRUX
Då
>@
2EVDKHP SDUDPHWUX MH KRGQRWD ]SWQRYD]HEQtKR VLJQiOX SL DQDORJRYpP YVWXSQtP VLJQiOX 9 P$ YL]
REU
~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
&KRYiQtPQLþHSLYêVWXSQtIUHNYHQFLPHQãtQHå
PLQLPiOQtIUHNYHQFH
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>@
3DUDPHWU VORXåt NYROE FKRYiQt PQLþH SRNXG MH SRåDGRYDQi IUHNYHQFH MH PHQãt QHå KRGQRWD PLQLPiOQt
IUHNYHQFHDP$åHQDEêYDWQiVOHGXMtFtFKKRGQRW
YêVWXSQtIUHNYHQFHMHRPH]HQDPLQLPiOQtIUHNYHQFt
YêVWXS PQLþH MH EORNRYiQ SRYHO ÄY\S³ MHVWOLåH YêVWXSQt IUHNYHQFH MH PHQãt QHå PLQLPiOQt IUHNYHQFH D
]QRYX]DSQXWSRYHOÄ]DS³SRNXGYêVWXSQtIUHNYHQFHMHY\ããtQHåPLQLPiOQtIUHNYHQFH
3DUDPHWUMHDNWLYQtYHYãHFKUHåLPHFKþLQQRVWLPQLþH
3R]QiPND
3
Ú
2EVDKHPSDUDPHWUXMHKRGQRWDYêVWXSQtIUHNYHQFH
SLDQDORJRYpPYVWXSQtPVLJQiOX9P$SRS
9 P$ SRGOH QDVWDYHQt SDUDPHWUX 3 D
',3',3 +RGQRWX SDUDPHWUX 3 O]H ]YROLW
YWãt QHå MH KRGQRWD SDUDPHWUX 3 DWtP GRFtOLW
RSDþQpKR UHFLSURNpKR Y]WDKX PH]L DQDORJRYêP
YVWXSQtPVLJQiOHPDYêVWXSQtIUHNYHQFtPQLþHYL]
REU
Då
>+]@
YêVWXSQtIUHNYHQFH
I>+]@
IPD[
DQDORJ
3
3
UHF
LSUR
Nê
Y]W
DK
IPLQ
DQDORJ
3
3
9P$
9P$
9P$
QHER
>9@>P$@
åiGDQiKRGQRWD
2EU9]WDKPH]LSDUDPHWU\3D3
3
Ú
+RGQRWDYêVWXSQtIUHNYHQFHSLPD[LPiOQtKRGQRW
Då
>+]@
2EVDKHP SDUDPHWUX MH KRGQRWD YêVWXSQt IUHNYHQFH SL DQDORJRYpP YVWXSQtP VLJQiOX 9 P$ SRGOH
QDVWDYHQt ',3',3 +RGQRWX SDUDPHWUX O]H ]YROLW PHQãt QHå MH KRGQRWD SDUDPHWUX 3 DWtP GRFtOLW
RSDþQpKRUHFLSURNpKRY]WDKXPH]LDQDORJRYêPYVWXSQtPVLJQiOHPDYêVWXSQtIUHNYHQFtPQLþHYL]REU
3R]QiPND
3
Ú
9êVWXSQtIUHNYHQFHMHRPH]HQDKRGQRWDPLGDQêPLSDUDPHWU\3D3
7\SDQDORJRYpKRYVWXSQtKRVLJQiOXYVWXSX$,1
Då
>@
3DUDPHWU VORXåt NYêEUX ]GURMH SRåDGRYDQp KRGQRW\ ]DGiYDQp DQDORJRYêP YVWXSQtP VLJQiOHP YVWXSX $,1
VYRUN\DDP$åHQDEêYDWQiVOHGXMtFtFKKRGQRW
9·9QHERP$·P$
9·9QHERP$·P$
9·9QHERP$·P$
3R]QiPND
SLYVWXSQtPVLJQiOX9MHåiGDQiKRGQRWDQXORYiQHQtKOiãHQD
åiGQiSRUXFKD
SLYVWXSQtPVLJQiOX9GRMGHN]DVWDYHQtSRKRQXSLYVWXSQtP
VLJQiOXYWãtPQHå9NUR]EKXSRKRQX
O]HY\XåtWNHVSXãWQtD]DVWDYHQtSRKRQXDQDORJRYêPVLJQiOHP
YPtVWQtPRYOiGiQt3 QHER
3R]QiPND )XQNFH UR]EKX QHER ]DVWDYHQt FKRGX MH DNWLYQt MDN SL
DQDORJRYpP]DGiYDQtSRåDGRYDQpKRGQRW\ 3 WDN YStSDG åH
MH]YROHQRGLJLWiOQt]DGiYiQtåiGDQpKRGQRW\3 QHER
1DS"RYêQHERSURXGRYêYVWXSMHYROHQSHStQDþL',3',3
~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>@
3DUDPHWU VORXåt NYêEUX tGLFt IXQNFH ELQiUQtKR YVWXSX ',1 YVWXSQt VYRUN\ D P$åH QDEêYDW KRGQRW
XYHGHQêFKYWDEXOFHQDVWU
3
=HVtOHQtUHJXOiWRUXYHNWRURYpKRt]HQtEH]]SWQp
YD]E\
Då
>@
3DUDPHWU VORXåt NQDVWDYHQt G\QDPLFNpKR FKRYiQt UHJXOiWRUX YHNWRURYpKR t]HQt EH] ]SWQp YD]E\ 3 9StSDG åH FKRG PRWRUX QHQt QNG\ ]FHOD VWDELOQt D GRFKi]t NYLEUDFtP SRKRQX MH PRåQp ]PQLW SDUDPHWU
3 =HVtOHQt U\FKORVWQt VP\þN\ UHJXOiWRUX YHNWRURYpKR t]HQt MH DXWRPDWLFN\ QDVWDYHQR ~PUQ PRPHQWX
VHWUYDþQRVWL ]iWåH =PQRX KRGQRW\ SDUDPHWUX 3 MH PRåQp PQLW ]HVtOHQt D WtP RGVWUDQLW QHVWDELOLWX SL
FKRGX SRKRQX 3RNXG MH KRGQRWD SDUDPHWUX QDVWDYHQD StOLã YHONi QHER PDOi U\FKOi ]PQD ]iWåH P$åH
]S$VRELWY]U$VWQDSWtPH]LREYRGXDY\YROiQtSRUXFK\)
PRPHQWVHWUYDþQRVWLPRWRUXPRPHQWVHWUYDþQRVWL]iWåH
PRPHQWVHWUYDþQRVWLPRWRUX
VNRNRYi]PQDPRPHQWXo
YHONiKRGQRWD3
VWDQGDUGQtQDVWDYHQt3
RWiþN\
PDOiKRGQRWD3
RWiþN\
RSWLPiOQtQDVWDYHQt3
PRPHQW
3
RWiþN\
3R]QiPND
~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
7RYiUQt
QDVWDYHQt
RWiþN\
RWiþN\
RSWLPiOQtQDVWDYHQt3
YHONiKRGQRWD3
RSWLPiOQtQDVWDYHQt3
PDOiKRGQRWD3
RWiþN\
RSWLPiOQtQDVWDYHQt3
RSWLPiOQtQDVWDYHQt3
5R]VDKKRGQRW
>-HGQRWND@
þDV>PVG@
2EU1DVWDYHQtUHJXOiWRUXYHNWRURYpKRt]HQtEH]]SWQpYD]E\
3
,QWHJUDþQtVORåNDUHJXOiWRUXYHNWRURYpKR t]HQtEH]
]SWQpYD]E\
Då
>@
3DUDPHWU VORXåt NQDVWDYHQt LQWHJUDþQt VORåN\ UHJXOiWRUX YHNWRURYpKR t]HQt EH] ]SWQp YD]E\ 3 1HMGtYH PXVt EêW QDVWDYHQR ]HVtOHQt UHJXOiWRUX SDUDPHWUHP 3 3RWp ]Y\ãXMWH SR PDOêFK NURFtFK KRGQRWX
SDUDPHWUX 3 WDN Då SRKRQ SHFKi]t GR QHVWDELOQtKR VWDYX ]DþQH NPLWDW ,QWHJUDþQt VORåNX UHJXOiWRUX
3QDVWDYWHRPHQãtQHåMH]MLãWQDPH]QHVWDELOLW\
6SUiYQpQDVWDYHQtSDUDPHWU$3D3MHQDREU
33
3
3DUDPHWU\ XUþHQp SUR NRQILJXUDFL NRPXQLNDFH SURVWHGQLFWYtP VEUQLFH 352),%86 YL] StUXþND 352),%86
3DUDPHWU\MVRXGRVWXSQpSRX]HSRQDVWDYHQtSDUDPHWUX3 ~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
Ú
=S$VREt]HQtUHOpDDQDORJRYêFKYêVWXS$
VpULRYRXOLQNRX
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>@
3DUDPHWUHP VH YROt ]S$VRE RYOiGiQt UHOpRYêFK YêVWXS$ 5/ D 5/ D DQDORJRYêFK YêVWXS$ $287 D $287
SURVWHGQLFWYtPVpULRYpOLQN\SURWRNROHP866QHER352),%863RNXGMHXPRåQQRStPpt]HQtYêVWXSXO]H
RYOiGDWUHOpRYpYêVWXS\SDUDPHWUHP3DDQDORJRYpYêVWXS\$287$287SDUDPHWUHP33
QRUPiOQtIXQNFH5/5/$287$287
StPpRYOiGiQtUHOp5/
StPpRYOiGiQtUHOp5/
StPpRYOiGiQtUHOp5/D5/
StPpRYOiGiQtDQDORJRYpKRYêVWXSX$287L$287
StPpRYOiGiQtDQDORJRYpKRYêVWXSX$287L$287DUHOp5/
StPpRYOiGiQtDQDORJRYpKRYêVWXSX$287L$287DUHOp5/
StPpRYOiGiQtDQDORJRYpKRYêVWXSX$287L$287DUHOp5/L5/
3
1DSWtQDDQDORJRYpPYVWXSX$,1
Då
>9@
2EVDKHPSDUDPHWUXMHKRGQRWDtGLFtKRQDSWtQDDQDORJRYpPYVWXSX$,1VYRUN\D3DUDPHWUMHXUþHQ
SRX]HNHþWHQt
3
Ú
3tPpRYOiGiQtDQDORJRYpKRYêVWXSX$287
Då
>P$@
3DUDPHWUHPMHPRåQpStPpQDVWDYHQtSURXGXDQDORJRYpKRYêVWXSX$2873tPpRYOiGiQtPXVtEêWSRYROHQR
SDUDPHWUHP3
3
6WDYGLJLWiOQtFKYVWXS$',1Då',1
Då)K
>@
2EVDKHPSDUDPHWUXMHVWDYGLJLWiOQtFKYVWXS$',1Då',13DUDPHWUMHXUþHQSRX]HNHþWHQtDMH]REUD]HQ
KH[DGHFLPiOQ9VWXSX',1RGSRYtGiELWYVWXSX',1ELWQDYVWXSXMHORJLFNi~URYH/ORJ+
3
Ú
3tPpRYOiGiQtUHOp5/D5/
Då
>@
3DUDPHWUHP MH PRåQp StPp RYOiGiQt UHOpRYêFK YêVWXS$ 5/ D 5/ 3tPp RYOiGiQt PXVt EêW SRYROHQR
SDUDPHWUHP33DUDPHWUP$åHQDEêYDWQiVOHGXMtFtFKKRGQRW
UHOp5/L5/MHY\SQXWR
UHOp5/MH]DSQXWRUHOp5/MHY\SQXWR
UHOp5/MHY\SQXWRUHOp5/MH]DSQXWR
UHOp5/L5/MH]DSQXWR
3
1DSWtQDDQDORJRYpPYVWXSX$,13,'
Då
>9@
2EVDKHP SDUDPHWUX MH KRGQRWD tGLFtKR QDSWt QD DQDORJRYpP YVWXSX $,1 VYRUN\ D SRNXG MH
DQDORJRYêYVWXSDNWLYQt3·33 DQDStVOXãQpPYVWXSX',1MHORJ+3DUDPHWUMHXUþHQSRX]H
NHþWHQt
~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
Ú
SRX]H0'9
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>P$@
3DUDPHWUHP MH PRåQp StPp QDVWDYHQt SURXGX DQDORJRYpKR YêVWXSX $287 X PQLþH 0,',0$67(5 9HFWRU
3tPpRYOiGiQtPXVtEêWSRYROHQRSDUDPHWUHP3
3
3DUDPHWU XUþHQê SUR NRQILJXUDFL NRPXQLNDFH SURVWHGQLFWYtP VEUQLFH 352),%86 YL] StUXþND 352),%86
3DUDPHWUMHGRVWXSQêSRX]HSRQDVWDYHQtSDUDPHWUX3 3
Ú
9ROED]S$VREXRYOiGiQt
Då
>@
3DUDPHWUHPVHYROt]S$VRERYOiGiQtPH]LPtVWQtPRYOiGiQtPSURVWHGQLFWYtPMHGQRGXFKpKRRYOiGDFtKRSDQHOX
QHER VYRUNRYQLFH DPH]L GiONRYêP RYOiGiQtP SURVWHGQLFWYtP VpULRYpKR UR]KUDQt 56 3DUDPHWU 3
P$åHQDEêYDWWFKWRKRGQRW
RYOiGiQtD]DGiYiQtSRåDGRYDQpKRGQRW\MHPtVWQt
RYOiGiQtD]DGiYiQtSRåDGRYDQpKRGQRW\MHGiONRYp
RYOiGiQtMHPtVWQtSRåDGRYDQiKRGQRWDVH]DGiYiGiONRY
RYOiGiQtMHGiONRYpSRåDGRYDQiKRGQRWDVH]DGiYiPtVWQ
RYOiGiQtMHPtVWQt]PQDSDUDPHWU$GiONRYSRWYU]HQtSRUXFK\MHPRåQpPtVWQLGiONRY
8SR]RUQQt
3R]QiPND
3LGiONRYpP]DGiYiQtSRåDGRYDQpKRGQRW\3 QHER]$VWiYiSL3 DQDORJRYê
YVWXS DNWLYQt +RGQRWD DQDORJRYpKR YVWXSX MH SLþtWiQD N SRåDGRYDQp KRGQRW ]DGiYDQp
VpULRYRXOLQNRX
2YOiGDFtSDQHO230VLQDVWDYtYKRGQê]S$VRERYOiGiQtViP
3
Ú
3DUDPHWUXUþHQêSURNRQILJXUDFLNRPXQLNDFHSURVWHGQLFWYtPVEUQLFH352),%86YL]StUXþND352),%86
3DUDPHWUMHGRVWXSQêSRX]HSRQDVWDYHQtSDUDPHWUX3 3
9HU]HSURJUDPRYpKRY\EDYHQt
Då
>@
Då
>@
3DUDPHWUREVDKXMHNyGYHU]HSURJUDPRYpKRY\EDYHQtPQLþHDO]HKRMHQþtVW
3
Ú
,GHQWLILNDþQtþtVORPQLþH
3DUDPHWU REVDKXMH LGHQWLILNDþQt þtVOR PQLþH NWHUp PX O]H SLGOLW SUR MHGQR]QDþQRX LGHQWLILNDFL 1HPi åiGQê
YOLYQDMDNRXNROLYIXQNFLPQLþH
33
Ú
3DUDPHWU\MVRXGRVWXSQpSRX]HSRQDVWDYHQtSDUDPHWUX3 ~QRU
3RSLVSDUDPHWU$
ýtVOR
ÚO]HPQLW
]DSURYR]X
3
.yGSRVOHGQtSRUXFK\
5R]VDKKRGQRW
>-HGQRWND@
7RYiUQt
QDVWDYHQt
Då
>@
3DUDPHWU REVDKXMH NyG SRVOHGQt SRUXFK\ PQLþH D MH WRWRåQê VSDUDPHWUHP 3 9ê]QDP NyG$ SRUXFK MH
XYHGHQYNDSLWROH3RUXFKRYiKOiãHQt3RUHVHWXPQLþHVHNyGSRUXFK\Y\PDåHDOH]$VWiYi]DFKRYiQLSR
RGSRMHQtQDSiMHQtPQLþH
3
.yGSRVOHGQtYêVWUDK\
Då
>@
3DUDPHWU REVDKXMH NyG SRVOHGQt YêVWUDK\ PQLþH 9ê]QDP NyG$ YêVWUDK\ MH XYHGHQ Y NDSLWROH 9êVWUDåQi
KOiãHQt3RRGSRMHQtQDSiMHQtVHNyGYêVWUDK\Y\PDåH3DUDPHWUP$åHQDEêYDWQiVOHGXMtFtFKKRGQRW
3
7RYiUQtQDVWDYHQtSDUDPHWU$
Då
>@
1DVWDYHQtP SDUDPHWUX QD KRGQRWX VH DNWLYXMH QDVWDYHQt KRGQRW YãHFK SDUDPHWU$ VYêMLPNRX 3
SURYHGHQpYHYêUREQtPSRGQLNX3DUDPHWU3P$åHQDEêYDWW\WRKRGQRW\
EH]H]PQ
DNWLYDFHWRYiUQtKRQDVWDYHQt
8SR]RUQQt
3RQDVWDYHQt3 MHQXWQpWXWRYROEXSRWYUGLWVWLVNHPWODþtWNDÄ3³
33
33
33
3DUDPHWU\MVRXGRVWXSQpSRX]HSRQDVWDYHQtSDUDPHWUX3 3
Ú
8NOiGiQtSDUDPHWU$
Då
>@
3DUDPHWUVORXåtNSRYROHQtUHVS]DEORNRYiQtDXWRPDWLFNpKRXNOiGiQtSDUDPHWU$SRQDSiMHQtPQLþH
SLRGSRMHQtQDSiMHQtSDUDPHWU\QHEXGRXXORåHQ\PLPR3
SLRGSRMHQtQDSiMHQtVHXORåt]PQQpKRGQRW\SDUDPHWU$
8SR]RUQQt
~QRU
3RNXG]PQDSDUDPHWU$VHSURYiGtSURVWHGQLFWYtPVpULRYpOLQN\QHVPtVHSHNURþLWPD[LPiOQt
SRþHW ]iSLV$ GR SDPWL ((3520 NWHUê þLQt ]iSLVRYêFK F\NO$ 3RþHW þWHFtFK F\NO$ MH
QHRPH]HQ
3RUXFK\DSRUXFKRYiKOiãHQt
3RUXFKRYiKOiãHQt
3LYêVN\WXSRUXFK\GRMGHNRGSRMHQtYêVWXSXPQLþHDQDGLVSOHMLVHREMHYtNyGSRUXFK\SRUXFKRYpKOiãHQt
3RVOHGQt SRUXFKD MH XORåHQD MDNR KRGQRWD SDUDPHWUX 3 DO]H ML RGWDPWXG NG\NROLY SHþtVW QDS KRGQRWD
XORåHQiYSDUDPHWUX3]QDPHQiåHSRVOHGQtSRUXFKDMH)
3RUXFKD
3tþLQD
)
3HSWt

)
1DGSURXG

=S$VRERGVWUDQQt]iYDG\
=NRQWUROXMWH ]GD QDSiMHFt QDSWt PQLþH RGSRYtGi WHFKQLFNêP
SRGPtQNiP
3URGOXåWHGREXGREKXPRWRUX3QHERSRXåLMWHEU]GQêRGSRUQtN
SRSEU]GQRXMHGQRWNX
=YDåWH ]GD SRåDGRYDQê EU]GQê YêNRQ MH PRåQp GRFtOLW SRXåLWêP
]S$VREHPEU]GQt

)
3HWtåHQt

)
3HNURþHQD
PD[LPiOQtGRYROHQi
WHSORWDPRWRUX
KOtGDQiSRPRFt
37&

)
3HNURþHQD
PD[LPiOQtGRYROHQi
WHSORWDPQLþH

)
3HUXãHQtVpULRYp
NRPXQLNDFH
SURWRNROX866

)
3RGSWt

)
&K\EDSLLQLFLDOL]DFL

=NRQWUROXMWH]GDYêNRQPRWRUXRGSRYtGiYêNRQXPQLþH
=NRQWUROXMWHYHGHQt PH]L PRWRUHP DPQLþHPPRWRU QD ]HPQt ]NUDW
D]NUDWPH]LIi]HPLPRWRUX
=NRQWUROXMWH ]GD ~GDMH QD W\SRYpP ãWtWNX PRWRUX VRXKODVt
VKRGQRWDPLSDUDPHWU$3·3
3URGOXåWHGREXUR]EKX3
=PHQãHWH KRGQRWX SRþiWHþQtKR ]YWãHQt QDSWt SL UR]EKX 3
D3
=NRQWUROXMWH]GDPRWRUQHQtPHFKDQLFN\]DEORNRYiQQHERSHWtåHQ
=NRQWUROXMWH]GDPRWRUQHQtSHWtåHQ
=Y\ãWHKRGQRWXPD[LPiOQtYêVWXSQtIUHNYHQFHYStSDGåHSRXåtYiWH
PRWRUVYHONêPVNOX]HP
=NRQWUROXMWH]GDQHQtPRWRUSHWtåHQ
=NRQWUROXMWH ]GD QHQt SHUXãHQR QHER MLQDN SRãNR]HQR YHGHQt RG
WHUPLVWRUX37&
=NRQWUROXMWH ]GD SDUDPHWU 3 QHQt QDVWDYHQ QD L NG\å QHQt
SLSRMHQ37&
=NRQWUROXMWH]GDQHQtStOLãYHONiWHSORWDRNROt
=NRQWUROXMWH ]GD QHMVRX XFSiQ\ QHER ]DQHVHQ\ YWUDFt RWYRU\
PQLþH
=NRQWUROXMWH]GDVHWRþtFKODGLFtYHQWLOiWRUPQLþH
=NRQWUROXMWHVpULRYpUR]KUDQt
=NRQWUROXMWHQDVWDYHQtSDUDPHWU$3·3DQDVWDYHQtVpULRYpKR
UR]KUDQttGLFtKRV\VWpPX
=NRQWUROXMWH ]GD QHQt QDVWDYHQD StOLã NUiWNi SURGOHYD PH]L GYPD
WHOHJUDP\3
=NRQWUROXMWHVSUiYQRXKRGQRWXQDSiMHFtKRQDSWt
0RKOR GRMtW NUiWNRGREpPX YêSDGNX QDSiMHFtKR QDSWt D MHKR
RSWQpPXREQRYHQt
3RNXG GRMGH NKOiãHQt SRUXFK\ Då SL Y\ããtP ]DWtåHQt ]NRQWUROXMWH
]GDQHGRãORNYêSDGNXMHGQpIi]HQDSiMHFtKRQDSWt
=NRQWUROXMWHQDVWDYHQtYãHFKSDUDPHWU$
3HGY\SQXWtPVt"RYpKRQDSWtQDVWDYWHSDUDPHWU3QDKRGQRWX
3RUXFKX)O]HY\QXORYDWSRX]HY\SQXWtPDRSWRYQêP]DSQXWtPQDSiMHQtPQLþH
~QRU
3RUXFKD
3tþLQD
)
3RUXFKDtGLFtFK
REYRG$

0QLþY\SQWHRGSRMWHVt"RYpQDSWtD]QRYX]DSQWH
3URYWH]GDPQLþQHQt]DUXãHQD]GD]DSRMHQtPQLþHMHYVRXODGX
VH]iVDGDPLQDRPH]HQtUXãHQt
)
([WHUQtSRUXFKD

=NRQWUROXMWH]DSRMHQtYQMãtFKREYRG$H[WHUQtSRUXFK\
)
&K\EDSURJUDPX

0QLþY\SQWHRGSRMWHVt"RYpQDSWtD]QRYX]DSQWH
3URYWH]GDPQLþQHQt]DUXãHQD]GD]DSRMHQtPQLþHMHYVRXODGX
VH]iVDGDPLQDRPH]HQtUXãHQt
)
5HJXODFH
YHNWRURYpKRt]HQt
QHVWDELOQt

)
3HUXãHQt
NRPXQLNDFHPRGXOX
352),%86

)
3RUXFKDUR]ãLXMtFtKR =NRQWUROXMWH]DSRMHQtPRGXOX
PRGXOX
)
&K\EDNRQILJXUDFH
PRGXOX352),%86

=NRQWUROXMWHNRQILJXUDFLPRGXOX352),%86
)
3RUXFKDNRQWUROQtFK
REYRG$PRGXOX
352),%86

9\PWHPRGXO352),%86
)
&K\EDþDVRYiQt
ZDWFKGRJ

1D GLJLWiOQtP YVWXSX ',1·',1 VIXQNFt KOtGiQt þDVRYiQt EGORVWL
VRXYLVHMtFtKR V\VWpPX ZDWFKGRJ 3·3 3 E\O SXOV
GHOãtQHåKRGQRWDSDUDPHWUX3
)
3HNURþHQRWHSHOQp
]DWtåHQtPRWRUX

)
3HNURþHQtSURXGXSL 3URGOXåWHGREXGREKXSRKRQX3
]DVWDYHQt
)
&K\EDYQLWQtFK
REYRG$PQLþH

)
3HNURþHQtWHSORW\
XYQLWPQLþH

)
&K\EQpQDVWDYHQt
SDUDPHWUX3

1DVWDYWH SDUDPHWUHP 3 ]DGiYiQt SRåDGRYDQp KRGQRW\ YêVWXSQt
IUHNYHQFH SURVWHGQLFWYtP SHYQp SRåDGRYDQp KRGQRW\ IUHNYHQFH
QHERIXQNFLPRWRUSRWHQFLRPHWUXQDELQiUQtFKYVWXSHFK
)
&K\EQpQDVWDYHQt
SDUDPHWUX3

1DVWDYWHKRGQRWXSDUDPHWUX3KRGQRWDSDUDPHWUX3
~QRU
3URYHWH ]QRYX DXWRPDWLFNp PHQt FKDUDNWHULVWLN\ SRKRQX SL
YHNWRURYpPt]HQtEH]]SWQpYD]E\3 =PWHSDUDPHWU]HVtOHQtYHNWRURYpKRt]HQt3
=NRQWUROXMWH]DSRMHQtPRGXOXDVpULRYpOLQN\352),%86
=NRQWUROXMWH ]GD QHE\O WUYDOH SHNURþHQ SURXG PRWRUX QDVWDYHQê
SDUDPHWUHP3SLQDVWDYHQt3 ·
3RNXGPRWRUPiWHSORWQtþLGORQDVWDYWHSDUDPHWU3 D]DSRMWH
þLGOR
0QLþRGSRMWHRGVtWD]QRYX]DSQWH
'RGUåXMWH]iVDG\HOHNWURPDJQHWLFNpNRPSDWLELOLW\
1HSRXåtYHMWHSDQHO23P
=NRQWUROXMWH]GDRNROQtWHSORWDQHQtStOLãY\VRNi
=NRQWUROXMWH ]GD QHQt ]DQHVHQD QHER XFSiQD QDViYDFt D YêIXNRYi
PtåNDPQLþH
=NRQWUROXMWH]GDMHIXQNþQtFKODGLFtYHQWLOiWRUPQLþH
3RUXFKD
3tþLQD
)
Då
)
=PWHQDVWDYHQtELQiUQtFKYVWXS$SDUDPHWU\3·33
&K\EQpQDVWDYHQt
QNWHUpKR]ELQiUQtFK
YVWXS$
)
&K\EDSLPHQt
RGSRUXVWDWRUX

)
&K\EQpQDVWDYHQt
SDUDPHWUX3

%\O\ VRXþDVQ QDVWDYHQ\ SDUDPHWU\ 3 D 3 =PWH
KRGQRWXMHGQRKR]SDUDPHWU$
)
&K\EQpQDVWDYHQt
SDUDPHWUX3

1DVWDYWHKRGQRWXSDUDPHWUX3KRGQRWDSDUDPHWUX3
)
9êVWXSQtSURXG
PQLþHMHQHVWDELOQt

=NRQWUROXMWHL]RODþQtRGSRUPRWRURYpKRNDEHOXDPRWRUX
)
&K\EDSURFHVRUX

%\OD Y\KRGQRFHQD FK\ED KOtGDFtFK REYRG$ t]HQt PQLþH 0QLþ
RGSRMWHRGVtWD]QRYX]DSQWH
3R SRYHOX Ä]DS³ QHE\O SLSRMHQ PRWRU =NRQWUROXMWH SURSRMHQt PH]L
PQLþHPDPRWRUHP
=DGHMWH PDQXiOQ KRGQRWX VWDWRURYpKR RGSRUX MDNR KRGQRWX
SDUDPHWUX3
3RRGVWUDQQtSRUXFK\O]HPQLþ]QRYXXYpVWGRFKRGX6WLVNQWHGYDNUiWWODþtWNRÄ3³SRSUYQtPVWLVNQXWtVH
REMHYt 3 GUXKêP VWLVNHP VH QXOXMH SRUXFKD 3RUXFKX MH Wpå PRåQp QXORYDW ]PQRX ~URYQ / o + QD
MHGQRP ]ELQiUQtFK YVWXS$ NWHUê MH QDSURJUDPRYiQ QD IXQNFL ÄQXORYiQt SRUXFK\³ YL] 3 Då 3 3
NDSLWROD6H]QDPSDUDPHWU$QHERSHVVpULRYRXVEUQLFL
~QRU
9êVWUDåQiKOiãHQt
3L YêVN\WX YêVWUDK\ PQLþ SUDFXMH GiOH D QD GLVSOHML EOLNDMt YãHFKQ\ GHVHWLQQp WHþN\ 3RVOHGQt YêVWUDKD MH
XORåHQD MDNR KRGQRWD SDUDPHWUX 3 DO]H ML RGWDPWXG NG\NROLY SHþtVW 3DUDPHWU MH Y\QXORYiQ SL RGSRMHQt
QDSiMHQtPQLþH
9êVWUDKD
3tþLQD
2PH]HQtSURXGX
DNWLYRYiQR

=NRQWUROXMWH]GDYêNRQPRWRUXRGSRYtGiYêNRQXPQLþH
=NRQWUROXMWHYHGHQtPH]LPRWRUHPDPQLþHPPRWRUQD]HPQt]NUDWD
]NUDWPH]LIi]HPLPRWRUX
=NRQWUROXMWH]GD~GDMHQDW\SRYpPãWtWNXPRWRUXVRXKODVtVKRGQRWDPL
SDUDPHWU$3·3
3URGOXåWHGREXUR]EKX3
=NRQWUROXMWHKRGQRWXVWDWRURYpKRRGSRUXPRWRUX3
=PHQãHWH KRGQRWX SRþiWHþQtKR ]YWãHQt QDSWt SL UR]EKX 3
D3
=NRQWUROXMWH]GDPRWRUQHQtPHFKDQLFN\]DEORNRYiQQHERSHWtåHQ
2PH]HQtQDSWt
DNWLYRYiQR
3HNURþHQRRPH]HQt
VNOX]X
3HNURþHQDGRYROHQi =NRQWUROXMWH]GDQHQtStOLãYHONiWHSORWDRNROt
=NRQWUROXMWH]GDQHMVRXXFSiQ\QHER]DQHVHQ\YWUDFtRWYRU\PQLþH
WHSORWDFKODGLþH
=NRQWUROXMWH]GDVHWRþtFKODGLFtYHQWLOiWRUPQLþH
PQLþH
3HNURþHQDGRYROHQi =NRQWUROXMWH]GDQHQtPRWRUSHWtåHQ
WHSORWDFKODGLþH
PRWRUX
3HWtåHQt]GURMH
UHIHUHQþQtKRQDSWt

=NRQWUROXMWHYQMãtREYRG\]GURMH9VYRUN\D
$XWRPDWLFNêVWDUWSR
YêVN\WXSRUXFK\

'RFKi]tNDXWRPDWLFNpPXQXORYiQtSRUXFK\3RMHMtPY\QXORYiQtPQLþ
SURYHGHDXWRPDWLFNêVWDUW
3HNURþHQR]DWtåHQt
EU]GQpKRRGSRUQtNX

=NRQWUROXMWH]DWtåHQtEU]GQpKRRGSRUQtNXDSDUDPHWUX3
~QRU
7HFKQLFNp~GDMH
7HFKQLFNp~GDMHPQLþ$DGRSON$
7HFKQLFNp~GDMHPQLþ$
0QLþH6(0,&520$67(59HFWRUVMHGQRIi]RYêPQDSiMHQtP[9
DYHVWDYQêPRGUXãRYDFtPILOWUHP
7\SPQLþH
2EMHGQDFtþtVOR
6(
1DSiMHFtQDSWt
-PHQRYLWêYêNRQPRWRUX
7UYDOêYêVWXSQtYêNRQPQLþH
-PHQRYLWêYêVWXSQtSURXG
7UYDOêYêVWXSQtSURXG
9VWXSQtSURXG
-LãWQtVt"RYpKRStYRGX
3U$H]YRGLþ$Vt"PQLþ
3U$H]YRGLþ$PQLþPRWRU
5R]PU\â[9[+
+PRWQRVW
009
%$
7\SPQLþH
2EMHGQDFtþtVOR
6(
1DSiMHFtQDSWt
9VWXSQtSURXG
5R]PU\â[9[+
+PRWQRVW
009
%%
:
9$
$
$
$
009
009
009
009
%$
%$
%$
%$
[9
:
:
:
:
9$
9$
9$
9$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
PP
PP
PP
[[PP
NJ
009
009
009
%%
%&
%&
[9
:
:
:
:
9$
9$
9$
9$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
PP
PP
PP
PP
[[PP
[[PP
NJ
NJ
-VRXXYDåRYiQ\SyORYpPRWRU\6LHPHQVDG\/$QHERSRGREQp
7UYDOêYêVWXSQtSURXGSLVQtåHQpPPRGXODþQtPNPLWRþWX
3RMLVWN\XUþHQpNMLãWQtYHGHQtNDEHO$DRVWDWQtFKHOHNWULFNêFK]Dt]HQtSHGSHWtåHQtPD]NUDWHPQHERMLVWLþVPRWRURYRX
FKDUDNWHULVWLNRX
1DYVWXSXPQLþHPXVtEêW]DSRMHQDNRPXWDþQtWOXPLYND
~QRU
7HFKQLFNp~GDMH
0QLþH6(0,&520$67(59HFWRUVMHGQRIi]RYêPQDSiMHQtP[9
QHERWtIi]RYêPQDSiMHQtP[9
7\SPQLþH
2EMHGQDFtþtVOR
6(
1DSiMHFtQDSWt
9VWXSQtSURXG
[9
[9
-LãWQtVt"RYpKR
[9
StYRGX
[9
3U$H]YRGLþ$
[9
Vt"PQLþ
[9
5R]PU\â[9[+
+PRWQRVW
009
&$
7\SPQLþH
2EMHGQDFtþtVOR
6(
1DSiMHFtQDSWt
9VWXSQtSURXG
[9
[9
-LãWQtVt"RYpKR
[9
StYRGX
[9
3U$H]YRGLþ$
[9
Vt"PQLþ
[9
5R]PU\â[9[+
+PRWQRVW
009
009
009
009
009
&%
&%
&&
&&
&&
[9QHER[9
[9
:
:
:
:
:
9$
9$
9$
9$
9$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
PP
PP
PP
PP
PP
PP
PP
[[PP
[[PP
NJ
NJ
:
9$
$
$
$
$
009
009
009
009
&$
&$
&$
&$
[9QHER[9
:
:
:
:
9$
9$
9$
9$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
PP
PP
PP
PP
[[PP
NJ
FKDUDNWHULVWLNRX
3LMHGQRIi]RYpPQDSiMHQtPXVtEêWQDYVWXSXP QLþH]DSRMHQDNRPXWDþQtWOXPLYND
~QRU
7HFKQLFNp~GDMH
0QLþH6(0,&520$67(59HFWRUVWtIi]RYêPQDSiMHQtP[9Då9
7\SPQLþH
2EMHGQDFtþtVOR
6(
1DSiMHFtQDSWt
-PHQRYLWêYêVWXSQt
9
SURXG
9
7UYDOêYêVWXSQt
9
SURXG
9
9VWXSQtHIHNWLYQtSURXG
5R]PU\â[9[+
+PRWQRVW
009
'$
7\SPQLþH
2EMHGQDFtþtVOR
6(
1DSiMHFtQDSWt
-PHQRYLWêYêVWXSQt
9
SURXG
9
7UYDOêYêVWXSQt
9
SURXG
9
5R]PU\â[9[+
+PRWQRVW
009
'%
:
9$
$
$
$
$
$
009
009
009
'$
'$
'$
[9Då9
:
:
:
N9$
N9$
N9$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
PP
PP
[[PP
NJ
009
'$
:
N9$
$
$
$
$
$
PP
009
009
009
009
'%
'&
'&
'&
[9Då9
N:
N:
N:
N:
N:
N9$
N9$
N9$
N9$
N9$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
PP
PP
PP
PP
PP
[[PP
[[PP
NJ
NJ
FKDUDNWHULVWLNRX
~QRU
7HFKQLFNp~GDMH
0QLþH6(0,&520$67(59HFWRUVWtIi]RYêPQDSiMHQtP[9Då9
DYHVWDYQêPRGUXãRYDFtPILOWUHP
7\SPQLþH
2EMHGQDFtþtVOR
6(
1DSiMHFtQDSWt
-PHQRYLWêYêVWXSQt
9
SURXG
9
7UYDOêYêVWXSQt
9
SURXG
9
5R]PU\â[9[+
+PRWQRVW
~QRU
009)
'%
009) 009) 009) 009)
'%
'&
'&
'&
[9Då9
N:
N:
N:
N:
N:
N9$
N9$
N9$
N9$
N9$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
PP
PP
PP
PP
PP
[[PP
[[PP
NJ
NJ
7HFKQLFNp~GDMH
0QLþH6,029(5736(0,',0$67(59HFWRUVWtIi]RYêPQDSiMHQtP[·9
7\SPQLþH
'UXK]DWtåHQt
2EMHGQDFtþtVOR ,3 6(
,3VILOWUHP 6(
,3 6(
1DSiMHFtQDSWt
>N:@
7UYDOêYêVWYêNRQPQLþH >N9$@
-PHQRYLWêYêVWSURXG SL9
SL9
9VWXSQtSURXG
5R]PU\â[9[+
,3
,3VILOWUHP
,3
+PRWQRVW
,3
,3VILOWUHP
,3
7\SPQLþH
'UXK]DWtåHQt
2EMHGQDFtþtVOR ,3 6(
,3VILOWUHP 6(
,3 6(
1DSiMHFtQDSWt
>N:@
7UYDOêYêVWYêNRQPQLþH >N9$@
-PHQRYLWêYêVWSURXG SL9
SL9
9VWXSQtSURXG
5R]PU\â[9[+
,3
,3VILOWUHP
,3
+PRWQRVW
,3
,3VILOWUHP
,3
3R]QiPND
0'9
0'9
0'9
0'9
0aQ 0 N 0aQ 0 N 0aQ 0 N 0 Q
'-
'+
'+
'*
'-
'+
'+
'*
'6
'6
'6
'6
[·9
$ $ $ $ $ $ $ $ $ $
$ $ $ $ $ $ $ $ $ $
$
$
$
$
$
$
$
$
PP
PP
PP
PP
PP
PP
PP
[[
[[PP
[[PP
[[
[[PP
[[PP
[[
[[PP
[[PP
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
0'9
0aQ
'-
'-
'6
0 N
0'9
0'9
0'9
0'9
0aQ 0 N 0aQ 0 N 0aQ 0 N 0 Q
'-
'.
'.
'.
'-
'.
'.
'.
'6
'6
'6
'6
[·9
$
$
$
$
$ $ $ $ $ $
$
$
$
$
$
$
$ $ $ $
$
$
$
$
$
$
$
$
$
$
PP
PP
PP
PP
PP
PP
PP
PP
[[PP
[[PP
[[PP
[[PP
[[PP
[[PP
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
0 N
0 N
7HFKQLFNp~GDMHIUHNYHQþQtFKPQLþ$0'9[[[D0'9[[[]GHQHMVRXXYHGHQ\2EGUåtWHMH
XGRGDYDWHOHPQLþ$
0'9
0aQ
'*
'*
'6
0 N
0 NNRQVWDQWQt]DWåRYDFtPRPHQW0aQ NYDGUDWLFNê]DWåRYDFtPRPHQWNYDGUDWLFNi]iYLVORVW]DWåRYDFtKRPRPHQWXQDRWiþNiFK
PRWRUX
3RMLVWN\XUþHQpNMLãWQtYHGHQtNDEHO$DRVWDWQtFKHO]Dt]HQtSHGSHWtåHQtPD]NUDWHPQHERMLVWLþVPRWRURYRXFKDUDNWHULVWLNRX
~QRU
7HFKQLFNp~GDMH
7HFKQLFNp~GDMHPQLþ$6(0,&520$67(59HFWRUD0,',0$67(59HFWRU
)UHNYHQFHQDSiMHFtKRQDSWt
+]·+]
,PSHGDQFHQDSiMHFtVtW
PXVtEêW!]GiQOLYpKRYêNRQXPQLþH
&HONRYê~þLQtNO
t
ÒþLQQRVWPQLþH
5R]VDKYêVWXSQtIUHNYHQFH
+]·+]
5R]OLãHQtYêVWXSQtIUHNYHQFH
+]
3HWtåLWHOQRVW
SRGREXVDSRWpSRGREXVVF\NOHPV
2FKUDQ\
x
x
x
x
x
'UXKSURYR]X
PRåQêSURYR]YHYãHFKþW\HFKNYDGUDQWHFK
'UXKUHJXODFHDt]HQt
x OLQHiUQtQHERNYDGUDWLFNiFKDUDNWHULVWLND8I
x )&&UHJXODFHDNWLYQtUHJXODFHPDJQHWL]DþQtKRSURXGX
x YHNWRURYpt]HQtEH]]SWQpYD]E\
'RE\UR]EKXDGREKX
DåV
9VWXSDQDORJRYpSRåDGRYDQp
KRGQRW\
·9·95L N:GRSRUXþHQiKRGQRWDSRWHQFLRPHWUXN:
·9
·P$·P$5L :
SURWLSHNURþHQtSRYROHQpWHSORW\PQLþH
SURWLSHNURþHQtSRYROHQpWHSORW\PRWRUX
SURWLSHSWtDSRGSWt
SURWL]HPQtPX]NUDWXD]NUDWXPH]LIi]HPL
SURWLFKRGXEH]SLSRMHQpKRPRWRUX
5R]OLãHQtDQDORJRYpSRåDGRYDQp ELW$
KRGQRW\
6WDELOLWDSRåDGRYDQpKRGQRW\
IUHNYHQFH
x DQDORJRYi
x GLJLWiOQt
$QDORJRYêYêVWXS
·P$·P$PD[]iWå:SHVQRVW
%LQiUQtYVWXS\
SURJUDPRYDWHOQêFK9VVORJ9ORJ 9·9
5L N:5LPD[ P$
%LQiUQtYêVWXS\
UHOpVSURJUDPRYDWHOQRXIXQNFt9$VW'&9$VV
RGSRURYi]iWåFtYN\UHOpDVW\NDþ$QXWQRRSDWLWGLRGDPLQHER5&þOHQ\
0RQLWRURYiQtWHSORW\PRWRUX
x Y\SRþHWGOHRWHSORYDFtKRLQWHJUiOX³L GW
x YVWXSSURSLSRMHQtSR]LVWRUX37&YHVWDYQpKRYPRWRUX
6pULRYpUR]KUDQt
56
7HSORWDRNROtSLSURYR]X
·&W\S009·&W\S0'9
6NODGRYDFtWHSORWD
·&
=S$VREFKOD]HQtPQLþH
FKOD]HQtSRPRFtYHVWDYQpKRYHQWLOiWRUX
5HODWLYQtYOKNRVWY]GXFKX
EH]VUiåHQtYRGQtSiU\
3URYR]QtQDGPRVNiYêãND
GRPQDGPRHPSURYWãtQDGPRVNpYêãN\MHQXWQiUHGXNFHSURXGX
6WXSHNU\Wt
,3W\S009,3QHER,3W\S0'9
~QRU
7HFKQLFNp~GDMH
(OHNWURPDJQHWLFNiNRPSDWLELOLWD(0&
9ãLFKQLYêUREFLHOHNWULFNêFK]Dt]HQtStSYêUREFLNWHtNRPSOHWXMtYêVOHGQêYêUREHNDXYiGMtSRQD
WUK]Dt]HQtWYRtFtVDPRVWDWQêFHOHNVHPXVtSL]S$VRELWHYURSVNpVPUQLFL((&SURýHVNRXUHSXEOLNX
MHWDWRVPUQLFH]iYD]QiSR
.DåGêYêUREFHPXVtGRORåLWVSOQQtVPUQLFHYHWHFKVPUHFK
&HUWLILNDFHYêURENX
-H SURKOiãHQt YêUREFH åH YêUREHN RGSRYtGi SRåDGDYN$P HYURSVNêFK QRUHP QD HOHNWULFNp SURVWHGt YH
NWHUpP EXGH YêUREHN SURYR]RYiQ 9 SURKOiãHQt PRKRX EêW XYHGHQ\ SRX]H QRUP\ NWHUp E\O\ RILFLiOQ
SXEOLNRYiQ\YÄ2ILFLiOQtP]SUDYRGDML(YURSVNpKRVSROHþHQVWYt³
6RXERUWHFKQLFNêFKRSDWHQt
6RXERUWHFKQLFNêFKRSDWHQtSRSLVXMHFKDUDNWHULVWLN\HOHNWURPDJQHWLFNpNRPSDWLELOLW\]Dt]HQt7HQWRVRXERU
PXVt EêW VFKYiOHQ NRPSHWHQWQtP RUJiQHP NWHUê E\O XVWDQRYHQ RGSRYtGDMtFt HYURSVNRX YOiGQt RUJDQL]DFt
7HQWRStVWXSXPRåXMHDE\YêUREHNE\OYVRXODGXVQRUPDPLNWHUpVHSUR]DWtPSLSUDYXMtDQHMVRXGRVXGY
SODWQRVWL
3URWRNRORHOHNWURPDJQHWLFNp]NRXãFH
7HQWRSURWRNROMHQXWQêSRX]HXUiGLRYêFKY\VtODFtFK]Dt]HQt
)UHNYHQþQt PQLþH 0,&520$67(5 9HFWRU D 0,',0$67(5 9HFWRU QHPRKRX ]DUXþHQ VSORYDW Y\åDGRYDQp
SDUDPHWU\ SRNXG QHMVRX SURSRMHQ\ V GDOãtPL ]Dt]HQtPL QDS PRWRUHP 3URWR QHQt PRåQp DE\ IUHNYHQþQt
PQLþHE\O\R]QDþHQ\]QDNHP&(NWHUêXGiYiåH]Dt]HQtVSOXMHSRåDGDYN\HOHNWURPDJQHWLFNpNRPSDWLELOLW\
3HVWRSRNXGEXGRXGRGUåHQ\GRSRUXþHQtQDLQVWDODFLPQLþHXYHGHQpYNDSIUHNYHQþQtPQLþH Y\KRYt
XYHGHQêP SRåDGDYN$P HOHNWURPDJQHWLFNp NRPSDWLELOLW\ -VRX WL NDWHJRULH HOHNWURPDJQHWLFNp NRPSDWLELOLW\
3RåDGDYN\MHGQRWOLYêFKNDWHJRULtMHPRåQpVSOQLWSRX]HWHKG\SRNXGVStQDFtIUHNYHQFHPQLþHMHPHQãtQHER
URYQDWRYiUQQDVWDYHQpKRGQRWDGpONDPRWRURYpKRNDEHOXQHSHVDKXMHPHWU$
.DWHJRULH9ãHREHFQpSRåDGDYN\SURSU$P\VORYpSURVWHGt
)UHNYHQþQt PQLþH 0,&520$67(5 9HFWRU D 0,',0$67(5 9HFWRU MVRX QDYUåHQ\ Y VRXODGX V QRUPDPL
HOHNWURPDJQHWLFNpNRPSDWLELOLW\SURYêNRQRYi]Dt]HQt,(&*:*&YSURSU$P\VORYpSURVWHGt
(OHNWURPDJQHWLFNêMHY
1RUPD
ÒURYH
Y\]DRYDQpUXãHQt
(1
~URYH$
UXãHQtSRYRGLþtFK
(1
~URYH$
HOHNWURVWDWLFNêQiERM
(1
Y\EtMHQtY]GXFKHPN9
SURFKi]HMtFtUXãHQt
(1
VLORYpStYRG\N9
tGLFtStYRG\N9
UiGLRYpHOHNWURPDJQHWLFNpSROH
,(&
0+]9P
9\]DRYiQt
2GROQRVWSURWLUXãHQt
.DWHJRULH3LSRMHQtQDQDSiMHFtVt"SHVRGUXãRYDFtILOWUYSU$P\VORYpPSURVWHGt
3LWRPWR]S$VREXSLSRMHQtIUHNYHQþQtFKPQLþ$0,&520$67(59HFWRUD0,',0$67(59HFWRUMHXPRåQQR
YêUREFL QHER GRGDYDWHOL ]Dt]HQt DE\ ViP QDYUKQXO ]Dt]HQt WDN DE\ RGSRYtGDOR VPUQLFtP SUR
HOHNWURPDJQHWLFNRX NRPSDWLELOLWX SUR SU$P\VORYp SURVWHGt 3RåDGRYDQp ~URYQ MVRX XYHGHQ\ Y QRUPiFK QD
YãHREHFQpSU$P\VORYpUXãHQtDRGROQRVWLSURWLUXãHQt(1D(1
1RUPD
ÒURYH
Y\]DRYDQpUXãHQt
(1
~URYH$
UXãHQtSRYRGLþtFK
(1
~URYH$
9\]DRYiQt
1HPXVtVSORYDWStVWURMHYSU$P\VORYpPSURVWHGtNGHQDWHQWêåQDSiMHFt]GURMQHMVRXSLSRMHQ\åiGQiGDOãt]Dt]HQt
~QRU
7HFKQLFNp~GDMH
GHIRUPDFHQDSiMHFtKRQDSWt
,(&
QHVWDELOLWDYêSDGN\QHVRXPUQRVWD]PQD
IUHNYHQFHQDSiMHFtKRQDSWt
,(&
PDJQHWLFNpSROH
(1
+=$P
(1
Y\EtMHQtY]GXFKHPN9
SURFKi]HMtFtUXãHQt
(1
VLORYpStYRG\N9
tGLFtStYRG\N9
HOPSROHUiGLRYêFKIUHNYHQFtDPSOLWXGRYi
PRGXODFH
(19
0+]9P$0
VLORYpLRYOiGDFtYRGLþH
HOPSROHUiGLRYêFKIUHNYHQFtSXO]QtPRGXODFH
(19
0+]9PF\NOXV
RSDNRYDFtIUHNYHQFH+]
.DWHJRULH 3LSRMHQt QD QDSiMHFt Vt" SHV RGUXãRYDFt ILOWU Y RE\WQpP SURVWHGt REFKRGQt VIpH
DOHKNpPSU$P\VOX
3LWRPWR]S$VREXSLSRMHQtIUHNYHQþQtFKPQLþ$0,&520$67(59HFWRUD0,',0$67(59HFWRUMHXPRåQQR
YêUREFL QHER GRGDYDWHOL ]Dt]HQt DE\ ViP QDYUKQXO ]Dt]HQt WDN DE\ RGSRYtGDOR VPUQLFtP SUR
HOHNWURPDJQHWLFNRXNRPSDWLELOLWXSURRE\WQpSURVWHGtREFKRGQtVIpUXDOHKNêSU$P\VO3RåDGRYDQp~URYQMVRX
XYHGHQ\YQRUPiFKQDYãHREHFQp]GURMHUXãHQtDRGROQRVWLSURWLUXãHQt(1D(1
1RUPD
ÒURYH
Y\]DRYDQpUXãHQt
(1
~URYH%
UXãHQtSRYRGLþtFK
(1
~URYH%
(1
Y\EtMHQtY]GXFKHPN9
SURFKi]HMtFtUXãHQt
(1
VLORYpStYRG\N9
tGLFtStYRG\N9
9\]DRYiQt
3R]QiPND
~QRU
)UHNYHQþQt PQLþH 0,&520$67(5 9HFWRU D 0,',0$67(5 9HFWRU MVRX XUþHQ\ YêKUDGQ SUR
SURIHVLRQiOQt]Dt]HQt 3URWR QHVSDGDMt GR VNXSLQ\ ]Dt]HQt V KDUPRQLFNêP UXãHQtP GOH QRUP\
(1
7HFKQLFNp~GDMH
=DD]HQtPQLþ$GRWtG(0&
7\SPQLþH
.DWHJRULH
009·009
NDWHJRULH
009·009
NDWHJRULH
009·009VH[WHUQtPRGUXãRYDFtPILOWUHPWtG\%
GOHNDSDSLMHGQRIi]RYpPQDSiMHQt
009·009
009)·009)
009·009VH[WHUQtPRGUXãRYDFtPILOWUHPWtG\$
GOHNDS
009·009VH[WHUQtPRGUXãRYDFtPILOWUHPWtG\%
GOHNDS
NDWHJRULH
SLLQVWDODFLYRFHORYpUR]YiGþRYp
VNtQLNDWHJRULH
NDWHJRULH
NDWHJRULH
VNtQLNDWHJRULH
NDWHJRULH
VNtQLNDWHJRULH
NDWHJRULH
0'9)·0'9)
0'9·0'9VH[WHUQtPRGUXãRYDFtPILOWUHPWtG\$
GOHNDS
NDWHJRULH
VNtQLNDWHJRULH
0'9·0'9VH[WHUQtPRGUXãRYDFtPILOWUHPWtG\%
GOHNDS
NDWHJRULH
VNtQLNDWHJRULH
3R]QiPND
3RNXG QHEXGRX GRGUåHQ\ ]iVDG\ SUR RPH]HQt HOHNWURPDJQHWLFNpKR UXãHQt PQLþH QHPXVt
VSORYDWSHGSRNOiGDQpNDWHJRULH(0&
~QRU
7HFKQLFNp~GDMH
7HFKQLFNp~GDMHGRSON$
%U]GQpRGSRUQtN\DEU]GQiMHGQRWND
3RNXG SL ]DVWDYRYiQt SRKRQX NOHVDMt RWiþN\ ]iWåH SRPDOHML QHå YêVWXSQt IUHNYHQFH PQLþH PRWRU SUDFXMH
YJHQHUiWRULFNpPUHåLPXDRGHY]GiYiHQHUJLLGRPQLþH(QHUJLHPXVtEêWSRKOFHQDPQLþHPSURWRåHQHt]HQê
YVWXSQt XVPURYDþ QHGRYROXMH YUDFHQt HQHUJLH ]SW GR QDSiMHFt VtW SURVWHGQLFWYtP PQLþH 3RNXG MH
JHQHURYDQiHQHUJLHPHQãtQHå]WUiW\PQLþHQHQDVWiYDMtSLþLQQRVWLNRPSOLNDFH3RNXGMHJHQHURYDQiHQHUJLH
YWãtQHå]WUiW\PQLþHDQHQtSLSRMHQDEU]GQiMHGQRWNDPQLþRKOiVtSRUXFKXSHSWt7\SLFNiKRGQRWD]WUiWMH
DVLMPHQRYLWpKRYêNRQXPQLþHDGDOãtMPHQRYLWpKRYêNRQXMHPRåQpGRGiYDW]SWDQLåE\PQLþKOiVLO
SRUXFKX
)DNWRU\NWHUpRYOLYXMtPQRåVWYt]SWGRGiYDQpHQHUJLHMVRX
x PRPHQWVHWUYDþQRVWLVWURMHD]iWåH
x PD[LPiOQtU\FKORVWVWURMHD]iWåH
x MPHQRYLWêYêNRQPQLþH
9HOLNRVWJHQHURYDQpKRYêNRQX3SLNRQVWDQWQtU\FKORVWLVQLåRYiQtIUHNYHQFHHPRPHQWXVHWUYDþQRVWL-DSUR
XUþLWRXU\FKORVWZMHGiQDY]WDKHP
3 HZ-
NGH
>3@ :
>H@ UDGV >Z@ UDGV >-@ NJP 3URPQLþVH]DGDQRXGRERXGREKXQDVWDYHQRXSRPRFt3DRNDPåLWRXYêVWXSQtIUHNYHQFtIY+]EXGH
PtWXYHGHQêY]WDKWYDU
3
§ S ·
3
I - ¨ ¸ © S¹
3
NGH
I
S
3
3
YêVWXSQtIUHNYHQFHPQLþHY+]
SRþHWSyO$PRWRUXQDS
QDVWDYHQiGREDGREKX
QDVWDYHQiPD[LPiOQtIUHNYHQFH
= XYHGHQêFK Y]WDK$ MH SDWUQp åH JHQHURYDQê YêNRQ MH StPR ~PUQê PRPHQWX VHWUYDþQRVWL VWURMH ]iWåH
DRNDPåLWp U\FKORVWL D QHStPR ~PUQê GRE GREKX SL QDVWDYHQt PHQãt KRGQRW\ 3 VWRXSi JHQHURYDQê
YêNRQ
3UR YêSRþHW SRWHEQp YHOLNRVWL EU]GQpKR YêNRQX MH QHMGtYH WHED ]MLVWLW PRPHQW VHWUYDþQRVWL VWURMH ]iWåH
PD[LPiOQt SUDFRYQt U\FKORVW D PLQLPiOQt GREX GREKX ]Dt]HQt 'tYH XYHGHQê Y]WDK PRGLILNRYDQê SUR
PD[LPiOQtSRåDGDYN\MH
3PD[
§ S ·
3
IPD[ - ¨ ¸ © S¹
3
NGH
IPD[
PD[LPiOQtSUDFRYQtNPLWRþHWSRKRQX
3PD[ PXVt EêW PHQãt QHå QiVREHN MPHQRYLWpKR YêNRQX PQLþH DE\ E\OR ]DMLãWQR åH PQLþ MH VFKRSHQ
EU]GLW SRåDGRYDQêP YêNRQHP 3PD[ PXVt EêW WDNp PHQãt QHå ãSLþNRYê ]WUiWRYê YêNRQ EU]GQpKR RGSRUX SL
PD[LPiOQtKRGQRWQDSWtVWHMQRVPUQpKRPH]LREYRGXPQLþH9SURPQLþHVQDSiMHQtP9a009[[[
D009[[[D9SURPQLþHVQDSiMHQtP9a009[[[
3PD[ d
SURPQLþH00[[[D009[[[
5
3PD[ d
SURPQLþH009[[[ NGH
5 KRGQRWDEU]GQpKRRGSRUXY:
5
=DGUXKpPXVtEêWSURYHQDMPHQRYLWiKRGQRWD]DWtåHQtEU]GQpKRRGSRUXKRGQRWDRGSRUXDãSLþNRYêEU]GQê
YêNRQ MVRX MLå ]QiP\ -PHQRYLWi KRGQRWD ]WUiWRYpKR YêNRQX RGSRUX MH ]iYLVOi QD HQHUJLL NWHUi MH RGHEtUiQD
SRKiQQpPX ]Dt]HQt EKHP GREKX D SRþWX RSDNRYiQt GREK$ (QHUJLH RGHEUDQi SRKiQFtPX ]Dt]HQt SL
]PQU\FKORVWLMHGiQDY]WDKHP
~QRU
7HFKQLFNp~GDMH
(]WUi W
§ S ·
- ¨ ¸ I I
© S¹
NGH
I
SRþiWHþQtU\FKORVWY+]
NRQFRYiU\FKORVWY+]SRS+]SRNXGVH
VWURM]DVWDYtQHERGRMGHNUHYHU]DFL
-HVWOLåH GREK WUYDO WEU]G VHNXQG D EXGH VH RSDNRYDW SR WRSDN VHNXQGiFK WM FHOê F\NOXV WUYi WEU]GWRSDN VHNXQG
SU$PUQê]WUiWRYêYêNRQEU]GQpKRRGSRUXMH
I
3SU$P]WUi W
(]WUi W
WEU]G WRSDN
3SU$P ]WUiW XUþXMH SU$PUQRX KRGQRWX ]WUiWRYpKR YêNRQX EU]GQpKR RGSRUX -HVWOLåH MH WDWR KRGQRWD YWãt QHå
MPHQRYLWê]WUiWRYêYêNRQRGSRUXMHQXWQpSRXåtWMLQêRGSRUQHERYKRGQp]DSRMHQtYtFHRGSRU$
)UHNYHQþQtPQLþH0,&520$67(59HFWRUPDMtMLåEU]GQêVStQDþ]DEXGRYiQMDNRVWDQGDUGQtY\EDYHQt3RNXG
MHSRWHEQpGRViKQRXWNUiWNêFKGREKRYêFKGRESRKRQXQHER]DVWDYLWVHWUYDþQRXKPRWXSRKRQXNPQLþLVH
SLSRMtSRX]HEU]GQêRGSRUQtN
%U]GQêRGSRUQtN
REMHGQDFtþtVOR
2GSRU
âSLþNRYê
YêNRQ
7UYDOê
YêNRQ
5R]PU\
9[â[+
+PRWQRVW
009 Då
009
6(&$5$
:
:
:
[[PP
NJ
009D
009
6(&%5$
:
N:
:
[[PP
NJ
009D
009
6(&&5$
:
N:
:
[[PP
NJ
009Då
009
6('$5$
:
N:
:
[[PP
NJ
009D
009
6('%5$
:
N:
:
[[PP
NJ
009Då
009
6('&5$
:
N:
:
[[PP
NJ
7\SPQLþH
%U]GQpRGSRUQtN\SURMHGQRIi]RYpQDSiMHQtPQLþ$[9
.PQLþ$PDG\0,',0$67(59HFWRUMHQXWQpSLSRMLWYQMãtEU]GQRXMHGQRWNX(%8DEU]GQêRGSRUQtN
7\SPQLþH
%U]GQiMHGQRWND(%8
REMHGQDFtþtVOR
0'9Då
0'9
0'9D
0'9
0'9Då
0'9
6(';'$
0'9
0'9
5R]PU\
9[â[+
3RþHW
âSLþNRYê
YêNRQ
N:
'
N:
N:
N:
N:
N:
N:
N:
N:
N:
N:
N:
'
(
'
(
(
'
(
(
(
(
(
[[
PP
+PRWQRVW 2GSRUQtN
NJ
7\S' 6(735$
7\S( 6(735$
~QRU
7HFKQLFNp~GDMH
7\SRGSRUQtNX
%U]GQêRGSRUQtN
REMHGQDFtþtVOR
2GSRU
âSLþNRYê
YêNRQ
7UYDOê
YêNRQ
5R]PU\
9[â[+
'
6(735$
:
N:
N:
[[PP
(
6(735$
:
N:
N:
[[PP
+PRWQRVW
2GUXãRYDFtILOWU\
2GUXãRYDFtILOWU\VORXåtNSRWODþHQtUXãLYêFKUiGLRYêFKVLJQiO$WMYREODVWLN+]Då0+]SURQLNDMtFtFK]PQLþH
GR QDSiMHFt VtW SRS ] QDSiMHFt VtW GR PQLþH 5R]PU\ ILOWU$ NRUHVSRQGXMt VUR]PU\ PQLþ$ )LOWU VH
XPtV"XMHSRGPQLþ
3R]QiPND
3RNXG QHEXGRX GRGUåHQ\ YãHREHFQp ]iVDG\ SUR SRWODþHQt UXãHQt VDPRWQê RGUXãRYDFt ILOWU
QHVQtåtUXãHQtQDSRåDGRYDQRX~URYH
8YHGHQpILOWU\O]HSRXåtWSRX]HSLQDSiMHQtPQLþHGR93URY\ããtQDSWtNRQWDNWXMWHGRGDYDWHOHPQLþH
7\SPQLþH
2GUXãRYDFtILOWU
REMHGQDFtþtVOR
009Då009
YHVWDYQê
009
009
009
7tGD
1RUPD
5R]PU\
9[â[+
+PRW
QRVW
$
(1(1
%
(1(1
[[PP
%
(1(1
[[PP
%
(1(1
[[PP
%
(1(1
[[PP
%
(1(1
[[PP
%
(1(1
[[PP
%
(1(1
[[PP
6(%$)%
6(%$)%
6(%$)%
009
6(%$)%
009
6(%%)%
009
6(%%)%
009
6(%&)%
009
6(%&)%
%
(1(1
[[PP
009Då009
6('$)$
6('$)%
$
%
(1(1
[[PP
009D009
6('%)$
6('%)%
$
%
(1(1
[[PP
009Då
009
6('&)$
6('&)%
$
%
(1(1
[[PP
0'9
6('*)$
6()&
$
%
(1(1
[[PP
[[PP
0'9
6('*)$
6()&
$
%
(1(1
[[PP
[[PP
0'9
6('+)$
6()&
$
%
(1(1
[[PP
[[PP
0'9
6('+)$
6()&
$
%
(1(1
[[PP
[[PP
0'9
6('-)$
6()&
$
%
(1(1
[[PP
[[PP
0'9
6('-)$
6()&
$
%
(1(1
[[PP
[[PP
0'9
6('-)$
6()&
$
%
(1(1
[[PP
[[PP
6('.)$
6('.)%
$
%
(1(1
[[PP
[[PP
0'9Då
0'9
2GUXãRYDFtILOWU\SURMHGQRIi]RYpQDSiMHQtPQLþ$[9
~QRU
3RX]HSURNRQVWDQWQt]DWåRYDFtPRPHQW
7HFKQLFNp~GDMH
9VWXSQtWOXPLYN\
9VWXSQtWOXPLYN\
]Y\ãXMtLPSHGDQFLQDSiMHFtVtW
]OHSãXMtFHONRYê~þLQtNPQLþH
SRWODþXMtSURXGRYpãSLþN\Y]QLNDMtFtSLQDEtMHQtNRQGHQ]iWRU$YPQLþLSHVQHt]HQêXVPURYDþ
]PHQãXMtGHIRUPDFLQDSiMHFtKRQDSWt
SRWODþXMt UXãHQt Y\]DRYDQp PQLþHP GR QDSiMHFt VtW QD QLåãtFK IUHNYHQFtFK StS SRWODþXMt UXãHQt
SLFKi]HMtFt]QDSiMHFtVtWGRPQLþH
9VWXSQtWOXPLYND
REMHGQDFtþtVOR
,QGXNþQRVW
3URXG
5R]PU\
9[â[+
+PRWQRVW
009D009
(0&%
P+
$
[[PP
NJ
009D009
(0&%
P+
$
[[PP
NJ
009D009
(0&%
P+
$
[[PP
NJ
009D009
(0&%
P+
$
[[PP
NJ
009D009
(0&%
P+
$
[[PP
NJ
009D009
(0&%
P+
$
[[PP
NJ
009D009
(0&%
P+
$
[[PP
NJ
009D009
(0&%
P+
$
[[PP
NJ
009D009
(0&%
P+
$
[[PP
NJ
9VWXSQtWOXPLYND
REMHGQDFtþtVOR
,QGXNþQRVW
3URXG
5R]PU\
9[â[+
+PRWQRVW
009
(386
P+
$
[[PP
NJ
009
(386
P+
$
[[PP
NJ
009
(386
P+
$
[[PP
NJ
009
(386
P+
$
[[PP
NJ
009
(386
P+
$
[[PP
NJ
009
(386
P+
$
[[PP
NJ
009
(386
P+
$
[[PP
NJ
009
(386
P+
$
[[PP
NJ
009
(386
P+
$
[[PP
NJ
009
(386
P+
$
[[PP
NJ
7\SPQLþH
7\SPQLþH
~QRU
7HFKQLFNp~GDMH
7\SPQLþH
9VWXSQtWOXPLYND
REMHGQDFtþtVOR
,QGXNþQRVW
3URXG
5R]PU\
9[â[+
+PRWQRVW
0'9
(386
P+
$
[[PP
NJ
0'9
(386
P+
$
[[PP
NJ
0'9
(386
P+
$
[[PP
NJ
0'9
(386
P+
$
[[PP
NJ
0'9
(386
P+
$
[[PP
NJ
0'9
(386
P+
$
[[PP
NJ
0'9
(386
P+
$
[[PP
NJ
0'9
(386
P+
$
[[PP
NJ
0'9
(88$
P+
$
[[PP
NJ
0'9
(88$
P+
$
[[PP
NJ
9êVWXSQtWOXPLYN\
9êVWXSQtWOXPLYN\
SRWODþXMtNDSDFLWQtSURXG\SLVStQiQtYêVWXSQtFKWUDQ]LVWRU$PQLþH
ILOWUXMtSXO]QtYêVWXSQtQDSWtPQLþH
]PHQãXMtQDS"RYpãSLþN\QDVYRUNiFKPRWRUXY]QLNDMtFtSLVStQiQtYêVWXSQtFKWUDQ]LVWRU$PQLþH
SRWODþXMtUXãHQtY\]DRYDQpNDEHOHPPH]LPQLþHPDPRWRUHP
8SR]RUQQt
6StQDFtNPLWRþHWPXVtEêWQDVWDYHQQDKRGQRWXN+]
9êVWXSQtWOXPLYND
REMHGQDFtþtVOR
3URXG
5R]PU\
9[â[+
+PRWQRVW
009·009
6((6)(
$
[[PP
NJ
009·009
6((6)(
$
[[PP
NJ
9êVWXSQtWOXPLYND
REMHGQDFtþtVOR
3URXG
5R]PU\
9[â[+
+PRWQRVW
009·009
6((6)(
$
[[PP
NJ
009·009
6((6)(
$
[[PP
NJ
0'9
6((6)(
$
[[PP
NJ
0'9
6((6)(
$
[[PP
NJ
0'9·0'9
6((6)(
$
[[PP
NJ
0'9·0'9
6((6)(
$
[[PP
NJ
0'9·0'9
6((6)(
$
[[PP
NJ
0'9
6((6)(
$
[[PP
NJ
7\SPQLþH
7\SPQLþH
9êVWXSQtGXGWILOWU\
)LOWUGXGWVH]DD]XMHQDYêVWXSPQLþHVDPRVWDWQStSDGQYNRPELQDFLVYêVWXSQtWOXPLYNRXSUR]QiVREHQt
~þLQNX
ILOWUXMtSXO]QtYêVWXSQtQDSWtPQLþH
]PHQãXMtQDS"RYpãSLþN\QDVYRUNiFKPRWRUXY]QLNDMtFtSLVStQiQtYêVWXSQtFKWUDQ]LVWRU$PQLþH
SRWODþXMtUXãHQtY\]DRYDQpNDEHOHPPH]LPQLþHPDPRWRUHP
RPH]XMtVWUPRVWQiU$VWXQDSWtQDVYRUNiFKPRWRUX
~QRU
7HFKQLFNp~GDMH
.RPIRUWQtRYOiGDFtSDQHO
.RPIRUWQt RYOiGDFt SDQHO VH YNOiGi GR YêH]X Y þHOQtP SDQHOX PQLþH QHER MH KR PRåQp SLSRMLW SRPRFt
SURGOXåRYDFtKRNDEHOXNPQLþL9]GiOHQRVWPH]LPQLþHPDRYOiGDFtPSDQHOHPP$åHEêWDåP1DSiMHQt
SDQHOXMH]PQLþH3DQHOO]HSLSRMRYDWNPQLþLDRGSRMRYDWL]DFKRGXPQLþH
2YOiGDFt SDQHO REVDKXMH þW\iGNRYê /&' WH[WRYê GLVSOHM VHGP RYOiGDFtFK WODþtWHN VWHMQêFK MDNR QD PQLþL
DGDWRYRXSDP"((3520VFKRSQRX]DFKRYDW~GDMHLSRRGSRMHQtQDSiMHQt/&'GLVSOHMMHSURVYWOHQQHERMH
PRåQpSURVYWOHQtY\SQRXW
3RPRFtNRPIRUWQtKRRYOiGDFtKRSDQHOMHPRåQp

QDVWDYRYDW SDUDPHWU\ PQLþH SR ]YROHQt StVOXãQpKR SDUDPHWUX MH VRXþDVQ ]REUD]RYiQR MHKR þtVOR
KRGQRWDDQi]HY

RYOiGDW PQLþ VWHMQêP ]S$VREHP MDNR ] EåQpKR RYOiGDFtKR SDQHOX QD PQLþL VRXþDVQ MH ]REUD]RYiQD
KRGQRWDYêVWXSQtIUHNYHQFHSURXGRWiþN\D]DWtåHQtPRWRUXDStSDGQSRUXFKRYpKOiãHQtPQLþH

SRPRFt YHONêFK þtVOLF SHV YãHFKQ\ þW\L iGN\ GLVSOHMH ]REUD]RYDW YêVWXSQt IUHNYHQFL PQLþH QHER RWiþN\
PRWRUX

RYOiGDW VRXþDVQ QHER QDVWDYRYDW SDUDPHWU\ NWHUpKRNROLY Då ] PQLþ$ SLSRMHQêFK QD VpULRYRX OLQNX
56 FHONHP Då PQLþ$ P$åH EêW QDY]iMHP SURSRMHQR SHV VYRUNRYQLFH SRPRFt GYRX YRGLþ$
SURVWHGQLFWYtPVpULRYpOLQN\56DåGRY]GiOHQRVWLP

XFKRYDW KRGQRW\ SDUDPHWU$ Y SDPWL ((3520 NWHUpKRNROLY Då ] PQLþ$ SURSRMHQêFK VpULRYRX OLQNRX
56QHERXFKRYDWDåYDULDQWQDVWDYHQtPQLþH

XFKRYDWVDG\GDWPQLþHNWHUpMHPRåQpQDKUiWGRPQLþHStND]HPSHVGLJLWiOQtYVWXS',1·',1

SHKUiW ] SDPWL ((3520 GR NWHUpKRNROLY Då ] PQLþ$ SURSRMHQêFK VpULRYRX OLQNRX 56 XORåHQp
QDVWDYHQt WtPWR ]S$VREHP O]H WDNp QDVWDYLW VWHMQ QNROLN PQLþ$ WDN åH VH QDVWDYt KRGQRW\ SDUDPHWU$
SUYQtKR PQLþH D XORåt VH GR NRPIRUWQtKR RYOiGDFtKR SDQHOX SDQHO VH Y\MPH D YORåt GR GDOãtKR PQLþH
KRGQRW\SDUDPHWU$XFKRYDQpYRYOiGDFtPSDQHOXVHSHKUDMtGRGUXKpKRPQLþH

XPRåXMHSURSRMHQtPQLþHVHVpULRYRXOLQNRX56DRVREQtKRSRþtWDþH3&VHVpULRYRXOLQNRX56
2EMHGQDFtþtVOR
6(;;%)
0RGXO352),%86
0RGXO 352),%86 &% XPRåXMH NRPXQLNDFL PH]L YtFH PQLþL D tGLFtP V\VWpPHP SR VpULRYp VEUQLFL
3HQRVRYiU\FKORVWMHDå0EV
2EMHGQDFtþtVOR
6(;;3%
0RGXO&$1%86
0RGXO&$1%86&%XPRåXMHNRPXQLNDFLPH]LYtFHPQLþLDtGLFtPV\VWpPHPSRVpULRYpVEUQLFL&$1
2EMHGQDFtþtVOR
2YOiGDFtSURJUDP6,029,6SUR3&
2YOiGDFt SURJUDP 6,029,6 SUR 3& XPRåXMH VQDGQêP ]S$VREHP QDVWDYHQt PQLþH XFKRYiQt D QDKUiYiQt
SDUDPHWU$]PQLþHQDGLVNDQDRSDNWLVNSDUDPHWU$DWGYJUDILFNpPSURVWHGt06:,1'2:63URSRMHQt
PH]LPQLþHPDSRþtWDþHPMHVpULRYRXOLQNRX
2EMHGQDFtþtVOR
6(;;6$
~QRU
3HKOHGSDUDPHWU$
3HKOHGSDUDPHWU$
7\SPQLþH
'DWXPQDVWDYHQt
9êUREQtþtVOR
1DVWDYHQtSURYHGO
ýtVOR
1i]HYSDUDPHWUX
3Ú 9HOLþLQD]REUD]RYDQiQDGLVSOHML
5R]VDKKRGQRW 7RYiUQt
QDVWDYHQt
Då
YêVWIUHNY
3Ú
'REDQiU$VWXYêVWXSQtIUHNYHQFHPQLþH
]+]QDIPD[
DåV
V
V
V
3Ú
'REDSRNOHVXYêVWXSQtIUHNYHQFH
PQLþH]IPD[QD+]
DåV
V
V
V
3Ú
=DREOHQtNLYN\QiU$VWXDSRNOHVXRWiþHN
W]Y6NLYN\
DåV
V
Då+]
+]
3Ú
3RåDGRYDQiKRGQRWDYêVWXSQtIUHNYHQFHPQLþH
3
Då
GLJLWiOQt
3
2YOiGiQt]HVYRUNRYQLFHQHER ]RYOiGDFtKR
SDQHOX
Då
SDQHO
3Ú 6WXSHStVWXSRYêFKSUiY
Då
3·3
3Ú 0tWNRYHOLþLQ]REUD]RYDQêFKQDGLVSOHML
Då
Då
QHDNWLYQt
3Ú 0LQLPiOQtKRGQRWDYêVWXSQtIUHNYHQFHIPLQ
Då+]
+]
3Ú 0D[LPiOQtKRGQRWDYêVWXSQtIUHNYHQFHIPD[
Då+]
+]
3Ú 3RWODþHQtUH]RQDQþQtIUHNYHQFHPRWRUX
Då+]
+]
Då
QHDNWLYQt
Då
EORNRYiQD
Då
NRQWLQXiOQ
3Ú $XWRPDWLFNêUHVWDUWSLYêVN\WXSRUXFK\
Då
EORNRYiQ
3Ú âtNDSiVPDUH]RQDQþQtFKIUHNYHQFtPRWRUX
Då+]
+]
Då+]
+]
3
3Ú
8ORåHQtQDVWDYHQpKRGQRW\YêVWXSQtIUHNYHQFH
GRQHPD]DWHOQpSDPWL
$XWRPDWLFNêVWDUWPQLþHSRREQRYHQt
GRGiYN\HOHNWULFNpHQHUJLH
3Ú 6\QFKURQL]DFHQDRWiþHMtFtVHPRWRU
3Ú
3Ú
=S$VRE]DREOHQtUR]EKRYpQHER
GREKRYpUDPS\
DQDORJRYpKRVLJQiOX$,1
1DVWDYHQt
XåLYDWHOHP
VW\S\009D0'90'9
VW\S\0'9·0'9
VW\S\0'9·0'9
~QRU
3HKOHGSDUDPHWU$
3Ú
+RGQRWDYêVWXSQtIUHNYHQFHSLPD[LPiOQt
KRGQRWDQDORJRYpKRVLJQiOX$,1
Då+]
+]
Då
·9
Då
QHSLþtWiVH
3Ú .RQILJXUDFHDQDORJRYpKRYêVWXSX$287
Då
YêVWIUHNY
SRX]H0'9
Då
YêVWIUHNY
Då+]
+]
Då+]
+]
Då+]
+]
3Ú 7\SDQDORJRYpKRYVWXSQtKRVLJQiOX$,1
3Ú
3Ú
3LþtWiQtDQDORJRYpKRVLJQiOXNSHYQp
SRåDGRYDQpKRGQRW
3Ú
VP\VORWiþHQtGRSUDYD
Då+]
+]
3Ú
VP\VORWiþHQtGROHYD
Då+]
+]
3Ú 'REDUR]EKXPRWRUXSLNURNRYiQt
DåV
V
3Ú 'REDGREKXPRWRUXSLNURNRYiQt
DåV
V
3Ú .RUHNFHGRE\GREKXSLSRORKRYiQt
Då
QHQtSRORK
3Ú 3HYQiSRåDGRYDQiKRGQRWD)6:
Då+]
+]
Då+]
+]
Då+]
+]
Då+]
+]
Då
EH]LQYHU]H
Då+]
+]
Då+]
+]
Då+]
+]
Då+]
+]
3
)6:Då)6:
3
)6:Då)6:
Då
EH]LQYHU]H
3
Då
]DSYSUDYR
3
Då
]DSYOHYR
~QRU
3HKOHGSDUDPHWU$
3
Då
U\FKO)6:
3
Då
U\FKO)6:
3
Då
U\FKO)6:
3
'RED]SRåGQtELQiUQtKRYVWXSX
Då
PV
3
'REDKOtGiQtþDVRYiQtZDWFKGRJEGORVWL
VRXYLVHMtFtKRV\VWpPX
DåV
V
3
9êEUIXQNFHUHOp5/
Då
SRUXFKD
3
9êEUIXQNFHUHOp5/
Då
YêVWUDKD
3
'RED]SRåGQtSURRGSRMHQtH[WHUQtEU]G\
SLUR]EKXPRWRUX
DåV
V
3
'RED]SRåGQtSURVHSQXWtH[WHUQtEU]G\
SLGREKXPRWRUX
DåV
V
3
3UDKRYiKRGQRWDYêVWXSQtKRSURXGXYHGRXFt
NVHSQXWtUHOp5/QHER5/
Då$
$
3
.RPSDXQGQtEU]GQt
Då
UR]ãtHQp
3
.RUHNFHGRE\UR]EKXDGREKX
Då
NRUHNFH
3
3UDFRYQtF\NOXV]DWtåHQtEU]GQpKRRGSRUQtNX
Då
3Ú .RPSHQ]DFHVNOX]X
Då
3Ú 2PH]HQtVNOX]X
Då
3Ú %U]GQtVWHMQRVPUQêPSURXGHP
Då
3Ú .LYN\RPH]HQtWUYDOpKRSURXGXPRWRUX
Då
SyOPRWRU
3Ú ([WHUQtEU]GQêRGSRUQtN
Då
QHSLSRMHQ
3Ú 0RGXODþQtIUHNYHQFH
Då
N+]
3
Då
)&&UHJXODFH
3Ú 7UYDOp]YêãHQtQDSiMHFtKRQDSWtPRWRUX
Då
3Ú =YêãHQtQDSiMHFtKRQDSWtPRWRUXSLUR]EKX
Då
3
ÒþLQtNPRWRUXFRVM
Då
3
-PHQRYLWiKRGQRWDIUHNYHQFHPRWRUX
Då+]
+]
9ROEDPyGXt]HQtDUHJXODFH
8W\S$VQDSiMHQtP9KRGQRWDXW\S$VQDSiMHQtP9KRGQRWD
~QRU
3HKOHGSDUDPHWU$
3
-PHQRYLWiKRGQRWDRWiþHNPRWRUX
DåPLQ
3
-PHQRYLWiKRGQRWDSURXGXPRWRUX
Då$
3
-PHQRYLWiKRGQRWDQDSiMHFtKRQDSWtPRWRUX
Då9
3
-PHQRYLWiKRGQRWDYêNRQXPRWRUX
DåN:
Då
3Ú 2PH]HQtSURXGXPRWRUX
3Ú
%ORNRYiQtYVWXSXSURWHUPLVWRU37&
XPtVWQpKRYPRWRUX
Då
EORNRYiQ
3
$XWRNDOLEUDFH
Då
QHDNWLYQt
3Ú +RGQRWDVWDWRURYpKRRGSRUX
Då
:
3Ú $GUHVDPQLþH
Då
3Ú 5\FKORVWSHQRVXGDWVpULRYpNRPXQLNDFH
Då
N%G
3Ú
0D[LPiOQtStSXVWQiSURGOHYDPH]LGYPD
SRVREMGRXFtPLWHOHJUDP\
DåV
V
3Ú
9]WDåQiKRGQRWDIUHNYHQFHSRXåtYDQiSL
RYOiGiQtSURVWHGQLFWYtPVpULRYpOLQN\
Då+]
+]
3Ú
5R]OLãHQtIUHNYHQFHSLRYOiGiQtSURVWHGQLFWYtP
VpULRYpOLQN\
Då
+]
3Ú 7\SUR]ãLXMtFtKRPRGXOX
Då
EH]PRGXOX
3Ú 3URYR]PQLþHY(YURSQHERY86$
Då
(YURSD
3
-PHQRYLWêYêNRQPQLþH
Då
N:KS
3
7\SPQLþHPRGHO
Då
3
7\SRYêYêNRQPQLþH
Då
3
2GEORNRYiQt]DEORNRYiQtWODþtWNDÄ]DS³
Då
RGEORNRYiQR
3
2GEORNRYiQt]DEORNRYiQtWODþtWNDÄUHYHU]DFH³
Då
RGEORNRYiQR
3
2GEORNRYiQt]DEORNRYiQtWODþtWNDÄNURNRYiQt³
Då
RGEORNRYiQR
3
2GEORNRYiQt]DEORNRYiQtWODþtWHNÄ'³DÄ³
Då
RGEORNRYiQD
3
2GEORNRYiQt]DEORNRYiQtUHYHU]DFHRWiþHQt
Då
SRYROHQD
3
'REDFKRGXYHQWLOiWRUXSRSRYHOXÄY\S³
SRX]H0099
DåV
V
~QRU
3HKOHGSDUDPHWU$
3Ú 2PH]HQtãSLþNRYpKRSURXGXPRWRUX
Då
3
Då
RWiþt]HQt
3Ú 3URSRUFLRQiOQtNRQVWDQWD3,'UHJXOiWRUX
Då
3Ú ,QWHJUDþQtNRQVWDQWD3,'UHJXOiWRUX
Då
3Ú 'HULYDþQtNRQVWDQWD3,'UHJXOiWRUX
Då
3Ú 'REDY]RUNRYiQt3,'UHJXOiWRUX
Då
PV
9ROED3,'UHJXOiWRUX
3Ú
ýDVRYiNRQVWDQWDILOWUDþQtKRþOHQX3,'
UHJXOiWRUX
Då
ILOWUY\SQXW
3Ú
5R]VDKUHJXODþQtRGFK\ON\þLQQRVWLLQWHJUDþQt
VORåN\3,'UHJXOiWRUX
Då
3
3RODULWDVLJQiOX]SWQRYD]HEQtKRþLGOD
3,'UHJXOiWRUX
Då
3Ú
0LQLPiOQtKRGQRWDVLJQiOX]SWQRYD]HEQtKRþLGOD
3,'UHJXOiWRUX
Då 3Ú
0D[LPiOQtKRGQRWDVLJQiOX]SWQRYD]HEQtKR
þLGOD3,'UHJXOiWRUX
Då 3
&KRYiQtPQLþHSLYêVWXSQtIUHNYHQFLPHQãtQHå
PLQLPiOQtIUHNYHQFH
Då
PLQIUHNY
3Ú
Då+]
+]
3Ú
+RGQRWDYêVWXSQtIUHNYHQFHSLPD[LPiOQt
KRGQRWDQDORJRYpKRVLJQiOXYVWXSX$,1
Då+]
+]
3Ú 7\SDQDORJRYpKRYVWXSQtKRVLJQiOXYVWXSX$,1
Då
·9
3
Då
U\FKO)6:
3
=HVtOHQtUHJXOiWRUXYHNWRURYpKRt]HQtEH]]SWQp
Då
YD]E\
+]
3
,QWHJUDþQtVORåNDUHJXOiWRUXYHNWRURYpKRt]HQt
EH]]SWQpYD]E\
Då
3
3DUDPHWUPRGXOX352),%86
Då
QRUPiOQt
3Ú 3tPpRYOiGiQtDQDORJRYpKRYêVWXSX$287
DåP$
P$
3Ú 3tPpRYOiGiQtUHOp5/D5/
Då
33
DåP$
P$
3Ú 3DUDPHWUPRGXOX352),%86
3
3Ú
=S$VREt]HQtUHOpDDQDORJRYêFKYêVWXS$
VpULRYRXOLQNRX
3Ú
~QRU
SRX]H0'9
3HKOHGSDUDPHWU$
3
3Ú 9ROED]S$VREXRYOiGiQt
Då
PtVWQt
3
9HU]HSURJUDPRYpKRY\EDYHQt
3Ú ,GHQWLILNDþQtþtVORPQLþH
Då
Då
Då
XNOiGiQt
3
3
3
3
3
3
3
8NOiGiQtSDUDPHWU$
~QRU
/LWHUDWXUD
/LWHUDWXUD
0DOêVORYQtNYêUD]$VORYQtFKVSRMHQtD]NUDWHN
NYDGUDQWRYêSURYR]
SURYR] SRKRQX YH YãHFK þW\HFK NYDGUDQWHFK PRPHQWRYp FKDUDNWHULVWLN\
PRåQêPRWRULFNêLJHQHUiWRULFNêFKRGSRKRQXYRERXVPUHFKRWiþHQt
$,1$QDORJ,QSXW
DQDORJRYêYVWXS
$287$QDORJ2XWSXW
DQDORJRYêYêVWXS
$86
Y\SQXWR
%DXG
MHGQRWNDU\FKORVWLSHQRVXSRMPHQRYDQiSR-%DXGRWRYL%DXGaELWVHNXQGX
%86
VEUQLFH
&8&HQWUDO8QLW
KODYQtþiVWtGLFtDUHJXODþQtHOHNWURQLN\
',1'LJLWDO,QSXW
GLJLWiOQtYVWXS
'287'LJLWDO2XWSXW
GLJLWiOQtYêVWXS
((3520
SDP" YWãLQRX GDW XUþHQi SUR þWHQt D]iSLV PD]iQt VH XVNXWHþXMH
HOHNWULFNêPLPSXOVHPStPRY]Dt]HQt
(,1
]DSQXWR
(3520
SDP" YWãLQRX SURJUDPX XUþHQi SUR þWHQt D]iSLV SHG ]iSLVHP MH QXWQp ML
FHORXY\PD]DWXOWUDILDORYêPVYWOHPPLPR]Dt]HQt
)&&t]HQt)OX[&XUUHQW&RQWURO
DNWLYQtt]HQtPDJQHWL]DþQtKRSURXGXPRWRUX]S$VREt]HQtSLNWHUpP
MHQDSWtQDPRWRUXNRULJRYiQRGOH]DWtåHQtPRWRUX
)6:)HVWVROOZHUW
SHYQiSRåDGRYDQiKRGQRWD
+:+DUGZDUH
WHFKQLFNpY\EDYHQt
,[5NRPSHQ]DFH,[5
NRPSHQ]DFH~E\WN$QDSWtQDYHGHQtQHERYLQXWtPRWRUX
PDJQHWL]DþQtVORåNDSURXGX
,P
NRQWURODYêSRþHWRWHSORYDFtKRLQWHJUiOX³L GWSRXåtYiVHSL]MLã"RYiQtKRGQRW\
,W
RWHSOHQtPRWRUX
,*%7,VRODWHG*DWH%LSRODU7UDQVLVWRU PRGHUQt YêNRQRYi SRORYRGLþRYi VRXþiVWND XPRåXMtFt GRVDKRYDW
Y\VRNêFK VStQDFtFK IUHNYHQFt SL PDOpP EXGtFtP StNRQX D YHONpP ]iYUQpP
QDSWt
NRPSHQ]DFHVNOX]X
XGUåHQt NRQVWDQWQtFK RWiþHN PRWRUX SL ]PQ ]DWtåHQt RWiþN\ VH NRPSHQ]XMt
]YêãHQtPYêVWXSQtIUHNYHQFHPQLþHRKRGQRWXVNOX]RYpIUHNYHQFH
0DVWHU6ODYH
PHWRGD StVWXSX QD VEUQLFL NG\ MHGHQ tGLFt V\VWpP PDVWHU tGt StVWXS\
RVWDWQtFKSRGt]HQêFKV\VWpP$VODYHVQDVEUQLFLSRGt]HQêV\VWpPRGSRYtGi
MHQWHKG\MHOLQDGt]HQêPV\VWpPHPWi]iQ
0/)%0DVFKLQHQOHVEDUH)DEULNDWHEH]HLFKQXQJREMHGQDFtþtVOR
PRWRUSRWHQFLRPHWU
IXQNFHNG\MHGQtPWODþtWNHPnVH]Y\ãXMHIUHNYHQFHDGUXKêPpVHVQLåXMH
1(0$
R]QDþHQtVWXSQNU\WtY86$
QRUP\
ý61
ýHVNRVORYHQVNiVWiWQtQRUPD
',1
'HXWVFKH,QGXVWULH1RUP
,(&
,QWHUQDWLRQDO(OHFWURQLFDO&R009LVVLRQ
9'(
9HUEDQG'HXWVFKHU(OHNWURWHFKQLNHU
8/
8QGHUZULWHUV/DERUDWRULHV
&6$
&DQDGLDQ6WDQGDUG
&(
(*.RQIRUPLWlWV]HLFKHQ
(1
(XURSD1RUPHQ
3/&
SURJUDPRYDWHOQêDXWRPDWtGLFtV\VWpPSURSU$P\VORYpDSOLNDFH
352),%86
SU$P\VORYê VWDQGDUG VEUQLFRYp NRPXQLNDFH Y\YLQXWê ]D VSROX~þDVWL SWL
Yê]QDPQêFK ILUHP $%% $(* %DXHU 'DQIRVV 6LHPHQV Y\KRYXMH QRUP
',1
SURWRNRO
VWDQGDUGL]RYDQp XMHGQiQt MHGQRWQRX IRUPX SHQiãHQêFK GDW D MHGQRWQRX
LQWHUSUHWDFt
37&
SR]LVWRU VRXþiVWND V NODGQêP WHSORWQtP NRHILFLHQWHP RGSRUX VH ]Y\ãXMtFt VH
WHSORWRXVWRXSiMHMtRGSRUSRXåtYiVHNPHQtWHSORW\
3:03XOVH:LGWK0RGXODWLRQ3â0 SXO]Q ãtNRYi PRGXODFH Y\WYRHQt Qt]NRIUHNYHQþQtKR VLJQiOX SRPRFt
REiON\VLJQiOXY\VRNRIUHNYHQþQtKR
5$0
SDP"XUþHQiSURþWHQtDþDVWê]iSLVSRRGSRMHQtQDSiMHQtMVRXGDWDYSDPWL
]WUDFHQD
UDPSDUR]EKRYiUGREKRYiU
RPH]RYDþVWUPRVWLQiU$VWXDSRNOHVXSRåDGRYDQpKRGQRW\
~QRU
/LWHUDWXUD
UR]KUDQt
56 VSRMHQt SRX]H GYRX ]Dt]HQt VH VpULRYêP SHQRVHP GDW QD NUiWNRX
Y]GiOHQRVWEåQpGQHVXYãHFKRVREQtFKSRþtWDþ$
56 VSRMHQtYtFH]Dt]HQtVHVpULRYêPSHQRVHPGDWQDVWHGQtY]GiOHQRVW
V MHGQtP tGLFtP D YtFH SRGt]HQêPL V\VWpP\ XUþHQp KODYQ SUR SU$P\VORYp
V\VWpP\
VWDQGDUGQtt]HQt8I
MHGQRGXFKê ]S$VRE UHJXODFH QDSWt QD PRWRUX SRGOH SHYQp ]iYLVORVWL QDSWt
Y]KOHGHPNIUHNYHQFL
69&6HQVRUOHVV9HFWRU&RQWURO YHNWRURYpt]HQtEH]StPp]SWQpYD]E\]MLã"RYiQtVNXWHþQpKRGQRW\RWiþHN
6:6RIWZDUH
SURJUDPRYpY\EDYHQt
V\QFKURQL]DFHQDRWiþHMtFtVHPRWRU
DXWRPDWLFNp QDVWDYHQt WDNRYp YêVWXSQt IUHNYHQFH PQLþH NWHUi
RGSRYtGi VNXWHþQêP RWiþNiP PRWRUX SLSRMHQt PQLþH N PRWRUX MH EH]
QHåiGRXFtFKSURXGRYêFKUi]$
WHOHJUDP
LQIRUPDþQt MHGQRWND NWHUi MH SHQiãHQD SR VEUQLFL VNOiGi VH ]KODYLþN\
WHOHJUDPXLQIRUPDþQtFKDNRQWUROQtFKGDW
8I
SU$EK]iYLVORVWLYêVWXSQtKRQDSWtQDIUHNYHQFL
8668QLYHUVHOOHVVHULHOOHV6FKQLWWVWHOOHQ3URWRNROO
XQLYHU]iOQt SURWRNRO XUþHQê NH NRPXQLNDFL
SURVWHGQLFWYtP VpULRYpKR UR]KUDQt Y\YLQXWê ILUPRX 6LHPHQV $* XUþHQê
]HMPpQDSURDSOLNDFHYREODVWLSRKRQ$
YHNWRURYpt]HQt
VORåLWMãt DOJRULWPXV t]HQt SL NWHUpP PRWRU SUDFXMH Y RSWLPiOQtP SUDFRYQtP
ERG tGLFt MHGQRWND REVDKXMH GYD QH]iYLVOp UHJXOiWRU\ QDSWt D IUHNYHQFH
NWHUp Y\SRþtWiYDMt SRåDGRYDQp KRGQRW\ QD ]iNODG PDWHPDWLFNpKR PRGHOX
PRWRUXDVNXWHþQêFK]PHQêFKKRGQRW
/LWHUDWXUD
>@0,&520$67(59HFWRU0,',0$67(59HFWRU2SHUDWLQJ,QVWUXFWLRQVREMþ6($%
*+8'
>@.DWDORJ'$x
~QRU
3R]QiPN\
3R]QiPN\
~QRU
6,(0(16$*
6XEGLYL]H$'6'
3RVWIDFK
'(UODQJHQ
7DWRWLVNRYLQDMHMHGQtP]PQRKDLQIRUPDþQtFK
PDWHULiO$VXEGLYL]tÄ(OHNWULFNpSRKRQ\
DYêNRQRYiHOHNWURQLND³NWHUpMVRXVRXþiVWt
GLYL]H$'$XWRPDWL]DFHDSRKRQ\
8ILUP\6LHPHQVVURY3UD]HDYSRERþNiFK
Y%UQD2VWUDYMVRXNGLVSR]LFLGDOãtPDWHULiO\
NDWDORJ\QiYRG\NREVOX]HD~GUåE
SRGUREQpSRSLV\YêUREN$DWG«þiVWHþQ
SHORåHQpWpåGRþHãWLQ\
6LHPHQVVUR
GLYL]H$'
(YURSVNiD
3UDKD
WHO
ID[±
MLULZLQNOHU#UJVLHPHQVF]
MDQSRGUDSVN\#UJVLHPHQVF]
9iãREFKRGQtSDUWQHU
2EMþ%$±±3=