Page 1




       


 J





            





J



J 



            



J 



            





            



J



            



J





J 



            





            


 J





            





J



J 



            



            

 J





            





J



J 



            





            


 J





            





J



J 



            



J 



            





            



J



            



J





J 



            





            






PP +LFNRU\

PP 





            



            



PP





J 



            





            






J



J 



            



            



J





J 



            





            






J PP

PP 





            



            



PP





PP 



            





            






PPJ 

PP 



            





            



J PP

KHDY\GXW\ 





            





            






PP



PP 



            

 LQ





            





            


 PP





PP 



            







            



            



PP%HQWORQJQRVH 

            

PP

 





PP%HQWORQJQRVH 

            



PP





PP



            





            






PP



PP 



            



            



PP





PP 



            



            

 $XWRPDWLF





            





[[PP[FP 



[PP



            





            






PP



PP 



            



            

 PP





            





PP



PP 



            



            



PP





PP 



            





            










 



            









            



            

 



            





            



PP











            









PP 



            





            






PP



PP 



            



PP 



            

 



            



            



            



ULYHWV







PP



            



PP





PP 



            





            






PP



ULYHWV 



            





=LQFSODWHG 

            



            

[ 



            





            



PPH\HOHWV 





+HDY\GXW\ 

            



[[[[[PP 



PPH\HOHWV 



            





            






PP



PP 



            



            



[ PP 



            



PP





PP[ 



            





            






PP



[ 



            



            

 [





            



[DOOLJDWRUFOLSV [DOOLJDWRUFOLSV [PLQLDOOLJDWRUFOLSV [$03FKDUJLQJFOLSV [$03FKDUJLQJFOLSV [$03FKDUJLQJFOLSV



[ [[[PP 





            



            



[PP 



[PP 



            





            






[[PP[PP 



[PP 

            



[PP 



            



            

[[PP 



            





            



[[PP 





[[PP 

            



[PP 



[[PP 



            





            






[PP 

[PP 



            



[PP 



            





            



            



[PP

[PP 



            





            



[PP 

            

[PP 

 





[PP 

            



[PP 



[PP 



            





            






[PP 

[PP 



            



[PP 



            





            

            

[PP 



            





            



[PP

[PP 



            





            



[PP 





[PP



            

[PP 

 





[PP 

            



[PP 



[PP 



            





            


 [PP





            





PP



PP 



            



            



PP





PP 



            





            






PP



[PP 



            



            

 PP





            





[PP



[[[PP[[PP[[PP 



            



            



[PP





[[PP 



            





            






PP  : 

PP  : 



            



            



[[PP 



            





[[PP 

[[PP 



            





            






[FPJP NJ 33

[PPX







            



            



FP[P0X FRYHUVKHHWPDVNLQJWDSHRQUROO 



            





FP[P0X FRYHUVKHHWPDVNLQJWDSHRQUROO 



;;/



            





            


 [P JP





            

 [P JP





            

 [





            






[PEOXHJUHHQWDUSDXOLQ 



            





[PEOXHJUHHQWDUSDXOLQ 



[PEOXHJUHHQWDUSDXOLQ 

            





[PEOXHJUHHQWDUSDXOLQ 

            







            



            



            



            



[PEOXHJUHHQWDUSDXOLQ 

            

[PEOXHJUHHQWDUSDXOLQ

 





[PEOXHJUHHQWDUSDXOLQ 

            

[PEOXHJUHHQWDUSDXOLQ

 





[PEOXHJUHHQWDUSDXOLQ 

            

[PEOXHJUHHQWDUSDXOLQ

 





[PEOXHJUHHQWDUSDXOLQ 

            



[PEOXHJUHHQWDUSDXOLQ 



[PEOXHJUHHQWDUSDXOLQ 

            





            




[PFDPRWDUSDXOLQ 





[PFDPRWDUSDXOLQ 

            





            



[[PP 

            



[PFDPRWDUSDXOLQ 



[[PP 



            





            




33[[PP 



            



33[[PP 



            





33[[PP 

33[[PP 



            



            



33[[PP 



33[[PP 



            





            




33[[PP 



            



33[[PP 



            



33[[PP 



            



OHDWKHU





[PPPP 



            





            






PP



PP 



            



PP 



            





            



PP



            



PP





PP 



            



            

 PP





            





PP



PP 



            



            



PP





PP 



            





            




[ [[[[[[[[ PP 





[[[[[[[PP 

            







            



'Ζ1 [ [[[[[[[[ PP 

            



[[[[[[[PP 



'Ζ1 [ [[[[[[[[ PP 

            





            






[PP 



[PP 

            





[PP HOOLSWLFDOPLUURUSROLVK 

            



            





'Ζ1 [PP

[PP 

            



'Ζ1 [PP 







            





            






[  PP HOOLSWLFDOPLUURUSROLVK 



'Ζ1 [  PP 

            





            



[  PP 



[PP 

            





            


 [PP





[PP 



            



            

7 



            





            



LQ







[PP 

            



[PP 



[PP 



            





            






[PP 



[PP 

            



[PP 



            





            


 





            









 



            



            

 





            









 



            





            






[PP 

7HOHVFRSLFPP 



            



[PP 



            





            



[PP 

            



[  



[PP 



            





            






[PP 



[PP 

            



            



[PP 



[PP 



            





            






[PP 

[ 



            



            



[





[PP 



            





            






[



[ 



            



            



[





[ 



            





            






[PP+66 

[PP+66 



            



[PP7LWDQLXP 



            







            

[[PP 

            

[PP

 





[PP7XQJVWHQFDUELGHWLS 

            



[PP+66 



            





            






[[PP 7XQJVWHQFDUELGHWLS 

[[PP 7XQJVWHQFDUELGHWLS 



            

            





[ [PP[PP

[









            





            




[ [PP [PP [PP [PP

 [$%6FDVH 





            



[PP 



            





            



[PP 

            



[PP 



[PP 



            





            


 [PP 



            





[[PP 7XQJVWHQFDUELGHWLS 

[[PP 7XQJVWHQFDUELGHWLS 



            





            






[PP 



[PPFDUELGHJULW 

            





            



[PP%ΖPHWDO 



[[PPȵDWPPSRLQW 

            





            






PP



PP 



            





            



[PP$OOR\VWHHO 



[PP 

            





            






[[PP DOOR\VWHHO

[[PP 





            





[[PP 

            







            



[[PP 

            



[[PP 



[PP 

            





            






[PP 

[PP 



            



            



[PP





[PP 



            





            




[ 



            





[



[ 



            



            

 [PP





            





[PP



[PP 



            





            






[[[[PP 



[[[[[[PP 

            



[[PP 



            



            

[[PP 



            





            



[[PP 





[[PP 

            



[[PP 



[[PP 



            





            






[ ULQJPP ULQJPP ULQJPP

[PP SODVWLF







            



            

 [[PP





            



[[PP[PP 



            





[PP



[[PP 



            





            






[[PP 

[[PP 



            



[[[PP 



            



            

PP 



            





            



PP







[



            



[[[PP 



PP 



            





            






PP



PP 



            



            

 PP





            





PP



PP 



            



            



PP





PP 



            





            


 PP





            





PP 6WHHO

PP







            



            



PP





[$= 



            





            






PP



PP 



            



PP 



            

 PP



            



PP







            





            


 PP 'HPROLWLRQ 



            





PP



PP 



            



PPDOX 



            





            



PP +66[[7 

            



PP





PP 



            





            


 PP





[PP 



            



            

[PP 



            





            



[PP %LPHWDOW 





[PP



            



PP





PP 7XQJVWHQ&DUELGH 



            





            




[PP 5HFLSURFDWLQJ 



            





[PP %LPHWDOO 5HFLSURFDWLQJ

[PP 7VKDIW







            



            



PP 



            





PP 



PP 

            





            




[PP 



            





PPPPVDZ KDUGZRRG

PPDOXPPVDZ 





            

 PP





            





            






 NJ

NJ 





            



            



NJ





NJ 



            





            






[PPUXEEHU 

[PPQ\ORQ 



            



[PP33 



            



            

[SLQ 



            



            





[ [ยบPP [ยบPP [ยบPP

[ IHOWVNLG







[ (9$%ODFN:KLWH 

            



[PPUXEEHU 







            





            




PP FDUU\ZHLJKWNJ 



            





PP FDUU\ZHLJKWNJ 

PP FDUU\ZHLJKWNJ 



            



            



PP FDUU\ZHLJKWNJ 



PP FDUU\ZHLJKWNJ 



            



            



PP FDUU\ZHLJKWNJ 



            





PP FDUU\ZHLJKWNJ 

PP FDUU\ZHLJKWNJ 



            



            



PP FDUU\ZHLJKWNJ 



PP FDUU\ZHLJKWNJ 



            





            




PP FDUU\ZHLJKWNJ 



            





PP FDUU\ZHLJKWNJ 

PP FDUU\ZHLJKWNJ 



            



PP FDUU\ZHLJKWNJ 



            



            

[PP 1HHGOHEHDULQJ SO\EORFN &DUU\ZHLJKWNJ 



            





            



[PP %DOOEHDULQJ SO\EORFN &DUU\ZHLJKWNJ 





[PP 3ODLQEHDULQJ SO\EORFN &DUU\ZHLJKWNJ 

            



PP FDUU\ZHLJKWNJ 



[PP 5ROOHUEHDULQJ SO\EORFN &DUU\ZHLJKWNJ 



            





            






[PP %DOOEHDULQJ SO\EORFN &DUU\ZHLJKWNJ 

[PP %DOOEHDULQJ SO\EORFN &DUU\ZHLJKWNJ 



            



 75 



            



            

 75 



            





            



[[PP 





 75



            



[PP 3ODLQEHDULQJ SO\EORFN &DUU\ZHLJKWNJ 



[[PP 



            





            






[ IXQFWLRQV 

NQLIHPPJULSPP 



            



            



[VSDUHEODGHV 



PP 



            



            



PPVSDUHEODGHV 



            





[PP



[PP 



            





            






PP



[PP 



            



            



PP





[PP 



            



            



PPVSDUHEODGHV 



            





PPVSDUHEODGHV DXWRUHORDG 



[



            





            




[[PP[PP 



            





DOX



[ 



            



QR 



            





            



[



            



[





PP 



            





            






[PP 

[PP 



            



            



[PP SXQFK 



            

 [PP



            





[PP QR

[PP 







            





            






PP[PP 

PP 



            



            



PP





PP 



            



            



PP[PP&5VDWLQ 





            



PP[PP&5VDWLQ 



[[PP&5VDWLQ 

            





            






PP 39&

PP







            



            

 [







[



            





            



[ 7XQJVWRQDOOR\VWHHO 

            



[ 



[ 



            





            






FF









            



[ 



            



            

[P 



            





            



[PP[P 





PP[P 

            



[





[PP[P 



            





            






PP[P



PP[P 



            



            



PP[P 



PP[P 



            



            

 



            





[PP[P 

H[FOWDSH 



            





            


 



            





PP[P9LQ\O 

PP[P 



            



            

 PP[P





            



PP[P





PP[P 



            





            




PP 735KDQGOHV 6WDLQOHVVVWHHO 



            





735KDQGOH 6WDLQOHVVVWHHO 

[ 6WDLQOHVVVWHHO 



            

            



 



PP 



            





            






PP 

PP 



            



PP 



            



            

PP 



            





            



PP 





PP 

            



PP 



PP 



            





            


 P





            



[





P 



            



            

 PJ





            





PP



PP 



            





            






PP



PP 



            



[PP 



            



            

PP 



            





            



PP







GOJ[PP 

            



[PP 



PP 



            





            






PP



PP 



            



[PP 



            



            

PP 



            





            



PP







PP



            



[PP 



PP 



            





            






PP



PPWRRWKVHJPHQW 



            



PP 



            





            



PP



            



PP





PP 



            





            




 

PP 



            



            

 FF





            





PP



FF 



            





            




[ 



[ [





            



            

[ 



            





            



[







[



            



SLJKDLU 



[ 



            





            




[DFU\OLF 



            





[DFU\OLF 



[33ILODPHQW[FP 

            





            



[DFU\OLF735FP 



[DFU\OLF735 

            





            






[FP



[FP 



            



[FP 



            

 



            



            



[FP

[FP 



            

 [PO



            

[FP

 





[FP



            



[FP







            





            


 [





            





[



[1R 



            



            

 [1R





            





[1R 

[ 



            





            




WHOHVFRSLFP 



            

 PP





PP 



            





            



PP



            



PP





PP 



            





            






KROGHU 

KROGHU 



            



KROGHUKLJKGHQVLW\IRDP 



            



            

[[PP 



            





            



[[PP 





[



            



[PP 



PO 



            





            






PP



[KLJKGHQVLW\IRDP 



            



            



[





[ 



            



            

 [PP 



            





[PP 

[PP 



            





            






[PP 

[PP 



            



            



[





[PP 



            



            

 PP[P 



            





PP[P 

PP[P 



            





            






FP[P0X FRYHUVKHHWPDVNLQJWDSHRQUROO 



FP[P0X FRYHUVKHHWPDVNLQJWDSHRQUROO 

            



            



PPP [PP





P 



            



            

 [P





            



P P6LVDO P-XWH P&RWWRQ P3RO\SURS\OHQH

 P







            





            






P



P 



            



PPDOX 



            



            

PPDOX 



            





            



PPDOX 





PPDOX 

            



PPDOX 



PPDOX 



            





            


 P[PP





P[PP 



            



            

P[PP 



            





            



P[PP







P[PP



            



[PP 



P 



            





            






P



PP 



            





            



PP ΖQR[

PP 





            



            



PP 0DJQHWLF





PP 



            





            


 PP





            





PP



PP 



            

 PP





            

 PP





            





            






[PDJQHWLF 

[PDJQHWLF 



            



            



[





[PDJQHWLF 



            



            



[7 PDJQHWLF 



            





[



[ 



            





            






[ 

[PP







            



            



[





[ 



            



            

 [PP 



            





[



[ 



            





            


 [PP PDJQHWLF





            





[PP PDJQHWLF



[PP PDJQHWLF 



            



[PP PDJQHWLF 



            







            



            



[PP3= PDJQHWLF

[PP3= PDJQHWLF 



            





            



75PP 7DPSHU5HVLVWDQW PDJQHWLF 

            

[PP3+ PDJQHWLF

 





[PP3+ PDJQHWLF 

            



[PP PDJQHWLF





75PP 7DPSHU5HVLVWDQW PDJQHWLF 



            





            






[



[PP 



            



            

 [





[9 



            





            



[



            



[





[ 



            





            


 [





            

 [





            

 [





            





[



[75 



            





            






[



[ 



            



            



[





[ 



            



            

 [





            





[



[ 



            





            






PP



PP 



            



[TPP 



            



            





PP +]

[[TPP 

            



[TPP 







            





            






[PPÈ´OH 

[PPUDVS 





            



[PPÈ´OHUDVS 



            

[ 



            



            



[[PP 



            





PP



[ 

            







            






[3 [FP 

[3 [FP 

            





            



[3 [FP 



            





[[PP FRUN 

[[PP 

            







            






PP



PP 







            



[3[PP 



            

[3 [



            



            

 PP





            





PP3 



[             







            


 [





            

 [





            




 [





            

 [ [ [ [ 



            








[[[PP(1 



[[[PP(1             





            

            

            





            



[[[PP(1 



[[[PP(1

 





[[[PP(1 

            

[[[PP(1

 





[[[PP(1 



[[[PP(1             







            






[[[PPLQR[(1 



[[[PPLQR[(1             







            



[[[PP(1 *ULQGLQJPP 



[[[PP(1 *ULQGLQJPP             







            




PP(1 



            





PP(1 

PP(1 

            





            



PP(1 



PP(1 

            





            



PP7XUER(1 



            





PP7XUER(1 



PP7XUER(1             







            




PP(1 



            





PP7XUER)ODQJH 

PP7XUERȵDQJ 



            



            



[[[PPFHUDPLFWLOHV 



            





[[[PPFHUDPLFWLOHV 



[[[PPFHUDPLFWLOHV             







            






[PP



[PP 

            

 [ PP PP PP PP 



            







            






PP(1W 

PP(1W 

            



            



            

PP(1W 

            







            



PP(1W

PP(1W 

            







            



PP(1W 





PP(1W



            

PP(1W 

 





PP(1W 



PP(1W 

            







            


 [ PP PP PP PP 



            





PP(1W 

PP(1W 

            



            





            



PP(1W

PP(1W 

            







            



PP(1W 

            

PP(1W 

 





PP(1W 



PP(1W 

            







            






[PP7 .HUIPP IRU$OX1(PHWDOVSODVWLFVPP 



[PP7 .HUIPP IRU$OX1(PHWDOVSODVWLFVPP             





            

            

            





            



[PP7 .HUIPP IRU$OX1(PHWDOVSODVWLFVPP 



[PP7 .HUIPP IRU$OX1(PHWDOVSODVWLFVPP

 





[PP7 .HUIPP IRU$OX1(PHWDOVSODVWLFVPP 

            

[PP7 .HUIPP IRU$OX1(PHWDOVSODVWLFVPP

 





[PP7 .HUIPP IRU$OX1(PHWDOVSODVWLFVPP 



[PP7 .HUIPP IRU$OX1(PHWDOVSODVWLFVPP             







            






0



0 



            

[ 

            







            



[







[ 



            



            







            






[PP



[PP[PP 



            

[ 



            





            



PP 





PP





            

PP 

            







            


 



            

 

 

            





            



[))3





[))3Y 

            







            


 PP





            





PP



PP 

            





            



[PP





[PP 

            







            


 PP 0HVVLQJ





            





PP 0HVVLQJ



PP 0HVVLQJ 





            



PP 0HVVLQJ





            

PP 0HVVLQJ 

            





            

 PPPHWDO 



            





PPPHWDO 

PPPHWDO 

            



            

PPPHWDO 

            







            



PPPHWDO 





PPPHWDO 



PPPHWDO 

            







            






[PP 0HVVLQJ 

[PPPHWDO 

            

            

[[PP 0HVVLQJ

[PPNH\HGDOLNH 

            









            



[[PPPHWDO 





 



[PPPHWDO             







            




 

PPPHVVLQJNH\V 



            

PP 

            









            



[PP[PPPHVVLQJ 





PPQLFNHONH\V 



            

PPP             







            






PP[PP 

PP 

            





            



PP





FPNH\V 

            







            




WRUFK HPSW\





            





/('



PP 



            



            



/('PP 



            





/('PP 

/(' 

            







            






[



[ 





            



/('





            

/(' 

            







            










[PP 

            





            



[PP 



            



PPZLWKILOWHU 



[PP 

            







            


 [





            





[



[[FPPLFURILEHU 

            







            






[FP



NJ 

            





            



NJ





[NJ 

            







            




[6[[FP [0[[FP [/[[FP [;/[[FP 

 

            





            



r0DQR 



r0DQR 

            







            






[[FP 5HIOHFWLYHEHOW 



            





            



[ PD[NJ





NJOEV 

            







            






[PP/&'D1 

[PP/&'D1 





            





            



P[PP

P/&'D1 

            







            



[P



            

P

 





[PP/&['D1 



            

[P/&GD1 

            







            






[PP[P 

PP[P 

 





            



            



PP[P/&!GD1

[PP[P/&!GD1 

            



            



 

            

P[PP/&!GD1

 





PP[P 



            

PP 

            







            






[



[ 



            



 



            

PP 



            



            

 [





            





[



[ 

            







            




 

DGMXVWDEOH 

            





            



PP DGMXVWDEOH 



            





Oš[FP 

33FPWHOHVFRSLF 

            







            






P



PP 

 

            





            



P[PP

P[PP 

            







            



PPJ JDOYDQL]HG



            

P

 





P





            

PPJ JDOYDQL]HG 

            







            






]LQFSODWHG 

[ 

            

 

            

 

            





            

 

            

 





[









            

 

            







            




 

NJOE PP 

            

 

            





            



JDVK

J735)LEHU 

            

 JDVK 

            

J735)LEHU

 





JDVK







            







            


 JDVK





            



J735)LEHU 



            



J735)LEHU 



            



JPPDVK 



            




 PP





            

 PP





            





PP



PP 

            







            






PP



PP 



            



            

 PP





            

 [





            





PPIRDP 



            







            


 PP





            





PP



PP 

            





            



PP





PP7HOHVFRSLF 

            







            






PP7HOHVFRSLF 

PPWHOHVFRSLF 



            



            



PPWHOHVFRSLF 



            





PP



PP 

            







            






[ 

IXQFWLRQV 



            

 

            







            



$XWRVWRS 











            

 

            







            






[



 

            





            



P







            







            


 [





            





[PP 

[ 





            



[[PP [PP 



            

PP 

            







            






FF



/ 

            

 /





            







            






&RWWRQ



/HDWKHU 

            



            





/HDWKHU %XON QREDUFRGH

/HDWKHU







            







            


 [[FP 



            





PP 

[[PP 

            







            






PP



:ODPS 



            

: 

            







            



[[PP 





:





            

[PP 

            







            


127,&(6


127,&(6


127,&(6


72.2,17(51$7,21$/%9*(1(5$/&21',7,216

72.2,17(51$7,21$/%9$//*(0(,1(*(6&+b)76%(',1*81*(1

 7KHVH *HQHUDO &RQGLWLRQV VKDOO DSSO\ WR DQ\ DQG DOO DJUHHPHQWV EHWZHHQ 7RNR ,QWHUQDWLRQDO %9 DQG &XVWRPHUWRZKLFKDJUHHPHQWV7RNR,QWHUQDWLRQDO%9KDVGHFODUHGWKHVH*HQHUDO&RQGLWLRQVDSSOLFDEOH  7KHDSSOLFDELOLW\RIDQ\SXUFKDVHRURWKHUFRQGLWLRQVRI&XVWRPHU·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ÀQDOGDWHV  3D\PHQWVKDOOWDNHSODFHLQFDVKRUZLWKLQWKHWHUPRISD\PHQWDVVWDWHGLQWKHLQYRLFH,QFDVHRIQRQ REVHUYDQFHRIWKHWHUPRISD\PHQW&XVWRPHU²DIWHUKDYLQJUHFHLYHGIURP7RNR,QWHUQDWLRQDO%9DWOHDVWRQH UHPLQGHUWRHIIHFWSD\PHQWZLWKLQDUHDVRQDEOHSHULRGRIWLPH²VKDOOEHLQGHIDXOWE\RSHUDWLRQRIWKHODZ,QWKDW FDVH&XVWRPHUVKDOORZHOHJDOLQWHUHVWIURPWKHGDWHDWZKLFKWKHDPRXQWRZHGKDVEHFRPHGXHXQWLOWKHWLPHRI SD\PHQW,QDGGLWLRQWRWKDWDQ\FRVWVRIFROOHFWLRQERWKMXGLFLDODQGH[WUDMXGLFLDOFRVWVFDXVHGE\&XVWRPHU·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ÀOLWVREOLJDWLRQVWRZDUGV&XVWRPHUGXHWR)RUFH0DMHXUH 7RNR,QWHUQDWLRQDO%9VKDOOQRWEHOLDEOHIRUWKHGDPDJHFDXVHGWR&XVWRPHUDVDUHVXOWRIWKDW)RUFH0DMHXUH VKDOOEHXQGHUVWRRGWRLQFOXGHLQWHUUXSWLRQVRIWUDQVSRUWIRULQVWDQFHGXHWRZHDWKHUFRQGLWLRQVQRQGHOLYHU\RU ODWHGHOLYHU\RISURGXFWVWR7RNR,QWHUQDWLRQDO%9E\LWVVXSSOLHUVPHDVXUHVWDNHQE\WKHDXWKRULWLHVUHVXOWLQJ LQDQDFWXDOFKDQJHRIFLUFXPVWDQFHV 7RNR,QWHUQDWLRQDO%9VKDOOQHYHUEHOLDEOHIRULQGLUHFWGDPDJHLQFOXGLQJFRQVHTXHQWLDOGDPDJHORVVRI SURÀWORVVRIVDYLQJVDQGGDPDJHGXHWRLQWHUUXSWLRQRIEXVLQHVVRSHUDWLRQV ,QFDVH7RNR,QWHUQDWLRQDO%9VKRXOGEHOLDEOHIRUDQ\GDPDJHVDLGOLDELOLW\RI7RNR,QWHUQDWLRQDO%9VKDOO EHOLPLWHGWRWKHDPRXQWRIWKHLQYRLFHLHWKDWSDUWRIWKH$JUHHPHQWWRZKLFKWKHOLDELOLW\DSSOLHV $Q\FODLPVDJDLQVW7RNR,QWHUQDWLRQDO%9ZKLFKKDYHQRWEHHQVXEPLWWHGWR7RNR,QWHUQDWLRQDO%9ZLWKLQ RQH\HDUDIWHUWKH\À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

 'LHVH$OOJHPHLQHQ*HVFKlIWVEHGLQJXQJHQÀQGHQ$QZHQGXQJDXIMHGHQ9HUWUDJ]ZLVFKHQ7RNR,QWHUQDWLRQDO %9XQGGHP$EQHKPHULQ%H]XJDXIZHOFKH9HUWUlJH7RNR,QWHUQDWLRQDO%9GLHVH$OOJHPHLQHQ%HGLQJXQJHQIU DQZHQGEDUHUNOlUWKDW  'LH $QZHQGEDUNHLW HYHQWXHOOHU (LQNDXIV RGHU DQGHUHU %HGLQJXQJHQ GHV $EQHKPHUV ZLUG DXVGUFNOLFK DEJHOHKQW  6lPWOLFKH$QJHERWHXQG2IIHUWHQVLQGXQYHUELQGOLFK  $QJHJHEHQH3UHLVHYHUVWHKHQVLFKLQ(XURH[NOXVLYH%7: QGO0Z6W XQGVLQGQDFK0D‰JDEHGHU]XU=HLWGHV $QJHERWVJHOWHQGHQNRVWHQEHVWLPPHQGHQ)DNWRUHQ%HLbQGHUXQJHQLQGHUYRUJHQDQQWHQNRVWHQEHVWLPPHQGHQ )DNWRUHQ]ZLVFKHQGHP=HLWSXQNWDQGHPGHU9HUWUDJ]XVWDQGHNDPXQGGHP=HLWSXQNWGHU/LHIHUXQJKDW7RNR ,QWHUQDWLRQDO%9GDV5HFKWGHQXUVSUQJOLFKDQJHJHEHQHQ3UHLV]XlQGHUQ  :HQQYRP$EQHKPHUHLQHPYRQ7RNR,QWHUQDWLRQDO%9DQJHVWHOOWHQ9HUWUHWHUHLQ$XIWUDJHUWHLOWZLUGHQWVWHKW HLQHQ YHUELQGOLFKHQ 9HUWUDJ HUVW DQ GHP =HLWSXQNW DQ GHP GHU$XIWUDJ YRQ 7RNR ,QWHUQDWLRQDO %9 DN]HSWLHUW ZRUGHQLVW  'LH YRQ 7RNR ,QWHUQDWLRQDO %9 DQJHJHEHQHQ /LHIHU]HLWHQ VLQG QLFKW DOV 9HUWUDJVIULVWHQ IU /HLVWXQJHQ ]X EHWUDFKWHQ  =DKOXQJHUIROJWLQEDURGHULQQHUKDOEGHUDXIGHU5HFKQXQJDQJHJHEHQHQ=DKOXQJVIULVW%HL1LFKWEHREDFKWXQJ GHU =DKOXQJVIULVW LVW GHU $EQHKPHU QDFKGHP $EQHKPHU YRQ 7RNR ,QWHUQDWLRQDO %9 PLQGHVWHQV HLQPDO HLQH $XIIRUGHUXQJLQQHUKDOEYRQHLQHUDQJHPHVVHQHQ)ULVW]X]DKOHQHUKDOWHQKDWYRQ5HFKWVZHJHQLP9HU]XJ,Q MHQHP)DOOLVWGHU$EQHKPHUDEGHP'DWXPDQGHPGHU]X]DKOHQGH%HWUDJIlOOLJZXUGHELVHLQVFKOLHơOLFKGHQ =HLWSXQNWGHU=DKOXQJYHUSÁLFKWHWGLHJHVHW]OLFKHQ=LQVHQ]X]DKOHQ'DQHEHQLVWGHU$EQHKPHUYHUSÁLFKWHW LQGHPHULP9HU]XJLVWDOOH,QNDVVRNRVWHQVRZRKOJHULFKWOLFKHDOVDXFKDX‰HUJHULFKWOLFKH.RVWHQ]X]DKOHQ  6lPWOLFKHJHOLHIHUWHQXQGQRFK]XOLHIHUQGHQ3URGXNWHEOHLEHQGDV(LJHQWXPGHU7RNR,QWHUQDWLRQDO%9ELV VlPWOLFKH)RUGHUXQJHQGLH7RNR,QWHUQDWLRQDO%9GHP$EQHKPHUJHJHQEHUJHOWHQGPDFKWRGHUPDFKHQNDQQ YROOVWlQGLJJH]DKOW ZRUGHQVLQG (LJHQWXPVYRUEHKDOW 6RODQJHGLH3URGXNWHQLFKWGHP$EQHKPHUEHUHLJQHW ZRUGHQVLQGGDUIGHU$EQHKPHUGLH3URGXNWHQLFKWSIlQGHQRGHULUJHQGZHOFKHDQGHUHQ5HFKWHLQ%H]XJDXIGLH 3URGXNWHDQ'ULWWSDUWHLHQJHZlKUHQ'HU$EQHKPHULVWYHUSÁLFKWHWGLH3URGXNWHGLHXQWHU(LJHQWXPVYRUEHKDOW JHOLHIHUWZXUGHQPLWGHUHUIRUGHUOLFKHQ6RUJIDOWXQGHUNHQQEDUDOVGDV(LJHQWXPGHU7RNR,QWHUQDWLRQDO%9]X YHUZDKUHQ  %HVFKZHUGHQ PVVHQ 7RNR ,QWHUQDWLRQDO %9 LQQHUKDOE YRQ  7DJHQ QDFK GHP (LQJDQJ GHU 3URGXNWH VFKULIWOLFKPLWJHWHLOWZHUGHQ1DFKGLHVHU)ULVWZHUGHQ%HVFKZHUGHQQLFKWOlQJHUXQWHUVXFKW5FNVHQGXQJHQVLQG DXVVFKOLH‰OLFKQDFK*HQHKPLJXQJGHU7RNR,QWHUQDWLRQDO%9JHVWDWWHW%HL)HKOHUQVHLWHQV7RNR,QWHUQDWLRQDO%9 EHUQLPPW7RNR,QWHUQDWLRQDO%9GLH.RVWHQGHUEHWUHIIHQGHQ5FNVHQGXQJDEHUDXVVFKOLH‰OLFKGDQQZHQQGLH 5FNVHQGXQJGHQYRQ7RNR,QWHUQDWLRQDO%9HUWHLOWHQ$QZHLVXQJHQHQWVSUHFKHQGVWDWWÀQGHW :HQQ7RNR,QWHUQDWLRQDO%9LKUH9HUSÁLFKWXQJHQGHP$EQHKPHUJHJHQEHUQLFKWHQWVSULFKWGXUFKK|KHUH *HZDOWVRKDIWHW7RNR,QWHUQDWLRQDO%9QLFKWIU6FKlGHQGLHGDUDXVIUGHQ$EQHKPHUHQWVWHKHQ8QWHUK|KHUHU *HZDOWZLUGXQWHUDQGHUHPYHUVWDQGHQ7UDQVSRUWXQWHUEUHFKXQJHQGXUFK]XP%HLVSLHO:HWWHUEHGLQJXQJHQQLFKW RGHUQLFKWUHFKW]HLWLJHUIROJWH/LHIHUXQJYRQ3URGXNWHQDQ7RNR,QWHUQDWLRQDO%9YRQLKUHQ=XOLHIHUHUQYRQGHQ %HK|UGHQJHWURIIHQHQ0D‰QDKPHQGXUFKGLHGLHWDWVlFKOLFKHQ8PVWlQGHVLFKlQGHUQ 7RNR,QWHUQDWLRQDO%9KDIWHWQLHIULQGLUHNWH6FKlGHQHLQVFKOLHơOLFK)ROJHVFKlGHQ*HZLQQDXVIDOO9HUOXVW YRQ(LQVSDUXQJHQXQG6FKlGHQGXUFKZLUWVFKDIWOLFKH1DFKWHLOH :HQQ 7RNR ,QWHUQDWLRQDO %9 IU LUJHQGZHOFKH 6FKlGHQ KDIWSÁLFKWLJ VHLQ VROOWH VR EHVFKUlQNW VLFK GLH +DIWXQJGHU7RNR,QWHUQDWLRQDO%9DXIGHQ5HFKQXQJVEHWUDJGKDXIGHQ7HLOGHV9HUWUDJVDXIGHQGLH+DIWXQJ $QZHQGXQJÀQGHW 6lPWOLFKH$QVSUFKHJHJHQ7RNR,QWHUQDWLRQDO%9GLH7RNR,QWHUQDWLRQDO%9QLFKWLQQHUKDOEYRQHLQHP-DKU QDFKGHPVLHHQWVWDQGHQYRUJHOHJWZXUGHQYHUIDOOHQGXUFK9HUMlKUXQJ 2IIHQVLFKWOLFKH)HKOHURGHU8QULFKWLJNHLWHQDXIGHU:HEVLWHRGHULQ9HU|IIHQWOLFKXQJHQGHU7RNR,QWHUQDWLRQDO %9VLQGQLFKWYHUELQGOLFKIU7RNR,QWHUQDWLRQDO%96lPWOLFKH$EELOGXQJHQXQG$QJDEHQLQ%H]XJDXI*HZLFKWH $EPHVVXQJHQ)DUEHQ$QJDEHQLQ%H]XJDXIGHQ(LQVDW]EHUHLFKGHU3URGXNWHDXI3UHLVOLVWHQDXIGHU:HEVLWH LQ%URVFKUHQXQG$Q]HLJHQZHUGHQPLWJU|‰WHU6RUJIDOWHUVWHOOWJHOWHQDOOHUGLQJVQXUDQQlKHUQGXQGN|QQHQQLH $QODVVIU6FKDGHQHUVDW]XQGRGHU$XÁ|VXQJVHLQ $OOH 9HUWUlJH ]ZLVFKHQ 7RNR ,QWHUQDWLRQDO %9 XQG GHP $EQHKPHU XQWHUOLHJHQ GHP QLHGHUOlQGLVFKHQ 5HFKW $OOH 6WUHLWLJNHLWHQ EH]JOLFK 9HUWUlJH ]ZLVFKHQ GHP $EQHKPHU XQG 7RNR ,QWHUQDWLRQDO %9 ZHUGHQ YRP ]XVWlQGLJHQ *HULFKW LP %H]LUN GHV 1LHGHUODVVXQJVRUWV GHU7RNR ,QWHUQDWLRQDO %9 JHVFKOLFKWHW VRIHUQ GLH JHVHW]OLFKHQ%HGLQJXQJHQGLHVHUODXEHQ

-.RHN 'LUHFWRURI7RNR,QWHUQDWLRQDO%9

-.RHN 'LUHNWRUYRQ7RNR,QWHUQDWLRQDO%9

$/*(0(1(9225:$$5'(172.2,17(51$7,21$/%9

&21',7,216*e1e5$/(6'(9(17(72.2,17(51$7,21$/%9

 'H]HDOJHPHQHYRRUZDDUGHQJHOGHQYRRULHGHUHRYHUHHQNRPVWWXVVHQ7RNR,QWHUQDWLRQDO%9HQGHDIQHPHU ZDDURS7RNR,QWHUQDWLRQDO%9GH]HDOJHPHQHYRRUZDDUGHQYDQWRHSDVVLQJKHHIWYHUNODDUG  'HWRHSDVVHOLMNKHLGYDQHYHQWXHOHLQNRRSRIDQGHUHYRRUZDDUGHQYDQGHDIQHPHUZRUGWXLWGUXNNHOLMNYDQGH KDQGJHZH]HQ  $OOHDDQELHGLQJHQHQRIIHUWHV]LMQYULMEOLMYHQG  2SJHJHYHQ SULM]HQ ]LMQ LQ HXUR·V H[FOXVLHI %7: HQ ]LMQ JHEDVHHUG RS GH WHQ WLMGH YDQ GH DDQELHGLQJ JHOGHQGHNRVWHQEHSDOHQGHIDFWRUHQ,QGLHQ]LFKWXVVHQKHWPRPHQWYDQGHWRWVWDQGNRPLQJYDQGHRYHUHHQNRPVW HQ GH DÁHYHULQJ ZLM]LJLQJHQ YRRUGRHQ LQ GH KLHUYRRU EHGRHOGH NRVWHQIDFWRUHQ LV 7RNR ,QWHUQDWLRQDO %9 JHUHFKWLJGWRWKHU]LHQLQJYDQGHRRUVSURQNHOLMNHSULMV  ,QGLHQ GRRU GH DIQHPHU HHQ RUGHU ZRUGW JHSODDWVW ELM HHQ GRRU 7RNR ,QWHUQDWLRQDO %9 DDQJHVWHOGH YHUWHJHQZRRUGLJHUGDQLVHUVSUDNHYDQHHQELQGHQGHRYHUHHQNRPVWRSKHWPRPHQWGDWGHRUGHUGRRU7RNR ,QWHUQDWLRQDO%9LVJHDFFHSWHHUG  'HGRRU7RNR,QWHUQDWLRQDO%9RSJHJHYHQOHYHUWHUPLMQHQ]LMQQLHWDOVIDWDOHWHUPLMQWHEHVFKRXZHQ  %HWDOLQJGLHQWj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

 /HVSUpVHQWHVFRQGLWLRQVJpQpUDOHVGHYHQWHV·DSSOLTXHQWjWRXWHFRQYHQWLRQHQWUH7RNR,QWHUQDWLRQDO%9HW O·DFTXpUHXUSDUUDSSRUWjODTXHOOH7RNR,QWHUQDWLRQDO%9DGpFODUpDSSOLFDEOHVOHVSUpVHQWHVFRQGLWLRQVJpQpUDOHV GHYHQWH  /·DSSOLFDELOLWp GHV FRQGLWLRQV G·DFKDW RX G·DXWUHV FRQGLWLRQV pYHQWXHOOHV GH OD SDUW GH O·DFTXpUHXU VHUD H[SUHVVpPHQWUHMHWpH  7RXWHVOHVSURSRVLWLRQVHWRIIUHVVRQWVDQVHQJDJHPHQW  /HVSUL[RIIHUWVV·HQWHQGHQWHQHXURVHWKRUV79$HWLOVVHIRQGHQWVXUOHVIDFWHXUVGpWHUPLQDQWOHVIUDLVDX PRPHQW GH O·RIIUH 6L HQWUH OH PRPHQW GH OD IRUPDWLRQ GX FRQWUDW HW OD OLYUDLVRQ OHV IDFWHXUV PHQWLRQQpV VH PRGLÀHQW7RNR,QWHUQDWLRQDO%9DXUDGURLWjUpYLVHUOHSUL[RULJLQDO  6LO·DFTXpUHXUSDVVHXQHFRPPDQGHSDUO·LQWHUPpGLDLUHG·XQUHSUpVHQWDQWHQJDJpSDU7RNR,QWHUQDWLRQDO%9OD FRQYHQWLRQQHVHUDFRQVLGpUpHFRPPHIHUPHTX·DSUqVDFFHSWDWLRQGHODFRPPDQGHSDU7RNR,QWHUQDWLRQDO%9  /HVGpODLVGHOLYUDLVRQLQGLTXpVSDU7RNR,QWHUQDWLRQDO%9QHSHXYHQWSDVrWUHFRQVLGpUpVFRPPHpWDQWGpODL IDWDO  /HSD\HPHQWGRLWV·HIIHFWXHUDXFRPSWDQWRXGDQVOHVGpODLVPHQWLRQQpVVXUODIDFWXUH(QFDVGHGpSDVVHPHQW GXGpODLGHSD\HPHQWO·DFTXpUHXUVHUDDSUqVTXH7RNR,QWHUQDWLRQDO%9O·DVRPPpXQHIRLVDXPRLQVGHSD\HU GDQVXQGpODLUDLVRQQDEOHHQGHPHXUHGHSOHLQGURLW'DQVFHFDVOjO·DFTXpUHXUGHYUDGHVLQWpUrWVOpJDX[jSDUWLU GHODGDWHjODTXHOOHOHPRQWDQWG€GHYHQDLWH[LJLEOHMXVTXDXPRPHQWGXSD\HPHQW(QRXWUHWRXVOHVIUDLVGH UHFRXYUHPHQWWDQWOHVIUDLVMXGLFLDLUHVTXHOHVH[WUDMXGLFLDLUHVVXUYHQXVDSUqVODGHPHXUHGHO·DFTXpUHXUVHURQWjOD FKDUJHGHO·DFTXpUHXU 7RXVOHVSURGXLWVOLYUpVHWjOLYUHUUHVWHQWSURSULpWpGH7RNR,QWHUQDWLRQDO%9MXVTX·DXFRPSOHWSDLHPHQWGH WRXWHVOHVFUpDQFHVTXH7RNR,QWHUQDWLRQDO%9SXLVVHIDLUHYDORLUVXUO·DFTXpUHXU UpVHUYHGHSURSULpWp 7DQWTXH ODSURSULpWpGHVSURGXLWVQ·DXUDSDVSDVVpjO·DFTXpUHXUFHOXLFLQHSHXWSDVOHVGRQQHUHQJDJHQLFRQIpUHUjGHV WLHUVDXFXQGURLWFRUUHVSRQGDQWDX[SURGXLWVHQTXHVWLRQ/·DFTXpUHXUV·HQJDJHjFRQVHUYHUOHVSURGXLWVOLYUpVVRXV UpVHUYHGHSURSULpWpDYHFODGLOLJHQFHQpFHVVDLUHHWELHQLGHQWLÀDEOHVFRPPHSURSULpWpGH7RNR,QWHUQDWLRQDO%9  /HVUpFODPDWLRQVGRLYHQWrWUHQRWLÀpHVSDUpFULWj7RNR,QWHUQDWLRQDO%9GDQVOHVMRXUVDSUqVODUpFHSWLRQGHV SURGXLWV$SUqVO·pFKpDQFHGHFHGpODLOHVUpFODPDWLRQVQHVHURQWSOXVH[DPLQpHV/HVSURGXLWVOLYUpVQHSHXYHQW rWUHUHWRXUQpVTX·DSUqVDSSUREDWLRQGH7RNR,QWHUQDWLRQDO%9(QFDVGHIDXWHVGHODSDUWGH7RNR,QWHUQDWLRQDO%9 FHOXLFLVHFKDUJHUDGHVIUDLVGXUHWRXUHQTXHVWLRQjFRQGLWLRQTXHO·HQYRLHQUHWRXUV·HIIHFWXHVHORQOHVLQVWUXFWLRQV jGRQQHUSDU7RNR,QWHUQDWLRQDO%9 6L7RNR,QWHUQDWLRQDO%9QHSHXWSDVH[pFXWHUVHVREOLJDWLRQVHQYHUVO·DFTXpUHXUjFDXVHGHIRUFHPDMHXUH 7RNR,QWHUQDWLRQDO%9QHUpSRQGUDSDVGHVSUpMXGLFHVpSURXYpVGHFHIDLWSDUO·DFTXpUHXU3DUIRUFHPDMHXUHLO HVWHQWHQGXHQWUHDXWUHVGHVSHUWXUEDWLRQVGXWUDQVSRUWSDUH[HPSOHjFDXVHGHVFRQGLWLRQVFOLPDWLTXHVODQRQ OLYUDLVRQGHVSURGXLWVj7RNR,QWHUQDWLRQDO%9RXGHVUHWDUGVGHOLYUDLVRQGHODSDUWGHVRQIRXUQLVVHXUGHVPHVXUHV GHJRXYHUQHPHQWPRGLÀDQWOHVFLUFRQVWDQFHVGHIDLW 7RNR,QWHUQDWLRQDO%9QHUpSRQGUDMDPDLVGHVSUpMXGLFHVLQGLUHFWV\FRPSULVGHVGRPPDJHVFRQVpFXWLIVJDLQV PDQTXpVpFRQRPLHVPDQTXpHVHWGHVGRPPDJHVSDUVWDJQDWLRQG·HQWUHSULVH 'DQV OH FDV R 7RNR ,QWHUQDWLRQDO %9 UpSRQGUDLW GH TXHOFRQTXH SUpMXGLFH VD UHVSRQVDELOLWp VH OLPLWH DX PRQWDQWGHODIDFWXUHHQWRXWFDVjODSDUWLHGHODFRQYHQWLRQjODTXHOOHODUHVSRQVDELOLWpV·DSSOLTXH 7RXWH UpFODPDWLRQ FRQWUH 7RNR ,QWHUQDWLRQDO %9 TXL Q·D SDV pWp pOHYpH GDQV  DQQpH DSUqV VD VXUYHQDQFH V·pWHLQWSDUSUHVFULSWLRQ /HVIDXWHVHWHUUHXUVpYLGHQWHVVXUOHVLWH,QWHUQHWRXGDQVOHVSXEOLFDWLRQVGH7RNR,QWHUQDWLRQDO%9QHSHXYHQW SDVHQJDJHU7RNR,QWHUQDWLRQDO%97RXWHVOHVLPDJHVHWGRQQpHVUHODWLYHVDX[SRLGVGLPHQVLRQVFRXOHXUVOHV GRQQpHVUHODWLYHVjO·DSSOLFDELOLWpGHVSURGXLWVGDQVOLVWHVGHVSUL[VXUOHVLWH,QWHUQHWGDQVGHVEURFKXUHVHWGHV DQQRQFHVSXEOLFLWDLUHVRQWpWpFRPSRVpHVDYHFODSOXVJUDQGHGLOLJHQFHPDLVHOOHVQHVRQWTX·DSSUR[LPDWLYHV(OOHV QHSHXYHQWMDPDLVGRQQHUOLHXjGHVGRPPDJHVLQWpUrWVHWRXODGLVVROXWLRQ 7RXWHFRQYHQWLRQSDVVpHHQWUH7RNR,QWHUQDWLRQDO%9HWO·DFTXpUHXUVHUDUpJLHSDUOHGURLWQpHUODQGDLV7RXW OLWLJHUHODWLIDX[FRQYHQWLRQVHQWUHO·DFTXpUHXUHW7RNR,QWHUQDWLRQDO%9VHUDVRXPLVjODFRPSpWHQFHGXMXJHGH O·$UURQGLVVHPHQWGDQVOHTXHOLOVHWURXYHOHVLqJHVRFLDOGH7RNR,QWHUQDWLRQDO%9SRXUDXWDQWTXHOHVGLVSRVLWLRQV OpJDOHVOHSHUPHWWHQW -.RHN 'LUHFWHXU*pQpUDO 7RNR,QWHUQDWLRQDO%9


7RNR,QWHUQDWLRQDO%9 32%R[$:=RHWHUPHHU &KURRPVWUDDW55=RHWHUPHHU 7KH1HWKHUODQGV 7HO‡)D[ (PDLOLQIR#WRNRLQWQO‡ZZZWRNRLQWFRP

Toko catalog 2013 2014  

Value for money! Toko International BV is an internationally active trading company, based in the Netherlands. It specialises in tools and...

Read more
Read more
Similar to
Popular now
Just for you