Page 1

2675$96.È81,9(5=,7$92675$9



        

 

2%-(.729 25,(1729$1e352*5$029È1Ë 352,17(51(7



+70/±'+70/±=È./$'<6.5,37 ±&66       3$9(/602/.$

  

2675$9$ 




                                 1i]HY

2EMHNWRY RULHQWRYDQpSURJUDPRYiQtSUR,QWHUQHW +70/±'+70/±=Ã&#x2C6;./$'<6.5,37 ±&66

 $XWRU ,QJ3DYHO6PROND 9\GiQt SUYQt 3RþHWVWUDQ  7LVN  (GLþQtVW HGLVNR&,728 6WXGLMQtPDWHULiO\SURGLVWDQþQtNXU] -D]\NRYiNRUHNWXUD 0JU'DJPDU+DYUODQWRYi 9\GDYDWHODWLVN2VWUDYVNiXQLYHU]LWDY2VWUDY  Â&#x2039;,QJ3DYHO6PROND Â&#x2039;2VWUDYVNiXQLYHU]LWDY2VWUDY 


2EVDK 

Ò92'   2 %- (. 72 9 2 5,(1 7 2 9 $ 1 e3 52 * 5$ 02 9 È 1 Ë                                           -$ =< . + 7 0/                                                                                              9 = 1 , .  $  9 é 9 2 -  - $ = < . $  + 7 0/                                                                     3 2 3 , 6  - $ = < . $  + 7 0/  $  - ( + 2  6 < 1 7 $ ; (                                                          =iN ODGQ t V WUX N WXUD+ 70 /V W UiQ N\                                                              7 OR +7 0/ GRNXP HQ WX                                                                             3DU DPH WU \ WDJX% 2 ' <                                                                            3Ui F H V W H[ W HP Y+7 0/ GRNXP HQ WX                                                            )RUPi WR Y iQ tQDGS LV                                                                             )RUPi WR Y iQ t]QD N  DVNXS LQ \ ]Q DN                                                        ' OH Q t WH[ WX iGNRY iQ tRGV D ]HQ t                                                          ý tVORY DQp D RGU iåNRY p V H]Q D P\                                                             2G ND] \ Y+ 70 /                                                                                      6 WUXN WXU D V ORå HNQ D:::V HUY HUX DM HKRQ DV WDY HQt                                  $ EVR OX WQ t8 5 /                                                                                     5 H OD WLYQ t8 5/                                                                                      9 ODV WQ t WYRUE DRGN D]X                                                                          * UD I LN D Y MD] \ FH +7 0/                                                                            9 \WY i HQ tYRGRURYQê FK OLQH N                                                                 2 EUi ]N \YZZZGRNX PH Q WX                                                                   9 LGH RN OLS \Q D:::V WU iQF H                                                                 =YXNQ DSR ] DG t                                                                                    7DEX ON \ Y  MD] \F H+7 0/                                                                            ' HILQ LFH RE OD V WL WDEX ON \                                                                        ' HILQ LFH  iGNX WD EX ON \                                                                          ' HILQ LFH EX N \ WDEX ON \                                                                         + ODY LþND  WDEX ON\                                                                                  1 DGS LV  WDEX ON \                                                                                     + URPD G Q pIRU P i WRYiQ tYtF H V ORXSF  WDEX ON \                                         5iP\     ' HILQ LFH Ui P                                                                                      3 ORYRX F tU i P                                                                                       7YR UED IR UPX Oi                                                                                    ' HILQ LFH HG LWDþQ tKRSR OH                                                                       ' HILQ LFH  WOD þ tWHN                                                                                  ' HILQ LFH SR OHSUR UR] ViK OHMã t WH[ W                                                           ' HILQ LFH UR OH W\                                                                                     3 HS tQ Dþ H ] D ãNU WiYD F tSR Otþ ND                                                             + OD Y Lþ ND +70 /GR NXPHQ WX                                                                       7 DJ %$ 6(                                                                                           7 DJ 0(7$                                                                                           7 DJ /,1 .                                                                                            7 DJ\ 6 &5 ,37 D 67< /(                                                                        ' + 7 0/ $ 2 % -(. 72 9 e3 52 *5 $ 02 9 È 1 Ë                                                   = È . / $ ' 1 Ë  2 % - ( . 7 <                                                                                   2E M H NW  Z LQGR Z                                                                                      2E M H NW GR FXP HQ W                                                                                    2E M H NW  IR UP± IR UPX Oi                                                                           2E M H NW QD Y LJD WRU                                                                                    & 66 ± &$ 6 &$ ' ,' ,1 * 67< /(6+ (( 76                                                          0 2 ' , ) , . $ & (  6 7 È 9 $ - Ë & Ë & +  9 / $ 6 7 1 2 6 7 Ë  7 $ *                                                129é67</    7 Ë ' <  5 2 = â , 8 - Ë & Ë  6 7 È 9 $ - Ë & Ë  7 $ * <                                                             ,' ± 8 1 , . È 7 1 Ë  3 2 3 , 6 2 9 $ ý                                                                         =È9 5  




/LWHUDWXUD



/LWHUDWXUD]iNODGQt



%URåD 3 7YRUED ::: VWUiQHN SUR ~SOQp ]DþiWHþQtN\ &RPSXWHU 3UHVV





+ODYHQND - 6HGOD  5 +ROþtN 7 .XEHã - 0DFK - 9\WYi tPH



6FRWW , '\QDPLFNp +70/ ± .RPSOHWQt SU YRGFH 0LFURVRIW 3UHVV



:::VWUiQN\&RPSXWHU3UHVV



'RSRUXþHQiOLWHUDWXUD





âNXOWpW\5-DYD6FULSW&RPSXWHU3UHVV

%URåD33URJUDPRYiQt ::: VWUiQHN SUR ~SOQp ]DþiWHþQtN\&RPSXWHU

3UHVV


 

ÒYRG 3RþiWHN  VWROHWt VH Y REODVWL NRPXQLNDFt D LQIRUPDþQtFK

V\VWpP  Y\]QDþXMH PDVLYQtP UR]YRMHP ,QWHUQHWX 3RGVWDWQêP ]QDNHP

WRKRWR IHQRPpQX MH SDN VNXWHþQ  PDVLYQRVW 3RþtWDþ S LSRMHQê QD ,QWHUQHW VH VWiYi VWDQGDUGHP YPtVW  SUiFH þORY ND DOH WDNp YMHKR GRPiFQRVWL YH YãHFKUR]YLQXWêFK ]HPtFK VWDQGDUGHP VWHMQêP MDNR MH

GQHV WHOHYL]H UiGLR D RVWDWQt HOHNWURVSRW HELþH 3RþtWDþH YãDN QHMVRX MLåFKiSDQ\MHQMDNRSUDFRYQtQiVWURM]iEDYQtFHQWUXPGRPiFQRVWLDOH

WDNp MDNR SURVW HGHN NRPXQLNDFH VILQDQþQtPL LQVWLWXFHPL LQVWLWXFHPL

VSUiYQtPL  PtVWHP YêNRQX ]DP VWQiQt DOH WDNp MDNR SURVW HGHN REFKRGX

7RWR ]QDþQp UR]ãt HQt D PXOWLIXQNþQRVW Y\åDGXMH YêYRM VQDGQR

RYODGDWHOQêFK DSOLNDFt SUR YêãH ]PtQ Qp REODVWL DSOLNDFL NWHUp

QHEXGRX XåLYDWHOH ]DW åRYDW SURFHVHP LQVWDODFH D Y\åDGRYDW Y\ããt

~URYH  ]QDORVWt YREODVWL VRIWZDUX 7\WR SRGPtQN\ YHOPL VOXãQ  VSO XMt GQHV LQWHUQHWRYp SURKOtåHþH ± EURZVHU\ NWHUp MH GQHV PRåQp

QDMtWYWpP

NDåGpPSRþtWDþL

3 YRGQt SRVOiQt SURKOtåHþ  E\OR ]REUD]RYDW GDWD ]DVtODQi

VHUYHUHP  YH WYDUX +70/ NyGX 7HQWR NyG WDN MDNR DGD GDOãtFK ,7

WHFKQRORJLt MH VWDQGDUGL]RYiQ SURVW HGQLFWYtP NRQVRUFLD :&

6WDQGDUGL]DFt MD]\ND +70/ Y]QLNOD WHG\ SODWIRUPD SUR YêYRM MHGQRWQêFK DSOLNDFt 3ODWIRUPD QH ]FHOD Y\KRYXMtFt DOH SRVN\WXMtFt

VWDELOQt ]iNODG NWHUê MH GiO UR]ãL RYiQ -HGQRWOLYt YêUREFL D SURGXFHQWL SURKOtåHþ  SDN YU ]Qp Pt H W\WR VWDQGDUW\ XSODW XMt YH VYêFK SURGXNWHFK 7HQWR S HGSRNODG Y\WYi t SURVW HGt XPRå XMtFt YêYRM DSOLNDFt NWHUp MVRX IXQNþQt QD WDN ND NDåGpP 3& YH VY W  EH] QXWQRVWL ]QDþQpKR ]DãNRORYiQt REVOXK\ 3& &HOi VWDQGDUGL]DFH VH

VDPR] HMP  GiOH Y\YtMt D MH GRSO RYiQD  R QRYi SUDYLGOD NWHUi DNFHSWXMtVRXþDVQêYêYRM,7RERUXDMHKRSUREOpP\ 


 7DNpGRYêYRMHW FKWRDSOLNDFtDQHQtSRGVWDWQpMGHOLRE åQRX

::: SUH]HQWDFL þL QiURþQ Mãt DSOLNDFL LQWHUQHWEDQNLQJX ]DVDKXMH

REMHNWRYê PRGHO SURJUDPRYiQt 7HQWR ]S VRE MH VFKRSHQ ]MHGQRGXãLW

SUiFL SURJUDPiWRUD XPRåQLW VQDGQp DNWXDOL]DFH GHFHQWUDOL]DFL VSUiY\

WDNRYêFKWR ::: PtVW D XPRåQLW LQWHJUDFL MLQêFK DSOLNDFt GR

SURVW HGt ::: SURKOtåHþ  3RGVWDWQRX ]iVOXKX QD WRPWR Pi S HGHYãtP YêYRM MD]\ND -$9$ VWDQGDUG  &66 D ;0/ DOH WDNp

$FWLYH;DSODWIRUP\1(7






2EMHNWRY RULHQWRYDQpSURJUDPRYiQt 2EMHNWRY  RULHQWRYDQp SURJUDPRYiQt MH MHGQRX ]YDULDQW YêYRMH DSOLNDFt VH NWHURX VH P åHWH VHWNDW YHOPL þDVWR ýDVWR VL YãDN

]QDN\ WRKRWR SURJUDPRYiQt DQL QHXY GRPtWH D WHQWR SRMHP

VSRMXMHWH SRX]H VMD]\N\ W\SX & & -$9$ 3ULQFLS REMHNW  YãDN P åHWH REMHYLW YPQRKD GDOãtFK YêYRMRYêFK SODWIRUPiFK &tOHP WpWR NDSLWRO\ MH Y\PH]HQt ]iNODGQtFK SRMP  D SULQFLS  PRGHOX 223 WDN DE\VWH E\OL VFKRSQL MH RGKDOLW D UR]SR]QDW YWHFKQRORJLtFKLQWHUQHWX

2EMHNWRY  RULHQWRYDQp SURJUDPRYiQt MH ]S VRE FKiSiQt UHDOLW\

SRPRFt MHGQRWOLYêFK HQWLW &HOê UHiOQê SUREOpP þOHQtPH GR

MHGQRWOLYêFK NRPSRQHQW  REMHNW  X NWHUêFK NODGHPH G UD] QD VDPRVWDWQRX IXQNþQRVW D QD VSROXSUiFL VXåLYDWHOVNêP UR]KUDQtP

-LQêPL VORY\ QH]DMtPiPH VH DQL WDN R WR MDN W\WR NRPSRQHQW\ IXQJXMt

LQWHUQ  MDNR R WR FR SRW HEXMt ]D YVWXS\ D MDNp YêVWXS\ QiP PRKRX SRVN\WQRXW 2ULHQWDFH QDãHKR ]iMPX QD YVWXS\ D YêVWXS\ ± WM QD

]DGiQtDUJXPHQW DPRåQpRþHNiYiQtYêVOHGN VHQD]êYiDEVWUDNFH 'DOãtP

]QDNHP

REMHNWRY 

RULHQWRYDQp

WHFKQRORJLH

MH

]DSRX]G HQt -H VDPR] HMPp åH MHGQRWOLYp REMHNW\ MVRX WDNp

Y\WYR HQ\ YêYRMi L 2VWDWQt YêYRMi L MLÃ¥ W\WR REMHNW\ Ã&#x201E;SRX]H³

SRXåtYDMt 9WRPWR S tSDG  WDN P åH GRMtW NHY]QLNX REMHNW  NWHUp Y\ND]XML VWHMQRX IXQNFLRQDOLWX DOH LQWHUQt DOJRULWPXV ]SUDFRYiQt VH

OLãt

3 HVWR

MVRX

W\WR

REMHNW\

SRXÃ¥LWHOQp

MHOLNRÃ¥

REVDKXMt

VWDQGDUGL]RYDQp YH HMQp UR]KUDQt SRPRFt NWHUpKR NRPXQLNXMt VRVWDWQtPLREMHNW\YNyGX223

7 HWtP ]QDNHP WHFKQRORJLt 223 MH G GLþQRVW 3 HGVWDYPH VL åH

H[LVWXMH REMHNW NWHUê WDN ND VSO XMH QDãH SRW HE\ 1LFPpQ  VH UR]KRGQHPH SUR GUREQRX ~SUDYX SRPRFt NWHUp VL WHQWR REMHNW MHãW  YtFHS L]S VREtPH9WRPWRS tSDG QHMVPHQXFHQLS HSVDWFHOêREMHNW

DOH VWDþt Y\WYR LW SRWRPND WRKRWR REMHNWX 3 L WYRUE  SRWRPND WRKRWR 


 REMHNWX VH MLå ]DP

YODVWQRVWtURGLþH

tPH MHQ QD S tSDGQi UR]ãt HQt þL PRGLILNDFL

=iNODGQtP LPSOHPHQWDþQtP SRMPHP NRQFHSWX 223 MH W tGD

7 tGX P åHPH SRYDåRYDW ]D ãDEORQX REMHNWX NWHUi ]DKUQXMH YODVWQRVWL

W tG\ D PHWRG\ W tG\ 9ODVWQRVWL GHILQXMt MHGQRWOLYp SDUDPHWU\ W tG\ VH NWHUêPL SDN SUDFXMt PHWRG\ 0HWRG\ MVRX SDN ]RGSRY GQp ]D IXQNFLRQDOLWX QRY  Y]QLNOêFK REMHNW  ± W]Y LQVWDQFt 7 tGD P åH EêW GHILQRYiQD YQRY  Y]QLNOpP NyGX QHER P åH RGND]RYDW WDNp QD

H[WHUQt]GURMYQ PåMVRXW\WRGHILQLFHXORåHQ\ 3 tNODG

3UR REMDVQ Qt SULQFLSX223VLUR]HEHUPHSVDFtVWURM8åLYDWHOVHQH]DMtPi

R ]S VRE IXQJRYiQt SVDFtKR VWURMH DOH ]iOHåt PX QD YêVWXSX ± SRWLãW QpP SDStUX

D

YVWXSHFK

±

NOiYHVQLFL

.OiYHVQLFH

SVDFtKR

VWURMH

MH

VWDQGDUGL]RYiQD D WRWpå P åHPH tFW R ]iNODGQtFK  IRUPiWHFK YêVWXSX ±

YHOLNRVW SDStUX D ]QDNRYi VDGD 7R FR QDStãH NGRNROLY QD SVDFtP VWURML MH

WDN þLWHOQp SUR MLQpKR þORY ND =GH MH QDSOQ QD DEVWUDNFH D ]DSRX]G HQt 9H]PHPH  OL YSRWD] HOHNWULFNê SVDFt VWURM GRMGH NQDSOQ Qt G GLþQRVWL

9HãNHUD IXQNþQRVW PHFKDQLFNêFK SVDFtFK VWURM  E\OD S HYHGHQD GR WRKRWR HOHNWULFNpKR SVDFtKR VWURMH D S tSDGQ  UR]ãt HQD R GDOãt QRYp IXQNFH

9WRPWR PRPHQW  P åHPH WDNp VSDW RYDW Y]WDK W tG\  QRUPX SUR NRQVWUXNFL SVDFtFKVWURM ±ãDEORQXDLQVWDQFHYSRGRE LPSOHPHQWDFtWpWRãDEORQ\GR

MHGQRWOLYêFKPRGHO SVDFtFKVWURM 

3RMP\N]DSDPDWRYiQt x REMHNW

x DEVWUDNFH

x ]DSRX]G HQt x G GLþQRVW

x W tGD

x YODVWQRVWLW tG\DPHWRG\W tG\

x LQVWDQFH






-D]\N+70/ =iNODGQtP SUYNHP SUR YêYRM LQWHUQHWRYêFK DSOLNDFt L YGQHãQt

GRE  ] VWiYi MD]\N +70/ 1D WXWR ]iNODGQX P åHWH LPSOHPHQWRYDW RVWDWQt WHFKQRORJLH D UR]ãt HQt =QDORVWL +70/ MH SRGPtQNRX 9Dãt ~VS ãQp WYRUE\ :(%X .DSLWROD VH ]DP

XMH

QD  RVYRMHQt ]iNODGX MD]\ND +70/ D MHKR LPSOHPHQWDFH YH 9DãHPSRGiQt

3RGVWDWRX MD]\ND +70/ MH WYRUED QHYHONpKR NyGX NWHUê MH

GLVWULEXRYiQ]HVHUYHU GRNOLHQWVNêFKSRþtWDþ 9NOLHQWVNpPSRþtWDþL SDNGRMGHYSURVW HGtEURZVHUXNYODVWQtPXVHVWDYHQt:::VWUiQN\

9ODVWQt ::: GRNXPHQW MH WDN UR]þOHQ Q QD GY  ]iNODGQt þiVWL

'DWD D IRUPiWRYDFt ]QDþN\ ± WDJ\ NWHUp UR]KRGXMt R ]S VREX ]REUD]HQt 3URVW HGQLFWYt WDJ  QHGHILQXMHPH MDN VH Pi Q FR XG ODW

WROLN ]QiPH ]MLQêFK SURJUDPRYDFtFK MD]\N  DOH GHILQXMHPH FR VH Pi XG ODW

 9]QLNDYêYRMMD]\ND+70/ 9êYRM MD]\ND +70/ MH VSRMHQ VYêYRMHP VOXåE\ :::

,QWHUQHWX =WRKRWR G YRGX QHO]H R]QDþLW MHGQRKR þORY ND þL RUJDQL]DFL ]D ]DNODGDWHOH WpWR WHFKQRORJLH -HGQi VH R FHOp WêP\

MHMLFKÃ¥ S HGVWDYLWHOL MVRX ' (QJHOEHUW 7 1HOVRQ &K *ROGIDUE 7\WR

RVRE\ P åHPH SRNOiGDW ]D G GHþN\ GQHãQtKR :(%X D WtP L MD]\ND +70/ =D ]PtQNX VWRMt S HGHYãtP SURMHNW ;DQDGX JDUDQWRYDQê

71HOVRQHPDMD]\N6*0/&K*ROGIDUED

=D RWFH GQHãQtKR :HEX MH SRYDåRYiQR ãYêFDUVNp Yê]NXPQp

VW HGLVNR &(51 YäHQHY  D S HGHYãtP 7LP %HUQHV/HH NWHUê YURFH  RGVWDUWRYDO UR]YRM VOXåE\ ::: D WtP L MD]\ND +70/ -HOLNRå

MLå RG SRþiWNX E\OR ] HMPp åH MH SRW HED GRGUåRYDW S L WYRUE  :::

SUDYLGOD GRãOR NXVWDQRYHQt NRQVRUFLD :& NWHUp VFKYDOXMH 


 QDVWXSXMtFt VWDQGDUG\ WpWR WHFKQRORJLH D GRNXPHQWXMH VWDQGDUG\

S HGHãOp

3RMP\N]DSDPDWRYiQt x WDJ

x EURZVHU

x :&



x K\SHUWH[W

 3RSLVMD]\ND+70/DMHKRV\QWD[H 'RNXPHQW\ Y]QLNOp SRPRFt MD]\ND +70/ MVRX R]QDþRYiQ\

SRMPHP K\SHUWH[W 7RWR R]QDþHQt Y]QLNOR MDNR UHDNFH QD SURSRMHQt

QH]iYLVOH H[LVWXMtFtFK GRNXPHQW  QD SRGREQp WpPD NWHUp YãDN H[LVWXMt ]FHOD DXWRQRPQ  D MHMLFKå VSUiYD D ~GUåED MH SOQ  GHFHQWUDOL]RYiQD 8åLYDWHOLZZZVWUiQHNVHSDNYãHMHYtMDNRMHGHQORJLFNêFHOHN

3UR QDSOQ Qt P\ãOHQHN DXWRQRPLH D GHFHQWUDOL]DFH MH YãDN

SRW HED GRGUÃ¥RYDW ]iNODGQt VWUXNWXUX +70/ GRNXPHQWX NWHUi MH

GRYROXMHVOXþRYDWYORJLFNpFHON\

-DN MLå E\OR XYHGHQR Y~YRGX WpWR þiVWL VNOiGi VH NyG +70/

VWUiQN\ ]H GYRX ]iNODGQtFK NRPSRQHQW YODVWQtFK ]REUD]RYDQêFK GDW D

IRUPiWRYDFtFK ]QDþHN ± W]Y WDJ  7\WR IRUPiWRYDFt ]QDþN\ SDN P åHPHUR]G OLWGRGYRXVNXSLQ

 )RUPiWRYDFt]QDþN\SiURYp

&(17(5!&(17(5!

9WRPWR

S tSDG 

XUþLWi

YODVWQRVW

Y\VW HG Qt

RGVWDYFH 

YGRNXPHQWX ]DþtQi EêW DSOLNRYDQi ]D SRþiWHþQt ]QDþNRX &(17(5!

D MH DSOLNRYiQD WDN GORXKR Då VH Y\VN\WQH XNRQþRYDFt ]QDþND WDJ 

&(17(5! 5R]GtO PH]L ]DþiWNHP D NRQFHP WDJX MH SRX]H YH

YêVN\WX]QDNX]DSRþiWHþQtRVWURX]iYRUNRX  )RUPiWRYDFt]QDþN\QHSiURYp

+5!




 9S tSDG  W FKWR WDJ  RGSDGi SVDQt MHMLFK XNRQþHQt -H YãDN

SRW HED PtW QD ] HWHOL åH GtN\ QHXVWiOpPX YêYRML QRUP\ +70/ MH

XUþLWiVNXSLQ\WDJ NWHUpIXQJXMtMDNRQHSiURYpLMDNRQHSiURYp

.DåGê ]DSVDQê WDJ IRUPiWRYDFt ]QDþNX  MH PRåQp UR]ãt LW R

DGX SDUDPHWU  NWHUp RYOLYQt MHKR FKRYiQt 9S tSDG  ]DSLVRYiQt

W FKWRSDUDPHWU SODWtQiVOHGXMtFtV\QWDNWLFNpSUDYLGOR

%2'<!  WDJ ]DKDMXMtFt W OR +70/ GRNXPHQWX EH] XYHGHQêFK

SDUDPHWU 

%2'< %*&2/25 ´ZKLWH´ 7(;7 ´EODFN´!  WDJ ]DKDMXMtFt

W OR +70/ GRNXPHQWX WHQWRNUiW VXYHGHQêPL SDUDPHWU\ NWHUp ]DMLVWt åHSR]DGtVWUiQN\EXGHEtOHDWH[WQDVWUiQFHEXGHþHUQê

=SRYãLPQXWt YãDN VWRMt V\QWD[H WRKRWR ]iSLVX 3DUDPHWU WDJX MH

YÃ¥G\ XYiG Q VMHKR KRGQRWRX NWHUi MH YXYR]RYNiFK -HGQRWOLYp

GYRMLFH SDUDPHWU ± KRGQRWD MVRX RGG OHQ\ SRX]H PH]HURX D MVRX VRXþiVWLRVWUp]iYRUN\YQLåMHSRþiWHþQtWDJ9S tSDG SiURYêFKWDJ 

QHPi VP\VO ]DSLVRYDW MDNpNROLY SDUDPHWU\ GR XNRQþHQt ± QHEXGRX

SURYHGHQ\

=FHOD E åQp S L SVDQt +70/ GRNXPHQWX MH YQR HQt WDJ 

NWHUpPXEXGHMHãW Y QRYiQDSR]RUQRVW

=iNODGQtVWUXNWXUD+70/VWUiQN\ =iNODGQtP NDPHQHP 9DãLFK EXGRXFtFK ::: SUH]HQWDFt MH GRGUåHQtNRVWU\VWUiQN\=QDORVWMHGQRWOLYêFKVHNFt9iPXPRåQt

WYRUEX S HKOHGQpKR +70/ NyGX NWHUê MH SRP UQ  VQDGQp DNWXDOL]RYDW =DXWRPDWL]XMH Y\KOHGiYDFtFKFHQWUiO

DGX SURFHV  UHJLVWUDþQtFK D

.DåGi VWUiQND +70/ VWUiQN\ MH þOHQ QD GR Q NROLND VHNFt W\WR

VHNFH VH OLãt VYRX IXQNFt 1 NWHUp VH ]FHOD ] HWHOQ  SURMHYXMt

Y]REUD]HQt MLQp VH QDRSDN FKRYDMt YHOPL VNU\W  D tGt ]S VRE\ 


 ]REUD]HQt 9QiVOHGXMtFt iGFtFK WDN MDNR YFHOp NDSLWROH R +70/ MH

SRSViQDVWUXNWXUDGOHVWDQGDUWX+70/ 3RMP\N]DSDPDWRYiQt x W ORGRNXPHQWX

x KODYLþNDGRNXPHQWX

x WLWXOHNVWUiQN\



x SDUDPHWU\WDJ 

'2&7<3(+70/38%/,&³:&'7'+70/HQ´!

 R]QDþHQt W\SX GRNXPHQWX YHU]H +70/ S tSDGQp ORNDOL]DFH +70/HGLWRUX +70/!

]DþiWHNNyGXYHIRUPiWX+70/

+($'!

GHNODUDFHKODYLþN\+70/GRNXPHWX

7,7/(!1DGSLVVWUiQN\7,7/(!

 GHILQLFH WLWXONX ZZZ VWUiQN\ REMHYXMtFt VH YWLWXONRYpP SURXåNXRNQDSURKOtåHþH +($'!

NRQHFKODYLþN\

%2'<!

GHNODUDFHW OD+70/GRNXPHWX %2'<!

NRQHFW ODGRNXPHWX +70/!

NRQHFNyGXY+70/

7XWR VWUXNWXUX O]H SRYDåRYDW ]D ]iNODGQt NRVWUX NDåGpKR +70/

GRNXPHQWX NWHUi MH UR]ãL RYiQD ]HMPpQD YþiVWHFK +($' ± SRNXG VH MHGQi R VNU\Wp YODVWQRVWL +70/ GRNXPHQWX D LQVWUXNFH SUR

Y\KOHGiYDFt D W tGtFt URERW\ D %2'<  SRNXG VH MHGQp R REVDK N]REUD]HQtDSUH]HQWDFL






7 OR+70/GRNXPHQWX -DN MLå E\OR XYHGHQR W OR +70/ GRNXPHQWX MH Y\PH]HQR

SiURYêP WDJHP %2'<!%2'<! NWHUê SRVN\WXMH SURVWRU SUR

Y\WYi HQt YODVWQtKR REVDKX ZZZ VWUiQN\ 9WRPWR SURVWRUX VH SDN

þLQQRVW SURJUDPiWRUD VRXVW HGt QD SUiFL VWH[WHP JUDILNRX VH]QDP\ PXOWLPHGLL YLGHRDDXGLR VNULSW\ 3DUDPHWU\WDJX%2'<

9WRPWR S tSDG  EXGRX ]PtQ Q\ SRX]H ]iNODGQt D QHME åQ ML

SRXåtYDQpSDUDPHWU\WDJX%2'<.RPSOHWQtYêþHWQRUP\+70/DWtP

LYãHFKSDUDPHWU YþHWQ V\QWD[HMHPRåQpQDMtWQDZZZZFRUJ %*&2/25±EDUYDSR]DGtVWUiQN\

7(;7±]iNODGQtEDUYDSRXåtYDQiSURWH[W

/,1.±EDUYDQHQDYãWtYHQpKRRGND]XOLQNX

9/,1. YLVLWHGOLQN ±EDUYDMLåQDYãWtYHQpKRRGND]X±OLQNX

$/,1. DFWLYH OLQN  ± EDUYD DNWXiOQtKR RGND]X 2GND]X MHKRå

FtOMHSUiY QD3&RWHY HQ

1HMVRX ± OL KRGQRW\SURW\WR SDUDPHWU\ GHILQRYiQ\ MVRXSRXåLW\

KRGQRW\  QDVWDYHQp YH YODVWQRVWHFK SURKOtåHþH +RGQRW\ YêãH

]PtQ QêFK SDUDPHWU  PRKRX EêW ]DSLVRYiQ\ DQJOLFNêP Qi]YHP EDUY\

]iNODGQtFK  EDUHY  QHER KH[DGHFLPiOQ  +H[DGHFLPiOQt ]iSLV QiP XPRå XMHSRXåLWtãLUãtSDOHW\EDUHY 

3 tNODG %*&2/25 ÄZKLWH³QHER %*&2/25 Ä))))))³ 9RERXS tSDGHFKEXGHSR]DGtGRNXPHQWXQDVWDYHQRQDEtORXEDUYX






 %$&.*5281' ± DSOLNDFH REUi]NX QD SR]DGt 1D REUi]HN MH

RGND]RYiQR SRPRFt MHKR 85/ DGUHV\ =D ]PtQNX WDNp VWRMt YHOLNRVW D

IRUPiW REUi]NX 2EHFQ  MVRX QD ::: VWUiQNiFK SRXåtYiQ\ QHMþDVW ML REUi]N\ IRUPiWX JLI  MSJ  þL MSHJ 'RPpQRX SUYQtKR IRUPiWX MH

REODVW GUREQp JUDILN\  WODþtWN\ OLãW\ DSRG  IRUPiW\ MSHJ þL MSHJ

MVRX XåtYiQ\ S HGHYãtP SUR IRWRJUDILH 3 L SRXåLWt REUi]NX QD SR]DGt VWUiQN\ P åHPH SRXåtW NWHUêNROLY ]W FKWR IRUPiW  6NDåGêP

REUi]NHP MH SUDFRYiQR MDNR VWDSHWRX 1HQt±OL REUi]HN VWHMQ  YHONê

MDNR YêãND þL ãt ND GRNXPHQWX RSDNXMH VH ± WDSHWXMH Då MH SRåDGRYDQêUR]P UREUi]NHP]FHODQDSOQ Q

9HOPL G OHåLWp MH S L SRXåLWt REUi]N  MDNR SR]DGt GEiW QD MHMLFK

~P UQRXYHOLNRVWY]KOHGHPNSURSXVWQRVWLVtWt9HONiY WãLQDXåLYDWHO  S LVWXSXMH QD VWUiQN\ SURVW HGQLFWYtP WHFKQRORJLH GLDO±XS NWHUi MH

SURYR]RYiQD SURVW HGQLFWYtP NODVLFNêFK DQDORJRYêFK WHOHIRQQtFK

OLQHN þL SURVW HGQLFWYtP WHFKQRORJLH ,6'1 1HYKRGQi YHOLNRVW

JUDILFNêFK SUYN  P åH ::: VWUiQN\ ]QDþQ  KHQGLNHSRYDW  FR VH QiYãW YQRVWLWêNi

/()70$5*,1 ± GHILQXMH Y]GiOHQRVW ]REUD]HQt ZZZ VWUiQN\

YSL[HOHFKRGOHYpKRRNUDMH

7230$5*,1 ± GHILQXMH Y]GiOHQRVW ]REUD]HQp VWUiQN\ RG

KRUQtKRRNUDMHYSL[HOHFK 6KUQXWt

=iY UHP WpWR þiVWL P åHPH NRQVWDWRYDW åH NDåGê +70/

GRNXPHQWMHþOHQ QGRS HVQ GHILQRYDQpVWUXNWXU\NGHNDåGêHOHPHQW

WpWR VWUXNWXU\ Pi S HVQ  XUþHQRX UROL ýiVW GRNXPHQWX NWHUi MH

]REUD]RYiQD MH X]DY HQD YW OH GRNXPHQWX ]DWtPFR RVWDWQt þiVWL

GRNXPHQWXVStãHVORXåtNSRGS UQêPIXQNFtP 3UDNWLFNê~NRO

9\WYR WH GRNXPHQW +70/ NWHUê  EXGH REVDKRYDW ]iNODGQt

VWUXNWXUX D ]DMLVWt ]REUD]HQt ]HOHQpKR SR]DGt åOXWpKR WH[WX EtOp

RGND]\ DNWLYQt þHUQp RGND]\ QDYãWtYHQp 9WLWXONX VWUiQN\ EXGH

]DSViQRÄ0RMH:::VWUiQND³






3UiFHVWH[WHPY+70/GRNXPHQWX 3UiFH VWH[WHP Y+70/ GRNXPHQWX VH ]DP

XMH QD GY  ]iNODGQt

REODVWL 3UYQt REODVW VH Y QXMH IRUPiWRYiQt MHGQRWOLYêFK ]QDN  QHER VNXSLQ ]QDN  &tOHP GUXKp REODVWL MH SDN VSUiYD IRUPiWX RGVWDYF  D Y WãtFK SDViåt GRNXPHQWX YNRQWH[WX FHOpKR GRNXPHQWX 9W FKWR REODVWHFK YLGtPH MLVWRX SRGREQRVW VWH[WRYêPL HGLWRU\ NGH SUiFL

VW PLWRHQWLWDPLGRNXPHQWX]DMLã XMtLQWHUDNWLYQtQDEtGN\DWODþtWND )RUPiWRYiQtQDGSLV 

=iNODGQtP WDJHP MD]\NX +70/ SUR WYRUEX D IRUPiWRYiQt

QDGSLV  MH SiURYê WDJ +[!+[! .GH ]D [ GRVD]XMHPH FHOp þtVOR RG

GR7RWRFHOpþtVORGHILQXMHYHOLNRVWYêVOHGQpKRQDGSLVX1HMY Wãt QDGSLVMHGHILQRYiQþtVOHPQHMPHQãtSDNþtVOHP

7DJ +[! MH PRåQR GRSOQLW WDNp R SDUDPHWU\ WêNDMtFt VH

]DURYQiQt QDGSLVX QD VWUiQFH -HGQi VH R SDUDPHWU $/,*1 NWHUê

QDEêYiQiVOHGXMtFtFKKRGQRW

$/,*1 ³OHIW³±]DURYQiQDGSLVGROHYD LPSOLFLWQtYROED 

$/,*1 ³ULJKW³±]DURYQiQDGSLVNSUDYpPXRNUDMLVWUiQN\

$/,*1 ³FHQWHU³±]DURYQiQDGSLVQDVW HGVWUiQN\

$/,*1 ³MXVWLI\³ ± QDGSLV MH ]DURYQiQD PH]L RED RNUDMH WHG\

GREORNX

9êãH ]PtQ Qp SDUDPHWU\ MVRX SODWQp SUR YHONRX Y WãLQX WDJ 

NWHUpSUDFXMtVWH[WHP

)RUPiWRYiQt]QDN DVNXSLQ\]QDN 

-HOL SRW HED GRViKQRX ]WXþQ Qt Q MDNpKR ]QDNX þL VNXSLQ\

]QDN  SRXåLMHPH SiURYpKR WDJX %! %! 9ãH FR MH X]DY HQR PH]L

W PLWR ]QDþNDPL EXGH ]REUD]HQR WXþQ  1D REGREQpP SULQFLSX P åHPHGRViKQRXQiVOHGXMtFtFKYODVWQRVWt .XU]tYD,!,!




 3RGWUåHQpStVPR8!8!

3 HãNUWQXWpStVPR675,.(!675,.(! +RUQtLQGH[683!683!

'ROQtLQGH[68%!68%!

=REUD]HQtWH[WXQHSURSRUFLRQiOQtPStVPHP±

&2'(!&2'(!

6SHFLILFNêP ]S VREHP ]YêUD] RYiQt Q MDNp þiVWL WH[WX MH

]PHQãHQt QHER ]Y WãHQt StVPD RSURWL VWDQGDUGX 7RWR ]Y WãHQt QHER ]PHQãHQtMHY\MiG HQRUHODWLYQ Y þLRNROt

)217 6,=(  ³´!)217!  YUiPFL SDUDPHWUX 6,=( P åH

P QLW ]QDPpQNR ]Y WãHQt QHER ]PHQãHQt  D þtVOLFL R NROLN ERG  VH

EXGHWDWRþiVWWH[WXYHVYpYHOLNRVWLOLãLWRGRNROt 

=GHVHQDEt]tRWi]NDMDNMHWRVYHOLNRVWtSRXåLWpKRIRQGXStVPD

REHFQ  7XWR YHOLNRVW LPSOLFLWQ  QHGHILQXMHPH ± MH QDVWDYHQD YH YODVWQRVWHFK SURKOtåHþH 3URKOtåHþ SDN GLVSRQXMH PRåQRVWL WXWR

YHOLNRVW SO\QXOH P QLW 1LFPpQ  YêYRM VL Y\åiGDO L  PRåQRVW SHYQp

YROE\ YHOLNRVWL IRQGX 9S tSDG  MD]\ND +70/ MH YROED ]DMLãW QD SiURYêPWDJHP

%$6()2176,=( [!%$6()217!

+RGQRWD SDUDPHWUX 6,=( VH SRK\EXMH RG  GR  $QL YWRPWR

S tSDG  QHQt SRXåLWR ERGRYp PtU\ QD NWHURX MH XåLYDWHO ]Y\NOê

]WH[WRYêFK HGLWRU  ' YRGHP MH SUiY  PRåQRVW G\QDPLFNp ]P Q\ StVPD YSURKOtåHþL -LVWp PRåQRVWL YWpWR REODVWL YãDN QDEt]t

WHFKQRORJLH&66NWHUiMHãW EXGH]PtQ QD

9S tSDG  WDJX )217 MVRX NY\XåLWt MHãW  GYD ]DMtPDYp

SDUDPHWU\ 3UYQt SDUDPHWU &2/25 GRYROXMH GHILQRYDW EDUYX StVPD

X]DY HQRX PH]L WDJ\ )217 &2/25 ´[´! )217! =iSLV EDUY\ P åHEêWSURYHGHQVORYQ  DQJOLFNêPQi]YHP QHERKH[DGHFLPiOQ 

'UXKêP SDUDPHWUHP WRKRWR WDJX MH )$&( +RGQRWRX WRKRWR

SDUDPHWUX MH Qi]HY H]X StVPD NWHUêP Pi EêW WH[W ]REUD]HQ -H 


 SRW HEDWDNpXSR]RUQLWQDSUREOHPDWLNXSRXåLWtWRKRWRSDUDPHWUXNWHUi

MH GiQD MLQêP SRMHWtP StVHP QD U ]QêFK SODWIRUPiFK 26 UR]GtOQêPL Qi]Y\ MHGQRWOLYêFK H]  YU ]QêFK YHU]tFK WpKRå 26 D YQHSRVOHGQt

DG  QD IDNW åH S NQp StVPR QD SRþtWDþL WY UFH ::: VWUiQN\ QHPXVt

PtW NOLHQW QDLQVWDORYiQ 7DWR SUREOHPDWLND MH HãHQD PRåQRVWt ]DGDW Q NROLNKRGQRWWRPXWRSDUDPHWUX3ULRULWXKRGQRWXUþXMHSR DGt )217)$&( ´[\]´!

' OHQtWH[WX iGNRYiQtRGVD]HQt

3RG W PLWR SRMP\ VL O]H S HGVWDYLW NODVLFNRX RUJDQL]DFL GR

RGVWDYF  iGNRYiQt QHER WDNp Y\QHFKiYDQt SUi]GQêFK iGN  YWH[WX

7 PWR ]GiQOLY  WULYLiOQtP ~NRQ P NWHUp MVRX YQtPiQ\ MDNR VDPR] HMPRVW YWH[WRYêFK HGLWRUHFK MH SRW HED Y QRYDW ]YOiãWQt SR]RUQRVW 1DS tNODG NODVLFNp SRXåLWt NOiYHV\ (17(5 NWHUi QiP

XPRå XMH ]DODPRYDW RGVWDYFH QHER iGN\ QHQt IXQNþQt YMD]\FH +70/ ± GRFKi]t NLJQRURYiQt QHWLVNQXWHOQêFK $6&,, ]QDN  .OiYHVX (17(5 O]H VDPR] HMP  SRXåtW S L WYRUE  +70/ NyGX QLFPpQ  MHMt Yê]QDP MH VStãH LQWHUQt ± þLQt +70/ NyG S HKOHGQ MãtP  1HMVRXOL

SRXåLW\ VSHFLiOQt WDJ\ ]DP

HQp QD SUiFL VRGVWDYFHP MH FHOê +70/

WH[W SUH]HQWRYiQ MDNR QHNRQHþQê WH[W MHKRå G OHQt GR MHGQRWOLYêFK iGN VH tGtYHOLNRVWtPRQLWRUXQDQ PåMHVSXãW QSURKOtåHþ

9WH[WHFK NWHUp MVRX SUH]HQWRYiQ\ QD ::: VWUiQNiFK D NWHUp

MVRX QDSViQ\ SRPRFt MD]\ND +70/ þDVWR QDMGHWH  QHGRVWDWHþQp

IRUPiWRYiQt YREODVWL RGVWDYF  YH VURYQiQt VWH[WRYêPL HGLWRU\

-D]\N +70/ YãDN GLVSRQXMH SDOHWRX WDJ  NWHUp 9iP ]DåLWp ]S VRE\ IRUPiWRYiQt RGVWDYF  GRYROXMt 9WpWR þiVWL VH QDXþtWH ]iNODGQtGRYHGQRVWLYWpWRREODVWL

=iNODGQt SUYNHP YREODVWL IRUPiWRYiQt RGVWDYF  MH ]DORPHQt

NRQFH iGNX 7RWR ]DORPHQt VH SURYiGt QHSiURYêP WDJHP %5!

'RMGHOL NQiVREQpPX SRXåLWt WDJX %5! MH WRWR WDNp QiVREQ  SUH]HQWRYiQR S L ]REUD]HQt ::: VWUiQN\ -HOL WHG\ SRW HED ]DORPLW 


  iGN\ ]D VHERX Y\QHFKDW  iGN\  SRXåLMH VH WDJ %5! W LNUiW ]D

VHERX

3 tNODG 1iVOHGXMtFt ]iSLV WH[WX NWHUê YVDG  $6&,, REVDKXMH QHWLVNQXWHOQê VNU\Wê 

]QDN SUR ]DORPHQt

YMHGQRP iGNX

iGN  ]D QDGSLVHP EXGH YSURKOtåHþL SUH]HQWRYiQ

-D]\N+70/ =iNODGQtNRQFHSFtMD]\ND+70/«««««« 'RMGH OL YãDN NYORåHQt WDJ  %5! EXGH QDGSLV RG ]E\WNX WH[WX RGG OHQ SUiY ]DORPHQtP iGNX

-D]\N+70/%5! =iNODGQtNRQFHSFtMD]\ND+70/««««««



'UXKêP SRGVWDWQêP WDJHP SUR IRUPiWRYiQt RGVWDYF  MH WDJ

3!3! ÒNROHP WRKRWR WDJX MH Y\WYR HQt QRYpKR RGWDYFH 7HG\ ]DORPHQt S HGHãOpKR iGNX D RGVNRN QRYpKR iGNX RGVD]HQt SUYQtKR iGNX RGVWDYFH  7HQWR WDJ MH YVRXþDVQp GRE  SUH]HQWRYiQ MDNR

SiURYê DþNROLY Q NWHUp VWDUãt SXEOLNDFH MHM XYiG Mt MDNR QHSiURYê

'RMGHOL NMHKR SRXåLWL MDNR WDJX QHSiURYpKR QHQt QDUXãHQD IXQNþQRVW

WRKRWRWDJX 

9S tSDG  WDJX 3!3! MH SRW HED S LSRPHQRXW MHGHQ ]MHKR

SDUDPHWU  -HGQi VH R SDUDPHWU $/,*1 NWHUê MLå E\O ]PtQ Q 7HQWR SDUDPHWU XPRå XMH WH[W YRGVWDYFL ]DURYQiYDW 3DUDPHWU QDEêYi

QiVOHGXMtFtFK KRGQRW /()7 5,*+7 &(17(5 -867,)< 3UYQt W L KRGQRW\ IXQJXMt EH]FK\EQ  DOH YS tSDG  þWYUWp KRGQRW\ MH MHMt

IXQNþQRVW ]iYLVOi QD YHU]L SURKOtåHþH -HMt VSROHKOLYp IXQJRYiQt

P åHPH RþHNiYDW RG YHU]H 06,(  D YêãH SRGSRUD WpWR YODVWQRVWL X

RVWDWQtFK SODWIRUHP SURKOtåHþ  MH YãDN SUREOHPDWLFNi QLFPpQ  VQRYêPLYHU]HPLVHWDWRVLWXDFH]OHSãXMH

  3 R ] Q i PN D  D X WR U D  






 0H]L GDOãt WDJ\ ]DP

HQp QD IRUPiWRYiQt RGVWDYF  SDW t SiURYp

WDJ\%/2&.4827(!%/2&.4827(!D&,7(!&,7(!

7DJ %/2&.4827(!%/2&.4827(! VORXåt NR]QDþHQt

UR]ViKOHMãtFK FLWRYDQêFK þiVWt 7H[W X]DY HQê PH]L W\WR ]QDþN\ MH RGVD]HQ]OHYDL]SUDYD

7DJ &,7(!&,7(! R]QDþt WH[W PH]L Q M X]DY HQê MDNR

NXU]tYXNWHURXYãDNQHRGVD]XMH

.YHOPL Yê]QDPQêP WDJ P YREODVWL IRUPiWRYiQt RGVWDYF  SDW t

SiURYê WDJ  35(!35(! 7H[W X]DY HQê YWRPWR WDJX MH SUH]HQWRYiQ

YS YRGQtP

]IRUPiWRYiQt

±

$6&,,

IRUPiWRYiQt

6DPR] HMP  QHGRMGH N ]REUD]HQt YH VWHMQpP WYDUX MDNR S L IRUPiWRYiQt $6&,, 2S W VH ]GH REMHYXMH RWi]ND LQVWDORYDQêFK H] 

StVPD

D

QH

]FHOD

VWDQGDUGL]RYDQêFK

UR]ãL XMtFtFK

YODVWQRVWt

IRUPiWRYiQt YMHGQRWOLYêFK WH[WRYêFK HGLWRUHFK 1D WHQWR SUREOpP

YãDN P åHPH QDUD]LW L S L SRXKpP S HQRVX GDW PH]L MHGQRWOLYêPL YHU]HPLWpKRåWH[WRYpKRHGLWRUX

3 tNODG 0iPHOL MLå Q MDNê WH[W QDSViQ YWH[WRYpP HGLWRUX YH NWHUpP MVPH SURYHGOL

]iNODGQt IRUPiWRYiQt D SRW HEXMHPH  MHM SUH]HQWRYDW QD ::: VWUiQNiFK

QHQt QH]E\WQ  QXWQp WHQWR WH[W S HSLVRYDW GR +70/ NyGX &HOê WH[W X]DY HPH PH]L WDJ\ 35(!35(! 3RGVWDWQp YODVWQRVWL QDãHKR $6&,,

IRUPiWRYiQt] VWDQRX]DFKRYiQ\



6KUQXWt

)RUPiWRYiQt WH[WX SURVW HGN\ +70/ MH UR]G OHQR GR GYRX

VNXSLQ )RUPiWRYiQt MHGQRWOLYêFK ]QDN  QiP XPRå XMH XUþRYDW EDUYX VW\O D VXUþLWêP RPH]HQtP L H] StVPD 'UXKi VNXSLQD IRUPiWRYDFtFK

WDJ  VH ]DP

XMH QD W]Y RGVWDYFRYp SDUDPHWU\ -HGQi VH S HGHYãtP R

Y]GiOHQRVW iGHN± iGNRYiQtD]DURYQiQt   


 3UDNWLFNp~NRO\ 

3RPRFt

+70/

SURVW HGN 

Y\WYR WH

GRNXPHQW

YHNWHUpP QDStãHWH VYp MPpQR Q NROLNUiW SRG VHEH 3RNDåGpSRXåLMWHMLQRXYHOLNRVWDEDUYXStVPD



1DSLãWHSRPRFtMD]\ND+70/QiVOHGXMtFtYêUD]\ x +  62  

x +  2

x 0  

x [   \



ýtVORYDQpDRGUiåNRYpVH]QDP\

.VWDQGDUG P YH IRUPiWRYiQt RGVWDYF  SDW t WDNp þtVORYDQp D

RGUiåNRYp VH]QDP\ D YêþW\ , YWpWR REODVWL MD]\N +70/ GLVSRQXMH

QiVWURMLNWHUpSUiFLVW PLWRSUYN\WH[WXXPRå XMt

9S tSDG  þtVORYDQêFK VH]QDP  SUDFXMHPH VH GY PD WDJ\

SiURYêP WDJHP 2/!2/! MHKRå ~NROHP MH Y\PH]LW SURVWRU

þtVORYDQpKR VH]QDPX D QDVWDYLW MHKR YODVWQRVWL D QHSiURYêP WDJHP

/,!NWHUêY\PH]XMHMHGQRWOLYpSRORåN\VH]QDPX 

3 tNODG &KFHPHOL SURVW HGQLFWYtP MD]\ND +70/ GRViKQRX ]REUD]HQt QiVOHGXMtFtKR

åHE tþNXQHM~VS ãQ MãtFKILUHPYý5







ý(=DV

ýHVNê7HOHFRPDV

âNRGD0ODGi%ROHVODYDV

PXVtPHNyG+70/]DSVDWQiVOHGXMtFtP]S VREHP

2/!

/,!ý(=DV

/,!ýHVNê7HOHFRPDV

/,!âNRGD0ODGi%ROHVODYDV

2/!




 3RPRFt SDUDPHWUX 7<3( MH PRåQp QDVWDYLW L WYDU þtVORYiQt

WRKRWR

VH]QDPX7DJ

MH

]DSViQ

YQiVOHGXMtFt

7<3( [!.GHSUR[MVRXQiVOHGXMtFtKRGQRW\

SRGRE 

2/

$±þtVORYiQtSRPRFtYHONêFKStVPHQDEHFHG\

D±þtVORYiQtSRPRFtPDOêFKStVPHQDEHFHG\

,±þtVORYiQtYHONêPL tPVNêPLþtVOLFHPL LþtVORYiQtYHONêPL tPVNêPLþtVOLFHPL

±þtVORYiQtODWLQVNêPLFLIUDPL LPSOLFLWQt 

9ê]QDPQêP SDUDPHWUHP WDJX 2/! MH DWULEXW 67$57 NWHUê

XPRÃ¥ XMHQDVWDYLWVWDUWRYQtKRGQRWXSURQRY Y]QLNDMtFtVH]QDP

3 L WYRUE  VH]QDP  VH WDNp þDVWR Y\VN\WXMt W]Y YQR HQp

VH]QDP\1 NWHUi]SRORÃ¥HN]iNODGQtKRVH]QDPXMHGiOHUR]YtMHQD 

3 tNODG 9\WYR PHQiVOHGXMtFtVH]QDPREODVWLþLQQRVWLVYQR HQtP

 +DUGZDUH  6RIWZDUH

D  2SHUDþQtV\VWpP\

E  0XOWLPHGLD F  'DWDEi]H

 6RIWZDUH



2/!

/,!+DUGZDUH /,!6RIWZDUH

2/7<3( D!

/,!2SHUDþQtV\VWpP\

/,!0XOWLPHGLD /,!'DWDEi]H 2/!

/,!6RIWZDUH 


 2/!

7DN ND LGHQWLFNi MH SUiFH VRGUiåNRYêPL VH]QDP\ -HGLQê UR]GtO

VSRþtYi YH]P Q  Y\PH]XMtFt ]QDþN\ VH]QDPX NWHUi MH 8/!8/! WDJ SUR SRORåN\ ] VWiYi VWHMQê /,! =P Q Q\ MVRX WDNp KRGQRW\ NWHUêFK QDEêYi SDUDPHWU 7<3( WDNWpå XPtV RYDQê GR WDJX 8/!

-VRXWRQiVOHGXMtFt

&,5&/(±SOQpNROHþNR LPSOLFLWQt 

648$5(±þWYHUHF

',6&±SUi]GQpNROHþNR



0H]L VH]QDP\ P åHPH URYQ å  ]D DGLW GHILQLþQt YêþHW -HGQi VH

R VSHFLILFNê W\S VH]QDPX NWHUê MH ]DP

HQ QD Y\VY WOHQt SRMP  &HOê

GHILQLþQt VH]QDP MH X]DY HQ PH]L SiURYê WDJ '/!'/! 9UiPFL WRKRWRWDJXVHSDNY\VN\WXMtGDOãtGYDSiURYpWDJ\

'7!'7!Y\PH]HQtY\VY WORYDQpKRSRMPX

''!''!  Y\PH]HQt GHILQLFH Y\VY WORYDQpKR SRMPX NWHUi

P åHEêWL]QDþQ UR]ViKOi

2GND]\Y+70/ 9~YRGX WpWR NDSLWRO\ 9iP E\OR VG OHQR åH  ]iNODGQtP ]QDNHP K\SHUWH[WX D WtP L VWUiQHN ::: MH SURSRMHQt SRPRFt RGND]X

2GND] MH MHGQtP ]H ]iNODGQtFK VWDYHEQtFK NDPHQ  WHFKQRORJLH +70/ NWHUê WYR t MHMt JOREiOQRVW 9 QXMWH WHG\ Q\Qt VYRX SR]RUQRVW REMDVQ Qt YHãNHUêFK WHUPtQ  VRXYLVHMtFtFK VWYRUERX RGND]XDRVYRMWHVL]iNODGQtSULQFLS\WYRUE\RGND]X

-DNR RGND] ± OLQN P åH YUiPFL +70/ GRNXPHQWX Y\VWXSRYDW

MDNêNROLY SUYHN ýiVW WH[WX IRWRJUDILH MHGQRGXFKê JUDILFNê SUYHN

YLGHRNOLS DSRG =KOHGLVND YL]XiOQtKR MH WDNRYêWR RGND] QD :::

VWUiQFH UR]SR]QDWHOQê QHMOpSH SRGOH ]P Q\ WYDUX NXU]RUX .ODVLFNi ãLSN\ VH ]P Qt QD UXNX VH Y]W\þHQêP XND]RYiNHP 3 L UR]OLãRYiQt 


 RGND] RG]E\WN SUYN :::VWUiQN\VHQHQtPRÃ¥QRRULHQWRYDWSRGOH

W]Y EDUY\ RGND]  QHER  WD MH SURP QOLYi 2VWDWQ  QDVWDYRYiQt EDUHYQRVWLRGND] E\OR]PtQ QRYþiVWLY QRYDQpWDJX%2'<!

1Hå YãDN SURJUDPiWRU S HMGH NY\WYi HQt RGND]  P O E\ VL

YHOPL SRGUREQ  RVYRMLW SUREOHPDWLNX DEVROXWQtFK  D UHODWLYQtFK 85/

DGUHV

6WUXNWXUDVORÃ¥HNQD:::VHUYHUXDMHKRQDVWDYHQt

.DåGi ::: VWUiQND DOH WDNp VNRUR NDåGê JUDILFNê SUYHN

VWUiQN\ H[LVWXMH YVDPRVWDWQpP VRXERUX 3UR Y]QLN SURSRMHQt MH SRW HED DGUHVRYDW W\WR VRXERU\ D SRFKRSLW VWUXNWXUX VORÃ¥HN NWHUi QD

VHUYHUX

H[LVWXMH

=D

YROiQtP

QiP

]QiPpKR

:::6(59(5&=VHVNUêYi DGDQDVWDYHQt

WYDUX

DGUHV\

3UYQtP ]iOHåLWRVWt NWHUi YãDN S tOLã QHRYOLY XMH SUiFH +70/

SURJUDPiWRUD MH S HNODG MPHQQêFK DGUHV :::6(59(5&=  QD

DGUHVX 7&3,3 SRPRFt VOXÃ¥E\ '16 'RPDLQ 1DPH 6HUYLFH  7H[WRYi

DGUHVD SRþtWDþH MH  S HORåHQD QD þtVHOQRX DGUHVX 7&3,3 YH WYDUX 

'UXKRX ]iOHÃ¥LWRVWt MH YODVWQt QDVWDYHQt ::: VHUYHUX -HGQRX

]SUYQtFK YROHE MH R]QDþHQt W]Y URRW DGUHVi H SUR GRNXPHQW\ 'R

WRKRWR DGUHVi H VH XPtV XMt SUH]HQWRYDQp GRNXPHQW\ D Y\WYi t VH ]GH

SUR Y Wãt S HKOHGQRVW GDOãt VXEDGUHVi H 6RXþiVWt MH WDNp R]QDþHQt VWDUWRYQtKR VRXERUX 'QHV MH REY\NOp åH VH VWDUWRYQt VRXERU MPHQXMH

LQGH[KWPQHERLQGH[KWPO7RWRSRMPHQRYiQtYãDNQHQtQXWQpDP åH

EêW YHGHQR ~SOQ  MLQDN 1 NWHUp ::: VHUYHU\ GRNRQFH XPRå XMt ]DGDWYtFHMPHQSURVWDUWRYDFtVRXERU\6WDQRYHQêVWDUWRYDFtVRXERUMH

SODWQêSURYãHFKQ\VXEDGUHVi HZZZVHUYHUX

6WDQRYHQt VWDUWRYDFtFK VRXERU  XPRå XMH RS W ]NUiFHQt SVDQêFK

DGUHV 1HQt QXWQp SViW ZZZVHUYHUF]LQGH[KWP  DOH VWDþt QDSVDW MHQ ZZZVHUYHUF] .S HVP URYiQt QD VRXERU LQGH[KWP þL LQGH[KWPO

GRMGH

DXWRPDWLFN\

3RMPHQRYiQt

RVWDWQtFK

SUH]HQWRYDQêFKVRXERU QHQtWRXWRYROERXRYOLYQ QR 

QHVWDUWRYQtFK 


 9UiPFL ]iSLVX DGUHV VH WDNp Y\VN\WXMH SRþiWHN DGUHV\ GQHV MLå

S L SVDQt VStãH RSRPtMHQê NWHUê MH SRGVWDWQê ]KOHGLVND ]DEH]SHþHQp

DGUHVDFH -H ± OL QD SRþiWNX QDSViQR KWWS MHGQi VH R VWDQGDUGQt

SURWRNRO SUR S tVWXS NZZZ VWUiQNiP +\SHUWH[W 7UDQVIHU 3URWRNRO 

-HOL YãDN WHQWR SRþiWHN PtUQ  ]PRGLILNRYiQ QD KWWSV GRMGH N

UR]ãt HQt NODVLFNpKR S tVWXSRYpKR SURWRNROX R EH]SHþQRVWQt ]DMLãW Qt 'DWD PH]L VHUYHUHP D NOLHQWHP MVRX SR VtWL S HQiãHQD YãLIURYDQp

SRGRE  3 L S HFKRGX GR WRKRWR UHåLPX EêYi QD WHQWR IDNW XåLYDWHO

XSR]RUQ Q -HOL YãDN 85/ DGUHVD ]DSRþDWD ]QDN\ IWS S LVWXSXMHPH NVOXåE )73

6WUXNWXUD VORåHN DGUHVi

NS HKOHGQRVWL

D

VQDGQp

  QD ::: VHUYHUX VORXåt

RULHQWDFL

SURJUDPiWRUD

=REUD]RYDQp

GRNXPHQW\ E\ WHG\ P O\ EêW GR VORåHN UR]YUVWYHQ\ GOH ORJLFNêFK D Y FQêFK NULWHULt NWHUp QDS tNODG VRXYLVHMt VREVDKHP VHUYHUX

=DMtPDYi D XåLWHþQi MH WDNp ]Y\NORVW ]D D]RYDW JUDILFNp SUYN\ GR

VDPRVWDWQêFK VORåHN FRå MH þLQt VQDGQ ML GRVWXSQp S L WYRUE  RGND]  ]NWHUpKRNROLYPtVWDZZZVHUYHUX $EVROXWQt85/ 9êKRGRX

DEVROXWQtKR

DGUHVRYiQt

RGND] 

NWHUp

VSRþtYi

YXYiG Qt SOQp 85/ DGUHV\ MH QH]P QLWHOQRVW D  MDVQRVW WpWR DGUHV\ =iVDGQtPL QHYêKRGDPL MH SDN REMHP +70/ NyGX NWHUê SUXGFH

QDU VWi 7tP GRFKi]t NH]WUiW  S HKOHGQRVWL WRKRWR NyGX D ]YêãHQp PRåQRVWLYêVN\WXFK\E

=QDþQ  SUREOHPDWLFNp MH SDN WDNpÄVW KRYiQt³ UR]ViKOHMãt:::

SUH]HQWDFH ]MHGQRKR KRVWLQJRYpKR VHUYHUX QD MLQê NWHUp MH VSRMHQR

VQXWQRVWtS HSVDWYHãNHUpRGND]\

1LFPpQ  MH SRW HED XYpVW åH S L RGND]RYiQt QD H[WHUQt ]GURMH

WHG\ ]GURMH NWHUp QHMVRX VRXþiVWt QDãHKR ::: VHUYHUX VH EH]

DEVROXWQtKR RGND]RYiQt QHREHMGHPH 9DEVROXWQt DGUHVH WDNp P åHPH PtVWR MPHQQpKR Qi]YX VHUYHUX XYiG W MHKR 7&3,3 DGUHVX % K :::




 SUH]HQWDFH VH R Q FR ]U\FKOt MHOLNRå RGSDGi S HNODG SRPRFt VOXåE\

'16

5HODWLYQt85/

,GHD UHODWLYQtKR DGUHVRYiQt Y\FKi]t ]H VNXWHþQRVWL NG\ YãHFKQ\

GRNXPHQW\ ÄOHåt³ QD VWHMQpP VHUYHUX 3UH]HQWDFL Y\WYR HQRX SRPRFt

UHODWLYQtFK RGND]  MH SDN YHOPL VQDGQp S HQiãHW ]H VHUYHUX QD VHUYHU EH] ]WUiW\ MHMt IXQNþQRVWL 3UH]HQWDFL ZZZ MH WDNp PRåQp VSRXãW W

S tPR ]GLVNX VWDQLFH QD NWHUp MH SURYiG Q YêYRM ± W]Y ORNiOQ  7DWR

DGUHVDFH VH RGYtMt RG NR HQH GRNXPHQWRYpKR DGUHVi H NWHUê MH R]QDþRYiQMDNR 

9UHODWLYQtFK DGUHViFK VH Y\VN\WXMt L MLQp ]QDþN\ NWHUp EXGRX

QHMOpSHGHPRQVWURYiQ\QDQiVOHGXMtFtPS tNODGX 3 tNODG



3UR Q NROLN QiVOHGXMtFtFK S tNODG  EXGHPH Y\FKi]HW ]WpWR VWUXNWXU\ VORåHN

:::VHUYHUX

D  9RNQ  SURKOtåHþH PiPH RWHY HQ VRXERU NWHUê VH QDFKi]t S tPR YURRWX VHUYHUX WHG\ Y]iNODGQtP DGUHVi L Y QDãHP S tSDG  DGUHVi  '2&6   1DãLP ~NROHP MH ]DSVDW UHODWLYQt FHVWX NVRXERUX VQi]YHP

+70/NWHUêMHXPtVW QYDGUHVi L6/2= HãHQt6/2=+70/

9WRPWR S tSDG  MVPH ]DSVDOL Qi]HY DGUHVi H ORPtWNR D Qi]HY

VRXERUX 7DWR QRWDFH VH SRXåtYi SUR VRXERU\ NWHUp MVRX YQ NWHUpP ]SRGDGUHVi H YH Y]WDKX NXPtVW Qt DNWXiOQ  RWHY HQpKR VRXERUX

7tPWR]S VREHPP åHPH]DSVDWÄSU FKRG³YtFHDGUHVi L 


 E  1\Qt PiPH YSURKOtåHþL RWHY HQ VRXERU +70/ =DSLãPH UHODWLYQt DGUHVDFLVRXERUX/,67$*,)NWHUêVHQDFKi]tYDGUHVi L3,&

HãHQt3,&/,67$*,)

$GUHVXMHPH VRXERU OHåtFt ~SOQ  YMLQp Y WYL VORåHN =WRKRWR

G YRGX]DþtQiPH]iSLVHPORPtWNDNWHUpV\PEROL]XMHNR HQDGUHVi RYp VWUXNWXU\ YQtå MVRX GRNXPHQW\ XORåHQ\ D SDN QiVOHGXMH ]iSLV FHVW\

YQiPMLå]QiPpPV\QWD[LDGUHVi  H ±FtORYêVRXERU

F  0 MPH YSURKOtåHþL RWHY HQ VRXERU +70/ NWHUê VH QDFKi]t Y DGUHVi L )272 1DãtP ~NROHP MH ]DSVDW UHODWLYQt FHVW NVRXERUX

+70/NWHUêVHQDFKi]tYDGUHVi L6/2= HãHQt+70/

9WRPWR S tSDG  ]DþtQi ]iSLV   NWHUp V\PEROL]XMt QiYUDW R 

~URYH  VP UHP NH NR HQL YDGUHVi RYp VWUXNWX H 7HQWR V\PERO VH P åH WDNp Y\VN\WQRXW Y]iSLVX DGUHV\ Q NROLNUiW 9]SRPH PH MLVWRX

SRGREQRVWVS tND]\06'26XþL81,;X /,18;X ±FGQHERFG

9]PtQ QêFK S tNODGHFK E\O\ QDVWtQ Q\ ]iNODGQt SUREOpP\

NWHUpO]H HãLWSRPRFtUHODWLYQtKRDGUHVRYiQt3UREOHPDWLNDUHODWLYQtKR

DGUHVRYiQt QHQt YãDN MHGLQi D YãHVSDVLWHOQi 2EHFQ  O]H NRQVWDWRYDW åH UHODWLYQt DGUHVRYiQt MH SRXåtYiQR NDGUHVDFL LQWHUQt ± YUiPFL

MHGQRKR ::: VHUYHUX VXORåLãW P VRXERU  H[LVWXMtFtP QD MHGQRP PtVW  $EVROXWQt DGUHVDFH MH SDN Y\XåtYiQD S L WYRUE  H[WHUQtFK RGND]  7HG\ RGND]  QD GRNXPHQW\ þL MLQp SUYN\ XPtVW Qp QD MLQêFK :::VHUYHUHFK

3RMP\N]DSDPDWRYiQt x 85/

x DEVROXWQt85/

x UHODWLYQt85/

x URRWVHUYHUX

9ODVWQtWYRUEDRGND]X

9\WYR HQtRGND]XMH]DMLãW QRSRXåLWtPSiURYpKRWDJX$!$!

9ãH FR MH X]DY HQR YWRPWR WDJX WH[W REUi]HN FHOi SDViå WH[WX 


 DSRG  IXQJXMH MDNR RGND] 8åLWt WRKRWR WDJX VH YãDN QHREHMGH EH]

FHOp DG\ SDUDPHWU  NWHUp MHM þLQt WHSUYH IXQNþQtP 1i]HY WRKRWR WDJX

MH RGYR]HQ RG DQJOLFNpKR $QFKRU ± þLOL NRWYD RGND]RYDQpKR

GRNXPHQWXYWRPWRGRNXPHQWX

3DUDPHWU\WDJX$!$!

+5() ± VSHFLILNDFH DGUHV\ VRXERUX QD NWHUê RGND]XMHPH QHER

þiVWL WRKRWR VRXERUX 6SHFLILNDFH SURYiGtPH UHODWLYQt QHER DEVROXWQt

FHVWRX

7,7/( ± WLWXOHN RGND]X QDS tNODG QiSRY GD  REMHYXMtFt VH S L

QDMHWtP\ãtQDRGND]

7$5*(7 ± ]S VRE D PtVWR RWHY HQt RGND]RYDQpKR VRXERUX

'HWDLOQ  VH WDWR SXEOLNDFH EXGH Y QRYDW WpWR SUREOHPDWLFH YþiVWL

WêNDMtFt VH UiP  1LFPpQ  L PLPR WXWR WHFKQRORJLL MH WHQWR SDUDPHWU

XåtYiQ ]HMPpQD VH VYRX KRGQRWRX EODQN 7$5*(7 ³BEODQN³  NWHUê

]S VREtQDþWHQtRGND]RYDQpKRGRNXPHQWXGRQRYpKRRNQD 1$0(

±

SRMPHQRYiQt

þiVWt

GRNXPHQWX

9NRPELQDFL

VSDUDPHWUHP +5() XPRå XMH WYRUEX LQWHUQtFK RGND]  YUiPFL MHGQRKR GRNXPHQWX QHER ]S HVQ Qt RGND]X GR H[WHUQtFK GRNXPHQWX 6WUiQND QHEXGH QDþWHQD QD MHMt ]DþiWHN DOH S tPR QD SDViå NWHUp VH

RGND]WêNi-HGQiVHRY\WYi HQtW]Y]iORåHNYGRNXPHQWX 3 tNODG\

D  9\WYR PH RGND] QD VHUYHU 2VWUDYVNp XQLYHU]LW\ NWHUê IXQJXMH QD DGUHVH:::268&=

HãHQt $+5() KWWSZZZRVXF]!2VWUDYVNiXQLYHU]LWD$! 2GND]HP VH WHG\ VWiYi WH[W 2VWUDYVNi XQLYHU]LWD ]DSVDQê PH]L WDJ\ SUR

Y\WYi HQtRGND]X

E  9\WYR PH YKWPO GRNXPHQWX PtVWR NWHUi VL SRMPHQXMHPH FDVW D Y\WYR PHVLYUiPFLWRKRWRVRXERUXLQWHUQtRGND]QDWRWRPtVWR

HãHQt $1$0( ´FDVW´!7$!RWRMHSUYQtþiVWGRNXPHQWXNWHUê«««««




 $ +5()

´FDVW!.OLNQHãOL ]GH GRVWDQHã VH QD SUYQt þiVW WRKRWR

GRNXPHQWX$!

F  ,QWHUQt RGND] MH PRåQp WDNp VORXþLW VH[WHUQtP 3RW HEXMHPHOL

Y\WYR LW RGND] NWHUê QiV ]DYHGH QD DGUHVX ZZZYOWDYDF]NQLK\KWPO S tPRGRþiVWLSRH]LHNWHUiMHWDNpWDNSRMPHQRYiQDP åHWRY\SDGDW

WDNWR HãHQt

$+5() ´KWWSZZZYOWDYDF]NQLK\KWPOSRH]LH!1DEtGNDSRH]LH$!

6KUQXWt

2 RGND]HFK WHG\ P åHPH EH] QDGVi]N\ tFW åH MVRX ]iNODGQtP

VWDYHEQtP NDPHQHP K\SHUWH[WX 8PRå XMt Y]QLN SURSRMHQt SDYXþLQ\ -DNR SURVW HGN\ MLP NWRPX VORXåt DGUHVDFH SRPRFt UHODWLYQtFK D

DEVROXWQtFK 85/ .DåGi ]W FKWR PHWRG DGUHVRYiQt Pi VYpP NODG\ D QHGRVWDWN\DWDNVHQHREHMGHPHEH]MHMLFKY]iMHPQpNRH[LVWHQFH 

3UDNWLFNp~NRO\

 9\WYR RGND]QDVHUYHU9â%±782VWUDYD

 9\WYR  RGND] QD ]SUDYRGDMVNi VHUYHU ZZZLGQHVF] 2GND] VHPXVtRWHY tWYQRYpPRNQ SURKOtåHþH

 9\WYR QDRGND]QDOLERYROQêVRXERUVS tSRQRX GRF

*UDILNDYMD]\FH+70/ *UDILFNp SUYN\ VH VWDO\ QHGtOQRX VRXþiVWt S L WYRUE  D GHVLJQX

::: VWUiQHN ýDVWR MVRX QD VWUiQNiFK HOHPHQWHP S HYDåXMtFtP

3URJUDPiWRUZZZVWUiQHND WDNp ZHEGHVLJQHU YãDN PXVt PtW QDSDP WL WHFKQRORJLL S tVWXSX NWHURX SRXåtYDMt NOLHQWL NS tVWXSX QD :::

VWUiQN\ 6HEHOpSH QDYUåHQi ::: SUH]HQWDFH NWHUi MH YãDN REURYVNi

SRVWUiQFHSDP

RYpQHEXGHYH HMQRVWLS LMDWD.OLHQWQHEXGHþHNDWDå

VH VWUiQN\ VHVWDYt D XQLNQH QiP QD VWUiQN\ OpSH D KODYQ  U\FKOHML IXQJXMtFt




 =WRKRWR KOHGLVND QHVWDþt MHQ RYOiGDW MD]\N +70/ DOH MH

SRW HED VH StGLW SR VWDWLVWLFNêFK GDWHFK R ]S VREX S tVWXSX SRWHQFLiOQtFKNOLHQW QDãHKRVHUYHUXQD,QWHUQHW 9\WYi HQtYRGRURYQêFKOLQHN

-D]\N +70/ GLVSRQXMH SUR Y\WYi HQt YRGRURYQêFK OLQHN

SiURYêPWDJHP+5!+5!NWHUêPiQ NROLN]DMtPDYêFKSDUDPHWU  6,=( [±Y\PH]XMHWORXã NXOLQN\YSL[HOHFK

:,'7+ [ ± Y\PH]HQt ãt N\ KRUL]RQWiOQt OLQN\ 7DWR ãt H P åH

EêW Y\PH]HQD DEVROXWQ  YSL[HOHFK QHER UHODWLYQ  Y  VWUiQN\ ât H YGUXKpP S tSDG  MH ]iYLVOi QD UR]OLãHQt PRQLWRUX NOLHQWVNpKR SRþtWDþH

$/,*1  Ã&#x201E;OHIW FHQWHU ULJKW³ ± KRUL]RQWiOQt SRORKD OLQN\ YH

Y]WDKXNH:::VWUiQFH &2/25

³[³ ± GHILQLFH EDUY\ OLQN\ 1i]HY EDUY\ XYiGtPH

DQJOLFN\ ]iNODGQtFKRGVWtQ QHERKH[DGHFLPiOQ 

126+$'( ± WHQWR SDUDPHWU MH EH] KRGQRW\ 6iP R VRE  MH

KRGQRWRXNWHUiY\SQHVWtQKRUL]RQWiOQtOLQN\ 2EUi]N\YZZZGRNXPHQWX

=iNODGQtP UR]GtOHP PH]L SRMHWtP YNOiGiQt REUi]N  GR WH[WRYp

GRNXPHQWX D +70/ GRNXPHQWX MH MHMLFK XORÃ¥HQt -HOL REUi]HN YORÃ¥HQ

GR WH[WRYpKR GRNXPHQWX VWiYi VH MHKR VRXþiVWt 1HQt MLå GiOH QXWQi

S tWRPQRVW ]GURMRYpKR VRXERUX ]Q KRå E\O YORåHQ 2EUi]N\ D FHOi REODVW JUDILN\ MH YãDN YMD]\FH +70/ SRMDWD IRUPRX RGND]X 7R

]QDPHQi åH REUi]HN QHQt VRXþiVWt NyGX +70/ GRNXPHQWX 7HQ SRX]H

QHVH LQIRUPDFH R XORåHQt ]REUD]RYDQpKR REUi]NX D ]S VRE MHKR ]REUD]HQt -HOL ]GURMRYê VRXERU REUi]NX S HMPHQRYiQ QHER GRNRQFH RGVWUDQ QSURMHYtVHWRQDYêVOHGQpZZZVWUiQFHMDNRFK\ED

6YêP ]S VREHP MH PRåQp tFW åH JUDILND MH YMD]\FH +70/

VSHFLILFNêP ]S VREHP RGND]X 3UR RGND]RYDQp REMHNW\ YãDN SODWt 


 SUDYLGOD NWHUi VH WêNDMt IRUPiWX JUDILFNêFK SUYN  MHMLFK YHOLNRVWL D

VSROXSUiFHVRNROQtPLHOHPHQW\:::VWUiQN\

9HONRX SR]RUQRVW MH SRW HED Y QRYDW YêE UX YKRGQpKR GDWRYpKR

IRUPiWX YNOiGDQêFK REUi]N  1D ZHERYêFK VWUiQNiFK FHOpKR ,QWHUQHWX O]H QDOp]W DGX JUDILFNêFK IRUPiW  QLFPpQ  S HYDåXMt IRUPiW\ JLI D

MSHJþL MSJ

)RUPiW JLIVHY\]QDþXMH QH]WUiWRYRX NRPSUHVt D LQGH[RYDQêPL

EDUYDPL 7\WR YODVWQRVWL MHM S HGXUþXMt SUR WYRUEX GUREQp S HVQp JUDILN\ ± QDYLJDþQt SUYN\ VWUiQHN QDEtGN\ RGG ORYDþH DSRG =KOHGLVND NYDOLW\ QHQt S tOLã YKRGQê SUR SUH]HQWDFL IRWRJUDILt

6DPRVWDWQRX NDSLWRORX MVRX SDN DQLPRYDQp *,)\ NWHUp MVRX ]QiP\

]U ]QêFK UHNODP EDQHU  D MLQêFK G\QDPLFNêFK SUYN  ::: VWUiQHN 9SRGVWDW  VH MHGQi R XORåHQt VpULH REUi]N  GR MHGLQpKR VRXERUX 2EUi]N\ WpWR VpULH MVRX SRVWXSQ  ]REUD]RYiQ\ D WtP GRMGH N HIHNWX

DQLPDFH 2SDNRYiQt P åH EêW YH VP\þFH QHER MHQ GHILQRYDQê SRþHW NUiW

&tOHP IRUPiWX -3(* MH SRVN\WQRXW FR QHMY UQ Mãt EDUY\ S L

]REUD]HQt JUDILN\ D S LWRP ]DFKRYDW S LMDWHOQRX YHOLNRVW VRXERUX

VREUi]NHP 7\WR YODVWQRVWL S HGXUþXMt WHQWR IRUPiW SUR SUiFL ]HMPpQD VIRWRJUDILt

=D D]HQt REUi]NX GR +70/ GRNXPHQWX MH PRÃ¥Qp SRPRFt

QHSiURYpKRWDJX,0*!NWHUêGLVSRQXMHFHORX DGRXSDUDPHWU 

65& ³FHVWD³ ± GHILQXMH UHODWLYQt QHER DEVROXWQt FHVWX

NVRXERUXVREUi]NHP $/,*1

³[³ ± GHILQXMH XPtVW Qt REUi]NX QD VWUiQFH D MHKR

FKRYiQt NRNROQtP HOHPHQW P VWUiQN\ WH[WX DSRG  ± W]Y REWpNiQt

1DEêYiKRGQRWOHIWULJKWWRSPLGGOHEDVHOLQH

' OHåLWêPL SDUDPHWU\ MVRX WRKRWR WDJX MVRX :,'7+ [ D

+(,*+7 [ VORXÃ¥tFt SUR GHILQLFL YHOLNRVWL ]REUD]RYDQpKR REUi]NX 8

RERX SDUDPHWU  MH ]D [ GRSOQ QD YHOLNRVW  YSL[HOHFK 1HMVRXOL W\WR GDY SDUDPHWU\ ]DGiQ\ MH REUi]HN ]REUD]HQ YH VYp S YRGQt YHOLNRVWL WtPGRMGHNY\XÃ¥LWtNYDOLW\REUi]NX-HVWOLÃ¥H]DGiPHSRX]HMHGHQ 


 ]UR]P U  EXGH WHQWR DNFHSWRYiQ D GUXKê UR]P U EXGH GRSRþtWiQ

YS YRGQtPSRP UX8åLWHþQ MãtMHSURWR]DGiYDWSRX]HMHGHQUR]P UD VSROHKQRXW VH QD GRSRþHW YS YRGQtP SRP UX 9RSDþQpP S tSDG  VH

þDVWRGRSXVWtPHGHIRUPDFtREUi]N  3DUDPHWU %25'(5

tGt SUiFL VUiPHþNHP NROHP REUi]NX

=DSLVXMHPHMHYV\QWD[L%25'(5 [;MHãt HUiPHþNXYSL[HOHFK

3DUDPHWU\ +63$&( D 963$&( QDEêYDMt RS W KRGQRW XGiYDQêFK

YSL[HOHFK 7\WR GYD SDUDPHWU\ XUþXMt YROQê SURVWRU NROHP REUi]NX

+63$&( XUþXMH YROQê SURVWRU YOHYR D YSUDYR RG REUi]NX 963$&(

QDGDSRGREUi]NHP

$/7 MH SDUDPHWU NWHUê ]REUD]t DOWHUQDWLYQt WH[W QD SR]LFL

REUi]N  YS tSDG  åH QDþtWiQt WUYi GORXKR QHER NG\å MH QD SURKOtåHþL

EURZVHUX  Y\SQXWR ]REUD]RYiQt REUi]N  7HQWR SDUDPHWU VH WDNp FKRYi MDNR SDUDPHWU 7,7/( 1DVWDYtPHOL NXU]RU P\ãL QD REUi]HN

]REUD]t VH DOWHUQDWLYQt WH[W YåOXWp EXEOLQFH 6\QWD[H MH $/7

ÄIRWRJUDILHQDãtILUP\³



9LGHRNOLS\QD:::VWUiQFH

9GQHãQt GRE  MH SRP UQ  E åQp QD ::: VWUiQNiFK QDMtW

YLGHRNOLS SRK\EOLYp REUi]N\ GRSURYi]HQp ]YXNHP  9S tSDG  ]D D]HQt YLGHRNOLSX VH MHGQi R QHMþDVW ML R IRUPiW DYL D QRY ML WDNp

PSHJ

3UR ]D D]HQt YLGHRNOLSX MH RS W SRXåLW WDJ ,0*! NWHUê Pi SUR

SUiFLVYLGHRNOLS\SRQ NXGRGOLãQpSDUDPHWU\ '<16&5±85/DGUHVDYLGHRNOLSX

/223  [ ÄLQILQLWH³ ± GHILQXMH SRþHWRSDNRYiQt YLGHRNOLSX -H

OL SRXåLWR YêUD]X LQILQLWH QHER KRGQRWD ± MH YLGHR S HKUiYiQR VWiOH GRNROD

67$57 ± XUþXMH XGiORVW QD ]iNODG  NWHUp VH ]DSRþQH SURMHNFH

1HQt ± OL XYHGHQ WHQWR SDUDPHWU ]DSRþQH S HKUiYiQt SR QDþWHQt

VRXERUX9KRGQêPLXGiORVWPLMVRXNOLNQXWtGYRMNOLNQXWtS HMHWtP\ãt 


 &21752/6±]REUD]tRYOiGDFtWODþtWNDSUR t]HQtS HKUiYiQt =YXNQDSR]DGt

9UiPFL LPSOHPHQWDFt PXOWLPHGLt GR MD]\ND +70/ MH WDNp

PRåQp VSXVWLW S HKUiYiQt ]YXNRYpKR VRXERUX QD SR]DGt KXGED QD

SR]DGt XYtWDQt DSRG  9S tSDG  ]YXNRYpKR ]i]QDPX QD ::: VWUiQNiFKMRXSRXåLYiQ\IRUPiW\ ZDY DXQHER PLGL

2 ]D D]HQt VSXãW Qt S HKUiYiQt ]YXNX QD SR]DGt VH SRVWDUi

QHSiURYêWDJ%*6281'!VHVYêPLSDUDPHWU\ 65&±85/DGUHVDVRXERUXVH]YXNHP

/223 [±GHILQXMHSRþHWRSDNRYiQtVWHMQ MDNRXYLGHRNOLSX

92/80( ± QDVWDYHQt KODVLWRVWL S HKUiYiQt YUR]VDKX ± Då

NGHKRGQRWDUHSUH]HQWXMHPD[LPiOQtKODVLWRVWDMHLPSOLFLWQt

' OHåLWp MH WDNp XPtVW Qt WRKRWR WDJX 'OH VWDQGDUG  NRQVRUFLD

:& MH QXWQp WHQWR WDJ XPtV RYDW SRX]H GR KODYLþN\ 1LFPpQ  GOH PêFK ]NXãHQRVWt E\O WHQWR WDJ IXQNþQt L S L XPtVW Qt YW OH KWPO

GRNXPHQWX 

6KUQXWt

9NOiGiQt JUDILFNêFK D PXOWLPHGLiOQtFK REMHNW  GR +70/

GRNXPHQWX P åHPH SRYDåRYDW ]D XUþLWê ]S VRE OLQN  ± RGND]  1iPL

YNOiGDQp REMHNW\ PXVt H[LVWRYDW VDPRVWDWQ  D QH]iYLVOH QD MLå ]PtQ QpP +70/ GRNXPHQWX 3UR VSUiYQRX IXQNFL W FKWR REMHNW  YUiPFL ::: SUH]HQWDFH MH Y\XåLWR ]þiVWL SURVW HGN  SURKOtåHþH D

]þiVWLDVRFLRYDQêFKDSOLNDFtQDNRQNUpWQtPNOLHQWVNpP3& 

3UDNWLFNê~NRO

9ORåWH GR Q NWHUpKR ]H VYêFK KWPO GRNXPHQW  VYRX IRWRJUDILL

SR t]HQRXGLJLWiOQtPIRWRDSDUiWHPQHERMLQêPLSURVW HGN\  

 3 R ] Q i PN D  D X WR U D  






7DEXON\YMD]\FH+70/ 7DEXON\MVRX]KOHGLVNDMD]\ND+70/YHOPLSRGVWDWQRXVRXþiVWt

SUR RUJDQL]DFL S HKOHGQêFK GDW 9HOPL G OHåLWp MVRX WDNp ]KOHGLVND PRGHUQtKRZHEGHVLJQX

9DãtPFtOHPYWpWRþiVWLY QRYDQpWDEXONiPMHRVYRMHQt]QDORVWt D GRYHGQRVWt VSRMHQêFK VSURMHNFt UHDOLW\ GR PRGHOX NWHUê MH YêFKRGLVNHP SUR WYRUEX WDEXON\ =DP

WH VH QD SUiFL

VMHGQRWOLYêPL HOHPHQW\ ]QLFKå VH WDEXOND VHVWiYi D MHMLFK PRåQRVWLIRUPiWRYiQt

7YRUED WDEXOHN YMD]\FH +70/ QHQt ]DVWRXSHQD SRX]H MHGQtP

WDJHP DOH MH UHDOL]RYiQD Q NROLND WDJ\ NWHUp UHVSHNWXMt þOHQ Qt WDEXON\ QD GtOþt HOHPHQW\ =iNODGQtPL HOHPHQW\ WHG\ MVRX WDEXOND

KODYLþNDWDEXON\ iGHNWDEXON\EX NDWDEXON\ 'HILQLFHREODVWLWDEXON\

&HOi WDEXOND MH Y\PH]HQD SiURYêP WDJHP 7$%/(!7$%/(!

NWHUêGLVSRQXMHFHORX DGRXSDUDPHWU 

$/,*1 ± ]DURYQiQt WDEXON\ Y]KOHGHP Nãt FH VWUiQN\ KRGQRW\

/()75,*+7&(17(5 

9$/,*1 ± YHUWLNiOQt ]DURYQiQt REVDKX EXQ N 1DEêYi KRGQRW

WRSEDVHOLQHPLGGOH

:,'7+±ãt HWDEXON\YSL[HOHFKQHERY]ãt HRNQD

%$&.*5281' ± GHILQLFH 85/ REUi]NX NWHUê Pi EêW QD

SR]DGtWDEXON\

%*&2/25±GHILQLFHEDUY\SR]DGtWDEXON\

%25'(5&2/25

%25'(5&2/25'$5.




 %25'(5&2/25/,*+7 ± GHILQLFH EDUHY UiPHþNX WDEXON\

%DUYD VH VNOiGi ]H W t ~GDM  =iNODGQt MH %25'(5&2/25 GRSOQ Qi VWtQHP NWHUê MH VORåHQ ]SDUDPHWUX %25'(5&2/25'$5. D

%25'(5&2/25/,*+7

&(//3$'',1* ± XUþXMH Y]GiOHQRVW PH]L UDVWUHP D REVDKHP

EX N\YSL[HOHFK

&(//63$&,1*±XUþXMHY]GiOHQRVWPH]LEX NDPLYSL[HOHFK

'HILQLFH iGNXWDEXON\ .DåGê

iGHN WDEXON\ PXVt EêW GHILQRYiQ SiURYêP WDJHP

75!75! NWHUê MH YQR HQ GR WDJX 7$%/(!7$%/(! , WHQWR WDJ

MH Y\EDYHQ FHORX DGRX SDUDPHWU  9 WãLQD W FKWR SDUDPHWUX MH VKRGQêFKVSDUDPHWU\WDJX7$%/(! $/,*1

9$/,*1

%*&2/25

%25'(5&2/25'$5.%25'(5&2/25/,*+7

%25'(5&2/25

+(,*+7±YêãND iGNXWDEXON\XGiYDQiYSL[HOHFKQHERYYH

Y]WDKX NYHOLNRVWL WDEXON\ 6\QWD[H MH +(,*+7 [ NGH [ MH SRþHW

SL[HO QHER~GDMY

12:5$3±]DND]XMH]DODPRYiQtWH[WXYEX NiFKWRKRWR iGNX

'HILQLFHEX N\WDEXON\

%X ND WDEXON\ QHMPHQãt HOHPHQW WDEXON\ MH Y\PH]HQD SiURYêP

WDJHP 7'!7'! 3DUDPHWU\ WRKRWR WDJX MVRX RS W VKRGQp VSDUDPHWU\WDJX7$%/(! $/,*1

9$/,*1

%25'(5&2/25'$5. %$&.*5281'

%*&2/25

%25'(5&2/25

%25'(5&2/25/,*+7

:,'7+

&2/63$1 ± XPRå XMH VSRMLW Q NROLN EXQ N Y MHGQRP iGNX GR

MHGQp =DSLVXMHPH YH WYDUX &2/63$1 [ NGH [ MH SRþHW VSRMRYDQêFK

VORXSF ]DRGWpWREX N\YSUDYR




 52:63$1 ± XPRå XMH VSRMLW Q NROLN EXQ N YMHGQRP VORXSFL

GRMHGQp6\QWD[HMHVKRGQiVS HGHãOêPSDUDPHWUHP

+(,*+7 ± XUþXMH YêãNX EX N\ D WtP YODVWQ  FHOpKR iGNX

YSL[HOHFKQHERYYHY]WDKXNYHOLNRVWLWDEXON\ 12:5$3±]iND]]DORPHQtWH[WXYEX FH +ODYLþNDWDEXON\

7DJ SUR GHILQLFL KODYLþN\ WDEXON\ QHSDW t PH]L S tOLã SRXåtYDQp

' YRGHP MH PRÃ¥QRVW MHM QDKUDGLW VWDQGDUGQtP WDJHP SUR GHILQLFL

EX N\ WDEXON\9 S tSDG  QXWQRVWL SRXåtW WHQWR WDJ VH MHGQi VWHMQ  MDNR YS tSDG  GHILQLFH E åQp EX N\ R SiURYê WDJ 7+!7+! 7H[W NWHUê

MH]DSViQPH]LW PLWR]QDþNDPLMH]REUD]HQWXþQ  1DGSLVWDEXON\

3RW HEXMHPH ± OL RSDW LW WDEXONX QDGSLVHP NWHUê MH XPtVW Q YQ 

WpWR WDEXON\ MH PRåQp SRXåtW SiURYê WDJ &$37,21!&$37,21!

NWHUêGLVSRQXMHQiVOHGXMtFtPSDUDPHWU\

$/,*1 ± ]DURYQiQt QDGSLVX Y]KOHGHP NWDEXOFH 3DUDPHWU

QDEêYiKRGQRWOHIWULJKWFHQWHU

9$/,*1   YHUWLNiOQt ]DURYQiQt QDGSLVX QDG WDEXONX QHER SRG

WDEXONX 8YiG Q\MVRXKRGQRW\WRSDERWWRQ

+URPDGQpIRUPiWRYiQtYtFHVORXSF WDEXON\

3UR KURPDGQp IRUPiWRYiQt YtFH VORXSF  WDEXON\ VORXÃ¥t QHSiURYi

WDJ &2/*5283! Ã&#x2019;NROHP WpWR ]QDþN\ MH ]DEUiQLW GXSOLFLW  SDUDPHWU YMHGQRWOLYêFKGHILQLFtFKEXQ N7HQWRWDJPXVtEêWXPtVW Q ]D SRþiWHþQt ]QDþNRX 7$%/(! DOH ]iURYH  PXVt EêW XPtVW Q S HG ]QDþNRX 75! WHG\ S HG GHILQLFt SUYQtKR iGNX  .GLVSR]LFL MVRX

QiVOHGXMtFtSDUDPHWU\

63$1  [   GHILQXMH QD MDNê SRþHW VORXSF  ]D VHERX VH Pi

GHILQLFHIRUPiWRYiQtSRXÃ¥tW




 $/,*1

9$/,*1 

3 tNODG 3RPRFtMD]\ND+70/VLGHILQXMPHVWUXNWXUXQiVOHGXMtFtWDEXON\

3RþHWQiYãW YQtN YP VtFtFK /HGHQ

Ã&#x2019;QRU

% H]HQ







 7$%/(! 75!

7'&2/63$1 !%!3RþHWQiYãW YQtN YP VtFtFK%!7'! 75! 75!

7'!/HGHQ7'!

7'!Ã&#x2019;QRU7'!

7'!% H]HQ7'! 75!

75!

7'$/,*1 ´ULJKW´!7'!

7'$/,*1 ´ULJKW´!7'!

7'$/,*1 ´ULJKW´!7'!

75!

7$%/(! 

9 WRPWR S tSDG  VH MHGQi SRX]H R MHGQX ]PRåQêFK YDULDQW HãHQt YêãH

]PtQ QpKR ]DGiQt 9UiPFL GHILQLFH WDEXON\ MVRX YQR HQ\ L NODVLFNp IRUPiWRYDFt]QDþN\SURIRUPiWRYiQtWH[WX

7DEXON\ PLPR IXQNFH SURVW HGN  SUR S HKOHGQRX RUJDQL]DFL GDW

SOQt WDNp ~NRO\ VSRMHQp VZHEGHVLJQHP FHOp ::: SUH]HQWDFH 'R

MHGQRWOLYêFK EXQ N QHYSLVXMHPH WHG\ SRX]H WH[W DOH WDNp REUi]N\ D 


 GDOãt HOHPHQW\ ::: VWUiQHN =FHOD E åQp MH YQR RYiQt WDEXOHN

NWHUêP O]H GRViKQRX YHOPL VORåLWp VWUXNWXU\ D SRP UQ  S HVQp SR]LFRYiQtREMHNW QD:::VWUiQFH

5iP\ 3RåDGDYN\ QD ZHEGHVLJQX YHGO\ PLPR Y\XåtYiQt WDEXOHN SUR

W\WR ~þHO\ WDNp NY\WYR HQt WHFKQRORJLH UiP  =iNODGQtP LGHRX UiP 

IUDPHV  MH XPtVWLW GR MHGQRKR RNQD SURKOtåHþH Q NROLN +70/ GRNXPHQW QDMHGQRX

5iP\ MVRX YKRGQp SUR Y\WYi HQt VWDELOQtKR QDYLJDþQtKR PHQX

DSOLNDFH NWHUp VH QHPXVt ]QRYX QDþtWDW S L S HFKRGX QD GDOãt VWUiQNX 0 åHPH WDNp Y\WYi HW VWDELOQt KODYLþNX þL SDWLþNX ::: VWUiQN\

NWHUp MVRX ]REUD]RYiQ\ SR FHORX GREX SUiFH VWRXWR SUH]HQWDFt =D

QHYêKRGX WpWR MH SRYDåRYiQD QXWQRVW QDþtVW Q NROLN +70/ GRNXPHQW  QDMHGQRXFRåP åHEêW]GORXKDYp

5iP\ IUDPHV  MVRX VWiOH SRP UQ  UR]ãt HQRX WHFKQRORJLt NWHUi

YãDN Y\WYi t XUþLWp RGOLãQRVWL S L SUiFL V::: SUH]HQWDFt =WRKRWRG YRGXMHQXWQpDE\VWHSRUR]XP OLSUREOHPDWLFHUiP  DE\OLMLVFKRSQLHIHNWLYQ DSOLNRYDWYH9DãLFKEXGRXFtFK::: SUH]HQWDFtFK

'HILQLFHUiP 

=iNODGQtP SUYNHP SUR DSOLNDFL WHFKQRORJLH UiPX MH GHILQLFH

VWDUWRYQtKR VRXERUX ::: DSOLNDFH 7HQWR VRXERU QHEXGH REVDKRYDW

þiVW %2'<! D QHEXGH QRVLWHOHP åiGQêFK GDW -HKR MHGLQêP ~NROHP

MH RUJDQL]RYDW IXQJRYiQt YQR HQêFK VRXERU  VRXERU  XPtVW QêFK YMHGQRWOLYêFKUiPHFK  5R]G OHQt

QD

UiP\

)5$0(6(7!)5$0(6(7!

MH

NWHUê

]DMLãW QR

QDKUD]XMH

SiURYêP

WDJHP

Y\SXãW Qê

WDJ

%2'<! 7HQWR WDJ Pi QiVOHGXMtFt 52:6  Ä[\³ ± SRNXG G OtPH KODYQt RNQR YRGRURYQ  QHER &2/6  Ä[\ Ä SUR G OHQt YHUWLNiOQt =D 


 KRGQRW\ [ D \ MVRX GRVD]RYiQ\ UR]P U\ YSL[HOHFK QHER Y  2NQ\ MH

UR]G OHQD QD WROLN YRGRURYQêFK QHER VYLVOêFK UiP  NROLN MH YXYR]RYNiFK]DNOtþRYêPVORYHP 52:6&2/6 XYHGHQRKRGQRW

% åQ  VH WDNp SRXåtYi ]iVWXSQpKR]QDNX -HOL ]DGiQMHQMHGHQ

UR]P U D QD SR]LFL GUXKpKR MH XYHGHQ WHQWR ]iVWXSQê ]QDN MH UR]P U GUXKpKR UiPX XUþHQ GRSRþWHP QD ]iNODG  DNWXiOQt YHOLNRVWL RNQD

SURKOtåHþH

7DJ )5$0(6(7! O]H WDNp GR VHEH YQR RYDW 7R GRYROXMH

SURJUDPiWRURYL QHMG tYH UR]G OLW RNQR SURKOtåHþH MHGQtP ]S VREHP D QiVOHGQ GUXKêP 0H]L

WDJ\

)5$0(6(7!)5$0(6(7!

MVRX

XPtVW Q\

QHSiURYp WDJ\  )5$0(! -HMLFK ~NROHP MH SRMPHQRYDW MHGQRWOLYp

UiP\ D RGNi]DW QD VRXERU\ NWHUp GR QLFK EXGRX QDþtWiQ\ .WRPXWR

~NROXVORXåtQiVOHGXMtFtSDUDPHWU\

1$0( ÄMPpQRUiPX³±GHILQXMHMPpQRUiPXNWHUpEXGHYHOPL

Yê]QDPQpSURGDOãtSUiFLVWRXWRWHFKQRORJLt

65&  ÄVRXERUKWPO³ ± GHILQXMH 85/ DGUHVX VRXERUX NWHUê Pi

EêWGRWRKRWRUiPXQDþtWiQ

)5$0(%25'(5±]DSQXWtþLY\SQXWtRKUDQLþHQtUiPX

%25'(5&2/25±]DGiQtEDUY\RKUDQLþHQtUiPX

0$5*,1+(,*+7±YHOLNRVWYROQpKRRNUDMHQDGDSRGUiPHP

0$5*,1:,'7+ ± YHOLNRVW YROQpKR RNUDMH YOHYR D YSUDYR RG

UiPX

6&52/,1* ± SUiFH VH ]REUD]HQtP SRVXYQtNX 1DEêYi KRGQRW

12<(6$872

125(6,=(±]DEUD XMH]P Q YHOLNRVWLUiPX

3 tNODG 'HILQXMHPH VWDUWRYQt KWPO VRXERU NWHUê UR]G Ot RNQR SURKOtåHþH QD GYD

VYLVOp UiP\ /HYê UiP EXGH YHONê  SL[HO  SUDYê EXGH Y\SO RYDW ]E\WHN SURVWRUX RNQD /HYê UiP VL SRMPHQXMPH ÄPHQX³ D QDþW PH GR Q M VRXERU




 QDELGNDKWPO SUDYê UiP VL SRMPHQXMPH ÄPDLQ³ D QDþW PH GR Q M VRXERU

VWDUWKWPO

)5$0(6(7&2/6 ³ ´!

)5$0(1$0( ´PHQX´65& ´QDELGNDKWPO´!

)5$0(1$0( ´PDLQ´65& ´VWDUWKWPO´!

)5$0(6(7!

3ORYRXFtUiP

3ORYRXFt UiP MH VSHFLDOLWRX NWHUi QHQt S tOLã Y\XåtYiQD S L

QiYUKX ::: VWUiQHN 3RGVWDWRX WpWR WHFKQRORJLH MH OLERYROQp

XPtVW Qt UiPX YNWHUpPNROLY PtVW  +70/ VRXERUX GHILQLFH MHKR YHOLNRVW'RWRKRWRUiPXMHSDNQDþtWiQH[WHUQtVRXERU

=S VRE GHILQLFH WRKRWR UiPX MH SRGVWDWQ  RGOLãQê RG S HGHãOpKR

ÄNRQYHQþQtKR³ SRMHWt FHOp WHFKQRORJLH UiPX 5iP MH GHILQRYiQ MDNR

REMHNW YUiPFL E åQpKR KWPO GRNXPHQWX 9WRPWR S tSDG  WHG\ QHY\SRXãWtPH ]WDNRYpKRWR GRNXPHQWX þiVW %2'<!%2'<!

9ODVWQt GHILQLFH MH SURYHGHQD QHSiURYêP WDJHP ,)5$0(! V DGRX SURSURYR]QXWQêFKSDUDPHWU  1$0(±MPpQRUiPX

65& ± GHILQLFH 85/ FHVW\ NGRNXPHQWX QDþtWDQpPX GR

SORYRXFtKRUiPX

+(,*+7D:,'7+±GHILQLFHYêãN\Dãt N\SORYRXFtKRUiPX

$/,*1±]DURYQiQtUiP YHY]WDKXNRNROQtPXWH[WX

%25'(5±GHILQLFHRKUDQLþHQt

%25'(5&2/25±EDUYDRKUDQLþHQt

125(6,=( ± SRYROHQt QHER ]DNi]iQt ]Y WãHQt UiPX 9S tSDG 

SORYRXFtKR UiPX QHVWDþt SRX]H XYpVW NOtþRYp VORYR 125(6,=( DOH MH

]DSRW HEtS L DGLWKRGQRWX1DEêYiKRGQRW125(6,=(QHER5(6,=( 6KUQXWt

7DEXON\ D UiP\ P åHPH SRYDåRYDW ]D VWUDWHJLFNRX VRXþiVW

::: SUH]HQWDFt -HMLFK G OHåLWRVW VSRþtYi YUR]PtVW Qt D RUJDQL]DFL 


 :::SUH]HQWDFHYUiPFLRNQDSURKOtåHþH7DWRRUJDQL]DFHUR]KRGXMH

R FHONRYpP GRMPX ]SUH]HQWDFH D MHMt SRXåLWHOQRVWL D DWUDNWLYLW  7DEXON\ MVRX GiOH YHOPL SRGVWDWQêP SUYNHP +70/ GRNXPHQWX NWHUê

QiP XPRåQt S HKOHGQ  RUJDQL]RYDW YHONp PQRåVWYt ]REUD]RYDQêFKGDW

NWHUpPRKRXSRFKi]HWQDS tNODG]GDWDEi]tDMLQêFK]GURM  

3UDNWLFNê~NRO

9\WYR  VRXERU LQGH[KWPO NWHUê EXGH VORXåLW SUR RUJDQL]DFH

::: DSOLNDFH GR QiVOHGXMtFt VWUXNWXU\ 2NQR SURKOtåHþH EXGH

UR]G OHQR GR GYRX YRGRURYQêFK UiP  +RUQt UiP EXGH PtW YêãNX  SL[HO  GROQt UiP ]E\WHN 'ROQt UiP EXGH GiOH UR]G OHQ QD OHYRX þiVW

ãLURNRXSL[HO DSUDYRXþiVW]DEtUDMtFt]E\WHN

7YRUEDIRUPXOi  )RUPXOi H MVRX QHGtOQRX VRXþiVWt FHOp DG\ ::: SUH]HQWDFt

+ODYQtP FtOHP IRUPXOi

 MH ]SURVW HGNRYDW ]DGiYiQt GDW RG XåLYDWHOH

::: VWUiQHN QHER PX XPRåQLW MLVWRX GiYNX LQWHUDNFH V:::

SUH]HQWDFt

3UREOHPDWLNX IRUPXOi

 Y+70/ GRNXPHQWHFK P åHPH UR]G OLW

GR GYRX ]iNODGQtFK REODVWt 3UYQt REODVW VH WêNi YODVWQtKR

QiYUKX IRUPXOi H SRPRFt SURVW HGN  MD]\ND +70/ 'UXKi REODVW VSRþtYi YH YêYRML VNULSWX NWHUê VGDW\ YORåHQêPL GR

IRUPXOi H SUDFXMH 9DãtP FtOHP MH SRFKRSLW SULQFLS\ IXQJRYiQt W FKWR IRUPXOi

 D RVYRMLW VL MHMLFK QiYUK QD VWUDQ  MD]\ND

+70/ 9WpWR þiVWL VH QHEXGHPH Y QRYDW YêYRML Ä]SUDFXMtFtFK³ VNULSW SURMHMLFK]iYLVORVWQDSODWIRUP SRXåLWêFKGDWDEi]t 9ODVWQt

IRUPXOi 

MH

GHILQRYiQ

SiURYêP

WDJHP

)250!)250! NWHUê RS W GLVSRQXMH FHORX DGRX SDUDPHWU  0LPR W\WR SDUDPHWU\ MH PH]L SRþiWHþQt D NRQFRYRX ]QDþNRX SUR




 IRUPXOi  SURVWRU SUR GHILQLFL FHOp DG\ REMHNW  3DW t PH]L Q  HGLWDþQt

SROHQDEtGN\S HStQDþHWODþtWNDDSRG

'HILQLFHSDUDPHWU WDJX)250!

$&7,217 ± GHILQXMH 85/ DGUHVX VNULSWX NWHUê SURYiGt

]SUDFRYiQtGDW]DSVDQêFKGRIRUPXOi H

1$0(±MPpQRIRUPXOi H YKRGQpSURGDOãtRULHQWDFL 

'HILQLFHHGLWDþQtKRSROH

(GLWDþQt SROH MH ]iNODGQtP YVWXSQtP HOHPHQWHP IRUPXOi

/]H

GR Q M ]DGiYDW HW ]HF ]QDN  9ODVWQt GHILQLFH VH SURYiGt QHSiURYêP

WDJHP,1387!VQiVOHGXMtFtPLSDUDPHWU\

7<3( ± GHILQXMH W\S GDW NWHUêPL EXGH WRWR SROtþNR QDSO RYiQR

=iNODGQtKRGQRW\MVRXWH[WSDVVZRUGILOH

1$0(±MPpQRIRUPXOi RYpKRSUYNX3UDFXMHVQtPVNULSW 6,=(±GpONDSROtþNDYH]QDFtFK

0$;/(1*+7±PD[LPiOQtGpONDYNOiGDQpKR HW ]FH 9$/8(±LPSOLFLWQtKRGQRWDSROtþND

'HILQLFHWODþtWHN 7ODþtWNR

MH

GHILQRYiQR

VQiVOHGXMtFtPLSDUDPHWU\

QHSiURYêP

WDJHP

%8721!

1$0(±MPpQRWODþtWND

9$/8(±KRGQRWDWODþtWNDXUþXMtFtNWHUiMHS HGiQDVNULSWX

7<3( ± W\S WODþtWND XUþXMtFt MHKR IXQNþQRVW 1DEêYi KRGQRW

VXEPLW UHVHW EXWWRQ +RGQRWD VXEPLW ]DMLVWt S HGiQt YãHFK KRGQRW YH IRUPXOi L VNULSWX 5HVHW Y\PDåH SUYN\ IRUPXOi H D QDVWDYt LPSOLFLWQt KRGQRW\DEXWWRQVSXVWtSRåDGRYDQêVNULSW




 'HILQLFHSROHSURUR]ViKOHMãtWH[W

-HOL ]DSRW HEt ]DSVDW GR +70/ IRUPXOi H UR]ViKOHMãt WH[W D

RGHVODW MHM QD VHUYHU NH ]SUDFRYiQt GLVNXVQt IyUD DSRG  MH ]DSRW HEt SRXåtW SiURYpKR WDJX 7(;7$5($!7(;7$5($! 7DJ Pi W L ]iNODGQt SDUDPHWU\ 1$0( &2/6 D 52:6 1$0( GHILQXMH MPpQR

WRKRWR SUYNX IRUPXOi H &2/6 XUþXMH SRþHW VORXSF  D 52:6 VWDQRYt SRþHW iGN WRKRWRSUYNX

'HILQLFHUROHW\

9ODVWQt GHILQLFH UROHW\ VH VNOiGi ]Q NROLND SRXåLWêFK WDJ 

=iNODGHP MH SiURYê WDJ 6(/(&7!6(/(&7! NWHUê Y\PH]XMH

REODVW UROHW\ 3DUDPHWUHP WRKRWR WDJX MH 1$0(  NWHUê SRMPHQRYiYi

WHQWR SUYHN IRUPXOi H SUR GDOãt SUiFL 9S tSDG  QiVREQpKR YêE UX ]QDEtGN\S LGiYiPHNOtþRYpVORYR08/7,3/(

0H]L SRþiWHþQt D NRQFRYRX ]QDþNRX 6(/(&7 MVRX GHILQRYiQ\

MHGQRWOLYp YROE\ UROHW\ 9åG\ MVRX X]DY HQ\ GR SiURYpKR WDJX 237,21!237,21! ÒGDM ]DSVDQê YWRPWR WDJX VH REMHYXMH

YUROHW  D MH S HGiYiQ VNULSWX MDNR KRGQRWD 9S tSDG  åH MH SRW HED S HGiYDW MLQRX KRGQRWX VNULSWX QHå MH ]REUD]RYiQR S tSDG S HNODGQêFK QDEtGHN  MH  WDJ 237,21! GRSOQ Q R SDUDPHWU

9$/8( ´[´ .GH [ MH S HGiYDQi KRGQRWD -HOL GRSOQ QR GR WRKRWR

WDJXMHãW NOtþRYpVORYR6(/(&7('MHGiQDYROEDLPSOLFLWQt 3 HStQDþH]DãNUWiYDFtSROtþND

3RGREQRX IXQNFL MDNR UROHW\ PDMt WDNp S HStQDþH D ]DãNUWiYDFt

SROtþND YH IRUPXOi tFK -HMLFK ]iNODGQtP SRVOiQtP MH XPRåQLW

XåLYDWHOLYêE U]S HGHPS HVQ GHILQRYDQpKRVH]QDPXKRGQRW

3UR GHILQLFL SROH ] S HStQDþH MH RS W QXWQp SRXåtW Q NROLN WDJ 

-HGQi VH R RSDNXMtFt VH WDJ ,1387 7<3(  ³ UDGLR³! 7HQWR WDJ MH

SRW HED GRSOQLW R SDUDPHWU 1$0( NWHUê MH QXWQê SUR NRPXQLNDFL VH

]SUDFXMtFtP VNULSWHP &KFHPHOL Q NWHURX ] YROHE R]QDþLW MDNR LPSOLFLWQtGRSOQtPHGRWDJXWpWRYROE\NOtþRYpVORYR&+(&.(' 


 9HOPL REGREQi MH GHILQLFH Ä]DWUåtWHN³ 2S W VH MHGQi R

YtFH iGNRYRX GHILQLFL SUR NDåGRX YROEX ,1387 7<3(  ´FKHFNER[´!

GRSOQ QRX SDUDPHWUHP 1$0( D S tSDGQp NOtþRYêP VORYHP &+(&.(' SUR]DYHGHQtLPSOLFLWQtYROE\

9 S tSDG  QRUP\ +70/  MH PRåQp IRUPXOi RYp SUYN\

SURSRMLW VH VNULSW\ NWHUp SURYHGRX XUþLWp DNFH  QDS tNODG NRQWUROX

]DSVDQpKR ~GDMH 9 WRPWR S tSDG  VH YãDN MHGQi R HOHPHQW\ NWHUp EXGRX]PtQ Q\YNDSLWROH'+70/ 6KUQXWt

9ê]QDP IRUPXOi

 P åHPH YLG W ]HMPpQD X ::: DSOLNDFt

NWHUp MVRX G\QDPLFN\ JHQHURYDQp FR VH WêNi YêVWXS  D VDPR] HMP 

YREODVWL ]tVNiYiQt LQIRUPDFt RG NOLHQW  7pP

 YåG\ YSR]DGt

WDNRYpWR DSOLNDFH VWRMt GDWDEi]RYê VHUYHU NWHUê GDWD VFKUD XMH D ]SUDFRYiYi 6Y\XåLWtP WHFKQRORJLH VNULSW  MH PRåQp IRUPXOi H GRSOQLWRNRQWUROQtPHFKDQLVP\]DGiYDQpKRREVDKX 

3UDNWLFNê~NRO

9\WYR IRUPXOi SUR RGHVtOiQt HPDLOX ]SURVW HGt:::VWUiQN\

-DNRVNULSWY\XåLMQ NWHUê]YROQ QDEt]HQêFKVNULSW QD,QWHUQHWX

+ODYLþND+70/GRNXPHQWX 6HNFH +($'!+($'! MH

DGRX ]HMPpQD ]DþtQDMtFtFK

SURJUDPiWRU  MD]\ND +70/ RSRPtMHQD 7HQWR QHãYDU SUDPHQt ] IDNWX

åH FRNROL ]GH GHILQXMHPH VH YL]XiOQ  QHSURMHYXMH QD ::: VWUiQFH 3UDYGRXYãDNMH åH SUiY ]iSLV\Y WpWR VHNFL]MHGQRGXãXMtSURYR]FHOp

::: SUH]HQWDFH SR VWUiQFH NyGRYiQt SR VWUiQFH VSROXSUiFH V

Y\KOHGiYDFtPLFHQWUiODPLDY DG MLQêFKREODVWt

6SUiYQp IXQJRYiQt ::: SUH]HQWDFH VH VHVWiYi ]Q NROLND REODVWt 0LPR YODVWQt ]REUD]RYiQt VH 9\ MDNR SURJUDPiWRU

+70/ EXGHWH VQDåLW R FR QHMY Wãt DXWRPDWL]DFL QDSRMHQt VYêFK :::VWUDQQDY\KOHGiYDFtFHQWUiO\]DMLãW Qt]REUD]HQtVWUiQN\ 


 YH VSUiYQpP QiURGQtP NyGRYiQt DSRG 9DãtP ~NROHP MH YUiPFL

KODYLþN\GRNXPHQWXSRXåtYDWWDJ\NWHUpW\WRþLQQRVWLXPRå XMt .DSLWROD E\ 9iV P OD PRWLYRYDW NY\KOHGiYiQt GDOãtFK HNYLYDOHQWQtFKFHVWS L HãHQtW FKWRSUREOpP 

'R WpWR VHNFH VWHMQ  MDNR Y þiVWL %2'<!%2'<!

]DSLVXMHPHFHORX DGXWDJ  7DJ%$6(

=iNODGQtP~NROHPWRKRWRWDJXMHGHILQRYDW]iNODGQt85/DGUHVX

::: VHUYHUX 7DWR GHILQLFH SDN XPRå XMH VQDGQp XåLWt UHODWLYQtFK 85/ DGUHV 1HRFHQLWHOQê MH WHQWR WDJ ]HMPpQD S L KRVWLQJX ::: SUH]HQWDFt QD U ]QêFK IUHHKRVWLQJRYêFK VHUYHUHFK 9ODVWQt GHILQLFH MH

QiVOHGXMtFt

%$6(KUHI ´85/QDãt:::SUH]HQWDFH³!

7DJ0(7$

7HQWR WDJ MH ]QDþQ  UR]ãt HQê D YDULDELOQt SUR VYp SDUDPHWU\

NWHUp PX GiYDMt QDSURVWR RGOLãQRX IXQNþQRVW  %êYi QD]êYiQ WDNp

ÄVE UQêP³ WDJHP ÒNROHP MH GHILQLFH RVWDWQtFK LQIRUPDFt MLQGH Y +70/ GRNXPHQWX QHGHILQRYDQêFK  D LQIRUPDFt R VDPRWQpP +70/

GRNXPHQWX +ODYQtPL REODVWPL SRXåLWt WRKRWR WDJX MVRX GHILQLFH

NOtþRYêFK VORY SRSLV GRNXPHQWX H[SLUDþQt GRED GRNXPHQWX HPDLO

DXWRUD GRNXPHQWX DXWRPDWLFNp S HSQXWt GR XUþLWp NyGRYp VWUiQN\ 8Ni]NDXåLWtWRKRWRWDJXMHXYHGHQDYS tNODGHFK 3 tNODG\  'HILQLFH NOtþRYêFK VORY GRNXPHQWX SRGOH NWHUêFK MH XSODW RYiQR IXOOWH[WRYpY\KOHGiYDQt

 'HILQLFH DXWRPDWLFNpKR S HSQXWt VWUiQN\ GR NyGRYiQt SUR :,1'2:6 ± 

0(7$ KWWSHTXLY &RQWHQW7\SH FRQWHQW WH[WKWPO FKDUVHW ZLQGRZV

!




  'HILQLFHGDWDH[SLUDFH Y\SUãHQtSODWQRVWL WpWRVWUiQN\ PHWDKWWSHTXLY ([SLUHVFRQWHQW !

7DJ/,1.

ÒþHOHP GHILQLFH WRKRWR WDJX MH Y\PH]HQt Y]WDKX ]REUD]HQpKR

+70/ GRNXPHQWX D S tSDGQêFK MLQêFK VRXERU  VRXERU  QHVRXFtFK GHILQLFL NDVNiGRYêFK VW\O  þL QHVRXFtFK GHILQLFL SRXåtYDQêFK VNULSW 

9êKRGRX SRXåLWt WRKRWR WDJX MH RGG OHQt +70/ NRGX RG &66 D U ]QêFK VNULSW  &66 D 6NULSW\ MVRX SDN GHIDNWR LPSRUWRYiQ\ S L

QDþtWiQt:::VWUiQN\DMVRXXORåHQ\S HKOHGQ QDMHGQRPPtVW 

-HGQi VH WDNp R GHILQLFL VRXERUX GRS HGQêFK D ]S WQêFK WHG\

W FK QD NWHUp VH S HVXQXMHPH VWDQGDUGQtPL WODþtWN\ YS HG D ]S W Y OLãW SURKOtåHþH 

3 tNODG 9ORåHQtWDJX5(/NWHUêREVWDUiLPSRVUW&66VW\O  /,1.UHO VW\OHVKHHWKUHI VW\O\FVVW\SH WH[WFVV!

7DJ\6&5,37D67</(

-HGQi VH R SiURYp WDJ\ PH]L QLPå MH PRåQp GHILQRYDW &66 VW\O

-$9$6&5,37 QHER 9%6FULW 7DJ\ O]H SRXåtW L MLQGH Y +70/

GRNXPHQWX QHå Y KODYLþFH 6YêP ]S VREHP VH MHGQi R MLQRX LPSOHPHQWDFLVW\O DVNULSW 






'+70/DREMHNWRYpSURJUDPRYiQt =iNODGQt

P\ãOHQNRX

'+70/

G\QDPLFNêFK

+70/ 

MH

LPSOHPHQWDFH UHDNFH QD XGiORVW NWHURX ]S VREt XåLYDWHO Y SURKOtåHþL

7tPWR SRMHWtP VH +70/ GRNXPHQW\ MHYt RSURWL SURVWpPX +70/ YHOPL

G\QDPLFNp 9 S tSDG  LPSOHPHQWDFH '+70/ MH YãDN W HED XSR]RUQLW

QD XUþLWRX QHNRPSDWLELOQRVW ::: SURKOtåHþ  NWHUp QH YåG\ SRGSRUXMt'+70/YSOQpãt L

7DN MDNR YH YãHFK REODVWHFK L YREODVWL SURJUDPRYiQt :::

DSOLNDFt VH REMHYXMt QRYp WUHQG\ D '+70/ EH]HVSRUX SDW t NWUHQG P NWHUp VH U\FKOH SURVD]XMt -HOLNRå FtOHP 9DãL SURJUDPiWRUVNp SUiFH QD SROL ,QWHUQHWX MH OtELYRVW D HIHNWQRVW 9DãLFK DSOLNDFt VH]QDPWH VH  Q\Qt V SULQFLSHP IXQJRYiQt '+70/DMHKRLPSOHPHQWDFt

3RMP\N]DSDPDWRYiQt x XGiORVWSURKOtåHþH

x VNULSW

x REMHNW

x W tGD

x YODVWQRVW



x PHWRGD

9êþHW]iNODGQtFKXGiORVWtSURKOtåHþH

RQPRXVHRYHUREMHYHQtNXU]RUXP\ãLQDGREMHNWHP

RQPRXVHRXXWRSXãW QtREMHNWXNXU]RUHPP\ãL

RQPRXVHRYHUSRK\ENXU]RUXP\ãLQD:::VWUiQFH

RQFOLFNMHGQRNOLNQXWtOHYêPWODþtWNHPP\ãL

RQGEOFOLFNGYRMNOLNOHYêPWODþtWNHPP\ãL

RQORDGQDþWHQtVWUiQN\

RQXQORDGRSXãW QtVWUiQN\

RQIRFXVYêE USROtþNDIRUPXOi H 


 RQEOXURSXãW QtSROtþNDIRUPXOi H

RQNH\SUHVV  XGiORVW QDVWiYDMtFt MHOL QD REMHNWHP IRUPXOi H NXU]RUP\ãLDMHãW MHVWODþHQDGHILQRYDQiNOiYHVD RQVXEPLWXGiORVWQDVWiYiMtFtS LRGHVODQtIRUPXOi H RQUHVHWUHVHWRYDQt Y\PD]iQt IRUPXOi H

RQVHOHFWYêE USROtþNDIRUPXOi H ,13877(;7$5($ 

RQFKDQJH  ]P QD KRGQRW\ QDS tNODG LPSOLFLWQt  Y SUYNX IRUPXOi H 7\WR SRSVDQp XGiORVWL UR]ãL XMt SDUDPHWU\ MHGQRWOLYêFK +70/

WDJ  +RGQRWRX WRKRWR SDUDPHWUX MH YODVWQt GHILQLFH VNULSWX NWHUê VH

Pi SURYpVW QHER MPpQR WRKRWR VNULSWX NWHUê MH VDPRVWDWQ  GHILQRYiQ YKODYLþFH+70/GRNXPHQWXþLMHLPSRUWRYiQ]H[WHUQtKRVRXERUX 

3 tNODG  3 L QDþWHQt ::: VWUiQN\ GRMGH N]REUD]HQt SR]GUDYX YGLDORJRYpP RNpQNX

KHDG!

VFULSWW\SH WH[WMDYDVFULSWODQJXDJH -DYD6FULSW!



IXQFWLRQSR]GUDY  ^

ZLQGRZDOHUW 9tWHMWHQDPpVWUiQFH 

`

!

VFULSW!

KHDG!

ERG\RQ/RDG SR]GUDY !



1D WpWR þiVWL +70/ NyGX P åHPH YLG W Q NROLN DVSHNW  NWHUp

VH WêNDMt MDN '+70/ WDN REMHNWRYpKR PRGHOX SURJUDPRYiQt 3 tNODG MH XYHGHQ YMD]\FH -DYD6NULSW 9þiVWL KODYLþN\ MH GHILQRYiQD IXQNFH

SR]GUDY ÒNROHP WpWR IXQNFH MH ]REUD]LW GLDORJRYp RNQR VSR]GUDYHP

9ODVWQt GHILQLFH SUDFXMH VREMHNWHP ZLQGRZ D MHKR PHWRGRX DOHUW

2EMHNWRY  ]DSViQR ZLQGRZDOHUW ³SDUDPHWU\ IXQNFH´  )XQNFH MH YãDN 


 VSXãW QD Då S L XUþLWp XGiORVWL 7RX MH YWRPWR S tSDG  RQORDG QHEROL

QDþWHQt ::: VWUiQN\ 7DWR ]iOHåLWRVW MH GHILQRYDQi YWDJX ERG\

MHKRSDUDPHWUHPRQ/RDG 3 tNODG KHDG!

WLWOH!8QWLWOHGWLWOH!

VFULSWW\SH WH[WMDYDVFULSWODQJXDJH -DYD6FULSW!



IXQFWLRQB]PHQD  ^

GRFXPHQWEJ&RORU UHG

`

IXQFWLRQB]PHQD  ^

GRFXPHQWEJ&RORU ZKLWH

`

!

VFULSW! KHDG! ERG\! D

EU!

KUHI KWWSZZZRVXF] RQ0RXVH2YHU B]PHQD  RQ0RXVH2XW B]PHQD !ZZZRVXF]D!

ERG\!



9WRPWR S tSDG  MVRX GHILQRYiQ\ GY  IXQNFH B]PHQD D B]PHQD

&tOHP W FKWR IXQNFt MH ]P QD SR]DGt GRNXPHQWX 7DWR ]P QD QDVWiYi YS tSDG  åH GRMGH NXGiORVWL RQPRXVHRYHU QHER RQPRXVHRXW QDG

RGND]HP:::268&=

=iNODGQtREMHNW\ 2EMHNWHP MH FKiSiQ VRXERU SRMPHQRYDQêFK GDW D MHMLFK IXQNFt

QD NWHUp RGND]XMHPH 3RPRFt W FKWR REMHNW  P åHPH RYOiGDW ]iNODGQt HQWLW\VQLPLå:::SUH]HQWDFHSUDFXMH




 6\QWD[H]iSLVXMHQiVOHGXMtFt

2EMHNWYODVWQRVW

2EMHNWZLQGRZ -HGQi VH R ]iNODGQt REMHNW WHFKQRORJLH ::: 9HãNHUp

YODVWQRVWL D PHWRG\ VH Y]WDKXMt NRNQ  SURKOtåHþH -HGQi VH WHG\ R KLVWRULL QDYãWtYHQêFK VWUiQHN YHU]L D W\S SURKOtåHþH DNWXiOQt 85/

UiP\DNWXiOQtGRNXPHQWDDNWXiOQtXGiORVW

2EMHNWZLQGRZGLVSRQXMH]iNODGQtPLYODVWQRVWPL

'RFXPHQW±VP UXMHQDDNWXiOQtGRNXPHQW +LVWRU\±KLVWRULHQDYãWtYHQêFKVWUiQHN

/RFDWLRQ±85/DGUHVD

1DPH ± Qi]HY 7,7/(!7,7/(!

DNWXiOQtKR

RNQD

S HEtUDQê

]WDJX

1DYLJDWRU±LGHQWLILNDFHSURKOtåHþH



2EMHNWZLQGRZSRXåtYi]iNODGQtPHWRG\

$OHUW ±]REUD]HQtGLDORJRYpRNQD

&ORVH ±]DY HQtDNWXiOQtKRRNQD

2SHQ ±RWHE HQtQRYpKRRNQDSURKOtåHþH

3URPSW ±YVWXS]HVWUDQ\NOLHQWD

6HW7LPH ±þDVRYDþ

7HQWR YêþHW VDPR] HMP  QHQt NRQHþQê QDVWL XMH YãDN

QHMSRXåtYDQ Mãt YODVWQRVWL D PHWRG\ REMHNWX ZLQGRZ =KOHGLVND V\QWD[H MH SRW HED XYpVW QD SUDYRX PtUX QiVOHGXMtFt ]MHGQRGXãHQt

9NyGX VNULSW  þDVWR QDOH]QHWH IRUPXODFL GRFXPHQWZULWH Ä7RWR MH P MWH[W³ MHMtPåFtOHPMHY\SVDWWH[WXYHGHQêY]iYRUFH

.RPSOHWQtQH]MHGQRGXãHQê]iSLVE\YãDNY\SDGDOWDNWR

:LQGRZGRFXPHQWZULWH Ä7RWRMHP MWH[W³ 

9WRPWR S tSDG  MH NRQVWDWRYiQR åH SUDFXMHPH VREMHNWHP

ZLQGRZ MHKR YODVWQRVWt GRFXPHQW D PHWRGRX ZULWH NWHUi MH 


 GHILQRYiQDSURREMHNWGRFXPHQWQDNWHUêRGND]XMHYODVWQRVWGRFXPHQW

REMHNWXZLQGRZ

2EMHNWGRFXPHQW 2EMHNW GRFXPHQW MH YROiQ S HV YODVWQRVW GRFXPHQW REMHNWX

ZLQGRZQHERS tPRMDNRGRFXPHQWNG\åMHYROiQ]DNWLYQtKRRNQD 9êE U]iNODGQtFKYODVWQRVWtREMHNWXGRFXPHQW $OLQ&RORU±EDUYDDNWLYQtKRRGND]X

/LQN&RORU±EDUYDRGND]X

9OLQN&RORU±EUDYDQDYãWtYHQpKRRGND]X

%JFRORU±EDUYDSR]DGt

)JFRORU±EDUYDWH[WX

/RFDWLRQ±85/DGUHVDYRODQpKRGRNXPHQWX

5HIHUUHU±85/DNWLYQtKRGRNXPHQWX

7LWOH±WLWXOHN 

=iNODGQtPHWRG\REMHNWXGRFXPHQW

:ULWH ±YNOiGi]DGDQê HW ]HF

2EMHNWIRUP±IRUPXOi  &tOHP MH RGND]RYDW QD NRQNUpWQt IRUPXOi  NWHUê MH SRMPHQRYiQ

SDUDPHWUHP1$0(WDJX)250!2EMHNWMHY\XÃ¥tYiQSURIRUPiWRYiQt

SROt IRPXOi H DOH WDNp SUR YHULILNDFL ]DGiYDQêFK GDW 2EMHN IRUP MH SRWRPNHP REMHNWX GRFXPHQW =WRKR SO\QH L ]iSLV RGND]X QD WHQWR

IRUPXOi 

'RFXPHQWIRUPHOHPHQW 9ODVWQRVWLIRUPXOi H

$FWLRQ±DNFHIRUPXOi HSRSURYHGHQtVNULSWX

(QFRGLQJ±GHILQLFHNyGRYDFtPHWRG\

0HWKRG±PHWRGDWHFKQLN\RGHVOiQtIRUPXOi H 0HWRG\IRUPXOi H




 5HVHW ±DQDORJLHWODþtWND5(6(7

6XEPLW ±DQDORJLHWODþtWND68%0,7

2EMHNWQDYLJDWRU 7HQWR YHOPL XåLWHþQê REMHNW MH VFKRSHQ SRPRFt VYêFK PHWRG

LGHQWLILNRYDW SODWIRUPX D YHU]L SURKOtåHþH =tVNiQt W FKWR ~GDM  MH þDVWR YHOPL G OHåLWp S L Y WYHQt SUH]HQWDFt GR MHGQRWOLYêFK YHU]t

9ODVWQtV\QWD[HMH

:LQGRZQDYLJDWRUYODVWQRVW

=iNODGQtYODVWQRVWL

$SS&RGH1DPH±NyGRYêQi]HYSURKOtåHþH

$SS1DPH±Qi]HYSURKOtåHþH

$SS9HUVLRQ±YHU]HSURKOtåHþH



6KUQXWt

7HFKQRORJLH '+70/ YêUD]Q  UR]ãL XMH  PRåQRVWL MD]\ND

'+70/ SUiY  WtP åH ]DYiGt UHDNFL D DNFL NWHURX SURYHGH XåLYDWHO

::: SUH]HQWDFH 7DWR WHFKQRORJLH WDN Y\XåtYi VWiYDMtFtFK Y GRPRVWL SURJUDPiWRU  ]REODVWL VNULSWRYDFtFK MD]\N  -DYD6FULSW QHER

9%6FULSW  D UR]ãL XMH VFKpPD +70/ WDJ  R QRYp SDUDPHWU\ ± XGiORVWL Y\YRODQpXåLYDWHOHP 

3UDNWLFNê~NRO

9\WYR  ::: VWUiQNX QD Qtå SRXåLMHã WHFKQRORJLL '+70/

7DNWR Y\WYR HQD VWUiQND S L VYpP QDþWHQt RWHY H GDOãt RNQR YHNWHUpP ]REUD]tOLERYROQêKWPOGRNXPHQW






&66±&DVFDGLGLQJ6W\OH6KHHWV 7HFKQRORJLH &66 NDVNiGRYêFK VW\O  MH SODWIRUPD NWHUi

SRGVWDWQ  UR]ãL XMH D Y DG  S tSDG  L QDKUD]XMH PRåQRVWL +70/ 0RWRUHP SUR YêYRM D LPSOHPHQWDFL &66 MH VQDKD R GRVDåHQt FR

QHMRULJLQiOQ Mãt ::: SUH]HQWDFH  6SRKOHGX MD]\ND +70/ QHQt

RULJLQDOLWD D PRåQRVW YDULDELOLW\ MHGQRWOLYêFK SUYN  GRNXPHQW  SUDY  VLOQRXVWUiQNRX

9VRXþDVQp GRE  WDN ND QHQDMGHWH ::: VWUiQNX QD NWHUp QHE\OD SRXåLWD WHFKQRORJLH &66 6QDåWH VH YWpWR NDSLWROH SRFKRSLW SRGVWDWX LPSOHPHQWDFH &66 GR ::: SUH]HQWDFt D

]MLVW WH MDN 9iP WDWR WHFKQRORJLH GRYHGH XOHKþLW SUiFL =iVDGQt YODVWQRVWt NWHUp Y QXMWH SR]RUQRVW MH PRåQRVW GRGUåHQt VWHMQpKRIRUPiWRYiQtDZHEGHVLJQXSURFHORX:::SUH]HQWDFL

8åLWt &66 YH YêYRML ::: SUH]HQWDFt MH OLPLWRYiQD

NRPSDWLELOLWRX SURKOtåHþ  &HOi WHFKQRORJLH MH SRGSRURYiQD RG ,H[SORUHUX YHU]H  D YêãH 1D SODWIRUP  1DYLJiWRU 1HWVFDSX Då YH

YHU]tFK SR]G MãtFK FFD   6DPRWQê IRUPiWRYDFt MD]\N &66 GQHV MLå

H[LVWXMH YQ NROLND YHU]tFK NWHUp SRGVWDWQ  UR]ãL XMt YODVWQRVWL MHGQRWOLYêFK HOHPHQW  , WDG\ Y]QLNi SURVWRU SUR SUREOpP\

VNRPSDWLELOLWRX

1LFPpQ 

MH

]GH

UHVSHNWRYiQD

GRS HGQi

NRPSDWLELOLWD 1RY Mãt YHU]H LPSOHPHQWDFH &66 S HEtUDMt VWDUp

YODVWQRVWL D S LGiYDMt NQLP QRYp 3URKOtåHþ NWHUê SUDFXMH VH VWDUãt

YHU]t&66W\WRQRYpYODVWQRVWLMHGQRGXãHLJQRUXMH

9ODVWQt LPSOHPHQWDFH &66 GR ::: SUH]HQWDFH Pi Q NROLN

YDULDQW 3UYQt YDULDQWRX MH ]iSLV NyGX &66 S tPR GR +70/

GRNXPHQWX 9WRPWR S tSDG  MH ]iSLV &66 NyGX X]DY HQ YSiURYpP

WDJX

67</(7<3( ³WH[WFVV³!

 !




 67</(!

7HQWR ]iSLV EêYi QHMþDVW ML XPtVW Q YKODYLþFH DOH GHNODUDFH

&66 VW\OX P åH EêW SRXåLWD NGHNROLY Y+70/ NyGX 1HYêKRGRX

WRKRWR ]S VREX LPSOHPHQWDFH MH YHONp PQRåVWYt &66 GHILQLFt QD MHGQRWOLYêFK VWUiQNiFK 7tP Y]QLNi SURVWRU SUR YêVN\W FK\E D

QHVRXURGRVWt]KOHGLVNDIRUPiWRYiQt

'UXKRX PHWRGRX MH XPtVW Qt NyGX &66 YH[WHUQtP VRXERUX

VS tSRQRX FVV 6W\O\ WDNWR GHNODURYDQp YWRPWR VRXERUX MVRX

LPSRUWRYiQ\ S L QDþtWiQt VWUiQN\ 'HILQLFH LPSRUWX VW\O  VH SURYiGt YKODYLþFHQiVOHGXMtFtPQHSiURYêPWDJHP

/,1.UHO VW\OHVKHHWKUHI 85/W\SH WH[WFVV!

9êKRGRXMHFHQWUiOQtXPtVW QtYHãNHUêFKVW\O 6WDþtMHGQRGXFKi

]P QD þL ~SUDYD QD MHGQRP PtVW  D GRMGH NXSODWQ Qt ]P Q\ QD YãHFK :::GRNXPHQWHFK

&66 VW\O  VH ]DEêYDMt S HGHYãtP PRGLILNDFt VWiYDMtFtFK

YODVWQRVWL +70/ WDJ  GHILQLFL QRYêFK VW\ORYêFK W tG D VXEW tG 2ULHQWRYiQ\ MVRX S HGHYãtP QD WDJ\ SUDFXMtFt VWH[WHP VSR]DGtP

GHILQLFH UiPHþN  9ODVWQt SRMHWt &66 YþHWQ  V\QWD[H VH RG SRMHWt

+70/ GRVW OLãt 3 LSRPtQDMt REMHNWRY  RULHQWRYDQê SURJUDPRYDFt MD]\N

 0RGLILNDFHVWiYDMtFtFKYODVWQRVWtWDJ  .ODVLFNêP S tSDGHP QD NWHUpP MH PRåQR GHPRQVWURYDW XåLWt

VW\OX&66MVRXWDJ\SURGHILQLFLQDGSLVX+[!+[!NWHUp]KOHGLVND

PRGHUQtKR ZHEGHVLJQX QHY\KRYXMt 'HILQLFH WDNRYpKRWR S tSDGX MH ]PtQ QDYQiVOHGXMtFtPS tNODGX

3 tNODG 9QDãt ILNWLYQt ::: SUH]HQWDFL FKFHPH GRViKQRXW SRXåtWL IRQGX 7LPHV 1HZ

5RPDQ YPRGUp EDUY  9WRPWR S tSDG  MH PRÃ¥Qp QDGHILQRYDW QiVOHGXMtFt &66VW\O

+^IRQWIDPLO\7LPHV1HZ5RPDQ




 &RORUEOXH`

=D SRYãLPQXWt VWRMt ]iNODGQt V\QWDNWLFNi SUDYLGOD NWHUi

YVRXYLVORVWL VGHILQLFt &66 NyGX SODWt  .DåGê GHILQRYDQê HOHPHQW MH

SRMPHQRYiQ 9WRPWR S tSDG  MH SRMPHQRYiQt VKRGQp VQi]YHP WDJX 9ODVWQt GHILQLFH &66 NyGX RYOLY XMtFt YODVWQRVWL WRKRWR HOHPHQWX MH

X]DY HQD YH VORåHQêFK ]iYRUNiFK -HGQRWOLYp YODVWQRVWL MVRX SDN

GHILQRYiQ\ YH GYRMLFtFK SDUDPHWUKRGQRWD D RGG ORYiQ\ VW HGQtN\ 3UR MHGHQ SDUDPHWU P åH EêW GHILQRYiQR L YtFH KRGQRW 9WDNRYpPWR

S tSDG  SDN ]iOHåt QD MHMLFK SR DGt NWHUp XUþXMH SULRULWX SRXåLWt ± SDUDPHWUKRGQRWDKRGQRWD

7DN MDNR YS tSDG  SURJUDPRYDFtFK MD]\N  MH L ]GH PRÃ¥Qp

VHVNXSRYiQt GHILQLFt 1i]RUQêP S tNODGHP RS W P åH EêW PRGLILNDFH

QDGSLVX GHNODURYDQêFK WDJHP +[!+[! 9S HGHãOpP S tNODG  E\O\ ]P Q Q\ YODVWQRVWL SRX]H SUR QDGSLV QHMY\ããt ~URYQ  1DGSLV\

RVWDWQtFK ~URYQt ] VWDO\ QHGRWþHQ\ ýDVWR YãDN SRW HEXMHPH ]P QLW YODVWQRVWLQ NROLNDWDJ QDMHGQRX YL]QiVOHGXMtFtS tNODG  

3 tNODG 'HILQXMPH SRXÃ¥LWt IRQGX 7LPHV 1HZ 5RPDQ D PRGUp EDUY\ StVPD  SUR

QDGSLVYãHFK~URYQtYQDãHP+70/GRNXPHQWX

++++++^)RQWIDPLO\7LPHV1HZ5RPDQ &RORUEOXH`

 1RYêVW\O 9 DG  S tSDG  SRW HEXMH SURJUDPiWRU ::: SUH]HQWDFH

GHILQRYDW QRYê VW\O NWHUê åiGQêP ]S VREHP QHPRGLILNXMH VWiYDMtFt WDJ\ -GH R Y\WYR HQt YODVWQt DXWRQRPQt IRUPiWRYDFt GHILQLFH ,

YWRPWR S tSDG  MH PRåQp SRXåtW &66 YH VSROXSUiFL VQ NWHUêP VW]Y SUi]GQêFKWDJ  QHMOpSH',9!',9! 




 7DNWR GHILQRYDQê QRYê VW\O MH RSURãW Q RG YODVWQRVWt NWHUp E\

]MHGQRWOLYêFK WDJ  S HEtUDO ,PSOHPHQWDFH L ]PtQ QD YQiVOHGXMtFtP

S tNODGX 

3 tNODG 3URVYRX:::SUH]HQWDFLSRW HEXMHPHY\WYR LWQRYêVW\ONWHUêQiPXPRåQt

]REUD]RYDW RGVWDYFH WH[WX StVPHP YHOLNRVWL  QHMOpSH YH IRQGX 7LPHV 1HZ

5RPDQ S tSDGQ  $ULDO 7H[W EXGH ]DURYQiQ GR EORNX ± WHG\ SRGOH RERX RNUDM 

QRY\BVW\O^IRQWIDPLO\7LPHV1HZ5RPDQ³$ULDO&(´

 

IRQWVL]HSW

WH[WDOLJQMXVWLI\`



=D SRYãLPQXWt VWRMt SRþiWHN GHILQLFH QRYpKR VW\OX -HOLNRå VH

QHMHGQi R PRGLILNDFH YODVWQRVWt GDQêFK WDJHP +70/ ]DþtQi GHILQLFH

WHþNRX NWHUi MDVQ  V\PEROL]XMH QRYê REMHNW 7DWR GHILQLFH QRYpKR

VW\OX YãDN VDPD R VRE  QH]DMLVWt MHKR XSODWQ Qt Y+70/ GRNXPHQWX 3RW HEXMHPH ± OL XSODWQL MDNêNROLY FVV  VW\O MH Q NROLN  PHWRG -HGQRX

]QLFKMHXåLWtWDJX',9!',9! 

3 tNODG ,PSOHPHQWXMPHWHG\QRY\BVW\O ',9FODVV ´QRY\BVW\O´!',9!



9ãH FR MH WHG\ YORåHQR PH]L WDJ\ ',9!',9! MH IRUPiWRYiQR

SRGOHGHILQLFHREVDåHQpYþiVWL&66NWHUiGHILQXMHQRY\BVW\O

 7 tG\UR]ãL XMtFtVWiYDMtFtWDJ\ 8UþLWêP VSRMHQtPS HGHãOêFK GYRX REODVWt MH SRXåtWL FVV W tG SUR

UR]ãt HQt YODVWQRVWt VWiYDMtFtFK +70/ WDJ  DOH QH]P Q Qt MHMLFK S YRGQt GHILQLFH 9WRPWR S tSDG  SDN WHG\ KRYR tPH VStãH R 


 VXEW tGiFK MHGQRWOLYêFK WDJ  8SODWQ Qt WDNRYêFK VXEW tG MH VKRGQp

MDNR XSODWQ Qt QRYpKR VW\OX VWtP UR]GtOHP åH QHSRXåtYiPH WDJ ',9!',9! DOH WDJ NWHUê WRXWR VXEW tGRX UR]ãL XMHPH 2GOLãQi MH

YãDNGHILQLFHW FKWRVXEW tG 'HILQLFH

D

LPSOHPHQWDFH

YQiVOHGXMtFtPS tNODGX

VXEW tG\

EXGH

S HGYHGHQD



3 tNODG 6WiYDMtFt WDJ  SUR GHILQLFL QDGSLVX QHMY\ããt ~URYQ   SRW HEXMHPH UR]ãt LW R

VXEW tGXNWHUi]DMLVWtDE\StVPRE\ORPRGUpQDåOXWpPSRGNODG  +PRGU\^FRORU%OXH EDFNJURXQGFRORU<HOORZ` ,PSOHPHQWDFHSDNSURE KQHYUiPFLXSODWQ QtWDJX+ +FODVV ´PRGU\´«««««««



9WRPWR S tSDG  MH MDVQ  YLGLWHOQp XSODWQ Qt G GLþQRVWL

YODVWQRVWt WDJX + D VXEW tG\ PRGU\ 6DPD VXEW tGD PRGLILNXMH MHQ Q NROLNYODVWQRVWtRVWDWQtS HEtUi]WDJXGHILQLFHWDJX+

 ,'±XQLNiWQtSRSLVRYDþ 3RXåtYiQt ,' S L SUiFL V&66 VW\O\ MH REGRERX XåLWt W tG FODVV 

0tUQ VHOLãtYREODVWLV\QWD[HDXåLWi.DåGp,'E\P OREêWMHGLQHþQp YUiPFL +70/ GRNXPHQWX =WRKRWR SRKOHGX MVRX ,' SRXåtYiQ\

]HMPpQDS LG\QDPLFNpPJHQHURYiQt+70/

6\QWD[HGHILQXMtFtVW\OSRSVDQêLGY\SDGiQiVOHGRYQ  67</(!

$^YODVWQtGHILQLFHVW\OX`

67</(!

,PSOHPHQWDFHWRKRWR,'MHQiVOHGXMFtFt 


 ',9LG D!)RUPiWRYDQêWH[W',9!

-H ± OL SRW HED VSRMLW GHILQRYDQp ,' VNRQNUpWQtP WDJHP 7HG\

]DMLVWLW DE\ E\OR SRXÃ¥LWHOQp MHQ VWtPWR WDJHP Y\SDGi GHILQLFH

QiVOHGXMtFtP]S VREHP

%D^GHNODUDFHVW\OX`

9WRPWR S tSDG  MH ,' SRXÃ¥LWHOQp MHQ YUiPFL WDJX %!%!

NWHUêUR]ãL XMHSRGREQ MDNRVXEW tGD 

6KUQXWt

7HFKQRORJLH &66 MH ]SRKOHGX SURJUDPiWRU  LQWHUQHWRYêFK

DSOLNDFt YHOPL Yê]QDPQêP SURVW HGNHP MHMLFK WYRUE\ ]HMPpQD QD SROL ZHEGHVLJQX 0RåQRVWL WpWR WHFKQRORJLH ]DORåHQi QD UR]ãt HQt D PRGLILNDFL VWiYDMtFtFK YODVWQRVWt +70/ WDJ  VH VWiOH ]GRNRQDOXMt D

UR]ãL XMt 3R]RUXKRGQp MH WDNp SOQ  REMHNWRYp YQtPDQp WpWR WHFKQRORJLHDMHMtSRP UQ VQDGQiDSOLNDFH 

3UDNWLFNp~NRO\ 

9\WYR  H[WHUQt &66 VRXERU D LPSRUWXM MHM GR +70/

GRNXPHQW 

3URVW HGQLFWYtP

PRGLILNDFH

WDJX

%2'<!%2'<! ]DMLVWL DE\ SR]DGt NDÃ¥GpKR +70/

GRNXPHQWX E\OR EtOp WH[W þHUQê RGND]\ ]HOHQp D E\OD



SRXÃ¥tYDQiYHOLNRVWStVPDERG 

9UiPFL VWUiQN\ Y\WYR  &66 VW\O NWHUê UR]ãt t

YODVWQRVWL WDJX + R VXEW tGX QDGSLV 7DWR VXEW tGD VH EXGH Y\]QDþRYDW EDUHYQêP SR]DGtP QDGSLVX ± åOXWêP



DSRXÃ¥LWtP H]XStVPD7LPHV1HZ5RPDQ

9êãH ]PtQ Qp SUYN\ &66 MVRX ]iNODGQtPL NDPHQ\ FHOp WpWR

WHFKQRORJLH -DNR YãH YREODVWL ,7 VH L XåLWt D PRåQRVWL &66 YHOPL

U\FKOH UR]ãL XMt D LQRYXMt ' VOHGNHP MH  SRVXQ &66  RG SRXKpKR IRUPiWRYDFtKRQiVWURMHUR]ãL XMtFtKR]iNODGQtPRåQRVWLMD]\ND+70/ 


 NH NRPSOH[QtPX V\VWpPX HãtFtPX YH VSROXSUiFt VMD]\NHP +70/ þL

MLQêPLZHEWHFKQRORJLHPLSUREOHPDWLNXZHEGHVLJQX






 =iY U &tOHPWRKRWRVWXGLMQtKRPDWHULiOXE\ORSRGQtWLW]iMHPVWXGHQW R

WHFKQRORJLH WYRUE\ ::: VWUiQHN D REMDVQLW ]iNODGQt NDPHQ\ QD

NWHUêFK MVRX W\WR WHFKQRORJLH ]DORåHQ\ &HOi SUREOHPDWLND :::

VWUiQHN MH  YGQHãQt GRE  SRVRXYiQ\ VP UHP RG SRXKp SUH]HQWDFH NHNRQNUpWQtP DSOLNDFtP NWHUp Hãt þDVWR YHOPL QiURþQp D FLWOLYp

~NRO\ :HERYê SURKOtåHþ VH WDN VWiYi MHGQtP ]QHMXQLYHU]iOQ MãtFK WHFKQRORJLtYUiPFLVRIWZDURYêFKSURGXNW 

=KOHGLVND UR]VDKX MH QXWQR WXWR SXEOLNDFL SRYDåRYDW ]D  GtO

Y QRYDQêWpWRSUREOHPDWLFH&HOiSXEOLNDFHMH]WRKRWRKOHGLVNDSRMDWD

MDNR SUDFRYQt VHãLW NWHUê Pi VWXGHQWRYL XPRåQLW VDPRVWXGLXP

SRGQtWLWMHKR]iMHPRUR]ãL XMtFtVSHFLDOL]RYDQRXRGERUQRXOLWHUDWXUXD GRSOQLWS HGQiãN\DFYLþHQtYWRPWRS HGP WX 

0LOtVWXGHQWLS HMt9iPKRGQ VWXGLMQtFK~VS FK DLQVSLUDFt

 















$XWRU


WWW  

Scripta pro výuku tvorby webů

Read more
Read more
Similar to
Popular now
Just for you