5

8VHU*XLGH HQ(OFRPHWHU:HW)LOP&RPEV(OFRPHWHU:HW)LOP:KHHOV*HEUDXFKVDQOHLWXQJ GH(OFRPHWHU1DVVILOPNlPPH
(OFRPHWHU1DVVILOPUlGHU*XtDGHOXVXDULR HV(OFRPHWHU3HLQHVSDUDSHOtFXODK~PHGD(OFRPHWHU5XHGDVSDUDSHOtFXODK~PHGD*XLGHG XWLOLVDWLRQ IU(OFRPHWHU3HLJQHVSRXUILOPVKXPLGHV(OFRPHWHU-DXJHVFLUFXODLUHVG¶pSDLVVHXUSRXUILOPVKXPLGHV*XLGDSHUO XWHQWH LW(OFRPHWHU3HWWLQLSHUILOPXPLGR
5RWHOOHSHUILOPXPLGR(OFRPHWHU*HEUXLNHUVKDQGOHLGLQJ QO(OFRPHWHUQDWWHILOPNDPPHQ(OFRPHWHUFRDWLQJGLNWHZLHOHQYRRUQDWWHYHUI䞷㓆∎䞷㖖荹 ]K(OFRPHWHU䄎含祮(OFRPHWHU䄎含懽Ǽ✣ǌ✣ǂƺǟ MS(OFRPHWHU
ŲźྙƼƽǙǞǫƹȁǶଇިί
(OFRPHWHUȃ✣ǕȀ✣ൔƼƽǙǞǫƹȁǶଇިίZZZHOFRPHWHUFRP

5

8VHU*XLGH(OFRPHWHU
:HW)LOP&RPEV(OFRPHWHU:HW)LOP:KHHOVZZZHOFRPHWHUFRP5&217(176
6HFWLRQ
2YHUYLHZ
%R[&RQWHQWV
7HVW3URFHGXUH7HFKQLFDO6SHFLILFDWLRQ

3DJH
HQ
HQ
HQ
HQ

)RUWKHDYRLGDQFHRIGRXEWSOHDVHUHIHUWRWKHRULJLQDO(QJOLVKODQJXDJHYHUVLRQ
3OHDVHHQVXUHWKDWDOOSDFNDJLQJLVGLVSRVHGRILQDQHQYLURQPHQWDOO\VHQVLWLYHPDQQHU&RQVXOW\RXUORFDO(QYLURQPHQWDO$XWKRULW\IRUIXUWKHUJXLGDQFH
LVDUHJLVWHUHGWUDGHPDUNRI(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%8
8QLWHG.LQJGRP$OORWKHUWUDGHPDUNVDFNQRZOHGJHG
(OFRPHWHU/LPLWHG$OOULJKWVUHVHUYHG1RSDUWRIWKLVGRFXPHQWPD\EHUHSURGXFHGWUDQVPLWWHGWUDQVFULEHGVWRUHG LQDUHWULHYDOV\VWHPRURWKHUZLVH RUWUDQVODWHGLQWRDQ\ODQJXDJHLQDQ\IRUPRUE\DQ\
PHDQV HOHFWURQLFPHFKDQLFDOPDJQHWLFRSWLFDOPDQXDORURWKHUZLVH ZLWKRXWWKHSULRUZULWWHQSHUPLVVLRQRI(OFRPHWHU/LPLWHG
5HQZZZHOFRPHWHUFRP

5

29(59,(::(7),/0&20%6(OFRPHWHU 3UHFLVLRQIRUPHGORQJODVWLQJDQGUHXVDEOHKH[DJRQDOVWDLQOHVVVWHHO
$/
ZHW¿OPFRPEV$YDLODEOHLQDUDQJHRIWKLFNQHVVHVPHDVXULQJXSWRȝP PLOV ZLWKRUPHDVXUHPHQWVWHSVGHSHQGLQJRQWKHFRPE
$QDOXPLQLXPYHUVLRQRIWKH(OFRPHWHULVDOVRDYDLODEOHWKH
(OFRPHWHU$/D6XSSOLHGLQSDFNVRIHDFKDOXPLQLXPFRPEKDV0HWULF ȝP RQRQHVLGHDQG,PSHULDO PLOV RQWKHRWKHU(OFRPHWHU

0DGHIURP$%6SODVWLFGHVLJQHGWREHXVHGRQFHDQGNHSWDVDUHFRUGRIZHW¿OPWKLFNQHVVPHDVXUHPHQWIRUTXDOLW\DVVXUDQFHRUFXVWRPHUUHTXLUHPHQWV6XSSOLHGLQSDFNVRIHDFKFRPEKDV
0HWULF ȝP RQRQHVLGHDQG,PSHULDO PLOV RQWKH
RWKHU

(OFRPHWHU

3UHFLVLRQIRUPHGORQJODVWLQJDQGUHXVDEOHVWDLQOHVVVWHHOZHW¿OP
FRPEV)RXUVHSDUDWHZHW¿OPWKLFNQHVVUDQJHVDUHDYDLODEOHXSWRDPD[LPXPRIP PLOV DQGHDFKFRPEKDVPHDVXUHPHQWVWHSV WHHWK (OFRPHWHU

6LPLODUWRWKH(OFRPHWHUWKH(OFRPHWHUSURYLGHVWKHXVHUZLWKPRUHPHDVXUHPHQWVWHSV WHHWK SHUFRPE7KUHHVHSDUDWH
ZHW¿OPWKLFNQHVVUDQJHVDUHDYDLODEOHXSWRDPD[LPXPRIPPLOV :(7),/0:+((/6(OFRPHWHU

7KH(OFRPHWHUZHW¿OPZKHHOFRQVLVWVRIDFHQWUDOHFFHQWULFZKHHODQGWZRRXWHUFRQFHQWULFZKHHOV7KHGLDPHWHURIWKHRXWHUZKHHOVLVJUHDWHUWKDQWKDWRIWKHFHQWUDOZKHHO%\UROOLQJWKHJDXJHWKURXJKDZHWFRDWLQJWKHFHQWUHZKHHOHYHQWXDOO\WRXFKHVWKH¿OP
7KLVSRLQWRQWKHVFDOHLQGLFDWHVWKHWKLFNQHVV9DULRXVZHW¿OPWKLFNQHVVUDQJHVDUHDYDLODEOHXSWRDPD[LPXPRIP PLOV (OFRPHWHU

6LPLODUWRWKH(OFRPHWHUEXWWKHRXWHUZKHHOVDUHNQXUOHGWR
DOORZPHDVXUHPHQWVWREHWDNHQRQVOLSSHU\FRDWLQJVRURQIDVWPRYLQJVXEVWUDWHV7ZRVHSDUDWHZHW¿OPWKLFNQHVVUDQJHVDUH
DYDLODEOHȝP PLOV DQGȝP PLOV &RLO&RDWLQJ

D 7KH(OFRPHWHU$/FDQEHFXVWRPLVHGZLWK\RXUORJR3OHDVHFRQWDFW(OFRPHWHURU\RXUORFDO(OFRPHWHUVXSSOLHUIRUIXUWKHULQIRUPDWLRQZZZHOFRPHWHUFRP

HQ

5

%2; &217(176(OFRPHWHU:HW)LOP&RPERU:KHHO
E
6WRUDJH:DOOHW&DVH&DOLEUDWLRQ&HUWLILFDWHF LIRUGHUHG
8VHU*XLGH






7(67 352&('85(%HIRUH\RXVWDUWHQVXUHWKHZHWILOPFRPERUZKHHOLVFOHDQVHH
6HFWLRQµ&OHDQLQJ$IWHU7HVW¶RQSDJHHQDQGXQGDPDJHGDV
GDPDJHWRWKHZHWILOPWHHWKRUZKHHOFLUFXPIHUHQFHZLOODIIHFWWKH
UHDGLQJV










































































 86,1*$:(7 ),/0 &20%
 +ROGWKHFRPESHUSHQGLFXODUWRWKH
ZHWILOPDQGSUHVVWKHHGJHRIWKH
FRPELQWRWKHILOPXQWLOLWLVVWDEOHRQWKHVXEVWUDWH
 5HPRYHWKHFRPEIURPWKHZHWILOP ([DPLQHWKHWHHWKRIWKHFRPEDQG
ORFDWHWKHODVWWRRWKZKLFKLVZHWWHG
5HDGWKHWKLFNQHVVYDOXHRIWKLV:HW)LOPWRRWK7KHZHWILOPWKLFNQHVVLV
6XEVWUDWH
EHWZHHQWKLVYDOXHDQGWKH
WKLFNQHVVYDOXHRIWKHQH[WGU\WRRWK
,QWKHH[DPSOHVKRZQWKHZHWILOPWKLFNQHVVOLHVEHWZHHQȝPDQG
ȝP
7RXVHWKHFRPERQSLSHVHQVXUHLWLV
SODFHGSDUDOOHOWRWKHORQJLWXGLQDOD[LVRIWKHSLSH

2QURXJKVXUIDFHVPHDVXUHPHQWVZLOOEHPDGHIURPWKHVXUIDFHSHDNVDQGWKHUHIRUHZLOOUHSUHVHQWWKHPLQLPXPZHWILOPWKLFNQHVVEF$VWRUDJHZDOOHWFDVHLVQRWVXSSOLHGZLWKWKH(OFRPHWHU$/DQG(OFRPHWHU
&DOLEUDWLRQFHUWLILFDWHVDUHQRWDYDLODEOHIRUWKH(OFRPHWHU$/(OFRPHWHUDQG(OFRPHWHU&RLO
&RDWLQJ:HW)LOP:KHHOVHQZZZHOFRPHWHUFRP

5

7(67 352&('85( FRQWLQXHG
 86,1*$:(7 ),/0 :+((/
7KHSURFHGXUHRXWOLQHGEHORZLVIRUJXLGDQFHRQO\&RQVXOWWKH
UHOHYDQW6WDQGDUGIRUIXOOGHWDLOVRIWKHDSSOLFDEOHWHVWSURFHGXUH





PD[



8VLQJDILQJHUDQGWKXPEKROGWKHZKHHOE\LWVFHQWUDOVSLQGOHZLWKWKHPD[LPXPUHDGLQJRQWKHVFDOH
QHDUHVWWRWKHSDLQWILOP
3ODFHWKHZKHHOLQWRWKHZHWILOPHQVXULQJWKDWWKHZKHHOLV
SHUSHQGLFXODUWRWKHILOP:HW)LOP
5ROOWKHZKHHODFURVVWKHILOPWKURXJK GHSHQGLQJ 6XEVWUDWH
XSRQVWDQGDUG DQGWKHQUHPRYH
IURPWKHVXUIDFH
/RFDWHWKHILUVWSRLQWRQWKHFHQWUDOZKHHOZKHUHWKHSDLQWKDVDGKHUHG5HDGWKHZHWILOPWKLFNQHVVIURPWKHVFDOHRQWKHVLGH
RIWKHZKHHODWWKLVSRLQW

5HSHDWWKHSURFHGXUHDWOHDVWWZLFHLQGLIIHUHQWSODFHVWRREWDLQUHSUHVHQWDWLYHUHVXOWV
7RXVHWKHZKHHORQSLSHVUROOWKHZKHHODWULJKWDQJOHVWRWKH
ORQJLWXGLQDOD[LVRIWKHSLSH
2QURXJKVXUIDFHVPHDVXUHPHQWVZLOOEHPDGHIURPWKHVXUIDFHSHDNVDQGWKHUHIRUHZLOOUHSUHVHQWWKHPLQLPXPZHWILOPWKLFNQHVV
G &/($1,1* $)7(5 7(67&OHDQWKHZHWILOPFRPERUZKHHODIWHUHDFKWHVWXVLQJDVXLWDEOH
VROYHQW$IWHUFOHDQLQJHQVXUHWKDWDOOPDWHULDOVDUHUHPRYHGDQGWKDWWKHJDXJHLVGU\'2 127XVHYHU\DJJUHVVLYHVROYHQWVRUZLUHEUXVKHVPHWDOVFUDSHUVPHWDOILOHVRURWKHUPHWDOOLFWRROVIRUFOHDQLQJ
6WRUHWKHZHWILOPFRPERUZKHHOLQWKHZDOOHWFDVHSURYLGHGEZKHQQRWLQXVH
E
G$VWRUDJHZDOOHWFDVHLVQRWVXSSOLHGZLWKWKH(OFRPHWHU$/DQG(OFRPHWHU
'RHVQRWDSSO\WRWKH(OFRPHWHUZKLFKDUHGHVLJQHGWREHXVHGRQFHDQGNHSWDVDUHFRUGRIZHW¿OPWKLFNQHVVPHDVXUHPHQWIRUTXDOLW\DVVXUDQFHRUFXVWRPHUUHTXLUHPHQWVZZZHOFRPHWHUFRP

HQ

5

7(&+1,&$/63(&,),&$7,21
(/&20(7(5 +(;$*21$/:(7),/0&20%6 6WDLQOHVV6WHHO

3DUW1XPEHU

H

5DQJH

0HDVXUHPHQW6WHSVP

PP


P%%P


P.860PLOV


PLOV.860PLOV



PLOV%%PLOV



PLOV$FFXUDF\RIPDUNHGYDOXHRUP PLO ZKLFKHYHULVWKHJUHDWHU.0.0

&DQEHXVHGLQDFFRUGDQFHZLWK$670'$$61=6%6&%
,62$,62%-,6.1)7861$9<33,
861$9<16,



(/&20(7(5$/+(;$*21$/:(7),/0&20%6 $OXPLQLXP

3DUW1XPEHU

5DQJH

0HDVXUHPHQW6WHSV

6LGH$P


P

6LGH%PLOV



PLOV%$/$FFXUDF\

1RPLQDO9DOXHV&DQEHXVHGLQDFFRUGDQFHZLWK$670'$$61=6%6&%
,62$,62%-,6.1)7861$9<33,
861$9<16,H

2SWLRQDO&DOLEUDWLRQ&HUWL¿FDWHVDUHDYDLODEOHWRSXUFKDVHVHSDUDWHO\&DOLEUDWLRQ&HUWL¿FDWHVPXVWEH
UHTXHVWHGDWWLPHRIRUGHUWKH\FDQQRWEHVXSSOLHGUHWURVSHFWLYHO\HQZZZHOFRPHWHUFRP

5

7(&+1,&$/63(&,),&$7,21 FRQWLQXHG
(/&20(7(5:(7),/0&20%6 6WDLQOHVV6WHHO

3DUW1XPEHU

H

5DQJH

0HDVXUHPHQW6WHSV%0PP%0PP%0PP%0PP%(PLOV

PLOV%(PLOV

PLOV%(PLOV

PLOV%(PLOV

PLOV$FFXUDF\RIPDUNHGYDOXHRUP PLO ZKLFKHYHULVWKHJUHDWHU&DQEHXVHGLQDFFRUGDQFHZLWK$670'$$61=6%6&%
,62$,62%-,6.1)7861$9<33,
861$9<16,


(/&20(7(5/21*('*(:(7),/0&20%6 6WDLQOHVV6WHHO

3DUW1XPEHUH

5DQJH

0HDVXUHPHQW6WHSV.0P

PLQWHUYDOV.0P

PLQWHUYDOV.0P

PLQWHUYDOV.860PLOV

PLOLQWHUYDOV.860PLOV

PLOLQWHUYDOV.860PLOV

PLOLQWHUYDOV$FFXUDF\RIPDUNHGYDOXHRUP PLO ZKLFKHYHULVWKHJUHDWHU&DQEHXVHGLQDFFRUGDQFHZLWK$670'$$61=6%6&%
,62$,62%-,6.1)7861$9<33,
861$9<16,


(/&20(7(53/$67,&:(7),/0&20%6

3DUW1XPEHU%$FFXUDF\

5DQJH

0HDVXUHPHQW6WHSV

6LGH$P
P

6LGH%PLOV


PLOV

1RPLQDO9DOXHV&DQEHXVHGLQDFFRUGDQFHZLWK%6&%,62$,62%
-,6.1)7
H



2SWLRQDO&DOLEUDWLRQ&HUWL¿FDWHVDUHDYDLODEOHWRSXUFKDVHVHSDUDWHO\&DOLEUDWLRQ&HUWL¿FDWHVPXVWEH
UHTXHVWHGDWWLPHRIRUGHUWKH\FDQQRWEHVXSSOLHGUHWURVSHFWLYHO\7ZRPLOVYDOXHVRQHRQHDFKHGJHRIWKHFRPEZZZHOFRPHWHUFRP

HQ

5

7(&+1,&$/63(&,),&$7,21 FRQWLQXHG
(/&20(7(5:(7),/0:+((/6

3DUW1XPEHU

H

5DQJH

*UDGXDWLRQV 3DUW1XPEHU.0PP.0P

P.0P.0

H

5DQJH

*UDGXDWLRQV.860 PLO

PLO

P.860 PLOV

PLOP

P.860 PLOV

PLO.0P

P.860 PLOV

PLO.0PP.0PP.0PP.860 PLOV

PLO.0PP.0PP.860 PLOV

PLO.0P P.860 PLOV

PLOV$FFXUDF\RIPDUNHGYDOXHRUP PLO ZKLFKHYHULVWKHJUHDWHU$FFHVVRULHV.71:HW)LOP:KHHO+DQGOHIFP ´.71:HW)LOP:KHHO+DQGOHIFP ´&DQEHXVHGLQDFFRUGDQFHZLWK$670'$$61=6%6&$,62%,62$-,6.1)7


(/&20(7(5&2,/&2$7,1*:(7),/0:+((/63DUW1XPEHU

5DQJH*UDGXDWLRQV 3DUW1XPEHU

5DQJH*UDGXDWLRQV.0P

P.860 PLOV

PLO.0P

P.860 PLOV

PLO$FFXUDF\

1RPLQDO9DOXHV&DQEHXVHGLQDFFRUGDQFHZLWK$670'$$61=6%6&$,62%,62$-,6.1)7H

I

2SWLRQDO&DOLEUDWLRQ&HUWL¿FDWHVDUHDYDLODEOHWRSXUFKDVHVHSDUDWHO\&DOLEUDWLRQ&HUWL¿FDWHVPXVWEH
UHTXHVWHGDWWLPHRIRUGHUWKH\FDQQRWEHVXSSOLHGUHWURVSHFWLYHO\:HW¿OPZKHHOKDQGOHVDUHQRWFRPSDWLEOHZLWK(OFRPHWHU&RLO&RDWLQJ:HW)LOP:KHHOV

70$,VVXH7H[WZLWKFRYHU

5*HEUDXFKVDQOHLWXQJ(OFRPHWHU
1DVVILOPNlPPH
(OFRPHWHU1DVVILOPUlGHU

ZZZHOFRPHWHUFRP

5,1+$/7$EVFKQLWWhEHUEOLFN
3DFNXQJVLQKDOW3UIYHUIDKUHQ7HFKQLVFKH'DWHQ

6HLWH
GH
GH
GH
GH

%H]LHKHQ6LHVLFKLP=ZHLIHOVIDOOELWWHDXIGLHHQJOLVFKVSUDFKLJH9HUVLRQ
6WHOOHQ6LHELWWHVLFKHUGDVVDOOH9HUSDFNXQJDXIXPZHOWYHUWUlJOLFKH:HLVHHQWVRUJWZLUG/DVVHQ6LHVLFKYRQ,KUHU|UWOLFKHQ8PZHOWEHK|UGHZHLWHUEHUDWHQ
LVWHLQHLQJHWUDJHQHV:DUHQ]HLFKHQGHU(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%8 *UREULWDQQLHQXQG1RUGLUODQG
$OOHDQGHUHQ+DQGHOVPDUNHQVLQGDQHUNDQQW
(OFRPHWHU/LPLWHG6lPWOLFKH5HFKWHYRUEHKDOWHQ.HLQ7HLOGLHVHV'RNXPHQWVGDUIRKQHGLHYRUKHULJHVFKULIWOLFKH*HQHKPLJXQJGHU(OFRPHWHU/LPLWHGLQMHGZHGHU)RUPRGHUDXIMHGZHGH$UWUHSURGX]LHUWEHUWUDJHQWUDQVNULELHUWJHVSHLFKHUW LQHLQHP$EUXIV\VWHPRGHUDXIVRQVWLJH:HLVH RGHULQMHGZHGH6SUDFKH HOHNWURQLVFKPHFKDQLVFKPDJQHWLVFKRSWLVFKPDQXHOORGHUDXIVRQVWLJH:HLVH EHUVHW]WZHUGHQ5GH

ZZZHOFRPHWHUFRP

5

h%(5%/,&.
1$66),/0.b00((OFRPHWHU 3Ul]LVLRQVJHIHUWLJWHODQJOHELJHXQGZLHGHUYHUZHQGEDUH6HFKVHFN$/
1DVV¿OPNlPPHDXV(GHOVWDKO-HQDFK.DPPDXVIKUXQJLQ
'LFNHQEHUHLFKHQELV]XȝP PLO PLWRGHU
0HVVVWXIHQHUKlOWOLFK(LQH$OXPLQLXPDXVIKUXQJGHV(OFRPHWHUGHU
(OFRPHWHU$/DLVWHEHQIDOOVHUKlOWOLFK'LHLPHU3DFNHUKlOWOLFKHQ$OXPLQLXPNlPPHVLQGMHZHLOVPLWPHWULVFKHQ(LQKHLWHQ
P DXIHLQHU6HLWHXQGLPSHULDOHQ:HUWHQ PLO DXI
GHUDQGHUHQYHUVHKHQ(OFRPHWHU

$XV$%6.XQVWVWRႇJHIHUWLJWIUGLHHLQPDOLJH9HUZHQGXQJXQG]XU
$XIEHZDKUXQJDOV1DFKZHLVGHU1DVV¿OPGLFNHIUGLH
4XDOLWlWVNRQWUROOHRGHU]XU:HLWHUJDEHDQGHQ.XQGHQYRUJHVHKHQ
'LHLPHU3DFNHUKlOWOLFKHQ.lPPHVLQGMHZHLOVPLWPHWULVFKHQ
(LQKHLWHQ P DXIHLQHU6HLWHXQGLPSHULDOHQ:HUWHQPLO DXIGHUDQGHUHQYHUVHKHQ(OFRPHWHU

3Ul]LVLRQVJHIHUWLJWHODQJOHELJHXQGZLHGHUYHUZHQGEDUH
1DVV¿OPNlPPHDXV(GHOVWDKO(VVLQGYLHUXQWHUVFKLHGOLFKH
1DVV¿OPGLFNHQEHUHLFKHPLWELV]XȝP PLO YHUIJEDUXQG
MHGHU.DPPELHWHW0HVVVWXIHQ =lKQH (OFRPHWHU

'HUGHP(OFRPHWHUlKQOLFKH(OFRPHWHUVWHOOWPHKU
0HVVVWXIHQ =lKQH EHUHLWSUR.DPP(VVLQGGUHLXQWHUVFKLHGOLFKH1DVV¿OPGLFNHQEHUHLFKHPLWELV]XȝP PLO 
YHUIJEDU1$66),/05b'(5(OFRPHWHU

'DV(OFRPHWHU1DVV¿OPUDGEHVWHKWDXVHLQHPH[]HQWULVFKHQPLWWOHUHQ5LQJXQG]ZHLNRQ]HQWULVFKHQlXHUHQ5LQJHQ'HU'XUFKPHVVHUGHUlXHUHQ5LQJHLVWJU|HUDOVGHUGHVPLWWOHUHQ
5LQJV'DV0HVVUDGZLUGEHUGHQ1DVV¿OPJHUROOWELVGHUPLWWOHUH
5LQJGHQ)LOPEHUKUW'LHVHU3XQNWDXIGHU6NDODJLEWGLH)LOPGLFNH
DQ(VVLQGXQWHUVFKLHGOLFKH1DVV¿OPGLFNHQEHUHLFKHPLWELV]XȝP PLO YHUIJEDU(OFRPHWHU

'DV0HVVUDGLVWGHPGHV(OFRPHWHUlKQOLFKGLHlXHUHQ5LQJH
VLQGMHGRFKJHUlQGHOWXP0HVVXQJHQDXIVFKOSIULJHQ%HVFKLFKWXQJHQRGHUVFKQHOOODXIHQGHQ6XEVWUDWHQ]XHUP|JOLFKHQ
(VVLQG]ZHLXQWHUVFKLHGOLFKH1DVV¿OPGLFNHQYHUIJEDUȝPPLO XQGȝP PLO %DQGEHVFKLFKWXQJ

D

 'DV(OFRPHWHU$/NDQQDXI:XQVFKPLW,KUHP/RJRYHUVHKHQZHUGHQ.RQWDNWLHUHQ6LHIUZHLWHUH
,QIRUPDWLRQHQELWWH(OFRPHWHURGHU,KUHQ|UWOLFKHQ(OFRPHWHU+lQGOHU

ZZZHOFRPHWHUFRP

GH

5

3$&.81*6,1+$/7(OFRPHWHU1DVVILOPNDPPRGHUUDG
E$XIEHZDKUXQJVVWDVFKH+OOH.DOLEULHU]HUWLILNDWF IDOOVEHVWHOOW*HEUDXFKVDQOHLWXQJ

35h)9(5)$+5(16WHOOHQ6LHVLFKHUGDVVGHU1DVVILOPNDPPE]ZGDV5DGVDXEHUXQG
XQEHVFKlGLJWLVW VLHKH$EVFKQLWW 5HLQLJXQJQDFKGHU3UIXQJ 
DXI6HLWHGH GDHLQH%HVFKlGLJXQJGHU=lKQHGHV
1DVVILOPNDPPVE]ZGHV5DGXPIDQJVGLH0HVVZHUWHEHHLQWUlFKWLJW











































































 9(5:(1'81* (,1(6 1$66),/0.$006
 +DOWHQ6LHGHQ.DPPVHQNUHFKW]XP1DVVILOPXQGGUFNHQ6LHVHLQH
.DQWHLQGHQ)LOPELVHUIHVWDXI
GHP6XEVWUDWDXIOLHJW
 1HKPHQVLHGHQ.DPPYRP
1DVVILOPDE %HWUDFKWHQ6LHGLH=lKQHGHV.DPPVXQGVXFKHQ6LHGHQ
1DVV¿OP
OHW]WHQEHQHW]WHQ=DKQ/HVHQ6LH
GHQ'LFNHQZHUWGLHVHV=DKQVDE 6XEVWUDW'LH1DVVILOPGLFNHOLHJW]ZLVFKHQ
GLHVHP:HUWXQGGHP'LFNHQZHUWGHVQlFKVWHQWURFNHQHQ=DKQV
,PDEJHELOGHWHQ%HLVSLHOOLHJWGLH1DVVILOPGLFNH]ZLVFKHQPXQGP
6WHOOHQ6LHEHLGHU9HUZHQGXQJGHV.DPPVDQ5RKUOHLWXQJHQVLFKHUGDVVHUSDUDOOHO]XU/lQJVDFKVHGHU5RKUOHLWXQJOLHJW$XIUDXHQ2EHUIOlFKHQZHUGHQGLH0HVVZHUWHYRQGHQ6SLW]HQGHU
2EHUIOlFKHDXVHUIDVVWXQGUHSUlVHQWLHUHQGHVKDOEGLHPLQLPDOH
1DVVILOPGLFNH
E

 0LWGHP(OFRPHWHU$/XQG(OFRPHWHUZLUGNHLQH$XIEHZDKUXQJVWDVFKH+OOHJHOLHIHUW )UGHQ(OFRPHWHU$/(OFRPHWHUXQG(OFRPHWHU %DQGEHVFKLFKWXQJ VLQGNHLQH
3UI]HUWLILNDWHYHUIJEDU

F

GH

ZZZHOFRPHWHUFRP

5

35h)9(5)$+5(1 )RUWVHW]XQJ 9(5:(1'81* (,1(6 1$66),/05$'6'LHXQWHQEHVFKULHEHQH9HUIDKUHQVZHLVHVROOOHGLJOLFKDOVHLQ
/HLWIDGHQGLHQHQ(QWQHKPHQ6LHYROOVWlQGLJH'HWDLOVGHV]XWUHIIHQGHQ
3UIYHUIDKUHQVELWWHGHUMHZHLOLJHQ1RUP
+DOWHQ6LHGDV5DGPLW)LQJHUXQG
'DXPHQVRDQGHU6SLQGHOIHVWGDVVGHUPD[LPDOH0HVVZHUWDXI
GHU6NDODGLUHNWEHUGHP
1DVVILOPOLHJW
6HW]HQVLHGDV5DGLQGHQ
1DVV¿OP
1DVVILOPHLQXQGDFKWHQ6LH
GDUDXIGDVVGDV5DGVHQNUHFKW 6XEVWUDW]XP)LOPVWHKW5ROOHQ6LHGDV5DGXP DEKlQJLJYRQGHU1RUP EHU
GHQ)LOPXQGKHEHQVLHHVGDQQYRQGHU2EHUIOlFKHDE6XFKHQ6LHGHQHUVWHQ3XQNWDPPLWWOHUHQ5LQJDQGHPGLH
)DUEHIHVWKDIWHW/HVHQ6LHDQGLHVHP3XQNWGLH1DVVILOPGLFNHYRQGHU6NDODVHLWOLFKDP5DGDE
PD[










:LHGHUKROHQ6LHGLHVH9RUJHKHQVZHLVHPLQGHVWHQV]ZHLPDODQXQWHUVFKLHGOLFKHQ6WHOOHQXPUHSUlVHQWDWLYH(UJHEQLVVH]XHUKDOWHQ
5ROOHQ6LHGDV5DG]XU9HUZHQGXQJDQ5RKUOHLWXQJHQUHFKWZLQNOLJ]XU/lQJVDFKVHGHU5RKUOHLWXQJHQ$XIUDXHQ2EHUIOlFKHQZHUGHQGLH0HVVZHUWHYRQGHQ6SLW]HQGHU
2EHUIOlFKHDXVHUIDVVWXQGUHSUlVHQWLHUHQGHVKDOEGLHPLQLPDOH
1DVVILOPGLFNH
 5(,1,*81* 1$&+ '(5 35h)81*G
5HLQLJHQVLHGHQ1DVVILOPNDPPE]ZGDV5DGQDFKMHGHU3UIXQJPLWHLQHPJHHLJQHWHQ/|VHPLWWHO9HUJHZLVVHUQ6LHVLFKQDFKGHP
5HLQLJHQGDVVVlPWOLFKHV0DWHULDOHQWIHUQWXQGGDV*HUlWWURFNHQLVW

9HUZHQGHQ6LH.(,1(VWDUNDJJUHVVLYHQ/|VHPLWWHO'UDKWEUVWHQ0HWDOOVFKDEHU0HWDOOIHLOHQRGHUVRQVWLJHQ
PHWDOOLVFKHQ:HUN]HXJH]XP5HLQLJHQ%HZDKUHQVLHGHQ1DVVILOPNDPPE]ZGDV5DGLQGHU7DVFKH+OOH
DXIEZHQQGLHVHQLFKWYHUZHQGHWZHUGHQE

 0LWGHP(OFRPHWHU$/XQG(OFRPHWHUZLUGNHLQH$XIEHZDKUXQJVWDVFKH+OOHJHOLHIHUW7ULႇWQLFKWDXI(OFRPHWHU]XGLHIUGLHHLQPDOLJH9HUZHQGXQJXQG]XU$XIEHZDKUXQJDOV1DFKZHLV
GHU1DVV¿OPGLFNHIUGLH4XDOLWlWVNRQWUROOHRGHU]XU:HLWHUJDEHDQGHQ.XQGHQYRUJHVHKHQVLQGGZZZHOFRPHWHUFRP

GH

5

7(&+1,6&+('$7(1(/&20(7(5 6(&+6(&.1$66),/0.b00( (GHOVWDKO%HVWHOOQXPPHUH%HUHLFK

0HVVVWXIHQP

PP


P%%P


P.860PLOV


PLOV.860PLOV



PLOV%%PLOV



PLOV*HQDXLJNHLWGHVPDUNLHUWHQ:HUWHVRGHUP PLO HV]lKOWGHUJU|HUH:HUW.0.0

9HUZHQGEDUJHPl$670'$$61=6%6&%
,62$,62%-,6.1)7861$9<33,
861$9<16,



(/&20(7(5$/6(&+6(&.1$66),/0.b00( $OXPLQLXP%HVWHOOQXPPHU%HUHLFK

0HVVVWXIHQ

6HLWH$P


P

6HLWH%
PLOV



PLOV%$/*HQDXLJNHLW

1RPLQHOOH:HUWH

9HUZHQGEDUJHPl$670'$$61=6%6&%
,62$,62%-,6.1)7861$9<33,
861$9<16,

H

 2SWLRQDOH.DOLEULHU]HUWL¿NDWHVLQGJHWUHQQWHUKlOWOLFK.DOLEULHU]HUWL¿NDWHPVVHQEHLGHU%HVWHOOXQJDQJHIRUGHUWZHUGHQ6LHN|QQHQQLFKWQDFKWUlJOLFKEHUHLWJHVWHOOWZHUGHQGHZZZHOFRPHWHUFRP

5

7(&+1,6&+('$7(1 )RUWVHW]XQJ(/&20(7(51$66),/0.b00( (GHOVWDKO%HVWHOOQXPPHUH%HUHLFK

0HVVVWXIHQ%0PP%0PP%0PP%0PP%(PLOV

PLOV%(PLOV

PLOV%(PLOV

PLOV%(PLOV

PLOV*HQDXLJNHLWGHVPDUNLHUWHQ:HUWHVRGHUP PLO HV]lKOWGHUJU|HUH:HUW

9HUZHQGEDUJHPl$670'$$61=6%6&%
,62$,62%-,6.1)7861$9<33,
861$9<16,


(/&20(7(5/$1*(1$66),/0.b00( (GHOVWDKO%HVWHOOQXPPHUH%HUHLFK

0HVVVWXIHQ.0P

P,QWHUYDOOH.0P

P,QWHUYDOOH.0P

P,QWHUYDOOH.860PLOV

PLO,QWHUYDOOH.860PLOV

PLO,QWHUYDOOH.860PLOV

PLO,QWHUYDOOH*HQDXLJNHLWGHVPDUNLHUWHQ:HUWHVRGHUP PLO HV]lKOWGHUJU|HUH:HUW

9HUZHQGEDUJHPl$670'$$61=6%6&%,62$,62%-,6.1)7861$9<33,
861$9<16,


(/&20(7(5.8167672))1$66),/0.b00(%HVWHOOQXPPHU%*HQDXLJNHLW%HUHLFK

0HVVVWXIHQ

6HLWH$P
P

6HLWH%
PLOV

PLOV

1RPLQHOOH:HUWH

9HUZHQGEDUJHPl%6&%,62$,62%-,6.
1)7
H

 2SWLRQDOH.DOLEULHU]HUWL¿NDWHVLQGJHWUHQQWHUKlOWOLFK.DOLEULHU]HUWL¿NDWHPVVHQEHLGHU%HVWHOOXQJDQJHIRUGHUWZHUGHQ6LHN|QQHQQLFKWQDFKWUlJOLFKEHUHLWJHVWHOOWZHUGHQ =ZHLPLO:HUWHHLQHUDXIMHGHU.DQWHGHV.DPPHVZZZHOFRPHWHUFRP

GH

5

7(&+1,6&+('$7(1 )RUWVHW]XQJ(/&20(7(51$66),/05b'(5%HVWHOOQXPPHU

H

H%HUHLFK

7HLOXQJ%HVWHOOQXPPHU%HUHLFK

7HLOXQJ.0PP.860 PLO

PLO.0PP.0PP.860 PLOV

PLO.0PP.860 PLOV

PLO.0PP.860 PLOV

PLO.0PP.0PP.0PP.860 PLOV

PLO.0PP.0PP.860 PLOV

PLO.0P P.860 PLOV

PLOV*HQDXLJNHLWGHVPDUNLHUWHQ:HUWHVRGHUP PLO HV]lKOWGHUJU|HUH:HUW

=XEHK|U.711DVV¿OPUDG+DQGJULႇIFP ´ .711DVV¿OPUDG+DQGJULႇIFP ´ 

9HUZHQGEDUJHPl$670'$$61=6%6&$,62%
,62$-,6.1)7


(/&20(7(51$66),/05b'(5)h5',(%$1'%(6&+,&+781*%HVWHOOQXPPHU%HUHLFK

7HLOXQJ%HVWHOOQXPPHU%HUHLFK

7HLOXQJ.0PP.860 PLOV

PLO.0PP.860 PLOV

PLO*HQDXLJNHLW

1RPLQHOOH:HUWH

9HUZHQGEDUJHPl$670'$$61=6%6&$,62%
,62$-,6.1)7

H

 2SWLRQDOH.DOLEULHU]HUWL¿NDWHVLQGJHWUHQQWHUKlOWOLFK.DOLEULHU]HUWL¿NDWHPVVHQEHLGHU%HVWHOOXQJDQJHIRUGHUWZHUGHQ6LHN|QQHQQLFKWQDFKWUlJOLFKEHUHLWJHVWHOOWZHUGHQ
I 1DVV¿OPUDG+DQGJULႇHVLQGQLFKWPLW(OFRPHWHU1DVV¿OPUlGHUQIUGLH%DQGEHVFKLFKWXQJNRPSDWLEHO

70$$XVJDEH7H[WPLW'HFNEODWW1U

5*XtDGHOXVXDULR(OFRPHWHU
3HLQHVSDUDSHOtFXODK~PHGD(OFRPHWHU
5XHGDVSDUDSHOtFXODK~PHGD

ZZZHOFRPHWHUFRP5&217(1,'2
6HFFLyQ
'HVFULSFLyQJHQHUDO&RQWHQLGRGHODFDMD

3URFHGLPLHQWRGHSUXHED(VSHFLILFDFLRQHVWpFQLFDV

3iJLQD
HV
HV
HV
HV

3DUDGHVSHMDUFXDOTXLHUGXGDFRQVXOWHODYHUVLyQRULJLQDOHQLQJOpV$VHJ~UHVHGHTXHHVWHHPEDODMHVHGHVHFKDGHIRUPDUHVSHWXRVDFRQHOPHGLRDPELHQWH&RQVXOWHDODVDXWRULGDGHVORFDOHVHQPDWHULDPHGLRDPELHQWDOSDUDREWHQHULQIRUPDFLyQ
HVXQDPDUFDFRPHUFLDOUHJLVWUDGDGH(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%8 5HLQR8QLGR
7RGDVODVGHPiVPDUFDVFRPHUFLDOHVVHGDQSRUUHFRQRFLGDV(OFRPHWHU/LPLWHG7RGRVORVGHUHFKRVUHVHUYDGRV(VWHGRFXPHQWRQLQLQJ~QIUDJPHQWRGHOPLVPRSXHGHQUHSURGXFLUVHWUDQVPLWLUVHWUDQVFULELUVHDOPDFHQDUVH HQXQVLVWHPDGHUHFXSHUDFLyQRGHRWURWLSR QLWUDGXFLUVHDQLQJ~QLGLRPDHQQLQJ~QIRUPDWRQLSRUQLQJ~QPHGLR \DVHDHOHFWUyQLFRPHFiQLFRPDJQpWLFRySWLFRPDQXDORGHRWURWLSR VLQSHUPLVRSUHYLR\SRUHVFULWRGH(OFRPHWHU/LPLWHG
5HVZZZHOFRPHWHUFRP5

'(6&5,3&,Ï1*(1(5$/3(,1(63$5$3(/Ë&8/$+Ò0('$(OFRPHWHU 3HLQHVSDUDSHOtFXODK~PHGDKH[DJRQDOHVGHDFHURLQR[LGDEOH
$/IDEULFDGRVFRQSUHFLVLyQGXUDGHURV\UHXWLOL]DEOHV'LVSRQLEOHVHQXQDJDPDGHPHGLFLRQHVGHHVSHVRUGHKDVWDȝP PLOV 
FRQRSDVRVGHPHGLFLyQGHSHQGLHQGRGHOSHLQH
7DPELpQKD\GLVSRQLEOHXQDYHUVLyQGHDOXPLQLRGHO(OFRPHWHU
HO(OFRPHWHU$/D6XPLQLVWUDGRVHQSDTXHWHVGHFDGDSHLQH
GHDOXPLQLRSUHVHQWDPHGLFLRQHVPpWULFDV ȝP HQXQD
FDUD\GHOVLVWHPDEULWiQLFR PLOV HQODRWUD(OFRPHWHU(VWiIDEULFDGRHQSOiVWLFR$%6GLVHxDGRSDUDVHUXWLOL]DGRXQDVRODYH]\FRQVHUYDGRFRPRUHJLVWURGHPHGLFLyQGHOHVSHVRUGHSHOtFXOD
K~PHGDSDUDFRQWUROGHFDOLGDGRFXPSOLPLHQWRGHUHTXLVLWRVGH
FOLHQWHV6XPLQLVWUDGRVHQSDTXHWHVGHFDGDSHLQHSUHVHQWD
PHGLFLRQHVPpWULFDV ȝP HQXQDFDUD\GHOVLVWHPD
EULWiQLFR PLOV HQODRWUD(OFRPHWHU

3HLQHVSDUDSHOtFXODK~PHGDGHDFHURLQR[LGDEOHIDEULFDGRVFRQ
SUHFLVLyQGXUDGHURV\UHXWLOL]DEOHV+D\GLVSRQLEOHVFXDWURUDQJRVLQGHSHQGLHQWHVGHHVSHVRUGHSHOtFXODK~PHGDGHKDVWDXQPi[LPRGHȝP PLOV \FDGDSHLQHWLHQHSDVRVGHPHGLFLyQGLHQWHV (OFRPHWHU

6LPLODUDO(OFRPHWHUHO(OFRPHWHUSURSRUFLRQDDOXVXDULRPiVSDVRVGHPHGLFLyQ GLHQWHV ±SRUSHLQH+D\GLVSRQLEOHVWUHVUDQJRVLQGHSHQGLHQWHVGHHVSHVRUGHSHOtFXODK~PHGDGHKDVWDXQ
Pi[LPRGHȝP PLOV 
58('$63$5$3(/Ë&8/$+Ò0('$(OFRPHWHU

/DUXHGDSDUDSHOtFXODK~PHGD(OFRPHWHUFRQVWDGHXQDUXHGDFHQWUDOH[FpQWULFD\GRVUXHGDVH[WHULRUHVFRQFpQWULFDV(OGLiPHWURGHODVUXHGDVH[WHULRUHVHVPD\RUTXHHOGHODUXHGDFHQWUDO$OURGDUHOPHGLGRUSRUXQUHYHVWLPLHQWRK~PHGRODUXHGDFHQWUDODFDEDWRFDQGRODSHOtFXOD(VWHSXQWRGHODHVFDODLQGLFDHOHVSHVRU+D\
GLVSRQLEOHVGLYHUVRVUDQJRVGHHVSHVRUGHSHOtFXODK~PHGDGHKDVWD
XQPi[LPRGHȝP PLOV (OFRPHWHU

(VVLPLODUDO(OFRPHWHUSHURODVUXHGDVH[WHULRUHVHVWiQPROHWHDGDVSDUDSHUPLWLUODWRPDGHPHGLFLRQHVHQUHYHVWLPLHQWRVUHVEDODGL]RVRHQVXVWUDWRVTXHVHPXHYHQDJUDQYHORFLGDG+D\
GLVSRQLEOHVGRVUDQJRVLQGHSHQGLHQWHVGHHVSHVRUGHSHOtFXOD
K~PHGDȝP PLOV \ȝP PLOV 

5HYHVWLPLHQWRHQFRQWLQXR

D (O(OFRPHWHU$/SXHGHSHUVRQDOL]DUVHFRQVXORJRWLSR3yQJDVHHQFRQWDFWRFRQ(OFRPHWHURFRQVXSURYHHGRUORFDOGHSURGXFWRV(OFRPHWHUSDUDREWHQHUPiVLQIRUPDFLyQZZZHOFRPHWHUFRP

HV

5

&217(1,'2 '( /$ &$-$
3HLQHRUXHGDSDUDSHOtFXODK~PHGD(OFRPHWHU
E
)XQGDHVWXFKHGHDOPDFHQDPLHQWR
&HUWLILFDGRGHFDOLEUDFLyQF VLVHVROLFLWD
*XtDGHOXVXDULR
352&(',0,(172 '( 358(%$$QWHVGHFRPHQ]DUDVHJ~UHVHGHTXHHOSHLQHRODUXHGDSDUDSHOtFXODK~PHGDHVWiOLPSLR FRQVXOWDODVHFFLyQ©/LPSLH]DGHVSXpVGHODSUXHEDªHQODSiJLQDHV \QRSUHVHQWDGDxRV\D
TXHORVGDxRVHQORVGLHQWHVRODFLUFXQIHUHQFLDGHODUXHGDDIHFWDQDODVOHFWXUDV












































































 87,/,=$&,Ï1 '( 81 3(,1( 3$5$ 3(/Ë&8/$ +Ò0('$ 6XMHWHHOSHLQHSHUSHQGLFXODUPHQWH
DODSHOtFXODK~PHGD\SUHVLRQHHOERUGHGHOSHLQHKDFLDODSHOtFXODKDVWDTXHHVWpHVWDEOHHQHOVXVWUDWR
 5HWLUHHOSHLQHGHODSHOtFXODK~PHGD ([DPLQHORVGLHQWHVGHOSHLQH\
3HOtFXODORFDOLFHHO~OWLPRGLHQWHTXHHVWi
K~PHGD
K~PHGR/HDHOYDORUGHHVSHVRU
6XVWUDWRGHHVWHGLHQWH(OHVSHVRUGHOD
SHOtFXODK~PHGDVHHQFXHQWUDHQWUHHVWHYDORU\HOYDORUGH
HVSHVRUGHOVLJXLHQWHGLHQWHVHFR(QHOHMHPSORPRVWUDGRHOHVSHVRUGHOD
SHOtFXODK~PHGDVHVLW~DHQWUHȝP\ȝP
3DUDXWLOL]DUHOSHLQHHQWXEHUtDV
DVHJ~UHVHGHTXHHVWHVHFRORFDHQSDUDOHORDOHMHORQJLWXGLQDOGHODWXEHUtD(QVXSHUILFLHVUXJRVDVODVPHGLFLRQHVVHUHDOL]DUiQGHVGHORVSLFRVGHODVXSHUILFLH\SRUFRQVLJXLHQWHLQGLFDUiQHOHVSHVRU
PtQLPRGHODSHOtFXODK~PHGD
E

 1RVHVXPLQLVWUDIXQGDHVWXFKHGHDOPDFHQDPLHQWRFRQHO(OFRPHWHU$/\HO(OFRPHWHU
 1RKD\GLVSRQLEOHVFHUWLILFDGRVGHFDOLEUDFLyQSDUDHO(OFRPHWHU$/HO(OFRPHWHU\HO
(OFRPHWHU 5HYHVWLPLHQWRHQFRQWLQXR 

F

HV

ZZZHOFRPHWHUFRP

5

352&(',0,(172 '( 358(%$ FRQWLQXDFLyQ 87,/,=$&,Ï1 '( 81$ 58('$ 3$5$ 3(/Ë&8/$ +Ò0('$(OSURFHGLPLHQWRGHVFULWRDFRQWLQXDFLyQHVPHUDPHQWHRULHQWDWLYR&RQVXOWHHOHVWiQGDUFRUUHVSRQGLHQWHSDUDREWHQHULQIRUPDFLyQFRPSOHWDVREUHHOSURFHGLPLHQWRGHSUXHEDDSOLFDEOH
6XMHWHODUXHGDSRUVXHMHFHQWUDO
FRQHOSXOJDU\RWURGHGRGH
IRUPDTXHODOHFWXUDPi[LPDGHOD
HVFDODVHDODPiVFHUFDQDDOD
SHOtFXODGHSLQWXUD&RORTXHODUXHGDHQODSHOtFXOD 3HOtFXOD
K~PHGDDVHJXUiQGRVHGHTXH K~PHGD
ODUXHGDHVWiSHUSHQGLFXODUD
6XVWUDWRODSHOtFXOD
*LUHODUXHGDSRUODSHOtFXOD GHSHQGLHQGRGHO
HVWiQGDU \OXHJRUHWtUHODGHODVXSHUILFLH
/RFDOLFHHOSULPHUSXQWRGHODUXHGDFHQWUDODOTXHVHKDDGKHULGRSLQWXUD/HDHQHVHSXQWRHOHVSHVRUGHODSHOtFXODK~PHGDPHGLDQWHODHVFDODVLWXDGDHQHOODWHUDOGHODUXHGD






PD[





5HSLWDHOSURFHGLPLHQWRDOPHQRVGRVYHFHVHQOXJDUHVGLIHUHQWHVSDUDREWHQHUUHVXOWDGRVUHSUHVHQWDWLYRV
3DUDXWLOL]DUODUXHGDHQWXEHUtDVJLUHODUXHGDHQiQJXORVUHFWRVDOHMH
ORQJLWXGLQDOGHODWXEHUtD(QVXSHUILFLHVUXJRVDVODVPHGLFLRQHVVHUHDOL]DUiQGHVGHORVSLFRVGHODVXSHUILFLH\SRUFRQVLJXLHQWHLQGLFDUiQHOHVSHVRUPtQLPRGHOD
SHOtFXODK~PHGDG /,03,(=$ '(638e6 '( /$ 358(%$/LPSLHHOSHLQHRODUXHGDSDUDSHOtFXODK~PHGDGHVSXpVGHFDGDSUXHEDXWLOL]DQGRXQGLVROYHQWHDGHFXDGR7UDVODOLPSLH]DDVHJ~UHVH
GHTXHVHH[WUDHWRGRHOPDWHULDO\TXHHOPHGLGRUHVWiVHFR12XWLOLFHGLVROYHQWHVDJUHVLYRVFHSLOORVGHDODPEUHUDVSDGRUHVPHWiOLFRVOLPDVPHWiOLFDVQLQLQJXQDRWUDKHUUDPLHQWDPHWiOLFDSDUDODOLPSLH]D*XDUGHHOSHLQHRODUXHGDSDUDSHOtFXODK~PHGDHQODIXQGDR
E
HVWXFKHSURSRUFLRQDGR FXDQGRQRORHVWpXWLOL]DQGR
EG 1RVHVXPLQLVWUDIXQGDHVWXFKHGHDOPDFHQDPLHQWRFRQHO(OFRPHWHU$/\HO(OFRPHWHU
1RDSOLFDEOHDO(OFRPHWHUGLVHxDGRSDUDVHUXWLOL]DGRXQDVRODYH]\FRQVHUYDGRFRPRUHJLVWURGH
PHGLFLyQGHOHVSHVRUGHSHOtFXODK~PHGDSDUDFRQWUROGHFDOLGDGRFXPSOLPLHQWRGHUHTXLVLWRVGHFOLHQWHVZZZHOFRPHWHUFRP

HV

5

(63(&,),&$&,21(67e&1,&$6
(/&20(7(5 3(,1(6+(;$*21$/(63$5$3(/Ë&8/$
+Ò0('$ $FHUR,QR[LGDEOH

1~PHURGHSLH]DH

5DQJR

3DVRVGHPHGLFLyQP

PP


P%%P


P.860PLOV


PLOV

PLOV



PLOV%%PLOV



PLOV

3UHFLVLyQGHOYDORUPDUFDGRRȝP PLO HOTXHVHDPD\RU.0.0.860

&XPSOHODVVLJXLHQWHVQRUPDV$670'$$61=6%6&%
,62$,62%-,6.1)7861$9<33,
861$9<16,
(/&20(7(5$/3(,1(6+(;$*21$/(63$5$3(/Ë&8/$+Ò0('$$OXPLQLR

1~PHURGHSLH]D

5DQJR

3DVRVGHPHGLFLyQ&DUD$P


P&DUD%PLOV



PLOV%$/

3UHFLVLyQ

9DORUHVQRPLQDOHV&XPSOHODVVLJXLHQWHVQRUPDV$670'$$61=6%6&%
,62$,62%-,6.1)7861$9<33,
861$9<16,

H

 3XHGHQDGTXLULUVH&HUWL¿FDGRVGHFDOLEUDFLyQRSFLRQDOHVSRUVHSDUDGR/RV&HUWL¿FDGRVGHFDOLEUDFLyQ
GHEHQVROLFLWDUVHDOUHDOL]DUHOSHGLGRQRHVSRVLEOHVXPLQLVWUDUORVUHWURVSHFWLYDPHQWH

HVZZZHOFRPHWHUFRP

5

(63(&,),&$&,21(67e&1,&$6 FRQWLQXDFLyQ(/&20(7(53(,1(63$5$3(/Ë&8/$+Ò0('$ $FHUR,QR[LGDEOH
H

1~PHURGHSLH]D

5DQJR

3DVRVGHPHGLFLyQ%0PP%0PP%0PP%0PP%(PLOV

PLOV%(PLOV

PLOV%(PLOV

PLOV%(PLOV

PLOV

3UHFLVLyQGHOYDORUPDUFDGRRȝP PLO HOTXHVHDPD\RU&XPSOHODVVLJXLHQWHVQRUPDV$670'$$61=6%6&%
,62$,62%-,6.1)7861$9<33,
861$9<16,
(/&20(7(53(,1(63$5$3(/Ë&8/$+Ò0('$'($5,67$/$5*$$FHUR,QR[LGDEOH

1~PHURGHSLH]DH

5DQJR

3DVRVGHPHGLFLyQ.0P

PLQWHUYDORV.0P

PLQWHUYDORV.0P

PLQWHUYDORV.860PLOV

PLOLQWHUYDORV.860PLOV

PLOLQWHUYDORV.860PLOV

PLOLQWHUYDORV3UHFLVLyQGHOYDORUPDUFDGRRȝP PLO HOTXHVHDPD\RU&XPSOHODVVLJXLHQWHVQRUPDV$670'$$61=6%6&%
,62$,62%-,6.1)7861$9<33,
861$9<16,


(/&20(7(53(,1(6'(3/È67,&23$5$3(/Ë&8/$+Ò0('$

1~PHURGHSLH]D%

3UHFLVLyQ

5DQJR

3DVRVGHPHGLFLyQ&DUD$P
P&DUD%PLOV

PLOV9DORUHVQRPLQDOHV&XPSOHODVVLJXLHQWHVQRUPDV%6&%,62$,62%
-,6.1)7
H

 3XHGHQDGTXLULUVH&HUWL¿FDGRVGHFDOLEUDFLyQRSFLRQDOHVSRUVHSDUDGR/RV&HUWL¿FDGRVGHFDOLEUDFLyQ
GHEHQVROLFLWDUVHDOUHDOL]DUHOSHGLGRQRHVSRVLEOHVXPLQLVWUDUORVUHWURVSHFWLYDPHQWH 'RVYDORUHVGHPLOXQRHQFDGDH[WUHPRGHOSHLQH

ZZZHOFRPHWHUFRP

HV

5

(63(&,),&$&,21(67e&1,&$6 FRQWLQXDFLyQ(/&20(7(558('$63$5$3(/Ë&8/$+Ò0('$

1~PHURGHSLH]DH 5DQJR*UDGXDFLRQHV 1~PHURGHSLH]DH 5DQJR*UDGXDFLRQHV.0PP.860 PLO

PLO.0PP.0PP.860 PLOV

PLO.0PP.860 PLOV

PLO.0PP.860 PLOV

PLO.0PP.0PP.0PP.860 PLOV

PLO.0PP.0PP.860 PLOV

PLO.0P P.860 PLOV

PLOV

3UHFLVLyQGHOYDORUPDUFDGRRȝP PLO HOTXHVHDPD\RU$FFHVRULRV.710DQJRGHUXHGDSDUDSHOtFXODK~PHGDIFP SXOJ
.710DQJRGHUXHGDSDUDSHOtFXODK~PHGDIFP SXOJ&XPSOHODVVLJXLHQWHVQRUPDV$670'$$61=6%6&$,62%,62$-,6.1)7
(/&20(7(558('$63$5$3(/Ë&8/$+Ò0('$'(5(9(67,0,(172(1&217,182

1~PHURGHSLH]D 5DQJR*UDGXDFLRQHV 1~PHURGHSLH]D 5DQJR*UDGXDFLRQHV.0PP.860 PLOV

PLO.0PP.860 PLOV

PLO

3UHFLVLyQ

9DORUHVQRPLQDOHV&XPSOHODVVLJXLHQWHVQRUPDV$670'$$61=6%6&$,62%,62$-,6.1)7

H

 3XHGHQDGTXLULUVH&HUWL¿FDGRVGHFDOLEUDFLyQRSFLRQDOHVSRUVHSDUDGR/RV&HUWL¿FDGRVGHFDOLEUDFLyQ
GHEHQVROLFLWDUVHDOUHDOL]DUHOSHGLGRQRHVSRVLEOHVXPLQLVWUDUORVUHWURVSHFWLYDPHQWHI /RVPDQJRVGHUXHGDSDUDSHOtFXODK~PHGDQRVRQFRPSDWLEOHVFRQODVUXHGDVSDUDSHOtFXODK~PHGDGHUHYHVWLPLHQWRHQFRQWLQXR(OFRPHWHU

70$(GLFLyQ7H[WRFRQFXELHUWD5*XLGHG XWLOLVDWLRQ(OFRPHWHU
3HLJQHVSRXUILOPVKXPLGHV(OFRPHWHU-DXJHVFLUFXODLUHV
G¶pSDLVVHXUSRXUILOPVKXPLGHV

ZZZHOFRPHWHUFRP

56200$,5(
6HFWLRQ
3UpVHQWDWLRQ&ROLVDJH

3URFpGXUHGHWHVW&DUDFWpULVWLTXHVWHFKQLTXHV

3DJH
IU
IU
IU
IU

(QFDVGHGRXWHPHUFLGHYRXVUpIpUHUjODYHUVLRQRULJLQDOHDQJODLVHGHFHPDQXHO0HUFLG pOLPLQHUWRXVOHVHPEDOODJHVGHPDQLqUHpFRORJLTXH&RQWDFWH]ODGpFKqWHULHGHYRWUHORFDOLWpSRXUSOXVG LQIRUPDWLRQVVXUOHUHF\FODJHHVWXQHPDUTXHGpSRVpHG (OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%85R\DXPH8QL
7RXWHVOHVDXWUHVPDUTXHVVRQWUHFRQQXHV(OFRPHWHU/LPLWHG7RXVGURLWVUpVHUYpV$XFXQHSDUWLHGHFHGRFXPHQWQHSHXWrWUHUHSURGXLWHWUDQVPLVHWUDQVFULWHVWRFNpH GDQVXQV\VWqPHGRFXPHQWDLUHRXDXWUH RXWUDGXLWHGDQVTXHOTXHODQJXHTXHFH
VRLWVRXVTXHOTXHIRUPHTXHFHVRLWRXSDUQ LPSRUWHTXHOPR\HQ pOHFWURQLTXHPpFDQLTXHPDJQpWLTXHRSWLTXH
PDQXHORXDXWUH VDQVODSHUPLVVLRQpFULWHSUpDODEOHG¶(OFRPHWHU/LPLWHG
5IU

ZZZHOFRPHWHUFRP

5

35e6(17$7,21
3(,*1(63285),/06+80,'(6(OFRPHWHU 3HLJQHVG pSDLVVHXUGH¿OPKXPLGHHQDFLHULQR[\GDEOHXVLQpVDYHF
$/
SUpFLVLRQGXUDEOHVHWUpXWLOLVDEOHV,OVFRXYUHQWXQHSODJHG pSDLVVHXUSRXYDQWDWWHLQGUHP PLOV DYHFRXGHQWVVHORQOH
PRGqOH/ (OFRPHWHUH[LVWHpJDOHPHQWHQDOXPLQLXP(OFRPHWHU$/D
/LYUpSDUORWGHFKDTXHSHLJQHHQDOXPLQLXPSRVVqGHXQHIDFHG XQLWpVPpWULTXHV P HWO DXWUHLPSpULDOHV PLOV (OFRPHWHU)DEULTXpVHQSODVWLTXH$%6LOVVRQWGHVWLQpVjXQXVDJHXQLTXHHWSHXYHQWrWUHFRQVHUYpVFRPPHSUHXYHGHO pSDLVVHXUGH¿OPKXPLGHPHVXUpHSRXUO DVVXUDQFHTXDOLWpRXOHVGHPDQGHVGXFOLHQW/LYUpVSDUORWGHFKDTXHSHLJQHSRVVqGHXQHIDFHG XQLWpVPpWULTXHVP HWO DXWUHLPSpULDOHV PLOV (OFRPHWHU3HLJQHVG pSDLVVHXUGH¿OPKXPLGHHQDFLHULQR[\GDEOHXVLQpVDYHF
SUpFLVLRQGXUDEOHVHWUpXWLOLVDEOHV,OVH[LVWHQWHQTXDWUHSODJHVG pSDLVVHXUGLVWLQFWHVSRXYDQWDWWHLQGUHP PLOV GLYLVpHV
HQVHFWLRQV(OFRPHWHU

6LPLODLUHjO (OFRPHWHUO (OFRPHWHUDSOXVG LQWHUYDOOHVGHPHVXUH GHQWV SDUSHLJQH,OH[LVWHHQSODJHVG pSDLVVHXUGLVWLQFWHVSRXYDQWDWWHLQGUHP PLOV -$8*(6&,5&8/$,5(6'¶e3$,66(853285),/06+80,'(6(OFRPHWHU

/DMDXJHFLUFXODLUHSRXU¿OPKXPLGH(OFRPHWHUHVWFRPSRVpH
G XQHURXHFHQWUDOHH[FHQWULTXHHWGHGHX[URXHVH[WpULHXUHVFRQFHQWULTXHV/HGLDPqWUHGHVURXHVH[WpULHXUHVHVWVXSpULHXUjFHOXLGHODURXHFHQWUDOH/RUVTXHODMDXJHURXOHVXUOHUHYrWHPHQWKXPLGHODURXHFHQWUDOHHQWUHHQFRQWDFWDYHFOH¿PKXPLGHFHSRLQWGHFRQWDFWVXUO pFKHOOHLQGLTXHO pSDLVVHXU,OH[LVWHSOXVLHXUVSODJHVG pSDLVVHXUGH¿OPKXPLGHMXVTX jP PLOV (OFRPHWHU

0RGqOHVLPLODLUHjO (OFRPHWHUDYHFGHVURXHVH[WpULHXUHVPROHWpHVSRXUODSULVHGHPHVXUHVXUGHVUHYrWHPHQWVJOLVVDQWVRX
GHVVXUIDFHVHQPRXYHPHQW,OH[LVWHGHX[SODJHVG pSDLVVHXUGH¿OP
KXPLGHGLVWLQFWHVP PLOV HWP PLOV &RLO&RDWLQJ

D /HPRGqOH(OFRPHWHU$/SHXWrWUHSHUVRQQDOLVpDYHFOHORJRGHYRWUHHQWUHSULVH&RQWDFWH]
(OFRPHWHURXYRWUHUHYHQGHXUORFDOSRXUSOXVG LQIRUPDWLRQVZZZHOFRPHWHUFRP

IU

5

&2/,6$*(


3HLJQHRXMDXJHFLUFXODLUHGHILOPKXPLGH(OFRPHWHU
E
6DFRFKH%RLWLHUGHUDQJHPHQW&HUWLILFDWGHFDOLEUDWLRQF VLFRPPDQGp*XLGHG XWLOLVDWLRQ

352&e'85( '( 7(67$YDQWGHFRPPHQFHUYpULILH]TXHOHSHLJQHRXODMDXJHFLUFXODLUHHVW
SDUIDLWHPHQWSURSUH9RLU6HFWLRQ 1HWWR\DJHDSUqVXWLOLVDWLRQ HQ
SDJHIUHWQRQHQGRPPDJpOHPRLQGUHGRPPDJHVXUOHVGHQWVGXSHLJQHRXODFLUFRQIpUHQFHGHODMDXJHSHXWDIIHFWHUODPHVXUH










































































 87,/,6$7,21' 81 3(,*1( 3285 ),/0 +80,'(
 0DLQWHQH]OHSHLJQHSHUSHQGLFXODLUHDXILOPKXPLGHHWIDLWHVSpQpWUHUO DUrWHGXSHLJQHGDQVOHUHYrWHPHQWMXVTX DXVXEVWUDW 5HWLUH]OHSHLJQHGXILOPKXPLGH
 5HJDUGH]OHVGHQWVGXSHLJQHHWUHSpUH]ODGHUQLqUHGHQWKXPLGLILpH )LOPSDUOHUHYrWHPHQW/LVH]ODYDOHXU KXPLGH
G pSDLVVHXUFRUUHVSRQGDQWjFHWWH
6XEVWUDW
GHQW/ pSDLVVHXUGHILOPKXPLGHVH
VLWXHHQWUHFHWWHYDOHXUHWODYDOHXU
G pSDLVVHXUGHODSURFKDLQHGHQWVqFKH
'DQVO H[HPSOHLOOXVWUpO pSDLVVHXUGHILOPKXPLGHVHVLWXHHQWUHPHWP
6LYRXVXWLOLVH]OHSHLJQHVXUXQWXEH
SODFH]OHSDUDOOqOHPHQWjO D[H
ORQJLWXGLQDOGXWXEH

6XUVXUIDFHVUXJXHXVHVSUHQH]OHVPHVXUHVVXUOHVSLFVTXL
UHSUpVHQWHQWDORUVO pSDLVVHXUPLQLPDOHGHILOPKXPLGH
E

 $XFXQERvWLHUVDFRFKHGHUDQJHPHQWQ HVWIRXUQLDYHFO (OFRPHWHU$/HWO (OFRPHWHU
 $XFXQFHUWLILFDWGHFDOLEUDWLRQQ HVWGLVSRQLEOHSRXUO (OFRPHWHU$/O (OFRPHWHUHW
O¶(OFRPHWHU &RLO&RDWLQJ

F

IU

ZZZHOFRPHWHUFRP

5

352&e'85( '( 7(67 VXLWH 87,/,6$7,21' 81( -$8*( &,5&8/$,5( 3285 ),/0 +80,'(/DSURFpGXUHFLGHVVRXVHVWGRQQpHjVLPSOHWLWUHLQGLFDWLI3RXUXQ
GHVFULSWLIGpWDLOOpGHODSURFpGXUHGHWHVWDSSOLFDEOHPHUFLGHYRXVUpIpUHUjOD1RUPHFRUUHVSRQGDQWH
0DLQWHQH]ODMDXJHFLUFXODLUH
HQWUHOHSRXFHHWO LQGH[jO DLGH
GHODPROHWWHFHQWUDOHHWSRVLWLRQQH]ODYDOHXUPD[LPDOH
GHODMDXJHDXSOXVSUqVGXILOP
)LOP
9pULILH]TXHODMDXJHHVW
KXPLGH
SHUSHQGLFXODLUHDXILOPHWIDLWHVODSpQpWUHUGDQVOHUHYrWHPHQW 6XEVWUDW
KXPLGH)DLWHVURXOHUODMDXJHVXUOHILOPj VHORQOD1RUPH HWUHWLUH]ODGHODVXUIDFH
5HSpUH]OHSUHPLHUSRLQWGHFRQWDFWDYHFODSHLQWXUHVXUODURXH
FHQWUDOH/LVH]O pSDLVVHXUGHILOPKXPLGHFRUUHVSRQGDQWHVXU
O pFKHOOHODWpUDOHGHODMDXJH
PD[










3RXUGHVUpVXOWDWVUHSUpVHQWDWLIVUpSpWH]ODSURFpGXUHDXPRLQVGHX[IRLVHQGLIIpUHQWVHQGURLWV
6LYRXVPHVXUH]VXUGHVWXEHVIDLWHVURXOHUODMDXJH
SHUSHQGLFXODLUHPHQWjO D[HORQJLWXGLQDOGXWXEH
6XUVXUIDFHVUXJXHXVHVSUHQH]OHVPHVXUHVVXUOHVSLFVTXL
UHSUpVHQWHQWDORUVO pSDLVVHXUPLQLPDOHGHILOPKXPLGH 1(772<$*( $35Ê6 87,/,6$7,21G
1HWWR\H]OHSHLJQHRXODMDXJHFLUFXODLUHDSUqVFKDTXHXWLOLVDWLRQDYHF
XQVROYDQWDSSURSULp$SUqVOHQHWWR\DJHYpULILH]TX LOQHUHVWHDXFXQH
WUDFHGHSHLQWXUHHWVpFKH]O LQVWUXPHQW

1 87,/,6(= 3$6GHVROYDQWVWUqVDJUHVVLIVRXGHEURVVHOLPH
RXUDFOHWWHPpWDOOLTXHSRXUQHWWR\HUO LQVWUXPHQW

5DQJH]OHSHLJQHRXODMDXJHGHILOPKXPLGHGDQVODVDFRFKHERLWLHU
GHUDQJHPHQWIRXUQLETXDQGYRXVQHO XWLOLVH]SDVE

 $XFXQERvWLHUVDFRFKHGHUDQJHPHQWQ HVWIRXUQLDYHFO (OFRPHWHU$/HWO (OFRPHWHU
1HV DSSOLTXHSDVjO (OFRPHWHUFRQoXSRXUrWUHXWLOLVpXQHVHXOHIRLVHWFRQVHUYpFRPPHWUDFHGHO pSDLVVHXUGH¿OPKXPLGHPHVXUpHSRXUO DVVXUDQFHTXDOLWpRXOHVGHPDQGHVGXFOLHQWGZZZHOFRPHWHUFRP

IU

5

&$5$&7e5,67,48(67(&+1,48(6(/&20(7(5 3(,*1(6+(;$*21$8;3285),/06+80,'(6$FLHU,QR[\GDEOH

5pIpUHQFHDUWLFOHH

3ODJH,QWHUYDOOHVGHPHVXUH.0P

PP


P%%P


P.860PLOV


PLOV

PLOV



PLOV%%PLOV



PLOV

3UpFLVLRQGHODYDOHXULQGLTXpHRXP PLO OHSOXVJUDQGGHVGHX[.0.860

3HXWrWUHXWLOLVpFRQIRUPpPHQWj$670'$$61=6%6&%
,62$,62%-,6.1)7861$9<33,
861$9<16,
(/&20(7(5$/3(,*1(6+(;$*21$8;3285),/06+80,'(6$OXPLQLXP

5pIpUHQFHDUWLFOH

3ODJH,QWHUYDOOHVGHPHVXUH)DFH$P


P)DFH%PLOV



PLOV%$/

3UpFLVLRQ

9DOHXUVQRPLQDOHV

3HXWrWUHXWLOLVpFRQIRUPpPHQWj$670'$$61=6%6&%
,62$,62%-,6.1)7861$9<33,
861$9<16,

H'HVFHUWL¿FDWVGHFDOLEUDWLRQVRQWGLVSRQLEOHVHQRSWLRQ,OVGRLYHQWrWUHGHPDQGpVDXPRPHQWGHOD
FRPPDQGHHWQHSRXUURQWSDVrWUHIRXUQLVDSRVWHULRULIU

ZZZHOFRPHWHUFRP

5

&$5$&7e5,67,48(67(&+1,48(6 VXLWH(/&20(7(53(,*1(63285),/06+80,'(6 $FLHU,QR[\GDEOH

5pIpUHQFHDUWLFOH

H

3ODJH

,QWHUYDOOHVGHPHVXUH%0PP%0PP%0PP%0PP%(PLOV

PLOV%(PLOV

PLOV%(PLOV

PLOV%(PLOV

PLOV

3UpFLVLRQGHODYDOHXULQGLTXpHRXP PLO OHSOXVJUDQGGHVGHX[

3HXWrWUHXWLOLVpFRQIRUPpPHQWj$670'$$61=6%6&%
,62$,62%-,6.1)7861$9<33,
861$9<16,
(/&20(7(53(,*1(6¬/21*8(6(&7,213285),/06+80,'(6$FLHU,QR[\GDEOH

5pIpUHQFHDUWLFOHH

3ODJH,QWHUYDOOHVGHPHVXUH.0P

PLQWHUYDOOHV.0P

PLQWHUYDOOHV.0P

PLQWHUYDOOHV.860PLOV

PLOLQWHUYDOOHV.860PLOV

PLOLQWHUYDOOHV.860PLOV

PLOLQWHUYDOOHV

3UpFLVLRQGHODYDOHXULQGLTXpHRXP PLO OHSOXVJUDQGGHVGHX[

3HXWrWUHXWLOLVpFRQIRUPpPHQWj$670'$$61=6%6&%
,62$,62%-,6.1)7861$9<33,
861$9<16,


(/&20(7(53(,*1(63/$67,48(63285),/06+80,'(65pIpUHQFHDUWLFOH%

3UpFLVLRQ

3ODJH,QWHUYDOOHVGHPHVXUH)DFH$P
P)DFH%PLOV

PLOV

9DOHXUVQRPLQDOHV

3HXWrWUHXWLOLVpFRQIRUPpPHQWj%6&%,62$,62%
-,6.1)7
H







'HVFHUWL¿FDWVGHFDOLEUDWLRQVRQWGLVSRQLEOHVHQRSWLRQ,OVGRLYHQWrWUHGHPDQGpVDXPRPHQWGHOD
FRPPDQGHHWQHSRXUURQWSDVrWUHIRXUQLVDSRVWHULRUL'HX[YDOHXUVPLOVXQHVXUFKDTXHF{WpGXSHLJQHZZZHOFRPHWHUFRP

IU

5

&$5$&7e5,67,48(67(&+1,48(6 VXLWH

(/&20(7(5-$8*(6&,5&8/$,5(6'¶e3$,66(853285),/06+80,'(65pIpUHQFH
DUWLFOHH

3ODJH*UDGXDWLRQV

5pIpUHQFH
DUWLFOHH.0PP.860 PLO

PLO.0PP.0PP.860 PLOV

PLO.0PP.860 PLOV

PLO.0PP.860 PLOV

PLO.0PP.0PP.0PP.860 PLOV

PLO.0PP.0PP.860 PLOV

PLO.0P P.860 PLOV

PLOV

3UpFLVLRQGHODYDOHXULQGLTXpHRXP PLO OHSOXVJUDQGGHVGHX[$FFHVVRLUHV

3ODJH*UDGXDWLRQV.710DQFKHSRXUMDXJHFLUFXODLUHIFP ´.710DQFKHSRXUMDXJHFLUFXODLUHIFP ´

3HXWrWUHXWLOLVpFRQIRUPpPHQWj$670'$$61=6%6&$,62%,62$-,6.1)7
(/&20(7(5-$8*(6&,5&8/$,5(6'¶e3$,66(853285),/06+80,'(6'(35e/$48$*((1&217,18

5pIpUHQFH
DUWLFOH

3ODJH*UDGXDWLRQV

5pIpUHQFH
DUWLFOH.0PP.860 PLOV

PLO.0PP.860 PLOV

PLO

3UpFLVLRQ

9DOHXUVQRPLQDOHV

3ODJH*UDGXDWLRQV

3HXWrWUHXWLOLVpFRQIRUPpPHQWj$670'$$61=6%6&$,62%,62$-,6.1)7

H

I





'HVFHUWL¿FDWVGHFDOLEUDWLRQVRQWGLVSRQLEOHVHQRSWLRQ,OVGRLYHQWrWUHGHPDQGpVDXPRPHQWGHOD
FRPPDQGHHWQHSRXUURQWSDVrWUHIRXUQLVDSRVWHULRUL/HVSRLJQpHVSRXUMDXJHVFLUFXODLUHVQHVRQWSDVFRPSDWLEOHVDYHFOHV(OFRPHWHU MDXJHVFLUFXODLUHVSRXU¿OPVKXPLGHVGHSUpODTXDJHHQFRQWLQX 

70$1XPpUR7H[WHDYHFFRXYHUWXUH15*XLGDSHUO XWHQWH(OFRPHWHU
3HWWLQLSHUILOPXPLGR
5RWHOOHSHUILOPXPLGR(OFRPHWHUZZZHOFRPHWHUFRP5,1',&(
6H]LRQH

3DJLQD'HVFUL]LRQHJHQHUDOH

LW



&RQWHQXWRGHOODFRQIH]LRQH

LW



3URFHGXUDGLSURYD

LW



6SHFLILFKHWHFQLFKHLW$VFDQVRGLHTXLYRFLIDUHULIHULPHQWRDOODYHUVLRQHRULJLQDOHLQOLQJXDLQJOHVH
$VVLFXUDUVLFKHWXWWRLOPDWHULDOHGLLPEDOODJJLRYHQJDVPDOWLWRQHOULVSHWWRGHLYLQFROLDPELHQWDOL3HUULFHYHUHXOWHULRULGLUHWWLYHULYROJHUVLDOO DXWRULWjFRPSHWHQWH
qXQPDUFKLRUHJLVWUDWRGL(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%85HJQR8QLWR
7XWWLJOLDOWULPDUFKLFRPPHUFLDOLDSSDUWHQJRQRDLOHJLWWLPLWLWRODUL(OFRPHWHU/LPLWHG7XWWLLGLULWWLULVHUYDWL1HVVXQDSDUWHGLTXHVWRGRFXPHQWRSXzHVVHUHULSURGRWWDWUDVPHVVDWUDVFULWWDPHPRUL]]DWD LQXQVLVWHPDGLDUFKLYLD]LRQHRFRQDOWULPH]]L RSSXUHWUDGRWWDLQTXDOVLDVLOLQJXDLQTXDOVLDVLIRUPDRFRQTXDOXQTXHPH]]R HOHWWURQLFRPHFFDQLFRPDJQHWLFRRWWLFRPDQXDOHRDOWUR 
VHQ]DLOSUHYHQWLYRFRQVHQVRVFULWWRGL(OFRPHWHU/LPLWHG
5LWZZZHOFRPHWHUFRP5

'(6&5,=,21(*(1(5$/(
3(77,1,3(5),/080,'2(OFRPHWHU
 $/3HWWLQLHVDJRQDOLGLSUHFLVLRQHLQDFFLDLRLQR[SHU¿OPXPLGRGLOXQJDGXUDWDHULXWLOL]]DELOL'LVSRQLELOLLQXQDJDPPDGLVSHVVRUL¿QRDȝP PLO FRQRSDVVLGLPLVXUDDVHFRQGDGHOWLSRGLSHWWLQHÊGLVSRQLELOHDQFKHXQDYHUVLRQHLQDOOXPLQLRGHOSHWWLQH(OFRPHWHU
LOPRGHOOR(OFRPHWHU$/D)RUQLWRLQFRQIH]LRQLGDRJQLSHWWLQHLQDOOXPLQLRSUHVHQWDLYDORULPHWULFL ȝP VXXQODWRHTXHOOL
LPSHULDOL PLO VXOO DOWUR(OFRPHWHU

5HDOL]]DWLLQSODVWLFD$%6VRQRVWXGLDWLSHUHVVHUHXVDWLXQDVRODYROWDHSRLFRQVHUYDWLLQDUFKLYLRFRPHUHJLVWUD]LRQHGHOODPLVXUD]LRQHGHOOR
VSHVVRUHGHO¿OPXPLGRSHU¿QLGLFRQWUROORGLTXDOLWjRSHUHVLJHQ]HGHO
FOLHQWH)RUQLWRLQFRQIH]LRQLGDRJQLSHWWLQHSUHVHQWDLYDORUL
PHWULFL ȝP VXXQODWRHTXHOOLLPSHULDOL PLO VXOO DOWUR(OFRPHWHU3HWWLQLGLSUHFLVLRQHLQDFFLDLRLQR[SHU¿OPXPLGRGLOXQJDGXUDWDHULXWLOL]]DELOL6RQRGLVSRQLELOLTXDWWURGLYHUVHJDPPHGLVSHVVRULGL¿OP
XPLGR¿QRDXQPDVVLPRGLȝP PLO RJQLSHWWLQHqGRWDWRGL
SDVVLGLPLVXUD GHQWL (OFRPHWHU

6LPLOHDOSHWWLQH(OFRPHWHULOPRGHOOR(OFRPHWHURႇUHDOO XWHQWHXQQXPHURVXSHULRUHGLSDVVLGLPLVXUD GHQWL SHURJQLSHWWLQH6RQRGLVSRQLELOLWUHGLYHUVHJDPPHGLVSHVVRULGL¿OPXPLGR¿QRDXQPDVVLPRGLȝP PLO 
527(//(3(5),/080,'2(OFRPHWHU

/DURWHOODSHU¿OPXPLGR(OFRPHWHUqFRPSRVWDGDXQDURWHOOD
HFFHQWULFDFHQWUDOHHGXHURWHOOHFRQFHQWULFKHHVWHUQH,OGLDPHWURGHOOHURWHOOHHVWHUQHqVXSHULRUHDTXHOORGHOODURWHOODFHQWUDOH4XDQGRVLID
VFRUUHUHLOPLVXUDWRUHVRSUDXQULYHVWLPHQWRXPLGRDXQFHUWRSXQWROD
URWHOODFHQWUDOHWRFFDLO¿OP4XHVWRSXQWRVXOODVFDODLQGLFDOR
VSHVVRUH6RQRGLVSRQLELOLGLYHUVHJDPPHGLVSHVVRULGL¿OPXPLGR¿QRDXQPDVVLPRGLȝP PLO (OFRPHWHU

6LPLOHDOPRGHOOR(OFRPHWHUPDOHURWHOOHHVWHUQHVRQR]LJULQDWHSHUFRQVHQWLUHGLHႇHWWXDUHPLVXUD]LRQLVXULYHVWLPHQWLVFLYRORVLRVXVXEVWUDWLLQUDSLGRPRYLPHQWR6RQRGLVSRQLELOLGXHGLYHUVHJDPPHGL
VSHVVRULGL¿OPXPLGRȝP PLO HȝP PLO &RLO&RDWLQJ

D ,OSHWWLQH(OFRPHWHU$/SXzHVVHUHSHUVRQDOL]]DWRFRQLOYRVWURORJR3HUULFHYHUHXOWHULRULLQIRUPD]LRQLFRQWDWWDUHGLUHWWDPHQWH(OFRPHWHURLOIRUQLWRUH(OFRPHWHUGL]RQDZZZHOFRPHWHUFRP

LW

5

&217(1872'(//$&21)(=,21(

3HWWLQHRURWHOODSHUILOPXPLGR(OFRPHWHUE%XVWLQDFXVWRGLD&HUWLILFD]LRQHGLWDUDWXUDF VHULFKLHVWD*XLGDSHUO XWHQWH

352&('85$',3529$
3ULPDGLLQL]LDUHDVVLFXUDUVLFKHLOSHWWLQHRODURWHOODSHUILOPXPLGRVLDQRSXOLWL YHGHUH6H]LRQH3XOL]LDGRSRODSURYDDSDJLQDLW 
HSULYLGLGDQQLVHGDQQHJJLDWLLGHQWLGHOSHWWLQHRODFLUFRQIHUHQ]DGHOODURWHOODFRPSURPHWWRQRODOHWWXUD










































































 862',813(77,1(3(5),/080,'2
 7HQHQGRLOSHWWLQHSHUSHQGLFRODUHULVSHWWRDOILOPXPLGRSUHPHUHLO
ERUGRGHOSHWWLQHQHOILOPLQVHUHQGRORDIRQGRQHOVXEVWUDWR
 5LPXRYHUHLOSHWWLQHGDOILOPXPLGR
 (VDPLQDUHLGHQWLGHOSHWWLQHHLQGLYLGXDUHO XOWLPRGHQWHEDJQDWR
0LVXUDUHLOYDORUHGLVSHVVRUHGL
)LOPXPLGR
TXHVWRGHQWH/RVSHVVRUHGHOILOPXPLGRqFRPSUHVRWUDTXHVWRYDORUH 6XEVWUDWR
HLOYDORUHGHOORVSHVVRUHGHO
VXFFHVVLYRGHQWHDVFLXWWR
1HOO HVHPSLRULSRUWDWRORVSHVVRUHGHOILOPXPLGRqFRPSUHVRWUDȝPHȝP
6HVLXWLOL]]DLOSHWWLQHVXLWXELDVVLFXUDUVLFKHYHQJDSRVL]LRQDWRSDUDOOHORDOO DVVHORQJLWXGLQDOHGHOWXER

6XOOHVXSHUILFLUXYLGHOHPLVXUD]LRQLYHQJRQRHIIHWWXDWHGDLSLFFKLTXLQGLUDSSUHVHQWDQRLOYDORUHPLQLPRGLVSHVVRUHGHOILOPXPLGR

E

 /DGRWD]LRQHGHLPRGHOOL(OFRPHWHU$/H(OFRPHWHUQRQFRPSUHQGHODEXVWLQDFXVWRGLD /HFHUWLILFD]LRQLGLWDUDWXUDQRQVRQRGLVSRQLELOLSHULPRGHOOL(OFRPHWHU$/(OFRPHWHUHSHUOHURWHOOHSHUILOPXPLGR(OFRPHWHU FRLOFRDWLQJ 

F

LW

ZZZHOFRPHWHUFRP

5

352&('85$',3529$ VHJXH 862',81$527(//$3(5),/080,'2/DSURFHGXUDGHVFULWWDGLVHJXLWRqSXUDPHQWHLQGLFDWLYD3HURWWHQHUHL
GHWWDJOLFRPSOHWLGHOODSURFHGXUDGLSURYDDGHJXDWDFRQVXOWDUHODFRUULVSRQGHQWHQRUPDWLYD
3UHQGHUHODURWHOODSRVL]LRQDQGR
LQGLFHHSROOLFHVXOPDQGULQR
FHQWUDOHPDQWHQHQGRODOHWWXUDPDVVLPDVXOODVFDODLOSLYLFLQRSRVVLELOHDOILOPGLSLWWXUD)LOPXPLGR$SSRJJLDUHODURWHOODVXOILOPXPLGRYHULILFDQGRFKHULPDQJD 6XEVWUDWR
SHUSHQGLFRODUHDOILOP)DUHVFRUUHUHODURWHOODVXOILOPD DVHFRQGDGHOODQRUPDWLYD TXLQGLULPXRYHUODGDOODVXSHUILFLH,QGLYLGXDUHLOSULPRSXQWRVXOODURWHOODFHQWUDOHDFXLKDDGHULWRODSLWWXUD$TXHVWRSXQWROHJJHUHORVSHVVRUHGHOILOPXPLGRGDOOD
VFDODSRVWDDODWRGHOODURWHOOD
PD[









3HURWWHQHUHULVXOWDWLUDSSUHVHQWDWLYLqQHFHVVDULRULSHWHUHODSURFHGXUDDOPHQRGXHYROWHLQSXQWLGLYHUVL
6HVLXWLOL]]DODURWHOODVXLWXELIDUODVFRUUHUHDGDQJRORUHWWRULVSHWWR
DOO DVVHORQJLWXGLQDOHGHOWXER
6XOOHVXSHUILFLUXYLGHOHPLVXUD]LRQLYHQJRQRHIIHWWXDWHGDLSLFFKLTXLQGLUDSSUHVHQWDQRLOYDORUHPLQLPRGLVSHVVRUHGHOILOPXPLGR 38/,=,$'232/$3529$G
3XOLUHLOSHWWLQHRODURWHOODSHUILOPXPLGRGRSRRJQLSURYDXWLOL]]DQGR
XQVROYHQWHLGRQHR$OWHUPLQHGHOODSXOL]LDYHULILFDUHFKHWXWWRLO
PDWHULDOHVLDVWDWRULPRVVRHFKHORVWUXPHQWRVLDDVFLXWWR
3HUODSXOL]LD121XWLOL]]DUHVROYHQWLWURSSRDJJUHVVLYLR
VSD]]ROHPHWDOOLFKHUDVFKLHWWLOLPHRDOWULXWHQVLOLPHWDOOLFL
5LSRUUHLOSHWWLQHRODURWHOODSHUILOPXPLGRLQXWLOL]]DWLQHOO DSSRVLWD
EXVWLQDFXVWRGLDLQGRWD]LRQHE
E

 /DGRWD]LRQHGHLPRGHOOL(OFRPHWHU$/H(OFRPHWHUQRQFRPSUHQGHODEXVWLQDFXVWRGLD
1RQVLDSSOLFDDLSHWWLQL(OFRPHWHUVWXGLDWLSHUHVVHUHXVDWLXQDVRODYROWDHSRLFRQVHUYDWLLQDUFKLYLR
FRPHUHJLVWUD]LRQHGHOODPLVXUD]LRQHGHOORVSHVVRUHGHO¿OPXPLGRSHU¿QLGLFRQWUROORGLTXDOLWjRSHU
HVLJHQ]HGHOFOLHQWHGZZZHOFRPHWHUFRP

LW

5

63(&,),&+(7(&1,&+(


3(77,1,(6$*21$/,3(5),/080,'2(/&20(7(5( DFFLDLRLQR[
H&RGLFHDUWLFROR

5DQJH

3DVVLGLPLVXUD.0P

PP


P%%P


P.860PLO


PLOV.860PLO



PLOV%%PLO



PLOV

3UHFLVLRQHGHOYDORUHFRQWUDVVHJQDWRRSSXUHȝP PLO DVHFRQGDGL
TXDOHVLDLOYDORUHPDJJLRUH

.0

3XzHVVHUHXWLOL]]DWRLQFRQIRUPLWjDOOHVHJXHQWLQRUPH$670'$$61=6%6&%,62$,62%-,6.1)7861$9<33,
861$9<16,



3(77,1,(6$*21$/,3(5),/080,'2(/&20(7(5$/ DOOXPLQLR&RGLFHDUWLFROR

5DQJH

3DVVLGLPLVXUD/DWR$P


P/DWR%
PLO



PLO%$/

3UHFLVLRQH

9DORULQRPLQDOL

3XzHVVHUHXWLOL]]DWRLQFRQIRUPLWjDOOHVHJXHQWLQRUPH$670'$$61=6%6&%,62$,62%-,6.1)7861$9<33,
861$9<16,

H

 6RQRGLVSRQLELOLFHUWL¿FD]LRQLGLWDUDWXUDRS]LRQDOLDFTXLVWDELOLVHSDUDWDPHQWH/HFHUWL¿FD]LRQLGLWDUDWXUDGHYRQRHVVHUHULFKLHVWHDOPRPHQWRGHOO RUGLQHQRQSRVVRQRHVVHUHIRUQLWHDSRVWHULRULLW

ZZZHOFRPHWHUFRP

5

63(&,),&+(7(&1,&+( VHJXH3(77,1,3(5),/080,'2(/&20(7(5 DFFLDLRLQR[
H&RGLFHDUWLFROR

5DQJH

3DVVLGLPLVXUD%0PP%0PP%0PP%0PP%(PLO

PLO%(PLO

PLO%(PLO

PLO%(PLO

PLO

3UHFLVLRQHGHOYDORUHFRQWUDVVHJQDWRRSSXUHȝP PLO DVHFRQGDGL
TXDOHVLDLOYDORUHPDJJLRUH

3XzHVVHUHXWLOL]]DWRLQFRQIRUPLWjDOOHVHJXHQWLQRUPH$670'$$61=6%6&%,62$,62%-,6.1)7861$9<33,
861$9<16,



3(77,1,3(5),/080,'2&21%25'2/81*2(/&20(7(5 DFFLDLRLQR[&RGLFHDUWLFRORH

5DQJH

3DVVLGLPLVXUD.0P,QWHUYDOOLGLȝP.0P,QWHUYDOOLGLP

.0P,QWHUYDOOLGLP.860PLO,QWHUYDOOLGLPLO.860PLO,QWHUYDOOLGLPLO.860PLO,QWHUYDOOLGLPLO

3UHFLVLRQHGHOYDORUHFRQWUDVVHJQDWRRSSXUHȝP PLO DVHFRQGDGL
TXDOHVLDLOYDORUHPDJJLRUH

3XzHVVHUHXWLOL]]DWRLQFRQIRUPLWjDOOHVHJXHQWLQRUPH$670'$$61=6%6&%,62$,62%-,6.1)7861$9<33,
861$9<16,



3(77,1,,13/$67,&$3(5),/080,'2(/&20(7(5

&RGLFHDUWLFROR%

3UHFLVLRQH

5DQJH

3DVVLGLPLVXUD/DWR$P
P/DWR%
PLOV

PLO

9DORULQRPLQDOL

3XzHVVHUHXWLOL]]DWRLQFRQIRUPLWjDOOHVHJXHQWLQRUPH%6&%,62$,62%-,6.1)7
H

 6RQRGLVSRQLELOLFHUWL¿FD]LRQLGLWDUDWXUDRS]LRQDOLDFTXLVWDELOLVHSDUDWDPHQWH/HFHUWL¿FD]LRQLGLWDUDWXUDGHYRQRHVVHUHULFKLHVWHDOPRPHQWRGHOO RUGLQHQRQSRVVRQRHVVHUHIRUQLWHDSRVWHULRUL'XHYDORULGDPLOXQRVXFLDVFXQERUGRGHOSHWWLQH

ZZZHOFRPHWHUFRP

LW

5

63(&,),&+(7(&1,&+( VHJXH

527(//(3(5),/080,'2(/&20(7(5HH&RGLFHDUWLFROR

5DQJH*UDGXD]LRQL&RGLFHDUWLFROR.0PP.860 PLO

PLO.0PP.0PP.860 PLO

PLO.0PP.860 PLO

PLO.0PP.860 PLO

PLO.0PP.0PP.0PP.860 PLO

PLO.0PP.0PP.860 PLO

PLO.0P P.860 PLO

PLO

3UHFLVLRQHGHOYDORUHFRQWUDVVHJQDWRRSSXUHȝP PLO DVHFRQGDGLTXDOHVLDLOYDORUHPDJJLRUH

$FFHVVRULHV

5DQJH*UDGXD]LRQL.71LPSXJQDWXUDSHUURWHOODSHU¿OPXPLGRIFP ´.71LPSXJQDWXUDSHUURWHOODSHU¿OPXPLGRIFP ´

3XzHVVHUHXWLOL]]DWRLQFRQIRUPLWjDOOHVHJXHQWLQRUPH$670'$$61=6%6&$,62%,62$-,6.1)7



527(//(3(5),/080,'23(5&2,/&2$7,1*(/&20(7(5

&RGLFHDUWLFROR

5DQJH*UDGXD]LRQL&RGLFHDUWLFROR

5DQJH*UDGXD]LRQL.0PP.860 PLO

PLO.0PP.860 PLO

PLO

3UHFLVLRQH

9DORULQRPLQDOL

3XzHVVHUHXWLOL]]DWRLQFRQIRUPLWjDOOHVHJXHQWLQRUPH$670'$$61=6%6&$,62%,62$-,6.1)7

H

 6RQRGLVSRQLELOLFHUWL¿FD]LRQLGLWDUDWXUDRS]LRQDOLDFTXLVWDELOLVHSDUDWDPHQWH/HFHUWL¿FD]LRQLGLWDUDWXUDGHYRQRHVVHUHULFKLHVWHDOPRPHQWRGHOO RUGLQHQRQSRVVRQRHVVHUHIRUQLWHDSRVWHULRUL
I
/HLPSXJQDWXUHSHUURWHOOHSHU¿OPXPLGRQRQVRQRFRPSDWLELOLFRQOHURWHOOHSHU¿OPXPLGRSHUFRLOFRDWLQJ(OFRPHWHU

70$(GL]LRQH7HVWRFRQFRSHUWLQD5*HEUXLNHUVKDQGOHLGLQJ(OFRPHWHU
QDWWHILOPNDPPHQ(OFRPHWHU
FRDWLQJGLNWHZLHOHQYRRUQDWWHYHUI

ZZZHOFRPHWHUFRP5,1+28'623*$9(
6HFWLH
2YHU]LFKW'RRVLQKRXG7HVWSURFHGXUH7HFKQLVFKHVSHFLILFDWLHV

3DJLQD
QO
QO
QO
QO

5DDGSOHHJGHRULJLQHOH(QJHOVHYHUVLHRPWZLMIHOXLWWHVOXLWHQ=RUJHUYRRUGDWDOOHYHUSDNNLQJPLOLHXYULHQGHOLMNZRUGWDIJHYRHUG1HHPFRQWDFWRSPHWGHPLOLHXDIGHOLQJYDQXZ
JHPHHQWHYRRUDGYLHVLVHHQJHGHSRQHHUGKDQGHOVPHUNYDQ(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%8 9HUHQLJG.RQLQNULMN$OOHDQGHUHKDQGHOVPHUNHQ]LMQKHWHLJHQGRPYDQKXQUHVSHFWLHYHOLMNHHLJHQDDUV(OFRPHWHU/LPLWHG$OOHUHFKWHQYRRUEHKRXGHQ1LHWVYDQGLWGRFXPHQWPDJZRUGHQJHUHSURGXFHHUG
RYHUJHGUDJHQJHWUDQVFULEHHUGRSJHVODJHQ LQHHQUHWULHYDOV\VWHHPRIDQGHUV]LQV RIYHUWDDOGLQHQLJHWDDOLQ
HQLJHYRUPRIGRRUHQLJPLGGHO HOHNWURQLVFKPHFKDQLVFKPDJQHWLVFKRSWLVFKKDQGPDWLJRIDQGHUV]LQV ]RQGHUGHYRRUDIJDDQGHVFKULIWHOLMNHWRHVWHPPLQJYDQ(OFRPHWHU/LPLWHG
5QO

ZZZHOFRPHWHUFRP

5

29(5=,&+7.$00(192251$77(),/0(OFRPHWHU 'XXU]DPHHQKHUEUXLNEDUH]HVNDQWLJHQDWWH¿OPNDPPHQYDQ$/URHVWYDVWVWDDO%HVFKLNEDDULQHHQUHHNVGLNWHVWRWPD[LPDDOȝP PLO PHWRIPHHWVWDSSHQDIKDQNHOLMNYDQGHNDP
'H(OFRPHWHULVRRNYHUNULMJEDDULQDOXPLQLXP(OFRPHWHU$/D 'HDOXPLQLXPNDPPHQKHEEHQHHQNDQWPHW
PHWULVFKHPDWHQ P HQ(QJHOVHPDWHQ PLO HQZRUGHQJHOHYHUGLQYHUSDNNLQJHQYDQVWXNV(OFRPHWHU'H]HNDPPHQ]LMQJHPDDNWXLW$%6NXQVWVWRIHQ]LMQEHGRHOGYRRU
HHQPDOLJJHEUXLN=RNXQWXGHQDWWH¿OPGLNWHUHJLVWUDWLHEHZDUHQDOVNZDOLWHLWVJDUDQWLHRIYRRUNODQWYHUHLVWHQ'HNDPPHQKHEEHQHHQ
NDQWPHWPHWULVFKHPDWHQ P HQ(QJHOVHPDWHQ PLO 
HQZRUGHQJHOHYHUGLQYHUSDNNLQJHQYDQVWXNV(OFRPHWHU'XXU]DPHHQKHUEUXLNEDUHQDWWH¿OPNDPPHQYDQURHVWYDVWVWDDO(U]LMQYLHUNDPPHQYHUNULMJEDDUPHWHHQYHUVFKLOOHQGQDWWH
¿OPGLNWHEHUHLNWRWHHQPD[LPXPYDQP PLO HQHONHNDP
KHHIWPHHWVWDSSHQ WDQGHQ (OFRPHWHU

1HWDOVGH(OFRPHWHUELHGWGH(OFRPHWHUPHHU
PHHWVWDSSHQ WDQGHQ QDPHOLMNSHUNDP(U]LMQGULHNDPPHQYHUNULMJEDDUPHWHHQYHUVFKLOOHQGQDWWH¿OPGLNWHEHUHLNWRWHHQ
PD[LPXPYDQP PLO &2$7,1*',.7(:,(/(192251$77(9(5)(OFRPHWHU

+HW(OFRPHWHUQDWWH¿OPZLHOEHVWDDWXLWHHQFHQWUDDO
H[FHQWULVFKZLHOPHWDDQEHLGH]LMGHQGDDUYDQHHQFRQFHQWULVFKZLHO
'HGLDPHWHUYDQGHEXLWHQZLHOHQLVJURWHUGDQGLHYDQKHWFHQWUDOHZLHO'RRUKHWQDWWH¿OPZLHORYHUHHQQDWWHFRDWLQJWHUROOHQUDDNWKHW
FHQWUDOHZLHOXLWHLQGHOLMNGH¿OP'LWSXQWRSGHVFKDDOWRRQWGHGLNWHZDDUGH(U]LMQZLHOHQYHUNULMJEDDUPHWHHQYHUVFKLOOHQGQDWWH
¿OPGLNWHEHUHLNWRWHHQPD[LPXPYDQP PLO (OFRPHWHU

$QGHUVGDQELMGH(OFRPHWHU]LMQGHEXLWHQZLHOHQYDQGLWQDWWH
¿OPZLHOJHNDUWHOG+LHUGRRUNXQWXPHWLQJHQYHUULFKWHQRSJODGGH
FRDWLQJVRIRSVQHOEHZHJHQGHVXEVWUDWHQ(U]LMQWZHHZLHOHQYHUNULMJEDDUPHWHHQYHUVFKLOOHQGQDWWH¿OPGLNWHEHUHLNȝP
PLO HQȝP PLO &RLO&RDWLQJ

D 'H(OFRPHWHU$/NDQYRRU]LHQZRUGHQYDQXZEHGULMIVORJR1HHPYRRUPHHULQIRUPDWLHFRQWDFWRS
PHW(OFRPHWHURIPHWXZORNDOH(OFRPHWHUOHYHUDQFLHUZZZHOFRPHWHUFRP

QO

5

'226,1+28'(OFRPHWHUQDWWHILOPNDPRIQDWWHILOPZLHOE(WXLRSVODJGRRVMH.DOLEUDWLHFHUWLILFDDWF LQGLHQEHVWHOG*HEUXLNHUVKDQGOHLGLQJ

7(67352&('85(
9RRUGDWXEHJLQWPRHWX]RUJHQGDWGHQDWWHILOPNDPRIKHWQDWWHILOPZLHOVFKRRQLV]LH6HFWLHµ5HLQLJLQJQDGHWHVW¶RSSDJLQD
QOHQRQEHVFKDGLJGDDQJH]LHQEHVFKDGLJLQJHQDDQGHQDWWHILOPNDPWDQGHQRIZLHORPWUHNGHPHWLQJHQEHwQYORHGHQ










































































 1$77(),/0.$00(1 *(%58,.(1 +RXGGHNDPORRGUHFKWERYHQGHQDWWHILOPHQGUXNGHWDQGHQLQGH
ILOPWRWGDWGH]HVWDELHORSKHW
VXEVWUDDWVWDDQ +DDOGHNDPXLWGHQDWWHILOP ,QVSHFWHHUGHNDPHQEHSDDOWRWDDQZHONHWDQGGHQDWWHILOPLVJHNRPHQ/HHVGHGLNWHZDDUGHDI 1DWWH¿OP
YDQGH]HWDQG'HQDWWHILOPGLNWH
6XEVWUDDW
OLJWWXVVHQGH]HZDDUGHHQGHGLNWHZDDUGHYDQGHYROJHQGH
GURJHWDQG
,QKHWJHWRRQGHYRRUEHHOGOLJWGHQDWWHILOPGLNWHWXVVHQGHPHQP
2PGHNDPWHNXQQHQJHEUXLNHQRSHHQ
SLMSPRHWXGHGH]HSDUDOOHOKRXGHQDDQ
GHOHQJWHDVYDQGHSLMS

%LMUXZHRSSHUYODNNHQZRUGHQGHPHWLQJHQYHUULFKWRSGHSURILHOSLHNHQYDQKHWRSSHUYODN'H]HPHWLQJHQYHUWHJHQZRRUGLJHQGDDUGRRUGHPLQLPDOHQDWWHILOPGLNWH
E

 (HQHWXLRSVODJGRRVMHZRUGWQLHWPHHJHOHYHUGPHWGH(OFRPHWHU$/HQ(OFRPHWHU
 9RRUGH(OFRPHWHU$/(OFRPHWHUHQ(OFRPHWHU &RLO&RDWLQJ ]LMQJHHQNDOLEUDWLHFHUWLILFDWHQEHVFKLNEDDU

F

QO

ZZZHOFRPHWHUFRP

5

7(67352&('85( YHUYROJ 1$77(),/0:,(/(1 *(%58,.(12QGHUVWDDQGHSURFHGXUHLVVOHFKWVWHULQGLFDWLH5DDGSOHHJGHUHOHYDQWH
VWDQGDDUGYRRUDOOHGHWDLOVRYHUGHWRHSDVVHOLMNHWHVWSURFHGXUH





PD[



+RXGKHWZLHOYDVWWXVVHQGXLPHQZLMVYLQJHUDDQGHFHQWUDOHDV
PHWGHPD[LPDOHVFKDDOZDDUGH
DDQGHNDQWYDQGHYHUIILOP3ODDWVKHWZLHOLQGHQDWWHILOPHQ]RUJGDWXKHWZLHOORRGUHFKWRSGHILOPKRXGW
1DWWH¿OP
5ROKHWZLHODIKDQNHOLMNYDQGHVWDQGDDUG  6XEVWUDDWGRRUGHILOPHQKDDOKHWGDQYDQ
KHWRSSHUYODN%HSDDORSZHONSXQWKHWFHQWUDOHZLHOGHYHUIKHHIWJHUDDNW/HHVRSGLWSXQWGHQDWWHILOPGLNWHDIYDQGHVFKDDORSGH]LMNDQWYDQKHWZLHO+HUKDDOGHSURFHGXUHWHQPLQVWHWZHHPDDORSYHUVFKLOOHQGHSODDWVHQ
RPHHQUHSUHVHQWDWLHIUHVXOWDDWWHEHKDOHQ
2PKHWZLHOWHNXQQHQJHEUXLNHQRSHHQSLMSPRHWXKHWSDUDOOHOUROOHQDDQGHOHQJWHDVYDQGHSLMS
%LMUXZHRSSHUYODNNHQZRUGHQGHPHWLQJHQYHUULFKWRSGHSURILHOSLHNHQYDQKHWRSSHUYODN'H]HPHWLQJHQYHUWHJHQZRRUGLJHQGDDUGRRUGHPLQLPDOHQDWWHILOPGLNWH
 5(,1,*,1* 1$ '( 7(67G
5HLQLJGHQDWWHILOPNDPRIKHWQDWWHILOPZLHOPHWHHQJHVFKLNWVFKRRQPDDNPLGGHOQDHONHWHVW9HUZLMGHUDOOHPDWHULDOHQHQGURRJGHNDPKHWZLHOQDUHLQLJLQJ*HEUXLNJHHQDJUHVVLHYHVFKRRQPDDNPLGGHOHQVWDDOERUVWHOVVFKUDDSPHVVHQYLMOHQRIDQGHUHPHWDOHQJHUHHGVFKDSSHQYRRUKHWUHLQLJHQ
6ODGHQDWWHILOPNDPRIKHWQDWWHILOPZLHOQDJHEUXLNRSLQKHW
PHHJHOHYHUGHHWXLRSVODJGRRVMHEE
G (HQHWXLRSVODJGRRVMHZRUGWQLHWPHHJHOHYHUGPHWGH(OFRPHWHU$/HQ(OFRPHWHU
'LWJHOGWQLHWYRRUGH(OFRPHWHU'H]HNDPPHQ]LMQEHGRHOGYRRUHHQPDOLJJHEUXLNHQRPGHQDWWH
¿OPGLNWHUHJLVWUDWLHWHEHZDUHQDOVNZDOLWHLWVJDUDQWLHRIYRRUNODQWYHUHLVWHQZZZHOFRPHWHUFRP

QO

5

7(&+1,6&+(63(&,),&$7,(6(/&20(7(5 +(;$*21$/(1$77(),/0.$00(1
URHVWYDVWVWDDO$UWLNHOQXPPHUH%HUHLN0HHWVWDSSHQ.0P

PP


P%%P


P.860PLOV


PLOV

PLOV



PLOV%%PLOV



PLOV

1DXZNHXULJKHLGYDQGHJHPDUNHHUGHZDDUGHRIP PLO ZHONHZDDUGHJURWHULV.0.860.DQZRUGHQJHEUXLNWLQRYHUHHQVWHPPLQJPHW$670'$$61=6
%6&%,62$,62%-,6.1)7
861$9<33,861$9<16,


(/&20(7(5$/+(;$*21$/(1$77(),/0.$00(1 $OXPLQLXP$UWLNHOQXPPHU%HUHLN0HHWVWDSSHQ.DQW$P


P.DQW%PLOV



PLOV%$/

1DXZNHXULJKHLG

1RPLQDOHZDDUGHQ.DQZRUGHQJHEUXLNWLQRYHUHHQVWHPPLQJPHW$670'$$61=6
%6&%,62$,62%-,6.1)7
861$9<33,861$9<16,

H

 2SWLRQHOHNDOLEUDWLHFHUWL¿FDWHQ]LMQORVYHUNULMJEDDU'HNDOLEUDWLHFHUWL¿FDWHQPRHWXDDQYUDJHQELMXZ
EHVWHOOLQJ.DOLEUDWLHFHUWL¿FDWHQNXQQHQDFKWHUDIQLHWPHHUJHOHYHUGZRUGHQQO

ZZZHOFRPHWHUFRP

5

7(&+1,6&+(63(&,),&$7,(6 YHUYROJ
(/&20(7(5.$00(192251$77(),/0 URHVWYDVWVWDDO$UWLNHOQXPPHUH%HUHLN0HHWVWDSSHQ%0PP%0PP%0PP%0PP%(PLOV

PLOV%(PLOV

PLOV%(PLOV

PLOV%(PLOV

PLOV

1DXZNHXULJKHLGYDQGHJHPDUNHHUGHZDDUGHRIP PLO ZHONHZDDUGHJURWHULV.DQZRUGHQJHEUXLNWLQRYHUHHQVWHPPLQJPHW$670'$$61=6
%6&%,62$,62%-,6.1)7
861$9<33,861$9<16,


(/&20(7(5.$00(1 92251$77(),/0 0(7/$1*(5$1'
URHVWYDVWVWDDO$UWLNHOQXPPHUH%HUHLN0HHWVWDSSHQ.0P

PLQWHUYDOOHQ.0P

PLQWHUYDOOHQ.0P

PLQWHUYDOOHQ.860PLOV

PLOLQWHUYDOOHQ.860PLOV

PLOLQWHUYDOOHQ.860PLOV

PLOLQWHUYDOOHQ

1DXZNHXULJKHLGYDQGHJHPDUNHHUGHZDDUGHRIP PLO ZHONHZDDUGHJURWHULV.DQZRUGHQJHEUXLNWLQRYHUHHQVWHPPLQJPHW$670'$$61=6
%6&%,62$,62%-,6.1)7
861$9<33,861$9<16,


(/&20(7(53/$67,&1$77(),/0.$00(1$UWLNHOQXPPHU%

1DXZNHXULJKHLG%HUHLN0HHWVWDSSHQ.DQW$P
P.DQW%PLOV

PLOV

1RPLQDOHZDDUGHQ.DQZRUGHQJHEUXLNWLQRYHUHHQVWHPPLQJPHW%6&%,62$,62%-,6.1)7
H

 2SWLRQHOHNDOLEUDWLHFHUWL¿FDWHQ]LMQORVYHUNULMJEDDU'HNDOLEUDWLHFHUWL¿FDWHQPRHWXDDQYUDJHQELMXZ
EHVWHOOLQJ.DOLEUDWLHFHUWL¿FDWHQNXQQHQDFKWHUDIQLHWPHHUJHOHYHUGZRUGHQ
7ZHHPLOZDDUGHQppQDDQHONHNDQWYDQGHNDP

ZZZHOFRPHWHUFRP

QO

5

7(&+1,6&+(63(&,),&$7,(6 YHUYROJ
(/&20(7(5&2$7,1*',.7(:,(/(192251$77(9(5)

$UWLNHOQXPPHUH %HUHLN

6FKDDOYHUGHOLQJ$UWLNHOQXPPHUH %HUHLN

6FKDDOYHUGHOLQJ.0PP.860 PLO

PLO.0PP.0PP.860 PLOV

PLO.0PP.860 PLOV

PLO.0PP.860 PLOV

PLO.0PP.0PP.0PP.860 PLOV

PLO.0PP.0PP.860 PLOV

PLO.0P P.860 PLOV

PLOV1DXZNHXULJKHLG YDQGHJHPDUNHHUGHZDDUGHRIP PLO ZHONHZDDUGHJURWHULV$FFHVVRLUHV.71+DQGYDWYRRUFRDWLQJGLNWHZLHOYRRUQDWWHYHUIIFP ´.71+DQGYDWYRRUFRDWLQJGLNWHZLHOYRRUQDWWHYHUIIFP ´

.DQZRUGHQJHEUXLNWLQRYHUHHQVWHPPLQJPHW$670'$$61=6%6&$,62%,62$-,6.1)7



(/&20(7(5&2$7,1*',.7(:,(/(19225&2,/&2$7,1*$UWLNHOQXPPHU%HUHLN

6FKDDOYHUGHOLQJ$UWLNHOQXPPHU.0PP.860 PLOV

PLO.0PP.860 PLOV

PLO%HUHLN

6FKDDOYHUGHOLQJ

1DXZNHXULJKHLG 1RPLQDOHZDDUGHQ.DQZRUGHQJHEUXLNWLQRYHUHHQVWHPPLQJPHW$670'$$61=6%6&$,62%,62$-,6.1)7

H

 2SWLRQHOHNDOLEUDWLHFHUWL¿FDWHQ]LMQORVYHUNULMJEDDU'HNDOLEUDWLHFHUWL¿FDWHQPRHWXDDQYUDJHQELMXZ
EHVWHOOLQJ.DOLEUDWLHFHUWL¿FDWHQNXQQHQDFKWHUDIQLHWPHHUJHOHYHUGZRUGHQI
+DQGYDWWHQYRRUUHJXOLHUHQDWWH¿OPZLHOHQ]LMQQLHWFRPSDWLEHOPHW(OFRPHWHUFRLOFRDWLQJQDWWH
¿OPZLHOHQ

70$8LWJDYH7H[WPHWYRRUEODG1R

5

䞷㓆㓚␛
(OFRPHWHU
䄎含祮(OFRPHWHU䄎含懽ZZZHOFRPHWHUFRP

5

䥽㇤
肺⒕

欄



螈屗

]K



癕遙䂔◤

]K



㿚幤䲚矊

]K



㔏㦾屓㫋

]K

鈴瘟䠠帽庆莋豞喀磷襔㦻庆誑≬硵㦘癕遙芵䘾盢磨㎮䤓礀㆞⮓䚕庆莧幱㇢⦿䘾盢⻏⃉扪₏蠅㖖⺋5

㢾(OFRPHWHU茩⚇䤓㽷␛莼㪖(GJH/DQH㦋㈊㠾0%8喀⦌硵㦘莼㪖⃮掌㈦瘸㽷␛幇♾å(OFRPHWHU/LPLWHG茩⚇≬笡硵㦘㧒Ⓒ㦻磷襴↊⇤肺⒕掌ₜ㈦⮜Ⓟ↯戢ⷧ⌷ ⦷㭏籦㒥␅Ⅵ ᧨㒥劔⦷蠼㦘(OFRPHWHU/LPLWHGℚ⏗⃵槱幇♾䤓㍔⑄芚芵↊⇤礀㆞ 䟄⷟㧉㬿箫㊶⏘ⷵ㓚┷㒥␅Ⅵ 幠㒟↊⇤幼罘

]K

ZZZHOFRPHWHUFRP

5

螈屗
䄎含祮
(OFRPHWHU 位蓒㒟⨚虚⃔功䞷✛♾摜⮜∎䞷䤓瘣邘ₜ林朱䄎含祮神㗽䄎含祮♾
$/
芵⦷㿚摞舊才˩P PLOV 䤓☩ㄵ喒⦃␔扪嫛㒥₹㿚摞爎ᇭ(OFRPHWHU䤓杬襔㦻♾∪ㄣ(OFRPHWHU$/D秠癕₹秠₹杬祮₏∶㦘茩Ⓟ ˩P ♵₏槱㦘喀Ⓟ PLOV (OFRPHWHU䟀$%6⫠㠨Ⓟ㒟᧨幍帰∎䞷₏㶰᧨ㄅ≬ⷧ⃉䄎含☩矑㿚摞帿㇤᧨芵誑≬德摞≬幐㒥睃㓆尐㻑ᇭ秠癕₹᧨₏槱㦘茩Ⓟ ˩P ♵₏
槱㦘喀Ⓟ PLOV (OFRPHWHU

位蓒㒟⨚虚⃔功䞷✛♾摜⮜∎䞷䤓ₜ林朱䄎含祮皻₹䕻簌䤓䄎含☩矑喒⦃蜙⮩♾才˩P᧤PLOV᧥᧨㹞₹㭂⷟㦘₹㿚摞㷴洳 爎 (OFRPHWHU

疭(OFRPHWHU伊芿᧨(OFRPHWHU⃉䞷㓆㙟∪ℕ㦃⮩䤓㿚摞蠅洳᧤爎᧥秠₹䄎含祮₹爎ₘ₹䕻簌䤓䄎含☩矑喒⦃蜙舊♾才˩P PLOV 䄎含懽(OFRPHWHU

(OFRPHWHU䄎含懽䟀₼⮽苡㉒懽✛₳₹盶⚛㉒懽兓㒟ᇭ盶懽䤓筼
薺⮶ℝ₼⮽懽䤓筼薺ᇭ抩扖蓩䄎矑帰抩扖䄎䀑⻑䅩┷᧨₼㉒懽蜙兗碟邩輾含ᇭ瘻矑ₙ䤓扨₏䍈缂䯉☩矑ᇭ⚓諕䄎含☩矑喒⦃蜙⮩♾才˩P PLOV (OFRPHWHU

伊芿ℝ(OFRPHWHU᧨⇕盶懽䅩璌᧨芵≎⦷袛䀑⻑㒥㉺抮䲊┷䤓⪉㧟ₙ扪嫛㿚摞ᇭ㦘₳₹䕻簌䤓䄎含☩矑喒⦃♾䞷˩PPLOV ✛˩P PLOV 

癫㧟䀑㠨

D

 (OFRPHWHU$/♾芵神㗽㌷䤓㪖㉦扪嫛着Ⓟ庆勣籏㢢舊㒥㇢⦿㢢舊∪ㄣ莼噆莏㦃⮩痥㋾

ZZZHOFRPHWHUFRP

]K

5

癕遙䂔◤
(OFRPHWHU䄎含祮㒥懽ⷧ⌷癕乀C祘瘮幐⃵D Ⱁ㨫帱徼䞷㓆㓚␛㿚幤䲚矊
⦷㆏眑芠ⓜ᧨誑≬䄎含祮㒥懽䂔㾐᧨莋屐簛]K欄簛唑ಯ㿚幤⚝䤓䂔㾐ರ᧨ㄅ₣蠼㦘㗮⧞᧨犄⃉䄎含爎㒥懽⛷䤓㗮⧞蓩砋❜床蛖













䄎含































































 ∎䞷䄎含祮碪⇞祮⷟萴筼ℝ䄎含᧨䏅⚝蓩䄎含祮䤓扈冧碏☚瘸輾含₼筼瘸⦷⪉㧟ₙ䳂着
⅝䄎含₼莏茽䄎含祮㭏蜼䄎含祮爎᧨ㄅ㔍瘸蜙⚝₏₹䀵䄎䤓爎ᇭ床莏年爎䤓☩矑⋋ᇭ䄎含☩矑⦷年⋋疭芚₏₹㄁䑴竂爎䤓☩矑⋋芠梃⪉㧟⦷硵䯉䤓䯉√₼䄎含☩矑⦷˩P✛˩P⃚梃尐⦷簥拢ₙ∎䞷䄎含祮庆誑≬眴疭簥⷟䤓兄⚠戃兎㄂嫛磦糵⦷伦讟缂槱ₙ蓩⅝缂槱瞉⋋扪嫛㿚摞犄
㷳蓩ⅲ缂蜙⺞䤓䄎含☩矑E
F(OFRPHWHU$/✛(OFRPHWHUₜ㙟∪ⷧ⌷癕乀祘瘮幐⃵ₜ㙟∪ℝ(OFRPHWHU$/(OFRPHWHU✛(OFRPHWHU 癫㧟䀑㠨 ]K

ZZZHOFRPHWHUFRP

5





䞷㓚㖖✛碇㖖碏⇞␅₼㉒⃊戃䤓懽⷟᧨蜙⮶瘻矑⦷蜙碟扠䆕含䤓瘻矑ₙ蓩懽⷟磦茤䄎含₼᧨誑≬懽⷟萴筼ℝ䄎含蓩懽⷟䅩㲹扖䄎含rr莏⑂ℝ㪖瘮 䏅⚝⅝缂槱ₙ莏芚㔍瘸䀑㠨伧棓⦷₼㉒懽ₙ䤓簛₏₹䍈ᇭ㷳㢅⅝懽⷟₏∶䤓瘻矑ₙ床莏䄎含☩矑

PD[





㿚幤䲚矊᧤兼ⓜ唑᧥ ∎䞷䄎含懽芵芚螈承䤓䲚矊⅔∪莋豞ᇭ㦘␂釭䞷䤓㿚幤䲚矊䤓幵兕痥㋾᧨庆莋梔䦇
␂㪖瘮

䄎含
⪉㧟

⦷ₜ⚛䤓⦿礀摜⮜年䲚矊綍蓭₳㶰芵噆㈦ⅲ缂㊶䤓兢㨫尐蓩懽⷟䞷ℝ簥拢ₙ᧨庆蓩懽疭簥拢䤓兄⚠戃兎㒟筼邘䅩┷⦷伦讟缂槱ₙ蓩⅝缂槱瞉⋋扪嫛㿚摞犄㷳蓩ⅲ缂蜙⺞䤓䄎含☩矑 㿚幤⚝䤓䂔㾐G
秠㶰㿚幤⚝∎䞷⚗釭䤓積ⓑ䂔㾐䄎含祮㒥懽䂔㾐⚝᧨誑≬硵㦘䤓㧟㠨掌缗䂔棳᧨ㄅ₣ⅹ缂㄁䑴庆▎∎䞷鎛デ賰夏㊶䤓積ⓑ㒥朱€Ⓠ摠⻭Ⓗ⒏摠⻭⻠㒥␅Ⅵ摠⻭
ぴ牑扪嫛䂔㾐⦷ₜ∎䞷㢅蓩䄎含祮㒥懽ⷧ⌷⦷癕乀₼E

E
G(OFRPHWHU$/✛(OFRPHWHUₜ㙟∪ⷧ⌷癕乀ₜ釭䞷ℝ(OFRPHWHU眴ⅻ缗幍帰⃉∎䞷₏㶰ㄅ≬ⷧ⃉䄎含☩矑㿚摞䤓帿㇤芵誑≬德摞≬幐㒥睃㓆尐㻑ZZZHOFRPHWHUFRP

]K

5

㔏㦾屓㫋


(/&20(7(5 瘣邘䄎含祮 ₜ林朱

肺ↅ冥莓H

喒⦃

㿚摞爎

P

PP


P%%P


P.860PLOV


PLOV

PLOV



PLOV%%PLOV



PLOV

位誑矑s᧡㣍䯉䤓⋋㒥˩P PLO 芵戒⮶劔⃉瘮.0.0.860♾碏䏶∎䞷$670'$$61=6%6&%,62$,62%-,6.1)7861$9<33,861$9<16,



(/&20(7(5$/瘣邘䄎含祮 杬Ⓟ

肺ↅ冥莓

喒⦃

㿚摞爎

$∶
P


P%∶PLOV



PLOV%$/

位誑矑

⚜⃘⋋

♾碏䏶∎䞷$670'$$61=6%6&%,62$,62%-,6.1)7861$9<33,861$9<16,

H ♾折祘瘮幐⃵♾◤䕻徼⃿ᇭ祘瘮幐⃵㉔權⦷帱徼㢅尐㻑᧨ₜ賍抌䄾㙟∪]K

ZZZHOFRPHWHUFRP5㔏㦾屓㫋᧤兼ⓜ唑᧥

(/&20(7(5䄎含祮 ₜ林朱

肺ↅ冥莓H

喒⦃

㿚摞爎

%0PP%0PP%0PP%0PP%(PLOV

PLOV%(PLOV

PLOV%(PLOV

PLOV%(PLOV

PLOV

位誑矑s᧡㣍䯉䤓⋋㒥˩P PLO 芵戒⮶劔⃉瘮♾碏䏶∎䞷$670'$$61=6%6&%,62$,62%-,6.1)7861$9<33,861$9<16,


(/&20(7(5栎扈䄎含祮 ₜ林朱
H

肺ↅ冥莓

喒⦃

㿚摞爎

.0P

P梃鍫

.0P

P梃鍫.0P

P梃鍫.860PLOV

PLO梃鍫.860PLOV

PLO梃鍫.860PLOV

PLO梃鍫位誑矑s᧡㣍䯉䤓⋋㒥˩P PLO 芵戒⮶劔⃉瘮♾碏䏶∎䞷$670'$$61=6%6&%,62$,62%-,6.1)7861$9<33,861$9<16,


(/&20(7(5⫠㠨䄎含祮肺ↅ冥莓%

位誑矑

喒⦃

㿚摞爎

$∶
P
P%∶PLOV


PLOV⚜⃘⋋♾碏䏶∎䞷%6&%,62$,62%-,6.1)7
H ♾折祘瘮幐⃵♾◤䕻徼⃿ᇭ祘瘮幐⃵㉔權⦷帱徼㢅尐㻑᧨ₜ賍抌䄾㙟∪₳₹蓒勂⋋᧨䄎含祮䤓₳∶⚓₏₹ಳZZZHOFRPHWHUFRP

]K

5

㔏㦾屓㫋᧤兼ⓜ唑᧥

(/&20(7(5䄎含懽
H

肺ↅ冥莓F

喒⦃

瘻矑

肺ↅ冥莓

喒⦃

瘻矑

.0PP.860 PLO

PLO.0P

P.0P

P.860 PLOV

PLO.0P

P.860 PLOV

PLO.0P

P.860 PLOV

PLO.0PP.0PP.0PP.860 PLOV

PLO.0PP.0PP.860 PLOV

PLO.0P P.860 PLOV

PLOV位誑矑s᧡㣍䯉䤓⋋㒥˩P PLO 芵戒⮶劔⃉瘮
.71䄎含懽㓚㩓IFP ರ棓ↅ.71䄎含懽㓚㩓IFP ´♾碏䏶∎䞷$670'$$61=6%6&$,62%,62$-,6.1)7


(/&20(7(5癫㧟䀑㠨䄎含懽

肺ↅ冥莓

喒⦃

瘻矑

肺ↅ冥莓

喒⦃

瘻矑

.0P

P.860 PLOV

PLO.0P

P.860 PLOV

PLO位誑矑⚜⃘⋋♾碏䏶∎䞷$670'$$61=6%6&$,62%
,62$-,6.1)7

HI

 ♾折祘瘮幐⃵♾◤䕻徼⃿ᇭ祘瘮幐⃵㉔權⦷帱徼㢅尐㻑᧨ₜ賍抌䄾㙟∪含懽㓚㩓疭(OFRPHWHU癫㧟䀑⻑䄎含懽ₜ␋睐

70$簛䓗㦘䥥磷㦻

5Ǽ✣ǌ✣ǂƺǟ
(OFRPHWHU
ŲźྙƼƽǙǞǫƹȁǶଇިί
(OFRPHWHU
ȃ✣ǕȀ✣ൔƼƽǙǞǫƹȁǶଇިίZZZHOFRPHWHUFRP

5

ଢՑ
ǑǅǍǽȉ

‫ۀ‬ေ

㘲Їଽಸ

㙽㗈ٚ‫م‬

ൢ㛻

ǰ✣ǎ
MS
MS
MS
MS

҂ૼƍׄůťƮṳ‫ކ‬ƒaႇ∽ϱƑ౼㊮ⅇૼℼƵ⃷⃾źƉŲƃŸŧb
Їҋƒaὔ࣢ЌಆƎ஥⁒źƂٚ‫م‬Ɗ௥㙁źƉŲƃŸŧb⇈źŲƒaֹٚሱᇍุ֩Ƒℳ్ƍὨ倔Ǝŭ↜ŧ‫ކ‬ƲžŲƃŸŧb

ƒa(OFRPHWHU/LPLWHGƑ֨⁌അṌƊżb෮ᄝֹğ(GJH/DQH0DQFKHVWHU0%8
 8QLWHG.LQJGRPƀƑ෰ƑഅṌƎƇŧƉƒaƀƑᆻůὸŸƯƉŧơżb
5å(OFRPHWHU/LPLWHGóåå$OOULJKWVUHVHUYHGŶƑ໓ℼƑ၂҆ơƂƒಆ҆Ƶa(OFRPHWHU/LPLWHGƑ൙భƑℼ૫ƎƫƮ⇝ॖƍŲaŧŮƍƮྙൔƧٚ‫م‬čểሰ֥aὨྀ֥aՈ㡿֥a‫۽‬࿐֥a൭ọƵ↜ƲŽĎƎƫƆƉƥa♶⚧a䲬ෂaЌܵč㙽෬ॖିƍǍǏǜǶŮƌũŮƵ↜ƲŽĎaơƂƒ෰Ƒ࿽∽Ǝ‫ي‬䩊żƮŶƋƵ࣌ŻơżbMS

ZZZHOFRPHWHUFRP5‫ۀ‬ေ
ŲźྙƼƽǙǞǫƹȁǶଇިί(OFRPHWHU ࣚ؇ůۚŲaᄜ൐ႨॖିƊରࣲྟƎ∱ƯƂǏǜȉȂǏ⚧Ƒੂ࢘ྙƑ$/
ଇިίƊżbṦ‫ק‬ॖିƍቋնଇިȝPčPLOĎơƊaŸơŹơƍṦ‫ק‬ữ⯤ƑƥƑůťƭơżbǸ
ǝȁƎƫƆƉa㠡ƑඔčЧơƂƒЧĎů㹁ƍƭơżb
(OFRPHWHUƋ๝ྙƊƸȁǵ⚧Ƒଇިίa(OFRPHWHU$/Dƥťƭơżbோ૫ƎǷ✣Ǟȁ⨤໊čjȝPĎaƥũோ૫ƎƺȉǰȀƸ
ȁ⨤໊čjPLOĎƑଢഹů‫ڱ‬Űaད઻ೆƭƊżb(OFRPHWHU$%6ǭǿǏǗǙǅ⚧Ƒ൐ŧ్ƭǕƺǭƑଇިίƊżb௖⊑ܵ৘Ƒὸ⁌ЌթႨƧἪग़ƛƑิԛႨƎŷ০ႨŲƃŸŧbோ૫ƎǷ✣Ǟȁ⨤໊čjȝPĎaƥũோ૫ƎƺȉǰȀƸȁ⨤໊čjPLOĎƑଢഹů‫ڱ‬Űaད઻ೆƭƊżb(OFRPHWHUࣚ؇ůۚŲaᄜ൐ႨॖିƊରࣲྟƎ∱ƯƂǏǜȉȂǏ⚧ƑଇިίƊżbƀƯƁƯṦ‫ק‬ữ⯤ů㹁ƍƮ⊕ ťƭaṦ‫ק‬ॖିƍቋնଇިƒȝPčPLOĎƊżbƌƑଇިίƥaധŸƑ㹁ƍƮ㠡ůЧťƭơżč‫؍‬ᾲṦ‫ק‬Ďb

(OFRPHWHU

(OFRPHWHUƋƫŲරƂṵٚྙƑଇިίƊżůa㠡Ƒඔů‫؟‬ŲЧťƭơżč‫؍‬ᾲṦ‫ק‬ĎbƀƯƁƯṦ‫ק‬ữ⯤ů㹁ƍƮ⊕ ťƭaṦ‫ק‬ॖିƍቋնଇިƒȝPčPLOĎƊżb
ȃ✣ǕȀ✣ൔƼƽǙǞǫƹȁǶଇިί(OFRPHWHU

Ǳƺ✣ȁůƇᇗƍƆƂἧᄯƑଇިίƊżbᇏနƑǱƺ✣ȁƒa෰ƑƇƫƭཬŸŲaொྏźƉŧơżbᜢƯƂⅿଇƑഈƊଇިίƵ߭䲬ŸžaᇏနƑǱƺ✣ȁůଇƎԨƯƂƋŶưƑଢഹƵ䪎Ƣ౼ƭơżbŶ
Ƒ⡘ůaଇƑިŸƊżbṦ‫ק‬ॖିƍቋնଇިȝPčPLOĎơƊaŸơŹơƍṦ‫ק‬ữ⯤ƑƥƑůťƭơżb

(OFRPHWHU

(OFRPHWHUƋƫŲරƉŧơżůaⅿଇůżƜƭƧżŧṳ‫ކ‬Ƨ༯ֹůọŧƉŧƮṳ‫ކ‬ƑǏȀǙǭٝᆸႨƎaຓṥǱƺ✣ȁƑᇛ⯤Ǝȃ✣ȂǙǞࡆ‫۽‬čǄǌǄǌĎů‫ڱ‬ŧƉŧơżbṦ‫ק‬ữ⯤ůjȝPčjPLOĎƋjȝPčjPLOĎƑ⊕ ťƭơżb

čǉƺȁФଇႨĎD ŭग़㛻ƑȃǊƵ‫ڱ‬ŴƮŶƋƥƊŰơżb⇈źŲƒa(OFRPHWHUơƂƒቋ࠷ƭƑս৘‫׋‬Ǝŭ↜ŧ‫ކ‬ƲžŲƃŸŧbZZZHOFRPHWHUFRP

MS

5

㘲Їଽಸ(OFRPHWHUŲźྙơƂƒȃ✣ǕȀ✣ൔƼƽǙǞǫƹȁǶଇިί
⩝ₑǇ✣ǏC཮ᆞ䩐ૼℼD ᇿ໓źƂṳ‫ކ‬Ǽ✣ǌ✣ǂƺǟ
㙽㗈ٚ‫م‬㙽㗈ƵῘ൓żƮభƎaଇިίůŰƯŧƊčǑǅǍǽȉw൐ႨᗥƑౢℍxƵҕᅶĎa௥⅛źƉŧƍŧŶƋƵ⃷⃾źƉŲƃŸŧb㠡ƧǱƺ✣ȁƑᇛƭƎ℗ů‫ڱ‬ŧƉŧƮƋaᆞźŲṦ‫ק‬ƊŰơžƶb










































































 ŲźྙƼƽǙǞǫƹȁǶଇިίƑ൐Ⴈٚ‫م‬ ଇ૫Ǝ⻻źƉԼᆰƎƍƮƫũƎଇިίƵӻƄaŲźƑ㠡ů༯ֹƎԨƯƉν‫ק‬żƮơƊଇ૫Ǝ࿣ź֒Ɖơżb ଇިίƵӻƄഈŵơżb ⅿਘƑƇŧƂčᜢƯƂĎ㠡ƑũƄa⡘ůቋƥնŰƍ㠡ƵᾖƇŴƉaƀƑ
⡘Ƶ䪎Ƣ౼ƭơżbƼƽǙǞǫƹȁ ƼƽǙǞǶƑިŸƒaŶƑ⡘ƋaⅿਘůƇŮ ǫƹȁǶƍŮƆƂč఩ŧƂĎ傃Ƒ㠡Ƒ⡘Ƒᾇ༯ֹƎƍƭơżbŶƑ২ƊƒaƼƽǙǞǫƹȁǶƑިŸƒaȝPƋȝPƑᾇƎƍƭơżb
ǧƺǭƑⅿଇƑިŸƵṦ‫ק‬żƮṳ‫ކ‬ƒaсŽaǧƺǭƑṵŸٚཟƋ௜ྛƎƍƮƫũƎ
ଇިίƵᇂŰơżb
༯ֹƑ૫ůՙŧṳ‫ކ‬ƒaƀƑቋƥۚŧ໊ᇂŮƬṦ‫ק‬ŸƯơżbźƂůƆƉa䪎Ƣ౼ƆƂ⡘ƒaƼƽǙǞǫƹȁǶƑቋཬƑިŸƎƍƭơżbE

 (OFRPHWHU$/Ƌ(OFRPHWHUƎƒa⩝ₑǇ✣Ǐů‫ڱ‬උźƉŧơžƶb
 (OFRPHWHU$/a(OFRPHWHUƋ(OFRPHWHUčǉƺȁФଇႨĎƎƒa཮ᆞ䩐ૼℼůťƭơžƶb

F

MS

ZZZHOFRPHWHUFRP5㙽㗈ٚ‫م‬č䌺ŰĎ ȃ✣ǕȀ✣ൔƼƽǙǞǫƹȁǶଇިίƑ൐Ⴈٚ‫م‬ŶŶƊƒa၂Ϯ֥ƍ൐Ⴈ൭ⅆƵᾏ⨤Ǝൕźơżbᆞ⃷ƍ㙽㗈ٚ‫م‬ƎƇŧƉ⇈źŲƒaἐ֒żƮἲ۬ƑⅇૼƵҕᅶźƉŲƃŸŧb
ଇިίƑᇏနƑ⊙Ƒ҆‫ٳ‬Ƶa⃤ᆷƋƥũЧƑᆷƊ❡ṥŮƬཹƶƊӻƄഈŵaቋնଢഹůⅿଇƎቋƥ࣍ŧ໊ᇂƎŲƮƫũƎźơżb
ଇިίƵଇ૫Ǝ⻻źƉԼᆰƎᇂ ƼƽǙǞ
ǫƹȁǶ
Űơżb
ⅿଇƑഈƊଇިίƵơƂƒčἲ۬ƎƫƆƉ㹁ƍƭơżĎ ༯ֹ߭䲬ŸžƉŮƬaӻƄഈŵơżbᇏနƑǱƺ✣ȁƎቋԚƎⅿਘůሢŧƂƋŶưƵᾖƇŴơżbŶƑ
໊ᇂƑຓṥƑǱƺ✣ȁƑଢഹƵ䪎Ƣ౼ƭơżbŶƑ⡘ůaƼƽǙ
ǞǫƹȁǶƑިŸƎƍƭơżb






PD[





ຈ֒ƍṦ‫ק‬⡘Ƶ֤ƮƎƒa⦁Ƒṳ෮ƊŶƑ൭ⅆƵഒƍŲƋƥ߭⑘ƭْźơżbǧƺǭƑⅿଇƑިŸƵṦ‫ק‬żƮṳ‫ކ‬ƒaǧƺǭƑṵŸٚཟƋᆰ࢘Ƒ䍛ഈƎଇިίƵ߭䲬Ÿžơżb
༯ֹƑ૫ůՙŧṳ‫ކ‬ƒaƀƑቋƥۚŧ໊ᇂŮƬṦ‫ק‬ŸƯơżbźƂů
ƆƉa䪎Ƣ౼ƆƂ⡘ƒaƼƽǙǞǫƹȁǶƑቋཬƑިŸƎƍƭơżb
 ൐ႨᗥƑ༡㤔GଇިίƵ൐ႨżƮƂƖƎaℳ్ƍಷ⦟ƊౢℍźƉŲƃŸŧbౢℍź⊔ƲƆƂƬa㢟ƯůҗƆƉŧƍŧŶƋƵ⃷⃾źaଇިίů఩ᄲżƮơƊրƄơżb‫ڪ‬ൊྟƑಷ⦟ƧaȅƺǺ✣ǬǿǍaࣁඋ⚧ƑǮǿƧǺǏȀƍƌƒ
൐ႨźƍŧƊŲƃŸŧb
ଇިίƵ൐ႨźƍŧƋŰƒa‫ڱ‬උźƉŧƮ⩝ₑǇ✣ǏEƎೆƯƉЌܵźƉŲƃŸŧbE

 (OFRPHWHU$/Ƌ(OFRPHWHUƎƒa⩝ₑǇ✣Ǐů‫ڱ‬උźƉŧơžƶb
(OFRPHWHUƒa൐ŧ్ƭǕƺǭƍƑƊౢℍźơžƶbŶƑଇިίƒa௖⊑ܵ৘Ƒὸ⁌ЌթႨƧἪग़ƛƑิԛႨƎŷ০ႨŲƃŸŧbG

ZZZHOFRPHWHUFRP

MS

5

ൢ㛻


(/&20(7(5 ੂ࢘ྙƼƽǙǞǫƹȁǶଇިί ǏǜȉȂǏ⚧
Hǉ✣ǟ‫ݼى‬Ṧ‫ק‬ữ⯤

Ṧ‫؍ק‬ᾲ

.0

jP

PjP


P%%jP


P.860

jPLOV


PLOV.860

jPLOV

PLOV%%jPLOV

PLOVࣚ؇ଢഹƭ⡘ƑơƂƒP PLO ƑŧŽƯŮնŰŧٚ.0ℳ‫ކ‬ἲ۬ğ$670'$$61=6%6&%,62$,62%-,6.1)7861$9<33,861$9<16,



(/&20(7(5$/ੂ࢘ྙƼƽǙǞǫƹȁǶଇިί Ƹȁǵ⚧

ǉ✣ǟ‫ݼى‬Ṧ‫ק‬ữ⯤

Ṧ‫؍ק‬ᾲ

$૫jP


P%૫jPLOV

PLOV%$/

ࣚ؇

‫܄‬ӫ⡘

ℳ‫ކ‬ἲ۬ğ$670'$$61=6%6&%,62$,62%-,6.1)7861$9<33,861$9<16,

H

 ǀǭǍǽȉƊ཮ᆞ䩐ૼℼƵἨೆƊŰơżb཮ᆞ䩐ૼℼƒсŽଇިίƋ๝ℭƎᇿ໓źƉŲƃŸŧbᗥƊἠ⦁Ǝᇿ໓żƮŶƋƒƊŰơžƶbMS

ZZZHOFRPHWHUFRP5ൢ㛻č䌺ŰĎ

(/&20(7(5ŲźྙƼƽǙǞǫƹȁǶଇިί ǏǜȉȂǏ⚧
Hǉ✣ǟ‫ݼى‬Ṧ‫ק‬ữ⯤

Ṧ‫؍ק‬ᾲ

%0jPP%0jPP%0jPP%0jPP%(jPLOVPLOV%(jPLOVPLOV%(jPLOVPLOV%(jPLOVPLOVࣚ؇ଢഹƭ⡘ƑơƂƒP PLO ƑŧŽƯŮնŰŧٚ

ℳ‫ކ‬ἲ۬ğ$670'$$61=6%6&%,62$,62%-,6.1)7861$9<33,861$9<16,


(/&20(7(5ŲźྙƼƽǙǞǫƹȁǶଇިί ǏǜȉȂǏ⚧

ǉ✣ǟ‫ݼى‬HṦ‫ק‬ữ⯤

Ṧ‫؍ק‬ᾲ

.0

jP

PLQWHUYDOV.0

jP

PLQWHUYDOV.0

jP

PLQWHUYDOV.860

jPLOVPLOLQWHUYDOV.860

jPLOVPLOLQWHUYDOV.860

jPLOVPLOLQWHUYDOVࣚ؇ଢഹƭ⡘ƑơƂƒP PLO ƑŧŽƯŮնŰŧٚ

ℳ‫ކ‬ἲ۬ğ$670'$$61=6%6&%,62$,62%-,6.1)7861$9<33,861$9<16,


(/&20(7(5ǭǿǏǗǙǅ⚧ƼƽǙǞǫƹȁǶଇިίǉ✣ǟ‫ݼى‬%

ࣚ؇Ṧ‫ק‬ữ⯤

Ṧ‫؍ק‬ᾲ

$૫jP
P$૫jPLOV
PLOV‫܄‬ӫ⡘ℳ‫ކ‬ἲ۬ğ%6&%,62$,62%-,6.1)7
H ǀǭǍǽȉƊ཮ᆞ䩐ૼℼƵἨೆƊŰơżb཮ᆞ䩐ૼℼƒсŽଇިίƋ๝ℭƎᇿ໓źƉŲƃŸŧbᗥƊἠ⦁Ǝᇿ໓żƮŶƋƒƊŰơžƶb
ଇިίƑ❡؊Ǝଢഹů‫ڱ‬ŧƉŧƮƂƤaPLOůƇťƭơżbZZZHOFRPHWHUFRP

MS

5

ൢ㛻č䌺ŰĎ

(/&20(7(5ȃ✣ǕȀ✣ൔƼƽǙǞǫƹȁǶଇިί
Hǉ✣ǟ‫ݼى‬F

Ṧ‫ק‬ữ⯤

ଢഹǉ✣ǟ‫ݼى‬Ṧ‫ק‬ữ⯤

ଢഹ.0

jPP.860 jPLOPLO.0

jPP.0

jP

P.860 jPLOV

PLO.0

jP

P.860 jPLOV

PLO.0

jP

P.860 jPLOV

PLO.0

jPP.0

jPP.0

jPP.860 jPLOV

PLO.0

jPP.0jPP.860 jPLOV

PLO.0

jP P.860 jPLOV

PLOVࣚ؇ଢഹƭ⡘ƑơƂƒP PLO ƑŧŽƯŮնŰŧٚ
.71ȃ✣ǕȀ✣ൔƼƽǙǞǫƹȁǶଇިίႨǥȉǟȁaṵŸI
FP ƺȉǗƸǅǑǋȀ✣.71ȃ✣ǕȀ✣ൔƼƽǙǞǫƹȁǶଇިίႨǥȉǟȁaṵŸI
FP ƺȉǗℳ‫ކ‬ἲ۬$670'$$61=6%6&$,62%
,62$-,6.1)7


(/&20(7(5ǉƺȁФଇႨƼƽǙǞǫƹȁǶଇިίǉ✣ǟ‫ݼى‬Ṧ‫ק‬ữ⯤

ଢഹǉ✣ǟ‫ݼى‬Ṧ‫ק‬ữ⯤

ଢഹ.0

jP

P.860 jPLOV

PLO.0

jP

P.860 jPLOV

PLOࣚ؇‫܄‬ӫ⡘ℳ‫ކ‬ἲ۬ğ$670'$$61=6%6&$,62%
,62$-,6.1)7

H ǀǭǍǽȉƊ཮ᆞ䩐ૼℼƵἨೆƊŰơżb཮ᆞ䩐ૼℼƒсŽଇިίƋ๝ℭƎᇿ໓źƉŲƃŸŧbᗥƊἠ⦁Ǝᇿ໓żƮŶƋƒƊŰơžƶb
Iȃ✣ǕȀ✣ൔƼƽǙǞǫƹȁǶଇިίႨǥȉǟȁƵa(OFRPHWHUǉƺȁФଇႨƼƽǙǞǫƹȁǶଇިίƎ‫ڱ‬ŴƮŶƋƒƊŰơžƶb

70$ֻϱaЧ໓Ƌі⊍‫ݼى‬