HQ

5

8VHU*XLGH(OFRPHWHU
 
9LVFRVLW\)ORZ&XSV

ZZZHOFRPHWHUFRP5

HQ&217(176








2YHUYLHZ%R[&RQWHQWV
7HVW3URFHGXUH&DUH 0DLQWHQDQFH
6SDUHV $FFHVVRULHV:DUUDQW\6WDWHPHQW
7HFKQLFDO6SHFLILFDWLRQ)RUWKHDYRLGDQFHRIGRXEWSOHDVHUHIHUWRWKHRULJLQDO(QJOLVKODQJXDJHYHUVLRQ(OFRPHWHU9LVFRVLW\)ORZ&XSVDUHSDFNHGLQDFDUGERDUGSDFNDJH3OHDVHHQVXUHWKDWWKLVSDFNDJLQJLVGLVSRVHGRILQDQHQYLURQPHQWDOO\VHQVLWLYHPDQQHU&RQVXOW\RXUORFDO(QYLURQPHQWDO$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

HQ29(59,(:(OFRPHWHU9LVFRVLW\)ORZ&XSVDUHHDV\WRXVHLQVWUXPHQWVIRU
PHDVXULQJWKHFRQVLVWHQF\RIOLTXLGV
7KHFXSLVVXSSRUWHGLQDVWDQGDDQGLVILOOHGZLWKWKHOLTXLGXQGHUWHVW
7KHWLPHWDNHQIRUWKHOLTXLGWRGUDLQWKURXJKWKHRULILFHLQWKHERWWRPRI
WKHFXSLVPHDVXUHG
7KHPHDVXUHGNLQHPDWLFYLVFRVLW\LVJHQHUDOO\H[SUHVVHGLQVHFRQGV V 
IORZWLPHZKLFKFDQEHFRQYHUWHGWR&HQWLVWRNHV F6W LIVWLSXODWHGLQWKH
6WDQGDUG7KH(OFRPHWHU9LVFRVLW\&RQYHUVLRQ'LVFD(OFRPHWHU
(OFR&DOF0RELOH$SS VHHZZZHOFRPHWHUFRP RUWKHORRNXSWDEOHVLQ
$SSHQGL[ DIWHUSDJHMS FDQEHXVHGIRUWKLVSXUSRVH$ZLGHUDQJHRIFXSVZLWKGLIIHUHQWRULILFHVLVDYDLODEOHIRU
PHDVXUHPHQWVEHWZHHQF6WDQGF6W
%2;&217(176(OFRPHWHU9LVFRVLW\)ORZ&XS%DWFKRU&XS6SHFLILF&DOLEUDWLRQ&HUWLILFDWHE
8VHU*XLGH

7(67352&('85( %()25(<2867$57
 6HOHFWDFXSZKLFKJLYHVDIORZWLPHRIEHWZHHQVHFRQGVDQG
VHFRQGV (QVXUHWKHFXSDQGWKHRULILFHDUHFOHDQDQGIUHHRIGHEULV
 7KHOLTXLGEHLQJWHVWHGPXVWEHKRPRJHQHRXVDQGPXVWQRWFRQWDLQDQ\EXEEOHV8VHIUHVKO\VWUDLQHGVDPSOHVRQO\ 7KHOLTXLGEHLQJWHVWHGPXVWEHQHZWRQLDQ7RGHWHUPLQHZKHWKHUDOLTXLGLVQHZWRQLDQFDUU\RXWWKHIROORZLQJPHDVXUHPHQWVXVLQJWKHLQVWUXFWLRQVJLYHQLQ6HFWLRQµ7HVW
3URFHGXUH¶RQSDJHHQ
y 
y 


D

)LOOWKHFXSDQGPHDVXUHIORZWLPHLPPHGLDWHO\DIWHUILOOLQJ)LOOWKHFXSZDLWRQHPLQXWHWKHQPHDVXUHIORZWLPH

,IWKHGLIIHUHQFHEHWZHHQWKHWZRIORZWLPHVLVJUHDWHUWKDQWKHOLTXLGLVFRQVLGHUHGWREHQRQQHZWRQLDQDQGFDQQRWEHWHVWHGXVLQJWKH9LVFRVLW\&XS
0HDVXUHDQGUHFRUGWKHWHPSHUDWXUHRIWKHOLTXLG $YDLODEOHWRSXUFKDVHDVDQRSWLRQDODFFHVVRU\VHH6HFWLRQµ6SDUHV $FFHVVRULHV¶RQSDJHHQ
 'HSHQGLQJRQSDUWQXPEHURUGHUHGVHH6HFWLRQµ7HFKQLFDO6SHFLILFDWLRQ¶RQSDJHHQIRUGHWDLOVE

ZZZHOFRPHWHUFRP

HQ

HQ

5

7(67 352&('85( FRQWLQXHG
 7(67 352&('85( 3ODFHWKHFXSLQWRWKHVWDQGDDQGOHYHOWKH
FXSXVLQJWKHJODVVSODWHDQGEXEEOHOHYHOVXSSOLHGZLWKWKHVWDQG )LJXUH  $OORZWKHWHPSHUDWXUHRIWKHFXSDQGWKH
VDPSOHWRVWDELOLVHDWWKHDJUHHG
WHPSHUDWXUH&KHFNWKHWHPSHUDWXUHRIWKH
VDPSOHEHIRUHILOOLQJF
 3ODFHDILQJHURYHUWKHFXSRULILFHWRFORVH
WKHRULILFH )LJXUH 
 3RXUWKHOLTXLGJHQWO\LQWRWKHFXSDYRLGLQJWKHIRUPDWLRQRIDLUEXEEOHV)LJXUH 
 6OLGHWKHJODVVSODWHRYHUWKHULPRIWKH
FXSWRUHPRYHH[FHVVVDPSOH$YRLGWKH
IRUPDWLRQRIDLUEXEEOHVEHWZHHQWKHJODVVSODWHDQGWKHOLTXLG )LJXUH  5HPRYH\RXUILQJHUIURPFXSRULILFHDQG
ZDLWIRUDIHZPLQXWHVWRDOORZDQ\DLU
EXEEOHVWRULVHWRWKHWRSRIWKHOLTXLG
 5HPRYHWKHJODVVSODWHDQGVWDUWWKHVWRSZDWFKD )LJXUH  :DWFK WKH IORZ RI OLTXLG IURP WKH RULILFH DQG
VWRS WKH VWRSZDWFKD WKH PRPHQW WKH IORZEUHDNV IRU WKH YHU\ ILUVW WLPH )LJXUH   5HSHDWWKHWHVW ,IWKHWHVWUHVXOWVGRQRWGLIIHUE\PRUHWKDQFDOFXODWHWKHDYHUDJHRIWKHWZRWHVWUHVXOWVDQGUHFRUGWKHUHVXOW)LJXUH)LJXUH)LJXUH)LJXUHDF

)LJXUH$YDLODEOHWRSXUFKDVHDVDQRSWLRQDODFFHVVRU\VHH6HFWLRQµ6SDUHV $FFHVVRULHV¶ RQSDJHHQ,IWKHWHVWHQYLURQPHQWLVQRWWHPSHUDWXUHVWDELOLVHGDGRXEOHZDOOHGWKHUPRMDFNHWFDQEHXVHGVHH
6HFWLRQµ6SDUHV $FFHVVRULHV¶ RQSDJHHQHQ

ZZZHOFRPHWHUFRP7(67352&('85( FRQWLQXHG
7KHPHDVXUHGNLQHPDWLFYLVFRVLW\LVJHQHUDOO\H[SUHVVHGLQVHFRQGV V 
IORZWLPHZKLFKFDQEHFRQYHUWHGWR&HQWLVWRNHV F6W LIVWLSXODWHGLQWKH
6WDQGDUG7KH(OFRPHWHU9LVFRVLW\&RQYHUVLRQ'LVFD(OFRPHWHU
(OFR&DOF0RELOH$SS VHHZZZHOFRPHWHUFRP RUWKHORRNXSWDEOHVLQ
$SSHQGL[ DIWHUSDJHMS FDQEHXVHGIRUWKLVSXUSRVH $)7(57(67&OHDQWKHYLVFRVLW\FXSDQGDOOWKHHTXLSPHQWXVHGXVLQJDVXLWDEOH
VROYHQW
'2127XVHZLUHEUXVKHVPHWDOVFUDSHUVPHWDOILOHVRURWKHUPHWDOOLFWRROVIRUFOHDQLQJ$IWHUFOHDQLQJHQVXUHWKDWDOOPDWHULDOVDUHUHPRYHGDQGWKDWWKH
LQVWUXPHQWLVGU\&$5( 0$,17(1$1&((OFRPHWHU9LVFRVLW\)ORZ&XSVDUHGHVLJQHGWRJLYHPDQ\\HDUVUHOLDEOHVHUYLFHXQGHUQRUPDORSHUDWLQJFRQGLWLRQV
y 



y 



y 



D

5HJXODUO\LQVSHFWWKHFXSIRUGDPDJHWRWKHRULILFHVFUDWFKHVRQ
WKHLQWHUQDOVXUIDFHRUGHIRUPDWLRQDVVXFKIODZVZLOODIIHFWWKH
UHDGLQJVDQGWKHFXSPD\KDYHWREHUHSODFHG
7RFKHFNIRUZHDUXVH(OFRPHWHU9LVFRVLW\&XS6WDQGDUG&DOLEUDWLRQ2LOVDLQSODFHRI\RXUOLTXLGDQGPHDVXUHWKHIORZ
WLPH,IZHDULVGHWHFWHGFRQWDFW(OFRPHWHURU\RXUORFDO(OFRPHWHUVXSSOLHU5HJXODUFDOLEUDWLRQFKHFNVRYHUWKHOLIHRIWKHFXSDUHD
UHTXLUHPHQWRITXDOLW\PDQDJHPHQWSURFHGXUHVHJ,62
DQGRWKHUVWDQGDUGV $YDLODEOHWRSXUFKDVHDVDQRSWLRQDODFFHVVRU\VHH6HFWLRQµ6SDUHV $FFHVVRULHV¶RQSDJHHQZZZHOFRPHWHUFRP

HQ

HQ

5

HQ

5

63$5(6 $&&(6625,(6 9,6&26,7<&8367$1'6
8VLQJDYLVFRVLW\FXSVWDQGHQVXUHVWKDWWKHFXSLV
SRVLWLRQHGFRUUHFWO\WRFDUU\RXWWKHWHVW(DFKVWDQGLVVXSSOLHGZLWKEXEEOHOHYHOWRHQVXUH
WKHFXSLVSDUDOOHOWRWKHVXUIDFHDQGJODVVGUDZGRZQSODWHWRUHWDLQWKHWHVWVDPSOHXQWLOWKHXVHULV
UHDG\WREHJLQWKHWHVW7KHJODVVGUDZGRZQSODWHDOVRSURYLGHVDVXUIDFHIRUWKHEXEEOHOHYHO$VWDQGFRPSOHWHZLWKWKHUPRMDFNHWLVDOVRDYDLODEOH
IRUKHDWLQJWHVWVDPSOHVLIWKHWHPSHUDWXUHRIWKH
WHVWHQYLURQPHQWLVXQVWDEOH
'HVFULSWLRQ
3DUW1XPEHU
9LVFRVLW\&XS6WDQG
.71
9LVFRVLW\&XS3UHFLVLRQ6WDQG
.71
9LVFRVLW\&XS3UHFLVLRQ6WDQGZLWK7KHUPRMDFNHW .71
%XEEOH/HYHO
.73*ODVV'UDZ'RZQ3ODWH
.73
7KHUPRMDFNHW
.71 6723:$7&+
7RWLPHWKHIORZRIWKHOLTXLGIURPWKHYLVFRVLW\FXS
'HVFULSWLRQ 





(OFRPHWHU+LJK3UHFLVLRQ6WRSZDWFK

3DUW1XPEHU.0 9,6&26,7<&219(56,21',6&
7KHPHDVXUHGNLQHPDWLFYLVFRVLW\LVJHQHUDOO\H[SUHVVHGLQVHFRQGV V IORZWLPH7KLVFDQEH
FRQYHUWHGWR&HQWLVWRNHV F6W XVLQJWKH
(OFRPHWHU9LVFRVLW\&RQYHUVLRQ'LVF
'HVFULSWLRQ (OFRPHWHU&RQYHUVLRQ'LVF

3DUW1XPEHU.71

)URQW1RFXSVDFFRUGLQJWR$)125%61)$670',1=DKQ
%DFN1RFXSVDFFRUGLQJWR,62DQG=DKQHQ

ZZZHOFRPHWHUFRP

5

HQ

63$5(6 $&&(6625,(6 FRQWLQXHG
 (/&20(7(59,6&26,7<&8367$1'$5'&$/,%5$7,212,/6,QRUGHUWRFKHFNWKHYLVFRVLW\FXS¶VFDOLEUDWLRQRUWRFHUWLI\LWIRU,62SXUSRVHVLWLVLPSHUDWLYHWKDWYLVFRVLW\FXSVWDQGDUGFDOLEUDWLRQRLOVDUH
XVHG
6XSSOLHGLQòOLWUH SLQW ERWWOHVFRPSOHWHZLWKFDOLEUDWLRQFHUWLILFDWHVWDQGDUGRLOVKDYHD
VSHFLILFGUDLQWLPHGHSHQGHQWXSRQWKH
YLVFRVLW\FXSW\SH )RUG',1,62HWF DQGWKH
RULILFHVL]HRUFXSQXPEHUXVHG
6SHFLILFFDOLEUDWLRQRLOVFDQRQO\EHXVHGZLWKVSHFLILFIORZFXSVUHIHUWRWKHWDEOHEHORZWRGHWHUPLQHZKLFKFDOLEUDWLRQRLOLVUHTXLUHGIRU
HDFKFXS)ORZ&XS7\SH1XPEHU

9LVFRVLW\2LO
3DUW1XPEHU',1$670)25',62.0.0.0.0
















.LQHPDWLF
9LVFRVLW\DW& ) H
F6W
F6W
F6W
F6W

0DWHULDO6DIHW\'DWD6KHHWVIRUWKH(OFRPHWHU9LVFRVLW\&XS6WDQGDUG&DOLEUDWLRQ2LOV
FDQEHGRZQORDGHGYLDRXUZHEVLWH
KWWSZZZHOFRPHWHUFRPLPDJHVVWRULHV06'6HOFRPHWHUBPSGI
KWWSZZZHOFRPHWHUFRPLPDJHVVWRULHV06'6HOFRPHWHUBPBPSGI
KWWSZZZHOFRPHWHUFRPLPDJHVVWRULHV06'6HOFRPHWHUBPBPBPSGI

:$55$17<67$7(0(17(OFRPHWHU9LVFRVLW\)ORZ&XSVDUHVXSSOLHGZLWKDRQH\HDUZDUUDQW\DJDLQVWPDQXIDFWXULQJGHIHFWVH[FOXGLQJFRQWDPLQDWLRQDQGZHDU
7(&+1,&$/63(&,),&$7,21%RG\0DWHULDO$QRGLVHG$OXPLQLXP

2UL¿FH0DWHULDO

6WDLQOHVV6WHHO$FFXUDF\H(OFRPHWHU

(OFRPHWHU

(OFRPHWHU

(OFRPHWHU

 1RPLQDOYDOXHVZZZHOFRPHWHUFRP

HQ

5

HQ

7(&+1,&$/63(&,),&$7,21 FRQWLQXHG
3DUW1XPEHUÁ

2UL¿FH
&XS7\SH'LDPHWHU
1XPEHUPP.0

',1



.0

',1



.0

',1



.0',1.0

$SSOLFDEOH
6WDQGDUGV

5DQJHF6W&HUWL¿FDWHVÁ$YDLODEOH
%DWFK

|


',1
&XSRQO\



&XS







|





|

)25'
$670



.0)25'
$670



.0)25'
$670



.0)25'
$670



.0)25'
$670



.0 $)125





|

.0$)125





|

.0$)125





|

.0

,62





.0

,62





.0

,62









$670'$OOFXSV

1)7
$OO&XSV,62
&XSV $670'
.0

,62



.0

,62



.0

%6



.0

%6



&XSV |%6$
&XS $61=6
&XSRQO\





 %DWFK&HUWL¿FDWHVXSSOLHGDVVWDQGDUG
 2SWLRQDO&DOLEUDWLRQ&HUWL¿FDWH$YDLODEOH(ႉX[7LPH&HUWL¿FDWH| 2SWLRQDO&DOLEUDWLRQ&HUWL¿FDWH$YDLODEOH'LPHQVLRQDO&HUWL¿FDWH
Á

$GGµ&¶WRWKHHQGRIWKHVDOHVSDUWQXPEHUIRUFXSVXSSOLHGFRPSOHWHZLWK(ႉX[7LPHRU
'LPHQVLRQDO&DOLEUDWLRQ&HUWL¿FDWHDVLQGLFDWHG&DOLEUDWLRQ&HUWL¿FDWHVPXVWEHUHTXHVWHGDWWLPH
RIRUGHUWKH\FDQQRWEHVXSSOLHGUHWURVSHFWLYHO\,62VXSHUFHGHV',11)7(1DQG1%17

HQ

70$,VVXH7H[WZLWKFRYHUGH

5*HEUDXFKVDQOHLWXQJ(OFRPHWHU
 
9LVNRVLWlWVDXVODXIEHFKHU

ZZZHOFRPHWHUFRP

5

GH,1+$/7








hEHUEOLFN
3DFNXQJVLQKDOW3UIYHUIDKUHQ
3IOHJHXQG:DUWXQJ(UVDW]WHLOHXQG=XEHK|U*DUDQWLH
7HFKQLVFKH'DWHQ%H]LHKHQ6LHVLFKLP=ZHLIHOVIDOOELWWHDXIGLHHQJOLVFKVSUDFKLJH9HUVLRQ(OFRPHWHU9LVNRVLWlWVDXVODXIEHFKHUVLQGLQHLQHP.DUWRQYHUSDFNW6WHOOHQ6LHELWWHVLFKHUGDVVGLHVH
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(OFRPHWHU9LVNRVLWlWVDXVODXIEHFKHUVLQGOHLFKWYHUZHQGEDUH,QVWUXPHQWH
]XP0HVVHQGHU.RQVLVWHQ]YRQ)OVVLJNHLWHQ'HU%HFKHUZLUGPLWHLQHP6WlQGHUDJHKDOWHQXQGPLWGHU]XSUIHQGHQ)OVVLJNHLWJHIOOW'LH=HLWGDXHUGLHGLH)OVVLJNHLW]XP$XVODXIHQGXUFKGLHgIIQXQJLP%RGHQGHV%HFKHUVEHQ|WLJWZLUGJHPHVVHQ
'LHNLQHPDWLVFKH9LVNRVLWlWZLUGLQGHU5HJHODQKDQGGHU$XVODXI]HLWLQ
6HNXQGHQ V JHPHVVHQXQGNDQQGDQQLQ&HQWLVWRNHV F6W XPJHZDQGHOW
ZHUGHQZHQQGLH1RUPGLHVHUIRUGHUW'DV(OFRPHWHU
9LVNRVLWlWVQRPRJUDPPDGLH(OFRPHWHU(OFR&DOF0RELOH$SS VLHKHZZZHOFRPHWHUFRP RGHUGLH9HUJOHLFKVWDEHOOHQLQ$QKDQJ QDFK6HLWH
MS N|QQHQ]XGLHVHP=ZHFNYHUZHQGHWZHUGHQ)U0HVVXQJHQ]ZLVFKHQF6WXQGF6WLVWHLQHJURH$XVZDKODQ%HFKHUQPLWXQWHUVFKLHGOLFKHQgIIQXQJHQHUKlOWOLFK3$&.81*6,1+$/7(OFRPHWHU9LVNRVLWlWVDXVODXIEHFKHU/RVRGHUEHFKHUVSH]LILVFKHV.DOLEULHU]HUWLILNDWE*HEUDXFKVDQOHLWXQJ

35h)9(5)$+5(1 %(9256,(%(*,11(1:lKOHQ6LHHLQHQ%HFKHUGHULQHLQHU$XVODXI]HLW]ZLVFKHQ
6HNXQGHQXQG6HNXQGHQUHVXOWLHUW
6WHOOHQ6LHVLFKHUGDVVGHU%HFKHUXQGGLHgIIQXQJVDXEHUXQGIUHLYRQ5FNVWlQGHQVLQG'LH]XSUIHQGH)OVVLJNHLWPXVVKRPRJHQVHLQXQGGDUINHLQH
%ODVHQHQWKDOWHQ9HUZHQGHQ6LHQXUIULVFKJHVLHEWH3UREHQ%HLGHU]XSUIHQGHQ)OVVLJNHLWPXVVHVVLFKXPHLQHQHZWRQVFKH
)OVVLJNHLWKDQGHOQ)KUHQ6LHGLHIROJHQGHQ0HVVXQJHQXQWHU%HIROJXQJGHULQ$EVFKQLWW 3UIYHUIDKUHQ DXI6HLWHGHHQWKDOWHQHQ$QOHLWXQJHQGXUFKXP]XEHVWLPPHQREHVVLFKXPHLQH
QHZWRQVFKH)OVVLJNHLWKDQGHOWy  )OOHQ6LHGHQ%HFKHUXQGPHVVHQ6LHGLH$XVODXI]HLW XQPLWWHOEDUQDFKGHP)OOHQy  )OOHQ6LHGHQ%HFKHUZDUWHQ6LHHLQH0LQXWHXQGPHVVHQ6LH
 GDQQGLH$XVODXI]HLW:HQQGHU8QWHUVFKLHG]ZLVFKHQGHQEHLGHQ$XVODXI]HLWHQJU|HUDOVLVWZLUGGLH)OVVLJNHLWDOVHLQHQLFKWQHZWRQVFKH)OVVLJNHLWHUDFKWHWXQGNDQQQLFKWPLWGHP9LVNRVLWlWVEHFKHUJHSUIWZHUGHQ
0HVVHQ6LHGLH7HPSHUDWXUGHU)OVVLJNHLWXQG]HLFKQHQ6LHVLHDXI
DE

 $OVRSWLRQDOHV=XEHK|UHUKlOWOLFKVLHKH$EVFKQLWW (UVDW]WHLOHXQG=XEHK|U DXI6HLWHGH $EKlQJLJYRQGHU%HVWHOOQXPPHUIU'HWDLOVVLHKH$EVFKQLWW 7HFKQLVFKH'DWHQ DXI6HLWHGHZZZHOFRPHWHUFRP

GH

GH

h%(5%/,&.

5GH

35h)9(5)$+5(1 )RUWVHW]XQJ 35h)9(5)$+5(1%HIHVWLJHQ6LHGHQ%HFKHUDP6WlQGHUDXQGULFKWHQ6LHLKQPLWKLOIHGHUPLWGHP6WlQGHUJHOLHIHUWHQ*ODVSODWWHXQG/LEHOOHDXV %LOG :DUWHQ6LHELVVLFKGLH7HPSHUDWXUGHV%HFKHUVXQGGHU3UREHEHLGHUYHUHLQEDUWHQ
7HPSHUDWXUVWDELOLVLHUWKDW3UIHQ6LHGLH
7HPSHUDWXUGHU3UREHYRUGHP)OOHQF/HJHQ 6LH HLQHQ )LQJHU EHU GLH %HFKHU|IIQXQJXP VLH ]X VFKOLHHQ %LOG  *LHHQ6LHGLH)OVVLJNHLWODQJVDPLQGHQ%HFKHUXQGYHUPHLGHQ6LHGDEHLGLH%LOGXQJYRQ/XIWEODVHQ %LOG 

6FKLHEHQ6LHGLH*ODVSODWWHEHUGHQ5DQG
GHV%HFKHUVXPEHUVFKVVLJHV
3UREHQPDWHULDO]XHQWIHUQHQ9HUPHLGHQ6LH
GLH%LOGXQJYRQ/XIWEODVHQ]ZLVFKHQGHU*ODVSODWWHXQGGHU)OVVLJNHLW %LOG 
1HKPHQ6LH,KUHQ)LQJHUYRQGHU
%HFKHU|IIQXQJXQGZDUWHQ6LHHLQLJH0LQXWHQ
GDPLWHWZDLJH/XIWEODVHQ]XU2EHUIOlFKHGHU
)OVVLJNHLWVWHLJHQN|QQHQ(QWIHUQHQ6LHGLH*ODVSODWWHXQGVWDUWHQ6LH
GLH6WRSSXKUD %LOG %HREDFKWHQ6LHGDV$XVODXIHQGHU)OVVLJNHLWXQGVWRSSHQ6LHGLH6WRSSXKUDLQGHP
0RPHQWLQGHPGHU)OXVV]XPHUVWHQ0DO
XQWHUEURFKHQZLUG %LOG :LHGHUKROHQ6LHGLH3UIXQJ :HQQ GLH 3UIXQJVHUJHEQLVVH QLFKW XP PHKU DOV  YRQHLQDQGHU DEZHLFKHQ EHUHFKQHQ 6LH GHQ'XUFKVFKQLWW GHU EHLGHQ 3UIXQJVHUJHEQLVVH XQG]HLFKQHQ GDV (UJHEQLV DXI

%LOG

%LOG

%LOG


%LOG
DF


%LOG

$OVRSWLRQDOHV=XEHK|UHUKlOWOLFKVLHKH$EVFKQLWW (UVDW]WHLOHXQG=XEHK|U DXI6HLWHGH:HQQGLH7HPSHUDWXUGHU3UIXPJHEXQJQLFKWVWDELOLVWNDQQHLQGRSSHOZDQGLJHU7KHUPRPDQWHOYHUZHQGHWZHUGHQVLHKH$EVFKQLWW (UVDW]WHLOHXQG=XEHK|U DXI6HLWHGHGHZZZHOFRPHWHUFRP35h)9(5)$+5(1 )RUWVHW]XQJ'LHNLQHPDWLVFKH9LVNRVLWlWZLUGLQGHU5HJHODQKDQGGHU$XVODXI]HLW
LQ6HNXQGHQ V JHPHVVHQXQGNDQQGDQQLQ&HQWLVWRNHV F6W 
XPJHZDQGHOWZHUGHQZHQQGLH1RUPGLHVHUIRUGHUW'DV(OFRPHWHU
9LVNRVLWlWVQRPRJUDPPDGLH(OFRPHWHU(OFR&DOF0RELOH$SS
VLHKHZZZHOFRPHWHUFRP RGHUGLH9HUJOHLFKVWDEHOOHQLQ$QKDQJQDFK6HLWHMS N|QQHQ]XGLHVHP=ZHFNYHUZHQGHWZHUGHQ 1$&+'(535h)81*
5HLQLJHQ6LHGHQ%HFKHUXQGGLHJHVDPWH$XVUVWXQJPLWHLQHP
JHHLJQHWHQ/|VHPLWWHO9HUZHQGHQ6LH.(,1('UDKWEUVWHQ0HWDOOVFKDEHU
0HWDOOIHLOHQRGHUVRQVWLJHQPHWDOOLVFKHQ:HUN]HXJH]XP
5HLQLJHQ
9HUJHZLVVHUQ6LHVLFKQDFKGHP5HLQLJHQGDVVVlPWOLFKHV0DWHULDOHQWIHUQWXQGGDV,QVWUXPHQWWURFNHQLVW3)/(*(81':$5781*(OFRPHWHU9LVNRVLWlWVDXVODXIEHFKHUVLQGIUGHQODQJMlKULJ]XYHUOlVVLJHQ*HEUDXFKXQWHUQRUPDOHQ%HWULHEVEHGLQJXQJHQ
NRQ]LSLHUW
y 




y 



y 



D

3UIHQ6LHGHQ%HFKHUUHJHOPlLJDXI%HVFKlGLJXQJGHU
gIIQXQJ.UDW]HUDQGHQ,QQHQIOlFKHQRGHU9HUIRUPXQJHQXQG
0DWHULDOIHKOHUGDGLHVHGLH0HVVZHUWHEHLQWUlFKWLJHQXQGHLQHQ$XVWDXVFKGHV%HFKHUVHUIRUGHUOLFKPDFKHQN|QQHQ
9HUZHQGHQ6LH]XU3UIXQJDXI9HUVFKOHL(OFRPHWHU
9LVNRVLWlWVEHFKHUHLFK|OHDDQVWDWW,KUHU)OVVLJNHLWXQGPHVVHQ
6LHGLH$XVODXI]HLW:HQGHQ6LHVLFKDQ(OFRPHWHURGHU,KUHQ|UWOLFKHQ+lQGOHUZHQQ9HUVFKOHLIHVWJHVWHOOWZLUG
5HJHOPlLJH.DOLEULHUSUIXQJHQEHUGLH*HEUDXFKVGDXHUGHV%HFKHUVVLQGHLQH$QIRUGHUXQJGHU4XDOLWlWVVLFKHUXQJZLH]XP%HLVSLHOQDFK,62XQGDQGHUHQ1RUPHQ $OVRSWLRQDOHV=XEHK|UHUKlOWOLFKVLHKH$EVFKQLWW (UVDW]WHLOHXQG=XEHK|U DXI6HLWHGHZZZHOFRPHWHUFRP

GH

GH

5

GH

5

(56$7=7(,/(81'=8%(+g5 9,6.26,7b76%(&+(567b1'(5'LH9HUZHQGXQJHLQHV9LVNRVLWlWVEHFKHUVWlQGHUVJHZlKUOHLVWHWGDVVGHU%HFKHU]XU'XUFKIKUXQJGHU
3UIXQJNRUUHNWSRVLWLRQLHUWLVW
-HGHU6WlQGHUZLUGPLWHLQHU/LEHOOHJHOLHIHUWXPVLFKHU]XVWHOOHQGDVVGHU%HFKHUSDUDOOHO]XU
2EHUIOlFKHLVWVRZLHPLWHLQHU$EVWUHLISODWWHDXV*ODVXPGLH3UREH]XUFN]XKDOWHQELVGHU$QZHQGHUEHUHLWLVWGLH3UIXQJ]XEHJLQQHQ'LH*ODVDEVWUHLISODWWH
VWHOOW]XGHPHLQH6WHOOIOlFKHIUGLH/LEHOOHEHUHLW)U3UIXPJHEXQJHQPLWLQVWDELOHU7HPSHUDWXULVW
DXFKHLQ6WlQGHUPLWHLQHP7KHUPRPDQWHO]XP$XIKHL]HQGHU3UREHQHUKlOWOLFK%HVFKUHLEXQJ
9LVNRVLWlWVEHFKHUVWlQGHU
9LVNRVLWlWVEHFKHUSUl]LVLRQVVWlQGHU
9LVNRVLWlWVEHFKHUSUl]LVLRQVVWlQGHU
PLW7KHUPRPDQWHO/LEHOOH*ODVDE]LHKSODWWH
7KHUPRPDQWHO%HVWHOOQXPPHU.71
.71
.71
.73.73
. 71 672338+5=XU=HLWPHVVXQJGHV$XVODXIHQVGHU)OVVLJNHLWDXVGHP
9LVNRVLWlWVEHFKHU%HVFKUHLEXQJ(OFRPHWHU3Ul]LVLRQVVWRSSXKU

%HVWHOOQXPPHU.0 9,6.26,7b761202*5$00'LHNLQHPDWLVFKH9LVNRVLWlWZLUGLQGHU5HJHODQKDQG
GHU$XVODXI]HLWLQ6HNXQGHQ V JHPHVVHQ6LHNDQQPLWKLOIHGHV(OFRPHWHU9LVNRVLWlWVQRPRJUDPPVLQ&HQWLVWRNHV F6W XPJHZDQGHOWZHUGHQ%HVFKUHLEXQJ(OFRPHWHU1RPRJUDPP







%HVWHOOQXPPHU.71

9RUGHUVHLWH1U%HFKHUQDFK$)125%61)$670',1=DKQ
5FNVHLWH1U%HFKHUQDFK,62XQG=DKQGHZZZHOFRPHWHUFRP5GH

(56$7=7(,/(81'=8%(+g5 )RUWVHW]XQJ (/&20(7(59,6.26,7b76%(&+(5(,&+g/(=XP3UIHQGHU.DOLEULHUXQJYRQ
9LVNRVLWlWVEHFKHUQE]Z]XU=HUWLIL]LHUXQJQDFK,62PVVHQXQEHGLQJW9LVNRVLWlWVHLFK|OH
YHUZHQGHWZHUGHQ
'LHLQò/LWHU 3LQW )ODVFKHQJHOLHIHUWHQ
(LFK|OHEHVLW]HQHLQHEHNDQQWH$XVODXI]HLWGLH
MHQDFK$UWGHV9LVNRVLWlWVEHFKHUV )RUG',1
,62XVZ XQGGHUYHUZHQGHWHQ$XVODXI|IIQXQJE]Z%HFKHUQXPPHUYDULLHUW
6SH]LILVFKH(LFK|OHVLQGQXUPLWVSH]LILVFKHQ$XVODXIEHFKHUQYHUZHQGEDUEHVWLPPHQ6LHDQKDQGGHUIROJHQGHQ7DEHOOHZHOFKHV(LFK|OIUMHGHQ%HFKHUHUIRUGHUOLFKLVW
$XVODXIEHFKHUW\SQXPPHU

9LVNRVLWlWVHLFK|O
%HVWHOOQXPPHU',1$670)25',62.0.0.0.0
















.LQHPDWLVFKH
9LVNRVLWlWEHL& ) H
F6W
F6W
F6W
F6W(LQ0DWHULDOVLFKHUKHLWVGDWHQEODWWIUGLH(OFRPHWHU9LVNRVLWlWVEHFKHUHLFK|OHVWHKWDXIXQVHUHU:HEVLWH]XP'RZQORDGEHUHLWKWWSZZZHOFRPHWHUFRPLPDJHVVWRULHV06'6HOFRPHWHUBPSGI
KWWSZZZHOFRPHWHUFRPLPDJHVVWRULHV06'6HOFRPHWHUBPBPSGI
KWWSZZZHOFRPHWHUFRPLPDJHVVWRULHV06'6HOFRPHWHUBPBPBPSGI

*$5$17,((OFRPHWHU9LVNRVLWlWVDXVODXIEHFKHUVLQGGXUFKHLQHHLQMlKULJH*DUDQWLHJHJHQ)HUWLJXQJVIHKOHUJHVFKW]WGLH.RQWDPLQDWLRQXQG
9HUVFKOHLDXVVFKOLHW
7(&+1,6&+('$7(1.|USHUPDWHULDO(OR[LHUWHV$OXPLQLXPgႇQXQJVPDWHULDO(GHOVWDKO*HQDXLJNHLWH(OFRPHWHU

(OFRPHWHU

(OFRPHWHU

(OFRPHWHU



 1HQQZHUWZZZHOFRPHWHUFRP

GH

5

GH

7(&+1,6&+('$7(1 )RUWVHW]XQJÁ%HVWHOOQXPPHUgႇQXQJV%HFKHUW\S GXUFKPHVVHUQXPPHU
PP.0

',1



.0

',1



.0

',1



.0',1.0=XWUHႇHQGH
1RUPHQ%HUHLFKF6W=HUWL¿NDWHÁHUKlOWOLFK/RV%HFKHU|
',1



1XU%HFKHU







|





|

)25'
$670



.0)25'
$670



.0)25'
$670



.0)25'
$670



.0)25'
$670



.0 $)125





|

.0$)125





|

.0$)125





|

.0

,62





.0

,62





.0

,62









$670'$OOH%HFKHU1)7
$OOH%HFKHU,62%HFKHUXQG

$670'
.0

,62



.0

,62



.0

%6



.0

%6



%HFKHUXQG|%6$
%HFKHUXQG

$61=6
1XU%HFKHU







 6WDQGDUGPlLJLQNOXVLYH/RV]HUWL¿NDW
 2SWLRQDOHV.DOLEULHU]HUWL¿NDWHUKlOWOLFK$XVODXI]HLW]HUWL¿NDW
| 2SWLRQDOHV.DOLEULHU]HUWL¿NDWHUKlOWOLFK'LPHQVLRQV]HUWL¿NDWÁ)JHQ6LH & DP(QGHGHU%HVWHOOQXPPHUIUHLQHQLQNOXVLYH$XVODXI]HLWRGHU
'LPHQVLRQV]HUWL¿NDWJHOLHIHUWHQ%HFKHUKLQ]X.DOLEULHU]HUWL¿NDWHPVVHQEHLGHU%HVWHOOXQJDQJHIRUGHUWZHUGHQ6LHN|QQHQQLFKWQDFKWUlJOLFKEHUHLWJHVWHOOWZHUGHQ

,62HUVHW]W',11)7(1XQG1%17

GH

70$$XVJDEH7H[WPLW8PVFKODJ1U

HV

5*XtDGHOXVXDULR(OFRPHWHU
 &RSDVGHIOXMRGHYLVFRVLGDG

ZZZHOFRPHWHUFRP5

HV&217(1,'2








'HVFULSFLyQJHQHUDO&RQWHQLGRGHODFDMD
3URFHGLPLHQWRGHSUXHED&RQVHUYDFLyQ\PDQWHQLPLHQWR
5HSXHVWRV\DFFHVRULRV'HFODUDFLyQGHJDUDQWtD(VSHFLILFDFLRQHVWpFQLFDV3DUDGHVSHMDUFXDOTXLHUGXGDFRQVXOWHODYHUVLyQRULJLQDOHQLQJOpV
/DV&RSDVGHIOXMRGHYLVFRVLGDGVHVXPLQLVWUDQHQXQSDTXHWHGHFDUWyQ$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/DV&RSDVGHIOXMRGHYLVFRVLGDG(OFRPHWHUVRQLQVWUXPHQWRVIiFLOHVGHXWLOL]DUSDUDPHGLUODFRQVLVWHQFLDGHOtTXLGRVD/DFRSDVHFRORFDHQXQVRSRUWH \VHOOHQDFRQHOOtTXLGRTXHVHYDDVRPHWHUDSUXHED6HPLGHHOWLHPSRTXHWDUGDHQGUHQDUVHHOOtTXLGRDWUDYpVGHORULILFLRVLWXDGRHQODSDUWHLQIHULRUGHODFRSD/DYLVFRVLGDGFLQHPiWLFDPHGLGDQRUPDOPHQWHVHH[SUHVDHQVHJXQGRV V 
GHWLHPSRGHIOXMRTXHSXHGHQFRQYHUWLUVHHQ&HQWLVWRNHV F6W VLDVtOR
HVWLSXODHO(VWiQGDU3DUDHVWHILQSXHGHQXWLOL]DUVHHO'LVFRGHFRQYHUVLyQGHYLVFRVLGDG(OFRPHWHUDODDSOLFDFLyQPyYLO(OFRPHWHU(OFR&DOFFRQVXOWHZZZHOFRPHWHUFRP RODVWDEODVGHFRQVXOWDGHO$SpQGLFHGHVSXpVGHODSiJLQDMS +D\GLVSRQLEOHXQDDPSOLDJDPDGHFRSDVFRQGLIHUHQWHVRULILFLRVSDUDPHGLFLRQHVGHHQWUHF6W\F6W

&217(1,'2'(/$&$-$
&RSDGHIOXMRGHYLVFRVLGDG(OFRPHWHUE&HUWLILFDGRGHFDOLEUDFLyQSRUORWHVRSDUDXQDFRSDHVSHFtILFD
*XtDGHOXVXDULR
352&(',0,(172'(358(%$ $17(6'(&20(1=$5
6HOHFFLRQHXQDFRSDTXHRIUH]FDXQWLHPSRGHIOXMRGHHQWUH\VHJXQGRV$VHJ~UHVHGHTXHODFRSD\HORULILFLRHVWpQOLPSLRV\QRSUHVHQWHQUHVLGXRV(OOtTXLGRVRPHWLGRDSUXHEDGHEHUVHUKRPRJpQHR\QRGHEH
FRQWHQHUEXUEXMDV8WLOLFHH[FOXVLYDPHQWHPXHVWUDVUHFLpQWUDVYDVDGDV(OOtTXLGRVRPHWLGRDSUXHEDGHEHVHUQHZWRQLDQR3DUDGHWHUPLQDUVLXQOtTXLGRHVQHZWRQLDQRUHDOLFHODVLJXLHQWHPHGLFLyQVLJXLHQGRODVLQVWUXFFLRQHVIDFLOLWDGDVHQOD6HFFLyQµ3URFHGLPLHQWRGHSUXHED¶GHODSiJLQDHVy  /OHQHODFRSD\PLGDHOWLHPSRGHIOXMRLQPHGLDWDPHQWH
 GHVSXpVGHOOHQDUODy  /OHQHODFRSDHVSHUHXQPLQXWR\VHJXLGDPHQWHPLGDHO WLHPSRGHIOXMR
6LODGLIHUHQFLDHQWUHORVGRVWLHPSRVGHIOXMRHVVXSHULRUDOHOOtTXLGRVHFRQVLGHUDQRQHZWRQLDQR\QRSXHGHFRPSUREDUVH
HPSOHDQGROD&RSDGHYLVFRVLGDG
0LGD\UHJLVWUHODWHPSHUDWXUDGHOOtTXLGRD $FFHVRULRRSFLRQDOTXHSXHGHDGTXLULUVHSRUVHSDUDGRFRQVXOWHODVHFFLyQµ5HSXHVWRV\DFFHVRULRV¶HQODSiJLQDHV
E
 'HSHQGLHQGRGHOQ~PHURUHIHUHQFLDSHGLGRFRQVXOWHOD6HFFLyQµ(VSHFLILFDFLRQHVWpFQLFDV¶HQODSiJLQDHVSDUDREWHQHUPiVLQIRUPDFLyQZZZHOFRPHWHUFRP

HV

HV

'(6&5,3&,Ï1*(1(5$/5HV352&(',0,(172 '( 358(%$ FRQWLQXDFLyQ 352&(',0,(172 '( 358(%$&RORTXHODFRSDHQHOVRSRUWHD\QLYHOHOD
FRSDHPSOHDQGRODSODFDGHYLGULR\HOQLYHOGHEXUEXMDVXPLQLVWUDGRVFRQHOVRSRUWH)LJXUD 'HMHTXHODFRSD\ODPXHVWUDVHHVWDELOLFHQ
DODWHPSHUDWXUDDFRUGDGD&RPSUXHEHODWHPSHUDWXUDGHODPXHVWUDDQWHVGHOOOHQDGRF
&RORTXHXQGHGRVREUHHORULILFLRGHODFRSDSDUDFHUUDUHORULILFLR )LJXUD 
9LHUWDHOOtTXLGROHQWDPHQWHHQODFRSDHYLWDQGRODIRUPDFLyQGHEXUEXMDVGHDLUH)LJXUD 'HVOLFHODSODFDGHYLGULRVREUHHOERUGHGHOD
FRSDSDUDUHWLUDUHOH[FHVRGHPXHVWUD(YLWH
ODIRUPDFLyQGHEXUEXMDVGHDLUHHQWUHOD
SODFDGHYLGULR\HOOtTXLGR )LJXUD 
5HWLUHHOGHGRGHORULILFLRGHODFRSD\HVSHUHXQRVPLQXWRVSDUDGHMDUTXHODVEXUEXMDVGH
DLUHDVFLHQGDQDODSDUWHVXSHULRUGHOOtTXLGR5HWLUHODSODFDGHYLGULR\SRQJDHQPDUFKDHOFURQyPHWURD )LJXUD 
2EVHUYHHOIOXMRGHOtTXLGRTXHVDOHSRUHO
RULILFLR\SDUHHOFURQyPHWURDHQHOPRPHQWR
HQTXHHOIOXMRVHURPSDSRUSULPHUDYH]
)LJXUD 
5HSLWDODSUXHED 6LORVUHVXOWDGRVGHODVSUXHEDVQRGLILHUHQ
HQPiVGHXQFDOFXOHODPHGLDGHORV
GRVUHVXOWDGRV\UHJLVWUHHOUHVXOWDGR)LJXUD)LJXUD)LJXUD)LJXUDDF

)LJXUD$FFHVRULRRSFLRQDOTXHSXHGHDGTXLULUVHSRUVHSDUDGRFRQVXOWHODVHFFLyQµ5HSXHVWRV\DFFHVRULRV¶HQODSiJLQDHV
6LHOHQWRUQRGHSUXHEDQRWLHQHODWHPSHUDWXUDHVWDELOL]DGDSXHGHXWLOL]DUVHXQDIXQGDWpUPLFDGHGREOH
SDUHGFRQVXOWHOD6HFFLyQµ5HSXHVWRV\DFFHVRULRV¶HQODSiJLQDHVHVZZZHOFRPHWHUFRP352&(',0,(172'(358(%$ FRQWLQXDFLyQ/DYLVFRVLGDGFLQHPiWLFDPHGLGDQRUPDOPHQWHVHH[SUHVDHQVHJXQGRV V GHWLHPSRGHIOXMRTXHSXHGHQFRQYHUWLUVHHQ&HQWLVWRNHV F6W VLDVtORHVWLSXODHO(VWiQGDU3DUDHVWHILQSXHGHQXWLOL]DUVHHO'LVFRGHFRQYHUVLyQGHYLVFRVLGDG(OFRPHWHUDOD
DSOLFDFLyQPyYLO(OFRPHWHU(OFR&DOF FRQVXOWHZZZHOFRPHWHUFRP RODVWDEODVGHFRQVXOWDGHO$SpQGLFH GHVSXpVGHODSiJLQDMS  75$6/$358(%$/LPSLHODFRSDGHYLVFRVLGDG\WRGRHOHTXLSRXWLOL]DGRHPSOHDQGRXQ
GLVROYHQWHDGHFXDGR
12XWLOLFHFHSLOORVGHDODPEUHHVWURSDMRVPHWiOLFRVOLPDVPHWiOLFDVQLQLQJXQDRWUDKHUUDPLHQWDPHWiOLFDSDUDODOLPSLH]D
7UDVODOLPSLH]DDVHJ~UHVHGHTXHVHH[WUDHWRGRHOPDWHULDO\TXHHO
LQVWUXPHQWRHVWiVHFR&216(59$&,Ï1<0$17(1,0,(172/DV&RSDVGHÀXMRGHYLVFRVLGDG(OFRPHWHUHVWiQGLVHxDGDVSDUDRIUHFHUDxRVGHVHUYLFLR¿DEOHHQFRQGLFLRQHVGHXWLOL]DFLyQQRUPDOHV
y 




y 




y 


D

,QVSHFFLRQHUHJXODUPHQWHODFRSDSDUDGHWHFWDUGDxRVHQHO
RULILFLRDUDxD]RVHQODVXSHUILFLHLQWHUQDRGHIRUPDFLRQHV\D
TXHHVWDVIDOODVDIHFWDQDODVOHFWXUDV\SXHGHTXHVHDQHFHVDULRVXVWLWXLUODFRSD
3DUDFRPSUREDUVLSUHVHQWDGHWHULRURXWLOLFHORV$FHLWHVGH
FDOLEUDFLyQHVWiQGDUGHFRSDGHYLVFRVLGDG(OFRPHWHUDHQ
OXJDUGHVXOtTXLGR\PLGDHOWLHPSRGHIOXMR6LVHGHWHFWD
GHWHULRURSyQJDVHHQFRQWDFWRFRQ(OFRPHWHURFRQVX
SURYHHGRUORFDOGHSURGXFWRV(OFRPHWHU/DVFRPSUREDFLRQHVGHFDOLEUDFLyQUHJXODUHVGXUDQWHODYLGD~WLO
GHODFRSDVRQXQUHTXLVLWRGHORVSURFHGLPLHQWRVGHJHVWLyQGH
FDOLGDGSRUHMHPSORGH,62\GHRWURVHVWiQGDUHV

 $FFHVRULRRSFLRQDOTXHSXHGHDGTXLULUVHSRUVHSDUDGRFRQVXOWHODVHFFLyQµ5HSXHVWRV\DFFHVRULRV¶HQODSiJLQDHVZZZHOFRPHWHUFRP

HV

HV

5

HV

5

5(38(6726<$&&(625,26
 623257(6'(&23$'(9,6&26,'$'(OXVRGHOVRSRUWHGHODFRSDGHYLVFRVLGDGJDUDQWL]DTXHODFRSDHVWpFRORFDGDFRUUHFWDPHQWH
SDUDUHDOL]DUODSUXHED&DGDVRSRUWHVHVXPLQLVWUDFRQQLYHOGHEXUEXMD
SDUDDVHJXUDUVHGHTXHODFRSDHVWpHQSDUDOHORDODVXSHUILFLHDVtFRPRFRQXQDSODFDGHYLGULRTXH
UHWLHQHODPXHVWUDVRPHWLGDDSUXHEDKDVWDTXHHOXVXDULRHVWpOLVWRSDUDFRPHQ]DUODSUXHED/DSODFDGHYLGULRWDPELpQSURSRUFLRQDXQDVXSHUILFLHSDUDHOQLYHOGHEXUEXMD
7DPELpQKD\GLVSRQLEOHXQVRSRUWHFRQIXQGD
WpUPLFDSDUDFDOHQWDUPXHVWUDVVLODWHPSHUDWXUDGHO
HQWRUQRGHSUXHEDQRHVHVWDEOH
'HVFULSFLyQ
6RSRUWHGHFRSDGHYLVFRVLGDG6RSRUWHGHSUHFLVLyQGHFRSDGHYLVFRVLGDG6RSRUWHGHSUHFLVLyQGHFRSDGHYLVFRVLGDGFRQIXQGDWpUPLFD
1LYHOGHEXUEXMD
3ODFDGHYLGULR)XQGDWpUPLFD

1~PHURGHSLH]D.71
.71
.71
.73.73.71

 &521Ï0(7523DUDFURQRPHWUDUHOIOXMRGHOtTXLGRGHODFRSDGHYLVFRVLGDG'HVFULSFLyQ 






&URQyPHWURGHDOWDSUHFLVLyQ(OFRPHWHU

1~PHURGHSLH]D.0 ',6&2'(&219(56,Ï1'(9,6&26,'$'/DYLVFRVLGDGFLQHPiWLFDPHGLGDVHH[SUHVD
JHQHUDOPHQWHHQVHJXQGRV V GHWLHPSRGHIOXMR(VWRSXHGHFRQYHUWLUVHD&HQWLVWRNHV F6W 
HPSOHDQGRHO'LVFRGHFRQYHUVLyQGHYLVFRVLGDG(OFRPHWHU
'HVFULSFLyQ 'LVFRGHFRQYHUVLyQ(OFRPHWHU



1~PHURGHSLH]D.71

3DUWHGHODQWHUD&RSDV1FRQIRUPHD$)125%61)$670',1=DKQ
3DUWHSRVWHULRU&RSDV1FRQIRUPHD,62\=DKQHV

ZZZHOFRPHWHUFRP

5

5(38(6726<$&&(625,26 FRQWLQXDFLyQ

HV $&(,7(6'(&$/,%5$&,Ï1(67È1'$5'(&23$'(
9,6&26,'$'(/&20(7(5
3DUDFRPSUREDUODFDOLEUDFLyQGHODFRSDGHYLVFRVLGDGRSDUDFHUWLILFDUODSDUDILQHV,62HVREOLJDWRULRXWLOL]DUORVDFHLWHVGHFDOLEUDFLyQ
HVWiQGDUGHFRSDGHYLVFRVLGDG/RVDFHLWHVHVWiQGDUVXPLQLVWUDGRVHQERWHOODVGHòOLWUR SLQWD \FRQFHUWLILFDGRGHFDOLEUDFLyQWLHQHQXQWLHPSRGHGUHQDMHHVSHFtILFRTXH
GHSHQGHGHOWLSRGHFRSDGHYLVFRVLGDG )RUG',1,62HWF \GHOWDPDxRGHORULILFLRRHOQ~PHURGHFRSDXWLOL]DGR&DGDDFHLWHGHFDOLEUDFLyQSXHGHXWLOL]DUVHFRQFRSDVGHIOXMRHVSHFtILFDV±FRQVXOWHODVLJXLHQWHWDEODSDUDGHWHUPLQDUTXpDFHLWHGHFDOLEUDFLyQVH
QHFHVLWDSDUDFDGDFRSD
1~PHURGHUHIHUHQFLDGHODFHLWH
GHYLVFRVLGDG',1$670)25',62.0.0.0.0
















7LSR1~PHURGHFRSDGHÀXMR

9LVFRVLGDGFLQHPiWLFDD& ) H
F6W
F6W
F6W
F6W+D\KRMDVGHGDWRVGHVHJXULGDGGHPDWHULDOHVSDUDORV$FHLWHVGHFDOLEUDFLyQHVWiQGDUGH
FRSDGHYLVFRVLGDG(OFRPHWHUGLVSRQLEOHVSDUDGHVFDUJDHQQXHVWUDZHE
KWWSZZZHOFRPHWHUFRPLPDJHVVWRULHV06'6HOFRPHWHUBPSGI
KWWSZZZHOFRPHWHUFRPLPDJHVVWRULHV06'6HOFRPHWHUBPBPSGI
KWWSZZZHOFRPHWHUFRPLPDJHVVWRULHV06'6HOFRPHWHUBPBPBPSGI

'(&/$5$&,Ï1'(*$5$17Ë$/DV&RSDVGHÀXMRGHYLVFRVLGDG(OFRPHWHUVHVXPLQLVWUDQFRQXQD
JDUDQWtDGHXQDxRSDUDGHIHFWRVGHIDEULFDFLyQTXHH[FOX\HFRQWDPLQDFLyQ\GHVJDVWH(63(&,),&$&,21(67e&1,&$6
0DWHULDOGHOFXHUSR$OXPLQLRDQRGL]DGR

0DWHULDOGHORUL¿FLR$FHURLQR[LGDEOH

3UHFLVLyQH(OFRPHWHU

(OFRPHWHU

(OFRPHWHU

(OFRPHWHU



 9DORUHVQRPLQDOHVZZZHOFRPHWHUFRP

HV

5

HV

(63(&,),&$&,21(67e&1,&$6 FRQWLQXDFLyQ
7LSR
1~PHURGH
FRSD'LiPHWUR
GH
RUL¿FLRPP.0

',1



.0

',1



.0

',1



.0',1.0

1~PHURGH
SLH]DÁ

(VWiQGDUHVDSOLFDEOHV

5DQJRF6W&HUWL¿FDGRVÁGLVSRQLEOHV
/RWH

|


',1



&RSDVRODPHQWH

&RSD







|





|

)25'
$670



.0)25'
$670



.0)25'
$670



.0)25'
$670



.0)25'
$670



.0 $)125





|

.0$)125





|

.0$)125





|

.0

,62





.0

,62





.0

,62









$670'
7RGDVODVFRSDV

1)7
7RGDVODVFRSDV,62&RSDV\$670'
.0

,62



.0

,62



.0

%6



.0

%6



&RSDV\|%6$
&RSDV\$61=6
&RSDVRODPHQWH







 &HUWL¿FDGRGHORWHVXPLQLVWUDGRGHVHULH
 &HUWL¿FDGRGHFDOLEUDFLyQRSFLRQDOGLVSRQLEOH&HUWL¿FDGRGHWLHPSRGHGHVFDUJD| &HUWL¿FDGRGHFDOLEUDFLyQRSFLRQDOGLVSRQLEOH&HUWL¿FDGRGLPHQVLRQDOÁ$xDGDXQDµ&¶DO¿QDOGHOQ~PHURGHUHIHUHQFLDFRPHUFLDOSDUDFRSDVVXPLQLVWUDGDVFRQ&HUWL¿FDGR
GHWLHPSRGHGHVFDUJDR&HUWL¿FDGRGHFDOLEUDFLyQGLPHQVLRQDOVHJ~QVHLQGLTXH/RV&HUWL¿FDGRVGHFDOLEUDFLyQGHEHQVROLFLWDUVHDOUHDOL]DUHOSHGLGRQRHVSRVLEOHVXPLQLVWUDUORVUHWURDFWLYDPHQWH

,62VXVWLWX\HD',11)7(1\1%17

HV

70$HPLVLyQ7H[WRFRQ&XELHUWDIU

5*XLGHG XWLOLVDWLRQ(OFRPHWHU
 
&RXSHVGHYLVFRVLWpjpFRXOHPHQW

ZZZHOFRPHWHUFRP

5

IU

6200$,5(








3UpVHQWDWLRQ&ROLVDJH
3URFHGXUHGHWHVW(QWUHWLHQ 0DLQWHQDQFH
3LqFHVGHUHFKDQJHHWDFFHVVRLUHV'pFODUDWLRQGHJDUDQWLH&DUDFWpULVWLTXHVWHFKQLTXHV(QFDVGHGRXWHPHUFLGHYRXVUpIpUHUjODYHUVLRQRULJLQDOHDQJODLVHGHFHPDQXHO/HVFRXSHVGHYLVFRVLWpjpFRXOHPHQW(OFRPHWHUVRQWOLYUpHVGDQVXQHPEDOODJHHQFDUWRQ0HUFLG pOLPLQHUFHW
HPEDOODJHGDQVOHUHVSHFWGHO HQYLURQQHPHQW&RQVXOWH]ODGpFKqWHULHGHYRWUHORFDOLWpSRXUHQVDYRLUSOXV
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

IU/HVFRXSHVGHYLVFRVLWpjpFRXOHPHQW(OFRPHWHUVRQWGHVLQVWUXPHQWVVLPSOHVG HPSORLSRXUPHVXUHUODFRQVLVWDQFHGHOLTXLGHV/DFRXSHSODFpHVXUXQVWDWLIDHVWUHPSOLHDYHFOHOLTXLGHjWHVWHU2Q
PHVXUHDORUVOHWHPSVQpFHVVDLUHSRXUTXHOHOLTXLGHV pFRXOHSDUO RULILFH
VLWXpDXEDVGHODFRXSH
/DYLVFRVLWpFLQpPDWLTXHPHVXUpHHVWJpQpUDOHPHQWH[SULPpHHQWHPSVG pFRXOHPHQWHQVHFRQGHV V HOOHSHXWrWUHFRQYHUWLHHQ&HQWLVWRNHV F6W 
VLFHODHVWUHTXLVSDUOD1RUPH3RXUFHIDLUHYRXVSRXYH]XWLOLVHUOHGLVTXHGHFRQYHUVLRQGHYLVFRVLWp(OFRPHWHUDO DSSOLFDWLRQ(OFRPHWHU
(OFR&DOF0RELOH$SS YRLUZZZHOFRPHWHUFRP RXOHVWDEOHVGH
FRQYHUVLRQHQ$QQH[H DSUqVODSDJHMS ,OH[LVWHXQODUJHFKRL[GHFRXSHVDYHFGLIIpUHQWVRULILFHVSRXUGHVPHVXUHVFRPSULVHVHQWUHF6WHWF6W

&2/,6$*(


&RXSHVGHYLVFRVLWpjpFRXOHPHQW(OFRPHWHU&HUWLILFDWGHFDOLEUDWLRQSDUORWRXLQGLYLGXHOE*XLGHG XWLOLVDWLRQ

352&('85('(7(67 $9$17'(&200(1&(5
6pOHFWLRQQH]XQHFRXSHGRQWOHWHPSVG pFRXOHPHQWVHVLWXHHQWUH
HWVHFRQGHV$VVXUH]YRXVTXHODFRXSHHWO RULILFHVRQWSURSUHVHWH[HPSWVGHGpEULV/HOLTXLGHjWHVWHUGRLWrWUHKRPRJqQHHWQHGRLWSDVFRQWHQLUGH
EXOOHV8WLOLVH]XQLTXHPHQWGHVpFKDQWLOORQVIUDLFKHPHQWSUpSDUpV/HOLTXLGHjWHVWHUGRLWrWUH1HZWRQLHQ3RXUVDYRLUVLXQOLTXLGHHVW
1HZWRQLHQUpDOLVH]OHVPHVXUHVVXLYDQWHVHQVXLYDQWOHVLQVWUXFWLRQVGRQQpHVHQ6HFWLRQ 3URFpGXUHGHWHVW HQSDJHIU
y 


y 




5HPSOLVVH]ODFRXSHHWPHVXUH]LPPpGLDWHPHQWOHWHPSVG pFRXOHPHQW
5HPSOLVVH]ODFRXSHDWWHQGH]XQHPLQXWHSXLVPHVXUH]OH
WHPSVG pFRXOHPHQW

6LODGLIIpUHQFHHQWUHOHVGHX[GXUpHVG pFRXOHPHQWHVW
VXSpULHXUHjOHOLTXLGHHVWFRQVLGpUpFRPPHQRQ1HZWRQLHQHWQHSHXWSDVrWUHPHVXUpDYHFXQHFRXSHGHYLVFRVLWp
0HVXUH]HWQRWH]ODWHPSpUDWXUHGXOLTXLGHDE

 'LVSRQLEOHHQRSWLRQ9RLU6HFWLRQ 3LqFHVGHUHFKDQJHHWDFFHVVRLUHV HQSDJHIU
 6HORQODUpIpUHQFHDUWLFOHFRPPDQGpH9RLU6HFWLRQ 6SpFLILFDWLRQVWHFKQLTXHV HQSDJHIUSRXUSOXVG LQIRUPDWLRQVZZZHOFRPHWHUFRP

IU

IU

5

352&('85( '( 7(67 VXLWH 352&('85( '( 7(67 3ODFH] OD FRXSH VXU OH VWDWLID HW PHWWH]OD GHQLYHDX j O DLGH GH OD SODTXH GH YHUUH HW GXQLYHDX j EXOOH IRXUQLV DYHF OH VWDWLI )LJXUH   3DWLHQWH]SRXUTXHODWHPSpUDWXUHGHODFRXSHHWGXOLTXLGHVHVWDELOLVHDXQLYHDXUHTXLV9pULILH]ODWHPSpUDWXUHGHO pFKDQWLOORQDYDQWOHUHPSOLVVDJHF
 %RXFKH]O RULILFHGHODFRXSHDYHFYRWUH
GRLJW )LJXUH  9HUVH]GRXFHPHQWOHOLTXLGHGDQVODFRXSH
SRXUpYLWHUODIRUPDWLRQGHEXOOHVG DLU)LJXUH 
 3DVVH]ODSODTXHGHYHUUHVXUOHUHERUGGHODFRXSHSRXUHQOHYHUO H[FpGHQWGHOLTXLGH
(YLWH]ODIRUPDWLRQGHEXOOHVG DLUHQWUHODFRXSHHWODSODTXHGHYHUUHHQDUDVDQW)LJXUH  5HWLUH] YRWUH GRLJW GH O RULILFH HW SDWLHQWH]
TXHOTXHV PLQXWHV SRXU TXH OHV EXOOHV G DLU
pYHQWXHOOHV UHPRQWHQW j OD VXUIDFH GX OLTXLGH
 5HWLUH]ODSODTXHGHYHUUHHWHQFOHQFKH]OHFKURQRPqWUHD )LJXUH  2EVHUYH]O pFRXOHPHQWGXOLTXLGHHWDUUrWH]
D
OHFKURQRPqWUH DXPRPHQWRXOHIOX[V LQWHUURPSWSRXUODSUHPLqUHIRLV )LJXUH  5HQRXYHOHUOHWHVW 6LOHVUpVXOWDWVQHGLIIqUHQWSDVGHSOXVGHFDOFXOH]ODPR\HQQHGHVGHX[HVVDLVHWQRWH]OHUpVXOWDW)LJXUH)LJXUH)LJXUH)LJXUHDF

)LJXUH'LVSRQLEOHHQRSWLRQ9RLU6HFWLRQ 3LqFHVGHUHFKDQJHHWDFFHVVRLUHV HQSDJHIU
6LODWHPSpUDWXUHHQYLURQQDQWHGXWHVWQ HVWSDVVWDEOHYRXVSRXYH]XWLOLVHUXQHHQYHORSSHWKHUPRVWDWLVDEOHjGRXEOHSDURLV9RLU6HFWLRQ 3LqFHVGpWDFKpHV $FFHVVRLUHV HQSDJHIU

IU

ZZZHOFRPHWHUFRP352&('85('(7(67 VXLWH/DYLVFRVLWpFLQpPDWLTXHPHVXUpHHVWJpQpUDOHPHQWH[SULPpHHQWHPSVG pFRXOHPHQWHQVHFRQGHV V HOOHSHXWrWUHFRQYHUWLHHQ&HQWLVWRNHV F6W VLFHODHVWUHTXLVSDUOD1RUPH3RXUFHIDLUHYRXVSRXYH]XWLOLVHUOHGLVTXHGHFRQYHUVLRQGHYLVFRVLWp(OFRPHWHUDO DSSOLFDWLRQ(OFRPHWHU(OFR&DOF0RELOH$SS YRLUZZZHOFRPHWHUFRP RXOHVWDEOHVGHFRQYHUVLRQHQ$QQH[H DSUqVODSDJHMS  $/ ,668('87(671HWWR\H]ODFRXSHGHYLVFRVLWpHWOHPDWpULHOXWLOLVpDYHFXQVROYDQWDSSURSULp
1(3$6XWLOLVHUGHEURVVHPpWDOOLTXHGHJUDWWRLUGHOLPHRX
WRXWDXWUHREMHWPpWDOOLTXHSRXUOHQHWWR\DJH
8QHIRLVOHQHWWR\DJHWHUPLQpYpULILH]TXHODWRWDOLWpGXSURGXLWDGLVSDUXHWTXHO pTXLSHPHQWHVWVHF

(175(7,(1 0$,17(1$1&(/HVFRXSHVGHYLVFRVLWpjpFRXOHPHQW(OFRPHWHUVRQWFRQoXHVSRXUGXUHUGHQRPEUHXVHVDQQpHVGDQVGHVFRQGLWLRQVQRUPDOHVG XWLOLVDWLRQ
y 




y 




y 


D

9pULILH]UpJXOLqUHPHQWTXHO RULILFHGHODFRXSHQ HVWSDVHQGRPPDJpRXTXHODVXUIDFHLQWHUQHQ HVWSDVUD\pHRX
GpIRUPpHGHWHOVGpIDXWVDIIHFWHQWOHVPHVXUHVHWODFRXSH
GRLWrWUHUHPSODFpH
3RXUYpULILHUOHQLYHDXG XVXUHYRXVSRXYH]XWLOLVHUXQH+XLOHGH
FDOLEUDWLRQSRXUFRXSHGHYLVFRVLWp(OFRPHWHUDjODSODFHGHYRWUHOLTXLGHHWPHVXUHUOHWHPSVG pFRXOHPHQW6LYRXV
FRQVWDWH]XQHXVXUHFRQWDFWH](OFRPHWHURXYRWUHIRXUQLVVHXU(OFRPHWHUOHSOXVSURFKH
'HVFRQWU{OHVUpJXOLHUVGHFDOLEUDWLRQGRLYHQWrWUHHIIHFWXpVWRXWDXORQJGHODYLHGHODFRXSHFRQIRUPpPHQWDX[SURFpGXUHVGH
FRQWU{OHTXDOLWpWHOOHVTXH,62RXDXWUHV 'LVSRQLEOHHQRSWLRQ9RLU6HFWLRQ 3LqFHVGpWDFKpHV $FFHVVRLUHV HQSDJHIUZZZHOFRPHWHUFRP

IU

IU

5

IU

5

3,Ê&(6'(5(&+$1*((7$&&(662,5(6 67$7,)63285&283(6'(9,6&26,7(/HIDLWG XWLOLVHUXQVWDWLISRXUFRXSHGHYLVFRVLWp
JDUDQWLWTXHODFRXSHHVWFRUUHFWHPHQWSRVLWLRQQpH
SRXUODUpDOLVDWLRQGXWHVW&KDTXHVWDWLIHVWOLYUpDYHFXQQLYHDXjEXOOHLOSHUPHWGHYpULILHUTXHODFRXSHHVWSDUDOOqOHjOD
VXUIDFHHWjODSODTXHGHYHUUHHWGHUHWHQLUO pFKDQWLOORQMXVTX DXFRPPHQFHPHQWGXWHVW/D
SODTXHGHYHUUHVHUWpJDOHPHQWGHVXSSRUWSRXUOHQLYHDXjEXOOH
,OH[LVWHpJDOHPHQWXQVWDWLIFRPSOHWDYHFHQYHORSSHWKHUPRVWDWLVDEOHSRXUFKDXIIHUOHVpFKDQWLOORQVVLOD
WHPSpUDWXUHHQYLURQQDQWHGXWHVWQ HVWSDVVWDEOH
'HVFULSWLRQ
6WDWLISRXUFRXSHGHYLVFRVLWp
6WDWLIGHSUpFLVLRQSRXUFRXSHGHYLVFRVLWp
6WDWLIGHSUpFLVLRQSRXUFRXSHGHYLVFRVLWpDYHFHQYHORSSHWKHUPRVWDWLVDEOH
1LYHDXjEXOOH
3ODTXHGHYHUUHG DUDVDJH(QYHORSSHWKHUPRVWDWLVDEOH 

5pIpUHQFHDUWLFOH.71
.71
.71
.73.73.71 &+52120(75(3RXUPHVXUHUO pFRXOHPHQWGXOLTXLGHGHODFRXSHGHYLVFRVLWp
'HVFULSWLRQ 






5pIpUHQFHDUWLFOH(OFRPHWHU&KURQRPqWUHGHKDXWHSUpFLVLRQ .0 ',648('(&219(56,21'(9,6&26,7(/DYLVFRVLWpFLQpPDWLTXHPHVXUpHHVWJpQpUDOHPHQWH[SULPpHHQWHPSVG pFRXOHPHQWHQVHFRQGHV V 
HOOHSHXWrWUHFRQYHUWLHHQ&HQWLVWRNHV F6W JUkFH
DXGLVTXHGHFRQYHUVLRQGHYLVFRVLWpD(OFRPHWHU 'HVFULSWLRQ 






5pIpUHQFHDUWLFOH'LVTXHGHFRQYHUVLRQGHYLVFRVLWp(OFRPHWHU .71
5HFWRFRXSHV1QRUPDOLVpHV$)125%61)$670',1=DKQ
9HUVRFRXSHV1QRUPDOLVpHV,62HW=DKQIU

ZZZHOFRPHWHUFRP3,Ê&(6'(5(&+$1*((7$&&(662,5(6 VXLWH +8,/(6'(&$/,%5$7,213285&283(6'(9,6&26,7((/&20(7(5
3RXUYpULILHUODFDOLEUDWLRQGHVFRXSHVGHYLVFRVLWpRXSRXUOHVFHUWLILHUGDQVOHFDGUHGH
SURFpGXUHV,62LOHVWLPSpUDWLIG XWLOLVHUGHVKXLOHVGHFDOLEUDWLRQSRXUFRXSHVGHYLVFRVLWp
/LYUpHVHQIODFRQOLWUH SLQW DYHFFHUWLILFDWGHFDOLEUDWLRQOHVKXLOHVpWDORQRQWXQHGXUpHG pFRXOHPHQWVSpFLILTXHHQIRQFWLRQGXW\SHGHFRXSHGHYLVFRVLWpXWLOLVpH )RUG',1,62HWF GHODWDLOOH
GHO RULILFHRXGXQXPpURGHODFRXSH
/HVKXLOHVGHFDOLEUDWLRQVSpFLILTXHVQHSHXYHQWrWUHXWLOLVpHVTX DYHF
GHVFRXSHVjpFRXOHPHQWVSpFLILTXHV5pIpUH]YRXVDXWDEOHDXFLGHVVRXVSRXUFRQQDLWUHO KXLOHDSSURSULpHjFKDTXHW\SHGHFRXSH
7\SHGHFRXSH1XPpUR

5pIpUHQFH+XLOHGHYLVFRVLWp',1$670)25',62.0.0.0.0
















9LVFRVLWp
FLQpPDWLTXHj
& ) H
F6W
F6W
F6W
F6W

9RXVSRXYH]WpOpFKDUJHUOHV)LFKHVGH'RQQpHV6pFXULWpSRXUKXLOHVGHFDOLEUDWLRQSRXUFRXSHVGHYLVFRVLWp(OFRPHWHUVXUQRWUHVLWHLQWHUQHWKWWSZZZHOFRPHWHUFRPLPDJHVVWRULHV06'6HOFRPHWHUBPSGI
KWWSZZZHOFRPHWHUFRPLPDJHVVWRULHV06'6HOFRPHWHUBPBPSGI
KWWSZZZHOFRPHWHUFRPLPDJHVVWRULHV06'6HOFRPHWHUBPBPBPSGI

'e&/$5$7,21'(*$5$17,(/HVFRXSHVGHYLVFRVLWpjpFRXOHPHQW(OFRPHWHUVRQWJDUDQWLHVXQDQFRQWUHWRXWGpIDXWGHIDEULFDWLRQjO H[FOXVLRQGHWRXWGpIDXWGHFRQWDPLQDWLRQRXG XVXUH
&$5$&7e5,67,48(67(&+1,48(60DWpULDXFRXSH$OXPLQLXPDQRGLVp

0DWpULDXRUL¿FH$FLHULQR[\GDEOH

3UpFLVLRQH(OFRPHWHU

(OFRPHWHU

(OFRPHWHU

(OFRPHWHU



 9DOHXUVQRPLQDOHVZZZHOFRPHWHUFRP

IU

IU

5

5

IU

&$5$&7e5,67,48(67(&+1,48(6 VXLWH
7\SHGHFRXSH
1XPpUR'LDPqWUH
RUL¿FHPP.0

',1



.0

',1



.0

',1



.0',1.0

5pIpUHQFH
DUWLFOHÁ

1RUPHVDSSOLFDEOHV

3ODJH F6W&HUWL¿FDWVÁGLVSRQLEOHV
/RW

|


',1



&RXSHVHXOHPHQW

&RXSH







|





|

)25'
$670



.0)25'
$670



.0)25'
$670



.0)25'
$670



.0)25'
$670



.0 $)125





|

.0$)125





|

.0$)125





|

.0

,62





.0

,62





.0

,62









$670'
7RXWHVOHVFRXSHV

1)7
7RXWHVOHVFRXSHV,62
&RXSHV $670'
.0

,62



.0

,62



.0

%6



.0

%6



&RXSHV |%6$
&RXSHV $61=6
&RXSHVHXOHPHQW





 &HUWL¿FDWGHFDOLEUDWLRQSDUORWOLYUpHQVWDQGDUG
 &HUWL¿FDWGHFDOLEUDWLRQRSWLRQQHOGLVSRQLEOHFHUWL¿FDWGHWHPSVGHÀX[| &HUWL¿FDWGHFDOLEUDWLRQRSWLRQQHOGLVSRQLEOHFHUWL¿FDWGLPHQVLRQQHOÁ

0HUFLG DMRXWHUXQ & jOD¿QGHODUpIpUHQFHGHYRWUHFRXSHSRXUFRPPDQGHUXQFHUWL¿FDWGHFDOLEUDWLRQGLPHQVLRQQHORXDYHFWHPSVGHÀX[VHORQGLVSRQLELOLWp/HVFHUWL¿FDWVGHFDOLEUDWLRQGRLYHQWrWUH
FRPPDQGpVHQPrPHWHPSVTXHODFRXSHLOVQHSRXUURQWSDVrWUHIRXUQLVUpWURVSHFWLYHPHQW,62UHPSODFH',11)7(1HW1%17

IU

70$1XPpUR7H[WHDYHFFRXYHUWXUH1QO

5*HEUXLNHUVKDQGOHLGLQJ(OFRPHWHU
 
'RRUORRSEHNHUVYRRUYLVFRVLWHLWVPHWLQJZZZHOFRPHWHUFRP

5

QO,1+28'623*$9(


2YHU]LFKW'RRVLQKRXG7HVWSURFHGXUH9HU]RUJLQJ RQGHUKRXG

5HVHUYHRQGHUGHOHQ DFFHVVRLUHV*DUDQWLHYHUNODULQJ

7HFKQLVFKHVSHFLILFDWLHV

5DDGSOHHJGHRULJLQHOH(QJHOVHYHUVLHRPWZLMIHOXLWWHVOXLWHQ'HGRRUORRSEHNHUVYDQ(OFRPHWHU]LMQYHUSDNWLQNDUWRQ=RUJHUYRRUGDWGH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29(5=,&+7'HGRRUORRSEHNHUVYDQ(OFRPHWHU]LMQJHEUXLNVYULHQGHOLMNHLQVWUXPHQWHQYRRUKHWPHWHQYDQGHYLVFRVLWHLWYDQYORHLVWRIIHQ
'HEHNHUVWDDWLQHHQVWDWLHIDHQZRUGWJHYXOGPHWGHWHWHVWHQYORHLVWRI
0HQPHHWGHWLMGGLHGHYORHLVWRIHURYHUGRHWRPGRRUGHRSHQLQJDDQGHRQGHUNDQWYDQGHEHNHUWHORSHQ'HJHPHWHQNLQHPDWLVFKHYLVFRVLWHLWLVGHGRRUORRSWLMGYDQGHYORHLVWRIXLWJHGUXNWLQVHFRQGHQ V 8NXQWGH]HZDDUGHRP]HWWHQQDDUFHQWLVWRNHV
F6W LQGLHQGHZDDUGHLVRSJHQRPHQLQGH6WDQGDDUG8NXQWGHZDDUGHQRP]HWWHQPHWHHQYDQGHYROJHQGHPLGGHOHQGH(OFRPHWHU
9LVFRVLWHLWFRQYHUVLHVFKLMIDGH(OFRPHWHU(OFR&DOF$SS ]LHZZZHOFRPHWHUFRP RIGHWDEHOOHQXLW$SSHQGL[ QDSDJLQDMS (OFRPHWHUKHHIWHHQXLWJHEUHLGDVVRUWLPHQWEHNHUVPHWYHUVFKLOOHQGH
PDWHQJHVFKLNWYRRUPHWLQJHQWXVVHQGHF6WHQF6W
'226,1+28'

(OFRPHWHUGRRUORRSEHNHU%DWFKVSHFLILHNRIEHNHUVSHFLILHNNDOLEUDWLHFHUWLILFDDWE*HEUXLNHUVKDQGOHLGLQJ

7(67352&('85( 9225'$78%(*,17
 .LHVHHQEHNHUPHWHHQGRRUORRSWLMGYDQWXVVHQGHHQVHFRQGHQ =RUJGDWGHEHNHUHQGHGRRUORRSRSHQLQJVFKRRQ]LMQHQYULMYDQYXLO
 'HWHWHVWHQYORHLVWRIPRHWKRPRJHHQ]LMQHQPDJJHHQEHOOHQEHYDWWHQ*HEUXLNDOOHHQYHUVYHUNUHJHQPRQVWHUV
 'HWHWHVWHQYORHLVWRIPRHWHHQQHZWRQVHYORHLVWRI]LMQ2PWHEHSDOHQRIHHQYORHLVWRIQHZWRQVLVPRHWXGHYROJHQGH
PHWLQJHQXLWYRHUHQYROJHQVGHLQVWUXFWLHVXLW6HFWLH
µ7HVWSURFHGXUH¶RSSDJLQDQO
y 
y 


D

9XOGHEHNHUHQPHHWGLUHFWGHGRRUORRSWLMG
9XOGHEHNHUZDFKWHHQPLQXXWHQPHHWGDQGHGRRUORRSWLMG$OVKHWYHUVFKLOWXVVHQGH]HWZHHGRRUORRSWLMGHQJURWHULVGDQZRUGWGHYORHLVWRIEHVFKRXZGDOVQLHWQHZWRQVHQNXQWXGHYORHLVWRIQLHWWHVWHQPHWGHYLVFRVLWHLWVEHNHU
0HHWHQUHJLVWUHHUGHWHPSHUDWXXUYDQGHYORHLVWRI 9HUNULMJEDDUDOVDFFHVVRLUH]LH6HFWLHµ5HVHUYHRQGHUGHOHQ DFFHVVRLUHV¶RSSDJLQDQO $IKDQNHOLMNYDQKHWEHVWHOGHRQGHUGHHOQXPPHU]LH6HFWLHµ7HFKQLVFKHVSHFLILFDWLHV¶RSSDJLQDQOYRRUPHHULQIRUPDWLHEZZZHOFRPHWHUFRP

QO

QO

5

QO

5

7(67352&('85( YHUYROJ 7(67352&('85( 3ODDWVGHEHNHULQKHWVWDWLHIDHQ]HWGH
EHNHUKRUL]RQWDDOPHWEHKXOSYDQGHJODVSODDWHQZDWHUSDVGLHZRUGHQJHOHYHUG
ELMKHWVWDWLHI )LJXXU  /DDWGHWHPSHUDWXXUYDQGHEHNHUHQKHW
PRQVWHUVWDELOLVHUHQWRWGHYDVWJHVWHOGH
WHPSHUDWXXU&RQWUROHHUGHWHPSHUDWXXUYDQ
KHWPRQVWHUYRRUGDWXGHEHNHUYXOWF
 6OXLWPHWHHQYLQJHUGHGRRUORRSRSHQLQJYDQGHEHNHUDI )LJXXU  *LHW GH YORHLVWRI YRRU]LFKWLJ LQ GH EHNHU HQYRRUNRP GDW HU OXFKWEHOOHQ RQWVWDDQ )LJXXU   6FKXLI GH JODVSODDW RYHU GH UDQG YDQ GH
EHNHU RP RYHUWROOLJH YORHLVWRI WH YHUZLMGHUHQ9RRUNRP GDW HU OXFKWEHOOHQ RQWVWDDQ WXVVHQ
GH JODVSODDW HQ GH YORHLVWRI )LJXXU   9HUZLMGHU XZ YLQJHU YDQ GH GRRUORRSRSHQLQJ
HQ ZDFKW HHQ SDDU PLQXWHQ RP HYHQWXHOHOXFKWEHOOHQ WH ODWHQ VWLMJHQ LQ GH YORHLVWRI
 9HUZLMGHUGHJODVSODDWHQVWDUWGHVWRSZDWFKD )LJXXU 
 9ROJ GH VWURPLQJ YDQ GH YORHLVWRI GRRU GH
GRRUORRSRSHQLQJ HQ VWRS GH VWRSZDWFKD ]RGUD
GH VWURRP ZRUGW RQGHUEURNHQ )LJXXU   +HUKDDOGHWHVW $OVGHWHVWUHVXOWDWHQQLHWPHHUGDQYHUVFKLOOHQEHUHNHQWHQUHJLVWUHHUWXKHW
JHPLGGHOGHYDQGHWZHHWHVWUHVXOWDWHQ)LJXXU)LJXXU)LJXXU)LJXXUDF

)LJXXU

9HUNULMJEDDUDOVDFFHVVRLUH]LH6HFWLHµ5HVHUYHRQGHUGHOHQ DFFHVVRLUHV¶ RSSDJLQDQO$OVGHWHPSHUDWXXUYDQGHWHVWRPJHYLQJQLHWVWDELHOLVNXQWXHHQGXEEHOZDQGLJHWKHUPRPDQWHOJHEUXLNHQ]LH6HFWLHµ5HVHUYHRQGHUGHOHQ DFFHVVRLUHV¶ RSSDJLQDQOQO

ZZZHOFRPHWHUFRP7(67352&('85( YHUYROJ'HJHPHWHQNLQHPDWLVFKHYLVFRVLWHLWLVGHGRRUORRSWLMGYDQGHYORHLVWRIXLWJHGUXNWLQVHFRQGHQ V 8NXQWGH]HZDDUGHRP]HWWHQQDDUFHQWLVWRNHV F6W LQGLHQGHZDDUGHLVRSJHQRPHQLQGH6WDQGDDUG8
NXQWGHZDDUGHQRP]HWWHQPHWHHQYDQGHYROJHQGHPLGGHOHQGH
(OFRPHWHU9LVFRVLWHLWFRQYHUVLHVFKLMIDGH(OFRPHWHU(OFR&DOF
$SS ]LHZZZHOFRPHWHUFRP RIGHWDEHOOHQXLW$SSHQGL[QDSDJLQDMS  1$'(7(675HLQLJGHYLVFRVLWHLWVEHNHUHQDOOHJHEUXLNWHRQGHUGHOHQPHWHHQ
JHVFKLNWUHLQLJLQJVSURGXFW
*(%58,.*((1VWDDOERUVWHOVVFKUDDSPHVVHQYLMOHQRIDQGHUHPHWDOHQJHUHHGVFKDSSHQRPGHRQGHUGHOHQWH
UHLQLJHQ9HUZLMGHUDOOHPDWHULDOHQHQGURRJKHWLQVWUXPHQWQDUHLQLJLQJ

9(5=25*,1* 21'(5+28'
2QGHUQRUPDOHZHUNHQRSVODJRPVWDQGLJKHGHQGRHQ(OFRPHWHU
GRRUORRSEHNHUVMDUHQODQJEHWURXZEDDUGLHQVW
y 




y 




y 



D

&RQWUROHHUUHJHOPDWLJRIGHGRRUORRSRSHQLQJYDQGHEHNHUQLHWLVEHVFKDGLJGHQRIGHELQQHQ]LMGHYDQGHEHNHUQLHWEHNUDVWRIYHUYRUPGLV=XONHJHEUHNHQNXQQHQGHPHWLQJHQEHwQYORHGHQZDDUGRRUXGHEHNHUZHOOLFKWPRHWYHUYDQJHQ
2PWHFRQWUROHUHQRIGHEHNHUWHNHQHQYDQVOLMWDJHYHUWRRQW
PRHWXGHGRRUORRSWLMGYDQ(OFRPHWHUVWDQGDDUGNDOLEUDWLHROLsQYRRUYLVFRVLWHLWVEHNHUVDPHWHQLQSODDWVYDQGLHYDQXZHLJHQYORHLVWRI1HHPFRQWDFWRSPHW(OFRPHWHU
RIXZORNDOH(OFRPHWHUOHYHUDQFLHUDOVXVOLMWDJHYDVWVWHOW
5HJHOPDWLJHNDOLEUDWLHFRQWUROHVJHGXUHQGHGHOHYHQVGXXUYDQGH
EHNHUYRUPHQHHQRQGHUGHHOYDQNZDOLWHLWVEHKHHUSURFHGXUHV]RDOV,62HQDQGHUHVWDQGDDUGHQ 9HUNULMJEDDUDOVDFFHVVRLUH]LH6HFWLHµ5HVHUYHRQGHUGHOHQ DFFHVVRLUHV¶RSSDJLQDQOZZZHOFRPHWHUFRP

QO

QO

5

QO

5

5(6(59(21'(5'(/(1 $&&(662,5(6 67$7,(9(192259,6&26,7(,76%(.(562PHU]HNHUYDQWH]LMQGDWGHYLVFRVLWHLWVEHNHUFRUUHFWLVJHSRVLWLRQHHUGYRRUWHVWVNXQWXHHQ
VWDWLHIJHEUXLNHQ
'HVWDWLHYHQ]LMQYRRU]LHQYDQHHQZDWHUSDVHQHHQ
JODVSODDW0HWGHZDWHUSDVNXQWXGHEHNHUSDUDOOHODDQKHWRSSHUYODNRSVWHOOHQ'HJODVSODDWKRXGWKHW
WHVWPRQVWHUYDVWWRWGDWXNODDUEHQWRPGHWHVWWH
VWDUWHQ'HJODVSODDWGLHQWWHYHQVDOVRSSHUYODNRP
GHZDWHUSDVRSWHSODDWVHQ(OFRPHWHUELHGWRRNVWDWLHYHQPHWWKHUPRPDQWHOVZDDUPHHXWHVWPRQVWHUVNXQWYHUZDUPHQDOVGH
WHPSHUDWXXUYDQGHWHVWRPJHYLQJRQVWDELHOLV
%HVFKULMYLQJ
6WDWLHIYRRUYLVFRVLWHLWVEHNHU
3UHFLVLHVWDWLHIYRRUYLVFRVLWHLWVEHNHU
3UHFLVLHVWDWLHIYRRUYLVFRVLWHLWVEHNHU
PHWWKHUPRPDQWHO:DWHUSDV*ODVSODDW
7KHUPRPDQWHO$UWLNHOQXPPHU.71
.71
.71

.73.73.71 6723:$7&+
0HWGHVWRSZDWFKNORNWXGHVWURPLQJYDQGHYORHLVWRIGRRUGHYLVFRVLWHLWVEHNHU%HVFKULMYLQJ (OFRPHWHUSUHFLVLHVWRSZDWFK$UWLNHOQXPPHU.0 9,6&26,7(,7&219(56,(6&+,-)'HJHPHWHQNLQHPDWLVFKHYLVFRVLWHLWLVGHGRRUORRSWLMGYDQGHYORHLVWRIXLWJHGUXNWLQVHFRQGHQ V 'H]HZDDUGHNXQWXRP]HWWHQQDDUFHQWLVWRNHV F6W PHWGH(OFRPHWHUYLVFRVLWHLWFRQYHUVLHVFKLMI%HVFKULMYLQJ 





(OFRPHWHUYLVFRVLWHLWFRQYHUVLHVFKLMI$UWLNHOQXPPHU.71

9RRU]LMGH1UEHNHUFRQIRUP$)125%61)$670',1=DKQ
$FKWHU]LMGH1UEHNHUFRQIRUP,62HQ=DKQQOZZZHOFRPHWHUFRP5(6(59(21'(5'(/(1 $&&(662,5(6 YHUYROJ (/&20(7(567$1'$$5'.$/,%5$7,(2/,É19225
9,6&26,7(,76%(.(562PGHNDOLEUDWLHYDQGHYLVFRVLWHLWVEHNHUWHFRQWUROHUHQRIWHFHUWLILFHUHQYRRU,62
GRHOHLQGHQLVKHWQRRG]DNHOLMNGDWXVWDQGDDUGNDOLEUDWLHROLsQYRRUYLVFRVLWHLWVEHNHUVJHEUXLNW
6WDQGDDUGROLsQKHEEHQHHQVSHFLILHNHGRRUORRSWLMGDIKDQNHOLMNYDQKHW
JHEUXLNWHW\SHYLVFRVLWHLWVEHNHU )RUG',1,62HQ] HQGHPDDWYDQ
GHGRRUORRSRSHQLQJRIKHWEHNHUQXPPHU'HROLsQZRUGHQJHOHYHUGLQIOHVVHQYDQOLWHU SLQW %HSDDOGHNDOLEUDWLHROLsQ]LMQDOOHHQJHVFKLNWYRRUVSHFLILHNH
GRRUORRSEHNHUV±UDDGSOHHJRQGHUVWDDQGHWDEHORPWHEHSDOHQZHONH
NDOLEUDWLHROLHXQRGLJKHEWYRRUXZEHNHU
7\SHQXPPHUGRRUORRSEHNHU$UWLNHOQXPPHUYLVFRVLWHLWROLH',1$670)25',62.0.0.0.0
















.LQHPDWLVFKHYLVFRVLWHLWELM
& ) H
F6W
F6W
F6W
F6W'RZQORDGYHLOLJKHLGVLQIRUPDWLHEODGHQYRRUGH(OFRPHWHUVWDQGDDUGNDOLEUDWLHROLsQYRRUYLVFRVLWHLWVEHNHUVYLDGHZHEVLWH
KWWSZZZHOFRPHWHUFRPLPDJHVVWRULHV06'6HOFRPHWHUBPSGI
KWWSZZZHOFRPHWHUFRPLPDJHVVWRULHV06'6HOFRPHWHUBPBPSGI
KWWSZZZHOFRPHWHUFRPLPDJHVVWRULHV06'6HOFRPHWHUBPBPBPSGI

*$5$17,(9(5./$5,1*
9RRU(OFRPHWHUGRRUORRSEHNHUVJHOGWHHQJDUDQWLHWHUPLMQYDQHHQMDDURSIDEULFDJHIRXWHQYHURQWUHLQLJLQJHQVOLMWDJHYDOOHQGDDUQLHWRQGHU
7(&+1,6&+(63(&,),&$7,(60DWHULDDOYDQKXLV
0DWHULDDOYDQGRRUORRSRSHQLQJ

1DXZNHXULJKHLG

H*HDQRGLVHHUGDOXPLQLXP
5RHVWYDVWVWDDO(OFRPHWHU

(OFRPHWHU

(OFRPHWHU

(OFRPHWHU

 1RPLQDOHZDDUGHQZZZHOFRPHWHUFRP

QO

QO

5

5

QO

7(&+1,6&+(63(&,),&$7,(6 YHUYROJÁ$UWLNHOQXPPHU

7\SH
QXPPHU
YDQEHNHU'LDPHWHU
6WDQGDDUGHQGLH
GRRUORRSYDQWRHSDVVLQJRSHQLQJ
]LMQPP.0

',1



.0

',1



.0

',1



.0',1.0%HUHLNF6W%HVFKLNEDUHÁFHUWL¿FDWHQ%DWFK %HNHU|

',1



$OOHHQEHNHU







|





|

)25'
$670



.0)25'
$670



.0)25'
$670



.0)25'
$670



.0)25'
$670



.0 $)125





|

.0$)125





|

.0$)125





|

.0

,62





.0

,62





.0

,62









$670'$OOHEHNHUV1)7
$OOHEHNHUV,62
%HNHU $670'
.0

,62



.0

,62



.0

%6



.0

%6



%HNHU |%6$
%HNHU $61=6
$OOHHQEHNHU







 6WDQGDDUGJHOHYHUGPHWEDWFKFHUWL¿FDDW
 .DOLEUDWLHFHUWL¿FDDWRSWLRQHHOOHYHUEDDU8LWORRSWLMGFHUWL¿FDDW| .DOLEUDWLHFHUWL¿FDDWRSWLRQHHOOHYHUEDDU$IPHWLQJFHUWL¿FDDWÁ

9RHJGHOHWWHUµ&¶WRHDDQKHWHLQGHYDQKHWRQGHUGHHOQXPPHURPGHEHNHUWHODWHQYRRU]LHQYDQ
HHQ8LWORRSFHUWL¿FDDWRI$IPHWLQJFHUWL¿FDDW]RDOVYHUPHOG'HNDOLEUDWLHFHUWL¿FDWHQPRHWX
DDQYUDJHQELMXZEHVWHOOLQJ.DOLEUDWLHFHUWL¿FDWHQNXQQHQDFKWHUDIQLHWPHHUJHOHYHUGZRUGHQ

,62YHUYDQJW',11)7(1HQ1%17

QO

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

]K

5

䞷㓆㓚␛
(OFRPHWHU
 伧矑税㧾ZZZHOFRPHWHUFRP

5

]K

䥽㇤


螈屗



癕遙䂔◤



㿚幤䲚矊



冃㔳疭≬␊



⮖ↅ✛棓ↅ



≬苍⭿㢝



㔏㦾屓㫋

鈴瘟䠠帽庆莋豞喀磷襔㦻㢢舊伧矑税㧾缗遙⦷₏₹兇乀癕遙庆誑≬㷳癕遙⦷₏₹䘾盢磨㎮䤓礀㆞扪嫛⮓䚕庆莧幱㇢⦿䘾盢⻏⃉扪₏蠅㖖⺋ᇭ

5

㢾(OFRPHWHU茩⚇䤓㽷␛莼㪖(GJH/DQH㦋㈊㠾0%8喀⦌硵㦘莼㪖⃮掌㈦瘸㽷␛幇♾(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

]K

螈屗
㢢舊伧矑税㧾㢾䞷ℝ㿚摞稛⇢諥矑䤓㢢ℝ∎䞷ⅹ犀㧾⷟⦷₏₹㞾㩅D㞾㜠ㄅ⏔䅰㈔㿚䁁⇢䁁⇢抩扖⦷㧾ㄤ捷䤓ⷣ㘡⒉㢅䤓
㢅梃嬺㿚摞
㿚㈦䤓┷伧矑₏赒缂䯉⦷諗 V 䤓税┷㢅梃扨♾芵懻㗱⃉☧㽁 F6W Ⱁ㨫⦷屓着䤓㪖瘮㢢舊伧矑㗱並䥧D㢢舊(OFR&DOFറ䲊┷ㄣ䞷 屐
ZZZHOFRPHWHUFRP 㒥棓㇤₼䤓蜼㔍缂 簛MS芠⚝ ♾芵缗䞷ℝ㷳䥽䤓⚓諕⚓㫆ₜ⚛ⷣ♲䤓㧾♾∪ℝF6W✛F6W芠梃䤓㿚摞癕遙䂔◤㢢舊伧矑税㧾
硽摞㒥㧾襚着䤓祘瘮幐⃵E



䞷㓆㓚␛

㿚幤䲚矊
 ㆏眑∎䞷芠ⓜ 折㕸₏₹全茽⃉諗✛諗芠梃䤓税┷㢅梃䤓㧾 誑≬㧾⷟✛ⷣ㄁⑏₣蛭㧑䓸 缗㿚幤䤓稛⇢㉔權㢾萬荦₣㉔權ₜ癕莚↊⇤㺣玧⅔∎䞷蛧漫ㄣ♧㫆❐ 缗㿚幤䤓稛⇢㉔權㢾䓪欎⨚尐誑着㢾⚵稛⇢㢾䓪欎⨚Ⓒ䞷]K欄ₙ䤓簛唑ಯ㿚幤䲚矊ರ䤓㖖䯉睵㆏芵芚㿚摞y 褃遙⚝簌癩遙䅰㧾⷟✛㿚摞税摞䤓㢅梃y  遙䅰㧾⷟䷘薻₏⒕朮䏅⚝㿚摞税摞䤓㢅梃DⰑ㨫₳₹税┷㢅梃芠梃䤓蕠⋋⮶ℝ᧡㢅稛⇢缗帳⃉㢾鎛䓪欎⨚ㄅ₣蛭秿∎䞷伧矑㧾扪嫛㿚幤㿚摞✛帿㇤稛⇢䤓䂸矑 ♾⇫⃉♾折棓ↅ㙟∪徼⃿屐簛]K欄ₙ簛唑䤓ಯ⮖ↅ✛棓ↅರ 神㗽帱徼肺ↅ冥莓莋屐]K欄簛唑ಯ㔏㦾屓㫋ರ䤓幵兕痥㋾

E

ZZZHOFRPHWHUFRP

]K

]K

5

㿚幤䲚矊᧤兼ⓜ唑᧥ 㿚幤䲚矊 磦糵㧾瘸㞾㩅Dㄅ∎䞷㙟∪䤓䙊覸蜭✛㺣玧㻃㄂ⅹ ⦍ 庒㄂㧾⷟ 茖幇㧾✛㫆❐䤓䂸矑⦷儵着䤓䂸矑䳂着褃遙Fⓜ㭏蜼㫆❐䤓䂸矑 磦糵₏₹㓚㖖⦷㧾⷟♲芵␂桼ⷣ ⦍  戊戊痭茽稛⇢瘸㧾₼鈴瘟㺣玧䤓ㇱ㒟⦍  ⦷㧾⷟䤓扈冧袛┷䙊覸蜭芵棳癯扖摞䤓㫆❐鈴瘟䙊覸蜭✛稛⇢ ⦍ 芠梃ㇱ㒟㺣玧
 ⅝㧾⷟♲ₙ䲊㆏㓚㖖䷘薻⑯⒕朮常↊⇤㺣玧ₙ◖瘸稛⇢䤓欅肺 ♥⒉䙊䜒㨎ㄅ⚾┷䱡嫷D ⦍᧥ 㽷展⅝ⷣ税┷䤓稛⇢㇢税┷簛₏㶰㓢䫃痼
㷱諗缂D ⦍  摜⮜㿚幤 Ⱁ㨫㿚幤兢㨫ₜ怔扖᧡䤓ₜ⚛帰並扨₳₹㿚幤兢㨫䤓㄂萬⋋ㄅ帿㇤兢㨫

⦍

⦍

⦍


⦍
D
F


⦍

♾⇫⃉♾折棓ↅ㙟∪徼⃿屐簛]K欄ₙ 簛唑䤓ಯ⮖ↅ✛棓ↅರⰑ㨫㿚幤䘾盢ₜ㢾䂸矑䳂着♾芵∎䞷♛⻑⬨㋡䂸眀屐]K欄簛唑簐 ⮖ↅ✛棓ↅ ]K

ZZZHOFRPHWHUFRP㿚幤䲚矊᧤兼ⓜ唑᧥
㿚㈦䤓┷伧矑₏赒缂䯉⦷諗 V 䤓税┷㢅梃扨♾芵懻㗱⃉☧㽁 F6W Ⱁ㨫⦷屓着䤓㪖瘮㢢舊伧矑㗱並䥧D㢢舊(OFR&DOFറ䲊┷ㄣ䞷
屐ZZZHOFRPHWHUFRP 㒥棓㇤₼䤓蜼㔍缂 簛MS芠⚝ ♾芵缗䞷ℝ㷳䥽䤓 㿚幤⚝∎䞷⚗釭䤓積ⓑ䂔㾐伧矑㧾✛硵㦘䤓幍⮖ₜ尐䞷朱€ⓆⒽ⒏摠⻭摠⻭⻠⷟㒥␅Ⅵ摠⻭ぴ牑扪嫛䂔㾐䂔㾦⚝誑≬硵㦘㧟㠨缗䲊棳✛ⅹ犀㢾㄁䤓冃㔳疭≬␊㢢舊伧矑税㧾䥽䤓㢾全℗⮩㄃㷲デぴ⇫蜦ↅ芚♾鎜䤓㦜┰
y 


y 

y 


D

着㦮㭏蜼㧾ⷣ䤓㗮↳茫缂槱䤓⒡笿㒥♧ㇱⰑ䛤笲芽砋❜床蛖✛
㧾⷟♾賍㉔權扪嫛㦃㗱尐㭏㩴䭷㗮∎䞷㢢浧伧ㄵ㧾㪖⑕㪰⑕㽈D㿚摞㿐摞䤓㢅梃Ⱁ㨫♠䘿䭷㗮勣侊㢢浧㒥㇢⦿㢢浧∪ㄣ⟕着㦮祘瘮㭏蜼ℕ㧾⷟䤓蓦✌㢾德摞簥䚕䲚矊䤓尐㻑√Ⱁ,62䷘㪖瘮ᇭ ♾⇫⃉♾折棓ↅ㙟∪徼⃿屐簛]K欄ₙ簛唑䤓ಯ⮖ↅ✛棓ↅರZZZHOFRPHWHUFRP

]K

]K

5

]K

5

⮖ↅ✛棓ↅ 伧矑㧾矒㩅∎䞷伧矑㧾矒㩅誑≬㧾⷟缗㷲誑着痒芵扪嫛幤洛秠₹矒㩅疭㺣玧㻃㄂ⅹ㙟∪芵誑≬㧾⷟㢾㄂嫛ℝ缂槱
✛袏税䙊覸蜭筼瘸䞷㓆瘮⮖㆏眑幤洛≬笡㿚幤㫆❐袏税䙊覸蜭执㙟∪㺣玧㻃㄂ⅹ₏₹缂槱サ㋡䂸眀䤓矒㩅⃮㙟∪䞷ℝ┯䍼幤㫆Ⱁ㨫㿚幤䘾盢䤓䂸矑㢾ₜ䳂着䤓㙞承伧矑㧾矒㩅
伧矑㧾位兕矒㩅
サ㋡䂸眀䤓伧矑㧾位兕矒㩅㺣玧㻃㄂ⅹ
袏税䙊覸蜭
㋡䂸眀䤓 












㙞承





(OFRPHWHU舊位矑諗缂







肺ↅ冥莓
.71
.71
.71
.73.73.71 諗缂
⅝伧矑㧾㿚稛⇢䤓税┷㢅梃肺ↅ冥莓.0 伧矑㗱並䥧
㿚㈦䤓┷伧矑₏赒缂䯉⦷諗 V 䤓税┷㢅梃∎䞷㢢舊伧矑㗱並䥧扨♾芵懻㗱⃉☧㽁 F6W 

㙞承


㢢舊㗱並䥧













肺ↅ冥莓
.71ⓜ莓㧾神㗽$)125%61)$670',1=DKQ⚝莓㧾神㗽,62✛=DKQ]K

ZZZHOFRPHWHUFRP5]K⮖ↅ✛棓ↅ᧤兼ⓜ唑᧥ 㢢舊伧矑㧾㪖瘮祘瘮㽈⃉ℕ㭏洛伧矑㧾䤓祘瘮㒥劔⃉ℕ,62␅茽幐⃵㉔權∎䞷伧矑㧾㪖瘮祘瘮㽈⦷◖ ❐叀 觢遙疭祘瘮幐⃵∪ㄣ㪖瘮㽈牑㦘襚着䤓虮磦㢅梃莏⑂ℝ伧矑㧾⨚)25'',1,62䷘ ✛硵∎䞷ⷣ䤓⮶⺞㒥㧾⷟莓䪐襚着祘瘮㽈㉔權✛襚着伧矑㧾揜⚗∎䞷庆∎䞷Ⱁ芚缂㫋㧴⑂着秠諕㧾
年䞷❹諕祘瘮㽈伧矑㽈肺ↅ冥莓.0.0.0.0

伧矑㧾伊⨚㧾莓',1$670)25',62┷伧矑⦷r&r) H
















F6W
F6W
F6W
F6W㢢舊伧矑㧾㪖瘮祘瘮㽈䤓㧟㠨眸⏷蛖㗽缂♾芵抩扖㒠ⅻ䤓几簎芚戌᧶
KWWSZZZHOFRPHWHUFRPLPDJHVVWRULHV06'6HOFRPHWHUBPSGI
KWWSZZZHOFRPHWHUFRPLPDJHVVWRULHV06'6HOFRPHWHUBPBPSGI
KWWSZZZHOFRPHWHUFRPLPDJHVVWRULHV06'6HOFRPHWHUBPBPBPSGI≬苍⭿㢝
㢢舊伧矑税㧾㙟∪朗⺈Ⓟ抯谢腙₏㄃≬苍ₜ癕㕻㻰㩢✛說㗮㔏㦾屓㫋
⃊⇢㧟㠨

棂㨐㺶荩杬

ⷣ♲㧟㠨

ₜ林朱

位誑矑

H

(OFRPHWHU

(OFRPHWHU

(OFRPHWHU

(OFRPHWHU ⚜⃘⋋ZZZHOFRPHWHUFRP

]K

5

]K

㔏㦾屓㫋᧤兼ⓜ唑᧥Á肺ↅ冥莓㧾伊⨚㧾莓

ⷣ♲筼薺
PP.0

',1



.0

',1



.0

',1



.0',1.0

಴

釭䞷㪖瘮

喒⦃ F6W

幐⃵♾∪
硽摞

|


',1
♹㦘㧾

㧾







|





|

)25'
$670



.0)25'
$670



.0)25'
$670



.0)25'
$670



.0)25'
$670



.0 $)125





|

.0$)125





|

.0$)125





|

.0

,62



$670'硵㦘㧾⷟1)7
硵㦘㧾⷟







.0

,62



.0

,62



.0

,62



.0

,62



.0

%6



.0

%6



,62
㧾 $670'
㧾 |%6$㧾 
$61=6
♹㦘㧾

 硽摞幐⃵⇫⃉㪖瘮揜糵 ♾折䤓祘瘮幐⃵♾∪虮茽㢅梃幐⃵| ♾折䤓祘瘮幐⃵♾∪⻉⺇幐⃵Á稯┯ & 綍肺ↅ冥莓䤓㦺⻍㙟∪硵䯉㧾⷟虮茽㢅梃㒥⻉⺇祘瘮幐⃵祘瘮幐⃵㉔權⦷帱徶㢅㙟茽尐㻑Ⅵⅻₜ賍㙟∪抌䄾,62莏ⅲ',11)7(1✛1%17

]K

70$簛䓗㦘䥥㠖㦻

MS5

Ǽ✣ǌ✣ǂƺǟ
(OFRPHWHU
 
ᅔ؇Ṧ‫ק‬Ⴈǫȃ✣ǁǙǭZZZHOFRPHWHUFRP

5

MS

ଢՑ


‫ۀ‬ေ



㘲Їଽಸ



ℷ劋൭ⅆ



ǷȉǜǠȉǏ



ࢌ㍤҆௖ƋƸǅǑǋȀ✣Ќ䩐ἲ‫ק‬ൢ㛻҂ૼƍׄůťƮṳ‫ކ‬ƒaႇ∽ϱƑ౼㊮ⅇૼℼƵ⃷⃾źƉŲƃŸŧb(OFRPHWHUᅔ؇Ṧ‫ק‬Ⴈǫȃ✣ǁǙǭƒa‫؍‬ǲ✣ȁདƎ㘲ЇŸƯƉŧơżbЇҋƒaὔ࣢ЌಆƎ஥⁒źƂٚ‫م‬Ɗ௥㙁źƉŲƃŸŧb⇈źŲƒaֹٚሱᇍุ֩Ƒℳ్ƍὨ倔Ǝŭ↜ŧ‫ކ‬ƲžŲƃŸŧb

5

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

ZZZHOFRPHWHUFRP‫ۀ‬ေ(OFRPHWHUᅔ؇Ṧ‫ק‬Ⴈǫȃ✣ǁǙǭƒa၁ุƑन၂ྟƵṦƮƂƤƑ൐ŧƧżŧልᇂƊżb
ǁǙǭǏǕȉǟDƎ౼ƭ‫ڱ‬ŴƂǁǙǭƎaᅔ؇ƵṦ‫ק‬żƮ၁ุƵೆƯơżbǁ
ǙǭƑָƑǀȀǫƹǏŮƬ၁ุůੀԛżƮƑƎŮŮƆƂℭᾇƵṦƭơżb
ℳ‫ކ‬żƮἲ۬Ɗᆷ‫ק‬ŸƯƉŧƮṳ‫ކ‬ƒaṦ‫ק‬źƂੀ༯ℭᾇč૰ĎƵǑȉǗǏǞ✣ǅǏčF6WĎ⨤໊Ƒọᅔ؇Ǝ㍤ෘƊŰơżbŶƑ㍤ෘƎƒa(OFRPHWHUᅔ؇㍤ෘǝƹǏǅDa(OFRPHWHU(OFR&DOFǸǦƺȁƸǭ
ȀčZZZHOFRPHWHUFRPƵҕᅶĎaơƂƒ‫⁌ڱ‬Ƒ㍤ෘԄčŶƑǂƺǟ
ƑMSǰ✣ǎƑᗥĎƵ൐ႨźơżbǀȀǫƹǏƑᆰࣥƋṦ‫ק‬ữ⯤čjF6WĎů㹁ƍƮ‫؟‬ඔƑǫȃ✣ǁǙǭůťƭơżb

㘲Їଽಸ(OFRPHWHUᅔ؇Ṧ‫ק‬Ⴈǫȃ✣ǁǙǭǦǙǗơƂƒǁǙǭ⻽ႨƑ཮ᆞ䩐ૼℼEǼ✣ǌ✣ǂƺǟ
ℷ劋൭ⅆ Ṧ‫ק‬Ƶ൓ƤƮభƎ ੀ༯ℭᾇůj૰ƑǁǙǭƵ⇢㋈źơżb
 ǁǙǭƋǀȀǫƹǏůŰƯŧƊaṽƧήů‫ڱ‬ŧƉŧƍŧŶƋƵ⃷⃾źơżb ℷਘ၁ƒa㡿ஞů‫ݣ‬ơƯƉŭƬŽaन၂ƊƍŴƯƓƍƭơžƶbᆰభƎ⁓ἾźƂℷਘ၁ƃŴƵ൐ႨźƉŲƃŸŧb ℷਘ၁ƒǡǻ✣ǞȉੀุƊƍŴƯƓƍƭơžƶbℷਘ၁ůǡǻ✣ǞȉੀุŮƌũŮƵỆƜƮƎƒaMSǰ✣ǎƑǑǅǍǽȉwℷ劋൭ⅆxƎㄙƆƉaՑƑṦ‫ק‬Ƶྛŧơżb
y 
y 



ǁǙǭƎℷਘ၁Ƶ㧊ƂźƂᆰᗥƑੀ༯ℭᾇƵṦ‫ק‬źơżbǁǙǭƎℷਘ၁Ƶ㧊Ƃźa‫ٳ‬րƆƉŮƬੀ༯ℭᾇƵṦ‫ק‬źơżbƇƑੀ༯ℭᾇƑҵůƫƭնŰŧṳ‫ކ‬ƒaℷਘ၁ƒǡǻ✣Ǟȉ၁ุƊƍŧƋᾖƍŸƯơżbᅔ؇Ṧ‫ק‬ႨǁǙǭƊṦ‫ק‬żƮŶƋƒƊ
Űơžƶbℷਘ၁Ƒ໑؇ƵṦ‫ק‬źƉὸ⁌źơżbD ǀǭǍǽȉƑƸǅǑǋȀ✣ƋźƉŭ౰ƤŧƂƃŴơżbMSǰ✣ǎƑǑǅǍǽȉwࢌ㍤Ⴈ҆௖ƋƸǅǑǋ
Ȁ✣xƵҕᅶźƉŲƃŸŧb
E ᇿ໓źƂ௖ଢƑǉ✣ǟ‫ݼى‬ƎƫƆƉ㹁ƍƭơżb⇈źŲƒaMSǰ✣ǎƑǑǅǍǽȉwൢ㛻xƵҕᅶźƉŲƃŸŧbZZZHOFRPHWHUFRP

MS

MS

5

MS

5

ℷ劋൭ⅆč䌺ŰĎ ℷ劋൭ⅆ ǁǙǭƵǏǕȉǟDƎ౼ƭ‫ڱ‬ŴaǏǕȉǟƎ‫ڱ‬උźƉŧƮżƭ్ƭǂǿǏϰƋඣ⊵ఖƵ൐ƆƉaǁǙǭƵඣ௜Ǝ஥ᇂźơżč⯥Ďb ǁǙǭƋℷਘ၁ůℷ劋ƎℳźƂ໑؇Ɗν‫ק‬źƉŧƮŶƋƵ⃷⃾źơżbℷਘ၁ƵǁǙF
ǭƎᇿųభƎ໑؇ƵṦ‫ק‬źƉŲƃŸŧb ǁǙǭƑǀȀǫƹǏƵᆷƊೖűơżč⯥Ďb ǁǙǭƎℷਘ၁Ƶஞ৫ƂƍŧƫũƎƩƆŲ
ƭᇿűೆƯơżč⯥Ďb ǁǙǭƑ䍲ƎခƆƉżƭ్ƭǂǿǏϰƵ߁ƬžƉaჅ‫ٳ‬ƍ၁Ƶ౼ƭԢŰơżbŶƑƋ
ŰaǂǿǏϰƋǁǙǭƑᾇƎ㡿ஞůೆƬƍŧƫũƎźơżč⯥Ďb ǀȀǫƹǏƵೖŧƊŧƂᆷƵ٢źơżb㡿ஞů㻂ളźƂṳ‫ކ‬ƒaℷਘ၁Ƒഈ؊Ǝ㒟ƮơƊրƄơżb ǂǿǏϰƵ౼ƭԢŧƉaǏǞǙǭƼƿǙǗ
D
Ƶ൓ọŸžơżč⯥Ďb ǀȀǫƹǏŮƬℷਘ၁ůੀԛżƮƑƵ䨂ҳźaੀƯůԚƤƉ๯్ƯƂƋŰƎǏǞǙǭ
ƼƿǙǗDƵ๔ᆸźơżč⯥Ďb ℷ劋Ƶƥũ၂؇⑘ƭْźơżb ؇Ƒℷ劋᾵‫ݔ‬ƑҵůၛଽƑṳ‫ކ‬ƒaƀƑ௜नƵ౼ƆƉὸ⁌źơżb

⯥

⯥

⯥


⯥
D

F


⯥

ǀǭǍǽȉƑƸǅǑǋȀ✣ƋźƉŭ౰ƤŧƂƃŴơżbMSǰ✣ǎƑǑǅǍǽȉwࢌ㍤Ⴈ҆௖ƋƸǅǑǋ
Ȁ✣xƵҕᅶźƉŲƃŸŧb
ℷ劋ὔ࣢Ƒ໑؇ůν‫ק‬źƉŧƍŧṳ‫ކ‬ƒa‫ؽ‬ᇗἧᄯƑЌ໑ǎǹǇǙǞƵ൐ႨźƉŲƃŸŧčMSǰ✣ǎƑǑǅǍǽȉwࢌ㍤Ⴈ҆௖ƋƸǅǑǋȀ✣xƵҕᅶĎbMS

ZZZHOFRPHWHUFRPℷ劋൭ⅆč䌺ŰĎℳ‫ކ‬żƮἲ۬Ɗᆷ‫ק‬ŸƯƉŧƮṳ‫ކ‬ƒaṦ‫ק‬źƂੀ༯ℭᾇč૰ĎƵǑȉǗǏǞ✣ǅǏčF6WĎ⨤໊Ƒọᅔ؇Ǝ㍤ෘƊŰơżbŶƑ㍤ෘƎ
ƒa(OFRPHWHUᅔ؇㍤ෘǝƹǏǅDa(OFRPHWHU(OFR&DOFǸǦƺȁƸǭȀčZZZHOFRPHWHUFRPƵҕᅶĎaơƂƒ‫⁌ڱ‬Ƒ㍤ෘԄčŶƑǂƺǟƑMSǰ✣ǎƑᗥĎƵ൐Ⴈźơżb ℷ劋ᗥƑ⥦৘൐ႨźƂǁǙǭƋḾ௖żƜƉƵℳ్ƍಷ⦟ƊౢℍźơżbȅƺǺ✣ǬǿǍaࣁඋ⚧ƑǮǿƧǺǏȀƍƌƒ൐ႨźƍŧƊŲƃŸŧb
ౢℍů⊔ƲƆƂƬa㢟ƯůҗƆƉŧƍŧŶƋƵ⃷⃾źƉሱಖ఩ᄲŸžơżbǷȉǜǠȉǏ
(OFRPHWHUᅔ؇Ṧ‫ק‬Ⴈǫȃ✣ǁǙǭƒa๙ӈƑ൐Ⴈ่ࡱ༯ƊṵŧରႨ୍ඔƵӻƄaྐ内ྟƑۚŧṦ‫ק‬⡘Ƶ֤ƬƯƮƫũƎ℟ίa⚧ᄯŸƯƉ
ŧơżb
y 



y 



y 


D

ǁǙǭƑǀȀǫƹǏƋଽуů⅛℗źƂƭ⴬ྙźƂƭźƉŧƍŧ
ŮƵ‫ק‬௹֥Ǝׄ㙽źƉŲƃŸŧb℗Ƨ⴬ྙƎƫƆƉṦ‫ק‬⡘ů႕⇉Ƶ൳ŴaǁǙǭƵࢌ㍤źƍŴƯƓƍƬƍŧṳ‫ކ‬ůťƭơżb
ǁǙǭƑ⅛‫ݻ‬ሑⅢƵỆƜƮƎƒaℷਘ၁ƑսƲƭƎ(OFRPHWHU
ᅔ؇Ṧ‫ק‬ႨǁǙǭ཮ᆞႨṌ⊵၁DƑੀ༯ℭᾇƵṦƭơżb
ǁǙǭů⅛‫ݻ‬źƉŧƮṳ‫ކ‬ƒa(OFRPHWHUơƂƒቋ࠷ƭƑս৘‫׋‬Ǝ↜ŧ‫ކ‬ƲžƉŲƃŸŧb
ǁǙǭƑ‫ק‬௹֥ƍ཮ᆞƋ㙽㗈ƵྛũŶƋůa,62֩Ƒἲ۬Ɗ௖⊑ܵ৘൭ⅆƋźƉ∕↩‫ڱ‬ŴƬƯƉŧơżb ǀǭǍǽȉƑƸǅǑǋȀ✣ƋźƉŭ౰ƤŧƂƃŴơżbMSǰ✣ǎƑǑǅǍǽȉwࢌ㍤Ⴈ҆௖ƋƸǅǑǋ
Ȁ✣xƵҕᅶźƉŲƃŸŧbZZZHOFRPHWHUFRP

MS

MS

5

MS

5

ࢌ㍤҆௖ƋƸǅǑǋȀ✣ ᅔ؇Ṧ‫ק‬ႨǁǙǭǏǕȉǟ
ℷ劋ℭƎǁǙǭǏǕȉǟƵ൐ƆƉaǁǙǭƑ໊ᇂƵᆞ⃷Ǝ‫קܥ‬źơżbǁǙǭǏǕȉǟƎƒaǁǙǭůඣ௜ŮƌũŮƵ⃷⃾żƮඣ⊵ఖƋaℷ劋Ῐ൓ơƊℷਘ၁ƵǁǙǭଽƎ਽ƤƉŭŲƂƤƑżƭ్ƭǂǿǏϰů‫ڱ‬උźƉŧơżb
ơƂaඣ⊵ఖƒażƭ్ƭǂǿǏϰƑഈƎᇂŲŶƋƎƍƭơżbℷ劋ὔ࣢Ƒ໑؇ů҂ν‫ק‬ƍṳ‫ކ‬ƒaǁǙǭǏǕȉǟ
ƎЌ໑ǎǹǇǙǞƵ‫ڱ‬ŴƮŶƋƥƊŰơżbⅇૼᅔ؇Ṧ‫ק‬ႨǁǙǭǏǕȉǟᅔ؇Ṧ‫ק‬ႨࣚૡǁǙǭǏǕȉǟᅔ؇Ṧ‫ק‬ႨǁǙǭǏǕȉǟƋЌ໑ǎǹǇǙǞඣ⊵ఖżƭ్ƭǂǿǏϰЌ໑ǎǹǇǙǞǉ✣ǟ‫ݼى‬.71
.71
.71
.73.73
. 71 ǏǞǙǭƼƿǙǗ
ᅔ؇Ṧ‫ק‬ႨǁǙǭŮƬƑ၁ุƑੀ༯ℭᾇƵṦ‫ק‬źơżbⅇૼ
(OFRPHWHUۚࣚ؇ǏǞǙǭƼƿǙǗǉ✣ǟ‫ݼى‬.0 ᅔ؇㍤ෘǝƹǏǅ๙ӈaọᅔ؇Ƒ⡘ƒṦ‫ק‬źƂੀ༯ℭᾇč૰ĎƊіźơżb(OFRPHWHUᅔ؇㍤ෘǝƹǏǅƵ൐ƆƉaੀ
༯ℭᾇƵǑȉǗǏǞ✣ǅǏčF6WĎƎ㍤ෘƊŰơżbⅇૼ
(OFRPHWHUᅔ؇㍤ෘǝƹǏǅǉ✣ǟ‫ݼى‬.71іğ$)125a%6a1)a$670ŭƫƖ',1Ƒ‫ى‬ǁǙǭƋ=DKQƑ‫ى‬ǁǙǭႨ‌ğ,62Ƒ‫ى‬a‫ى‬a‫ى‬ŭƫƖ‫ى‬ǁǙǭƋ=DKQƑ‫ى‬ǁǙǭႨMS

ZZZHOFRPHWHUFRP

5MS

ࢌ㍤҆௖ƋƸǅǑǋȀ✣č䌺ŰĎ (OFRPHWHUᅔ؇Ṧ‫ק‬ႨǁǙǭ཮ᆞႨṌ⊵၁ᅔ؇Ṧ‫ק‬ႨǁǙǭůᆞźŲ཮ᆞŸƯƉŧƮŶƋ
Ƶ⃷⃾źƂƭa,62ἲ۬Ǝ⊵㋣źƉŧƮŶƋƵ
䩐ૼżƮƎƒaсŽ཮ᆞႨṌ⊵၁Ƶ൐ႨźƍŴƯƓƍƭơžƶb
Ṍ⊵၁ůòȀǙǞȁčǧƺȉǞĎೆƆƂǲǞȁƎ཮ᆞ䩐ૼℼů‫ڱ‬උźƉŧơżbṌ⊵၁Ƒੀ༯ℭᾇƒaǁǙǭƑ⊕č)25'a',1a,62ƍƌĎƋǀȀǫƹǏaǁ
ǙǭƑ‫ݼى‬ƎƫƆƉ㹁ƍƭơżb
ǁǙǭŷƋƎсေƍ཮ᆞႨṌ⊵၁ů㢯ơƆƉŧơżb⇈źŲƒa༯ƑіƵҕᅶźƉŲƃŸŧb
ǫȃ✣ǁǙǭƑ⊕‫ݼى‬཮ᆞႨṌ⊵၁Ƒǉ✣ǟ‫ݼى‬',1$670)25',62

& ) ƊƑọᅔ؇H.0.0.0.0
















F6W
F6W
F6W
F6W(OFRPHWHUᅔ؇Ṧ‫ק‬ႨǁǙǭƑ཮ᆞႨṌ⊵၁Ƒνಆǝ✣ǕǍ✣Ǟƒa(OFRPHWHUƑ:HEǋ
ƺǞŮƬǖƼȉȃ✣ǟƊŰơżb
KWWSZZZHOFRPHWHUFRPLPDJHVVWRULHV06'6HOFRPHWHUBPSGI
KWWSZZZHOFRPHWHUFRPLPDJHVVWRULHV06'6HOFRPHWHUBPBPSGI
KWWSZZZHOFRPHWHUFRPLPDJHVVWRULHV06'6HOFRPHWHUBPBPBPSGIЌ䩐ἲ‫ק‬(OFRPHWHUᅔ؇Ṧ‫ק‬Ⴈǫȃ✣ǁǙǭƎƒa㢟ಙƋଉ‫ݻ‬ƵԢŲa⚧ᄯഈƑఴ偣ƑƢƵ⻻འƋźƂ୍ᾇƑЌ䩐ů‫ڱ‬ŧƉŧơżb
ൢ㛻
Чุҋ⊑

ƸȁǴƺǞ

ǀȀǫƹǏҋ⊑

ǏǜȉȂǏ

ࣚ؇

H

(OFRPHWHU

(OFRPHWHU

(OFRPHWHU

(OFRPHWHU ‫܄‬ӫ⡘ZZZHOFRPHWHUFRP

MS

5

MS

ൢ㛻č䌺ŰĎÁǉ✣ǟ‫ݼى‬

ǁǙǭƑ⊕
‫ݼى‬

ǀȀǫƹ
ǏƑᆰࣥ
čPPĎ

.0

',1



.0

',1



.0

',1



.0',1.0ℳ‫ކ‬ἲ۬

Ṧ‫ק‬ữ⯤
čF6WĎ

Á

䩐ૼℼ

ǦǙǗ ǁǙǭ
|',1
‫ى‬ǁǙǭƑƢ

j







|





|

)25'
$670



j





.0)25'
$670

j

.0)25'
$670

j

.0)25'
$670

j

.0)25'
$670

j

.0 $)125





|

.0$)125





|

.0$)125





|

.0

,62



j





.0

,62



j

.0

,62



j

j

.0

,62



.0

,62



.0

%6



.0

%6



$670'żƜƉƑǁǙǭ

1)7
żƜƉƑǁǙǭ

,62
aaa‫ى‬ǁǙǭ
$670'
aaa‫ى‬ǁǙǭ|
%6$‫ى‬Ƌ‫ى‬ǁǙǭ$61=6
‫ى‬ǁǙǭƑƢ

j

j ǦǙǗ཮ᆞ䩐ૼℼůṌ⊵Ɗ‫ڱ‬උźƉŧơżb ǀǭǍǽȉğੀ༯ℭᾇ䩐ૼℼb| ǀǭǍǽȉğժ‫م‬䩐ૼℼbÁੀ༯ℭᾇ䩐ૼℼơƂƒժ‫م‬䩐ૼℼ‫ڱ‬ŰƑǁǙǭƵᇿ໓żƮṳ‫ކ‬ƒa⻻ㅁżƮǁǙǭƑǉ✣ǟ‫ݼى‬ƑଌແƎw&xƵ‫ڱ‬ŴƉŲƃŸŧb཮ᆞ䩐ૼℼƒсŽǁǙǭƋ๝ℭƎᇿ໓źƉŲƃŸŧbᗥƊἠ⦁Ǝᇿ໓żƮŶƋƒƊŰơžƶb

,62ἲ۬ů',1a1)7a(1aŭƫƖ1%17ἲ۬Ǝ౼ƆƉսƲƆƉŧơżb

MS

70$ֻϱі⊍ƋЧ໓$

5$SSHQGL[$QQH[H$QKDQJ$SpQGLFH
$SSHQGL[棓㇤‫⁌ڱ‬ZZZHOFRPHWHUFRP

$

5

7KHORRNXSWDEOHVRQWKHIROORZLQJSDJHVFDQEHXVHGWRFRQYHUWWKH
PHDVXUHGNLQHPDWLFYLVFRVLW\IORZWLPHVHFRQGV V WR&HQWLVWRNHV F6W ,QWKHH[DPSOHEHORZDPHDVXUHGIORZWLPHRIVHFRQGVXVLQJD%6
FXSHTXDWHVWRF6W
/HVWDEOHVGHFRQYHUVLRQGHVSDJHVVXLYDQWHVSHXYHQWrWUHXWLOLVpHVSRXUFRQYHUWLUODYLVFRVLWpFLQpPDWLTXHPHVXUpH WHPSVG pFRXOHPHQWHQVHFRQGHV HQ&HQWLVWRNHV'DQVO H[HPSOHFLGHVVRXVXQWHPSVG pFRXOHPHQWGHVHFRQGHVPHVXUpjO DLGHG XQHFRXSH%6
pTXLYDXWjF6W
'LH9HUJOHLFKVWDEHOOHQDXIGHQIROJHQGHQ6HLWHQN|QQHQ]XU
8PZDQGOXQJGHULQ6HNXQGHQ V JHPHVVHQHQNLQHPDWLVFKHQ
9LVNRVLWlWVDXVODXI]HLWLQ&HQWLVWRNHV F6W YHUZHQGHWZHUGHQ,P
IROJHQGHQ%HLVSLHOHQWVSULFKWGLHPLWHLQHP%6%HFKHUJHPHVVHQH
$XVODXI]HLWYRQ6HNXQGHQF6W
/DVWDEODVGHFRQVXOWDGHODVVLJXLHQWHVSiJLQDVSXHGHQXWLOL]DUVHSDUDFRQYHUWLUORVVHJXQGRVGHWLHPSRGHIOXMRGHYLVFRVLGDGFLQHPiWLFDPHGLGRV V D&HQWLVWRNHV F6W (QHOHMHPSORVLJXLHQWHXQWLHPSRGHIOXMRPHGLGRGHVHJXQGRVHPSOHDQGRXQDFRSD
%6HTXLYDOHDF6W
0HWGHWDEHOOHQRSGHYROJHQGHSDJLQD VNXQWXGHYRRUGHNLQHPDWLVFKHYLVFRVLWHLWJHPHWHQGRRUORRSWLMGLQVHFRQGHQ V RP]HWWHQQDDUFHQWLVWRNHV F6W ,QRQGHUVWDDQGYRRUEHHOGVWDDWHHQJHPHWHQGRRUORRSWLMGYDQVHFRQGHQPHWHHQ%6EHNHUJHOLMNDDQF6W
芚槱⑯欄䤓蜼㔍缂♾芵䞷㧴懻㗱㿚摞┷伧矑税茽㢅梃諗 V 瘸☧㽁 F6W ⦷芚槱䤓√⷟₼∎䞷%6䤓㧾⷟諗㿚摞䤓税摞㢅梃䷘ℝF6W
ၛ༯Ǝൕż㍤ෘԄƒaṦ‫ק‬źƂੀ༯ℭᾇč૰ĎƵǑȉǗǏǞ✣ǅǏ
čF6WĎ⨤໊Ƒọᅔ؇Ǝ㍤ෘżƮƑƎ൐ႨƊŰơżb༯Ƒ২Ɗƒa%6Ƒ‫ى‬ǁǙǭƊṦ‫ק‬ŸƯƂ૰Ƌŧũੀ༯ℭᾇůF6WƎཌྷ֒żƮŶƋƵ
ൕźƉŧơżb
V

F6W$ZZZHOFRPHWHUFRP$

5(OFRPHWHU',1

(OFRPHWHU)25'$670

ZZZHOFRPHWHUFRP

$

$

5

(OFRPHWHU,62

(OFRPHWHU%6$

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