5

8VHU*XLGH HQ(OFRPHWHU0RGHO6 7
'HZSRLQW0HWHU*HEUDXFKVDQOHLWXQJ GH(OFRPHWHU0RGHOO6XQG7
7DXSXQNWPHVVJHUlW*XtDGHOXVXDULR HV(OFRPHWHU0RGHOR6\7
0HGLGRUGHSXQWRGHURFtR*XLGHG XWLOLVDWLRQ IU(OFRPHWHUPRGqOHV6 7&DOFXODWHXUGHSRLQWGHURVpH*HEUXLNHUVKDQGOHLGLQJ QO(OFRPHWHU0RGHOOHQ6 7'DXZSXQWPHWHU

䞷㓆∎䞷㖖荹 ]K(OFRPHWHU⨚莓6 7槁䍈ⅹǼ✣ǌ✣ǂƺǟ MS(OFRPHWHUǸǝȁ6ŭƫƖ7᾵੝ί

ZZZHOFRPHWHUFRP

5

8VHU*XLGH(OFRPHWHU0RGHO6 7'HZSRLQW0HWHU

ZZZHOFRPHWHUFRP5&217(176



















*DXJH2YHUYLHZ%R[&RQWHQWV
8VLQJWKH*DXJH*HWWLQJ6WDUWHG
7KH6HQVRUV6HWWLQJ/LPLWV
7DNLQJD5HDGLQJ
8VLQJ([WHUQDO7HPSHUDWXUH3UREHV
6WDWLVWLFV%DWFKLQJ0RGHO75HYLHZLQJ%DWFK'DWD0RGHO7
0HQX6WUXFWXUH0RGHO6
0HQX6WUXFWXUH0RGHO7'RZQORDGLQJ'DWD0RGHO7
6SDUHV $FFHVVRULHV:DUUDQW\6WDWHPHQW
7HFKQLFDO6SHFLILFDWLRQ/HJDO1RWLFHV 5HJXODWRU\,QIRUPDWLRQ

3E+J)RUWKHDYRLGDQFHRIGRXEWSOHDVHUHIHUWRWKHRULJLQDO(QJOLVKODQJXDJHYHUVLRQ*DXJH'LPHQVLRQV[[PP [[*DXJH:HLJKWJ R] LQFOXGLQJEDWWHULHV
(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

HQ

ZZZHOFRPHWHUFRP

5

*$8*(29(59,(:















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



6XUIDFH7HPSHUDWXUH3UREH$LU7HPSHUDWXUH +XPLGLW\3UREH/(',QGLFDWRUV5HG OHIW *UHHQ ULJKW/&''LVSOD\
6RIWNH\V
2Q2II.H\:ULVW6WUDS&RQQHFWLRQ
86%'DWD2XWSXW6RFNHW EHORZFRYHU%DWWHU\&RPSDUWPHQW,QWHJUDWHG0DJQHWV.7\SH3UREH&RQQHFWRU EHORZFRYHU

%2;&217(176








(OFRPHWHU'HZSRLQW0HWHU
3URWHFWLYH3RXFKZLWK%HOW&OLS
[$$%DWWHULHV:ULVW+DUQHVV(OFR0DVWHU6RIWZDUH 86%&DEOH 0RGHO7RQO\&DOLEUDWLRQ&HUWLILFDWH
8VHU*XLGHZZZHOFRPHWHUFRP

HQ

5

86,1*7+(*$8*(
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U

0HDVXUHPHQW8QLWV&JNJ)JUOE
3RZHU86%
%OXHWRRWK2Q
0HQX6RIWNH\
6WDWV6RIWNH\%DWFK6RIWNH\ 0RGHO7+ROG&XUUHQW5HDGLQJ6WDUW6WRS/RJJLQJ 0RGHO7
7UHQG,QGLFDWRUV9DOXHLQFUHDVLQJRUGHFUHDVLQJ&OLPDWLF3DUDPHWHUV0D[LPXPRI
3RZHU%DWWHULHVLQFOXGLQJEDWWHU\OLIHLQGLFDWRU
0DQXDO/RJJLQJ%DWFK6RIWNH\ZKHQLQEDWFKLQJ 0RGHO7%DWFK1XPEHU%DWFK5HDGLQJ1XPEHU 0RGHO7$ODUPUHDGLQJRXWVLGHVHWDQGHQDEOHGOLPLWV
6RIWNH\V/RFNHG 0RGHO7,QWHUYDO/RJJLQJZKHQLQEDWFKLQJ 0RGHO7
7KHUPRPHWHU0RGH2Q([WHUQDO3UREH7HPSHUDWXUH
L

D

Q

E
K

M

F

N
P
K
J

G

I

H

O
T

R
S
U

HQ

ZZZHOFRPHWHUFRP5

*(77,1*67$57('

) ,77,1*7+(%$77(5,(6(DFKJDXJHLVVXSSOLHGZLWK[$$DONDOLQH
EDWWHULHV

7RLQVHUWRUUHSODFHWKHEDWWHULHV
 5HPRYHWKHEDWWHU\FRYHUE\URWDWLQJWKH 
UHWDLQLQJVFUHZDQWLFORFNZLVH
 ,QVHUWEDWWHULHVWDNLQJFDUHWRHQVXUHFRUUHFWSRODULW\ 5HILWWKHFRYHUDQGURWDWHWKHUHWDLQLQJVFUHZFORFNZLVHWRVHFXUH
7KHEDWWHU\FRQGLWLRQLVLQGLFDWHGE\DV\PEROLQWKHWRSULJKWRIWKHGLVSOD\  7KHPRUHVHJPHQWVGLVSOD\HGWKHEHWWHUWKH
FRQGLWLRQRIWKHEDWWHULHV:KHQQRVHJPHQWVDUHGLVSOD\HGLWLVQRWDGYLVDEOHWRXVHWKH
JDXJHIRULQWHUYDOORJJLQJRYHUORQJSHULRGVRIWLPH 0RGHO7RQO\
VHH6HFWLRQµ6HWWLQJ0DQXDORU,QWHUYDO/RJJLQJ¶RQSDJHHQ ,IWKHEDWWHULHVDUHUHSODFHGGXULQJLQWHUYDOORJJLQJWKHJDXJHPD\VKRZµ3OHDVH:DLW¶ZKLOVWLWUHFDOFXODWHVWKHEDWFKVWDWLVWLFV:KHQWKHEDWWHULHVDUHQHDUO\GHSOHWHGWKHEDWWHU\SRZHUVXSSO\V\PEROZLOOVWDUWIODVKLQJDQGWKHJDXJHHPLWVVKRUWEHHSVHYHU\VHFRQGVWRLQGLFDWHWKDWWKHEDWWHULHVVKRXOGEHFKDQJHG
7KHJDXJHFDQDOVREHSRZHUHGYLD86%XVLQJWKH86%FDEOH
VXSSOLHG 0RGHO7 RUDYDLODEOHWRSXUFKDVHDVDQDFFHVVRU\
0RGHO6 VHH6HFWLRQµ6SDUHV $FFHVVRULHV¶RQSDJHHQ
1RWH 7KH86%FDEOHFDQQRWEHXVHGWRFKDUJHWKHEDWWHULHV 6(/(&7,1*<285/$1*8$*(
 3UHVVDQGKROGWKH212))EXWWRQXQWLOWKH(OFRPHWHUORJRLVGLVSOD\HG
 3UHVV0HQX6HWXS/DQJXDJHVDQGVHOHFW\RXUODQJXDJHXVLQJWKHÏÐVRIWNH\V )ROORZWKHRQVFUHHQPHQXVZZZHOFRPHWHUFRP

HQ

5

*(77,1*67$57(' FRQWLQXHG

7RDFFHVVWKHODQJXDJHPHQXZKHQLQDIRUHLJQODQJXDJH 6ZLWFKWKHJDXJH2))
 3UHVVDQGKROGWKHOHIWVRIWNH\DQGVZLWFKWKHJDXJH21
 6HOHFW\RXUODQJXDJHXVLQJWKHÏÐVRIWNH\V 6&5((16(77,1*6$QXPEHURIVFUHHQVHWWLQJVFDQEHGHILQHGE\WKHXVHUYLD
0HQX6HWXS6HWXS%DFNOLJKWLQFOXGLQJ
y


y






%DFNOLJKW%ULJKWQHVV7KLVFDQEHVHWWRµ/RZ¶µ0HGLXP¶RU
µ+LJK¶%DFNOLJKW7LPHRXW7KHGLVSOD\ZLOOGLPLILQDFWLYHIRUWKH
SHULRGGHILQHGE\WKHXVHU7RDGMXVWWKHEDFNOLJKWWLPHRXWXVH
WKHÏÐVRIWNH\VWRKLJKOLJKWµ%DFNOLJKW7LPHRXW¶DQGSUHVVµ6HO¶8VHWKHÏÐVRIWNH\VWRVHWWKHUHTXLUHGYDOXHEHWZHHQ RII DQGVHFRQGVDQGSUHVVµ2N¶WRVHWRUµ(VF¶WR
FDQFHO KHJDXJHFDQDOVREHVHWWRVZLWFKRIIDXWRPDWLFDOO\DIWHUDXVHU
7
GHILQHGSHULRGRILQDFWLYLW\EHWZHHQDQGPLQXWHVYLD
0HQX6HWXS$XWR6ZLWFK2II
1RWHµ$XWR6ZLWFK2II¶LVGLVDEOHGZKHQWKHJDXJHLVSRZHUHGE\WKH86%
FRQQHFWLRQ 6(77,1*837+(5($',1*',63/$<
7KHXVHUFDQVHOHFWXSWRILYHFOLPDWLFSDUDPHWHUVWREHGLVSOD\HG
RQVFUHHQ0HDVXUHPHQWVDUHWDNHQIRUDOOFOLPDWLFSDUDPHWHUVEXWRQO\WKRVHVHOHFWHGDUHGLVSOD\HG8VHUVFDQVHOHFWIURP
y
y
y
y
y


y

HQ

5+5HODWLYH+XPLGLW\
7V6XUIDFH7HPSHUDWXUH
7D$LU7HPSHUDWXUH
7G'HZSRLQW7HPSHUDWXUHFDOFXODWHGIURP7DDQG5+
7ǻ'HOWD7HPSHUDWXUHWKHGLIIHUHQFHEHWZHHQVXUIDFH
WHPSHUDWXUHDQGGHZSRLQW
7GE'U\%XOE7HPSHUDWXUHHTXDOWR7D

ZZZHOFRPHWHUFRP5

*(77,1*67$57(' FRQWLQXHGyy

7ZE:HW%XOE7HPSHUDWXUHFDOFXODWHGIURP7DDQG5+
6+6SHFLILF+XPLGLW\FDOFXODWHGIURP7DDQG5+

1RWH7KHIRUPXODXVHGIRUFDOFXODWLRQRI7ZEDQG6+XVHVDIL[HGYDOXHRIDLU
SUHVVXUHVHWDWDWPRVSKHUH PEDU 7KHDFFXUDF\RI7ZEDQG
6+ZLOOYDU\DWRWKHUYDOXHVRIDWPRVSKHULFSUHVVXUH7KLVYDULDWLRQPD\
EHJUHDWHUWKDQ&IRU7ZEDQGPEDUIRU6+

7RVHWXSWKHGLVSOD\ 3UHVV0HQX6HWXS'LVSOD\6HOHFW5HDGLQJV 8VHWKHÏÐVRIWNH\VWRKLJKOLJKWWKH
UHTXLUHGRSWLRQDQGSUHVVµ6HO¶
3UHVVLQJµ6HO¶DJDLQZLOOGHVHOHFWWKH
RSWLRQ 7KHJDXJHZLOOEHHSLIWKHXVHUDWWHPSWVWRVHOHFWDSDUDPHWHUZKHQILYHDUHDOUHDG\VHOHFWHGLQZKLFKFDVHDSDUDPHWHUPXVWEHGHVHOHFWHGEHIRUHDQRWKHULVFKRVHQ

7RVHOHFWZKLFKSDUDPHWHULVVKRZQLQWKHODUJHVWGLJLWVDWWKHERWWRPRIWKHGLVSOD\SUHVV
0HQX6HWXS'LVSOD\0DLQ5HDGLQJ8VHWKHÏÐVRIWNH\VWRKLJKOLJKWWKH
UHTXLUHGRSWLRQIURPWKHOLVWGLVSOD\HG
DQGSUHVVµ6HO¶ 2QO\WKRVHFOLPDWLFSDUDPHWHUVVHOHFWHGYLD6WHSDERYHZLOOEHDYDLODEOH

IRUVHOHFWLRQLQWKHµ0DLQ5HDGLQJ¶OLVW 7RLQFUHDVHWKHVL]HRIWKHPDLQUHDGLQJUHGXFHWKHQXPEHURISDUDPHWHUVGLVSOD\HGRQWKHUHDGLQJVFUHHQ

1RWH,IDUHDGLQJH[FHHGVDQ\VHWOLPLWVGXULQJPHDVXUHPHQWLWZLOOEHVKRZQIODVKLQJRQWKHGLVSOD\HYHQLILWKDVQRWEHHQVHOHFWHGIRUGLVSOD\YLD
6WHSVDERYH

 6(/(&7,1*7+(0($685(0(1781,76$FKRLFHRIPHDVXUHPHQWXQLWVLVDYDLODEOHD&)JNJJUOE7R
VHOHFWWKHPHDVXUHPHQWXQLWVSUHVV0HQX6HWXS8QLWVDJNJDQGJUOEUHODWHWRµ6SHFLILF+XPLGLW\¶PHDVXUHPHQWVRQO\ZZZHOFRPHWHUFRP

HQ

5

*(77,1*67$57(' FRQWLQXHG

 6(77,1*0$18$/25,17(59$//2**,1*
8VHUVFDQFKRRVHWRPDQXDOO\ORJUHDGLQJVµ0DQXDO/RJJLQJ¶
0RGHO6 7 RUSURJUDPWKHJDXJHWRWDNHUHDGLQJVDWVHWWLPHLQWHUYDOVDQGVDYHWKHUHDGLQJVLQWRWKHEDWFKPHPRU\DXWRPDWLFDOO\µ,QWHUYDO/RJJLQJ¶ 0RGHO7RQO\ 
7RVHOHFWµ0DQXDO/RJJLQJ¶LQLPPHGLDWHPRGH 0RGHO6 7 
 3UHVV0HQX6HWXS0DQXDO/RJJLQJ 7RVHOHFWLPPHGLDWHVDYLQJRIDUHDGLQJXVHWKHÏÐVRIWNH\V
WRKLJKOLJKWµ6DYHRQO\¶DQGSUHVVµ6HO¶ 7RVHOHFWKROGLQJRIDUHDGLQJIROORZHGE\DQRSWLRQWRVDYH
XVHWKHÏÐVRIWNH\VWRKLJKOLJKWµ+ROG 6DYH¶DQGSUHVVµ6HO¶ 7KHGHIDXOWVHWWLQJLVµ+ROG 6DYH¶µ0DQXDO/RJJLQJ¶LVDOVRDYDLODEOHZKHQLQEDWFKLQJ 0RGHO7 µ,QWHUYDO/RJJLQJ¶LVRQO\DYDLODEOHZKHQLQEDWFKLQJ 0RGHO7 )RULQIRUPDWLRQRQFUHDWLQJDQHZEDWFKZLWKµ0DQXDO/RJJLQJ¶RU
µ,QWHUYDO/RJJLQJ¶VHH6HFWLRQµ&UHDWLQJD1HZ%DWFK¶RQ
SDJHHQ7+(6(16256

7KHVHQVRUVIRU D KXPLGLW\ 5+ DQGDLU
WHPSHUDWXUH 7D DQG E VXUIDFH
WHPSHUDWXUH 7V DUHORFDWHGDWWKHWRSRIWKHJDXJH

D
E

1RWH7KHVXUIDFHWHPSHUDWXUHVHQVRULVVHULDOLVHG
IRUFDOLEUDWLRQWUDFHDELOLW\SXUSRVHV

)25$&&85$7(5($',1*6y'RQRWREVWUXFWDLUIORZWKURXJKWKHKROHVLQWKHFDVLQJDURXQG
 WKHKXPLGLW\DQGDLUWHPSHUDWXUHVHQVRUVy.HHSILQJHUVDZD\IURPWKHKROHVERG\KHDWFDQDIIHFW
 UHDGLQJVy$OORZWKHJDXJHVRPHWLPHDSSUR[LPDWHO\PLQXWHVWR DFFOLPDWLVHRQFHLWLVEURXJKWIURPDFROGHQYLURQPHQWLQWRD ZDUPSODFHDQGYLFHYHUVDHQZZZHOFRPHWHUFRP

5

7+(6(16256 FRQWLQXHG

72$92,''$0$*(
'RQRWXVHH[FHVVLYHIRUFHZKHQPHDVXULQJVXUIDFH
WHPSHUDWXUH/LJKWFRQWDFWEHWZHHQWKHSUREHDQGWKHVXUIDFHLVVXIILFLHQW8VLQJIRUFHGRHVQRWLQFUHDVHWKHPHDVXULQJVSHHG
RULPSURYHWKHDFFXUDF\RIWKHPHDVXUHPHQWEXWLWGRHVLQFUHDVHZHDUDQGRUGDPDJHWRWKHVHQVRUWLS
'RQRWGUDJWKHVXUIDFHWHPSHUDWXUHSUREHRYHUWKHVXUIDFHWRDYRLGH[FHVVLYHZHDU
7KHKXPLGLW\VHQVRULVIUDJLOHDQGVKRXOGQHYHUEHWRXFKHG'R
QRWXVHFRPSUHVVHGDLUWRFOHDQWKHVHQVRUVRUWKHJDXJH
,IWKHVXUIDFHRIWKHKXPLGLW\VHQVRUEHFRPHVVDWXUDWHGZLWKPRLVWXUHDOORZWKHPRLVWXUHWRHYDSRUDWHIXOO\LQDGU\HQYLURQPHQWEHIRUHXVLQJWKHJDXJHWRWDNHPHDVXUHPHQWV
3URWHFWWKHJDXJHIURPSDLQWGXVWDQGGLUWDVPXFKDVSRVVLEOH
DVWKHVHFDQDIIHFWWKHORQJWHUPDFFXUDF\RIWKHKXPLGLW\VHQVRU$OZD\VNHHSWKHJDXJHLQLWVSURWHFWLYHSRXFKZKHQQRW
LQXVH'RQRWZDVKWKHVHQVRUVLQZDWHURUZLWKVROYHQWV6(77,1*/,0,76$ORZHUDQGRUXSSHUOLPLWFDQEHVHWE\WKHXVHUIRUDQ\RUDOOWKH
FOLPDWLFSDUDPHWHUV/LPLWVFDQEHVHWIRULQGLYLGXDOUHDGLQJV ZKHQQRWLQ%DWFKLQJ RUOLPLWVFDQEHVHWIRUHDFKEDWFK ZKHQLQ%DWFKLQJ 
7RVHWOLPLWVIRULQGLYLGXDOUHDGLQJV 0RGHO6 7 
 3UHVV0HQX6HW/LPLWV 8VHWKHÏÐVRIWNH\VWRKLJKOLJKWWKHUHTXLUHGSDUDPHWHUDQG
SUHVVµ6HO¶ 8VHWKHÏÐVRIWNH\VWRKLJKOLJKWµ+LJK/LPLWRQ¶DQGSUHVVµ6HO¶
WRHQDEOHWKHOLPLW 8VHWKHÏÐVRIWNH\VWRKLJKOLJKWµ+LJK/LPLW¶DQGSUHVVµ6HO¶ZZZHOFRPHWHUFRP

HQ

5

6(77,1*/,0,76 FRQWLQXHG
 8VHWKHÏÐVRIWNH\VWRVHWWKHUHTXLUHGYDOXHDQGSUHVVµ2N¶WRVHWRUµ(VF¶WRFDQFHO ,IUHTXLUHGUHSHDW6WHSVWRVHWDQGHQDEOHDORZOLPLWYDOXH
 5HSHDW6WHSVIRUHDFKFOLPDWLFSDUDPHWHUDVUHTXLUHG

7RVHWOLPLWVIRUDEDWFK 0RGHO7 /LPLWVFDQEHVHWZKHQDQHZEDWFKLVFUHDWHG2QFHDUHDGLQJLV
VDYHGLQWRWKHEDWFKOLPLWVFDQQRWEHDPHQGHGDQGOLPLWVFDQQRWEH
DGGHG








3UHVV%DWFK1HZ%DWFK/LPLWV
8VHWKHÏÐVRIWNH\VWRKLJKOLJKWWKHUHTXLUHGSDUDPHWHUDQG
SUHVVµ6HO¶
8VHWKHÏÐVRIWNH\VWRKLJKOLJKWµ+LJK/LPLWRQ¶DQGSUHVVµ6HO¶
WRHQDEOHWKHOLPLW
8VHWKHÏÐVRIWNH\VWRKLJKOLJKWµ+LJK/LPLW¶DQGSUHVVµ6HO¶
8VHWKHÏÐVRIWNH\VWRVHWWKHUHTXLUHGYDOXHDQGSUHVVµ2N¶WRVHWRUµ(VF¶WRFDQFHO,IUHTXLUHGUHSHDW6WHSVWRVHWDQGHQDEOHDORZOLPLWYDOXH
5HSHDW6WHSVIRUHDFKFOLPDWLFSDUDPHWHUDVUHTXLUHG
 %DWFKOLPLWVFDQEHYLHZHGDWDQ\WLPHYLD%DWFK5HYLHZ%DWFKHV:KHQWKHYDOXHRIDSDUDPHWHUIDOOVRXWVLGHVHWDQGHQDEOHGOLPLWVy

WKHDSSURSULDWHSDUDPHWHULFRQIODVKHV ,IDUHDGLQJH[FHHGVDQ\VHWOLPLWVGXULQJPHDVXUHPHQWLWZLOOEHVKRZQIODVKLQJRQWKHGLVSOD\HYHQLILWKDVQRWEHHQVHOHFWHGIRUGLVSOD\YLD
0HQX6HWXS'LVSOD\6HOHFW5HDGLQJV

y
y
y
y




WKHDODUPV\PEROLVGLVSOD\HGQH[WWRWKHSDUDPHWHUWKHUHG/('IODVKHVDQDXGLEOHDODUPVRXQGVEZKHQLQEDWFKLQJ 0RGHO7 DUHDGLQJZKLFKH[FHHGVDKLJKOLPLWLVPDUNHGDQGDUHDGLQJZKLFKH[FHHGVDORZOLPLWLV
PDUNHG

1RWH:KHQWKHYDOXHRIWKHSDUDPHWHUUHWXUQVZLWKLQOLPLWVWKHDODUPVWDWXVLVFOHDUHGDXWRPDWLFDOO\E

7KHYROXPHRIWKHDODUPLVGHWHUPLQHGE\WKHEHHSYROXPHVHWYLD0HQX6HWXS%HHS9ROXPH

HQZZZHOFRPHWHUFRP

5

7$.,1*$5($',1*

 %()25(<2867$57
 3UHVVWKH2Q2IIEXWWRQWRVZLWFKWKHJDXJHRQWKHJDXJHZLOOVWDUWPHDVXULQJ
 6HWXSWKHUHDGLQJGLVSOD\VHH6HFWLRQRQSDJHHQ 6HOHFWWKHPHDVXUHPHQWXQLWVVHH6HFWLRQRQSDJHHQ 6HWDQ\UHTXLUHGOLPLWVVHH6HFWLRQRQSDJHHQ 7$.,1*$5($',1*,1,00(',$7(02'()ROORZWKLVSURFHGXUHWRWDNHUHDGLQJVPDQXDOO\ ¶0DQXDO/RJJLQJ¶ 
ZLWKWKHRSWLRQWRVDYHUHDGLQJGDWDLQWRWKHUROOLQJPHPRU\RIWKH
JDXJH

3ODFHWKHUXEEHUWLSRIWKHVXUIDFHWHPSHUDWXUHVHQVRUDJDLQVWWKH
VXUIDFHSUHIHUDEO\DWDQDQJOHRIDQGNHHSLWLQWKLVSRVLWLRQ 7KHWUHQGLQGLFDWRUQH[WWRWKHSDUDPHWHULQGLFDWHVLIWKHYDOXHLV

LQFUHDVLQJ  RUGHFUHDVLQJ  7KHDEVHQFHRIDWUHQGLQGLFDWRULQGLFDWHVWKDWWKHYDOXHLVVWDEOH



3UHVVµ+ROG¶IROORZHGE\µ6DYH¶WRVDYHWKHUHDGLQJGDWDLQWRWKH
JDXJHPHPRU\ ,IWKHµ0DQXDO/RJJLQJ¶VHWWLQJLV³6DYHRQO\¶µ+ROG¶LVQRWGLVSOD\HG

6LPSO\SUHVVµ6DYH¶WRVDYHWKHUHDGLQJGDWDLQWRWKHJDXJHPHPRU\

7RYLHZWKHVWDWLVWLFDODQDO\VLVRIWKHUHDGLQJGDWDSUHVVWKHµ6WDWV¶
VRIWNH\VHH6HFWLRQµ6WDWLVWLFV¶RQSDJHHQIRUIXUWKHULQIRUPDWLRQ 7$.,1*$5($',1*,1%$7&+02'( 02'(/7)ROORZWKLVSURFHGXUHWRWDNHUHDGLQJVPDQXDOO\ ¶0DQXDO/RJJLQJ¶ 
RUDXWRPDWLFDOO\DWVHWWLPHLQWHUYDOV ¶,QWHUYDO/RJJLQJ¶ DQGVDYH
WKHUHDGLQJGDWDLQWRDEDWFK
8VLQJµ0DQXDO/RJJLQJ¶ &UHDWHDQHZµ0DQXDO/RJJLQJ¶EDWFKVHH6HFWLRQRQ
SDJHHQ 3ODFHWKHUXEEHUWLSRIWKHVXUIDFHWHPSHUDWXUHVHQVRUDJDLQVW
WKHVXUIDFHSUHIHUDEO\DWDQDQJOHRIDQGNHHSLWLQWKLVSRVLWLRQ 7KHWUHQGLQGLFDWRUQH[WWRWKHSDUDPHWHULQGLFDWHVLIWKHYDOXHLV

LQFUHDVLQJ  RUGHFUHDVLQJ  7KHDEVHQFHRIDWUHQGLQGLFDWRULQGLFDWHVWKDWWKHYDOXHLVVWDEOH

ZZZHOFRPHWHUFRP

HQ

5

7$.,1*$5($',1* FRQWLQXHG
 3UHVVµ+ROG¶IROORZHGE\µ6DYH¶WRVDYHWKHUHDGLQJGDWDLQWRWKH
EDWFKPHPRU\ ,IWKHµ0DQXDO/RJJLQJ¶VHWWLQJLV³6DYHRQO\¶µ+ROG¶LVQRWGLVSOD\HG

6LPSO\SUHVVµ6DYH¶WRVDYHWKHUHDGLQJGDWDLQWRWKHEDWFKPHPRU\ RH[LWEDWFKLQJSUHVVWKHVRIWNH\IROORZHGE\µ([LW7%DWFKLQJ¶

8VLQJµ,QWHUYDO/RJJLQJ¶%HIRUH\RXVWDUWLI\RXLQWHQGWRWDNHUHDGLQJVRYHUDORQJSHULRGRI
WLPHFKHFNWKDWWKHEDWWHULHVDUHLQJRRGFRQGLWLRQLILQGRXEWLQVHUWQHZEDWWHULHVVHH6HFWLRQµ)LWWLQJWKH%DWWHULHV¶RQSDJHHQ&RQVLGHUWKHXVHRIDQH[WHUQDOWHPSHUDWXUHSUREHKROGLQJWKH
VXUIDFHWHPSHUDWXUHSUREHLQWHJUDWHGLQWR\RXUJDXJHDJDLQVWDVXUIDFHRYHUDQH[WHQGHGSHULRGRIWLPHPD\QRWEHSUDFWLFDOVHH
6HFWLRQµ8VLQJ([WHUQDO7HPSHUDWXUH3UREHV¶RQSDJHHQ&UHDWHDQHZµ,QWHUYDO/RJJLQJ¶EDWFKDQGVHWWKHUHTXLUHG
ORJJLQJWLPHLQWHUYDOVHH6HFWLRQRQSDJHHQ
3ODFHWKHUXEEHUWLSRIWKHVXUIDFHWHPSHUDWXUHVHQVRUDJDLQVW
WKHVXUIDFHSUHIHUDEO\DWDQDQJOHRIDQGNHHSLWLQWKLVSRVLWLRQ 7KHWUHQGLQGLFDWRUQH[WWRWKHSDUDPHWHULQGLFDWHVLIWKHYDOXHLV

LQFUHDVLQJ  RUGHFUHDVLQJ  7KHDEVHQFHRIDWUHQGLQGLFDWRULQGLFDWHVWKDWWKHYDOXHLVVWDEOH



3UHVVµ6WDUW¶WRVWDUWORJJLQJWKHUHDGLQJGDWDLVVDYHG
DXWRPDWLFDOO\DWWKHVHWLQWHUYDO $GHOD\HGVWDUWWLPHFDQEHVHWZKHQFUHDWLQJDQµ,QWHUYDO/RJJLQJ¶EDWFK

7KHJDXJHZLOODXWRPDWLFDOO\VWDUWRQFHWKHVHWWLPHKDVHODSVHG
 ,IDQµ$XWR6ZLWFK2II¶WLPHLVVHWWKHJDXJHZLOODSSHDUWRVZLWFKRIIDIWHU
WKHVHWWLPHGHOD\EXWZKLOVW\RXDUHORJJLQJLWZLOOUHPDLQRQLQDUHGXFHGSRZHUVWDWH,QWKLVVWDWHGXULQJLQWHUYDOORJJLQJWKHJDXJHZLOOFRQWLQXHUHDGLQJGDWDLQWREDWFKPHPRU\DWWKHVHWORJJLQJLQWHUYDO:KHQWKH
JDXJHLVQH[WVZLWFKHGRQWKHEDWFKZLOOUHRSHQ UHVVµ6WRS¶WRVWRSORJJLQJGDWDIROORZHGE\µ<HVWRFRQILUPRU
3µ1R¶WRHVFDSHDQGFRQWLQXHORJJLQJ
7RH[LWEDWFKLQJSUHVVWKHVRIWNH\IROORZHGE\µ([LW%DWFKLQJ¶HQZZZHOFRPHWHUFRP

5

7$.,1*$5($',1* FRQWLQXHG
7KH(OFRPHWHU0RGHO7KDVDµ6RIWNH\V/RFNHG¶IHDWXUHZKLFKSURYLGHVDQDGGLWLRQDOOHYHORIVHFXULW\WRSUHYHQWDFFLGHQWDOVWRSSLQJRILQWHUYDOORJJLQJ:KHQµ6RIWNH\V/RFNHG¶LVHQDEOHGDQ
H[WUDNH\SUHVVLVUHTXLUHGWRVWRSLQWHUYDOORJJLQJ

7RHQDEOHµ6RIWNH\V/RFNHG¶SUHVV0HQX6HWXS6RIWNH\V/RFNHG
IROORZHGE\µ6HO¶
7RYLHZWKHVWDWLVWLFDODQDO\VLVRIWKHUHDGLQJGDWDSUHVVWKHµ%DWFK¶VRIWNH\VHH6HFWLRQµ%DWFK6WDWLVWLFV¶RQSDJHHQIRUIXUWKHULQIRUPDWLRQ86,1*(;7(51$/7(03(5$785(352%(67KH(OFRPHWHUFDQEHILWWHGZLWKDQH[WHUQDONW\SH
WHPSHUDWXUHSUREHIRUWDNLQJPHDVXUHPHQWVRYHUDQH[WHQGHGSHULRGRIWLPHµ,QWHUYDO/RJJLQJ¶ 0RGHO7 RUDWORFDWLRQVUHPRWH
IURPWKHJDXJH)RUGHWDLOVRIWKHH[WHUQDOSUREHVDYDLODEOHIURP(OFRPHWHUVHH
6HFWLRQµ6SDUHV $FFHVVRULHV¶RQSDJHHQ ),77,1*$1'(;7(51$/7(03(5$785(352%(
 2SHQWKHUXEEHUFRYHU D ZKLFKFRYHUVDWKHNW\SHSUREHFRQQHFWRUDWWKHWRSRIWKHJDXJH
 7KHUHLVQRQHHGWRVZLWFKRIIWKHJDXJHEHIRUHILWWLQJDQH[WHUQDOWHPSHUDWXUHSUREH

3XVKWKHH[WHUQDOSUREHFRQQHFWRULQWRWKH
VRFNHWQHYHUIRUFHWKHFRQQHFWRULQWRWKH
VRFNHW 2QHVLGHRIWKHVRFNHWLVZLGHUWKDQWKHRWKHUWKHUHIRUHWKHH[WHUQDO

SUREHFRQQHFWRUZLOORQO\ILWLQWRWKHVRFNHWRQHZD\

1RWH:KHQDQH[WHUQDOSUREHLVILWWHGWKHLQEXLOWVXUIDFHWHPSHUDWXUHSUREHLV
GHDFWLYDWHG

ZZZHOFRPHWHUFRP

HQ

5

86,1*(;7(51$/7(03(5$785(352%(6 FRQWLQXHG
7KH(OFRPHWHUKDVDµ7KHUPRPHWHU0RGH¶IHDWXUHDQGZKHQHQDEOHGWKHJDXJHRQO\PHDVXUHVDQGGLVSOD\VWKHH[WHUQDOSUREH
WHPSHUDWXUH 7H DOORWKHUIXQFWLRQVDUHGLVDEOHG

,Iµ7KHUPRPHWHU0RGH¶LVHQDEOHGDQGDQH[WHUQDOWHPSHUDWXUH
SUREHLVQRWILWWHGWKHJDXJHZLOOGLVSOD\DQHUURUUHDGLQJµ¶
7RHQDEOHµ7KHUPRPHWHU0RGH¶SUHVV0HQX7HPSHUDWXUH0RGH
IROORZHGE\µ6HO¶
7KHFRQQHFWLRQRIDQH[WHUQDOSUREHLVLQGLFDWHGRQWKHGLVSOD\
y


y


,Iµ7KHUPRPHWHU0RGH¶LVHQDEOHGWKHGLVSOD\VKRZVDQG
7H
,Iµ7KHUPRPHWHU0RGH¶LVQRWHQDEOHGWKHGLVSOD\VKRZVDQG7V 35(3$5,1*7+(*$8*()2586(:,7+$1
(;7(51$/352%(
7KH(OFRPHWHUVXSSRUWVH[WHUQDOWHPSHUDWXUH
PHDVXUHPHQWVZLWKDVXLWDEOHSUREHIURPWR&)WR) KRZHYHUWKHJDXJHLVRQO\UDWHGEHWZHHQ
WR& )WR) DQGVKRXOGQRWEHH[SRVHGWR
WHPSHUDWXUHVRXWVLGHWKLVUDQJH
y



y

y


,IDPDJQHWLFVXUIDFHLVDYDLODEOHDWWDFKWKHJDXJHWR
WKHVXUIDFHXVLQJWKHPDJQHWVEXLOWLQWRWKHEDFNRIWKHJDXJH(QVXUHWKHJDXJHLVDWWDFKHGVHFXUHO\EHIRUHXVH
,IWKHH[WHUQDOWHPSHUDWXUHSUREHLVPDJQHWLFDWWDFKWKHSUREH
WRWKHPDJQHWLFVXUIDFH
,IWKHH[WHUQDOWHPSHUDWXUHSUREHLVIRUPHDVXULQJOLTXLGVSODFH
WKHSUREHWLSLQWKHOLTXLG

1RWH,IWKHWHPSHUDWXUHRIWKHH[WHUQDOWHPSHUDWXUHSUREHH[FHHGVWKHUDQJHRIWKHJDXJHWKHUHLVQRHUURUPHVVDJHRUZDUQLQJEXWWKHUHDGLQJYDOXHZLOO
EHVDYHGDVµ¶HQ

ZZZHOFRPHWHUFRP

567$7,67,&6
7KH(OFRPHWHUFDQGLVSOD\VWDWLVWLFVIRUUHDGLQJVVDYHGLQWKHUHDGLQJUROOLQJPHPRU\ 0RGHO6 7 RUEDWFKPHPRU\0RGHO7 

3UHVVWKHµ6WDWV¶VRIWNH\WRYLHZWKHVWDWLVWLFVIRUUHDGLQJVVDYHGLQUROOLQJPHPRU\
7KHIROORZLQJVWDWLVWLFDOYDOXHVDUHGLVSOD\HG3UHVVWKHULJKWKDQG
VRIWNH\WRYLHZWKHVWDWLVWLFVIRUWKHQH[WSDUDPHWHU3UHVVµ&OHDU¶WR
GHOHWHWKHVWDWLVWLFV
y
y
y
y
y
y

1XPEHURIUHDGLQJV Q
$YHUDJHUHDGLQJ ;
/RZHVWUHDGLQJ /R
+LJKHVWUHDGLQJ +L
6WDQGDUG'HYLDWLRQ ı
&RHIILFLHQWRI9DULDWLRQ &29:KHQLQWKHVWDWLVWLFVUHYLHZVFUHHQSUHVVLQJWKHµ5GJV¶VRIWNH\GLVSOD\VWKHUHDGLQJYDOXHDQGGDWHDQGWLPHRIHDFKUHDGLQJVDYHG
LQUROOLQJPHPRU\3UHVVWKHULJKWKDQGVRIWNH\WRYLHZWKHUHDGLQJV
IRUWKHQH[WSDUDPHWHU
7KHDSSURSULDWHOLPLWLFRQLVGLVSOD\HGQH[WWRUHDGLQJVRXWVLGHDQ\
HQDEOHGOLPLWVLIWKHUHDGLQJLVEHORZWKHORZOLPLWDQGLIDERYH
WKHKLJKOLPLW
7RYLHZWKHUHDGLQJVDQGVWDWLVWLFVIRUDEDWFK 0RGHO7 VHH
6HFWLRQµ5HYLHZLQJ%DWFK'DWD¶RQSDJHHQZZZHOFRPHWHUFRP

HQ

5

%$7&+,1*02'(/7

7KH(OFRPHWHU0RGHO6 7KDYHDUHDGLQJUROOLQJPHPRU\
7KH0RGHO7FDQDOVRVWRUHXSWRVHWVRIUHDGLQJVLQXSWREDWFKHV7KHIROORZLQJEDWFKIXQFWLRQVDUHDYDLODEOH
y

y
y

y
y

%DWFK1HZ%DWFK&UHDWHVDµ0DQXDO/RJJLQJ¶RUµ,QWHUYDO/RJJLQJ¶EDWFKVHH6HFWLRQµ&UHDWLQJD1HZ%DWFK¶RQ
SDJHHQ%DWFK2SHQ([LVWLQJ%DWFK2SHQDQH[LVWLQJEDWFK%DWFK5HYLHZ%DWFKHV5HYLHZWKHEDWFKLQIRUPDWLRQUHDGLQJVDQGVWDWLVWLFVVHH6HFWLRQµ5HYLHZLQJ%DWFK'DWD¶
RQSDJHHQ%DWFK&RS\%DWFK&RS\DEDWFKLQFOXGLQJWKHEDWFKKHDGHULQIRUPDWLRQ%DWFK'HOHWH'HOHWHDVLQJOHEDWFKRUDOOEDWFKHVHQWLUHO\IURPWKHJDXJH

&5($7,1*$1(:%$7&+
8VHUVFDQFUHDWHDµ0DQXDO/RJJLQJ¶EDWFKRUDQµ,QWHUYDO/RJJLQJ¶EDWFK
y


y



µ0DQXDO/RJJLQJUHDGLQJVDUHPDQXDOO\VDYHGLQWRWKHEDWFKE\WKHXVHUµ,QWHUYDO/RJJLQJ¶WKHJDXJHLVSURJUDPPHGWRWDNHUHDGLQJV
DWVHWWLPHLQWHUYDOVDQGUHDGLQJVDUHVDYHGLQWRWKHEDWFKPHPRU\DXWRPDWLFDOO\

7RFUHDWHDµ0DQXDO/RJJLQJ¶EDWFK
 3UHVV0HQX%DWFK1HZ%DWFK ,Iµ0DQXDO/RJJLQJ%DWFK¶LVQRWGLVSOD\HGRQVFUHHQSUHVVWKH
VRIWNH\WRVHOHFWµ0DQXDO/RJJLQJ¶ 7KHLFRQZLOOEHGLVSOD\HGRQWKHPDLQUHDGLQJVFUHHQLQGLFDWLQJWKDW µ0DQXDO/RJJLQJ¶LVHQDEOHG

3UHVVµ/LPLWV¶WRVHWDQ\UHTXLUHGOLPLWVIRUWKHEDWFKVHH
6HFWLRQµ6HWWLQJ/LPLWV¶RQSDJHHQ
3UHVVµ2N¶WRFUHDWHWKHEDWFKRUµ(VF¶WRFDQFHO :KHQDEDWFKLVRSHQWKHµ%DWFK¶VRIWNH\LVUHSODFHGE\3UHVV WRUHWXUQWRWKH%DWFK0HQXHQ

ZZZHOFRPHWHUFRP

5

%$7&+,1*02'(/7 FRQWLQXHG

7RFUHDWHDQµ,QWHUYDO/RJJLQJ¶EDWFK
 3UHVV0HQX%DWFK1HZ%DWFK ,Iµ,QWHUYDO/RJJLQJ%DWFK¶LVQRWGLVSOD\HGRQVFUHHQSUHVVWKH
VRIWNH\WRVHOHFWµ,QWHUYDO/RJJLQJ¶
IROORZHGE\µ2N¶ 7KHLFRQZLOOEHGLVSOD\HGRQWKHPDLQ UHDGLQJVFUHHQLQGLFDWLQJWKDWµ,QWHUYDO /RJJLQJ¶LVHQDEOHG



8VHWKHÏÐVRINH\VWRVHWWKH
UHTXLUHGWLPHLQWHUYDOEHWZHHQVHFRQGDQGKRXUVIROORZHGE\µ2N¶WRVHW
 7KHDSSUR[LPDWHQXPEHURIUHDGLQJVZKLFK FDQEHWDNHQDQGVDYHGLQWKHEDWFK WRJHWKHUZLWKWKHDSSUR[LPDWHQXPEHURI GD\VLWZLOOWDNHWRWDNHWKRVHUHDGLQJVDWWKH
 WLPHLQWHUYDOVHWLVGLVSOD\HG,IUHTXLUHGXVHWKHÏÐVRINH\VWRVHW
WKHUHTXLUHGGHOD\HGVWDUWWLPH
EHWZHHQDQGPLQXWHVRUµ2II¶
IROORZHGE\µ2N¶WRVHW
3UHVVµ6WDUW¶WRLQLWLDWHORJJLQJ ,IDGHOD\HGVWDUWWLPHKDVEHHQVHWWKH FRXQWGRZQZLOOEHJLQZKHQµ6WDUW¶LVSUHVVHG
 7KHLFRQZLOOEHGLVSOD\HGRQVFUHHQ FKDQJLQJWRZKHQWKHVHWGHOD\KDV HODSVHGDQGWKHJDXJHVWDUWVORJJLQJ UHDGLQJV :KHQDEDWFKLVRSHQWKHµ%DWFK¶VRIWNH\LVUHSODFHGE\3UHVV WRUHWXUQWRWKH%DWFK0HQXZZZHOFRPHWHUFRP

HQ

5

5(9,(:,1*%$7&+'$7$02'(/7% $7&+5($',1*6
7RYLHZWKHEDWFKUHDGLQJV
 3UHVV%DWFK5HYLHZ%DWFKHV ,IDOUHDG\LQD%DWFKSUHVVIROORZHGE\µ5HYLHZ%DWFKHV¶






8VHWKHÏÐVRINH\VWRVHOHFWWKHUHTXLUHGEDWFKIROORZHGE\µ6HO¶WRVHOHFW3UHVVµ5GJV¶WKHYLHZWKHEDWFKUHDGLQJV3UHVVµ%DFN¶WRUHWXUQWRWKH
EDWFKPHQX

7KHGDWHDQGWLPHRIHDFKUHDGLQJWRJHWKHUZLWKWKHUHDGLQJYDOXHLVGLVSOD\HG3UHVVWKHÏÐVRIWNH\VWR
VFUROOWKURXJKWKHUHDGLQJVDQGWKHULJKWKDQGVRIWNH\WRYLHZWKHUHDGLQJV
IRUWKHQH[WSDUDPHWHU
7KHDSSURSULDWHOLPLWLFRQLVGLVSOD\HGQH[WWRUHDGLQJVRXWVLGHDQ\
HQDEOHGOLPLWVLIWKHUHDGLQJLVEHORZWKHORZOLPLWDQGLIDERYH
WKHKLJKOLPLW%$7&+67$7,67,&6
7RYLHZWKHEDWFKVWDWLVWLFV 3UHVV%DWFK5HYLHZ%DWFKHV ,IDOUHDG\LQD%DWFKSUHVVIROORZHGE\µ5HYLHZ%DWFKHV¶






8VHWKHÏÐVRINH\VWRVHOHFWWKHUHTXLUHGEDWFKIROORZHGE\µ6HO¶WRVHOHFW3UHVVµ6WDWV¶WKHYLHZWKHEDWFKVWDWLVWLFV
3UHVVµ%DFN¶WRUHWXUQWRWKH
EDWFKPHQX ,ILQDQµ,QWHUYDO/RJJLQJ¶EDWFKORJJLQJLVKDOWHGZKLOVWVWDWLVWLFVDUH
GLVSOD\HG/RJJLQJUHFRPPHQFHVZKHQµ%DFN¶LVSUHVVHG

HQ

ZZZHOFRPHWHUFRP

5

5(9,(:,1*%$7&+'$7$02'(/7 FRQWLQXHG

7KHIROORZLQJVWDWLVWLFDOYDOXHVDUHGLVSOD\HG3UHVVWKHULJKWKDQG
VRIWNH\WRYLHZWKHVWDWLVWLFVIRUWKHQH[WSDUDPHWHU
y
y
y
y
y
y

1XPEHURIUHDGLQJVLQWKHEDWFK Q
$YHUDJHUHDGLQJIRUWKHEDWFK ;
/RZHVWUHDGLQJLQWKHEDWFK /R
+LJKHVWUHDGLQJLQWKHEDWFK +L
6WDQGDUG'HYLDWLRQ ı
&RHIILFLHQWRI9DULDWLRQ &290(186758&785(02'(/6

6(7/,0,76

0HQX'HOHWH/DVW5HDGLQJ%DFNOLJKW
7KHUPRPHWHU0RGH
6HW/LPLWV
9LHZ7LPH 'DWH
6HWXS
5HVHW
$ERXW

6WDWV

5+
7V
7D
7G
7ǻ
6+

‫ۑ‬
‫ۑ‬

6(783
8QLWV
/DQJXDJHV$XWR6ZLWFK2II
7LPH 'DWH%HHS9ROXPH'LVSOD\
0DQXDO/RJJLQJ
8VHU6FUHHQ
6HWXS%DFNOLJKW$%287*DXJH,QIRUPDWLRQ&RQWDFW+HOS/HJDO+LJK/LPLWRQ+LJK/LPLW/RZ/LPLWRQ/RZ/LPLW

‫ۑ‬
‫ۑ‬

81,76
&JNJ)JUOE‫ۑ‬‫ۑ‬
6(/(&75($',1*6',63/$<
6HOHFW5HDGLQJV
0DLQ5HDGLQJ‫ۑ‬

0$18$//2**,1*
6DYH2QO\‫ۑ‬+ROG 6DYH‫ۑ‬6(783%$&./,*+7%DFNOLJKW‫ۑ‬%DFNOLJKW7LPHRXW%DFNOLJKW%ULJKWQHVV

5+
7V
7D
7G
7ǻ
7GE
7ZE
6+
%$&./,*+7%5,*+71(66/RZ‫ۑ‬0HGLXP
‫ۑ‬
+LJK
‫ۑ‬

/(*$/
/HJDO1RWLFHV5HJXODWRU\

ZZZHOFRPHWHUFRP

HQ

5

0(186758&785(02'(/7
6(7/,0,76

0HQX'HOHWH/DVW5HDGLQJ%DFNOLJKW
7KHUPRPHWHU0RGH
6HW/LPLWV
9LHZ7LPH 'DWH
6HWXS
5HVHW
%OXHWRRWK
$ERXW

5+
7V
7D
7G
7ǻ
6+

‫ۑ‬
‫ۑ‬

+LJK/LPLWRQ+LJK/LPLW/RZ/LPLWRQ/RZ/LPLW
&JNJ)JUOE%$7&+([LW%DWFKLQJ‫ۑ‬
1HZ%DWFK
2SHQ([LVWLQJ%DWFK
5HYLHZ%DWFKHV&RS\%DWFK'HOHWH)UHH0HPRU\[[[‫ۑ‬‫ۑ‬
6(/(&75($',1*6',63/$<
6HOHFW5HDGLQJV
0DLQ5HDGLQJ

‫ۑ‬
‫ۑ‬

%/8(7227+(QDEOH*DXJH,'
$XWKHQWLFDWLRQ

‫ۑ‬

81,76

6(783
8QLWV
/DQJXDJHV$XWR6ZLWFK2II
7LPH 'DWH%HHS9ROXPH'LVSOD\
0DQXDO/RJJLQJ
6RIWNH\V/RFNHG
8VHU6FUHHQ
6HWXS%DFNOLJKW

6WDWV

‫ۑ‬

‫ۑ‬
[[[[[[[[[
[[[[[

$%287
*DXJH,QIRUPDWLRQ&RQWDFW+HOS/HJDO

0$18$//2**,1*
6DYH2QO\‫ۑ‬+ROG 6DYH‫ۑ‬6(783%$&./,*+7%DFNOLJKW‫ۑ‬%DFNOLJKW7LPHRXW%DFNOLJKW%ULJKWQHVV

5+
7V
7D
7G
7ǻ
7GE
7ZE
6+
%$&./,*+7%5,*+71(66/RZ‫ۑ‬0HGLXP
‫ۑ‬
+LJK
‫ۑ‬

/(*$/
/HJDO1RWLFHV5HJXODWRU\'(/(7(
6LQJOH%DWFK$OO%DWFKHV'2:1/2$',1*'$7$02'(/7'2:1/2$',1*'$7$86,1*(/&20$67(5
8VLQJ(OFR0DVWHUVXSSOLHGZLWKHDFKJDXJHDQGDYDLODEOHDVDIUHHGRZQORDGDWHOFRPHWHUFRPJDXJHVFDQWUDQVPLWUHDGLQJVWRD
3&IRUDUFKLYLQJDQGUHSRUWJHQHUDWLRQ'DWDFDQEHWUDQVIHUUHGYLD
86%RU%OXHWRRWK)RUPRUHLQIRUPDWLRQRQ(OFR0DVWHUYLVLWZZZHOFRPHWHUFRP'2:1/2$',1*'$7$86,1*(/&20$67(5 02%,/($336,GHDOZKHQRXWLQWKHILHOGRURQVLWHXVLQJWKH(OFR0DVWHU$QGURLGRUL260RELOH$SSXVHUVFDQ
y
y
y

6WRUHOLYHUHDGLQJVGLUHFWO\RQWRDPRELOHGHYLFHDQGVDYH
WKHPLQWREDWFKHVWRJHWKHUZLWK*36FRRUGLQDWHV$GGSKRWRJUDSKVRIWKHWHVWVXUIDFH
,QVSHFWLRQGDWDFDQEHWUDQVIHUUHGIURPPRELOHWR3&IRUIXUWKHUDQDO\VLVDQGUHSRUWLQJ

)RUPRUHLQIRUPDWLRQRQ(OFR0DVWHU0RELOH$SSVYLVLWZZZHOFRPHWHUFRP
HQZZZHOFRPHWHUFRP

5

'2:1/2$',1*'$7$02'(/7 FRQWLQXHG&RPSDWLEOHZLWKVPDUWSKRQHV
DQGWDEOHWVUXQQLQJ$QGURLG
RUDERYH7RLQVWDOOGRZQORDGYLDZZZHOFRPHWHUFRPRUXVLQJ
WKH*RRJOH3OD\6WRUHDSSDQGIROORZWKHRQVFUHHQLQVWUXFWLRQV
0DGHIRUL3KRQH3OXVL3KRQHL3KRQHVL3KRQHFL3KRQHL3KRQHVL3KRQHL3DG$LU
L3DGPLQLL3DG$LUL3DGPLQL
L3DG UGDQGWKJHQHUDWLRQ 
L3DGPLQLL3DGDQGL3RGWRXFKWKDQGWKJHQHUDWLRQ 7R
LQVWDOOGRZQORDGYLDZZZHOFRPHWHUFRPRUWKH$SS
6WRUHDQGIROORZWKHRQVFUHHQLQVWUXFWLRQVZZZHOFRPHWHUFRP

HQ

5

63$5(6 $&&(6625,(67KHIROORZLQJVSDUHVDQGDFFHVVRULHVDUHDYDLODEOHIURP\RXUORFDO(OFRPHWHUVXSSOLHURUGLUHFWIURP(OFRPHWHU
0$*1(7,&685)$&(7(03(5$785(352%(65DQJH
&DEOH/HQJWK&WR& )WR)  PP  
&WR& )WR) F P   
&WR& )WR) F P   
&WR& )WR) F P   F&WR& )WR)  P   

3DUW1XPEHU
7
7
7
7
7

27+(5$&&(6625,(6'HVFULSWLRQ([WHUQDO7HPSHUDWXUH3UREHIRU/LTXLGV&WR& )WR) F
3URWHFWLYH3RXFKZLWK%HOW&OLS 
86%&DEOH:ULVW+DUQHVV

3DUW1XPEHU
7
7
7
7

:$55$17<67$7(0(177KH(OFRPHWHULVVXSSOLHGZLWKDPRQWKZDUUDQW\ZKLFKH[FOXGHVFRQWDPLQDWLRQDQGZHDU7KHZDUUDQW\FDQEHH[WHQGHGWRWZR\HDUVZLWKLQGD\VRISXUFKDVHYLDZZZHOFRPHWHUFRP
7KHVXUIDFHWHPSHUDWXUHSUREHLVVXSSOLHGZLWKDPRQWKZDUUDQW\DJDLQVWPDQXIDFWXULQJGHIHFWVRQO\F

7KHXVDEOHPHDVXULQJUDQJHRIWKHJDXJHLV&WR& )WR) 

HQ

ZZZHOFRPHWHUFRP

5

7(&+1,&$/63(&,),&$7,21
7HPSHUDWXUH5DQJH$FFXUDF\

5HVROXWLRQ*DXJHG

&WR&)WR)&
)&
)$LU7HPSHUDWXUH
7D

&WR&)WR)&H)&
)

6XUIDFH
7HPSHUDWXUH 7V

&WR&)WR)&
)&
)([WHUQDO.7\SH
3UREH 7H

&WR&)WR)&
)I&
)

5HODWLYH
+XPLGLW\ 5+WR5+

5+J

6SHFL¿F
+XPLGLW\ 6+

JNJWRJNJJUOEWRJUOE

6+

JNJ
JUOE*DXJH0HPRU\

0RGHO6 7VHWVRIUHDGLQJV UROOLQJPHPRU\
0RGHO7VHWVRIUHDGLQJVLQXSWREDWFKHV*DXJH /&'
2SHUDWLQJ5DQJH

&WR&)WR)3RZHU6XSSO\

[$$%DWWHULHVKRUYLD86%&DEOH%DWWHU\/LIH

0DQXDO/RJJLQJ*UHDWHUWKDQKRXUV EDFNOLJKWRႇ
,QWHUYDO/RJJLQJXSWRKRXUVUHDGLQJHYHU\PLQXWHV*DXJH
'LPHQVLRQV[[PP [[*DXJH:HLJKWJ R] LQFOXGLQJEDWWHULHV&DQEHXVHGLQDFFRUGDQFHZLWK%6%,0206&  ,
,0206&  L,62861DY\16,
861DY\33,
G

 'RQRWH[SRVHWKHJDXJHWRWHPSHUDWXUHVRXWVLGHWKHJDXJHDQG/&'RSHUDWLQJUDQJH
 $FFXUDF\&EHORZ& )EHORZ) I $FFXUDF\& ) ZLWK.W\SHSUREHVVXSSOLHGE\(OFRPHWHU3UREHVVXSSOLHGE\RWKHUPDQXIDFWXUHUVPD\YDU\J $WPVK
 7KHEDWWHULHVVXSSOLHGZLWKWKHJDXJHKDYHDPD[LPXPZRUNLQJWHPSHUDWXUHRI& ) 3URORQJHG
XVHRIWKHJDXJHLQH[FHVVRIWKLVWHPSHUDWXUHPD\UHTXLUHWKHXVHRIDOWHUQDWLYHEDWWHULHVL)RUWKH,02363& ,QWHUQDWLRQDO0DULQH2UJDQLVDWLRQ3HUIRUPDQFH6WDQGDUGIRU3URWHFWLYH&RDWLQJV WKHUHODWLYHKXPLGLW\VXUIDFHWHPSHUDWXUHDQGGHZSRLQWVKRXOGEHUHFRUGHG7KH(OFRPHWHUFDQEH
XVHGIRUWKLVHZZZHOFRPHWHUFRP

HQ

5

/(*$/127,&(6 5(*8/$725<,1)250$7,21'HFODUDWLRQRI&RQIRUPLW\(OFRPHWHU0RGHO7FRPSOLHVZLWKWKHUHTXLUHPHQWVRIWKHIROORZLQJ(8'LUHFWLYHV
(8(OHFWURPDJQHWLF&RPSDWLELOLW\(8
5DGLR(TXLSPHQW(8
5HVWULFWLRQRIWKHXVHRIFHUWDLQKD]DUGRXVVXEVWDQFHV(OFRPHWHU0RGHO6FRPSOLHVZLWKWKHUHTXLUHPHQWVRIWKHIROORZLQJ(8'LUHFWLYHV
(8(OHFWURPDJQHWLF&RPSDWLELOLW\(8
5HVWULFWLRQRIWKHXVHRIFHUWDLQKD]DUGRXVVXEVWDQFHV&('HFODUDWLRQVRI&RQIRUPLW\DUHDYDLODEOHWRGRZQORDGYLD
0RGHO6ZZZHOFRPHWHUFRPLPDJHVVWRULHV3')V'DWDVKHHWV'HFODUDWLRQBRIB&RQIRUPLW\(QJOLVK'R&BB6SGI
0RGHO7ZZZHOFRPHWHUFRPLPDJHVVWRULHV3')V'DWDVKHHWV'HFODUDWLRQBRIB&RQIRUPLW\(QJOLVK'R&BB7SGI(OFRPHWHU0RGHO7FRPSOLHVZLWKWKHUHTXLUHPHQWVRIWKHIROORZLQJ8.6WDQGDUGV(OHFWURPDJQHWLF&RPSDWLELOLW\5HJXODWLRQV
5DGLR(TXLSPHQW5HJXODWLRQV
5HVWULFWLRQRIWKH8VHRI&HUWDLQ+D]DUGRXV6XEVWDQFHVLQ(OHFWULFDODQG(OHFWURQLF(TXLSPHQW5HJXODWLRQV
(OFRPHWHU0RGHO6FRPSOLHVZLWKWKHUHTXLUHPHQWVRIWKHIROORZLQJ8.6WDQGDUGV(OHFWURPDJQHWLF&RPSDWLELOLW\5HJXODWLRQV
5HVWULFWLRQRIWKH8VHRI&HUWDLQ+D]DUGRXV6XEVWDQFHVLQ(OHFWULFDODQG(OHFWURQLF(TXLSPHQW5HJXODWLRQV
7KH8.&$'HFODUDWLRQVRI&RQIRUPLW\DUHDYDLODEOHWRGRZQORDGYLD
0RGHO6ZZZHOFRPHWHUFRPLPDJHVVWRULHV3')V'DWDVKHHWV'HFODUDWLRQBRIB&RQIRUPLW\(QJOLVK'R&BB6B8.&$SGI
0RGHO7ZZZHOFRPHWHUFRPLPDJHVVWRULHV3')V'DWDVKHHWV'HFODUDWLRQBRIB&RQIRUPLW\(QJOLVK'R&BB7B8.&$SGI
7KLVSURGXFWLV&ODVV%*URXS,60HTXLSPHQWDFFRUGLQJWR&,635&ODVV%SURGXFW6XLWDEOHIRUXVHLQGRPHVWLFHVWDEOLVKPHQWVDQGLQHVWDEOLVKPHQWVGLUHFWO\FRQQHFWHGWRDORZYROWDJHSRZHUVXSSO\QHWZRUNZKLFKVXSSOLHVEXLOGLQJVXVHGIRUGRPHVWLFSXUSRVHV*URXS,60SURGXFW$SURGXFWLQZKLFKWKHUHLVLQWHQWLRQDOO\JHQHUDWHGDQGRUXVHGFRQGXFWLYHO\FRXSOHGUDGLRIUHTXHQF\HQHUJ\ZKLFKLV
QHFHVVDU\IRUWKHLQWHUQDOIXQFWLRQLQJRIWKHHTXLSPHQWLWVHOI
7KH86%LVIRUGDWDWUDQVIHURQO\DQGLVQRWWREHFRQQHFWHGWRWKHPDLQVYLDD86%PDLQVDGDSWHU
7KH$&0$FRPSOLDQFHPDUNFDQEHDFFHVVHGYLD0HQX$ERXW/HJDO5HJXODWRU\(OFRPHWHU0RGHO77KH*LWHNLPDUNLWVRUGLQDQFHQXPEHUWKH)&&,'DQG%OXHWRRWK6,*4','FDQEHDFFHVVHGYLD
0HQX$ERXW/HJDO5HJXODWRU\(OFRPHWHU0RGHO77KLVGHYLFHFRPSOLHVZLWK3DUWRIWKH)&&5XOHV2SHUDWLRQLVVXEMHFWWRWKHIROORZLQJWZRFRQGLWLRQV  WKLVGHYLFHPD\QRWFDXVHKDUPIXOLQWHUIHUHQFHDQG  WKLVGHYLFHPXVWDFFHSWDQ\LQWHUIHUHQFHUHFHLYHGLQFOXGLQJLQWHUIHUHQFHWKDWPD\FDXVHXQGHVLUHGRSHUDWLRQ
7KLVHTXLSPHQWFRPSOLHVZLWK)&&UDGLDWLRQH[SRVXUHOLPLWVVHWIRUWKIRUDQXQFRQWUROOHGHQYLURQPHQW(QGXVHUVPXVWIROORZWKHVSHFLILF
RSHUDWLQJLQVWUXFWLRQVIRUVDWLVI\LQJ5)H[SRVXUHFRPSOLDQFH7KLVWUDQVPLWWHUPXVWQRWEHFRORFDWHGRURSHUDWLQJLQFRQMXQFWLRQZLWKDQ\
RWKHUDQWHQQDRUWUDQVPLWWHU
&KDQJHVRUPRGLILFDWLRQVQRWH[SUHVVO\DSSURYHGE\(OFRPHWHU/LPLWHGIRUFRPSOLDQFHFRXOGYRLGWKHXVHU VDXWKRULW\WRRSHUDWHWKH
HTXLSPHQW(OFRPHWHU0RGHO6127(7KLVHTXLSPHQWKDVEHHQWHVWHGDQGIRXQGWRFRPSO\ZLWKWKHOLPLWVIRUD&ODVV%GLJLWDOGHYLFHSXUVXDQWWR
3DUWRIWKH)&&5XOHV7KHVHOLPLWVDUHGHVLJQHGWRSURYLGHUHDVRQDEOHSURWHFWLRQDJDLQVWKDUPIXOLQWHUIHUHQFHLQDUHVLGHQWLDOLQVWDOODWLRQ
7KLVHTXLSPHQWJHQHUDWHVXVHVDQGFDQUDGLDWHUDGLRIUHTXHQF\HQHUJ\DQGLIQRWLQVWDOOHGDQGXVHGLQDFFRUGDQFHZLWKWKHLQVWUXFWLRQVPD\FDXVHKDUPIXOLQWHUIHUHQFHWRUDGLRFRPPXQLFDWLRQV+RZHYHUWKHUHLVQRJXDUDQWHHWKDWLQWHUIHUHQFHZLOOQRWRFFXULQDSDUWLFXODULQVWDOODWLRQ,IWKLVHTXLSPHQWGRHVFDXVHKDUPIXOLQWHUIHUHQFHWRUDGLRRUWHOHYLVLRQUHFHSWLRQZKLFKFDQEHGHWHUPLQHGE\WXUQLQJWKH
HTXLSPHQWRIIDQGRQWKHXVHULVHQFRXUDJHGWRWU\WRFRUUHFWWKHLQWHUIHUHQFHE\RQHRUPRUHRIWKHIROORZLQJPHDVXUHV5HRULHQWRUUHORFDWHWKHUHFHLYLQJDQWHQQD
,QFUHDVHWKHVHSDUDWLRQEHWZHHQWKHHTXLSPHQWDQGUHFHLYHU
&RQQHFWWKHHTXLSPHQWLQWRDQRXWOHWRQDFLUFXLWGLIIHUHQWIURPWKDWWRZKLFKWKHUHFHLYHULVFRQQHFWHG
&RQVXOWWKHGHDOHURUDQH[SHULHQFHGUDGLR79WHFKQLFLDQIRUKHOS
7KLVGHYLFHFRPSOLHVZLWK,QGXVWU\&DQDGDOLFHQVHH[HPSW566VWDQGDUG V 2SHUDWLRQLVVXEMHFWWRWKHIROORZLQJWZRFRQGLWLRQV  WKLVGHYLFHPD\QRWFDXVHLQWHUIHUHQFHDQG  WKLVGHYLFHPXVWDFFHSWDQ\LQWHUIHUHQFHLQFOXGLQJLQWHUIHUHQFHWKDWPD\FDXVHXQGHVLUHG
RSHUDWLRQRIWKHGHYLFH
7KLV&ODVV%GLJLWDODSSDUDWXVFRPSOLHVZLWK&$1,&(6 % 10% % 




5

LVDUHJLVWHUHGWUDGHPDUNRI(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%8
8QLWHG.LQJGRP
DUHWUDGHPDUNVRZQHGE\%OXHWRRWK6,*,QFDQGOLFHQVHGWR(OFRPHWHU/LPLWHG(OFRPHWHU0RGHO70DGHIRUL3KRQH3OXVL3KRQHL3KRQHVL3KRQHFL3KRQHL3KRQHVL3KRQHL3DG$LUL3DGPLQLL3DG
$LUL3DGPLQLL3DG UGDQGWKJHQHUDWLRQ L3DGPLQLL3DGDQGL3RGWRXFK WKDQGWKJHQHUDWLRQ ³0DGHIRUL3RG´´0DGHIRUL3KRQH´DQG³0DGHIRUL3DG´PHDQWKDWDQHOHFWURQLFDFFHVVRU\KDVEHHQGHVLJQHGWRFRQQHFWVSHFLILFDOO\WRL3RG
L3KRQHRUL3DGUHVSHFWLYHO\DQGKDVEHHQFHUWLILHGE\WKHGHYHORSHUWRPHHW$SSOHSHUIRUPDQFHVWDQGDUGV$SSOHLVQRWUHVSRQVLEOHIRUWKH
RSHUDWLRQRIWKLVGHYLFHRULWVFRPSOLDQFHZLWKVDIHW\DQGUHJXODWRU\VWDQGDUGV3OHDVHQRWHWKDWWKHXVHRIWKLVDFFHVVRU\ZLWKL3RGL3KRQH
RUL3DGPD\DIIHFWZLUHOHVVSHUIRUPDQFH
L3DGL3KRQHDQGL3RGWRXFKDUHWUDGHPDUNVRI$SSOH,QFUHJLVWHUHGLQWKH86DQGRWKHUFRXQWULHV
$SS6WRUHLVDWUDGHPDUNRI$SSOH,QFUHJLVWHUHGLQWKH86DQGRWKHUFRXQWULHV*RRJOH3OD\LVDWUDGHPDUNRI*RRJOH,QF
$OORWKHUWUDGHPDUNVDFNQRZOHGJHG
7KH(OFRPHWHULVSDFNHGLQDFDUGERDUGSDFNDJH3OHDVHHQVXUHWKDWDOOSDFNDJLQJLVGLVSRVHGRILQDQHQYLURQPHQWDOO\VHQVLWLYH
PDQQHU&RQVXOW\RXUORFDO(QYLURQPHQWDO$XWKRULW\IRUIXUWKHUJXLGDQFH
+HDG2IILFH(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%88QLWHG.LQJGRP

70$,VVXH7H[WZLWKFRYHU

5*HEUDXFKVDQOHLWXQJ(OFRPHWHU0RGHOOH6XQG7
7DXSXQNWPHVVJHUlW

ZZZHOFRPHWHUFRP

5,1+$/7



















*HUlWHEHUEOLFN
3DFNXQJVLQKDOW9HUZHQGXQJGHV0HVVJHUlWV(UVWH6FKULWWH'LH6HQVRUHQ*UHQ]ZHUWHIHVWOHJHQ(UIDVVHQHLQHV0HVVZHUWV9HUZHQGXQJH[WHUQHU7HPSHUDWXUVRQGHQ
6WDWLVWLNHQ$UEHLWHQPLW/RVHQ0RGHOO7$Q]HLJHQYRQ/RVGDWHQ0RGHOO7
0HQVWUXNWXU0RGHOO6
0HQVWUXNWXU0RGHOO7'DWHQKHUXQWHUODGHQ0RGHOO7(UVDW]WHLOHXQG=XEHK|U*DUDQWLH
7HFKQLVFKH'DWHQ
5HFKWOLFKH+LQZHLVHXQGEHK|UGOLFKH,QIRUPDWLRQHQ

3E+J%H]LHKHQ6LHVLFKLP=ZHLIHOVIDOOELWWHDXIGLHHQJOLVFKVSUDFKLJH9HUVLRQ*HUlWHDEPHVVXQJHQ[[PP [[
*HUlWHJHZLFKWJ R] LQNOXVLYH%DWWHULHQ(OFRPHWHU /LPLWHG    6lPWOLFKH 5HFKWH YRUEHKDOWHQ .HLQ 7HLO GLHVHV 'RNXPHQWV GDUI RKQH GLHYRUKHULJH 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GHZZZHOFRPHWHUFRP5

*(5b7(h%(5%/,&.















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



2EHUIOlFKHQWHPSHUDWXUVRQGH/XIWWHPSHUDWXUXQG)HXFKWLJNHLWVVRQGH/('$Q]HLJHQ5RW OLQNV *UQ UHFKWV/&''LVSOD\
6RIWWDVWHQ(LQ$XV7DVWH+DQGVFKODXIHQDXIQDKPH
86%'DWHQDXVJDQJVEXFKVH XQWHU$EGHFNXQJ%DWWHULHIDFK,QWHJULHUWH0DJQHWH.6RQGHQDQVFKOXVV XQWHU$EGHFNXQJ

3$&.81*6,1+$/7








(OFRPHWHU7DXSXQNWPHVVJHUlW
6FKXW]WDVFKHPLW*UWHOFOLS
$$%DWWHULHQ+DQGVFKODXIH(OFR0DVWHU6RIWZDUHXQG86%.DEHO QXU0RGHOO7.DOLEULHU]HUWLILNDW*HEUDXFKVDQOHLWXQJ

ZZZHOFRPHWHUFRP

GH

5

9(5:(1'81*'(60(66*(5b76
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U

0DHLQKHLWHQ&JNJ)JUOE
6WURPYHUVRUJXQJ86%
%OXHWRRWK$Q
0HQ6RIWWDVWH
6WDWLVWLN6RIWWDVWH/RV6RIWWDVWH 0RGHOO7$NWXHOOHQ0HVVZHUWKDOWHQ3URWRNROO6WDUW6WRSS 0RGHOO7
7UHQGDQ]HLJHQVWHLJHQGHURGHUIDOOHQGHU:HUW.OLPDSDUDPHWHUELV]X
6WURPYHUVRUJXQJ%DWWHULHQ PLW/DGH]XVWDQGDQ]HLJH
0DQXHOOH$XI]HLFKQXQJ/RV6RIWWDVWHEHLP$UEHLWHQPLW/RVHQ 0RGHOO7/RVQXPPHU/RVPHVVZHUWQXPPHU 0RGHOO7$ODUP0HVVZHUWDXHUKDOEDNWLYLHUWHU6ROOJUHQ]ZHUWH
6RIWWDVWHQJHVSHUUW 0RGHOO7,QWHUYDOODXI]HLFKQXQJEHLP$UEHLWHQPLW/RVHQ 0RGHOO7
7KHUPRPHWHUPRGXV$Q([WHUQH6RQGHQWHPSHUDWXU
L

D

Q

E
K

M

F

N
P
K
J

G

I

H

O
T

R
S
U

GH

ZZZHOFRPHWHUFRP5

(567(6&+5,77(( ,1/(*(1'(5%$77(5,(1-HGHV0HVVJHUlWZLUGPLW$$$ONDOLEDWWHULHQJHOLHIHUW/HJHQ6LHGLH%DWWHULHQZLHIROJWHLQ  1HKPHQ6LHGHQ%DWWHULHGHFNHOGXUFK'UHKHQGHU+DOWHVFKUDXEHHQWJHJHQGHP
8KU]HLJHUVLQQDE 
 /HJHQ6LH%DWWHULHQHLQXQGDFKWHQ6LH
GDEHLDXIGLHULFKWLJH3RODULWlW %ULQJHQ6LHGHQ'HFNHOZLHGHUDQXQGGUHKHQ6LHGLH
+DOWHVFKUDXEH]XP9HUVFKOLHHQLP8KU]HLJHUVLQQ'HU%DWWHULH]XVWDQGZLUGGXUFKHLQ6\PERO  REHQUHFKWVLP
'LVSOD\DQJH]HLJW-HPHKU6HJPHQWHDQJH]HLJWZHUGHQGHVWR
EHVVHULVWGHU%DWWHULH]XVWDQG
:HQQNHLQH6HJPHQWHDQJH]HLJWZHUGHQLVWHVQLFKWUDWVDPGDV
0HVVJHUlW]XU,QWHUYDOODXI]HLFKQXQJEHUOlQJHUH=HLW]XYHUZHQGHQQXU0RGHOO7VLHKH$EVFKQLWW 0DQXHOOHRGHU,QWHUYDOODXI]HLFKQXQJHLQVWHOOHQ DXI6HLWHGH :HQQGLH%DWWHULHQZlKUHQGGHU,QWHUYDOODXI]HLFKQXQJDXVJHWDXVFKWZHUGHQ]HLJWGDV0HVVJHUlWX8 %LWWH:DUWHQ DQZlKUHQGHVGLH
/RVVWDWLVWLNQHXEHUHFKQHW
:HQQGLH%DWWHULHQQDKH]XHUVFK|SIWVLQGEHJLQQWGDV6\PEROIUGLH
%DWWHULHVWURPYHUVRUJXQJ]XEOLQNHQXQGGDV0HVVJHUlWJLEWDOOH6HNXQGHQNXU]H3LHSW|QHDXVXPGDUDXIKLQ]XZHLVHQGDVVGLH
%DWWHULHQDXVJHWDXVFKWZHUGHQVROOWHQ'DV0HVVJHUlWNDQQPLWGHPEHLOLHJHQGHQ86%.DEHO 0RGHOO7 
DXFKEHU86%PLW6WURPYHUVRUJWZHUGHQ'LHVHV.DEHOLVWDXFKDOV=XEHK|U 0RGHOO6 HUKlOWOLFKVLHKH$EVFKQLWW (UVDW]WHLOHXQG
=XEHK|U DXI6HLWHGH
+LQZHLV'DV86%.DEHONDQQQLFKW]XP/DGHQGHU%DWWHULHQYHUZHQGHWZHUGHQ $86:$+/,+5(5635$&+(
 +DOWHQ6LHGLH(,1$867DVWHJHGUFNWELVGDV(OFRPHWHU/RJR
DQJH]HLJWZLUG
 'UFNHQ6LH0HQ(LQULFKWHQ6SUDFKHQXQGZlKOHQ6LH,KUH
6SUDFKHPLWKLOIHGHU6RIWWDVWHQÏÐDXV )ROJHQ6LHGHQ%LOGVFKLUPPHQVGHZZZHOFRPHWHUFRP5

(567(6&+5,77( )RUWVHW]XQJ=XJULIIDXIGDV6SUDFKPHQEHL9HUZHQGXQJHLQHU)UHPGVSUDFKH
 6FKDOWHQ6LHGDV0HVVJHUlW$86
 +DOWHQ6LHGLHOLQNH6RIWWDVWHJHGUFNWXQGVFKDOWHQ6LHGDV
0HVVJHUlW(,1 :lKOHQ6LH,KUH6SUDFKHPLWKLOIHGHUÏÐ6RIWWDVWHQDXV %,/'6&+,50(,167(//81*(18QWHUDQGHUHPVLQGGLHIROJHQGHQ%LOGVFKLUPHLQVWHOOXQJHQYRP
%HQXW]HUEHU0HQ(LQULFKWHQ(LQVWHOOXQJ%HOHXFKWXQJHLQVWHOOEDU
y
y









+HOOLJNHLWLVWDXIµ1LHGULJ¶µ0LWWHO¶RGHUµ+RFK¶HLQVWHOOEDU$XVVFKDOW]HLWGDV'LVSOD\ZLUG]XQHKPHQGYHUGXQNHOWZHQQ
HVIUGLHEHQXW]HUGHILQLHUWH=HLWGDXHULQDNWLYLVW9HUZHQGHQ
6LH]XP(LQVWHOOHQGHU$EVFKDOW]HLWGDXHUIUGLH+LQWHUJUXQGEHOHXFKWXQJGLH6RIWWDVWHQÏÐµ$XVVFKDOW]HLW¶PDUNLHUHQ6LHXQGGUFNHQ6LHµ:lKOH¶6WHOOHQ6LHGHQ
JHZQVFKWHQ:HUWPLWKLOIHGHU6RIWWDVWHQÏÐ]ZLVFKHQ DXV XQG6HNXQGHQHLQXQGGUFNHQ6LHµ2.¶]XU
%HVWlWLJXQJRGHUµ$EEU¶]XP$EEUHFKHQGHV(LQVWHOOYRUJDQJV DV0HVVJHUlWNDQQEHU0HQ(LQULFKWHQ$EVFKDOWDXWRPDWLNDXFK'VRHLQJHVWHOOWZHUGHQGDVVHVQDFKHLQHUEHQXW]HUGHILQLHUWHQ
=HLWGDXHUYRQELV0LQXWHQ,QDNWLYLWlWDEVFKDOWHW
+LQZHLV%HLGHU6WURPYHUVRUJXQJGHV0HVVJHUlWVEHUGLH86%9HUELQGXQJLVW
µ$EVFKDOWDXWRPDWLN¶GHDNWLYLHUW (,15,&+7(1'(50(66:(57$1=(,*('HU%HQXW]HUNDQQELV]XIQI.OLPDSDUDPHWHUIUGLH$Q]HLJHLP
'LVSOD\DXVZlKOHQ(VZHUGHQ0HVVZHUWHIUDOOH.OLPDSDUDPHWHUHUIDVVWDEHUQXUGLHDXVJHZlKOWHQZHUGHQDQJH]HLJW'LHIROJHQGHQ
3DUDPHWHUN|QQHQJHZlKOWZHUGHQ
y
y
y
y
y

5+UHODWLYH)HXFKWHLQ
7V2EHUIOlFKHQWHPSHUDWXU
7D/XIWWHPSHUDWXU
7G7DXSXQNWWHPSHUDWXUEHUHFKQHWPLW7DXQG5+
7ǻ'HOWD7HPSHUDWXUGHU8QWHUVFKLHG]ZLVFKHQ
 2EHUIOlFKHQWHPSHUDWXUXQG7DXSXQNWy
7GE7URFNHQWHPSHUDWXUJOHLFK7D
ZZZHOFRPHWHUFRP
GH

5

(567(6&+5,77( )RUWVHW]XQJyy

7ZE1DVVWHPSHUDWXUEHUHFKQHWPLW7DXQG5+
6+VSH]LILVFKH)HXFKWHEHUHFKQHWPLW7DXQG5++LQZHLV'LH)RUPHO]XU%HUHFKQXQJYRQ7ZEXQG6+YHUZHQGHWHLQHQ
NRQVWDQWHQ/XIWGUXFNZHUWYRQ$WPRVSKlUH PEDU 'LH
*HQDXLJNHLWYRQ7ZEXQG6+YDULLHUWEHLDQGHUHQ/XIWGUXFNZHUWHQ'LHVH$EZHLFKXQJNDQQIU7ZEJU|HUDOV&XQGIU6+
PEDUVHLQ(LQULFKWHQGHU$Q]HLJH
 'UFNHQ6LH0HQ(LQULFKWHQ$Q]HLJH0HVVZHUWH:lKOHQ 0DUNLHUHQ6LHGLHJHZQVFKWH2SWLRQPLWGHQ6RIWWDVWHQÏÐXQGGUFNHQ
6LHµ:lKOH¶%HLPHUQHXWHQ'UFNHQYRQµ:lKOH¶ZLUGGLH2SWLRQDEJHZlKOW 'DV0HVVJHUlWJLEWHLQHQ3LHSWRQDXVZHQQGHU%HQXW]HUYHUVXFKWHLQHQ
3DUDPHWHU]XZlKOHQXQGEHUHLWVIQIJHZlKOWVLQG,QGLHVHP)DOOPXVVHLQ
3DUDPHWHUDEJHZlKOWZHUGHQEHYRUHLQ
DQGHUHUJHZlKOWZHUGHQNDQQ'UFNHQ6LH0HQ(LQULFKWHQ$Q]HLJH+DXSWPHVVZHUWXPIHVW]XOHJHQZHOFKHU3DUDPHWHULQ
JURHQ=LIIHUQXQWHQLP'LVSOD\DQJH]HLJWZHUGHQVROO
0DUNLHUHQ6LHGLHJHZQVFKWH2SWLRQLQ
GHUDQJH]HLJWHQ/LVWHPLWGHQ6RIWWDVWHQÏÐXQGGUFNHQ6LHµ:lKOH¶ 1XUGLHREHQLQ6FKULWWDXVJHZlKOWHQ.OLPDSDUDPHWHUVWHKHQ]XU$XVZDKOLQGHU/LVWHµ+DXSWPHVVZHUW¶]XU9HUIJXQJ
 5HGX]LHUHQ6LH]XUYHUJU|HUWHQ$Q]HLJHGHV+DXSWPHVVZHUWVGLH$Q]DKO
GHULQGHU0HVVZHUWDQ]HLJHDQJH]HLJWHQ3DUDPHWHU

+LQZHLV:HQQHLQ0HVVZHUWZlKUHQGGHU0HVVXQJHWZDLJHHLQJHVWHOOWH*UHQ]ZHUWHEHUVFKUHLWHWZLUGHUDXFKGDQQEOLQNHQGLP'LVSOD\DQJH]HLJWZHQQHUQLFKWPLWWHOV6FKULWWREHQ]XU$Q]HLJHDXVJHZlKOWZXUGH $86:$+/'(50$66(,1+(,7(1(VLVWHLQH$XVZDKOYRQ0DHLQKHLWHQYHUIJEDUD&)JNJJUOE
'UFNHQ6LH]XU$XVZDKOGHU0DHLQKHLWHQ0HQ(LQULFKWHQ(LQKHLWHQD

JNJXQGJUOEEH]LHKHQVLFKDXVVFKOLHOLFKDXI0HVVXQJHQGHUµVSH]LILVFKHQ)HXFKWH¶ZZZHOFRPHWHUFRP

GH

5

(567(6&+5,77( )RUWVHW]XQJ 0$18(//(2'(5,17(59$//$8)=(,&+181*(,167(//(1%HQXW]HUN|QQHQ0HVVZHUWHZDKOZHLVHPDQXHOODXI]HLFKQHQ 0DQXHOOH
$XI]HLFKQXQJ  0RGHOO6XQG7 RGHUGDV0HVVJHUlW]XPDXWRPDWLVFKHQ(UIDVVHQYRQ0HVVZHUWHQXQG6SHLFKHUQLP/RVVSHLFKHULQIHVWHQ=HLWLQWHUYDOOHQSURJUDPPLHUHQ ,QWHUYDOO$XI]HLFKQXQJ  QXU0RGHOO7 $XVZDKOGHUPDQXHOOHQ$XI]HLFKQXQJLP6RIRUWPRGXV 0RGHOO6XQG7 
 'UFNHQ6LH0HQ(LQULFKWHQ0DQXHOOH$XI]HLFKQXQJ 0DUNLHUHQ6LH]XPVRIRUWLJHQ6SHLFKHUQHLQHV0HVVZHUWVPLWKLOIHGHU
6RIWWDVWHQÏÐGLH2SWLRQµ1XU6SHLFKHUQ¶XQGGUFNHQ6LHµ:lKOH¶ 0DUNLHUHQ6LH]XP+DOWHQXQGRSWLRQDOHQ6SHLFKHUQHLQHV
0HVVZHUWPLWKLOIHGHU6RIWWDVWHQÏÐGLH2SWLRQµ+DOWHQ 
6SHLFKHUQ¶XQGGUFNHQ6LHµ:lKOH¶ 'LH6WDQGDUGHLQVWHOOXQJLVWµ+DOWHQ 6SHLFKHUQ¶'LHPDQXHOOH$XI]HLFKQXQJLVWDXFKEHLP$UEHLWHQPLW/RVHQP|JOLFK0RGHOO7 'LH,QWHUYDOODXI]HLFKQXQJLVWQXUEHLP$UEHLWHQPLW/RVHQP|JOLFK0RGHOO7 $QOHLWXQJHQ]XP(UVWHOOHQHLQHVQHXHQ/RVHVEHLGHUPDQXHOOHQ$XI]HLFKQXQJRGHUGHU,QWHUYDOODXI]HLFKQXQJILQGHQ6LHLQ$EVFKQLWW (UVWHOOHQHLQHVQHXHQ/RVHV DXI6HLWHGH',(6(1625(1'LH6HQVRUHQIU D )HXFKWH 5+ /XIWWHPSHUDWXU 7D XQG E 2EHUIOlFKHQ
WHPSHUDWXU 7V EHILQGHQVLFKREHQDP0HVVJHUlWDE+LQZHLV'HU2EHUIOlFKHQWHPSHUDWXUVHQVRULVW]XU
=XUFNYHUIROJEDUNHLWGHU.DOLEULHUXQJPLWHLQHU6HULHQQXPPHUYHUVHKHQ)h5*(1$8(0(66:(57(y
9HUKLQGHUQ6LHGLH/XIWVWU|PXQJGXUFKGLHgIIQXQJHQXPGHQ )HXFKWLJNHLWVXQG/XIWWHPSHUDWXUVHQVRUQLFKWy+DOWHQ6LH,KUH)LQJHUYRQGHQgIIQXQJHQHQWIHUQW
 .|USHUZlUPHNDQQGLH0HVVZHUWHEHHLQWUlFKWLJHQy:DUWHQ6LH]XU$NNOLPDWLVLHUXQJGHV0HVVJHUlWVFD 0LQXWHQQDFKGHPHVDXVHLQHUNDOWHQLQHLQHZDUPH
 8PJHEXQJRGHUXPJHNHKUWJHEUDFKWZXUGHZZZHOFRPHWHUFRP
GH

5

',(6(1625(1 )RUWVHW]XQJ
9(50(,'81*921(6&+b',*81*(1:HQGHQ6LHEHLP0HVVHQGHU2EHUIOlFKHQWHPSHUDWXUQLFKW]XYLHO.UDIWDQ(LQOHLFKWHU.RQWDNWGHU6RQGHPLWGHU2EHUIOlFKHUHLFKWDXVhEHUPlLJHU.UDIWDXIZDQGHUK|KWZHGHUGLH0HVVJHVFKZLQGLJNHLWQRFKYHUEHVVHUWHUGLH*HQDXLJNHLWGHU0HVVXQJHUEHZLUNWDEHU
PHKU9HUVFKOHLXQGRGHU%HVFKlGLJXQJGHU6HQVRUVSLW]H=LHKHQ6LHGLH2EHUIOlFKHQWHPSHUDWXUVRQGH]XU9HUPHLGXQJYRQEHUPlLJHP9HUVFKOHLQLFKWEHUGLH2EHUIOlFKH
'HU)HXFKWLJNHLWVVHQVRULVWHPSILQGOLFKXQGVROOWHQLHEHUKUWZHUGHQ9HUZHQGHQ6LH]XP5HLQLJHQGHV6HQVRUVRGHUGHV
0HVVJHUlWVNHLQH'UXFNOXIW:HQQGLH2EHUIOlFKHGHV)HXFKWLJNHLWVVHQVRUVPLW)HXFKWLJNHLW
JHVlWWLJWLVWVROOWHQ6LHGLH)HXFKWLJNHLWLQHLQHUWURFNHQHQ
8PJHEXQJYROOVWlQGLJYHUGXQVWHQODVVHQEHYRU6LHGDV
0HVVJHUlW]XP(UIDVVHQYRQ0HVVZHUWHQYHUZHQGHQ
6FKW]HQ6LHGDV0HVVJHUlWVRZHLWZLHP|JOLFKYRU)DUEQHEHOXQG6FKPXW]GDGLHVHGLHODQJIULVWLJH*HQDXLJNHLWGHV)HXFKWLJNHLWVVHQVRUVEHHLQWUlFKWLJHQN|QQHQ%HZDKUHQ6LHGDV
0HVVJHUlWVWHWVLQVHLQHU6FKXW]WDVFKHDXIZHQQHVQLFKWYHUZHQGHWZLUG:DVFKHQ6LHGLH6HQVRUHQQLFKWPLW:DVVHURGHU/|VHPLWWHOQ*5(1=:(57()(67/(*(1)UMHGHQRGHUDOOH.OLPDSDUDPHWHUNDQQHLQXQWHUHUXQGRGHU
REHUHU*UHQ]ZHUWHLQJHVWHOOWZHUGHQ*UHQ]ZHUWHN|QQHQIUHLQ]HOQH0HVVZHUWH QLFKWLP/RVEHWULHE 
RGHUIUMHGHV/RV LP/RVEHWULHE IHVWJHOHJWZHUGHQ)HVWOHJHQYRQ*UHQ]ZHUWHQIUHLQ]HOQH0HVVZHUWH 0RGHOO6XQG7 
 'UFNHQ6LH0HQ*UHQ]HQ(LQVWHOOHQ 0DUNLHUHQ6LHGHQJHZQVFKWHQ3DUDPHWHUPLWKLOIHGHU
6RIWWDVWHQÏÐXQGGUFNHQ6LHµ:lKOH¶ 0DUNLHUHQ6LHPLWKLOIHGHU6RIWWDVWHQÏÐGLH2SWLRQµ2EHUHV/LPLW(LQ¶XQGGUFNHQ6LHµ:lKOH¶XPGHQ*UHQ]ZHUW]XDNWLYLHUHQ 0DUNLHUHQ6LHPLWKLOIHGHU6RIWWDVWHQÏÐGLH2SWLRQµ2EHUHV/LPLW¶XQGGUFNHQ6LHµ:lKOH¶ZZZHOFRPHWHUFRP

GH

5

*5(1=:(57()(67/(*(1 )RUWVHW]XQJ
 6WHOOHQ6LHGHQJHZQVFKWHQ:HUWPLWKLOIHGHU6RIWWDVWHQÏÐHLQ
XQGGUFNHQ6LHµ2.¶]XU%HVWlWLJXQJRGHUµ$EEU¶XPGHQ
9RUJDQJDE]XEUHFKHQ
 :LHGHUKROHQ6LHHUIRUGHUOLFKHQIDOOV6FKULWW]XP(LQVWHOOHQHLQHVXQWHUHQ*UHQ]ZHUWV :LHGHUKROHQ6LH6FKULWWQDFK%HGDUIIUMHGHQ.OLPDSDUDPHWHU
)HVWOHJHQYRQ*UHQ]ZHUWHQIUHLQ/RV 0RGHOO7 *UHQ]ZHUWHN|QQHQEHLP(UVWHOOHQHLQHVQHXHQ/RVHVIHVWJHOHJWZHUGHQ1DFKGHPHLQ0HVVZHUWLP/RVJHVSHLFKHUWZXUGHN|QQHQ*UHQ]ZHUWHZHGHUJHlQGHUWQRFKN|QQHQQHXHKLQ]XJHIJWZHUGHQ








'UFNHQ6LH/RV1HXHV/RV/LPLWV
0DUNLHUHQ6LHGHQJHZQVFKWHQ3DUDPHWHUPLWKLOIHGHU
6RIWWDVWHQÏÐXQGGUFNHQ6LHµ:lKOH¶
0DUNLHUHQ6LHPLWKLOIHGHU6RIWWDVWHQÏÐGLH2SWLRQµ2EHUHV/LPLW(LQ¶XQGGUFNHQ6LHµ:lKOH¶XPGHQ*UHQ]ZHUW]XDNWLYLHUHQ0DUNLHUHQ6LHPLWKLOIHGHU6RIWWDVWHQÏÐGLH2SWLRQµ2EHUHV/LPLW¶XQGGUFNHQ6LHµ:lKOH¶
6WHOOHQ6LHGHQJHZQVFKWHQ:HUWPLWKLOIHGHU6RIWWDVWHQÏÐHLQ
XQGGUFNHQ6LHµ2.¶]XU%HVWlWLJXQJRGHUµ$EEU¶XPGHQ
9RUJDQJDE]XEUHFKHQ
:LHGHUKROHQ6LHHUIRUGHUOLFKHQIDOOV6FKULWW]XP(LQVWHOOHQHLQHVXQWHUHQ*UHQ]ZHUWV:LHGHUKROHQ6LH6FKULWWQDFK%HGDUIIUMHGHQ.OLPDSDUDPHWHU /RVJUHQ]ZHUWHN|QQHQMHGHU]HLWEHU/RV/RVUFNVFKDXDQJH]HLJWZHUGHQ:HQQGHU:HUWHLQHV3DUDPHWHUVDXHUKDOEGHUHLQJHVWHOOWHQXQG
DNWLYLHUWHQ*UHQ]ZHUWHOLHJWy

GDVHQWVSUHFKHQGH3DUDPHWHUV\PEROEOLQNW :HQQHLQ0HVVZHUWZlKUHQGGHU0HVVXQJHWZDLJHHLQJHVWHOOWH*UHQ]ZHUWHEHUVFKUHLWHWZLUGHUDXFKGDQQEOLQNHQGLP'LVSOD\DQJH]HLJWZHQQHUQLFKWPLWWHOV
0HQ(LQULFKWHQ$Q]HLJH0HVVZHUWH:lKOHQ]XU$Q]HLJHDXVJHZlKOWZXUGH

y
y
y
y




GDV$ODUPV\PEROZLUGQHEHQGHP3DUDPHWHUDQJH]HLJWGLHURWH/('EOLQNWHLQDNXVWLVFKHU$ODUPHUW|QWE
LP/RVEHWULHE 0RGHOO7 ZLUGHLQEHUGHPREHUHQ*UHQ]ZHUWOLHJHQGHU0HVVZHUWPLWPDUNLHUWXQGHLQXQWHUGHPXQWHUHQ*UHQ]ZHUWOLHJHQGHUPLW

+LQZHLV:HQQGHU:HUWGHV3DUDPHWHUVLQGHQ]XOlVVLJHQ%HUHLFK]XUFNNHKUWZLUGGHU$ODUPVWDWXVDXWRPDWLVFKDXIJHKREHQ
E

'LH/DXWVWlUNHGHVDNXVWLVFKHQ$ODUPVZLUGPLW0HQ(LQULFKWHQ3LHSVHU/DXWVWlUNHIHVWJHOHJWGHZZZHOFRPHWHUFRP5

(5)$66(1(,1(60(66:(576 %(9256,(%(*,11(1 'UFNHQ6LHGLH(,1$867DVWHXPGDV0HVVJHUlWHLQ]XVFKDOWHQ'DV0HVVJHUlWEHJLQQW]XPHVVHQ
 5LFKWHQ6LHGLH0HVVZHUWDQ]HLJHHLQVLHKH$EVFKQLWWDXI6HLWHGH :lKOHQ6LHGLH0DHLQKHLWHQVLHKH$EVFKQLWWDXI6HLWHGH 6WHOOHQ6LHHWZDLJHUIRUGHUOLFKH*UHQ]ZHUWHHLQVLHKH$EVFKQLWWDXI6HLWHGH 0(66:(57(5)$6681*,062)25702'86*HKHQ6LH]XUPDQXHOOHQ(UIDVVXQJYRQ0HVVZHUWHQ 0DQXHOOH
$XI]HLFKQXQJ XQGLKUHURSWLRQDOHQ6SHLFKHUXQJLP8PODXIVSHLFKHU
GHV0HVVJHUlWVZLHIROJWYRU


6HW]HQ6LHGLH*XPPLVSLW]HGHV2EHUIOlFKHQWHPSHUDWXUVHQVRUVDXIGLH2EHUIOlFKHDXIYRU]XJVZHLVHLQHLQHP:LQNHOYRQXQGKDOWHQ6LHLKQGLHVHU3RVLWLRQ 'LH7UHQGDQ]HLJHQHEHQGHP3DUDPHWHU]HLJWDQREGHU:HUWVWHLJW  
RGHUIlOOW  'LH$EZHVHQKHLWHLQHU7UHQGDQ]HLJHZHLVWGDUDXIKLQGDVVGHU:HUWVWDELOLVW'UFNHQ6LHµ+DOWHQ¶XQGGDQQµ6SHLFK¶XPGLH0HVVGDWHQLP
6SHLFKHUGHV0HVVJHUlWVDE]XOHJHQ :HQQIUGLHPDQXHOOH$XI]HLFKQXQJµ1XU6SHLFKHUQ¶HLQJHVWHOOWLVWZLUG

µ+DOWHQ¶QLFKWDQJH]HLJW'UFNHQ6LHHLQIDFKµ6SHLFK¶XPGHQ0HVVZHUW
LP6SHLFKHUGHV0HVVJHUlWVDE]XOHJHQ'UFNHQ6LH]XU$Q]HLJHGHUVWDWLVWLVFKHQ$XVZHUWXQJGHU
0HVVGDWHQGLH6RIWWDVWHµ6WDWV¶IUZHLWHUH,QIRUPDWLRQHQVLHKH$EVFKQLWWµ6WDWLVWLNHQ¶DXI6HLWHGH 0(66:(57(5)$6681*,0/2602'86 02'(//7*HKHQ6LHZLHIROJWYRUXP0HVVZHUWHPDQXHOO 0DQXHOOH$XI]HLFKQXQJ 
RGHUDXWRPDWLVFKLQIHVWJHOHJWHQ=HLWLQWHUYDOOHQ ,QWHUYDOO$XI]HLFKQXQJ ]XHUIDVVHQXQGGLH0HVVGDWHQLQHLQHP/RV]XVSHLFKHUQ

9HUZHQGXQJGHU 0DQXHOOH$XI]HLFKQXQJ  (UVWHOOHQ6LHHLQQHXHV/RVIUGLHPDQXHOOH$XI]HLFKQXQJVLHKH$EVFKQLWWDXI6HLWHGH 6HW]HQ6LHGLH*XPPLVSLW]HGHV2EHUIOlFKHQWHPSHUDWXUVHQVRUVDXIGLH2EHUIOlFKHDXIYRU]XJVZHLVHLQHLQHP:LQNHOYRQXQGKDOWHQ6LHLKQGLHVHU3RVLWLRQ 'LH7UHQGDQ]HLJHQHEHQGHP3DUDPHWHU]HLJWDQREGHU:HUWVWHLJW  
RGHUIlOOW  'LH$EZHVHQKHLWHLQHU7UHQGDQ]HLJHZHLVWGDUDXIKLQGDVVGHU:HUWVWDELOLVWZZZHOFRPHWHUFRP

GH

5

(5)$66(1(,1(60(66:(576 )RUWVHW]XQJ
 'UFNHQ6LH]XHUVW +DOWHQ XQGGDQQ 6SHLFK XPGHQ
0HVVZHUWLP/RV]XVSHLFKHUQ :HQQGLH 0DQXHOOH$XI]HLFKQXQJ DXI 1XU6SHLFKHUQ HLQJHVWHOOWLVWZLUG

+DOWHQ QLFKWDQJH]HLJW'UFNHQ6LHGDQQQXUDXI 6SHLFK XPGHQ
0HVVZHUWLP/RV]XVSHLFKHUQ'UFNHQ6LH]XP%HHQGHQGHV/RVPRGXVGLH6RIWWDVWH
XQGGDQQ /RVPRGXV9HUODVVHQ 

9HUZHQGXQJGHU ,QWHUYDOO$XI]HLFKQXQJ 
9HUJHZLVVHUQ6LHVLFK]XQlFKVWGDVVVLFKGLH%DWWHULHQLQHLQHPJXWHQ=XVWDQGEHILQGHQIDOOV6LHEHDEVLFKWLJHQ0HVVZHUWHEHUHLQHQ
OlQJHUHQ=HLWUDXP]XHUIDVVHQ/HJHQ6LHLP=ZHLIHOVIDOOQHXH%DWWHULHQ
HLQVLHKH$EVFKQLWWµ(LQOHJHQGHU%DWWHULHQ¶DXI6HLWHGH=LHKHQ6LHGLH9HUZHQGXQJHLQHUH[WHUQHQ7HPSHUDWXUVRQGHLQ
%HWUDFKW'DV$QOHJHQGHULQGDV0HVVJHUlWLQWHJULHUWHQ
7HPSHUDWXUVRQGHDQHLQH2EHUIOlFKHEHUHLQHQOlQJHUHQ=HLWUDXP
N|QQWHVLFKDOVXQSUDNWLVFKHUZHLVHQVLHKH$EVFKQLWWµ9HUZHQGXQJH[WHUQHU7HPSHUDWXUVRQGHQ¶DXI6HLWHGH





(UVWHOOHQ6LHGDVQHXH/RVIUGLH,QWHUYDOODXI]HLFKQXQJXQG
VWHOOHQ6LHGDVJHZQVFKWH$XI]HLFKQXQJVLQWHUYDOOHLQVLHKH$EVFKQLWWDXI6HLWHGH
6HW]HQ6LHGLH*XPPLVSLW]HGHV2EHUIOlFKHQWHPSHUDWXUVHQVRUVDXIGLH2EHUIOlFKHDXIYRU]XJVZHLVHLQHLQHP:LQNHOYRQXQGKDOWHQ6LHLKQGLHVHU3RVLWLRQ 'LH7UHQGDQ]HLJHQHEHQGHP3DUDPHWHU]HLJWDQREGHU:HUWVWHLJW  RGHUIlOOW  'LH$EZHVHQKHLWHLQHU7UHQGDQ]HLJHZHLVWGDUDXIKLQGDVVGHU
:HUWVWDELOLVW'UFNHQ6LH]XP6WDUWHQGHU$XI]HLFKQXQJµ6WDUW¶'LH0HVVGDWHQZHUGHQDXWRPDWLVFKLQGHPHLQJHVWHOOWHQ,QWHUYDOOJHVSHLFKHUW
 %HLP(UVWHOOHQHLQHV/RVHVPLW,QWHUYDOODXI]HLFKQXQJNDQQHLQH

6WDUW]HLWYHU]|JHUXQJHLQJHVWHOOWZHUGHQ'DV0HVVJHUlWVWDUWHWQDFK$EODXIGHUHLQJHVWHOOWHQ=HLWDXWRPDWLVFK :HQQHLQHµ$EVFKDOWDXWRPDWLN¶=HLWHLQJHVWHOOWLVWVFKDOWHWGDV0HVVJHUlWQDFKGHUHLQJHVWHOOWHQ=HLWYHU]|JHUXQJDQVFKHLQHQGDEDUEHLWHWDEHUPLWYHUPLQGHUWHU/HLVWXQJVDXIQDKPHZHLWHUZlKUHQGVLH'DWHQDXI]HLFKQHQ,Q
GLHVHP=XVWDQGOLHVWGDV0HVVJHUlWZlKUHQGGHU,QWHUYDOODXI]HLFKQXQJZHLWHULPHLQJHVWHOOWHQ$XI]HLFKQXQJVLQWHUYDOO'DWHQLQGHQ/RVVSHLFKHUHLQ%HLP(LQVFKDOWHQGHV0HVVJHUlWVZLUGGDV/RVHUQHXWJH|IIQHW UFNHQ6LH]XP6WRSSHQGHU'DWHQDXI]HLFKQXQJµ6WRSS¶XQGGDQQ'µ-D¶]XU%HVWlWLJXQJRGHUµ1HLQ¶XPGLH$XI]HLFKQXQJIRUW]XVHW]HQ 'UFNHQ6LH]XP%HHQGHQGHV/RVPRGXVGLH6RIWWDVWH
XQGGDQQ /RVPRGXV9HUODVVHQ 
ZZZHOFRPHWHUFRP
GH

5

(5)$66(1(,1(60(66:(576 )RUWVHW]XQJ'DV(OFRPHWHU0RGHOO7YHUIJWEHUHLQH6RIWWDVWHQ6SHUUIXQNWLRQGLHHLQZHLWHUHV0DDQ6LFKHUKHLWELHWHWXPGDVYHUVHKHQWOLFKH%HHQGHQGHU,QWHUYDOODXI]HLFKQXQJ]XYHUKLQGHUQ:HQQµ)UHLH7DVWHQ*HVSHUUW¶DNWLYLHUWLVWLVWHLQH]XVlW]OLFKH
7DVWHQEHWlWLJXQJ]XP%HHQGHQGHU,QWHUYDOODXI]HLFKQXQJHUIRUGHUOLFK'UFNHQ6LH]XP$NWLYLHUHQYRQµ)UHLH7DVWHQ*HVSHUUW¶
0HQ(LQULFKWHQ)UHLH7DVWHQ*HVSHUUWXQGGDQQµ:lKOH¶'UFNHQ6LH]XU$Q]HLJHGHUVWDWLVWLVFKHQ$XVZHUWXQJGHU
0HVVGDWHQGLH6RIWWDVWHµ/RV¶IUZHLWHUH,QIRUPDWLRQHQVLHKH$EVFKQLWWµ/RVVWDWLVWLNHQ¶DXI6HLWHGH9(5:(1'81*(;7(51(57(03(5$785621'(1$QGDV(OFRPHWHUNDQQ]XP(UIDVVHQYRQ0HVVZHUWHQEHU
HLQHQOlQJHUHQ=HLWUDXPRGHUDQYRP0HVVJHUlWHQWIHUQWHQ2UWHQ
HLQHH[WHUQH.7HPSHUDWXUVRQGHDQJHVFKORVVHQZHUGHQµ,QWHUYDOO
$XI]HLFKQXQJ¶ 0RGHOO7 (LQ]HOKHLWHQ]XGHQEHL(OFRPHWHUHUKlOWOLFKHQH[WHUQHQ6RQGHQILQGHQ6LHLP$EVFKQLWWµ(UVDW]WHLOHXQG=XEHK|U¶DXI6HLWHGH $16&+/,(66(1(,1(5(;7(51(1
7(03(5$785621'(
 gIIQHQ6LHREHQDP0HVVJHUlWGLH
*XPPLDEGHFNXQJ D GLHGHQ.6RQGHQDQVFKOXVVDEGHFNWD (VLVWQLFKWHUIRUGHUOLFKGDV0HVVJHUlWYRUGHP$QVFKOLHHQGHUH[WHUQHQ7HPSHUDWXUVRQGHDXV]XVFKDOWHQ

6FKOLHHQ6LHGHQ6WHFNHUGHUH[WHUQHQ
6RQGHDQGHU%XFKVHDQ9HUVXFKHQ6LH
QLHPDOVGHQ6WHFNHUJHZDOWVDPLQGLH%XFKVH]XGUFNHQ (LQH6HLWHGHU%XFKVHLVWEUHLWHUDOVGLHDQGHUH'HU6WHFNHUGHUH[WHUQHQ

6RQGHOlVVWVLFKGHVKDOEQXULQHLQHU$XVULFKWXQJDQVFKOLHHQ+LQZHLV'LHLQWHJULHUWH2EHUIOlFKHQWHPSHUDWXUVRQGHZLUGEHLP$QVFKOLHHQ
HLQHUH[WHUQHQ6RQGHGHDNWLYLHUWZZZHOFRPHWHUFRP

GH

5

9(5:(1'81*(;7(51(57(03(5$785621'(1 )RUWVHW]XQJ'DV(OFRPHWHULVWPLWHLQHP7KHUPRPHWHUPRGXVDXVJHVWDWWHW:HQQHUDNWLYLHUWLVWPLVVWGDV0HVVJHUlWQXUGLHH[WHUQH
6RQGHQWHPSHUDWXU 7H DOOHDQGHUHQ)XQNWLRQHQVLQGGHDNWLYLHUW

:HQQGHU7KHUPRPHWHUPRGXVDNWLYLHUWXQGNHLQHH[WHUQH
7HPSHUDWXUVRQGHDQJHVFKORVVHQLVW]HLJWGDV0HVVJHUlWHLQHQ
0HVVIHKOHUµ¶DQ
'UFNHQ6LH]XP$NWLYLHUHQGHV7KHUPRPHWHUPRGXV
0HQ7KHUPRP0RGXVXQGGDQQµ:lKOH¶'HU$QVFKOXVVHLQHUH[WHUQHQ6RQGHZLUGLP'LVSOD\DQJH]HLJW
y


y

:HQQGHU7KHUPRPHWHUPRGXVDNWLYLHUWLVWHUVFKHLQWLP'LVSOD\
XQG7H:HQQGHU7KHUPRPHWHUPRGXVQLFKWDNWLYLHUWLVWHUVFKHLQWLP'LVSOD\XQG7V

 925%(5(,781*'(60(66*(5b76$8)',(9(5:(1'81*0,7(,1(5(;7(51(1621'('DV(OFRPHWHUXQWHUVWW]WH[WHUQH7HPSHUDWXUPHVVXQJHQPLWHLQHUJHHLJQHWHQ6RQGHYRQELV& )ELV) 'DV0HVVJHUlWLVWMHGRFKQXUIUHLQH1HQQWHPSHUDWXUYRQELV& )ELV) DXVJHOHJWXQGVROOWHNHLQHQ
7HPSHUDWXUHQDXHUKDOEGLHVHV%HUHLFKVDXVJHVHW]WZHUGHQ
y




y

y



:HQQHLQHPDJQHWLVFKH2EHUIOlFKHYHUIJEDULVWN|QQHQ6LH
DQLKUGDV0HVVJHUlWGHQDQVHLQHU5FNVHLWHLQWHJULHUWHQ
0DJQHWHQEHIHVWLJHQ9HUJHZLVVHUQ6LHVLFKYRUGHP
*HEUDXFKGHV0HVVJHUlWVGDVVHVVLFKHUEHIHVWLJWLVW
:HQQGLHH[WHUQH7HPSHUDWXUVRQGHPDJQHWLVFKLVWEHIHVWLJHQ
6LHVLHDQGHUPDJQHWLVFKHQ2EHUIOlFKH
:HQQGLHH[WHUQH7HPSHUDWXUVRQGH]XU0HVVXQJYRQ)OVVLJNHLWHQYRUJHVHKHQLVWWDXFKHQ6LHGLH6RQGHQVSLW]HLQ
GLH)OVVLJNHLW+LQZHLV:HQQGLH7HPSHUDWXUGHUH[WHUQHQ7HPSHUDWXUVRQGHGHQ%HUHLFKGHV
0HVVJHUlWVEHUVFKUHLWHWHUIROJWNHLQH)HKOHUPHOGXQJRGHU:DUQXQJGHU0HVVZHUWZLUGMHGRFKDOVµ¶JHVSHLFKHUWGHZZZHOFRPHWHUFRP

567$7,67,.(1'DV(OFRPHWHUNDQQIUGLHDEJHOHJWHQ0HVVZHUWHDXFK6WDWLVWLNHQDQ]HLJHQVRZRKOLP8PODXIVSHLFKHUGHUMHZHLOVOHW]WHQ
0HVVZHUWH 0RGHOO6XQG7 DOVDXFKLP/RVVSHLFKHU 0RGHOO7 'UFNHQ6LH]XU$Q]HLJHGHU6WDWLVWLNHQIULP8PODXIVSHLFKHUDEJHOHJWH0HVVZHUWHGLH6RIWWDVWHµ6WDW¶'LHIROJHQGHQ6WDWLVWLNZHUWHZHUGHQDQJH]HLJW'UFNHQ6LHGLH
UHFKWH6RIWWDVWH]XU$Q]HLJHGHU6WDWLVWLNIUGHQQlFKVWHQ3DUDPHWHU'UFNHQ6LHµ&OHDU¶XPGLH6WDWLVWLN]XO|VFKHQ
y
y
y
y
y
y

$Q]DKOGHU0HVVZHUWH Q
'XUFKVFKQLWWOLFKHU0HVVZHUW ;
1LHGULJVWHU0HVVZHUW /R
+|FKVWHU0HVVZHUW +L
6WDQGDUGDEZHLFKXQJ ı
$EZHLFKXQJVNRHIIL]LHQW &29

:HQQZlKUHQGGHU6WDWLVWLNDQ]HLJHGLH6RIWWDVWHµ:HUWH¶JHGUFNWZLUGZHUGHQGHU0HVVZHUWVRZLH'DWXPXQG8KU]HLWMHGHVLP
8PODXIVSHLFKHUDEJHOHJWHQ0HVVZHUWVDQJH]HLJW'UFNHQ6LHGLH
UHFKWH6RIWWDVWH]XU$Q]HLJHGHU0HVVZHUWHIUGHQQlFKVWHQ3DUDPHWHU
1HEHQ0HVVZHUWHQGLHDXHUKDOEHWZDLJDNWLYLHUWHU*UHQ]ZHUWH
OLHJHQZLUGGDVHQWVSUHFKHQGH*UHQ]ZHUWV\PERODQJH]HLJWGDV
KHLWZHQQGHU0HVVZHUWGHQXQWHUHQ*UHQ]ZHUWXQWHUVFKUHLWHWRGHUZHQQHUGHQREHUHQ*UHQ]ZHUWEHUVFKUHLWHW$QOHLWXQJHQ]XU$Q]HLJHGHU0HVVZHUWHXQG6WDWLVWLNHQIUHLQ/RV
0RGHOO7 ILQGHQ6LHLQ$EVFKQLWWµ$Q]HLJHQYRQ/RVGDWHQ¶DXI
6HLWHGHZZZHOFRPHWHUFRP

GH

5

$5%(,7(10,7/26(102'(//7'LH(OFRPHWHU0RGHOOH6XQG7VLQGPLWHLQHP8PODXIVSHLFKHUIU
0HVVZHUWHDXVJHVWDWWHW'DV0RGHOO7NDQQ]XGHPELV]X
0HVVZHUWVlW]HLQELV]X/RVHQVSHLFKHUQ'LHIROJHQGHQ/RVIXQNWLRQHQVWHKHQ]XU9HUIJXQJ
y

y
y

y
y

/RV1HXHV/RV(UVWHOOWHLQ/RVPLWPDQXHOOHU$XI]HLFKQXQJ
RGHU,QWHUYDOODXI]HLFKQXQJVLHKH$EVFKQLWWµ(UVWHOOHQHLQHVQHXHQ/RVHV¶DXI6HLWHGH
/RV9RUKDQGHQHV/RV|IIQHQ'LHQW]XPgIIQHQHLQHVYRUKDQGHQHQ/RVHV/RV/RVUFNVFKDX'LHQW]XPhEHUSUIHQGHU/RVGDWHQ
0HVVZHUWHXQG6WDWLVWLNHQVLHKH$EVFKQLWWµ$Q]HLJHQYRQ/RVGDWHQ¶DXI6HLWHGH/RV.RSLHUH/RV'LHQW]XP.RSLHUHQHLQHV/RVHVHLQVFKOLHOLFK/RVNRSIGDWHQ
/RV/|VFKHQ/|VFKWHLQ/RVRGHUDOOH/RVHYROOVWlQGLJDXV
GHP0HVVJHUlW(567(//(1(,1(61(8(1/26(6%HQXW]HUN|QQHQHLQ/RVIUGLHPDQXHOOH$XI]HLFKQXQJRGHUGLH,QWHUYDOODXI]HLFKQXQJHUVWHOOHQ
y


y



µ0DQXHOOH$XI]HLFKQXQJ¶0HVVZHUWHZHUGHQYRP%HQXW]HUPDQXHOOLP/RVVSHLFKHUDEJHOHJWµ,QWHUYDOODXI]HLFKQXQJ¶'DV0HVVJHUlWZLUGSURJUDPPLHUW
XP0HVVZHUWHLQHLQJHVWHOOWHQ,QWHUYDOOHQ]XHUIDVVHQXQG
DXWRPDWLVFKLP/RVVSHLFKHUDE]XOHJHQ(UVWHOOHQHLQHV/RVHVIUGLHPDQXHOOH$XI]HLFKQXQJ 'UFNHQ6LH0HQ/RV1HXHV/RV :HQQµ/RV)U0DQXHOOH$XI]HLFKQXQJ¶QLFKWLP'LVSOD\DQJH]HLJWZLUGGUFNHQ6LHGLH6RIWWDVWHXPµ0DQXHOOH
$XI]HLFKQXQJ¶]XZlKOHQ 'DV6\PEROZLUGLQGHU0HVVZHUWKDXSWDQ]HLJHDQJH]HLJWXPGDUDXI KLQ]XZHLVHQGDVVµ0DQXHOOH$XI]HLFKQXQJ¶DNWLYLHUWLVW





'UFNHQ6LHµ/LPLWV¶XPHWZDLJHUIRUGHUOLFK*UHQ]ZHUWHIUGDV/RV
HLQ]XVWHOOHQVLHKH$EVFKQLWWµ*UHQ]ZHUWHIHVWOHJHQ¶DXI6HLWHGH
'UFNHQ6LHµ2N¶XPGDV/RV]XHUVWHOOHQRGHUµ$EEU¶XPGHQ
9RUJDQJDE]XEUHFKHQ :HQQHLQ/RVJH|IIQHWLVWZLUGGLH6RIWWDVWHµ/RV¶GXUFKHUVHW]W 'UFNHQ6LHXP]XP/RVPHQ]XUFN]XNHKUHQGH

ZZZHOFRPHWHUFRP

5

$5%(,7(10,7/26(102'(//7 )RUWVHW]XQJ(UVWHOOHQHLQHV/RVHVIUGLH,QWHUYDOODXI]HLFKQXQJ 'UFNHQ6LH0HQ/RV1HXHV/RV :HQQµ/RV)U,QWHUYDOO$XI]HLFKQXQJ¶QLFKWLP'LVSOD\DQJH]HLJWZLUG
GUFNHQ6LHGLH6RIWWDVWHXP
µ,QWHUYDOO$XI]HLFKQXQJ¶]XZlKOHQ 'DV6\PEROZLUGLQGHU0HVVZHUWKDXSWDQ]HLJH

 DQJH]HLJWXPGDUDXIKLQ]XZHLVHQGDVVµ,QWHUYDOO $XI]HLFKQXQJ¶DNWLYLHUWLVW



6WHOOHQ6LHGDVJHZQVFKWH
=HLWLQWHUYDOOPLWKLOIHGHU6RIWWDVWHQÏÐ]ZLVFKHQ6HNXQGHXQG6WXQGHQHLQXQGGUFNHQ6LHGDQQ]XU
%HVWlWLJXQJµ2.
 'LHXQJHIlKUH$Q]DKOGHU0HVVZHUWHGLH HUIDVVWXQGLP/RVJHVSHLFKHUWZHUGHQ N|QQHQZLUG]XVDPPHQPLWGHUXQJHIlKUHQ
 $Q]DKOGHU7DJHGLHPLWGHPHLQJHVWHOOWHQ =HLWLQWHUYDOO]XP(UIDVVHQGHU0HVVZHUWH
 EHQ|WLJWZHUGHQDQJH]HLJW

6WHOOHQ6LHIDOOVHUIRUGHUOLFKGLH
JHZQVFKWH6WDUW]HLWYHU]|JHUXQJPLWKLOIHGHU6RIWWDVWHQÏÐ]ZLVFKHQ
XQG0LQXWHQHLQRGHUDXIµ$XV¶XQG
GUFNHQ6LHGDQQ]XU%HVWlWLJXQJ
µ2.¶ 'UFNHQ6LHµ6WDUW¶XPGLH$XI]HLFKQXQJ]XVWDUWHQ
 :HQQHLQH6WDUW]HLWYHU]|JHUXQJHLQJHVWHOOW LVWEHJLQQWGHU&RXQWGRZQEHLP'UFNHQ
 YRQµ6WDUW¶,P'LVSOD\ZLUGGDV6\PERO DQJH]HLJW'LHVHV6\PEROlQGHUWVLFK]X
 ZHQQGLHHLQJHVWHOOWH=HLWYHU]|JHUXQJ
 DEJHODXIHQLVWXQGGDV0HVVJHUlWGLH
 $XI]HLFKQXQJGHU0HVVZHUWHVWDUWHW :HQQHLQ/RVJH|IIQHWLVWZLUGGLH6RIWWDVWHµ/RV¶GXUFKHUVHW]W 'UFNHQ6LHXP]XP/RVPHQ]XUFN]XNHKUHQZZZHOFRPHWHUFRP

GH

5

$1=(,*(1921/26'$7(102'(//7/ 260(66:(57($Q]HLJHQGHU/RVPHVVZHUWH
 'UFNHQ6LH/RV/RVUFNVFKDX :HQQEHUHLWVHLQ/RVJH|IIQHWLVWGUFNHQ6LHXQGGDQQ
µ/RVUFNVFKDX¶







:lKOHQ6LHGDVJHZQVFKWH
/RVPLWKLOIHGHU6RIWWDVWHQÏÐXQGGUFNHQ6LHGDQQ]XU
%HVWlWLJXQJµ:lKOH¶'UFNHQ6LHµ:HUWH¶XPGLH/RVPHVVZHUWHDQ]X]HLJHQ
'UFNHQ6LHµ=XUFN¶XP]XP/RVPHQ]XUFN]XNHKUHQ'DWXPXQG8KU]HLWMHGHV0HVVZHUWVZHUGHQ]XVDPPHQPLWGHP
0HVVZHUWDQJH]HLJW'UFNHQ6LHGLH6RIWWDVWHQÏÐXPGLH
0HVVZHUWH]XGXUFKODXIHQXQGGLHUHFKWH6RIWWDVWHXPGLH
0HVVZHUWHIUGHQQlFKVWHQ3DUDPHWHUDQ]X]HLJHQ
1HEHQ0HVVZHUWHQGLHDXHUKDOEHWZDLJDNWLYLHUWHU*UHQ]ZHUWH
OLHJHQZLUGGDVHQWVSUHFKHQGH*UHQ]ZHUWV\PERODQJH]HLJWGDV
KHLWZHQQGHU0HVVZHUWGHQXQWHUHQ*UHQ]ZHUWXQWHUVFKUHLWHWRGHUZHQQHUGHQREHUHQ*UHQ]ZHUWEHUVFKUHLWHW
/2667$7,67,.(1
6RVHKHQ6LHGLH/RV6WDWLVWLN
 'UFNHQ6LH/RV/RVUFNVFKDX :HQQEHUHLWVHLQ/RVJH|IIQHWLVWGUFNHQ6LHXQGGDQQ
µ/RVUFNVFKDX¶







:lKOHQ6LHGDVJHZQVFKWH
/RVPLWKLOIHGHU6RIWWDVWHQÏÐXQGGUFNHQ6LHGDQQ]XU
%HVWlWLJXQJµ:lKOH¶'UFNHQ6LHµ6WDW¶XPGLH
/RVVWDWLVWLNHQDQ]X]HLJHQ
'UFNHQ6LHµ=XUFN¶XP]XP/RVPHQ]XUFN]XNHKUHQ
 %HLHLQHP/RVPLW,QWHUYDOODXI]HLFKQXQJZLUGGLH$XI]HLFKQXQJZlKUHQG

GHU6WDWLVWLNDQ]HLJHXQWHUEURFKHQ'LH$XI]HLFKQXQJZLUGEHLP'UFNHQYRQµ=XUFN¶IRUWJHVHW]WGHZZZHOFRPHWHUFRP

5

$1=(,*(1921/26'$7(102'(//7 )RUWVHW]XQJ'LHIROJHQGHQ6WDWLVWLNZHUWHZHUGHQDQJH]HLJW'UFNHQ6LHGLHUHFKWH
6RIWWDVWH]XU$Q]HLJHGHU6WDWLVWLNIUGHQQlFKVWHQ3DUDPHWHU
y
y
y
y
y
y

$Q]DKOGHU0HVVZHUWHLP/RV Q
'XUFKVFKQLWWOLFKHU0HVVZHUWIUGDV/RV ;
1LHGULJVWHU0HVVZHUWLP/RV /R
+|FKVWHU0HVVZHUWLP/RV +L
6WDQGDUGDEZHLFKXQJ ı
$EZHLFKXQJVNRHIIL]LHQW &290(1h6758.78502'(//6*UHQ]HQ(LQVWHOOHQ

0HQ
/|VFKH/HW]WHQ:HUW%HOHXFKWXQJ
7KHUPRP0RGXV*UHQ]HQ(LQVWHOOHQ=HLW 'DWXP(LQULFKWHQ=XUFNVHW]HQ
,QIRV

5+
7V
7D
7G
7ǻ
6+

‫ۑ‬
‫ۑ‬

2EHUHV/LPLW(LQ
2EHUHV/LPLW
8QWHUHV/LPLW(LQ
8QWHUHV/LPLW(LQULFKWHQ(LQKHLWHQ
6SUDFKHQ$EVFKDOWDXWRPDWLN=HLW 'DWXP
3LHSVHU/DXWVWlUNH$Q]HLJH
0DQXHOOH$XI]HLFKQXQJ%HGLHQHUREHUIOlFKH(LQVWHOOXQJ%HOHXFKWXQJ

6WDW

,QIRV
*HUlWH,QIR.RQWDNW
+LOIH
/HJDO

‫ۑ‬
‫ۑ‬

(LQKHLWHQ
&JNJ)JUOE‫ۑ‬‫ۑ‬
0HVVZHUWH:lKOHQ$Q]HLJH
0HVVZHUWH:lKOHQ+DXSWPHVVZHUW‫ۑ‬0DQXHOOH$XI]HLFKQXQJ
1XU6SHLFKHUQ‫ۑ‬+DOWHQ 6SHLFKHUQ‫ۑ‬(LQVWHOOXQJ%HOHXFKWXQJ%HOHXFKWXQJ‫ۑ‬$XVVFKDOW]HLW+HOOLJNHLW

5+
7V
7D
7G
7ǻ
7GE
7ZE
6+
+HOOLJNHLW
1LHGULJ
0HGLXP
+LJK

‫ۑ‬
‫ۑ‬
‫ۑ‬

/HJDO
*HVHW]OLFKH+LQZHLVH%HK|UGOLFKZZZHOFRPHWHUFRP

GH

5

0(1h6758.78502'(//7*UHQ]HQ(LQVWHOOHQ

0HQ
/|VFKH/HW]WHQ:HUW%HOHXFKWXQJ
7KHUPRP0RGXV*UHQ]HQ(LQVWHOOHQ=HLW 'DWXP(LQULFKWHQ=XUFNVHW]HQ%OXHWRRWK
,QIRV

5+
7V
7D
7G
7ǻ
6+

‫ۑ‬
‫ۑ‬

2EHUHV/LPLW(LQ
2EHUHV/LPLW
8QWHUHV/LPLW(LQ
8QWHUHV/LPLW(LQULFKWHQ(LQKHLWHQ
6SUDFKHQ$EVFKDOWDXWRPDWLN=HLW 'DWXP
3LHSVHU/DXWVWlUNH$Q]HLJH
0DQXHOOH$XI]HLFKQXQJ)UHLH7DVWHQ*HVSHUUW%HGLHQHUREHUIOlFKH(LQVWHOOXQJ%HOHXFKWXQJ

6WDW

/RV
/RVPRGXV9HUODVVHQ‫ۑ‬
1HXHV/RV
9RUKDQGHQHV/RV|IIQHQ/RVUFNVFKDX.RSLHUH/RV/|VFKHQ)UHLHU6SHLFKHU[[[‫ۑ‬‫ۑ‬
0HVVZHUWH:lKOHQ$Q]HLJH
0HVVZHUWH:lKOHQ+DXSWPHVVZHUW

‫ۑ‬
‫ۑ‬

0DQXHOOH$XI]HLFKQXQJ
1XU6SHLFKHUQ‫ۑ‬+DOWHQ 6SHLFKHUQ‫ۑ‬(LQVWHOOXQJ%HOHXFKWXQJ%HOHXFKWXQJ‫ۑ‬$XVVFKDOW]HLW+HOOLJNHLW‫ۑ‬*HUlWH1U
3,11XPPHU‫ۑ‬(LQKHLWHQ
&JNJ)JUOE%OXHWRRWK$NWLYLHUHQ‫ۑ‬[[[[[[[[[
[[[[[

,QIRV

5+
7V
7D
7G
7ǻ
7GE
7ZE
6+
+HOOLJNHLW
1LHGULJ
0HGLXP
+LJK

‫ۑ‬
‫ۑ‬
‫ۑ‬

/HJDO
*HVHW]OLFKH+LQZHLVH%HK|UGOLFK*HUlWH,QIR.RQWDNW+LOIH/HJDO/|VFKHQ(LQ]HOQHV/RV$OOH/RVH

'$7(1+(5817(5/$'(102'(//7+(5817(5/$'(1921'$7(10,7(/&20$67(5
0LWKLOIHGHUMHGHP0HVVJHUlWEHLOLHJHQGHQXQGDXIHOFRPHWHUFRPDOVNRVWHQORVHV'RZQORDGYHUIJEDUHQ(OFR0DVWHU6RIWZDUHN|QQHQ
0HVVZHUWH]XU$UFKLYLHUXQJXQG]XP(UVWHOOHQYRQ%HULFKWHQDXIHLQHQ3&EHUWUDJHQ'LH'DWHQN|QQHQEHU86%RGHU%OXHWRRWKEHUWUDJHQZHUGHQ:HLWHUH,QIRUPDWLRQ]X(OFR0DVWHUILQGHQ6LHEHL
ZZZHOFRPHWHUFRP+(5817(5/$'(1921'$7(10,7(/&20$67(5 
02%,/($336(OFR0DVWHU0RELOH$SSVIU$QGURLGRGHUL26VLQGGLHLGHDOH
/|VXQJEHLP$UEHLWHQDXIGHU%DXVVWHOOHYRU2UWXQGELHWHQGLH
IROJHQGH)XQNWLRQDOLWlW
y
y
y

'LUHNWHV6SHLFKHUQYRQ/LYH0HVVZHUWHQDXIHLQHP0RELOJHUlWXQG$EODJHLQ/RVHQ]XVDPPHQPLW*36.RRUGLQDWHQ
(LQIJHQYRQ)RWRVGHU3UIIOlFKH
,QVSHNWLRQVGDWHQN|QQHQ]XUZHLWHUHQ$XVZHUWXQJXQG]XP(UVWHOOHQYRQ%HULFKWHQYRP0RELOJHUlWDXIHLQHQ3&EHUWUDJHQZHUGHQ

:HLWHUH,QIRUPDWLRQ]X(OFR0DVWHU 0RELOH$SSVILQGHQ6LHXQWHUZZZHOFRPHWHUFRPGHZZZHOFRPHWHUFRP

5

'$7(1+(5817(5/$'(102'(//7 )RUWVHW]XQJ*HHLJQHWIU6PDUWSKRQHVXQG
7DEOHWVGLH$QGURLGRGHU
K|KHUYHUZHQGHQ/DGHQ6LH
GLH$SS]XP,QVWDOOLHUHQEHU
ZZZHOFRPHWHUFRPRGHU*RRJOH3OD\6WRUHKHUXQWHUXQGIROJHQ6LHGHQ$QOHLWXQJHQDXIGHP%LOGVFKLUP*HHLJQHWIUL3KRQH3OXVL3KRQHL3KRQHVL3KRQHF
L3KRQHL3KRQHVL3KRQH
L3DG$LUL3DGPLQLL3DG$LU
L3DGPLQLL3DG XQG*HQHUDWLRQ L3DGPLQLL3DG
XQGL3RGWRXFK XQG*HQHUDWLRQ /DGHQ6LHGLH$SS
EHUGHQZZZHOFRPHWHUFRPRGHUGHQ$SS6WRUHKHUXQWHUXQGIROJHQ6LHGHQ$QOHLWXQJHQDXIGHP%LOGVFKLUPZZZHOFRPHWHUFRP

GH

5

(56$7=7(,/(81'=8%(+g5'LHIROJHQGHQ(UVDW]XQG=XEHK|UWHLOHVLQGEHL,KUHP|UWOLFKHQ(OFRPHWHU+lQGOHURGHUGLUHNWYRQ(OFRPHWHUHUKlOWOLFK2%(5)/b&+(17(03(5$785621'(10,70$*1(7%HUHLFK.DEHOOlQJH
&ELV& )ELV)  PP  
&ELV& )ELV) F P   
&ELV& )ELV) F P   
&ELV& )ELV) F P   
&ELV& )ELV) F P   %HVWHOOQXPPHU
7
7
7
7
7

62167,*(6=8%(+g5%HVFKUHLEXQJ([WHUQH7HPSHUDWXUVRQGHIU)OVVLJNHLWHQ&ELV& )ELV) F
6FKXW]WDVFKHPLW*UWHOFOLS
86%.DEHO$UPEDQG%HVWHOOQXPPHU
7
7
7
7

*$5$17,('DV(OFRPHWHULVWGXUFKHLQHPRQDWLJH*DUDQWLHJHVFKW]WGLH.RQWDPLQDWLRQXQG9HUVFKOHLDXVVFKOLHW'LH*DUDQWLHNDQQ
LQQHUKDOEYRQ7DJHQGHV.DXIVEHLZZZHOFRPHWHUFRPDXI]ZHL-DKUHYHUOlQJHUWZHUGHQ
'LH2EHUIOlFKHQWHPSHUDWXUVRQGHLVWGXUFKHLQHPRQDWLJH*DUDQWLHDXVVFKOLHOLFKIU)HUWLJXQJVIHKOHUJHVFKW]W

F

'HUQXW]EDUH0HVVEHUHLFKGHV0HVVJHUlWVLVW&ELV& )ELV) GH

ZZZHOFRPHWHUFRP

5

7(&+1,6&+('$7(17HPSHUDWXUEHUHLFK*HQDXLJNHLW$XÀ|VXQJ

0HVVJHUlWG

&ELV&)ELV)&
)&
)/XIWWHPSHUDWXU
7D

&ELV&)ELV)&H)&
)

2EHUÀlFKHQ
WHPSHUDWXU 7V

&ELV&)ELV)&
)&
)([WHUQH.6RQGH
7H

&ELV&)ELV)&
)I&
)

5HODWLYH)HXFKWH 5+

ELV5+

5+J

6SH]L¿VFKH)HXFKWH 6+

JNJELVJNJJUOEELVJUOE

6+

JNJ
JUOE

0HVVJHUlWH
VSHLFKHU

0RGHOO6XQG70HVVZHUWH 8PODXIVSHLFKHU0RGHOO70HVVZHUWHLQELV]X/RVHQ*HUlWHXQG/&'
%HWULHEVEHUHLFK&ELV&)ELV)6WURPYHUVRUJXQJ

[$$%DWWHULHQKRGHUEHU86%.DEHO%DWWHULHJHEUDXFKVGDXHU

0DQXHOOH$XI]HLFKQXQJ0HKUDOV6WXQGHQ
+LQWHUJUXQGEHOHXFKWXQJDXV,QWHUYDOODXI]HLFKQXQJ%LV]X6WXQGHQ0HVVZHUWDOOH0LQXWHQ*HUlWHDEPHVVXQJHQ

[[PP [[

*HUlWHJHZLFKWJ R] LQNOXVLYH%DWWHULHQ

9HUZHQGEDUJHPl
%6%,0206&  L,0206&  L,62
861DY\16,861DY\33,G

 6HW]HQ6LHGDV0HVVJHUlWNHLQHQ7HPSHUDWXUHQDXHUKDOEGHV*HUlWHXQG/&'%HWULHEVEHUHLFKVDXV *HQDXLJNHLW&XQWHU& )XQWHU) I & ) *HQDXLJNHLWPLWYRQ(OFRPHWHUJHOLHIHUWHQ6RQGHQGHV7\SV.3UREHQDQGHUHU+HUVWHOOHU
N|QQHQYDULLHUHQJ %HLPVK
 'LHPLWGHP0HVVJHUlWJHOLHIHUWHQ%DWWHULHQKDEHQHLQHPD[LPDOH%HWULHEVWHPSHUDWXUYRQ& ) %HLPOlQJHUHQ*HEUDXFKGHV0HVVJHUlWVEHLHLQHUK|KHUHQDOVGLHVHU7HPSHUDWXUN|QQWHGLH9HUZHQGXQJDOWHUQDWLYHU%DWWHULHQHUIRUGHUOLFKVHLQL )U,02363& ,QWHUQDWLRQDO0DULQH2UJDQLVDWLRQ/HLVWXQJVVWDQGDUGIU6FKXW]EHVFKLFKWXQJHQ VROOWHGLHUHODWLYH)HXFKWHGLH2EHUIOlFKHQWHPSHUDWXUXQGGHU7DXSXQNWDXIJH]HLFKQHWZHUGHQ'DV(OFRPHWHUNDQQGD]XYHUZHQGHWZHUGHQH

ZZZHOFRPHWHUFRP

GH

5

5(&+7/,&+(+,1:(,6(81'%(+g5'/,&+(,1)250$7,21(1.RQIRUPLWlWVHUNOlUXQJ'DV(OFRPHWHU0RGHOO7HQWVSULFKWGHQ$QIRUGHUXQJHQIROJHQGHU(8$QRUGQXQJHQ
(8(OHNWURPDJQHWLVFKH9HUWUlJOLFKNHLW(8)XQNDQODJHQ(8%HVFKUlQNXQJGHU9HUZHQGXQJEHVWLPPWHUJHIlKUOLFKHU6WRIIH'DV(OFRPHWHU0RGHOO6HQWVSULFKWGHQ$QIRUGHUXQJHQIROJHQGHU(8$QRUGQXQJHQ
(8(OHNWURPDJQHWLVFKH9HUWUlJOLFKNHLW(8%HVFKUlQNXQJGHU9HUZHQGXQJEHVWLPPWHUJHIlKUOLFKHU6WRIIH.RQIRUPLWlWVHUNOlUXQJHQN|QQHQPLWIROJHQGHQ/LQNVKHUXQWHUJHODGHQZHUGHQ
0RGHOO6ZZZHOFRPHWHUFRPLPDJHVVWRULHV3')V'DWDVKHHWV'HFODUDWLRQBRIB&RQIRUPLW\*HUPDQ'R&BB6SGI
0RGHOO7ZZZHOFRPHWHUFRPLPDJHVVWRULHV3')V'DWDVKHHWV'HFODUDWLRQBRIB&RQIRUPLW\*HUPDQ'R&BB7SGI'LHVHV3URGXNWLVWHLQ,60*HUlWGHU.ODVVH%*UXSSHJHPl&,635
3URGXNWGHU.ODVVH%(VLVWIUGHQ*HEUDXFKLQ:RKQEHUHLFKHQXQGLQ%HUHLFKHQJHHLJQHWGLHGLUHNWPLWHLQHP1LHGHUVSDQQXQJV
6WURPYHUVRUJXQJVQHW]YHUEXQGHQVLQGGDV*HElXGHIUGHQKlXVOLFKHQ*HEUDXFKYHUVRUJW
,603URGXNWGHU*UXSSH(LQ3URGXNWLQGHPEHDEVLFKWLJWNRQGXNWLYJHNRSSHOWH)XQNIUHTXHQ]HQHUJLHHU]HXJWXQGRGHUYHUZHQGHWZLUGGLHIUGLHLQWHUQH)XQNWLRQGHU$XVUVWXQJVHOEVWHUIRUGHUOLFKLVW
'HU86%$QVFKOXVVGLHQWQXU]XU'DWHQEHUWUDJXQJXQGGDUIQLFKWEHUHLQHQ86%1HW]DGDSWHUDP1HW]VWURPDQJHVFKORVVHQZHUGHQ
'HU=XJULIIDXIGDV$&0$.RQIRUPLWlWV]HLFKHQHUIROJWEHU0HQ,QIRV/HJDO%HK|UGOLFK(OFRPHWHU0RGHOO7'DV*LWHNL=HLFKHQVHLQH9HURUGQXQJVQXPPHUGLH)&&,'XQG%OXHWRRWK6,*4','VLQGDEUXIEDUEHU
0HQ,QIRV/HJDO%HK|UGOLFK(OFRPHWHU0RGHOO7'LHVHV*HUlWLVWPLW7HLOGHU)&&5LFKWOLQLHQNRPSDWLEHO6HLQ%HWULHELVWYRUEHKDOWOLFKGHUEHLGHQIROJHQGHQ%HGLQJXQJHQ]XOlVVLJ  'LHVHV*HUlWGDUINHLQHVFKlGOLFKHQ,QWHUIHUHQ]HQYHUXUVDFKHQXQG  GLHVHV*HUlWPXVVMHJOLFKHHPSIDQJHQH,QWHUIHUHQ]HQDQQHKPHQHLQVFKOLHOLFK,QWHUIHUHQ]HQGLHHLQHQXQHUZQVFKWHQ%HWULHEYHUXUVDFKHQN|QQHQ
'LHVH$XVUVWXQJHQWVSULFKWGHQIUHLQHXQNRQWUROOLHUWH8PJHEXQJIHVWJHOHJWHQ)&&*UHQ]ZHUWHQIU6WUDKOXQJVEHODVWXQJ(QGDQZHQGHUPVVHQGLHVSH]LILVFKHQ%HWULHEVDQOHLWXQJHQ]XU(LQKDOWXQJGHU5)%HODVWXQJVULFKWOLQLHQEHIROJHQ'LHVHU6HQGHUGDUIQLFKWDPVHOEHQ2UWZLHHLQHDQGHUH$QWHQQHRGHUHLQDQGHUHU6HQGHUSODW]LHUWRGHULQ9HUELQGXQJPLWGLHVHQEHWULHEHQZHUGHQ1LFKWDXVGUFNOLFKYRQ(OFRPHWHU/LPLWHGJHQHKPLJWHbQGHUXQJHQN|QQWHQLP(UO|VFKHQGHU%HWULHEVHUODXEQLVIUGDV*HUlWUHVXOWLHUHQ(OFRPHWHU0RGHOO6+,1:(,6'LHVHV*HUlWZXUGHJHWHVWHWXQGDOVNRQIRUPPLWGHQ*UHQ]ZHUWHQIUHLQGLJLWDOHV*HUlWGHU.ODVVH%JHPl7HLOGHU)&&5LFKWOLQLHQEHIXQGHQ'LHVH*UHQ]ZHUWHVLQGIUGLH%HUHLWVWHOOXQJHLQHVDQJHPHVVHQHQ6FKXW]HVJHJHQ
VFKlGOLFKH,QWHUIHUHQ]HQLQKlXVOLFKHQ(LQULFKWXQJHQDXVJHOHJW'LHVHV*HUlWHU]HXJWXQGYHUZHQGHW)XQNIUHTXHQ]HQHUJLHXQGNDQQ
GLHVHDXVVWUDKOHQ%HLVHLQHUQLFKWGHQ$QOHLWXQJHQHQWVSUHFKHQGHQ,QVWDOODWLRQXQG9HUZHQGXQJNDQQHVVFKlGOLFKH,QWHUIHUHQ]HQGHU
)XQNNRPPXQLNDWLRQYHUXUVDFKHQ(VNDQQMHGRFKQLFKWJDUDQWLHUWZHUGHQGDVVLQHLQHUEHVWLPPWHQ(LQULFKWXQJNHLQH,QWHUIHUHQ]HQDXIWUHWHQZHUGHQ)DOOVGLHVHV*HUlWVFKlGOLFKH,QWHUIHUHQ]HQGHV5XQGIXQNRGHU)HUQVHKHPSIDQJVYHUXUVDFKWZDVGXUFK$XVXQG
(LQVFKDOWHQGHV*HUlWVHUPLWWHOWZHUGHQNDQQLVWGHU%HQXW]HUJHKDOWHQ]XYHUVXFKHQGLH,QWHUIHUHQ]HQDQKDQGHLQHURGHUPHKUHUHUGHU
IROJHQGHQ0DQDKPHQ]XEHKHEHQ(PSIDQJVDQWHQQHQHXDXVULFKWHQRGHUDQHLQHPDQGHUHQ2UWDXIVWHOOHQ'LVWDQ]]ZLVFKHQ*HUlWXQG(PSIlQJHUYHUJU|HUQ
*HUlWDQHLQH6WHFNGRVHLQHLQHPDQGHUHQ6WURPNUHLVDQVFKOLHHQDOVGHPYRP(PSIlQJHUYHUZHQGHWHQ'HQ5DWGHV+lQGOHUVRGHUHLQHVHUIDKUHQHQ5XQGIXQN)HUQVHKWHFKQLNHUVHLQKROHQ(OFRPHWHU0RGHOO7'LHVHU)XQNVHQGHUGDUIJHPlGHQ5LFKWOLQLHQYRQ,QGXVWU\&DQDGDQXUXQWHU9HUZHQGXQJHLQHU$QWHQQH
HLQHV7\SVXQGHLQHUPD[LPDOHQ RGHUJHULQJHUHQ 9HUVWlUNXQJEHWULHEHQZHUGHQGHUE]ZGLHYRQ,QGXVWU\&DQDGDIUGHQ6HQGHU]XJHODVVHQZXUGH=XU5HGX]LHUXQJHLQHUSRWHQWLHOOHQ)XQNVW|UXQJDQGHUHU$QZHQGHUVROOWHQGHU$QWHQQHQW\SXQGVHLQ
9HUVWlUNXQJVIDNWRUVRJHZlKOWZHUGHQGDVVGLHlTXLYDOHQWHLVRWURSH6WUDKOXQJVOHLVWXQJ (,53 QLFKWK|KHULVWDOV]XUHUIROJUHLFKHQ.RPPXQLNDWLRQHUIRUGHUOLFK'LHVHV*HUlWHQWVSULFKWGHUGHQOL]HQ]IUHLHQ5661RUPHQYRQ,QGXVWU\&DQDGD6HLQ%HWULHELVWYRUEHKDOWOLFKGHUEHLGHQIROJHQGHQ%HGLQJXQJHQ]XOlVVLJ  'LHVHV*HUlWGDUINHLQH,QWHUIHUHQ]HQYHUXUVDFKHQXQG  GLHVHV*HUlWPXVVMHJOLFKH,QWHUIHUHQ]HQDQQHKPHQHLQVFKOLHOLFK,QWHUIHUHQ]HQGLHHLQHQXQHUZQVFKWHQ%HWULHEGHV*HUlWVYHUXUVDFKHQN|QQHQ
'LHVHVGLJLWDOH*HUlWGHU.ODVVH%HQWVSULFKWGHU1RUP&$1,&(6 % 10% % 
LVWHLQHHLQJHWUDJHQH+DQGHOVPDUNHGHU(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%8*UREULWDQQLHQXQG1RUGLUODQG LVWHLQH+DQGHOVPDUNHLP(LJHQWXPGHU%OXHWRRWK6,*,QFXQGOL]HQ]LHUWIU(OFRPHWHU/LPLWHG(OFRPHWHU0RGHOO7*HHLJQHWIUL3KRQH3OXVL3KRQHL3KRQHVL3KRQHFL3KRQHL3KRQHVL3KRQHL3DG$LUL3DG
PLQLL3DG$LUL3DGPLQLL3DG XQG*HQHUDWLRQ L3DGPLQLL3DGXQGL3RGWRXFK XQG*HQHUDWLRQ ³0DGHIRUL3RG´´0DGHIRUL3KRQH´XQG³0DGHIRUL3DG´EHGHXWHWGDVVHOHNWURQLVFKHV=XEHK|UVSH]LHOOIUGLH9HUELQGXQJPLWL3RG
L3KRQHUHVSHNWLYHL3DGNRQ]LSLHUWXQGYRP(QWZLFNOHUDOVGLH$SSOH/HLVWXQJVVWDQGDUGVHUIOOHQG]HUWLIL]LHUWZXUGH$SSOHLVWQLFKWIU
GHQ%HWULHEGLHVHV*HUlWVRGHUVHLQH.RQIRUPLWlWPLW6LFKHUKHLWVXQGDXIVLFKWVEHK|UGOLFKHQ6WDQGDUGVYHUDQWZRUWOLFK%HDFKWHQ6LH
ELWWHGDVVVLFKGHU*HEUDXFKGLHVHV=XEHK|UVLQ9HUELQGXQJPLWL3RGL3KRQHRGHUL3DGDXIGLH:LUHOHVV/HLVWXQJDXVZLUNHQN|QQWH
L3DGL3KRQHXQGL3RGWRXFKVLQGLQGHQ86$XQGDQGHUHQ/lQGHUQHLQJHWUDJHQH0DUNHQ]HLFKHQGHU$SSOH,QF
$SS6WRUHLVWHLQGHQ86$XQGDQGHUHQ/lQGHUQHLQJHWUDJHQHV0DUNHQ]HLFKHQGHU$SSOH,QF
*RRJOH3OD\LVWHLQ0DUNHQ]HLFKHQGHU*RRJOH,QF
$OOHDQGHUHQ+DQGHOVPDUNHQVLQGDQHUNDQQW
5'DV(OFRPHWHULVWLQHLQHP.DUWRQYHUSDFNW6WHOOHQ6LHELWWHVLFKHUGDVVDOOH9HUSDFNXQJDXIXPZHOWYHUWUlJOLFKH:HLVHHQWVRUJWZLUG/DVVHQ6LHVLFKYRQ,KUHU|UWOLFKHQ8PZHOWEHK|UGHZHLWHUEHUDWHQ+DXSWQLHGHUODVVXQJ(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%8*UREULWDQQLHQXQG1RUGLUODQG

70$$XVJDEH7H[WPLW8PVFKODJ1U

5*XtDGHOXVXDULR(OFRPHWHU0RGHOR6\7
0HGLGRUGHSXQWRGHURFtR

ZZZHOFRPHWHUFRP5&217(1,'2



















'HVFULSFLyQJHQHUDOGHOPHGLGRU&RQWHQLGRGHODFDMD
8WLOL]DFLyQGHOPHGLGRU,QWURGXFFLyQ/RVVHQVRUHV(VSHFLILFDFLyQGHOtPLWHV
7RPDGHXQDOHFWXUD
8WLOL]DFLyQGHVRQGDVGHWHPSHUDWXUDH[WHUQDV(VWDGtVWLFDV/RWHV0RGHOR7
5HYLVLyQGHGDWRVGHORWHV0RGHOR7(VWUXFWXUDGHPHQ~V0RGHOR6(VWUXFWXUDGHPHQ~V0RGHOR7'HVFDUJDGHGDWRV0RGHOR7
5HSXHVWRV\DFFHVRULRV'HFODUDFLyQGHJDUDQWtD(VSHFLILFDFLRQHVWpFQLFDV$YLVRVOHJDOHVHLQIRUPDFLyQVREUHODQRUPDWLYD

3E+J

3DUDGHVSHMDUFXDOTXLHUGXGDFRQVXOWHODYHUVLyQRULJLQDOHQLQJOpV'LPHQVLRQHVGHOPHGLGRU[[PP [[SXOJDGDV
3HVRGHOPHGLGRUJ R] LQFOXLGDVSLODV
(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 QLWUDGXFLUVH 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

HV

ZZZHOFRPHWHUFRP5

'(6&5,3&,Ï1*(1(5$/'(/0(','25















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



6RQGDGHWHPSHUDWXUDVXSHUILFLDO
6RQGDGHWHPSHUDWXUDGHODLUH\GHKXPHGDG,QGLFDGRUHV/('5RMR L]TXLHUGR 9HUGH GHUHFKR
3DQWDOOD/&'
7HFODVSURJUDPDGDV7HFODGHHQFHQGLGRDSDJDGR&RQH[LyQGHFRUUHDSDUDFROJDUGHODPXxHFD&RQHFWRUGHVDOLGDGHGDWRV86% EDMRODFXELHUWD&RPSDUWLPHQWRGHODVSLODV,PDQHVLQWHJUDGRV&RQHFWRUGHVRQGDGHWLSR. SRUGHEDMRGHODFXELHUWD

&217(1,'2'(/$&$-$








0HGLGRUGHSXQWRGHURFtR(OFRPHWHU%ROVRSURWHFWRUFRQHQJDQFKHSDUDFLQWXUyQSLODV$$$UQpVSDUDPXxHFD
6RIWZDUH(OFR0DVWHU\FDEOH86% VRORPRGHOR7&HUWLILFDGRGHFDOLEUDFLyQ*XtDGHOXVXDULRZZZHOFRPHWHUFRP

HV

5

87,/,=$&,Ï1'(/0(','25
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U

8QLGDGHVGHPHGLGD&JNJ)JUOE$OLPHQWDFLyQ86%
%OXHWRRWKDFWLYDGR
7HFODSURJUDPDGD0HQ~
7HFODSURJUDPDGD(VWDG
7HFODSURJUDPDGD/RWH PRGHOR7
5HWHQHUOHFWXUDDFWXDO,QLFLDUGHWHQHUUHJLVWUR PRGHOR7,QGLFDGRUHVGHWHQGHQFLD9DORUFUHFLHQWHRGHFUHFLHQWH
3DUiPHWURVFOLPiWLFRV0i[LPRGH$OLPHQWDFLyQ3LODV LQFOXLGRLQGLFDGRUGHGXUDFLyQGHSLODV
5HJLVWURPDQXDO
7HFODSURJUDPDGD/RWHFXDQGRVHXWLOL]DQORWHV PRGHOR7
1~PHURGHORWHQ~PHURGHOHFWXUDGHORWH PRGHOR7$ODUPDOHFWXUDVLWXDGDIXHUDGHORVOtPLWHVHVWDEOHFLGRV\KDELOLWDGRV7HFODVSURJUDPDGDVEORTXHDGDV PRGHOR7
5HJLVWURGHLQWHUYDORFXDQGRVHXWLOL]DQORWHV PRGHOR7
0RGRGHWHUPyPHWURDFWLYDGR
7HPSHUDWXUDGHVRQGDH[WHUQD
L

D

Q

E
K

M

F

N
P
K
J

G

I

H

O
T

R
S
U

HV

ZZZHOFRPHWHUFRP

5

,1752'8&&,Ï1, 167$/$&,Ï1'(/$63,/$6&DGDPHGLGRUVHVXPLQLVWUDFRQSLODV$$
DOFDOLQDV

3DUDLQWURGXFLURVXVWLWXLUODVSLODV 5HWLUHODFXELHUWDGHODVSLODVJLUDQGRHO 
WRUQLOORGHUHWHQFLyQHQVHQWLGRDQWLKRUDULR
 ,QWURGX]FDSLODVDVHJXUiQGRVHGHTXHODSRODULGDGVHDFRUUHFWD
 9XHOYDDFRORFDUODFXELHUWD\JLUHHOWRUQLOORGHUHWHQFLyQHQVHQWLGRKRUDULRSDUDILMDUOR
(OHVWDGRGHODVSLODVVHLQGLFDPHGLDQWHXQVtPERORVLWXDGRHQOD
SDUWHVXSHULRUGHUHFKDGHODSDQWDOOD  &XDQWRVPiVVHJPHQWRVVHPXHVWUHQPHMRUVHUiHOHVWDGRGHODVSLODV
6LQRVHPXHVWUDQLQJ~QVHJPHQWRQRHVDFRQVHMDEOHXWLOL]DUHOPHGLGRUSDUDHOUHJLVWURGHLQWHUYDORVGXUDQWHSHULRGRVGHWLHPSRSURORQJDGRV VRORPRGHOR7FRQVXOWDODVHFFLyQ
µ&RQILJXUDFLyQGHUHJLVWURPDQXDORGHLQWHUYDOR¶HQODSiJLQDHV 
6LVHVXVWLWX\HQODVSLODVGXUDQWHHOUHJLVWURGHLQWHUYDORSXHGHTXH
HOPHGLGRUPXHVWUHµ3RU)DYRU(VSHUH¶PLHQWUDVYXHOYHDFDOFXODUODVHVWDGtVWLFDVGHOORWH
&XDQGRODVSLODVHVWpQFDVLDJRWDGDVHOVtPERORGHVXPLQLVWURGHHQHUJtDGHODVSLODVFRPHQ]DUiDSDUSDGHDU\HOPHGLGRUHPLWLUiEUHYHVSLWLGRVFDGDVHJXQGRVSDUDLQGLFDUTXHODVSLODVGHEHQFDPELDUVH
(OPHGLGRUWDPELpQSXHGHDOLPHQWDUVHDWUDYpVGH 86%HPSOHDQGRHOFDEOH86%VXPLQLVWUDGR PRGHOR7 RTXHSXHGHDGTXLULUVHFRPRDFFHVRULR PRGHOR6 FRQVXOWHODVHFFLyQµ5HSXHVWRV\DFFHVRULRV¶HQODSiJLQD HV1RWD(OFDEOH86%QRVHSXHGHXWLOL]DUSDUDFDUJDUODVSLODV 6(/(&&,Ï1'(/,',20$
 0DQWHQJDSXOVDGRHOERWyQGHHQFHQGLGRDSDJDGRKDVWDTXH
DSDUH]FDHOORJRWLSRGH(OFRPHWHU
 3XOVH0HQ~&RQILJXUDU,GLRPDV\VHOHFFLRQHVXLGLRPDHPSOHDQGRODVWHFODVSURJUDPDGDVÏÐ 6LJDORVPHQ~VGHODSDQWDOODZZZHOFRPHWHUFRP

HV

5

,1752'8&&,Ï1 FRQWLQXDFLyQ

3DUDDFFHGHUDOPHQ~GHLGLRPDVHQRWURLGLRPD
 $SDJXHHOPHGLGRU
 0DQWHQJDSXOVDGDODWHFODSURJUDPDGDL]TXLHUGD\HQFLHQGDHOPHGLGRU
 6HOHFFLRQHVXLGLRPDHPSOHDQGRODVWHFODVSURJUDPDGDVÏÐ $-867(6'(3$17$//$(OXVXDULRSXHGHGHILQLUGLYHUVDVFRQILJXUDFLRQHVGHSDQWDOODPHGLDQWH0HQ~&RQILJXUDU(VWDEOHFH/X]GH)RQGRTXHVRQ
y


y







%ULOOR /X]GH)RQGR SXHGHFRQILJXUDUVHFRPRµ,QWHQVLGDG%DMD¶µ,QWHQVLGDG0HGLD¶Rµ,QWHQVLGDG$OWD¶
7LHPSRGHHVSHUD/X]GH)RQGRODSDQWDOODVHRVFXUHFHVLSHUPDQHFHLQDFWLYDGXUDQWHHOSHULRGRGHILQLGRSRUHOXVXDULR
3DUDDMXVWDUHOWLHPSRGHHVSHUDGHLOXPLQDFLyQSRVWHULRUXWLOLFHODVWHFODVSURJUDPDGDVÏÐSDUDUHVDOWDUµ7LHPSR)XHUD/X]¶\SXOVHµ6HOHFF¶8WLOLFHODVWHFODVSURJUDPDGDVÏÐSDUD
HVWDEOHFHUHOYDORUUHTXHULGRHQWUH GHVDFWLYDGR \VHJXQGRV\SXOVHµ2N¶SDUDHVWDEOHFHUR³(VF´SDUDFDQFHODU OPHGLGRUWDPELpQSXHGHDSDJDUVHDXWRPiWLFDPHQWHGHVSXpVGH(XQSHULRGRGHLQDFWLYLGDGGHILQLGRSRUHOXVXDULRHQWUH\
PLQXWRVDWUDYpVGH0HQ~&RQILJXUDU$XWR$SDJDGR
1RWDµ$XWR$SDJDGR¶HVWiGHVDFWLYDGRVLHOPHGLGRUVHDOLPHQWDPHGLDQWH
FRQH[LyQ86%

 &21),*85$&,Ï1'(/$3$17$//$'(/(&785$(OXVXDULRSXHGHVHOHFFLRQDUODYLVXDOL]DFLyQHQSDQWDOODGHKDVWDFLQFRSDUiPHWURVFOLPiWLFRV/DVPHGLGDVVHWRPDQSDUDWRGRVORV
SDUiPHWURVFOLPiWLFRVDXQTXHVRORVHPXHVWUDQORVVHOHFFLRQDGRV/RVXVXDULRVSXHGHQVHOHFFLRQDUHQWUH
y
y
y
y
y

+5GHKXPHGDGUHODWLYD
7V7HPSHUDWXUDVXSHUILFLDO
7D7HPSHUDWXUDGHODLUH
7U7HPSHUDWXUDGHSXQWRGHURFtRFDOFXODGDDSDUWLUGH7D\+5'77HPSHUDWXUD'HOWDODGLIHUHQFLDHQWUHODWHPSHUDWXUDGHOD
 VXSHUILFLH\HOSXQWRGHURFtRy
7EV7HPSHUDWXUDGHEXOERVHFRLJXDOD7D
ZZZHOFRPHWHUFRP
HV

5

,1752'8&&,Ï1 FRQWLQXDFLyQ
y


y

7EK7HPSHUDWXUDGHEXOERK~PHGRFDOFXODGDDSDUWLU
GH7D\+5+(+XPHGDGHVSHFtILFDFDOFXODGDDSDUWLUGH7D\+5

1RWD/DIyUPXODXWLOL]DGDSDUDHOFiOFXORGH7EK\+(XWLOL]DXQYDORUILMRGH
SUHVLyQGHODLUHHVWDEOHFLGRHQDWPyVIHUD PEDU /DSUHFLVLyQGH7EK\+(YDUtDFRQRWURVYDORUHVGHSUHVLyQDWPRVIpULFD(VWD
YDULDFLyQSXHGHVHUVXSHULRUD&SDUD7EK\PEDUSDUD+(3DUDFRQILJXUDUODSDQWDOOD
 3XOVH0HQ~&RQILJXUDU
9HU6HOHFFLRQDU/HFWXUDV 8WLOLFHODVWHFODVSURJUDPDGDVÏÐ
SDUDUHVDOWDUODRSFLyQUHTXHULGD\SXOVH³6HOHFF´$OSXOVDUµ6HOHFF¶GH
QXHYRVHGHVDFWLYDUiODRSFLyQ (OPHGLGRUSLWDUiVLHOXVXDULRLQWHQWD

VHOHFFLRQDUXQSDUiPHWUR\\DKD\FLQFRVHOHFFLRQDGRVHQHVHFDVRVHUiQHFHVDULRDQXODUODVHOHFFLyQGHXQSDUiPHWURDQWHV
GHVHOHFFLRQDURWUR

3DUDVHOHFFLRQDUHOSDUiPHWURTXH
GHEHPRVWUDUVHHQORVGtJLWRVJUDQGHVVLWXDGRVHQODSDUWHLQIHULRUGHOD
SDQWDOODSXOVH0HQ~&RQILJXUDU
9HU/HFWXUD3ULQFLSDO8WLOLFHODVWHFODVSURJUDPDGDVÏÐ
SDUDUHVDOWDUODRSFLyQUHTXHULGDGHOD
OLVWDPRVWUDGD\SXOVHµ6HOHFF¶ 6RORORVSDUiPHWURVFOLPiWLFRVVHOHFFLRQDGRVDWUDYpVGHOSDVRDQWHULRUHVWDUiQGLVSRQLEOHVSDUDVXVHOHFFLyQHQODOLVWDµ/HFWXUD3ULQFLSDO¶ 3DUDDXPHQWDUHOWDPDxRGHODOHFWXUDSULQFLSDOUHGX]FDHOQ~PHURGH
SDUiPHWURVPRVWUDGRVHQODSDQWDOODGHOHFWXUDV1RWD6LXQDOHFWXUDVXSHUDFXDOTXLHUOtPLWHHVWDEOHFLGRGXUDQWHODPHGLFLyQ
pVWDVHPRVWUDUiLQWHUPLWHQWHPHQWHHQODSDQWDOODDXQTXHQRKD\DVLGRVHOHFFLRQDGDSDUDVXYLVXDOL]DFLyQVLJXLHQGRORVSDVRVDQWHULRUHV 6(/(&&,Ï1'(/$81,'$''(0(','$+D\GLVSRQLEOHVGLIHUHQWHVRSFLRQHVGHXQLGDGHVGHPHGLGDD&)JNJJUOE3DUDVHOHFFLRQDUODXQLGDGGHPHGLGDSXOVH
0HQ~&RQILJXUDU8QLGDGHVDJNJ\JUOEVRORVRQSDUDPHGLFLRQHVGHµKXPHGDGHVSHFtILFD¶ZZZHOFRPHWHUFRP

HV

5

,1752'8&&,Ï1 FRQWLQXDFLyQ &21),*85$&,Ï1'(5(*,67520$18$/2'(,17(59$/2/RVXVXDULRVSXHGHQRSWDUSRUUHJLVWUDUOHFWXUDVPDQXDOPHQWHµ5HJLVWUR
0DQXDO¶ PRGHORV6\7 RSRUSURJUDPDUHOPHGLGRUSDUDTXHWRPH
OHFWXUDVDLQWHUYDORVGHILQLGRV\JXDUGHODVOHFWXUDVHQODPHPRULDGHORWHVDXWRPiWLFDPHQWHµ5HJLVWURGH,QWHUYDOR¶ PRGHOR7VRODPHQWH 
3DUDVHOHFFLRQDUµ5HJLVWUR0DQXDO¶HQPRGRLQPHGLDWR PRGHORV6\7 
 3XOVH0HQ~&RQILJXUDU5HJLVWUR0DQXDO
 3DUDVHOHFFLRQDUHODOPDFHQDPLHQWRDXWRPiWLFRGHXQDOHFWXUDXWLOLFHODVWHFODVSURJUDPDGDVÏÐSDUDUHVDOWDUµ6ROR6DOYDU¶\SXOVHµ6HOHFF¶ 3DUDVHOHFFLRQDUHOPDQWHQLPLHQWRGHXQDOHFWXUDVHJXLGRGH
XQDRSFLyQSDUDJXDUGDUXWLOLFHODVWHFODVSURJUDPDGDVÏÐSDUDUHVDOWDUµ5HWHQHU\6DOYDU¶\SXOVHµ6HOHFF¶ (ODMXVWHSUHGHWHUPLQDGRHVµ5HWHQHU\6DOYDU¶µ5HJLVWUR0DQXDO¶WDPELpQHVWiGLVSRQLEOHFXDQGRVHXWLOL]DQORWHVPRGHOR7 µ5HJLVWURGH,QWHUYDOR¶VRORHVWiGLVSRQLEOHFXDQGRVHXWLOL]DQORWHVPRGHOR7 
3DUDREWHQHUPiVLQIRUPDFLyQVREUHODFUHDFLyQGHXQQXHYRORWHFRQ
µ5HJLVWUR0DQXDO¶Rµ5HJLVWURGH,QWHUYDOR¶FRQVXOWHOD6HFFLyQ
µ&UHDFLyQGHXQQXHYRORWH¶HQODSiJLQDHV
/266(1625(6/RVVHQVRUHVGH D KXPHGDG +5 \
WHPSHUDWXUDGHODLUH 7D \ E WHPSHUDWXUDVXSHUILFLDO 7V HVWiQVLWXDGRVHQODSDUWHVXSHULRUGHOPHGLGRU

D
E

1RWD(OVHQVRUGHWHPSHUDWXUDVXSHUILFLDOWLHQHXQ
Q~PHURGHVHULHTXHSHUPLWHODWUD]DELOLGDG
GHVXFDOLEUDFLyQ

3$5$2%7(1(5/(&785$635(&,6$6y
1RREVWUX\DHOIOXMRGHDLUHDWUDYpVGHORVRULILFLRVGHODFDUFDVD VLWXDGRVDOUHGHGRUGHORVVHQVRUHVGHKXPHGDG\WHPSHUDWXUDGHODLUHy
0DQWHQJDORVGHGRVDSDUWDGRVGHORVRULILFLRV HOFDORUFRUSRUDO SXHGHDIHFWDUDODVOHFWXUDV y'HMHDOPHGLGRUDSUR[LPDGDPHQWHPLQXWRVSDUDTXHVHDFOLPDWH FXDQGRORKD\DWUDVODGDGRGHXQHQWRUQRIUtRDXQRFiOLGR\YLFHYHUVDZZZHOFRPHWHUFRP
HV

5

/266(1625(6 FRQWLQXDFLyQ

3$5$(9,7$5'$f26
1RDSOLTXHXQDIXHU]DH[FHVLYDDOPHGLUODWHPSHUDWXUDVXSHUILFLDO%DVWDFRQXQOLJHURFRQWDFWRHQWUHODVRQGD\OD
VXSHUILFLH(OXVRGHXQDIXHU]DH[FHVLYDQRDXPHQWDODYHORFLGDGGHODPHGLFLyQQLPHMRUDVXSUHFLVLyQSHURVt
DXPHQWDHOGDxRSRUGHVJDVWHGHODSXQWDGHOVHQVRU
1RDUUDVWUHODVRQGDGHWHPSHUDWXUDVXSHUILFLDOSRUODVXSHUILFLH
SDUDHYLWDUXQGHVJDVWHH[FHVLYR(OVHQVRUGHKXPHGDGHVIUiJLOSRUORTXHQRGHEHWRFDUVHQXQFD
1RXWLOLFHDLUHFRPSULPLGRSDUDOLPSLDUORVVHQVRUHVQLHOPHGLGRU
6LODVXSHUILFLHGHOVHQVRUGHKXPHGDGVHVDWXUDGHKXPHGDG
GHMHTXHpVWDVHHYDSRUHSRUFRPSOHWRHQXQHQWRUQRVHFRDQWHVGHXWLOL]DUHOPHGLGRUSDUDWRPDUPHGLGDV
3URWHMDHOPHGLGRUGHOSROYRGHSLQWXUD\GHODVXFLHGDGHQOD
PHGLGDGHORSRVLEOH\DTXHHVWRVDIHFWDQDODUJRSOD]RDOD
SUHFLVLyQGHOVHQVRUGHKXPHGDG0DQWHQJDVLHPSUHHOPHGLGRUHQVXEROVDSURWHFWRUDFXDQGRQRORHVWpXWLOL]DQGR
1RODYHORVVHQVRUHVHQDJXDQLFRQGLVROYHQWHV
(63(&,),&$&,Ï1'(/Ë0,7(6(OXVXDULRSXHGHHVWDEOHFHUXQOtPLWHVXSHULRU\RLQIHULRUSDUDFXDOTXLHUDRSDUDWRGRVORVSDUiPHWURVFOLPiWLFRV
3XHGHQHVWDEOHFHUVHOtPLWHVSDUDOHFWXUDVLQGLYLGXDOHV VLQRHVWiHQHO
PRGR/RWHV ROtPLWHVLQGLYLGXDOHVSDUDFDGDORWH HQHOPRGR/RWHV 
3DUDHVWDEOHFHUOtPLWHVSDUDOHFWXUDVLQGLYLGXDOHV PRGHORV6\7 
 3XOVH0HQ~)LMDU/tPLWHV
 8WLOLFHODVWHFODVSURJUDPDGDVÏÐSDUDUHVDOWDUHOSDUiPHWUR
UHTXHULGR\SXOVHµ6HOHFF¶ 8WLOLFHODVWHFODVSURJUDPDGDVÏÐSDUDUHVDOWDUµ/tPLWH6XS
(QFHQGLGR¶\SXOVHµ6HOHFF¶SDUDDFWLYDUHOOtPLWH
 8WLOLFHODVWHFODVSURJUDPDGDVÏÐSDUDUHVDOWDUµ/tPLWH
6XSHULR¶\SXOVHµ6HOHFF¶
HV
ZZZHOFRPHWHUFRP

5

(63(&,),&$&,Ï1'(/Ë0,7(6 FRQWLQXDFLyQ
 8WLOLFHODVWHFODVSURJUDPDGDVÏÐSDUDHVWDEOHFHUHOYDORUUHTXHULGR\SXOVHµ2N¶SDUDHVWDEOHFHURµ(VF¶SDUDFDQFHODU
 6LHVSUHFLVRUHSLWDORVSDVRVSDUDDMXVWDU\DFWLYDUXQYDORU
GHOtPLWHLQIHULRU
 5HSLWDORVSDVRVSRUFDGDSDUiPHWURFOLPiWLFRVHJ~QVHDQHFHVDULR
3DUDHVWDEOHFHUOtPLWHVSDUDXQORWH PRGHOR7 
3XHGHQHVWDEOHFHUVHOtPLWHVDOFUHDUXQQXHYRORWH8QDYH]TXHVH
KDJXDUGDGRXQDOHFWXUDHQHOORWHORVOtPLWHVQRVHSXHGHQPRGLILFDUQLVHSXHGHQDxDGLURWURV








3XOVH/RWH1XHYR/RWH/tPLWHV
8WLOLFHODVWHFODVSURJUDPDGDVÏÐSDUDUHVDOWDUHOSDUiPHWUR
UHTXHULGR\SXOVHµ6HOHFF¶
8WLOLFHODVWHFODVSURJUDPDGDVÏÐSDUDUHVDOWDUµ/tPLWH6XS
(QFHQGLGR¶\SXOVHµ6HOHFF¶SDUDDFWLYDUHOOtPLWH
8WLOLFHODVWHFODVSURJUDPDGDVÏÐSDUDUHVDOWDUµ/tPLWH6XSHULR¶\SXOVHµ6HOHFF¶
8WLOLFHODVWHFODVSURJUDPDGDVÏÐSDUDHVWDEOHFHUHOYDORUUHTXHULGR\SXOVHµ2N¶SDUDHVWDEOHFHURµ(VF¶SDUDFDQFHODU
6LHVSUHFLVRUHSLWDORVSDVRVSDUDDMXVWDU\DFWLYDUXQYDORU
GHOtPLWHLQIHULRU
5HSLWDORVSDVRVSRUFDGDSDUiPHWURFOLPiWLFRVHJ~QVHDQHFHVDULR /RVOtPLWHVGHORWHSXHGHQYHUVHHQFXDOTXLHUPRPHQWRDWUDYpVGH/RWH5HYLVDU/RWHV

&XDQGRHOYDORUGHXQSDUiPHWURFDHIXHUDGHORVOtPLWHVDMXVWDGRV\DFWLYDGRVyHOLFRQRGHOSDUiPHWURFRUUHVSRQGLHQWHSDUSDGHD 6LXQDOHFWXUDVXSHUDFXDOTXLHUOtPLWHHVWDEOHFLGRGXUDQWHODPHGLFLyQ

pVWDVHPRVWUDUiLQWHUPLWHQWHPHQWHHQODSDQWDOODDXQTXHQRKD\DVLGRVHOHFFLRQDGDSDUDVXYLVXDOL]DFLyQPHGLDQWH
0HQ~&RQILJXUDU9HU6HOHFFLRQDU/HFWXUDV

y
y
y
y




HOVtPERORGHDODUPDVHPXHVWUDMXQWRDOSDUiPHWUR
HO/('URMRSDUSDGHDVXHQDXQDDODUPDVRQRUDEFXDQGRVHXWLOL]DQORWHV PRGHOR7 XQDOHFWXUDTXHVXSHUDXQ
OtPLWHVXSHULRUVHPDUFDFRQ\XQDOHFWXUDTXHVXSHUDXQ
OtPLWHLQIHULRUVHPDUFDFRQ

1RWD&XDQGRHOYDORUGHOSDUiPHWURYXHOYHDVLWXDUVHGHQWURGHORVOtPLWHVHO
HVWDGRGHDODUPDGHVDSDUHFHDXWRPiWLFDPHQWH
E

(OYROXPHQGHODDODUPDVHGHWHUPLQDPHGLDQWHHOYROXPHQGHOSLWLGRHVWDEOHFLGRDWUDYpVGH
0HQ~&RQILJXUDU9RO~PHQGH3LWLGR

HVZZZHOFRPHWHUFRP

5

720$'(81$/(&785$ $17(6'(&20(1=$5 3XOVHHOERWyQGHHQFHQGLGRDSDJDGRSDUDHQFHQGHUHOPHGLGRU
pVWHFRPHQ]DUiDUHDOL]DUPHGLFLRQHV  &RQILJXUHODSDQWDOODGHOHFWXUDFRQVXOWHOD6HFFLyQHQODSiJLQDHV 6HOHFFLRQHODVXQLGDGHVGHPHGLGDFRQVXOWHOD6HFFLyQHQ
ODSiJLQDHV (VWDEOHFHORVOtPLWHVUHTXHULGRVFRQVXOWHOD6HFFLyQHQODSiJLQDHV 720$'(81$/(&785$(102'2,10(',$72
6LJDHVWHSURFHGLPLHQWRSDUDWRPDUOHFWXUDVPDQXDOPHQWH µ5HJLVWUR
0DQXDO¶ FRQODRSFLyQGHJXDUGDUGDWRVGHOHFWXUDVHQODPHPRULD
FLUFXODUGHOPHGLGRU

6LW~HODSXQWDGHJRPDGHOVHQVRUGHWHPSHUDWXUDVXSHUILFLDOFRQWUDODVXSHUILFLHSUHIHULEOHPHQWHFRQXQiQJXORGH\
PDQWpQJDODHQHVDSRVLFLyQ (OLQGLFDGRUGHWHQGHQFLDVLWXDGRMXQWRDOSDUiPHWURLQGLFDVLHOYDORUHVWi

FUHFLHQGR  REDMDQGR  /DDXVHQFLDGHXQLQGLFDGRUGHWHQGHQFLDLQGLFDTXHHOYDORUHVHVWDEOH



3XOVHµ5HWHQ¶VHJXLGRGHµ*XDUGD¶SDUDJXDUGDUORVGDWRVGHODOHFWXUDHQODPHPRULDGHOPHGLGRU
 6Lµ5HJLVWUR0DQXDO¶HVWiFRQILJXUDGRFRPRµ6ROR*XDUGDU¶µ5HWHQ¶QRVH

PXHVWUD6LPSOHPHQWHSXOVHµ*XDUGD¶SDUDJXDUGDUORVGDWRVGHODOHFWXUDHQODPHPRULDGHOPHGLGRU

3DUDYHUHODQiOLVLVHVWDGtVWLFRGHORVGDWRVGHOHFWXUDVSXOVHODWHFODSURJUDPDGDµ(VWDG¶FRQVXOWHOD6HFFLyQµ(VWDGtVWLFDV¶HQODSiJLQDHVSDUDREWHQHUPiVLQIRUPDFLyQ 720$'(81$/(&785$(102'2'(/27( 02'(/27
6LJDHVWHSURFHGLPLHQWRSDUDWRPDUOHFWXUDVPDQXDOPHQWH µ5HJLVWUR
0DQXDO¶ RDXWRPiWLFDPHQWHDLQWHUYDORVGHWLHPSRHVWDEOHFLGRV¶5HJLVWURGH,QWHUYDOR¶ \JXDUGDUORVGDWRVGHOHFWXUDVHQXQORWH

6LVHXWLOL]Dµ5HJLVWUR0DQXDO¶ &UHHXQQXHYRORWHGHµ5HJLVWUR0DQXDO¶FRQVXOWHOD
6HFFLyQHQODSiJLQDHV 6LW~HODSXQWDGHJRPDGHOVHQVRUGHWHPSHUDWXUDVXSHUILFLDOFRQWUDODVXSHUILFLHSUHIHULEOHPHQWHFRQXQiQJXORGH\
PDQWpQJDODHQHVDSRVLFLyQ (OLQGLFDGRUGHWHQGHQFLDVLWXDGRMXQWRDOSDUiPHWURLQGLFDVLHOYDORUHVWi

FUHFLHQGR  REDMDQGR  /DDXVHQFLDGHXQLQGLFDGRUGHWHQGHQFLDLQGLFDTXHHOYDORUHVHVWDEOH

ZZZHOFRPHWHUFRP

HV

5

720$'(81$/(&785$ FRQWLQXDFLyQ 3XOVH 5HWHQ VHJXLGRGH *XDUGD SDUDJXDUGDUORVGDWRVGHODOHFWXUDHQODPHPRULDGHOORWH
 6L 5HJLVWUR0DQXDO HVWiFRQILJXUDGRFRPR 6ROR*XDUGDU  5HWHQ QRVH

PXHVWUD6LPSOHPHQWHSXOVH *XDUGD SDUDJXDUGDUORVGDWRVGHODOHFWXUDHQODPHPRULDGHOORWH DUDVDOLUGHOPRGRGHORWHSXOVHODWHFODSURJUDPDGD3
VHJXLGDGHµ6DOLUGH/RWHV¶

6LVHXWLOL]Dµ5HJLVWURGH,QWHUYDOR¶$QWHVGHFRPHQ]DUVLGHVHDWRPDUOHFWXUDVDORODUJRGHXQSHULRGR
GHWLHPSRSURORQJDGRFRPSUXHEHTXHODVSLODVHVWpQHQEXHQHVWDGR
HQFDVRGHGXGDLQWURGX]FDSLODVQXHYDVFRQVXOWHOD6HFFLyQ
µ,QVWDODFLyQGHODVSLODV¶HQODSiJLQDHV&RQVLGHUHODSRVLELOLGDGGHXWLOL]DUXQDVRQGDGHWHPSHUDWXUDH[WHUQD
VXMHWDUODVRQGDGHWHPSHUDWXUDVXSHUILFLDOLQWHJUDGDHQHOPHGLGRUFRQWUDODVXSHUILFLHGXUDQWHXQSHULRGRGHWLHPSRODUJRSXHGHQRVHU
SUiFWLFRFRQVXOWHOD6HFFLyQµ8WLOL]DFLyQGHVRQGDVGHWHPSHUDWXUDH[WHUQDV¶HQODSiJLQDHV





&UHHXQQXHYRORWHGHµ5HJLVWURGH,QWHUYDOR¶\HVWDEOH]FDHO
LQWHUYDORGHWLHPSRGHUHJLVWURUHTXHULGRFRQVXOWHOD6HFFLyQHQODSiJLQDHV6LW~HODSXQWDGHJRPDGHOVHQVRUGHWHPSHUDWXUDVXSHUILFLDOFRQWUDODVXSHUILFLHSUHIHULEOHPHQWHFRQXQiQJXORGH\
PDQWpQJDODHQHVDSRVLFLyQ (OLQGLFDGRUGHWHQGHQFLDVLWXDGRMXQWRDOSDUiPHWURLQGLFDVLHOYDORUHVWi

FUHFLHQGR  REDMDQGR  /DDXVHQFLDGHXQLQGLFDGRUGHWHQGHQFLDLQGLFDTXHHOYDORUHVHVWDEOH



3XOVHµ,QLFLR¶SDUDLQLFLDUHOUHJLVWURORVGDWRVVHJXDUGDUiQDXWRPiWLFDPHQWHFRQHOLQWHUYDORHVWDEOHFLGR
 3XHGHDMXVWDUVHXQDKRUDGHLQLFLRGLIHULGRDOFUHDUXQORWHGHµ5HJLVWURGH,QWHUYDOR¶(OPHGLGRUVHLQLFLDUiDXWRPiWLFDPHQWHFXDQGRKD\DWUDQVFXUULGRHOWLHPSRGHILQLGR
 6LVHKDDMXVWDGRXQDKRUDGHµ$XWR$SDJDGR¶HOPHGLGRUSDUHFHUiDSDJDUVH
GHVSXpVGHOUHWDUGRGHWLHPSRGHILQLGRSHURSHUPDQHFHUiHQFHQGLGRHQXQHVWDGRGHEDMDDOLPHQWDFLyQPLHQWUDVHVWpUHJLVWUDQGROHFWXUDV(QHVWH
HVWDGRGXUDQWHHOUHJLVWURGHLQWHUYDORHOPHGLGRUVHJXLUiUHJLVWUDQGRGDWRVGHOHFWXUDVHQODPHPRULDGHORWHFRQHOLQWHUYDORGHUHJLVWURGHILQLGR&XDQGR
VHYXHOYDDHQFHQGHUHOPHGLGRUYROYHUiDDEULUVHHOORWH XOVHµ'HWHQ¶SDUDGHWHQHUHOUHJLVWURGHGDWRVVHJXLGRGHµ6L¶
3SDUDFRQILUPDURµ1R¶SDUDFDQFHODU\VHJXLUUHJLVWUDQGR
3DUDVDOLUGHOPRGRGHORWHSXOVHODWHFODSURJUDPDGDVHJXLGDGHµ6DOLUGH/RWHV¶

HV

ZZZHOFRPHWHUFRP

5

720$'(81$/(&785$ FRQWLQXDFLyQ(O(OFRPHWHU0RGHOR7WLHQHXQDIXQFLyQGHQRPLQDGDµ7HFODGR%ORTXHDGR¶TXHSURSRUFLRQDXQQLYHODGLFLRQDOGHVHJXULGDGSDUDHYLWDUTXHVHGHWHQJDDFFLGHQWDOPHQWHHOUHJLVWURGHLQWHUYDOR&XDQGRHVWiDFWLYDGDµ7HFODGR%ORTXHDGR¶HVQHFHVDULDXQDWHFODDGLFLRQDOSDUDGHWHQHUHOUHJLVWURGHLQWHUYDOR

3DUDDFWLYDUµ7HFODGR%ORTXHDGR¶SXOVH0HQ~&RQILJXUDU7HFODGR%ORTXHDGRVHJXLGRGHµ6HOHFF¶
3DUDYHUHODQiOLVLVHVWDGtVWLFRGHORVGDWRVGHOHFWXUDVSXOVHOD
WHFODSURJUDPDGDµ/RWH¶FRQVXOWHOD6HFFLyQµ(VWDGtVWLFDVGH
ORWH¶HQODSiJLQDHVSDUDREWHQHUPiVLQIRUPDFLyQ87,/,=$&,Ï1'(621'$6'(7(03(5$785$(;7(51$6(VSRVLEOHDMXVWDUDO(OFRPHWHUXQDVRQGDGHWHPSHUDWXUDH[WHUQDWLSRNSDUDWRPDUPHGLFLRQHVGXUDQWHXQSHULRGRGHWLHPSRSURORQJDGRµ5HJLVWURGH,QWHUYDOR¶ 0RGHOR7 RHQXELFDFLRQHVUHPRWDVDOPHGLGRU
3DUDREWHQHULQIRUPDFLyQVREUHODVVRQGDVH[WHUQDVGLVSRQLEOHVHQ(OFRPHWHUFRQVXOWHOD6HFFLyQµ5HSXHVWRV\DFFHVRULRV¶HQODSiJLQDHV ,167$/$&,Ï1'(81$621'$'(7(03(5$785$
(;7(51$D $EUDODFXELHUWDGHJRPD D TXHFXEUHHO
FRQHFWRUGHVRQGDWLSRNVLWXDGDHQOD
SDUWHVXSHULRUGHOPHGLGRU 1RHVQHFHVDULRDSDJDUHOPHGLGRUDQWHVGHLQVWDODUXQDVRQGDGHWHPSHUDWXUDH[WHUQD,QWURGX]FDHOFRQHFWRUPDFKRGHODVRQGD
H[WHUQDHQHOFRQHFWRUKHPEUDQRIXHUFHHOFRQHFWRUPDFKRSDUDTXHHQWUHHQHOFRQHFWRUKHPEUD 8QODGRGHOFRQHFWRUHVPiVDQFKRTXHHORWURSRUORTXHHOFRQHFWRUPDFKRGHODVRQGDH[WHUQDVRORHQWUDHQHOFRQHFWRUKHPEUDHQXQD
GLUHFFLyQ

1RWD&XDQGRVHLQVWDODXQDVRQGDH[WHUQDVHGHVDFWLYDODVRQGDGH
WHPSHUDWXUDVXSHUILFLDOLQWHJUDGDZZZHOFRPHWHUFRP

HV

5

87,/,=$&,Ï1'(621'$6'(7(03(5$785$(;7(51$6 FRQW(O(OFRPHWHUWLHQHXQDIXQFLyQµ0RGR7HUPyPHWUR¶TXHFXDQGR
HVWiDFWLYDGDKDFHTXHHOPHGLGRUVRORPLGD\PXHVWUHODWHPSHUDWXUDGHVRQGDH[WHUQD 7H VHGHVDFWLYDQWRGDVODVGHPiVIXQFLRQHV

6LHVWiDFWLYDGDµ0RGR7HUPyPHWUR¶\QRKD\LQVWDODGDXQDVRQGDGH
WHPSHUDWXUDH[WHUQDHOPHGLGRUPRVWUDUiXQDOHFWXUDGHHUURUµ¶
3DUDDFWLYDUµ0RGR7HUPyPHWUR¶SXOVH0HQ~0RGR7HUPyPHWURVHJXLGRGHµ6HOHFF¶/DFRQH[LyQGHXQDVRQGDH[WHUQDVHLQGLFDHQODSDQWDOOD
y


y


6LHVWiDFWLYDGRµ0RGR7HUPyPHWUR¶ODSDQWDOODPXHVWUD
\7H
6LQRHVWiDFWLYDGRµ0RGR7HUPyPHWUR¶ODSDQWDOODPXHVWUD\7V 35(3$5$&,Ï1'(/0(','253$5$68862&2181$
621'$(;7(51$(O(OFRPHWHUDGPLWHPHGLFLRQHVGHWHPSHUDWXUDH[WHUQD
FRQXQDVRQGDDGHFXDGDGHD& GH)D) 
6LQHPEDUJRHOPHGLGRUHVWiOLPLWDGRDWHPSHUDWXUDVGHHQWUH\& HQWUH)\) \QRGHEHH[SRQHUVHD
WHPSHUDWXUDVVLWXDGDVIXHUDGHHVWHUDQJR
y




y

y


6LKD\GLVSRQLEOHXQDVXSHUILFLHPDJQpWLFDILMHHOPHGLGRUDOD
VXSHUILFLHHPSOHDQGRORVLPDQHVLQWHJUDGRVHQODSDUWH
SRVWHULRUGHOPHGLGRU$VHJ~UHVHGHTXHHOPHGLGRUVHKD
ILMDGRFRUUHFWDPHQWHDQWHVGHXWLOL]DUOR
6LODVRQGDGHWHPSHUDWXUDH[WHUQDHVPDJQpWLFDILMHODVRQGD
DODVXSHUILFLHPDJQpWLFD
6LODVRQGDGHWHPSHUDWXUDH[WHUQDHVSDUDPHGLFLyQGH
OtTXLGRVVLW~HODSXQWDGHODVRQGDHQHOOtTXLGR

1RWD6LODWHPSHUDWXUDGHODVRQGDGHWHPSHUDWXUDH[WHUQDVXSHUDHOUDQJRGHO
PHGLGRUQRDSDUHFHQLQJ~QPHQVDMHGHHUURUQLDGYHUWHQFLDSHURHOYDORU
GHOHFWXUDVHJXDUGDUiFRPRµ¶HV

ZZZHOFRPHWHUFRP5(67$'Ë67,&$6(O(OFRPHWHUSXHGHPRVWUDUHVWDGtVWLFDVGHOHFWXUDVJXDUGDGDVHQODPHPRULDFLUFXODUGHOHFWXUDV PRGHORV6\7 RODPHPRULD
GHORWH PRGHOR7 

3XOVHODWHFODSURJUDPDGDµ(VWDG¶SDUDYHUODVHVWDGtVWLFDVGHOHFWXUDVJXDUGDGDVHQODPHPRULDFLUFXODU
6HPXHVWUDQORVVLJXLHQWHVYDORUHVHVWDGtVWLFRV3XOVHODWHFODSURJUDPDGDGHODGHUHFKDSDUDYHUODVHVWDGtVWLFDVGHOVLJXLHQWH
SDUiPHWUR3XOVHµ&OHDU¶SDUDERUUDUODVHVWDGtVWLFDV
y
y
y
y
y
y

1~PHURGHOHFWXUDV Q
/HFWXUDPHGLD ;
/HFWXUDPiVEDMD /R
/HFWXUDPiVDOWD +L
'HVYLDFLyQHVWiQGDU ı
&RHILFLHQWHGHYDULDFLyQ &29(QODSDQWDOODGHUHYLVLyQGHHVWDGtVWLFDVDOSXOVDUODWHFODSURJUDPDGDµ/HFWUV¶VHPXHVWUDHOYDORUGHOHFWXUD\ODIHFKD\ODKRUDGHFDGDOHFWXUDJXDUGDGDHQODPHPRULDFLUFXODU3XOVHODWHFODSURJUDPDGDGHODGHUHFKDSDUDYHUODVOHFWXUDVGHOVLJXLHQWH
SDUiPHWUR
(OLFRQRGHOtPLWHFRUUHVSRQGLHQWHVHPXHVWUDMXQWRDODVOHFWXUDVVLWXDGDVIXHUDGHFXDOTXLHUDGHORVOtPLWHVDFWLYDGRVVLODOHFWXUD
HVWiSRUGHEDMRGHOOtPLWHLQIHULRU\VLHVWiSRUHQFLPDGHOOtPLWHVXSHULRU
3DUDYHUODVOHFWXUDV\HVWDGtVWLFDVGHXQORWH PRGHOR7 FRQVXOWH
OD6HFFLyQµ5HYLVLyQGHGDWRVGHORWHV¶HQODSiJLQDHVZZZHOFRPHWHUFRP

HV

5

/27(602'(/27/RV(OFRPHWHUPRGHORV6\7WLHQHQXQDPHPRULDFLUFXODUGHOHFWXUDV(OPRGHOR7WDPELpQSXHGHDOPDFHQDUKDVWD
MXHJRVGHOHFWXUDVHQXQPi[LPRGHORWHV6HHQFXHQWUDQGLVSRQLEOHVODVVLJXLHQWHVIXQFLRQHVGHORWH
y

y
y

y
y

/RWH1XHYR/RWH&UHDXQORWHGHµ5HJLVWUR0DQXDO¶R
µ5HJLVWURGHLQWHUYDOR¶FRQVXOWHOD6HFFLyQµ&UHDFLyQGHXQQXHYRORWH¶HQODSiJLQDHV/RWH$EULU/RWH([LVWHQWH$EUHXQORWHH[LVWHQWH
/RWH5HYLVDU/RWHV3HUPLWHUHYLVDUODLQIRUPDFLyQGHOORWHODVOHFWXUDV\ODVHVWDGtVWLFDVFRQVXOWHOD6HFFLyQ
µ5HYLVLyQGHGDWRVGHORWHV¶HQODSiJLQDHV/RWH&RSLDU/RWH3HUPLWHFRSLDUXQORWHLQFOXLGDOD
LQIRUPDFLyQGHFDEHFHUDGHORWH
/RWH%RUUDU(OLPLQDXQVRORORWHRWRGRVORVORWHVGHOPHGLGRU

&5($&,Ï1'(8118(92/27(/RVXVXDULRVSXHGHQFUHDUXQORWHGHµ5HJLVWUR0DQXDO¶RXQORWHGHµ5HJLVWURGH,QWHUYDOR¶
y


y



µ5HJLVWUR0DQXDO¶(OXVXDULRJXDUGDPDQXDOPHQWHODVOHFWXUDVHQHOORWH
µ5HJLVWURGH,QWHUYDOR¶(OPHGLGRUHVWiSURJUDPDGRSDUDWRPDUOHFWXUDVDLQWHUYDORVGHWLHPSRGHILQLGRV\ODVOHFWXUDV
VHJXDUGDQDXWRPiWLFDPHQWHHQODPHPRULDGHORWH

3DUDFUHDUXQQXHYRORWHGHµ5HJLVWUR0DQXDO¶ 3XOVH0HQ~/RWH1XHYR/RWH
 6LQRVHPXHVWUDHQODSDQWDOODµ5HJLVWUR0DQXDOGH/RWH¶SXOVH
ODWHFODSURJUDPDGDSDUDVHOHFFLRQDUµ5HJLVWUR0DQXDO¶ (OLFRQRVHPRVWUDUiHQODSDQWDOODGHOHFWXUDSULQFLSDOSDUDLQGLFDUTXH

 VHKDDFWLYDGRµ5HJLVWUR0DQXDO¶

3XOVHµ/tPLWHV¶SDUDHVWDEOHFHUORVOtPLWHVQHFHVDULRVSDUDHO
ORWHFRQVXOWHOD6HFFLyQµ(VSHFLILFDFLyQGHOtPLWHV¶HQODSiJLQDHV3XOVHµ2N¶SDUDFUHDUHOORWHRµ(VF¶SDUDFDQFHODU
 &XDQGRKD\XQORWHDELHUWRODWHFODSURJUDPDGDµ/RWH¶VHVXVWLWX\HSRU 3XOVHSDUDUHJUHVDUDOPHQ~/RWH

HV

ZZZHOFRPHWHUFRP

5

/27(602'(/27 FRQWLQXDFLyQ

3DUDFUHDUXQQXHYRORWHGHµ5HJLVWURGH,QWHUYDOR¶ 3XOVH0HQ~/RWH1XHYR/RWH
 6LQRVHPXHVWUDHQODSDQWDOOD
µ5HJLVWURGHLQWHUYDORGH/RWH¶SXOVHOD
WHFODSURJUDPDGDSDUDVHOHFFLRQDU
µ5HJLVWURGH,QWHUYDOR¶VHJXLGRGHµ2N¶ (OLFRQRVHPRVWUDUiHQODSDQWDOODGH OHFWXUDSULQFLSDOSDUDLQGLFDUTXHVHKD DFWLYDGRµ5HJLVWURGH,QWHUYDOR¶

8WLOLFHODVWHFODVSURJUDPDGDVÏÐ
SDUDDMXVWDUHOLQWHUYDORGHWLHPSRUHTXHULGRHQWUHVHJXQGR\KRUDVVHJXLGRGHµ2N¶SDUDHVWDEOHFHUHO
LQWHUYDOR 6HPXHVWUDHOQ~PHURDSUR[LPDGRGH OHFWXUDVTXHSXHGHQWRPDUVH\JXDUGDUVH
 HQHOORWHMXQWRFRQHOQ~PHURDSUR[LPDGR GHGtDVTXHVHWDUGDUiHQWRPDUGLFKDV OHFWXUDVFRQHOLQWHUYDORGHWLHPSR
 HVWDEOHFLGR6LHVSUHFLVRXWLOLFHODVWHFODVSURJUDPDGDVÏÐSDUDDMXVWDUHO
LQWHUYDORGHWLHPSRUHTXHULGRHQWUH\PLQXWRVXµ$SDJDU¶VHJXLGRGHµ2N¶
SDUDHVWDEOHFHUOR3XOVHµ,QLFLR¶SDUDLQLFLDUHOUHJLVWUR
 6LVHKDHVWDEOHFLGRXQDKRUDGHLQLFLR GLIHULGRVHLQLFLDUiODFXHQWDDWUiVDOSXOVDU µ6WDUW¶6HPRVWUDUiHQODSDQWDOODHOLFRQR
 TXHFDPELDUiDFXDQGRKD\DWUDQVFXUULGR HOUHWDUGRGHILQLGR\HOPHGLGRUFRPLHQFHD UHJLVWUDUOHFWXUDV &XDQGRKD\XQORWHDELHUWRODWHFODSURJUDPDGDµ/RWH¶VHVXVWLWX\H SRU3XOVHSDUDUHJUHVDUDOPHQ~/RWH

ZZZHOFRPHWHUFRP

HV

5

5(9,6,Ï1'('$726'(/27(602'(/27/ (&785$6'(/27(63DUDYHUODVOHFWXUDVGHORWHV
 3XOVH/RWH5HYLVDU/RWHV 6L\DVHHQFXHQWUDHQXQORWHSXOVHVHJXLGRGHµ5HYLVDU/RWHV¶

8WLOLFHODVWHFODVSURJUDPDGDVÏÐSDUDVHOHFFLRQDUHOORWH
UHTXHULGRVHJXLGRGHµ6HOHFF¶
SDUDVHOHFFLRQDU
3XOVHµ/HFWUV¶SDUDYHUODVOHFWXUDVGHORWHV
3XOVH $WUiV SDUDYROYHUDO
PHQ~GHOORWH

6HPXHVWUDODIHFKD\ODKRUDGHFDGDOHFWXUDMXQWRFRQHOYDORUGHODOHFWXUD3XOVHODVWHFODVSURJUDPDGDVÏÐSDUDGHVSOD]DUVHSRUODVOHFWXUDV\ODWHFODSURJUDPDGDGHODGHUHFKDSDUDYHUODVOHFWXUDVSDUDHOVLJXLHQWHSDUiPHWUR
(OLFRQRGHOtPLWHFRUUHVSRQGLHQWHVHPXHVWUDMXQWRDODVOHFWXUDVVLWXDGDVIXHUDGHFXDOTXLHUDGHORVOtPLWHVDFWLYDGRVVLODOHFWXUDHVWiSRUGHEDMRGHOOtPLWHLQIHULRU\VLHVWiSRUHQFLPDGHOOtPLWHVXSHULRU(67$'Ë67,&$6'(/27(
3DUDYHUODVHVWDGtVWLFDVGHORWH
 3XOVH/RWH5HYLVDU/RWHV
 6L\DVHHQFXHQWUDHQXQORWHSXOVHVHJXLGRGHµ5HYLVDU/RWHV¶






8WLOLFHODVWHFODVSURJUDPDGDVÏÐSDUDVHOHFFLRQDUHOORWH
UHTXHULGRVHJXLGRGHµ6HOHFF¶
SDUDVHOHFFLRQDU
3XOVHµ(VWDG¶SDUDYHUODVHVWDGtVWLFDVGHORWH
3XOVH $WUiV SDUDYROYHUDO
PHQ~GHOORWH
 6LVHHQFXHQWUDHQXQORWHGHµ5HJLVWURGH,QWHUYDOR¶HOUHJLVWURVHGHWLHQHPLHQWUDVVHPXHVWUDQODVHVWDGtVWLFDV(OUHJLVWURVHUHDQXGDDOSXOVDUµ$WUiV¶

HV

ZZZHOFRPHWHUFRP

5

5(9,6,Ï1'('$726'(/27(602'(/27 FRQWLQXDFLyQ

6HPXHVWUDQORVVLJXLHQWHVYDORUHVHVWDGtVWLFRV3XOVHODWHFODSURJUDPDGDGHODGHUHFKDSDUDYHUODVHVWDGtVWLFDVGHOVLJXLHQWH
SDUiPHWUR
y
y
y
y
y
y

1~PHURGHOHFWXUDVGHOORWH Q
/HFWXUDPHGLDGHOORWH ;
/HFWXUDPiVEDMDGHOORWH /R
/HFWXUDPiVDOWDGHOORWH +L
'HVYLDFLyQHVWiQGDU ı
&RHILFLHQWHGHYDULDFLyQ &29(6758&785$'(0(1Ò602'(/26)LMDU/tPLWHV

0HQ~%RUUDU8OWLPD/HFWXUD/X]GH)RQGR
0RGR7HUPyPHWUR)LMDU/tPLWHV
9HU+RUD\)HFKD&RQILJXUDU
5HLQLFLDU$FHUFDGH

(VWDG

+5
7V
7D
7U
'7
+(

‫ۑ‬
‫ۑ‬

&RQILJXUDU
8QLGDGHV,GLRPDV$XWR$SDJDGR+RUD\)HFKD
9RO~PHQGH3LWLGR
9HU
5HJLVWUR0DQXDO
3DQWDOODGH8VXDULR(VWDEOHFH/X]GH)RQGR$FHUFDGH,QIRUPDFLyQ0HGLGRU&RQWDFWDU
$\XGD
/HJDO

/tPLWH6XS(QFHQGLGR/tPLWH6XSHULR/tPLWH,QI(QFHQGLGR/tPLWH,QIHULR

‫ۑ‬
‫ۑ‬

8QLGDGHV
&JNJ)JUOE‫ۑ‬‫ۑ‬
6HOHFFLRQDU/HFWXUDV

9HU
6HOHFFLRQDU/HFWXUDV/HFWXUD3ULQFLSDO‫ۑ‬

5HJLVWUR0DQXDO
6ROR6DOYDU
5HWHQHU\*XDUGDU

‫ۑ‬
‫ۑ‬

(VWDEOHFH/X]GH)RQGR/X]GH)RQGR‫ۑ‬
7LHPSR)XHUD/X]%ULOOR /X]GH)RQGR

+5
7V
7D
7U
'7
7EV
7EK
+(
%ULOOR /X]GH)RQGR,QWHQVLGDG%DMD,QWHQVLGDG0HGLD,QWHQVLGDG$OWD

‫ۑ‬
‫ۑ‬
‫ۑ‬

/HJDO
$YLVRVOHJDOHV
5HJXODFLRQHV

ZZZHOFRPHWHUFRP

HV

5

(6758&785$'(0(1Ò602'(/27)LMDU/tPLWHV

0HQ~%RUUDU8OWLPD/HFWXUD/X]GH)RQGR
0RGR7HUPyPHWUR)LMDU/tPLWHV
9HU+RUD\)HFKD&RQILJXUDU
5HLQLFLDU%OXHWRRWK$FHUFDGH

+5
7V
7D
7U
'7
+(

‫ۑ‬
‫ۑ‬

(VWDG

&RQILJXUDU
8QLGDGHV,GLRPDV$XWR$SDJDGR+RUD\)HFKD
9RO~PHQGH3LWLGR
9HU
5HJLVWUR0DQXDO
7HFODGR%ORTXHDGR
3DQWDOODGH8VXDULR(VWDEOHFH/X]GH)RQGR%OXHWRRWK+DELOLWDU%OXHWRRWK/tPLWH6XS(QFHQGLGR/tPLWH6XSHULR/tPLWH,QI(QFHQGLGR/tPLWH,QIHULR$FHUFDGH,QIRUPDFLyQ0HGLGRU&RQWDFWDU
$\XGD
/HJDO

‫ۑ‬

8QLGDGHV
&JNJ)JUOE‫ۑ‬‫ۑ‬
6HOHFFLRQDU/HFWXUDV

9HU
6HOHFFLRQDU/HFWXUDV/HFWXUD3ULQFLSDO

‫ۑ‬
‫ۑ‬

‫ۑ‬

,'0HGLGRU [[[[[[[[[$XWHQWLFDFLyQ
[[[[[
/RWH
6DOLUGH/RWHV‫ۑ‬
1XHYR/RWH$EULU/RWH([LVWHQWH
5HYLVDU/RWHV&RSLDU/RWH%RUUDU
0HPRULD/LEUH[[[‫ۑ‬

5HJLVWUR0DQXDO
6ROR6DOYDU
5HWHQHU\*XDUGDU

‫ۑ‬
‫ۑ‬

(VWDEOHFH/X]GH)RQGR/X]GH)RQGR‫ۑ‬
7LHPSR)XHUD/X]%ULOOR /X]GH)RQGR

+5
7V
7D
7U
'7
7EV
7EK
+(
%ULOOR /X]GH)RQGR,QWHQVLGDG%DMD,QWHQVLGDG0HGLD,QWHQVLGDG$OWD

‫ۑ‬
‫ۑ‬
‫ۑ‬

/HJDO
$YLVRVOHJDOHV
5HJXODFLRQHV%RUUDU/RWH6HQFLOOR
7RGRVORV/RWHV

'(6&$5*$'('$72602'(/27'(6&$5*$'('$726&21(/&20$67(50HGLDQWH(OFR0DVWHU SURSRUFLRQDGRFRQFDGDPHGLGRU\GLVSRQLEOHFRPRGHVFDUJDJUDWXLWDHQHOFRPHWHUFRP ORVPHGLGRUHVSXHGHQWUDQVPLWLUODVOHFWXUDVDXQ3&SDUDVXDUFKLYR\
SDUDJHQHUDULQIRUPHV/RVGDWRVSXHGHQWUDQVIHULUVHDWUDYpVGH
86%R%OXHWRRWK 3DUDREWHQHUPiVLQIRUPDFLyQVREUH(OFR0DVWHU YLVLWHZZZHOFRPHWHUFRP'(6&$5*$'('$726&21$3/,&$&,21(60Ï9,/(6(/&20$67(5/DVDSOLFDFLRQHVPyYLOHV(OFR0DVWHUSDUD$QGURLGRL26LGyQHDVSDUDVXXVRHQFDPSRRHQODVLQVWDODFLRQHVSHUPLWHQDORVXVXDULRV
y
y
y

$OPDFHQDUOHFWXUDVGLQiPLFDVGLUHFWDPHQWHHQXQGLVSRVLWLYRPyYLO\JXDUGDUODVHQORWHVMXQWRFRQFRRUGHQDGDVGH*36
$xDGLUIRWRJUDItDVGHODVXSHUILFLHVRPHWLGDDSUXHED/RVGDWRVGHLQVSHFFLyQSXHGHQWUDQVIHULUVHGHPyYLOD3&
SDUDUHDOL]DUDQiOLVLVDGLFLRQDOHV\JHQHUDULQIRUPHV

3DUDREWHQHUPiVLQIRUPDFLyQVREUHODVDSOLFDFLRQHVPyYLOHV(OFR0DVWHUYLVLWHZZZHOFRPHWHUFRP
HVZZZHOFRPHWHUFRP

5

'(6&$5*$ '( '$726 02'(/2 7 FRQWLQXDFLyQ&RPSDWLEOHFRQVPDUWSKRQHV\
WDEOHWVTXHHMHFXWHQ$QGURLGRVXSHULRU3DUDLQVWDODUOD
GHVFiUJXHODGHZZZHOFRPHWHUFRPR
HPSOHDQGRODDSOLFDFLyQ*RRJOH
3OD\6WRUH\VLJDODVLQVWUXFFLRQHVGHODSDQWDOOD
&UHDGRSDUDL3KRQH3OXVL3KRQHL3KRQHVL3KRQHF
L3KRQHL3KRQHVL3KRQH
L3DG$LUL3DGPLQLL3DG$LU
L3DGPLQLL3DG \
JHQHUDFLRQHV L3DGPLQLL3DG\L3RGWRXFK \
JHQHUDFLRQHV 3DUDLQVWDODUOD
GHVFiUJXHODDWUDYpVGHZZZHOFRPHWHUFRPRGHOD$SS
6WRUH\VLJDODVLQVWUXFFLRQHVGHODSDQWDOODZZZHOFRPHWHUFRP

HV

5

5(38(6726<$&&(625,26/RVVLJXLHQWHVDFFHVRULRV\UHSXHVWRVVHHQFXHQWUDQGLVSRQLEOHVD
WUDYpVGHVXGLVWULEXLGRU(OFRPHWHUORFDORGLUHFWDPHQWHGH(OFRPHWHU
621'$60$*1e7,&$6'(7(03(5$785$
683(5),&,$/
5DQJR
/RQJLWXG
1~PHURGHSLH]DGHOFDEOH'H&D& GH)D)  PP  7
'H&D& GH)D) F P   
7
F'H&D& GH)D)  P    7
'H&D& GH)D) F P   
7
F'H&D& GH)D)  P   
7

27526$&&(625,26'HVFULSFLyQ
6RQGDGHWHPSHUDWXUDH[WHUQDSDUDOtTXLGRV'H&D& GH)D) F%ROVRSURWHFWRUFRQHQJDQFKHSDUDFLQWXUyQ&DEOH86%
$UQpVSDUDPXxHFD


1~PHURGHSLH]D7
7
7
7

'(&/$5$&,Ï1'(*$5$17Ë$(O(OFRPHWHUVHVXPLQLVWUDFRQXQDJDUDQWtDGHPHVHVTXH
H[FOX\HFRQWDPLQDFLyQ\GHVJDVWH/DJDUDQWtDSXHGHDPSOLDUVH
KDVWDGRVDxRVHQXQSOD]RGHGtDVGHVSXpVGHODFRPSUDDWUDYpVGHZZZHOFRPHWHUFRP
/DVRQGDGHWHPSHUDWXUDVXSHUILFLDOVHVXPLQLVWUDFRQXQDJDUDQWtD
GHPHVHVVRORSDUDGHIHFWRVGHIDEULFDFLyQ

F

(OUDQJRGHPHGLFLyQSDUDHOTXHSXHGHXWLOL]DUVHHOPHGLGRUHVGH&D& GH)D) 

HV

ZZZHOFRPHWHUFRP

5

(63(&,),&$&,21(67e&1,&$6
5DQJRGHWHPSHUDWXUDV

3UHFLVLyQ

5HVROXFLyQ

0HGLGRU

GH&D&GH)D)&
)&
)

7HPSHUDWXUDGHO
DLUH 7D

GH&D&GH)D)&H)&
)

7HPSHUDWXUDVXSHU¿FLDO 7V

GH&D&GH)D)&
)&
)

6RQGDH[WHUQD
WLSR. 7H

GH&D&GH)D)&
)I&
)+XPHGDG
UHODWLYD +5

GHD+5

+5J

+XPHGDGHVSHFt¿FD +(GHJNJDJNJ
GHJUOEDJUOE

+(

JNJ
JUOE

G

0HPRULDGHO
PHGLGRU

0RGHORV6\7MXHJRVGHOHFWXUDV PHPRULDFLUFXODU
0RGHOR7MXHJRVGHOHFWXUDVHQXQPi[LPRGHORWHV

5DQJRGH
IXQFLRQDPLHQWR
GHOPHGLGRU\HO
/&')XHQWHGH
DOLPHQWDFLyQ'XUDFLyQGHODVSLODV'H&D&GH)D)SLODV$$KRDWUDYpVGHFDEOH86%
5HJLVWURPDQXDO6XSHULRUDKRUDVOX]GHIRQGRGHVDFWLYDGD

5HJLVWURGHLQWHUYDOR+DVWDKRUDVOHFWXUDFDGDPLQXWRV'LPHQVLRQHV
GHOPHGLGRU
3HVRGHO
PHGLGRU

[[PP [[
J R] LQFOXLGDVSLODV&XPSOHODVVLJXLHQWHVQRUPDV
L
L%6%,0206&  ,0206&  ,62
861DY\16,861DY\33,
G

 1RH[SRQJDHOPHGLGRUDWHPSHUDWXUDVVLWXDGDVIXHUDGHOUDQJRGHIXQFLRQDPLHQWRGHOPHGLGRU\HO/&' 3UHFLVLyQGH&SRUGHEDMRGH& )SRUGHEDMRGH) I
 3UHFLVLyQGH& ) FRQVRQGDVWLSR.VXPLQLVWUDGDVSRU(OFRPHWHU/DVVRQGDVVXPLQLVWUDGDVSRURWURVIDEULFDQWHVSXHGHQYDULDU
J $PVK
 /DVSLODVVXPLQLVWUDGDVFRQHOPHGLGRUWLHQHQXQDWHPSHUDWXUDPi[LPDGHIXQFLRQDPLHQWRGH& ) (OXVRSURORQJDGRGHOPHGLGRUSRUHQFLPDGHHVWDWHPSHUDWXUDSXHGHUHTXHULUHOXVRGHSLODVDOWHUQDWLYDVL 3DUD,02363& ,QWHUQDWLRQDO0DULQH2UJDQLVDWLRQ3HUIRUPDQFH6WDQGDUGIRU3URWHFWLYH&RDWLQJV(VWiQGDUGHUHQGLPLHQWRSDUDUHYHVWLPLHQWRVSURWHFWRUHV GHEHQUHJLVWUDUVHODKXPHGDGUHODWLYDOD
WHPSHUDWXUDVXSHUILFLDO\HOSXQWRGHURFtR(O(OFRPHWHUSXHGHXWLOL]DUVHSDUDHVWHHVWiQGDUHZZZHOFRPHWHUFRP

HV

5

$9,626/(*$/(6(,1)250$&,Ï162%5(/$1250$7,9$'HFODUDFLyQGHFRQIRUPLGDG(OFRPHWHU0RGHOR7FXPSOHORVUHTXLVLWRVGHODVVLJXLHQWHV'LUHFWLYDVGHOD8((8(OHFWURPDJQHWLF&RPSDWLELOLW\(8
5DGLR(TXLSPHQW(8
5HVWULFWLRQRIWKHXVHRIFHUWDLQKD]DUGRXVVXEVWDQFHV(OFRPHWHU0RGHOR6FXPSOHORVUHTXLVLWRVGHODVVLJXLHQWHV'LUHFWLYDVGHOD8((8(OHFWURPDJQHWLF&RPSDWLELOLW\(8
5HVWULFWLRQRIWKHXVHRIFHUWDLQKD]DUGRXVVXEVWDQFHV/DV'HFODUDFLRQHVGH&RQIRUPLGDGSXHGHQGHVFDUJDUVHDWUDYpVGH
0RGHOR6ZZZHOFRPHWHUFRPLPDJHVVWRULHV3')V'DWDVKHHWV'HFODUDWLRQBRIB&RQIRUPLW\6SDQLVK'R&BB6SGI
0RGHOR7ZZZHOFRPHWHUFRPLPDJHVVWRULHV3')V'DWDVKHHWV'HFODUDWLRQBRIB&RQIRUPLW\6SDQLVK'R&BB7SGI(VWHSURGXFWRHVXQHTXLSRGH&ODVH%*UXSR,60FRQIRUPHDODVQRUPDV&,635
3URGXFWRGHFODVH%(VDSWRSDUDVXXVRHQHQWRUQRVGRPpVWLFRV\HVWDEOHFLPLHQWRVFRQHFWDGRVGLUHFWDPHQWHDXQDUHGGHVXPLQLVWURGHEDMDWHQVLyQTXHVXPLQLVWUHDHGLILFLRVGHGLFDGRVDXVRUHVLGHQFLDO
3URGXFWRGH*UXSR,603URGXFWRTXHJHQHUD\RXWLOL]DLQWHQFLRQDGDPHQWHHQHUJtDGHUDGLRIUHFXHQFLDGHDFRSODPLHQWR
FRQGXFWLYRQHFHVDULDSDUDHOIXQFLRQDPLHQWRLQWHUQRGHOSURSLRHTXLSR
(O86%HVSDUDWUDQVIHUHQFLDGHGDWRVVRODPHQWH\QRGHEHFRQHFWDUVHDODUHGHOpFWULFDPHGLDQWHXQDGDSWDGRUGH86%UHG
HOpFWULFD
3XHGHDFFHGHUVHDODPDUFDGHFRQIRUPLGDG$&0$DWUDYpVGH0HQ~,QIRUPDFLyQ/HJDOLGDGHV5HJXODWRULR(OFRPHWHU0RGHOR73XHGHDFFHGHUVHDODPDUFD*LWHNLVXQ~PHURGHUHJODPHQWRHO,'GHOD)&&\HO4','GH%OXHWRRWK6,*
DWUDYpVGH0HQ~,QIRUPDFLyQ/HJDOLGDGHV5HJXODWRULR(OFRPHWHU0RGHOR7(VWHGLVSRVLWLYRFXPSOHORVUHTXLVLWRVGHODSDUWHGHODVQRUPDVGHOD)&&6XXWLOL]DFLyQHVWiVXMHWDDODVVLJXLHQWHVGRVFRQGLFLRQHV  (VWHHTXLSRQRSXHGHSURYRFDULQWHUIHUHQFLDVQRFLYDV\  HVWHHTXLSRGHEHDFHSWDUFXDOTXLHULQWHUIHUHQFLDUHFLELGDLQFOXLGDVODVLQWHUIHUHQFLDVTXHSXHGDQSURYRFDUXQIXQFLRQDPLHQWRQRGHVHDGR(VWHHTXLSRFXPSOHORVOtPLWHVGHH[SRVLFLyQDUDGLDFLRQHVGHOD)&&HVWLSXODGRVSDUDHQWRUQRVQRFRQWURODGRV/RVXVXDULRVILQDOHVGHEHUiQVHJXLUODVLQVWUXFFLRQHVGHXVRSDUDFXPSOLUODVQRUPDVGHH[SRVLFLyQDUDGLRIUHFXHQFLDV(VWHWUDQVPLVRUQRGHEHVLWXDUVH
QLXWLOL]DUVHMXQWRDRWUDDQWHQDRWUDQVPLVRU
/RVFDPELRVRPRGLILFDFLRQHVUHDOL]DGRVVLQDSUREDFLyQH[SUHVDGH(OFRPHWHU/LPLWHGSRGUtDQDQXODUODDXWRUL]DFLyQFRQFHGLGDDOXVXDULRSDUDXWLOL]DUHOHTXLSR(OFRPHWHU0RGHOR6127$(VWHHTXLSRKDVLGRVRPHWLGRDSUXHEDVTXHFRQILUPDQVXFXPSOLPLHQWRGHORVOtPLWHVSDUDGLVSRVLWLYRVGLJLWDOHVGHFODVH%FRQIRUPHDODSDUWHGHODVQRUPDVGHOD)&&(VWRVOtPLWHVHVWiQGLVHxDGRVSDUDSURSRUFLRQDUXQDSURWHFFLyQUD]RQDEOHIUHQWHDLQWHUIHUHQFLDVGDxLQDVHQLQVWDODFLRQHVGRPpVWLFDV(VWHHTXLSRJHQHUDXWLOL]D\SXHGHLUUDGLDUHQHUJtDGHUDGLRIUHFXHQFLDSRUORTXHVLQRVHLQVWDOD\XWLOL]DFRQIRUPHDODVLQVWUXFFLRQHVSXHGHSURYRFDULQWHUIHUHQFLDVGDxLQDV
HQFRPXQLFDFLRQHVGHUDGLR1RREVWDQWHQRH[LVWHJDUDQWtDDOJXQDGHTXHQRVHSURGX]FDQLQWHUIHUHQFLDVHQLQVWDODFLRQHV
FRQFUHWDV(QHOFDVRGHTXHHVWHHTXLSRSURYRTXHLQWHUIHUHQFLDVGDxLQDVHQODUHFHSFLyQGHUDGLRRWHOHYLVLyQORTXHSXHGH
GHWHUPLQDUVHHQFHQGLHQGR\DSDJDQGRHOHTXLSRHOXVXDULRGHEHUiLQWHQWDUFRUUHJLUGLFKDVLQWHUIHUHQFLDVDGRSWDQGRXQDRYDULDVGHODVVLJXLHQWHVPHGLGDV5HRULHQWHRFDPELHGHOXJDUODDQWHQDUHFHSWRUD$XPHQWHODGLVWDQFLDHQWUHHOHTXLSR\HOUHFHSWRU
&RQHFWHHOHTXLSRDXQDWRPDGHXQFLUFXLWRGLVWLQWRDOGHOUHFHSWRU
&RQVXOWHDVXSURYHHGRURDXQWpFQLFRFRQH[SHULHQFLDHQUDGLR79SDUDREWHQHUD\XGD(OFRPHWHU0RGHOR7'HFRQIRUPLGDGFRQODQRUPDWLYDGH,QGXVWU\&DQDGDHVWHWUDQVPLVRUGHUDGLRVRORSXHGHXWLOL]DUVH
HPSOHDQGRXQDDQWHQDGHXQWLSR\XQDJDQDQFLDPi[LPD RLQIHULRUDOD DSUREDGDSDUDHOWUDQVPLVRUSRU,QGXVWU\&DQDGD3DUDUHGXFLUODVSRVLEOHVLQWHUIHUHQFLDVGHUDGLRDRWURVXVXDULRVHOWLSRGHDQWHQD\VXJDQDQFLDGHEHQHOHJLUVHGHPDQHUDTXHHOHTXLYDOHQWHGHSRWHQFLDLUUDGLDGDLVRWUySLFDPHQWH HLUS QRVHDVXSHULRUDODQHFHVDULDSDUDTXHODFRPXQLFDFLyQVHDVDWLVIDFWRULD
(VWHGLVSRVLWLYRFXPSOHOD V QRUPD V 566GHH[HQFLyQGHOLFHQFLDGH,QGXVWU\&DQDGD6XXWLOL]DFLyQHVWiVXMHWDDODVVLJXLHQWHVGRVFRQGLFLRQHV  (VWHHTXLSRQRSXHGHSURYRFDULQWHUIHUHQFLDV\  HVWHHTXLSRGHEHDFHSWDUFXDOTXLHULQWHUIHUHQFLDUHFLELGDLQFOXLGDVODVLQWHUIHUHQFLDVTXHSXHGDQSURYRFDUXQIXQFLRQDPLHQWRQRGHVHDGRGHOGLVSRVLWLYR
(VWHDSDUDWRGLJLWDOGH&ODVH%FXPSOHODQRUPD&$1,&(6 % 10% % 
HVXQDPDUFDFRPHUFLDOUHJLVWUDGDGH(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%85HLQR8QLGR
VRQPDUFDVFRPHUFLDOHVSURSLHGDGGH%OXHWRRWK6,*,QFSDUDODVTXHVHKDFRQFHGLGROLFHQFLDD(OFRPHWHU/LPLWHG(OFRPHWHU0RGHOR7&UHDGRSDUDL3KRQH3OXVL3KRQHL3KRQHVL3KRQHFL3KRQHL3KRQHVL3KRQHL3DG$LU
L3DGPLQLL3DG$LUL3DGPLQLL3DG \JHQHUDFLRQHV L3DGPLQLL3DG\L3RGWRXFK \JHQHUDFLRQHV ³0DGHIRUL3RG´³0DGHIRUL3KRQH´\³0DGHIRUL3DG´LQGLFDQTXHXQDFFHVRULRHOHFWUyQLFRKDVLGRGLVHxDGRSDUDFRQHFWDUHVSHFtILFDPHQWHFRQL3RGL3KRQHRL3DGUHVSHFWLYDPHQWH\KDREWHQLGRGHOGHVDUUROODGRUHOFHUWLILFDGRGHFXPSOLPLHQWRGHODVQRUPDVGHIXQFLRQDPLHQWRGH$SSOH$SSOHQRHVUHVSRQVDEOHGHOIXQFLRQDPLHQWRGHHVWHGLVSRVLWLYRQLGHOFXPSOLPLHQWRSRUSDUWHGHOPLVPRGHODVQRUPDVGHVHJXULGDG\GHODQRUPDWLYD7HQJDHQFXHQWDTXHHOXVRGHHVWHDFFHVRULRFRQL3RGL3KRQHRL3DGSXHGHDIHFWDUDOUHQGLPLHQWRLQDOiPEULFR
L3DGL3KRQH\L3RGWRXFKVRQPDUFDVFRPHUFLDOHVGH$SSOH,QFUHJLVWUDGDVHQ((88\RWURVSDtVHV
$SS6WRUHHVXQDPDUFDFRPHUFLDOGH$SSOH,QFUHJLVWUDGDHQ((88\RWURVSDtVHV*RRJOH3OD\HVXQDPDUFDFRPHUFLDOGH*RRJOH,QF
7RGDVODVGHPiVPDUFDVFRPHUFLDOHVVHGDQSRUUHFRQRFLGDV
5(O(OFRPHWHUVHVXPLQLVWUD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
6HGHFHQWUDO(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%85HLQR8QLGR

70$HPLVLyQ7H[WRFRQ&XELHUWD5*XLGHG XWLOLVDWLRQ(OFRPHWHUPRGqOHV6 7&DOFXODWHXUGHSRLQWGHURVpH

ZZZHOFRPHWHUFRP

56200$,5(



















3UpVHQWDWLRQGHO LQVWUXPHQW&ROLVDJH
8WLOLVHUO LQVWUXPHQW
3UHPLqUHVGpPDUFKHV/HVFDSWHXUV'pILQLUGHVOLPLWHV
3UHQGUHXQHPHVXUH
8WLOLVHUOHVVRQGHVGHWHPSpUDWXUHH[WHUQHV
6WDWLVWLTXHV
3UHQGUHGHVPHVXUHVSDUORW0RGqOH7
9LVXDOLVHUOHVORWVGHGRQQpHV0RGqOH7
6WUXFWXUHGXPHQX0RGqOH6
6WUXFWXUHGXPHQX0RGqOH7
7UDQVIpUHUGHVGRQQpHV0RGqOH7
3LqFHVGHUHFKDQJH $FFHVVRLUHV'pFODUDWLRQGHJDUDQWLH&DUDFWpULVWLTXHVWHFKQLTXHV,QIRUPDWLRQVOpJDOHV UqJOHPHQWDLUHV

3E+J(QFDVGHGRXWHPHUFLGHYRXVUpIpUHUjODYHUVLRQRULJLQDOHDQJODLVHGHFHPDQXHO'LPHQVLRQVGHO LQVWUXPHQW[[PP [[
3RLGVGHO LQVWUXPHQWJ R] DYHFSLOHV
(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

IU

ZZZHOFRPHWHUFRP

5

35e6(17$7,21'(/ ,167580(17















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



6RQGHGHWHPSpUDWXUHGHVXUIDFH
6RQGHGHWHPSpUDWXUH KXPLGLWpDPELDQWH,QGLFDWHXUV/('5RXJH JDXFKH 9HUW GURLWH(FUDQ/&'7RXFKHV
7RXFKH0DUFKH$UUrW
3RLQWGHIL[DWLRQGUDJRQQH
3ULVH86%SRXUVRUWLHGHGRQQpHV VRXVOHFDSRW&RPSDUWLPHQWSLOHV$LPDQWVLQWpJUpV&RQQHFWHXUSRXUVRQGHW\SH. VRXVOHFDSRW

&2/,6$*(








&DOFXODWHXUGHSRLQWGHURVpH(OFRPHWHU(WXLGHSURWHFWLRQDYHFFOLSFHLQWXUH[SLOHV$$'UDJRQQH/RJLFLHO(OFR0DVWHU FkEOH86% 0RGqOH7VHXOHPHQW&HUWLILFDWGHFDOLEUDWLRQ*XLGHG XWLOLVDWLRQZZZHOFRPHWHUFRP

IU

5

87,/,6(5/ ,167580(17
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U

8QLWpVGHPHVXUH&JNJ)JUOE$OLPHQWDWLRQ86%
%OXHWRRWKDFWLYp
7RXFKH0HQX
7RXFKH6WDWV
7RXFKH/RW PRGqOH7)LJHUODYDOHXUDFWXHOOH'pSDUW$UUrWGHO HQUHJLVWUHPHQW PRGqOH7,QGLFDWHXUVGHWHQGDQFH9DOHXUFURLVVDQWHRXGpFURLVVDQWH
3DUDPqWUHVFOLPDWLTXHVPD[LPXP$OLPHQWDWLRQSLOHVLQGLFDWHXUGHGXUpHGHYLHLQFOXV(QUHJLVWUHPHQWPDQXHO7RXFKH/RWHQPRGHORW PRGqOH7
1XPpURGHORW1RPEUHGHPHVXUHGXORW PRGqOH7$ODUPHYDOHXUHQGHKRUVGHVOLPLWHVGp¿QLHVHWDFWLYpHV
9HUURXLOODJHGHVWRXFKHV PRGqOH70HVXUHVSDULQWHUYDOOHVHQPRGHORW PRGqOH7
0RGH7KHUPRPqWUHHQPDUFKH
6RQGHGHWHPSpUDWXUHH[WHUQH
L

D

Q

E
K

M

F

N
P
K
J

G

I

H

O
T

R
S
U

IU

ZZZHOFRPHWHUFRP

5

35(0,Ê5(6'e0$5&+(60 ,6((13/$&('(63,/(6&KDTXHLQVWUXPHQWHVWOLYUpDYHFSLOHV$OFDOLQH$$
3RXULQVWDOOHURXUHPSODFHUOHVSLOHV  'pYLVVH]OHVYLVGDQVOHVHQVLQYHUVHGHVDLJXLOOHVG XQHPRQWUHSRXUUHWLUHUOH 
FRXYHUFOHGXFRPSDUWLPHQWSLOHV ,QVpUH]GHX[SLOHVHQYHLOODQWjUHVSHFWHUODSRODULWp
 5HSODFH]OHFRXYHUFOHHWUHVVHUUH]OHVYLVGDQVOHVHQVGHVDLJXLOOHVG XQHPRQWUHSRXUOHPDLQWHQLU/HQLYHDXGHYLHGHVSLOHVHVWLQGLTXpSDUXQV\PE{OHVLWXpHQKDXWjGURLWHGHO pFUDQ  3OXVOHQRPEUHGHVHJPHQWVHVWpOHYp
SOXVO DXWRQRPLHHVWJUDQGH
,OHVWGpFRQVHLOOpGHFRPPHQFHUjXWLOLVHUODMDXJHSRXUGHVHQUHJLVWUHPHQWVSpULRGLTXHVGHORQJXHGXUpHORUVTX LOQ \DSOXVDXFXQVHJPHQWjO pFUDQ PRGqOH7VHXOHPHQWYRLU6HFWLRQ
5pJODJHPDQXHORX3ULVHGHPHVXUHVSDULQWHUYDOOHV HQSDJHIU 
6LYRXVUHPSODFH]OHVSLOHVDORUVTX XQHQUHJLVWUHPHQWSDU
LQWHUYDOOHVHVWHQFRXUVLODUULYHTXHO LQVWUXPHQWDIILFKHODPHQWLRQ
3DWLHQWH] SHQGDQWTX LOUHFDOFXOHOHVVWDWLVWLTXHVGXORW/RUVTXHOHVSLOHVVRQWSUHVTXHpSXLVpHVOHWpPRLQGHQLYHDXGHYLH
FOLJQRWHHWO LQVWUXPHQWpPHWXQELSWRXWHVOHVVHFRQGHVSRXUVLJQDOHUTX LOHVWQpFHVVDLUHGHOHVUHPSODFHU
9RXVSRXYH]pJDOHPHQWDOLPHQWHUYRWUHLQVWUXPHQWSDU
O LQWHUPpGLDLUHGXFkEOH86%IRXUQL PRGqOH7 RXGLVSRQLEOHGDQVODOLVWHGHVDFFHVVRLUHV PRGqOH6 9RLU6HFWLRQ 3LqFHVGHUHFKDQJH $FFHVVRLUHV HQSDJHIU
1RWHLOQ HVWSDVSRVVLEOHG XWLOLVHUOHFkEOH 86%SRXUFKDUJHUOHVSLOHV &+2,;'(/$/$1*8(
 $SSX\H]VXUOHERXWRQ0DUFKH$UUrWMXVTX jFHTXHOHORJR(OFRPHWHUV DIILFKH
 $SSX\H]VXU0HQX&RQILJXUHU/DQJXHVHWVpOHFWLRQQH]ODODQJXHGHYRWUHFKRL[jO DLGHGHVWRXFKHVÏÐ 6XLYH]OHVLQVWUXFWLRQVjO pFUDQZZZHOFRPHWHUFRP

IU

5

35(0,Ê5(6'e0$5&+(6 VXLWH

3RXUDFFpGHUDXPHQX /DQJXHV ORUVTXHO LQVWUXPHQWHVWSDUDPpWUpGDQVXQHODQJXHpWUDQJqUH
 (WHLJQH]O LQVWUXPHQW
 $SSX\H]HWPDLQWHQH]ODWRXFKHGHJDXFKHHWDOOXPH]O LQVWUXPHQW 6pOHFWLRQQH]ODODQJXHGHYRWUHFKRL[jO DLGHGHVWRXFKHVÏÐ &21),*85(5/ (&5$1
9RXVGLVSRVH]G XQODUJHFKRL[GHUpJODJHVGDQV
0HQX&RQILJXUHU&RQI5pWUR(FODLUHWQRWDPPHQW
y


y







/XPLQRVLWpUpWURpFODLUDJHLOSHXWrWUHUpJOpVXU )DLEOH 
0R\HQ RX )RUW ([WLQFWLRQUpWURpFODLUDJHOHUpWURpFODLUDJHV pWHLQWDSUqVXQH
SpULRGHG LQDFWLYLWpGpILQLHSDUO XWLOLVDWHXU3RXUGpILQLUFHWWH
GXUpHVpOHFWLRQQH]ODIRQFWLRQ H[WLQFWLRQUpWURpFODLUDJH j
O DLGHGHVWRXFKHVÏÐSXLVDSSX\H]VXUµ6HO¶&KRLVLVVH]OD
YDOHXUVRXKDLWpHHQWUH LQDFWLI HWVHFRQGHVjO DLGHGHVWRXFKHVÏÐHWDSSX\H]VXUµ2N¶SRXUFRQILUPHURXµ(FKDS¶SRXUDQQXOHU RXVSRXYH]pJDOHPHQWSURJUDPPHUO LQVWUXPHQWSRXUTX LO
9
V pWHLJQHDSUqVXQHSpULRGHG LQDFWLYLWpGpILQLHHQWUHHW
PLQXWHVYLD0HQX&RQILJXUHU$XWR([WLQFWLRQ
1RWHODIRQFWLRQ $XWR([WLQFWLRQ HVWGpVDFWLYpHORUVTXHO LQVWUXPHQWHVW
DOLPHQWpYLDODSULVH86%

 &21),*85(5/ (&5$10(685(9RXVSRXYH]FKRLVLUG DIILFKHUXQPD[LPXPGHFLQTSDUDPqWUHVFOLPDWLTXHVjO pFUDQ/ LQVWUXPHQWPHVXUHWRXVOHVSDUDPqWUHVPDLVVHXOVFHX[TXHYRXVDYH]VpOHFWLRQQpVDSSDUDLVVHQWjO pFUDQ
9RXVSRXYH]FKRLVLUSDUPL
y
y
y
y
y

+U+XPLGLWp5HODWLYH
7GV7HPSpUDWXUHGH6XUIDFH
7D7HPSpUDWXUHDPELDQWH
3U7HPSpUDWXUHGHSRLQWGHURVpHFDOFXOpHjSDUWLUGH7DHW+U
7ǻ'HOWD7HPSpUDWXUHGLIIpUHQFHHQWUHODWHPSpUDWXUHGH VXUIDFHHWOHSRLQWGHURVpHy
7V7HPSpUDWXUH%XOEH6HFpJDOHj7D
ZZZHOFRPHWHUFRP
IU

5

35(0,Ê5(6'e0$5&+(6 VXLWHyy

7K7HPSpUDWXUH%XOEH+XPLGHFDOFXOpHjSDUWLUGH7DHW+U
6++XPLGLWp6SpFLILTXHFDOFXOpHjSDUWLUGH7DHW+U

1RWH/DIRUPXOHXWLOLVpHSRXUOHFDOFXOGH7KHW6+XWLOLVHXQHYDOHXUGH
SUHVVLRQDWPRVSKpULTXHIL[HGpILQLHj PEDU /DSUpFLVLRQGH7K
HW6+HVWYDULDEOHjG DXWUHVYDOHXUVGHSUHVVLRQDWPRVSKpULTXH&HWWH
YDULDWLRQSHXWrWUHVXSpULHXUHj&SRXU7KHWPEDUSRXU6+

3RXUFRQILJXUHUO pFUDQ $SSX\H]VXU0HQX&RQILJXUHU$IILFKDJH6pOHFW0HVXUHV 6pOHFWLRQQH]O RSWLRQFKRLVLHjO DLGH
GHVWRXFKHVÏÐHWDSSX\H]VXUµ6HO¶3RXUGpVpOHFWLRQQHUO RSWLRQFKRLVLHDSSX\H]GHQRXYHDXVXU 6HO  6LYRXVHVVD\H]GHVpOHFWLRQQHUXQQRXYHDXSDUDPqWUHHQSOXVGHVFLQTDXWRULVpVO LQVWUXPHQWpPHWXQELS9RXV
GHYH]DORUVGpVpOHFWLRQQHUXQSDUDPqWUH
DYDQWG HQFKRLVLUXQQRXYHDX

3RXUFKRLVLUOHSDUDPqWUHTXHYRXVVRXKDLWH]DIILFKHUHQJUDQGDXEDVGHO pFUDQDSSX\H]VXU0HQX&RQILJXUHU$IILFKDJH0HVXUH3ULQFLSDOH
6pOHFWLRQQH]O RSWLRQVRXKDLWpHGDQVODOLVWHjO DLGHGHVWRXFKHVÏÐSXLVDSSX\H]VXU 6HO  6HXOVOHVSDUDPqWUHVFOLPDWLTXHVVpOHFWLRQQpVORUVGHO pWDSHFLGHVVXVVHURQWDFFHVVLEOHVGDQVODOLVWH 0HVXUH3ULQFLSDOH 
 3RXUDXJPHQWHUODWDLOOHGHVFDUDFWqUHVGHODPHVXUHSULQFLSDOHUpGXLVH]
OHQRPEUHGHSDUDPqWUHVDIILFKpVVXUO pFUDQ0HVXUH

1RWHVLDXFRXUVGHODPHVXUHXQHYDOHXUGpSDVVHOHVOLPLWHVGpILQLHVHOOH
FOLJQRWHjO pFUDQPrPHVLHOOHQ DSDVpWpVpOHFWLRQQpHjO DIILFKDJHORUV
GHVpWDSHVFLGHVVXV 6(/(&7,211(5/ 81,7('(0(685('HQRPEUHXVHVXQLWpVGHPHVXUHVRQWGLVSRQLEOHVD&)JNJJUOE3RXUVpOHFWLRQQHUO XQLWpGHYRWUHFKRL[DSSX\H]VXU
0HQX&RQILJXUHU8QLWpVD

JNJHWJUOEFRQFHUQHQWXQLTXHPHQWOHVPHVXUHVG +XPLGLWp6SpFLILTXHZZZHOFRPHWHUFRP

IU

5

35(0,Ê5(6'e0$5&+(6 VXLWH 5(*/$*/(0$18(/280(685(63$5,17(59$//(69RXVSRXYH]FKRLVLUG HQUHJLVWUHUOHVYDOHXUVPDQXHOOHPHQW
µ(QUHJLVWUHPHQW0DQXHO  PRGqOHV6 7 RXSURJUDPPHU
O LQVWUXPHQWSRXUSUHQGUHGHVPHVXUHVjXQLQWHUYDOOHGpWHUPLQpDYHF
HQUHJLVWUHPHQWDXWRPDWLTXHGDQVODPpPRLUHGHO DSSDUHLO
µ(QUHJLVWUHPHQW,QWHUYDOOH  PRGqOH7VHXOHPHQW 
3RXUVpOHFWLRQQHU (QUHJLVWUHPHQW0DQXHO HQPRGHLPPpGLDWPRGqOHV6 7 
 $SSX\H]VXU0HQX&RQILJXUHU(QUHJLVW0DQXHO 3RXUFKRLVLUG HQUHJLVWUHULPPpGLDWHPHQWXQHPHVXUHVpOHFWLRQQH]
6DXYHJDUGH8QLT jO DLGHGHVWRXFKHVÏÐHWDSSX\H]VXUµ6HO¶ 3RXUFKRLVLUGHILJHUXQHPHVXUHVXLYLHG XQHRSWLRQG HQUHJLVWUHPHQWPHWWH]ODPHQWLRQ &RQVHUYHU(W6DXY HQVXUEULOODQFHjO DLGHGHVWRXFKHVÏÐSXLVDSSX\H]VXUµ6HO¶ 3DUGpIDXWO LQVWUXPHQWHVWFRQILJXUpVXU &RQVHUYHU(W6DXY /DIRQFWLRQ (QUHJLVWUHPHQW0DQXHO HVWpJDOHPHQWGLVSRQLEOHHQ
PRGHORW PRGqOH7 /DIRQFWLRQ (QUHJLVWUHPHQW,QWHUYDOOH HVWXQLTXHPHQWGLVSRQLEOHHQ
PRGH/RW PRGqOH7 

3RXUVDYRLUFRPPHQWFUpHUXQQRXYHDXORWHQ (QUHJLVWUHPHQWPDQXHO RXHQPRGH 0HVXUHVSDULQWHUYDOOHV YRLU6HFWLRQ
&UpHUXQQRXYHDXORW HQSDJHIU/(6&$37(856/HVFDSWHXUV D G KXPLGLWp +U HWGH
D
WHPSpUDWXUHDPELDQWH 7D HWOHFDSWHXU E 
GHWHPSpUDWXUHGHVXUIDFH 7V VRQWVLWXpVVXUOHGHVVXVGHO LQVWUXPHQW

E

1RWHOHFDSWHXUGHWHPSpUDWXUHGHVXUIDFHFRPSRUWHXQ
QXPpURGHVpULHjGHVILQVGHWUDoDELOLWpHWGH
FDOLEUDWLRQ

3285'(60(685(635(&,6(6y
1HJpQH]SDVODFLUFXODWLRQG DLUjWUDYHUVODFDJHGHSURWHFWLRQ GHVFDSWHXUVG KXPLGLWpHWGHWHPSpUDWXUHDPELDQWHy
1HSODFH]SDVYRVGRLJWVVXUOHVRULILFHVODFKDOHXUFRUSRUHOOH SHXWDIIHFWHUOHVPHVXUHVy/DLVVH]O LQVWUXPHQWVHVWDELOLVHUSHQGDQWHQYLURQPLQXWHV ORUVTXHYRXVOHGpSODFH]G XQHDWPRVSKqUHIURLGHYHUVXQH
 SLqFHFKDXGHRXYLFHYHUVDZZZHOFRPHWHUFRP
IU

5

/(6&$37(856 VXLWH

3285(9,7(57287'200$*(
1 H[HUFH]SDVGHSUHVVLRQH[FHVVLYHORUVTXHYRXVPHVXUH]ODWHPSpUDWXUHGHVXUIDFH,OVXIILWG pWDEOLUXQOpJHUFRQWDFWHQWUHOD
VRQGHHWODVXUIDFH/HIDLWG DSSX\HUIRUWHPHQWQ DPpOLRUHSDVOD
UDSLGLWpGHPHVXUHRXODSUpFLVLRQHQUHYDQFKHFHODDXJPHQWH
O XVXUHHWOHULVTXHG HQGRPPDJHUODSRLQWHGXFDSWHXU
1HIURWWH]SDVODVRQGHGHWHPSpUDWXUHVXUODVXUIDFHSRXU
pYLWHUXQHXVXUHH[FHVVLYH
/HFDSWHXUG KXPLGLWpHVWIUDJLOHQHOHWRXFKH]SDV1 XWLOLVH]
SDVG DLUFRPSULPpSRXUQHWWR\HUOHVFDSWHXUVRXO LQVWUXPHQW
6LODVXUIDFHGXFDSWHXUG KXPLGLWpHVWVDWXUpHG KXPLGLWpODLVVH]ODV pYDSRUHUHQWLqUHPHQWGDQVXQHQGURLWVHFDYDQWG XWLOLVHUO LQVWUXPHQWHWGHSUHQGUHGHVPHVXUHV'DQVODPHVXUHGXSRVVLEOHSURWpJH]O LQVWUXPHQWGHVSRXVVLqUHVGHSHLQWXUHHWGHODVDOHWpFDUHOOHVDIIHFWHQWODSUpFLVLRQGHO DSSDUHLOVXUOHORQJWHUPH/RUVTXHYRXVQHO XWLOLVH]SDVVWRFNH]
WRXMRXUVO LQVWUXPHQWGDQVVDSRFKHWWHGHSURWHFWLRQ1HODYH]SDVOHVFDSWHXUVDYHFGHO HDXRXGHVVROYDQWV'e),1,5'(6/,0,7(69RXVSRXYH]GpILQLUXQHOLPLWHEDVVHHWRXKDXWHSRXUFKDFXQRXO HQVHPEOHGHVSDUDPqWUHVFOLPDWLTXHV
9RXVSRXYH]GpILQLUXQHOLPLWHEDVVHHWRXKDXWHSRXUFKDFXQRXO HQVHPEOHGHVSDUDPqWUHVFOLPDWLTXHV
3RXUGpILQLUOHVOLPLWHVGHPHVXUHVLQGLYLGXHOOHV PRGqOHV6 7 
 $SSX\H]VXU0HQX)L[HU/LPLWHV
 0HWWH]OHFDUDFWqUHVRXKDLWpHQVXUEULOODQFHjO DLGHGHVWRXFKHVÏÐSXLVDSSX\H]VXUµ6HO¶ 6pOHFWLRQQH]ODPHQWLRQ /LPLWHKDXWH2Q jO DLGHGHVWRXFKHVÏÐSXLVDSSX\H]VXUµ6HO¶SRXUDFWLYHUODOLPLWH
 6pOHFWLRQQH]ODPHQWLRQ /LPLWHKDXWH jO DLGHGHVWRXFKHVÏÐSXLVDSSX\H]VXUµ6HO¶IU
ZZZHOFRPHWHUFRP5'e),1,5'(6/,0,7(6 VXLWH
 5pJOH]ODYDOHXUjO DLGHGHVWRXFKHVÏÐHWDSSX\H]VXUµ2N¶
SRXUFRQILUPHURXµ(FKDS¶SRXUDQQXOHU 6LQpFHVVDLUHUpSpWH]OHVpWDSHVHWDFWLYH]ODYDOHXUGHOLPLWHEDVVH /HFDVpFKpDQWUpSpWH]OHVpWDSHVSRXUFKDTXHSDUDPqWUH
FOLPDWLTXH
3RXUGpILQLUOHVOLPLWHVG XQORW PRGqOH7 
9RXVSRXYH]GpILQLUOHVOLPLWHVDSUqVDYRLUFUppXQQRXYHDXORW8QH
IRLVTX XQHPHVXUHHVWHQUHJLVWUpHGDQVOHORWLOQ HVWSOXVSRVVLEOHGHPRGLILHURXG DMRXWHUGHVOLPLWHV








$SSX\H]VXU/RW&UpHU1RXYHDX/RW/LP
0HWWH]OHFDUDFWqUHVRXKDLWpHQVXUEULOODQFHjO DLGHGHVWRXFKHVÏÐSXLVDSSX\H]VXUµ6HO¶
6pOHFWLRQQH]ODPHQWLRQ /LPLWH+WH$FW jO DLGHGHVWRXFKHVÏÐSXLVDSSX\H]VXUµ6HO¶SRXUDFWLYHUODOLPLWH
6pOHFWLRQQH]ODPHQWLRQ /LPLWH+WH jO DLGHGHVWRXFKHVÏÐSXLVDSSX\H]VXUµ6HO¶
5pJOH]ODYDOHXUjO DLGHGHVWRXFKHVÏÐHWDSSX\H]VXUµ2N¶
SRXUFRQILUPHURXµ(FKDS¶SRXUDQQXOHU
6LQpFHVVDLUHUpSpWH]OHVpWDSHVHWDFWLYH]ODYDOHXUGHOLPLWHEDVVH
/HFDVpFKpDQWUpSpWH]OHVpWDSHVSRXUFKDTXHSDUDPqWUH
FOLPDWLTXH
 9RXVSRXYH]YLVXDOLVHUOHVOLPLWHVGXORWjWRXWPRPHQWGDQV/RW5HOLUH/HV/RWV/RUVTXHODPHVXUHGHO XQGHVSDUDPqWUHVVHVLWXHHQGHKRUVGHVOLPLWHVGpILQLHVHWDFWLYpHVy/ LF{QHGXSDUDPqWUHFRUUHVSRQGDQWFOLJQRWH 6LHQFRXUVGHPHVXUHXQHYDOHXUVHVLWXHHQGHKRUVGHVOLPLWHVGpILQLHV

HOOHFOLJQRWHjO pFUDQPrPHVLHOOHQ DSDVpWpVpOHFWLRQQpHjO DIILFKDJH
YLD0HQX&RQILJXUHU$IILFKDJH6pOHFW0HVXUHV

y
y
y
y




/HV\PE{OHG DODUPHDSSDUDLWMXVWHjF{WpGXSDUDPqWUHFRQFHUQp
/D/('URXJHFOLJQRWHXQVLJQDOVRQRUHUHWHQWLWE
(QPRGH/RW PRGqOH7 WRXWHYDOHXUTXLGpSDVVHODOLPLWHKDXWH
HVWPDUTXpHGXV\PE{OHWRXWHYDOHXUHQGHVVRXVGHODOLPLWH
EDVVHHVWVLJQDOpHSDU

1RWHOHVWDWXWG DODUPHGLVSDUDLWDXWRPDWLTXHPHQWORUVTXHODYDOHXUGXSDUDPqWUHUHYLHQWGDQVOHVOLPLWHV
E

/HYROXPHGHO DODUPHHVWGpWHUPLQpSDUOHYROXPHGXELSVRQRUHGpILQLGDQV0HQX&RQILJXUHU%LS9ROXPHIUZZZHOFRPHWHUFRP

5

35(1'5(81(0(685( $9$17'(&200(1&(5 $SSX\H]VXUODWRXFKH0DUFKH$UUrWSRXUDOOXPHUO LQVWUXPHQWO DSSDUHLOFRPPHQFHjPHVXUHU
 &RQILJXUH]O pFUDQ0HVXUHYRLU6HFWLRQHQSDJHIU 6pOHFWLRQQH]OHVXQLWpVGHPHVXUHYRLU6HFWLRQHQSDJHIU
 /HFDVpFKpDQWGpILQLVVH]OHVOLPLWHVYRLU6HFWLRQHQSDJHIU
 35(1'5(81(0(685((102'(,00(',$7
3RXUSUHQGUHGHVPHVXUHVPDQXHOOHPHQW (QUHJLVWUHPHQW0DQXHO 
DYHFRSWLRQG HQUHJLVWUHPHQWGHVGRQQpHVGDQVODPpPRLUH
GpURXODQWHGHO LQVWUXPHQWVXLYH]ODSURFpGXUHFLGHVVRXV

3ODFH]O H[WUpPLWpHQFDRXWFKRXFGHODVRQGHGHWHPSpUDWXUH
GHVXUIDFHFRQWUHODVXUIDFHjWHVWHUGHSUpIpUHQFHjXQDQJOH
GHHWFRQVHUYH]FHWWHSRVLWLRQ / LQGLFDWHXUGHWHQGDQFHVLWXpjF{WpGXSDUDPqWUHLQGLTXHVLODYDOHXUDXJPHQWH  RXGLPLQXH  / DEVHQFHG LQGLFDWHXUGHWHQGDQFH
VLJQLILHTXHODPHVXUHHVWVWDEOH

$SSX\H]VXU 0DLQW SXLVVXU 6DXY SRXUHQUHJLVWUHUODYDOHXUGDQVODPpPRLUHGHO LQVWUXPHQW
 6LORUVGXUpJODJHGHODIRQFWLRQ (QUHJLVWUHPHQW0DQXHO YRXVDYH]FKRLVL

6DXYHJDUGH8QLT ODPHQWLRQ 0DLQW Q DSSDUDLWSDV$SSX\H]
VLPSOHPHQWVXU 6DXY SRXUPpPRULVHUODYDOHXUGDQVO LQVWUXPHQW

3RXUYLVXDOLVHUOHVVWDWLVWLTXHVGHVGRQQpHVPHVXUpHVDSSX\H]VXU
ODWRXFKH 6WDWV YRLU6HFWLRQ 6WDWLVWLTXHV HQSDJHIUSRXUHQVDYRLUSOXV 35(1'5(81(0(685((102'(/27 02'(/(73RXUSUHQGUHGHVPHVXUHVPDQXHOOHPHQW (QUHJLVWUHPHQW0DQXHO RXHQUHJLVWUHUDXWRPDWLTXHPHQWGHVYDOHXUVVHORQXQLQWHUYDOOH
GRQQp (QUHJLVWUHPHQW,QWHUYDOOH VXLYH]ODSURFpGXUHFLGHVVRXV(QPRGH (QUHJLVWUHPHQW0DQXHO  &UpH]XQQRXYHDXORW (QUHJLVWUHPHQW0DQXHO YRLU
6HFWLRQHQSDJHIU 3ODFH]O H[WUpPLWpHQFDRXWFKRXFGHODVRQGHGHWHPSpUDWXUH
GHVXUIDFHFRQWUHODVXUIDFHjWHVWHUGHSUpIpUHQFHjXQDQJOH
GHHWFRQVHUYH]FHWWHSRVLWLRQ / LQGLFDWHXUGHWHQGDQFHVLWXpjF{WpGXSDUDPqWUHLQGLTXHVLODYDOHXUDXJPHQWH  RXGLPLQXH  / DEVHQFHG LQGLFDWHXUGHWHQGDQFH
VLJQLILHTXHODPHVXUHHVWVWDEOH

ZZZHOFRPHWHUFRP

IU

5

35(1'5(81(0(685( VXLWH
 $SSX\H]VXUµ0DLQW¶HWHQVXLWHµ6DXY¶SRXUHQUHJLVWUHUOHV
GRQQpHVGDQVODPpPRLUHGXORW
 6LOHPRGHHQUHJLVWUHPHQWPDQXHOHVWIL[pVXUµ6DXYHJDUGH8QLT¶µ0DLQW¶Q HVWSDVDIILFKp$SSX\H]VLPSOHPHQWVXUµ6DXY¶SRXUHQUHJLVWUHUOHV
GRQQpHVGDQVODPpPRLUHGXORW

3RXUTXLWWHUOHPRGH/RWDSSX\H]VXUODWRXFKHSXLVVXU
6RUWLH'H/RW (QPRGH (QUHJLVWUHPHQW,QWHUYDOOH $YDQWGHFRPPHQFHUHWVLYRXVHQYLVDJH]GHSUHQGUHGHVPHVXUHVVXUXQHORQJXHSpULRGHYpULILH]O pWDWGHVSLOHVHQFDVGHGRXWH
LQVpUH]GHVSLOHVQHXYHVYRLU6HFWLRQ 0LVHHQSODFHGHVSLOHV 
HQSDJHIU
5pIOpFKLVVH]jO XWLOLVDWLRQG XQHVRQGHGHWHPSpUDWXUHH[WHUQHPDLQWHQLUODVRQGHGHWHPSpUDWXUHGHVXUIDFHLQWpJUpHjO LQVWUXPHQW
FRQWUHODVXUIDFHjWHVWHUSHQGDQWXQHORQJXHSpULRGHSHXWV DYpUHUSHXSUDWLTXHYRLU6HFWLRQ 8WLOLVHUGHVVRQGHVGHWHPSpUDWXUH
H[WHUQHV HQSDJHIU&UpH]XQQRXYHDXORW (QUHJLVWUHPHQW,QWHUYDOOH HWGpILQLVVH]
O LQWHUYDOOHGHPHVXUHVRXKDLWpYRLU6HFWLRQHQSDJHIU
3ODFH]O H[WUpPLWpHQFDRXWFKRXFGHODVRQGHGHWHPSpUDWXUH
GHVXUIDFHFRQWUHODVXUIDFHjWHVWHUGHSUpIpUHQFHjXQDQJOH
GHHWFRQVHUYH]FHWWHSRVLWLRQ / LQGLFDWHXUGHWHQGDQFHVLWXpjF{WpGXSDUDPqWUHLQGLTXHVLODYDOHXUDXJPHQWH  RXGLPLQXH  / DEVHQFHG LQGLFDWHXUGHWHQGDQFH
VLJQLILHTXHODPHVXUHHVWVWDEOH

$SSX\H]VXU 'HP SRXUGpEXWHUO HQUHJLVWUHPHQWOHVGRQQpHV
VRQWDXWRPDWLTXHPHQWHQUHJLVWUpHVVHORQO LQWHUYDOOHGpWHUPLQp
 /RUVGHODFUpDWLRQG XQQRXYHDXORW (QUHJLVWUHPHQW,QWHUYDOOH YRXVSRXYH]GpILQLUXQHGXUpHGHGpSDUWGLIIpUp/ LQVWUXPHQWFRPPHQFHUDj
PHVXUHUDXWRPDWLTXHPHQWXQHIRLVODGXUpHpFRXOpH
 6LYRXVDYH]GpILQLXQHGXUpH $XWR([WLQFWLRQ O LQVWUXPHQWVHPEOH
V pWHLQGUHjO LVVXHGHFHWWHSpULRGHGXUDQWO HQUHJLVWUHPHQWLOUHVWHHQ
IDLWHQPRGHpFRQRPLHG pQHUJLHHWFRQWLQXHjHQUHJLVWUHUOHVGRQQpHVj
LQWHUYDOOHVUpJXOLHUVGDQVODPpPRLUHGXORW/HORWV RXYUHjQRXYHDXORUVTXHYRXVUDOOXPH]O LQVWUXPHQW RXUVWRSSHUO HQUHJLVWUHPHQWGHVGRQQpHVDSSX\H]VXU 6WRS 
3
SXLVVXU 2XL SRXUFRQILUPHURX 1RQ SRXUSRXUVXLYUHO HQUHJLVWUHPHQW
 3RXUTXLWWHUOHPRGH/RWDSSX\H]VXUODWRXFKHSXLVVXU
6RUWLH'H/RW 
ZZZHOFRPHWHUFRP
IU

5

35(1'5(81(0(685( VXLWH/ (OFRPHWHUPRGqOH7HVWpTXLSpG XQHIRQFWLRQ 9HUURXLOODJHGHVWRXFKHV HOOHDSSRUWHXQHVpFXULWpVXSSOpPHQWDLUHHWpYLWH
O LQWHUUXSWLRQDFFLGHQWHOOHGHO HQUHJLVWUHPHQWSDULQWHUYDOOHV/RUVTXHODIRQFWLRQ 9HUURXLOODJHGHVWRXFKHV HVWDFWLYpHYRXVGHYH]DSSX\HUGHQRXYHDXVXUODWRXFKHSRXUVWRSSHUO DFTXLVLWLRQGHGRQQpHV

3RXUDFWLYHUODIRQFWLRQ 9HUURXLOODJHGHVWRXFKHV DSSX\H]VXU
0HQX&RQILJXUHU9HUU7RXFKHVSXLVVXU 6HO 
3RXUYRLUO DQDO\VHVWDWLVWLTXHGHVGRQQpHVPHVXUpHVDSSX\H]VXU
ODWRXFKH /RW YRLU6HFWLRQ 6WDWLVWLTXHVGHV/RWV HQSDJH
IUSRXUHQVDYRLUSOXV87,/,6(5/(6621'(6'(7(03e5$785((;7(51(63RXUOHVSULVHVGHPHVXUHVVXUXQHORQJXHSpULRGH 0HVXUHVSDU
LQWHUYDOOHV  PRGqOH7 RXSRXUOHVPHVXUHVGpSRUWpHVO (OFRPHWHUSHXWrWUHpTXLSpG XQHVRQGHGHWHPSpUDWXUHH[WHUQHGHW\SH.
3RXUHQVDYRLUSOXVVXUOHVVRQGHVGHWHPSpUDWXUHH[WHUQHVGLVSRQLEOHVDXSUqVG (OFRPHWHUYRLUVHFWLRQ 3LqFHVGHUHFKDQJHDFFHVVRLUHV HQSDJHIU ,167$//(581(621'('(7(03(5$785((;7(51( 2XYUH]OHFDSRWHQFDRXWFKRXF D TXL
D
FDFKHOHFRQQHFWHXUGHODVRQGHW\SH.
VXUOHGHVVXVGHO LQVWUXPHQW ,OQ HVWSDVQpFHVVDLUHG pWHLQGUHO LQVWUXPHQWDYDQWG LQVWDOOHUXQHVRQGHGHWHPSpUDWXUHH[WHUQH,QVpUH]OHFRQQHFWHXUGHODVRQGHH[WHUQH
GDQVODSULVHQHIRUFH]SDVSRXULQVpUHUOHFRQQHFWHXU
 / XQHGHVH[WUpPLWpVGHODSULVHHVWSOXVODUJHTXHO DXWUHLOQ H[LVWHGRQF

TX XQHIDoRQG LQVpUHUOHFRQQHFWHXUGDQVODSULVH

1RWHORUVTXHYRXVLQVWDOOH]XQHVRQGHGHWHPSpUDWXUHH[WHUQHODVRQGHGH
WHPSpUDWXUHLQWpJUpHjO LQVWUXPHQWHVWGpVDFWLYpH

ZZZHOFRPHWHUFRP

IU

5

87,/,6(5/(6621'(6'(7(03e5$785((;7(51(6 VXLWH/ (OFRPHWHUSRVVqGHXQ 0RGH7KHUPRPqWUH ORUVTX LOHVW
DFWLYpO LQVWUXPHQWPHVXUHHWDIILFKHXQLTXHPHQWODWHPSpUDWXUHGHODVRQGHH[WHUQH 7H WRXWHVOHVDXWUHVIRQFWLRQVVRQWGpVDFWLYpHV

6LYRXVDFWLYH]OH 0RGH7KHUPRPqWUH VDQVFRQQHFWHUGHVRQGHGH
WHPSpUDWXUHH[WHUQHO LQVWUXPHQWDIILFKHXQPHVVDJHG HUUHXU  
3RXUDFWLYHUOH 0RGH7KHUPRPqWUH DSSX\H]VXU0HQX0RGH
7KHUPRPqWUHSXLVVXU 6HO /DFRQQH[LRQG XQHVRQGHGHWHPSpUDWXUHH[WHUQHHVWFRQILUPpHj
O pFUDQ
y


y


6LOH 0RGH7KHUPRPqWUH HVWDFWLYpO pFUDQLQGLTXH
HW7H
6LOH 0RGH7KHUPRPqWUH HVWGpVDFWLYpO pFUDQDIILFKH
HW7G6

 35(3$5(5/ ,167580(17$/ 87,/,6$7,21' 81(621'((;7(51($YHFXQHVRQGHH[WHUQHDSSURSULpHO (OFRPHWHUSHXWPHVXUHUGHVWHPSpUDWXUHVFRPSULVHVHQWUHHW&)j) (QUHYDQFKHO LQVWUXPHQWOXLPrPHHVWFRQoX
SRXUIRQFWLRQQHUHQWUHHW& )WR) HWQHGRLWSDVrWUHH[SRVpjGHVWHPSpUDWXUHVVXSpULHXUHV
y




y

y


6LYRXVGLVSRVH]G XQHVXUIDFHPDJQpWLTXHIL[H]\GLUHFWHPHQWO LQVWUXPHQWjO DLGHGHVDLPDQWVLQWpJUpVjO DUULqUHGHO DSSDUHLO9pULILH]TX LOHVWFRUUHFWHPHQWPDLQWHQXDYDQWGHO XWLOLVHU
6LYRXVXWLOLVH]XQHVRQGHGHVXUIDFHPDJQpWLTXHIL[H]OD
GLUHFWHPHQWVXUODVXUIDFHPDJQpWLTXH
6LYRXVXWLOLVH]XQHVRQGHGHWHPSpUDWXUHH[WHUQHSRXUOHVOLTXLGHVSODFH]O H[WUpPLWpGHODVRQGHGDQVOHOLTXLGH

1RWHVLODWHPSpUDWXUHUHOHYpHSDUODVRQGHH[WHUQHGpSDVVHODSODJHGH
O LQVWUXPHQWDXFXQPHVVDJHG HUUHXUQHV DIILFKHPDLVODPHVXUHHVW
VDXYHJDUGpHVRXVODIRUPH  IU

ZZZHOFRPHWHUFRP

567$7,67,48(6/ (OFRPHWHUSHUPHWG DIILFKHUOHVVWDWLVWLTXHVSRXUOHVPHVXUHVHQUHJLVWUpHVGDQVOHVHPSODFHPHQWVGHODPpPRLUHGpURXODQWH
PRGqOHV6 7 RXGDQVOHORW 0RGqOH7 

3RXUYRLUOHVVWDWLVWLTXHVHQUHJLVWUpHVGDQVODPpPRLUHGpURXODQWHDSSX\H]VXUODWRXFKH 6WDWV /HVYDOHXUVVWDWLVWLTXHVVXLYDQWHVDSSDUDLVVHQW$SSX\H]VXUODWRXFKHGHGURLWHSRXUYRLUOHVVWDWLVWLTXHVUHODWLYHVDXSDUDPqWUH
VXLYDQW$SSX\H]VXU (II SRXUHIIDFHUOHVVWDWLVWLTXHV
y
y
y
y
y
y

1RPEUHGHPHVXUHV Q
9DOHXUPR\HQQH ;
9DOHXUPLQL /R
9DOHXUPD[L +L
(FDUWW\SH ı
&RHIILFLHQWGH9DULDWLRQ &29/RUVTXHYRXVrWHVVXUO pFUDQGHYLVXDOLVDWLRQGHVVWDWLVWLTXHVDSSX\H]VXUODWRXFKH 0HV  PHVXUHV SRXUDIILFKHUODYDOHXUOXH
DLQVLTXHODGDWHHWO KHXUHGHFKDTXHYDOHXUHQUHJLVWUpHGDQVOD
PpPRLUHGpURXODQWH$SSX\H]VXUODWRXFKHGHGURLWHSRXUYRLUOHVYDOHXUVUHODWLYHVDXSDUDPqWUHVXLYDQW
/HV\PE{OH/LPLWHFRUUHVSRQGDQWDSSDUDLWjF{WpGHFKDTXHPHVXUH
VLWXpHHQGHKRUVGHVOLPLWHVDFWLYpHVSRXUODOLPLWHEDVVHHWSRXUODOLPLWHKDXWH
3RXUYLVXDOLVHUOHVPHVXUHVHWOHVVWDWLVWLTXHVG XQORW PRGqOH7 YRLU6HFWLRQ 5HYRLUOHVGRQQpHVG XQORW HQSDJHIUZZZHOFRPHWHUFRP

IU

5

35(1'5('(60(685(63$5/2702'Ê/(7/HV(OFRPHWHUPRGqOHV6 7RQWXQHPpPRLUHGpURXODQWHGHHPSODFHPHQWV/HPRGqOH7SHUPHWpJDOHPHQWGHVDXYHJDUGHUVpULHVGHPHVXUHVGDQVXQWRWDOGHORWV/HVIRQFWLRQV/RWVXLYDQWHVVRQWGLVSRQLEOHVy

/RW&UpHU1RXYHDX/RWSHUPHWGHFUpHUXQORWHQ(QUHJLVWUHPHQWPDQXHO RX (QUHJLVWUHPHQWSDULQWHUYDOOHV 
YRLU6HFWLRQ &UpHUXQQRXYHDXORW HQSDJHIU
/RW2XYULU/RW([LVWDQWSHUPHWG RXYULUXQORWH[LVWDQW
/RW5HOLUH/HV/RWVSHUPHWGHYLVXDOLVHUOHVLQIRUPDWLRQVUHODWLYHVDXORWOHVPHVXUHVHWOHVVWDWLVWLTXHVYRLU6HFWLRQ
5HYRLUOHVGRQQpHVGHVORWV HQSDJHIU
/RW&RSLH/RWSHUPHWGHFRSLHUXQORWDLQVLTXHVHV
LQIRUPDWLRQVG HQWrWH
/RW(IIDFHUSHUPHWGHVXSSULPHUXQORWGpWHUPLQpRX
O HQVHPEOHGHVORWVGHO LQVWUXPHQW

y
y

y
y

&5e(5811289($8/27
9RXVSRXYH]FUpHUXQORWGHW\SH (QUHJLVWUHPHQWPDQXHO RX(QUHJLVWUHPHQWSDULQWHUYDOOHV y(QUHJLVWUHPHQWPDQXHO OHVPHVXUHVVRQWHQUHJLVWUpHVPDQXHOOHPHQWGDQVOHORWSDUO XWLOLVDWHXU(QUHJLVWUHPHQWSDULQWHUYDOOHV O LQVWUXPHQWHVWSURJUDPPp
SRXUSUHQGUHGHVPHVXUHVjXQLQWHUYDOOHGpWHUPLQpOHVPHVXUHVVRQWDXWRPDWLTXHPHQWHQUHJLVWUpHVGDQVODPpPRLUH
GXORW


y




3RXUFUpHUXQORW (QUHJLVWUHPHQWPDQXHO  $SSX\H]VXU0HQX/RW&UpHU1RXYHDX/RW 6LOHPRGH (QUHJLVWUHPHQW/RW0DQXHO Q DSSDUDLWSDVj
O pFUDQDSSX\H]VXUODWRXFKHSRXUVpOHFWLRQQHUODIRQFWLRQ(QUHJLVWUHPHQWPDQXHO  /HV\PE{OHVXUO pFUDQGHPHVXUHSULQFLSDOFRQILUPHTXHOHPRGH

 (QUHJLVWUHPHQWPDQXHO HVWDFWLYp

/HFDVpFKpDQWDSSX\H]VXU /LP SRXUGpILQLUOHVOLPLWHVGXORWYRLU6HFWLRQ 'pILQLUGHVOLPLWHV HQSDJHIU$SSX\H]VXU 2N SRXUFUpHUOHORWRXVXU (FKDS SRXUDQQXOHU 8QHIRLVOHORWRXYHUWODWRXFKH /RW HVWUHPSODFpHSDUOHV\PE{OH

 DSSX\H]VXUSRXUUHYHQLUDX0HQX/RW

IU

ZZZHOFRPHWHUFRP

5

35(1'5('(60(685(63$5/2702'Ê/(7 VXLWH

3RXUFUpHUXQORW (QUHJLVWUHPHQWSDU
LQWHUYDOOHV  0HQX/RW&UpHU1RXYHDX/RW 6LOHPRGH ,QWHUYDOOH(QWUH/RWV 
Q DSSDUDLWSDVjO pFUDQDSSX\H]VXUODWRXFKHSRXUVpOHFWLRQQHUODIRQFWLRQ(QUHJLVWUHPHQWSDULQWHUYDOOHV SXLVVXU
2N 
 /HV\PE{OHVXUO pFUDQGHPHVXUH SULQFLSDOFRQILUPHTXHOHPRGH
 ,QWHUYDOOH(QWUH/RWV HVWDFWLYp

8WLOLVH]OHVWRXFKHVÏÐSRXUGpILQLU
O LQWHUYDOOHGHWHPSVVRXKDLWpHQWUHVHFRQGHVHWKHXUHVSXLVDSSX\H]
VXUµ2N¶SRXUFRQILUPHU
 /HQRPEUHDSSUR[LPDWLIGHPHVXUHVTX LOHVW

 SRVVLEOHG HQUHJLVWUHUGDQVOHORWDLQVLTXH
 OHQRPEUHGHMRXUVQpFHVVDLUHVjODSULVHGH FHVPHVXUHVHQIRQFWLRQGHO LQWHUYDOOH
 GpILQLDSSDUDLWjO pFUDQ

6LEHVRLQHVWXWLOLVH]OHVWRXFKHVÏÐ
SRXUIL[HUXQGpPDUUDJHUHWDUGpHQWUHHWPLQXWHVRXµ(WHLQGUH¶VXLYLSDU2N
 $SSX\H]VXU 'HP SRXUGpEXWHUO HQUHJLVWUHPHQW 6LYRXVDYH]SURJUDPPpXQGpSDUWGLIIpUpOH FRPSWHjUHERXUVGpPDUUHORUVTXHYRXV DSSX\H]VXU 'HP /HV\PE{OHDSSDUDLW jO pFUDQSXLVVHFKDQJHHQORUVTXHOD GXUpHGLIIpUpHHVWpFRXOpHHWTXHO LQVWUXPHQW FRPPHQFHjHQUHJLVWUHUGHVPHVXUHV 8QHIRLVOHORWRXYHUWODWRXFKH /RW HVWUHPSODFpHSDUOHV\PE{OH
 DSSX\H]VXUSRXUUHYHQLUDX0HQX/RW

ZZZHOFRPHWHUFRP

IU

5

9,68$/,6(5/(6/276'('211e(602'Ê/(70 (685(63$5/27
3RXUYRLUOHVPHVXUHVG XQORW $SSX\H]VXU/RW5HOLUH/HV/RWV 6LYRXVYRXVWURXYH]GpMjGDQVXQ

ORWDSSX\H]VXUSXLVVXU
5HOLUH/HV/RWV 






8WLOLVH]OHVWRXFKHVÏÐSRXUVpOHFWLRQQHUOHORWGHYRWUHFKRL[SXLVVXU 6HO SRXUFRQILUPHU$SSX\H]VXU 0HV SRXUYRLUOHVPHVXUHVGXORW
$SSX\H]VXU 5HW SRXUUHYHQLU
DXPHQXGXORW

/DPHVXUHDFFRPSDJQpHGHODGDWHHWKHXUHGHUHOHYpDSSDUDLW
8WLOLVH]OHVWRXFKHVÏÐSRXUIDLUHGpILOHUOHVYDOHXUVDSSX\H]VXUODWRXFKHGHGURLWHSRXUYRLUOHVPHVXUHVUHODWLYHVDXSDUDPqWUHVXLYDQW
/HV\PE{OH/LPLWHFRUUHVSRQGDQWDSSDUDLWjF{WpGHFKDTXHPHVXUH
VLWXpHHQGHKRUVGHVOLPLWHVDFWLYpHVSRXUODOLPLWHEDVVHHWSRXUODOLPLWHKDXWH
67$7,67,48(6'8/27
3RXUYRLUOHVVWDWLVWLTXHVGXORW $SSX\H]VXU/RW5HOLUH/HV/RWV 6LYRXVYRXVWURXYH]GpMjGDQVXQ

ORWDSSX\H]VXUSXLVVXU
5HOLUH/HV/RWV 






8WLOLVH]OHVWRXFKHVÏÐSRXUVpOHFWLRQQHUOHORWGHYRWUHFKRL[SXLVVXU 6HO SRXUFRQILUPHU$SSX\H]VXU 6WDWV SRXUDIILFKHU
OHVVWDWLVWLTXHV
$SSX\H]VXU 5HW SRXUUHYHQLU
DXPHQXGXORW
 6LYRXVYRXVWURXYH]GDQVXQORW

GHW\SH (QUHJLVWUHPHQWSDU
LQWHUYDOOHV O HQUHJLVWUHPHQWHVW
LQWHUURPSXSHQGDQWO DIILFKDJHGHVVWDWLVWLTXHV,OUHGpPDUUHORUVTXHYRXVDSSX\H]VXU 5HW 

IU

ZZZHOFRPHWHUFRP

5

9,68$/,6(5/(6/276'('211e(602'Ê/(7 VXLWH/HVYDOHXUVVWDWLVWLTXHVVXLYDQWHVVRQWDIILFKpHV$SSX\H]VXUODWRXFKHGHGURLWHSRXUYLVXDOLVHUOHVVWDWLVWLTXHVGXSDUDPqWUHVXLYDQW
y
y
y
y
y
y

1RPEUHGHPHVXUHVGXORW Q
9DOHXUPR\HQQHGXORW ;
9DOHXUPLQLGXORW /R
9DOHXUPD[LGXORW +L
(FDUWW\SH ı
&RHIILFLHQWGH9DULDWLRQ &296758&785('80(1802'Ê/(6)L[HU/LPLWHV

0HQX(II'HUQ0HVXUH
5pWURpFODLUDJH
0RGH7KHUPRPqWUH)L[HU/LPLWHV+HXUH'DWH&RQILJXUHU
5ppWDORQQDJH$3URSRV

6WDWV

+U
7G6
7D
3U
7ǻ
6+

‫ۑ‬
‫ۑ‬

&RQILJXUHU
8QLWpV/DQJXHV$XWR([WLQFWLRQ+HXUH'DWH%LS9ROXPH$IILFKDJH(QUHJLVW0DQXHO(FUDQ$FFXHLO&RQI5pWUR(FODLU

$3URSRV,QIRUPDWLRQ-DXJH$GUHVVHV(OFRPHWHU
+HOS
/pJDO

/LPLWH+WH$FW
/LPLWH+WH/LPLW,QI$FWLY/LPLW,QI

‫ۑ‬
‫ۑ‬

8QLWpV
&JNJ)JUOE‫ۑ‬‫ۑ‬
6pOHFW0HVXUHV$IILFKDJH
6pOHFW0HVXUHV0HVXUH3ULQFLSDOH‫ۑ‬(QUHJLVW0DQXHO
6DXYHJDUGH8QLT&RQVHUYHU(W6DXY
&RQI5pWUR(FODLU
5pWURpFODLUDJH'XUpH5pWUR(FO/XPLQRVLWp5pW(FO

‫ۑ‬
‫ۑ‬
‫ۑ‬

+U
7G6
7D
3U
7ǻ
7V
7K
6+
/XPLQRVLWp5pW(FO)DLEOH
0R\HQ
)RUW

‫ۑ‬
‫ۑ‬
‫ۑ‬

/pJDO
,QIRUPDWLRQV/pJDOHV
5qJOHPHQWDWLRQZZZHOFRPHWHUFRP

IU

5

6758&785('80(1802'Ê/(7)L[HU/LPLWHV

0HQX(II'HUQ0HVXUH
5pWURpFODLUDJH
0RGH7KHUPRPqWUH)L[HU/LPLWHV+HXUH'DWH&RQILJXUHU
5ppWDORQQDJH
0HQX%OXHWRRWK$3URSRV

+U
7G6
7D
3U
7ǻ
6+

‫ۑ‬
‫ۑ‬

6WDWV

&RQILJXUHU
8QLWpV/DQJXHV$XWR([WLQFWLRQ+HXUH'DWH%LS9ROXPH$IILFKDJH(QUHJLVW0DQXHO
9HUU7RXFKHV(FUDQ$FFXHLO&RQI5pWUR(FODLU
0HQX%OXHWRRWK%OXHWRRWK$FWLI/LPLWH+WH$FW
/LPLWH+WH/LPLW,QI$FWLY/LPLW,QI

$3URSRV,QIRUPDWLRQ-DXJH$GUHVVHV(OFRPHWHU
+HOS
/pJDO

‫ۑ‬

8QLWpV
&JNJ)JUOE‫ۑ‬‫ۑ‬
6pOHFW0HVXUHV
+U
7G6
7D
3U
7ǻ
7V
7K
6+

$IILFKDJH
6pOHFW0HVXUHV0HVXUH3ULQFLSDOH

‫ۑ‬
‫ۑ‬

‫ۑ‬

,G-DXJH
[[[[[[[[[$XWKHQWLI [[[[[/RW
6RUWLH'H/RW‫ۑ‬&UpHU1RXYHDX/RW
2XYULU/RW([LVWDQW
5HOLUH/HV/RWV&RSLH/RW(IIDFHU
0pPRLUH/LEUH[[[‫ۑ‬(QUHJLVW0DQXHO
6DXYHJDUGH8QLT&RQVHUYHU(W6DXY
&RQI5pWUR(FODLU
5pWURpFODLUDJH'XUpH5pWUR(FO/XPLQRVLWp5pW(FO

‫ۑ‬
‫ۑ‬

/XPLQRVLWp5pW(FO)DLEOH
0R\HQ
)RUW

‫ۑ‬

‫ۑ‬
‫ۑ‬
‫ۑ‬

/pJDO
,QIRUPDWLRQV/pJDOHV
5qJOHPHQWDWLRQ(IIDFHU/RW/RW8QLTXH
7RXV/RWV

75$16)e5(5'(6'211e(602'Ê/(775$16)(5(5/(6'211((6$/ $,'(' (/&20$67(5*UkFHDXORJLFLHO(OFR0DVWHUOLYUpDYHFFKDTXHLQVWUXPHQWHW
WpOpFKDUJHDEOHJUDWXLWHPHQWVXUHOFRPHWHUFRPO LQVWUXPHQWSHXWWUDQVIpUHUOHVYDOHXUVYHUVXQ3&SRXUDUFKLYDJHHWFUpDWLRQGHUDSSRUWV
9RXVSRXYH]WUDQVIpUHUOHVGRQQpHVYLD86%RX%OXHWRRWK3RXUSOXVG LQIRUPDWLRQVVXU(OFR0DVWHUYLVLWH]QRWUHVLWHZZZHOFRPHWHUFRP75$16)(5(5/(6'211((6$/ $,'(' (/&20$67(502%,/($336,GpDOORUVGHYRVGpSODFHPHQWVVXUFKDQWLHUVRXVXUVLWH(OFR0DVWHU $QGURLGRXL260RELOH$SSYRXVSHUPHWGH
y

y
y

6WRFNHUYRVPHVXUHVHQWHPSVUpHOGLUHFWHPHQWVXUXQGLVSRVLIPRELOHHWGHOHVVDXYHJDUGHUVRXVIRUPHGHORWVDYHFOHVFRRUGRQQpHV*36
$MRXWHUGHVSKRWRVGHODVXUIDFHGHWHVW7UDQVIpUHUYRVGRQQpHVG LQVSHFWLRQGHYRWUHPRELOHYHUVXQ
3&SRXUDQDO\VHXOWpULHXUHHWpGLWLRQGHUDSSRUWV

3RXUHQVDYRLUSOXVVXU(OFR0DVWHU0RELOH$SSVYLVLWH]QRWUHVLWHZZZHOFRPHWHUFRPIU

ZZZHOFRPHWHUFRP

5

75$16)e5(5'(6'211e(602'Ê/(7 VXLWH$33/,$1'52,'685&RPSDWLEOHDYHFVPDUWSKRQHV
HWWDEOHWWHVpTXLSpVG $QGURLGYHUVLRQRXVXLYDQWHV3RXU
O LQVWDOODWLRQWpOpFKDUJH]OHORJLFLHOYLDZZZHOFRPHWHUFRP
RXXWLOLVH]*RRJOH3OD\6WRUH
DSSHWVXLYH]OHVLQVWUXFWLRQVj
O pFUDQ
&RQoXSRXUL3KRQH3OXVL3KRQHL3KRQHVL3KRQHF
L3KRQHL3KRQHVL3KRQH
L3DG$LUL3DGPLQLL3DG$LU
L3DGPLQLL3DG qPHHWqPHJpQpUDWLRQ L3DGPLQL
L3DGHWL3RGWRXFK qPHHWqPHJpQpUDWLRQ 3RXU
O LQVWDOODWLRQWpOpFKDUJH]OHORJLFLHOYLDZZZHOFRPHWHUFRP
RXXWLOLVH]*RRJOH3OD\6WRUH
DSSHWVXLYH]OHVLQVWUXFWLRQVj
O pFUDQZZZHOFRPHWHUFRP

IU

5

3,Ê&(6'(5(&+$1*( $&&(662,5(69RXVSRXYH]YRXVSURFXUHUOHVSLqFHVGHUHFKDQJHHWDFFHVVRLUHVVXLYDQWVDXSUqVGHYRWUHUHYHQGHXU(OFRPHWHUOHSOXVSURFKHRXGLUHFWHPHQWFKH](OFRPHWHU
621'(6'(7(03(5$785('(685)$&(
0$*1(7,48(63ODJH
&j& )j) &j& )j) F&j& )j) F&j& )j) FF&j& )j) /RQJXHXU
5pIpUHQFHDUWLFOH
GHFkEOH
PP   7
P   
7
P   
7
P   
7
P   
7

$875(6$&&(662,5(6'HVFULSWLRQ
6RQGHGHWHPSpUDWXUHH[WHUQHSRXUOLTXLGHV&j& )j) F
3RFKHWWHGHSURWHFWLRQDYHFFOLSFHLQWXUH
&kEOH86%
'UDJRQQH


5pIpUHQFHDUWLFOH
7
7
7
7

'e&/$5$7,21'(*$5$17,(/ (OFRPHWHUHVWJDUDQWLPRLV KRUVFRQWDPLQDWLRQHWXVXUH 
9RXVSRXYH]pWHQGUHODJDUDQWLHjGHX[DQVGDQVOHVMRXUVVXLYDQWVODGDWHG DFKDWYLDZZZHOFRPHWHUFRP
/DVRQGHGHWHPSpUDWXUHHVWJDUDQWLHPRLVFRQWUHOHVGpIDXWVGH
IDEULFDWLRQXQLTXHPHQW

F/DSODJHGHPHVXUHXWLOLVDEOHGHO LQVWUXPHQWHVWGH&j& )j) IU

ZZZHOFRPHWHUFRP

5

&$5$&7e5,67,48(67(&+1,48(63ODJHGHWHPSpUDWXUH

3UpFLVLRQ

5pVROXWLRQ,QVWUXPHQWG

&j&)j)&
)&
)

7HPSpUDWXUH
DPELDQWH 7D

&j&)j)&
)H&
)

7HPSpUDWXUHGHVXUIDFH 7G6

&j&)j)&
)&
)

6RQGHH[WHUQH
W\SH. 7H

&j&)j)&I)&
)+XPLGLWpUHODWLYH+Uj+U

+UJ+XPLGLWp
VSpFL¿TXH 6+

JNJjJNJJUOEjJUOE

6+

JNJ
JUOE

0RGqOHV6 7VpULHVGHPHVXUHV PpPRLUHGpURXODQWH&DSDFLWpPpPRLUH 0RGqOH7 VpULHVGHPHVXUHVGDQVXQPD[LPXP
GHORWV
3ODJHGHWUDYDLOLQVWUXPHQW 
pFUDQ/&'$OLPHQWDWLRQ

&j&)j)[SLOHVKRXYLDOHFkEOH86%(QUHJLVWUHPHQWPDQXHOVXSpULHXUHjKHXUHV'XUpHGHYLHGHVSLOHV

UpWURpFODLUDJHpWHLQW

0HVXUHVSDULQWHUYDOOHVKHXUHVPD[LPHVXUHWRXWHVOHVPLQXWHV'LPHQVLRQVGHO LQVWUXPHQW
3RLGVGH
O LQVWUXPHQW

[[PP [[
J R] DYHFSLOHV

3HXWrWUHXWLOLVpFRQIRUPpPHQWj%6%,0206&  L
,0206&  L,62861DY\16,861DY\33,
G

 1HSDVH[SRVHUO LQVWUXPHQWjGHVWHPSpUDWXUHVVXSpULHXUHVjFHOOHVGHWUDYDLOSUpFRQLVpHVSRXUO LQVWUXPHQWHWO pFUDQH 3UpFLVLRQ&HQGHVVRXVGH& )HQGHVVRXVGH) I
 3UpFLVLRQ& ) SRXUOHVVRQGHVW\SH.IRXUQLHVSDU(OFRPHWHU/DSUpFLVLRQSHXWYDULHUVHORQOHVIRXUQLVVHXUVJ $PVK
 /HVSLOHVOLYUpHVDYHFO LQVWUXPHQWQHGRLYHQWSDVrWUHXWLOLVpHVjGHVWHPSpUDWXUHVVXSpULHXUHVj&) (QFDVGHWUDYDLOSURORQJpjGHWHOOHVWHPSpUDWXUHVSUpYRLUG XWLOLVHUG DXWUHVSLOHV, /HVVSpFLILFDWLRQV,02363& ,QWHUQDWLRQDO0DULQH2UJDQLVDWLRQ3HUIRUPDQFH6WDQGDUGIRU3URWHFWLYH
&RDWLQJV LPSRVHQWG HQUHJLVWUHUO KXPLGLWpUHODWLYHODWHPSpUDWXUHGHVXUIDFHHWOHSRLQWGHURVpH
/ (OFRPHWHUSHXWrWUHXWLOLVpGDQVFHFDGUHZZZHOFRPHWHUFRP

IU

5

,1)250$7,216/e*$/(6 5Ê*/(0(17$,5(6'pFODUDWLRQGH&RQIRUPLWp/¶(OFRPHWHUPRGqOH7UpSRQGVDX[H[LJHQFHVGHVGLUHFWLYHV8(VXLYDQWHV(8&RPSDWLELOLWppOHFWURPDJQpWLTXHV(8eTXLSHPHQWVUDGLRpOHFWULTXHV(8/LPLWDWLRQGHO¶XWLOLVDWLRQGHFHUWDLQHVVXEVWDQFHVGDQJHUHXVHV/¶(OFRPHWHUPRGqOH6UpSRQGVDX[H[LJHQFHVGHVGLUHFWLYHV8(VXLYDQWHV(8&RPSDWLELOLWppOHFWURPDJQpWLTXHV(8/LPLWDWLRQGHO¶XWLOLVDWLRQGHFHUWDLQHVVXEVWDQFHVGDQJHUHXVHV/HVGpFODUDWLRQVGHFRQIRUPLWpVRQWGLVSRQLEOHVDXWpOpFKDUJHPHQWj
0RGqOH6ZZZHOFRPHWHUFRPLPDJHVVWRULHV3')V'DWDVKHHWV'HFODUDWLRQBRIB&RQIRUPLW\)UHQFK'R&BB6SGI
0RGqOH7ZZZHOFRPHWHUFRPLPDJHVVWRULHV3')V'DWDVKHHWV'HFODUDWLRQBRIB&RQIRUPLW\)UHQFK'R&BB7SGI&HSURGXLWHVWXQpTXLSHPHQWGH&ODVVH%*URXSH,60FRQIRUPpPHQWDX&,635
/HVSURGXLWVGH&ODVVH%SHXYHQWrWUHXWLOLVpVGDQVOHVpWDEOLVVHPHQWVGRPHVWLTXHVHWGDQVOHVpWDEOLVVHPHQWVGLUHFWHPHQWUHOLpVjXQUpVHDXEDVVHWHQVLRQTXLDOLPHQWHGHVEkWLPHQWVjXVDJHGRPHVWLTXH
3URGXLW,60GH*URXSHSURGXLWGDQVOHTXHORQJpQqUHHWRXXWLOLVHLQWHQWLRQQHOOHPHQWO¶pQHUJLHUDGLRpOHFWULTXHQpFHVVDLUHDXIRQFWLRQQHPHQWLQWHUQHGHO¶pTXLSHPHQWOXLPrPH
/DSULVH86%HVWH[FOXVLYHPHQWGHVWLQpHDXWUDQVIHUWGHGRQQpHVHWQHGRLWSDVrWUHEUDQFKpHVXUOHVHFWHXUYLDXQ
DGDSWDWHXU/DPDUTXHGHFRQIRUPLWp$&0$HVWDFFHVVLEOHGDQV0HQX$3URSRV/pJDO5qJOHPHQWDWLRQ(OFRPHWHUPRGqOH7ODPDUTXH*LWHNLVRQQXPpURG RUGRQQDQFHOH)&&,'HWOH6,*4','%OXHWRRWKVRQWDFFHVVLEOHV
GDQV0HQX$3URSRV/pJDO5qJOHPHQWDWLRQ(OFRPHWHUPRGqOH7FHWpTXLSHPHQWHVWFRQIRUPHjODVHFWLRQGHVUqJOHPHQWDWLRQVGHOD)&&/ XWLOLVDWLRQGHFHGLVSRVLWLIHVWDVVXMHWWLHDX[GHX[FRQGLWLRQVVXLYDQWHV  FHWpTXLSHPHQWQHGRLWSDVFDXVHUG LQWHUIpUHQFHVHW  FHW
pTXLSHPHQWGRLWDFFHSWHUWRXWHVOHVLQWHUIpUHQFHV\FRPSULVFHOOHVTXLSRXUUDLHQWSURYRTXHUGHVG\VIRQFWLRQQHPHQWV&HWpTXLSHPHQWUpSRQGDX[OLPLWHVGHOD)&&VXUO H[SRVLWLRQDX[UD\RQQHPHQWVpWDEOLHVSRXUXQHQYLURQQHPHQWQRQFRQWU{Op/HVXWLOLVDWHXUVGRLYHQWVHFRQIRUPHUDX[LQVWUXFWLRQVG XWLOLVDWLRQVSpFLILTXHVSRXUVDWLVIDLUHjODQRUPHG H[SRVLWLRQDX[UDGLRIUpTXHQFHV&HWpPHWWHXUQHGRLWSDVrWUHSODFpRXXWLOLVpFRQMRLQWHPHQWjXQHDXWUHDQWHQQHRXpPHWWHXU
7RXWHPRGLILFDWLRQQ D\DQWSDVIDLWO REMHWG XQHDXWRULVDWLRQH[SUHVVHG (OFRPHWHUHVWVXVFHSWLEOHG HQWUDLQHUO DQQXODWLRQGHO DXWRULVDWLRQG XWLOLVDWLRQGHO DSSDUHLO(OFRPHWHUPRGqOH6127(FHWpTXLSHPHQWDpWpWHVWpHWGpFODUpFRQIRUPHDX[OLPLWHVSRXUDSSDUHLOVQXPpULTXHVGH&ODVVH%VHORQODVHFWLRQGHVUqJOHPHQWDWLRQVGHOD)&&&HVOLPLWHVVRQWFRQoXHVSRXUIRXUQLUXQHSURWHFWLRQUDLVRQQDEOH
FRQWUHOHVLQWHUIpUHQFHVQXLVLEOHVGDQVXQHLQVWDOODWLRQGRPHVWLTXH&HWpTXLSHPHQWJpQqUHXWLOLVHHWSHXWpPHWWUHGHO pQHUJLHUDGLRpOHFWULTXHHWV LOQ HVWLQVWDOOpHWXWLOLVpFRQIRUPpPHQWDX[SUpVHQWHVLQVWUXFWLRQVSHXWFDXVHUGHVLQWHUIpUHQFHVQXLVLEOHVDX[FRPPXQLFDWLRQVUDGLR&HSHQGDQWULHQQHJDUDQWLWO DEVHQFHG LQWHUIpUHQFHVGDQVXQHLQVWDOODWLRQSDUWLFXOLqUH6L
FHWDSSDUHLOFDXVHGHVLQWHUIpUHQFHVQXLVLEOHVjODUpFHSWLRQGHVVLJQDX[GHUDGLRRXGHWpOpYLVLRQFHTXLSHXWrWUHGpWHUPLQp
HQDOOXPDQWHWHQpWHLJQDQWO DSSDUHLOO XWLOLVDWHXUSHXWWHQWHUGHUpVRXGUHOHSUREOqPHGHO XQHGHVIDoRQVVXLYDQWHV5pRULHQWHURXFKDQJHUO DQWHQQHUpFHSWULFHGHSODFH
$XJPHQWHUODGLVWDQFHVpSDUDQWO pTXLSHPHQWGXUpFHSWHXU
5DFFRUGHUO pTXLSHPHQWjXQHSULVHRXjXQFLUFXLWLQGpSHQGDQWGHFHOXLVXUOHTXHOHVWFRQQHFWpOHUpFHSWHXU
&RQVXOWHUO LQVWDOODWHXURXXQWHFKQLFLHQVSpFLDOLVpHQUDGLRWpOpYLVLRQSRXUREWHQLUGHO DLGH/HSUpVHQWDSSDUHLOHVWFRQIRUPHDX[&15G ,QGXVWULH&DQDGDDSSOLFDEOHVDX[DSSDUHLOVUDGLRH[HPSWVGHOLFHQFH
/ H[SORLWDWLRQHVWDXWRULVpHDX[GHX[FRQGLWLRQVVXLYDQWHV  O DSSDUHLOQHGRLWSDVSURGXLUHGHEURXLOODJHHW  O XWLOLVDWHXUGHO DSSDUHLOGRLWDFFHSWHUWRXWEURXLOODJHUDGLRpOHFWULTXHVXELPrPHVLOHEURXLOODJHHVWVXVFHSWLEOHG HQFRPSURPHWWUHOH
IRQFWLRQQHPHQW
&HWDSSDUHLOQXPpULTXHGHFODVVH%HVWFRQIRUPHDX&$1,&(6 % 10% % 
HVWXQHPDUTXHGpSRVpHGH(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%8
5R\DXPH8QL
HVWXQHPDUTXHGpWHQXHSDU%OXHWRRWK6,*,QFHWGRQ WO DXWRULVDWLRQG XWLOLVDWLRQjpWp

GRQQpHj(OFRPHWHU/LPLWHG
(OFRPHWHUPRGqOH7&RQoXSRXUL3KRQH3OXVL3KRQHL3KRQHVL3KRQHFL3KRQHL3KRQHVL3KRQHL3DG$LU
L3DGPLQLL3DG$LUL3DGPLQLL3DG qPHHWqPHJpQpUDWLRQ L3DGPLQLL3DGHWL3RGWRXFK qPHHWqPH
JpQpUDWLRQ /DPHQWLRQ³0DGHIRUL3RG´´0DGHIRUL3KRQH´HW³0DGHIRUL3DG´VLJQLILHTX XQDFFHVVRLUHpOHFWURQLTXHDpWpVSpFLDOHPHQW
FRQoXSRXUVHFRQQHFWHUDX[L3RGL3KRQHRXL3DGHWDpWpFHUWLILpSDUOHGpYHORSSHXUSRXUUpSRQGUHDX[QRUPHVGHUHQGHPHQW
$SSOH$SSOHQ HVWSDVUHVSRQVDEOHGXIRQFWLRQQHPHQWGHFHWpTXLSHPHQWRXGHVDFRQIRUPLWpDX[QRUPHVGHVpFXULWpHWDX[GLVSRVLWLRQVOpJDOHV1RXVYRXVLQIRUPRQVTXHO XWLOLVDWLRQGHFHWDFFHVVRLUHDYHFXQL3RGL3KRQHRXL3DGSHXWQXLUHDX[SHUIRUPDQFHVGHODOLDLVRQVDQVILO
L3DGL3KRQHHWL3RGWRXFKVRQWGHVPDUTXHVGpSRVpHVG $SSOH,QFHQUHJLVWUpHVDX[86$HWGDQVG DXWUHVSD\V$SS6WRUHHVWXQHPDUTXHGpSRVpHG $SSOH,QFHQUHJLVWUpHDX[86$HWGDQVG DXWUHVSD\V*RRJOH3OD\HVWXQHPDUTXHGpSRVpHGH*RRJOH,QF
7RXWHVOHVDXWUHVPDUTXHVVRQWUHFRQQXHV
5/ (OFRPHWHUHVWOLYUpGDQVXQHPEDOODJHHQFDUWRQ0HUFLG pOLPLQHUWRXVOHVHPEDOODJHVGHPDQLqUHpFRORJLTXH&RQWDFWH]ODGpFKqWHULHGHYRWUHORFDOLWpSRXUSOXVG LQIRUPDWLRQVVXUOHUHF\FODJH
6LqJH6RFLDO(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%85R\DXPH8QL

70$1XPpUR7H[WHDYHFFRXYHUWXUH15*HEUXLNHUVKDQGOHLGLQJ(OFRPHWHU0RGHOOHQ6 7'DXZSXQWPHWHU

ZZZHOFRPHWHUFRP5,1+28'623*$9(



















2YHU]LFKWPHWHU'RRVLQKRXG'HPHWHUJHEUXLNHQ$DQGHVODJ'HVHQVRUHQ*UHQ]HQLQVWHOOHQ(HQPHWLQJYHUULFKWHQ([WHUQHWHPSHUDWXXUVRQGHVJHEUXLNHQ
6WDWLVWLHNHQ*URHSHUHQ±0RGHO7*URHSVJHJHYHQVEHNLMNHQ±0RGHO7
0HQXVWUXFWXXU±0RGHO6
0HQXVWUXFWXXU±0RGHO7*HJHYHQVGRZQORDGHQ±0RGHO7
5HVHUYHRQGHUGHOHQ DFFHVVRLUHV*DUDQWLHYHUNODULQJ
7HFKQLVFKHVSHFLILFDWLHV-XULGLVFKHNHQQLVJHYLQJHQ ZHWWHOLMNHLQIRUPDWLH

3E+J

5DDGSOHHJGHRULJLQHOH(QJHOVHYHUVLHRPWZLMIHOXLWWHVOXLWHQ
$IPHWLQJHQPHWHU[[PP [[*HZLFKWPHWHUJ R] ±LQFOXVLHIEDWWHULMHQ(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

QO

ZZZHOFRPHWHUFRP

5

29(5=,&+70(7(5















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



6RQGHYRRURSSHUYODNWHPSHUDWXXU
6RQGHYRRUOXFKWWHPSHUDWXXU OXFKWYRFKWLJKHLG,QGLFDWRUVPHWOHGOLFKW±URRG OLQNV JURHQ UHFKWV/FGVFKHUP
6RIWNH\V$DQXLWNQRS
9HUELQGLQJVSXQWYRRUSROVEDQG
86%XLWJDQJ RQGHUNDSMH%DWWHULMFRPSDUWLPHQW*HwQWHJUHHUGHPDJQHWHQ.W\SHVRQGHFRQQHFWRU RQGHUNDSMH

'226,1+28'








(OFRPHWHU'DXZSXQWPHWHU%HVFKHUPHQGHWXLPHWULHPNOHP
[$$EDWWHULMHQ
3ROVEDQG(OFR0DVWHUVRIWZDUH 86%NDEHO DOOHHQ0RGHO7.DOLEUDWLHFHUWLILFDDW*HEUXLNHUVKDQGOHLGLQJ

ZZZHOFRPHWHUFRP

QO

5

'(0(7(5*(%58,.(1
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U

0DDWHHQKHGHQ&JNJ)JUOE
9RHGLQJ86%
%OXHWRRWKJHDFWLYHHUG
6RIWNH\0HQX
6RIWNH\6WDWV
6RIWNH\%DWFK 0RGHO7+XLGLJHPHWLQJYDVW]HWWHQ6WDUW6WRSORJ 0RGHO7
7UHQGLQGLFDWRUVWRHQHPHQGHRIDIQHPHQGHZDDUGHQ.OLPDDWSDUDPHWHUVPD[LPDDO
9RHGLQJ%DWWHULMHQLQFOXVLHILQGLFDWRUYRRUEDWWHULMOHYHQVGXXU+DQGPDWLJHORJV
6RIWNH\%DWFKLQGHPRGXVJURHSHUHQ 0RGHO7*URHSVQXPPHU0HWLQJQXPPHULQJURHS 0RGHO7$ODUPPHWLQJEXLWHQLQJHVWHOGHHQJHDFWLYHHUGHJUHQ]HQ
6RIWNH\VYHUJUHQGHOG 0RGHO7,QWHUYDOORJVLQGHPRGXVJURHSHUHQ 0RGHO7
7KHUPRPHWHUPRGXVJHDFWLYHHUG
7HPSHUDWXXUH[WHUQHVRQGH
L

D

Q

E
K

M

F

N
P
K
J

G

I

H

O
T

R
S
U

QO

ZZZHOFRPHWHUFRP

5

$$1'(6/$*% $77(5,-(13/$$76(1'HPHWHUVZRUGHQJHOHYHUGPHW[$$DONDOLQH
EDWWHULMHQ

2PEDWWHULMHQWHSODDWVHQRIWHYHUYDQJHQJDDWX
DOVYROJWWHZHUN 
 9HUZLMGHUKHWEDWWHULMYDNGHNVHOGRRUGHERUJVFKURHIWHJHQGHNORNLQWHGUDDLHQ 3ODDWVEDWWHULMHQHQOHWGDDUELMRSGHSRODULWHLW
 3ODDWVKHWGHNVHOWHUXJHQGUDDLGHERUJVFKURHIPHWGHNORNPHH
RPKHWGHNVHODIWHVOXLWHQ
'HVWDDWYDQGHEDWWHULMHQZRUGWDDQJHJHYHQPHWKHWEDWWHULMSLFWRJUDPUHFKWVERYHQLQKHWZHHUJDYHVFKHUP  +RHPHHUVHJPHQWHQHUZRUGHQZHHUJHJHYHQGHVWHEHWHULVGHFRQGLWLHYDQGHEDWWHULMHQ
$OVHUJHHQVHJPHQWHQZRUGHQZHHUJHJHYHQNXQWXGHPHWHUEHWHUQLHWJHEUXLNHQYRRULQWHUYDOORJVJHGXUHQGHODQJHSHULRGHQ DOOHHQ0RGHO7]LH
6HFWLH± +DQGPDWLJHORJVRILQWHUYDOORJVLQVWHOOHQ RSSDJLQDQO $OVGHEDWWHULMHQZRUGHQYHUYDQJHQWLMGHQVLQWHUYDOORJVNDQGHPHWHU
GHPHOGLQJ 3OHDVH:DLW  HHQPRPHQWJHGXOG WRQHQYRRUGDWGH]HGHJURHSVVWDWLVWLHNHQRSQLHXZEHUHNHQW$OVGHEDWWHULMHQELMQDOHHJ]LMQNQLSSHUWKHWEDWWHULMSLFWRJUDPHQSLHSW
GHPHWHURPGHVHFRQGHQRPDDQWHJHYHQGDWXGHEDWWHULMHQ
PRHWYHUYDQJHQ
'HPHWHUNDQRRNZRUGHQJHYRHGYLD86%PHWEHKXOSYDQGH
PHHJHOHYHUGH86%NDEHO 0RGHO7 RIPHWEHKXOSYDQGHDOVDFFHVVRLUHYHUNULMJEDUH86%NDEHO 0RGHO6 ]LH6HFWLH±
5HVHUYHRQGHUGHOHQ DFFHVVRLUHV RSSDJLQD QO/HWRS 0HWGH86%NDEHONXQWXJHHQEDWWHULMHQRSODGHQ ((17$$/6(/(&7(5(1 +RXGGH$$18,7NQRSLQJHGUXNWWRWGDWKHW(OFRPHWHUORJRZRUGWJHWRRQG
 'UXNRS0HQX,QVWHOOLQJHQ7DOHQHQNLHVXZWDDOPHWEHKXOSYDQ
GHVRIWNH\VÏÐ 9ROJGHPHQX VRSKHWVFKHUPZZZHOFRPHWHUFRP

QO

5

$$1'(6/$* YHUYROJ,QKHWWDDOPHQXNRPHQDOVGHPHWHUVWDDWLQJHVWHOGRSHHQYUHHPGHWDDO
 6FKDNHOGHPHWHU8,7
 +RXGGHOLQNHUVRIWNH\LQJHGUXNWHQVFKDNHOGHPHWHU,1
 .LHVXZWDDOPHWEHKXOSYDQGHVRIWNH\VÏÐ 6&+(50,167(//,1*(18NXQWHHQDDQWDOVFKHUPLQVWHOOLQJHQRSJHYHQYLD
0HQX,QVWHOOLQJHQ9HUOLFKWLQJ,QVWHOOHQZDDURQGHU
y
y







+HOGHUKHLG,QVWHOEDDURSµ/DDJ¶µ0HGLXP¶RIµ+RRJ¶
7LPH2XWKHWZHHUJDYHYHQVWHUGLPWQDHHQRSJHJHYHQSHULRGHYDQLQDFWLYLWHLW3DVGHXLWVFKDNHOWLPHUDDQGRRUPHWGH
VRIWNH\VÏÐµ7LPH2XW¶WHVHOHFWHUHQHQWHGUXNNHQRSµ.LHV¶*HEUXLNGHVRIWNH\VÏÐRPGHJHZHQVWHZDDUGHLQWHVWHOOHQ
WXVVHQ XLW HQVHFRQGHQ HQGUXNWHUEHYHVWLJLQJRS 2N
RIGUXNRS 7HUXJ RPWHDQQXOHUHQ NXQWGHPHWHURRNLQVWHOOHQRPDXWRPDWLVFKXLWWHVFKDNHOHQQD
8
HHQEHSDDOGHLQDFWLHYHSHULRGH WXVVHQHQPLQXWHQ 'LWGRHWX
YLD0HQX,QVWHOOLQJHQ$XWR8LWVFKDNHOHQ/HWRS$XWR8LWVFKDNHOHQ LVJHGHDFWLYHHUGDOVGHPHWHUZRUGWJHYRHGYLD86%

 +(7:((5*$9(6&+(50,167(//(18NXQWYLMINOLPDDWSDUDPHWHUVRSJHYHQRPWHODWHQZHHUJHYHQRSKHWVFKHUP$OOHNOLPDDWSDUDPHWHUVZRUGHQJHPHWHQPDDUDOOHHQ
GHJHVHOHFWHHUGHSDUDPHWHUVZRUGHQZHHUJHJHYHQ8NXQWNLH]HQ
XLW
y
y
y
y
y


y

QO

595HODWLHYHYRFKWLJKHLG
272SSHUYODNWHPSHUDWXXU/7/XFKWWHPSHUDWXXU'7'DXZSXQWWHPSHUDWXXU±EHUHNHQGXLW/7HQ59
ǻ7'HOWDWHPSHUDWXXU±KHWYHUVFKLOWXVVHQGHRSSHUYODNWHPSHUDWXXUHQGDXZSXQWWHPSHUDWXXU'%'URJHEROWHPSHUDWXXU±JHOLMNDDQ/7

ZZZHOFRPHWHUFRP

5

$$1'(6/$* YHUYROJyy

1%1DWWHEROWHPSHUDWXXU±EHUHNHQGXLW/7HQ59
696SHFLILHNHYRFKWLJKHLG±EHUHNHQGXLW/7HQ59/HWRS'HIRUPXOHGLHZRUGWJHEUXLNWRP'%HQ69WHEHUHNHQHQPDDNWJHEUXLNYDQHHQYDVWHOXFKWGUXNZDDUGHYDQDWPRVIHHU PEDU 'HQDXZNHXULJKHLGYDQGH'%HQ69ZDDUGHQNDQYDULsUHQELMDQGHUHDWPRVIHULVFKHGUXNZDDUGHQ'H]HYDULDWLHNDQJURWHU]LMQGDQ&YRRU'%HQPEDUYRRU69

+HWZHHUJDYHVFKHUPLQVWHOOHQ 'UXNRS0HQX,QVWHOOLQJHQ
7RQHQ6HOHFWHHU*HJHYHQV *HEUXLNGHVRIWNH\VÏÐRPGH
JHZHQVWHRSWLHWHVHOHFWHUHQHQGUXN
RSµ.LHV¶$OVXQRJPDDOVGUXNWRS.LHV ZRUGWGHRSWLHJHGHVHOHFWHHUG
 $OVHUDOYLMISDUDPHWHUVJHVHOHFWHHUG]LMQSLHSWGHPHWHUDOVXHUQRJHHQSUREHHUWWH
VHOHFWHUHQ8GLHQWHHUVWHHQSDUDPHWHUWHGHVHOHFWHUHQYRRUGDWXHHQDQGHUHNXQWNLH]HQ



2PWHNLH]HQZHONHSDUDPHWHUZRUGWJHWRRQGPHWGHJURRWVWHNDUDNWHUVRQGHUDDQKHWZHHUJDYHVFKHUPGUXNWXRS0HQX,QVWHOOLQJHQ7RQHQ+RRIGPHWLQJ*HEUXLNGHVRIWNH\VÏÐRPGH
JHZHQVWHRSWLHWHVHOHFWHUHQXLWGH
JHWRRQGHOLMVWHQGUXNRS .LHV  $OOHHQGHYLDVWDSJHNR]HQNOLPDDWSDUDPHWHUV]LMQEHVFKLNEDDUYRRUVHOHFWLHLQGHOLMVW +RRIGPHWLQJ 
 'RRUKHWDDQWDORSKHWXLWOHHVVFKHUPZHHUJHJHYHQSDUDPHWHUVWHYHUPLQGHUHQNXQWXGHNDUDNWHUVYDQGHKRRIGPHWLQJYHUJURWHQ

/HWRS$OVHHQPHWLQJHHQLQJHVWHOGHJUHQVRYHUVFKULMGWZRUGWGH]HNQLSSHUHQGJHWRRQGLQKHWZHHUJDYHVFKHUP]HOIVDOVGHSDUDPHWHUQLHWYRRUZHHUJDYHLVJHNR]HQYLDERYHQVWDDQGHVWDSSHQ

 ((1((1+(,'.,(=(18NXQWNLH]HQXLWHHQUHHNVHHQKHGHQD&)JNJJUOE'UXNRS
0HQX,QVWHOOLQJHQ0HHWHHQKHGHQRPHHQHHQKHLGWHNLH]HQDJNJHQJUOEKHEEHQDOOHHQEHWUHNNLQJRSPHWLQJHQYRRU 6SHFLILHNHYRFKWLJKHLG ZZZHOFRPHWHUFRP

QO

5

$$1'(6/$* YHUYROJ +$1'0$7,*(/2*62),17(59$//2*6,167(//(18NXQWKDQGPDWLJPHWLQJHQUHJLVWHUHQ +DQGPDWLJH2SVODJ 
0RGHO6 7 RIGHPHWHUSURJUDPPHUHQRPRSLQJHVWHOGH
LQWHUYDOOHQPHWLQJHQWHYHUULFKWHQHQGH]HDXWRPDWLVFKRSWHVODDQLQKHWJURHSVJHKHXJHQ 2SVODJLQWHUYDO  DOOHHQ0RGHO7 +DQGPDWLJH2SVODJ NLH]HQLQ'LUHFWPRGXV 0RGHO6 7 
 'UXNRS0HQX,QVWHOOLQJHQ+DQGPDWLJH2SVODJ 2PPHWLQJHQGLUHFWRSWHVODDQJHEUXLNWXGHVRIWNH\VÏÐRP
(QNHO2SVODDQ WHVHOHFWHUHQHQGUXNWXYHUYROJHQVRS .LHV  2PPHWLQJHQYDVWWHKRXGHQJHYROJGGRRUHHQRSVODJRSWLH
JHEUXLNWXGHVRIWNH\VÏÐRP %HZDUHQ 2SVODDQ WHVHOHFWHUHQHQGUXNWXYHUYROJHQVRS .LHV¶ 'HVWDQGDDUGLQVWHOOLQJLV %HZDUHQ 2SVODDQ +DQGPDWLJH2SVODJ LVRRNEHVFKLNEDDULQGHPRGXVJURHSHUHQ
0RGHO7 
2SVODJLQWHUYDO LVRRNEHVFKLNEDDULQGHPRGXVJURHSHUHQ 0RGHO7 
9RRULQIRUPDWLHRYHUKHWDDQPDNHQYDQHHQQLHXZHJURHSPHW+DQGPDWLJH2SVODJ RI 2SVODJLQWHUYDO UDDGSOHHJWX6HFWLH
(HQQLHXZHJURHSDDQPDNHQ RSSDJLQDQO'(6(1625(1'HVHQVRUHQYRRU D YRFKWLJKHLG 59 HQOXFKWWHPSHUDWXXU /7 HQYRRU E 
RSSHUYODNWHPSHUDWXXU 27 ]LWWHQERYHQRS
GHPHWHUD
E/HWRS'HVHQVRUYRRURSSHUYODNWHPSHUDWXXULVYRRUWUDFHHUEDDUKHLGVGRHOHLQGHQYDQGHNDOLEUDWLHYRRU]LHQYDQHHQXQLHNVHULHQXPPHU

9225:$$5'(192251$8:.(85,*(0(7,1*(1y=RUJGDWGHOXFKWWRHYRHUYLDGHJDWHQLQGHEHKXL]LQJURQGGH VHQVRUHQYRRUOXFKWYRFKWLJKHLGHQOXFKWWHPSHUDWXXUQLHWZRUGW EHOHPPHUGy+RXGXZYLQJHUVQLHWELMGH]HYHQWLODWLHJDWHQOLFKDDPVZDUPWH NDQGHPHWLQJEHwQYORHGHQy/DDWGHPHWHURQJHYHHUPLQXWHQDFFOLPDWLVHUHQDOVXGH]HYDQ
 HHQNRXGHRPJHYLQJQDDUHHQZDUPHRPJHYLQJEUHQJWHQYLFHYHUVDQO

ZZZHOFRPHWHUFRP5

'(6(1625(1 YHUYROJ

6&+$'(9225.20(1*HEUXLNJHHQRQQRGLJHGUXNELMKHWPHWHQYDQGHRSSHUYODNWHPSHUDWXXU(HQOLFKWFRQWDFWWXVVHQGHVRQGHHQKHW
RSSHUYODNLVYROGRHQGH'HPHWLQJYHUVQHOWQLHWGRRUPHHUGUXNWRHWHSDVVHQHQKHWYHUEHWHUWRRNGHQDXZNHXULJKHLGQLHW'H
VHQVRUNRSVOLMWHUZHOGRRUHQNDQHURRNYDQEHVFKDGLJHQ
9RRUNRPRYHUERGLJHVOLMWDJHHQVOHHSGHRSSHUYODNWHPSHUDWXXUVRQGHQLHWRYHUKHWRSSHUYODN'HOXFKWYRFKWLJKHLGVVHQVRULVNZHWVEDDUHQPDJQLHWZRUGHQ
DDQJHUDDNW*HEUXLNJHHQSHUVOXFKWRPGHVHQVRUHQYDQGHPHWHUWHUHLQLJHQ
$OVKHWRSSHUYODNYDQGHYRFKWLJKHLGVVHQVRUYHU]DGLJGUDDNW
PHWYRFKW]RUJGDQGDWKHWYRFKWYROOHGLJYHUGDPSWLQHHQ
GURJHRPJHYLQJYRRUGDWXGHPHWHUZHHUJHEUXLNW%HVFKHUPGHPHWHU]RJRHGPRJHOLMNWHJHQYHUIVWRIHQYXLODDQJH]LHQ]HRSGHODQJHWHUPLMQGHQDXZNHXULJKHLGYDQGHYRFKWLJKHLGVVHQVRUNXQQHQEHwQYORHGHQ%HUJGHPHWHUDOWLMG
RSLQKHWHWXLDOVXGH]HQLHWJHEUXLNW:DVGHVHQVRUHQQLHWPHWZDWHURIPHWRSORVPLGGHOHQ*5(1=(1,167(//(18NXQWHHQERYHQJUHQVHQRIRQGHUJUHQVLQVWHOOHQYRRULQGLYLGXHOHRIDOOHNOLPDDWSDUDPHWHUV8NXQWHHQJUHQVZDDUGHLQVWHOOHQYRRULQGLYLGXHOHPHWLQJHQ LQGLHQQLHWLQGHPRGXV*URHSHUHQ RIYRRUHONHJURHS ELMGHPRGXV*URHSHUHQ *UHQ]HQLQVWHOOHQYRRULQGLYLGXHOHPHWLQJHQ 0RGHO6 7 
 'UXNRS0HQX/LPLHWHQ,QVWHOOHQ *HEUXLNGHVRIWNH\VÏÐRPGHJHZHQVWHSDUDPHWHUWH
VHOHFWHUHQHQGUXNRSµ.LHV¶ *HEUXLNGHVRIWNH\VÏÐRP +RJH/LPLHW$DQ WHVHOHFWHUHQHQ
GUXNRSµ.LHV¶RPGHJUHQVWHDFWLYHUHQ *HEUXLNGHVRIWNH\VÏÐRP +RJH/LPLHW WHVHOHFWHUHQHQ
GUXNRSµ.LHV¶QO
ZZZHOFRPHWHUFRP

5

*5(1=(1,167(//(1 YHUYROJ
 *HEUXLNGHVRIWNH\VÏÐRPGHJHZHQVWHZDDUGHLQWHVWHOOHQHQ
GUXNWHUEHYHVWLJLQJRS 2N RIGUXNRS 7HUXJ RPWHDQQXOHUHQ +HUKDDOLQGLHQQRGLJVWDSRPHHQRQGHUJUHQVZDDUGHLQWHVWHOOHQHQWHDFWLYHUHQ +HUKDDOQDDUEHKRHIWHVWDSYRRULHGHUHNOLPDDWSDUDPHWHU*UHQ]HQLQVWHOOHQYRRUHHQJURHS 0RGHO7 
8NXQWJUHQ]HQLQVWHOOHQELMKHWDDQPDNHQYDQHHQQLHXZHJURHS$OVHHQ
PHWLQJHHQPDDOLVRSJHVODJHQLQGHJURHSNXQWXGHLQJHVWHOGH
JUHQVZDDUGHQQLHWPHHUZLM]LJHQHQJHHQJUHQVZDDUGHQPHHUWRHYRHJHQ








'UXNRS%DWFK2SHQ1LHXZH%DWFK/LPLHWQ*HEUXLNGHVRIWNH\VÏÐRPGHJHZHQVWHSDUDPHWHUWH
VHOHFWHUHQHQGUXNRSµ.LHV¶*HEUXLNGHVRIWNH\VÏÐRP +RJH/LPLHW$DQ WHVHOHFWHUHQHQ
GUXNRSµ.LHV¶RPGHJUHQVWHDFWLYHUHQ*HEUXLNGHVRIWNH\VÏÐRP +RJH/LPLHW WHVHOHFWHUHQHQGUXN
RSµ.LHV¶*HEUXLNGHVRIWNH\VÏÐRPGHJHZHQVWHZDDUGHLQWHVWHOOHQHQ
GUXNWHUEHYHVWLJLQJRS 2N RIGUXNRS 7HUXJ RPWHDQQXOHUHQ+HUKDDOLQGLHQQRGLJVWDSRPHHQRQGHUJUHQVZDDUGHLQWHVWHOOHQHQWHDFWLYHUHQ+HUKDDOQDDUEHKRHIWHVWDSYRRULHGHUHNOLPDDWSDUDPHWHU
 8NXQWGHJURHSVJUHQ]HQRSHONPRPHQWUDDGSOHJHQYLD%DWFK%DWFKHV%HNLMNHQ

$OVGHZDDUGHYDQHHQSDUDPHWHUEXLWHQHHQLQJHVWHOGHHQJHDFWLYHHUGHJUHQVYDOWyNQLSSHUWKHWFRUUHVSRQGHUHQGHSLFWRJUDP $OVHHQPHWLQJHHQLQJHVWHOGHJUHQVRYHUVFKULMGWZRUGWGH]HNQLSSHUHQGJHWRRQGLQKHWZHHUJDYHVFKHUP]HOIVDOVGHSDUDPHWHUQLHWYRRUZHHUJDYHLVJHNR]HQYLD0HQX,QVWHOOLQJHQ7RQHQ6HOHFWHHU*HJHYHQV

y
y
y
y





ZRUGWKHWDODUPSLFWRJUDPZHHUJHJHYHQQDDVWGHSDUDPHWHUNQLSSHUWGHURGHOHGVNOLQNWHHQDODUPE
LQGHPRGXVJURHSHUHQ 0RGHO7 HHQPHWLQJGLHHHQ
ERYHQJUHQVRYHUVFKULMGWZRUGWJHPDUNHHUGPHWKHWSLFWRJUDP
HQHHQPHWLQJGLHHHQRQGHUJUHQVRYHUVFKULMGWZRUGWJHPDUNHHUGPHWKHWSLFWRJUDP

/HWRS$OVGHSDUDPHWHUZDDUGHZHHUELQQHQGHJUHQ]HQYDOWZRUGWKHWDODUPDXWRPDWLVFKRSJHKHYHQ
E

+HWDODUPYROXPHZRUGWEHSDDOGGRRUKHWSLHSYROXPHGDWXNXQWLQVWHOOHQYLD
0HQX,QVWHOOLQJHQ3LHSWRRQ9ROXPH

QOZZZHOFRPHWHUFRP5

((10(7,1*9(55,&+7(1 9225'$78%(*,17
 'UXNRSGH$$18,7NQRSRPGHPHWHUDDQWH]HWWHQ±GH
PHWHUVWDUWPHWPHWHQ
 6WHOZHHUJDYHVFKHUPLQ±]LH6HFWLHRSSDJLQDQO
 .LHVHHQHHQKHLG±]LH6HFWLHRSSDJLQDQO
 6WHOGHJHZHQVWHJUHQ]HQLQ±]LH6HFWLHRSSDJLQDQO ((10(7,1*9(55,&+7(1,1',5(&702'86
9ROJGH]HSURFHGXUHRPKDQGPDWLJPHWLQJHQWHYHUULFKWHQ+DQGPDWLJH2SVODJ PHWGHRSWLHRPGHPHHWJHJHYHQVWHUHJLVWUHUHQLQKHWORSHQGHJHKHXJHQYDQGHPHWHU+RXGGHUXEEHUHQSXQWYDQGHRSSHUYODNWHPSHUDWXXUVHQVRUWHJHQKHWRSSHUYODNELMYRRUNHXURQGHUHHQKRHNYDQ
 'HWUHQGLQGLFDWRUQDDVWGHSDUDPHWHUWRRQWRIGHZDDUGHWRHQHHPW  RI

DIQHHPW  (HQRQWEUHNHQGHWUHQGLQGLFDWRUJHHIWDDQGDWGHZDDUGH
VWDELHOLV'UXNRS +ROG JHYROJGGRRU 2SVODDQ RPGHPHHWJHJHYHQVRS
WHVODDQLQKHWJHKHXJHQYDQGHPHWHU $OV +DQGPDWLJH2SVODJ LVLQJHVWHOGRS (QNHO2SVODDQ GDQZRUGW +ROG 

QLHWJHWRRQG'UXNRS 2SVODDQ RPGHPHHWJHJHYHQVRSWHVODDQLQKHW
JHKHXJHQYDQGHPHWHU'UXNRSGHVRIWNH\ 6WDWV RPGHVWDWLVWLVFKHDQDO\VHYDQGHPHHWJHJHYHQVWHEHNLMNHQ±]LH6HFWLH 6WDWLVWLHNHQ RSSDJLQD
QOYRRUPHHULQIRUPDWLH
 ((10(7,1*9(55,&+7(1,1*52(3602'86 02'(/7
9ROJGH]HSURFHGXUHRPKDQGPDWLJ +DQGPDWLJH2SVODJ RIDXWRPDWLVFKRSLQJHVWHOGHLQWHUYDOOHQ 2SVODJLQWHUYDO PHWLQJHQWH
YHUULFKWHQHQGH]HRSWHVODDQLQHHQJURHS+DQGPDWLJH2SVODJ JHEUXLNHQ 0DDNHHQQLHXZHJURHSDDQYRRU +DQGPDWLJH2SVODJ ±]LH
6HFWLHRSSDJLQDQO +RXGGHUXEEHUHQSXQWYDQGHRSSHUYODNWHPSHUDWXXUVHQVRUWHJHQKHWRSSHUYODNELMYRRUNHXURQGHUHHQKRHNYDQ
 'HWUHQGLQGLFDWRUQDDVWGHSDUDPHWHUWRRQWRIGHZDDUGHWRHQHHPW  RI

DIQHHPW  (HQRQWEUHNHQGHWUHQGLQGLFDWRUJHHIWDDQGDWGHZDDUGH
VWDELHOLVZZZHOFRPHWHUFRP

QO

5

((10(7,1*9(55,&+7(1 YHUYROJ
 'UXN +ROG JHYROJGGRRU 2SVODDQ RPGHPHWLQJLQKHWEDWFKJHKHXJHQRSWHVODDQ $OVGH +DQGPDWLJH2SVODJ LQVWHOOLQJLV (QNHO2SVODDQ ZRUGW +ROG QLHWZHHUJHJHYHQ'UXN 2SVODDQ RPGHPHWLQJLQKHWEDWFKJHKHXJHQRSWH
VODDQ UXNRSGHVRIWNH\JHYROJGGRRU %DWFKHQ9HUODWHQ RPGH'PRGXVJURHSHUHQWHYHUODWHQ,QWHUYDOORJVJHEUXLNHQ 
$OVXYDQSODQEHQWRPJHGXUHQGHHHQODQJHSHULRGHWHPHWHQGLHQW
XHHUVWWHFRQWUROHUHQRIGHEDWWHULMHQLQJRHGHVWDDWYHUNHUHQ3ODDWVQLHXZHEDWWHULMHQDOVXWZLMIHOW±]LH6HFWLH %DWWHULMHQ
SODDWVHQ RSSDJLQDQO
2YHUZHHJKHWJHEUXLNYDQHHQH[WHUQHWHPSHUDWXXUVRQGHKHWLV
QLHWHUJSUDNWLVFKRPGHJHwQWHJUHHUGHVRQGHWHJHQKHWRSSHUYODNWHKRXGHQJHGXUHQGHHHQODQJHSHULRGH±]LH6HFWLH ([WHUQH
WHPSHUDWXXUVRQGHVJHEUXLNHQ RSSDJLQDQO

0DDNHHQQLHXZHJURHSDDQYRRU 2SVODJLQWHUYDO HQVWHOGH
JHZHQVWHLQWHUYDOWLMGLQ±]LH6HFWLHRSSDJLQDQO+RXGGHUXEEHUHQSXQWYDQGHRSSHUYODNWHPSHUDWXXUVHQVRUWHJHQKHWRSSHUYODNELMYRRUNHXURQGHUHHQKRHNYDQ
 'HWUHQGLQGLFDWRUQDDVWGHSDUDPHWHUWRRQWRIGHZDDUGHWRHQHHPW  RI

DIQHHPW  (HQRQWEUHNHQGHWUHQGLQGLFDWRUJHHIWDDQGDWGHZDDUGH
VWDELHOLV'UXNRS 6WDUW RPGHORJWHVWDUWHQHQGHJHJHYHQVDXWRPDWLVFKRSWHVODDQRSGHLQJHVWHOGHLQWHUYDOOHQ 8NXQWHHQXLWJHVWHOGHVWDUWWLMGLQVWHOOHQELMKHWDDQPDNHQYDQHHQJURHSYRRU 2SVODJLQWHUYDO 'HPHWHUVWDUWDXWRPDWLVFKDOVGHLQJHVWHOGHWLMGLVYHUVWUHNHQ $OVXHHQWLMGKHEWLQJHVWHOGYRRU $XWR8LWVFKDNHOHQ OLMNWGHPHWHUXLWWH
VFKDNHOHQQDGHLQJHVWHOGHXLWVWHOWLMGPDDUWLMGHQVORJDFWLYLWHLWEOLMIWGH
PHWHUDDQVWDDQLQHHQWRHVWDQGYDQODDJHQHUJLHYHUEUXLN,QGH]HWRHVWDQGHQELMGHLQWHUYDOORJPRGXVEOLMIWGHPHWHUJHJHYHQVXLWOH]HQ
QDDUKHWJURHSVJHKHXJHQRSGHLQJHVWHOGHORJLQWHUYDOOHQ'HYROJHQGH
NHHUGDWGHPHWHUZRUGWLQJHVFKDNHOGZRUGWGHJURHSRSQLHXZJHRSHQG

 PGHJHJHYHQVORJVWHVWRSSHQGUXNWXRS 6WRS HQGDDUQD
2
WHUEHYHVWLJLQJRS -D RIRS 1HH RPWHDQQXOHUHQHQKHW
ORJSURFHVYRRUWWH]HWWHQ'UXNRSGHVRIWNH\JHYROJGGRRU %DWFKHQ9HUODWHQ RPGHPRGXVJURHSHUHQWHYHUODWHQQO

ZZZHOFRPHWHUFRP5

((10(7,1*9(55,&+7(1 YHUYROJ'H(OFRPHWHU0RGHO7KHHIWGHPRJHOLMNKHLGRPGHVRIWNH\VWH
YHUJUHQGHOHQ'LWJHHIWHHQH[WUDYHLOLJKHLGVQLYHDXWHUYRRUNRPLQJ
YDQKHWRQEHGRHOGVWRSSHQYDQLQWHUYDOORJV$OV 6RIWNH\V
9HUJUHQGHOG LVJHDFWLYHHUGLVHHQH[WUDGUXNRSGHNQRSQRGLJRP
LQWHUYDOORJVWHVWRSSHQ'UXNRS0HQX,QVWHOOLQJHQ6RIWNH\V9HUJUHQGHOGJHYROJGGRRUµ6HO¶
RPGHVRIWNH\YHUJUHQGHOLQJWHDFWLYHUHQ'UXNRSGHVRIWNH\ %DWFK RPGHVWDWLVWLVFKHDQDO\VHYDQGHPHHWJHJHYHQVWHEHNLMNHQ±]LH6HFWLH *URHSVVWDWLVWLHNHQ RSSDJLQDQOYRRUPHHULQIRUPDWLH
(;7(51(7(03(5$7885621'(6*(%58,.(18NXQWGH(OFRPHWHUXLWUXVWHQPHWHHQH[WHUQH.W\SH
WHPSHUDWXXUVRQGHYRRUKHWXLWYRHUHQYDQPHWLQJHQJHGXUHQGH
ODQJHUHSHULRGHQ 2SVODJLQWHUYDO  0RGHO7 RIYRRUPHWLQJHQRSORFDWLHVRSDIVWDQGYDQGHPHWHU
5DDGSOHHJ6HFWLH 5HVHUYHRQGHUGHOHQ DFFHVVRLUHV RSSDJLQD
QOYRRUPHHULQIRUPDWLHRYHUGHH[WHUQHVRQGHVYDQ(OFRPHWHU
 (;7(51(7(03(5$7885621'($$16/8,7(1 2SHQKHWUXEEHUHQNDSMH D DDQGHD
ERYHQNDQWYDQGHPHWHUGDWGH.W\SH
VRQGHFRQQHFWRUEHGHNW
 8KRHIWGHPHWHUQLHWXLWWHVFKDNHOHQYRRUGDWX

HHQH[WHUQHWHPSHUDWXXUVRQGHDDQVOXLW'UXNGHVWHNNHUYDQGHH[WHUQHVRQGHLQ
GHDDQVOXLWEXVPDDUIRUFHHUGLWQLHW
 +HWHQHFRQWDFWYDQGHDDQVOXLWEXVLVEUHGHUGDQKHWDQGHUHHQGDDURPNDQGHFRQQHFWRUYDQGHH[WHUQHVRQGHPDDURSppQPDQLHUZRUGHQ
DDQJHVORWHQ

/HWRS$OVXHHQH[WHUQHVRQGHDDQVOXLWZRUGWGHLQJHERXZGHRSSHUYODNWHPSHUDWXXUVRQGHJHGHDFWLYHHUG

ZZZHOFRPHWHUFRP

QO

5

(;7(51(7(03(5$7885621'(6*(%58,.(1 YHUYROJ'H(OFRPHWHUKHHIWHHQ 7KHUPRPHWHU0RGXV HQDOVGH]HJHDFWLYHHUGLVPHHWHQWRRQWGHPHWHUDOOHHQGHWHPSHUDWXXUYDQ
GHH[WHUQHVRQGH H7 ±DOOHDQGHUHIXQFWLHV]LMQJHGHDFWLYHHUG

$OVGH 7KHUPRPHWHU0RGXV LVJHDFWLYHHUGHQJHHQH[WHUQH
WHPSHUDWXXUVRQGHLVDDQJHVORWHQWRRQWGHPHWHUGHIRXWFRGHµ¶$FWLYHHUGH 7KHUPRPHWHU0RGXV GRRUWHGUXNNHQRS
0HQX7KHUPRPHWHU0RGXVJHYROJGGRRUµ.LHV¶(HQDDQJHVORWHQH[WHUQHVRQGHZRUGWJHWRRQGLQKHW
ZHHUJDYHVFKHUP
y


y



,QGLHQ 7KHUPRPHWHU0RGXV LVJHDFWLYHHUGWRRQWKHW
ZHHUJDYHVFKHUPHQH7
,QGLHQ 7KHUPRPHWHU0RGXV QLHWLVJHDFWLYHHUGWRRQWKHW
ZHHUJDYHVFKHUPHQ27

 '(0(7(59225%(5(,'(19225*(%58,.0(7((1(;7(51(621'(
0HWHHQJHVFKLNWHVRQGHRQGHUVWHXQWGH(OFRPHWHU
H[WHUQHWHPSHUDWXXUPHWLQJHQYDQWRW&)WRW) 'HPHWHULVHFKWHUVOHFKWVJHZDDUGHHUGYRRUWHPSHUDWXUHQWXVVHQGHWRW& )WRW) HQGLHQW
QLHWEORRWJHVWHOGWHZRUGHQDDQWHPSHUDWXUHQEXLWHQGLWEHUHLN
y




y

y


,QGLHQHUHHQPDJQHWLVFKRSSHUYODNYRRUKDQGHQLVNXQWXGH
PHWHUKLHUDDQEHYHVWLJHQPHWEHKXOSYDQGHDDQZH]LJH
PDJQHWHQLQGHUXJYDQGHPHWHU&RQWUROHHUYRRUJHEUXLNRI
GHPHWHUVWHYLJLVDDQJHEUDFKW$OVGHH[WHUQHWHPSHUDWXXUVRQGHPDJQHWLVFKLVEHYHVWLJWXGH
VRQGHDDQKHWPDJQHWLVFKHRSSHUYODN$OVXPHWGHH[WHUQHWHPSHUDWXXUVRQGHYORHLVWRIIHQZLOWPHWHQ
SODDWVGHVRQGHQHXVGDQLQGHYORHLVWRI/HWRS$OVGHWHPSHUDWXXUYDQGHH[WHUQHWHPSHUDWXXUVRQGHKHWEHUHLNYDQGHPHWHURYHUVFKULMGWZRUGWHUJHHQIRXWPHOGLQJJHWRRQGPDDUZRUGWGH
PHHWZDDUGHRSJHVODJHQDOVµ¶QO

ZZZHOFRPHWHUFRP

567$7,67,(.(1'H(OFRPHWHUNDQVWDWLVWLHNHQZHHUJHYHQYRRUPHWLQJHQGLH
]LMQRSJHVODJHQLQKHWPHWLQJHQUXLPHORSHQGHJHKHXJHQ0RGHO6 7 RIJURHSVJHKHXJHQ 0RGHO7 'UXNRSGHVRIWNH\ 6WDWV RPGHVWDWLVWLHNHQWHEHNLMNHQYDQ
PHWLQJHQGLH]LMQRSJHVODJHQLQKHWORSHQGHJHKHXJHQ'HYROJHQGHVWDWLVWLVFKHZDDUGHQZRUGHQZHHUJHJHYHQ'UXNRSGHUHFKWHUVRIWNH\RPGHVWDWLVWLHNHQWHEHNLMNHQYRRUGHYROJHQGH
SDUDPHWHU'UXNRS &OHDU RPGHVWDWLVWLHNHQWHZLVVHQ
y
y
y
y
y
y

$DQWDOPHWLQJHQ Q
*HPLGGHOGHPHWLQJ ;
/DDJVWHPHWLQJ /R
+RRJVWHPHWLQJ +L
6WDQGDDUGDIZLMNLQJ ı
9DULDWLHFRsIILFLsQW &29$OVXYDQXLWKHWVFKHUP 6WDWLVWLHNHQEHNLMNHQ GUXNWRSGHVRIWNH\
0HWQJQ GDQZRUGWGHPHHWZDDUGHJHWRRQGSOXVGHGDWXPHQWLMGYDQGHPHWLQJHQGLH]LMQRSJHVODJHQLQKHWORSHQGHJHKHXJHQ'UXNRSGHUHFKWHUVRIWNH\RPGHPHWLQJHQWHEHNLMNHQYRRUGHYROJHQGH
SDUDPHWHU
+HWWRHSDVVHOLMNHJUHQVSLFWRJUDPZRUGWJHWRRQGQDDVWPHWLQJHQGLH
EXLWHQJHDFWLYHHUGHJUHQ]HQYDOOHQDOVGHPHWLQJRQGHUGHRQGHUJUHQVYDOWHQDOVGH]HYDOWERYHQGHERYHQJUHQV'HPHWLQJHQHQVWDWLVWLHNHQYDQHHQJURHSEHNLMNHQ 0RGHO7 ±]LH
6HFWLH *URHSVJHJHYHQVEHNLMNHQ RSSDJLQDQOZZZHOFRPHWHUFRP

QO

5

*52(3(5(1±02'(/7'H(OFRPHWHU0RGHOOHQ6 7KHEEHQHHQORSHQGJHKHXJHQYRRUPHWLQJHQ0RGHO7NDQRRNVHWVPHWLQJHQRSVODDQLQPD[LPDDOJURHSHQ'HYROJHQGHJURHSVIXQFWLHV]LMQEHVFKLNEDDU
y

y
y

y
y

%DWFK2SHQ1LHXZH%DWFKHHQQLHXZHJURHSDDQPDNHQPHW+DQGPDWLJH2SVODJ RI 2SVODJLQWHUYDO ±]LH6HFWLH (HQQLHXZHJURHSDDQPDNHQ RSSDJLQDQO%DWFK2SHQ%HVWDDQGH%DWFK(HQEHVWDDQGHJURHSRSHQHQ%DWFK%DWFKHV%HNLMNHQEHNLMNGHJURHSVLQIRUPDWLH
PHWLQJHQHQVWDWLVWLHNHQ±]LH6HFWLH *URHSVJHJHYHQV
EHNLMNHQ RSSDJLQDQO%DWFK.RSLHHU%DWFK(HQJURHSNRSLsUHQLQFOXVLHIGHJURHSVNRSLQIRUPDWLH
%DWFK9HUZLMGHUHQ(HQJURHSRIDOOHJURHSHQYROOHGLJYDQGHPHWHUYHUZLMGHUHQ((11,(8:(*52(3$$10$.(18NXQWHHQJURHSDDQPDNHQYRRU +DQGPDWLJH2SVODJ RIYRRU
2SVODJLQWHUYDO 
y


y



µ+DQGPDWLJH2SVODJ¶PHWLQJHQZRUGHQGRRUGHJHEUXLNHUKDQGPDWLJRSJHVODJHQLQGHJURHS
µ2SVODJLQWHUYDO¶GHPHWHULVJHSURJUDPPHHUGRPPHWLQJHQ
WHYHUULFKWHQRSLQJHVWHOGHLQWHUYDOOHQHQGH]HDXWRPDWLVFKRS
WHVODDQLQGHJURHS

(HQJURHSDDQPDNHQYRRU +DQGPDWLJH2SVODJ  'UXNRS0HQX%DWFK2SHQ1LHXZH%DWFK $OV +DQGPDWLJ2SVODDQ%DWFK QLHWZRUGWJHWRRQGRSKHW
VFKHUPGUXNGDQRSGHVRIWNH\RP +DQGPDWLJH2SVODJ WHNLH]HQ +HWSLFWRJUDPZRUGWJHWRRQGRSKHWKRRIGVFKHUPRPDDQWH

 JHYHQGDW +DQGPDWLJH2SVODJ JHDFWLYHHUGLV

'UXNRS /LPLHWQ RPGHJHZHQVWHJUHQ]HQYRRUHHQJURHSLQWHVWHOOHQ±]LH6HFWLH *UHQ]HQLQVWHOOHQ RSSDJLQDQO'UXNRS 2N RPGHJURHSDDQWHPDNHQRIRS 7HUXJ RPWH
DQQXOHUHQ
 %LMHHQJHRSHQGHJURHSZRUGWGHVRIWNH\ %DWFK YHUYDQJHQGRRU

 'UXNRSRPWHUXJWHNHUHQQDDUKHW*URHSVPHQXQO

ZZZHOFRPHWHUFRP

5

*52(3(5(1±02'(/7 YHUYROJ(HQJURHSDDQPDNHQYRRU 2SVODJLQWHUYDO 
 'UXNRS0HQX%DWFK2SHQ1LHXZH%DWFK $OV ,QWHUYDO2SVODDQ%DWFK QLHWZRUGWJHWRRQGRSKHWVFKHUPGUXNGDQRSGHVRIWNH\RP 2SVODJLQWHUYDO WHVHOHFWHUHQJHYROJGGRRU 2N  +HWSLFWRJUDPZRUGWJHWRRQGRSKHW

 KRRIGVFKHUPRPDDQWHJHYHQGDW
 ,QWHUYDOORJV JHDFWLYHHUGLV*HEUXLNGHVRIWNH\VÏÐRPKHW
JHZHQVWHLQWHUYDOLQWHVWHOOHQ WXVVHQVHFRQGHHQXXU JHYROJGGRRU 2N 
WHUEHYHVWLJLQJ 'HPHWHUWRRQWKHWJHVFKDWWHDDQWDO PHWLQJHQGDWYHUULFKWHQRSJHVODJHQNDQ ZRUGHQLQGHJURHSVDPHQPHWKHW
 JHVFKDWWHDDQWDOGDJHQGDWQRGLJLVRPGLH PHWLQJHQWHYHUULFKWHQELMKHWLQJHVWHOGH
 LQWHUYDO,QGLHQQRGLJNXQWXPHWGHVRIWNH\VÏÐGHJHZHQVWHXLWJHVWHOGHVWDUWWLMG
LQVWHOOHQ WXVVHQGHHQPLQXWHQRI
8LW JHYROJGGRRU 2N WHUEHYHVWLJLQJ
'UXNRS 6WDUW RPGHORJWHEHJLQQHQ $OVXHHQXLWJHVWHOGHVWDUWWLMGKHEWLQJHVWHOG EHJLQWKHWDIWHOOHQDOVXGUXNWRS 6WDUW +HW
 SLFWRJUDPZRUGWJHWRRQGRSKHW
 VFKHUPHQJDDWRYHULQKHWSLFWRJUDP DOVGHLQJHVWHOGHXLWVWHOWLMGLVYHUVWUHNHQHQ GHPHWHUPHWLQJHQEHJLQWWHUHJLVWUHUHQ
 %LMHHQJHRSHQGHJURHSZRUGWGHVRIWNH\ %DWFK YHUYDQJHQGRRU
 'UXNRSRPWHUXJWHNHUHQQDDUKHW*URHSVPHQXZZZHOFRPHWHUFRP

QO

5

*52(36*(*(9(16%(.,-.(1±02'(/7* 52(360(7,1*(1*URHSVPHWLQJHQEHNLMNHQ
 'UXNRS%DWFK%DWFKHV%HNLMNHQ
 'UXNYDQXLWHHQ*URHSRSJHYROJGGRRUµ%DWFKHV%HNLMNHQ¶






*HEUXLNGHVRIWNH\VÏÐRP
GHJHZHQVWHJURHSWHVHOHFWHUHQJHYROJGGRRU .LHV 
WHUEHYHVWLJLQJ
'UXNRSµ0HWQJQ¶RPGHJURHSVPHWLQJHQWHEHNLMNHQ
'UXN 7HUXJ RPWHUXJWHNHUHQ
QDDUKHWEDWFKPHQX

'HPHWHUWRRQWGHGDWXPHQWLMGYDQHONHPHWLQJSOXVGHPHHWZDDUGH'UXNRSGHVRIWNH\VÏÐRPGRRUGHPHWLQJHQWH
VFUROOHQHQGUXNRSGHUHFKWHUVRIWNH\RPGHPHWLQJHQWHEHNLMNHQYRRUGHYROJHQGHSDUDPHWHU
+HWWRHSDVVHOLMNHJUHQVSLFWRJUDPZRUGWJHWRRQGQDDVWPHWLQJHQGLH
EXLWHQJHDFWLYHHUGHJUHQ]HQYDOOHQDOVGHPHWLQJRQGHUGHRQGHUJUHQVYDOWHQDOVGH]HYDOWERYHQGHERYHQJUHQV*52(3667$7,67,(.(1*URHSVVWDWLVWLHNHQEHNLMNHQ
 'UXNRS%DWFK%DWFKHV%HNLMNHQ
 'UXNYDQXLWHHQ*URHSRSJHYROJGGRRUµ%DWFKHV%HNLMNHQ¶






*HEUXLNGHVRIWNH\VÏÐRP
GHJHZHQVWHJURHSWHVHOHFWHUHQJHYROJGGRRU .LHV 
WHUEHYHVWLJLQJ
'UXNRS 6WDWV RPGHJURHSVVWDWLVWLHNHQWHEHNLMNHQ
'UXN 7HUXJ RPWHUXJWHNHUHQ
QDDUKHWEDWFKPHQX
 %LMHHQJURHSPHW 2SVODJLQWHUYDO ZRUGWGHORJSURFHGXUHJHSDX]HHUG
DOVGHVWDWLVWLHNHQZRUGHQ
JHWRRQG'HORJSURFHGXUHZRUGWKHUYDWDOVXGUXNWRS 7HUXJ 

QO

ZZZHOFRPHWHUFRP

5

*52(36*(*(9(16%(.,-.(1±02'(/7 YHUYROJ'HYROJHQGHVWDWLVWLVFKHZDDUGHQZRUGHQZHHUJHJHYHQ'UXNRSGHUHFKWHUVRIWNH\RPGHVWDWLVWLHNHQWHEHNLMNHQYRRUGHYROJHQGH
SDUDPHWHU
y
y
y
y
y
y

$DQWDOPHWLQJHQLQGHJURHS Q
*HPLGGHOGHPHWLQJYDQGHJURHS ;
/DDJVWHPHWLQJLQGHJURHS /R
+RRJVWHPHWLQJLQGHJURHS +L
6WDQGDDUGDIZLMNLQJ ı
9DULDWLHFRsIILFLsQW &290(186758&7885±02'(/6/,0,(7(1,167(//(10HQX
9HUZLMGHU/WVWH0HWLQJ
6FKHUPYHUOLFKWLQJ
7KHUPRPHWHU0RGXV/LPLHWHQ,QVWHOOHQ
7LMG,QVWHOOLQJHQ
2SQLHXZ,QVWHOOHQ
,QIR

6WDWV

59
27
/7
'7
ǻ7
69

‫ۑ‬
‫ۑ‬

,167(//,1*(10HHWHHQKHGHQ
7DOHQ$XWR8LWVFKDNHOHQ
7LMG 'DWXP
3LHSWRRQ9ROXPH
7RQHQ+DQGPDWLJH2SVODJ*HEUXLNHUVVFKHUP
9HUOLFKWLQJ,QVWHOOHQ,1)2
0HWHU,QIRUPDWLH&RQWDFW+HOS-XULGLVFK+RJH/LPLHW$DQ+RJH/LPLHW/DDJ/LPLHW$DQ/DJH/LPLHW

‫ۑ‬
‫ۑ‬

0((7((1+('(1&JNJ‫ۑ‬)JUOE‫ۑ‬721(16HOHFWHHU*HJHYHQV+RRIGPHWLQJ‫ۑ‬

0$18$//2**,1*(QNHO2SVODDQ‫ۑ‬%HZDUHQ 2SVODDQ‫ۑ‬
9(5/,&+7,1*,167(//(16FKHUPYHUOLFKWLQJ‫ۑ‬
7LPH2XW+HOGHUKHLG

6(/(&7((5*(*(9(16
59
27
/7
'7
ǻ7
'%
1%
69
+(/'(5+(,'/DDJ
0HGLXP
+RRJ

‫ۑ‬
‫ۑ‬
‫ۑ‬

-85,',6&+-XULGLVFKHDDQWHNHQLQJHQ
5HJHOJHYLQJ

ZZZHOFRPHWHUFRP

QO

5

0(186758&7885±02'(/7/,0,(7(1,167(//(10HQX
9HUZLMGHU/WVWH0HWLQJ
6FKHUPYHUOLFKWLQJ
7KHUPRPHWHU0RGXV/LPLHWHQ,QVWHOOHQ
7LMG,QVWHOOLQJHQ
2SQLHXZ,QVWHOOHQ%OXHWRRWK0HQX
,QIR

59
27
/7
'7
ǻ7
69

‫ۑ‬
‫ۑ‬

6WDWV

,167(//,1*(10HHWHHQKHGHQ
7DOHQ$XWR8LWVFKDNHOHQ
7LMG 'DWXP
3LHSWRRQ9ROXPH
7RQHQ+DQGPDWLJH2SVODJ
6RIWNH\V9HUJUHQGHOG*HEUXLNHUVVFKHUP
9HUOLFKWLQJ,QVWHOOHQ

‫ۑ‬
‫ۑ‬

0((7((1+('(1&JNJ‫ۑ‬)JUOE‫ۑ‬721(16HOHFWHHU*HJHYHQV+RRIGPHWLQJ

‫ۑ‬
‫ۑ‬

+$1'0$7,*(236/$*(QNHO2SVODDQ‫ۑ‬%HZDUHQ 2SVODDQ‫ۑ‬%/8(7227+0(18$FWLYHUHQ‫ۑ‬

9(5/,&+7,1*,167(//(16FKHUPYHUOLFKWLQJ‫ۑ‬
7LPH2XW+HOGHUKHLG

0HWHU,'
$XWKHQWLILFDWLH
%$7&+%DWFKHQ9HUODWHQ‫ۑ‬
2SHQ1LHXZH%DWFK
2SHQ%HVWDDQGH%DWFK%DWFKHV%HNLMNHQ.RSLHHU%DWFK
9HUZLMGHUHQ
9ULM*HKHXJHQ[[[+RJH/LPLHW$DQ+RJH/LPLHW/DDJ/LPLHW$DQ/DJH/LPLHW[[[[[[[[[
[[[[[

,1)2
0HWHU,QIRUPDWLH&RQWDFW+HOS-XULGLVFK

6(/(&7((5*(*(9(16
59
27
/7
'7
ǻ7
'%
1%
69
+(/'(5+(,'/DDJ
0HGLXP
+RRJ

‫ۑ‬
‫ۑ‬
‫ۑ‬

-85,',6&+-XULGLVFKHDDQWHNHQLQJHQ
5HJHOJHYLQJ

9(5:,-'(5(1,QGLYLGXHOH%DWFK$OOH%DWFKHV*(*(9(16'2:1/2$'(1±02'(/7*(*(9(16'2:1/2$'(10(7(/&20$67(5
0HWKHWPHHJHOHYHUGHSURJUDPPD(OFR0DVWHUNXQQHQPHWHUVPHWLQJHQRYHU]HWWHQQDDUHHQSFRPHUUDSSRUWHQYDQWHJHQHUHUHQRIRPGHJHJHYHQVWHDUFKLYHUHQ(OFR0DVWHULVRRNJUDWLVWH
GRZQORDGHQYLDHOFRPHWHUFRP'HJHJHYHQVNXQWXRYHU]HWWHQYLD
86%RI%OXHWRRWK *DQDDUZZZHOFRPHWHUFRPYRRUPHHU
LQIRUPDWLHRYHU(OFR0DVWHU
*(*(9(16'2:1/2$'(10(7'((/&20$67(5$33,GHDDOYRRUJHEUXLNLQKHWYHOGRIRSORFDWLH0HWGH(OFR0DVWHU$SS
YRRU$QGURLGRIL26NXQWX
y
y
y

5HDOWLPHPHWLQJHQGLUHFWRSVODDQRSPRELHOHDSSDUDWXXUHQLQJURHSHQRSVODDQLQFRPELQDWLHPHW*36FR|UGLQDWHQ
)RWR VWRHYRHJHQYDQKHWWHVWRSSHUYODN
'HLQVSHFWLHJHJHYHQVYDQPRELHOHDSSDUDWHQRYHU]HWWHQQDDUHHQ
SFRPGH]HYHUGHUWHDQDO\VHUHQHQHUUDSSRUWHQYDQWHPDNHQ

*DQDDUZZZHOFRPHWHUFRPYRRUPHHULQIRUPDWLHRYHUGH(OFR0DVWHUDSSVZZZHOFRPHWHUFRP
QO

5

*(*(9(16'2:1/2$'(1±02'(/7 YHUYROJ&RPSDWLEHOPHWVPDUWSKRQHV
HQWDEOHWVGLHGUDDLHQRQGHU$QGURLGRIQLHXZHU,QVWDOOHHUGHDSSGRRUGH]HWH
GRZQORDGHQLQGH*RRJOH
3OD\6WRUHRIYLDZZZHOFRPHWHUFRPHQYROJGHLQVWUXFWLHVRSKHWVFKHUP*HVFKLNWYRRUL3KRQH3OXVL3KRQHL3KRQHVL3KRQHF
L3KRQHL3KRQHVL3KRQH
L3DG$LUL3DGPLQLL3DG$LU
L3DGPLQLL3DG HHQH
JHQHUDWLH L3DGPLQLL3DGHQ
L3RGWRXFK HHQHJHQHUDWLH ,QVWDOOHHUGHDSSGRRUGH]HWH
GRZQORDGHQYLDGH$SS6WRUHRIYLDZZZHOFRPHWHUFRPHQYROJ
GHLQVWUXFWLHVRSKHWVFKHUPZZZHOFRPHWHUFRP

QO

5

5(6(59(21'(5'(/(1 $&&(662,5(6'HYROJHQGHUHVHUYHRQGHUGHOHQHQDFFHVVRLUHV]LMQYHUNULMJEDDUELM
XZ(OFRPHWHUOHYHUDQFLHUHQELM(OFRPHWHU]HOI0$*1(7,6&+(621'(69225
233(59/$.7(03(5$7885%HUHLN.DEHOOHQJWH
&WRW& )WRW)  PP  
&WRW& )WRW) FP   
&WRW& )WRW) FP   F&WRW& )WRW) P   
&WRW& )WRW) FP   $UWLNHOQXPPHU
7
7
7
7
7

$1'(5($&&(662,5(6%HVFKULMYLQJ([WHUQHWHPSHUDWXXUVRQGHYRRUYORHLVWRIIHQ&WRW& )WRW) F%HVFKHUPHQGHWXLPHWULHPNOHP 
86%NDEHO
3ROVEDQG$UWLNHOQXPPHU
7
7
7
7

*$5$17,(9(5./$5,1*

9RRUGH(OFRPHWHUJHOGWHHQJDUDQWLHWHUPLMQYDQPDDQGHQPHWXLW]RQGHULQJYRRUSUREOHPHQRQWVWDDQGRRUYHURQWUHLQLJLQJHQVOLMWDJH8NXQWGHJDUDQWLHWHUPLMQELQQHQGDJHQQDDDQVFKDIYHUOHQJHQWRWWZHHMDDUYLDZZZHOFRPHWHUFRP
9RRUGHRSSHUYODNWHPSHUDWXXUVRQGHJHOGWGHJDUDQWLHWHUPLMQYDQPDDQGHQXLWVOXLWHQGRSIDEULFDJHIRXWHQ

F

+HWEUXLNEDUHPHHWEHUHLNYDQGHPHWHULV&WRW& )WRW) 

QO

ZZZHOFRPHWHUFRP

5

7(&+1,6&+(63(&,),&$7,(67HPSHUDWXXUEHUHLN

1DXZNHXULJKHLG

5HVROXWLH

0HWHUG

&WRW&)WRW)&
)&
)/XFKW
WHPSHUDWXXU /7

&WRW&)WRW)&
)H&
)

2SSHUYODNWHPSHUDWXXU 27

&WRW&)WRW)&
)&
)([WHUQH.W\SH
VRQGH H7

&WRW&)WRW)&I)&
)

5HODWLHYHYRFKWLJKHLG 59

WRW59

59J



6SHFL¿HNH
YRFKWLJKHLG 69

JNJWRWJNJJUOEWRWJUOE

6+

JNJ
JUOE

0HWHUJHKHXJHQ0RGHO6 7VHWVPHWLQJHQ ORSHQGJHKHXJHQ0RGHO7VHWVPHWLQJHQLQPD[LPDDOJURHSHQ%HGULMIVEHUHLNPHWHU/&'VFKHUP
9RHGLQJ/HYHQVGXXUEDWWHULM$IPHWLQJHQPHWHU*HZLFKWPHWHU

&WRW&)WRW)[$$EDWWHULMHQKRIYLD86%NDEHO+DQGPDWLJHORJV/DQJHUGDQXXU
 ]RQGHUVFKHUPYHUOLFKWLQJ,QWHUYDOORJVWRWXXU PHWLQJHONHPLQXWHQ
[[PP [[
J R] LQFOXVLHIEDWWHULMHQ.DQZRUGHQJHEUXLNWLQRYHUHHQVWHPPLQJPHW
%6%,0206&  L,0206&  L,62
861DY\16,861DY\33,

G

 1LHWEORRWVWHOOHQDDQWHPSHUDWXUHQEXLWHQKHWEHGULMIVEHUHLNYDQGHPHWHUHQKHW/&'VFKHUP
 1DXZNHXULJKHLG&RQGHU& )RQGHU) I 1DXZNHXULJKHLG& ) PHW.W\SHVRQGHVYDQ(OFRPHWHU6RQGHVYDQDQGHUHIDEULNDQWHQNXQQHQDIZLMNHQ
J %LMPVK
 'HPHWGHPHWHUPHHJHOHYHUGHEDWWHULMHQKHEEHQHHQPD[LPDOHEHGULMIVWHPSHUDWXXUYDQ& ) 
9RRUODQJGXULJJHEUXLNYDQGHPHWHUERYHQGH]HWHPSHUDWXXUNXQQHQDOWHUQDWLHYHEDWWHULMHQQRGLJ]LMQL 9RRUGH,02363& ,QWHUQDWLRQDOH0DULWLHPH2UJDQLVDWLH3UHVWDWLHQRUPHQYRRU%HVFKHUPHQGH
&RDWLQJV GLHQWXGHUHODWLHYHYRFKWLJKHLGRSSHUYODNWHPSHUDWXXUHQKHWGDXZSXQWWHUHJLVWUHUHQ'LWNXQWXGRHQPHWGH(OFRPHWHUH

ZZZHOFRPHWHUFRP

QO

5

-85,',6&+(.(11,6*(9,1*(1 :(77(/,-.(,1)250$7,(&RQIRUPLWHLWVYHUNODULQJ(OFRPHWHU0RGHO7YROGRHWDDQGHYHUHLVWHQYDQGHYROJHQGH(85LFKWOLMQHQ(8(OHNWURPDJQHWLVFKH9HUHQLJEDDUKHLG
(8
5DGLRDSSDUDWXXU(8%HSHUNLQJYRRUKHWJHEUXLNYDQEHSDDOGHJHYDDUOLMNHVWRIIHQ(OFRPHWHU0RGHO6YROGRHWDDQGHYHUHLVWHQYDQGHYROJHQGH(85LFKWOLMQHQ(8(OHNWURPDJQHWLVFKH9HUHQLJEDDUKHLG
(8%HSHUNLQJYRRUKHWJHEUXLNYDQEHSDDOGHJHYDDUOLMNHVWRIIHQ&('HFODUDWLRQVRI&RQIRUPLW\DUHDYDLODEOHWRGRZQORDGYLD
0RGHO6ZZZHOFRPHWHUFRPLPDJHVVWRULHV3')V'DWDVKHHWV'HFODUDWLRQBRIB&RQIRUPLW\'XWFK'R&BB6SGI
0RGHO7ZZZHOFRPHWHUFRPLPDJHVVWRULHV3')V'DWDVKHHWV'HFODUDWLRQBRIB&RQIRUPLW\'XWFK'R&BB7SGI&,635JHFODVVLILFHHUGDOV.ODVVH%*URHS,60DSSDUDDW.ODVVH%SURGXFWHQ]LMQJHVFKLNWYRRUJHEUXLNLQKXLVKRXGHQVHQUXLPWHVGLHDDQJHVORWHQ]LMQRSKHWRSHQEDUHODDJVSDQQLQJVQHWZHUN*URHS,60SURGXFWHQSURGXFWHQZDDULQRS]HWWHOLMNJHOHLGHQGJHNRSSHOGHUDGLRIUHTXHQWHHQHUJLHZRUGWRSJHZHNWRIJHEUXLNWYRRU
GHLQWHUQHZHUNLQJYDQKHWDSSDUDDW]HOI
'H86%SRRUWLVDOOHHQJHVFKLNWYRRUKHWRYHUGUDJHQYDQJHJHYHQVHQPDJQLHWPHWHHQDGDSWHURSGHQHWYRHGLQJZRUGHQ
DDQJHVORWHQ
+HW$&0$NHXUPHUNNXQWXYLQGHQLQ0HQX,QIR-XULGLVFK5HJHOJHYLQJ(OFRPHWHU0RGHO7+HW*LWHNLV\PERRORUGLQDQWLHQXPPHU)&&,'HQ%OXHWRRWK6,*4','NXQWXEHQDGHUHQYLD
0HQX,QIR-XULGLVFK5HJHOJHYLQJ(OFRPHWHU0RGHO7'LWDSSDUDDWYROGRHWDDQ'HHOYDQGH)&&UHJHOV'HZHUNLQJLVRQGHUKHYLJDDQGHYROJHQGHWZHHYRRUZDDUGHQ  'LWDSSDUDDWPDJJHHQNZDOLMNHVWRULQJHQYHURRU]DNHQHQ  GLWDSSDUDDWPRHWVWRULQJHQTXDRQWYDQJVWNXQQHQYHUZHUNHQLQFOXVLHIVWRULQJHQGLH]RXGHQNXQQHQUHVXOWHUHQLQKHWQLHWEHKRRUOLMNIXQFWLRQHUHQYDQKHWDSSDUDDW'LWDSSDUDDWYROGRHWDDQGHOLPLHWHQYDQGH)&&YRRUEORRWVWHOOLQJDDQVWUDOLQJLQHHQRQJHFRQWUROHHUGHRPJHYLQJ(LQGJHEUXLNHUVPRHWHQGHVSHFLILHNHJHEUXLNVLQVWUXFWLHVRSYROJHQRPWHYROGRHQDDQGHULFKWOLMQYRRU5)EORRWVWHOOLQJ'H]H]HQGHUQLHW
VDPHQYRHJHQRIJHEUXLNHQLQFRPELQDWLHPHWDQGHUHDQWHQQHVRI]HQGHUV'RRUZLM]LJLQJHQRIPRGLILFDWLHVXLWWHYRHUHQGLHQLHWXLWGUXNNHOLMN]LMQJRHGJHNHXUGGRRU(OFRPHWHU/LPLWHGNDQJHEUXLNYDQKHWDSSDUDDWEXLWHQGH)&&UHJOHPHQWHQYDOOHQ(OFRPHWHU0RGHO6230(5.,1*'LWDSSDUDDWLVJHWHVWHQYROGRHWDDQGHOLPLHWHQYRRUHHQ.ODVVH%GLJLWDDODSSDUDDWFRQIRUP'HHOYDQGH)&&5HJHOV'H]HOLPLHWHQ]LMQRQWZRUSHQRPHHQUHGHOLMNHEHVFKHUPLQJWHELHGHQWHJHQNZDOLMNHVWRULQJLQ
HHQKXLVLQVWDOODWLH'LWDSSDUDDWJHQHUHHUWHQJHEUXLNWUDGLRIUHTXHQWHHQHUJLHHQNDQGLHXLWVWUDOHQ(QDOVKHWDSSDUDDWQLHWZRUGW
JHwQVWDOOHHUGHQJHEUXLNWYROJHQVGHJHEUXLNVDDQZLM]LQJNDQKHWNZDOLMNHVWRULQJDDQUDGLRFRPPXQLFDWLHYHURRU]DNHQ+HWLVHFKWHU
JHHQJDUDQWLHGDWHULQEHSDDOGHLQVWDOODWLHVJHHQVWRULQJNDQYRRUNRPHQ$OVGLWDSSDUDDWNZDOLMNHVWRULQJYHURRU]DDNWDDQUDGLRRI
WHOHYLVLHRQWYDQJVWZDWXNXQWYDVWVWHOOHQGRRUKHWDSSDUDDWLQHQXLWWHVFKDNHOHQZRUGWXDDQJHUDGHQRPWHSUREHUHQRPGHVWRULQJ
WHYHUKHOSHQGPYHHQRIPHHUGHUHYDQGHYROJHQGHPDDWUHJHOHQ+HUVFKLNNHQRIYHUSODDWVHQYDQGHRQWYDQJVWDQWHQQH
'HDIVWDQGWXVVHQKHWDSSDUDDWHQGHRQWYDQJHUYHUJURWHQ
+HWDSSDUDDWDDQVOXLWHQRSHHQDQGHUHHOHNWULFLWHLWVJURHSGDQGLHZDDURSGHRQWYDQJHULVDDQJHVORWHQ
'HYHUNRSHURIHHQHUYDUHQUDGLRWYPRQWHXUUDDGSOHJHQYRRUDVVLVWHQWLH(OFRPHWHU0RGHO79ROJHQVGHYRRUVFKULIWHQYDQ,QGXVWU\&DQDGDPDJGH]H]HQGHUDOOHHQJHEUXLNWZRUGHQPHWHHQ
DQWHQQHW\SHHQHHQPD[LPXPYHUPRJHQ RIODJHU GLHYRRUGH]HQGHU]LMQJRHGJHNHXUGGRRU,QGXVWU\&DQDGD2PSRWHQWLsOH
LQWHUIHUHQWLHWHYHUPLQGHUHQPRHWKHWDQWHQQHW\SHHQKHWYHUPRJHQYDQGH]HQGHU]R]LMQJHNR]HQGDWKHWHTXLYDOHQWLVRWURSLVFKXLWJHVWUDDOGYHUPRJHQ HLUS QLHWKRJHUOLJWGDQQRGLJLVYRRUHHQVXFFHVYROOHFRPPXQLFDWLH
'LWDSSDUDDWYROGRHWDDQGHHLVHQYDQ,QGXVWU\&DQDGDYRRUOLFHQWLHYULMH566VWDQGDDUG HQ 'HZHUNLQJLVRQGHUKHYLJDDQGHYROJHQGHWZHHYRRUZDDUGHQ  GLWDSSDUDDWPDJJHHQVWRULQJHQYHURRU]DNHQHQ  GLWDSSDUDDWPRHWVWRULQJHQNXQQHQYHUZHUNHQLQFOXVLHIVWRULQJHQGLH]RXGHQNXQQHQUHVXOWHUHQLQKHWQLHWEHKRRUOLMNIXQFWLRQHUHQYDQKHWDSSDUDDW'LW.ODVVH%JHFODVVLILFHHUGHGLJLWDOHDSSDUDDWYROGRHWDDQGH&$1,&(6 % 10% % QRUPHQ
LVHHQJHGHSRQHHUGKDQGHOVPHUNYDQ(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%89HUHQLJG.RQLQNULMN]LMQKDQGHOVPHUNHQYDQ%OXHWRRWK6,*,QFZDDUYRRUHHQOLFHQWLHLVYHUOHHQGDDQ(OFRPHWHU/LPLWHG(OFRPHWHU0RGHO7*HVFKLNWYRRUL3KRQH3OXVL3KRQHL3KRQHVL3KRQHFL3KRQHL3KRQHVL3KRQHL3DG$LU
L3DGPLQLL3DG$LUL3DGPLQLL3DG HHQHJHQHUDWLH L3DGPLQLL3DGHQL3RGWRXFK HHQHJHQHUDWLH 
0HWGHXLWGUXNNLQJHQ 0DGHIRUL3RG  0DGHIRUL3KRQH HQ 0DGHIRUL3DG ZRUGWEHGRHOGGDWGH]HHOHNWURQLVFKHDFFHVVRLUHVVSHFLDDO]LMQRQWZRUSHQYRRUUHVSHFWLHYHOLMNGHL3RGL3KRQHRIL3DGHQGDWGHRQWZHUSHUYHUNODDUWGHSUHVWDWLHVWDQGDDUGHQYDQ$SSOHWH
KHEEHQQDJHOHHIG$SSOHLVQLHWYHUDQWZRRUGHOLMNYRRUGHZHUNLQJYDQGLWDSSDUDDWRIGDWKHWYROGRHWDDQYHLOLJKHLGVVWDQGDDUGHQHQ
ZHWWHOLMNHVWDQGDDUGHQ/HWRSDOVXGH]HDFFHVVRLUHJHEUXLNWLQFRPELQDWLHPHWHHQL3RGL3KRQHRIL3DGNDQGLWGHSUHVWDWLHVYDQGHGUDDGOR]HYHUELQGLQJEHwQYORHGHQ
L3DGL3KRQHHQL3RGWRXFK]LMQKDQGHOVPHUNHQYDQ$SSOH,QFJHGHSRQHHUGLQGH96HQDQGHUHODQGHQ$SS6WRUHLVHHQKDQGHOVPHUNYDQ$SSOH,QFJHGHSRQHHUGLQGH96HQDQGHUHODQGHQ*RRJOH3OD\LVHHQKDQGHOVPHUNYDQ*RRJOH,QF
$OOHDQGHUHKDQGHOVPHUNHQ]LMQKHWHLJHQGRPYDQKXQUHVSHFWLHYHOLMNHHLJHQDDUV
5'H(OFRPHWHULVYHUSDNWLQNDUWRQ=RUJHUYRRUGDWDOOHYHUSDNNLQJPLOLHXYULHQGHOLMNZRUGWDIJHYRHUG1HHPFRQWDFWRSPHWGH
PLOLHXDIGHOLQJYDQXZJHPHHQWHYRRUDGYLHV+RRIGNDQWRRU(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%89HUHQLJG.RQLQNULMN

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

5

䞷㓆㓚␛
(OFRPHWHU⨚莓6 7
槁䍈ⅹ

ZZZHOFRPHWHUFRP

5

䥽㇤


ⅹ犀螈屗



癕遙䂔◤



ⅹ犀∎䞷



⚾┷



↯㎮犀



幍着腏矑



㿚摞床蛖



∎䞷盶肺䂸矑虰⯃



兮帰



蛖㗽兓⨚莓7⥭欍硽兓蛖㗽⨚莓7┮厌嫷兢㨓⨚⚆6┮賍缂兢㨓⨚莓7芚戌蛖㗽⨚莓7



⮖ↅ✛棓ↅ



≬苍⭿㢝




㔏㦾屓㫋

3E

+J

秿㈚㙟䯉 秿屓痥㋾

鈴瘟䠠帽庆莋豞喀磷襔㦻ⅹ犀⻉⺇[[PP [[
ⅹ犀摜摞J R] 癕㕻䟄㻯k(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ⅹ犀螈屗















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



缂槱䂸矑虰⯃
諽㺣䂸矑✛䄎矑虰⯃/('㖖䯉䋾儱䋾 ふ扈 冎䋾 ⚂扈
稛㤅㣍䯉⻞
碏枽
㆏␂碏枽
賴サ扭碟
86%蛖㗽戢茽㙡ⷣ ⦷㧉䥥芚礀䟄㻯䥥茫糵箫材.⨚虰⯃碟♲ ⦷㧉䥥芚礀癕遙䂔◤(OFRPHWHU槁䍈ⅹ≬㔳缎牑㦘䤽サ⯈[$$䟄㻯㓚賴兎(OFR0DVWHU懾ↅ 86%兎 ♹㦘⨚莓7

祘瘮幐⃵

䞷㓆㓚␛
ZZZHOFRPHWHUFRP


]K

5

ⅹ犀∎䞷
D㿚摞◤痒&JNJ)JUOE

E䟄䄟86%

F

坬竂㆏⚾

G

┮賍缂碏枽

H

兮帰碏枽

I

蛖㗽碏枽 ⨚莓7J

析着㇢ⓜ床蛖㆏眑痼㷱帿㇤ ⨚莓7K怚╎㖖㪖⋋盦┯㒥⑞蓭L㺣⊨莋蛖蜙⮩₹M䟄䄟䟄㻯癕㕻䟄㻯蓦✌㖖䯉

N

㓚┷帿㇤

O

蛖㗽碏枽⦷硽兓㢅 ⨚莓7

P 硽兓莓䪐硽兓床蛖莓䪐 ⨚莓7
Q 鄗㔴床蛖芠盶幍糵ㄅ⚾䞷腏矑R懾枽め析 ⨚莓7

S

着㦮帿㇤⦷硽兓㢅 ⨚莓7T䂸矑帰㲰㆞㆏⚾U

盶肺虰⯃䂸矑
L

D

Q

E
K

M

F

N
P
K
J

G

I

H

O
T

R
S
U

]K

ZZZHOFRPHWHUFRP

5

⚾┷

遙揜䟄㻯秠₹ⅹ犀㙟∪ℕ[$$䭀㊶䟄㻯尐遙揜㒥㦃㗱䟄㻯 抩扖釰㢅朗礈懻⦉着绬€朘莏芚䟄㻯䥥 遙揜⧦䟄㻯⚛㢅誑≬㨐㊶㷲誑 摜蛧遙ₙ䥥᧨欉㢅朗礈懻绬€朘␂桼









䟄㻯䕅㊐㢾䟀⦷㣍䯉⻞䤓⚂ₙ礀䶵莓  缂䯉⮩⒕秖䤓㣍䯉䟄㻯䤓䕅⑄㦃Ⰼ
Ⱁ㨫蠼㦘㣍䯉↊⇤⒕秖蜙Ⰼₜ尐∎䞷ⅹ犀䤓着㦮帿㇤⦷砏栎₏秖㢅梃 ⨚莓7力め屐簛]K欄簛唑䤓ಯ幍糵㓚┷㒥着㦮帿㇤ರ Ⱁ㨫梃鍫帿㇤㦮梃㦃㗱䟄㻯ⅹ犀♾㣍䯉ಯ庆篣⊨ರ⚛㢅蓩摜蛧帰並年
蛖㗽兓䤓兮帰蛖㗽㇢䟄㻯癩蓩䞷⻌㢅䟄㻯䟄䄟䶵莓蓩㆏眑桹䍐ⅹ犀秠鍫諗朮芽♠茽䩼≒䤓妑炲⭿缂㢝䟄㻯ㄣ年㦃㗱
年ⅹ犀♾抩扖86%∎䞷棓サ䤓86%兎 ⨚莓7 ∪䟄㒥劔♾芵徼⃿⇫⃉棓ↅ ⨚莓6 屐簛]K欄簛唑 ⮖ↅ✛棓ↅ 㽷 86%兎ₜ賍缗䞷ℝ⺈䟄㻯扪嫛瘜䟄 折㕸幼罘 碏⇞㆏␂碏枽筼瘸㣍䯉(OFRPHWHU⦍㪖 碏┮賍缂幍簌幼罘䞷ÏÐ枽折㕸幼罘 神㗽⻞ヤ噫◤㝜⇫ZZZHOFRPHWHUFRP

]K

5

⚾┷᧤兼ⓜ唑᧥㇢折䞷盶幼㢅扪茤幼罘噫◤ ␂桼ⅹ犀 碏芚ふ扈䤓碏枽ㄅ虚兼₏秖㢅梃㆏⚾ⅹ犀 ÏÐ枽折㕸幼罘 幍簌⻞ヤ
₏K訂槱幍糵着⃘♾芵䟀䞷㓆抩扖┮賍缂幍簌幍着卛⏘䋾癕㕻᧶
y
y




卛⏘䋾芫矑扨♾芵幍糵⃉ 矼  ₼ 㒥 薦 卛⏘䋾呹┷䐓䋼Ⱁ㨫⦷幍糵䞷㓆着⃘䤓ₜ㿊┷㢅梃⚝㣍䯉⻞蓩♧礪尐庒㠃卛⏘䋾呹┷䐓䋼∎䞷ÏÐ折㕸 呹┷䐓䋼 䏅⚝碏折㕸 ∎䞷ÏÐ枽幍糵硵榏䤓⋋⅚ℝ ␂ 綍諗䏅⚝碏⺈ 㧴幍糵㒥 抏茽 枽莏䀗 幍糵䞷㓆着⃘䤓ₜ㿊┷㢅梃⚝ⅹ犀⃮♾芵幍糵⃉呹┷␂桼瘸⦷
⒕朮芠梃抩扖┮賍缂幍簌呹┷␂桼㽷㇢ⅹ犀抩扖86%扭碟∪䟄 呹┷␂桼 缗䰐䞷 幍簌床蛖㣍䯉䞷㓆♾芵折㕸⮩才℣₹㺣⊨莋蛖㣍䯉⦷⻞ヤₙ硵㦘䤓㺣⊨莋蛖蓩㿚摞⇕♹㦘挲K缗折㕸蓩㣍䯉茽㧴䞷㓆♾芵折㕸᧶
y
y
y
y
y
y

]K

5+䦇⺈䄎矑
7V缂槱䂸矑
7D諽㺣䂸矑
7G槁䍈䂸矑⅝7D✛5+帰並7ǻ藆⺣⫣䂸矑槁䍈✛缂槱䂸矑芠蕠
7GE㄁䚒䂸矑䷘ℝ7D

ZZZHOFRPHWHUFRP5⚾┷᧤兼ⓜ唑᧥yy

7ZE䄎䚒䂸矑⅝7D✛5+帰並
6+秣䄎矑⅝7D✛5+帰並㽷䞷ℝ7ZE✛6+帰並䤓茩㆞∎䞷⦉着䤓諽㺣☚┪⋋幍着⦷諽㺣☚
PEDU 7ZE✛6+䤓位矑蓩⦷⮶㺣☚┪芚䤓␅眴⋋力♧荩㷳♧荩♾⮶ℝsഒ䤓7ZE✛s᧡PEDU䤓6+幍簌㣍䯉⻞ 碏┮賍缂幍簌㣍䯉折㕸床蛖 ∎䞷ÏÐ枽謃茽㣍䯉硵榏䤓折欈䏅⚝碏 折㕸 ␜㶰碏ಯ折㕸ರ蓩莏䀗年折欈 Ⱁ㨫⦷℣₹莋蛖㍔⑄芚め缗折₼䞷㓆幤⦍折㕸⮩₏₹莋蛖㢅ⅹ犀芽♠茽妑炲⭿₏₹
莋蛖㉔權莏䀗䏅⚝♾芵癯折㕸♵₏諕莋蛖折㕸❹₹莋蛖⦷㣍䯉䤓蕻肺₼䯉茽䤓蜙⮶痒蛖碏┮賍缂幍簌㣍䯉⃊尐床蛖∎䞷ÏÐ枽⅝㣍䯉䤓⒦缂₼折㕸硵榏折欈䏅⚝碏ಯ折㕸ರ ♹㦘抩扖ₙ承蠅洳折㕸挲K㺣⊨莋蛖蓩♾

⦷ಯ⃊尐床蛖ರ⚜◤∪折㕸 ⃉ℕ盦┯⃊尐床蛖䤓⻉⺇⑞蓭訂槱ₙ㣍䯉䤓莋蛖蛖䥽

㽷Ⱁ㨫₏₹床蛖怔扖㿚摞扖䲚₼䤓↊⇤₏兓䤓腏Ⓟ扨蓩桹┷⦷訂槱ₙ癩∎眴蠼㦘缗折㕸䞷ℝ㣍䯉兞䟀芵ₙ䤓蠅洳 折㕸㿚摞◤痒㿚摞◤痒∪㌷折㕸D&)JNJJUOE尐折㕸㿚摞◤痒碏┮賍缂幍
簌◤痒

D

JNJ✛JUOE␂侊Ⓙಯ㹣䄎ㄵರ㿚摞力めZZZHOFRPHWHUFRP

]K

5

⚾┷᧤兼ⓜ唑᧥ 幍簌㓚┷帿㇤㒥着㦮帿㇤䞷㓆♾芵折㕸㓚┷帿㇤床蛖ಯ㓚┷帿㇤ರ ⨚莓6᧢7 㒥冥䲚ⅹ犀⦷幍着䤓㢅梃梃鍫噆莏床蛖ㄅ呹┷≬ⷧ床蛖瘸硽兓茫ⷧ 着㦮帿㇤
⨚莓7力め 尐⦷癩㢅㲰㆞ ⨚莓6᧢7 折㕸ಯ㓚┷帿㇤ರ᧶ 碏┮賍缂幍簌㓚┷帿㇤ 尐折㕸簌癩≬ⷧ床蛖∎䞷ÏÐ枽折㕸ಯ♹⌷ⷧರ᧨䏅⚝碏ಯ折㕸ರ 尐折㕸析着床蛖碟詜㢾折㕸≬ⷧ∎䞷ÏÐ枽折㕸ಫ析着癲⌷ⷧ 䏅⚝碏ಫ折㕸ಬ 照帳幍糵㢾ಫ析着癲⌷ⷧ 㓚┷帿㇤ ⦷硽兓㢅 ⨚莓7 ♾㙟∪
着㦮帿㇤ ⦷硽兓㢅 ⨚莓7 ♾㙟∪㦘␂⒪猁蛧硽兓ಯ㓚┷帿㇤ರ㒥ಯ着㦮帿㇤ರ䤓痥㋾庆莋屐簛]K欄簛唑ಯ㓢㆏蛧硽兓ರ↯㎮犀

⺈ D 䄎矑 5+ ✛諽㺣䂸矑 7D ✛ E 缂槱䂸矑 7V 䤓↯㎮犀痒ℝ年ⅹ犀䤓欅肺DE㽷缂槱䂸矑↯㎮缗矊⒦荩♾䞷ℝ抌䄾祘瘮䥽䤓

䞷ℝ瘮誑床蛖yₜ尐抩扖⛷⦃䤓䄎矑✛諽㺣䂸矑↯㎮犀盶⮂ₙ䤓ⷣ棊䬜諽㺣税抩y庆蓩㓚㖖扫諑ⷣ醗⇢䤓䍼摞芽砋❜床蛖y₏㡵⅝茰䤓䘾盢サ茤䂸㤥䤓⦿礀常ⅹ犀⦷₏秖㢅梃儵⒕朮 芵釭ㄣ䘾盢莌芠疾䏅]K

ZZZHOFRPHWHUFRP5↯㎮犀᧤兼ⓜ唑᧥⃉鈴瘟♦㗮㿚摞缂槱䂸矑㢅瘵▎䞷┪扖䖪虰⯃疭缂槱芠梃戊碟邩蓺恂⮮ℕ∎䞷┪ₜ芽盦┯㿚摞抮矑㒥㙟舊㿚摞䤓瘮誑矑⇕眴誑⸭盦┯說㗮✛㒥㗮⧞瘸↯㎮犀蓮簖ₜ尐⦷缂槱ₙ㕥缂槱䂸矑虰⯃芵鈴瘟扖矑說㗮䄎矑↯㎮犀㢾厕矼䤓ₜㄣ年缗邩㜇ₜ尐䞷☚冸諽㺣䂔㾐↯㎮犀㒥ⅹ犀Ⱁ㨫䄎矑↯㎮犀䤓缂槱♧㈦缗㻃⒕氀✛睐幇㻃⒕⦷㄁䑴䤓䘾盢₼∎䞷ⅹ犀扪嫛㿚摞芠ⓜ眺⏷均♠⻌♾賍⅝䀑㠨窘⺧✛㻰⨱≬㔳ⅹ犀犄⃉扨K芽砋❜䄎矑↯㎮犀
䤓栎㦮位矑⦷ₜ∎䞷㢅㔙ⅹ犀磣⥭≬㔳缎ₜ尐⦷䞷㻃₼㒥䞷積ⓑ䂔㾦↯㎮犀幍着腏矑

戒苀✛㒥ₙ腏♾抩扖䞷㓆䞷ℝ↊⇤㒥硵㦘䤓㺣⊨莋蛖幍糵腏矑♾芵⃉₹Ⓔ䤓床蛖扪嫛幍糵 ⦷ₜ⒕硽 㒥腏矑♾芵朗⺈秠₹硽兓⦷硽兓㢅 扪嫛幍糵尐幍糵◤䕻䤓床蛖腏矑 ⨚莓6᧢7  碏┮賍缂幍着腏矑 ∎䞷ÏÐ枽㣍䯉硵榏䤓莋蛖䏅⚝碏 折㕸  ∎䞷ÏÐ枽㣍䯉蜙舊腏め㝜⇫䏅⚝碏 折㕸 ㆏⚾腏矑 ∎䞷ÏÐ枽㣍䯉蜙舊腏め㝜⇫䏅⚝碏 折㕸 

ZZZHOFRPHWHUFRP

]K

5

幍着腏矑᧤兼ⓜ唑᧥ ∎䞷ÏÐ幍糵硵榏䤓⋋䏅⚝碏ಯ⺈ರ㧴幍糵㒥ಯ抏茽ರ莏䀗Ⱁ㨫榏尐摜⮜蠅洳幍糵ㄅ⚾䞷苀腏矑神㗽秠₹㺣⊨莋蛖榏尐摜⮜蠅洳尐幍函㔈兓棟ㄵ ⨚⚆7 ᧶腏矑♾芵⦷⒪猁蛧硽兓㢅扪嫛幍糵₏㡵床蛖≬ⷧ瘸硽兓腏矑ₜ賍苍磥✛ₜ賍稯┯








碏蛖㗽㓢㆏蛧硽兓腏矑∎䞷ÏÐ折㕸硵榏䤓莋蛖䏅⚝碏ಯ折㕸ರ∎䞷ÏÐ枽折㕸蜙舊腏め㝜⇫䏅⚝碏 折㕸 ㆏⚾腏矑∎䞷ÏÐ枽㣍䯉蜙舊腏め㝜⇫䏅⚝碏 折㕸 ∎䞷ÏÐ幍糵硵榏䤓⋋䏅⚝碏ಯ⺈ರ㧴幍糵㒥ಯ抏茽ರ莏䀗Ⱁ㨫榏尐摜⮜蠅洳幍糵ㄅ⚾䞷苀腏矑神㗽秠₹㺣⊨莋蛖榏尐摜⮜蠅洳 硽兓腏Ⓟ♾芵⦷↊⇤㢅⊨抩扖蛖㗽⥭欍硽兓♾芵蜼䦚㇢₏₹莋蛖䤓⋋怔茽幍糵ㄅ⚾䞷腏矑y䦇ㄣ䤓莋蛖⦍㪖桹䍐 Ⱁ㨫₏₹床蛖怔扖㿚摞扖䲚₼䤓↊⇤腏矑扨蓩桹┷⦷訂槱ₙ癩∎抩扖┮賍缂幍簌㣍䯉折㕸床蛖眴蠼㦘缗折₼䞷ℝ㣍䯉

y
y
y
y



鄗㔴䶵莓㣍䯉⦷礃扈䤓莋蛖儱唁/('桹䍐♾⚻屐鄗㔴⭿E⦷硽兓㢅 ⨚莓7 ₏₹床蛖怔扖₏₹舊腏矑缗㪖㽷✛₏₹床蛖怔扖芚腏缗㪖帿

㽷㇢莋蛖䤓⋋釓⥭喒⦃芠茫鄗㔴䕅㊐呹┷䂔棳

E鄗㔴䤓檂摞㢾⅝炲❜檂摞幍糵誑着抩扖┮賍缂幍簌炲❜檂摞]K

ZZZHOFRPHWHUFRP5㿚摞床蛖

 ㆏眑∎䞷芠ⓜ 碏㆏␂碏朽⚾┷ⅹ犀ⅹ犀蓩㆏眑㿚摞 幍簌床蛖㣍䯉屐簛]K欄唑 折㕸㿚摞◤痒屐簛]K欄簛唑 幍糵↊⇤腏矑尐㻑屐簛]K欄簛唑 ⦷癩㢅㲰㆞床莏床蛖碏䏶㷳扖䲚㓚┷噆莏床蛖 㓚┷帿㇤ 疭折㕸≬ⷧ蛖㗽床茤ⅹ犀䤓䅩┷茫ⷧ磦糵缂槱䂸矑↯㎮犀䤓蟇厅㦺簖瘸硵尐䤓缂槱芼折芵r䤓邘矑ㄅ≬虚⦷扨₹痒糵 莋蛖礃扈䤓怚╎㖖㪖㣍䯉Ⱁ㨫年⋋盦┯  㒥⑞蓭  䟀ℝ蠼㦘怚╎㖖㪖㣍䯉⋋䳂着碏 析着 ⚝碏 ⷧ ≬ⷧ床莏蛖㗽瘸ⅹ犀䤓茫ⷧ Ⱁ㨫ಯ㓚┷帿㇤ರ幍糵⃉ಯ♹⌷ⷧರಯ析着ರₜ㣍䯉♹榏碏芚ಯⷧರ≬ⷧ床莏蛖㗽瘸ⅹ犀䤓茫ⷧ

尐蜼䦚床莏蛖㗽䤓兮帰⒕㨟碏ಯ兮帰ರ枽莋屐簛]K欄簛唑ಯ兮帰ರ㦃⮩痥㋾ ⦷蛖㗽㲰㆞床莏床蛖 ⨚莓7碏䏶㷳扖䲚㓚┷噆莏床蛖 㓚┷帿㇤ 㒥呹┷⦷幍着䤓㢅梃梃鍫 ರ着㦮帿㇤ಯ ㄅ≬ⷧ床莏蛖㗽瘸₏₹硽兓∎䞷 㓚┷帿㇤  ⒪猁₏₹蛧䤓ರ㓚┷帿㇤ಯ硽兓屐簛]K欄唑 磦糵缂槱䂸矑↯㎮犀䤓蟇厅㦺簖瘸硵尐䤓缂槱芼折芵r䤓邘矑ㄅ≬虚⦷扨₹痒糵 莋蛖礃扈䤓怚╎㖖㪖㣍䯉Ⱁ㨫年⋋盦┯  㒥⑞蓭  䟀ℝ蠼㦘怚╎㖖㪖㣍䯉⋋䳂着ZZZHOFRPHWHUFRP

]K

5

㿚摞床蛖᧤兼ⓜ唑᧥碏 析着 ⚝碏 ⷧ ≬ⷧ床莏蛖㗽瘸ⅹ犀䤓茫ⷧ Ⱁ㨫ಯ㓚┷帿㇤ರ幍糵⃉ಯ♹⌷ⷧರಯ析着ರₜ㣍䯉♹榏碏芚ಯⷧರ≬ⷧ床莏蛖㗽瘸ⅹ犀䤓茫ⷧ

尐抏茽硽兓碏枽␅㶰㢾ಯ抏茽⒕硽兓ರ∎䞷着㦮帿㇤
⦷㆏眑芠ⓜⰑ㨫⇯㓢並栎㢅梃摖莏床蛖㭏蜼䟄㻯⮓ℝ網Ⰼ䕅㊐Ⱁ㦘䠠桽庆㙡茤蛧䟄㻯屐簛]K欄唑ಯ遙揜䟄㻯ರ豞壠∎䞷盶肺䂸矑虰⯃≬虚ⅹ犀䤓缂槱䂸矑虰⯃⦷缂槱ₙ㢅梃扖栎♾賍㢾ₜ⸭棔屐簛]K欄簛唑䤓ಯ∎䞷盶肺䂸矑虰⯃ರ⒪猁₏₹蛧䤓ರ着㦮帿㇤ಯ硽兓✛幍糵硵榏尐䤓㢅梃梃鍫帿㇤屐]K欄䤓唑磦糵缂槱䂸矑↯㎮犀䤓蟇厅㦺簖瘸硵尐䤓缂槱芼折芵r䤓邘矑ㄅ≬虚⦷扨₹痒糵 莋蛖礃扈䤓怚╎㖖㪖㣍䯉Ⱁ㨫年⋋盦┯  㒥⑞蓭  䟀ℝ蠼㦘怚╎㖖㪖㣍䯉⋋䳂着碏 ㆏眑 ㆏眑帿㇤⦷幍着䤓梃鍫床莏蛖㗽呹┷缗≬ⷧ ⒪抯₏₹ಯ着㦮帿㇤ರ硽兓㢅狿扮⚾┷㢅梃♾芵幍糵₏㡵幍着䤓㢅梃め扖年ⅹ犀蓩呹┷⚾┷ Ⱁ㨫ಯ呹┷␂桼ರ䤓㢅梃缗幍着⦷幍着䤓㢅梃狿扮⚝⇕⚛㢅帿㇤ⅹ犀芽茽䘿␂桼眴痆⦷唑賍䕅㊐⦷扨諕䕅㊐芚着㦮帿㇤㦮梃ⅹ犀其兼⦷幍着䤓帿㇤梃鍫蓩蛖㗽床茤硽兓茫ⷧ碟芚㧴㇢ⅹ犀㆏⚾硽兓蓩摜蛧㓢㆏ 芚ಯ痼㷱ರ痼㷱帿㇤蛖㗽␅㶰㢾ಯ㢾誑帳㒥ರ⚵ಯ㧴抏茽其兼帿㇤碏尐抏茽硽兓碏枽␅㶰㢾ಯ抏茽⒕硽兓ರ]K

ZZZHOFRPHWHUFRP5㿚摞床蛖᧤兼ⓜ唑᧥(OFRPHWHU⨚莓7㦘₏₹ಯ懾枽め析ರ┮賍眴㙟∪ℕ₏₹欬盶䤓眸⏷儶Ⓔ芵腋㷱㢅梃梃鍫帿㇤砽盶痼㷱㇢ಯ懾枽め析ರ缗⚾䞷₏₹欬盶䤓枽碏缗尐㻑痼㷱㢅梃梃鍫帿㇤尐⚾䞷ಯ懾枽め析ರ碏┮賍缂幍簌懾枽め析␅㶰㢾ಯ折㕸ರ尐蜼䦚床莏蛖㗽䤓兮帰⒕㨟碏ಯ蛖㗽ರ枽蜼䦚㦃⮩痥㋾屐]K欄ₙ䤓簛唑 蛖㗽兮帰 ∎䞷盶肺䂸矑虰⯃(OFRPHWHU♾芵揜⮖₏₹盶肺N⨚䂸矑虰⯃⦷狿栎䤓㢅梃扪嫛㿚摞 着㦮帿㇤ ⨚莓7 㒥⦷扫諑ⅹ犀䤓痒糵⺈ℝ㢢浧♾㙟∪䤓⮥捷㘱⯃≰㋾庆♑屐䶻]K欄䶻唑ಯ⮖ↅ✛棓ↅರ 遙揜✛盶肺䂸矑虰⯃ 㓢㆏尕䥥⦷N⨚虰⯃欅肺扭碟䤓蟇厅䥥 D D 蠼㦘㉔尐⦷遙揜盶肺䂸矑虰⯃ⓜ␂㘘䤓ⅹ犀碡虰⯃扭碟犀扪茤㙡矒⅝ₜ薦Ⓟ扭碟犀㙡茤㙡矒 㙡矒䤓₏∶秣♵₏₹⹌犄㷳盶肺虰⯃扭碟犀♹賍₏諕礀㆞㙡茤㙡矒㽷㇢眸遙盶肺虰⯃㢅茫糵䤓缂槱䂸矑虰⯃缗痼䞷ZZZHOFRPHWHUFRP

]K

5

∎䞷盶肺䂸矑虰⯃᧤兼ⓜ唑᧥(OFRPHWHU㦘₏₹ಯ䂸矑帰㲰㆞ರ┮賍㇢⚾䞷㢅ⅹ犀⅔㿚摞✛㣍䯉盶肺虰⯃䤓䂸矑 7H 硵㦘␅Ⅵ┮賍蓩缗䰐䞷Ⱁ㨫ಯ䂸矑帰㲰㆞ರめ⚾䞷盶肺䂸矑虰⯃蠼㦘眸遙ⅹ犀芽㣍䯉枨幾䤓梔
床ಯರ
⃉ℕ⚾䞷ಯ䂸矑帰㲰㆞ರ碏┮賍缂ಯ䂸矑帰㲰㆞碟詜ಯ折㕸ರ盶肺虰⯃䤓扭碟缗㖖䯉⦷㣍䯉⻞ₙyⰑ㨫ಯ䂸矑帰㲰㆞ರ缗⚾䞷⻞ヤ㣍䯉✛7HyⰑ㨫ಯ䂸矑帰㲰㆞ರ蠼㦘缗⚾䞷⻞ヤ㣍䯉✛7V

 瘮⮖∎䞷ⅹ犀疭盶肺虰⯃(OFRPHWHU㞾虚盶肺䂸矑㿚摞疭釭㇢䤓虰⯃⅝r綍ഒr)綍r) 䏅力ⅹ犀♹欬着rሇഒ r)綍r) 芠梃ㄅ₣ₜㄣ年缗㥃槁ℝ㷳喒⦃芠盶䤓䂸矑
y


y
y

Ⱁ㨫㢾₏₹箫槱∎䞷茫糵ℝⅹ犀卛槱䤓箫材棓┯ⅹ犀瘸缂槱ₙ∎䞷ⅹ犀ⓜ誑≬眸⏷扭碟Ⱁ㨫盶肺䂸矑虰⯃㢾箫㊶蓩虰⯃扭碟瘸箫㊶缂槱Ⱁ㨫盶肺䂸矑虰⯃䞷ℝ㿚摞稛⇢磦糵虰⯃⦷稛⇢₼㽷Ⱁ㨫盶肺䂸矑虰⯃䤓䂸矑怔扖ⅹ犀䤓喒⦃蠼㦘枨幾䀗㋾㒥鄗⛙床蛖⋋蓩缗≬ⷧ⃉ಯ]K

ZZZHOFRPHWHUFRP

5

兮帰

(OFRPHWHU♾芵㣍䯉床蛖≬ⷧ⦷₹床蛖䅩┷茫ⷧ䤓兮帰⨚莓6᧢7 㒥硽兓茫ⷧ ⨚莓7碏ಯ兮帰ರ枽蜼䦚兮帰痥㋾≬ⷧ⦷茫ⷧ₼䅩┷䤓床蛖芚槱䤓兮帰⋋蓩㣍䯉碏⚂㓚枽♾芵蜼䦚芚₏₹莋蛖䤓兮帰痥㋾碏芚ಯ䂔棳ರ⒯棳兮帰蛖㗽
y
y
y
y
y
y

床蛖蛖䥽 Q
㄂萬床蛖 ;蜙苀床蛖 /R蜙舊床蛖 +L㪖瘮苡蕠 ı♧薖籏蛖 &29㇢⦷兮帰⥭欍⻞ヤ㖘ₚ 床㟿 枽㣍䯉床㟿⋋✛≬ⷧ⦷␔ⷧ䤓㹞₹床㟿㡴㦮✛㢅梃㖘⚂㓚枽♾ⅴ㩴䦚ₚ₏₹♑㟿䤓床㟿釭㇢腏Ⓟ⦍㪖㣍䯉⦷芵盶䤓↊⇤⚾䞷腏Ⓟ䤓床蛖礃扈Ⱁ㨫床蛖苀
ℝ芚腏✛Ⱁ㨫怔扖ₙ腏尐蜼䦚硽兓䤓床蛖✛兮帰 ⨚莓7 屐簛]K欄簛唑䤓ಯ⥭欍硽兓蛖㗽ರZZZHOFRPHWHUFRP

]K

5

蛖㗽兓⨚莓7(OFRPHWHU⨚莓6᧢7㦘䅩┷床蛖茫ⷧ⨚莓7⃮♾芵ⷧ⌷⮩才兓床蛖舊才硽兓芚槱䤓硽兓┮賍
y
y
y
y
y

蛖㗽㓢㆏蛧硽兓⒪猁ಯ㓚┷帿㇤ರ㒥ಯ着㦮帿㇤ರ硽兓屐簛]K欄唑 㓢㆏蛧硽兓ಯ蛖㗽㓢㆏䘿ⷧ硽兓㓢㆏䘿ⷧ硽兓蛖㗽⥭欍硽兓蜼䦚硽兓痥㋾床蛖✛兮帰莋屐簛]K欄簛唑䤓ಯ⥭欍硽兓蛖㗽ರ蛖㗽⮜Ⓟ硽兓⮜Ⓟ₏₹硽兓癕㕻硽兓㪖⯃痥㋾蛖㗽⒯棳⒯棳◤₹硽兓㒥眺⏷⒯棳硵㦘硽兓㓢㆏蛧硽兓䞷㓆♾芵⒪猁₏₹ಯ㓚┷帿㇤ರ硽兓㒥ಯ着㦮帿㇤ರ硽兓
y
y



ಯ㓚┷帿㇤床蛖䟀䞷㓆㓚┷≬ⷧ瘸硽兓
ಯ着㦮帿㇤ರⅹ犀⃉冥䲚⦷幍着䤓㢅梃梃鍫摖莏床蛖床蛖缗呹┷≬ⷧ瘸硽兓茫ⷧ尐⒪猁₏₹ಯ㓚┷帿㇤ರ硽兓 碏┮賍缂蛖㗽㓢㆏蛧硽兓 Ⱁ㨫ಯ㓚┷帿㇤硽兓ರₜ㣍䯉⦷⻞ヤₙ碏枽折㕸ಯ㓚┷帿㇤ರ ⦷⦍㪖蓩㣍䯉⦷⃊尐⻞ヤₙ缂䯉ಯ㓚┷帿㇤ರ⚾䞷碏ಯ腏矑ರ幍糵↊⇤尐硽兓腏Ⓟ屐簛]K欄ₙ簛唑䤓ಯ幍着腏矑ರ碏ಯ⺈ರ⒪猁硽兓㒥ಯ抏茽ರ枽莏䀗 ㇢硽兓缗㓢㆏㢅ಯ蛖㗽ರ枽䟀莏ⅲ碏釓⥭瘸硽兓噫◤]K

ZZZHOFRPHWHUFRP5蛖㗽兓⨚莓7᧤兼ⓜ唑᧥

尐⒪猁₏₹ಯ着㦮帿㇤ರ硽兓 碏┮賍缂蛖㗽㓢㆏蛧硽兓 Ⱁ㨫ಯ着㦮帿㇤硽兓ರₜ㣍䯉⦷⻞ヤₙ
碏枽折㕸ಯ着㦮帿㇤ರ碟詜碏ಯ⺈ ⦷⦍㪖蓩㣍䯉⦷⃊⻞ヤₙ缂䯉ಯ着㦮帿㇤ರ

 ⚾䞷



∎䞷ÏÐ枽幍糵硵榏䤓㢅梃梃鍫諗朮瘸⺞㢅芠梃碟詜碏 ⺈ 㧴幍糵 ♾芵摖莏床蛖䤓⮶綎蛖摞ㄅ≬ⷧ⦷年硽兓 疭榏尐摖莏扨K床蛖䤓犕蛖⦷㢅梃梃鍫幍
 糵㣍䯉





Ⱁ㨫榏尐♾∎䞷ÏÐ枽幍糵硵榏䤓狿扮⚾┷㢅梃⒕朮瘸⒕朮芠梃㒥 ␂ 碟詜碏 ⺈ 㧴幍糵碏ಯ㆏眑ರ⚾┷帿㇤ Ⱁ㨫狿扮⚾┷㢅梃め着㇢ ㆏眑 碏芚㢅痭帰㆏ 眑⦷⦍㪖蓩㣍䯉⦷⻞ヤₙ㇢幍着䤓狿㢅 め扖㦃磥⃉ⅹ犀㆏眑帿㇤床蛖 ㇢硽兓缗㓢㆏㢅ಯ蛖㗽ರ枽䟀莏ⅲ碏釓 ⥭瘸硽兓噫◤ZZZHOFRPHWHUFRP

]K

5

⥭欍硽兓蛖㗽⨚莓7硽兓床蛖蜼䦚年硽兓䤓床蛖 碏蛖㗽⥭欍硽兓 Ⱁ㨫め兞⦷₏₹硽兓碏碟詜碏ಯ⥭欍硽兓ರ






∎䞷ÏÐ枽折㕸硵榏尐䤓硽兓碟詜碏ಯ折㕸ರ枽折㕸硵榏尐䤓硽兓碟詜碏ಯ折㕸ರ碏 釓⥭ ⥭瘸硽兓噫◤秠₹㡴㦮✛㢅梃疭床莏⋋₏怆㣍䯉碏ÏÐ㧴㿞屗床蛖✛⚂㓚枽㧴蜼䦚⃉芚₏₹莋蛖䤓床蛖釭㇢腏Ⓟ⦍㪖㣍䯉⦷芵盶䤓↊⇤⚾䞷腏Ⓟ䤓床蛖礃扈Ⱁ㨫床蛖苀
ℝ芚腏✛Ⱁ㨫怔扖ₙ腏蛖㗽兮帰蜼䦚蛖㗽兮帰 碏蛖㗽⥭欍硽兓 Ⱁ㨫め兞⦷₏₹硽兓碏碟詜碏ಯ⥭欍硽兓ರ∎䞷ÏÐ枽折㕸硵榏尐䤓硽兓碟詜碏ಯ折㕸ರ碏ಯ㆏眑ರ蜼䦚蛖㗽兮帰碏 釓⥭ ⥭瘸硽兓噫◤ Ⱁ㨫⦷ಯ着㦮帿㇤ರ硽兓帿㇤痼㷱力㣍䯉兮帰蛖㗽碏芚ಯ釓⥭ರ㢅帿㇤
摜蛧㆏眑

]K

ZZZHOFRPHWHUFRP5⥭欍硽兓蛖㗽⨚莓7᧤兼ⓜ唑᧥芚槱䤓兮帰⋋蓩㣍䯉碏⚂㓚枽♾芵蜼䦚芚₏₹莋蛖䤓兮帰痥㋾
y
y
y
y
y
y

硽兓䤓床蛖蛖䥽 Q
硽兓䤓㄂萬床蛖 ;
硽兓䤓蜙苀床蛖 /R硽兓䤓蜙舊床蛖 +L㪖瘮苡蕠 ı♧薖籏蛖 &29┮賍缂兢㨓⨚莓6

‫ۑ‬
‫ۑ‬

‫ۑ‬
‫ۑ‬

‫ۑ‬

‫ۑ‬
‫ۑ‬
‫ۑ‬

秿㈚
秿㈚
秿㈚㙟䯉
屓着䤓

ZZZHOFRPHWHUFRP

]K

5

┮賍缂兢㨓⨚莓7

‫ۑ‬
‫ۑ‬
‫ۑ‬
‫ۑ‬

‫ۑ‬
‫ۑ‬

‫ۑ‬
‫ۑ‬
‫ۑ‬

‫ۑ‬



‫ۑ‬
‫ۑ‬
‫ۑ‬

[[[[[[[[[[[[[[秿㈚
秿㈚㙟䯉
屓着䤓

‫ۑ‬
秿㈚

芚戌蛖㗽⨚莓7∎䞷(/&20$67(5芚戌蛖㗽∎䞷(OFR0DVWHU㙟∪全秠₹ⅹ犀ㄅ⦷HOFRPHWHUFRP㙟∪瘟忈芚戌ⅹ犀♾芵↯戢床蛖瘸3&扪嫛ⷧ㫲✛㔴⛙䞮㒟蛖㗽♾芵抩扖86%㒥
%OXHWRRWKp坬竂↯戢ᇭ㦘␂(OFR0DVWHU㦃⮩痥㋾幎桽
ZZZHOFRPHWHUFRP∎䞷(/&20$67(5㓚㧉ㄣ䞷䲚矊芚戌蛖㗽⦷⸭⦿㒥⦷䘿⧉䤓䚕㎂㿚幤∎䞷(OFR0DVWHU$QGURLGറ㒥L26䲊┷ㄣ䞷䲚矊䞷㓆♾芵yyyⷧ⌷⸭㢅床蛖筼碟瘸䲊┷幍⮖ₙㄅ蓩眴ⅻ≬ⷧ瘸硽㶰扭⚛⏷䚒
着痒籏兮⧟㪖┯茤㿚幤缂槱䤓䏶䓖㭏㿚蛖㗽♾⅝㓚㧉↯抐瘸䟄厠扪嫛扪₏蠅䤓⒕㨟✛㔴⛙㦘␂(OFR0DVWHU䲊┷ㄣ䞷䲚㦃⮩痥㋾幎桽ZZZHOFRPHWHUFRP]KZZZHOFRPHWHUFRP5┮賍缂兢㨓⨚莓7᧤兼ⓜ唑᧥☂Ⓤ噆♥␋␋⹈㤉厌㓚㧉✛扟嫛$QGURLG㒥ⅴₙ䤓㄂㨎䟄厠ᇭ∎䞷*RRJOH3OD\6WRUHㄣ䞷䲚ㄞₚ戌⸘孔᧨ㄅ㖘䏶⻞ヤₙ䤓広㢝扨㢾⃉L3KRQH3OXVL3KRQHL3KRQHVL3KRQHFL3KRQHL3KRQHVL3KRQHL3DG$LU
L3DGPLQLL3DG$LUL3DGPLQL
L3DG᧤䶻✛䶻ⅲ᧥᧨L3DG
PLQLL3DG✛L3RGWRXFK᧤䶻✛䶻ⅲ᧥Ⓟ㒟ᇭ抩扖ZZZHOFRPHWHUFRPₚ戌㒥抩扖$SS6WRUHₚ戌⸘孔᧨䏅⚝㖘䏶⻞ヤₙ䤓広㢝ᇭZZZHOFRPHWHUFRP

]K

5

⮖ↅ✛棓ↅ芚槱䤓⮖ↅ✛棓ↅ♾⅝㇢⦿㢢舊∪ㄣ莼㒥筼碟⅝㢢舊♾∪箫㊶缂槱䂸矑虰⯃
喒⦃
兎栎矑
&ᇀ& )ᇀ)  PP  
&ᇀ& )ᇀ) F P   F&ᇀ& )ᇀ)  P   
&ᇀ& )ᇀ) F P   
&ᇀ& )ᇀ) F P   肺ↅ冥莓
7
7
7
7
7

␅眴棓ↅ㙞承䞷ℝ稛⇢盶肺䂸矑虰⯃&ᇀ& )ᇀ) F≬㔳缎牑㦘䤽サ⯈

86%兎

㓚賴兎


肺ↅ冥莓
7
7
7
7

≬苍⭿㢝(OFRPHWHU㙟∪₹㦗䤓≬苍ₜ癕㕻㻰㩢✛說㗮≬苍♾芵抩扖ZZZHOFRPHWHUFRP缗狿栎綍₳㄃⦷犕徼⃿茫缂槱䂸矑虰⯃棓サ₹㦗䤓≬苍㦮♹朗⺈Ⓟ抯谢腙F

ⅹ犀䤓♾㿚摞喒⦃⃉ഒ綍ഒ r)咂r)]K

ZZZHOFRPHWHUFRP5㔏㦾屓㫋
䂸矑喒⦃

位誑矑

⒕釆竡

ⅹ犀G

&綍&)綍)&
)&
)

諽㺣䂸矑 7D

&綍&)綍)&H)&
)

缂槱䂸矑 7V

&綍&)綍)&
)&
)

盶肺N⨚䂸矑虰⯃
7H

&綍&)綍)&I)&
)

䦇⺈䄎矑 5+綍5+

5+J秣䄎矑 6+

JNJ綍JNJJUOE綍JUOE

6+

JNJ
JUOEⅹ犀茫ⷧⅹ犀✛/&'㝜⇫喒⦃䟄䄟⨚莓6᧢7兓床蛖᧤䅩┷茫ⷧ᧥⨚莓7兓床蛖舊才硽兓&綍&)綍)[$$䟄㻯K㒥抩扖86%兎䟄㻯蓦✌㓚┷帿㇤怔扖⺞㢅 卛⏘␂桼
着㦮帿㇤᧶栎才⺞㢅 秠⒕朮床蛖ⅹ犀⻉⺇

[[PP [[

ⅹ犀摜摞J R] 癕㕻䟄㻯♾鈬薿䤓㪖瘮%6%,0206&  L,0206&  L
,62861DY\16,861DY\33,
G ₜ尐蓩ⅹ犀㥃槁ℝ屓㫋盶✛/&'䤓㝜⇫喒⦃ ⑕誑ㄵsഒ⇝ℝഒ sr)⇝ℝr) I 位矑sഒ sr) 䟀㢢舊㙟∪䤓.⨚㘱⯃␅Ⅵ☑⟕㙟∪䤓㘱⯃♾厌↩㦘㓏ₜ⚛J ⦷PVK 耜ⅹ犀㙟∪䤓䟄㻯牑㦘r& r) 䤓蜙⮶ぴ⇫䂸矑栎㢅梃∎䞷怔扖年䂸矑䤓ⅹ犀♾賍榏尐∎䞷㦎ⅲ䤓䟄㻯L ⺈ℝ,02363& ⦌棔稔㾚兓兖㊶賍㪖瘮䞷ℝ腋㔳䀑⻑ 䦇⺈䄎矑缂槱䂸矑✛槁䍈ㄣ帿㇤(OFRPHWHU♾
䞷ℝ扨H

ZZZHOFRPHWHUFRP

]K

5

秿㈚㙟䯉 秿屓痥㋾䶵⚗㊶⭿㢝
(OFRPHWHU⨚莓7䶵⚗ⅴₚ蟷䥮㖖芴䤓尐㻑(8䟄箫␋睐㊶(8蛭兎䟄幍⮖(8腏Ⓟ∎䞷㩟K㦘蓏䓸德(OFRPHWHU⨚莓6䶵⚗ⅴₚ蟷䥮㖖芴䤓尐㻑(8䟄箫␋睐㊶(8腏Ⓟ∎䞷㩟K㦘蓏䓸德䶵⚗㊶⭿㢝♾抩扖芵芚几⧏芚戌᧶⨚莓6ZZZHOFRPHWHUFRPLPDJHVVWRULHV3')V'DWDVKHHWV'HFODUDWLRQBRIB&RQIRUPLW\&KLQHVH'R&BB6SGI⨚莓7ZZZHOFRPHWHUFRPLPDJHVVWRULHV3')V'DWDVKHHWV'HFODUDWLRQBRIB&RQIRUPLW\&KLQHVH'R&BB7SGI
神㗽&,635年ℶ❐㢾%儶簛兓,60幍⮖%儶ℶ❐⃉⦌茫㧉㨓硵∎䞷筼碟扭碟瘸⃉⇫⇞眵䞷䤓猁䷠䓸㙟∪䤓苀☚∪䟄几八簛兓,60ℶ❐᧶$伊ℶ❐ℶ䞮䤓㒥∎䞷䤓⺋䟄劵⚗⺓欠厌摞㢾幍⮖␔捷㦻愺扟⇫㓏㉔榏䤓
86%㢾䞷ℝ蛖㗽↯戢力ₜ♾缗抩扖86%䟄䄟釭揜犀扭碟瘸䟄䄟
⦷$&0$挄⸗㪖㉦♾ⅴ抩扖ⅴₚ噆♥᧶┮厌嫷␂ℝ㽤㈚屓⸩
(OFRPHWHU⨚莓7*LWHNL㪖帿㧰√⚆䪐)&&,'✛%OXHWRRWK坬䓨6,*4','♾ⅴ抩扖ⅴₚ噆♥┮厌嫷␂ℝ㽤㈚屓⸩
(OFRPHWHU⨚莓7年ⅹ犀䶵⚗)&&簛肺⒕屓着㝜⇫㦜⅝ℝ芵芚₳諕㍔⑄  ⅹ犀♾賍ₜ芽抯㒟㦘蓏㄁虅  ⅹ犀㉔權賍㔎♦↊⇤碟♦瘸䤓㄁虅癕㕻㄁虅♾賍ℶ䞮ₜ゛蜞㦘䤓㝜⇫
年幍⮖䶵⚗鎛♦虱䘾盢₼)&&戟蓨㥃槁腏Ⓟ蜙兗䞷㓆㉔權鈬薿牑⇢㝜⇫広㢝芵䅰恂蓨欠㥃槁䶵⚗㊶㷳♠蓨犀ₜ㈦⦷⚛₏⦿䍈㒥疭↊⇤␅Ⅵ犕兎㒥♠蓨犀₏怆ぴ⇫磥♧㒥苍磥蠼㦘砏㢝㣍⦿缗(OFRPHWHU㦘腏茩⚇㞾虚♾賍∎䞷㓆㝜⇫ⅹ犀䤓㧒Ⓒ⯀磧(OFRPHWHU⨚莓6㽷᧶年ⅹ⣷め兞嬺㭏㿚扖ㄅ₣厌䅰恂%伊㟿ⷦ㆞孔函䤓㨐棟ᇭ∬㗽勣挵Ᵽ⛧↩䶻捷⒕屓⸩ᇭ扨K㨐棟䤓幍帰㙟∪ℕ⚗䚕䤓≬㔳㧴㕄㔦⇞⸔⸘孔₼䤓㦘⹂㄁㓿ⅹ⣷ℶ䞮∎䞷₼䤓戟⺓㡯兎䟄⺓欠厌摞᧨Ⱁ㨫ₜ挄䏶㖖ⅳ⸘孔✛∎䞷᧨♾
厌↩抯㒟⺈㡯兎䟄抩帾䤓㦘⹂㄁㓿ᇭ䏅力᧨⃮ₜ厌≬幐⦷䔈⸩䤓孔函₼ₜ↩ℶ䞮㄁㓿ᇭⰑ㨫ⅹ⣷⺈㡯兎䟄㒥䟄展⣷㘴㟅ℶ䞮㦘⹂㄁㓿♾ⅴ⑂⸩␂桼ⅹ⣷␜㓢㆏熢╀䞷㓆抩扖ⅴₚ₏䱜㒥劔⮩䱜㡈㽤┹┪♊㘡棳㄁㓿᧶庒㠃㒥扐䲊碟磣犕兎㓸⮶ⅹ犀✛碟磣犀䤓梃鍫ⅹ犀㙡扪䟄恾㙡矒扪嫛扭碟疭ⅹ犀✛碟磣犀䤓扭碟㢾ₜ⚛䤓莧幱兞枏莼㒥劔蛭兎䟄㔏㦾ⅉ⛧㧴㈦瘸ソ┸
(OFRPHWHU⨚莓7㫈㗽┯㖎⮶ぴ₩捷䤓屓⸩年㡯兎䟄♠⺓⣷♾厌♹∎䞷₏₹⮸兎䤓伊⨚✛㦏⮶⬭䥙 㒥戒⇝ 䤓♠⺓⣷䟀┯㖎⮶ぴ₩捷㔈⑕ⅴ⑞⺠⚠␅Ⅵ䞷㓆䇫⦷䤓㡯兎䟄㄁㓿ㄣ折㕸䦇䷘⏷⚠戟⺓┮䘖᧤HLUS᧥䤓⮸兎伊⨚♙␅⬭䥙ₜ怔扖㓏榏ⅴ≎㒟┮抩≰㷳幍⮖䶵⚗┯㖎⮶ぴ₩肺鄯瘟珩䏶䤓566㪖瘮㝜⇫ㄣ䶵⚗芵芚₳₹蜦ↅ᧶᧤᧥㦻幍⮖ₜ芽抯㒟㄁虅᧨᧤᧥㦻幍⮖㉔權碟♦↊⇤㄁虅᧨癕㕻♾賍⺋綎鎛欓㦮㝜⇫䤓㄁虅ᇭ%伊蛖眫幍⮖䶵⚗&$1,&(6 % 10% % 屓着ᇭ㢾(OFRPHWHU⏻⚇䤓㽷␛⟕㪖(GJH/DQH㦋㈊㠾0%8喀⦌5莼㪖硵㦘㧒㇡%OXHWRRWK6,*茩⚇硵㦘᧨(OFRPHWHU茩⚇㈦瘸%OXHWRRWK6,*茩⚇㘗㧒∎䞷(OFRPHWHU⨚莓7扨㢾⃉L3KRQH3OXVL3KRQHL3KRQHVL3KRQHFL3KRQHL3KRQHVL3KRQHL3DG$LUL3DG
PLQLL3DG$LUL3DGPLQLL3DG᧤䶻✛䶻ⅲ᧥᧨L3DGPLQLL3DG✛L3RGWRXFK᧤䶻✛䶻ⅲ᧥Ⓟ㒟ᇭ抩扖ZZZHOFRPHWHUFRPₚ戌㒥抩扖$SS6WRUHₚ戌⸘孔᧨䏅⚝㖘䏶⻞ヤₙ䤓広㢝ᇭ
ಯ0DGHIRUL3RGರಯ0DGHIRUL3KRQHರ♙ಯ0DGHIRUL3DGರ䤓㎞㊬㢾₏₹䟄⷟棓ↅ⃉₢桷扭㘴ⒿL3RGL3KRQH㒥L3DG幍帰⒕Ⓔ✛め兞䟀㆏♠劔帳幐䶵⚗$SSOH㊶厌㪖⑕喈㨫ₜ
微徲㦻孔函㒥␅䶵⚗⸘⏷✛䥠丰㪖⑕䤓㝜⇫庆㽷㎞∎䞷㷳棓ↅ䤓L3RGL3KRQH㒥L3DG♾厌㈀❜㡯兎㊶厌
L3DGL3KRQH✛L3RGWRXFK㢾喈$SSOH,QF⏻⚇䤓㽷␛⟕㪖⦷初⦌✛␅Ⅵ⦌⹅㽷␛
$SS6WRUH㢾$SSOH,QF⏻⚇䤓⟕㪖⦷初⦌✛␅Ⅵ⦌㽷␛*RRJOH3OD\㢾*RRJOH,QF⏻⚇䤓⟕㪖硵㦘莼㪖⃮掌㈦瘸㽷␛幇♾㢢浧㢾遙⦷₏₹兇乀癕遙庆誑≬硵㦘癕遙芵䘾盢磨㎮䤓礀㆞⮓䚕庆莧幱㇢⦿䘾盢⻏⃉扪₏蠅㖖⺋
㋊茩⚇᧶(OFRPHWHU⏻⚇䤓㽷␛莼㪖(GJH/DQH㦋㈊㠾0%8喀⦌

70$䶻䓗嫷侨ቋ㦻磷

5Ǽ✣ǌ✣ǂƺǟ
(OFRPHWHUǸǝȁ6ŭƫƖ7᾵੝ί

ZZZHOFRPHWHUFRP

5

ଢՑ


Чุຓ䨂



㘲Їଽಸ



߂૫іൕƋὨି

൐ŧ൓ƤƮభƎǑȉǋ✣ƎƇŧƉ

ᇅཋ⡘Ƒ℟‫ק‬



Ṧ‫ק‬



ຓ‫ڱ‬Ŵǭȃ✣ǬƑ൐Ⴈ



ⅼί⡘



ǦǙǗƑҠቔǸǝȁ7ǦǙǗǝ✣ǕƑ⃷⃾Ǹǝȁ7Ƿǡǻ✣ἧӮǸǝȁ6Ƿǡǻ✣ἧӮǸǝȁ7ǝ✣ǕƑǖƼȉȃ✣ǟǸǝȁ7

ࢌ㍤҆௖ƋƸǅǑǋȀ✣Ќ䩐ἲ‫ק‬ൢ㛻倔’żƮ‫ੰم‬ƋἲᇅƎƇŧƉ

3E+J

҂ૼƍׄůťƮṳ‫ކ‬ƒaႇ∽ϱƑ౼㊮ⅇૼℼƵ⃷⃾źƉŲƃŸŧb
ժ‫م‬ğ[[PPč[[ƺȉǗĎᇗਈğJčǀȉǏĎaểӽƵ‫ݣ‬ƣ(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5Чุຓ䨂















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



і૫Ƒ໑؇Ṧ‫ק‬Ⴈǭȃ✣Ǭ㡿໑Ƌു؇Ṧ‫ק‬Ⴈǭȃ✣Ǭ/('ǿȉǭԅčቐĎa⁔čႷĎ
၁ࣖ߂૫
ǓǫǞǃ✣
ểჷǲǕȉ
ȀǏǞǦȉǟ౼‫҆ڱ‬ǝ✣Ǖԛ৯Ⴈ86%؊ሰčǁǦ✣Ƒ༯Ďểӽ⩝ₑ҆Ոെ.⃼⟐⻻ǭȃ✣Ǭࢤ䌺҆čǁǦ✣Ƒ༯Ď㘲Їଽಸ
(OFRPHWHU᾵੝ί
ǧǙǟೆƭ⩝ₑǦǙǆaǯȁǞƛƑ਽Ƥऎ‫ڱ‬Ű$$ểӽЧ
ȀǏǞǦȉǟ
(OFR0DVWHUǓǫǞƼƽƸƋ86%Ǉ✣ǬȁčǸǝȁ7ƑƢĎ

཮ᆞ䩐ૼℼ

Ǽ✣ǌ✣ǂƺǟZZZHOFRPHWHUFRP


MS

5

߂૫іൕƋὨି
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U

Ṧ‫໊⨤ק‬ğ&aJNJa)aJUOE
ểჷğ86%ࢤ䌺%OXHWRRWKǀȉ
Ƿǡǻ✣ǓǫǞǃ✣ⅼίǓǫǞǃ✣ǦǙǗǓǫǞǃ✣čǸǝȁ7Ď⇀ᄝƑ䪎Ƣ౼ƭ⡘Ƶ→ӻaὸ⁌ƑῘ൓Ƌ๔ᆸčǸǝȁ7Ď⡘Ƒ⴬߄ƵൕżƸƺǉȉഈ㒟ᇏơƂƒ༯ࢆᇏ㡿ީ่ࡱƑǧǿǷ✣ǕἠơƊіൕॖିểჷğểӽ൐Ⴈểӽҗਈƥіൕ൭ọὸ⁌ǦǙǗǓǫǞǃ✣ǦǙǗὨି൐ႨℭčǸǝȁ7ĎǦǙǗ‫ݼى‬aǦǙǗଽƑ䪎Ƣ౼ƭ⡘ƑඔčǸǝȁ7ĎƸǿ✣Ƕ℟‫ק‬źƂ⇝ಸữ⯤ຓƑ䪎Ƣ౼ƭ⡘ǓǫǞǃ✣ƑȃǙǅčǸǝȁ5Ďሱọὸ⁌ǦǙǗὨି൐ႨℭčǸǝȁ7Ď໑؇ίǸ✣ǟ
ຓ‫ڱ‬Ŵǭȃ✣ǬƎƫƮṦ‫ק‬໑؇
L

D

Q

E
K

M

F

N
P
K
J

G

I

H

O
T

R
S
U

MS

ZZZHOFRPHWHUFRP5൐ŧ൓ƤƮభƎểӽƑልሢƌƄƬƑǸǝȁƎƥa$$ƸȁǁȀểӽůЧ‫ڱ‬උźƉŧơżbểӽƵልሢżƮƎƒğ ểӽ⩝ₑ҆ƑǁǦ✣ƑǣǎƵّℭί߭ƭƎ ߭źaǣǎƋǁǦ✣Ƶຓźơżb ểӽƵЧ㌒ೆźơżbŶƑƋŰaểӽƑཟŰčǭǿǏƋǴƺǠǏĎƎᇿၩźƉŲƃŸŧb ǁǦ✣Ƶჭƌŭƭ౼ƭ‫ڱ‬ŴaǣǎƵℭί߭ƭƎ߭źƉếƤơżb
ểӽƑҗਈƒaЧุƑ߂૫ƑႷഈ჌ƎťƮểӽ྘ƸƺǉȉčĎƵᾖƮƋƲŮƭơżbƸƺǉȉƑᇏദů⋯ơƆƉŧƮƞƌaҗਈů‫؟‬ŧŶƋƵൕźơżb
ểӽƸƺǉȉƑᇏദůॢƎƍƆƉŧƮƋŰƎaṵℭᾇŮŮƮǝ✣ǕƑሱọὸ⁌čǸǝȁ7ƑƢaMSǰ✣ǎƑǑǅǍǽȉw䪎Ƣ౼ƭ⡘Ƒ൭ọὸ⁌Ƌሱọὸ⁌Ƒ℟‫ק‬xƵҕᅶĎƵῘ൓źƍŧƊŲƃŸŧb
ሱọὸ⁌Ƒ๯ᇏƊểӽƵࢌ㍤źƂṳ‫ކ‬ƒaǦǙǗƑⅼί⡘ƑᄜίෘℭƎwŭրƄŲƃŸŧxƋіൕŸƯƮŶƋůťƭơżb
ểӽƑҗਈůഒƍŲƍƮƋaểӽƸƺǉȉůׄ₈źa૰ᾇ‫ۯ‬Ɗࣞۡၻů₋ƭơżbᄪƤƎểӽƵ౼ƭูūƉŲƃŸŧb
Ǹǝȁ7Ǝ‫ڱ‬උźƉŧƮ86%Ǉ✣ǬȁƊἡểżƮŶƋƥƊŰơżbǸ
ǝȁ6Ƶŷ০ႨƑṳ‫ކ‬ƒa86%Ǉ✣ǬȁƵ⦁๯ἨೆźƉŲƃŸŧ
čMSǰ✣ǎƑǑǅǍǽȉwࢌ㍤҆௖ƋƸǅǑǋȀ✣xƵҕᅶĎbᇿၩğ86%ࢤ䌺ƊểӽƵԉểżƮŶƋƒƊŰơžƶb

 ࿽∽Ƒ⇢㋈
 ểჷǲǕȉƵ࿣źƂơơa(OFRPHWHUƑȃǊůіൕŸƯƮƑƵրƄơżb ŸŬœŖ¹℟‫ק‬¹࿽∽Ƶ࿣źaÏÐǓǫǞǃ✣Ƶ൐ƆƉଢ֥Ƒ࿽∽Ƶ⇢㋈źơżb ߂૫ƎіൕŸƯƮᆷൕƎㄙŧơżbMS
ZZZHOFRPHWHUFRP5൐ŧ൓ƤƮభƎč䌺ŰĎ൐ႨźƂŧ࿽∽ၛຓƊіൕŸƯƉŧƮƋŰƎa࿽∽Ƿǡǻ✣ƎƸǅǑǏżƮƎƒğ ЧุƑểჷƵ్ƭơżb ቐƑǓǫǞǃ✣Ƶ࿣źƂơơaЧุƑểჷƵೆƯơżb ÏÐǓǫǞǃ✣Ƶ൐ƆƉaଢ֥Ƒ࿽∽Ƶ⇢㋈źơżb
 ߂૫Ƒ℟‫ק‬߂૫Ƶ℟‫ק‬żƮƎƒaŸŬœŖ¹℟‫ק‬¹ǦǙǅǿƺǞƑ℟‫ק‬Ƶ⇢㋈źơ
żbՑƑǀǭǍǽȉůťƭơżb
y



y






%DFNOLJKW%ULJKWQHVVčǦǙǅǿƺǞƑૼƮŸĎğŀ/RZłč֮Ďaŀ0HGLXPłčᇏĎaŀ+LJKłčۚĎƑŧŽƯŮƵ⇢㋈źơżb
%DFNOLJKW7LPHRXWčǦǙǅǿƺǞƑǕƺǶƸƼǞĎğ‫ޅ‬ƥҠቔžŽƎ၂‫ק‬Ƒℭᾇů䌂ƇƋ߂૫ůπŲƍƭơżbŶƑℭᾇƵỆᾳżƮƎƒaơŽaÏÐǓǫǞǃ✣Ƶ൐ƆƉŀǕƺǶƸƼ
τłƵルỆіൕźaŀ6(/łč⇢㋈ĎƵ࿣źơżbՑƎaÏÐǓǫǞǃ✣Ƶ൐ƆƉač߂૫ůπŲƍƭơžƶĎj૰Ƒ⡘Ƶ⇢㋈źƉŀ2NłƵ࿣żŮa℟‫ק‬ƵǃǹȉǑȁżƮṳ‫ކ‬ƒŀ(VFłč౼ƭཨźĎƵ࿣źơżb‫ޅ‬ƥҠቔźƍŧơơ၂‫ק‬Ƒℭᾇů䌂ƇƋểჷů్ƯƮƫũƎżƮŶ
ƋƥƊŰơżbŶƑƂƤƎƒaŸŬœŖ¹℟‫ק‬¹ሱọǏƺǙǗǀǫƵ⇢㋈źƉaj‫ٳ‬Ǝ℟‫ק‬źơżbᇿğ86%ࢤ䌺ƊἡểźƉŧƮƋŰƒaሱọǏƺǙǗǀǫὨିů↥⧌Ǝƍƭơżb

 ߂૫ƑіൕଽಸƑ℟‫ק‬߂૫ƎіൕżƮ㡿ީ่ࡱƑǧǿǷ✣ǕƵƇơƊ⇢㋈żƮŶƋůƊ
ŰơżbՑƑƇƑǧǿǷ✣ǕůżƜƉṦ‫ק‬cίෘŸƯơżůa၂؇Ǝ߂૫ƎіൕƊŰƮƑƒƇƃŴƊżb
y
y
y
y
y
y

MS

5+ཌྷ⻻ു؇čĎ
7Vі૫Ƒ໑؇
7D㡿໑
7G੝ׄa7DƋ5+ŮƬίෘŸƯơż7ǻі૫Ƒ໑؇Ƌ੝ׄƑҵ
7GE఩౯໑؇a7DƋ֩źŧ⡘ƊżZZZHOFRPHWHUFRP5൐ŧ൓ƤƮభƎč䌺ŰĎyy

7ZEു౯໑؇a7DƋ5+ŮƬίෘŸƯơżb
6+бുa7DƋ5+ŮƬίෘŸƯơżb

ᇿğ7ZEƋ6+Ƒ⡘ƒa㡿ⰂůӈƎ㡿ⰂčPEĎƊťƮƥƑƋźƉίෘŸƯơżbƀƑƂƤa⻎όƑ㡿Ⰲů㡿ⰂƊƍŧṳ‫ކ‬ƒa7ZEƋ6+Ƒࣚ؇ů⴬Ʋƭơżb7ZEƑ↪ҵů&a6+Ƒ↪ҵůPEƫƭնŰŲƍƮŶƋůťƭơżb

߂૫ƑіൕଽಸƵ℟‫ק‬żƮƎƒğ ŸŬœŖ¹℟‫ק‬¹іൕ¹䪎౼⡘⇢㋈Ƶ࿣źơżb ÏÐǓǫǞǃ✣Ƶ൐ƆƉaଢ֥ƑǀǭǍǽȉƵ⇢㋈źƉŮƬŀ6(/łƵ࿣źơżbƥũ၂؇ŀ6(/łƵ࿣żƋa⇢㋈ůࢳԢŸƯơżb іൕżƮǧǿǷ✣ǕƵ࠻ƎƇ⇢㋈źƉŧƮƑƎa
⦁ƑǧǿǷ✣ǕƵ⇢㋈źƫũƋżƮƋǩ✣ǭၻů₋ƭơżbсŽaƇ⇢㋈ࢳԢźƉŮƬa⦁ƑǧǿǷ✣ǕƵ⇢㋈źƉŲƃŸŧb߂૫Ƒ༯҆ᇏနƎնŰŲіൕżƮǧǿǷ✣ǕƵ⇢㋈żƮƎƒaŸŬœŖ¹℟‫ק‬¹іൕ¹ǷƺȉƑ䪎౼⡘Ƶ࿣źơżbÏÐǓǫǞǃ✣Ƶ൐ƆƉaȀǏǞƎť
Ʈଢ֥ƑǀǭǍǽȉƵルỆіൕźƉŮ
Ƭŀ6(/łƵ࿣źơżb ŀǷƺȉƑ䪎౼⡘łƑȀǏǞƎіൕŸƯƮƑƒaഈὸƑ൭ⅆƊ⇢㋈źƂǧǿǷ
✣ǕƃŴƊżb ǷƺȉƑ䪎Ƣ౼ƭ⡘ůƥƆƋնŰŲіൕŸƯƮƫũƎżƮƎƒa߂૫ƎіൕżƮǧǿǷ✣ǕƑඔƵ㦆Ƭźơżb

ᇿğ℟‫ק‬źƂᇅཋ⡘Ƒữ⯤ଽƎ⩝ơƬƍŧ⡘ůṦ‫ק‬ŸƯƂṳ‫ކ‬ƒaഈὸƑ൭ⅆƋƊaƀƑǧǿǷ✣ǕƵ߂૫ƎіൕźƍŧƫũƎ℟‫ק‬źƉŧƉƥa߂૫Ǝׄ₈źƉіൕŸƯơżb

 Ṧ‫໊⨤ק‬Ƒ⇢㋈⇢㋈ƊŰƮṦ‫໊⨤ק‬Dƒa&a)aJNJaJUOEƊżbṦ‫໊⨤ק‬Ƶ℟‫ק‬żƮƎƒaŸŬœŖ¹℟‫ק‬¹ǼǡǙǞƵ࿣źơżbD

JNJƋJUOEƒaбുƑ⨤໊ƊżbZZZHOFRPHWHUFRP

MS

5

൐ŧ൓ƤƮభƎč䌺ŰĎ 䪎Ƣ౼ƭ⡘Ƒ൭ọὸ⁌Ƌሱọὸ⁌Ƒ℟‫ק‬䪎Ƣ౼ƭ⡘Ƶ൭ọƊȃ✣ȀȉǆǷǸȀƎЌթżƮčǴǡǻƸȁȃ
ǆĎٚ‫م‬Ƌa၂‫ק‬Ƒᾇ‫ۯ‬Ɗሱọ֥ƎǦǙǗǷǸȀƎЌթżƮčƺȉǕ✣ǦȁȃǆĎٚ‫م‬Ƶ℟‫ק‬żƮŶƋůƊŰơżbభᆀƒǸǝȁ
6Ƌ7Ƒ❡ٚaᗥᆀƒǸǝȁ5ƑƢƑǀǭǍǽȉƊżb
䪎Ƣ౼ƭ⡘Ƒ൭ọὸ⁌Ƶ℟‫ק‬żƮƎƒčǸǝȁ6ŭƫƖ7Ďğ ŸŬœŖ¹℟‫ק‬¹ǴǡǻƸȁȃǆƵ࿣źơżb 䪎Ƣ౼ƭ⡘ƵżųƎǷǸȀƎЌթżƮṳ‫ކ‬ƒaÏÐǓǫǞǃ✣Ƶ൐ƆƉŀЌթƑƢłƵルỆіൕźƉŀ6(/łƵ࿣źơżb іൕŸƯƂ䪎Ƣ౼ƭ⡘Ƶ→ӻźƉŮƬЌթżƮṳ‫ކ‬ƒaÏÐǓǫǞǃ✣Ƶ൐ƆƉŀǱ✣ȁǟċЌթłƵルỆіൕźƉŀ6(/łƵ࿣źơżb ǝǫƿȁǞƑ℟‫ק‬ƒaŀǱ✣ȁǟċЌթłƊżb൭ọὸ⁌ǀǭǍǽȉƒaǸǝȁ6ƃŴƊƍŲaǸǝȁ7ƊǦǙǗὨିƵ൐ũṳ‫ކ‬ƥ⇢㋈ƊŰơżb
ሱọὸ⁌ǀǭǍǽȉƒaǸǝȁ7ƊǦǙǗὨିƵ൐ũṳ‫ކ‬ƑƢ⇢㋈ƊŰơżb൭ọὸ⁌ơƂƒሱọὸ⁌ႨƑྍźŧǦǙǗƑቔӮƎƇŧƉ⇈źŲƒaMSǰ✣ǎƑǑǅǍǽȉwྍźŧǦǙǗƑቔӮxƵҕᅶźƉŲƃŸŧb
Ǒȉǋ✣ƎƇŧƉЧุഈṥƎaു؇č5+ĎƋ㡿໑č7DĎǑȉǋ✣čDĎaŭƫƖі૫໑؇č7VĎǑȉ
ǋ✣čEĎů‫ڱ‬ŧƉŧơżb

DE

ᇿğі૫໑؇Ǒȉǋ✣Ǝƒa཮ᆞὸ⁌ႨƑǍȀƸȁ
‫ݼى‬ů‫ڱ‬ŧƉŧơżb

ᆞ⃷ƎṦ‫ק‬żƮƂƤƎyു؇Ƌ㡿໑Ǒȉǋ✣ƑǁǦ✣ƎॢŧƉŧƮ࿑ŮƬॢ㡿ůੀƯ䴘Ƣ ơżbŶƑ࿑ƵೖůƍŧƊŲƃŸŧbyǁǦ✣ƎॢŧƉŧƮ࿑ƎᆷƵ࣍ƈŴƍŧƊŲƃŸŧbุ໑ƎƫƆ ƉṦ‫ק‬⡘ů҂ᆞ⃷ƎƍƮॖିྟůťƭơżbyభƑṦ‫ק‬ṳ෮Ƌ㡿໑ҵƑնŰƍṳ෮Ǝ᾵੝ίƵ၍ọźƂṳ‫ކ‬ƒa ྍźŧṳ෮Ƒ㡿໑Ǝ‫ٳ‬ƞƌἯƬźƉŮƬṦ‫ק‬źƉŲƃŸŧbMS

ZZZHOFRPHWHUFRP5Ǒȉǋ✣ƎƇŧƉč䌺ŰĎ
⅛℗ƵٝųƎƒ
і૫໑؇ƵṦ‫ק‬żƮƋŰƎaǭȃ✣ǬƵṦ‫ק‬䇨෮ƎルŲ࿣ź‫ڱ‬ŴƍŧƊŲƃŸŧbǭȃ✣ǬƵ䲿ŲԨƯŸžƮƃŴƊ൅‫ٳ‬ƊżbルŲ࿣ź‫ڱ‬ŴƉƥaṦ‫ק‬෎؇Ƨࣚ؇ƒഈůƭơžƶbսƲƭƎaǑȉǋ✣Ƒ༵؊Ƒଈ‫ݻ‬Ƨ⅛℗ƑჰၹƎƍƭơżb

ǭȃ✣Ǭůଉ‫ݻ‬żƮƑƊaṦ‫ק‬૫Ǝǭȃ✣ǬƵԨƯŸžƂơơ
ႄŰŽƮƑƒхŴơżbു؇Ǒȉǋ✣ƒa䎞↱ƍίఖƊżb൭ƵԨƯƍŧƊŲƃŸŧb
Ǒȉǋ✣Ƨ᾵੝ίЧุƑౢℍƎaⰂ⅜ॢ㡿Ƶ൐ႨźƍŧƊŲƃ
Ÿŧbു؇Ǒȉǋ✣Ƒі૫Ǝඣ‫ٳ‬ů‫ڱ‬ሢźƂṳ‫ކ‬ƒa఩ᄲźƂṳ෮ƊປಆƎᆕ㻂ŸžƉŮƬaṦ‫ק‬ƵῘ൓źƉŲƃŸŧb
ƊŰƮཋƭaЧุƎ‫ٸ‬ŻƶƧήů‫ڱ‬ŮƍŧƫũƎźơżbή֩ƎƫƆƉaു؇Ǒȉǋ✣Ƒࣚ؇ůྷhƎઋƄƮॖିྟůťƭơżb᾵੝ίƵ൐ႨźƍŧƋŰƒa⩝ₑǦǙǆƎೆƯƉŲƃŸŧb
Ǒȉǋ✣ƵඣƧಷ⦟Ɗ༡ƲƍŧƊŲƃŸŧb
ᇅཋ⡘Ƒ℟‫ק‬żƜƉƑṦ‫ק‬ǧǿǷ✣ǕƑഈཋƋ༯ཋƵ℟‫ק‬żƮŶƋůƊŰơżb
ŶƯƬƑᇅཋ⡘ƒaἠhƑṦ‫ק‬ႨƎ℟‫ק‬żƮčǦǙǗὨିƵ൐ƆƉŧƍŧṳ‫ކ‬ĎŶƋƥaǦǙǗႨƎ℟‫ק‬żƮčǦǙǗὨିƵ൐ƆƉŧƮṳ‫ކ‬ĎŶƋƥƊŰơżb
ἠhƑṦ‫ק‬ႨƑᇅཋ⡘Ƶ℟‫ק‬żƮƎƒčǸǝȁ6ŭƫƖ7Ďğ ŸŬœŖ¹ཋ؇℟‫ק‬Ƶ࿣źơżb ÏÐǓǫǞǃ✣Ƶ൐ƆƉaᇅཋ⡘Ƶ℟‫ק‬żƮǧǿǷ✣ǕƵルỆіൕźƉŮƬŀ6(/łƵ࿣źơżb ÏÐǓǫǞǃ✣Ƶ൐ƆƉaŀۚཋ؇0OłƵルỆіൕźƉ
ŀ6(/łƵ࿣źaഈཋ⡘Ƒ℟‫ק‬ƵႵ⧌Ǝźơżb ÏÐǓǫǞǃ✣Ƶ൐ƆƉaŀۚཋ؇łƵルỆіൕźƉŮƬŀ6(/łƵ࿣źơżbMS
ZZZHOFRPHWHUFRP5ᇅཋ⡘Ƒ℟‫ק‬č䌺ŰĎÏÐǓǫǞǃ✣Ƶ൐ƆƉaଢ֥Ƒഈཋ⡘Ƶ℟‫ק‬źƉŀ2NłƵ࿣żŮa℟‫ק‬ƵǃǹȉǑȁżƮṳ‫ކ‬ƒŀ(VFłƵ࿣źơżbсေƎㅁŻƉa൭ⅆjƋ๝Żေ‴Ɗ༯ཋ⡘č֮ཋ؇ĎƵ℟‫ק‬źơżbᇅཋ⡘Ƶ℟‫ק‬żƮǧǿǷ✣ǕŷƋƎ൭ⅆjƵ⑘ƭْźơżbǦǙǗႨƑᇅཋ⡘Ƶ℟‫ק‬żƮƎƒčǸǝȁ7ĎğǦǙǗႨƑᇅཋ⡘ƒaྍźŧǦǙǗƵቔӮżƮƋŰƎ℟‫ק‬źơżb䪎Ƣ౼ƭ⡘Ƶ၂֊ǦǙǗƎЌթźƂᗥƊaᇅཋ⡘ƵሔࡆźƂƭ⴬۷źƂƭżƮŶƋƒƊŰơžƶb








ǦǙǗ¹৽͍͠ŰƄŕŧ¹ཋ؇Ƶ࿣źơżbÏÐǓǫǞǃ✣Ƶ൐ƆƉaᇅཋ⡘Ƶ℟‫ק‬żƮǧǿǷ✣ǕƵルỆіൕźƉŮƬŀ6(/łƵ࿣źơżbÏÐǓǫǞǃ✣Ƶ൐ƆƉaŀۚཋ؇0OłƵルỆіൕźƉ
ŀ6(/łƵ࿣źaഈཋ⡘Ƒ℟‫ק‬ƵႵ⧌Ǝźơżb
ÏÐǓǫǞǃ✣Ƶ൐ƆƉaŀۚཋ؇łƵルỆіൕźƉŮƬŀ6(/łƵ࿣źơżbÏÐǓǫǞǃ✣Ƶ൐ƆƉaଢ֥Ƒഈཋ⡘Ƶ℟‫ק‬źƉŀ2NłƵ࿣żŮa℟‫ק‬ƵǃǹȉǑȁżƮṳ‫ކ‬ƒŀ(VFłƵ࿣źơżbсေƎㅁŻƉa൭ⅆjƋ๝Żေ‴Ɗ༯ཋ⡘č֮ཋ؇ĎƵ℟‫ק‬źơżbᇅཋ⡘Ƶ℟‫ק‬żƮǧǿǷ✣ǕŷƋƎ൭ⅆjƵ⑘ƭْźơżb ǦǙǗƎ℟‫ק‬źƂᇅཋ⡘ƒaόονˠόονͷ࠶‫ݕ‬౼Ƶ⇢㋈żƮƋaŧƇƊƥᾖƮŶƋůƊŰơżb

℟‫ק‬źƂഈཋƵӑūƮ⡘aơƂƒ༯ཋƎ㧊Ƃƍŧ⡘ůṦ‫ק‬ŸƯƮƋaՑƑŶƋůఏŶƭơżbyἐ֒żƮǧǿǷ✣ǕƑƸƺǉȉůׄ₈źơżb ℟‫ק‬źƂữ⯤ଽƎ⩝ơƬƍŧ⡘ůṦ‫ק‬ŸƯƂṳ‫ކ‬ƒaŸŬœŖ¹℟‫ק‬¹іൕ¹䪎౼⡘⇢㋈ƊaƀƑǧǿǷ✣ǕƵ߂૫ƎіൕźƍŧƫũƎ℟‫ק‬źƉŧƉƥa߂૫Ǝׄ₈źƉіൕŸƯơż

y
y
y
y



ǧǿǷ✣ǕƑ‫ޘ‬ƎƸǿ✣ǶǴ✣ǅůіൕŸƯơżb
ԅŧ/('ůׄ₈źơżbࣞۡၻEů₋ƭơżbǦǙǗǷǸȀƎὸ⁌ŸƯƂčǸǝȁ7Ď䪎Ƣ౼ƭ⡘ůa℟‫ק‬źƂഈ ཋƵӑūƂṳ‫ކ‬ƒůa℟‫ק‬źƂ༯ཋƎ㧊Ƃƍŧṳ‫ކ‬ƒ ůіൕŸƯơżb

ᇿğǧǿǷ✣ǕƑ⡘ůᇅཋữ⯤ଽƎ㊖ƮƋaࣞۡሑⅢůሱọ֥ƎࢳԢŸƯơżb
EࣞۡၻƑնŰŸƒaŸŬœŖ¹℟‫ק‬¹ࣞḸၻਈƊ℟‫ק‬żƮŶƋůƊŰơżbMS

ZZZHOFRPHWHUFRP5Ṧ‫ק‬

 Ṧ‫ק‬Ƶ൓ƤƮభƎ ЧุƑểჷǲǕȉƵ࿣źƉaểჷƵೆƯơżbṦ‫ק‬ƵῘ൓ƊŰƮሑⅢƎƍƭơżb ߂૫ƎіൕଽಸƵ℟‫ק‬źơżčMSǰ✣ǎƑǑǅǍǽȉƵҕᅶĎb Ṧ‫໊⨤ק‬Ƶ℟‫ק‬źơżčMSǰ✣ǎƑǑǅǍǽȉƵҕᅶĎb ᇅཋ⡘Ƶ℟‫ק‬źơżčMSǰ✣ǎƑǑǅǍǽȉƵҕᅶĎb ᆰࢤЌթǸ✣ǟƊƑṦ‫ק‬ŶŶƊƒa䪎Ƣ౼ƭ⡘ƵЧุƑȃ✣ȀȉǆǷǸȀƎ൭ọƊЌթżƮ൭ⅆƵⅇૼźơżb
і૫໑؇Ǒȉǋ✣ƑǊǶƑ༵؊҆ƵaṦ‫ק‬૫Ƌᆰ࢘ƎƍƮƫũ
Ǝ֒ƉaƀƑơơźƓƬŲրƄơżb ǧǿǷ✣ǕƑ‫ޘ‬ƎaṦ‫ק‬⡘Ƒ⴬߄Ƶൕż൏ႆčⳢࡆźƉŧƮṳ‫ކ‬ƒ㦆ഒźƉŧƮṳ‫ކ‬ƒĎůіൕŸƯơżb൏ႆůіൕŸƯƍŧṳ‫ކ‬ƒaṦ‫ק‬⡘ůν‫ק‬źƉŧơżb

ŀǱ✣ȁǟłaŀЌթłƑⅆƎ࿣źƉaṦ‫ק‬⡘ƵǷǸȀƎЌթźơżb ŀǴǡǻƸȁȃǆłƵŀЌթƑƢłƎ℟‫ק‬źƂṳ‫ކ‬ƒaŀǱ✣ȁǟłůіൕŸƯơžƶbŶƑṳ‫ކ‬ƒaŀЌթłƵ࿣źƉa䪎Ƣ౼ƭ⡘ƵǷǸȀƎЌթźơżb

ǷǸȀƎЌթźƂ䪎Ƣ౼ƭ⡘Ƒⅼί⡘ƵᾖƮƎƒaŀⅼίłčⅼίĎǓǫǞǃ✣Ƶ࿣źơżb⇈źŲƒaMSǰ✣ǎƑǑǅǍǽȉ
wⅼί⡘xƵҕᅶźƉŲƃŸŧb
 ǦǙǗǸ✣ǟƊƑṦ‫ק‬čǸǝȁ5ĎՑƎa䪎Ƣ౼ƭ⡘ƵЧุƑǦǙǗǷǸȀƎ൭ọƊЌթżƮٚ‫م‬Ƌa၂‫ק‬ᾇ‫ۯ‬Ɗሱọ֥ƎЌթżƮٚ‫م‬Ƶⅇૼźơżb䪎Ƣ౼ƭ⡘Ƶ൭ọƊЌթżƮƎƒğ 䪎Ƣ౼ƭ⡘Ƶ൭ọƊЌթżƮྍźŧǦǙǗƵቔӮźơżčMSǰ✣ǎƑǑǅǍǽȉƵҕᅶĎb і૫໑؇Ǒȉǋ✣ƑǊǶƑ༵؊҆ƵaṦ‫ק‬૫Ƌᆰ࢘ƎƍƮƫũ
Ǝ֒ƉaƀƑơơźƓƬŲրƄơżb ǧǿǷ✣ǕƑ‫ޘ‬ƎaṦ‫ק‬⡘Ƒ⴬߄Ƶൕż൏ႆčⳢࡆźƉŧƮṳ‫ކ‬ƒ㦆ഒźƉŧƮṳ‫ކ‬ƒĎůіൕŸƯơżb൏ႆůіൕŸƯƍŧṳ‫ކ‬ƒaṦ‫ק‬⡘ůν‫ק‬źƉŧơżbZZZHOFRPHWHUFRP

MS

5

Ṧ‫ק‬č䌺ŰĎ Ǳ✣ȁǟƎ䌺ŧƉЌթƵ࿣źa䪎Ƣ౼ƭ⡘ƵǦǙǗǷǸ
Ȁ✣ƎЌթŸžơżb ƥźǴǡǻƸȁȃǆƑ℟‫ק‬ůЌթƑƢƑṳ‫ކ‬aǱ✣ȁǟƒіൕŸƯơžƶbЌթƵ࿣źaǝ✣ǕƵǦǙǗǷǸȀ✣ƎЌթŸžƉŲƃŸŧb

 ǙǗǸ✣ǟƵ⊔ਔżƮƎƒaƵ࿣źƉŀǦǙǗȉǆŮƬԛǦƮłƵ⇢㋈źơżb

䪎Ƣ౼ƭ⡘Ƶሱọ֥ƎЌթżƮƎƒğ
䪎Ƣ౼ƭ⡘Ƶṵℭᾇὸ⁌żƮṳ‫ކ‬ƒaṦ‫ק‬ƵῘ൓żƮభƎểӽƑҗਈƵ⃷⃾źaℳၒྍźŧểӽƎࢌ㍤źƉŲƃŸŧb⇈źŲƒaMSǰ✣ǎƑǑǅǍǽȉwểӽƑልሢxƵҕᅶźƉŲƃŸŧb
і૫໑؇Ṧ‫ק‬ႨƑຓ‫ڱ‬Ŵǭȃ✣ǬƵ൐ႨżƜŰŮƵ㙽ⅯźƉŲƃŸ
ŧbЧุƎ‫ڱ‬ŧƉŧƮǑȉǋ✣Ƒ༵؊ƵṦ‫ק‬૫Ǝṵℭᾇ֒ƉƂơơƎżƮƑƒₒźŧṳ‫ކ‬ůťƭơżb⇈źŲƒaMSǰ✣ǎƑǑǅǍǽȉwຓ‫ڱ‬Ŵǭȃ✣ǬƑ൐ႨxƵҕᅶźƉŲƃŸŧb䪎Ƣ౼ƭ⡘Ƶሱọ֥Ǝὸ⁌żƮྍźŧǦǙǗƵቔӮźơżčMSǰ✣ǎƑǑǅǍǽȉƵҕᅶĎbі૫໑؇Ǒȉǋ✣ƑǊǶƑ༵؊҆ƵaṦ‫ק‬૫Ƌᆰ࢘ƎƍƮƫũ
Ǝ֒ƉaƀƑơơźƓƬŲրƄơżb ǧǿǷ✣ǕƑ‫ޘ‬ƎaṦ‫ק‬⡘Ƒ⴬߄Ƶൕż൏ႆčⳢࡆźƉŧƮṳ‫ކ‬ƒ㦆ഒźƉŧƮṳ‫ކ‬ƒĎůіൕŸƯơżb൏ႆůіൕŸƯƍŧṳ‫ކ‬ƒaṦ‫ק‬⡘ůν‫ק‬źƉŧơżb

ŀῘ൓łčῘ൓ĎƵ࿣źơżb℟‫ק‬źƂᾇ‫ۯ‬Ɗ䪎Ƣ౼ƭ⡘ůሱọ֥Ǝὸ⁌ŸƯơżb ǦǙǗƵቔӮżƮƋŰƎaὸ⁌Ῐ൓ơƊƑրƄℭᾇƵ℟‫ק‬ƊŰơżbᆷ‫ק‬źƂℭᾇů䌂ἾźƂƬaὸ⁌ůሱọ֥ƎῘ൓ŸƯơżb ểჷƵሱọ֥ƎǀǫƎżƮčሱọǏƺǙǗǀǫĎℭᾇƵ℟‫ק‬źƉŧƮṳ
‫ކ‬ƒaƀƑℭᾇů䌂ἾżƮƋЧุƑểჷů్ƯƂƫũƎᾖūơżůa⻎όƒa䪎Ƣ౼ƭ⡘Ƶὸ⁌źƉŧƮᾇƒᾳểǸ✣ǟƎƍƭơżbŶƑሑⅢ
Ƒơơa℟‫ק‬źƂᾇ‫ۯ‬Ɗa䪎Ƣ౼ƭ⡘Ƒὸ⁌ů䌺ྛŸƯơżbՑ߭aЧุƑểჷƵೆƯƂƋŰƎaǦǙǗůᄜƖῘŰơżb Ƣ౼ƭ⡘Ƒὸ⁌Ƶ๔ᆸżƮƎƒŀ๔ᆸłƵ࿣źƉŀ<HVłƵ䪎࿣źơżbὸ⁌Ƶ䌺ྛżƮƎƒŀ1RłƵ࿣źơżbǦǙǗǸ✣ǟƵ⊔ਔżƮƎƒaƵ࿣źƉŀǦǙǗȉǆŮƬԛƮłƵ⇢㋈źơżbMS

ZZZHOFRPHWHUFRP5Ṧ‫ק‬č䌺ŰĎ
(OFRPHWHUǸǝȁ7Ǝƒa䪎Ƣ౼ƭ⡘Ƒሱọὸ⁌Ƶᾇ↎ƆƉ๔ᆸźƍŧƫũƎaǓǫǞǃ✣ƑȃǙǅὨିčǓǫǞǃ✣ȃǙǅĎů‫ڱ‬ŧƉŧơżbŶƑὨିƵႵ⧌ƎżƮƋaሱọὸ⁌Ƒ๔ᆸҠቔů‫؍‬ᾲƎƍƭơżb

ǓǫǞǃ✣ƑȃǙǅὨିƵႵ⧌ƎżƮƎƒaŸŬœŖ¹℟‫ק‬¹ǓǫǞǃ✣ȃǙǅƵ⇢㋈źƉŀ6(/łƵ࿣źơżbǦǙǗǷǸȀƎЌթźƂ䪎Ƣ౼ƭ⡘Ƒⅼί౦ḸƵᾖƮƎƒaŀ%DWFKłčǦǙǗĎǓǫǞǃ✣Ƶ൐ŧơżb⇈źŲƒaMSǰ✣ǎƑǑǅǍǽȉwǦǙǗƑⅼί౦ḸxƵҕᅶźƉŲƃŸŧb
ຓ‫ڱ‬Ŵǭȃ✣ǬƑ൐Ⴈ(OFRPHWHUƎƒa.⃼⟐⻻ǭȃ✣ǬƵຓ‫ڱ‬ŴƊŰƮƑƊaṵℭᾇṦ‫ק‬čǸǝȁ5Ƒሱọὸ⁌ὨିƵ൐ႨĎźƂƭa᾵੝ίŮƬ ƯƂṳ෮ƵṦ‫ק‬źƂƭżƮƑƎь০Ɗżb൐ႨƊŰƮຓ‫ڱ‬Ŵǭȃ✣ǬƎƇŧƉ⇈źŲƒaMSǰ✣ǎƑǑǅǍǽȉwࢌ㍤Ⴈ҆௖ƋƸǅǑǋȀ✣xƵҕᅶźƉŲƃŸŧb
 ໑؇Ṧ‫ק‬Ⴈຓ‫ڱ‬Ŵǭȃ✣ǬƑልሢ Чุഈ҆Ƒ.⃼⟐⻻ǭȃ✣Ǭࢤ䌺҆ƑǁǦ✣čDĎƵῘŰơżbD ຓ‫ڱ‬Ŵǭȃ✣ǬƵልሢżƮƋŰƎaЧุƑểჷƵ్Ʈсေƒťƭơžƶb

ǭȃ✣ǬƑǉǣǅǕƵҵź䴘ƢơżbŶ
ƑƋŰa৯ơŮžƎ࿣ź䴘ơƍŧƊŲƃŸŧb ҵ䴘१ƑோṥůょŲƍƆƉŧơżbƇơƭaǭȃ✣ǬƵልሢżƮཟŰů㢯ơƆƉŧơżč୉ཟŰƎҵź䴘ƣŶƋƒƊŰơžƶĎb

ᇿğຓ‫ڱ‬Ŵǭȃ✣ǬƵልሢźƉŧƮᾇƒaЧุƎଽ䜥ŸƯƉŧƮі૫໑؇Ṧ‫ק‬Ⴈǭȃ✣ǬůὨିźơžƶbZZZHOFRPHWHUFRP

MS

5

ຓ‫ڱ‬Ŵǭȃ✣ǬƑ൐Ⴈč䌺ŰĎ
(OFRPHWHUƎƒa໑؇ίǸ✣ǟčǋ✣ƥǷ✣Ǖ✣Ǹ✣ǟĎůťƭơżbŶƑǸ✣ǟƎżƮƋa໑؇Ṧ‫ק‬ႨƑຓ‫ڱ‬Ŵǭȃ✣ǬƊźŮṦ‫ק‬ƊŰƍŲƍƭaƀƑ⡘č7HĎƃŴůіൕŸƯơżbƀƑ෰ƑὨିƒżƜƉ↥⧌Ǝƍƭơżb

໑؇ίǸ✣ǟƵႵ⧌ƎźƂƋŰƎຓ‫ڱ‬Ŵǭȃ✣ǬůልሢŸƯƉŧƍ
ŧƋaṦ‫ק‬ƾǿ✣Ƶൕżů߂૫ƎіൕŸƯơżb
໑؇ίǸ✣ǟƎ్ƭูūƮƎƒaŸŬœŖ¹ǋ✣ǸǷ✣Ǖ✣Ǹ✣ǟƵ⇢㋈źƉŀ6(/łƵ࿣źơżbຓ‫ڱ‬Ŵǭȃ✣ǬƵࢤ䌺żƮƋa߂૫ůՑƑƫũƎƍƭơżby໑؇ίǸ✣ǟůႵ⧌ƎƍƆƉŧƮṳ‫ކ‬ƒaƋ7HůіൕŸƯơżby໑؇ίǸ✣ǟů↥⧌ƎƍƆƉŧƮṳ‫ކ‬ƒaƋ7VůіൕŸƯơżb

 ຓ‫ڱ‬Ŵǭȃ✣ǬƎƫƮṦ‫ק‬Ƒ⊵Ḿ(OFRPHWHUƎຓ‫ڱ‬Ŵǭȃ✣ǬƵልሢźƉṦ‫ק‬ॖିƍ໑؇Ƒữ⯤ƒj&čj)ĎƊżůa᾵੝ίሱุƑ൐Ⴈὔ࣢໑؇ƒj&čj)ĎƊżb
y



y

y


Чุ‌૫ƎƒՈെůઘƤ䴘ơƯƉŧơżbṦ‫ק‬䇨෮Ƒ࣍ŲƎՈྟࣁඋ૫ůťƮṳ‫ކ‬ƒaƀƑ૫ƎЧุƵŲƆƇŴƉŲƃŸŧb
Ṧ‫ק‬ƵῘ൓żƮభƎaЧุů‫קܥ‬źƉŧƮŶƋƵ⃷ŮƤơżb
ຓ‫ڱ‬Ŵǭȃ✣ǬƎՈെů‫ڱ‬ŧƉŧƮṳ‫ކ‬ƒaǭȃ✣ǬƵՈྟࣁඋ૫ƎŲƆƇŴơżb
၁໑Ṧ‫ק‬ႨƑຓ‫ڱ‬Ŵǭȃ✣ǬƵ൐ႨżƮṳ‫ކ‬ƒaǭȃ✣ǬƑ༵؊Ƶa໑؇ƵṦ‫ק‬żƮ၁ุƎ࣏źơżbᇿğຓ‫ڱ‬Ŵǭȃ✣ǬƊ䪎Ƣ౼ƆƂ໑؇ůa᾵੝ίƑṦ‫ק‬໑؇ữ⯤ƵӑūƉƥaǷǙǑ✣ǎƧࣞۡƒ‫ޅ‬ƥіൕŸƯơžƶbƂƃźa߂૫ƎіൕŸƯƮ䪎Ƣ౼ƭ⡘ůƎƍƭơżbMS

ZZZHOFRPHWHUFRP

5

ⅼί⡘
(OFRPHWHUƎƒaȃ✣ȀȉǆǷǸȀčǸǝȁ6Ƌ7a䪎Ƣ౼ƭ⡘ἠơƊĎaơƂƒǦǙǗǷǸȀčǸǝȁ7ĎƎЌթŸƯƂ䪎Ƣ౼ƭ⡘Ƒⅼί⡘ƵіൕżƮὨିů‫ڱ‬ŧƉŧơżb

ȃ✣ȀȉǆǷǸȀƎЌթŸƯƂ䪎Ƣ౼ƭ⡘Ƒⅼί⡘ƵᾖƮƎƒaŀⅼίłǓǫǞǃ✣Ƶ࿣źơżbՑƑⅼί⡘ůіൕŸƯơżb⦁ƑǧǿǷ✣ǕƑⅼί⡘Ƶൕż߂૫Ǝ్ƭูūƮƎƒaႷṥƑǓǫǞǃ✣Ƶ࿣źơżbⅼί⡘ƵཤԢżƮ
Ǝƒaŀ&OHDUłčǅȀƸĎƵ࿣źơżb
y
y
y
y
y
y

ǷǸȀƎťƮ䪎Ƣ౼ƭ⡘Ƒඔ Q
ǷǸȀƎťƮ䪎Ƣ౼ƭ⡘Ƒ௜न ;
ǷǸȀƎťƮቋƥཬŸƍ䪎Ƣ౼ƭ⡘ /RǷǸȀƎťƮቋƥնŰƍ䪎Ƣ౼ƭ⡘ +LṌ⊵ொҵ ı⴬ọ⚜ඔ &29ⅼί⡘ƵіൕźƉŧƮƋŰƎŀ䪎౼⡘łč䪎Ƣ౼ƭ⡘ĎǓǫǞǃ✣Ƶ࿣żƋaȃ✣ȀȉǆǷǸȀƎЌթŸƯƉŧƮ䪎Ƣ౼ƭ⡘ƋЌթರ
ℭƵൕż߂૫Ǝ్ƭูƲƭơżb⦁ƑǧǿǷ✣ǕƑ䪎Ƣ౼ƭ⡘ƵіൕżƮƎƒaႷṥƑǓǫǞǃ✣Ƶ࿣źơżbᇅཋ⡘Ƶ℟‫ק‬źƉŧƮṳ‫ކ‬ƒa༯ཋƵ༯߭ƆƉŧƮ䪎Ƣ౼ƭ⡘Ƒ‫ޘ‬ƎůaഈཋƵӑūƉŧƮ䪎Ƣ౼ƭ⡘Ƒ‫ޘ‬ƎůіൕŸƯơżb
ǦǙǗƎťƮ䪎Ƣ౼ƭ⡘ƋƀƑⅼί౦ḸƵᾖƮčǸǝȁ7Ďٚ‫م‬ƎƇŧƉƒaMSǰ✣ǎƑǑǅǍǽȉwǦǙǗǝ✣ǕƑ⃷⃾xƵҕᅶźƉŲƃŸŧbZZZHOFRPHWHUFRP

MS

5

ǦǙǗƑҠቔǸǝȁ7(OFRPHWHUƑǸǝȁ6Ƌ7Ƒ❡ٚƎa䪎Ƣ౼ƭ⡘ƵࡱơƊЌթƊŰƮȃ✣ȀȉǆǷǸȀůଽ䜥ŸƯƉŧơżbǸǝȁ7ƎƒaǦǙǗa䪎Ƣ౼ƭ⡘ἠơƊЌթॖିƍǦǙǗǷǸȀƥťƭơ
żbǦǙǗὨିƎ倔⚜ƑťƮǷǡǻ✣ƒaՑƑƋŭƭƊżb
y

y
y

y
y

όονˠ৽͍͠όονğ䪎Ƣ౼ƭ⡘Ƒ൭ọὸ⁌aơƂƒሱọὸ⁌ႨƑྍźŧǦǙǗƵቔӮźơżb⇈źŲƒaMSǰ✣ǎƑǑǅǍǽȉwྍźŧǦǙǗƑቔӮxƵҕᅶźƉŲƃŸŧb
όονˠ‫ط‬ଘͷόονΛ։͘ğ࠻թƑǦǙǗƵῘŰơżbόονˠόονͷ࠶‫ݕ‬౼ğǦǙǗƎťƮ䪎Ƣ౼ƭ⡘Ƌⅼί⡘aǦǙǗ౦ḸƵᾖƮŶƋůƊŰơżbMSǰ✣ǎƑǑǅǍǽȉ
wǦǙǗǝ✣ǕƑ⃷⃾xƵҕᅶźƉŲƃŸŧb
όονˠόονͷίϐʔğǦǙǗƑǮǙǖ✣౦ḸƵǉǪ✣źơżbό ονˠ࡟আğƇơƂƒżƜƉƑǦǙǗƵǷǸȀŮƬປಆƎཤԢźơżbྍźŧǦǙǗƑቔӮ䪎Ƣ౼ƭ⡘Ƒ൭ọὸ⁌ႨǦǙǗƋሱọὸ⁌ႨǦǙǗƵቔӮżƮŶƋůƊŰơżbyy൭ọὸ⁌ႨğṦ‫ק‬ᇏƎ൭ọƊ䪎Ƣ౼ƭ⡘Ƶὸ⁌żƮǦǙǗƊżb
ሱọὸ⁌Ⴈğᆷ‫ק‬źƂᾇ‫ۯ‬Ɗ䪎Ƣ౼ƭ⡘ůሱọ֥Ǝὸ⁌ŸƯƮǦǙǗƊżb

൭ọὸ⁌ႨǦǙǗƵቔӮżƮƎƒğ όονˠ৽͍͠όονƵ࿣źơżb ߂૫ƎwǴǡǻƸȁȃǆǦǙǗxč൭ọὸ⁌ႨǦǙǗĎƋіൕŸƯƉŧƍŧṳ‫ކ‬ƒaǓǫǞǃ✣Ƶ࿣źƉ൭ọὸ⁌Ǝ℟‫ק‬źơżb ǷƺȉƑ䪎Ƣ౼ƭ⡘߂૫ƎƸƺǉȉůіൕŸƯa䪎Ƣ౼ƭ⡘Ƒ൭ọὸ ⁌ůႵ⧌ƎƍƆƉŧƮŶƋƵൕźơżb





ŀཋ؇łƵ࿣źƉaǦǙǗƎᇅཋ⡘Ƶ℟‫ק‬źơżb⇈źŲƒaMSǰ✣ǎƑǑǅǍǽȉwᇅཋ⡘Ƒ℟‫ק‬xƵҕᅶźƉŲƃŸŧb
ǦǙǗƵቔӮżƮƎƒŀ2NłƵaҠቔƵǃǹȉǑȁżƮƎƒ
ŀ(VFłƵ࿣źơżb ǦǙǗůῘŧƉŧƮṳ‫ކ‬ƒaŀόονłǓǫǞǃ✣ƑսƲƭƎůіൕ ŸƯơżbόονǷǡǻ✣Ǝ㊖ƮƎƒƵ࿣źơżbMS

ZZZHOFRPHWHUFRP5ǦǙǗƑҠቔǸǝȁ7č䌺ŰĎሱọὸ⁌ႨǦǙǗƵቔӮżƮƎƒğ όονˠ৽͍͠όονƵ࿣źơżb ߂૫ƎwΠϯλʔόϧϩάόο
νxčሱọὸ⁌ႨǦǙǗĎƋіൕŸƯƉŧƍŧṳ‫ކ‬ƒaǓǫǞǃ✣aŀ2NłƑⅆƎ࿣źƉaሱọὸ⁌Ǝ℟‫ק‬źơżb ǷƺȉƑ䪎Ƣ౼ƭ⡘߂૫ƎƸƺǉȉůі ൕŸƯa䪎Ƣ౼ƭ⡘Ƒሱọὸ⁌ůႵ⧌Ǝ ƍƆƉŧƮŶƋƵൕźơżbÏÐǓǫǞǃ✣Ƶ൐ƆƉa䪎Ƣ౼ƭ⡘Ƶሱọ֥Ǝὸ⁌żƮᾇ‫ۯ‬č૰jℭᾇĎƵ⇢㋈źƉŀ2NłƵ࿣źơżb ǦǙǗƎሱọ֥ƎЌթŸƯƮ䪎Ƣ౼ƭ⡘Ƒ ŭŭƫƀƑඔƋaᆷ‫ק‬źƂᾇ‫ۯ‬Ɗ䪎Ƣ౼ ƭů䌺ྛŸƯƮŭŭƫƀƑರඔůіൕŸ ƯơżbсေƎㅁŻƉaÏÐǓǫǞǃ✣Ƶ൐ƆƉaὸ⁌Ῐ൓ơƊƑրƄℭᾇƵj‫ٳ‬aơƂƒŀ2IIłƎ℟‫ק‬źƉaŀ2NłƵ࿣źơżbŀῘ൓łƵ࿣źƉaὸ⁌ƵῘ൓źơżb ὸ⁌Ῐ൓ơƊƑրƄℭᾇƵ℟‫ק‬źƉŧƮṳ‫ކ‬ ƒaŀῘ൓łƵ࿣źƂƋŰƎ૰䪎Ƣů൓ơƭ ơżb℟‫ק‬źƂրƄℭᾇů䌂ἾżƮƋa߂૫ ƑƸƺǉȉůƸƺǉȉƎ⴬Ʋƭa䪎Ƣ ౼ƭ⡘Ƒὸ⁌ůῘ൓ŸƯơżb ǦǙǗůῘŧƉŧƮṳ‫ކ‬ƒaŀόονłǓǫǞǃ✣ƑսƲƭƎůі ൕŸƯơżbόονǷǡǻ✣Ǝ㊖ƮƎƒƵ࿣źơżbZZZHOFRPHWHUFRP

MS

5

ǦǙǗǝ✣ǕƑ⃷⃾Ǹǝȁ7ǦǙǗଽƑ䪎Ƣ౼ƭ⡘ǦǙǗƎťƮ䪎Ƣ౼ƭ⡘ƵᾖƮƎƒğ %DWFKĺ5HYLHZ%DWFKHVƵ࿣źơżb ࠻ƎǦǙǗƵῘŧƉŧƮṳ‫ކ‬ƒa

aŀǦǙǗƑᄜ㙽ⅯłƑⅆƎ
࿣źơżb






ÏÐǓǫǞǃ✣Ƶ൐ƆƉaଢ֥ƑǦǙǗƵ⇢㋈źƉŮƬ
ŀ6(/łƵ࿣źơżbŀ䪎౼⡘łƵ࿣źƉaǦǙǗ
ƎťƮ䪎Ƣ౼ƭ⡘ƵіൕźơżbǦǙǗǷǡǻ✣Ǝ㊖ƮƎƒaŀǦǙǅłč㊖ƮĎƵ࿣źơżb۲䪎Ƣ౼ƭ⡘Ƌ‫܋‬ƎaƀƑṦ‫ק‬ರℭůіൕŸƯơżb䪎Ƣ౼ƭ⡘Ƶഈ༯ƎǏǅȃ✣ȁżƮƎƒÏÐǓǫǞǃ✣Ƶa⦁ƑǧǿǷ✣ǕƑ䪎Ƣ౼ƭ⡘ƵіൕżƮƎƒaႷṥƑǓǫǞǃ✣Ƶ࿣źơżbᇅཋ⡘Ƶ℟‫ק‬źƉŧƮṳ‫ކ‬ƒa༯ཋƵ༯߭ƆƉŧƮ䪎Ƣ౼ƭ⡘Ƒ‫ޘ‬ƎůaഈཋƵӑūƉŧƮ䪎Ƣ౼ƭ⡘Ƒ‫ޘ‬ƎůіൕŸƯơżb
ǦǙǗƑⅼί౦ḸǦǙǗƑⅼί⡘ƵᾖƮƎƒğ %DWFKĺ5HYLHZ%DWFKHVƵ࿣źơżb ࠻ƎǦǙǗƵῘŧƉŧƮṳ‫ކ‬ƒa

aŀǦǙǗƑᄜ㙽ⅯłƑⅆƎ
࿣źơżb







ÏÐǓǫǞǃ✣Ƶ൐ƆƉaଢ֥ƑǦǙǗƵ⇢㋈źƉŮƬ
ŀ6(/łƵ࿣źơżbŀⅼίłƵ࿣źƉaǦǙǗƑⅼί⡘Ƶіൕźơżb
ǦǙǗǷǡǻ✣Ǝ㊖ƮƎƒaŀǦǙǅłč㊖ƮĎƵ࿣źơżb 䪎Ƣ౼ƭ⡘Ƶሱọὸ⁌ᇏƑṳ‫ކ‬ƒaⅼί⡘ƵіൕźƉŧƮᾇaὸ⁌ů๔ᆸźơżbŀǦǙǅłƵ࿣żƋaὸ⁌ůᄜῘŸƯơżbMS

ZZZHOFRPHWHUFRP5ǦǙǗǝ✣ǕƑ⃷⃾Ǹǝȁ7č䌺ŰĎՑƑⅼί⡘ůіൕŸƯơżb⦁ƑǧǿǷ✣ǕƑⅼί⡘Ƶൕż߂૫Ǝ్ƭูūƮƎƒaႷṥƑǓǫǞǃ✣Ƶ࿣źơżb
y
y
y
y
y
y

ǦǙǗƎťƮ䪎Ƣ౼ƭ⡘Ƒඔ Q
ǦǙǗƎťƮ䪎Ƣ౼ƭ⡘Ƒ௜न ;
ǦǙǗƎťƮቋƥཬŸƍ䪎Ƣ౼ƭ⡘ /RǦǙǗƎťƮቋƥնŰƍ䪎Ƣ౼ƭ⡘ +LṌ⊵ொҵ ı⴬ọ⚜ඔ &29Ƿǡǻ✣ἧӮǸǝȁ6

‫ۑ‬
‫ۑ‬
‫ۑ‬
‫ۑ‬

‫ۑ‬
‫ۑ‬

‫ۑ‬
‫ۑ‬
‫ۑ‬
‫ۑ‬
‫ۑ‬
‫ۑ‬
‫ۑ‬

๏཯
๏཯
‫ੰم‬ഈƑіൕἲᇅZZZHOFRPHWHUFRP

MS

5

Ƿǡǻ✣ἧӮǸǝȁ7
‫ۑ‬
‫ۑ‬
‫ۑ‬
‫ۑ‬

‫ۑ‬
‫ۑ‬

‫ۑ‬
‫ۑ‬

‫ۑ‬
‫ۑ‬

‫ۑ‬

‫ۑ‬
‫ۑ‬
‫ۑ‬
‫ۑ‬

[[[[[[[[[[[[[[
๏཯
‫ੰم‬ഈƑіൕ
ἲᇅ

‫ۑ‬

๏཯


[[[ǝ✣ǕƑǖƼȉȃ✣ǟǸǝȁ7(OFR0DVWHUƵ൐ႨźƂǝ✣ǕƑ䲬ෂ
(OFR0DVWHU Ƶ൐ũƋa᾵੝ίŮƬ䪎Ƣ౼ƭ⡘Ƶ3&Ǝ䲬ෂźƉaƸ✣ǁƺǬƧḸۡℼƑቔӮƎ০ႨƊŰơżbŶƑǓǫǞƼƽƸƒa᾵੝ίƎ‫ڱ‬උźƉŧơżůaZZZHOFRPHWHUFRPŮƬ↥ਘƊǖƼȉȃ
✣ǟżƮŶƋƥƊŰơżbǝ✣ǕƵ䲬ෂżƮƎƒa86%ࢤ䌺ơƂƒ
%OXHWRRWK Ƶ൐Ⴈźơżb(OFR0DVWHU ƎƇŧƉ⇈źŲƒaZZZHOFRPHWHUFRPƵŷ䧺ŲƃŸŧb

(OFR0DVWHUǸǦƺȁƸǭȀƵ൐ႨźƂǝ✣ǕƑ䲬ෂ
(OFR0DVWHUǸǦƺȁƸǭȀƒa㙽㗈⇀ṳƊƑ൐ႨƎቋℳƊżb
$QGURLGႨƋL26ႨůťƭaՑƑὨିůձ≘ŸƯƉŧơżb
y
y
y

᾵੝ίƊ䪎Ƣ౼ƆƂ⡘ƵᆰࢤǸǦƺȁǝǦƺǏƎෂྐźƉa*36Ƒ⡘Ƌ‫܋‬ƎǦǙǗƋźƉЌթżƮbℷ劋૫ƑཿᆇƵሔࡆżƮb‫ٳ‬༅ƧḸۡℼቔӮႨƎaǸǦƺȁǝǦƺǏƎťƮǝ✣ǕƵ
3&Ǝ䲬ෂżƮb

(OFR0DVWHUǸǦƺȁƸǭȀƎƇŧƉ⇈źŲƒaZZZHOFRPHWHUFRPƵŷ䧺ŲƃŸŧbMS

ZZZHOFRPHWHUFRP5ǝ✣ǕƑǖƼȉȃ✣ǟǸǝȁ7č䌺ŰĎ$QGURLGၛഈƑǏǴ✣ǞǫƿȉƋǕǬȂǙǞƎ⻻ㅁbƺȉǏǞ✣ȁżƮƎƒaZZZHOFRPHWHUFRP ƬaơƂƒ*RRJOH3OD\6WRUHƸǭȀƵ
൐ƆƉǖƼȉȃ✣ǟźa߂૫ƎіൕŸƯƮᆷൕƎㄙŧơżbŮ

L3KRQH3OXVɺL3KRQHɺL3KRQH
VɺL3KRQHFɺL3KRQHɺL3KRQH
VɺL3KRQHɺL3DG$LUɺL3DG
PLQLɺL3DG$LUɺL3DGPLQLɺ
L3DGʢֻɺൗսĎaL3DGPLQLɺ
L3DGɺL3RGWRXFKčֻaൗսĎƎ⻻ㅁbƺȉǏǞ✣ȁżƮƎƒaZZZHOFRPHWHUFRPaơ
Ƃƒ$SS6WRUHŮƬǖƼȉȃ✣ǟźƉa߂૫ƎіൕŸƯƮᆷൕƎㄙŧơżbZZZHOFRPHWHUFRP

MS

5

ࢌ㍤҆௖ƋƸǅǑǋȀ✣ՑƑ҆௖ƋƸǅǑǋȀ✣Ƶaቋ࠷ƭƑս৘‫׋‬ơƂƒ(OFRPHWHUŮƬ
ᆰࢤŭ౰ƤŧƂƃŴơżb
і૫Ƒ໑؇Ṧ‫ק‬ႨՈെ‫ڱ‬Űǭȃ✣ǬṦ‫ק‬ữ⯤&j& )j) &j& )j) F&j& )j) F&j& )j) F&j& )j) F

Ǉ✣ǬȁƑṵŸPP  P   
P   
P   P   ǉ✣ǟ‫ݼى‬7
7
7
7
7

ƀƑ෰ƑƸǅǑǋȀ✣ⅇૼ၁ุƑ໑؇Ṧ‫ק‬Ⴈຓ‫ڱ‬Ŵǭȃ✣Ǭ &j& )j) FǧǙǟೆƭ⩝ₑǦǙǆaǯȁǞƛƑ਽Ƥऎ‫ڱ‬Ű
86%Ǉ✣ǬȁȀǏǞǦȉǟǉ✣ǟ‫ݼى‬7
7
7
7

Ќ䩐ἲ‫ק‬(OFRPHWHUƎƒaŮᄅᾇƑЌ䩐ů‫ڱ‬ŧƉŧơżbƂƃźa㢟ಙƋଉ‫ݻ‬ƒЌ䩐⻻འຓƊżbЌ䩐௹ᾇƑ࿼ṵƒaἨೆᗥರၛଽ
ƎaZZZHOFRPHWHUFRPƊŭണ䴘ƢŲƃŸŧb
і૫Ƒ໑؇Ṧ‫ק‬Ⴈǭȃ✣ǬƎƒa⚧ᄯഈƑఴ偣ƑƢƵ⻻འƋźƂŮᄅᾇƑЌ䩐ů‫ڱ‬ŧƉŧơżb

F

᾵੝ίƎࢤ䌺źƂƋŰƑṦ‫ק‬ữ⯤ƒaj&čj)ĎƊżb

MS

ZZZHOFRPHWHUFRP

5

ൢ㛻
Ṧ‫ק‬ữ⯤

ࣚ؇‫ିࢳٳ‬᾵੝ίЧุG

&j&)j)&
)&
)

H㡿໑ 7D&j&)j)&
)&
)

і૫Ƒ໑؇ 7V

&j&)j)&
)&
)

ຓ‫ڱ‬Ŵ.⃼⟐⻻ǭȃ✣Ǭ 7H

&j&)j)&
)I&
)

ཌྷ⻻ു؇ 5+j5+

5+Jбു 6+

JNJjJNJJUOEjJUOE

6+

JNJ
JUOEǷǸȀಸਈǸǝȁ6ŭƫƖ7ğ䪎Ƣ౼ƭ⡘ἠčȃ✣ȀȉǆǷǸȀĎ
Ǹǝȁ7ǦǙǗa䪎Ƣ౼ƭ⡘ἠ

ЧุƋ/&'Ƒ൐Ⴈ໑؇&j&)j)$$ểӽKЧơƂƒ86%Ǉ✣Ǭȁࢤ䌺

ểჷ
ểӽƑ൰ଁ

൭ọὸ⁌ℭğℭᾇၛഈčǦǙǅǿƺǞƵ൐Ⴈźƍŧṳ‫ކ‬Ďሱọὸ⁌ℭğℭᾇč‫ٳ‬ᾇƎ߭ǝ✣ǕƵ䪎Ƣ౼Ʈṳ‫ކ‬Ďժ‫م‬[[PP [[ƺȉǗᇗਈJčǀȉǏĎaểӽƵ‫ݣ‬ƣℳ‫ކ‬ἲ۬%6%,0206&  L,0206&  L
,62861DY\16,861DY\33,
G ᾵੝ίЧุƋ/&'Ƒ൐Ⴈ໑؇ữ⯤ຓƑṳ෮Ɗ൐ႨźƍŧƊŲƃŸŧb ࣚ؇&ၛ༯Ɗƒ& )ၛ༯Ɗƒ& b
I (OFRPHWHU⚧.⃼⟐⻻ǭȃ✣ǬልሢℭƑࣚ؇ƒ&č)ĎƊżb෰ƑǷ✣ǁ✣Ƒǭȃ✣ǬƊƒࣚ؇ů㹁ƍƭơżbJ PVƎƉb
K ЧุƎ‫ڱ‬උźƉŧƮểӽƑቋۚ൐Ⴈ໑؇ƒ&č)ĎƊżb&ƵӑūƮṳ෮Ɗṵℭᾇ൐ႨżƮṳ‫ކ‬ƒa⦁ƑểӽƎࢌ㍤źƉŲƃŸŧb
L
 ,02363&č,QWHUQDWLRQDO0DULQH2UJDQLVDWLRQ3HUIRUPDQFH6WDQGDUGIRU3URWHFWLYH&RDWLQJVğ‫ݓ‬ό‫ݚ‬൙Ὠἧⅿልྟିࠎ⊵ĎƵ㧊ƂżƎƒaཌྷ⻻ു؇aі૫໑؇a੝ׄƵὸ⁌żƮсေůťƭơżb(OFRPHWHUƎƒaŶƑὨିůḾƲƆƉŧơżbH

ZZZHOFRPHWHUFRP

MS

5

倔’żƮ‫ੰم‬ƋἲᇅƎƇŧƉℳ‫࿆ކ‬࿽ğ(OFRPHWHUǸǝȁ7ƒၛ༯Ƒ(8ᆷ਷Ǝℳ‫ކ‬źƉŧơżğ
(8ểՈ❡৫ྟ(8ǿǎǀc๙ྐ؊ଌ℟Ḿ(8ể㡿cểሰὨఖƎŭŴƮห‫ק‬Ⴕ‫ݝ‬໾⊑Ƒ൐Ⴈᇅཋ(OFRPHWHUϞσϧ6͸ҎԼͷ(8ࢦྩʹద߹͍ͯ͠·͢ɿ(8ểՈ❡৫ྟ(8ể㡿cểሰὨఖƎŭŴƮห‫ק‬Ⴕ‫ݝ‬໾⊑Ƒ൐Ⴈᇅཋℳ‫࿆ކ‬࿽ƒၛ༯ƑȀȉǅƫƭǖƼȉȃ✣ǟƊŰơżğ
Ǹǝȁ6ZZZHOFRPHWHUFRPLPDJHVVWRULHV3')V'DWDVKHHWV'HFODUDWLRQBRIB&RQIRUPLW\-DSDQHVH'R&BB6SGIǸǝȁ7ZZZHOFRPHWHUFRPLPDJHVVWRULHV3')V'DWDVKHHWV'HFODUDWLRQBRIB&RQIRUPLW\-DSDQHVH'R&BB7SGIЧ⚧௖ƒa&,635ἲ۬Ƒǆȁ✣ǭaǅǿǏ%Ƒ,60ልᇂƎ֒Ɖƒơƭơżb
ǅǿǏ%Ǝ‫ ٳ‬ŸƯƮልᇂğࡅ๖ƊƑ൐ႨaŭƫƖᇾᅍႨƑ֮ểⰂ஥䍛↌Ǝᆰࢤࢤ䌺ŸƯƮീ℟ƊƑ൐ႨƎℳźƉŧơżb
ǆȁ✣ǭƑ,60ልᇂğልᇂଽ҆ƑὨିƊсေƋżƮ↥䍛ᇛѯƾǣȁǄ✣Ƶၩ⯥֥ƎളӮźƂƭ൐ႨźƂƭźơżb
86%ࢤ䌺ƒaǝ✣Ǖ䲬ෂႨƑƢƎ൐Ⴈźa86%ểჷƸǖǭǕƵ൐ƆƉǉȉǑȉǞƎࢤ䌺źƍŧƊŲƃŸŧb
$&0$⊵㋣Ǵ✣ǅƒaŸŬœŖ¹Ὠఖ౦Ḹ¹‫ੰم‬¹ἲᇅƵ⇢㋈żƮƋіൕŸƯơżb
(OFRPHWHUǸǝȁ7ğ࠯ℳǴ✣ǅƋƀƑ䩐ૼ‫ݼى‬a)&&,'a%OXHWRRWK6,*Ƒ4','ƒaŸŬœŖ¹Ὠఖ౦Ḹ¹‫ੰم‬¹ἲᇅƵ⇢㋈żƮƋіൕŸƯơżb
(OFRPHWHUǸǝȁ7ğ)&&ἲᇅƑֻ҆Ǝ⊵㋣źƉŧơżbЧልᇂƒaՑƑƇƑ่ࡱƑჭƊ൐ႨżƮƥƑƋźơżb
čĎЧልᇂů‫ۄ‬㥾ƵႄŰఏŶŸƍŧbčĎЧልᇂƑຬơźŲƍŧọቔƑჰၹƋƍƮ‫ۄ‬㥾ƥ‫ݣ‬ƢaƌƑƫũƍ‫ۄ‬㥾ƥ൳ŴೆƯƮbЧልᇂƒa)&&ƎƫƆƉീྛŸƯƉŧƮa٤ܵ৘༯ƑФ௷ཋ؇⡘Ǝℳ‫ކ‬źƉŧơżbƾȉǟǼ✣ǌ✣ƒa↥䍛ᇛѯඔč5)ĎФ௷ࠎ⊵ƎㄙƆƉЧልᇂƵҠቔżƮсေůťƭơżbЧልᇂƵ෰ƑƸȉǜǠƧෂྐὨƋ๝Żṳ෮Ǝ℟ᇂźƂƭa๝ℭ
Ǝ൐ႨźƂƭźƍŧƊŲƃŸŧb
(OFRPHWHU/LPLWHGƎƫƆƉૼൕ֥Ǝ⃾ƤƬƯƉŧƍŧ‫⴬ڿ‬ƵЧልᇂƎࡆūƮƋa)&&ἲᇅƎㄙƆƉЧልᇂƵҠቔżƮ㜶০ƵാũŶƋůťƭơżb
(OFRPHWHUǸǝȁ6ğ)&&ἲᇅƑֻ҆ƎㄙƆƉ㙽㗈ŸƯaǅǿǏ%aǝǎǕȁልᇂƑཋ؇⡘Ƶ㧊ƂźƉŧƮŶƋů⃷⃾ŸƯƉŧơżbŶƯƬƑཋ؇⡘ƒaልᇂƑࡅ๖ƊƑ൐ႨƎƫƮႵ‫ݝ‬ƍ‫ۄ‬㥾Ƶຈ֒ƍữ⯤ƎၝūƮƂƤƎ℟‫ק‬ŸƯƉŧơżb
ЧልᇂƒaểՈѯƵളӮa൐Ⴈźaຓ҆Ǝ٢ഝźơżbƀƑƂƤa౼㊮ⅇૼℼƌŭƭƎ℟ᇂźƉ൐ႨźƍŧƋa↥䍛๙ྐᅰ‫ݝ‬ƵႄŰఏŶżॖିྟůťƭơżbƂƃźaťƮ㢯ơƆƂٚ‫م‬Ɗ℟ᇂżƮƋ‫ۄ‬㥾ů㻂ളźƍŧƋŧũЌ䩐ƒťƭơžƶbЧልᇂůჰၹƊaǿǎǀƧǜȂǩƑ൳ྐᅰ‫ݝ‬ů㻂ളźƉŧƮƋනƲƯƮṳ‫ކ‬ƒaЧልᇂƑểჷƵೆƯƂƭ్ƆƂƭźƉ⃷ŮƤƉŲƃŸŧbЧልᇂů൳ྐᅰ‫ݝ‬ƵႄŰఏŶźƉŧƮṳ‫ކ‬ƒaՑƑŶƋƵℷźƉŲƃŸŧb
ƸȉǜǠƑ໊ᇂƧཟŰƵ⴬ūơżbǿǎǀƧǜȂǩŮƬ ƯƂṳ෮ƎЧልᇂƵ℟ᇂźơżbǿǎǀƧǜȂǩƵࢤ䌺źƉŧƮể㡿߭ਫ਼čǉȉǑȉǞĎƋƒ⦁Ƒ߭ਫ਼ƎЧልᇂƵࢤ䌺źơżbỰⴝս৘‫׋‬ơƂƒể㡿๙ྐ࠯ℿᆀƎཌྷⅩźơżb(OFRPHWHUǸǝȁ7ğ,QGXVWU\&DQDGDčǁǠǖṰ∊സĎܵ↳༯Ɗƒa๝സƑἲ۬Ɗ‫ק‬ƤƬƯƉŧƮ྘ൔƋቋնǈƺȉƑƸȉǜ
ǠƃŴƵ൐ႨżƮŶƋůƊŰơżb෰ƑǼ✣ǌ✣Ƒ๙ྐƵٞ‫ݝ‬żƮŶƋƑƍŧƫũƎaᆞӈƍ๙ྐƎсေƍƃŴƑ֩⠐֩ٚἇഝể৯č(,53Ďů֤ƬƯƮƸȉǜǠƑ྘ൔƋǈƺȉƵ⇢ƶƊŲƃŸŧb
Чልᇂƒa,QGXVWU\&DQDGDčǁǠǖṰ∊സĎǿƺǑȉǏ૧Ԣ࠯ℿࠎ⊵č344ĎƎ⊵㋣źƉŧơżbЧልᇂƒaՑƑƇƑ่ࡱƑჭƊ൐ႨżƮƥƑƋźơżbčĎЧልᇂů‫ۄ‬㥾ƵႄŰఏŶŸƍŧbčĎЧልᇂƑຬơźŲƍŧọቔƑჰၹƋƍƮ‫ۄ‬㥾ƥ‫ݣ‬ƢaƌƑƫũƍ‫ۄ‬㥾ƥ൳ŴೆƯƮb
ǅǿǏ%ƑǝǎǕȁልᇂƎ‫ ٳ‬ŸƯa&$1,&(6 % 10% % Ǝ⊵㋣źƉŧơżb
ƒa(OFRPHWHU/LPLWHGƑ֨⁌അṌƊżb෮ᄝֹğ(GJH/DQH0DQFKHVWHU0%8
8QLWHG.LQJGRPƒa%OXHWRRWK6,*,QFů෮ႵżƮഅṌƊżb(OFRPHWHU/LPLWHGƎǿƺǑȉǏ‫ڱ‬აŸƯƉŧơżb
(OFRPHWHUǸǝȁ7ğL3KRQH3OXVaL3KRQHaL3KRQH6aL3KRQH&aL3KRQHaL3KRQH6aL3KRQHaL3DG$LUaL3DG
$LUaL3DGčֻaൗսĎaL3DGPLQLaL3DGPLQLᇬL3DGPLQLaL3DGaL3RGWRXFKčֻaൗս Ǝ⻻ㅁźƉŧơżb
ഈὸƑw⻻ㅁxƋƒƑἐ֒żƮǸǝȁƵL3RGaL3KRQHaơƂƒL3DGƎࢤ䌺żƮƂƤƑƸǅǑǋȀ✣ůťƭa$SSOHƎƫƮྟିࠎ⊵Ƶ㧊ƂźƉŧƮŶƋůῘ㻂ᆀƎƫƆƉӵ⃾ŸƯƉŧƮƋŧũၩ໅Ɗżb$SSOHƒaЧ⚧௖ƑọቔaŭƫƖЧ⚧௖ůνಆࠎ⊵ƧἲᇅƎ⊵㋣źƉŧƮŮƌũŮƎƇŧƉ၂్≡಩ƵἌŧơžƶbL3RGaL3KRQHaơƂƒL3DGƋഈඍƑƸǅǑǋȀ✣Ƒ൐ႨƎƫƆƉa↥䍛๙ྐů႕⇉Ƶ൳ŴƮŶƋůťƭơżb
L3DGaL3KRQHaL3RGWRXFKƒa૜‫ݓ‬ŭƫƖ෰Ƒ‫ݓ‬ƎŭŴƮ$SSOH,QFƑ֨⁌അṌƊżb$SS6WRUHƒa૜‫ݓ‬ŭƫƖ෰Ƒ‫ݓ‬ƎŭŴƮ$SSOH,QFƑ֨⁌അṌƊżb*RRJOH3OD\ƒa*RRJOH,QFƑഅṌƊżbƀƑ෰ƑഅṌƎƇŧƉƒaƀƑᆻůὸŸƯƉŧơżb
5(OFRPHWHUƒa‫؍‬ǲ✣ȁདƎ㘲ЇŸƯƉŧơżbЇҋƒaὔ࣢ЌಆƎ஥⁒źƂٚ‫م‬Ɗ௥㙁źƉŲƃŸŧb⇈źŲƒaֹٚሱᇍุ֩Ƒℳ్ƍὨ倔Ǝŭ↜ŧ‫ކ‬ƲžŲƃŸŧb
Чഠğ(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%88QLWHG.LQJGRP

70$ֻі⊍ƋЧ໓