
USER
MANUAL
'%(+*
'%(+*
'%(+*
8GK]LPHWSUSUGRULP
8SXWH]DXSRUDEX
1£YRGNSRXŀLW¯
%UXJVDQYLVQLQJ
*HEUXLNVDDQZLM]LQJ
8VHU0DQXDO
.DVXWXVMXKHQG
.¦\WW¸RKMH
1RWLFHGXWLOLVDWLRQ
%HQXW]HULQIRUPDWLRQ
64
%*
+5
&6
'$
1/
(1
(7
),
)5
'(
ˍˡˤˠ˜ˢ˯˔ˮ˛˰ˤ˯
+DV]Q£ODWL¼WPXWDWµ
,VWUX]LRQLSHUOಬXVR
Φ
νΧ
/LHWRģDQDVLQVWUXNFLMD
1DXGRMLPRLQVWUXNFLMD
Ͱ
%UXNVDQYLVQLQJ
,QVWUXNFMDREVĄXJL
0DQXDOGHLQVWUX©·HV
(/
+8
,7
..
/9
/7
0.
12
3/
37
0DQXDOGHXWLOL]DUH
1£YRGQDSRXŀ¯YDQLH
1DYRGLOD]DXSRUDER
0DQXDOGHLQVWUXFFLRQHV
%UXNVDQYLVQLQJ
.XOODQPD.óODYX]X
52
58
65
6.
6/
(6
69
75
8.
139AR

350%$-7-$
,1)250$&,21,,6,*85,6'+(,167$/,0,
356+.5,0,352'8.7,7
35'25,0,,35',76+0
.8-'(6,'+(3$675,0,
355(=8/7$7(3(5)(.7(
)DOHPLQGHULWTNHQL]JMHGKXUNWSURGXNW$(*1HHNHPLNULMXDUDWSUWMX
RIUXDUSHUIRUPDQFWSUVRVXUSUVKXPYLWHPHWHNQRORJMLQRYDWRUHT
QGLKPRMQQWKMHVKWLPLQHMHWVYH©RULTPXQGWPRVLJMHQLQSDMLVMHWH
]DNRQVKPH.XVKWRMLQLSDNPLQXWDOH[LPLWSUWDVKIU\W]XDUVDPPLU
9L]LWRQLIDTHQWRQWLQWHUQHWLWSU
7PDUUNVKLOODPELSUGRULPLQEURVKXUDLQIRUPDFLRQUUHWK]JMLGKMHVV
SUREOHPHYHVKUELPLWGKHULSDULPLW
ZZZDHJFRPVXSSRUW
5HJMLVWURMHQLSURGXNWLQSUVKUELPPWPLU
ZZZUHJLVWHUDHJFRP
%OLQLDNVHVRUSMHVNRQVXPLGKHSMHVRULJMLQDOHNPELPLSUSDMLVMHQ
ZZZDHJFRPVKRS
.8-'(6,'+(6+5%,0,1'$-./,(17,7
3UGRUQLJMLWKPRQSMHVNPELPLRULJMLQDOH
.XUNRQWDNWRQL4HQGUQWRQW$XWRUL]XDUW6KUELPLWVLJXURKXQLTWNHQLQ
GLVSR]LFLRQWGKQDWHPSRVKWPH0RGHOL31&QXPULVHULDO
.\,QIRUPDFLRQLPXQGWJMHQGHWQSOODNQHNODVLILNLPLW
3DUDODMPULP7GKQDUUHWKVLJXULVGKHNXMGHVLW
7GKQDWSUJMLWKVKPHGKHNVKLOOD
7GKQDUUHWKDPELHQWLW
5H]HUYRKHWPXQGVLDHQGU\VKLPHYH
,1)250$&,21,,6,*85,6'+(,167$/,0,
3$5$/$-05,0
5HIHURMXQLEURVKXUVWMHWUಯ8GK]LPHW
SULQVWDOLPLQರSUಯ,QIRUPDFLRQLQH
VLJXULVGKHLQVWDOLPLQರ/H[RQLPH
NXMGHVNDSLWXMWHಯ6LJXULVರSUSDUD©GR
SUGRULPLRVHPLUPEDMWMHMHWSDMLVMHV
ZZZDHJFRP

356+.5,0,352'8.7,7
3UPEOHGKMHHSDQHOLWWNRQWUROOLW
1 2 3 4 5 6 7 8 9
1GH]MD)LNMD
6KSHMWVLDHSDUHPRWRULW
6KSHMWVLDHG\WHPRWRULW
6KSHMWVLDHWUHWHPRWRULW
6KSHMWVLDPDNVLPDOHHPRWRULW
)XQNVLRQLLWUKHTMHVVOHKW
.XMWXHVLLILOWULW
)XQNVLRQLಯ+REWR+RRGರ
/ODPED
35'25,0,,35',76+0
3UGRULPLLDVSLUDWRULW
.RQWUROORQLVKSHMWVLQHUHNRPDQGXDU
VLSDVWDEHOVPSRVKW
*MDWQJURKMHVVXVKTLPLWJDWLPLWPHWHQ[KHUHW
PEXOXDUD
*MDWJDWLPLWPHWHQ[KHUHWPEXOXDUDQGLVD]RQD
RVHYDWUDJDWLPLVNXTMHVVOHKW
*MDW]LHUMHVGKHVNXTMHVVVDVLYHWPGKDW
XVKTLPLWSDNDSDNJDWLPLWQGLVD]RQDRVHYDWUD
JDWLPL
*MDWJDWLPLWGKHVNXTMHVVVDVLYHWPGKDW
XVKTLPLWSDNDSDNQODJVKWLWPDGKH
)UHVNRQDMULQQNX]KLQSDVJDWLPLWPHQLYHO]KXUPH
VKXPWXOW0XQGWDNWLYL]KHWGKHW©DNWLYL]RKHW
GXNHVKW\SXUVLPEROLQ)XQNVLRQLILNHWDXWRPDWLNLVKW
SDVPLQXWDVK3UGRUHYHWPSDVJDWLPLW
5HNRPDQGRKHWTWDOLQL
DVSLUDWRULQQSXQSUUUHWK
PLQXWDSDVJDWLPLW
3DQHOLLNRQWUROOLWVKWIXVK
PHVHQVRU3UHNQLVLPEROHW
SUVHNRQGSUW
DNWLYL]XDUIXQNVLRQHW
3UWSUGRUXUDVSLUDWRULQ
1GL]HQLSDMLVMHQGXNHVKW\SXU
VLPEROLQ
7DQLPXQGWDNWLYL]RQLIXQNVLRQHW
3UWDNWLYL]XDUIXQNVLRQLQSUHNQL
VLPEROLQ
6+4,3

1VHVKWQHYRMDSUHNQLVLPEROLQH
GULWV
SUWQGUL©XDUVLSUIDTHQH
JDWLPLW
3UW©DNWLYL]XDUSDMLVMHQVKW\SQLVULVK
VLPEROLQ
)XQNVLRQLേ+REWR+RRGൈ
VKWQMIXQNVLRQDXWRPDWLNLFLOLOLGK
SLDQXUQPHQMDVSLUDWRU6LSLDQXUD
DVKWXHGKHDVSLUDWRULNDQQM
NRPXQLNXHVPHUUH]HLQIUDWNXTH
6KSHMWVLDHYHQWLODWRULWSUFDNWRKHW
DXWRPDWLNLVKWQED]WFLOVLPLWW
PRGDOLWHWLWGKHWHPSHUDWXUVVHQVP
WQ[HKWQSLDQXU0XQGWDSUGRUQL
JMLWKDVKWXYHQWLODWRULQGXNHSUGRUXU
PDQXDOLVKWSLDQXUQ)XQNVLRQLPXQGW
DNWLYL]RKHWQJDSDQHOLLSLDQXUV
3UPVKXPLQIRUPDFLRQ
UUHWKPQ\UVVSUGRULPLW
WIXQNVLRQLWUHIHURMXQL
PDQXDOLWWSUGRUXHVLWSU
SLDQXUQ
$NWLYL]LPLL6KSHMWVLV
PDNVLPDOHWPRWRULW
.XUVKW\SQLEXWRQLQ 6KSHMWVLD
PDNVLPDOHHPRWRULWILOORQWSXQRMSU
PLQXWD3DVNVDMNRKHSDMLVMDNWKHKHW
QFLOVLPHWHPSDUVKPHWVKSHMWVLV
.XUIXQNVLRQLVKWL
DNWLYL]XDUSUHNMDVKWHVPEL
EXWRQLQ
QXNNDDVQM
HIHNW
$NWLYL]LPLGKH©DNWLYL]LPL
LQMRIWLPLWWILOWULW
$ODUPLLILOWULWMXNXMWRQWQGUURQLRVHW
SDVWURQLILOWULQHNDUERQLWGKHWSDVWURQL
ILOWULQH\QG\UV7UHJXHVLLILOWULW
QGL]HW
HNXTHSUVHNRQGDQVHILOWULL
\QG\UVGXKHWWSDVWURKHW7UHJXHVLL
ILOWULW
SXOVRQHNXTHSUVHNRQGD
QVHILOWULLNDUERQLWGXKHWWQGUURKHW
RVHWSDVWURKHW
5HIHURMXQLDODUPLWWILOWULWWH
NDSLWXOOLಯ.XMGHVLGKH
SDVWULPLರ
1GL]QLSDQHOLQHNRQWUROOLW
6LJXURKXQLTLNRQDWWMHQILNXU
3UWDNWLYL]XDURVH©DNWLYL]XDU
QMRIWLPLQHILOWULWWNDUERQLWSUHNQL
SUVHNRQGD
1VHQMRIWLPLLILOWULWW
NDUERQLWVKWLDNWLYL]XDU
LNRQDHILOWULW
SXOVRQH
NXTHSUVHNRQGD
1VHQMRIWLPLLILOWULWW
NDUERQLWVKWL©DNWLYL]XDU
LNRQDHILOWULW
SXOVRQH
NXTHWUHKHU
.8-'(6,'+(3$675,0,
3DVWULPLLILOWULWW\QG\UV
6HFLOLILOWUGXKHWWSDVWURKHWWSDNWQ
QMKHUQPXDM)LOWUDWPRQWRKHQPH
DQWNDSVHYHGKHNXQMDYHQDQQH
NXQGUW
3UWSDVWUXDUILOWULQ
7UKLTQLGRUH]QQILOWUSRVKW
DVSLUDWRULWGKHDQRQLOHKWSRVKW
SMHVQHSUSDUPHWILOWULW
ZZZDHJFRP

1
3DVWURMLQLILOWUDWGXNHSUGRUXUQM
VIXQJMHUPHGHWHUJMHQWHMRJUU\HVH
RVHQQMODYDVWRYLOMH
/DYDVWRYLOMDGXKHWW
YHQGRVHWQWHPSHUDWXUW
XOWGKHFLNOWVKNXUWU
)LOWULL\QG\UVPXQGW
©QJM\URVHWNMRQXNNDQGLNLP
WHSHUIRUPDQFDHSDMLVMHV
3UWPRQWXDUVULVKILOWUDWQGLTQLG\
KDSDWHSDUQUHQGLQHNXQGUW
3UVULVQLKDSDWSUWJMLWKILOWUDWQVH
DSOLNRKHW
1GUULPLLILOWULWW
NDUERQLW
3$5$/$-05,0
)LOWULLNDUERQLWQXNPXQGW
ODKHW
.RKDHQJRSMHVVILOWULWWNDUERQLW
QGU\VKRQQYDUVLWOORMLWWJDWLPLWGKH
VDUUHJXOOLVKWSDVWURKHWILOWULL\QG\UV
3UWQGUUXDUILOWULQ
+LTQLILOWUDWH\QG\UVQJDSDMLVMD
5HIHURMXQLSMHVVಯ3DVWULPLLILOWULWW
\QG\UVರQNWNDSLWXOO
VKW\SQLJMXK]QGKHDQRMHQL
OHKWSMHVQHSUSDUPHWILOWULW
1
1
3UWLQVWDOXDUQMILOWUWULNU\HQL
WQMMWDWKDSDQUHQGWNXQGUW
1©GRUDVWVKWHQHYRMVKPHTW
QGUURKHQILOWUDWWSDNWQ©GRNDWU
PXDM
$ODUPLLILOWULW
5HIHURMXQLDNWLYL]LPLWGKH
©DNWLYL]LPLWWDODUPLWWILOWULW
QNDSLWXOOLQಯ3UGRULPLL
SUGLWVKPರ
5HIHURMXQLSMHVVಯ3DVWULPLL
ILOWULWW\QG\UVರQNW
NDSLWXOO
5HIHURMXQLSMHVVಯ3DVWULPLL
ILOWULWW\QG\UVರRVH
ಯ1GUULPLLILOWULWWNDUERQLWರ
QYDUVLWOORMLWWILOWULW
3UWULYHQGRVXUNRKQ
3UHNQL
SUVHNRQGD
1GUULPLLOODPEV
.MRSDMLVMHVKWHSDMLVXUPHQMOODPE
/('.MRSMHVPXQGWQGUURKHWYHWP
QJDQMWHNQLN1UDVWNHTIXQNVLRQLPL
UHIHURMXQLSMHVVಯ6KUELPLರWHNDSLWXOOL
ಯ8GK]LPHWHVLJXULVರ
6+7-(4/,'+(10($0%,(17,1
5LFLNORQLPDWHULDOHWPHVLPEROLQ
9HQGRVHQLDPEDOD]KLQWHNRQWHMQHUWH
ULFLNOLPLWQVHND1GLKPRQLQPEURMWMHQ
HPMHGLVLWGKHVKQGHWLWWQMHU]YHGKH
QULFLNOLPLQHPEHWMHYHWSDMLVMHYH
HOHNWULNHGKHHOHNWURQLNH0RVKLGKQL
SDMLVMHWHVKQXDUDPHVLPEROLQ
H
PEHWXULQDYHVKWSLDNH.WKHQLSURGXNWLQ
QSLNQORNDOHWULFLNOLPLWRVH
NRQWDNWRQLPH]\UQNRPXQDOH
6+4,3

КУЍУЙЏЉЖБЎ
АЉЗЛДБРЖБЙЎАМДЛЉЛБ
$(*
ದ
ZZZDHJFRPVXSSRUW
ZZZUHJLVWHUDHJFRP
ZZZDHJFRPVKRS
ЗЊКДМЏЋЉЖЎЖЉГДБЎЖЛБ
ಱಯ
31&
ದ
БЖНЗЙЕЉПБШАЉЊЎАЗИЉКЖЗКЛБЕЗЖЛЉЏ
ЋЖБЕЉЖБЎ
ZZZDHJFRP

ЗИБКЉЖБЎЖЉМЙЎЍЉ
ИйЮЬдЮЭжЩгзжлйзджбшиЩжЮд
1 2 3 4 5 6 7 8 9
ಱಯ
+REWR+RRG
ЋКЎГБЍЖЎЋЖЉМИЗЛЙЎЊЉ
БаиздаЫЩжЮжЩ
ЩЪкзйЪЩлзйЩ
ಣ
ಣ
ಣ
ಣ
ಣ
АЩЭЩйЩЪзлблЮкЩЪкзйЪЩлзйул

Нмжгпбш+REWR+RRG
ЉглбЫбйЩжЮжЩ
еЩгкбеЩджЩкгзйзклжЩ
езлзйЩ
ЉглбЫбйЩжЮб
ЭЮЩглбЫбйЩжЮжЩ
баЫЮклбЮлзаЩнбдлуйЩ
ಱಯ
ZZZDHJFRP

ЌЙБЏББИЗРБКЛЋЉЖЎ
ИзрбклЫЩжЮжЩнбдлуйЩ
аЩеЩажбжб
АЩЭЩизрбклблЮнбдлуйЩ
1
КешжЩжЩнбдлуйЩк
ЩглбЫЮжЫуЬдЮж
ЋЖБЕЉЖБЎ
ಱ
ಯ
1
1
ЉдЩйеЩжЩнбдлуйЩ
ಱ
ಯ
АЩЭЩжмдбйЩлЮЩдЩйеЩлЩ
КешжЩжЩдЩеибргЩлЩ
/('

ಱಯಱ
ಯ
ЗИЉАЋЉЖЎЖЉЗГЗДЖЉЛЉКЙЎЍЉ
O
ZZZDHJFRP

6$'5ƾ$-
6,*851261(8387(,3267$9/-$1-(
23,6352,=92'$
69$.2'1(91$8325$%$
Î,ĢÈ(1-(,2'5Ŀ$9$1-(
=$6$95ơ(1(5(=8/7$7(
+YDODYDPQDRGDELUXRYRJ$(*SURL]YRGD3URL]YHOLVPRJDWDNRGDGXJR
JRGLQDEHVSULMHNRUQRUDGLSULPMHQRPLQRYDWLYQLKWHKQRORJLMDNRMHRODNģDYDMXŀLYRW
IXQNFLMHNRMHPRŀGDQHÉHWHSURQDÉLNRGRELÏQLKXUHÓDMD2GYRMLWHQHNROLNR
PLQXWDQDÏLWDQMHNDNRELVWHL]QMHJDL]YXNOLRQRQDMEROMH
3RVMHWLWHQDģHLQWHUQHWVNHVWUDQLFH
'RELWÉHWHVDYMHWHRNRULģWHQMXUMHģDYDQMXSUREOHPDEURģXUHLLQIRUPDFLMHR
VHUYLVXLSRSUDYFLPD
ZZZDHJFRPVXSSRUW
5HJLVWULUDMWHVYRMSURL]YRG]DEROMXXVOXJX
ZZZUHJLVWHUDHJFRP
.XSLWHGRGDWQXRSUHPXSRWURģQLPDWHULMDOLRULJLQDOQHUH]HUYQHGLMHORYH]D
VYRMXUHÓDM
ZZZDHJFRPVKRS
.25,61,Î.$6/8ƾ%$,6(59,6
8YLMHNNRULVWLWHRULJLQDOQH]DPMHQVNHGLMHORYH
.DGDNRQWDNWLUDWHQDģRYODģWHQLVHUYLVWUHEDWHLPDWLVOMHGHÉHSRGDWNH0RGHO
31&SDUWQXPEHUFRGHEURMÏDQDģLIUDGLMHODVHULMVNLEURM
3RGDFLVHPRJXQDÉLQDQD]LYQRMSORÏLFL
8SR]RUHQMHRSUH]VLJXUQRVQHLQIRUPDFLMH
2SÉHLQIRUPDFLMHLVDYMHWL
(NRORģNHLQIRUPDFLMH
=DGUŀDYDVHSUDYRQDL]PMHQH
6,*851261(8387(,3267$9/-$1-(
832=25(1-(
3RJOHGDMWHVLJXUQRVQXNQMLŀLFXV
XSXWDPD]DSRVWDYOMDQMHUDGLSRGDWDNDR
VLJXUQRVWLLSRVWDYOMDQMX3DŀOMLYR
SURÏLWDMWHSRJODYOMDRVLJXUQRVWLSULMH
XSRUDEHLOLRGUŀDYDQMDXUHÓDMD
+59$76.,

23,6352,=92'$
3UHJOHGXSUDYOMDÏNHSORÏH
1 2 3 4 5 6 7 8 9
8NOMLVNOM
3UYDEU]LQDPRWRUD
'UXJDEU]LQDPRWRUD
7UHÉDEU]LQDPRWRUD
0DNVLPDOQDEU]LQDPRWRUD
)XQNFLMD%UHH]H
3RGVMHWQLN]DILOWDU
)XQNFLMD]DSUHEDFLYDQMHL]SORÏH]D
NXKDQMHXQDSX
ĿDUXOMD
69$.2'1(91$8325$%$
8SRUDEDQDSH
3URYMHULWHSUHSRUXÏHQXEU]LQXSUHPD
WDEOLFLXQDVWDYNX
3ULOLNRP]DJULMDYDQMDKUDQHNXKDQMDVSRNULYHQLPSRಣ
VXGDPD
3ULOLNRPNXKDQMDVSRNULYHQLPSRVXGDPDQDYLģH]Rಣ
QDNXKDQMDLOLSODPHQLNDODJDQRSUŀHQMH
3ULOLNRPNOMXÏDQMDLSUŀHQMDYHOLNLKNROLÏLQDKUDQHEH]
SRNORSFDNXKDQMDQDYLģH]RQDNXKDQMDLOLSODPHQLಣ
ND
3ULOLNRPNOMXÏDQMDLSUŀHQMDYHOLNLKNROLÏLQHKUDQHEH]
SRNORSFDYLVRNDYODŀQRVW
2VYMHŀDYD]UDNXNXKLQMLQDNRQNXKDQMDQDYUORQLVNRM
UD]LQLEXNH0RŀHVHDNWLYLUDWLLGHDNWLYLUDWLGRGLURP
VLPEROD)XQNFLMDVHDXWRPDWVNLLVNOMXÏXMHQDNRQ
PLQXWD.RULVWLVHVDPRQDNRQNXKDQMD
3UHSRUXÏDVHRVWDYLWLQDSX
GDUDGLRNRPLQXWDQDNRQ
NXKDQMD
8SUDYOMDÏNDSORÏDMHSROMH
VHQ]RUD'RGLUQLWHVLPEROH
QDVHNXQGX]DDNWLYLUDQMH
IXQNFLMH
=DXSUDYOMDQMHQDSRP
ZZZDHJFRP

8NOMXÏLWHXUHÓDMSULWLVNRPVLPEROD
6DGPRŀHWHXNOMXÏLWLIXQNFLMH
=DXNOMXÏLYDQMHIXQNFLMHGRGLUQLWH
VLPERO
$NRMHSRWUHEQRGRGLUQLWHVLPERO]D
VYMHWOR
]DRVYMHWOMDYDQMHSRYUģLQH
]DNXKDQMH
=DLVNOMXÏLYDQMHXUHÓDMDSRQRYQR
SULWLVQLWHVLPERO
)XQNFLMDVSDMDQMDSORÏH
]DNXKDQMHLQDSH
7RMHDXWRPDWVNDIXQNFLMDNRMDSRYH]XMH
SORÏX]DNXKDQMHVNXKLQMVNRPQDSRP
3ORÏD]DNXKDQMHLNXKLQMVNDQDSDLPDMX
NRPXQLNDFLMXSUHNRLQIUDFUYHQRJVLJQDOD
%U]LQDYHQWLODWRUDDXWRPDWVNLVH
RGUHÓXMHQDWHPHOMXSRVWDYOMHQRJQDÏLQD
UDGDLWHPSHUDWXUHQDMWRSOLMHSRVXGHQD
SORÏL]DNXKDQMH9HQWLODWRURPPRŀHWHL
UXÏQRXSUDYOMDWLVSORÏH]DNXKDQMH
)XQNFLMDVHPRŀHDNWLYLUDWLVSORÏH]D
NXKDQMH
9LģHLQIRUPDFLMDRXSRUDEL
IXQNFLMHSRWUDŀLWHX
NRULVQLÏNRPSULUXÏQLNX]D
SORÏX
8NOMXÏLYDQMHPDNVLPDOQH
EU]LQHPRWRUD
.DGDSULWLVQHWHWLSNX PDNVLPDOQD
EU]LQDPRWRUDSRÏLQMHUDGLWLXWUDMDQMXRG
PLQXWD1DNRQWRJYUHPHQDXUHÓDMVH
YUDÉDQDVYRMHSUHWKRGQHSRVWDYNH
EU]LQH
.DGDMHIXQNFLMDXNOMXÏHQD
GRGDWQLGRGLUQDWLSNX
QHPDQLNDNDYXÏLQDN
8NOMXÏLYDQMHL
LVNOMXÏLYDQMHREDYLMHVWLR
ILOWUX
$ODUPILOWUDSRGVMHÉDQDSURPMHQXLOL
ÏLģÉHQMHILOWUDVXJOMHQRPLÏLģÉHQMHILOWUD
]DPDVQRÉX,QGLNDWRUILOWUD
MH
XNOMXÏHQFUYHQRVHNXQGLDNRVHILOWDU
]DPDVQRÉXPRUDRÏLVWLWL,QGLNDWRUILOWUD
EOMHVNDFUYHQRVHNXQGLDNRILOWDU
VXJOMHQRPWUHED]DPLMHQLWLLOLRÏLVWLWL
3RJOHGDMWHSRJODYOMH$ODUP
ILOWUDXSRJODYOMXR
RGUŀDYDQMXLÏLģÉHQMX
8NOMXÏLWHXSUDYOMDÏNXSORÏX
8YMHULWHVHGDVXLNRQHLVNOMXÏHQH
'DELVWHXNOMXÏLOLLOLLVNOMXÏLOLREDYLMHVWL
RILOWUXVXJOMHQRPGRGLUQLWH
QD
VHNXQGH
$NRMHREDYLMHVWRILOWUXV
XJOMHQRPXNOMXÏHQDLNRQD
ILOWUD
EOMHVNDFUYHQRSHW
SXWD
$NRMHREDYLMHVWRILOWUXV
XJOMHQRPLVNOMXÏHQDLNRQD
ILOWUD
EOMHVNDFUYHQRWUL
SXWD
Î,ơÈ(1-(,2'5ƾ$9$1-(
ÎLƢÉHQMHILOWUD]D
PDVQRÉX
6YDNLILOWDUPRUDVHÏLVWLWLQDMPDQMH
MHGQRPPMHVHÏQR)LOWULVHPRQWLUDMX
SRPRÉXNRSÏLL]DWLNDQDVXSURWQRM
VWUDQL
ÎLƢÉHQMHILOWUD
3RYXFLWHUXÏLFXQDILOWUXLVSRGQDSH
LODJDQRQDJQLWHSUHGQMLGLRILOWUD
SUHPDGROMH
1
+59$76.,

2ÏLVWLWHILOWUHSRPRÉXVSXŀYHV
GHWHUGŀHQWLPDNRMLQLVXDEUD]LYQLLOLX
VWURMX]DSUDQMHSRVXÓD
3HULOLFDPRUDELWLSRVWDYOMHQD
QDQLVNXWHPSHUDWXUXL
NUDWDNFLNOXV)LOWDU]D
PDVQRÉXPRŀHL]JXELWLERMX
QHPDXWMHFDMDQDUDG
XUHÓDMD
=DPRQWDŀXILOWUDVOLMHGLWHSUYDGYD
NRUDNDREUQXWLPUHGRVOLMHGRP
3RQRYLWHNRUDNH]DVYHILOWUHDNRMH
SULPMHQMLYR
=DPMHQDILOWUDVXJOMHQRP
832=25(1-(
)LOWDUVXJOMHQRPMHQHSHULY
9ULMHPH]DVLÉHQMDILOWUDVXJOMHQRPYDULUD
RYLVQRRYUVWLNXKDQMDLSUDYLOQRVWL
ÏLģÉHQMDILOWUD]DPDVQRÉX
=DPMHQDILOWUD
,]YDGLWHILOWUH]DPDVQRÉXL]XUHÓDMD
3RJOHGDMWHÎLģÉHQMHILOWUD]DPDVQRÉXX
RYRPSRJODYOMX
SULWLVQLWHMH]LÏDFLODJDQRQDJQLWH
SUHGQMLGLRILOWUD
1
1
'DELVWHLQVWDOLUDOLQRYLILOWDUL]YUģLWH
LVWHNRUDNHREUQXWLPUHGRVOLMHGRP
8VYDNRPVOXÏDMXSRWUHEQRMH]DPLMHQLWL
ILOWUHQDMPDQMHVYDNDÏHWLULPMHVHFD
$ODUPILOWUD
2XNOMXÏLYDQMXLLVNOMXÏLYDQMX
DODUPDILOWUDSRJOHGDMWHX
SRJODYOMX6YDNRGQHYQD
XSRUDED
3RJOHGDMWHRÏLģÉHQMXILOWUD
]DPDVQRÉXXRYRP
SRJODYOMX
3RJOHGDMWHÏLģÉHQMHILOWUDV
XJOMHQRPLOL]DPMHQXILOWUDV
XJOMHQRPRYLVLRYUVWLILOWUD
=DSRQRYQRSRVWDYOMDQMHDODUPD
'RGLUQLWH
XWUDMDQMXRGVHNXQGH
=DPMHQDƿDUXOMH
2YDMXUHÓDMRSUHPOMHQMH/('ŀDUXOMRP
2YDMGLRPRŀH]DPLMHQLWLVDPRWHKQLÏDU
8VOXÏDMXELORNDNYHQHLVSUDYQRVWL
SRJOHGDMWH6HUYLVXSRJODYOMX
6LJXUQRVQHXSXWH
%5,*$=$2.2/,ơ
5HFLNOLUDMWHPDWHULMDOHVDVLPERORP
$PEDODŀX]DUHFLNOLUDQMHRGORŀLWHX
SULNODGQHVSUHPQLNH3RPR]LWHX]DģWLWL
RNROLģDLOMXGVNRJ]GUDYOMDNDRLX
UHFLNOLUDQMXRWSDGDRGHOHNWULÏQLKL
HOHNWURQLÏNLKXUHÓDMD8UHÓDMHR]QDÏHQH
VLPERORP
QHEDFDMWH]DMHGQRVNXÉQLP
RWSDGRP3URL]YRGRGQHVLWHQDORNDOQR
UHFLNODŀQRPMHVWRLOLNRQWDNWLUDMWH
QDGOHŀQXVOXŀEX
ZZZDHJFRP

2%6$+
%(=3(Î12671,1)250$&($,167$/$&(
323,66327Ě(%,Î(
'(11328Ŀ91
Î,Ģ7Ü1$'5Ŀ%$
352'2.21$/96/('.<
'ÝNXMHPHY£PŀHMVWHVL]YROLOLY¿UREHN]QDÏN\$(*$E\Y£PEH]FK\EQÝVORXŀLO
PQRKROHWY\URELOLMVPHMHMVSRPRF¯LQRYDWLYQ¯FKWHFKQRORJL¯NWHU«XVQDGĊXM¯
ŀLYRWDY\EDYLOLIXQNFHPLNWHU«XRE\ÏHMQ¿FKVSRWěHELÏıQHVS¯ģQHQDMGHWH$E\
Y£PVORXŀLOFRQHMO«SHVWDϯYÝQRYDWS£UPLQXWÏWHQ¯
1DYģWLYWHQDģHZHERY«VWU£QN\
5DG\NSRXŀ¯Y£Q¯EURŀXU\SRUDGFHSěLSRW¯ŀ¯FKDLQIRUPDFHRVHUYLVXD
RSUDY£FK]¯VN£WHQD
ZZZDHJFRPVXSSRUW
=DUHJLVWUXMWHVYıMVSRWěHELÏD]¯VNHMWHOHSģ¯VHUYLV
ZZZUHJLVWHUDHJFRP
1£NXSSě¯VOXģHQVWY¯VSRWěHEQ¯KRPDWHUL£OXDRULJLQ£OQ¯FKQ£KUDGQ¯FKG¯OıSUR
Y£ģVSRWěHELÏ
ZZZDHJFRPVKRS
3Î(2=.$=1.<$6(59,6
'RSRUXÏXMHPHSRXŀ¯YDWRULJLQ£OQ¯Q£KUDGQ¯G¯O\
9Sě¯SDGÝNRQWDNWRY£Q¯QDģHKRDXWRUL]RYDQ«KRVHUYLVQ¯KRVWěHGLVNDPÝMWHXVHEH
Q£VOHGXM¯F¯¼GDMH0RGHOY¿UREQ¯Ï¯VORV«ULRY«Ï¯VOR
7\WRLQIRUPDFHQDOH]QHWHQDW\SRY«PģW¯WNX
9DURY£Q¯'ıOHŀLW«EH]SHÏQRVWQ¯LQIRUPDFH
9ģHREHFQ«LQIRUPDFHDUDG\
,QIRUPDFHRRFKUDQÝŀLYRWQ¯KRSURVWěHG¯
=P×Q\Y\KUD]HQ\
%(=3(Î12671,1)250$&($,167$/$&(
9$5291
%H]SHÏQRVWQ¯LQIRUPDFHDLQVWDODFL
QDOH]QHWHYVDPRVWDWQ£Sě¯UXÏFHV
SRN\Q\NLQVWDODFL3ěHGMDN¿PNROLY
SRXŀLW¯PÏL¼GUŀERXVSRWěHELÏHVLSHÏOLYÝ
SěHÏWÝWHNDSLWRO\REH]SHÏQRVWL
Î(6.<

323,66327Ě(%,Î(
3ěHKOHGRYO£GDF¯KRSDQHOX
1 2 3 4 5 6 7 8 9
=DS9\S
3UYQ¯QDVWDYHQ¯RW£ÏHNPRWRUX
'UXK«QDVWDYHQ¯RW£ÏHNPRWRUX
7ěHW¯QDVWDYHQ¯RW£ÏHNPRWRUX
0D[LP£OQ¯QDVWDYHQ¯RW£ÏHNPRWRUX
)XQNFH%UHH]H
3ěLSRP¯QNDILOWUX
)XQNFH+REWR+RRG
2VYÝWOHQ¯
'(11328ƾ91
3RXƿ¯Y£Q¯RGVDYDÏHSDU
'RSRUXÏHQ«RW£ÏN\QDOH]QHWHYQ¯ŀH
XYHGHQ«WDEXOFH
3ěLRKěHYXM¯GODSěLYDěHQ¯VH]DNU\W¿PLQ£GREDPL
3ěLYDěHQ¯VH]DNU\W¿PLQ£GREDPLQDY¯FHYDUQ¿FK]µಣ
Q£FKQHERKRě£F¯FKSěLP¯UQ«PVPDŀHQ¯
3ěLYDěHQ¯YRG\DVPDŀHQ¯YHON«KRPQRŀVWY¯M¯GOD
EH]SRNOLFHSěLYDěHQ¯QDY¯FHYDUQ¿FK]µQ£FKQHER
KRě£F¯FK
3ěLYDěHQ¯YRG\DVPDŀHQ¯YHON«KRPQRŀVWY¯M¯GOD
EH]SRNOLFHSěLY\VRN«YOKNRVWL
2VYÝŀXMHY]GXFKYNXFK\QLSRYDěHQ¯SěLYHOPLQ¯]N«
KODGLQÝKOXNX)XQNFLO]H]DSQRXWDY\SQRXWVWLVNQXಣ
W¯PV\PEROX)XQNFHVHDXWRPDWLFN\Y\SQHSRPLಣ
QXW£FK3RXŀ¯YHMWHSRX]HSRYDěHQ¯
'RSRUXÏXMHVHQHFKDW
RGVDYDÏSDU]DSQXW¿MHģWÝ
SěLEOLŀQÝPLQXWSR
GRNRQÏHQ¯Sě¯SUDY\M¯GOD
2YO£GDF¯SDQHOMHVHQ]RURY«
WODϯWNR)XQNFH]DSQHWH
VWLVNQXW¯PSě¯VOXģQ«KR
V\PEROXQDVHNXQGX
-DNXY«VWGRSURYR]XRGVDYDÏSDU
6SRWěHELÏ]DSQHWHVWLVNQXW¯P
V\PEROX
ZZZDHJFRP

1\Q¯PıŀHWH]DSQRXWIXQNFH
.]DSQXW¯IXQNFHVWLVNQÝWHV\PERO
9Sě¯SDGÝSRWěHE\VWLVNQÝWHV\PERO
RVYÝWOHQ¯
SURRVYÝWOHQ¯YDUQ«
SORFK\
6SRWěHELÏY\SQHWHRSÝWRYQ¿PVWLVNQXW¯P
V\PEROX
)XQNFH+REWR+RRG
-HGQ£VHRDXWRPDWLFNRXIXQNFLNWHU£
VSRM¯YDUQRXGHVNXVRGVDYDÏHPSDU
-DNYDUQ£GHVNDWDNRGVDYDÏSDUMVRX
Y\EDYHQ\LQIUDÏHUYHQ¿PY\V¯ODÏHP
5\FKORVWYHQWLO£WRUXVHě¯G¯DXWRPDWLFN\
QD]£NODGQÝUHŀLPXQDVWDYHQ¯DWHSORW\
QHMWHSOHMģ¯YDUQ«Q£GRE\QDYDUQ«GHVFH
9HQWLO£WRUO]HWDN«SURVWěHGQLFWY¯PYDUQ«
GHVN\RYO£GDWUXÏQÝ)XQNFLO]H]DSQRXW
]SDQHOXYDUQ«GHVN\
'DOģ¯LQIRUPDFHRSRXŀLW¯
IXQNFHQDMGHWHYQ£YRGXN
SRXŀLW¯YDUQ«GHVN\
$NWLYDFHPD[LP£OQ¯FK
RW£ÏHNPRWRUX
.G\ŀVWLVNQHWHWODϯWNR PRWRUEXGH
ģHVWPLQXWSUDFRYDWSěLPD[LP£OQ¯FK
RW£ÏN£FK3RW«WRGREÝVHVSRWěHELÏYU£W¯
NSěHGFKR]¯PXQDVWDYHQ¯RW£ÏHN
.G\ŀMHIXQNFHVSXģWÝQ£
GDOģ¯VWLVNQXW¯WODϯWND
QHP£ŀ£GQ¿YOLY
=DSQXW¯DY\SQXW¯
XSR]RUQÝQ¯QDY¿PÝQXILOWUX
.RQWURONDY¿VWUDK\ILOWUXXSR]RUĊXMHQD
QXWQRVWY¿PÝQ\QHERY\ÏLģWÝQ¯
XKO¯NRY«KRILOWUXDY\ÏLģWÝQ¯WXNRY«KR
ILOWUX3RNXGNRQWURONDILOWUX
VY¯W¯
ÏHUYHQÝVHNXQGMHQXWQ«Y\ÏLVWLW
WXNRY¿ILOWU3RNXGNRQWURONDILOWUX
EOLN£
ÏHUYHQÝVHNXQGMHQXWQ«Y\PÝQLW
QHERY\ÏLVWLWXKO¯NRY¿ILOWU
ĚLÑWHVHÏ£VW¯W¿NDM¯F¯VH
Y¿VWUDK\ILOWUXYNDSLWROH
ಱÎLģWÝQ¯D¼GUŀEDಯ
=DSQÝWHRYO£GDF¯SDQHO
8MLVWÝWHVHŀHLNRQ\QHVY¯W¯
8SR]RUQÝQ¯QDY¿PÝQXXKO¯NRY«KR
ILOWUX]DSQHWHQHERY\SQHWH
VWLVNQXW¯PWODϯWND
QDWěLVHNXQG\
-HOLXSR]RUQÝQ¯QDY¿PÝQX
XKO¯NRY«KRILOWUX]DSQXW«
LNRQDILOWUX
ÏHUYHQÝ
SÝWNU£W]DEOLN£
-HOLXSR]RUQÝQ¯QDY¿PÝQX
XKO¯NRY«KRILOWUXY\SQXW«
LNRQDILOWUX
ÏHUYHQÝ
WěLNU£W]DEOLN£
Î,ơ7Ü1$'5ƾ%$
ÎLƢWÝQ¯WXNRY«KRILOWUX
-HGQRWOLY«ILOWU\MHQXWQ«ÏLVWLWDOHVSRĊ
MHGQRX]DPÝV¯F)LOWU\MVRXXFK\FHQ\QD
SURWÝMģ¯VWUDQÝSRPRF¯¼FK\WHNDVYRUHN
ÎLƢWÝQ¯ILOWUX
=DW£KQÝWH]DGUŀDGORQDILOWUXSRG
RGVDYDÏHPSDUDSěHGQ¯Ï£VWILOWUX
QDNORSWHP¯UQÝGROı
1
)LOWU\RP\MWHSRPRF¯KRXELÏN\V
QHDEUD]LYQ¯PLÏLVWLF¯PLSURVWěHGN\
QHERSRXŀLMWHP\ÏNXQ£GRE¯
Î(6.<

0\ÏNDQ£GRE¯PXV¯E¿W
QDVWDYHQDQDQ¯]NRXWHSORWX
DNU£WN¿SURJUDP8
WXNRY«KRILOWUXPıŀHGRM¯WN
EDUHYQ«]PÝQÝDOHQHP£WR
ŀ£GQ¿YOLYQDY¿NRQ
VSRWěHELÏH
3ěLLQVWDODFLILOWUı]SÝWSURYHÑWHSUYQ¯
GYDNURN\SRVWXSXYRSDÏQ«P
SRěDG¯
9Sě¯SDGÝSRWěHE\RSDNXMWHSRVWXSX
YģHFKILOWUı
9¿PÝQDXKO¯NRY«KRILOWUX
9$5291
8KO¯NRY¿ILOWUMH
QHRP\YDWHOQ¿
'REDQDV\FHQ¯XKO¯NRY«KRILOWUXVHOLģ¯Y
]£YLVORVWLQDW\SXSě¯SUDY\M¯GODDÏHWQRVWL
ÏLģWÝQ¯WXNRY«KRILOWUX
9¿PÝQDILOWUX
9\MPÝWHWXNRY«ILOWU\]HVSRWěHELÏH
9L]ಱÎLģWÝQ¯WXNRY«KRILOWUXಯYW«WR
NDSLWROH
6WLVNQÝWH]RXEHNDP¯UQÝ
QDNORSWHSěHGQ¯Ï£VWILOWUX
1
1
3ěLLQVWDODFLQRY«KRILOWUXSURYHÑWH
VWHMQ¿SRVWXSYRSDÏQ«PSRěDG¯
9NDŀG«PSě¯SDGÝMHQXWQ«PÝQLWILOWU\
QHMP«QÝNDŀG«ÏW\ěLPÝV¯FH
9¿VWUDKDILOWUX
9L]]DSQXW¯DY\SQXW¯ILOWUXY
NDSLWROHಱ'HQQ¯SRXŀ¯Y£Q¯ಯ
9L]ಱÎLģWÝQ¯WXNRY«KRILOWUXಯY
W«WRNDSLWROH
9L]SRN\Q\NÏLģWÝQ¯
XKO¯NRY«KRILOWUXQHER
Y¿PÝQÝXKO¯NRY«KRILOWUXY
]£YLVORVWLQDW\SXILOWUX
5HVHWRY£Q¯Y¿VWUDK\
1DWěLVHNXQG\VWLVNQÝWH
9¿PÝQDƿ£URYN\
6SRWěHELÏVHGRG£Y£Vŀ£URYNRXW\SX
/('7HQWRG¯OVP¯Y\PÝQLWSRX]H
ģNROHQ¿WHFKQLN9Sě¯SDGÝMDN«NROLY
]£YDG\YL]Ï£VWಱ6HUYLVಯYNDSLWROH
ಱ%H]SHÏQRVWQ¯SRN\Q\ಯ
32=10.<.2&+5$1Üƾ,9271+235267Ě('
5HF\NOXMWHPDWHUL£O\R]QDÏHQ«
V\PEROHP
2EDO\Y\KRÑWHGR
Sě¯VOXģQ¿FKRGSDGQ¯FKNRQWHMQHUıN
UHF\NODFL3RP£KHMWHFKU£QLWŀLYRWQ¯
SURVWěHG¯DOLGVN«]GUDY¯DUHF\NORYDW
HOHNWULFN«DHOHNWURQLFN«VSRWěHELÏH
XUÏHQ«NOLNYLGDFL6SRWěHELÏHR]QDÏHQ«
Sě¯VOXģQ¿PV\PEROHP
QHOLNYLGXMWH
VSROXVGRPRYQ¯PRGSDGHP6SRWěHELÏ
RGHY]GHMWHYP¯VWQ¯PVEÝUQ«PGYRěH
QHERNRQWDNWXMWHP¯VWQ¯¼ěDG
ZZZDHJFRP

,1'+2/'6)257(*1(/6(
6,..(5+('6,1)250$7,212*,167$//$7,21
352'8.7%(6.5,9(/6(
'$*/,*%58*
9('/,*(+2/'(/6(2*5(1*5,1*
7,/3(5)(.7(5(68/7$7(5
7DNIRUGLGXYDOJWHGHWWH$(*SURGXNW9LKDUVNDEWGHWIRUDWJLYHGLJXS§NODJHOLJ
\GHHYQHLPDQJH§UPHGLQQRYDWLYHWHNQRORJLHUVRPJºUOLYHWOHWWHUHದIXQNWLRQHU
VRPGXP§VNHLNNHILQGHUS§DOPLQGHOLJHDSSDUDWHU%UXJHWSDUPLQXWWHUS§DW
O¨VHPHUHದV§GXNDQI§GHWEHGVWHXGDIGHW
%HVºJYRUHVKMHPPHVLGHIRUDW
I§U§GJLYQLQJEURFKXUHUIHMOILQGLQJVHUYLFHRJUHSDUDWLRQVLQIRUPDWLRQ
ZZZDHJFRPVXSSRUW
5HJLVWU«UGLWSURGXNWIRUDWI§EHGUHVHUYLFH
ZZZUHJLVWHUDHJFRP
.ºEWLOEHKºUIRUEUXJVYDUHURJRULJLQDOHUHVHUYHGHOHWLOGLWDSSDUDW
ZZZDHJFRPVKRS
.81'(3/(-(2*6(59,&(
%UXJDOWLGRULJLQDOHUHVHUYHGHOH
6ºUJIRUDWKDYHIºOJHQGHGDWDNODUQ§UGXNRQWDNWHUYRUHVDXWRULVHUHGH
VHUYLFHFHQWHU0RGHO31&VHULHQXPPHU
2SO\VQLQJHUQHILQGHVS§W\SHVNLOWHW
$GYDUVHOIRUVLJWLJVLNNHUKHGVDQYLVQLQJHU
*HQHUHOOHRSO\VQLQJHURJU§G
0LOMºRSO\VQLQJHU
5HWWLO¨QGULQJHUXGHQYDUVHOIRUEHKROGHV
6,..(5+('6,1)250$7,212*,167$//$7,21
$'9$56(/
6HGHWVHSDUDWHK¨IWHPHG
LQVWDOODWLRQVLQVWUXNWLRQHUIRU
VLNNHUKHGVLQIRUPDWLRQRJLQVWDOODWLRQ
/¨VNDSLWOHUQHRPVLNNHUKHG
RPK\JJHOLJWLQGHQHQKYHUEUXJHOOHU
YHGOLJHKROGHOVHDIDSSDUDWHW
'$16.

352'8.7%(6.5,9(/6(
2YHUVLJWRYHUEHWMHQLQJVSDQHO
1 2 3 4 5 6 7 8 9
7¨QGVOXN
)ºUVWHPRWRUKDVWLJKHG
$QGHQPRWRUKDVWLJKHG
7UHGMHPRWRUKDVWLJKHG
0DNVKDVWLJKHG
%O¨VHIXQNWLRQ
)LOWHUS§PLQGHOVH
+REWR+RRGIXQNWLRQ
/DPSH
'$*/,*%58*
%UXJDIHPK¨WWHQ
.RQWUROOHUGHQDQEHIDOHGHKDVWLJKHGL
KHQKROGWLOQHGHQVW§HQGHWDEHO
2SYDUPQLQJDIPDGRJWLOEHUHGQLQJPHGJU\GHUPHG
O§JS§
7LOEHUHGQLQJDIPDGLJU\GHUPHGO§JS§S§IOHUHNRಣ
JH]RQHUHOOHUEOXVOHWVWHJQLQJ
.RJQLQJRJVWHJQLQJDIVWRUHP¨QJGHUPDGXGHQO§J
S§PDGWLOEHUHGQLQJS§IOHUHNRJH]RQHUHOOHUEOXV
.RJQLQJRJVWHJQLQJDIVWRUHP¨QJGHUPDGXGHQO§J
S§PHJHQIXJW
)ULVNHUOXIWHQRSLNºNNHQHWHIWHUWLOEHUHGQLQJYHGHW
PHJHWODYWVWºMQLYHDX'HQNDQDNWLYHUHVRJGHDNWLYHಣ
UHVYHGDWEHUºUHV\PEROHW)XQNWLRQHQVOXNNHUDXWRಣ
PDWLVNHIWHUPLQXWWHU%UXJNXQHIWHUWLOEHUHGQLQJ
9LDQEHIDOHUDWPDQODGHU
HPK¨WWHQNºUHYLGHUHLFD
PLQXWWHUHIWHU
PDGODYQLQJHQ
%HWMHQLQJVSDQHOHWHUHW
VHQVRUIHOW7U\NS§
V\PEROHUQHLVHNXQGIRUDW
DNWLYHUHIXQNWLRQHUQH
)RUDWEHWMHQHHPK¨WWHQ
7¨QGDSSDUDWHWYHGDWWU\NNHS§
V\PEROHW
1XNDQGXDNWLYHUHIXQNWLRQHUQH
%HUºUV\PEROHWIRUDWDNWLYHUH
IXQNWLRQHQ
+YLVGHWHUQºGYHQGLJWEHUºUHV
O\VLNRQHW
IRUDWRSO\VH
PDGODYQLQJVRYHUIODGHQ
ZZZDHJFRP

6OXNIRUDSSDUDWHWYHGDWWU\NNHS§LNRQHW
LJHQ
.RPIXUWLOHPK¨WWH
IXQNWLRQ
'HWHUHQDYDQFHUHWDXWRPDWLVNIXQNWLRQ
VRPIRUELQGHUNRJHVHNWLRQHQWLOHQV¨UOLJ
HPK¨WWH%§GHNRJHVHNWLRQHQRJ
HPK¨WWHQKDUHQLQIUDUºG
VLJQDONRPPXQLNDWRU%O¨VHUHQV
KDVWLJKHGGHILQHUHVDXWRPDWLVNS§
EDJJUXQGDIIXQNWLRQHQVLQGVWLOOLQJRJ
WHPSHUDWXUHQDIGHWYDUPHVWHNRJHJUHM
S§NRJHVHNWLRQHQ'XNDQRJV§EHWMHQH
EO¨VHUHQPDQXHOWIUDNRJHVHNWLRQHQ
)XQNWLRQHQDNWLYHUHVIUDNRPIXUSDQHOHW
1¨UPHUHRSO\VQLQJHURP
NRJHVHNWLRQHQILQGHUGXL
GHQWLOKºUHQGH
EUXJVYHMOHGQLQJ
$NWLYHULQJDIPDNVLPDO
PRWRUKDVWLJKHG
1§UGXWU\NNHUS§NQDSSHQ EHJ\QGHU
PDNVLPDOPRWRUKDVWLJKHGRJGHQYDUHUL
PLQXWWHU'HUHIWHUYHQGHUDSSDUDWHW
WLOEDJHWLOVLQHWLGOLJHUH
KDVWLJKHGVLQGVWLOOLQJHU
0HQVIXQNWLRQHQHULJDQJ
KDU\GHUOLJHUHWU\NS§
NQDSSHQ
LQJHQHIIHNW
$NWLYHULQJRJ
GHDNWLYHULQJDI
ILOWHUQRWLILNDWLRQHU
)LOWHUDODUPHUPLQGHUEUXJHUHQRPDW
VNLIWHHOOHUUHQJºUHNXOILOWHUHWRJRPDW
UHQJºUHIHGWILOWHUHW)LOWHULQGLNDWRUHQ
W¨QGHUUºGLVHNXQGHUKYLV
IHGWILOWHUHWVNDOUHQJºUHV
)LOWHULQGLNDWRUHQ
EOLQNHUUºGL
VHNXQGHUKYLVNXOILOWHUHWVNDOXGVNLIWHV
HOOHUUHQJºUHV
9LKHQYLVHUWLOWHNVWHQRP
ILOWHUDODUPLDIVQLWWHWRPSOHMH
RJUHQJºULQJ
7¨QGEHWMHQLQJVSDQHOHW
6ºUJIRUDWLRQHUQHHUVOXNNHGH
)RUDWDNWLYHUHHOOHUGHDNWLYHUH
QRWLILNDWLRQHURPNXOILOWHUHWEHUºUHV
LVHNXQGHU
+YLVQRWLILNDWLRQHURP
NXOILOWHUHWHUDNWLYHUHWEOLQNHU
ILOWHULNRQHW
UºGWLIHP
VHNXQGHU
+YLVQRWLILNDWLRQHURP
NXOILOWHUHWHUGHDNWLYHUHW
EOLQNHUILOWHULNRQHW
UºGWL
WUHVHNXQGHU
9('/,*(+2/'(/6(2*5(1*5,1*
5HQJºULQJDIIHGWILOWHUHW
+YHUWILOWHUVNDOUHQJºUHVPLQGVWHQJDQJ
RPP§QHGHQ)LOWUHQHHUPRQWHUHWPHG
FOLSVRJVWLIWHULGHQPRGVDWWHVLGH
5HQJºULQJDIILOWUHW
7U¨NLJUHEHWS§ILOWHUHWXQGHU
HPK¨WWHQRJYLSIRUHQGHQDI
ILOWHUHWHQVPXOHQHGDG
1
5HQJºUILOWUHQHPHGHQVYDPSPHG
LNNHVNXUUHQGHUHQJºULQJVPLGOHUHOOHU
LRSYDVNHPDVNLQHQ
'$16.

2SYDVNHPDVNLQHQVNDOY¨UH
LQGVWLOOHWWLOODYHWHPSHUDWXUHU
RJHQNRUWF\NOXV)HGWILOWHUHW
NDQEOLYHPLVIDUYHWPHQGHW
KDULQJHQLQGYLUNQLQJS§
ILOWHUHWV\GHOVH
)LOWUHQHPRQWHUHVLJHQYHGDWPDQ
IºOJHUGHIºUVWHWRWULQLRPYHQGW
U¨NNHIºOJH
*HQWDJGHWWHS§DOOHGHILOWUHKYRUGHWHU
UHOHYDQW
8GVNLIWQLQJDINXOILOWHU
$'9$56(/
.XOILOWHUHWNDQLNNHYDVNHV
.XOILOWHUHWVKROGEDUKHGDIK¨QJHUDI
W\SHQDIPDGODYQLQJRJKYRURIWH
IHGWILOWUHQHUHQJºUHV
6§GDQXGVNLIWHVILOWHUHW
)MHUQIHGWILOWUHQHIUDDSSDUDWHW
9LKHQYLVHUWLODIVQLWWHWರ5HQJºULQJDI
IHGWILOWHUHWರ
7U\NS§VWLIWHQRJYLSIRUVLGHQDI
ILOWHUHWOHW
1
1
1§UGXVNDOLQVWDOOHUHGHWQ\HILOWHU
JHQWDJHVSURFHGXUHQLRPYHQGW
U¨NNHIºOJH
'HWHUXQGHUDOOHRPVW¨QGLJKHGHU
QºGYHQGLJWDWXGVNLIWHILOWUHQHPLQGVW
KYHUIMHUGHP§QHG
)LOWHUDODUP
9LKHQYLVHUWLODNWLYHULQJRJ
GHDNWLYHULQJDIILWHUDODUPHQL
DIVQLWWHWRPGDJOLJWEUXJ
9LKHQYLVHUWLODIVQLWWHWRP
UHQJºULQJDIILOWHU
9LKHQYLVHUWLODIVQLWWHWRP
NXOILOWHUHWHOOHUXGVNLIWQLQJDI
NXOILOWHUHWDIK¨QJHUDI
ILOWHUW\SHQ
6§GDQQXOVWLOOHVDODUPHQ
5ºUYHG
LVHNXQGHU
8GVNLIWQLQJDIS¨UHQ
'HWWHDSSDUDWHUIRUV\QHWPHG/('
ODPSH'HQQHGHOP§NXQXGVNLIWHVDI
WHNQLNHUHQ9HGIXQNWLRQVIHMOIºOJHV
6HUYLFHLNDSLWOHW
6LNNHUKHGVYHMOHGQLQJ
0,/-+(16<1
*HQEUXJPDWHULDOHUPHGV\PEROHW
$QEULQJHPEDOODJHPDWHULDOHWLSDVVHQGH
EHKROGHUHWLOJHQEUXJ+M¨OSPHGDW
EHVN\WWHPLOMºHWRJPHQQHVNHOLJ
VXQGKHGVDPWDWJHQEUXJHDIIDOGDI
HOHNWULVNHRJHOHNWURQLVNHDSSDUDWHU
.DVVHULNNHDSSDUDWHUGHUHUP¨UNHW
PHGV\PEROHW
VDPPHQPHG
KXVKROGQLQJVDIIDOGHW/HYHUSURGXNWHW
WLOEDJHWLOGLQORNDOHJHQEUXJVSODGVHOOHU
NRQWDNWGLQNRPPXQH
ZZZDHJFRP

,1+28'623*$9(
9(,/,*+(,'6,1)250$7,((1,167$//$7,(
%(6&+5,-9,1*9$1+(7352'8&7
'$*(/,-.6*(%58,.
21'(5+28'(15(,1,*,1*
92253(5)(&7(5(68/7$7(1
%HGDQNWGDWMHYRRUGLW$(*SURGXFWKHEWJHNR]HQ:HKHEEHQKHWJHFUHHUGRP
MDUHQODQJRQEHULVSHOLMNHSUHVWDWLHVWHOHYHUHQPHWLQQRYDWLHYHWHFKQRORJLHQGLH
KHWOHYHQHHQYRXGLJHUPDNHQದIXQFWLHVGLHMHZHOOLFKWQLHWRSJHZRQHDSSDUDWHQ
DDQWUHIW1HHPHHQSDDUPLQXWHQGHWLMGRPKHWEHVWHXLWKHWDSSDUDDWWHKDOHQ
*DQDDURQ]HZHEVLWHYRRU
$GYLHVRYHUJHEUXLNEURFKXUHVKHWRSORVVHQYDQSUREOHPHQVHUYLFHHQ
UHSDUDWLHLQIRUPDWLH
ZZZDHJFRPVXSSRUW
5HJLVWUHHUMHSURGXFWYRRUHHQEHWHUHVHUYLFH
ZZZUHJLVWHUDHJFRP
.RRSDFFHVVRLUHVYHUEUXLNVDUWLNHOHQHQRULJLQHOHUHVHUYHRQGHUGHOHQYRRUMH
DSSDUDDW
ZZZDHJFRPVKRS
./$17(16(59,&((16(59,&(
*HEUXLNDOWLMGRULJLQHOHRQGHUGHOHQ
$OVXFRQWDFWRSQHHPWPHWRQ]HHUNHQGHVHUYLFHGLHQVW]RUJHUGDQYRRUGDWXGH
YROJHQGHJHJHYHQVWRWXZEHVFKLNNLQJKHEW0RGHO31&VHULHQXPPHU
'HLQIRUPDWLHYLQGWXRSKHWW\SHSODDWMH
:DDUVFKXZLQJHQHQYHLOLJKHLGVLQIRUPDWLH
$OJHPHQHLQIRUPDWLHHQWLSV
0LOLHXLQIRUPDWLH
:LM]LJLQJHQYRRUEHKRXGHQ
9(,/,*+(,'6,1)250$7,((1,167$//$7,(
:$$56&+8:,1*
5DDGSOHHJKHWDSDUWHLQVWDOODWLH
LQVWUXFWLHERHNMHYRRU
YHLOLJKHLGVLQIRUPDWLHHQLQVWDOODWLH/HHV
GHKRRIGVWXNNHQRYHU9HLOLJKHLG
]RUJYXOGLJGRRUYRRUGDWXKHWDSSDUDDW
JHEUXLNWRIRQGHUKRXGW
1('(5/$1'6

%(6&+5,-9,1*9$1+(7352'8&7
2YHU]LFKWEHGLHQLQJVSDQHHO
1 2 3 4 5 6 7 8 9
$DQXLW
(HUVWHPRWRUVQHOKHLG
7ZHHGHPRWRUVQHOKHLG
'HUGHPRWRUVQHOKHLG
0D[LPDOHPRWRUVQHOKHLG
%HYULHVIXQFWLH
)LOWHUKHULQQHULQJ
.RRNSODDWQDDUNDSIXQFWLH
/DPS
'$*(/,-.6*(%58,.
'HNDSJHEUXLNHQ
&RQWUROHHUGHDDQEHYROHQVQHOKHLG
YROJHQVRQGHUVWDDQGHWDEHO
7LMGHQVKHWRSZDUPHQYDQYRHGVHONRNHQPHWSRWWHQ
PHWGHNVHO
7LMGHQVKHWNRNHQPHWSRWWHQPHWGHNVHORSPHHUGHಣ
UHNRRN]RQHVRIEUDQGHUV]DFKWMHVEDNNHQ
7LMGHQVKHWNRNHQHQEDNNHQYDQJURWHKRHYHHOKHGHQ
YRHGVHO]RQGHUGHNVHONRNHQRSPHHUGHUHNRRN]Rಣ
QHVRIEUDQGHUV
7LMGHQVKHWNRNHQHQEDNNHQYDQJURWHKRHYHHOKHGHQ
YRHGVHO]RQGHUGHNVHOJURWHOXFKWYRFKWLJKHLG
)ULVWRSHHQODDJJHOXLGVQLYHDXQDKHWNRNHQGHOXFKW
LQNHXNHQRS+HWDSSDUDDWNDQZRUGHQLQHQXLWJHಣ
VFKDNHOGGRRUKHWV\PERRODDQWHUDNHQ'HIXQFWLH
VFKDNHOWDXWRPDWLVFKXLWQDPLQXWHQ$OOHHQJHಣ
EUXLNHQQDKHWNRNHQ
+HWZRUGWDDQEHYROHQRPGH
NDSRQJHYHHUPLQXWHQQD
KHWNRNHQDDQWHODWHQVWDDQ
+HWEHGLHQLQJVSDQHHOLVHHQ
VHQVRUYHOG5DDNGH
V\PEROHQJHGXUHQGH
VHFRQGHDDQRPGHIXQFWLHV
LQWHVFKDNHOHQ
2PGHNDS
ZZZDHJFRP

=HWKHWDSSDUDDWDDQGRRURSKHW
V\PERRO
WHGUXNNHQ
-HNXQWQXGHIXQFWLHVDFWLYHUHQ
5DDNRPGHIXQFWLHLQWHVFKDNHOHQ
KHWV\PERRODDQ
'UXNLQGLHQQRGLJRSKHWOLFKWV\PERRO
RPKHWNRRNRSSHUYODNWH
YHUOLFKWHQ
2PKHWDSSDUDDWXLWWHVFKDNHOHQGUXNMH
RSQLHXZRSKHWV\PERRO
.RRNSODDWQDDUNDS
IXQFWLH
+HWLVHHQDXWRPDWLVFKHIXQFWLHGLHGH
NRRNSODDWRSHHQDI]XLJNDSDDQVOXLW
=RZHOGHNRRNSODDWDOVGHDI]XLJNDS
KHHIWHHQLQIUDURRGRQWYDQJHU'H
VQHOKHLGYDQGHYHQWLODWRUZRUGW
DXWRPDWLVFKEHSDDOGRSEDVLVYDQGH
PRGXVLQVWHOOLQJHQGHWHPSHUDWXXUYDQ
GHKHHWVWHSDQRSGHNRRNSODDW8NXQW
GHYHQWLODWRUYDQGHNRRNSODDWRRN
KDQGPDWLJEHGLHQHQ'HIXQFWLHNDQ
ZRUGHQJHDFWLYHHUGYDQDIKHWSDQHHOYDQ
GHNRRNSODDW
9RRUPHHULQIRUPDWLHRYHU
KHWJHEUXLNYDQGHNRRNSODDW
UDDGSOHHJWXGH
JHEUXLNVDDQZLM]LQJYDQGH
NRRNSODDW
0D[LPDOHPRWRUVQHOKHLG
DFWLYHUHQ
:DQQHHUXRSGHNQRS GUXNWEHJLQW
GHPD[LPDOHPRWRUVQHOKHLGJHGXUHQGH
PLQXWHQWHZHUNHQ'DDUQDNHHUWKHW
DSSDUDDWWHUXJQDDUGHYRULJH
VQHOKHLGVLQVWHOOLQJHQ
:DQQHHUGHIXQFWLHLV
LQJHVFKDNHOGKHHIWHHQ
H[WUDDDQUDNLQJYDQGHNQRS
JHHQHIIHFW
)LOWHUPHOGLQJDFWLYHUHQHQ
GHDFWLYHUHQ
+HWILOWHUDODUPKHULQQHUWXHUDDQRPGH
NRROILOWHUWHYHUYDQJHQRIWHUHLQLJHQHQ
GHYHWILOWHUWHUHLQLJHQ+HW
FRQWUROHODPSMHYDQGHILOWHU
EUDQGW
URRGJHGXUHQGHVHFRQGHQDOVGH
YHWILOWHUPRHWZRUGHQJHUHLQLJG+HW
FRQWUROHODPSMHYDQGHILOWHU
NQLSSHUW
URRGJHGXUHQGHVHFRQGHQDOVGH
NRROILOWHUPRHWZRUGHQYHUYDQJHQRI
JHUHLQLJG
=LHಯ)LOWHUDODUPರLQKRRIGVWXN
ಯ2QGHUKRXGHQUHLQLJLQJರ
6FKDNHOKHWEHGLHQLQJVSDQHHOLQ
=RUJHUYRRUGDWGHSLFWRJUDPPHQ
XLWJHVFKDNHOG]LMQ
5DDN
VHFRQGHQDDQRPGH
NRROILOWHUPHOGLQJWHDFWLYHUHQRIWH
GHDFWLYHUHQ
$OVGHPHOGLQJYDQGH
NRROILOWHULVJHDFWLYHHUG
NQLSSHUWKHWILOWHUSLFWRJUDP
URRGYLMINHHU
$OVGHPHOGLQJYDQGH
NRROILOWHULVJHGHDFWLYHHUG
NQLSSHUWKHWILOWHUSLFWRJUDP
URRGGULHNHHU
21'(5+28'(15(,1,*,1*
'HYHWILOWHUUHLQLJHQ
(ONHILOWHUPRHWWHQPLQVWHHHQPDDOSHU
PDDQGZRUGHQJHUHLQLJG)LOWHUVZRUGHQ
JHPRQWHHUGPHWEHKXOSYDQFOLSVHQ
SHQQHQDDQGHDQGHUHNDQW
'HILOWHUUHLQLJHQ
7UHNDDQGHKHQGHOYDQGHILOWHU
RQGHUGHNDSHQNDQWHOGH
YRRUNDQWYDQGHILOWHUOLFKWMHVQDDU
EHQHGHQ
1('(5/$1'6

1
5HLQLJGHILOWHUVPHWHHQVSRQVPHW
QLHWVFKXUHQGHUHLQLJLQJVPLGGHOHQRI
LQHHQYDDWZDVVHU
'HYDDWZDVVHUPRHWRSHHQ
ODJHWHPSHUDWXXUHQHHQ
NRUWHF\FOXVZRUGHQ
LQJHVWHOG'HYHWILOWHUNDQ
YHUNOHXUHQPDDUGDWKHHIW
JHHQLQYORHGRSGH
SUHVWDWLHVYDQKHWDSSDUDDW
9RHUGHHHUVWHWZHHVWDSSHQLQ
RPJHNHHUGHYROJRUGHXLWRPGH
ILOWHUVWHUXJWHSODDWVHQ
+HUKDDOGHVWDSSHQYRRUDOOHILOWHUV
LQGLHQYDQWRHSDVVLQJ
'HNRROILOWHUYHUYDQJHQ
:$$56&+8:,1*
'HNRROILOWHULV1,(7
DIZDVEDDU
'HYHU]DGLJLQJVWLMGYDQGHNRROILOWHU
YDULHHUWDIKDQNHOLMNYDQKHWW\SHNRNHQ
HQGHUHJHOPDDWYDQKHWUHLQLJHQYDQGH
YHWILOWHU
2PGHILOWHUWHYHUYDQJHQ
+DDOGHYHWILOWHUVXLWKHWDSSDUDDW
=LHಯ'HYHWILOWHUUHLQLJHQರLQGLWKRRIGVWXN
GUXNRSGHIODSHQNDQWHOGH
YRRU]LMGHYDQGHILOWHUOLFKWMHV
1
1
9RHUGH]HOIGHVWDSSHQLQ
RPJHNHHUGHYROJRUGHXLWRPHHQ
QLHXZHILOWHUWHLQVWDOOHUHQ
,QLHGHUJHYDOPRHWHQGHILOWHUVWHQ
PLQVWHRPGHYLHUPDDQGHQZRUGHQ
YHUYDQJHQ
)LOWHUDODUP
=LHಯ$FWLYHUHQHQ
GHDFWLYHUHQYDQKHW
ILOWHUDODUPರLQKHWKRRIGVWXN
'DJHOLMNVJHEUXLN
=LHಯ'HYHWILOWHUUHLQLJHQರLQ
GLWKRRIGVWXN
=LHಯ'HNRROILOWHUUHLQLJHQರRI
ಯ'HNRROILOWHUYHUYDQJHQರ
DIKDQNHOLMNYDQKHW
ILOWHUW\SH
2PKHWDODUPWHUHVHWWHQ
5DDNGH
VHFRQGHQDDQ
+HWODPSMHYHUYDQJHQ
'LWDSSDUDDWZRUGWJHOHYHUGPHWHHQ
OHGODPS'LWRQGHUGHHONDQDOOHHQGRRU
HHQWHFKQLFXVZRUGHQYHUYDQJHQ
5DDGSOHHJLQJHYDOYDQVWRULQJHQ
6HUYLFHLQKHWKRRIGVWXN
9HLOLJKHLGVLQVWUXFWLHV
0,/,(8%(6&+(50,1*
5HF\FOHHUGHPDWHULDOHQPHWKHW
V\PERRO
*RRLGHYHUSDNNLQJLQHHQ
JHVFKLNWHDIYDOFRQWDLQHURPKHWWH
UHF\FOHUHQ%HVFKHUPKHWPLOLHXHQGH
YRONVJH]RQGKHLGHQUHF\FOHHURSHHQ
FRUUHFWHPDQLHUKHWDIYDOYDQHOHNWULVFKH
HQHOHNWURQLVFKHDSSDUDWHQ*RRL
DSSDUDWHQJHPDUNHHUGPHWKHWV\PERRO
QLHWZHJPHWKHWKXLVKRXGHOLMNDIYDO
%UHQJKHWSURGXFWQDDUKHWPLOLHXVWDWLRQ
ELMXLQGHEXXUWRIQHHPFRQWDFWRSPHW
GHJHPHHQWH
ZZZDHJFRP

&217(176
6$)(7<,1)250$7,21$1',167$//$7,21
352'8&7'(6&5,37,21
'$,/<86(
&$5($1'&/($1,1*
)253(5)(&75(68/76
7KDQN\RXIRUFKRRVLQJWKLV$(*SURGXFW:HKDYHFUHDWHGLWWRJLYH\RX
LPSHFFDEOHSHUIRUPDQFHIRUPDQ\\HDUVZLWKLQQRYDWLYHWHFKQRORJLHVWKDWKHOS
PDNHOLIHVLPSOHUದIHDWXUHV\RXPLJKWQRWILQGRQRUGLQDU\DSSOLDQFHV3OHDVH
VSHQGDIHZPLQXWHVUHDGLQJWRJHWWKHYHU\EHVWIURPLW
9LVLWRXUZHEVLWHWR
*HWXVDJHDGYLFHEURFKXUHVWURXEOHVKRRWHUVHUYLFHDQGUHSDLULQIRUPDWLRQ
ZZZDHJFRPVXSSRUW
5HJLVWHU\RXUSURGXFWIRUEHWWHUVHUYLFH
ZZZUHJLVWHUDHJFRP
%X\$FFHVVRULHV&RQVXPDEOHVDQG2ULJLQDOVSDUHSDUWVIRU\RXUDSSOLDQFH
ZZZDHJFRPVKRS
&86720(5&$5($1'6(59,&(
$OZD\VXVHRULJLQDOVSDUHSDUWV
:KHQFRQWDFWLQJRXU$XWKRULVHG6HUYLFH&HQWUHHQVXUHWKDW\RXKDYHWKH
IROORZLQJGDWDDYDLODEOH0RGHO31&6HULDO1XPEHU
7KHLQIRUPDWLRQFDQEHIRXQGRQWKHUDWLQJSODWH
:DUQLQJ&DXWLRQ6DIHW\LQIRUPDWLRQ
*HQHUDOLQIRUPDWLRQDQGWLSV
(QYLURQPHQWDOLQIRUPDWLRQ
6XEMHFWWRFKDQJHZLWKRXWQRWLFH
6$)(7<,1)250$7,21$1',167$//$7,21
:$51,1*
5HIHUWRWKHVHSDUDWH,QVWDOODWLRQ
,QVWUXFWLRQVERRNOHWIRU6DIHW\
,QIRUPDWLRQDQG,QVWDOODWLRQ5HDG
FDUHIXOO\WKH6DIHW\FKDSWHUVEHIRUHDQ\
XVHRUPDLQWHQDQFHRIWKHDSSOLDQFH
(1*/,6+

352'8&7'(6&5,37,21
&RQWUROSDQHORYHUYLHZ
1 2 3 4 5 6 7 8 9
2Q2II
)LUVWPRWRUVSHHG
6HFRQGPRWRUVSHHG
7KLUGPRWRUVSHHG
0D[LPXPPRWRUVSHHG
%UHH]HIXQFWLRQ
)LOWHUUHPLQGHU
+REWR+RRGIXQFWLRQ
/DPS
'$,/<86(
8VLQJWKHKRRG
&KHFNWKHUHFRPPHQGHGVSHHG
DFFRUGLQJWRWKHWDEOHEHORZ
:KLOHKHDWLQJXSIRRGFRRNLQJZLWKFRYHUHGSRWV
:KLOHFRRNLQJZLWKFRYHUHGSRWVRQPXOWLSOHFRRNLQJ
]RQHVRUEXUQHUVJHQWOHIU\LQJ
:KLOHERLOLQJDQGIU\LQJELJTXDQWLWLHVRIIRRGZLWKRXW
DOLGFRRNLQJRQPXOWLSOHFRRNLQJ]RQHVRUEXUQHUV
:KLOHERLOLQJDQGIU\LQJELJTXDQWLWLHVRIIRRGZLWKRXW
DOLGELJKXPLGLW\
5HIUHVKHVWKHDLULQNLWFKHQDIWHUFRRNLQJDWDYHU\
ORZQRLVHOHYHO,WFDQEHDFWLYDWHGDQGGHDFWLYDWHG
E\WRXFKLQJWKHV\PERO7KHIXQFWLRQWXUQVRIIDXWRಣ
PDWLFDOO\DIWHUPLQXWHV8VHDIWHUFRRNLQJRQO\
,WLVUHFRPPHQGHGWROHDYH
WKHKRRGRSHUDWLQJIRU
DSSUR[LPDWHO\PLQXWHV
DIWHUFRRNLQJ
7KHFRQWURO3DQHOLVD
VHQVRUILHOG7RXFKWKH
V\PEROVIRUVHFRQGWR
DFWLYDWHWKHIXQFWLRQV
7RRSHUDWHWKHKRRG
7XUQRQWKHDSSOLDQFHE\SUHVVLQJ
WKH
V\PERO
<RXFDQQRZDFWLYDWHWKHIXQFWLRQV
7RDFWLYDWHWKHIXQFWLRQWRXFKWKH
V\PERO
,IQHHGHGWRXFKWKHOLJKWV\PERO
WRLOOXPLQDWHWKHFRRNLQJVXUIDFH
ZZZDHJFRP

7RWXUQRIIWKHDSSOLDQFHSUHVVWKH
V\PERODJDLQ
+REWR+RRGIXQFWLRQ
,WLVDQDXWRPDWLFIXQFWLRQZKLFK
FRQQHFWVWKHKREZLWKDKRRG%RWKWKH
KREDQGWKHKRRGKDYHDQLQIUDUHGVLJQDO
FRPPXQLFDWRU6SHHGRIWKHIDQLV
GHILQHGDXWRPDWLFDOO\RQEDVLVRIPRGH
VHWWLQJDQGWHPSHUDWXUHRIWKHKRWWHVW
FRRNZDUHRQWKHKRE<RXFDQDOVR
RSHUDWHWKHIDQXVLQJWKHKREPDQXDOO\
7KHIXQFWLRQFDQEHDFWLYDWHGIURPSDQHO
RIWKHKRE
)RUPRUHLQIRUPDWLRQKRZWR
XVHWKHIXQFWLRQUHIHUWRWKH
KREXVHUPDQXDO
$FWLYDWLQJ0D[LPXP
0RWRU6SHHG
:KHQ\RXSUHVVWKHEXWWRQ WKH
0D[LPXP0RWRU6SHHGVWDUWVWRRSHUDWH
IRUPLQXWHV$IWHUWKDWWLPHWKH
DSSOLDQFHUHWXUQVWRLWVSUHYLRXVVSHHG
VHWWLQJV
:KHQWKHIXQFWLRQLVWXUQHG
RQDGGLWLRQDOWRXFKRQWKH
EXWWRQ
GRHVQRWKDYHDQ\
HIIHFWV
$FWLYDWLQJDQG
GHDFWLYDWLQJWKHILOWHU
QRWLILFDWLRQ
)LOWHUDODUPUHPLQGVWRFKDQJHRUFOHDQ
WKHFKDUFRDOILOWHUDQGFOHDQWKHJUHDVH
ILOWHU7KHILOWHULQGLFDWRU
LVWXUQHGRQ
UHGIRUVHFRQGVLIWKHJUHDVHILOWHU
PXVWEHFOHDQHG7KHILOWHULQGLFDWRU
IODVKHVUHGIRUVHFRQGVLIWKH
FKDUFRDOILOWHUPXVWEHUHSODFHGRU
FOHDQHG
5HIHUWRILOWHUDODUPLQFDUH
DQGFOHDQLQJFKDSWHU
6ZLWFKRQWKHFRQWUROSDQHO
0DNHVXUHWKDWWKHLFRQVDUHWXUQHG
RII
7RDFWLYDWHRUGHDFWLYDWHWKHFKDUFRDO
ILOWHUQRWLILFDWLRQWRXFK
IRU
VHFRQGV
,IWKHFKDUFRDOILOWHU
QRWLILFDWLRQLVDFWLYDWHGWKH
ILOWHULFRQ
IODVKHVUHG
ILYHWLPHV
,IWKHFKDUFRDOILOWHU
QRWLILFDWLRQLVGHDFWLYDWHG
WKHILOWHULFRQ
IODVKHV
UHGWKUHHWLPHV
&$5($1'&/($1,1*
&OHDQLQJWKHJUHDVHILOWHU
(DFKILOWHUPXVWEHFOHDQHGDWOHDVWRQFH
DPRQWK)LOWHUVDUHPRXQWHGZLWKWKH
XVHRIFOLSVDQGSLQVRQWKHRSSRVLWH
VLGH
7RFOHDQWKHILOWHU
3XOOWKHKDQGOHRQWKHILOWHU
XQGHUQHDWKWKHKRRGDQGVOLJKWO\
WLOWWKHIURQWRIWKHILOWHUGRZQ
1
&OHDQWKHILOWHUVXVLQJDVSRQJHZLWK
QRQDEUDVLYHGHWHUJHQWVRULQD
GLVKZDVKHU
(1*/,6+

7KHGLVKZDVKHUPXVWEHVHW
WRDORZWHPSHUDWXUHDQGD
VKRUWF\FOH7KHJUHDVHILOWHU
PD\GLVFRORXULWKDVQR
LQIOXHQFHRQWKH
SHUIRUPDQFHRIWKH
DSSOLDQFH
7RPRXQWWKHILOWHUVEDFNIROORZWKH
ILUVWWZRVWHSVLQUHYHUVHRUGHU
5HSHDWWKHVWHSVIRUDOOILOWHUVLI
DSSOLFDEOH
5HSODFLQJWKHFKDUFRDO
ILOWHU
:$51,1*
7KHFKDUFRDOILOWHULVQRQ
ZDVKDEOH
7KHWLPHRIVDWXUDWLRQRIWKHFKDUFRDO
ILOWHUYDULHVGHSHQGLQJRQWKHW\SHRI
FRRNLQJDQGWKHUHJXODULW\RIFOHDQLQJWKH
JUHDVHILOWHU
7RUHSODFHWKHILOWHU
5HPRYHWKHJUHDVHILOWHUVIURPWKH
DSSOLDQFH
5HIHUWR&OHDQLQJWKHJUHDVHILOWHULQ
WKLVFKDSWHU
SUHVVWKHWDEDQGVOLJKWO\WLOWWKH
IURQWRIWKHILOWHU
1
1
7RLQVWDOODQHZILOWHUSHUIRUPWKH
VDPHVWHSVLQUHYHUVHRUGHU
,QDQ\FDVHLWLVQHFHVVDU\WRUHSODFH
WKHILOWHUVDWOHDVWHYHU\IRXUPRQWKV
)LOWHUDODUP
5HIHUWRDFWLYDWLQJDQG
GHDFWLYDWLQJWKHILOWHUDODUP
LQGDLO\XVHFKDSWHU
5HIHUWRFOHDQLQJWKHJUHDVH
ILOWHULQWKLVFKDSWHU
5HIHUWRFOHDQLQJWKH
FKDUFRDOILOWHURUUHSODFLQJ
WKHFKDUFRDOILOWHUGHSHQGV
RQILOWHUW\SH
7RUHVHWWKHDODUP
7RXFKWKH
IRUVHFRQGV
5HSODFLQJWKHODPS
7KLVDSSOLDQFHLVVXSSOLHGZLWKD/('
ODPS7KLVSDUWFDQEHUHSODFHGE\D
WHFKQLFLDQRQO\,QFDVHRIDQ\
PDOIXQFWLRQUHIHUWR6HUYLFHLQWKH
6DIHW\,QVWUXFWLRQVFKDSWHU
(19,5210(17$/&21&(516
5HF\FOHPDWHULDOVZLWKWKHV\PERO
3XWWKHSDFNDJLQJLQUHOHYDQWFRQWDLQHUV
WRUHF\FOHLW+HOSSURWHFWWKH
HQYLURQPHQWDQGKXPDQKHDOWKE\
UHF\FOLQJZDVWHRIHOHFWULFDODQG
HOHFWURQLFDSSOLDQFHV'RQRWGLVSRVHRI
DSSOLDQFHVPDUNHGZLWKWKHV\PERO
ZLWKWKHKRXVHKROGZDVWH5HWXUQWKH
SURGXFWWR\RXUORFDOUHF\FOLQJIDFLOLW\RU
FRQWDFW\RXUPXQLFLSDORIILFH
ZZZDHJFRP

6,68.25'
2+8786,1)2-$3$,*$/'$0,1(
7227(.,5-(/'86
,*$3(9$1(.$687$0,1(
38+$6786-$+22/'86
3$5,0$7(78/(0867(6$$987$0,6(.6
7¦QDPHHWYDOLVLWHVHOOH$(*WRRWH7¸¸WDVLPHVHOOHY¦OMDHWVDDNVLWHSDOMX
DDVWDLGQDXWLGDODLWPDWXLGWXOHPXVLQLQJOLVDVLPHHOXOLKWVXVWDYDLGXXHQGXVOLNNH
IXQNWVLRRQHPLGDWHWDYDOLVWHVHDGPHWHMXXUHVHLSUXXJLOHLGD/HLGNHP·QLPLQXW
DHJDQLQJOXJHJHNXLGDVVHDGPHJDSDULPDLGWXOHPXVLVDDYXWDGD
.¾ODVWDJHPHLHYHHELVDLWLNXVWOHLDWH
Q·XDQGHLGEURģ¾¾UHW·UNHRWVLQJXUHPRQGLMDKRROGXVWHDYHW
ZZZDHJFRPVXSSRUW
3DUHPDNVWHHQLQGXVHNVUHJLVWUHHULJHRPDWRRGHDDGUHVVLO
ZZZUHJLVWHUDHJFRP
2VWNHRPDVHDGPHOHOLVDVHDGPHLGWDUYLNXLGMDRULJLQDDOYDUXRVLDDGUHVVLO
ZZZDHJFRPVKRS
./,(1',7((1,1'86-$+22/'86
$ODWLWXOHENDVXWDGDRULJLQDDOYDUXRVL
9ROLWDWXGWHHQLQGXVNHVNXVHVVHS¸¸UGXPLVHOSHDNVLGWHLOROHPDYDUXNV
DOOM¦UJQHYDGDQGPHGPXGHORVDQXPEHU31&VHHULDQXPEHU
7HDYHRQWRRGXGDQGPHSODDGLO
+RLDWXVHG(WWHYDDWXVDELQ·XGದRKXWXVWHDYH
OGLQHWHDYHMDYLKMHG
.HVNNRQQDWHDYH
-¦HWDNVH·LJXVWHKDPXXWXVL
2+8786,1)2-$3$,*$/'$0,1(
+2,$786
2KXWXVLQIRMDSDLJDOGDPLVHNRKWDOHLDWH
WHDYHWHUDOGLSDLJDOGXVMXKLVWHOHKHOW
(QQHVHDGPHNDVXWDPLVWY·L
KRROGXVWRLPLQJXLGOXJHJH
W¦KHOHSDQHOLNXOWRKXWXVWN¦VLWOHYDLG
SHDW¾NNH
((67,

7227(.,5-(/'86
-XKWSDQHHOL¾OHYDDGH
1 2 3 4 5 6 7 8 9
6LVVHY¦OMD
(VLPHQHPRRWRULNLLUXV
7HLQHPRRWRULNLLUXV
.ROPDVPRRWRULNLLUXV
0DNVLPDDOQHPRRWRULNLLUXV
7XXOHIXQNWVLRRQ
)LOWULPHHOGHWXOHWXV
3OLLGLMD·KXSXKDVWL
¾KHQGXVIXQNWVLRRQ
/DPS
,*$3(9$1(.$687$0,1(
KXSXKDVWLNDVXWDPLQH
.RQWUROOLJHVRRYLWDWDYDWNLLUXVWYDVWDYDOW
DOOWRRGXGWDEHOLOH
7RLGXNXXPXWDPLVHONDDQHWDWXGSRWLJD
7RLGXYDOPLVWDPLVHONDDQHWDWXGSRWWLGHJDPLWPHO
NHHGXDODOY·LS·OHWLO·UQSUDDGLPLQH
.HHWPLQHMDVXXUHPDWHNRJXVWHSUDDGLPLQHLOPDNDDಣ
QHWDWRLGXYDOPLVWDPLQHPLWPHONHHGXDODOY·LS·OHWLO
.HHWPLQHMDVXXUHPDWHNRJXVWHSUDDGLPLQHLOPDNDDಣ
QHWDVXXUQLLVNXV
9¦UVNHQGDEN¸¸JL·KNXS¦UDVWN¾SVHWDPLVWY¦JDPDಣ
GDODP¾UDWDVHPHJD6HGDVDDEDNWLYHHULGDMDGHDNWLಣ
YHHULGDSXXGXWDGHVV¾PEROLW6HHIXQNWVLRRQO¾OLWXE
LJDPLQXWLM¦UHODXWRPDDWVHOWY¦OMD.DVXWDGDDLQXOW
S¦UDVWN¾SVHWDPLVW
6RRYLWDWDYRQM¦WWDS¦UDVW
N¾SVHWDPLVW·KXSXKDVWL
W¸¸OHOLJLNDXGXPLQXWLNV
-XKWSDQHHORQVHQVRUY¦OL
3XXGXWDJHV¾PEROHLG
VHNXQGHWIXQNWVLRRQLG
DNWLYHHULGD
KXSXKDVWLNDVXWDPLVHNV
ZZZDHJFRP

/¾OLWDJHVHDGHVLVVHYDMXWDGHV
V¾PEROLW
1¾¾GVDDWHIXQNWVLRRQLGVLVVHO¾OLWDGD
)XQNWVLRRQLN¦LYLWDPLVHNVSXXGXWDJH
V¾PEROLW
9DMDGXVHOSXXGXWDJHYDOJXVWL
V¾PEROLW
HWNHHGXDODYDOJXVWDGD
6HDGPHY¦OMDO¾OLWDPLVHNVYDMXWDJHXXHVWL
V¾PEROLW
3OLLGLMD·KXSXKDVWL
¾KHQGXVIXQNWVLRRQ
6HHRQDXWRPDDWQHIXQNWVLRRQPLV
¾KHQGDESOLLGLMD·KXSXKDVWL1LLSOLLGLONXL
ND·KXSXKDVWLORQLQIUDSXQD
VLJQDDONRPPXQLNDDWRU9HQWLODDWRULNLLUXV
P¦¦UDWDNVHDXWRPDDWVHOWYDOLWXGUHŀLLPL
MDSOLLGLOROHYDN·LJHNXXPHPDQ·X
WHPSHUDWXXULDOXVHO9HQWLODDWRULW¸¸G
VDDESOLLGLNDXGXNDN¦VLWVLMXKWLGD
)XQNWVLRRQLVDDEVLVVHO¾OLWDGDSOLLGL
SDQHHOLOW
/LVDWHDYHWIXQNWVLRRQL
NDVXWDPLVHNRKWDOHLDWHSOLLGL
NDVXWXVMXKHQGLVW
0DNVLPDDOVH
PRRWRULNLLUXVH
VLVVHO¾OLWDPLQH
9DMXWDGHVQXSSX O¾OLWXE
PDNVLPDDOQHPRRWRULNLLUXVVLVVH
PLQXWLNV3¦UDVWVHGDS¸¸UGXEVHDGH
WDJDVLHHOPLVHOHNLLUXVWDVHPHOH
.XLIXQNWVLRRQRQVLVVH
O¾OLWDWXGHLROHQXSX
W¦LHQGDYDOSXXGXWDPLVHO
PLQJLWP·MX
)LOWULWHDGDDQGHVLVVHMD
Y¦OMDO¾OLWDPLQH
)LOWULKRLDWXVWXOHWDEPHHOGHHWV¸HILOWHU
WXOHEDVHQGDGDY·LSXKDVWDGDMD
UDVYDILOWHUSXKDVWDGD.XLUDVYDILOWHU
YDMDESXKDVWDPLVWO¾OLWXEILOWULLQGLNDDWRU
VHNXQGLNV
VLVVHSXQDVHOW.XL
V¸HILOWHUWXOHEDVHQGDGDY·LSXKDVWDGD
VLLVILOWULLQGLNDDWRU
YLOJXEVHNXQGLW
SXQDVHOW
9DDGDNHILOWULKRLDWXVW
SXKDVWXVHMDKRROGXVH
SHDW¾NLV
/¾OLWDJHVLVVHMXKWSDQHHO
9HHQGXJHHWLNRRQLGRQY¦OMD
O¾OLWDWXG
6¸HILOWULWHDGDDQGHVLVVHY·L
Y¦OMDO¾OLWDPLVHNVSXXGXWDJH
VHNXQGLW
.XLV¸HILOWULWHDGDDQQHRQ
VLVVHO¾OLWDWXGVLLVILOWULLNRRQ
YLOJXEYLLVNRUGD
SXQDVHOW
.XLV¸HILOWULWHDGDDQQHRQ
Y¦OMDO¾OLWDWXGVLLVILOWULLNRRQ
YLOJXENROPNRUGD
SXQDVHOW
38+$6786-$+22/'86
5DVYDILOWULSXKDVWDPLQH
,JDILOWULWWXOHESXKDVWDGDY¦KHPDOWNRUG
NXXV)LOWULGRQNLQQLWDWXGYDVWDVN¾OJHGHO
DVXYDWHNODPEULWHMDYDUUDVWHDELO
)LOWULSXKDVWDPLVHNV
7·PPDNH·KXSXKDVWLDOODVXYDW
NLQQLWXVNODPEULKRLGLNXWMD
NDOOXWDJHILOWULHVLRVDNHUJHOW
DOODSRROH
((67,

1
3HVNHILOWUHLGPLWWHDEUDVLLYVH
SHVXYDKHQGLMDN¦VQDJDY·L
Q·XGHSHVXPDVLQDV
9DOLJHQ·XGHSHVXPDVLQDV
PDGDODWHPSHUDWXXULJD
O¾KLNHWV¾NNHO5DVYDILOWHU
Y·LENHUJHOWPXXWDY¦UYL
NXLGVHHHLP·MXWDNXLGDJL
VHDGPHW¸¸G
)LOWULWHWDJDVLDVHWDPLVHNVNRUUDNH
NDKWHHVLPHVWVDPPXYDVWXSLGLVHV
M¦UMHNRUUDV
.RUUDNHWRLPLQJXWN·LJLILOWULWHJD
6¸HILOWULDVHQGDPLQH
+2,$786
6¸HILOWHUHLROHSHVWDY
6¸HILOWULNDVXWXVDHJY·LEROODHULQHY
V·OWXGHVWRLGXYDOPLVWDPLVHW¾¾ELVWMD
UDVYDILOWULSXKDVWDPLVHVDJHGXVHVW
)LOWULDVHQGDPLVHNV
(HPDOGDJHVHDGPHVWN·LN
UDVYDILOWULG
9WN¦HVROHYDSHDW¾NLRVD5DVYDILOWUL
SXKDVWDPLQH
YDMXWDJHVDNNLMDNDOOXWDJHNHUJHOW
ILOWULHVLRVD
1
1
8XHILOWULSDLJDOGDPLVHNVWHRVWDJH
WRLPLQJYDVWXSLGLVHVM¦UMHNRUUDV
.LQGODVWLWXOHEILOWULGY¦OMDYDKHWDGD
Y¦KHPDOWLJDQHOMDNXXWDJDQW
)LOWULKRLDWXV
)LOWULKRLDWXVHVLVVHMD
Y¦OMDO¾OLWDPLVHNRKWDOHLDWH
WHDYHWLJDS¦HYDVH
NDVXWDPLVHMDRWLVHVW
9DDGDNHN¦HVROHYDSHDW¾NL
UDVYDILOWULSXKDVWDPLVHRVD
9DDGDNHV¸HILOWUL
SXKDVWDPLVHY·LV¸HILOWUL
DVHQGDPLVHMDRWLVW
ROHQHYDOWILOWULW¾¾ELVW
+RLDWXVHO¦KWHVWDPLVHNV
3XXGXWDJHVHNXQGLW
/DPELDVHQGDPLQH
6HOOHVHDGPHMXXUGHNXXOXEND/('
ODPS6HGDRVDY·LEDVHQGDGDDLQXOW
WHKQLN0LVWDKHVULNNHNRUUDOYDDGDNH
MDRWLVW+RROGXVSHDW¾NLV
2KXWXVMXKLVHG
-70(.,7/86
6¾PEROLJD W¦KLVWDWXGPDWHUMDOLGY·LE
ULQJOXVVHVXXQDWD6HOOHNVYLLJHSDNHQGLG
YDVWDYDWHVVHNRQWHLQHULWHVVH$LGDNH
KRLGDNHVNNRQGDMDLQLPHVWHWHUYLVWMD
VXXQDNHHOHNWULMDHOHNWURRQLOLVHG
M¦¦WPHGULQJOXVVHUJHYLVDNH
V¾PEROLJD
W¦KLVWDWXGVHDGPHLGPXXGH
PDMDSLGDPLVM¦¦WPHWHKXOND9LLJHVHDGH
NRKDOLNNXULQJOXVSXQNWLY·LS¸¸UGXJHDEL
VDDPLVHNVNRKDOLNNXRPDYDOLWVXVVH
ZZZDHJFRP

6,6/7
7859$//,68867,('27-$$6(11862+-((7
7827(.89$86
3,9,77,1(1.<77
+2,72-$38+',6786
7<'(//,6,78/2.6,$
.LLWRVNXQYDOLWVLWW¦P¦Q$(*WXRWWHHQ2OHPPHOXRQHHWVHQDQWDPDDQVLQXOOH
PRLWWHHWWRPDQVXRULWXVN\Y\QPRQLHQYXRVLHQDMDQLQQRYDWLLYLVLOODWHNQLLNRLOODMRWND
KHOSRWWDYDWHO¦P¦¦ದQ¦P¦RYDWRPLQDLVXXNVLDMRLWDHWHKN¦O¸\G¦WDYDOOLVLVWD
ODLWWHLVWD.¦\W¦PXXWDPDPLQXXWWLDLNDDVLOXNHDNVHVLNXLQNDVDDWNDLNHQNDLNHQ
K\¸G\QLUWLODLWWHHVWD
9LHUDLOHYHUNNRVLYXOODPPH
6DDWN¦\WW¸¸QOLLWW\YL¦QHXYRMDHVLWWHLW¦YLDQP¦¦ULW\VRKMHLWDVHN¦KXROWRMD
NRUMDXVRKMHLWD
ZZZDHJFRPVXSSRUW
5HNLVWHU¸LWXRWWHHVLVDDGDNVHVLSDUHPSDDKXROWRD
ZZZUHJLVWHUDHJFRP
2VWDODLWWHHVHHVLOLV¦YDUXVWHLWDNXOXWXVWXRWWHLWDMDDONXSHU¦LVL¦YDUDRVLD
ZZZDHJFRPVKRS
$6,$.$63$/9(/8
.¦\W¦DLQDDONXSHU¦LVL¦YDUDRVLD
3LG¦VHXUDDYDWWLHGRWVDDWDYLOODRWWDHVVDVL\KWH\WW¦YDOWXXWHWWXXQ
KXROWROLLNNHHVHHPPH0DOOL31&WXRWHQXPHURVDUMDQXPHUR
7LHGRWO¸\W\Y¦WDUYRNLOYHVW¦
9DURLWXV9DURWRLPLMDWXUYDOOLVXXVWLHWRMD
<OHLVWLHWRDMDYLQNNHM¦
<PS¦ULVW¸QVXRMHOXWLHWRMD
2LNHXVPXXWRNVLLQSLG¦WHW¦¦Q
7859$//,68867,('27-$$6(11862+-((7
9$52,786
.DWVRWXUYDOOLVXXVWLHGRWMDDVHQQXVRKMHHW
HULOOLVLVW¦DVHQQXVRKMHLVWD/XH
7XUYDOOLVXXVOXYXWKXROHOOLVHVWLHQQHQ
ODLWWHHQN¦\WW¸¦WDLKXROWRD
6820,

7827(.89$86
.¦\WW¸SDQHHOLQRVDW
1 2 3 4 5 6 7 8 9
3¦¦OO¦3RLV
0RRWWRULQHQVLPP¦LQHQQRSHXVWDVR
0RRWWRULQWRLQHQQRSHXVWDVR
0RRWWRULQNROPDVQRSHXVWDVR
0RRWWRULQPDNVLPLQRSHXV
%UHH]HWRLPLQWR
6XRGDWWLPHQPXLVWXWXV
+REWR+RRGWRLPLQWR
9DOR
3,9,77,1(1.<77
/LHVLWXXOHWWLPHQN¦\WW¸
7DUNLVWDVXRVLWHOWXQRSHXVDOODROHYDVWD
WDXOXNRVWD
5XRNLHQO¦PPLW\VUXRDQYDOPLVWXVNDQQHOOLVLOODNHLWWRಣ
DVWLRLOOD
5XRDQYDOPLVWXVNDQQHOOLVLOODNHLWWRDVWLRLOODXVHDPPDOಣ
ODNHLWWRDOXHHOODWDLSROWWLPHOODNHY\WSDLVWDPLQHQ
.HLWW¦PLQHQMDVXXULHQUXRNDP¦¦ULHQSDLVWDPLQHQLOಣ
PDQNDQWWDUXRDQYDOPLVWXVXVHDPPDOODNHLWWRDOXHHOಣ
ODWDLSROWWLPHOOD
.HLWW¦PLQHQMDVXXULHQUXRNDP¦¦ULHQSDLVWDPLQHQLOಣ
PDQNDQWWDVXXULP¦¦U¦NRVWHXWWDLOPDDQ
5DLNDVWDDNHLWWL¸QLOPDDUXRDQYDOPLVWXNVHQM¦ONHHQ
HLN¦SLG¦SDOMRQPHWHOL¦6HYRLGDDQN¦\QQLVW¦¦MD
VDPPXWWDDNRVNHWWDPDOODV\PEROLD7RLPLQWRN\WNH\ಣ
W\\DXWRPDDWWLVHVWLSRLVS¦¦OW¦PLQXXWLQNXOXWWXD
.¦\W¦DLQRDVWDDQUXRDQYDOPLVWXNVHQM¦ONHHQ
/LHVLWXXOHWLQRQVXRVLWHOWDYDD
M¦WW¦¦WRLPLQWDDQQRLQ
PLQXXWLQDMDNVL
UXRDQYDOPLVWXNVHQM¦ONHHQ
.¦\WW¸SDQHHOLNRRVWXX
DQWXUHLVWD.RVNHWD
V\PEROHLWDVHNXQQLQDMDQ
WRLPLQWRMHQN\WNHPLVHNVL
WRLPLQWDDQ
/LHVLWXXOHWWLPHQN¦\WW¦PLQHQ
ZZZDHJFRP

.\WNHODLWHS¦¦OOHSDLQDPDOOD
V\PEROLD
9RLWN\WNH¦WRLPLQQRQSRLVS¦¦OW¦
.\WNHWRLPLQWRS¦¦OOHNRVNHWWDPDOOD
V\PEROLD
.RVNHWDWDUYLWWDHVVDYDORQV\PEROLD
NHLWWRWDVRQYDODLVHPLVHNVL
6DPPXWDODLWHSDLQDPDOODXXGHOOHHQ
V\PEROLD
+REWR+RRGWRLPLQWR
.\VHHVV¦RQDXWRPDDWWLWRLPLQWRMRND
\KGLVW¦¦NHLWWRWDVRQOLHVLWXXOHWWLPHHQ
6HN¦NHLWWRWDVRVVDHWW¦OLHVLWXXOHWWLPHVVD
RQLQIUDSXQDVLJQDDOLQYLHVWLQ3XKDOWLPHQ
QRSHXVV¦¦W\\DXWRPDDWWLVHVWLWLOD
DVHWXNVHQMDNHLWWRWDVROODROHYDQ
NXXPLPPDQNHLWWRDVWLDQO¦PS¸WLODQ
PXNDDQ3XKDOOLQWDYRLGDDQV¦¦W¦¦P\¸V
NHLWWRWDVRVWDPDQXDDOLVHVWL7RLPLQWR
YRLGDDQN\WNH¦WRLPLQWDDQNHLWWRWDVRQ
SDQHHOLVWD
/LV¦WLHWRDWRLPLQQRQ
N¦\WW¦PLVHVW¦O¸\W\\
NHLWWRWDVRQN¦\WW¸RKMHHVWD
0RRWWRULQ
PDNVLPLQRSHXGHQ
DNWLYRLPLQHQ
3DLQLNHWWD SDLQDHVVDPRRWWRULQ
PDNVLPLQRSHXVN¦\QQLVW\\PLQXXWLQ
DMDNVL6HQM¦ONHHQODLWHSDODDHGHOOLVHHQ
QRSHXVDVHWXNVHHQ
.XQWRLPLQWRRQN\WNHWW\
WRLPLQWDDQSDLQLNNHHQ
NRVNHWXNVLOODHLROH
YDLNXWXVWD
6XRGDWWLPHQK¦O\W\NVHQ
N\WNHPLQHQS¦¦OOHMDSRLV
S¦¦OW¦
6XRGDWWLPHQK¦O\W\VLOPRLWWDD
KLLOLVXRGDWWLPHQYDLKWRWDL
SXKGLVWXVWDUSHHVWDVHN¦
UDVYDVXRGDWWLPHQSXKGLVWXVWDUSHHVWD
6XRGDWWLPHQPHUNNLYDORRQ
V\WW\\
SXQDLQHQYDORVHNXQQLQDMDNVLMRV
UDVYDVXRGDWWLPHQSXKGLVWXVRQWDUSHHQ
6XRGDWWLPHQPHUNNLYDORVVD
YLONNXX
SXQDLQHQYDORVHNXQQLQDMDQMRV
KLLOLVXRGDWWLPHQYDLKWRWDLSXKGLVWXVRQ
WDUSHHQ
/XHVXRGDWWLPHQ
K¦O\W\VWLHGRWNRKGDVWD+RLWR
MDSXKGLVWXV
.\WNHN¦\WW¸SDQHHOLS¦¦OOH
9DUPLVWDHWW¦NXYDNNHHWRYDW
VDPPXQHHW
.\WNHKLLOLVXRGDWWLPHQK¦O\W\VS¦¦OOH
MDSRLVS¦¦OW¦NRVNHWWDPDOOD
SDLQLNHWWD
VHNXQQLQDMDQ
-RVKLLOLVXRGDWWLPHQK¦O\W\V
RQS¦¦OO¦VXRGDWWLPHQ
NXYDNNHHVVD
YLONNXX
SXQDLQHQYDORYLLVLNHUWDD
-RVKLLOLVXRGDWWLPHQK¦O\W\V
RQSRLVS¦¦OW¦VXRGDWWLPHQ
NXYDNNHHVVD
YLONNXX
SXQDLQHQYDORNROPH
NHUWDD
+2,72-$38+',6786
5DVYDVXRGDWWLPHQ
SXKGLVWDPLQHQ
6XRGDWWLPHWWXOHHSXKGLVWDDY¦KLQW¦¦Q
NHUUDQNXXNDXGHVVD6XRGDWWLPHWWXOHH
DVHQWDDSLGLNNHLGHQDYXOODQLLQHWW¦WDSLW
RYDWYDVWDNNDLVHOODSXROHOOD
6XRGDWWLPHQSXKGLVWDPLQHQ
9HG¦OLHVLWXXOHWWLPHQDOODROHYDQ
VXRGDWWLPHQNDKYDDMDNDOOLVWD
VXRGDWWLPHQHWXRVDDKLXNDQ
DODVS¦LQ
6820,

1
3XKGLVWDVXRGDWWLPHWVLHQHOO¦
N¦\WW¦HQKDQNDDPDWWRPLD
SHVXDLQHLWDWDLSHVHQH
DVWLDQSHVXNRQHHVVD
3HVHDVWLDQSHVXNRQHHQ
DOKDLVHOODO¦PS¸WLODOODMD
O\K\HOO¦RKMHOPDOOD
5DVYDVXRGDWWLPHVVDYRL
HVLLQW\¦Y¦ULPXXWRNVLDW¦P¦
HLYDLNXWDODLWWHHQ
VXRULWXVN\N\\Q
$VHQQDVXRGDWWLPHWWDNDLVLQ
QRXGDWWDPDOODNDKGHQHQVLPP¦LVHQ
YDLKHHQRKMHLWDS¦LQYDVWDLVHVVD
M¦UMHVW\NVHVV¦
7RLVWDYDLKHHWWDUYLWWDHVVDNDLNNLHQ
VXRGDWWLPLHQNRKGDOOD
+LLOLVXRGDWWLPHQ
YDLKWDPLQHQ
9$52,786
+LLOLVXRGDWLQWDHLYRLSHVW¦
+LLOLVXRGDWWLPHQN\OO¦VW\PLVDLNDYDLKWHOHH
UXRDQODLWWRWDYDQMDUDVYDVXRGDWWLPHQ
SXKGLVWXVWLKH\GHQPXNDDQ
6XRGDWWLPHQYDLKWDPLQHQ
,UURWDUDVYDVXRGDWWLPHWODLWWHHVWD
/XHRKMHHWW¦P¦QOXYXQRVLRVWD
5DVYDVXRGDWWLPHQSXKGLVWDPLQHQ
3DLQDNLHOHNHWW¦MDNDOOLVWDKLXNDQ
VXRGDWWLPHQHWXRVDD
1
1
$VHQQDXXVLVXRGDWLQVXRULWWDPDOOD
WRLPHQSLWHHWS¦LQYDVWDLVHVVD
M¦UMHVW\NVHVV¦
6XRGDWWLPHWRQMRNDWDSDXNVHVVD
YDLKGHWWDYDY¦KLQW¦¦QQHOM¦QNXXNDXGHQ
Y¦OHLQ
6XRGDWWLPHQK¦O\W\V
.DWVROLV¦WLHWRDVXRGDWWLPHQ
K¦O\W\NVHQN\WNHPLVHVW¦
WRLPLQWDDQMDSRLV
WRLPLQQDVWD3¦LYLWW¦LQHQ
N¦\WW¸OXYXVWD
/XHRKMHHWW¦P¦QOXYXQ
RVLRVWD5DVYDVXRGDWWLPHQ
SXKGLVWDPLQHQ
.DWVRRVLR+LLOLVXRGDWWLPHQ
SXKGLVWDPLQHQWDL
+LLOLVXRGDWWLPHQ
YDLKWDPLQHQVXRGDWWLPHQ
PDOOLVWDULLSSXHQ
.XLWWDDK¦O\W\VVHXUDDYDVWL
.RVNHWD
SDLQLNHWWDNROPHQVHNXQQLQ
DMDQ
/DPSXQYDLKWDPLQHQ
/DLWWHHQPXNDQDWRLPLWHWDDQ/('
ODPSSX7¦P¦QRVDQVDDYDLKWDD
DLQRDVWDDQKXROWRWHNQLNNR0LN¦OL
ODLWWHHVVDHVLLQW\\WRLPLQWDK¦LUL¸LW¦NDWVR
NRKWD+XROWROXYXVWD
7XUYDOOLVXXVRKMHHW
<035,671682-(/8
.LHUU¦W¦PDWHULDDOLWMRWNDRQPHUNLWW\
PHUNLOO¦
.LHUU¦W¦SDNNDXVODLWWDPDOOD
VHDVLDQPXNDLVHHQNLHUU¦W\VDVWLDDQ
6XRMHOH\PS¦ULVW¸¦MDLKPLVWHQWHUYH\WW¦
NLHUU¦WW¦P¦OO¦V¦KN¸MD
HOHNWURQLLNNDURPXWO¦K¦YLW¦PHUNLOO¦
PHUNLWW\M¦NRGLQNRQHLWDNRWLWDORXVM¦WWHHQ
PXNDQD3DODXWDWXRWHSDLNDOOLVHHQ
ZZZDHJFRP

NLHUU¦W\VNHVNXNVHHQWDLRWD\KWH\WW¦
SDLNDOOLVHHQYLUDQRPDLVHHQ
6820,

7$%/('(60$7,5(6
,1)250$7,216'(6&85,7(7,167$//$7,21
'(6&5,37,21'(/$33$5(,/
87,/,6$7,214827,',(11(
(175(7,(1(71(772<$*(
3285'(6568/7$763$5)$,76
0HUFLGಬDYRLUFKRLVLFHSURGXLW$(*1RXVOಬDYRQVFRQ©XSRXUTXಬLOYRXVRIIUHGHV
SHUIRUPDQFHVLUU«SURFKDEOHVSHQGDQWGHQRPEUHXVHVDQQ«HVHQLQW«JUDQWGHV
WHFKQRORJLHVLQQRYDQWHVYRXVVLPSOLILDQWODYLHದIRQFWLRQVTXHYRXVQHWURXYHUH]
SHXW¬WUHSDVVXUGHVDSSDUHLOVRUGLQDLUHV9HXLOOH]SUHQGUHTXHOTXHVLQVWDQWV
SRXUOLUHFHWWHQRWLFHDILQGಬXWLOLVHUDXPLHX[YRWUHDSSDUHLO
&RQVXOWH]QRWUHVLWHSRXU
2EWHQLUGHVFRQVHLOVGಬXWLOLVDWLRQGHVEURFKXUHVXQG«SDQQHXUGHV
LQIRUPDWLRQVVXUOHVHUYLFHHWOHVU«SDUDWLRQV
ZZZDHJFRPVXSSRUW
(QUHJLVWUHUYRWUHSURGXLWSRXUXQPHLOOHXUVHUYLFH
ZZZUHJLVWHUDHJFRP
$FKHWHUGHVDFFHVVRLUHVFRQVRPPDEOHVHWSLªFHVGHUHFKDQJHGಬRULJLQHSRXU
YRWUHDSSDUHLO
ZZZDHJFRPVKRS
6(59,&((7$66,67$1&(/$&/,(17/(
1ಬXWLOLVH]TXHGHVSLªFHVGHUHFKDQJHGಬRULJLQH
$YDQWGHFRQWDFWHUQRWUHFHQWUHGHVHUYLFHDJU««DVVXUH]YRXVGHGLVSRVHUGHV
LQIRUPDWLRQVVXLYDQWHV0RGªOH31&QXP«URGHV«ULH
&HVLQIRUPDWLRQVILJXUHQWVXUODSODTXHVLJQDO«WLTXH
$YHUWLVVHPHQW&RQVLJQHVGHV«FXULW«
,QIRUPDWLRQVJ«Q«UDOHVHWFRQVHLOV
,QIRUPDWLRQVHQYLURQQHPHQWDOHV
6RXVU«VHUYHGHPRGLILFDWLRQV
,1)250$7,216'(6&85,7(7,167$//$7,21
$9(57,66(0(17
&RQVXOWH]OHOLYUHWV«SDU«,QVWUXFWLRQV
GಬLQVWDOODWLRQSRXUREWHQLUGHV
LQIRUPDWLRQVUHODWLYHV¢ODV«FXULW«HW¢
OಬLQVWDOODWLRQ/LVH]DWWHQWLYHPHQWOHV
FKDSLWUHV6«FXULW«DYDQWGಬXWLOLVHURX
GಬHQWUHWHQLUOಬDSSDUHLO
ZZZDHJFRP

'(6&5,37,21'(/$33$5(,/
3U«VHQWDWLRQGXEDQGHDXGHFRPPDQGH
1 2 3 4 5 6 7 8 9
0DUFKH$UU¬W
3UHPLªUHYLWHVVHGXPRWHXU
'HX[LªPHYLWHVVHGXPRWHXU
7URLVLªPHYLWHVVHGXPRWHXU
9LWHVVHPD[LPDOHGXPRWHXU
)RQFWLRQ%UHH]H
5DSSHOILOWUH
)RQFWLRQ+REWRKRRG
FODLUDJH
87,/,6$7,214827,',(11(
8WLOLVDWLRQGHODKRWWH
9«ULILH]ODYLWHVVHUHFRPPDQG«HGDQVOH
WDEOHDXFLGHVVRXV
/RUVTXHYRXVIDLWHVU«FKDXIIHURXFXLUHGHVDOLPHQWV
DYHFGHVU«FLSLHQWVFRXYHUWV
/RUVTXHYRXVFXLVLQH]GDQVGHVU«FLSLHQWVFRXYHUWV
VXUSOXVLHXUV]RQHVGHFXLVVRQRXEU½OHXUVIULUHGRXಣ
FHPHQW
/RUVTXHYRXVIDLWHVERXLOOLUHWIULUHGHJURVVHVTXDQWLಣ
W«VGಬDOLPHQWVVDQVFRXYHUFOHFXLUHVXUSOXVLHXUV]Rಣ
QHVGHFXLVVRQRXEU½OHXUV
/RUVTXHYRXVIDLWHVERXLOOLUHWIULUHGHJURVVHVTXDQWLಣ
W«VGಬDOLPHQWVVDQVFRXYHUFOHJUDQGHTXDQWLW«GಬKXಣ
PLGLW«
5DIUD°FKLWOಬDLUGDQVODFXLVLQHDSUªVODFXLVVRQ¢WUªV
IDLEOHQLYHDXVRQRUH(OOHSHXW¬WUHDFWLY«HHWG«VDFWLಣ
Y«HHQDSSX\DQWVXUOHV\PEROH/DIRQFWLRQVಬ«WHLQW
DXWRPDWLTXHPHQWDXERXWGHPLQXWHVXWLOLVHU
XQLTXHPHQWDSUªVODFXLVVRQ
1RXVYRXVUHFRPPDQGRQV
GHODLVVHUODKRWWH
IRQFWLRQQHUSHQGDQWHQYLURQ
PLQXWHVDSUªVODFXLVVRQ
)5$1$,6

/HEDQGHDXGHFRPPDQGH
HVWWDFWLOH$SSX\H]VXUOHV
V\PEROHVSHQGDQW
VHFRQGHSRXUDFWLYHUOHV
IRQFWLRQV
3RXUXWLOLVHUODKRWWH
0HWWH]HQIRQFWLRQQHPHQWOಬDSSDUHLO
HQDSSX\DQWVXUOHV\PEROH
9RXVSRXYH]PDLQWHQDQWDFWLYHUOHV
IRQFWLRQV
3RXUDFWLYHUODIRQFWLRQDSSX\H]VXU
OHV\PEROH
6LQ«FHVVDLUHDSSX\H]VXUOH
V\PEROHGHOಬ«FODLUDJH
SRXU
«FODLUHUODVXUIDFHGHFXLVVRQ
3RXU«WHLQGUHOಬDSSDUHLODSSX\H]¢
QRXYHDXVXUOHV\PEROH
)RQFWLRQ+REWRKRRG
,OVDJLWGXQHIRQFWLRQDXWRPDWLTXH
SHUPHWWDQWGHUHOLHUODWDEOHGHFXLVVRQ¢
XQHKRWWH/DWDEOHGHFXLVVRQHWODKRWWH
GLVSRVHQWWRXWHVOHVGHX[GXQ
FRPPXQLFDWHXUGHVLJQDOLQIUDURXJH/D
YLWHVVHGXYHQWLODWHXUHVWG«ILQLH
DXWRPDWLTXHPHQWHQVHEDVDQWVXUOH
U«JODJHGXPRGHHWGHODWHPS«UDWXUHGX
U«FLSLHQWOHSOXVFKDXGVHWURXYDQWVXUOD
WDEOHGHFXLVVRQ9RXVSRXYH]
«JDOHPHQWDFWLYHUOHYHQWLODWHXU
PDQXHOOHPHQWGHSXLVODWDEOHGH
FXLVVRQ/DIRQFWLRQSHXW¬WUHDFWLY«H
GHSXLVOHEDQGHDXGHFRPPDQGHGHOD
WDEOHGHFXLVVRQ
3RXUSOXVGLQIRUPDWLRQVVXU
OXWLOLVDWLRQGHODIRQFWLRQ
UHSRUWH]YRXV¢ODQRWLFH
GXWLOLVDWLRQGHODWDEOHGH
FXLVVRQ
$FWLYDWLRQGHODYLWHVVH
PD[LPDOHGXPRWHXU
/RUVTXHYRXVDSSX\H]VXUODWRXFKH
ODYLWHVVHPD[LPDOHGXPRWHXUHVW
DFWLY«HSHQGDQWPLQXWHV(QVXLWH
OಬDSSDUHLOUHSDVVHDX[SU«F«GHQWV
U«JODJHVGHYLWHVVH
/RUVTXHODIRQFWLRQHVW
DFWLY«HXQDSSXL
VXSSO«PHQWDLUHVXUODWRXFKH
QಬDDXFXQHIIHW
$FWLYDWLRQHW
G«VDFWLYDWLRQGHOD
QRWLILFDWLRQGXILOWUH
/DODUPHGXILOWUHYRXVUDSSHOOHTXLOHVW
WHPSVGHFKDQJHURXGHQHWWR\HUOHILOWUH
¢FKDUERQHWGHQHWWR\HUOHILOWUH¢
JUDLVVH6LOHILOWUH¢JUDLVVHGRLW¬WUH
QHWWR\«OHYR\DQWGXILOWUH
HVWDOOXP«
HQURXJHSHQGDQWVHFRQGHV6LOH
ILOWUH¢FKDUERQGRLW¬WUHUHPSODF«RX
QHWWR\«OHYR\DQWGXILOWUH
FOLJQRWHHQ
URXJHSHQGDQWVHFRQGHV
5HSRUWH]YRXVDX
SDUDJUDSKHm$ODUPHGX
ILOWUH}GXFKDSLWUH
m(QWUHWLHQHWQHWWR\DJH}
$FWLYH]OHEDQGHDXGHFRPPDQGH
$VVXUH]YRXVTXHOHVLF¶QHVVRQW
«WHLQWHV
3RXUDFWLYHURXG«VDFWLYHUOD
QRWLILFDWLRQGXILOWUH¢FKDUERQ
DSSX\H]VXU
SHQGDQWVHFRQGHV
6LODQRWLILFDWLRQGXILOWUH¢
FKDUERQHVWDFWLY«HOಬLF¶QH
GXILOWUH
FOLJQRWHHQ
URXJHIRLV
6LODQRWLILFDWLRQGXILOWUH¢
FKDUERQHVWG«VDFWLY«H
OಬLF¶QHGXILOWUH
FOLJQRWH
HQURXJHIRLV
ZZZDHJFRP

(175(7,(1(71(772<$*(
1HWWR\DJHGXILOWUH¢
JUDLVVH
&KDTXHILOWUHGRLW¬WUHQHWWR\«DXPRLQV
XQHIRLVSDUPRLV/HVILOWUHVVRQWIL[«V¢
ODLGHGHSLQFHVHWGHSLYRWVGXF¶W«
RSSRV«
3RXUQHWWR\HUOHILOWUH
7LUH]VXUOHOHYLHUGXILOWUHVRXVOD
KRWWHHWEDVFXOH]O«JªUHPHQW
ODYDQWGXILOWUHYHUVOHEDV
1
1HWWR\H]OHVILOWUHV¢ODLGHGXQH
«SRQJHHWGXQG«WHUJHQWQRQDEUDVLI
RXDXODYHYDLVVHOOH
/HODYHYDLVVHOOHGRLW¬WUH
U«JO«¢EDVVHWHPS«UDWXUH
VXUF\FOHFRXUW/D
G«FRORUDWLRQGXILOWUH¢
JUDLVVHQDDXFXQHLQFLGHQFH
VXUOHVSHUIRUPDQFHVGH
ODSSDUHLO
3RXUU«LQVWDOOHUOHILOWUHVXLYH]OHV
GHX[SUHPLªUHV«WDSHVGDQVORUGUH
LQYHUVH
5«S«WH]OHV«WDSHVSRXUWRXVOHVILOWUHV
VLSU«VHQWV
5HPSODFHPHQWGXILOWUHDX
FKDUERQ
$9(57,66(0(17
/HILOWUH¢FKDUERQQHVWSDV
ODYDEOH
/HWHPSVGHVDWXUDWLRQGXILOWUH¢
FKDUERQYDULHHQIRQFWLRQGXW\SHGH
FXLVVRQHWODU«JXODULW«GXQHWWR\DJHGX
ILOWUH¢JUDLVVH
3RXUUHPSODFHUOHILOWUH
5HWLUH]OHVILOWUHV¢JUDLVVHGH
ODSSDUHLO
5HSRUWH]YRXVDXSDUDJUDSKH
m1HWWR\DJHGXILOWUH¢JUDLVVH}GHFH
FKDSLWUH
$SSX\H]VXUODSDWWHHWIDLWHV
EDVFXOHUGRXFHPHQWOಬDYDQWGXILOWUH
1
1
3RXULQVWDOOHUXQQRXYHDXILOWUH
VXLYH]ODP¬PHSURF«GXUHGDQV
ORUGUHLQYHUVH
'DQVWRXVOHVFDVOHVILOWUHVGRLYHQW¬WUH
UHPSODF«VDXPRLQVXQHIRLVWRXVOHV
TXDWUHPRLV
$ODUPHGXILOWUH
5HSRUWH]YRXVDX
SDUDJUDSKHm$FWLYDWLRQHW
G«VDFWLYDWLRQGHOಬDODUPHGX
ILOWUH}GXFKDSLWUH
m8WLOLVDWLRQTXRWLGLHQQH}
5HSRUWH]YRXVDX
SDUDJUDSKHm1HWWR\DJHGX
ILOWUH¢JUDLVVH}GHFH
FKDSLWUH
5HSRUWH]YRXVDX
SDUDJUDSKHm1HWWR\DJHGX
ILOWUH¢FKDUERQRX
UHPSODFHPHQWGXILOWUH¢
FKDUERQ}HQIRQFWLRQGX
W\SHGHILOWUH
3RXUU«LQLWLDOLVHUODODUPH
$SSX\H]VXU
SHQGDQWVHFRQGHV
)5$1$,6

5HPSODFHPHQWGH
O«FODLUDJH
&HWDSSDUHLOHVWIRXUQLDYHFXQHDPSRXOH
/('&HWWHSLªFHSHXWXQLTXHPHQW¬WUH
UHPSODF«HSDUXQWHFKQLFLHQ(QFDVGH
G\VIRQFWLRQQHPHQWUHSRUWH]YRXVDX
SDUDJUDSKHm0DLQWHQDQFH}GXFKDSLWUH
m&RQVLJQHVGHV«FXULW«}
(10$7,5('(3527(&7,21'(
/(19,5211(0(17
5HF\FOH]OHVPDW«ULDX[SRUWDQWOH
V\PEROH
'«SRVH]OHVHPEDOODJHV
GDQVOHVFRQWHQHXUVSU«YXV¢FHWHIIHW
&RQWULEXH]¢ODSURWHFWLRQGH
OHQYLURQQHPHQWHW¢YRWUHV«FXULW«
UHF\FOH]YRVSURGXLWV«OHFWULTXHVHW
«OHFWURQLTXHV1HMHWH]SDVOHVDSSDUHLOV
SRUWDQWOHV\PEROH
DYHFOHVRUGXUHV
P«QDJªUHV(PPHQH]XQWHOSURGXLW
GDQVYRWUHFHQWUHORFDOGHUHF\FODJHRX
FRQWDFWH]YRVVHUYLFHVPXQLFLSDX[
ZZZDHJFRP

,1+$/769(5=(,&+1,6
6,&+(5+(,7681',167$//$7,216+,1:(,6(
*(57(%(6&+5(,%81*
7*/,&+(5*(%5$8&+
5(,1,*81*81'3)/(*(
)53(5)(.7((5*(%1,66(
'DQNHGDVV6LHVLFKI¾UGLHVHV$(*3URGXNWHQWVFKLHGHQKDEHQ:LUKDEHQHV
JHVFKDIIHQGDPLW6LHYLHOH-DKUHYRQVHLQHUDXVJH]HLFKQHWHQ/HLVWXQJXQGGHQ
LQQRYDWLYHQ7HFKQRORJLHQGLH,KQHQGDV/HEHQHUOHLFKWHUQSURILWLHUHQN¸QQHQ(V
LVWPLW)XQNWLRQHQDXVJHVWDWWHWGLHLQJHZ¸KQOLFKHQ*HU¦WHQQLFKWYRUKDQGHQ
VLQG%LWWHQHKPHQ6LHVLFKHLQSDDU0LQXWHQ=HLWXPGDV%HVWHDXVLKP
KHUDXV]XKROHQ
%HVXFKHQ6LHXQVDXIXQVHUHU:HEVLWHXP
$QZHQGXQJVKLQZHLVH3URVSHNWH,QIRUPDWLRQHQ]X)HKOHUEHKHEXQJ6HUYLFH
XQG5HSDUDWXU]XHUKDOWHQ
ZZZDHJFRPVXSSRUW
5HJLVWULHUHQ6LH,KU3URGXNWXPHLQHQHUVWNODVVLJHQ6HUYLFH]XHUKDOWHQ
ZZZUHJLVWHUDHJFRP
8P=XEHK¸U9HUEUDXFKVPDWHULDOXQG2ULJLQDO(UVDW]WHLOHI¾U,KU*HU¦W]X
NDXIHQ
ZZZDHJFRPVKRS
.81'(1',(16781'6(59,&(
9HUZHQGHQ6LHLPPHU2ULJLQDO(UVDW]WHLOH
+DOWHQ6LHIROJHQGH$QJDEHQEHUHLWZHQQ6LHVLFKDQHLQHQDXWRULVLHUWHQ
.XQGHQGLHQVWZHQGHQ0RGHOO31&6HULHQQXPPHU
'LH'DWHQILQGHQ6LHDXIGHP7\SHQVFKLOG
:DUQXQJV6LFKHUKHLWVKLQZHLVH
$OOJHPHLQH,QIRUPDWLRQHQXQG(PSIHKOXQJHQ
,QIRUPDWLRQHQ]XP8PZHOWVFKXW]
QGHUXQJHQYRUEHKDOWHQ
6,&+(5+(,7681',167$//$7,216+,1:(,6(
:$5181*
%H]¾JOLFKGHU6LFKHUKHLWVXQG
,QVWDOODWLRQVKLQZHLVHVLHKHGLHVHSDUDWH
0RQWDJHDQOHLWXQJ/HVHQ6LHYRUGHU
9HUZHQGXQJXQG:DUWXQJGHV*HU¦WV
GDV.DSLWHOPLWGHQ
6LFKHUKHLWVLQIRUPDWLRQHQVRUJI¦OWLJ
GXUFK
'(876&+

*(57(%(6&+5(,%81*
EHUEOLFNാ%HGLHQIHOG
1 2 3 4 5 6 7 8 9
(LQ$XV
(UVWH0RWRUJHVFKZLQGLJNHLW
=ZHLWH0RWRUJHVFKZLQGLJNHLW
'ULWWH0RWRUJHVFKZLQGLJNHLW
0D[LPDOH0RWRUJHVFKZLQGLJNHLW
%ULVHQIXQNWLRQ
)LOWHU(ULQQHUXQJVIXQNWLRQ
+REWR+RRG)XQNWLRQ
/DPSH
7*/,&+(5*(%5$8&+
9HUZHQGHQGHU
$E]XJVKDXEH
(QWQHKPHQ6LHGLHHPSIRKOHQH
*HVFKZLQGLJNHLWDXVGHU7DEHOOHXQWHQ
$XIZ¦UPHQYRQ6SHLVHQ.RFKHQLQ7¸SIHQPLW'Hಣ
FNHOQ
.RFKHQLQ7¸SIHQPLW'HFNHOQDXIPHKUHUHQ.RFK]Rಣ
QHQRGHU%UHQQHUQVDQIWHV%UDWHQ
.RFKHQXQG%UDWHQYRQJUR¡HQ6SHLVHPHQJHQRKQH
'HFNHO.RFKHQDXIPHKUHUHQ.RFK]RQHQRGHU%UHQಣ
QHUQ
.RFKHQXQG%UDWHQYRQJUR¡HQ6SHLVHPHQJHQRKQH
'HFNHOKRKH/XIWIHXFKWLJNHLW
(UIULVFKWGLH/XIWLQGHU.¾FKHQDFKGHP.RFKHQEHL
VHKUQLHGULJHU*HU¦XVFKHQWZLFNOXQJ6LHNDQQGXUFK
%HU¾KUHQGHV6\PEROVDNWLYLHUWXQGGHDNWLYLHUWZHUಣ
GHQ'LH)XQNWLRQZLUGQDFK0LQXWHQDXWRPDWLVFK
DXVJHVFKDOWHW1XUQDFKGHP.RFKHQYHUZHQGHQ
(VZLUGHPSIRKOHQGLH
'XQVWDE]XJVKDXEHQDFK
GHP.RFKHQHWZD
0LQXWHQODQJODXIHQ]X
ODVVHQ
'DV%HGLHQIHOGLVWHLQ
6HQVRUIHOG=XP(LQVFKDOWHQ
GHU)XQNWLRQHQEHU¾KUHQ6LH
GLH6\PEROH6HNXQGH
ODQJ
ZZZDHJFRP

%HGLHQHQGHU$E]XJVKDXEH
=XP(LQVFKDOWHQGHV*HU¦WVGU¾FNHQ
6LHDXIGDV6\PERO
-HW]WN¸QQHQ6LHGLH)XQNWLRQHQ
HLQVFKDOWHQ
=XP(LQVFKDOWHQGHU)XQNWLRQ
EHU¾KUHQ6LHGDV6\PERO
%HL%HGDUIGU¾FNHQ6LHGDV
/LFKWV\PERO
XPGHQ.RFKEHUHLFK
]XEHOHXFKWHQ
=XP$XVVFKDOWHQGHV*HU¦WVGU¾FNHQ
6LHHUQHXWDXIGDV6\PERO
.RFKIHOGDQ
'XQVWDE]XJVKDXEH)XQNWLRQ
'LHVHDXWRPDWLVFKH)XQNWLRQYHUELQGHW
GDV.RFKIHOGPLWHLQHU
'XQVWDE]XJVKDXEH'DV.RFKIHOGXQG
GLH'XQVWDE]XJVKDXEHNRPPXQL]LHUHQ
PLW+LOIHYRQ,QIUDURWVLJQDOHQ'LH
*HVFKZLQGLJNHLWGHV*HEO¦VHVZLUG
DXWRPDWLVFKHLQJHVWHOOW6LHULFKWHWVLFK
QDFKGHPHLQJHVWHOOWHQ0RGXVXQGGHU
7HPSHUDWXUGHVKHL¡HVWHQ.RFKJHVFKLUUV
DXIGHP.RFKIHOG6LHN¸QQHQGDV
*HEO¦VHDXFKPDQXHOODXIGHP
%HGLHQIHOGGHV.RFKIHOGVHLQVWHOOHQ'LH
)XQNWLRQNDQQYRP%HGLHQIHOGGHV
.RFKIHOGVDNWLYLHUWZHUGHQ
:HLWHUH,QIRUPDWLRQHQ]XU
1XW]XQJGHU)XQNWLRQILQGHQ
6LHLQGHU
*HEUDXFKVDQOHLWXQJGHV
.RFKIHOGV
(LQVFKDOWHQGHU
PD[LPDOHQ
0RWRUJHVFKZLQGLJNHLW
:HQQ6LHGLH7DVWH GU¾FNHQVFKDOWHW
VLFKGLHPD[LPDOH0RWRUJHVFKZLQGLJNHLW
I¾U0LQXWHQHLQ1DFKGLHVHU=HLWNHKUW
GDV*HU¦W]XUYRULJHQ
*HVFKZLQGLJNHLWVHLQVWHOOXQJ]XU¾FN
:HQQGLH)XQNWLRQ
HLQJHVFKDOWHWLVWKDWGLH
HUQHXWH%HU¾KUXQJGHU7DVWH
NHLQH$XVZLUNXQJHQ
(LQXQG$XVVFKDOWHQGHU
)LOWHUEHQDFKULFKWLJXQJ
'HU)LOWHUDODUPHULQQHUW6LHGDUDQGHQ
.RKOHILOWHUDXV]XWDXVFKHQE]Z]X
UHLQLJHQXQGGHQ)HWWILOWHU]XUHLQLJHQ
'LH)LOWHUDQ]HLJH
OHXFKWHW
6HNXQGHQURWZHQQGHU)HWWILOWHU
JHUHLQLJWZHUGHQPXVV'LH)LOWHUDQ]HLJH
EOLQNW6HNXQGHQURWZHQQGHU
.RKOHILOWHUDXVJHWDXVFKWRGHUJHUHLQLJW
ZHUGHQPXVV
6LHKH)LOWHUDODUPLP.DSLWHO
5HLQLJXQJXQG3IOHJH
6FKDOWHQ6LHGDV%HGLHQIHOGHLQ
6WHOOHQ6LHVLFKHUGDVVGLH6\PEROH
QLFKWOHXFKWHQ
%HU¾KUHQ6LH]XP(LQRGHU
$XVVFKDOWHQGHU
.RKOHILOWHUEHQDFKULFKWLJXQJ
6HNXQGHQODQJ
:HQQGLH
.RKOHILOWHUEHQDFKULFKWLJXQJ
HLQJHVFKDOWHWLVWEOLQNWGDV
)LOWHUV\PEROI¾QIPDO
URW
:HQQGLH
.RKOHILOWHUEHQDFKULFKWLJXQJ
DXVJHVFKDOWHWLVWEOLQNWGDV
)LOWHUV\PEROGUHLPDO
URW
5(,1,*81*81'3)/(*(
5HLQLJHQGHV)HWWILOWHUV
-HGHU)LOWHUPXVVPLQGHVWHQVHLQPDOLP
0RQDWJHUHLQLJWZHUGHQ'LH)LOWHUVLQG
PLW.ODPPHUQXQG6WLIWHQDXIGHU
JHJHQ¾EHUOLHJHQGHQ6HLWHEHIHVWLJW
5HLQLJHQGHV)LOWHUV
=LHKHQ6LHGHQ*ULIIDP)LOWHUXQWHU
GHU'XQVWDE]XJVKDXEHXQG
'(876&+

QHLJHQ6LHGLH)LOWHUYRUGHUVHLWHOHLFKW
QDFKXQWHQ
1
5HLQLJHQ6LHGLH)LOWHUPLWHLQHP
6FKZDPPXQGQLFKWVFKHXHUQGHP
5HLQLJHURGHULQGHU6S¾OPDVFKLQH
'D]XPXVVGLH
6S¾OPDVFKLQHDXIHLQHQ
NXU]HQ6S¾OJDQJPLW
QLHGULJHU7HPSHUDWXU
HLQJHVWHOOWZHUGHQ$P
)HWWILOWHUN¸QQHQ
9HUI¦UEXQJHQDXIWUHWHQ
GLHVHEHHLQWU¦FKWLJWGLH
/HLVWXQJGHV*HU¦WVMHGRFK
QLFKW
=XPHUQHXWHQ(LQEDXGHU)LOWHU
EHIROJHQ6LHGLHHUVWHQEHLGHQ
6FKULWWHLQXPJHNHKUWHU5HLKHQIROJH
:LHGHUKROHQ6LHJJIGLH6FKULWWHI¾UDOOH
)LOWHU
$XVWDXVFKHQGHV
.RKOHILOWHUV
:$5181*
'HU.RKOHILOWHUNDQQQLFKW
JHZDVFKHQZHUGHQ
'HU=HLWSXQNWGHU6¦WWLJXQJGHV
.RKOHILOWHUVYDULLHUWMHQDFK$UWGHV
.RFKHQVXQGGHUUHJHOP¦¡LJHQ
5HLQLJXQJGHV)HWWILOWHUV
$XVWDXVFKHQGHV)LOWHUV
%DXHQ6LHGLH)HWWILOWHUDXVGHP
*HU¦WDXV
6LHKHಱ5HLQLJHQGHV)HWWILOWHUVಯLQGLHVHP
.DSLWHO
'U¾FNHQ6LHDXIGLH/DVFKHXQG
QHLJHQ6LHGLH)LOWHUYRUGHUVHLWH
OHLFKW
1
1
)¾KUHQ6LH]XP(LQEDXGHVQHXHQ
)LOWHUVGLHJOHLFKHQ6FKULWWHLQ
XPJHNHKUWHU5HLKHQIROJHGXUFK
$XIMHGHQ)DOOP¾VVHQGLH)LOWHU
PLQGHVWHQVDOOHYLHU0RQDWH
DXVJHWDXVFKWZHUGHQ
)LOWHUDODUP
6LHKH(LQXQG$XVVFKDOWHQ
GHV)LOWHUDODUPVLP.DSLWHO
7¦JOLFKHU*HEUDXFK
6LHKH5HLQLJHQGHV
)HWWILOWHUVLQGLHVHP.DSLWHO
6LHKH5HLQLJHQGHV
.RKOHILOWHUVRGHU
$XVWDXVFKHQGHV
.RKOHILOWHUVMHQDFK
)LOWHUW\S
=XU¾FNVHW]HQGHV$ODUPV
%HU¾KUHQ6LH
6HNXQGHQODQJ
$XVWDXVFKHQGHU/DPSH
'DV*HU¦WZLUGPLWHLQHU/('/DPSH
JHOLHIHUW'LHVHV7HLOGDUIQXUYRQHLQHP
7HFKQLNHUDXVJHWDXVFKWZHUGHQ,P)DOOH
HLQHU6W¸UXQJVLHKHXQWHUಱ6HUYLFHಯLP
.DSLWHOಱ6LFKHUKHLVDQZHLVXQJHQಯ
80:(/77,336
5HF\FHOQ6LH0DWHULDOLHQPLWGHP
6\PERO
(QWVRUJHQ6LHGLH
9HUSDFNXQJLQGHQHQWVSUHFKHQGHQ
5HF\FOLQJEHK¦OWHUQ5HF\FHOQ6LH]XP
8PZHOWXQG*HVXQGKHLWVVFKXW]
ZZZDHJFRP

HOHNWULVFKHXQGHOHNWURQLVFKH*HU¦WH
(QWVRUJHQ6LH*HU¦WHPLWGLHVHP6\PERO
QLFKWPLWGHP+DXVP¾OO%ULQJHQ6LH
GDV*HU¦W]X,KUHU¸UWOLFKHQ
6DPPHOVWHOOHRGHUZHQGHQ6LHVLFKDQ
,KU*HPHLQGHDPW
'(876&+

ΟΔΠΘΔΥΞΛΔΜΐ
ˎˉ˅ˏˍ˓ˍˏʺ˃ːʿː˓ʿˉ˃ʺʿːˈʿˇ˃ˁˈʿˑʶːˑʿː˅ː
ˎ˃ˏˇˁˏʿ˓ʹˎˏˍ˗ʻˋˑˍː
ˈʿˆ˅ˊ˃ˏˇˋʹ˔ˏʹː˅
˓ˏˍˋˑʺ˂ʿˈʿˇˈʿˆʶˏˇːˊʿ
ΒΘΐΔΚΔΘΐΐΟΞΔΚΔΡΛΐΐ
˃˲˴˞ˮ˦˰˱ˬ˺˩ˢ˭ˬ˲ˢ˭˦˨˚˫˞˱ˢ˞˲˱˹˱ˬ˭ˮˬ˷˹˪$(*ˑˬ˚˴ˬ˲˩ˢˡˤ˩˦ˬ˲ˮˠ˛˰ˢ˦ˠ˦˞˪˞
˰˞˯˭˞ˮ˚˴ˬ˲˩ˢ˱˚˨ˢ˦˞˞˭˹ˡˬ˰ˤˠ˦˞˭ˬ˨˨˙˴ˮ˹˪˦˞˩ˢ˧˞˦˪ˬ˱˹˩ˢ˯˱ˢ˴˪ˬ˨ˬˠ˜ˢ˯˭ˬ˲
˟ˬˤ˥ˬ˺˪˪˞˞˭˨ˬ˭ˬ˦ˢ˜˱ˢ˱ˤˣ˶˛˰˞˯ದˡ˲˪˞˱˹˱ˤ˱ˢ˯˭ˬ˲˩˭ˬˮˢ˜˪˞˩ˤ˪˟ˮˢ˜˱ˢ˰ˢ
˰˲˪ˤ˥˦˰˩˚˪ˢ˯˰˲˰˧ˢ˲˚˯ː˞˯˭˞ˮ˞˧˞˨ˬ˺˩ˢ˪˞˞˳˦ˢˮ˻˰ˢ˱ˢ˨˜ˠ˞˨ˢ˭˱˙˧˞˦˪˞
ˡ˦˞˟˙˰ˢ˱ˢ˱˦˯ˬˡˤˠ˜ˢ˯˻˰˱ˢ˪˞ˡ˦˞˰˳˞˨˜˰ˢ˱ˢ˱ˤ˪˧˞˨˺˱ˢˮˤˡ˲˪˞˱˛˴ˮ˛˰ˤ˱ˤ˯
˰˲˰˧ˢ˲˛˯˰˞˯
˃˭˦˰˧ˢ˳˥ˢ˜˱ˢ˱ˬ˪˦˰˱˹˱ˬ˭˹˩˞˯ˠ˦˞˪˞
ˀˮˢ˜˱ˢ˲˭ˬˡˢ˜˫ˢ˦˯˴ˮ˛˰ˤ˯˳˲˨˨˙ˡ˦˞˰˲˩˟ˬ˲˨˚˯ˠ˦˞˱ˤ˪ˢ˭˜˨˲˰ˤ
˭ˮˬ˟˨ˤ˩˙˱˶˪˭˨ˤˮˬ˳ˬˮ˜ˢ˯˰˚ˮ˟˦˯˧˞˦ˢ˭˦˰˧ˢ˲˛˯
ZZZDHJFRPVXSSRUW
ˈ˞˱˞˴˶ˮ˜˰ˢ˱ˢ˱ˬ˭ˮˬ˷˹˪˰˞˯˻˰˱ˢ˪˞˚˴ˢ˱ˢ˧˞˨˺˱ˢˮˬ˰˚ˮ˟˦˯
ZZZUHJLVWHUDHJFRP
ʿˠˬˮ˙˰ˢ˱ˢ˞˫ˢ˰ˬ˲˙ˮ˞˪˞˨˻˰˦˩˞˧˞˦ˠ˪˛˰˦˞˞˪˱˞˨˨˞˧˱˦˧˙ˠ˦˞˱ˤ˰˲˰˧ˢ˲˛˰˞˯
ZZZDHJFRPVKRS
ΔΝΣΟΖΠΔΖΡΖΟΔΚΐΧΜΙΐΘΡΔΠΑΘΡ
˔ˮˤ˰˦˩ˬ˭ˬ˦ˢ˜˱ˢ˭˙˪˱˞˩˹˪ˬˠ˪˛˰˦˞˞˪˱˞˨˨˞˧˱˦˧˙
ʻ˱˞˪ˢ˭˦˧ˬ˦˪˶˪ˢ˜˱ˢ˩ˢ˱ˬ˃˫ˬ˲˰˦ˬˡˬ˱ˤ˩˚˪ˬˈ˚˪˱ˮˬː˚ˮ˟˦˯˟ˢ˟˞˦˶˥ˢ˜˱ˢ˹˱˦˚˴ˢ˱ˢ
ˡ˦˞˥˚˰˦˩˞˱˞˞˧˹˨ˬ˲˥˞˰˱ˬ˦˴ˢ˜˞ˊˬ˪˱˚˨ˬ31&ʿˮ˦˥˩˹˯˰ˢ˦ˮ˙˯
ˊ˭ˬˮˢ˜˱ˢ˪˞˟ˮˢ˜˱ˢ˱˦˯˭˨ˤˮˬ˳ˬˮ˜ˢ˯˰˱ˤ˪˭˦˪˞˧˜ˡ˞˱ˢ˴˪˦˧˻˪˴˞ˮ˞˧˱ˤˮ˦˰˱˦˧˻˪
ˎˮˬˢ˦ˡˬ˭ˬ˜ˤ˰ˤˎˮˬ˰ˬ˴˛ˎ˨ˤˮˬ˳ˬˮ˜ˢ˯ˠ˦˞˱ˤ˪˞˰˳˙˨ˢ˦˞
ˁˢ˪˦˧˚˯˭˨ˤˮˬ˳ˬˮ˜ˢ˯˧˞˦˰˲˩˟ˬ˲˨˚˯
ˎ˨ˤˮˬ˳ˬˮ˜ˢ˯˰˴ˢ˱˦˧˙˩ˢ˱ˬ˭ˢˮ˦˟˙˨˨ˬ˪
˒˭˹˧ˢ˦˱˞˦˞ˢ˞˨˨˞ˠ˚˯˴˶ˮ˜˯˭ˮˬˢ˦ˡ˭ˬ˜ˤ˰ˤ
ΟΚΖΠΞΤΞΠΔΡΐΡΤΐΚΔΐΡΙΐΘΔΒΙΐ·ΡΐΡΖΡ
ΟΠΞΔΘΓΞΟΞΘΖΡΖ
ʿ˪˞˱ˮ˚˫˱ˢ˰˱ˬ˫ˢ˴˶ˮ˦˰˱˹˳˲˨˨˙ˡ˦ˬ
ˍˡˤˠ˦˻˪˃ˠ˧˞˱˙˰˱˞˰ˤ˯ˠ˦˞˱˦˯
ˎ˨ˤˮˬ˳ˬˮ˜ˢ˯˞˰˳˞˨ˢ˜˞˯˧˞˦
˃ˠ˧˞˱˙˰˱˞˰ˤ˯˂˦˞˟˙˰˱ˢ˭ˮˬ˰ˢ˧˱˦˧˙˱˞
˧ˢ˳˙˨˞˦˞ˠ˦˞˱ˤ˪ʿ˰˳˙˨ˢ˦˞˭ˮ˦˪˞˭˹
ˬ˭ˬ˦˞ˡ˛˭ˬ˱ˢ˴ˮ˛˰ˤ˛˰˲˪˱˛ˮˤ˰ˤ˱ˤ˯
˰˲˰˧ˢ˲˛˯
ZZZDHJFRP

ΟΔΠΘΒΠΐΤΊΟΠΞΨΌΜΞΡ
Δξηρθϊξερεξέλίθίυγηοηρςεοέχλ
1 2 3 4 5 6 7 8 9
˃˪ˢˮˠˬ˭ˬ˜ˤ˰ˤʿ˭ˢ˪ˢˮˠˬ˭ˬ˜ˤ˰ˤ
ˎˮ˻˱ˤ˱˞˴˺˱ˤ˱˞˧˦˪ˤ˱˛ˮ˞
˂ˢ˺˱ˢˮˤ˱˞˴˺˱ˤ˱˞˧˦˪ˤ˱˛ˮ˞
ˑˮ˜˱ˤ˱˞˴˺˱ˤ˱˞˧˦˪ˤ˱˛ˮ˞
ˊ˚ˠ˦˰˱ˤ˱˞˴˺˱ˤ˱˞˧˦˪ˤ˱˛ˮ˞
ˉˢ˦˱ˬ˲ˮˠ˜˞%UHH]H
˒˭ˢ˪˥˺˩˦˰ˤ˳˜˨˱ˮˬ˲
ˉˢ˦˱ˬ˲ˮˠ˜˞+REWR+RRG
ˉ˞˩˭˱˛ˮ˞˯
ΙΐΗΖΛΔΠΘΜΊΥΠΊΡΖ
Υοάρεςνσ
ίξνοοντεςάοί
˃˨˚ˠ˫˱ˢ˱ˤ˰˲˪˦˰˱˻˩ˢ˪ˤ˱˞˴˺˱ˤ˱˞
˰˺˩˳˶˪˞˩ˢ˱ˬ˪˭˞ˮ˞˧˙˱˶˭˜˪˞˧˞
ˈ˞˱˙˱ˬˣ˚˰˱˞˩˞˳˞ˠˤ˱ˬ˺˩ˢ˰˧ˢ˭˞˰˩˚˪˞˰˧ˢ˺ˤ
ˈ˞˱˙˱ˬ˩˞ˠˢ˜ˮˢ˩˞˩ˢ˰˧ˢ˭˞˰˩˚˪˞˰˧ˢ˺ˤ˰ˢ˭ˬ˨˨˞ಣ
˭˨˚˯ˣ˻˪ˢ˯˩˞ˠˢ˦ˮ˚˩˞˱ˬ˯˛˰ˢˢ˰˱˜ˢ˯˧˞˱˙˱ˬˢ˨˞˳ˮ˺
˱ˤˠ˙˪˦˰˩˞
ˈ˞˱˙˱ˬ˟ˮ˙˰˦˩ˬ˧˞˦˱ˬ˱ˤˠ˙˪˦˰˩˞˩ˢˠ˙˨˶˪˭ˬ˰ˬ˱˛ಣ
˱˶˪˳˞ˠˤ˱ˬ˺˴˶ˮ˜˯˧˞˭˙˧˦˧˞˦˧˞˱˙˱ˬ˩˞ˠˢ˜ˮˢ˩˞˰ˢ
˭ˬ˨˨˞˭˨˚˯ˣ˻˪ˢ˯˩˞ˠˢ˦ˮ˚˩˞˱ˬ˯˛ˢ˰˱˜ˢ˯
ˈ˞˱˙˱ˬ˟ˮ˙˰˦˩ˬ˧˞˦˱ˬ˱ˤˠ˙˪˦˰˩˞˩ˢˠ˙˨˶˪˭ˬ˰ˬ˱˛ಣ
˱˶˪˳˞ˠˤ˱ˬ˺˴˶ˮ˜˯˧˞˭˙˧˦˧˞˦˩ˢ˭ˬ˨˨˛˲ˠˮ˞˰˜˞
ʿ˪˞˪ˢ˻˪ˢ˦˱ˬ˪˞˚ˮ˞˰˱ˤ˪˧ˬ˲ˣ˜˪˞˩ˢ˱˙˱ˬ˩˞ˠˢ˜ˮˢ˩˞
˰ˢ˭ˬ˨˺˴˞˩ˤ˨˹ˢ˭˜˭ˢˡˬ˥ˬˮ˺˟ˬ˲ˊ˭ˬˮˢ˜˪˞ˢ˪ˢˮಣ
ˠˬ˭ˬ˦ˤ˥ˢ˜˧˞˦˪˞˞˭ˢ˪ˢˮˠˬ˭ˬ˦ˤ˥ˢ˜˩ˢ˱ˬ˙ˠˠ˦ˠ˩˞˱ˬ˲
˰˲˩˟˹˨ˬ˲˅˨ˢ˦˱ˬ˲ˮˠ˜˞˞˭ˢ˪ˢˮˠˬ˭ˬ˦ˢ˜˱˞˦˞˲˱˹˩˞˱˞
˩ˢ˱˙˞˭˹˨ˢ˭˱˙˔ˮˤ˰˦˩ˬ˭ˬ˦˛˰˱ˢ˱ˬ˩˹˪ˬ˩ˢ˱˙˱ˬ
˩˞ˠˢ˜ˮˢ˩˞
˃ˉˉ˅ˋˇˈʿ

ː˲˪˦˰˱˙˱˞˦˪˞˞˳˛˪ˢ˱ˢ˱ˬ˪
˞˭ˬˮˮˬ˳ˤ˱˛ˮ˞˪˞˨ˢ˦˱ˬ˲ˮˠˢ˜
ˠ˦˞˭ˢˮ˜˭ˬ˲˨ˢ˭˱˙˩ˢ˱˙
˱ˬ˩˞ˠˢ˜ˮˢ˩˞
ˑˬ˴ˢ˦ˮ˦˰˱˛ˮ˦ˬˢ˜˪˞˦˚˪˞
˭ˢˡ˜ˬ˞˳˛˯ʿˠˠ˜˫˱ˢ˱˞
˰˺˩˟ˬ˨˞ˠ˦˞ˡˢ˲˱ˢˮ˹˨ˢ˭˱ˬ
ˠ˦˞˪˞ˢ˪ˢˮˠˬ˭ˬ˦˛˰ˢ˱ˢ˱˦˯
˨ˢ˦˱ˬ˲ˮˠ˜ˢ˯
Βηίλίυγηοηρςγέςγςνλίξνοοντεςάοί
˃˪ˢˮˠˬ˭ˬ˦˛˰˱ˢ˱ˤ˰˲˰˧ˢ˲˛˭˦˚ˣˬ˪˱˞˯
˱ˬ˰˺˩˟ˬ˨ˬ
ˊ˭ˬˮˢ˜˱ˢ˱˻ˮ˞˪˞ˢ˪ˢˮˠˬ˭ˬ˦˛˰ˢ˱ˢ˱˦˯
˨ˢ˦˱ˬ˲ˮˠ˜ˢ˯
ˁ˦˞˪˞ˢ˪ˢˮˠˬ˭ˬ˦˛˰ˢ˱ˢ˱ˤ˨ˢ˦˱ˬ˲ˮˠ˜˞
˞ˠˠ˜˫˱ˢ˱ˬ˰˺˩˟ˬ˨ˬ
ʿ˪˴ˮˢ˦˞˰˱ˢ˜˞ˠˠ˜˫˱ˢ˱ˬ˰˺˩˟ˬ˨ˬ
˳˶˱˦˰˩ˬ˺
ˠ˦˞˪˞˳˶˱˜˰ˢ˱ˢ˱ˤ˪
ˢ˭˦˳˙˪ˢ˦˞˩˞ˠˢ˦ˮ˚˩˞˱ˬ˯
ˁ˦˞˪˞˞˭ˢ˪ˢˮˠˬ˭ˬ˦˛˰ˢ˱ˢ˱ˤ˰˲˰˧ˢ˲˛
˭˦˚˰˱ˢ˭˙˨˦˱ˬ˰˺˩˟ˬ˨ˬ
Κγηςνσοαέί+REWR+RRG
˃˜˪˞˦˩˦˞˞˲˱˹˩˞˱ˤ˨ˢ˦˱ˬ˲ˮˠ˜˞ˤˬ˭ˬ˜˞
˰˲˪ˡ˚ˢ˦˱˦˯ˢ˰˱˜ˢ˯˩ˢ˚˪˞˪
˞˭ˬˮˮˬ˳ˤ˱˛ˮ˞ˑ˹˰ˬˬ˦ˢ˰˱˜ˢ˯˹˰ˬ˧˞˦ˬ
˞˭ˬˮˮˬ˳ˤ˱˛ˮ˞˯ˡ˦˞˥˚˱ˬ˲˪˭ˬ˩˭ˬˡ˚˧˱ˤ
˲˭˚ˮ˲˥ˮˬ˲˰˛˩˞˱ˬ˯˅˱˞˴˺˱ˤ˱˞˱ˬ˲
˞˪ˢ˩˦˰˱˛ˮ˞˧˞˥ˬˮ˜ˣˢ˱˞˦˞˲˱˹˩˞˱˞˩ˢ
˟˙˰ˤ˱ˤˮ˺˥˩˦˰ˤ˱ˤ˯˨ˢ˦˱ˬ˲ˮˠ˜˞˯˧˞˦˱ˤ
˥ˢˮ˩ˬ˧ˮ˞˰˜˞˱ˬ˲˥ˢˮ˩˹˱ˢˮˬ˲˩˞ˠˢ˦ˮ˦˧ˬ˺
˰˧ˢ˺ˬ˲˯˰˱˦˯ˢ˰˱˜ˢ˯ˊ˭ˬˮˢ˜˱ˢˢ˭˜˰ˤ˯˪˞
˴ˢ˦ˮ˦˰˱ˢ˜˱ˢ˱ˬ˪˞˪ˢ˩˦˰˱˛ˮ˞˴ˢ˦ˮˬ˧˜˪ˤ˱˞˩ˢ
˱ˤ˴ˮ˛˰ˤ˱˶˪ˢ˰˱˦˻˪˅˨ˢ˦˱ˬ˲ˮˠ˜˞
˩˭ˬˮˢ˜˪˞ˢ˪ˢˮˠˬ˭ˬ˦ˤ˥ˢ˜˞˭˹˱ˬ
˴ˢ˦ˮ˦˰˱˛ˮ˦ˬ˱˶˪ˢ˰˱˦˻˪
ˁ˦˞˭ˢˮ˦˰˰˹˱ˢˮˢ˯
˭˨ˤˮˬ˳ˬˮ˜ˢ˯˰˴ˢ˱˦˧˙˩ˢ˱ˤ
˴ˮ˛˰ˤ˱ˤ˯˨ˢ˦˱ˬ˲ˮˠ˜˞˯
˞˪˞˱ˮ˚˫˱ˢ˰˱ˬˢˠ˴ˢ˦ˮ˜ˡ˦ˬ
˴ˮ˛˰˱ˤ˱ˤ˯˩ˬ˪˙ˡ˞˯ˢ˰˱˦˻˪
Δλγοανξνέερεςεπ
ΛΫαηρςεπίυϋςεςίπ
Ιηλεςάοί
ʻ˱˞˪˭˦˚ˣˢ˱ˢ˱ˬ˧ˬ˲˩˭˜ ˫ˢ˧˦˪˙ˢ˦˪˞
˨ˢ˦˱ˬ˲ˮˠˢ˜ˤˊ˚ˠ˦˰˱ˤˑ˞˴˺˱ˤ˱˞ˈ˦˪ˤ˱˛ˮ˞
ˠ˦˞˨ˢ˭˱˙ˊˢ˱˙˞˭˹˞˲˱˹˱ˬˡ˦˙˰˱ˤ˩˞
ˤ˰˲˰˧ˢ˲˛ˢ˭˦˰˱ˮ˚˳ˢ˦˰˱˦˯˭ˮˬˤˠˬ˺˩ˢ˪ˢ˯
ˮ˲˥˩˜˰ˢ˦˯˱˞˴˺˱ˤ˱˞˯
ʻ˱˞˪ˤ˨ˢ˦˱ˬ˲ˮˠ˜˞ˢ˜˪˞˦
ˢ˪ˢˮˠˬ˭ˬ˦ˤ˩˚˪ˤ˱ˬˢ˭˦˭˨˚ˬ˪
˙ˠˠ˦ˠ˩˞˱ˬ˲˧ˬ˲˩˭˦ˬ˺
ˡˢ˪
˚˴ˢ˦˞˭ˬ˱˚˨ˢ˰˩˞
Δλγοανξνέερεθίη
ίξγλγοανξνέερεςεπ
γηβνξνέερεπτέιςονσ
ˍ˰˲˪˞ˠˢˮ˩˹˯˳˜˨˱ˮˬ˲˰˞˯˲˭ˢ˪˥˲˩˜ˣˢ˦
˪˞˞˨˨˙˫ˢ˱ˢ˛˪˞˧˞˥˞ˮ˜˰ˢ˱ˢ˱ˬ˳˜˨˱ˮˬ
˙˪˥ˮ˞˧˞˧˞˦˪˞˧˞˥˞ˮ˜˰ˢ˱ˢ˱ˬ˳˜˨˱ˮˬ
˨˜˭ˬ˲˯˅˚˪ˡˢ˦˫ˤ˳˜˨˱ˮˬ˲
˞˪˙˟ˢ˦
˧˹˧˧˦˪ˬˠ˦˞ˡˢ˲˱ˢˮ˹˨ˢ˭˱˞˹˱˞˪
˭ˮ˚˭ˢ˦˪˞˧˞˥˞ˮ˦˰˱ˢ˜˱ˬ˳˜˨˱ˮˬ˨˜˭ˬ˲˯˅
˚˪ˡˢ˦˫ˤ˳˜˨˱ˮˬ˲
˞˪˞˟ˬ˰˟˛˪ˢ˦
˧˹˧˧˦˪ˬˠ˦˞ˡˢ˲˱ˢˮ˹˨ˢ˭˱˞˹˱˞˪
˭ˮ˚˭ˢ˦˪˞˞˪˱˦˧˞˱˞˰˱˞˥ˢ˜˛˪˞˧˞˥˞ˮ˦˰˱ˢ˜
˱ˬ˳˜˨˱ˮˬ˙˪˥ˮ˞˧˞
ʿ˪˞˱ˮ˚˫˱ˢ˰˱ˬ˪˰˲˪˞ˠˢˮ˩˹
˳˜˨˱ˮˬ˲˰˱ˬ˧ˢ˳˙˨˞˦ˬ
˳ˮˬ˪˱˜ˡ˞˧˞˦˧˞˥˙ˮ˦˰˩˞
˃˪ˢˮˠˬ˭ˬ˦˛˰˱ˢ˱ˬ˴ˢ˦ˮ˦˰˱˛ˮ˦ˬ
ˀˢ˟˞˦˶˥ˢ˜˱ˢ˹˱˦˱˞ˢ˦˧ˬ˪˜ˡ˦˞ˢ˜˪˞˦
˰˟ˤ˰˱˙
ˁ˦˞˪˞ˢ˪ˢˮˠˬ˭ˬ˦˛˰ˢ˱ˢ˛˪˞
˞˭ˢ˪ˢˮˠˬ˭ˬ˦˛˰ˢ˱ˢ˱ˤ˪ˢ˦ˡˬ˭ˬ˜ˤ˰ˤ
˳˜˨˱ˮˬ˲˙˪˥ˮ˞˧˞˞ˠˠ˜˫˱ˢ˱ˬ
ˠ˦˞
ˡˢ˲˱ˢˮ˹˨ˢ˭˱˞
ʿ˪ˢ˪ˢˮˠˬ˭ˬ˦ˤ˥ˢ˜ˤ
ˢ˦ˡˬ˭ˬ˜ˤ˰ˤ˳˜˨˱ˮˬ˲
˙˪˥ˮ˞˧˞˱ˬˢ˦˧ˬ˪˜ˡ˦ˬ
˳˜˨˱ˮˬ˲
˞˪˞˟ˬ˰˟˛˪ˢ˦
˧˹˧˧˦˪ˬ˭˚˪˱ˢ˳ˬˮ˚˯
ʿ˪˞˭ˢ˪ˢˮˠˬ˭ˬ˦ˤ˥ˢ˜ˤ
ˢ˦ˡˬ˭ˬ˜ˤ˰ˤ˳˜˨˱ˮˬ˲
˙˪˥ˮ˞˧˞˱ˬˢ˦˧ˬ˪˜ˡ˦ˬ
˳˜˨˱ˮˬ˲
˞˪˞˟ˬ˰˟˛˪ˢ˦
˧˹˧˧˦˪ˬ˱ˮˢ˦˯˳ˬˮ˚˯
ZZZDHJFRP

ΤΠΞΜΓΐΙΐΘΙΐΗ·ΠΘΡΛΐ
Ιίζίοηρκϊπςνστέιςονσ
ιέξνσπ
ˑˬ˧˙˥ˢ˳˜˨˱ˮˬ˭ˮ˚˭ˢ˦˪˞˧˞˥˞ˮ˜ˣˢ˱˞˦
˱ˬ˲˨˙˴˦˰˱ˬ˪˩˜˞˳ˬˮ˙˱ˬ˪˩˛˪˞ˑ˞
˳˜˨˱ˮ˞ˢ˜˪˞˦˱ˬ˭ˬ˥ˢ˱ˤ˩˚˪˞˩ˢ˱ˤ˴ˮ˛˰ˤ
˧˨˦˭˧˞˦˭ˢ˜ˮ˶˪˰˱ˤ˪˞˪˱˜˥ˢ˱ˤ˭˨ˢ˲ˮ˙
Βηίλίθίζίοέργςγςντέιςον
ˑˮ˞˟˛˫˱ˢ˱ˤ˨˞˟˛˰˱ˬ˳˜˨˱ˮˬ˧˙˱˶
˞˭˹˱ˬ˪˞˭ˬˮˮˬ˳ˤ˱˛ˮ˞˧˞˦
ˠˢ˜ˮˢ˱ˢˢ˨˞˳ˮ˻˯˭ˮˬ˯˱˞˧˙˱˶˱ˬ
˩˭ˮˬ˰˱˦˪˹˩˚ˮˬ˯˱ˬ˲˳˜˨˱ˮˬ˲
1
ˈ˞˥˞ˮ˜˰˱ˢ˱˞˳˜˨˱ˮ˞
˴ˮˤ˰˦˩ˬ˭ˬ˦˻˪˱˞˯˚˪˞˰˳ˬ˲ˠˠ˙ˮ˦˩ˢ
˩ˤ˨ˢ˦˞˪˱˦˧˙˞˭ˬˮˮ˲˭˞˪˱˦˧˙˛˰˱ˬ
˭˨˲˪˱˛ˮ˦ˬ˭˦˙˱˶˪
ˑˬ˭˨˲˪˱˛ˮ˦ˬ˭˦˙˱˶˪˭ˮ˚˭ˢ˦
˪˞ˮ˲˥˩˦˰˱ˢ˜˰ˢ˴˞˩ˤ˨˛
˥ˢˮ˩ˬ˧ˮ˞˰˜˞˧˞˦˰ˢ˰˺˪˱ˬ˩ˬ
˧˺˧˨ˬˑˬ˳˜˨˱ˮˬ˨˜˭ˬ˲˯
˩˭ˬˮˢ˜˪˞˞˭ˬ˴ˮ˶˩˞˱˦˰˱ˢ˜
˞˲˱˹ˡˢ˪ˢ˭ˤˮˢ˙ˣˢ˦˱ˤ˪
˞˭˹ˡˬ˰ˤ˱ˤ˯˰˲˰˧ˢ˲˛˯
ˁ˦˞˪˞˱ˬ˭ˬ˥ˢ˱˛˰ˢ˱ˢ˫˞˪˙˱˞˳˜˨˱ˮ˞
˞˧ˬ˨ˬ˲˥˛˰˱ˢ˱˞ˡ˺ˬ˭ˮ˻˱˞˟˛˩˞˱˞
˩ˢ˱ˤ˪˞˪˱˜˰˱ˮˬ˳ˤ˰ˢ˦ˮ˙
˃˭˞˪˞˨˙˟ˢ˱ˢ˱˞˟˛˩˞˱˞ˠ˦˞˹˨˞˱˞
˳˜˨˱ˮ˞˹˭ˬ˲ˢ˜˪˞˦˞˭˞ˮ˞˜˱ˤ˱ˬ
ΐλςηθίςΪρςίρεςνσ
τέιςονσΪλζοίθί
ΟΠΞΔΘΓΞΟΞΘΖΡΖ
ˑˬ˳˜˨˱ˮˬ˙˪˥ˮ˞˧˞ˢ˜˪˞˦˩ˤ
˭˨ˢ˪˹˩ˢ˪ˬ
ˍ˴ˮ˹˪ˬ˯˧ˬˮˢ˰˩ˬ˺˱ˬ˲˳˜˨˱ˮˬ˲
˙˪˥ˮ˞˧˞ˡ˦˞˳˚ˮˢ˦˞˪˙˨ˬˠ˞˩ˢ˱ˬ˪˱˺˭ˬ
˩˞ˠˢ˦ˮ˚˩˞˱ˬ˯˧˞˦˱ˤ˰˲˴˪˹˱ˤ˱˞
˧˞˥˞ˮ˦˰˩ˬ˺˱ˬ˲˳˜˨˱ˮˬ˲˨˜˭ˬ˲˯
ˁ˦˞˪˞˞˪˱˦˧˞˱˞˰˱˛˰ˢ˱ˢ˱ˬ˳˜˨˱ˮˬ
ʿ˳˞˦ˮ˚˰˱ˢ˱˞˳˜˨˱ˮ˞˨˜˭ˬ˲˯˞˭˹˱ˤ
˰˲˰˧ˢ˲˛
ʿ˪˞˱ˮ˚˫˱ˢ˰˱ˤ˪ˢ˪˹˱ˤ˱˞mˈ˞˥˞ˮ˦˰˩˹˯
˱ˬ˲˳˜˨˱ˮˬ˲˨˜˭ˬ˲˯}˰ˢ˞˲˱˹˱ˬ
˧ˢ˳˙˨˞˦ˬ
˭˦˚˰˱ˢ˱ˤˠ˨˶˱˱˜ˡ˞˧˞˦ˠˢ˜ˮˢ˱ˢ
ˢ˨˞˳ˮ˻˯˱ˬ˩˭ˮˬ˰˱˦˪˹˩˚ˮˬ˯˱ˬ˲
˳˜˨˱ˮˬ˲
1
1
ˁ˦˞˪˞ˢˠ˧˞˱˞˰˱˛˰ˢ˱ˢ˱ˬ˧˞˦˪ˬ˺ˮ˦ˬ
˳˜˨˱ˮˬˢ˧˱ˢ˨˚˰˱ˢ˱˞˜ˡ˦˞˟˛˩˞˱˞˩ˢ
˱ˤ˪˞˪˱˜˰˱ˮˬ˳ˤ˰ˢ˦ˮ˙
ːˢ˧˙˥ˢ˭ˢˮ˜˭˱˶˰ˤˢ˜˪˞˦˞˭˞ˮ˞˜˱ˤ˱ˬ˪˞
˞˪˱˦˧˞˥˦˰˱˙˱ˢ˱˞˳˜˨˱ˮ˞˱ˬ˲˨˙˴˦˰˱ˬ˪˧˙˥ˢ
˱˚˰˰ˢˮˢ˦˯˩˛˪ˢ˯
Ρσλίαγοκϊπτέιςονσ
ʿ˪˞˱ˮ˚˫˱ˢ˰˱ˤ˪
ˢ˪ˢˮˠˬ˭ˬ˜ˤ˰ˤ˧˞˦
˞˭ˢ˪ˢˮˠˬ˭ˬ˜ˤ˰ˤ˱ˬ˲
˰˲˪˞ˠˢˮ˩ˬ˺˳˜˨˱ˮˬ˲˰˱ˬ
˧ˢ˳˙˨˞˦ˬ˧˞˥ˤ˩ˢˮ˦˪˛˴ˮ˛˰ˤ
ʿ˪˞˱ˮ˚˫˱ˢ˰˱ˤ˪ˢ˪˹˱ˤ˱˞
˧˞˥˞ˮ˦˰˩˹˯˱ˬ˲˳˜˨˱ˮˬ˲
˨˜˭ˬ˲˯˰ˢ˞˲˱˹˱ˬ˧ˢ˳˙˨˞˦ˬ
ʿ˪˞˱ˮ˚˫˱ˢ˰˱ˤ˪ˢ˪˹˱ˤ˱˞
˧˞˥˞ˮ˦˰˩˹˯˱ˬ˲˳˜˨˱ˮˬ˲
˙˪˥ˮ˞˧˞˛˞˪˱˦˧˞˱˙˰˱˞˰ˤ
˱ˬ˲˳˜˨˱ˮˬ˲˙˪˥ˮ˞˧˞
ˢ˫˞ˮ˱˙˱˞˦˞˭˹˱ˬ˪˱˺˭ˬ˱ˬ˲
˳˜˨˱ˮˬ˲
ΒηίλίγξίλίτνοΪςεπγηβνξνέερεπ
ʿˠˠ˜˫˱ˢ˱ˬ˧ˬ˲˩˭˜
ˠ˦˞ˡˢ˲˱ˢˮ˹˨ˢ˭˱˞
˃ˉˉ˅ˋˇˈʿ

ΐλςηθίςΪρςίρεςνσ
ιίκξςάοί
˅˰˲˰˧ˢ˲˛˭˞ˮ˚˴ˢ˱˞˦˩ˢ˨˞˩˭˱˛ˮ˞/('
ʿ˲˱˹˱ˬˢ˫˙ˮ˱ˤ˩˞˩˭ˬˮˢ˜˪˞
˞˪˱˦˧˞˱˞˰˱˞˥ˢ˜˩˹˪ˬ˞˭˹˱ˢ˴˪˦˧˹ːˢ
˭ˢˮ˜˭˱˶˰ˤˬ˭ˬ˦˞˰ˡ˛˭ˬ˱ˢ˟˨˙˟ˤ˯
˞˪˞˱ˮ˚˫˱ˢ˰˱ˤ˪ˢ˪˹˱ˤ˱˞mː˚ˮ˟˦˯}˰˱ˬ
˧ˢ˳˙˨˞˦ˬmˍˡˤˠ˜ˢ˯ˠ˦˞˱ˤ˪˞˰˳˙˨ˢ˦˞}
ΟΔΠΘΑΐΚΚΞΜΘΙΐΗΔΛΐΐ
ʿ˪˞˧˲˧˨˻˰˱ˢ˱˞˲˨˦˧˙˭ˬ˲˳˚ˮˬ˲˪˱ˬ
˰˺˩˟ˬ˨ˬ
ˑˬ˭ˬ˥ˢ˱˛˰˱ˢ˱˞˲˨˦˧˙
˰˲˰˧ˢ˲˞˰˜˞˯˰ˢ˧˞˱˙˨˨ˤ˨˞ˡˬ˴ˢ˜˞ˠ˦˞
˞˪˞˧˺˧˨˶˰ˤː˲˩˟˙˨ˢ˱ˢ˰˱ˤ˪˭ˮˬ˰˱˞˰˜˞
˱ˬ˲˭ˢˮ˦˟˙˨˨ˬ˪˱ˬ˯˧˞˦˱ˤ˯˞˪˥ˮ˻˭˦˪ˤ˯
˲ˠˢ˜˞˯˞˪˞˧˲˧˨˻˪ˬ˪˱˞˯˱˦˯˙˴ˮˤ˰˱ˢ˯
ˤ˨ˢ˧˱ˮ˦˧˚˯˧˞˦ˤ˨ˢ˧˱ˮˬ˪˦˧˚˯˰˲˰˧ˢ˲˚˯
ˊˤ˪˞˭ˬˮˮ˜˭˱ˢ˱ˢ˩ˢ˱˞ˬ˦˧˦˞˧˙
˞˭ˬˮˮ˜˩˩˞˱˞˰˲˰˧ˢ˲˚˯˭ˬ˲˳˚ˮˬ˲˪˱ˬ
˰˺˩˟ˬ˨ˬ
˃˭˦˰˱ˮ˚˵˱ˢ˱ˬ˭ˮˬ˷˹˪˰˱ˤ˪
˱ˬ˭˦˧˛˰˞˯˩ˬ˪˙ˡ˞˞˪˞˧˺˧˨˶˰ˤ˯˛
ˢ˭˦˧ˬ˦˪˶˪˛˰˱ˢ˩ˢ˱ˤˡˤ˩ˬ˱˦˧˛˞ˮ˴˛
ZZZDHJFRP

7$57$/20
%,=7216*,78'1,9$/.6=(0%(+(/<(=6
7(50./(56
1$3,+$6=1/$7
32/667,6=776
$7./(7(69*(5('01<5'(.%(1
.¸V]¸QM¾NKRJ\H]WD]$(*N«V]¾O«NHWY£ODV]WRWWD7HUP«N¾QNJ\£UW£VDNRUHJ\
RO\DQEHUHQGH]«VWN¯Y£QWXQNPHJDONRWQLD]QV]£P£UDDPHO\NLIRJ£VWDODQ
WHOMHV¯WP«Q\WQ\¼MWKRVV]¼«YHNHQNHUHV]W¾ON¸V]¸QKHWēHQD]DONDOPD]RWW
LQQRYDW¯YWHFKQROµJL£NQDNDPHO\HND]«OHW«WMHOHQWēVHQPHJN¸QQ\¯WLNದ«V
DPHO\HNHWP£VN«V]¾O«NHNHQQHPWDO£OPHJ.«UM¾NV]£QMRQQ«K£Q\SHUFHWD]
¼WPXWDWµY«JLJROYDV£V£UDKRJ\DPD[LPXPRWKR]KDVVDNLN«V]¾O«N«EēO
/£WRJDVVRQHOZHEROGDOXQNUDD]DO£EELDN«UW
+DV]Q£ODWWDONDSFVRODWRVWDQ£FVRNSURVSHNWXVRNKLEDHOK£U¯W£VLV]HUYL]«V
MDY¯W£VLLQIRUP£FLµNN«U«VH
ZZZDHJFRPVXSSRUW
5HJLV]WU£OMDWHUP«N«WDP«JNLY£OµEEV]ROJ£OWDW£VRN«UW
ZZZUHJLVWHUDHJFRP
7DUWR]«NRNVHJ«GDQ\DJRN«VHUHGHWLDONDWU«V]HNY£V£UO£VDDN«V]¾O«NKH]
ZZZDHJFRPVKRS
*<)/6=2/*/$766=(59,=
0LQGLJHUHGHWLFVHUHDONDWU«V]HNHWKDV]Q£OMRQ
$PLNRUIHOYHV]LDNDSFVRODWRWDKLYDWDORVV]HUYL]N¸]SRQWWDOJRQGRVNRGMRQDUUµO
KRJ\DN¸YHWNH]ēDGDWRNN«]Q«OOHJ\HQHN7¯SXV31&WHUP«NV]£P
VRUR]DWV]£P
$]LQIRUP£FLµND]DGDWW£EO£QWDO£OKDWµN
)LJ\HOHP9LJ\£]DWದ%L]WRQV£JLLQIRUP£FLµN
OWDO£QRVLQIRUP£FLµN«VWDQ£FVRN
.¸UQ\H]HWY«GHOPLLQIRUP£FLµN
$Y£OWR]WDW£VRNMRJ£WIHQQWDUWMXN
%,=7216*,78'1,9$/.6=(0%(
+(/<(=6
),*<(/0(=7(76
$EL]WRQV£JL«V¾]HPEHKHO\H]«VL
WXGQLYDOµN«UWROYDVVDHODN¾O¸QPHOO«NHOW
]HPEHKHO\H]«VL¼WPXWDWµW$N«V]¾O«N
E£UPHO\KDV]Q£ODWDYDJ\NDUEDQWDUW£VD
HOēWWDODSRVDQROYDVVDHODEL]WRQV£JUD
YRQDWNR]µIHMH]HWHNHW
0$*<$5

7(50./(56
$NH]HOēSDQHO£WWHNLQW«VH
1 2 3 4 5 6 7 8 9
%H.L
(OVēPRWRUVHEHVV«J
0£VRGLNPRWRUVHEHVV«J
+DUPDGLNPRWRUVHEHVV«J
0D[LP£OLVPRWRUVHEHVV«J
6]HOOēIXQNFLµ
$V]ijUēWLV]W¯W£V£UDYRQDWNR]µ
HPO«NH]WHWē
)ē]ēODSDS£UDHOV]¯YµKR]IXQNFLµ
/£PSD
1$3,+$6=1/$7
$S£UDHOV]¯YµKDV]Q£ODWD
.HUHVVHPHJDMDYDVROW
VHEHVV«JIRNR]DWRWD]DO£EELW£EO£]DW
DODSM£Q
WHOIHOPHOHJ¯W«VHOHIHGHWWHG«Q\HNNHOYDOµIē]«V
)ē]«VW¸EEIē]ē]µQ£QYDJ\«JēQOHIHGHWWHG«Q\HNಣ
NHON¯P«OēV¾W«V]VLUDG«NEDQ
)RUUDO£V«VQDJ\PHQQ\LV«Jij«WHOV¾W«VH]VLUDG«Nಣ
EDQIHGēQ«ON¾OIē]«VW¸EEIē]ē]µQ£QYDJ\«JēQ
)RUUDO£V«VQDJ\PHQQ\LV«Jij«WHOV¾W«VH]VLUDG«Nಣ
EDQIHGēQ«ON¾OPDJDVS£UDWDUWDORP
$ODFVRQ\]DMV]LQWPHOOHWWIē]«VWN¸YHWēHQIHOIULVV¯WLD
NRQ\KDOHYHJēM«W$V]LPEµOXPPHJ«ULQW«V«YHOEH
«VNLNDSFVROKDWµ$IXQNFLµSHUFHOWHOW«YHODXWRಣ
PDWLNXVDQNLNDSFVRO&VDNDIē]«VEHIHMH]«VHXW£Q
KDV]Q£OMD
$Iē]«VXW£QMDYDVROWD
S£UDHOV]¯YµWWRY£EELNE
SHUFLJPijN¸GQLKDJ\QL
$NH]HOēSDQHO
«U]«NHOēPH]ēNEēO£OO$
IXQNFLµNEHNDSFVRO£V£KR]
«ULQWVHPHJP£VRGSHUFUH
DV]LPEµOXPRNDW
$S£UDHOV]¯Yµ¾]HPHOWHW«VH
ZZZDHJFRP

.DSFVROMDEHDN«V]¾O«NHWD
V]LPEµOXPPHJQ\RP£V£YDO
(NNRUEHNDSFVROKDWMDDIXQNFLµNDW
$IXQNFLµEHNDSFVRO£V£KR]«ULQWVH
PHJDV]LPEµOXPRW
+DV]¾NV«JHVDIē]ēIHO¾OHW
PHJYLO£J¯W£V£KR]«ULQWVHPHJD
YLO£J¯W£VV]LPEµOXPRW
$N«V]¾O«NNLNDSFVRO£V£KR]Q\RPMDPHJ
LVP«WD
V]LPEµOXPRW
)ē]ēODSDS£UDHOV]¯YµKR]
IXQNFLµ
(]HJ\DXWRPDWLNXVIXQNFLµPHO\D
Iē]ēODSRW¸VV]HNDSFVROMDD
S£UDHOV]¯YµYDO$Iē]ēODS«VD
S£UDHOV]¯YµLVLQIUDY¸U¸VMHOHNNHO
NRPPXQLN£O$YHQWLO£WRUVHEHVV«J«WD
N«V]¾O«NDXWRPDWLNXVDQKDW£UR]]DPHJ
DEH£OO¯WRWW¾]HPPµG«VDIē]ēODSRQOHYē
OHJPHOHJHEEIē]ēHG«Q\DODSM£Q$
YHQWLO£WRUN«]]HOLVLU£Q\¯WKDWµD
Iē]ēODSUµO$IXQNFLµDIē]ēODS
NH]HOēSDQHOM«UēONDSFVROKDWµEH
$IXQNFLµKDV]Q£ODW£UD
YRQDWNR]µWRY£EEL
W£M«NR]WDW£V«UWODSR]]DIHOD
Iē]ēODSKDV]Q£ODWL
XWDV¯W£V£W
0D[LP£OLVPRWRUVHEHVV«J
EHNDSFVRO£VD
+DPHJQ\RPMDD JRPERWD
PD[LP£OLVPRWRUVHEHVV«JSHUFLJ
PijN¸GLN$]LGēOHWHOWHXW£QDN«V]¾O«N
YLVV]DW«UD]HOē]ēVHEHVV«J
EH£OO¯W£VKR]
$PLNRUDIXQNFLµEHYDQ
NDSFVROYDD
JRPE
WRY£EELPHJ«ULQW«VHQLQFV
VHPPLO\HQKDW£VVDO
$V]ƲUēUHYRQDWNR]µ
ILJ\HOPH]WHW«VEH«V
NLNDSFVRO£VD
$V]ijUēUHYRQDWNR]µILJ\HOPH]WHW«V
HPO«NH]WHWDV]«QV]ijUēFVHU«M«QHNYDJ\
WLV]W¯W£V£QDNYDODPLQWD]V¯UV]ijUē
WLV]W¯W£V£QDNHVHG«NHVV«J«UH$
V]ijUēYLVV]DMHO]ēYLO£J¯WDQLNH]G
P£VRGSHUFLJ«VSLURVV]¯QQHOKDD
]V¯UV]ijUēWLV]W¯W£VDV]¾NV«JHV$
V]ijUēYLVV]DMHO]ēYLOORJP£VRGSHUFLJ
«VSLURVV]¯QQHOKDDV]«QV]ijUē
FVHU«MHYDJ\WLV]W¯W£VDV]¾NV«JHV
2OYDVVDHOD]ಱSRO£V«V
WLV]W¯W£VರFIHMH]HWV]ijUēUH
YRQDWNR]µILJ\HOPH]WHW«VVHO
NDSFVRODWRVV]DNDV]£W
.DSFVROMDEHDNH]HOēSDQHOHQ
(OOHQēUL]]HKRJ\D]LNRQRN
NLDOV]DQDNH
$V]«QV]ijUēUHYRQDWNR]µ
ILJ\HOPH]WHW«VEHYDJ\
NLNDSFVRO£V£KR]«ULQWVHPHJ
P£VRGSHUFLJD
JRPERW
+DDV]«QV]ijUēUHYRQDWNR]µ
ILJ\HOPH]WHW«VEHYDQ
NDSFVROYDDV]ijUēLNRQ
DONDORPPDOIHOYLOODQ«V
SLURVV]¯QQHO
+DDV]«QV]ijUēUHYRQDWNR]µ
ILJ\HOPH]WHW«VNLYDQ
NDSFVROYDDV]ijUēLNRQ
DONDORPPDOIHOYLOODQ«V
SLURVV]¯QQHO
32/667,6=776
$]V¯UV]ƲUēWLV]W¯W£VD
0LQGHJ\LNV]ijUēWOHJDO£EEKDYRQWD
HJ\V]HUPHJNHOOWLV]W¯WDQL$V]ijUēNHWD]
HOOHQNH]ēROGDORQNDSFVRN«VS£OF£N
WDUWM£NDKHO\¾N¸Q
$V]ƲUēWLV]W¯W£VD
+¼]]DPHJDS£UDHOV]¯YµDOM£QOHYē
V]ijUēSDQHOHQWDO£OKDWµIRJDQW\¼W
0$*<$5

PDMGHQ\K«QELOOHQWVHOHDV]ijUē
HOHM«W
1
7LV]W¯WVDPHJDV]ijUēNHWHJ\
V]LYDFFVDO«VQHPV¼UROµ
WLV]W¯WµV]HUUHOYDJ\KDV]Q£OMRQ
PRVRJDWµJ«SHW
$PRVRJDWµJ«SHQDODFVRQ\
KēP«UV«NOHWHW«VU¸YLG
FLNOXVW£OO¯WVRQEH$
]V¯UV]ijUēHOV]¯QH]ēGKHW
D]RQEDQH]QHP
EHIRO\£VROMDDN«V]¾O«N
WHOMHV¯WP«Q\«W
$V]ijUēNYLVV]DV]HUHO«V«KH]IRUG¯WRWW
VRUUHQGEHQY«JH]]HHOD]HOVēN«W
O«S«VW
$PHQQ\LEHQV]¾NV«JHVLVP«WHOMHPHJD
O«S«VHNHWD]¸VV]HVV]ijUēQ«O
$V]«QV]ƲUēFVHU«MH
),*<(/0(=7(76
$V]«QV]ijUēQHPPRVKDWµ
$V]«QV]ijUēWHO¯WēG«V«QHNLGēWDUWDPDD
Iē]«VPµGM£WµO«VD]V¯UV]ijUē
WLV]W¯W£V£QDNJ\DNRULV£J£WµOI¾JJ
$V]ijUēFVHU«MH
7£YRO¯WVDHOD]V¯UV]ijUēNHWD
N«V]¾O«NEēO
/£VGಱ$]V¯UV]ijUēWLV]W¯W£VDರFV]DNDV]W
DMHOHQIHMH]HWEHQ
Q\RPMDPHJDI¾OHWPDMGHQ\K«Q
ELOOHQWVHOHDV]ijUēHOHM«W
1
1
$]¼MV]ijUēEHV]HUHO«V«KH]IRUG¯WRWW
VRUUHQGEHQY«JH]]HHOXJ\DQH]HNHW
DO«S«VHNHW
$V]ijUēNFVHU«MHPLQGHQHVHWEHQ
OHJDO£EEQ«J\KDYRQWDV]¾NV«JHV
6]ƲUēUHYRQDWNR]µ
ILJ\HOPH]WHW«V
2OYDVVDHOD1DSLKDV]Q£ODW
FIHMH]HWEHQDV]ijUēUH
YRQDWNR]µILJ\HOPH]WHW«V
EH«VNLNDSFVRO£V£UD
YRQDWNR]µV]DNDV]£W
/£VGD]V¯UV]ijUēWLV]W¯W£V£UD
YRQDWNR]µV]DNDV]WDMHOHQ
IHMH]HWEHQ
2OYDVVDHODV]«QV]ijUē
WLV]W¯W£V£UDYDJ\FVHU«M«UH
YRQDWNR]µV]DNDV]WDV]ijUē
W¯SXV£WµOI¾JJēHQ
$ILJ\HOPH]WHW«VNLNDSFVRO£VD
ULQWVHPHJP£VRGSHUFUHD
JRPERW
$V¾WēO£PSDFVHU«MH
$N«V]¾O«N/('O£PS£YDOUHQGHONH]LN
(]WD]DONDWU«V]WNL]£UµODJV]DNHPEHU
FVHU«OKHWLNL+LE£VPijN¸G«VHVHW«Q
ROYDVVDHODಱ6]HUYL]ರF¯PijV]DNDV]WD
ಱ%L]WRQV£JLXWDV¯W£VRNರFIHMH]HWEHQ
.51<(=(79'(/0,78'1,9$/.
$ N¸YHWNH]ēMHO]«VVHOHOO£WRWW
DQ\DJRNDWKDV]QRV¯WVD¼MUD
MUDKDV]QRV¯W£VKR]WHJ\HDPHJIHOHOē
NRQW«QHUHNEHDFVRPDJRO£VW-£UXOMRQ
KR]]£N¸UQ\H]HW¾QN«VHJ«V]V«J¾QN
Y«GHOP«KH]«VKDV]QRV¯WVD¼MUDD]
HOHNWURPRV«VHOHNWURQLNXVKXOODG«NRW$
ZZZDHJFRP

WLOWµV]LPEµOXPPDOHOO£WRWWN«V]¾O«NHW
QHGREMDDK£]WDUW£VLKXOODG«NN¸]«
-XWWDVVDHODN«V]¾O«NHWDKHO\L
¼MUDKDV]QRV¯WµWHOHSUHYDJ\O«SMHQ
NDSFVRODWEDDKXOODG«NNH]HO«V«UWIHOHOēV
KLYDWDOODO
0$*<$5

,1',&(
,1)250$=,21,68//$6,&85(==$(/ಬ,167$//$=,21(
'(6&5,=,21('(/352'2772
87,/,==24827,',$12
38/,=,$(&85$
3(55,68/7$7,3(5)(77,
*UD]LHSHUDYHUVFHOWRGLDFTXLVWDUHTXHVWRSURGRWWR$(*/RDEELDPRFUHDWRSHU
IRUQLUYLSUHVWD]LRQLLPSHFFDELOLSHUPROWLDQQLJUD]LHDWHFQRORJLHLQQRYDWLYHFKH
YLVHPSOLILFKHUDQQRODYLWDIXQ]LRQLFKHQRQWURYHUHWHVXOOHQRUPDOL
DSSDUHFFKLDWXUH9LLQYLWLDPRGLGHGLFDUHTXDOFKHPLQXWRDOODOHWWXUDSHUVDSHUH
FRPHWUDUUHLOPDVVLPRGDOYRVWURHOHWWURGRPHVWLFR
9LVLWDWHLOQRVWURVLWRZHESHU
5LFHYHUHFRQVLJOLVFDULFDUHLQRVWULRSXVFROLHOLPLQDUHHYHQWXDOLDQRPDOLH
RWWHQHUHLQIRUPD]LRQLVXOODVVLVWHQ]DHODULSDUD]LRQH
ZZZDHJFRPVXSSRUW
3HUUHJLVWUDUHLOYRVWURSURGRWWRHULFHYHUHXQVHUYL]LRPLJOLRUH
ZZZUHJLVWHUDHJFRP
$FTXLVWDUHDFFHVVRULPDWHULDOLGLFRQVXPRHULFDPELRULJLQDOLSHUODYRVWUD
DSSDUHFFKLDWXUD
ZZZDHJFRPVKRS
$66,67(1=$&/,(17,($66,67(1=$7(&1,&$
&RQVLJOLDPRVHPSUHOಬLPSLHJRGLULFDPELRULJLQDOL
4XDQGRVLFRQWDWWDLOQRVWUR&HQWURGL$VVLVWHQ]D$XWRUL]]DWRDFFHUWDUVLGLDYHUH
DGLVSRVL]LRQHLGDWLVHJXHQWL0RGHOORQXPHURGHOOಬDSSDUHFFKLR31&QXPHUR
GLVHULH
/HLQIRUPD]LRQLVRQRULSRUWDWHVXOODWDUJKHWWDLGHQWLILFDWLYD
$YYHUWHQ]D$WWHQ]LRQH,PSRUWDQWL,QIRUPD]LRQLSHUODVLFXUH]]D
,QIRUPD]LRQLJHQHUDOLHVXJJHULPHQWL
,QIRUPD]LRQLDPELHQWDOL
&RQULVHUYDGLPRGLILFKH
,1)250$=,21,68//$6,&85(==$(
/ൄ,167$//$=,21(
$99(57(1=$
3HUOHLQIRUPD]LRQLVXOODVLFXUH]]DH
OLQVWDOOD]LRQHIDUHULIHULPHQWRDOOH
LVWUX]LRQLGLLQVWDOOD]LRQHVHSDUDWH
/HJJHUHDWWHQWDPHQWHLFDSLWROLVXOOD
VLFXUH]]DSULPDGLTXDOVLDVLXWLOL]]RR
PDQXWHQ]LRQHGHOODSSDUHFFKLR
ZZZDHJFRP

'(6&5,=,21('(/352'2772
3DQRUDPLFDGHOSDQQHOORGLFRQWUROOR
1 2 3 4 5 6 7 8 9
$FFHVR6SHQWR
3ULPDYHORFLW¢PRWRUH
6HFRQGDYHORFLW¢PRWRUH
7HU]DYHORFLW¢PRWRUH
9HORFLW¢PDVVLPDPRWRUH
)XQ]LRQHಯ%UHH]Hರ
3URPHPRULDILOWUR
)XQ]LRQHGDSLDQRGLFRWWXUDDFDSSD
/DPSDGLQD
87,/,==24827,',$12
8VRGHOODFDSSD
&RQWUROODUHODYHORFLW¢FRQVLJOLDWDLQEDVH
DOODVHJXHQWHWDEHOOD
'XUDQWHLOULVFDOGDPHQWRGHOFLERFXFLQDUHFRQSHQಣ
WROHFRSHUWH
0HQWUHVLFXRFHFRQSHQWROHFRSHUWHVXSL»]RQHGL
FRWWXUDREUXFLDWRULIULJJHUHGHOLFDWDPHQWH
0HQWUHYHQJRQREROOLWHRIULWWHJUDQGLTXDQWLW¢GLFLER
VHQ]DFRSHUFKLRFXRFHQGRVXSL»]RQHGLFRWWXUDR
EUXFLDWRUL
0HQWUHYHQJRQREROOLWHJUDQGLTXDQWLW¢GLFLERVHQ]D
XQFRSHUFKLRHOHYDWDXPLGLW¢
5LQIUHVFDOಬDULDLQFXFLQDGRSRODFRWWXUDDXQOLYHOOR
GLUXPRURVLW¢PROWREDVVR3X´HVVHUHDWWLYDWDHGLಣ
VDWWLYDWDWRFFDQGRLOVLPEROR/DIXQ]LRQHVLGLVDWWLYD
DXWRPDWLFDPHQWHGRSRPLQXWL8WLOL]]DUHVRORGRಣ
SRODFRWWXUD
6LFRQVLJOLDGLODVFLDUHOD
FDSSDLQIXQ]LRQHSHUFLUFD
PLQXWLGRSRODFRWWXUD
,OSDQQHOORGLFRQWUROORªXQ
FDPSRVHQVRUH7RFFDUHL
VLPEROLSHUVHFRQGRSHU
DWWLYDUHOHIXQ]LRQL
3HUIDUIXQ]LRQDUHODFDSSD
,7$/,$12

$FFHQGHUHOಬDSSDUHFFKLDWXUD
SUHPHQGRLOVLPEROR
RUDSRVVLELOHDWWLYDUHOHIXQ]LRQL
3HUDWWLYDUHODIXQ]LRQHWRFFDUHLO
VLPEROR
6HQHFHVVDULRWRFFDUHLOVLPEROR
VSLD
SHULOOXPLQDUHODVXSHUILFLHGL
FRWWXUD
3HUVSHJQHUHOಬDSSDUHFFKLDWXUDSUHPHUH
QXRYDPHQWHLOVLPEROR
)XQ]LRQHGDSLDQRGL
FRWWXUDDFDSSD
XQDIXQ]LRQHDXWRPDWLFDFKHFROOHJDLO
SLDQRGLFRWWXUDDXQDFDSSD6LDLOSLDQR
GLFRWWXUDFKHODFDSSDGLVSRQJRQRGLXQ
FRPXQLFDWRUHGLVHJQDOHDLQIUDURVVL/D
YHORFLW¢GHOODYHQWRODYLHQHGHILQLWD
DXWRPDWLFDPHQWHVXOODEDVHGHOOH
LPSRVWD]LRQLGHOODPRGDOLW¢HGHOOD
WHPSHUDWXUDGHOODSHQWRODSL»FDOGDVXO
SLDQRGLFRWWXUDDQFKHSRVVLELOH
PHWWHUHLQIXQ]LRQHODYHQWRODXVDQGRLO
SLDQRGLFRWWXUDPDQXDOPHQWH/D
IXQ]LRQHSX´HVVHUHDWWLYDWDGDOSDQQHOOR
GHOSLDQRGLFRWWXUD
3HUXOWHULRULLQIRUPD]LRQLVX
FRPHXWLOL]]DUHODIXQ]LRQH
FRQVXOWDUHLOPDQXDOHXWHQWH
GHOSLDQRGLFRWWXUD
$WWLYD]LRQHPRWRUH
YHORFLW¢PDVVLPD
4XDQGRYLHQHSUHPXWRLOWDVWR OD
YHORFLW¢PDVVLPDGHOPRWRUHLQL]LDD
IXQ]LRQDUHSHUPLQXWL
6XFFHVVLYDPHQWHODSSDUHFFKLDWXUDWRUQD
DOOLPSRVWD]LRQHGLYHORFLW¢SUHFHGHQWH
4XDQGRODIXQ]LRQHªDWWLYD
XQXOWHULRUHVILRUDPHQWRGHO
SXOVDQWH
QRQFRPSRUWD
QHVVXQHIIHWWR
$WWLYD]LRQHH
GLVDWWLYD]LRQHGHOODQRWLILFD
ILOWUR
/DOODUPHILOWURULFRUGDGLFDPELDUHR
SXOLUHLOILOWURFDUERQHHSXOLUHLOILOWUR
DQWLJUDVVR/LQGLFDWRUHILOWUR
VL
DFFHQGHURVVRSHUVHFRQGLVHª
QHFHVVDULRSXOLUHLOILOWURDQWLJUDVVR
/LQGLFDWRUHGHOILOWUR
ODPSHJJLD
URVVRSHUVHFRQGLVHLOILOWURFDUERQH
GHYHHVVHUHVRVWLWXLWRRSXOLWR
5LPDQGLDPRDOODOODUPHGHO
ILOWURQHOFDSLWRORGHGLFDWR
DOODSXOL]LDHDOODFXUD
$FFHQGHUHLOSDQQHOORGHLFRPDQGL
9HULILFDUHFKHOHLFRQHVLDQRVSHQWH
3HUDWWLYDUHRGLVDWWLYDUHODQRWLILFD
ILOWURFDUERQHVILRUDUHSUHPHUH
SHUVHFRQGL
6HODQRWLILFDGHOILOWUR
FDUERQHªDWWLYDWDOLFRQD
ILOWUR
ODPSHJJLDURVVR
FLQTXHYROWH
6HODQRWLILFDGHOILOWUR
FDUERQHªGLVDWWLYDWDOLFRQD
ILOWUR
ODPSHJJLDURVVR
WUHYROWH
38/,=,$(&85$
3XOL]LDGHOILOWUR
DQWLJUDVVR
2JQLILOWURGHYHHVVHUHSXOLWRDOPHQRXQD
YROWDDOPHVH,ILOWULVRQRPRQWDWLFRQ
OXVRGLFOLSHSHUQLVXOODWRRSSRVWR
3HUSXOLUHLOILOWUR
7LUDUHOಬLPSXJQDWXUDVXOILOWURVRWWR
DOODFDSSDHLQFOLQDUH
OHJJHUPHQWHODSDUWHDQWHULRUHGHO
ILOWURYHUVRLOEDVVR
ZZZDHJFRP

1
3XOLUHLILOWULFRQXQDVSXJQDFRQ
GHWHUJHQWLQRQDEUDVLYLRLQ
ODYDVWRYLJOLH
/DODYDVWRYLJOLHGHYHHVVHUH
LPSRVWDWDVXXQD
WHPSHUDWXUDEDVVDHXQFLFOR
EUHYH,OILOWURDQWLJUDVVR
SRWUHEEHVFRORULUHQRQ
LQIOXLVFHLQDOFXQPRGRVXOOH
SUHVWD]LRQL
GHOODSSDUHFFKLDWXUD
3HUPRQWDUHLILOWULHVHJXLUHLSULPL
GXHSDVVDJJLQHOOಬRUGLQHLQYHUVR
5LSHWHUHLSDVVDJJLSHUWXWWLLILOWULRYH
DSSOLFDELOH
6RVWLWX]LRQHGHOILOWURDO
FDUERQHDWWLYR
$99(57(1=$
,OILOWURDOFDUERQHDWWLYRQRQ
ªODYDELOH
,OWHPSRGLVDWXUD]LRQHGHOILOWURDO
FDUERQHDWWLYRYDULDDVHFRQGDGHOWLSRGL
FRWWXUDHGHOODUHJRODULW¢GLSXOL]LDGHO
ILOWURDQWLJUDVVR
3HUVRVWLWXLUHLOILOWUR
5LPXRYHUHLILOWULDQWLJUDVVR
GDOODSSDUHFFKLDWXUD
5LPDQGLDPRDOODVH]LRQH3XOL]LDGHO
ILOWURDQWLJUDVVRLQTXHVWRFDSLWROR
SUHPHUHODOHWWDHLQFOLQDUH
OHJJHUPHQWHODSDUWHDQWHULRUHGHO
ILOWUR
1
1
3HULQVWDOODUHXQQXRYRILOWUR
HVHJXLUHJOLVWHVVLSDVVDJJL
QHOORUGLQHLQYHUVR
,QRJQLFDVRªQHFHVVDULRVRVWLWXLUHLILOWUL
DOPHQRRJQLTXDWWURPHVL
$OODUPHILOWUR
5LPDQGLDPRDOODWWLYD]LRQHH
DOODGLVDWWLYD]LRQH
GHOODOODUPHILOWURQHOFDSLWROR
XVRTXRWLGLDQR
5LPDQGLDPRDOODVH]LRQH
3XOL]LDGHOILOWURDQWLJUDVVR
LQTXHVWRFDSLWROR
)DUHULIHULPHQWRDOODSXOL]LD
GHOILOWURDOFDUERQHRDOOD
VRVWLWX]LRQHGHOILOWURDO
FDUERQHDWWLYRGLSHQGHGDO
WLSRGLILOWUR
3HUUHVHWWDUHODOODUPH
6ILRUDUHLOWDVWR
SHUVHFRQGL
6RVWLWX]LRQHGHOOD
ODPSDGLQD
/DSSDUHFFKLDWXUDªSURYYLVWDGLXQD
ODPSDGLQD/('4XHVWDFRPSRQHQWH
SX´HVVHUHVRVWLWXLWDXQLFDPHQWHGDXQ
WHFQLFR,QFDVRGLDQRPDOLHGL
IXQ]LRQDPHQWRULPDQGLDPRD
$VVLVWHQ]DQHOFDSLWRORGHGLFDWRDOOH
,VWUX]LRQLGLVLFXUH]]D
&216,'(5$=,21,68//$0%,(17(
5LFLFODUHLPDWHULDOLFRQLOVLPEROR
%XWWDUHOLPEDOODJJLRQHJOLDSSRVLWL
FRQWHQLWRULSHULOULFLFODJJLR$LXWDUHD
SURWHJJHUHOಬDPELHQWHHODVDOXWHXPDQD
HDULFLFODUHULILXWLGHULYDQWLGD
,7$/,$12

DSSDUHFFKLDWXUHHOHWWULFKHHG
HOHWWURQLFKH1RQVPDOWLUHOH
DSSDUHFFKLDWXUHFKHULSRUWDQRLOVLPEROR
LQVLHPHDLQRUPDOLULILXWLGRPHVWLFL
3RUWDUHLOSURGRWWRDOSXQWRGLULFLFODJJLR
SL»YLFLQRRFRQWDWWDUHLOFRPXQHGL
UHVLGHQ]D
ZZZDHJFRP

ЕЉАЕҨЖФ
ΦϝΞΞΦ
μ
ϝκΦ
κ
ЕϿЖКϿАЖӏЛБЏЎДЎЙЉДМҦСϿЖ
$(*ϮίΟίΟΧϮΟ
ϮλΧΧϮ
ίνλϞΧνΟ
ίΧΧλ
νίν
λΟί
ΧΧΧΧν
ΧϮϞϮΧί
ZZZDHJFRPVXSSRUW
ΧΧΧλϮίί
ZZZUHJLVWHUDHJFRP
ΦνΟίλΟϞΧΧ
Ϯί
ZZZDHJFRPVKRS
ЛҨЛФЖМСФДЉЙҊЉҒЗДЍЉМЏӏЖЎҒФАЕЎЛ
ГӟЙКЎЛМ
ϝΧλνΧΧΧΧϮί
ϭΧϮΟΟΧί
Χίκ31&ΧϮ
νΧΧΧΟ
ΧΧΧΧ
Χί
ΦΟΧ
ϭϮΧνΧΟ
ҒЉМϿИКϿАЍϿГГЎЏӏЖЎЗЙЖЉЛМҊЉЉЙЖЉДҊЉЖ
ЉҒИЉЙЉЛ
ЎКГЎЙЛМ
ΦϞΟΧ
ΧΧΟ
ΧνΧΧ
ΧίΦνΟ
ΟΧϮ
ΧνΧ
ΧΟί
ΦΦ

ЊҨВФЕКБИЉЛЛЉЕЉКФ
ЊЩкғЩймиЩжЮдяжЮсздм
1 2 3 4 5 6 7 8 9
ΦϮ
ΦΟΧί
Ο
ΦΟΧί
Ο
ΦΟΧίλ
Ο
ΦΟΧίίΟΟ
Ο
λ
Χ
ӏЙГҦЖЍϿГҒЗДЍЉЖМ
ЉмЩлЩйлғфсғҩйЩдЭф
иЩвЭЩдЩжм
ϮϞνΟ
Χί
ΧΧΧΧΧΟ
Χ
ΧΧ
ΧΧΟΧΧ
ΧΟ
ϮϮΟΧΧΧ
ΧΧϞΧΟ
ΟΧ
κϮΟΧΧΧ
ΧΧϞΧΟΟΧϮ
λϮϮ
ίίίλ
ΧϞϮ
λ
Ϯί
ZZZDHJFRP

Ο
ΧΧν
Χ
ΧΟί
Χಧ
ΧϮ
λί
λί
ЩмЩлЩйлғфсғҩйЩдЭфиЩвЭЩдЩжм
ҧсяж
ίΧ
ΧνΟΧί
λ
ίλί
Φ
Χλ
ίλί
ΦνΟϮλ
ί
Χί
ИЮслЮжЩмЩлЩйлғфс
нмжгпбш
νΧΧνΟ
Ο
ΧΧν
Χ
ΧΟ
ίΟ
λίΧ
ί
λΧ
ΧΧΧ
ΧΧν
ίΧ
ΧΟ
Ο
ΧΧΧ
λί
νΧΟΧί
ҒзаҋЩдлғфслфқЮқ
ЯзҋЩйҋфЯфдЭЩеЭфҋфжякгЮ
ғзкм
λΧΧΟΧί
ίΟΟΟί
ν
ΧΧνΟίΟ
Χ
ΧΟ
λΧΧ
ΟΧϮ
ЎкгЮйлмкҧаЬякяжякгЮ
ғзкмЯӐжЮкӠжЭяйм
λίϮλ
Ϟλ
Χ
λί
Χ
λ
λί
ΧϮλ
Χ
Χ
λνϞ
λί
Χ
Χί
ΧΧί
ίϮϮ
ί
ϮλίΧ
Ϯλ
ί
Ϯλ
ΧΟ
λί
Χ
Χ
Ϯλ
Ϯ
λί
Χλ
Χ
ΦΦ

ГҦЛМЕЎЖЎЖЛЉАЉДЉМ
ЕЩвкҧаЬякяжлЩаЩдЩм
ϝλ
Χλλ
ΧΧΧΧΧ
ΧΟ
КҧаЬяжялЩаЩдЩмҧсяж
ΧΧνίΟ
λίνΧ
λίίΟΟ
ίί
1
λΟ
ΧϮ
Ο
ί
ΟΟ
ϮϞ
ΧΧ
λίλϮ
λνΧνΟί
νϞ
λΧΧλ
ΟΧΧ
ί
ΦΧλλ
ΧΧί
ГӠеяйкҧаЬякяжЩмфклфйм
ЎКГЎЙЛМ
ϮλΟ
ϮλίΧΟ
ίλλί
ΧΧΟ
λλ
λΧνΟ
ί
Ολ
ϮΧί
λί
ίΟΟίί
1
1
ίλλ
Χί
Ολ
Ϯ
КҧаЬяжяқЮкгЮйлм
кбЬжЩдф
λί
ΧϞϮ
Χλ
Ο
Χί
Ο
λϮ
Χί
Ϯλ
Ϯλ
Χί
λλ
ЎкгЮйлмкбЬжЩдфжғЩдифжЩгЮдляйм
ҧсяж
ί
СЩеЭфЩмфклфйм
ΦνΟ/('ΧΟ
νϮΟ
ΧΧΟΟ
ΦνΧΟ
ΦϮϮΧί
ZZZDHJFRP

ҒЗЙСЉҊЉЖЗЙЛЉҊЉҒЉЛФКЛФЏЉҊЍЉВДЉЙ
Ο
ΧϮίϮί
ΧϮί
Ϯλ
ίϞ
ΧΧνΟί
ΧΟΧϮίϮ
ΧΧΟΟϞ
ίΟ
ΟΟ
ϮλίΧί
ΟΧνΟνΧ
ΧΧί
ϭΧϮί
ΟϮί
ί
ΦΦ

6$7856
'52Ģì%$6,1)250Â&,-$818=67Â'ìĢ$1$
,=675Â'Â-80$$35$.676
,=0$172Ģ$1$,.',(1Â
.23Ģ$1$817ì5ìĢ$1$
1(9$,12-$0,(05(=8/7Â7,(0
3DWHLFDPLHVNDL]YÕOÕMÃWLHV$(*L]VWUÃGÃMXPX(VDPWRUDGíMXģLODLQRGURģLQÃWX
QHYDLQRMDPXL]SLOGLGDXG]XJDGXJDUXPÃL]PDQWRMRWLQRYDWíYDVWHKQRORåLMDVNDV
SDOíG]YLHQNÃUģRWG]íYLಧLHVSÕMDVNRQHDWUDGíVLHWSDUDVWÃVLHUíFÕV/ĭG]XYHOWLHW
GDŀDVPLQĭWHVWDPODLL]ODVíWXģRPDWHULÃOXXQJĭWXODEÃNXVUH]XOWÃWXV
$SPHNOÕMLHWPĭVXWíPHNþDYLHWQLODL
VDĈHPWXOLHWRģDQDVLHWHLNXPXVXQEURģĭUDVNÃDUíWUDXFÕMXPPHNOÕģDQDV
VHUYLVDXQUHPRQWDLQIRUPÃFLMX
ZZZDHJFRPVXSSRUW
UHåLVWUÕWXVDYXLHUíFLODEÃNDVHUYLVDVDĈHPģDQDL
ZZZUHJLVWHUDHJFRP
LHJÃGÃWRVVDYDLLHUíFHLSDSLOGSLHGHUXPXVYLHQUHL]ÕMDVOLHWRģDQDVPDWHULÃOXV
XQRULåLQÃOÃVUH]HUYHVGDþDV
ZZZDHJFRPVKRS
./,(178$3.$/32ơ$1$816(59,66
,]PDQWRMLHWWLNDLRULåLQÃODVUH]HUYHVGDþDV
6D]LQRWLHVDUPĭVXSLOQYDURWRVHUYLVDFHQWUXQRGURģLQLHWODLMXPVEĭWXSLHHMDPL
ģÃGLGDWLPRGHOLV31&VÕULMDVQXPXUV
ĢíLQIRUPÃFLMDLUQRUÃGíWDX]GDWXSOÃNVQíWHV
8]PDQíEXGURģíEDVLQIRUPÃFLMD
9LVSÃUíJDLQIRUPÃFLMDXQLHWHLNXPL
$UYLGLVDLVWíWDLQIRUPÃFLMD
,]PDLĈXWLHVíEDVUH]HUYÕWDV
'52ơì%$6,1)250Â&,-$818=67Â'ìơ$1$
%5ì',1Â-806
,QIRUPÃFLMXSDUGURģíEXXQX]VWÃGíģDQX
VNDWLHWDWVHYLģùDMÃX]VWÃGíģDQDV
URNDVJUÃPDWDVEXNOHWÃ3LUPVLHUíFHV
OLHWRģDQDVYDLDSNRSHVUĭSíJLL]ODVLHW
VDGDþDVSDUGURģíEX
ZZZDHJFRP

,=675Â'Â-80$$35$.676
9DGíEDVSDQHþDSÃUVNDWV
1 2 3 4 5 6 7 8 9
,HVOÕJW,]VOÕJW
3LUPDLVPRWRUDÃWUXPV
2WUDLVPRWRUDÃWUXPV
7UHģDLVPRWRUDÃWUXPV
0DNVLPÃODLVPRWRUDÃWUXPV
9ÕVPDVIXQNFLMD
)LOWUDDWJÃGLQÃMXPV
)XQNFLMDಯ+REWRKRRGರ
/DPSD
,=0$172ơ$1$,.',(1Â
7YDLNDQRVƬFÕMDOLHWRƢDQD
3ÃUEDXGLHWLHWHLFDPRÃWUXPXDWELOVWRģL
WXUSPÃNVQLHJWDMDLWDEXODL
ÔGLHQDX]NDUVÕģDQDVODLNÃJDWDYRMRWDUQRVHJWLHP
NDWOLHP
*DWDYRMRWDUQRVHJWLHPNDWOLHPL]PDQWRMRWYDLUÃNDV
JDWDYRģDQDV]RQDVYDLGHJþXVPDLJDFHSģDQD
9ÃURWXQFHSRWOLHOXÕGLHQDDSMRPXEH]YÃNDL]PDQಣ
WRMRWYDLUÃNDVJDWDYRģDQDV]RQDVYDLGHJþXV
9ÃURWXQFHSRWOLHOXÕGLHQDGDXG]XPXEH]YÃND
DXJVWVPLWUXPDOíPHQLV
$WVYDLG]LQDJDLVXYLUWXYÕSÕFÕGLHQDJDWDYRģDQDVDU
]HPXWURNģĈDOíPHL7RDNWLYL]ÕXQGHDNWLYL]ÕSLHVNDಣ
URWLHVVLPERODP)XQNFLMDDXWRPÃWLVNLL]VOÕG]DVSÕF
PLQĭWÕP,]PDQWRMLHWWLNDLSÕFÕGLHQDJDWDYRģDಣ
QDV
,HWHLFDPVWYDLNDQRVĭFÕMX
DWVWÃWLHVOÕJWXYÕO
PLQĭWHVSÕFÕGLHQD
JDWDYRģDQDVEHLJÃP
9DGíEDVSDQHOLVLUVHQVRUD
ODXNV/DLDNWLYL]ÕWX
IXQNFLMDVWXULHWVLPEROXV
QRVSLHVWXVYLVPD]YLHQX
VHNXQGL
/DLOLHWRWXQRVƬFÕMX
/$79,(Ģ8

,HVOÕG]LHWLHUíFLQRVSLHŀRWVLPEROX
7DJDGYDUDWDNWLYL]ÕWIXQNFLMDV
/DLDNWLYL]ÕWXIXQNFLMXSLHVNDULHWLHV
VLPERODP
-DQHSLHFLHģDPVSLHVNDULHWLHV
DSJDLVPRMXPDVLPERODP
ODL
L]JDLVPRWXJDWDYRģDQDVYLUVPX
/DLL]VOÕJWXLHUíFLDWNÃUWRWLQRVSLHGLHW
VLPEROX
)XQNFLMDേ+REWRKRRGൈ
7ÃLUDXWRPÃWLVNDIXQNFLMDNDVVDYLHQR
SOíWVYLUVPXXQWYDLNDQRVĭFÕMX3OíWV
YLUVPDLXQWYDLNDQRVĭFÕMDPLU
LQIUDVDUNDQDVLJQÃODNRPXQLFÕģDQDV
LHUíFH9HQWLODWRUDÃWUXPVWLHNQRWHLNWV
DXWRPÃWLVNLSDUSDPDWXĈHPRWUHŀíPD
LHVWDWíMXPXXQX]SOíWVL]YLHWRWÃNDUVWÃNÃ
ÕGLHQDJDWDYRģDQDVWUDXNDWHPSHUDWĭUX
9HQWLODWRUXYDUDUíGDUELQÃWPDQXÃOL
L]PDQWRMRWSOíWVYLUVPX)XQNFLMXDUDUí
DNWLYL]ÕWQRSOíWVYLUVPDVSDQHþD
9DLUÃNSDUIXQNFLMDV
OLHWRģDQXVNDWLHWSOíWV
YLUVPDVOLHWRģDQDV
SDPÃFíEÃ
0DNVLPÃOÃPRWRUDÃWUXPD
DNWLYÕƢDQD
1RVSLHŀRW SRJXPRWRUVPLQĭWHV
GDUERMDVDUPDNVLPÃORÃWUXPX.DGģLV
ODLNVLUSDJÃMLVLHUíFHDWJULHŀDV
LHSULHNģÕMÃÃWUXPDLHVWDWíMXPÃ
.DGģíIXQNFLMDLULHVOÕJWD
YÕOUHL]SLHVNDURWLHV
SRJDLQHNDVQHQRWLHN
)LOWUDSD]LĈRMXPD
DNWLYÕƢDQDXQGHDNWLYÕƢDQD
)LOWUDEUíGLQÃMXPVDWJÃGLQDND
QHSLHFLHģDPVQRPDLQíWYDLQRWíUíWRJOHV
ILOWUXXQQRWíUíWWDXNXILOWUX)LOWUDLQGLNDWRUV
LHVOÕG]DVVDUNDQÃNUÃVÃX]
VHNXQGÕPMDLUMÃL]WíUDWDXNXILOWUV
)LOWUDLQGLNDWRUV
PLUJRVDUNDQÃNUÃVÃ
VHNXQGHVMDLUMÃQRPDLQDYDLMÃL]WíUD
RJOHVILOWUV
6NDWLHWILOWUDEUíGLQÃMXPD
QRGDþXVDGDþÃ.RSģDQDXQ
WíUíģDQD
,HVOÕG]LHWYDGíEDVSDQHOL
3ÃUOLHFLQLHWLHVNDLNRQDVLUL]VOÕJWDV
/DLDNWLYÕWXYDLGHDNWLYÕWXRJOHVILOWUD
SD]LĈRMXPXSLHVNDULHWLHV
X]
VHNXQGÕP
-DRJOHVILOWUDSD]LĈRMXPVLU
DNWLYÕWVILOWUDLNRQD
PLUJR
VDUNDQÃNUÃVÃSLHFDV
UHL]HV
-DRJOHVILOWUDSD]LĈRMXPVLU
GHDNWLYÕWVILOWUDLNRQD
PLUJRVDUNDQÃNUÃVÃWUíV
UHL]HV
.23ơ$1$817ì5ìơ$1$
7DXNXILOWUDWíUíƢDQD
.DWUVILOWUVMÃWíUDYLVPD]UHL]LPÕQHVí)LOWUL
LUX]VWÃGíWLDUVWLSULQÃMXPLHPXQWDSÃP
RWUDMÃSXVÕ
)LOWUDWíUíƢDQD
3DYHOFLHWILOWUDURNWXUL]HPWYDLND
QRVĭFÕMDXQQHGDXG]QRODLGLHW
ILOWUDSULHNģSXVLX]OHMX
1
ZZZDHJFRP

7íULHWILOWUXVL]PDQWRMRWVĭNOLXQ
QHDEUD]íYXPD]JÃģDQDVOíG]HNOLYDL
DUíPD]JÃMLHWWRVWUDXNXPD]JÃMDPÃ
PDģíQÃ
7UDXNXPD]JÃMDPÃPDģíQÃ
MÃLHVWDWD]HPDWHPSHUDWĭUD
XQíVVFLNOV7DXNXILOWUVYDU
]DXGÕWNUÃVXWDV
QHLHWHNPÕVLHNÃUWDV
VQLHJXPX
/DLDWNDOX]VWÃGíWXILOWUXVYHLFLHW
SLUPÃVGLYDVGDUEíEDVSUHWÕMÃNÃUWíEÃ
$WNÃUWRMLHWGDUEíEDVYLVLHPILOWULHPMDWDV
DWELOVWVLWXÃFLMDL
2JOHVILOWUDQRPDLĈD
%5ì',1Â-806
2JOHVILOWUVQDYPD]JÃMDPV
7DVFLNÃWULRJOHVILOWUVSLHVĭFLQÃV
DWNDUíJVQRJDWDYRģDQDVYHLGDXQWDXNX
ILOWUDWíUíģDQDVELHŀXPD
)LOWUDQRPDLĈD
,]ĈHPLHWWDXNXILOWUXVQRLHUíFHV
6NDWLHWVDGDþXಯ7DXNXILOWUDWíUíģDQDರģDMÃ
QRGDþÃ
3LHVSLHGLHWL]FLOQLXQQHGDXG]
VDVYHULHWILOWUDSULHNģSXVL
1
1
/DLX]VWÃGíWXMDXQRILOWUXYHLFLHW
LHSULHNģDSUDNVWíWRVVRþXVSUHWÕMÃ
VHFíEÃ
)LOWUXVMHENXUÃJDGíMXPÃLHWHLFDPV
QRPDLQíWUHL]LÏHWURVPÕQHģRV
)LOWUDEUíGLQÃMXPV
,QIRUPÃFLMXSDUILOWUD
EUíGLQÃMXPDDNWLYÕģDQXXQ
GHDNWLYÕģDQXVNDWLHWVDGDþÃ
/LHWRģDQDLNGLHQÃ
6NDWLHWLQIRUPÃFLMXSDUWDXNX
ILOWUDWíUíģDQXģDMÃQRGDþÃ
6NDWLHWLQIRUPÃFLMXSDURJOHV
ILOWUDWíUíģDQXYDLRJOHVILOWUD
QRPDLĈXDWNDUíJVQRILOWUD
YHLGD
/DLDWLHVWDWíWXEUíGLQÃMXPX
3LHVNDULHWLHVSLH
VHNXQGHV
6SXOG]HVPDLĈD
ĢíLHUíFHLUDSUíNRWDDU/('VSXOG]LĢR
GHWDþXQRPDLQíWGUíNVWWLNDLLQŀHQLHULV
'DUEíEDVWUDXFÕMXPXJDGíMXPÃVNDWLHW
VDGDþXಯ$SNRSHರQRGDþÃಯ'URģíEDV
QRUÃGíMXPLರ
$369Ô580,3$59,'(6$,=6$5'=ì%8
1RGRGLHWRWUUHL]ÕMDLSÃUVWUÃGHLPDWHULÃOXV
DUVLPEROX
,HYLHWRMLHWLHSDNRMXPD
PDWHULÃOXVDWELOVWRģDMRVNRQWHLQHURVWR
RWUUHL]ÕMDLSÃUVWUÃGHL3DOíG]LHWDL]VDUJÃW
DSNÃUWÕMRYLGLXQFLOYÕNXYHVHOíEX
DWNÃUWRWLSÃUVWUÃGÃMRWHOHNWULVNRXQ
HOHNWURQLVNRLHNÃUWXDWNULWXPXV
1HL]PHWLHWLHUíFHVNDVDS]íPÕWDVDUģR
VLPEROX
NRSÃDUPÃMVDLPQLHFíEDV
DWNULWXPLHP1RGRGLHWL]VWUÃGÃMXPX
YLHWÕMÃRWUUHL]ÕMÃVSÃUVWUÃGHVSXQNWÃYDL
VD]LQLHWLHVDUYLHWÕMRSDģYDOGíEX
/$79,(Ģ8

785,1<6
6$8*26,1)250$&,-$,5ð5(1*,0$6
*$0,1,2$35$Ģ<0$6
.$6',(1,61$8'2-,0$6
9$/<0$6,535,(Ŀ,Ĭ5$
38,.,(065(=8/7$7$06
$ÏLĭNDGSDVLULQNRWHģñ$(*JDPLQñ0HVMñVXNĭUÙPHWDLSNDGQHSULHNDLģWLQJDL
YHLNWĵGDXJHOñPHWĵದMDPHQDXGRMDPRVSDŀDQJLRVWHFKQRORJLMRVLUQDXGLQJRV
XQLNDOLRVIXQNFLMRVNXULRVSDOHQJYLQVMĭVĵNDVGLHQ\EÛ6NLUNLWHNHOLDVPLQXWHVģLDL
LQVWUXNFLMDLSHUVNDLW\WLNDGSDVLQDXGRWXPÙWHYLVDLVMRMHSDWHLNWDLVSDWDULPDLV
$SVLODQN\NLWHPĭVĵLQWHUQHWRVYHWDLQÙMH
ÎLDUDVLWHQDXGRMLPRSDWDULPĵEURģLĭUĵLQIRUPDFLMRVDSLHWULNÏLĵģDOLQLPÇ
DSWDUQDYLPÇLUUHPRQWÇ
ZZZDHJFRPVXSSRUW
8ŀUHJLVWUXRNLWHVDYRJDPLQñLUQDXGRNLWÙVSDSLOGRPRPLVSDVODXJRPLV
ZZZUHJLVWHUDHJFRP
-ĭVĵSULHWDLVXLVNLUWĵSULHGĵQXVLGÙYLQÏLĵLURULJLQDOLĵDWVDUJLQLĵGDOLĵLHģNRNLWH
ÏLD
ZZZDHJFRPVKRS
./,(17Ƴ$37$51$9,0$6,57(&+1,1Ø35,(ƾ,ƫ5$
9LVDGDQDXGRNLWHRULJLQDOLDVDWVDUJLQHVGDOLV
.UHLSGDPLHVLññJDOLRWÇMñDSWDUQDYLPRFHQWUÇñVLWLNLQNLWHNDGJDOLWHQXURG\WLģLÇ
LQIRUPDFLMÇSULHWDLVRPRGHOLV31&VHULMRVQXPHULV
ĢLÇLQIRUPDFLMÇJDOLPDUDVWLWHFKQLQLĵGXRPHQĵSORNģWÙMH
ðVSÙMLPRSHUVSÙMLPRLUVDXJRVLQIRUPDFLMD
%HQGURMLLQIRUPDFLMDLUSDWDULPDL
$SOLQNRVDXJRVLQIRUPDFLMD
*DOLPLSDNHLWLPDL
6$8*26,1)250$&,-$,5ð5(1*,0$6
ð63Ø-,0$6
6DXJRVLQIRUPDFLMÇLUñUHQJLPÇŀU
DWVNLURMHñUHQJLPRLQVWUXNFLMĵEURģLĭURMH
3ULHģQDXGRGDPLSULHWDLVÇDUEDDWOLNGDPL
MRWHFKQLQÙVSULHŀLĭURVGDUEXVDWLGŀLDL
SHUVNDLW\NLWHVDXJRVVN\ULXV
ZZZDHJFRP

*$0,1,2$35$ơ<0$6
9DOG\PRVN\GHOLRDSƿYDOJD
1 2 3 4 5 6 7 8 9
ðMXQJLPDVLģMXQJLPDV
3LUPDVYDULNOLRJUHLWLV
$QWUDVYDULNOLRJUHLWLV
7UHÏLDVYDULNOLRJUHLWLV
'LGŀLDXVLDVYDULNOLRJUHLWLV
ಱ%UHH]HಯIXQNFLMD
)LOWURSULPLQLPDV
ಱ+REWR+RRGಯIXQNFLMD
/HPSXWÙ
.$6',(1,61$8'2-,0$6
*DUƴULQNWXYRQDXGRMLPDV
3DWLNULQNLWHUHNRPHQGXRMDPÇJUHLWñSDJDO
WROLDXSDWHLNWÇOHQWHOÛ
.DLģLOGRWHPDLVWÇDUUXRģLDWHXŀGHQJWXRVHSXRGXRಣ
VH
.DLUXRģLDWHPDLVWÇXŀGHQJWXRVHSXRGXRVHDQWNHOLĵ
NDLWYLHÏLĵDUEDGHJLNOLĵDUEDNHSDWHDQWQHGLGHOÙV
NDLWURV
.DLYHUGDWHLUNHSDWHGDXJPDLVWRQHXŀGHQJÛSXRGĵ
LUNHSWXYLĵGDQJÏLDLVYLHQXPHWXJDPLQDWHDQWNHOLĵ
NDLWYLHÏLĵDUEDGHJLNOLĵ
.DLYHUGDWHLUNHSDWHGDXJPDLVWRQHXŀGHQJÛSXRGĵ
LUNHSWXYLĵDSOLQNRMHGDXJGUÙJPÙV
,ģYDORRUÇYLUWXYÙMHSRPDLVWRUXRģLPRYHLNLDODEDLW\ಣ
OLDL*DOLPDñMXQJWLLULģMXQJWLSDOLHÏLDQWVLPEROñ)XQNಣ
FLMDLģVLMXQJLDDXWRPDWLģNDLSRPLQXÏLĵ1DXGRNLWH
WLNEDLJÛUXRģWLPDLVWÇ
%DLJÛUXRģWLPDLVWÇJDUĵ
ULQNWXYÇSDOLNLWHYHLNLDQWñ
PDŀGDXJPLQXÏLĵ
9DOG\PRVN\GHOLV\UD
MXWLNOLQLVODXNDV1RUÙGDPL
ñMXQJWLIXQNFLMÇSDODLN\NLWH
SDOLHWÛDWLWLQNDPÇVLPEROñ
VHNXQGÛ
-HLQRULWHQDXGRWL
/,(789,Ĵ

1RUÙGDPLñMXQJWLSULHWDLVÇ
SDVSDXVNLWH
VLPEROñ
'DEDUJDOLWHDNW\YXRWLIXQNFLMDV
1RUÙGDPLDNW\YXRWLIXQNFLMÇ
SDOLHVNLWHVLPEROñ
-HLJXQRULWHDSģYLHVWLPDLVWR
JDPLQLPRSDYLUģLĵSDVSDXVNLWH
DSģYLHWLPRVLPEROñ
1RUÙGDPLLģMXQJWLSULHWDLVÇGDUNDUWÇ
SDVSDXVNLWH
VLPEROñ
)XQNFLMD+REWR+RRGേ
7DLDXWRPDWLQÙIXQNFLMDNXULVXMXQJLD
NDLWOHQWÛVXJDUWUDXNLX,UNDLWOHQWÙLU
JDUWUDXNLVWXULLQIUDUDXGRQĵMĵVSLQGXOLĵ
VLJQDOĵSHUGDYLPRPHFKDQL]PÇ
9HQWLOLDWRULDXVVXNLPRVLJUHLWLV
QXVWDWRPDVDXWRPDWLģNDLSDJDOUHŀLPR
QXRVWDWÇLUDQWNDLWOHQWÙVHVDQÏLR
NDUģÏLDXVLRSULNDLVWXYLRWHPSHUDWĭUÇ
9HQWLOLDWRULĵJDOLWHYDOG\WLLUUDQNRPLV
UHJXOLXRGDPLNDLWOHQWÙMH)XQNFLMÇJDOLPD
DNW\YLQWLNDLWOHQWÙVVN\GHO\MH
'DXJLDXLQIRUPDFLMRVNDL
QDXGRWLIXQNFLMÇUDVLWH
NDLWOHQWÙVQDXGRWRMRYDGRYH
'LGƿLDXVLRYDULNOLRJUHLÏLR
DNW\YLQLPDV
.DLSDVSDXGŀLDWHP\JWXNÇ PLQXWHV
YDULNOLVYHLNLDGLGŀLDXVLXJUHLÏLX3RWR
SULHWDLVDVJUñŀWDSULHDQNVWHVQLĵJUHLÏLR
QXRVWDWĵ
.DLIXQNFLMDñMXQJWD
SDSLOGRPDVP\JWXNR
SDOLHWLPDVQHWXULMRNLR
SRYHLNLR
)LOWURSUDQHƢLPƴ
ñMXQJLPDVLULƢMXQJLPDV
)LOWURñVSÙMLPRVLJQDODVSULPHQDNDG
UHLNLDSDNHLVWLDUEDLģYDO\WLDQJOLHVILOWUÇLU
LģYDO\WLULHEDOĵILOWUÇ-HLJXULHEDOĵILOWUÇ
UHLNLDYDO\WLVHNXQGŀLĵñVLMXQJLDILOWUR
LQGLNDWRULXV
UDXGRQDV-HLJXDQJOLHV
ILOWUÇUHLNLDSDNHLVWLDUEDYDO\WL
VHNXQGŀLĵPLUNVLILOWURLQGLNDWRULXV
UDXGRQDL
6NDLW\NLWHDSLHILOWURñVSÙMLPR
VLJQDOÇVN\ULXMHಱ9DO\PDVLU
SULHŀLĭUDಯ
ðMXQNLWHYDOG\PRVN\GHOñ
ðVLWLNLQNLWHNDGSLNWRJUDPRV\UD
LģMXQJWRV
-HLJXQRULWHñMXQJWLDUEDLģMXQJWL
DQJOLHVILOWURSUDQHģLPÇOLHVNLWH
VHNXQGHV
-HLJXDQJOLHVILOWUR
SUDQHģLPDVDNW\YLQWDV
NDUWXVPLUNVLILOWUR
SLNWRJUDPD
UDXGRQDL
-HLJXDQJOLHVILOWUR
SUDQHģLPDVLģMXQJWDVWULV
NDUWXVPLUNVLILOWUR
SLNWRJUDPD
UDXGRQDL
9$/<0$6,535,(ƾ,ƫ5$
5LHEDOƴILOWURYDO\PDV
.LHNYLHQÇILOWUÇUHLNLDLģYDO\WLEHQWNDUWÇ
SHUPÙQHVñ)LOWUDL\UDSULWYLUWLQWL
VSDXVWXNDLVLUNDLģÏLDLVNLWRMHSXVÙMH
-HLJXQRULWHLƢYDO\WLILOWUÇ
3DWUDXNLWHILOWURUDQNHQÙOÛHVDQÏLÇ
SRJDUĵULQNWXYXLUģLHNWLHN
SDNUHLSNLWHILOWURSULHNñŀHP\Q
ZZZDHJFRP

1
.HPSLQHVXQHģYHLÏLDPDLVLDLV
SORYLNOLDLVLģYDO\NLWHILOWUXVDUED
SODXNLWHMXRVLQGDSORYÙMH
,QGDSORYÙMHWXULEĭWL
QXVWDW\WDŀHPDWHPSHUDWĭUD
LUWUXPSDVFLNODV5LHEDOĵ
ILOWUDVJDOLSDNHLVWLVSDOYÇWDL
QHWXUÙVSRYHLNLRSULHWDLVR
YHLNLPXL
1RUÙGDPLYÙOñGÙWLILOWUXVDWOLNLWH
SLUPXVGXYHLNVPXVDWYLUNģÏLDWYDUND
-HLJXWDLN\WLQDNDUWRNLWHYHLNVPXV
YLVLHPVILOWUDPV
$QJOLHVILOWURNHLWLPDV
ð63Ø-,0$6
$QJOLHVILOWURQHJDOLPDSODXWL
$QJOLHVILOWURSULVRWLQLPRWUXNPÙVNLULDVL
SULNODXVRPDLQXRJDPLQLPRWLSRLUULHEDOĵ
ILOWURYDO\PRUHJXOLDUXPR
1RUÙGDPLSDNHLVWLILOWUÇ
,ģLPNLWHULHEDOĵILOWUXVLģSULHWDLVR
ĿUģLDPHVN\ULXMHಱ5LHEDOĵILOWUR
YDO\PDVಯ
SDVSDXVNLWHDXVHOÛLUģLHNWLHN
SDNUHLSNLWHILOWURSULHNñ
1
1
1RUÙGDPLñGÙWLQDXMÇILOWUÇDWOLNLWH
WXRVSDÏLXVYHLNVPXVDWYLUNģÏLD
WYDUND
)LOWUXVUHLNLDNHLVWLEHQWNDVNHWXULV
PÙQHVLXV
)LOWURñVSÙMLPRVLJQDODV
.DLSñMXQJWLLULģMXQJWLILOWUR
ñVSÙMDPÇMñVLJQDOÇUDVLWH
DSUDģ\WDVN\ULXMHಱ.DVGLHQLV
QDXGRMLPDVಯ
ĿUģLDPHVN\ULXMHಱ5LHEDOĵ
ILOWURYDO\PDVಯ
ĿUಱ$QJOLHVILOWUR
YDO\PDVಯDUEDಱ$QJOLHVILOWUR
NHLWLPDVಯSULNODXVRPDLQXR
ILOWURUĭģLHV
1RUÙGDPLLƢMXQJWLñVSÙMDPÇMñVLJQDOÇ
/LHVNLWH
VHNXQGHV
/HPSXWÙVNHLWLPDV
ĢLVSULHWDLVDVSULVWDWRPDVVXGLRGLQH
OHPSXWHĢLÇGDOñJDOLSDNHLVWLWLN
WHFKQLNDV7ULNWLHVDWYHMXVNDLW\NLWH
ಱ3ULHŀLĭUDಯVN\ULXMHಱ6DXJRVWDLV\NOÙVಯ
$3/,1.26$36$8*$
$WLGXRNLWHSHUGLUEWLPHGŀLDJDV
SDŀ\PÙWDVģLXRŀHQNOX
,ģPHVNLWH
SDNXRWÛñDWLWLQNDPÇDWOLHNĵVXULQNLPR
NRQWHLQHUñNDGMLEĭWĵSHUGLUEWD3DGÙNLWH
VDXJRWLDSOLQNÇEHLŀPRQLĵVYHLNDWÇLU
VXULQNWLEHLSHUGLUEWLHOHNWURVLU
HOHNWURQLNRVSULHWDLVĵDWOLHNDV
1HLģPHVNLWHģLXRŀHQNOX
SDŀ\PÙWĵ
SULHWDLVĵNDUWXVXNLWRPLVEXLWLQÙPLV
DWOLHNRPLV$WLGXRNLWHģñJDPLQññYLHWRV
DWOLHNĵVXULQNLPRSXQNWÇDUEDVXVLVLHNLWH
VXYLHWQRVVDYLYDOG\EHGÙOSDSLOGRPRV
LQIRUPDFLMRV
/,(789,Ĵ

КЗЍЙЏБЖЉ
АЉКЗЋЙСЎЖБЙЎАМДЛЉЛБ
$(*
Ͱ
ͰͰ
Ͱ
ZZZDHJFRPVXSSRUW
Ͱ
ZZZUHJLVWHUDHJFRP
ZZZDHJFRPVKRS
ЌЙБЏЉАЉГЗЙБКЖБПББКЎЙЋБКБЙЉЃЎ
Ͳ
Ͱ
Ͱ
ЊЎАЊЎЍЖЗКЖББЖНЗЙЕЉПБББЕЗЖЛЉЏЉ
ИЙЎЍМИЙЎЍМЋЉЃЎ
Ͱ
ZZZDHJFRP

ЗИБКЖЉИЙЗБАЋЗЍЗЛ
ИйЮЬдЮЭжЩгзжлйзджЩлЩлЩЪдЩ
1 2 3 4 5 6 7 8 9
Ͱ
КЎГЗЁЍЖЎЋЖЉМИЗЛЙЎЊЉ
ГзйбклЮѓЮжЩ
ЩкибйЩлзйзл
Ͱ
ʹͰ
ͲͰ
ͰͲ
Ͱ
Ͱ
Ͱ
Ͱ
АЩЭЩйЩЪзлблЮкзЩкибйЩлзйзл

Ͱ
Ͱ
НмгпбёЩзЭидзрЩЭз
ЩкибйЩлзй
Ͱ
Ͱ
Ͱ
Ͱ
Ͱ
Ͳ
Ͱ
ЋггдмрмЫЩѓЮжЩ
еЩгкбеЩджЩЪйабжЩжЩ
езлзйзл
Ͳ
Ͳ
Ͱ
ЋгдмрмЫЩѓЮб
бкгдмрмЫЩѓЮжЩ
баЫЮклмЫЩѓЮлзжЩ
нбдлЮйзл
Ͱ
Ͱ
ͰͰ
Ͱ
Ͱ
Ͱ
ЖЎЌЉБРБКЛЎЃЎ
РбклЮѓЮжЩнбдлЮйзлаЩ
ейкжзлбб
АЩрбклЮѓЮжЩнбдлЮйзл
ZZZDHJFRP

1
Ͱ
Ͱ
АЩеЮжмЫЩѓЮжЩ
нбдлЮйзлаЩёЩЬдЮж
ИЙЎЍМИЙЎЍМЋЉЃЎ
Ͱ
Ͱ
ಱͰ
ಯ
1
1
ЉдЩйеаЩнбдлЮй
ͰͰ
Ͱ
Ͱ
Ͱ
АЩйЮкЮлбйЩѓЮжЩЩдЩйезл
Ͱ
АЩеЮжЩжЩкЫЮлдзлз
ಱಯ
ಱಯ

ЌЙБЏЉАЉЗГЗДБЖЉЛЉ
Ͳ
Ͱ
ZZZDHJFRP

,11+2/'
6,..(5+(76,1)250$6-212*,167$//$6-21
352'8.7%(6.5,9(/6(
'$*/,*%58.
67(//2*5(1*-5,1*
)253(5)(.7(5(68/7$7(5
7DNNIRUDWGXYDOJWHGHWWH$(*SURGXNWHW9LKDUODJHWGHWIRU§JLGHJSHUIHNW
\WHOVHLPDQJH§UPHGLQQRYDWLYWHNQRORJLVRPELGUDUWLO§JMºUHOLYHWHQNOHUHದ
HJHQVNDSHUVRPGXNDQVNMHLNNHILQQHUS§RUGLQ¨UHDSSDUDWHU%UXNQRHQ
PLQXWWHUS§§OHVHGHWWHIRU§I§PHVWPXOLJXWDYGHQ
*§LQQS§QHWWVLGHQY§UIRU§
)§U§GRPEUXNEURVM\UHUKMHOSWLOIHLOVºNLQJRJLQIRUPDVMRQRPVHUYLFHRJ
UHSDUDVMRQ
ZZZDHJFRPVXSSRUW
5HJLVWUHUSURGXNWHWIRU§I§EHGUHVHUYLFH
ZZZUHJLVWHUDHJFRP
.MºSWLOEHKºUIRUEUXNVYDUHURJRULJLQDOHUHVHUYHGHOHUWLODSSDUDWHWGLWW
ZZZDHJFRPVKRS
.81'(6777(2*6(59,&(
%UXNDOOWLGRULJLQDOHUHVHUYHGHOHU
1§UGXNRQWDNWHUY§UWDXWRULVHUWHVHUYLFHVHQWHUP§GXVºUJHIRUDWGXKDU
IºOJHQGHRSSO\VQLQJHUWLOJMHQJHOLJ0RGHOO31&VHULHQXPPHU
,QIRUPDVMRQHQILQQHUGXS§W\SHVNLOWHW
$GYDUVHO)RUVLNWLJದ6LNNHUKHWVLQIRUPDVMRQ
*HQHUHOOLQIRUPDVMRQRJWLSV
0LOMºLQIRUPDVMRQ
0HGIRUEHKROGRPHQGULQJHU
6,..(5+(76,1)250$6-212*,167$//$6-21
$'9$56(/
6HGHWVHSDUDWHKHIWHWIRU
LQVWDOODVMRQVLQVWUXNVMRQHUIRU
VLNNHUKHWVLQIRUPDVMRQRJLQVWDOODVMRQ
/HVVLNNHUKHWVNDSLWOHQHQº\HIºUGX
EUXNHUHOOHUYHGOLNHKROGHUSURGXNWHW
1256.

352'8.7%(6.5,9(/6(
2YHUVLNWRYHUEHWMHQLQJVSDQHOHW
1 2 3 4 5 6 7 8 9
3§$Y
)ºUVWHPRWRUKDVWLJKHW
$QGUHPRWRUKDVWLJKHW
7UHGMHPRWRUKDVWLJKHW
0DNVLPXPPRWRUKDVWLJKHW
%UHH]HIXQNVMRQ
)LOWHUS§PLQQHOVH
.RPI\UWRSSWLOYHQWLODWRUIXQNVMRQHQ
2YQVODPSH
'$*/,*%58.
%UXNDYYHQWLODWRUHQ
6MHNNDQEHIDOWKDVWLJKHWLKHQKROGWLO
WDEHOOHQQHGHQIRU
8QGHURSSYDUPLQJDYPDWWLOEHUHGQLQJPHGGHNNHGH
NRNHNDU
6N§QVRPVWHNLQJದQ§UGXWLOEHUHGHUPHGGHNNHGH
NRNHNDUS§IOHUHNRNHVRQHUHOOHUEUHQQHUH
8QGHUNRNLQJRJVWHNLQJDYP\HPDWXWHQORNNWLOEHಣ
UHGQLQJS§IOHUHNRNHVRQHUHOOHUEUHQQHUH
8QGHUNRNLQJRJVWHNLQJDYVWRUHPHQJGHUPDWXWHQ
ORNNKº\IXNWLJKHW
)ULVNHURSSOXIWHQS§NMºNNHQHWHWWHUPDWODJLQJದPHG
VY¨UWODYWVWº\QLY§'HQNDQDNWLYHUHVRJGHDNWLYHUHV
YHG§EHUºUHV\PEROHW)XQNVMRQHQVO§VDYDXWRPDಣ
WLVNHWWHUPLQXWWHU%UXNHVNXQHWWHUWLOEHUHGQLQJ
'HWHUDQEHIDOW§OD
YHQWLODWRUHQVW§S§L
PLQXWWHUHWWHUWLOEHUHGQLQJ
%HWMHQLQJVSDQHOHWHUHW
VHQVRUIHOW%HUºUV\PEROHQH
LVHNXQGIRU§DNWLYHUH
IXQNVMRQHQH
6OLNEUXNHUGXYHQWLODWRUHQ
6O§S§DSSDUDWHWYHG§WU\NNHS§
V\PEROHW
1§NDQGXDNWLYHUHIXQNVMRQHQH
)XQNVMRQHQDNWLYHUHVYHG§EHUºUH
V\PEROHW
%HUºUO\VV\PEROHW
IRU§EHO\VH
VWHNHRYHUIODWHQYHGEHKRY
7U\NN
V\PEROHWS§Q\WWIRU§VO§DY
DSSDUDWHW
ZZZDHJFRP

+RE+RRGIXQNVMRQ
'HWWHHUHQDXWRPDWLVNIXQNVMRQVRP
NQ\WWHUNRNHWRSSHQWLOHQYHQWLODWRU%§GH
NRNHWRSSHQRJYHQWLODWRUHQKDUHQ
LQIUDUºGVLJQDONRPPXQLNDWRU
9LIWHKDVWLJKHWHQGHILQHUHVDXWRPDWLVNS§
JUXQQODJDYPRGXVHQRJWHPSHUDWXUHQWLO
GHYDUPHVWHNRNHNDUHQHS§NRNHWRSSHQ
'XNDQRJV§EHWMHQHYLIWHQIUD
NRNHWRSSHQPDQXHOW'HQQHIXQNVMRQHQ
NDQDNWLYHUHVIUDEHWMHQLQJVSDQHOHWS§
NRNHWRSSHQ
)RUPHULQIRUPDVMRQRP
KYRUGDQGXEUXNHU
IXQNVMRQHQVHNRNHWRSSHQV
EUXNVDQYLVQLQJ
$NWLYHULQJDYKº\HVWH
YLIWHKDVWLJKHW
1§UGXWU\NNHUS§NQDSSHQ VWDUWHU
GHQKº\HVWHYLIWHKDVWLJKHWHQLPLQXWWHU
(WWHUGHWWHJ§UDSSDUDWHWWLOEDNHWLOGHQ
WLGOLJHUHKDVWLJKHWVLQQVWLOOLQJHQ
1§UIXQNVMRQHQHUVO§WWS§
KDU\WWHUOLJHUHEHUºULQJDY
NQDSSHQ
LQJHQHIIHNW
6OLNDNWLYHUHUGXRJ
GHDNWLYHUHUILOWHUYDUVHOHW
)LOWHUYDUVHOHWPLQQHUGHJRP§VNLIWHHOOHU
UHQJMºUHNXOOILOWHUHWRJIHWWILOWHUHW
)LOWHULQGLNDWRUHQ
VO§VS§UºGWL
VHNXQGHUKYLVIHWWILOWHUHWP§UHQJMºUHV
)LOWHULQGLNDWRUHQ
EOLQNHUUºGWL
VHNXQGHUKYLVNXOOILOWHUHWP§E\WWHVXW
HOOHUUHQJMºUHV
6HILOWHUYDUVHOLNDSLWWHOHWIRU
VWHOORJUHQJMºULQJ
6O§S§EHWMHQLQJVSDQHOHW
3§VHDWLNRQHQHHUVO§WWDY
7U\NNS§
LVHNXQGHUIRU§
DNWLYHUHHOOHUGHDNWLYHUHYDUVHOHWRP
NXOOILOWHUHW
+YLVYDUVHOHWRPNXOOILOWHUHU
DNWLYHUWEOLQNHUILOWHULNRQHW
UºGWIHPJDQJHU
+YLVYDUVHOHWRPNXOOILOWHUHU
GHDNWLYHUWEOLQNHUILOWHULNRQHW
UºGWWUHJDQJHU
67(//2*5(1*-5,1*
5HQJMºULQJDYIHWWILOWHUHW
+YHUWILOWHUP§UHQJMºUHVPLQVW«QJDQJL
P§QHGHQ)LOWUHQHPRQWHUHVPHGNOLSV
RJVWLIWHUS§PRWVDWWVLGH
)RU§UHQJMºUHILOWHUHW
'UDLK§QGWDNHWS§ILOWHUHWXQGHU
YHQWLODWRUHQRJEº\IURQWHQS§
ILOWHUHWIRUVLNWLJQHG
1
5HQJMºUILOWUHQHYHG§EUXNHHQ
VYDPSPHGYDVNHPLGGHOXWHQ
VOLSHYLUNQLQJHOOHULHQ
RSSYDVNPDVNLQ
2SSYDVNPDVNLQHQP§VWLOOHV
LQQS§ODYWHPSHUDWXURJHW
NRUWSURJUDP)HWWILOWHUHWNDQ
EOLPLVIDUJHWPHQGHWWHKDU
LQJHQS§YLUNQLQJS§\WHOVHQ
WLODSSDUDWHW
)RU§PRQWHUHILOWUHQHLJMHQIºOJGH
WRIºUVWHWULQQHQHLRPYHQGW
UHNNHIºOJH
*MHQWDWULQQHQHIRUDOOHILOWUHKYLVDNWXHOW
6OLNVNLIWHUGXNXOOILOWHUHW
$'9$56(/
.XOOILOWHUHWNDQLNNHYDVNHV
1256.

0HWQLQJHQDYNXOOILOWHUHWYDULHUHU
DYKHQJLJDYW\SHWLOEHUHGQLQJRJKYRU
UHJHOPHVVLJGXUHQJMºUHUIHWWILOWHUHW
6OLNVNLIWHUGXILOWHUHW
)MHUQIHWWILOWUHQHIUDDSSDUDWHW
6H5HQJMºULQJDYIHWWILOWHUHWLGHWWH
NDSLWWHOHW
WU\NNWDSSHQRJWLOWIURQWHQDY
ILOWHUHWOLWWQHGRYHU
1
1
)RU§PRQWHUHHWQ\WWILOWHUXWIºUGH
VDPPHWULQQHQHLRPYHQGW
UHNNHIºOJH
8DQVHWWHUGHWQºGYHQGLJ§VNLIWHILOWUHQH
PLQVWKYHUIMHUGHP§QHG
)LOWHUYDUVHO
/HVDNWLYHULQJRJ
GHDNWLYHULQJDYILOWHUDODUPHQ
LNDSLWWHOHWIRUGDJOLJEUXN
6H5HQJMºULQJDYIHWWILOWHUHW
LGHWWHNDSLWWHOHW
6HVOLNUHQJMºUGXNXOOILOWHUHW
HOOHUVOLNVNLIWHUGXNXOOILOWHUHW
DYKHQJLJDYILOWHUW\SH
6OLNQXOOVWLOOHUGXDODUPHQ
%HUºU
LVHNXQGHU
6NLIWHO\VS¨UH
'HWWHSURGXNWHWOHYHUHVPHGHQ/('
S¨UH'HQQHGHOHQNDQNXQVNLIWHVDYHQ
WHNQLNHU+YLVGHWRSSVW§UIHLOVH
6HUYLFHLNDSLWWHOHW
6LNNHUKHWVLQVWUXNVMRQHU
%(6.<77(/6($90,/-(7
5HVLUNXOHUPDWHULDOHUVRPHUPHUNHWPHG
V\PEROHW
/HJJHPEDOODVMHQLULNWLJH
EHKROGHUHIRU§UHVLUNXOHUHGHW%LGUDUWLO
§EHVN\WWHPLOMºHWPHQQHVNHUVKHOVHRJ
IRU§UHVLUNXOHUHDYIDOODYHOHNWULVNHRJ
HOHNWURQLVNHSURGXNWHU,NNHNDVW
SURGXNWHUVRPHUPHUNHWPHGV\PEROHW
VDPPHQPHGKXVKROGQLQJVDYIDOOHW
3URGXNWHWNDQOHYHUHVGHUKYRU
WLOVYDUHQGHSURGXNWVHOJHVHOOHUS§
PLOMºVWDVMRQHQLNRPPXQHQ.RQWDNW
NRPPXQHQIRUQ¨UPHUHRSSO\VQLQJHU
ZZZDHJFRP

63,675(Ĝ&,
,1)250$&-('27<&=Æ&(%(=3,(&=(ą67:$,,167$/$&-,
23,685=Æ'=(1,$
&2'=,(11$(.63/2$7$&-$
.216(5:$&-$,&=<6=&=(1,(
=0<Ĝ/Æ2'26.21$ă<&+()(.7$&+
']LÛNXMHP\]DZ\EµUSURGXNWX$(*=DSURMHNWRZDOLĝP\JR]P\ĝOÇRZLHOROHWQLHM
EH]DZDU\MQHMSUDF\LZ\SRVDľ\OLĝP\ZLQQRZDF\MQHUR]ZLÇ]DQLDWHFKQLF]QH
XĄDWZLDMÇFHľ\FLHದQLHZV]\VWNLH]QLFKPRľQD]QDOHļÉZ]Z\NĄ\FKXU]ÇG]HQLDFK
3URVLP\RSRĝZLÛFHQLHNLONXPLQXWQD]DSR]QDQLHVLÛ]QLQLHMV]ÇLQVWUXNFMÇDE\
MDNQDMOHSLHMZ\NRU]\VWDÉPRľOLZRĝFLXU]ÇG]HQLD
3U]HMGļQDQDV]ÇZLWU\QÛLQWHUQHWRZÇ
:VND]µZNLGRW\F]ÇFHXľ\WNRZDQLDEURV]XU\SRPRFZUR]ZLÇ]\ZDQLX
SUREOHPµZRUD]LQIRUPDFMHGRW\F]ÇFHVHUZLVXLQDSUDZ
ZZZDHJFRPVXSSRUW
=DUHMHVWUXMSURGXNWDE\NRU]\VWDÉ]OHSV]HMREVĄXJLVHUZLVRZHM
ZZZUHJLVWHUDHJFRP
.XSDNFHVRULDPDWHULDĄ\HNVSORDWDF\MQHLRU\JLQDOQHF]ÛĝFL]DPLHQQHGR
VZRMHJRXU]ÇG]HQLD
ZZZDHJFRPVKRS
2%6ă8*$./,(17$,6(5:,6
1DOHľ\]DZV]HXľ\ZDÉRU\JLQDOQ\FKF]ÛĝFL]DPLHQQ\FK
3U]HGNRQWDNWHP]DXWRU\]RZDQ\PFHQWUXPVHUZLVRZ\PQDOHľ\SU]\JRWRZDÉ
SRQLľV]HGDQH0RGHOQXPHUSURGXNWXQXPHUVHU\MQ\
,QIRUPDFMHPRľQD]QDOHļÉQDWDEOLF]FH]QDPLRQRZHM
2VWU]HľHQLHSU]HVWURJDಧLQIRUPDFMHGRW\F]ÇFHEH]SLHF]HĆVWZD
2JµOQHLQIRUPDFMHLZVND]µZNL
,QIRUPDFMHGRW\F]ÇFHĝURGRZLVNDQDWXUDOQHJR
3URGXFHQW]DVWU]HJDVRELHPRľOLZRĝÉZSURZDG]HQLD]PLDQEH]ZF]HĝQLHMV]HJR
SRZLDGRPLHQLD
,1)250$&-('27<&=Æ&(%(=3,(&=(ą67:$,
,167$/$&-,
2675=(Ƽ(1,(
,QIRUPDFMHGRW\F]ÇFHEH]SLHF]HĆVWZDL
LQVWDODFMLVÇ]DZDUWHZRGUÛEQHM
EURV]XU]Hಱ,QVWUXNFMDLQVWDODFMLರ3U]HG
SU]\VWÇSLHQLHPGRXľ\WNRZDQLDOXE
NRQVHUZDFMLXU]ÇG]HQLDQDOHľ\XZDľQLH
SU]HF]\WDÉUR]G]LDĄ\GRW\F]ÇFH
EH]SLHF]HĆVWZD
32/6.,

23,685=Æ'=(1,$
:LGRNSDQHOXVWHURZDQLD
1 2 3 4 5 6 7 8 9
:Ą:\Ą
3LHUZV]DSUÛGNRĝÉVLOQLND
'UXJDSUÛGNRĝÉVLOQLND
7U]HFLDSUÛGNRĝÉVLOQLND
0DNV\PDOQDSUÛGNRĝÉVLOQLND
)XQNFMD%U\]D
3U]\SRPQLHQLHRREVĄXG]HILOWUD
)XQNFMD+REWR+RRG
2ĝZLHWOHQLH
&2'=,(11$(.63/2$7$&-$
.RU]\VWDQLH]RNDSX
6SUDZG]LÉ]DOHFDQHSUÛGNRĝFLSRGDQHZ
SRQLľV]HMWDEHOL
3RGJU]HZDQLHSRWUDZJRWRZDQLHZQDF]\QLDFK]SRಣ
NU\ZNÇ
*RWRZDQLHZQDF]\QLDFK]SRNU\ZNÇQDZLHOXSRODFK
JU]HMQ\FKOXESDOQLNDFKGHOLNDWQHVPDľHQLH
,QWHQV\ZQHJRWRZDQLHLVPDľHQLHGXľ\FKSRUFMLSRಣ
WUDZEH]SRNU\ZNLJRWRZDQLHQDZLHOXSRODFKJU]HMಣ
Q\FKOXESDOQLNDFK
*RWRZDQLHLVPDľHQLHGXľ\FKSRUFMLSRWUDZEH]SRಣ
NU\ZNLGXľRSDU\
2GĝZLHľDSRZLHWU]HZNXFKQLSR]DNRĆF]HQLXSLHಣ
F]HQLDEH]KDĄDVX)XQNFMÛPRľQDZĄÇF]\ÉLZ\ĄÇಣ
F]\ÉGRW\NDMÇFV\PERO)XQNFMDZ\ĄÇF]DVLÛDXWRPDಣ
W\F]QLHSRPLQXWDFK8ľ\ZDÉZ\ĄÇF]QLHSR]DNRĆಣ
F]HQLXSLHF]HQLD
=DOHFDVLÛSR]RVWDZLHQLH
ZĄÇF]RQHJRRNDSXSU]H]RN
PLQSR]DNRĆF]HQLX
JRWRZDQLD
3DQHOVWHURZDQLD
Z\SRVDľRQRZGRW\NRZH
SRODF]XMQLNµZ'RWNQÇÉ
V\PEROLSU]H]VHNXQGÛ
DE\ZĄÇF]\ÉIXQNFMH
2EVĄXJD
ZZZDHJFRP

:ĄÇF]\ÉXU]ÇG]HQLHQDFLVNDMÇF
V\PERO
1DVWÛSQLHPRľQDNRU]\VWDÉ]MHJR
IXQNFML
$E\ZĄÇF]\ÉIXQNFMÛQDOHľ\GRWNQÇÉ
RGSRZLHGQLV\PERO
:UD]LHSRWU]HE\GRWNQÇÉV\PEROX
RĝZLHWOHQLD
DE\RĝZLHWOLÉ
SRZLHU]FKQLÛJRWRZDQLD
$E\Z\ĄÇF]\ÉXU]ÇG]HQLHQDOHľ\
SRQRZQLHQDFLVQÇÉV\PERO
)XQNFMD+REWR+RRG
-HVWWRDXWRPDW\F]QDIXQNFMDNWµUD
XPRľOLZLDSRĄÇF]HQLHSĄ\W\JU]HMQHM]H
ZVSµĄSUDFXMÇF\P]QLÇRNDSHP=DUµZQR
SĄ\WDJU]HMQDMDNLRNDSVÇZ\SRVDľRQH
ZXNĄDGNRPXQLNDFMLSU]HV\ĄDMÇF\V\JQDĄ\
ZSRGF]HUZLHQL3UÛGNRĝÉZHQW\ODWRUD
MHVWRNUHĝODQDDXWRPDW\F]QLHQD
SRGVWDZLHXVWDZLHQLDWU\EXRUD]
WHPSHUDWXU\QDMPRFQLHMUR]JU]DQHJR
QDF]\QLDQDSĄ\FLHJU]HMQHM0RľOLZHMHVW
UµZQLHľUÛF]QHVWHURZDQLHRNDSHP]D
SRĝUHGQLFWZHPSĄ\W\JU]HMQHM)XQNFMÛ
PRľQDXUXFKRPLÉ]SDQHOXVWHURZDQLD
SĄ\W\JU]HMQHM
:LÛFHMLQIRUPDFMLQDWHPDW
NRU]\VWDQLD]IXQNFML
]QDMGXMHVLÛZLQVWUXNFML
REVĄXJLSĄ\W\JU]HMQHM
:ĄÇF]DQLHPDNV\PDOQHM
SUÛGNRĝFLVLOQLND
1DFLĝQLÛFLHSU]\FLVNX SRZRGXMH
ZĄÇF]HQLHPDNV\PDOQHMSUÛGNRĝFLVLOQLND
QDPLQXW3RXSĄ\ZLHWHJRF]DVX
XU]ÇG]HQLHSRZUµFLGRZF]HĝQLHM
XVWDZLRQHMSUÛGNRĝFL
*G\IXQNFMDMHVWZĄÇF]RQD
GRGDWNRZHGRWNQLÛFLH
SU]\FLVNX
QLHSRZRGXMH
ľDGQHMUHDNFMLXU]ÇG]HQLD
:ĄÇF]DQLHLZ\ĄÇF]DQLH
SRZLDGRPLHĆGRW\F]ÇF\FK
ILOWUD
$ODUPILOWUDSU]\SRPLQDRNRQLHF]QRĝFL
Z\PLDQ\OXERF]\V]F]HQLDILOWUD
ZÛJORZHJRRUD]RF]\V]F]HQLDILOWUD
SU]HFLZWĄXV]F]RZHJR-HĝOLNRQLHF]QH
MHVWRF]\V]F]HQLHILOWUD
SU]HFLZWĄXV]F]RZHJR]DSDODVLÛQD
VHNXQGZVNDļQLNILOWUD
QDF]HUZRQR
-HĝOLNRQLHF]QDMHVWZ\PLDQDOXE
RF]\V]F]HQLHILOWUDZÛJORZHJR]DF]\QD
PLJDÉSU]H]VHNXQGZVNDļQLNILOWUD
QDF]HUZRQR
3DWU]LQIRUPDFMHGRW\F]ÇFH
DODUPXILOWUDZUR]G]LDOH
ಱ.RQVHUZDFMDLF]\V]F]HQLHರ
3U]HĄÇF]QLNQDSDQHOXVWHURZDQLD
8SHZQLÉVLÛľHQLHĝZLHFÇVLÛľDGQH
V\PEROH
$E\ZĄÇF]\ÉOXEZ\ĄÇF]\É
SRZLDGRPLHQLDGRW\F]ÇFHILOWUD
ZÛJORZHJRQDOHľ\GRWNQÇÉ
L
SU]\WU]\PDÉSU]H]VHNXQG\
:ĄÇF]HQLHSRZLDGRPLHĆ
GRW\F]ÇF\FKILOWUD
ZÛJORZHJRMHVW
V\JQDOL]RZDQH
SLÛFLRNURWQ\PPLJQLÛFLHP
V\PEROXILOWUD
QD
F]HUZRQR
:\ĄÇF]HQLHSRZLDGRPLHĆ
GRW\F]ÇF\FKILOWUD
ZÛJORZHJRMHVW
V\JQDOL]RZDQHWU]\NURWQ\P
PLJQLÛFLHPV\PEROXILOWUD
QDF]HUZRQR
32/6.,

.216(5:$&-$,&=<6=&=(1,(
&]\V]F]HQLHILOWUD
SU]HFLZWĄXV]F]RZHJR
.DľG\]ILOWUµZQDOHľ\F]\ĝFLÉFR
QDMPQLHMUD]ZPLHVLÇFX)LOWU\VÇ
]DPRFRZDQH]DSRPRFÇ]DWU]DVNµZ
RUD]WU]SLHQLSRSU]HFLZQHMVWURQLH
&]\V]F]HQLHILOWUD
3RFLÇJQÇÉ]DXFKZ\WQDILOWU]HSRG
RNDSHPLOHNNRRGFK\OLÉSU]HGQLÇ
F]ÛĝÉILOWUDZGµĄ
1
2F]\ĝFLÉILOWU\JÇENÇQDVÇF]RQÇ
ĄDJRGQ\PGHWHUJHQWHPOXEXP\ÉZ
]P\ZDUFH
8VWDZLÉZ]P\ZDUFHQLVNÇ
WHPSHUDWXUÛLNUµWNLF\NO
]P\ZDQLD(ZHQWXDOQH
RGEDUZLHQLHILOWUD
SU]HFLZWĄXV]F]RZHJRQLHPD
ľDGQHJRZSĄ\ZXQD
G]LDĄDQLHXU]ÇG]HQLD
=DPRQWRZDÉILOWU\]SRZURWHPZ
XU]ÇG]HQLXZ\NRQXMÇFGZLH
SLHUZV]HF]\QQRĝFLZRGZURWQHM
NROHMQRĝFL
3RZWµU]\ÉF]\QQRĝFLZRGQLHVLHQLXGR
ZV]\VWNLFKILOWUµZMHĝOLGRW\F]\
:\PLDQDILOWUDZÛJORZHJR
2675=(Ƽ(1,(
)LOWUZÛJORZ\QLHMHVW
SU]\VWRVRZDQ\GRP\FLD
Ľ\ZRWQRĝÉILOWUDZÛJORZHJRMHVW
]UµľQLFRZDQDL]DOHľ\RGURG]DMX
JRWRZDQ\FKSRWUDZRUD]F]ÛVWRWOLZRĝFL
F]\V]F]HQLDILOWUDSU]HFLZWĄXV]F]RZHJR
$E\Z\PLHQLÉILOWUQDOHľ\
:\MÇÉILOWU\SU]HFLZWĄXV]F]RZH]
XU]ÇG]HQLD
3DWU]ಱ&]\V]F]HQLHILOWUD
SU]HFLZWĄXV]F]RZHJRರZW\PUR]G]LDOH
1DFLVQÇÉZ\VWÛSLOHNNRRGFK\OLÉ
SU]HGQLÇF]ÛĝÉILOWUD
1
1
:FHOX]DPRQWRZDQLDQRZHJRILOWUD
QDOHľ\Z\NRQDÉRSLVDQHF]\QQRĝFLZ
RGZURWQHMNROHMQRĝFL
)LOWU\QDOHľ\Z\PLHQLDÉFRQDMPQLHMUD]
QDF]WHU\PLHVLÇFH
$ODUPILOWUD
,QIRUPDFMHGRW\F]ÇFH
ZĄÇF]DQLDLZ\ĄÇF]DQLD
DODUPXILOWUD]QDMGXMÇVLÛZ
UR]G]LDOHಱ&RG]LHQQD
HNVSORDWDFMDರ
3DWU]ಱ&]\V]F]HQLHILOWUD
SU]HFLZWĄXV]F]RZHJRರZW\P
UR]G]LDOH
3DWU]LQIRUPDFMHGRW\F]ÇFH
F]\V]F]HQLDOXEZ\PLDQ\
ILOWUDZÛJORZHJR]DOHľQLHRG
W\SXILOWUD
$QXORZDQLHDODUPX
'RWNQÇÉ
LSU]\WU]\PDÉSU]H]
VHNXQG\
:\PLDQDRĝZLHWOHQLD
8U]ÇG]HQLHZ\SRVDľRQRZRĝZLHWOHQLH
/('(OHPHQWWHQPRľHZ\PLHQLÉW\ONR
VSHFMDOLVWDVHUZLVRZ\:SU]\SDGNX
Z\VWÇSLHQLDXVWHUNLSDWU]ಱ6HUZLVರZ
UR]G]LDOHಱ:VND]µZNLGRW\F]ÇFH
EH]SLHF]HĆVWZDರ
ZZZDHJFRP

2&+521$Ĝ52'2:,6.$
0DWHULDĄ\R]QDF]RQHV\PEROHP
QDOHľ\SRGGDÉXW\OL]DFML2SDNRZDQLH
XU]ÇG]HQLDZĄRľ\ÉGRRGSRZLHGQLHJR
SRMHPQLNDZFHOXSU]HSURZDG]HQLD
UHF\NOLQJX1DOHľ\]DGEDÉRSRQRZQH
SU]HWZDU]DQLHRGSDGµZXU]ÇG]HĆ
HOHNWU\F]Q\FKLHOHNWURQLF]Q\FKDE\
FKURQLÉĝURGRZLVNRQDWXUDOQHRUD]
OXG]NLH]GURZLH1LHZROQRZ\U]XFDÉ
XU]ÇG]HĆR]QDF]RQ\FKV\PEROHP
UD]HP]RGSDGDPLGRPRZ\PL1DOHľ\
]ZUµFLÉSURGXNWGRPLHMVFRZHJRSXQNWX
SRQRZQHJRSU]HWZDU]DQLDOXE
VNRQWDNWRZDÉVLÛ]RGSRZLHGQLPL
ZĄDG]DPLPLHMVNLPL
32/6.,

1',&(
,1)250$2'(6(*85$1$(,167$/$2
'(6&5,2'2352'872
87,/,=$2',5,$
0$187(12(/,03(=$
3$5$5(68/7$'263(5)(,726
2EULJDGRSRUHVFROKHUHVWHSURGXWR$(*&UL£PRORSDUDOKHSURSRUFLRQDUXP
GHVHPSHQKRLPSHF£YHOGXUDQWHPXLWRVDQRVFRPWHFQRORJLDVLQRYDGRUDVTXH
WRUQDPDVXDYLGDPDLVI£FLOದIXQFLRQDOLGDGHVTXHSRGHU£Q¥RHQFRQWUDUHP
DSDUHOKRVFRPXQV&RQWLQXHDOHUGXUDQWHDOJXQVPLQXWRVSDUDWLUDURP£[LPR
SDUWLGRGRSURGXWR
9LVLWHRQRVVRZHEVLWHSDUD
2EWHUFRQVHOKRVGHXWLOL]D©¥RIROKHWRVUHVROX©¥RGHSUREOHPDVH
LQIRUPD©·HVVREUHDVVLVW¬QFLDHUHSDUD©·HV
ZZZDHJFRPVXSSRUW
5HJLVWHRVHXSURGXWRSDUDEHQHILFLDUGHXPVHUYL©RPHOKRU
ZZZUHJLVWHUDHJFRP
$GTXLUDDFHVVµULRVFRQVXP¯YHLVHSH©DVGHVXEVWLWXL©¥RRULJLQDLVSDUDRVHX
DSDUHOKR
ZZZDHJFRPVKRS
$32,2$2&/,(17(($66,671&,$
8VDUVHPSUHSH©DVVREUHVVDOHQWHVGHRULJHP
6HPSUHTXHFRQWDFWDURQRVVR&HQWURGH$VVLVW¬QFLD7«FQLFD$XWRUL]DGR
DVVHJXUHTXHWHPGLVSRQ¯YHLVRVGDGRVVHJXLQWHV0RGHOR31&1¼PHURGH
V«ULH
(VWDLQIRUPD©¥RHQFRQWUDVHQDSODFDGHLGHQWLILFD©¥R
$YLVR&XLGDGRದ,QIRUPD©·HVGHVHJXUDQ©D
,QIRUPD©·HVJHUDLVHVXJHVW·HV
,QIRUPD©·HVDPELHQWDLV
6XMHLWRDDOWHUD©·HVVHPDYLVRSU«YLR
,1)250$2'(6(*85$1$(,167$/$2
$9,62
&RQVXOWHRIROKHWRGHLQVWUX©·HVGD
LQVWDOD©¥RHPVHSDUDGRUHODWLYDPHQWH¢
,QIRUPD©¥RGHVHJXUDQ©DHLQVWDOD©¥R
/HLDFXLGDGRVDPHQWHRVFDS¯WXORVGH
6HJXUDQ©DDQWHVGHTXDOTXHUXWLOL]D©¥R
RXPDQXWHQ©¥RGRDSDUHOKR
ZZZDHJFRP

'(6&5,2'2352'872
'HVFUL©¥RJHUDOGRSDLQHOGHFRPDQGRV
1 2 3 4 5 6 7 8 9
/LJDU'HVOLJDU
3ULPHLUDYHORFLGDGHGRPRWRU
6HJXQGDYHORFLGDGHGRPRWRU
7HUFHLUDYHORFLGDGHGRPRWRU
9HORFLGDGHP£[LPDGRPRWRU
)XQ©¥RGHEULVD
$YLVRGRILOWUR
)XQ©¥Rಯ+REWR+RRGರ
/¤PSDGD
87,/,=$2',5,$
8WLOL]DURH[DXVWRU
9HULILTXHDYHORFLGDGHUHFRPHQGDGDQD
WDEHODVHJXLQWH
4XDQGRDTXHFHUDOLPHQWRVRXFR]LQKDUHPWDFKRV
WDSDGRV
4XDQGRFR]LQKDUHPWDFKRVWDSDGRVHPY£ULDV]Rಣ
QDVGHDTXHFLPHQWRRXY£ULRVTXHLPDGRUHVHTXDQಣ
GRIULWDUOHQWDPHQWH
4XDQGRFR]HUHIULWDUJUDQGHVTXDQWLGDGHVGHDOLಣ
PHQWRVHPWDFKRVGHVWDSDGRVRXTXDQGRFR]LQKDU
HPY£ULDV]RQDVGHDTXHFLPHQWRRXY£ULRVTXHLPDಣ
GRUHV
4XDQGRFR]HUHIULWDUJUDQGHVTXDQWLGDGHVGHDOLಣ
PHQWRVFRPPXLWDKXPLGDGHHPWDFKRVGHVWDSDGRV
5HIUHVFDRDUQDFR]LQKDDSµVFR]LQKDUDXPQ¯YHO
GHUX¯GRPXLWREDL[R3RGHVHUDWLYDGRHGHVDWLYDGR
WRFDQGRQRV¯PEROR$IXQ©¥RGHVDWLYDVHDXWRPDWLಣ
FDPHQWHDSµVPLQXWRV8WLOL]HDSHQDVDSµVFR]Lಣ
QKDU
UHFRPHQG£YHOGHL[DUR
H[DXVWRUDIXQFLRQDUGXUDQWH
FHUFDGHPLQXWRVDSµVR
ILPGRVFR]LQKDGRV
32578*86

2SDLQHOGHFRPDQGRV«XP
FDPSRGHVHQVRU7RTXH
QRVV¯PERORVGXUDQWH
VHJXQGRSDUDDWLYDUDV
IXQ©·HV
2SHUDURH[DXVWRU
/LJXHRDSDUHOKRSUHPLQGRRV¯PEROR
3RGHDJRUDDWLYDUDVIXQ©·HV
7RTXHQRV¯PERORSDUDDWLYDUD
IXQ©¥R
6HQHFHVV£ULRWRTXHQRV¯PERORGD
OX]
SDUDLOXPLQDUDVXSHUI¯FLHSDUD
FR]LQKDU
3DUDGHVDWLYDURDSDUHOKRSULPD
QRYDPHQWHRV¯PEROR
)XQ©¥Rേ+REWR+RRGൈ
XPDIXQ©¥RDXWRP£WLFDTXHOLJDD
SODFDDXPH[DXVWRU$SODFDHR
H[DXVWRUSRVVXHPVLVWHPDVGH
FRPXQLFD©¥RSRUVLQDOGH
LQIUDYHUPHOKRV$YHORFLGDGHGD
YHQWRLQKD«GHILQLGDDXWRPDWLFDPHQWH
HPIXQ©¥RGRPRGRGHIXQFLRQDPHQWR
GDSODFDHGDWHPSHUDWXUDGRWDFKRPDLV
TXHQWH7DPE«P«SRVV¯YHOFRQWURODU
PDQXDOPHQWHDYHQWRLQKDDWUDY«VGD
SODFD$IXQ©¥RSRGHVHUDWLYDGDDSDUWLU
GRSDLQHOGDSODFD
3DUDREWHUPDLVLQIRUPD©·HV
VREUHDXWLOL]D©¥RGDIXQ©¥R
FRQVXOWHRPDQXDOGR
XWLOL]DGRUGDSODFD
$WLYDUDYHORFLGDGH
P£[LPDGRPRWRU
4XDQGRSUHPLURERW¥R DYHORFLGDGH
P£[LPDGRPRWRU«VHOHFLRQDGDH
PDQWLGDGXUDQWHPLQXWRV$SµVHVVH
WHPSRRDSDUHOKRYROWD¢UHJXOD©¥RGH
YHORFLGDGHDQWHULRU
4XDQGRDIXQ©¥RHVW£DWLYD
XPWRTXHDGLFLRQDOQRERW¥R
Q¥RWHPTXDOTXHUHIHLWR
$WLYDUHGHVDWLYDURDYLVR
GRILOWUR
2DODUPHGRILOWUROHPEUDTXH«
QHFHVV£ULRVXEVWLWXLURXOLPSDURILOWURGH
FDUY¥RHOLPSDURILOWURGHJRUGXUD2
LQGLFDGRUGRILOWUR
HVW£DFHVR
YHUPHOKRGXUDQWHVHJXQGRVVHR
ILOWURGHJRUGXUDWLYHUGHVHUOLPSR2
LQGLFDGRUGRILOWUR
SLVFDYHUPHOKR
GXUDQWHVHJXQGRVVHRILOWURGH
FDUY¥RWLYHUGHVHUVXEVWLWX¯GRRXOLPSR
&RQVXOWHDVHF©¥RVREUHR
DODUPHGRILOWURQRFDS¯WXOR
ಯ0DQXWHQ©¥RHOLPSH]Dರ
,QWHUUXSWRUQRSDLQHOGHFRPDQGRV
&HUWLILTXHVHGHTXHRV¯FRQHVHVW¥R
DSDJDGRV
3DUDDWLYDURXGHVDWLYDURDYLVRGR
ILOWURGHFDUY¥RWRTXH
GXUDQWH
VHJXQGRV
6HRDYLVRGRILOWURGH
FDUY¥RHVWLYHUDWLYDGRR
¯FRQHGRILOWUR
SLVFD
YHUPHOKRFLQFRYH]HV
6HRDYLVRGRILOWURGH
FDUY¥RHVWLYHUGHVDWLYDGRR
¯FRQHGRILOWUR
SLVFD
YHUPHOKRWU¬VYH]HV
0$187(12(/,03(=$
/LPSDURILOWURGHJRUGXUD
QHFHVV£ULROLPSDUFDGDILOWURSHOR
PHQRVPHQVDOPHQWH2VILOWURVHVW¥R
IL[DGRVFRPPRODVHSLQRVQRODGR
RSRVWR
3DUDOLPSDURILOWUR
3X[HRPDQ¯SXORGRILOWURQDSDUWH
LQIHULRUGRH[DXVWRUHLQFOLQH
OLJHLUDPHQWHDSDUWHGDIUHQWHGRILOWUR
SDUDEDL[R
ZZZDHJFRP

1
/DYHRVILOWURVFRPXPDHVSRQMDH
GHWHUJHQWHQHXWURRXQDP£TXLQDGH
ODYDUORL©D
3URJUDPHDP£TXLQDGH
ODYDUORL©DSDUDXPFLFOR
FXUWRFRPWHPSHUDWXUD
EDL[D2ILOWURGHJRUGXUD
SRGHILFDUGHVERWDGRPDV
LVVRQ¥RDIHWDR
GHVHPSHQKRGRDSDUHOKR
3DUDLQVWDODURVILOWURVH[HFXWHRV
SULPHLURVGRLVSDVVRVSHODRUGHP
LQYHUVD
5HSLWDRVSDVVRVHPWRGRVRVILOWURVVH
DSOLF£YHO
6XEVWLWXLURILOWURGH
FDUY¥R
$9,62
2ILOWURGHFDUY¥R12SRGH
VHUODYDGR
2WHPSRGHVDWXUD©¥RGRILOWURGHFDUY¥R
GHSHQGHGRVWLSRVGHFR]LQKDGRVHGD
IUHTX¬QFLDGHOLPSH]DGRILOWURGH
JRUGXUD
3DUDVXEVWLWXLURILOWUR
5HWLUHRVILOWURVGHJRUGXUDGR
DSDUHOKR
&RQVXOWHDVHF©¥Rಯ/LPSDURILOWURGH
JRUGXUDರQHVWHFDS¯WXOR
3ULPDDSDWLOKDHLQFOLQH
OLJHLUDPHQWHDSDUWHGDIUHQWHGR
ILOWUR
1
1
3DUDLQVWDODUXPQRYRILOWURH[HFXWH
RVPHVPRVSDVVRVSHODRUGHP
LQYHUVD
'HTXDOTXHUPRGR«QHFHVV£ULR
VXEVWLWXLURVILOWURVSHORPHQRVDFDGD
TXDWURPHVHV
$ODUPHGRILOWUR
&RQVXOWHRFDS¯WXOR
ಯ8WLOL]D©¥RGL£ULDರSDUDVDEHU
FRPRDWLYDUHGHVDWLYDUR
DODUPHGRILOWUR
&RQVXOWHDVHF©¥RGD
OLPSH]DGRILOWURGHJRUGXUD
QHVWHFDS¯WXOR
&RQVXOWHDVHF©¥RGD
OLPSH]DGRILOWURGHFDUY¥R
RXGDVXEVWLWXL©¥RGRILOWUR
GHFDUY¥RFRQVRDQWHRWLSR
GHILOWUR
3DUDGHVOLJDURDODUPH
7RTXHHP
GXUDQWHVHJXQGRV
6XEVWLWXLUDO¤PSDGD
(VWHDSDUHOKR«IRUQHFLGRFRPXPD
O¤PSDGD/('$VXEVWLWXL©¥RGHVWDSH©D
WHPGHVHUHIHWXDGDSRUXPW«FQLFR
TXDOLILFDGR(PFDVRGHDYDULDFRQVXOWH
DVHF©¥Rಯ$VVLVW¬QFLDರQRFDS¯WXOR
ಯ,QVWUX©·HVGHVHJXUDQ©Dರ
35(2&83$(6$0%,(17$,6
5HFLFOHRVPDWHULDLVTXHDSUHVHQWHPR
V¯PEROR
&RORTXHDHPEDODJHPQRV
FRQWHQWRUHVLQGLFDGRVSDUDUHFLFODJHP
$MXGHDSURWHJHURDPELHQWHHDVD¼GH
S¼EOLFDDWUDY«VGDUHFLFODJHPGRV
32578*86

DSDUHOKRVHO«FWULFRVHHOHFWUµQLFRV1¥R
HOLPLQHRVDSDUHOKRVTXHWHQKDPR
V¯PEROR
MXQWDPHQWHFRPRVUHV¯GXRV
GRP«VWLFRV&RORTXHRSURGXWRQXP
SRQWRGHUHFROKDSDUDUHFLFODJHPORFDO
RXFRQWDFWHDVVXDVDXWRULGDGHV
PXQLFLSDLV
ZZZDHJFRP

&835,16
,1)250$ۂ,,35,9,1'6,*85$1ۂ$ۀ,,167$/$5($
'(6&5,(5($352'868/8,
87,/,=$5($=,/1,&Ä
1*5,-,5($Ġ,&85ÄĤ$5($
3(17585(=8/7$7(3(5)(&7(
9ÅPXOۃXPLPSHQWUXFÅDۃLDOHVDFHVWSURGXV$(*$PFUHDWDFHVWSURGXVSHQWUX
DRIHULSHUIRUPDQۃHLPSHFDELOHSHQWUXPXOۃLDQLGHDFXP°QDLQWHFXWHKQRORJLL
LQRYDWRDUHFDUHYÅIDFYLDۃDPDLVLPSOÅIXQFۃLLSHFDUHVDUSXWHDVÅQXOHJÅVLۃL
ODDSDUDWHOHRELہQXLWH9ÅUXJÅPVÅDORFDۃLF¤WHYDPLQXWHہLVÅFLWLۃLPDQXDOXO
SHQWUXDUHۃLQHDVSHFWHOHLPSRUWDQWH
9L]LWDۃLVLWHXOQRVWUXSHQWUX
$JÅVLVIDWXULSULYLQGXWLOL]DUHDEURہXULLQIRUPDۃLLSHQWUXGHSDQDUHVHUYLFHہL
UHSDUDۃLL
ZZZDHJFRPVXSSRUW
$YŰQUHJLVWUDSURGXVXOSHQWUXDEHQHILFLDGHVHUYLFLLPDLEXQH
ZZZUHJLVWHUDHJFRP
$FXPSÅUDDFFHVRULLFRQVXPDELOHہLSLHVHGHVFKLPERULJLQDOHSHQWUXDSDUDWXO
GYV
ZZZDHJFRPVKRS
$6,67(1ƣÄ3(1758&/,(1ƣ,Ɵ,6(59,&(
8WLOL]DۃL°QWRWGHDXQDSLHVHGHVFKLPERULJLQDOH
$WXQFLF¤QGFRQWDFWDۃL&HQWUXOQRVWUXGHVHUYLFHDXWRUL]DWDVLJXUDۃLYÅFÅDYHۃLOD
GLVSR]LۃLHXUPÅWRDUHOHLQIRUPDۃLL0RGHO31&1XPÅUGHVHULH
,QIRUPDĥLLOHSRWILJÅVLWHSHSOÅFXĥDFXGDWHWHKQLFH
$YHUWLVPHQW$WHQĥLH,QIRUPDĥLLSULYLQGVLJXUDQĥD
,QIRUPDۃLLہLVIDWXULJHQHUDOH
,QIRUPDۃLLSULYLQGPHGLXO°QFRQMXUÅWRU
1HUH]HUY¥PGUHSWXODVXSUDHIHFWX¥ULLGHPRGLILF¥UL
,1)250$Ģ,,35,9,1'6,*85$1Ģ$Ġ,,167$/$5($
$9(57,60(17
&RQVXOWDۃLEURہXUDVHSDUDWÅFX
,QVWUXFۃLXQLGHLQVWDODUHSHQWUX,QIRUPDۃLL
SULYLQGVLJXUDQۃDہLLQVWDODUHD&LWLۃLFX
DWHQۃLHFDSLWROHOHGHVSUH6LJXUDQۃÅ
°QDLQWHGHXWLOL]DUHDVDXUHDOL]DUHD
RSHUDۃLLORUGH°QWUHۃLQHUHDVXSUD
DSDUDWXOXL
5201$

'(6&5,(5($352'868/8,
3UH]HQWDUHDSDQRXOXLGHFRPDQGÅ
1 2 3 4 5 6 7 8 9
3RUQLW2SULW
3ULPDWXUDۃLHDPRWRUXOXL
$GRXDWXUDۃLHDPRWRUXOXL
$WUHLDWXUDۃLHDPRWRUXOXL
7XUDۃLDPD[LPÅDPRWRUXOXL
)XQFۃLH%UL]Å
5HDPLQWLUHILOWUX
)XQFۃLD3OLWÅFÅWUHKRWÅ
%HF
87,/,=$5($=,/1,&Ä
8WLOL]DUHDKRWHL
9HULILFDۃLWXUDۃLDUHFRPDQGDWÅFRQIRUP
WDEHOXOXLGHPDLMRV
QWLPSFH°QFÅO]LۃLP¤QFDUHDJÅWLۃLFXYDVHOHDFRSHಣ
ULWH
QWLPSXOJÅWLULLFXYDVHOHDFRSHULWHSHPDLPXOWH]Rಣ
QHGHJÅWLWVDXDU]ÅWRDUHSUÅMLUHOHQWÅ
QWLPSXOILHUEHULLہLSUÅMLULLXQRUFDQWLWÅۃLPDULGHDOLಣ
PHQWHIÅUÅFDSDFJÅWLUHSHPDLPXOWH]RQHVDXDU]Åಣ
WRDUH
QWLPSXOILHUEHULLہLSUÅMLULLXQRUFDQWLWÅۃLPDULGHDOLಣ
PHQWHIÅUÅFDSDFXPLGLWDWHPDUH
PSURVSÅWHD]ÅDHUXOGLQEXFÅWÅULHGXSÅJÅWLWODXQQLಣ
YHOIRDUWHUHGXVGH]JRPRW$FHDVWDSRDWHILDFWLYDWÅ
ہLGH]DFWLYDWÅSULQDWLQJHUHDVLPEROXOXL)XQFۃLDVH
RSUHہWHDXWRPDWGXSÅGHPLQXWH8WLOL]DۃLGRDUGXಣ
SÅJÅWLUH
6HUHFRPDQGÅVÅOÅVDۃLKRWD
VÅIXQFۃLRQH]HWLPSGHFLUFD
PLQXWHGXSÅJÅWLUH
3DQRXOGHFRPDQGÅHVWHXQ
F¤PSFXVHQ]RU$WLQJHۃL
VLPEROXULOHWLPSGH
VHFXQGÅSHQWUXDDFWLYD
IXQFۃLLOH
3HQWUXDXWLOL]DKRWD
ZZZDHJFRP

3RUQLۃLDSDUDWXOSULQDSÅVDUHD
VLPEROXOXL
$FXPSXWHۃLDFWLYDIXQFۃLLOH
3HQWUXDDFWLYDIXQFۃLDDWLQJHۃL
VLPEROXO
'DFÅHVWHQHFHVDUDWLQJHۃLVLPEROXO
GHOXPLQÅ
SHQWUXDOXPLQD
VXSUDIDۃDGHJÅWLW
3HQWUXDRSULDSDUDWXODSÅVDۃLGLQQRX
VLPEROXO
)XQFģLD3OLWÅFÅWUHKRWÅ
(VWHRIXQFۃLHDXWRPDWÅFDUHFRQHFWHD]Å
SOLWDODRKRWÅ$W¤WSOLWDF¤WہLKRWDDXXQ
VLVWHPGHFRPXQLFDUHFXVHPQDOH°Q
LQIUDURہX9LWH]DYHQWLODWRUXOXLHVWH
VWDELOLWÅDXWRPDW°QIXQFۃLHGHVHWDUHD
PRGXOXLہLDWHPSHUDWXULLFHOXLPDL
ILHUELQWHYDVGHSHSOLWÅ9HQWLODWRUXOVH
SRDWHFRPDQGDہLPDQXDOGHODSOLWÅ
)XQFۃLDSRDWHILDFWLYDWÅGHODSDQRXO
SOLWHL
&RQVXOWDۃLPDQXDOXO
XWLOL]DWRUXOXLSOLWHLSHQWUXPDL
PXOWHLQIRUPDۃLLGHVSUH
XWLOL]DUHDIXQFۃLHL
$FWLYDUHDWXUDģLHLPD[LPH
DPRWRUXOXL
$WXQFLF¤QGDSÅVDۃLEXWRQXO 7XUDۃLD
PD[LPÅDPRWRUXOXLVHDFWLYHD]ÅSHQWUX
PLQXWH'XSÅUHVSHFWLYDSHULRDGÅ
DSDUDWXOUHYLQHODVHWDUHDDQWHULRDUÅD
WXUDۃLHL
&¤QGIXQFۃLDHVWHSRUQLWÅR
DWLQJHUHVXSOLPHQWDUÅD
EXWRQXOXL
QXSURGXFH
QLFLXQHIHFW
$FWLYDUHDġLGH]DFWLYDUHD
QRWLILFÅULLSHQWUXILOWUX
$ODUPDGHILOWUXYÅUHDPLQWHہWHVÅ
VFKLPEDۃLVDXVÅFXUÅۃDۃLILOWUXOGH
FÅUEXQHہLVÅFXUÅۃDۃLILOWUXOGHJUÅVLPH
,QGLFDWRUXOILOWUXOXL
HVWHSRUQLWURہX
WLPSGHGHVHFXQGHGDFÅILOWUXOGH
JUÅVLPHWUHEXLHFXUÅۃDW,QGLFDWRUXO
ILOWUXOXL
FOLSHہWHURہXWLPSGHGH
VHFXQGHGDFÅILOWUXOGHFÅUEXQHWUHEXLH
°QORFXLWVDXFXUÅۃDW
&RQVXOWDۃLDODUPDGHILOWUX
GLQFDSLWROXO°QJULMLUHDہL
FXUÅۃDUHD
&RPXWDWRUSHSDQRXOGHFRPDQGÅ
$VLJXUDۃLYÅFÅSLFWRJUDPHOHVXQW
VWLQVH
3HQWUXDDFWLYDVDXGH]DFWLYD
QRWLILFDUHDSHQWUXILOWUXOGHFÅUEXQH
DWLQJHۃL
WLPSGHVHFXQGH
'DFÅQRWLILFDUHDSHQWUXILOWUXO
GHFÅUEXQHHVWHDFWLYDWÅ
SLFWRJUDPDILOWUXOXL
FOLSHہWHURہXGHFLQFLRUL
'DFÅQRWLILFDUHDSHQWUXILOWUXO
GHFÅUEXQHHVWHGH]DFWLYDWÅ
SLFWRJUDPDILOWUXOXL
FOLSHہWHURہXGHWUHLRUL
1*5,-,5($Ɵ,&85Äƣ$5($
&XUÅģDUHDILOWUXOXLGH
JUÅVLPH
)LHFDUHILOWUXWUHEXLHFXUÅۃDWFHOSXۃLQR
GDWÅSHOXQÅ)LOWUHOHVXQWPRQWDWHFX
DMXWRUXOFOHPHORUہLSLQLORUSHSDUWHD
RSXVÅ
3HQWUXFXUÅģDUHDILOWUXOXL
7UDJHۃLP¤QHUXOILOWUXOXLGHVXEKRWÅ
ہL°QFOLQDۃLXہRU°QMRVSDUWHD
IURQWDOÅDILOWUXOXL
5201$

1
&XUÅۃDۃLILOWUHOHIRORVLQGXQEXUHWHFX
GHWHUJHQۃLQHDEUD]LYLVDX°QWUR
PDہLQÅGHVSÅODWYDVH
0DہLQDGHVSÅODWYDVH
WUHEXLHVHWDWÅODR
WHPSHUDWXUÅUHGXVÅہLODXQ
FLFOXVFXUW)LOWUXOGHJUÅVLPH
VHSRDWHGHFRORUD$FHVW
OXFUXQXLQIOXHQۃHD]Å
SHUIRUPDQۃDDSDUDWXOXL
3HQWUXDPRQWDILOWUHOH°QDSRLXUPDۃL
SULPLLGRLSDہL°QRUGLQHLQYHUVÅ
5HSHWDۃLSDہLLSHQWUXWRDWHILOWUHOHGDFÅ
HVWHFD]XO
QORFXLUHDILOWUXOXLGH
FÅUEXQH
$9(57,60(17
)LOWUXOGHFÅUEXQHQXHVWH
ODYDELO
'XUDWDVDWXUÅULLILOWUXOXLGHFÅUEXQH
YDULD]ŰQIXQFۃLHGHWLSXOGHJÅWLUHہL
UHJXODULWDWHD°QFXUÅۃDUHDILOWUXOXLGH
JUÅVLPH
3HQWUX°QORFXLUHDILOWUXOXL
6FRDWHۃLILOWUHOHGHJUÅVLPHGLQ
DSDUDW
&RQVXOWDۃLಱ&XUÅۃDUHDILOWUXOXLGH
JUÅVLPHರGLQDFHVWFDSLWRO
DSÅVDۃLVHFۃLXQHDہL°QFOLQDۃLXہRU
SDUWHDIURQWDOÅDILOWUXOXL
1
1
3HQWUXDLQVWDODQRXOILOWUXXUPDۃL
DFHHDہLSDہL°QRUGLQHLQYHUVÅ
QRULFHVLWXDۃLHHVWHQHFHVDUŰQORFXLUHD
ILOWUHORUFHOSXۃLQODILHFDUHSDWUXOXQL
$ODUPDGHILOWUX
&RQVXOWDۃLDFWLYDUHDہL
GH]DFWLYDUHDDODUPHLGHILOWUX
GLQFDSLWROXO8WLOL]DUHD
]LOQLFÅ
&RQVXOWDۃLFXUÅۃDUHDILOWUXOXL
GHJUÅVLPHGLQDFHVWFDSLWRO
&RQVXOWDۃLFXUÅۃDUHDILOWUXOXL
GHFÅUEXQHVDX°QORFXLUHD
ILOWUXOXLGHFÅUEXQH°Q
IXQFۃLHGHWLSXOGHILOWUX
3HQWUXDUHVHWDDODUPD
$WLQJHۃL
WLPSGHVHFXQGH
QORFXLUHDEHFXOXL
$FHVWDSDUDWHVWHIXUQL]DWFXXQEHF
/('$FHDVWÅSLHVÅVH°QORFXLHہWH
H[FOXVLYGHFÅWUHXQWHKQLFLDQQFD]XO
XQHLGHIHFWÅULFRQVXOWDۃLFDSLWROXO
ಱ6HUYLFHರGLQಱ,QVWUXFۃLXQLSULYLQG
VLJXUDQۃDರ
,1)250$ƣ,,35,9,1'0(',8/
5HFLFODĥLPDWHULDOHOHPDUFDWHFXVLPEROXO
3HQWUXDUHFLFODDPEDODMHOHDFHVWHD
WUHEXLHSXVH°QFRQWDLQHUHOH
FRUHVSXQ]ÅWRDUH$MXWDĥLODSURWHMDUHD
PHGLXOXLġLDVÅQÅWÅĥLLXPDQHġLOD
UHFLFODUHDGHġHXULORUGLQDSDUDWHOH
HOHFWULFHġLHOHFWURFDVQLFH1XDUXQFDĥL
DSDUDWHOHPDUFDWHFXDFHVWVLPERO
°PSUHXQÅFXGHġHXULOHPHQDMHUH
5HWXUQDĥLSURGXVXOODFHQWUXOORFDOGH
UHFLFODUHVDXFRQWDFWDĥLDGPLQLVWUDĥLD
RUDġXOXLGYV
ZZZDHJFRP

КЗЍЎЙЏЉЖБЎ
ЍДШБЍЎЉДХЖФОЙЎАМДХЛЉЛЗЋ
$(*
ZZZDHJFRPVXSSRUW
ZZZUHJLVWHUDHJFRP
ZZZDHJFRPVKRS
ИЗЍЍЎЙЏГЉГДБЎЖЛЗЋБЗЊКДМЏБЋЉЖБЎ
31&
КЋЎЍЎЖБШЗЛЎОЖБГЎЊЎАЗИЉКЖЗКЛББ
МКЛЉЖЗЋГЎ
ЋЖБЕЉЖБЎ

ЗИБКЉЖБЎБАЍЎДБШ
ЗЪтбвЫбЭиЩжЮдбмийЩЫдЮжбш
1 2 3 4 5 6 7 8 9
m}
m+REWR+RRG}
ЎЏЎЍЖЎЋЖЗЎБКИЗДХАЗЋЉЖБЎ
БкиздхазЫЩжбЮЫфлшЯгб
ಣ
ಣ
ಣ
ಣ
ಣ
ಣ
ЋгдчрЮжбЮЫфлшЯгб
ZZZDHJFRP

Нмжгпбшm+REWR+RRG}
ЋгдчрЮжбЮЭЫбЬЩлЮдшжЩ
еЩгкбеЩдхжзвкгзйзклб
ЋгдчрЮжбЮб
ЫфгдчрЮжбЮмЫЮЭзедЮжбш
заЩеЮжЮнбдхлйЩ
m}

МОЗЍБЗРБКЛГЉ
ЗрбклгЩ
ЯбйзмдЩЫдбЫЩчтЮЬз
нбдхлйЩ
ЗрбклгЩнбдхлйЩ
1
АЩеЮжЩмЬздхжзЬз
нбдхлйЩ
ЋЖБЕЉЖБЎ
m
}
1
1
КбЬжЩдхжфвбжЭбгЩлзй
нбдхлйЩ
m
}
ZZZDHJFRP

ЗлгдчрЮжбЮзизЫЮтЮжбш
АЩеЮжЩдЩеиф
m}
m}
ЗОЙЉЖЉЗГЙМЏЉЧТЎВКЙЎЍФ

КЉЍЙЏЉЁ
АЉКЉЋЙСЎЖЎЙЎАМДЛЉЛЎ
$(*
ͱͱ
Ͱ
ͱͰͰ
ZZZDHJFRPVXSSRUW
ZZZUHJLVWHUDHJFRP
ZZZDHJFRPVKRS
ГЗЙБКЖБРГЉИЗЍЙСГЉБКЎЙЋБК
ͱ
ͱ
Ͱದ
БЖНЗЙЕЉПБЁЎЗЊЎАЊЎЍЖЗКЛББ
БЖКЛЉДЉПБЁБ
МИЗАЗЙЎЃЎ
ͱͰͰ
ZZZDHJFRP

ЗИБКИЙЗБАЋЗЍЉ
ИйЮЬдЮЭгзеЩжЭжЮлЩЪдЮ
1 2 3 4 5 6 7 8 9
ͱ
Ͱ
КЋЉГЗЍЖЎЋЖЉМИЗЛЙЎЊЉ
ГзйбсєЮѓЮЩкибйЩлзйЩ
ͱ
ͰͰಣ
Ͱ
Ͱ
Ͱ
ͰͰ
Ͱಣ
Ͱ
ͰͰಣ
ͰͰ
ಣ
Ͱಣ
ಣ
Ͱ
Ͱ

АЩмийЩЫђЩѓЮйЩЭзеЩкибйЩлзйЩ
Ͱ
Ͱ
Ͱ
НмжгпбёЩаЩЫЮамбаеЮым
идзрЮаЩгмЫЩѓЮб
ЩкибйЩлзйЩ
Ͱ
Ͱ
Ͱ
Ͱ
ͱ
Ͱ
Ͱ
Ͱ
ЉглбЫбйЩѓЮ
еЩгкбеЩджЮЪйабжЮезлзйЩ
Ͱ
ͱ
Ͱ
Ͱ
ЉглбЫбйЩѓЮб
ЭЮЩглбЫбйЩѓЮзЪЩЫЮслЮѓЩ
знбдлЮйм
ͱ
ͱ
ͱ
ಱ
ͱͰಯ
Ͱ
Ͱ
Ͱ
ZZZDHJFRP

ЖЎЌЉБРБСЄЎЃЎ
РбсєЮѓЮнбдлЮйЩаЩ
еЩкжзєЮ
ͱ
ЍЩЪбклЮзрбклбдбнбдлЮй
Ͱ
1
ͱ
ʹ
Ͱ
ͱ
ͱ
АЩеЮжЩмЬђЮжзЬ
нбдлЮйЩ
МИЗАЗЙЎЃЎ
ͱ
ͱͰ
Ͱ
ͱͰ
ͱ
ͱ
ಱͱͰ
ͱಯ
Ͱ
1
1
Ͱ
ЉдЩйеаЩнбдлЮй
Ͱ
Ͱ
ಱಯ
ಱͱͰ
ͱಯ
ͱͰ
АЩйЮкЮлзЫЩѓЮЩдЩйеЩ
АЩеЮжЩдЩеибпЮ
/('
ಱಯ
ಱಯ

ЎГЗДЗСГЉИБЛЉЃЉ
Ͱ
ͱ
Ͱ
Ͱ
ͱ
Ͱ
ZZZDHJFRP

2%6$+
%(=3(Î1267132.<1<$,1Ģ7$/&,$
323,6952%.8
.$Ŀ'2'(11328Ŀ9$1,(
2Ģ(7529$1,($Î,67(1,(
1$'26,$+187,(3(5)(.71&+96/('.29
ÐDNXMHPHŀHVWHVLY\EUDOLWHQWRY¿URERN]QDÏN\$(*9\WYRULOLVPHKRDE\Y£P
SRVN\WROEH]FK\EQ¿Y¿NRQQDPQRKRURNRYSULÏRPVPHSRXŀLOLLQRYDÏQ«
WHFKQROµJLHNWRU«SRP£KDM¼]MHGQRGXģRYDħŀLYRWದIXQNFLHNWRU«QHQ£MGHWH
XEHŀQ¿FKVSRWUHELÏRY9HQXMWHSURV¯PQLHNRĀNRPLQ¼WWRPXWRQ£YRGXD
G¶NODGQHVLKRSUHϯWDMWHDE\VWHVYRMVSRWUHELÏPRKOLY\Xŀ¯YDħÏRQDMOHSģLH
1DYģW¯YWHQDģXVWU£QNXNGHQ£MGHWH
5DG\W¿NDM¼FHVDSRXŀ¯YDQLDEURŀ¼U\Q£YRG\QDULHģHQLHSUREO«PRYD
LQIRUP£FLHRVHUYLVHDRSUDY£FK
ZZZDHJFRPVXSSRUW
=DUHJLVWUXMWHVLY¿URERNDY\XŀLWHWDNHģWHOHSģ¯VHUYLV
ZZZUHJLVWHUDHJFRP
3UHY£ģVSRWUHELÏVLP¶ŀHWH]DN¼SLħSU¯VOXģHQVWYRVSRWUHEQ¿PDWHUL£OD
RULJLQ£OQHQ£KUDGQ«GLHO\
ZZZDHJFRPVKRS
67$5267/,926ƥ2=.$=1.$$=.$=1&.<
6(59,6
9ŀG\SRXŀ¯YDMWHRULJLQ£OQHQ£KUDGQ«GLHO\
$NSRWUHEXMHWHNRQWDNWRYDħDXWRUL]RYDQ«VHUYLVQ«VWUHGLVNRXLVWLWHVDŀHP£WHN
GLVSR]¯FLLQDVOHGXM¼FH¼GDMH0RGHOϯVORY¿URENXV«ULRY«Ï¯VOR
7LHWRLQIRUP£FLHQ£MGHWHQDW\SRYRPģW¯WNX
8SR]RUQHQLH9¿VWUDŀQ«DEH]SHÏQRVWQ«LQIRUP£FLH
9ģHREHFQ«LQIRUP£FLHDWLS\
,QIRUP£FLHRŀLYRWQRPSURVWUHG¯
9\KUDG]XMHPHVLSU£YRQD]PHQ\EH]SUHGFK£G]DM¼FHKRXSR]RUQHQLD
%(=3(Î1267132.<1<$,1ơ7$/&,$
9$529$1,(
3UHEH]SHÏQRVWQ«SRN\Q\DLQģWDO£FLXVL
SR]ULWHVDPRVWDWQ¼EURŀ¼UXV
LQģWDODÏQ¿PLSRN\QPL3UHGDN¿PNRĀYHN
SRXŀ¯YDQ¯PDOHER¼GUŀERXVSRWUHELÏDVL
SR]RUQHSUHϯWDMWHEH]SHÏQRVWQ«
NDSLWRO\
6/29(16.<

323,6952%.8
3UHKĀDGRYO£GDFLHKRSDQHOD
1 2 3 4 5 6 7 8 9
=DS9\S
3UY£U¿FKORVħPRWRUD
'UXK£U¿FKORVħPRWRUD
7UHWLDU¿FKORVħPRWRUD
0D[LP£OQDU¿FKORVħPRWRUD
)XQNFLD%UHH]H
3ULSRPLHQNDILOWUD
)XQNFLD+REWR+RRG
2VYHWOHQLH
.$ƾ'2'(11328ƾ9$1,(
3RXƿ¯YDQLHRGV£YDÏDS£U
6NRQWUROXMWHRGSRU¼ÏDQ¼U¿FKORVħSRGĀD
WDEXĀN\QLŀģLH
3RÏDVRKUHYXMHGODYDUHQLHVSULNU\W¿PLKUQFDPL
3RÏDVYDUHQLDVSULNU\W¿PLKUQFDPLQDYLDFHU¿FKYDUಣ
Q¿FK]µQDFKDOHERKRU£NRFKSRÏDVMHPQ«KRY\SU£ಣ
ŀDQLD
3RÏDVYDUHQLDDY\SU£ŀDQLDYHĀN¿FKPQRŀVWLHYMHGOD
EH]SRNULHYN\SRÏDVYDUHQLDQDYLDFHU¿FKYDUQ¿FK
]µQDFKDOHERKRU£NRFK
3RÏDVYDUHQLDDY\SU£ŀDQLDYHĀN¿FKPQRŀVWLHYMHGOD
EH]SRNULHYN\SULY\VRNHMYOKNRVWL
2VYLHŀLY]GXFKYNXFK\QLSRYDUHQ¯VYHĀPLQ¯]NRX
KOXÏQRVħRX'£VDDNWLYRYDħDGHDNWLYRYDħSRVWODÏHಣ
Q¯V\PEROX)XQNFLDVDSRPLQ¼WDFKDXWRPDWLFN\
Y\SQH3RXŀLWHLEDSRYDUHQ¯
2GSRU¼ÏDVDQHFKDħ
RGV£YDÏS£UYÏLQQRVWL
SULEOLŀQHPLQ¼WSRYDUHQ¯
2YO£GDF¯SDQHOMHVHQ]RURY«
SROH)XQNFLH]DSQHWHWDN
ŀHQDVHNXQGXVWODϯWH
V\PERO\
$NFKFHWHSRXƿ¯YDƦRGV£YDÏS£U
ZZZDHJFRP

6SRWUHELÏ]DSQLWHVWODÏHQ¯PV\PEROX
7HUD]P¶ŀHWHIXQNFLH]DSQ¼ħ
)XQNFLX]DSQHWHVWODÏHQ¯PV\PEROX
9SU¯SDGHSRWUHE\VDGRWNQLWH
V\PEROX
DE\VWHRVYHWOLOLYDUQ¿
SRYUFK
$NFKFHWHY\SQ¼ħVSRWUHELÏRS¦WRYQH
VWODÏWHV\PERO
)XQNFLD+REWR+RRG
-HWRDXWRPDWLFN£IXQNFLDVS£MDM¼FD
YDUQ¿SDQHOVRGV£YDÏRPS£U9DUQ¿
SDQHODMRGV£YDÏS£UNRPXQLNXM¼
LQIUDÏHUYHQ¿PVLJQ£ORP5¿FKORVħ
YHQWLO£WRUDVDXUÏXMHDXWRPDWLFN\SRGĀD
QDVWDYHQ«KRUHŀLPXDWHSORW\
QDMKRU¼FHMģLHKRULDGXQDYDUQRPSDQHOL
9HQWLO£WRUP¶ŀHWHRYO£GDħDMUXÏQH]
YDUQ«KRSDQHOD7¼WRIXQNFLXP¶ŀHWH
]DSQ¼ħ]RYO£GDFLHKRSDQHODYDUQ«KR
SDQHOD
9LDFLQIRUP£FL¯RSRXŀ¯YDQ¯
WHMWRIXQNFLHQ£MGHWHY
Q£YRGHNYDUQ«PXSDQHOX
=DSQXWLHPD[LP£OQHM
U¿FKORVWLPRWRUD
.HÑVWODϯWHWODÏLGOR VSXVW¯VDQD
PLQ¼WPD[LP£OQDU¿FKORVħPRWRUD3RWRP
VDVSRWUHELÏYU£WLQDSUHGFK£G]DM¼FH
QDVWDYHQLDU¿FKORVWL
.HÑMHIXQNFLD]DSQXW£
QHP£GRGDWRÏQ«VWODÏHQLH
WODÏLGOD
ŀLDGQ\¼ÏLQRN
=DSQXWLHDY\SQXWLH
SULSRPLHQN\ILOWUD
$ODUPILOWUDSULSRP¯QDY¿PHQXDOHER
ÏLVWHQLHILOWUDVXKO¯PDÏLVWHQLHWXNRY«KR
ILOWUD$NWUHEDY\ÏLVWLħWXNRY¿ILOWHU
UR]VYLHWLVDQDVHN¼QGQDÏHUYHQR
XND]RYDWHĀILOWUD
$NWUHEDY\PHQLħ
DOHERY\ÏLVWLħILOWHUVXKO¯PXND]RYDWHĀ
ILOWUD
EOLN£QDÏHUYHQRVHN¼QG
3R]ULWHVLÏDVħ$ODUPILOWUDY
NDSLWROH2ģHWURYDQLHD
ÏLVWHQLH
=DSQLWHRYO£GDF¯SDQHO
8LVWLWHVDŀHQHVYLHWLDLNRQ\
$NFKFHWH]DSQ¼ħDOHERY\SQ¼ħ
SULSRPLHQNXILOWUDVXKO¯PGRWNQLWHVD
WODÏLGOD
QDVHNXQG\
$NMH]DSQXW£SULSRPLHQND
ILOWUDVXKO¯PLNRQDILOWUD
EOLN£QDÏHUYHQRVHN¼QG
$NMHY\SQXW£SULSRPLHQND
ILOWUDVXKO¯PLNRQDILOWUD
WULNU£W]DEOLN£QDÏHUYHQR
2ơ(7529$1,($Î,67(1,(
ÎLVWHQLHWXNRY«KRILOWUD
.DŀG¿ILOWHUWUHEDY\ÏLVWLħDVSRĊUD]
PHVDÏQH)LOWUHV¼QDPRQWRYDQ«
SRPRFRXVYRULHNDSU¯FK\WLHNQDRSDÏQHM
VWUDQH
ÎLVWHQLHILOWUD
3RWLDKQLWHUXNRY¦ħILOWUDSRG
RGV£YDÏRPS£UDPLHUQHQDNORĊWH
SUHGQ¼ÏDVħILOWUDQDGRO
1
)LOWUHY\ÏLVWLWHSRPRFRXģSRQJLHV
QHDEUD]¯YQ\PLÏLVWLDFLPL
SURVWULHGNDPLDOHERYXP¿YDÏNH
6/29(16.<

8P¿YDÏNDPXV¯E\ħ
QDVWDYHQ£QDQ¯]NXWHSORWXD
NU£WN\F\NOXV7XNRY¿ILOWHU
P¶ŀH]PHQLħIDUEXQHP£WR
YSO\YQDY¿NRQVSRWUHELÏD
3ULVS¦WQHMLQģWDO£FLLILOWURYY\NRQDMWH
SUY«GYDNURN\VRSDÏQ¿PSRVWXSRP
9SU¯SDGHSRWUHE\]RSDNXMWHNURN\SUH
YģHWN\ILOWUH
9¿PHQDILOWUDVXKO¯P
9$529$1,(
)LOWHUVXKO¯PVDQHVPLH
XP¿YDħ
'REDQDV¿WHQLDILOWUDVXKO¯P]£YLV¯RG
VS¶VREXYDUHQLDDIUHNYHQFLHÏLVWHQLD
WXNRY«KRILOWUD
9¿PHQDILOWUD
=RVSRWUHELÏDY\EHUWHWXNRY«ILOWUH
3R]ULWHVLÏDVħಱÎLVWHQLHWXNRY«KRILOWUDಯY
WHMWRNDSLWROH
VWODÏWHGUŀLDNDPLHUQHQDGYLKQLWH
SUHGQ¼ÏDVħILOWUD
1
1
3ULLQģWDO£FLLILOWUD]YRĀWHRSDÏQ¿
SRVWXS
9NDŀGRPSU¯SDGHMHSRWUHEQ«Y\PHQLħ
ILOWUHPLQLP£OQHNDŀG«ģW\ULPHVLDFH
$ODUPILOWUD
3R]ULWHVL]DSQXWLHD
Y\SQXWLHDODUPXILOWUDY
NDSLWROH.DŀGRGHQQ«
SRXŀ¯YDQLH
3R]ULWHVLÏDVħÎLVWHQLH
WXNRY«KRILOWUDYWHMWR
NDSLWROH
3R]ULWHVLÏDVħÎLVWHQLH
XKO¯NRY«KRILOWUDDOHER
9¿PHQDXKO¯NRY«KRILOWUDY
]£YLVORVWLRGW\SXILOWUD
=UXƢHQLHDODUPX
'RWNQLWHVDWODÏLGOD
QDVHNXQG\
9¿PHQDRVYHWOHQLD
6SRWUHELÏVDGRG£YDV/('RVYHWOHQ¯P
7HQWRGLHOP¶ŀHY\PHQLħLEDWHFKQLN9
SU¯SDGHDNHMNRĀYHNSRUXFK\VLSR]ULWH
ÏDVħಱ6HUYLVಯYNDSLWROHಱ%H]SHÏQRVWQ«
SRN\Q\ಯ
2&+5$1$ƾ,9271+2352675(',$
0DWHUL£O\R]QDÏHQ«V\PERORP
RGRY]GDMWHQDUHF\NO£FLX
2EDOKRÑWH
GRSU¯VOXģQ¿FKNRQWDMQHURYQDUHF\NO£FLX
&KU£ĊWHŀLYRWQ«SURVWUHGLHD]GUDYLHĀXG¯
DUHF\NOXMWHRGSDG]HOHNWULFN¿FKD
HOHNWURQLFN¿FKVSRWUHELÏRY1HOLNYLGXMWH
VSRWUHELÏHR]QDÏHQ«V\PERORPVSROXV
RGSDGRP]GRP£FQRVWL
9¿URERN
RGRY]GDMWHYPLHVWQRPUHF\NODÏQRP
]DULDGHQ¯DOHERVDREU£ħWHQDREHFQ¿
DOHERPHVWVN¿¼UDG
ZZZDHJFRP

.$=$/2
9$512671(,1)250$&,-(,11$0(67,7(9
23,6,='(/.$
96$.2'1(91$8325$%$
9='5Ŀ(9$1-(,1Î,ĢÎ(1-(
=$3232/1(5(=8/7$7(
=DKYDOMXMHPRVHYDPGDVWHL]EUDOLWDL]GHOHN$(*8VWYDULOLVPRJDGDELYDP
]DJRWRYLOLGROJROHWQREUH]KLEQRGHORYDQMH]LQRYDWLYQLPLWHKQRORJLMDPLNL
SRPDJDMRSRHQRVWDYLWLŀLYOMHQMHದVIXQNFLMDPLNLMLKQHPRUHWHQDMWLSULRELÏDMQLK
QDSUDYDK3URVLPRY]HPLWHVLQHNDMPLQXW]DEUDQMHGDJDNDUQDMEROMH
L]NRULVWLWH
2ELģÏLWHQDģHVSOHWQRPHVWR]D
3ULGRELWHYQDVYHWRYJOHGHXSRUDEHEURģXUHRGSUDYOMDQMHWHŀDYVHUYLVQH
LQIRUPDFLMHLQLQIRUPDFLMHJOHGHSRSUDYLO
ZZZDHJFRPVXSSRUW
5HJLVWULUDMWHL]GHOHN]DYHÏMRXSRUDEQRVW
ZZZUHJLVWHUDHJFRP
.XSLWHGRGDWQRRSUHPRSRWURģQREODJRLQRULJLQDOQHQDGRPHVWQHGHOH]D
YDģRQDSUDYR
ZZZDHJFRPVKRS
6.5%=$675$1.(,16(59,6
9HGQRXSRUDELWHVDPRRULJLQDOQHUH]HUYQHGHOH
.RNOLÏHWHVHUYLVLPHMWHSULURNLQDVOHGQMHSRGDWNH0RGHOģWHYLONDL]GHOND
VHULMVNDģWHYLOND
3RGDWNHQDMGHWHQDSORģÏLFL]DWHKQLÏQHQDYHGEH
2SR]RULORYDUQRVWQHLQIRUPDFLMH
6SORģQLSRGDWNLLQQDVYHWL
,QIRUPDFLMHRYDURYDQMXRNROMD
3ULGUŀXMHPRVLSUDYLFRGRVSUHPHPE
9$512671(,1)250$&,-(,11$0(67,7(9
232=25,/2
=DYDUQRVWQHLQIRUPDFLMHLQQDPHVWLWHYVL
RJOHMWHGRGDWQDQDYRGLOD]DQDPHVWLWHY
3UHGXSRUDERDOLY]GUŀHYDOQLPLGHOLQD
QDSUDYLSR]RUQRSUHEHULWHSRJODYMDR
YDUQRVWL
6/29(1ĢÎ,1$

23,6,='(/.$
3UHJOHGXSUDYOMDOQHSORƢÏH
1 2 3 4 5 6 7 8 9
9NORS,]NORS
3UYDKLWURVWPRWRUMD
'UXJDKLWURVWPRWRUMD
7UHWMDKLWURVWPRWRUMD
1DMYHÏMDKLWURVWPRWRUMD
)XQNFLMD}%UHH]Hm
2SRPQLN]DILOWHU
)XQNFLMD}+REWRKRRGm
/XÏ
96$.2'1(91$8325$%$
8SRUDEDQDSH
3UHYHULWHSULSRURÏHQRKLWURVWJOHGHQD
VSRGQMRUD]SUHGHOQLFR
0HGVHJUHYDQMHPKUDQHNXKDQMHPVSRNULWRSRVRGR
0HGNXKDQMHPVSRNULWRSRVRGRQDYHÏNXKDOLģÏLKDOL
JRULOQLNLKQHŀQLPFYUHQMHP
0HGYUHQMHPLQSHÏHQMHPYHÏMHNROLÏLQHKUDQHEUH]
SRNURYDNXKDQMHPQDYHÏNXKDOLģÏLKDOLJRULOQLNLK
0HGYUHQMHPLQSHÏHQMHPYHÏMHNROLÏLQHKUDQHEUH]
SRNURYDSULYHOLNLYODŀQRVWL
2VYHŀL]UDNYNXKLQMLSRNXKDQMX]]HORQL]NRUDYQMR
KUXSD$NWLYLUDWLLQGHDNWLYLUDWLMRMHPRJRÏH]GRWLNRP
VLPEROD)XQNFLMDVHSRPLQXWDKVDPRGHMQRL]NOMXಣ
ÏL8SRUDEOMDMWHVDPRSRNXKDQMX
3ULSRURÏOMLYRMHGDSR
NXKDQMXSXVWLWHQDSR
GHORYDWLSULEOLŀQRPLQXW
1DG]RUQDSORģÏDMH
VHQ]RUVNRSROMH6LPERORY
VHGRWLNDMWHHQRVHNXQGRGD
YNORSLWHIXQNFLMH
=DXSUDYOMDQMHQDSH
1DSUDYRYNORSLWHVSULWLVNRPVLPEROD
=GDMODKNRYNORSLWHIXQNFLMH
=DYNORSIXQNFLMHVHGRWDNQLWH
VLPEROD
3RSRWUHELVHGRWDNQLWHVLPEROD]D
OXÏ
GDRVYHWOLWHSRYUģLQR]D
NXKDQMH
=DL]NORSQDSUDYHSRQRYQRSULWLVQLWH
VLPERO
ZZZDHJFRP

)XQNFLMD}+REWRKRRGm
-HVDPRGHMQDIXQNFLMDNLSRYHŀH
NXKDOQRSORģÏRVNXKLQMVNRQDSR
.XKDOQDSORģÏDLQQDSDLPDWD
NRPXQLNDWRULQIUDUGHÏHJDVLJQDOD+LWURVW
YHQWLODWRUMDVHQDVWDYLVDPRGHMQRJOHGH
QDQDVWDYLWHYQDÏLQDLQWHPSHUDWXUR
QDMEROMYURÏHSRVRGHQDNXKDOQLSORģÏL
9HQWLODWRUODKNRXSUDYOMDWHWXGLURÏQRV
NXKDOQHSORģÏH)XQNFLMRODKNRYNORSLWHV
SORģÏHQDNXKDOQLSORģÏL
=DGRGDWQHLQIRUPDFLMHR
XSRUDELIXQNFLMHVLRJOHMWH
QDYRGLOD]DXSRUDERNXKDOQH
SORģÏH
9NORSQDMYHÏMHKLWURVWL
PRWRUMD
.RSULWLVQHWHWLSNR VH]DģHVWPLQXW
YNORSLQDMYHÏMDKLWURVWPRWRUMD3RWHPVH
QDSUDYDYUQHQDSUHMģQMHQDVWDYLWYH
KLWURVWL
.RMHIXQNFLMDYNORSOMHQD
GRGDWHQGRWLNWLSNH
QLPD
XÏLQND
9NORSLQL]NORSRSR]RULOD
]DILOWHU
$ODUP]DILOWHURSR]DUMDQDPHQMDYRDOL
ÏLģÏHQMHRJOHQHJDILOWUDLQÏLģÏHQMH
PDģÏREQHJDILOWUDÎHMHWUHEDRÏLVWLWL
PDģÏREQLILOWHULQGLNDWRUILOWUD
VHNXQGVYHWLUGHÏHÎHMHWUHED
]DPHQMDWLDOLRÏLVWLWLRJOHQLILOWHULQGLNDWRU
ILOWUD
VHNXQGXWULSDUGHÏH
2JOHMWHVLDODUP]DILOWHUY
SRJODYMX9]GUŀHYDQMHLQ
ÏLģÏHQMH
9NORSLWHXSUDYOMDOQRSORģÏR
,NRQHQHVPHMRVYHWLWL
ÎHŀHOLWHYNORSLWLDOLL]NORSLWLRSR]RULOR
]DRJOHQLILOWHUVH]DWULVHNXQGH
GRWDNQLWH
ÎHMHRSR]RULOR]DRJOHQL
ILOWHUYNORSOMHQRLNRQDILOWUD
SHWNUDWXWULSQHUGHÏH
ÎHMHRSR]RULOR]DRJOHQL
ILOWHUL]NORSOMHQRLNRQDILOWUD
WULNUDWXWULSQHUGHÏH
9='5ƾ(9$1-(,1Î,ơÎ(1-(
ÎLƢÏHQMHPDƢÏREQHJD
ILOWUD
9VDNILOWHUMHWUHEDRÏLVWLWLYVDMHQNUDWQD
PHVHF)LOWULVRQDPHģÏHQLVSRPRÏMR
VSRQNLQ]DWLÏHYQDQDVSURWQLVWUDQL
=DÏLƢÏHQMHILOWUD
3RYOHFLWHURÏLFRILOWUDSRGQDSRLQ
UDKORQDJQLWHVSUHGQMLGHOILOWUD
QDY]GRO
1
)LOWUHRÏLVWLWH]JRELFRLQÏLVWLOQLP
VUHGVWYRPNLQLJURERDOLY
SRPLYDOQHPVWURMX
3RPLYDOQLVWURMPRUDWH
QDVWDYLWLQDQL]NR
WHPSHUDWXURLQNUDWHN
SURJUDP0DģÏREQLILOWHUVH
ODKNRUD]EDUYDDWRQH
YSOLYDQD]PRJOMLYRVW
QDSUDYH
6/29(1ĢÎ,1$

=DSRQRYQRQDPHVWLWHYILOWURY
SRQRYLWHSUYDGYDNRUDNDYREUDWQHP
]DSRUHGMX
.RUDNHSRQRYLWH]DYVHILOWUHÏH
REVWDMDMR
=DPHQMDYDRJOHQHJDILOWUD
232=25,/2
2JOHQLILOWHUQLSUDOHQ
ÎDVQDVLÏHQRVWLRJOHQHJDILOWUDVH
VSUHPLQMDJOHGHQDYUVWRNXKDQMDLQ
SRJRVWRVWÏLģÏHQMDPDģÏREQHJDILOWUD
=D]DPHQMDYRILOWUD
,]QDSUDYHRGVWUDQLWHPDģÏREQH
ILOWUH
2JOHMWHVL}ÎLģÏHQMHPDģÏREQHJD
ILOWUDmYWHPSRJODYMX
3ULWLVQLWHMH]LÏHNLQUDKORQDJQLWH
VSUHGQMLGHOILOWUD
1
1
=DQDPHVWLWHYQRYHJDILOWUDSRQRYLWH
LVWHNRUDNHYREUDWQHP]DSRUHGMX
9YVDNHPSULPHUXMHWUHEDILOWUH
]DPHQMDWLYVDMQDģWLULPHVHFH
$ODUP]DILOWHU
2JOHMWHVL9NORSLQL]NORS
DODUPD]DILOWHUYSRJODYMX
9VDNRGQHYQDXSRUDED
2JOHMWHVL}ÎLģÏHQMH
PDģÏREQHJDILOWUDmYWHP
SRJODYMX
2JOHMWHVL}ÎLģÏHQMHDOL
]DPHQMDYDRJOHQHJD
ILOWUDmRGYLVQRRGYUVWH
ILOWUD
=DSRQDVWDYLWHYDODUPD
=DWULVHNXQGHVHGRWDNQLWH
=DPHQMDYDƿDUQLFH
7DQDSUDYDLPD/('ŀDUQLFR7DGHO
ODKNR]DPHQMDVDPRVWURNRYQMDN9
SULPHUXNDNUģQHNROLQDSDNHVL
RJOHMWH}6HUYLVmYSRJODYMX}9DUQRVWQD
QDYRGLODm
6.5%=$2.2/-(
5HFLNOLUDMWHPDWHULDOHNLMLKR]QDÏXMH
VLPERO
(PEDODŀRRGORŀLWHYXVWUH]QH
]DERMQLNH]DUHFLNODŀR3RPDJDMWH
]DģÏLWLWLRNROMHLQ]GUDYMHOMXGLWHU
UHFLNOLUDWLRGSDGNHHOHNWULÏQLKLQ
HOHNWURQVNLKQDSUDY1DSUDYR]QDÏHQLK
VVLPERORP
QHRGVWUDQMXMWH]
JRVSRGLQMVNLPLRGSDGNL,]GHOHNYUQLWHQD
NUDMHYQR]ELUDOLģÏH]DUHFLNOLUDQMHDOLVH
REUQLWHQDREÏLQVNLXUDG
ZZZDHJFRP

&217(1,'2
,1',&$&,21(6'(6(*85,'$'(,167$/$&,1
'(6&5,3&,1'(/352'8&72
862',$5,2
0$17(1,0,(172</,03,(=$
3$5$81265(68/7$'263(5)(&726
*UDFLDVSRUHOHJLUHVWHSURGXFWR$(*/RKHPRVFUHDGRSDUDEULQGDUOHXQ
UHQGLPLHQWRLPSHFDEOHGXUDQWHPXFKRVD³RVFRQWHFQRORJ¯DVLQQRYDGRUDVTXH
ORD\XGDQDVLPSOLILFDUODYLGDFDUDFWHU¯VWLFDVTXHTXL]£VQRHQFXHQWUHHQORV
HOHFWURGRP«VWLFRVFRPXQHV'HGLTXHXQRVPLQXWRVDOHHUHVWHGRFXPHQWRSDUD
VDFDUOHHOP£[LPRSDUWLGR
9LVLWHQXHVWURVLWLRZHESDUD
2EWHQHUFRQVHMRVIROOHWRVVROXFLRQHVDSUREOHPDVHLQIRUPDFLµQGHVHUYLFLR\
UHSDUDFLµQ
ZZZDHJFRPVXSSRUW
5HJLVWUDUVXSURGXFWRSDUDUHFLELUXQPHMRUVHUYLFLR
ZZZUHJLVWHUDHJFRP
&RPSUDUDFFHVRULRVDUW¯FXORVGHFRQVXPR\SLH]DVGHUHFDPELRRULJLQDOHV
SDUDVXDSDUDWR
ZZZDHJFRPVKRS
$7(1&,1$/&/,(17(<6(59,&,2
/HUHFRPHQGDPRVTXHXWLOLFHUHFDPELRVRULJLQDOHV
&XDQGRVHSRQJDHQFRQWDFWRFRQQXHVWUR&HQWURGHVHUYLFLRW«FQLFRDVHJ¼UHVH
GHWHQHUORVVLJXLHQWHVGDWRVGLVSRQLEOHV0RGHORFµGLJRQXP«ULFRGHOSURGXFWR
31&Q¼PHURGHVHULH
/DLQIRUPDFLµQVHHQFXHQWUDHQODSODFDGHFDUDFWHU¯VWLFDV
$GYHUWHQFLD3UHFDXFLµQ,QIRUPDFLµQVREUHVHJXULGDG
,QIRUPDFLµQJHQHUDO\FRQVHMRV
,QIRUPDFLµQUHODWLYDDOPHGLRDPELHQWH
6DOYRPRGLILFDFLRQHV
,1',&$&,21(6'(6(*85,'$'(,167$/$&,1
$'9(57(1&,$
&RQVXOWHHOIROOHWRGHLQVWUXFFLRQHVGH
LQVWDODFLµQVHSDUDGRSDUDREWHQHU
LQIRUPDFLµQVREUHODVHJXULGDG\OD
LQVWDODFLµQ/HDDWHQWDPHQWHORV
FDS¯WXORVGH6HJXULGDGDQWHVGH
FXDOTXLHUXVRRPDQWHQLPLHQWRGHO
DSDUDWR
(63$2/

'(6&5,3&,1'(/352'8&72
9LVWDJHQHUDOGHOSDQHOGHPDQGRV
1 2 3 4 5 6 7 8 9
(QFHQGLGRDSDJDGR
3ULPHUDYHORFLGDGGHOPRWRU
6HJXQGDYHORFLGDGGHOPRWRU
7HUFHUDYHORFLGDGGHOPRWRU
9HORFLGDGP£[LPDGHOPRWRU
)XQFLµQGHEULVD
5HFRUGDWRULRGHOILOWUR
)XQFLµQ+REWR+RRG
%RPELOOD
862',$5,2
8VRGHODFDPSDQD
&RPSUXHEHODYHORFLGDGUHFRPHQGDGD
VHJ¼QODWDEODVLJXLHQWH
0LHQWUDVFDOLHQWDODFRPLGDFRFLQDQGRFRQROODVWDಣ
SDGDV
0LHQWUDVFRFLQDFRQROODVWDSDGDVHQP¼OWLSOHV]RQDV
GHFRFFLµQRTXHPDGRUHVIULHQGRDWHPSHUDWXUDPRಣ
GHUDGD
$OKHUYLU\IUH¯UJUDQGHVFDQWLGDGHVGHDOLPHQWRVVLQ
WDSDFRFLQDQGRHQP¼OWLSOHV]RQDVGHFRFFLµQR
TXHPDGRUHV
$OKHUYLU\IUH¯UJUDQGHVFDQWLGDGHVGHDOLPHQWRVVLQ
WDSDFRQPXFKDKXPHGDG
5HIUHVFDHODLUHHQODFRFLQDGHVSX«VGHFRFLQDUFRQ
XQQLYHOGHUXLGRPX\EDMR6HSXHGHDFWLYDU\GHಣ
VDFWLYDUWRFDQGRHOV¯PEROR/DIXQFLµQVHGHVDFWLYD
DXWRP£WLFDPHQWHGHVSX«VGHPLQXWRV8WLO¯FHOR
VµORGHVSX«VGHFRFLQDU
6HUHFRPLHQGDGHMDUOD
FDPSDQDHQIXQFLRQDPLHQWR
GXUDQWHDSUR[LPDGDPHQWH
PLQXWRVGHVSX«VGH
FRFLQDU
(OSDQHOGHPDQGRVHVXQ
FDPSRGHVHQVRUHV7RTXH
ORVV¯PERORVGXUDQWH
VHJXQGRSDUDDFWLYDUODV
IXQFLRQHV
3DUDXWLOL]DUODFDPSDQD
ZZZDHJFRP

(QFLHQGDHODSDUDWRSXOVDQGRHO
V¯PEROR
$KRUDSXHGHDFWLYDUODVIXQFLRQHV
3DUDDFWLYDUODIXQFLµQWRTXHHO
V¯PEROR
6LHVQHFHVDULRWRTXHHOV¯PERORGH
ODERPELOOD
SDUDLOXPLQDUOD
VXSHUILFLHGHFRFFLµQ
3DUDDSDJDUHODSDUDWRSXOVHGHQXHYR
HOV¯PEROR
)XQFLµQ+REWR+RRG
(VXQDIXQFLµQDXWRP£WLFDTXHFRQHFWD
ODSODFDGHFRFFLµQFRQXQDFDPSDQD
/DSODFDGHFRFFLµQ\ODFDPSDQDWLHQHQ
XQFRPXQLFDGRUGHVH³DOHVLQIUDUURMDV
/DYHORFLGDGGHOYHQWLODGRUVHGHILQH
DXWRP£WLFDPHQWHVHJ¼QHODMXVWHGH
PRGR\WHPSHUDWXUDGHOXWHQVLOLRGH
FRFLQDP£VFDOLHQWHHQODSODFDGH
FRFFLµQ7DPEL«QSXHGHRSHUDU
PDQXDOPHQWHHOYHQWLODGRUGHVGHOD
SODFDGHFRFFLµQ/DIXQFLµQVHSXHGH
DFWLYDUGHVGHHOSDQHOGHODSODFDGH
FRFFLµQ
3DUDP£VLQIRUPDFLµQVREUH
FµPRXWLOL]DUHVWDIXQFLµQ
FRQVXOWHHOPDQXDOGHO
XVXDULRGHODSODFDGH
FRFFLµQ
$FWLYDFLµQGHODYHORFLGDG
P£[LPDGHOPRWRU
&XDQGRVHSXOVDHOERWµQ OD
YHORFLGDGP£[LPDGHOPRWRUFRPLHQ]DD
IXQFLRQDUGXUDQWHPLQXWRV'HVSX«VGH
HVHWLHPSRHODSDUDWRYXHOYHDVXV
DMXVWHVGHYHORFLGDGDQWHULRUHV
&XDQGRODIXQFLµQHVW£
DFWLYDGDODSXOVDFLµQ
DGLFLRQDOGHOERWµQ
QR
WLHQHQLQJ¼QHIHFWR
$FWLYDFLµQ\
GHVDFWLYDFLµQGHOD
QRWLILFDFLµQGHILOWUR
/DDODUPDGHOILOWURUHFXHUGDFDPELDUR
OLPSLDUHOILOWURGHFDUEµQ\OLPSLDUHOILOWUR
GHJUDVD(OLQGLFDGRUGHOILOWUR
VH
HQFLHQGHURMRGXUDQWHVHJXQGRVVL
VHGHEHOLPSLDUHOILOWURGHJUDVD(O
LQGLFDGRUGHILOWUR
SDUSDGHDURMR
GXUDQWHVHJXQGRVVLHVQHFHVDULR
UHHPSOD]DUROLPSLDUHOILOWURGHFDUEµQ
&RQVXOWHODDODUPDGHOILOWUR
HQHOFDS¯WXORGH
PDQWHQLPLHQWR\OLPSLH]D
(QFLHQGDHOSDQHOGHFRQWURO
$VHJ¼UHVHGHTXHORVLFRQRVHVW«Q
DSDJDGRV
3DUDDFWLYDURGHVDFWLYDUOD
QRWLILFDFLµQGHILOWURGHFDUEµQWRTXH
GXUDQWHVHJXQGRV
6LODQRWLILFDFLµQGHILOWURGH
FDUEµQHVW£DFWLYDGDHO
LFRQRGHOILOWUR
SDUSDGHD
URMRFLQFRYHFHV
6LODQRWLILFDFLµQGHILOWURGH
FDUEµQHVW£GHVDFWLYDGDHO
LFRQRGHOILOWUR
SDUSDGHD
URMRWUHVYHFHV
0$17(1,0,(172</,03,(=$
/LPSLH]DGHOILOWURGH
JUDVD
&DGDILOWURGHEHOLPSLDUVHDOPHQRVXQD
YH]DOPHV/RVILOWURVVHPRQWDQFRQHO
XVRGHFOLSV\SDVDGRUHVHQHOODGR
RSXHVWR
3DUDOLPSLDUHOILOWUR
7LUHGHODHPSX³DGXUDGHOILOWURSRU
GHEDMRGHODFDPSDQDHLQFOLQH
OLJHUDPHQWHODSDUWHGHODQWHUDGHO
ILOWURKDFLDDEDMR
(63$2/

1
/LPSLHORVILOWURVFRQXQDHVSRQMD
FRQGHWHUJHQWHVQRDEUDVLYRVRHQ
XQODYDYDMLOODV
(OODYDYDMLOODVGHEHDMXVWDUVH
DXQDWHPSHUDWXUDEDMD\D
XQFLFORFRUWR(OILOWURGH
JUDVDSXHGHGHFRORUDUVHQR
LQIOX\HHQHOUHQGLPLHQWRGHO
DSDUDWR
3DUDYROYHUDPRQWDUORVILOWURVVLJD
ORVGRVSULPHURVSDVRVHQRUGHQ
LQYHUVR
5HSLWDORVSULPHURVSDVRVSDUDWRGRVORV
ILOWURVVLHVQHFHVDULR
&DPELRGHOILOWURGH
FDUEµQ
$'9(57(1&,$
(OILOWURGHFDUEµQ12HV
ODYDEOH
(OWLHPSRGHVDWXUDFLµQGHOILOWURGH
FDUEµQYDU¯DHQIXQFLµQGHOWLSRGH
FRFFLµQ\GHODUHJXODULGDGGHODOLPSLH]D
GHOILOWURGHJUDVD
3DUDUHHPSOD]DUHOILOWUR
5HWLUHORVILOWURVGHJUDVDGHODSDUDWR
9«DVH/LPSLH]DGHOILOWURGHJUDVDHQ
HVWHFDS¯WXOR
SUHVLRQHODSHVWD³DHLQFOLQH
OLJHUDPHQWHODSDUWHGHODQWHUDGHO
ILOWUR
1
1
3DUDLQVWDODUHOILOWURUHDOLFHORV
SDVRVHQRUGHQLQYHUVR
(QFXDOTXLHUFDVRHVQHFHVDULRVXVWLWXLU
ORVILOWURVDOPHQRVFDGDFXDWURPHVHV
$ODUPDGHOILOWUR
&RQVXOWHHOFDS¯WXORVREUHOD
DFWLYDFLµQ\GHVDFWLYDFLµQ
GHODDODUPDGHOILOWURHQHO
XVRGLDULR
&RQVXOWHODOLPSLH]DGHOILOWUR
GHJUDVDHQHVWHFDS¯WXOR
&RQVXOWHODOLPSLH]DGHOILOWUR
GHFDUEµQRDODVXVWLWXFLµQ
GHOILOWURGHFDUEµQGHSHQGH
GHOWLSRGHILOWUR
3DUDUHLQLFLDUODDODUPD
7RTXH
GXUDQWHVHJXQGRV
&DPELRGHODERPELOOD
(VWHDSDUDWRVHVXPLQLVWUDFRQXQD
O£PSDUD/('/DVXVWLWXFLµQGHHVWD
SLH]DGHEHKDFHUODXQW«FQLFR(QFDVR
GHDYHU¯DFRQVXOWHHODSDUWDGR
$VLVWHQFLDHQHOFDS¯WXORGH
,QVWUXFFLRQHVGHVHJXULGDG
$63(&7260(',2$0%,(17$/(6
5HFLFOHORVPDWHULDOHVFRQHOV¯PEROR
&RORTXHHOPDWHULDOGHHPEDODMHHQORV
FRQWHQHGRUHVDGHFXDGRVSDUDVX
UHFLFODMH$\XGHDSURWHJHUHOPHGLR
DPELHQWH\ODVDOXGS¼EOLFDDV¯FRPRD
UHFLFODUUHVLGXRVGHDSDUDWRVHO«FWULFRV\
HOHFWUµQLFRV1RGHVHFKHORVDSDUDWRV
PDUFDGRVFRQHOV¯PEROR
MXQWRFRQORV
UHVLGXRVGRP«VWLFRV/OHYHHOSURGXFWRD
VXFHQWURGHUHFLFODMHORFDORSµQJDVHHQ
FRQWDFWRFRQVXRILFLQDPXQLFLSDO
ZZZDHJFRP

,11(+//
6.(5+(76,1)250$7,212&+,167$//$7,21
352'8.7%(6.5,91,1*
'$*/,*$191'1,1*
6.76(/2&+5(1*5,1*
)53(5)(.7$5(68/7$7
7DFNI¸UDWWGXYDOWGHQQD$(*SURGXNW'HQKDUXWYHFNODWVI¸UDWWGXVNDNXQQD
DQY¦QGDGHQLP§QJD§UPHGLQQRYDWLYDIXQNWLRQHUVRPJ¸UOLYHWHQNODUHದRFK
VRPLQWHILQQVS§DOODHQNODUHSURGXNWHUJQDQ§JUDPLQXWHU§WGHQQD
EHVNULYQLQJI¸UDWWI§VW¸UVWDP¸MOLJDXWE\WHDYSURGXNWHQ
%HV¸NY§UZHEESODWVI¸UDWW
I§WLSVRPDQY¦QGQLQJEURVFK\UHUIHOV¸NQLQJVHUYLFHRFK
UHSDUDWLRQVLQIRUPDWLRQ
ZZZDHJFRPVXSSRUW
UHJLVWUHUDGLQSURGXNWI¸UE¦WWUHVHUYLFH
ZZZUHJLVWHUDHJFRP
N¸SDWLOOEHK¸UI¸UEUXNQLQJVYDURURFKRULJLQDOUHVHUYGHODUWLOOGLQSURGXNW
ZZZDHJFRPVKRS
.81'7-1672&+6(59,&(
$QY¦QGDOOWLGRULJLQDOUHVHUYGHODU
+DI¸OMDQGHXSSJLIWHUWLOOKDQGVQ¦UGXNRQWDNWDUY§UDXNWRULVHUDGH
VHUYLFHYHUNVWDG0RGHOODUWLNHOQXPPHUVHULHQXPPHU
,QIRUPDWLRQHQVW§US§P¦UNSO§WHQ
9DUQLQJ)¸UVLNWLJKHWದ6¦NHUKHWVLQIRUPDWLRQ
$OOP¦QLQIRUPDWLRQRFKWLSV
0LOM¸LQIRUPDWLRQ
0HGUHVHUYDWLRQI¸U¦QGULQJDU
6.(5+(76,1)250$7,212&+,167$//$7,21
9$51,1*
6HVHSDUDWEURVFK\UI¸U
V¦NHUKHWVLQIRUPDWLRQRFKLQVWDOODWLRQ
/¦VQRJDLJHQRPV¦NHUKHWVNDSLWOHQ
LQQDQGXDQY¦QGHUHOOHUXWI¸UXQGHUK§OO
S§SURGXNWHQ
69(16.$

352'8.7%(6.5,91,1*
%HVNULYQLQJDYNRQWUROOSDQHOHQ
1 2 3 4 5 6 7 8 9
3§$Y
)¸UVWDPRWRUKDVWLJKHW
$QGUDPRWRUKDVWLJKHW
7UHGMHPRWRUKDVWLJKHW
0D[PRWRUKDVWLJKHW
%UHH]HIXQNWLRQ
3§PLQQHOVHILOWHU
+¦OOWLOOIO¦NWIXQNWLRQ
/DPSD
'$*/,*$191'1,1*
$QY¦QGDIO¦NWHQ
6HGHQUHNRPPHQGHUDGHKDVWLJKHWHQ
HQOLJWWDEHOOHQQHGDQ
8QGHUXSSY¦UPQLQJDYPDWYLGWLOODJQLQJXQGHUORFN
9LGWLOODJQLQJXQGHUORFNS§IOHUDNRN]RQHUHOOHUEU¦Qಣ
QDUHPLOGVWHNQLQJ
8QGHUNRNQLQJRFKVWHNQLQJDYVWRUDP¦QJGHUPDW
XWDQORFNWLOODJQLQJS§IOHUDNRN]RQHUHOOHUEU¦QQDUH
8QGHUNRNQLQJVWHNQLQJDYVWRUDP¦QJGHUPDWXWDQ
ORFNP\FNHWIXNW
)U¦VFKDUXSSOXIWHQLN¸NHWHIWHUWLOODJQLQJYLGHQ
P\FNHWO§JOMXGQLY§'HQNDQDNWLYHUDVRFKLQDNWLYHಣ
UDVJHQRPDWWWU\FNDS§V\PEROHQ)XQNWLRQHQVW¦QJV
DYDXWRPDWLVNWHIWHUPLQXWHU$QY¦QGHQGDVWHIWHU
WLOODJQLQJ
9LUHNRPPHQGHUDUDWWGX
O¦PQDUIO¦NWHQS§LFLUND
PLQXWHUHIWHUWLOODJQLQJHQ
.RQWUROOSDQHOHQ¦UHWW
VHQVRUI¦OW7U\FNS§
V\PEROHUQDLVHNXQGI¸UDWW
DNWLYHUDIXQNWLRQHUQD
$QY¦QGDIO¦NWHQ
6¦WWS§SURGXNWHQJHQRPDWWWU\FND
S§
V\PEROHQ
'XNDQQXDNWLYHUDIXQNWLRQHUQD
)¸UDWWDNWLYHUDIXQNWLRQHQWU\FNS§
V\PEROHQ
9LGEHKRYWU\FNS§ODPSV\PEROHQ
I¸UDWWW¦QGDODPSRUQD
ZZZDHJFRP

)¸UDWWVW¦QJDDYSURGXNWHQWU\FNS§
V\PEROHQHQJ§QJWLOO
+¦OOWLOOIO¦NWIXQNWLRQ
'HW¦UHQDXWRPDWLVNIXQNWLRQVRP
NRSSODUK¦OOHQWLOOHQN¸NVIO¦NW%§GH
K¦OOHQRFKN¸NVIO¦NWHQKDUHQLQIUDU¸G
VLJQDONRPPXQLNDWRU)O¦NWHQVKDVWLJKHW
GHILQLHUDVDXWRPDWLVNWPHGXWJ§QJVSXQNW
IU§QO¦JHVLQVW¦OOQLQJHQRFKWHPSHUDWXUHQ
I¸UGHWKHWDVWHNRNN¦UOHWS§K¦OOHQ'X
NDQRFNV§DQY¦QGDIO¦NWHQIU§QK¦OOHQ
PDQXHOOW)XQNWLRQHQNDQDNWLYHUDVIU§Q
K¦OOHQVNRQWUROOSDQHO
)¸UPHULQIRUPDWLRQRPKXU
PDQDQY¦QGHUIXQNWLRQHQ
VHK¦OOHQVDQY¦QGDUPDQXDO
$NWLYHUDPD[LPDO
PRWRUKDVWLJKHW
1¦UGXWU\FNHUS§ NQDSSHQVWDUWDU
PD[LPDOPRWRUKDVWLJKHWLPLQXWHU
'¦UHIWHU§WHUJ§USURGXNWHQWLOO
I¸UHJ§HQGHLQVW¦OOQLQJ
1¦UIXQNWLRQHQ¦US§VODJHQ
RFKRPGXWU\FNHU\WWHUOLJDUH
J§QJHUS§
NQDSSHQKDU
GHWLQJHQHIIHNW
$NWLYHUDRFKDYDNWLYHUD
ILOWHUPHGGHODQGH
)LOWHUODUPHWS§PLQQHURPDWWE\WDHOOHU
UHQJ¸UDNROILOWUHWRFKUHQJ¸UDIHWWILOWUHW
)LOWHULQGLNDWRUQ
O\VHUU¸WWL
VHNXQGHURPIHWWILOWUHWP§VWHUHQJ¸UDV
)LOWHULQGLNDWRUQ
EOLQNDUU¸WWL
VHNXQGHURPNROILOWUHWP§VWHE\WDVHOOHU
UHQJ¸UDV
6HILOWHUODUPHWLNDSLWOHW
XQGHUK§OORFKUHQJ¸ULQJ
6O§S§NRQWUROOSDQHOHQ
6HWLOODWWLNRQHUQD¦UVO¦FNWD
)¸UDWWDNWLYHUDHOOHUDYDNWLYHUD
NROILOWUHUPHGGHODQGHWWU\FNS§
L
VHNXQGHU
2PNROILOWHUPHGGHODQGHW¦U
DNWLYHUDWEOLQNDUILOWHULNRQHQ
U¸WWJ§QJHU
2PNROILOWHUPHGGHODQGHW¦U
DYDNWLYHUDWEOLQNDU
ILOWHULNRQHQ
U¸WW
J§QJHU
6.76(/2&+5(1*5,1*
5HQJ¸UDIHWWILOWUHW
$OODILOWHUP§VWHUHQJ¸UDVPLQVWHQJ§QJL
P§QDGHQ)LOWHUPRQWHUDVPHGKM¦OSDY
NO¦PPRURFKVWLIWS§PRWVDWWVLGD
)¸UDWWUHQJ¸UDILOWUHW
'UDLKDQGWDJHWS§ILOWUHWXQGHU
IO¦NWHQRFKOXWDIU¦PUHGHOHQDY
ILOWUHWOLWHQHU§W
1
5HQJ¸UILOWUHQPHGHQVYDPSPHG
UHQJ¸ULQJVPHGHOXWDQVOLSPHGHOHOOHU
LGLVNPDVNLQ
69(16.$

'LVNPDVNLQHQP§VWHVW¦OODV
LQS§HQO§JWHPSHUDWXURFK
HWWNRUWSURJUDP)HWWILOWUHW
NDQPLVVI¦UJDVPHQGHWWD
S§YHUNDULQWHSURGXNWHQV
SUHVWDQGD
)¸UDWWV¦WWDWLOOEDNDILOWUHQJ¸UGHWY§
I¸UVWDVWHJHQLRPY¦QGRUGQLQJ
8SSUHSDVWHJHQI¸UDOODILOWHURPV§
EHK¸YV
%\WHDYNROILOWUHW
9$51,1*
.ROILOWUHWNDQLQWHWY¦WWDV
7LGHQQ¦UNROILOWUHW¦UP¦WWDWYDULHUDU
EHURHQGHS§W\SDYPDWODJQLQJRFKKXU
RIWDGXUHQJ¸UIHWWILOWUHW
)¸UDWWE\WDILOWUHW
7DERUWIHWWILOWUHQIU§QSURGXNWHQ
6H5HQJ¸ULQJDYIHWWILOWHULGHWK¦U
NDSLWOHW
WU\FNS§IOLNHQRFKOXWDILOWHUHWV
IUDPVLGDQ§JRW
1
1
8WI¸USURFHGXUHQLRPY¦QGRUGQLQJ
Q¦UGXVNDLQVWDOOHUDHWWQ\WWILOWHU
8QGHUDOODRPVW¦QGLJKHWHUP§VWHILOWUHQ
E\WDVPLQVWYDUIM¦UGHP§QDG
)LOWHUODUP
6HKXUPDQDNWLYHUDURFK
DYDNWLYHUDUILOWHUODUPHWL
NDSLWOHW'DJOLJ$QY¦QGQLQJ
6H5HQJ¸ULQJDYIHWWILOWHUL
GHWK¦UNDSLWOHW
6HUHQJ¸ULQJDYNROILOWUHW
HOOHUE\WHDYNROILOWUHWEHURU
S§ILOWHUW\S
)¸UDWW§WHUVW¦OODODUPHW
7U\FNS§
LVHNXQGHU
%\WHDYODPSDQ
3URGXNWHQOHYHUHUDVPHGHQ/('ODPSD
'HQQDGHOI§UHQGDVWE\WDVDYHQ
WHNQLNHU9LGHYHQWXHOODIXQNWLRQVIHO
K¦QYLVDVWLOO6HUYLFHLNDSLWOHW
6¦NHUKHWVDQYLVQLQJDU
0,/-6.<''
WHUYLQQPDWHULDOPHGV\PEROHQ
WHUYLQQI¸USDFNQLQJHQJHQRPDWW
SODFHUDGHQLO¦PSOLJWN¦UO%LGUDWLOODWW
VN\GGDY§UPLOM¸RFKY§UK¦OVDJHQRPDWW
§WHUYLQQDDYIDOOIU§QHOHNWULVNDRFK
HOHNWURQLVNDSURGXNWHU6O¦QJLQWH
SURGXNWHUP¦UNWDPHGV\PEROHQ
PHG
KXVK§OOVDYIDOOHW/¦PQDLQSURGXNWHQS§
Q¦UPDVWH§WHUYLQQLQJVVWDWLRQHOOHU
NRQWDNWDNRPPXQNRQWRUHW
ZZZDHJFRP

òò1'(.ò/(5
*9(1/,.%,/*,/(5,9(0217$-
517$1,0,
*1/..8//$1,0
%$.,09(7(0,=/,.
0.(00(/6218/$5òò1
%X$(*¾U¾Q¾Q¾WHUFLKHWWLáLQL]L©LQWHġHNN¾UHGHUL]%X¾U¾Q¾VóUDGDQFLKD]ODUGD
EXODPD\DFDáóQó]¸]HOOLNOHUYHKD\DWóNROD\ODġWóUDQ\HQLOLN©LWHNQRORMLOHUNXOODQDUDN
VL]HX]XQ\óOODU¾VW¾QSHUIRUPDQVYHUPHVLL©LQWDVDUODGóN2QGDQHQL\LġHNLOGH
\DUDUODQPDNL©LQRNXPD\DELUND©GDNLNDD\óUóQ
$ġDáóGDNLOHUL©LQZHEVLWHPL]L]L\DUHWHGLQ
.XOODQóP¸QHULOHULEURġ¾UOHUVRUXQJLGHUPHELOJLOHULVHUYLVYHRQDUóPELOJLOHUL
ZZZDHJFRPVXSSRUW
'DKDL\LVHUYLVDOPDNL©LQ¾U¾Q¾Q¾]¾QND\GóQó\DSóQ
ZZZUHJLVWHUDHJFRP
&LKD]óQó]L©LQ$NVHVXDUODU6DUI0DO]HPHOHULYH2ULMLQDO\HGHNSDU©DODUVDWóQ
DOóQ
ZZZDHJFRPVKRS
0Ɵ7(5ò+ò=0(7/(5ò
'DLPDRULMLQDO\HGHNSDU©DODUNXOODQóQ
<HWNLOL6HUYLV0HUNH]LPL]OHJ¸U¾ġPHQL]VóUDVóQGDDġDáóGDNLYHULOHULHOLQL]LQDOWóQGD
EXOXQGXUXQ0RGHO31&6HUL1XPDUDVó
%XELOJLOHUELOJLHWLNHWLQGHEXOXQDELOLU
8\DUó'LNNDW*¾YHQOLNELOJLOHUL
*HQHOELOJLOHUYHLSX©ODUó
HYUHLOHLOJLOLELOJLOHU
QFHGHQKDEHUYHULOPHNVL]LQGHáLġLNOLN\DSPDKDNNóVDNOóGóU
*9(1/,.%,/*,/(5,9(0217$-
8<$5,
*¾YHQOLN%LOJLOHULYH0RQWDML©LQD\Uó
YHULOHQ0RQWDM7DOLPDWODUóNLWDS©óáóQD
EDNóQ&LKD]óQKHUNXOODQóPYH\D
EDNóPóQGDQ¸QFH*¾YHQOLNE¸O¾POHULQL
GLNNDWOHRNX\XQ
75.(

517$1,0,
.RQWUROSDQHOLQHJHQHOEDNóƠ
1 2 3 4 5 6 7 8 9
$©PD.DSDPD
%LULQFLPRWRUKó]ó
òNLQFLPRWRUKó]ó
©¾QF¾PRWRUKó]ó
0DNVLPXPPRWRUKó]ó
%UHH]HIRQNVL\RQX
)LOWUHKDWóUODWóFó
2FDN'DYOXPED]IRQNVL\RQX
/DPED
*1/..8//$1,0
'DYOXPED]óNXOODQPD
QHULOHQKó]óDġDáóGDNLWDEOR\DJ¸UH
NRQWUROHGLQ
<L\HFHNOHULóVóWóUNHQNDSDOóWHQFHUHOHUOHSLġLULUNHQ
%LUGHQID]ODSLġLUPHE¸OJHVLQGHYH\DEU¾O¸UGHNDSDOó
NDSODUGDSLġLUPHLġOHPL\DSDUNHQKDILI©HNó]DUWóUNHQ
.D\QDWPDYHEROPLNWDUGD\L\HFHáLNDSDNVó]Nó]DUWಣ
PDELUGHQID]ODSLġLUPHE¸OJHVLQGHYH\DRFDNWDSLಣ
ġLUPHLġOHPL\DSDUNHQ
.D\QDWPDYHEROPLNWDUGD\L\HFHáLNDSDNVó]Nó]DUWಣ
PDLġOHPL\DSDUNHQYHID]ODQHPGXUXPXQGD
3LġLUPHVRQDHUGLáLQGH©RNG¾ġ¾NVHVVHYL\HVLQGH
PXWIDNWDNLKDYD\óWD]HOHU6HPEROHGRNXQDUDNHWNLQಣ
OHġWLULOHELOLUYHGHYUHGóġóEóUDNóODELOLU)RQNVL\RQ
GDNLNDVRQUDRWRPDWLNRODUDNNDSDQóU<DOQó]FDSLġLUಣ
PHLġOHPLVRQUDVóQGDNXOODQóQ
3LġLUPHLġOHPLVRQUDVó
GDYOXPED]óQ\DNODġóN
GDNLNDNDGDU©DOóġPD\D
GHYDPHWPHVL¸QHULOLU
.RQWURO3DQHOLELUVHQV¸U
DODQóGóU)RQNVL\RQODUó
HWNLQOHġWLUPHNL©LQ
VHPEROOHUHVDQL\H
GRNXQXQ
GDYOXPED]ó©DOóƠWóUPDNL©LQ
ZZZDHJFRP

VHPERO¾QHEDVDUDNFLKD]óD©óQ
$UWóNIRQNVL\RQODUóHWNLQOHġWLUHELOLUVLQL]
)RQNVL\RQXHWNLQOHġWLUPHNL©LQ
VHPEROHGRNXQXQ
*HUHNLUVHSLġLUPH\¾]H\LQL
D\GóQODWPDNL©LQóġóNVHPERO¾QH
GRNXQXQ
&LKD]óNDSDWPDNL©LQ
VHPERO¾QH
\HQLGHQEDVóQ
2FDN'DYOXPED]
IRQNVL\RQX
%XRFDáóELUGDYOXPED]DEDáOD\DQ
RWRPDWLNELUIRQNVL\RQGXU+HP2FDN
KHPGHGDYOXPED]Nó]óO¸WHVLVLQ\DO
LOHWLġLPFLVLQHVDKLSWLU)DQóQKó]óRFDNWDNL
HQVóFDNSLġLUPHNDEóQóQPRGD\DUóYH
VóFDNOóáóQDJ¸UHRWRPDWLNRODUDN
EHOLUOHQLU)DQóRFDáóNXOODQDUDNPDQ¾HO
RODUDN©DOóġWóUDELOLUVLQL])RQNVL\RQ
RFDáóQSDQHOLQGHQHWNLQOHġWLULOHELOLU
)RQNVL\RQXQQDVóO
NXOODQóODFDáóKDNNóQGDGDKD
ID]ODELOJLL©LQRFDNNXOODQPD
NóODYX]XQDEDNóQ
0DNVLPXP0RWRU+ó]óQóQ
(WNLQOHƠWLULOPHVL
G¾áPHVLQHEDVWóáóQó]GD0DNVLPXP
0RWRU+ó]óGDNLNDV¾UH\OH©DOóġPD\D
EDġODU%XV¾UHVRQXQGDFLKD]¸QFHNLKó]
D\DUODUóQDJHULG¸QHU
)RQNVL\RQD©óNNHQ
G¾áPHVLQHHNELUGRNXQXġXQ
KHUKDQJLELUHWNLVLROPD]
)LOWUHELOGLULPLQL
HWNLQOHƠWLUPHYHGHYUHGóƠó
EóUDNPD
)LOWUHDODUPóNDUERQILOWUH\LGHáLġWLUPHQL]L
YH\DWHPL]OHPHQL]LYH\DáILOWUHVLQL
WHPL]OHPHQL]LKDWóUODWóU*UHVILOWUHVLQLQ
WHPL]OHQPHVLJHUHNL\RUVDILOWUHJ¸VWHUJHVL
VDQL\HER\XQFDD©óNNóUPó]óNDOóU
.DUERQILOWUHQLQGHáLġWLULOPHVLYH\D
WHPL]OHQPHVLJHUHNL\RUVDILOWUHJ¸VWHUJHVL
VDQL\H\DQóSV¸QHUNóUPó]ó
%DNóPYHWHPL]OLN
E¸O¾P¾QGHILOWUHDODUPó
NóVPóQDEDNóQ
.RQWUROSDQHOLQLD©óQ
6LPJHOHULQNDSDOóROGXáXQGDQHPLQ
ROXQ
.DUERQILOWUHVLELOGLULPLQL
HWNLQOHġWLUPHNYH\DGHYUHGóġó
EóUDNPDNL©LQ
G¾áPHVLQHVDQL\H
GRNXQXQ
.DUERQILOWUHVLELOGLULPL
HWNLQOHġWLULOLUVHILOWUHVLPJHVL
EHġNH]\DQóSV¸QHU
NóUPó]ó
.DUERQILOWUHVLELOGLULPLGHYUH
GóġóEóUDNóOóUVDILOWUHVLPJHVL
¾©NH]\DQóSV¸QHU
NóUPó]ó
%$.,09(7(0,=/,.
<DáILOWUHVLQLQ
WHPL]OHQPHVL
+HUILOWUHHQD]D\GDELUNH]
WHPL]OHQPHOLGLU)LOWUHOHUNDUġóWDUDIWD
EXOXQDQNOLSVOHUYHSLPOHUNXOODQóODUDN
WDNóODELOLU
)LOWUH\LWHPL]OHPHNL©LQ
'DYOXPED]óQDOWóQGDEXOXQDQ
ILOWUHGHNLWXWDPDáó©HNLQYH
ILOWUHQLQ¸Q¾Q¾KDILI©HDġDáóGRáUX
HáLQ
75.(

1
)LOWUHOHULDġóQGóUóFóROPD\DQ
GHWHUMDQODUODELUV¾QJHU\DUGóPó\OD
WHPL]OH\LQYH\DEXODġóNPDNLQHVLQGH
\óND\óQ
%XODġóNPDNLQHVLG¾ġ¾NELU
VóFDNOóáDYHNóVDELU
SURJUDPDD\DUODQPDOóGóU
<DáILOWUHVLQLQUHQJL
GHáLġHELOLUEXFLKD]óQ
SHUIRUPDQVóQóHWNLOHPH]
)LOWUHOHUL\HQLGHQWDNPDNL©LQLONLNL
DGóPóWHUVVóUDODPDGD\DSóQ
0¾PN¾QVHDGóPODUóW¾PILOWUHOHUL©LQ
WHNUDUOD\óQ
.DUERQILOWUHVLQLQ
GHáLƠWLULOPHVL
8<$5,
.DUERQILOWUHVL\óNDQPD]
.DUERQILOWUHQLQVDWXUDV\RQV¾UHVL
SLġLUPHW¾U¾QHYH\DáILOWUHVLQLQ
WHPL]OHQPHVóNOóáóQDEDáOóRODUDNGHáLġLU
)LOWUH\LGHáLġWLUPHNL©LQ
<DáILOWUHOHULQLFLKD]GDQ©óNDUóQ
%XE¸O¾PGHNL<DáILOWUHVLQLQ
WHPL]OHQPHVLNóVPóQDEDNóQ
WóUQDáDEDVóQYHILOWUHQLQ¸Q
NóVPóQóKDILI©H\DWóUóQ
1
1
<HQLELUILOWUHWDNPDNL©LQD\Qó
DGóPODUóWHUVVóUDODPDGD\DSóQ
+HUKDQJLELUGXUXPGDILOWUHOHULQHQD]KHU
G¸UWD\GDELUGHáLġWLULOPHVLJHUHNLU
)LOWUHDODUPó
*¾QO¾NNXOODQóPE¸O¾P¾QGH
ILOWUHDODUPóQóHWNLQOHġWLUPH
YHGHYUHGHQ©óNDUPD
NóVPóQDEDNóQ
%XE¸O¾PGHNL\DáILOWUHVLQLQ
WHPL]OHQPHVLNóVPóQDEDNóQ
.DUERQILOWUHQLQWHPL]OHQPHVL
YH\DNDUERQILOWUHQLQ
GHáLġWLULOPHVLNóVPóQDEDNóQ
ILOWUHW¾U¾QHJ¸UH
$ODUPóVóIóUODPDNL©LQ
G¾áPHVLQHVDQL\HGRNXQXQ
/DPEDQóQGHáLƠWLULOPHVL
%XFLKD]LOHELUOLNWHELU/('ODPEDVó
YHULOLU%XE¸O¾P\DOQó]FDELUWHNQLV\HQ
WDUDIóQGDQGHáLġWLULOHELOLU+HUKDQJLELU
DUó]DGXUXPXQGD*¾YHQOLN7DOLPDWODUó
E¸O¾P¾QGH+L]PHWNóVPóQDEDNóQ
(95(</(ò/*,/,%,/*,/(5
ĠXVHPEROHVDKLSPDO]HPHOHUJHUL
G¸Q¾ġW¾U¾OHELOLU
$PEDODMóJHUL
G¸Q¾ġ¾PL©LQX\JXQNRQWH\QHUOHUH
NR\XQ(OHNWULNOLYHHOHNWURQLNFLKD]
DWóNODUóQóQJHULG¸Q¾ġ¾P¾QHYH©HYUHYH
LQVDQVDáOóáóQóQNRUXQPDVóQD\DUGóPFó
ROXQ(YDWóáóVHPERO¾
EXOXQDQ
FLKD]ODUóDWPD\óQU¾Q¾\HUHOJHUL
G¸Q¾ġ¾PWHVLVOHULQL]HJ¸QGHULQ\DGD
EHOHGL\HLOHLUWLEDWDJH©LQ
ZZZDHJFRP

АЕϿКЛ
ЍДШЋϿЍЕϿЖЖБОЙЎАМДХЛЉЛϿЋ
$(*
ಧ
ZZZDHJFRPVXSSRUW
ZZZUHJLVWHUDHJFRP
ZZZDHJFRPVKRS
ЍЗИЗЕЗЌЉГДϿϽЖЛЉЕЛЉЗЊКДМЌЗЋМЋЉЖЖШ
ϿЖНЗЙЕЉПϿШИЙЗЊЎАИЎГМϿЋКЛЉЖЗЋДЎЖЖШ
ИЗИЎЙЎЍЏЎЖЖШ

ЗИБКЋБЙЗЊМ
ЗЬдшЭиЩжЮдягЮймЫЩжжш
1 2 3 4 5 6 7 8 9
m%UHH]H}
m+REWR+RRG}
ТЗЍЎЖЖЎЋБГЗЙБКЛЉЖЖШ
ГзйбклмЫЩжжшЫблшЯгзч
ಣ
ಣ
ಣ
ЍдшгЮймЫЩжжшЫблшЯгзч
ZZZDHJFRP

Нмжгпяшm+REWRKRRG}
ಬ
МЫяегжЮжжш
еЩгкбеЩдхжзѐсЫбЭгзкля
ЭЫбЬмжЩ
МЫяегжЮжжшвЫбегжЮжжш
изЫяЭзедЮжжшийзнядхлй
m
}m
}
ЍЗЌДШЍЛЉРБКЛГЉ
ЗрбтЮжжшЯбйзЫзЬз
нядхлйЩ
ТзЪзрбклблбнядхлйЫбгзжЩвлЮ
лЩгяЭяѐ

1
АЩеяжЩЫмЬядхжзЬз
нядхлйЩ
ИЗИЎЙЎЍЏЎЖЖШ
m
}
1
1
ИзиЮйЮЭЯЮжжшийз
нядхлй
m
}
m}
m
}
m
}m
}
ЍдшкгбЭЩжжшкбЬжЩдм
изиЮйЮЭЯЮжжшЫбгзжЩвлЮлЩгяЭяѐ
АЩеяжЩдЩеиб
m}
m}
ЗОЗЙЗЖЉЍЗЋГϿДДШ
ZZZDHJFRP

ಬ

136
1
1
ᥰ᧔ᦻᦎᦿᦎᧀᦳҢᦊ᧓ᦊᦪᥲҫᦒᦴᧇҮҫᦤᦈᦿҫ
ᥰ᧔ᦎᦿᥱ᧒ᦔᦼᦿҫ
᧒ᦳᦪ᧔ᧄҢӃҫᦃ᧗ҫᧆᧃӉҵӇᦎᦠᦿҫӃҫᦊᥲᦓҫᦎᦴᦿҫ
ҭᦎᧃҭᦊᦃҫӇ᧐ᧀᦫᦾᦷ᧗ҫᦾᦻᥴᥱҵҧᦎᦗҧ
ֹ֯ᑽᒧ֭ᑭᐇᒜᐅ֯
ᦪҫҵᦢ᧔ᦘᧈӇҧᦾ᧔ᦤҵҫᦌᧇҩᦎᧀᦴᦿҫ
᧒ᦳᦾᦜᦳӄҫᦊᦈᦓҫ᧒ᧃ᧔ᦿҫ
ᦪҫҵᧂᦔᦷᦲ᧔ᦨᧈᦎᧀᦳӅᦊᦿҫ
᧒ᦳҫᦌᦾᦜᦴᦿҫ
ᦪҫҵᧂᦔᦷᦲ᧔ᦨᧈᦎᧀᦳᧂᦄᦴᦿҫӇҧ
Ӄҫᦊᥲᦓҫᦎᧀᦳᧂᦄᦴᦿҫᥰᦔᦃҽᧇ
ᦎᧀᦴᦿҫ
ֱַᏮᐃᒳᒎᑧᒋֹ֯ᑽᒧᒳ֯
ᦒᧄᦿҫ
ҭᦊᧄᦿӌӅҫ
ׇ֯ᑧᑭ᐀ֵ֯Ꮾᑧᐐᐈᐅ֯
ᦶᦳᦎ᧓ᦪᧃҫᦌҶᦀᦿҫұᥲᦜᧃ/('ᧆᦼᧄ᧓
Ӄҫᦊᥲᦓҫҫᦌҥᦐᦀᦿҫҩᥴᦤᦓҫᥱ᧒ᧈᦳ᧒ᦳᥴᦿᦃ
ҳӇӉҧҢᦾᦤᦫᦪҵҫ᧐ᦿҩᧂᦔᦷᥴᧃᦊᦈᦿҫ᧒ᦳ
ᦾᦜᦳҮᧄ᧔ᧀᥴᧃᦔᦿҫ
ׄᏮᑺᐈᐅ֯ᑩᒮᑢᒮᑧᐅ֯
ᦊᦫҧᦎ᧓Ӈᦊҳҫᧄᦿҫ᧒ᦿҫᦾᧄᦄᦐᧃᦎᦿҫᦪᦟ
ᥴᦴᧀ᧗ҫ᧒ᦳᥴ᧓Ӈᦃᥴᥲᦓᧈᧃҭҳᦫ᧙ᦎ᧓Ӈᦊᦿҫᦊᦫᦓ
᧒ᦳᥴ᧓ᧄᦃᥴᥬ᧔ᥲᦿҫᥴᦄᦜᦿҫӇᥴ᧔ᧇᦔᧇ᧙ҫᧂᦷӇҭҳᦫᥨᥱ
ᦪ᧔ᧈᦜҮᦴᧀᦈᧃҭᦐ᧗ҫᥴ᧔ᧇӇᦎᦼᦿ᧙ҫᥴ᧔ᥫᥱᦎᦼᦿҫӇ
ᦚᧀᦈᧆᧃҭᦐ᧗ҫ᧒ᦿҫᦾᧄᦄᦐᧃҵ
ᦪᧃᦎ᧔
ᧆᧃҮᦴᧀᦈᧄᦿҫᥴ᧔ᦿᦐᧈᧄᦿҫӈᦎᦇ᧗ҫᧆᧃӇᧂᧂᦷҭҳᦫᥨᥱ
ᧈᧄᦿҫ᧐ᦿҩᥴᦀᦿҫᥴᦿᥬᦔᧄᦿҫᧆᦫҭҳᦫҩᦪ᧔ᧈᦜᦿҫ
ᦺᦸᦤᧈᧄᥱӇҧᦾᦜҫᦒᧀᦀᧄᦿᥱ᧒ᧀᦄᧄᦿҫᦪᥱᦿҫᦿ

137
ᑩᒜᒮᒑᒟᏼᐈᐅ֯ᏽᐅ֭ᑩᒨᑹᐈᐅ֯
ᧇҩᥴᦴ᧔ᦧӇᥴ᧔ᥫᦸᧀᥴᧃᦊᦸᧃᦾᦛᦊᦷᧄᦿҫӉᥤᥱ
ᥴᧈᦇᦊᧃᦊᦷᧄᦿҫҥᦤᦰᦿҫӇᧄᦿᦾᦛᧃҭҵᦗ᧙
ᥴᦗ᧗ҫᦄҥҫᦎᧄᦄᦿҫᧂ᧓ᦊ᧓ᦊᦄᥴᦫᦎᦓᥴᦃӇᦎᧄᦿҫ
ӊ᧔ᥫᦸᧀᥰᦔᦃҳҫᦊᦫҩᦪᦟᦿҫᥴҵҳӇҭҵҫᦎᦄᦿҫᥴ᧔ᧇ᧕ҫӇ
ᦎᦻ᧗ҫᥴᧇᦈᦓ᧐ᧀᦫᦊᦷᧄᦿҫᦺᧈᦼᧄ᧓ӊᦠ᧓ҧᦾ᧔ᦰᦘ
ᥴᦃӇᦎᧄᦿҫᧆᧃᦊᦷᧄᦿҫӊ᧓Ӈᦊ᧓ᧆᦼᧄ᧓ᦢ᧔ᦘᧈᥴᦴ᧔ᦧᦿҫ
ᧆᧃᥴᦃᦿᦊᦷᧄᦿҫ
ᦊ᧓ᦐᧄᧀᦿᧆᧃҮᧃᧀᧄᦿҫᧆᦫᥴ᧔ᦴ᧔ᦻ
ӄҫᦊᦈᦓҫҢᥴᦴ᧔ᦧᦿҫᦪҵҫ᧐ᦿҩᦾ᧔ᦿҳ
ӄᦊᦈᦔᧃᦊᦷᧄᦿҫ
ᒎᒮᒆᒨᑬᏵᐅ֯ᏽᐐᒟᒱ֯ᏽᐐᒟᒱ֯
ᑩᐃᐊᐅ׆Ᏽᐈᐅ֯
ᧃᦊᧈᦫᦢᦰᦠ᧐ᧀᦫҵᦐᦿҫҢҧᦊᥲ᧓ᦊᦄᦿҫ᧐ᦜᦷ᧗ҫ
ᥴᦫᦎᦔᦿӂᦎᦄᧄᦿҫ᧒ᦳᦾᧄᦿҫҭᦊᧄᦿᦓᦶᥫᦷҳᦊᥱ
ᦺᧀҢҭᦎᦴᦿҫҳ᧓Ҷᦀᦿҫ᧐ᦿҩҮҫҳҫᦊᦫҩᥴᦫᦎᦔᦿҫ
ᥴᦸᥱᦔᦿҫ
ᧃᦊᧈᦫᦾᧄҢᥴᦴ᧔ᦧᦿҫӅᥨᦳᦒᧄᧀᦿҫ
᧒ᦳᦟ᧙ҫ᧐ᧀᦫҵᦐᦿҫ
Ӆᦼ᧓ᦿ
ᥴ᧓ҧҵҧ
ᒎᒮᒆᒨᑬᐄᒮᐎᐏᑬᏺᒮᑧᒨᑬᑭᐇᒜᐅ֯
ᦾᧄ᧓ҵҫᦌᧇҩᦎᧀᦴᦿҫ᧐ᧀᦫӂᦎ᧔ᦻᦌᦎ᧔᧔ᦰᥱᦎᧀᦳᧂᦄᦴᦿҫ
Ӈҧᦴ᧔ᦨᧈᦲ᧔ᦨᧈӇᦎᧀᦳӅᦊᦿҫᦾᧄ᧓ᦎᦗᥦᧃᦎᧀᦳ
᧐ᧀᦫӅᧀᦿҫᦎᧄᦃ᧗ҫҭᦊᧄᦿᥴ᧔ᧇҫҴҩᥰӇ
ᦲ᧔ᦨᧈᦎᧀᦳӅᦊᦿҫᦞᧃ᧓ᦎᦗᥦᧃᦎᧀᦳ
Ӆᧀᦿᥱ
ᦎᧄᦃ᧗ҫҭᦊᧄᦿᥴ᧔ᧇҫҴҩӅᦻᥰᦀ᧓Ӄҫᦊᥲᦓҫᦎᧀᦳ
ᧂᦄᦴᦿҫӇҧᦴ᧔ᦨᧈ
ᦪҫҵҵҫᦌᧇҩᦎᧀᦴᦿҫ᧒ᦳᦾᦜᦳᥴ᧓ᧈᦿҫ
ᦲ᧔ᦨᧈᦿҫӇ
ᧂᦷᦾ᧔ᦰᦘᥱᥴᦃᦿᧂᦼᦄᦿҫ
ᦊᦻᥤᧆᧃӅҧҮᧇᦸ᧓᧗ҫᧂᦳᦸ᧓ҩ
ᦢ᧔ᦘᧈᦿ᧔ᥲᧈᦎᧀᦳᧂᦄᦴᦿҫӇҧҢᧀ᧔ᦤᦒᧄᦿҫҵҶ
ҭᦊᧄᦿӌӅҫ
ҫҴҩӅᦻ᧔ᥲᧈᦎᧀᦳᧂᦄᦴᦿҫҢᦾᧄ᧓
ᦞᧃᥴᧇᦸ᧓ҧᦎᧀᦳ
Ӆᧀᦿᥱ
ᦎᧄᦃ᧗ҫᦒᧄᦇҮҫᦎᧃ
ҫҴҩӅᦻ᧔ᥲᧈᦎᧀᦳᦶᥫᦷҳᧂᦄᦴᦿҫ
Ңᦾᧄ᧓ᦞᧃᥴᧇᦸ᧓ҧᦎᧀᦳ
Ӆᧀᦿᥱᦎᧄᦃ᧗ҫүҮҫᦎᧃ
ᑩᒭᏮᒨᐏᐅ֯ᒚᒮᒒᒨᑭᐅ֯
ᒚᒮᒒᒨᑬᑭᐇᒛᏼᏻᐅ֯
ᥰᦀ᧓ᦲ᧔ᦨᧈᦾᦻᦎᧀᦳҭᦎᧃҭᦊᦃҫӇӊ᧓ᦎᦗ᧐ᧀᦫ
ᦾᦷ᧗ҫᧂ᧓᧔ᥲᦎᦴᦿҫӄҫᦊᦈᦓᥱᦺᥱᦘᧃ᧔ᥲ
ᦒ᧔ᥱᥱҳӇ᧐ᧀᦫᥴᦀᦿҫᥴᧀᥱᦸᧄᦿҫ
ᒚᒮᒒᒨᑭᐅᑭᐇᒜᐅ֯
ᥰᦄᦓҫᦞᥲᦸᧄᦿҫҳᧄᦿҫ᧐ᧀᦫᦎᧀᦴᦿҫᦾᦴᦓҧ
ᥴᧈᦇᦊᧄᦿҫᧂᦷӇᦲᧀᥱҥᦐᦀᦿҫ᧒ᧃᧃ᧗ҫᧆᧃ
ᦎᧀᦴᦿҫ᧐ᦿҩᦾᦴᦓ᧗ҫӊ᧔ᧀᦷ
1
ᧂᦷᦲ᧔ᦨᧈᥱᦎᦴᦿҫӄҫᦊᦈᦓᥱᥴᦀᧈᦴᦓҩҭҳᧃӇ
ᥴᦴᦨᧈᧃᦎ᧔ᥴᦤᦗᦻӇҧᧀᦔ᧒ᦳᥴᦿᦔ
Ӆᦄᦜᦿҫ
ᥰᦀ᧓ᦢᥲᦟᥴᦿᦔӅᦄᦜᦿҫ᧐ᧀᦫ
ᥴҵҳҭҵҫᦎᦃᥴᦠᦴᦈᧈᧃҭҵӇҳӇ
ҭᦎ᧔ᦜᦷᦊᦷᦎ᧔ᦰ᧓ӅᦿᦎᧀᦳҢӅᦊᦿҫ
ᧆᦼᦿӇҫᦌᧆᦿᦎᥦ᧓᧐ᧀᦫҥҫҳҧ
Ҷᦀᦿҫ
ᥰ᧔ᦻᦎᦿᦎᦴᦿҫҭᦎᧃҢӈᦎᦇҧᦪᥲҫᧆ᧔ᦤᦈᦿҫ
ᧆ᧔ᦸᥱᦔᦿҫᥰ᧔ᦎᦿᥱ᧒ᦔᦼᦿҫ
ҵᦎᦻҮҫᦤᦈᦿҫᦪᧃᦪ᧔ᧄᦎᦴᦿҫӅҩᧆᦼᧃҧ
ׇ֯ᑧᑭ᐀֯ᑭᐇᒛᒞᑡᏮᒟַᏵᒜᐅ֯
ᒭᑽᏵᑬ
ᦎᧀᦳᦶᥫᦷҳᧂᦄᦴᦿҫᦎ᧔ᦾᥱᦷ
ᦾ᧔ᦔᦰᧀᦿ
ᦲᧀᦈҭᦊᧃᦪᦸᧇᦎᧀᦳᦶᥫᦷҳᧂᦄᦴᦿҫᥰᦔᦃҽᧇ
᧒ᦤᦿҫӈᦊᧃӇӄᦨᧇҫ᧒ᦳᦲ᧔ᦨᧈᦎᧀᦳӅᦊᦿҫ
Ӄҫᦊᥲᦓᦎᧀᦴᦿҫ
ᧂᦷᥴᦿҫҶᥨᥱᦎᦳӅᦊᦿҫᧆᧃҶᦀᦿҫ
ᦪҫҵᧂᦔᦷᦲ᧔ᦨᧈᦎᧀᦳӅᦊᦿҫ᧒ᦳҫᦌ
ᦾᦜᦴᦿҫ
ᦢᦰᦟҫ᧐ᧀᦫӅᦔᧀᦿҫᧂᧂᦷᥴᦿᧃᥨᥱҥᦐᦀᦿҫ
᧒ᧃᧃ᧗ҫᧆᧃᦎᧀᦴᦿҫӊ᧔ᧀᦷ

138
ᒚᐁᑳᑭᒨᐈᐅ֯
־ᐃᑩᏴᏼᐅᏹᏵᑭᐅ֯
1 2 3 4 5 6 7 8 9
ᦾ᧔ᦰᦘӀᦸ᧓ҩ
ᥴᦫᦎᦓӂᦎᦄᧄᦿҫ᧐ᦿӇ᧗ҫ
ᥴᦫᦎᦓӂᦎᦄᧄᦿҫᥴ᧔ᧇᦿҫ
ᥴᦫᦎᦓӂᦎᦄᧄᦿҫᥴᦿᦿҫ
᧐ᦜᦷҧᥴᦫᦎᦓӂᦎᦄᧄᧀᦿ
ᥴᦴ᧔ᦧӇҳᦎᦣҳᧃҵᦊᦷᧄᦿҫ
ᥲᧈᧃᦎᧀᦴᦿҫ
ᥴᦴ᧔ᦧӇᦊᦷᧄᦿҫ᧐ᦿҩᥴᧈᦇᦊᧄᦿҫ
ұᥲᦜᧃ
֯ᑺᑭ᐀ᒵ֯ᐆᏼᒮᐅ֯
֯ᑺᑭ᐀֯ᑩᒨᑹᐈᐅ֯
ᦶᦸᦄᧆᧃᥴᦫᦎᦔᦿҫ᧐ᦛᧄᦿҫᥱӊᦸᦳӇӃӇᦊᦀᧀᦿ
ӆᧇҳҧ
ҥᧈҧᧆ᧔ᦈᦔӄᦤᦿҫӇҧ᧔ᦣᦪᧃᥴ᧔ᦤᦰ᧒ᧇҫӇ᧗ҫ
ҥᧈҧ᧒ᦤᦿҫᦪᧃᥴ᧔ᦤᦰ᧒ᧇҫӇ᧗ҫ᧐ᧀᦫᦶᦣᧈᧃ᧒ᦣӇҧҮᦗ
Ңҭҳᦊᧃ᧒ᧀᦷᦲ᧔ᦴᦇ
ҥᧈҧӅ᧔ᧀᦰᦿҫᦎ᧔ᧄᦄӇҮ᧔ᧄᦻҭᦎ᧔ᥲᦻᧆᧃӄᦤᦿҫӅӇᦊᥱҢҥᦤ᧒ᦣ
᧐ᧀᦫᦶᦣᧈᧃ᧒ᦣӇҧҮᦗҭҳᦊᧃ
ҥᧈҧӅ᧔ᧀᦰᦿҫᦎ᧔ᧄᦄӇҮ᧔ᧄᦻҭᦎ᧔ᥲᦻᧆᧃӄᦤᦿҫӅӇᦊᥱҢҥᦤ
ᥴᥱᦣҵҭᦎ᧔ᥲᦻ
ᦊ᧓ᦊᦀᦿҥҫᦿҫ᧒ᦳᦆᥲᦤᧄᦿҫᦊᥱ᧒ᦤᦿҫӈᦔᧄᥱҥᦟᦟᦞᦴᦈᧈᧃ
ᥴ᧓ᦰᧀᦿᧆᦼᧄ᧓ᦤ᧔ᦘᧈҥᦰᦿҩӇᦤ᧔ᦘᧈᧆᧃӃᦇᦒᧄᦿҵᦐᦿҫ
ᦲᦷᥴᦴ᧔ᦧᦿҫᦾᦼᦘᥱ᧒ᥫᦸᧀᧆᦫᦾᧄᦿҫᦊᥱᥴᦸ᧔ᦷҳӄᦊᦈᦔ
ᦊᥱ᧒ᦤᦿҫᦢᦸᦳ
᧐ᦛ᧓ӂᦎᥱᥴᧈᦇᦊᧄᦿҫᦾᧄҭᦊᧄᦿ
ᥴᦸ᧔ᦷҳӊᥲ᧓ᦎᦸᦊᥱ᧒ᦤᦿҫ
ᦐ᧔ᧄᥴᦃᦿᧂᦼᦄᦿҫӃᦀᧄᥱ
ҵᦘᦓҫᦒᧄᦿҫҶᧃᦎᦿҫҭᦊᧄᦿᥴ᧔ᧇ
ҭᦊᦃҫӇᦢ᧔ᦘᧈᦿᦲᥫᦧᦿҫ
ᐄᒮᒘᒆᑭᐅᑩᒨᑹᐈᐅ֯
ᦾӐᦰᦗᦊᦷᧄᦿҫᦢᦰᦠᦿᥱ᧐ᧀᦫᦐᧃᦎᦿҫ
ᦺᧈᦼᧄ᧓Ӆ᧕ҫҥᦰᦿҩᦾ᧔ᦴᥴᦴ᧔ᦧᦿҫ
ᦢ᧔ᦘᧈᦿҢᥴᦴ᧔ᦧᦿҫᦒᧄᦿҫᦐᧃᦎᦿҫ
ҫҴҩӄᦐᦿҢᦎᧃ᧗ҫᦢᦰᦟҫ᧐ᧀᦫᦐᧃҵҭҥᦟ᧙ҫ
ҭҵᧇ᧙ᦂᦤᦓ᧒ᦤᦿҫ
Ӏᦸ᧓᧙ᦾ᧔ᦰᦘҢᦊᦷᧄᦿҫᦢᦰᦟҫ᧐ᧀᦫᦐᧃᦎᦿҫ
ҭᦎᧃ
ӈᦎᦇҧ

139
ֲᏮᒭᏼᑭᏵᐈᐅ֯
ҮᧃᧀᧃӅᧃ᧗ҫᥰ᧔ᦻᦎᦿҫӇ
ᦲᦛӇᧈᧄᦿҫ
ӄҫᦊᦈᦓҫ᧒ᧃ᧔ᦿҫ
ᥴ᧓ᧈᦿҫᦲ᧔ᦨᧈᦿҫӇ
ׇᏼᐐᏵᐇᐅᏽᐇᐃᐄᒌᒛ֫ᑳᑡᏮᑭᒨᐅ֯
ҫӊᦎᦼᦗᦺᦿ᧐ᧀᦫᦺᥫҫᦎᦗҫᦌᧈᧄᦿҫᧆᧃҮᦀᧈᧃ$(*ᦊᦸᦿᧈᧄᧄᦛҫᦌᧈᧄᦿҫᦺᦄᧈᧄ᧔ᦿӊҥҫҳҧӊᦸᥫᦳҭᦊᦿ
ҢҮҫᧈᦓ᧔ᦃӄᦊᦈᦔᧇүᦊᦃҧҮ᧔ᧈᦸᦿҫҭҵᦤᧄᦿҫ᧒ᦿҫᦊᦫᦔ᧐ᧀᦫᦾᦺ᧔ᦃᦎᦻҧᥴᦿᦓҫӊᦎᦔ᧓Ӈ
᧒Ӈᦚᥫᦜᦈᦿҫ᧒ᦿҫᧆᦿӇᦊᦀᧀᧃ᧒ᦳӆᦎ᧔ᧆᧃҭᦐ᧗ҫᥴ᧓ҳᦿҫ᧐ᦎ᧓ᦎ᧔ᦳᦶᥫᦷҳᧆᧃᦺᦷӇ
ҥҫᦎᦸᦿ᧒ᦻᦶᦸᦄ
ᦎᥲᦻҧҭҳᦴᦓҫᧈᧃ
ҫᧀᦠᦴҭҵ᧓ᦐᥱᧈᦷᧃ᧒ᧇӇᦎᦼᦿ᧙ҫᧆᧃᦾҧ
Ӄᦜᦄᦿҫ᧐ᧀᦫᦂᥫᦜᧇҢӄҫᦊᦈᦓҫҮᥲ᧔ᦼᦿҫӇҢᥴ᧔ᦀ᧓ӇᦎᦿҫᦲᦘᦼᦔᧃӇҮᦼᦘᧄᦿҫҢᦄᧀᦜᧃӇ
ҮᧃᧀᧃӇᥴᧇ᧔ᦜᦿҫұᦛ᧙ҫӇ
ZZZDHJFRPVXSSRUW
ᦾ᧔ᦀᦔᧈᧄᦿҫӃᦜᦄᧀᦿ᧐ᧀᦫᥴᧃᦊᦇᦾᦠᦳҧᦎᥲᦫ
ZZZUHJLVWHUDHJFRP
ҥҫᦎᦗҮᦸᦄᧀᧄᦿҫҳҫᧄᦿҫӇᥴᦼᧀᦔᧄᦿҫᦪᦤᦷӇҵ᧔ᦰᦿҫᥴ᧔ᧀᦛ᧗ҫҶᦀᧀᦿ
ZZZDHJFRPVKRS
ᑩᐆᑹ֩ᒶᐈᐏᐅ֯ᑩᒧᏮᒮᐐᐅ֯
ӄᦊᦈᦓҫӊᧃӇҳᦪᦤᦷҵ᧔ᦰᦿҫᥴ᧔ᧀᦛ᧗ҫ
ᦊᧈᦫӃᦜҫᦐᦻᦎᧄᥱᥴᧇ᧔ᦜᦿҫᦊᧄᧄᦿҫҹᦈᦿҫҢᧈᥱᦊᦻᥤᧆᧃᦎ₌ᦳҮᧃᧀᧄᦿҫᥴ᧔ᦿᦿҫᦺ᧓ᦊᦿҢҶҫᦎᦤᦿҫ
31&Ңᧂᦷᦎᦿҫᦾᦔᧀᦔᧄᦿҫ
ᧆᦼᧄ᧓ӅҧᦊᦀӆᦌҮᧃᧀᧄᦿҫ᧐ᧀᦫᥴᦃᦿҷ᧔ᦸᦿҫ
ᦎ᧓ᦌᦄ᧔ᥲᧈҮᧃᧀᧃᥴᧃᦔᦿҫ
ҮᧃᧀᧃᦂᥫᦜᧇӇᥴᧃᦫ
Үᧃᧀᧃᥴ᧔ᥬ᧔ᥱ
ᥴᦟᦎᦫᦎ᧔᧔ᦰᧀᦿӅӇᦊᥱҵᦗҩ
ֲᏮᐆᏼᐇᐏᐆᏮᐆᒱ֯ᑥᒮᏸᑭᐅ֯
ᒭᑽᏵᑬ
ᧂᦷҽᦎᦿᥱ᧐ᦿҩᥰ᧔ᦻҮᧄ᧔ᧀᥰ᧔ᦻᦎᦿҫᥴᧀᦜᦴᧈᧄᦿҫ
Ӄᦜᦄᧀᦿ᧐ᧀᦫҮᧃᧀᧃӅᧃ᧗ҫᥰ᧔ᦻᦎᦿҫӇҧᦎᦷҫ
ӃᦜᦳӅᧃ᧗ҫᥴ᧓ᧈᥱᦾᥲᦷӉҧӄҫᦊᦈᦓҫӇҧᥴ᧓ҧᥴᧇ᧔ᦛ
Ҷᦀᧀᦿ
139
138
138
137

ZZZDHJFRPVKRS
%
