(OHNWURPDJQHWLFNpSROHD]GUDYRWQtUL]LND9,7=%LQIR
(OHNWURPDJQHWLFNpSROHD]GUDYRWQtUL]LND9, 'DWXP _$XWRU ,QJ-DURVODY1RYiN_=GURM (OHNWURLQVWDODWpU
1HPiP QLF SURWL UHIHUHQþQtP KRGQRWiP DSOLNRYDQêP QD PRELO\ NGH VH MHGQi R NUiWNRGRERX H[SR]LFL 8SODWĖRYDW W\WRKRGQRW\SĜLYêVWDYEČY\VtODþĤYHGHNRSUiYQČQêPVWtåQRVWHPREþDQĤNWHĜtPDMt]iNODGQRYRXVWDQLFLYEOt]NRVWL E\WX-VRXR]DĜRYiQLMDNRNG\E\WUYDOHYRODOLKRGGHQQČPRELOHPVYêNRQHP±:
,QJ-DURVODY1RYiN $EVROYRYDORERUUDGLRORNDFHQDVSRMRYDFtIDNXOWČ9RMHQVNpWHFKQLFNpDNDGHPLHY%UQČ3RVWXSQČSUDFRYDO Y 7HVOH 3DUGXELFH Y RGGČOHQt YêYRMH WHOHYL]QtFK SĜLMtPDþĤ D Y 3UĤP\VORYpP VWDYLWHOVWYt %UQR QD UR]YRML D ]DYiGČQt YêSRþHWQt WHFKQLN\ D PLNURHOHNWURQLN\ 1D MHKR NRQWČ MH ĜDGD ]OHSãRYDFtFK QiYUKĤ SĜLKOiãHN Y\QiOH]ĤDSDWHQWĤ1\QtVH]DEêYiYOLYHPHOHNWURPDJQHWLFNpKRSROHQDOLGVNêRUJDQLVPXV
3ĜtNODG\YêSRþWX(03]iNODGQRYpVWDQLFH*60DPRELOQtKRWHOHIRQX &KFHPHY\SRþtWDWLQWHQ]LWXHOHNWULFNpKRSROHE]iNODGQRYpVWDQLFH*60YHY]GiOHQRVWLrRGDQWpQ\SUR KRGQRW\PG SRGOHY]RUFH
>:@
=LVNDQWpQ\G >G%L@
>P@
9êNRQP
9]GiOHQRVWr ,QWHQ]LWDE
>9P@
3ĜtNODGYêSRþWXSURY]GiOHQRVWRGP GR P D MHKR ]REUD]HQt MH YWDEXOFHDYJUDIXQDREU
2EU9êSRþHW(03]iNODGQRYpVWDQLFH*60Y]iYLVORVWLQDY]GiOHQRVWLRGDQWpQ\
3R]QDPHQiYiPåHY\SRþtWDQpD]PČĜHQpKRGQRW\ E QHPXVHMt YåG\ VRXKODVLW 3UR YHULILNDFL YêVOHGNĤ PXVtPH ]QiW ]GD VH QDFKi]tPH Y KODYQtP VPČUX ]iĜHQt Y\]DĜRYDQpKR ODORNX SĜHYêãHQt DQWpQ\ NH ]NRXPDQpPX PtVWX SRODUL]DFL RGUD]\ KXVWRWX]iVWDYE\« 7DEXOND 9]GiOHQRVWr >P@
,QWHQ]LWDE >9P@
6RXþDVQiQRUPD SUR 0+]
6RXþDVQiQRUPD SUR0+]
3ĤYRGQtQRUPD GRURNX
&KFHPHY\SRþtWDWLQWHQ]LWXHOHNWULFNpKRSROHEPRELOQtKRWHOHIRQXYHY]GiOHQRVWLrRGKODY\SURKRGQRW\P
G MHGQiVHRYãHVPČURYRXDQWpQXSURWR]D]LVNGRVDGtPH KWWS HOHNWURW]ELQIRF]HOHNWURPDJQHWLFNHSROHD]GUDYRWQLUL]LNDYL
(OHNWURPDJQHWLFNpSROHD]GUDYRWQtUL]LND9,7=%LQIR
>:@
=LVNDQWpQ\G >G%L@
>FP@
9êNRQP
9]GiOHQRVWr ,QWHQ]LWDE
>9P@
2EU9êSRþHW(03PRELOXY]iYLVORVWLQDY]GiOHQRVWLRGDQWpQ\
7DEXOND 9]GiOHQRVW >FP@ r
,QWHQ]LWDE >9P@ 6RXþDVQi QRUPDSUR 0+]
6RXþDVQi QRUPDSUR 0+]
= JUDIX QD REU D ] WDEXON\ VL PĤåHPH RGHþtVW KRGQRW\ HOHNWULFNpKR SROH E MDNêP MH R]DĜRYiQ PR]HN SĜL Y\]DĜRYDQpP YêNRQXPRELOQtKRWHOHIRQX:YHY]GiOHQRVWHFKRGFPGRFP.XYHGHQpPXYêSRþWXPRKRXEêWQiPLWN\åHYSĜtSDGČ R]DĜRYiQt KODY\ PRELOHP NWHUê MH SĜLORåHQ X XãQtKR EROWFH VH MHGQi R EOt]Np SROH D YêSRþHW QHQt YČURKRGQê 1HYtP SURþ YêUREFL PRELOQtFK WHOHIRQĤ QHXYiGČMt ]iNODGQt WHFKQLFNp SDUDPHWU\ Y\]DĜRYDQê YêNRQ PD[LPiOQt±PLQLPiOQt YVWXSQt FLWOLYRVW DSDUDPHWU\ FKDUDNWHULVWLND EOt]NpKRSROH
-DNVHRULHQWRYDWYSURWRNROHFKRPČĜHQt(03 'ĤOHåLWêP GRNXPHQWHP SUR KRGQRFHQt ]GUDYRWQtFK UL]LN MH SURWRNRO R PČĜHQt (03 0ČĜHQt EêYi Y\YROiQR ] GĤYRGX QHVSRNRMHQRVWLDREDYREþDQĤRVYp]GUDYtDY\~VWtYåiGRVWRPČĜHQtQHLRQL]XMtFtKR]iĜHQt7DNRYiPČĜHQtGĜtYHSURYiGČO\ NUDMVNpK\JLHQLFNpVWDQLFH .+6 QDRSUiYQČQêSRGQČWREþDQĤ]GDUPD3RUHRUJDQL]DFLYH]GUDYRWQLFWYtSĜHãODWDWRþLQQRVWQD SĜtVOXãQp ]GUDYRWQt ~VWDY\ =Ò 7DWR VOXåED MH GQHV ]SRSODWQČQD 2EMHGQDW PČĜHQt (03 VL PĤåH REþDQ X =Ò YþHWQČ ]SUDFRYiQt SURWRNROX 6WHMQČ MDNR Y 1ČPHFNX L X QiV Y]QLNDMt SULYiWQt SRUDGHQVNp D NRQ]XOWDþQt ILUP\ NWHUp URYQČå QDEt]HMt PČĜHQt DOH SURWL =Ò PDMt MHãWČ SĜLGDQRX KRGQRWX NWHURX MH ]SUDFRYiQt QiYUKX QD VQtåHQt H[SR]LFH (03 Y LQNULPLQRYDQpP PtVWČ &RPiREVDKRYDWSURWRNRORPČĜHQt" .DåGê SURWRNRO PXVt REVDKRYDW ~GDMH NWHUp MVHP QD]YDO REOLJDWRUQt ± PtVWR PČĜHQt GDWXP D þDV GREX PČĜHQt PHWRGLNX PČĜHQt PHWHRURORJLFNp SRGPtQN\ D PČĜLFt ]DĜt]HQt V XGiQtP WHFKQLFNêFK SDUDPHWUĤ ]GD VH MHGQi R VSHNWUiOQt DQDO\]iWRU QHERRãLURNRSiVPRYêPČĜLþ SĜHVQRVWLPČĜHQtNPLWRþWRYêUR]VDKFLWOLYRVWW\SPČĜLFtFKDQWpQDWG 1HPpQČGĤOHåLWpMHMHãWČSĜHGPČĜHQtPY\WLSRYDWYãHFKQ\]GURMH]iĜHQtYLQNULPLQRYDQpPPtVWČ=tVNDWWHFKQLFNpSDUDPHWU\ 73 ]GURMĤ]iĜHQtQDSĜtNODGX]iNODGQRYêFKVWDQLFNPLWRþHWFHONRYêYêVWXSQtYêNRQVHNWRUX]LVNDQWpQ\KODYQtVPČU]iĜHQt D]LPXW D SRODUL]DFL YL] REU 'iOH MH WĜHED ]tVNDW SĜHGVWDYX R Y\]DĜRYDFtP GLDJUDPX ~KHO UR]HYĜHQt Y KRUL]RQWiOQt DYHUWLNiOQtURYLQČ DYêãNXDQWpQ\QDGWHUpQHP7\WRSDUDPHWU\SRXåLMLSURRULHQWDþQtYêSRþHW(03NG\åGRY]RUFHGRVDGtP Y]GiOHQRVWYPHWUHFKRGDQWpQ\]iNODGQRYpVWDQLFH*60 9êVOHGN\PČĜHQtMVRXYSURWRNROHFK]SUDFRYiQ\YSĜHKOHGQpWDEXOFHNWHUiREVDKXMH PtVWRPČĜHQtNPLWRþHW Emax SRSĜ Est YH9P Smax SstYH:Pð'iOHVHYWDEXOFH=ÒXYiGČMtUHIHUHQþQtKRGQRW\SRGOHQDĜt]HQtYOiG\þ6ESURKRGQRFHQt ]GUDYRWQtKR UL]LND -i GRSRUXþXML DE\ Y WDEXOFH E\O YåG\ XYHGHQ YêVOHGHN YêSRþWX (03 Y LQNULPLQRYDQpP PtVWČ 0ĤåH VH KWWS HOHNWURW]ELQIRF]HOHNWURPDJQHWLFNHSROHD]GUDYRWQLUL]LNDYL
(OHNWURPDJQHWLFNpSROHD]GUDYRWQtUL]LND9,7=%LQIR
YiP VWiW WR FR PQČ $ WR åH SRGQČW ĜHãLOD 0ČVWVNi K\JLHQLFNi VWDQLFH %UQR NWHUi QDPČĜLOD PD[LPiOQČ :Pð FRå MH ± 9P D Y\KRGQRWLOD PRML VWtåQRVW MDNR Y\Ĝt]HQRX +\JLHQD E\ PXVHOD QDPČĜLW Y PpP SĜtSDGČ YtFQHå9P UHIHUHQþQtKRGQRWD:PðSURSiVPR9.9 )0 DE\VH]GUDYRWQtPLUL]LN\]DEêYDOD-HYSRGVWDWČMHGQR FR VH QDPČĜt GR 9P SURWRåH YåG\ EXGRX VSOQČQ\ UHIHUHQþQt KRGQRW\ SRGOH YOiGQtKR QDĜt]HQt þ 6E 3RGOHYêSRþWXMVHPYČGČOåHPČĜHQtPČVWVNpKRK\JLHQLNDMH QHVSUiYQp QHRGSRYtGDOR PpPX YêSRþWX NWHUê GiYDO YêVOHGHN 9P 3ĜL WČFKWR KRGQRWiFK GRFKi]HOR N VLOQpPX UXãHQt UR]KODVX 9.9)0 3URWR WXWR ]iOHåLWRVW ĜHãLO ý7Ò DQDPČĜLO ±G%ȝ9P ±9P FRåVRXKODVLORVPêP YêSRþWHP 1HGRYHGX VL SĜHGVWDYLW åH E\FK åLO Y WUYDOp H[SR]LFL (03 ± 9P RG 9.9)0 Y\VtODþH WR QDPČĜLO K\JLHQLN 1DãWČVWtUXãHQtE\ORVLOQpLSĜL9PWDNåHLÒVWDY SĜtVWURMRYp WHFKQLN\ $NDGHPLH YČG ýHVNp UHSXEOLN\ SRGDO VWtåQRVW QD QHYKRGQp XPtVWČQt SULYiWQtKR Y\VtODþH 9.9)0 SURWRåH GRFKi]HOR N UXãHQt SĜtVWURMĤ SĜL MHMLFK Yê]NXPHFK 1DNRQHFE\OY\VtODþSĜHPtVWČQQDMLQpPtVWRY%UQČ
2EU9\]DĜRYiQt]iNODGQRYpVWDQLFH*60
+RGQRFHQtYêVOHGNĤPČĜHQtMVRXYSURWRNROHFK=ÒXYHGHQ\ SRX]H MHGQRX YČWRX D WR 9 SUĤEČKX PČĜHQt QHE\O\ SĜHNURþHQ\ UHIHUHQþQt ~URYQČ KXVWRW\ ]iĜLYpKR WRNX HOHNWURPDJQHWLFNp YOQ\ SUR QHSĜHWUåLWê SRE\W RE\YDWHO VWDQRYHQpYQDĜt]HQtYOiG\þ6E9WDEXOFHVHXYHGH SURFHQWR]SĜtVOXãQpUHIHUHQþQtKRGQRW\NWHUpMHYHOPLQt]Np D WR ± 6 WDNRYêP ]iYČUHP VH SRVWLåHQt RE\YDWHOp QHFKWČMt VSRNRMLW SURWRåH RþHNiYDOL åH =Ò RGKDOt SĜtþLQ\ MHMLFK ]GUDYRWQtFK SUREOpPĤ 1H]EêYi MLP QLF MLQpKR QHå VH REUiWLWRSRPRFQDSRUDGHQVNRXILUPXQHERVHRGVWČKRYDWQD
MLQpPtVWRNWHUpMHPpQČH[SRQRYiQR
3RVX]RYiQt]GUDYRWQtFKUL]LN 3UR]tVNiQtQi]RUQpSĜHGVWDY\RY\]DĜRYiQt]iNODGQRYp VWDQLFH *60 D KRGQRFHQt ]GUDYRWQtFK UL]LN MVHP SRXåLO REU]EURåXU\9RGDIRQH>@ 7HFKQLFNpSDUDPHWU\SURSiVPR 0+] YêVWXSQtYêNRQ: HIHNWLYQt]LVNDQWpQ\G%L DQWpQ\Y\]DĜXMtGRWĜtD]LPXWĤD 3URSRVRX]HQt]GUDYRWQtFKUL]LNMHQDREU]Qi]RUQČQD KXVWRWD ]iĜLYpKR WRNX 6 YH þW\ĜHFK Y]GiOHQRVWQtFK ]yQiFKDWR UHIHUHQþQtKRGQRWČRGSRYtGiY]GiOHQRVWP UHIHUHQþQtKRGQRWČRGSRYtGiY]GiOHQRVWP UHIHUHQþQtKRGQRWČRGSRYtGiY]GiOHQRVWP UHIHUHQþQtKRGQRWČRGSRYtGiY]GiOHQRVWP 9 SURVSHNWX 9RGDIRQH QHQt XYHGHQD þtVHOQi KRGQRWD S KXVWRWD ]iĜLYpKR WRNX SUR WM :Pð FRå RGSRYtGi LQWHQ]LWČ E 9P YH Y]GiOHQRVWL P 5HIHUHQþQt KRGQRW\ ]GUDYRWQt OLPLW\ MVRX SĜHNURþHQ\ GR Y]GiOHQRVWL P RG DQWpQ\ ]iNODGQRYp VWDQLFH Y KODYQtP VPČUX Y\]DĜRYDQpKR VYD]NX 9ČWãt Y]GiOHQRVW QHå P MH SRYDåRYiQD ]D EH]SHþQRX 7HQWR]iYČUåHPĤåHPHEêWWUYDOHH[SRQRYiQLRG]iNODGQRYpVWDQLFHEH]~MP\QD]GUDYtPiORNRKRSĜHVYČGþt.G\åK\JLHQLFL KWWS HOHNWURW]ELQIRF]HOHNWURPDJQHWLFNHSROHD]GUDYRWQLUL]LNDYL
(OHNWURPDJQHWLFNpSROHD]GUDYRWQtUL]LND9,7=%LQIR
SRYROtRSHUiWRUĤPSRVWDYLWDQWpQX]iNODGQRYpVWDQLFHSUDNWLFN\GRREêYDFtKRSRNRMHSDNVLPRKXSURYiGČWR]DĜRYiQtMDNRÄ9) HOHNWURPDJQHWLFNRXWHUDSLL³EH]OpNDĜVNpKRGR]RUX93UD]HLYGDOãtFKYHONêFKPČVWHFKPiĜDGDREþDQĤ]GUDYRWQtSUREOpP\ SRNXGE\GOtQHMHQYHY]GiOHQRVWL±PRGDQWpQ\DOHLYČWãt'QHVYtPHNGRW\WR]GUDYRWQtOLPLW\ UHIHUHQþQtKRGQRW\ SĜHG MHGHQiFWLOHW\SURVDGLOGROHJLVODWLY\YOiGQtKRQDĜt]HQtþ6EDNRPXY\KRYXMt1D]DþiWNX OHWPLQXOpKRVWROHWt MVHP VH SRGtOHO QD YêYRML SĜtVWURMĤ SUR Y\VRNRIUHNYHQþQt HOHNWURPDJQHWRWHUDSLL SUR OpþHEQp ~þHO\ 3ĜL NOLQLFNpP WHVWRYiQt SĜtVWURMĤ MVPH 6=Ò 6WiWQtPX ]GUDYRWQtPX ~VWDYX D 6Ò./ 6WiWQtPX ~VWDYX SUR NRQWUROX OpþLY PXVHOL GRND]RYDW åH SĜL KRGQRWiFKPD[LPiOQČ9PåiGQpKRSDFLHQWDQHSRãNRGtPHSĜLPLQXWRYpH[SR]LFL(=Ò (OHNWURWHFKQLFNpPX]NXãHEQtPX ~VWDYX MVPH PXVHOL SURNi]DW åH SXO]Qt VWLPXOiWRU QHQt ]GURMHP UXãHQt 3ĜLãHO URN D GRVXG SODWQp OLPLW\ SRGOH Y\KOiãN\ 0= ý5 þ 6E NWHUp E\O\ VWDQRYHQ\ QD ]iNODGČ WĜLFHWLOHWpKR Yê]NXPX E\O\ ]UXãHQ\ =DþDOR SODWLW YOiGQt QDĜt]HQt þ6ERRFKUDQČ]GUDYtSĜHGQHLRQL]XMtFtP]iĜHQtPNGHGRãORNGHVHWLQiVREQpPXXYROQČQt]GUDYRWQtFKOLPLWĤ'DOãt OHJLVODWLYQt ~SUDYD E\OD SURYHGHQD Y URFH Y VRXYLVORVWL V UDGDUHP Y %UGHFK 9OiGQt QDĜt]HQt þ 6E E\OR PRGLILNRYiQR QD Q\Qt SODWQp YOiGQt QDĜt]HQt þ 6E 1HVSRNRMHQêP VWDURVWĤP Y RNROQtFK YHVQLFtFK WRXWR ~SUDYRX SDN KODYQtK\JLHQLNGRND]RYDOåHUDGDUMH]GUDYRWQČÄEH]SHþQê³DåHOHJLVODWLYQČQHPDMtãDQFLVHQDFRRGYRODW =QRYX XYiGtP åH QHPiP QLF SURWL UHIHUHQþQtP KRGQRWiP DSOLNRYDQêP QD PRELOQt WHOHIRQ\ NGH VH MHGQi R NUiWNRGRERX H[SR]LFL 8SODWĖRYDW W\WR KRGQRW\ SĜL YêVWDYEČ Y\VtODþĤ YHGH N RSUiYQČQêP VWtåQRVWHP REþDQĤ SURWRåH SRNXG PiWH WX VPĤOX åH ]iNODGQRYRX VWDQLFL PiWH Y EOt]NRVWL E\WX MVWH R]DĜRYiQL MDNR NG\E\VWH WUYDOH YRODOL KRGLQ GHQQČ PRELOHP VYêNRQHP±:-HWXUR]GtOSRX]HYWRPåHMHY\VWDYRYDQiNR]DĜRYiQtQHMHQKODYDDOHFHOpWČOR.ODGXVLRWi]NXMDNê Pi VP\VO SURYiGČW QiURþQi PČĜHQt (03 ]GUDYRWQtPL ~VWDY\ D SODWLW ]D QČ NG\å SUDNWLFN\ YãHFKQ\ SURWRNRO\ NWHUp MVHP YLGČOY\KRYtVYHONRXUH]HUYRXUHIHUHQþQtPKRGQRWiP.SĜHNURþHQtOLPLWXE\GRãORMDNMVPHVLXNi]DOLYHY]GiOHQRVWLGRSČWL PHWUĤRGDQWpQ\]iNODGQRYpVWDQLFH*60QHERE\FKPXVHOEêWQHGDOHNRUDGDUXþLY\VtODþH'9%7 0ČĜHQt(03MLVWČVP\VOPiFKFLDOHXSR]RUQLWQDGYD]DWtPQHVOXþLWHOQpSĜtVWXS\ %XGHWHOLYUROLSUDFRYQtND=ÒQHER]iVWXSFHRSHUiWRUDVtWČ*60SURYiGČWPČĜHQtDKRGQRFHQtSRGOHYOiGQtKR QDĜt]HQtþ6EREþDQRYLNWHUêVLVWČåXMHSURWRåHPi]GUDYRWQtSUREOpP\GRNiåHWHQD]iNODGČUHIHUHQþQt KRGQRW\SURGDQêNPLWRþHWåHMHKRVWtåQRVWMHQHRSUiYQČQiDYČFSRYDåXMHWH]DY\Ĝt]HQRX %XGHWHOLYUROLSUDFRYQtNDSRUDGHQVNpDNRQ]XOWDþQtILUP\MHYDãtP~NROHP]MLVWLWSĜtþLQX]GUDYRWQtFKSUREOpPX NOLHQWDQDSĜtNODG]GDVHMHGQiYLQNULPLQRYDQpPPtVWČRÄYtFH]GURMRYp³R]DĜRYiQtP]UĤ]QêFKVPČUĤGLJLWiOQt Y\VtOiQtWHOHYL]H'9%79.9)0Y\VtODþHVtWČ*60NROLNMH:L)LVtWtYHVOHGRYDQpPPtVWČLNG\åMVRXY\]iĜHQp YêNRQ\WČFKWRY\VtODþĤPDOpQDSĜtNODG:L)LP:Då:=GUDYRWQtPYOLYHPVHPXVtSRUDGHQVNiILUPD]DEêYDW DEUiWY~YDKXY\VRNp]LVN\DåG%WČFKWRVPČURYêFKDQWpQ]GDQHGRãORNQDYêãHQtYêNRQĤQHRGERUQêPL ~SUDYDPL:L)LDQWpQ SRPRFtSOHFKRYHNRG.RVWHOHFNêFKSiUNĤYEH]OLFHQþQtPSiVPX 0XVt]YDåRYDWFHONRYRX ELODQFLMHGQRWOLYêFK]GURMĤ(03DSURãHWĜLW]GDQHGRFKi]tNUXãHQtLQWHUIHUHQFtPRGUD]ĤPUH]RQDQFtP1D]iNODGČ XYHGHQpKRUR]ERUXQDYUKQHRSDWĜHQtNHVQtåHQtH[SR]LFH0ČĜHQt(03SRWĜHEXMHSURWRDE\E\ORPRåQR]KRGQRWLW ~URYHĖ(03SĜHG~SUDYDPLDSRQLFKDSRVRXGLWMDNE\O\HIHNWLYQt-HGQiVHRYHOPLQiURþQRXSURIHVLRQiOQtSUiFL NWHUiQHPXVtYåG\NRQþLWSR]LWLYQtPYêVOHGNHPDNOLHQWVHRGVWČKXMHGRMLQpORNDOLW\ &R WHG\ V OLGPL ± SDFLHQW\ NWHĜt PDMt SURND]DWHOQČ ]GUDYRWQt SUREOpP\ Y SĜtPp VRXYLVORVWL V HOHNWURVPRJHP L SĜL KRGQRWiFK(03GDOHNRQLåãtFKQHåMVRXXQiVSODWQp]GUDYRWQtOLPLW\"-HGQiVHRWĜLDåSČWSURFHQWSRSXODFHNWHUpVH R]QDþXMt ]D HOHNWURK\SHUVHQ]LWLYQt (+6 QHER VH R]QDþXMt WHUPtQHP ÄLGLRSDWLFNi QHVQiãHQOLYRVW N SURVWĜHGt³ ,GLRSDWLF (QYLURQPHQWDO,QWROHUDQFH]NUDWND,(, &R QRYpKR VH Y WpWR YČFL VWDOR" 9 RGERUQpP þDVRSLVH 3UDNWLFNê OpNDĜ þ E\O ]YHĜHMQČQ þOiQHN GRF / 3HNiUND D ,QJ / -HOtQND > @ NWHĜt VH VQDåt ]SURVWĜHGNRYDQČ GRNi]DW D WR QD ]iNODGČ MHGQp VWXGLH åH MH ÄNRQHF HOHNWURPDJQHWLFNp K\SHUVHQ]LWLYLW\³ 6 MHGQR]QDþQêP ]iYČUHP åH HOHNWURVHQ]LWLYLWD (+6 QHVRXYLVt V UHDNFt QD HOHNWURPDJQHWLFNRX VWLPXODFL XYHGHQêP Y þOiQNX MVHP QHVRXKODVLO QD ]iNODGČ GORXKROHWêFK ]NXãHQRVWt VSROX V 08'U :DOWHUHP 8YHGHQê ]iYČU MH QHSURIHVLRQiOQtNG\åVHWYUGtåHMGHRSV\FKRVRPDWLFNRXSRUXFKXXWĜtSURFHQWSRSXODFHDSUDNWLþWtOpNDĜLE\PČOLW\WRSDFLHQW\ SRGOH XYHGHQêFK DXWRUĤ SRVODW QD SV\FKLDWULL 7HQWR Qi]RU Y\YUiWLO Y þDVRSLVH 3UDNWLFNê OpNDĜ þ 08'U :DOWHU SUDFRYDO Y 86$ D 1ČPHFNX NWHUê VH NRQWDNWRYDO V DXWRU\ þOiQNX QD NWHUê VH GRF / 3HNiUHN RGYROiYi =MLVWLO åH SURI/DQGJUHEH5RHQJDUWKDGDOãt]XQLYHU]LW\YěH]QČ]NRXPDOLQDSURVWRMLQêSUREOpPDWRKXþHQtYXãtFK WLQQLWXV .GRE\ VH FKWČO R (+6 SRGUREQČ ]DMtPDW RGND]XML KR QD þWYUWp SRNUDþRYiQt (OHNWURPDJQHWLFNp SROH D ]GUDYRWQt UL]LND (OHNWURLQVWDODWpU þ D OLWHUDWXUX > @ 5RYQČå GRSRUXþXML VH VH]QiPLW V YêVOHGN\ MHGQiQt :+2 ] NYČWQD R HOHNWURK\SHUVHQ]LWLYLWČ >@ $ODUPXMtFt MVRX YêVOHGN\ Yê]NXPX ] ORĖVNpKR URNX NWHUp GRND]XMt NDUFLQRJHQQt ~þLQN\ GORXKRGREpH[SR]LFHQt]NpLQWHQ]LW\PLNURYOQQpKR]iĜHQtXOLGtD]YtĜDWåLMtFtFKSREOtå]iNODGQRYêFKVWDQLF*60
-DNpVLY\WYRĜtPHHOHNWURPDJQHWLFNpSURVWĜHGtGRURNX KWWS HOHNWURW]ELQIRF]HOHNWURPDJQHWLFNHSROHD]GUDYRWQLUL]LNDYL
(OHNWURPDJQHWLFNpSROHD]GUDYRWQtUL]LND9,7=%LQIR
1D ]iYČU VH SRNXVtP RGSRYČGČW QD RWi]NX GR MDNêFK ~URYQt SR]DGt (03 VH GRVWDQHPH Y GUXKp GHNiGČ VWROHWt EXGHOL QDSOQČQD YL]H ,%0 $PELHQW ,QWHOOLJHQFH 9tP MLVWČ åH ÄSĜHV\FHQt³ SURVWRUX NGH VH SRK\EXMHPH HOHNWURVPRJHP ĜtNiPH WRPX RGERUQČ HOHNWURPDJQHWLFNp SR]DGt EXGH QDUĤVWDW H[SRQHQFLiOQČ QLNROLY OLQHiUQČ MDN WRPX E\OR GR URNX 1HPXVtPH PtW REDY\ åH GR URNX VH GRVWDQHPHQDUHIHUHQþQtFKKRGQRWSRGOHYOiGQtKRQDĜt]HQtþ6E=DWtP HOHNWURQLFNi]DĜt]HQtSUR,&7QHVSOĖXMtSRåDGDYN\QDRGROQRVWNWHUpSRYROXMt]GUDYRWQt OLPLW\ = WRKR SO\QH åH Y WRPWR SURVWĜHGt VH ]YêãHQêPL SRåDGDYN\ E\ HOHNWURQLFNi ]DĜt]HQt QHPXVHOD VSUiYQČ D EH] SRUXFK IXQJRYDW Y HOHNWURPDJQHWLFNpP SURVWĜHGt NWHUp SRYROXMt ]GUDYRWQt OLPLW\ QD NRQFL KUDQLF UHIHUHQþQtFK KRGQRW ± WR FR Pi ÄY\GUåHW³ þORYČN SRGOH ,&1,53 (OHNWURQLFNp SĜtVWURMH NWHUp EXGRX VRXþiVWt QDãHKR åLYRWD GRNRQFH QČNWHĜt OLGp MH EXGRX PtW LPSODQWRYiQ\ Y WČOH MDNR þLS QHMGH MHQ R NDUGLRVWLPXOiWRU\ SĜLSUDYXMt VH QDQRWHFKQRORJLH VSOĖXMt SRåDGDYN\ QD WHFKQLFNRX (0&DWDMHGDOHNRQLåãtQHå]GUDYRWQtOLPLW\3DUDGR[QČQiVWHG\FKUiQtMDNMVHPMLå XYHGO WHFKQLFNp QRUP\ QLNROLY ]GUDYRWQt OLPLW\ =GUDYRWQt OLPLW\ MVRX GRSRUXþRYiQ\ NRPLVt ,&1,53 D QD QČ VH VWiOH K\JLHQLFL RGYROiYDMt 1DRSDN WHFKQLFNp QRUP\ (0& QD PČĜHQt HPLVt D WHVWRYiQt RGROQRVWL Y\FKi]HMt ] GRSRUXþHQt &,635 NWHUp E\OR SĜHY]DWRGRQRUHP(1Dý61(1.RQNUpWQČH[SHUWLQD(0&VHĜtGtý61(1 D QH]DMtPDMt VH R UHIHUHQþQt KRGQRW\ SUR ]GUDYRWQt UL]LND VWHMQČ WDN K\JLHQLN\ QH]DMtPi GRSRUXþHQt &,635 L NG\å VSROHþQêP MPHQRYDWHOHP RERX MH HOHNWURPDJQHWLFNp SROH 2GKDGXML åH VH PĤåHPH GRVWDW QD ± ~URYQČ UHIHUHQþQt KRGQRW\ MLQDN EXGH GRFKi]HW N UXãHQt D LQWHUIHUHQFtP 0ĤåH VH DOH VWiW åH PĤM RGKDG GR URNX MH RSWLPLVWLFNê 'i VH SĜHGSRNOiGDW åH RSČW SĜHYOiGQRX HNRQRPLFNp ]iMP\ QDG ]GUDYRWQtPL QRYp WHFKQRORJLH ]DMLVWt SUR ,&7 SĜtVWURMH V Y\ããt RGROQRVWt 3RGOHQHMQRYČMãtVWXGLH'LJLWDO8QLYHUVHRUJDQL]DFH,'6]þHUYQD2EMHPGDWQDVYČWČVHNDåGpGYDURN\YtF QHå ]GYRMQiVREt WR ]QDPHQi åH REMHP GDW URVWH U\FKOHML QHå XGiYi 0RRUĤY ]iNRQ >@ 7DWR SURJQy]D VH SURPtWQH L GR EH]GUiWRYêFK,&7DQLFQHEXGHEUiQLWH[SRQHQFLiOQtPXUĤVWXQHLRQL]XMtFtKR]iĜHQt SRGOHREU(OHNWURLQVWDODWpUþ± JUDISRVXQHPHGRREGREt± 1HFKWČOE\FKQDYR]RYDWNDWDVWURILFNpVFpQiĜHDOHVWiOêH[SRQHQFLiOQtUĤVWPXVtYpVW NH NDWDVWURIČ 5R]YRM EH]GUiWRYêFK WHFKQRORJLt QHPĤåH SRNUDþRYDW GR QHNRQHþQD 1DUD]t VH QD VWURS NWHUpPX SUDFRYQČ ĜtNiP ÄQHLRQL]XMtFt ýHUQRE\O³ %XGHPHOL SRVWXSRYDW Y EXGRXFQX MDNR GRVXG WR ]QDPHQi åH ]GUDYRWQt OLPLW\ RSČW QDYêãtPH î SRGOHSRWĜHE\RSHUiWRUĤ SDNVL]SURVWĜHGtPĤåHPHY\WYRĜLWÄPLNURYOQQRXWURXEX³/LPLWRYDWUR]YRM,&7QHEXGRXWHFKQLFNp SUREOpP\DOH]GUDYRWQtUL]LND7RVLGQHVPiORNGRXYČGRPXMH0XVtPDOHNRQVWDWRYDWåH:+2RSRWHQFLiOQtPQHEH]SHþt9) (03YWRPWRURFHXVLORYQČMHGQi3RGUREQRVWLQDOH]QHWHY>@ 1HFKWČOE\FKNRQþLWSHVLPLVWLFNêP]iYČUHP&KFLXEH]SHþLWþWHQiĜHåHQDVWiYiUR]YRMQRYêFKYČGQtFKRERUĤQDRFKUDQXSĜHG QHLRQL]XMtFtP ]iĜHQtP D WR YH VWDYHEQt ELRORJLL VSHFLiOQt VWDYHEQt PDWHULiO\ SUR RGVWtQČQt EXGRY L Y REODVWL WH[WLOQtKR SUĤP\VOX WH[WLOQt VWtQLFt WNDQLQ\ 1H]DRVWiYi DQL YêYRM QRYêFK PČĜLFtFK SĜtVWURMĤ SUR PČĜHQt (03 1) L 9) DQL RVREQtFK ÄGR]LPHWUĤ³SURUHJLVWUDFL(03YSiVPX0+]Då*+]
3RXåLWiOLWHUDWXUD >@+RFK$$ 6ORYQtþHNGČMLQWHFKQLN\DY\QiOH]Ĥ2UELV3UDKD >@.GRMH$â3RSRY2UELV3UDKD >@.G\.GH3URþDMDNVHFRVWDOR5HDGHU¶V'LJHVW9êEČU >@âOH]LQJHU9 ýORYČNDWHFKQRORJLH=DþtQiÄFK\WUi³GHNiGD(NRQRPVSHFLiO] >@9DFXOtN3 (OHNWURPDJQHWLFNiNRPSDWLELOLWDSURNDåGpKR(0&±PêWXVQHERVNXWHþQiKUR]ED"(OHNWURLQVWDODWpU þ >@3RþW\]iNODGQRYêFKVWDQLFPRELOQtFKRSHUiWRUĤKWWS ZZZJVPZHEF] >@=iNODGQRYpVWDQLFH*60DMHMLFKYOLYQDRNROtEURåXUD9RGDIRQH >@+DODþND) 3RåDGDYN\QD(=6]KOHGLVNDHOHNWURPDJQHWLFNpKRSURVWĜHGtVNXWHþQpLQVWDODFH(OHNWURLQVWDODWpU þ > @3HNiUHN/-HOtQHN/ .RQHFHOHNWURPDJQHWLFNpK\SHUVHQ]LWLYLW\3UDNWLFNêOpNDĜþ >@ZZZHOHNWURVPRJSLVHF] >@2EMHPGDWQDVYČWČVHNDåGpGYDURN\YtFQHå]GYRMQiVREt6WXGLH'LJLWDO8QLYHUVHRUJDQL]DFH,'6]þHUYQD WLVNRYi]SUiYDVSROHþQRVWL(0&
KWWS HOHNWURW]ELQIRF]HOHNWURPDJQHWLFNHSROHD]GUDYRWQLUL]LNDYL
(OHNWURPDJQHWLFNpSROHD]GUDYRWQtUL]LND9,7=%LQIR
KWWS HOHNWURW]ELQIRF]HOHNWURPDJQHWLFNHSROHD]GUDYRWQLUL]LNDYL
