'Ð/(ä,7e %(=3(ý12671e 32.<1<
=QDþND EOHVNX Y URYQRVWUDQQRP
WURMXKROQtNX XSR]RU XMH QD =QDþND YêNULþQtND Y SUDYRXKORP
SUtWRPQRV QHL]RORYDQpKR WURMXKROQtNX XSR]RU XMH QD YêVN\W
QHEH]SHþQpKR QDSlWLD SRG NU\WRP ]DULDGHQLD G{OHåLWêFK SRN\QRY QD SUHYiG]NX D ~GUåEX
NWRUp MH GRVWDWRþQH YH Np QD WR DE\ VS{VRELOR ]DULDGHQLD Y VSULHYRGQHM OLWHUDW~UH
~UD] HOHNWULFNêP SU~GRP
ýtWDMWH WLHWR SRN\Q\ 8SR]RUQHQLH
'RGUåXMWH WLHWR SRN\Q\ x 1HY\VWDYXMWH ]DULDGHQLH GDå X DOHER
9ãtPDMWH VL YãHWN\ XSR]RUQHQLD
5LD WH VD YãHWNêPL SRN\QPL YOKNRVWL DE\ VD ]QtåLOR UL]LNR ~UD]X
1HSRXåtYDMWH WRWR ]DULDGHQLH Y EOt]NRVWL HOHNWULFNêP SU~GRP
YRG\ x 7RWR ]DULDGHQLH PXVt E\ X]HPQHQp
8WLHUDMWH OHQ VXFKRX KDQGURX x 3RXåtYDMWH WURMYRGLþRY~ X]HP RYDFLX
1HEORNXMWH YHWUDFLH RWYRU\ 3UL LQãWDOiFLL YLGOLFX DNR Wi NWRU~ VWH GRVWDOL VR
SRVWXSXMWH SRG D SRN\QRY YêUREFX ]DULDGHQtP
1HXPLHVW XMWH ]DULDGHQLH Y EOt]NRVWL x 0DMWH QD YHGRPt åH U{]QH SUHYiG]NRYp
WHSHOQêFK ]GURMRY DNR V~ UDGLiWRU\ WHSHOQp QDSlWLD V~ SRWUHEQp U{]QH W\S\ QDSiMDFtFK
DNXPXOiWRU\ SHFH DOHER LQp ]DULDGHQLD NiEORY D YLGOtF
YUiWDQH ]RVLO RYDþRY NWRUp SURGXNXM~ x 6NRQWUROXMWH 9DãH QDSlWLH D SRXåLWH
WHSOR VSUiYQ\ W\S NiEOD 9L WDEX NX QLåãLH
=DFKRYiYDMWH EH]SHþQRVWQê ~þHO 1DSlWLH 1DSiMDFt NiEHO SULVO~FKDM~FL
SRODUL]RYDQHM DOHER X]HPQHQHM YLGOLFH
3RODUL]RYDQi YLGOLFD PD GYD NRQWDNW\ ] ãWDQGDUGX
9 8/ D &6$ & þ
NWRUêFK MHGHQ MH ãLUãt DNR GUXKê
8]HPQHQi YLGOLFD Pi GYD NRQWDNW\ D WUHWt 9 &(( VWUDQD 9,, 65 RGVHN
' ,(& VWUDQD &
X]HP RYDFt YêYRG âLURNê NRQWDNW DOHER
WUHWt YêYRG VO~åLD SUH 9DãX EH]SHþQRV $N 9 %6 ] U
6SHFLILFDWLRQ IRU $ IXVHG
GRGDQi YLGOLFD QHSDVXMH GR YDãHM ]iVXYN\ SOXJV DQG VZLWFKHG DQG
QHFKDMWH VL ]iVXYNX Y\PHQL HOHNWULNiURP
=DEH]SHþWH QDSiMDFt NiEHO WDN DE\ VD SR XQVZLWFKHG VRFNHW RXWOHWV
RP QHFKRGLOR D DE\ QHERO SULFYLNQXWê x EOt]NRVWL HOHNWULFNHM ]iVXYN\ D RGSRMHQLH
]DULDGHQLD Pi E\ DKNR SUtVWXSQp
RE]YOiã QD PLHVWH NGH Y\FKiG]D ]R
]DULDGHQLD x 1HLQãWDOXMWH Y X]DWYRUHQRP SULHVWRUH
3RXåtYDMWH LED GRSOQN\ SUtVOXãHQVWYR x 1HRWYiUDMWH ]DULDGHQLH UL]LNR ~UD]X
HOHNWULFNêP SU~GRP
XUþHQp YêUREFRP
3RXåtYDMWH LED YR]tN\ SRGVWDYFH VWRMDQ\
DOHER VWRO\ XUþHQp YêUREFRP DOHER 3R]RU
SUHGiYDQp VR ]DULDGHQtP $N VD SRXåtYD x .DåGi ]PHQD DOHER ]iVDK NWRUp QHEROL
YR]tN GiYDMWH SR]RU DE\ ]DULDGHQLH
QHVSDGOR H[SOLFLWQH SRYROHQp Y WRPWR QiYRGH P{åH
2GSRMWH ]DULDGHQLH SUL E~UNH DOHER DN KR PD ]D QiVOHGRN ]UXãHQLH SRYROHQLD QD
GOKãLX GREX QHEXGHWH SRXåtYD SUHYiG]NX ]DULDGHQLD
9ãHWN\ RSUDY\ ]YHUWH NYDOLILNRYDQpPX x 1HEH]SHþHQVWYR YêEXFKX DN V~ EDWHUN\
RGERUQtNRYL 2SUDYD MH SRWUHEQi DN EROR QHVSUiYQH Y\PHQHQp 9\PLH DMWH LED ]D
]DULDGHQLH DNêPNR YHN VS{VRERP URYQDNê DOHER HNYLYDOHQWQê W\S
SRãNRGHQp DNR QDSU SRãNRGHQLH x 2WYRU\ VO~åLDFH QD YHWUDQLH QHVP~ E\
QDSiMDFLHKR NiEOD UR]OLDWLH WHNXWLQ\ DOHER ]DNUêYDQp SDSLHUPL GHNDPL ]iFORQDPL D
SRG
QDSDGDQLH YHFt GR ]DULDGHQLD Y\VWDYHQLH 2SUDYD
]DULDGHQLD GDå X DOHER YOKNRVWL x 9R YQ~WUL ]DULDGHQLD QLH V~ åLDGQH þDVWL
]DULDGHQLH QHSUDFXMH VSUiYQH DOHER
VSDGOR RSUDYLWH Qp SRXåtYDWH RP
x 9ãHWN\ RSUDY\ PXVLD E\ Y\NRQDQp
NYDOLILNRYDQêP SUDFRYQtNRP
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
(0& (0, $ 9<+/È6(1,( 2 =+2'(
(0& (0, 7~WR EURå~UX 6WRFN 1R VL
7RWR ]DULDGHQLH EROR WHVWRYDQp D VS D P{åHWH REMHGQD X
REPHG]HQLD SUH GLJLWiOQH ]DULDGHQLH WULHG\ % 86 *RYHUQPHQW
SRG D þOiQNX QRUP\ )&& 3ULQWLQJ 2IILFH
:DVKLQJWRQ '&
7LHWR REPHG]HQLD EROL QDYUKQXWp DE\
SRVN\WRYDOL SULPHUDQ~ RFKUDQX SURWL 9\KOiVHQLH R ]KRGH
ãNRGOLYpPX UXãHQLX SUL SUHYiG]NH
Y GRPiFQRVWL 7& (OHFWURQLF $ 6 6LQGDOVYHM
5LVVNRY 'HQPDUN SUHKODVXMH QD YODVWQ~
7RWR ]DULDGHQLH Y\WYiUD SRXåtYD D P{åH DM ]RGSRYHGQRV åH QDVOHGXM~FL SURGXNW
Y\åDURYD UiGLRYp YOQ\ D DN QLH MH
QDLQãWDORYDQp D SRXåtYDQp SRG D SRN\QRY * 6\VWHP ± *XLWDU (IIHFWV 3URFHVVRU
P{åH PD UXãLYê YSO\Y QD UiGLRY~ /RRS 6\VWHP DQG 0,', FRQWUROOHU
NRPXQLNiFLX $YãDN QLH MH ]DUXþHQp åH VD
Y XUþLWRP ]DSRMHQt UXãHQLH QHY\VN\WQH
$N Pi ]DULDGHQLH QD UiGLRYp DOHER WHOHYt]QH
SULMtPDþH UXãLYê YSO\Y NWRUê VD Gi ]LVWL
]DSQXWtP D Y\SQXWtP ]DULDGHQLD P{åHWH
VN~VL QDVOHGRYQp RSDWUHQLD
x 2WRþWH DOHER SUHPLHVWQLWH SULMtPDFLX
DQWpQX
x =YêãWH Y]GLDOHQRV PHG]L ]DULDGHQtP
D SULMtPDþRP
x 3ULSRMWH ]DULDGHQLH GR ]iVXYN\ NWRUi MH
]DSRMHQi QD LQRP RNUXKX DNR SULMtPDþ
x 3RåLDGDMWH R SRPRF SUHGDMFX DOHER
VN~VHQpKR UiGLRYpKR WHOHYt]QHKR
WHFKQLND
)&& )HGHUDO &RPPXQLFDWLRQV &RPPLVVLRQ
SULSUDYLOD SUH SRXåtYDWH RY QDVOHGRYQ~
EURå~UX REVDKXM~FX XåLWRþQp LQIRUPiFLH +RZ
WR LGHQWLI\ DQG 5HVROYH 5DGLR 79 LQWHUIHUHQFH
3UREOHPV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
2%6$+
Ò92' 3HGiOH
'{OHåLWp EH]SHþQRVWQp SRN\Q\ (;35(66,21 SHGiOH ± QD þR"
(0& (0, &HUWLILNiW NRQIRUPLW\ 3ULSRMHQLH
2EVDK 1DVWDYHQLH
ÒYRG 0HQX SHGiORY
5êFKO\ QiYRG QD LQãWDOiFLX )XQNFLD KODVLWRV ± IXQNFLD (;35(66,21
5R]GHOHQLH PHQX .DOLEUiFLD
35(+ $' 1HFKDMWH (;35(66,21 SHGiOH RYOiGD
.RQWUROQê SDQHO ± YUFKQi VWUDQD
.RQWUROQê SDQHO ± ]DGQi VWUDQD QLHNWRUp SDUDPHWUH
*); ± SUHGQi VWUDQD
3ULSHYQHQLH * 6\VWpPX 7ODþLGOi
=Y\þDMQp QDVWDYHQLH IXQNFLt WODþLGLHO
QD SHGiORYê QiVWDYHF
*); ± ]DGQi VWUDQD 0,',
1$67$9(1,$ 3DUDPHWUH VSRMHQp V 0,',
9\VYHWOHQLH W\SRY ]RVLO RYDþRY =iORKD FH] 0,',
* 6\VWpP ± SyGLRYi PRQWiå
3HGiOH ]RVLO RYDþ 1iVWURMH XWLOLWN\
3HGiOH SUHG]RVLO RYDþ ]RVLO RYDþ 0HWURQyP
3HGiOH KODYD %ORNRYDFLH SDUDPHWUH
=DSRMHQLH ]RVLO RYDþRY 0D]DFLH SDUDPHWUH
=DSRMHQLH ]RVLO RYDþRY
* 6\VWpP V *); Y UDFNX 5HOp SUH SUHStQDQLH NDQiORY ]RVLO RYDþD
3UHStQDþ 3UHStQDþ
DOãLH LQIRUPiFLH 0HQX SUHStQDQLD UHOp
+/$91e 23(5È&,( 1DVWDYRYDQLH
0yG 3/$< 0yG (',7
0yG 3/$< /DGLþND
0yG (',7 /DGLþND Y PyGH 3/$<
9R ED HIHNWRY 3DUDPHWUH 781(5 PyGX
0HWURQyP
0HWURQyP
0yG 35(6(7 +$1'/(
8FKRYiYDQLH QDVWDYHQt
0D]DQLH QDVWDYHQt
.RStURYDQLH HIHNWRY PHG]L QDVWDYHQLDPL
0yG 0(18
3UHK DG
=DSRMHQLD
6pULRYp ]DSRMHQLH
6HPL SDUDOHOQp ]DSRMHQLH
3DUDOHOQp ]DSRMHQLH
=DEORNRYDQLH ]DSRMHQLD
9R ED YVWXSX
+ODVLWRVWL
2SWLPDOL]iFLD KODVLWRVWL
3DUDPHWUH KODVLWRVWt
)XQNFLD %2267
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
2%6$+
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
Ò92'
*UDWXOXMHPH
0\ Y 7& (OHFWURQLF VPH YLDF QHå KUGt åH YiP P{åHPH SUHGVWDYL QRYê * 6\VWpP NWRUê EXGH Y
QDMEOLåãtFK URNRFK FHQWURP YDãHM JLWDURYHM DSDUDW~U\ 3UH]HQWRYDQLH QRYHM V~þDVWL Y\EDYHQLD
JLWDULVWRP MH YåG\ Y]UXãXM~FH NY{OL YH PL UR]GLHOQ\P SRåLDGDYNiP NWRUp PDM~ $NR YLHWH HIHNWRYê
SURFHVRU NX JLWDUH QLH MH SRURYQDWH Qê V ÄQRYêPL NOiYHVDPL V OHSãtP ]YXNRP DOHER WURãNX OHSãtP
PLNURIyQRP /HQ VD QDG WêP ]DP\VOLWH SR]QiWH QLHNRKR NWR Pi JLWDURY~ DSDUDW~UX VWRSHUFHQWQH
LGHQWLFN~ V WRX YDãRX" 3UDYGHSRGREQH QLH .H åH VL WR XYHGRPXMHPH ~ORKD Y\WYRUL ]DULDGHQLH DNR
* 6\VWpP EROD REURYVNRX Yê]YRX NWRU~ GREUH SULMDO FHOê SHUVRQiO Y 7& (OHFWURQLF
* 6\VWpP VD ]URGLO V Y\XåLWtP VN~VHQRVWt NWRUp VPH ]tVNDOL V MHKR SUHGFKRGFDPL * )RUFH D
* 0DMRU D ] REURYVNpKR SUtQRVX UHDNFLt NWRUp VPH URN\ GRVWiYDOL ]R VWUDQ\ ]iND]QtNRY
9ODVWQRVWL
SyGLRYê PXOWLHIHNWRYê SURFHVRU
Då HIHNWRY P{åH E\ SRXåLWêFK V~þDVQH
UêFKOH D SO\QXOp ]PHQ\ SUHVHWRY V RQHVNRUHQêPL SUHOLYPL
SUHStQDWH Qp PRQR VOXþN\ SUH ]DSRMHQLH YDãLFK RE ~EHQêFK HIHNWRYêFK
SHGiORY
SUtGDYQê YVWXS XUþHQê SUH SUHG]RVLO RYDþH
[ 9 '& YêVWXS QD QDSiMDQLH SHGiORY
86% NRQHNWRU SUH XSGDWH VRIWZDUX
~SOQi IOH[LELOLWD NRQWUROQê SDQHO P{åH E\ RGGHOHQê RG *); 7RWR YiP
XPRåQt XPLHVWQL *); DM VR YVWXSPL DW GR UDFNRYHM VNULQH ]DWLD
þR NRQWUROQê SDQHO ]RVWiYD QD ]HPL
0,', SUH RYOiGDQLH DOãtFK H[WHUQêFK 0,', MHGQRWLHN
NRQHNWRU\ SUH YêUD]RYp SHGiOH
$N WHQWR PDQXiO QH]RGSRYLH QD YãHWN\ YDãH RWi]N\
SURVtP SRXåLWH VOXåEX SRGSRU\ 7& NWRU~ P{åHWH
Y\XåL FH] QDãX ZHERY~ VWUiQNX
ZZZ WFHOHFWURQLF FRP ýDVRP ]R]ELHUDPH
QDMþDVWHMãLH NODGHQp RWi]N\ D GRSOQtPH QLPL WHQWR
PDQXiO 'RSOQHQLD PDQXiOX V~ GRVWXSQp QD
VWLDKQXWLH QD QDãHM ZHEVWUiQNH Y 3')
IRUPiWH ýtVOR DNWXiOQHM YHU]LH PDQXiOX MH
XYHGHQp QD VSRGNX VWUDQ\
3UHORåLO 0DUWLQ .UFKR PDLO PDUWLQ NUFKR#JPDLO FRP ,&4
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
Ò92'
.H KR Xå PiWH 7UL ãW\UL DOHER Sl VOXþLHN
þR VD V WêP Gi UREL " âW\UL VOXþN\ SUH GULYH SHGiO\ DW SOXV SUtGDYQi
VOXþN\ NWRUi MH ãSHFLiOQH QDYUKQXWi SUH ]DSRMHQLH
$NR XUREtWH WR þR FKFHWH MH Y\VYHWOHQp Y DOãtFK SUHG]RVLO RYDþD 3UH NDåGê SUHVHW P{åHWH ]YROL
NDSLWROiFK WiWR þDV Pi VO~åL LED DNR LQãSLUiFLD NWRUp VOXþN\ EXG~ DNWtYQH 'RGDWRþQH P{åHWH
NêP VD SULSUDYXMHWH QD SRVWDYHQLH YDãHM Y\VQtYDQHM ]DStQD D Y\StQD VOXþN\ Då SRXåLWtP NRQWUROQpKR
DSDUDW~U\ SDQHOX $N FKFHWH PD FH] RYOiGDFt SDQHO SUtVWXS DM
NX ãWYUWHM VOXþNH SUtSDGQH N VOXþNH SUH
3l WODþLGLHO 35(6(7 D WODþLGOi %$1. SUHG]RVLO RYDþ DOHER SLDW\ SHGiO P{åHWH QDVWDYL
WODþLGOi SRXåLWtP &XVWRP 6ZLWFK )XQFWLRQV
83 '2:1
ýR" $NR" 3UHþR"
3UHVHW\ V~ ]RUDGHQp GR EDQNRY VNXStQ SR SLDWLFK 0{åHWH VL QiMV YODVWQê VS{VRE Y\XåLWLD V\VWpPX DOH
QDVOHGXM~FD þDV RSLVXMH ILOR]RILX NWRUi EROD
3RXåLWLH SLDWLFK 35(6(7 WODþLGLHO GRKURPDG\ ]iNODGRP GL]DMQX * 6\VWHP /HQ SUH QDVOHGXM~FL
SUtNODG SUHGSRNODGDMPH åH VWH SULSRMLOL RYHUULGH
V WODþLGODPL %$1. 83 '2:1 YiP GRYROt UDGLNiOQH SHGiOH N QLHNWRUHM DOHER NX YãHWNêP ]R ãW\URFK
VOXþLHN D SUtSDGQH HãWH SUHG]RVLO RYDþ GR SUtGDYQHM
]PHQL ]YXN VWODþHQtP MHGLQpKR WODþLGOD VOXþN\ 3HGiOH NWRUp SO\QXOR PHQLD ]YROHQê
SDUDPHWHU DOHER HIHNW DOHM OHQ ÄH[SUHVVLRQ SHGiOH³
35(6(7 WODþLGOi V~ YêERUQp DNR QD RYOiGDQLH KODVLWRVWL WDN DM QD
NRQWUROX UHDO WLPH SDUDPHWURY DNR SLWFK YR
3UHVHW\ REVDKXM~ ZKDPP\ HIHNWH 3UH WHQWR SUtSDG E\ VD PDOR YDãH
HIHNWRYp EORN\ 5HYHUE 'HOD\ DW ]DSRMHQLH WRPXWR
DNWtYQH DM SDVtYQH
QDVWDYHQLD SUH YãHWN\ HIHNWRYp EORN\
DNWtYQH DM SDVtYQH
VWDWXV DNWtYQ\ SDVtYQ\
]DKUQXWLH SULSRMHQêFK H[SUHVVLRQ SHGiORY
U{]QH DOãLH SDUDPHWUH
7ODþLGOi ())(&7 %<3$66 D /223
7LHWR WODþLGOi YiP GRYROLD ]DSQ~ DOHER Y\SQ~
HIHNW\ 'HOD\ 5HYHUE 3LWFK 0RGXODWLRQ )LOWHU
&RPSUHVVLRQ D /RRSV DNR V~þDV SUHVHWRY 6~
YODVWQH WR LVWp þR 2Q 2II WODþLGOi QD EHåQêFK
VWRPSER[RFK
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
Ò92' SUHVHWRFK SRXåLWtP WODþLGLHO (IIHFWV 2Q 2II
3RG D åHODQLD P{åHWH WLHå DNWLYRYD DOHER
x 3RXåLWH SUHVHW\ DE\ VWH VL XORåLOL QDVWDYHQp GHDNWLYRYD VOXþN\
]iNODGQp ]YXN\ 3UHVHW\ P{åHWH ]DYROD
WODþLGODPL 35(6(7
3UtNODG 3UtNODG 1DSUtNODG ]DþQHWH VyOR NODVLFN\ V
5K\WKP WURãNRX 5HYHUE DOH þDVRP FtWLWH åH E\ VD GR
5K\WKP WRKR KRGLOR 'HOD\ 3DQQHU 2FWDYHU DOHER DM
&UXQFK ]RVLOQHQLH SRXåLWtP WODþLGOD %2267
'LVW
/HDG 7RWR V~ WLHå OHQ QiSDG\ MH SOQH YR YDãLFK
UXNiFK DNR Y\XåLMHWH SRWHQFLiO * 6\VWpPX
3R]RU 7LHWR Qi]Y\ V~ LED Qi]RUQp ± QLH MH WR &XVWRP 6ZLWFK IXQNFLH
SULPiUQH QDVWDYHQLH SUHVHWRY -H OHQ QD YiV 3R QHMDNRP þDVH VL EXGHWH PRåQR FKFLH
NR NR Y\ DåtWH ] IOH[LELOLW\ * 6\VWpPX SULVS{VREL YDãX DSDUDW~UX 1DSUtNODG
QHEXGHWH VSRNRMQê V WêP DNR V~ UR]ORåHQp
$N SRWUHEXMHWH YLDF QHå SUHVHWRY WODþLGOi QD RYOiGDFRP SDQHOL
MHGQRGXFKR VWODþWH %$1. 83 D SRXåLWH DOãtFK 7UHEiUV EXGHWH FKFLH SUtVWXS NX YãHWNêP
0iWH N GLVSR]tFLt Då GR EDQNRY VNXStQ SLDWLP VOXþNiP FH] WODþLGOi $OHER E\ VWH
SR SUHVHWRY Y\XåLOL SUHVHW WODþLGLHO DOH P{åHWH RåHOLH
QDSU WODþLGOR E\SDVV SUH ),/7(5 &203 D
x .DåGê SUHVHW Y * 6\VWpPH VL SDPlWi NWRUp 3,7&+
VOXþN\ D HIHNWRYp EORN\ PDM~ E\ DNWtYQH D
NWRUp SDUDPHWUH ULDGLD H[SUHVVLRQ SHGiO\ 6PHOR GR WRKR 5R]ORåHQLH QD NRQWUROQRP
SDQHOL EROR XUREHQp SRG D RGSRU~þDQt
x 9 SUHVHWRFK V~ XORåHQp YãHWN\ QDVWDYHQLD PQRKêFK JLWDULVWRY V NWRUêPL VPH VD
SUH YãHWN\ HIHNWRYp EORN\ SUH WLH NWRUp V~ UR]SUiYDOL 0{åHWH VL KR SULVS{VREL DNR VD
DNWtYQH Y SUHVHWRFK QR DM SUH WLH RVWDWQp YiP SiþL NDåGp WODþLGOR VL QDVWDYWH SRG D
VYRMLFK SUHGVWiY
x 1DVWDYHQLD V~ ]DFKRYDQp SUH DNWtYQH DM
QHDNWtYQH HIHNW\
.H Xå PiWH Y\WYRUHQp ]iNODGQp SUHVHW\ DNR 1D SULVS{VREHQLH UR]PLHVWQHQLD WODþLGLHO
VWODþWH (',7 SRWRP 0(18 D FKR WH GR
QDSU WHQ Y\ããLH XYHGHQê P{åHWH PHG]L QLPL 6ZLWFKHV
SUHStQD Y U{]Q\FK þDVWLDFK SLHVQH SRXåLWtP
SUHVHW WODþLGLHO 1DY\ãH P{åHWH
3R]RU WODþLGOi (',7 D 83 '2:1 QHP{åX
DNWLYRYD GHDNWLYRYD HIHNWRYp EORN\ Y E\ SULGHOHQp LQêP IXQNFLiP
5é&+/< 1È92' 1$ ,1â7$/È&,8
7HQWR 5êFKO\ QiYRG QD LQãWDOiFLX YiP SRP{åH QDãWDUWRYD DN Xå PiWH ]iNODGQ~ SUHGVWDYX R
WRP DNR FKFHWH Y\XåL * 6\VWpP $N VWH QRYt YR VYHWH PXOWLHIHNWRYêFK SURFHVRURY DVL FtWLWH åH
SRWUHEXMH WURFKX YLDF SRGUREQêFK LQIRUPiFLt 9 WRP SUtSDGH VD SR]ULWH QD SDWULþQp NDSLWRO\ WRKWR
PDQXiOX 1iMGHWH Y RP VHNFLX 3UHK DG VWUDQ\ Y NWRUHM V~ XNi]DQp QDMXåLWRþQHMãLH
NRQHNWRU\ D WODþLGOi
5R]ED RYDQLH
2WYRUWH ãNDWX X 'iYDMWH SR]RU DE\ VWH
QHSRãNRGLOL YHFL YR YQ~WUL ãNDWXOH QLHþLP
RVWUêP DNR QDSU QRåRP DOHER QRåQLFDPL
8LVWLWH VD åH EDOHQLH REVDKXMH QDVOHGXM~FH
SRORåN\
9 * 6\VWpP *); ± MH UDFNRYi MHGQRWND NWRUi
9 XåtYDWH VNê PDQXiO REVDKXMH VHNFLX QD VSUDFRYDQLH VLJQiOX ]GURM
9 QDSiMDFt NiEHO DW
9 &$7 NiEHO
9 [ FP QDSiMDFLH NiEOH SUH SHGiOH = YêURE\ V~ RELGYH þDVWL ]PRQWRYDQp DNR DOO
9 ãWtWN\ SUH SUHStQDþH LQ RQH SyGLRYê SURFHVRU $YãDN DN FKFHWH
9 UHJLVWUDþQi NDUWX SURGXNWX PD YãHWN\ YVWXSQp NRQHNWRU\ SHGiORY D QDSU
SUHG]RVLO RYDþD HOHJDQWQH XORåHQp Y
=DUHJLVWUXMWH VL * 6\VWpP EX SUL ]DVODQtP UDFNX QDPLHVWR WRKR DE\ VD YiP Yi DOL SR
]HPL P{åHWH MHGQRGXFKR RGGHOL NRQWUROQê
UHJLVWUDþQHM NDUW\ DOHER FH] SDQHO RG *); D QDPRQWRYD *); GR
UDFNX 3UH YLDF GHWDLORY DNR WR XUREL VL SR]ULWH
ZZZ WFHOHFWURQLF FRP þDV =DSRMHQLH ± PRQWiå GR UDFNX QD
QDVOHGXM~FLFK VWUDQiFK
0RQWiå GR UDFNX DOHER SyGLRYi YHU]LD"
9 ãNDWXOL MH FHOê * 6\VWpP ]PRQWRYDQê DNR 7HUD] ]DSRMtPH Yiã * 6\VWpP
SyGLRYi MHGQRWND $OH SUHGVD 3UHGSRNODGiPH åH SRXåtYDWH * 6\VWpP
Y SyGLRYHM PRQWiåL WDN DNR ERO ]PRQWRYDQê
* 6\VWpP VD VNODGi ] GYRFK KODYQêFK þDVWt YR YêUREH
RYOiGDFt SDQHO ± WRWR MH VDPRWQê SDQHO
VSROX V VWHUHR MDFNPL SUH H[SUHVVLRQ
SHGiOH D 5- NRQHNWRURP SUH *);
3R]ULPH VD QD SUHGQê SDQHO *);
5é&+/< 1È92' 1$ ,1â7$/È&,8
9VWXS SUH QiVWURM ,QSXW ,QVWUXPHQW x 8LVWLWH VD åH VWH ]DSOL YãHWN\ SHGiOH
x =DSRMWH JLWDUX GR NRQHNWRUX R]QDþHQpKR ]DSRMHQp GR VOXþLHN
Ä,QSXW ,QVWUXPHQW³
0XVtWH VD UR]KRGQ~ þL
SRXåLMHWH YVWXS QD SUHGQHM
DOHER QD ]DGQHM þDVWL *);
1DVWDYXMH VD WR SRXåLWtP
SDUDPHWUD 9êEHU YVWXSX ,QSXW 6HOHFW Y
PHQX *OREDO *OE /HYHOV
6OXþN\ D ,QVHUW x $N YDãH SHGiOH SRWUHEXM~ 9 '&
x =DSRMWH 2YHUGULYH 'LVWRUWLRQ SHGiOH QDSiMDQLH QHEXGHWH SRWUHERYD
H[WHUQê ]GURM HQHUJLH SUHWRåH *
DOHER LQp PRQR HIHNW\ GR VOXþLHN QD 6\VWpP SRVN\WXMH [ 9 '& YêYRG\
* 6\VWpPH =DSRMWH 6HQG GR YVWXSX PD[ P$ GRKURPDG\
,QSXW QD SHGiORFK D YêVWXS 2XWSXW ]
SHGiORY GR 5HWXUQ
x $N FKFHWH ]DSRML DM SUHG]RVLO RYDþ $N SRFK\EXMHWH R WRP DNê ]GURM QDSiMDQLD
Y\åDGXM~ YDãH SHGiOH PDOL E\ VWH VD
SRXåLWH ,QVHUW VOXþNX 3UHSRMWH NRQHNWRU SR]ULH GR GRNXPHQWiFLH NWRUi N QLP EROD
SULORåHQi 1D QLHNWRUêFK SHGiORFK EêYD
Ä,QVHUW 6HQG³ VR YVWXSRP QD PDOê ãWtWRN YHG D YVWXSX QDSiMDQLD NWRUê
E\ VWH PDOL NRQWURORYD
SUHG]RVLO RYDþL D YêVWXS
6PH ~SOQH SUHVYHGþHQt åH NH VD Xå UD]
] SUHG]RVLO RYD þD GR Ä,QVHUW 5HWXUQ ³ RER]QiPLWH V * 6\VWpPRP ]LVWtWH åH MH
~SOQH MHGQRGXFKp QLHOHQ KR QDVWDYL DOH
'R ,QVHUW VOXþN\ P{åH E\ SUtSDGQH GRNRQFD VL KR SULVS{VREL YODVWQêP
]DSRMHQê DM SLDW\ VWRPS ER[ SHGiO
5é&+/< 1È92' 1$ ,1â7$/È&,8
SRWUHEiP 1D GUXKHM VWUDQH IOH[LELOLWD
* 6\VWpPX NWRU~ SRQ~ND ]QDPHQi åH
SULFKiG]D V YH NêP PQRåVWYRP IXQNFLt
NWRUp VNXWRþQH QLNG\ QHY\XåLMHWH 0RåQR
WLHå QDUD]tWH QD IXQNFLH R NWRUêFK VWH DQL
QHYHGHOL åH VD ]tGX Då GRWHUD]
5é&+/< 1È92' 1$ ,1â7$/È&,8
=DSRMHQLH ± PRQWiå GR UDFNX
$NR VPH Xå VSRPHQXOL * 6\VWpP P{åHWH
UR]GHOL QD NRQWUROQê SDQHO D MHGQRWNX
QD]YDQ~ *); *); RGGHOtWH WDN åH
MHGQRGXFKR Y\VNUXWNXMHWH VNUXWN\ NWRUp
KR GUåLD
6NUXWN\ Y *); PDM~ SULHPHU +ODVLWRVWL /HYHOV
PP DOH QLHNWRUp ]DULDGHQLD SUH 1DVWDYWH VL YDãH GULYH SHGiO\ D
PRQWiå GR UDFNX GUåLD QD PP SUHG]RVLO RYDþ QD UR]XPQp KODVLWRVWL
VNUXWNiFK 3UHWR SRXåLWH WLH VSUiYQH 1DVWDYHQLH KODVLWRVWt QD PD[LPXP P{åH
VS{VREL YQ~WRUQp SUH DåHQLH SUHMDYXM~FH
.H RGGHOtWH *); RG VD Y SUDVNRWRFK D QHYtWDQRP GLJLWiOQRP
NRQWUROQpKR SDQHOX PXVtWH VNUHVOHQt
QDPLHVWR QHKR QDPRQWRYD .H VYLHWL þHUYHQp VYHWLHONR 29(5/2$'
GRVNX DE\ VD ]DFKRYDOD PD[LPiOQD /(' QD ,1387 PHWUL VLJQiO MH SUtOLã VLOQê
VWDELOLWD .H VYLHWL þHUYHQp VYHWLHONR 29(5/2$'
/(' QD ,1387 PHWUL VLJQiO MH SUtOLã VLOQê
x =DSRMWH SHGiOH D SUHG]RVLO RYDþ
URYQDNR DNR SUL SyGLRYHM PRQWiåL 3UH DåHQi
Y SUHGRãOHM VHNFLL /('
=/( '2%5(
x .H V~ Xå RGGHOHQp SUHSRMWH NRQWUROQê
SDQHO D *); GOKêP &$7 NiEORP 3RG D WRKR DNR V~ QDVWDYHQp
QLH MH V~þDV RX EDOHQLD
VOXþN\ QD * 6\VWpPH P{åHWH
x =DSRMWH JLWDUX GR Ä,QSXW ,QVWUXPHQW³
YVWXSX WURãNX SULVS{VREL YDãH GULYH
x .RQWUROQê SDQHO MH Y\EDYHQê GXSOLNiWPL QDVWDYHQLD QD SHGiORFK D SUHG]RVLO RYDþL
NRQHNWRURY SUH H[SUHVVLRQ SHGiOH
NWRUp VD QDFKiG]DM~ DM QD *); -H DM NH V~ ]DSRMHQp GR YVWXSRY *
WHGD ~SOQH MHGQR NDP LFK ]DSRMtWH
HIHNW EXGH URYQDNê OHQ VD Y\KQHWH 6\VWpPX
GOKêP NiEORP QDWLDKQXWêP RG YDãLFK
H[SUHVVLRQ SHGiORY N UDFNX
5é&+/< 1È92' 1$ ,1â7$/È&,8
3UHVHW\ x 6WODþWH (',7 SUH YVWXS GR (GLW PyGX
x * 6\VWpP Pi YêUREQêFK SUHVHWRY x 7ODþLGORP 3$*( ]YR WH HIHNW 3RNUDþXMWH
x 0{åHWH XORåL Då YODVWQêFK SUHVHWRY
x 3UHVHW\ V~ XORåHQp GR EDQNRY SR VWODþHQtP (17(5
YêUREQêFK EDQNRY MH R]QDþHQêFK Ä$ ³ ³$ ³ x 7RþHQtP 3$*( Y VPHUH KRGLQRYêFK
D Ä% ³ ³% ³ D Y NDåGHM ] QLFK SUHVHW\ Ä ³ Då
Ä ³ UXþLþLHN VD SRVXQLHWH FH] VWUDQ\
8åtYDWH VNp EDQN\ V~ R]QDþHQp Ä ³ Ä ³ Y SDUDPHWURY 1D VSRGNX ]R]QDPX QiMGHWH
NDåGHM ] QLFK Ä ³ Ä ³ 2Q 2II SDUDPHWHU SUH ]YROHQê HIHNW NWRUê
]YROtWH VWODþHQtP WODþLGOD &
9RODQLH SUHVHWX 5HFDOOLQJ 3UtNODG
x 3UHVHW ]DYROiWH VWODþHQtP MHGQpKR ] (IHNW\ NWRUp PDM~ SULGHOHQp WODþLGOR VD P{åX
]DSQ~ DOHER Y\SQ~ DM QtP
35(6(7 WODþLGLHO 6NXSLQX SUHVHWRY
EDQN ] NWRUpKR YROiWH SUHVHW ]YROtWH 6OXþNX VOXþN\ ,16(57 D HIHNW\
WODþLGODPL 83 D '2:1 NWRUp QHPDM~ SUHGYROHQp åLDGQH
x 0HG]L YODVWQêPL D YêUREQêPL SUHVHWPL VD WODþLGOR V~ VSUtVWXSQHQp FH] (',7
SUHSQHWH NH VWODþtWH QDUD] WODþLGOi 83 D
'2:1
PyG
x =iOHåt OHQ QD YiV GR NWRUêFK VOXþLHN EXG~ 8NODGDQLH SUHVHWRY 6DYLQJ
]DSRMHQp SHGiOH DN Y{EHF 7RWR MH G{YRG $E\ VD ]DFKRYDOL ]PHQ\ NWRUp VWH XURELOL Y
SUHþR YR YêUREQêFK SUHVHWRFK QLH V~ SUHVHWH PXVtWH VL LFK XORåL GR SRXåtYDWH VNHM
DNWtYQH åLDGQH VOXþN\ VNXSLQ\ SUHVHWRY 8VHU EDQN
x 6WODþWH (',7 SUH YVWXS GR (GLW PyGX SRNLD
x 6OXþN\ Då P{åHWH DNWLYRYD MHGQRGXFKR
VWODþHQtP WODþLGLHO /223 Då /223 Xå QLH MH DNWtYQ\
x 6WODþWH D GUåWH QLHNWRUp ] 35(6(7
8SUDYRYDQLH SUHVHWRY
3UH SUtVWXS N SDUDPHWURP HIHNWRY WODþLGLHO
x 6WODþWH (',7 'RVWDOL VWH VD GR (GLW PyGX x 7HUD] VD QDFKiG]DWH Y PyGH SUH QDUiEDQLH
x =YR WH VL HIHNW NWRUê FKFHWH XSUDYL
V SUHVHWPL 3UHVHW +DQGOH 0RGH D ]R
WODþLGORP 3$*( ]DþLDWNX MH QDVWDYHQi IXQNFLD XNODGDQLD
x DOHM VWODþWH (17(5 6WRUH
x 6WODþHQtP 3$*( VD GRVWDQHWH QD VWUiQNX x 7ODþLGORP $ VL ]YR WH NDP FKFHWH XORåL
SUHVHW
SDUDPHWURY x 7HUD] KR P{åHWH XORåL VWODþHQtP NOiYHV\
x =PH WH KRGQRW\ SDUDPHWURY SRXåLWtP (17(5 $N FKFHWH QDMSUY ]PHQL PHQR
SUHVHWX SRXåLWH WODþLGOi % D &
WODþLGLHO $ % D &
=DStQDQLH D Y\StQDQLH HIHNWRY Y (GLW PyGH
5é&+/< 1È92' 1$ ,1â7$/È&,8
DOãLH G{OHåLWp LQIRUPiFLH )XQNFLH /RFNLQJ QD X]DPNQXWLH
1DVOHGXMH ]R]QDP G{OHåLWêFK LQIRUPiFLt QDVWDYHQt
NWRUp E\ VWH PDOL Y]LD QD YHGRPLH NH x ]DPNQLWH VL VOXþNX ,QVHUW DN GR QHM
EXGHWH QDVWDYRYD * 6\VWpP 3URVtP
SUH]ULWH VL SUtVOXãQp þDVWL WRKWR PDQXiOX PiWH SULSRMHQê SUHG]RVLO RYDþ D FKFHWH
1D ]RULHQWRYDQLH VD SRXåLWH 2EVDK VWUDQD KR SRXåtYD YR YãHWNêFK SUHVHWRFK
x ]DPNQLWH VL KODVLWRV %RRVW DN MX
FKFHWH PD URYQDN~ YR YãHWNêFK
3UHþtWDMWH VL þDV 3UtNODG\ SUHVHWRFK
x ]DPNQLWH VL (4 HNYDOL]pU DN FKFHWH
QDVWDYHQLD PD URYQDNê (4 YR YãHWNêFK SUHVHWRFK
QLHþR DNR KODYQê (4
ýDV 3UtNODG\ QDVWDYHQLD SRVN\WXMH x ]DPNQLWH VL UHOp DE\ RVWDOL URYQDNp EH]
RK DGX QD WR DNR V~ QDVWDYHQp Y
FHONRYê SUHK DG R WRP DNR VD Gi * SUHVHWRFK
x ]DPNQLWH VL W\S SUHSRMHQLD V RVWDWQêPL
6\VWpP ]DSRML VR ]Y\ãNRP DSDUDW~U\ V~þDV DPL DSDUDW~U\ DN SRXåtYDWH LED
WRWR MHGQR ]DSRMHQLH
3RXåLWH VSUiYQH NiEOH SUH
VOXþN\ Då 'RVWD WH ]R ]RVLO RYDþRY þR QDMYLDF
VOXþND ,QVHUW SRXåLWtP QDVWDYHQt NDQiORY QD
H[SUHVVLRQ SHGiO\ YêVWXSH
.DQiO\ QD ]RVLO RYDþL P{åHWH SUHStQD V
1DNDOLEUXMWH VL H[SUHVVLRQ SHGiO\ SRPRFRX UHOp * 6\VWpPX 6DPR]UHMPH
([SUHVVLRQ SHGiO\ PXVLD E\ VSUiYQH WLHWR QDVWDYHQLD V~ XORåHQp DNR V~þDV
QDVWDYHQp DE\ GRVLDKOL QDMOHSãt YêNRQ SUHVHWRY
6SUiYQH SRXåLWH IXQNFLX %RRVW
0{åHWH VL QDVWDYL KODVLWRV ERRVWX Y
NDåGRP SUHVHWH D DNWLYRYD KR SRPRFRX
WODþLGOD %2267
9R ED YVWXSX
0XVtWH VD UR]KRGQ~ þL SRXåLMHWH SUHGQê
DOHER ]DGQê YVWXS QD *); 7R NWRUê VD
SRXåtYD PXVt E\ QDVWDYHQp Y SDUDPHWUL
,QSXW 6HOHFWLRQ Y *OREDO *OE /HYHOV
PHQX 6WODþWH (',7 !0(18 !RWRþWH
3$*(
+,(5$5&+,$ 0(18 * 6<67e08
0HWURQyP 0yG 3/$< 9RODQLH SUHVHWRY
*OREiOQH WHPSR * 6\VWpPX 7ODþLGODPL 83 D '2:1
]PHQtWH WODþLGORP 7$3 7(032 ]YROtWH EDQN D WODþLGODPL
Y SUDYRP KRUQRP URKX 35(6(7 ]DYROiWH åHODQê
/DGLþND SUHVHW
6WODþWH WODþLGOR 781(5 D GUåWH
KR Y SUDYRP KRUQRP URKX 6WODþWH
(IHNW\ D VOXþN\ (',7
(IHNW\ D VOXþN\ ]DSQHWH DOHER
Y\SQHWH SULUDGHQêPL HIHNWRYêPL
WODþLGODPL
6WODþWH
0(18
0yG 0(18 0yG (',7 6WODþWH D GUåWH XERYR Qp
3UHVHW KDQGOH PyG 7ODþLGORP 3$*( ]YR WH HIHNW 35(6(7 WODþLGOR Då SUH
3UVW 5RXWLQJ 3UH SUtVWXS N SDUDPHWURP YVWXS GR 3UHVHW +DQGOH
*OE /HYHOV VWODþWH (17(5 PyGX
3HGDOV 3UHVHW +DQGOH PyG
6ZLWFKHV 7ODþLGORP 3$*( ]YR WH
0,', 5HFDOO
8WLOLW\ 6WRUH
6WODþWH 0(18 SUH 'HOHWH
YVWXS GR (',7 PyGX
35(+ $'
.RQWUROQê SDQHO ± YUFKQi VWUDQD
35(+ $'
7iWR þDV REVDKXMH NUiWN\ RSLV WODþLGLHO * 6\VWpPX D LFK IXQNþQRVWL Y PyGH 3/$< D Y PyGH
(',7 3UH YVWXS GR (',7 PyGX MHGQRGXFKR VWODþWH (',7 7LHWR VWUiQN\ EROL QDStVDQp DNR
YãHREHFQê SUHK DG D UêFKO\ VSULHYRGFD * 6\VWpPRP 3UH SRGUREQHMãLH LQIRUPiFLH VL SR]ULWH
SUtVOXãQp NDSLWRO\ WRKWR PDQXiOX
.RQYHQFLD SRPHQRYDQLD
9H]PLWH QD YHGRPLH åH WODþLGOi * 6\VWpPX PDM~ YLDF DNR IXQNFLX D V~ SRG D WRKR DM
R]QDþHQp 5{]QH IXQNFLH ]iYLVLD RG NRQWH[WX QDSU Y NWRURP PHQX WODþLGOR VWODþtWH
9ãHREHFQi QDYLJiFLD ± ]iNODG\ x 1D GLVSOHML VD ]REUD]LD QDUD]
x KRUQêFK WODþLGLHO MH R]QDþHQêFK DNR SDUDPHWUH
HQFRGHUV 3RXåtYDM~ VD QD ]PHQX x +RGQRW\ WêFKWR SDUDPHWURY PHQtWH
KRGQ{W SDUDPHWURY Y U{]Q\FK PHQX WODþLGODPL $ % D &
0HQX MH VNXSLQD SRGREQêFK
SDUDPHWURY x 3UH SUHKOLDGDQLH DOãtFK SDUDPHWURY
x 3UH YVWXS GR U{]Q\FK PHQX SRXåLWH WODþLGOR 3$*(
x 6WODþWH (',7 RWRþWH 3$*( D VWODþWH
(17(5 DOHER VWODþWH (',7 D SRWRP
())(&7 DOHER VWODþWH MHGQR ] WODþLGLHO
/223 D VWODþWH (17(5
3/$< PyG (',7 PyG
=DSQXWLH Y\SQXWLH ILOWUD 6WODþHQtP VD GRVWDQHWH N SDUDPHWURP HIHNWRY YR )LOWHU
EORNX
=DSQXWLH Y\SQXWLH 2WRþHQtP QDVWDYXMHWH VLOX YVWXSX
NRPSUHVRUD
6WODþHQtP VD GRVWDQHWH N SDUDPHWURP NRPSUHVRUD
=DSQXWLH Y\SQXWLH VOXþN\ 2WRþHQtP PHQtWH SDUDPHWHU $ QD GLVSOHML
=DSQXWLH Y\SQXWLH VOXþN\
=DSQXWLH Y\SQXWLH VOXþN\ 2WRþHQtP PHQtWH SDUDPHWHU % QD GLVSOHML
2WRþHQtP PHQtWH SDUDPHWHU & QD GLVSOHML
3DUDPHWUH Y (',7 PHQX V~ ]REUD]HQp SR QD VWUDQX
2WRþHQtP SRV~YDWH VWUiQN\ GLVSOHMD
35(+ $'
3/$< PyG (',7 PyG
(',7 0HWURQyP 6WODþHQtP VD GRVWDQHWH GR (',7 PyGX
6WODþWH DN VD FKFHWH GRVWD GR (',7 PyGX DOHER GYDNUiW 9 (',7 PyGH WêPWR WODþLGORP QDVWDYtWH KODVLWRV
UêFKOR SRNOHSWH SUH SUtVWXS N QDVWDYHQLX JOREiOQHKR YêVWXSX SUHVHWX
WHPSD
0HUDþH
0HUDþ QD DYR XND]XMH KODVLWRV YVWXSX 1DVWDYWH
KODVLWRV YVWXSX WDN DE\ þHUYHQp /(' GLyG\ ]DVYLHWLOL
OHQ SUtOHåLWRVWQH 0HUDþ QDSUDYR LQGLNXMH KRUQ~ KUDQLFX
KODVLWRVWL D DNWLYLWX NRPSUHVRUD
'LVSOHM ODGLþN\ D þtVOD SUHVHWX
DYi VWUDQD GLVSOHMD XND]XMH þL MH SULFKiG]DM~FL WyQ
QDODGHQê .H VYLHWLD RELGYH ãtSN\ MH VWUXQD QDODGHQi
9 781(5 PyGH VD LQIRUPiFLD R ODGHQt ]REUD]t DM QD
YH NRP GLVSOHML 3UL ODGHQt P{åHWH SRXåL IXQNFLX NWRUi
XWOPt YêVWXSQê ]YXN
(',7 GLVSOHM 8ND]XMH YãHWN\ HGLWRYDWH Qp SDUDPHWUH
/(' GLyG\ WHPSD 3DUDPHWUH Y (',7 PHQX V~ ]REUD]HQp SR QD VWUDQX
7LHWR GYH /(' GLyG\ UHSUH]HQWXM~ DNWXiOQH JOREiOQH 2WRþHQtP SRV~YDWH VWUiQN\ GLVSOHMD
WHPSR 7RWR WHPSR P{åHWH XUþL SRXåLWtP WODþLGOD
(',7 7$3 7(032
'2:1 ± YVWXS RGFKRG 9 (',7 PyGH VD SRXåtYD SUH YVWXS GR D RGFKRG
3RXåLWtP WRKWR WODþLGOD VD GRVWDQHWH ] DNWXiOQHKR EDQNX ] U{]Q\FK PHQX DOHER QD SRWYUGHQLH DNWXiOQHM YR E\
GR SUHGRãOpKR QDSU ] EDQNX GR EDQNX
83 3UH YVWXS GR 0(18 PyGX QDMSUY VWODþtWH (',7
3RXåLWtP WRKWR WODþLGOD VD GRVWDQHWH ] DNWXiOQHKR EDQNX D SRWRP WODþLGOR 83 9 0(18 PyGH P{åHWH PHQL
GR QDVOHGXM~FHKR QDSU ] EDQNX GR EDQNX U{]QH QDVWDYHQLD DNR 0,', 8WLOLW\ , 2 D PQRKR
DOãtFK 3UH SRGUREQHMãLH LQIRUPiFLH VD SURVtP
REUi WH QD SUtVOXãQp þDVWL WRKWR PDQXiOX SUtS QD
GRGiYDWH D
35(+ $'
3/$< PyG (',7 PyG
35(6(7 WODþLGOi 6WODþWH D SRGUåWH VHNXQG\ SUH YVWXS GR
6WODþWH UD] SUH ]DYRODQLH SUHVHWX ] DNWXiOQHKR 3UHVHW +DQGOH PyGX 9 WRPWR PyGH P{åHWH
EDQNX .H VWH XURELOL ]PHQ\ Y SUHVHWRFK DNR XNODGD SUHVHW\ PD]D LFK D SUHPHQRYiYD
]DStQDQLH D Y\StQDQLH HIHNWRY D VOXþLHN
PXVtWH LFK XORåL
=DStQDQLH D Y\StQDQLH 0RGXODWLRQ 6WODþWH SUH SUtVWXS N SDUDPHWURP
6WODþHQtP Y\SQHWH ]DSQHWH 0RGXODWLRQ HIHNW\ Y 0RGXODWLRQ EORNX
=DStQDQLH D Y\StQDQLH 3,7&+ 6WODþWH SUH SUtVWXS N SDUDPHWURP Y 3,7&+
6WODþHQtP Y\SQHWH ]DSQHWH 3,&7+ HIHNW\ EORNX
=DStQDQLH D Y\StQDQLH '(/$< 6WODþWH SUH SUtVWXS N SDUDPHWURP Y '(/$<
6WODþHQtP Y\SQHWH ]DSQHWH '(/$< HIHNW\ EORNX
=DStQDQLH D Y\StQDQLH 5(9(5% 6WODþWH SUH SUtVWXS N SDUDPHWURP Y 5(9(5%
6WODþHQtP Y\SQHWH ]DSQHWH 5(9(5% HIHNW\ EORNX
=DStQDQLH D Y\StQDQLH %2267 6WODþHQtP VD RGVWDQHWH SULDPR N SDUDPHWUX
6WODþHQtP Y\SQHWH ]DSQHWH IXQNFLX %2267 %2267 KODVLWRVWL 3R]RU PD[LPiOQD
3UH NDåGê SUHVHW P{åHWH QDVWDYL KODVLWRV KODVLWRV %2267 VD QDVWDYXMH Y PHQX
ERRVWX Då GR G% /HYHOV
35(+ $'
.RQWUROQê SDQHO ± ]DGQi þDV
1D REUi]NX V~ ]REUD]HQp NRQHNWRU\ QD
]DGQHM VWUDQH NRQWUROQpKR SDQHOX
.H MH * 6\VWpP ]PRQWRYDQê GRKURPDG\ Y .H MH *); QDPRQWRYDQê Y UDFNX PXVtWH
SyGLRYHM ]RVWDYH &RQWURO /LQN NRQHNWRU\ SRXåL GOKãt &$7 NiEHO QLH MH V~þDV RX
QD NRQWUROQHM GRVNH D QD *); V~ EDOHQLD 3RXåLWH &$7 NiEHO Y\VRNHM NYDOLW\
SUHSRMHQp NUiWN\P &$7 NiEORP V ;/5 WLHQHQtP SUH PD[LPiOQX VWDELOLWX
*); ± SUHGQi þDV
&RQWURO /LQN SULSRML H[SUHVVLRQ SHGiOH GR *); 7RWR
3RXåLWH ãWDQGDUGQê &$7 NiEHO QD YiP GiYD PRåQRVWL XPLHVWQHQLD SUH NDåGê
SUHSRMHQLH NRQWUROQpKR SDQHOX D *); 9 SDUDPHWHU SULUDGHQê WêPWR NRQHNWRURP NWRUp
RULJLQiOQRP EDOHQt NH V~ NRQWUROQê SDQHO D P{åHWH QD SyGLX XPLHVWQL WDP NDP
*); VSRMHQp LFK SUHSiMD NUiWN\ &$7 SRWUHEXMHWH
NiEHO .H RGGHOtWH *); RG NRQWUROQpKR
SDQHOX D SRXåtYDWH KR QDPRQWRYDQê Y UDFNX 3UH YLDF LQIRUPiFLt R H[SUHVVLRQ SHGiORFK VD
SRXåLWH &$7 NiEHO YKRGQHM G åN\ SURVtP REUi WH QD SUtVOXãQp þDVWL WRKWR
RGSRU~þDQi G åND MH PD[LPiOQH PHWURY PDQXiOX
([SUHVVLRQ SHGiOH P{åX E\ ]DSRMHQp EX 2GSRU~þDPH YiP SRXåL URDG SURRI
GR *); NH MH FHOê * 6\VWpP H[WUpPQH RGROQê Y\VRNR NYDOLWQê
SRKURPDGH DOHER GR NRQWUROQpKR SDQHOX &$7 NiEHO V ;/5 WLHQHQtP
NH MH *); QDPRQWRYDQê Y UDFNX -H
PRåQp SULSRML H[SUHVVLRQ SHGiOH GR
NRQWUROQpKR SDQHOX D Y URYQDNRP þDVH
35(+ $' 3RXåLWH VSUiYQ\ W\S VNUXWLHN 0
DE\ VWH VD Y\KOL SRãNRGHQLX
0RQWiå * 6\VWpPX GR
SHGiORYpKR SRGVWDYFD ]iYLWRY
$M NH MH * 6\VWpP Y\UREHQê ] RGROQêFK
PDWHULiORY PRåQR KR EXGHWH FKFLH
QDPRQWRYD GR SRGVWDYFD NY{OL ]YêãHQHM
RFKUDQH QD FHVWiFK = WRKWR G{YRGX Pi *
6\VWpP QD ERþQêFK SDQHORFK RWYRU\ VR
]iYLWPL V SULHPHURP PP
9VWXS SUH QiVWURM ,QVWUXPHQW ,QSXW 1HP{åHWH ]DSRML JLWDU\ GR
9VWXS SUH QiVWURM QD SUHGQHM þDVWL *); MH RELGYRFK YVWXSRY QDUD] .WRUê
LGHQWLFNê VR YVWXSRP QD ]DGQHM þDVWL 7RWR MH YVWXS MH DNWtYQ\ VD QDVWDYXMH FH] SDUDPHWHU
YH PL SUDNWLFNp NH MH *); Y UDFNX D ,QSXW 6HOHFW NWRUê VD QDFKiG]D Y PHQX
FKFHWH VL ]DSRML JLWDUX VSUHGX *OREDO *OE /HYHOV
35(+ $'
*); =DGQi þDV
9VWXS SUH QiVWURM ,QSXW ,QVWUXPHQW 9êVWXS 2XWSXW
7RWR MH YVWXS SUH YDãX JLWDUX DYê SUDYê YêVWXS SUH Yiã ]RVLO RYDþ UHVS
3R]RU $N MH * 6\VWpP UR]GHOHQê D *);
PiWH Y UDFNX P{åHWH QDPLHVWR WRKWR YVWXSX ]RVLO RYDþH
SRXåL URYQDNê QD SUHGQHM VWUDQH
1DSl RYp YêVWXS\
6OXþN\ Då /RRS [ 9 '& QD QDSDMiQLH ]DSRMHQêFK SHGiORY
7LHWR VOXþN\ V~ XUþHQp QD ]DSRMHQLH QDSU 0D[LPiOQH NRPELQRYDQp ]D DåHQLH QD WêFKWR
GULYH D GLVWRUWLRQ SHGiORY 3RXåLWH RE\þDMQp YêVWXSRFK MH P$ 3URVtP VNRQWUROXMWH
QHV\PHWULFNp MDFN MDFN NiEOH ãSHFLILNiFLX ]DSRMHQêFK SHGiORY 5LQJ
3UHSRMWH /RRS 6HQG QD * 6\VWpPH VR 3LQ
YVWXSRP QD SHGiOH D YêVWXS ] SHGiOD GR
NRQHNWRUD 5HWXUQ 9ãHWN\ ãW\UL VOXþN\ VWiOH 6: 2XW 6ZLWFK 2XW
Y\VLHODM~ VLJQiO 3UHUXãL VD Gi ]DSRMHQtP 7LHWR GYD VWHUHR MDFNRYp NRQHNWRU\ P{åX
5HWXUQ MDFNX 7RWR YiP GRYROt UR]GHOL E\ SRXåLWp QD SUHStQDQLH NDQiORY QDSU QD
KODYQê VLJQiO GR YLDFHUêFK SU~GRY WDNåH SUHG]RVLO RYDþL DOHER NRPEH DOHER SUL
P{åHWH QDSU SRXåL /RRS 6HQG DNR SDVtYQ\ ]PHQH SUHVHWX DOHER SUL SRVLHODQt &&
VLJQiO SUH FHVWQp QDVWDYHQLH YêPHQ\
,QVHUW 0RåQRVWL SUHStQDQLD
7iWR VOXþND MH XUþHQi QD ]DSRMHQLH ãSLþND ]HP
SUHG]RVLO RYDþD $N V~ NiEOH GOKãLH DNR NU~åRN ]HP
P PDOL E\ E\ V\PHWULFNp DM NH ãSLþND D NU~åRN ]HP
NRQHNWRU\ QD SUHG]RVLO RYDþL V~ åLDGQH ]DSRMHQLH
QHV\PHWULFNp .H SRXåLMHWH V\PHWULFNp SUH NDåGê ] GYRFK NRQHNWRURY
NiEOH ãSHFLiOQ\ DNRE\ WLHQHQê RNUXK ]QtåL
ãXP NWRUê E\ VD PRKRO REMDYL SUL SRXåLWt 3RG D WHFKQLFNpKR ULHãHQLD SUHStQDþD
QHV\PHWULFNêFK NiEORY NDQiORY QD SUHG]RVLO RYDþL WUHED ]YROL U{]QH
NiEOH
35(+ $'
6FKpP\ SUH QLHNWRUp ]RVLO RYDþH V~ 0,', YêVWXS 0,', 287
SUtVWXSQp QD ZZZ WFHOHFWURQLF FRP $N WDP * 6\VWpP SRVLHOD 0,', VSUiY\ R ]PHQH
QHP{åHWH QiMV Yiã W\S ]RVLO RYDþD SURJUDPX SUL YRODQt SUHVHWX
NRQWDNWXMWH SURVtP YêUREFX YiãKR
]RVLO RYDþD 86%
3RXåLWH 86% NRQHNWRU QD XSGDWH VRIWZDUX Y
9VWXS SUH SHGiO 9RO * 6\VWpPH ] SRþtWDþD
.RQHNWRU SUH H[SUHVVLRQ SHGiO =DSRMHQê
H[SUHVVLRQ SHGiO EXGH ULDGL SDUDPHWHU ,QSXW 6 3',) GLJLWiOQ\ YêVWXS 'LJLWDO
*DLQ ]RVLOQHQLH YVWXSX SRNLD KR 2XWSXW
QH]PHQtWH 'LJLWiOQ\ YêVWXS QDSU QD SUHSRMHQLH V GLJLWiO
DXGLR UHNRUGpURP
9VWXS SUH SHGiO ([S
.RQHNWRU SUH H[SUHVVLRQ SHGiO 5LDGL QDSU 1DSiMDFt YVWXS
SLWFK YR ZKDPP\ HIHNWH * 6\VWpP Pi ]DEXGRYDQê SUHStQDþ Y DND
NWRUpPX MH VFKRSQê SUDFRYD SUL VLH RYRP
0,', YVWXS 0,', ,1 QDSlWt RG GR 9 $&
&H] SRUW 0,', YVWXS P{åH * 6\VWpP SULMtPD
0,', LQIRUPiFLH DNR 0,', VSUiY\ R ]PHQH
SURJUDPX SUH ]PHQ\ SUHVHWX D NRQWLQXiOQH
UDGLþH 0,', && 3RXåtYD VD QD GLD NRYp
RYOiGDQLH SDUDPHWURY * 6\VWpPX
7<3,&.e =$32-(1,$
$N Xå PiWH VN~VHQRVWL VR ]DSiMDQtP SRGREQêFK ]DULDGHQt WiWR VWUDQD QLH MH XUþHQi SUH YiV D
SRNRMQH MX P{åHWH SUHVNRþL 1D WHMWR VWUDQH WRWLå QiMGHWH QLHNR NR ]iNODGQêFK UiG RK DGQH W\SRY
]RVLO RYDþRY
9R YãHREHFQRVWL YãHWN\ QDVWDYHQLD REVDKXM~ SUHG]RVLO RYDþ DM VDPRWQê VLORYê ]RVLO RYDþ 7RWR
LFK GHOt QD +($' &20%2 DOHER V\VWpP Y NWRURP VD VSiMDM~ SUHG]RVLO RYDþ D ]RVLO RYDþ $NR QD
QLFK ]DSRML YVWXS D YêVWXS" 6HQG MH RE\þDMQH ]KRGQp V YêVWXSRP SUHG]RVLO RYDþD D 5HWXUQ
]DVH VR YVWXSRP SUHG]RVLO RYDþD
3UHG]RVLO RYDþ
3UHG]RVLO RYDþ JHQHUXMH ]iNODGQê ]YXN
2E\þDMQH Pi DOHER YLDF NDQiORY 1DSU
.DQiO &OHDQ
.DQiO /HDG
1D SUHG]RVLO RYDþ E\ VPH VD PRKOL SR]HUD
DNR QD WDNê Y\VSHOHMãt RYHUGULYH DOHER
GLVWRUWLRQ SHGiO
=RVLO RYDþ
+ODYQRX ~ORKRX ]RVLO RYDþD MH ]RVLOQL ]YXN
Y\WYRUHQê SUHG]RVLO RYDþRP D SULSRMHQêPL
HIHNWDPL
+($'
-H WR SUHG]RVLO RYDþ ]DEXGRYDQê VR
]RVLO RYDþRP GR MHGQpKR ]DULDGHQLD 3UDFXMH
DVL WDNWR
+HDG YVWXS MH ]iURYH YVWXSRP
SUHG]RVLO RYDþD
9êVWXS SUHG]RVLO RYDþD LGH QD 6HQG
HIHNWRYHM VOXþN\
5HWXUQ HIHNWRYHM VOXþN\ MH YVWXSRP
]RVLO RYDþD
9êVWXS ]RVLO YDþD MH ]iURYH YêVWXSRP
FHOHM +HDG
&20%2
&RPER MH WR LVWp DNR +HDG OHQ Pi
]DEXGRYDQp UHSURGXNWRU\ ] DQJOLFNpKR
YêUD]X FRPELQHG NRPELQRYDQê
6PH VL SOQH YHGRPt åH YãHWN\ ]RVLO RYDþH QLH V~
SRVWDYHQp D R]QDþHQp SUHVQH WDN DNR VPH XYLHGOL
6QDåtPH VD XYLHV DNêVL MHGQRGXFKê SUHK DG SUH
SRFKRSHQLH SULQFtSRY ]RVLOQHQLD ]YXNX JLWDU\
7<3,&.e =$32-(1,$
9 WHMWR þDVWL VD SR]ULHPH QD QLHNR NR SUtNODGRY ]DSRMHQLD * 6\VWpPX N YDãHM DSDUDW~UH
3UDYGHSRGREQH QHH[LVWXM~ ]DSRMHQLD NWRUp E\ EROL ]KRGQp 1DYUKXMHPH YiP K DGD
]DSRMHQLH NWRUp VD QDMYLDF SRGREi WRPX YiãPX
3HGiOH D ]RVLO RYDþ
9 WRPWR ]DSRMHQt SRXåtYDPH Då GULYH 3ULSRMHQLH
SHGiO\ D MHGHQ FRPER ]RVLORYDþ $N x 3ULSRMWH JLWDUX GR YVWXSX SUH QiVWURM
SULGiWH DOãt ]RVLO RYDþ GRVWDQHWH VWHUHR
]DSRMHQLH ,QVWUXPHQW ,QSXW
x 3ULSRMWH Då GULYH SHGiO\ GR VOXþLHN
'YD H[SUHVVLRQ SHGiO\ QD REUi]NX QLH V~ x 9ãHWN\ SHGiO\ SULSRMHQp GR VOXþLHN
QXWQp DOH NH V~ ]DSRMHQp RELGYD P{åHWH
RYOiGD QDSU KODVLWRV DM SLWFK Y R PXVLD ]RVWD SR FHOê þDV ]DSQXWp *
ZKDPP\ HIHNWH 6\VWpP ]DStQD Y\StQD LED VOXþN\ QLH
SHGiO\
x ([SUHVVLRQ SHGiO\ SULSRMWH SRXåLWtP
ãWDQGDUGQpKR MDFN NiEOD 3RG D W\SX
SHGiOX WR PXVt E\ PRQR DOHER VWHUHR
NiEHO
x =DSRMWH YêVWXS * 6\VWpPX GR YVWXSX
]RVLO RYDþD DOHER GR 5HWXUQ VOXþN\ HIHNWX
QD ]RVLO RYDþL 3UH GRVLDKQXWLH VWHUHD
SRXåLWH ]RVLO RYDþH
x 3ULSRMHQp H[SUHVVLRQ SHGiO\ QDNDOLEUXWMH
FH] PHQX 3HGiOH 3HGDOV
7<3,&.e =$32-(1,$
3HGiOH SUHG]RVLO RYDþ D ]RVLO RYDþ
7RWR ]DSRMHQLH MH SRGREQp DNR WR NWRUp MH =DSiMDQLH
RStVDQp Y SUHGRãORP SUtNODGH DOH WHQWR NUiW
VPH SULGDOL SUHG]RVLO RYDþ GR YVWXSX ,QVHUW x 3ULSRMWH VYRMX JLWDUX GR YVWXSX SUH QiVWURM
0iWH QD YêEHU þL EXGHWH PD SUHG]RVLO RYDþ
]DSRMHQê Y UiPFL SUHVHWX DOHER QLH DOH ,QVWUXPHQW ,QSXW
SUDYGHSRGREQH XSUHGQRVWQtWH ]DSRMHQLH
Y UiPFL SUHVHWX 7RWR VD Gi QDVWDYL FH] x 3ULSRMWH Då GULYH SHGiOH GR VOXþLHN
PHQX 8WLOLW\ GR NWRUpKR VD GRVWDQHWH FH]
0HQX PyG x 9ãHWN\ SHGiO\ SULSRMHQp GR VOXþLHN PXVLD
3UL ]DSRMHQt Y UiPFL SUHVHWX P{åHWH ]DSRML ]RVWD SR FHOê þDV ]DSQXWp * 6\VWpP
* 6\VWpP QD YVWXS DOHER QD Ä5HWXUQ³ HIHNWX
QD NRPER ]RVLO RYDþL QRUPiOQ\ YVWXS ]DStQD Y\StQD LED VOXþN\ QLH SHGiO\
]RVLO RYDþD 3RXåLWLH EHåQpKR YVWXSX QD
FRPER ]RVLO RYDþL YiP SRVN\WXMH ]DSRMHQLH x ([SUHVVLRQ SHGiO\ SULSRMWH SRXåLWtP
GYRFK SUHG]RVLO RYDþRY SUL NWRURP P{åHWH
SRXåL RYOiGDQLH ]YXNX QD FRPEH 7RWR ãWDQGDUGQpKR MDFN NiEOD 3RG D W\SX
]DSRMHQLH VD VWDOR SRSXOiUQ\P DNR QDSU 9R[ SHGiOX WR PXVt E\ PRQR DOHER VWHUHR
$& )HQGHU %DVVPDQ DW DOH MHKR
SRXåLWLH QHRGVWUD XMH ãXP WDN GREUH DNR NiEHO
SRXåLWLH Ä5HWXUQ³ NRQHNWRUD HIHNWRYHM VOXþN\
x =DSRMWH SUHG]RVLO RYDþ GR ,QVHUW VOXþN\ $N
SRXåtYDWH 0,', SUHG]RVLO RYDþ
QH]DEXGQLWH åH PXVtWH WLHå SUHSRML 0,',
YêVWXS * 6\VWpPX GR 0,', YVWXSX QD
SUHG]RVLO RYDþL SRXåLWtP ãWDQGDUGQpKR
0,', NiEOD
x 3ULSRMWH YêVWXS * 6\VWpPX QD YVWXS
]RVLO RYDþD DOHER GR ³5HWXUQ´ HIHNWRYHM
VOXþN\ 3RXåLWH GYD ]RVLO RYDþH DN FKFHWH
GRVLDKQX VWHUHR
x 3ULSRMHQp H[SUHVVLRQ SHGiO\ QDNDOLEUXWMH
FH] PHQX 3HGiOH 3HGDOV
7<3,&.e =$32-(1,$
3HGiOH D KODYD
9 WRPWR ]DSRMHQt VPH SRXåLOL +($' DNR =DSiMDQLH
SUHG]RVLO RYDþ DM ]RVLO RYDþ ýDV x 3ULSRMWH VYRMX JLWDUX GR YVWXSX SUH QiVWURM
SUHG]RVLO RYDþD MH SULSRMHQi GR VOXþN\ ,QVHUW
QD * 6\VWpPH =DSQLWH VOXþNX ,QVHUW YR ,QVWUXPHQW ,QSXW
YãHWNêFK SUHVHWRFK Y * 6\VWpPH FH] PHQX x 3ULSRMWH Då GULYH SHGiOH GR VOXþLHN
8WLOLW\ 3UH]ULWH VL REUi]RN D VN~VWH þL x 9ãHWN\ SHGiO\ SULSRMHQp GR VOXþLHN
GRNiåHWH VOHGRYD VLJQiO
x 3ULSRMWH JLWDUX GR YVWXSX D * 6\VWpPH PXVLD ]RVWD SR FHOê þDV ]DSQXWp
x $å ãW\UL SHGiOH P{åHWH ]DSRML GR VOXþLHN * 6\VWpP ]DStQD Y\StQD LED VOXþN\ QLH
SHGiO\
Då x ([SUHVVLRQ SHGiO\ SULSRMWH SRXåLWtP
x 6LJQiO GR YVWXSX QD +($' SRãOHWH FH] ãWDQGDUGQpKR MDFN NiEOD 3RG D W\SX
SHGiOX WR PXVt E\ PRQR DOHER VWHUHR
6HQG ,QVHUW VOXþN\ NiEHO
x 9êVWXS SUHG]RVLO RYDþD Y +($' LGH GR R 3UHSRMWH ,QVHUW 6HQG QD * 6\VWpPH VR
YVWXSRP +($' 6HQG HIHNWRYHM VOXþN\
5HWXUQ ,QVHUW VOXþN\ * 6\VWpPX 7êPWR +($' SULSRMWH GR ,QVHUW 5HWXUQ Y
VD YUiWL FHOê VLJQiO ] GULYH SHGiORY D * 6\VWpPH
SUHG]RVLO RYDFHM þDVWL +($' GR YVWXSX x 9êVWXS * 6\VWpPX ]DSRMWH GR UHWXUQ
HIHNWRYHM þDVWL * 6\VWpPX HIHNWRYHM VOXþN\ QD +($' GR YVWXSX
x &H] YêVWXS 287 VD VLJQiO SRVLHOD QDVSl ]RVLO RYDþD 3UH VWHUHR ]DSRMHQLH SRXåLWH
GR +($' UHWXUQ þR MH Y SRGVWDWH YVWXS ]RVLO RYDþH
]RVLO RYDFHM þDVWL x 3ULSRMHQp H[SUHVVLRQ SHGiO\ QDNDOLEUXWMH
FH] PHQX 3HGiOH 3HGDOV
7<3,&.e =$32-(1,$
7UL YêVWXS\ 5R]GHOHQLH GR YLDFHUêFK ]RVLO RYDþRY
9 WRPWR NRQNUpWQRP ]DSRMHQt VWUHGRYê Ä0L[³ QDVWDYHQp QD 9 WRPWR
FHQWUDO ]RVLO RYDþ SULMtPD QHVNUHVOHQê NRQNUpWQRP ]DSRMHQt MH PL[ HIHNWRY
VLJQiO WHGD QHRYSO\YQHQê HIHNWPL QDVWDYHQê SRXåLWtP 2XW SDUDPHWUD NDåGpKR
]DSRMHQêPL Y VOXþNiFK Då ] HIHNWRY
DYê D SUDYê ]RVLO RYDþ SULMtPD LED HIHNW\ 9R
YãHWNêFK SUHVHWRFK * 6\VWpPX PXVt E\
7<3,&.e =$32-(1,$
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'YD ]RVLO RYDþH =QDPHQi WR åH VWH VFKRSQt VL ]YROL NWRU~
2G YHU]LH VRIWZDUX MH PRåQp QDVWDYL SUHG]RVLO RYDFLX þDV DOHER RELGYH
SUH NDåGê SUHVHW ]YOiã SRPHU VLJQiOX SRXåLMHWH SUH NRQNUpWQ\ SUHVHW
RGRVLHODQpKR QD SUDYê D QD DYê NDQiO
1DVWDYHQLH QiMGHWH Y PHQX Ä3UHVHW 9H PL þDVWR YãDN QHEXGHWH SRWUHERYD
5RXWLQJ³ 6PHURYDQLH SUHVHWX NWRUp VD RELGYD SUHG]RVLO RYDþH QDUD]
QDFKiG]D Y (',7 ! 0(18 ! 3UVW
5RXWLQJ 3RGREQp EHåQp ]DSRMHQLH MH NH ]DSRMtWH
OHQ SiU GULYH SHGiORY D GYD ]RVLO RYDþH
9 DND WHMWR PRåQRVWL P{åHWH QDSU SRG D YDãHM YR E\ 1DSU MHGHQ SUH GULYH
x 'R DYpKR YêVWXSX SUHVPHURYD YãHWRN ]YXN D GUXKê SUH þLVWê ]YXN 9 NDåGRP
SUHVHWH QDVWDYtWH NWRUê VLJQiO Pi E\
QHVNUHVOHQê ]YXN SRVODQê GR NWRUpKR ]RVLO RYDþD
x =YXN ]PHQHQê HIHNWPL SRVOD GR 9 SRURYQDQt V LOXVWUiFLRX GROX WR ]QDPHQi
åLDGQH ]E\WRþQp NiEOH ]DSRMHQp GR Ä6HQG³
SUDYpKR YêVWXSX D Ä5HWXUQ³ NRQHNWRURY
x 3RXåL RELGYD ]DSRMHQp ]RVLO RYDþH Y
QLHNWRUêFK SUHVHWRFK D ]iURYH PD SRG
NRQWURORX ~URYH YêVWXSX WR NDåGpKR ]R
]RVLO RYDþRY
9 ]DSRMHQt LOXVWURYDQRP QLåãLH MH
SUHG]RVLO RYDFLD þDV MHGQpKR 1iYRG QD WR DNR ]DSRML GULYH
D H[SUHVVLRQ SHGiOH VL SURVtP SUH]ULWH
]RVLO RYDþD SULSRMHQi GR VOXþN\ SRSLV Y SUtVOXãQHM þDVWL PDQXiOX
D SUHG]RVLO RYDþ GUXKpKR ]RVLO RYDþD GR
VOXþN\ ,QVHUW
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7<3,&.e =$32-(1,$
* 6\VWpP RGGHOHQH
*); Y UDFNX
=DSRMHQLH
x 2GPRQWXMWH *); ³ MHGQRWNX
]RVSRGX NRQWUROQpKR SDQHOX 'Ð/(ä,7e
$E\ VWH ]DFKRYDOL PD[LPiOQX
RGPRQWRYDQtP ãW\URFK PP VNUXWLHN VWDELOLWX ]YXNX NH MH *);
RGGHOHQp RG NRQWUROQpKR
x 9\PH WH NUiWN\ &$7 NiEHO ]D GOKãt SDQHOX PXVtWH QDPLHVWR
*); QDPRQWRYD RE\þDMQê
x 1DPRQWXMWH ³ *); GR YDãHM UDFN SOHFK
VNULQH
8SR]RUQHQLH 1LHNWRUp UDFN\ $N QHSRXåtYDWH
V~ Y\UREHQp QD PP VNUXWN\
D QLHNWRUp QD PP * 6\VWpP URKRY~ NRQFRYNX
MH ]PRQWRYDQê PP VNUXWNDPL 3RXåLWH
VSUiYQH VNUXWN\ &$7 P{åHWH RWRþL
~FK\WN\ SOHFKX
1iYRG QD WR DNR ]DSRML GULYH R D XUREtWH VL WDN PLHVWR SUH
D H[SUHVVLRQ SHGiOH VL SURVtP SUH]ULWH
SRSLV Y SUtVOXãQHM þDVWL PDQXiOX RE\þDMQ~ ;/5 NRQFRYNX
-H WR DKNp
x 9\PRQWXMWH VNUXWN\ QD
NDåGRP ERþQRP SDQHOL
x 2WRþWH ~FK\WN\ R
x 1DPRQWXMWH ~FK\WN\ RSl
SRXåLWtP VNUXWLHN
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$/â,( ,1)250È&,( ]DPNQLWH VL UHOp DE\ RVWDOL URYQDNp EH]
RK DGX QD WR DNR V~ QDVWDYHQp Y SUHVHWRFK
,Qp G{OHåLWp RWi]N\ 9ãHWN\ Ä/RFNLQJ³ IXQNFLH VD QDFKiG]DM~
Y PHQX 8WLOLW\
7iWR VWUDQD REVDKXMH ]R]QDP RVWDWQêFK YHFt
QD NWRUp E\ VWH VL PDOL GD SR]RU SUL 6SUiYQH SRXåLWH IXQNFLX %RRVW
QDVWDYRYDQt D ]DSiMDQt YDãHM DSDUDW~U\
6 QHMDVQRV DPL VD REUi WH QD SUtVOXãQp 0{åHWH VL QDVWDYL ~URYH ERRVWX Y NDåGRP
NDSLWRO\ WRKWR PDQXiOX SRP{åH YiP SUL WRP SUHVHWH D DNWLYRYD KR SRPRFRX %2267
REVDK QD VWUDQH SUHStQDþD 1D ]DþLDWNX MH QDVWDYHQi QD GE%
YR YãHWNêFK YêUREQêFK SUHVHWRFK DOH P{åHWH
3RXåLWH VSUiYQH NiEOH MX ]YêãL Då QD G% 7~WR YODVWQRV VL
RE ~ELWH OHER NHG\NR YHN EXGHWH SRWUHERYD
x 6OXþN\ Då ]YêUD]QL XUþLW~ þDV QHEXGHWH PXVLH Y\WYiUD
QRYê SUHVHW
NYDOLWQp PRQR MDFN MDFN NiEOH 9H]PLWH QD YHGRPLH åH SDUDPHWHU ³%RRVW
0D[´ QDFKiG]DM~FL VD Y PHQX /HYHOV MH
x ,QVHUW VOXþND OLPLWXM~FL
NYDOLWQp MDFN MDFN NiEOH 'RVWD WH ] YiãKR ]RVLO RYDþD YLDF
SRXåLWH WLHQHQp NiEOH DN V~ GOKãLH DNR SRXåLWtP PRåQRVWt SUHStQDþRY
PHWHU .DQiO\ QD ]RVLO RYDþL DOHER SUHG]RVLO RYDþL
P{åHWH SUHStQD SRPRFRX UHOp QD GYRFK
x ([SUHVVLRQ SHGiOH VWHUHR MDFN NRQHNWRURFK * 6\VWpPX 3UH
QDVWDYHQLH UHOp SUHStQDþRY VWODþWH (',7
PRQR DOHER VWHUHR ]iYLVt QD W\SH QDYR WH 5(/$<6 SRPRFRX 3$*( D VWODþWH
SRXåLWêFK SHGiORY (17(5 3RGUREQp LQIRUPiFLH QiMGHWH Y þDVWL
UHOp 5HOD\V
1DNDOLEUXMWH YDãH H[SUHVVLRQ SHGiOH
3DUDPHWHU YêEHU YVWXSX
([SUHVVLRQ SHGiOH PXVLD E\ VSUiYQH ,QSXW 6HOHFW
QDNDOLEURYDQp SUH PD[LPiOQ\ YêNRQ
*); Pi YVWXS\ SUH QiVWURM ,QVWUXPHQW
3RXåLWH IXQNFLX X]DPNQXWLD ,QSXW MHGHQ QD SUHGQHM D MHGHQ QD ]DGQHM
/RFNLQJ QD RFKUiQHQLH QDVWDYHQt þDVWL 0XVtWH * 6\VWpPX ÄSRYHGD ³ NWRUê
] QLFK SRXåtYDWH 1DVWDYtWH WR Y PHQX *OREDO
]DPNQLWH VL W\S SUHSRMHQLD V RVWDWQêPL /HYHOV 0RåQRVWL V~ Ä)URQW SUHGQê ³ D Ä5HDU
þDV DPL DSDUDW~U\ 5RXWLQJ DN SRWUHEXMHWH ]DGQê ³
OHQ WRWR MHGQR QDVWDYHQLH
]DPNQLWH VL YVWXS ,QVHUW DN GR PiWH
SULSRMHQê SUHG]RVLO RYDþ D FKFHWH KR SRXåtYD
YR YãHWNêFK SUHVHWRFK
]DPNQLWH VL (4 HNYDOL]pU VHNFLX DN FKFHWH
PD URYQDNê (4 YR YãHWNêFK SUHVHWRFK QLHþR
DNR KODYQê (4 ]DPNQLWH VL %RRVW ~URYH
DN FKFHWH PD YR YãHWNêFK SUHVHWRFK URYQDNp
QDVWDYHQLH KODGLQ\ ERRVW
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
ÒYRG 0Ï' 3/$< $1' (',7
0yG 3/$< MH PyG NWRUê EXGHWH SRXåtYD 9êUREQp SUHVHW\
SRþDV KUDQLD 0{åHWH Y RP YROD SUHVHW\
Y\StQD D ]DStQD HIHNWRYp EORN\ D RYOiGD 9êUREQH SUHVHW\ REVDKXM~ YH D NRPELQiFLt
SDUDPHWUH SRPRFRX H[SUHVVLRQ SHGiORY .H D PQRKp ] QLFK VD XUþLWH VWDQ~ ]iNODGRP SUH
VD QDFKiG]DWH Y 3/$< PyGH QD GLVSOHML VYLHWL YDãH YODVWQp SUHVHW\
Ä3/$< ³ 9R YãHWNêFK YêUREQêFK SUHVHWRFK V~ YãHWN\
HIHNWRYp ,QVHUW VOXþND GHDNWLYRYDQp
3UtNODG 7R ]QDPHQi åH DM NH SRXåLMHWH YêUREQp
SUHVHW\ DNR ]iNODG YODVWQêFK EXGHWH PXVLH
ýR MH SUHVHW" Y NDåGRP ] QLFK DNWLYRYD YãHWN\ VOXþN\
D XORåL KR PHG]L YODVWQp SUHVHW\ ,QDN
3UHVHW\ VD SRXåtYDM~ QD XFKRYiYDQLH YDãLFK QHEXGHWH P{F SRXåtYD ]DSRMHQp SHGiOH
RE ~EHQêFK ]YXNRY =DYROD VD GDM~ D SUHG]RVLO RYDþ
MHGQRGXFKêP VWODþHQtP SUHStQDþD 3R QHMDNRP þDVH SUDFRYDQLD V * 6\VWpPRP
EXGHWH XUþLWH YODVWQêPL SUHVHWPL D YêUREQp
3UHVHW XFKRYiYD WLHWR LQIRUPiFLH SRXåLMHWH OHQ DNR LQãSLUiFLX
HIHNWRYp EORN\ 5HYHUE 'HOD\ DSRG 8åtYDWH VNp SUHVHW\
DNWtYQH DM QHDNWtYQH
0{åHWH VL XORåL Då QDVWDYHQt V YODVWQRX
QDVWDYHQLD SUH YãHWN\ HIHNWRYp EORN\ YR ERX HIHNWRY DNWtYQ\FK VOXþLHN UR]ORåHQtP
DNWtYQH DM QHDNWtYQH NDQiORY Y ]RVLO RYDþRFK DW
VWDWXV DNWtYQ\ QHDNWtYQ\ SUH YãHWN\ VOXþN\ 3UtNODG 9RODQLH SUHVHWX
QDVWDYHQLH H[SUHVVLRQ SHGiORY x 3RXåLWH WODþLGOi 83 D '2:1 SUH ]YROHQLH
U{]QH LQp SDUDPHWUH
SUHVHW VNXSLQN\
9êUREQp XåtYDWH VNp SUHVHW\ x 7ODþLGODPL 35(6(7 Då Y\YROiWH SUHVHW\
= YêURE\ Pi * 6\VWpP Y DNWXiOQHM VNXSLQNH
SUHGSURJUDPRYDQêFK SUHVHWRY 1DY\ãH VL x ýtVOR VNXSLQN\ D SUHVHWX WHUD] SUHVWDQ~
P{åHWH XORåL Då YODVWQêFK SUHVHWRY
EOLND þR ]QDPHQi åH SUHVHW MH DNWtYQ\
9êUREQp SUHVHW\ V~ XVSRULDGDQp Y VNXSLQiFK
EDQNRFK $ Då $ SR SLDWLFK SUHVHWRFK 3DUDPHWUH NWRUp VD QDFKiG]DM~ Y PHQX 8WLOLW\
VD QHXFKRYiYDM~ DNR V~þDV SUHVHWRY D SUHWR
8åtYDWH VNp SUHVHW\ V~ XVSRULDGDQp Y LFK DQL QLH MH PRåQp ]DYROD
VNXSLQiFK Då SR SUHVHWRY
([LVWXMH PRåQRV ]DEORNRYD QDVWDYHQLH (4
,QVHUW VOXþN\ D ERRVWX $E\ VWH VD GRVWDOL
N EORNRYDFtP IXQNFLiP /RFNLQJ VWODþWH (',7
SRWRP 0(18 D Y\EHUWH 8WLOLW\
$QL ]DEORNRYDQp SDUDPHWUH VD QHY\YRODM~
VSROX V SUHVHWRP
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
0Ï' 3/$< $1' (',7
(GLWRYDQLH 5êFKO\ SUtVWXS N HIHNWRYêP
(GLWRYDQLH SUHVHWRY * 6\VWpPX MH ~SOQH SDUDPHWURP
MHGQRGXFKp $N Pi HIHNW NWRUê FKFHWH
HGLWRYD SULGHOHQp WODþLGOR N MHKR
(GLWRYDQLH SUHVHWRY Y 3/$< PyGH SDUDPHWURP VD GRVWDQHWH MHGQRGXFKR
x 6OXþN\ HIHNW\ DNWLYXMWH DOHER GHDNWLYXMWH 6WODþHQtP WODþLGOD (',7 D QDVOHGRYQH
WODþLGOR SUtVOXãQpKR HIHNWX
VWODþHQtP SUtVOXãQpKR WODþLGOD .H 3UtNODG 3UH SUtVWXS N SDUDPHWURP HIHNWX
WODþLGOR VYLHWL IXQNFLD MH ]DSQXWi 5HYHUE VWODþWH 5(9(5% SRWRP (',7
(IHNW\ EH] SULUDGHQpKR WODþLGOD VOXþND 9R ED W\SX HIHNWX
D ,QVHUW VOXþND VD Y\StQDM~ D ]DStQDM~ .DåGê EORN HIHNWRY ]DK D U{]QH SRGW\S\
Y (',7 PyGH 3UH SRFKRSHQLH EORN 'HOD\ HIHNWRY
REVDKXMH 6LQJOH 'HOD\ 7DSH 'HOD\
(GLWRYDQLH SUHVHWRY Y (',7 5HYHUVH /R )L 3LQJSRQJ '\QDPLF D 'XDO
HIHNWRYRP PyGH 'HOD\ 9R ED W\SX HIHNWX MH þDV RX PyGX
x 6WODþWH (',7 (GLWRYDQLH HIHNWRY
x =YR WH HIHNW NWRUê FKFHWH HGLWRYD
x 6WODþWH (',7 QD YVWXS GR (',7 PyGX
RWRþHQtP 3$*( SRWYU WH WODþLGORP x =YR WH EORN HIHNWRY SRXåLWtP 3$*(
(17(5 x 6WODþWH (17(5
x 3DUDPHWUH V~ ]REUD]RYDQp QD x 2WRþWH 3$*( SURWL VPHUX KRGLQRYêFK
ÄVWUiQNDFK³ SR WURFK 2WRþHQtP WODþLGOD
3$*( ]YR WH NWRUp FKFHWH HGLWRYD UXþLþLHN
x 8Ni]DQp SDUDPHWUH PHQtWH SRXåLWtP x =YR WH FKFHQê HIHNW WODþLGOR &
WODþLGLHO $ % D & x 6WODþWH (17(5
3UtNODG 6WDY VOXþLHN
x 6WODþWH (',7 D WODþLGOR KRFLNWRUHM ]R
VOXþLHN Då
x 3RXåLWtP 3$*( VD GRVWD WH QD VWUiQNX
VOXþLHN
x =DSQLWH DOHER Y\SQLWH VOXþN\ WODþLGODPL
$ % D &
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3UHK DG 0Ï' 35(6(17 +$1'/(
PyG 3/$<
VWODþWH
(',7
6WODþWH D SRGUåWH QLHNWRUp ] 35(6(7
WODþLGLHO Då SUH SUtVWXS GR 3UHVHW
+DQGOH PyGX
RWRþWH
3$*(
9RODQLH 0D]DQLH 8NODGDQLH
UHFDOO GHOHWH VWRUH
3UHVHW +DQGOH PyG 8NODGDQLH 6WRUH
x 0{åHWH VL XORåL Då YODVWQêFK
-H PyG SUH SUtVWXS N SUHVHWRP 6O~åL QD
SUHVHWRY
YRODQLH QDVWDYRYDQLH PD]DQLH x .H VL XNODGiWH YêUREQp SUHVHW\ *
D XNODGDQLH SUHVHWRY NWRUp SRXåtYDWH 6\VWpP RGSRU~þD SRXåL SUYp YR Qp
SR]tFLH
9VWXS GR 3UHVHW +DQGOH PyGX x .H VL XNODGiWH YODVWQp SUHVHW\
x 6WODþWH (',7 2GSRU~þD VD SRXåL XPLHVWQHQLH
x 6WODþWH D SRGUåWH QLHNWRUp ] 35(6(7 RGSRYHGDM~FH VWODþHQpPX WODþLGOX DOH
P{åHWH VL ]YROL KRFLNWRU~ YR Q~ SR]tFLX
WODþLGLHO Då Y SDPlWL SUH XåtYDWH VNp SUHVHW\
x =YR WH IXQNFLX YRODQLH PD]DQLH DOHER SRPRFRX WODþLGOD $
XNODGDQLH WODþLGORP 3$*(
9ãHWN\ SUHVHW\ VL P{åHWH SUHPHQRYD
Y PyGH 6WRUH XNODGDQLH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
35+ $' 35È&( 6 35(6(710, 7HUD] EX SRWYU WH PLHVWR XORåHQLD
WODþLGORP (17(5 DOHER ]PH WH PHQR
$NR XORåL SUHVHW ± NURN ]D NURNRP SUHVHWX WODþLGODPL % D & 3RPRFRX %
x 6WODþWH (',7 6WH Y (GLW PyGH 1D ]YROtWH SR]tFLX Y Qi]YH D WODþLGORP &
PHQtWH ]QDN QD DNWtYQHM SR]tFLL
GLVSOHML E\ PDOR E\ QLHþR WDNpWR
9\PD]DQLH SUHVHWX
x 6WODþWH D SRGUåWH KRFLNWRUp ] 35(6(7 2EþDV EXGHWH PRåQR SRWUHERYD ÄY\þLVWL ³
WODþLGLHO Då DVL VHNXQG\ PLHVWR SUH DOãLH SUHVHW\
x 7HUD] VD QDFKiG]DWH Y PyGH Ä3UHVHW x =YR WH PyG 'HOHWH SRPRFRX 3$*(
+DQGOH ³ IXQNFLD 6WRUH XORåHQLH MH x 7ODþLGORP $ SUHMGLWH QD SUHVHW NWRUê
QDYROHQi 6DPR]UHMPH P{åHWH YROL
PHG]L PRåQRV DPL 6WRUH 'HOHWH FKFHWH Y\PD]D D SRWYU WH (17(5
D 5HFDOO WRþHQtP WODþLGOD 3$*(
.RStURYDQLH HIHNWRY PHG]L SUHVHWPL
x 3RNLD MH SUHVHW NWRUê VD SRN~ãDWH XORåL x )XQNFLD Ä&RS\³ YiP XPRåQt VNRStURYD
YêUREQê SUHVHW RGSRU~þDPH YiP XORåL
KR QD QLHNWRUHM ] SUYêFK YR QêFK SR]tFLt QDSU YDãH RE ~EHQp 'HOD\ D 5HYHUE
QDVWDYHQLD GR LQpKR SUHVHWX EH] WRKR
x $N MH SUHVHW NWRUê FKFHWH XORåL Yiã DE\ VWH LFK PXVHOL SUiFQH QDVWDYRYD
YODVWQê RGSRU~þDPH XORåHQLH QD SR]tFLX x 1DMSUY ]DYRODMWH SUHVHW GR NWRUpKR
RGSRYHGDM~FX VWODþHQpPX 35(6(7 FKFHWH HIHNW VNRStURYD
WODþLGOX x 6WODþWH (',7 D ]YR WH HIHNW NWRUê FKFHWH
QDKUDGL HIHNWRP ] LQpKR SUHVHWX
x 9 RELGYRFK VLWXiFLiFK VL P{åHWH ]YROL RWRþHQtP 3$*( SRWYUGHQLH (17(5
XERYR Q~ SR]tFLX WODþLGODPL $ % D & x 6WODþWH Ä&23< >())(&7@ )520´
RWRþHQtP 3$*( SURWL VPHUX KRGLQRYêFK
UXþLþLHN
x 7HUD] WODþLGORP & ]YR WH SUHVHW ]
NWRUpKR FKFHWH QDVWDYHQLH GDQpKR HIHNWX
VNRStURYD
x 6WODþWH (17(5
1DSUtNODG DN NRStUXMHWH 5HYHUE
QDVWDYHQLD QD GLVSOHML EXGH VYLHWL
1D REUi]NX Y\ããLH MH QDYROHQi VNXSLQND x 6WODþWH (17(5
D SR]tFLD x 8ORåWH ]PHQHQê SUHVHW DN FKFHWH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
35(+ $'
3UH YVWXS GR 0(18 PyGX x 6WODþWH 0(18
x 6WODþWH (',7
0Ï' 0(18 ± =$32-(1,( 35(6(78 $E\ VWH OHSãLH SRFKRSLOL UR]GLHO\ SUH]ULWH VL
LOXVWUiFLH GROH D QD QDVOHGXM~FLFK VWUDQiFK
=DSRMHQLH HIHNWRY D SUHþtWDMWH VL Y\VYHWOHQLH
ýR WR MH" 1D þR V~ XåLWRþQp"
7RWR V~ GRVWXSQp ]DSRMHQLD HIHNWRY =YROHQp ]DSRMHQLH P{åHWH XORåL DNR V~þDV
6pULRYp VHPL SDUDOHOQp DOHER SDUDOHOQp SUHVHWX DOHER P{åH E\ QDVWDYHQp DNR
V~þDV YãHWNêFK SUHVHWRY ]DSQXWtP
1DVWDYHQLH ]DSRMHQt 8]DPNQXWLD ]DSRMHQt 5RXWLQJ /RFN
x 6WODþWH (',7 D 0(18 D SRPRFRX 3$*(
3567 ± 3UHVHW
QDYR WH PHQX =DSRMHQLH SUHVHWX 3567
5RXWLQJ
x 6WODþWH (17(5 D ]YR WH åHODQp ]DSRMHQLH
WODþLGORP &
x 3UH SRWYUGHQLH VWODþWH (17(5
6pULRYp ]DSRMHQLH
6pULRYp ]DSRMHQLH ]DSiMD YãHWN\ HIHNWRYp
EORN\ ÄGR MHGQHM OtQLH ³ SRGREQH DNR EHåQê
JLWDURYê VWRPSER[ 7R ]QDPHQi åH NDåGê
HIHNWRYê EORN RYSO\Y XMH QDVOHGXM~FL HIHNW
SUtSDGQH HIHNW\
$N MH HIHNW 5HYHUE SRXåLWê Y
NRPELQiFLL V 'HOD\ V GOKRX GRERX
RQHVNRUHQLD PRåQR SULGDQê 5HYHUE
VS{VREXMH QD 'HOD\ RSDNRYDQp UXãHQLH 9
WRP SUtSDGH SRXåLWH VHPL SDUDOHOQp DOHER
SDUDOHOQp ]DSRMHQLH
0Ï' 0(18 ± =$32-(1,( 35(6(78
6HPL SDUDOHOQp ]DSRMHQLH
6HPL SDUDOHOQp ]DSRMHQLH ]DSiMD YlþãLQX QDSU åH RSDNRYDQLH ] 'HOD\ QHEXGH
HIHNWRYêFK EORNRY VpULRYR DOH 5HYHUE ÄUHYHUERYDQp ³ 3DUDOHOQp ]DSRMHQLH 5HYHUE
D 'HOD\ EORN\ V~ ]DSRMHQp SDUDOHOQH D 'HOD\ P{åH SRP{F ÄY\þLVWL ³ ]YXN HIHNWX
9 G{VOHGNX WRKR VD HIHNW\ 'HOD\ D 5HYHUE NH VD SRXåtYD 5HYHUE DM 'HOD\
QDY]iMRP QHRYSO\Y XM~ 7R ]QDPHQi åH
3DUDOHOQp ]DSRMHQLH
3UL SDUDOHOQRP ]DSRMHQt YVWXSXMH WHQ LVWê
VLJQiO GR YãHWNêFK HIHNWRY 0RGXODWLRQ 3LWFK
'HOD\ D 5HYHUE RVRELWQH (IHNW\ VD WHGD
QDY]iMRP QHRYSO\Y XM~
0Ï' 0(18 ± */2%È/1(- Ò5291,
+ODVLWRV SUDYpKR D DYpKR YêVWXSX 9\KQLWH VD PD[LPiOQHM KODVLWRVWL QD
]DSRMHQêFK SHGiORFK D SUHG]RVLO RYDþL
9 PHQX 3UHVHW 5RXWLQJ MH WLHå PRåQp XORåL 6OXþN\ PDM~ REURYVNê SRWHQFLiO DNFHSWXM~
QDVWDYHQLH SUH KODVLWRV SUDYpKR DYpKR YlþãLQX SHGiORY GRVWXSQêFK QD WUKX 1DSULHN
YêVWXSX 5R]VDK MH Då G% WRPX MH PRåQp SUH DåL Ä5HWXUQ³ VOXþN\
0D[LPiOQD KODVLWRV QD SHGiORFK ]DSRMHQêFK
9 DND WêPWR SDUDPHWURP P{åHWH QDSU SRXåL Y VOXþNH P{åH ]DSUtþLQL YQ~WRUQp SUH DåHQLH *
GYD U{]QH ]RVLO RYDþH SUH GXDO PRQR ]RVWDYX 6\VWpPX SUHMDYXM~FH VD GLJLWiOQ\P Ä]UH]DQtP³
D NDåGpPX SUHVHWX QDVWDYL GR NWRUpKR VLJQiOX 3UHWR E\ VWH PDOL SUDFRYD V UR]XPQH
]RVLO RYDþD SRãOHWH VLJQiO $OHER P{åHWH VLJQiO QDVWDYHQRX KODVLWRV RX QD ]DSRMHQêFK VOXþNiFK
SRVOD GR RELGYRFK GR NDåGpKR V LQRX LQWHQ]LWRX
=/( '2%5(
8]DPNQXWLH ]DSRMHQLD 5RXWLQJ /RFN
6OXþND ,QVHUW
3UH NDåGê SUHVHW VL P{åHWH QDVWDYL W\S ]DSRMHQLD
HIHNWRY NWRUê FKFHWH SRXåtYD 3RNLD QHPiWH $N VWH GR ,QVHUW VOXþN\ ]DSRMLOL SUHG]RVLO RYDþ
] SUHStQDQLD PHG]L ]DSRMHQLDPL YH Nê ~åLWRN
RGSRU~þDPH YiP SRXåL IXQNFLX 5RXWLQJ /RFN D PiWH KR XPLHVWQHQp DOHM DNR PHWHU RG *
.H MH DNWLYRYDQi QHEXGHWH VD PXVLH VWDUD
R QDVWDYHQLH ]DSRMHQLD SUH NDåGê SUHVHW DOH 6\VWpPX 9( 0, YiP RGSRU~þDPH SRXåL WLHQHQp
QDVWDYtWH VL KR JOREiOQH SUH YãHWN\ DOãRX
YêKRGRX MH åH NH KR EXGHWH FKFLH ]PHQL VWDþt NiEOH $M Y WRP SUtSDGH DN QD SUHG]RVLO RYDþL
SUHSQ~ OHQ MHGQR QDVWDYHQLH
QHPiWH WLHQHQp NRQHNWRU\ YlþãLQRX EêYDM~
1DVWDYHQLH IXQNFLH 5RXWLQJ /RFN
QHWLHQHQp
x 6WODþWH (',7 SRWRP 0(18 D RWRþHQtP 3$*(
]YR WH 8WLOLW\ PHQX .H SRXåLMHWH WLHQHQp NiEOH QD SUHSRMHQLH
x 6WODþWH (17(5 D SRPRFRX 3$*( ]YR WH SUHG]RVLO RYDþD FH] ,QVHUW VOXþNX SVHXGR WLHQHQê
5RXWLQJ /RFN
RNUXK PLQLPDOL]XMH ãXP NWRUê E\ PRKRO QDVWD
x =DSQLWH DOHER Y\SQLWH
x 8NRQþLWH VWODþHQtP (',7 EH] WLHQHQêFK NiEORY
2SWLPDOL]iFLD ~URYQH KODVLWRVWL +ODVLWRV YVWXSX ,QSXW /HYHO
'iPH YiP SiU UiG DNR ]UHGXNRYD ãXP D WHGD 9VWXS SUH QiVWURM QD * 6\VWpPH MH ] YêURE\
DNR ]tVND ] * 6\VWpPX QDMOHSãt SRPHU PHG]L QDVWDYHQê WDN DE\ ]YOiGRO QDVWDYHQLH YlþãLQ\
VLJQiORP D KODVLWRV RX JLWiU 3UHGVD VL YãDN P{åHWH GRODGL FLWOLYRV
.iEOH 3UHGRYãHWNêP .YDOLWQp NiEOH V~ YVWXSX SUH GRVLDKQXWLH þR QDMOHSãLHKR YêNRQX
QHY\KQXWQp 2GSRU~þDPH YiP SRXåL SRULDGQH D SRPHURP PHG]L VLJQiORP D KODVLWRV RX
WLHQHQp NiEOH SUH FHO~ DSDUDW~UX DOH SDPlWDMWH x 6WODþWH (',7 D SRWRP ,1387 SUYp WODþLGOR
åH QDMFLWOLYHMãtP PLHVWRP MH NYDOLWD NiEOD NWRUê
VSiMD JLWDUX V SDVtYQ\PL VQtPDþPL QDSU W\S Y KRUQRP UDGH
6WUDW D YVWXS * 6\VWpPX 1D NiEORFK VD QDR]DM x 1DVWDYWH DM Ä%RRVW 0D[ ³ D Ä/RRS +HDGURRP³
QHRSODWt ãHWUL
SDUDPHWUH
0Ï' 0(18 */2%È/1(- +/$6,7267,
9ãHWN\ SDUDPHWUH ~URYQt Y WRPWR PHQX V~ +HDGURRP SDUDPHWHU ± DOHER RERMH 5R]VDK WRKWR
JOREiOQH D QHGDM~ VD XORåL DNR V~þDV SDUDPHWUD ]iYLVt RG QDVWDYHQLD KODVLWRVWL VOXþN\
SUHVHWRY
9VWXS GR PHQX *OREDO *OE /HYHOV 0D[LPiOQD KODVLWRV QLHNWRUpKR ]R
]DULDGHQt ]DSRMHQêFK Y VOXþNiFK
x 6WODþWH (',7 SRWRP 0(18 P{åH VS{VREL YQ~WRUQp SUH DåHQLH
x =YR WH *OE /HYHOV SRPRFRX 3$*( * 6\VWpPX NWRUp VD SUHMDYt
x 6WODþWH (17(5 SRþXWH QêP GLJLWiOQ\P UXãHQtP VLJQiOX
6LOD YVWXSX ,QSXW *DLQ +ODVLWRV 9ROXPH
5R]VDK Då G% 5R]VDK Då G%
7HQWR SDUDPHWHU QDVWDYXMH VLOX YVWXSX SUH QiVWURM 3DUDPHWHU 9ROXPH P{åH RYOiGD KODVLWRV EX
NDP PiWH ]DSRMHQ~ JLWDUX $N VWH WHQWR SDUDPHWHU SUHG DOHER ]D HIHNWRYRX VHNFLRX 7RWR VD
QDVWDYLOL VSUiYQH þHUYHQi /(' GLyGD QD ,QSXW QDVWDYXMH SDUDPHWURP 9ROXPH 3RVLWLRQ YL
PHWUL ]DVYLHWL OHQ REþDV SUL VLOQRP D YêUD]QRP QLåãLH
DNRUGH
3R]tFLD KODVLWRVWL 9ROXPH 3RVLWLRQ
3UH UêFKOX ]PHQX VLO\
YVWXSX VWODþWH (',7 3DUDPHWHU 9ROXPH 3RVLWLRQ XUþXMH NGH VD EXGH
D WRþWH WODþLGORP ,QSXW QDVWDYRYD KODVLWRV 0RåQRVWL V~
*DLQ WODþLGOR þ 3RWRP 9VWXS +ODVLWRV VD RYOiGD KQH ]D VOXþNDPL DOH
VWODþWH RSl (',7 SUH QiYUDW GR PyGX 3OD\ HãWH SUHG HIHNWDPL 7RWR XPRå XMH HIHNWRP DNR
'HOD\ D 5HYHUE ]RVWD QDKODV DM NH ]QtåLWH
+ODVLWRV VOXþN\ KODVLWRV H[SUHVVLRQ SHGiORP
9êVWXS +ODVLWRV VD RYOiGD Då ]D HIHNWPL 7R
5R]VDK Då G% ]QDPHQi åH PHQtWH KODVLWRV FHOpKR VLJQiOX
YUiWDQH HIHNWRY
7HQWR SDUDPHWHU QDVWDYXMH KODVLWRV YVWXSX
+ODVLWRV YêVWXSX 2XWSXW /HYHO
VOXþN\ $N VD YiP ]Gi åH GULYH SHGiOH PDM~ Ylþãt
7HQWR SDUDPHWHU QDVWDYXMH KODVLWRV YêVWXSX
~þLQRN NH QLH V~ ]DSRMHQp Y * ] FHOpKR * 6\VWpPX NWRUê SRNUDþXMH QD YVWXS
]RVLO RYDþD 3UL WRPWR QDVWDYRYDQt VD EXGHWH
6\VWpPH SRXåLWH WHQWR SDUDPHWHU QD PXVLH VSR DKQ~ QD VYRMH XãL SUHWRåH YlþãLQD
]RVLO RYDþRY QHPi LQSXW PHWHU 3UtOLã VLOQê VLJQiO
Y\NRPSHQ]RYDQLH SRVODQê QD YVWXS ]RVLO RYDþD P{åH VS{VREL MHKR
SUH DåHQLH
+RUQi KUDQLFD VOXþN\ /RRS +HDGURRP
3UH UêFKOX ]PHQX VLO\ YêVWXSX
7HQWR SDUDPHWHU RYOiGD FLWOLYRV YVWXSX HIHNWX GR VWODþWH (',7 D WRþWH WODþLGORP 2XWSXW
VOXþN\ $N SHGiOH D SUHG]RVLO RYDþ ]DSRMHQê VR /HYHO WODþLGOR þ 3RWRP VWODþWH
VOXþN\ SUtOLã ]RVLO XM~ VLJQiO P{åHWH ]RVODEL RSl (',7 SUH QiYUDW GR PyGX 3OD\
KODVLWRV LFK YêVWXSX DOHER XSUDYL /RRS
)81.&,$ %2267
0D[LPiOQD KODVLWRV %RRVW %RRVW 0D[ $N MH ]DSQXWê SDUDPHWHU 8]DPNQXWLH ERRVWX
5R]VDK Då G% %RRVW /RFN Y 8WLOLW\ PHQX PiWH QDVWDYHQ~
%RRVW MH Y GLJLWiOQRP VYHWH PRåQê LED DN URYQDN~ ~URYH ERRVWX SUH YãHWN\ SUHVHW\
QHPiWH QDVWDYHQ~ KODVLWRV QD PD[LPXP .H DNWLYXMH %RRVW /RFN IXQNFLX MH WR
)XQNFLD %RRVW WRWLå Y\FKiG]D ] SUHUXãRYDQLD QDVWDYHQLH ERRVWX SUH DNWXiOQ\ SUHVHW DOH
WOPHQLD KODVLWRVWL 7HQWR SDUDPHWHU QDVWDYXMH SUHMDYt VD JOREiOQH
FHONRYp ]RVODEHQLH VLJQiOX MHKR KRGQRWD VD
QDVWDYXMH Y PHQX %RRVW 0QRKR JLWDULVWRY 1DVWDYHQLH %RRVW /HYHO SUH SUHVHW
WYUGt åH G% MH SULPHUDQi KUDQLFD SUL KUDQt x 6WODþWH (',7 SRWRP %2267 D QDVWDYWH
VyOD DW $N YiP WR Y\KRYXMH QDVWDYWH VL KR
QD WêFKWR G% 0RåQR KR EXGHWH FKFLH PD ~URYH SRPRFRX WODþLGOD &
QDVWDYHQê VWiOH QD PD[LPXP G% 1HUREWH x 8ORåWH SUHVHW
WR &HONRYi KODVLWRV VD YiP P{åH ]QtåL Då
R G%
9êEHU YVWXSX ,QSXW 6HOHFW
9êEHU SUHGQê DOHER ]GDQê
*LWDUX P{åHWH ]DSRML GR *); ]R]DGX DM
VSUHGX .H MH *); QDPRQWRYDQp Y UDFNX
WDN VD SRXåtYD SUHGQê NRQHNWRU SUL SyGLRYRP
]DSRMHQt ]DVH ]DGQê 2ELGYD YVWXS\ QHP{åX
E\ DNWtYQH V~þDVQH
%RRVW
7DNåH VWH VL Y\WYRULOL U{]QH SUHVHW\ D YãHWN\
KODVLWRVWL PiWH SHNQH ]ODGHQp $OH QHEROR
E\ WR VXSHU NHE\ VWH VWODþHQtP MHGLQpKR
WODþLGOD PRKOL KRFLNWRUê ]R ]YXNRY ]YêUD]QL "
6 * 6\VWpPRP P{åHWH
7ODþLGOR %2267
x ÒURYH ERRVWX LQêPL VORYDPL DNR YH PL
FKFHWH GDQê ]YXN ]YêUD]QL P{åH E\
QDVWDYHQi Y NDåGRP SUHVHWH LQDN
x 0D[LPiOQH ]YêUD]QHQLH MH G%
0Ï' 0(18 3('È/(
([SUHVVLRQ SHGiOH D DOãLH YVWXS\ SUH H[SUHVVLRQ SHGiOH QD
NRQWUROQHM GRVNH
1D þR VO~åLD"
([SUHVVLRQ SHGiOH V~ XþHQp QD WR DE\ VWH PRKOL
PDQXiOQH RYOiGD XUþLWp SDUDPHWUH QDSU KODVLWRV
1DPLHVWR WRKR DE\ VWH PXVHOL PD DOHER YLDF PHWURY 7LHWR NRQHNWRU\ V~ ÄNORQ\ ³ 9 SUD[L WR ]QDPHQi åH
NiEOD QDWLDKQXWêFK N 9ROXPH SHGiOX VWDþt YiP H[SUHVVLRQ Y NDåGRP SUHVHWH QLPL P{åHWH ULDGL LED
SHGiO SULSRMHQê NX * 6\VWpPX NWRUê RYOiGD SDUDPHWHU SDUDPHWUH DOH NDåGê SDUDPHWHU P{åHWH PHQL
KODVLWRV 9ROXPH U{]Q\PL SHGiOPL
([SUHVVLRQ SHGiOH DOH GRNiåX RPQRKR YLDF ýR WDN 1DSU XPLHVWQLWH SHGiOH QD SyGLXP YSUDYR NX
QHFKD H[SUHVVLRQ SHGiO ULDGL SLWFK DNR :KDPP\ SHGiO NRQWUROQpPX SDQHOX D DOãLH GR VWUHGX SyGLD
DOHER RQHVNRUHQLD Y 'HOD\ þL UêFKORV Y 7UHPROR" NGH EXGHWH KUD VyOR
0RåQRVWL V~ QHREPHG]HQp 9 NDåGRP SUHVHWH P{åHWH 9VWXS\ YãHWNêFK ãW\URFK H[SUHVVLRQ SHGiORY P{åX
QDVWDYL NWRUp SDUDPHWUH PDM~ H[SUHVVLRQ SHGiOH ULDGL E\ QDVWDYHQp LQGLYLGXiOQH
7R ]QDPHQi åH Y NDåGRP SUHVHWH P{åH UREL WHQ LVWê
SHGiO QLHþR ~SOQH LQp .H EXGHWH FKFLH DE\ MHGHQ = YêURE\ MH MHGHQ YVWXS SUH H[SUHVVLRQ SHGiO
H[SUHVVLRQ SHGiO ULDGLO FHONRY~ KODVLWRV Y NDåGRP ULDGHQê KODVLWRV RX * 6\VWpPX 9RO D SR ]DSRMHQt
SUHVHWH QDVWDYWH VL KR MHGQRGXFKR DNR JOREiOQ\ H[SUHVVLRQ SHGiOX GR WRKWR YVWXSX VD DXWRPDWLFN\
SDUDPHWHU QDVWDYt QD JOREiOQX KRGQRWX VLO\ YVWXSX ,Q *DLQ
$OH MH VDPR]UHMPH QD YiV DNR VPH Xå VN{U
.H VD SR]ULHPH QD * 6\VWpP DNR QD NRQWUROQ~ GRVNX QD]QDþLOL þR EXG~ H[SUHVVLRQ SHGiOH RYOiGD
RGGHOHQ~ RG *); P{åHWH YLGLH åH QD *); V~
YVWXS\ SUH H[SUHVVLRQ SHGiOH 3ULSiMDQLH SHGiORY
3RG D W\SX H[SUHVVLRQ SHGiOX E\ PDO E\
SULSRMHQê EHåQêP PRQR DOHER VWHUHR ó³ MDFN±MDFN
NiEORP
LFK W\S
1DYLJiFLD
x 6WODþWH (',7 D SRWRP 0(18
x =YR WH SHGiOH 3HGDOV SRPRFRX 3$*(
]YR WH 3HGDOV SRWYU WH WODþLGORP (17(5
$N VWH VL QLH LVWê PXVtWH Y\VN~ãD RELGYD W\S\
* 6\VWpP MH XUREHQê WDN DE\ MHGHQ ]DUXþHQH
IXQJRYDO
1DVWDYRYDQLH SHGiORY
$NR DOãLH SUH GRVLDKQXWLH QDMOHSãLHKR
YêNRQX ] SHGiORY PXVtWH QDNDOLEURYD
SHGiOH D SRWRP Y * 6\VWpPH VSUHVQL
0Ï' 0(18 3('È/( +ODVLWRV * 6\VWpPX P{åH E\ RYOiGDQi FH]
H[SUHVVLRQ SHGiO ]DSRMHQê GR Ä9RO ³ $OHER
7HUD] WODþLGORP 3$*( YR WH SDUDPHWUH Ä([S ³ NRQHNWRUX QD *); . GLVSR]tFLL PiWH
D WODþLGORP & LFK KRGQRW\ QDVOHGRYQp PRåQRVWL
.UiWN\ SUHK DG PyGX 3HGiOH 3HGDOV
3DUDPHWHU 0RåQRVWL
9ROXPH &WUO 1RQH 9RO ([S (QF$ (QF% (QF& x 1RQH åLDGQH ± +ODVLWRV VD QHRYOiGD
åLDGQ\P ] SULSRMHQêFK H[SUHVVLRQ SHGiORY
9ROXPH 0LQ Då
x 9RO ± +ODVLWRV NRQWUROXMH H[SUHVVLRQ SHGiO
9ROXPH 0LG Då ]DSRMHQê EX GR Ä9RO ³ NRQHNWRUD QD
*); DOHER QD NRQWUROQRP SDQHOL
9ROXPH 0D[ Då
x ([S +ODVLWRV NRQWUROXMH H[SUHVVLRQ SHGiO
*); 9RO 7\SH 2II 3RW 0RPQW $OW ]DSRMHQê EX GR Ä([S ³ NRQHNWRUD QD
*); ([S 7\SH 2II 3RW 0RPQW $OW *); DOHER QD NRQWUROQRP SDQHOL
&75/ 9RO 7\SH 2II 3RW 0RPQW $OW
&75/ ([S 7\SH 2II 3RW 0RPQW $OW x (QF$ (QF% (Q& ± +ODVLWRV RYOiGDWH
WODþLGORP $ % DOHER &
9RO 0DVWHU 3UHVHW *OREDO 3DUDPHWHU KODVLWRV P{åH
([S 0DVWHU 3UHVHW *OREDO
~þLQNRYD QD PLHVWDFK SUHG
*); 9RO &DOLE HIHNWRYRX VHNFLRX DOHER ]D RX
*); ([S &DOLE
&75/ 9RO &DOLE 1DVWDYXMH VD WR Y PHQX KODVLWRVWL /HYHOV
&75/ ([S &DOLE
3RGUREQRVWL QiMGHWH Y WHMWR NDSLWROH þDV
8PLHVWQHQLH KODVLWRVWL 9ROXPH 3RVLWLRQ
9\VYHWOHQLH VNUDWLHN 0LQ ± 0LG ± 0D[
9RO ± KODVLWRV 7LHWR SDUDPHWUH XUþXM~ DNR Pi * 6\VWpP
([S ± H[SUHVVLRQ SHGiOH UHDJRYD QD SRORKX H[SUHVVLRQ SHGiORY
*); ± SURFHVRURYi MHGQRWND 1DVWDYXMH KRGQRWX Y SHUFHQWiFK QD NWRU~ VD
&75/ ± NRQWUROQê SDQHO Pi QDVWDYL KODVLWRV * 6\VWpPX SUL QDMQLåãHM
&DOLE ± NDOLEUiFLD VWUHGQHM D QDMY\ããHM SRORKH SHGiOX
3RW ± SRWHQFLRPHWHU Y SHGiOH
0RPQW ± SUHFKRGRYê SHGiO 3RþLDWRþQp KRGQRW\ 0LQ 0LG D 0D[ V~
$OW ± VWULHGDYê SHGiO D 9WHG\ VD H[SUHVVLRQ SHGiO
FKRYi ~SOQH URYQDNR DNR YROXPH SHGiO Y
9ROXPH &WUO ± 2YOiGDQLH KODVLWRVWL QDMQLåãHM SRORKH MH ~SOQH SRWLFKX Y QDMY\ããHM
1D REUi]NX MH MHGQR ] QDVWDYHQt RYOiGDQLD QD PD[LPH 0{åHWH VL LFK QDVWDYL QDSU QD
KODVLWRVWL D NHG\ VD KODVLWRV SUL
~SOQRP VWODþHQt SHGiOX OHQ WURãNX ]QtåL
*); 9RO 7\SH *); ([S 7\SH 0Ï' 0(18 3('È/(
&75/ 9RO 7\SH &75/ ([S 7\SH
7LHWR ãW\UL SDUDPHWUH V~YLVLD VR NRQHNWRUPL SUiYH SRXåtYDOL SHGiO V SUHVHWRP þ D ]RVWDO QD
SUH H[SUHVVLRQ SHGiOH &H] QH ÄSRYLHWH³ * RWi]ND ]QLH .H SUHSQHWH QD SUHVHW þ
6\VWpPX DNê W\S SHGiORY VWH SULSRMLOL FKFHWH DE\ 3LWFK SDUDPHWHU QD DNR MH
QDVWDYHQê Y SUHVHWH ± DOHER FKFHWH DE\ PDO
x 3RW ± SHGiO V SRWHQFLRPHWURP EHåQê KRGQRWX ]tVNDQ~ ] SHGiOX "
YROXPH DOHER H[SUHVVLRQ SHGiO
$N MH SDUDPHWHU ([S 0DVWHU QDVWDYHQê QD
x 0RPHQWDU\ ± 7RWR QDVWDYHQLH SRXåLWLH DN Ä*OREDO ³ SDUDPHWHU 3LWFK ]tVND KRGQRWX
PiWH ]DSRMHQê SHGiO V SUHFKRGRYêP ] SHGiOD ± $N MH YãDN QDVWDYHQê QD
SUHStQDþRP ± LQDN SRYHGDQp W\S Ä3UHVHW ³ H[SUHVVLRQ SHGiO SUHYH]PH NRQWUROX
SUHStQDþD NWRUê MH DNWtYQ\ LED YWHG\ NH MH QDG SDUDPHWURP Då NH RSl ]PHQtWH MHKR
~SOQH VWODþHQê SRORKX
x $OWHUQDWLQJ 7RWR QDVWDYHQLH SRXåLWLH DN &KFHWH DE\ Yiã YROXPH
PiWH ]DSRMHQê SHGiO VR VWULHGDYêP
SUHStQDþRP -H WR W\S SUHStQDþD NWRUê SHGiO ERO Ä*OREDO ³ W M
RVWDQH Y WHM SRORKH GR NWRUHM KR VWODþtWH
D GR S{YRGQH SRORK\ VD YUiWL OHQ SR DOãRP QHRYSO\YQHQê ]PHQDPL
VWODþHQt
SUHVHWRY 1DVWDYWH
9RO 0DVWHU D ([S 0DVWHU
.H QiKRGRX ]PHQtWH SUHVHW KRGQRWD WêFKWR 9RO 0DVWHU QD Ä*OREDO³ D MH WR
SDUDPHWURY P{åH E\ ULDGHQi EX H[SUHVVLRQ
SHGiORP DOHER SUHVHWRP 7RWR QDVWDYHQLH *); 9RO &DOLE *); ([S &DOLE
XUþXMH NWRUêP &75/ 9RO &DOLE &75/ ([S &DOLE
.H åH U{]QL YêUREFRYLD GRGiYDM~ H[SUHVVLRQ
6~ PRåQRVWL QDVWDYHQLD D YROXPH SHGiOH V U{]Q\PL W\SPL
x 3UHVHW ± 9lþãLX YiKX Pi KRGQRWD SRWHQFLRPHWURY MH G{OHåLWp VSUiYQH
QDNDOLEURYD NRQHNWRU\ * 6\VWpPX SUH
SDUDPHWUD XORåHQi Y SUHVHWH EH] RK DGX GRVLDKQXWLH RSWLPiOQHKR YêNRQX
QD DNWXiOQX SRORKX H[SUHVVLRQ SHGiOD
NWRUê E\ PDO GDQê SDUDPHWHU ULDGL .DOLEURYDQLH ± NURN ]D NURNRP
x *OREDO ± =LVWt VD SR]tFLD H[SUHVVLRQ SHGiOD x 8LVWLWH VD åH VWH ]DSRMLOL SHGiO GR 9ROXPH
Y PRPHQWH ]PHQ\ SUHVHWX D KRGQRWD
XORåHQi Y SUHVHWH VD SUHStãH KRGQRWRX DOHER ([SUHVVLRQ YVWXSRY
SHGiOD x =YR WH W\S SHGiOX SDUDPHWURP 3HGDO 7\SH
x =YR WH NRQHNWRU H[SUHVVLRQ SHGiOX NWRUê
3UtNODG
3RYHG]PH åH Y SUHVHWH þ SRXåtYDWH SHGiO QD FKFHWH QDNDOLEURYD
RYOiGDQLH 'HOD\ 9 SUHVHWH þ FKFHWH SHGiO SRXåL *); 9RO &DOLE *); ([S &DOLE
QD RYOiGDQLH SLWFK YR :KDPP\ HIHNWH 9 SUHVHWH &75/ 9RO &DOLE &75/ ([S &DOLE
þ MH QDVWDYHQê 3LWFK QD 'DMPH WRPX åH VWH x 6WODþWH (17(5
0Ï' 0(18 ± 3('È/(
x 1D GLVSOHML WHUD] VYLHWL Ä6HW 0LQ ³ 'LVSOHM E\ PDO Y\]HUD SULEOLåQH WDNWR
x 'DMWH SHGiO GR QDMQLåãHM SR]tFLH
D VWODþWH (17(5
x 1D GLVSOHML WHUD] VYLHWL Ä6HW 0LG ³ 7ODþLGORP ,1387 ]YR WH NWRUê
x 3HGiO VWODþWH GR VWUHGQHM SR]tFLH H[SUHVVVLRQ SHGiO FKFHWH QDVWDYL
8YHGRPWH VL åH WODþLGOi $ % D &
D VWODþWH (17(5 P{åHWH WLHå SRXåL DNR UHDO WLPH
RYOiGDþH HIHNWRY Y (',7 PyGH
x 1D GLVSOHML WHUD] VYLHWL Ä6HW 0D[ ³
x 3HGiO QHFKDMWH Y QDMY\ããHM SRORKH 9RO ± 2GND]XMH QD H[SUHVVLRQ SHGiO
]DSRMHQê GR 9RO NRQHNWRUD QD SUHGQHM
D VWODþWH (17(5 VWUDQH *); DOHER QD NRQWUROQRP
SDQHOL
x 1D GLVSOHML WHUD] VYLHWL Ä&$/,%5$7,21
'21( ³ ([S ± 2GND]XMH QD H[SUHVVLRQ SHGiO
]DSRMHQê GR ([S NRQHNWRUD QD SUHGQHM
3RXåLWLH ([SUHVVLRQ SHGiORY QD VWUDQH *); DOHER QD NRQWUROQRP
RYOiGDQLH XUþLWêFK SDUDPHWURY SDQHOL
.H Xå PiWH H[SUHVVLRQ SHGiOH ]DSRMHQp
D QDNDOLEURYDQp DNR VPH YiP Y\VYHWOLOL (QF$ (QF% D (QF& ± 2GND]XM~ QD
Y SUHGRãOHM þDVWL MH þDV ]DGHILQRYD NWRUp WODþLGOi $ % D & NH VD QDFKiG]DWH
SDUDPHWUH EXG~ RYOiGD Y (',7 PyGH 7êPWR WURP WODþLGOiP
P{åHWH SULUDGL NRQWUROX QD QLHNWRUêP
=iNODG SDUDPHWURP URYQDNR DNR H[SUHVVLRQ
6WODþWH (',7 SUH YVWXS GR PyGX (',7 SHGiORP
6WODþWH GYD UD]\ (17(5 7HUD] PiWH
0LQ 0LG D 0D[ ± 1DVWDYLD KRGQRWX
SUtVWXS NX NRPSOHWQpPX ]R]QDPX ]RGSRYHGDM~FX QDMQLåãHM VWUHGQHM
SDUDPHWURY NWRUp P{åHWH RYOiGD D QDMY\ããHM SRORKH H[SUHVVLRQ SHGiOX
SULSRMHQêPL H[SUHVVLRQ SHGiOPL
D WODþLGODPL $ % D & 1DVWDYHQLH WODþLGLHO $ % D &
3RVWXSXMWH SUHVQH WDN DNR Y QiYRGH SUH
QDVWDYRYDQLH H[SUHVVLRQ SHGiORY V VWêP
UR]GLHORP åH WODþLGOi QHWUHED NDOLEURYD
ýtVOD WODþLGLHO 0Ï' 0(18 ± 7/$ý,'/È
7ODþLGOR V QHPHQQRX
IXQNFLRX
7ODþLGOi
V QHPHQQRX
IXQNFLRX
2 WODþLGOiFK 1DVOHGXMWH NURN ]D NURNRP Qiã YêNODG
9ãHWNêFK WODþLGLHO * 6\VWpPX Pi YODVWQp D QDVWDYtWH VL WODþLGOi SRG D VYRMLFK SUHGVWiY
IXQNFLH NWRUp V~ SRStVDQp ãWtWNDPL QDG
D SRG WODþLGODPL x 6WODþWH (',7 SUH YVWXS GR (GLW PyGX
x 6WODþWH 0(18 D ]YR WH 6ZLWFKHV SRXåLWtP
-H YãDN PRåQp ]PHQL IXQNFLH WDNPHU
NDåGpKR WODþLGOD WDN DE\ ~SOQH 3$*(
XVSRNRMRYDOR YDãH SUHGVWDY\ x 6WODþWH (17(5
3UtNODG %XGHWH VL FKFLH Y\WYRUL VNXSLQX x 1D GLVSOHML E\ PDOR E\ QLHþR DNR
YODVWQêFK WODþLGLHO V LQêPL IXQNFLDPL DNR EROL
S{YRGQH DOHER QDSU EXGHWH FKFLH PD x 7ODþLGORP 3$*( ]YR WH þtVOR WODþLGOD NWRUp
WODþLGOi SUH YãHWNêFK VOXþLHN QDPLHVWR FKFHWH SUHSURJUDPRYD
SRþLDWRþQêFK WURFK 7R YãHWNR P{åHWH
x 7ODþLGORP $ QDYR WH QRY~ IXQNFLX
7ODþLGOi (',7 D 83 '2:1 QHP{åX E\ x 7ODþLGORP % ]YR WH ãWêO SR]UL DOHM
SULUDGHQp LQêP IXQNFLiP x 6WODþWH (',7 SUH RGFKRG ] 3OD\ PyGX
1DVWDYHQLH IXQNFLt WODþLGLHO .DåGp WODþLGOR Pi MHGHQ DOHER YLDF SUtGDYQêFK
SDUDPHWURY NWRUp VSUHV XM~ MHKR IXQNþQRV
1DVOHGXM~FD WDEX ND SRVN\WXMH SUHK DG
GRVWXSQêFK IXQNFLt
0Ï' 0(18 ± 7/$ý,'/È
)XQNFLD âWêO 3DUDP 3UHStQD PHG]L UpOH $ D UHOp % SUL PRåQRVWL
1RQH 7RJJOH DOHER GRþDVQH ]DStQD SUL YR EH +ROG
)LOWHU 2Q 2II 7RJJOH +ROG
&RPS 2Q 2II 7RJJOH +ROG 3UHVHW
/RRS 2Q 2II 7RJJOH +ROG 1DVOHGXM~FH SDUDPHWUH YiP XPRå XM~ SRXåL
/RRS 2Q 2II 7RJJOH +ROG WODþLGOR QD YRODQLH KRFLNWRUpKR ] YêUREQêFK DOHER
/RRS 2Q 2II 7RJJOH +ROG XåtYDWH VNêFK SUHVHWRY 'YD SDUDPHWUH PXVLD E\
/RRS 2Q 2II 7RJJOH +ROG QDVWDYHQp
,QVHUW 2Q 2II 7RJJOH +ROG %DQN
5HOD\ 7RJJOH +ROG 9R ED EDQNX .H MH QDVWDYHQi QD ÄQRQH ³ SR]tFLD
*DWH 7RJJOH +ROG EDQNX MH XUþHQi WODþLGODPL 83 '2:1
%RRVW 2Q 2II 7RJJOH +ROG 9êUREQp SUHVHW\ V~ RG $ Då $ D % Då %
0RG 2Q 2II 7RJJOH +ROG 8åtYDWH VNp SUHVHW\ V~ Y EDQNRFK Då
3LWFK 2Q 2II 7RJJOH +ROG 3UHVHW
'HOD\ 2Q 2II 7RJJOH +ROG =YROt þtVOR SUHVHWX ] GDQpKR EDQNX NWRUê Pi E\
5HYHUE 2Q 2II 7RJJOH +ROG ]DYRODQê
(4 2Q 2II 7RJJOH +ROG
3UHVHW %DQN QRQH 0,', &&
7HPSR $ $ YêU 3UHVHW 7ODþLGOR P{åH E\ SRXåLWp QD SRVLHODQLH 0,', &&
7XQHU 7XQH % % YêU 3UHVHW Y UR]VDKX Då QD 0,', YêVWXS * 6\VWpPX
0,', && XåtY 3UHVHW +RGQRW\ SULUDGHQpKR 0,', && EXG~ NROtVD PHG]L
D YåG\ NH VWODþtWH WODþLGOR
7RJJOH +ROG
1RQH
äLDGQD IXQNFLD
7RJJOH +ROG
.H MH QDVWDYHQp Ä7RJJOH ³ ]YROHQê
SDUDPHWHU HIHNW VD ]DSQH DOHER Y\SQH NH
VWODþtWH WODþLGOR MHGHQNUiW
.H MH QDVWDYHQp Ä+ROG ³ IXQNFLD SULUDGHQi
WRPXWR WODþLGOX MH DNWtYQD SRNêP GUåtWH WODþLGOR
VWODþHQp NH KR SXVWtWH IXQNFLD VD Y\SQH
9R EX Ä+ROG³ SRXåLWH NH PiWH
HIHNW NWRUê FKFHWH PD DNWtYQ\ YåG\
LED SiU VHN~QG
7DS 7HPSR
8PRå XMH PHQL JOREiOQH WHPSR PHWURQyP *
6\VWpPX
7XQHU 0XWH
7OPt YêVWXS SRNLD MH DNWLYRYDQi ODGLþND
5HOD\
0,', D VWODþWH 0Ï' 0(18 ± 0,',
1DYLJiFLD EDQN\ D SUH GUXKêFK VWR EDQN\
x 6WODþWH (',7 D SRWRP 0(18
x 3RPRFRX 3$*( QDYR WH 0,', 2Q 0DS 7HQWR SDUDPHWHU DNWLYXMH QDVWDYHQLH
3UJ 0DS SR]UL DOãt RGVWDYHF
(17(5 3UJ 0DS
x =YR WH SDUDPHWHU WODþLGORP 3$*( &H] 0,', 3URJUDP 0DSX P{åHWH QDVWDYL NWRUi
x =PH WH SDUDPHWHU WODþLGORP & SURJUDPRYi ]PHQD Pi E\ SRVODQi QD
0,', YêVWXS NH YROiWH SRXåtYDWH VNê SUHVHW 3UH
0,', NDQiO FKDQQHO DNWLYiFLX WHMWR IXQNFLH PXVtWH QDVWDYL SDUDPHWHU
0RåQRVWL 2II Då DOHER 2PQL 3URJUDP &KDQJH 2XW QD Ä2Q 0DS ³
.H ]YROtWH 2PQL * 6\VWpP EXGH SULMtPD 0,',
QD YãHWNêFK YVWXSRFK .H ]YROtWH 2II * 1D REUi]NX KRUH MH ]Qi]RUQHQi VLWXiFLD SUL NWRUHM
6\VWpP QHEXGH SULMtPD åLDGQH SULFKiG]DM~FH VD SRãOH QD 0,', YêVWXS SURJUDPRYi ]PHQD þ
0,', GiWD NH QD * 6\VWpPH ]DYROiWH XåtYDWH VNê SUHVHW þ
] EDQNX .H ]DYROiWH YêUREQê SUHVHW
3URJUDP &KDQJH ,Q SURJUDPRYi ]PHQD QD SRVODQi QD 0,', YêVWXS
0RåQRVWL 2Q 2II EXGH Y UR]VDKX Då
5R]KRGXMH R WRP þL Pi * 6\VWpP UHDJRYD QD .H MH DNWLYRYDQi IXQNFLD 3UJ 0DS QHSRVLHOD *
SULFKiG]DM~FH 0,', ]PHQ\ SURJUDPX 6\VWpP åLDGQH 06% VSUiY\
3UJ 0DS 5HVHW
3URJUDP &KDQJH 2XW 6WODþWH (17(5 SUH Y\PD]DQLH QDVWDYHQt
0RåQRVWL 2II 2Q 2Q 0DS SURJUDPRYHM PDS\
7HQWR SDUDPHWHU VSROX V SDUDPHWURP 3UJ 0DS 6\V([ ,'
REVDKXM~ 0,', LQIRUPiFLH R ]PHQH SURJUDPX 5R]VDK Då
NWRUp Y\VLHOD * 6\VWpP SUL ]PHQH SUHVHWX 1DVWDYXMH LGHQWLILNDþQp þtVOR * 6\VWpPX
2II äLDGQH SURJUDPRYp ]PHQ\ VD SRVLHODM~ QD Y UR]VLDKOHMãtFK 0,', DSDUDW~UDFK
0,', YêVWXS
2Q 3URJUDPRYp ]PHQ\ VD SRVLHODM~ QD 0,',
YêVWXS NH ]DYROiWH SUHVHW 6SROX V WRXWR
LQIRUPiFLRX VD SRVLHOD DM 06% KRGQRWD 06% MH
]MHGQRGXãHQLH SRYHGDQp LQIRUPiFLD SUH
SULSRMHQp 0,', ]DULDGHQLH Y DND NWRUHM QDVWDYt
SUHVHW ]RGSRYHGDM~FL DNWXiOQHPX SUHVHWX QD *
6\VWpPH 3R]RU 1LH YãHWN\ ]DULDGHQLH
SRGSRUXM~ 06%
* 6\VWpP Pi SR]tFLL SUH SUHVHW\ ±
YêUREQêFK SOXV XåtYDWH VNêFK 3UL YRODQt
YêUREQêFK EDQN\ $ % Pi 06% KRGQRWX
3UL XåtYDWH VNêFK SUHVHWRFK MH WR SUH SUYêFK
0Ï' 0(18 ± 0,', 0RåQRVWL 3UHVHW DOHER *OREDO
8UþXMH þL VD SR ]PHQH SUHVHWX EXGH SRXåtYD
'XPS 6\VWHP
WHPSR XUþHQp QDVWDYHQtP Y WRPWR SUHVHWH DOHER
3RWYUGHQtP WHMWR YR E\ WODþLGORP (17(5 VD SRXåtYD JOREiOQH WHPSR VSRORþQp SUH YãHWN\
XUREtWH ~SOQ~ ]iORKX V\VWpPX 9ãHWN\ SUHVHW\
QDVWDYHQLD * 6\VWpPX YUiWDQH SUHVHWRY NWRUp
VWH VL XORåLOL Y XåtYDWH VNHM þDVWL VD SRãO~ FH] 3UtNODG *OREiOQH WHPSR VWH QDVWDYLOL QD PV
0,', YêVWXS DNR 0,', 'DWH 'XPS 3UHVHW NWRUê LGHWH ]DYROD Pi YODVWQp WHPSR
PV .H MH 7DS 0DVWHU QDVWDYHQê QD 3UHVHW
'XPS %DQN
* 6\VWpP QDVWDYt WHPSR QD PV WDN DNR MH
.H ]YROtWH Ä'XPS %DQN ³ SRãOHWH FH] 0,', QDVWDYHQp Y SUHVHWH $N MH 7DS 0DVWHU QDVWDYHQê
YêVWXS FHOê DNWXiOQ\ EDQN SUHVHWRY QD *OREDO * 6\VWpP EXGH LJQRURYD WHPSR
SUHVHWX D QDPLHVWR ]PHQ\ SRQHFKi WHPSR QD
$NR XUREL ]iORKX FH] 0,', ± NURN ]D NURNRP JOREiOQHM KRGQRWH PV
x 3UHSRMWH 0,', YêVWXS * 6\VWpPX VR YVWXSRP
,QVHUW /RFN VOXþND
NRPSDWLELOQpKR 0,', ]DULDGHQLD 0RåQRVWL 2Q 2II
x 1DVWDYWH WRWR 0,', ]DULDGHQLH WDN DE\ 7HQWR SDUDPHWHU X]DP\Ni VWDY ,QVHUW VOXþN\ SRG D
DNWXiOQHKR VWDYX 7iWR IXQNFLD VD YlþãLQRX
SULMtPDOR 0,', LQIRUPiFLH QD YãHWNêFK SRXåtYD NH PiWH GR ,QVHUW VOXþN\ ]DSRMHQê
NDQiORFK QDVWDYHQLH Ä2PQL³ D ]DSQLWH SUHG]RVLO RYDþ D FKFHWH KR PD VWiOH ]DSQXWê
QDKUiYDQLH .H DNWLYXMHWH IXQNFLX /RFN XORåt VD VWDY ,QVHUW
x =DSQLWH SRVLHODQLH 0,', GiW ] * 6\VWpPX VOXþN\ Y DNWXiOQRP SUHVHWH DNR JOREiOQD KRGQRWD
EX FHOê V\VWpP DOHER LED QLHNWRUê EDQN
SR]UL SUHGRãOê RGVHN %RRVW /RFN
7HQWR SDUDPHWHU X]DP\Ni QDVWDYHQLH IXQNFLH
3UH QDMOHSãLX ]iORKX GiW YiP RGSRU~þDPH %RRVW 8NODGi VD SRGREQH DNR SUL ,QVHUW /RFN
SRXåL SRþtWDþ VR ãWDQGDUGQêP 038 0,', VWDY IXQNFLH Y DNWXiOQRP SUHVHWH
UR]KUDQtP
(4 /RFN
([WHUQp 0,', RYOiGDQLH 6O~åL QD X]DPNQXWLH QDVWDYHQLH HNYDOL]pUD SRG D
DNWXiOQHKR SUHVHWX
9RODQLH SUHVHWRY ] YRQNDMãLHKR 0,',
]DULDGHQLD 5HOD\ /RFN
3UH ]DYRODQLH SUHVHWX * 6\VWpPX SRPRFRX 0RåQRVWL 2Q 2II
H[WHUQpKR 0,', ]DULDGHQLD SRãOLWH 0,', && D ]D .H PiWH X]DPNQXWLH UHOp DNWLYRYDQp UHOp V~
QtP KRGQRWX SURJUDPRYHM ]PHQ\ X]DPNQXWp Y LFK DNWXiOQ\FK SR]tFLiFK 7R
]QDPHQi åH VD QHEXG~ PHQL NH ]PHQtWH
%DQN\ XUþtWH SRXåLWtP WêFKWR SDUDPHWURY SUHVHW $N YãDN PiWH Y\WYRUHQp WODþLGOR SUH ]PHQX
5HOp WDN P{åHWH SUHStQD PHG]L QDVWDYHQtP $ DM
9êUREQê EDQN &RQWUROOHU +RGQRWD % EH] RK DGX QD 5HOD\ /RFN
3RåtYDWH VNê &RQWUROOHU +RGQRWD
EDQN +RGQRWD
3RåtYDWH VNê &RQWUROOHU
EDQN
8åLWRþQp QiVWURMH 8WLOLW\
7DS 0DVWHU
0Ï' 0(18 ± 35(3Ë1$1,( .$1È/29 35(' =26,/ 29$ý20
SRNUDþRYDQLH 8WLOLW\ 0HQX SUHStQDQLD UHOp 3$*( QDYR WH
3UtNODG 0iWH GYRMNDQiORYê ]RVLO RYDþ D FKFHOL 5HOD\ 6ZLWFKLQJ 0HQX
E\ VWH QD * 6\VWpPH WODþLGOR NWRUp E\ Y\PLH DOR x 6WODþWH (',7 D WODþLGORP
NDQiO\ =iURYH SRWUHEXMHWH ]DEUiQL SRVLHODQLX
UHOp QDVWDYHQLD XORåHQpKR Y SUHVHWH 5(/$<6
x 9 DNWXiOQRP SUHVHWH 1DVWDYWH 5HO $ D 5HO % x 3RWYU WH NOiYHVRX (17(5
SUH GYH SR]tFLD WODþLGOD NWRUêP LFK EXGHWH 1DVWDYHQLH $ D %
SUHStQD 6WODþWH (',7 D FKR WH GR 5HOD\ 3UH NDåGê SUHVHW P{åHWH QDGHILQRYD
PHQX QDVWDYHQLD UHOp PHG]L NWRUêPL SRWRP SUHStQDWH
x &H] 8WLOLW\ PHQX ]DSQLWH IXQNFLX 5HOD\ /RFN 7R MH YêKRGD OHER QHPXVtWH RS~ã D GDQê SUHVHW
x 3ULUD WH WODþLGOX IXQNFLX 5HOD\ 0XVtWH VWODþL NY{OL SUHSQXWLX UHOp
(',7 D DOHM FH] PHQX WODþLGOi 6ZLWFKHV
PHQX 5HOp 5HOD\V
0RåQRVWL V~ $ D % 7HQWR SDUDPHWHU KRYRUt R WRP
5RXWLQJ /RFN NWRUp QDVWDYHQLH UHOp VD Pi DNWLYRYD SUL ]DYRODQt
0RåQRVWL 2Q 2II SUHVHWX
.H W~WR PRåQRV QDVWDYtWH QD 2Q QDVWDYtWH W\S
]DSRMHQLD DNWXiOQHKR SUHVHWX DNR VSRORþQê SUH 9R E\ SUH NDåGê NRQHNWRU V~
YãHWN\ SUHVHW\ 3R]RU 9 QLHNWRUêFK SUHVHWRFK 2SHQ
PRåQR EXGHWH SRWUHERYD WRWR QDVWDYHQLH 7LS WR *URXQG
]PHQL S{MGH WR LED PDQXiOQH 5LQJ WR *URXQG
7LS DQG 5LQJ WR *URXQG
9LHZ $QJOH
0HQt SRGVYLHWHQLH GLVSOHMD SUH OHSãLX YLGLWH QRV
WH[WX
&OHDU 6\VWHP . GLVSR]tFLL PiWH QDVOHGRYQp QDVWDYHQLD
2222 &22&
9ãHWN\ V\VWpPRYp D YVWXSQR YêVWXSQp &222 2&22
2&22 2&&2
QDVWDYHQLD RNUHP XåtYDWH VNêFK SUHVHWRY &&22 2&&&
&&&2 2&2&
REQRYt WDN DNR EROL QDVWDYHQp YR YêUREH &&&& 22&2
&2&2 22&&
&OHDU %DQN &2&& 222&
=PDåH YãHWN\ SUHVHW\ XORåHQp Y XåtYDWH VNêFK
EDQNRFK 9ãHWN\ RVWDWQp V\VWpPRYp QDVWDYHQLD 2 ± RWYRUHQê & ]DWYRUHQê
RVWDQ~ QHGRWNQXWp
* 6\VWpP Pi VWHUHR MDFN NRQHNWRU\ NWRUp
YiP GiYDM~ SUtVWXS NX UHOp 3RXåLWH LFK
N SUHStQDQLX NDQiORY QD YDãRP ]RVLO RYDþL
DOHER SUHG]RVLO RYDþL
0Ï' 0(18 ± 35(3Ë1$1,( .$1È/29 35(' =26,/ 29$ý20
.H åH WX QHP{åHPH XYLHV VFKpP\ YãHWNêFK 8YHGRPWH VL åH QDVWDYHQLH SDUDPHWUD $ QD
W\SRY ]RVLO RYDþRY RGSRU~þDPH YiP MHGQRGXFKR REUi]NX 22&2 ]iYLVt RG W\SX ]RVLO RYDþD WHQWR
Y\VN~ãD NWRUp ] QDVWDYHQt EXGH IXQJRYD SUH MH XYHGHQê OHQ SUH LOXVWUiFLX
YDãX ]RVWDYX 0RåQR SUiYH SUH Yiã ]RVLO RYDþ WR x 1iMGLWH D ]DYRODMWH SUHVHW NWRUê FKFHWH
EXGH
VNRPELQRYD V ÄOHDG³ NDQiORP
2222 þLVWê NDQiO x 2Sl QDYR WH NRPELQiFLX $ WDN DE\ ]RGSRYHGDO
2&22 FUXQFK
&&22 GULYH NDQiO QDVWDYHQLX ]RVLO RYDþD SUH ÄOHDG³ NDQiO
1D QDãHM VWUiQNH ZZZ WFHOHFWURQLF FRP Y þDVWL x 1DVWDYWH SDUDPHWHU 5HOD\ QD $ D XORåWH SUHVHW
6XSSRUW QiMGHWH VSUiYQH QDVWDYHQLD SUH PQRKp 7DNWR P{åH Y\]HUD QDVWDYHQLH SUH ÄOHDG³ NDQiO
]QiPH ]QDþN\ D W\S\ ]RVLO RYDþRY $N WX
QHQiMGHWH VYRM VN~VWH NRQWDNWRYD QDãLFK 1D þR VO~åL NRPELQiFLD Ä%³"
WHFKQLNRY SUtSDGH SR]ULWH Y PDQXiOL NX 9 NDåGRP SUHVHWH P{åX E\ XORåHQp NRQILJXUiFLH
]RVLO RYDþX DOHER NRQWDNWXMWH SULDPR YêUREFX SUH UHOp 0{åHWH QDVWDYL WODþLGOR WDN åH EXGH PHG]L
SRGUREQHMãLH LQIRUPiFLH NRPELQiFLDPL SUHStQD YR ED 7RJJOH DOHER VD
]PHQt QD GREX SR NWRU~ GUåtWH WODþLGOR VWODþHQp
3UtNODG YR ED +ROG 7R ]QDPHQi åH VWDþt DE\ VWH PDOL
3UHGVWDYWH VL MHGHQ MHGLQêPL SUHVHW D Y RP SUHStQDWH NRPELQiFLX
x 0iWH RE\þDMQê NRPER ]RVLO RYDþ V MHGQêP ]DSRMHQLD UHOp 5HOD\ $ D 5HOD\ %
3UtNODG
þLVWêP NDQiORP D V MHGQêP ÄOHDG³ NDQiORP x 3UHGVWDYWH VL åH PiWH WURMNDQiORYê ]RVLO RYDþ
x .RQHNWRU SUH SUHStQDQLH NDQiORY QD
ýLVWê FUXQFK D OHDG 9\WYRULOL VWH VL SHNQê
]RVLO RYDþL MH RE\þDMQê VWHUHR MDFN NRQHNWRU &UXQFK ]YXN NWRUê SRXåtYDWH QD ]DþLDWNX VyOD
x &KFHWH VL XUREL GYD SUHVHW\ MHGHQ Y NWRURP 1HVN{U FKFHWH SUHMV QD OHDG NDQiO DOH YãHWN\
RVWDWQp HIHNW\ FKFHWH PD ~SOQH URYQDNp
EXGH ]DSQXWê þLVWê NDQiO D GUXKê Y NWRURP x 1DVWDYWH NRPELQiFLX $ WDN DE\ ]RGSRYHGDOD
EXGH ]DSQXWê ÄOHDG³ NDQiO &UXQFK NDQiOX ]RVLO RYDþD
1DVWDYHQLH
x 3UHSRMWH VWHUHR VWHUHR ³ NiEORP 6: 287 x 3RWRP QDVWDYWH NRPELQiFLX % QD OHDG NDQiO
DOHER 6: 287 QD ]DGQHM VWUDQH *); x 3UHMGLWH RSl QD QDVWDYHQLH NRPELQiFLH $ PXVt
V NRQHNWRURP SUH SUHStQDQLH NDQiORY QD
]RVLO RYDþL VYLHWL D XORåWH SUHVHW
x =DYRODMWH SUHVHW NWRUê FKFHWH PD x 7HUD] VL QDVWDYWH WODþLGOR QD SUHStQDQLH 5HOp
VNRPELQRYDQê V þLVWêP NDQiORP ]RVLO RYDþD
x 1DVWDYWH NRPELQiFLX 5HO $ WDN DE\ VWH PHG]L NRPELQiFLDPL $ D % D PiWH WR KRWRYp
]RGSRYHGDO þLVWpPX NDQiOX YiãKR ]RVLO RYDþD 3UH YLDF LQIRUPiFLt R QDVWDYRYDQt WODþLGLHO VL SR]ULWH
x 1DVWDYWH SDUDPHWHU 5HOD\ QD $ D XORåWH þDV PDQXiOX V Qi]YRP 1DVWDYHQLH IXQNFLt WODþLGLHO
SUHVHW