=D QRUPDODQ UDVW L UD]YRM ELOMDND QHRSKRGQL VX ND NR ELRJHQL HOHPHQWL WDNR L KXPLQVNH VXSVWDQFH 5H]XO WDWL EURMQLK LVWUDçLYDQMD SRND]XMX GD KXPLILNRYDQL PDWHULMDOL KXPLQVNH NLVHOLQH L QMLKRYH VROL NDR L GUXJL SURL]YRGL VOL QLK RVRELQD GHOXMX VWLPXODWLYQR QD UDVW L UD ]YLWDN ELOMDND[²]
8SRUHED XJOMHYD NDR IHUWLOL]DWRUD ELOD MH SUHGPHW LV WUDçLYDQMD RG GDYQLQD 7DNR MH /DPSDGLMXV MRå ² JRGLQH VDVWRMFLPD XJOMD SULSLVDR VWLPXODWLYQR GHMVWYR L XEU]DQMH UDVWD ELOMDND 0HXWLP GDOMD LVWUDçLYD QMD NUHWDOD VX VH X SUDYFX GD VH XJDOM SRUHG VDGUçDMD KXPLQVNLK VXSVWDQFL RERJDWL QHNLP RG YHRPD YDçQLK ELRJHQLK HOHPHQDWD 3ULPHQRP UD]OL LWLK WHKQRORåNLK SRVWXSDND QD ED]L OLJQLWD SURL]YHGHQD VX RUJDQR²PLQH UDOQD XEULYD VD VOHGHþLP LPHQLPD OLJQRIRV OLJQR²DPR IRV DPRQLMXP²QLWUR²KXPDW OLJQR²IRVNDO LWG[]
=DSDçHQR MH GD XJOMHYL D SRVHEQR OLJQLWL SUHGVWDY OMDMX ]QD DMQX VLURYLQX ]D SURL]YRGQMX KXPLQVNLK XEUL YD LMH VWLPXODWLYQR GHMVWYR QD UDVW L UD]YLþH ELOMDND PRçH GD VH SRUHGL VD NRQYHQFLMDOQLP XEULYLPD 'RND]DQR MH GD KXPLQVND XEULYD SRYHþDYDMX VWHSHQ LVNRULåþHQMD PL QHUDOQLK KUDQOMLYLK VXSVWDQFL SRYROMQR XWL X QD IL]L NR² KHPLMVNH RVRELQH ]HPOMLåWD XWL X QD PLNURELRORåNL UHçLP X ]HPOMLåWX ]DGUçDYDMX YODçQRVW ]HPOMLåWD ]D GXçH YUHPH L GLUHNWQR XWL X QD IL]LRORåNH SURPHQH X ELOMNDPD XVOHG HJD GROD]L GR SRYHþDQMD HQHUJHWVNRJ SRWHQFLMDOD EUçHJ UDVWD L SRYHþDQMH SULQRVD[²]
6 GUXJH VWUDQH X]LPDMXþL X RE]LU YHRPD YHOLNH UH ]HUYH OLJQLWD X 5HSXEOLFL 6UELML ]DSDçD VH GD RYL OLJQLWL SUHGVWDYOMDMX ]QD DMQX VLURYLQVNX ED]X ]D SURL]YRGQMX KXPLQVNLK XEULYD[²]
'RVDGDåQMD LVWUDçLYDQMD ELOD VX XJODYQRP XVPH UHQD X SUDYFX LVSLWLYDQMD PRJXþQRVWL ]D LQNRUSRULUDQMH VDPR D]RWD X KXPLQVNX VWUXNWXUX OLJQLWD X FLOMX SURL]YR GQMH DPRQLMXP²QLWUR²KXPDWD[]
0HXWLP SRUHG D]RWD X LVKUDQL ELOMDND ]QD DMQR PHVWR ]DX]LPD L NDOLMXP =D QHNH ELOMNH NDOLMXP MH SR ]QD DMX L YDçQRVWL X LVKUDQL SUYL LOL GUXJL ELRJHQL HOHPHQW [²]
8]LPDMXþL X RE]LU QDSUHG QDYHGHQR FLOM RYRJ UDGD ELR MH GD VH LVSLWDMX XVORYL ]D LQNRUSRULUDQMH NDOLMXPD X KXPLQVNX VWUXNWXUX OLJQLWD X FLOMX RGUHLYDQMD RSWLPDOQLK XVORYD ]D SURL]YRGQMX NDOLMXP²QLWUR²KXPDWD 'RELMHQL SURL]YRG XVOHG SRYHþDQRJ VDGUçDMD NDOLMXPD V MHGQH VWUDQH L KXPLQVNLK NLVHOLQD VD GUXJH VWUDQH PRJDR EL GD QDH SULPHQX X SROMRSULYUHGL NDR YHRPD YDçQR RU JDQR²PLQHUDOQR²XEULYR
,PDMXþL X YLGX RJURPQH UH]HUYH OLJQLWD X 5HSXEOLFL 6UELML [] V MHGQH VWUDQH L VYH YHþH SRWUHEH ]D KUDQRP VD GUXJH VWUDQH LVSLWLYDOL VPR XVORYH ]D SURL ]YRGQMX NDOLMXP²QLWUR²KXPDWD QD ED]L OLJQLWD NDR SRWHQ FLMDOQRJ RUJDQR²PLQHUDOQRJ XEULYD
=D RYD LVWUDçLYDQMD NRULåþHQL VX X]RUFL OLJQLWD L] LV WUDçQLK EXåRWLQD NRVRYVNRJ EDVHQD WDEHOD VOLND
3ULSUHPD X]RUDND OLJQLWD REXKYDWLOR MH POHYHQMH OL JQLWD D ]DWLP SURVHMDYDQMH WDNR GD MH JUDQXODFLMD SR VH MDQMX ELOD PDNVLPDOQR PP 2YDNR SULSUHPOMHQ OLJQLW VOXçLR MH ]D VYD QDåD LVSLWLYDQMD 3ULPHQRP VWDQGDUGQLK PHWRGD ]D VYH LVSLWLYDQH X]RUNH XUDHQD MH WHKQL ND DQDOL]D
3UHOLPLQDUQLP LVWUDçLYDQMLPD REXKYDþHQL VX X]RUFL OLJQLWD L] LVWUDçQLK EXåRWLQD VUHGQMHJ MXçQRJ L RERGQRJ
!""! #$ $%
= 0LOLþHYLþ %ODJRMD 3DURYLþD .UX åHYDF
5DG SULPOMHQ 0DM 5DG SULKDþHQ 6HSWHPEDU
! " "
### $ "
! %## $&$! &$ " "
! !
" #
$ %
$ ! ! !
" & $ ' ! "
( ) *+ *), -." *)4/
+ 0 ' )+4/[)] ' *! 1,
! 2 3 ! ! &)+3 )3$ . -4* - )+4/
' ! ! ! 5
" ! !
' ! ! )+4/ ' ! ! ! ( ! !
' ! ! 6 ! ! !
( ! ! ! & $[*)] ! ! # 5 ! ! 7![*)]
8 &119)!100+,$ &0*!*)0,$
!
! "# $ % &# '% ["""] ( %
) . * -
'% / 0 % / /%
) 0 % % %
0 1 / 1 * -
2
/ ) " *+3 "3 "+3 +3 4+ ,+ 5- 42 "6 "+ ) / / / "+42
! * - +$ % ,+$ 7
!
8 * - / *66"#- "$ *6,#- ,+$ ) 7
!"## $%"!! $ $&"!' ()"** & $("'# *"))
.2+ PROO
! " # $ %&&' ( & " !! ( ( ) %&&' * ( "!!
+ ( ! ! ( " , (! ( (" ( ( " $
" ( ) " # ( ( - #! ( .( . /
0 ( # 1 ( ( ! ! ! ( & % 243 ( ( )4 5 (
6
" ( ( ( - - 43 7 " ( (
6 $ 8 # ( ( ( %43 ( &43
8# $ ( &43 55' ( %43 5&2'
+ " ( ( (
$$&55$' 6 ( 243 $$&' " ( ( %43 ! 55$' * (# ( & %43 # (# (
(! ( 9( - " ( &43 ( ( &43 "!
+ ( ( ! ! " ( %43 " " ( # 55$'
!
"
! " # ##
#
#
$ ! $
.2+ PROO
7HPSHUDWXUD 4&
7HPSHUDWXUD 4&
# 2' 55' " ( &43
9# 43 " ! 55' 5' 2$' ( 43 .(. 6 - ! ! ( %43 ( (# ( (
9( ! ! - - ( ! ! ! ! & 5 5 $ ( ( )4 (
(
43 *" - ( ( ( - - 43 7 " ( (
*" 5 ( ( ( - ! ! 6 # (
# 5%' - 5$'
6 ! ! " ( "! % 8# %' $&' 6 # (
9( ! ! - ( " ( ( 5 ( (
7# " " ( - ( ( 5' .(. ! ! /"! ! ! ! (#
7 ( ! ! ( - ( ! ! ! ( & ( )4 ( 43 8 " ( ( - - 43 7 " ( (
+ ( ( ( ( (
6 ( - ( (
! ! 8
(
:
! " # ##
% !
% !
& ! !
& !
9( ( : ( # $:' 52%' " (
/ ( ( ( "
8# %'
2 * (# (
7 ( # 2' ' 2 ' " ! !
9( ( ! ! ( # %' (
! ( 5:&' $&' # 52%'
' /"! !
!
6 # ! ! - ( ! ! (# " (# ( ! ! - - * - ! /"! ! " " " ! ! - (# ( " ( ! "
8 , -(( ( ,
7 ( , ! ! ! ! " 5
'
( 43 ( -7 ! , ! ! 43 (;<% *" ( ( ( - - 43 6 ::%' %&2' 5%%'
*" ( "! (#! ! " ( ( ( ! "
+ ( ( ! ! (# - ! (# 8# " - ! " " ( ( ! - " ( - (
7 " ( ( ( , " ( ! ( ( ( ! " - (
=$./-8ÿ$.
8 RYRP UDGX OLJQLW L] NRVRYVNRJ EDVHQD RERJDþHQ MH KXPLQVNLP NLVHOLQDPD L NDOLMXPRP 3RVHEDQ DNFHQDW
!
!
"
"
VWDYOMHQ MH QD LVSLWLYDQMX XVORYD ]D GRELMDQMH NDOLMXP²QL WUR²KXPDWD QD ED]L OLJQLWD SUL HPX VH GRåOR GR VOHGH þLK ]DNOMX DND
2NVLGDFLMRP OLJQLWD D]RWQRP NLVHOLQRP VDGUçDM KXPLQVNLK NLVHOLQD SRYHþDQ MD VD QD
3UL LVSLWLYDQMX XWLFDMD NRQFHQWUDFLMH NDOLMXP²KL GURNVLGD QD QHXWUDOL]DFLMX RNVLGRYDQRJ OLJQLWD XWYUHQR MH GD VH PDNVLPDODQ SULQRV KXPLQVNLK NLVHOLQD SRVWLçH SUL QHXWUDOL]DFLML RNVLGRYDQRJ OLJQLWD VD 0 UDVWYRURP ND OLMXP²KLGURNVLGD D QDMYHþL VDGUçDM NDOLMXP²RNVLGD VD 0 UDVWYRURP NDOLMXP²KLGURNVLGD
7HPSHUDWXUD QHXWUDOL]DFLMH RNVLGRYDQRJ OLJQLWD VD UDVWYRURP NDOLMXP²KLGURNVLGD WDNRH XWL H QD VDGUçDM KXPLQVNLK NLVHOLQD L NDOLMXP²RNVLGD ,DNR VH QDMYHþD NROL LQD KXPLQVNLK NLVHOLQD SRVWLçH SUL QHXWUDOL]DFLML QD 4& D NDOLMXP²RNVLGD SUL QHXWUDOL]DFLML RNVLGRYDQRJ OLJQLWD QD 4& LSDN MH L] HNRQRPVNLK UD]ORJD RSWLPDOQD WHPSH UDWXUD QHXWUDOL]DFLMH 4& 1DLPH QLMH HNRQRPL QR ]D JUHYDWL UDVWYRU GR 4& D GD VH SUL WRPH VDGUçDM NDOLMXP²RNVLGD SRYHþD VDPR RG QD
3UL LVSLWLYDQMX XWLFDMD GXçLQH WUDMDQMD QHXWUDOL]DFL MH RNVLGRYDQRJ OLJQLWD VD NDOLMXP²KLGURNVLGRP NRQVWDWR YDQR MH GD MH QDMRSWLPDOQLMH YUHPH X VPLVOX JUDHQMD NDOLMXP²QLWUR²KXPDWD VD PDNVLPDOQLP VDGUçDMHP KXPLQ VNLK NLVHOLQD MHGDQ DV D ]D NDOLMXP²RNVLG DVRYD
1DMEROML SULQRV KXPLQVNLK NLVHOLQD X NDOLMXP QL WUR²KXPDWX SRVWLJQXW MH SUL QHXWUDOL]DFLML RNVLGRYDQRJ OL JQLWD VD FP 0 UDVWYRUD NDOLMXP²KLGURNVLGD D QDMYHþL VDGUçDM NDOLMXP²RNVLGD SUL QHXWUDOL]DFLML VD FP0 NDOLMXP²KLGURNVLGD
3ULPHQRP QDYHGHQLK RSWLPDOQLK XVORYD X ODER UDWRULMVNLP XVORYLPD GRELMHQ MH NDOLMXP²QLWUR²KXPDW 8VOHG SRYHþDQRJ VDGUçDMD KXPLQVNLK NLVHOLQD NDOLMXP² RNVLGD L D]RWD RYDM SURL]YRG PRJDR EL GD QDH SULPHQX X SROMRSULYUHGL NDR RUJDQR²PLQHUDOQR XEULYR
/,7(5$785$
[1] *+,- . ,/ / 0+ 1-2 3,, +0 & + !#4) "#%45$
[2] 16+7 816 9 0+7 :;+7 8; 7 +<1 +67 "#%%'$
[3] 2+7= 6/+ <+2,<6 : <+7=> ?> ;,6; 61 , 6++76+ 1-2, <27> >27
21; ;,6; 2>1 2 @1>6 @+6 +& 7 ) A2 "#%B4$ #( C##(
[4] ?= 27+7= -+;> 2+ 3+& - "'((($
[5] 8A2+0 D21:/++ >27+ A; ,-1>7 +62+6 2/> 7:22 , 3+-, 3+- "#% 4$ [6] D,2 17 D21: <+,/2+ 0+ E+1
E+- 2 - 3/1+ "#%!#$
[7] +A=6+ +6+1+7 9 82,6> 2/7 9D -++6 062 ;,6; [8] ! "# $%&
' (!
[9] )! ) "!! *# + ', $ , , &- . * / - % )0 1 2332 45&6
[10] )! )# ) , .- . 7 8 1 )"9 1 5:
[11] )! "# , - 7 8 )0 )"9 )0 5
[12] "!! *# ) , -&- -&%%& &.- 7 )"9 0 233
[13] ;- . # /%% % -- -& .- <, ,, -. % -- -& .-$ 9 4 5 2
[14] )! " = ! " 9,! ' )! ) " !! *# ) % -- -& &.- %% >. % , 8 ? . . @ )0 5 &4
[15] "! "# * - - . = 4 A $ :6
[16] )! " '# . & %0 A A $ 2
[17] )! 1# B ! 7- 7! & 1
[18] ) ! A A! )# 8 A 1 5
[19] A! " = ! + C, D# / - / - % 1 :4
[20] 7-! ' $ ! 7 =! "# )- .- ), % 1 [21] ? 7 "? E # A>? .- >
> ) .- . A%? > )> $ $ - 52 265&2
6800$5<
! " #$%$& " !%$
'#( ! !!)* +& ,-..- '/ !!0
1 #2 * 34 /( 3') 4* /( !54! 13 4"
3 !)# !4!* ! !4'2 !**') !3') 1 44 /( %*22 3 #%# ! '#6! ! 3 !5464 #2& /( )* ! !7 **') 3(4!54"
3 *4 ! ! 3') 4* 4 !**') !**') !3')7 )0* #/# * !2)# #6"
8( 1!4*9 ') 4*• !*7 *') !3')•2• 8#:' 9 ')*0 0*#• 8#:')!3')•2•