8 IDEULFL ]D SURL]YRGQMX JUDQXOLVDQRJ ]HROLWD $OX VLO SULPHQMXMH VH WHKQRORåNL SRVWXSDN NRML VX UD]YLOL VWUX QMDFL +3 ,2)+ 2VQRYQH VLURYLQH NRMH VH NRULVWH VX GHWHUGçHQWVNL ]HROLW X SUDKX NRML MH WDNRH GRELMHQ X ID EULFL $OXVLO L EHQWRQLW NDR YH]LYR ,QçHQMHULQJ +3 ,2)+ MH X HVWYRYDR QH VDPR X SURMHNWRYDQMX SODQLUDQMX L L]JUDGQML IDEULNH YHþ L X SXåWDQMX IDEULNH X UDG L X RVSR VREOMDYDQMX UDGQLND 6WUX QMDFL +3 ,2)+ VX SHUPDQHQ WQR YUåLOL NRQWUROX SURL]YRGQMH NRQWUROX NYDOLWHWD VLURYLQD L JRWRYRJ SURL]YRGD L NRQWUROX LVSRUXNH JUDQXOLVDQRJ ]H ROLWD
.YDOLWHW JUDQXOLVDQRJ ]HROLWD PROHNXOVNRJ VLWD MH GLQDPL NL NDSDFLWHW ² YHþL RG VWDWL NL NDSDFLWHW ² YHþL RG WYUGRþD ² L]QDG NJFP YRGRRWSRUQRVW L]QDG PHKDQL ND RWSRUQRVW QD KDEDQMH ² L]QDG REOLN JUDQXOH ² VIHUL QL JUDQXODFLMD ² ¡ ² PP QDVLSQD WHçLQD ² L]QDG NJP WRSORWD DGVRUSFLMH ² NFDONJ +2 3URL]YRGH VH NDR $ $ L $ 3R WH KQRORJLML SURL]YRGQMH L SR KHPLMVNLP L IL]L NLP RVRELQD PD RYL ]HROLWL VX QD QLYRX LVWLK SURL]YRGD VYHWVNLK SURL]YRD D .RULVWH VH NDR VUHGVWYD ]D VXåHQMH L SUH L åþDYDQMH JDVRYD L WH QRVWL ]D UD]GYDMDQMH JDVRYD X KH PLMVNRM QDIWQRM SHWURKHPLMVNRM SUHKUDPEHQRM IDUPD FHXWVNRM PDåLQVNRM LQGXVWULML LQGXVWULML SODVWL QLK PDVD PHWDOXUJLML 3R KHPLMVNRP VDVWDYX VX DOXPLQRVLOLNDWL HNRORåNL QHåNRGOMLYL 5HJHQHULåX VH ]DJUHYDQMHP LOL VWUX MDQMHP VXYRJ JDVD SRG SULWLVNRP
)DEULND ]D SURL]YRGQMX JUDQXOLVDQRJ ]HROLWD L]JUD HQD MH NDR SRWSXQR QRYD ² QDEDYOMHQD MH QRYD RSUHPD L L]JUDHQ MH QRYL REMHNDW SUL HPX VH YRGLOR UD XQD GD ORNDFLMVNL RYD IDEULND EXGH X] VXåDUX GHWHUGçHQWVNRJ ]H
ROLWD NDNR EL VH GHWHUGçHQWVNL ]HROLW SRWUHEDQ ]D SURL ]YRGQMX JUDQXOLVDQRJ ]HROLWD GLUHNWQR WUDQVSRUWRYDR QDM NUDþRP YH]RP X SULKYDWQH EXQNHUH 2SUHPD MH XYR]QD L]X]HWQLK WHKQL NLK NDUDNWHULVWLND SURVWRUQR UDVSRUHHQD SR YLVLQL NDNR EL VH WUDQVSRUW PDWHULMDOD YUåLR JUDYL WDFLRQR
1D VOLFL SULND]DQR MH SRVWURMHQMH ]D SURL]YRGQMX JUDQXOLVDQRJ ]HROLWD
3URFHV SURL]YRGQMH JUDQXOLVDQLK ]HROLWD RGYLMD VH NUR] QHNROLNR WHKQRORåNLK RSHUDFLMD WR VX
² SULMHP L VNODGLåWHQMH NRPSRQHQDWD ]D SURL]YR GQMX JUDQXOLVDQRJ ]HROLWD
² RGPHUDYDQMH SUDåNDVWLK NRPSRQHQDWD
! " !# $ % &$ ' ()* +, -.
)$%5,.$*5$18/,6$12*=(2/,7$
$/86,/²=9251,.
!"# $ % &#''' ( % )* +)# , #
0 6WDQNRYLþ ,QVWLWXW ]D RSåWX L IL]L NX KHPLMX DG %HRJUDG 6WXGHQWVNL WUJ %HRJUDG
0DWHULMDO SULSUHPOMHQ ]D SXEOLNRYDQMH 'HFHPEDU
² SULMHP L XPHåDYDQMH YH]LYQRJ PDWHULMDOD ² RGPHUDYDQMH YH]LYQRJ PDWHULMDOD
² PHåDQMH SUDåNDVWLK NRPSRQHQDWD VD YH]LYQLP PDWHULMDORP
² JUDQXODFLMD
² VXåHQMH NRQGLFLRQLUDQMH L NDOFLQDFLMD JUDQXOD ² SDNRYDQMH JRWRYRJ SURL]YRGD
8 NRPSRQHQWQLP þHOLMDPD VH YUåL SULMHP VLURYLQD ]D SURL]YRGQMX JUDQXOLVDQRJ ]HROLWD 2YH þHOLMH VX L]UDHQH VD GDQFLPD X REOLNX NRQXVD YHOLNRJ QDJLED SRåWR QHNH RG VLURYLQD QSU GHWHUGçHQWVNL ]HROLW LPDMX YHOLNL QDVLSQL XJDR ,]JUDGQMRP NRQXVD VD YHOLNLP QDJLERP SRVWLçH VH GD RYDNYL PDWHULMDOL ODNåH FXUH 2YH NRPSRQHQWQH þHOLMH VH SUD]QH UDGRP SXçQLK WUDQVSRUWH UD NRML VH QDOD]H QD L]OD]X NRQXVQRJ GDQFD 3XçQL WUDQ VSRUWHUL VX RSUHPOMHQL PRWRULPD VD UHJXODFLMRP EU]LQH SRåWR VH L] QMLK PDWHULMDO WUDQVSRUWXMH X åDUçQX YDJX ]D SUDåNDVWH PDWHULMDOH
3UDçQMHQMH NRPSRQHQWQLK þHOLMD YUåL VH SR DXWRPDWVNRP UHGRVOHGX NRML RGUHXMH åDUçQD YDJD ]D SUDåNDVWH PDWHULMDOH 8 SURJUDPX RYH YDJH MH GHILQLVDQD NROL LQD VYDNH NRPSR QHQWH NRMD VH GR]LUD X SURFHVX SURL]YRGQMH JUDQXOLVDQLK ]HROLWD NDR L UHGRVOHG GR]LUDQMD NRPSRQHQDWD .RPSR QHQWH VH GR]LUDMX UHGRVOHGQR MHGQD SR MHGQD D QD YDJL VH PHUL XNXSQD NROL LQD SUDåNDVWRJ PDWHULMDOD 2YD YD JD GDNOH RVWYDUXMH GR]LUDQMH L]X]LPDQMHP SUDåNDVWLK ! " # $% % % & % % % $% 1DNRQ SUDçQMHQMD åDUçQH YDJH ]D SUDåNDVWH NRP
SRQHQWH L åDUçQH YDJH ]D YH]LYQL PDWHULMDO YUåL VH XPHåD YDQMH X PHåDOLFL 2YD PHåDOLFD LPD QDJQXWX NRPRUX ]D PHåDQMH VD EU]LP DJLWDWRURP L VD REUWQRP NRPRURP ]D PHåDQMH .RPRUD PHåDOLFH VH YUWL X VXSURWQRP VPHUX RG REUWDQMD DJLWDWRUD LPH VH RVWYDUXMH YHRPD EU]R L NYDOLWHWQR PHåDQMH SUDåNDVWLK L WH QLK NRPSRQHQDWD *UDQXODFLMD SUDNWL QR SR ! ! " # # # $ % & ' # ( & ' ' # # # )# * +, -, ! =$./-8ÿ$. # . % # / '
0 67$1.29,ý HW DO )$%5,.$ *5$18/,6$12* =(2/,7$ +HP LQG
6800$5<
! " #$% & ' !()* ! ' +
&,! ,!% -. - * & !()* /0 -* 1)& ""&)* / )* -)* "& .* )!0 &)* / "&)* !!-! " 2$, 320!$ 1/"
2 34 // !0! "/" #, !,2/, " 0,2 &,! /-!" +! "-,! ! !2 # 52,2 ! ! 5!2 ! ,,!$ 6777 !8$ 5 ,!-,!" 9:;< 5!2 1 = )( "-,! ,0>' 2 !,2/$ !2 &,! 5 ")" !2 #! !2 3'
) / 5 +" #$ "// /-!" +! "-,! !' 2 !,2/$ !2 5! !! !2 ! 2/2 !,2 !,2/' 2 "-,! 0! ?-!$ "0" 5 )0! /-! #$ 52,2 /-!" +! "-,! )-- 5 ")"' 2 /)--!" +! ")--,! , )--$ -!0!+" " !2 "-,! 2 -0 ?-!$' 2 5! 0! /-!" +! "-,! #,- "-,! 5!2 -!,!$ ?-!$ !-" ! !2 ,' 2 "-,! , , # ,!" 0-$ 52,2 ,$ "-/ !! = - " '
$ 5"% -!" +! •
,2/$• !•
&- % - +! •
2/&• @#(•
0 67$1.29,ý HW DO )$%5,.$ *5$18/,6$12* =(2/,7$ +HP LQG
