Electrolux LFD619Y Island Hood Installation Guide

Installation Guide for Electrolux models including: 31704_DocManual_998e7c54-ee71-4bf6-bfa9-015436f83eba_867351769_InstallationInstruction_998e7c54-ee71-4bf6-bfa9-015436f83eba, LFD619Y, LFD619Y Island Hood, Island Hood, Hood
867351769 book v4

SobesKat

31704 DocManual 998e7c54-ee71-4bf6-bfa9-015436f83eba 867351769 InstallationInstruction 998e7c54-ee71-4bf6-bfa9-015436f83eba

Electrolux LFD619Y Liesituuletin - Tuotetieto
File Info : application/pdf, 132 Pages, 2.80MB
867351769 installationinstruction 998e7c54-ee71-4bf6-bfa9-015436f83eba
%*   



&6 Pokyny k instalaci



'$ Installationsvejledning



'( Montageanweisung



(/  



(1 ,QVWDOODWLRQ,QVWUXFWLRQV



(6 Instrucciones de instalación



(7 Paigaldusjuhis



), Asennusohjeet



)5 ,QVWUXFWLRQVGLQVWDOODWLRQ



+5 Upute za instalaciju



+8 Üzembe helyezési útmutató



,7 ,VWUX]LRQLGLLQVWDOOD]LRQH



..   



/7 rengimo instrukcija



/9 Uzstdsanas nordjumi



0.   



1/ Installatie-instructies



12 Monteringsanvisning



3/ Wskazówki dotyczce instalacji



37 Instruções de instalação



52 Instruciuni de instalare



6. Pokyny na instaláciu



6/ Navodila za namestitev



64 Udhëzime Instalimi



65   



69 Installationsanvisningar



75 Montaj Talimatlari



8.   



58     



$5



%*            
                             
 

     
    
   
                      PEDU         
 

  ,,,                       





  
  
  
  
    
   

   



   
    
    

 

  
  
  
  
   
    
    
   


 
   
  
  
  
   

  
  
    

    
            



  
  
  

&6  %(=3(Î12671,1)250$&( 7HQWRQ£YRGVLSHÏOLYÝSHÏWÝWHMHWÝSHGLQVWDODF¯VSRWHELÏH DMHKRSUYQ¯PSRXLW¯P9¿UREFHQHQHVHRGSRYÝGQRVW]D £GQ¿¼UD]DQLNRGXYGiVOHGNXQHVSU£YQ«LQVWDODFHQHER SRXLW¯1£YRGNSRXLW¯YG\XFKRY£YHMWHQDEH]SHÏQ«PD S¯VWXSQ«PP¯VWÝSURMHKREXGRXF¯SRXLW¯

 

%H]SHÏQRVWGÝW¯DSRVWLHQ¿FKRVRE  7HQWRVSRWHELÏVP¯SRX¯YDWGÝWLVWDU¯RVPLOHWQHER
RVRE\VHVQ¯HQ¿PLI\]LFN¿PLVP\VORY¿PLQHERGXHYQ¯PL VFKRSQRVWPLQHERRVRE\EH]SDWLÏQ¿FK]NXHQRVW¯D ]QDORVW¯SRX]HSRNXGWDNÏLQ¯SRGGR]RUHPQHERREGUHOL LQVWUXNFHW¿NDM¯F¯VHEH]SHÏQ«KRSURYR]XVSRWHELÏHD SRNXGUR]XP¯UL]LNiPVSRMHQ¿PVSURYR]HPVSRWHELÏH 'ÝWLPODG¯RVPLOHWDRVRE\VUR]V£KO¿PDNRPSOH[Q¯P SRVWLHQ¯PEH]VW£O«KRGR]RUXXGUXMWH]GRVDKX VSRWHELÏH  1HQHFKWHGÝWLKU£WVLVHVSRWHELÏHP  9HFKQ\REDO\XVFKRYHMWHPLPRGRVDKGÝW¯D£GQÝMH ]OLNYLGXMWH  1HGRYROWHGÝWHPDGRP£F¯P]Y¯DWiPDE\VHSLEOLRYDO\N ]DSQXW«PXVSRWHELÏL  ÎLWÝQ¯DXLYDWHOVNRX¼GUEXVSRWHELÏHE\QHPÝO\ SURY£GÝWGÝWLEH]GR]RUX 9HREHFQ«EH]SHÏQRVWQ¯LQIRUPDFH  7HQWRVSRWHELÏMHXUÏHQSRX]HNGRP£F¯PXSRXLW¯QDG YDUQ¿PLGHVNDPLVSRU£N\DSRGREQ¿PLNXFK\VN¿PL WHSHOQ¿PLVSRWHELÏL  3HG¼GUERXYG\VSRWHELÏRGSRMWHRGQDS£MHQ¯  32=25'RVWXSQ«Ï£VWLVSRWHELÏHVHPRKRXEÝKHP SRX¯Y£Q¯]DK£WQDY\VRNRXWHSORWX  3RXLMWHY¿KUDGQÝXSHYRYDF¯URXE\GRGDQ«VSROHÏQÝVH VSRWHELÏHP1HMVRXOLVRXÏ£VW¯GRG£YN\SRXLMWHURXE\ GRSRUXÏHQ«YSRN\QHFKNLQVWDODFL6SRWHELÏQDLQVWDOXMWH QDEH]SHÏQ«PDYKRGQ«PP¯VWÝNWHU«VSOXMHSRDGDYN\ QDLQVWDODFL  9$52911HGRGUHQ¯WÝFKWRSRN\QiNLQVWDODFLURXEi QHERXSHYRYDF¯KR]D¯]HQ¯PiHP¯W]DQ£VOHGHNUL]LNR ¼UD]XHOHNWULFN¿PSURXGHP  .XSHYQÝQ¯VSRWHELÏHQHSRX¯YHMWHOHSLGOD  0LQLP£OQ¯Y]G£OHQRVWPH]LSRYUFKHPYDUQ«GHVN\QDQ¯ VWRM¯YDUQ«Q£GRE\DGROQ¯Ï£VW¯VSRWHELÏHPXV¯E¿WFP
 Î(6.<

SRNXGQHQ¯YLQVWDODÏQ¯FKSRN\QHFKNHVSRWHELÏLQHER YDUQ«GHVFHXYHGHQRMLQDN  9¿YRGY]GXFKXPXV¯VSORYDWS¯VOXQ«P¯VWQ¯SHGSLV\  =DMLVWÝWHVSU£YQRXYHQWLODFLNWHU£EU£Q¯]SÝWQ«PXWRNX SO\Qi]HVSRWHELÏiVSDOXM¯F¯FKMLQ£SDOLYDYÏHWQÝ RWHYHQ¿FKWRSHQLGRP¯VWQRVWL  8MLVWÝWHVHHYÝWUDF¯RWYRU\QHMVRX]DNU\W«DVSRWHELÏ Y]GXFKQHRGY£G¯GRNRXRYRGXNWHU¿PMVRXRGY£GÝQ\NRX DS£UD]MLQ¿FKVSRWHELÏi¼VWHGQ¯Y\W£SÝQ¯WHUPRVLIRQ RK¯YDÏHYRG\DWG  .G\VSRWHELÏSUDFXMHVSROHÏQÝVGDO¯PLVSRWHELÏL PD[LP£OQ¯SRGWODNY\WY£HQ¿YP¯VWQRVWLE\QHPÝOSHNURÏLW KRGQRWXPEDU  'EHMWHQDWRDE\VWHQHSRNRGLOLS¯YRGQ¯NDEHO3UR Y¿PÝQXQDS£MHF¯KRNDEHOXVHREUDWHQDDXWRUL]RYDQ« VHUYLVQ¯VWHGLVNRQHERHOHNWULN£H  3RNXGMHVSRWHELÏSLSRMHQS¯PRNQDS£MHQ¯ HOHNWURLQVWDODFHPXV¯E¿WY\EDYHQDL]RODÏQ¯P]D¯]HQ¯P NWHU«XPRXMHRGSRMHQ¯YHFKSµOiVSRWHELÏHRG]GURMH QDS£MHQ¯SOQ«RGSRMHQ¯PXV¯E¿WYVRXODGXVSRGP¯QNDPL XYHGHQ¿PLYNDWHJRULLSHSÝW¯,,,9SHYQ«HOHNWULFN« LQVWDODFLPXV¯E¿W]DÏOHQÝQSUYHNSURRGSRMHQ¯RGV¯WÝY VRXODGXVSODWQ¿PLHOHNWURLQVWDODÏQ¯PLSHGSLV\  3RGVSRWHELÏHPQHSLSUDYXMWHM¯GORIODPERY£Q¯P  6SRWHELÏQHSRX¯YHMWHNY\SRXWÝQ¯QHEH]SHÏQ¿FKQHER Y¿EXQ¿FKPDWHUL£OiDY¿SDUi  6SRWHELÏÏLVWÝWHSUDYLGHOQÝPÝNN¿PKDG¯NHPDE\VWH ]DEU£QLOLSRNR]HQ¯PDWHUL£OXMHKRSRYUFKX  .ÏLWÝQ¯SRYUFKXVSRWHELÏHQHSRX¯YHMWHÏLVWLF¯S¯VWURMQD S£UXUR]SUDRYDÏYRG\GUVQ«DEUD]LYQ¯SURVWHGN\DQL RVWU«NRYRY«NUDEN\3RX¯YHMWHSRX]HQHXWU£OQ¯P\F¯ SURVWHGN\  7XNRY«ILOWU\SUDYLGHOQÝÏLVWÝWHDOHVSRNDG«GYDPÝV¯FH DRGVWUDXMWHXVD]HQRXPDVWQRWX]HVSRWHELÏHDE\VWH SHGHOLQHEH]SHÏ¯SR£UX  9QLWHNVSRWHELÏHY\ÏLVWÝWHSRPRF¯KDG¯NX
Î(6.< 

%(=3(Î1267132.<1<
,QVWDODFH
9$5291
+UR]¯QHEH]SHÏ¯SRUDQÝQ¯]£VDKX HOHNWULFN¿PSURXGHPSR£UXQHER SRNR]HQ¯VSRWHELÏH
 7HQWRVSRWHELÏVP¯LQVWDORYDWMHQ NYDOLILNRYDQ£RVRED
 3RNR]HQ¿VSRWHELÏQHLQVWDOXMWHDQL QHSRX¯YHMWH
 LÑWHVHSRN\Q\NLQVWDODFLGRGDQ¿PL VSROXVW¯PWRVSRWHELÏHP
 3LSHPLVRY£Q¯VSRWHELÏHEXÑWHYG\ RSDWUQ¯SURWRHMHWÝN¿9G\SRX¯YHMWH RFKUDQQ«UXNDYLFHDX]DYHQRXREXY
 3HGLQVWDODF¯VSRWHELÏHRGVWUDWH YHNHU«REDO\W¯WN\DRFKUDQQRXIµOLL
 1HLQVWDOXMWHRGYÝWU£Y£Q¯GRY¿NOHQNXYH ]GLSRNXGY¿NOHQHNQHQ¯NWRPXWR¼ÏHOX XUÏHQ
3LSRMHQ¯NHOHNWULFN«V¯WL
9$5291
+UR]¯QHEH]SHÏ¯SR£UXQHER¼UD]X HOHNWULFN¿PSURXGHP
 9HNHU£HOHNWULFN£SLSRMHQ¯E\PÝODE¿W SURYHGHQDNYDOLILNRYDQ¿PHOHNWULN£HP
 =NRQWUROXMWH]GD¼GDMHQDW\SRY«PW¯WNX VRXKODV¯VSDUDPHWU\HOHNWULFN«V¯WÝ
 3RNXGQDW\SRY«PW¯WNXQHQ¯RWLWÝQ
V\PERO VSRWHELÏPXV¯E¿WX]HPQÝQ  9G\SRX¯YHMWHVSU£YQÝLQVWDORYDQRX
V¯RYRX]£VXYNXVRFKUDQRXSURWL¼UD]X HOHNWULFN¿PSURXGHP  (OHNWULFN«NDEHO\QHVP¯E¿W]DPRWDQ«  1HSRX¯YHMWHUR]ERÏRYDF¯]£VWUÏN\DQL SURGOXRYDF¯NDEHO\  3RNXGMHV¯RY£]£VXYNDXYROQÝQ£ QH]DSRMXMWHGRQLV¯RYRX]£VWUÏNX  1HRGSRMXMWHVSRWHELÏ]H]£VXYN\WDKHP ]DNDEHO9G\WDKHMWH]D]£VWUÏNX  2FKUDQDSHG¼UD]HPHOHNWULFN¿P SURXGHPXLY¿FKÏLL]RORYDQ¿FKÏ£VW¯ PXV¯E¿WSLSHYQÝQDWDNDE\QHOD RGVWUDQLWEH]SRXLW¯Q£VWURMi  8MLVWÝWHVHHMHVSRWHELÏQDLQVWDORY£Q VSU£YQÝ9ROQ«DQHVSU£YQ«]DSRMHQ¯

QDS£MHF¯KRNDEHOXPiHP¯W]DQ£VOHGHN SHK£W¯VYRUN\  6SRWHELÏSLSRMWHQDNRQFLLQVWDODÏQ¯FK SUDF¯3RLQVWDODFLPXV¯]iVWDWV¯RY£ ]£VWUÏNDQDG£OHGRVWXSQ£
3RXLW¯VSRWHELÏH
9$5291
+UR]¯QHEH]SHÏ¯]UDQÝQ¯SRS£OHQ¯ÏL ¼UD]XHOHNWULFN¿PSURXGHP
 7HQWRVSRWHELÏMHXUÏHQY¿KUDGQÝSUR S¯SUDYXM¯GHO1HSRX¯YHMWHVSRWHELÏN MLQ¿P¼ÏHOiP
 1HPÝWHWHFKQLFN«SDUDPHWU\VSRWHELÏH  1HSRX¯YHMWHVSRWHELÏP£WHOLYOKN«UXFH
QHERNG\MHYNRQWDNWXVYRGRX  3RX¯YHMWHSRX]HS¯VOXHQVWY¯GRG£YDQ«
VHVSRWHELÏHP  %ÝKHPYDHQ¯DVPDHQ¯GUWHSODPHQ\
QHERRK£W«SHGPÝW\PLPRGRVDKWXNiD ROHMi  1HSRX¯YHMWHRGNU\W«HOHNWULFN«P¯N\  1HSRX¯YHMWHVSRWHELÏMDNRRGNO£GDF¯ SORFKX  1HG¯YHMWHVHS¯PRGRRVYÝWOHQ¯ VSRWHELÏHSRPRF¯OXS\GDOHNRKOHGXQHER SRGREQ¿FKRSWLFN¿FKS¯VWURMi
6HUYLV
 3URRSUDYXVSRWHELÏHVHREUDWHQD DXWRUL]RYDQ«VHUYLVQ¯VWHGLVNR 3RX¯YHMWHY¿KUDGQÝRULJLQ£OQ¯Q£KUDGQ¯ G¯O\
 3RNXGMGHR£URYNX£URYN\YWRPWR VSRWHELÏLDVDPRVWDWQÝSURG£YDQ« Q£KUDGQ¯£URYN\7\WR£URYN\MVRX QDYUHQ\WDNDE\RGRODO\H[WU«PQ¯P I\]LFN¿PSRGP¯QN£PYGRP£F¯FK VSRWHELÏ¯FKDXMGHRWHSORWXYLEUDFHÏL YOKNRVWQHERMVRXXUÏHQ\NVLJQDOL]DFL LQIRUPDF¯RSURYR]Q¯PVWDYXVSRWHELÏH 1HMVRXXUÏHQ\NSRXLW¯YMLQ¿FK VSRWHELÏ¯FKDQHMVRXYKRGQ«NRVYÝWOHQ¯ P¯VWQRVW¯YGRP£FQRVWL

 Î(6.<

/LNYLGDFH
9$5291
+UR]¯QHEH]SHÏ¯¼UD]XÏLXGXHQ¯

 3URLQIRUPDFHRKOHGQÝVSU£YQ«OLNYLGDFH VSRWHELÏHVHREUDWHQDP¯VWQ¯¼DG\
 2GSRMWHVSRWHELÏRGHOHNWULFN«V¯WÝ  2G¯]QÝWHV¯RY¿NDEHOYEO¯]NRVWL
VSRWHELÏHD]OLNYLGXMWHMHM

'$  206,..(5+(' /¨VEUXJVDQYLVQLQJHQJUXQGLJWIºUDSSDUDWHWLQVWDOOHUHVRJ WDJHVLEUXJ3URGXFHQWHQS§WDJHUVLJLQWHWDQVYDUIRU HYHQWXHOOHVNDGHUGHUHUUHVXOWDWHWDIIRUNHUWLQVWDOODWLRQHOOHU EUXJ2SEHYDUDOWLGEUXJVDQYLVQLQJHQS§HWVLNNHUWRJ WLOJ¨QJHOLJWVWHGWLOVHQHUHRSVODJ
6LNNHUKHGIRUEºUQRJV§UEDUHSHUVRQHU  $SSDUDWHWP§NXQEUXJHVDIEºUQIUD§URJRSHIWHUVDPWDI
SHUVRQHUPHGQHGVDWI\VLVNVHQVRULVNHOOHUSV\NLVN IXQNWLRQVHYQHHOOHUVRPPDQJOHUGHQQºGYHQGLJHHUIDULQJ HOOHUYLGHQKYLVGHHUXQGHURSV\QHOOHUHUEOHYHWLQVWUXHUHWL DWEUXJHDSSDUDWHWS§HQVLNNHUP§GHVDPWIRUVW§UGHIDUHU GHWLQGHE¨UHU%ºUQXQGHU§URJSHUVRQHUPHG RPIDWWHQGHRJNRPSOHNVWKDQGLFDSVNDOKROGHVS§DIVWDQG DIDSSDUDWHWPHGPLQGUHGHRYHUY§JHVNRQVWDQW  %ºUQVNDOKROGHVXQGHURSV\QIRUDWVLNUHDWGHLNNHOHJHU PHGDSSDUDWHW  2SEHYDUDOHPEDOODJHXWLOJ¨QJHOLJWIRUEºUQRJERUWVNDI GHWNRUUHNW  /DGLNNHEºUQRJKXVG\UNRPPHW¨WS§DSSDUDWHWPHQVGHW HULEUXJ  %ºUQP§LNNHXGIºUHUHQJºULQJRJYHGOLJHKROGHOVHS§ SURGXNWHWXGHQRSV\Q
*HQHUHOVLNNHUKHG  'HWWHDSSDUDWHUEHUHJQHWWLOKXVKROGQLQJVEUXJRYHU
NRJHSODGHUNRPIXUHURJOLJQHQGHPDGODYQLQJVDQRUGQLQJHU  .REOHQKHGHQIUDVWUºPIRUV\QLQJHQLQGHQUHQJºULQJRJ
YHGOLJHKROGHOVH  )256,*7,*7LOJ¨QJHOLJHGHOHNDQEOLYHPHJHWYDUPH
XQGHUEUXJHQPHGPDGWLOEHUHGQLQJVXGVW\U

Î(6.< 

 %UXJNXQVNUXHUQHGHUIºOJHUPHGDSSDUDWHW)ºOJHUGHU LNNHVNUXHUPHGEUXJHVGHVNUXHUQHGHUDQEHIDOHVL LQVWDOODWLRQVYHMOHGQLQJHQ,QVWDOO«UDSSDUDWHWHWVLNNHUWRJ YHOHJQHWVWHGGHURSI\OGHULQVWDOODWLRQVNUDY
 $'9$56(/0DQJOHQGHLQVWDOODWLRQDIVNUXHUQHHOOHU IDVWJºUHOVHVHQKHGHQLKHQKROGWLOGLVVHLQVWUXNWLRQHUNDQ PHGIºUHHOHNWULVNHIDUHU
 %UXJLNNHOLPWLOPRQWHULQJDIDSSDUDWHW  0LQLPXPVDIVWDQGHQPHOOHPNRJHSODGHQKYRUJU\GHUQHRJ
SDQGHUQHHURJGHQQHGHUVWHGHODIDSSDUDWHWVNDOY¨UH PLQGVWFPPHGPLQGUHDQGHWHUDQJLYHWL LQVWDOODWLRQVYHMOHGQLQJHQWLODSSDUDWHWHOOHUNRPIXUHW  /XIWXGOHGQLQJHQVNDORYHUKROGHGHORNDOHP\QGLJKHGHUV UHJOHU  6ºUJIRUJRGOXIWYHQWLODWLRQLORNDOHWKYRUDSSDUDWHWHU LQVWDOOHUHWIRUDWXQGJ§WLOEDJHVWUºPQLQJDIJDVVHULQGL ORNDOHWIUDDSSDUDWHUGHUEU¨QGHUJDVHOOHUDQGUH EU¨QGVWRIIHUKHUXQGHU§EQHEUDQGH  6ºUJIRUDWYHQWLODWLRQV§EQLQJHUQHLNNHHUEORNHUHGHRJDW OXIWHQLQGVDPOHWDIDSSDUDWHWLNNHWUDQVSRUWHUHVWLOHQNDQDO GHUDQYHQGHVWLOXGVWºGQLQJDIUºJRJGDPSIUDDQGUH DSSDUDWHUFHQWUDOYDUPHDQO¨JWHUPRVLIRQHUYDQGYDUPHUH RVY  1§UDSSDUDWHWHUDNWLYWVDPPHQPHGDQGUHDSSDUDWHUP§ GHWPDNVLPDOHYDNXXPLUXPPHWLNNHRYHUVWLJHPEDU  3DVS§GXLNNHEHVNDGLJHUHONDEOHUQH.RQWDNWYRUHV DXWRULVHUHGHVHUYLFHFHQWHUHOOHUHQHOHNWULNHUKYLVHQ EHVNDGLJHWOHGQLQJVNDOXGVNLIWHV  +YLVDSSDUDWHWHUWLOVOXWWHWGLUHNWHWLOVWUºPIRUV\QLQJHQVNDO GHQHOHNWULVNHLQVWDOODWLRQY¨UHIRUV\QHWPHGHQ LVROHULQJVHQKHGGHUJºUGHWPXOLJWDWDIEU\GHDSSDUDWHWIUD VWUºPPHQS§DOOHSROHU)XOGVW¨QGLJIUDNREOLQJVNDO RYHUKROGHEHWLQJHOVHUQHLRYHUVS¨QGLQJVNDWHJRUL,,, .RQWDNWWLODIEU\GHOVHVNDOY¨UHLQGE\JJHWLGHQIDVWH OHGQLQJVIºULQJLRYHUHQVVWHPPHOVHPHGUHJOHUQHIRU OHGQLQJVIºULQJ  8QGJ§DWIODPEHUHXQGHUDSSDUDWHW
 '$16.

 0§LNNHDQYHQGHVWLOXGVOLSDIIDUOLJHHOOHUHNVSORVLYH PDWHULDOHURJGDPSH
 5HQJºUM¨YQOLJWDSSDUDWHWPHGHQEOºGNOXGIRUDWIRUKLQGUH IRUULQJHOVHDIRYHUIODGHPDWHULDOHW
 %UXJLNNHGDPSUHQVYDQGVSUD\K§UGHVOLEHPLGOHUHOOHU VNDUSHPHWDOVNUDEHUWLODWUHQJºUHDSSDUDWHWVRYHUIODGH %UXJNXQQHXWUDOHUHQJºULQJVPLGOHU
 5HQJºUIHGWILOWUHUHJHOP¨VVLJWPLQGVWKYHUDQGHQP§QHG RJIMHUQIHGWDIOHMULQJHUIUDDSSDUDWHWIRUDWIRUKLQGUH EUDQGIDUH
 %UXJHQNOXGWLODWUHQJºUHDSSDUDWHWLQGYHQGLJW

6,..(5+('6$19,61,1*(5

,QVWDOODWLRQ
$'9$56(/
5LVLNRIRUSHUVRQVNDGHHOHNWULVNVWºG EUDQGIRUEU¨QGLQJHUHOOHUVNDGHS§ DSSDUDWHW
 $SSDUDWHWP§NXQLQVWDOOHUHVDIHQ VDJN\QGLJ
 8QGODGDWLQVWDOOHUHHOOHUEUXJHHW EHVNDGLJHWDSSDUDW
 )ºOJLQVWDOODWLRQVYHMOHGQLQJHQGHUIºOJHU PHGDSSDUDWHW
 9¨UDOWLGIRUVLJWLJQ§UGXIO\WWHUDSSDUDWHW GDGHWHUWXQJW%UXJDOWLG VLNNHUKHGVKDQGVNHURJOXNNHWIRGWºM
 )ºULQVWDOODWLRQDIDSSDUDWHWIMHUQHVDO HPEDOODJHP¨UNQLQJRJEHVN\WWHOVHVILOP
 'XP§LNNHLQVWDOOHUHXGVWºGQLQJVOXIWL Y¨JUXPPHWPHGPLQGUHGHWHUGHVLJQHWWLO GHWIRUP§O
7LOVOXWQLQJHO
$'9$56(/
5LVLNRIRUEUDQGRJHOHNWULVNVWºG
 $OOHHOHNWULVNHWLOVOXWQLQJHUVNDOXGIºUHVDI HQNYDOLILFHUHWHOHNWULNHU
 6ºUJIRUDWSDUDPHWUHQHS§W\SHVNLOWHWHU NRPSDWLEOHPHGQHWWLOVOXWQLQJHQV HOHNWULVNHP¨UNHY¨UGLHU

 +YLVV\PEROHW LNNHVNULYHVS§ P¨UNHSODGHQVNDODSSDUDWHWMRUGHV
 %UXJDOWLGHQNRUUHNWPRQWHUHWORYOLJ VWLNNRQWDNW
 1HWOHGQLQJHUQHP§LNNHY¨UHYLNOHW VDPPHQ
 %UXJLNNHPXOWLVWLNDGDSWHUHRJ IRUO¨QJHUOHGQLQJHU
 +YLVVWLNNRQWDNWHQHUOºVP§GXLNNH V¨WWHQHWVWLNNHWL
 8QGJ§DWVOXNNHIRUDSSDUDWHWYHGDW WU¨NNHLQHWOHGQLQJHQ7DJDOWLGVHOYH QHWVWLNNHWXGDINRQWDNWHQ
 %HVN\WWHOVHQPRGHOHNWULVNVWºGIUD VWUºPIºUHQGHRJLVROHUHGHGHOHVNDO IDVWJºUHVV§GHQLNNHNDQIMHUQHVXGHQ Y¨UNWºM
 6ºUJIRUDWDSSDUDWHWLQVWDOOHUHVNRUUHNW /ºVHRJXSURIHVVLRQHOWXGIºUWH VWLNIRUELQGHOVHUNDQPHGIºUHDWNOHPPHQ EOLYHURYHURSKHGHW
 7LOVOXWDSSDUDWHWLVOXWQLQJHQDI LQVWDOODWLRQHQ6ºUJIRUDWGHUHUDGJDQJWLO HOVWLNNHWHIWHULQVWDOODWLRQHQ
%UXJ
$'9$56(/
5LVLNRIRUSHUVRQVNDGHIRUEU¨QGLQJHU RJHOHNWULVNVWºG
 'HWWHDSSDUDWP§NXQDQYHQGHVWLO WLOEHUHGQLQJDIIºGHYDUHU%UXJLNNH DSSDUDWHWWLODQGHW

'$16. 

 $SSDUDWHWVVSHFLILNDWLRQHUP§LNNH ¨QGUHV
 %HWMHQLNNHDSSDUDWHWPHGY§GHK¨QGHU HOOHUQ§UGHWKDUNRQWDNWPHGYDQG
 %UXJNXQGHWWLOEHKºUGHUOHYHUHVPHG DSSDUDWHW
 +ROGIODPPHUHOOHURSYDUPHGHJHQVWDQGH Y¨NIUDIHGWVWRIIHURJROLHQ§UGXVWHJHRJ NRJHU
 %UXJLNNHHQXWLOG¨NNHWHOHNWULVNJULOO  %UXJLNNHDSSDUDWHWVRP
IUDV¨WQLQJVSODGV  %UXJLNNHIRUVWºUUHOVHVJODVNLNNHUWHOOHU
OLJQHQGHRSWLVNHHQKHGHUWLODWVHGLUHNWH S§DSSDUDWHWVEHO\VQLQJ
6HUYLFH
 .RQWDNWGHWDXWRULVHUHGHVHUYLFHFHQWHUIRU DWI§UHSDUHUHWDSSDUDWHW%UXJNXQ RULJLQDOHUHVHUYHGHOH
 9HGUºUHQGHODPSHUQHLGHWWHSURGXNWRJ UHVHUYHGHOVODPSHUGHUV¨OJHVVHSDUDW

'LVVHODPSHUHUEHUHJQHWWLODWPRGVW§ HNVWUHPHI\VLVNHIRUKROGL KXVKROGQLQJVDSSDUDWHUV§VRP WHPSHUDWXUYLEUDWLRQIXJWHOOHUHU EHUHJQHWWLODWVLJQDOHUHLQIRUPDWLRQRP DSSDUDWHWVGULIWVVWDWXV'HHULNNH EHUHJQHWWLODWEOLYHEUXJWLDQGUH DSSDUDWHURJGHHULNNHYHOHJQHGHWLO EHO\VQLQJDIUXP
%RUWVNDIIHOVH
$'9$56(/
5LVLNRIRUSHUVRQVNDGHHOOHUNY¨OQLQJ
 .RQWDNWGLQJHQEUXJVSODGVDQJ RSO\VQLQJHURPKYRUGDQSURGXNWHW ERUWVNDIIHVNRUUHNW
 7DJVWLNNHWXGDINRQWDNWHQ  .OLSQHWOHGQLQJHQDIW¨WYHGDSSDUDWHWRJ
ERUWVNDIGHQ

'(  6,&+(5+(,76+,1:(,6( /HVHQ6LHYRUGHU0RQWDJHXQGGHP*HEUDXFKGHV*HU¦WV ]XHUVWGLH%HGLHQXQJVDQOHLWXQJ%HL9HUOHW]XQJHQRGHU 6FK¦GHQLQIROJHQLFKWRUGQXQJVJHP¦¡HU0RQWDJHRGHU 9HUZHQGXQJ¾EHUQLPPWGHU+HUVWHOOHUNHLQH+DIWXQJ %HZDKUHQ6LHGLH$QOHLWXQJ]XP1DFKVFKODJHQDQHLQHP VLFKHUHQXQG]XJ¦QJOLFKHQ2UWDXI
6LFKHUKHLWYRQ.LQGHUQXQGVFKXW]EHG¾UIWLJHQ 3HUVRQHQ  'DV*HU¦WNDQQYRQ.LQGHUQDE-DKUHQXQG3HUVRQHQPLW
HLQJHVFKU¦QNWHQSK\VLVFKHQVHQVRULVFKHQRGHUJHLVWLJHQ )¦KLJNHLWHQRGHUPLWPDQJHOQGHU(UIDKUXQJPDQJHOQGHP :LVVHQEHQXW]WZHUGHQZHQQVLHGXUFKHLQHI¾ULKUH 6LFKHUKHLW]XVW¦QGLJH3HUVRQEHDXIVLFKWLJWZHUGHQRGHU YRQGLHVHU3HUVRQ$QZHLVXQJHQHUKDOWHQKDEHQZLHGDV *HU¦WVLFKHU]XEHGLHQHQLVWXQGZHOFKH*HIDKUHQEHLQLFKW RUGQXQJVJHP¦¡HU%HGLHQXQJEHVWHKHQ.LQGHUXQWHU -DKUHQXQG3HUVRQHQPLWVFKZHUHQ%HKLQGHUXQJHQRGHU

 '$16.

0HKUIDFKEHKLQGHUXQJVROOWHQYRP*HU¦WIHUQJHKDOWHQ ZHUGHQZHQQVLHQLFKWVW¦QGLJEHDXIVLFKWLJWZHUGHQ  .LQGHUVROOWHQEHDXIVLFKWLJWZHUGHQXPVLFKHU]XVWHOOHQ GDVVVLHQLFKWPLWGHP*HU¦WVSLHOHQ  +DOWHQ6LHV¦PWOLFKHV9HUSDFNXQJVPDWHULDOYRQ.LQGHUQ IHUQXQGHQWVRUJHQ6LHHVRUGQXQJVJHP¦¡  +DOWHQ6LH.LQGHUXQG+DXVWLHUHYRQGHP*HU¦WIHUQZHQQ HVLQ%HWULHELVW  .LQGHUG¾UIHQNHLQH5HLQLJXQJXQG:DUWXQJGHV*HU¦WV RKQH%HDXIVLFKWLJXQJGXUFKI¾KUHQ $OOJHPHLQH6LFKHUKHLW  'LHVHV*HU¦WHLJQHWVLFKI¾UGHQ(LQVDW]LQ+DXVKDOWHQ¾EHU .RFKIHOGHUQ+HUGHQXQG¦KQOLFKHQ.RFKJHU¦WHQ  =LHKHQ6LHELWWHYRUMHGHU:DUWXQJVPD¡QDKPHGHQ 1HW]VWHFNHUDXVGHU6WHFNGRVH  9256,&+7'LH]XJ¦QJOLFKHQ*HU¦WHWHLOHZHUGHQEHLP %HWULHEPLW.RFKJHU¦WHQVHKUKHL¡  9HUZHQGHQ6LHDXVVFKOLH¡OLFKGLHLP/LHIHUXPIDQJ HQWKDOWHQHQ+DOWHVFKUDXEHQ)DOOVGLHVHQLFKWPLWJHOLHIHUW ZHUGHQYHUZHQGHQ6LHGLHLQGHU0RQWDJHDQOHLWXQJ HPSIRKOHQHQ6FKUDXEHQ0RQWLHUHQ6LHGDV*HU¦WDQ HLQHPVLFKHUHQXQGJHHLJQHWHQ2UWGHUGHQ 0RQWDJHDQIRUGHUXQJHQHQWVSULFKW  :$5181*:HQQGLH6FKUDXEHQRGHUGLH %HIHVWLJXQJVYRUULFKWXQJQLFKWJHP¦¡GLHVHU$QOHLWXQJ LQVWDOOLHUWZHUGHQNDQQGLHV]X*HIDKUHQGXUFKHOHNWULVFKHQ 6WURPI¾KUHQ  9HUZHQGHQ6LHNHLQH.OHEVWRIIH]XU%HIHVWLJXQJGHV *HU¦WV  )DOOVLQGHU0RQWDJHDQOHLWXQJGHV*HU¦WVRGHU.RFKIHOGV QLFKWDQGHUVDQJHJHEHQPXVVGHU$EVWDQG]ZLVFKHQGHU .RFKIHOGREHUIO¦FKHDXIGHUGLH7¸SIHVWHKHQXQGGHU 8QWHUVHLWHGHV*HU¦WVPLQGHVWHQVFPEHWUDJHQ  'LH)UHLVHW]XQJGHU$EOXIWPXVVJHP¦¡GHQ¸UWOLFKHQ 9RUVFKULIWHQHUIROJHQ
'(876&+ 

 'HU5DXPLQGHPGDV*HU¦WLQVWDOOLHUWZLUGPXVVJXW EHO¾IWHWVHLQGDPLWNHLQH*DVHYRQRIIHQHP)HXHURGHUYRQ *HU¦WHQGLHPLW%UHQQVWRIIHQEHWULHEHQZHUGHQLQGHQ 5DXP]XU¾FNVWU¸PHQ
 6WHOOHQ6LHVLFKHUGDVVGLH/¾IWXQJVVFKOLW]HQLFKWEORFNLHUW ZHUGHQXQGGLHYRP*HU¦WDXIJHQRPPHQH/XIWQLFKWLQ HLQHQ/¾IWXQJVNDQDOJHOHLWHWZLUGGHU]XU$EOHLWXQJYRQ 5DXFKXQG'DPSIYRQDQGHUHQ*HU¦WHQ =HQWUDOKHL]XQJVV\VWHPHQ7KHUPRVLSKRQV\VWHPHQ :DUPZDVVHUEHUHLWHUQGLHQW
 :HQQGDV*HU¦W]XVDPPHQPLWDQGHUHQ*HU¦WHQEHWULHEHQ ZLUGGDUIGHULP5DXPHU]HXJWH9DNXXPZHUWPD[LPDO PEDUEHWUDJHQ
 $FKWHQ6LHGDUDXIGDV1HW]NDEHOQLFKW]XEHVFK¦GLJHQ :HQGHQ6LHVLFK]XP$XVWDXVFKHLQHVEHVFK¦GLJWHQ 1HW]NDEHOVDQXQVHUHQDXWRULVLHUWHQ.XQGHQGLHQVWRGHU HLQH(OHNWURIDFKNUDIW
 )DOOVGDV*HU¦WGLUHNWDQGLH6SDQQXQJVYHUVRUJXQJ DQJHVFKORVVHQZHUGHQVROOPXVVGLHHOHNWULVFKH ,QVWDOODWLRQPLWHLQHU7UHQQYRUULFKWXQJDXVJHU¾VWHWVHLQGLH HLQHDOOSROLJH7UHQQXQJYRP1HW]HUP¸JOLFKW'LH YROOVW¦QGLJH7UHQQXQJPXVVGHQ$QIRUGHUXQJHQGHU EHUVSDQQXQJVNDWHJRULH,,,HQWVSUHFKHQ*HP¦¡GHQ 9HUGUDKWXQJVUHJHOQPXVVEHL)HVWYHUGUDKWXQJHLQH 9RUULFKWXQJ]XU7UHQQXQJGHV*HU¦WHVYRQGHU 6SDQQXQJVYHUVRUJXQJYRUKDQGHQVHLQ
 )ODPELHUHQ6LHQLFKWXQWHUGLHVHP*HU¦W  9HUZHQGHQ6LHNHLQHJHI¦KUOLFKHQRGHUH[SORVLRQVI¦KLJHQ
6WRIIHRGHU'¦PSIH  5HLQLJHQ6LHGDV*HU¦WUHJHOP¦¡LJPLWHLQHPZHLFKHQ
7XFKXPHLQH9HUVFKOHFKWHUXQJGHV2EHUIO¦FKHQPDWHULDOV ]XYHUKLQGHUQ  9HUZHQGHQ6LH]XU5HLQLJXQJGHU*HU¦WHREHUIO¦FKHNHLQH 'DPSIUHLQLJHU:DVVHUVWUDKOUHLQLJHURGHUVFKDUIHQ 0HWDOOVFKDEHU9HUZHQGHQ6LHDXVVFKOLH¡OLFK 1HXWUDOUHLQLJHU
 '(876&+

 5HLQLJHQ6LHGLH)HWWILOWHUUHJHOP¦¡LJPLQGHVWHQVDOOH 0RQDWHXQGEHVHLWLJHQ6LH)HWWDEODJHUXQJHQYRP*HU¦W XPHLQH%UDQGJHIDKU]XYHUPHLGHQ
 9HUZHQGHQ6LHHLQ7XFK]XP5HLQLJHQGHV *HU¦WHLQQHQUDXPV

6,&+(5+(,76$1:(,681*(1

,QVWDOODWLRQ
:$5181*
9HUOHW]XQJV6WURPVFKODJ%UDQG 9HUEUHQQXQJVJHIDKUVRZLH5LVLNRYRQ 6FK¦GHQDP*HU¦W
 1XUHLQHTXDOLIL]LHUWH)DFKNUDIWGDUIGHQ HOHNWULVFKHQ$QVFKOXVVGHV*HU¦WV YRUQHKPHQ
 0RQWLHUHQ6LHHLQEHVFK¦GLJWHV*HU¦W QLFKWXQGEHQXW]HQ6LHHVQLFKW
 +DOWHQ6LHVLFKDQGLHPLWJHOLHIHUWH 0RQWDJHDQOHLWXQJ
 6HLHQ6LHEHLP8PVHW]HQGHV*HU¦WHV YRUVLFKWLJGDHVVHKUVFKZHULVW7UDJHQ 6LHVWHWV6LFKHUKHLWVKDQGVFKXKHXQG IHVWHV6FKXKZHUN
 (QWIHUQHQ6LHGDVJHVDPWH 9HUSDFNXQJVPDWHULDODOOH$XINOHEHUXQG GLH6FKXW]IROLHEHYRU6LHGDV*HU¦W LQVWDOOLHUHQ
 ,QVWDOOLHUHQ6LHGLH$EOXIWQLFKWLQHLQH :DQG¸IIQXQJDX¡HUGLHVHZXUGHI¾U GLHVHQ=ZHFNEHVWLPPW
(OHNWURDQVFKOXVV
:$5181*
%UDQGXQG6WURPVFKODJJHIDKU
 $OOHHOHNWULVFKHQ$QVFKO¾VVHVLQGYRQ HLQHPJHSU¾IWHQ(OHNWULNHUYRU]XQHKPHQ
 6WHOOHQ6LHVLFKHUGDVVGLH'DWHQDXIGHP 7\SHQVFKLOGPLWGHQHOHNWULVFKHQ 1HQQZHUWHQGHU1HW]VSDQQXQJ ¾EHUHLQVWLPPHQ
 :HQQGDV6\PERO QLFKWDXIGHP 7\SHQVFKLOGDXIJHGUXFNWLVWPXVVGDV *HU¦WJHHUGHWZHUGHQ

 6FKOLH¡HQ6LHGDV*HU¦WQXUDQHLQH RUGQXQJVJHP¦¡LQVWDOOLHUWH 6FKXW]NRQWDNWVWHFNGRVHDQ
 $FKWHQ6LHGDUDXIGDVVGDV1HW]NDEHO QLFKWORVHK¦QJWRGHUVLFKYHUKHGGHUW
 9HUZHQGHQ6LHNHLQH 0HKUIDFKVWHFNGRVHQRGHU 9HUO¦QJHUXQJVNDEHO
 )DOOVGLH6WHFNGRVHORVHLVWVFKOLH¡HQ6LH GHQ1HW]VWHFNHUQLFKWDQ
 =LHKHQ6LHQLFKWDP1HW]NDEHOZHQQ6LH GDV*HU¦WYRQGHU6WURPYHUVRUJXQJ WUHQQHQP¸FKWHQ=LHKHQ6LHVWHWVDP 1HW]VWHFNHU
 $OOH7HLOHGLHJHJHQGLUHNWHV%HU¾KUHQ VFK¾W]HQVRZLHGLHLVROLHUWHQ7HLOH P¾VVHQVREHIHVWLJWZHUGHQGDVVVLH QLFKWRKQH:HUN]HXJHQWIHUQWZHUGHQ N¸QQHQ
 9HUJHZLVVHUQ6LHVLFKGDVVGDV*HU¦W RUGQXQJVJHP¦¡LQVWDOOLHUWLVW/RFNHUHXQG XQVDFKJHP¦¡H1HW]VWHFNHUN¸QQHQGLH .OHPPH¾EHUKLW]HQ
 6FKOLH¡HQ6LHGDV*HU¦WDP(QGHGHU 0RQWDJHDQ6WHOOHQ6LHVLFKHUGDVVGHU 1HW]DQVFKOXVVQDFKGHU0RQWDJHQRFK ]XJ¦QJOLFKLVW
*HEUDXFK
:$5181*
9HUOHW]XQJV9HUEUHQQXQJVXQG 6WURPVFKODJJHIDKU
 'LHVHV*HU¦WLVWQXU]XP.RFKHQ EHVWLPPW%HQXW]HQ6LHGDV*HU¦WQLFKW I¾UDQGHUH=ZHFNH
 1HKPHQ6LHNHLQHWHFKQLVFKHQ QGHUXQJHQDP*HU¦WYRU
 %HQXW]HQ6LHGDV*HU¦WQLFKWPLWQDVVHQ +¦QGHQRGHUZHQQHVPLW:DVVHU.RQWDNW KDW

'(876&+ 

 9HUZHQGHQ6LHDXVVFKOLH¡OLFKGDVPLW GHP*HU¦WJHOLHIHUWH=XEHK¸U
 +DOWHQ6LH)ODPPHQRGHUHUKLW]WH *HJHQVW¦QGHZ¦KUHQGGHV.RFKHQVXQG %UDWHQVYRQ)HWWHQXQGOHQIHUQ
 9HUZHQGHQ6LHNHLQHRIIHQHQ(OHNWURJULOOV  9HUZHQGHQ6LHGDV*HU¦WQLFKWDOV
$EVWHOOIO¦FKH  9HUZHQGHQ6LHNHLQH
9HUJU¸VVHUXQJVJO¦VHU)HUQJO¦VHURGHU ¦KQOLFKHRSWLVFKH*HU¦WHXPGLUHNWDXI GLH%HOHXFKWXQJGHV*HU¦WV]XEOLFNHQ
6HUYLFH
 =XU5HSDUDWXUGHV*HU¦WVZHQGHQ6LH VLFKDQGHQDXWRULVLHUWHQ.XQGHQGLHQVW 'DEHLG¾UIHQDXVVFKOLH¡OLFK 2ULJLQDOHUVDW]WHLOHYHUZHQGHWZHUGHQ
 %H]¾JOLFKGHU/DPSHQLQGLHVHP*HU¦W XQGVHSDUDWYHUNDXIWHU(UVDW]ODPSHQ 'LHVH/DPSHQP¾VVHQH[WUHPHQ

SK\VLNDOLVFKHQ%HGLQJXQJHQLQ +DXVKDOWVJHU¦WHQVWDQGKDOWHQZLH]% 7HPSHUDWXU9LEUDWLRQ)HXFKWLJNHLWRGHU VROOHQ,QIRUPDWLRQHQ¾EHUGHQ %HWULHEV]XVWDQGGHV*HU¦WHVDQ]HLJHQ 6LHVLQGQLFKWI¾UGHQ(LQVDW]LQDQGHUHQ *HU¦WHQYRUJHVHKHQXQGQLFKWI¾UGLH 5DXPEHOHXFKWXQJJHHLJQHW
(QWVRUJXQJ
:$5181*
9HUOHW]XQJVXQG(UVWLFNXQJVJHIDKU
 ,QIRUPDWLRQHQ]XU(QWVRUJXQJGHV*HU¦WV HUKDOWHQ6LHYRQ,KUHU *HPHLQGHYHUZDOWXQJ
 7UHQQHQ6LHGDV*HU¦WYRQGHU 6WURPYHUVRUJXQJ
 6FKQHLGHQ6LHGDV1HW]NDEHOLQGHU1¦KH GHV*HU¦WVDEXQGHQWVRUJHQ6LHHV

(/    ~ ~ ~~°° °~° °°
  ~~
~° °°° °~°° ~ ° ~~ ~~°° °  °~ ~

 '(876&+

 ~ ~
 ~ ~
 ° ~~ ~
  ~
~~°°  ~°
~  °°
°°  ~~°°
°~ ~ °°~   ~~ ~~ ~°~  ~   ~ ~°~FP ~   °°   ~ ~~ ~°° ° 
 

 ~~~° °° °~ ° °~ 
 ~°° ~° ~PEDU
 °~ ~° °°° °~~
 ~~° °° ° ~ °° ~ °,,,°°~ °~ ~
 °  ~~
  ~°~
~  ~°°
°° ~~ °  ~~~ ~~~ °~  °~~ 
 





~~  
  °~ °
 °~ ~
 ~~ °
 °~ ~ ~~ 
  °~  
 ° ~~ °


~~
 °°° ~ 
 ~ ~~ °°°  
  ~° ~ °~
 ~ °~~ ~
 °~ 
 ~ °

 ~~° ~
 ~ ° ~
 ~~ °° ° ~~~ ~
 ~° ~ ~~ ° °
 °°  ~~ ~


~ ~
 ~ ~ 
 ° 
 ~° °~
 ~ °
 ° ~~ ~
 ~°° ~~
 ~ 
 ~ °° ~ 

  °

 

°°~      ~ ~° ° °~ ~~ ~  ~ °~ 



~~
 °° ~ 
 ° 
 ~ ~

(1  6$)(7<,1)250$7,21 %HIRUHWKHLQVWDOODWLRQDQGXVHRIWKHDSSOLDQFHFDUHIXOO\UHDG WKHVXSSOLHGLQVWUXFWLRQV7KHPDQXIDFWXUHULVQRWUHVSRQVLEOH IRUDQ\LQMXULHVRUGDPDJHWKDWDUHWKHUHVXOWRILQFRUUHFW LQVWDOODWLRQRUXVDJH$OZD\VNHHSWKHLQVWUXFWLRQVLQDVDIH DQGDFFHVVLEOHORFDWLRQIRUIXWXUHUHIHUHQFH
&KLOGUHQDQGYXOQHUDEOHSHRSOHVDIHW\  7KLVDSSOLDQFHFDQEHXVHGE\FKLOGUHQDJHGIURP\HDUV
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

 

*HQHUDO6DIHW\  7KLVDSSOLDQFHLVLQWHQGHGIRUGRPHVWLFXVHDERYHKREV
FRRNHUVDQGVLPLODUFRRNLQJGHYLFHV  %HIRUHFDUU\LQJRXWDQ\PDLQWHQDQFHGLVFRQQHFWWKH
DSSOLDQFHIURPWKHSRZHUVXSSO\  &$87,21$FFHVVLEOHSDUWVPD\EHFRPHKRWGXULQJXVH
ZLWKFRRNLQJDSSOLDQFHV  8VHRQO\WKHIL[LQJVFUHZVVXSSOLHGZLWKWKHDSSOLDQFHLIQRW
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
(1*/,6+ 

 ,IWKHDSSOLDQFHLVFRQQHFWHGGLUHFWO\WRWKHSRZHUVXSSO\ WKHHOHFWULFDOLQVWDOODWLRQPXVWEHHTXLSSHGZLWKDQLVRODWLQJ GHYLFHWKDWDOORZVWRGLVFRQQHFWWKHDSSOLDQFHIURPWKH PDLQVDWDOOSROHV&RPSOHWHGLVFRQQHFWLRQPXVWFRPSO\ ZLWKFRQGLWLRQVVSHFLILHGLQWKHRYHUYROWDJHFDWHJRU\,,,7KH PHDQVIRUGLVFRQQHFWLRQPXVWEHLQFRUSRUDWHGLQWKHIL[HG ZLULQJLQDFFRUGDQFHZLWKWKHZLULQJUXOHV
 'RQRWIODPE«XQGHUWKHDSSOLDQFH  'RQRWXVHWRH[KDXVWKD]DUGRXVRUH[SORVLYHPDWHULDOVDQG
YDSRXUV  &OHDQWKHDSSOLDQFHUHJXODUO\ZLWKDVRIWFORWKWRSUHYHQWWKH
GHWHULRUDWLRQRIWKHVXUIDFHPDWHULDO  'RQRWXVHDVWHDPFOHDQHUZDWHUVSUD\KDUVKDEUDVLYH
FOHDQHUVRUVKDUSPHWDOVFUDSHUVWRFOHDQWKHVXUIDFHRIWKH DSSOLDQFH8VHRQO\QHXWUDOGHWHUJHQWV  &OHDQJUHDVHILOWHUVUHJXODUO\DWOHDVWHYHU\PRQWKVDQG UHPRYHJUHDVHGHSRVLWVIURPWKHDSSOLDQFHWRSUHYHQWWKH ULVNRIILUH  8VHDFORWKWRFOHDQWKHLQWHULRURIWKHDSSOLDQFH

6$)(7<,16758&7,216

,QVWDOODWLRQ

(OHFWULFDOFRQQHFWLRQ

:$51,1*
5LVNRILQMXU\HOHFWULFVKRFNILUHEXUQV RUGDPDJHWRWKHDSSOLDQFH
 2QO\DTXDOLILHGSHUVRQPXVWLQVWDOOWKLV DSSOLDQFH
 'RQRWLQVWDOORUXVHDGDPDJHG DSSOLDQFH
 )ROORZWKHLQVWDOODWLRQLQVWUXFWLRQVVXSSOLHG ZLWKWKHDSSOLDQFH
 $OZD\VWDNHFDUHZKHQPRYLQJWKH DSSOLDQFHDVLWLVKHDY\$OZD\VXVHVDIHW\ JORYHVDQGHQFORVHGIRRWZHDU
 %HIRUHLQVWDOOLQJWKHDSSOLDQFHUHPRYHDOO WKHSDFNDJLQJWKHODEHOOLQJDQGWKH SURWHFWLYHILOP
 'RQRWLQVWDOOWKHH[KDXVWDLULQWRDZDOO FDYLW\XQOHVVWKHFDYLW\LVGHVLJQHGIRU WKDWSXUSRVH

:$51,1*
5LVNRIILUHDQGHOHFWULFVKRFN
 $OOHOHFWULFDOFRQQHFWLRQVVKRXOGEHPDGH E\DTXDOLILHGHOHFWULFLDQ
 0DNHVXUHWKDWWKHSDUDPHWHUVRQWKH UDWLQJSODWHDUHFRPSDWLEOHZLWKWKH HOHFWULFDOUDWLQJVRIWKHPDLQVSRZHU VXSSO\
 ,IWKHV\PERO LVQRWSULQWHGRQWKH UDWLQJSODWHWKHDSSOLDQFHPXVWEH HDUWKHG
 $OZD\VXVHDFRUUHFWO\LQVWDOOHG VKRFNSURRIVRFNHW
 'RQRWOHWWKHHOHFWULFLW\PDLQVFDEOH WDQJOH
 'RQRWXVHPXOWLSOXJDGDSWHUVDQG H[WHQVLRQFDEOHV
 ,IWKHPDLQVVRFNHWLVORRVHGRQRW FRQQHFWWKHPDLQVSOXJ

 (1*/,6+

 'RQRWSXOOWKHPDLQVFDEOHWRGLVFRQQHFW WKHDSSOLDQFH$OZD\VSXOOWKHPDLQVSOXJ
 7KHVKRFNSURWHFWLRQRIOLYHDQGLQVXODWHG SDUWVPXVWEHIDVWHQHGLQVXFKDZD\WKDW LWFDQQRWEHUHPRYHGZLWKRXWWRROV
 0DNHVXUHWKHDSSOLDQFHLVLQVWDOOHG FRUUHFWO\/RRVHDQGLQFRUUHFWHOHFWULFLW\ PDLQVFDEOHFDQPDNHWKHWHUPLQDO EHFRPHWRRKRW
 &RQQHFWWKHDSSOLDQFHDWWKHHQGRIWKH LQVWDOODWLRQ0DNHVXUHWKDWWKHUHLVDFFHVV WRWKHPDLQVDIWHUWKHLQVWDOODWLRQ
8VH
:$51,1*
5LVNRILQMXU\EXUQVDQGHOHFWULFVKRFN
 7KLVDSSOLDQFHLVIRUFRRNLQJSXUSRVHRQO\ 'RQRWXVHWKHDSSOLDQFHIRURWKHU SXUSRVH
 'RQRWFKDQJHWKHVSHFLILFDWLRQRIWKLV DSSOLDQFH
 'RQRWRSHUDWHWKHDSSOLDQFHZLWKZHW KDQGVRUZKHQLWKDVFRQWDFWZLWKZDWHU
 8VHRQO\WKHDFFHVVRULHVVXSSOLHGZLWKWKH DSSOLDQFH
 .HHSIODPHVRUKHDWHGREMHFWVDZD\IURP IDWVDQGRLOVGXULQJFRRNLQJDQGIU\LQJ
 'RQRWXVHXQFRYHUHGHOHFWULFJULOOV  'RQRWXVHWKHDSSOLDQFHDVDVWRUDJH
VXUIDFH  'RQRWXVHPDJQLI\LQJJODVVHVELQRFXODUV
RUVLPLODURSWLFDOGHYLFHVWRORRNGLUHFWO\DW WKHOLJKWLQJRIWKHDSSOLDQFH

6HUYLFH
 7RUHSDLUWKHDSSOLDQFHFRQWDFWWKH $XWKRULVHG6HUYLFH&HQWUH8VHRULJLQDO VSDUHSDUWVRQO\
 &RQFHUQLQJWKHODPSVLQVLGHWKLVSURGXFW DQGVSDUHSDUWODPSVVROGVHSDUDWHO\ 7KHVHODPSVDUHLQWHQGHGWRZLWKVWDQG H[WUHPHSK\VLFDOFRQGLWLRQVLQKRXVHKROG DSSOLDQFHVVXFKDVWHPSHUDWXUH YLEUDWLRQKXPLGLW\RUDUHLQWHQGHGWR VLJQDOLQIRUPDWLRQDERXWWKHRSHUDWLRQDO VWDWXVRIWKHDSSOLDQFH7KH\DUHQRW LQWHQGHGWREHXVHGLQRWKHUDSSOLFDWLRQV DQGDUHQRWVXLWDEOHIRUKRXVHKROGURRP LOOXPLQDWLRQ
'LVSRVDO
:$51,1*
5LVNRILQMXU\RUVXIIRFDWLRQ
 &RQWDFW\RXUPXQLFLSDODXWKRULW\IRU LQIRUPDWLRQRQKRZWRGLVSRVHRIWKH DSSOLDQFH
 'LVFRQQHFWWKHDSSOLDQFHIURPWKHPDLQV VXSSO\
 &XWRIIWKHPDLQVHOHFWULFDOFDEOHFORVHWR WKHDSSOLDQFHDQGGLVSRVHRILW

(6  ,1)250$&,162%5(6(*85,'$' $QWHVGHLQVWDODU\XWLOL]DUHODSDUDWROHDDWHQWDPHQWHODV LQVWUXFFLRQHVIDFLOLWDGDV(OIDEULFDQWHQRVHKDFH UHVSRQVDEOHGHOHVLRQHVRGD³RVSURGXFLGRVFRPRUHVXOWDGR GHXQDLQVWDODFLµQRXQXVRLQFRUUHFWRV&RQVHUYHVLHPSUH HVWDVLQVWUXFFLRQHVHQOXJDUVHJXUR\DFFHVLEOHSDUDIXWXUDV FRQVXOWDV
6HJXULGDGGHQL³RV\SHUVRQDVYXOQHUDEOHV  (VWHDSDUDWRSXHGHVHUXWLOL]DGRSRUQL³RVGHD³RVHQ
DGHODQWH\SHUVRQDVFX\DVFDSDFLGDGHVI¯VLFDVVHQVRULDOHV

(1*/,6+ 

RPHQWDOHVHVW«QGLVPLQXLGDVRTXHFDUH]FDQGHOD H[SHULHQFLD\FRQRFLPLHQWRVVXILFLHQWHVSDUDPDQHMDUOR VLHPSUHTXHFXHQWHQFRQODVLQVWUXFFLRQHVRODVXSHUYLVLµQ VREUHHOXVRGHOHOHFWURGRP«VWLFRGHIRUPDVHJXUD\ FRPSUHQGDQORVULHVJRV(VQHFHVDULRPDQWHQHUDOHMDGRV GHODSDUDWRDORVQL³RVGHPHQRVGHD³RVDV¯FRPRDODV SHUVRQDVFRQPLQXVYDO¯DVLPSRUWDQWHV\FRPSOHMDVVDOYR TXHHVW«QEDMRVXSHUYLVLµQFRQWLQXD  (VQHFHVDULRYLJLODUDORVQL³RVSDUDTXHQRMXHJXHQFRQHO DSDUDWR  0DQWHQJDWRGRHOPDWHULDOGHHPEDODMHIXHUDGHODOFDQFHGH ORVQL³RV\GHV«FKHORGHIRUPDDGHFXDGD  0DQWHQJDDORVQL³RV\PDVFRWDVDOHMDGRVGHODSDUDWR FXDQGRHVW«IXQFLRQDQGR  /DOLPSLH]D\PDQWHQLPLHQWRGHXVXDULRGHOSURGXFWRQR SRGU£QVHUUHDOL]DGRVSRUQL³RVVLQVXSHUYLVLµQ 6HJXULGDGJHQHUDO  (VWHDSDUDWRHVW£GHVWLQDGRSDUDXVRGRP«VWLFRVREUH HQFLPHUDVFRFLQDV\DSDUDWRVGHFRFLQDVLPLODUHV  $QWHVGHUHDOL]DUWDUHDVGHPDQWHQLPLHQWRGHVHQFKXIHHO DSDUDWRGHODUHGHO«FWULFD  $7(1&,1/DVSDUWHVDFFHVLEOHVSXHGHQFDOHQWDUVH GXUDQWHHOXVRFRQDSDUDWRVGHFRFFLµQ  8WLOLFH¼QLFDPHQWHORVWRUQLOORVGHILMDFLµQVXPLQLVWUDGRVFRQ HODSDUDWRVLQRORVKD\XWLOLFHORVWRUQLOORVUHFRPHQGDGRV HQODVLQVWUXFFLRQHVGHLQVWDODFLµQ,QVWDOHHODSDUDWRHQXQ OXJDUVHJXUR\DGHFXDGRTXHFXPSODORVUHTXLVLWRVGH LQVWDODFLµQ  $'9(57(1&,$6LQRVHLQVWDODQORVWRUQLOORVRHO GLVSRVLWLYRGHILMDFLµQGHDFXHUGRFRQHVWDVLQVWUXFFLRQHV VHSXHGHSURGXFLUXQULHVJRHO«FWULFR  1RXWLOLFHDGKHVLYRVSDUDILMDUHODSDUDWR  /DGLVWDQFLDP¯QLPDHQWUHODVXSHUILFLHGHODHQFLPHUD VREUHODTXHVHDSR\DQORVXWHQVLOLRV\ODSDUWHLQIHULRUGHO DSDUDWRGHEHU£VHUGHDOPHQRVFPVDOYRTXHVH
 (63$2/

HVSHFLILTXHRWUDFRVDHQODVLQVWUXFFLRQHVGHLQVWDODFLµQGHO DSDUDWRRODSODFD  /DGHVFDUJDGHDLUHGHEHFXPSOLUFRQODVUHJXODFLRQHVGH ODVDXWRULGDGHVORFDOHV  $VHJ¼UHVHGHTXHODVDODGRQGHVHLQVWDODHODSDUDWRHVW« ELHQYHQWLODGDSDUDHYLWDUHOUHIOXMRGHJDVHVDOUHFLQWR SURFHGHQWHVGHDSDUDWRVTXHXWLOLFHQRWURVFRPEXVWLEOHV FRPROODPDVDODLUHOLEUH  $VHJ¼UHVHGHTXHODVDEHUWXUDVGHYHQWLODFLµQQRHVW«Q REVWUXLGDV\GHTXHHODLUHUHFRJLGRSRUHODSDUDWRQRVH WUDQVSRUWHDXQFRQGXFWRXWLOL]DGRSDUDH[WUDHUHOKXPR\HO YDSRUGHRWURVDSDUDWRVVLVWHPDVGHFDOHIDFFLµQFHQWUDO WHUPRVLIRQHVFDOHQWDGRUHVGHDJXDHWF  &XDQGRHODSDUDWRIXQFLRQDFRQRWURVDSDUDWRVHOYDF¯R P£[LPRJHQHUDGRHQODVDODQRGHEHVXSHUDUORV PEDU  $VHJ¼UHVHGHQRSURYRFDUGD³RVHQHOFDEOHGH DOLPHQWDFLµQ3µQJDVHHQFRQWDFWRFRQXQHOHFWULFLVWDRFRQ QXHVWURVHUYLFLRW«FQLFRSDUDFDPELDUXQFDEOHGD³DGR  6LHOGLVSRVLWLYRHVW£FRQHFWDGRGLUHFWDPHQWHDOVXPLQLVWUR HO«FWULFRODLQVWDODFLµQHO«FWULFDGHEHHVWDUHTXLSDGDFRQ XQGLVSRVLWLYRGHDLVODPLHQWRTXHSHUPLWDGHVFRQHFWDUHO GLVSRVLWLYRGHODUHGHO«FWULFDHQWRGRVORVSRORV/D GHVFRQH[LµQFRPSOHWDGHEHVHUVHJ¼QODVFRQGLFLRQHV HVSHFLILFDGDVHQODFDWHJRU¯D,,,GHVREUHWHQVLµQ/RV PHGLRVGHGHVFRQH[LµQGHEHQHVWDULQFRUSRUDGRVHQHO FDEOHDGRILMRGHFRQIRUPLGDGFRQODVUHJODVGHFDEOHDGR  1RIODPEHHGHEDMRGHODSDUDWR  1RGHEHXWLOL]DUVHSDUDH[WUDHUPDWHULDOHV\YDSRUHV SHOLJURVRVRH[SORVLYRV  /LPSLHSHULµGLFDPHQWHHODSDUDWRFRQXQSD³RVXDYHSDUD HYLWDUHOGHWHULRURGHOPDWHULDOGHODVXSHUILFLH  1RXWLOLFHXQOLPSLDGRUDYDSRUDJXDSXOYHUL]DGD OLPSLDGRUHVDEUDVLYRVIXHUWHVRUDVSDGRUHVGHPHWDO DILODGRVSDUDOLPSLDUODVXSHUILFLHGHODSDUDWR8WLOLFHVROR GHWHUJHQWHVQHXWURV
(63$2/ 

 /LPSLHORVILOWURVGHJUDVDUHJXODUPHQWHDOPHQRVFDGD PHVHV\HOLPLQHORVGHSµVLWRVGHJUDVDGHODSDUDWRSDUD HYLWDUHOULHVJRGHLQFHQGLR
 8WLOLFHXQSD³RSDUDOLPSLDUHOLQWHULRUGHODSDUDWR

,16758&&,21(6'(6(*85,'$'

,QVWDODFLµQ
$'9(57(1&,$
3RGU¯DQSURGXFLUVHOHVLRQHVGHVFDUJDV HO«FWULFDVLQFHQGLRVTXHPDGXUDVR GD³RVHQHODSDUDWR
 6RORXQW«FQLFRFXDOLILFDGRSXHGHLQVWDODU HODSDUDWR
 1RLQVWDOHQLXWLOLFHXQDSDUDWRGD³DGR  6LJDODVLQVWUXFFLRQHVGHLQVWDODFLµQ
VXPLQLVWUDGDVFRQHODSDUDWR  7HQJDFXLGDGRDOPRYHUHODSDUDWR
SRUTXHHVSHVDGR8WLOLFHVLHPSUH JXDQWHVGHSURWHFFLµQ\FDO]DGRFHUUDGR  $QWHVGHLQVWDODUHODSDUDWRUHWLUHWRGRHO PDWHULDOGHHPEDODMHHOHWLTXHWDGR\OD SHO¯FXODSURWHFWRUD  1RLQVWDOHODVDOLGDGHDLUHHQXQKXHFRHQ ODSDUHGDPHQRVTXHHOKXHFRHVW« GLVH³DGRSDUDWDOILQ
&RQH[LµQHO«FWULFD
$'9(57(1&,$
5LHVJRGHLQFHQGLRV\GHVFDUJDV HO«FWULFDV
 7RGDVODVFRQH[LRQHVHO«FWULFDVGHEHQ UHDOL]DUODVHOHFWULFLVWDVFXDOLILFDGRV
 $VHJ¼UHVHGHTXHORVSDU£PHWURVGHOD SODFDGHFDUDFWHU¯VWLFDVVRQFRPSDWLEOHV FRQORVYDORUHVHO«FWULFRVGHOVXPLQLVWUR HO«FWULFR
 6LHOV¯PEROR QRHVW£LPSUHVRHQOD SODFDGHFDUDFWHU¯VWLFDVHODSDUDWRGHEH HVWDUFRQHFWDGRDWLHUUD
 8WLOLFHVLHPSUHXQDWRPDFRQDLVODPLHQWR GHFRQH[LµQDWLHUUDFRUUHFWDPHQWH LQVWDODGD
 &RORTXHORVFDEOHVHO«FWULFRVGHIRUPD TXHQRVHSXHGDQHQUHGDU

 1RXWLOLFHDGDSWDGRUHVGHHQFKXIHV P¼OWLSOHVQLFDEOHVSURORQJDGRUHV
 6LODWRPDGHFRUULHQWHHVW£IORMDQR FRQHFWHHOHQFKXIH
 1RGHVFRQHFWHHODSDUDWRWLUDQGRGHO FDEOHGHFRQH[LµQDODUHG7LUHVLHPSUH GHOHQFKXIH
 /RVPHFDQLVPRVGHSURWHFFLµQFRQWUD GHVFDUJDVHO«FWULFDVGHFRPSRQHQWHVFRQ FRUULHQWH\DLVODGRVGHEHQILMDUVHGHIRUPD TXHQRSXHGDQDIORMDUVHVLQXWLOL]DU KHUUDPLHQWDV
 $VHJ¼UHVHGHTXHHODSDUDWRHVW£ LQVWDODGRFRUUHFWDPHQWH8QFDEOHGHUHG VXHOWRHLQFRUUHFWRSXHGHKDFHUTXHHO WHUPLQDOVHFDOLHQWHHQH[FHVR
 &RQHFWHHODSDUDWRDOILQDOGHOD LQVWDODFLµQ$VHJ¼UHVHGHTXHKD\D DFFHVRDODUHGHO«FWULFDGHVSX«VGHOD LQVWDODFLµQ
8VRGHODSDUDWR
$'9(57(1&,$
5LHVJRGHOHVLRQHVTXHPDGXUDV\ GHVFDUJDVHO«FWULFDV
 (VWHDSDUDWRHVW£GLVH³DGR H[FOXVLYDPHQWHSDUDFRFLQDU1RXWLOLFHHO DSDUDWRSDUDRWURVILQHV
 1RFDPELHODVHVSHFLILFDFLRQHVGHHVWH DSDUDWR
 1RXWLOLFHHODSDUDWRFRQODVPDQRV PRMDGDVQLFRQDJXDHQFRQWDFWR
 8WLOLFH¼QLFDPHQWHORVDFFHVRULRV VXPLQLVWUDGRVFRQHODSDUDWR
 0DQWHQJDODVOODPDVXREMHWRVFDOLHQWHV DOHMDGRVGHJUDVDV\DFHLWHVGXUDQWHOD FRFFLµQ\IULWXUD
 1RXWLOLFHJULOOVHO«FWULFRVGHVFXELHUWRV  1RXWLOLFHHODSDUDWRFRPRVXSHUILFLHGH
DOPDFHQDPLHQWR

 (63$2/

 1RXWLOLFHOXSDVELQRFXODUHVRGLVSRVLWLYRV µSWLFRVVLPLODUHVSDUDREVHUYDU GLUHFWDPHQWHODLOXPLQDFLµQGHODSDUDWR
$VLVWHQFLD
 3DUDUHSDUDUHODSDUDWRSµQJDVHHQ FRQWDFWRFRQHOFHQWURGHVHUYLFLR DXWRUL]DGR8WLOLFHVRODPHQWHSLH]DVGH UHFDPELRRULJLQDOHV
 (QFXDQWRDODVERPELOODVGHHVWH SURGXFWR\ODVGHUHSXHVWRYHQGLGDVSRU VHSDUDGR(VWDVERPELOODVHVW£Q GHVWLQDGDVDVRSRUWDUFRQGLFLRQHVI¯VLFDV H[WUHPDVHQORVDSDUDWRVGRP«VWLFRV FRPRODWHPSHUDWXUDODYLEUDFLµQOD KXPHGDGRHVW£QGHVWLQDGDVDVH³DODU LQIRUPDFLµQVREUHHOHVWDGRGH

IXQFLRQDPLHQWRGHODSDUDWR1RHVW£Q GHVWLQDGDVDXWLOL]DUVHHQRWUDV DSOLFDFLRQHV\QRVRQDGHFXDGDVSDUDOD LOXPLQDFLµQGHHVWDQFLDVGRP«VWLFDV
(OLPLQDFLµQ
$'9(57(1&,$
([LVWHULHVJRGHOHVLRQHVRDVIL[LD
 &RQWDFWHFRQODVDXWRULGDGHVORFDOHVSDUD VDEHUFµPRGHVHFKDUFRUUHFWDPHQWHHO DSDUDWR
 'HVFRQHFWHHODSDUDWRGHODUHG  &RUWHHOFDEOHHO«FWULFRFHUFDGHODSDUDWR
\GHV«FKHOR

(7  2+8786,1)2 (QQHVHDGPHSDLJDOGDPLVWMDNDVXWDPLVWOXJHJHNDDVDVROHY MXKHQGW¦KHOHSDQHOLNXOWO¦EL7RRWMDHLY·WDHQGDOHYDVWXWXVW YLJDVWXVWHY·LYDUDOLVHNDKMXHHVWPLVRQWLQJLWXG SDLJDOGXVQ·XHWHHLUDPLVHVWY·LY¦¦UDVWNDVXWXVHVW+RLGNH NDVXWXVMXKHQGNLQGODVNRKDVDOOHVHWVDDNVLWHVHGDYDMDGXVHO YDDGDWD
/DVWHMDKDDYDWDYDWHLQLPHVWHWXUYDOLVXV  9¦KHPDOWDDVWDVHGMDYDQHPDGODSVHGQLQJSLLUDWXG
I¾¾VLOLVWHVHQVRRUVHWHY·LYDLPVHWHY·LPHWHY·LY¦KHVWH NRJHPXVWHMDWHDGPLVWHJDLVLNXGWRKLYDGVHGDVHDGHW NDVXWDGDM¦UHOHYDOYHDOOY·LNXLQHLGRQ·SHWDWXGVHDGHW RKXWXOYLLVLONDVXWDPDMDP·LVWPDNDDVQHYDLGRKWH/DSVHG YDQXVHVNXQLDDVWDWQLQJUDVNHY·LY¦JDNHHUXOLVH SXXGHJDLVLNXGWXOHNVKRLGDVHDGPHVWHHPDONXLQHLOHLVDD SLGHYDOWVLOPDSHDOKRLGD  7XOHEM¦OJLGDHWODSVHGVHDGPHJDHLP¦QJLNV  +RLGNHSDNHQGLPDWHUMDOODVWHOHN¦WWHVDDPDWXVNRKDVMD N·UYDOGDJHVHHQ·XHWHNRKDVHOW  +RLGNHODSVHGMDOHPPLNORRPDGW¸¸WDYDVWVHDGPHVWHHPDO  /DSVHGHLWRKLLOPDM¦UHOYDOYHWDVHDGHWSXKDVWDGDHJD KRROGXVWRLPLQJXLGO¦ELYLLD

(63$2/ 

OGLQHRKXWXV  6HHVHDGHRQP·HOGXGNRGXVHNVNDVXWDPLVHNVSOLLWLGH
N¾SVHWXVDKMXGHMDPXXGHVDUQDVWHN¾SVHWXVVHDGPHWH NRKDO  (QQHPLVWDKHVKRROGXVW¸LG¾KHQGDJHVHDGHYRROXY·UJXVW ODKWL  (77(9$$7867.¾SVHWXVVHDGPHWHJDNDVXWDPLVHOY·LYDG MXXUGHS¦¦VHWDYDGRVDGNXXPHQHGD  .DVXWDJHDLQXOWVHDGPHJDNDDVDVROHYDLGNLQQLWXVNUXYLVLG QHQGHSXXGXPLVHONDVXWDJHSDLJDOGXVMXKHQGLVVRRYLWDWXG NUXYLVLG3DLJDOGDJHVHDGHRKXWXVVHMDVRELYDVVHNRKWD PLVYDVWDESDLJDOGXVQ·XHWHOH  +2,$786.XLNUXYLVLGY·LNLQQLWXVVHDGHWMXKLVWHNRKDVHOWHL SDLJDOGDWDY·LEVHHNDDVDWXXDHOHNWULJDVHRWXGRKX  UJHNDVXWDJHVHDGPHNLQQLWDPLVHNVOLLPLHJDWHLSL  0LQLPDDOQHYDKHNDXJXVSOLLGLSLQQDPLOOHOHDVHWDWDNVH Q·XGMDVHDGPHDOXPLVHN¾OMHYDKHOSHDEROHPDY¦KHPDOW FPNXLVHDGPHY·LSOLLGLSDLJDOGXVMXKHQGLVHLROH¸HOGXG WHLVLWL  KXY¦OMDYLLNSHDEYDVWDPDNRKDOLNHOHHHVNLUMDGHOH  -¦OJLJHHWSDLJDOGDWDYDVUXXPLVROHNVWDJDWXGNRUUDOLN YHQWLODWVLRRQPLVWDNLVWDNVVLQQDJDDVLPXXN¾WXVHY·L ODKWLVHOHHJLS·OHPLVHWDJDM¦UMHOWHNNLYDWHJDDVLGHLPEXPLVW  -¦OJLJHHWYHQWLODWVLRRQLDYDGSROHNVW·NHVWDWXGMDHW VHDGPHSRROWNRJXWXG·KNSROHNVVXXQDWXGWRUXVVHNXKX VXXQGXEWHLVWHVWVHDGPHWHVWS¦ULWVXLWVMDDXU NHVNN¾WWHV¾VWHHPLGWHUPRVLIRRQLGYHHVRRMHQGDMDGMQH  .XLVHDGPHJDNRRVNDVXWDWDNVHWHLVLVHDGPHLGHLWRKLNV UXXPLVWHNNLQXGPDNVLPDDOQHDODU·KNROOD¾OHPEDU  -¦OJLJHHWWHWRLWHMXKHWHLYLJDVWDNV9LJDVWDWXGWRLWHMXKWPH YDKHWDPLVHNVY·WNH¾KHQGXVWYROLWDWXG WHHQLQGXVNHVNXVHJD  .XLVHDGHRQ¾KHQGDWXGRWVHYRROXY·UNXSHDE HOHNWUL¾KHQGXVROHPDYDUXVWDWXGLVRODWVLRRQLVHDGLVHJDPLV Y·LPDOGDEVHDGPHYRROXY·UJXVWHHPDOGDGD PLWPHSRROXVHOLVHODKNO¾OLWLJD7¦LHOLNODKWL¾KHQGDPLQHSHDE YDVWDPDOLLJSLQJH,,,NDWHJRRULDVV¦WHVWDWXGWLQJLPXVWHOH
 ((67,

/DKWL¾KHQGDPLQHNRKDSHDOVHVWMXKWPHV¾VWHHPLVWSHDE ROHPDNRRVN·ODVHOHNWULMXKWPHLGN¦VLWOHYDWHHHVNLUMDGHJD  UJHVHDGPHDOOODKWLVWOHHNLNDVXWDJH  UJHNDVXWDJHVHDGHWRKWOLNHY·LSODKYDWXVRKWOLNHDLQHWHMD DXUXGHY¦OMDMXKWLPLVHNV  3XKDVWDJHVHDGHWUHJXODDUVHOWSHKPHODSLJDHWY¦OWLGD SLQQDPDWHUMDOLNDKMXVWXPLVW  UJHNDVXWDJHVHDGPHSLQQDSXKDVWDPLVHNVDXUXSXKDVWLW YHHSLKXVWLWWXJHYDWRLPHOLVLDEUDVLLYVHLGDLQHLGY·LWHUDYDLG PHWDOONDDELWVDLG.DVXWDJHDLQXOWQHXWUDDOVHLGSHVXDLQHLG  6¾WWLPLVRKX¦UDKRLGPLVHNVSXKDVWDJHUDVYDILOWUHLG UHJXODDUVHOWY¦KHPDOWNXXWDJDQWMDHHPDOGDJH NRJXQHQXGUDVYVHDGPHOW  3XKDVWDJHVHDGPHVLVHPXVWODSLJD

2+8786-8+,6('
3DLJDOGDPLQH
+2,$786
9LJDVWXVHHOHNWULO¸¸JLWXOHNDKMX S·OHWXVWHY·LVHDGPHNDKMXVWDPLVHRKW
 6HDGHWWRKLESDLJDOGDGDDLQXOW NYDOLILWVHHULWXGWHKQLN
 .DKMXVWDWXGVHDGHWHLWRKLSDLJDOGDGDHJD NDVXWDGD
 -¦UJLJHVHDGPHJDNDDVDVROHYDLG SDLJDOGXVMXKLVHLG
 .XQDVHDGHRQUDVNHROJHVHOOH OLLJXWDPLVHOHWWHYDDWOLN.DVXWDJH W¸¸NLQGDLGMDNLQQLVLMDODQ·XVLG
 (QQHVHDGPHSDLJDOGDPLVWHHPDOGDJH NRJXSDNHQGVLOGLGMDNDLWVHNLOH
 UJHSDLJDOGDJH·KXY¦OMDYLLNX VHLQD··QVXVVHY¦OMDDUYDWXGMXKXONXL VHHRQVHOOHNVRWVWDUEHNVP·HOGXG
(OHNWUL¾KHQGXV
+2,$786
7XOHNDKMXMDHOHNWULO¸¸JLRKW
 .·LNHOHNWUL¾KHQGXVHGSHDEWHRVWDPD NYDOLILWVHHULWXGHOHNWULN

 .RQWUROOLJHNDVDQGPHSODDGLOROHYDG HOHNWULDQGPHGYDVWDYDGWHLHNRKDOLNX YRROXY·UJXQ¦LWDMDWHOH
 .XLDQGPHSODDGLOHLROHWU¾NLWXGV¾PEROLW
 WXOHEVHHVHDGHPDDQGDGD  .DVXWDJHDODWLQ·XHWHNRKDVHOWSDLJDOGDWXG
HOHNWULRKXWXWSLVWLNXSHVD  9¦OWLJHHOHNWULMXKWPHWHVDVVLPLQHNXW  UJHNDVXWDJHPLWPLNSLVWLNXLGHJD
SLNHQGXVNDDEOHLG  .XLVHLQDNRQWDNWORJLVHE¦UJHSDQJH
VLQQDWRLWHSLVWLNXW  6HDGHWYRROXY·UJXVWHHPDOGDGHV¦UJH
W·PPDNHWRLWHNDDEOLVW9·WNHDODWLNLQQL SLVWLNXVW  ,VROHHULWXGMDLVROHHULPDWDRVDGSHDYDG ROHPDNLQQLWDWXGQLLHWQHLGHLVDDNVLOPD W¸¸ULLVWDGHWDHHPDOGDGD  9HHQGXJHHWVHDGHRQ·LJHVWL SDLJDOGDWXG/DKWLVHMDVRELPDWX HOHNWULMXKWPHNDVXWDPLVHOY·LE VHLQDNRQWDNW¾OHNXXPHQHGD  3DLJDOGDPLVHOM¦WNH¾KHQGDPLQHN·LJH YLLPDVHNV9HHQGXJHHWS¦UDVW SDLJDOGDPLVWV¦LOLEMXXUGHS¦¦V HOHNWULYDUXVWXVHOH

((67, 

.DVXWDPLQH
+2,$786
9LJDVWXVHS·OHWXVHY·LHOHNWULO¸¸JLRKW
 6HHVHDGHRQHWWHQ¦KWXGDLQXOW WRLGXYDOPLVWDPLVHNVUJHNDVXWDJH VHDGHWPXXGHOHHVP¦UNLGHO
 UJHPXXWNHVHDGPHWHKQLOLVLRPDGXVL  UJHNDVXWDJHVHDGHWP¦UJDGHN¦WHJD
HJDYHHJDNRNNXSXXWXGHV  .DVXWDJHDLQXOWVHDGPHJDNDDVDVROHYDLG
WDUYLNXLG  7RLGXYDOPLVWDPLVHOM¦OJLJHHWOHHJLGHJD
NXXPDGRVDGHLSXXWXNVUDVYDY·L·OLJD NRNNX  UJHNDVXWDJHNDWPDWDHOHNWULOLVLUHVWH  UJHNDVXWDJHVHDGHWKRLXSLQQDQD  UJHNDVXWDJHVXXUHQGXVNODDVLELQRNOLW Y·LPXLGRSWLOLVLVHDGPHLGHWYDDGDWD O¦KHGDOWVHDGPHYDOJXVWLW
7HHQXVHG
 6HDGPHSDUDQGDPLVHNVY·WNH¾KHQGXVW YROLWDWXGWHHQLQGXVNHVNXVHJD.DVXWDJH DLQXOWRULJLQDDOYDUXRVL

 7HDYHVHOOHVVHDGPHVROHYDWHODPSLGHMD HUDOGLP¾¾GDYDWHYDUXODPSLGHNRKWD 1HHGODPELGWDOXYDGNDNRGXVWH PDMDSLGDPLVVHDGPHWH¦¦UPXVOLNXPDLG WLQJLPXVLQ¦LWHNVWHPSHUDWXXUL YLEUDWVLRRQLQLLVNXVWY·LRQP·HOGXG HGDVWDPDLQIRWVHDGPHW¸¸ROHNXNRKWD 1HHGSROHP·HOGXGNDVXWDPLVHNVPXXGHV UDNHQGXVWHVHJDVRELUXXPLGH YDOJXVWDPLVHNV
.·UYDOGDPLQH
+2,$786
/¦PEXPLVY·LYLJDVWXVRKW
 6HDGPHQ·XHWHNRKDVHN·UYDOGDPLVH NRKWDVDDWHW¦SVHPDLGMXKLVHLGNRKDOLNXVW RPDYDOLWVXVHVW
 (HPDOGDJHVHDGHYRROXY·UJXVW  /·LJDNHHOHNWULMXKHVHDGPHO¦KHGDOWO¦ELMD
YLVDNH¦UD

),  7859$//,68867,('27 /XHODLWWHHQPXNDQDWRLPLWHWXWRKMHHWHQQHQODLWWHHQ DVHQQXVWDMDN¦\WW¸¦9DOPLVWDMDHLRWDYDVWXXWD KHQNLO¸YDKLQJRLVWDWDLYDKLQJRLVWDMRWNDDLKHXWXYDW YLUKHHOOLVHVW¦DVHQQXNVHVWDWDLN¦\W¸VW¦6¦LO\W¦RKMHLWDDLQD YDUPDVVDMDKHOSSRS¦¦V\LVHVV¦SDLNDVVDWXOHYLD N¦\WW¸NHUWRMDYDUWHQ
/DVWHQMDWDLWDPDWWRPLHQKHQNLO¸LGHQWXUYDOOLVXXV  YXRWLDDWMDVLW¦YDQKHPPDWODSVHWVHN¦KHQNLO¸WMRLOODRQ
I\\VLVL¦DLVWHLKLQOLLWW\YL¦WDLKHQNLVL¦UDMRLWWHLWDWDL SXXWWHHOOLQHQNRNHPXVWDLWXQWHPXVYRLYDWN¦\WW¦¦W¦W¦ ODLWHWWDYDLQMRVKHLW¦YDOYRWDDQWDLRKMDWDDQODLWWHHQ WXUYDOOLVHVVDN¦\W¸VV¦MDMRVKH\PP¦UW¦Y¦WN¦\WW¸¸Q OLLWW\Y¦WYDDUDW7XRWHRQSLGHWW¦Y¦DOOHYXRWLDLGHQODVWHQMD HULWW¦LQODDMRLVWDMDPRQLPXWNDLVLVWDWRLPLQQDOOLVLVWD

 ((67,

UDMRLWWHLVWDN¦UVLYLHQKHQNLO¸LGHQXORWWXPDWWRPLVVDHOOHL KHLW¦YDOYRWDMDWNXYDVWL  /DSVLDRQYDOYRWWDYDHWWHLY¦WKHU\KG\OHLNNLP¦¦QODLWWHHOOD  .DLNNLSDNNDXNVHWWXOHHSLW¦¦ODVWHQXORWWXPDWWRPLVVDMD K¦YLWW¦¦DVLDQPXNDLVHVWL  3LG¦ODSVHWMDOHPPLNNLHO¦LPHWSRLVODLWWHHQO¦KHWW\YLOW¦VHQ ROOHVVDWRLPLQQDVVD  /DSVHWHLY¦WVDDSXKGLVWDDODLWHWWDWDLVXRULWWDDVLLKHQ NRKGLVWXYLDN¦\WW¦M¦QKXROWRWRLPHQSLWHLW¦LOPDQYDOYRQWDD <OHLVHWWXUYDOOLVXXVRKMHHW  7¦P¦ODLWHRQWDUNRLWHWWXNRWLWDORXVN¦\WW¸¸QNHLWWRWDVRMHQ OLHVLHQMDYDVWDDYLHQUXRDQODLWWRODLWWHLGHQS¦¦OO¦  ,UURWDSLVWRNHSLVWRUDVLDVWDHQQHQODLWWHHQKXROWRD  +820$8786/DLWWHHQNRVNHWHWWDYLVVDROHYDWRVDWYRLYDW NXXPHQWXDNXQVLW¦N¦\WHW¦¦QUXRDQODLWWRODLWWHLGHQNDQVVD  .¦\W¦DLQRDVWDDQODLWWHHQPXNDQDWRLPLWHWWXMD NLLQQLW\VUXXYHMD-RVQHHLY¦WNXXOXSDNNDXNVHHQN¦\W¦ DVHQQXVRKMHLVVDVXRVLWHOWXMDUXXYHMD$VHQQDODLWH WXUYDOOLVHHQMDVRSLYDDQSDLNNDDQMRNDW¦\WW¦¦ DVHQQXVYDDWLPXNVHW  9$52,7860LN¦OLUXXYHMDWDLNLLQQLW\VODLWHWWDHLDVHQQHWD Q¦LGHQRKMHLGHQPXNDLVHVWLROHPDVVDRQV¦KN¸LVNXMHQ YDDUD  /DLWWHHQNLLQQLW\NVHVV¦HLVDDN¦\WW¦¦OLLPDD  -¦W¦SDQQXMHQDOODROHYDQNHLWWRWDVRQSLQQDQMDODLWWHHQ DODRVDQY¦OLLQY¦KLQW¦¦QFPWLODDHOOHLPXXWDPDLQLWD ODLWWHHQWDLNHLWWRWDVRQDVHQQXVRKMHLVVD  ,OPDQSRLVWRM¦UMHVWHOP¦QWXOHHROODSDLNDOOLVWHQP¦¦U¦\NVLHQ PXNDLQHQ  9DUPLVWDHWW¦KXRQHHQLOPDQYDLKWRRQK\Y¦0XLGHQ NDDVXOODWDLSROWWRDLQHLOODWRLPLYLHQODLWWHLGHQWDLDYRWXOLHQ NHKLWW¦P¦WK¸\U\WWDLVDYXHLY¦WVDDS¦¦VW¦WLODDQ LOPDVWRLQWLNDQDYLHQNDXWWD  9DUPLVWDHWWHLWXXOHWXVDXNRLVVDROHWXNRNVLDMDHWWHLODLWWHHQ NHU¦¦P¦¦LOPDDV\¸WHW¦PXLGHQODLWWHLGHQVDYXQMD
6820, 

K¸\U\QSRLVWRNDQDYLLQNHVNXVO¦PPLW\VM¦UMHVWHOP¦W WHUPRVLIRQLWYHGHQO¦PPLWWLPHWMQH  .XQODLWHWRLPLLPXLGHQODLWWHLGHQNDQVVDKXRQHHQDOLSDLQH VDDROODNRUNHLQWDDQPEDU  9DUPLVWDHWWHLYLUWDMRKWRYDXULRLGX2WD\KWH\WW¦ YDOWXXWHWWXXQKXROWRSDOYHOXXPPHWDLV¦KN¸DVHQWDMDDQ YDXULRLWXQHHQYLUWDMRKGRQYDLKWDPLVHNVL  -RVODLWHRQOLLWHWW\VXRUDDQV¦KN¸YHUNNRRQ V¦KN¸M¦UMHVWHOP¦¦QRQDVHQQHWWDYDHULVW\VODLWHMRND PDKGROOLVWDDYLUUDQNDWNDLVHPLVHQNDLNLVWDODLWWHHQQDYRLVWD 7¦\GHOOLQHQYLUUDQNDWNDLVXRQWDDWWDYD\OLM¦QQLWHOXRNDQ,,, P¦¦ULW\NVLHQPXNDLVHVWL9LUUDQNDWNDLVXODLWHWXOHHLQWHJURLGD S\V\Y¦¦QMRKGRWXNVHHQMRKGRWXVV¦¦W¸MHQPXNDLVHVWL  O¦OLHNLW¦ODLWWHHQDOOD  (LVDDN¦\WW¦¦YDDUDOOLVWHQWDLU¦M¦KW¦YLHQPDWHULDDOLHQMD K¸\U\MHQVDPPXWWDPLVHHQ  3XKGLVWDODLWHV¦¦QQ¸OOLVHVWLSHKPH¦OO¦OLLQDOODMRWWD SLQWDPDWHULDDOLS\V\LVLK\Y¦NXQWRLVHQD  O¦N¦\W¦K¸\U\SHVXULDYHVLVXLKNXDYRLPDNNDLWDKDQNDDYLD SXKGLVWXVDLQHLWDWDLWHU¦YL¦PHWDOOLNDDSLPLDODLWWHHQSLQQDQ SXKGLVWDPLVHHQ.¦\W¦DLQRDVWDDQPLHWRMDSHVXDLQHLWD  3XKGLVWDUDVYDVXRGDWWLPHWV¦¦QQ¸OOLVHVWLY¦KLQW¦¦Q NXXNDXGHQY¦OHLQMDSRLVWDUDVYDM¦¦P¦WODLWWHHVWD WXOLSDORYDDUDQY¦OWW¦PLVHNVL  3XKGLVWDODLWWHHQVLV¦RVDOLLQDOOD

7859$//,68862+-((7
$VHQQXV
9$52,786
9LUKHHOOLQHQN¦\WW¸YRLDLKHXWWDD KHQNLO¸YDKLQNRMDV¦KN¸LVNXMDWXOLSDORMD SDORYDPPRMDWDLODLWWHHQYDXULRLWXPLVHQ
 $VHQQXNVHQVDDVXRULWWDDYDLQ DPPDWWLWDLWRLQHQKHQNLO¸
 9DXULRLWXQXWWDODLWHWWDHLVDDDVHQWDDWDL N¦\WW¦¦
 1RXGDWDNRQHHQPXNDQDWRLPLWHWWXMD DVHQQXVRKMHLWD

 6LLUU¦ODLWHWWDDLQDYDURHQVLOO¦VHRQ UDVNDV.¦\W¦DLQDVXRMDN¦VLQHLW¦MD VXRMDDYLDMDONLQHLWD
 3RLVWDNDLNNLSDNNDXVPDWHULDDOLWPHUNLWMD VXRMDNDOYRWHQQHQODLWWHHQDVHQWDPLVWD
 ,OPDQSRLVWRDHLVDDDVHQWDDVHLQ¦Q VLV¦¦QHOOHLVHLQ¦QV\YHQQ\VW¦ROH WDUNRLWHWWXW¦K¦QWDUNRLWXNVHHQ

 6820,

6¦KN¸OLLW¦QW¦
9$52,786
7XOLSDORMDV¦KN¸LVNXYDDUD
 .DLNNLV¦KN¸N\WNHQQ¦WWXOHHM¦WW¦¦ DVLDQWXQWHYDQV¦KN¸DVHQWDMDQYDVWXXOOH
 9DUPLVWDHWW¦DUYRNLOYHVV¦ROHYDW SDUDPHWULWRYDWYHUNNRYLUWDO¦KWHHQ V¦KN¸DUYRMHQPXNDLVLD
 -RVV\PEROLD HLROHPHUNLWW\ DUYRNLOSHHQODLWHRQPDDGRLWHWWDYD
 .\WNHSLVWRNHPDDGRLWHWWXXQSLVWRUDVLDDQ  9DURHWWHLYLUWDMRKWRWDNHUUXNLLQQL
PLKLQN¦¦Q  O¦N¦\W¦MDNRUDVLRLWDWDLMDWNRMRKWRMD  -RVSLVWRNHRQO¸\V¦VWLNLLQQL
YLUWDMRKGRVVD¦O¦NLLQQLW¦VLW¦ SLVWRUDVLDDQ  O¦YHG¦YLUWDMRKGRVWDSLVWRNHWWD LUURWWDHVVDVL9HG¦DLQDSLVWRNNHHVWD  -¦QQLWWHHQDODLVWHQMDHULVWHWW\MHQRVLHQ VXRMDWWXOHHDVHQWDDQLLQHWWHLQLLGHQ LUURWXVRQQLVWXLOPDQW\¸NDOXMD  9DUPLVWDHWW¦ODLWHRQDVHQQHWWXRLNHLQ /¸\V¦WWDLY¦¦U¦QODLVHWYLUWDMRKGRWYRLYDW DLKHXWWDDOLLWWLPHQ\OLNXXPHQHPLVHQ  /LLW¦ODLWHDVHQQXNVHQM¦ONHHQ9DUPLVWD HWW¦YHUNNRYLUWDN\WNHQW¦RQXORWWXYLOOD ODLWWHHQDVHQQXNVHQM¦ONHHQ
.¦\WW¸
9$52,786
+HQNLO¸YDKLQNRMHQSDORYDPPRMHQMD V¦KN¸LVNXMHQYDDUD
 7¦P¦ODLWHRQWDUNRLWHWWXDLQRDVWDDQ UXRDQODLWWRRQ/DLWHWWDHLVDDN¦\WW¦¦ PXXKXQWDUNRLWXNVHHQ

 O¦PXXWDODLWWHHQWHNQLVL¦RPLQDLVXXNVLD  O¦N¦\W¦ODLWHWWDMRVN¦WHVLRYDWP¦U¦WWDL
ODLWWHHQROOHVVDNRVNHWXNVHVVDYHWHHQ  .¦\W¦DLQRDVWDDQODLWWHHQPXNDQD
WRLPLWHWWXMDOLV¦YDUXVWHLWD  3LG¦OLHNLWWDLNXXPDWHVLQHHWNDXNDQD
UDVYRLVWDMD¸OM\LVW¦UXRDQYDOPLVWXNVHQMD SDLVWDPLVHQDLNDQD  O¦N¦\W¦VXRMDDPDWWRPLDV¦KN¸JULOOHM¦  O¦N¦\W¦ODLWHWWDV¦LO\W\VWDVRQD  O¦NDWVRVXRUDDQODLWWHHQYDORRQ VXXUHQQXVODVHLOODNLLNDUHLOODWDLYDVWDDYLOOD RSWLVLOODODLWWHLOOD
+XROWR
 .XQODLWHRQNRUMDWWDYDRWD\KWH\WW¦ YDOWXXWHWWXXQKXROWRSDOYHOXXQ.¦\W¦YDLQ DONXSHU¦LVL¦YDUDRVLD
 /LV¦WLHWRDW¦P¦QWXRWWHHQVLV¦OO¦ROHYLVWD ODPSXLVWDVHN¦HULNVHHQP\\W¦YLVW¦ YDUDODPSXLVWD.\VHLVHWODPSXWRQ VXXQQLWHOWXNHVW¦P¦¦QNRGLQNRQHLVVD YDDWLYLDI\\VLVL¦RORVXKWHLWDHVLP O¦PS¸WLODW¦ULQ¦NRVWHXVWDLQHDQWDYDW WLHWRDODLWWHHQWRLPLQWDWLODVWD1LLW¦HLROH WDUNRLWHWWXPXLKLQN¦\WW¸WDUNRLWXNVLLQ HLY¦WN¦QHVRYLKXRQHLGHQYDODLVHPLVHHQ
+¦YLWW¦PLQHQ
9$52,786
+HQNLO¸YDKLQNRWDLWXNHKWXPLVYDDUD
 .\V\WLHWRMDODLWWHHQRLNHDRSSLVHVWD K¦YLWW¦PLVHVW¦SDLNDOOLVHOWDYLUDQRPDLVHOWD
 ,UURWDSLVWRNHSLVWRUDVLDVWD  /HLNNDDYLUWDMRKWRODLWWHHQO¦KHOW¦MDK¦YLW¦
VH

)5  ,1)250$7,216'(6&85,7 $YDQWG
LQVWDOOHUHWG
XWLOLVHUFHWDSSDUHLOOLVH]VRLJQHXVHPHQW OHVLQVWUXFWLRQVIRXUQLHV/HIDEULFDQWQHSRXUUD¬WUHWHQXSRXU UHVSRQVDEOHGHVEOHVVXUHVHWG«J¤WVU«VXOWDQWG
XQH PDXYDLVHLQVWDOODWLRQRXXWLOLVDWLRQ&RQVHUYH]WRXMRXUVOHV LQVWUXFWLRQVGDQVXQOLHXV½UHWDFFHVVLEOHSRXUYRXV\U«I«UHU XOW«ULHXUHPHQW

6820, 

6«FXULW«GHVHQIDQWVHWGHVSHUVRQQHV YXOQ«UDEOHV  &HWDSSDUHLOSHXW¬WUHXWLOLV«SDUGHVHQIDQWV¤J«VG
DX
PRLQVDQVHWSDUGHVSHUVRQQHVD\DQWGHVFDSDFLW«V SK\VLTXHVVHQVRULHOOHVRXPHQWDOHVU«GXLWHVRXG«QX«HV GH[S«ULHQFHRXGHFRQQDLVVDQFHV
LOVVRQWFRUUHFWHPHQW VXUYHLOO«VRXVLGHVLQVWUXFWLRQVUHODWLYHV¢O
XWLOLVDWLRQGH O
DSSDUHLOHQWRXWHV«FXULW«OHXURQW«W«GRQQ«HVHWVLOV FRPSUHQQHQWOHVULVTXHVHQFRXUXV/HVHQIDQWVGHPRLQV GHDQVHWOHVSHUVRQQHVD\DQWXQKDQGLFDSWUªVLPSRUWDQW HWFRPSOH[HGRLYHQW¬WUHWHQXV¢O
«FDUWGHODSSDUHLO¢ PRLQVG
¬WUHVXUYHLOO«VHQSHUPDQHQFH  9HLOOH]¢FHTXHOHVHQIDQWVQHMRXHQWSDVDYHFODSSDUHLO  1HODLVVH]SDVOHVHPEDOODJHV¢ODSRUW«HGHVHQIDQWVHW MHWH]OHVFRQYHQDEOHPHQW  7HQH]OHVHQIDQWVHWOHVDQLPDX[«ORLJQ«VGHO
DSSDUHLO ORUVTX
LOHVWHQFRXUVGHIRQFWLRQQHPHQW  /HQHWWR\DJHHWO
HQWUHWLHQSDUO
XVDJHUQHGRLYHQWSDV¬WUH HIIHFWX«VSDUGHVHQIDQWVVDQVVXUYHLOODQFH &RQVLJQHVJ«Q«UDOHVGHV«FXULW«  &HWDSSDUHLOHVWFRQ©XSRXUXQHXWLOLVDWLRQGRPHVWLTXHVXU GHVWDEOHVGHFXLVVRQGHVFXLVLQLªUHVRXG
DXWUHVDSSDUHLOV GHFXLVVRQVLPLODLUHV  $YDQWG
HIIHFWXHUXQHRS«UDWLRQGHPDLQWHQDQFH G«EUDQFKH]O
DSSDUHLOGHODSULVHVHFWHXU  $77(17,21/HVSDUWLHVDFFHVVLEOHVSHXYHQWGHYHQLU FKDXGHVHQFRXUVG
XWLOLVDWLRQHQUDLVRQGHVDSSDUHLOVGH FXLVVRQ  8WLOLVH]XQLTXHPHQWOHVYLVGHIL[DWLRQIRXUQLHVDYHF O
DSSDUHLO6LHOOHVQHVRQWSDVIRXUQLHVXWLOLVH]OHVYLV UHFRPPDQG«HVGDQVOHVLQVWUXFWLRQVG
LQVWDOODWLRQ,QVWDOOH] O
DSSDUHLOGDQVXQOLHXV½UHWDGDSW«U«SRQGDQWDX[ H[LJHQFHVG
LQVWDOODWLRQ  $9(57,66(0(171HSDVLQVWDOOHUOHVYLVRXOHGLVSRVLWLI GHIL[DWLRQFRQIRUP«PHQW¢FHVLQVWUXFWLRQVSHXWHQWUD°QHU GHVULVTXHV«OHFWULTXHV
 )5$1$,6

 1
XWLOLVH]SDVG
DGK«VLIVSRXUIL[HUO
DSSDUHLO  /DGLVWDQFHPLQLPDOHHQWUHODVXUIDFHGHODWDEOHGHFXLVVRQ
VXUODTXHOOHOHVU«FLSLHQWVVRQWSRV«VHWODSDUWLHLQI«ULHXUH GHO
DSSDUHLOGRLW¬WUHG
DXPRLQVFPVDXILQGLFDWLRQ FRQWUDLUHGDQVOHVLQVWUXFWLRQVG
LQVWDOODWLRQGHODSSDUHLORX GHODWDEOHGHFXLVVRQ  /
«YDFXDWLRQG
DLUGRLW¬WUHFRQIRUPHDX[U«JOHPHQWDWLRQV GHVDXWRULW«VORFDOHV  $«UH]VXIILVDPPHQWODSLªFHR»HVWLQVWDOO«O
DSSDUHLOSRXU «YLWHUOHUHIOX[GHJD]SURYHQDQWG
DSSDUHLOVXWLOLVDQW G
DXWUHVFRPEXVWLEOHV\FRPSULVOHVIODPPHVQXHV  $VVXUH]YRXVTXHOHVD«UDWLRQVQHVRQWSDVERXFK«HVHW TXHO
DLUDVSLU«SDUO
DSSDUHLOQHSURYLHQWSDVG
XQFRQGXLW G
«YDFXDWLRQGHVIXP«HVHWYDSHXUV«PLVHVSDUG
DXWUHV DSSDUHLOVV\VWªPHVGHFKDXIIDJHFHQWUDOWKHUPRVLSKRQV FKDXIIHHDXHWF  /RUVTXHO
DSSDUHLOIRQFWLRQQHDYHFG
DXWUHVDSSDUHLOVOH YLGHPD[LPDOJ«Q«U«GDQVODSLªFHQHGRLWSDVG«SDVVHU PEDU  9HLOOH]¢QHSDVHQGRPPDJHUOHF¤EOHG
DOLPHQWDWLRQ &RQWDFWH]QRWUHVHUYLFHDSUªVYHQWHDJU««RXXQ«OHFWULFLHQ SRXUUHPSODFHUOHF¤EOHG
DOLPHQWDWLRQV
LOHVWHQGRPPDJ«  6LO
DSSDUHLOHVWGLUHFWHPHQWEUDQFK«VXUO
DOLPHQWDWLRQ VHFWHXUO
LQVWDOODWLRQ«OHFWULTXHGRLW¬WUH«TXLS«HG
XQ GLVSRVLWLIG
LVRODWLRQSHUPHWWDQWGHG«EUDQFKHUO
DSSDUHLOGX VHFWHXUDYHFXQHFRXSXUHRPQLSRODLUH/DG«FRQQH[LRQ FRPSOªWHGRLW¬WUHFRQIRUPHDX[FRQGLWLRQVGHVXUWHQVLRQ GHFDW«JRULH,,,8QPR\HQGHG«FRQQH[LRQGRLW¬WUHSU«YX GDQVOHF¤EODJHIL[HFRQIRUP«PHQWDX[UªJOHVQDWLRQDOHV GLQVWDOODWLRQ  1HIODPEH]SDVG
DOLPHQWVVRXVO
DSSDUHLO  1
XWLOLVH]SDVO
DSSDUHLOSRXU«YDFXHUGHVPDW«ULDX[HW YDSHXUVGDQJHUHX[RXH[SORVLIV  1HWWR\H]U«JXOLªUHPHQWO
DSSDUHLO¢O
DLGHG
XQFKLIIRQGRX[ DILQGHPDLQWHQLUOHUHY¬WHPHQWHQERQ«WDW  1
XWLOLVH]SDVGHQHWWR\HXUYDSHXUGHSXOY«ULVDWHXUG
HDX GHSURGXLWQHWWR\DQWDEUDVLIQLGHJUDWWRLUP«WDOOLTXHSRXU
)5$1$,6 

QHWWR\HUODVXUIDFHGHO
DSSDUHLO8WLOLVH]XQLTXHPHQWGHV SURGXLWVGHODYDJHQHXWUHV  1HWWR\H]U«JXOLªUHPHQWOHVILOWUHV¢JUDLVVHDXPRLQVWRXV OHVPRLVHW«OLPLQH]OHVG«S¶WVGHJUDLVVHVGHO
DSSDUHLO SRXU«YLWHUWRXWULVTXHG
LQFHQGLH  8WLOLVH]XQFKLIIRQSRXUQHWWR\HUO
LQW«ULHXUGHO
DSSDUHLO

,16758&7,216'(6&85,7

,QVWDOODWLRQ
$9(57,66(0(17
5LVTXHGHEOHVVXUHGHFKRF«OHFWULTXH G
LQFHQGLHGHEU½OXUHVRXGHGRPPDJH PDW«ULHO¢O
DSSDUHLO
 /
DSSDUHLOGRLW¬WUHLQVWDOO«XQLTXHPHQWSDU XQSURIHVVLRQQHOTXDOLIL«
 1
LQVWDOOH]SDVHWQHEUDQFKH]SDVXQ DSSDUHLOHQGRPPDJ«
 6XLYH]VFUXSXOHXVHPHQWOHVLQVWUXFWLRQV G
LQVWDOODWLRQIRXUQLHVDYHFO
DSSDUHLO
 6R\H]WRXMRXUVYLJLODQWVORUVTXHYRXV G«SODFH]O
DSSDUHLOFDULOHVWORXUG8WLOLVH] WRXMRXUVGHVJDQWVGHV«FXULW«HWGHV FKDXVVXUHVIHUP«HV
 $YDQWG
LQVWDOOHUO
DSSDUHLOUHWLUH]WRXVOHV HPEDOODJHVOHV«WLTXHWWHVHWOHILOPGH SURWHFWLRQ
 1
LQVWDOOH]SDVOHFRQGXLWG
«YDFXDWLRQGH O
DLUGDQVXQHFDYLW«GXPXUVDXIVLFHWWH FDYLW«HVWVS«FLDOHPHQWFRQ©XHSRXUFHOD
%UDQFKHPHQW«OHFWULTXH
$9(57,66(0(17
5LVTXHG
LQFHQGLHRXG
«OHFWURFXWLRQ
 7RXVOHVUDFFRUGHPHQWV«OHFWULTXHV GRLYHQW¬WUHHIIHFWX«VSDUXQ«OHFWULFLHQ TXDOLIL«
 $VVXUH]YRXVTXHOHVSDUDPªWUHVILJXUDQW VXUODSODTXHVLJQDO«WLTXHFRUUHVSRQGHQW DX[GRQQ«HV«OHFWULTXHVQRPLQDOHGH ODOLPHQWDWLRQVHFWHXU
 6LOHV\PEROH Q
HVWSDVLPSULP«VXUOD SODTXHVLJQDO«WLTXHO
DSSDUHLOGRLW¬WUH UDFFRUG«¢ODWHUUH

 8WLOLVH]WRXMRXUVXQHSULVHGHFRXUDQWGH V«FXULW«FRUUHFWHPHQWLQVWDOO«H
 1HODLVVH]SDVOHF¤EOHVHFWHXUV
HPP¬OHU  1
XWLOLVH]SDVG
DGDSWDWHXUVPXOWLSULVHHW
GHUDOORQJHV  6LODSULVHVHFWHXUHVWG«WDFK«HQH
EUDQFKH]SDVODILFKHVHFWHXU  1HWLUH]SDVVXUOHF¤EOHVHFWHXUSRXU
G«EUDQFKHUO
DSSDUHLO7LUH]WRXMRXUVVXUOD ILFKHGHODSULVHVHFWHXU  /DSURWHFWLRQFRQWUHOHVFKRFVGHVSDUWLHV VRXVWHQVLRQHWLVRO«HVGRLW¬WUHIL[«HGH WHOOHPDQLªUHTX
HOOHQHSXLVVHSDV¬WUH HQOHY«HVDQVRXWLOV  $VVXUH]YRXVTXHO
DSSDUHLOHVWELHQ LQVWDOO«8QF¤EOHG
DOLPHQWDWLRQ«OHFWULTXH GHVVHUU«RXPDOEUDQFK«SHXYHQW¬WUH¢ O
RULJLQHG
XQHVXUFKDXIIHGHVERUQHV  %UDQFKH]O
DSSDUHLO¢O
H[WU«PLW«GH O
LQVWDOODWLRQ$VVXUH]YRXVTXHODSULVH VHFWHXUHVWDFFHVVLEOHXQHIRLVO
DSSDUHLO LQVWDOO«
8WLOLVDWLRQ
$9(57,66(0(17
5LVTXHGHEOHVVXUHVGHEU½OXUHVRX G
«OHFWURFXWLRQ
 &HWDSSDUHLOHVWH[FOXVLYHPHQWGHVWLQ«¢ XQXVDJHFXOLQDLUH1
XWLOLVH]SDVFHW DSSDUHLOSRXUXQDXWUHXVDJH
 1HPRGLILH]SDVOHVVS«FLILFDWLRQVGHFHW DSSDUHLO
 1
XWLOLVH]SDVO
DSSDUHLODYHFGHVPDLQV PRXLOO«HVRXHQFRQWDFWDYHFGHO
HDX
 1
XWLOLVH]TXHOHVDFFHVVRLUHVIRXUQLVDYHF O
DSSDUHLO
 7HQH]OHVIODPPHVRXOHVREMHWVFKDXGV «ORLJQ«VGHVJUDLVVHVHWGHO
KXLOHGXUDQW ODFXLVVRQHWODIULWXUH

 )5$1$,6

 1
XWLOLVH]SDVGHJULOOV«OHFWULTXHVQRQ FRXYHUWV
 1
XWLOLVH]SDVO
DSSDUHLOFRPPHHVSDFHGH UDQJHPHQW
 1
XWLOLVH]SDVGHORXSHGHOXQHWWHVQL DXFXQDXWUHGLVSRVLWLIRSWLTXHVHPEODEOH SRXUUHJDUGHUGLUHFWHPHQWO
«FODLUDJHGH O
DSSDUHLO
6HUYLFH
 3RXUU«SDUHUO
DSSDUHLOFRQWDFWH]XQ VHUYLFHDSUªVYHQWHDJU««8WLOLVH] H[FOXVLYHPHQWGHVSLªFHVG
RULJLQH
 &RQFHUQDQWODOHVODPSHV¢OLQW«ULHXUGH FHSURGXLWHWOHVODPSHVGHUHFKDQJH YHQGXHVV«SDU«PHQW&HVODPSHVVRQW FRQ©XHVSRXUU«VLVWHU¢GHVFRQGLWLRQV SK\VLTXHVH[WU¬PHVGDQVOHVDSSDUHLOV «OHFWURP«QDJHUVWHOOHVTXHOD WHPS«UDWXUHOHVYLEUDWLRQVOKXPLGLW«RX

VRQWFRQ©XHVSRXUVLJQDOHUGHV LQIRUPDWLRQVVXUOHVWDWXWRS«UDWLRQQHOGH ODSSDUHLO(OOHVQHVRQWSDVGHVWLQ«HV¢ ¬WUHXWLOLV«HVGDQVG
DXWUHVDSSOLFDWLRQVHW QHFRQYLHQQHQWSDV¢O«FODLUDJHGHV SLªFHVGXQORJHPHQW
0LVHDXUHEXW
$9(57,66(0(17
5LVTXHGHEOHVVXUHRXG
DVSK\[LH
 &RQWDFWH]YRWUHVHUYLFHPXQLFLSDOSRXU REWHQLUGHVLQIRUPDWLRQVVXUODPDUFKH¢ VXLYUHSRXUPHWWUHODSSDUHLODXUHEXW
 '«EUDQFKH]O
DSSDUHLOGHO
DOLPHQWDWLRQ «OHFWULTXH
 &RXSH]OHF¤EOHG
DOLPHQWDWLRQDXUDVGH O
DSSDUHLOHWPHWWH]OHDXUHEXW

+5  ,1)250$&,-(26,*851267, 3ULMHSRVWDYOMDQMDLNRULWHQMDXUHÓDMDSDOMLYRSURÏLWDMWH LVSRUXÏHQHXSXWH3URL]YRÓDÏQLMHRGJRYRUDQ]DELORNDNYX R]OMHGXLOLRWHÉHQMHNRMLVXUH]XOWDWQHLVSUDYQRJSRVWDYOMDQMD LOLNRULWHQMD8SXWHXYLMHNGULWHQDVLJXUQRPLSULVWXSDÏQRP PMHVWX]DEXGXÉXXSRWUHEX
6LJXUQRVWGMHFHLRVMHWOMLYLKRVRED  2YDMXUHÓDMPRJXNRULVWLWLGMHFDXGRELRGJRGLQDLVWDULMD
WHRVREHVPDQMHQLKWMHOHVQLKRVMHWLOQLKLOLPHQWDOQLK PRJXÉQRVWLLOLRVREHNRMHQHUDVSRODXLVNXVWYRPLOL ]QDQMHPDNRVXSRGQDG]RURPRVREHRGJRYRUQH]DQMLKRYX VLJXUQRVWLUDGHSRXSXWDPDNRMHVHRGQRVHQDVLJXUQR NRULWHQMHXUHÓDMDWHUD]XPLMXXNOMXÏHQHRSDVQRVWL'MHFD PODÓDRGJRGLQDLRVREHVYUORWHNLPLVORHQLP LQYDOLGLWHWRPPRUDMXVHGUDWLSRGDOMHRGXUHÓDMDRVLPDNR VXSRGVWDOQLPQDG]RURP  'MHFDELWUHEDODELWLSRGQDG]RURPNDNRELVHRVLJXUDORGD VHQHLJUDMXVXUHÓDMHP  $PEDODXGULWHSRGDOMHRGGMHFHL]EULQLWHMHQD RGJRYDUDMXÉLQDÏLQ

)5$1$,6 

 'ULWHGMHFXLNXÉQHOMXELPFHSRGDOMHRGXUHÓDMDGRNUDGL  %H]QDG]RUDGMHFDQHVPLMXREDYOMDWLÏLÉHQMHXUHÓDMDL
NRULVQLÏNRRGUDYDQMH 2SÉDVLJXUQRVW  2YDMMHXUHÓDMQDPLMHQMHQNXÉQRMXSRUDELL]QDGSORÏD]D
NXKDQMHNXKDODLVOLÏQLKXUHÓDMD]DNXKDQMH  8UHÓDMLVNOMXÏLWHL]HOHNWULÏQHPUHHSULMHELORNDNYRJ
RGUDYDQMD  235(='RVWXSQLGLMHORYLPRJXVH]DJULMDWLWLMHNRPXSRUDEH
VXUHÓDMLPD]DNXKDQMH  8SRWULMHELWHVDPRYLMNH]DSULÏYUÉLYDQMHNRMHVWHGRELOLV
XUHÓDMHPDNRQLVXLVSRUXÏHQLNRULVWLWHYLMNHNRMLVX SUHSRUXÏHQLXXSXWDPD]DLQVWDODFLMX8JUDGLWHXUHÓDMQD VLJXUQRLSULNODGQRPMHVWRNRMHXGRYROMDYD]DKWMHYLPD LQVWDODFLMH  832=25(1-(1HSRVWDYOMDQMHYLMDNDLOLSULÏYUVQRJXUHÓDMD XVNODGXVRYLPXSXWDPDPRHUH]XOWLUDOLRSDVQRÉXRG VWUXMQRJXGDUD  1HPRMWHNRULVWLWLOMHSLOD]DXÏYUÉLYDQMHXUHÓDMD  0LQLPDOQDXGDOMHQRVWL]PHÓXSRYULQHSORÏH]DNXKDQMHQD NRMRMVWRMHSRVXGHLGRQMHJGLMHODXUHÓDMDPRUDELWLQDMPDQMH FPRVLPDNRMHGUXJDÏLMHQDYHGHQRXXSXWDPD]D SRVWDYOMDQMHXUHÓDMDLOLSORÏH]DNXKDQMH  ,VSXWDQMH]UDNDPRUDELWLXVNODGXVSURSLVLPDORNDOQLK YODVWL  3URYMHULWHLPDWHOLGREUXYHQWLODFLMXXSURVWRULMLJGMHMHXUHÓDM SRVWDYOMHQNDNRELVWHL]EMHJOLSRYUDWQLSURWRNSOLQRYDX SURVWRULMXL]XUHÓDMDXNRMLPDL]JDUDMXGUXJDJRULYD XNOMXÏXMXÉLRWYRUHQLSODPHQ  8YMHULWHVHGDYHQWLODFLMVNLRWYRULQLVXEORNLUDQLLGDVH]UDN NRMLVDNXSOMDXUHÓDMQHGRYRGLXNDQDO]DLVSXWDQMHGLPDL SDUHL]GUXJLKXUHÓDMDVXVWDYLFHQWUDOQRJJULMDQMD WHUPRVLIRQLJULMDÏLYRGHLWG  .DGDXUHÓDMUDGLVGUXJLPXUHÓDMLPDPDNVLPDOQLYDNXXP NRMLVHVWYDUDXSURVWRULMLQHVPLMHSUHOD]LWLPEDUD
 +59$76.,

 3ULSD]LWHGDQHRWHWLWHJODYQHNDEHOH=D]DPMHQXNDEHOD QDSDMDQMDNRQWDNWLUDMWHRYODWHQLVHUYLVLOLHOHNWULÏDUD
 $NRMHXUHÓDMSULNOMXÏHQL]UDYQRQDHOHNWULÏQXPUHX HOHNWULÏQDLQVWDODFLMDPRUDELWLRSUHPOMHQDL]RODFLMVNLP XUHÓDMHPNRMLRPRJXÉXMHLVNOMXÏLYDQMHXUHÓDMDL]VWUXMHQD VYLPSRORYLPD3RWSXQDLVNOMXÏHQRVWPRUDXGRYROMDYDWL XYMHWLPDQDYHGHQLPXSUHQDSRQVNRMNDWHJRULML,,,6UHGVWYD ]DLVNOMXÏLYDQMHPRUDMXVHXJUDGLWLXILNVQRRLÏHQMHXVNODGX VSUDYLOLPD]DRLÏHQMH
 1HPRMWHIODPELUDWLLVSRGXUHÓDMD  1HPRMWHJDNRULVWLWL]DLVSXWDQMHRSDVQLKLOLHNVSOR]LYQLK
WYDULLSDUD  8UHÓDMUHGRYLWRRÏLVWLWHPHNRPNUSRPNDNRELVWHVSULMHÏLOL
SURSDGDQMHPDWHULMDODSRYULQH  =DÏLÉHQMHSRYULQHXUHÓDMDQHPRMWHNRULVWLWLSDUQLÏLVWDÏ
YRGHQLVSUHMRWUDDEUD]LYQDVUHGVWYD]DÏLÉHQMHLOLRWUH PHWDOQHVWUXJDÏH.RULVWLWHVDPRQHXWUDOQHGHWHUGHQWH  5HGRYLWRÏLVWLWHILOWUH]DPDVQRÉXQDMPDQMHVYDND PMHVHFDLXNORQLWHQDVODJHPDVQRÉHVXUHÓDMDNDNRELVWH VSULMHÏLOLRSDVQRVWRGSRDUD  =DÏLÉHQMHXQXWUDQMRVWLXUHÓDMDNRULVWLWHNUSX

6,*851261(8387(
3RVWDYOMDQMH
832=25(1-(
2SDVQRVWRGR]OMHGDHOHNWULÏQRJXGDUD YDWUHRSHNRWLQDLOLRWHÉHQMDXUHÓDMD
 6DPRNYDOLILFLUDQDRVREDVPLMHSRVWDYLWL RYDMXUHÓDM
 1HSRVWDYOMDMWHLQHNRULVWLWHRWHÉHQL XUHÓDM
 6OLMHGLWHXSXWH]DSRVWDYOMDQMHLVSRUXÏHQH VXUHÓDMHP
 3ULOLNRPSRPLFDQMDXUHÓDMDXYLMHNEXGLWH SDOMLYLMHUMHXUHÓDMWHDN8YLMHNQRVLWH ]DWLWQHUXNDYLFHL]DWYRUHQXREXÉX
 3ULMHSRVWDYOMDQMDXUHÓDMDXNORQLWHVYR SDNLUDQMHQDOMHSQLFHL]DWLWQLILOP

 1HSRVWDYOMDMWHLVSXK]UDNDXRWYRUQD ]LGXRVLPDNRMHRWYRUGL]DMQLUDQ]DWX VYUKX
6SDMDQMHQDHOHNWULÏQXPUHX
832=25(1-(
2SDVQRVWRGSRDUDLVWUXMQRJXGDUD
 6YDNRSRYH]LYDQMHVHOHNWULÏQRPPUHRP WUHEDL]YULWLNYDOLILFLUDQLHOHNWULÏDU
 3URYMHULWHMHVXOLSDUDPHWULQDQDWSLVQRM SORÏLFLNRPSDWLELOQLVHOHNWULÏQLP YULMHGQRVWLPDPUHQRJQDSDMDQMD
 $NRQDQDWSLVQRMSORÏLFLXUHÓDMDQLMH
RWLVQXWVLPERO XUHÓDMMHSRWUHEQR X]HPOMLWL  8YLMHNNRULVWLWHSUDYLOQRPRQWLUDQXXWLÏQLFX VD]DWLWRPRGVWUXMQRJXGDUD

+59$76., 

 3D]LWHGDVHHOHNWULÏQLNDEHOLQH]DSOHWX  1HNRULVWLWHDGDSWHUHVYLHXWLÏQLFDL
SURGXQHNDEHOH  $NRMHXWLÏQLFDODEDYDQHPRMWH
SULNOMXÏLYDWLXWLNDÏ  1HSRYODÏLWHNDEHOQDSDMDQMDNDNRELVWH
L]YXNOLXWLNDÏL]XWLÏQLFH8YLMHNXKYDWLWHL SRYXFLWHXWLNDÏ  =DWLWDRGVWUXMQRJXGDUDGLMHORYDSRG QDSRQRPLL]ROLUDQLKGLMHORYDPRUDELWL SULÏYUÉHQDQDWDNDYQDÏLQGDVHQHPRH XNORQLWLEH]DODWD  3URYMHULWHMHOLXUHÓDMSUDYLOQRSRVWDYOMHQ /DEDYLLQHLVSUDYQLNDEHOQDSDMDQMDPRH X]URNRYDWLSUHJULMDYDQMHVWH]DOMNH  8UHÓDMSULNOMXÏLWHQDNUDMXSRVWDYOMDQMD 2VLJXUDMWHGDVHQDSDMDQMXQDNRQ SRVWDYOMDQMDPRHODNRSULVWXSLWL
3ULPMHQD
832=25(1-(
2SDVQRVWRGR]OMHGHRSHNOLQDLOLVWUXMQRJ XGDUD
 2YDMXUHÓDMQDPLMHQMHQMHLVNOMXÏLYR NXKDQMX1HNRULVWLWHXUHÓDM]DGUXJH VYUKH
 1HPLMHQMDMWHVSHFLILNDFLMHRYRJXUHÓDMD  1HUXNXMWHXUHÓDMHPPRNULPUXNDPDLOL
DNRLPDNRQWDNWVYRGRP  .RULVWLWHLVNOMXÏLYRSULERULVSRUXÏHQV
XUHÓDMHP  3ODPHQLOL]DJULMDQHSUHGPHWHGULWHGDOMH
RGPDVWLLXOMDWLMHNRPNXKDQMDLSUHQMD

 1HPRMWHNRULVWLWLQHSRNULYHQHHOHNWULÏQH URWLOMH
 8UHÓDMQHNRULVWLWH]DÏXYDQMHVWYDUL  1HPRMWHNRULVWLWLSRYHÉDODGDOHNR]RUHLOL
VOLÏQHRSWLÏNHXUHÓDMHGDELVWHJOHGDOL L]UDYQRXRVYMHWOMHQMHXUHÓDMD
6HUYLV
 =DSRSUDYDNXUHÓDMDNRQWDNWLUDMWH RYODWHQLVHUYLV.RULVWLWHVDPRRULJLQDOQH UH]HUYQHGLMHORYH
 WRVHWLÏHDUXOMHDXQXWDURYRJ SURL]YRGDLUH]HUYQLKDUXOMDNRMHVH SURGDMX]DVHEQR2YHDUXOMHQDPLMHQMHQH VXGDL]GUHHNVWUHPQHIL]LÏNHXYMHWHX NXÉDQVNLPXUHÓDMLPDSRSXWWHPSHUDWXUH YLEUDFLMDYODJHLOLQDPLMHQMHQHVX VLJQDOL]DFLMLLQIRUPDFLMDRUDGQRPVWDQMX XUHÓDMD1LVXQDPLMHQMHQH]DGUXJH SULPMHQHLQLVXSRJRGQH]DRVYMHWOMHQMHX NXÉDQVWYX
=EULQMDYDQMH
832=25(1-(
2SDVQRVWRGR]OMHGHLOLJXHQMD
 2EUDWLWHVHRSÉLQVNLPYODVWLPD]D LQIRUPDFLMHRQDÏLQX]EULQMDYDQMDXUHÓDMD
 ,VNRSÏDMWHXUHÓDML]QDSDMDQMD  2GUHLWHNDEHOQDSDMDQMDEOL]XXUHÓDMDL
RGORLWHJD

+8  %,=7216*,,1)250&,. $]¾]HPEHKHO\H]«V«VKDV]Q£ODWHOWWJRQGRVDQROYDVVDHO DPHOO«NHOW¼WPXWDWµW$J\£UWµQHPY£OODOIHOHOVV«JHWD KHO\WHOHQEHV]HUHO«VYDJ\KDV]Q£ODWPLDWWNHOHWNH]HWW V«U¾O«VHN«UW«VN£URN«UW7DUWVDEL]WRQV£JRV«VHO«UKHW KHO\HQD]¼WPXWDWµWKRJ\V]¾NV«JHVHW«QPLQGLJD UHQGHONH]«V«UH£OOMRQ

 +59$76.,

*\HUPHNHN«VNLV]ROJ£OWDWRWWV]HP«O\HN EL]WRQV£JD  (]WDN«V]¾O«NHW«YIHOHWWLJ\HUPHNHNFV¸NNHQWIL]LNDL
«U]«NHO«VLYDJ\V]HOOHPLN«SHVV«JHNNHOUHQGHONH] IHOQWWHNLOOHWYHPHJIHOHOWXG£VVDOYDJ\J\DNRUODWWDOQHP UHQGHONH]V]HP«O\HNFVDNIHO¾J\HOHWPHOOHWWYDJ\DEEDQ D]HVHWEHQKDV]Q£OKDWM£NKDPHJIHOHORNWDW£VWNDSWDND N«V]¾O«NEL]WRQV£JRVKDV]Q£ODW£UD«VPHJ«UWLND] HVHWOHJHVYHV]«O\HNHW$«YHVQ«OILDWDODEEJ\HUPHNHN LOOHWYHDV¼O\RVNRPSOH[IRJ\DW«NRVV£JJDO«OV]HP«O\HN £OODQGµIHO¾J\HOHWQ«ON¾OQHPWDUWµ]NRGKDWQDNDN«V]¾O«N N¸]HO«EHQ  *RQGRVNRGQLNHOODJ\HUPHNHNIHO¾J\HOHW«UOKRJ\QH M£WVV]DQDNDN«V]¾O«NNHO  0LQGHQFVRPDJROµDQ\DJRWWDUWVRQW£YRODJ\HUPHNHNWO«V PHJIHOHOHQ£UWDOPDWODQ¯WVD  $J\HUPHNHNHW«VK£]L£OODWRNDWWDUWVDW£YRODN«V]¾O«NWO DPLNRU¾]HPHO  *\HUPHNHNIHO¾J\HOHWQ«ON¾OQHPY«JH]KHWQHNWLV]W¯W£VL YDJ\NDUEDQWDUW£VLWHY«NHQ\V«JHWDN«V]¾O«NHQ OWDO£QRVEL]WRQV£J  (N«V]¾O«NI]ODSRNW]KHO\HN«VKDVRQOµHV]N¸]¸NIHOHWWL K£]WDUW£VLKDV]Q£ODWUDN«V]¾OW  %£UPLO\HQNDUEDQWDUW£VPHJNH]G«VHHOWWY£ODVV]DOHD N«V]¾O«NHWD]HOHNWURPRVK£Oµ]DWUµO  9,*<=$7$I]N«V]¾O«NHNNHOYDOµKDV]Q£ODWN¸]EHQD N«V]¾O«NKR]]£I«UKHWU«V]HLQDJ\RQIHOIRUUµVRGKDWQDN  .L]£UµODJDN«V]¾O«NKH]PHOO«NHOWU¸J]¯WFVDYDURNDW KDV]Q£OMD+DQHPNDSRWWLO\HQHNHWDNNRUD]¾]HPEH KHO\H]«VL¼WPXWDWµEDQMDYDVROWFVDYDURNDWDONDOPD]]RQ$ N«V]¾O«NHWD]¾]HPEHKHO\H]«VLN¸YHWHOP«Q\HNQHN PHJIHOHOEL]WRQV£JRVKHO\UHWHOHS¯WVH  ),*<(/0(=7(76$FVDYDURNDWYDJ\U¸J]¯WHV]N¸]WD MHOHQXWDV¯W£VRNQDNPHJIHOHOHQV]HUHOMHEHQHKRJ\ HOHNWURPRVYHV]«O\KHO\]HW£OOMRQHO  1HKDV]Q£OMRQUDJDV]WµDQ\DJRNDWDN«V]¾O«NU¸J]¯W«V«KH]
0$*<$5 

 $I]ODSD]RQIHO¾OHWHPHO\UHDI]HG«Q\HNHWU£KHO\H]L «VDN«V]¾O«NDOVµU«V]HN¸]¸WWLW£YROV£JOHJDO£EEFP OHJ\HQKDFVDNDN«V]¾O«NYDJ\DI]ODS¾]HPEH KHO\H]«VL¼WPXWDWµMDP£VWQHP¯UHO
 $OHYHJFVHU«M«QHNDKHO\LHO¯U£VRNQDNNHOOPHJIHOHOQL  *RQGRVNRGMRQDN«V]¾O«NQHNKHO\WDGµKHO\LV«JMµ
V]HOO]«V«UOKRJ\HONHU¾OMHDJ£]WYDJ\P£V W¾]HODQ\DJRNDWHO«JHWN«V]¾O«NHNEOEHOH«UWYHDQ\¯OW W¾]HWLVV]£UPD]µI¾VWJ£]RNYLVV]D£UDPO£V£W  J\HOMHQDUUDKRJ\DV]HOO]Q\¯O£VRNDWQH]£UMDHOVHPPL «VDN«V]¾O«N£OWDOV]£OO¯WRWWOHYHJQHMXVVRQRO\DQ N«P«Q\FVEHO«JFVDWRUQ£EDPHO\P£VN«V]¾O«NHN N¸]SRQWLIW«VWHUPRV]LIRQRNY¯]PHOHJ¯WNVWEI¾VWM«QHN «VJ]«QHNS£U£M£QDNHOYH]HW«V«UHV]ROJ£O  +DDN«V]¾O«NP£VN«V]¾O«NHNNHOHJ\V]HUUHPN¸GLND KHO\LV«JEHQO«WUHKR]RWWY£NXXPQHPKDODGKDWMDPHJD PEDU«UW«NHW  J\HOMHQDUUDKRJ\QHRNR]]RQV«U¾O«VWD]HOHNWURPRV K£Oµ]DWLYH]HW«NQHN+DDK£Oµ]DWLN£EHOFVHU«UHV]RUXO IRUGXOMRQDP£UNDV]HUYL]¾QNK¸]YDJ\HJ\YLOODQ\V]HUHOK¸]  $PHQQ\LEHQDN«V]¾O«NN¸W«VGRER]RQNHUHV]W¾O N¸]YHWOHQ¾OFVDWODNR]LND]HOHNWURPRVK£Oµ]DWKR]D] HOHNWURPRVEHN¸W«VWRO\DQHV]N¸]]HONHOOHOO£WQLPHO\ OHKHWY«WHV]LDN«V]¾O«N¸VV]HVK£Oµ]DWLSµOXVUµOW¸UW«Q OHY£ODV]W£V£W$WHOMHVOHY£ODV]W£VQDNEL]WRV¯WDQLDNHOOD W¼OIHV]¾OWV«JHOOHQLY«GHOHP,,,NDWHJµUL£M£QDNYDOµ PHJIHOHO«VW$U¸J]¯WHWWN£EHOH]«VWDEHN¸W«VLV]DE£O\RN EHWDUW£V£YDOHONHOOO£WQLPHJV]DN¯WµHV]N¸]¸NNHO  1HKDV]Q£OMRQQ\¯OWO£QJRWDN«V]¾O«NDODWW  1HKDV]Q£OMDHJ«V]V«JUH£UWDOPDVYDJ\UREEDQ£VYHV]«O\HV J£]RN«VJ]¸NHOV]¯Y£V£UD  3XKDUXK£YDOUHQGV]HUHVHQWLV]W¯WVDPHJDN«V]¾O«NHW KRJ\HONHU¾OMHDIHO¾OHWHN£URVRG£V£W  1HKDV]Q£OMRQJ]WLV]W¯WµWY¯]VXJDUDWV¼UROµV]HUWYDJ\«OHV I«PNDSDUµHV]N¸]WDN«V]¾O«NIHO¾OHW«QHNWLV]W¯W£V£UD&VDN VHPOHJHVWLV]W¯WµV]HUWKDV]Q£OMRQ
 0$*<$5

 $]V¯UV]UNHWUHQGV]HUHVHQWLV]W¯WVDOHJDO£EE N«WKDYRQN«QW«VW£YRO¯WVDHOD]V¯UOHUDNµG£VRNDWD N«V]¾O«NUODW]YHV]«O\HONHU¾O«VH«UGHN«EHQ
 $N«V]¾O«NEHOVHM«QHNWLV]W¯W£V£UDNHQGWKDV]Q£OMRQ

%,=7216*,(/562.

]HPEHKHO\H]«V
),*<(/0(=7(76
6]HP«O\LV«U¾O«V£UDP¾W«VW]«J«VL V«U¾O«VYDJ\DN«V]¾O«NN£URVRG£V£QDN YHV]«O\H£OOIHQQ
 $N«V]¾O«NHWFVDNN«SHV¯WHWWV]HP«O\ KHO\H]KHWL¾]HPEH
 1HKHO\H]]HQ¾]HPEH«VQHLV KDV]Q£OMRQV«U¾OWN«V]¾O«NHW
 7DUWVDEHDN«V]¾O«NKH]PHOO«NHOW¾]HPEH KHO\H]«VL¼WPXWDWµEDQIRJODOWDNDW
 $N«V]¾O«NQHK«]H]«UWOHJ\HQ N¸U¾OWHNLQWDPR]JDW£VDNRU0LQGLJ KDV]Q£OMRQPXQNDY«GHOPLNHV]W\W«V]£UW O£EEHOLW
 $N«V]¾O«N¾]HPEHKHO\H]«VHHOWWHOWW W£YRO¯WVRQHOPLQGHQFVRPDJROµDQ\DJRW UHNO£PF«GXO£W«VY«GIµOL£W
 $N«V]¾O«N£OWDONLI¼YRWWOHYHJWQH YH]HVVHEHIDOLOHYHJM£UDWEDKDFVDND]W QHPNLIHMH]HWWHQHUUHWHUYH]W«N
(OHNWURPRVFVDWODNR]WDW£V
),*<(/0(=7(76
7]«V£UDP¾W«VYHV]«O\
 0LQGHQHOHNWURPRVFVDWODNR]WDW£VW V]DNN«S]HWWYLOODQ\V]HUHOQHNNHOO HOY«JH]QLH
 (OOHQUL]]HKRJ\D]DGDWW£EO£QV]HUHSO DGDWRNPHJIHOHOQHNHDKHO\LHOHNWURPRV K£Oµ]DWSDUDP«WHUHLQHN
 $N«V]¾O«NHWI¸OGHOQLNHOOKDD V]LPEµOXPQLQFVIHOW¾QWHWYHD] DGDWW£EO£M£Q
 0LQGLJPHJIHOHOHQIHOV]HUHOW£UDP¾W«V HOOHQY«GHWWDOM]DWRWKDV]Q£OMRQ
 1HKDJ\MDKRJ\D]HOHNWURPRVYH]HW«NHN ¸VV]HJDEDO\RGMDQDN

 1HKDV]Q£OMRQK£Oµ]DWLHORV]WµNDW«V KRVV]DEE¯WµN£EHOHNHW
 $PHQQ\LEHQDK£Oµ]DWLNRQQHNWRU U¸J]¯W«VHOD]DQHFVDWODNR]WDVVDD FVDWODNR]µGXJµWKR]]£
 $N«V]¾O«NFVDWODNR]£V£QDNERQW£V£UD VRKDQHDK£Oµ]DWLN£EHOQ«OIRJYDK¼]]DNL DFVDWODNR]µGXJµW$N£EHOWPLQGLJD FVDWODNR]µGXJµQ£OIRJYDK¼]]DNL
 $IHV]¾OWV«JDODWW£OOµ«VV]LJHWHOW DONDWU«V]HN«ULQW«VY«GHOPLU«V]HLW¼J\NHOO U¸J]¯WHQLKRJ\V]HUV]£PQ«ON¾OQH OHKHVVHQHOW£YRO¯WDQLD]RNDW
 (OOHQUL]]HKRJ\PHJIHOHOHQYDQH ¾]HPEHKHO\H]YHDN«V]¾O«N$K£Oµ]DWL YH]HW«NJ\HQJHYDJ\URVV]«ULQWNH]«VH PLDWWDFVDWODNR]£VW¼OV£JRVDQ IHOIRUUµVRGKDW
 $]¾]HPEHKHO\H]«VY«J«Q FVDWODNR]WDVVDDN«V]¾O«NHWD]HOHNWURPRV K£Oµ]DWKR]J\HOMHQDUUDKRJ\DK£Oµ]DWL FVDWODNR]µ¾]HPEHKHO\H]«VXW£QLV N¸QQ\HQHO«UKHWOHJ\HQ
+DV]Q£ODW
),*<(/0(=7(76
6«U¾O«V«J«V«V£UDP¾W«VYHV]«O\
 $N«V]¾O«NNL]£UµODJ«WHON«V]¯W«VLF«OUD V]ROJ£O1HKDV]Q£OMDHJ\«EF«OUDD N«V]¾O«NHW
 1HY£OWR]WDVVDPHJDN«V]¾O«NPV]DNL MHOOHP]LW
 1HPN¸GWHVVHDN«V]¾O«NHWQHGYHV N«]]HOYDJ\DPLNRUD]Y¯]]HO«ULQWNH]LN
 &VDNDN«V]¾O«NKH]PHOO«NHOWWDUWR]«NRNDW KDV]Q£OMD
 =V¯UUDOYDJ\RODMMDOYDOµV¾W«VNRU«V I]«VNRUWDUWVDD]RNWµOW£YRODQ\¯OWO£QJRW «VDIRUUµW£UJ\DNDW
 1HKDV]Q£OMDIHGHWOHQ¾OD]HOHNWURPRV U£FVRNDW

0$*<$5 

 1HKDV]Q£OMDDN«V]¾O«NHW W£UROµIHO¾OHWN«QW
 1HQ«]]HQDN«V]¾O«NYLO£J¯W£V£QDN I«Q\«EHQDJ\¯WµQW£YFV¸Y¸QYDJ\KDVRQOµ RSWLNDLHV]N¸]¸QNHUHV]W¾O
6]ROJ£OWDW£VRN
 $N«V]¾O«NMDY¯W£V£WE¯]]DD P£UNDV]HUYL]UH&VDNHUHGHWL SµWDONDWU«V]HNHWKDV]Q£OMRQ
 $WHUP«NEHQWDO£OKDWµL]]µNUD«VDN¾O¸Q NDSKDWµSµWL]]µNUDYRQDWNR]µWXGQLYDOµN (]HND]L]]µNDUUDN«V]¾OWHNKRJ\ PHJIHOHOMHQHNDK£]WDUW£VLN«V]¾O«NHNEHQ IHQQ£OOµV]«OVV«JHVIL]LNDLIHOW«WHOHNQHN PLQWS«OG£XOKP«UV«NOHWUH]J«VPDJDV S£UDWDUWDORPLOOHWYHDUUDKDV]Q£ODWRVDN

KRJ\MHOH]]«NDN«V]¾O«NPN¸G«VL £OODSRW£W1HPDONDOPDVDNHJ\«E IHOKDV]Q£O£VUDYDODPLQWKHO\LV«JHN PHJYLO£J¯W£V£UD
UWDOPDWODQ¯W£V
),*<(/0(=7(76
6«U¾O«VYDJ\IXOODG£VYHV]«O\
 $N«V]¾O«N£UWDOPDWODQ¯W£V£UDYRQDWNR]µ W£M«NR]WDW£V«UWO«SMHQNDSFVRODWEDDKHO\L KDWµV£JRNNDO
 9£ODVV]DOHDN«V]¾O«NHWH]HOHNWURPRV K£Oµ]DWUµO
 $N«V]¾O«NN¸]HO«EHQY£JMD£WDK£Oµ]DWL N£EHOW«VWHJ\HDKXOODG«NED

,7  ,1)250$=,21,',6,&85(==$ /HJJHUHDWWHQWDPHQWHOHLVWUX]LRQLIRUQLWHSULPDGLLQVWDOODUHH XWLOL]]DUHO
DSSDUHFFKLDWXUD,SURGXWWRULQRQVRQRUHVSRQVDELOL GLHYHQWXDOLOHVLRQLRGDQQLGHULYDQWLGDXQ
LQVWDOOD]LRQHRXQ XVRVFRUUHWWL&RQVHUYDUHVHPSUHOHLVWUX]LRQLLQXQOXRJR VLFXURHDFFHVVLELOHSHUSRWHUOHFRQVXOWDUHLQIXWXUR
6LFXUH]]DGHLEDPELQLHGHOOHSHUVRQHYXOQHUDELOL  4XHVWDSSDUHFFKLDWXUDSX´HVVHUHXVDWDGDEDPELQLD
SDUWLUHGDDQQLGLHW¢HGDDGXOWLFRQFDSDFLW¢ILVLFKH VHQVRULDOLRPHQWDOLOLPLWDWHRFRQVFDUVDHVSHULHQ]DH FRQRVFHQ]DVXOOXVRGHOODSSDUHFFKLDWXUDVRODPHQWHVH VRUYHJOLDWLRVHLVWUXLWLUHODWLYDPHQWHDOOXWLOL]]RLQVLFXUH]]D GHOODSSDUHFFKLDWXUDHVHKDQQRFRPSUHVRLULVFKLFRLQYROWL ,EDPELQLFKHKDQQRPHQRGLDQQLHOHSHUVRQHFRQ GLVDELOLW¢GLIIXVHHFRPSOHVVHYDQQRWHQXWLORQWDQL GDOOHOHWWURGRPHVWLFRDPHQRFKHQRQYLVLDXQD VXSHUYLVLRQHFRQWLQXD  &RQWUROODUHFKHLEDPELQLQRQJLRFKLQRFRQ ODSSDUHFFKLDWXUD  7HQHUHJOLLPEDOODJJLORQWDQRGDLEDPELQLHVPDOWLUOLLQPRGR DGHJXDWR

 0$*<$5

 7HQHUHLEDPELQLHJOLDQLPDOLGRPHVWLFLORQWDQR GDOO
DSSDUHFFKLDWXUDGXUDQWHLOIXQ]LRQDPHQWR
 ,EDPELQLQRQGHYRQRHVHJXLUHLQWHUYHQWLGLSXOL]LDH PDQXWHQ]LRQHVXOO
HOHWWURGRPHVWLFRVHQ]DHVVHUH VXSHUYLVLRQDWL
6LFXUH]]DJHQHUDOH  4XHVWDDSSDUHFFKLDWXUDªVWDWDSHQVDWDSHUXQXVR
GRPHVWLFRVRSUDDSLDQLFRWWXUDIRUQHOOLHGLVSRVLWLYLGL FRWWXUDVLPLOL  3ULPDGLTXDOVLDVLLQWHUYHQWRGLPDQXWHQ]LRQHVFROOHJDUH O
DSSDUHFFKLDWXUDGDOODSUHVDGLFRUUHQWH  $77(1=,21(/HSDUWLDFFHVVLELOLSRWUHEEHURVXUULVFDOGDUVL LQIDVHGLXWLOL]]RFRQOHDSSDUHFFKLDWXUHGLFRWWXUD  6HUYLUVLXQLFDPHQWHGHOOHYLWLGLILVVDJJLRIRUQLWHLQ GRWD]LRQHFRQODSSDUHFFKLDWXUDTXDORUDOHYLWLQRQVLDQR VWDWHIRUQLWHLQGRWD]LRQHVHUYLUVLGLTXHOOHFRQVLJOLDWHQHOOH LVWUX]LRQLGLLQVWDOOD]LRQH,QVWDOODUHO
DSSDUHFFKLDWXUDLQXQ OXRJRVLFXURHLGRQHRFKHVRGGLVILLUHTXLVLWLGLLQVWDOOD]LRQH  $99(57(1=$/DPDQFDWDLQVWDOOD]LRQHGHOOHYLWLRGHO GLVSRVLWLYRGLILVVDJJLRVHFRQGROHSUHVHQWLLVWUX]LRQLSX´ FRPSRUWDUHULVFKLHOHWWULFL  1RQXVDUHDGHVLYLSHUULSDUDUHLOGLVSRVLWLYR  /DGLVWDQ]DPLQLPDIUDODVXSHUILFLHGHOSLDQRGLFRWWXUDVXO TXDOHVLWURYDQROHSHQWROHHODSDUWHLQIHULRUH GHOODSSDUHFFKLDWXUDGHYHHVVHUHGLDOPHQRFPVDOYR LQGLFD]LRQHFRQWUDULDQHOOHLVWUX]LRQLGLLQVWDOOD]LRQHSHU O
DSSDUHFFKLDWXUDRLOSLDQRFRWWXUD  /RVFDULFRGHOO
DULDGHYHHVVHUHFRQIRUPHDLUHJRODPHQWL GHOOHDXWRULW¢ORFDOL  $VVLFXUDUHODEXRQDYHQWLOD]LRQHQHOO
DPELHQWHLQFXLª LQVWDOODWDO
DSSDUHFFKLDWXUDSHUHYLWDUHODFLUFROD]LRQHGLJDV QHOODVWDQ]DSURYHQLHQWLGDDSSDUHFFKLDWXUHFKHEUXFLDQR JDVRDOWULFRPEXVWLELOLFRPSUHVHILDPPHOLEHUH  9HULILFDUHFKHOHDSHUWXUHGLYHQWLOD]LRQHQRQVLDQREORFFDWH HFKHO
DULDUDFFROWDGDOO
DSSDUHFFKLDWXUDQRQYHQJD FRQYRJOLDWDLQXQWXERXWLOL]]DWRSHUORVFDULFRGLIXPRH
,7$/,$12 

YDSRUHGDDOWUHDSSDUHFFKLDWXUHDSSDUHFFKLLPSLDQWLGL ULVFDOGDPHQWRFHQWUDOL]]DWRWHUPRVLIRQLVFDOGDFTXDHFF  4XDQGRO
DSSDUHFFKLDWXUDQRQIXQ]LRQDFRQDOWUL DSSDUHFFKLDWXUHLOYXRWRPDVVLPRJHQHUDWRQHOODVWDQ]D QRQGRYUHEEHVXSHUDUHLOYDORUHGLPEDU  $FFHUWDUVLGLQRQGDQQHJJLDUHLOFDYRGLDOLPHQWD]LRQH &RQWDWWDUHLOQRVWUR&HQWUR$VVLVWHQ]DDXWRUL]]DWRRXQ HOHWWULFLVWDTXDOLILFDWRSHUVRVWLWXLUHXQFDYRGDQQHJJLDWR  4XDORUDODSSDUHFFKLDWXUDVLDFROOHJDWDGLUHWWDPHQWH DOO
DOLPHQWD]LRQHO
LPSLDQWRHOHWWULFRGHYHHVVHUHGRWDWRGL XQGLVSRVLWLYRGLLVRODPHQWRFKHSHUPHWWDORVFROOHJDPHQWR GHOODSSDUHFFKLDWXUDGDOODUHWHVXWXWWLLSROL/R VFROOHJDPHQWRFRPSOHWRGHYHDYYHQLUHLQOLQHDFRQOH FRQGL]LRQLLQGLFDWHQHOODFDWHJRULD,,,GLVRYUDWHQVLRQH, GLVSRVLWLYLGLLQWHUUX]LRQHGHOODFRUUHQWHGHYRQRHVVHUH LQFRUSRUDWLQHOFDEODJJLRILVVRFRQIRUPHPHQWHDOOHUHJROHGL FDEODJJLR  1RQFXFLQDUHLQPRGDOLW¢IODPE«VRWWRDOODSSDUHFFKLDWXUD  1RQXVDUHSHUORVFDULFRGLPDWHULDOLHYDSRULSHULFRORVLR HVSORVLYL  3XOLUHUHJRODUPHQWHO
DSSDUHFFKLDWXUDFRQXQSDQQR PRUELGRSHUHYLWDUHLOGHWHULRUDPHQWRGHLPDWHULDOLFKH FRPSRQJRQRODVXSHUILFLH  1RQXWLOL]]DUHSXOLWRULDYDSRUHVSUX]]LG
DFTXDGHWHUJHQWL DEUDVLYLDJJUHVVLYLRUDVFKLHWWLPHWDOOLFLDIILODWLSHUSXOLUHOD VXSHUILFLHGHOO
DSSDUHFFKLDWXUD8WLOL]]DUHVRORGHWHUJHQWL QHXWUL  3XOLUHLILOWULGHOJUDVVRDLQWHUYDOOLFRQXQDFDGHQ]DDOPHQR ELPHQVLOHHULPXRYHUHLGHSRVLWLGLJUDVVR GDOO
DSSDUHFFKLDWXUDSHUSUHYHQLUHLOULVFKLRGLLQFHQGLR  6HUYLUVLGLXQSDQQRSHUSXOLUHOLQWHUQRGHOODSSDUHFFKLDWXUD
 ,7$/,$12

,6758=,21,',6,&85(==$

,QVWDOOD]LRQH
$99(57(1=$
9LªLOULVFKLRGLOHVLRQLVFRVVHHOHWWULFKH LQFHQGLXVWLRQLRGDQQL DOO
DSSDUHFFKLDWXUD
 /LQVWDOOD]LRQHGHOO
DSSDUHFFKLDWXUDGHYH HVVHUHHVHJXLWDGDSHUVRQDOHTXDOLILFDWR
 1RQLQVWDOODUHRXWLOL]]DUH O
DSSDUHFFKLDWXUDVHªGDQQHJJLDWD
 $WWHQHUVLDOOHLVWUX]LRQLIRUQLWHLQVLHPH DOO
DSSDUHFFKLDWXUD
 3UHVWDUHVHPSUHDWWHQ]LRQHLQIDVHGL VSRVWDPHQWRGHOO
DSSDUHFFKLDWXUDGDWR FKHªSHVDQWH8VDUHVHPSUHLJXDQWLGL VLFXUH]]DHOHFDO]DWXUHDGHJXDWH
 3ULPDGLLQVWDOODUHO
DSSDUHFFKLDWXUDª QHFHVVDULRULPXRYHUHWXWWRO
LPEDOODJJLR O
HWLFKHWWDHODSHOOLFRODSURWHWWLYD
 1RQLQVWDOODUHO
DULDGLVFDULFRLQXQDFDYLW¢ DSDUHWHDPHQRFKHODFDYLW¢QRQVLD SURJHWWDWDDWDOILQH
&ROOHJDPHQWRHOHWWULFR
$99(57(1=$
5LVFKLRGLLQFHQGLRHVFRVVDHOHWWULFD
 7XWWLLFROOHJDPHQWLHOHWWULFLGHYRQRHVVHUH UHDOL]]DWLGDXQHOHWWULFLVWDTXDOLILFDWR
 9HULILFDUHFKHLSDUDPHWULVXOODWDUJKHWWD VLDQRFRPSDWLELOLFRQOHLQGLFD]LRQL HOHWWULFKHGHOO
DOLPHQWD]LRQH
 4XDORUDLOVLPEROR QRQVLDVWDPSDWR VXOODWDUJKHWWDVDU¢QHFHVVDULR SURYYHGHUHDOODPHVVDDWHUUDGHO GLVSRVLWLYR
 8WLOL]]DUHVHPSUHXQDSUHVDHOHWWULFDFRQ FRQWDWWRGLSURWH]LRQHFRUUHWWDPHQWH LQVWDOODWD
 (YLWDUHFKHLFROOHJDPHQWLHOHWWULFLVL DJJURYLJOLQR
 1RQXWLOL]]DUHSUHVHPXOWLSOHHSUROXQJKH  1HOFDVRLQFXLODVSLQDGLFRUUHQWHVLD
DOOHQWDWDQRQFROOHJDUODDOODSUHVD  1RQWLUDUHLOFDYRGLDOLPHQWD]LRQHSHU
VFROOHJDUHODSSDUHFFKLDWXUD7LUDUH VHPSUHGDOODVSLQD

 ,GLVSRVLWLYLGLSURWH]LRQHGDVFRVVH HOHWWULFKHGHYRQRHVVHUHILVVDWLLQPRGR WDOHGDQRQSRWHUHVVHUHGLVDWWLYDWLVHQ]D O
XVRGLDWWUH]]L
 9HULILFDUHFKHO
DSSDUHFFKLDWXUDVLD LQVWDOODWDFRUUHWWDPHQWH&DYLHOHWWULFL DOOHQWDWLHQRQDSSURSULDWLSRVVRQR FDXVDUHXQVXUULVFDOGDPHQWRGHL FRQQHWWRUL
 &ROOHJDUHODSSDUHFFKLDWXUDDOWHUPLQH GHOOLQVWDOOD]LRQH9HULILFDUHFKHODIRQWHGL DOLPHQWD]LRQHULPDQJDDFFHVVLELOHGRSR O
LQVWDOOD]LRQH
8WLOL]]DUH
$99(57(1=$
5LVFKLRGLOHVLRQLXVWLRQLRVFRVVH HOHWWULFKH
 /
DSSDUHFFKLDWXUDªGHVWLQDWDVRORDOOD FRWWXUD1RQVHUYLUVLGHOO
DSSDUHFFKLDWXUD SHUDOWULXVL
 1RQPRGLILFDUHOHVSHFLILFKHWHFQLFKH GHOO
DSSDUHFFKLDWXUD
 1RQDFFHQGHUHOHOHWWURGRPHVWLFRFRQOH PDQLEDJQDWHRTXDQGRªDFRQWDWWRFRQ O
DFTXD
 8VDUHHVFOXVLYDPHQWHJOLDFFHVVRULLQ GRWD]LRQHFRQO
DSSDUHFFKLDWXUD
 7HQHUHOHILDPPHRJOLRJJHWWLFDOGL ORQWDQRGDJUDVVLHROLLQIDVHGLFRWWXUDH IULWWXUD
 1RQXVDUHJULOOHOHWWULFLVHQ]DSURWH]LRQH  1RQXVDUHO
DSSDUHFFKLDWXUDFRPH
VXSHUILFLHGLVWRFFDJJLR  1RQXVDUHOHQWLGLLQJUDQGLPHQWRELQRFROL
RGLVSRVLWLYLRWWLFLVLPLOLSHUJXDUGDUH GLUHWWDPHQWHODVRUJHQWHGLLOOXPLQD]LRQH GHOODSSDUHFFKLDWXUD
$VVLVWHQ]D
 3HUULSDUDUHO
DSSDUHFFKLDWXUDFRQWDWWDUH XQ&HQWURGL$VVLVWHQ]D$XWRUL]]DWR 8WLOL]]DUHHVFOXVLYDPHQWHULFDPELRULJLQDOL
 3HUTXDQWRULJXDUGDODODPSDGDROH ODPSDGHDOO
LQWHUQRGLTXHVWRSURGRWWRHOH ODPSDGHGLULFDPELRYHQGXWH VHSDUDWDPHQWH4XHVWHODPSDGHVRQR GHVWLQDWHDUHVLVWHUHDFRQGL]LRQLILVLFKH

,7$/,$12 

HVWUHPHQHJOLHOHWWURGRPHVWLFLFRPH WHPSHUDWXUDYLEUD]LRQLXPLGLW¢RVRQR GHVWLQDWHDVHJQDODUHLQIRUPD]LRQLVXOOR VWDWRRSHUDWLYRGHOO
DSSDUHFFKLR1RQVRQR GHVWLQDWHDGHVVHUHXWLOL]]DWHLQDOWUH DSSOLFD]LRQLHQRQVRQRDGDWWHSHU O
LOOXPLQD]LRQHGLDPELHQWLGRPHVWLFL
6PDOWLPHQWR

 &RQWDWWDUHOHDXWRULW¢ORFDOLSHUULFHYHUH LQIRUPD]LRQLVXFRPHVPDOWLUH FRUUHWWDPHQWHODSSDUHFFKLDWXUD
 6WDFFDUHODVSLQDGDOO
DOLPHQWD]LRQH HOHWWULFD
 7DJOLDUHLOFDYRHOHWWULFR GHOO
DSSDUHFFKLDWXUDHVPDOWLUOR

$99(57(1=$
5LVFKLRGLOHVLRQLRVRIIRFDPHQWR

..        
  
                  

 ,7$/,$12

  
                                             
 

      ,,,                        





  
  
  
  
  

         


 

 

   
     
    
  
  
  
  
   
    
    
    


 
   
  

  
  
   
  
  
    

    
           


 
   
  
  

/7  6$8*26,1)250$&,-$ 3ULHñUHQJGDPLLUQDXGRGDPLñSULHWDLVÇDWLGLDL SHUVNDLW\NLWHSDWHLNWÇLQVWUXNFLMÇ*DPLQWRMDVQHDWVDNRX

 

VXDORMLPXVDUDOÇSDWLUWÇGÙOQHWLQNDPRSULHWDLVRñUHQJLPR DUQDXGRMLPR,QVWUXNFLMÇYLVDGDODLN\NLWHVDXJLRMHLU SDVLHNLDPRMHYLHWRMHNDGSULUHLNXVJDOÙWXPÙWHSDVLLUÙWL 9DLNLUSDHLGLDPPRQLVDXJD  9\UHVQLQHLPHWYDLNDLLUDVPHQ\VWXULQW\VIL]LQL
MXWLPLQLDUEDSURWLQLVXWULNLPDUEDDVPHQ\VNXULHPV WUNVWDSDWLUWLHVDULQLñSULHWDLVÇJDOLQDXGRWLWLNSULLULPL NLWDUEDJDYÛQXURG\PXVNDLSVDXJLDLQDXGRWLVSULHWDLVX MHLMLHVXSUDQWDVXSULHWDLVRQDXGRMLPXVXVLMXVLXVSDYRMXV 0DHVQLQHLPHWYDLNLUDVPHQWXULQÏLODEDLVXQNLÇ LUVXGÙWLQJÇQHJDOLÇQHJDOLPDEHSULHLURVOHLVWLEWLDOLD SULHWDLVR  9DLNXVEWLQDSULLUÙWLLUXWLNULQWLNDGMLHVXSULHWDLVX QHDLVW  9LVDVSDNXRWÙVPHGLDJDVVDXJRNLWHQXRYDLNLUWLQNDPDL SDDOLQNLWH  1HOHLVNLWHYDLNDPVLUQDPLQLDPVJ\YQDPVEWLDOLDNDL SULHWDLVDVYHLNLD  9DLNDLEHSULHLURVQHJDOLDWOLNWLSULHWDLVRYDO\PRLU QDXGRWRMRSULHLURVGDUE %HQGURVLRVVDXJRVUHLNDODYLPDL  LVSULHWDLVDV\UDVNLUWDVQDXGRWLQDPXRVHYLUNDLWOHQÏL YLU\NOLLUSDQDLPDLVWRJDPLQLPRSULHWDLV  3ULHDWOLNGDPLWHFKQLQÙVSULHLURVGDUEXVDWMXQNLWH SULHWDLVÇQXRPDLWLQLPR  3(563Ø-,0$63DVLHNLDPRVGDO\VQDXGRMDQWVXPDLVWR JDPLQLPRSULHWDLVDLVJDOLñNDLVWL  1DXGRNLWHWLNVXSULHWDLVXSULVWDW\WXVILNVDYLPRYDUWXV MHLJXMLHQHSDWHLNWLQDXGRNLWHñUHQJLPRLQVWUXNFLMRMH UHNRPHQGXRMDPXVYDUWXVðUHQNLWHSULHWDLVÇVDXJLRMHLU WLQNDPRMHYLHWRMHDWLWLQNDQÏLRMHñUHQJLPRUHLNDODYLPXV  ð63Ø-,0$60RQWXRMDQWYDUWXVDUILNVDYLPRñWDLVÇQHSDJDO LDVLQVWUXNFLMDVJDOLNLOWLHOHNWURVSDYRM  1HQDXGRNLWHNOLMSULHWDLVXLSULWYLUWLQWL
 /,(789,

 0LQLPDOXVDWVWXPDVWDUSNDLWOHQWÙVSDYLULDXVDQWNXULR VWRYLSULNDLVWXYLDLLUSULHWDLVRDSDWLQÙVGDOLHVWXUÙWEWL EHQWFPMHLJXSULHWDLVRDUNDLWOHQWÙVñUHQJLPR LQVWUXNFLMRMHQHQXURG\WDNLWDLS
 2URLOHLGLPDVWXULDWLWLNWLYLHWLQLWDUQ\EQRUPLQLXVDNWXV  3DWDOSRMHNXULRMH\UDSULHWDLVDVXWLNULQNLWHWLQNDPÇ
YHQWLOLDFLMÇNDGGXMRVLGXMDVDUNLWÇNXUÇGHJLQDQÏL SULHWDLVQHSDWHNWDWJDOñSDWDOSÇñVNDLWDQWDWYLUÇOLHSVQÇ  ðVLWLNLQNLWHNDGYHQWLOLDFLMRVDQJRVQHEWXVLNLPÛLU SULHWDLVRVXULQNWDVRUDVQHEWSHUGXRGDPDVñYDP]GñSHU NXUñLWUDXNLDPLGPDLLUJDUDLLNLWSULHWDLVFHQWULQÙV LOG\PRVLVWHPRVWHUPRVLIRQYDQGHQVLOG\WXYLUSDQ  .DLSULHWDLVDVYHLNLDVXNLWDLVSULHWDLVDLVSDWDOSRMH VXVLGDUÛVPDNVLPDOXVYDNXXPDVQHJDOLYLU\WLPEDU  %NLWHDWVDUJVNDGQHSDHLVWXPÙWHPDLWLQLPRODLGR .UHLSNLWÙVñPVñJDOLRWÇMñWHFKQLQÙVSULHLURVFHQWUÇDUED HOHNWULNÇMHLJXUHLNLDSDNHLVWLSDHLVWÇPDLWLQLPRODLGÇ  -HLJXSULHWDLVDV\UDWLHVLRJLDLSULMXQJWDVSULHPDLWLQLPR WLQNORHOHNWURVLQVWDOLDFLMDSULYDORWXUÙWLL]ROLDYLPRñWDLVÇ NXULVOHLGLDDWMXQJWLSULHWDLVÇQXRPDLWLQLPRWLQNORWLHVYLVDLV SROLDLV9LVLNDVDWMXQJLPDVWXULDWLWLNWLYLUñWDPSLR,,, NDWHJRULMRVQXURG\WDVVÇO\JDV$WMXQJLPRSULHPRQÙVWXUL EWLñWUDXNWRVñILNVXRWÇMñPRQWDÇSDJDOHOHNWURVLQVWDOLDFLMRV WDLV\NOHV  3RSULHWDLVXQHJDPLQNLWHOLHSVQRMDQÏLIODPE«SDWLHNDO  1HQDXGRNLWHMRSDYRMLQJRVDUVSURJLRPVPHGLDJRPVLU JDUDPVLWUDXNWL  5HJXOLDULDLYDO\NLWHSULHWDLVÇPLQNWDOXRVWHNDG DSVDXJRWXPÙWHSDYLULDXVPHGLDJÇQXRQXVLGÙYÙMLPR  1HYDO\NLWHSULHWDLVRSDYLULDXVJDUDLVSXUNLDPXYDQGHQLX LXUNÏLDLVYHLÏLDPDLVLDLVYDOLNOLDLVDUDWULRPLV PHWDOLQÙPLVJUDQG\NOÙPLV1DXGRNLWHWLNQHXWUDOLXV SORYLNOLXV  5HJXOLDULDLYDO\NLWHULHEDOILOWUXVEHQWNDVPÙQHVLXVLU SDDOLQNLWHQXRSULHWDLVRULHEDOOLNXÏLXVNDGQHEWJDLVUR SDYRMDXV  3ULHWDLVRYLGYDO\NLWHOXRVWH
/,(789, 

6$8*267$,6<./Ø6
ðUHQJLPDV
ð63Ø-,0$6
6XHLGLPRHOHNWURVVPJLRJDLVUR QXGHJLPDUEDSULHWDLVRVXJDGLQLPR SDYRMXV
 ñSULHWDLVÇñUHQJWLSULYDORWLNNYDOLILNXRWDV DVPXR
 1HñUHQNLWHLUQHQDXGRNLWHVXJDGLQWR SULHWDLVR
 9DGRYDXNLWÙVVXSULHWDLVXSDWHLNWRPLV ñUHQJLPRLQVWUXNFLMRPLV
 9LVDGDENLWHDWVDUJVNDLSHUNHOLDWH SULHWDLVÇQHVMLV\UDVXQNXV9LVDGD PYÙNLWHDSVDXJLQHVSLUWLQHVLUDYÙNLWH XGDUÇDYDO\QÛ
 3ULHñUHQJGDPLSULHWDLVÇQXLPNLWHYLVDV SDNXRWÙVHQNOLQLPRPHGLDJDVLU DSVDXJLQÛSOÙYHOÛ
 1HñUHQNLWHSULHWDLVRVLHQRVQLRMHQHEHQW QLD\UDVNLUWDLDLSDVNLUÏLDL
(OHNWURVSULMXQJLPDV
ð63Ø-,0$6
*DLVURLUHOHNWURVVPJLRSDYRMXV
 9LVXVHOHNWURVSULMXQJLPXVSULYDORDWOLNWL NYDOLILNXRWDVHOHNWULNDV
 ðVLWLNLQNLWHNDGSDUDPHWUDLWHFKQLQL GXRPHQSORNWHOÙMHDWLWLQNDPDLWLQLPR WLQNORHOHNWURVYDUGLQLXVGXRPHQLV
 -HLJXWHFKQLQLGXRPHQSORNWHOÙMHQÙUD
VLPEROLR SULHWDLVÇUHLNLDñHPLQWL  9LVDGDQDXGRNLWHWLQNDPDLñUHQJWÇ
ñHPLQWÇVDXJMñHOHNWURVOL]GÇ  3DVLUSLQNLWHNDGHOHNWURVODLGDL
QHVXVLSDLQLRW  1HQDXGRNLWHGDXJLDNDQDOLDGDSWHULLU
LOJLQDPMODLG  -HLJXWLQNOROL]GDVDWVLODLVYLQÛVQHMXQNLWH
NLWXNR  1RUÙGDPLLMXQJWLSULHWDLVÇQHWUDXNLWHX
PDLWLQLPRODLGR9LVDGDWUDXNLWHSDÙPÛX HOHNWURVNLWXNR  'DOLVXñWDPSDLUL]ROLXRWGDOLDSVDXJD QXRVPJLWXULEWLSULWYLUWLQWDWDLSNDG QHEWJDOLPDQXLPWLEHñUDQNL

 ðVLWLNLQNLWHNDGSULHWDLVDVWLQNDPDL ñUHQJWDV'ÙODWVLODLVYLQXVLRLUQHWLQNDPR HOHNWURVPDLWLQLPRODLGRJQ\EWDVJDOL ñNDLVWL
 3ULMXQNLWHSULHWDLVÇWLHVñUHQJLPRJDOX ðVLWLNLQNLWHNDGñUHQJXVSULHWDLVÇEW SULHLJDSULHPDLWLQLPRWLQNOR
1DXGRMLPDV
ð63Ø-,0$6
3DYRMXVVXVLDORWLQXGHJWLDUEDJDXWL HOHNWURVVPJñ
 LVSULHWDLVDV\UDVNLUWDVWLNPDLVWXL JDPLQWL1HQDXGRNLWHLRSULHWDLVRNLWDLV WLNVODLV
 1HEDQG\NLWHSDNHLVWLLRSULHWDLVR WHFKQLQLVDY\EL
 1HOLHVNLWHSULHWDLVRGUÙJQRPLVUDQNRPLV DUEDMHLSULHWDLVDVOLHÏLDVLVXYDQGHQLX
 1DXGRNLWHWLNVXSULHWDLVXSDWHLNLDPXV SULHGXV
 .DLWLQGDPLULHEDOXVLUDOLHMENLWH DWVDUJVNDGOLHSVQDDUEDñNDLWÛGDLNWDLM QHXGHJW
 1HQDXGRNLWHQHXGHQJWHOHNWULQLJULOOL  1HQDXGRNLWHSULHWDLVRGDLNWDPVODLN\WL  1HQDXGRNLWHGLGLQDPMVWLNOLURQDU
SDQDLRSWLQLSULHWDLVWLHVLRJLDLLUÙWLñ SULHWDLVROHPSXWHV
7HFKQLQÙSULHLUD
 'ÙOSULHWDLVRUHPRQWRNUHLSNLWÙVññJDOLRWÇMñ WHFKQLQÙVSULHLURVFHQWUÇ1DXGRNLWHWLN RULJLQDOLDVDWVDUJLQHVGDOLV
 LRJDPLQLRYLGXMHHVDQWLÏLRVOHPSXWÙ ÙVLUDWVNLUDLSDUGXRGDPRVDWVDUJLQÙV OHPSXWÙVLRVOHPSXWÙVWXULDWODLN\WL HNVWUHPDOLDVIL]LQHVVÇO\JDVEXLWLQLXRVH SULHWDLVXRVHSDY\]GLXLWHPSHUDWUÇ YLEUDFLMÇGUÙJPÛDUED\UDVNLUWRV LQIRUPXRWLDSLHSULHWDLVRYHLNLPREVHQÇ -RVQÙUDVNLUWRVQDXGRWLNLWRPVSDVNLUWLPV LUQHWLQNDSDWDOSRPVDSYLHVWL

 /,(789,

,PHWLPDV
ð63Ø-,0$6
3DYRMXVVXVLHLVWLDUEDXGXVWL
 1RUÙGDPLVXLQRWLNDLSWLQNDPDLXWLOL]XRWL SULHWDLVÇVXVLVLHNLWHVXDWLWLQNDPD VDYLYDOG\EÙVñVWDLJD

 ,WUDXNLWHPDLWLQLPRODLGRNLWXNÇL PDLWLQLPRWLQNOROL]GR
 1XSMDXNLWHPDLWLQLPRODLGÇDUWLSULHWDLVRLU SDDOLQNLWHMñ

/9  '52ì%$6,1)250Â&,-$ 3LUPVLHUíFHVX]VWÃGíDQDVXQOLHWRDQDVUSíJLL]ODVLHW SLHYLHQRWRVQRUÃGíMXPXV5DRWÃMVQHDWELOGSDU VDYDLQRMXPLHPXQERMÃMXPLHPNDVUDGXLHVLHUíFHV QHSDUHL]DVX]VWÃGíDQDVYDLL]PDQWRDQDVUH]XOWÃWÃ *ODEÃMLHWíVLQVWUXNFLMDVGURÃSLHHMDPÃYLHWÃODLWÃVYDUÕWX L]PDQWRWQÃNRWQÕ
%ÕUQXXQSDLMWíJXSHUVRQXGURíED  RLHUíFLGUíNVWL]PDQWRWEÕUQLQRJDGXYHFXPDXQFLOYÕNL
DULHUREHRWÃPIL]LVNÃPVHQVRUÃPYDLJDUíJÃPVSÕMÃPYDL SLHUHG]HVXQ]LQÃDQXWUNXPXDWELOGíJDVSHUVRQDV X]UDXG]íEÃYDLMDWLHLULQIRUPÕWLSDULHUíFHVGURXOLHWRDQX XQL]SURWSRWHQFLÃORVULVNXV%ÕUQLHPQROíG]JDGX YHFXPDPXQSHUVRQÃPDUþRWLSODXXQVDUHåíWXLQYDOLGLWÃWL MÃOLHG]SLHNþXYHLHUíFHLMDYLHQWRVQHSÃUWUDXNWLQHX]UDXJD  0D]LEÕUQLMÃX]UDXJDODLWLHQHVSÕOÕWRVDULHUíFL  1HþDXMLHWEÕUQLHPWXYRWLHVLHSDNRMXPDPXQDWEUíYRMLHWLHVQR WÃSLHQÃFíJÃYHLGÃ  1HþDXMLHWEÕUQLHPXQPÃMG]íYQLHNLHPDWUDVWLHVLHUíFHV WXYXPÃNDGWÃGDUERMDV  %ÕUQLQHGUíNVWWíUíWLHUíFLXQYHLNWWÃVDSNRSLEH]X]UDXG]íEDV
9LVSÃUíJLGURíEDVQRUÃGíMXPL  íLHUíFHSDUHG]ÕWDOLHWRDQDLPÃMVDLPQLHFíEDVDSVWÃNþRV
YLUVSOíWVYLUVPÃPSOíWíPXQOíG]íJÃPJDWDYRDQDVLHUíFÕP  3LUPVDSNRSHVYHLNDQDVDWYLHQRMLHWLHUíFLQRHOHNWURWíNOD  8=0$1ì%83LHHMDPÃVGDþDVYDUVDNDUVWOLHWRMRWWÃVDU
ÕGLHQDJDWDYRDQDVLHUíFÕP

/,(789, 

 ,]PDQWRMLHWWLNDLNRPSOHNWÃFLMÃDULHUíFLLHNþDXWÃVILNVÕMRÃV VNUYHV-DWÃVQDYLHNþDXWDVNRPSOHNWÃFLMÃL]PDQWRMLHW VNUYHVNDVLHWHLNWDVX]VWÃGíDQDVLQVWUXNFLMÃV8]VWÃGLHW LHUíFLGURÃXQDWELOVWRÃYLHWÃNDVDWELOVWX]VWÃGíDQDV SUDVíEÃP
 8=0$1ì%8-DVNUYHVYDLILNVÕMRÃVLHUíFHVQHWLHN X]VWÃGíWDVDWELOVWRLLHPQRUÃGíMXPLHPYDUUDVWLHV HOHNWUíEDVWULHFLHQDULVNV
 1HL]PDQWRMLHWOíPLODLQRILNVÕWXLHUíFL  0LQLPÃODLVDWWÃOXPVVWDUSSOíWVYLUVPXX]NXUDVDWURGDV
SDQQDXQLHUíFHVDSDNÕMRGDþXLUFPMDYLHQLHUíFHVYDL SOíWVYLUVPDVX]VWÃGíDQDVLQVWUXNFLMÃVQDYQRUÃGíWVFLWÃGL  *DLVDL]YDGíDQDLMÃDWELOVWYLHWÕMLHPQRWHLNXPLHP  /DLQHSLHþDXWXJÃ]LYDLFLWXNXULQÃPRSDWÕUÕMRXLHUíÏXJÃ]X WRVWDUSDWNOÃWXOLHVPXLHNþDQXDWSDNDþWHOSÃSÃUEDXGLHW YDLWHOSÃNXUÃX]VWÃGíWDLHUíFHLUQRGURLQÃWDDWELOVWRD YHQWLOÃFLMD  *ÃGÃMLHWODLYHQWLOÃFLMDVDWYHUHVQHEWXEORùÕWDVXQLHUíFHV X]NUÃWDLVJDLVVQHQRQÃNWXFDXUXOÕNDVWLHNL]PDQWRWDQR FLWÃPLHUíFÕPQRYDGíWLHPGPLHPXQWYDLNDPFHQWUÃOÃV DSNXUHVVLVWÕPDVWHUPRVLIRQVGHQVVLOGíWÃMLXWW  .DGLHUíFHGDUERMDVNRSÃDUFLWÃPLHUíFÕPPDNVLPÃODLV WHOSÃUDGíWDLVYDNXXPVQHGUíNVWSÃUVQLHJWPEDU  5íNRMLHWLHVX]PDQíJLODLQHVDERMÃWXVWUÃYDVYDGX 6D]LQLHWLHVDUSLOQYDURWXVHUYLVDFHQWUXYDLHOHNWULùLODL QRPDLQíWXERMÃWXVWUÃYDVNDEHOL  -DLHUíFHWLHNLUSLHVOÕJWDQHSDVWDUSLQÃWLEDURDQDVDYRWDP HOHNWURLQVWDOÃFLMDLMÃEWDSUíNRWDLDUL]ROÃFLMDVLHUíFLNDVþDXM DWYLHQRWLHUíFLQRYLVLHPHOHNWURWíNODSROLHP3LOQíJDLLHUíFHV DWYLHQRDQDLMÃQRGURLQDVDVNDÃDU,,,SÃUVSULHJXPD NDWHJRULMDVSUDVíEÃP6DVNDÃDUHOHNWULVNRLQVWDOÃFLMX QRWHLNXPLHPDWYLHQRDQDVLHVSÕMDVMÃLHNþDXMFLHWDMRVYDGRV  1HL]PDQWRMLHWIODPE«PHWRGLWLHL]HPLHUíFHV  1HL]PDQWRMLHWODLDWEUíYRWRVQREíVWDPLHPYDLVSUÃJVWRLHP PDWHULÃOLHPYDLWYDLND  5HJXOÃULWíULHWLHUíFLDUPíNVWXGUÃQXODLQRYÕUVWXYLUVPDV PDWHULÃODVDERMÃDQRV
 /$79,(8

 7íURWLHUíFHVYLUVPXQHOLHWRMLHWWYDLNDVWUNODVWíUíDQDVLHUíFL GHQVVWUNOXUDXSMXVDEUD]íYXVWíUíDQDVOíG]HNþXVYDL DVXVPHWÃODVNUÃSMXV,]PDQWRMLHWWLNDLQHLWUÃOXV PD]JÃDQDVOíG]HNþXV
 7íULHWWDXNXILOWUXVUHJXOÃULYLVPD]UHL]LGLYRVPÕQHRVXQ QRWíULHWWDXNXDWOLHNDVQRLHUíFHVODLQRYÕUVWXXJXQVJUÕND ULVNX
 7íULHWLHUíFHVLHNSXVLDUGUÃQX

'52ì%$6125Â'ì-80,

8]VWÃGíDQD
%5ì',1Â-806
3DVWÃYULVNVJWVDYDLQRMXPXV HOHNWURRNXL]UDLVíWXJXQVJUÕNX DSGHJXPXVYDLLHUíFHVERMÃMXPXV
 ,HUíFLGUíNVWX]VWÃGíWWLNDLNYDOLILFÕWD SHUVRQD
 1HX]VWÃGLHWXQQHOLHWRMLHWERMÃWXLHUíFL  ,HYÕURMLHWNRSÃDULHUíFLSLHJÃGÃWÃV
X]VWÃGíDQDVQRUÃGHV  9LHQPÕUX]PDQíJLSÃUYLHWRMLHWLHUíFLMRWÃLU
VPDJD9LHQPÕUL]PDQWRMLHWGURíEDV FLPGXVXQVOÕJWXVDSDYXV  3LUPVLHUíFHVX]VWÃGíDQDVQRHPLHWYLVX LHSDNRMXPXPDUùÕMXPXXQDL]VDUG]íEDV SOÕYHV  1HX]VWÃGLHWL]SOGHVJDXVDDWYHULVLHQDV GREXPÃMDYLHQVLHQDVGREXPVQDY SDUHG]ÕWVÃGDPPÕUùLP
(OHNWULVNDLVVDYLHQRMXPV
%5ì',1Â-806
9DUL]UDLVíWXJXQVJUÕNXXQHOHNWURRNX
 (OHNWUíEDVSDGHYHVSLHVOÕJDQDMÃYHLF VHUWLILFÕWDPHOHNWULùLP
 3ÃUOLHFLQLHWLHVNDWHKQLVNRGDWXSOÃNVQíWÕ QRUÃGíWLHSDUDPHWULDWELOVWHOHNWURWíNOD SDUDPHWULHP
 -DX]GDWXSOÃNVQíWHVQDYQRUÃGíWVVLPEROV
 LHUíFLMÃLH]HPÕ  9LHQPÕUL]PDQWRMLHWSDUHL]LX]VWÃGíWXXQ
GURXNRQWDNWOLJ]GX

 1HSLHþDXMLHWHOHNWUíEDVYDGX VDPH]JORDQRV
 1HOLHWRMLHWGDXG]NRQWDNWXDGDSWHUXVYDL SDJDULQÃWÃMXV
 -DNRQWDNWOLJ]GDLUYDþíJDQHLHYLHWRMLHWWDMÃ NRQWDNWVSUDXGQL
 1HNDGQHDWVOÕG]LHWLHUíFLQRWíNODYHONRW DL]VWUÃYDVNDEHþD9LHQPÕUYHOFLHWDL] NRQWDNWVSUDXGD
 'DþDVNDVQRGURLQDDL]VDUG]íEXSUHW HOHNWURRNXQRVWUÃYXYDGRLHPXQ L]ROÕWDMLHPHOHPHQWLHPMÃQRVWLSULQDWÃODL WRVQHYDUÕWXQRHPWEH]LQVWUXPHQWLHP
 3ÃUOLHFLQLHWLHVODLLHUíFHWLNWXSDUHL]L X]VWÃGíWD9DþíJVYDLQHDWELOVWRVVWUÃYDV YDGVYDUL]UDLVíWNRQWDNWDSÃUNDUDQX
 3LHVOÕG]LHWLHUíFLX]VWÃGíDQDVEHLJÃV 3ÃUEDXGLHWYDLSÕFX]VWÃGíDQDV NRQWDNWVSUDXGQLPYDUEUíYLSLHNþW
3LHOLHWRMXPV
%5ì',1Â-806
6DYDLQRMXPXDSGHJXPXYDLHOHNWURRND ULVNV
 íLHUíFHSDUHG]ÕWDWLNDLÕGLHQD JDWDYRDQDL1HL]PDQWRMLHWLHUíFLFLWRV QRONRV
 1HPDLQLHWíSURGXNWDVSHFLILNÃFLMX  1HOLHWRMLHWLHUíFLDUPLWUÃPURNÃPYDLMD
LHUíFHQRQÃNXVLVDVNDUÕDUGHQL  ,]PDQWRMLHWWLNDLSLHGHUXPXVNDVLHNþDXWL
LHUíFHVNRPSOHNWÃFLMÃ  *DWDYRDQDVXQFHSDQDVODLNÃQHWXYLQLHW
WDXNYLHODVXQHþþXDWNOÃWDLOLHVPDLYDL VDNDUVÕWLHPSULHNPHWLHP  1HOLHWRMLHWQHDSVHJWXVHOHNWULVNRVJULOXV

/$79,(8 

 1HOLHWRMLHWLHUíFLNÃX]JODEÃDQDL SDUHG]ÕWXYLUVPX
 1HOLHWRMLHWSDOLHOLQÃPRVVWLNOXVELQRNþXV YDLOíG]íJDVRSWLVNDVLHUíFHVODLVNDWíWRVX] LHUíFHVODPSX
6HUYLVDL]YÕOQH
 /DLVDODERWXLHUíFLVD]LQLHWLHVDUSLOQYDURWX VHUYLVDFHQWUX/LHWRMLHWWLNDLRULåLQÃODV UH]HUYHVGDþDV
 ,QIRUPÃFLMDSDUDMÃSURGXNWÃHVRRODPSX ODPSÃPXQDWVHYLùLQRSÕUNDPDMÃP UH]HUYHVODPSÃPíVODPSDVLU SDUHG]ÕWDVHNVWUHPÃOLHPIL]LVNDMLHP DSVWÃNþLHPSLHPÕUDPWHPSHUDWUDL YLEUÃFLMDLPLWUXPDPPÃMVDLPQLHFíEDV LHUíFÕVYDLSDUHG]ÕWDVLQIRUPÕDQDLSDU

LHUíFHVGDUEíEDVVWDWXVX7ÃVQDY SDUHG]ÕWDVFLWLHPOLHWRDQDVYHLGLHPXQ QDYSLHPÕURWDVPÃMVDLPQLHFíEDVWHOSX DSJDLVPRMXPDP
8WLOL]ÃFLMD
%5ì',1Â-806
3DVWÃYVDYDLQRDQÃVYDLQRVPDNDQDV ULVNV
 6D]LQLHWLHVDUYLHWÕMÃVSDYDOGíEDV LHVWÃGÕPODLQRVNDLGURWXNÃXWLOL]ÕWLHUíFL
 $WYLHQRMLHWLHUíFLQRHOHNWURSDGHYHV  1RJULH]LHWVWUÃYDVNDEHOLQHWÃOXQRLHUíFHV
XQXWLOL]ÕMLHWWR

0.        
  
             

 /$79,(8

  
  
  
  
  
  
               FP              
 

     PEDU  R         ,,,                       
 





  
  
  
  
    
   
   



   
    
    
  
  
  
  
   

    
   
   


 
   
  
  
  
   
  
  
   

    
        

 

   




   
  
  

1/  9(,/,*+(,'6,1)250$7,( /HHV]RUJYXOGLJGHPHHJHOHYHUGHLQVWUXFWLHVYRRULQVWDOODWLH HQJHEUXLNYDQKHWDSSDUDDW'HIDEULNDQWLVQLHW YHUDQWZRRUGHOLMNYRRUYHUZRQGLQJHQRIVFKDGHGLHYRRUWYORHLW XLWGHRQMXLVWHLQVWDOODWLHRIKHWRQMXLVWHJHEUXLN%HZDDUGH LQVWUXFWLHVDOWLMGRSHHQYHLOLJHWRHJDQNHOLMNHSOHNYRRU WRHNRPVWLJJHEUXLN
9HLOLJKHLGYDQNLQGHUHQHQNZHWVEDUHSHUVRQHQ  'LWDSSDUDDWNDQZRUGHQJHEUXLNWGRRUNLQGHUHQYDQMDDU
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

 

$OJHPHQHYHLOLJKHLG  'LWDSSDUDDWLVEHGRHOGYRRUKXLVKRXGHOLMNJHEUXLNERYHQ
NRRNSODWHQIRUQXL]HQHQVRRUWJHOLMNHNRRNWRHVWHOOHQ  9RRUGDWXZHONHRQGHUKRXGVKDQGHOLQJGDQRRNYHUULFKW
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±QVWDOOHHUGLVRPKHWWHUXJVWURPHQYDQJDVVHQ YDQDSSDUDWHQLQGHUXLPWHGLHRSJDVRIDQGHUH EUDQGVWRIIHQZHUNHQ]RDOVRSHQKDDUGHQWHYRRUNRPHQ  =RUJHUYRRUGDWGHYHQWLODWLHRSHQLQJHQQLHWZRUGHQ JHEORNNHHUGHQGDWGHGRRUKHWDSSDUDDWRSJHYDQJHQOXFKW QLHWZRUGWRYHUJHEUDFKWQDDUHHQNDQDDOGDWZRUGWJHEUXLNW RPURRNHQVWRRPXLWDQGHUHDSSDUDWHQFHQWUDOH YHUZDUPLQJVV\VWHPHQWKHUPRVLIRQV ZDWHUYHUZDUPLQJVWRHVWHOOHQHQ]DIWH]XLJHQ  :DQQHHUKHWDSSDUDDWPHWDQGHUHDSSDUDWHQZHUNWPDJ KHWPD[LPDOHYDFX¾PGDWLQGHUXLPWHZRUGWJHJHQHUHHUG QLHWJURWHU]LMQGDQPEDU
1('(5/$1'6 

 =RUJGDWXGHVWURRPNDEHOQLHWEHVFKDGLJW1HHPFRQWDFW RSPHWRQ]HVHUYLFHDIGHOLQJRIHHQHOHNWURPRQWHXURPHHQ EHVFKDGLJGHHOHNWULVFKHNDEHOWHYHUYDQJHQ
 $OVKHWDSSDUDDWUHFKWVWUHHNVRSGHYRHGLQJLVDDQJHVORWHQ PRHWGHHOHNWULVFKHLQVWDOODWLH]LMQXLWJHUXVWPHWHHQ LVROHHULQULFKWLQJZDDUPHHKHWDSSDUDDWYDQDOOHSROHQYDQ KHWVWRSFRQWDFWNDQZRUGHQORVJHNRSSHOG9ROOHGLJH RQWNRSSHOLQJPRHWYROGRHQDDQGHYRRUZDDUGHQYDQGH RYHUVSDQQLQJVFDWHJRULH,,,'HPLGGHOHQYRRUKHW XLWVFKDNHOHQPRHWHQRSJHQRPHQZRUGHQLQGHYDVWH EHGUDGLQJRYHUHHQNRPVWLJGHUHJHOVYRRUGHEHGUDGLQJ
 )ODPEHHUQLHWRQGHUKHWDSSDUDDW  *HEUXLNKHWQLHWRPJHYDDUOLMNHRIH[SORVLHYHPDWHULDOHQHQ
GDPSHQDIWH]XLJHQ  5HLQLJKHWDSSDUDDWUHJHOPDWLJPHWHHQ]DFKWHGRHNRPWH
YRRUNRPHQGDWKHWPDWHULDDOYDQKHWRSSHUYODN DFKWHUXLWJDDW  *HEUXLNJHHQVWRRPUHLQLJHUZDWHUVSUD\DJUHVVLHYH VFKXXUPLGGHOHQRIVFKHUSHPHWDOHQVFKUDSHUVRPKHW RSSHUYODNYDQKHWDSSDUDDWVFKRRQWHPDNHQ*HEUXLN DOOHHQQHXWUDOHVFKRRQPDDNPLGGHOHQ  5HLQLJGHYHWILOWHUVUHJHOPDWLJWHQPLQVWHRPGH PDDQGHQHQYHUZLMGHUYHWDI]HWWLQJHQXLWKHWDSSDUDDWRP EUDQGJHYDDUWHYRRUNRPHQ  *HEUXLNHHQGRHNRPGHELQQHQNDQWYDQKHWDSSDUDDW VFKRRQWHPDNHQ

9(,/,*+(,'692256&+5,)7(1

,QVWDOODWLH
:$$56&+8:,1*
*HYDDUYRRUOHWVHOHOHNWULVFKHVFKRNNHQ EUDQGEUDQGZRQGHQHQVFKDGHDDQKHW DSSDUDDW
 $OOHHQHHQHUNHQGHLQVWDOODWLHWHFKQLFXV PDJKHWDSSDUDDWLQVWDOOHUHQ
 ,QVWDOOHHUHQJHEUXLNJHHQEHVFKDGLJG DSSDUDDW

 9ROJGHLQVWDOODWLHLQVWUXFWLHVGLH]LMQ PHHJHOHYHUGPHWKHWDSSDUDDW
 3DVDOWLMGRSELMYHUSODDWVLQJYDQKHW DSSDUDDWZDQWKHWLV]ZDDU*HEUXLNDOWLMG YHLOLJKHLGVKDQGVFKRHQHQHQJHVORWHQ VFKRHLVHO
 9HUZLMGHUYRRUGDWXKHWDSSDUDDW LQVWDOOHHUWDOOHYHUSDNNLQJHQGH HWLNHWWHULQJHQGHEHVFKHUPIROLH
 ,QVWDOOHHUGHXLWODDWOXFKWQLHWLQHHQ ZDQGRSHQLQJWHQ]LMGHRSHQLQJYRRUGDW GRHOLVRQWZRUSHQ

 1('(5/$1'6

(OHNWULVFKHDDQVOXLWLQJ
:$$56&+8:,1*
*HYDDUYRRUEUDQGHQHOHNWULVFKH VFKRNNHQ
 $OOHHOHNWULVFKHDDQVOXLWLQJHQPRHWHQGRRU HHQJHGLSORPHHUGHOHNWURPRQWHXUZRUGHQ JHPDDNW
 =RUJHUYRRUGDWGHSDUDPHWHUVRSKHW YHUPRJHQVSODDWMHRYHUHHQNRPHQPHW HOHNWULVFKHYHUPRJHQYDQGHQHWVWURRP
 $OVKHWV\PERRO QLHWRSGHW\SHSODDW LVDIJHGUXNWPRHWKHWDSSDUDDWJHDDUG ZRUGHQ
 *HEUXLNDOWLMGHHQMXLVWJH±QVWDOOHHUG VFKRNEHVWHQGLJVWRSFRQWDFW
 9RRUNRPGDWGHVWURRPNDEHOVYHUVWULNW UDNHQ
 *HEUXLNJHHQDGDSWHUVPHWPHHUGHUH VWHNNHUVHQYHUOHQJNDEHOV
 $OVKHWVWRSFRQWDFWORV]LWPDJXGH VWHNNHUQLHWLQKHWVWRSFRQWDFWVWHNHQ
 7UHNQLHWDDQKHWQHWVQRHURPKHW DSSDUDDWORVWHNRSSHOHQ7UHNDOWLMGDDQ GHVWHNNHU
 'HVFKRNEHVFKHUPLQJYDQGHOHQRQGHU VWURRPHQJH±VROHHUGHGHOHQPRHWRS]R
Q PDQLHUZRUGHQEHYHVWLJGGDWKHWQLHW ]RQGHUJHUHHGVFKDSNDQZRUGHQ YHUSODDWVW
 =RUJHUYRRUGDWKHWDSSDUDDWFRUUHFWLV JH±QVWDOOHHUG/RVVHHQRQMXLVWH VWURRPNDEHOVNXQQHQHUYRRU]RUJHQGDW GHFRQWDFWNOHPWHKHHWZRUGW
 6OXLWKHWDSSDUDDWDDQKHWHLQGHYDQGH LQVWDOODWLHDDQ=RUJHUYRRUGDWGH QHWYRHGLQJQDLQVWDOODWLHEHUHLNEDDULV
*HEUXLN
:$$56&+8:,1*
*HYDDUYRRUOHWVHOEUDQGZRQGHQRI HOHNWULVFKHVFKRNNHQ
 'LWDSSDUDDWLVXLWVOXLWHQGEHVWHPGRP PHHWHNRNHQ*HEUXLNKHWDSSDUDDWQLHW YRRUDQGHUHGRHOHLQGHQ

 'HVSHFLILFDWLHYDQGLWDSSDUDDWQLHW ZLM]LJHQ
 *HEUXLNKHWDSSDUDDWQLHWPHWQDWWH KDQGHQRIDOVKHWFRQWDFWPDDNWPHW ZDWHU
 *HEUXLNDOOHHQGHDFFHVVRLUHVGLH]LMQ PHHJHOHYHUGPHWKHWDSSDUDDW
 +RXGYODPPHQRIYHUZDUPGHYRRUZHUSHQ ZHJYDQYHWWHQHQROLQWLMGHQVKHWNRNHQ HQEDNNHQ
 *HEUXLNJHHQRQEHGHNWHHOHNWULVFKH URRVWHUV
 *HEUXLNKHWDSSDUDDWQLHWDOVHHQ RSVODJRSSHUYODN
 *HEUXLNJHHQYHUJURRWJOD]HQYHUUHNLMNHUV RIVRRUWJHOLMNHRSWLVFKHDSSDUDWHQRP GLUHFWQDDUGHYHUOLFKWLQJYDQKHWDSSDUDDW WHNLMNHQ
6HUYLFH
 1HHPFRQWDFWRSPHWGHHUNHQGH VHUYLFHGLHQVWYRRUUHSDUDWLHYDQKHW DSSDUDDW*HEUXLNXLWVOXLWHQGRULJLQHOH UHVHUYHRQGHUGHOHQ
 0HWEHWUHNNLQJWRWGHODPSHQLQGLW SURGXFWHQUHVHUYHODPSHQGLHDI]RQGHUOLMN ZRUGHQYHUNRFKW'H]HODPSHQ]LMQ EHGRHOGRPEHVWDQGWH]LMQWHJHQH[WUHPH I\VLHNHRPVWDQGLJKHGHQLQKXLVKRXGHOLMNH DSSDUDWHQ]RDOVWHPSHUDWXXUWULOOLQJHQ YRFKWLJKHLGRI]LMQEHGRHOGRPLQIRUPDWLH WHJHYHQRYHUGHRSHUDWLRQHOHVWDWXVYDQ KHWDSSDUDDW=H]LMQQLHWEHGRHOGYRRU JHEUXLNLQDQGHUHWRHSDVVLQJHQHQ]LMQ QLHWJHVFKLNWYRRUYHUOLFKWLQJLQ KXLVKRXGHOLMNHUXLPWHQ
9HUZLMGHULQJ
:$$56&+8:,1*
*HYDDUYRRUOHWVHORIYHUVWLNNLQJ
 1HHPFRQWDFWRSPHWXZSODDWVHOLMNH RYHUKHLGYRRULQIRUPDWLHRYHUKHWDIYRHUHQ YDQKHWDSSDUDDW
 +DDOGHVWHNNHUXLWKHWVWRSFRQWDFW  6QLMGKHWQHWVQRHUYODNELMKHWDSSDUDDWDI
HQJRRLKHWZHJ

1('(5/$1'6 

12  6,..(5+(76,1)250$6-21 /HVPHGIºOJHQGHLQVWUXNVMRQHUJUXQGLJIºUGXLQVWDOOHUHURJ EUXNHUDSSDUDWHW3URGXVHQWHQHULNNHDQVYDUOLJIRU SHUVRQVNDGHUHOOHUDQGUHVNDGHUVRPIºOJHDYIHLODNWLJ PRQWHULQJHOOHUEUXN+ROGDOOWLGLQVWUXNVMRQHQHS§HWWU\JWRJ WLOJMHQJHOLJVWHGIRUIUHPWLGLJUHIHUDQVH 6LNNHUKHWIRUEDUQRJXWVDWWHPHQQHVNHU  'HWWHSURGXNWHWNDQEUXNHVDYEDUQIUD§URJRSSRYHURJ
SHUVRQHUPHGUHGXVHUWHI\VLVNHVHQVRULVNHHOOHUPHQWDOH HYQHUHOOHUPDQJOHQGHHUIDULQJRJNXQQVNDSGHUVRPGHI§U WLOV\QHOOHULQVWUXNVMRQHURPEUXNHQDYSURGXNWHWS§HQ VLNNHUP§WHRJIRUVW§UIDUHQHVRPHULQYROYHUW%DUQXQGHU §URJSHUVRQHUPHGVY¨UWRPIDWWHQGHRJNRPSOHNVH IXQNVMRQVQHGVHWWHOVHUP§KROGHVS§DYVWDQGIUDSURGXNWHW PHGPLQGUHGHHUXQGHUWLOV\QWLOHQKYHUWLG  %DUQEºUY¨UHXQGHURSSV\QIRU§VLNUHDWGHLNNHOHNHU PHGDSSDUDWHW  2SSEHYDUDOOHPEDOODVMHXWLOJMHQJHOLJIRUEDUQRJNDVWGHQ S§ULNWLJP§WH  +ROGEDUQRJNM¨OHG\UERUWHIUDSURGXNWHWQ§UGºUHQHUL EUXN  5HQJMºULQJRJYHGOLNHKROGDYSURGXNWHWVNDOLNNHXWIºUHVDY EDUQ *HQHUHOOVLNNHUKHW  'HWWHDSSDUDWHWHUEHUHJQHWIRUKXVKROGQLQJVEUXNRYHU NRNHWRSSHUNRPI\UHURJOLJQHQGHHQKHWHU  7UHNNVWºSVHOHWXWDYVWLNNRQWDNWHQIºUGXXWIºUHU YHGOLNHKROG  )256,.7,*7LOJMHQJHOLJHGHOHUNDQEOLYDUPHXQGHUEUXN PHGWLOEHUHGQLQJVDSSDUDWHU  %UXNNXQIHVWHVNUXHQHVRPIºOJHUPHGDSSDUDWHWKYLVGH LNNHIXOJWHPHGEUXNVNUXHQHDQEHIDOWL LQVWDOODVMRQVLQVWUXNVMRQHQH0RQWHUSURGXNWHWS§HWWU\JWRJ HJQHWVWHGVRPRSSI\OOHUPRQWHULQJVNUDY
 1256.

 $'9$56(/+YLVGXLNNHLQVWDOOHUHUVNUXHQHHOOHU IHVWHPLGOHQHLKHQKROGWLOGLVVHLQVWUXNVMRQHQHNDQGHWIºUH WLOHOHNWULVNHIDUHU
 ,NNHEUXNNOHEHPLGOHUIRU§IHVWHDSSDUDWHW  0LQLPXPVDYVWDQGHQPHOORPNRNHWRSSHQVRPNRNHNDUHQH
VW§US§RJXQGHUGHOHQDYDSSDUDWHWVNDOY¨UHPLQVWFP PHGPLQGUHDQQHWHUDQJLWWLDSSDUDWHWV LQVWDOODVMRQVLQVWUXNVMRQHU  $YWUHNNVOXIWP§RYHUKROGHORNDOHIRUVNULIWHU  3§VHDWGHWHUJRGOXIWYHQWLODVMRQGHUSURGXNWHWHULQVWDOOHUW IRU§XQQJ§DWJDVVHUIUDHYHQWXHOOHSURGXNWHUVRPGULYHV PHGEUHQQEDUWGULYVWRIIGHULEODQW§SHQLOGLNNHEOLUEODQGHW PHGOXIWHQLSURGXNWHW  3§VHDWYHQWLODVMRQV§SQLQJHQHLNNHHUEORNNHUWHRJDWOXIWHQ VRPVDPOHVRSSDYDSSDUDWHWLNNHEOLUIºUWLQQLHQNDQDO VRPEUXNHVWLO§IMHUQHUº\NRJGDPSIUDDQGUHDSSDUDWHU VHQWUDOYDUPHV\VWHPHUWHUPRVLIRQHUYDUPWYDQQVEHUHGHUH RVY  1§UDSSDUDWHWEUXNHVPHGDQGUHDSSDUDWHUVNDOLNNH PDNVLPDOWYDNXXPJHQHUHUWLURPPHWRYHUVWLJHPEDU  3§VHDWVWUºPNDEHOHQLNNHEOLUS§IºUWVNDGH.RQWDNWY§UW DXWRULVHUWHVHUYLFHVHQWHUHWHOOHUHQHOHNWULNHUIRU§VNLIWHHQ VNDGHWVWUºPNDEHO  +YLVDSSDUDWHWHUNREOHWGLUHNWHWLOVWUºPIRUV\QLQJHQP§ GHQHOHNWULVNHLQVWDOODVMRQHQY¨UHXWVW\UWPHGHQLVROHUHQGH HQKHWVRPJMºUGHWPXOLJ§NREOHDSSDUDWHWIUDVWUºPQHWWHW YHGDOOHSROHU)XOOVWHQGLJIUDNREOLQJP§RSSI\OOHYLON§UHQH VRPHUVSHVLILVHUWLRYHUVSHQQLQJVNDWHJRUL,,,,QQUHWQLQJHQH IRUIUDNREOLQJP§Y¨UHLQNRUSRUHUWLGHQIDVWH VWUºPLQVWDOODVMRQHQLVDPVYDUPHGLQVWDOODVMRQVUHJOHQH  )ODPEHUDOGULXQGHUDSSDUDWHW  0§LNNHEUXNHVIRUDYWUHNNDYIDUOLJHHOOHUHNVSORVLYH PDWHULDOHURJGDPS  5HQJMºUDSSDUDWHWPHGHQP\NNOXWPHGMHYQHPHOORPURP IRU§KLQGUHVNDGHS§RYHUIODWHQ
1256. 

 ,NNHEUXNGDPSUHQVHUYDQQVSUD\VWHUNHUHQJMºULQJVPLGOHU HOOHUHQPHWDOOVNUDSHUIRU§UHQJMºUHDSSDUDWHWVRYHUIODWH %UXNNXQQº\WUDOWYDVNHPLGGHO
 5HQJMºUIHWWILOWUHQHUHJHOPHVVLJPLQVWDQQHQKYHUP§QHG RJIMHUQIHWWRSSVDPOLQJIUDDSSDUDWHWIRU§XQQJ§EUDQQIDUH
 %UXNHQNOXWIRU§UHQJMºUHDSSDUDWHWLQQYHQGLJ

6,..(5+(76,16758.6-21(5

0RQWHULQJ
$'9$56(/
5LVLNRIRUSHUVRQVNDGHHOHNWULVNVWºW EUDQQVNDGHUHOOHUVNDGHS§SURGXNWHW
 'HWWHSURGXNWHWP§PRQWHUHVDYHQ NYDOLILVHUWSHUVRQ
 ,NNHPRQWHUHOOHUEUXNHWVNDGHWSURGXNW  )ºOJLQVWDOODVMRQVDQYLVQLQJHQHVRPIºOJHU
PHGSURGXNWHW  9¨UDOOWLGIRUVLNWLJQ§UGXIO\WWHUSURGXNWHW
'HWHUWXQJW%UXNDOOWLGYHUQHEULOOHURJ OXNNHWIRWWº\  )ºUGXPRQWHUHUSURGXNWHWP§GXIMHUQHDOO HPEDOODVMHPHUNLQJRJEHVN\WWHOVHVILOP  0RQWHULNNHDYWUHNNVOXIWHQLHWKXOURPL YHJJHQPHGPLQGUHKXOURPPHWHU GHVLJQHWIRUGHWIRUP§OHW
(OHNWULVNWLONREOLQJ
$'9$56(/
)DUHIRUEUDQQRJHOHNWULVNVWºW
 $OOHHOHNWULVNHWLONREOLQJHUVNDOXWIºUHVDY HQNYDOLILVHUWHOHNWULNHU
 .RQWUROOHUDWSDUDPHWHUQHS§W\SHVNLOWHWHU NRPSDWLEOHPHGGHHOHNWULVNH VSHVLILNDVMRQHQHLVWUºPIRUV\QLQJHQ
 +YLVV\PEROHW LNNHHUWU\NNHWS§ NODVVLILVHULQJVVNLOWHWP§SURGXNWHWMRUGHV
 %UXNDOOWLGHQNRUUHNWPRQWHUWMRUGHW VWLNNRQWDNW
 6ºUJIRUDWVWUºPNDEHOHQLNNHIORNHUVHJ  ,NNHEUXNJUHQXWWDNHOOHUVNMºWHOHGQLQJHU  +YLVVWLNNRQWDNWHQHUOºVVNDOGXLNNHVHWWH
LVWºSVHOHW  ,NNHWUHNNLNDEHOHQIRU§NREOHIUD
SURGXNWHW7UHNNDOOWLGLVHOYHVWºSVHOHW

 %HVN\WWHOVHQPRWHOHNWULVNVWºWIUD VWUºPIºUHQGHRJLVROHUWHGHOHUP§IHVWHV S§HQP§WHVRPJMºUDWGHQLNNHNDQ IMHUQHVXWHQYHUNWº\
 3§VHDWSURGXNWHWHUULNWLJPRQWHUW/ºVRJ IHLOKRYHGVWUºPNDEHONDQRYHURSSKHWH WHUPLQDOHQ
 .REOHWLOSURGXNWHWQ§UGXKDUIXOOIºUW PRQWHULQJHQ.RQWUROOHUDWGHWHUWLOJDQJWLO VWUºPWLONREOLQJHQHWWHUPRQWHULQJHQ
%UXN
$'9$56(/
5LVLNRIRUVNDGHEUDQQVNDGHURJ HOHNWULVNVWºW
 'HWWHDSSDUDWHWVNDONXQEUXNHVWLO PDWODJLQJ,NNHEUXNDSSDUDWHWWLODQGUH IRUP§O
 3URGXNWHWVVSHVLILNDVMRQHUP§LNNH HQGUHV
 ,NNHEUXNSURGXNWHWPHGY§WHKHQGHUHOOHU Q§UGHWHULNRQWDNWPHGYDQQ
 %UXNNXQWLOEHKºUVRPOHYHUHVVDPPHQ PHGDSSDUDWHW
 +ROGIODPPHUHOOHURSSYDUPHGH JMHQVWDQGHUXQQDIHWWRJROMHUQ§UGX WLOEHUHGHUPDWYHGNRNLQJRJVWHNLQJ
 ,NNHEUXNDYGHNNHGHHOHNWULVNHULVWHU  2YHUIODWHQWLODSSDUDWHWVNDOLNNHEUXNHVWLO
RSSEHYDULQJ  ,NNHEUXNIRUVWºUUHOVHVJODVVNLNNHUWHOOHU
OLJQHQGHRSWLVNHHQKHWHUIRU§VHGLUHNWH S§WHQQLQJHQDYDSSDUDWHW
6HUYLFH
 .RQWDNWGHWDXWRULVHUWHVHUYLFHVHQWHUHWIRU §UHSDUHUHSURGXNWHW'HWVNDOEDUHEUXNHV RULJLQDOHUHVHUYHGHOHU

 1256.

 $QJ§HQGHODPSHQHLGHWWHSURGXNWHWRJ UHVHUYHGHOHUVRPVHOJHVVHSDUDW'LVVH ODPSHQHHUPHQW§PRWVW§HNVWUHPH I\VLVNHIRUKROGLKXVKROGQLQJVSURGXNWHU IRUHNVHPSHOWHPSHUDWXUYLEUDVMRQ IXNWLJKHWHOOHUHUPHQW§VLJQDOLVHUH LQIRUPDVMRQRPSURGXNWHWVGULIWVVWDWXV'H HULNNHPHQW§EUXNHVLDQGUH EUXNVRPU§GHURJHJQHUVHJLNNHWLO URPEHO\VQLQJ

$YIDOOVK§QGWHULQJ
$'9$56(/
)DUHIRUVNDGHRJNYHOQLQJ
 .RQWDNWNRPPXQHQGLQIRULQIRUPDVMRQRP KYRUGDQGXNDVWHUDSSDUDWHW
 .REOHSURGXNWHWIUDVWUºPPHQ  .XWWDYVWUºPNDEHOHQOXNNSURGXNWHWRJ
NDVWGHQ

3/  ,1)250$&-('27<&=Æ&( %(=3,(&=(67:$
3U]HGSU]\VWÇSLHQLHPGRLQVWDODFMLLUR]SRF]ÛFLHP HNVSORDWDFMLXU]ÇG]HQLDQDOH\XZDQLH]DSR]QDÉVLÛ] GRÇF]RQÇLQVWUXNFMÇREVXJL3URGXFHQWQLHRGSRZLDGD]D REUDHQLDFLDDDQLV]NRG\VSRZRGRZDQHQLHSUDZLGRZÇ LQVWDODFMÇOXEHNVSORDWDFMÇXU]ÇG]HQLD1DOH\]DFKRZDÉ LQVWUXNFMÛREVXJLZEH]SLHF]Q\PLDWZRGRVWÛSQ\PPLHMVFX ZFHOXZ\NRU]\VWDQLDZSU]\V]RFL %H]SLHF]HVWZRG]LHFLLRVµERRJUDQLF]RQ\FK ]GROQRFLDFKUXFKRZ\FK  8U]ÇG]HQLHPRJÇREVXJLZDÉG]LHFLSRXNRF]HQLXURNX
\FLDRUD]RVRE\RRJUDQLF]RQ\FK]GROQRFLDFKIL]\F]Q\FK VHQVRU\F]Q\FKOXEXP\VRZ\FKEÇGQLHSRVLDGDMÇFH RGSRZLHGQLHMZLHG]\LGRZLDGF]HQLDMHOLEÛGÇRQH QDG]RURZDQHOXE]RVWDQÇSRLQVWUXRZDQHZ]DNUHVLH EH]SLHF]QHJRNRU]\VWDQLD]WHJRXU]ÇG]HQLDLEÛGÇ ZLDGRPH]ZLÇ]DQ\FK]W\P]DJURH']LHFLZZLHNX SRQLHMODWLRVRE\R]QDF]Q\PVWRSQLX QLHSHQRVSUDZQRFLQLHSRZLQQ\]EOLDÉVLÛXU]ÇG]HQLD MHOLQLH]QDMGXMÇVLÛSRGVWD\PQDG]RUHP  ']LHFLQDOH\SLOQRZDÉDE\QLHEDZL\VLÛXU]ÇG]HQLHP  3U]HFKRZ\ZDÉRSDNRZDQLHZPLHMVFXQLHGRVWÛSQ\PGOD G]LHFLOXESR]E\ÉVLÛJRZRGSRZLHGQLVSRVµE  ']LHFLL]ZLHU]ÛWDQLHSRZLQQ\]EOLDÉVLÛGRSUDFXMÇFHJR XU]ÇG]HQLD

1256. 

 ']LHFLQLHSRZLQQ\]DMPRZDÉVLÛF]\V]F]HQLHPDQL NRQVHUZDFMÇXU]ÇG]HQLDEH]RGSRZLHGQLHJRQDG]RUX
2JµOQH]DVDG\EH]SLHF]HVWZD  8U]ÇG]HQLHMHVWSU]H]QDF]RQHZ\ÇF]QLHGRX\WNX
GRPRZHJRQDGS\WDPLJU]HMQ\PLNXFKHQNDPLLSRGREQ\PL XU]ÇG]HQLDPLGRJRWRZDQLD  3U]HGSU]\VWÇSLHQLHPGRMDNLFKNROZLHNF]\QQRFL NRQVHUZDF\MQ\FKQDOH\RGÇF]\ÉXU]ÇG]HQLHRG]DVLODQLD  8:$*$DWZRGRVWÛSQHHOHPHQW\XU]ÇG]HQLDPRJÇ PRFQRQDJU]HZDÉVLÛRGFLHSDZ\WZDU]DQHJRSU]H] XU]ÇG]HQLDGRJRWRZDQLD  8\ZDÉW\ONRUXEPRFXMÇF\FKGRÇF]RQ\FKGRXU]ÇG]HQLD -HOLLFKQLHGRÇF]RQRQDOH\X\ÉUXE]DOHFDQ\FKZ LQVWUXNFMLLQVWDODFML=DLQVWDORZDÉXU]ÇG]HQLHZ RGSRZLHGQLPLEH]SLHF]Q\PPLHMVFXNWµUHVSHQLD Z\PDJDQLDLQVWDODF\MQH  2675=((1,(1LH]DLQVWDORZDQLHUXEOXEHOHPHQWX PRFXMÇFHJR]JRGQLH]QLQLHMV]ÇLQVWUXNFMÇPRHVNXWNRZDÉ SRUDHQLHPSUÇGHPHOHNWU\F]Q\P  1LHPRFRZDÉXU]ÇG]HQLDSU]\X\FLXNOHMµZDQLWDP VDPRSU]\OHSQ\FK  0LQLPDOQDRGOHJRÉPLÛG]\SRZLHU]FKQLÇS\W\JU]HMQHMQD NWµUHMVWRMÇQDF]\QLDDGROQÇF]ÛFLÇXU]ÇG]HQLDSRZLQQD Z\QRVLÉFRQDMPQLHMFPRLOHQLHZVND]DQRLQDF]HMZ LQVWUXNFMLLQVWDODFMLXU]ÇG]HQLDOXES\W\JU]HMQHM  ,QVWDODFMDRGSURZDG]DMÇFDSRZLHWU]HPXVLE\É]JRGQD] ORNDOQ\PLSU]HSLVDPL  8SHZQLÉVLÛHZPLHMVFXLQVWDODFMLXU]ÇG]HQLDMHVW ]DSHZQLRQDRGSRZLHGQLDZHQW\ODFMDDE\]DSRELHFFRIDQLX VLÛGRSRPLHV]F]HQLDVSDOLQ]XU]ÇG]H]DVLODQ\FKRSDHP OXE]NRPLQND  8SHZQLÉVLÛHRWZRU\ZHQW\ODF\MQHQLHVÇ]DEORNRZDQHL SRZLHWU]HSRELHUDQHSU]H]XU]ÇG]HQLHQLHMHVWNLHURZDQHGR NDQDXVXÇFHJRGRRGSURZDG]DQLDG\PXLSDU\]LQQ\FK XU]ÇG]HV\VWHPµZFHQWUDOQHJRRJU]HZDQLDLQVWDODFML WHUPRV\IRQRZ\FKSRGJU]HZDF]\ZRG\LWS
 32/6.,

 -HOLXU]ÇG]HQLHG]LDDMHGQRF]HQLH]LQQ\PLXU]ÇG]HQLDPL PDNV\PDOQHSRGFLQLHQLHZ\WZDU]DQHZSRPLHV]F]HQLXQLH SRZLQQRSU]HNUDF]DÉZDUWRFLPEDU
 1DOH\XZDDÉDE\QLHXV]NRG]LÉSU]HZRGX]DVLODMÇFHJR :\PLDQÛXV]NRG]RQHJRSU]HZRGX]DVLODMÇFHJRQDOH\ ]OHFLÉDXWRU\]RZDQHPXFHQWUXPVHUZLVRZHPXOXE Z\NZDOLILNRZDQHPXHOHNWU\NRZL
 -HOLXU]ÇG]HQLHMHVWSRGÇF]DQHEH]SRUHGQLRGR]DVLODQLD ZLQVWDODFMLHOHNWU\F]QHMQDOH\]DVWRVRZDÉZ\ÇF]QLN REZRGXXPROLZLDMÇF\RGÇF]HQLHXU]ÇG]HQLDRG]DVLODQLD QDZV]\VWNLFKELHJXQDFK3HQHRGÇF]HQLHPXVLE\É ]JRGQH]Z\PDJDQLDPLNDWHJRULL,,,RFKURQ\ SU]HFLZSU]HSLÛFLRZHM:VWDHMLQVWDODFMLQDOH\]DVWRVRZDÉ Z\ÇF]QLNXPROLZLDMÇF\RGÇF]HQLH]DVLODQLD]JRGQLH] ]DVDGDPLGRW\F]ÇF\PLLQVWDODFMLHOHNWU\F]Q\FK
 1LHVWRVRZDÉSRGXU]ÇG]HQLHPNXOLQDUQHMWHFKQLNL IODPELURZDQLD
 1LHX\ZDÉXU]ÇG]HQLDGRXVXZDQLDRSDUµZLVXEVWDQFML QLHEH]SLHF]Q\FKOXEZ\EXFKRZ\FK
 $E\]DSRELHFXV]NRG]HQLXSRZLHU]FKQLXU]ÇG]HQLDQDOH\ UHJXODUQLHF]\FLÉMÇPLÛNNÇFLHUHF]NÇ
 1LHF]\FLÉSRZLHU]FKQLXU]ÇG]HQLD]DSRPRFÇP\MHN SDURZ\FKZRG\SRGFLQLHQLHPFLHUQ\FKURGNµZ F]\V]F]ÇF\FKDQLRVWU\FKPHWDORZ\FKVNUREDNµZ 6WRVRZDÉZ\ÇF]QLHRERMÛWQHGHWHUJHQW\
 $E\XQLNQÇÉ]DJURHQLDSRDUHPQDOH\UHJXODUQLHF]\FLÉ ILOWU\SU]HFLZWXV]F]RZHFRQDMPQLHMUD]QDPLHVLÇFHL XVXZDÉ]XU]ÇG]HQLDWXVW\RVDG
 'RF]\V]F]HQLDZQÛWU]DXU]ÇG]HQLDX\ZDÉFLHUHF]NL

:6.$=:.,'27<&=Æ&(%(=3,(&=(67:$

,QVWDODFMD
2675=((1,(
=DJURHQLHRGQLHVLHQLHPREUDH SRUDHQLHPSUÇGHPSRDUHPOXE XV]NRG]HQLHPXU]ÇG]HQLD

 8U]ÇG]HQLHPRH]DLQVWDORZDÉZ\ÇF]QLH Z\NZDOLILNRZDQDRVRED
 1LHLQVWDORZDÉDQLQLHX\ZDÉ XV]NRG]RQHJRXU]ÇG]HQLD
 1DOH\SRVWÛSRZDÉ]JRGQLH]LQVWUXNFMÇ LQVWDODFMLGRÇF]RQÇGRXU]ÇG]HQLD
 =DFKRZDÉRVWURQRÉSRGF]DV SU]HQRV]HQLDXU]ÇG]HQLDSRQLHZDMHVW

32/6., 

RQRFLÛNLH1DOH\]DZV]HVWRVRZDÉ UÛNDZLFHRFKURQQHLPLHÉQDVWRSDFK SHQHREXZLH  3U]HG]DLQVWDORZDQLHPXU]ÇG]HQLD XVXQÇÉ]QLHJRZV]\VWNLHHOHPHQW\ RSDNRZDQLDHW\NLHW\LIROLÛRFKURQQÇ  1LHQDOH\LQVWDORZDÉZ\FLÇJXZHZQÛFH FLHQQHMMHOLQLHMHVWGRWHJR SU]H]QDF]RQD
3RGÇF]HQLHGRVLHFL HOHNWU\F]QHM
2675=((1,(
=DJURHQLHSRDUHPLSRUDHQLHP SUÇGHPHOHNWU\F]Q\P
 :V]\VWNLHSRÇF]HQLDHOHNWU\F]QH SRZLQLHQZ\NRQDÉZ\NZDOLILNRZDQ\ HOHNWU\N
 8SHZQLÉVLÛHSDUDPHWU\QDWDEOLF]FH ]QDPLRQRZHMRGSRZLDGDMÇSDUDPHWURP ]QDPLRQRZ\PUµGD]DVLODQLD
 -HOLQDWDEOLF]FH]QDPLRQRZHMXU]ÇG]HQLD
QLHPDV\PEROX XU]ÇG]HQLHQDOH\ X]LHPLÉ  1DOH\X\ZDÉZ\ÇF]QLHSUDZLGRZR ]DPRQWRZDQHJRJQLD]GDHOHNWU\F]QHJR] X]LHPLHQLHP  1LHGRSXV]F]DÉGRVSOÇWDQLDSU]HZRGµZ HOHNWU\F]Q\FK  1LHVWRVRZDÉUR]JDÛQLNµZDQL SU]HGXDF]\  -HOLJQLD]GRHOHNWU\F]QHMHVWREOX]RZDQH QLHZROQRSRGÇF]DÉGRQLHJRZW\F]NL  2GÇF]DMÇFXU]ÇG]HQLHQLHQDOH\FLÇJQÇÉ ]DSU]HZµG]DVLODMÇF\1DOH\]DZV]H FLÇJQÇÉ]DZW\F]NÛVLHFLRZÇ  =DUµZQRGODHOHPHQWµZ]QDMGXMÇF\FKVLÛ SRGQDSLÛFLHPMDNL]DL]RORZDQ\FK F]ÛFL]DEH]SLHF]HQLHSU]HGSRUDHQLHP SUÇGHPQDOH\]DPRFRZDÉZWDNLVSRVµE DE\QLHPRQDJRE\RRGÇF]\ÉEH] X\FLDQDU]ÛG]L  8SHZQLÉVLÛHXU]ÇG]HQLHMHVW SUDZLGRZR]DLQVWDORZDQH2EOX]RZDQH OXEQLHSUDZLGRZHSRÇF]HQLHSU]HZRGX ]DVLODMÇFHJRPRHVSRZRGRZDÉ SU]HJU]DQLHVW\NµZ  3RGÇF]\ÉXU]ÇG]HQLHSR]DNRF]HQLX MHJRLQVWDODFML=DGEDÉRWRDE\SR ]DLQVWDORZDQLXXU]ÇG]HQLDPROLZ\E\ DWZ\GRVWÛSGR]DZRUXZRG\

8\WNRZDQLH
2675=((1,(
=DJURHQLHRGQLHVLHQLHPREUDH RSDU]HQLHPLSRUDHQLHPSUÇGHP
 8U]ÇG]HQLHMHVWSU]H]QDF]RQHZ\ÇF]QLH ]DVWRVRZDNXFKHQQ\FK1LHX\ZDÉ XU]ÇG]HQLDGRLQQ\FK]DVWRVRZD
 1LH]PLHQLDÉSDUDPHWUµZWHFKQLF]Q\FK XU]ÇG]HQLD
 1LHZROQRREVXJLZDÉXU]ÇG]HQLDPRNU\PL UÛNDPLOXEJG\PDRQRNRQWDNW]ZRGÇ
 8\ZDÉZ\ÇF]QLHDNFHVRULµZ GRVWDUF]RQ\FK]XU]ÇG]HQLHP
 3RGF]DVJRWRZDQLDLVPDHQLDQD WXV]F]XOXEROHMXQLHQDOH\]EOLDÉGR QLHJRSRPLHQLDDQLPRFQRQDJU]DQ\FK SU]HGPLRWµZ
 1LHX\ZDÉSRGXU]ÇG]HQLHP QLHRVRQLÛW\FKJULOOLHOHNWU\F]Q\FK
 1LHX\ZDÉXU]ÇG]HQLDMDNRPLHMVFDGR SU]HFKRZ\ZDQLDSU]HGPLRWµZ
 1LHSDWU]HÉQDRZLHWOHQLHXU]ÇG]HQLD SU]H]OXSÛORUQHWNÛDQLLQQHSRGREQH XU]ÇG]HQLHRSW\F]QH
6HUZLV
 $E\QDSUDZLÉXU]ÇG]HQLHQDOH\ VNRQWDNWRZDÉVLÛ]DXWRU\]RZDQ\P FHQWUXPVHUZLVRZ\P1DOH\VWRVRZDÉ Z\ÇF]QLHRU\JLQDOQHF]ÛFL]DPLHQQH
 ,QIRUPDFMDGRW\F]ÇFDRZLHWOHQLDZ XU]ÇG]HQLXLHOHPHQWµZRZLHWOHQLRZ\FK VSU]HGDZDQ\FKRVREQRMDNRF]ÛFL ]DPLHQQH=DVWRVRZDQHHOHPHQW\ RZLHWOHQLRZHVÇSU]\VWRVRZDQHGRSUDF\ ZZ\PDJDMÇF\FKZDUXQNDFKIL]\F]Q\FK WHPSHUDWXUDGUJDQLDZLOJRWQRÉZ XU]ÇG]HQLDFKGRPRZ\FKOXEVÇ SU]H]QDF]RQHGRV\JQDOL]DFMLVWDQX G]LDDQLDXU]ÇG]HQLD1LHVÇRQH SU]H]QDF]RQHGRLQQ\FK]DVWRVRZDLQLH QDGDMÇVLÛGRRZLHWODQLDSRPLHV]F]H GRPRZ\FK
8W\OL]DFMD
2675=((1,(
=DJURHQLHRGQLHVLHQLHPREUDHOXE XGXV]HQLHP

 32/6.,

 $E\X]\VNDÉLQIRUPDFMHGRW\F]ÇFH SUDZLGRZHMXW\OL]DFMLSURGXNWXQDOH\ VNRQWDNWRZDÉVLÛ]ORNDOQ\PLZDG]DPL

 2GÇF]\ÉXU]ÇG]HQLHRGUµGD]DVLODQLD  2GFLÇÉSU]HZµG]DVLODMÇF\EOLVNR
XU]ÇG]HQLDLRGGDÉGRXW\OL]DFML

37  ,1)250$(6'(6(*85$1$ /HLDDWHQWDPHQWHDVLQVWUX©·HVIRUQHFLGDVDQWHVGHLQVWDODUH XWLOL]DURDSDUHOKR2IDEULFDQWHQ¥RSRGHU£VHU UHVSRQVDELOL]DGRSRUIHULPHQWRVRXGDQRVUHVXOWDQWHVGH LQVWDOD©¥RLQFRUUHWDRXXWLOL]D©¥RLQFRUUHWD*XDUGHVHPSUH DVLQVWUX©·HVQXPV¯WLRVHJXURHDFHVV¯YHOSDUDFRQVXOWDUQR IXWXUR
6HJXUDQ©DGHFULDQ©DVHSHVVRDVYXOQHU£YHLV  (VWHDSDUHOKRSRGHVHUXWLOL]DGRSRUFULDQ©DVFRPDQRV
GHLGDGHRXPDLVYHOKDVHSRUSHVVRDVFRPFDSDFLGDGHV I¯VLFDVVHQVRULDLVRXPHQWDLVUHGX]LGDVRXIDOWDGH H[SHUL¬QFLDHFRQKHFLPHQWRVHIRUHPVXSHUYLVLRQDGDVRX LQVWUX¯GDVQRTXHUHVSHLWD¢XWLOL]D©¥RGRDSDUHOKRGHXPD IRUPDVHJXUDHFRPSUHHQGHUHPRVSHULJRVHQYROYLGRV QHFHVV£ULRPDQWHUDVFULDQ©DVFRPPHQRVGHDQRVGH LGDGHHSHVVRDVFRPLQFDSDFLGDGHVPXLWRH[WHQVDVH FRPSOH[DVDIDVWDGDVGRDSDUHOKRDPHQRVTXHVHMDP FRQVWDQWHPHQWHYLJLDGDV  $VFULDQ©DVGHYHPVHUYLJLDGDVSDUDJDUDQWLUTXHQ¥R EULQFDPFRPRDSDUHOKR  0DQWHQKDWRGRVRVPDWHULDLVGHHPEDODJHPIRUDGR DOFDQFHGDVFULDQ©DVHHOLPLQHRVGHIRUPDDSURSULDGD  0DQWHQKDDVFULDQ©DVHRVDQLPDLVGRP«VWLFRVDIDVWDGRV GRDSDUHOKRTXDQGRHVWHHVWLYHUDIXQFLRQDU  $OLPSH]DHDPDQXWHQ©¥RE£VLFDGRDSDUHOKRQ¥RGHYHP VHUHIHWXDGDVSRUFULDQ©DVVHPVXSHUYLV¥R
6HJXUDQ©DJHUDO  (VWHDSDUHOKRGHVWLQDVHDSHQDVDXWLOL]D©¥RGRP«VWLFDSRU
FLPDGHSODFDVIRJ·HVHGLVSRVLWLYRVGHFR]LQKDU VHPHOKDQWHV

32578*86 

 $QWHVGHHIHWXDUTXDOTXHUD©¥RGHPDQXWHQ©¥RGHVOLJXHR DSDUHOKRGDFRUUHQWHHO«WULFD
 $7(12$VSDUWHVDFHVV¯YHLVSRGHU¥RILFDUTXHQWHV GXUDQWHDXWLOL]D©¥RFRPDSDUHOKRVGHFR]LQKDU
 8WLOL]HDSHQDVRVSDUDIXVRVGHIL[D©¥RIRUQHFLGRVFRPR DSDUHOKR6HQ¥RWLYHUHPVLGRIRUQHFLGRVXWLOL]HRV SDUDIXVRVUHFRPHQGDGRVQDVLQVWUX©·HVGHLQVWDOD©¥R ,QVWDOHRDSDUHOKRQXPORFDOVHJXURHDGHTXDGRTXH FXPSUDFRPRVUHTXLVLWRVGDLQVWDOD©¥R
 $9,62$Q¥RLQVWDOD©¥RGRVSDUDIXVRVRXDQ¥RIL[D©¥RGR GLVSRVLWLYRGHDFRUGRFRPHVWDVLQVWUX©·HVSRGHUHVXOWDU HPSHULJRVHO«WULFRV
 1¥RXWLOL]HDGHVLYRVSDUDIL[DURDSDUHOKR  $GLVW¤QFLDP¯QLPDHQWUHDVXSHUI¯FLHGDSODFDRQGHRV
WDFKRVV¥RFRORFDGRVHDSDUWHLQIHULRUGRDSDUHOKRQ¥R SRGHVHULQIHULRUDFPH[FHWRVHIRUHVSHFLILFDGDXPD GLVW¤QFLDGLIHUHQWHQDVLQVWUX©·HVGHLQVWDOD©¥RGRDSDUHOKR RXGDSODFD  $GHVFDUJDGHDUWHPGHFXPSULURVUHJXODPHQWRV GHFUHWDGRVSHODVDXWRULGDGHVORFDLV  &HUWLILTXHVHGHTXHRORFDOGHLQVWDOD©¥RGRDSDUHOKRWHP XPDERDYHQWLOD©¥RSDUDHYLWDURUHIOX[RGHJDVHVSDUDR ORFDOSURYHQLHQWHVGHDSDUHOKRVGHTXHLPDGHJ£VRX RXWURVFRPEXVW¯YHLVLQFOXLQGRFKDPDGHVSURWHJLGD  &HUWLILTXHVHGHTXHDVDEHUWXUDVGHYHQWLOD©¥RQ¥RILFDP REVWUX¯GDVHTXHRDUUHFROKLGRSHORDSDUHOKRQ¥R« FRQGX]LGRSDUDXPDFRQGXWDGHH[WUD©¥RGHJDVHVGH RXWURVDSDUHOKRVVLVWHPDVGHDTXHFLPHQWRFHQWUDO WHUPRVVLI·HVHVTXHQWDGRUHVHWF  $TXHGDWRWDOGHSUHVV¥RFULDGDQDGLYLV¥RFRPHVWH DSDUHOKRDIXQFLRQDUHRXWURVTXHWDPE«PHVWHMDP HYHQWXDOPHQWHDIXQFLRQDUQ¥RSRGHVHUVXSHULRUD PEDU  &HUWLILTXHVHGHTXHQ¥RGDQLILFDRFDERGHDOLPHQWD©¥R &RQWDFWHXP&HQWURGH$VVLVW¬QFLD7«FQLFD$XWRUL]DGRRX XPHOHWULFLVWDSDUDVXEVWLWXLURFDERGHDOLPHQWD©¥RVH HVWLYHUGDQLILFDGR
 32578*86

 6HRDSDUHOKRIRUOLJDGRGLUHWDPHQWH¢DOLPHQWD©¥RHO«WULFD DLQVWDOD©¥RHO«WULFDWHPGHILFDUHTXLSDGDFRPXP GLVSRVLWLYRGHLVRODPHQWRTXHSHUPLWDGHVOLJDURDSDUHOKR GDDOLPHQWD©¥RHO«WULFDHPWRGRVRVSRORVQHFHVV£ULR JDUDQWLURFRUWHWRWDOGDOLJD©¥RHPFRQIRUPLGDGHFRPDV FRQGL©·HVHVSHFLILFDGDVSDUDVREUHYROWDJHPGHFDWHJRULD ,,,2GLVSRVLWLYRGHFRUWHGDOLJD©¥RWHPGHILFDU LQFRUSRUDGRQDVOLJD©·HVIL[DVGHDFRUGRFRPRV UHJXODPHQWRVHO«WULFRVDSOLF£YHLV
 1¥RIODPEHLHGHEDL[RGRDSDUHOKR  1¥RXWLOL]HHVWHDSDUHOKRSDUDH[WUDLUPDWHULDLVHYDSRUHV
SHULJRVRVRXH[SORVLYRV  /LPSHRDSDUHOKRUHJXODUPHQWHFRPXPSDQRPDFLRSDUD
HYLWDUTXHRPDWHULDOGDVXSHUI¯FLHVHGHWHULRUH  1¥RXWLOL]HXPDP£TXLQDGHOLPSDUDYDSRUVSUD\GH£JXD
SURGXWRVGHOLPSH]DDEUDVLYRVRXUDVSDGRUHVPHW£OLFRV DILDGRVSDUDOLPSDUDVXSHUI¯FLHGRDSDUHOKR8WLOL]HDSHQDV GHWHUJHQWHVQHXWURV  /LPSHRVILOWURVGHJRUGXUDUHJXODUPHQWHSHORPHQRVD FDGDPHVHVHUHPRYDRVGHSµVLWRVGHJRUGXUDGR DSDUHOKRSDUDHYLWDURULVFRGHLQF¬QGLR  8WLOL]HXPSDQRSDUDOLPSDURLQWHULRUGRDSDUHOKR

,16758(6'(6(*85$1$

,QVWDOD©¥R
$9,62
5LVFRGHIHULPHQWRVFKRTXHHO«WULFR LQF¬QGLRTXHLPDGXUDVRXGDQRVQR DSDUHOKR
 $LQVWDOD©¥RGHVWHDSDUHOKRWHPGHVHU HIHWXDGDSRUXPDSHVVRDTXDOLILFDGD
 1¥RLQVWDOHQHPXWLOL]HRDSDUHOKRVH HVWLYHUGDQLILFDGR
 6LJDDVLQVWUX©·HVGHLQVWDOD©¥R IRUQHFLGDVFRPRDSDUHOKR
 7HQKDVHPSUHFXLGDGRTXDQGRGHVORFDUR DSDUHOKRSRUTXHHOH«SHVDGR8WLOL]H VHPSUHOXYDVGHSURWH©¥RHFDO©DGR IHFKDGR

 $QWHVGHLQVWDODURDSDUHOKRUHWLUHWRGRR PDWHULDOGHHPEDODJHPLQFOXLQGRDV HWLTXHWDVHDSHO¯FXODSURWHWRUD
 1¥RLQVWDOHDFRQGXWDGHH[WUD©¥RGHDU QXPDFDYLGDGHGDSDUHGHH[FHWRVHWDO FDYLGDGHWLYHUVLGRFRQFHELGDSDUDHVVD ILQDOLGDGH
/LJD©¥RHO«WULFD
$9,62
5LVFRGHLQF¬QGLRHFKRTXHHO«WULFR
 7RGDVDVOLJD©·HVHO«FWULFDVGHYHPVHU HIHFWXDGDVSRUXPHOHFWULFLVWDTXDOLILFDGR
 &HUWLILTXHVHGHTXHRVSDU¤PHWURV LQGLFDGRVQDSODFDGHFDUDFWHU¯VWLFDVV¥R

32578*86 

FRPSDW¯YHLVFRPDVFDUDFWHU¯VWLFDVGD DOLPHQWD©¥RHO«FWULFD
 6HRV¯PEROR Q¥RHVWLYHULPSUHVVRQD SODFDGHFDUDFWHU¯VWLFDV«QHFHVV£ULROLJDU RDSDUHOKR¢WHUUD
 8WLOL]HVHPSUHXPDWRPDGDGHYLGDPHQWH LQVWDODGDH¢SURYDGHFKRTXHVHO«WULFRV
 1¥RSHUPLWDTXHRFDERGHDOLPHQWD©¥R ILTXHHQUHGDGR
 1¥RXWLOL]HDGDSWDGRUHVGHWRPDGDV GXSODVRXWULSODVQHPFDERVGHH[WHQV¥R
 6HDWRPDGDHO«FWULFDHVWLYHUVROWDQ¥R OLJXHDILFKD
 1¥RSX[HRFDERGHDOLPHQWD©¥RSDUD GHVOLJDURDSDUHOKR3X[HVHPSUHDILFKD
 $VSURWHF©·HVFRQWUDFKRTXHVHO«FWULFRV GDVSH©DVLVRODGDVHQ¥RLVRODGDVGHYHP HVWDUIL[DVGHPRGRDQ¥RSRGHUHPVHU UHWLUDGDVVHPIHUUDPHQWDV
 &HUWLILTXHVHGHTXHRDSDUHOKR« LQVWDODGRFRUUHWDPHQWH8PFDERGH DOLPHQWD©¥RHO«WULFDVROWRRXOLJDGR LQFRUUHWDPHQWHSRGHU£SURYRFDUR VREUHDTXHFLPHQWRGRVWHUPLQDLV
 /LJXHRDSDUHOKR¢DOLPHQWD©¥RHO«WULFD DSHQDVQRILPGDLQVWDOD©¥R&HUWLILTXHVH GHTXHDOLJD©¥RHO«WULFDILFDDFHVV¯YHO DSµVDLQVWDOD©¥R
8WLOL]D©¥R
$9,62
5LVFRGHIHULPHQWRVTXHLPDGXUDVH FKRTXHHO«WULFR
 (VWHDSDUHOKRGHVWLQDVHDSHQDVDVHU XWLOL]DGRSDUDFR]LQKDU1¥RXWLOL]HR DSDUHOKRFRPRXWUDVILQDOLGDGHV
 1¥RDOWHUHDVHVSHFLILFD©·HVGHVWH DSDUHOKR
 1¥RXWLOL]HRDSDUHOKRFRPDVP¥RV PROKDGDVRXTXDQGRHOHHVWLYHUHP FRQWDFWRFRP£JXD
 8WLOL]HDSHQDVRVDFHVVµULRVIRUQHFLGRV FRPRDSDUHOKR

 0DQWHQKDDVFKDPDVHRVREMHWRV TXHQWHVDIDVWDGRVGDVJRUGXUDVHGRV µOHRVTXDQGRFR]LQKDUHVSHFLDOPHQWH TXDQGRIULWDU
 1¥RXWLOL]HJUHOKDGRUHVHO«WULFRV GHVFREHUWRV
 1¥RDXWLOL]HRDSDUHOKRFRPRVXSHUI¯FLH SDUDDUUXPDUREMHWRV
 1¥RROKHGLUHWDPHQWHSDUDDVOX]HVGR DSDUHOKRDWUDY«VGHOXSDVELQµFXORVRX GLVSRVLWLYRVµWLFRVVHPHOKDQWHV
$VVLVW¬QFLDW«FQLFD
 &RQWDFWHR&HQWURGH$VVLVW¬QFLD7«FQLFD $XWRUL]DGRVHIRUQHFHVV£ULRUHSDUDUR DSDUHOKR8WLOL]HDSHQDVSH©DVGH VXEVWLWXL©¥RRULJLQDLV
 5HODWLYDPHQWH¢VO¤PSDGDVQRLQWHULRU GHVWHSURGXWRH¢VO¤PSDGDV VREUHVVDOHQWHVYHQGLGDVVHSDUDGDPHQWH (VWDVO¤PSDGDVGHVWLQDPVHDVXSRUWDU FRQGL©·HVI¯VLFDVH[WUHPDVHP HOHWURGRP«VWLFRVWDLVFRPRWHPSHUDWXUD YLEUD©¥RKXPLGDGHRXGHVWLQDPVHD VLQDOL]DULQIRUPD©¥RUHODWLYDPHQWHDR HVWDGRRSHUDFLRQDOGRDSDUHOKR1¥RVH GHVWLQDPDVHUXWLOL]DGDVHPRXWUDV DSOLFD©·HVHQ¥RVHDGHTXDP¢ LOXPLQD©¥RGHHVSD©RVGRP«VWLFRV
(OLPLQD©¥R
$9,62
5LVFRGHIHULPHQWRVRXDVIL[LD
 &RQWDFWHDVXDDXWRULGDGHPXQLFLSDOSDUD VDEHUFRPRGHVFDUWDURDSDUHOKR FRUUHWDPHQWH
 'HVOLJXHRDSDUHOKRGDDOLPHQWD©¥R HO«FWULFD
 &RUWHRFDERGHDOLPHQWD©¥RHO«FWULFDGR DSDUHOKRHHOLPLQHR

52  ,1)250$,,35,9,1'6,*85$1$ QDLQWHGHLQVWDODUHDLGHXWLOL]DUHDDSDUDWXOXLFLWLLFXDWHQLH LQVWUXFLXQLOHIXUQL]DWH3URGXFÅWRUXOQXHVWHUHVSRQVDELO SHQWUXQLFLRYÅWÅPDUHVDXGDXQÅUH]XOWDWÅGLQLQVWDODUHDVDX

 32578*86

XWLOL]DUHDLQFRUHFWÅ3ÅVWUDLSHUPDQHQWLQVWUXFLXQLOH°QWUXQ ORFVLJXULDFFHVLELOSHQWUXRFRQVXOWDUHXOWHULRDUÅ 6LJXUDQDFRSLLORULDSHUVRDQHORUYXOQHUDELOH  $FHVWDSDUDWSRDWHILXWLOL]DWGHFRSLLLFXY¤UVWDPDLPDUHGH
DQLGHSHUVRDQHOHFXFDSDFLWÅLIL]LFHVHQ]RULDOHVDX PHQWDOHUHGXVHVDXGHSHUVRDQHOHQHH[SHULPHQWDWHGRDU VXEVXSUDYHJKHUHVDXGXSÅRVFXUWÅLQVWUXLUHFDUHVÅOH RIHUHLQIRUPDLLOHQHFHVDUHGHVSUHXWLOL]DUHDVLJXUÅD DSDUDWXOXLLVÅOHSHUPLWÅVÅ°QHOHDJÅSHULFROHOHODFDUHVH H[SXQ&RSLLLFXY¤UVWDPDLPLFÅGHDQLLSHUVRDQHOHFX GL]DELOLWÅLSURIXQGHLFRPSOH[HQXWUHEXLHOÅVDWHVÅVH DSURSLHGHDSDUDWGDFÅQXVXQWVXSUDYHJKHDWHSHUPDQHQW  &RSLLLWUHEXLHVXSUDYHJKHDLSHQWUXDYÅDVLJXUDFÅQXVH MRDFÅFXDSDUDWXO  1XOÅVDLDPEDODMHOHOD°QGHP¤QDFRSLLORULDUXQFDLOH FRQIRUPUHJOHPHQWÅULORU  1XOÅVDLFRSLLLLDQLPDOHOHGHFRPSDQLHVÅVHDSURSLHGH DSDUDWDWXQFLF¤QGHVWH°QIXQFLXQH  &RSLLLQXYRUUHDOL]DRSHUDLXQLOHGHFXUÅDUHVDXGH °QWUHLQHUHFDUHUHYLQXWLOL]DWRUXOXLDSDUDWXOXLIÅUÅDIL VXSUDYHJKHDL $VSHFWHJHQHUDOHSULYLQGVLJXUDQD  $FHVWDSDUDWHVWHFRQFHSXWSHQWUXXWLOL]DUHFDVQLFÅ GHDVXSUDSOLWHORUDUDJD]HORULGLVSR]LWLYHORUVLPLODUHGH JÅWLW  'HFRQHFWDLDSDUDWXOGHODVXUVDGHDOLPHQWDUH°QDLQWHGHD HIHFWXDRULFHRSHUDLHGH°QWUHLQHUH  $7(1,(3ÅULOHDFFHVLELOHSRWGHYHQLILHUELQL°QWLPSXO IRORVLULLFXDSDUDWHOHGHJÅWLW  )RORVLLGRDUXUXEXULOHGHIL[DUHIXUQL]DWHFXDSDUDWXO'DFÅ QXVXQWIXUQL]DWHIRORVLLXUXEXULOHUHFRPDQGDWH°Q LQVWUXFLXQLOHGHLQVWDODUH,QVWDODLDSDUDWXO°QWUXQORFVLJXU LDGHFYDWFDUHVDWLVIDFHFHULQHOHSULYLQGLQVWDODUHD
5201$ 

 $9(57,60(17'DFÅQXVHPRQWHD]ÅXUXEXULOHVDX GLVSR]LWLYXOGHIL[DUH°QFRQIRUPLWDWHFXDFHVWHLQVWUXFLXQL SRDWHVÅDSDUÅXQSHULFROGHHOHFWURFXWDUH
 1XIRORVLLDGH]LYLSHQWUXDIL[DDSDUDWXO  'LVWDQDPLQLPÅGLQWUHVXSUDIDDSOLWHLSHFDUHVWDXYDVHOH
LSDUWHDLQIHULRDUÅDDSDUDWXOXLVÅILHGHFHOSXLQFP GDFÅQXHVWHVSHFLILFDWDOWIHO°QLQVWUXFLXQLOHGHLQVWDODUH SHQWUXDSDUDWVDXSOLWÅ  (YDFXDUHDDHUXOXLWUHEXLHVÅUHVSHFWHUHJOHPHQWÅULOH DXWRULWÅLORUORFDOH  $VLJXUDLYÅFÅH[LVWÅREXQÅDHULVLUH°QFDPHUD°QFDUH HVWHLQVWDODWDSDUDWXOSHQWUXDHYLWD°QWRDUFHUHD°QFDPHUÅD GHELWXOXLGHJD]HGHODDSDUDWHOHFDUHIRORVHVFDOL FRPEXVWLELOLLQFOXVLYIODFÅUÅGHVFKLVÅ  $VLJXUDLYÅFÅGHVFKLGHULOHGHYHQWLODLHQXVXQWEORFDWHL DHUXOFROHFWDWGHDSDUDWQXHVWHFRQGXVFÅWUHRFRQGXFÅ IRORVLWÅODHYDFXDUHDIXPXOXLLDDEXUXOXLGHODDOWHDSDUDWH VLVWHPHGH°QFÅO]LUHFHQWUDOL]DWÅWHUPRVLIRDQHERLOHUH HWF  $WXQFLF¤QGDSDUDWXOIXQFLRQHD]Å°PSUHXQÅFXDOWH DSDUDWHYDFXXPXOPD[LPJHQHUDW°Q°QFÅSHUHVÅQX GHSÅHDVFÅPEDU  3URFHGDLFXDWHQLHSHQWUXDQXGHWHULRUDFDEOXOGH DOLPHQWDUH&RQWDFWDL&HQWUXOQRVWUXGHVHUYLFHDXWRUL]DW VDXXQHOHFWULFLDQSHQWUXDVFKLPEDXQFDEOXGHDOLPHQWDUH GHWHULRUDW  'DFÅDSDUDWXOHVWHFRQHFWDWGLUHFWODVXUVDGHFXUHQW LQVWDODLDHOHFWULFÅVÅILHHFKLSDWÅFXXQGLVSR]LWLYL]RODWRU FDUHSHUPLWHGHFRQHFWDUHDDSDUDWXOXLGHODFXUHQWODWRL SROLL'HFRQHFWDUHDFRPSOHWÅWUHEXLHVÅUHVSHFWHFRQGLLLOH VSHFLILFDWH°QFDWHJRULD,,,SHQWUXVXSUDWHQVLXQH0LMORDFHOH GHGHFRQHFWDUHWUHEXLHLQFOXVH°QFDEODMXOIL[°QFRQIRUPLWDWH FXUHJXOLOHSULYLQGFDEODUHD  1XIODPEDLVXEDSDUDW  $QXVHIRORVLODHYDFXDUHDPDWHULDOHORULYDSRULORU SHULFXORLVDXH[SOR]LYL
 5201$

 &XUÅDLUHJXODWDSDUDWXOFXRODYHWÅPRDOHSHQWUXDSUHYHQL GHWHULRUDUHDPDWHULDOXOXLGHODVXSUDIDÅ
 1XIRORVLLXQDSDUDWGHFXUÅDUHFXDEXUSXOYHUL]DWRUFX DSÅDJHQLGXULGHFXUÅDUHDEUD]LYÅVDXUDFOHWHPHWDOLFH DVFXLWHSHQWUXDFXUÅDVXSUDIDDDSDUDWXOXL8WLOL]DL QXPDLGHWHUJHQLQHXWUL
 &XUÅDLILOWUHOHGHJUÅVLPHFXUHJXODULWDWHFHOSXLQOD ILHFDUHOXQLL°QGHSÅUWDLGHSXQHULOHGHJUÅVLPHGHSH DSDUDWSHQWUXDQXYÅH[SXQHULVFXOXLGHLQFHQGLX
 )RORVLLRODYHWÅSHQWUXDFXUÅDLQWHULRUXODSDUDWXOXL

,16758&,81,'(6,*85$1Ä

,QVWDODUHD
$9(57,60(17
3HULFROGHUÅQLUHHOHFWURFXWDUHLQFHQGLX DUVXULVDXGHGHWHULRUDUHDDSDUDWXOXL
 'RDURSHUVRDQÅFDOLILFDWÅWUHEXLHVÅ LQVWDOH]HDFHVWDSDUDW
 'DFÅDSDUDWXOHVWHGHWHULRUDWQX°O LQVWDODLVDXXWLOL]DL
 8UPDLLQVWUXFLXQLOHGHLQVWDODUHIXUQL]DWH °PSUHXQÅFXDSDUDWXO
 $YHL°QWRWGHDXQDJULMÅF¤QGPXWDL DSDUDWXOGHRDUHFHDFHVWDHVWHJUHX )RORVLL°QWRWGHDXQDPÅQXLGHSURWHFLHL °QFÅOÅPLQWH°QFKLVÅ
 QDLQWHGHLQVWDODUHDDSDUDWXOXL °QGHSÅUWDLWRDWHDPEDODMHOHHWLFKHWHOHL IROLDSURWHFWRDUH
 1XLQVWDODLJXUDGHHYDFXDUHDDHUXOXL °QWURFDYLWDWHGHSHUHWHFXH[FHSLD FD]XOXL°QFDUHFDYLWDWHDHVWHFRQFHSXWÅ VSHFLDOSHQWUXDFHVWVFRS
&RQH[LXQHDHOHFWULFÅ
$9(57,60(17
3HULFROGHLQFHQGLXLHOHFWURFXWDUH
 7RDWHFRQH[LXQLOHHOHFWULFHWUHEXLH UHDOL]DWHGHFÅWUHXQHOHFWULFLDQFDOLILFDW
 $VLJXUDLYÅFÅSDUDPHWULLGHSHSOÅFXD FXGDWHWHKQLFHVXQWFRPSDWLELOLFXYDORULOH QRPLQDOHDOHVXUVHLGHDOLPHQWDUH

 'DFÅVLPEROXO QXHVWHLPSULPDWSH SOÅFXDFXGDWHWHKQLFHDSDUDWXOWUHEXLH OHJDWODPDVÅ
 8WLOL]DL°QWRWGHDXQDRSUL]ÅFXSURWHFLH °PSÅP¤QWDUHFRQWUDHOHFWURFXWÅULL PRQWDWÅFRUHFW
 1XSHUPLWHL°QF¤OFLUHDFDEOXULORUHOHFWULFH  1XIRORVLLSUL]HPXOWLSOHLFDEOXUL
SUHOXQJLWRDUH  'DFÅSUL]DGHFXUHQWSUH]LQWÅMRFXULQX
FRQHFWDLWHFKHUXO  1XWUDJHLGHFDEOXOGHDOLPHQWDUHSHQWUX
DVFRDWHGLQSUL]ÅDSDUDWXO7UDJHL °QWRWGHDXQDGHWHFKHU  3URWHFLDODHOHFWURFXWDUHDSLHVHORUDIODWH VXEWHQVLXQHLL]RODWHWUHEXLHIL[DWÅDVWIHO °QF¤WVÅQXSHUPLWÅVFRDWHUHDHLIÅUÅ IRORVLUHDXQRUXQHOWH  9HULILFDLGDFÅDSDUDWXODIRVWLQVWDODW FRUHFW&DEOXOGHDOLPHQWDUHHOHFWULFÅ VOÅELWVDXQHSRWULYLWSRDWHVXSUD°QFÅO]L ERUQD  &RQHFWDLDSDUDWXOODILQDOXOLQVWDOÅULL $VLJXUDLDFFHVXOODFRQH[LXQHDODUHHDXD HOHFWULFÅGXSÅLQVWDODUH
0RGXOGHXWLOL]DUH
$9(57,60(17
3HULFROGHYÅWÅPDUHDUVXULL HOHFWURFXWDUH
 $FHVWDSDUDWSRDWHILXWLOL]DWQXPDLODJÅWLW 1XXWLOL]DLDSDUDWXO°QDOWVFRS
 1XPRGLILFDLVSHFLILFDLLOHDFHVWXLDSDUDW

5201$ 

 1XDFLRQDLDSDUDWXODY¤QGP¤LQLOH XPHGHVDXF¤QGDFHVWDHVWH°QFRQWDFWFX DSD
 8WLOL]DLGRDUDFFHVRULLOHIXUQL]DWH °PSUHXQÅFXDSDUDWXO
 LQHLIOÅFÅULOHVDXRELHFWHOH°QFÅO]LWHOD GLVWDQÅGHJUÅVLPLLXOHLXULSHGXUDWD JÅWLWXOXLLSUÅMLULL
 1XXWLOL]DLJUÅWDUHOHHOHFWULFHGHVFRSHULWH  1XIRORVLLDSDUDWXOSHSRVWGHVXSUDIDÅ
GHGHSR]LWDUH  1XIRORVLLOXSHELQRFOXULVDXGLVSR]LWLYH
RSWLFHVLPLODUHSHQWUXDSULYLGLUHFWOD OXPLQDDSDUDWXOXL
6HUYLFH
 3HQWUXDUHSDUDDSDUDWXOFRQWDFWDL &HQWUXOGHVHUYLFHDXWRUL]DW8WLOL]DL QXPDLSLHVHGHVFKLPERULJLQDOH
 5HIHULWRUODEHFXOEHFXULOHGLQDFHVW SURGXVLEHFXULOHGHVFKLPEY¤QGXWH VHSDUDW$FHVWHEHFXULVXQWFRQFHSXWH

SHQWUXDVXSRUWDVLWXDLLOHIL]LFHH[WUHPH GLQDSDUDWHOHHOHFWURFDVQLFHFXPDUIL FHOHGHWHPSHUDWXUÅYLEUDLHXPLGLWDWH VDXDXUROXOGHDVHPQDOL]DLQIRUPDLL SULYLWRDUHODVWDUHDRSHUDLRQDOÅD DSDUDWXOXL$FHVWHDQXVXQWGHVWLQDWH XWLOL]ÅULL°QDOWHDSOLFDLLLQXVXQW DGHFYDWHSHQWUXLOXPLQDUHDFDPHUHORUGLQ ORFXLQÅ
(OLPLQDUH
$9(57,60(17
3HULFROGHYÅWÅPDUHVDXVXIRFDUH
 &RQWDFWDLDXWRULWDWHDORFDOÅSHQWUX LQIRUPDLLSULYLQGHOLPLQDUHDDSDUDWXOXL
 'HFRQHFWDLDSDUDWXOGHODVXUVDGH DOLPHQWDUHHOHFWULFÅ
 7ÅLDLFDEOXOGHDOLPHQWDUHHOHFWULFÅFKLDU GHO¤QJÅDSDUDWLDUXQFDLO

6.  %(=3(Î12671,1)250&,( 3UHGLQWDO£FLRXDSRX¯YDQ¯PVSRWUHELÏDVLSR]RUQH SUHÏ¯WDMWHSULORHQ¿Q£YRGQDSRX¯YDQLH9¿UREFD QH]RGSRYHG£]D]UDQHQLDDQL]DNRG\VS¶VREHQ« QHVSU£YQRXPRQW£RXDOHERSRX¯YDQ¯P7LHWRSRN\Q\ XVNODGQLWHQDEH]SHÏQRPDSU¯VWXSQRPPLHVWHDE\VWHGR QLFKPRKOLYEXG¼FQRVWLQDKOLDGQX
%H]SHÏQRVGHW¯D]UDQLWHQ¿FKRV¶E  7HQWRVSRWUHELÏVP¼SRX¯YDGHWLVWDULHDNRURNRY
DRVRE\VR]Q¯HQRXI\]LFNRX]P\VORYRXDOHERSV\FKLFNRX VS¶VRELORVRXDOHERQHGRVWDWNRPVN¼VHQRVW¯D]QDORVW¯LED DNV¼SRGGR]RURP]RGSRYHGQHMRVRE\DOHERDNEROL ]RGSRYHGQRXRVRERXSRXÏHQ«REH]SHÏQRPSRX¯YDQ¯ VSRWUHELÏDDUR]XPHM¼SU¯SDGQ¿PUL]LN£P'HWLGRURNRY DRVRE\VY\VRNRXPLHURXSRVWLKQXWLDQHVP¼PDSU¯VWXS NVSRWUHELÏXSRNLDQLHV¼SRGQHSUHWULW¿PGR]RURP  'HWLE\PDOLE\SRGGR]RURPDE\VD]DEH]SHÏLORHVDVR VSRWUHELÏRPQHEXG¼KUD

 5201$

 2EDO\YG\XVFKRYDMWHPLPRGRVDKGHW¯DQ£OHLWHLFK ]OLNYLGXMWH
 1HGRYRWHDE\VDYEO¯]NRVWL]DSQXW«KRVSRWUHELÏD QDFK£G]DOLGHWLDGRP£FH]YLHUDW£
 'HWLQHVP¼VSRWUHELÏEH]GR]RUXÏLVWLDQLY\NRQ£YD LDGQX¼GUEXQDVSRWUHELÏL
9HREHFQ£EH]SHÏQRV  7HQWRVSRWUHELÏMHXUÏHQ¿QDGRP£FHSRXLWLHQDGYDUQ¿PL
SDQHOPLVSRU£NPLDSRGREQ¿PLYDUQ¿PL]DULDGHQLDPL  3UHGDNRXNRYHN¼GUERXVSRWUHELÏRGSRMWHRGHOHNWULFNHM
VLHWH  832=251(1,(3U¯VWXSQ«ÏDVWLVDP¶XSRÏDV
SRX¯YDQLDVYDUQ¿PLVSRWUHELÏPL]RKULDQDY\VRN¼WHSORWX  3RXLWHLEDXSHYRYDFLHVNUXWN\GRGDQ«VRVSRWUHELÏRP
$NQLHV¼GRGDQ«SRXLWHVNUXWN\RGSRU¼ÏDQ«Y LQWDODÏQ¿FKSRN\QRFK6SRWUHELÏQDLQWDOXMWHQDEH]SHÏQ« DYKRGQ«PLHVWRNWRU«VSüDSRLDGDYN\QDLQWDO£FLX  9$529$1,(1HQDLQWDORYDQLHVNUXWLHNDOHER XSHYRYDFLHKR]DULDGHQLDYV¼ODGHVW¿PLWRSRN\QPLP¶H VS¶VRELRKUR]HQLHHOHNWULFN¿PSU¼GRP  1DXSHYQHQLHVSRWUHELÏDQHSRX¯YDMWHOHSLDFHSURVWULHGN\  0LQLP£OQDY]GLDOHQRVPHG]LSRYUFKRPYDUQ«KRSDQHODQD NWRURPV¼XPLHVWQHQ«KUQFHDSDQYLFHDGROQRXÏDVRX VSRWUHELÏDPXV¯E\PLQLP£OQHFPSRNLDQLHMH XYHGHQ«LQDNYLQWDODÏQ¿FKSRN\QRFKSUHVSRWUHELÏDOHER YDUQ¿SDQHO  2EODVY¿YRGXY]GXFKXPXV¯VSüDQDULDGHQLDPLHVWQ\FK ¼UDGRY  9PLHVWQRVWLLQWDO£FLHVSRWUHELÏD]DEH]SHÏWHGREU« YHWUDQLHDE\VDGRPLHVWQRVWLQHYUDFDOLSO\Q\]R VSRWUHELÏRYVSDXM¼FLFKSO\QDOHERLQ«SDOLY£DQLVSDOLQ\]R ]DULDGHQ¯VRWYRUHQ¿PSODPHRP  8LVWLWHVDHQLHV¼YHWUDFLHRWYRU\EORNRYDQ«DY]GXFK QDKURPDGHQ¿VSRWUHELÏRPQLHMHYHGHQ¿GRSRWUXELD SRX¯YDQ«KRQDRGY£G]DQLHG\PXDSDU\]LQ¿FK
6/29(16.< 

VSRWUHELÏRYV\VW«P\FHQWU£OQHKRY\NXURYDQLDWHUPRVLIµQ\ RKULHYDÏHYRG\DSRG  .HÑMHVSRWUHELÏYÏLQQRVWLVSROXVRVWDWQ¿PLVSRWUHELÏPL QHVPLHPD[LP£OQHY£NXXPY\WYRUHQ«YPLHVWQRVWLSUHNURÏL PEDU  8LVWLWHVDHSU¯YRGQ¿HOHNWULFN¿N£EHOQLHMHSRNRGHQ¿$N WUHEDY\PHQLSRNRGHQ¿SU¯YRGQ¿HOHNWULFN¿N£EHO NRQWDNWXMWHQ£DXWRUL]RYDQ¿VHUYLVDOHERHOHNWULN£UD  $NMHVSRWUHELÏ]DSRMHQ¿SULDPRGRHOHNWULFNHMVLHWH HOHNWURLQWDO£FLDPXV¯E\Y\EDYHQ£L]RODÏQ¿P]DULDGHQ¯P NWRU«XPRQ¯RGSRMLVSRWUHELÏRGHOHNWULFNHMVLHWHQD YHWN¿FKSµORFK&HO«RGSRMHQLHPXV¯E\YV¼ODGHV SRGPLHQNDPLSUHSUHS¦RY¼NDWHJµULX,,,3ULSHYQRP ]DSRMHQ¯WUHEDSRXL]DULDGHQLHQDRGSRMHQLHRGHOHNWULFNHM VLHWHYV¼ODGHVSODWQ¿PLSUHGSLVPL  3RGVSRWUHELÏRPQHIODPEXMWH  1HSRX¯YDMWHQDRGV£YDQLHQHEH]SHÏQ¿FKDOHERY¿EXQ¿FK PDWHUL£ORYDY¿SDURY  6SRWUHELÏSUDYLGHOQHÏLVWLWHP¦NNRXKDQGULÏNRXDE\VWH SUHGLOL]QHKRGQRWHQLXSRYUFKRY«KRPDWHUL£OX  1DÏLVWHQLHSRYUFKXVSRWUHELÏDQHSRX¯YDMWHSDUQ¿ÏLVWLÏ YRGQ¿SRVWUHNRYDÏDJUHV¯YQHDEUD]¯YQHÏLVWLÏHDQLRVWU« NRYRY«NUDEN\3RX¯YDMWHLEDQHXWU£OQHVDSRQ£W\  3UDYLGHOQHÏLVWLWHWXNRY«ILOWUHPLQLP£OQHNDG«PHVLDFH DRGVWU£WH]Y\N\PDVWQRW\]RVSRWUHELÏDDE\VWHSUHGLOL QHEH]SHÏHQVWYXSRLDUX  1DY\ÏLVWHQLHYQ¼WUDVSRWUHELÏDSRXLWHKDQGULÏNX

%(=3(Î1267132.<1<
,QWDO£FLD
9$529$1,(
+UR]¯QHEH]SHÏHQVWYRSRUDQHQLD ]£VDKXHOHNWULFN¿PSU¼GRPSRLDUX SRS£OHQ¯QDOHERSRNRGHQLDVSRWUHELÏD
 7HQWRVSRWUHELÏVPLHQDLQWDORYDLED NYDOLILNRYDQ£RVRED

 3RNRGHQ¿VSRWUHELÏQHLQWDOXMWHDQL QHSRX¯YDMWH
 'RGULDYDMWHSRN\Q\QDLQWDO£FLXGRGDQ« VRVSRWUHELÏRP
 9G\G£YDMWHSR]RUDNSUHV¼YDWH VSRWUHELÏSUHWRHMHDN¿9G\ SRX¯YDMWHRFKUDQQ«UXNDYLFHDX]DYUHW¼ REXY
 3UHGLQWDO£FLRXVSRWUHELÏDRGVWU£WH YHWRNEDOLDFLPDWHUL£OW¯WN\DRFKUDQQ¿ ILOP

 6/29(16.<

 9\IXNRYDQ¿Y]GXFKQHLQWDOXMWHGRGXWLQ\ VWHQ\SRNLDQLHMHGXWLQDQDYUKQXW£QD WHQWR¼ÏHO
=DSRMHQLHGRHOHNWULFNHMVLHWH
9$529$1,(
1HEH]SHÏHQVWYRSRLDUXD]£VDKX HOHNWULFN¿PSU¼GRP
 9HWN\HOHNWULFN«]DSRMHQLDE\PDO Y\NRQDNYDOLILNRYDQ¿HOHNWURLQWDODW«U
 8LVWLWHVDHSDUDPHWUHQDW\SRYRPW¯WNX V¼NRPSDWLELOQ«VHOHNWULFN¿PQDS¦W¯P ]GURMDQDS£MDQLD
 $NQLHMHQDW\SRYRPW¯WNXY\WODÏHQ¿
V\PERO VSRWUHELÏPXV¯E\ X]HPQHQ¿  9G\SRX¯YDMWHVSU£YQHQDLQWDORYDQ¼ ]£VXYNXRGROQ¼SURWLQ£UD]RP  (OHNWULFN«VLHRY«N£EOHVDQHVP¼ ]DPRWD  1HSRX¯YDMWHYLDF]£VXYNRY«DGDSW«U\DQL SUHGORYDFLHN£EOH  $NMHVLHRY£]£VXYNDXYRQHQ£ QH]DS£MDMWHGRQHMVLHRY¼]£VWUÏNX  6SRWUHELÏQHRGS£MDMWHDKDQ¯P]D QDS£MDF¯N£EHO9G\DKDMWH]DVLHRY¼ ]£VWUÏNX  =DULDGHQLHQDRFKUDQXSUHGGRW\NRP HOHNWULFN¿FKÏDVW¯SRGQDS¦W¯PD L]RORYDQ¿FKÏDVW¯WUHEDQDPRQWRYDWDN DE\VDQHGDORRGVWU£QLEH]Q£VWURMRY  6NRQWUROXMWHÏLMHVSRWUHELÏVSU£YQH QDLQWDORYDQ¿9RQ¿DQHVSU£YQ\VLHRY¿ N£EHOP¶HVS¶VRELSUHKULDWLHVYRUN\  6SRWUHELÏ]DSRMWHQDNRQFLLQWDO£FLH3R LQWDO£FLLVDXLVWLWHHP£WHSU¯VWXSNVLHWL
3RX¯YDQLH
9$529$1,(
+UR]¯QHEH]SHÏHQVWYRSRUDQHQLD SRS£OHQ¯QDOHER]£VDKXHOHNWULFN¿P SU¼GRP

 7HQWRVSRWUHELÏMHXUÏHQ¿LEDQDYDUHQLH 6SRWUHELÏQHSRX¯YDMWHQDLQ«¼ÏHO\
 1HPHWHWHFKQLFN«SDUDPHWUHWRKWR VSRWUHELÏD
 6SRWUHELÏQHREVOXKXMWHVPRNU¿PLUXNDPL DOHERNHÑMHYNRQWDNWHVYRGRX
 3RX¯YDMWHLEDSU¯VOXHQVWYRGRGDQ«VR VSRWUHELÏRP
 3ULYDUHQ¯DY\SU£DQ¯PXVLDE\SODPHQH DOHERKRU¼FHSUHGPHW\YGRVWDWRÏQHM Y]GLDOHQRVWLRGWXNRYDROHMRY
 1HSRX¯YDMWHQH]DNU\W«HOHNWULFN«URW\  6SRWUHELÏQHSRX¯YDMWHDNRVNODGRYDF¯
SRYUFK  1DSR]HUDQLHSULDPRGRRVYHWOHQLD
]DULDGHQLDQHSRX¯YDMWH]Y¦ÏRYDFLHVNO£ ÑDOHNRKDG\DQLSRGREQ«RSWLFN« ]DULDGHQLD
6HUYLV
 $NWUHEDGDVSRWUHELÏRSUDYLREU£WHVD QDDXWRUL]RYDQ«VHUYLVQ«VWUHGLVNR 3RX¯YDMWHLEDRULJLQ£OQHQ£KUDGQ«GLHO\
 ,QIRUP£FLHRLDURYNHLDURYN£FKYQ¼WUL WRKWRY¿URENXDQ£KUDGQ¿FKGLHORFK RVYHWOHQLDNWRU«VDSUHG£YDM¼ VDPRVWDWQH7LHWRLDURYN\V¼QDYUKQXW« WDNDE\RGRODOLH[WU«PQ\PSRGPLHQNDPY GRP£FLFKVSRWUHELÏRFKDNRQDSUWHSORWD YLEU£FLHYOKNRVDOHERVO¼LDDNR XND]RYDWHOHSUHY£G]NRY«KRVWDYX VSRWUHELÏD1LHV¼XUÏHQ«QDSRX¯YDQLH LQ¿PVS¶VRERPDQLHV¼YKRGQ«QD RVYHWOHQLHSULHVWRURYYGRP£FQRVWL
/LNYLG£FLD
9$529$1,(
+UR]¯QHEH]SHÏHQVWYRSRUDQHQLDDOHER XGXVHQLD
 2OLNYLG£FLLVSRWUHELÏDVDLQIRUPXMWHQD PHVWVNRPDOHERREHFQRP¼UDGH
 6SRWUHELÏRGSRMWHRGHOHNWULFNHMVLHWH  3U¯YRGQ¿HOHNWULFN¿N£EHORGUHWHEO¯]NR
SULVSRWUHELÏLD]OLNYLGXMWHKR

6/  9$512671(,1)250$&,-( 3UHGQDPHVWLWYLMRLQXSRUDERQDSUDYHQDWDQÏQRSUHEHULWH SULORHQDQDYRGLOD3URL]YDMDOHFQLRGJRYRUHQ]DSRNRGEHDOL

6/29(16.< 

NRGRQDVWDOR]DUDGLQHSUDYLOQHQDPHVWLWYHDOLXSRUDEH 1DYRGLODYHGQRVKUDQLWHQDYDUQHPLQGRVWRSQHPPHVWX]D SR]QHMRXSRUDER 9DUQRVWRWURNLQUDQOMLYLKRVHE  7RQDSUDYRODKNRRWURFLRGRVPHJDOHWDQDSUHMWHURVHEH]
]PDQMDQLPLWHOHVQLPLÏXWQLPLDOLUD]XPVNLPLVSRVREQRVWPL DOLVSRPDQMNDQMHPL]NXHQMWHU]QDQMDXSRUDEOMDMROHSRG QDG]RURPDOLÏHVRGRELOHXVWUH]QDQDYRGLODJOHGHYDUQH XSRUDEHQDSUDYHLQÏHVH]DYHGDMRQHYDUQRVWLNLREVWDMDMR 2WURFLPODMLRGRVHPOHWWHURVHEH]YLVRNRVWRSQMR LQYDOLGQRVWLVHQHVPHMRSULEOLHYDWLQDSUDYLÏHQLVRSRG QHQHKQLPQDG]RURP  2WURFLPRUDMRELWLSRGQDG]RURPGDVH]QDSUDYRQHLJUDMR  9VRHPEDODRKUDQLWH]XQDMGRVHJDRWURNLQMRXVWUH]QR ]DYU]LWH  0HGGHORYDQMHPQDSUDYH]DJRWRYLWHGDVRRWURFLLQKLQL OMXEOMHQÏNLGRYROMRGGDOMHQLRGQMH  2WURFLQHVPHMRL]YDMDWLÏLÏHQMDLQXSRUDEQLNHJD Y]GUHYDQMDQDSUDYHÏHQL]DJRWRYOMHQQDG]RU 6SORQDYDUQRVWQDQDYRGLOD  7DQDSUDYDMHQDPHQMHQDGRPDÏLXSRUDELQDGNXKDOQLPL SORÏDPLWHGLOQLNLLQSRGREQLPLQDSUDYDPL]DNXKDQMH  3UHGY]GUHYDOQLPLGHOLQDSUDYRL]NOMXÏLWHL]QDSDMDQMD  32=25'RVWRSQLGHOLVHPHGXSRUDER]QDSUDYDPL]D NXKDQMHODKNRVHJUHMHMR  8SRUDEOMDMWHVDPRSULORHQHSULWUGLOQHYLMDNHÏHQLVR SULORHQLXSRUDELWHWDNHNRWMHQDYHGHQRYQDYRGLOLK]D QDPHVWLWHY1DSUDYRQDPHVWLWHQDYDUQRLQSULPHUQRPHVWR NLXVWUH]D]DKWHYDP]DQDPHVWLWHY  232=25,/2)DLOXUHWRLQVWDOOWKHVFUHZVRUIL[LQJGHYLFHLQ DFFRUGDQFHZLWKWKHVHLQVWUXFWLRQVPD\UHVXOWLQHOHFWULFDO KD]DUGV  =DSULWUGLWHYQDSUDYHQHXSRUDEOMDMWHOHSLO  1DMPDQMDUD]GDOMDPHGSRYULQRNXKDOQHSORÏHNDPRU SRVWDYOMDWHSRVRGRLQVSRGQMLPGHORPQDSUDYHPRUDELWL
 6/29(1Î,1$

YVDMFPÏHYQDYRGLOLK]DQDPHVWLWHYQDSUDYHDOL NXKDOQHSORÏHQLQDYHGHQRGUXJDÏH  2GYRG]UDNDPRUDELWLYVNODGXVSUHGSLVLNUDMHYQLKREODVWL  9SURVWRUXNMHUMHSRVWDYOMHQDQDSUDYDQDMER]DJRWRYOMHQR GREURSUH]UDÏHYDQMHGDSUHSUHÏLWHSULKRGSOLQRYYSURVWRU ÏHQDSUDYDGHOXMHQDSOLQDOLGUXJRJRULYRYNOMXÏQR] RGSUWLPRJQMHP  3UHSULÏDMWHVHGDSUH]UDÏHYDOQHRGSUWLQHQLVREORNLUDQHLQ GD]UDNDNLVHMHQDEUDOYQDSUDYLQHSRWLVQHYRGYRGQL NDQDO]DGLPLQSDURL]GUXJLKQDSUDYRVUHGQMHJD RJUHYDOQHJDVLVWHPDWHUPRVLIRQRYJUHOQLNRYYRGHLWG  .RQDSUDYDGHOXMH]GUXJLPLQDSUDYDPLQDMYLMDVWRSQMD YDNXXPDYSURVWRUXQHVPHSUHVHÏLPEDU  3D]LWHGDQHSRNRGXMHWHSULNOMXÏQHJDNDEOD=D ]DPHQMDYRSRNRGRYDQHJDNDEODVHREUQLWHQDQD SRREODÏHQLVHUYLVQLFHQWHUDOLHOHNWULÏDUMD  ÎHMHQDSUDYDSULNOMXÏHQDQHSRVUHGQRQDQDSDMDQMHPRUD LPHWLHOHNWULÏQDQDSHOMDYDL]RODFLMVNRQDSUDYRNLRPRJRÏD RGNORSQDSUDYHL]HOHNWULÏQHJDRPUHMDQDYVHKSROLK &HORWHQRGNORSPRUDELWLYVNODGXVSRJRMLQDYHGHQLPLY NDWHJRULMLSUHQDSHWRVWL,,,9SULPHUXILNVQHJDRLÏHQMD XSRUDELWHVWLNDOR]DRGNORSL]RPUHMDYVNODGXVSUHGSLVL]D RLÏHQMH  1HIODPELUDMWHSRGQDSUDYR  1HXSRUDEOMDMWH]DRGYDMDQMHQHYDUQLKDOLHNVSOR]LYQLK PDWHULDORYLQKODSRY  1DSUDYRUHGQRÏLVWLWH]PHKNRNUSRGDSUHSUHÏLWH SRNRGEHPDWHULDODQDSRYULQL  =DÏLÏHQMHSRYULQHQDSUDYHQHXSRUDEOMDMWHSDUQHJD ÏLVWLOQLNDYRGQHJDSUFDJURELKÏLVWLOQLKVUHGVWHYDOL RVWUHJDNRYLQVNHJDVWUJDOD8SRUDEOMDMWHVDPRQHYWUDOQD ÏLVWLOQDVUHGVWYD  5HGQRÏLVWLWHPDÏREQHILOWUHYVDMQDGYDPHVHFDLQ RGVWUDQMXMWHRVWDQNHPDÏREH]QDSUDYHGDSUHSUHÏLWH QHYDUQRVWSRDUD  1RWUDQMRVWQDSUDYHÏLVWLWHVNUSR
6/29(1Î,1$ 

9$512671$1$92',/$

1DPHVWLWHY
232=25,/2
1HYDUQRVWWHOHVQLKSRNRGEHOHNWULÏQHJD XGDUDSRDUDRSHNOLQDOLSRNRGE QDSUDYH
 7RQDSUDYRODKNRQDPHVWLOHVWURNRYQR XVSRVREOMHQDRVHED
 1HQDPHÏDMWHDOLXSRUDEOMDMWH SRNRGRYDQHQDSUDYH
 8SRWHYDMWHQDYRGLOD]DQDPHVWLWHY SULORHQDQDSUDYL
 3ULSUHPLNDQMXQDSUDYHERGLWHSD]OMLYLNHU MHWHND9HGQRXSRUDEOMDMWH]DÏLWQH URNDYLFHLQSULORHQRREXWHY
 3UHGQDPHVWLWYLMRQDSUDYHRGVWUDQLWHYVR HPEDODRHWLNHWHLQ]DÏLWQRIROLMR
 2GYDMDQMH]UDNDQHVPHELWLVSHOMDQRY ]LGQRRGSUWLQRUD]HQÏHMHWHPX QDPHQMHQD
(OHNWULÏQDSRYH]DYD
232=25,/2
1HYDUQRVWSRDUDLQHOHNWULÏQHJDXGDUD
 (OHNWULÏQRSULNOMXÏLWHYPRUDRSUDYLWL XVSRVREOMHQHOHNWULÏDU
 3UHYHULWHDOLVRSDUDPHWULVSORÏLFH]D WHKQLÏQHQDYHGEH]GUXOMLYL]HOHNWULÏQR QDSHWRVWMRRPUHMD
 ÎHQDSORÏLFL]DWHKQLÏQHQDYHGEHQL
VLPEROD PRUDWHQDSUDYRR]HPOMLWL  9HGQRXSRUDELWHSUDYLOQRQDPHÏHQR
YDUQRVWQRYWLÏQLFR  3ULNOMXÏQLNDEHOVHQHVPH]DSOHVWL  1HXSRUDEOMDMWHUD]GHOLOQLNRYLQSRGDOMNRY  ÎHMHRPUHQDYWLÏQLFD]UDKOMDQDQH
YWLNDMWHYWLÏD  1HYOHFLWH]DHOHNWULÏQLSULNOMXÏQLNDEHOÏH
HOLWHL]NOMXÏLWLQDSUDYR9HGQRSRYOHFLWH ]DYWLÏ  =DÏLWDSUHGXGDURPHOHNWULÏQHJDWRND L]ROLUDQLKGHORYLQGHORYSRGHOHNWULÏQR QDSHWRVWMRPRUDELWLSULWUMHQDWDNRGDMHQL PRJRÏHRGVWUDQLWLEUH]RURGMD  1DSUDYDPRUDELWLQDPHÏHQDSUDYLOQR 6ODERSULWUMHQLQQDSDÏHQSULNOMXÏQLNDEHO ODKNRSRY]URÏLSUHJUHYDQMHSULNOMXÏND

 1DSUDYRSULNOMXÏLWHSRNRQFXSRVWRSND QDPHÏDQMD3RVNUELWHGDERYWLÏ GRVHJOMLYWXGLSRQDPHVWLWYL
8SRUDED
232=25,/2
1HYDUQRVWSRNRGEHRSHNOLQLQ HOHNWULÏQHJDXGDUD
 7DQDSUDYDMHQDPHQMHQDOHNXKDQMX 1DSUDYHQHXSRUDEOMDMWHYGUXJHQDPHQH
 1HVSUHPLQMDMWHVSHFLILNDFLMWHQDSUDYH  1DSUDYHVHQHGRWLNDMWH]PRNULPLURNDPL
DOLNDGDUMHYVWLNX]YRGR  8SRUDEOMDMWHOHRSUHPRSULORHQRQDSUDYL  3ODPHQRYDOLVHJUHWLKSUHGPHWRYQH
SULEOLXMWHPDÏREDPLQROMXPHG NXKDQMHPLQSHÏHQMHP  1HXSRUDEOMDMWHRGSUWLKHOHNWULÏQLKDURY  1DSUDYHQHXSRUDEOMDMWHNRWSRYULQR]D RGODJDQMH  6SRYHÏHYDOQLPLVWHNOLGDOMQRJOHGLDOL SRGREQLPLRSWLÏQLPLQDSUDYDPLQHJOHMWH QHSRVUHGQRYOXÏQDSUDYH
6WRULWYH
 =DSRSUDYLORQDSUDYHVHREUQLWHQD SRREODÏHQLVHUYLVQLFHQWHU8SRUDEOMDMWH VDPRRULJLQDOQHQDGRPHVWQHGHOH
 2DUQLFDKYL]GHONXLQQDGRPHVWQLK DUQLFDKNLVHSURGDMDMRORÏHQR7H DUQLFHVR]DVQRYDQH]DHNVWUHPQH SRJRMHYJRVSRGLQMVNLKDSDUDWLKNRWVR L]MHPQHWHPSHUDWXUHYLEUDFLMHLQYODQRVWL DOL]DVSRURÏDQMHLQIRUPDFLMRGHORYDQMX DSDUDWD1LVRQDPHQMHQH]DXSRUDER GUXJMHLQQLVRSULPHUQH]DVREQR UD]VYHWOMDYRYJRVSRGLQMVWYX
2GODJDQMH
232=25,/2
1HYDUQRVWSRNRGEHDOL]DGXLWYH
 =DLQIRUPDFLMHRSUDYLOQHPRGODJDQMX QDSUDYHVHREUQLWHQDREÏLQVNRXSUDYR
 1DSUDYRL]NOMXÏLWHL]QDSDMDQMD  2GUHLWHHOHNWULÏQLSULNOMXÏQLNDEHOWLNRE
QDSUDYLLQQDSUDYR]DYU]LWH

 6/29(1Î,1$

64  ,1)250$&,21,,6,*85,6 3USDUDLQVWDOLPLWGKHSUGRULPLWWSDMLVMHVOH[RQLPHNXMGHV XGK]LPHWHRIUXDUD3URGKXHVLQXNVKWSUJMHJMVSU OQGLPHWDSRGPHWVLUH]XOWDWLLQVWDOLPLWDSRSUGRULPLWW SDSUVKWDWVKP*MLWKPRQPEDMLQLXGK]LPHWQQMYHQGW VLJXUWGKHNXPXQGWDUULKHQOHKWSUW
LXUHIHUXDUQW DUGKPHQ 6LJXULDHIPLMYHGKHSHUVRQDYHYXOQHUDEO  .MRSDMLVMHPXQGWSUGRUHWQJDIPLMWPRVKVYMH©H
VLSUGKHSHUVRQDPHDIWVLWNXIL]XDUDIL]LNHQGLMLPHVK RVHPHQGRUHRVHTQXNNDQHNVSHULHQFGKHQMRKXUL QVHNWDPEDKHQQQPELNT\UMHRVHXGK]RKHQSU SUGRULPLQHVLJXUWWSDMLVMHVGKHLNXSWRMQUUH]LTHWH SUGRULPLW)PLMWQJDQQYMH©GKHSHUVRQDWPHDIWVL WNXIL]XDUDVKXPWWKHNVXDUDGKHNRPSOHNVHGXKHWW PEDKHQODUJQJDSDMLVMDSUYH©VHNXUPEDKHQQQ PRQLWRULPWYD]KGXHVKP  )PLMWGXKHWWPRQLWRURKHQSUW
XVLJXUXDUVHQXNOXDMQ PHSDMLVMHQ  0EDMHQLWJMLWKSDNHWLPLQODUJQJDIPLMWGKHKLGKHQLDW VL©NUNRKHW  0EDMLQLIPLMWGKHNDIVKWVKWSLDNHODUJSDMLVMHVJMDW NRKVTDMRVKWQSXQ  )PLMWQXNGXKHWWNU\HMQSDVWULPLQGKHPLUPEDMWMHQH SDMLVMHVSDPELNT\UMH 6LJXULDHSUJMLWKVKPH  .MRSDMLVMHVKWSURGKXDUSUSUGRULPVKWSLDNPEL SLDQXUDVREDGKHSDMLVMHWQJMDVKPHJDWLPL  3USDUDPLUPEDMWMHVVKNSXWHQLSDMLVMHQQJDUUMHWLHOHNWULN  3$5$/$-05,03MHVWHDNVHVXHVKPHPXQGWQ[HKHQ JMDWSUGRULPLWPHSDMLVMHWHJDWLPLW  3UGRUQLYHWPYLGDWILNVXHVHWPDUUDPHSDMLVMHQQVH QXNNHQLPDUUSUGRUQLYLGDWHUHNRPDQGXDUDQ XGK]LPHWHLQVWDOLPLW,QVWDORMHQLSDMLVMHQQQMYHQGW
6+4,3 

VLJXUWGKHWSUVKWDWVKPTSORWVRQNUNHVDWH LQVWDOLPLW  3$5$/$-05,00RVLQVWDOLPLLYLGDYHDSRSDMLVMHV ILNVXHVHQSUSXWKMHPHNWRXGK]LPHPXQGWUH]XOWRM QUUH]LTHHOHNWULNH  0RVSUGRUQLDGH]LYSUWILNVXDUSDMLVMHQ  'LVWDQFDPLQLPDOHPHVVLSUIDTHVVSLDQXUVQWFLOLQ TQGURMQWLJDQWGKHSMHVVVSRVKWPHWSDMLVMHVGXKHW WMHWWSDNWQFPSUYH©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
 6+4,3

 3DVWURMHQLSDMLVMHQUUHJXOOLVKWPHQMOHFNWEXWSUW SDUDQGDOXDUGPWLPLQHPDWHULDOLWWVLSUIDTHV
 0RVSUGRUQLQMSDVWUXHVPHDYXOOVSUNDWVPHXM SDVWUXHVJUU\HVWIRUWRVHNUXDMWVHWPSUHKWDPHWDOLNH SUWSDVWUXDUVLSUIDTHQHSDMLVMHV3UGRUQLYHWP GHWHUJMHQWHQHXWUDOH
 3DVWURMLQLUUHJXOOLVKWILOWUDWH\QG\UVWSDNWQ©GRPXDM GKHKLTQLGHSR]LWLPHWH\QG\UVQJDSDMLVMDSUW SDUDQGDOXDUUUH]LNXQH]MDUULW
 3UGRUQLQMSOKXUSUWSDVWUXDUSMHVQHEUHQGVKPHW SDMLVMHV

8'+=,0(7356,*85,1

,QVWDOLPL
3$5$/$-05,0
5UH]LNSODJRVMHMHJRGLWMHMHHOHNWULNH ]MDUULGMHJLHMHRVHGPWLPLWSDMLVMHV
 9HWPQMSHUVRQLNXDOLILNXDUGXKHWWD LQVWDORMNWSDMLVMH
 0RVLQVWDORQLRVHPRVSUGRUQLQMSDMLVMH WGPWXDU
 1GLTQLXGK]LPHWHLQVWDOLPLWWGKQDPH SDMLVMHQ
 *MLWKPRQEQLNXMGHVNXUHOYL]QL SDMLVMHQVHSVHVKWHUQG3UGRUQL JMLWKQMGRUH]DVLJXULHGKHNSXFW PE\OOXUD
 3USDUDLQVWDOLPLWWSDMLVMHVKLTQLJMLWK SMHVWDPEDOD]KXHVHHWLNHWDWUHNODPXHVH GKHTHVHQPEURMWVH
 0RVHLQVWDORQLSMHVQHVKNDUNLPLQHDMULW QQMYULPPXULSUYH©VHNXUYULPD VKWSURMHNWXDUSUDWTOOLP
/LGKMDHOHNWULNH
3$5$/$-05,0
5UH]LN]MDUULGKHJRGLWMHMHHOHNWULNH
 7JMLWKDOLGKMHWHOHNWULNHGXKHQNU\HUQJD QMHOHNWULFLVWLNXDOLILNXDU
 6LJXURKXQLTSDUDPHWUDWQSOODNQH VSHFLILNLPHYHWSUNRMQPHYOHUDW HOHNWULNHWUUMHWLWHOHNWULN

 1VHVLPEROL QXNVKWLSULQWXDUQ SOODN]QHVSHFLILNLPHYHSDMLVMDGXKHWW WRN]RKHW
 3UGRUQLJMLWKPRQQMSUL]WWRN]XDUW LQVWDOXDUVLGXKHW
 0RVLOLQLNDEOORWHOHNWULNHWSUGULGKHQ  0RVSUGRUQLSUVKWDWVPHVKXPVSLQD
GKHNDEOOR]JMDWXHVH  1VHSUL]DVKWHOLUPRVHIXWQLVSLQQ  0RVHVKNSXWQLSDMLVMHQQJDUUMHWLGXNHH
WUKHTXUQJDNDEOORMDHOHNWULNH*MLWKPRQ WUKLTHQLNDEOORQHOHNWULNHGXNHHNDSXU QJDVSLQD  0EURMWMDQJDJRGLWMDHSMHVYHPHNRUUHQW GKHWL]ROXDUDGXKHWWVKWUQJRKHWQ PQ\UWWLOOTWPRVKLTHWSDYHJOD  6LJXURKXQLTSDMLVMDWLQVWDORKHWQ UUHJXOO.DEOORMDHOHNWULNHHOLUGKHH SDSUVKWDWVKPHPXQGWDQ[HKVKXP WHUPLQDOLQ  /LGKHQLSDMLVMHQQIXQGWLQVWDOLPLW 6LJXURKXQLTUUMHWLHOHNWULNWMHWL DUULWVKPSDVPRQWLPLW
3UGRULPL
3$5$/$-05,0
5UH]LNSODJRVMHMHGMHJLHVKGKHJRGLWMHMH HOHNWULNH
 .MRSDMLVMHSUGRUHWYHWPSUTOOLPH JDWLPL0RVHSUGRUQLSDMLVMHQSUTOOLPH WWMHUD
 0RVLQGU\VKRQLVSHFLILNLPHWHSDMLVMHV

6+4,3 

 0RVHYHQGRVQLQSXQSDMLVMHQPHGXDU WODJXUDRVHNXUNHQLSDVXUNRQWDNWPH XMLQ
 3UGRUQLYHWPDNVHVRUWHRIUXDUPH SDMLVMHQ
 0EDMHQLIODNQRVHREMHNWHWHQ[HKXUDODUJ QJD\QG\UDWGKHYDMUDWJMDWJDWLPLWGKH VNXTMHV
 0RVSUGRUQLVNDUDHOHNWULNHW SDPEXOXDUD
 0RVHSUGRUQLSDMLVMHQVLVLSUIDTH PEVKWHWVH
 0RVSUGRUQL[KDPD]PDGKXHVG\OELRVH SDMLVMHWQJMDVKPHRSWLNHSUWSDU GLUHNWWHGULWDHSDMLVMHV
6KUELPL
 3UWULSDUXDUSDMLVMHQNRQWDNWRQLPH THQGUQHDXWRUL]XDUWVKUELPLW 3UGRUQLYHWPSMHVNPELPLRULJMLQDOH
 1OLGKMHPHOODPEDWEUHQGDSURGXNWLWGKH OODPEDWHSMHVYHWNPELPLWWVKLWXUD

YH©PDV.WROODPEDMDQSURGKXDUSU NXVKWHHNVWUHPHIL]LNHQSDMLVMHW HOHNWURVKWSLDNHVLSVKWHPSHUDWXU GULGKMHODJVKWLURVHMDQSURGKXDUSU WVLQMDOL]XDULQIRUPDFLRQUUHWKVWDWXVLWW SUGRULPLWWSDMLVMHV$WRQXNMDQ SURGKXDUSUWXSUGRUXUQDSOLNDFLRQHW WMHUDGKHQXNMDQWSUVKWDWVKPHSU QGUL©LPQDPELHQWHVKWSLDNH
+HGKMD
3$5$/$-05,0
5UH]LNSODJRVMHMHRVHPE\WMHMH
 .RQWDNWRQLPHDXWRULWHWLQWXDMNRPXQDOSU LQIRUPDFLRQVHVLWDKLGKQLSDMLVMHQ
 6KNSXWHQLSDMLVMHQQJDUUMHWLLIXUQL]LPLW PHHQHUJML
 3ULWHQLNDEOORQHUUMHWLWHOHNWULNSUDQ SDMLVMHVGKHKLGKHQLDW

65        
  
 DR         

 6+4,3

  
  
  
  
  
  
  
             FP              
 

      PEDU           ,,,                      
 





  
  
  
  
    
   
   
 


  
     
     
   
  
  
  

   
    
     
    


 
  
  
   
  
   
  
  
    

    

 

            




   
  
   

69  6.(5+(76,1)250$7,21 /¦VQRJDGHELIRJDGHLQVWUXNWLRQHUQDI¸UHLQVWDOODWLRQRFK DQY¦QGQLQJDYSURGXNWHQ7LOOYHUNDUHQ¦ULQWHDQVYDULJI¸U HYHQWXHOODSHUVRQVNDGRUHOOHUDQGUDVNDGRUVRPXSSNRPPLW VRPHWWUHVXOWDWDYIHODNWLJLQVWDOODWLRQHOOHUDQY¦QGQLQJ )¸UYDUDDOOWLGEUXNVDQYLVQLQJHQS§HQV¦NHURFKWLOOJ¦QJOLJ SODWVI¸UIUDPWLGDEUXN
6¦NHUKHWI¸UEDUQRFKSHUVRQHUPHG IXQNWLRQVQHGV¦WWQLQJ  'HQQDSURGXNWNDQDQY¦QGDVDYEDUQIU§Q§UV§OGHURFK
XSS§WRFKDYSHUVRQHUPHGQHGVDWWI\VLVNVHQVRULVNHOOHU PHQWDOI¸UP§JDVDPWSHUVRQHUPHGEULVWDQGHHUIDUHQKHW RFKNXQVNDSRPGH¸YHUYDNDVHOOHULQVWUXHUDVRPKXU SURGXNWHQDQY¦QGVS§HWWV¦NHUWV¦WWRFKI¸UVW§UGHULVNHU VRP¦UI¸UNQLSSDGHPHGDQY¦QGQLQJHQ%DUQXQGHU§U HOOHUSHUVRQHUPHGP\FNHWRPIDWWDQGHRFKNRPSOH[D IXQNWLRQVQHGV¦WWQLQJDUVNDLQWHYLVWDVLQ¦UKHWHQDY SURGXNWHQXWDQVW¦QGLJXSSVLNW  %DUQVND¸YHUYDNDVV§DWWGHLQWHOHNHUPHGPDVNLQHQ  +§OODOOWI¸USDFNQLQJVPDWHULDOXWRPU¦FNK§OOI¸UEDUQRFK NDVVHUDGHWS§O¦PSOLJWV¦WW  +§OOEDUQRFKKXVGMXUS§DYVW§QGQ¦USURGXNWHQDQY¦QGV

 

 %DUQI§ULQWHXWI¸UDUHQJ¸ULQJRFKXQGHUK§OODYSURGXNWHQ XWDQXSSVLNW
$OOP¦QV¦NHUKHW  'HQQDSURGXNW¦UDYVHGGI¸UKXVK§OOVEUXN¸YHUK¦OODU
VSLVDURFKOLNQDQGHPDWODJQLQJVHQKHWHU  ,QQDQGXXWI¸UQ§JRWXQGHUK§OOVNDGXNRSSODXUSURGXNWHQ
IU§QQ¦WXWWDJHW  9$51,1*WNRPOLJDGHODUNDQEOLKHWDXQGHUDQY¦QGQLQJ
PHGWLOODJQLQJVHQKHWHU  $QY¦QGHQGDVWVNUXYDUQDVRPPHGI¸OMHURFKRPGHLQWH
OHYHUHUDVPHGSURGXNWHQDQY¦QGVNUXYDUVRP UHNRPPHQGHUDVLLQVWDOODWLRQVDQYLVQLQJDUQD,QVWDOOHUD SURGXNWHQS§HQV¦NHURFKO¦PSOLJSODWVVRPXSSI\OOHU LQVWDOODWLRQVNUDYHQ  9$51,1*8QGHUO§WHQKHWDWWLQVWDOOHUDVNUXYDUQDHOOHU I¦VWDQRUGQLQJHQLHQOLJKHWPHGGHVVDLQVWUXNWLRQHUNDQOHGD WLOOHOHNWULVNIDUD  $QY¦QGLQWHOLPI¸UDWWV¦WWDIDVWSURGXNWHQ  0LQVWDDYVW§QGPHOODQK¦OOHQV\WDS§YLONHQNRNN¦UOHQVW§U RFKQHGUHGHOHQDYSURGXNWHQVNDYDUDPLQVWFPRP LQWHDQQDWDQJHVLLQVWDOODWLRQVDQYLVQLQJDUQDI¸USURGXNWHQ HOOHUK¦OOHQ  8WVO¦SSDYOXIWP§VWHI¸OMDORNDODP\QGLJKHWHUI¸UHVNULIWHU  6HWLOODWWGXKDUJRGYHQWLODWLRQLUXPPHWG¦USURGXNWHQ¦U LQVWDOOHUDGI¸UDWWXQGYLNDDWWJDVHUVXJVWLOOEDNDLQLUXPPHW IU§QSURGXNWHUVRPDQY¦QGHUJDVHOOHUDQGUDEU¦QVOHQ H[HPSHOYLV¸SSQDVSLVDU  6HWLOODWWYHQWLODWLRQV¸SSQLQJDUQDLQWH¦UEORFNHUDGHRFKDWW OXIWHQVRPXSSVDPODVDYSURGXNWHQLQWHI¸UPHGODVWLOOHQ NDQDOVRPDQY¦QGVI¸UDWWDYJHU¸NRFK§QJDIU§QDQGUD SURGXNWHUFHQWUDOY¦UPHV\VWHPWHUPRVLIRQHU YDWWHQY¦UPDUHHWF  1¦USURGXNWHQN¸UVPHGDQGUDSURGXNWHUI§UGHWPD[LPDOD YDNXXPVRPDOVWUDVLUXPPHWLQWH¸YHUVWLJDPEDU
69(16.$ 

 .RQWUROOHUDV§DWWGXLQWHVNDGDUQ¦WNDEHOQ.RQWDNWDY§UW DXNWRULVHUDGHVHUYLFHFHQWHUHOOHUHQHOHNWULNHUI¸UDWWHUV¦WWD HQVNDGDGQ¦WNDEHO
 2PSURGXNWHQ¦UDQVOXWHQGLUHNWWLOOVWU¸PI¸UV¸UMQLQJHQ P§VWHHOLQVWDOODWLRQHQYDUDXWUXVWDGPHGHQ LVROHULQJVDQRUGQLQJVRPJ¸UGHWP¸MOLJWDWWNRSSODIU§Q SURGXNWHQIU§QHOQ¦WHWYLGDOODSROHU.RPSOHWWXUNRSSOLQJ P§VWH¸YHUHQVVW¦PPDPHGGHYLOONRUVRPDQJHVL ¸YHUVS¦QQLQJVNDWHJRULQ,,,6¦WWHWI¸UIU§QNRSSOLQJP§VWH LQI¸UOLYDVLGHWIDVWDNDEODJHWLHQOLJKHWPHGJ¦OODQGH DQVOXWQLQJVEHVW¦PPHOVHU
 )ODPEHUDLQWHXQGHUSURGXNWHQ  $QY¦QGGHQLQWHI¸UDWWO§WDIDUOLJDHOOHUH[SORVLYDPDWHULDO
RFK§QJRUVWU¸PPDXW  5HQJ¸USURGXNWHQUHJHOEXQGHWPHGHQPMXNWUDVDI¸UDWW
I¸UKLQGUDDWW\WPDWHULDOHWI¸UV¦PUDV  $QY¦QGLQWH§QJUHQJ¸ULQJYDWWHQVSUD\K§UGDVOLSPHGHO
HOOHUVNDUSDPHWDOOVNUDSRUI¸UDWWUHQJ¸UD\WDQS§SURGXNWHQ $QY¦QGEDUDPLOGDUHQJ¸ULQJVPHGHO  5HQJ¸UIHWWILOWUHQUHJHOEXQGHWPLQVWYDUDQQDQP§QDGRFK DYO¦JVQDIHWWDYODJULQJDUI¸UDWWI¸UKLQGUDEUDQGULVN  $QY¦QGHQWUDVDI¸UDWWUHQJ¸UDLQVLGDQDYSURGXNWHQ

6.(5+(76,16758.7,21(5

,QVWDOODWLRQ
9$51,1*
'HWILQQVULVNI¸USHUVRQVNDGRUHOVW¸W EUDQGHOOHUVNDGRUS§SURGXNWHQ
 (QGDVWHQEHK¸ULJSHUVRQI§ULQVWDOOHUD GHQK¦USURGXNWHQ
 ,QVWDOOHUDHOOHUDQY¦QGLQWHHQVNDGDG SURGXNW
 )¸OMLQVWDOODWLRQVLQVWUXNWLRQHUQDVRPI¸OMHU PHGSURGXNWHQ
 9DUDOOWLGI¸UVLNWLJQ¦USURGXNWHQU¸UVLJ HIWHUVRPGHQ¦UWXQJ$QY¦QGDOOWLG VN\GGVKDQGVNDURFKW¦FNWDVNRU
 ,QQDQGXLQVWDOOHUDUSURGXNWHQVNDGXWD ERUWDOODI¸USDFNQLQJDUP¦UNQLQJHQRFK VN\GGVILOPHQ

 ,QVWDOOHUDLQWHDYOXIWHQLHWWK§OUXPL Y¦JJHQRPLQWHK§OUXPPHW¦UNRQVWUXHUDW I¸UGHWWD¦QGDP§O
(OHNWULVNDQVOXWQLQJ
9$51,1*
5LVNI¸UEUDQGRFKHOHNWULVNDVW¸WDU
 $OODHOHNWULVNDDQVOXWQLQJDUVNDJ¸UDVDY HQEHK¸ULJHOHNWULNHU
 6HWLOODWWGHSDUDPHWUDUQDS§P¦UNVN\OWHQ ¸YHUHQVVW¦PPHUPHGHOQ¦WHWVHOHNWULFLWHW
 2PV\PEROHQ LQWHILQQVS§ P¦UNSO§WHQP§VWHSURGXNWHQMRUGDV
 $QY¦QGDOOWLGHWWNRUUHNWLQVWDOOHUDW VW¸WV¦NHUWRFKMRUGDWHOXWWDJ
 /§WLQWHHOHNWULVNDOHGQLQJDUWUDVVODLQVLJ

 69(16.$

 $QY¦QGLQWHJUHQXWWDJHOOHU I¸UO¦QJQLQJVVODGGDU
 $QVOXWLQWHVWLFNNRQWDNWHQRPY¦JJXWWDJHW VLWWHUO¸VW
 'UDLQWHLDQVOXWQLQJVVODGGHQI¸UDWWNRSSOD ERUWSURGXNWHQIU§QHOXWWDJHW7DDOOWLGWDJL VWLFNNRQWDNWHQ
 6W¸WVN\GGHWI¸UVWU¸PI¸UDQGHRFK LVROHUDGHGHODUP§VWHI¦VWDVS§HWWV§GDQW V¦WWDWWGHWLQWHNDQWDVERUWXWDQYHUNW\J
 .RQWUROOHUDDWWSURGXNWHQ¦UU¦WW LQVWDOOHUDG/¸VDRFKHMIDFNP¦VVLJW PRQWHUDGHNDEODUNDQRUVDND¸YHUKHWWQLQJ LNRSSOLQJVSOLQWHQ
 $QVOXWSURGXNWHQWLOOLQVWDOODWLRQHQVVOXW .RQWUROOHUDDWWPDQNDQNRPPD§W NRQWDNWHQHIWHULQVWDOODWLRQHQ
$QY¦QGQLQJ
9$51,1*
5LVNI¸UVNDGRUEU¦QQVNDGRUHOOHU HOVW¸WDUI¸UHOLJJHU
 'HQQDSURGXNW¦UHQGDVWDYVHGGI¸U PDWODJQLQJ$QY¦QGLQWHSURGXNWHQI¸U DQQDW¦QGDP§O
 QGUDLQWHSURGXNWHQVVSHFLILNDWLRQHU  $QY¦QGLQWHSURGXNWHQPHGY§WDK¦QGHU
HOOHUQ¦UGHQKDUNRQWDNWPHGYDWWHQ  $QY¦QGEDUDGHWLOOEHK¸UVRPOHYHUHUDV
PHGSURGXNWHQ  +§OOIODPPRUHOOHUXSSY¦UPGDI¸UHP§O
ERUWDIU§QIHWWHURFKROMRUXQGHUWLOODJQLQJ RFKIULWHULQJ

 $QY¦QGLQWHHOHNWULVNDJULOODUVRPLQWH¦U W¦FNWD
 $QY¦QGLQWHSURGXNWHQVRP DYODVWQLQJV\WD
 $QY¦QGLQWHI¸UVWRULQJVJODVNLNDUHHOOHU OLNQDQGHRSWLVNDDSSDUDWHUI¸UDWWWLWWD GLUHNWS§SURGXNWHQVEHO\VQLQJ
8QGHUK§OO
 .RQWDNWDHQDXNWRULVHUDGVHUYLFHYHUNVWDG I¸UUHSDUDWLRQDYSURGXNWHQ$QY¦QG HQGDVWRULJLQDOGHODU
 1¦UGHWJ¦OOHUODPSDQODPSRUQDLGHQQD SURGXNWRFKUHVHUYODPSRUVRPV¦OMV VHSDUDW'HVVDODPSRU¦UDYVHGGDDWWW§OD H[WUHPDI\VLVNDI¸UK§OODQGHQL KXVK§OOVDSSDUDWHUV§VRPWHPSHUDWXU YLEUDWLRQIXNWLJKHWHOOHU¦UDYVHGGDDWW VLJQDOHUDLQIRUPDWLRQRPSURGXNWHQV GULIWVVWDWXV'H¦ULQWHDYVHGGDDWW DQY¦QGDVLDQGUDSURGXNWHUHOOHUVRP UXPVEHO\VQLQJLKHPPHW
$Y\WWULQJ
9$51,1*
5LVNI¸UNY¦YQLQJHOOHUVNDGRU
 .RQWDNWDNRPPXQHQI¸ULQIRUPDWLRQRP KXUSURGXNWHQVNDNDVVHUDV
 .RSSODORVVSURGXNWHQIU§QHOXWWDJHW  .OLSSDYHONDEHOQQ¦UDSURGXNWHQRFK
NDVVHUDGHQ

75  *9(1/,.%,/*,/(5, &LKD]óQPRQWDMYHNXOODQóPóQGDQ¸QFHYHULOHQWDOLPDWODUó GLNNDWOLFHRNX\XQUHWLFL\DQOóNXUXOXPYH\DNXOODQóPGDQ ND\QDNODQDQ\DUDODQPD\DGDKDVDUODUGDQVRUXPOXGHáLOGLU 7DOLPDWODUóLOHULGHNXOODQDELOPHQL]L©LQKHU]DPDQJ¾YHQOLYH NROD\XODóODELOLUELU\HUGHWXWXQ
RFXNODUóQYHWHKOLNH\HD©óNNLLOHULQJ¾YHQOLáL  %XFLKD]J¸]HWLPDOWóQGDEXOXQPDODUóYH\DFLKD]óQJ¾YHQOL
HNLOGHNXOODQóPóYHROXDELOHFHNWHKOLNHOHUKDNNóQGDELOJL YHULOPHVLND\Gó\OD\DYH¾]HUL©RFXNODULOHIL]LNVHO

69(16.$ 

GX\XVDOYH\D]LKLQVHONDSDVLWHVLG¾¾N\DGDELOJLYH GHQH\LPLROPD\DQNLLOHUWDUDIóQGDQNXOODQóODELOLU \DóQGDQN¾©¾N©RFXNODUYHLOHULG¾]H\]LKLQVHOLOHIL]LNVHO HQJHOOHUHVDKLSNLLOHUJ¸]HWLPDOWóQGDEXOXQPDGóNODUó P¾GGHW©HEX¾U¾Q¾WHNEDóQDNXOODQPDPDOóGóU  &LKD]ODR\QDPDPDODUóQóVDáODPDNL©LQ©RFXNODUóQJ¸]HWLP DOWóQGDEXOXQGXUXOPDVóJHUHNPHNWHGLU  7¾PDPEDODMODUó©RFXNODUGDQX]DNWXWXQYHX\JXQHNLOGH EHUWDUDIHGLQ  &LKD]©DOóóUNHQ©RFXNODUóYHKD\YDQODUóFLKD]GDQX]DN WXWXQ  7HPL]OLNYHNXOODQóFóWDUDIóQGDQJHU©HNOHWLULOHQEDNóP LOHPOHULJ¸]HWLPDOWóQGDROPDGóNODUóV¾UHFH©RFXNODU WDUDIóQGDQJHU©HNOHWLULOPHPHOLGLU *HQHO*¾YHQOLN  %XFLKD]RFDNIóUóQYHEHQ]HUSLLUPHFLKD]ODUóQóQ¾]HULQGH HYL©LNXOODQóPL©LQWDVDUODQPóWóU  +HUKDQJLELUEDNóPLOHPL\DSPDGDQ¸QFHFLKD]ILLQL SUL]GHQ©HNLQ  'ò..$7(ULLOHELOLUNóVóPODUSLLUPHFLKD]ODUóQóQNXOODQóPó HVQDVóQGDVóFDNRODELOLU  <DOQó]FDFLKD]ODYHULOHQVDELWOHPHYLGDODUóQóNXOODQóQDNVL KDOGHNXUXOXPWDOLPDWODUóQGD¸QHULOHQYLGDODUóNXOODQóQ &LKD]óNXUXOXPJHUHNOLOLNOHULQLNDUóOD\DQJ¾YHQOLYHX\JXQ ELU\HUH\HUOHWLULQ  8<$5,9LGDODUóQYH\DVDELWOHPHWHUWLEDWóQóQEXWDOLPDWODUD J¸UHWDNóOPDPDVóHOHNWULNWHKOLNHOHULQHQHGHQRODELOLU  &LKD]óVDELWOHPHNL©LQ\DSóWóUóFóODUNXOODQPD\óQ  &LKD]YH\DRFDáóQNXUXOXPWDOLPDWODUóQGDDNVL EHOLUWLOPHGLN©HWDYDODUóQGXUGXáXRFDN\¾]H\LYHFLKD]óQDOW WDUDIóDUDVóQGDNLPLQLPXPPHVDIHHQD]FPROPDOóGóU  +DYDWDKOL\HVL\HUHOPDNDPODUóQ\¸QHWPHOLNOHULQHX\JXQ ROPDOóGóU  &LKD]GDQ©óNDQJD]ODUóQRGDGDEXOXQDQGLáHU\DNóWODUó DWHOHPHYH\DD©óNDOHYOHHWNLOHLPHJLUPHULVNLV¸]NRQXVX
 75.(

RODELOHFHáLQGHQPRQWDMóQ\DSóOGóáóRGDQóQ\HWHULQFH KDYDODQGóUóOGóáóQGDQHPLQROXQ  +DYDODQGóUPDGHOLNOHULQLQD©óNROGXáXQGDQYHFLKD] WDUDIóQGDQWRSODQDQKDYDQóQGLáHUFLKD]ODUGDQPHUNH]L óVóWPDVLVWHPOHULWHUPRVLIRQVXóVóWóFóODUóYEGXPDQYH EXKDU©óNDUPDNL©LQNXOODQóODQELUNDQDODDNWDUóOPDGóáóQGDQ HPLQROXQ  &LKD]GLáHUFLKD]ODUOD©DOóWóáóQGDRGDGDROXDQ PDNVLPXPYDNXPPEDU
óDPDPDOóGóU  (OHNWULNNDEORVXQD]DUDUYHUPHPH\H¸]HQJ¸VWHULQ+DVDUOó ELUNDEOR\XGHáLWLUPHNL©LQ<HWNLOL6HUYLVLPL]H\DGDELU HOHNWULN©L\HEDYXUXQ  &LKD]GRáUXGDQJ¾©ND\QDáóQDEDáODQóUVDHOHNWULNWHVLVDWó W¾PNXWXSODUGDFLKD]óQHOHNWULNEDáODQWóVóQóNHVHQELU L]RODV\RQFLKD]óLOHGRQDWóOPóROPDOóGóU%DáODQWó\ó WDPDPHQNHVPHLOHPLDóUóJHULOLPNDWHJRULVLQGH,,, EHOLUWLOHQNRXOODUDX\JXQROPDOóGóU%DáODQWó\óNHVPHLOHPL NDEORODPDNXUDOODUóQDX\JXQRODUDNVDELWNDEORODUGD JHU©HNOHWLULOPHOLGLU  &LKD]óQDOWóQGDDOHYGH¾U¾QOHUSLLUPH\LQ  7HKOLNHOLYH\DSDWOD\óFóPDGGHOHULYHEXKDUODUóERDOWPDN L©LQNXOODQPD\óQ  <¾]H\PDO]HPHVLQLQER]XOPDVóQó¸QOHPHNL©LQFLKD]óQHPOL ELUEH]OHG¾]HQOLRODUDNWHPL]OH\LQ  &LKD]óQ\¾]H\LQLWHPL]OHPHNL©LQELUEXKDUWHPL]OH\LFLVX VSUH\LVHUWDóQGóUóFóWHPL]OH\LFLOHUYH\DNHVNLQPHWDO ND]ó\óFóODUNXOODQPD\óQ6DGHFHQ¸WUGHWHUMDQODUNXOODQóQ  <DáILOWUHOHULQLG¾]HQOLRODUDNWHPL]OH\LQHQD]KHULNLD\D ELUYH\DQJóQULVNLQL¸QOHPHNL©LQFLKD]GDNL\DáNDOóQWóODUóQó WHPL]OH\LQ  &LKD]óQL©NóVPóQóWHPL]OHPHNL©LQEH]NXOODQóQ
75.( 

*9(1/,.7$/,0$7/$5,

0RQWDM
8<$5,
<DUDODQPDHOHNWULN©DUSPDVó\DQJóQ \DQPDYH\DFLKD]óQ]DUDUJ¸UPHULVNL V¸]NRQXVXGXU
 &LKD]óQPRQWDMó\DOQó]FDNDOLIL\HELUNLL WDUDIóQGDQ\DSóOPDOóGóU
 +DVDUOóELUFLKD]óPRQWHHWPH\LQ\DGD NXOODQPD\óQ
 &LKD]ODELUOLNWHYHULOHQPRQWDMWDOLPDWODUóQó WDNLSHGLQ
 &LKD]óKDUHNHWHWWLUGLáLQL]GHGLNNDWOLROXQ FLKD]DáóUGóU+HU]DPDQNRUX\XFXHOGLYHQ YHNRUX\XFXOXD\DNNDEóNXOODQóQ
 &LKD]óQNXUXOXPXQX\DSPDGDQ¸QFHW¾P SDNHWHWLNHWYHNRUX\XFXILOPL©óNDUóQ
 (J]R]KDYDVóQóELUGXYDUEROXáXQD \¾NOHPH\LQEROXNEXDPD©L©LQ WDVDUODQPDGóN©D
(OHNWULNEDáODQWóVó
8<$5,
<DQJóQYHHOHNWULN©DUSPDVóULVNL
 7¾PHOHNWULNEDáODQWóODUóNDOLIL\HELUHOHNWULN WHNQLV\HQLWDUDIóQGDQ\DSóOPDOóGóU
 $QPDGHáHULSODNDVóQGDNL SDUDPHWUHOHULQLQDQDJ¾©ND\QDáóQóQ HOHNWULNJ¾F¾QHX\JXQROGXáXQGDQHPLQ ROXQ
 6HPERO ELOJLHWLNHWLQGH\D]óOóGHáLOVH FLKD]WRSUDNODQPDOóGóU
 'DLPDG¾]J¾QWDNóOPóHOHNWULN ©DUSPDVóQDNDUóNRUXPDOóELUSUL] NXOODQóQó]
 (OHNWULNEDáODQWóODUóQóQGRODQPDVóQó ¸QOH\LQ
 3UL]©RáDOWóFóODUóQóYHX]DWPDNDEORODUóQó NXOODQPD\óQ
 3UL]JHYHPLVHILLWDNPD\óQ  &LKD]óQILLQLSUL]GHQ©óNDUPDNL©LQHOHNWULN
NDEORVXQX©HNPH\LQ+HU]DPDQILWHQ WXWDUDN©HNLQ  $NóPWDó\DQYHL]ROHHGLOPLSDU©DODUóQ GDUEHNRUXPDVóDUD©NXOODQóOPDNVó]óQ ©óNDUóODPD\DFDNHNLOGHWDNóOPDOóGóU

 &LKD]óQPRQWDMóQóQGRáUX\DSóOGóáóQGDQ HPLQROXQ*HYHNYHX\JXQROPD\DQ HOHNWULNNDEORVXWHUPLQDOLQ©RNID]OD óVóQPDVóQDQHGHQRODELOLU
 .XUXOXPXQVRQXQGDFLKD]óEDáOD\óQ .XUXOXPGDQVRQUDDQDNDEOR\D HULLOHELOGLáLQGHQHPLQROXQ
.XOODQ
8<$5,
<DUDODQPD\DQPD\DGDHOHNWULN ©DUSPDVóULVNLYDUGóU
 %XFLKD]VDGHFHSLLUPHDPD©OóGóU&LKD]ó EDNDELUDPD©ODNXOODQPD\óQ
 &LKD]óQWHNQLN¸]HOOLNOHULQLNHVLQOLNOH GHáLWLUPH\LQ
 &LKD]óóVODNHOOHUOHYH\DFLKD]VX\ODWHPDV HWWLáLQGH©DOóWóUPD\óQ
 6DGHFHFLKD]LOHYHULOHQDNVHVXDUODUó NXOODQóQ
 3LLUPHYH\DNó]DUWPDLOHPOHULHVQDVóQGD D©óNDOHYL\DGDóVóQPóQHVQHOHUL \DáODUGDQX]DNWXWXQ
 VWD©óNHOHNWULNOLó]JDUDODUNXOODQPD\óQ  &LKD]óQó]óELUH\DNR\PDPDVDVóJLEL
NXOODQPD\óQ  &LKD]óQD\GóQODWPDVóQDGRáUXGDQEDNPDN
L©LQE¾\¾WH©G¾UE¾QYH\DEHQ]HURSWLN FLKD]ODUNXOODQPD\óQ
6HUYLV
 &LKD]óRQDUPDNL©LQ\HWNLOLELU6HUYLV 0HUNH]LQHEDYXUXQ6DGHFHRULMLQDO \HGHNSDU©DODUNXOODQóQ
 %X¾U¾Q¾QL©LQGHNLODPEDODUYHD\Uó VDWóODQ\HGHNSDU©DODPEDODULOHLOJLOL RODUDN%XODPEDODUóQVóFDNOóNWLWUHLP QHPJLELHYDOHWOHULQGHNLDóUóIL]LNVHO NRXOODUDGD\DQPDVó\DGDFLKD]óQ ©DOóPDGXUXPXKDNNóQGDELOJLYHUPHVL DPD©ODQPóWóU'LáHUX\JXODPDODUGD NXOODQóOPDN¾]HUHWDVDUODQPDPóODUGóUYH HYRGDVóD\GóQODWPDVóL©LQX\JXQ GHáLOOHUGLU

 75.(

(OGHQóNDUPD
8<$5,
<DUDODQPD\DGDERáXOPDULVNL
 &LKD]óQQDVóOHOGHQ©óNDUóODFDáóKDNNóQGD ELOJLDOPDNL©LQ\HUHONXUXPODUODLOHWLLPH JH©LQ

 &LKD]óQILLQLSUL]GHQ©HNLQ  &LKD]ó\DNóQDQDHOHNWULNNDEORVXQXQ
EDáODQWóVóQóNHVLQYHDWóQ

7.(7,&,1,16(,0/,.+$./$5,

 0DOóQD\óSOóROGXáXQXQDQODóOPDVó GXUXPXQGDW¾NHWLFL D 6DWóODQóJHULYHUPH\HKD]óUROGXáXQX ELOGLUHUHNV¸]OHPHGHQG¸QPH E 6DWóODQóDOóNR\XSD\óSRUDQóQGDVDWó EHGHOLQGHQLQGLULPLVWHPH F $óUóELUPDVUDIJHUHNWLUPHGLáL WDNGLUGHE¾W¾QPDVUDIODUóVDWóFó\DDLW ROPDN¾]HUHVDWóODQóQ¾FUHWVL] RQDUóOPDVóQóLVWHPH G òPN¤QYDUVDVDWóODQóQD\óSVó]ELU PLVOLLOHGHáLWLULOPHVLQLLVWHPH VH©LPOLNKDNODUóQGDQELULQLNXOODQDELOLU 6DWóFóW¾NHWLFLQLQWHUFLKHWWLáLEXWDOHEL \HULQHJHWLUPHNOH\¾N¾PO¾G¾U
 FUHWVL]RQDUóPYH\DPDOóQD\óSVó]PLVOL LOHGHáLWLULOPHVLKDNODUó¾UHWLFLYH\D LWKDODW©ó\DNDUóGDNXOODQóODELOLU%X IóNUDGDNLKDNODUóQ\HULQHJHWLULOPHVL NRQXVXQGDVDWóFó¾UHWLFLYHLWKDODW©ó P¾WHVHOVLOHQVRUXPOXGXUUHWLFLYH\D LWKDODW©óPDOóQNHQGLVLWDUDIóQGDQ SL\DVD\DV¾U¾OPHVLQGHQVRQUDD\óEóQ GRáGXáXQXLVSDWHWWLáLWDNGLUGHVRUXPOX WXWXOPD]
 FUHWVL]RQDUóPYH\DPDOóQD\óSVó]PLVOL LOHGHáLWLULOPHVLQLQVDWóFóL©LQRUDQWóVó] J¾©O¾NOHULEHUDEHULQGHJHWLUHFHNROPDVó K¤OLQGHW¾NHWLFLV¸]OHPHGHQG¸QPH YH\DD\óSRUDQóQGDEHGHOGHQLQGLULP KDNODUóQGDQELULQLNXOODQDELOLU 2UDQWóVó]OóáóQWD\LQLQGHPDOóQD\óSVó] GHáHULD\óEóQ¸QHPLYHGLáHUVH©LPOLN KDNODUDEDYXUPDQóQW¾NHWLFLD©óVóQGDQ VRUXQWHNLOHGLSHWPH\HFHáLJLELKXVXVODU GLNNDWHDOóQóU
 FUHWVL]RQDUóPYH\DPDOóQD\óSVó]PLVOL LOHGHáLWLULOPHVLKDNODUóQGDQELULQLQ VH©LOPHVLGXUXPXQGDEXWDOHELQVDWóFó\D ¾UHWLFL\HYH\DLWKDODW©ó\D \¸QHOWLOPHVLQGHQLWLEDUHQD]DPLRWX]L J¾Q¾NRQXWYHWDWLODPD©OóWDóQPD]ODUGD

LVHDOWPóLJ¾Q¾L©LQGH\HULQHJHWLULOPHVL ]RUXQOXGXU$QFDNEX.DQXQXQLQFL PDGGHVLX\DUóQFD©óNDUóODQ\¸QHWPHOLNHNL OLVWHGH\HUDODQPDOODUDLOLNLQW¾NHWLFLQLQ ¾FUHWVL]RQDUóPWDOHEL\¸QHWPHOLNWH EHOLUOHQHQD]DPLWDPLUV¾UHVLL©LQGH \HULQHJHWLULOLU$NVLK¤OGHW¾NHWLFLGLáHU VH©LPOLNKDNODUóQóNXOODQPDNWDVHUEHVWWLU  7¾NHWLFLQLQV¸]OHPHGHQG¸QPHYH\D D\óSRUDQóQGDEHGHOGHQLQGLULPKDNNóQó VH©WLáLGXUXPODUGD¸GHPLROGXáX EHGHOLQW¾P¾YH\DEHGHOGHQ\DSóODQ LQGLULPWXWDUóGHUK¤OW¾NHWLFL\HLDGHHGLOLU  6H©LPOLNKDNODUóQNXOODQóOPDVóQHGHQL\OH RUWD\D©óNDQW¾PPDVUDIODUW¾NHWLFLQLQ VH©WLáLKDNNó\HULQHJHWLUHQWDUDI©D NDUóODQóU7¾NHWLFLEXVH©LPOLN KDNODUóQGDQELULLOHELUOLNWH WDULKOLYHVD\óOó7¾UN%RU©ODU.DQXQX K¾N¾POHULX\DUóQFDWD]PLQDWGDWDOHS HGHELOLU 7¾NHWLFLJDUDQWLGHQGRáDQKDNODUóQóQ NXOODQóOPDVóLOHLOJLOLRODUDN©óNDELOHFHN X\XPD]OóNODUGD\HUOHLP\HULQLQ EXOXQGXáXYH\DW¾NHWLFLLOHPLQLQ \DSóOGóáó\HUGHNL7¾NHWLFL+DNHP+H\HWLQH YH\D7¾NHWLFL0DKNHPHVLQHEDYXUDELOLU
UHWLFLòKUDFDW©ó
(/(&752/8;$33/,$1&(6$%
%86,1(666(&725(0$(0($6((
67*5$16*$7$1
6(672&.+2/0
6:('(1
7(/
)$;
ZZZHOHFWUROX[FRP

75.( 

òWKDODWFó(OHFWUROX['D\DQóNOó7¾NHWLP 0DPXOOHUL6DQYH7LF$ 757DNVLP%H\RáOXòVWDQEXO 0¾WHUL+L]PHWOHUL PXVWHULBKL]PHWOHUL#HOHFWUROX[FRP :(%ZZZHOHFWUROX[FRPWU

.XOODQóPPU¾%LOJLVL
.XOODQóP¸PU¾N¾©¾NHYDOHWOHULQGH\óO GLáHUEH\D]H\D¾U¾QOHULQGHLVH\óOGóU .XOODQóP¸PU¾¾UHWLFLYHYH\DLWKDODW©ó ILUPDQóQFLKD]óQó]ODLOJLOL\HGHNSDU©DWHPLQL YHEDNóPV¾UHVLQLLIDGHHGHU
$(((<¸QHWPHOLáLQH8\JXQGXU

8.        
  
                   

 

  
                                          
 

   
   
      ,,,  
   
  

  
          
 

 



   
  
  
   
    
   
    
 

 
   
    
 
           

  
    
     
     
   


 
   
  
   
  
    
  
  
   

 


    
           


  
             
 




58            
                 R             


     
    
   
                               


  ,,,                        

 



   
   
  
  
   

          
 

 



   
    
 
                                      


 
   
  
    

  
   
   
  
  

    
             


 
       
  
   






 



  
   


  
  

    
   
   
  
          
  




 
    
  
   
  
   


  
   
 




  
  
 
  
  
     
      
   
  
  

  
  


 




 
  
      
 



  $5
    
 

  
 
 
   
    

  
   
  
 
  
   
 
 


BG LinTfosrpmreajnicmgKijiaKmsn!oaPuinrdiesoLstjiiIrblmTeumr!geoAkogtcttInineotsitejsruatIenrtsourfztueldHreziukleaohiUcizozmnsaViiénjtoesoirisÜngizu!pjsenidzyPez.e.Háiáir.eorlis,linziRómnmnkoafUiioasaltkbdvpri!UttéamiadeyMoszpsiklazliihspiiuackeltoca'eeruöaFtzliorjeqrnlepeeiRsyceotuyptlnaezAezunveaatujdazoztbeIeUrgtacenbvéee!eioopráisninscPznelsnuF.btsott.itrröottabiiItniuúajoeonaVelltlméctnn'ehslamiAaiptntánnj!arienosclsogusuVaezteEinteitiatejanjetauaNiusTnulanullahatsnHuozsfniódlociezelpt!souePüiir'inclojäoiEmziesznaedarlnentoEasláitpiäiesdigmnurbhntcSrme,'aeoasouiufj¡bóoenläAcl!l.ltleeekdirIaietlEttmnkiasveuashtttunautsinajacsEeotindrtecnttocljavrnihNyueioiunoaósóa-eWhnsphclninllgoiiiIsauca!gsasnuidaAittriunvgurosaefnunaneeasttniosnatsstlnjaEeydueosetlgsdslahLsnhdigaen!emiejd'ustenifdBinoeserioenseiesérddtnutrmtf.c.aeaoiklDnuuadIalrsSlnrgesetEleiiidistezotrAcnépaeatgnh,crrMllreoeualhiMu,nlcrocacltDehäeautitndeióbihenAknnortiiednäVtuøasSgnskpiyatrignU!h!ILaagertn.lg-eiOeLlssntndasiubeCeadwwgNpectbtesrnaeilutoSeióaeert!MuwlUsShziinslzntvsLabs-eoiap,pKPeeikoæuentSrnleoUkiviedaoizsoisiuslnceazeapprotPikunanalirroboaedo!yhnvlnoslolra.lr.ceozPenoanvsugkznrordstytrgeyRainoetGorB,snnnjnískdlUnfaneeeaíøytie!,nnngnibadrnnnrPfénviareomnniiasanidaesarpnievtusmnea!nadodotcidtlgisPankaljondhReaezltyscrrgilisivranalecOunte!at,aeaecIaftdilAynoiunnnvoávvl,striiáIwvs!jntn.emnennktcaeseninmáeasnaitPlniáuvlmvastsiairnvioTozuetlpiutárlofAiddne!iuåoonnccduigÎkbtrnIilaspneoiemn.tihetmkuriaudnaosingavizniplçennteayaspçiarnioãsetPniõcouepdpdtuorpudeediçLtorzedrvp!evsasOzõesuieeAoitsinejigecídizWso-.r.nnecpaíuíaesttvtzsrarbeswNteazysatdrjosvkatectenenOeeaIi.atlsicgndAeaaenezuseit.rdnMeniitórdennlrcavsaiuwifgooennaotkiean!nbçknrrcMnmsNtlPaesitja.igi.enetagdrfaLnaçoeøzulrniWoc!nolbiãbearanujLttsIerdorardy.Magnueleuaaucldrissus,akogrzoatiblcnesznsiaMt.UienurcypitslksicglcahtvotKakhiiaezyllicuieatslzndaziwrinenacnnehçd,--ieieãcesnniUlnriLeottbeggslatiiis,Viemendi!lnllitBaztseizLrnfoptuoaiicreUnaagtirdcjeedslimzlavojtasctaiiasonsraezs.dltor.esjasooerjjcodkndujsvnaiaemtesneswtniasgalnu.!iag!rlenemhPaimeeiysbriatmdrnudtsskeionstirefuiaontrnvrsdpm-etianjraultlotamtietduieiriznosstdebdassainnufo,rimzlacsiiejut.

880 815 80

880

4

815

4
400 6 824

130

441

441

92

150

749

280 266

266

265

37

37

265

826

130 80

400 6
749

109

830

min. 50

116

266 92 372

min 857

1,85

1,85

kW

kW

min 520

6,2 kW

1,0

2,95

kW

kW

TOTAL MAX 13,85 kW

min 745

1,85

2,95

kW

kW

min 510

4,0 kW

1,85

1,0

kW

kW

TOTAL MAX 11,65 kW

min 744

2,0

3,0

kW

kW

min 510

4,0 kW

2,0

1,0

kW

kW

TOTAL MAX 12 kW

117

8x

8x

4x

1x

3,9 x 9,5mm

3,9 x 13mm

Ø 15cm 9x22cm

2x

1x

1x

M2CKRM01

C D

E

2x

4x 6x

4x

4x 4x 1x

3,9 x 9,5mm 4,2 x 15mm 3,9 x 6mm M4 x 8mm

3m

118

A

B

C

D

E

119

A B C D E

= =

1

2

4x
~2mm

3
4x

= =
120

1.

A B C D E

2.

B D

4x
M4 x 8mm

3.

B D E

4x
M4 x 8mm
4x
M4 x 8mm
121

4. A B C D E

5. A B C D E
6. A B C D
8x
3,9 x 9,5mm
122

4x
3,9 x 13mm

7. E

8x
3,9 x 9,5mm
8. C D E
9. C D E 3x 3,9 x 9,5mm

2x
3,9 x 13mm
3m
4x
M4 x 8mm
123

10. C D E

4x
3,9 x 6mm
11. A B
1

2

1

3

3

2

124

12. A

13. B

4x
M4 x 8mm

4x
M4 x 8mm

14.

D

C

3x
3,9 x 9,5mm

4x
M4 x 8mm

4x
M4 x 8mm

125

15.

4x
3,9 x 13mm
3m

126

16.
30mm

17. A B

C D

127

18. E

Ø 15cm

2x
3,9 x 9,5mm

19. E

9x22cm
20.

2x
3,9 x 9,5mm

9x22cm
128

22cm 9cm

129

130

131

867351769-B-232022
Acrobat Distiller 22.0 (Windows)