User Guide for elcometer models including: 107, Cross Hatch Cutter Multi-Lingual, 107 Cross Hatch Cutter Multi-Lingual, Hatch Cutter Multi-Lingual, Cutter Multi-Lingual, Multi-Lingual
Elcometer 107 十字划割器
5h srvlwlrq dqg wljkwhq wkh fxwwhu vhfxulqj vfuhz 5hpryh wkh fxwwlqj eodgh wxuq ryhu dqg uh ilw vhh 6hfwlrq wr xvh wkh fxwwlqj hgjhv rq
Elcometer 107 Cross Hatch Cutter - Fresko Yapı ve Endüstri A.Ş. Belgeler & Broşürler
File Info : application/pdf, 97 Pages, 1.03MB
DocumentDocument5
8VHU*XLGHHQ
(OFRPHWHU &URVV+DWFK$GKHVLRQ7HVWHU
*HEUDXFKVDQOHLWXQJGH
(OFRPHWHU *LWWHUVFKQLWW+DIWIHVWLJNHLWVSUIHU
*XtDGHOXVXDULRHV
(OFRPHWHU 0HGLGRUGHDGKHUHQFLDSRUWUDPDFUX]DGD
*XLGHG
XWLOLVDWLRQIU
(OFRPHWHU 3HLJQHGHTXDGULOODJH
*XLGDSHUO
XWHQWHLW
(OFRPHWHU 7HVWHUGLDGHVLRQHDTXDGUHWWDWXUD
*HEUXLNHUVKDQGOHLGLQJQO
(OFRPHWHU 5RRVWHUNDPKHFKWLQJVWHVWHU
]K
(OFRPHWHU
MS
(OFRPHWHU
ZZZHOFRPHWHUFRP
5
8VHU*XLGH
(OFRPHWHU
&URVV+DWFK$GKHVLRQ7HVWHU
ZZZHOFRPHWHUFRP
5
&217(176
*DXJH2YHUYLHZ %R[&RQWHQWV *HWWLQJ6WDUWHG 7HVW3URFHGXUH $VVHVVLQJWKH5HVXOWV 6SDUHV $FFHVVRULHV :DUUDQW\6WDWHPHQW 7HFKQLFDO6SHFLILFDWLRQ
)RUWKHDYRLGDQFHRIGRXEWSOHDVHUHIHUWRWKHRULJLQDO(QJOLVKODQJXDJHYHUVLRQ
*DXJH'LPHQVLRQV[[PP[[
*DXJH:HLJKWJR]
5 LVDUHJLVWHUHGWUDGHPDUNRI(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%88QLWHG.LQJGRP
$OORWKHUWUDGHPDUNVDFNQRZOHGJHG
(OFRPHWHU/LPLWHG$OOULJKWVUHVHUYHG1RSDUWRIWKLVGRFXPHQWPD\EHUHSURGXFHGWUDQVPLWWHG WUDQVFULEHGVWRUHGLQDUHWULHYDOV\VWHPRURWKHUZLVH RUWUDQVODWHGLQWRDQ\ODQJXDJHLQDQ\IRUPRUE\DQ\ PHDQVHOHFWURQLFPHFKDQLFDOPDJQHWLFRSWLFDOPDQXDORURWKHUZLVH ZLWKRXWWKHSULRUZULWWHQSHUPLVVLRQRI (OFRPHWHU/LPLWHG
HQ
ZZZHOFRPHWHUFRP
5
*$8*(29(59,(:
&URVV+DWFK&XWWHU+DQGOH &XWWHU+HDG &XWWHU%ODGH
%2;&217(176
(OFRPHWHU%DVLF.LWFRQWHQWV (OFRPHWHU&URVV+DWFK$GKHVLRQ7HVWHU &URVV+DWFK&XWWHU
[PP[PP[PP[PPRU[PP +H[DJRQDO:UHQFKPP 7UDQVLW&DVH &DOLEUDWLRQ&HUWLILFDWHLIRUGHUHG 8VHU*XLGH
(OFRPHWHU)XOO.LWFRQWHQWV
$OOLWHPVOLVWHGLQWKH(OFRPHWHU%DVLF.LWFRQWHQWVSOXV $GKHVLYH7DSH,62RU$670UROO &URVV+DWFK%UXVK 0DJQLILHU[
ZZZHOFRPHWHUFRP
HQ
5
*(77,1*67$57(' 6(/(&7,1*7+(&255(&7&877(5%/$'( 7KHFXWWHUEODGHLVVHOHFWHGEDVHGRQWKHVXEVWUDWHW\SHFRDWLQJ WKLFNQHVVDQGWKHWHVWPHWKRGEHLQJXVHGVHHWDEOHEHORZ
&RDWLQJ7KLFNQHVV
P
PLOV
$670
0HWDO6XEVWUDWHV
[PP [PP
7HVW0HWKRG ,62-,6
+DUG6XEVWUDWHV
[PP [PP [PP
,62-,6
6RIW6XEVWUDWHV
[PP [PP [PP
),77,1*7+(&5266+$7&+&877(5%/$'( 7KH(OFRPHWHULVVXSSOLHGZLWKDFXWWHUEODGH'LIIHUHQWVL]HVRI FXWWLQJEODGHVDUHDYDLODEOHVHH6HFWLRQµ&URVV+DWFK&XWWHU %ODGHV¶RQSDJHHQDOORIZKLFKILWWKHDGKHVLRQWHVWHU
7RILWDFXWWHU 8VHWKHKH[DJRQDOZUHQFKVXSSOLHGWRUHPRYHWKHFXWWHUVHFXULQJ
VFUHZE\WXUQLQJDQWLFORFNZLVH 5HPRYHWKHH[LVWLQJFXWWHULIILWWHG DQGSRVLWLRQWKHQHZFXWWHU 5HSRVLWLRQDQGWLJKWHQWKHFXWWHUVHFXULQJVFUHZ
&+$1*,1*7+(&877,1*('*( (DFKFURVVKDWFKFXWWHUEODGHKDVDWRWDORI FXWWLQJHGJHVODEHOOHGWR
:KHQDFXWWLQJHGJHEHFRPHVZRUQVLPSO\ URWDWHWKHFXWWLQJEODGHE\WRXVHWKHQH[W FXWWLQJHGJHRQWKDWVLGH5HSHDWXQWLOERWK FXWWLQJHGJHVDUHZRUQ
5HPRYHWKHFXWWLQJEODGHWXUQRYHUDQGUHILW VHH6HFWLRQ WRXVHWKHFXWWLQJHGJHVRQ RWKHUVLGH
1RWH7KH,62-,66WDQGDUGUHFRPPHQGVWKDWWKHFXWWLQJ WRROLVUHSODFHGZKHQWKHWRSRIWKHEODGHVKDVIODWWHQHGWRPP
HQ
ZZZHOFRPHWHUFRP
5
7(67352&('85(
7KH(OFRPHWHUFDQEHXVHGLQDFFRUGDQFHZLWK,62-,6DQG $6706WDQGDUGV7KHWHVWSURFHGXUHLVGHSHQGHQWRQWKHVWDQGDUG EHLQJXVHG
%()25(<2867$57 6HOHFWDQGILWWKHDSSURSULDWHFXWWHUEODGHIRUWKHWHVWPHWKRG
VHH6HFWLRQV RQSDJHHQ 6HOHFWWKHFRUUHFWDGKHVLYHWDSHVHH6HFWLRQRQSDJHHQ
7(67352&('85(,62-,6 3ODFHWKHFXWWLQJHGJHRQWKHVDPSOH
3UHVVGRZQJHQWO\DQGSXOOWKH
DGKHVLRQWHVWHUWRZDUGV\RXLQRQH
VWHDG\PRYHPHQWWRPDNHDVHULHVRI
SDUDOOHOFXWVDSSUR[LPDWHO\PP
ORQJ$SSO\VXIILFLHQWSUHVVXUHWR
HQVXUH\RXFXWULJKWWKURXJKWKH
FRDWLQJWRWKHVXUIDFHRIWKHVXEVWUDWH
,IWKHVXEVWUDWHLVZRRGRUVLPLODUPDNH
FXWVDWDDQJOHWRWKHGLUHFWLRQRIWKH
JUDLQ
3ODFHWKHFXWWLQJHGJHRQWKHVDPSOHDW
DDQJOHWRWKHILUVWFXWDQGUHSHDW
6WHSWRFUHDWHDODWWLFHSDWWHUQRQWKH
FRDWLQJ
%UXVKWKHVDPSOHOLJKWO\VHYHUDOWLPHV
IRUZDUGDQGEDFNZDUGVDORQJWKH
GLDJRQDOVRIWKHODWWLFHWRUHPRYH
GHEULV
$EUXVKLVVXSSOLHGDVVWDQGDUGZLWKWKH
(OFRPHWHU)XOO.LWDQGFDQDOVREH
SXUFKDVHGDVDQRSWLRQDODFFHVVRU\VHH
6HFWLRQµ0LVFHOODQHRXV6SDUHV
$FFHVVRULHV¶RQSDJHHQ
,QVSHFWWKHVDPSOHWRHQVXUHWKDWWKH FXWVKDYHSHQHWUDWHGDOOWKHZD\
WKURXJKWKHFRDWLQJ
ZZZHOFRPHWHUFRP
HQ
5
7(67352&('85(FRQWLQXHG ,IWKHVXEVWUDWHLVVRIWMXPSWR6WHS,IWKHVXEVWUDWHLVKDUGRU ZRRGSURFHHGWR6WHS
5HPRYHDQGGLVFDUGWZRFRPSOHWH
WXUQVRIDGKHVLYHWDSH5HPRYHDQ
DGGLWLRQDOOHQJWKRIWDSHDWDVWHDG\
UDWHDQGFXWDSLHFHDSSUR[LPDWHO\
PPIURPWKLVOHQJWK
&HQWUHWKHFXWSLHFHRIWDSHRYHUWKH
ODWWLFHDQGVPRRWKLQWRSODFHXVLQJD
ILQJHU5XEWKHWDSHILUPO\XVLQJD
ILQJHUQDLORUILQJHUWLSWRHQVXUHJRRG
DGKHVLRQEHWZHHQWKHWDSHDQGWKH
FRDWLQJ
:LWKLQPLQXWHVRIDSSO\LQJWKHWDSH
UHPRYHWKHWDSHE\SXOOLQJLQDVLQJOH
VPRRWKDFWLRQWDNLQJDSSUR[LPDWHO\
WRVHFRQGVDWDQDQJOHRIWR
WKHVXUIDFH
7RPDLQWDLQDSHUPDQHQWUHFRUGRIWKH
WHVWUHWDLQWKHWDSHE\DSSO\LQJLWWRD
WUDQVSDUHQWILOP
$VVHVVWKHFRDWLQJDGKHVLRQE\
YLHZLQJWKHODWWLFHRIFXWVLQJRRGOLJKW
,IDJUHHGXVHDQH\HJODVVWRDLG
YLHZLQJ&RPSDUHWKHODWWLFHRIFXWV
ZLWKWKH,62-,6VWDQGDUGVWDEOH
VKRZQLQ6HFWLRQµ$VVHVVLQJWKH
5HVXOWV¶RQSDJHHQ
$PDJQLILHULVVXSSOLHGDVVWDQGDUGZLWKWKH(OFRPHWHU)XOO.LWDQG
FDQDOVREHSXUFKDVHGDVDQRSWLRQDODFFHVVRU\VHH6HFWLRQ
µ0LVFHOODQHRXV6SDUHV $FFHVVRULHV¶RQSDJHHQ
1RWH&RQVXOWWKHUHOHYDQW6WDQGDUGIRUIXOOGHWDLOVRIWKHWHVWPHWKRG
HQ
ZZZHOFRPHWHUFRP
5
7(67352&('85(FRQWLQXHG
7(67352&('85($670 3ODFHWKHFXWWLQJHGJHRQWKHVDPSOH
3UHVVGRZQJHQWO\DQGSXOOWKH
DGKHVLRQWHVWHUWRZDUGV\RXLQRQH
VWHDG\PRYHPHQWWRPDNHDVHULHVRI
SDUDOOHOFXWVDSSUR[LPDWHO\PP
ORQJ$SSO\VXIILFLHQWSUHVVXUHWR
HQVXUH\RXFXWULJKWWKURXJKWKH
FRDWLQJWRWKHVXUIDFHRIWKHVXEVWUDWH
3ODFHWKHFXWWLQJHGJHRQWKHVDPSOH DWDDQJOHWRWKHILUVWFXWDQG
UHSHDW6WHSWRFUHDWHDODWWLFH
SDWWHUQRQWKHFRDWLQJ
%UXVKWKHVDPSOHOLJKWO\WRUHPRYH
GHWDFKHGIODNHVRUULEERQVRIFRDWLQJ
$EUXVKLVVXSSOLHGDVVWDQGDUGZLWKWKH (OFRPHWHU)XOO.LWDQGFDQDOVREH
SXUFKDVHGDVDQRSWLRQDODFFHVVRU\VHH
6HFWLRQµ0LVFHOODQHRXV6SDUHV
$FFHVVRULHV¶RQSDJHHQ
,QVSHFWWKHVDPSOHWRHQVXUHWKDWWKH
FXWVKDYHSHQHWUDWHGDOOWKHZD\
WKURXJKWKHFRDWLQJ
5HPRYHDQGGLVFDUGWZRFRPSOHWH WXUQVRIDGKHVLYHWDSH5HPRYHDQ
DGGLWLRQDOOHQJWKRIWDSHDWDVWHDG\
UDWHDQGFXWDSLHFHDSSUR[LPDWHO\
PPIURPWKLVOHQJWK
&HQWUHWKHFXWSLHFHRIWDSHRYHUWKH
ODWWLFHDQGVPRRWKLQWRSODFHXVLQJD
ILQJHU5XEWKHWDSHILUPO\XVLQJDQ
HUDVHURQWKHHQGRIDSHQFLOWRHQVXUH
JRRGDGKHVLRQEHWZHHQWKHWDSHDQG
WKHFRDWLQJ
ZZZHOFRPHWHUFRP
HQ
5
7(67352&('85(FRQWLQXHG
:LWKLQVHFRQGVVHFRQGV RI
DSSO\LQJWKHWDSHUHPRYHWKHWDSHE\
SXOOLQJLQDVLQJOHVPRRWKDFWLRQDWDQ
DQJOHRIWRWKHFRDWLQJVXUIDFH
$VVHVVWKHFRDWLQJDGKHVLRQE\
YLHZLQJWKHODWWLFHRIFXWVXVLQJDQ
LOOXPLQDWHGPDJQLILHU&RPSDUHWKH
ODWWLFHRIFXWVZLWKWKH$670
VWDQGDUGVWDEOHVKRZQLQ6HFWLRQ
µ$VVHVVLQJWKH5HVXOWV¶RQSDJHHQ
1RWH&RQVXOWWKHUHOHYDQW6WDQGDUGIRUIXOOGHWDLOVRIWKHWHVWPHWKRG
$66(66,1*7+(5(68/76
7KH,62-,6DQG$670FODVVLILFDWLRQVDUHUHSURGXFHGLQWKHWDEOH EHORZKRZHYHUZHUHFRPPHQGREWDLQLQJDFRS\RIWKHODWHVWYHUVLRQ RIWKHVH6WDQGDUGV
([DPSOH$SSHDUDQFH 'HVFULSWLRQ
&ODVVL¿FDWLRQ
0LQLPXP 0D[LPXP 5HPRYDO 5HPRYDO
,62-, 6
$670
7KHHGJHVRIWKHFXWVDUH
FRPSOHWHO\VPRRWKQRQHRIWKH
%
VTXDUHVRIWKHODWWLFHLVGHWDFKHG
'HWDFKPHQWRIÀDNHVRIWKH
FRDWLQJDWWKHLQWHUVHFWLRQVRIWKH FXWV$FURVVFXWDUHDQRWJUHDWHU
%
WKDQLVDHFWHG
7KHFRDWLQJKDVÀDNHGDORQJWKH
HGJHVDQGRUDWWKHLQWHUVHFWLRQV
RIWKHFXWV$FURVVFXWDUHD
%
JUHDWHUWKDQEXWQRWJUHDWHU
WKDQLVDHFWHG
7KHFRDWLQJKDVÀDNHGDORQJWKH
HGJHVRIWKHFXWVSDUWO\RUZKROO\
LQODUJHULEERQVDQGRULWKDV
ÀDNHGSDUWO\RUZKROO\RQGLHUHQW
%
SDUWVRIWKHVTXDUHV$FURVVFXW
DUHDJUHDWHUWKDQEXWQRW
JUHDWHUWKDQLVDHFWHG
HQ
ZZZHOFRPHWHUFRP
5
$66(66,1*7+(5(68/76FRQWLQXHG
([DPSOH$SSHDUDQFH 'HVFULSWLRQ
&ODVVL¿FDWLRQ
0LQLPXP 0D[LPXP 5HPRYDO 5HPRYDO
,62-, 6
$670
7KHFRDWLQJKDVÀDNHGDORQJWKH
HGJHVRIWKHFXWVLQODUJHULEERQV
DQGRUVRPHVTXDUHVKDYH GHWDFKHGSDUWO\RUZKROO\$FURVV
%
FXWDUHDJUHDWHUWKDQEXWQRW
JUHDWHUWKDQLVDHFWHG
$Q\GHJUHHRIÀDNLQJWKDWFDQQRW
EHFODVVL¿HGHYHQE\
%
FODVVL¿FDWLRQRU%
63$5(6 $&&(6625,(6
&877(5%/$'(6 7KH(OFRPHWHULVVXSSOLHGFRPSOHWHZLWKDFXWWHUEODGH9DULRXV FXWWLQJEODGHVDUHDYDLODEOHIRUGLIIHUHQWVXEVWUDWHW\SHVDQGFRDWLQJ WKLFNQHVVHVIRUXVHLQDFFRUGDQFHZLWKGLIIHUHQWWHVWPHWKRGVDQG ,QWHUQDWLRQDO6WDQGDUGV
&XWWHUEODGHVDUHLQWHUFKDQJHDEOHDQGDUHDYDLODEOHZLWKRUZLWKRXWD FDOLEUDWLRQFHUWLILFDWH
&XWWHU%ODGH
[PP [PP [PP [PP [PP
6XLWDEOHIRU 7HVW0HWKRG
,62-, $670 $6
9
9
9
9
9
9
9
9
3DUW1XPEHU
8QFHUWL¿HG 7 7 7 7 7
&HUWL¿HG 7& 7& 7& 7& 7&
HQ
5
63$5(6 $&&(6625,(6FRQWLQXHG $'+(6,9(7$3( (OFRPHWHU)XOO.LWVDUHVXSSOLHGZLWKRQHUROORIWDSH7DSHLVQRW VXSSOLHGZLWKEDVLFNLWV
7DSHVXLWDEOHIRUXVHZLWK,62-,6DQG$670WHVWPHWKRGVLV DYDLODEOHWRSXUFKDVHDVDVLQJOHUROORUWZRUROOSDFNXVLQJWKHSDUW QXPEHUVEHORZ
'HVFULSWLRQ
$GKHVLYH7DSH $GKHVLYH7DSH
6XLWDEOHIRU 7HVW0HWKRG
,62-,6
$670
9 9
3DUW1XPEHU
5ROO 7 .0
5ROOV 7 7
0,6&(//$1(28663$5(6 $&&(6625,(6 7KHIROORZLQJVSDUHVDQGDFFHVVRULHVDUHDYDLODEOHWRSXUFKDVHIURP (OFRPHWHURU\RXUORFDO(OFRPHWHUVXSSOLHU
'HVFULSWLRQ &URVV+DWFK%UXVKD 0DJQLILHU[ D
3DUW1XPEHU 7 7
:$55$17<67$7(0(17 7KH(OFRPHWHU&URVV+DWFK$GKHVLRQ7HVWHULVVXSSOLHGZLWKD RQH\HDUZDUUDQW\DJDLQVWPDQXIDFWXULQJGHIHFWVH[FOXGLQJ FRQWDPLQDWLRQDQGZHDU
&XWWHUEODGHVDUHVXSSOLHGZLWKDWKUHHPRQWKZDUUDQW\DJDLQVW PDQXIDFWXULQJGHIHFWVH[FOXGLQJFRQWDPLQDWLRQDQGZHDU
D 6XSSOLHGDVVWDQGDUGZLWKWKH(OFRPHWHU)XOO.LW
HQ
ZZZHOFRPHWHUFRP
5
7(&+1,&$/63(&,),&$7,21
&XWWHU%ODGH [PP [PP [PP [PP [PP
&RDWLQJ 7KLFNQHVV 5DQJH
P P P P PLOV PLOV PLOV PLOV
*DXJH 'LPHQVLRQV
[[PP [[
*DXJH:HLJKW
JR]
&DQEHXVHGLQDFFRUGDQFHZLWK
$6$6$670'%%6((&&$7 (1,62,62-,6.1)7
ZZZHOFRPHWHUFRP
HQ
5
70$,VVXH7H[WZLWKFRYHU
5
*HEUDXFKVDQOHLWXQJ
(OFRPHWHU
*LWWHUVFKQLWW+DIWIHVWLJNHLWVSUIHU
ZZZHOFRPHWHUFRP
5
,1+$/7
*HUlWHEHUEOLFN 3DFNXQJVLQKDOW (UVWH6FKULWWH 3UIYHUIDKUHQ $XVZHUWXQJGHU(UJHEQLVVH (UVDW]WHLOHXQG=XEHK|U *DUDQWLH 7HFKQLVFKH'DWHQ
%H]LHKHQ6LHVLFKLP=ZHLIHOVIDOOELWWHDXIGLHHQJOLVFKVSUDFKLJH9HUVLRQ
*HUlWHDEPHVVXQJHQ[[PP[[
*HUlWHJHZLFKWJR]
5 LVWHLQHLQJHWUDJHQHV:DUHQ]HLFKHQGHU(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%8
*UREULWDQQLHQXQG1RUGLUODQG
$OOHDQGHUHQ+DQGHOVPDUNHQVLQGDQHUNDQQW
(OFRPHWHU/LPLWHG6lPWOLFKH5HFKWHYRUEHKDOWHQ.HLQ7HLOGLHVHV'RNXPHQWVGDUIRKQHGLHYRUKHULJH VFKULIWOLFKH*HQHKPLJXQJGHU(OFRPHWHU/LPLWHGLQMHGZHGHU)RUPRGHUDXIMHGZHGH$UWUHSURGX]LHUWEHUWUDJHQ WUDQVNULELHUWJHVSHLFKHUWLQHLQHP$EUXIV\VWHPRGHUDXIVRQVWLJH:HLVH RGHULQMHGZHGH6SUDFKH HOHNWURQLVFKPHFKDQLVFKPDJQHWLVFKRSWLVFKPDQXHOORGHUDXIVRQVWLJH:HLVH EHUVHW]WZHUGHQ
GH
ZZZHOFRPHWHUFRP
5
*(5b7(h%(5%/,&.
*LWWHUVFKQLWWPHVVHUJULII 0HVVHUNRSI 0HVVHU
3$&.81*6,1+$/7 (OFRPHWHU%DVLV6HW (OFRPHWHU*LWWHUVFKQLWW+DIWIHVWLJNHLWVSUIHU *LWWHUVFKQLWWPHVVHU
[PP[PP[PP[PPRGHU[PP 6HFKVNDQWVFKOVVHOPP 7UDQVSRUWNRIIHU .DOLEULHU]HUWLILNDWIDOOVEHVWHOOW *HEUDXFKVDQOHLWXQJ
(OFRPHWHU.RPSOHWW6HW
$OOHIUGHQ(OFRPHWHU%DVLV6HWDXIJHOLVWHWHQ$UWLNHOXQG]XVlW]OLFK .OHEHEDQG,62RGHU$6705ROOH *LWWHUVFKQLWWEUVWH /XSHPLWIDFKHU9HUJU|HUXQJ
ZZZHOFRPHWHUFRP
GH
5
(567(6&+5,77(
$86:$+/'(65,&+7,*(10(66(56 'LH$XVZDKOGHV0HVVHUVEDVLHUWDXIGHP6XEVWUDWW\SGHU %HVFKLFKWXQJVGLFNHXQGGHPYHUZHQGHWHQ3UIYHUIDKUHQVLHKH7DEHOOH XQWHQ
%HVFKLFKWXQJVGLFNH
3UIYHUIDKUHQ
P
PLOV
$670
0HWDOOVXEVWUDWH
,62-,6
+DUWH6XEVWUDWH
,62-,6
:HLFKH6XEVWUDWH
[PP
[PP
[PP
[PP
[PP
[PP
[PP
[PP
(,1%$8(1'(6*,77(56&+1,770(66(56 'DV(OFRPHWHUZLUGPLWHLQHP0HVVHUJHOLHIHUW0HVVHUVLQGLQ XQWHUVFKLHGOLFKHQ*U|HQHUKlOWOLFKVLHKH$EVFKQLWW
0HVVHU
DXI6HLWHGH GLHDOOHPLWGHP+DIWIHVWLJNHLWVSUIHUNRPSDWLEHOVLQG
%DXHQ6LHGDV0HVVHUZLHIROJWHLQ 6FKUDXEHQ6LHGLH0HVVHUVLFKHUXQJVVFKUDXEHPLWGHP
EHLOLHJHQGHQ6HFKVNDQWVFKOVVHOHQWJHJHQGHP8KU]HLJHUVLQQDE (QWIHUQHQ6LHGDVYRUKDQGHQH0HVVHUVRIHUQHLQJHEDXW XQG
EULQJHQ6LHGDVQHXH0HVVHULQ3RVLWLRQ %ULQJHQ6LHGLH0HVVHUVLFKHUXQJVVFKUDXEHZLHGHUDQXQG]LHKHQ
6LHVLHIHVW
(,167(//(1'(56&+1(,'.$17( -HGHV*LWWHUVFKQLWWPHVVHUZHLVWLQVJHVDPW6FKQHLGNDQWHQ DXIGLHYRQELVJHNHQQ]HLFKQHWVLQG
:HQQHLQH6FKQHLGNDQWHYHUVFKOLVVHQLVWGUHKHQ6LHGDV 0HVVHUHLQIDFKXPXPGLHQlFKVWH6FKQHLGNDQWH DXIGLHVHU6HLWH]XYHUZHQGHQ:LHGHUKROHQ6LHGLHVHQ 9RUJDQJELVEHLGH6FKQHLGNDQWHQYHUVFKOLVVHQVLQG
=XU9HUZHQGXQJGHU6FKQHLGNDQWHQDXIGHU JHJHQEHUOLHJHQGHQ6HLWHEDXHQ6LHGDV0HVVHUDXV GUHKHQHVXPXQGEDXHQHVGDQQZLHGHUHLQVLHKH $EVFKQLWW
+LQZHLV'LH,62-,61RUPHPSILHKOWGHQ$XVWDXVFKGHV6FKQHLGZHUN]HXJVZHQQ GLH6FKQHLGNDQWHDXIPPDEJHIODFKWLVW
GH
ZZZHOFRPHWHUFRP
5
35h)9(5)$+5(1 'HU(OFRPHWHULVWJHPl,62-,6XQG$6701RUPYHUZHQGEDU 'DV3UIYHUIDKUHQLVWYRQGHUYHUZHQGHWHQ1RUPDEKlQJLJ
%(9256,(%(*,11(1 :lKOHQ6LHGDVIUGLH3UIPHWKRGHJHHLJQHWH0HVVHUXQG
EDXHQ6LHHVHLQVLHKH$EVFKQLWWXQGDXI6HLWHGH :lKOHQ6LHGDVNRUUHNWH.OHEHEDQGVLHKH$EVFKQLWWDXI6HLWHGH
35h)9(5)$+5(1,62-,6
6HW]HQ6LHGLH6FKQHLGNDQWHDXIGHU 0DWHULDOSUREHDXI
'UFNHQ6LHGHQ+DIWIHVWLJNHLWVSUIHU
OHLFKWQDFKXQWHQXQG]LHKHQ6LHLKQ
PLWHLQHUJOHLFKPlLJHQ%HZHJXQJ
DXIVLFKVHOEVW]XXPHLQH5HLKH
SDUDOOHOHUFDPPODQJHU6FKQLWWH
]XPDFKHQ%ULQJHQ6LHDXVUHLFKHQG
'UXFNDXIXP]XJHZlKUOHLVWHQGDVV
GLH%HVFKLFKWXQJELV]XU
6XEVWUDWREHUIOlFKHGXUFKWUHQQWZLUG
6FKQHLGHQ6LHEHLHLQHP6XEVWUDWDXV
+RO]RGHUHLQHPlKQOLFKHQ0DWHULDOLQ
HLQHP:LQNHOYRQ]XU0DVHUXQJ
6HW]HQ6LHGLH6FKQHLGNDQWHLQHLQHP
:LQNHOYRQ]XPHUVWHQ6FKQLWWDXI
GLH0DWHULDOSUREHDXIXQGZLHGHUKROHQ
6LH6FKULWWXPHLQ*LWWHUPXVWHUDXI
GHU%HVFKLFKWXQJKHU]XVWHOOHQ
%UVWHQ6LHGLH0DWHULDOSUREHHQWODQJ
GHU*LWWHUGLDJRQDOHQPHKUPDOVOHLFKW
YRUZlUWVXQGUFNZlUWVDEXPHWZDLJH
6SlQHRGHU5FNVWlQGH]XHQWIHUQHQ
'DV(OFRPHWHU.RPSOHWW6HWZLUG
VWDQGDUGPlLJPLWHLQHP3LQVHOJHOLHIHUW
GHUDXFKDOVRSWLRQDOHV=XEHK|UHUKlOWOLFK
LVWVLHKH$EVFKQLWWµ(UVDW]WHLOHXQG
=XEHK|U¶DXI6HLWHGH
8QWHUVXFKHQ6LHGLH0DWHULDOSUREHXP
VLFKHU]XVWHOOHQGDVVGLH6FKQLWWHGLH
%HVFKLFKWXQJYROOVWlQGLJGXUFKWUHQQW
KDEHQ
ZZZHOFRPHWHUFRP
GH
5
35h)9(5)$+5(1)RUWVHW]XQJ *HKHQ6LHEHLHLQHPZHLFKHQ6XEVWUDW]X6FKULWW*HKHQ6LHEHL HLQHPKDUWHQRGHU+RO]VXEVWUDW]X6FKULWW
5ROOHQ6LH]ZHLYROOVWlQGLJH
:LFNOXQJHQ.OHEHEDQGDEXQG
HQWVRUJHQ6LHGLHVH5ROOHQ6LHHLQH
ZHLWHUH/lQJH.OHEHEDQGPLW
JOHLFKPlLJHU*HVFKZLQGLJNHLWDEXQG
VFKQHLGHQ6LHHLQFDPPODQJHV
6WFNDE
/HJHQ6LHGDVDEJHVFKQLWWHQH%DQG
EHUGDV*LWWHUPXVWHUXQGJOlWWHQ6LH
HVPLWHLQHP)LQJHU5HLEHQ6LHGDV
.OHEHEDQGNUlIWLJPLWHLQHP
)LQJHUQDJHORGHUHLQHU)LQJHUVSLW]H
XPHLQHJXWH+DIWXQJGHV%DQGVDQ
GHU%HVFKLFKWXQJ]XJHZlKUOHLVWHQ
=LHKHQ6LHGDV.OHEHEDQGLQQHUKDOE
YRQ0LQXWHQQDFKGHP$QEULQJHQ
PLWHLQHUHLQ]LJHQJOHLFKPlLJHQ
%HZHJXQJYRQELV6HNXQGH
'DXHULQHLQHP:LQNHOYRQYRQ
GHU2EHUIOlFKHDE
%ULQJHQ6LHGDV.OHEHEDQG]XU$XIEHZDKUXQJHLQHV
SHUPDQHQWHQ3UIQDFKZHLVHVDXIHLQHUWUDQVSDUHQWHQ)ROLHDQ
%HZHUWHQ6LHGLH+DIWIHVWLJNHLWGHU%HVFKLFKWXQJDQKDQGHLQHU
6LFKWSUIXQJGHU*LWWHUVFKQLWWHEHLJXWHU%HOHXFKWXQJ9HUZHQGHQ
6LHIDOOVYHUHLQEDUWHLQH/XSH]XUEHVVHUHQ%HWUDFKWXQJ
9HUJOHLFKHQ6LHGLH*LWWHUVFKQLWWHPLWGHU,62-,61RUPWDEHOOHLQ
$EVFKQLWWµ$XVZHUWXQJGHU(UJHEQLVVH¶DXI6HLWHGH
'DV(OFRPHWHU.RPSOHWW6HWZLUGVWDQGDUGPlLJPLWHLQHU/XSH
JHOLHIHUWGLHDXFKDOVRSWLRQDOHV=XEHK|UHUKlOWOLFKLVWVLHKH$EVFKQLWW
µ(UVDW]WHLOHXQG=XEHK|U¶DXI6HLWHGH
+LQZHLV(QWQHKPHQ6LHYROOVWlQGLJH'HWDLOVGHU3UIPHWKRGHELWWHGHU MHZHLOLJHQ1RUP
GH
ZZZHOFRPHWHUFRP
5
35h)9(5)$+5(1)RUWVHW]XQJ
35h)9(5)$+5(1$670 6HW]HQ6LHGLH6FKQHLGNDQWHDXIGHU
0DWHULDOSUREHDXI
'UFNHQ6LHGHQ+DIWIHVWLJNHLWVSUIHU
OHLFKWQDFKXQWHQXQG]LHKHQ6LHLKQ
PLWHLQHUJOHLFKPlLJHQ%HZHJXQJ
DXI6LH]XXPHLQH5HLKHSDUDOOHOHU
FDPPODQJHU6FKQLWWH]XPDFKHQ
%ULQJHQVLFKVHOEVWDXVUHLFKHQG'UXFN
DXIXP]XJHZlKUOHLVWHQGDVVGLH %HVFKLFKWXQJELV]XU
6XEVWUDWREHUIOlFKHGXUFKWUHQQWZLUG
6HW]HQ6LHGLH6FKQHLGNDQWHLQHLQHP
:LQNHOYRQ]XPHUVWHQ6FKQLWWDXI
GLH0DWHULDOSUREHDXIXQGZLHGHUKROHQ
6LH6FKULWWXPHLQ*LWWHUPXVWHUDXI GHU%HVFKLFKWXQJKHU]XVWHOOHQ
6WUHLFKHQ6LHDEJHO|VWH
%HVFKLFKWXQJVVSlQHRGHUVWUHLIHQ
YRUVLFKWLJPLWGHU%UVWHDE
'DV(OFRPHWHU.RPSOHWW6HWZLUG
VWDQGDUGPlLJPLWHLQHP3LQVHOJHOLHIHUW
GHUDXFKDOVRSWLRQDOHV=XEHK|UHUKlOWOLFK
LVWVLHKH$EVFKQLWWµ(UVDW]WHLOHXQG
=XEHK|U¶DXI6HLWHGH
8QWHUVXFKHQ6LHGLH0DWHULDOSUREHXP
VLFKHU]XVWHOOHQGDVVGLH6FKQLWWHGLH
%HVFKLFKWXQJYROOVWlQGLJGXUFKWUHQQW
KDEHQ
5ROOHQ6LH]ZHLYROOVWlQGLJH
:LFNOXQJHQ.OHEHEDQGDEXQG
HQWVRUJHQ6LHGLHVH5ROOHQ6LHHLQH
ZHLWHUH/lQJH.OHEHEDQGPLW
JOHLFKPlLJHU*HVFKZLQGLJNHLWDEXQG
VFKQHLGHQ6LHHLQFDPPODQJHV
6WFNDE
/HJHQ6LHGDVDEJHVFKQLWWHQH.OHEHEDQGEHUGDV*LWWHUPXVWHU
XQGJOlWWHQ6LHHVPLWHLQHP)LQJHU5HLEHQ6LHGDV.OHEHEDQG
NUlIWLJPLWHLQHP%OHLVWLIWUDGLHUJXPPLXPHLQHJXWH+DIWXQJGHV
%DQGVDQGHU%HVFKLFKWXQJ]XJHZlKUOHLVWHQ
ZZZHOFRPHWHUFRP
GH
5
35h)9(5)$+5(1)RUWVHW]XQJ
=LHKHQ6LHGDV.OHEHEDQGLQQHUKDOE
YRQ6HNXQGHQ6HNXQGHQ
QDFKGHP$QEULQJHQPLWHLQHU
HLQ]LJHQJOHLFKPlLJHQ%HZHJXQJLQ
HLQHP:LQNHOYRQYRQGHU
%HVFKLFKWXQJVREHUIOlFKHDE
%HZHUWHQ6LHGLH+DIWIHVWLJNHLWGHU%HVFKLFKWXQJDQKDQGHLQHU
6LFKWSUIXQJGHU*LWWHUVFKQLWWHPLWHLQHUEHOHXFKWHWHQ/XSH
9HUJOHLFKHQ6LHGLH*LWWHUVFKQLWWHPLWGHU$6701RUPWDEHOOHLQ
$EVFKQLWWµ$XVZHUWXQJGHU(UJHEQLVVH¶DXI6HLWHGH
+LQZHLV(QWQHKPHQ6LHYROOVWlQGLJH'HWDLOVGHU3UIPHWKRGHELWWHGHU MHZHLOLJHQ1RUP
$86:(5781*'(5(5*(%1,66(
'LH,62-,6XQG$670.ODVVLIL]LHUXQJHQVLQGLQGHUIROJHQGHQ 7DEHOOHUHSURGX]LHUW(VZLUGMHGRFKHPSIRKOHQHLQ([HPSODUGHU QHXHVWHQ9HUVLRQGLHVHU1RUPHQ]XEHVFKDIIHQ
(UVFKHLQXQJVELOGEHLVSLHO %HVFKUHLEXQJ
.ODVVL¿]LHUXQJ
0LQLPDOH 0D[LPDOH $EO|VXQJ $EO|VXQJ
,62-,6 $670
'LH6FKQLWWNDQWHQVLQGDEVROXW VDXEHU.HLQH5DVWHUTXDGUDWH KDEHQVLFKDEJHO|VW
%
.OHLQH6SlQHKDEHQVLFKDQGHQ
.UHX]SXQNWHQGHU6FKQLWWHJHO|VW +LHUYRQVLQGZHQLJHUDOVGHU
%
3UlFKHEHWURHQ
'LH%HVFKLFKWXQJKDWVLFKDQGHQ
.DQWHQXQGRGHUGHQ
.UHX]SXQNWHQDEJHO|VW+LHUYRQ
%
VLQGPHKUDOVDEHUQLFKWPHKU
DOVGHU3UlFKHEHWURHQ
'LH%HVFKLFKWXQJKDWVLFKDQGHQ
.DQWHQJDQ]RGHULQODQJHQ6WUHLIHQ
JHO|VWE]ZLVWLQYHUVFKLHGHQHQ
4XDGUDWHQJDQ]RGHUWHLOZHLVH
%
DEJHEOlWWHUW+LHUYRQVLQGPHKUDOV
DEHUQLFKWPHKUDOVGHU
3UlFKHEHWURHQ
GH
ZZZHOFRPHWHUFRP
5
$86:(5781*'(5(5*(%1,66()RUWVHW]XQJ
(UVFKHLQXQJVELOGEHLVSLHO %HVFKUHLEXQJ
.ODVVL¿]LHUXQJ
0LQLPDOH 0D[LPDOH $EO|VXQJ $EO|VXQJ
,62-,6 $670
'LH%HVFKLFKWXQJKDWVLFKDQGHQ
6FKQLWWNDQWHQLQODQJHQ6WUHLIHQ
JHO|VWE]ZEHVWLPPWH4XDGUDWH
VLQGJDQ]RGHUWHLOZHLVH
%
DEJHEOlWWHUW+LHUYRQVLQGPHKU
DOVDEHUQLFKWPHKUDOV
GHU3UlFKHEHWURHQ
-HGHU*UDGGHU$EO|VXQJGHU EHU.ODVVL¿]LHUXQJRGHU% KLQDXVJHKW
%
(56$7=7(,/(81'=8%(+g5
0(66(5 'DV(OFRPHWHUZLUGPLWHLQHPIHUWLJWPRQWLHUWHQ0HVVHUJHOLHIHUW (VVLQGGLYHUVH0HVVHUIUXQWHUVFKLHGOLFKH6XEVWUDWW\SHQXQG %HVFKLFKWXQJVGLFNHQ]XU9HUZHQGXQJJHPlXQWHUVFKLHGOLFKHU 3UIPHWKRGHQXQGLQWHUQDWLRQDOHU1RUPHQHUKlOWOLFK
'LH0HVVHUVLQGDXVWDXVFKEDUXQGPLWRGHURKQH.DOLEULHU]HUWLILNDW HUKlOWOLFK
0HVVHU
[PP [PP [PP [PP [PP
*HHLJQHWIU 3UIPHWKRGH
,62-,6 $670 $6
9
9
9
9
9
9
9
9
%HVWHOOQXPPHU
1LFKW]HUWL¿]LHUW =HUWL¿]LHUW 7 7& 7 7& 7 7& 7 7& 7 7&
GH
5
(56$7=7(,/(81'=8%(+g5)RUWVHW]XQJ ./(%(%$1' (OFRPHWHU.RPSOHWW6HWVZHUGHQPLWHLQHU5ROOH.OHEHEDQG JHOLHIHUW0LW%DVLV6HWVZLUGNHLQ.OHEHEDQGJHOLHIHUW
)U3UIPHWKRGHQQDFK,62-,6XQG$670JHHLJQHWHV.OHEHEDQGLVW XQWHUGHQIROJHQGHQ%HVWHOOQXPPHUQDOVHLQ]HOQH5ROOHRGHULPHU 3DFNHUKlOWOLFK
%HVFKUHLEXQJ
.OHEHEDQG .OHEHEDQG
*HHLJQHWIU 3UIPHWKRGH
,62-,6
$670
9
9
%HVWHOOQXPPHU
5ROOH 7 .0
5ROOHQ 7 7
(56$7=7(,/(81'=8%(+g5 'LHIROJHQGHQ(UVDW]XQG=XEHK|UWHLOHVLQGEHL(OFRPHWHURGHU,KUHP |UWOLFKHQ+lQGOHUHUKlOWOLFK
%HVFKUHLEXQJ *LWWHUVFKQLWWEUVWHD /XSHPLWIDFKHU9HUJU|HUXQJD
%HVWHOOQXPPHU 7 7
*$5$17,( 'HU(OFRPHWHU*LWWHUVFKQLWW+DIWIHVWLJNHLWVSUIHULVWGXUFKHLQH HLQMlKULJH*DUDQWLHJHJHQ)HUWLJXQJVIHKOHUJHVFKW]WGLH .RQWDPLQDWLRQXQG9HUVFKOHLDXVVFKOLHW
'LH0HVVHUVLQGGXUFKHLQHGUHLPRQDWLJH*DUDQWLHJHJHQ )HUWLJXQJVIHKOHUJHVFKW]WGLH.RQWDPLQDWLRQXQG9HUVFKOHL DXVVFKOLHW
D 6WDQGDUGPlLJLP/LHIHUXPIDQJGHV(OFRPHWHU.RPSOHWW6HWVHQWKDOWHQ
GH
ZZZHOFRPHWHUFRP
5
7(&+1,6&+('$7(1
0HVVHU
[PP [PP [PP [PP [PP
%HVFKLFKWXQJV P P P P GLFNHQEHUHLFK PLOV PLOV PLOV PLOV
*HUlWH DEPHVVXQJHQ
[[PP [[
*HUlWH JHZLFKW
JR]
9HUZHQGEDUJHPl
$6$6$670'%%6((&&$7 (1,62,62-,6.1)7
ZZZHOFRPHWHUFRP
GH
5
70$$XVJDEH7H[WPLW8PVFKODJ1U
5
*XtDGHOXVXDULR
(OFRPHWHU
0HGLGRUGHDGKHUHQFLDSRUWUDPDFUX]DGD
ZZZHOFRPHWHUFRP
5
&217(1,'2
'HVFULSFLyQJHQHUDOGHOPHGLGRU &RQWHQLGRGHODFDMD ,QWURGXFFLyQ 3URFHGLPLHQWRGHSUXHED (YDOXDFLyQGHORVUHVXOWDGRV 5HSXHVWRV\DFFHVRULRV 'HFODUDFLyQGHJDUDQWtD (VSHFLILFDFLRQHVWpFQLFDV
3DUDGHVSHMDUFXDOTXLHUGXGDFRQVXOWHODYHUVLyQRULJLQDOHQLQJOpV
'LPHQVLRQHVGHOPHGLGRU[[PP[[SXOJDGDV
3HVRGHOPHGLGRUJRQ]DV
5 HVXQDPDUFDFRPHUFLDOUHJLVWUDGDGH(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%8
5HLQR8QLGR
7RGDVODVGHPiVPDUFDVFRPHUFLDOHVVHGDQSRUUHFRQRFLGDV
(OFRPHWHU/LPLWHG7RGRVORVGHUHFKRVUHVHUYDGRV(VWHGRFXPHQWRQLQLQJ~QIUDJPHQWRGHOPLVPR SXHGHQUHSURGXFLUVHWUDQVPLWLUVHWUDQVFULELUVHDOPDFHQDUVHHQXQVLVWHPDGHUHFXSHUDFLyQRGHRWURWLSR QL WUDGXFLUVHDQLQJ~QLGLRPDHQQLQJ~QIRUPDWRQLSRUQLQJ~QPHGLR\DVHDHOHFWUyQLFRPHFiQLFRPDJQpWLFR ySWLFRPDQXDORGHRWURWLSR VLQSHUPLVRSUHYLR\SRUHVFULWRGH(OFRPHWHU/LPLWHG
HV
ZZZHOFRPHWHUFRP
5
'(6&5,3&,Ï1*(1(5$/'(/0(','25
$VDGHOFRUWDGRUGHWUDPDFUX]DGD &DEH]DOGHFRUWDGRU &XFKLOODGHFRUWDGRU
&217(1,'2'(/$&$-$ &RQWHQLGRGHONLWEiVLFRGH(OFRPHWHU 0HGLGRUGHDGKHUHQFLDSRUWUDPDFUX]DGD(OFRPHWHU &RUWDGRUGHWUDPDFUX]DGD
[PP[PP[PP[PPR[PP /ODYHKH[DJRQDOPP (VWXFKHGHWUDQVSRUWH &HUWLILFDGRGHFDOLEUDFLyQVLVHVROLFLWD *XtDGHOXVXDULR
&RQWHQLGRGHONLWFRPSOHWRGH(OFRPHWHU
7RGRVORVDUWtFXORVHQXPHUDGRVHQHOFRQWHQLGRGHONLWEiVLFRGH (OFRPHWHUPiV &LQWDDGKHVLYD,62R$670UROOR %URFKDGHWUDPDFUX]DGD /XSDGHDXPHQWRV
ZZZHOFRPHWHUFRP
HV
5
,1752'8&&,Ï1
6(/(&&,Ï1'(/$&8&+,//$'(/&257$'25$'(&8$'$ /DFXFKLOODGHOFRUWDGRUVHVHOHFFLRQDHQIXQFLyQGHOWLSRGHVXVWUDWR GHOHVSHVRUGHOUHYHVWLPLHQWR\GHOPpWRGRGHSUXHEDHPSOHDGR FRQVXOWHODVLJXLHQWHWDEOD
(VSHVRUGHO UHYHVWLPLHQWR
0pWRGRGHSUXHED
P
PLOV
$670
,62-,6
6XVWUDWRVPHWiOLFRV 6XVWUDWRVGXURV
,62-,6
6XVWUDWRVEODQGRV
[PP
[PP
[PP
[PP
[PP
[PP
[PP
[PP
&2/2&$&,Ï1'(/$&8&+,//$'(/&257$'25'( 75$0$&58=$'$
(O(OFRPHWHUVHVXPLQLVWUDFRQXQDFXFKLOODGHFRUWDGRU+D\ GLVSRQLEOHVGLIHUHQWHVWDPDxRVGHFXFKLOODGHFRUWDGRUFRQVXOWHOD VHFFLyQµ&XFKLOODVGHOFRUWDGRUGHWUDPDFUX]DGD¶HQODSiJLQD HVWRGDVHOODVSXHGHQFRORFDUVHHQHOPHGLGRUGHDGKHUHQFLD
3DUDFRORFDUXQFRUWDGRU 8WLOLFHODOODYHKH[DJRQDOVXPLQLVWUDGDSDUDH[WUDHUHOWRUQLOORTXH
ILMDHOFRUWDGRUJLUDQGRHQVHQWLGRDQWLKRUDULR ([WUDLJDHOFRUWDGRUH[LVWHQWHVLKD\XQRLQVWDODGR \FRORTXHHO
QXHYRFRUWDGRU 9XHOYDDFRORFDU\DSULHWHHOWRUQLOORTXHILMDHOFRUWDGRU
&$0%,2'(/),/2'(&257( &DGDFXFKLOODGHOFRUWDGRUGHWUDPDFUX]DGDGLVSRQHGH XQWRWDOGHILORVGHFRUWHHWLTXHWDGRVGHODO
&XDQGRVHGHVJDVWHXQILORGHFRUWHVLPSOHPHQWHJLUH ODFXFKLOODGHFRUWHSDUDXWLOL]DUHOVLJXLHQWHILORGH FRUWHGHHVHODGR5HSLWDODRSHUDFLyQKDVWDTXHVH KD\DQGHVJDVWDGRDPERVILORVGHFRUWH
5HWLUHODFXFKLOODGHFRUWHGHOHODYXHOWD\YXHOYDD
FRORFDUODFRQVXOWHODVHFFLyQ SDUDXWLOL]DUORVILORV GHFRUWHGHORWURODGR
1RWD(OHVWiQGDU,62-,6UHFRPLHQGDVXVWLWXLUODKHUUDPLHQWDGHFRUWHFXDQGROD SDUWHVXSHULRUGHODVFXFKLOODVVHKD\DDSODQDGRDPP
HV
ZZZHOFRPHWHUFRP
5
352&(',0,(172'(358(%$ (O(OFRPHWHUSXHGHXWLOL]DUVHFRQIRUPHDODVQRUPDV,62-,6\ $670(OSURFHGLPLHQWRGHSUXHEDGHSHQGHGHOHVWiQGDUXWLOL]DGR
$17(6'(&20(1=$5 6HOHFFLRQH\FRORTXHODFXFKLOODGHFRUWDGRUTXHUHVXOWH
DGHFXDGDSDUDHOPpWRGRGHSUXHEDFRQVXOWHODVVHFFLRQHV \HQODSiJLQDHV 6HOHFFLRQHODFLQWDDGKHVLYDDGHFXDGDFRQVXOWHODVHFFLyQ HQODSiJLQDHV
352&(',0,(172'(358(%$,62-,6
&RORTXHHOILORGHFRUWHVREUHODPXHVWUD
3UHVLRQHVXDYHPHQWH\WLUHGHO
PHGLGRUGHDGKHUHQFLDKDFLDXVWHGHQ
XQPRYLPLHQWRFRQWLQXRSDUDUHDOL]DU
XQDVHULHGHFRUWHVSDUDOHORVGH
DSUR[LPDGDPHQWHPPGHORQJLWXG
$SOLTXHODSUHVLyQVXILFLHQWHSDUD
DVHJXUDUVHGHTXHDWUDYLHVDHO
UHYHVWLPLHQWR\OOHJDDODVXSHUILFLH
GHOVXVWUDWR
6LHOVXVWUDWRHVPDGHUDRXQPDWHULDO VLPLODUUHDOLFHORVFRUWHVDXQiQJXORGH
FRQUHVSHFWRDODGLUHFFLyQGHODYHWD
&RORTXHHOILORGHFRUWHVREUHOD
KHUUDPLHQWDGHPXHVWUDDXQiQJXORGH
ÛFRQUHVSHFWRDOSULPHUFRUWH\UHSLWD
HOSDVRSDUDFUHDUXQSDWUyQGH
HQWUDPDGRHQHOUHYHVWLPLHQWR
&HSLOOHOLJHUDPHQWHODPXHVWUDYDULDV
YHFHVKDFLDGHODQWH\KDFLDDWUiVDOR
ODUJRGHODVGLDJRQDOHVGHOHQWUDPDGR
SDUDUHWLUDUORVUHVLGXRV
&RQHONLWFRPSOHWRGH(OFRPHWHUVH
VXPLQLVWUDGHVHULHXQDEURFKDTXHWDPELpQ
SXHGHDGTXLULUVHFRPRDFFHVRULRRSFLRQDO
FRQVXOWHODVHFFLyQµ5HSXHVWRV\
DFFHVRULRVGLYHUVRV¶HQODSiJLQDHV
,QVSHFFLRQHODPXHVWUDSDUD
DVHJXUDUVHGHTXHORVFRUWHVKDQ
SHQHWUDGRKDVWDDWUDYHVDU
FRPSOHWDPHQWHHOUHYHVWLPLHQWR
ZZZHOFRPHWHUFRP
HV
5
352&(',0,(172'(358(%$FRQWLQXDFLyQ 6LHOVXVWUDWRHVEODQGRFRQWLQ~HFRQHOSDVR6LHOVXVWUDWRHV GXURRPDGHUDFRQWLQ~HFRQHOSDVR
'HVSHJXH\GHVHFKHGRVJLURV
FRPSOHWRVGHFLQWDDGKHVLYD
'HVSHJXHRWURJLURPiVGHFLQWDD
XQDYHORFLGDGFRQVWDQWH\FRUWHXQ
WUR]RGHDSUR[LPDGDPHQWHPPGH
ORQJLWXG
&HQWUHHOWUR]RGHFLQWDFRUWDGRVREUH
HOHQWUDPDGR\FROyTXHORVXDYHPHQWH
FRQXQGHGR$SULHWHODFLQWD
ILUPHPHQWHFRQXQDXxDRFRQOD
\HPDGHOGHGRSDUDDVHJXUDUXQD
EXHQDDGKHUHQFLDHQWUHODFLQWD\HO
UHYHVWLPLHQWR
$QWHVGHTXHWUDQVFXUUDQPLQXWRV
GHVGHODDSOLFDFLyQGHODFLQWDUHWLUH
ODFLQWDWLUDQGRHQXQ~QLFR
PRYLPLHQWRVXDYHGHHQWUHPHGLR
VHJXQGR\XQVHJXQGR\DXQiQJXOR
GHÛFRQUHVSHFWRDODVXSHUILFLH
3DUDPDQWHQHUXQUHJLVWURSHUPDQHQWHGHODSUXHEDFRQVHUYHOD
FLQWDSHJiQGRODDXQDSHOtFXODWUDQVSDUHQWH
(YDO~HODDGKHUHQFLDGHOUHYHVWLPLHQWRH[DPLQDQGRHOHQWUDPDGR
GHFRUWHVFRQEXHQDOX]6LVHKDDFRUGDGRDVtXWLOLFHXQDOXSD
SDUDIDFLOLWDUHOH[DPHQ&RPSDUHHOHQWUDPDGRGHFRUWHVFRQOD
WDEODGHHVWiQGDUHV,62-,6TXHVHPXHVWUDHQODVHFFLyQ
µ(YDOXDFLyQGHORVUHVXOWDGRV¶HQODSiJLQDHV
&RQHONLWFRPSOHWRGH(OFRPHWHUVHVXPLQLVWUDGHVHULHXQDOXSDTXH
WDPELpQSXHGHDGTXLULUVHFRPRDFFHVRULRRSFLRQDOFRQVXOWHODVHFFLyQ
µ5HSXHVWRV\DFFHVRULRVGLYHUVRV¶HQODSiJLQDHV
1RWD&RQVXOWHHOHVWiQGDUFRUUHVSRQGLHQWHSDUDREWHQHULQIRUPDFLyQFRPSOHWD VREUHHOPpWRGRGHSUXHED
HV
ZZZHOFRPHWHUFRP
352&(',0,(172'(358(%$FRQWLQXDFLyQ
352&(',0,(172'(358(%$$670
&RORTXHHOILORGHFRUWHVREUHOD
PXHVWUD
3UHVLRQHVXDYHPHQWH\WLUHGHO PHGLGRUGHDGKHUHQFLDKDFLDXVWHGHQ
XQPRYLPLHQWRFRQWLQXRSDUDUHDOL]DU
XQDVHULHGHFRUWHVSDUDOHORVGH
DSUR[LPDGDPHQWHPPGHORQJLWXG
$SOLTXHODSUHVLyQVXILFLHQWHSDUD
DVHJXUDUVHGHTXHDWUDYLHVDHO
UHYHVWLPLHQWR\OOHJDDODVXSHUILFLH
GHOVXVWUDWR
&RORTXHHOILORGHFRUWHVREUHOD
PXHVWUDDXQiQJXORGHÛFRQ
UHVSHFWRDOSULPHUFRUWH\UHSLWDHO
SDVRSDUDFUHDUXQSDWUyQGH
HQWUDPDGRHQHOUHYHVWLPLHQWR
&HSLOOHODPXHVWUDOLJHUDPHQWHSDUD
UHWLUDUORVUHVWRVGHUHYHVWLPLHQWR
&RQHONLWFRPSOHWRGH(OFRPHWHUVH
VXPLQLVWUDGHVHULHXQDEURFKDTXHWDPELpQ
SXHGHDGTXLULUVHFRPRDFFHVRULRRSFLRQDO
FRQVXOWHODVHFFLyQµ5HSXHVWRV\
DFFHVRULRVGLYHUVRV¶HQODSiJLQDHV
,QVSHFFLRQHODPXHVWUDSDUD
DVHJXUDUVHGHTXHORVFRUWHVKDQ
SHQHWUDGRKDVWDDWUDYHVDU
FRPSOHWDPHQWHHOUHYHVWLPLHQWR
'HVSHJXH\GHVHFKHGRVJLURV
FRPSOHWRVGHFLQWDDGKHVLYD
'HVSHJXHRWURJLURPiVGHFLQWDD
XQDYHORFLGDGFRQVWDQWH\FRUWHXQ
WUR]RGHDSUR[LPDGDPHQWHPPGH
ORQJLWXG
&HQWUHHOWUR]RGHFLQWDFRUWDGRVREUH
HOHQWUDPDGR\FROyTXHORVXDYHPHQWH
FRQXQGHGR$SULHWHODFLQWD
ILUPHPHQWHFRQODJRPDGHERUUDUGHO
H[WUHPRGHXQOiSL]SDUDDVHJXUDUXQD
EXHQDDGKHUHQFLDHQWUHODFLQWD\HO
UHYHVWLPLHQWR
ZZZHOFRPHWHUFRP
5
HV
5
352&(',0,(172'(358(%$FRQWLQXDFLyQ
$QWHVGHTXHWUDQVFXUUDQ
VHJXQGRVVHJXQGRV GHVGHOD
DSOLFDFLyQGHODFLQWDUHWLUHODFLQWD
WLUDQGRHQXQ~QLFRPRYLPLHQWRVXDYH
DXQiQJXORGHFRQUHVSHFWRDOD
VXSHUILFLHGHOUHYHVWLPLHQWR
(YDO~HODDGKHUHQFLDGHOUHYHVWLPLHQWRH[DPLQDQGRHOHQWUDPDGR
GHFRUWHVFRQXQDOXSDLOXPLQDGD&RPSDUHHOHQWUDPDGRGH
FRUWHVFRQODWDEODGHHVWiQGDUHV$670TXHVHPXHVWUDHQOD
VHFFLyQµ(YDOXDFLyQGHORVUHVXOWDGRV¶HQODSiJLQDHV
1RWD&RQVXOWHHOHVWiQGDUFRUUHVSRQGLHQWHSDUDREWHQHULQIRUPDFLyQFRPSOHWD VREUHHOPpWRGRGHSUXHED
(9$/8$&,Ï1'(/265(68/7$'26
/DVFODVLILFDFLRQHV,62-,6\$670VHUHSURGXFHQHQODVLJXLHQWH WDEODQRREVWDQWHUHFRPHQGDPRVREWHQHUXQDFRSLDGHODYHUVLyQ PiVUHFLHQWHGHHVWRVHVWiQGDUHV
$VSHFWRGHHMHPSOR 'HVFULSFLyQ
&ODVL¿FDFLyQ
5HWLUDGD 5HWLUDGD PtQLPD Pi[LPD
,62-,6 $670
/RVERUGHVGHORVFRUWHVHVWiQ
FRPSOHWDPHQWHOLVRVQRVHGHVSUHQGH
%
QLQJXQRGHORVFXDGUDGRVGHOHQWUDPDGR
'HVSUHQGLPLHQWRGHIUDJPHQWRVGHO
UHYHVWLPLHQWRHQODVLQWHUVHFFLRQHVGH ORVFRUWHV6HYHDIHFWDGRXQiUHDFRQ
%
FRUWHHQFUX]QRVXSHULRUDO
(OUHYHVWLPLHQWRVHKDGHVFDVFDULOODGRD
ORODUJRGHORVERUGHV\RHQODV
LQWHUVHFFLRQHVGHORVFRUWHV6HYH
%
DIHFWDGRXQiUHDFRQFRUWHHQFUX]
VXSHULRUDOSHURQRVXSHULRUDO
(OUHYHVWLPLHQWRVHKDGHVFDVFDULOODGRD
ORODUJRGHORVERUGHVGHORVFRUWHVWRWDOR
SDUFLDOPHQWHHQJUDQGHVWLUDV\RVHKD
GHVFDVFDULOODGRWRWDORSDUFLDOPHQWHHQ
%
GLIHUHQWHVSDUWHVGHORVFXDGUDGRV6HYH
DIHFWDGRXQiUHDFRQFRUWHHQFUX]
VXSHULRUDOSHURQRVXSHULRUDO
HV
ZZZHOFRPHWHUFRP
5
(9$/8$&,Ï1'(/265(68/7$'26FRQWLQXDFLyQ
$VSHFWRGHHMHPSOR 'HVFULSFLyQ
&ODVL¿FDFLyQ
5HWLUDGD 5HWLUDGD PtQLPD Pi[LPD
,62-,6 $670
(OUHYHVWLPLHQWRVHKDGHVFDVFDULOODGRD
ORODUJRGHORVERUGHVGHORVFRUWHVHQ
JUDQGHVWLUDV\RDOJXQRVFXDGUDGRVVH KDQGHVSUHQGLGRWRWDORSDUFLDOPHQWH6H
%
YHDIHFWDGRXQiUHDFRQFRUWHHQFUX]
VXSHULRUDOSHURQRVXSHULRUDO
&XDOTXLHUJUDGRGHGHVFDVFDULOODGR
TXHQRSXHGDFODVL¿FDUVHLQFOXVRFRQ
%
ODFODVL¿FDFLyQR%
5(38(6726<$&&(625,26
&8&+,//$6'(&257$'25 (O(OFRPHWHUVHVXPLQLVWUDFRQXQDFXFKLOODGHFRUWDGRU+D\ GLVSRQLEOHVGLYHUVDVFXFKLOODVGHFRUWDGRUSDUDGLIHUHQWHVWLSRVGH VXVWUDWRV\HVSHVRUHVGHUHYHVWLPLHQWRTXHGHEHQXWLOL]DUVHFRQ DUUHJORDORVGLIHUHQWHVPpWRGRVGHSUXHED\HVWiQGDUHV LQWHUQDFLRQDOHV
/DVFXFKLOODVGHOFRUWDGRUVRQLQWHUFDPELDEOHV\HVWiQGLVSRQLEOHVFRQ RVLQFHUWLILFDGRGHFDOLEUDFLyQ
&XFKLOODGH FRUWDGRU
[PP [PP [PP [PP [PP
$GHFXDGDSDUDHO PpWRGRGHSUXHED
,62-,6 $670 $6
9
9
9
9
9
9
9
9
1~PHURGHSLH]D
6LQ&HUWL¿FDGR &RQ&HUWL¿FDGR 7 7& 7 7& 7 7& 7 7& 7 7&
HV
5
5(38(6726<$&&(625,26FRQWLQXDFLyQ &,17$$'+(6,9$ /RVNLWVFRPSOHWRVGH(OFRPHWHUVHVXPLQLVWUDQFRQXQUROORGH FLQWD1RVHVXPLQLVWUDFLQWDFRQORVNLWVEiVLFRV
/DFLQWDDGHFXDGDSDUDORVPpWRGRVGHSUXHED,62-,6\$670 SXHGHDGTXLULUVHHQUROORVLQGHSHQGLHQWHVRHQSDTXHWHVGHGRV UROORVHPSOHDQGRORVQ~PHURVGHSLH]DTXHVHLQGLFDQD FRQWLQXDFLyQ
'HVFULSFLyQ
&LQWDDGKHVLYD &LQWDDGKHVLYD
$GHFXDGDSDUDHO PpWRGRGHSUXHED ,62-,6 $670
9 9
1~PHURGHSLH]D
5ROOR 7 .0
5ROORV 7 7
5(38(6726<$&&(625,26',9(5626 /RVVLJXLHQWHVUHSXHVWRV\DFFHVRULRVSXHGHQDGTXLULUVHGH(OFRPHWHU RGHVXVXPLQLVWUDGRUORFDOGHSURGXFWRV(OFRPHWHU
'HVFULSFLyQ %URFKDGHWUDPDFUX]DGDD /XSDGHDXPHQWRVD
1~PHURGHSLH]D 7 7
'(&/$5$&,Ï1'(*$5$17Ë$ (OPHGLGRUGHDGKHUHQFLDSRUWUDPDFUX]DGD(OFRPHWHUVH VXPLQLVWUDFRQXQDJDUDQWtDGHXQDxRSDUDGHIHFWRVGHIDEULFDFLyQ TXHH[FOX\HFRQWDPLQDFLyQ\GHVJDVWH
/DVFXFKLOODVGHOFRUWDGRUVHVXPLQLVWUDQFRQXQDJDUDQWtDGHPHVHV SDUDGHIHFWRVGHIDEULFDFLyQTXHH[FOX\HFRQWDPLQDFLyQ\GHVJDVWH
D 6HVXPLQLVWUDGHVHULHFRQHONLWFRPSOHWRGH(OFRPHWHU
HV
ZZZHOFRPHWHUFRP
5
(63(&,),&$&,21(67e&1,&$6
&XFKLOODGH FRUWDGRU
[PP [PP [PP [PP [PP
5DQJRGH HVSHVRUGH UHYHVWLPLHQWR
P PLOV
P P PLOV PLOV
P PLOV
'LPHQVLRQHV GHOPHGLGRU
[[PP [[SXOJDGDV
3HVRGHO PHGLGRU
JRQ]DV
&XPSOHODVVLJXLHQWHVQRUPDV
$6$6$670'%%6((&&$7 (1,62,62-,6.1)7
ZZZHOFRPHWHUFRP
HV
5
70$HPLVLyQ7H[WRFRQ&XELHUWD
5
*XLGHG
XWLOLVDWLRQ
(OFRPHWHU
3HLJQHGHTXDGULOODJH
ZZZHOFRPHWHUFRP
5
6200$,5(
3UpVHQWDWLRQGHO
LQVWUXPHQW &ROLVDJH 3UHPLqUHVGpPDUFKHV 3URFpGXUHGHWHVW (YDOXDWLRQGHVUpVXOWDWV 3LqFHVGHUHFKDQJHHWDFFHVVRLUHV 'pFODUDWLRQGHJDUDQWLH &DUDFWpULVWLTXHVWHFKQLTXHV
(QFDVGHGRXWHPHUFLGHYRXVUpIpUHUjODYHUVLRQRULJLQDOHDQJODLVHGHFHPDQXHO
'LPHQVLRQVGHO
LQVWUXPHQW[[PP[[
3RLGVGHO
LQVWUXPHQWJR]
5 HVWXQHPDUTXHGpSRVpHG
(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%85R\DXPH8QL
7RXWHVOHVDXWUHVPDUTXHVVRQWUHFRQQXHV
(OFRPHWHU/LPLWHG7RXVGURLWVUpVHUYpV$XFXQHSDUWLHGHFHGRFXPHQWQHSHXWrWUHUHSURGXLWH WUDQVPLVHWUDQVFULWHVWRFNpHGDQVXQV\VWqPHGRFXPHQWDLUHRXDXWUH RXWUDGXLWHGDQVTXHOTXHODQJXHTXHFH VRLWVRXVTXHOTXHIRUPHTXHFHVRLWRXSDUQ
LPSRUWHTXHOPR\HQpOHFWURQLTXHPpFDQLTXHPDJQpWLTXHRSWLTXH PDQXHORXDXWUH VDQVODSHUPLVVLRQpFULWHSUpDODEOHG¶(OFRPHWHU/LPLWHG
IU
ZZZHOFRPHWHUFRP
5
35e6(17$7,21'(/
,167580(17
3RLJQpHGXSHLJQHGHTXDGULOODJH 6XSSRUWSRXURXWLOGHTXDGULOODJH /DPHVGHTXDGULOODJH
&2/,6$*( (OpPHQWVGHEDVHGXNLW(OFRPHWHU 3HLJQHGHTXDGULOODJH(OFRPHWHU 2XWLOGHTXDGULOODJH
[PP[PP[PP[PPRX[PP &OpKH[DJRQDOHPP 9DOLVHGHWUDQVSRUW &HUWLILFDWGHFDOLEUDWLRQVLFRPPDQGp *XLGHG
XWLOLVDWLRQ
(OpPHQWVGXNLWFRPSOHW(OFRPHWHU
&RPSUHQGWRXVOHVpOpPHQWVGX.LW(OFRPHWHUGHEDVHSOXV 5XEDQDGKpVLI,62RX$670URXOHDX %URVVHSRXUWHVWGHTXDGULOODJH /RXSH[
ZZZHOFRPHWHUFRP
IU
5
35(0,Ê5(6'e0$5&+(6 &+2,6,5/
287,/'(48$'5,//$*($335235,e /HFKRL[GHO
RXWLOGHTXDGULOODJHVHIDLWHQIRQFWLRQGXW\SHGHVXEVWUDW GHO
pSDLVVHXUGHUHYrWHPHQWHWGHODPpWKRGHGHWHVWXWLOLVpHYRLU WDEOHDXFLGHVVRXV
eSDLVVHXUGX¿OPVHF
0pWKRGHGHWHVW
P
PLOV
$670
6XEVWUDWVPpWDOOLTXHV
,62-,6
6XEVWUDWVGXUV
[PP
[PP
[PP
[PP
[PP
,62-,6
6XEVWUDWVVRXSOHV
[PP [PP [PP
),;(5/
287,/'(48$'5,//$*(685/(6833257 /
(OFRPHWHUHVWOLYUpDYHFXQRXWLOGHTXDGULOODJH,OHQH[LVWH GLIIpUHQWHVGLPHQVLRQVYRLU6HFWLRQ
/DPHVGHTXDGULOODJH
HQ SDJHIUWRXWHVFRPSDWLEOHDYHFOHWHVWHXUG
DGKpUHQFH
3RXULQVWDOOHUXQRXWLOGHTXDGULOODJH 'pYLVVH]ODYLVGHPDLQWLHQGHO
RXWLOGHFRXSHjO
DLGHGHODFOpKH[DJRQDOH
HQWRXUQDQWGDQVOHVHQVLQYHUVHGHVDLJXLOOHVG
XQHPRQWUH 5HWLUH]O
RXWLOGHFRXSHH[LVWDQWV
LO\HQDXQ HWLQVWDOOH]OHQRXYHDX 5HVVHUUH]ODYLVGHPDLQWLHQGHODPROHWWH
87,/,6(581(1289(//($5(7('(&283( &KDTXHRXWLOGHTXDGULOODJHSRVVqGHDUrWHVGH FRXSHQXPpURWpHVGHj
/RUVTX
XQHDUrWHHVWXVpHLOVXIILWGHWRXUQHUO
RXWLO GHTXDGULOODJHGHSRXUIDLUHDSSDUDLWUHO
DUrWH GHFRXSHVXLYDQWHGLVSRQLEOHVXUFHWWHIDFH 5pSpWH]O
RSpUDWLRQDXWDQWTXHQpFHVVDLUHMXVTX
j XVXUHFRPSOqWHGHWRXWHVOHVDUrWHVGHFRXSH
5HWLUH]O
RXWLOGHTXDGULOODJHUHWRXUQH]OH HWUHPHWWH]OHHQSODFHYRLU6HFWLRQ SRXU XWLOLVHUOHVDUrWHVVLWXpHVVXUO
DXWUHIDFH
1RWH/DQRUPH,62-,6SUpFRQLVHGHUHPSODFHUO
RXWLOGHFRXSHORUVTXHOHVRPPHW GHVODPHVSUpVHQWHXQDSODWLVVHPHQWGHPP
IU
ZZZHOFRPHWHUFRP
5
352&e'85('(7(67 /
(OFRPHWHUSHXWrWUHXWLOLVpFRQIRUPpPHQWDX[QRUPHV,62-,6 HW$670/DSURFpGXUHGHWHVWGpSHQGGHODQRUPHXWLOLVpH
$9$17'(&200(1&(5 6pOHFWLRQQH]HWLQVWDOOH]O
RXWLOGHFRXSHDSSURSULpjODPpWKRGH
GHWHVWYRLU6HFWLRQV HQSDJHIU 6pOHFWLRQQH]OHUXEDQDGKpVLIDSSURSULpYRLU6HFWLRQHQ
SDJHIU
352&('85('(7(67,62-,6 3ODFH]O
DUrWHGHFRXSHVXUO
pFKDQWLOORQ
$SSX\H]GRXFHPHQWHWWLUH]OHWHVWHXU
G
DGKpUHQFHYHUVYRXVHQXQVHXO
PRXYHPHQWUpJXOLHUSRXUWUDFHUXQH
VpULHVGHFRXSHVSDUDOOqOHVG
HQYLURQ
PPGHORQJ$SSOLTXH]XQH
SUHVVLRQVXIILVDQWHSRXUrWUHVU
G
HQWDLOOHUOHUHYrWHPHQWMXVTX
jOD
VXUIDFHGXVXEVWUDW
6LOHVXEVWUDWHVWHQERLVRXpTXLYDOHQW HIIHFWXH]XQHFRXSHjXQDQJOHGH
SDUUDSSRUWDXVHQVGHODILEUH
3ODFH]O
DUrWHGHFRXSHVXUO
pFKDQWLOORQ
jXQDQJOHGHGHODSUHPLqUHVpULH
G
HQWDLOOHVSXLVUpSpWH]O
pWDSHSRXU
WUDFHUXQTXDGULOODJHVXUOHUHYrWHPHQW
%URVVH]GRXFHPHQWO
pFKDQWLOORQ
SOXVLHXUVIRLVHQDYDQWHWHQDUULqUHOH
ORQJGHVGLDJRQDOHVGXTXDGULOODJHSRXU
HQOHYHUOHVGpEULV
8QHEURVVHHVWOLYUpHHQVWDQGDUGDYHFOH
NLWFRPSOHW(OFRPHWHUYRXVSRXYH]
pJDOHPHQWO
DFKHWHUVpSDUpPHQWYRLU
6HFWLRQ
$FFHVVRLUHV SLqFHVGH
UHFKDQJHGLYHUV
HQSDJHIU
([DPLQH]O
pFKDQWLOORQSRXUYpULILHU
TXHOHVHQWDLOOHVRQWSpQpWUpOH
UHYrWHPHQWVXUWRXWHODORQJXHXU
ZZZHOFRPHWHUFRP
IU
5
352&e'85('(7(67VXLWH 6LOHVXEVWUDWHVWVRXSOHSDVVH]jO
(WDSH6LOHVXEVWUDWHVWGXURX HQERLVDSSOLTXH]O
(WDSH
'pURXOH]HWpOLPLQH]GHX[WRXUV
FRPSOHWVGXURXOHDXG
DGKpVLI
'pURXOH]XQHDXWUHSDUWLHG
DGKpVLIj
XQU\WKPHUpJXOLHUHWGpFRXSH]XQ
PRUFHDXG
HQYLURQPPGHORQJ
3ODFH]OHPLOLHXGXPRUFHDXG
DGKpVLI
DLQVLGpFRXSpVXUOHTXDGULOODJHHW
SODTXH]OHDYHFOHGRLJW)URWWH]
IHUPHPHQWOHUXEDQDYHFO
RQJOHRXOH
ERXWGXGRLJWSRXUJDUDQWLUXQHERQQH
DGKpUHQFHHQWUHO
DGKpVLIHWOH
UHYrWHPHQW
'DQVOHVPLQXWHVVXLYDQW
O
DSSOLFDWLRQGXUXEDQUHWLUH]O
DGKpVLI
HQXQVHXOJHVWHGRX[G
XQHGXUpHGH
jVHFRQGHjXQDQJOHGHGH
ODVXUIDFH
3RXUJDUGHUXQUDSSRUWSHUPDQHQWGX
WHVWHIIHFWXpJDUGH]O¶DGKpVLIHWFROOH]
OHVXUXQILOPWUDQVSDUHQW
(YDOXH]O
DGKpUHQFHGXUHYrWHPHQWHQ
REVHUYDQWOHVFRXSHVTXDGULOOpHVVRXV
XQERQpFODLUDJH6LFHODHVWFRQYHQX
XWLOLVH]XQPRQRFOHSRXUPLHX[YRLU
&RPSDUH]OHTXDGULOODJHDYHFOH
WDEOHDXUHODWLIDX[QRUPHV,62-,6
VLWXp6HFWLRQ
(YDOXHUOHVUpVXOWDWV
HQSDJHIU
8QHORXSHHVWOLYUpHHQVWDQGDUGDYHFOHNLWFRPSOHW(OFRPHWHUYRXV
SRXYH]pJDOHPHQWO
DFKHWHUVpSDUpPHQWYRLU6HFWLRQ
$FFHVVRLUHV
SLqFHVGHUHFKDQJHGLYHUV
HQSDJHIU
1RWH5pIpUH]YRXVjODQRUPHDSSURSULpHSRXUFRQQDLWUHWRXVOHVGpWDLOVGHOD PpWKRGHGHWHVW
IU
ZZZHOFRPHWHUFRP
5
352&e'85('(7(67VXLWH
352&('85('(7(67$670
3ODFH]O
DUrWHGHFRXSHVXU
O
pFKDQWLOORQ
$SSX\H]GRXFHPHQWHWWLUH]OHWHVWHXU
G
DGKpUHQFHYHUVYRXVHQXQVHXO
PRXYHPHQWUpJXOLHUSRXUWUDFHUXQH
VpULHVGHFRXSHVSDUDOOqOHVG
HQYLURQ
PPGHORQJ$SSOLTXH]XQH
SUHVVLRQVXIILVDQWHSRXUrWUHVU
G
HQWDLOOHUOHUHYrWHPHQWMXVTX
jOD
VXUIDFHGXVXEVWUDW
3ODFH]O
DUrWHGHFRXSHVXU
O
pFKDQWLOORQjXQDQJOHGHGHOD
SUHPLqUHVpULHG
HQWDLOOHVSXLVUpSpWH]
O
pWDSHSRXUWUDFHUXQTXDGULOODJHVXU
OHUHYrWHPHQW
%URVVH]GRXFHPHQWO
pFKDQWLOORQSRXU
UHWLUHUOHVpFDLOOHVRXOHVODPHOOHVGH
UHYrWHPHQW
8QHEURVVHHVWOLYUpHHQVWDQGDUGDYHFOH
NLWFRPSOHW(OFRPHWHUYRXVSRXYH]
pJDOHPHQWO
DFKHWHUVpSDUpPHQWYRLU
6HFWLRQ
$FFHVVRLUHV SLqFHVGH
UHFKDQJHGLYHUV
HQSDJHIU
([DPLQH]O
pFKDQWLOORQSRXUYpULILHU
TXHOHVHQWDLOOHVRQWSpQpWUpOH
UHYrWHPHQWVXUWRXWHODORQJXHXU
'pURXOH]HWpOLPLQH]GHX[WRXUV
FRPSOHWVGXURXOHDXG
DGKpVLI
'pURXOH]XQHDXWUHSDUWLHG
DGKpVLIj
XQU\WKPHUpJXOLHUHWGpFRXSH]XQ
PRUFHDXG
HQYLURQPPGHORQJ 3ODFH]OHPLOLHXGXPRUFHDXG
DGKpVLI
GpFRXSpVXUOHTXDGULOODJHHWSODTXH]
OHDYHFOHGRLJW)URWWH]IHUPHPHQWOH
UXEDQDYHFO
RQJOHRXOHERXWGXGRLJW
SRXUJDUDQWLUXQHERQQHDGKpUHQFH
HQWUHO
DGKpVLIHWOHUHYrWHPHQW
ZZZHOFRPHWHUFRP
IU
5
352&e'85('(7(67VXLWH
'DQVOHVVHFRQGHVVHFRQGHV
VXLYDQWO
DSSOLFDWLRQGXUXEDQUHWLUH]
O
DGKpVLIHQXQVHXOJHVWHGRX[jXQ
DQJOHGHGHODVXUIDFH
(YDOXH]O
DGKpUHQFHGXUHYrWHPHQWHQ
REVHUYDQWOHVFRXSHVTXDGULOOpHVj
O
DLGHG
XQHORXSHpFODLUDQWH&RPSDUH]
OHTXDGULOODJHDYHFOHWDEOHDXUHODWLIDX[
QRUPHV$670VLWXp6HFWLRQ
(YDOXHU
OHVUpVXOWDWV
HQSDJHIU
1RWH5pIpUH]YRXVjODQRUPHDSSURSULpHSRXUFRQQDLWUHWRXVOHVGpWDLOVGHOD PpWKRGHGHWHVW
(9$/8$7,21'(65e68/7$76
/HVFODVVLILFDWLRQV,62-,6HW$670VRQWUHSURGXLWHVGDQVOHWDEOHDX FLGHVVRXV&HSHQGDQWQRXVYRXVUHFRPPDQGRQVGHYRXVSURFXUHU XQH[HPSODLUHGHODGHUQLqUHYHUVLRQGHFHVQRUPHV
$VSHFWGHO
pFKDQWLOORQ 'HVFULSWLRQ
&ODVVL¿FDWLRQ
'pFROODJH 'pFROODJH PLQLPXP PD[LPXP
,62-,6 $670
/HVDQJOHVGHVLQFLVLRQVVRQW LQWDFWVDXFXQHSDUWLHGX TXDGULOODJHGHQHGpWDFKH
%
'pFROOHPHQWGHTXHOTXHVpFODWV
GHUHYrWHPHQWDX[DQJOHVGHV LQFLVLRQV/DVXUIDFHPLVHjQX
%
Q
H[FqGHSDV
/HUHYrWHPHQWHVWGpFROOpVXUOH
ERUGHWRXGDQVOHVDQJOHVGHV
LQFLVLRQV/DVXUIDFHGpFROOpHHVW
%
VXSpULHXUHjPDLVQ
H[FqGH
SDV
/HUHYrWHPHQWVHGpWDFKHOHORQJ
GHVLQFLVLRQVSDUWLHOOHPHQWRXHQ
WRWDOLWpSDUODUJHVEDQGHVRX
V
pFDLOOHSDUWLHOOHPHQWRX LQWpJUDOHPHQWGDQVGLpUHQWHV
%
SDUWLHVGXTXDGULOODJH/DVXUIDFH
GpFROOpHHVWVXSpULHXUHj
PDLVQ
H[FqGHSDV
IU
ZZZHOFRPHWHUFRP
(9$/8$7,21'(65e68/7$76VXLWH
$VSHFWGHO
pFKDQWLOORQ 'HVFULSWLRQ
5
&ODVVL¿FDWLRQ
'pFROODJH PLQLPXP
'pFROODJH PD[LPXP
,62-,6 $670
/HUHYrWHPHQWV
pFDLOOHOHORQJ
GHVLQFLVLRQVSDUODUJHVEDQGHV
HWRXFHUWDLQVFDUUpVGX
TXDGULOODJHVRQWSDUWLHOOHPHQWRX LQWpJUDOHPHQWGpFROOpV/D
%
VXUIDFHHQGRPPDJpHHVW
VXSpULHXUHjPDLVQ
H[FqGH
SDV
&RQFHUQHWRXVOHVGHJUpV
G
pFDLOODJHTXLQ
HQWUHQWGDQV DXFXQHFDWpJRULH\FRPSULVRX
%
%
3,Ê&(6'(5(&+$1*((7$&&(662,5(6
287,/6'(48$'5,//$*( (QVWDQGDUGO
(OFRPHWHUHVWOLYUpDYHFXQRXWLOGHTXDGULOODJH,O HQH[LVWHGLIIpUHQWVPRGqOHVHQIRQFWLRQGXW\SHGHVXEVWUDWHWGH O
pSDLVVHXUGHUHYrWHPHQWFRQIRUPpPHQWDX[GLYHUVHVPpWKRGHVGH WHVWHWQRUPHVLQWHUQDWLRQDOHV
/HVRXWLOVGHTXDGULOODJHVRQWLQWHUFKDQJHDEOHVHWH[LVWHQWDYHFRX VDQVFHUWLILFDWGHFDOLEUDWLRQ
2XWLOGH TXDGULOODJH
[PP [PP [PP [PP [PP
&RPSDWLEOHDYHFOD 0pWKRGHGHWHVW
,62-,6 $670 $6
9
9
9
9
9
9
9
9
5pIpUHQFHDUWLFOH
1RQ&HUWL¿pHV 7 7 7 7 7
&HUWL¿pHV 7& 7& 7& 7& 7&
IU
5
3,Ê&(6'(5(&+$1*((7$&&(662,5(6VXLWH 58%$1$'+(6,) /HVNLWVFRPSOHWV(OFRPHWHUVRQWOLYUpVDYHFXQURXOHDXG
DGKpVLI /
DGKpVLIQ
HVWSDVIRXUQLGDQVOHVNLWVGHEDVH
/HVDGKpVLIVDGDSWpVDX[PpWKRGHVGHWHVW,62-,6HW$670SHXYHQW rWUHDFKHWpVjO
XQLWpRXSDUORWGHGHX[VHORQOHVUpIpUHQFHVDUWLFOHV FLGHVVRXV
'HVFULSWLRQ
5XEDQDGKpVLI 5XEDQDGKpVLI
&RPSDWLEOHDYHFOD 0pWKRGHGHWHVW
5pIpUHQFHDUWLFOH
,62-,6 $670
URXOHDX
URXOHDX[
9
7
7
9
.0 7
3,(&(6',9(56(6 $&&(662,5(6 /HVSLqFHVGpWDFKpHVHWDFFHVVRLUHVVXLYDQWVVRQWGLVSRQLEOHVjOD YHQWHDXSUqVG
(OFRPHWHURXGHYRWUHUHYHQGHXU(OFRPHWHUOHSOXV SURFKH
'HVFULSWLRQ %URVVHSRXUWHVWGHTXDGULOODJHD /RXSH[D
5pIpUHQFHDUWLFOH 7 7
'e&/$5$7,21'(*$5$17,( /H3HLJQHGHTXDGULOODJH(OFRPHWHUHVWJDUDQWLXQDQFRQWUHWRXW GpIDXWGHIDEULFDWLRQjO
H[FOXVLRQGHVGpIDXWVGHFRQWDPLQDWLRQHW G
XVXUH
/HVRXWLOVGHTXDGULOODJHVRQWJDUDQWLVWURLVPRLVFRQWUHWRXWGpIDXWGH IDEULFDWLRQjO
H[FOXVLRQGHVGpIDXWVGHFRQWDPLQDWLRQHWG
XVXUH
D /LYUpHHQVWDQGDUGDYHFOHNLWFRPSOHW(OFRPHWHU
IU
ZZZHOFRPHWHUFRP
5
&$5$&7e5,67,48(67(&+1,48(6
2XWLOGH TXDGULOODJH
[PP [PP [PP [PP [PP
3ODJH G
pSDLVVHXU GHUHYrWHPHQW
P PLOV
P P PLOV PLOV
P PLOV
'LPHQVLRQV GHO
LQVWUXPHQW
[[PP [[
3RLGVGH O
LQVWUXPHQW
JR]
3HXWrWUHXWLOLVpFRQIRUPpPHQWj
$6$6$670'%%6((&&$7 (1,62,62-,6.1)7
ZZZHOFRPHWHUFRP
IU
5
70$1XPpUR7H[WHDYHFFRXYHUWXUH1
5
*XLGDSHUO
XWHQWH
(OFRPHWHU
7HVWHUGLDGHVLRQHDTXDGUHWWDWXUD
ZZZHOFRPHWHUFRP
5
,1',&(
'HVFUL]LRQHJHQHUDOHGHOORVWUXPHQWR &RQWHQXWRGHOODFRQIH]LRQH *XLGDLQWURGXWWLYD 3URFHGXUDGLSURYD 9DOXWD]LRQHGHLULVXOWDWL 5LFDPELHDFFHVVRUL 'LFKLDUD]LRQHGLJDUDQ]LD 6SHFLILFKHWHFQLFKH
$VFDQVRGLHTXLYRFLIDUHULIHULPHQWRDOODYHUVLRQHRULJLQDOHLQOLQJXDLQJOHVH
'LPHQVLRQLGHOORVWUXPHQWR[[PP[[
3HVRGHOORVWUXPHQWRJR]
5 qXQPDUFKLRUHJLVWUDWRGL(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%85HJQR8QLWR
7XWWLJOLDOWULPDUFKLFRPPHUFLDOLDSSDUWHQJRQRDLOHJLWWLPLWLWRODUL
(OFRPHWHU/LPLWHG7XWWLLGLULWWLULVHUYDWL1HVVXQDSDUWHGLTXHVWRGRFXPHQWRSXzHVVHUHULSURGRWWD WUDVPHVVDWUDVFULWWDPHPRUL]]DWDLQXQVLVWHPDGLDUFKLYLD]LRQHRFRQDOWULPH]]L RSSXUHWUDGRWWDLQTXDOVLDVL OLQJXDLQTXDOVLDVLIRUPDRFRQTXDOXQTXHPH]]RHOHWWURQLFRPHFFDQLFRPDJQHWLFRRWWLFRPDQXDOHRDOWUR VHQ]DLOSUHYHQWLYRFRQVHQVRVFULWWRGL(OFRPHWHU/LPLWHG
LW
ZZZHOFRPHWHUFRP
5
'(6&5,=,21(*(1(5$/('(//267580(172
,PSXJQDWXUDGHOTXDGUHWWDWRUH 7HVWLQDGLWDJOLR /DPDGLWDJOLR
&217(1872'(//$&21)(=,21(
,ONLWEDVH(OFRPHWHUFRQWLHQH 7HVWHUGLDGHVLRQHDTXDGUHWWDWXUD(OFRPHWHU 7DJOLHULQDGHOTXDGUHWWDWRUH
[PP[PP[PP[PPR[PP &KLDYHHVDJRQDOHPP 9DOLJHWWDGDWUDVSRUWR &HUWLILFD]LRQHGLWDUDWXUDVHULFKLHVWD *XLGDSHUO
XWHQWH
,ONLWFRPSOHWR(OFRPHWHUFRQWLHQH
7XWWLJOLDUWLFROLFRQWHQXWLQHONLWEDVH(OFRPHWHUSL 1DVWURDGHVLYR,62R$670URWROR 3HQQHOORSHUTXDGUHWWDWRUH /HQWHGLLQJUDQGLPHQWR[
ZZZHOFRPHWHUFRP
LW
5
*8,'$,1752'877,9$ 6(/(=,21('(//$/$0$',7$*/,2,'21($ /DVFHOWDGHOODODPDGLWDJOLRGLSHQGHGDOWLSRGLVXEVWUDWRGDOOR VSHVVRUHGHOULYHVWLPHQWRHGDOPHWRGRGLSURYDXWLOL]]DWRFRPH LOOXVWUDWRGDOODVHJXHQWHWDEHOOD
6SHVVRUHGHO ULYHVWLPHQWR
0HWRGRGLSURYD
P
PLOV
$670
VXEVWUDWLPHWDOOLFL
,62-,6
VXEVWUDWLGXUL
,62-,6
VXEVWUDWLPRUELGL
[PP
[PP
[PP
[PP
[PP
[PP
[PP
[PP
,167$//$=,21('(//$/$0$',7$*/,2'(/48$'5(77$725( ,OTXDGUHWWDWRUH(OFRPHWHUqGRWDWRGLODPDGLWDJOLR6RQRGLVSRQLELOLODPH GLWDJOLRGLGLPHQVLRQLGLYHUVHYHGHUH6H]LRQH/DPHGLWDJOLRGHO TXDGUHWWDWRUHDOODSDJLQDLW SURQWHSHUO
XVRFRQLOWHVWHUGLDGHVLRQH
3URFHGXUDGLLQVWDOOD]LRQHGHOODWDJOLHULQD 6HUYHQGRVLGHOODFKLDYHHVDJRQDOHLQGRWD]LRQHULPXRYHUHODYLWH
GLILVVDJJLRGHOODWDJOLHULQDUXRWDQGRODLQVHQVRDQWLRUDULR 5LPXRYHUHODWDJOLHULQDHVLVWHQWHVHLQVWDOODWD HSRVL]LRQDUHOD
WDJOLHULQDGLULFDPELR 5LSRVL]LRQDUHODWDJOLHULQDHVHUUDUHODYLWH
&$0%,2'(/7$*/,(17( 2JQLODPDGLWDJOLRGHOTXDGUHWWDWRUHSUHVHQWDXQ WRWDOHGLWDJOLHQWLQXPHUDWLGDD
4XDQGRXQWDJOLHQWHVLXVXUDqVXIILFLHQWH UXRWDUHODODPDGLSHUXWLOL]]DUHLOWDJOLHQWH SUHVHQWHVXTXHOODWR5LSHWHUHTXHVWD RSHUD]LRQHILQRDDXVXUDUHHQWUDPELLWDJOLHQWL
5LPXRYHUHODODPDGLWDJOLRULEDOWDUODH ULPRQWDUODYHGHUH6H]LRQH SHUXWLOL]]DUHL QXRYLWDJOLHQWL
1RWDODQRUPDWLYD,62-,6FRQVLJOLDODVRVWLWX]LRQHGHOORVWUXPHQWRGLWDJOLRTXDQGROR VSHVVRUHGHOODVRPPLWjGHOOHODPHVLULGXFHDPP
LW
ZZZHOFRPHWHUFRP
5
352&('85$',3529$
/
XWLOL]]RGHOTXDGUHWWDWRUH(OFRPHWHUqFRQIRUPHDOOHQRUPDWLYH ,62-,6H$670/DSURFHGXUDGLSURYDYDULDLQIXQ]LRQHGHOOD QRUPDWLYDVHJXLWD
23(5$=,21,35(/,0,1$5, 6HOH]LRQDUHHLQVWDOODUHODODPDGLWDJOLRLGRQHDDOPHWRGRGL
SURYDYHGHUHOH6H]LRQLHDOODSDJLQDLW 6HOH]LRQDUHLOQDVWURDGHVLYRFRUUHWWRYHGHUHOD6H]LRQHDOOD
SDJLQDLW
352&('85$',3529$,62-,6
$SSRJJLDUHLOWDJOLHQWHVXOFDPSLRQH
3UHPHUHGROFHPHQWHHSRUWDUHYHUVRGL
VpLOWHVWHUGLDGHVLRQHFRQXQVLQJROR
PRYLPHQWRGHFLVRFRVuGDSUDWLFDUH
XQDVHULHGLWDJOLSDUDOOHOLOXQJKLFLUFD
PP/DSUHVVLRQHDSSOLFDWDGHYH
HVVHUHVXIILFLHQWHDWDJOLDUHLO
ULYHVWLPHQWRILQRDUDJJLXQJHUHOD
VXSHUILFLHGHOVXEVWUDWR
6HLOVXEVWUDWRqLQOHJQRRPDWHULDOH
VLPLOHSUDWLFDUHLWDJOLDXQ
DQJROD]LRQH
GLVHJXHQGRODYHQDWXUD
$SSRJJLDUHGLQXRYRLOWDJOLHQWHVXO
FDPSLRQHPDDXQ
DQJROD]LRQHGL
ULVSHWWRDOSULPRWDJOLRTXLQGLULSHWHUHOH
RSHUD]LRQLGHVFULWWHDO3XQWRSHU
FUHDUHXQUHWLFRORVXOULYHVWLPHQWR
6SD]]RODUHOHJJHUPHQWHLOFDPSLRQHSL
YROWHDYDQWLHLQGLHWUROXQJROHGLDJRQDOL
GHOUHWLFRORSHUULPXRYHUHHYHQWXDOL
UHVLGXL
,OSHQQHOORLQFOXVRQHOODGRWD]LRQHGHONLW
FRPSOHWR(OFRPHWHUSXzHVVHUH
DQFKHDFTXLVWDWRFRPHDFFHVVRULR
IDFROWDWLYRYHGHUH6H]LRQH5LFDPEL
HDFFHVVRULYDULDOODSDJLQDLW
,,VSH]LRQDUHLOFDPSLRQHSHUYHULILFDUH
FKHLWDJOLVLDQRSHQHWUDWLDIRQGRQHO
ULYHVWLPHQWR
ZZZHOFRPHWHUFRP
LW
5
352&('85$',3529$VHJXH 6HLOVXEVWUDWRqPRUELGRSDVVDUHDO3XQWR6HLOVXEVWUDWRqGXURR qLQOHJQRFRQWLQXDUHDO3XQWR
5LPXRYHUHHGHOLPLQDUHGXHJLUL
FRPSOHWLGLQDVWURDGHVLYR6URWRODUHXQ
DOWURSH]]RGLQDVWURFRQXQPRYLPHQWR
UHJRODUHTXLQGLWDJOLDUHGDTXHVWD
OXQJKH]]DXQSH]]RGLFLUFDPP
&HQWUDUHVXOUHWLFRORLOSH]]RGLQDVWUR
WDJOLDWRHSRVL]LRQDUORFRQXQGLWR
$SSOLFDUHXQDSUHVVLRQHGHFLVDVXO
QDVWURFRQXQ
XQJKLDRODSXQWDGHO
GLWRSHUDVVLFXUDUHXQDSHUIHWWD
DGHVLRQHIUDQDVWURHULYHVWLPHQWR
7UDVFRUVLPLQXWLGDOO
DSSOLFD]LRQHGHO
QDVWURULPXRYHUORWLUDQGRFRQXQ
VLQJRORPRYLPHQWRUHJRODUHSHUFLUFD
VHFRQGLDXQ
DQJROD]LRQHGL
ULVSHWWRDOODVXSHUILFLH
6HVLGHVLGHUDXQDUHJLVWUD]LRQH
SHUPDQHQWHGHOODSURYDFRQVHUYDUHLO
QDVWURDSSOLFDQGRORVXXQDSHOOLFROD
WUDVSDUHQWH
9DOXWDUHO
DGHVLRQHGHOULYHVWLPHQWR
HVDPLQDQGRLOUHWLFRORGLWDJOLLQEXRQH
FRQGL]LRQLG
LOOXPLQD]LRQH6HSUHYLVWR
GXUDQWHO
HVDPHYLVLYRVLSRVVRQR
LQGRVVDUHJOLRFFKLDOL&RQIURQWDUHLO
UHWLFRORGLWDJOLFRQODWDEHOODGL
ULIHULPHQWRGHOOHQRUPDWLYH,62-,6
ULSRUWDWDQHOOD6H]LRQH9DOXWD]LRQH
GHLULVXOWDWLDOODSDJLQDLW
/DOHQWHGLLQJUDQGLPHQWRLQFOXVDQHOODGRWD]LRQHGHONLWFRPSOHWR
(OFRPHWHUSXzHVVHUHDQFKHDFTXLVWDWDFRPHDFFHVVRULRIDFROWDWLYR
YHGHUH6H]LRQH5LFDPELHDFFHVVRULYDULDOODSDJLQDLW
1RWDSHURWWHQHUHLGHWWDJOLFRPSOHWLGHOPHWRGRGLSURYDFRQVXOWDUHOD FRUULVSRQGHQWHQRUPDWLYD
LW
ZZZHOFRPHWHUFRP
5
352&('85$',3529$VHJXH
352&('85$',3529$$670 $SSRJJLDUHLOWDJOLHQWHVXOFDPSLRQH
3UHPHUHGROFHPHQWHHSRUWDUHYHUVRGL
VpLOWHVWHUGLDGHVLRQHFRQXQVLQJROR
PRYLPHQWRGHFLVRFRVuGDSUDWLFDUH
XQDVHULHGLWDJOLSDUDOOHOLOXQJKLFLUFD
PP/DSUHVVLRQHDSSOLFDWDGHYH
HVVHUHVXIILFLHQWHDWDJOLDUHLO
ULYHVWLPHQWRILQRDUDJJLXQJHUHOD
VXSHUILFLHGHOVXEVWUDWR $SSRJJLDUHGLQXRYRLOWDJOLHQWHVXO
FDPSLRQHPDDXQ
DQJROD]LRQHGL
ULVSHWWRDOSULPRWDJOLRTXLQGLULSHWHUH
OHRSHUD]LRQLGHVFULWWHDO3XQWRSHU
FUHDUHXQUHWLFRORVXOULYHVWLPHQWR
6SD]]RODUHOHJJHUPHQWHLOFDPSLRQH SHUULPXRYHUHHYHQWXDOLODPHOOHR
VWULVFHGLULYHVWLPHQWR
,OSHQQHOORLQFOXVRQHOODGRWD]LRQHGHONLW
FRPSOHWR(OFRPHWHUSXzHVVHUH
DQFKHDFTXLVWDWRFRPHDFFHVVRULR
IDFROWDWLYRYHGHUH6H]LRQH5LFDPEL
HDFFHVVRULYDULDOODSDJLQDLW
,VSH]LRQDUHLOFDPSLRQHSHUYHULILFDUH FKHLWDJOLVLDQRSHQHWUDWLDIRQGRQHO
ULYHVWLPHQWR
5LPXRYHUHHGHOLPLQDUHGXHJLUL
FRPSOHWLGLQDVWURDGHVLYR6URWRODUHXQ
DOWURSH]]RGLQDVWURFRQXQPRYLPHQWR
UHJRODUHTXLQGLWDJOLDUHGDTXHVWD
OXQJKH]]DXQSH]]RGLFLUFDPP
&HQWUDUHVXOUHWLFRORLOSH]]RGLQDVWUR
WDJOLDWRHSRVL]LRQDUORFRQXQGLWR
$SSOLFDUHXQDSUHVVLRQHGHFLVDVXO
QDVWURXVDQGRXQDJRPPDLQVHULWD
DOO
HVWUHPLWjGLXQDPDWLWDSHU
DVVLFXUDUHXQDSHUIHWWDDGHVLRQHIUD
QDVWURHULYHVWLPHQWR
ZZZHOFRPHWHUFRP
LW
5
352&('85$',3529$VHJXH
7UDVFRUVLVHFRQGLVHFRQGL
GDOO
DSSOLFD]LRQHGHOQDVWURULPXRYHUOR
WLUDQGRFRQXQVLQJRORPRYLPHQWR
UHJRODUHDXQ
DQJROD]LRQHGLULVSHWWR
DOODVXSHUILFLHULYHVWLWD
9DOXWDUHO
DGHVLRQHGHOULYHVWLPHQWR
HVDPLQDQGRLOUHWLFRORGLWDJOLFRQXQDOHQWH
GLLQJUDQGLPHQWRPXQLWDGLOXFH
&RQIURQWDUHLOUHWLFRORGLWDJOLFRQODWDEHOODGLULIHULPHQWRGHOOH
QRUPDWLYH$670ULSRUWDWDQHOOD6H]LRQH9DOXWD]LRQHGHL
ULVXOWDWLDOODSDJLQDLW
1RWDSHURWWHQHUHLGHWWDJOLFRPSOHWLGHOPHWRGRGLSURYDFRQVXOWDUHODa
FRUULVSRQGHQWHQRUPDWLYD
9$/87$=,21('(,5,68/7$7,
/DVHJXHQWHWDEHOODULSURGXFHOHFODVVLILFD]LRQL,62-,6H$670 WXWWDYLDqFRQVLJOLDELOHPXQLUVLGLXQDFRSLDGHOODYHUVLRQHSL DJJLRUQDWDGLWDOLQRUPDWLYH
$VSHWWRHVHPSOL¿FDWLYR 'HVFUL]LRQH
&ODVVL¿FD]LRQH
'LVWDFFR PLQLPR
'LVWDFFR PDVVLPR
,62-,6 $670
,ERUGLGHLWDJOLVRQRFRPSOHWDPHQWH
OLVFLQHVVXQRGHLTXDGUDWLGHO
%
UHWLFRORqVWDFFDWR
'LVWDFFRGLVFDJOLHGHOULYHVWLPHQWR
DOO
LQWHUVH]LRQHGHLWDJOL/
DUHDGL TXDGUHWWDWXUDLQWHUHVVDWDQRQq
%
PDJJLRUHGHO
,OULYHVWLPHQWRVLqVIDOGDWROXQJRL
ERUGLHRDOO
LQWHUVH]LRQHGHLWDJOL
/
DUHDGLTXDGUHWWDWXUDLQWHUHVVDWDq
%
PDJJLRUHGHOPDQRQVXSHUDLO
,OULYHVWLPHQWRVLqVIDOGDWROXQJRL
ERUGLGHLWDJOLSDU]LDOPHQWHR
LQWHUDPHQWHLQJUDQGL¿RFFKLHRVLq
VIDOGDWRSDU]LDOPHQWHRLQWHUDPHQWH
%
VXSDUWLGLYHUVHGHLTXDGUDWL/
DUHDGL
TXDGUHWWDWXUDLQWHUHVVDWDqPDJJLRUH
GHOPDQRQVXSHUDLO
LW
ZZZHOFRPHWHUFRP
5
9$/87$=,21('(,5,68/7$7,VHJXH
$VSHWWRHVHPSOL¿FDWLYR 'HVFUL]LRQH
&ODVVL¿FD]LRQH
'LVWDFFR PLQLPR
'LVWDFFR PDVVLPR
,62-,6 $670
,OULYHVWLPHQWRVLqVIDOGDWROXQJRL
ERUGLGHLWDJOLLQJUDQGL¿RFFKLHR
DOFXQLTXDGUDWLVLVRQRVWDFFDWL SDU]LDOPHQWHRLQWHUDPHQWH/
DUHDGL
%
TXDGUHWWDWXUDLQWHUHVVDWDqPDJJLRUH
GHOPDQRQVXSHUDLO
4XDOVLDVLJUDGRGLVIDOGDPHQWR VXSHULRUHDOODFODVVL¿FD]LRQHR%
%
5,&$0%,($&&(6625,
/$0(',7$*/,2 ,OTXDGUHWWDWRUH(OFRPHWHUYLHQHIRUQLWRFRPSOHWRGLODPDGLWDJOLR 6RQRGLVSRQLELOLYDULHODPHGLWDJOLRDGDWWHDGLYHUVLWLSLGLVXEVWUDWRH VSHVVRULGHOULYHVWLPHQWRXWLOL]]DELOLSHUVYDULDWLPHWRGLGLSURYDH VWDQGDUGLQWHUQD]LRQDOL
/HODPHGLWDJOLRVRQRLQWHUFDPELDELOLHVRQRGLVSRQLELOLFRQRVHQ]D FHUWLILFD]LRQHGLWDUDWXUD
/DPDGL WDJOLR
[PP [PP [PP [PP [PP
,GRQHLWjSHULO PHWRGRGLSURYD
,62-,6 $670 $6
9
9
9
9
9
9
9
9
&RGLFHDUWLFROR
6HQ]D FHUWL¿FD]LRQH 7 7 7 7 7
&RQ FHUWL¿FD]LRQH 7& 7& 7& 7& 7&
LW
5
5,&$0%,($&&(6625,VHJXH 1$6752$'(6,92 ,NLWFRPSOHWL(OFRPHWHUIRUQLVFRQRXQURWRORGLQDVWUR,OQDVWUR QRQqLQFOXVRQHLNLWGLEDVH
,OQDVWURLQGLFDWRSHUO
XVRFRQLPHWRGLGLSURYD,62-,6H$670SXz HVVHUHDFTXLVWDWRLQFRQIH]LRQHVLQJRODRGRSSLDGXHURWROL LQGLFDQGRLFRGLFLDUWLFRORULSRUWDWLGLVHJXLWR
'HVFUL]LRQH
1DVWUR$GHVLYR 1DVWUR$GHVLYR
,GRQHLWjSHULO PHWRGRGLSURYD ,62-,6 $670
9 9
&RGLFHDUWLFROR
URWROR 7 .0
URWROL 7 7
5,&$0%,($&&(6625,9$5, 2UGLQDQGRGLUHWWDPHQWHD(OFRPHWHURSUHVVRLOIRUQLWRUH(OFRPHWHUGL ]RQDqSRVVLELOHDFTXLVWDUHLULFDPELHJOLDFFHVVRULHOHQFDWLGL VHJXLWR
'HVFUL]LRQH 3HQQHOORSHUTXDGUHWWDWRUHD /HQWHGLLQJUDQGLPHQWR[ D
&RGLFHDUWLFROR 7 7
',&+,$5$=,21(',*$5$1=,$ ,OWHVWHUGLDGHVLRQHDTXDGUHWWDWXUD(OFRPHWHUYLHQHIRUQLWRFRQ XQDJDUDQ]LDGLXQDQQRVXLGLIHWWLGLIDEEULFD]LRQHIDWWDHFFH]LRQHSHU FRQWDPLQD]LRQHHXVXUD
/HODPHGLWDJOLRYHQJRQRIRUQLWHFRQXQDJDUDQ]LDGLWUHPHVLVXL GLIHWWLGLIDEEULFD]LRQHIDWWDHFFH]LRQHSHUFRQWDPLQD]LRQHHXVXUD
D ,QFOXVLQHOODGRWD]LRQHGHONLWFRPSOHWR(OFRPHWHU
LW
ZZZHOFRPHWHUFRP
5
63(&,),&+(7(&1,&+(
/DPDGLWDJOLR [PP [PP [PP [PP [PP
*DPPDGL VSHVVRULGHO ULYHVWLPHQWR
P P P P PLOV PLOV PLOV PLOV
'LPHQVLRQL GHOORVWUXPHQWR
[[PP [[
3HVRGHOOR VWUXPHQWR
JR]
3XzHVVHUHXWLOL]]DWRLQFRQIRUPLWjDOOHVHJXHQWLQRUPH
$6$6$670'%%6((&&$7 (1,62,62-,6.1)7
ZZZHOFRPHWHUFRP
LW
5
70$(GL]LRQH7HVWRFRQFRSHUWLQD
5
*HEUXLNHUVKDQGOHLGLQJ
(OFRPHWHU
5RRVWHUNDPKHFKWLQJVWHVWHU
ZZZHOFRPHWHUFRP
5
,1+28'623*$9(
2YHU]LFKWPHWHU 'RRVLQKRXG $DQGHVODJ 7HVWSURFHGXUH 'HUHVXOWDWHQEHRRUGHOHQ 5HVHUYHRQGHUGHOHQ DFFHVVRLUHV *DUDQWLHYHUNODULQJ 7HFKQLVFKHVSHFLILFDWLHV
5DDGSOHHJGHRULJLQHOH(QJHOVHYHUVLHRPWZLMIHOXLWWHVOXLWHQ
$IPHWLQJHQPHWHU[[PP[[
*HZLFKWPHWHUJR]
5 LVHHQJHGHSRQHHUGKDQGHOVPHUNYDQ(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%8
9HUHQLJG.RQLQNULMN
$OOHDQGHUHKDQGHOVPHUNHQ]LMQKHWHLJHQGRPYDQKXQUHVSHFWLHYHOLMNHHLJHQDDUV
(OFRPHWHU/LPLWHG$OOHUHFKWHQYRRUEHKRXGHQ1LHWVYDQGLWGRFXPHQWPDJZRUGHQ JHUHSURGXFHHUGRYHUJHGUDJHQJHWUDQVFULEHHUGRSJHVODJHQLQHHQUHWULHYDOV\VWHHPRIDQGHUV]LQV RI YHUWDDOGLQHQLJHWDDOLQHQLJHYRUPRIGRRUHQLJPLGGHOHOHNWURQLVFKPHFKDQLVFKPDJQHWLVFKRSWLVFK KDQGPDWLJRIDQGHUV]LQV ]RQGHUGHYRRUDIJDDQGHVFKULIWHOLMNHWRHVWHPPLQJYDQ(OFRPHWHU/LPLWHG
QO
ZZZHOFRPHWHUFRP
5
29(5=,&+70(7(5
+DQGYDWYDQURRVWHUNDP 6QLMNRS 5RRVWHUNDPPHV
'226,1+28' 'H(OFRPHWHU%DVLVNLWEHYDW (OFRPHWHUURRVWHUNDPKHFKWLQJVWHVWHU 5RRVWHUNDPZLHO
[PP[PP[PP[PPRI[PP ,QEXVVOHXWHOPP 5HLVNRIIHU .DOLEUDWLHFHUWLILFDDWLQGLHQEHVWHOG *HEUXLNHUVKDQGOHLGLQJ
'H(OFRPHWHU8LWJHEUHLGHNLWEHYDW
$OOHRQGHUGHOHQYDQGH(OFRPHWHU%DVLVNLWSOXV .OHHIEDQG,62RI$670URO 5RRVWHUNDPERUVWHO 9HUJURRWJODV[
ZZZHOFRPHWHUFRP
QO
5
$$1'(6/$* +(7-8,67(52267(5.$00(6.,(=(1 8NLHVWKHWURRVWHUNDPPHVRSEDVLVYDQKHWVXEVWUDDWW\SHGH FRDWLQJGLNWHHQJHEUXLNWHWHVWPHWKRGH]LHRQGHUVWDDQGHWDEHO
&RDWLQJGLNWH
7HVWPHWKRGH
P
PLOV
$670
,62-,6
,62-,6
PHWDOHQVXEVWUDWHQ KDUGHVXEVWUDWHQ ]DFKWHVXEVWUDWHQ
[PP
[PP
[PP
[PP
[PP
[PP
[PP
[PP
+(752267(5.$00(63/$$76(1 'H(OFRPHWHULVYRRU]LHQYDQHHQURRVWHUNDPPHV(OFRPHWHU ELHGWYHUVFKLOOHQGHPDWHQURRVWHUNDPPHVVHQGLHFRPSDWLEHO]LMQPHW GHKHFKWLQJVWHVWHU]LH6HFWLH
5RRVWHUNDPPHVVHQ
RSSDJLQDQO
(HQURRVWHUNDPSODDWVHQ 9HUZLMGHUPHWGHPHHJHOHYHUGHLQEXVVOHXWHOGHERUJERXWYDQGH
URRVWHUNDPGRRUGH]HWHJHQGHNORNLQORVWHGUDDLHQ 9HUZLMGHUGHDDQZH]LJHURRVWHUNDPLQGLHQJHSODDWVW HQSODDWV
GHQLHXZHURRVWHUNDP 3ODDWVGHERUJERXWWHUXJHQGUDDLGH]HDDQ
:,66(/(19$161,-9/$. (ONURRVWHUNDPPHVKHHIWLQWRWDDOVQLMYODNNHQ GLH]LMQJHPDUNHHUGPHWGHFLMIHUVWRW
$OVHHQVQLMYODNYHUVOHWHQUDDNWGUDDLWXKHW URRVWHUNDPPHVVLPSHOZHJHQJHEUXLNWX KHWYROJHQGHVQLMYODNDDQGLHNDQW+HUKDDOGLW WRWDOOHVQLMYODNNHQ]LMQYHUVOHWHQ
9HUZLMGHUKHWURRVWHUNDPPHVGUDDLKHWRPHQ SODDWVKHWWHUXJ]LH6HFWLH RPGH VQLMYODNNHQDDQGHDQGHUHNDQWWHJHEUXLNHQ
2SPHUNLQJ9ROJHQVGHDDQEHYHOLQJHQYDQGH,62-,6VWDQGDDUGPRHWXGHPHVVHQ YHUYDQJHQDOVGHERYHQNDQWYDQGHURRVWHUNDPPHVVHQLVDIJHYODNWWRWPP
QO
ZZZHOFRPHWHUFRP
5
7(67352&('85(
8NXQWGH(OFRPHWHUJHEUXLNHQFRQIRUPGH,62-,6HQ$670 VWDQGDDUGHQ'HWHVWSURFHGXUHLVDIKDQNHOLMNYDQGHJHEUXLNWH VWDQGDDUG
9225'$78%(*,17 .LHVKHWMXLVWHURRVWHUNDPPHVYRRUGHWHVWPHWKRGHHQSODDWVWKHW
LQGHWHVWHU±]LH6HFWLH RSSDJLQDQO .LHVGHFRUUHFWHNOHHIEDQG±]LH6HFWLHRSSDJLQDQO
7(67352&('85(,62-,6 3ODDWVKHWVQLMYODNRSKHWPRQVWHU
'UXNYRRU]LFKWLJRSGHKHFKWLQJVWHVWHU
HQWUHNGH]HLQHHQJHOLMNPDWLJH
EHZHJLQJQDDUXWRHRPHHQVHULH
SDUDOOHOOHVQHGHQWHYHUNULMJHQYDQ
RQJHYHHUPPODQJ3DVYROGRHQGH
GUXNWRHRPHUYRRUWH]RUJHQGDWX
GRRUGHFRDWLQJKHHQVQLMGWWRWDDQKHW
VXEVWUDDWRSSHUYODN
0DDNVQHGHQRQGHUHHQKRHNYDQWRW GHQHUIULFKWLQJDOVKHWVXEVWUDDWYDQKRXW
RIHHQYHUJHOLMNEDDUPDWHULDDOLV
3ODDWVGHURRVWHUNDPRSKHWWHPHWHQ
RSSHUYODNRQGHUHHQKRHNYDQYDQ
GHHHUVWHVQHGHQHQKHUKDDOVWDS
]RGDWHUHHQURRVWHUSDWURRQRQWVWDDWRS
GHFRDWLQJ
%RUVWHOYHUVFKLOOHQGHNHUHQOLFKWKHHQ
HQZHHUODQJVGHGLDJRQDOHQYDQKHW
URRVWHURPORVVHVWXNMHVFRDWLQJWH
YHUZLMGHUHQ
%LMGH(OFRPHWHU8LWJHEUHLGHNLWZRUGW
HHQERUVWHOPHHJHOHYHUG'HERUVWHOLV
RRNORVYHUNULMJEDDU]LH6HFWLH
'LYHUVHUHVHUYHRQGHUGHOHQ DFFHVVRLUHV
RSSDJLQDQO
&RQWUROHHURIGHVQHGHQGHFRDWLQJ
YROOHGLJKHEEHQGRRUVQHGHQ
ZZZHOFRPHWHUFRP
QO
5
7(67352&('85(YHUYROJ %LM]DFKWHVXEVWUDWHQJDDWXGRRUQDDUVWDS%LMKDUGHRIKRXWHQ VXEVWUDWHQJDDWXGRRUPHWVWDS
5ROWZHHFRPSOHWHZLNNHOLQJHQ
NOHHIEDQGDIHQJRRLGLHZHJ5RO
JHOLMNPDWLJQRJHHQVWXNNOHHIEDQGDI
HQNQLSHHQVWXNYDQRQJHYHHUPP
DI
/HJKHWDIJHNQLSWHVWXNNOHHIEDQG
UHFKWRSKHWURRVWHUHQVWULMNKHWJODG
PHWXZYLQJHU'UXNGHWDSHVWHYLJ
DDQPHWXZYLQJHUQDJHORIYLQJHUWRS
RPHHQJRHGHKHFKWLQJWHYHUNULMJHQ
WXVVHQGHWDSHHQGHFRDWLQJ
9HUZLMGHUGHWDSHELQQHQYLMIPLQXWHQ
QDGDWGLHLVDDQJHEUDFKWPHWHHQ
HQNHOHVRHSHOHEHZHJLQJRQGHUHHQ
KRHNYDQYDQKHWRSSHUYODNLQ
RQJHYHHUWRWVHFRQGHQ
2PGHWHVWSHUPDQHQWWHNXQQHQ
EHKRXGHQEHZDDUWXGHWDSHPHWHHQ
VWXNWUDQVSDUDQWHILOPHURS
%HRRUGHHOGHKHFKWLQJYDQGHFRDWLQJ
GRRUKHWJHVQHGHQURRVWHUPHWJRHG
OLFKWWHEHNLMNHQ*HEUXLNHHQORHSRP
KHWURRVWHUEHWHUWHNXQQHQEHNLMNHQ
9HUJHOLMNKHWURRVWHUSDWURRQPHWGH
,62-,6VWDQGDDUGWDEHO]RDOV
DIJHEHHOGLQ6HFWLH
'HUHVXOWDWHQ
EHRRUGHOHQ
RSSDJLQDQO
%LMGH(OFRPHWHU8LWJHEUHLGHNLWZRUGWHHQYHUJURRWJODVPHHJHOHYHUG
'LWYHUJURRWJODVLVRRNORVYHUNULMJEDDU]LH6HFWLH
'LYHUVH
UHVHUYHRQGHUGHOHQ DFFHVVRLUHV
RSSDJLQDQO
2SPHUNLQJ5DDGSOHHJGHUHOHYDQWHVWDQGDDUGYRRUDOOHGHWDLOVRYHUGH WHVWPHWKRGH
QO
ZZZHOFRPHWHUFRP
5
7(67352&('85(YHUYROJ
7(67352&('85($670
3ODDWVKHWVQLMYODNRSKHWPRQVWHU
'UXNYRRU]LFKWLJRSGHKHFKWLQJVWHVWHU
HQWUHNGH]HLQHHQJHOLMNPDWLJH EHZHJLQJQDDUXWRHRPHHQVHULH
SDUDOOHOOHVQHGHQWHYHUNULMJHQYDQ
RQJHYHHUPPODQJ3DVYROGRHQGH
GUXNWRHRPHUYRRUWH]RUJHQGDWX
GRRUGHFRDWLQJKHHQVQLMGWWRWDDQKHW
VXEVWUDDWRSSHUYODN
3ODDWVGHURRVWHUNDPRSKHWWHPHWHQ
RSSHUYODNRQGHUHHQKRHNYDQYDQ
GHHHUVWHVQHGHQHQKHUKDDOVWDS
]RGDWHUHHQURRVWHUSDWURRQRQWVWDDW
RSGHFRDWLQJ
%RUVWHOGHFRDWLQJOLFKWRP
ORVJHNRPHQVFKLOIHUVRIVOLHUWMHV
FRDWLQJWHYHUZLMGHUHQ
%LMGH(OFRPHWHU8LWJHEUHLGHNLWZRUGW
HHQERUVWHOPHHJHOHYHUG'HERUVWHOLV
RRNORVYHUNULMJEDDU]LH6HFWLH
'LYHUVHUHVHUYHRQGHUGHOHQ DFFHVVRLUHV
RSSDJLQDQO
&RQWUROHHURIGHVQHGHQGHFRDWLQJ
YROOHGLJKHEEHQGRRUVQHGHQ
5ROWZHHFRPSOHWHZLNNHOLQJHQ
NOHHIEDQGDIHQJRRLGLHZHJ5RO
JHOLMNPDWLJQRJHHQVWXNNOHHIEDQGDI
HQNQLSHHQVWXNYDQRQJHYHHUPP
DI
/HJKHWDIJHNQLSWHVWXNNOHHIEDQG
UHFKWRSKHWURRVWHUHQVWULMNKHWJODG
PHWXZYLQJHU'UXNGHWDSHVWHYLJ
DDQPHWGHJXPRSKHWXLWHLQGHYDQ
HHQSRWORRGRPHHQJRHGHKHFKWLQJWH
YHUNULMJHQWXVVHQGHWDSHHQGH
FRDWLQJ
ZZZHOFRPHWHUFRP
QO
5
7(67352&('85(YHUYROJ
9HUZLMGHUGHWDSHELQQHQVHFRQGHQ
VHFRQGHQ QDGDWGLHLV
DDQJHEUDFKWPHWHHQHQNHOHVRHSHOH
EHZHJLQJRQGHUHHQKRHNYDQYDQ
KHWRSSHUYODN
%HRRUGHHOGHKHFKWLQJYDQGHFRDWLQJ
GRRUKHWJHVQHGHQURRVWHUWHEHNLMNHQ
PHWHHQYHUOLFKWYHUJURRWJODV9HUJHOLMN
KHWURRVWHUSDWURRQPHWGH$670VWDQGDDUGWDEHO]RDOVDIJHEHHOGLQ
6HFWLH
'HUHVXOWDWHQEHRRUGHOHQ
RSSDJLQDQO
2SPHUNLQJ5DDGSOHHJGHUHOHYDQWHVWDQGDDUGYRRUDOOHGHWDLOVRYHUGHWHVWPHWKRGH
'(5(68/7$7(1%(225'(/(1
'HFODVVLILFDWLHVYDQGH,62-,6HQ$670VWDQGDDUGHQVWDDQLQ RQGHUVWDDQGHWDEHO(OFRPHWHUUDDGWXHFKWHUDDQRPGHPHHVWUHFHQWH YHUVLHYDQGH]HVWDQGDDUGHQWHJHEUXLNHQ
9RRUEHHOGYDQ URRVWHUDIGUXN
%HVFKULMYLQJ
&ODVVL¿FDWLH
0LQLPDOH 0D[LPDOH DIWUHNNLQJ DIWUHNNLQJ
,62-,6 $670
'HVQLMUDQGHQ]LMQYRONRPHQ
UHFKWJHHQYDQGHYLHUNDQWMHVXLW
%
KHWURRVWHULVORVJHNRPHQ
.OHLQHFRDWLQJVFKLOIHUWMHVNRPHQ
ORVDDQGHVQLMSXQWHQYDQGH LQVQLMGLQJHQ0LQGHUGDQYDQ
%
KHWURRVWHURSSHUYODNLVDDQJHWDVW
'HFRDWLQJVFKLOIHUWDDQGHUDQGHQ
HQRIVQLMSXQWHQYDQGHLQVQLMGLQJHQ
(HQRSSHUYODNWHYDQPHHUGDQ
%
PDDUQLHWYHHOPHHUGDQYDQ
KHWURRVWHULVDDQJHWDVW
'HFRDWLQJLVYROOHGLJRIJHGHHOWHOLMN
DIJHVFKLOIHUGLQJURWHVOLHUWHQDDQGH
UDQGHQYDQGHLQVQLMGLQJHQHQRIGH
FRDWLQJLVYROOHGLJRIJHGHHOWHOLMN DIJHVFKLOIHUGRSYHUVFKLOOHQGHSODDWVHQ
%
LQGHYLHUNDQWMHV(HQRSSHUYODNWHYDQ
PHHUGDQPDDUQLHWYHHOPHHU
GDQYDQKHWURRVWHULVDDQJHWDVW
QO
ZZZHOFRPHWHUFRP
5
'(5(68/7$7(1%(225'(/(1YHUYROJ
9RRUEHHOGYDQ URRVWHUDIGUXN
%HVFKULMYLQJ
&ODVVL¿FDWLH
0LQLPDOH 0D[LPDOH DIWUHNNLQJ DIWUHNNLQJ
,62-,6 $670
'HFRDWLQJLVDIJHVFKLOIHUGLQ
JURWHVOLHUWHQDDQGHUDQGYDQGH
LQVQLMGLQJHQHQRIVRPPLJH
YLHUNDQWMHV]LMQYROOHGLJRI JHGHHOWHOLMNORVJHNRPHQ(HQ
%
RSSHUYODNWHYDQPHHUGDQ
PDDUQLHWYHHOPHHUGDQYDQ
KHWURRVWHULVDDQJHWDVW
(HQGHUZHONHJUDDGYDQ
DIVFKLOIHUHQGLHQLHWRQGHUNODVVH
%
RI%NDQZRUGHQJHNODVVHHUG
5(6(59(21'(5'(/(1 $&&(662,5(6
52267(5.$00(66(1 'H(OFRPHWHULVYRRU]LHQYDQHHQURRVWHUNDPPHV(OFRPHWHU ELHGWGLYHUVHURRVWHUNDPPHVVHQYRRUYHUVFKLOOHQGHVXEVWUDDWW\SHQHQ FRDWLQJGLNWHVYRRUJHEUXLNLQRYHUHHQVWHPPLQJPHWYHUVFKLOOHQGH WHVWPHWKRGHQHQLQWHUQDWLRQDOHVWDQGDDUGHQ
'HURRVWHUNDPPHVVHQ]LMQYHUZLVVHOEDDUHQYHUNULMJEDDUPHWRI ]RQGHUNDOLEUDWLHFHUWLILFDDW
5RRVWHU NDPPHV
[PP [PP [PP [PP [PP
*HVFKLNWYRRU WHVWPHWKRGH
,62-,6 $670 $6
9
9
9
9
9
9
9
9
$UWLNHOQXPPHU
1LHW JHFHUWL¿FHHUG 7 7 7 7 7
*HFHUWL¿FHHUG
7& 7& 7& 7& 7&
QO
5
5(6(59(21'(5'(/(1 $&&(662,5(6YHUYROJ ./(()%$1' 'H(OFRPHWHU8LWJHEUHLGHNLWZRUGWJHOHYHUGPHWppQUROWDSH%LM GH%DVLVNLWZRUGWJHHQWDSHPHHJHOHYHUG
7DSHJHVFKLNWYRRU,62-,6HQ$670WHVWPHWKRGHQLVPHW RQGHUVWDDQGRQGHUGHHOQXPPHUORVYHUNULMJEDDUDOVYHUSDNNLQJPHW ppQRIWZHHUROOHQ
%HVFKULMYLQJ
.OHHIEDQG .OHHIEDQG
*HVFKLNWYRRU WHVWPHWKRGH
,62-,6
$670
9
9
$UWLNHOQXPPHU
URO 7 .0
UROOHQ 7 7
',9(56(5(6(59(21'(5'(/(1 $&&(662,5(6 'HYROJHQGHUHVHUYHRQGHUGHOHQHQDFFHVVRLUHV]LMQYHUNULMJEDDUELM (OFRPHWHURIELMXZORNDOH(OFRPHWHUOHYHUDQFLHU
%HVFKULMYLQJ 5RRVWHUNDPERUVWHOD 9HUJURRWJODV[D
$UWLNHOQXPPHU 7 7
*$5$17,(9(5./$5,1* 9RRUGH(OFRPHWHUURRVWHUNDPKHFKWLQJVWHVWHUJHOGWHHQ JDUDQWLHWHUPLMQYDQppQMDDURSIDEULFDJHIRXWHQPHWXLW]RQGHULQJYDQ YHURQWUHLQLJLQJHQVOLMWDJH
9RRUURRVWHUNDPPHVVHQJHOGWHHQJDUDQWLHWHUPLMQYDQGULHPDDQGHQ RSIDEULFDJHIRXWHQPHWXLW]RQGHULQJYDQYHURQWUHLQLJLQJHQVOLMWDJH
D 6WDQGDDUGPHHJHOHYHUGELMGH(OFRPHWHU8LWJHEUHLGHNLW
QO
ZZZHOFRPHWHUFRP
5
7(&+1,6&+(63(&,),&$7,(6
5RRVWHU NDPPHV
[PP [PP [PP [PP [PP
%HUHLN
P P P P
FRDWLQJGLNWH PLOV PLOV PLOV PLOV
$IPHWLQJHQ PHWHU
[[PP [[
*HZLFKW PHWHU
JR]
.DQZRUGHQJHEUXLNWLQRYHUHHQVWHPPLQJPHW
$6$6$670'%%6((&&$7 (1,62,62-,6.1)7
ZZZHOFRPHWHUFRP
QO
5
70$8LWJDYH7H[WPHWYRRUEODG1R
5
(OFRPHWHU
ZZZHOFRPHWHUFRP
5
[[PP[[
JR]
5 (OFRPHWHU(GJH/DQH0%8
å(OFRPHWHU/LPLWHGóåå (OFRPHWHU/LPLWHG
]K
ZZZHOFRPHWHUFRP
5
(OFRPHWHU
[PP[PP[PP[PP[PP PP
,62$670 [
ZZZHOFRPHWHUFRP
]K
5
P
PLOV
$670
[PP [PP
,62-,6
[PP [PP [PP
,62-,6
[PP [PP [PP
]K
r
,62-,6PP
]K
ZZZHOFRPHWHUFRP
5
(OFRPHWHU,62-,6$670
]K
]K
,62-,6
PP
r
r
]K
ZZZHOFRPHWHUFRP
]K
5
r
]K
,62-,6
]K
]K
ZZZHOFRPHWHUFRP
5
$670
PP r
]K
ZZZHOFRPHWHUFRP
]K
5
s
r
]K
$670
,62-,6$670
,62-,6 $670
%
%
%
%
]K
ZZZHOFRPHWHUFRP
5
,62-,6 $670
%
%
%
[PP [PP [PP [PP [PP
,62-,6 $670 $6
9
9
9
9
9
9
9
9
7 7 7 7 7
7& 7& 7& 7& 7&
]K
5
,62-,6$670
,62-,6
9
$670
9
7 .0
7 7
D [D
7 7
(OFRPHWHU
D
]K
ZZZHOFRPHWHUFRP
5
[PP [PP [PP [PP [PP
P P P P PLOV PLOV PLOV PLOV
[[PP [[
JR]
$6$6$670'%%6((&&$7 (1,62,62-,6.1)7
ZZZHOFRPHWHUFRP
]K
5
70$
5
(OFRPHWHU
ZZZHOFRPHWHUFRP
5
aYb
[[PP[[
J
5 a(OFRPHWHU/LPLWHGb(GJH/DQH0DQFKHVWHU0%8
8QLWHG.LQJGRP
aYb
å(OFRPHWHU/LPLWHGóåå$OOULJKWVUHVHUYHGa(OFRPHWHU/LPLWHG acaaaaZa aacZab
MS
ZZZHOFRPHWHUFRP
5
(OFRPHWHU (OFRPHWHU PPaPPaPPa
PPaPP
PP c
(OFRPHWHU
(OFRPHWHU a,62$670c c
ZZZHOFRPHWHUFRP
MS
5
aa Yb
P
PLOV
"45.
c
,62-,6
c
,62-,6
c
j
j
PP
j
j
PP
j
PP
PP
j
j
PP
PP
PP
PP
(OFRPHWHUabY bMSwx Yb
b a
b ab
ajb
a b b
a aYzc b
,62-,6aPPb
MS
ZZZHOFRPHWHUFRP
5
(OFRPHWHUa,62-,6$670 bab
cMS
b cMS
b
,62-,6
b
a
PPa b
aa
Yb
a
Yb
a b
ab
a(OFRPHWHU b
cMS w
xb
b
ZZZHOFRPHWHUFRP
MS
5
c ab ab
bb Y
aPPYb
ab
a
Yzb
Yza
aj
b
a
b
b
a
YbMSw
x,62-,6
a
b
a(OFRPHWHUb
cMS wxb
YaY b
MS
ZZZHOFRPHWHUFRP
5
c
$670 b a
PPa b
aa
Yb
a
b
ab
a(OFRPHWHU
b
cMS
w
xb
b
bb
Y
aPPYb
ab
a
Yzb
ZZZHOFRPHWHUFRP
MS
5
c
Yz
ca
b
bMSw
x$670
ab
YaY b
a,62-,6$670 ba b
,62-,6 $670
a zb
%
aZ
b
%
b
a
b a
%
b
a
b
%
a
b
MS
ZZZHOFRPHWHUFRP
c
5
,62-,6 $670
a
a b
%
a
b
Z zb
%
(OFRPHWHUabY a b
b
,62-,6 $670 $6
PP
9
9
PP
9
9
9
PP
9
PP
9
PP
9
7 7&
7 7&
7 7&
7 7&
7 7&
MS
5
c (OFRPHWHUab zb
a,62-,6$670 Yb
,62-,6
9
$670
9
7 .0
7 7
a(OFRPHWHU b
D cD
7 7
(OFRPHWHUaa b
aa b
D (OFRPHWHU
MS
ZZZHOFRPHWHUFRP
5
PP PP PP PP PP
jP jP jP jP jPLOV jPLOV jPLOV jPLOV
[[PP [[
J
$6$6$670'%%6((&&$7 (1,62,62-,6.1)7
ZZZHOFRPHWHUFRP
MS
5
70$
Acrobat Distiller 22.0 (Windows)