Zoom out
Zoom in
Previous page
1/76
Next page
,03257$17(±&RQVHUYDUHTXHVWHLVWUX]LRQLSHUULIHULPHQWRIXWXUR
,03257$17±.HHSWKHVHLQVWUXFWLRQVIRUIXWXUHUHIHUHQFH
&U\VWDO
FRG
SDVVHJJLQR
3$66(**,12
,VWUX]LRQLG¶XVR
,
63$&(5Ï:.$
,QVWUXNFMDXĪ\FLD
3/
6752//(5
,QVWUXFWLRQVIRUXVH
*%
%$%$.2&6,
+DV]QiODWL~WPXWDWy
+
63257:$*(1
*HEUDXFKVDQZHLVXQJ
'
.,â2%5$1.2/,&$
8SXWVWYD]DXSRWUHEX
+5
32866(77(
1RWLFHG¶HPSORL
)
ɄɈɅəɋɄȺ
ɂɧɫɬɪɭɤɰɢɹɩɨɩɪɢɦɟɧɟɧɢɸ
586
6,//$'(3$6(2
,QVWUXFFLRQHVGHXVR
(
%$519$*1
%UXNVDQYLVQLQJ
6
&$'(,5$'(3$66(,2
,QVWUXo}HVGHXWLOL]DomR
3
:$1'(/:$*(1
*HEUXLNVDDQZLM]LQJ
1/
2752â.,92=,ý(.
1DYRGLOD]DXSRUDER
6/2
.ǹȇȅȉȈǹȀǿīǿǹȃǾȆǿǹ
ȅįȘȖȚİıȤȡȘıİȦı
*5
&$58&,25
,QVWUXFWLXQLGHIRORVLUH
52
1


Need help? Post your question in this forum.

Forumrules


Content of pages


  • Page 1

    &U\VWDOSDVVHJJLQRFRG,03257$17(&RQVHUYDUHTXHVWHLVWUX]LRQLSHUULIHULPHQWRIXWXUR,03257$17.HHSWKHVHLQVWUXFWLRQVIRUIXWXUHUHIHUHQFH,*%3$66(**,12,VWUX]LRQLGXVR6752//(5,QVWUXFWLRQVIRUXVH'63257:$*(1*HEUDXFKVDQZHLVXQJ)32866(77(1RWLFHGHPSORL(6,//$'(3$6(2,QVWUXFFLRQHVGHXVR3&$'(,5$'(3$66(,2,QVWUXo}HVGHXWLOL]DomR6/22752.,92=,(.1DYRGLOD]DXSRUDER3/63$&(5:.$,QVWUXNFMDX\FLD+%$%$.2&6,+DV]QiODWL~WPXWDWy+55866.,2%5$1.2/,&$8SXWVWYD]DXSRWUHEX%$519$*1%UXNVDQYLVQLQJ1/:$1'(/:$*(1*HEUXLNVDDQZLM]LQJ*5.52&$58&,25,QVWUXFWLXQLGHIRORVLUH
  • Page 2

    &20321(17, &20321(176 %(67$1'7(,/( &20326$176 &20321(17(6 &20321(17(66(67$91,'(/,&=(6&,(/(0(,',-(/29,'(/$521'(5'(/(1.&20321(17($%&')*.$(6;';$UW+6HIRUQLWR,ILQFOXGHG:HQQPLWJHOLHIHUW(QRSWLRQ(QFDVRGHLQFOXLUOR6HLQFOXtGRHMHSULORHQR-HHOLMHVWZNRPSOHFLH+DWDUWR]LNKR]]i'RGDWQDRSFLMDXNROLNRMHXNOMXHQD2PGHQQDPHGI|OMHU,QGLHQELMJHOHYHUG'DFDHVWHLQFOXVD
  • Page 3

    %%&&
  • Page 4

    ''(DEHHFG
  • Page 5

    )*+87,/,==286(9(5:(1'(187,/,6$7,2187,/,=$&,2187,/,=$d28325$%$8=<7.2:$1,($+$6=1/$70'-$83275(%$$19b1'1,1**(%58,.02'8/'(87,/,=$5(6723
  • Page 6

    35(6635(66*2672335(6635(66
  • Page 7

    $%
  • Page 8

    ,5HJRODUHODFLQWXUDGLVLFXUH]]DDSXQWLLQIXQ]LRQHGHOODWDJOLDGHOEDPELQRIDFHQGRODDGHULUHDOOHVSDOOH*%$GMXVWWKHSRLQWVDIHW\KDUQHVVDFFRUGLQJWR\RXUEDE\VVL]HVRWKDWWKH\OHDQFRUUHFWO\RQWKHKRXOGHUV'6WHOOHQ6LHGLH3XQNW6LFKHUKHLWJXUWHVRHLQGDVVVLHVWUDIIXQGHQJDQGHQ.LQGVFKXOWHUQDQOHJHQ)5pJOHUOHKDUQDLVGHVpFXULWpjSRLQWVHQIRQFWLRQGHODWDLOOHGHOHQIDQWHWIDLUHDGKpUHUOHVEUHWHOOHVDX[pSDXOHV($MXVWHHOFLQWXURQGHVHJXULGDGGHSXQWRVVHJ~QHOWDPDxRGHOEHEHDVtTXHVHDSR\HQFRUUHFWDPHQWHHQORVKRPEURV35HJXODURFLQWRGHVHJXUDQoDGHSRQWRVHPIXQomRGRWDPDQKRGDFULDQoDDMXVWDQGRFRUUHFWDPHQWHQRVRPEURV6/2WRNRYQLYDUQRVWQLSDVSULODJRGLWHYHOLNRVWLRWURNDWDNRGDEROHWDQDPH�HQSUDYLOQRQDRWURNRYLKUDPHQLK3/'RSDVXMSXQNWRZHSDV\EH]SLHF]HVWZDGRZ]URVWXG]LHFNDWDNDE\SRSUDZQLHE\\XRRQHQDUDPLF]NDFKG]LHFND+OOtWVDEHD]SRQWRVEL]WRQViJL|YHWJ\HUPHNpQHNPHJIHOHOHQEL]WRVtWYDDPHJIHOHOWDUWiVWDYiOODNRQ+58WRDNDVLJXUQRVQLSRMDVSRGHVLWHSUHPDYHOLLQL9D�HJGLMHWHWDWDNRGDLVSUDYQRQDOLMHXQDGMHWHWRYDUDPHQD586�65HJOHUDSXQNWHUVVlNHUKHWVElOWHWXWHIWHUEDUQHWVVWRUOHNVnD[HOUHPPDUQDVLWWHUWLJKW1/6WHOGHYLMISXQWVYHLOLJKHLGVJRUGHORSGHOHQJWHYDQKHWNLQGDIHQODDWKHPRSGHVFKRXGHUVDDQVOXLWHQ*5������52$MXVWDWLFHQWXUDGHVLJXUDQWDLQSXQFWHLQIXQFWLHGHPDULPHDFRSLOXOXLDVWIHOLQFDWEUHWHOHOHVDVHDVH]HFRUHFWSHXPHUL35(66E35(66D
  • Page 9

    $
  • Page 10

  • Page 11

    $DE
  • Page 12

    60217$**,2 '(, &20321(17, ',60$17/,1* 2) &20321(176 $86(,1$1'(5%$8(1 '(5 .20321(17(1 'e0217$*( '(6 &20326$176 '(60217$-( '( /26 &20321(17(6 '(60217$*(0 '26 &20321(17(6 '(0217$$ 6(67$91,+ '(/29 '(0217$&=&,$=g66=(7(9.6=e76=(5(/e6(5$67$9/-$1-(.20321(17, '(0217(5,1*$9 '(/$5 '( &20321(17(1 '(0217(5(1'(0217$5($&20321(17(/2535(66
  • Page 13

    35(66
  • Page 14

    ,7$/,$12*HQWLOH&OLHQWHODULQJUD]LDPRSHUDYHUVFHOWRXQSURGRWWR%UHYL&RQIRUPHDOODQRUPD(1$VVLFXUDUVL FKH OXWLOL]]DWRUH DEELD XQD EXRQD FRQRVFHQ]D GHOIXQ]LRQDPHQWRGHOSURGRWWR/HRSHUD]LRQLGLPRQWDJJLRHGLLQVWDOOD]LRQHGHYRQRHVVHUHHIIHWWXDWHGDDGXOWL/XWLOL]]RGHOSDVVHJJLQRqFRQVHQWLWRSHUEDPELQLGLHWjFRPSUHVDWUDLPHVLHLDQQLQRDNJGLSHVR$99(57(1=$1RQODVFLDUHPDLLOEDPELQRLQFXVWRGLWR$99(57(1=$ 3ULPD GHOOXWLOL]]R DVVLFXUDUVLFKHWXWWLLGLVSRVLWLYLGLEORFFDJJLRVLDQRFRUUHWWDPHQWHLQVWDOODWL$99(57(1=$3HUHYLWDUHULVFKLDOORQWDQDUHLOYRVWUREDPELQRGXUDQWHOHRSHUD]LRQLGLDSHUWXUDHGLFKLXVXUDGLTXHVWRSURGRWWR$99(57(1=$1RQODVFLDUHFKHLOYRVWUREDPELQRJLRFKLFRQTXHVWRSURGRWWR$99(57(1=$ 4XHVWR SDVVHJJLQR QRQqDGDWWRSHUEDPELQLGLHWjLQIHULRUHDPHVL$99(57(1=$ 8VDUH VHPSUH LO VLVWHPDGLULWHQXWD$99(57(1=$ 3ULPD GHOOXWLOL]]R YHULFDUHFKHODQDYLFHOODRODVHGXWDRJOLDWWDFFKLGHOVHJJLROLQRDXWR SHUEDPELQL VLDQRFRUUHWWDPHQWHLQVHULWL$99(57(1=$4XHVWRSURGRWWRQRQqLQGLFDWRSHUFRUUHUHRSHUVNDWLQJ5$&&20$1'$=,21, ,OIUHQRGHYHHVVHUHD]LRQDWRTXDQGRVLPHWWRQRHTXDQGRVLWROJRQRLEDPELQLGDOSDVVHJJLQR ,O FHVWHOOR SRUWDRJJHWWL QRQ GHYH HVVHUH FDULFDWR FRQ SHVL VXSHULRULDLNJ 4XDOVLDVLSHVROHJDWRDOODPDQLJOLDHRVXOUHWURGHOORVFKLHQDOHHRVXLODWLGHOYHLFRORSRWUHEEHURPHWWHUHDULVFKLRODVWDELOLWj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qLPSRUWDQWHSHUODVLFXUH]]DGHOYRVWUREDPELQR1HOOHRSHUD]LRQLGLUHJROD]LRQHHGLFKLXVXUDGHOSDVVHJJLQRDVVLFXUDWHYLVHPSUHFKHOHSDUWLGHOFRUSRGHOEDPELQRVLDQROLEHUHGDOOHSDUWLPRELOLGHOWHODLR1RQXVDWHLOSDVVHJJLQRVHXQTXDOVLDVLFRPSRQHQWHq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jFRQROLR VHFFR DO VLOLFRQH 3XOLWH SHULRGLFDPHQWH OH SDUWL GL SODVWLFDFRQXQSDQQRXPLGR$VFLXJDWHOHSDUWLLQPHWDOORSHUHYLWDUHODIRUPD]LRQHGLUXJJLQH&RQWUROODWHUHJRODUPHQWHORVWDWRGLXVXUDGHOOH UXRWH H WHQHWHOH SXOLWH GD SROYHUH H VDEELD /HVSRVL]LRQHSUROXQJDWDDOVROHSXzFDXVDUHFDPELDPHQWLGLFRORUHQHLPDWHULDOLHWHVVXWL(YLWDWHLOFRQWDWWRGHOSDVVHJJLQRFRQDFTXDVDOLQDSRWUHEEHFDXVDUHODIRUPD]LRQHGLUXJJLQH$WWHQ]LRQH 3HU HYLWDUH SHULFROR GL VRIIRFDPHQWR HOLPLQDUHODSURWH]LRQHSODVWLFDSULPDGLXWLOL]]DUHTXHVWRDUWLFROR4XHVWDSURWH]LRQHGHYHHVVHUHGLVWUXWWDRVPDOWLWDIXRULGDOODSRUWDWDGHLEDPELQL(1*/,6+'HDU&XVWRPHUWKDQN\RXIRUFKRRVLQJD%UHYLSURGXFW&RQIRUPVWRVDIHW\VWDQGDUG(10DNH VXUH WKDW DQ\RQH XVLQJ WKH SURGXFW NQRZV KRZ LW ZRUNV$VVHPEOLQJDQGLQVWDOODWLRQVKRXOGDOZD\VEHPDGHE\DQDGXOW
  • Page 15

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lW]WH.XQGLQZLUGDQNHQ,KQHQIUGLH:DKOHLQHV3URGXNWVYRQ%UHYL(QWVSULFKWGHU6LFKHUKHLWVQRUP(16WHOOHQ6LHVLFKHUGDVVGHU%HQXW]HUPLWGHU)XQNWLRQVZHLVHGHV3URGXNWHVYHUWUDXWLVW(LQXQG$XVEDXPXVVGXUFK(UZDFKVHQHQHUIROJHQ'HU *HEUDXFK GLHVHV .LQGHUVSRUWZDJHQV LVW IU.LQGHUYRQ0RQDWHELV-DKUHE]ZELVPD[LPDONJJHHLJQHW:$5181*/DVVHQVLHLKUNLQGQLHXQEHDXIVLFKWLJW:$5181* 9HUJHZLVVHUQ 6LH VLFK YRU*HEUDXFK GDVV DOOH %HIHVWLJXQJVPHFKDQLVPHQ RUGQXQJVJHPl YHUUDVWHWXQGJHVFKORVVHQVLQG
  • Page 16

    :$5181* 8P MHGHV 5LVLNR ]X YHUPHLGHQ.LQGHUEHLPg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|QQHQGHVVHQ6WDELOLWlWJHIlKUGHQ %HI|UGHUQ6LHLQGHP.LQGHUVSRUWZDJHQQLFKWPHKUDOVHLQ.LQGDXIHLQPDO (VGDUIDXVVFKOLHOLFKYRQ%UHYLVUOJHQHKPLJWHV=XEHK|UEHQXW]WZHUGHQ 9HUZHQGHQ6LHQXU(UVDW]WHLOHRGHU=XEHK|UWHLOHGLHYRP+HUVWHOOHUDQHUNDQQWVLQG(VN|QQWHJHIlKUOLFKVHLQ=XEHK|UWHLOH]XEHQXW]HQGLHQLFKWYRQ%UHYLDQHUNDQQWVLQG (VN|QQHQQXUGHU$XWRNLQGHUVLW] $UW XQGGLH%DE\VFKDOH $UW GHU0DUNH%UHYLLQNOVSH]LVFKHU$GDSWHUDXIGHP*HVWHOOGHV.LQGHUZDJHQV $UW LQVWDOOLHUWZHUGHQ$//*(0(,1(9256,&+79HUJHZLVVHUQ6LHVLFKYRU*HEUDXFKGDVVDOOH%HIHVWLJXQJVPHFKDQLVPHQRUGQXQJVJHPlYHUUDVWHWXQGJHVFKORVVHQVLQG6LHVLHDXIGLH*U|H,KUHV.LQGHVHLQXQGVWHOOHQ6LHVLFKHUGDVVGLH*XUWHDQGHQ6FKXOWHUQDQOLHJHQ%HLPgIIQHQRGHU=XVDPPHQNODSSHQ GHV .LQGHUVSRUWZDJHQV GDUI VLFK GDV .LQG QLFKWGDULQEHQGHQ$P6FKLHEHUGUIHQNHLQH7DVFKHQRGHUDQGHUH*HJHQVWlQGHEHIHVWLJWZHUGHQGLHGHQ.LQGHUVSRUWZDJHQDXVVHUGHP *OHLFKJHZLFKW EULQJHQ N|QQHQ %HQW]HQ RGHU EHIHVWLJHQ6LHNHLQ=XEHK|U(UVDW]WHLOHRGHU7HLOHGLHQLFKWYRP+HUVWHOOHUJHOLHIHUW RGHU HPSIRKOHQ VLQG %HWlWLJHQ 6LH EHL MHGHP +DOW GLH%UHPVH/DVVHQ6LHGHQ.LQGHUVSRUWZDJHQPLWGHP.LQGQLHPDOVDXIHLQHUJHQHLJWHQ(EHQHVWHKHQZHQQGLH%UHPVHQLFKWJHWlWLJWZXUGH%HLVWHLOHQ*HIlOOHQJDUDQWLHUWGLH%UHPVYRUULFKWXQJNHLQHRSWLPDOH%UHPVZLUNXQJ%HL5HJXOLHUHQRGHU=XVDPPHQNODSSHQGHV .LQGHUVSRUWZDJHQV LVW LPPHU GDUDXI ]X DFKWHQ GDVV NHLQ.|USHUWHLOGHV.LQGHVPLWGHQEHZHJOLFKHQ7HLOHQGHV.LQGHUZDJHQJHVWHOOHV LQ %HUKUXQJ NRPPW 'HU .LQGHUVSRUWZDJHQ GDUIQLFKW PHKU EHQW]W ZHUGHQ ZHQQ 7HLOH GDYRQ EHVFKlGLJW VLQGRGHUIHKOHQ6RUJHQ6LHGDIUGDVVDQGHUH.LQGHUXQEHDXIVLFKWLJWLQGHU1lKHYRP.LQGHUVSRUWZDJHQVSLHOHQ6ROOWHGHU.LQGHUVSRUWZDJHQIUOlQJHUH=HLWXQWHUGHU6RQQHJHVWDQGHQKDEHQYHUJHZLVVHUQ6LHVLFKGDUEHUGDVVGHUDXIJHKHL]WH.LQGHUVSRUWZDJHQ DEJHNKOW LVW EHYRU 6LH GDV .LQG LQ GHQ .LQGHUZDJHQVHW]HQ%HWlWLJHQ6LHEHLMHGHP+DOWGLH%UHPVH'DV5HJHQYHUGHFNGDUIQXUXQWHU$XIVLFKWHLQHV(UZDFKVHQHQYHUZHQGHWZHUGHQ(VGDUIQLFKWDXIHLQHP.LQGHUZDJHQYHUZHQGHWZHUGHQDXIGHPNHLQ6RQQHQYHUGHFNDQJHEUDFKWLVW'DV.LQGQLHPDOVXQWHUGHP5HJHQYHUGHFNODVVHQZHQQGLH6RQQHVFKHLQWHVN|QQWHVLFKGDQQEHUPlLJH+LW]HHQWZLFNHOQ5(,1,*81*81':$5781*=XU 5HLQLJXQJ GHV %H]XJHV LVW GLH :DVFKDQOHLWXQJ DXI GHP(WLNHWW ]X EHIROJHQ %HL %HGDUI EHZHJOLFKH 7HLOH PLW 7URFNHQ6LOLNRQ|O |OHQ .XQVWVWRIIWHLOH UHJHOPlVVLJ PLW HLQHP IHXFKWHQ7XFK UHLQLJHQ 1DVVH 0HWDOOWHLOH DEWURFNQHQ XP 5RVWELOGXQJYRU]XEHXJHQ hEHUSUIHQ 6LH LQ UHJHOPlVVLJHQ$EVWlQGHQ GHQ=XVWDQGGHU5lGHUXQGVlXEHUQ6LHVLHZHQQGLHVHVWDXELJRGHUVDQGLJ VLQG 6WDUNH 6RQQHQHLQVWUDKOXQJ NDQQ )DUEYHUlQGHUXQJHQDQ%H]XJE]Z0DWHULDOLHQYHUXUVDFKHQ9HUPHLGHQ6LHGHQ.RQWDNWGHV.LQGHUVSRUWZDJHQVPLW6DO]ZDVVHU(VN|QQWH5RVWELOGXQJDP.LQGHUVSRUWZDJHQYHUXUVDFKHQ$FKWXQJ8P(UVWLFNXQJVJHIDKU]XYHUPHLGHQHQIHUQHQXQGHQWVRUJHQDOOH3ODVWLNYHUSDFNXQJHQDXVVHU5HLFKZHLWHYRQ.LQGHUQ)5$1d$,6,03257$17 &RQVHUYHU FHV LQVWUXFWLRQV SRXU FRQVXOWDWLRQ XOWpULHXUH1RXVYRXVUHPHUFLRQVGHODFRQDQFHTXHYRXVQRXVDFFRUGH]HQSUpIpUDQWXQSURGXLW%UHYL6(&85,7((7(175(7,(1&RQIRUPHDX[H[LJHQFHVGHVpFXULWp&RQIRUPH DX[ QRUPHV (1 0DUV 1)6 6(&85,7(&HYpKLFXOHHVWFRQoXSRXUGHVHQIDQWVGHSOXVGHPRLVHWMXVTXjNJ HQYLURQDQV $9(57,66(0(17 1H MDPDLV ODLVVHU YRWUHHQIDQWVDQVVXUYHLOODQFH
  • Page 17

    $9(57,66(0(17 6DVVXUHU TXH WRXVOHV GLVSRVLWLIV GH YHUURXLOODJH VRQW HQFOHQFKpVDYDQWXWLOLVDWLRQ$9(57,66(0(173RXUpYLWHUWRXWHEOHVVXUHPDLQWHQLUYRWUHHQIDQWjOpFDUWORUVGXGpSOLDJHHWGXSOLDJHGXSURGXLW$9(57,66(0(17 1H SDV ODLVVHU YRWUHHQIDQWMRXHUDYHFFHSURGXLW$9(57,66(0(17 &H VLqJH QH FRQYLHQWSDVjGHVHQIDQWVGHPRLQVGHPRLV$9(57,66(0(177RXMRXUVXWLOLVHUOHV\VWqPHGHUHWHQXH$9(57,66(0(179pULHUTXHOHVGLVSRVLWLIVGH[DWLRQGHODQDFHOOHGXVLqJHRXGXVLqJHDXWRVRQWFRUUHFWHPHQWHQFOHQFKpVDYDQWXWLOLVDWLRQ$9(57,66(0(17 &H SURGXLW QH FRQYLHQW SDV SRXU IDLUH GX MRJJLQJ RX GHVSURPHQDGHVHQUROOHUV5(&200$1'$7,216 6HXOVOHVLqJHDXWR UpI HWODQDFHOOHODQGDX UpI GHPDUTXH%UpYLpTXLSpVGXMHXGDGDSWDWHXUVVSpFLTXHjODUpISHXYHQWrWUHLQVWDOOpVVXUODSRXVVHWWH /HGLVSRVLWLIGHEORFDJHjODUUrWGRLWrWUHHQFOHQFKpORUVTXHORQSODFHOHQIDQWGDQVOHYpKLFXOHRXTXRQOHQVRUW 1HSDVSODFHUGHFKDUJHVXSpULHXUHjNJGDQVOHSDQLHUFHTXLHQWUDvQHUDLWXQGpVpTXLOLEUHGHODSRXVVHWWH 7RXWHFKDUJHDWWDFKpHDXSRXVVRLUHWRXjODUULqUHGXGRVVLHUHWRX VXU OHV F{WpV GX YpKLFXOH SHXW LQXHU VXU OD VWDELOLWp GXYpKLFXOH &HWWHSRXVVHWWHHVWFRQoXHSRXUWUDQVSRUWHUXQHQIDQWjODIRLV /HVDFFHVVRLUHVQRQDSSURXYpVSDU%UHYLVUOQHGRLYHQWHQDXFXQFDVrWUHXWLOLVpV 1HSDVXWLOLVHUGDXWUHVSLqFHVGHUHFKDQJHTXHFHOOHVUHFRPPDQGpHVSDUOHIDEULFDQW 6DVVXUHUUpJXOLqUHPHQWTXHOHVVDQJOHVDWWDFKHVHWFHLQWXUHVGHVpFXULWpVRQWHQSDUIDLWpWDWGHIRQFWLRQQHPHQW /KDELOODJHSOXLHGRLWrWUHXWLOLVpVRXVODVXUYHLOODQFHGXQDGXOWH,OQHGRLWSDVrWUHXWLOLVpVXUXQHSRXVVHWWHQD\DQWSDVGHFDSRWHRXGHSDUHVROHLOSRXUOHUHFHYRLU1HMDPDLVODLVVHUOHQIDQWVRXVOKDELOODJHHQFDVGHWHPSVHQVROHLOOpSRXUFDXVHGHFKDOHXUH[FHVVLYH 1HSOXVXWLOLVHUOHYpKLFXOHVLFHUWDLQHVSLqFHVVRQWFDVVpHVRXPDQTXDQWHV(175(7,(16XLYUH OHV LQVWUXFWLRQV GH ODYDJH VXU OpWLTXHWWH GHQWUHWLHQ SUpVHQWHVXUOHSURGXLW0DLQWHQLUWRXWHVOHVSDUWLHVPpWDOOLTXHVELHQVqFKHVDQGpYLWHUODIRUPDWLRQGHURXLOOH/XEULHUUpJXOLqUHPHQWOHVSDUWLHVPRELOHVDYHFGHOKXLOHVqFKHRXXQOXEULDQW1HWWR\HUOHVSDUWLHVHQSODVWLTXHDYHFXQHpSRQJHKXPLGH&RQWU{OHUUpJXOLqUHPHQWOpWDWGXVXUHGHVURXHVHWQHWWR\HUOHVDEOH(YLWHUXQHH[SRVLWLRQGLUHFWHHWSURORQJpHDXVROHLOTXLSHXWHQWUDvQHUOHFKDQJHPHQWGHFRXOHXUGHVPDWpULDX[HWGHVWLVVXV(QWUHSRVHUYRWUHYpKLFXOHGDQVXQHQGURLWVHFHWDpUpDQGpYLWHUWRXWULVTXHGHPRLVLVVXUH/DFDSRWHHWOHFRXYUHSLHGVVRQWLPSHUPpDEOHVWRXWHIRLVHQWHPSVGHSOXLHOHDXSHXWSpQpWUHUSDUOHVFRXWXUHVQRXVYRXVFRQVHLOORQVOXWLOLVDWLRQGHOKDELOODJHSOXLHLQWpJUDO7HQLUOHVVDFVSODVWLTXHGHOHPEDOODJHKRUVGHSRUWpHGHVHQIDQWVHQUDLVRQGXULVTXHGpWRXIIHPHQW/HIDEULFDQWSRXUUDDSSRUWHUjWRXWPRPHQWGHVPRGLFDWLRQVDX[PRGqOHVGpFULWVGDQVFHPRGHGHPSORL(63$f2/,03257$17(&RQVHUYDUHVWDVLQVWUXFFLRQHVSDUDIXWXUDVFRQVXOWDV(VWLPDGR&OLHQWHJUDFLDVSRUHVFRJHUXQSURGXFWR%UHYL&RQIRUPHDODQRUPD(1$VHJXUDUVHTXHHOXWLOL]DGRUFRQR]FDELHQHOIXQFLRQDPLHQWRGHOSURGXFWR(OPRQWDMH\ODLQVWDODFLyQGHEHUiQVLHPSUHVHUKHFKDVSRUXQDGXOWR/DXWLOL]DFLyQGHODVLOODHVWDSHUPLWLGDSDUDQLxRVGHHGDGFRPSUHQGLGDGHVGHORVPHVHVKDVWDORVDxRVKDVWDNJGHSHVR$'9(57(1&,$ 1R GHMDU QXQFD DO QLxRVLQYLJLODQFLD$'9(57(1&,$ $VHJXUDUVH GH TXH WRGRVORVGLVSRVLWLYRVGHFLHUUHHVWiQHQJUDQDGRVDQWHVGHOXVR$'9(57(1&,$ 3DUD HYLWDU ULHVJRVDOHMDUDYXHVWURQLxRGXUDQWHODVRSHUDFLRQHVGHDEHUWXUD\FLHUUHGHHVWHSURGXFWR$'9(57(1&,$1RGHMDUTXHHOQLxRMXHJHFRQHVWHSURGXFWR$'9(57(1&,$(VWHDVLHQWRQRHVDGHFXDGRSDUDQLxRVPHQRUHVGHPHVHV$'9(57(1&,$8WLOL]DUVLVWHPDWLFDPHQWHODVFLQWDVGHVHJXULGDG$'9(57(1&,$ $QWHV GH OD XWLOL]DFLyQYHULFDU TXH HO FXFR R HO DVLHQWR R ODV
  • Page 18

    FRQH[LRQHV GH OD VLOOD SDUD DXWR GHQLxRV HVWpQFRUUHFWDPHQWHLQVHUWDGRV$'9(57(1&,$ (VWH SURGXFWR QR HVDGHFXDGRSDUDFRUUHURSDWLQDU5(&20(1'$&,21(6 (OIUHQRWLHQHVHPSUHTXHVHUD]LRQDGRFXDQGRVHSRQHQ\TXLWDQORVQLxRVGHODVLOODGHSDVHR /DFHVWDSRUWDREMHWRVQRGHEHVHUFDUJDGDFRQSHVRVVXSHULRUHVDNJ &XDOTXLHUSHVRFRORFDGRHQHOPDQLOODU\RHQODSDUWHGHDWUDVGHOUHVSDOGR\RODWHUDOHVGHOYHKtFXORSRGUtDQSRQHUHQULHVJRODHVWDELOLGDGGHOYHKtFXOR 1RWUDQVSRUWDUDPDVGHXQQLxRDODYH] /RV DFFHVRULRV QR DSUREDGRV SRU %UHYL VUO QR GHEHQ VHU XWLOL]DGRV 8VDU VyOR DFFHVRULRV R UHFDPELRV DFRQVHMDGRV SRU %UHYL (OXVRGHDFFHVRULRVQRDSUREDGRVSRU%UHYLSRGUtDVHUSHOLJURVR 6yORODVLOODGHDXWRSDUDQLxRVDUW\HOFDSD]R DUW GH PDUFD %UHYL FRQ DGDSWDGRUHV HVSHFtFRV LQFOXtGRVSDUD HO FKDVtV GH OD VLOOD GH SDVHR DUW SXHGHQ VHU LQVWDODGRV35(&$8&,21(6*(1(5$/(6$VHJXUDUVHTXHFRUUHDVDFRSODPLHQWRV\FLQWXURQHVGHVHJXULGDGHVWpQHQSHUIHFWDVFRQGLFLRQHV1RHIHFWXDUODVRSHUDFLRQHVGHSOHJDGR\DSHUWXUDGHODVLOODFRQHOQLxRDERUGR1RFROJDUGHOPDQLOODUEROVDVRSDTXHWHVTXHSXHGDQEDODQFHDUODVLOOD1RGHMDUQXQFDODVLOODVREUHSODQRVLQFOLQDGRVFRQHOQLxRGHQWURQLVLTXLHUDFRQHOIUHQRDFFLRQDGR(OIUHQRQRJDUDQWL]DIUHQDGDVRSWLPDV HQ SHQGLHQWHV PX\ UiSLGDV /D XWLOL]DFLyQ GHO FLQWXUyQHVLPSRUWDQWHSDUDODVHJXULGDGGHOQLxR(QODVRSHUDFLRQHVGHUHJXODFLyQ\GHSOHJDGRGHODVLOODDVHJXUDUVHVLHPSUHTXHODVSDUWHVGHOFXHUSRGHOQLxRHVWpQOLEUHVGHODVSDUWHVPyYLOHVGHODVLOOD1RXVDUODVLOODVLFXDOTXLHUDGHVXVFRPSRQHQWHVVHKDSHUGLGRRHVWiGDxDGR1RGHMDUTXHRWURVQLxRVMXHJXHQVLQYLJLODQFLDFHUFDGHODVLOOD6LODVLOODKDHVWDGRH[SXHVWDDOVROGXUDQWHPXFKRWLHPSRHVSHUDUDTXHVHUHIUHVTXHDQWHVGHFRORFDUDOQLxRGHQWUR/DH[SRVLFLyQSURORQJDGDDOVROSXHGHFDXVDUFDPELRVGHFRORUHQORVPDWHULDOHV\HQHOWHMLGR8WLOL]DUHOGLVSRVLWLYRGHIUHQRVLHPSUHFDGDYH]TXHVHVXHOWD(OSURWHFWRUSDUDOOXYLDGHEHVHUXWLOL]DGREDMRODYLJLODQFLDGHXQDGXOWR1RGHEHVHUXWLOL]DGRHQXQDVLOODGHSDVHRVLQODFDSRWDSDUDVROPRQWDGD1RGHMDUQXQFDHOQLxREDMRHOSURWHFWRUSDUDOOXYLDHQFDVRGHWLHPSRVROHDGRSRGUtDDFXPXODUVHFDORUH[FHVLYR&216(-263$5$(/0$17(1,0,(172&RQVXOWDU OD HWLTXHWD GH FRPSRVLFLyQ GHO WHMLGR FRVLGD VREUH ODWHODSDUDODVLQVWUXFFLRQHVGHODYDGR/XEULFDUHQFDVRGHQHFHVLGDGFRQDFHLWHVHFRGHVLOLFRQD/LPSLDUSHULyGLFDPHWHODSDUWHVSOiVWLFDVFRQXQSDxRK~PHGR6HFDUODVSDUWHVPHWiOLFDVSDUDHYLWDUIRUPDFLRQHVGHy[LGR&RQWURODUUHJXODUPHQWHHOHVWDGRGHXVRGHODVUXHGDV\WHQHUODVOLPSLDVGHSROYR\DUHQD(YLWDUHOFRQWDFWRGHODVLOODFRQDJXDVDOLQDSXHGHFDXVDUIRUPDFLRQHVGHy[LGR$WHQFLyQ3DUDHYLWDUULHVJRGHDV[LDTXLWHODSURWHFFLyQSOiVWLFDDQWHVGHXVDUHOSURGXFWR(VWDSURWHFFLyQSOiVWLFDWLHQHTXHVHUWLUDGDHQXQDUHFRJLGDGHEDVXUDVOHMRVGHOQLxR32578*86,PSRUWDQWH *XDUGDU HVWDV LQVWUXo}HVSDUDIXWXUDVFRQVXOWDV3UH]DGR&OLHQWHREULJDGRSRUWHUHVFROKLGRXPSURGXWR%UHYL(PFRQIRUPLGDGHFRPDQRUPD(1$VVHJXUHVHGHTXHRXWLOL]DGRUFRQKHFHEHPRIXQFLRQDPHQWRGRSURGXWR$PRQWDJHPHDLQVWDODomRGHYHPVHPSUHVHUIHLWDVSRUXPDGXOWR$ FDGHLUD p DGHTXDGD SDUD WUDQVSRUWDU FULDQoDVGHVGHRVPHVHVDWpDQRVGHLGDGHFRPSHVRVLQIHULRUHVDNJ$'9(571&,$ 1XQFD GHL[H D FULDQoDVHPYLJLOkQFLD$'9(571&,$ $QWHV GH XVDU R DUWLJRFHUWLTXHVH GH TXH WRGRV RV GLVSRVLWLYRV GH ERTXHLR HVWmR FRUUHFWDPHQWHLQVWDODGRV$'9(571&,$3DUDHYLWDUOHV}HVDVVHJXUHVHGHTXHDFULDQoDpPDQWLGDDIDVWDGDGXUDQWHDDEHUWXUDHRIHFKRGHVWHSURGXWR$'9(571&,$1mRGHL[HDFULDQoDEULQFDUFRPHVWHSURGXWR$'9(571&,$(VWHDVVHQWRQmRpDSURSULDGR SDUD FULDQoDV FRP PHQRV GH PHVHV$'9(571&,$ 8WLOL]DU VHPSUH R FLQWRGH VHJXUDQoD H R HQWUHSHUQDV GHYLGDPHQWHDMXVWDGRV$'9(571&,$ $QWHV GD XWLOL]DomR GHYHUi YHULFDU VH D DOFRID R DVVHQWR GDFDGHLUDRXDFDGHLUDDXWRHVWmRFRUUHFWDPHQWHSUHVRV$'9(571&,$(VWHSURGXWRQmRpDGHTXDGRSDUDVHUXVDGRHQTXDQWRSUDWLFD
  • Page 19

    FRUULGDRXSDWLQDJHP5(&20(1'$d(6 2WUDYmRGHYHVHUDFFLRQDGRHQTXDQWRVHFRORFDRXVHUHWLUDDFULDQoDGD&DGHLUDGH5XD 2FHVWRQmRGHYHUiVHUFDUUHJDGRFRPPDLVGHNJ 4XDOTXHUSHVRFRORFDGRQDDOoDHRXQDSDUWHGHWUiVGRHQFRVWRHRXQRVODGRVGRYHtFXORSRGHUmRS{UHPULVFRDHVWDELOLGDGHGRYHtFXOR 1mRWUDQVSRUWDUPDLVGRTXHXPDFULDQoDGHFDGDYH] 2V DFHVVyULRV QmR DSURYDGRV SRU %UHYL 6UO QmR GHYHP VHUXWLOL]DGRV 1mR XVDU DFHVVyULRV RX FRPSRQHQWHV TXH QmR RV DSURYDGRVSHOD%UHYL2XVRGHDFHVVyULRVQmRDSURYDGRVSHOD%UHYLSRGHUiVHUSHULJRVR $SHQDVDFDGHLUDDXWRSDUDFULDQoDV DUW HDFDELQDDUW GHPDUFD%UHYLFRPDGDSWDGRUHVHVSHFtFRVSDUDDHVWUXWXUDGRFDUULQKRGHSDVVHLR DUW SRGHPVHULQVWDODGRV$9,626*(5$,61mRDEULUQHPIHFKDUDFDGHLUDFRPDFULDQoDOiVHQWDGD1mRSHQGXUDU VDFRV SHVDGRV RX HPEDODJHQV QRV PDQtSXORV ,VVRSRGHGHVHTXLOLEUDUDFDGHLUD8VDURVWUDY}HVVHPSUHTXHHVWHMDSDUDGR1XQFDGHL[HDFULDQoDHDFDGHLUDQXPDUDPSDHWUDYDGD2WUDYmRSRGHQmRJDUDQWLUWRWDOVHJXUDQoDHPUDPSDVPXLWRDFHQWXDGDV3DUDVHJXUDQoDGDFULDQoDpPXLWRLPSRUWDQWHTXHHODXVHRVFLQWRV4XDQGRHVWLYHUDDEULURXDIHFKDUDFDGHLUDYHULTXHVHPSUHTXHDVSDUWHVGRFRUSRGREHEpVHHQFRQWUDPDIDVWDGDV GDV SDUWHV PyYHLV GR FKDVVL 1mR XVH D FDGHLUD VHWLYHU FRPSRQHQWHV SDUWLGRV RX HP IDOWD 1mRSHUPLWD TXHRXWUDFULDQoDEULQTXHVHPYLJLOkQFLDSHUWRGDDOFRIDRXFDGHLUD$FDGHLUDDTXHFHUiH[FHVVLYDPHQWHVHGHL[DGDDRVROGHL[HDDUUHIHFHUDQWHVGHFRORFDUOiDFULDQoD8VDURVWUDY}HVVHPSUHTXHHVWHMDSDUDGR2SURWHFWRUSDUDFKXYDGHYHVHUXWLOL]DGRVREDYLJLOkQFLDGH XP DGXOWR 1mR GHYH VHU XWLOL]DGR QXP FDUULQKR GH SDVVHLRVHP D FREHUWXUD SiUDVRO PRQWDGD 1XQFD GHL[H D FULDQoD GHEDL[RGRSURWHFWRUSDUDFKXYDHPFDVRGHWHPSRGHVROSRGHUiSURYRFDUXPFDORUH[FHVVLYR35,1&,3$,6&216(/+263$5$0$187(1d2&RQVXOWH D HWLTXHWD Wr[WLO FRVLGD QR SURGXWR SDUD LQVWUXo}HV GHODYDJHP6H QHFHVViULR OXEULTXH FRP yOHR GH VLOLFRQH VHFR/LPSDUSHULRGLFDPHQWHDVSDUWHVSOiVWLFDVFRPXPSDQRK~PLGR6HFDU DV SDUWHV PHWiOLFDV SDUD SUHYHQLU GD IHUUXJHP 9HULTXHDFRQIHFomRHRGHVJDVWHGDVURGDVUHJXODUPHQWHHPDQWHQKDDV OLYUH GH SRHLUDV H DUHLD 3URORQJDGD H[SRVLomR DR VRO SRGHFDXVDUDOWHUDo}HVQDVFRUHVGRVPDWHULDLVHWHFLGRV1mRGHL[HDFDGHLUDWHUFRQWDFWRFRPiJXDVDOJDGDLVVRSURYRFDDIRUPDomRGHIHUUXJHP$WHQomR 3DUD HYLWDU R ULVFR GH DV[LD HOLPLQDU D SURWHFomRSOiVWLFDDQWHVGHXWLOL]DUHVWHDUWLJR(VWDSURWHFomRGHYHVHUGHVWUXtGDRXPDQWLGDIRUDGRDOFDQFHGDVFULDQoDV6/29(16.29$12 +UDQLWH WD QDYRGLOD ]DNDVQHM�RXSRUDER6SR�WRYDQLNXSHF]DKYDOMXMHPRVHYDPGDVWHL]EUDOLSUDYL]GHOHN%UHYL,]GHODQMHYVNODGXVVWDQGDUGRP(17DNRM]DYU]LWHSODVWLQHYUHNHNHUVRQHYDUQH]DRWURND,]GHOHNQDMYHGQRVHVWDYLLQQDPHVWLRGUDVODRVHED9R]LHN MH SULPHUHQ ]D RWURNH RG PHVHFHY GRVWDURVWLOHWR]WHNLKGRNJ232=25,/22WURNDQLNROLQHSXVWLWHVDPHJDEUH]QDG]RUD232=25,/2 3UHG YVDNR XSRUDER VHSUHSULDMWHDOLVRVHYDURYDODQDYR]LNXLQVHGHSUDYLOQR]DVNRLOD232=25,/2 0HG MHPDQMHP L]GHOND L]HPEDODH LQ PHG QMHJRYLP ]ODJDQMHPQDMYEOLLQLQHERRWURN1DWDQDLQERVWHSUHSUHLOLPRUHELWQHSR�NRGEH232=25,/22WURNXQHGRYROLWHGDVH]L]GHONRPLJUD232=25,/2 7D VHGHQD HQRWD QL SULPHUQD]DRWURNHSRGPHVHFLVWDURVWL232=25,/2 9HGQR XSRUDEOMDMWH YDURYDOQLVLVWHP232=25,/23UHGXSRUDERSUHYHULWHGDVRODGMLFDVHGHDOLSULNOMXNLRWUR�NHJDVHGHDSUDYLOQRYVWDYOMHQL232=25,/2 ,]GHOHN QL SULPHUHQ ]D WHNDOLURODQMH35,3252,/$ %ORNLUQLPHKDQL]HPPRUDELWLDNWLYLUDQNDGDUGDMHWHDOLMHPOMHWHRWURNDL]YR]LND 2GODJDOQHNR�DUHQLNROLQHREUHPHQLWH]DYHNRWNLORJUDPD .DWHUDNROLWHDSULWUMHQDQDNOMXNRLQDOL]DGQMLVWUDQLKUEWL�DLQDOLQDVWUDQLYR]LODELODKNRRJUR]LODVWDELOQRVWYR]LOD 9R]LHNMHQDPHQMHQOH]DYRQMRHQHJDRWURND 8SRUDEDGRGDWQLKGHORYNLQLVRRGREUHQLVVWUDQLSRGMHWMD%UHYLVUOMHSUHSRYHGDQD 8SRUDEOMDMWHOHGRGDWNHR]QDGRPHVWQHGHOHSURL]YDMDOFD%UHYL8SRUDEDGRGDWNRYNLQLVRGREDYOMHQLVVWUDQLSURL]YDMDOFD%UHYLMHODKNRQHYDUQD
  • Page 20

    0RJRHMHQDPHVWLWLVDPRRWUR�NLVHGH DUW LQODGMLFRDUW ]QDPNH %UHYL RSUHPOMHQD ] XVWUH]QLPL DGDSWHUML ]DRJURGMHRWUR�NHJDYR]LND DUW 63/21$232=25,/$3UHGYVDNRXSRUDERVHSUHSULDMWHDOLVRVHYDURYDODQDYR]LNXDOL VHGHX SUDYLOQR ]DVNRLOD 9HGQR SUHYHULWH GD VR YVL GHOLYR]LND YVLYDUQRVWQLSDVRYL QHSR�NRGRYDQL1HVHVWDYOMDMWHR]]ODJDMWH YR]LND PHGWHP NR MH RWURN Y QMHP 1LNROL GRGDWQR QHREUHPHQMXMWHURDMD]UD]QLPLWRUEDPLDOLYUHNDPLVDMODKNRUHVQRRJUR]LWHVWDELOQRVWYR]LND1LNROLQHXSRUDEOMDMWHR]SULWUMXMWHNDNU�QLKNROLGRGDWNRYDOLQDGRPHVWQLKGHORYNLMLKQHL]GHOXMHDOLQHSULSRURDSURL]YDMDOHF0HGSRVWDQNLYHGQRXSRUDEOMDMWHSDUNLUQR]DYRUR1LNROLQHSX�DMWHRWURNDLQYR]LNDEUH]QDG]RUDQDSRERMX]YNOMXHQR]DYRUR=DYRUDQH]DJRWDYOMDYDUQRVWLQDVWUPLKSRERMLK2WURNERYDUHQOHHERYHGQRSULSHW]YDUQRVWQLPLSDVRYL.RYR]LHNVHVWDYOMDWHDOL]ODJDWHYHGQRSD]LWHGDRWURNQL Y QHSRVUHGQL EOLLQL SUHPLNDMRLK VH GHORY RJURGMD YR]LND9R]LND QH XSRUDEOMDMWH Y NROLNRU MH NDN�HQ GHO SR�NRGRYDQ DOLPDQMND3D]LWHGDVHRWURFLQHERGRLJUDOLEUH]QDG]RUDYQHSRVUHGQLEOLLQLYR]LND9SULPHUXGDERRWUR�NLYR]LHNGDOMDVDL]SRVWDYOMHQ VRQFX JD SUHGHQ ERVWH YDQM SRVDGLOL RWURND GREURUD]KODGLWH =DUDGL GDOM�HJD L]SRVWDYOMDQMD YR]LND QHSRVUHGQLVRQQL VYHWOREL ODKNR EDUYH WNDQLQH ]EOHGLMR 0HG SRVWDQNRPYHGQRXSRUDEOMDMWH]DYRUH=D�LWRSURWLGHMXXSRUDEOMDMWHVDPRSRGQDG]RURPRGUDVOLK1HXSRUDEOMDMWHMHNR]D�LWDSUHGVRQFHPQLPRQWLUDQD2WURNDQLNROLQHSX�DMWHSRG]D�LWRSURWLGHMXSULVRQQHPYUHPHQXNHUELWHPSHUDWXUDODKNRSUHNRPHUQRQDUDVOD63/21$1$92',/$=$9='5(9$1-(1DYRGLOD]DY]GUHYDQMHVRUD]YLGQDQDY�LYQLHWLNHWL3RSRWUHELQDROMLWH JLEOMLYH GHOD YR]LND V VLOLNRQVNLP ROMHP 3ODVWLQH GHOHYR]LNDUHGQRLVWLWH]YODQRNUSR9HGQRGREURRVX�LWHNRYLQVNHGHOHVWHPERVWHSUHSUHLOLUMDYHQMH5HGQRSUHYHUMDMWHDOLVRNROHVDGREURSULWUMHQDLQSRSRWUHELRLVWLWHPRUHELWQHQDQRVHSUDKXLQSHVND3D]LWHGDYR]LHNQHSULGHYVWLNVVODQRYRGRVDMODKNRSRY]URLUMDYHQMH3R]RU H SUHG XSRUDER L]GHOND RGVWUDQLWH SODVWLQR RYRMQRHPEDODRLQMR]DYU]LWHR]6KUDQLWHQHGRVHJOMLYRRWURNRP1DWDQDLQERVWHSUHSUHLOLQHYDUQRVWGDYOMHQMDR]=DGX�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yUSURGXNWX%UHYL +DPXOHF SRZLQLHQ E\ Z SR]\FML ]DEORNRZDQ\ SRGF]DVZNDGDQLDOXEZ\FLJDQLDG]LHFND]Zy]ND .RV]QD]DNXS\QLHPRHSU]ZR]LFLDUyZZLNV]\FKQLNJ :V]HONLH GRGDWNRZH REFLHQLH SU]\F]RQH GR XFKZ\WX LOXEGRRSDUFLDLOXEGRERNyZSRMD]GXPRJ]DJUR]LVWDELOQRFLSRMD]GX 1LJG\QLHSU]HZRZZy]NXZLFHMQLMHGQHJRG]LHFND =DEUDQLDVLX\FLDDNFHVRULyZNWyUHQLH]RVWD\]DWZLHUG]RQHSU]H]VSyN%UHYLVUO 1LHVWRVRZDDNFHVRULyZOXEF]HVFL]DPLHQQ\FKLQQ\FKMDNWH]DWZLHUG]RQHSU]H]%UHYL8\FLHDNFHVRULyZQLH]DWZLHUG]RQ\FKSU]H]%UHYLPRHE\QLHEH]SLHF]QHZVNXWNDFK 0ROLZD MHVW Z\F]QLH LQVWDODFMD IRWHOLND VDPRFKRGRZHJRGODG]LHFL DUW LJRQGROL DUW PDUNL%UHYLZUD]]HVSHFMDOQ\PLSU]\F]DPLGRUDP\Zy]ND DUW =JRGQ\]HVWDQGDUGDPLEH]SLHF]HVWZD(18SHZQLMVLHNWRNROZLHNNWRX\ZDZy]NDZLHMDNJRREVXJLZD6NDGDQLH L LQVWDODFMD SRZLQQ\ ]DZV]H E\ Z\NRQ\ZDQH SU]H]RVREGRURV6SDFHUyZND MHVW SU]H]QDF]RQD GR SU]HZRHQLD2*/1(2675=((1,$3U]HG X\FLHP XSHZQLM VL H ZV]\VWNLH XU]G]HQLD EORNXMFHRUD]VLHG]LVNRVSRSUDZQLH]DEORNRZDQH8SHZQLMVLHZV]\VWNLHSDVNL]DF]HS\LV]HONLEH]SLHF]HVWZDVZGREUHMNRQG\FML 1LH RWZLHUDM OXE QLH VNDGDM Zy]ND MHHOL ]QDMGXMH VL Z QLP32/6.,:$1( 1LQLHMV] LQVWUXNFM]DFKRZDGRSU]\V]\FKNRQVXOWDFML
  • Page 21

    G]LHFNR 1LH SRGZLHV]DM FLNLFK WRUHE L SDNXQNyZ GR UF]NL0RHWRZS\QQDXWUDWVWDELOQRFLZy]ND1LHX\ZDMGRGDWNRZ\FKDNFHVRULLF]FL]DPLHQQ\FKOXEF]FLQLH]DWZHLUG]RQ\FKSU]H]SURGXFHQWDZy]ND8\ZDMKDPXOFD]DNDG\PUD]HPJG\ VL ]DWU]\PXMHV] 1LJG\ QLH SR]RVWDZLDM G]LHFND Z Zy]NXRUD]Zy]NDQD]ERF]XQDZHW]]DF]RQ\PKDPXOFHP+DPXOHFQLH PRH ]DJZDUDQWRZD EH]SLHF]HVWZD QD VWURP\FK ]ERF]DFK'ODEH]SLHF]HVWZD7ZRMHJRG]LHFND]DZV]H]DNDGDMSDV\EH]SLHF]HVWZD3RGF]DVVNDGDQLDLUR]NDGDQLDZy]NDXSHZQLMVLHG]LHFNDQLHPDZSREOLXSRQLHZDPRHWRVSRZRGRZDSU]\WV]DQLFLH QLHNWyU\FK F]FL FLDD 1LH SR]ZyO LQQ\P G]LHFLRP QD ]DEDZ Z SRELX Zy]ND :y]HN VL QDJU]HMH MHHOL]RVWDQLH SR]RVWDZLRQ\ QD VRFX SR]RVWDZ JR GR VFKRG]HQLD]DQLPXR\V]ZQLPG]LHFNR8\ZDMKDPXOFD]DNDG\PUD]HPJG\VL]DWU]\PXMHV])ROLD SU]HFLZGHV]F]RZD PXVL E\ X\ZDQD SRG QDG]RUHPGRURV\FK1LHPRHE\X\ZDQDQDZy]NXEH]]DPRQWRZDQHMEXG\SU]HFLZVRQHF]QHM1LJG\QLHSR]RVWDZLDG]LHFNDSRGIROLSU]HFLZGHV]F]RZZSU]\SDGNXVRQHF]QHMSRJRG\PROLZHMHVWZ\WZRU]HQLHZ\VRNLHMWHPSHUDWXU\32'67$:2:(=$/(&(1,$875=<0$1,$=DZV]HRGZRXMVLGRPHWNLQDV]\WHMQDPDWHULDOHZSU]\SDGNXSUDQLD-HHOLLVWHQLHMWDNDSRWU]HEDVPDUXMVXFK\POHMHPVLOLNRQRZ\P &]\VF SODVWLNRZH HOHPHQW\ RNUHVRZR SU]\ X\FLX ZLOJRWQHMV]PDWNL2VXV]DMPHWDORZHHOHPHQW\DE\]DSRELHFSRMDZLHQLX VL UG]\ 5HJXODUQLH VSUDZG]DM ]X\FLH Ny L XWU]\PXM MHZF]\VWRFL]GDODRGNXU]XLSLDVNX:\GXRQHSR]RVWDZLHQLHQD VRFX PRH VSRZRGRZD RGEDUZLHQLD QD PDWHULDOH OXE QDF]FLDFKSODVWLNRZ\FK1LHGRSXDE\Zy]HNPLDVW\F]QR]HVRQZRGPRHWRVSRZRGRZDSRMDZLHQLHVLUG]\:D]QH $E\ XQLNQ U\]\ND XGXV]HQLD ]GHMPLM SODVWLNRZRVRQ SU]HG X\FLHP SURGXNWX3ODVWLNRZH SRNU\FLH SRZLQQR]RVWDZ\U]XFRQHGRNRQWHQHUD]GDODRGG]LHFL0$*<$5)21726 7DUWVD PHJ H]HNHW D]XWDVtWiVRNDWDWRYiEELDNEDQLV7LV]WHOWYiViUOy.|V]|QMNKRJ\%UHYLWHUPpNHWYiODV]WRWW0HJIHOHODEL]WRQViJLHOtUiVRNQDN(1%L]RQ\RVRGMRQ PHJ UyOD KRJ\ D EDEDNRFVL YDODPHQQ\L KDV]QiOyMD LVPHUL D KDV]QiODW PyGMiW$] |VV]HV]HUHOpVW pV EHiOOtWiVWPLQGLJIHOQWWYpJH]]H$EDEDNRFVLKyQDSRVpVpYHVNRUN|]|WWLJ\HUPHNHN V]iOOtWiViUD DONDOPDV OHJIHOMHEE NJRVV~O\LJ),*<(/0(=7(7e66RKDQHKDJ\MDJ\HUPHNpWIHOJ\HOHWQpONO),*<(/0(=7(7e6 +DV]QiODW HOWW EL]RQ\RVRGMRQ PHJ UyOD KRJ\ PLQGHQPHJIHOHOHQ YDQ EHiOOtWYD pV |VV]HV]HUHOYH),*<(/0(=7(7e6$VpUOpVHNHONHUOpVH pUGHNpEHQ WDUWVD WiYRO J\HUPHNpWDPLNRU |VV]HFVXNMD YDJ\ V]pWQ\LWMD DWHUPpNHW),*<(/0(=7(7e6 1H HQJHGMH J\HUPHNpQHNKRJ\MiWpNQDNKDV]QiOMDDWHUPpNHW),*<(/0(=7(7e6(]D]OHJ\VpJQHPDONDOPDV KyQDSRVQiO NLVHEE J\HUPHNHNV]iPiUD),*<(/0(=7(7e6 0LQGLJ KDV]QiOMD DEHOV|YHNHW),*<(/0(=7(7e6 $ KDV]QiODW HOWWHOOHQUL]]H KRJ\ D KDMy YDJ\ D] OpVYDJ\ D] DXWyV J\HUHNOpV IRJDQW\~LJ\HUHNHN V]iPiUD KHO\HVHQ OHJ\HQHNEHKHO\H]YH),*<(/0(=7(7e6 $ WHUPpN QHP KDV]QiOKDWy IXWiV YDJ\ J|UNRUFVRO\i]iVN|]EHQ$-1/62. $IpNHWPLQGLJU|J]tWVHDJ\HUPHNNLLOOHWYHEHUDNiViQiO $NRViUPD[LPiOLVWHUKHOKHWVpJHNJ $IRJyUDpVYDJ\DKiWWiPOiUDpVYDJ\DMiUPROGDODLUDDNDV]WRWWV~O\RNYHV]pO\H]WHWLNDMiUPVWDELOLWiViW (J\V]HUUHFVDNHJ\J\HUPHNV]iOOtWKDWyDEDEDNRFVLEDQ 1HKDV]QiOMRQD%UHYLVUOiOWDOMyYiQHPKDJ\RWWNLHJpV]tWNHW $ WHUPpNKH] FVDN D %UHYL iOWDO MyYiKDJ\RWW WDUWR]pNRNDW KDV]QiOMRQ$ %UHYL iOWDO QHP MyYiKDJ\RWW WDUWR]pNRN KDV]QiODWDYHV]pO\HVOHKHW &VDN D %UHYL J\iUWPiQ\~ DXWyV J\HUPHNOpVW FLNNV]iP pV J\HUHNNRVDUDW FLNNV]iP DPHO\ D EDEDNRFVLYi]iKR]YDOyVSHFLiOLVDGDSWHUHNNHOWHOMHV FLNNV]iP V]DEDGWHOHStWHQL/7$/126),*<(/0(=7(7e6(.+DV]QiODW HOWW J\]GM|Q PHJ UyOD KRJ\ D EDEDNRFVL YDJ\J\HUPHNOpV EL]WRQViJL NLHJpV]tWL PHJIHOHOHQ EH YDQQDNHNDSFVROYD1HQ\LVVDNLYDJ\FVXNMD|VV]HDEDEDNRFVLWDPLNRUDJ\HUPHNEHQQHO(J\V]HUUHFVDNHJ\J\HUPHNV]iOOtWKDWyDEDEDNRFVLEDQ 1H DNDVV]RQ QHKp] WiVNiNDW YDJ\ V]DW\URNDW DIRJDQW\~UD PHUW D]]DO PHJERQWKDWMD D EDEDNRFVL HJ\HQV~O\iW
  • Page 22

    0LQGLJKDV]QiOMDDIpNHWKDPHJiOODEDEDNRFVLYDO$IRJDQW\~UDHUVtWHWW V~O\RN URQWMiN D EDEDNRFVL HJ\HQV~O\iW pV VWDELOLWiViW&VDNDJ\iUWyiOWDOMyYiKDJ\RWWEDEDNRFVLNLHJpV]tWNHWDONDWUpV]HNHWpVWDUWDOpNDONDWUpV]HNHWKDV]QiOMD1HKDJ\MDDEDEDNRFVLEDQOJ\HUPHNHWOHMWQDIpNKDV]QiODWDQpONO$IpNQHPMHOHQWWHOMHVEL]WRQViJRWDQDJ\RQPHUHGHNOHMWNHVHWpEHQ$J\HUPHNEL]WRQViJDpUGHNpEHQQDJ\RQIRQWRVDEL]WRQViJL|YHNKDV]QiODWD$EDEDNRFVLQ\LWiVDpV|VV]HFVXNiVDVRUiQJ\]GM|QPHJUyODKRJ\DJ\HUPHNWHVWUpV]HLQLQFVHQHNDYi]PR]JyDONDWUpV]HLQHN ~WMiEDQ )LJ\HOHP QH KDV]QiOMD D EDEDNRFVLW KD YDODPHO\LNDONDWUpV]HPHJVpUOWYDJ\HOYHV]HWW1HKDJ\MDJ\HUPHNpWIHOJ\HOHW QpONO D EDEDNRFVL N|]HOpEHQ $ EDEDNRFVL QDJ\RQIHOPHOHJV]LNDQDSRQ0LHOWWEHOHOWHWQpDJ\HUPHNHWYiUMDPHJKRJ\NLKOM|Q0LQGLJKDV]QiOMDDIpNHWKDPHJiOODEDEDNRFVLYDO$]HVHOOHQLYpGHOPHWFVDNIHOQWWIHOJ\HOHWHPHOOHWWKDV]QiOMD1HKDV]QiOMDDEDEDNRFVLQDIHOV]HUHOWQDSHOOHQ]NDEiWNDQpONO6RKDQHKDJ\MDDJ\HUPHNHWD]HVHOOHQLYpGUpWHJDODWWQDSRVLGEHQW~O]RWWPHOHJM|KHWQHOpWUH/7$/126.$5%$17$5760RViV HOWW LVPHUNHGMHQ PHJ D WHUPpN WH[WtOLiMiED YDUUW LQVWUXNFLyNNDO6]NVpJHVHWpQV]iUD]V]LOLNRQRODMMDONHQKHWLDEDEDNRFVLW$PDQ\DJUpV]HNHWLGQNpQWW|U|OMHiWQHGYHVURQJJ\DO$IpPDONDWUpV]HNHWWDUWVDV]iUD]RQDUR]VGiVRGiVPHJHO]pVHpUGHNpEHQ5HQGV]HUHVHQHOOHQUL]]HDNHUHNHNpSVpJpWpVWDUWVDNHW SRU pV KRPRNPHQWHVHQ $ KRVV]DQ WDUWy HUV QDSIpQ\KDWiViUDDEDEDNRFVLpVDWH[WLODONDWUpV]HNV]tQHPHJYiOWR]KDW2YMDDEDEDNRFVLWDVyVYt]WOPLYHOD]UR]VGiVRGiVWRNR]KDW)LJ\HOHP$IXOODGiVYHV]pO\HONHUOpVHpUGHNpEHQWiYROtWVDHOD PDQ\DJ FVRPDJROiVW PLHOWW KDV]QiOQi D WHUPpNHW (]XWiQGREMDNLDJ\HUPHNWOWiYROLKXOODGpNWiUROyED+59$76.,9$12 6DXYDMWH RYH XSXWH ]DEXGXXXSRWUHEX3R�WRYDQLNRULVQLH]DKYDOMXMHPR�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�DUDLOLVMHGDORWHSULNOMXFLGMHMHDXWRVMHGDOLFHSUDYLOQRSRVWDYOMHQL3$1-$2YDMSURL]YRGQLMHQDPMHQMHQ]DWUDQMHLOLNRWXUDQMH35(3258.( .RQLFH PRUDMX ELWL EORNLUDQD NDGD VH VWDYOMD LOL YDGL GLMHWH L]NROLFD .R�DULFDVHQHVPLMHRSWHUHWLWLYL�HRGNLORJUDPD 6YDNR RSWHUHHQMH QD UXLFX LLOL VWUDQML GLR QDVORQD LLOL QDERQHVWUDQHYR]LODPRHXJUR]LWLVWDELOQRVWYR]LOD 1HNRULVWLWHNROLFD]DSULMHYR]YL�HRGMHGQRJGLMHWHWDXLVWRYULMHPH 1HVPLMHVHXSRWUHEOMDYDWLGRGDWQDRSUHPDNRMXWYUWND%UHYLVUOQLMHRGREULOD 1H NRULVWLWH GRGDWQL SULERU L UH]HUYQH GLMHORYH RVLP RQLK NRMHSUHSRUXD SURL]YRD %UHYL .RUL�WHQMH GRGDWQRJ SULERUD NRMH%UHYLQLMHRGREULRPRHELWLRSDVQR 0RJXVHSRVWDYOMDWLVDPRGMHMDDXWRVMHGDOLFD DUW LNR�DUD DUW[ PDUNH%UHYLRSUHPOMHQLSRVHEQLPDGDSWHULPD]DNRVWXUGMHMLKNROLFD DUW 23$832=25(1-$2VLJXUDWLGDSRMDVHYH]DNDNHLVLJXUQRVQHSRMDVHYHEXGXLVSUDYQH1LNDGDQHRWYDUDMWHLOL]DWYDUDMWHNROLFDNDGDMHGLMHWHXQMLPD1HYMH�DMWHWH�NHWRUEHLOLYUHLFH]DUXNHNROLFD'RGDWDQWHUHWPRHSRUHPHWLWLEDODQVNROLFDLGRYHVWLXRSDVQRVW9D�HGLMHWH1HXSRWUHEOMDYDMWH GRGDWQL SULERU UH]HUYQH GLMHORYH L GUXJH NRPSRQHQWHNRMHQLVXRGREUHQHLOLNXSOMHQHRGVWUDQHSURL]YRDD8SRWUHEOMDYDMWHNRQLFHXYLMHNNDGDVWDQHWH1LNDGDQHRVWDYOMDMWHGLMHWHVDPRXNROLFLPDQDQL]EUGLFDPDLNDGDVX]DNRHQD.RQLFHQHJDUDQWLUDMXVLJXUQRVWQDYUORVWUPLPQL]EUGLFDPD=DVLJXUQRVW9D�HJ GLMHWHWD MH YUOR ELWQR GD MH XYLMHN YH]DQR VD VLJXUQRVQLPSRMDVHYLPD.DGDRWYDUDWHLOL]DWYDUDWHNROLFDXYLMHNSURYMHULWHGDWLMHOR9D�HJGLMHWHWDQHVPHWDSRNUHWQLPGLMHORYLPDRNYLUDNROLFD1HXSRWUHEOMDYDMWHNROLFDXNROLNRMHELORNRMLQMLKRYGLRR�WHHQLOLQHGRVWDMH.ROLFDHVHSUHJULMDWLXNROLNREXGXL]ORHQDGLUHNWRQRMVXQHYRMVYMHWORVWLRVWDYLWHLKGDVHRKODGHSULMHQHJRVWDYLWHGLMH
  • Page 23

    WHXQMLK.RULVWLWLNRQLFXSULVYDNRP]DXVWDYOMDQMX1DYODND]D]D�WLWXRGNL�HPRUDVHXSRWUHEOMDYDWLSRGQDG]RURPRGUDVOHRVREH1HVPLMHVHVHXSRWUHEOMDYDWLDNRQDNROLFLPDQLMHSRVWDYOMHQDNXSROD]D]D�WLWXRGVXQFD1LNDGDQHRVWDYOMDMWHGLMHWHSRGQDYODNRP]D]D�WLWXRGNL�HDNRMHYULMHPHVXQDQRPRJORELGRLGRSUHWMHUDQRJ]DJULMDYDQMD23,6$9-(7,=$2'5$9$1-(3URYMHULWH X�LYQX HWLNHWX ]D RGUDYDQMH 8NROLNR MH SRWUHEQR SRGPDLWH LK VXKLP VLOLNRQVNLP XOMHP 3RYUHPHQR RLVWLWHSODVWLQH GLMHORYH VD YODQRP NUSRP 3RVX�LWH PHWDOQH GLMHORYD NDNR EL VSULMHLOL QDVWDMHQMH KUH 5HGRYLWR SURYMHUDYDMWHLVWUR�HQRVW NRWDD WH LK XYLMHN RLVWLWH RG SUD�LQH L SLMHVND 1HGR]YROLWHGDNROLFDGRXXGRGLUVDVODQRPYRGRPPRHL]D]YDWLVWYDUDQMHKUH8HVWDORL]ODJDQMHVXQFXPRHL]D]YDWLSURPMHQHQDERMLPDWHULMOD3DQMD 3ODVWLQH YUHLFH GULWH YDQ GRVHJD GMHWHWD NDNREL L]EMHJOL PRJXQRVW JX�HQMD 8YLMHN RGVWUDQLWH VYH GLMHORYDDPEDODHYDQGRVHJDGLMHWHWD]ERJRSDVQRVWLRGR]OMHLYDQMD3 ��%UHYL(1 � � � � � �� � � �%UHYLVUO � ��%UHYL %UHYL � � � � � � ��� � � �
  • Page 24

    � � � � � � %KPDKH� 69(16.$9,.7,*7 %HYDUD GHVVD LQVWUXNWLRQHUI|UIUDPWLGDEUXN7DFNI|UDWWGXYDOW%UHYL)|OMHUVlNHUKHWVVWDQGDUG(1)|UVlNUDHURPDWWYDJQHQVDQYlQGDUHYHWKXUGHQIXQJHUDU0RQWHULQJRFKLQVWDOODWLRQVNDOODOOWLGXWI|UDVDYHQYX[HQ9DJQHQlUDQSDVVDGI|UEDUQIUnQPnQDGHUVnOGHUXSSWLOOnUXSSWLOOHQYLNWSnNJ9$51,1*/lPQDDOGULJEDUQHWXWDQXSSV\Q9$51,1* 6H WLOO DWW DOOD EORFNHULQJVDQQRUGQLQJDUlUNRUUHNWLQVWDOOHUDGHLQQDQDQYlQGQLQJ9$51,1*)|UDWWXQGYLNDULVNI|UVNDGRUI|UVlNUDGLJRPDWWEDUQHWLQWHEHQQHUVLJLQlUKHWHQDYSURGXNWHQQlUGHQIlOOVXSSHOOHUIlOOVLKRS9$51,1* /nW LQWH GLWW EDUQ OHND PHGGHQQDSURGXNW9$51,1* 6LWWGHOHQ lU HM DQSDVVDG I|UEDUQXQGHUPnQDGHUVnOGHU9$51,1*$QYlQGDOOWLGVlNHUKHWVElOWHW9$51,1* 6H WLOO DWW OLJJNRUJHQV YDJQVLWVHQVHOOHUELOEDUQVWROHQVIlVWHQlURUGHQWOLJWIlVWDLQQDQDQYlQGQLQJ9$51,1*9DJQHQlUHMDQSDVVDGI|UMRJJLQJHOOHUVNDWLQJ5(.200(1'$7,21(51$ %URPVHQPnVWHDOOWLGYDUDLQlUEDUQHWVlWWVLRFKWDVXUYDJQHQ 9DUXNRUJHQInULQWHODVWDVW\QJUHlQNLOR $OODYLNWHUVRPIlVWVLKDQGWDJHQRFKHOOHUEDNRPU\JJVW|GHWRFKHOOHUYLGVLGRUQDDYIRUGRQHWNDQlYHQW\UDIRUGRQHWVVWDELOLWHW 7UDQVSRUWHUDLQWHPHUlQHWWEDUQnWJnQJHQ (QGDVWWLOOEHK|UVRPJRGNlQWVDY%UHYLVUOInUDQYlQGDV $QYlQGHQGDVWWLOOEHK|URFKUHVHUYGHODUVRPUHNRPHQGHUDWVDYI|UHWDJHW%UHYL$QYlQGQLQJDYDQGUDWLOOEHK|UHOOHUUHVHUYGHODUlQGHUHNRPHQGHUDGHDY%UHYLNDQYDUDIDUOLJW (QGDVWELOEDUQVWROHQ DUWQU RFKYDJQLQVDWVHQ DUW IUnQ %UHYL NRPSOHWW PHG VlUVNLOGD DGDSWUDU I|U YDJQHQV UDPDUW InUPRQWHUDV*(1(5(//$9$51,1*$5,QQDQ DQYlQGQLQJ I|UVlNUD GLJ RP DWW VlNHUKHWVIlVWHQD Sn YDJQHQ RFK VlWHW lU RUGHQWOLJW EORFNHUDGH )|UVlNUD GLJ RP DWWVlNHUKHWVElOWHQRFKVSlQQHQlULSHUIHNWVNLFN9DJQHQInULQWH|SSQDV HOOHU IlOODV LKRS PHG EDUQHW L +lQJ LQJD WXQJD I|UHPnOVnVRPWLOOH[HPSHOYlVNRUHOOHUNDVVDUSnVW\UHW'HWWDNDQVNDSDREDODQVRFKJ|UDYDJQHQLQVWDELO/lJJLQWHWLOORFKDQYlQGLQWHQnJUD DFFHVVRDUHU UHVHUYGHODU HOOHU DQGUD NRPSRQHQHWHU VRPLQWHSURGXFHUDWVHOOHUDXNWRULVHUDWVDYWLOOYHUNDUHQ$QYlQGDOOWLGEURPVHQQlUGXVWDQQDU/lPQDDOGULJGLWWEDUQLYDJQHQLHQVOXWWQLQJPHGEURPVHQL%URPVHQJDUDQWHUDULQWHVlNHUKHWHQLEUDQWDEDFNDU2EVHUYHUDDWWVlNHUKHWVElOWHQDlUP\FNHWYLNWLJDI|UEDUQHWVVlNHUKHW1lUGX|SSQDUHOOHUIlOOHULKRSYDJQHQVHWLOODWWDWWLQJDDYEDUQHWVNURSSVGHODUEHQQHUVLJLQlUKHWHQVnGHULVNHUDUDWW NRPPD L NOlPP$QYlQG LQWH YDJQHQ RP QnJRQ GHO VDNQDVHOOHUlUWUDVLJ/nWLQJDDQGUDEDUQOHNDREHYDNDGHLQlUKHWHQDYYDJQHQ 'HQQD SURGXNW lU LQWH DQSDVVDG I|U UXOOVNULGVNRnNQLQJHOOHUVNDWHERDUGnNQLQJ(QI|UOlQJGH[SRQHULQJLVROOMXVNDQRUVDNDI|UlQGULQJDULIlUJHQSnW\JHURFKDQGUDPDWHULDO/lJJDOOWLGLEURPVHQQlUGXVWDQQDU5HJQVN\GGHWInUHQGDVWDQYlQGDVXQGHU|YHULQV\QDYHQYX[HQ)nUHMDQYlQGDVSnHQEDUQYDJQGlULQWHVROVN\GGHWPRQWHUDWV/lPQDDOGULJEDUQHWXQGHUUHJQVN\GGHWRPGHWlUVRONUDIWLJYlUPHNDQELOGDV*(1(5(//$6.g76(/5c')|OMWYlWWUnGHQSnGHQIDVWV\GGDHWLNHWWHQ9LGEHKRYVP|UMPHGVLOLNRQROMD5HQJ|USODVWGHODUQDUHJHOEXQGHWPHGHQIXNWLJWUDVD7RUND PHWDOOGHODUQD WRUUD I|U DWW XQGYLND URVW .RQWUROOHUD UHJHOEXQGHWVOLWDJHQSnKMXOHQRFKKnOOGHPIULDIUnQVDQGRFKJUXV/nWLQWHYDJQHQNRPPDLNRQWDNWPHGVDOWYDWWHQGHWWDNDQJ|UDDWWGHQURVWDU9DJQHQEOLU|YHUKHWWDGRPGHQOlPQDVHQOlQJUHVWXQGLVROHQOnWGHQVYDOQDLQQDQGXVlWWHULEDUQHW9DUQLQJ)|UDWWXQGYLNDULVNI|UNYlYQLQJWDERUWSODVWVN\GGHWLQQDQ DQYlQGQLQJ 6OlQJ SODVWVN\GGHW L DYIDOOVKDQWHULQJ XWRPEDUQHWVUlFNKnOO1('(5/$1'6%(/$1*5,-. %HZDDU GH]H KDQGOHLGLQJYRRUYHUGHUHUDDGSOHJLQJ*HDFKWHNODQWZLMGDQNHQ8YRRU8ZNHX]HYDQHHQSURGXNWYDQKHWPHUN%UHYL
  • Page 25

    2YHUHHQNRPVWLJGHYRRUVFKULIWHQ(19HU]HNHU X HUYDQ GDW GH JHEUXLNHU GH ZHUNLQJ YDQ KHW SURGXFWJRHGNHQW$VVHPEODJHHQLQVWDOODWLHPRHWDOWLMGGRRUHHQYROZDVVHQHJHEHXUHQ'H ZDQGHOZDJHQ PDJ ZRUGHQ JHEUXLNW YRRU NLQGHUHQ WXVVHQ GH PDDQGHQ HQ MDDU WRW HHQJHZLFKWYDQNJ:$$56&+8:,1*/DDWXZNLQGQLHW]RQGHUWRH]LFKW:$$56&+8:,1*9RRUKHWJHEUXLNYHU]HNHUW X ]LFK HUYDQ GDW DOOH YHUJUHQGHOPHFKDQLVPHQFRUUHFW]LMQJHw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ppQNLQGWHJHOLMN *HEUXLNQRRLWDFFHVVRLUHVGLHQLHWGRRU%UHYLVUOJRHGJHNHXUG]LMQ *HEUXLNDOOHHQGRRU%UHYLDDQEHYROHQDFFHVVRLUHVRIUHVHUYHRQGHUGHOHQ +HW NDQ JHYDDUOLMN ]LMQ RP QLHW GRRU %UHYL JRHGJHNHXUGHDFFHVVRLUHVWHJHEUXLNHQ 8LWVOXLWHQGKHW DXWR]LWMH DUW HQGHUHLVZLHJ DUW YDQ %UHYL PHW GH VSHFLHNH DGDSWHUV YRRU KHW IUDPH YDQ GHZDQGHOZDJHQ DUW PRJHQJHw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� � � � %UHYL((1 �� � �� �
  • Page 26

    NJ � �� ���� � � � �� � � � NJ � � � �� ��%UHYLVUO � � %UHYL � %UHYL �� %UHYL� � � � � � � 1 � 1 1 �� �� � � � � � �� � � �� � ���� � ������ � �� � � � � �� � � � � ��
  • Page 27

    520$1$,03257$17 3VWUDL DFHVWHLQVWUXFLXQL SHQWUX D OH FRQVXOWD v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vPSUHXQFXDGDSWRDUHOHSRWULYLWHSHQWUXFDGUXOFUXFLRUXOXL DUW SRWPRQWDWHSHDFHVWD$9(57,=0(17(*(1(5$/($VLJXUDWLYD FD FHQWXULOH FOHPHOHVL KDPXULOH GH VLJXUDQWD VXQWLQSHUIHFWDVWDUHGHIXQFWLRQDUH1XDJDLGHPkQHUJHQLVDXSDFKHWH FDUH SRW GH]HFKLOLEUD FUXFLRUXO 1X IRORVLL L QLFL QXDWDDL OD FUXFLRU GLYHUVH DFFHVRULL SUL GH VFKLPE L FRPSRQHQWHFDUHQXDXIRVWIXUQL]DWHVDXDSUREDWHGHFWUHSURGXFWRU8WLOL]DL GLVSR]LWLYXO GH IUkQDW GH HFDUH GDW FkQG Y RSULL 1XOVDL QLFLRGDW FUXFLRUXO SH XQ SODQ vQFOLQDW DYkQG FRSLOXO vQLQWHULRULFXGLVSR]LWLYXOGHIUkQDUHDFLRQDW'LVSR]LWLYXOGHIUkQDUHQXJDUDQWHD]RIUkQDUHRSWLPvQVLWXDLDvQFDUHYDDLSHSDQWHIRDUWHDEUXSWH)RORVLUHDFHQWXULORUHVWHLPSRUWDQWSHQWUXVLJXUDQD FRSLOXOXL GXPQHDYRDVWU 1X IRORVLL FUXFLRUXO vQ FD]XO vQ FDUH XQ FRPSRQHQW RDUHFDUH DO DFHVWXLD VD SLHUGXW VDXVD VWULFDW 1X SHUPLWHL DOWRU FRSLL V VH MRDFH QHVXSUDYHJKHDLvQDSURSLHUHDFUXFLRUXOXL'DFOVDLFUXFLRUXOH[SXVODVRDUHSHQWUXPDLPXOWWLPSDWHSWDLFDDFHVWDVVHUFHDVFvQDLQWHGHDH]DFRSLOXOvQLQWHULRU)RORVLWLLQWRWGHDXQDIUDQHOHFDQGYDRSULWL+XVDGHSORDLHWUHEXLIRORVLWVXEVXSUDYHJKHUHDXQXLDGXOW1XWUHEXLH IRORVLW SH XQ FUXFLRU FDUH QX DUH PRQWDW SDUDYDQXO VRODU1XOVDLQLFLRGDWFRSLOXOFXKXVDGHSORDLHWUDVvQVRDUHFOGXUDGLQLQWHULRUSRDWHFUHWHIRDUWHPXOW6)$785,3(1758175(,1(5(&LWLWL HWLFKHWD FXVXWD GH SURGXV SHQWUX D FXQRDVWH LQVWUXFLXQLOHFXSULYLUHODVSODUH/XEUHDWLURWLOHLQFD]GHQHYRLHFXYDVHOLQDSHED]DGHVLOLFRQ&XUDLvQPRGSHULRGLFSULOHGLQSODVWLFFXRFkUSXPHG8VFDLSULOHGLQPHWDOSHQWUXDHYLWDIRUPDUHDUXJLQLL&RQWURODLFXUHJXODULWDWHJUDGXOGHX]XUDOURLORULLQHLOHPHUHXFXUDWHvQGHSUWkQGSUDIXOLQLVLSXO([SXQHUHDSUHOXQJLWODVRDUHSRDWHFDX]DPRGLFULGHFXORDUHvQPDWHULDOHLHVXWXUL(YLWDL FRQWDFWXO FUXFLRUXOXL FX DS VDOLQ DU SXWHD FDX]D IRUPDUHDUXJLQHL$WHQLH 3HQWUX D SUHYHQL VXIRFDUHD VFRDWHWL SURWHFWLD GLQSODVWLFLQDLQWHGHDIRORVLSURGXVXO$FHDVWDSURWHFWLHGLQSODVWLFWUHEXLHDUXQFDWDLQWUXQORFVSHFLDOGHSDUWHGHFRSLO5(&20$1'5,/( )UDQDFDUXFLRUXOXLWUHEXLHDFWLRQDWDDWXQFLFDQGSXQHWLVDXVFRDWHWLFRSLOXOGLQFDUXFLRU &RVXOGHEDJDMHQXWUHEXLHLQFDUFDWFXPDLPXOWGHNJ 2ULFDUH SLHV OHJDW GH PkQHU LVDX vQ VSDWHOH VSWDUXOXL LVDXSHODWXULOHYHKLFXOXOXLDUSXWHDH[SXQHULVFXOXLVWDELOLWDWHD
  • Page 28

    , %UHYLSRWUjDSSRUWDUHLQTXDOVLDVLPRPHQWRPRGLFKHDLPRGHOOLGHVFULWWLLQTXHVWROLEUHWWRGLVWUX]LRQLGXVR*% %UHYL FDQ PDNH DQ\ FKDQJH ZKDWVRHYHU WR WKH SURGXFW GHVFULEHG LQ WKLV LQVWUXFWLRQV OHDHW ZLWKRXW DQ\SULRUQRWLFH'%UHYLLVWEHUHFKWLJWDQGHQLQGLHVHP$QOHLWXQJVKHIWEHVFKULHEHQHQ0RGHOOHQ]XMHGHP=HLWSXQNWbQGHUXQJHQYRU]XQHKPHQ)%UHYLSRXUUDDSSRUWHUjWRXWPRPHQWGHVPRGLFDWLRQVDX[PRGqOHVGpFULWVGDQVFHPRGHGHPSORL(%UHYLSRGUiUHDOL]DUHQFXDOTXLHUPRPHQWRPRGLFDFLRQHVDORVPRGHORVGHVFULWRVHQHVWHOLEURGHLQVWUXFFLRQHVSDUDVXXVR 3 %UHYLSRGHUiHIHFWXDUDTXDOTXHUPRPHQWRDOWHUDo}HVQRVPRGHORVGHVFULWRVQHVWHPDQXDOGHLQVWUXo}HVGHXVR 6/2 3URL]YDMDOHF%UHYLVLSULGUXMHSUDYLFRGDNDGDUNROLEUH]GRGDWQHJDREYHVWLODL]YHGHVSUHPHPEHQDL]GHONXNLMHSUHGPHWWHKQDYRGLO]DXSRUDER3/)LUPD%UHYLPR]HZSURZDG]L]PLDQ\ZPRGHODFKRSLVDQ\FKZWHMLQVWUXNFMLZGRZROQ\PPRPHQFLH+%UHYLEiUPLO\HQYiOWR]WDWiVWHV]N|]|OKHWDKDV]QiODWLXWDVtWiVEDQPLQGHQHO]HWHVpUWHVtWpVQpONO+5%UHYL]DGUDYDSUDYRELORNDNYHSURPMHQHQDSURL]YRGXNRMLMHRSLVDQXRYLPXSXWVWYLPD]DXSRWUHEXEH]SUHWKRGQHQDMDYH586���6%UHYLI|UEHKnOOHUVLJUlWWHQWLOOPRGHOOlQGULQJDU1/%UHYLNDQRSHONZLOOHNHXULJPRPHQWZLM]LJLQJHQDDQGHLQGH]HKDQGOHLGLQJEHVFKUHYHQPRGHOOHQDDQEUHQJHQ *5 %UHYL��� 52 %UHYLDUHGUHSWXOVDIDFDRULFHVFKLPEDUHODSURGXVXOGHVFULVLQLQVWUXFWLXQLIDUDRQRWLFDUHSUHDODELOD%5(9,VUO9LD/RPEDUGLD7HOJDWH %J ,WDO\7HO)D[ZZZEUHYLHXLQIR#EUHYLHX
  • Page 29

    6PDUWVHJJLROLQRDXWRSHUEDPELQLFRG$GDWWDELOHVXDUW6XLWHGIRUXVHZLWKDUW.DQQIU$UWDQJHSDVVWZHUGHQ$GDSWDEOHVXUFRG$GDSWDEOHSDUDDUW$GDSWiYHOHPDUW3ULODJRGOMLYDUW3DVXMHGRDUW$]FLNNFLNNKH]LJD]tWKDWy0RHVHSULODJRGLWLQDDUW-XVWHUEDUSnDUWQU*HVFKLNWYRRUDUW$GDSWDELOSHDUW,03257$17(&RQVHUYDUHTXHVWHLVWUX]LRQLSHUULIHULPHQWRIXWXUR,03257$17.HHSWKHVHLQVWUXFWLRQVIRUIXWXUHUHIHUHQFH,*%6(**,2/,12$8723(5%$0%,1,*UXSSR,VWUX]LRQLGXVR&$56($7)25&+,/'5(1*URXS,QVWUXFWLRQVIRUXVH'.,1'(5$8726,7=.ODVVH*HEUDXFKVDQOHLWXQJ)6,*($8723285(1)$176*URXSH1RWLFHGHPSORL(6,//$'($8723$5$1,f26*UXSR,QVWUXFFLRQHVGHXVR3&$'(,5$$8723$5$&5,$1d$6*UXSR,QVWUXo}HVGHXWLOL]DomR6/22752.,$9726('(6NXSLQD1DYRGLOD]DXSRUDER3/)27(/,.6$02&+2'2:<'/$7:2-(*2'=,(&.$*UXSD,DQVWUXNFMDREVOXJL+$876*<(5(.h/e6&VRSRUW+DV]QiODWL~WPXWDWy+55866$8726-('$/,&8=$'-(&8*UXSD8SXWVWYD]DXSRWUHEX%,/%$51672/*UXSS%UXNVDQYLVQLQJ1/$872672(/7-(9225.,1'(5(1*URHS*HEUXLNVDDQZLM]LQJ*5526&$81$8723(1758&23,,*UXSXO,QVWUXFWLXQLGHIRORVLUH
  • Page 30

    &20321(17, &20321(176 %(67$1'7(,/( &20326$176 &20321(17(6 &20321(17(66(67$91,'(/,&=(6&,(/(0(,',-(/29,'(/$521'(5'(/(1.&20321(17(1.';6;$UW$$%..DUW';6;DUW';67236;';6;
  • Page 31

    35(6635(66 35(66$%*
  • Page 32

    60217$**,2 '(, &20321(17, ',60$17/,1* 2) &20321(176 $86(,1$1'(5%$8(1 '(5 .20321(17(1 'e0217$*( '(6 &20326$176 '(60217$-( '( /26 &20321(17(6 '(60217$*(0 '26 &20321(17(6 '(0217$$ 6(67$91,+ '(/29 '(0217$&=&,$=g66=(7(9.6=e76=(5(/e6(5$67$9/-$1-(.20321(17, '(0217(5,1*$9 '(/$5 '( &20321(17(1 '(0217(5(1'(0217$5($&20321(17(/256(6356(63535(66
  • Page 33

    ,167$//$=,21('(/6(**,2/,12$87260$57,167$//$7,212)7+(60$57&+,/'6$)(7<6($70217$*('(6$8726,7=(660$57,167$//$7,21'86,*($87260$57,167$/$&,1 '( /$ 6,//,7$$872 60$57 ,167$/$d2 '$/ &$'(,5$$872 60$57 0217$ )27(/,.$6$02&+2'2:(*260$570217$$$9726('($$60$57$876*<(5(.h/e6)(/6=(5(/e6(3267$9/-$1-($8726-('$/,&(60$5760$57,167$//$7,21$9%,/%$51672/(160$57,167$//$7,(02'8/'(,167$/$5($&268/8,$8722.2.2.
  • Page 34

  • Page 35

    5(*2/$=,21('(//(&,1785(',6,&85(==$5(*8/$7,212)7+(6$)(7<+$51(66(,167(//81*'(56,&+(5+(,76*857(32855(*/(5/(+$51$,65(*8/$&,1'(/26&,178521(6'(6(*85,'$'5(*8/$d2'26&,1726'(6(*85$1d$1$67$9,7(99$512671,+3$6295(*8/$&-$3$6:%(=3,(&=(67:$$%,=7216*,+(9('(55(921$7.2=6=$%/<2=6 35$9,/$ 2 32'($9$1-8 6,*851261,+ 32-$6(9$ 5(*/(5,1*$9 6b.(5+(76%b/7(1$ 5(*(/(1 9$1 +(7 9(,/,*+(,'6*25'(/7-( 5(*/$5($ &(1785,/25 '( 6,*85$17$NJNJNJ
  • Page 36

    NJ,5HJRODUHODFLQWXUDGLVLFXUH]]DDSXQWLLQIXQ]LRQHGHOODWDJOLDGHOEDPELQR*%$GMXVWWKHSRLQWVDIHW\KDUQHVVDFFRUGLQJWR\RXUEDE\VVL]H'6WHOOHQ6LHGLH3XQNW6LFKHUKHLWVJXUWHVRHLQGDVVVLHVWUDIIXQGHQJDQGHQ6FKXOWHUQGHV.LQGHVDQOLHJHQ)5pJOHUOHKDUQDLVGHVpFXULWpjSRLQWVHQIRQFWLRQGHODWDLOOHGHOHQIDQW($MXVWHHOFLQWXURQGHVHJXULGDGGHSXQWRVVHJ~QHOWDPDxRGHOEHEH35HJXODURFLQWRGHVHJXUDQoDGHSRQWRVHPIXQomRGRWDPDQKRGDFULDQoD6/2WRNRYQLYDUQRVWQLSDVSULODJRGLWHYHOLNRVWLRWURNDWDNR3/'RSDVXMSXQNWRZHSDV\EH]SLHF]HVWZDGRZ]URVWXG]LHFNDWDNDE\SRSUDZQLHE\\XRRQHQDUDPLF]NDFKG]LHFND+OOtWVDEHD]SRQWRVEL]WRQViJL|YHWJ\HUPHNpQHNPHJIHOHOHQ+58WRDNDVLJXUQRVQLSRMDVSRGHVLWHSUHPDYHOLLQL9D�HJGLMHWHWD586�65HJOHUDSXQNWHUVVlNHUKHWVElOWHWXWHIWHUEDUQHWVVWRUOHNVnD[HOUHPPDUQDVLWWHUWLJKW1/6WHOGHSXQWVYHLOLJKHLGVJRUGHORSGHOHQJWHYDQKHWNLQGDI*5���52$MXVWDWLFHQWXUDGHVLJXUDQWDLQSXQFWHLQIXQFWLHGHPDULPHDFRSLOXOXL
  • Page 37

    5(*2/$=,21('(/0$1,*/,21(('(/7(778&&,23$5$62/(&$55<,1*+$1'/($1'681&$123<$'-8670(17(,167(//81*92075$*(%h*(/81'6211(1'$&+5(*/$*('(/$16( '( 3257$*( (7 '8 3$5( 62/(,/ 5(*8/$&,21 '($6$< &$327$ 3$5$62/ 5(*8/$d2'20$138/2('$&$327$1$0(67,7(9126,/1(*$52$-$,1675(+,&(5(*8/$&-$8&+:<7825$='$6=.$35=&,:621(&=1(*2$+25'2=.$5e6$1$37(7//76$32'($9$1-(58.(=$12(1-(,/-(712*.529,$5(*/(5,1*$9+$1'7$*(72&+68))/(77(1$)67(//,1*9$1'('5$$*%(8*(/(1+(7=211('$.$-867(5($0$1(5(/25'(75$163257&$76,$&$327,1(,'(62$5(
  • Page 38

    ,$99(57(1=$1RQDSSRJJLDUHPDLLOVHJJLROLQRDXWRSHUEDPELQLVXXQWDYRORRVXVXSHUFLORQWDQHGDOSDYLPHQWR121/$6&,$5(0$,,/%$0%,12,1&8672',72*%:$51,1*1HYHUSODFHWKHFKLOGFDUVHDWRQDWDEOHRURQVXUIDFHVGLVWDQWWRWKHRRU1(9(5 /($9( 7+( &+,/' 81$77(1'(' ' :$5181* 6WHOOHQ6LHGHQ.LQGHUDXWRVLW]QLHPDOVDXIHLQHQ7LVFKRGHUDXIHUK|KWH)OlFKHQ/$66(16,(,+5.,1'1,(81%($8)6,&+7,*7)$9(57,66(0(17/HVLqJHDXWRQHGRLWSDVrWUHSRVpVXUXQHWDEOHRXHQKDXWHXU1(3$6/$,66(5/(1)$176$166859(,//$1&(($'9(57(1&,$1RDSR\DUODVLOODDXWRVREUHODPHVDRELHQVREUHVXSHUFLHVOHMRVGHOVXHOR12'(-$5181&$$/1,f26,19,*,/$1&,$3$'9(571&,$1XQFDFRORFDUDFDGHLUDQXPD]RQDHOHYDGD181&$'(,;(26(8),/+26(09,*,/1&,$6/2232=25,/2$YWRVHGHDQLNROLQHSRVWDYOMDMWHQDPL]RDOLGUXJHRGWDOGYLJQMHQHSRYU�LQH2752.$1,.2/,1(3867,7(6$0(*$%5(=1$'=25$3/8:$*$1LJG\QLHSR]RVWDZLDMIRWHOLNDQDVWROHOXELQQ\FKSRZLHU]FKQLDFKZRGOHJRFLRGSRGRD1,*'<1,(32=267$:,$-'=,(&.$%(=23,(.,+),*<(/0(=7(7e66RKDQHKDJ\MDDJ\HUPHNOpVWD]DV]WDORQYDJ\PDJDVKHO\HQ62+$1(+$*<-$*<(50(.e7)(/h*<(/(71e/.h/+5832=25(1-(1LNDGDQHVWDYOMDMWHDXWRVMHGDOLFXQDVWROLOLQDSRYU�LQXSRYL�HQXRGSRGD1,.$'$1(267$9/-$-7(',-(7(%(=1$'=25$58669$51,1* 6WlOO DOGULJ ELOEDUQVWROHQ Sn HWW ERUG HOOHU QnJRQ DQQDQ XSSK|MG \WD OnQJW IUnQ JROYHW /b01$$/'5,* %$51(787$18336<11/:$$56&+8:,1*'HDXWRVWRHOQRRLWRSHHQWDIHORIHHQYHUKRRJGRSSHUYODNWHSODDWVHQ/$$78:.,1'122,7=21'(572(=,&+7*5���52$9(57,=$5(1XSR]LWLRQDWLQLFLRGDWDFRVXODXWRSHPDVDVDXSHRVXSUDIDWDDDWDSUHDVXVGHDVXSUDVROXOXL1,&,2'$7$18/$6$7,&23,/8/1(6835$9(*+($7
  • Page 39

    862 '(/ %$8/(772 3257$2**(77, 6725$*( &203$570(17 86( +$1'+$%81* '(6$8)%(:$+581*6)$&+(687,/,6$7,21&203$57,0(17'(5$1*(0(17862'(/3257$2%-(726862'$*$9(7$3257$2%-(&7265$%$35('$/$=$35('0(7(8<:$1,(6&+2:.$1$$.&(625,$752/5(.(6=+$6=1/$7$8325$%$3526725$=$32/$*$1-(35('0(7$$19b1'1,1*$9)g59$5,1*6%2;(1'(%(5*.2))(5*(%58,.(1)2/26,5(&203$57,0(1732572%,(&7(
  • Page 40

    ,7$/,$12*HQWLOH&OLHQWHODULQJUD]LDPRSHUDYHUVFHOWRXQSURGRWWR%UHYL$VVLFXUDUVL FKH OXWLOL]]DWRUH DEELD XQD EXRQD FRQRVFHQ]D GHOIXQ]LRQDPHQWRGHOSURGRWWR/HRSHUD]LRQLGLPRQWDJJLRHGLLQVWDOOD]LRQHGHYRQRHVVHUHHIIHWWXDWHGDDGXOWL,OVLVWHPDFRPELQDWR&5<67$/RIIUHGLYHUVHIXQ]LRQLSDVVHJJLQRFXOODSDVVHJJLQRFRQVHJJLROLQRDXWR3HURJQLIXQ]LRQHGHYHHVVHUHULVSHWWDWRODPELWRGLDSSOLFD]LRQHSUHYLVWR)81=,21( 7(/$,2 &21 6(**,2/,12 $87260$57GDOODQDVFLWDDNJ$77(1=,21(6RORLOVHJJLROLQRDXWR60$57%UHYL DUW SXz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q LQGLFDWRSHUFRUUHUHRSHUVNDWLQJ5$&&20$1'$=,21, 6RORLOVHJJLROLQRDXWRSHUEDPELQLDUW6PDUWGLPDUFD%UHYLFRPSOHWRGLDGDWWDWRULGLPDUFD%UHYL SXzHVVHUHLQVWDOODWRVXOWHODLRDUW ,OIUHQRGHYHHVVHUHD]LRQDWRTXDQGRVLPHWWRQRHTXDQGRVLWROJRQRLEDPELQLGDOSDVVHJJLQR ,O FHVWHOOR SRUWDRJJHWWL QRQ GHYH HVVHUH FDULFDWR FRQ SHVL VXSHULRULDLNJ 4XDOVLDVLSHVROHJDWRDOODPDQLJOLDHRVXOUHWURGHOORVFKLHQDOHHR VXL ODWL GHO YHLFROR SRWUHEEH PHWWHUH D ULVFKLR OD VWDELOLWj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q VWDWR SHUVR GDQQHJJLDWR 1RQ DSSHQGHWH DO PDQLFR ERUVH R SDFFKL FKH SRVVDQR VELODQFLDUH LO FDUUR 8WLOL]]DWHLO GLVSRVLWLYR IUHQDQWH RJQL TXDOYROWD VL VRVWD 1RQ ODVFLDWH PDLLOFDUURLQFRPELQD]LRQHFRQLOVHJJLROLQRDXWRSHUEDPELQLVXXQSLDQRLQFOLQDWRFRQGHQWURLOEDPELQRHFRQLOIUHQRD]LRQDWR,OIUHQR QRQ JDUDQWLVFH IUHQDWH RWWLPDOL VX SHQGHQ]H PROWR ULSLGH/XWLOL]]RGHOOHFLQWXUHGLVLFXUH]]Dq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qFDSDFHGLVWDUHVHGXWRGDVROR /D VGUDLHWWD QRQ GHVWLQDWD D SHULRGL GL VRQQRSUROXQJDWL (SHULFRORVRXVDUHODVGUDLHWWDVXXQDVXSHUFLHVRSUDHOHYDWDHVXQWDYROR 8VDUHVHPSUHLOVLVWHPDGLULWHQXWD/DVGUDLHWWDQRQVRVWLWXLVFHLOOHWWLQR6HLOEDPELQRKDELVRJQRGLGRUPLUH PHWWHUOR LQ XQ OHWWLQR DGHJXDWR 1RQ XVDUH OD VGUDLHWWDVHFLVRQRFRPSRQHQWLGDQQHJJLDWLURWWLRPDQFDQWL8VDUHVRORDFFHVVRULRULFDPELUDFFRPDQGDWLGD%UHYLVUO$WWHQ]LRQH 3HU HYLWDUH SHULFROR GL VRIIRFDPHQWR HOLPLQDUHODSURWH]LRQHSODVWLFDSULPDGLXWLOL]]DUHTXHVWRDUWLFROR4XHVWD
  • Page 41

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lW]WH.XQGLQZLUGDQNHQ,KQHQIUGLH:DKOHLQHV3URGXNWV
  • Page 42

    YRQ%UHYL6WHOOHQ6LHVLFKHUGDVVGHU%HQXW]HUPLWGHU)XQNWLRQVZHLVHGHV3URGXNWHVYHUWUDXWLVW(LQXQG$XVEDXPXVVGXUFK(UZDFKVHQHQHUIROJHQ$&+781*'HU.RPEL.LQGHUZDJHQ&5<67$/ELHWHW]DKOUHLFKH)XQNWLRQHQ.LQGHUZDJHQ7UDJH%XJJ\PLW$XWRVLW]:lKOHQ6LHGLH6WHOOXQJDXIJUXQGGHUMHZHLOLJHQ$QZHQGXQJ.21),*85$7,21 *(67(// 0,7 $872.,1'(56,7= $UW DEGHU*HEXUWELVNJ:$5181*/DVVHQVLHLKUNLQGQLHXQEHDXIVLFKWLJW:$5181*9HUJHZLVVHUQ6LHVLFKYRU*HEUDXFKGDVV DOOH %HIHVWLJXQJVPHFKDQLVPHQ RUGQXQJVJHPlYHUUDVWHWXQGJHVFKORVVHQVLQG:$5181*8PMHGHV5LVLNR]XYHUPHLGHQ.LQGHU EHLP gIIQHQ XQG 6FKOLHHQ GLHVHV 3URGXNWHVIHUQKDOWHQ:$5181* /DVVHQ 6LH GDV .LQG QLFKW PLW GLHVHP3URGXNWVSLHOHQ:$5181*,PPHUGHQ6LFKHUKHLWVJXUWEHQXW]HQ:$5181*3UIHQVLHYRUGHU1XW]XQJGDVVGLH%DE\ZDQQH GHU 6LW] XQG GLH $QVFKOVVH GHV$XWRNLQGHUVLW]HVNRUUHNWHLQJHVHW]WVLQG:$5181*'LHVH3URGXNWHVLQGQLFKW]XP5HQQHQRGHU6NDWHQJHHLJQHW(03)(+/81*(1 1XUGHU$XWRNLQGHUVLW]$UW6PDUWGHU0DUNH%UHYL LQNOGHU$GDSWHUGHU0DUNH%UHYL NDQQDXIGHP.LQGHUZDJHQ$UWPRQWLHUWZHUGHQ 'LH%UHPVHPX[LHUWZHUGHQZHQQGLH.LQGHUDXIGHQ6SRUWZDJHQJHVHW]WRGHUUDXVJHQRPPHQZHUGHQ 'HU$EODJHNRUEGDUIQLFKWPLWPHKUDOVNJ*HZLFKWEHODGHQZHUGHQ -HJOLFKH*HZLFKWHDP+DQGJULIIDQGHU5FNVHLWHGHU5FNHQOHKQHXQGRGHUDQGHQ6HLWHQGHV)DKU]HXJVN|QQHQGHVVHQ6WDELOLWlWJHIlKUGHQ %HI|UGHUQ6LHLQGHP.LQGHUVSRUWZDJHQQLFKWPHKUDOVHLQ.LQGDXIHLQPDO (VGDUIDXVVFKOLHOLFKYRQ%UHYLVUOJHQHKPLJWHV=XEHK|UEHQXW]WZHUGHQ 1XW]XQJ GHV $XWRNLQGHUVLW]HV ]XVDPPHQ PLW GHP *HVWHOOGLHVHV )DKU]HXJ HUVHW]W QLFKW GDV 5HLVHEHWW RGHU %HWW :HQQGDV.LQGVFKODIHQVROOOHJHQ6LHHVLQHLQ5HLVHEHWWRGHULQHLQDQGHUHVJHHLJQHWHV%HWW 9HUZHQGHQ6LHQXU(UVDW]WHLOHRGHU=XEHK|UWHLOHGLHYRP+HUVWHOOHUDQHUNDQQWVLQG(VN|QQWHJHIlKUOLFKVHLQ=XEHK|UWHLOH]XEHQXW]HQGLHQLFKWYRQ%UHYLDQHUNDQQWVLQG$//*(0(,1(9256,&+7%HLP 9HUVWHOOXQJ ODVVHQ 6LH GLH .LQGHU LQ GHU 1DHKH GHV 3URGXNWHV QLFKW 9HUJHZLVVHUQ 6LH VLFK YRU *HEUDXFK GDVV DOOH6LFKHUKHLWVJHUDHWH GHV *HVWHOOV RGHU GHV .LQGHUDXWRVLW]HVRUGQXQJVJHPl YHUUDVWHW XQG JHVFKORVVHQ VLQG 9HUJHZLVVHUQ6LHVLFKYRU*HEUDXFKGDVVGHU6LFKHUKHLWVJXUWXQGDOOH%HIHVWLJXQJVPHFKDQLVPHQRUGQXQJVJHPlYHUUDVWHWXQGJHVFKORVVHQVLQG'DV*HVWHOOPLUGHP$XWRVLW]GDUIQLFKWPHKUEHQW]WZHUGHQZHQQ7HLOHGDYRQEHVFKlGLJWVLQGRGHUIHKOHQ$P6FKLHEHUGUIHQ NHLQH 7DVFKHQ RGHU DQGHUH *HJHQVWlQGH EHIHVWLJW ZHUGHQGLHGDV*HVWHOODXVVHUGHP*OHLFKJHZLFKWEULQJHQN|QQHQ%HWlWLJHQ6LHGLH%UHPVHEHLMHGHP+DOW/DVVHQ6LHGDV*HVWHOOPLWGHP$XWRVLW]PLWGHP.LQGQLHPDOVDXIHLQHUJHQHLJWHQ(EHQHVWHKHQZHQQGLH%UHPVHJHWlWLJWZXUGH%HLVWHLOHQ*HIlOOHQJDUDQWLHUWGLH%UHPVYRUULFKWXQJNHLQHRSWLPDOH%UHPVZLUNXQJ'LH%HQXW]XQJGHV6LFKHWKHLWVJXUWHVLVWZLFKWLJIXHUGLH6LFKHUKHLW,KUHV.LQGHV%HL5HJXOLHUHQRGHU=XVDPPHQNODSSHQGHV*HVWHOOVLVWLPPHUGDUDXI]XDFKWHQGDVVNHLQ.|USHUWHLOGHV.LQGHVPLWGHQEHZHJOLFKHQ7HLOHQGHV.LQGHUZDJHQJHVWHOOHVLQ%HUKUXQJNRPPW6RUJHQ6LHGDIUGDVVDQGHUH.LQGHUXQEHDXIVLFKWLJWLQGHU1lKHYRP.LQGHUVSRUWZDJHQRGHUYRP$XWRVLW]VSLHOHQ6ROOWHGHU$XWRVLW]IUOlQJHUH=HLWXQWHUGHU6RQQHJHVWDQGHQKDEHQYHUJHZLVVHUQ6LHVLFKGDUEHUGDVVGHUDXIJHKHL]WH.LQGHUVSRUWZDJHQ DEJHNKOW LVW EHYRU 6LH GDV .LQG LQ GHQ .LQGHUZDJHQVHW]HQ%LWWHEHDFKWHQ6LHGLH)LQJHULQGLH0HFKDQLVPHQQLFKW]XVWHFNHQ5(,1,*81*81':$5781*=XU5HLQLJXQJGHV%H]XJHVLVWGLH:DVFKDQOHLWXQJDXIGHP(WLNHWW]XEHIROJHQ.XQVWVWRIIWHLOHUHJHOPlVVLJPLWHLQHPIHXFKWHQ7XFK UHLQLJHQ 1DVVH 0HWDOOWHLOH DEWURFNQHQ XP 5RVWELOGXQJYRU]XEHXJHQ9RU:LWWHUXQJVHLQVVHQZLH5HJHQRGHU6FKQHHVFKW]HQ/DVVHQ6LHGDV3URGXNWQLFKWXQWHUGLUHNWH6RQQHQEHVWUDKOXQJHLQLJH%HVWDQGWHLOHN|QQWHQVLFKLQGHU)DUEHYHUlGHUQ$QHLQHPWURFNQHQ3ODW]DXIEHZDKUHQ*HEUDXFKGHU%DE\VFKDOHDOV/LHJHVLW](QWVSULFKWGHU6LFKHUKHLWVQRUP(1D :$5181* /DVVHQ6LH,KU.LQGQLHXQEHDXIVLFKWLJW 'HU*HEUDXFKGHU:LSSHLVWQLFKWIU.LQGHUJHHLJQHWGLHDXVHLJHQHU.UDIWVLW]HQN|QQHQ 'LH:LSSHLVWQLFKWIXHUODQJH6FKODI]HLWHQJHHLJQHW (VLVWJHIlKUOLFKGLH:LSSHDXI7LVFKHRGHUDQGHUHHUK|KWHYRP)XERGHQHQWIHUQWH)OlFKHQ]XVWHOOHQ ,PPHUGLH6LFKHUKHLWVJXUWEHQXW]HQ'LHVH:LSSHLVWQLFKWDOV6FKODISODW]YRUJHVHKHQ:HQQ,KU.LQGVFKODIHQPXVVVROOWHHVLQHLQHJHHLJQHWH:LHJHRGHUHLQ%HWWJHOHJWZHUGHQ%HL%HVFKlGLJXQJRGHU9HUOXVWHLQ]HOQHU7HLOHLVWGLH:LSSH QLFKW ]X YHUZHQGHQ9HUZHQGHQ 6LH QXU (UVDW]WHLOH RGHU=XEHK|UWHLOH GLH YRP +HUVWHOOHU DQHUNDQQW VLQG 'HU *HEUDXFKYRQ=XEHK|UWHLOHQGLHQLFKWYRQ%UHYLVUORGHUGHP9HUNlXIHUJHQHKPLJWVLQGNDQQVLFKDOVJHIlKUOLFKHUZHLVHQ$FKWXQJ8P(UVWLFNXQJVJHIDKU]XYHUPHLGHQHQIHUQHQXQG
  • Page 43

    HQWVRUJHQDOOH3ODVWLNYHUSDFNXQJHQDXVVHU5HLFKZHLWHYRQ.LQGHUQ)5$1d$,6,PSRUWDQW&RQVHUYHUFHVLQVWUXFWLRQVSRXUFRQVXOWDWLRQXOWpULHXUH1RXVYRXVUHPHUFLRQVGHODFRQDQFHTXHYRXVQRXVDFFRUGH]HQSUpIpUDQWXQSURGXLW%UHYL6DVVXUHUTXHOHVXWLOLVDWHXUVGHODSRXVVHWWHRQWXQHERQQHFRQQDLVVDQFHGHVRQIRQFWLRQQHPHQW/HPRQWDJHHWOLQVWDOODWLRQGRLYHQWWRXMRXUVrWUHHIIHFWXpVSDUXQDGXOWH6(&85,7((7(175(7,(1&RQIRUPHDX[H[LJHQFHVGHVpFXULWp&RQIRUPHjODQRUPH1)(1/HFRPELQp&5<67$/RIIUHGLIIpUHQWHVIRQFWLRQVSRXVVHWWHODQGDXSRXVVHWWHDYHFVLqJHDXWRSRXUFKDFXQHGHFHVIRQFWLRQVYHXLOOH]UHVSHFWHUOHVSODJHVGXWLOLVDWLRQSUpFRQLVpHV(1 )21&7,21 &+66,6 6,*( $872 60$57UpI GHODQDLVVDQFHMXVTXjNJ$9(57,66(0(171HMDPDLVODLVVHUYRWUHHQIDQWVDQVVXUYHLOODQFH$9(57,66(0(176DVVXUHUTXHWRXVOHVGLVSRVLWLIVGHYHUURXLOODJHVRQWHQFOHQFKpVDYDQWXWLOLVDWLRQ$9(57,66(0(17 3RXU pYLWHU WRXWH EOHVVXUHPDLQWHQLUYRWUHHQIDQWjOpFDUWORUVGXGpSOLDJHHWGXSOLDJHGXSURGXLW$9(57,66(0(17 1H SDV ODLVVHU YRWUH HQIDQWMRXHUDYHFFHSURGXLW$9(57,66(0(17 7RXMRXUV XWLOLVHU OH V\VWqPHGHUHWHQXH$9(57,66(0(179pULHUTXHOHVGLVSRVLWLIVGH[DWLRQGXVLqJHRXGXVLqJHDXWRVRQWFRUUHFWHPHQWHQFOHQFKpVDYDQWXWLOLVDWLRQ$9(57,66(0(17 &H SURGXLW QH FRQYLHQW SDVSRXUIDLUHGXMRJJLQJRXGHVSURPHQDGHVHQUROOHUV5(&200$1'$7,216 6HXOVOHVLqJHDXWR6PDUW UpI GHPDUTXH%UpYLpTXLSpVGXMHXGDGDSWDWHXUVVSpFLTXHjODUpISHXYHQWrWUHLQVWDOOpVVXUOHFKkVVLV /HGLVSRVLWLIGHEORFDJHjODUUrWGRLWrWUHHQFOHQFKpORUVTXHORQSODFHOHQIDQWGDQVOHYpKLFXOHRXTXRQOHQVRUW 1HSDVSODFHUGHFKDUJHVXSpULHXUHjNJGDQVOHSDQLHUFHTXLHQWUDvQHUDLWXQGpVpTXLOLEUHGHODSRXVVHWWH 7RXWHFKDUJHDWWDFKpHDXSRXVVRLUHWRXjODUULqUHGXGRVVLHUHWRX VXU OHV F{WpV GX YpKLFXOH SHXW LQXHU VXU OD VWDELOLWp GXYpKLFXOH &HWWHSRXVVHWWHHVWFRQoXHSRXUWUDQVSRUWHUXQHQIDQWjODIRLV /HVDFFHVVRLUHVQRQDSSURXYpVSDU%UHYLVUOQHGRLYHQWHQDXFXQFDVrWUHXWLOLVpV (Q XWLOLVDWLRQ GXR FKkVVLV VLpJH 60$57 FH YpKLFXOH QHUHPSODFHSDVXQFRXIQRXXQOLW/RUVTXHOHQIDQWDEHVRLQGHGRUPLULOFRQYLHQWGHOHSODFHUGDQVXQHQDFHOOHXQFRXIQRXXQOLWDSSURSULp 1HSDVXWLOLVHUGDXWUHVSLqFHVGHUHFKDQJHTXHFHOOHVUHFRPPDQGpHVSDUOHIDEULFDQW6DVVXUHUUpJXOLqUHPHQWTXHOHVVDQJOHVDWWDFKHVHWFHLQWXUHVGHVpFXULWpVRQWHQSDUIDLWpWDWGHIRQFWLRQQHPHQW7RXMRXUVXWLOLVHUOHKDUQDLVGHVpFXULWpRXOHGLVSRVLWLISUpYXSRXUPDLQWHQLUOHQIDQWHWODMXVWHUjVDWDLOOH8WLOLVHUOHGLVSRVLWLIGHIUHLQDJHjFKDTXHDUUrW/KDELOODJHSOXLHGRLWrWUHXWLOLVpVRXVODVXUYHLOODQFHGXQDGXOWH,OQHGRLWSDVrWUHXWLOLVpVXUXQHSRXVVHWWHQD\DQWSDVGHFDSRWHRXGHSDUHVROHLOSRXUOHUHFHYRLU1HMDPDLVODLVVHUOHQIDQWVRXVOKDELOODJHHQFDVGHWHPSVHQVROHLOOpSRXUFDXVHGHFKDOHXUH[FHVVLYH1HSOXVXWLOLVHUOHYpKLFXOHVLFHUWDLQHVSLqFHVVRQWFDVVpHVRXPDQTXDQWHV8WLOLVDWLRQGXVLqJHDXWRHQWDQWTXHWUDQVDW$9(57,66(0(171HMDPDLVODLVVHUOHQIDQWVDQVVXUYHLOODQFH1HSOXVXWLOLVHUOHVLqJHHQWDQWTXHWUDQVDWGqVORUVTXHOHQIDQWSHXWVHWHQLUDVVLVWRXWVHXO&HWUDQVDWQHVWSDVSUpYXSRXUGHORQJXHVSpULRGHVGHVRPPHLO,OHVWGDQJHUHX[GXWLOLVHUFHWUDQVDWVXU XQH VXUIDFH HQ KDXWHXU SDU H[HPSOH XQH WDEOH 7RXMRXUVXWLOLVHU OH V\VWqPH GH UHWHQXH &H WUDQVDW QH UHPSODFH SDV XQFRXIQRXXQOLW/RUVTXHOHQIDQWDEHVRLQGHGRUPLULOFRQYLHQWGHOHSODFHUGDQVXQFRXIQRXXQOLWDSSURSULp1HSDVXWLOLVHUOHWUDQVDW VL GHV FRPSRVDQWV VRQW FDVVpV RX PDQTXDQWV 1H SDVXWLOLVHUGDFFHVVRLUHVRXSLqFHVGHUHFKDQJHDXWUHVTXHFHX[DSSURXYpVSDUOHIDEULFDQW(175(7,(16XLYUH OHV LQVWUXFWLRQV GH ODYDJH VXU OpWLTXHWWH GHQWUHWLHQ SUpVHQWHVXUOHSURGXLW0DLQWHQLUWRXWHVOHVSDUWLHVPpWDOOLTXHVELHQVqFKHV DQ GpYLWHU OD IRUPDWLRQ GH URXLOOH 1HWWR\HU OHV SDUWLHVHQ SODVWLTXH DYHF XQH pSRQJH KXPLGH 3URWpJHU OH SURGXLW GHVpOpPHQWVDWPRVSKpULTXHVSOXLHRXQHLJH(YLWHUXQHH[SRVLWLRQGLUHFWHHWSURORQJpHDXVROHLOFHTXLSRXUUDLWHQWUDvQHUGHVPRGLFDWLRQVGHFRXOHXUVGHVGLIIpUHQWVPDWpULDX[*DUGHUFHSURGXLWGDQVXQHQGURLWVHF1HSDVODLVVHUOHPEDOODJHSODVWLTXHjODSRUWpHGHVHQIDQWVDQGpYLWHUWRXWULVTXHGDVSK\[LH
  • Page 44

    (63$f2/,03257$17(&RQVHUYDUHVWDVLQVWUXFFLRQHVSDUDIXWXUDVFRQVXOWDV(VWLPDGR&OLHQWHJUDFLDVSRUHVFRJHUXQSURGXFWR%UHYL$VHJXUDUVHTXHHOXWLOL]DGRUFRQR]FDELHQHOIXQFLRQDPLHQWRGHOSURGXFWR(OPRQWDMH\ODLQVWDODFLyQGHEHUiQVLHPSUHVHUKHFKDVSRUXQDGXOWR$7(1&,21(OSURGXFWRFRPELQDGR&5<67$/RIUHFHPXFKDVIXQFLRQHVFRFKHFLWRFXQDFRFKHFLWRFRQVLOODGHDXWRSDUDFDGDIXQFLyQVHGHEHUHVSHWDUHOiPELWRGHDSOLFDFLyQSUHYLVWR)81&,1$50$=1&216,//,7$&2&+(3$5$1,f26 DUW GHVGHHOQDFLPLHQWRKDVWDORVNJ$'9(57(1&,$1RGHMDUQXQFDDOQLxRVLQYLJLODQFLD$'9(57(1&,$$VHJXUDUVHGHTXHWRGRVORVGLVSRVLWLYRVGHFLHUUHHVWiQHQJUDQDGRVDQWHVGHOXVR$'9(57(1&,$3DUDHYLWDUULHVJRVDOHMDUDYXHVWURQLxRGXUDQWHODVRSHUDFLRQHVGHDEHUWXUD\FLHUUHGHHVWHSURGXFWR$'9(57(1&,$ 1R GHMDU TXH HO QLxR MXHJH FRQHVWHSURGXFWR$'9(57(1&,$ 8WLOL]DU VLVWHPDWLFDPHQWH ODVFLQWDVGHVHJXULGDG$'9(57(1&,$$QWHV GH OD XWLOL]DFLyQ YHULFDUTXHHOFXFRRHODVLHQWRRODVFRQH[LRQHVGHODVLOOD SDUD DXWR GH QLxRV HVWpQ FRUUHFWDPHQWHLQVHUWDGRV$'9(57(1&,$ (VWH SURGXFWR QR HV DGHFXDGRSDUDFRUUHURSDWLQDU5(&20(1'$&,21(6 6yORODVLOODGHDXWRSDUDQLxRVDUW6PDUWGHPDUFD%UHYLFRQDGDSWDGRUHVLQFOXtGRVGHPDUFD%UHYL SXHGHVHULQVWDODGDHQODVLOODGHSDVHRDUW (OIUHQRGHEHVHUDFFLRQDGRFXDQGRVHFRORFD\FXDQGRVHTXLWDDOQLxRGHOFDUULWR /DFHVWDSRUWDREMHWRVQRGHEHVHUFDUJDGDFRQSHVRVVXSHULRUHVDNJ &XDOTXLHUSHVRFRORFDGRHQHOPDQLOODU\RHQODSDUWHGHDWUDVGHOUHVSDOGR\RODWHUDOHVGHOYHKtFXORSRGUtDQSRQHUHQULHVJRODHVWDELOLGDGGHOYHKtFXOR 1RWUDQVSRUWDUDPDVGHXQQLxRDODYH] /RV DFFHVRULRV QR DSUREDGRV SRU %UHYL VUO QR GHEHQ VHU XWLOL]DGRV 8WLOL]DFLyQGHODVLOODGHDXWRSDUDQLxRVMXQWRFRQHOFKDVLVHVWHYHKtFXORQRUHHPSOD]DXQDFXQDGHYLDMHRFDPD6LHOQLxRQHFHVLWDGRUPLUSRQHUORHQXQDFXQDGHYLDMHRFXQDDGHFXDGD 8VDU VyOR DFFHVRULRV R UHFDPELRV DFRQVHMDGRV SRU %UHYL (OXVRGHDFFHVRULRVQRDSUREDGRVSRU%UHYLSRGUtDVHUSHOLJURVR35(&$8&,21(6*(1(5$/(66HUHFRPLHQGDHIHFWXDUODVRSHUDFLRQHVGHUHJXODFLyQOHMRVGHODSUHVHQFLDGHORVQLxRV$QWHVGHXVDUODDVHJXUDUVHVLHPSUHTXHORVGLVSRVLWLYRVGHVHJXULGDGGHOFKDVLVRGHODVLOODGHDXWRHVWpQFRUUHFWDPHQWHEORTXHDGRV$VHJXUDUVHTXHFRUUHDVJDQFKRV\FLQWXURQHVGHVHJXULGDGHVWpQHQSHUIHFWDVFRQGLFLRQHV1RXVDUHO FKDVLV HQ FRPELQDFLyQ FRQ OD VLOOD GH DXWR VL FXDOTXLHUD GHVXVFRPSRQHQWHVVHKXELHUDSHUGLGRRHVWXYLHUDGDxDGR1RFROJDUHQHOPDQLOODUEROVDVRSDTXHWHVTXHSXHGDQGHVHTXLOLEUDUHOFKDVLV8WLOL]DUHOGLVSRVLWLYRGHIUHQRVLHPSUHFDGDYH]TXHVHHIHFWXD XQD SDUDGD 1R GHMDU QXQFD HO FKDVLV HQ FRPELQDFLyQFRQODVLOODGHDXWRHQVXSHUFLHVLQFOLQDGDVFRQHOQLxRDGHQWUR\HOIUHQRDFFLRQDGR(OIUHQRQRJDUDQWL]DySWLPDVIUHQDGDVHQVXSHUFLHVPX\HPSLQDGDV(OXVRGHORVFLQWXURQHVGHVHJXULGDGHVLPSRUWDQWHSDUDODVHJXULGDGGHYXHVWURQLxR(QODVRSHUDFLRQHVGHUHJXODFLyQ\GHSOHJDGRDVHJXUDUVHVLHPSUHTXHODVSDUWHVGHOFXHUSRGHOQLxRQRHQWUHQHQFRQWDFWRFRQODVSDUWHVPyYLOHVGHOFKDVLV1RGHMDUTXHRWURVQLxRVMXHJXHQVLQYLJLODQFLDFHUFDGHODVLOODGHDXWRRVLOODGHSDVHR6LVHGHMDODVLOODGHDXWRH[SXHVWDDOVROGXUDQWHPXFKRWLHPSRHVSHUDUDTXHVHHQIUtHDQWHVGHFRORFDUHOQLxRDGHQWUR(YLWDUHOFRQWDFWRGHORVGHGRVFRQORVPHFDQLVPRV&216(-263$5$(/0$17(1,0,(172&RQVXOWDU OD HWLTXHWD GH FRPSRVLFLyQ GHO WHMLGR FRVLGD VREUH ODWHOD SDUD ODV LQVWUXFFLRQHV GH ODYDGR /LPSLDU SHULyGLFDPHWH ODSDUWHVSOiVWLFDVFRQXQSDxRK~PHGR6HFDUODVSDUWHVPHWiOLFDVSDUDHYLWDUIRUPDFLRQHVGHy[LGR3URWHMHUHOSURGXFWRGHDJHQWHVDWPRVIpULFRVDJXDOOXYLDRQLHYHODH[SRVLFLyQFRQWLQXDGHVROSXHGHFDXVDUODYDULDFLyQHQFRORUHVHQPXFKDVWHODV*XDUGDUOSURGXFWRHQXQOXJDUVHFR8VRGHODVLOODSDUDFRFKHFRPRXQDWXPERQD&RQIRUPHDODQRUPD(1D $'9(57(1&,$ 1RGHMDUQXQFDDOQLxRVLQYLJLODQFLD /DKDPDTXLWDQRHVWjDGDSWDGDSDUDQLxRVTXHSXHGDQHVWDUVHQWDGRVVRORV (VWDKDPDFDQRKDVLGRSURMHFWDGDSDUDVXHQRVODUJRVGHOEHEH (VSHOLJURVRDSR\DUODKDPDFDVREUHXQDPHVDRHQOXJDUHVDOHMDGRVGHOVXHOR 8WLOL]DUVLVWHPDWLFDPHQWHODVFLQWDVGHVHJXULGDG(VWDKDPDTXLWDQRVXEVWLWX\HXQDFDPD6LHOQLxRQHFHVLWDGRUPLUGHEHVHUFRORFDGRHQXQDFDPD1RXWLOL]DUODKDPDTXLWDVLDOJXQDGHVXVSDUWHVHVWiURWDRIDOWD8VDUVyORDFFHVRULRVRUHFDPELRVDFRQVHMDGRVSRU%UHYL6UO3XHGHVHUSHOLJURVRHOXVRGHDFFHVRULRVQRDSUREDGRVSRU%UHYLVUORSRUHOGLVWULEXLGRU
  • Page 45

    $WHQFLyQ3DUDHYLWDUULHVJRGHDV[LDTXLWHODSURWHFFLyQSOiVWLFDDQWHVGHXVDUHOSURGXFWR(VWDSURWHFFLyQSOiVWLFDWLHQHTXHVHUWLUDGDHQXQDUHFRJLGDGHEDVXUDVOHMRVGHOQLxR32578*86,PSRUWDQWH*XDUGDUHVWDVLQVWUXo}HVSDUDIXWXUDVFRQVXOWDV3UH]DGR&OLHQWHDJUDGHFHPRVSRUWHUHVFROKLGRXPSURGXWR%UHYL$VVHJXUHVHGHTXHRXWLOL]DGRUFRQKHFHEHPRIXQFLRQDPHQWRGRSURGXWR $PRQWDJHPHDLQVWDODomRGHYHPVHPSUHVHUIHLWDVSRUXPDGXOWR$9,622SURGXWRFRPELQDGR&5<67$/RIHUHFHYiULDVIXQo}HVFDGHLUDGHUXDFDGHLUDGHUXDFRPDOFRIDHFDGHLUDGHUXDFRPFDGHLUD DXWR 3DUD FDGD IXQomR GHYHVH UHVSHLWDU R kPELWR GHDSOLFDomR)81&,21$0(172$50$d2&20&$'(,5$'($87209(/3$5$&5,$1d$6 DUW GHVGHRQDVFLPHQWRDWpNJ$'9(571&,$ 1XQFD GHL[H D FULDQoD VHP YLJLOkQFLD$'9(571&,$$QWHV GH XVDU R DUWLJR FHUWLTXHVHGHTXHWRGRVRVGLVSRVLWLYRVGHERTXHLRHVWmRFRUUHFWDPHQWHLQVWDODGRV$'9(571&,$ 3DUD HYLWDU OHV}HV DVVHJXUHVHGHTXHDFULDQoDpPDQWLGDDIDVWDGDGXUDQWHDDEHUWXUDHRIHFKRGHVWHSURGXWR$'9(571&,$1mRGHL[HDFULDQoDEULQFDUFRPHVWHSURGXWR$'9(571&,$8WLOL]DUVHPSUHRFLQWRGHVHJXUDQoDHRHQWUHSHUQDVGHYLGDPHQWHDMXVWDGRV$'9(571&,$$QWHVGDXWLOL]DomRGHYHUiYHULFDUVHDDOFRIDRDVVHQWRGDFDGHLUDRXDFDGHLUDDXWRHVWmRFRUUHFWDPHQWHSUHVRV$'9(571&,$ (VWH SURGXWR QmR p DGHTXDGRSDUDVHUXVDGRHQTXDQWRSUDWLFDFRUULGDRXSDWLQDJHP5(&20(1'$d(6 $SHQDVDFDGHLUDDXWRSDUDFULDQoDVDUW6PDUWGDPDUFD%UHYL FRPDGDSWDGRUHVGDPDUFD%UHYL SRGHVHULQVWDODGRQRFDUULQKRGHSDVVHLRDUW 2WUDYmRGHYHVHUDFFLRQDGRHQTXDQWRVHFRORFDRXVHUHWLUDDFULDQoDGD&DGHLUDGH5XD 2FHVWRQmRGHYHUiVHUFDUUHJDGRFRPPDLVGHNJ 4XDOTXHUSHVRFRORFDGRQDDOoDHRXQDSDUWHGHWUiVGRHQFRVWRHRXQRVODGRVGRYHtFXORSRGHUmRS{UHPULVFRDHVWDELOLGDGHGRYHtFXOR 1mRWUDQVSRUWDUPDLVGRTXHXPDFULDQoDGHFDGDYH] 2V DFHVVyULRV QmR DSURYDGRV SRU %UHYL 6UO QmR GHYHP VHUXWLOL]DGRV 4XDQGRXWLOL]DGDD&DGHLUD$XWRMXQWDPHQWHFRPD&DGHLUDGH5XDHVWHYHtFXORQmRVXVEWLWXLREHUoRRXFDPDGHYLDJHP6HDFULDQoDSUHFLVDUGHGRUPLUGHYHUiVHUFRORFDGDQXPEHUoRRXFDPDGHYLDJHPDGHTXDGD 1mR XVDU DFHVVyULRV RX FRPSRQHQWHV TXH QmR RV DSURYDGRVSHOD%UHYL2XVRGHDFHVVyULRVQmRDSURYDGRVSHOD%UHYLSRGHUiVHUSHULJRVR$9,626*(5$,6eDFRQVHOKiYHOPDQWHUDVFULDQoDVORQJHGRSURGXWRGXUDQWHDVRSHUDo}HVGHPRQWDJHP$QWHVGHXWLOL]DUFHUWLTXHVHGHTXHRVGLVSRVLWLYRVGHVHJXUDQoDGRFDUULQKRRXGDFDGHLUDDXWRHVWmRFRUUHWDPHQWHEORTXHDGRV&HUWLTXHVHGHTXHDVFRUUHLDVDFHVVyULRVHFLQWRVGHVHJXUDQoDHVWmRHPSHUIHLWDVFRQGLo}HV1mRXWLOL]HRFDUULQKRFRPDFDGHLUDDXWRFDVRWHQKDFRPSRQHQWHVGDQLFDGRVRXHPIDOWD1mRSHQGXUDUVDFRVSHVDGRVRXHPEDODJHQVQRVPDQtSXORV,VVRSRGHGHVHTXLOLEUDURFDUUR$FFLRQDURVWUDY}HVVHPSUHTXHHVWHMDSDUDGR1XQFDGHL[HDFULDQoDQRFDUULQKRFRPDFDGHLUDDXWRWUDYDGRQXPDUDPSD2WUDYmRSRGHQmRJDUDQWLUWRWDOVHJXUDQoDHPUDPSDVPXLWRDFHQWXDGDV3DUDVHJXUDQoDGDFULDQoDpPXLWRLPSRUWDQWHTXHHODXVHVHPSUHRVFLQWRV4XDQGRHVWLYHUDDEULURXDIHFKDURFDUURFHUWLTXHVHVHPSUH GH TXH DV SDUWHV GR FRUSR GR EHEp VH HQFRQWUDP DIDVWDGDV GDV SDUWHV PyYHLV GR FKDVVL 1mR SHUPLWD TXH RXWUDVFULDQoDV EULQTXHP VHP YLJLOkQFLD SHUWR GD FDGHLUD DXWR RX GDFDGHLUDGHUXD&DVRDFDGHLUDDXWRTXHH[SRVWDDRVROGXUDQWHPXLWRWHPSRGHL[HDDUUHIHFHUDQWHVGHFRORFDUOiDFULDQoD1XQFDFRORTXHRVGHGRVGHQWURGRVGLIHUHQWHVPHFDQLVPRV35,1&,3$,6&216(/+263$5$0$187(1d2&RQVXOWH D HWLTXHWD Wr[WLO FRVLGD QR SURGXWR SDUD LQVWUXo}HV GHODYDJHP /LPSDU SHULRGLFDPHQWH DV SDUWHV SOiVWLFDV FRP XPSDQRK~PLGR6HFDUDVSDUWHVPHWiOLFDVSDUDSUHYHQLUGDIHUUXJHP 3URWHMD R SURGXWR GRV DJHQWHV DWPRVIpULFDV iJXD FKXYDRXQHYHDH[SRVLomRFRQWtQXDHSURORQJDGDDRVROSRGHFDXVDUDOWHUDo}HVQDVFRUHVGRVWHFLGRVHGHRXWURVPDWHULDLV&RQVHUYDURSURGXWRHPORFDOVHFR8WLOL]DomRFRPRXPDFDGHLUDGHUHSRXVR(PFRQIRUPLGDGHFRPDQRUPD(1D $9,62 1XQFDGHL[HDFULDQoDVHPYLJLOkQFLD 1mRUHFRPHQGDGRSDUDFULDQoDVTXHMiVHVHQWDPVR]LQKDV (VWDFDGHLUDGHUHSRXVRQmRIRLFRQFHELGDSDUDSURORQJDGRVSHUtRGRVGHVRQR e SHULJRVR XWLOL]DU D FDGHLUD GH EDORLoR HPFLPD GD PHVD RX VREUH TXDOTXHU RXWUD VXSHUItFLHHOHYDGD
  • Page 46

    8WLOL]DU VHPSUH R FLQWR GH VHJXUDQoD R HQWUHSHUQDVGHYLGDPHQWHDMXVWDGRV$ FDGHLUD GH UHSRXVR QmR VXEVWLWXL D FDPD RX R EHUoR 6H DFULDQoDTXLVHUGRUPLUGHYHUiFRORFiODQDFDPDRXQREHUoRDGHTXDGR1mRXWLOL]DUDFDGHLUDGHUHSRXVRVHDOJXPFRPSRQHQWHHVWLYHUSDUWLGRRXHPIDOWD1mRXVDUDFHVVyULRVRXFRPSRQHQWHVTXHQmRRVDSURYDGRVSHOD%UHYLVUO$XWLOL]DomRGHDFHVVyULRVQmRDSURYDGRVSHOD%UHYLVUORXSHORUHYHQGHGRUSRGHPRULJLQDUSHULJRV$WHQomR 3DUD HYLWDU R ULVFR GH DV[LD HOLPLQDU D SURWHFomRSOiVWLFDDQWHVGHXWLOL]DUHVWHDUWLJR(VWDSURWHFomRGHYHVHUGHVWUXtGDRXPDQWLGDIRUDGRDOFDQFHGDVFULDQoDV6/29(16.29$12 +UDQLWH WD QDYRGLOD ]D NDVQHM�RXSRUDER6SR�WRYDQLNXSHF]DKYDOMXMHPRVHYDPGDVWHL]EUDOLSUDYL]GHOHN%UHYL7DNRM]DYU]LWHSODVWLQHYUHNHNHUVRQHYDUQH]DRWURND,]GHOHNQDMYHGQRVHVWDYLLQQDPHVWLRGUDVODRVHED232=25,/2 &5<67$/ MH NRPELQLUDQ VLVWHP RWUR�NHJDYR]LND ] YHLPL IXQNFLMDPL XSRUDED NRW �SRUWQL YR]LHN VDPRJORERNHNR�DUHYR]LHN]DYWRVHGHHP=DYVDNRPRQRVWXSRUDEHXSR�WHYDMWH)81.&,-$ 2*52'-( = $97202%,/6.,02752.,0 6('((0 DUW RG URMVWYD GR NJ232=25,/2 2WURND QLNROL QH SXVWLWH VDPHJDEUH]QDG]RUD232=25,/23UHGYVDNRXSRUDERVHSUHSULDMWHDOLVRVHYDURYDODQDYR]LNXLQVHGHSUDYLOQR]DVNRLOD232=25,/20HGMHPDQMHPL]GHONDL]HPEDODHLQ PHG QMHJRYLP ]ODJDQMHP QDM Y EOLLQL QH ERRWURN 1D WD QDLQ ERVWH SUHSUHLOL PRUHELWQHSR�NRGEH232=25,/22WURNXQHGRYROLWHGDVH]L]GHONRPLJUD232=25,/2 9HGQR XSRUDEOMDMWH YDURYDOQL VLVWHP232=25,/23UHGXSRUDERSUHYHULWHGDVRODGMLFDVHGHDOLSULNOMXNLRWUR�NHJDVHGHDSUDYLOQRYVWDYOMHQL232=25,/2,]GHOHNQLSULPHUHQ]DWHNDOLURODQMH35,3252,/$ 1D YR]LHN DUW MH PRQR QDPHVWLWL VDPR DYWRPRELOVNLRWUR�NLVHGHDUW6PDUW]QDPNH%UHYL ]DGDSWHUML]QDPNH%UHYL %ORNLUQLPHKDQL]HPPRUDELWLDNWLYLUDQNDGDUGDMHWHDOLMHPOMHWHRWURNDL]YR]LND 2GODJDOQHNR�DUHQLNROLQHREUHPHQLWH]DYHNRWNLORJUDPD .DWHUDNROLWHDSULWUMHQDQDNOMXNRLQDOL]DGQMLVWUDQLKUEWL�DLQDOLQDVWUDQLYR]LODELODKNRRJUR]LODVWDELOQRVWYR]LOD 9R]LHNMHQDPHQMHQOH]DYRQMRHQHJDRWURND 8SRUDEDGRGDWQLKGHORYNLQLVRRGREUHQLVVWUDQLSRGMHWMD%UHYLVUOMHSUHSRYHGDQD 8SRUDEDDYWRPRELOVNHJDRWUR�NHJDVHGHDVNXSDMV�DVLMRWDSURL]YRGQHPRUHQDGRPHVWLWLSUHQRVQHSRVWHOMLFHDOLSRVWHOMHHLPDRWURNSRWUHERSRVSDQMXJDSRORLWHYXVWUH]QRSRVWHOMLFR 8SRUDEOMDMWHOHGRGDWNHR]QDGRPHVWQHGHOHSURL]YDMDOFD%UHYL8SRUDEDGRGDWNRYNLQLVRGREDYOMHQLVVWUDQLSURL]YDMDOFD%UHYLMHODKNRQHYDUQD63/21$232=25,/$0HGVHVWDYOMDQMHPL]GHONDQDMERGRRWURFLQDYDUQLUD]GDOML3UHGXSRUDERVHSUHSULDMWHDOLVRYVL]DNOHSQLPHKDQL]PLQDYR]LNXDOLDYWRVHGHX]DVNRLOLYSRORDM=DJRWRYLWHGDVRWUDNRYLVSRQNHLQYDUQRVWQLSDVRYLEUH]KLEQL,]GHONDQHXSRUDEOMDMWHNDGDUMHNDNU�HQNROLVHVWDYQLGHOSR�NRGRYDQDOLPDQMND1DURDMQHQDODJDMWHWHNLKYUHNDOLSDNHWRYVDMODKNRWRSRY]URLQHVWDELOQRVW.DGDU VH ERVWH XVWDYLOL DNWLYLUDMWH ]DYRUH 2WURND Y DYWRVHGHXQLNROLQHSXVWLWHVDPHJDQDSRERMLK]QDNORQLPWXGLQHHMH]DYRUDDNWLYLUDQDVDMOHWDQHPRUHMDPLWLSRSROQHYDUQRVWL=DUDGLYDUQRVWLYD�HJDRWURNDPRUDWHYHVDVXSRUDEHXSRUDEOMDWLYDUQRVWQHSDVRYH3UHSULDMWHVHGDPHGRGSLUDQMHP]ODJDQMHPJLEOMLYLGHOLYR]LNDQHSULGHMRYVWLN]YD�LPRWURNRP1HGRYROLWHRWURNXGDVHLJUDYEOLLQLDYRWVHGHDLQYR]LND9NROLNRUERVWHDYRWVHGHGDOMDVDSXVWLOLQHSRVUHGQRQDVRQFXJDSUHGHQERVWHYDQMSRORLOLRWURNDGREURRKODGLWH3UVWRYQHYWLNDMWHYPHKDQL]PH2EVWDMDQHYDUQRVW]DWDNQMHQMD63/21$1$92',/$=$9='5(9$1-(1DYRGLOD]DY]GUHYDQMHVRUD]YLGQDQDY�LYQLHWLNHWL3ODVWLQHGHOHYR]LNDUHGQRLVWLWH]YODQRNUSR9HGQRGREURRVX�LWHNRYLQVNHGHOHVWHPERVWHSUHSUHLOLUMDYHQMH,]GHOHN]D�LWLWHSUHGQDUDYQLPLSRMDYLYRGRGHMHPDOLVQHJRPGDOM�HL]SRVWDYOMDQMHQHSRVUHGQL VRQQL VYHWOREL ODKNR SRY]URL REOHGHORVW SUHYOHNH,]GHOHNVKUDQMXMWHYVXKHPSURVWRUX5DEDYDUQRVWQHJDVHGHDNRWOHDOQLND,]GHODQMHYVNODGXVVWDQGDUGRP(1D 232=25,/2 9OHDOQLNXLQJXJDOQLNXRWURNDQLNROLQHSXVWLWHVDPHJDEUH]QDG]RUD ,]GHOHN QL SULPHUHQ ]D RWURNH NL H VHGLMR VDPRVWRMQR /HDOQLNLQJXJDOQLNQLSULPHUHQ]DVSDQMH
  • Page 47

    *XJDOQLNDLQOHDOQLNDQLNROLQHSRVWDYOMDMWHQDPL]R DOL RVWDOH SRYU�LQH GYLJQMHQH RG WDO VDMODKNRQDWDQDLQRJUR]LWHYDUQRVWYD�HJDRWURND 9HGQRXSRUDEOMDMWHYDURYDOQLVLVWHP/HDOQLN LQ JXJDOQLN QH QDGRPHVWL RWUR�NH SRVWHOMLFH .DGDU ERRWURNSRWUHERYDOVSDQHFJDSRORLWHYRWUR�NRSRVWHOMLFR,]GHONDQHXSRUDEOMDMWHHMHSR�NRGRYDQDOLNDN�HQGHOPDQMND8SRUDEOMDMWHOHGRGDWNHR]QDGRPHVWQHGHOHSURL]YDMDOFD%UHYL8SRUDEDSULSRPRNRYNLMLK%UHYLVUODOLSURGDMDOHFQLVWDRGREULODMHODKNRQHYDUQD3R]RU H SUHG XSRUDER L]GHOND RGVWUDQLWH SODVWLQR RYRMQRHPEDODRLQMR]DYU]LWHR]6KUDQLWHQHGRVHJOMLYRRWURNRP1DWDQDLQERVWHSUHSUHLOLQHYDUQRVWGDYOMHQMDR]=DGX�LWYH32/6.<:$1( 1LQLHMV] LQVWUXNFM ]DFKRZD GRSU]\V]\FKNRQVXOWDFML6]DQRZQ\NOLHQFLHG]LNXMHP\&L]DZ\EyUSURGXNWX%UHYL8SHZQLM VL H NWRNROZLHN NWR X\ZD Zy]ND ZLH MDN JRREVXJLZD6NDGDQLHLLQVWDODFMDSRZLQQ\]DZV]HE\Z\NRQ\ZDQHSU]H]RVREGRURV:$=1( 6\VWHP ]RRQ\ &5<67$/ FHFKXMH ZLHORIXQNF\MQRQS VSDFHUyZND Zy]HN JERNRVSDFHURZ\ RUD] Zy]HN ] ]DPRQWRZDQ\PIRWHOLNLHP.DGDRSFMDPDUy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y]NX DUW PRH E\ LQVWDORZDQ\ Z\F]QLH IRWHOLNVDPRFKRGRZ\ GOD G]LHFL DUW 6PDUW PDUNL %UHYL ZUD] ]SU]\F]DPLPDUNL%UHYL +DPXOHF SRZLQLHQ E\ Z SR]\FML ]DEORNRZDQ\ SRGF]DVZNDGDQLDOXEZ\FLJDQLDG]LHFND]Zy]ND .RV]QD]DNXS\QLHPRHSU]ZR]LFLDUyZZLNV]\FKQLNJ :V]HONLH GRGDWNRZH REFLHQLH SU]\F]RQH GR XFKZ\WX LOXEGRRSDUFLDLOXEGRERNyZSRMD]GXPRJ]DJUR]LVWDELOQRFLSRMD]GX 1LJG\QLHSU]HZRZZy]NXZLFHMQLMHGQHJRG]LHFND =DEUDQLDVLX\FLDDNFHVRULyZNWyUHQLH]RVWD\]DWZLHUG]RQHSU]H]VSyN%UHYLVUO .RU]\VWDQLH]IRWHOLNDVDPRFKRGRZHJRGODG]LHFLUD]HP]ED]QLH]DVWSXMHRQDQLyHF]NDDQLyHF]NDSRGUyQHJR-HHOLG]LHFNRSRWU]HEXMHVQXSRR\MHZRGSRZLHGQLPyHF]NXOXEyHF]NXSRGUyQ\P 1LHVWRVRZDDNFHVRULyZOXEF]HVFL]DPLHQQ\FKLQQ\FKMDNWH]DWZLHUG]RQHSU]H]%UHYL8\FLHDNFHVRULyZQLH]DWZLHUG]RQ\FKSU]H]%UHYLPRHE\QLHEH]SLHF]QHZVNXWNDFK2*/1(2675=((1,$=DOHFD VL WU]\PD G]LHFL ] GDOD RG SURGXNWX SRGF]DV MHJR UHJXODFML 3U]HG X\FLHP ]DZV]H XSHZQLM VL F]\ XU]G]HQLDEORNXMFH VWHOD Zy]ND RUD] IRWHOLN V SRSUDZQLH ]DEORNRZDQH8SHZQLMVLHZV]\VWNLHSDVNL]DF]HS\LV]HONLEH]SLHF]HVWZDV Z GREUHM NRQG\FML 1LH X\ZDM VWHODX Zy]ND ] ]DPRQWRZDQ\PIRWHOLNLHPMHHOLNWyUDNROZLHN]F]FLMHVWXV]NRG]RQDOXEEUDNXMFD 1LH SRGZLHV]DM FLNLFK WRUHE L SDNXQNyZ GR UF]NL0RHWRZS\QQDXWUDWVWDELOQRFLVWHODXZy]ND8\ZDMKDPXOFD]DNDG\PUD]HPJG\VL]DWU]\PXMHV]1LJG\QLHSR]RVWDZLDMVWHODXZy]ND]]DPRQWRZDQ\PIRWHOLNLHPQD]ERF]XQDZHW] ]DF]RQ\P KDPXOFHP +DPXOHF QLH PRH ]DJZDUDQWRZDEH]SLHF]HVWZD QD VWURP\FK ]ERF]DFK 'OD EH]SLHF]HVWZD7ZRMHJR G]LHFND ]DZV]H ]DNDGDM SDV\ EH]SLHF]HVWZD 3RGF]DVUR]NDGDQLDLVNDGDQLDVWHODXZy]NDXSHZQLMVLHG]LHFNDQLHPDZSREOLXSRQLHZDPRHWRVSRZRGRZDSU]\WV]DQLFLHQLHNWyU\FK F]FL FLDD 1LH SR]ZDODM LQQ\P G]LHFLRP EDZL VLEH] RSLHNL Z SREOLX IRWHOLND VRPRFKRGRZHJR F]\ VSDFHUyZNL-HHOLIRWHOLNSR]RVWDZLRQ\QDVRFXQDJU]HMHVLRGF]HNDMDVLVFKRG]L]DQLPXR\V]ZQLPG]LHFNR1JG\QLHZNDGDMSDOFyZGRPHFKDQL]PyZ32'67$:2:(=$/(&(1,$875=<0$1,$=DZV]HRGZRXMVLGRPHWNLQDV]\WHMQDPDWHULDOHZSU]\SDGNXSUDQLD &]\VF SODVWLNRZH HOHPHQW\ RNUHVRZR SU]\ X\FLX ZLOJRWQHMV]PDWNL2VXV]DMPHWDORZHHOHPHQW\DE\]DSRELHFSRMDZLHQLXVLUG]\2VDQLDMSURGXNWSU]HGZS\ZDPL]HURGRZLVND]HZQWU]QHJR WDNLPL MDN ZRGD GHV]F] QLHJ SURPLHQLHVRQHF]QH=E\WGXJLHZ\VWDZLHQLHQDVRFHPRHVSRZRGRZDZ\EODNQLFLHPDWHULDX7U]\PDMSURGXNWZVXFK\PPLHMVFX8\FLHIRWHOLNDVDPRFKRGRZHJRMDNROHDF]ND=JRGQ\]HVWDQGDUGDPLEH]SLHF]HVWZD(1D 2675=((1,(
  • Page 48

    1LJG\QLHSR]RVWDZLDMG]LHFNDEH]RSLHNL 1LHX\ZDMRGFK\ORQHJROHDF]NDRGPRPHQWXMDNG]LHFNRSRWUDVDPRG]LHOQLHVLHG]LH /H]DF]HNQLHMHVWSU]H]QDF]RQ\GRGOXJLHJRRNUHVXVSDQLD 8PLHV]F]DQLH OH]DF]ND QD SRZLHU]FKQLDFKZ RGOHJORVFL RG SRGORJL QS VWR O MHVW QLHEH]SLHF]QH =DZV]HX]\ZDMV\VWHPXEORNRZDQLD7HQRGFK\ODQ\OHDF]HNQLHPRH]DVWSLyHF]NDOXENRMFD:PRPHQFLHNLHG\G]LHFNRSRWU]HEXMHGXV]HJRVQXSRZLQQDE\XRRQHZyHF]NXOXENRMFX1LHX\ZDMOHDF]NDMHHOLNWyUDNROZLHN]F]FLMHVWEUDNXMFDOXEXV]NRG]RQD1LHVWRVRZDDNFHVRULyZOXEF]HVFL]DPLHQQ\FKLQQ\FKMDNWH]DWZLHUG]RQHSU]H]%UHYLVUO8\FLHDNFHVRULyZQLH]DWZLHUG]RQ\FKSU]H]UP%UHYLOXEVSU]HGDZFPRHRND]DVLQLHEH]SLHF]QH:D]QH $E\ XQLNQ U\]\ND XGXV]HQLD ]GHMPLM SODVWLNRZRVRQ SU]HG X\FLHP SURGXNWX 3ODVWLNRZH SRNU\FLH SRZLQQR]RVWDZ\U]XFRQHGRNRQWHQHUD]GDODRGG]LHFL0$*<$5)217267DUWVDPHJH]HNHWD]XWDVtWiVRNDWDWRYiEELDNEDQLV7LV]WHOWYiViUOy.|V]|QMNKRJ\%UHYLWHUPpNHWYiODV]WRWW%L]RQ\RVRGMRQ PHJ UyOD KRJ\ D EDEDNRFVL YDODPHQQ\L KDV]QiOyMD LVPHUL D KDV]QiODW PyGMiW$] |VV]HV]HUHOpVW pV EHiOOtWiVWPLQGLJIHOQWWYpJH]]H),*<(/(0$]&5<67$/WHUPpNQNVRNIXQNFLyYDOUHQGHONH]LN~J\PLQWEDEDNRFVLPy]HVNRViUEDEDNRFVLJ\HUPHNOpVVHO%iUPHO\IXQNFLyKDV]QiODWDNRUJ\HOMHQDN|YHWNH]NUH$876 *<(5(.h/e66(/ (//7277 9= FLNNV]iP V]OHWpVWONJLJ),*<(/0(=7(7e6 6RKD QH KDJ\MD J\HUPHNpWIHOJ\HOHWQpONO),*<(/0(=7(7e6 +DV]QiODW HOWW EL]RQ\RVRGMRQ PHJ UyOD KRJ\ PLQGHQ PHJIHOHOHQ YDQEHiOOtWYDpV|VV]HV]HUHOYH),*<(/0(=7(7e6 $ VpUOpVHN HONHUOpVH pUGHNpEHQWDUWVDWiYROJ\HUPHNpWDPLNRU|VV]HFVXNMDYDJ\V]pWQ\LWMDDWHUPpNHW),*<(/0(=7(7e6 1H HQJHGMH J\HUPHNpQHNKRJ\MiWpNQDNKDV]QiOMDDWHUPpNHW),*<(/0(=7(7e6 0LQGLJ KDV]QiOMD D EHOV|YHNHW),*<(/0(=7(7e6$KDV]QiODWHOWWHOOHQUL]]HKRJ\ D KDMy YDJ\ D] OpV YDJ\ D] DXWyV J\HUHNOpV IRJDQW\~L J\HUHNHN V]iPiUD KHO\HVHQOHJ\HQHNEHKHO\H]YH),*<(/0(=7(7e6 $ WHUPpN QHP KDV]QiOKDWyIXWiVYDJ\J|UNRUFVRO\i]iVN|]EHQ$-1/62. .L]iUyODJ D] FLNNV]iP~ %UHYL J\iUWPiQ\~ 6PDUW DXWyVJ\HUPHNOpVW DPHO\ %UHYL J\iUWPiQ\~ DGDSWHUHNNHO WHOMHV V]DEDGD]FLNNV]iP~EDEDNRFVLUDV]HUHOQL $IpNHWPLQGLJU|J]tWVHDJ\HUPHNNLLOOHWYHEHUDNiViQiO $NRViUPD[LPiOLVWHUKHOKHWVpJHNJ $IRJyUDpVYDJ\DKiWWiPOiUDpVYDJ\DMiUPROGDODLUDDNDV]WRWWV~O\RNYHV]pO\H]WHWLNDMiUPVWDELOLWiViW (J\V]HUUHFVDNHJ\J\HUPHNV]iOOtWKDWyDEDEDNRFVLEDQ 1HKDV]QiOMRQD%UHYLVUOiOWDOMyYiQHPKDJ\RWWNLHJpV]tWNHW $] DXWyV J\HUHNOpV WHWYHO HJ\WWHV KDV]QiODWD H] D MiUPQHP KHO\HWWHVtWL D] XWD]yiJ\DW YDJ\ HJ\ iJ\DW +D D J\HUHNDOXGQL V]HUHWQH DNNRU KHO\H]]H HJ\ XWD]yiJ\ED YDJ\ HJ\PHJIHOHOiJ\ED $ WHUPpNKH] FVDN D %UHYL iOWDO MyYiKDJ\RWW WDUWR]pNRNDW KDV]QiOMRQ$ %UHYL iOWDO QHP MyYiKDJ\RWW WDUWR]pNRN KDV]QiODWDYHV]pO\HVOHKHW/7$/126),*<(/0(=7(7e6(..pUMNWDUWVDWiYROJ\HUPHNpWDWHUPpNWO|VV]HV]HUHOpVN|]EHQ+DV]QiODWHOWWEL]RQ\RVRGMRQPHJUyODKRJ\DYi]YDJ\D]DXWyVOpV EL]WRQViJL EHUHQGH]pVHL PHJIHOHOHQ YDQQDN U|J]tWYH%L]RQ\RVRGMRQ PHJ D SiQWRN NLHJpV]tWN |YHN pSVpJpUO 1HKDV]QiOMD D Yi]DW D] DXWyVOpVVHO KD EiUPHO\LN UpV]H KLiQ\]LNYDJ\W|U|WW1HDNDVV]RQQHKp]WiVNiWYDJ\FVRPDJRWDWROyNDUUDPHUWLQVWDELOLWiVKR]YH]HWKHW0HJiOOiVQiOPLQGLJEL]WRVtWVDNLDIpNHNHW 1H KDJ\MD UL]HWOHQO J\HUPHNpW D OHIpNH]HWW DXWyVOpVEHQOHMWQDIpNXJ\DQLVQHPJDUDQWiOMDDEL]WRQViJRWQDJ\RQPHUHGHN ~WRQ $ WHOMHV EL]WRQViJ pUGHNpEHQ PLQGLJ N|VVH EHJ\HUPHNpW$Yi]|VV]HFVXNiVDpVNLQ\LWiVDN|]EHQDJ\HUPHNHWWDUWVD WiYRO PLQGHQ PR]Jy DONDWUpV]WO 1H HQJHGMH KRJ\ J\HUHNHNUL]HWOHQOMiWV]DQDND]DXWyVOpVYDJ\DEDEDNRFVLN|]HOpEHQ $] DXWyVOpV W~OPHOHJV]LN KD D QDSRQ KDJ\MiN +DJ\MDOHKOQLPLHOWWJ\HUPHNpWEHOHWHQQp6RKDQHQ\~OMRQDPHFKDQLNXVUpV]HNKH]8MMVpUOpVYHV]pO\/7$/126.$5%$17$5760RViV HOWW LVPHUNHGMHQ PHJ D WHUPpN WH[WtOLiMiED YDUUW LQVWUXNFLyNNDO$PDQ\DJUpV]HNHWLGQNpQWW|U|OMHiWQHGYHVURQJJ\DO$IpPDONDWUpV]HNHWWDUWVDV]iUD]RQDUR]VGiVRGiVPHJHO]pVHpUGHNpEHQ9pGMHDWHUPpNHWDNOVN|UQ\H]HWLKDWiVRNWyOYt]WOHVWO YDJ\ KDYD]iVWyO KRVV]DEE LGHLJ WDUWy QDSVXJiU]iV YiOWR]iVWRNR]KDWDWHUPpNV]tQpEHQWDUWVDDWHUPpNHWV]iUD]KHO\HQ*\HUPHNOpViJ\NpQWLDONDOPD]iVD0HJIHOHOD]DOiEELEL]WRQViJLV]DEYiQ\RNQDN(1D ),*<(/0(=7(7e6
  • Page 49

    6RKDQHKDJ\MDJ\HUPHNpWIHOJ\HOHWOHQO 1HKDV]QiOMDDSLKHQV]pNHWKDPiUDJ\HUPHNHJ\HGONpSHVOQL $SLKHQV]pNQHPDONDOPDVKRVV]DEELGHLJWDUWyDOYiVUD $ SLKHQV]pNHW YHV]pO\HV PDJDV WHUOHWHNHQKDV]QiOQLPLQWSpOGiXODV]WDORQ 0LQGLJKDV]QiOMDDEHOV|YHNHW$SLKHQV]pNQHPKHO\HWWHVtWLDNLViJ\DWYDJ\D]iJ\DW$PLNRUJ\HUPHNpQHNDOXGQLDNHOOHUUHDFpOUDPHJIHOHOiJ\EDIHNWHVVH1H KDV]QiOMD D SLKHQV]pNHW DPHQQ\LEHQ YDODPHO\LN DONRWyHOHPHW|U|WWYDJ\ KLiQ\]LN$ WHUPpNKH]FVDND%UHYLVUOiOWDOMyYiKDJ\RWWWDUWR]pNRNDWKDV]QiOMRQ$%UHYLVUOYDJ\DKLYDWDORVYLV]RQWHODGy iOWDO QHP HQJHGpO\H]HWW NLHJpV]tWN DONDOPD]iVDYHV]pO\HVOHKHW)LJ\HOHP$IXOODGiVYHV]pO\HONHUOpVHpUGHNpEHQWiYROtWVDHOD PDQ\DJ FVRPDJROiVW PLHOWW KDV]QiOQi D WHUPpNHW (]XWiQGREMDNLDJ\HUPHNWOWiYROLKXOODGpNWiUROyED+59$76.,9$12 6DXYDMWH RYH XSXWH ]D EXGXXXSRWUHEX3R�WRYDQLNRULVQLH]DKYDOMXMHPR�WRVHRGDEUDOL%UHYLSURL]YRG2VLJXUDWLGDNRULVQLNGREURSR]QDMHIXQNFLMRQLUDQMHSURL]YRGD6DVWDYOMDQMHLLQVWDODFLMDXYLMHNPRUDELWLL]YHGHQDRGVWUDQHRGUDVOHRVREH832=25(1-( .RPELQLUDQD &5<67$/ NROLFD RPRJXXMXPQRJR IXQNFLMD NDR NROLFD VD GXERNRP NR�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�DUDLOLVMHGDORWHSULNOMXFLGMHMHDXWRVMHGDOLFHSUDYLOQRSRVWDYOMHQL832=25(1-(2YDMSURL]YRGQLMHQDPMHQMHQ]DWUDQMHLOLNRWXUDQMH35(3258.( 6DPR VH GMHMD DXWRVMHGDOLFD DUW 6PDUW PDUNH %UHYLRSUHPOMHQDDGDSWHULPDPDUNH%UHYL PRHSRVWDYLWLQDGMHMDNROLFDDUW .RQLFH PRUDMX ELWL EORNLUDQD NDGD VH VWDYOMD LOL YDGL GLMHWH L]NROLFD .R�DULFDVHQHVPLMHRSWHUHWLWLYL�HRGNLORJUDPD 6YDNR RSWHUHHQMH QD UXLFX LLOL VWUDQML GLR QDVORQD LLOL QDERQHVWUDQHYR]LODPRHXJUR]LWLVWDELOQRVWYR]LOD 1HNRULVWLWHNROLFD]DSULMHYR]YL�HRGMHGQRJGLMHWHWDXLVWRYULMHPH 1HVPLMHVHXSRWUHEOMDYDWLGRGDWQDRSUHPDNRMXWYUWND%UHYLVUOQLMHRGREULOD 8SRWUHED GMHMH DXWRVMHGDOLFH ]DMHGQR V NRVWXURP NROLFD RYRSULMHYR]QR VUHGVWYR QLMH SXWQL NUHYHWL QLWL NUHYHW $NR GLMHWHWUHEDVSDYDWLVWDYLWHJDXSXWQLNUHYHWLLOLXSULNODGQLNUHYHW 1H NRULVWLWH GRGDWQL SULERU L UH]HUYQH GLMHORYH RVLP RQLK NRMHSUHSRUXD SURL]YRD %UHYL .RUL�WHQMH GRGDWQRJ SULERUD NRMH%UHYLQLMHRGREULRPRHELWLRSDVQR23$832=25(1-$3UHSRUXOMLYR MH GD GMHFX GULWH SRGDOMH WLMHNRP VDVWDYOMDQMDSURL]YRGD3ULMHNRUL�WHQMDSURYMHULWHGDOLVXVLJXUQRVQLPHKDQL]PLQDRNYLUXLOLQDDXWRVMHGDOLFLSUDYLOQR]DNOMXDQL8YLMHNSURYMHUDYDMWHGDOLVXVLJXUQRVQDUHPHQMDLGRGDFLXVDYUH�HQRPVWDQMX1HNRULVWLWHRNYLUVDDXWRVMHGDOLFRPXNROLNRVXGMHORYLR�WHHQLLOLQHGRVWDMX1HYMH�DWLWH�NHWRUEHLOLSDNHWHQDUXNX9MH�DQMHVWYDULPRHSURX]URLWLQHVWDELOQRVW3ULOLNRPVYDNRJ]DXVWDYOMDQMDNROLFDXYLMHNLK]DNRLWH1LNDGQHRVWDYOMDMWHGLMHWHL]DNRHQXDXWRVMHGDOLFXQDVWUPRMSRYU�LQL.RQLFHQHJDUDQWLUDMXVLJXUQRVWQDMDNRVWUPRMSRYU�LQL5DGLVLJXUQRVWL9D�HJGMHWHWDXYLMHNNRULVWLWHVLJXUQRVQR UHPHQMH 3UL UDVNODSDQMX LOL VNODSDQMX RNYLUD NROLFDSURYMHULWHGD9D�HGLMHWHQLMHXEOL]LQLLOLXGRGLUXVDSRNUHWQLPGMHORYLPDRNYLUD1HGRSXVWLWHGMHFLEH]QDG]RUDGDVHLJUDMXXEOL]LQLDXWRVMHGDOLFHLOLNROLFD2VWDYOMHQDQDVXQFXDXWRVMHGDOLFDHVHSUHJULMDWLGRSXVWLWHGDVHRKODGLSULMHVWDYOMDQMDGMHWHWDXQXWUD1HVWDYOMDMWHSUVWHXUD]OLLWHPHKDQL]PH0RJXQRVWR]OMHGH23,6$9-(7,=$2'5$9$1-(3URYMHULWH X�LYQX HWLNHWX ]D RGUDYDQMH 8NROLNR MH SRWUHEQRSRGPDLWH LK VXKLP VLOLNRQVNLP XOMHP 3RVX�LWH PHWDOQH GLMHORYD NDNR EL VSULMHLOL QDVWDMHQMH KUH 5HGRYLWR SURYMHUDYDMWHLVWUR�HQRVWNRWDDWHLKXYLMHNRLVWLWHRGSUD�LQHLSLMHVND=D�WLWHSURL]YRGRGYDQMVNLKXWMHFDMDYRGDNL�DLOLVQLMHJGXJRL]ODJDQMHVXQHYLP]UDNDPDPRHX]URNRYDWLSURPMHQHQDERMLQDUD]QLPWHNVWLOQLPSRGORJDPD'ULWHSURL]YRGQDVXKRPPMHVWX8SRUDEDDXWRVWROLFH]DGMHFXNDRVMHGDOLFH3URL]YRG MH L]UDHQ X VNODGX VD VLJXUQRVQLP VWDQGDUGLPD (1D 832=25(1-( 1LNDGDQHRVWDYOMDMWHGLMHWHEH]QDG]RUD 1H XSRWUHEOMDYDMWH OHDOMNX NDGD GLMHWH PRH
  • Page 50

    VDPVLMHGLWL 5RFNHUOHDOMNDQLMHSUHGYLHQDGDGLMHWHXQMRMVSDYDGXLSHULRG 2SDVQR MH XSRWUHEOMDYDWL OHDOMNXQRVLOMNX QDSRYL�HQLPSRYU�LQDPD QSU6WRORYLLVOLQR 8YLMHNYHLWHGLMHWHNDGDMHXOHDOMNLQRVLOMNL/HDOMND QH ]DPMHQMXMH GM NUHYHWL $NR GLMHWH LPD SRWUHEX ]DVQRPVWDYLWHJDVSDYDWXNUHYHWL1HXSRWUHEOMDYDMWHOHDOMNXDNRVXGLMHORYLR�WHHQLLOLQHGRVWDMX1H NRULVWLWH GRGDWQL SULERU L UH]HUYQH GLMHORYH RVLP RQLK NRMHSUHSRUXDSURL]YRD%UHYLVUO8SRUDED RSUHPH NRMX %UHYL VUO %UHYL GLRQLNR GUX�WYR LOLSURGDYDQHRGREUDYDPRHELWLRSDVQR3DQMD 3ODVWLQH YUHLFH GULWH YDQ GRVHJD GMHWHWD NDNREL L]EMHJOL PRJXQRVW JX�HQMD 8YLMHN RGVWUDQLWH VYH GLMHORYDDPEDODHYDQGRVHJDGLMHWHWD]ERJRSDVQRVWLRGR]OMHLYDQMD3 ��%UHYL &5<67$/ � � � � � � � 6PDUW %UHYL %UHYL � � �%UHYLVUO �� � � ��%UHYL� � � � � � � ���� �
  • Page 51

    � � � � � � � � � � (1D � � � �%UHYLVUO%KPDKH� 69(16.$9,.7,*7 %HYDUD GHVVD LQVWUXNWLRQHU I|UIUDPWLGDEUXN7DFNI|UDWWGXYDOW%UHYL)|UVlNUDHURPDWWYDJQHQVDQYlQGDUHYHWKXUGHQIXQJHUDU0RQWHULQJRFKLQVWDOODWLRQVNDOODOOWLGXWI|UDVDYHQYX[HQ9,.7,*7'HQNRPELQHUDGHEDUQYDJQHQ&5<67$/HUEMXGHUHWWHUWDOIXNWLRQHUVLWWYDJQOLJJYDJQEDUQYDJQPHGELOEDUQVWRODOODIXQWLRQHUPnVWHDQSDVVDVHIWHUGHVVXUVSUXQJOLJDIXNWLRQ$19b1'1,1*66b77 5$0 0(' %,/%$51672/DUWQUQ\I|GGWLOONJ9$51,1*/lPQDDOGULJEDUQHWXWDQXSSV\Q9$51,1* 6H WLOO DWW DOOD EORFNHULQJVDQQRUGQLQJDUlUNRUUHNWLQVWDOOHUDGHLQQDQDQYlQGQLQJ9$51,1*)|UDWWXQGYLNDULVNI|UVNDGRUI|UVlNUDGLJRPDWWEDUQHWLQWHEHQQHUVLJLQlUKHWHQDYSURGXNWHQQlUGHQIlOOVXSSHOOHUIlOOVLKRS9$51,1*/nWLQWHGLWWEDUQOHNDPHGGHQQDSURGXNW9$51,1*$QYlQGDOOWLGVlNHUKHWVElOWHW9$51,1*6HWLOODWWOLJJNRUJHQVYDJQVLWVHQVHOOHUELOEDUQVWROHQVIlVWHQlURUGHQWOLJWIlVWDLQQDQDQYlQGQLQJ9$51,1*9DJQHQlUHMDQSDVVDGI|UMRJJLQJHOOHUVNDWLQJ5(.200(1'$7,21(51$ (QGDVWELOEDUQVWROHQ6PDUWPHGDUWQUIUnQ%UHYL NRPSOHWWPHGDGDSWUDUPHGIUnQ%UHYL InUPRQWHUDVSnYDJQHQPHGDUWQU %URPVHQPnVWHDOOWLGYDUDLQlUEDUQHWVlWWVLRFKWDVXUYDJQHQ 9DUXNRUJHQInULQWHODVWDVW\QJUHlQNLOR $OOD YLNWHU VRP IlVWV L KDQGWDJHQ RFKHOOHU EDNRP U\JJVW|GHWRFKHOOHUYLGVLGRUQDDYIRUGRQHWNDQlYHQW\UDIRUGRQHWVVWDELOLWHW 7UDQVSRUWHUDLQWHPHUlQHWWEDUQnWJnQJHQ (QGDVWWLOOEHK|UVRPJRGNlQWVDY%UHYLVUOInUDQYlQGDV $QYlQGQLQJ DY ELOEDUQVWROHQ WLOOVDPPDQV PHG FKDVVLQ GHWWDIRUGRQPRWVYDUDULQWHHQOLJJNRUJHOOHUHQVlQJ2PEDUQHWEHK|YHUVRYDE|UGHWOlJJDVLHQVlQJHOOHUHQOLJJNRUJ $QYlQGHQGDVWWLOOEHK|URFKUHVHUYGHODUVRPUHNRPHQGHUDWVDYI|UHWDJHW%UHYL$QYlQGQLQJDYDQGUDWLOOEHK|UHOOHUUHVHUYGHODUlQGHUHNRPHQGHUDGHDY%UHYLNDQYDUDIDUOLJW*(1(5(//$9$51,1*$59LUHNRPHQGHUDUDWWKnOODEDUQHQSnDYVWnQGPHGDQVUHJOHULQJDUVNHU6HWLOODWWFKDVVLQHOOHUELOEDUQVWROHQVVlNHUKHWVDQQRUGQLQJDUlURUGHQWOLJWEORFNHUDGHLQQDQDQYlQGQLQJ)|UVlNUDHURPDWWDOODVlNHUKHWVElOWHQVSlQQHQRFKIlVWHQlULSHUIHNWVNLFN$QYlQGLQWHFKDVVLQWLOOVDPPDQVPHGELOEDUQVWROHQRPQnJRQGHOVDNQDVHOOHUKDUVNDGDWV+lQJLQJDYlVNRUHOOHUSnVDUSnKDQGWDJHQGHNDQYlOWDFKDVVLQ$QYlQGEURPVHQYDUMHJnQJGXVWDQQDU/lPQDDOGULJFKDVVLQWLOOVDPPDQVPHGELOEDUQVWROHQSnHQVOXWWDQGH\WDPHGEDUQHWLRFKEURPVHQL%URPVHQJDUDQWHUDWLQWHRSWLPDOEURPVQLQJLEUDQWDVOXWWQLQJDU$QYlQGDQGHWDYVlNHUKHWVElOWHQDlUYLNWLJUI|UHUWEDUQVVlNHUKHW6HWLOODWWLQJHQDYEDUQHWVNURSSVGHODUlULNRQWDNWPHGU|UOLJDGHODUDYFKDVVLQQlUGHQ|SSQDVHOOHUIlOOVLKRS/nWLQWHDQGUDEDUQOHNDXWDQXSSVLNWLQlUKHWHQDYFKDVVLQWLOOVDPPDQVPHGELOEDUQVWROHQ2PELOEDUQVWROHQOlPQDWVLVROHQXQGHUHQOlQJUHWLGYlQWDWLOOVGHQVYDOQDULQQDQQLVlWWHULEDUQHW,QGYLNDWWVlWWDLQQJUDUQDLPHNDQLVPHUQD*(1(5(//$6.g76(/5c')|OMWYlWWUnGHQSnGHQIDVWV\GGDHWLNHWWHQ9LGEHKRYVP|UMPHGVLOLNRQROMD7RUNDPHWDOOGHODUQDWRUUDI|UDWWXQGYLNDURVW.RQWUROOHUDUHJHOEXQGHWVOLWDJHQSnKMXOHQRFKKnOOGHPIULDIUnQVDQGRFKJUXV6N\GGDSURGXNWHQIUnQNOLPDWI|UlQGULQJDUYDWWHQUHJQHOOHU
  • Page 52

    VQ| HQ OlQJUH H[SRQHULQJ L VROVNHQ NDQ lQGUD IlUJHQ L PnQJDPDWHULDO%HYDUDSURGXNWHQSnHQWRUUSODWV$QYlQGQLQJDYELOEDUQVWROHQVRPEDE\VLWWHU)|OMHUVlNHUKHWVVWDQGDUG(1D 9$51,1* /lPQDDOGULJEDUQHWXWDQXSSV\Q %DE\VLWWHUQ VNDOO LQWH DQYlQGDV QlU EDUQHW lUVWRUWQRJDWWVLWWDXSSVMlOY /nW LQWH EDUQHW VRYD OlQJUH VWXQGHU L EDE\VLWWHUQGHWlUGHQLQWHDQSDVVDGI|U 'HWlUIDUOLJWDWWVWlOODEDE\VLWWHUQSnXSSK|MGD\WRUVRPWH[HWWERUG $QYlQGDOOWLGVlNHUKHWVElOWHW%DE\VLWWHUQHUVlWWHULQWHHQEDE\VlQJ2PEDUQHWEHK|YHUVRYDVNDOOGHW\WWDVWLOOHQULNWLJVlQJ$QYlQGLQWHEDE\VLWWHUQRPQnJRQGHOlUWUDVLJHOOHUVDNQDV$QYlQGHQGDVWWLOOEHK|URFKUHVHUYGHODUVRPUHNRPHQGHUDWVDYI|UHWDJHW%UHYLVUO$QYlQGQLQJDYWLOOEHK|UVRPLQWHlUJRGNlQQGDDY%UHYLVUOHOOHUnWHUI|UVlOMDUHQNDQYDUDIDUOLJW9DUQLQJ)|UDWWXQGYLNDULVNI|UNYlYQLQJWDERUWSODVWVN\GGHWLQQDQ DQYlQGQLQJ 6OlQJ SODVWVN\GGHW L DYIDOOVKDQWHULQJ XWRPEDUQHWVUlFNKnOO1('(5/$1'6%(/$1*5,-. %HZDDU GH]H KDQGOHLGLQJYRRUYHUGHUHUDDGSOHJLQJ*HDFKWHNODQWZLMGDQNHQ8YRRU8ZNHX]HYDQHHQSURGXNWYDQKHWPHUN%UHYL9HU]HNHU X HUYDQ GDW GH JHEUXLNHU GH ZHUNLQJ YDQ KHW SURGXFWJRHGNHQW$VVHPEODJHHQLQVWDOODWLHPRHWDOWLMGGRRUHHQYROZDVVHQHJHEHXUHQ23*(/(7 'H VDPHQJHVWHOGH &5<67$/ KHHIW YHUVFKLOOHQGHIXQFWLHVEXJJ\NLQGHUZDJHQZDQGHOZDJHQPHWDXWRVWRHO9RRUHONHIXQFWLHJHOLHYHGHJHEUXLNVDDQZLM]LQJJRHGRSWHYROJHQ)81&7,( )5$0( 0(7 $872.,1'(5=,7-(DUW YDQDIGHJHERRUWHWRWNJ:$$56&+8:,1* /DDW XZ NLQG QLHW ]RQGHU WRH]LFKW:$$56&+8:,1*9RRUKHWJHEUXLNYHU]HNHUWX]LFKHUYDQGDWDOOHYHUJUHQGHOPHFKDQLVPHQFRUUHFW]LMQJHwQVWDOOHHUG:$$56&+8:,1* 2P NZHWVXUHQ WH YHUPLMGHQJHOLHYHXZNLQGRSDIVWDQGWHKRXGHQELMKHWRQWSORRLHQHQWRHSORRLHQYDQKHWSURGXNW:$$56&+8:,1* /DDW XZ NLQG QRRLW PHW GLWSURGXNWVSHOHQ:$$56&+8:,1**HEUXLNDOWLMGKHWJRUGHOWMH:$$56&+8:,1* &RQWUROHHU YRRU KHW JHEUXLNRI KHW DXWR]LWMH RI GH ]LWWLQJ RI GH DDQVOXLWLQJYDQKHW]LWMH YRRUNLQGHUHQ FRUUHFWDDQJHEUDFKW]LMQ:$$56&+8:,1* 'LW SURGXFW LV QLHW JHVFKLNWRPPHHWHMRJJHQRIWHVNHHOHUHQ$$1%(9(/,1*(1 8LWVOXLWHQGKHWDXWR]LWMHDUW6PDUWYDQ%UHYL PHWGHDGDSWHUV YDQ %UHYL NDQ RS GH ZDQGHOZDJHQ DUW JHPRQWHHUGZRUGHQ 'HUHPRS]HWWHQRPKHWNLQGLQHQXLWGHZDQGHOZDJHQWHQHPHQ (UPDJQLHWPHHUGDQNJJHZLFKWLQGHPDQGZRUGHQJHODGHQ 'HVWDELOLWHLWYDQKHWYRHUWXLJZRUGWLQJHYDDUJHEUDFKWGRRUHHQJHZLFKWDDQKHWKDQGYDWHQRIGHDFKWHUNDQWYDQGHUXJOHXQLQJHQGH]LMNDQWHQYDQKHWYRHUWXLJ 9HUYRHUQLHWPHHUGDQpp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
  • Page 53

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� � � � %UHYL�� � �� �� &5<67$/ � ��� ��� �� � � ���� �� �� 6PDUW%UHYL �%UHYL � NJ � � � �� ��%UHYLVUO � �� � � � %UHYL � %UHYL ���� � � � ��� � � ���� � ��� � � ����
  • Page 54

    ��� � � � ������� � �� � � � � � � ����((1D 1 � �� ��� � �� ��%UHYLVUO��%UHYLVUO�� � ��520$1$,03257$17 3VWUDL DFHVWH LQVWUXFLXQLSHQWUXDOHFRQVXOWDvQYLLWRU'UDJDFXPSDUDWRUXOHLWLPXOWXPLPFDDLDOHVSURGXVXO%UHYL$VLJXUDWLYD FD RULFLQH IRORVHVWH SURGXVXO VWLH FXP IXQFWLRQHD]DDFHVWD$VDPEODUHDVLLQVWDODUHDWUHEXLHIDFXWDLQWRWGHDXQDGHFDWUHXQDGXOW$9(57,=$5($UWLFROXO&5<67$/HVWHXQSURGXVFRPSOH[FXPDLPXOWHIXQFWLLFDUXFLRUVSRUWODQGRXFDUXFLRUVSRUWLPSUHXQDFXVFDXQDXWR3HQWUXHFDUHIXQFWLHWUHEXLHWLQXWFRQWGHXUPDWRDUHOHDVSHFWH&21),*85$,(&$'583/866&$81$8723(1758&23,,DUW GHODQDWHUHSk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kQHU LVDX vQ VSDWHOH VSWDUXOXL LVDXSHODWXULOHYHKLFXOXOXLDUSXWHDH[SXQHULVFXOXLVWDELOLWDWHDYHKLFXOXOXL 1XWUDQVSRUWDWLPDLPXOWGHXQFRSLORGDWD $FFHVRULLOHQHDSUREDWHGH%UHYLVUOQXWUHEXLHVHXWLOL]DWH 8WLOL]DUHDIRWROLXOXLDXWRSHQWUXFRSLLvPSUHXQFXDVLXDFHVWYHKLFXOQXvQORFXLHWHXQSWXGHFOWRULHVDXXQSDWQFD]XOvQFDUHFRSLOXOYUHDVGRDUPSXQHLOvQWUXQSWXGHFOWRULHVDXvQWUXQSDWDGHFYDW 1XIRORVLWLDFFHVRULLVDXLQORFXLUHGHSDUWLDOWHOHGHFDWFHOHDSUREDWHGHFDWUH%UHYL)RORVLUHDDFFHVRULLORUFDUHQXVXQWDSUREDWHGHFDWUH%UHYLSRWSHULFXORDVH$9(57,=0(17(*(1(5$/(9D VIDWXLP VD WLQHWL FRSLOXO GHSDUWH GH SURGXV SH GXUDWD DVDPEODULL DFHVWXLD ,QDLQWH GH XWLOL]DUH DVLJXUDWLYD FD GLVSR]LWLYHOHGH VLJXUDQWD DOH FDGUXOXO VDX DOH VFDXQXOXL DXWR VXQW LQFKLVHFRUHVSXQ]DWRU$VLJXUDWLYD FD KDPXULOH EUHWHOHOH VL FHQWXUD GHVLJXUDQWDVXQWLQVWDUHSHUIHFWDGHIXQFWLRQDUH1XXWLOL]DWLVFDXQXODXWRGDFDREVHUYDWLFDDUHSDUWLOLSVDVDXGHWHULRUDWH1XDWDUQDWLJUHXWDWLGHPDQHUHSHQWUXFDDVWDDUSXWHDFDX]DRLQVWDELOLWDWH$FWLRQDWL VLVWHPXO GH IUDQDUH GH HFDUH GDWD FDQG YD RSULWL 1X
  • Page 55

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vQPRGSHULRGLFSULOHGLQSODVWLFFXRFk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kQ]ULSRDWHSHULFXORDV$WHQLH3HQWUXDSUHYHQLVXIRFDUHDVFRDWHWLSURWHFWLDGLQSODVWLFLQDLQWHGHDIRORVLSURGXVXO$FHDVWDSURWHFWLHGLQSODVWLFWUHEXLHDUXQFDWDLQWUXQORFVSHFLDOGHSDUWHGHFRSLO
  • Page 56

    , %UHYLSRWUjDSSRUWDUHLQTXDOVLDVLPRPHQWRPRGLFKHDLPRGHOOLGHVFULWWLLQTXHVWROLEUHWWRGLVWUX]LRQLGXVR*% %UHYL FDQ PDNH DQ\ FKDQJH ZKDWVRHYHU WR WKH SURGXFW GHVFULEHG LQ WKLV LQVWUXFWLRQV OHDHW ZLWKRXW DQ\SULRUQRWLFH'%UHYLLVWEHUHFKWLJWDQGHQLQGLHVHP$QOHLWXQJVKHIWEHVFKULHEHQHQ0RGHOOHQ]XMHGHP=HLWSXQNWbQGHUXQJHQYRU]XQHKPHQ)%UHYLSRXUUDDSSRUWHUjWRXWPRPHQWGHVPRGLFDWLRQVDX[PRGqOHVGpFULWVGDQVFHPRGHGHPSORL(%UHYLSRGUiUHDOL]DUHQFXDOTXLHUPRPHQWRPRGLFDFLRQHVDORVPRGHORVGHVFULWRVHQHVWHOLEURGHLQVWUXFFLRQHVSDUDVXXVR 3 %UHYLSRGHUiHIHFWXDUDTXDOTXHUPRPHQWRDOWHUDo}HVQRVPRGHORVGHVFULWRVQHVWHPDQXDOGHLQVWUXo}HVGHXVR 6/2 3URL]YDMDOHF%UHYLVLSULGUXMHSUDYLFRGDNDGDUNROLEUH]GRGDWQHJDREYHVWLODL]YHGHVSUHPHPEHQDL]GHONXNLMHSUHGPHWWHKQDYRGLO]DXSRUDER3/)LUPD%UHYLPR]HZSURZDG]L]PLDQ\ZPRGHODFKRSLVDQ\FKZWHMLQVWUXNFMLZGRZROQ\PPRPHQFLH+%UHYLEiUPLO\HQYiOWR]WDWiVWHV]N|]|OKHWDKDV]QiODWLXWDVtWiVEDQPLQGHQHO]HWHVpUWHVtWpVQpONO+5%UHYL]DGUDYDSUDYRELORNDNYHSURPMHQHQDSURL]YRGXNRMLMHRSLVDQXRYLPXSXWVWYLPD]DXSRWUHEXEH]SUHWKRGQHQDMDYH586(���6%UHYLI|UEHKnOOHUVLJUlWWHQWLOOPRGHOOlQGULQJDU1/%UHYLNDQRSHONZLOOHNHXULJPRPHQWZLM]LJLQJHQDDQGHLQGH]HKDQGOHLGLQJEHVFKUHYHQPRGHOOHQDDQEUHQJHQ *5 %UHYL��� 52 %UHYLDUHGUHSWXOVDIDFDRULFHVFKLPEDUHODSURGXVXOGHVFULVLQLQVWUXFWLXQLIDUDRQRWLFDUHSUHDODELOD%5(9,VUO9LD/RPEDUGLD7HOJDWH %J ,WDO\7HO)D[ZZZEUHYLHXLQIR#EUHYLHX
  • Page 57

    &U\VWDOQDYLFHOODFRG,03257$17(&RQVHUYDUHTXHVWHLVWUX]LRQLSHUULIHULPHQWRIXWXUR,03257$17.HHSWKHVHLQVWUXFWLRQVIRUIXWXUHUHIHUHQFH,*%1$9,&(//$,VWUX]LRQLGXVR&$55<&27,QVWUXFWLRQVIRUXVH'6&+$/(*HEUDXFKVDQZHLVXQJ)1$&(//(1RWLFHGHPSORL(&8&2,QVWUXFFLRQHVGHXVR3$/&2)$,QVWUXo}HVGHXWLOL]DomR6/2*/2%2.$.2$5$1DYRGLOD]DXSRUDER3/*21'2/$,QVWUXNFMDX\FLD+126,/-.$+DV]QiODWL~WPXWDWy+55866'8%2.$.2$5$8SXWVWYD]DXSRWUHEX/,**.25*%UXNVDQYLVQLQJ1/'5$$*0$1'*HEUXLNVDDQZLM]LQJ*552*($17$'(75$163257$7,QVWUXFWLXQLGHIRORVLUH
  • Page 58

    &20321(17, &20321(176 %(67$1'7(,/( &20326$176 &20321(17(6 &20321(17(66(67$91,'(/,&=(6&,(/(0(,',-(/29,'(/$521'(5'(/(1.&20321(17($%&$%$'6;';
  • Page 59

    %[&*E35(66D$%'DUW6;'';6;';DUW
  • Page 60

    ';6;RL6723RL$%*
  • Page 61

    60217$**,2 '(, &20321(17, ',60$17/,1* 2) &20321(176 $86(,1$1'(5%$8(1 '(5 .20321(17(1 'e0217$*( '(6 &20326$176 '(60217$-( '( /26 &20321(17(6 '(60217$*(0 '26 &20321(17(6 '(0217$$ 6(67$91,+ '(/29 '(0217$&=&,$=g66=(7(9.6=e76=(5(/e6(5$67$9/-$1-(.20321(17, '(0217(5,1*$9 '(/$5 '( &20321(17(1 '(0217(5(1'(0217$5($&20321(17(/25EDED
  • Page 62

  • Page 63

    ,7$/,$12*HQWLOH&OLHQWHODULQJUD]LDPRSHUDYHUVFHOWRXQSURGRWWR%UHYL$77(1=,21(6RORODQDYLFHOOD DUW GLPDUFD%UHYLSXzHVVHUHLQVWDOODWDVXOWHODLRGHOSDVVHJJLQR DUW GLPDUFD%UHYL)81=,21( 3$66(**,12 &21 1$9,&(//$GDOODQDVFLWDDLNJ4XHVWRSURGRWWRqDGDWWRDGXQEDPELQRFKHQRQVDVWDUHVHGXWRGDVRORFKHQRQULHVFHDULJLUDUVLHFKHQRQSXz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q LQGLFDWRSHUFRUUHUHRSHUVNDWLQJ5$&&20$1'$=,21, 1RQDJJLXQJHUHPDWHUDVVLVXSSOHPHQWDULDOODFXOODVHQRQVRQRDSSURYDWLGD%UHYLVUO ,OIUHQRGHYHHVVHUHD]LRQDWRTXDQGRVLPHWWRQRHTXDQGRVLWROJRQRLEDPELQLGDOSDVVHJJLQR ,O FHVWHOOR SRUWDRJJHWWL QRQ GHYH HVVHUH FDULFDWR FRQ SHVL VXSHULRULDLNJ 4XDOVLDVLSHVROHJDWRDOODPDQLJOLDHRVXOUHWURGHOORVFKLHQDOHHRVXLODWLGHOYHLFRORSRWUHEEHURPHWWHUHDULVFKLRODVWDELOLWjGHOYHLFROR 1RQWUDVSRUWDUHSLGLXQEDPELQRSHUYROWD *OL DFFHVVRUL QRQ DSSURYDWL GD %UHYL VUO QRQ GHYRQR HVVHUHXWLOL]]DWL 8VDUHVRORDFFHVVRULRULFDPELUDFFRPDQGDWLGD%UHYLVUO3RWUHEEHHVVHUHSHULFRORVRXWLOL]]DUHDFFHVVRULQRQDSSURYDWLGD%UHYLVUO35(&$8=,21,*(1(5$/,3ULPDGHOOXWLOL]]RYHULFDUHFKHWXWWLLGLVSRVLWLYLGLDJJDQFLRHVVDJJLRGHOODQDYLFHOODVLDQRFRUUHWWDPHQWHLQVWDOODWL1HOODIXQ]LRQHWHODLRFRQQDYLFHOODOXWLOL]]RqLQWHVRSHULOWUDVSRUWRGLXQVROREDPELQR1RQXWLOL]]DUHYLFLQRDIRQWLGLFDORUHDPPHOLEHUHRGRJJHWWLSHULFRORVLDSRUWDWDGHOOHEUDFFLDGHOEDPELQR6LFRQVLJOLDGLDOORQWDQDUHLEDPELQLGXUDQWHOHRSHUD]LRQLGLUHJROD]LRQH3ULPDGHOOXVRDVVLFXUDWHYLVHPSUHFKHLGLVSRVLWLYLGLVLFXUH]]DGHOWHODLRRGHOODQDYLFHOODVLDQRFRUUHWWDPHQWHEORFFDWL1RQXVDWHLOWHODLRLQFRPELQD]LRQHFRQODQDYLFHOODVHXQTXDOVLDVLFRPSRQHQWHq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zJHQHUDUHYLUDJJLRGHLFRORULGHLPDWHULDOLHGHLWHVVXWL3RLFKqLQFDVRGLSLRJJLDODFTXDSXzSHQHWUDUHDOOLQWHUQRGHOODFXOODDWWUDYHUVROHFXFLWXUHVLFRQVLJOLDOXVRGHOSDUDSLRJJLDLQWHJUDOH$WWHQ]LRQH 3HU HYLWDUH SHULFROR GL VRIIRFDPHQWR HOLPLQDUHODSURWH]LRQHSODVWLFDSULPDGLXWLOL]]DUHTXHVWRDUWLFROR4XHVWDSURWH]LRQHGHYHHVVHUHGLVWUXWWDRVPDOWLWDIXRULGDOODSRUWDWDGHLEDPELQL(1*/,6+'HDU&XVWRPHUWKDQN\RXIRUFKRRVLQJD%UHYLSURGXFW$77(17,212QO\WKH%UHYLFDUU\FRW DUW FDQEHLQVWDOOHGRQWKHFKDVVLVRIWKH%UHYLVWUROOHU DUW $6$35$0IURPELUWKWRNJ7KLVSURGXFWLVVXLWDEOHIRUDFKLOGZKRFDQQRWVLWXS E\ LWVHOI UROO RYHU DQG FDQQRW SXVK LWVHOI XSRQ LWV KDQGV DQG NQHHV 0D[LPXP ZHLJKW RI WKHFKLOGNJ0DNH VXUH WKDW DQ\RQH XVLQJ WKH SURGXFW NQRZV KRZ LW ZRUNV$VVHPEOLQJDQGLQVWDOODWLRQVKRXOGDOZD\VEHPDGHE\DQDGXOW
  • Page 64

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lW]WH.XQGLQZLUGDQNHQ,KQHQIUGLH:DKOHLQHV3URGXNWVYRQ%UHYL$&+781*1XUGLH%UHYL%DE\VFKDOH $UW NDQQDXIGDV.LQGHUZDJHQJHVWHOO $UW PRQWLHUWZHUGHQ)81.7,21 .,1'(5:$*(1 0,7 %$%<6&+$/(YRQ*HEXUWDQELV]XNJ'LHVHV 3URGXNW LVW IU .LQGHU JHHLJQHW GLH QLFKWDOOHLQ VLW]HQ VLFK QLFKW DOOHLQ XPGUHKHQ DXI GHQ+lQGHQ DQKHEHQ RGHU KLQNQLHQ N|QQHQ +|FKVWJHZLFKWGHV.LQGHVNJ6WHOOHQ6LHVLFKHUGDVVGHU%HQXW]HUPLWGHU)XQNWLRQVZHLVHGHV3URGXNWHVYHUWUDXWLVW(LQXQG$XVEDXPXVVGXUFK(UZDFKVHQHQHUIROJHQ:$5181*/DVVHQVLHLKUNLQGQLHXQEHDXIVLFKWLJW:$5181*9HUJHZLVVHUQ6LHVLFKYRU*HEUDXFKGDVV DOOH %HIHVWLJXQJVPHFKDQLVPHQ RUGQXQJVJHPlYHUUDVWHWXQGJHVFKORVVHQVLQG:$5181*8PMHGHV5LVLNR]XYHUPHLGHQ.LQGHU EHLP gIIQHQ XQG 6FKOLHHQ GLHVHV 3URGXNWHVIHUQKDOWHQ:$5181* /DVVHQ 6LH GDV .LQG QLFKW PLW GLHVHP3URGXNWVSLHOHQ:$5181*3UIHQVLHYRUGHU1XW]XQJGDVVGLH%DE\ZDQQH GHU 6LW] XQG GLH $QVFKOVVH GHV$XWRNLQGHUVLW]HVNRUUHNWHLQJHVHW]WVLQG
  • Page 65

    :$5181*'LHVH3URGXNWHVLQGQLFKW]XP5HQQHQRGHU6NDWHQJHHLJQHW(03)(+/81*(1 2KQHGLHDXVGUFNOLFKH=XVWLPPXQJGXUFK%UHYLVUONHLQH]XVlW]OLFKHQ0DWUDW]HQLQGLH:LHJHOHJHQ 'LH%UHPVHPX[LHUWZHUGHQZHQQGLH.LQGHUDXIGHQ6SRUWZDJHQJHVHW]WRGHUUDXVJHQRPPHQZHUGHQ 'HU$EODJHNRUEGDUIQLFKWPLWPHKUDOVNJ*HZLFKWEHODGHQZHUGHQ -HJOLFKH*HZLFKWHDP+DQGJULIIDQGHU5FNVHLWHGHU5FNHQOHKQHXQGRGHUDQGHQ6HLWHQGHV)DKU]HXJVN|QQHQGHVVHQ6WDELOLWlWJHIlKUGHQ %HI|UGHUQ6LHLQGHP.LQGHUVSRUWZDJHQQLFKWPHKUDOVHLQ.LQGDXIHLQPDO (VGDUIDXVVFKOLHOLFKYRQ%UHYLVUOJHQHKPLJWHV=XEHK|UEHQXW]WZHUGHQ 9HUZHQGHQ6LHQXU(UVDW]WHLOHRGHU=XEHK|UWHLOHGLHYRP+HUVWHOOHUDQHUNDQQWVLQG(VN|QQWHJHIlKUOLFKVHLQ=XEHK|UWHLOH]XEHQXW]HQGLHQLFKWYRQ%UHYLDQHUNDQQWVLQG$//*(0(,1(9256,&+79HUJHZLVVHUQ6LHVLFKYRU*HEUDXFKGDVVGDV5FNKDOWV\VWHPGHU %DE\VFKDOH RUGQXQJVJHPl YHUUDVWHW XQG JHVFKORVVHQ LVW'LH.RQJXUDWLRQ*HVWHOOPLW%DE\ZDQQHGDUIIUGHQ7UDQVSRUWYRQQXUHLQHP.LQGYHUZHQGHWZHUGHQ%HQXW]HQ6LHGLH6FKDOHQLFKW LQ GHU 1lKH YRQ +HL]TXHOOHQ )ODPPHQ RGHU JHIlKUOLFKHQ*HUlWHGLHLP5HLFKZHLWHGHV.LQGHVVLQG%HLP 9HUVWHOOXQJ ODVVHQ 6LH GLH .LQGHU LQ GHU 1DHKH GHV 3URGXNWHV QLFKW 9HUJHZLVVHUQ 6LH VLFK YRU *HEUDXFK GDVV DOOH%HIHVWLJXQJVPHFKDQLVPHQ GHV *HVWHOOV RGHU GHU %DE\VFKDOHRUGQXQJVJHPlYHUUDVWHWXQGJHVFKORVVHQVLQG'LH%DE\VFKDOHGDUIQLFKWPHKUEHQW]WZHUGHQZHQQ7HLOHGDYRQEHVFKlGLJWVLQG RGHU IHKOHQ $P 6FKLHEHU GUIHQ NHLQH 7DVFKHQ RGHU DQGHUH*HJHQVWlQGHEHIHVWLJWZHUGHQGLHGLH%DE\VFKDOHDXVVHUGHP *OHLFKJHZLFKW EULQJHQ N|QQHQ %HWlWLJHQ 6LH GLH %UHPVHEHL MHGHP +DOW /DVVHQ 6LH GDV *HVWHOO PLW GHU %DE\VFKDOH PLWGHP .LQG QLHPDOV DXI HLQHU JHQHLJWHQ (EHQH VWHKHQ ZHQQ GLH%UHPVHJHWlWLJWZXUGH%HLVWHLOHQ*HIlOOHQJDUDQWLHUWGLH%UHPVYRUULFKWXQJNHLQHRSWLPDOH%UHPVZLUNXQJ%HL5HJXOLHUHQRGHU=XVDPPHQNODSSHQGHV*HVWHOOVLVWLPPHUGDUDXI]XDFKWHQGDVVNHLQ.|USHUWHLOGHV.LQGHVPLWGHQEHZHJOLFKHQ7HLOHQGHV.LQGHUZDJHQJHVWHOOHVLQ%HUKUXQJNRPPW6RUJHQ6LHGDIUGDVVDQGHUH .LQGHU XQEHDXIVLFKWLJW LQ GHU 1lKH YRQ GHU %DE\VFKDOHVSLHOHQ 6ROOWH GLH %DE\VFKDOH IU OlQJHUH =HLW XQWHUGHU6RQQHJHVWDQGHQKDEHQYHUJHZLVVHUQ6LHVLFKGDUEHUGDVVGHUDXIJHKHL]WH.LQGHUVSRUWZDJHQDEJHNKOWLVWEHYRU6LHGDV.LQGLQGHQ .LQGHUZDJHQ VHW]HQ %LWWH EHDFKWHQ 6LH GLH )LQJHU LQ GLH0HFKDQLVPHQQLFKW]XVWHFNHQ5(,1,*81*81':$5781*=XU 5HLQLJXQJ GHV %H]XJHV LVW GLH :DVFKDQOHLWXQJ DXI GHP(WLNHWW ]X EHIROJHQ %HL %HGDUI EHZHJOLFKH 7HLOH PLW 7URFNHQ6LOLNRQ|O |OHQ .XQVWVWRIIWHLOH UHJHOPlVVLJ PLW HLQHP IHXFKWHQ7XFK UHLQLJHQ 1DVVH 0HWDOOWHLOH DEWURFNQHQ XP 5RVWELOGXQJYRU]XEHXJHQ hEHUSUIHQ 6LH LQ UHJHOPlVVLJHQ$EVWlQGHQ GHQ=XVWDQGGHU5lGHUXQGVlXEHUQ6LHVLHZHQQGLHVHVWDXELJRGHUVDQGLJ VLQG 6WDUNH 6RQQHQHLQVWUDKOXQJ NDQQ )DUEYHUlQGHUXQJHQDQ%H]XJE]Z0DWHULDOLHQYHUXUVDFKHQ$FKWXQJ8P(UVWLFNXQJVJHIDKU]XYHUPHLGHQHQIHUQHQXQGHQWVRUJHQDOOH3ODVWLNYHUSDFNXQJHQDXVVHU5HLFKZHLWHYRQ.LQGHUQ)5$1d$,6,03257$17 &RQVHUYHU FHV LQVWUXFWLRQV SRXU FRQVXOWDWLRQ XOWpULHXUH1RXVYRXVUHPHUFLRQVGHODFRQDQFHTXHYRXVQRXVDFFRUGH]HQSUpIpUDQWXQSURGXLW%UHYL$77(17,21 6HXOHPHQW OD QDFHOOH GH PDUTXH %UHYL FRGH SHXWrWUHLQVWDOOpHVXUOHFKkVVLVGHODSRXVVHWWHGHPDUTXH%UHYL FRGH (1)21&7,21/$1'$8GHODQDLVVDQFHMXVTXjNJ&HSURGXLWFRQYLHQWSRXUGHVHQIDQWVQHSRXYDQWSDVWHQLUDVVLVVHXOVQLVHUHWRXUQHUHWVHUHOHYHUVXUOHXUVPDLQVHWOHXUVJHQRX[3RLGVPD[LPDOGHOHQIDQWNJ$9(57,66(0(171HMDPDLVODLVVHUYRWUHHQIDQWVDQVVXUYHLOODQFH$9(57,66(0(176DVVXUHUTXHWRXVOHVGLVSRVLWLIVGHYHUURXLOODJHVRQWHQFOHQFKpVDYDQWXWLOLVDWLRQ$9(57,66(0(17 3RXU pYLWHU WRXWH EOHVVXUHPDLQWHQLUYRWUHHQIDQWjOpFDUWORUVGXGpSOLDJHHWGXSOLDJHGXSURGXLW$9(57,66(0(17 1H SDV ODLVVHU YRWUH HQIDQWMRXHUDYHFFHSURGXLW$9(57,66(0(179pULHUTXHOHVGLVSRVLWLIVGH[DWLRQGHODQDFHOOHGXVLqJHRXGXVLqJHDXWRVRQWFRUUHFWHPHQWHQFOHQFKpVDYDQWXWLOLVDWLRQ$9(57,66(0(17 &H SURGXLW QH FRQYLHQW SDVSRXUIDLUHGXMRJJLQJRXGHVSURPHQDGHVHQUROOHUV5(&200$1'$7,216 $XFXQPDWHODVVXSSOpPHQWDLUHQHGRLWrWUHDMRXWpVDXIVLFHODHVWUHFRPPDQGpSDUOHIDEULFDQW
  • Page 66

    /HGLVSRVLWLIGHEORFDJHjODUUrWGRLWrWUHHQFOHQFKpORUVTXHORQSODFHOHQIDQWGDQVOHYpKLFXOHRXTXRQOHQVRUW 1HSDVSODFHUGHFKDUJHVXSpULHXUHjNJGDQVOHSDQLHUFHTXLHQWUDvQHUDLWXQGpVpTXLOLEUHGHODSRXVVHWWH 7RXWHFKDUJHDWWDFKpHDXSRXVVRLUHWRXjODUULqUHGXGRVVLHUHWRX VXU OHV F{WpV GX YpKLFXOH SHXW LQXHU VXU OD VWDELOLWp GXYpKLFXOH &HWWHSRXVVHWWHHVWFRQoXHSRXUWUDQVSRUWHUXQHQIDQWjODIRLV /HVDFFHVVRLUHVQRQDSSURXYpVSDU%UHYLVUOQHGRLYHQWHQDXFXQFDVrWUHXWLOLVpV 1HSDVXWLOLVHUGDXWUHVSLqFHVGHUHFKDQJHTXHFHOOHVUHFRPPDQGpHVSDUOHIDEULFDQW35(&$87,216'(03/2,9pULHU TXH OHV GLVSRVLWLIV GH YHUURXLOODJH HW GH [DWLRQ GH ODQDFHOOH VRQW FRUUHFWHPHQW HQFOHQFKpV DYDQW FKDTXH XWLOLVDWLRQ6DVVXUHUTXHOHVXWLOLVDWHXUVGHODSRXVVHWWHRQWXQHERQQHFRQQDLVVDQFHGHVRQIRQFWLRQQHPHQW/DQDFHOOHODQGDXDpWpFRQoXHSRXUWUDQVSRUWHUXQVHXOHQIDQW1XWLOLVH]SOXVOHSURGXLWVLFHUWDLQHVSDUWLHVVRQWFDVVpHVRXPDQTXDQWHV/HPRQWDJHHWOLQVWDOODWLRQGRLYHQWWRXMRXUVrWUHHIIHFWXpVSDUXQDGXOWH1HSDVXWLOLVHUSUqV GH VRXUFHV GH GDQJHU GH FKDOHXU IR\HU RXYHUW DSSDUHLOVGHFKDXIIDJHpOHFWULTXHRXjJD]FXLVLQLqUHVFkEOHVpOHFWULTXHVHWFTXLSRXUUDLHQWrWUHGDQJHUHX[SRXUOHQIDQW/HGLVSRVLWLIGHEORFDJHjODUUrWGRLWrWUHHQFOHQFKpDXPRPHQWGHOLQVWDOODWLRQGHVHQIDQWVHWGHOHXUHQOqYHPHQWKRUVGXYpKLFXOH&216(,/6'(175(7,(16XLYUHOHVLQVWUXFWLRQVGHODYDJHJXUDQWVXUOpWLTXHWWHGHQWUHWLHQSUpVHQWH VXU OH SURGXLW 0DLQWHQLU WRXWHV OHV SDUWLHV PpWDOOLTXHVELHQ VqFKHV DQ GpYLWHU OD IRUPDWLRQ GH URXLOOH /XEULHU UpJXOLqUHPHQWOHVSDUWLHVPRELOHVDYHFXQHKXLOHOpJqUH1HWWR\HUOHVSDUWLHVHQSODVWLTXHjODLGHGXQHpSRQJHKXPLGH(YLWHUXQHH[SRVLWLRQGLUHFWHHWSURORQJpHDXVROHLOFHTXLSRXUUDLWHQWUDvQHUOHFKDQJHPHQW GH FRXOHXU GHV PDWpULDX[ HW WLVVXV /D QDFHOOH GHODQGDXHVWLPSHUPpDEOHWRXWHIRLVHQWHPSVGHSOXLHOHDXSHXWSpQpWUHUGDQVOHVFRXWXUHVQRXVYRXVFRQVHLOORQVOXWLOLVDWLRQGHOKDELOODJHSOXLHLQWpJUDO$WWHQWLRQ1HSDVODLVVHUOHPEDOODJHSODVWLTXHjODSRUWpHGHVHQIDQWVDQGpYLWHUWRXWULVTXHGDVSK\[LH(63$f2/,03257$17(&RQVHUYDUHVWDVLQVWUXFFLRQHVSDUDIXWXUDVFRQVXOWDV(VWLPDGR&OLHQWHJUDFLDVSRUHVFRJHUXQSURGXFWR%UHYL$7(1&,216RODPHQWHHOFDSD]R FyG GHPDUFD%UHYLSXHGHVHULQVWDODGRHQHOFKDVtVGHODVLOODGHSDVHR FyG GHPDUFD%UHYL)81&,1&2&+(&,72&21&81$GHUHFLpQQDFLGRDNJ(VWHSURGXFWRHVDGHFXDGRSDUDXQQLxRTXHD~QQRSXHGHPDQWHQHUVHVHQWDGRVRORTXHQRFRQVLJXHWRGDYtDJLUDUVH\TXHQRSXHGHDO]DUVHVREUHODV PDQRV R SRQHUVH GH URGLOODV 3HVR Pi[LPRGHOQLxRNJ$VHJXUDUVHTXHHOXWLOL]DGRUFRQR]FDELHQHOIXQFLRQDPLHQWRGHOSURGXFWR(OPRQWDMH\ODLQVWDODFLyQGHEHUiQVLHPSUHVHUKHFKDVSRUXQDGXOWR$'9(57(1&,$1RGHMDUQXQFDDOQLxRVLQYLJLODQFLD$'9(57(1&,$$VHJXUDUVHGHTXHWRGRVORVGLVSRVLWLYRVGHFLHUUHHVWiQHQJUDQDGRVDQWHVGHOXVR$'9(57(1&,$3DUDHYLWDUULHVJRVDOHMDUDYXHVWURQLxRGXUDQWHODVRSHUDFLRQHVGHDEHUWXUD\FLHUUHGHHVWHSURGXFWR$'9(57(1&,$ 1R GHMDU TXH HO QLxR MXHJH FRQHVWHSURGXFWR$'9(57(1&,$$QWHV GH OD XWLOL]DFLyQ YHULFDUTXHHOFXFRRHODVLHQWRRODVFRQH[LRQHVGHODVLOOD SDUD DXWR GH QLxRV HVWpQ FRUUHFWDPHQWHLQVHUWDGRV$'9(57(1&,$ (VWH SURGXFWR QR HV DGHFXDGRSDUDFRUUHURSDWLQDU5(&20(1'$&,21(6 1RDJUHJDUFROFKRQHVVXSOHPHQWDULRVDOFXFRVLQRHVWiQDSUREDGRVSRU%UHYLVUO (OIUHQRWLHQHVHPSUHTXHVHUD]LRQDGRFXDQGRVHSRQHQ\TXLWDQORVQLxRVGHODVLOODGHSDVHR /DFHVWDSRUWDREMHWRVQRGHEHVHUFDUJDGDFRQSHVRVVXSHULRUHVDNJ &XDOTXLHUSHVRFRORFDGRHQHOPDQLOODU\RHQODSDUWHGHDWUDVGHOUHVSDOGR\RODWHUDOHVGHOYHKtFXORSRGUtDQSRQHUHQULHVJRODHVWDELOLGDGGHOYHKtFXOR 1RWUDQVSRUWDUDPDVGHXQQLxRDODYH] /RV DFFHVRULRV QR DSUREDGRV SRU %UHYL VUO QR GHEHQ VHU XWLOL]DGRV 8VDUVyORDFFHVRULRVRUHFDPELRVDFRQVHMDGRVSRU%UHYL(OXVRGHDFFHVRULRVQRDSUREDGRVSRU%UHYLSRGUtDVHUSHOLJURVR35(&$8&,21(6*(1(5$/(6$QWHVGHXVDUDVHJXUDUVHVLHPSUHTXHORVGLVSRVLWLYRVGHVHJXULGDGGHODVLOODHVWpQFRUUHFWDPHQWHEORTXHDGRV(QIXQFLyQGHFRFKHFLWRFRQHOFXFRHOXVRVHGHVWLQDDXQVRORQLxR1RXWLOL]DUFHUFDIXHQWHVGHFDORUGHOODPDVOtEHUDVRGHREMHWRVSHOLJURVRVDODOFDQFHGHODPDQRGHOQLxR6HUHFRPLHQGDHIHFWXDUODVRSHUDFLRQHVGHUHJXODFLyQOHMRVGH
  • Page 67

    ODSUHVHQFLDGHORVQLxRV$QWHVGHXVDUORDVHJXUDUVHVLHPSUHTXHORVGLVSRVLWLYRVGHVHJXULGDGGHOFKDVLVRGHOFDSD]RHVWpQFRUUHFWDPHQWH EORTXHDGRV 1R XVDU HO FRFKHFLWR VL FXDOTXLHUDGHVXVFRPSRQHQWHVVHKXELHUDSHUGLGRRHVWXYLHUDGDxDGR1RFROJDUHQHOPDQLOODUEROVDVRSDTXHWHVTXHSXHGDQGHVHTXLOLEUDUHOFRFKHFLWR8WLOL]DUHOGLVSRVLWLYRGHIUHQRVLHPSUHFDGDYH]TXHVHHIHFWXDXQDSDUDGD1RGHMDUQXQFDHOFRFKHFLWRHQVXSHUFLHVLQFOLQDGDVFRQHOQLxRDGHQWUR\HOIUHQRDFFLRQDGR(OIUHQRQRJDUDQWL]D ySWLPDV IUHQDGDV HQ VXSHUFLHV PX\ HPSLQDGDV (QODV RSHUDFLRQHV GH UHJXODFLyQ \ GH SOHJDGR DVHJXUDUVH VLHPSUHTXHODVSDUWHVGHOFXHUSRGHOQLxRQRHQWUHQHQFRQWDFWRFRQODVSDUWHVPyYLOHVGHOFKDVLV1RGHMDUTXHRWURVQLxRVMXHJXHQVLQYLJLODQFLDFHUFDDOFRFKHFLWR6LVHGHMDHOFRFKHFLWRH[SXHVWRDOVROGXUDQWHPXFKRWLHPSRHVSHUDUDTXHVHHQIUtHDQWHVGHFRORFDUHOQLxRDGHQWUR(YLWDUHOFRQWDFWRGHORVGHGRVFRQORVPHFDQLVPRV&216(-263$5$(/0$17(1,0,(172&RQVXOWDU OD HWLTXHWD GH FRPSRVLFLyQ GHO WHMLGR FRVLGD VREUH ODWHOD SDUD ODV LQVWUXFFLRQHV GH ODYDGR /LPSLDU SHULyGLFDPHWH ODSDUWHVSOiVWLFDVFRQXQSDxRK~PHGR6HFDUODVSDUWHVPHWiOLFDVSDUD HYLWDU IRUPDFLRQHV GH y[LGR (YLWDU OD H[SRVLFLyQ GLUHFWD \SURORQJDGDDLUUDGLDFLyQVRODUSXHGHJHQHUDUFDPELRGHFRORUHVGHORVPDWHULDOHV\GHORVWHMLGRV*XDUGDUHOFRFKHFLWRHQOXJDUHVVHFRV\YHQWLODGRVSDUDHYLWDUHOULHVJRGHIRUPDFLyQGHPRKRV/DFXQDHVLPSHUPHDEOH\DTXHHQFDVRGHOOXYLDHODJXDSXHGHSHQHWUDUHQHOLQWHULRUDWUDYpVGHORVFLQWXURQHVVHDFRQVHMDXVDUODFDSRWDLQWHJUDOSDUDODOOXYLD$WHQFLyQ3DUDHYLWDUULHVJRGHDV[LDTXLWHODSURWHFFLyQSOiVWLFDDQWHVGHXVDUHOSURGXFWR(VWDSURWHFFLyQSOiVWLFDWLHQHTXHVHUWLUDGDHQXQDUHFRJLGDGHEDVXUDVOHMRVGHOQLxR32578*86,PSRUWDQWH *XDUGDU HVWDV LQVWUXo}HVSDUDIXWXUDVFRQVXOWDV3UH]DGR&OLHQWHREULJDGRSRUWHUHVFROKLGRXPSURGXWR%UHYL$9,62$SHQDVDDOFRID%UHYL $UW SRGHVHULQVWDODGDQRFKDVVLVGDFDGHLUDGHUXD%UHYL $UW &$'(,5$'(58$&20$/&2)$GRQDVFLPHQWRDRVNJ(VWH SURGXWR p DGHTXDGR SDUD XPD FULDQoD TXHDLQGD QmR FRQVLJD VHQWDUVH VR]LQKD TXH QmRFRQVLJDYLUDUVHQHPOHYDQWDUVHFRPDVPmRVRXMRHOKRV3HVRPi[LPRGDFULDQoD.JV$VVHJXUHVHGHTXHRXWLOL]DGRUFRQKHFHEHPRIXQFLRQDPHQWRGRSURGXWR$PRQWDJHPHDLQVWDODomRGHYHPVHPSUHVHUIHLWDVSRUXPDGXOWR$'9(571&,$ 1XQFD GHL[H D FULDQoD VHP YLJLOkQFLD$'9(571&,$ $QWHV GH XVDU R DUWLJR FHUWLTXHVHGHTXHWRGRVRVGLVSRVLWLYRVGHERTXHLRHVWmRFRUUHFWDPHQWHLQVWDODGRV$'9(571&,$ 3DUD HYLWDU OHV}HV DVVHJXUHVHGHTXHDFULDQoDpPDQWLGDDIDVWDGDGXUDQWHDDEHUWXUDHRIHFKRGHVWHSURGXWR$'9(571&,$1mRGHL[HDFULDQoDEULQFDUFRPHVWHSURGXWR$'9(571&,$$QWHVGDXWLOL]DomRGHYHUiYHULFDUVHDDOFRIDRDVVHQWRGDFDGHLUDRXDFDGHLUDDXWRHVWmRFRUUHFWDPHQWHSUHVRV$'9(571&,$ (VWH SURGXWR QmR p DGHTXDGRSDUDVHUXVDGRHQTXDQWRSUDWLFDFRUULGDRXSDWLQDJHP5(&20(1'$d(6 1mRMXQWDUFROFK}HVVXSOHPHQWDUHVTXHQmRHVWHMDPDSURYDGRVSHOD%UHYLVOU 2WUDYmRGHYHVHUDFFLRQDGRHQTXDQWRVHFRORFDRXVHUHWLUDDFULDQoDGD&DGHLUDGH5XD 2FHVWRQmRGHYHUiVHUFDUUHJDGRFRPPDLVGHNJ 4XDOTXHUSHVRFRORFDGRQDDOoDHRXQDSDUWHGHWUiVGRHQFRVWRHRXQRVODGRVGRYHtFXORSRGHUmRS{UHPULVFRDHVWDELOLGDGHGRYHtFXOR 1mRWUDQVSRUWDUPDLVGRTXHXPDFULDQoDGHFDGDYH] 2V DFHVVyULRV QmR DSURYDGRV SRU %UHYL 6UO QmR GHYHP VHUXWLOL]DGRV 1mR XVDU DFHVVyULRV RX FRPSRQHQWHV TXH QmR RV DSURYDGRVSHOD%UHYL2XVRGHDFHVVyULRVQmRDSURYDGRVSHOD%UHYLSRGHUiVHUSHULJRVR$9,626*(5$,6$QWHVGHXVDURDUWLJRFHUWLTXHVHGHTXHWRGRVRVGLVSRVLWLYRVGHERTXHLRGDDOFRIDHVWmRFRUUHFWDPHQWHLQVWDODGRV$FDGHLUDGH 5XD FRP DOFRID IRL GHVHQYROYLGD SDUD WUDQVSRUWDU VRPHQWHXPD FULDQoD 1mR XWLOL]DU SHUWR GH IRQWHV GH FDORU FKDPDV OLYUHVRXGHRXWURVREMHFWRVSHULJRVRVDRDOFDQFHGRVEUDoRVGDFULDQoDeDFRQVHOKiYHOPDQWHUDVFULDQoDVORQJHGRSURGXWRGXUDQWHDVRSHUDo}HV GH PRQWDJHP$QWHV GH XVDUOR DVHJXUDUVH VLHPSUHTXHORVGLVSRVLWLYRVGHVHJXULGDGGHOFKDVLVRGHOFDSD]RHVWpQFRUUHFWDPHQWHEORTXHDGRV1RXVDUHOFRFKHFLWRVLFXDOTXLHUDGHVXVFRPSRQHQWHVVHKXELHUDSHUGLGRRHVWXYLHUDGDxDGR1RFROJDUHQHOPDQLOODUEROVDVRSDTXHWHVTXHSXHGDQGHVHTXLOLEUDUHOFRFKHFLWR$FFLRQDURVWUDY}HVVHPSUHTXHHVWHMDSDUDGR1XQFDGHL[HDFULDQoDQRFDUULQKRWUDYDGRQXPDUDPSD2WUDYmRSRGHQmRJDUDQWLUWRWDOVHJXUDQoDHPUDPSDVPXLWRDFHQWXDGDV4XDQGRHVWLYHUDDEULURXDIHFKDURFDUURFHUWLTXHVHVHPSUHGHTXHDVSDUWHVGRFRUSRGREHEpVHHQFRQWUDPDIDVWDGDVGDVSDUWHVPyYHLV GR FKDVVL 1mR SHUPLWD TXH RXWUDV FULDQoDV EULQTXHPVHPYLJLOkQFLDSHUWRGRFDUULQKR&DVRRFDUULQKRTXHH[SRVWR
  • Page 68

    DRVROGXUDQWHPXLWRWHPSRGHL[HRDUUHIHFHUDQWHVGHFRORFDUOiDFULDQoD1XQFDFRORTXHRVGHGRVGHQWURGRVGLIHUHQWHVPHFDQLVPRV35,1&,3$,6&216(/+263$5$0$187(1d2&RQVXOWH D HWLTXHWD Wr[WLO FRVLGD QR SURGXWR SDUD LQVWUXo}HV GHODYDJHP /LPSDU SHULRGLFDPHQWH DV SDUWHV SOiVWLFDV FRP XPSDQRK~PLGR6HFDUDVSDUWHVPHWiOLFDVSDUDSUHYHQLUGDIHUUXJHP(YLWDUDH[SRVLomRGLUHFWDHSURORQJDGDDRVROSRGHFDXVDUDOWHUDomRGDVFRUHVGRVPDWHULDLVHGRVWHFLGRV$DOFRIDpLPSHUPHiYHO'HTXDOTXHUPDQHLUDHHPFDVRGHFKXYDpUHFRPHQGiYHORXVRGDFDSRWDGHFKXYDSDUDHYLWDUTXHDiJXDSRVVDHQWUDUDWUDYpVGDVFRVWXUDV$WHQomR 3DUD HYLWDU R ULVFR GH DV[LD HOLPLQDU D SURWHFomRSOiVWLFDDQWHVGHXWLOL]DUHVWHDUWLJR(VWDSURWHFomRGHYHVHUGHVWUXtGDRXPDQWLGDIRUDGRDOFDQFHGDVFULDQoDV6/29(16.29$12 +UDQLWH WD QDYRGLOD ]DNDVQHM�RXSRUDER6SR�WRYDQLNXSHF]DKYDOMXMHPRVHYDPGDVWHL]EUDOLSUDYL]GHOHN%UHYL232=25,/21DRJURGMHRWUR�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�NRGEH232=25,/22WURNXQHGRYROLWHGDVH]L]GHONRPLJUD232=25,/23UHGXSRUDERSUHYHULWHGDVRODGMLFDVHGHDOLSULNOMXNLRWUR�NHJDVHGHDSUDYLOQRYVWDYOMHQL232=25,/2,]GHOHNQLSULPHUHQ]DWHNDOLURODQMH35,3252,/$ 9]LEHONRQHSRODJDMWHGRGDWQLKLPQLFHQLVRRGREUHQHVVWUDQLSRGMHWMD%UHYLVUO %ORNLUQLPHKDQL]HPPRUDELWLDNWLYLUDQNDGDUGDMHWHDOLMHPOMHWHRWURNDL]YR]LND 2GODJDOQHNR�DUHQLNROLQHREUHPHQLWH]DYHNRWNLORJUDPD .DWHUDNROLWHDSULWUMHQDQDNOMXNRLQDOL]DGQMLVWUDQLKUEWL�DLQDOLQDVWUDQLYR]LODELODKNRRJUR]LODVWDELOQRVWYR]LOD 9R]LHNMHQDPHQMHQOH]DYRQMRHQHJDRWURND 8SRUDEDGRGDWQLKGHORYNLQLVRRGREUHQLVVWUDQLSRGMHWMD%UHYLVUOMHSUHSRYHGDQD 8SRUDEOMDMWHOHGRGDWNHR]QDGRPHVWQHGHOHSURL]YDMDOFD%UHYL8SRUDEDGRGDWNRYNLQLVRGREDYOMHQLVVWUDQLSURL]YDMDOFD%UHYLMHODKNRQHYDUQD63/21$232=25,/$3UHGXSRUDERVHSUHSULDMWHDOLVRYVLYDUQRVWQLPHKDQL]PLJORERNH NR�DUH SUDYLOQR ]DVNRLOL *ORERNH NR�DUH QH XSRUDEOMDMWHY EOLLQL L]YRURY YURLQH QSU RGSUWL RJHQM DOL GUXJLK ]D RWURNHQHYDUQLKSUHGPHWRY9YR]LNXODKNRQDHQNUDWSUHYDDWHOHHQHJDRWURND0HGVHVWDYOMDQMHPL]GHONDQDMERGRRWURFLQDYDUQLUD]GDOML3UHGXSRUDERVHSUHSULDMWHDOLVRYVL]DNOHSQLPHKDQL]PLQDYR]LNXDOLJORERNLNR�DUL]DVNRLOLYSRORDM,]GHONDQHXSRUDEOMDMWHNDGDUMHNDNU�HQNROLVHVWDYQLGHOSR�NRGRYDQDOLPDQMND1DURDMQHQDODJDMWHWHNLKYUHNDOLSDNHWRYVDMODKNRWRSRY]URLQHVWDELOQRVW.DGDUVHERVWHXVWDYLOLDNWLYLUDMWH]DYRUH2WURNDYJORERNLNR�DULQLNROLQHSXVWLWHVDPHJDQDSRERMLK]QDNORQLPWXGLQHH MH ]DYRUD DNWLYLUDQD VDM OHWD QH PRUH MDPLWL SRSROQH YDUQRVWL3UHSULDMWHVHGDPHGRGSLUDQMHP]ODJDQMHPJLEOMLYLGHOLYR]LNDQHSULGHMRYVWLN]YD�LPRWURNRP1HGRYROLWHRWURNXGDVHLJUDYEOLLQLJORERNHNR�DUH9NROLNRUERVWHJORERNRNR�DURGDOM DVD SXVWLOL QHSRVUHGQR QD VRQFX MR SUHGHQ ERVWH YDQMSRORLOL RWURND GREUR RKODGLWH 3UVWRY QH YWLNDMWH Y PHKDQL]PH2EVWDMDQHYDUQRVW]DWDNQMHQMD63/21$1$92',/$=$9='5(9$1-(1DYRGLOD]DY]GUHYDQMHVRUD]YLGQDQDY�LYQLHWLNHWL3RSRWUHELQDROMLWH JLEOMLYH GHOD YR]LND V VLOLNRQVNLP ROMHP 3ODVWLQH GHOHYR]LNDUHGQRLVWLWH]YODQRNUSR9HGQRGREURRVX�LWHNRYLQVNHGHOHVWHPERVWHSUHSUHLOLUMDYHQMH3R]RU H SUHG XSRUDER L]GHOND RGVWUDQLWH SODVWLQR RYRMQRHPEDODRLQMR]DYU]LWHR]6KUDQLWHQHGRVHJOMLYRRWURNRP1DWDQDLQERVWHSUHSUHLOLQHYDUQRVWGDYOMHQMDR]=DGX�LWYH32/6.,:$1( 1LQLHMV] LQVWUXNFM]DFKRZD GR SU]\V]\FK NRQVXO
  • Page 69

    WDFML6]DQRZQ\NOLHQFLHG]LNXMHP\&L]DZ\EyUSURGXNWX%UHYL:$=1(:\F]QLHJRQGROD DUW UP\%UHYLPRHE\LQVWDORZDQDQDUDPLHZy]ND DUW UP\%UHYL.$'$ 23&-$ 0$ 51( &(&+< :y]HNJERNRVSDFHURZ\RGXURG]HQLDGRNJ3URGXNW WHQ MHVW SU]H]QDF]RQ\ GOD G]LHFND NWyUH QLH SRWUD VDPRG]LHOQLH VLHG]LH QLH XPLHRGZUyFLVLDQLQLHPRHXQLHVLQDUNDFKOXENONQQDNRODQDFK0DNV\PDOQDZDJDG]LHFNDNJ8SHZQLMVLHNWRNROZLHNNWRX\ZDZy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yHF]NDQLHQDOH\ZNDGDGRGDWNRZ\FKPDWHUDFyZMHOLQLHVRQH]DWZLHUG]RQHSU]H]%UHYLVUO +DPXOHF SRZLQLHQ E\ Z SR]\FML ]DEORNRZDQ\ SRGF]DVZNDGDQLDOXEZ\FLJDQLDG]LHFND]Zy]ND .RV]QD]DNXS\QLHPRHSU]ZR]LFLDUyZZLNV]\FKQLNJ :V]HONLH GRGDWNRZH REFLHQLH SU]\F]RQH GR XFKZ\WX LOXEGRRSDUFLDLOXEGRERNyZSRMD]GXPRJ]DJUR]LVWDELOQRFLSRMD]GX 1LJG\QLHSU]HZRZZy]NXZLFHMQLMHGQHJRG]LHFND =DEUDQLDVLX\FLDDNFHVRULyZNWyUHQLH]RVWD\]DWZLHUG]RQHSU]H]VSyN%UHYLVUO 1LHVWRVRZDDNFHVRULyZOXEF]HVFL]DPLHQQ\FKLQQ\FKMDNWH]DWZLHUG]RQHSU]H]%UHYL8\FLHDNFHVRULyZQLH]DWZLHUG]RQ\FKSU]H]%UHYLPRHE\QLHEH]SLHF]QHZVNXWNDFK2*/1(2675=((1,$3U]HG X\FLHP XSHZQLM VL H ZV]\VWNLH XU]G]HQLD EORNXMFHRUD] VLHG]LVNR V SRSUDZQLH ]DEORNRZDQH :y]HN MHVW SU]H]QDF]RQ\MHG\QLHGRSU]HZRHQLDG]LHFL1LHXPLHV]F]DMJRQGROLZSREOLX UyGH JRUFD WDNLFK MDN QS NRPLQHN OXE LQQ\FK QLHEH]SLHF]Q\FKGODG]LHFNDSU]HGPLRWyZ=DOHFD VL WU]\PD G]LHFL ] GDOD RG SURGXNWX SRGF]DV MHJR UHJXODFML 3U]HG X\FLHP ]DZV]H XSHZQLM VL F]\ XU]G]HQLDEORNXMFHVWHODZy]NDRUD]JRQGROVSRSUDZQLH]DEORNRZDQH1LHX\ZDMZy]NDMHHOLNWyUDNROZLHN]F]FLMHVWXV]NRG]RQDOXEEUDNXMFD 1LH SRGZLHV]DM FLNLFK WRUHE L SDNXQNyZ GR UF]NL0RHWRZS\QQDXWUDWVWDELOQRFLZy]ND8\ZDMKDPXOFD]DNDG\PUD]HPJG\VL]DWU]\PXMHV]1LJG\QLHSR]RVWDZLDMZy]NDQD ]ERF]X QDZHW ] ]DF]RQ\P KDPXOFHP +DPXOHF QLH PRH]DJZDUDQWRZDEH]SLHF]HVWZDQDVWURP\FK]ERF]DFK3RGF]DVUR]NDGDQLDLVNDGDQLDVWHODXZy]NDXSHZQLMVLHG]LHFNDQLHPDZSREOLXSRQLHZDPRHWRVSRZRGRZDSU]\WV]DQLFLHQLHNWyU\FK F]FL FLDD 1LH SR]ZDODM LQQ\P G]LHFLRP EDZL VLEH] RSLHNL Z SREOLX Zy]ND -HHOL Zy]HN SR]RVWDZLRQ\ QDVRFX QDJU]HMH VL RGF]HNDM D VL VFKRG]L ]DQLP XR\V] ZQLPG]LHFNR1JG\QLHZNDGDMSDOFyZGRPHFKDQL]PyZ32'67$:2:(=$/(&(1,$875=<0$1,$=DZV]HRGZRXMVLGRPHWNLQDV]\WHMQDPDWHULDOHZSU]\SDGNXSUDQLD&]\VFSODVWLNRZHHOHPHQW\RNUHVRZRSU]\X\FLXZLOJRWQHMV]PDWNL2VXV]DMPHWDORZHHOHPHQW\DE\]DSRELHFSRMDZLHQLXVLUG]\8QLNDM]E\WGXJLHJRZ\VWDZLDQLDZy]NDQDSURPLHQLH VRQHF]QH NWyUH PRJ VSRZRGRZD RGEDUZLHQLD NRORUyZQD WNDQLQLH OXE LQQ\FK WZRU]\ZDFK*RQGROD MHVW ZRGRRGSRUQD-HGQDNHZUD]LHGHV]F]X]DOHFDQHMHVWX\ZDQLH]LQWHJURZDQHMSHOHU\Q\JG\ZRGDPRHSU]HVLNQSU]H]V]Z\:D]QH $E\ XQLNQ U\]\ND XGXV]HQLD ]GHMPLM SODVWLNRZRVRQ SU]HG X\FLHP SURGXNWX 3ODVWLNRZH SRNU\FLH SRZLQQR]RVWDZ\U]XFRQHGRNRQWHQHUD]GDODRGG]LHFL0$*<$5)21726 7DUWVD PHJ H]HNHW D]XWDVtWiVRNDWDWRYiEELDNEDQLV7LV]WHOWYiViUOy.|V]|QMNKRJ\%UHYLWHUPpNHWYiODV]WRWW),*<(/(0&VDND FLNN %UHYLPiUNiM~FVyQDNRWV]DEDGD] FLNN PiUNiM~%UHYLNHUHWUHV]HUHOQL%DEDNRFVL Py]HVNRViUUDO V]OHWpVWO NJRVV~O\LJ(] D WHUPpN DONDOPDV RO\DQ J\HUHNHNQpO DNLNHJ\HGO QHP OQHN QHP IRUGXOQDN PHJ pV QHPWiPDV]NRGQDN D NH]NUH pV QHP WpUGHOQHN IHO$J\HUPHNPD[LPiOLVV~O\DNJOHKHW%L]RQ\RVRGMRQPHJUyODKRJ\DEDEDNRFVLYDODPHQQ\LKDV]QiOyMD
  • Page 70

    LVPHULDKDV]QiODWPyGMiW$]|VV]HV]HUHOpVWpVEHiOOtWiVWPLQGLJIHOQWWYpJH]]H),*<(/0(=7(7e6 6RKD QH KDJ\MD J\HUPHNpWIHOJ\HOHWQpONO),*<(/0(=7(7e6 +DV]QiODW HOWW EL]RQ\RVRGMRQ PHJ UyOD KRJ\ PLQGHQ PHJIHOHOHQ YDQEHiOOtWYDpV|VV]HV]HUHOYH),*<(/0(=7(7e6 $ VpUOpVHN HONHUOpVH pUGHNpEHQWDUWVDWiYROJ\HUPHNpWDPLNRU|VV]HFVXNMDYDJ\V]pWQ\LWMDDWHUPpNHW),*<(/0(=7(7e6 1H HQJHGMH J\HUPHNpQHNKRJ\MiWpNQDNKDV]QiOMDDWHUPpNHW),*<(/0(=7(7e6$KDV]QiODWHOWWHOOHQUL]]HKRJ\ D KDMy YDJ\ D] OpV YDJ\ D] DXWyV J\HUHNOpV IRJDQW\~L J\HUHNHN V]iPiUD KHO\HVHQOHJ\HQHNEHKHO\H]YH),*<(/0(=7(7e6 $ WHUPpN QHP KDV]QiOKDWyIXWiVYDJ\J|UNRUFVRO\i]iVN|]EHQ$-1/62. 1HKHO\H]]HQEHNLHJpV]tWPDWUDFRWKDD]WD%UHYLVUOQHPKDJ\WDMyYi $IpNHWPLQGLJU|J]tWVHDJ\HUPHNNLLOOHWYHEHUDNiViQiO $NRViUPD[LPiOLVWHUKHOKHWVpJHNJ $IRJyUDpVYDJ\DKiWWiPOiUDpVYDJ\DMiUPROGDODLUDDNDV]WRWWV~O\RNYHV]pO\H]WHWLNDMiUPVWDELOLWiViW (J\V]HUUHFVDNHJ\J\HUPHNV]iOOtWKDWyDEDEDNRFVLEDQ 1HKDV]QiOMRQD%UHYLVUOiOWDOMyYiQHPKDJ\RWWNLHJpV]tWNHW $ WHUPpNKH] FVDN D %UHYL iOWDO MyYiKDJ\RWW WDUWR]pNRNDW KDV]QiOMRQ$ %UHYL iOWDO QHP MyYiKDJ\RWW WDUWR]pNRN KDV]QiODWDYHV]pO\HVOHKHW/7$/126),*<(/0(=7(7e6(.+DV]QiODWHOWWEL]RQ\RVRGMRQPHJUyODKRJ\PLQGHQPHJIHOHOHQYDQEHiOOtWYDpV|VV]HV]HUHOYH/HJ\HQHOYLJ\i]DWRVDKDV]QiODWVRUiQDEDEDNRFVLFVDNJ\HUPHNKRUGR]iViUDDONDOPDV1HKDV]QiOMDKIRUUiVN|]HOpEHQ~J\PLQWQ\tOWOiQJYDJ\HJ\pEPiVHV]N|]DPHO\YHV]pO\HVOHKHWDJ\HUPHNUHQp]YH+DV]QiODW HOWW EL]RQ\RVRGMRQ PHJ UyOD KRJ\ PLQGHQPHJIHOHOHQ YDQ EHiOOtWYD pV |VV]HV]HUHOYH $ EDEDNRFVL FVDNJ\HUPHNKRUGR]iViUDDONDOPDV1HKDV]QiOMDKIRUUiVN|]HOpEHQ~J\PLQWQ\tOWOiQJYDJ\HJ\pEPiVHV]N|]DPHO\YHV]pO\HVOHKHWDJ\HUPHNUHQp]YH1HKDV]QiOMDDPy]HVNRVDUDWKDEiUPHO\LNUpV]HKLiQ\]LNYDJ\W|U|WW1HDNDVV]RQQHKp]WiVNiWYDJ\FVRPDJRWDWROyNDUUDPHUWLQVWDELOLWiVKR]YH]HWKHW0HJiOOiVQiOPLQGLJEL]WRVtWVDNLDIpNHNHW1HKDJ\MDUL]HWOHQOJ\HUPHNpWDOHIpNH]HWWPy]HVNRViUEDQOHMWQDIpNXJ\DQLVQHPJDUDQWiOMDDEL]WRQViJRWQDJ\RQPHUHGHN~WRQ$Yi]|VV]HFVXNiVDpVNLQ\LWiVDN|]EHQDJ\HUPHNHWWDUWVDWiYROPLQGHQPR]JyDONDWUpV]WO1HHQJHGMHKRJ\J\HUHNHNUL]HWOHQOMiWV]DQDNDPy]HVNRViUN|]HOpEHQ $ Py]HVNRViU W~OPHOHJV]LN KD D QDSRQ KDJ\MiN+DJ\MDOHKOQLPLHOWWJ\HUPHNpWEHOHWHQQp6RKDQHQ\~OMRQDPHFKDQLNXVUpV]HNKH]8MMVpUOpVYHV]pO\/7$/126.$5%$17$5760RViV HOWW LVPHUNHGMHQ PHJ D WHUPpN WH[WtOLiMiED YDUUW LQVWUXNFLyNNDO6]NVpJHVHWpQV]iUD]V]LOLNRQRODMMDONHQKHWLDEDEDNRFVLW$PDQ\DJUpV]HNHWLGQNpQWW|U|OMHiWQHGYHVURQJJ\DO$IpPDONDWUpV]HNHWWDUWVDV]iUD]RQDUR]VGiVRGiVPHJHO]pVHpUGHNpEHQ5HQGV]HUHVHQHOOHQUL]]HDNHUHNHNpSVpJpWpVWDUWVDNHWSRUpVKRPRNPHQWHVHQ)LJ\HOHP$IXOODGiVYHV]pO\HONHUOpVHpUGHNpEHQWiYROtWVDHOD PDQ\DJ FVRPDJROiVW PLHOWW KDV]QiOQi D WHUPpNHW (]XWiQGREMDNLDJ\HUPHNWOWiYROLKXOODGpNWiUROyED+59$76.,9$12 6DXYDMWH RYH XSXWH ]DEXGXXXSRWUHEX3R�WRYDQLNRULVQLH]DKYDOMXMHPR�WRVHRGDEUDOL%UHYLSURL]YRG832=25(1-(6DPRVHNR�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�DUDLOLVMHGDORWHSULNOMXFLGMHMHDXWRVMHGDOLFHSUDYLOQRSRVWDYOMHQL3$1-$2YDMSURL]YRGQLMHQDPMHQMHQ]DWUDQMHLOLNRWXUDQMH
  • Page 71

    35(3258.( 1H VWDYOMDMWH GRGDWQH PDGUDFH X GMHMX OHDOMNX DNR LVWL QLVXRGREUHQLRGVWUDQHWYUWNH%5(9,VUO .RQLFH PRUDMX ELWL EORNLUDQD NDGD VH VWDYOMD LOL YDGL GLMHWH L]NROLFD .R�DULFDVHQHVPLMHRSWHUHWLWLYL�HRGNLORJUDPD 6YDNR RSWHUHHQMH QD UXLFX LLOL VWUDQML GLR QDVORQD LLOL QDERQHVWUDQHYR]LODPRHXJUR]LWLVWDELOQRVWYR]LOD 1HNRULVWLWHNROLFD]DSULMHYR]YL�HRGMHGQRJGLMHWHWDXLVWRYULMHPH 1HVPLMHVHXSRWUHEOMDYDWLGRGDWQDRSUHPDNRMXWYUWND%UHYLVUOQLMHRGREULOD 1H NRULVWLWH GRGDWQL SULERU L UH]HUYQH GLMHORYH RVLP RQLK NRMHSUHSRUXD SURL]YRD %UHYL .RUL�WHQMH GRGDWQRJ SULERUD NRMH%UHYLQLMHRGREULRPRHELWLRSDVQR23$832=25(1-$3ULMHVYDNHXSRWUHEHSURYMHULWHGDVXVLJRUQRVQLSRMDVHYLLPHKDQL]PLQDGXERNRMNR�DULLNROLFLPDLVSUDYQR]DWHJQXWLLEORNLUDQL.ROLFDVXQDPMHQMHQD]DSULMHYR]LQR�HQMHVDPRMHGQRJGLMHWHWDXQXWDUGXERNHNR�DUHDXWRVMHGDOLFHLOLVSRUWVNRJGLMHOD1HNRULVWLWHSURL]YRGXEOL]LQLL]YRUDWRSOLQHNDR�WRVXRWYRUHQLSODPHQLVOLQRNRMLELPRJOLELWLRSDVQLSRGLMHWH3UHSRUXOMLYR MH GD GMHFX GULWH SRGDOMH WLMHNRP VDVWDYOMDQMDSURL]YRGD 3ULMH NRUL�WHQMD SURYMHULWH GD OL VX VLJXUQRVQL PHKDQL]PLQDRNYLUXLOLQDNR�DUL]DGRMHQDGSUDYLOQR]DNOMXDQL1HNRULVWLWHNR�DUX]DGRMHQDGXNROLNRVXGMHORYLR�WHHQLLOLQHGRVWDMX1HYMH�DWLWH�NHWRUEHLOLSDNHWHQDUXNX9MH�DQMHVWYDULPRHSURX]URLWLQHVWDELOQRVW3ULOLNRPVYDNRJ]DXVWDYOMDQMDNROLFDXYLMHNLK]DNRLWH1LNDGQHRVWDYOMDMWHGLMHWHL]DNRHQXNR�DUX]DGRMHQDGQDVWUPRMSRYU�LQL.RQLFHQHJDUDQWLUDMXVLJXUQRVWQDMDNRVWUPRMSRYU�LQL3ULUDVNODSDQMXLOLVNODSDQMXRNYLUDNROLFDSURYMHULWHGD9D�HGLMHWHQLMHXEOL]LQLLOLXGRGLUXVDSRNUHWQLPGMHORYLPDRNYLUD1HGRSXVWLWHGMHFLEH]QDG]RUDLJUXXEOL]LQLNR�DUH]DGRMHQDG$NRVXL]ORHQDVXQFXNR�DUD]DGRMHQDGHVHSUHJULMDWLGRSXVWLWHGDVHRKODGHSULMHQHJRVPMHVWLWHGLMHWHXQMLK1HVWDYOMDMWHSUVWHXUD]OLLWHPHKDQL]PH0RJXQRVWR]OMHGH23,6$9-(7,=$2'5$9$1-(3URYMHULWH X�LYQX HWLNHWX ]D RGUDYDQMH 8NROLNR MH SRWUHEQR SRGPDLWH LK VXKLP VLOLNRQVNLP XOMHP 3RYUHPHQR RLVWLWHSODVWLQH GLMHORYH VD YODQRP NUSRP 3RVX�LWH PHWDOQH GLMHORYD NDNR EL VSULMHLOL QDVWDMHQMH KUH 5HGRYLWR SURYMHUDYDMWHLVWUR�HQRVWNRWDDWHLKXYLMHNRLVWLWHRGSUD�LQHLSLMHVND3DQMD3ODVWLQHYUHLFHGULWHYDQGRVHJDGMHWHWDNDNRELL]EMHJOLPRJXQRVWJX�HQMD8YLMHNRGVWUDQLWHVYHGLMHORYDDPEDODHYDQGRVHJDGLMHWHWD]ERJRSDVQRVWLRGR]OMHLYDQMD3 ��%UHYL %UHYL � %UHYL�� � � � � � � %UHYLVUO � � �%UHYLVUO �
  • Page 72

    ��%UHYL � �� � � ���� ��� � � � � � %KPDKH� 69(16.$9,.7,*7 %HYDUD GHVVD LQVWUXNWLRQHUI|UIUDPWLGDEUXN7DFNI|UDWWGXYDOW%UHYL9,.7,*7(QGDVWOLJJNRUJHQ DUW DYPlUNHW%UHYLNDQLQVWDOOHUDVSnYDJQHQFKDVVLDYPlUNHW%UHYL620 /,**9$*1 lU GHQ DQSDVVDG IUnQ I|GVHOQXSSWLOONJ'HQQDSURGXNWlUDQSDVVDGI|UHWWEDUQVRPLQWHNDQVLWWDXSSVMlOYVRPLQWHNDQYlQGDSnVLJVMlOYRFKVRPLQWHNDQUHVDVLJSnKlQGHUQDHOOHUVWlOODVLJSnNQl0D[YLNWI|UEDUQHWNJ)|UVlNUDHURPDWWYDJQHQVDQYlQGDUHYHWKXUGHQIXQJHUDU0RQWHULQJRFKLQVWDOODWLRQVNDOODOOWLGXWI|UDVDYHQYX[HQ9$51,1*/lPQDDOGULJEDUQHWXWDQXSSV\Q9$51,1* 6H WLOO DWW DOOD EORFNHULQJVDQQRUGQLQJDUlUNRUUHNWLQVWDOOHUDGHLQQDQDQYlQGQLQJ9$51,1*)|UDWWXQGYLNDULVNI|UVNDGRUI|UVlNUDGLJRPDWWEDUQHWLQWHEHQQHUVLJLQlUKHWHQDYSURGXNWHQQlUGHQIlOOVXSSHOOHUIlOOVLKRS9$51,1*/nWLQWHGLWWEDUQOHNDPHGGHQQDSURGXNW9$51,1*$QYlQGVlNHUKHWVElOWHQDVnVQDUWEDUQHWNDQVLWWDXSSVMlOY9$51,1*$QYlQGDOOWLGVlNHUKHWVElOWHW9$51,1*6HWLOODWWOLJJNRUJHQVYDJQVLWVHQVHOOHUELOEDUQVWROHQVIlVWHQlURUGHQWOLJWIlVWDLQQDQDQYlQGQLQJ9$51,1*9DJQHQlUHMDQSDVVDGI|UMRJJLQJHOOHUVNDWLQJ5(.200(1'$7,21(51$ /lJJLQWHWLOOH[WUDPDGUDVVHUE|UOlJJDVWLOORPHMJRGNlQQGDDY%UHYLVUO %URPVHQPnVWHDOOWLGYDUDLQlUEDUQHWVlWWVLRFKWDVXUYDJQHQ 9DUXNRUJHQInULQWHODVWDVW\QJUHlQNLOR $OODYLNWHUVRPIlVWVLKDQGWDJHQRFKHOOHUEDNRPU\JJVW|GHWRFKHOOHUYLGVLGRUQDDYIRUGRQHWNDQlYHQW\UDIRUGRQHWVVWDELOLWHW 7UDQVSRUWHUDLQWHPHUlQHWWEDUQnWJnQJHQ (QGDVWWLOOEHK|UVRPJRGNlQWVDY%UHYLVUOInUDQYlQGDV $QYlQGHQGDVWWLOOEHK|URFKUHVHUYGHODUVRPUHNRPHQGHUDWVDYI|UHWDJHW%UHYL$QYlQGQLQJDYDQGUDWLOOEHK|UHOOHUUHVHUYGHODUlQGHUHNRPHQGHUDGHDY%UHYLNDQYDUDIDUOLJW*(1(5(//$9$51,1*$56H WLOO DWW DOOD EORFNHULQJVDQQRUGQLQJDU Sn OLJJNRUJHQ lU NRUUHNWLQVWDOOHUDGH LQQDQ DQYlQGQLQJ 6RP OLJJYDJQ VNDOO GHQ HQGDVWDQYlQGDVPHGHWWEDUQLWDJHW$QYlQGLQWHQlUDYDUPHNlOORUVnVRPWLOOH[HPSHO|SSHQHOGHOOHUDQGUDI|UHPnOVRPVNXOOHNXQQDYDUDIDUOLJDI|UEDUQHW9LUHNRPHQGHUDUDWWKnOODEDUQHQSnDYVWnQGPHGDQVUHJOHULQJDUVNHU6HWLOODWWFKDVVLQHOOHUOLJJNRUJHQVVlNHUKHWVDQQRUGQLQJDUlURUGHQWOLJWEORFNHUDGHLQQDQDQYlQGQLQJ$QYlQGLQWHOLJJYDJQHQ
  • Page 73

    RPQnJRQGHOVDNQDVHOOHU KDU VNDGDWV+lQJLQJDYlVNRUHOOHUSnVDUSnKDQGWDJHQGHNDQYlOWDOLJJYDJQHQ$QYlQGEURPVHQYDUMHJnQJGXVWDQQDU/lPQDDOGULJOLJJYDJQHQSnHQVOXWWDQGH\WDPHGEDUQHWLRFKEURPVHQL%URPVHQJDUDQWHUDWLQWHRSWLPDOEURPVQLQJLEUDQWDVOXWWQLQJDU6HWLOODWWLQJHQDYEDUQHWVNURSSVGHODUlULNRQWDNWPHGU|UOLJDGHODUDYFKDVVLQQlUGHQ|SSQDVHOOHUIlOOVLKRS/nWLQWHDQGUDEDUQOHNDXWDQXSSVLNWLQlUKHWHQDYOLJJYDJQHQ2POLJJYDJQHQOlPQDWVLVROHQXQGHUHQOlQJUHWLGYlQWDWLOOVGHQVYDOQDULQQDQQLOlJJHULEDUQHW,QGYLNDWWVlWWDLQQJUDUQDLPHNDQLVPHUQD*(1(5(//$6.g76(/5c')|OM WYlWWUnGHQ Sn GHQ IDVWV\GGD HWLNHWWHQ 5HQJ|U SODVWGHODUQDUHJHOEXQGHWPHGHQIXNWLJWUDVD7RUNDPHWDOOGHODUQDWRUUDI|UDWWXQGYLND URVW 8QGYLN OlQJUH H[SRQHULQJ L VWDUNW VROOMXV I|U GHWWDVNXOOHNXQQDLQQHElUDDWWW\JRFKDQGUDGHODUEOHNV/LJJNRUJHQlUYDWWHQWlWPHQGHWNDQKlQGDDWWOLWHYDWWHQSHQHWUHUDULV|PQDGHUQDGlUI|UUHNRPHQGHUDVGHWKHOWlFNDQGHUHJQVN\GGHW9DUQLQJ)|UDWWXQGYLNDULVNI|UNYlYQLQJWDERUWSODVWVN\GGHWLQQDQDQYlQGQLQJ6OlQJSODVWVN\GGHWLDYIDOOVKDQWHULQJXWRPDUQHWVUlFNKnOO1('(5/$1'6%(/$1*5,-. %HZDDU GH]H KDQGOHLGLQJYRRUYHUGHUHUDDGSOHJLQJ*HDFKWHNODQWZLMGDQNHQ8YRRU8ZNHX]HYDQHHQSURGXNWYDQKHWPHUN%UHYL23*(/(78LWVOXLWHQGGHNLQGHUZDJHQEDN DUW YDQ%UHYLNDQ RS KHW IUDPH YDQ GH ZDQGHOZDJHQ DUW YDQ %UHYL JHPRQWHHUGZRUGHQ$/6.,1'(5:$*(1YDQDIJHERRUWHWRWNJ'LWSURGXFWLVEHVWHPGYRRUHHQNLQGGDWQRJQLHWLQVWDDWLVRP]HOIVWDQGLJWHEOLMYHQ]LWWHQ]LFKQLHWNDQ RPGUDDLHQ HQ QLHW RS GH KDQGHQ HQ NQLHsQNDQ JDDQ ]LWWHQ 0D[LPXP JHZLFKW YDQ KHW NLQGNJ9HU]HNHU X HUYDQ GDW GH JHEUXLNHU GH ZHUNLQJ YDQ KHW SURGXFWJRHGNHQW$VVHPEODJHHQLQVWDOODWLHPRHWDOWLMGGRRUHHQYROZDVVHQHJHEHXUHQ:$$56&+8:,1* /DDW XZ NLQG QLHW ]RQGHU WRH]LFKW:$$56&+8:,1*9RRUKHWJHEUXLNYHU]HNHUWX]LFKHUYDQGDWDOOHYHUJUHQGHOPHFKDQLVPHQFRUUHFW]LMQJHwQVWDOOHHUG:$$56&+8:,1* 2P NZHWVXUHQ WH YHUPLMGHQJHOLHYHXZNLQGRSDIVWDQGWHKRXGHQELMKHWRQWSORRLHQHQWRHSORRLHQYDQKHWSURGXNW:$$56&+8:,1* /DDW XZ NLQG QRRLW PHW GLWSURGXNWVSHOHQ:$$56&+8:,1* &RQWUROHHU YRRU KHW JHEUXLNRI KHW DXWR]LWMH RI GH ]LWWLQJ RI GH DDQVOXLWLQJYDQKHW]LWMH YRRUNLQGHUHQ FRUUHFWDDQJHEUDFKW]LMQ:$$56&+8:,1* 'LW SURGXFW LV QLHW JHVFKLNWRPPHHWHMRJJHQRIWHVNHHOHUHQ$$1%(9(/,1*(1 *HHQH[WUDPDWUDVVHQDDQGHZLHJWRHYRHJHQGLHQLHWGRRU%UHYLVUOJRHGJHNHXUG]LMQ 'HUHPRS]HWWHQRPKHWNLQGLQHQXLWGHZDQGHOZDJHQWHQHPHQ (UPDJQLHWPHHUGDQNJJHZLFKWLQGHPDQGZRUGHQJHODGHQ 'HVWDELOLWHLWYDQKHWYRHUWXLJZRUGWLQJHYDDUJHEUDFKWGRRUHHQJHZLFKWDDQKHWKDQGYDWHQRIGHDFKWHUNDQWYDQGHUXJOHXQLQJHQGH]LMNDQWHQYDQKHWYRHUWXLJ 9HUYRHUQLHWPHHUGDQppQNLQGWHJHOLMN *HEUXLNQRRLWDFFHVVRLUHVGLHQLHWGRRU%UHYLVUOJRHGJHNHXUG]LMQ *HEUXLNDOOHHQGRRU%UHYLDDQEHYROHQDFFHVVRLUHVRIUHVHUYHRQGHUGHOHQ +HW NDQ JHYDDUOLMN ]LMQ RP QLHW GRRU %UHYL JRHGJHNHXUGHDFFHVVRLUHVWHJHEUXLNHQ$/*(0(1(:$$56&+8:,1*$OYRUHQVWHJHEUXLNHQQDJDDQRIGHYHLOLJKHLGHQGHVOXLWLQJYDQGHGUDDJPDQGFRUUHFWYDVW]LWWHQ'HGUDDJPDQGLVYRRU]LHQYRRUKHWWUDQVSRUWYDQpp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
  • Page 74

    GRHN'URRJGHPHWDOHQGHOHQDIRPURHVWYRUPLQJWHYRRUNRPHQ&RQWUROHHUUHJHOPDWLJGHVOLMWDJHVWDDWYDQGHZLHOHQHQKRXG]HYULMYDQVWRIHQ]DQG9RRUNRPGDWGHZDQGHOZDJHQLQDDQUDNLQJNRPWPHW]RXWZDWHU/HWRS9RRUYHUVWLNNLQJWHYHUPLMGHQYHUZLMGHUGHSODVWLHNYHUSDNNLQJDOYRUHQVKHWSURGXFWWHJHEUXLNHQ'H]HYHUSDNNLQJGLHQWYHUQLHWLJGWHZRUGHQ( � � � � %UHYL %UHYL � %UHYLNJ������ � NJ �� � �� ��� �� � � ��� �� ��%UHYLVUO � NJ � � � �� ��%UHYLVUO � � %UHYL � %UHYL����� ���� � � � ������ � �� � � � � � ������� � � �� � � � � ��
  • Page 75

    520$1$,03257$17 3VWUDL DFHVWHLQVWUXFLXQL SHQWUX D OH FRQVXOWD vQYLLWRU'UDJDFXPSDUDWRUXOHLWLPXOWXPLPFDDLDOHVSURGXVXO%UHYL127$1XPDLODQGRXO DUW GLQPDUFD%UHYLSRDWHLQVWDODWSHDVLXOXQLWLLGHVFDXQ DUW GLQPDUFD%UHYL$781&, &$1' (67( )2/26,7 &$ 6, /$1'28HVWHUHFRPDQGDWSHQWUXFRSLLFXJUHXWDWHDFXSULQVDLQWUHVLNJ$FHVW SURGXV HVWH DGHFYDW XQXL FRSLO FDUH QXSRDWHVVHDH]HVLQJXUFDUHQXUHXHWHVVHURWHDVFLFDUHQXSRDWHVVHULGLFHSHPkLQLVDXVVHDH]Hv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vQPRGSHULRGLFSULOHGLQSODVWLFFXRFkUSXPHG8VFDLSULOHGLQPHWDOSHQWUXDHYLWDIRUPDUHDUXJLQLL&RQWURODLFXUHJXODULWDWHJUDGXOGHX]XUDOURLORULLQHLOHPHUHXFXUDWHvQGHSUWkQGSUDIXOLQLVLSXO([SXQHUHDSUHOXQJLWODVRDUHSRDWHFDX]DPRGLFULGHFXORDUHvQPDWHULDOHLHVXWXUL$WHQLH 3HQWUX D SUHYHQL VXIRFDUHD VFRDWHWL SURWHFWLD GLQSODVWLFLQDLQWHGHDIRORVLSURGXVXO$FHDVWDSURWHFWLHGLQSODVWLFWUHEXLHDUXQFDWDLQWUXQORFVSHFLDOGHSDUWHGHFRSLO5(&20$1'5,/( 1XDGXJDLVDOWHOHVXSOLPHQWDUHvQOHDJQGDFQXVXQWDSUREDWHGH%UHYLVUO )UDQDFDUXFLRUXOXLWUHEXLHDFWLRQDWDDWXQFLFDQGSXQHWLVDXVFRDWHWLFRSLOXOGLQFDUXFLRU &RVXOGHEDJDMHQXWUHEXLHLQFDUFDWFXPDLPXOWGHNJ 2ULFDUH SLHV OHJDW GH PkQHU LVDX vQ VSDWHOH VSWDUXOXL LVDXSHODWXULOHYHKLFXOXOXLDUSXWHDH[SXQHULVFXOXLVWDELOLWDWHDYHKLFXOXOXL 1XWUDQVSRUWDWLPDLPXOWGHXQFRSLORGDWD $FFHVRULLOHQHDSUREDWHGH%UHYLVUOQXWUHEXLHVHXWLOL]DWH
  • Page 76

    , %UHYLSRWUjDSSRUWDUHLQTXDOVLDVLPRPHQWRPRGLFKHDLPRGHOOLGHVFULWWLLQTXHVWROLEUHWWRGLVWUX]LRQLGXVR*% %UHYL FDQ PDNH DQ\ FKDQJH ZKDWVRHYHU WR WKH SURGXFW GHVFULEHG LQ WKLV LQVWUXFWLRQV OHDHW ZLWKRXW DQ\SULRUQRWLFH'%UHYLLVWEHUHFKWLJWDQGHQLQGLHVHP$QOHLWXQJVKHIWEHVFKULHEHQHQ0RGHOOHQ]XMHGHP=HLWSXQNWbQGHUXQJHQYRU]XQHKPHQ)%UHYLSRXUUDDSSRUWHUjWRXWPRPHQWGHVPRGLFDWLRQVDX[PRGqOHVGpFULWVGDQVFHPRGHGHPSORL(%UHYLSRGUiUHDOL]DUHQFXDOTXLHUPRPHQWRPRGLFDFLRQHVDORVPRGHORVGHVFULWRVHQHVWHOLEURGHLQVWUXFFLRQHVSDUDVXXVR 3 %UHYLSRGHUiHIHFWXDUDTXDOTXHUPRPHQWRDOWHUDo}HVQRVPRGHORVGHVFULWRVQHVWHPDQXDOGHLQVWUXo}HVGHXVR 6/2 3URL]YDMDOHF%UHYLVLSULGUXMHSUDYLFRGDNDGDUNROLEUH]GRGDWQHJDREYHVWLODL]YHGHVSUHPHPEHQDL]GHONXNLMHSUHGPHWWHKQDYRGLO]DXSRUDER3/)LUPD%UHYLPR]HZSURZDG]L]PLDQ\ZPRGHODFKRSLVDQ\FKZWHMLQVWUXNFMLZGRZROQ\PPRPHQFLH+%UHYLEiUPLO\HQYiOWR]WDWiVWHV]N|]|OKHWDKDV]QiODWLXWDVtWiVEDQPLQGHQHO]HWHVpUWHVtWpVQpONO+5%UHYL]DGUDYDSUDYRELORNDNYHSURPMHQHQDSURL]YRGXNRMLMHRSLVDQXRYLPXSXWVWYLPD]DXSRWUHEXEH]SUHWKRGQHQDMDYH586���6%UHYLI|UEHKnOOHUVLJUlWWHQWLOOPRGHOOlQGULQJDU1/%UHYLNDQRSHONZLOOHNHXULJPRPHQWZLM]LJLQJHQDDQGHLQGH]HKDQGOHLGLQJEHVFKUHYHQPRGHOOHQDDQEUHQJHQ *5 %UHYL��� 52 %UHYLDUHGUHSWXOVDIDFDRULFHVFKLPEDUHODSURGXVXOGHVFULVLQLQVWUXFWLXQLIDUDRQRWLFDUHSUHDODELOD%5(9,VUO9LD/RPEDUGLD7HOJDWH %J ,WDO\7HO)D[ZZZEUHYLHXLQIR#EUHYLHX



Report abuse

Libble takes abuse of its services very seriously. We're committed to dealing with such abuse according to the laws in your country of residence. When you submit a report, we'll investigate it and take the appropriate action. We'll get back to you only if we require additional details or have more information to share.

Product:

For example, Anti-Semitic content, racist content, or material that could result in a violent physical act.

For example, a credit card number, a personal identification number, or an unlisted home address. Note that email addresses and full names are not considered private information.

Forumrules

To achieve meaningful questions, we apply the following rules:

Register

Register getting emails for Brevi Crystal at:


You will receive an email to register for one or both of the options.


Get your user manual by e-mail

Enter your email address to receive the manual of Brevi Crystal in the language / languages: English, German, Dutch, French, Italian, Polish, Portuguese, Swedish, Spanish as an attachment in your email.

The manual is 2,68 mb in size.

 

You will receive the manual in your email within minutes. If you have not received an email, then probably have entered the wrong email address or your mailbox is too full. In addition, it may be that your ISP may have a maximum size for emails to receive.

The manual is sent by email. Check your email

If you have not received an email with the manual within fifteen minutes, it may be that you have a entered a wrong email address or that your ISP has set a maximum size to receive email that is smaller than the size of the manual.

The email address you have provided is not correct.

Please check the email address and correct it.

Your question is posted on this page

Would you like to receive an email when new answers and questions are posted? Please enter your email address.



Info