4FMFDDJØOEFMNPEPEFHPPEhTMFFQ
&MNPEPEFHPPEhTMFFQBZVEBBMPTVTVBSJPTBEPSNJSTFCJFOEFTQVÏTEFJSTFBMBDBNBUBOUPTJUJFOFO
EFNBTJBEPDBMPSQBSBEPSNJSDPNPTJTFIBOEFTQFSUBEPQPSFMGSÓP&MNPEPEFHPPEhTMFFQTPMBNFOUF
QVFEFTFSTFMFDDJPOBEPDVBOEPFMBJSFBDPOEJDJPOBEPFTUÈFODFOEJEPPBQBHBEPFONPEPGSÓP
-BTFMFDDJØOEFMNPEPEFHPPEhTMFFQUFOESÈDPNPSFTVMUBEPRVFFMUFNQPSJ[BEPS
EFBQBHBEPBQBHBSÈBVUPNÈUJDBNFOUFFMBJSFBDPOEJDJPOBEPEFTQVÏTEFIPSBT
5BNCJÏOQVFEFQVMTBSFMCPUØO
QBSBQSPHSBNBSFMUFNQPSJ[BEPSEFBQBHBEP
FOVOSBOHPEFUJFNQPFOUSFIPSBTZIPSBTMVFHPEFCFSÈQVMTBSFMCPUØO
QBSBDPOGJSNBSMBTFMFDDJØO$VBOEPFMBQBSBUPFTUÏFONPEPEFHPPEhTMFFQMBT
UFNQFSBUVSBTQPTJCMFTPTDJMBOFOUSF$Z$BNCBTJODMVTJWFQFSPMBWFMPDJEBE
EFMWFOUJMBEPSZMBEJSFDDJØOEFMGMVKPEFBJSFOPTFQVFEFOBKVTUBS
1VMTFFMCPUØO VOBPNÈTWFDFTIBTUBRVF TFNVFTUSFFOTVDPOUSPMSFNPUP
3FTVMUBEP
X
-BVOJEBEJOUFSJPSQJUB
X
4JTFTFMFDDJPOBFMNPEPEFHPPEhTMFFQEFTQVÏTEFQPOFSFONBSDIB
MBVOJEBEFMBJSFBDPOEJDJPOBEPGVODJPOBSÈFONPEP'SÓP%VSBOUFFTUFUJFNQP
MBUFNQFSBUVSBRVFTFNPTUSBSÈFTMBRVFIBZBTFMFDDJPOBEPQBSBFMNPEP'SÓP
4JTFTFMFDDJPOBFMNPEPEFHPPEhTMFFQBOUFTEFQPOFSFONBSDIBMBVOJEBE
FMBJSFBDPOEJDJPOBEPFNQF[BSÈBGVODJPOBSFONPEP'SÓPZMBUFNQFSBUVSB
QSPHSBNBEBTFSÈEF$
X
&MWFOUJMBEPSGVODJPOBSÈFONPEPBVUPNÈUJDP
1BSBDBODFMBSFMNPEPEFHPPEhTMFFQ
4JZBOPRVJFSFVTBSFMNPEPEFHPPEhTMFFQRVFIBTFMFDDJPOBEPQVFEFDBODFMBSMPFODVBMRVJFS
NPNFOUP
1VMTFFMCPUØO
QBSBBQBHBSFMBJSFBDPOEJDJPOBEP
1BSBDBODFMBSVONPEPEFHPPEhTMFFQTFMFDDJPOBEPUBNCJÏOQVFEFQVMTBSFM
CPUØO
FMCPUØO FMCPUØO PFMCPUØO
&MBJSFBDPOEJDJPOBEPGVODJPOBSÈFONPEPGSÓP
&MNPEPEFHPPETMFFQHVBSEBMBUFNQFSBUVSBEFQJFMFOFMNFKPSEVSBOUFMBTFUBQBTQPSFKFNQMP
&UBQBEF%PSNJSTF¸&UBQBEF1SPGVOEBNFOUF%PSNJEB¸&UBQBEF%FTQFSUBSTFFOPSEFO
{&UBQBEFEPSNJSTF
&TUBFUBQBBQPZBFMBNCJFOUFQBSBSFGSFTDBSTFSÈQJEBNFOUFBCBKP
+VOUPDPOFMBJSFJOUFSNJUFOUFDØNPEPVTUFEQPESÈEPSNJSTFSÈQJEBNFOUF
|&UBQBEF1SPGVOEBNFOUF%PSNJEB
&TUBFUBQBMFBZVEBBVTVBSJPTBEPSNJSTFQSPGVOEBNFOUFZBHVBSEBSMBQJFMTBOB
DPOUSPMBOEPFMDPOUSPMEFMBUFNQFSBUVSBPOEVMBEPZMBDPSSJFOUF
JOTFOTJCMFEFMBJSF
}&UBQBEF%FTQFSUBSTF
&TUBFUBQBTPQPSUBFMBJSFJOUFSNJUFOUFDØNPEPBMDVBSUPEFMFWBOUBSTFMB
UFNQFSBUVSBEFMDVFSQPIVNBOPQBSBSFTUBVSBSEFTQJFSUB
f
-BUFNQFSBUVSBSFDPNFOEBEBTFGJKBFOUSF¡$Z¡$Z¡$FTMBUFNQFSBUVSBNÈT
JEFBMQBSBFMTVF×PDØNPEP
f
-BTMÈNJOBTEFMBDJSDVMBDJØOEFBJSFZMBWFMPDJEBEEFMWFOUJMBEPSTFDPOUSPMBO
BVUPNÈUJDBNFOUFDPNPMBTFUBQBTBOUFEJDIBTFONPEPEFHPPETMFFQ
f
'JKFFM5FNQPSJ[BEPS"QBHBEPFONPEPEFHPPETMFFQNÈTEFIPSBT
6TUFETJFOUFTVF×PEJTUVSCBEPTJFMHPPETMFFQTFGJKBEFNBTJBEPDPSUPPMBSHPQPSRVF
FMUFNQPSJ[BEPSBQBHBEPCÈTJDPTFGJKBQPSIPSBT
f
4JFMNPEPEFHPPETMFFQTFGJKBNFOPTEFIPSBTMBPQFSBDJØOTFSÈQBSBEBEFTQVÏT
EFMUJFNQPGJKBEP4JFMNPEPEFHPPETMFFQTFGJKBNÈTEFIPSBTGVODJPOBSÈDPNPMB
FUBQBEF%FTQFSUBSTFQBSBMBVOBIPSBQBTBEBBOUFTEFQBSBEB
"KVTUBSMB
UFNQFSBUVSB
$VBOEPFMUJFNQPBKVTUBEPFTNÈTEF
IPSBTFTUBTFDDJØOTFSÈSFQFUJEB
5FNQ
5JFNQPIPSB
&ONPEPEFSFGSJHFSBDJØO
0