*ꢀꢁꢂERRNꢃꢃ3DJHꢃLꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
ꢀ'$1*(5
ꢀ'$1*(5
ꢀ*()$+5(1+,1:(,6
7RꢀDYRLGꢀVKRFNꢀKD]DUGꢁ
3RXUꢀpYLWHUꢀOHVꢀULVTXHVꢀ
G¶pOHFWURFXWLRQꢀꢁ
8PꢀGLHꢀ*HIDKUꢀHLQHVꢀHOHNWULVFKHQꢀ
6FKODJVꢀ]XꢀYHUPHLGHQꢂꢀIROJHQGHVꢀ
EHDFKWHQꢁ
'RꢀQRWꢀUHPRYHꢀWKHꢀFRYHUVꢁ
'RꢀQRWꢀRSHUDWHꢀWKLVꢀSURGXFWꢀ
XQOHVVꢀWKHꢀVWDQGꢀLVꢀDWWDFKHGꢁ
'RꢀQRWꢀFRQQHFWꢀRUꢀGLVFRQQHFWꢀ
WKLVꢀSURGXFWꢀGXULQJꢀDQꢀHOHFWULFDOꢀ
VWRUPꢁ
7KHꢀSRZHUꢀFRUGꢀSOXJꢀPXVWꢀEHꢀ
FRQQHFWHGꢀWRꢀDꢀSURSHUO\ꢀZLUHGꢀ
DQGꢀJURXQGHGꢀSRZHUꢀRXWOHWꢁ
$Q\ꢀHTXLSPHQWꢀWRꢀZKLFKꢀWKLVꢀ
SURGXFWꢀZLOOꢀEHꢀDWWDFKHGꢀPXVWꢀ
DOVRꢀEHꢀFRQQHFWHGꢀWRꢀSURSHUO\ꢀ
ZLUHGꢀDQGꢀJURXQGHGꢀSRZHUꢀ
RXWOHWVꢁ
1HꢀUHWLUH]ꢀSDVꢀOHVꢀFDSRWVꢀGXꢀ
PRQLWHXUꢁ
1¶XWLOLVH]ꢀSDVꢀFHꢀSURGXLWꢀVLꢀOHꢀ
VRFOHꢀQ¶HVWꢀSDVꢀIL[pꢁ
1HꢀFRQQHFWH]ꢂꢀQLꢀQHꢀ
GpFRQQHFWH]ꢀFHꢀSURGXLWꢀSHQGDQWꢀ
XQꢀRUDJHꢁ
8QWHUꢀNHLQHQꢀ8PVWlQGHQꢀGLHꢀ
$EGHFNXQJHQꢀDEQHKPHQꢁ
'DVꢀ3URGXNWꢀQLFKWꢀLQꢀ%HWULHEꢀ
QHKPHQꢂꢀZHQQꢀGHUꢀ6RFNHOꢀQLFKWꢀ
PRQWLHUWꢀLVWꢁꢀ
'DVꢀ*HUlWꢀQLFKWꢀZlKUHQGꢀHLQHVꢀ
*HZLWWHUVꢀDQꢀHLQHꢀ6WHFNGRVHꢀ
DQVFKOLHHQꢀRGHUꢀYRQꢀLKUꢀ
WUHQQHQꢁꢀ
'DVꢀ1HW]NDEHOꢀLVWꢀDQꢀHLQHꢀ
RUGQXQJVJHPlꢀYHUGUDKWHWHꢀ
XQGꢀJHHUGHWHꢀ6WHFNGRVHꢀ
DQ]XVFKOLHHQꢁ
/HꢀFkEOHꢀG¶DOLPHQWDWLRQꢀGRLWꢀrWUHꢀ
FRQQHFWpꢀjꢀXQHꢀSULVHꢀpOHFWULTXHꢀ
FRUUHFWHPHQWꢀPLVHꢀjꢀODꢀWHUUHꢀHWꢀ
HQꢀERQꢀpWDWꢀGHꢀPDUFKHꢁ
7RXWꢀpTXLSHPHQWꢀDXTXHOꢀFHꢀ
SURGXLWꢀHVWꢀUHOLpꢀGRLWꢀrWUHꢀ
pJDOHPHQWꢀFRQQHFWpꢀjꢀXQHꢀSULVHꢀ
FRUUHFWHPHQWꢀPLVHꢀjꢀODꢀWHUUHꢀHWꢀ
HQꢀERQꢀpWDWꢀGHꢀPDUFKHꢁ
7RꢀLVRODWHꢀWKHꢀPRQLWRUꢀIURPꢀWKHꢀ
HOHFWULFDOꢀVXSSO\ꢂꢀ\RXꢀPXVWꢀ
UHPRYHꢀWKHꢀSOXJꢀIURPꢀWKHꢀSRZHUꢀ
RXWOHWꢁꢀ7KHꢀSRZHUꢀRXWOHWꢀVKRXOGꢀ
EHꢀHDVLO\ꢀDFFHVVLEOHꢁ
-HGHVꢀ*HUlWꢂꢀPLWꢀGHPꢀGLHVHVꢀ
3URGXNWꢀYHUEXQGHQꢀZLUGꢂꢀPXꢀ
HEHQIDOOVꢀDQꢀHLQHꢀ
3RXUꢀLVROHUꢀOHꢀPRQLWHXUꢀGHꢀODꢀ
VRXUFHꢀG¶DOLPHQWDWLRQꢀpOHFWULTXHꢂꢀ
YRXVꢀGHYH]ꢀOHꢀGpEUDQFKHUꢀGHꢀODꢀ
SULVHꢀpOHFWULTXHꢁꢀ&HWWHꢀSULVHꢀGRLWꢀ
rWUHꢀIDFLOHꢀG¶DFFqV
RUGQXQJVJHPlꢀYHUGUDKWHWHꢀ
XQGꢀJHHUGHWHꢀ6WHFNGRVHꢀ
DQJHVFKORVVHQꢀZHUGHQꢁ
8PꢀGHQꢀ0RQLWRUꢀYRQꢀGHUꢀ
6WURPYHUVRUJXQJꢀ]XꢀWUHQQHQꢂꢀ
PXꢀGHUꢀ6WHFNHUꢀDXVꢀGHUꢀ
6WHFNGRVHꢀJH]RJHQꢀZHUGHQꢁꢀ'LHꢀ
6WHFNGRVHꢀVROOWHꢀOHLFKWꢀ
]XJlQJOLFKꢀVHLQꢁ
+DQGOLQJꢁ
<RXUꢀFRORXUꢀPRQLWRUꢀLVꢀKHDY\ꢂꢀVRꢀ
KDQGOHꢀLWꢀZLWKꢀFDUHꢁꢀ,IꢀKHDYLHUꢀ
WKDQꢀꢃꢄꢀ.Jꢂꢀ,%0ꢀUHFRPPHQGVꢀ
WKDWꢀWKHꢀPRQLWRUꢀLVꢀPRYHGꢀRUꢀ
OLIWHGꢀE\ꢀWZRꢀSHRSOHꢁ
0DQXWHQWLRQꢀꢁ
9RWUHꢀPRQLWHXUꢀFRXOHXUVꢀHVWꢀ
ORXUGꢀHWꢀGRLWꢀGRQFꢀrWUHꢀPDQLSXOpꢀ
DYHFꢀVRLQꢁꢀ6LꢀVRQꢀSRLGVꢀGpSDVVHꢀ
ꢃꢄꢀNJꢂꢀ,%0ꢀYRXVꢀFRQVHLOOHꢀGHꢀOHꢀ
GpSODFHUꢀRXꢀGHꢀOHꢀSRUWHUꢀjꢀGHX[ꢁ
*ꢀꢁꢂERRNꢃꢃ3DJHꢃLLLꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
FROOHJDWDꢀDGꢀXQDꢀSUHVDꢀGLꢀ
FRUUHQWHꢀFRQꢀPHVVDꢀDꢀWHUUDꢂꢀ
LQVWDOODWDꢀLQꢀPDQLHUDꢀDSSURSULDWDꢁ
ꢀ3(5,*2
ꢀ)$5(
3DUDꢀHYLWDUꢀRꢀSHULJRꢀGHꢀFKRTXHVꢀ
HOpFWULFRVꢁ
6nGDQꢀXQGJnUꢀGXꢀHOHNWULVNꢀVW¡Gꢁ
/HꢀDSSDUHFFKLDWXUHꢀDꢀFXLꢀLOꢀ
SURGRWWRꢀYLHQHꢀDWWDFFDWRꢀGHYRQRꢀ
HVVHUHꢀFROOHJDWHꢀDꢀSUHVHꢀGLꢀ
FRUUHQWHꢀFRQꢀPHVVDꢀDꢀWHUUDꢂꢀ
LQVWDOODWHꢀLQꢀPDQLHUDꢀDSSURSULDWDꢁ
3HUꢀLVRODUHꢀLOꢀPRQLWRUꢀGDOODꢀ
FRUUHQWHꢀHOHWWULFDꢂꢀVWDFFDUHꢀODꢀ
VSLQDꢀGDOODꢀSUHVDꢀGLꢀ
.DELQHWWHWꢀPnꢀXQGHUꢀLQJHQꢀ
RPVW QGLJKHGHUꢀIMHUQHVꢁ
8QGJnꢀDWꢀDQYHQGHꢀGHWWHꢀ
SURGXNWꢂꢀXGHQꢀDWꢀYLSSHꢈ
1mRꢀUHWLUHꢀDVꢀFREHUWXUDVꢁ
1mRꢀXWLOL]HꢀHVWHꢀSURGXWRꢀDQWHVꢀ
GHꢀPRQWDUꢀDꢀEDVHꢁ
1mRꢀOLJXHꢀQHPꢀGHVOLJXHꢀHVWHꢀ
SURGXWRꢀGXUDQWHꢀXPDꢀ
WHPSHVWDGHꢀHOpFWULFDꢁ
2ꢀFDERꢀGHꢀDOLPHQWDomRꢀGHYHꢀVHUꢀ
OLJDGRꢀDꢀXPDꢀWRPDGDꢀHOpFWULFDꢀ
GHYLGDPHQWHꢀOLJDGDꢀjꢀWHUUDꢁ
4XDOTXHUꢀHTXLSDPHQWRꢀOLJDGRꢀDꢀ
HVWHꢀSURGXWRꢀGHYHꢀHVWDUꢀOLJDGRꢀDꢀ
WRPDGDVꢀHOpFWULFDVꢀGHYLGDPHQWHꢀ
OLJDGDVꢀjꢀWHUUDꢁ
3DUDꢀLVRODUꢀRꢀPRQLWRUꢀGDꢀIRQWHꢀGHꢀ
DOLPHQWDomRꢂꢀUHWLUHꢀDꢀILFKDꢀGRꢀ
FDERꢀGHꢀDOLPHQWDomRꢀGDꢀWRPDGDꢀ
HOpFWULFDꢁꢀ$ꢀWRPDGDꢀHOpFWULFDꢀ
GHYHꢀVHUꢀGHꢀIiFLOꢀDFHVVRꢁ
GUHMHIRGHQꢀHUꢀPRQWHUHWꢁ
8QGJnꢀDWꢀWLOVOXWWHꢀHOOHUꢀIUDNREOHꢀ
GHWWHꢀSURGXNWꢀLꢀWRUGHQYHMUꢁ
1HWOHGQLQJHQꢀVNDOꢀY UHꢀWLOVOXWWHWꢀ
HQꢀNRUUHNWꢀMRUGHWꢀVWLNNRQWDNWꢀPHGꢀ
NRUUHNWꢀOHGQLQJVI¡ULQJꢁ
$OWꢀXGVW\UꢂꢀVRPꢀWLOVOXWWHVꢀGHWWHꢀ
SURGXNWꢂꢀVNDOꢀRJVnꢀY UHꢀWLOVOXWWHWꢀ
NRUUHNWꢀMRUGHGHꢀVWLNNRQWDNWHUꢀ
PHGꢀNRUUHNWꢀOHGQLQJVI¡ULQJꢁ
)RUꢀDWꢀLVROHUHꢀVN UPHQꢀIUDꢀ
VWU¡PIRUV\QLQJHQꢂꢀVNDOꢀVWLNNHWꢀ
WDJHVꢀXGꢀDIꢀVWLNNRQWDNWHQꢁꢀ
6WLNNRQWDNWHQꢀE¡UꢀY UHꢀOHWꢀ
WLOJ QJHOLJꢁ
DOLPHQWD]LRQHꢂꢀFKHꢀGHYHꢀHVVHUHꢀ
IDFLOPHQWHꢀDFFHVVLELOHꢁ
0DQLSXODFLyQꢁ
(OꢀPRQLWRUꢀGHꢀFRORUꢀHVꢀSHVDGRꢂꢀ
SRUꢀORꢀTXHꢀGHEHꢀPDQLSXODUORꢀFRQꢀ
FXLGDGRꢁꢀ6LꢀSHVDꢀPiVꢀGHꢀꢃꢄꢀNJꢂꢀ
,%0ꢀUHFRPLHQGDꢀPRYHUORꢀFRQꢀODꢀ
D\XGDꢀGHꢀGRVꢀSHUVRQDVꢁ
+nQGWHULQJꢁ
'HUHVꢀIDUYHVN UPꢀHUꢀWXQJꢂꢀVnꢀ
UꢀIRUVLJWLJꢂꢀQnUꢀ'HꢀO¡IWHUꢀGHQꢁꢀ
0DQXVHLRꢁ
6HXꢀPRQLWRUꢀFRORULGRꢀpꢀSHVDGRꢂꢀ
Y
HQWmRꢀPDQXVHLHꢅRꢀFRPꢀFXLGDGRꢁꢀ
6HꢀRꢀSHVRꢀIRUꢀVXSHULRUꢀDꢀꢃꢄꢀ
ꢆGH]RLWRꢇꢀ.JꢁꢂꢀDꢀ,%0ꢀUHFRPHQGDꢀ
TXHꢀRꢀPRQLWRUꢀVHMDꢀPRYLGRꢀRXꢀ
FDUUHJDGRꢀSRUꢀGXDVꢀSHVVRDVꢁ
+YLVꢀVN UPHQꢀYHMHUꢀPHUHꢀHQGꢀ
ꢃꢄꢀNJꢂꢀDQEHIDOHUꢀ,%0ꢂꢀDWꢀGHQꢀ
IO\WWHVꢀRJꢀO¡IWHVꢀDIꢀWRꢀSHUVRQHUꢁ
*ꢀꢁꢂERRNꢃꢃ3DJHꢃLYꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
ꢀ)$5(
ꢀ9DUQLQJꢀꢁꢀOLYVIDUD
ꢀ9$$5$
6OLNꢀXQQJnUꢀGXꢀIDUHꢀIRUꢀHOHNWULVNꢀ
VW¡Wꢁ
)|UꢀDWWꢀXQGYLNDꢀULVNꢀI|UꢀHOHNWULVNDꢀ
VW|WDUꢀPnVWHꢀGXꢀWlQNDꢀSnꢀI|OMDQGHꢁ
6lKN|LVNXQꢀYDDUDQꢀYlOWWlPLVHNVLꢁ
bOlꢀDYDDꢀODLWWHHQꢀNDQVLDꢀ
PLVVllQꢀWLODQWHHVVDꢁ
bOlꢀNl\WlꢀODLWHWWDꢂꢀHOOHLꢀMDOXVWDDꢀ
ROHꢀNLLQQLWHWW\ꢁ
bOlꢀN\WNHꢀODLWHWWDꢀSLVWRUDVLDDQꢀWDLꢀ
LUURWDꢀVLWlꢀSLVWRUDVLDVWDꢀ
7DꢀLQWHꢀERUWꢀQnJUDꢀVN\GGVNnSRUꢁ
$QYlQGꢀLQWHꢀGHQꢀKlUꢀSURGXNWHQꢀ
LQQDQꢀGXꢀKDUꢀVDWWꢀIDVWꢀVWDWLYHWꢁ
$QVOXWꢀLQWHꢀSURGXNWHQꢀWLOOꢀHWWꢀ
HOXWWDJꢀXQGHUꢀnVNYlGHUꢁꢀ.RSSODꢀ
LQWHꢀKHOOHUꢀXUꢀSURGXNWHQꢀIUnQꢀHWWꢀ
HOXWWDJꢀXQGHUꢀnVNYlGHUꢁ
,NNHꢀWDꢀDYꢀGHNVOHQHꢁ
,NNHꢀEUXNꢀSURGXNWHWꢀGHUVRPꢀ
VRNNHOHQꢀLNNHꢀHUꢀ
PRQWHUWꢁ
,NNHꢀNREOHꢀSURGXNWHWꢀWLOꢀHOOHUꢀIUDꢀ
XQGHUꢀWRUGHQY Uꢁ
3OXJJHQꢀSnꢀVWU¡POHGQLQJHQꢀPnꢀ
NREOHVꢀWLOꢀNRUUHNWꢀPRQWHUWꢀRJꢀ
MRUGHWꢀVWU¡PXWWDNꢁ
XNRQLOPDQꢀDLNDQDꢁ
9LUWDMRKWRꢀRQꢀN\WNHWWlYlꢀ
DVLDQPXNDLVHVWLꢀMRKGRWHWWXXQꢀMDꢀ
PDDGRLWHWWXXQꢀSLVWRUDVLDDQꢁ
.DLNNLꢀPXXWNLQꢀODLWWHHWꢂꢀMRLKLQꢀ
WlPlꢀWXRWHꢀRQꢀOLLWHWW\ꢂꢀRQꢀ
N\WNHWWlYlꢀDVLDQPXNDLVHVWLꢀ
MRKGRWHWWXLKLQꢀSLVWRUDVLRLKLQꢁ
.XQꢀKDOXDWꢀHURWWDDꢀQl\WWLPHQꢀ
VlKN|YHUNRVWDꢂꢀVLQXQꢀSLWllꢀ
LUURWWDDꢀVHQꢀYHUNNRMRKWRꢀ
SLVWRUDVLDVWDꢁꢀ3LVWRUDVLDQꢀSLWlLVLꢀ
ROODꢀPDKGROOLVLPPDQꢀOlKHOOlꢀ
Ql\WLQWlꢀMDꢀYDLYDWWRPDVWLꢀNlVLOOlꢁ
6WU|PNDEHOQꢀPnVWHꢀDQVOXWDVꢀWLOOꢀ
HWWꢀIHOIULWWꢀRFKꢀMRUGDWꢀXWWDJꢁ
$OOꢀXWUXVWQLQJꢀVRPꢀGHQꢀKlUꢀ
SURGXNWHQꢀNRSSODVꢀWLOOꢀPnVWHꢀ
RFNVnꢀDQVOXWDVꢀWLOOꢀIHOIULDꢀRFKꢀ
MRUGDGHꢀXWWDJꢁ
8WVW\UꢀVRPꢀGHWWHꢀSURGXNWHWꢀ
HYHQWXHOWꢀEOLUꢀNREOHWꢀWLOꢂꢀPnꢀRJVnꢀ
NREOHVꢀWLOꢀNRUUHNWꢀPRQWHUWꢀRJꢀ
MRUGHWꢀVWU¡PXWWDNꢁ
)RUꢀnꢀLVROHUHꢀVNMHUPHQꢀIUDꢀ
VWU¡PNLOGHQꢀPnꢀGXꢀWDꢀXWꢀSOXJJHQꢀ
IUDꢀVWU¡PXWWDNHWꢁꢀ6WU¡PXWWDNHWꢀ
E¡UꢀY UHꢀOHWWꢀWLOJMHQJHOLJꢁ
)|UꢀDWWꢀEU\WDꢀVWU|PPHQꢀWLOOꢀ
ELOGVNlUPHQꢀPnVWHꢀGXꢀGUDꢀXWꢀ
NRQWDNWHQꢁꢀ9lJJXWWDJHWꢀE|UꢀYDUDꢀ
OlWWꢀDWWꢀNRPPDꢀnWꢁ
+DQWHULQJꢁ
.lVLWWHO\ꢁ
+DQWHUDꢀGLQꢀIlUJPRQLWRUꢀPHGꢀ
9lULQl\WW|ꢀRQꢀSDLQDYDꢂꢀMRWHQꢀ
+nQGWHULQJꢁꢀ
I|UVLNWLJKHWꢂꢀGHQꢀlUꢀWXQJꢁꢀ1LꢀE|Uꢀ
YDUDꢀWYnꢀSHUVRQHUꢀI|UꢀDWWꢀO\IWDꢀ
RFKꢀIO\WWDꢀPRQLWRUQꢀRPꢀGHQꢀlUꢀ
W\QJUHꢀlQꢀꢃꢄꢀNJꢁ
NlVLWWHOHꢀVLWlꢀYDURHQꢁꢀ-RVꢀQl\WW|ꢀ
SDLQDDꢀHQHPPlQꢀNXLQꢀꢃꢄꢀNJꢂꢀ
,%0ꢀVXRVLWWHOHHꢂꢀHWWlꢀNDNVLꢀ
)DUJHVNMHUPHQꢀGLQꢀHUꢀWXQJꢂꢀRJꢀ
PnꢀKnQGWHUHVꢀPHGꢀYDUVRPKHWꢁꢀ
+YLVꢀGHQꢀYHLHUꢀPHUꢀHQQꢀꢃꢄꢀNLORꢂꢀ
DQEHIDOHUꢀ,%0ꢀDWꢀVNMHUPHQꢀ
KHQNLO|lꢀVLLUWllꢀWDLꢀQRVWDDꢀVLWlꢁ
IO\WWHVꢀHOOHUꢀO¡IWHVꢀDYꢀWRꢀSHUVRQHUꢁ
*ꢀꢁꢂERRNꢃꢃ3DJHꢃYꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
.,1D<12S
ꢀ
ꢃ
ꢃꢅꢁꢃ
ꢃ
ꢄꢃ ꢃ,%0ꢃ
ꢃ ꢃ
oHNPHQL]ꢃJHUHNOLGLUꢂꢃ3UL]ꢄꢃNROD\FDꢃ
HULìLOHELOHFHNꢃELUꢃ\HUGHꢃROPDOêGêUꢂ
ꢃ
ꢃ
ꢃ
ꢃ
ꢀ
ꢀ
ꢀ
ꢁ
ꢃ
ꢂ
.DOGêUPD
ꢃ
ꢃ
ꢃ
ꢂ
ꢃ
5HQNOêꢃPRQLW|UQ]ꢃDèêUꢃROGXèXꢃ
LFLQꢃNDOGêUêUNHQꢃGLNNDWOLꢃROXQX]ꢂꢃ
,%0ÃꢃPRQLW|UQꢃDèêUOêèêQêQꢃꢅꢁꢃ
NLORJUDPGDQꢃID]ODꢃROPDVêꢃKDOLQGHꢃ
LNLꢃNLìLꢃWDUDIêQGDQꢃWDìêQPDVêQêꢃ
YH\DꢃNDOGêUêOPDVêQêꢃWDYVL\Hꢃ
HWPHNWHGLUꢂ
7(+/,.(
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
(OHNWULNꢀoDUSPDVêꢀWHKOLNHVLQGHQꢀ
NDoêQPDNꢀLoLQꢁ
ꢃ ꢃ
ꢂ
ꢃ
ꢃ ꢃ
ꢃ
ꢃ
.DSDNODUêꢃoêNDUPD\êQê]ꢂ
%XꢃFLKD]êꢃNDLGHVLQHꢃWDNêOêꢃ
GXUXPGDꢃGHèLONHQꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢂ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
oDOêìWêUPD\êQê]ꢂ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
%XꢃFLKD]êꢃHOHNWULNVHOꢃIêUWêQDꢃ
VêUDVêQGDꢃSUL]HꢃWDNPD\êQê]ꢃYH\Dꢃ
SUL]GHQꢃoêNDUPD\êQê]ꢂ
(OHNWULNꢃNDEORVXQXQꢃILìLꢄꢃHOHNWULNꢃYHꢃ
WRSUDNꢃEDèODQWêODUêꢃXVXOQHꢃX\JXQꢃ
RODUDNꢃ\DSêOPêìꢃELUꢃSUL]Hꢃ
WDNêOPDOêGêUꢂ
%XꢃFLKD]êQꢃEDèODQDFDèêꢃGLèHUꢃWPꢃ
FLKD]ODUꢃGDꢃHOHNWULNꢃYHꢃWRSUDNꢃ
EDèODQWêODUêꢃXVXOQHꢃX\JXQꢃRODUDNꢃ
\DSêOPêìꢃSUL]HꢃWDNêOPêìꢃ
ROPDOêGêUꢂ
ꢃ
ꢂ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢂ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢄꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢂꢃ ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢂ
;
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
0RQLW|UQꢃHOHNWULNOHꢃEDèODQWêVêQêꢃ
NHVPHNꢃLoLQꢃILìLQLꢃSUL]GHQꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢂꢃ
ꢃ
ꢃ
ꢃ
ꢃ
*ꢀꢁꢂERRNꢃꢃ3DJHꢃLꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
ꢀ
235(=ꢀ
ꢀ
ꢂ
ꢀ3(5,&2/
'DꢀELVWHꢀL]EMHJOLꢀRSDVQRVWꢀRGꢀ
VWUXMQRJꢀXGDUDꢁꢀ
ꢀ
ꢀ
ꢀ
3HQWUXꢀDꢀHYLWDꢀULVFXOꢀXQXLꢀúRFꢁ
ꢀ
ꢁ
1XꢀLQGHS UWD LꢀFDUFDVHOH
1XꢀXWLOL]D LꢀDFHVWꢀSURGXVꢀI U ꢀDꢅLꢀ
DWDúDꢀVXSRUWXO
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
1HPRMWHꢀRWYDUDWLꢀNXüLãWHꢀ
XUH DMDꢁ
ꢁ
ꢀ
ꢀ
ꢂꢀ
ꢀ
ꢀ
1HPRMWHꢀXSRWUHEOMDYDWLꢀRYDMꢀ
XUH DMꢀGRNꢀQHꢀSRVWDYLWHꢀSRVWROMHꢁ
1HPRMWHꢀVSDMDWLꢀLꢀRGVSDMDWLꢀXUH DMꢀ
]DꢀYULMHPHꢀROXMHꢁ
1DSRQVNLꢀNDEHOꢀPRUDꢀELWLꢀ
SULNOMXþHQꢀXꢀRGJRYDUDMXüHꢀ
X]HPOMHQXꢀXWLþQLFXꢁ
1XꢀFRQHFWD LꢀVDXꢀGHFRQHFWD Lꢀ
HFKLSDPHQWXOꢀvQꢀWLPSXOꢀXQHLꢀ
YDULD LLꢀGHꢀWHQVLXQH
ꢁ
ꢀ ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
(FKLSDPHQWXOꢀWUHEXLHꢀFRQHFWDWꢀ
FRUHFWꢀODꢀUH HDXDꢀGHꢀHOHFWULFLWDWHꢂꢀ
LDUꢀSUL]DꢀWUHEXLHꢀV ꢀDLE ꢀ
vPS PkQWDUH
ꢁ
ꢂꢀ ꢀ
ꢂꢀ
ꢀ
ꢀ
ꢀ
ꢀ
%LORꢀNRMDꢀRSUHPDꢀQDꢀNRMXꢀüHꢀRYDMꢀ
XUH DMꢀELWLꢀVSRMHQꢀWDNR HUꢀPRUDꢀ
ELWLꢀSULNOMXþHQDꢀXꢀRGJRYDUDMXüHꢀ
X]HPOMHQXꢀXWLþQLFXꢁ
'DꢀELVWHꢀLVNOMXþLOLꢀXUH DMꢀL]ꢀVWUXMHꢂꢀ
LVNRSþDMWHꢀXWLNDþꢀL]ꢀXWLþQLFHꢁꢀ
8WLþQLFDꢀWUHEDꢀELWLꢀODNRꢀGRVWXSQDꢁ
ꢀ
2ULFHꢀDOWꢀSURGXVꢀODꢀFDUHꢀYDꢀILꢀ
DWDúDWꢀHFKLSDPHQWXOꢀWUHEXLHꢀV ꢀ
ILHꢀFRQHFWDWꢀDVHP Q WRUꢀODꢀ
UH HDXDꢀGHꢀHOHFWULFLWDWHꢂꢀLDUꢀSUL]Dꢀ
WUHEXLHꢀV ꢀDLE ꢀvPS PkQWDUH
3HQWUXꢀDꢀL]RODꢀPRQLWRUXOꢀGHꢀ
VXUVDꢀHOHFWULF ꢂꢀFDEOXOꢀGHꢀ
WHQVLXQHꢀWUHEXLHꢀVFRVꢀGLQꢀSUL] ꢁꢀ
3UL]DꢀHOHFWULF ꢀWUHEXLHꢀVDꢀILHꢀXúRUꢀ
DFFHVLELO ꢁ
ꢀ
ꢁ
ꢀ ꢀꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢁꢀ
ꢀ
ꢀ
ꢀ
5XNRYDQMHꢁꢀ
ꢀ
ꢁ
ꢀ
9DãꢀPRQLWRUꢀMHꢀWHåDNꢂꢀ]DWRꢀUXNXMWHꢀ
QMLPHꢀSDåOMLYRꢁꢀ,%0ꢀSUHSRUXþDꢀGDꢀ
RYDMꢀPRQLWRUꢀSRGLåXꢀLOLꢀSRPLþXꢀGYLMHꢀ
RVREHꢁ
ꢀ
ꢀ
ꢀ
ꢀ
0DQLSXODUH
0RQLWRUXOꢀFRORUꢀHVWHꢀXQꢀ
ꢀ
HFKLSDPHQWꢀJUHXꢂꢀGHFLꢀWUHEXLHꢀ
PDQHYUDWꢀFXꢀDWHQ LHꢁꢀ,%0ꢀ
UHFRPDQG ꢀFDꢀDFHVWꢀPRQLWRUꢀVDꢀ
ILHꢀPLúFDWꢀVDXꢀULGLFDWꢀGHꢀF WUHꢀ
GRX ꢀSHUVRDQHꢁꢀ
*ꢀꢁꢂERRNꢃꢃ3DJHꢃLLꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
0R]JDWiVꢁ
$]ꢀ|QꢀV]tQHVꢀPRQLWRUDꢀLJHQꢀ
3 HSUDYDꢁꢀ
9iãꢀEDUHYQêꢀPRQLWRUꢀMHꢀW åNêꢂꢀ
ꢀ),*<(/(0
S HQiãHMWHꢀKRꢀRSDWUQ ꢁꢀ,%0ꢀ
GRSRUXþXMHꢂꢀDE\ꢀPRQLWRUꢀE\Oꢀ
S HQiãHQꢀQHERꢀ]GYtKiQꢀGY PLꢀ
RVREDPLꢁ
QHKp]ꢂꢀH]pUWꢀNpUMNꢂꢀyYDWRVDQꢀ
NH]HOMHꢁꢀ$]ꢀ,%0ꢀD]WꢀWDQiFVROMDꢂꢀ
KRJ\ꢀPR]JDWiViWꢀOHKHW VpJꢀ
V]HULQWꢀNpWꢀHPEHUꢀYpJH]]Hꢁ
+RJ\DQꢀFV|NNHQWKHWLꢀD]ꢀiUDPWpVꢀ
NRFNi]DWiWꢁ
1HꢀWiYROtWVDꢀHOꢀDꢀEXUNRODWRWꢁ
1HꢀKDV]QiOMDꢀDꢀWHUPpNHWꢂꢀPtJꢀDꢀ
OiED]DWRWꢀQHPꢀFVDWODNR]WDWWDꢁ
1HꢀFVDWODNR]WDVVDꢂꢀYDJ\ꢀK~]]Dꢀ
NLꢀDꢀWHUPpNꢀFVDWODNR]yMiWꢀDꢀ
GXJDV]ROyDOM]DWEyOꢀHOHNWURPRVꢀ
YLKDUꢀLGHMpQꢁ
$]ꢀHOHNWURPRVꢀNiEHOꢀ
FVDWODNR]yMiWꢀFVDNꢀV]DEiO\RVDQꢀ
NiEHOH]HWWꢂꢀI|OWHOWꢀ
ꢀ1HEH]SHþtꢀ
ꢀ1HEH]SHþHQVWYRꢀ
3URꢀ]DEUiQ QtꢀQHEH]SHþtꢀ~UD]Xꢀ
HOHNWULFNêPꢀSURXGHPꢀ
=Dꢀ~þHORPꢀSUHGFKiG]DQLDꢀ
~UD]XꢀHOHNWULFNêPꢀSU~GRPꢁꢀ
1HRGVWUDzXMWHꢀNU\Wꢀ
1HSRXåtYHMWHꢀWHQWRꢀSURGXNWꢀ
YS tSDG ꢂꢀåHꢀQHQtꢀXPtVW QꢀQDꢀ
S tVOXãQpPꢀSRGVWDYFL
1HRGMtPDMWHꢀNU\W\ꢀSURGXNWXꢁ
1HSUHYiG]NXMWHꢀSURGXNWꢀ
SRNLD ꢀQLHꢀMHꢀSULSRMHQêꢀ
SRGVWDYHFꢁ
GXJDV]ROyDOM]DWKR]ꢀ
FVDWODNR]WDVVDꢁ
1HS¡LSRMXMWHꢀQHERꢀQHRGSRMXMWHꢀ
SURGXNWꢀ]DꢀERX¡N\
&VDNꢀRO\DQꢀEHUHQGH]pVKH]ꢀ
NDSFVROMDꢀDꢀWHUPpNHWꢂꢀDPHO\ꢀ
V]LQWpQꢀV]DEiO\RVDQꢀNiEHOH]HWWꢂꢀ
I|OWHOWꢀGXJDV]ROyDOM]DWKR]ꢀYDQꢀ
FVDWODNR]WDWYDꢁ
+RJ\ꢀPHJV] QWHVVHꢀDꢀPRQLWRUꢀ
iUDPHOOiWiViWꢂꢀK~]]DꢀNLꢀD]ꢀ
HOHNWURPRVꢀNiEHOꢀFVDWODNR]yMiWꢀ
D]ꢀHOHNWURPRVꢀ
GXJDV]ROyDOM]DWEyOꢁꢀ$ꢀSUDNWLNXVꢀ
KDV]QiODWꢀpUGHNpEHQꢀH]ꢀDꢀ
GXJDV]ROyDOM]DWꢀN|QQ\HGpQꢀ
KR]]iIpUKHW ꢀNHOOꢂꢀKRJ\ꢀOHJ\HQꢁ
1H]DSiMDMWHꢀDOHERꢀQHRGSiMDMWHꢀ
WHQWRꢀSURGXNWꢀSRþDVꢀHOHNWULFNHMꢀ
E~UN\ꢁ
.RQHNWRUꢀQDSiMDFHMꢀãQ~U\ꢀPXVtꢀ
E\íꢀSULSRMHQêꢀGRꢀVSUiYQHꢀ
]DSRMHQHMꢀDꢀX]HPQHQHMꢀ
HOHNWULFNHMꢀ]iVXYN\ꢁ
1DSiMHFtꢀNDEHOꢀPXVtꢀEêWꢀ
S¡LSRMHQꢀN¡iGQuꢀ]DSRMHQpꢀDꢀ
X]HPQuQpꢀHOHNWULFNpꢀ]iVXYFH
9HãNHUiꢀ]D t]HQtꢂꢀNHꢀNWHUêPꢀMHꢀ
WHQWRꢀSURGXNWꢀS LSRMHQꢂꢀPXVtꢀEêWꢀ
URYQ åꢀS LSRMHQ\ꢀGRꢀ iGQ ꢀ
]DSRMHQpꢀDꢀX]HPQ Qpꢀ]iVXYN\ꢁ
$E\VWHꢀRGSRMLOLꢀPRQLWRUꢀRGꢀ]GURMHꢀ
HOHNWULFNpꢀHQHUJLHꢂꢀPXVtWHꢀ
RGSRMLWꢀHOHNWULFNRXꢀ]iVWUqNXꢀ]Hꢀ
]iVXYN\ꢁꢀ=iVXYNDꢀE\ꢀPuODꢀEêWꢀ
XPtVWuQDꢀWDNꢂꢀDE\ꢀE\ODꢀVQDGQRꢀ
S¡tVWXSQiꢁ
$NpNR YHNꢀ]DULDGHQLHꢀNXꢀ
NWRUpPXꢀEXGHꢀWHQWRꢀSURGXNWꢀ
]DSRMHQêꢀPXVtꢀWDNWLHåꢀE\íꢀ
SULSRMHQpꢀGRꢀVSUiYQHꢀ]DSRMHQHMꢀ
DꢀX]HPQHQHMꢀHOHNWULFNHMꢀ
]iVXYN\ꢁ
*ꢀꢁꢂERRNꢃꢃ3DJHꢃLLLꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
$NꢀWUHEDꢀL]RORYDíꢀPRQLWRUꢀRGꢀ
HOHNWULFNpKRꢀQDSlWLDꢂꢀMHꢀWUHEDꢀ
RGSRMLíꢀQDSiMDFLXꢀãQ~UXꢀ]Rꢀ
]iVXYN\ꢁꢀ
=DREFKiG]DQLHꢁꢀ
9iãꢀIDUHEQêꢀPRQLWRUꢀMHꢀíDåNêꢂꢀ
SUHWRꢀVꢀQtPꢀ]DREFKiG]DMWHꢀ
RSDWUQHꢁꢀ,%0ꢀRGSRU~þDꢀDE\ꢀ
WHQWRꢀPRQLWRUꢀSUHV~YDOLꢀDOHERꢀ
]GYtKDOLꢀGYHꢀRVRE\ꢁ
2EVáXJDꢁ
ꢀ8:$*$ꢀ
1,(%(=3,(&=( 67:2
$E\ꢀXQLNQ üꢀSRUD HQLDꢀSU GHPꢀ
HOHNWU\F]Q\Pꢉ
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢇꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
*ꢀꢁꢂERRNꢃꢃ3DJHꢃLꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢅꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
ꢂ
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢆꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
ꢃ
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢉꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
ꢄ
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢊꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
ꢅ
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢋꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
ꢆ
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢌꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
ꢇ
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢀꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
ꢈ
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢁꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
ꢉ
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢍꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
ꢊ
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢅꢇꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
ꢂꢋ
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢅꢅꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
n
ꢂꢂ
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢅꢆꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
ꢊꢋꢌꢀ[ꢀꢋꢄꢌ
ꢊꢋꢌꢀ[ꢀꢋꢄꢌ
ꢏꢐꢌꢀ[ꢀꢋꢌꢌ
ꢄꢌꢌꢀ[ꢀꢊꢌꢌ
ꢄꢌꢌꢀ[ꢀꢊꢌꢌ
ꢑꢊꢌꢀ[ꢀꢎꢐꢑ
ꢃꢌꢐꢋꢀ[ꢀꢏꢊꢄ
ꢃꢌꢐꢋꢀ[ꢀꢏꢊꢄꢀ
ꢃꢐꢄꢌꢀ[ꢀꢃꢌꢐꢋ
ꢊꢌꢀ+]
ꢄꢎꢀ+]
ꢏꢌꢀ+]
ꢏꢎꢀ+]
ꢄꢎꢀ+]
ꢏꢎꢀ+]
ꢏꢎꢀ+]
ꢄꢎꢀ+]
ꢏꢎꢀ+]
ꢍꢃꢁꢎꢀN+]
ꢋꢍꢁꢍꢀN+]
ꢍꢃꢁꢎꢀN+]
ꢋꢊꢁꢑꢀN+]
ꢎꢍꢁꢏꢀN+]
ꢋꢃꢁꢄꢀN+]
ꢊꢌꢁꢌꢀN+]
ꢊꢄꢁꢏꢀN+]
ꢄꢌꢁꢌꢀN+]
ꢂꢃ
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢅꢉꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
ꢂꢄ
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢅꢊꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
ꢂꢅ
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢅꢋꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
ꢂꢆ
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢅꢌꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
ꢂꢇ
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢅꢀꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
ꢂꢈ
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢅꢁꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
ꢂꢉ
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢅꢍꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
*DUDQFLMVNDꢀGREDꢀꢃꢀWULꢀꢄꢅꢆꢀOHWD
1DPHVWLWYHQDꢀGLVNHWDꢀYVHEXMHꢀSUHYRGHꢀ,%0ꢃRYHꢀJDUDQFLMVNHꢀL]MDYHꢀYꢀQDVOHGQMLK
MH]LNLKꢇ
ꢂꢊ
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢆꢇꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
ꢃꢋ
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢅꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢆꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢉꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
ꢃꢃꢋꢇꢎꢌꢇꢃ+]
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢊꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
6SpFLILFDWLRQVꢀGHꢀODꢀ&((
&HꢃSURGXLWꢃHVWꢃFRQIRUPHꢃDX[ꢃH[LJHQFHVꢃGHꢃSURWHFWLRQꢃGHꢃODꢃGLUHFWLYHꢃꢁꢍꢏꢉꢉꢌꢏ((&ꢃGXꢃ
&RQVHLOꢃGHꢃO¶8(ꢃVXUꢃOHꢃUDSSURFKHPHQWꢃGHVꢃORLVꢃGHVꢃeWDWVꢃPHPEUHVꢃHQꢃPDWLqUHꢃGHꢃ
FRPSDWLELOLWpꢃpOHFWURPDJQpWLTXHꢂ
,%0ꢃQHꢃSHXWꢃDFFHSWHUꢃDXFXQHꢃUHVSRQVDELOLWpꢃSRXUꢃOHꢃPDQTXHPHQWꢃDX[ꢃH[LJHQFHVꢃGHꢃ
SURWHFWLRQꢃUpVXOWDQWꢃG¶XQHꢃPRGLILFDWLRQꢃQRQꢃUHFRPPDQGpHꢃGXꢃSURGXLWꢄꢃ\ꢃFRPSULVꢃ
O¶LQVWDOODWLRQꢃGHꢃFDUWHVꢃDXWUHVꢃTXHꢃOHVꢃFDUWHVꢃ,%0ꢂ
&HꢃSURGXLWꢃDꢃpWpꢃWHVWpꢃHWꢃLOꢃVDWLVIDLWꢃOHVꢃFRQGLWLRQVꢃGHꢃO¶pTXLSHPHQWꢃLQIRUPDWLTXHꢃGHꢃ
&ODVVHꢃ%ꢃHQꢃYHUWXꢃGHꢃ&,635ꢆꢆꢃꢏꢃ6WDQGDUGꢃHXURSpHQꢃ(1ꢃꢋꢋꢇꢆꢆꢂꢃ/HVꢃFRQGLWLRQVꢃSRXUꢃ
O¶pTXLSHPHQWꢃGHꢃ&ODVVHꢃ%ꢃRQWꢃpWpꢃGpILQLHVꢃHQꢃIRQFWLRQꢃG¶XQꢃFRQWH[WHꢃUpVLGHQWLHOꢃ
RUGLQDLUHꢃDILQꢃGHꢃIRXUQLUꢃXQHꢃSURWHFWLRQꢃUDLVRQQDEOHꢃFRQWUHꢃO¶LQWHUIpUHQFHꢃG¶DSSDUHLOVꢃ
GHꢃFRPPXQLFDWLRQꢃDXWRULVpVꢂ
'HVꢃFkEOHVꢃEOLQGpVꢃHWꢃFRUUHFWPHQWꢃUHOLpVꢃjꢃODꢃWHUUHꢃGRLYHQWꢃrWUHꢃXWLOLVpVꢃSRXUꢃUpGXLUHꢃOHVꢃ
ULVTXHVꢃG¶LQWHUIpUHQFHꢃDYHFꢃGHVꢃFRPPXQLFDWLRQVꢃUDGLRꢃHWꢃWpOpYLVpHVꢄꢃDLQVLꢃTX¶DYHFꢃGHVꢃ
pTXLSHPHQWVꢃpOHFWULTXHVꢃRXꢃpOHFWURQLTXHVꢂꢃ&HVꢃFkEOHVꢃHWꢃFRQQHFWHXUVꢃVRQWꢃGLVSRQLEOHVꢃ
DXSUpVꢃGHꢃYRVꢃUHYHQGHXUVꢃ,%0ꢃDJUppVꢂ
&RQIRUPpPHQWꢃjꢃODꢃQRUPHꢃ(1ꢃꢋꢇꢇꢁꢆꢎꢅꢃꢅꢍꢍꢆꢃꢐ&ULWpUHꢃGHꢃ3HUIRUPDQFHꢃ$ꢑꢄꢃ
O¶XWLOLVDWHXUꢃGRLWꢃrWUHꢃFRQVFLHQWꢃGXꢃIDLWꢃTX¶HQꢃSUpVHQFHꢃGHꢃFHUWDLQVꢃFKDPSVꢃ
pOHFWURPDJQpWLTXHVꢄꢃO¶LPDJHꢃSHXWꢃrWUHꢃLQVWDEOHꢂ
'LFKLDUD]LRQHꢀGLꢀFRQIRUPLWjꢀGHOO¶8QLRQHꢀ
(XURSHDꢀꢁ(8ꢂ
4XHVWRꢃSURGRWWRꢃqꢃFRQIRUPHꢃDOOHꢃQRUPDWLYHꢃGLꢃSURWH]LRQHꢃDLꢃVHQVLꢃGHOODꢃ'LUHWWLYDꢃGHOꢃ
&RQVLJOLRꢃGHOO¶8QLRQHꢃ(XURSHDꢃꢁꢍꢏꢉꢉꢌꢏ&((ꢃVXOO¶DUPRQL]]D]LRQHꢃOHJLVODWLYDꢃGHJOLꢃ
VWDWLꢃPHPEULꢃLQꢃPDWHULDꢃGLꢃFRPSDWLELOLWjꢃHOHWWURPDJQHWLFDꢂꢃ
,%0ꢃQRQꢃDFFHWWDꢃUHVSRQVDELOLWjꢃDOFXQDꢃSHUꢃODꢃPDQFDWDꢃFRQIRUPLWjꢃDOOHꢃQRUPDWLYHꢃGLꢃ
SURWH]LRQHꢃGRYXWDꢃDꢃPRGLILFKHꢃQRQꢃFRQVLJOLDWHꢃDOꢃSURGRWWRꢄꢃFRPSUHVDꢃO¶LQVWDOOD]LRQHꢃ
GLꢃVFKHGHꢃHꢃFRPSRQHQWLꢃGLꢃPDUFDꢃGLYHUVDꢃGDꢃ,%0ꢂ
/HꢃSURYHꢃHIIHWWXDWHꢃVXOꢃSUHVHQWHꢃSURGRWWRꢃKDQQRꢃDFFHUWDWRꢃFKHꢃHVVRꢃULHQWUDꢃQHLꢃOLPLWLꢃ
VWDELOLWLꢃSHUꢃOHꢃOHꢃDSSDUHFFKLDWXUHꢃGLꢃLQIRUPDWLFDꢃ&ODVVHꢃ%ꢃDLꢃVHQVLꢃGHOꢃ&,635ꢃꢆꢆꢃꢏꢃ
1RUPDꢃ(XURSHDꢃ(1ꢃꢋꢋꢇꢆꢆꢂꢃ,ꢃOLPLWLꢃGHOOHꢃDSSDUHFFKLDWXUHꢃGHOODꢃ&ODVVHꢃ%ꢃVRQRꢃVWDWLꢃ
VWDELOLWLꢃDOꢃILQHꢃGLꢃIRUQLUHꢃUDJLRQHYROHꢃSURWH]LRQHꢃGDꢃLQWHUIHUHQ]HꢃPHGLDQWHꢃGLVSRVLWLYLꢃ
GLꢃFRPXQLFD]LRQHꢃLQꢃFRQFHVVLRQHꢃLQꢃDPELHQWLꢃUHVLGHQ]LDOLꢃWLSLFLꢂ
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢋꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
8WLOL]]DUHꢃFDYLꢃHꢃFRQQHWWRULꢃFROOHJDWLꢃDꢃWHUUDꢃSHUꢃULGXUUHꢃLOꢃULVFKLRꢃSRWHQ]LDOHꢃGLꢃ
LQWHUIHUHQ]DꢃGHOOHꢃFRPXQLFD]LRQLꢃUDGLRWHOHYLVLYHꢃHꢃGLꢃDꢒWULꢃDSSDUHFFKLꢃHOHWWULFLꢃRꢃ
HOHWWURQLFLꢂꢃ,ꢃFDYLꢃVRQRꢃGLVSRQLELOLꢃSUHVVRꢃLꢃULYHQGLWRULꢃ,%0ꢂ
,QꢃDFFRUGRꢃFRQꢃTXDQGRꢃSUHYLVWRꢃQHOꢃGRFXPHQWRꢃ(1ꢃꢋꢇꢇꢁꢆꢎꢅꢃꢅꢍꢍꢆꢄꢃ3HUIRUPDQFHꢃ
&ULWHULRQꢃ$ꢄꢃpꢃLPSRUWDQWHꢃVRWWROLQHDUHꢃFKHꢃLQꢃSUHVHQ]DꢃGLꢃGHWHUPLQDWLꢃFDPSLꢃ
HOHWWURPDJQHWLFLꢃpꢃSRVVLELOHꢃFKHꢃVLꢃYHULILFKLꢃXQꢃFHUWRꢃWUHPROLRꢃGHOOHꢃLPPDJLQLꢂ
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢌꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢀꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢁꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢍꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢅꢇꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢅꢅꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
*ꢀꢁꢂERRNꢃꢃ3DJHꢃꢅꢆꢃꢃ7XHVGD\ꢄꢃ6HSWHPEHUꢃꢅꢆꢄꢃꢆꢇꢇꢇꢃꢃꢀꢈꢇꢀꢃ30
|