You are on page 1of 47














*HUDGRU5)
2SHUDomRH,QVWDODomR









<P]dP[S^DbduaX^







9iOLGRSDUDRVHTXLSDPHQWRVFRPYHUVmRGHSURJUDPD






5HYLVmR2XWXEURGH
7(%²7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD





0C41eXbPbT\_aTPcaPe|bSTd\STbT]e^[eX\T]c^R^]bcP]cTT\bTdb_a^YTc^b
PPcdP[XiP{y^STbTdb_a^Sdc^b3TbcP\P]TXaP|_^bb€eT[`dTX]U^a\P{‰Tb
_a^RTSX\T]c^bTTb_TRXUXRP{‰Tbc|R]XRPbR^]cXSPb]TbcT\P]dP[bTYP\P[cTaPS^b
R^\^STR^aaTaS^cT\_^=TbcTRPb^PC41aTbTaePbT^SXaTXc^STUPiTacPXb
P[cTaP{‰TbbT\_a|eX^PeXb^

=T]Wd\P_PacTSTbcT\P]dP[_^STaubTaR^_XPSP^dcaP]b\XcXSP_^a`dP[`dTa
\TX^T_PaP`dP[`dTaUX]P[XSPSTbT\Pdc^aXiP{y^_^aTbRaXc^SPC41

4bcTT`dX_P\T]c^cTeTbTd_a^YTc^±WPaSfPaT²±b^UcfPaT²T±STbXV]²
X]cTXaP\T]cTSTbT]e^[eXS^_T[PC41CTR]^[^VXP4[Tca‡]XRP1aPbX[TXaP;cSP

5(63216$%,/,'$'(
0C41|aTb_^]bueT[_T[PbTVdaP]{P]^b\^[STbSP=1A842%%  VPaP]cXP
R^]U^a\T^CTa\^ST6PaP]cXPS^2P_€cd[^(STbcT\P]dP[TUd]RX^]P[XSPST
S^6TaPS^aA5 P_T]Pb]PbbTVdX]cTbR^]SX{‰Tb)

• 3TbTadcX[XiPS^Š]XRPTaTbcaXcP\T]cT_PaP^UX\P_^]cPS^_T[PC41]TbcT
\P]dP[
• 3TbTa^_TaPS^^dcTabdP^_TaP{y^bd_TaeXbX^]PSP_^a\|SXR^b
RPaSX^[^VXbcPbR^\RP_PRXcP{y^T\4[Tca^UXbX^[^VXP
• 3^bbTdbTeT]cdPXbaT_Pa^bRP[XQaP{‰Tb^dPcdP[XiP{‰TbbTaT\aTP[XiPS^b
_T[PC41^dbTdbaT_aTbT]cP]cTbPdc^aXiPS^b
• 3TbdPR^]bTaeP{y^T\P]dcT]{y^bTaT\aTP[XiPSPbR^]U^a\T^SXb_^bc^
]^2P_€cd[^%STbcT\P]dP[

 5HY²

,QIRUPDo}HVFRPHUFLDLV

A468BCA>0=E8B0
0< !%$(( %

A4B?>=BÁE4;Cq2=82>
?TaRXeP[6^\Tb=Tcc^
 2A40] &( !3

2>=C0C>2><>501A820=C4

C41CTR]^[^VXP4[Tca‡]XRP1aPbX[TXaP;cSP
0e3XTSTaXRWbT] $&EX[P6dPaP]XBy^?Pd[^B?24?#" 
262<5)#%$$&"  '8]bRa4bcPSdP[) $#&!## '
CT[ $ &'$$$5Pg $ &%#&!

4\PX[) bd_^acTc|R]XR^)cTQbTae/cTQR^\Qa

  X]U^a\P{‰TbR^\TaRXPXb)eT]SPb/cTQR^\Qa


,0&?GHVLJQ?0DQXDLV?0DQXDLV3RUWXJXrV?,0?,0UGRF


7(%²7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD

6LPERORJLDXWLOL]DGDQRHTXLSDPHQWRHQHVWHPDQXDO

8]SXRPd\P_PacXRd[PaXSPST_PaPP`dP[^dbduaX^STeTR^]bd[cPa^b
S^Rd\T]c^b_PaP^QcTaX]U^a\P{‰Tb]TRTbbuaXPb_PaPbdPdcX[XiP{y^
R^\bTVdaP]{P

4`dX_P\T]c^cX_^25v_a^ePSTSTbUXQaX[PS^a

8]SXRPPP_[XRP{y^X]cT]RX^]P[STT]TaVXPA5

F 
8]SXRP4[Tca^S^=Tdca^Xb^[PS^SPcTaaP_PaPP[cPUaT`~]RXP

B€\Q^[^|dcX[XiPS^T\c^S^_^]c^[XVPS^P^cTaaPST_a^cT{y^

2^]Tgy^_PaP_TSP[

8]SXRP_^bXRX^]P\T]c^R^aaTc^TbcT[PS^_PaPRX\P]^
Pa\PiT]P\T]c^TcaP]b_^acTdcX[XiPS^]PT\QP[PVT\

8]SXRP]TRTbbXSPSTSTRdXSPS^]^\P]dbTX^STeXS^PUaPVX[XSPST
dcX[XiPS^]PT\QP[PVT\

8]SXRP`dTcT\TuVdPdcX[XiPS^]PT\QP[PVT\

05 8]SXRP^T\_X[WP\T]c^\ugX\^dcX[XiPS^]PT\QP[PVT\

0RX^]P\T]c^;XVP3Tb[XVP

$%5(9,$785$6
DB1¯±D]XeTabP[BTaXP[1db²)d\_PSay^STR^\d]XRP{y^SXVXcP[T]caT
SXUTaT]cTbT`dX_P\T]c^bT[Tca‡]XR^b

A5¯2^aaT]cTT[|caXRPP[cTa]PSPSTP[cPUaT`~]RXP

 5HY²

ÌQGLFH

LÌQGLFH 

8]ca^Sd{y^ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN '

 5X]P[XSPST NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN '

 ?aX]R€_X^ST5d]RX^]P\T]c^NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN '

!2PaPRcTa€bcXRPb_aX]RX_PXb NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN (

"2^\_^bX{y^T8]bcP[P{y^NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN 

 2^\_^bX{y^ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN 

 ?PX]|XbNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN !

  ?PX]|XbUa^]cPXb NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN !

  ?PX]T[caPbTXa^NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN #

  2PXgPSTR^]Tgy^ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN $

 8]bcP[P{y^ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN %

  2dXSPS^b]PX]bcP[P{y^S^A5  NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN %

  8]bcP[P{y^4[|caXRP NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN &

  3Xb_^bX{y^]PbP[PSTRPcTcTaXb\^NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN '

  2^]Tgy^S^RPcTcTaTS^_^[€VaPU^ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNN (

#>_TaP{y^ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ! 

 ;XVPaT2^]UXVdaPaNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ! 

 >_{‰TbST2^]UXVdaP{y^NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN !"

  <^S^NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN !"

  2PcTcTaNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN !"

  B^\ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN !#

 0YdbcT¯<^S^CT\_TaPcdaP NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN !#


7(%²7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD

 0YdbcT¯<^S^?^c~]RXPNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN !$

 5d]{y^±CTbcPa² NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN !%

 0_[XRP{y^NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN !&

  AT_TcX{y^SPbP_[XRP{‰Tb NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN !'

  8]cTaad_{‰TbPdc^\ucXRPbSPbP_[XRP{‰Tb NNNNNNNNNNNNNNNNNNNNNNNNN !'

 <T]bPVT]bST4aa^ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN !(

  <T]bPVT]bST8]U^a\P{y^ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN !(

  4aa^b>_TaPRX^]PXbNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN "

  4aa^bBXbc~\XR^b NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN "!

 2dXSPS^b]P^_TaP{y^S^6TaPS^aSTA5 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN "!

$;X\_TiP NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN "$

 ?a^RTSX\T]c^ST;X\_TiPST_PacTb\|SXRPb NNNNNNNNNNNNNNNNNNNNNNNNNNNN "$

 3TbX]UTR{y^T4bcTaX[XiP{y^NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN "$

%2^]bTaeP{y^T<P]dcT]{y^ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN "%

 CTbcT>_TaPRX^]P[S^DbduaX^ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN "%

 ?a^RTSX\T]c^bP_…b^db^NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN "&

 <P]dcT]{y^?aTeT]cXePT0bbXbc~]RXPC|R]XRP NNNNNNNNNNNNNNNNNNNNNNNNNNN "'

 ?a^cT{y^0\QXT]cP[ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN "(

&0RTbb…aX^b NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN #

'4b_TRXUXRP{‰TbC|R]XRPb NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN # 

 5PQaXRP]cT NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN # 

 =^\TT\^ST[^ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN # 

 2[PbbXUXRP{y^ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN # 

 =^a\PbSTBTVdaP]{PPcT]SXSPbNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN #!

 ?PacTb_a^cTVXSPbR^]caPSTbRPaVPSTSTbUXQaX[PS^aNNNNNNNNNNNNNNNNNNNNNNNN #!

 5HY²

ÌQGLFH

 2PaPRcTa€bcXRPbC|R]XRPbNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN #"

 6auUXR^bSTCT]by^<ugX\PST?XR^]PBP€SP NNNNNNNNNNNNNNNNNNNNNNNNNNN ##

 0[X\T]cP{y^ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN #$

 5db€eTXb NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN #$

 2^]SX{‰TbP\QXT]cPXbST^_TaP{y^ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN #$

 2^]SX{‰TbP\QXT]cPXbSTPa\PiT]P\T]c^ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNN #$

 3X\T]b‰TbT_Tb^ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN #$

 >QbTaeP{y^UX]P[ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN #%

(CTa\^ST6PaP]cXP NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN #&


7(%²7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD

 ,QWURGXomR


)LQDOLGDGH
>6TaPS^aC41A5 STbcX]PbTPU^a]TRTaTR^]ca^[PaT]TaVXP_PaP
_a^RTSX\T]c^bSTPQ[P{y^STUTXgTb]Tae^b^bX]caPRPaS€PR^b

BdPdcX[XiP{y^TbcT]STbTPbP[PbSTRPcTcTaXb\^^]ST|X]SXRPS^_PaPT[X\X]Pa
U^R^bTRXaRdXc^bSTUTXgTb]Tae^b^bRPdbPS^aTbSTPaaXc\XPbRPaS€PRPb

3ULQFtSLRGH)XQFLRQDPHQWR
>VTaPS^aC41A5 U^a]TRTT]TaVXP]PU^a\PSTR^aaT]cTT[|caXRPP[cTa]PSPST
P[cPUaT`~]RXP0P[cPST]bXSPSTSTR^aaT]cT]P_^]cPS^RPcTcTaRPdbPd\
Pd\T]c^[^RP[XiPS^STcT\_TaPcdaPbdUXRXT]cT_PaP_a^e^RPad\P_T`dT]P
[Tby^]^cTRXS^bdQYPRT]cTBT^UTXgT]Tae^b^`dTbTSTbTYPX]cTaa^\_Ta|
[^RP[XiPS^TP_^]cPS^RPcTcTa|_^bXRX^]PS^b^QaTT[TPP_[XRP{y^SPT]TaVXP
STA5]PS^bTR^aaTcP_^STRPdbPaTbcPX]cTaad_{y^

0T]TaVXPT]caTVdTcT\U^a\PST^]SPbT]^XSP[bT\\^Sd[P{y^STVaP]ST
_daTiPTb_TRcaP[TVaP]STTbcPQX[XSPSTSTUaT`~]RXP4bbPb_a^_aXTSPSTb
R^]caXQdT\_PaPPd]XU^a\XSPSTS^_a^RTbb^ST[Tby^Tby^TbbT]RXPXb_PaPd\
_TaUTXc^R^]ca^[TSTS^bPVT\TaT_TcXQX[XSPSTSTaTbd[cPS^b?PaP[T[P\T]cT
SX\X]dT\PbX]cTaUTa~]RXPbUPRX[XcP]S^P\^]Xc^aP{y^SdaP]cT^_a^RTbb^ST
PQ[P{y^

>U^a]TRX\T]c^SPR^aaT]cTSTA5P^RPcTcTa_^STbTaUTXc^ST\^S^P\P]cTaP
_^c~]RXPR^]bcP]cTSdaP]cTPP_[XRP{y^^dST\^S^P\P]cTad\PRTacP
cT\_TaPcdaP]PTgcaT\XSPSTS^RPcTcTaSTbST`dTTbcT_^bbdPd\bT]b^a
PST`dPS^

 5HY²

&DStWXOR²&DUDFWHUtVWLFDV3ULQFLSDLV

&DUDFWHUtVWLFDV3ULQFLSDLV
?PaPd\PR^\_[TcP\^]Xc^aP{y^SPPQ[P{y^^T`dX_P\T]c^_^bbdXX]SXRPS^aTb
STc^S^b^b_Paw\Tca^bTbbT]RXPXb`dTby^)_^c~]RXPP_[XRPSPcT\_TaPcdaPS^
RPcTcTaX\_TSw]RXPTcT\_^STP_[XRP{y^

0bX]SXRP{‰Tbby^UTXcPb]d\|aXRPTVaPUXRP\T]cT]P_a…_aXPcT[PS^P_PaT[W^
ST\^S^`dT^dbduaX^_^bbPSXb_^aSTP\_[PbX]U^a\P{‰Tbb^QaT^STR^aaTaSP
P_[XRP{y^

>_RX^]P[\T]cT_^STbT^QbTaePaTbcPb\Tb\PbX]U^a\P{‰Tb]PcT[PSTd\
R^\_dcPS^aR^]TRcPS^P^A5 eXPX]cTaUPRTDB1D\_a^VaP\PU^a]TRXS^
R^\^P_PaT[W^_Ta\XcT`dT^dbduaX^UP{P^Pa`dXeP\T]c^SPbRdaePbST
P_[XRP{y^X\_aX\PaT[Pc…aX^b_aT_PaTP_aTbT]cP{‰TbT]caT^dca^baTRdab^b
PSXRX^]PXb?PaP\PXbSTcP[WTbR^]bd[cT^\P]dP[±>_TaP{y^S^?a^VaP\P²

0cPQT[PbTVdX]cTaTbd\TbdPbRPaPRcTa€bcXRPb_aX]RX_PXb


2^]ca^[T8]cTa]^ 3XVXcP[
5^a\PST>]SP BT]^XSP[bT\\^Sd[P{y^
5aT`~]RXPST>_TaP{y^ <7i$
?^c~]RXP<ugX\P FPccb
<^]Xc^aXiP{y^ST $P$>W\b
8\_TSw]RXP
5PXgPST>_TaP{y^ &P!!>W\\^S^$F
&P >W\\^S^ F
CT\_^aXiPS^a ?PaPP_[XRP{‰TbSTPc| !bTVd]S^b
<^]Xc^aXiP{y^ST °2P °2R^\RPcTcTaP_a^_aXPS^
CT\_TaPcdaP
3X\T]b‰Tb  ;,!!\\*0, "\\*?," \\
?Tb^  "#:VbT\PRTbb…aX^bTT\QP[PVT\


7(%²7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD

2^]Tg‰TbR^\^dca^bT`dX_P\T]c^b)

 2^\_dcPS^a 8]cTaUPRT_PSay^DB1

?^[€VaPU^ BP€SPP]P[…VXRPR^\^bX]P[RP_cPS^_T[^
RPcTcTa

 5HY²

&DStWXOR²&RPSRVLomRH,QVWDODomR

 &RPSRVLomRH,QVWDODomR
 

&RPSRVLomR
0UXVdaPPQPXg^P_aTbT]cPPb[XVP{‰TbS^A5 TSTbdP2PXgPST2^]Tg‰Tb





7(%²7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD

3DLQpLV
>bR^]ca^[TbS^A5 Tbcy^[^RP[XiPS^b]^_PX]T[Ua^]cP[X]R[X]PS^=^_PX]T[
Ua^]cP[eTacXRP[UXRP\^bR^]TRc^aTb_PaPPRPXgPSTR^]Tgy^STRPcTcTaTb_PaP^
_TSP[_PaPR^\_dcPS^aTPRWPeT[XVPSTb[XVP

=^_PX]T[caPbTXa^UXRP^R^]TRc^a_PaP^RPQ^STU^a{P^R^]TRc^aST
PcTaaP\T]c^PdgX[XPaT^b_^acPUdb€eTXb


3DLQpLVIURQWDLV
=^_PX]T[X]R[X]PS^T]R^]caPbT^±SXb_[Ph²`dTP_aTbT]cPSPS^bTRdaePbSPb
P_[XRP{‰TbT^bR^]ca^[Tb_PaPPTbR^[WPS^b\^S^bST^_TaP{y^S^cX_^ST
RPcTcTaS^bcT\_^bTX]cT]bXSPSTbTS^b_Paw\Tca^bSTSTb[XVP\T]c^

=^_PX]T[Ua^]cP[eTacXRP[T]R^]caP\bTPRWPeTVTaP[T^bR^]TRc^aTb_PaP^
RPQ^SPRPXgPSTR^]Tg‰TbSTRPcTcTaS^_TSP[TSPX]cTaUPRTDB1_PaP
R^\_dcPS^aTb


 5HY²

&DStWXOR²&RPSRVLomRH,QVWDODomR

2WPeT±?PaPa²X]cTaa^\_TPP_[XRP{y^^dX\_TST^X]€RX^STd\P]^eP
P_[XRP{y^

!CTR[P±8]XRXPa²=PUPbT]^a\P[X]XRXP^dX]cTaa^\_Td\PP_[XRP{y^=PUPbT
R^]UXVdaP{y^\dSP_PaPPUPbT]^a\P[4bcPcTR[PUXRPX]PcXePbTU^adcX[XiPS^^
R^\P]S^_^a_TSP[

"CTR[P±CTbcPa²=PUPbT]^a\P[\TSTPX\_TSw]RXPS^RPcTcTaTX]SXRP^b
_Paw\Tca^bSPP_[XRP{y^=PUPbTSTR^]UXVdaP{y^]y^cT\TUTXc^

#3XP[±BT[T{y^²3daP]cTPP_[XRP{y^R^]ca^[PP_^c~]RXP]^\^S^_^c~]RXP
^d^[X\XcTST_^c~]RXP]^\^S^cT\_TaPcdaP=PUPbT]^a\P[R^]ca^[PP
_^c~]RXP^d[X\XcTST_^c~]RXPSP_a…gX\PP_[XRP{y^=PUPbTSTR^]UXVdaP{y^
bT[TRX^]P^_Paw\Tca^PbTaPYdbcPS^P^bTa_aTbbX^]PS^^d\dSP^eP[^aS^
_Paw\Tca^P^bTaVXaPS^

$2WPeTVTaP[

%2^]TRc^aDB1¯_PaPR^]TRcPa^A5Pd\R^\_dcPS^a]^RPb^STbTSTbTYPa
Pa\PiT]PaT^dX\_aX\Xa^bSPS^bTRdaePbSPbP_[XRP{‰Tb

0C4=p«>)DcX[XiTP_T]PbT`dX_P\T]c^bSTX]U^a\ucXRPRTacXUXRPS^b
bTVd]S^P]^a\P842%($8bc^VPaP]cXauPbTVdaP]{PS^^_TaPS^a

0C4=p«>)D\PeTi`dT^bT`dX_P\T]c^bSTX]U^a\ucXRP]y^by^
P_PaT[W^b\|SXR^b\P]cT]WP^bPUPbcPS^bS^_PRXT]cTT\_T[^\T]^b
$\STSXbcw]RXP_^aaPi‰TbSTbTVdaP]{P

&2^]TRc^aS^_TSP[¯bTU^aSTbTYPS^^R^\P]S^STP_[XRP{‰Tb_^a_TSP[
02!& TbcTSTeTaubTa[XVPS^PTbcTR^]TRc^a

'2^]TRc^aS^RPQ^SPRPXgPSTR^]Tgy^STRPcTcTa¯]TbcTR^]TRc^a[XVPbT^
RPQ^02!&`dTd]T^A5 vRPXgP02!%(]P`dP[by^[XVPS^b^bcTa\X]PXbS^
RPcTcTaSTPQ[P{y^


7(%²7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD

3DLQHO7UDVHLUR

 5db€eTXb¯ST" $0cX_^5B…STeT\bTabdQbcXcd€S^b_^ad]XSPSTbST
\Tb\^eP[^a

0C4=p«>)DcX[XiTP_T]PbUdb€eTXbcX_^5P{y^au_XSPR^\^b
eP[^aTb\T]RX^]PS^b]^_PX]T[S^\…Sd[^STSX\T]b‰Tb!g$\\T
UPQaXRPS^bSTPR^aS^R^\P=^a\P1aPbX[TXaPST5db€eTXbST_T`dT]^
_^acT=1A$"&!

!1^a]TSTPcTaaP\T]c^PdgX[XPa¯_PaPbTadbPS^R^\RPQ^STPcTaaP\T]c^
PdgX[XPa02&_PaPP\X]X\XiP{y^STX]cTaUTa~]RXPbT\X]bcP[P{‰TbT[|caXRPb
adXS^bPb

"2^]TRc^aS^RPQ^STU^a{P¯dcX[XiTbT\_aT^RPQ^STU^a{P^aXVX]P[S^
P_PaT[W^02!&!>RPQ^STeTaubTaR^]TRcPS^Pd\Pc^\PSPPST`dPSPST
ca~b_X]^bR^\PcTaaP\T]c^0cT]by^]^\X]P[_^STaubTa  $ !&^d
!!ESTUaT`~]RXP$^d%7iX]SXbcX]cP\T]cTd\PeTi`dT^P_PaT[W^

 5HY²

&DStWXOR²&RPSRVLomRH,QVWDODomR

PSP_cPbTPdc^\PcXRP\T]cTP`dP[`dTaSTbcPbcT]b‰Tb

#9P]T[PSTeT]cX[P{y^¯SdaP]cT^db^\P]cT]WPTbcPYP]T[PSTb^Qbcad€SP


&DL[DGH&RQH[mR

0UXVdaPPQPXg^P_aTbT]cP^bPb_TRc^b_aX]RX_PXbS^A5 TbdP2PXgPST
2^]Tg‰Tb




2^]Tgy^_PaP_^[€VaPU^¯^]STbT[XVP\^b_^]c^bSXbcP[TP]T[P^_^[€VaPU^

!2^]Tgy^_PaPcTa\Xbc^a¯^]STbT[XVP\^bT[Tca^S^bS^bT]b^aST
cT\_TaPcdaPcX_^cTa\Xbc^aRPb^dcX[XiPS^

"2^]Tgy^_PaPcTa\^_Pa¯^]STbT[XVP\^bT[Tca^S^bS^bT]b^aST
cT\_TaPcdaPcX_^cTa\^_PaRPb^dcX[XiPS^4bcTbT]b^a_^bbdX_^[PaXSPSTR^aaTcP
_PaPPR^]Tgy^<PdUd]RX^]P\T]c^_^STbTa^RPbX^]PS^RPb^^bcTa\X]PXb
bTYP\[XVPS^bX]eTacXS^b

#2^]Tgy^_PaPRPcTcTa¯^]STbT[XVP\^bT[Tca^S^bSXbcP[TP]T[S^RPcTcTa>


7(%²7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD

SXbcP[STeTbTa[XVPS^P^R^]TRc^aa^cd[PS^±3²T^P]T[]^R^]TRc^aa^cd[PS^
±!²

$2^]Tgy^_PaPA5 ¯Q^a]T_PaP^RPQ^`dT[XVP^A5 vbdPRPXgPST
R^]Tg‰Tb

%2^]Tgy^_PaP?[PRP=TdcaP¯R^]TRc^a_PaP^RPQ^ST_[PRP]TdcaP0_[PRPP
bTadbPSPTPbdPc|R]XRPSTR^[^RP{y^STeT\bTVdXa^b_PSa‰TbS^W^b_XcP[
SPS^^aXbR^ST`dTX\PSdaPb


,QVWDODomR
3PSPPbX\_[XRXSPSTS^bXbcT\P]y^by^]TRTbbuaX^bT`dX_P\T]c^bX]SXeXSdPXb
ST_a^cT{y^cPXbR^\^…Rd[^b^d[dePb_PaPPbdPX]bcP[P{y^

&XLGDGRVQDLQVWDODomRGR5)

0C4=p«>)=PX]bcP[P{y^S^A5 ^bbTVdX]cTbRdXSPS^bSTeT\bTa
^QbTaePS^b)

• =y^X]bcP[T^T`dX_P\T]c^T\bd_TaU€RXTbX]R[X]PSPb^dT\bd_TaU€RXTb`dT
]y^bd_^acT\^bTd_Tb^
• =y^X]bcP[T^T`dX_P\T]c^_a…gX\^vuVdP^duaTPbST\P]dbTX^ST
[€`dXS^bST\^S^PTeXcPaaTb_X]V^b^dd\XSPSTTgRTbbXeP
• =y^STXgT]T]Wd\^QYTc^b^QaT^VPQX]TcT^db^QaT^bRPQ^bT]T\
_^bXRX^]T^bXbcT\PST\^S^`dTTbcTbXcT]b_^bbP\bTaSP]XUXRPS^b
• =d]RPQ[^`dTXTPbUaTbcPbSTeT]cX[P{y^S^T`dX_P\T]c^^d^R^[^`dT
b^QaT^d_a…gX\^Pbd_TaU€RXTbVTaPS^aPbSTRP[^a
• =y^PaaPbcTP\TbP^]ST^bXbcT\PT]R^]caPbTX]bcP[PS^ATcXaT^SP\TbP
_^bXRX^]TP\Tb\PTT\bTVdXSPR^[^`dT^bXbcT\Pb^QaTP\TbP
• =y^dcX[XiTPRTbb…aX^b`dT]y^cT]WP\bXS^U^a]TRXS^b^d_a^YTcPS^b_PaP
db^]^bXbcT\P

 5HY²

&DStWXOR²&RPSRVLomRH,QVWDODomR

• BT^dca^bT`dX_P\T]c^bT[|caXR^b^dT[Tca‡]XR^bU^aT\dbPS^b]^\Tb\^
_PRXT]cT^d]PbbdPb_a^gX\XSPSTbc^S^bSTeT\TbcPaPcTaaPS^b^dbTYP
STeTay^TbcPa[XVPS^bT\c^\PSPbSTca~b_X]^b^dT]cy^R^\bTdbUX^b
cTaaP[XVPS^bT\_^]c^bR^]eT]XT]cTb4]caTTbbTbT`dX_P\T]c^b
T]R^]caP\bT^bPb_XaPS^aTbT[|caXR^bSTbTRaT{‰TbRP\Pb^d\TbPbST
RXadaVXPR^\\^c^aTbQXbcdaXbT[|caXR^b\u`dX]PbSTRXaRd[P{y^
TgcaPR^a_…aTP[w\_PSPbPdgX[XPaTbSTRXadaVXPT^dca^bT`dX_P\T]c^bST
\^]Xc^aXiP{y^4bcTbT`dX_P\T]c^bSTeT\TbcPaT\PR^aS^R^\P]^a\P
STbTVdaP]{P=1A842%%  
• >dca^bT`dX_P\T]c^bT[|caXR^b^dT[Tca‡]XR^b_^ST\bTadbPS^b
bX\d[cP]TP\T]cTR^\^6TaPS^aA5 _^a|\STeTbTa^QbTaePS^`dTP
b^\Pc…aXPSPbR^aaT]cTbSTUdVPSTbbTbT`dX_P\T]c^b_^ST\d[caP_PbbPa^b
eP[^aTb\ugX\^bPS\Xbb€eTXb
• >6TaPS^aSTA5C41A5 TbTdbPRTbb…aX^b`dP]S^^_TaPS^
Xb^[PSP\T]cTbTR^]bcXcdXT\d\T`dX_P\T]c^\|SXR^TR^\^cP[_^ST
bTa_^bXRX^]PS^ST]ca^S^P\QXT]cTS^_PRXT]cT^dbTYPPd\PSXbcw]RXP
\T]^aST $\S^\Tb\^
• 8cT]bSTX]U^a\ucXRPTeT]cdP[\T]cTPSXRX^]PS^b_T[^dbduaX^STeT\bTa
RTacXUXRPS^b_T[P]^a\P842%($±BPUTch^UX]U^a\PcX^]cTRW]^[^Vh
T`dX_\T]c²0[|\SXbb^STeT\bTaXST]cXUXRPS^bR^\^_PacTb]y^\|SXRPb
TX]bcP[PS^bP_T[^\T]^b $\STSXbcw]RXPS^_PRXT]cTDcX[XiT^b€\Q^[^
ST0C4=p«> _PaPXST]cXUXRP{y^ST_PacTb]y^\|SXRPb?PaP\PXb
STcP[WTbSTX]bcP[P{y^^_TaP{y^TbTVdaP]{PPaTb_TXc^S^bXcT]bST
X]U^a\ucXRP[TXP^baTb_TRcXe^b\P]dPXbST^_TaP{y^

2^]bd[cT^bS^Rd\T]c^bS^bXcT]bSTX]U^a\ucXRP_PaP\PXbSTcP[WTbST
^_TaP{y^X]bcP[P{y^TbTVdaP]{P

,QVWDODomRHOpWULFD
• >6TaPS^aA5 STeTbTaX]bcP[PS^T\P\QXT]cTbRdYPbX]bcP[P{‰Tb
T[|caXRPb^QTST{P\P^baT`dXbXc^bSTbTVdaP]{PSP]^a\P=1A "$"#
±8]bcP[P{‰Tb4[|caXRPbT\4bcPQT[TRX\T]c^b0bbXbcT]RXPXbSTBPŠST
AT`dXbXc^b_PaPBTVdaP]{P²

7(%²7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD

• >RPQ^STU^a{PS^A5 _^STaubTa[XVPS^X]SXbcX]cP\T]cTPc^\PSPbR^\
`dP[`dTacT]by^]^\X]P[T]caT T!!ETUaT`~]RXPST$^d%7i
• @dPXb`dTa^dca^bT`dX_P\T]c^bdcX[XiPS^b]^\Tb\^_PRXT]cTSTeTay^
TbcPaSTPR^aS^R^\P]^a\PSTbTVdaP]{P=1A842%%  
±4`dX_P\T]c^T[Tca^\|SXR^¯?PacT ¯?aTbRaX{‰TbVTaPXb_PaPbTVdaP]{P²
• 4\RPb^ST]TRTbbXSPSTSTbdQbcXcdX{y^STeT\bTadcX[XiPS^bUdb€eTXbST
!g$\\cX_^5P{y^au_XSPSTeP[^aTbR^]U^a\T^X]SXRPS^]^_PX]T[S^
_a^Sdc^TUPQaXRPS^bSTPR^aS^R^\P]^a\P=1A$"&!=^a\P1aPbX[TXaP
ST5db€eTXbST?T`dT]^?^acT
• BT^dca^bT`dX_P\T]c^bT[|caXR^b^dT[Tca‡]XR^bU^aT\dbPS^b]^\Tb\^
_PRXT]cT^d]PbbdPb_a^gX\XSPSTbc^S^bSTeT\TbcPaPcTaaPS^b^dbTYP
STeTay^TbcPa[XVPS^bT\c^\PSPbSTca~b_X]^b^dT]cy^R^\bTdbUX^b
cTaaP[XVPS^bT\_^]c^bR^]eT]XT]cTb4bcTbT`dX_P\T]c^bSTeT\TbcPaT\
PR^aS^R^\P]^a\PSTbTVdaP]{P=1A842%%  =TbcPbXcdP{y^P
b^\Pc…aXPSPbR^aaT]cTbSTUdVPS^beuaX^bP_PaT[W^b_^STd[caP_PbbPa^b
eP[^aTb\ugX\^bPS\Xbb€eTXb^`dT_^STRPdbPaaXbR^bSTbTVdaP]{PcPXb
R^\^\XRa^RW^`dTb^dPc|UXQaX[P{y^RPaS€PRP

'LVSRVLomRQDVDODGHFDWHWHULVPR
0SXb_^bX{y^S^6TaPS^aC41A5 ]PbP[PSTRPcTcTaXb\^ST_T]STSPc|R]XRP
STcaPQP[W^S^b_a^UXbbX^]PXbT]e^[eXS^b]^_a^RTSX\T]c^

>P_PaT[W^T\bXSTeTauTbcPab^QaTd\P\TbPPdgX[XPa_a…gX\^P^_a^UXbbX^]P[
`dTXauPYdbcPa^b_Paw\Tca^bSPbP_[XRP{‰TbBTR^dQTaPTbcT\Tb\^
_a^UXbbX^]P[^X]€RX^Tc|a\X]^SPbP_[XRP{‰Tb]y^Wu]TRTbbXSPSTSPR^]Tgy^
S^_TSP[

BT^R^\P]S^SPbP_[XRP{‰TbR^dQTaP^\|SXR^`dT\P]X_d[P^bRPcTcTaTb
T]cy^^_TSP[STeTaubTaR^]TRcPS^T_^bXRX^]PS^PST`dPSP\T]cT3TeT\bTa
c^\PS^bRdXSPS^b_PaP`dT^UX^S^_TSP[]y^_a^e^`dTPRXST]cTbBTTbcTUX^
PcaPeTbbPauaTPbSTRXaRd[P{y^R^]e|\UXgu[^P^_Xb^R^\UXcPbPSTbXePb

0RPXgPSTR^]Tg‰TbSTeTaubTaUXgPSP]P\TbPSTRXadaVXP]d\S^bcaX[W^b
[PcTaPXb_a…gX\PvRPXgPSTR^]Tg‰TbS^bRPcTcTaTbS^_^[€VaPU^>b\Tb\^b
RdXSPS^bc^\PS^bR^\^UX^S^_TSP[STeT\bTac^\PS^bR^\^RPQ^`dTd]T

 5HY²

&DStWXOR²&RPSRVLomRH,QVWDODomR

^VTaPS^avbdPRPXgPSTR^]Tg‰Tb

0bP_[XRP{‰Tb_PaPPQ[P{y^aT`dTaT\^db^ST_[PRP]TdcaP>6TaPS^aC41
A5 |U^a]TRXS^R^\d\P`dP]cXSPST_PaPdb^X]XRXP[ST_[PRPbPSTbXePb
STbRPacueTXb2^]e|\TgP\X]PabT^W^b_XcP[^]ST^T`dX_P\T]c^bTaudcX[XiPS^
_^bbdX]^a\PbPSXRX^]PXb_PaPPR^[^RP{y^TP_[XRP{y^SP_[PRP]TdcaP

0UXVdaPbTVdX]cTX[dbcaPd\TgT\_[^STSXb_^bX{y^S^T`dX_P\T]c^]PbP[PST
RPcTcTaXb\^)

?PRXT]cT 2PXgPST2^\dcP{y^B? !

2PXgPST2^]Tg‰TbA5 

?TSP[

?^[€VaPU^B? !

A5 

&RQH[mRGRFDWHWHUHGRSROtJUDIR
>bcTa\X]PXbS^RPQ^TgcT]b^aS^RPcTcTaSTeT\bTaR^]TRcPS^bP^bQ^a]Tb
PST`dPS^bSPRPXgPSTR^]Tg‰Tb`dT_^bbXQX[XcPPP_[XRP{y^STA5STU^a\P
d]X_^[PaTPRP_cP{y^ST_^cT]RXPXbSTU^a\PQX_^[Pa

7(%²7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD

4bcPRPXgP_^bbdXQ^a]Tb_PaPPR^]Tgy^S^cTa\X]P[SXbcP[_aX\TXa^P]T[TS^b
cTa\X]PXbS^bT]b^aSTcT\_TaPcdaPcX_^cTa\Xbc^a^dcTa\^_PaBT^RPQ^
TgcT]b^a_^bbdXa^dca^bcTa\X]PXb`dT]y^bTYP\[XVPS^bvRPXgPSTR^]Tg‰TbS^
_^[€VaPU^RdXSPS^bSTeT\bTac^\PS^b_PaP`dT]y^T]caT\T\R^]cPc^R^\
bd_TaU€RXTb\Tcu[XRPb^d^dca^bcTa\X]PXb

>bcTa\X]PXbS^bT]b^aSTcT\_TaPcdaPSTeT\bTa[XVPS^bR^]U^a\T^cX_^
cTa\Xbc^a^dcTa\^_PadcX[XiPS^_T[^RPcTcTaBXVPPbX]U^a\P{‰TbS^UPQaXRP]cT
S^RPcTcTaTS^TgcT]b^a0R^]Tgy^TaaPSP]y^RPdbPSP]^bP^P_PaT[W^^dP^
RPcTcTa\PbX\_TST^R^]ca^[T^dP\^]Xc^aP{y^SPcT\_TaPcdaPSdaP]cTP
P_[XRP{y^

>RP]P[S^?^[€VaPU^STbcX]PS^PaTRTQTa^bbX]PXbRP_cPS^b_T[^RPcTcTaST
PQ[P{y^STeTbTaR^]TRcPS^P^bQ^a]Tb±3²T±!²SPRPXgPSTR^]Tg‰TbS^
A5 ?PaPR^]Tgy^R^\^_^[€VaPU^C41B? !dcX[XiT^RPQ^02!%'

 5HY²

&DStWXOR²2SHUDomR

 2SHUDomR
 

>6TaPS^aA5_Ta\XcTP_[XRP{‰TbR^\_^c~]RXPb\ugX\PbST$F^d F
]^b\^S^bCT\_TaPcdaP^d?^c~]RXPR^\RPcTcTaTb`dTdcX[XiT\bT]b^aTbS^
cX_^cTa\Xbc^a^dcTa\^_PaTbS^bcX_^b:TC

4bcPbRPaPRcTa€bcXRPbSTeT\bTaTbR^[WXSPbPcaPe|bSTR^\P]S^bTgTRdcPS^b]^
\T]dST2^]UXVdaP{y^P]cTbSPbP_[XRP{‰Tb

>cT\_^STP_[XRP{y^T^dca^b_Paw\Tca^b_^ST\bTaPYdbcPS^bP`dP[`dTa
X]bcP]cTU^aPS^\T]dST2^]UXVdaP{y^

=^\^S^CT\_TaPcdaP_^ST\bTaPYdbcPS^bPcT\_TaPcdaPP[e^P\ugX\P
_^c~]RXPPdc^aXiPSPTP\ugX\PX\_TSw]RXP=TbcT\^S^bTPX\_TSw]RXP
\ugX\PU^ad[caP_PbbPSP^R^aaTauPX]cTaad_{y^Pdc^\ucXRPSPP_[XRP{y^

=^\^S^_^c~]RXP_^ST\bTaPYdbcPSPbP_^c~]RXPPcT\_TaPcdaP\ugX\PTP
X\_TSw]RXP\ugX\P=TbcT\^S^Pd[caP_PbbPVT\STd\S^b[X\XcTbST
cT\_TaPcdaP^dX\_TSw]RXPSTcTa\X]PPX]cTaad_{y^Pdc^\ucXRPSPP_[XRP{y^

/LJDUHFRQILJXUDU
0_…bPX]bcP[P{y^^6TaPS^a_^STbTa[XVPS^_^abdPRWPeTVTaP[]^_PX]T[
Ua^]cP[eTacXRP[

0^bTa[XVPS^^SXb_[PhP_aTbT]cPPbTVdX]cTcT[P)


7(%²7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD

Versã o n.n

0_…bP[Vd]bX]bcP]cTbSdaP]cT^b`dPXb^bRXaRdXc^bX]cTa]^bby^eTaXUXRPS^b
X]XRXPbTPUPbTST2^]UXVdaP{y^bdaVX]S^]PcT[P^bTVdX]cT\T]d)

Configuração
Te m p e ra tu ra

S JM L ive W ire T C 4 m m

Ta m a nh o S e n so r Te m p. P o tê nc ia
4m m Term opa r K 50W
M é dio
P ressione IN IC IAR para prosseguir

>bRP\_^bX]SXRPS^bST]ca^S^baTcw]Vd[^b_^ST\bTaP[cTaPS^b_T[^PYdbcTST
eP[^aTbT[T{y^>R^]cTŠS^P_aTbT]cPS^]TbcTbRP\_^bP]cTbST`dP[`dTa
\dSP]{PaTU[TcTPbTbR^[WPbSPbTbby^P]cTaX^aSTP_[XRP{‰Tb^dPbTbR^[WPb
X]XRXPXbSTUuQaXRP

?PaP\dSPa^R^]cTŠS^STd\S^bRP\_^b)

• ?aTbbX^]T^bT[Tc^aR^]caP^_PX]T[0RPSP±R[XRZ²S^bT[Tc^aPbTcPX]SXRPS^aP
 5HY²

&DStWXOR²2SHUDomR

S^RP\_^PbTabT[TRX^]PS^PeP]{Pau_PaP^RP\_^bTVdX]cT

• 0^RWTVPa]^RP\_^STbTYPS^VXaT^bT[Tc^aPc|P_PaTRTaP^_{y^PST`dPSP

• ?aTbbX^]T]^eP\T]cT^bT[Tc^a_PaPPeP]{Pa_PaP^RP\_^bTVdX]cT^d

• ?aTbbX^]TPcTR[P±8]XRXPa²_PaPPeP]{Pa_PaPPUPbTSTP_[XRP{y^

2So}HVGH&RQILJXUDomR


0RGR
7uSdPb^_{‰Tb_PaP^<^S^)CT\_TaPcdaPT?^c~]RXP

=^\^S^cT\_TaPcdaP^6TaPS^aA5 P_[XRPauP_^c~]RXP]TRTbbuaXP]^[X\XcT
\ugX\^Pdc^aXiPS^]PP_[XRP{y^Pc|`dT^bT]b^aSTcT\_TaPcdaPS^RPcTcTa
X]SX`dTPcT\_TaPcdaPbT[TRX^]PSP_PaPPP_[XRP{y^0_PacXaSTbcT_^]c^P
_^c~]RXPbTauR^]ca^[PSPPdc^\PcXRP\T]cTST\^S^P\P]cTaPcT\_TaPcdaP
R^]bcP]cT

=^\^S^?^c~]RXP^6TaPS^aA5 U^a]TRTR^]bcP]cT\T]cTP_^c~]RXP
bT[TRX^]PSP_PaPP_[XRP{y^X]ST_T]ST]cT\T]cTSPcT\_TaPcdaPX]SXRPSP_T[^
bT]b^aS^RPcTcTa

>\^S^_aTUTaT]RXP[|^CT\_TaPcdaP>\^S^?^c~]RXPSTeTaubTaTbR^[WXS^
`dP]S^^RPcTcTa]y^_^bbdXabT]b^aSTcT\_TaPcdaP

&DWHWHU
=TbcP^_{y^P^bTaVXaPS^^bT[Tc^abTay^P_aTbT]cPS^b^b\^ST[^bST
RPcTcTaTbSTRPaPRcTa€bcXRPb_aTeXP\T]cTaTR^]WTRXSPb_T[^6TaPS^a

BT^RPcTcTaPbTadbPS^]y^R^]bcPaSP[XbcPP^_{y^±6T]|aXR^²STeTaubTa
TbR^[WXSP=TbcTRPb^STeTay^bTa_a^VaP\PSPbPbRPaPRcTa€bcXRPbSTCP\P]W^T
BT]b^a

>eP[^aSP?^c~]RXP_^c~]RXP\ugX\P`dT_^STaubTaPYdbcPSP]PP_[XRP{y^|
STcTa\X]PS^X]cTa]P\T]cTT\Ud]{y^S^cP\P]W^S^RPcTcTa4[PbTauST$F


7(%²7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD

_PaP^bRPcTcTaTbST#\\TST F_PaP^bST'\\

6RP
ATUTaTbTP^e^[d\TS^bQX_bT\XcXS^b_T[^6TaPS^aA5 ]^PRX^]P\T]c^S^b
R^]ca^[Tb]PX]SXRP{y^S^bbTVd]S^bSPP_[XRP{y^T]^bSTb[XVP\T]c^b
Pdc^\ucXR^b

$MXVWH²0RGR7HPSHUDWXUD
4]RTaaPSPPUPbTSTR^]UXVdaP{y^R^\^\^S^CT\_TaPcdaPP^bTa_aTbbX^]PSP
PcTR[P±8]XRXPa²bdaVXauPbTVdX]cTcT[PST0YdbcT)

4 1 5

2 8
6 3
10
7

0UX]P[XSPSTSTbcPUPbT|PYdbcPa^b_Paw\Tca^b_PaPPbP_[XRP{‰TbVdXPSPb_T[P
cT\_TaPcdaPbT]cXSP_T[^RPcTcTa

0cT[PR^]bXbcTST"uaTPb_PaPVauUXR^beP[^aTbSTTbRP[PbTeP[^aTbR^aaT]cTb)

¯ÁaTP_PaP^VauUXR^SPcT\_TaPcdaPbT]cXSP_T[^RPcTcTa

!¯ÁaTP_PaP^VauUXR^SP_^c~]RXPU^a]TRXSP_T[^6TaPS^a

"¯ÁaTP_PaP^VauUXR^SPX\_TSw]RXP]^RXaRdXc^STP_[XRP{y^
 5HY²

&DStWXOR²2SHUDomR

#¯EP[^aSPcT\_TaPcdaPP[e^PYdbcPSP_PaPPP_[XRP{y^

$¯EP[^aSPcT\_TaPcdaP\TSXSP_T[^bT]b^aS^RPcTcTa

%¯?^c~]RXP\ugX\P_PaP^cX_^STRPcTcTaT\db^

&¯?^c~]RXPPdc^aXiPSP_PaPPP_[XRP{y^

'¯EP[^aS^cT\_^\ugX\^PYdbcPS^_PaPPP_[XRP{y^

(¯8\_TSw]RXP\ugX\PPS\XcXSP_PaPPP_[XRP{y^

¯8\_TSw]RXPR^aaT]cTS^RPcTcTaSdaP]cTPP_[XRP{y^^dcTbcT

0\dSP]{PS^beP[^aTbPYdbcueTXbcT\_TaPcdaPP[e^SdaP{y^SPP_[XRP{y^T
_^c~]RXPPdc^aXiPSP|UTXcPPcaPe|bS^R^]ca^[TSTeP[^aTbT[T{y^2PSPeTi
`dT^R^]ca^[T|_aTbbX^]PS^PbTcPX]SXRPS^aPPeP]{P_PaP^eP[^abTVdX]cTP
bTaPYdbcPS^?PaPP[cTaPa^eP[^aQPbcPVXaPa^bT[Tc^a

BTU^a]TRTbbuaX^e^[cPaP^\T]dST2^]UXVdaP{y^QPbcPbT[TRX^]Pa^RP\_^
±2^]UXVdaP{y^²]P_PacTX]UTaX^aSPcT[PTVXaPa^bT[Tc^ad\_^]c^

$MXVWH²0RGR3RWrQFLD
4]RTaaPSPPUPbTSTR^]UXVdaP{y^R^\^\^S^?^c~]RXPP^bTa_aTbbX^]PSPP
cTR[P±8]XRXPa²bdaVXauPbTVdX]cTcT[PST0YdbcT)

1
2

7
4 6

5 8


7(%²7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD

0UX]P[XSPSTSTbcPUPbT|PYdbcPa^b_Paw\Tca^b_PaPPbP_[XRP{‰TbVdXPSPb_T[^
eP[^aPYdbcPS^SP_^c~]RXP

0cT[PR^]bXbcTST"uaTPb_PaPVauUXR^beP[^aTbSTTbRP[PbTeP[^aTbR^aaT]cTb)

¯ÁaTP_PaP^VauUXR^SP_^c~]RXPSPP_[XRP{y^

!¯?^c~]RXP\ugX\P_PaP^cX_^STRPcTcTaT\db^

"¯EP[^aSP_^c~]RXPPYdbcPSP_PaPPP_[XRP{y^

#¯ÁaTP_PaP^VauUXR^SPcT\_TaPcdaPbT]cXSP_T[^RPcTcTa

$¯EP[^aSPcT\_TaPcdaP\TSXSP_T[^bT]b^aS^RPcTcTa

%¯ÁaTP_PaP^VauUXR^SPX\_TSw]RXP]^RXaRdXc^STP_[XRP{y^

&¯EP[^aS^cT\_^\ugX\^PYdbcPS^_PaPPP_[XRP{y^

'¯8\_TSw]RXP\ugX\PPbTaPS\XcXSP]PP_[XRP{y^

(¯8\_TSw]RXPR^aaT]cTS^RPcTcTaSdaP]cTPP_[XRP{y^^dcTbcT

0\dSP]{PS^beP[^aTbPYdbcueTXbcT\_TaPcdaPP[e^SdaP{y^SPP_[XRP{y^T
_^c~]RXPPdc^aXiPSP|UTXcPPcaPe|bS^R^]ca^[TSTeP[^aTbT[T{y^2PSPeTi
`dT^R^]ca^[T|_aTbbX^]PS^PbTcPX]SXRPS^aPPeP]{P_PaP^eP[^abTVdX]cTP
bTaPYdbcPS^?PaPP[cTaPa^eP[^aQPbcPVXaPa^bT[Tc^a

BTU^a]TRTbbuaX^e^[cPaP^\T]dST2^]UXVdaP{y^QPbcPbT[TRX^]Pa^RP\_^
±2^]UXVdaP{y^²]P_PacTX]UTaX^aSPcT[PTVXaPa^bT[Tc^ad\_^]c^

)XQomR´7HVWDUµ
=PUPbTSTPYdbcTcP]c^]^\^S^cT\_TaPcdaPR^\^]^\^S^_^c~]RXPP
X\_TSw]RXPR^aaT]cT]^RXaRdXc^S^_PRXT]cT_^STbTaeXbdP[XiPSP_aTbbX^]P]S^
bTPcTR[P±CTbcPa²

3daP]cTTbbTcTbcT|P_[XRPSPd\P_T`dT]P_^c~]RXPSTcTbcTT]caTP
TgcaT\XSPSTS^RPcTcTaTP_[PRP]TdcaP

4bbP_^c~]RXP]TRTbbuaXP_PaPPaTP[XiP{y^SP\TSXSPSPX\_TSw]RXP|
bdUXRXT]cT\T]cT_T`dT]P_PaP]y^RPdbPaTUTXc^bT[Tca^UXbX^[…VXR^bq_^bb€eT[
T]caTcP]c^`dT^R^aaP\_T`dT]Pb_TacdaQP{‰Tb]^bX]P[RP_cPS^_T[^RPcTcTa

 5HY²

&DStWXOR²2SHUDomR

?PaPbPXaSPR^]SX{y^STcTbcTQPbcP_aTbbX^]Pa]^eP\T]cTPcTR[P±CTbcPa²^d
X]XRXPad\PP_[XRP{y^

$SOLFDomR
0_…bPUPbTSTPYdbcT^X]€RX^STd\PP_[XRP{y^bTSuP^_aTbbX^]Pa^_TSP[T|
X]cTaa^\_XSPP^_TSP[bTab^[c^P^cTa\X]Pa^cT\_^SPP_[XRP{y^^dbT
^R^aaTaT\b^QaTcT\_TaPcdaP^db^QaTX\_TSw]RXP

BT^_TSP[]y^TbcXeTaR^]TRcPS^^X]€RX^SPP_[XRP{y^bTauSPS^_T[PcTR[P
X]XRXPaD\]^e^c^`dT]PcTR[PX]cTaa^\_TauPP_[XRP{y^

3daP]cTPP_[XRP{y^^SXP[UXRPPcXe^_PaPPYdbcTbST_^c~]RXP^dbTYPP^VXaPa
^SXP[^A5 P_[XRPaud\P_^c~]RXPSXUTaT]cTSTPR^aS^R^\^bT]cXS^ST
a^cP{y^T]d\Ta^ST_Pbb^bS^SXP[

=^\^S^cT\_TaPcdaPT[TPYdbcP^eP[^a\ugX\^ST_^c~]RXP`dT^R^]ca^[T
Pdc^\ucXR^_^STdcX[XiPa_PaP^QcTaPcT\_TaPcdaPP[e^

=^\^S^_^c~]RXPT[TPYdbcP^eP[^aX\_^bc^SP_^c~]RXPR^]bcP]cTU^a]TRXSP

3daP]cTPP_[XRP{y^^bVauUXR^bX]SXRP\PTe^[d{y^S^b_Paw\Tca^b0bTVdXa
Tbcy^TgT\_[^b_^bb€eTXbSTP_[XRP{‰Tb]^\^S^cT\_TaPcdaPT]^\^S^
_^c~]RXP


7(%²7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD

5HSHWLomRGDV$SOLFDo}HV
0^UX]P[STRPSPP_[XRP{y^^bVauUXR^bUXRP\R^]VT[PS^b]PcT[P_PaPP_aTRXP{y^
SPTe^[d{y^S^b_Paw\Tca^b

BTU^aSTbTYPSPd\P]^ePP_[XRP{y^R^\^b\Tb\^bPYdbcTbQPbcPau_aTbbX^]Pa
]^eP\T]cT^_TSP[^dPcTR[P±8]XRXPa²

BTU^aR^]eT]XT]cTaTUPiTa^bPYdbcTbP]cTbSP]^ePP_[XRP{y^PcTR[P±CTbcPa²
STeTaubTa_aTbbX^]PSP8bc^[X\_Pau^bVauUXR^bSPcT[PTaTc^a]Pau^6TaPS^av
UPbTST0YdbcTT\TSXSPSPX\_TSw]RXPR^aaT]cT

,QWHUUXSo}HV$XWRPiWLFDVGDV$SOLFDo}HV
>6TaPS^aA5 X]cTaa^\_TPdc^\PcXRP\T]cTd\PP_[XRP{y^T\SdPb
bXcdP{‰Tb)`dP]S^Wub^QaTcT\_TaPcdaP^db^QaTX\_TSw]RXP

B^QaTcT\_TaPcdaP|PbXcdP{y^T\`dTPcT\_TaPcdaPbT]cXSP_T[^RPcTcTa
d[caP_PbbPT\#°2PcT\_TaPcdaPP[e^PYdbcPSP=^\^S^cT\_TaPcdaPTbcP
bXcdP{y^_^ST^R^aaTa_^aSTb[^RP\T]c^S^RPcTcTa=^\^S^_^c~]RXPTbcP
bXcdP{y^STR^aaTS^PYdbcTX]PST`dPS^SP_^c~]RXPU^a]TRXSP

 5HY²

&DStWXOR²2SHUDomR

=P^R^aa~]RXPSTd\PX]cTaad_{y^STbcTcX_^d\P]^ePP_[XRP{y^_^STbTa
X]XRXPSPP_…bd\PPeP[XP{y^SP_^bX{y^S^RPcTcTa^dS^bTdaT_^bXRX^]P\T]c^
]^\^S^cT\_TaPcdaP^dS^PYdbcTSTd\eP[^a\PXbQPXg^ST_^c~]RXP]^
\^S^_^c~]RXP

B^QaTX\_TSw]RXP|PbXcdP{y^T\`dTPX\_TSw]RXPS^RPcTcTad[caP_PbbP^
eP[^a[X\XcTPYdbcPS^4bcPbXcdP{y^_^ST^R^aaTa_^aX]€RX^STR^PVd[P{y^]P
_^]cPS^RPcTcTa4[TeP{‰Tb\dXc^PQad_cPb_^ST\bTaaTbd[cPS^STUaPcdaPS^
RPcTcTaS^bRPQ^bSTR^]Tgy^^dSTb[^RP\T]c^SP_[PRP]TdcaP

0_…bd\PX]cTaad_{y^_^ab^QaTX\_TSw]RXPR^]e|\aTc^a]PavUPbTSTPYdbcT
]P`dP[PX\_TSw]RXP|\^]Xc^aPSP_PaPeTaXUXRPaPb^[d{y^SPSXUXRd[SPST

0HQVDJHQVGH(UUR
>6TaPS^aA5 _^STP_aTbT]cPaca~bcX_^bST\T]bPVT]bSdaP]cTbdP^_TaP{y^)
Pb\T]bPVT]bSTX]U^a\P{y^\T]bPVT]bSTTaa^^_TaPRX^]P[TPb\T]bPVT]bST
Taa^bXbc~\XR^

0HQVDJHQVGH,QIRUPDomR
0b\T]bPVT]bSTX]U^a\P{y^]y^X\_TST\^_a^bbTVdX\T]c^SPP_[XRP{y^T
by^STbRaXcPbPbTVdXa)

• ±BT]b^a.²
4bcP\T]bPVT\P_PaTRTbT\_aT`dTd\PUP[WP]^bT]b^aSTcT\_TaPcdaPU^a
STcTRcPSP0bUP[WPbSTcTRcueTXbby^)cX_^STbT]b^aTaaPS^^dR^]TRcPS^
]^bQ^a]TbTaaPS^bbT]b^aT\Rdac^^dPQTac^]^RPb^STcTa\Xbc^aTb^d
bT]b^aT\PQTac^]^RPb^STcTa\^_PaTb>bcTa\^_PaTbby^_^[PaXiPS^bT
PX]eTaby^SP_^[PaXSPST]y^_^STbTaSTcTRcPSP_T[^6TaPS^aA5 ]^
T]cP]c^_^STbTaUPRX[\T]cT]^cPSP_T[^^_TaPS^a_^Xb^P`dTRX\T]c^S^
cTa\^_PaaTbd[cPT\d\P[TXcdaPSTcT\_TaPcdaP\T]^a=^\^S^
CT\_TaPcdaPPUP[WPSTbT]b^aX\_TST]^ePbP_[XRP{‰Tb

• ±8\_TSw]RXP4[TePSP²
4bcP\T]bPVT\P_PaTRT`dP]S^SdaP]cTd\PP_[XRP{y^P_^c~]RXP
b^[XRXcPSP]y^_^STbTaP[RP]{PSP_^a`dT^[X\XcTSTP\_[XcdSTSTbP€SPU^X


7(%²7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD

PcX]VXS^TR^\PX\_TSw]RXP_aTbT]cT]y^bT_^STT]caTVPa_^c~]RXP
\PX^a
0P_[XRP{y^_a^bbTVdTPc|PSdaP{y^TbcPQT[TRXSP^dPc|PX]cTaad_{y^_T[^
^_TaPS^a

(UURV2SHUDFLRQDLV
4aa^b^_TaPRX^]PXbby^P`dT[Tb`dTRPdbP\P_PaPSPSPP_[XRP{y^\Pb`dT
_^ST\bTaR^aaXVXS^b_T[^^_TaPS^aP]cTbSTX]XRXPad\P]^ePP_[XRP{y^CPXb
Taa^bby^^bbTVdX]cTb)

• ±B^QaT8\_TSw]RXP²
4bcP\T]bPVT\STTaa^P_PaTRT`dP]S^SdaP]cTd\PP_[XRP{y^P
X\_TSw]RXPb^QTP[|\S^[X\XcT\ugX\^STcTa\X]PS^6TaP[\T]cTX]SXRP
`dTW^deTR^PVd[P{y^]P_^]cPS^RPcTcTa\Pb_^STbTaRPdbPSP_^ad\P
UP[WPSTR^]Tgy^T]caT^RPcTcTa^TgcT]b^aTPRPXgPSTR^]Tgy^^d\u
R^]Tgy^T]caT^_PRXT]cTTP_[PRP]TdcaP

• ±BdQ8\_TSw]RXP²
4bcP\T]bPVT\STTaa^X]SXRP`dTSdaP]cTd\PP_[XRP{y^PX\_TSw]RXP
RPXdPQPXg^S^eP[^a\€]X\^_Ta\XcXS^_T[PTb_TRXUXRP{y^S^
T`dX_P\T]c^)$>W\b?^STbTaR^]bT`~]RXPS^R^]cPc^T]caTP_^]cP
S^RPcTcTaTP_[PRP]TdcaP

• ±B^QaTCT\_TaPcdaP²
4bcP\T]bPVT\STTaa^P_PaTRT`dP]S^SdaP]cTd\PP_[XRP{y^T\\^S^
?^c~]RXPPcT\_TaPcdaPb^QTP[|\S^[X\XcT\ugX\^STcTa\X]PS^0
P_[XRP{y^|X]cTaa^\_XSP\Pb_^STbTaaTX]XRXPSPT\bTVdXSPD\]^e^
PYdbcTST_^c~]RXPb^[XRXcPSP|aTR^\T]SPS^

0cPQT[PbTVdX]cTaTbd\T^b_aX]RX_PXbTaa^bbdPbRPdbPbT^R^\_^acP\T]c^S^
A5 

 5HY²

&DStWXOR²2SHUDomR

6TaPS^aC41A5 ¯<T]bPVT]bSTTaa^TbdPb 2^\_^acP\T]c^S^


RPdbPb 0_PaT[W^

<T]bPVT\ 3TbRaX{y^ 2PdbP <^S^ <^S^


cT\_TaPcdaP ?^c~]RXP
BT]b^aSTbR^]TRcPS^
=y^_Ta\XcTP
^dR^]TRcPS^STU^a\P
7ud\Taa^aT[PcXe^ P_[XRP{y^^d =y^X]XQT^d
TaaPSP
BT]b^a. P^bT]b^aST
5P[WPS^RPcTcTa)
X]cTaa^\_TP X]cTaa^\_TP
cT\_TaPcdaP P_[XRP{y^T\ P_[XRP{y^
cTa\Xbc^aT\Rdac^^d
P]SP\T]c^
cTa\^_PaPQTac^

=^\^S^_^c~]RXP 5^XPYdbcPSPd\P
W^deTd\Pd\T]c^ _^c~]RXPTgRTbbXeP 8]cTaa^\_TP
B^QaT
STcT\_TaPcdaPP[|\ _PaP^[X\XcTST =y^bTP_[XRP P_[XRP{y^T\
CT\_TaPcdaP S^[X\XcT cT\_TaPcdaP P]SP\T]c^
_a^VaP\PS^ _a^VaP\PS^

7^deTd\Pd\T]c^ 5^a\P{y^STR^uVd[^ =y^_Ta\XcTP =y^_Ta\XcT


STX\_TSw]RXPS^ ]^RPcTcTa P_[XRP{y^^d PP_[XRP{y^
B^QaT RXaRdXc^STP_[XRP{y^ 3TbR^]Tgy^S^ X]cTaa^\_TP ^d
8\_TSw]RXP P[|\S^eP[^a RPcTcTa^d_[PRP]TdcaP P_[XRP{y^T\ X]cTaa^\_TP
\ugX\^_a^VaP\PS^ 5aPcdaPS^RPcTcTa P]SP\T]c^ P_[XRP{y^T\
P]SP\T]c^

0X\_TSw]RXPS^ 5^a\P{y^STR^uVd[^ 0P_[XRP{y^ 0P_[XRP{y^


RXaRdXc^STP_[XRP{y^ ]^RPcTcTa _a^bbTVdT]P _a^bbTVdT]P
]y^d[caP_Pbb^dP <uP_[XRP{y^SP _^c~]RXP _^c~]RXP
8\_TSw]RXP \ugX\P_a^VaP\PSP _[PRP]TdcaP \ugX\P`dT^ \ugX\P`dT
4[TePSP \Pb|\dXc^P[cP 2^]UXVdaP{y^ST P_PaT[W^| ^P_PaT[W^|
_PaP`dT^P_PaT[W^ \^S^ FT\ RP_PiST RP_PiST
U^a]T{PP_^c~]RXP RPcTcTaST#\\ U^a]TRTa]TbcP U^a]TRTa]TbcP
b^[XRXcPSP RXaRd]bcw]RXP RXaRd]bcw]RXP

0X\_TSw]RXPS^ CTa\X]PXb]y^dbPS^b =y^_Ta\XcTP =y^_Ta\XcT


RXaRdXc^STP_[XRP{y^ S^RPcTcTa_^ST\TbcPa P_[XRP{y^^d PP_[XRP{y^
BdQ TbcuPQPXg^S^ T\Rdac^RXaRdXc^R^\ X]cTaa^\_TP ^d
8\_TSw]RXP \€]X\^]^a\P[ _PacTb\Tcu[XRPbSP P_[XRP{y^T\ X]cTaa^\_TP
\TbP P]SP\T]c^ P_[XRP{y^T\
P]SP\T]c^

7^deTd\Taa^`dT =y^_Ta\XcTP =y^_Ta\XcT


^P_PaT[W^]y^ P_[XRP{y^^d PP_[XR^d
4aa^] XST]cXUXR^dR^\^ =y^TbR[PaTRXSP X]cTaa^\_TP X]cTaa^\_TP
bT]S^STRPdbP P_[XRP{y^T\ P_[XRT\
TgcTa]P P]SP\T]c^ P]SP\T]c^


7(%²7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD

(UURV6LVWrPLFRV
0b\T]bPVT]bSTTaa^bbXbc~\XR^bby^P_aTbT]cPSPb]d\TaXRP\T]cT]PU^a\P
±4aa^]²AT_aTbT]cP\UP[WPb`dT_^ST\aT`dTaTa\P]dcT]{y^R^aaTcXeP]P
UuQaXRP2Pb^P[Vd\Taa^STbbTcX_^^R^aaP_^STbTbTVdaP\T]cTcT]cPaP
^_TaP{y^]^eP\T]cT_^a|\PaT_TcX{y^SP\T]bPVT\X]SXRPau`dT^Taa^|
_Ta\P]T]cTT^T`dX_P\T]c^STeTaubTaT]RP\X]WPS^_PaP\P]dcT]{y^

&XLGDGRVQDRSHUDomRGR*HUDGRUGH5)

0C4=p«>)=P^_TaP{y^S^A5 ^bbTVdX]cTbRdXSPS^bSTeT\bTa
^QbTaePS^b)

• >4`dX_P\T]c^b…STeTbTa^_TaPS^_^a_Tbb^PbSTeXSP\T]cTcaTX]PSPb]^
bTd\P]dbTX^4\_PacXRd[PaPbX]bcad{‰Tb_aTbT]cTb]TbcT\P]dP[STeT\
bTabTVdXSPbvaXbRP
• >4`dX_P\T]c^b…STeTbTa^_TaPS^_^a_a^UXbbX^]PXbSPuaTP\|SXRPR^\
R^]SX{‰TbSTPeP[XPaR^aaTcP\T]cT^TbcPS^S^_PRXT]cTTWPQX[XcPS^_PaP
STRXSXa`dP]S^TR^\^dcX[XiPa^baTRdab^bSXb_^]€eTXb]^A5 
• =y^bTSTeTdcX[XiPa^P_PaT[W^RPb^WPYPbdb_TXcPSTSTUTXc^^d\P[
Ud]RX^]P\T]c^bT^\Tb\^P_PaT]cPacTabXS^PQTac^_^a_Tbb^P[]y^
Pdc^aXiPS^_T[PUuQaXRP^dbTW^deTaX]S€RX^bSP_T]TcaP{y^ST[€`dXS^b^d
VT[T\bTdVPQX]TcT
• BT^4`dX_P\T]c^U^a\^[WPS^PRXST]cP[\T]cTSTb[XVdT^X\TSXPcP\T]cT
SPaTSTT[|caXRPT^T]eXT_PaPaTeXby^_PaP^aT_aTbT]cP]cTc|R]XR^C41ST
bdPaTVXy^
• =d\PTeT]cdP[dcX[XiP{y^STSTbUXQaX[PS^aTeXcT_^bXRX^]PaPb_ubST
P_[XRP{y^b^QaT^bRPQ^bS^P_PaT[W^
• =PTeT]cdP[XSPSTSTbTa]TRTbbuaX^P_[XRPad\RW^`dTSTSTbUXQaX[PS^aT\
d\_PRXT]cT[XVPS^P^A5 STeTbTTeXcPa`dT^_PRXT]cTc^`dT`dP[`dTa
_PacT\Tcu[XRPS^T`dX_P\T]c^
• 0RTbb…aX^bSTbRPacueTXbcPXbR^\^RPcTcTaTbTP_[PRP]TdcaP]y^STeT\
bTaaTTbcTaX[XiPS^b^daTdcX[XiPS^b

 5HY²

&DStWXOR²2SHUDomR

• >bR^]TRc^aTbS^bRPQ^bSTRPcTcTaTSP_[PRP]TdcaP]y^STeT\c^RPa
]T]Wd\Pbd_TaU€RXT\Tcu[XRP\Tb\^`dTTbcTYPPcTaaPSP
• >^_TaPS^a]d]RPSTeTc^RPabX\d[cP]TP\T]cT]^_PRXT]cTT]^VPQX]TcT
S^T`dX_P\T]c^X]R[dbXeTT\bTdbPRTbb…aX^bTRPQ^b
• 4eXcT`dT^_PRXT]cTT]caTT\R^]cPc^R^\_PacTb\Tcu[XRPb[XVPSPbP^cTaaP
^dPc|\Tb\^UX`dT\dXc^_a…gX\^ST[Pb
• >R^]cPc^_T[T_T[T]^_PRXT]cT_^aTgT\_[^T]caTbTdbQaP{^bTR^a_^
STeTbTaTeXcPS^?PaPXbc^_^STbTdcX[XiPaR^\_aTbbPbbTRPb
• >bT[Tca^S^bST\^]Xc^aXiP{y^S^_^[€VaPU^TST`dPXb`dTa^dca^b
T`dX_P\T]c^bR^]TRcPS^bP^_PRXT]cTSTeT\bTa_^bXRX^]PS^b^\PXb
SXbcP]cTb_^bb€eT[S^_^]c^STP_[XRP{y^STA5
• 4\RPSPP_[XRP{y^R^]e|\`dTP_^c~]RXPTbR^[WXSP]^\^S^_^c~]RXP
^d`dTPcT\_TaPcdaPP[e^]^\^S^cT\_TaPcdaPbTYP\Pb\PXbQPXgPb
_^bb€eTXb_PaP^UX\P`dTbT_a^_‰T\
• AT_TcXSPbX]SXRP{‰TbSTb^QaTX\_TSw]RXP_^ST\X]SXRPad\PUP[WP]P
R^[^RP{y^SP_[PRP]TdcaP^dd\\PdR^]cPc^T\bdPbR^]Tg‰Tb=TbcT
RPb^R^]e|\`dTPP_[XRP{y^SP_[PRP]TdcaPTbdPbR^]Tg‰TbbTYP\
eTaXUXRPSPbP]cTbSTbT[TRX^]Pad\P_^c~]RXPSTbP€SP\PXbP[cP
• =y^dcX[XiTP]Tbc|bXR^bX]U[P\ueTXb^dVPbTb^gXSP]cTbcPXbR^\^…gXS^
]Xca^b^^d^gXV~]X^_da^SdaP]cT_a^RTSX\T]c^bSTPQ[P{y^
• ?PaP^b_PRXT]cTb_^acPS^aTbSTd\\PaRP_Pbb^RPaS€PR^^dST^dca^b
X\_[P]cTbPcXe^bTgXbcTd\aXbR^_^cT]RXP[STX]cTaUTa~]RXPb^QaTT[T^dST
[WTRPdbPad\SP]^4\RPb^STSŠeXSPR^]e|\_TSXaP^_X]Xy^^dP
P_a^eP{y^ST_Tbb^Pb`dP[XUXRPSPb
• 0X]cTaUTa~]RXPT[Tca^\PV]|cXRP_a^SdiXSP_T[^Ud]RX^]P\T]c^S^A5 
_^STX]U[dT]RXPaSTbUPe^aPeT[\T]cT^Ud]RX^]P\T]c^ST^dca^b
T`dX_P\T]c^bT[Tca‡]XR^b3^\Tb\^\^S^PX]cTaUTa~]RXP_a^SdiXSP_^a
^dca^bT`dX_P\T]c^bT[Tca‡]XR^bcP\Q|\_^STX]U[dT]RXPa
STbUPe^aPeT[\T]cT^Ud]RX^]P\T]c^S^VTaPS^aA5 2Pb^Xbc^PR^]cT{P
Tg_TaX\T]cT\dSPaP_^bX{y^S^A5 PUPbcPa^bT`dX_P\T]c^b
T]e^[eXS^b^d[XVPad\UX^S^Q^a]TcTaaPPdgX[XPaS^A5 P^Q^a]TST
PcTaaP\T]c^STRPSPP_PaT[W^^_TaP]S^T\bdP_a^gX\XSPST


7(%²7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD

• 8]b_TRX^]TaTVd[Pa\T]cT^bPRTbb…aX^bSTc^S^b^bT`dX_P\T]c^bdcX[XiPS^b
]PbP[P4\_PacXRd[PaR^]e|\`dT^bRPQ^bSTT[Tca^S^bT^bPRTbb…aX^b
_PaPdb^T]S^bR…_XR^bTYP\X]b_TRX^]PS^b_PaPeTaXUXRPaP_^bbXQX[XSPSTST
SP]^bvbdPXb^[P{y^`dTSTeTaTbXbcXavcT]by^STbP€SPS^VTaPS^a0
cT]by^\ugX\PST_XR^]PbP€SPS^VTaPS^aA5 |ST $ET\`dP[`dTa
S^\^S^ST^_TaP{y^$^d FR^\R^]ca^[T_^a_^c~]RXP^d_^a
cT\_TaPcdaP
• 0cT]by^STXb^[P{y^S^RPQ^TgcT]b^aSTRPcTcTaT^Xb^[P\T]c^SP_[PRP
]TdcaP_PaP^cTaaPSTeT\bTaST]^\€]X\^ $E^[cbST_XR^
• 3TeTbTbT\_aTc^\Pa^RdXSPS^STTeXcPaRPdbPaS^QaPbc^a{‰Tb^d
_dg‰TbeX^[T]c^b]^bRPQ^bS^P_PaT[W^_PaP]y^aTSdiXabdPeXSPŠcX[
• 0_TbPaSTP[cP\T]cTX\_a^eueT[d\PUP[WP]^VTaPS^aA5 _^STaTbd[cPa
T\d\Pd\T]c^X]STbTYPS^SP_^c~]RXPSTbP€SP
• 0_[PRP]TdcaPSTeTbTaP_[XRPSPP^_PRXT]cTST\^S^PVPaP]cXad\Q^\
R^]cPc^T[|caXR^?PaPXbc^c^SPPbdPbd_TaU€RXTSTeTTbcPaT\R^]cPc^R^\
^_PRXT]cTBTTgXbcXaT\bXVPPb]^a\PbS^W^b_XcP[_PaPPP_[XRP{y^STbcP
_[PRP
• ?^bXRX^]TP_[PRP]TdcaP_aTUTaXeT[\T]cT]PbR^bcPbS^_PRXT]cT^\PXb
_a…gX\^_^bb€eT[STbTdR^aP{y^

 5HY²

&DStWXOR²/LPSH]D

/LPSH]D
3URFHGLPHQWRGH/LPSH]DGHSDUWHVPpGLFDV
*HUDGRUVHXVFDERVHDFHVVyULRV 
0C4=p«>)0]cTbST[X\_Pa^P_PaT[W^STb[XVdT^TaTcXaTbTd_[dVSP
c^\PSP

?PaP[X\_Pa^P_PaT[W^TbTdbPRTbb…aX^bdbTP_T]Pbd\_P]^\PRX^
d\TSTRXS^T\d\Pb^[d{y^STuVdPR^\bPQy^]Tdca^c^\P]S^^RdXSPS^ST
]y^\^[WPa^bR^]TRc^aTbT]y^_Ta\XcXaP_T]TcaP{y^ST[€`dXS^bPcaPe|bST
UaTbcPbTSPbuaTPbSTeT]cX[P{y^

0C4=p«>)]P[X\_TiP]d]RPdcX[XiTcWX]]Tab^[eT]cTb^d_a^Sdc^b
PQaPbXe^b

'HVLQIHFomRH(VWHULOL]DomR
?PaPTeXcPaSP]^b]T]Wd\P_PacT^dPRTbb…aX^S^T`dX_P\T]c^STeTbTa
bdQ\TcXSPP`dP[`dTa_a^RTSX\T]c^STSTbX]UTR{y^^dTbcTaX[XiP{y^STeT\
P_T]PbbTaT\[X\_^bSTPR^aS^R^\^_a^RTSX\T]c^ST[X\_TiPYuSTbRaXc^
PRX\P

4\_PacXRd[PaRPcTcTaTbT_[PRPb]TdcaPbSTbRPacueTXb]y^STeT\bTa
aTdcX[XiPS^b

BTTeT]cdP[\T]cTU^aT\dcX[XiPS^bRPcTcTaTbaTdcX[XiueTXbT[TbSTeT\bTa
TbcTaX[XiPS^bR^]U^a\TPbX]bcad{‰TbSTbTdUPQaXRP]cTTR^]U^a\T^b\|c^S^bT
_a^RTSX\T]c^bPS^cPS^b_T[^W^b_XcP[

0C41]y^R^]UXa\PPTUXRuRXPS^b_a^Sdc^b`d€\XR^bdcX[XiPS^b]P
STbX]UTR{y^T^dTbcTaX[XiP{y^]^R^]ca^[TSTX]UTR{‰Tb


7(%²7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD

&RQVHUYDomRH0DQXWHQomR
>6TaPS^aA5 aT`dTa^bRdXSPS^b]^a\PXbSTR^]bTaeP{y^`dTSTeT\bTa
c^\PS^bR^\T`dX_P\T]c^bT[Tca‡]XR^b)]y^STeTbTabdQ\TcXS^PQPcXSPb
`dTSPb_^TXaPTgRTbbXePTg_^bX{y^_a^[^]VPSPP^b^[P[cPbcT\_TaPcdaPb
d\XSPST^d_T]TcaP{y^ST[€`dXS^b

>PRXST]cT\PXbR^\d\`dTSP]XUXRPT`dX_P\T]c^bT[Tca‡]XR^bT\
P\QXT]cTbW^b_XcP[PaTb|P_T]TcaP{y^ST[€`dXS^b4eXcT`dTXbc^^R^aaP)YP\PXb
\P]dbTXT\TSXRP\T]c^bb^QaT^bT`dX_P\T]c^b

BTP[Vd\[€`dXS^\^[WPaPRXST]cP[\T]cT^T`dX_P\T]c^^\Tb\^STeT
bTaSTb[XVPS^^_[dVSTaTSTSTeTbTaaTcXaPS^SPc^\PSPTPPbbXbc~]RXP
c|R]XRPSTeTbTab^[XRXcPSPX\TSXPcP\T]cT

2^\^bTSTeTUPiTaR^\`dP[`dTaUTaaP\T]cP^dX]bcad\T]c^STcaPQP[W^
R^]e|\eTaXUXRPa_TaX^SXRP\T]cTbT^T`dX_P\T]c^Tbcu^_TaP]S^
]^a\P[\T]cT4bcPeTaXUXRP{y^STeTbTaaTP[XiPSP_T[^_a…_aX^dbduaX^PcaPe|b
S^±CTbcT>_TaPRX^]P[S^DbduaX^²STbRaXc^PQPXg^ATR^\T]SP\^b`dTPbdP
_TaX^SXRXSPSTbTYPSXuaXP

>_a^RTSX\T]c^ST<P]dcT]{y^?aTeT]cXePSTeTbTaaTP[XiPS^P]dP[\T]cT_^a
d\c|R]XR^Pdc^aXiPS^_T[PC41

BTW^deTa`dP[`dTaSTbR^]UXP]{PST`dT^P_PaT[W^P_aTbT]cPd\_a^Q[T\P^d
P[Vd\P_PacTTgXQPbX]PXbSTSTbVPbcT^d\PdTbcPS^PPbbXbc~]RXPc|R]XRPSP
C41STeTbTaRWP\PSPX\TSXPcP\T]cT

7HVWH2SHUDFLRQDOGR8VXiULR
ATR^\T]SPbTUPiTa^bTVdX]cTcTbcT_PaPeTaXUXRPa^Ud]RX^]P\T]c^S^bXbcT\P
SXPaXP\T]cTP]cTbSTbTd_aX\TXa^db^)

 8]bcP[T^T`dX_P\T]c^TSXb_^]WPbTdbRPQ^bR^]U^a\T^SXb_^bc^]^
RP_€cd[^±8]bcP[P{y^²STbcT\P]dP[
 5HY²

&DStWXOR²&RQVHUYDomRH0DQXWHQomR

! 2^]TRcT^SXb_^bXcXe^STcTbcT02!%&vRPXgPSTR^]Tgy^STRPcTcTa
02!%(^QbTaeP]S^PbXST]cXUXRP{‰TbS^bUX^b

" 2^]UXVdaT^6TaPS^a]^\^S^?^c~]RXP2PcTcTaVT]|aXR^ST#\\BT]b^a
CTa\Xbc^a

# ?a^VaP\Td\PP_[XRP{y^_PaP F bTVTX\_TSw]RXP\ugX\PST !


^W\b 

$ 4UTcdTPP_[XRP{y^

% 0P_[XRP{y^STeTaucaP]bR^aaTa_^ac^S^b^b bTVd]S^bTP^UX]P[PcT[P


STeTauP_aTbT]cPa^bbTVdX]cTbSPS^b)

BT^bSPS^bP_aTbT]cPS^bTbcXeTaT\R^]U^a\TPUXVdaPPRX\P^Ud]RX^]P\T]c^
S^bXbcT\P_^STbTaR^]bXSTaPS^R^aaTc^

E^[cT_PaPPUPbTSTR^]UXVdaP{y^R^]UXVdaTTPYdbcT^b_Paw\Tca^bR^]U^a\T
^PST`dPS^_PaPPbP_[XRP{‰TbaTPXb


7(%²7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD

3URFHGLPHQWRVDSyVRXVR
2^\^\TSXSPSTR^]bTaeP{y^P_…bRPSPdcX[XiP{y^S^T`dX_P\T]c^_a^RTSP
SPbTVdX]cT\P]TXaP)

 3Tb[XVdTPRWPeTVTaP[

! ATcXaT^bRPQ^bdcX[XiPS^bT[X\_T^bSTaTbc^bST_PbcPR^]Sdc^aPT^dca^b
aTb€Sd^b

" 8]b_TRX^]T^bRPQ^b_a^RdaP]S^`dPXb`dTabX]PXbSTUP[WPSTXb^[P\T]c^
P\PbbP\T]c^S^R^]TRc^a^dSP]^bP^bUX^bBTW^deTaP[Vd\PR^]bcPcP{y^
^dbdb_TXcPSTUP[WPaTcXaT^RPQ^S^db^T]eXP]S^^_PaP\P]dcT]{y^

# ;X\_T^P_PaT[W^R^\d\_P]^d\TSTRXS^T\uVdPTbPQy^]Tdca^=y^
TbUaTVdTR^\U^a{PT]d]RPdbTu[R^^[QT]iX]P^d`dP[`dTa^dca^
b^[eT]cT

BTU^a^QbTaePS^`dP[`dTabX]P[STSTbVPbcT^dSP]^]^bPRTbb…aX^b
TbcTbSTeT\bTabdQbcXcd€S^bX\TSXPcP\T]cT

0DQXWHQomR3UHYHQWLYDH$VVLVWrQFLD7pFQLFD


0\P]dcT]{y^_aTeT]cXePSTeTbTaaTP[XiPSPP]dP[\T]cTTSTeTbTaTgTRdcPSP
_T[PC41BT\_aT`dT]TRTbbuaX^_^ST\bTab^[XRXcPSPbbT\_aTvC41
\P]dcT]{‰TbR^aaTcXePb

0Tg_TaX~]RXP\^bcaP`dT\dXcPbbdb_TXcPbSTSTUTXc^bby^TUTcXeP\T]cT
_a^RTSX\T]c^bX]STeXS^bSTdb^T`dTd\R^]cPc^SXaTc^S^dbduaX^R^\P
UuQaXRP_^STX\_TSXa\dXcPbaTcXaPSPbX]ŠcTXbSTT`dX_P\T]c^bT\Q^\
Ud]RX^]P\T]c^?^acP]c^aTR^\T]SPbTbT\_aTd\R^]cPc^R^\PC41P]cTbSP
aT\TbbPSTd\T`dX_P\T]c^_PaPaT_Pa^b

0C41TgTRdcPaT_Pa^bTU^a]TRTPRTbb…aX^bSTaT_^bX{y^SXaTcP\T]cTP^b
dbduaX^bPQPXg^Rdbc^_^aXbb^PQT\S^R^aaTc^STbT\_T]W^S^
T`dX_P\T]c^]y^bTSTeTWTbXcPaT\aT\TcTa_PaPaT_Pa^b^dbdQbcXcdX{y^P^
\T]^abX]P[STSP]^`dP[`dTaPRTbb…aX^

 5HY²

&DStWXOR²&RQVHUYDomRH0DQXWHQomR

0C41^UTaTRTcP\Q|\_[P]^bST\P]dcT]{y^R^aaTcXeP^d_aTeT]cXePbT\_aT
R^\^QYTcXe^_aX]RX_P[ST\P]cTa^bT`dX_P\T]c^bT\Q^\TX]X]cTaad_c^
Ud]RX^]P\T]c^

3daP]cTPeXV~]RXPS^_aPi^STVPaP]cXPPPbbXbc~]RXPc|R]XRPbTauTgTRdcPSP
ST]ca^S^SXb_^bc^]^CTa\^ST6PaP]cXP

?PaP^TbR[PaTRX\T]c^ST`dPXb`dTaSŠeXSPbPSXRX^]PXbT]caTT\R^]cPc^R^\
PPbbXbc~]RXPc|R]XRPSPC41RdY^T]STaT{^T]STaT{^T[Tca‡]XR^UPgT
cT[TU^]T_PaPR^]cPc^Tbcy^]P_uVX]P"STbcT\P]dP[



3URWHomR$PELHQWDO
>6TaPS^aC41A5 TbdPb_PacTb^aXVX]PXbdcX[XiP\T\bdPUPQaXRP{y^
T[T\T]c^b_TaXV^b^bP^\TX^P\QXT]cTR^\^\TcPXb_TbPS^bTbdQbcw]RXPb
c…gXRPb0SXRX^]P[\T]cT^b\PcTaXPXbdcX[XiPS^b]y^by^QX^STVaPSueTXbTPbdP
T[X\X]P{y^bT\RdXSPS^bbTau_aTYdSXRXP[P^\TX^P\QXT]cT

0T[X\X]P{y^ST_PacTb^aXVX]PXbS^T`dX_P\T]c^^dS^T`dX_P\T]c^R^\_[Tc^
P^UX]P[STbdPeXSPŠcX[STeTaubTVdXaP_^[€cXRPST_a^cT{y^P\QXT]cP[S^
W^b_XcP[^dT]cXSPST_a^_aXTcuaXP^d]PPdb~]RXPSTbcP_^[€cXRP^bT[T\T]c^b
STbRPacPS^bSTeTay^bTaT]eXPS^bSTe^[cPvUuQaXRP

0RTbb…aX^bT[Tca^S^bT^dca^b\PcTaXPXbdcX[XiPS^bT\R^]Yd]c^R^\^A5 
\Pb]y^UPQaXRPS^b_T[PC41STeTay^bTaT[X\X]PS^bSTPR^aS^R^\P
aTR^\T]SP{y^STbTdbUPQaXRP]cTb


7(%²7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD

 $FHVVyULRV


3TbRaX{y^ 2…SXV^C41

5X^CTaaP 02&

2PQ^STR^]Tgy^DB1 02!$'

<P[P_PaPCaP]b_^acT 02!%$

BX\d[PS^a_PaPcTbcTSTP_[XRP{y^ 02!%&

2PQ^STX]cTa[XVP{y^A5 2^]TRc^aST 02!%'


RPcTcTaST_^[€VaPU^

2PXgPSTR^]Tgy^STRPcTcTaTb 02!%(

2PQ^STX]cTa[XVP{y^A5 2PXgPST
02!&
2^]Tg‰TbSTRPcTcTaTb

?TSP[_PaPA5  02!& 

2PQ^ST5^a{P 02!&!

2PQ^_PaP_[PRP]TdcaP 02!'

?[PRP]TdcaP 02!' 

Bd_^acTT<P]^_[Pb_PaPUXgP{y^SP2PXgP
?<!("T?<"#%
ST2^]Tgy^ST2PcTcTa



 5HY²

&DStWXOR²(VSHFLILFDo}HV7pFQLFDV

 (VSHFLILFDo}HV7pFQLFDV


)DEULFDQWH
• C41CTR]^[^VXP4[Tca‡]XRP1aPbX[TXaP;cSPC^S^b^bSXaTXc^baTbTaePS^b

4\_aTbP2TacXUXRPSP8B>( )!

1RPHH0RGHOR
• =^\T)6TaPS^a_PaP0Q[P{y^

• <^ST[^)C41A5 


&ODVVLILFDomR
• @dP]c^P^cX_^ST_a^cT{y^R^]caPRW^`dTT[|caXR^)4`dX_P\T]c^ST2[PbbT
8

• @dP]c^P^VaPdST_a^cT{y^R^]caPRW^`dTT[|caXR^)?PacTP_[XRPSPSTCX_^
25

• @dP]c^v_a^cT{y^R^]caP_T]TcaP{y^ST[€`dXS^b)T`dX_P\T]c^R^\d\
bT\_a^cT{y^

• >b\|c^S^bSTTbcTaX[XiP{y^T^dSTbX]UTR{y^)STbRaXc^b]^RP_€cd[^$

• 4`dX_P\T]c^]y^PST`dPS^P^db^]P_aTbT]{PST\XbcdaPP]Tbc|bXRP
X]U[P\ueT[R^\Pa

7(%²7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD

• 4`dX_P\T]c^PST`dPS^_PaP^_TaP{y^T\\^S^R^]c€]d^R^\RPaVP
X]cTa\XcT]cT

• 4`dX_P\T]c^PST`dPS^_PaPP_[XRP{‰TbRPaS€PRPbSXaTcPb

1RUPDVGHVHJXUDQoDDWHQGLGDV


3DUWHPpGLFD
• =1A842%%  ±4`dX_P\T]c^T[Tca^\|SXR^¯?PacT ¯?aTbRaX{‰Tb
VTaPXb_PaPbTVdaP]{P²

• =1A842%% !!±4`dX_P\T]c^T[Tca^\|SXR^¯?PacT!!¯?aTbRaX{‰Tb
_PacXRd[PaTb_PaPbTVdaP]{PSTT`dX_P\T]c^RXaŠaVXR^STP[cPUaT`d~]RXP²

• =1A842%%  !±4`dX_P\T]c^T[Tca^\|SXR^¯?PacT )?aTbRaX{‰Tb


VTaPXb_PaPbTVdaP]{P¯=^a\P2^[PcTaP[)2^\_PcXQX[XSPSTT[Tca^\PV]|cXRP
¯?aTbRaX{‰TbTT]bPX^b²

3DUWHQmRPpGLFD LQIRUPiWLFD²QmRIRUQHFLGDSHOD7(% 
• ?PaPbTVdaP]{PS^dbduaX^^bXcT]bSTX]U^a\ucXRPTeT]cdP[\T]cTP]TgPS^b
_T[^R[XT]cTSTeT\TbcPaT\PR^aS^R^\P842%($4bcTbXcT]bSTeT\
bTaXST]cXUXRPS^b_T[^R[XT]cTR^\^bT]S^_PacT]y^\|SXRP_^acP]c^c~\
bdPuaTPSTdcX[XiP{y^U^aPS^P\QXT]cTS^_PRXT]cT^dbTYPPd\P

SXbcw]RXPST $\S^_PRXT]cTDcX[XiT^b€\Q^[^ST0C4=p«> _PaP


XST]cXUXRP{y^ST_PacTb]y^\|SXRPb

3DUWHVSURWHJLGDVFRQWUDGHVFDUJDGH'HVILEULODGRU
• 4]caPSPbBP€SPbSPRPXgPSTR^]Tg‰TbS^6TaPS^aA5 

 5HY²

&DStWXOR²(VSHFLILFDo}HV7pFQLFDV

&DUDFWHUtVWLFDV7pFQLFDV

<^S^bST>_TaP{y^ CT\_TaPcdaPR^]ca^[PSP^d?^c~]RXPR^]ca^[PSP

?^c~]RXP<ugX\P $FPccb_PaP2PcTcTaTbSTPc|#\\

FPccb_PaP2PcTcTaTbST#P'\\

5^a\PST>]SP BT]^XSP[bT\\^Sd[P{y^

5aT`~]RXPST>_TaP{y^ <7i$

<^]Xc^aXiP{y^ST $P$>W\b
8\_TSw]RXP

5PXgPST>_TaP{y^ &P!!>W\\^S^$F

&P >W\\^S^ F

CT\_^aXiPS^a ?PaPP_[XRP{y^STPc| !bTVd]S^b

<^]Xc^aXiP{y^ST °2P °2R^\RPcTcTaP_a^_aXPS^


CT\_TaPcdaP

CX_^bSTbT]b^aTb CTa\^_PacX_^CcX_^:^dCTa\Xbc^a

?aTRXby^SPX]SXRP{y^ST  $


_^c~]RXP

?aTRXby^SPX]SXRP{y^ST <^S^CTbcT) 4\0_[XRP{y^)


8\_TSw]RXP $P&(^W\)" $P&(^W\)!$

'P (^W\)$ 'P (^W\)$

!P$^W\)"$ !P!!^W\) 

?aTRXby^SPX]SXRP{y^SP !^2PRaTbRXS^bP^bTeT]cdPXbTaa^bS^b
cT\_TaPcdaP bT]b^aTbS^bRPcTcTaTb


7(%²7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD

*UiILFRVGH7HQVmR0i[LPDGH3LFRQD6DtGD
CT]by^\ugX\PST_XR^]PbP€SPT\Ud]{y^S^PYdbcT\^S^$F


CT]by^\ugX\PST_XR^]PbP€SPT\Ud]{y^S^PYdbcT\^S^ F

 5HY²

&DStWXOR²(VSHFLILFDo}HV7pFQLFDV

$OLPHQWDomR
ATSTT[|caXRP EPR^d!!EPRST]ca^SPbTVdX]cTUPXgP)

EPRP!#EPRbT[T{y^Pdc^\ucXRP EPR!!EPR

5aT`~]RXP)$%7i

?^c~]RXPST4]caPSP)"$E0

)XVtYHLV
>bUdb€eTXbdcX[XiPS^bSTeT\bTaST" $0S^cX_^5P{y^au_XSPST!$E4[Tb
by^X]bcP[PS^b]P_PacTcaPbTXaPS^P_PaT[W^Tby^T\]Š\Ta^STS^Xb

&RQGLo}HVDPELHQWDLVGHRSHUDomR
• CT\_TaPcdaP) °2P"°2

• D\XSPSTAT[PcXeP)"P&$

• ?aTbby^0c\^bU|aXRP)$!$\\7VP&($\\7V


&RQGLo}HVDPELHQWDLVGHDUPD]HQDPHQWR
• CT\_TaPcdaP) °2P$°2

• D\XSPSTAT[PcXeP)!P'$

• ?aTbby^0c\^bU|aXRP)$\\7VP'\\7V


'LPHQV}HVH3HVR
3X\T]b‰Tb)" g "g!!\\?a^Ud]SXSPSTg0[cdaPg;PaVdaP

3X\T]b‰TbR^\\P[PSTcaP]b_^acT)#'g %$g"&\\

?Tb^) "#ZVP_T]Pb^\…Sd[^_aX]RX_P[

'#ZVR^\PRTbb…aX^bX]R[dbXeT\P[PSTcaP]b_^acT


7(%²7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD

2EVHUYDomRILQDO
0C41TbcuR^]cX]dP\T]cTP_TaUTX{^P]S^bTdb_a^Sdc^bST\^S^`dTPb
Tb_TRXUXRP{‰TbPRX\Pby^eu[XSPb]PSPcPSTaTeXby^STbcT\P]dP[TTbcy^
bdYTXcPbPP[cTaP{‰TbUdcdaPb

 5HY²

&DStWXOR²7HUPRGH*DUDQWLD

7HUPRGH*DUDQWLD

0C41CTR]^[^VXP4[Tca‡]XRP1aPbX[TXaP;cSPPbbTVdaPP^_a^_aXTcuaX^
6TaPS^aA5 VPaP]cXPR^]caP`dP[`dTaSTUTXc^ST\PcTaXP[^dSTUPQaXRP{y^
`dT]T[TbTP_aTbT]cPa]^_aPi^STS^iT\TbTbR^]cPS^bSPSPcPST
P`dXbX{y^_T[^_aX\TXa^PS`dXaT]cT

0aTb_^]bPQX[XSPSTSPVPaP]cXP|aTbcaXcPP^R^]bTac^^dbdQbcXcdX{y^ST_T{Pb
STUTXcd^bPbTaT_Pa^bSTUPQaXRP{y^TPYdbcTb`dTbTUP{P\]TRTbbuaX^b_PaP
`dT^P_PaT[W^^_TaTST]ca^STbdPbTb_TRXUXRP{‰Tb

0C41^QaXVPbTP_aTbcPa^bbTaeX{^bPRX\PaTUTaXS^bb^\T]cTbT^P_PaT[W^
U^a_^bc^T\bdPbTSTP0e3XTSTaXRWbT] $&EX[P6dPaP]XBy^?Pd[^
B?R^\STb_TbPbTaXbR^bSTcaP]b_^acTTT\QP[PVT\_^aR^]cPS^
_a^_aXTcuaX^

4bcy^TgR[d€S^bSTbcPVPaP]cXPRPQ^bSTU^a{PUX^cTaaPT^dca^bRPQ^b
TeT]cdP[\T]cTU^a]TRXS^b`dP]S^P_aTbT]cPaT\STUTXc^b_^aSTbVPbcT]PcdaP[
4bcPVPaP]cXPbTau]d[PbT^P_PaT[W^PRaXc|aX^SPC41cXeTab^UaXS^SP]^_^a
PRXST]cT`dTSPdb^T\cT]by^STP[X\T]cP{y^TaaPSPb^QaTcT]b‰Tb^d
PX]SPP_aTbT]cPabX]PXbSTPYdbcTb^dcT]cPcXePSTaT_PaP{y^_^a_Tbb^Pb]y^
Pdc^aXiPSPb

@dP[`dTaP[cTaP{y^^dTgcT]by^SPVPaP]cXPP[|\SPbTbcaXcPbR^]SX{‰TbSTbcT
cTa\^b…bTay^eu[XSPb`dP]S^Pbbd\XSPb_^aTbRaXc^SXaTcP\T]cT_T[PC41



You might also like