35(6(17$=,21(352'277,_352'8&729(59,(: $(% $OWHUQDWLYH )XHO (OHFWURQLFV SURJHWWD H UHDOL]]D OD JDPPD FRPSOHWD GHL GLVSRVLWLYLHOHWWURQLFLSHUODFRQYHUVLRQHGHOOHYHWWXUHD*3/R0HWDQR (· SURSULR DG $(% FKH VL GHYH O·LQYHQ]LRQH GHO SULPR YDULDWRUH G·DQWLFLSR LO GLVSRVLWLYR FKH KD ULYROX]LRQDWR O·XWLOL]]R GHL FDUEXUDQWL DOWHUQDWLYL SHU O·DXWRPRWLYH *UD]LH DOOD VXD FRPSHWHQ]D H DOO·DVVROXWD DIÀGDELOLWj GHL VXRL SURGRWWL $(% $OWHUQDWLYH )XHO (OHFWURQLFV QRQ VROR q VWDWD VFHOWD FRPH SDUWQHU WHFQRORJLFR DOWDPHQWHVSHFLDOL]]DWRGDOOHSLLPSRUWDQWLD]LHQGHGHOVHWWRUHPDKDDQFKH RWWHQXWR LPSRUWDQWL FHUWLÀFD]LRQL GL TXDOLWj TXDOL OD 81, (1 ,62 9,6,21HOD,6276 'DVHPSUHLSXQWLGLIRU]DFKHFRQWUDGGLVWLQJXRQR$(%VRQR LQQRYD]LRQHWHFQRORJLFD DOWLVVLPDTXDOLWjGHOSURGRWWR VRGGLVID]LRQHGHOFOLHQWH HOHYDWDSURIHVVLRQDOLWj /D FUHGLELOLWj GHOO·D]LHQGD VL q FRQVROLGDWD QHO FRUVR GHJOL DQQL JUD]LH DO YDORUHWHFQLFRGHOSURGRWWRXQLWRDGXQ·DVVLVWHQ]DWHFQLFDHDXQDFRUUHWWH]]D SURIHVVLRQDOHYHUVRLOFOLHQWHWDOLGDJDUDQWLUHXQHIIHWWLYRYDORUHDJJLXQWR /D IRU]D GL $(% $OWHUQDWLYH )XHO (OHFWURQLFV FRQVLVWH TXLQGL QHO VRGGLVIDUH OD &OLHQWHODQHOOHVXHHVLJHQ]HSLGLYHUVHHVVHQGRLQJUDGRGLUHDOL]]DUHLSURGRWWL ULFKLHVWLGDOPHUFDWRQHOPLQRUWHPSRSRVVLELOHDGXQSUH]]RFRPSHWLWLYRHFRQ HOHYDWLVWDQGDUGGLTXDOLWj $(%$OWHUQDWLYH)XHO(OHFWURQLFVGHVLJQVDQGEXLOGVDFRPSOHWHUDQJHRIHOHFWURQLF GHYLFHVIRUFRQYHUWLQJYHKLFOHVWRUXQRQ/3*RU&1* ,W LV $(% WKDW LQYHQWHG WKH ÀUVW WLPLQJ DGYDQFH SURFHVVRU WKH GHYLFH WKDW UHYROXWLRQL]HGWKHXVHRIDOWHUQDWLYHIXHOVIRUFDUV 7KDQNV WR LWV H[SHUWLVH DQG WKH WRWDO UHOLDELOLW\ RI LWV SURGXFWV $(% $OWHUQDWLYH )XHO(OHFWURQLFVZDVFKRVHQE\OHDGLQJVHFWRUFRPSDQLHVDVDKLJKO\VSHFLDOL]HG SDUWQHUDQGZDVDOVRDZDUGHGZLWKLPSRUWDQWTXDOLW\FHUWLÀFDWLRQVOLNH81,(1 ,629,6,21DQG,6276 $(%$OWHUQDWLYH)XHO(OHFWURQLFVKDVDOZD\VVWRRGRXWIRU WHFKQRORJLFDOLQQRYDWLRQ KLJKTXDOLW\SURGXFWV FXVWRPHUVDWLVIDFWLRQ KLJKOHYHORISURIHVVLRQDOLVP 7KHFRPSDQ\·VUHOLDELOLW\KDVJRWVWURQJHURYHUWKH\HDUVWKDQNVWRWKHSURGXFWV WHFKQLFDO YDOXH WRJHWKHU ZLWK WHFKQLFDO DVVLVWDQFH DQG SURIHVVLRQDOLVP WKDW JXDUDQWHHUHDODGGHGYDOXHIRUWKH&XVWRPHU $(%$OWHUQDWLYH)XHO(OHFWURQLFV·VWUHQJKWOLHVLQVDWLVI\LQJWKH&XVWRPHUGLIIHUHQW QHHGVFUHDWLQJWKHSURGXFWUHTXHVWHGE\WKHPDUNHWLQWKHVKRUWHVWSRVVLEOHWLPH DWDFRPSHWLWLYHSULFHZLWKKLJKTXDOLW\VWDQGDUGV .,7,1,(=,21, ,1-(&7,21.,76 /·DGR]LRQHGLVLVWHPLDGLQLH]LRQHJDVVRVDVHTXHQ]LDOHSHUPRWRULDEHQ]LQDFRQVHQWHGL RWWHQHUHGLYHUVLYDQWDJJLLOGRVDJJLRRWWLPDOHGHOFDUEXUDQWHRWWHQHQGRPLVFHOHFRQJLXVWR UDSSRUWRVWHFKLRPHWULFRLOFRQWHQLPHQWRGHLFRQVXPLODULGX]LRQHGHOOHHPLVVLRQLLQTXLQDQWL HO·RWWLPL]]D]LRQHGHOOHSUHVWD]LRQL 7KH DGRSWLRQ RI VHTXHQWLDO /3*&1* LQMHFWLRQ V\VWHPV IRU SHWURO HQJLQHV KDV YDULRXV DGYDQWDJHV RSWLPDO IXHO GRVDJH DFKLHYLQJ PL[WXUHV ZLWK WKH FRUUHFW VWRLFKLRPHWULF UDWLR H[FHOOHQWIXHOFRQVXPSWLRQUHGXFHGSROOXWDQWHPLVVLRQVLPSURYHGSHUIRUPDQFH ,OFRQWUROORGHLPRWRULDEHQ]LQDqUHDOL]]DWRWUDPLWHXQDFHQWUDOLQDHOHWWURQLFD(&8FKH LQ IXQ]LRQH GL DOFXQL SDUDPHWUL GHWHUPLQD LVWDQWH SHU LVWDQWH OD GXUDWD GHOO·LQLH]LRQH GL FDUEXUDQWH /HWLSRORJLHSULQFLSDOLGLVLVWHPLGLLQLH]LRQHRULJLQDOLSHUPRWRULDEHQ]LQDVRQR 6LVWHPLDGLQLH]LRQHLQGLUHWWD3RUW)XHO,QMHFWLRQ3),FKHSUHYHGRQRLQLHWWRULEHQ]LQDD PRQWHGHOOHYDOYROHGLDVSLUD]LRQH 6LVWHPLDGLQLH]LRQHGLUHWWD*DVROLQH'LUHFW,QMHFWLRQ*',)XHO6WUDWLÀHG,QMHFWLRQ)6, FKHSUHYHGRQRLQLHWWRULORFDOL]]DWLLQFDPHUDGLVFRSSLR*UD]LHDTXHVWLVLVWHPLVLRWWLHQHXQ DXPHQWRGHOOHSUHVWD]LRQLHGXQDULGX]LRQHGLFRQVXPLHGHPLVVLRQL 3HUFRQYHUWLUHXQ·DXWRYHWWXUDDGLQLH]LRQHGDEHQ]LQDD*3/0HWDQRqQHFHVVDULRXWLOL]]DUH XQD VHFRQGD FHQWUDOLQD HOHWWURQLFD GL FRQWUROOR FKH VL DIÀDQFD DOOD (&8 RULJLQDOH /D FHQWUDOLQD*DVJHVWLVFHO·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ÀFDPHFFDQLFDGHOPRWRUH 'LHVHOGLFXLYHQJRQRPDQWHQXWHWXWWHOHFDUDWWHULVWLFKHIXQ]LRQDOLDEELQDQGRXQULGXWWRUH VHTXHQ]LDOHVWDQGDUGHXQUDLOLQLHWWRULÀQRDLQLHWWRULJDVDOODQRVWUD(&8GHGLFDWDVL SRVVRQRFRQYHUWLUHPRWRUL'LHVHOFRQSRPSDPHFFDQLFDRHOHWWURQLFDFRQRVHQ]D2%' _', 3HWUROHQJLQHVDUHFRQWUROOHGE\DQHOHFWURQLFFRQWUROXQLW(&8ZKLFKDFFRUGLQJWRDQXPEHU RISDUDPHWHUVGHWHUPLQHVLQVWDQWE\LQVWDQWWKHGXUDWLRQRIWKHIXHOLQMHFWLRQ 7KHPDLQW\SHVRIRULJLQDOLQMHFWLRQV\VWHPVIRUSHWUROHQJLQHVDUH LQGLUHFWLQMHFWLRQV\VWHPV3RUW)XHO,QMHFWLRQ²3),IHDWXULQJSHWUROLQMHFWRUVXSVWUHDPRIWKH LQWDNHYDOYHV GLUHFW LQMHFWLRQ V\VWHPV *DVROLQH 'LUHFW ,QMHFWLRQ ² *', )XHO 6WUDWLÀHG ,QMHFWLRQ ²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À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j GL HVVHUH DGDWWDWL DOOH YDULH FDUDWWHULVWLFKH GHLPRWRULWUDPLWHDOFXQHUHJROD]LRQLFKHDOYDULDUHGHOPRGHOORSRVVRQRHVVHUHHVHJXLWH PDQXDOPHQWHWUDPLWHPLFURVZLWFKRFRQ,·DXVLOLRGLVWUXPHQWLSLVRÀVWLFDWLFRPHVRIWZDUH 3&HWHVWHUSDOPDUL $OFXQL GHL IHHGEDFN $(% LQFRUSRUDQR LQROWUH VLD O·HOHWWURQLFD GL SLORWDJJLR HOHWWURYDOYROH VLDORVWDFFDLQLHWWRULLQPRGRGDVHPSOLÀFDUHQRWHYROPHQWH,·LQVWDOOD]LRQHGHOO·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·$17,&,32 , YDULDWRUL G·DQWLFLSR VRQR FHQWUDOLQH HOHWWURQLFKH FKH DQWLFLSDQR LO SXQWR GL DFFHQVLRQH RULJLQDOH GHO PRWRUH GXUDQWH LO IXQ]LRQDPHQWR D 0HWDQR R *3/ RWWLPL]]DQGR FRVu LO IXQ]LRQDPHQWRGHOPRWRUHFRQTXHVWLFDUEXUDQWL7XWWLLYDULDWRULG·DQWLFLSR$(%FRQVHQWRQR GL VHOH]LRQDUH L JUDGL GL DQWLFLSR IRUQLWL H GL HVFOXGHUH O·DQWLFLSR DO PLQLPR LQROWUH ULSULVWLQDQR O·DQWLFLSR RULJLQDOH GXUDQWH LO IXQ]LRQDPHQWR D EHQ]LQD 7XWWL L YDULDWRUL $(% YHQJRQRIRUQLWLFRQXQFRQQHWWRUHG·HPHUJHQ]DFKHSHUPHWWHO·HVFOXVLRQHGHOYDULDWRUHQHO FDVR VL SUHVHQWLQR DQRPDOLH QHO FRPSRUWDPHQWR GHO GLVSRVLWLYR JDUDQWHQGR DOOD YHWWXUD GLIXQ]LRQDUHUHJRODUPHQWH$OFXQLGHLYDULDWRUL$(%VRQRSUHGLVSRVWLSHUHVVHUHDEELQDWL D SDUWLFRODUL FDEODJJL SURJHWWDWL SHU HVVHUH LQWHUIDFFLDWL FRQ L FRQQHWWRUL RULJLQDOL GHOOD YHWWXUDLQPRGRWDOHGDQRQGRYHULQWHUYHQLUHVXOO·LPSLDQWRHOHWWULFRRULJLQDOHGHOYHLFROR 7,0,1*$'9$1&(352&(66256 7LPLQJ DGYDQFH SURFHVVRUV DUH HOHFWURQLF FRQWURO XQLWV WKDW FKDQJH WKH RULJLQDO VSDUN DGYDQFHRIWKHHQJLQHZKHQLWUXQVRQ&1*RU/3*WKXVRSWLPLVLQJWKHHQJLQH·VRSHUDWLRQ ZLWKWKHVHIXHOV$OO$(%WLPLQJDGYDQFHSURFHVVRUVOHWWKHGHJUHHVRIVSDUNDGYDQFHVXSSOLHG WREHVHOHFWHGDQGWRH[FOXGHVSDUNDGYDQFHZKHQLGOLQJ7KH\DOVRUHVHWWKHRULJLQDOVSDUN DGYDQFH ZKHQ UXQQLQJ RQ SHWURO $OO $(% WLPLQJ DGYDQFH SURFHVVRUV DUH VXSSOLHG ZLWK DQ HPHUJHQF\ FRQQHFWRU WKDW FXWV LW RXW VKRXOG DQ\ SUREOHP GXH WR WKH WLPLQJ DGYDQFH SURFHVVRUDULVHWKXVDOORZLQJWKHYHKLFOHWRRSHUDWHUHJXODUO\6RPH$(%WLPLQJDGYDQFH SURFHVVRUVDUHÀWWHGWREHFRPELQHGZLWKVSHFLDOKDUQHVVHVGHVLJQHGWREHLQWHUIDFHGZLWK WKH YHKLFOH·V RULJLQDO FRQQHFWRUV VR DV WR DYRLG KDYLQJ WR ZRUN RQ WKH YHKLFOH·V RULJLQDO HOHFWULFDOV\VWHP $(%1 9$5,$725,(/(77521,&,'·$17,&,32 7,0,1*$'9$1&(352&(66256 &2',&(_&2'( 120(_1$0( '(6&5,=,21(_'(6&5,37,21 $(%1 &2%5$ 9$5,$725((/(77521,&2'·$17,&,325,352*5$00$%,/( 5(352*5$00$%/(7,0,1*$'9$1&(352&(6625 $(%1 63,'(5 9$5,$725((/(77521,&2'·$17,&,325,352*5$00$%,/( 5(352*5$00$%/(7,0,1*$'9$1&(352&(6625 $(%1 380$ 9$5,$725((/(77521,&2'·$17,&,325,352*5$00$%,/( 5(352*5$00$%/(7,0,1*$'9$1&(352&(6625 $(%1 6+$5. 9$5,$725((/(77521,&2'·$17,&,325,352*5$00$%,/(&216(1625( ',306,1'877,92($'())(772+$// 5(352*5$00$%/(7,0,1*$'9$1&(352&(6625:,7+,1'8&7,9(&.3 $1'+$//())(&76(1625 $(%1 3$1'$ 9$5,$725((/(77521,&2'·$17,&,325,352*5$00$%,/(&216(1625( ',306,1'877,92($'())(772+$// 5(352*5$00$%/(7,0,1*$'9$1&(352&(6625:,7+,1'8&7,9(&.3 $1'+$//())(&76(1625 $(%1 :2/)1 9$5,$725((/(77521,&2'·$17,&,32 7,0,1*$'9$1&(352&(6625 $(% 3/$7,126 9$5,$725((/(77521,&2'·$17,&,32 7,0,1*$'9$1&(352&(6625 $(%1 -2.(51 9$5,$725((/(77521,&2'·$17,&,32 7,0,1*$'9$1&(352&(6625 $(%1 $(%1 $&&(6625,3(59$5,$725,(/(77521,&,'·$17,&,32 $&&(6625,(6)257,0,1*$'9$1&(352&(66256 $&&(6625,3(59$5,$725,(/(77521,&,'·$17,&,32('(08/$725, $&&(6625,(6)257,0,1*$'9$1&(352&(66256$1'(08/$7256 &2',&(_&2'( '(6&5,=,21(_'(6&5,37,21 &2',&(_&2'( '(6&5,=,21(_'(6&5,37,21 $(%$ &$927,32´$µ3(59$5,$725,'·$17,&,323(56(1625,306 7<3(´$µ&$%/()257,0,1*$'9$1&(352&(66256)25&.36(16256 $(%1 $(%% ,1,(=,21(&$927,32´%µ3(59$5,$725,'·$17,&,323(56(1625,306 7<3(´%µ&$%/()257,0,1*$'9$1&(352&(66256)25&.36(16256 .,7',5,352*5$00$=,21(&21&+,$9(+$5':$5(86%3(5(08/$725,2%'(9$5,$725, (08/$7256$1'7,0,1*$'9$1&(352&(662565(352*5$00,1*.,7:,7+86%+$5':$5( .(< $(%& &$927,32´&µ3(59$5,$725,'·$17,&,323(56(1625,306 7<3(´&µ&$%/()257,0,1*$'9$1&(352&(66256)25&.36(16256 $(%.86% &+,$9(+$5':$5(86%3(5/$5,352*5$00$=,21(',9$5,$725,' $17,&,32(' (08/$725,2%' 7,0,1*$'9$1&(352&(66256$1'2%'(08/$72565(352*5$00,1*86%+$5':$5( .(< $(%' &$927,32´'µ3(59$5,$725,'·$17,&,323(56(1625,306 7<3(´'µ&$%/()257,0,1*$'9$1&(352&(66256)25&.36(16256 $(%( &$927,32´(µ3(59$5,$725,'·$17,&,323(56(1625,306 7<3(´(µ&$%/()257,0,1*$'9$1&(352&(66256)25&.36(16256 $(%) &$927,32´)µ3(59$5,$725,'·$17,&,323(56(1625,306 7<3(´)µ&$%/()257,0,1*$'9$1&(352&(66256)25&.36(16256 $(%* &$927,32´*µ3(59$5,$725,'·$17,&,323(56(1625,306 7<3(´*µ&$%/()257,0,1*$'9$1&(352&(66256)25&.36(16256 $(%+ &$927,32´+µ3(59$5,$725,'·$17,&,323(56(1625,306 7<3(´+µ&$%/()257,0,1*$'9$1&(352&(66256)25&.36(16256 $(%, &$927,32´,µ3(59$5,$725,'·$17,&,323(56(1625,306 7<3(´,µ&$%/()257,0,1*$'9$1&(352&(66256)25&.36(16256 $(%/ &$927,32´/µ3(59$5,$725,'·$17,&,323(56(1625,306 7<3(´/µ&$%/()257,0,1*$'9$1&(352&(66256)25&.36(16256 $(%0 &$927,32´0µ3(59$5,$725,'·$17,&,323(56(1625,306 7<3(´0µ&$%/()257,0,1*$'9$1&(352&(66256)25&.36(16256 $(%1 $(%% $(%/ (08/$725, *OLHPXODWRULVRQRGLVSRVLWLYLHOHWWURQLFLDWWLDOODVLPXOD]LRQHGLDOFXQLVHJQDOLRULJLQDOLGHOOD YHWWXUDFKHGHYRQRHVVHUHLQWHUURWWLRPRGLÀFDWLGXUDQWHLOIXQ]LRQDPHQWRD*DVLQLHWWRUL EHQ]LQD VRQGD /DPEGD 0$3 HFF 0HGLDQWH LO ORUR XWLOL]]R VL HYLWD FKH OD FHQWUDOLQD RULJLQDOHGHOODYHWWXUDULOHYLIDOVHDQRPDOLHGRYXWHDOIDWWRFKHLOPRWRUHQRQVWDIXQ]LRQDQGR DEHQ]LQDHGLFRQVHJXHQ]DVLHVFOXGHO·DFFHQVLRQHLQJLXVWLÀFDWDGHOODVSLD´DYDULDPRWRUHµ FKHFNHQJLQH,OPRGHOORGLHPXODWRUHLGRQHRDFLDVFXQYHLFRORYDULDDVHFRQGDGHOWLSR GLVLVWHPDGLLQLH]LRQHRULJLQDOH$OFXQLGHJOLHPXODWRUL$(%VRQRGRWDWLGLFDEODJJLFRQ FRQQHWWRULXJXDOLDTXHOOLGHOODYHWWXUDLQPRGRWDOHGDQRQGRYHULQWHUYHQLUHVXOO·LPSLDQWR RULJLQDOHGHOYHLFROR (08/$7256 (PXODWRUVDUHHOHFWURQLFGHYLFHVWKDWVLPXODWHVHYHUDORULJLQDOYHKLFOHVLJQDOVWKDWKDYHWR EHLQWHUUXSWHGRUDOWHUHGGXULQJ*DVRSHUDWLRQSHWUROLQMHFWRUV/DPEGDSUREH0$3HWF 7KHLUXVHSUHYHQWVWKHRULJLQDOFRQWUROXQLWRIWKHYHKLFOHIURPGHWHFWLQJIDOVHPDOIXQFWLRQV GXHWRWKHIDFWWKDWWKHHQJLQHLVQRWUXQQLQJRQSHWURODQGFRQVHTXHQWO\SUHYHQWVWKH´FKHFN HQJLQHµ OLJKW RQ XQZDUUDQWHGO\ 7KH HPXODWRU PRGHO DSSURSULDWH IRU HDFK YHKLFOH YDULHV DFFRUGLQJWRWKHW\SHRIRULJLQDOLQMHFWLRQV\VWHP6RPH$(%HPXODWRUVDUHHTXLSSHGZLWK KDUQHVVHVZLWKFRQQHFWRUVDOLNHWKRVHRIWKHYHKLFOHVRDVWRDYRLGKDYLQJWRZRUNRQWKH YHKLFOH·VRULJLQDOV\VWHP (08/$725,,1,(7725, ,1-(&7256(08/$7256 &2',&(_&2'( $(%_3,7$*25$ '(6&5,=,21(_'(6&5,37,21 $(% $5&+,0('( (08/$725(67$&&$,1,(7725,&,/,1'5, &87,1-(&7256(08/$725&</,1'(56 $(%8 $5&+,0('( (08/$725(67$&&$,1,(7725,&,/,1'5,81,9(56$/( 81,9(56$/&87,1-(&7256(08/$725&</,1'(56 3,7$*25$ (08/$725(67$&&$,1,(7725,&,/,1'5,7,32%26&+ &87,1-(&7256(08/$725&</,1'(56%26&+7<3( $(% (08/$725(67$&&$,1,(7725,&,/,1'5,7,32%2;(5 &87,1-(&7256(08/$725&</,1'(56)25%2;(5(1*,1(6 $(%% 3,7$*25$%2;(5 $(%)% 3,7$*25$),$7 %5$92 $(%+ 3,7$*25$ +21'$ $(%, 3,7$*25$,68=8 (08/$725(67$&&$,1,(7725,3,7$*25$&,/,1'5,7,32,68=8 &87,1-(&7256(08/$725&</,1'(56)25,68=89(+,&/(6 $(%-1 3,7$*25$ -$3$1 (08/$725(67$&&$,1,(7725,3,7$*25$&,/,1'5,7,32-$3$1 &87,1-(&7256(08/$725&</,1'(56-$3$17<3( $(%6 3,7$*25$ 68%$58 (08/$725(67$&&$,1,(7725,3,7$*25$&,/,1'5,7,3268%$58 &87,1-(&7256(08/$725&</,1'(5668%$587<3( $(%6- 3,7$*25$ 68%$58 )255(67(5 (08/$725(67$&&$,1,(7725,3,7$*25$&,/,1'5,7,3268%$58 )255(67(5 &87,1-(&7256(08/$725&</,1'(5668%$58)255(67(57<3( $(%8 3,7$*25$ 81,9(56$/ (08/$725(67$&&$,1,(7725,3,7$*25$&,/,1'5,81,9(56$/( 81,9(56$/&87,1-(&7256(08/$725&</,1'(56 $(% 3,7$*25$ (08/$725(67$&&$,1,(7725,&,/,1'5,7,32%26&+ &87,1-(&7256(08/$725&</,1'(56%26&+7<3( $(% 3,7$*25$ (08/$725(67$&&$,1,(7725,&,/,1'5,7,32%26&+ &87,1-(&7256(08/$725&</,1'(56%26&+7<3( $(%8 3,7$*25$ (08/$725(67$&&$,1,(7725,&,/,1'5,81,9(56$/( 81,9(56$/&87,1-(&7256(08/$725&</,1'(56 (08/$725(67$&&$,1,(7725,3,7$*25$&,/,1'5,7,32),$7%5$92 &87,1-(&7256(08/$725&</,1'(56)25),$7%5$929(+,&/(6 (08/$725(67$&&$,1,(7725,3,7$*25$&,/,1'5,7,32+21'$ &87,1-(&7256(08/$725&</,1'(56)25+21'$9(+,&/(6 $(% 6,1*/(%$1.,1-(&725(08/$725 6,1*/(%$1.,1-(&725(08/$725 $(% '8$/%$1.,1-(&725(08/$725 '8$/%$1.,1-(&725(08/$725 $(% (08/$725(´+21'$µ%,,1,(7725( ´+21'$µ'8$/,1-(&725(08/$725 $(% $(%_$5&+,0('( 120(_1$0( 5(1,; (08/$725(5(1,; 5(1,;(08/$725 (08/$725,2%' 2%'(08/$7256 &2',&(_&2'( '(6&5,=,21(_'(6&5,37,21 $(% (08/$725(2%' 2%'(08/$725 $(% (08/$725(2%' 2%'(08/$725 $(% (08/$725(2%' 2%'(08/$725 $(% (08/$725(2%'67$1'$5'&$1 2%'(08/$725:,7+&$167$1'$5' (08/$725,9$5, 681'5<(08/$7256 &2',&(_&2'( '(6&5,=,21(_'(6&5,37,21 $(% (08/$725(*$//(**,$17(%(1=,1$7,323 3(752/)/2$7(08/$725´3µ7<3( $(% (08/$725(*$//(**,$17(%(1=,1$ 3(752/)/2$7(08/$725 $(%+ (08/$725(*$//(**,$17(7,32´+µ )/2$7(08/$725´+µ7<3( $(% (08/$725(-$*8$5 -$*8$5(08/$725 $(% (08/$725(92/92 92/92(08/$725 $(% QHZ 120(_1$0( 2;<*(1 (08/$725(2;,*(16(1625 2;<*(16(1625(08/$725 $(% (08/$725(0$3 0$3(08/$725 $(% (08/$725(621'$/$0%'$ /$0%'$6(1625(08/$725 (08/$725(35(66,21(%(1=,1$3(523(/ 3(752/35(6685((08/$725)2523(/9(+,&/(6 (08/$725(35(66,21(%(1=,1$ 3(752/35(6685((08/$725 (08/$725(',/,9(//2%(1=,1$ *$62/,1(*$8*((08/$725 (08/$725(',/,9(//2%(1=,1$3$57,&2/$50(17(,1',&$723(5 92/92)/(;)8(/ *$62/,1(*$8*((08/$7253$57,&8/$5/<68,7$%/()2792/92)/(; )8(/ (08/$725(',/,9(//2%(1=,1$7,32´97µ 3(752/)/2$7(08/$725´97µ7<3( (08/$725(35(66,21(%(1=,1$81,9(56$/( 81,9(56$/3(752/35(6685((08/$725 ,QHVDXULPHQWR 6XEMHFWWRDYDLODELOLW\ $(% 'LVSRQLELOHGDDSULOH $YDLODEOHIURP$SULO &20087$725, , FRPPXWDWRUL VRQR GLVSRVLWLYL HOHWWURQLFL FKH SHUPHWWRQR DOOH YHWWXUH WUDVIRUPDWH D *DV *3/R0HWDQRGLSDVVDUHGDXQFDUEXUDQWHDOO·DOWURGDEHQ]LQDD*DVRYLFHYHUVD, FRPPXWDWRUL$(%SRVVRQRHVVHUHFRQRVHQ]DLQGLFDWRUHGLOLYHOORTXHOOLGRWDWLGLLQGLFDWRUH GLOLYHOORVRQRSURYYLVWLGLOHGOXPLQRVLSHUODYLVXDOL]]D]LRQHGHOODTXDQWLWjGHOFDUEXUDQWH SUHVHQWH QHO VHUEDWRLR *3/ R 0HWDQR , FRPPXWDWRUL SHU ULGXWWRUL HOHWWURQLFL KDQQR LQFRUSRUDWRLOVDIHW\FDUXQGLVSRVLWLYRGLHPHUJHQ]DSUHSRVWRDFKLXGHUHOHHOHWWURYDOYROH QHO FDVR GL VSHJQLPHQWR DFFLGHQWDOH GHO PRWRUH 1HL FRPPXWDWRUL SHU ULGXWWRUL DVSLUDWL LQYHFHTXHVWRGLVSRVLWLYRQRQqSUHVHQWHHVVHQGRWDOHIXQ]LRQHVYROWDGDOULGXWWRUH/·HVWHWLFD GHLFRPPXWDWRUL$(%qVWDWDSURJHWWDWDSHUJDUDQWLUHXQ·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ÀWLQWRWKHYHKLFOH·V GDVKERDUG $(%$ &20087$725,3(55,'87725,$63,5$7, 6:,7&+81,76)259$&8805('8&7,2181,76 $(% &2',&(_&2'( '(6&5,=,21(_'(6&5,37,21 $(%$ &20087$725(81,9(56$/(&216$)(7<&$5,1&25325$72(,1',&$725(',/,9(//2 81,9(56$/6:,7&+81,7:,7+%8,/7,1&$56$)(7<$1'/(9(/,1',&$725 $(%$ &20087$725(81,9(56$/(&21$99,$0(172$%(1=,1$(,1',&$725(',/,9(//2 81,9(56$/6:,7&+81,7:,7+3(752/67$57,*1,7,21$1'/(9(/,1',&$725 $(%1 6(1625,(,1',&$725, ,VHQVRULGLOLYHOORVRQRGLVSRVLWLYLHOHWWURQLFLFKHKDQQRODIXQ]LRQHGLULOHYDUHODTXDQWLWj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·LQGLFD]LRQHGHOOD TXDQWLWj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·LPSLDQWRD*DVRFKHVHUYRQRSHUODWDUDWXUDGHOO·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·,QGXVWULD_&DYULDJR5(_,WDO\ SK_ID[ LQIR#DHELW_ZZZDHELW