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¼ 6HFRQGRQRUPH 81,,62 ',131 &$7(*25,$0(5&(2/2*,&$%% G *8$51 & *XDUSLDQD ¼ &ROODUH ¼ )ODQJLDFLHFD G )&9 ¼ )RUDWXUDVHFRQGR81, $&48('2772,1'8675,$ %XVVRODGLULGX]LRQHP[I 5LGX]LRQHP[I[I 5$&&25',,139&',3$66$**,2 7D 0DQLFRWWR $&48('2772,1'8675,$ G[* ¼ [ [ò [ô [ [ó [ò [ [ò [ [ 5LGX]LRQHP[I G[G[* ¼ [[ô [[ [[ó [[ò [[ [[ò [[ PLVXUDLQFROODJJLRPDVFKLR PLVXUDLQFROODJJLRIHPPLQD PLVXUDILOHWWRIHPPLQD $GDWWDWRUH0) G[* [ô [ [ó [ò [ [ò [ [ G[*[G G[G[* ¼ [[ [ò[ [ô[ [[ [ó[ [ò[ [[ [ò[ [[ [[ 1LSSOR ¼ [[ [[ò [[ô [[ [[ó [[ò [[ [[ò [[ [[ PLVXUDLQFROODJJLRPDVFKLR PLVXUDLQFROODJJLRIHPPLQD PLVXUDILOHWWRPDVFKLR )ODQJLDILVVDILOHWWDWD ¼ * ó ò ò )/$),/ ¼ %RFFKHWWRQH *RPLWRD G[* ¼ [ [ò [ô [ [ó [ò [ [ò [ [ 0DQLFRWWR1LSSOR G[G[* ¼ [[ [[ò [[ô [[ [[ó [[ò [[ [[ò [[ [[ PLVXUDLQFROODJJLRPDVFKLR PLVXUDLQFROODJJLRIHPPLQD PLVXUDILOHWWRPDVFKLR G[* [ [ó &$7(*25,$0(5&(2/2*,&$%% G[* ¼ [ [ò [ô [ [ó [ò [ [ò [ [ $GDWWDWRUH G[G[* $'$77 ¼ [[ [[ò [[ô [[ [[ó [[ò [[ [[ò [[ PLVXUDLQFROODJJLRPDVFKLR PLVXUDLQFROODJJLRIHPPLQD 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'1 ¼ 9;(,9 &RGLFH &RGLFH *XDUQL] (3'0 *XDUQL] (3'0 *XDUQL]LRQH (3'0 * '1 ¼ ò ô ó ò ò ò ô ó ò 9DOYROHGLQRQULWRUQRDG< VHQ]DERFFKHWWRQH 9DOYRODGLQRQULWRUQRDPROOD FRQPROODULFRSHUWDLQWHIORQ 9 DWWDFFKLIHPPLQD ILOHWWDWL ¼ 9« DWWDFFKLIHPPLQD SHULQFROODJJLR '1 9 G ¼ '1 9 G ò ¼ &RGLFH *XDUQL] (3'0 )30 ¼ 9;(,9 DWWDFFKLIHPPLQD SHULQFROODJJLR DWWDFFKLIHPPLQD ILOHWWDWL ¼ 9DOYROHDVIHUD7(.1,&$ PDQLJOLDEOX DWWDFFKLIHPPLQDSHULQFROODJJLR 9 9 DWWDFFKLIHPPLQDILOHWWDWL &RGLFH &RGLFH *XDUQL]LRQH (3'0 )30 *XDUQL]LRQH (3'0 )30 9$/9< 9$/9< DWWDFFKLIHPPLQDSHULQFROODJJLR DWWDFFKLIHPPLQDILOHWWDWL &RGLFH958,995,9 &RGLFH958)995)9 *XDUQL]LRQH (3'0 *XDUQL]LRQH (3'0 G '1 ¼ ¼ * '1 ¼ ¼ G '1 ¼ * '1 ¼ ò ô ó ò ò ò ô ó ò ò &$7(*25,$0(5&(2/2*,&$%% 5(6,1&21'277( 9$/92/(,139& 127$HYLGHQ]LDWLLQJLDOORJOLDUWLFROLGLVSRQLELOLDULFKLHVWD 9DOYROHGLQRQULWRUQRELJKLHUDDSDOOD IXQ]LRQDPHQWRYHUWLFDOHHGRUL]]RQWDOH 9DOYROHGLQRQULWRUQRD&/$3(7 9&/$3 9&529 93$// 93$// DWWDFFKLIHPPLQDSHULQFROODJJLR SHULQVHULPHQWRWUDGXHIODQJH DWWDFFKLIHPPLQD 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(3(5$&,', 0HPEUDQD (3'0 )30 0HPEUDQD (3'0 )30 G '1 ¼ ¼ G '1 ¼ ¼ 5DFFRJOLWRUHG LPSXULWjDG<WUDVSDUHQWH VHQ]DERFFKHWWRQH ',9(56, )/8 *DOOHJJLDQWH,12; SRUWDWDOK G ¼ *DOOHJJLDQWHLQ33 SRUWDWDOK G ¼ 9DOYRODDVIHUDDWUHYLHFRQSDVVDJJLRD7 5 ERFFKHWWRQH IHPPLQDLQFROODJJLR *XDUQL]LRQH (3'0 5 ERFFKHWWRQH IHPPLQDILOHWWDWR *XDUQL]LRQH 5(7,1 UHWLQD GLULFDPELR (3'0 39& G '1 ¼ * '1 ¼ ¼ ò ô ó ò ò 99,( DWWDFFKLIHPPLQDSHULQFROODJJLR *XDUQL]LRQH (3'0 99,( DWWDFFKLIHPPLQDILOHWWDWL *XDUQL]LRQH (3'0 G '1 ¼ * '1 ¼ ò ô ó ò &$7(*25,$0(5&(2/2*,&$%% 5(6,1&21'277( 78%2(5$&&25',$%,&&+,(5(3(5,1'8675,$ 3(62 63(&,),&2 JFPF 0(72'2', *,81=,21( 0$7(5,$/( 39&& LQFROODJJLR 33+78%2 VDOGDWXUD DELFFKLHUH 3355$&&25', VDOGDWXUD DELFFKLHUH FORUXURGLSROLYLQLOHFORUXUDWR SROLSURSLOHQHRPRSROLPHUR SROLSURSLOHQHUDQGRP VDOGDWXUD DELFFKLHUH 39') IOXRUXURGLSROLYLQLOLGHQH &/$66( $872(67,1* &$5$77(5,67,&+( 0$7(5,$/( FODVVH% &RORUHJULJLRFKLDUR5$/ 'LVFUHWDUHVLVWHQ]DPHFFDQLFD 7HPSHUDWXUHGLHVHUFL]LRGDD& 5HVLVWHQ]DFKLPLFDDOOHEDVLHGDJOLDFLGLGHEROL 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39') ¼ 39&& ¼ &$7(*25,$0(5&(2/2*,&$%% 330,0 3)0,0 335 ¼ 39') ¼ 5$&&25',$%,&&+,(5(3(5,1'8675,$ 127$HYLGHQ]LDWLLQJLDOORJOLDUWLFROLGLVSRQLELOLDULFKLHVWD &$57(//$ %2&&+(7721( 9$/92/$$6)(5$ 3&430 33430 3)430 3&%,0 33%,0 3)%,0 399.,0 339.,0 3)9.,0 39&& ¼ 335 ¼ 39') ¼ 39&& 335 39') 39&& 33+ 39') (3'0 (3'0 )30 (3'0 (3'0 )30 ¡H PP $&48('2772,1'8675,$ &$/277$ 3&&$/ 33&$/ 3)&$/ ¡H PP 39&& ¼ 335 ¼ 39') ¼ 5,'8=,21(&21&(175,&$ *[G ò[ ô[ [ ó[ ò[ [ 3&5 335 3)5 ¡H PP 39&& ¼ 335 ¼ 39') ¼ 3&0,)0 330,)0 3)0,)0 39&& ¼ 335 ¼ 39') ¼ 9DOYRODDIDUIDOODFRQOHQWHGL39&& DFRPDQGRPDQXDOH).2&/0 1,33/2',3$66$**,20$6&+,2 0$1,&2772',3$66$**,2)(00,1$ JXDUQL]LRQH G '1 *[G ò[ ô[ [ ó[ ò[ [ )30 ¼ ¼ 331 3)1 39&& ¼ 335 ¼ 39') ¼ 9DOYRODDIDUIDOODFRQOHQWHGL33 DFRPDQGRPDQXDOH).20/0 (3'0 3&1 JXDUQL]LRQH G '1 (3'0 )30 ¼ ¼ 3257$*200$ G[G 33 ¼ [ [ [ [ [ [ 33$,0 &$7(*25,$0(5&(2/2*,&$%% 5(6,1&21'277( 78%,(5$&&25',,1*+,6$6)(52,'$/($17,6),/$0(172 127$HYLGHQ]LDWLLQJLDOORJOLDUWLFROLGLVSRQLELOLDULFKLHVWD 78%,,1*+,6$6)(52,'$/(3(5$&48$327$%,/(750'$'1$'1 750 /D7LUROHU5|KUHQXQG0HWDOOZHUNH$*750pVWDWDIRQGDWDQHODGRJJLpOD SL~JUDQGHIRQGHULDGHOO$XVWULD/DFRQWLQXDLQQRYD]LRQHGHOUHSDUWRSURGXWWLYRIDVL FKHOD750DGRJJLVLDODIRQGHULDSL~PRGHUQDG(XURSD 3(5&+( 750 x ROWUHPWJLRUQRFRQGLDPHWURPP x ULGRWWRGLVDJLRLQFDVRGLSRVDLQRSHUDLQVHGHVWUDGDOH x QHVVXQXWLOL]]RGLFRUUHQWHHOHWWULFD x SRVDLQWXWWHOHFRQGL]LRQLDWPRVIHULFKH x UHLQWHUURLPPHGLDWRQRQVHUYRQRSURYHGLSUHVVLRQH x 7(187$*$5$17,7$ x GXUDWDGHOOHWXED]LRQLROWUHDQQL x DQJRODWXUDGLSRVDGDDSHURJQLWXED]LRQHHSH]]LVSHFLDOL x DPSLDJDPPDGLSH]]LVSHFLDOL &$03,',$33/,&$=,21( x 75$632572',$&48$327$%,/( x 75$632572$&48$,55,*$=,21( x 75$632572$&48(5()/8( x $17,1&(1',23(5*$//(5,(0$*$==,1,«PDUFKLDWR)0 x &21'277(3(5&(175$/,,'52(/(775,&+( x &21'277(3(5,11(9$0(172$57,),&,$/( x 3$/,%$7787,,1*+,6$ x ,167$//$=,21,12',* )(50,3(5 $17,6),/$0(172 &XUYDD &XUYDD 004 '1 &8% ¼ 5(6,1&21'277( 00. 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'1 &8% ¼ $&48('2772$17,1&(1 &21$17,6),/$0(1720(&&$1,&23(535(66,21,),12$%$56(1=$1(&(66,7$ ',$1&25$**,2 ,1%$55('$0(75, 5$&&25',,1*+,6$6)(52,'$/($17,6),/$0(172 127$HYLGHQ]LDWLLQJLDOORJOLDUWLFROLGLVSRQLELOLDULFKLHVWD 7HULGRWWR 0DQLFRWWR 7H 00% 7(% '1 ¼ 00% 7(% '1 ¼ $&48('2772$17,1&(1 5DFFRUGRFRQILOHWWR 7URQFKHWWR $ 5$&) '1[J ¼ [ [ [ [ [ [ [ */ '1 752 752 FP [ [ [ [ [ [ [ ¼ '1[J [ ) 7$332 '1 3 '1[J '1 FP $WWDFFRLGUDQWH31 FRQILOHWWR¡ (1+ 8 005 0$1,& ¼ $77,'5$1 ¼ ,0% ,0% ,0% 31 '1 31 31 [ (8 &80 &80 0$) 0$) 0$) 31 3UHVDDVWDIID FRQILOHWWR¡ ; '1[J '1 0DQLFRWWRIODQJLDWR )ODQJLDFLHFD FRQILOHWWR¡ 0. 0$5 '1 ¼ &XUYDPDVFKLR ,PERFFRIODQJLDWR 7DSSRGLILQHOLQHD FRQILOHWWR¡ 0DQLFRWWRULGRWWR )/$&,(& ¼ 31 &$7(*25,$0(5&(2/2*,&$&& [ [ [ [ [ [ [ [ [ 31 $QHOORGLVHUUDJJLR '1[J 31 35(6 ¼ '1 $1(// ¼ 5(6,1&21'277( 78%,(5$&&25',,1*+,6$6)(52,'$/( 127$JOLDUWLFROLFRQWHQXWLLQTXHVWDSDJLQDVRQRGLVSRQLELOLDULFKLHVWD &RQWURIODQJLD 78%,,1*+,6$6)(52,'$/(3(5$&48$327$%,/( *XDUQL]LRQHHEXOORQL &ODVVLGLSUHVVLRQHDQRUPD(1HG,625LYHVWLPHQWRHVWHUQRLQOHJDGL ]LQFRDOOXPLQLRJPðHUHVLQDVLQWHWLFDDEDVHDFTXRVDFRQIRUPHSHUHVVHUHLQFRQWDWWR FRQDFTXDDGXVRXPDQRLQWHUQRLQPDOWDGLFHPHQWRG DOWRIRUQRUHVLVWHQWHDLVROIDWLDQRUPD (1HG,62FRQIRUPHDO'0JLXQWRHODVWLFRDXWRPDWLFRFRQIRUPHSHUHVVHUH LQFRQWDWWRFRQDFTXDDGXVRXPDQRDQRUPD(1 /81*+(==$'(,78%,07 *,8172(/$67,&2$- DQRUPD81, FRQJXDUQL]LRQH(3'0 '1 .JS] .JP &ODVVH & & & & & & & & & & &XUYDD &XUYDD 004 '1 ¼ 00. '1 &8% ¼ 7D]]DIODQJLDELFFK 3LDWWRGLFKLXVXUD (8 '1 7$==$ ¼ 5(6,1&21'277( ; '1 '1 ¡ HVWHUQR &8% 3,$77 ¼ 7%. ¼P DULFKLHVWD DULFKLHVWD DULFKLHVWD &XUYDD¶ 00. '1 &8% ¼ ,PERFFRIODQJLDWR ) '1 ,0%2& ¼ &2175 ¼ &XUYDD¶ 00. '1 &8% ¼ &URFHIODQJLDWD 77 '1 &$7(*25,$0(5&(2/2*,&$&&$ *8$51 '1 ¼ %8//2 %XOORQL ¼ ¡ ¡ $&48('2772$17,1&(1 0DQLFRWWR 8 0$1,& '1 ¼ 7URQFKHWWRIODQJLDWR &52&( ¼ ))* '1 /XQJK PP 75 ¼ 5$&&25',,1*+,6$6)(52,'$/( 127$JOLDUWLFROLFRQWHQXWLLQTXHVWDSDJLQDVRQRGLVSRQLELOLDULFKLHVWD 7H 5LGX]LRQH $&48('2772$17,1&(1 005 '1 GQ 5,% ¼ 5LGX]LRQHIODQJLDWD 00% 7(% '1 GQ ¼ &XUYDIODQJLDWD &XUYDIODQJLDWD 4 '1 &85 ¼ )). '1 &85 ¼ ))5 '1 GQ 5,' )). '1 00$ ¼ '1 GQ &XUYDIODQJLDWDD¶ 7HELFFKLHULHIODQJLD &85 ¼ 7%) ¼ 7HIODQJLDWR 7 '1 GQ 7( ¼ ',6321,%,/,$5,&+,(67$78%$=,21,,1*+,6$6)(52,'$/(3(5)2*1$785$ &$7(*25,$0(5&(2/2*,&$&&$ 5(6,1&21'277( )/$1*($1250$(1 ',0(16,21,)/$1*( QXP IRUL ' . )/$1*(3,$1( 31 31 31 31 % & / QXP IRUL % & % & % & ' . % & / )/$1*,$,1$&&,$,2 3(5&$57(//$ )/$ % & QXP IRUL ' . )/$ '1 PP 31 ¼ 31 ¼ 31 ¼ 3( ¡PP '1 PP )/$33 31 ¼ 31 ¼ &$7(*25,$0(5&(2/2*,&$&& )/$1*,$,1$//80,1,2 3(5&$57(//$ )/$1*,$,1$&&,$,25,9(67,7$,133 3(5&$57(//$&2' 3( ¡PP 5(6,1&21'277( / 3( ¡PP '1 PP 31 ¼ )/$$/ 31 ¼ $&48('2772$17,1&(1 '1 )/$1*(3(5&$57(//$ 31 31 ¡ 3( )/$1*($1250$(1 )/$1*,$3,$1$,1$&&,$,2'$6$/'$5( $&48('2772$17,1&(1 '1 )/$'1 )/$'1 )/$'1 )/$'1 31 ¼ 31 ¼ 31 ¼ 31 ¼ DULFKLHVWDGLDPHWULILQRDO )/$1*,$&,(&$,1$&&,$,2 )/$1*,$$&2//$5(,1$&&,$,2'$6$/'$5( '1 )/& )/& )/& )/& )/& )/& 31 ¼ 31 ¼ 31 ¼ 31 ¼ 31 ¼ 31 ¼ DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWDGLDPHWULILQRDO )/$1*,$&,(&$,1$//80,1,2 )/$1*,$),/(77$7$,1$&&,$,2 )&9 )&9 31 ¼ 31 ¼ DULFKLHVWDGLDPHWULILQRDO '1 31 ¼ 31 ¼ )&9$/ )/$),/ '1 31 ¼ '1[* 31 ¼ [ [ [ò [ [ò [ [ [´ [´ &$7(*25,$0(5&(2/2*,&$&& 5(6,1&21'277( 78%2,1$&&,$,2(5$&&25',),/(77$7,,1*+,6$=,1&$7$ 127$HYLGHQ]LDWLLQJLDOORJOLDUWLFROLGLVSRQLELOLDULFKLHVWD 78%2,1$&&,$,2=,1&$7290 LQEDUUHGDPHWULFRQHVWUHPLWjILOHWWDWHFRQLFKHHPDQLFRWWR D1RUPD(1SHUDFTXDSRWDELOH &&$ &XUYDOXQJDD0) ) &XUYDOXQJDD)) ) * 6SPP ò ô ó ò ò .JP *RPLWRD)) ò ô ó ò ò 1LSSOR ò ô ó ò ò 6SPP 7%=,1 .JP ¼P ) *RPLWRD0) &825( 1(52 * ) 1,33/ &825( %,$1&2 &825( 1(52 &825( %,$1&2 * ò ô ó ò ò * ò ô ó ò ò &850) &850) &825( %,$1&2 &825( 1(52 ) *RPLWRD)) *200) *200) &825( 1(52 * ) 7(125 7(125 ò ô ó ò ò 7D)) 1,33/ 5(6,1&21'277( 6(5,(0(',$6(1=$6$/'$7 ¼P *20)) *20)) &825( %,$1&2 * * 7%=,/ 6(5,(/(**(5$6$/'$7$ ò ô ó ò ò &URFHD &825( %,$1&2 &825( 1(52 * ò ô ó ò ò &85)) &85)) * &825( %,$1&2 &825( 1(52 ò ô ó ò ò ) *RPLWRD0) *20 *20 &825( %,$1&2 ) *0) *0) &825( 1(52 * &825( %,$1&2 &825( 1(52 ) ) &52&( &52&( ò ô ó ò´ ´ ò 0DQLFRWWR 0$1,& 0$1,& &825( %,$1&2 &825( 1(52 * &825( %,$1&2 &825( 1(52 &$7(*25,$0(5&(2/2*,&$&&&&$ ò ô ó ò ò $&48('2772$17,1&(1 5$&&25',),/(77$7,,1*+,6$=,1&$7$ 127$HYLGHQ]LDWLLQJLDOORJOLDUWLFROLGLVSRQLELOLDULFKLHVWD 7DSSR ) &DORWWDHVDJRQDOH 7$33 7$33 &825( %,$1&2 * 0DQLFRWWRULGRWWR0) $&48('2772$17,1&(1 ò ô ó ò ò *[* &825( 1(52 * ) 05 05 &825( %,$1&2 &825( 1(52 ò[ ô[ò [ò [ô ó[ ò[ ò[ó [ [ó [ò 'LVWULEX]LRQHJRPLWR ',6*2 ',6*2 * &825( %,$1&2 &825( 1(52 ò ô ó ò &825( %,$1&2 * ò ô &825( 1(52 * ) 0$10) 0$10) ò ô ó ò &XUYDVRUSDVVR)) &825( %,$1&2 0DQLFRWWR0) * ) &$/27 &$/27 ò ô ó ò ò ) %RFFKHWWRQH)) VHGHFRQLFD &825( 1(52 ò ô ó ò ò 0DQLFRWWRULGRWWR)) *[* ) 6&$9$/ 6&$9$/ &825( &825( %,$1&2 1(52 %2&)) %2&)) &825( %,$1&2 ò[ ô[ò [ò [ô ó[ô ó[ ò[ô ò[ ò[ó [ [ó [ò ò[ò ò[ [ [ò [ò [ &$7(*25,$0(5&(2/2*,&$&& ) %RFFKHWWRQH0) VHGHFRQLFD &825( 1(52 * ) 05, 05, &825( %,$1&2 ) %2&0) %2&0) &825( %,$1&2 ò ô ó ò ò 1LSSORULGRWWR00 &825( 1(52 ) 15 15 &825( 1(52 *[* &825( %,$1&2 &825( 1(52 [´ ò[ ô[ò [ò [ô ó[ô ó[ ò[ô ò[ ò[ó [ô [ [ó [ò ò[ò ò[ [ [ò [ 5(6,1&21'277( 5$&&25',),/(77$7,,1*+,6$=,1&$7$ *5 *5 *[* &825( %,$1&2 &825( 1(52 *[* ò[ ô[ò [ò [ô ó[ô ó[ ò[ ò[ó [ [ó [ò [ *RPLWRFRQERFFK VHGHFRQLFD ) ô[ò ´[ô´ *50) *2%)) * &825( %,$1&2 &825( 1(52 * ò ô ó ò ò ò ô ó ò ò *50) &825( %,$1&2 &825( 1(52 *RPLWRFRQERFFK VHGHFRQLFD *2%)) 5(6,1&21'277( )U 7DULGRWWR ) )U 5LGX]LRQH0) 75 75 &825( %,$1&2 &825( 1(52 *[* *[*[* ò[[ò ò[ô[ò ô[ò[ô ô´[ô´[ò´ ô[[ô [ò[ [ô[ ´[ó´[ ó[ô[ó ó[[ó ò[ò[ò ò[ô[ò ò[[ò ò[ó[ò ò´[´[ò´ [ò[ [ô[ [[ [ò[ ò[[ò ò[ò[ò ò[[ò [[ ´[ò´[´ [[ ´[ò´[´ ´[´[´ ´[´[´ ´[ó´ ò[ó ò[ ô[ ô[ò [ [ò [ô ó[ò ó[ô ó[ ò[ò ò[ô ò[ ò[ó [ò [ô [ [ó [ò ò[ ò[ó ò[ò ò[ [ [ò [ò [ %DULORWWR]LQFDWR *2%0) *2%0) &825( %,$1&2 &825( 1(52 * ò ô ó ò ò ´ % ) 5,' 5,' &825( %,$1&2 &825( 1(52 % % % % % /XQJKH]]DPP &$7(*25,$0(5&(2/2*,&$&& $&48('2772$17,1&(1 127$HYLGHQ]LDWLLQJLDOORJOLDUWLFROLGLVSRQLELOLDULFKLHVWD *RPLWRULGRWWR)) )U *RPLWRULG0) 78%2(5$&&25',,1$&&,$,2'$6$/'$5( 78%21(526(1=$6$/'$785$ 'HVFUL]LRQH * ò ô ó ò ´ ò ´ ´ ´ ´ ´ ´ ´ ´ ´ (1 $&&,$,2 67 $&48('2772$17,1&(1 (1 $&&,$,2 667 5LGX]LRQH ¡HPP ¡HPP &XUYDD VHQ]DVDOGDWXUDGLPD' &&2% LQEDUUHGDFLUFDPHWULFRQHVWUHPLWjOLVFHVHULHPHGLD SHUDFTXDQRQSRWDELOH 7%$&& 6SPP .JP ¼P 7HDVWDPSDWR 5,' 7(125 ¼ ¡HPP ¼ 6&$53 ¡HPP ¼ 7URQFKHWWRQHUR &85 ¡HPP ,QQHVWRDVFDUSD )21'( ¡HPP ¼ ¡HPP 7 ò ô ó ò ò ¼ )RQGHOORVPXVVDWR &XUYDDVHOOD 6(//$ ¡HPP ¼ 0DQLFRWWR GDVDOGDUHHILOHWWDWR 0$1,& *[OXQJKPP ò[ ô[ [ ó[ ò[ [ ò[ [ [ [ [ ¼ 0$1 ò[ OXQJRPP ¼ OXQJRPP ¼ ',6321,%,/,$5,&+,(67$78%,(5$&&25',6&+('8/$ 3(5$/7(35(66,21, &$7(*25,$0(5&(2/2*,&$&&%&&' 5(6,1&21'277( 78%2(5$&&25','$6$/'$5(,1$&&,$,2,12;$,6, ¡HPP &XUYDGLPD'DVDOGDWDVSPP 7HDVDOGDWRVSPP 7%, ¼P 5LGX]LRQHFRQFHQVDOGDWDVSPP ¡HPP [ [ [ [ [ [ [ [ &859, ¼ )RQGHOORVSPP 5,1 ¼ ¡HPP ¡HPP 7,12; ¼ 7URQFKHWWRGDVDOGDUHHILOVSPP )21', ¼ * ò ô ó ò 7521, OXQJKPP ¼ )ODQJLDSLDQDGDVDOGDUH31 )ODQJLDSHUFDUWHOOD &DUWHOODVSPP &$57( ¡HPP ¼ )ODQJLDFLHFD31 )&9, 5(6,1&21'277( ¡HPP '1 '1 31 IRUL )/$, ¼ 31 &$7(*25,$0(5&(2/2*,&$&&& '1 IRUL )/$/, 31 IRUL ¼ DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD DULFKLHVWD ¼ DULFKLHVWD DULFKLHVWD $&48('2772$17,1&(1 7XERVDOGDWR7,*$,6,VSPP LQEDUUHPHWULFRQHVWUHPLWjOLVFH 5$&&25',),/(77$7,,1$&&,$,2,12;$,6, 1LSSOR 1,33, * ¼ ò ô ó ò ´ ò ´ 7(),1 * ¼ ò ô ó ò ´ ò ´ 5LGX]LRQH0) $&48('2772$17,1&(1 1LSSORULGRWWR 7HD)) * ò[ ô[ò [ò [ô ó[ò ó[ô ó[ ò[ô ò[ ò[ó [ [ó [ò ò[ ò[ó ò[ò ò[ [ [ò 15 ¼ * ò[ ô[ò [ò [ô ó[ò ó[ô ó[ ò[ô ò[ ò[ó [ [ó [ò ò[ ò[ [ [ò 5,1 ¼ *RPLWR)) *20,1 * ¼ ò ô ó ò ´ ò ´ 0DQLFRWWR$,6, %RFFKHWWRQH)) %2&+, * ¼ ò ô ó ò ´ ò ´ ò ô ó ò ´ ò ´ ´ [´ [ó [ò [´ [ò [´ [´ &52&, ¼ ò ô ó ò ´ ò ´ )/$), IRUL ¼ &$7(*25,$0(5&(2/2*,&$&&& 7$33, * ¼ )ODQJLDILOHWWDWD$,6,31 '1[* &URFH ¼ * 0$1,, * 7DSSR ò ô ó ò ´ ò ´ 9DOYRODDVIHUD)) DSDVVDJJLRWRWDOH 9$/)) * ¼ ò ô ó ò ´ ò ´ %DULORWWR$,6, * ò ô ó ò ´ %$5,1 OXQJKH]]D PP ¼ 5(6,1&21'277( 352'277,$17,&25526,21((3527(77,9, 1$6752$)5(''2-,75$)/(; 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5,9 9DOYRODDVIHUDSHVDQWH)[) DSDVVDJJLRWRWDOH * 31 ò ô ó ò ò * 31 ò ô ¼ 9DOYRODDVIHUDWUHYLH)[)[) SDVVDJJLRLQWHUPHGLRIRUDWDD7 * 31 ò ô 9$/9 5,9 ¼ 9DOYRODDVIHUDSHVDQWH)[) DSDVVDJJLRWRWDOHOHYDDIDUIDOOD 9$/()$ 5,9 9DOYRODDVIHUDSHVDQWH0[) DSDVVDJJLRWRWDOH * 31 ò ô ó ò ò ¼ 5XELQHWWRDVIHUD0 FRQSRUWDJRPPD 9$/90) 5,9 ¼ 9DOYRODDVIHUDSHVDQWH0[) DSDVVDJJLRWRWDOHOHYDDIDUIDOOD 9$/)$) 5,9 * 31 ò ô 9$/)$5 5,9 ¼ ,GUDQWHDVTXDGUD0 FRQSRUWDJRPPD &216,67(0$$17,/(*,21(//$ * 31 ò ô ó ò 9$/(* 5,9 ¼ * 31 ò ô ó ò 9$/9 5$679 ¼ * 31 5,9 ¼ ò ô 5DFFRUGRILOHWWDWRFRQJKLHUD 3HUUXELQHWWR¡ò 3HUUXELQHWWR¡ô &$7(*25,$0(5&(2/2*,&$&& 58%325 58%3*+ ¼ ,'5648 * 31 ò ô 5$6 ¼ 5(6,1&21'277( 9$/92/((6$5$&,1(6&+(,10(7$//2 9$/92/($6)(5$(6$5$&,1(6&+(),/(77$7( 127$HYLGHQ]LDWLLQJLDOORJOLDUWLFROLGLVSRQLELOLDULFKLHVWD $WWXDWRUHHOHWWULFR SHUDUWLFROR * 31 ò ô ó ò 9$/($ 9$/($0 5,9 5,9 ¼ 9DOYRODDVIHUDSHVDQWH)[) DSDVVWRWDOHTXDGURRWWRQHPP * 31 ò ô ó ò 5,9 ¼ * 31 ò ô ó ò 5(6,1&21'277( (/0YFD GDOòDO´ (/0YFD GDOòDOó (/0YFD GDOòDO´ 9DOYRODDVIHUDSHVDQWH0[) SDVWRWDOHTXDGURRWWRQHPP * ¼ 31 ò ô ó ò * 31 ò ô ó ò 5,9 ¼ $57 0,*121 5,9 31 VROHQRLGH9FDQRUPFKLXVD JXDUQL]LRQH(3'0SHU WHPSHUDWXUHGDD ò ô 6DUDFLQHVFD)[) YRODQWLQRLQDFFLDLR 6DUDFLQHVFDDOHYD31 SHUFDUULERWWHDXWRVSXUJKL LPSLDQWL]RRWHFQLFL ò ô ò * ¼ 6$5$& 6$5 5$6 5$6 31 ò ô ó ò ò 31 )/866 ¼ * 31 5XELQHWWRGLVSXUJR SHUYDOYRODLQFOLQDWD 5$6 (/( * 9$/0 9DOYRODLQFOLQDWD)[) FRQPROODGLQRQULWRUQR HVFDULFRPRQWHYDOOH 9$638 5$658 ¼ (/0YFD GDOòDOó 9$/ 9DOYRODDVIHUD)[)FRQVSXUJR DSDVVDJJLRWRWDOH 0RGHOOR 9DOYRODDVIHUDPLJQRQ0[) DSDVVDJJLRULGRWWR (OHWWURYDOYROD%XUNHUW LQRWWRQH)[) * 31 &$7(*25,$0(5&(2/2*,&$&& * 31 ò ´ ¼ $&48('2772$17,1&(1 9DOYRODDVIHUDSHUDWWXDWRUH)[) DSDVVDJJLRWRWDOH 6$5/( 5,9 ¼ *LXQWRGLGLODWD]LRQH 58%6&$ 5$6 ¼ * 31 ò ô ó ò *,817 5$6 ¼ 9$/92/((6$5$&,1(6&+(,10(7$//2 9$/92/(',5,7(*12(),/75,),/(77$7,58%,1(772$*$//(**,$17( 9DOYRODGLULWHJQRDPROOD)[) * 31 ò ô ó ò ò $&48('2772$17,1&(1 9(852 5$6 ¼ 5XELQHWWRWLSR6LFLOLD0[0 SHUSUHVDVWUDGDOH * 31 ò ô ó ò )LOWURSHUYDOYRODGLULWHJQR 5$6 ¼ 9DOYRODDFODSHW)[) FRQVHGHLQJRPPD ),/75 5$6 * ¼ ò ô ó ò ò 9DOYRODVLFXUH]]DDVTXDGUD VFDULFRFRQYRJOLDWRVHGH37)( 58%6, * * ¼ ò ô ó ò ò 31 ò ô ó ò ò 9&/$3 5,9 ¼ 5DFFRJOLWRUHGLLPSXULWjDG< LQRWWRQH31 9$/6, 5$6 9DOYRODGLIRQGRWXERODUH) FRQWHQXWDLQJRPPD * ò ô ó ò ò ¼ 5XELQHWWRDJDOOHJJLDQWHLQRWWRQHFRQDVWDSLDWWD 9)21' * 31 ô ó ò ò 5$6 ¼ 5DFFRJOLWRUHGLLPSXULWjDG< ,12;31 5$&&2 5$6 * ò ô ó ò 5$&&, $57 ¼ 9DOYRODGLULWHJQRDSDOOD SHUDFTXHGLULILXWR * ò ô ó ò ò ´ ´ VIHUD ¡PP 58%*$/ 6)(5$ 5XELQHWWR VHQ]DVIHUD 6IHUD LQUDPH $57 $57 ¼ &$7(*25,$0(5&(2/2*,&$&& ¼ 93$// * 31 ó ò ò´ ´ $577 ¼ 5(6,1&21'277( 9$/92/((6$5$&,1(6&+(,10(7$//2 9$/92/($6)(5$3(5*$6),/(77$7(31$1250$(1023 9DOYRODDVIHUDSHUJDV0[) SDVVDJJLRWRWDOHPDQLJOLDJLDOOD 9*$6 5,9 * ò ô ó ò ò 9DOYRODDVIHUDSHUJDV)[) SDVVDJJLRWRWDOH FDSSXFFLRLQSODVWLFDVLJLOODELOH * ¼ 9DOYRODDVIHUDSHUJDV)[) SDVVDJJLRWRWDOH IDUIDOODJLDOODVLJLOODELOH FRQSUHVDGLSUHVVLRQH 95*$6 5,9 ò ô ó ò ò 5,9 ò ô ó ò ò 9*$60 * ¼ ¼ * ô 9DOYRODVIHUDVTXDGUDSHUJDV )[*LUHOOR IDUIDOODJLDOODVLJLOODELOHFRQ SUHVDGLSUHVVLRQH 9*$63 $57 ¼ 5(6,1&21'277( 9DOYRODDVIHUDSHUJDV0[) SDVVDJJLRWRWDOHIDUIDOODJLDOOD 9*$6)) 5,9 * 9DOYRODDVIHUDSHUJDV)[) SHUFRORQQDPRQWDQWHSDVVDJJLR WRWDOHFDSSXFFLRVLJLOODELOH DQWLPRURVLWjFRQEORFFDJJLR DXWRPDWLFRLQFKLXVXUD 5,9 9*$6%0 5,9 * ¼ ô ò 9DOYRODDVIHUDSHUJDV0[) SHUFRORQQDPRQWDQWHSDVVDJJLR WRWDOHFDSSXFFLRVLJLOODELOH DQWLPRURVLWjFRQEORFFDJJLR DXWRPDWLFRLQFKLXVXUD 9*$6%) * ¼ ò ô 5,9 * ¼ ò ô 9*$6)$ ¼ ô ò 9DOYRODDVIHUDSHUJDV0[3( FDSSXFFLRLQSODVWLFDVLJLOODELOH HWXERLQDFFLDLRGLSURWH]LRQH ILOHWWRPDVFKLRVIHURFRQLFR 9*$664 ô[ [ 9DOYRODDVIHUDSHUJDV)[3( SDVVDJJLRWRWDOH FDSSXFFLRLQSODVWLFDVLJLOODELOH HWXERLQDFFLDLRGLSURWH]LRQH *[* 9DOYRODDVIHUDSHUJDV)[) SDVVDJJLRWRWDOHIDUIDOODJLDOOD $57 ¼ 9*$63( 5,9 *[G ¼ [ ó[ ò[ [ &$7(*25,$0(5&(2/2*,&$&& *[G ô[ 9*$6 $57 ¼ $&48('2772$17,1&(1 9DOYRODDVIHUDSHUJDV)[) SDVVDJJLRWRWDOHPDQLJOLDJLDOOD 9$/92/()/$1*,$7((6),$7, 127$HYLGHQ]LDWLLQJLDOORJOLDUWLFROLGLVSRQLELOLDULFKLHVWD 9DOYRODGLULWHJQRIODQJLDWD 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¶DULHWH 'HVFUL]LRQH 69(172/2 ¼ 9(172/2¡´)31 9(172/2¡´)31 9(172/2¡´)31 5(6,1&21'277( '1 ´ ´ 5 5 5 5 &2',&( ¼ 2$ 2$ 2$ 2$ 2$ 2$ $63 $6 $6 $6 $6 $WWXDWRUHSQHXPDWLFRDULFKLHVWD )2; )2; )2; 31 ¼ 31 ¼ 31 ¼ &$7(*25,$0(5&(2/2*,&$&&$ 6))2 6))$ 6&) ¼ 6&$ ¼ '1 6&)´ LQ¡´RXW¡´ $&48('2772$17,1&(1 &200(5&,$/( 6$5$&,1(6&+()/$1*,$7( 127$HYLGHQ]LDWLLQJLDOORJOLDUWLFROLGLVSRQLELOLDULFKLHVWD 9RODQWLQRSHUVDUDFLQHVFD FRPSUHVREXOORQHHURQGHOODLQR[ 6$5$&,1(6&$,1*+,6$6)(52,'$/( 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FRPSOHWRGLXJHOOLLQWHUFDPELDELOL HYLWHURPSLJHWWR 8*(9$1 DUHDLUULJDWD ,UULJDWRUHGLQDPLFRVHULH3OXV¡DO]RFP 8*8 8JHOOLEDQGDUHWWDQJRODUH 86PDUURQH 86QHUR 86JULJLR 8*8 8JHOOL9$1UHJRODELOL 9$1DUDQFLR +(9$1YHUGH +(9$1EOX +(9$1PDUURQH +(9$1QHUR 9$1JULJLR ,55,6 8JHOOL8DQJRORILVVRHRULIL]L 8YHUGHD 8YHUGHD 8YHUGHD 8EOXD 8EOXD 8EOXD 8PDUURQHD 8PDUURQHD 8PDUURQHD 8QHURD 8QHURD 8QHURD ,55, DO]RFP YDOYRODULWHQXWD DO]RFP DO]RFP 'HVFUL]LRQH 3&DO]RFP 3OXV3&DO]RFP 3OXV6$0.LWYDOYRODGLULWHQXWD &$7(*25,$0(5&(2/2*,&$''$ FRGLFH ¼ ,53& ,533 ,59$ 5(6,1&21'277( 6,67(0,',,55,*$=,21($3,2**,$5$,1%,5' 127$HYLGHQ]LDWLLQJLDOORJOLDUWLFROLGLVSRQLELOLDULFKLHVWD (OHWWURYDOYRODVHULH3*$OLQHDDQJROR 31FRQUHJRODWRUHGLIOXVVR1& FRGLFH ¼ (/3*$ 'HVFUL]LRQH 3*$¡)9FD 3*$¡´)9FD 3*$¡´)9FD 3*$¡)9FF 3*$¡´)9FF 3*$¡´)9FF 356'LDOUHJRODWRUHGLSUHVVLRQH (/3*$ (/3*$ %(/3*$ %(/3*$ %(/3*$ (/3*$356 (OHWWURYDOYRODVHULH/)9DEDVVDSRUWDWD 31VHQ]DUHJRODWRUHGLIOXVVR1& 'HVFUL]LRQH /)9¡ )9FD /)9¡ )9FF FRGLFH ¼ (//)9 %(//)9 3URJUDPPDWRUH5=;LSHULQWHUQL 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¼ 352%$:3 'HVFUL]LRQH $0,&2XVFLWD¡´PDVFKLR .,73URJUDPPDWRUHPRQRVWD]LRQH:3FRQHOHWWURYDOYROD,3 LGHDOHSHUSRVL]LRQDPHQWRLQSR]]HWWR 3URJUDPPDWRUH:3,3 LGHDOHSHUSRVL]LRQDPHQWRLQSR]]HWWR SURJUDPPD SDUWHQ]HSHUSURJUDPPD DOLPHQWDWRFRQEDWWHULDDOFDOLQD GD9QRQFRPSUHVD LQJUHVVRSHUVHQVRUHSLRJJLD 56'%([ FRQWUROODHOHWWURYDOYROH FRQVROHQRLGH 9ELVWDELOH7%26 SURJUDPPL SDUWHQ]HSHUSURJUDPPD DOLPHQWDWRFRQEDWWHULH DOFDOLQHGD9QRQFRPSUHVH LQJUHVVRSHUVHQVRUH SLRJJLD56'%([ 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FRGLFH ¼ 021$0,&2 'HVFUL]LRQH :3VHWWRUL :3VHWWRUL :3VHWWRUL :3VHWWRUL FRGLFH ¼ 352%$:3 352%$:3 352%$:3 352%$:3 6,67(0$7%26,,,3 FRQWUROODHOHWWURYDOYROHFRQVROHQRLGH9ELVWDELOH7%26 LGHDOHSHUSRVL]LRQDPHQWRLQSR]]HWWR SURJUDPPLSDUWHQ]HSHUSURJUDPPD DOLPHQWDWRFRQEDWWHULDDOFDOLQDGD9QRQFRPSUHVD LQJUHVVRSHUVHQVRUHSLRJJLD56'%([ 'HVFUL]LRQH FRGLFH ¼ 8QLWjGLFRQWUROOR7%26VHWWRUH 8QLWjGLFRQWUROOR7%26VHWWRUL 8QLWjGLFRQWUROOR7%26VHWWRUL 8QLWjGLFRQWUROOR7%26VHWWRUL 7%2681, 7%2681, 7UDVPHWWLWRUHDGLQIUDURVVLSRUWDWLOH7%26,, 7%2675$, $GDWWDWRUHSHUVROHQRLGH7%26 7%26$'$7 6ROHQRLGHELVWDELOHGLULFDPELR7%26 62/(12 &$7(*25,$0(5&(2/2*,&$''$ 7%2681, 7%2681, 5(6,1&21'277( $&&(6625,3(56,67(0,',,55,*$=,21($3,2**,$ &RQQHWWRULUHVLQDWLSHUFDYLHOHWWULFL &DYLHOHWWULFLVHULH3$,*( SHULQWHUUDPHQWRGLUHWWR 6HQVRULSLRJJLD FRGLFH ¼ &RQQHWWRUH/9 &2/9 &RQQHWWRUH/9 &2/9 'HVFUL]LRQH 3HULOFROOHJDPHQWRDEDVVRYROWDJJLR WUDSURJUDPPDWRUHHGHOHWWURYDOYROH %DQGLHULQD+FPSHUSLFFKHWWDJJLR GLVSRQLELOHFRQVIRQGRJLDOORRELDQFR FRGLFH ¼ 63,2**,$ 63,2**56 &$92(/% &$92(/0 1SROL[ VH]LRQHPPð ERE P ¼ ERELQD ¼ P [ [ [ [ [ [ 'HVFUL]LRQH 7567252 FRQPHWULGLFDYR 56'%([5DLQ%LUG FRQPHWULGLFDYR *DPERFXWRIIP[PGDFP 9DOYRODGLGUHQDJJLRLQRWWRQH 3UHVDDVWDIIDUDSLGD SHUPHWWHGLIRUDUHDPDQR LOWXERLQ3(%'31 VHQ]DXWLOL]]DUHDWWUH]]L VHPSOLILFDQGRODSRVD GHJOLLUULJDWRUL FRGLFH ¼ %$1',(5$ &ROOHWWRULERFFKHWWRQDWLLQ39&¡´ VHULH'85$ &ROOHWWRUHXVFLWH &ROOHWWRUHXVFLWH &ROOHWWRUHXVFLWH 5(6,1&21'277( FRGLFH ¼ &2//(77 &2//(77 &2//(77 *DPERFXWRII¡ò[ô *$0%2 *DPERFXWRII¡ô[ô *$0%2 9DOYRODGUHQDJJLR¡ò 9$'5( FRGLFH ¼ 'HVFUL]LRQH 7HERF[ERF[0 *RPLWRERF[0 *RPLWRERF[ERF &URFHER[ER[ER[0 0DQLFRWWRERF[ERF 0DQLFRWWRERF[0 &DORWWD 1LSSOR 1LSSORULGRWWR¡[ô FRGLFH ¼ 7((%2& *20%2& &52%2& 0$1%2& 0$0%2& &$/%2& 1,3%2& 1%2& 'HVFUL]LRQH 3UHVDDVWDIID¡[ò 3UHVDDVWDIID¡[ò 3UHVDDVWDIID¡[ô FRGLFH 3$6 3$6 3$6 ¼ *00%2& ,GUDQWLQLLQEURQ]R 5DFFRUGLERFFKHWWRQDWLLQ39&¡´ VHULH'85$ 'HVFUL]LRQH 'HVFUL]LRQH &$7(*25,$0(5&(2/2*,&$''$ 'HVFUL]LRQH ,GUDQWLQRLQEURQ]R¡ô &KLDYHGLDFFRSS¡ô *RPLWRJLUHY¡ô)[ô0 ,GUDQWLQRLQEURQ]R¡ 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*RFFLRODWRULDXWRFRPSHQVDQWL $ODJRFFLRODQWH76$/QRQDXWRFRPSHQVDQWH¡PP FRGLFH ¼ *2&&(6* $872& XWLOL]]DWDLQFROWXUHDQQXDOL FRPHSRPRGRULSHSHURQL PHORQLSDWDWH« VSHVVRUHPLO JRFFLRODWRUHSRUWDWDOK ,55,*$=(/(77523203( 'HVFUL]LRQH 76$/ 76$/ 76$/ ERELQD P SDVVRJRFF FP FRGLFH ¼ERELQD $/$76 $/$76 $/$76 DULFKLHVWDDODJRFFLRODQWH¡H¡VSHVVRULPLO DQFKHLQPLQLERELQHGDPHWUL $FFHVVRULSHUDODJRFFLRODQWH 'HVFUL]LRQH 3RQWLFHOORIHUPDWXER¡ 9DOYRODGLVILDWRYXRWRDULD¡0 9DOYRODGLVSXUJROLWULSHUFLFOR¡0 *DQFLRSHUVRVWHJQRWXER¡ $QHOORVWULQJLWXER¡ 9DOYRODDFLOLQGUR¡[´0 'HVFUL]LRQH (6*JRFFLRODWRUHOKOKOK -XQLRUJRFFLRODWRUHOKOKOK *URVVRJRFFLRODWRUHOKOKOKOK FRGLFH ¼ 3217,&(/ 9$/6),$7 9$/),1 *$1&,2 $1(//2 9$&, -81,25 $FFHVVRULSHUJRFFLRODWRUL 'HVFUL]LRQH 7XEHWWR39&¡LQERELQDGDP 7XEHWWR39&¡DOPHWUR $VWDDSHUWDVRVWHJQRJRFFLRODWRUHQHOYDVR ,QQHVWR¡PPWLSR%YLWH[WXER 7H¡PPWLSR&YLWH[YLWH[YLWH 7H¡PPWLSR'YLWH[WXER[YLWH 7DSSRULSDUD]LRQHIRUR¡PP 5DFFRUGR0DQLIROG¡´FRQXVFLWHSHU 9DOYRODFRQLQQHVWL¡PPWXER[WXER )XVWHOODIRUDWXELFRQSXQ]RQH &$7(*25,$0(5&(2/2*,&$''% FRGLFH ¼ 78%(7% 78%(70 $67$$3(5 ,117,32% 7((7,32& 7((7,32' 7$33200 0$1,)2/' 9$/9200 )867(//$ 5(6,1&21'277( 6,67(0,',,55,*$=,21($*2&&,$(),/75, 127$HYLGHQ]LDWLLQJLDOORJOLDUWLFROLGLVSRQLELOLDULFKLHVWD 5HJRODWRULGLSUHVVLRQH 0LFURLUULJDWRUL9DUL-HWDIOXVVRUHJRODELOHVXDVWLQDDOWDFP 6SUX]]DWRULVWDQGDUGDIOXVVRUHJRODELOHVXDVWLQDDOWDFP FRGLFH ¼ 9DUL-HWDOKDEDUJLWWDWDP 0,&52 9DUL-HWDOKDEDUJLWWDWDP 0,&52 9DUL-HWDOKDEDUJLWWDWDP 0,&52 6KUXEEOHUDOKDEDUJLWWDWD¡P 6+58% %XEEOHUVSHFWUXPOKDEDUJLWW¡P %8%%/ 'HVFUL]LRQH )LOWULPDQXDOLLQSODVWLFDDGLVFKLURVVLPHVK FRGLFH ¼ 359¡ô ))UHJRODELOHGDDPFD 5(*2/ 35)5%<¡ô 00WDUDWRDPFD FRQILOWURGDPLFURQLQFRUSRUDWR 5(35) 35)5%<¡ 00WDUDWRDPFD FRQILOWURGDPLFURQFRQLQFRUSRUDWR 5(35) 'HVFUL]LRQH )LOWULDXWRPDWLFLLQSODVWLFDDGLVFKLURVVLPHVK DXWRPD]LRQH9FD 'HVFUL]LRQH ¡ SRUWDWDPD[ PFK FRGLFH ¼ ),/75 $)/ ô0 $)/ ´0 $)/ ò0 $)/ ´0 $)/ ´0 &DUWXFFLDULFDPELR¡ô &DUWXFFLDULFDPELR¡ò &DUWXFFLDULFDPELR¡ &DUWXFFLDULFDPELR¡ ),/75 ),/75 ),/75 ),/75 &$578 &$578 &$578 &$578 'HVFUL]LRQH $)/ $)/ $)/ $)/ $)/ 1 SRUWDWDPD[ ¡'1 HOHPHQWL PFK GD GD GD GD GD $)/ $)/ $)/ $)/ $)/ ¼ ),/$ ),/$ ),/$ ),/$ ),/$ ¡ SRUWDWDPFK PLQPD[ FRGLFH ¼ ´) ) ´) '1 '1 ),'52 5(6,1&21'277( FRGLFH QRWD SUHVVLRQHPDVVLPDGL IXQ]LRQDPHQWREDU 'HVFUL]LRQH 6ILDWLG¶DULD%HUPDG31 GLVSRQLELOLDULFKLHVWDVILDWLILQRDO'1 )LOWULLGURFLFORQH LQPHWDOORYHUQLFLDWR ),'52 ),'52 ),'52 ),'52 'HVFUL]LRQH 6ILDWRDXWRPDWLFR$¡´LQSODVWLFD 6ILDWRDIXQ]LRQL&¡´LQSODVWLFD 6ILDWRDIXQ]LRQL&¡´LQPHWDOOR FRGLFH ¼ $3 &3 &3 FHUWLILFDWLDQFKHSHUDFTXHGRWWR &$7(*25,$0(5&(2/2*,&$''% ,55,*$=(/(77523203( DULFKLHVWDDXWRPD]LRQHLQ&& QRWD VHODSUHVVLRQHGLUHWHqLQIHULRUH DEDUGXUDQWHLO FRQWURODYDJJLR RFFRUUHLQVWDOODUHDYDOOHXQD YDOYRODGLVRVWHJQRSUHVVLRQH (/(77523203(6200(56((7HFK)UDQNOLQ(OHFWULF (/(77523203(6200(56( 18292 127$HYLGHQ]LDWLLQJLDOORJOLDUWLFROLGLVSRQLELOLDULFKLHVWD DULFKLHVWD (/(77523203(0212%/2&&2'$VHULH(691 LQDFFLDLRLQRVVLGDELOHIRUQLWHFRQPHWULGLFDYRVHQ]DJDOOHJJLDQWH VHULH(6¡PDVVLPRPPHFRQGHQVDWRUHLQWHJUDWRQHOFRUSRPRWRUH VHULH91¡PDVVLPRPPIRUQLWHFRQTXDGUHWWRFRQWHQHQWHLOFRQGHQVDWRUH FRGLFH FRGLFH IRUQLWRUH ¡ XVFLWD N: &9 FRUUHQWH $ ¼ (32(60 (32(60 (32(60 (32(60 (32(60 (32910 (32910 ó) ó) ó) ó) ó) ó) ó) 90212)$6( (6 (6 (6 (6 (6 91&3 91&3 &$5$77(5,67,&+(',)81=,21$0(172$+] OPLQ (6 (6 (6 (6 (6 91&3 91&3 35(9$/(1=$,10(75,&2/211$$&48$ (/(77523203(3(532==,'$VHULH96 ,55,*$=(/(77523203( LQDFFLDLRLQRVVLGDELOHIRUQLWHFRQPHWULGLFDYRYDOYRODGLQRQULWRUQRLQWHJUDWDQHOODWHVWDWD VHULH¡PDVVLPRPPVHULH¡PDVVLPRPPSRVVRQRIXQ]LRQDUHLQRUL]]RQWDOH OHYHUVLRQLPRQRIDVHVRQRSULYHGLFRQGHQVDWRUHRFFRUUHDJJLXQJHUOR 3203(3(532==,'$ 90212)$6( 96(0 96(0 96(0 975,)$6( 96(7 96(7 96(7 96(7 FRGLFH (3960 (3960 (3960 FRGLFH (3967 (3967 (3967 (3967 ¡ XVFLWD SRUWDWD OPLQ SUHYDOHQ]D PHWUL PHWjFXUYD OPLQPHWUL N: &9 FRUU $ FRQG ) ¼ ó) ) ´) ¡ XVFLWD SRUWDWD OPLQ SUHYDOHQ]D PHWUL PHWjFXUYD OPLQPHWUL N: &9 FRUUHQWH $ ¼ ´) ´) ´) ´) 3203(3(532==,'$ 975,)$6( 96(7 96(7 96(7 FRGLFH ¡ XVFLWD SRUWDWD OPLQ SUHYDOHQ]D PHWUL PHWjFXUYD OPLQPHWUL N: &9 FRUUHQWH $ ¼ (3967 ò) (3967 ´) ´) (3967 SHUO¶LUULJD]LRQHGHLFDPSLVSRUWLYLFRQLUULJDWRUH¡´LQIXQ]LRQHVLFRQVLJOLDODSRPSD96(7GD&9 SHUO¶LUULJD]LRQHGHLFDPSLVSRUWLYLFRQLUULJDWRUH¡´LQIXQ]LRQHVLFRQVLJOLDODSRPSD96(7GD&9 &$7(*25,$0(5&(2/2*,&$'' 5(6,1&21'277( (/(77523203((67(51((7HFK)UDQNOLQ(OHFWULF (/(77523203(6200(56( 18292 127$HYLGHQ]LDWLLQJLDOORJOLDUWLFROLGLVSRQLELOLDULFKLHVWD DULFKLHVWD (/(77523203(08/7,67$',225,==217$/,VHULH(+ FRUSRSRPSDHJLUDQWHLQDFFLDLRLQRVVLGDELOHHODVWRPHUL(3'0GLVSRQLELOLDULFKLHVWDJUXSSLGLSUHVVXUL]]D]LRQH FRGLFH ¡DVSLUD][ ¡PDQGDWD (+ (32(+0 ó[ · · (+ (32(+0 ó[ · · (+ (32(+0 ó[ · · (+ (32(+0 ó[ · · (+ (32(+0 ò[ó · · FRGLFH ¡DVSLUD][ ¡PDQGDWD SRUWDWD OPLQ (+7 (32(+7 ò[ó · · (+7 (32(+7 [ò · · (+7 (32(+7 [ò · · 90212) 975,)$6( SRUWDWD OPLQ SUHYDOHQ]D 0HWjFXUYD PHWUL OPPHWUL SUHYDOHQ]D 0HWjFXUYD PHWUL OPPHWUL FRUUHQWH $ ¼ N: &9 FRUUHQWH $ ¼ N: &9 (/(77523203(08/7,67$',29(57,&$/,VHULH(9 90212)$6( SRUWDWD OPLQ SUHYDOHQ]D 0HWjFXUYD PHWUL OPPHWUL FRGLFH '1 (9), (32(90 (9), (32(90 (9), (32(90 FRGLFH '1 SRUWDWD OPLQ SUHYDOHQ]D 0HWjFXUYD PHWUL OPPHWUL 975,)$6( (9),7 (32(97 (9)7 (32(97 (9)7 (32(97 (9)7 (32(97 (9)7 (32(97 (9)7 (32(97 (9)7 (32(97 &9 FRUUHQWH $ ¼ &9 FRUUHQWH $ ¼ N: N: ,19(57(53(5,/&21752//2'(//((/(77523203(VHULH'5,9(7(&+ 0$17,(1(81$35(66,21(&267$17(35(67$%,/,7$1(// ,03,$1729$5,$1'2/$9(/2&,7$ '(/02725( SXzHVVHUHPRQWDWRGLUHWWDPHQWHVXOPRWRUHGHOOHSRPSHPXOWLVWDGLRYHUWLFDOLVHULH(9RILVVDWRDSDUHWHSHUWXWWHOHDOWUHSRPSH IRUQLWRFRQVHQVRUHGLSUHVVLRQHEDUFROOHJDPHQWRFRQDOWUL'ULY(7HFKSHURWWHQHUHGHLJUXSSLGLSUHVVXUL]]D]LRQH ODPDVVLPDGLVWDQ]DFRQVLJOLDWDWUDO LQYHUWHUHODSRPSDqGLPHWULROWUHRFFRUUHLQVHULUHGRSRO LQYHUWHUODUHDWWDQ]DILQRDPHWUL QHOFDVRGLLQVWDOOD]LRQHLQDPELHQWHGRPHVWLFRRFFRUUHFROOHJDUHXQILOWURLQFODVVH%VXOO DOLPHQWD]LRQHGHOO LQYHUWHU 0RGHOOR FRGLFH WHQVLRQH PDVVLPD FRUUHQWH PRWRUH PDVVLPD SRWHQ]D PRWRUH ¼ ,3 '5,9(7(&+ (,190 90212)$6( $ .: '5,9(7(&+ (,190 90212)$6( $ .: '5,9(7(&+ (,197 975,)$6( $ .: '5,9(7(&+ (,197 975,)$6( $ .: (,196(16 $&&(6625, 5(6,1&21'277( 6(1625(',35(66,21(%$50$¡0 .,70217$**,2$3$5(7('5,9(7(&+ .,70217$**,2$3$5(7('5,9(7(&+ ),/752,1*5(662,1&/$66(%3(5'5,9(7(&+ ),/752,1*5(662,1&/$66(%3(5'5,9(7(&+ 5($77$1=$'9'7'5,9(7(&+ &$7(*25,$0(5&(2/2*,&$'' (,19.,70 (,19.,77 (,19),/0 (,19),/7 (,195($7 ,55,*$=(/(77523203( FRUSRSRPSDHJLUDQWHLQDFFLDLRLQRVVLGDELOHHODVWRPHUL(3'0 GLVSRQLELOLDULFKLHVWDJUXSSLGLSUHVVXUL]]D]LRQH $&&(6625,(/(77523203( 127$HYLGHQ]LDWLLQJLDOORJOLDUWLFROLGLVSRQLELOLDULFKLHVWD 6,67(0$',&21752//2(/(77521,&2(/(77523203( $9(/2&,7$¶),66$ 0RGHOOR 18292 ¡ DWWDFFKL PDVFKLR WHQVLRQH PD[ FRUUHQWH PRWRUH PD[ SRWHQ]D PRWRUH FRGLFH ¼ ´[ 9 0212) $ .: ,19& 35(6)/2&0 18292 6,67(0$',&21752//2(/(77521,&2(/(77523203( &21,19(57(5$35(66,21(&267$17((9(/2&,7$¶9$5,$%,/( ¡ DWWDFFKL ERFFKHWWRQDWL WHQVLRQH PD[ FRUUHQWH PRWRUH PD[ SRWHQ]D PRWRUH FRGLFH ¼ 67($'<35(600( ´[ 9 0212) $ .: ,1900( 67($'<35(600( ´[ 9 0212) $ .: ,1900( 0RGHOOR 6LFRQVLJOLDO¶XWLOL]]RFRQDXWRFODYHGDO $872&/$9,9(57,&$/,9(51,&,$7( ,55,*$=(/(77523203( RPRORJDWH&(SUHFDULFDWHEDUPDVVLPDSUHVVLRQHGLXWLOL]]REDU PDVVLPDWHPSHUDWXUDGHOOLTXLGR& 'HVFUL]LRQH /LWUL ¡ PP $OWH]]D PP ¡ DOLPHQWD] $872& 3:%/;ô 3(%/; 3:%/; 3:%/9 3:%/9 *&%/9 *&%/9 *&%/9 ô ó ó ó ¼ $&&(6625, 'HVFUL]LRQH ¼FDG 0$& LQWHUUXWWRUHJDOOHJJLDQWHVWDJQR SHUDFTXHSXOLWHFRQPGLFDYR ,Q39&HFRQWUDSSHVR 0$& LQWHUUXWWRUHJDOOHJJLDQWHVWDJQR SHUDFTXHFDULFKHFRQPGLFDYR LQ39&HFRQWUDSSHVR *$/)2*1$ *,&2/$7$ ¼FDG 621'$6(1=$&$92 SHUTXDGULHOHWWULFL &21'(16$725(5(6,1$72 ) 5$&&25'29,( SHUO DVVHPEODJJLRGLXQ JUXSSRGLSUHVVXUL]]D]LRQH FRQDXWRFODYHGDOLWUL &21'(16$ 0$&35(66 SUHVVRVWDWRUHJRODELOH¡´$ 0DFSUHVVVFDOD·EDU 0DFSUHVVVFDOD·EDU 35(662 'HVFUL]LRQH 4$621'$( *$//(* *LXQ]LRQHDUHVLQDFRODWD SHULOFROOHJDPHQWRGL FDYLHOHWWULFL 5$&&9,( &$7(*25,$0(5&(2/2*,&$'' 5(6,1&21'277( 48$'5,&20$1'2(3527(=,21((/(77523203( 18292 127$HYLGHQ]LDWLLQJLDOORJOLDUWLFROLGLVSRQLELOLDULFKLHVWD (/(77523203$&215,(03,0(172&,67(51$ 3(5$&48(38/,7(25()/8( x LQJUHVVRSHUJDOOHJJLDQWHGLFRPDQGRSRPSDRSUHVVRVWDWR x LQJUHVVRSHUVRQGHGLOLYHOORRJDOOHJJLDQWHSHUSURWH]LRQHFRQWURODPDUFLDDVHFFR x LQJUHVVR9FDGDFHQWUDOLQDLUULJD]LRQHSHUFRPDQGRSRPSD x XVFLWD9FDSHUHOHWWURYDOYRODGLULHPSLPHQWRFLVWHUQDFRPDQGDWDGDJDOOHJJLDQWH x XVFLWDSHUFRPDQGRVHJQDODWRUHGLDOODUPHRWWLFRHGDFXVWLFR/6RSSXUH6/$ $ PLQPD[ .: PLQPD[ &9 PLQPD[ FRGLFH FRGLFH IRUQLWRUH ¼FDG 6,03/(;0 )6,030 6,03/(;830+3 975,)$6( $ PLQPD[ .: PLQPD[ &9 PLQPD[ FRGLFH FRGLFH IRUQLWRUH ¼FDG )6,037 6,03/(;837+3 90212)$6( GLPHQVLRQLPP +/3 6,03/(;7 (/(77523203( 3(5$&48(38/,7(25()/8( x LQJUHVVRSHUJDOOHJJLDQWLGLFRPDQGRSRPSDRSUHVVRVWDWL x LQJUHVVRSHUJDOOHJJLDQWHSHUSURWH]LRQHFRQWURODPDUFLDDVHFFR x LQJUHVVRSHUJDOOHJJLDQWHGLDOODUPH x XVFLWDSHUFRPDQGRVHJQDODWRUHGLDOODUPHRWWLFRHGDFXVWLFR/6RSSXUH6/$ x GRWDWRGLPRGXORGLVFDPELRVHTXHQ]DDYYLDPHQWR 90212)$6( '83/(;0 975,)$6( GLPHQVLRQLPP +/3 '83/(;7 N: PLQPD[ &9 PLQPD[ FRGLFH FRGLFH IRUQLWRUH ¼FDG )'83/0 '83/(;830+3 $ PLQPD[ N: PLQPD[ &9 PLQPD[ FRGLFH FRGLFH IRUQLWRUH ¼FDG )'83/7 '83/(;837+3 5,(03,0(172$8720$7,&2',&,67(51( x DSUHHFKLXGHXQDHOHWWURYDOYROD9FDWUDPLWHLOFRQVHQVRGLJDOOHJJLDQWLRVRQGHQHOODFLVWHUQD 90212)$6( GLPHQVLRQLPP FRGLFH FRGLFH IRUQLWRUH ¼FDG 5,(03,&,67(51( +/3 )5,(03,& 4(30 ,55,*$=(/(77523203( $ PLQPD[ 6(*1$/$725(',$//$50(277,&2$&867,&2 x ODPSDGDURVVDODPSHJJLDQWHDOODUPHVRQRURG% GLPHQVLRQLPP FRGLFH FRGLFH IRUQLWRUH ¼FDG $//$50(/6 +/3 )$//$/6 /69$& $//$50(6/$ FRQEDWWHULDWDPSRQH +/3 )$//$6/$ 6/$9$& 90212)$6( ',6321,%,/,$5,&+,(67$48$'5,(1(5%2;$17,%/$&.287&+(*$5$17,6&212,/)81=,21$0(172 '(//$3203$','5(1$**,2,1&$62',0$1&$1=$'(// $/,0(17$=,21((/(775,&$ 3(5817(0329$5,$%,/('$0,187,$25( 5(6,1&21'277( &$7(*25,$0(5&(2/2*,&$'' (/(77523203(6200(56(3(5$&48(6325&+(=(1,7 127$HYLGHQ]LDWLLQJLDOORJOLDUWLFROLGLVSRQLELOLDULFKLHVWD '56WHHOFRQJDOOHJJLDQWHHOHWWULFR SHUDFTXHSRFRVSRUFKHJLUDQWHDSHUWDLQR[PHWULGLFDYRSRVVLELOLWjGLDEEDVVDUHODJULJOLDGLDVSLUD]LRQH 90212)$6( '56WHHO0 '56WHHO0 FRGLFH FRGLFH IRUQLWRUH ¡ DWWDFFR 32'567 32'567 ó ò 3UHYDO PHWUL N: SDVVDJJLR OLEHURPP ¼ 3RUWDWD OPLQ '*%OXH352FRQJDOOHJJLDQWHHOHWWULFR '(6,*1%< SLQLQIDULQD SHUDFTXHPRGHUDWDPHQWHFDULFKHJLUDQWHYRUWH[DUUHWUDWDLQJKLVDPHWULGLFDYR 3UHYDO PHWUL N: SDVVDJJLR OLEHURPP ¼ 3RUWDWD OPLQ 3UHYDO PHWUL N: SDVVDJJLR OLEHURPP ¼ ¡ò ¡ 90212)$6( FRGLFH FRGLFH IRUQLWRUH '*%OXH3520 '*%OXH3520 '*%OXH3520 32'*%0 32'*%0 32'*%0 975,)$6( FRGLFH FRGLFH IRUQLWRUH DWWDFFR '*%OXH3527 32'*%7 '*%OXH3527 32'*%7 DWWDFFR ¡ò ¡ò ¡ 3RUWDWD OPLQ *5%OXH352FRQWULWXUDWRUHHJDOOHJJLDQWHHOHWWULFR '(6,*1%< SLQLQIDULQD ,55,*$=(/(77523203( SHUDFTXHFDULFKHFRQFRUSLVROLGLHILODPHQWRVLJLUDQWHLQJKLVDWULWXUDWRUHLQDFFLDLRPHWULGLFDYR DWWDFFR 3RUWDWD OPLQ 3UHYDO PHWUL N: SDVVDJJLR OLEHURPP ¼ ¡ò ¡ò FRGLFH IRUQLWRUH DWWDFFR 3RUWDWD OPLQ 3UHYDO PHWUL N: SDVVDJJLR OLEHURPP ¼ 32*57 ¡ò 32*57 ¡ò 90212)$6( FRGLFH FRGLFH IRUQLWRUH *5%OXH3520 *5%OXH3520 32*50 32*50 975,)$6( FRGLFH *5%OXH3527 *5%OXH3527 'LVSRVLWLYRGLDFFRSSLDPHQWRFRQPDQGDWDYHUWLFDOH¡32*5',63 975,)$6( '*27 FRGLFH FRGLFH IRUQLWRUH 32'*27 DWWDFFR ¡ '1 3RUWDWD OPLQ 3UHYDO PHWUL N: SDVVDJJLR OLEHURPP ¼ 'LVSRVLWLYRGLDFFRSSLDPHQWRFRQPDQGDWDYHUWLFDOH¡32*5',63 '*2SROL SHUDFTXHFDULFKHFRQFRUSLVROLGLHILODPHQWRVLJLUDQWHYRUWH[DUUHWUDWDLQJKLVDPHWULGLFDYR '*1SROL SHUDFTXHFDULFKHFRQFRUSLVROLGLHILODPHQWRVLJLUDQWHYRUWH[DUUHWUDWDLQJKLVDPHWULGLFDYR 975,)$6( '*17 FRGLFH FRGLFH IRUQLWRUH 32'*17 3UHYDO PHWUL N: SDVVDJJLR OLEHURPP ¼ '1 DWWDFFR 3RUWDWD OPLQ 'LVSRVLWLYRGLDFFRSSLDPHQWRFRQPDQGDWDYHUWLFDOH'132'*',63 &$7(*25,$0(5&(2/2*,&$''$ 5(6,1&21'277( 67$=,21,',62//(9$0(172=(1,7 127$HYLGHQ]LDWLLQJLDOORJOLDUWLFROLGLVSRQLELOLDULFKLHVWD 6WD]LRQLGLVROOHYDPHQWR%OXH%2;VHQ]DTXDGURHOHWWULFRSHUSRPSDPRQRIDVH SRPSDFRQJDOOHJJLDQWHHOHWWULFRHLQVWDOOD]LRQHILVVD %OXH%2;¡XVFLWD YROXPHOLWULNLWJXDUQL]LRQLWXELLQJUHVVR¡LQJRPEURFP[[+ FRGLFLFRPSRQHQWLODVWD]LRQH 0RGHOORSRPSD 3RPSD %R[ FRQJDOOHJJLDQWH 6WD]LRQH 9DOYROD *RP0) ¼ '*%OXH3520 %2; 32'*%0 93$// '*%OXH3520 %2; 32'*%0 93$// *5%OXH3520 WULWXUDWULFH %2; 32*50 93$// *200) *5%OXH3520 WULWXUDWULFH %2; 32*50 93$// *200) %OXH%2;¡XVFLWD 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,OULHPSLPHQWRGHOVHUEDWRLRHGLOULQILDQFRGHYRQRHVVHUHVHPSUHHIIHWWXDWLLQ PRGRJUDGXDOHFRPHVSHFLILFDWRSUHFHGHQWHPHQWH9HGLSDU $5,&+,(67$ 9$6&+(0212%/2&&2 35()$%%,&$7(,1&/69,%5$72 ),12$0(75,&8%, $775(==$7(3(567$=,21, ',62//(9$0(172 2,03,$17,',35,0$3,2**,$ &$7(*25,$0(5&(2/2*,&$(( 5(6,1&21'277( 78%,(5$&&25',$35(66$5(,1$&&,$,2,12;$,6,/ 3(5$&48$327$%,/(352),/2062/20$*$==,12%5,662*1( $5,&+,(67$(¶3266,%,/(25',1$5(25,1*).05(6,67(17,$//(7(03(5$785(0$**,25,',3(5,5$&&25', G 578%2 6SPP ¼P 5&85 G ¼ *RPLWRPLVWRIHPPLQD G [´ [´ [´ [´ [´ [´ [´ 5(6,1&21'277( G 5*) ¼ G G 50$1,& ¼ 5&80 0DQLFRWWRSDVVDQWH)) G G &$7(*25,$0(5&(2/2*,&$)) 5&85 ¼ *RPLWRPLVWRPDVFKLR ¼ 0DQLFRWWR)) G 5&80 57(125 &XUYD0) ¼ &XUYD)) ¼ &XUYD0) &XUYD)) 7H))) 50$13$ ¼ G 5*0 ¼ [´ [´ [´ [´ [´ [´ [´ [´ 7DSSRIHPPLQD G 57$332 ¼ (',/,=,$7(502,'5$8/,&$ 7XERDFFLDLRLQR[$,6,/FUXGRLQEDUUHGDPW 5$&&25',$35(66$5(,1$&&,$,2,12;$,6,/ 3(5$&48$327$%,/(352),/2062/20$*$==,12%5,662*1( 7HFRQGHULYD]LRQH) 57() G ¼ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ 0DQLFRWWR FRQGDGRIROOH)) (',/,=,$7(502,'5$8/,&$ G [´ [´ [´ [´ [´ [´ [´ 5)2 ¼ 7HULGRWWR 5LGX]LRQH0) 57(5 G ¼ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ 0DQLFRWWRPLVWR0 55,' G ¼ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ %RFFKHWWRQH DVHGHSLDQD0 %RFFKHWWRQH DVHGHSLDQD) G [´ [´ [´ [´ [´ [´ [´ 5%2 ¼ G [´ [´ [´ [´ [´ [´ [´ G 500 ¼ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ *RPLWRPLVWR)) FRQSODFFD ¼ &$7(*25,$0(5&(2/2*,&$)) G [´ [´ [´ 5*23/$ ¼ 0DQLFRWWRPLVWR) 50) G ¼ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ )ODQJLD31 FRQPDQLFRWWR G 5)/$1* ¼ 5(6,1&21'277( 78%,(5$&&25',$35(66$5(,1$&&,$,2$/&$5%21,2 3(5$&48$121327$%,/(352),/2062/20$*$==,12%5,662*1( $5,&+,(67$(¶3266,%,/(25',1$5(25,1*).05(6,67(17,$//(7(03(5$785(0$**,25,',3(5,5$&&25', G 578%2 6SPP ¼P 5&85 G ¼ *RPLWRPLVWR) G [´ [´ [´ 5(6,1&21'277( G 5*) ¼ G 0DQLFRWWR)) G 57(125 5&80 G 50$1,& ¼ 5&80 0DQLFRWWRSDVVDQWH)) G &$7(*25,$0(5&(2/2*,&$)) 5&85 G ¼ *RPLWRPLVWR0 ¼ &XUYD0) ¼ &XUYD)) ¼ &XUYD0) &XUYD)) 7H))) 50$13$ ¼ G 5*0 ¼ [´ [´ [´ [´ 7DSSRIHPPLQD G 57$332 ¼ (',/,=,$7(502,'5$8/,&$ 7XERDFFLDLRDOFDUERQLR]LQFDWRHVWHUQRLQEDUUHGDPW 5$&&25',$35(66$5(,1$&&,$,2$/&$5%21,2 3(5$&48$121327$%,/(352),/2062/20$*$==,12%5,662*1( 7HULGRWWR 7HFRQGHULYD]LRQH) 57() G ¼ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ (',/,=,$7(502,'5$8/,&$ G [´ [´ [´ [´ [´ [´ [´ 57(5 G ¼ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ 0DQLFRWWR FRQGDGRIROOH)) 5LGX]LRQH0) ¼ G [´ [´ [´ [´ [´ [´ [´ 55,' G [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ ¼ %RFFKHWWRQH DVHGHSLDQD0 50$1)2 0DQLFRWWRPLVWR0 500 G ¼ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ %RFFKHWWRQH DVHGHSLDQD) 5%2 ¼ G [´ [´ [´ [´ [´ [´ [´ &$7(*25,$0(5&(2/2*,&$)) 0DQLFRWWRPLVWR) 50) G ¼ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ [´ )ODQJLD31 FRQPDQLFRWWR ¼ G 5)/$1 ¼ 5(6,1&21'277( 78%2(5$&&25',,1*+,6$3(5&21'277(',6&$5,&23$0608 $1250(81,(1,62(1&/$66(',5(6,67(1=$$/)82&2$6GR0$5&+,2&( 127$JOLDUWLFROLFRQWHQXWLLQTXHVWDSDJLQDVRQRGLVSRQLELOLDULFKLHVWD 78%2,1*+,6$3$0608 LQEDUUHOXQJKHP 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7(125 ,63 (',/,=,$7(502,'5$8/,&$ 0$1,1 0$1', &$33$ &$7(*25,$0(5&(2/2*,&$)) 5(6,1&21'277( 5$&&25',,13($'3(5&21'277(',6&$5,&2 $1250$81,(10$5&+,2,,362/20$*$==,12021&$/,(5, 5,'8=,21( (&&(175,&$ 5,'8=,21( &21&(175,&$ %5$*$5,'277$ %5$*$5,'277$ ¡ HVWHUQR PP %,)25&$=,21( ¡ HVWHUQR PP 5,( 5,& % % %5$*$'233,$ &859$:& 352/81*$77 6,)21( 3(5785&$ ¡ HVWHUQR PP &859$5,'277$ ¡ HVWHUQR PP *205 %5$*$6)(5,&$ '233,$ ¡ HVWHUQR PP %5' 0$1,&2772&21 &859$:&'; ¡ HVWHUQR PP %' &:& 6,)21 &859$:& 352/81*$7$ 0$1,&2772:& &859$:& 6&$5,&23$5(7( 0$1,&2772 352/81*$72:& %,) 0$&' ; 0$1,&2772&21 &859$:&6; (',/,=,$7(502,'5$8/,&$ ¡ HVWHUQR PP ¡ HVWHUQR PP &8535 0$16& &859( 0$135 5(6,1&21'277( &$7(*25,$0(5&(2/2*,&$)) 0$&6 ; 5$&&25',,13($'3(5&21'277(',6&$5,&2 $1250$81,(10$5&+,2,,362/20$*$==,12021&$/,(5, &859$7(&1,&$ 3(56,)21( ¡ HVWHUQR [LQWHUQRELFFKLHUH PP ¡ HVWHUQR [LQWHUQRELFFKLHUH PP ¡ WXER [¡PDVVLPR PP 0$16,) &857(& [ [ 0$1,&2772 $&2175$=,21( 0$1,&27727(&1,&2 3(56,)21( [ [ 0&2 5$&&25'2&21 '$'2*,5(92/( ¡ HVWHUQR LQWHUQR PP 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&$1$/(*5,*/,$,1$&&,$,2=,1&$72$.LWILVVDJJLR &$1$/(*5,*/,$,1$&&,$,2=,1&$72%.LWILVVDJJLR ¼FDG $3 $= $3 $= %= $3 $= %= &$1$/(/$5*200&21%25'2,13/$67,&$ 'HVFUL]LRQHFRQPLVXUHHVWHUQHLQPP FRGLFH ¼FDG &$13 &$13 *5,$&$ $ *5,$&% % ),6$&% = 5,(3,/2*2&$1$/(/81*20(752&203/(72',*5,*/,$(),66$**, &$1$/(*5,*/,$,1$&&,$,2=,1&$72$.LWILVVDJJLR &$1$/(*5,*/,$,1$&&,$,2=,1&$72%.LWILVVDJJLR &$1$/(*5,*/,$,1$&&,$,2=,1&$72$.LWILVVDJJLR &$1$/(*5,*/,$,1$&&,$,2=,1&$72%.LWILVVDJJLR %= $= %= &$1$/(ODUJRDOWR &$1$/(ODUJRDOWR &$1$/(ODUJRDOWR *ULJOLDJKLVDVIHURLGDOHPDJOLD[& *ULJOLDJKLVDVIHURLGDOHPDJOLD[' %RUGRLQDFFLDLR& %RUGRLQDFFLDLR' .LWILVVDJJLRSHUJULJOLDJKLVD OXQJK FP FRGLFH ¼FDG &$1$ &$1$ &$1$ *5,*+& & *5,*+' ' %25'& %25'' ),6*+' = 5,(3,/2*2&$1$/(/81*20(752&203/(72',*5,*/,$(),66$**, &$1$/(*5,*/,(,1*+,6$6)(52,'$/(&%25',$&&,$,2.LWILVVDJJLR &$1$/(*5,*/,(,1*+,6$6)(52,'$/('%25',$&&,$,2.LWILVVDJJLR &$1$/(*5,*/,(,1*+,6$6)(52,'$/(&%25',$&&,$,2.LWILVVDJJLR &$1$/(*5,*/,(,1*+,6$6)(52,'$/('%25',$&&,$,2.LWILVVDJJLR &$1$/(*5,*/,(,1*+,6$6)(52,'$/(&%25',$&&,$,2.LWILVVDJJLR &$1$/(*5,*/,(,1*+,6$6)(52,'$/('%25',$&&,$,2.LWILVVDJJLR 5(6,1&21'277( $= &$1$/(/$5*200&21%25'2,1$&&,$,2 'HVFUL]LRQHFRQPLVXUHHVWHUQHLQPP ¼FDG &$7(*25,$0(5&(2/2*,&$))$ ¼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¼FDG &$1$ &$1$ *5,*+& & *5,*+' ' %25'& %25'' ),6*+' = 5,(3,/2*2&$1$/(/81*20(752&203/(72',*5,*/,$(),66$**, &$1$/(*5,*/,(,1*+,6$6)(52,'$/(&%25',$&&,$,2.LWILVVDJJLR &$1$/(*5,*/,(,1*+,6$6)(52,'$/('%25',$&&,$,2.LWILVVDJJLR &$1$/(*5,*/,(,1*+,6$6)(52,'$/(&%25',$&&,$,2.LWILVVDJJLR &$1$/(*5,*/,(,1*+,6$6)(52,'$/('%25',$&&,$,2.LWILVVDJJLR ¼FDG &6 '6 &6 '6 &$1$/(/$5*200&21%25'2,1$&&,$,2 'HVFUL]LRQHFRQPLVXUHHVWHUQHLQPP &$1$/(ODUJRDOWR &$1$/(ODUJRDOWR &$1$/(ODUJRDOWR *ULJOLDJKLVDVIHURLGDOHPDJOLD[& *ULJOLDJKLVDVIHURLGDOHPDJOLD[' %RUGRLQDFFLDLR& %RUGRLQDFFLDLR' .LWILVVDJJLRSHUJULJOLDJKLVD OXQJK FP FRGLFH ¼FDG &$1$ &$1$ &$1$ *5,*+& & *5,*+' ' %25'& %25'' ),6*+' = 5,(3,/2*2&$1$/(/81*20(752&203/(72',*5,*/,$(),66$**, &$1$/(*5,*/,(,1*+,6$6)(52,'$/(&%25',$&&,$,2.LWILVVDJJLR &$1$/(*5,*/,(,1*+,6$6)(52,'$/('%25',$&&,$,2.LWILVVDJJLR &$1$/(*5,*/,(,1*+,6$6)(52,'$/(&%25',$&&,$,2.LWILVVDJJLR &$1$/(*5,*/,(,1*+,6$6)(52,'$/('%25',$&&,$,2.LWILVVDJJLR &$1$/(*5,*/,(,1*+,6$6)(52,'$/(&%25',$&&,$,2.LWILVVDJJLR &$1$/(*5,*/,(,1*+,6$6)(52,'$/('%25',$&&,$,2.LWILVVDJJLR ¼FDG &6 '6 &6 '6 &6 '6 &$1$/(/$5*200&21%25'2,1$&&,$,2 (',/,=,$7(502,'5$8/,&$ 'HVFUL]LRQHFRQPLVXUHHVWHUQHLQPP FRGLFH ¼FDG &$1$ &$1$/(ODUJRDOWR &$1$ &$1$/(ODUJRDOWR *5,*+& & *ULJOLDJKLVDVIHURLGDOHPDJOLD[& *5,*+' ' *ULJOLDJKLVDVIHURLGDOHPDJOLD[' %2' %RUGRLQDFFLDLR& ),6*+' = .LWILVVDJJLRSHUJULJOLDJKLVD 5,(3,/2*2&$1$/(/81*2&(17,0(75,&203/(72',*5,*/,$(),66$**, &6 &$1$/(*5,*/,$,1*+,6$6)(52,'$/(&%25',$&&,$,2.LWILVVDJJLR '6 &$1$/(*5,*/,$,1*+,6$6)(52,'$/('%25',$&&,$,2.LWILVVDJJLR &6 &$1$/(*5,*/,$,1*+,6$6)(52,'$/(&%25',$&&,$,2.LWILVVDJJLR '6 &$1$/(*5,*/,$,1*+,6$6)(52,'$/('%25',$&&,$,2.LWILVVDJJLR ¼FDG '(5,9$=,21,',7(67$7$ 'HVFUL]LRQH FRGLFH '(5,9 'HULYD]LRQHGLWHVWDWD¡ '(5,9 'HULYD]LRQHGLWHVWDWD¡ '(5,9 'HULYD]LRQHGLWHVWDWD¡ '(5,9 'HULYD]LRQHGLWHVWDWD¡ ¼FDG 7$33,',7(67$7$ 'HVFUL]LRQH FRGLFH 7$33 7DSSRGLWHVWDWDDOWR 7$33 7DSSRGLWHVWDWDDOWR 7$33 7DSSRGLWHVWDWDDOWR 7$33 7DSSRGLWHVWDWDDOWR 7$33 7DSSRGLWHVWDWDDOWR 7$33 7DSSRGLWHVWDWDDOWR 7$33 7DSSRGLWHVWDWDDOWR 7$33 7DSSRGLWHVWDWDDOWR 7$33 7DSSRGLWHVWDWDDOWR OXQJK FP ¼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¼FDG %** &$1$= *6* &$1$=$ &$1$* FRGLFH ¼FDG '* *5,=, '* *5,=,$ ),6=, ),6*+ FODVVH FRGLFH ¼FDG & & & ' *&6* &$1%= *&6* &$1%=$ *'6; &$1%, *&6*6 &$1%* FODVVH FRGLFH ¼FDG &$1$/(JULJOLDDFFLDLR]LQFDWR.LWDQFRUDJJLR &$1$/(JULJOLDDFFLDLR]LQFDWRDQWLWDFFR.LWDQFRUDJJLR &$1$/(JULJOLDDFFLDLRLQR[.LWDQFRUDJJLR &$1$/(JULJOLHJKLVDVIHURLGDOH.LWDQFRUDJJLR & & & ' %** &$1$= *6* &$1$=$ *6; &$1$, %**6 &$1$* 5,&$0%,32/,)/< FODVVH FRGLFH ¼FDG *ULJOLDLQDFFLDLR]LQFDWRPDJOLD[OXQJDPW *ULJOLDLQDFFLDLR]LQFDWRPDJOLD[DQWLWDFFROXQJDPW *ULJOLDLQDFFLDLRLQR[PDJOLD[OXQJDPW *ULJOLDLQJKLVDVIHURLGDOHPDJOLD[OXQJDFP .LWGLDQFRUDJJLRSHUJULJOLH]LQFDWH .LWGLDQFRUDJJLRSHUJULJOLHJKLVDHLQR[ & & & ' '* *5,=, '* *5,=,$ &$1$/(JULJOLDDFFLDLR]LQFDWR.LWDQFRUDJJLR &$1$/(JULJOLDDFFLDLR]LQFDWRDQWLWDFFR.LWDQFRUDJJLR &$1$/(JULJOLDDFFLDLRLQR[.LWDQFRUDJJLR &$1$/(JULJOLHJKLVDVIHURLGDOH.LWDQFRUDJJLR '; *5,,1 '*6 *5,*+ '. ),6=, '9 ),6*+ FODVVH FRGLFH ¼FDG & & & ' *&6* &$1%= *&6* &$1%=$ *'6; &$1%, *&6*6 &$1%* FODVVH FRGLFH ¼FDG &$1$/(JULJOLDDFFLDLR]LQFDWR.LWDQFRUDJJLR &$1$/(JULJOLDDFFLDLR]LQFDWRDQWLWDFFR.LWDQFRUDJJLR &$1$/(JULJOLDDFFLDLRLQR[.LWDQFRUDJJLR &$1$/(JULJOLHJKLVDVIHURLGDOH.LWDQFRUDJJLR & & & ' %** &$1$= *6* &$1$=$ *6; &$1$, %**6 &$1$* 5,&$0%,32/,)/< FODVVH FRGLFH ¼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¼FDG &$1$/(32/,)/<%$662 /$5*200,17(512 FRGLFH '; *5,,1 '*6 *5,*+ '; *5,,1 '*6 *5,*+ '. ),6=, '9 ),6*+ $5,&+,(67$&$1$/(77(,1&(0(1729,%52&2035(6622$50$72),12$//$&/$66() 5(6,1&21'277( &$7(*25,$0(5&(2/2*,&$)) (',/,=,$7(502,'5$8/,&$ 127$JOLDUWLFROLFRQWHQXWLLQTXHVWDSDJLQDVRQRGLVSRQLELOLDULFKLHVWD &$1$/,*5,*/,$7,(32==(77,,133239& &$1$/,*5,*/,$7,,139& &$1$/(02'8/$5(%$662 &$1$/($1*2/$5(%$662 7(67$7$&216&$5,&2%$66$ *,8172&216&$5,&2%$662 &$1$/(02'8/$5($/72 &$1$/($1*2/$5($/72 7(67$7$&216&$5,&2$/7$ *,8172&216&$5,&2$/72 *5,*/,$$/72'5(1$**,2 *5,*/,$3(6$17( *5,*/,$3(53,6&,1$$17,6&,92/2 *5,*/,$$1*2/$5($/72'5(1$**,2 *5,*/,$$1*2/$5(3(6$17( *5,*/,$$1*2/$5(3(53,6&,1$ 32==(77,(&+,86,1,,132/,3523,/(1(239& 32==(772&21)21'2 32==(7726(1=$)21'2 352/81*+(02'8/$5, 6,)21(3(532==(77, *5,*/,$3(532==(77,3('21$/( *5,*/,$3(532==(77,&$55$%,/( &23(5&+,23(532==(77,3('21$/( &23(5&+,23(532==(77,&$55$%,/( (',/,=,$7(502,'5$8/,&$ 7(/$,2 &+,86,1,6,)21$7,39& 32==(7723/89,$/(6,)21$72 &$7(*25,$0(5&(2/2*,&$)) GLPHQVLRQLPP FRGLFH ¼FDG [+ + + + [+ + + + [ [ [ &$02'%$6 *$13(' GLPHQVLRQLPP FRGLFH ¼FDG [ [ [ [ [ [ [ [ [+ [+ [+ [+ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ 32==) &6,)2 33/89 $1%$6 7($/7 *,%$6 &$02'$/7 $1$/7 7($/7 *,%$6 *53('$/7 *5&$5$/7 *53('3,6 *$1$/7 *$1&$5 32==) 32==) 32==) 32==6 32==6 32==6 32==6 352/ 352/ 352/ 352/ 6,)2 6,)2 *5,3( *5,3( *5,3( *5,3( *5,&$ *5,&$ *5,&$ *5,&$ &23(' &23(' &23(' &23(' &2&$5 &2&$5 &2&$5 &2&$5 7(/$,2 7(/$,2 7(/$,2 7(/$,2 [[RUL]] &6,)/ [[FURPDWR &6,)& [[ [[ [[ [[ [[ &6,)2 LQJUHVVR¡ XVFLWD¡ &6,)2 &6,)2 &6,)2 5(6,1&21'277( 32==(77,,1&$/&(6758==2 127$HYLGHQ]LDWLLQJLDOORJOLDUWLFROLGLVSRQLELOLDULFKLHVWD 32==(77,,1&$/&(6758==2 'HVFUL]LRQH 32==(772 32==(772 32==(772 32==(772 32==(772 32==(772 32==(772 32==(772 352/81*$ 352/81*$ 352/81*$ 352/81*$ 352/81*$ 352/81*$ 352/81*$ 352/81*$ &/6 GLPHQVLRQLLQWHUQH FP GLPHQVLRQLHVWHUQH FP SHVR .J ¼FDG [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [+ [+ [+ [+ [+ [+ [+ [+ [+ [+ [+ [+ [+ [+ [+ [+ GLPHQVLRQLIRUR FP GLPHQVLRQLHVWHUQH FP SHVR .J ¼FDG ¡ ¡ ¡ ¡ [+ [+ [+ [+ 62/(77(&$55$%,/, 'HVFUL]LRQH 62/(77$&$55$%,/( 62/(77$&$55$%,/( 62/(77$&$55$%,/(&21)252/$7(5$/( 62/(77$&$55$%,/(&21)252/$7(5$/( 32==(772&,5&2/$5(3(5$&48('2772()2*1$785$ 'HVFUL]LRQH 9$6&$&21)21'2¡+ 9$6&$&21)21'2¡+ $1(//2&21)25,',$)5$00$7,¡ &$/277$¡ 7521&2',&212 $1(//2',352/81*$¡+ $1(//2',352/81*$¡+ $1(//2',352/81*$¡+ 9$6&$&21)21'2¡ $1(//2&21)25,',$)5$00$7,¡ &$/277$¡ $1(//2',352/81*$¡+ $1(//2',352/81*$¡+ 5$**,81*,4827$¡+ 5$**,81*,4827$¡+ GLPHQVLRQLLQWHUQH FP GLPHQVLRQLHVWHUQH FP SHVR .J ¼FDG ¡+ ¡+ ¡+ ¡+ ¡+ ¡+ ¡+ ¡+ ¡+ ¡+ ¡+ ¡+ ¡+ ¡+ ¡+ ¡+ ¡+ ¡+ ¡+ ¡+ ¡+ ¡+ ¡+ ¡+ ¡+ ¡+ ¡+ ¡+ ¡+ ¡+ GLPHQVLRQLLQWHUQH FP GLPHQVLRQLHVWHUQH FP SHVR .J ¼FDG [+ [+ [+ [+ GLPHQVLRQLLQWHUQH FP GLPHQVLRQLHVWHUQH FP SHVR .J ¼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¡ [ OXFHQHWWD SHVR .J 5(92/8 ¼FDG &+,86,1232:(5 &/$66(' FRSHUFKLRSHVDQWHVXSSRUWDWRGDJXDUQL]LRQHFRQWLQXDLQHODVWRPHUR VXSHUILFLGLDSSRJJLRUHWWLILFDWH DVRODSHULQWURGX]LRQHGLDWWUH]]RGLVROOHYDPHQWRLQVFDWRODFKLXVD EORFFRDXWRPDWLFRGLFKLXVXUDFRQEDUUDHODVWLFD DUUHVWRGLVLFXUH]]DDLQDSHUWXUDHFKLXVXUD GLVSRQLELOLFRQPDUFDWXUD$FTXHGRWWR)RJQDWXUDHORJR6PDW FRSHUFKLR WHODLR 52721'2 52721'2 48$'5$72 52721'2 .,7',6326,7,92$17,)8572 &/$66(' GLPHQVLRQLPP HVWHUQRWHODLR DOWH]]DWHODLR ¡ [ OXFHQHWWD SHVR .J 32:(5 ¼FDG &$',72,$&$5*26* JULJOLDVXSSRUWDWDGDJXDUQL]LRQHOLQHDUHLQSROLHWLOHQH VXSHUILFLGLDSSRJJLRUHWWLILFDWH EORFFRDXWRPDWLFRGLFKLXVXUDFRQEDUUDHODVWLFD DUUHVWRGLVLFXUH]]DDFRQFRSHUFKLRDPRYLELOH WHODLR FRSHUFKLR 52721'2 52721'2 &/$66(' GLPHQVLRQLPP HVWHUQRWHODLR DOWH]]DWHODLR OXFHQHWWD ¡ SHVR .J &$5*26* ¼FDG &+,86,12202/2*$727(/(&20 RPRORJDWLFKLXVLQRDFRSHUFKLWULDQJRODULFRQDSHUWXUD! 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ƐŽƐƟƚƵnjŝŽŶĞ ĚĞů ƉĞnjnjŽ ĚŝĨĞƩŽƐŽ Ž ůŝŵŝƚĂƚĂ ĂůůĞ ŐĂƌĂŶnjŝĞ ĨŽƌŶŝƚĞ ĚĂůůĞ ĐĂƐĞ ĐŽƐƚƌƵƩƌŝĐŝ ĚĞŝ ŵĂƚĞƌŝĂůŝ ĚĂ ŶŽŝ ĐŽŵŵĞƌĐŝĂůŝnjnjĂƟ ƉĞƌ ŝů ƉĞƌŝŽĚŽ Ěŝ ĚƵĞ ĂŶŶŝ͘ ^ŽŶŽ ĞƐĐůƵƐĞ ĚĂůůĂ ŐĂƌĂŶnjŝĂůĞĂǀĂƌŝĞĚŝƉĞŶĚĞŶƟĚĂĚŝĨĞƫĚŝŵĂŶƵƚĞŶnjŝŽŶĞ͕ĚĂĞƌƌĂƚĂĂƉƉůŝĐĂnjŝŽŶĞŽĚĂƵƐŽŝŶĂĚĂƩŽĚĞŝŵĂƚĞƌŝĂůŝ͘ ϴͿ ^ŝĚĞĐůŝŶĂŽŐŶŝƌĞƐƉŽŶƐĂďŝůŝƚăƉĞƌƋƵĂůƐŝĂƐŝŐƵĂƐƚŽ͕ĚĂŶŶŽŽŝŶĐŝĚĞŶƚĞĐĂƵƐĂƚŽĚĂůůΖŝŵƉŝĞŐŽĚŝŵĂƚĞƌŝĂůĞĚĂŶŽŝ ĨŽƌŶŝƚŽ͘ ϵͿ /ů ƌĞƐŽ ĚĞů ŵĂƚĞƌŝĂůĞ ĚĞǀĞ ĞƐƐĞƌĞ ĂƵƚŽƌŝnjnjĂƚŽ ĚĂ ZĞƐŝŶĐŽŶĚŽƩĞ Ğ ǀĞƌƌă ĐŽŵƵŶƋƵĞ ĚĞĐƵƌƚĂƚŽ Ěŝ ƵŶ ϮϬй ĚĞů ǀĂůŽƌĞĚŝĂĐƋƵŝƐƚŽ͘ ϭϬͿWĞƌƋƵĂůƐŝĂƐŝĐŽŶƚƌŽǀĞƌƐŝĂŝůĨŽƌŽĐŽŵƉĞƚĞŶƚĞğƋƵĞůůŽĚŝdŽƌŝŶŽ͘ / $ = , ( 1 '$ >ĂZĞƐŝŶĐŽŶĚŽƩĞ͕ŶĂƚĂŶĞůϭϵϳϱ͕ğƐƉĞĐŝĂůŝnjnjĂƚĂŶĞůĐŽŵŵĞƌĐŝŽĂůůΖŝŶŐƌŽƐƐŽ Ěŝ ƚƵďŝ Ğ ƌĂĐĐŽƌĚŝ ƉĞƌ ĂĐƋƵĞĚŽƫ͕ ĨŽŐŶĂƚƵƌĞ͕ ŐĂƐĚŽƫ͕ ŝŶĚƵƐƚƌŝĂ͕ ĞĚŝůŝnjŝĂ͕ ƚĞƌŵŽŝĚƌĂƵůŝĐĂĞĚŝƌƌŝŐĂnjŝŽŶĞ͘ KďŝĞƫǀŽƉƌŝŵĂƌŝŽĚĞůůΖĂnjŝĞŶĚĂğĚĂƐĞŵƉƌĞůĂƌŝĐĞƌĐĂĐŽƐƚĂŶƚĞĚŝƉƌŽĚŽƫ ŝŶŐƌĂĚŽĚŝƐŽĚĚŝƐĨĂƌĞĐƌŝƚĞƌŝĚŝĂĸĚĂďŝůŝƚă͕ŐĂƌĂŶƚĞŶĚŽůĂŵĂƐƐŝŵĂƐŝĐƵƌĞnjnjĂĚŝ ƵƟůŝnjnjŽ͘ /Ŷ ƋƵĞƐƚĂ ŽƫĐĂ Ěŝ ƋƵĂůŝƚă ĐŽƐƚĂŶƚĞ͕ ůΖĂnjŝĞŶĚĂ ŽƫĞŶĞ ůĂ ĐĞƌƟĮĐĂnjŝŽŶĞ hE/ E /^K ϵϬϬϮ ŶĞůůΖĂŶŶŽ ϭϵϵϳ͕ ůΖĂĚĞŐƵĂŵĞŶƚŽ ĂůůĂ hE/ E /^K ϵϬϬϭ͗ϮϬϬϬ ŶĞůůΖĂŶŶŽϮϬϬϯĞĚŝůƉĂƐƐĂŐŐŝŽĂůůĂhE/E/^KϵϬϬϭ͗ϮϬϬϴŶĞůϮϬϬϵ͘ EĞůůΖĂŶŶŽϭϵϵϳĐŽƐƟƚƵŝƐĐĞ͕ĂƐƐŝĞŵĞĂĚƵŶŐƌƵƉƉŽĚŝĂnjŝĞŶĚĞŝƚĂůŝĂŶĞĚĞůůŽ ƐƚĞƐƐŽ ƐĞƩŽƌĞ͕ ŝů ŽŶƐŽƌnjŝŽ 'ƌŝĨŽŶĞ ĐŽŶ ƐĞĚĞ Ă ZŽŵĂ ĐŚĞ ĚŝǀĞŶƚĂ ƵŶĂ ŝŵƉŽƌƚĂŶƚĞƌĞĂůƚăĂůŝǀĞůůŽŶĂnjŝŽŶĂůĞ͘ EĞůϮϬϭϰğƐƚĂƚŽĐŽƐƟƚƵŝƚŽŝůŵĂŐĂnjnjŝŶŽĐĞŶƚƌĂůŝnjnjĂƚŽĚĞůŽŶƐŽƌnjŝŽ'ƌŝĨŽŶĞ ƉƌĞƐƐŽůĂĮůŝĂůĞZĞƐŝŶĐŽŶĚŽƩĞĚŝŽƐƚĂ͘ ƩƵĂůŵĞŶƚĞ ĚŝƐƉŽŶĞ Ěŝ ƵŶĂ ƐĞĚĞ Ă DŽŶĐĂůŝĞƌŝ ;dKͿ Ğ Ěŝ ƵŶĂ ĮůŝĂůĞ Ă ƌŝƐƐŽŐŶĞŝŶsĂůůĞΖŽƐƚĂ͘ >͛ĂnjŝĞŶĚĂ ğ ŝŶ ŐƌĂĚŽ Ěŝ ƉƌŽĚƵƌƌĞ ƉĞnjnjŝ ƐƉĞĐŝĂůŝ Ă ĚŝƐĞŐŶŽ͕ ŶŽůĞŐŐŝĂƌĞ ŵĂĐĐŚŝŶĞ ƐĂůĚĂƚƌŝĐŝ ƉĞƌ ƉŽůŝĞƟůĞŶĞ Ğ ƐĐĂǀĂƚƌŝĐĞ Ă ĐĂƚĞŶĂ ƉĞƌ ŝŵƉŝĂŶƟ Ěŝ ŝƌƌŝŐĂnjŝŽŶĞ͖ ŝŶŽůƚƌĞ ŽƌŐĂŶŝnjnjĂ ĐŽƌƐŝ ƐƵůůĂ ƉƌŽŐĞƩĂnjŝŽŶĞ ĚĞŐůŝ ŝŵƉŝĂŶƟ Ěŝ ŝƌƌŝŐĂnjŝŽŶĞĞƐƵůůĂƋƵĂůŝĮĐĂnjŝŽŶĞĚĞŝƐĂůĚĂƚŽƌŝĚŝƚƵďĂnjŝŽŶŝŝŶƉŽůŝĞƟůĞŶĞƉƌĞƐƐŽ ŝůƉƌŽƉƌŝŽĐĞŶƚƌŽƋƵĂůŝĮĐĂƚŽĚĂůZŝŶĂ͘ Ăů ϮϬϭϰ͕ ƉƌĞƐƐŽ ůĂ ĮůŝĂůĞ Ěŝ ŽƐƚĂ͕ ğ ĂƫǀŽ ŝů ĐĞŶƚƌŽ Ěŝ ƌŝƉĂƌĂnjŝŽŶĞ Ěŝ ƐĂůĚĂƚƌŝĐŝ ƚĞƐƚĂͬƚĞƐƚĂ ƉĞƌ ƚƵďĂnjŝŽŶŝ ŝŶ ƉŽůŝĞƟůĞŶĞ ŝŶ ĐŽůůĂďŽƌĂnjŝŽŶĞ ĐŽŶ dĞĐŶŽĚƵĞ͕ ŝŶ ŐƌĂĚŽ Ěŝ ĞīĞƩƵĂƌĞ ůĂ ƌĞǀŝƐŝŽŶĞ ďŝĞŶŶĂůĞ ƉĞƌ 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