$**,251$0(172 ),50:$5( $//( 9(56,21, $$ /(**(5(%(1( ,03257$17(/ 87,/,==2'(,),/(('(,),50:$5(352*5$00,(78772 ,/5(672( $9267525,6&+,2(3(5,&2/2(66(1'2,/),50:$5(121 /(*$/(/$3$1$382 1213$66$59,,1*$5$1=,$(9(178$/,5,3$5$=,21, 48(67$*8,'$'(9((66(5(/(77$02/7202/72%(1( ('(¶67$7$5($/,==$7$$38526&232','$77,&2 299,$0(17(1210,$668021(6681$ 5(63216$%,/,7$¶3(5(5525,2',035(&,6,21, 5,3257$7,1(//$67(685$ 48(67$*8,'$(¶81$5$&&2/7$'(,02/7,66,0,3267 6&5,77,$/5,*8$5'268/)2580', :::*',7 25*$1,==$7,3(53$66$**,)21'$0(17$/, /HIUDVLULSRUWDWHIUDYLUJROHWWHHGLQFRUVLYRVRQRVWDWHFRSLDWHHGLQFROODWHGDO IRUXPSDULSDULPHQWUHWUDSDUHQWHVLH¶ULSRUWDWRO¶DXWRUH /DJXLGDIDULIHULPHQWRDOO¶DJJLRUQDPHQWRDOOD9HU$GDYHUVLRQL LQIHULRUL WDOLSURFHGXUHVRQRYDOLGHSHUOD9HU$SHUODTXDOHVL GHYRQRDYHUHLUHODWLYLILOH/$1*8$*(H),50:$5( 3HUDJJLRUQDUHGDOOD9HUVLRQH$DOOD9HUVLRQH$HVHJXLUH VRODPHQWHO¶DJJLRUQDPHQWRFRQ:LQPRGRYHGLSXQWR /¶XOWLPD9HUVLRQH)LUPZDUHGLVSRQLELOHqOD$ ,QGLFH 6EORFFRHHSURP $JJLRUQDPHQWR6RIWZDUHH)LUPZDUH:LQ0RGRY $JJLRUQDPHQWR6RIWZDUHH)LPZDUHFEY $JJLRUQDPHQWR%LRV 8WLOL]]R)ODVK(GLWRU9 3UREOHPLFE $JJLRUQDPHQWRLFRQHYHUVLRQH$DOOHYHFFKLH$ 3ULPDGLLQL]LDUHDVPDQHWWDUHqFRQVLJOLDELOHVDOYDUHUXEULFDGDWLHWF1216,6$0$,6$/9$7(,/ 6$/9$%,/( (¶PHJOLRULDYYLDUHLOFRPSXWHUSHUHYLWDUHEORFFKL 6EORFFRHHSURP /RVEORFFRGHOO¶HHSURPVHUYHSHUDELOLWDUHLQVHJXLWRLJLRFKLLQWHUQLGHOWHOHIRQR7HWULVH3HFRUHOOH 6LFFRPHLOVRIWZDUHFUDFNGIXQ]LRQDVRODPHQWHFRQOHYHUVLRQLILUPZDUHGDOOD$LQJLqPHJOLRHVHJXLUOR SULPDGLSDVVDUHDOODYHUVLRQH$ 3HUFKLSRVVLHGHJLjOD$VLGHYHULWRUQDUHDOOD$HSRLVHJXLUHTXDQWRVFULWWRVRWWR 3URJUDPPDGDXWLOL]]DUH )LUPZDUHGDXWOL]]DUH 3RUWDFRP 7HOHIRQR FUDFNHGGIXQ]LRQDVRORVXOODSRUWD&20 $RLQIHULRUH &20 &DULFR63(172HFRQ6,0LQVHULWD ,PSRVWD]LRQHGHOODSRUWDVX&20 ´VHXVLLOFDYRVHULDOHFROOHJDORDOODFRPGLUHWWDPHQWHVHXVLLOFDYR XVEGHYLDQGDUHQHOODJHVWLRQHSHULIHULFKHGLZLQGRZVVRWWR3RUWH&20H/37F¶q³0$786%WRVHULDOSRUW &20´YDLQHOOHSURSULHWjHVHWWLODFRPGLVDELOLWDQGROHHYHQWXDOLSHULIHULFKHFKHODYRUDQRVXTXHVWD SRUWDSHUHYLWDUHFRQIOLWWL³-DWVR TXHVWRYDOHSHUOHYHUVLRQLZLQHZLQ;3,QZLQQRQqSRVVLELOH HIIHWWXDUHWDOHVFDPELRGLSRUWHSHUFXLqVFRQVLJOLDWRHIIHWWXDUHORVEORFFR 3HUZLQOHLPSRVWD]LRQLGHOODSRUWDVRQROHVHJXHQWL ,03257$17(3ULPDGLFROOHJDUHLOWHOHIRQRVLGHYRQRFRSULUHLOHLOSLQGDGHVWUDVWHVVD FRVDSHUO¶XWLOL]]RGLFE 3HUHYLWDUHEORFFKLqFRQVLJOLDELOHULPXRYHUHPRPHQWDQHDPHQWHLOFRGLFH3,1 &ROOHJDUHLOWHOHIRQRDOFDYR86% /DQFLDUH&UDFNG $QGDUHVX81/2&. 3UHPHUH³5HDG*'&RGHV´ $FFHQGHUHLOWHOHIRQRQRQDSSHQDDSSDUHODVFULWWD³3UHVV32:(521´ $OWHUPLQHGHOODSURFHGXUDVLDYUjXQDVFKHUPDWDFRPHTXHVWD ³ODSURFHGXUDVEORFFDO¶HHSURPHUHVWLWXLVFHLOFRGLFHSHUVEORFFDUHODVLPQHOFDVRVLDEORFFDWD´´-DWVR &KLXGHUH&UDFNG 6SHJQHUHLOWHOHIRQR $TXHVWRSXQWRO¶HHSURPqVEORFFDWD 723 $JJLRUQDPHQWR6RIWZDUHH)LUPZDUH:LQ0RGRY 3URJUDPPDGDXWLOL]]DUH 1XRYRILUPZDUH 3RUWDFRP 7HOHIRQR ZLQPRGRYFEY $B12B&$0B&/,&.B%<B,//2 &20 &DULFR63(172HFRQ6,0LQVHULWD $WWHQ]LRQHO¶DJJLRUQDPHQWRGXUDFLUFDPLQXWLSHUFXLGXUDQWHTXHVWRWHPSRQRQIDUHFD]]DWHFRQLO FRPSXWHUHVRSUDWWXWWRQRQVWDFFDUHLOFDYR ³6HDYHWHFDULFDWRLOFHOOXODUHPHGLDQWHLOFDYR86%SULPDGLIDUHO¶DJJLRUQDPHQWR5,$99,$7(,/ &20387(5´:XEL[ 7RJOLHUHLOQDVWURDGHVLYRVXL3,1H SULPDGLFROOHJDUHLOFDYR86% 8QXWLOHOLQNSHUDYHUHXQDFRPSUHQVLRQHYLVLYDGLTXDQWRVLDQGUjDIDUHqLOVHJXHQWHDQGUjFRPRGRDQFKH SHULOSURJUDPPDFE KWWSEDEHOILVKDOWDYLVWDFRPEDEHOILVKXUOWUXUO"OS IUBHQXUO KWWS$))QRVHQVIUHHIU)JG)IOD VKDJHKWP ,QL]LDPR ,PSRVWDUHODSRUWDVX&20 *HVWLRQH3HULIHULFKHLQWHRULDJLjIDWWRPDPHJOLRFRQWUROODUH $SULUHLOSURJUDPPDZLQPRGR &OLFFDUHVX³/DQJXDJH´HGLQVHULUHLOILOH*'/UHORUHODWLYRSHU$ &OLFFDUHVX³0DLQ´HGLQVHULUHLOILOH*$'$UHORUHODWLYRSHU$ 6FHJOLHUHODSRUWDFRPLQTXHVWRFDVR&20 ,PSRVWDUHLO%DXG5DWHVX 3UHPHUHLOWDVWR³%RRW´FKHGHYHGLYHQWDUHYHUGHTXHVWRq:LQPRGRSURQWRSHULOGRZQORDG $TXHVWRSXQWRSUHPHUHLOWDVWR³6WDUWGRZQORDG´ ³DSSDULUj6,*1$//,1*$TXHVWRSXQWRDFFHQGLLOWHOHIRQRWHQHQGRSUHPXWRLOWDVWR/DILQHVWUD PRVWUHUj &KDQJLQ3URWRFRO3URWRFROUHVSRQVHUHFHLYHGHFRVLYLD7RJOLHUHDGHVVRLOGLWRGDOWDVWRGHO WHOHIRQR´:XEL[,O7DVWRYDSUHPXWRSHUXQVHFRQGRQRQWHQHUORSUHPXWRSHU³PH]]¶RUD´ $WWHQGHUHILQRDFKHQRQWHUPLQDHTXHVWRSXQWRFKLXGHUHZLQPRGRHVWDFFDUHLOWHOHIRQRGDOFDYR86% ³&DULFDQGRILUPZDUHHODQJXDJH3DFNWUDPLWH:LQ0R'RVRORLOGLVSOD\HVWHUQRqDWWLYDWRHWLPRVWUDOH LQIRUPD]LRQLULJXDUGRO¶XSGDWHLQFRUVR,OFHOOXODUHGLVSOD\LQWHUQRqVSHQWR7RJOLHQGRLOFDYHWWRGRSROD ILQHGHOURXQGLO*'qGXQTXHJLjVSHQWR´FRROMD]] &RPHGHWWRODSURFHGXUDGXUDFLUFDPLQXWL 723 $JJLRUQDPHQWR6RIWZDUHH)LPZDUHFEY &%GHYHHVVHUHXVDWRODSULPDYROWDFKHVLIDO¶DJJLRUQDPHQWRVLDDOOD$FKH DOOD$ 6HVLSDVVDLQYHFHGDOOD$DOOD$VDOWDUHTXHVWRSXQWRDPHQRFKHQRQVLDEELDQRSUREOHPLFRQ OHOLQJXHYHGLTXL ,VRODUHLSLQH FRPHVFULWWRLQSUHFHGHQ]D HULDWWDFFDUHLOFDYRXVEDOWHOHIRQR $YYLDUHLOSURJUDPPDFE ,PSRVWDUHODFRUUHWWDSRUWD&20VXILOHVHWXSJHQHUDOSRUWDFRP 6HOH]LRQDUHLOPRGHOORGLWHOHIRQRILOHVHOHFWPRGHO ³DTXHVWRSXQWRSUHPHWHVXFELOWDVWRKDQGVHWSRZHUHWHQHQGRORSUHPXWRSUHPHWHLOWDVWRURVVRGL DFFHQVLRQHVXOSDQDVXOORVFKHUPRGHOFHOOXODUHFRPSDUHXQDVFULWWD´:XEL[&RQTXHVWDRSHUD]LRQH GRYUHEEHDYHUOHWWRLFRGLFLGHOWHOHIRQRHQRQGHYHGDUHQHVVXQHUURUH DQGDUHVXGDWDZULWHKDQGVHW VHOH]LRQDWHVHWWLQJVHSUHPHWHIXQFWLRQFOHDU VHWXWWRqDQGDWRRNVXOGLVSOD\GHOWHOHIRQRGHYHFRPSDULUHXQDVFULWWD 3HUDELOLWDUHLJLRFKLLQWHUQLDQGDUHVX&XVWRPLVDWLRQ±0RELOH9DULDQWHVSRVWDUHO¶LQWHUUXWWRUHGD,QIXVLR D,QWHUQDOSUHPHUH:ULWHVHWWLQJWRSKRQHLOJLRFRqIDWWR &KLXGHUHFEVWDFFDUHODVSLQDHULDYYLDUHLOWHOHIRQRLQVHUHQGRDSSHQDSRVVLELOHLOFRGLFH SHUYLVXDOL]]DUHODYHUVLRQHILUPZDUHFKHGHYHHVVHUHRYYLDPHQWH$ 723 $JJLRUQDPHQWR%LRV0HQ*UDILFL &RQULIHULPHQWRDOOHGLVFXVVLRQLGHOIRUXPVXOO¶DJJLRUQDPHQWRGHO%,26GLVHJXLWRULSRUWRODSURFHGXUD $77(1=,21(/$0$**,253$57('(,%,2602',),&$7,*5$),&$0(17(6212 5($/,==$7,689(56,21($´&¶(¶/$3266,%,/,7$¶&208148(&21)/$6+ (',725',02',),&$5(48$/6,$6,9(56,21(385&+(¶6,',6321*$'(/ 5(/$7,92),/(5(/´)UDQVLV 7RJOLHUHLOQDVWURDGHVLYRVXL3,1H SULPDGLFROOHJDUHLOFDYR86% 3HUWDOHDJJLRUQDPHQWRVLSURFHGHQHOODVWHVVDLGHQWLFDPDQLHUDGHOSXQWR ,PSRVWDUHODSRUWDVX&20 *HVWLRQH3HULIHULFKHLQWHRULDJLjIDWWRPDPHJOLRFRQWUROODUH $SULUHLOSURJUDPPDZLQPRGR &OLFFDUHVX³/DQJXDJH´HGLQVHULUHLOILOH*'/UHO/DQJXDJHSHU$ &OLFFDUHVX³0DLQ´HGLQVHULUHLOILOHLOILOH%,26GHVLGHUDWRSHUHVHPSLROLQX[UHORDOWURD SLDFLPHQWRDWWHQ]LRQHLOILOHGHYHDYHUHXQDGLPHQVLRQHE\WHV 6FHJOLHUHODSRUWDFRPLQTXHVWRFDVR&20 ,PSRVWDUHLO%DXG5DWHVX 3UHPHUHLOWDVWR³%RRW´FKHGHYHGLYHQWDUHYHUGHTXHVWRq:LQPRGRSURQWRSHULOGRZQORDG $TXHVWRSXQWRSUHPHUH³6WDUW'RZQORDG´ 8QDYROWDWHUPLQDWDODSURFHGXUDFLUFDPLQXWLVLSXzVFROOHJDUHLOWHOHIRQRHULDFFHQGHUH )ODVK(GLWRU $UULYDSUHVWR« 3UREOHPLFE 6HFLVRQRSUREOHPLFRQOHOLQJXHIDUHFRPHVHJXH ³FPTqIDFLOHDSULFEYDLVXZULWHKDQGVHW!PRELOHYDULDQW!ODQJXDJHVOHVHOH]LRQLWXWWHHSUHPLOD& FKHVWDVXOODVLQLVWUDSRLHVFLVHQ]DSUHPHUHVXOSXOVDQWHZULWHVHWWLQJWRSKRQHDOWULPHQWLULFDQFHOODOH OLQJXH´-DWVR 723 $JJLRUQDPHQWRLFRQHYHUVLRQH$DOOHYHFFKLH$ 4XHVWROLQNVLULIHULVFHDGXQSRVWGLLOOR VXOIRUXP KWWSZZZIRUXPFRPPXQLW\QHWLQGH[SKS"DFW 67I W KO LFRQHV DIHEFFH GIFIEH SLFKLDURGLFRVu 723 'LTXHVWDJXLGDIDWHQHTXHOORFKHYROHWHSXUFKpDEELDWHLO EXRQFXRUHGLFLWDUQHO¶DXWRUH 6LULQJUD]LDRYYLDPHQWHWXWWRLO*'IRUXP« ,QSDUWLFRODUH)UDQVLV -DWVR:XEL[&RROMD]]7RUPHSHUO¶DVVLVWHQ]D 8Q6DOXWRQH -HSD 5HY 5HY