2ULJLQDO&(0%DGDSWRUV
IRUFDUZKHHOEDODQFHUV
$GDSWRUV
% $ / $ 1 & , 1 *
0 $ & + , 1 ( 6
$GDSWRUV
,
1HO &(0% KD LQYHQWDWR OH IODQJH D FRQL SHU OH PDFFKLQH HTXLOLEUDWULFL H ILQ GD DOORUD KD FRQWLQXDWR D VYLOXSSDUH H SURGXUUH VLVWHPL GL
FHQWUDJJLRGLDOWDSUHFLVLRQHSHUWXWWLLWLSLGLUXRWH&HPEVFRQVLJOLDO·XWLOL]]RGLIODQJHQRQRULJLQDOLVXOOHVXHPDFFKLQHHTXLOLEUDWULFL
*%
,Q&HPELQYHQWHGWKHFRQHDGDSWRUIRUEDODQFLQJPDFKLQHVDQGVLQFHWKHQ&HPEKDVFRQWLQXHGLWVGHYHORSPHQWVDQGSURGXFHGFHQWHULQJ
V\VWHPVIRUZKHHOZLWKKLJKSUHFLVLRQ&HPEVWURQJO\DGYLVHVDJDLQVWWKHXVHRIQRQRULJLQDODGDSWRUVRQLWVEDODQFLQJPDFKLQHV
)
(Q&(0%DLQYHQWpODEULGHjF{QHVSRXUOHVPDFKLQHVG·pTXLOLEUDJH'HSXLV&(0%FRQWLQXHjOHVGpYHORSSHUHWjSURGXLUHGHVGLVSRVLWLIV
GHFHQWUDJHGHKDXWHSUpFLVLRQSRXUOHVURXHV&(0%GpFRQVHLOOHIRUWHPHQWO·XWLOLVDWLRQGHEULGHVQRQG·RULJLQHVXUVHVPDFKLQHVG·pTXLOLEUDJH
,P-DKUHQWZLFNHOWHGDV8QWHUQHKPHQ&(0%GHQ.RQXVIODQVFKIU$XVZXFKWPDVFKLQHQ6HLWKHUZXUGHGLHVHUVWlQGLJRSWLPLHUWXQGZHLWHUH
KRFKSUl]LVH=HQWULHUV\VWHPHNDPHQGD]X&(0%UlWDXVGUFNOLFKQXU2ULJLQDOIODQVFKHIU&(0%$XVZXFKWPDVFKLQHQ]XEHQXW]HQ
'
(6
(Q&(0%LQYHQWyODEULGDDFRQRVSDUDHTXLOLEUDGRUDV\GHVGHHQWRQFHVKDFRQWLQXDGRGHVDUUROODQGRRWURVVLVWHPDVGHFHQWUDGRSDUD
UXHGDVGHJUDQSUHFLVLyQ&(0%DGYLHUWHTXHHQVXVHTXLOLEUDGRUDVVHGHEHUiQXVDUVLHPSUHEULGDVRULJLQDOHV
.,767$1'$5'
8&*/))
,
.LWVWDQGDUGFRPSRVWRGDFRQL
¸PPHJKLHUDUDSLGD*/
*%
6WDQGDUGDGDSWHUVHWZLWKFRQHV
¸PPDQGTXLFNORFNQXW*/
)
'
(6
.LWGHEULGHVVWDQGDUGVFRPSUHQDQW
F{QHV¡¸PPHWFROOLHU
GHVHUUDJHUDSLGH*/
6HW6WDQGDUGIODQVFKHEHVWHKHQG
DXV.RQHQ¸PPXQG
6FKQHOOVSDQQULQJ*/
.LWGHEULGDVHVWiQGDUFRQFRQRV
¸PP\PDULSRVDUiSLGD
*/
8&*/0))
,
*%
)
.LWVWDQGDUGFRPSRVWRGDFRQL¸PP
HJKLHUDUDSLGDFRQYRODQWLQR*/02EEOLJDWRULD
SHUHTXLOLEUDWULFLXWLOL]]DWHVHQ]DSURWH]LRQHUXRWD
6WDQGDUGDGDSWHUVHWZLWKFRQHV¸PP
DQGTXLFNORFNQXWZLWKKDQGZKHHO*/0
&RPSXOVRU\IRUPDFKLQHVXVHGZLWKRXWZKHHOJXDUG
.LWGHEULGHVVWDQGDUGVFRPSUHQDQWF{QHV
¡¸PPHWFROOLHUGHVHUUDJHUDSLGH*/0DYHF
YRODQW2EOLJDWRLUHSRXUOHVPDFKLQHVVDQVSURWHFWLRQ
'
6HW6WDQGDUGIODQVFKHEHVWHKHQGDXV.RQHQ
¸PPXQG6FKQHOOVSDQQULQJPLW+DQGUDG*/0
2EOLJDWRULVFKIU0DVFKLQHQRKQH5DGVFKXW]KDXEH
(6
.LWGHEULGDVHVWiQGDUFRQFRQRV¸PP
\YRODQWHGHODQ]DPLHQWR*/0REOLJDWRULRSDUD
PiTXLQDVVLQSURWHFWRUGHUXHGD
8&6())
,
.LWVWDQGDUGFRPSRVWRGDFRQL
¸PPHPDQLFRWWR
GLVHUUDJJLRUDSLGR6(
*%
6WDQGDUGDGDSWHUVHWZLWKFRQHV
¸PPDQGTXLFNORFNLQJ
VOHHYH6(
)
.LWVWDQGDUGFRPSRVpSDUF{QHV
¸PPHWPDQFKRQ
GHEORFDJHUDSLGH6(
'
.LWVWDQGDUGEHVWHKHQGDXV.RQHQ
¸PPSQHXPDWLVFKH
6SDQQKOVHIUGHQ6FKQHOOYHUVFKOXVV
(6
.LWGHEULGDVHVWiQGDUFRQFRQRV
¸PP\PDQLJXLWR
GHEORFDMHUiSLGR6(
5/&83))
,
*%
&RSSHWWDLQSODVWLFDGLJUDQGHGLDPHWURFRQDQHOORLQSROLXUHWDQRGLSURWH]LRQH
SHUFHUFKLLQOHJDOHJJHUDGDXWLOL]]DUHVX*/*/0
/DUJHGLDPHWHUSODVWLFFXSZLWKUXEEHUULQJIRUDOOR\ULPVSURWHFWLRQ
XVHGRQ*/*/0
)
0DQFKRQHQSODVWLTXHGHJUDQGGLDPqWUHPXQLG·XQHEDJXHHQFDRXWFKRXF
SRXUSURWpJHUOHVMDQWHVHQDOOLDJHXWLOLVpSRXU*/*/0
'
.XQVWVWRIINDSSHPLWJURHP'XUFKPHVVHUXQG*XPPLULQJ]XP6FKXW]YRQ
$OX)HOJHQ]XU9HUZHQGXQJDXI*/*/0
(6
&DSXFKyQGHSOiVWLFRGHJUDQGLiPHWURFRQDQLOORGHJRPDSDUDSURWHFFLyQ
GHOODQWDVGHDOXPLQLRSDUDVHUXVDGRFRQ*/*/0
9/&RQH*'LVF
,
*%
))
.LWSHUUXRWHGLYHLFROLFRPPHUFLDOLOHJJHULFRQIRURFHQWUDOH¸PP
.LWIRUOLJKWWUXFNZKHHOV¸PPFHQWUHKROH
)
.LWSRXUOHVURXHVGHYpKLFXOHVXWLOLWDLUHVOpJHUVWURXFHQWUDO¡¸PP
'
6HWIU5lGHUYRQ.OHLQWUDQVSRUWHUQ0LWWHOORFK¸PP
(6
.LWSDUDUXHGDVGHFDPLRQHVOLJHURVDJXMHURFHQWUDO¸PP
-FRQH
,
*%
))
&RQRGLDOWDSUHFLVLRQHSHUYHLFROLDTXDWWURUXRWHPRWULFL
FRQIRURFHQWUDOH¸PP
+LJKSUHFLVLRQFRQHIRUZKHHOGULYHYHKLFOHV
¸PPFHQWUHKROH
)
&{QHGHKDXWHSUpFLVLRQSRXUOHVWRXWWHUUDLQWURXFHQWUDO¡¸PP
'
+RFKSUl]LVHU.RQXVIU)DKU]HXJHPLW$OOUDGDQWULHE
0LWWHOORFK¸PP
(6
&RQRGHDOWDSUHFLVLyQSDUDYHKtFXORVGH[DJXMHURFHQWUDO¸PP
.,7:''&
,
*%
))
:''LVFRGLVWDQ]LDOHGLDSSRJJLRSHUUXRWHPROWRODUJKH'&%XVVRODVSLQJLPROOD
:':KHHOVXSSRUWVSDFHUIRUYHU\ZLGHZKHHOV'&VSULQJSXVKHUEXVK
)
:'GLVTXHHQWUHWRLVHG·DSSXLSRXUURXHVWUqVODUJHV'&GRXLOOH
SRXVVHUHVVRUW
'
:''LVWDQ]VWFNIU5lGHUPLWJURHU(LQSUHVVWLHIH)HGHUGUFNHU'&
(6
:'GLVFRULRVWUDGHDSR\RSDUDUXHGDVPX\DQFKDV'&FDVTXLOOR
GHSUHVLyQPXHOOH
% $ / $ 1 & , 1 *
07FRQH
,
*%
))
&RQRDJUDGLQLGLDOWDSUHFLVLRQHSHU3RUVFKH$XGL9RONVZDJHQ2SHO%0:6PDUW
HDOWULPDUFKLFRQIRURFHQWUDOHPP
+LJKSUHFLVLRQVWHSSHGFRQHIRU3RUVFKH$XGL9RONVZDJHQ2SHO%0:6PDUWDQG
RWKHUEUDQGVPPFHQWUHKROH
)
&{QHjSDOLHUVGHKDXWHSUpFLVLRQSRXUOHVYpKLFXOHV3RUVFKH$XGL9RONVZDJHQ
2SHO%0:6PDUWHWDXWUHVPRGqOHVWURXFHQWUDOPP
'
+RFKSUl]LVHU6WXIHQNRQXVIU3RUVFKH$XGL9RONVZDJHQ2SHO%0:6PDUWXQGDQGHUH
)DKU]HXJPDUNHQ0LWWHOORFKPP
(6
&RQRHVFDORQDGRGHDOWDSUHFLVLyQSDUD3RUVFKH$XGL9RONVZDJHQ2SHO%0:
6PDUW\RWUDVPDUFDV$JXMHURFHQWUDOPP
0HUFHGHV.LW
,
))
.LWGLDOWDSUHFLVLRQHFRPSRVWRGDFRQLXQDPROODGLVSLQWD
VHFRQGRVSHFLILFKH0HUFHGHV%HQ]
*%
+LJKSUHFLVLRQVHWRIFRQHVPP%DFNVSULQJ'HYHORSHGRQ
0HUFHGHV%HQ]VSHFV
)
.LW´+DXWHSUpFLVLRQµFRPSRVpGHF{QHVPPXQUHVVRUWGH
SRXVVpHVHORQOHVEHVRLQV0HUFHGHV%HQ]
'
3Ul]LVLRQV´.,7µEHVWHKHQGDXV.RQHQPP)HGHUIU
*HJHQGUXFNQDFK0HUFHGHV%HQ]9RUJDEH
(6
.LWGHDOWDSUHFLVLyQFRQFRQRVPPPXHOOHGHHPSXMH
'HVDUUROODGRVHJ~QHVSHFLILFDFLRQHV0HUFHGHV%HQ]
3HXJHRW&LWURsQNLW
,
*%
))
.LWGLDOWDSUHFLVLRQHFRPSRVWRGDEXVVRODFRQL¸PPH¸
PP6YLOXSSDWRVHFRQGRVSHFLILFKH3HXJHRWH&LWURsQ
+LJKSUHFLVLRQVHWRIEXVKFRQHV¸PPDQG¸PP
'HYHORSHGRQ3HXJHRWDQG&LWURsQVSHFV
)
.LWGHKDXWHSUpFLVLRQFRPSUHQDQWGRXLOOH¡PPF{QHV¡¸PPHW¡
¸PP'pYHORSSpVHORQOHFDKLHUGHVFKDUJHV3HXJHRWHW&LWURsQ
'
+RFKSUl]LVHV6HWEHVWHKHQGDXV+OVH.RQHQ¸PPXQG
¸PP/DXW3HXJHRW&LWURsQ6SH]LILNDWLRQHQWZLFNHOW
(6
.LWGHDOWDSUHFLVLyQGHEXMHFRQRV¸PP\
¸PP'HVDUUROODGRVHJ~QHVSHFLILFDFLRQHV3HXJHRW\&LWURsQ
5(1$8/7NLW
,
*%
))
.LWGLDOWDSUHFLVLRQHFRPSRVWRGDEXVVROHPP
6YLOXSSDWRVHFRQGRVSHFLILFKH5HQDXOW
+LJKSUHFLVLRQVHWRIEXVKHVPP'HYHORSHGRQ5HQDXOWVSHFV
)
.LWGHKDXWHSUpFLVLRQFRPSUHQDQWGRXLOOHV¡PP
'pYHORSSpVHORQOHFDKLHUGHVFKDUJHV5HQDXOW
'
+RFKSUl]LVHV6HWEHVWHKHQGDXV+OVHQPP
/DXW5HQDXOW6SH]LILNDWLRQHQWZLFNHOW
(6
.LWGHDOWDSUHFLVLyQGHEXMHVPP
'HVDUUROODGRVHJ~QHVSHFLILFDFLRQHV5HQDXOW
0 $ & + , 1 ( 6
$GDSWRUV
50
,
*%
))
3HUUXRWHPRWRVWDQGDUGFRQFXVFLQHWWLDYHQWLIRUR¸PP
DOEHUR/ PP
)RUVWDQGDUGPRWRUF\FOHZKHHOVZLWKEHDULQJKROH¸PP
VKDIW/ PP
)
3RXUOHVURXHVGHPRWRVWDQGDUGDYHFWURXGHSDOLHU¸PP
DUEUH/ PP
'
)U6WDQGDUG0RWRUUDGUlGHUPLW/DJHUERKUXQJ¸PP
:HOOH/ PP
(6
3DUDUXHGDVGHPRWRFLFOHWDHVWiQGDUFRQEXMH¸PP
HMH/ PP
50&027
,
)) )ODQJLDXQLYHUVDOHSHUPRWRHVFRRWHU
3HUUXRWHPRWRIODQJLDWHHUXRWHVFRRWHUFRQRGLSUHFLVLRQH
GDOO·LQWHUQR
3HUUXRWHPRWRFRQFXVFLQHWWLIRURLQWHUQR¸PP
EUDFFLRGLWUDVFLQDPHQWRELODQFLDWRGLQDPLFDPHQWH
*%
8QLYHUVDOFHQWHULQJDGDSWHUIRUPRWRUF\FOHVDQGVFRRWHUZKHHOV
)RUIODQJHGZKHHOVDQGVFRRWHUZKHHOVKLJKSUHFLVLRQEDFN
FHQWHULQJFRQH
)RUZKHHOVZLWKEHDULQJLQQHUKROH¸PPKDXODJHDUP
G\QDPLFDOO\EDODQFHG
)
%ULGHXQLYHUVHOOHGHFHQWUDJHSRXUOHVURXHVGHPRWRVHWGH
VFRRWHUV
3RXUOHVURXHVPRWRVEULGpHVHWOHVURXHVGHVFRRWHUVXQF{QH
GHFHQWUDJHDUULqUHjKDXWHSUpFLVLRQ3RXUOHVURXHVDYHFXQ
SDOLHUWURXLQWpULHXUGH¡¸PPXQEUDVG·HQWUDvQHPHQW
pTXLOLEUpG\QDPLTXHPHQW
'
8QLYHUVHOOHU=HQWULHUIODQVFKIU0RWRUUDGXQG5ROOHUUlGHU
)UJHIODQVFKWH5lGHUXQG5ROOHUUlGHU+RFKSUl]LVHUKLQWHUHU
=HQWULHUNRQXV
)U5lGHUPLW/DJHU,QQHQORFK¸PPG\QDPLVFK
DXVJHZXFKWHWHU%JHO
(6
%ULGDXQLYHUVDOSDUDUXHGDVGHPRWRFLFOHWDV\VFRRWHUV
3DUDUXHGDVGHPRWRFLFOHWDVFRQEULGDV\UXHGDVVFRRWHUVFRQR
GHSUHFLVLyQGHVGHHOLQWHUQR
3DUDUXHGDVGHPRWRFLFOHWDVFRQFRMLQHWHV
DJXMHURLQWHUQR¸PPEUD]RGHDUUDVWUHHTXLOLEUDGR
GLQiPLFDPHQWH
% $ / $ 1 & , 1 *
6586$
))
6586$6())
,
)ODQJLDFRQFRORQQHWWHGLDOWDSUHFLVLRQHHSURWH]LRQHSHUFHUFKLSHUYHLFROLFRPPHUFLDOL
OHJJHULSLFNXSVHIXRULVWUDGDIRULGHOFHUFKLRFRQFRORQQHWWHULJLGHVWG
OXQJKH3HUIRULGHOFHUFKLRPP3HUIRULGHOFHUFKLR
PP3HUIRULGHOFHUFKLRPP
*%
6WXGDGDSWHUIRUULPSURWHFWLRQDQGKLJKSUHFLVLRQ)RUOLJKWWUXFNVSLFNXSVDQGZKHHO
GULYHYHKLFOHVKROHULPVZLWKULJLGVWXGVVWGORQJ
)RUKROHULPVPP)RUKROHULPVPP
)RUKROHULPVPP
)
%ULGHjD[HGHFHQWUDJHSRXUODSURWHFWLRQGHODMDQWHHWXQFHQWUDJHGHKDXWHSUpFLVLRQ
&RQYLHQWDX[YpKLFXOHVXWLOLWDLUHVOpJHUVDX[FDPLRQQHWWHVHWDX[WRXWWHUUDLQMDQWHj
WURXVDYHFJRXMRQVULJLGHVVWGVORQJV3RXUOHVMDQWHVjWURXV
PP3RXUOHVMDQWHVjWURXVPP3RXUOHVMDQWHV
jWURXVPP
'
)ODQVFK PLW =HQWULHUERO]HQ IU )HOJHQVFKXW] XQG KRKH 3Ul]LVLRQ IU .OHLQWUDQVSRUWHU
3LFNXSVXQG)DKU]HXJHPLW$OOUDGDQWULHE/RFKIHOJHQPLWVWDUUHQ=HQWULHUERO]HQ
VWDQGDUG²ODQJ
/|FKHU[PP/|FKHU[PP/|FKHU[
PP
(6
%ULGDSDUDSURWHFFLyQGHOODQWDV\DOWDSUHFLVLyQGHFHQWUDGR
3DUDFDPLRQHVOLJHURVFDPLRQHWDV\YHKtFXORVFRQWUDFFLyQDODVFXDWURUXHGDVOODQWDV
GHDJXMHURVFRQWRUUHWDVUtJLGDVHVWiQGDUODUJDV
DJXMHURV[PPDJXMHURV[PP
DJXMHURV[PP
8+
)) ,
)ODQJLDSHUUXRWHFRQIRUL¸PPGLJLDFHQ]DIRULGHOFHUFKLRFRQR
VHQ]DIRURFHQWUDOH5HQDXOW3HXJHRWH&LWURsQ
'RSSLRFRQRGLFHQWUDJJLRGDOO·LQWHUQRFRQHOHYDWDSUHFLVLRQH/·HUURUHGLFHQWUDJJLR
qGLPH]]DWRULVSHWWRDIODQJHVLPLOLDWWXDOPHQWHVXOPHUFDWR
*%
)RU ZKHHOV KROHV ¸ PP SLWFK FLUFOH ZLWKZLWKRXW FHQWUDO KROH
5HQDXOW3HXJHRWDQG&LWURsQ
%DFN FHQWHULQJ GRXEOH FRQH IRU KLJK SUHFLVLRQ &HQWHULQJ HUURU SUDWLFDOO\ KDOYHG
FRPSDUHGWRVLPLODUDGDSWRUVRQWKHPDUNHW
)
3RXU GHV MDQWHV j HW WURXV ¡ GH SHUoDJH ¸ PP DYHFVDQV WURX
FHQWUDO5HQDXOW3HXJHRWHW&LWURsQ
'RXEOH F{QH GH FHQWUDJH j O·DUULqUH SRXU SOXV GH SUpFLVLRQ (UUHXU GH FHQWUDJH
SUDWLTXHPHQWUpGXLWHGHPRLWLpSDUUDSSRUWjGHVEULGHVVLPLODLUHVYHQGXHVGDQVOH
FRPPHUFH
'
)U /RFK5lGHU /RFKNUHLV ¸ PP PLWRKQH 0LWWHOORFK 5HQDXOW
3HXJHRWXQG&LWURsQ+LQWHUHU'RSSHO]HQWULHUNRQXVIUKRKH3Ul]LVLRQ
=HQWULHUIHKOHUZHUGHQLP9HUJOHLFK]XDQGHUHQKDQGHOVEOLFKHQ)ODQVFKHQ
XPIDVWGLH+lOIWHUHGX]LHUW
(6
3DUD UXHGDV GH DJXMHURV EXMH PP FRQ R VLQ DJXMHUR FHQWUDO
5HQDXOW3HXJHRW\&LWURsQ'REOHFRQRWUDVHURGHFHQWUDGRSDUDJUDQSUHFLVLyQ
6H UHGXFH D OD PLWDG HO HUURU GH FHQWUDGR FRPSDUDGR FRQ RWURV DGDSWDGRUHV
VLPLODUHVH[LVWHQWHVHQHOPHUFDGR
0 $ & + , 1 ( 6
656565 ,
*%
656(656(656(
)ODQJLDFRQFRORQQHWWHGLDOWDSUHFLVLRQHHSURWH]LRQHSHUFHUFKLDRIRUL&RQFRORQQHWWHFRPSRVWHGDGXHSDUWLXQLWHGDXQDURQGHOOD
HODVWLFDFKHJDUDQWLVFHXQDSUHVVLRQHXQLIRUPHVXWXWWLLSXQWLG·DSSRJJLR
6WXGDGDSWHUIRUULPSURWHFWLRQDQGKLJKSUHFLVLRQFHQWHULQJIRURUKROHVULPV:LWKVWXGVZKLFKXVHWZRSLHFHVSULQJZDVKHUVZKLFK
JXDUDQWHHDSUHVVXUHXQLIRUPLW\RQDOOSRLQWV
)
%ULGHjD[HGHFHQWUDJHSRXUODSURWHFWLRQGHODMDQWHHWXQFHQWUDJHGHKDXWHSUpFLVLRQSRXUGHVMDQWHVjRXWURXV$YHFGHVD[HVXWLOLVDQW
URQGHOOHVpODVWLTXHVJDUDQWLVVDQWXQDSSXLXQLIRUPHVXUWRXVOHVSRLQWV
'
)ODQVFKPLW=HQWULHUERO]HQIU/RFK)HOJHQELHWHQ)HOJHQVFKXW]XQGKRFKSUl]LVH=HQWULHUXQJ0LW=HQWULHUERO]HQXQG]ZHL)HGHUVFKHLEHQ
*DUDQWLHUWJOHLFKPlLJHQ'UXFNDXIGHQ)HOJHQ
(6
%ULGDFRQWRUUHWDVSDUDSURWHFFLyQGHOODQWDV\FHQWUDGRGHJUDQSUHFLVLyQSDUDRDJXMHURV&RQWRUUHWDVGHGRVSDUWHVXQLGRVSRUGRV
DUDQGHODVHOiVWLFDVTXHJDUDQWL]DQXQHPSXMHXQLIRUPHVREUHWRGRVORVSXQWRV
65 ))
,
*%
656(
))
3HUFHUFKLDIRULPP
&RQFRORQQHWWHVWGOXQJKH
)RUKROHULPVPP:LWKVWXGVVWGORQJ
)
3RXUGHVMDQWHVjWURXVPP
$YHFJRXMRQVVWGVORQJV
'
/RFKIHOJHQPP
0LW=HQWULHUERO]HQVWDQGDUG²ODQJ
(6
3DUDOODQWDVGHDJXMHURVPP
&RQWRUUHWDVHVWiQGDUODUJDV
65 ))
,
*%
656(
))
3HUFHUFKLDIRULPP
&RQFRORQQHWWHVWGOXQJKH
KROHULPVPP:LWKVWXGVVWGORQJ
)
3RXUGHVMDQWHVjWURXVPP
$YHFJRXMRQVVWGVORQJV
'
/RFKIHOJHQPP
0LW=HQWULHUERO]HQVWDQGDUG²ODQJ
(6
3DUDOODQWDVGHDJXMHURVPP
&RQWRUUHWDVHVWiQGDUODUJDV
65))
,
*%
656( ))
3HUFHUFKLDIRULPP
&RQFRORQQHWWHVWGOXQJKH
KROHULPVPP:LWKVWXGVVWGORQJ
)
3RXUGHVMDQWHVjWURXVPP
$YHFJRXMRQVVWGVORQJV
'
/RFKIHOJHQPP
0LW=HQWULHUERO]HQVWDQGDUG²ODQJ
(6
3DUDOODQWDVGHDJXMHURVPP
&RQWRUUHWDVHVWiQGDUODUJDV
,FRQNH\
%ORFFDJJLRPDQXDOH
0DQXDOORFNLQJ
%ORFDJHPDQXHO
0HFKDQLVFKH6SDQQYRUULFKWXQJ
%ORTXHRPDQXDO
%ORFFDJJLRSQHXPDWLFR
3QHXPDWLFORFNLQJ
%ORFDJHSQHXPDWLTXH
3QHXPDWLVFKH6SDQQYRUULFKWXQJ
%ORTXHRQHXPiWLFR
6RPHRIRXUFXVWRPHUV
)(55$5,0$6(5$7,/$0%25*+,1,0(5&('(6%(1=%0:92/.6:$*(1),$7/$1&,$$/)$520(2)25'
1,66$15(1$8/7+$5/(<'$9,'621+21'$<$0$+$68=8.,.$:$6$.,.70'8&$7,75,803+$35,/,$
3,$**,20272*8==,3,5(//,%5,'*(6721(0,&+(/,1&217,1(17$/'81/23*22'<($5%5(0%20(7=(/(5
0 $ & + , 1 ( 6
&(0%6S$
9LD5LVRUJLPHQWR
0DQGHOORGHO/DULR/&,WDO\
ZZZFHPEFRP
&(0%86$%/6\VWHPV,QF
5DPVH\5RDG
*DLQHVYLOOH*$86$
3KRQH
)D[
VDOHV#FHPEXVDFRP
$$'$37
% $ / $ 1 & , 1 *
*DUDJHHTXLSPHQWGLYLVLRQ
&(0%,7$/<
3ODQWDQG7UDLQLQJ&HQWHU
9LDOHGHOOD&RVWLWX]LRQH
0DQGHOORGHO/DULR/&
SKRQH ID[
JDUDJH#FHPEFRP
$OO WKH GDWD DQG IHDWXUHV PHQWLRQHG LQ WKLV FDWDORJXH DUH SXUHO\ IRU LQIRUPDWLRQ DQG GR QRW
FRQVWLWXWHDQ\FRPPLWPHQWRQWKHSDUWRIRXUFRPSDQ\ZKLFKUHVHUYHVWKHULJKWWRPDNHDQ\DQG
DOODOWHUDWLRQVLWPD\FRQVLGHUVXLWDEOHZLWKRXWQRWLFH