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QRGURLQDQHSLHFLHDPRHQHULMDVX]NUDQDVODLNXDL]GHG]HVVSROHVSULPUDMWLQXPXQYDMDG]J
DXJVWVSULHJXPD LQGXFDQX VSROHV VHNXQGUDM WLQXP -D PRWRUD DSJULH]LHQL LU PD]L YDL YLGML
HQHULMDVX]NUDQDVODLNVWLHNVDPD]LQWVEHWPDNVLPORDSJULH]LHQXGLDSD]RQWDVWLHNSDOLHOLQWV
OG] DU WR VDPD]LQV MDXGDV ]XGXPL VSRO XQ NRPXWDWRU EHW SDOLHOLQV VWUYD XQ G]LUNVWHOHV
HQHULMD0LQWRX]GHYXPXL]SLOGHLNDOSRVSHFLOLNRPXWDWRUSDUHG]WDHQHULMDVX]NUDQDVODLND
UHJXODQDVSDNSH
7UHV SDDXG]HV EH]NRQWDNWX DL]GHG]HV VLVWPP UDNVWXUJD DL]GHG]HV PRPHQWD
HOHNWURQLVND UHJXODQD 9LVSLOQJNV QR V SDDXG]HV VLVWPP LU GLJLWO L]SLOGMXPD VLVWPDV
NXUX L]YHLGRMXPD SDPDW LU GDGDV VDUHWEDV SDNSHV PD]JDEDUWD VNDLWRWML XQ NXUX GDUEED
WLHN YDGWD SF VSHFLOL L]VWUGWD DOJRULWPD 3F LQIRUPFLMDV SLHPUDP PRWRUD QRVORG]H
NORYUSVWDV DSJULH]LHQL PRWRUDWHPSHUDWUDXF DSVWUGHVVNDLWRWMVQRVDNDRSWLPORDL]GHG]HV
OHL
(OHNWULVNR DXJVWVSULHJXPD LPSXOVX VDGDODQDL SD PRWRUD FLOLQGULHP L]PDQWR LPSXOVX
HOHNWURQLVNR MHE VWDWLVNR VDGDODQDV PHWRGL NXUX VDXF DU SDU EH]VDGDOWMD PHWRGL R VLVWPX
YLVEWLVNNDWLUEDLUWNDWPQDYQHNGXPHKQLVNRDJUHJWXXQPHKQLVPXQHPHKQLVN
SUWUDXFMDQHPHKQLVNDXJVWVSULHJXPDLPSXOVXVDGDOWMD
$XJVWVSULHJXPD LPSXOVX VDGDODQX YHLF NRPXWDWRUV XQ NRQWUROOHUV YDMDG]J EUG
SUWUDXFRW VWUYDV SDGHYL DWWLHFJ FLOLQGUD YDL FLOLQGUX  DL]GHG]HV VSRX SULPUDM WLQXP DMV
VLVWPV L]PDQWR DL]GHG]HV VSROHV DU YLHQX GLYLHP HWULHP YDL VHLHP DXJVWVSULHJXPD L]YDGLHP
DWWOV 




DWW$L]GHG]HVVSROHVDUYDLUNLHPDXJVWVSULHJXPDL]YDGLHP

D HOHNWULVN VKPD DU GLYLHP DXJVWVSULHJXPD L]YDGLHP


E HOHNWULVN VKPD DU HWULHP DXJVWVSULHJXPD L]YDGLHP
F HOHNWULVN VKPD DU VHLHP DXJVWVSULHJXPD L]YDGLHP

9LVPRGHUQNV DL]GHG]HV VLVWPDV PUSUYHLGRWMX LQIRUPFLMDV DSVWUGHL LU L]YHLGRWDV DU


VSHFLDOL]WLHP GLVNUWV GDUEEDV HOHNWURQX VNDLWRWMLHP  PLNURSURFHVRULHP 8] WR E]HV UDGWV
DL]GHG]HVVLVWPXYDGEDVLHUFHVHOHNWURWHKQLVNDMOLWHUDWUVDXFSDUNRQWUROOHULHP
.RQWUROOHUXV LHVSMDPV L]PDQWRW QH WLNDL DXWRPRELD DL]GHG]HV VLVWPDV EHW DU PRWRUX
GHJYLHODVSDGHYHVVLVWPDVXQDXWRPWLVNVWUDQVPLVLMDVGDUEEDVYDGEDLL]PDQWRMRWYLHQXVXQWRV
SDXVPUSUYHLGRWMXV
3LHPUDP NRQWUROOHUV QR VDYD DWPLDV EORND L]YODV RSWLPOR DL]GHG]HV PRPHQWX
GHJPDLVMXPD VDVWYX XQ GDXG]XPX SLHVSLHGX WXNJDLWDV HNRQRPDL]HUD HOHNWURPDJQWLVN YUVWD
VWYRNOL RSWLPOR WUDQVPLVLMDV SUQHVXPX XQ L]VWUG QHSLHFLHDPRV HOHNWULVNRV YDGEDV VLJQOXV
PLQWRSDUDPHWUXYDLGDUEDUHPXQRGURLQDQDL
0LNURSURFHVRUX DL]GHG]HV VLVWPDV QRGURLQD VDUHWX DL]GHG]HV PRPHQWD GLDJUDPPX
UHDOL]DQX DU RWL DXJVWX SUHFL]LWWL MR WR QHLHWHNP DSNUWMV YLGHV WHPSHUDWUDV XQ FLWX UMX
IDNWRUXL]PDLDVWNNRQWUROOHUVL]PDQWRGDUEDSURFHVXSDUDPHWUXNRGWVYUWEDV

(OHNWURQLVNVDL]GHG]HVVLVWPDVDURSWLVNRPUSUYHLGRWMX
2SWLVNRV PUSUYHLGRWMXV DXWRPRELX DL]GHG]HV VLVWPV OLHWRMD VDPU QHLOJX ODLNX
SDUDVWLNRQWDNWXWLSDSUWUDXFMDPHKQLVPXDL]VWDQDLDUEH]NRQWDNWXPUSUYHLGRWMX
%26&+RSWLVNDLVPUSUYHLGRWMVVDVWYQRURWMRDVHJPHQWYHLGDGLVNDNDVLUPRQWWVX]
VDGDOWMD DVV XQ URWMRW SHULRGLVNL SUWUDXF LQIUDVDUNDQV JDLVPDV VWDUX NR L]VWDUR LQIUDVDUNDQV
JDLVPDVGLRGHXQX]WYHUIRWRWUDQ]LVWRUV DWWOV 

,PSXOVD VLJQOV



DWW2SWLVNDLVLPSXOVXHQHUDWRUV
 URWRUV  JDLVPDV GLRGH  IRWRWUDQ]LVWRUV  YDGL  VDGDOWMD YUSVWD

$L]GHG]HVPRPHQWDUHJXODQDVSURFHVFHQWUEG]HVUHJXODWRUVSDJULHVHJPHQWYHLGDGLVNX
SDSLOGXV W URWFLMDV YLU]LHQ WGMGL L]PDLQRW GLVND XQ RSWLVN PUSUYHLGRWMD VDYVWDUSMR
VWYRNOL-DGHYMVVDGDOWMVDSUNRWVYODUYDNXXPDUHJXODWRUXWDGUHJXODWRUDVWLHSQLVUHWLQMXPD
LHWHNP SDJULH DWEDOVWSONVQL NRS DU JDLVPDV GLRGL XQ IRWRWUDQ]LVWRUX SUHWML GLVND JULHDQV
YLU]LHQDP




6HJPHQWYHLGD GLVNDP L]YHLGRWL UHJXOUL L]JULH]XPL NXUX GDXG]XPV LU YLHQGV DU PRWRUD
FLOLQGUX VNDLWX 0RWRUD GDUEEDV ODLN URWRUD VLHQLX VHJPHQWL SHULRGLVNL SUWUDXF JDLVPDV GLRGHV
JDLVPDVVWDUXLHGDUEEXX]IRWRWUDQ]LVWRUX/DLNSRVPNDPUJDLVPDDSVWDURIRWRWUDQ]LVWRUXVWUYD
SOVWFDXULQGXNFLMDVVSROHVSULPURWLQXPX.DGGLVNDVHJPHQWVSUWUDXFVWDUXIRWRWUDQ]LVWRUVX]
YDGEDV EORNX QRVWD LPSXOVX NDV DL]YHU MDXGDV WUDQ]LVWRUX XQ SUWUDXF VWUYX SULPUDM WLQXP
%UG NDG VWUYD LQGXNFLMDV VSROHV SULPUDM WLQXP SUVWM SOVW VHNXQGUDM WLQXP LQGXFMDV
DXJVWVSULHJXPDLPSXOVVNDVUDGDG]LUNVWHL]OGLVWDUSDL]GHG]HVVYHFHVHOHNWURGLHP
6WUYDV SODQDV LOJXPX DL]GHG]HV VSROHV SULPUDM WLQXP QRVDND PRWRUD VHJPHQWX XQ
L]JULH]XPXOLHOXPXDWWLHFEDNDVSDUDVWLLUDSPUDPQRNRSMFLNODLOJXPD
,UL]VWUGWLYDLUNLGXLHUXSDYHLGLG]LUNVWHOHVYDGEDYDUQRWLNWDWVHG]RWYDLDL]VHG]RW
JDLVPDVGLRGL
 DWWO SDUGWD LHUFH DU RSWLVNR VLJQOX HQHUDWRUX NDV LHYLHWRWV VULMYHLGD DL]GHG]HV
VDGDOWM



DWW$L]GHG]HVVLVWPDDU
RSWLVNRHQHUDWRUX


 URWRUV
 RSWLVN VLVWPD


3DUDVWL GL HQHUDWRUL QRGURLQD QHPDLQJX HQHULMDV X]NUDQDV LOJXPX SLH PDLQJLHP
PRWRUDDSJULH]LHQLHP

(OHNWURQLVNVDL]GHG]HVVLVWPDVDULQGXNFLMDVPUSUYHLGRWMX
-D VSROL H PDLQJD PDJQWLVN ODXND VSND OQLMDV WDG VSROHV YLMXPRV LQGXFMDV ('6
,QGXFW('6MHEVSULHJXPDOLHOXPVLUDWNDUJVQR
PDJQWLVNODXNDL]PDLDVWUXPDDWWLHFESUHWVSROL
VSROHVYLMXPXVNDLWD
PDJQWLVN ODXND L]PDLX YLU]LHQD WL PDJQWLVN ODXND LQGXNFLMD DS VSROHV
YLMXPLHPSLHDXJYDLVDPD]LQV
 SDUGED LU L]PDQWRWD  DWWO UHG]DPDM LHUF  LQGXNFLMDV PUSUYHLGRWM NR
L]PDQWR DL]GHG]HV VLVWPV DL]GHG]HV VSROHV SULPU WLQXPD VWUYDV SUWUDXNDQDL XQ G]LUNVWHOHV
UDGDQDLVWDUSVYHFHVHOHNWURGLHP
'DGX LQGXNFLMDV PUSUYHLGRWMX NRQVWUXNWYDLV L]YHLGRMXPV LU QHGDXG] DWLUJV WRPU
MHENXU JDGMXP WLH VDVWY QR URWRUD XQ VWDWRUD 5RWRUV LU L]YHLGRWV N SODNDQV PHWOD GLVNV DU
L]FLLHP 6WDWRUV YHLGRWV QR DSDDV SONVQHV DU VLPHWULVNL XQ UHJXOUL QRYLHWRWLHP SDVWYJ
PDJQWD PDJQHWL]WLHP PHWOD SROLHP X] NXULHP X]WWV QHNXVWJV WLQXPV NDV QRVWLSULQWV DS
VDGDOWMDYUSVWX5RWRUDL]FLXXQVWDWRUDSROXVNDLWVLUYLHQGVDUPRWRUDFLOLQGUXVNDLWX



DWW,QGXNFLMDVPUSUYHLGRWMD
L]YHLGRMXPV

 SDVWYJV PDJQWV
 WLQXPL
 JDLVD VSUDXJD
 URWRUV
 L]HMDV VSULHJXPV

VSULHJXPV

,]HMDV



.DG GLVNV DU L]FLLHP URW WDG W L]FLLHP SHULRGLVNL YLU]RWLHV JDU VSROWP DU VHUGL
PDLQV SDVWYJ PDJQWD UDGW PDJQWLVN SOVPD 5RWRUD SRODP WXYRMRWLHV VWDWRUD SRODP
SDNSHQLVNL VDPD]LQV JDLVD VSUDXJD VWDUS URWRUX XQ VWDWRUX OG] DU WR L]PDLQV DU PDJQWLVN
SOVPD9LVVSFJNVPDJQWLVNVSOVPDVL]PDLDVLUL]FLOQLPSLHHMRWSLHVHUGHVXQDWWOLQRWLHV
QR WV EHW SROLHP DWURGRWLHV WLHL SUHWLP JDLVD VSUDXJD LU YLVPD]N  WLNDL DSPUDP PP
0DLQJDLPDJQWLVNDMDLSOVPDLHRWVWDWRUDWLQXPDYLMXPXVWDMRVLQGXFMDVPDLQJVVSULHJXPV
NXUD IUHNYHQFH XQ DPSOLWGD LU SURSRUFLRQODV PRWRUD DSJULH]LHQLHP XQ FLOLQGUX VNDLWDP
DWWOV 


/DLNV

DWW,QGXNFLMDVPUSUYHLGRWMDL]HMDVVSULHJXPV


(OHNWURQLVNVDL]GHG]HVVLVWPDVDULQGXNFLMDVPUSUYHLGRWMXVDVWYQRDL]GHG]HVVOGD
GHYMD  VDGDOWMD HOHNWURQLVN YDGEDV EORND MHE NRPXWDWRUD SDSLOGUH]LVWRUX EORND DL]GHG]HV
VSROHV XQ VYHFP  DWWOV  R VLVWPXJDOYHQDWLUEDLUWNDSUWUDXFMDPHKQLVPDYLHW
L]PDQWR LQGXNFLMDV PUSUYHLGRWMX WSF YLVX LHUFL VDXF SDU GHYMX  VDGDOWMX 3UDNWLVNL
LQGXNFLMDVPUSUYHLGRWMVLUQHOLHOVPDLVWUYDVHQHUDWRUV
(OHNWURQLVNVDL]GHG]HVVLVWPDVDULQGXNFLMDVPUSUYHLGRWMXGDUEEXYDGDHOHNWURQLVNDLV
YDGEDVEORNV (9% UHDOL]MRWQHSLHFLHDPRHQHULMDVX]NUDQDVODLNXDL]GHG]HVVSROHVSULPUDM
WLQXPVNRWQMRDL]GHG]HVDSVWHLG]HVOHLXF(9%WHKQLVNOLWHUDWUGYDUSDUNRPXWDWRUX
-HENXUD LQGXNFLMDV PUSUYHLGRWMD LQGXFW VSULHJXPD DPSOLWGD LU QHOLHOD WSF (9%
YLVSLUPV WR SDVWLSULQD EHW SF WDP SUYHLGR WDLVQVWUYHLGD LPSXOVD IRUP R VLJQOX (9% DU
L]PDQWR DL]GHG]HV VLVWPDV GDUEEDV YDGEDL 7SDW (9% UHJXO DU HQHULMDV X]NUDQDV ODLNX
DL]GHG]HV VSROHV SULPUDM WLQXP XQ YHLF VSULHJXPD VWDELOL]DQDV IXQNFLMDV  QRGURLQD VWDELOX
(9%GDUEEXQRWHLNWVVSULHJXPDL]PDLXUREHV














6SULHJXPD

,PSXOVX

VWDELOL]DQDV

SUYHLGRDQDV

SDNSH

(QHULMDV

,]HMDV LPSXOVX

X]NUDQDV ODLND

SDVWLSULQR SDNSH

UHJXODQDV SDNSH

SDNSH


DWW(OHNWURQLVNVDL]GHG]HVVLVWPDVDULQGXNFLMDVPUSUYHLGRWMXHOHNWULVNVKPD

6SULHJXPDVWDELOL]DQDVSDNSLYHLGRVWDELOLWURQV=' NRQGHQVDWRUL& & XQUH]LVWRUV
5  XQ W QRGURLQD GURX (9% GDUEEX   9 VSULHJXPD UREHV -D VSULHJXPV SUVQLHG]
SLHDXMDPR YUWEX WDGDWYHUDVVWDELOLWURQV=' NXUUDGDSDSLOGXVSULHJXPDNULWXPXX]UH]LVWRUD
5  XQ OG] DU WR VDPD]LQD VSULHJXPX .RQGHQVDWRUV &  NDOSR SDOLHOLQWX VSULHJXPD LPSXOVX
VDPD]LQDQDLWNOEHWNRQGHQVDWRUV& SDUHG]WVVSULHJXPDSXOVFLMXQRYUDQDL
,PSXOVX SUYHLGRDQDV SDNS PUSUYHLGRWMD VLQXVRLGO LPSXOVD SUYHLGRDQDL SDU
WDLVQVWUYHLGDLPSXOVXYLVELHNL]PDQWRPLWDWULJHULNXUXYHLGRWUDQ]LVWRUL7 7 GLRGHV' ' 
NRQGHQVDWRUV& XQUH]LVWRUL5 5 
0USUYHLGRWMD L]HMDV VLJQOX SLHYDGD (9% VSDLOP  XQ  PLWD WULJHUD WUDQ]LVWRUD 7 
YDGEDLL]PDQWRPUSUYHLGRWMDQHJDWYRVVSULHJXPDLPSXOVXVNXUXVSLHYDGDWUDQ]LVWRUD7 E]HL
EHWSR]LWYRVVSULHJXPDLPSXOVXVDL]WXUGLRGH' 
-D LHHMDV VLJQOD QR LPSXOVX PUSUYHLGRWMD QDY WDG WUDQ]LVWRUD 7  E]HL QHSLHFLHDPR
SULHNVSULHJXPX UDGD VSULHJXPD GDOWMV NDV VDVWY QR YLUNQ VDVOJWLHP UH]LVWRULHP 5  XQ 5 
7UDQ]LVWRUV7 DWYHUDVXQWNROHNWRUDVSULHJXPVDL]YHUWUDQ]LVWRUX7 7NVWUYDFDXUUH]LVWRUX
5 QHSOVWWDGWUDQ]LVWRUD7 NROHNWRUDVSULHJXPVX]NRQGHQVDWRUX& NDVUHL]LUDUWULJHUDL]HMDV
VSULHJXPVLUYLHQGVDUVWDELOL]WRVSULHJXPX
7ULJHULP VDHPRW LHHMDV VLJQOX QR PUSUYHLGRWMD XQ SDOLHOLQRWLHV PUSUYHLGRWMD
LPSXOVD QHJDWYDMDP VSULHJXPDP 8 !  9 WUDQ]LVWRUD 7  E]HV VSULHJXPV VDVQLHG] DL]YHUHV
VSULHJXPXXQWUDQ]LVWRUV7 DL]YHUDVNUH]XOWWVDPD]LQVWNROHNWRUDVSULHJXPVEHWWUDQ]LVWRUV
7 DWYHUDV7UDQ]LVWRUDP7 DWYHURWLHVWNROHNWRUDGVNSOVWVWUYDNDVX]UH]LVWRUD5 UDGD
VSULHJXPDNULWXPXXQVDPD]LQDWULJHUDL]HMDVVSULHJXPXOG]PLQLPXPDP
6DPD]LQRWLHV PUSUYHLGRWMD LPSXOVD QHJDWYDMDP VSULHJXPDP XQ WDP WXYRMRWLHV QXOOHV
OPHQLP WUDQ]LVWRUD 7  VSULHJXPV X] E]HV SDDXJVWLQV OG]  9  WUDQ]LVWRUV 7  DWYHUDV EHW
WUDQ]LVWRUV7 DL]YHUDVXQVSULHJXPVWULJHUDL]HMSDOLHOLQVOG]EDURDQDVVSULHJXPDP
3UHMDVNRQGHQVDWRUV& DL]WXUPUSUYHLGRWMDL]HMDVLPSXOVDVLJQODOG]VWUYDVVDVWYGDDV
QRNDQX X] WUDQ]LVWRUD 7  E]L 'LRGHV '  XQ '  L]PDQWR WHUPRNRPSHQVFLMDL EHW GLRGH ' 
QRYU OLHOX QHJDWYX VSULHJXPX LPSXOVX QRNDQX WULJHUD LHHM NDV YDU UDVWLHV PRWRUD OLHODV
URWFLMDVIUHNYHQFHVG








(QHULMDV X]NUDQDV ODLND UHJXODQDV SDNSHV JDOYHQDLV X]GHYXPV LU QRGURLQW


DL]GHG]HV VSRO SLHWLHNDPX X]NUWV HQHULMDV GDXG]XPX YLVRV PRWRUD GDUEEDV UHPRV LHVNDLWRW
DU NRUHNFLMX PDNVLPOV URWFLMDV IUHNYHQFHV GLDSD]RQ LP X]GHYXPDP DL]GHG]HV VSROHV
SULPUDM WLQXP SULPUV VWUYDV SODQDV LOJXPX UHJXO WUDQ]LVWRUV 7  EHW WUDQ]LVWRUX 7 
UH]LVWRUXV5 5 XQNRQGHQVDWRUX& L]PDQWRWUDQ]LVWRUD7 YDGEDL
1HSLHFLHDPR HQHULMDV X]NUDQDV ODLNX QRVDND NRQGHQVDWRUD & X]OGDQDV XQ
L]OGDQDVODLNV.RQGHQVDWRUV& X]OGMDVFDXUUH]LVWRUD5 XQWUDQ]LVWRUD7 E]HVHPLWHUDGL
WDGNDGWUDQ]LVWRUV7 LUDL]YUWV0D]DVPRWRUDURWFLMDVIUHNYHQFHVJDGMXPNDGPUSUYHLGRWMD
L]HMDV VLJQOD DPSOLWGD XQ IUHNYHQFH LU QHOLHOD NRQGHQVDWRUV & X]OGMDV JDQGU] OG]
VWDELOL]WDMDPVSULHJXPDPWNDNUHLVSODWHLUOGWDSR]LWYLEHWODEQHJDWYL.RQGHQVDWRUD&
X]OGHVODLNWUDQ]LVWRUV7 LUDWYUWV
$WYHURWLHV WUDQ]LVWRUDP 7  QRWLHN G]LUNVWHL]OGH XQ NRQGHQVDWRUV &  VN L]OGWLHV FDXU
WUDQ]LVWRUD7 NROHNWRUDHPLWHUDGLXQUH]LVWRUX5 X]PDVXEHWWUDQ]LVWRUV7 DL]YHUDV3FL]OGHV
NRQGHQVDWRUV& PRPHQWQLDWNDOSUOGMDVFDXUUH]LVWRUX5 XQWUDQ]LVWRUX7 PDLQRWSRODULWWLX]
NRQGHQVDWRUDSODWPSUHWML/G]DUWRWUDQ]LVWRUD7 E]HLWLHNSLHYDGWVSR]LWYVVSULHJXPVWSF
WDVDWNDODWYHUDVXQWLHNQRVOJWDDL]GHG]HVVSROHVSULPUWLQXPDGH3FNGDEUDWUDQ]LVWRUV
7 DL]YHUDVXQSUOGDQDVFLNOVLUQRVOG]LHV
$L]GHG]HV VSROHV SULPUV VWUYDV X]NUDQV LOJXPX UHJXO L]PDLQRW WUDQ]LVWRUD 7
DWYUDQVLOJXPXNRQRVDNDVSULHJXPDSRODULWWHVL]PDLQDQVLOJXPVX]NRQGHQVDWRUDSODWPW
SUOGDQDVODLNNRVDYXNUWLHWHNPVSULHJXPVNRQGHQVDWRUDLHSULHNMVX]OGHVEHLJV
3LHPUDP SLHDXJRW PRWRUD DSJULH]LHQLHP VDPD]LQV NRQGHQVDWRUD X]OGHV ODLNV
6DPD]LQRWLHVX]OGHVODLNDPVDPD]LQVDUVSULHJXPVNRQGHQVDWRUDX]OGHVEHLJVXQOG]DUWRWDV
WUNSUOGVLHV7DVQR]PNDWUDQ]LVWRUV7 DWYUVLHVWUNDUDL]GHG]HVVSROHVSULPUWLQXPD
GHWLNVVDVOJWDWUNXQHQHULMDVX]NUDQVLOJXPVSDOLHOLQVLHV
G YHLG WLHN QRGURLQWV SDVWYJV WUDQ]LVWRUD 7  VOJW VWYRND LOJXPV MHE G]LUNVWHOHV
GHJDQDV LOJXPV SDW VHFLOLQGUX XQ DVWRFLOLQGUX PRWRULHP PDNVLPOR DSJULH]LHQX GLDSD]RQ
,]PDQWRMRW NRQGHQVDWRUX & XQ VWDELOLWURQX ='  WLHN SDQNWV ND GDXG]FLOLQGUX PRWRULHP
PDNVLPOR DSJULH]LHQX GLDSD]RQ G]LUNVWHOHV GHJDQDV LOJXPV QHYLHQ JDGMXP QDY PD]NV SDU
PV
7ON L]HMDV VLJQOD SDVWLSULQDQDL WLHN L]PDQWRWD L]HMDV LPSXOVX SDVWLSULQR SDNSH NDV
VDVWY QR YDGEDV WUDQ]LVWRUD 7 XQSDVWLSULQWMDDU'UOLQJWRQDVOJXPVDVOJWLHPWUDQ]LVWRULHP
7  XQ 7  5H]LVWRUL 5  5  5  XQ 5  YHLGR VSULHJXPD GDOWMXV NDV QRGURLQD QHSLHFLHDPR
E]HV VSULHJXPX DWWLHFJL WUDQ]LVWRULHP 7  XQ 7  6WDELOLWURQV ='  QRGURLQD WUDQ]LVWRUD 7  EHW
UH]LVWRUL5 XQ5 MDXGDVWUDQ]LVWRUD7 WUXDWYUDQRVWDGNDGDL]YHUDVWUDQ]LVWRUV7 
$L]YHURWLHV WUDQ]LVWRUDP 7  WUDQ]LVWRUD 7  E]HL QR EDURDQDV DYRWD VSDLOHV 8 FDXU
UH]LVWRUX5 WLHNSLHYDGWVSR]LWYVSRWHQFLOVXQWDVDWYHUDV$L]YHURWLHVWUDQ]LVWRUDP7 DL]YHUDV
WUDQ]LVWRUL 7  XQ 7  PRPHQWOL SUWUDXFRW VWUYX DL]GHG]HV VSROHV SULPUDM WLQXP EHW
VHNXQGUDMWLQXPLQGXFMDVDXJVWVSULHJXPV
$WYHURWLHV WUDQ]LVWRUDP 7  DWYHUDV WUDQ]LVWRUV 7  7 L]HMDV VLJQOV FDXU UH]LVWRUX 5 WLHN
SLHYDGWV WUDQ]LVWRUD 7  E]HL XQ DU WDV DWYHUDV N UH]XOWW DWYHUDV WUDQ]LVWRUV 7  XQ DL]GHG]HV
VSROHV SULPUDM WLQXP VN SOVW VWUYD 6WDELOLWURQV =' DL]VDUJ L]HMDV SDNSL QR OLHOD
SDLQGXNFLMDV('6DL]GHG]HVVSROHVSULPUVVWUYDVSUWUDXNDQDVEUGSUYURWHOHNWURHQHULMX
VLOWXPHQHULM.RQGHQVDWRUV& YHLFLPSXOVYHLGDSUVSULHJXPDQRYUDQDVNDUUDGLRWUDXFMXPX
VOSDQDVIXQNFLMDV
3DUDVWL (9% YLVDV PLQWV SDNSHV WLHN L]JDWDYRWDV QHYLV GLVNUW YHLG EHW JDQ LQWHJUO
L]SLOGMXP/DLJDQLUYHLNWLX]ODERMXPLDL]GHG]HVVLVWPDVDULQGXNFLMDVLPSXOVXPUSUYHLGRWMX
VHYLX SLHOLHWRMXPX QDY JXYXDV LQGXNFLMDV LPSXOVX PUSUYHLGRWMX QHSLOQEX G 0DLQRWLHV
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 NORYUSVWDV URWFLMDV IUHNYHQFHV XQ OHLVN VWYRND PUSUYHLGRWMV
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YLGMROPHQL
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GDUEDP YLVOLHONV HIHNWLYLWWHV UHP NR YDU SDQNW PRWRUDP GDUERMRWLHV WXYX GHWRQFLMDV
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NYOGLHJVWLHNL]YHLGRWVVSLUOHVYHLG.YOGLHJVYDUEWWDLVQDYDLL]OLHNWD8YDL9YHLGDFLOLQGUD
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JDLVPDVVWDUXNOL DWWOV 




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D WOV JDLVPDV NYOGLHJD QRYLHWRMXPV E WXYV JDLVPDV NYOGLHJD QRYLHWRMXPV

F PLJODV JDLVPDV NYOGLHJD QRYLHWRMXPV  DWVWDURWMD IRNXVV  WOV JDLVPDV NYOGLHJV


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6SXOG]HVVWLNODNROEXQHGUNVWDL]WLNWDUNDLOPURNPX]VWLNODSDOLNXVWDXNYLHODVXQ
VYLHGUX GDLDV L]UDLVD WV VLHQLX QHYLHQPUJX VDNDUDQX N UH]XOWW VSXOG]H YDU
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DWW$VLPHWULVNDV
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DWW'DXG]IRNXVXDWVWDURWML



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