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PRELO  G $QXPLWHDILDMH GHH[LQWHQVLWDWHDVHP
 $FWLYDLIXQFLLOH%OXHWRRWKLGDFHVWH QDOXOXL GHSLQGGHYHUVLXQHDDFFHSWDWD
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QXOPRELO FRQVXOWDLLQVWUXFLXQLOHGHXWLOL

&20$1'2QOLQH
]DUHDWHOHIRQXOXLPRELO  &RQHFWDUHDXQXLWHOHIRQPRELO
%DWHULDWHOHIRQXOXLPRELOWUHEXLHVILHvQWRW
,QIRUPDLLJHQHUDOH
GHDXQDPHQLQXWODXQQLYHOGHvQFUFDUH
VXILFLHQWSHQWUXDSUHYHQLGHIHFLXQLOH QDLQWHGHDXWLOL]DWHOHIRQXOPRELOFX
&20$1'2QOLQHSHQWUXSULPDGDWYDWUHEXL
&kQGYSUHJWLLVWHOHIRQDLSULQLQWHUIDD
=VvOFXWDL 3DJLQD LDUDSRL
%OXHWRRWKYHULILFDLXUPWRDUHOHHOHPHQWH
GLQWHOHIRQXOGXPQHDYRDVWUPRELO FRQVXO =VvODXWRUL]DL vQUHJLVWUDL
WDLLQVWUXFLXQLOHGHXWLOL]DUHDWHOHIRQXOXL 3DJLQD 
PRELO  ,QIRUPDLLOHVSHFLILFHGLVSR]LWLYXOXLSULYLQG
=3URILO+DQGV)UHH DXWRUL]DUHDLFRQHFWDUHDWHOHIRDQHORUPRELOH
7HOHIRQXOPRELOWUHEXLHVDFFHSWH3URILO FXFDSDFLWDWH%OXHWRRWKVHUHJVHVFSH
+DQGV)UHHVDXVXSHULRU LQWHUQHWODDGUHVDKWWSZZZPHUFHGHV
=9L]LELOLWDWH%OXHWRRWK
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WRRWK FRQVXOWDLLQVWUXFLXQLOHGHXWLOL]DUH 'DFWHOHIRQXOPRELODFFHSW3%$3 3KRQH
DWHOHIRQXOXLPRELO  %RRN$FFHVV3URILOH3URILOGHDFFHVDJHQG
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GHDFHODLSURGXFWRU3ULQXUPDUHVH ,QIRUPDLLVXSOLPHQWDUHSULYLQGFRQGLLLOHSHQ
UHFRPDQGVPRGLILFDLDFHDVWGHQXPLUH WUXFRQHFWDUH 3DJLQD 
SHQWUXDYSXWHDUHFXQRDWHIUSUR
EOHPHWHOHIRQXOGXPQHDYRDVWUPRELO
FRQVXOWDLLQVWUXFLXQLOHGHXWLOL]DUHDWHOH
IRQXOXLPRELO 


 7HOHIRQ

&XWDUHDXQXLWHOHIRQPRELO 'DFHVWHJVLWXQWHOHIRQQRXDFHVWD
DSDUHSHOLVWFXVLPEROXO
'XUDWDFXWULLGHSLQGHGHQXPUXOGHWHOH
IRDQHFX%OXHWRRWKGLQUD]DGHUHFHSLHL
GHFDUDFWHULVWLFLOHORU
6LPEROXULGLQOLVWDGHWHOHIRDQHFX%OXH
WRRWK

6LP ([SOLFDLH
ERO
7HOHIRQPRELOQRXvQUD]DGH
&20$1'2QOLQH

/LVWGHWHOHIRDQHFX%OXHWRRWK UHFHSLHvQVQHDXWRUL]DWvQF
h 7HOHIRQPRELODXWRUL]DW
6 7HOHIRQPRELOFRQHFWDWvQPRG
FXUHQW
7HOHIRQPRELOvQUD]DGHUHFHSLH
LDXWRUL]DW
7HOHIRQPRELOFDUHQXVHDIOvQ
JUL UD]DGHUHFHSLHGDUDXWRUL]DW
GHMD

&RQGLLLSHQWUXFXWDUH
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&20$1'2QOLQH UHFHSLHLWRDWHWHOHIRDQHOHPRELOHDXWRUL
 6HOHFWDL&RQQHFWGHYLFH &RQHFWDUH ]DWHDQWHULRUFKLDULGDFQXVHDIOvQUD]D
GLVSR]LWLY vQPHQLXOGHED]DOWHOHIR GHUHFHSLH
QXOXLFXOLVkQGRdLURWLQGyRzFRQWUROH
G 7HOHIRDQHOHPRELOHFDUHVXQWFRQHFWDWHOD
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PRGXOXO0%6$3FXWUDILFGHGDWHDFWLYDW
ILUPD RSLRQDOVXQWSUH]HQWDWHvQWUROLVWGHWHOH
 6HOHFWDL6HDUFKIRUSKRQHV &XWDUH IRDQHVHSDUDW$FHVWHDSRWILDSHODWHFX
WHOHIRDQH LDSVDLEXWRQXOSHQWUXD DMXWRUXOLQWUULL0%6$3PRGXOH 0RGXO
FRQILUPD 0%6$3 &RQVXOWDLLQVWUXFLXQLOHGHXWLOL
$SDUHXQPHVDM ]DUHVHSDUDWHDOHPRGXOXOXL0%6$3FXWUD
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FXWDUH LDSVDLEXWRQXOSHQWUXD G 'DFOLVWDGHWHOHIRDQHFX%OXHWRRWK
FRQILUPD HVWHGHMDSOLQYDWUHEXLVGH]DXWRUL]DL
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WRRWKSKRQHV &XWDUHWHOH vQFDUH&20$1'2QOLQHQXJVHWHWHOHIR
IRDQHFX%OXHWRRWK &20$1' QXOGXPQHDYRDVWUPRELOHVWHSRVLELOV
2QOLQHFDXWWHOHIRDQHFX%OXHWRRWKGLQ ILHQHFHVDUDXWRUL]DUHDH[WHUQ
UD]DGHUHFHSLHLOHDGDXJODOLVWDGHWHOH 3DJLQD 
IRDQHFX%OXHWRRWK
7HOHIRQ 

G &kQGDSHODLGLQQRXOLVWDGHWHOHIRDQH FXFDSDFLWDWH%OXHWRRWK FRQVXOWDLLQVWUXF


GLVSR]LWLYHOHGH]DXWRUL]DWHYRUILHOLPLQDWH LXQLOHGHXWLOL]DUHDWHOHIRQXOXLPRELO 
GLQOLVWQDFHVWFD]ODQVDLRQRX
G $QXPLWHWHOHIRDQHPRELOHQHFHVLWXQ
FXWDUHSHQWUXDDFWXDOL]DOLVWDGHWHOH
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IRDQHFX%OXHWRRWK
FLIUH
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PRELO PRELOGXSGH]DXWRUL]DUHSXWHLVHOHFWDXQ
FRGGHDXWHQWLILFDUHGLIHULW
G 0HUFHGHV%HQ]QXUHFRPDQGDXWRUL]D
UHDvQ&20$1'2QOLQHLSHWHOHIRQXOPRELO
3DJLQD QFD]FRQWUDUDXWRUL]DUHD

&20$1'2QOLQH
XOWHULRDUSRDWHILQHUHXLW
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QXPHULFHSHUkQG
VDX
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URWLQGyRzFRQWUROHUXO&20$1'L
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,QWURGXFHUHDFRGXOXLGHDXWHQWLILFDUH PDLVXV L YDVROLFLWDVLQWURGXFHLFRGXOGHDXWHQWL
PHQLXOGHED]DOWHOHIRQXOXLFXXQWHOHIRQPRELO ILFDUH FRGGHDFFHVFKHLDGHDXWHQWLILFDUH
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2SLXQHDXWLOL]DUHDFRGXOXLGHDXWHQWL IRQXOXLPRELO 
ILFDUH QXPUGHDFFHV  ,QWURGXFHLDFHODLFRGGHDXWHQWLILFDUHvQ

 6HOHFWDLWHOHIRQXOPRELOFXVLPEROXO WHOHIRQXOPRELOFDLFHOGHMDLQWURGXVvQ
&20$1'2QOLQH
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$XWRUL]DUHUHXLW DSDUHRGDWFH
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QXPHULFFXXQDSkQODDLVSUH]HFHFLIUHSH
FDUHRSXWHLDOHJHFKLDUGXPQHDYRDVWU7UH 7HOHIRQXOPRELOHVWHDXWRUL]DWLFRQHFWDWOD
EXLHVLQWURGXFHLDFHHDLFRPELQDLHQXPH &20$1'2QOLQH$FXPSXWHLHIHFWXDDSH
ULFvQ&20$1'2QOLQHLvQWHOHIRQXOPRELO OXULWHOHIRQLFHFXDMXWRUXOVLVWHPXOXLKDQGV
IUHH&20$1'2QOLQH


 7HOHIRQ

G 'XSLQWURGXFHUHDFRGXOXLGHDXWHQWLIL $XWRUL]DUHH[WHUQ
FDUHHVWHSRVLELOVWUHEXLDVFGHDVHPH
QHDVLQWURGXFHLRFRQILUPDUHvQWHOHIRQXO
GXPQHDYRDVWUPRELOSHQWUXDUHDOL]DDSH
OXUL9HULILFDLDILDMXOWHOHIRQXOXLGXPQHD
YRDVWUPRELO/DXQHOHWHOHIRDQHPRELOH
DFHDVWFRQILUPDUHSRDWHILVDOYDWQ
DFHVWFD]QXWUHEXLHVRUHLQWURGXFHL
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&20$1'2QOLQH

SURFHGXUD QFD]XOvQFDUH&20$1'2QOLQHQXYGHWHF
WHD]WHOHIRQXOPRELOPRWLYXOSRDWHILGDWGH
DQXPLWHVHWULGHVHFXULWDWHGHSHWHOHIRQXO
GXPQHDYRDVWUPRELOQDFHVWFD]SXWHL
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SRDWHJVL&20$1'2QOLQH1XPHOHGLVSR]L
WLYXOXL%OXHWRRWKGLQ&20$1'2QOLQHHVWH
0%%OXHWRRWK
5HLQHLXUPWRDUHOHDQXPLWHWHOHIRDQH
PRELOHQHFHVLWUHVWDELOLUHDXQHLFRQH[LXQL
&20$1'2QOLQHRGDWFHDLLQWURGXVFRGXO
GHDXWHQWLILFDUH FRQVXOWDLLQVWUXFLXQLOHGH
2SLXQHDFXDMXWRUXO6HFXUH6LPSOH XWLOL]DUHDWHOHIRQXOXLPRELO QFD]FRQWUDU
3DLULQJ PSHUHFKHUHVLPSOVHFXUL]DW WHOHIRQPRELOXOQXSRDWHILDXWRUL]DW
3HQWUXDYFRQHFWDSULQ6HFXUH6LPSOH3DL  $SVDL+EXWRQXOGHIXQFLRQDUHGHSH
ULQJWHOHIRQXOPRELO VDXHFKLSDPHQWXODXGLR &20$1'2QOLQH
%OXHWRRWK WUHEXLHVDFFHSWH%OXHWRRWK  6HOHFWDL&RQQHFWGHYLFH &RQHFWDUH
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GLVSR]LWLYHFHVHYRUFRQHFWD UXO&20$1'LDSVDLSHQWUXDFRQ
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GLVSR]LWLYHFRQILUPDLFX<HV 'D $SDUHOLVWDGHWHOHIRDQHFX%OXHWRRWK
DSVkQG 3DJLQD 
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WDW QXOXL LDSVDLEXWRQXOSHQWUXDFRQ
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ODW $SDUHPHVDMXOGHSHSDUWHDVWkQJ
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DWHOHIRQXOXLPRELO
 6HOHFWDL&20$1'2QOLQH 0%%OXHWRRWK
SHWHOHIRQXOPRELO
7HOHIRQ 

 2SLXQHDFkQGYLVHVROLFLWDFHVWOXFUX 6HSRDWHFRQHFWDQXPDLXQWHOHIRQPRELO
LQWURGXFHLFRGXOGHDXWHQWLILFDUHPDLvQWkL RGDW7HOHIRQXOPRELOFRQHFWDWvQPRG
SHWHOHIRQXOPRELOLDSRLvQ&20$1' FXUHQWHVWHLQGLFDWGHSXQFWXO6GLQOLVWD
 2SLXQHDFRQILUPDLFRGXULOHDILDWHSH GHWHOHIRDQHFX%OXHWRRWK
WHOHIRQXOPRELOLvQ&20$1' 6HFXUH6LP
SOH3DLULQJ PSHUHFKHUHVLPSOVHFXUL
G 3XWHLFRPXWDSHXQDOWWHOHIRQPRELO
]DW  DXWRUL]DWQXPDLGDFQXHIHFWXDLXQDSHO
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ILUPDUH'R\RXZDQWWRDXWKRULVH 'H]DXWRUL]DUHD GH]vQUHJLVWUDUHD XQXL
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]DLQXPHGLVSR]LWLY!"SHDILDMXO 0HUFHGHV%HQ]UHFRPDQGGH]DXWRUL]DUHDvQ
&20$1'2QOLQH

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 'DFVHOHFWDL<HV 'D WHOHIRQXOPRELO FRQWUDUDXWRUL]DUHDXOWHULRDUSRDWHILQHUHX
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FRQH[LXQHDHVWHUHXLWYHGHLPHQLXOGH UXO&20$1'LDSVDLSHQWUXDFRQ
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FRQHFWDWHVWHLQWURGXV $SDUHOLVWDGHWHOHIRDQHFX%OXHWRRWK
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WHOHIRDQH%OXHWRRWK
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PRELOHSXWHLFRPXWDvQWUHWHOHIRDQHOHLQGL 'DFVHOHFWDL<HV 'D GLVSR]LWLYXOYDIL
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ILUPD
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GDF%OXHWRRWKHVWHDFWLYDW


 7HOHIRQ

$ILDUHGHWDOLLGHFRQHFWDUH 0HQLXGHED]DOWHOHIRQXOXL LQWHUIDD


 $SVDLEXWRQXOGHIXQFLRQDUH+GHSH
%OXHWRRWK
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 6HOHFWDL&RQQHFWGHYLFH &RQHFWDUH
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UXO&20$1'LDSVDLSHQWUXDFRQ
ILUPD
$SDUHOLVWDGHWHOHIRDQHFX%OXHWRRWK
3DJLQD 
 6HOHFWDLWHOHIRQXOPRELOGRULWvQOLVWDGH
&20$1'2QOLQH

WHOHIRDQH%OXHWRRWK
 6HOHFWDLVLPEROXOGHOLVWGHODGUHDSWD
LQWUULLFXOLVkQGRFRQWUROHUXO&20$1' 0HQLXGHED]DOWHOHIRQXOXL LQWHUIDD%OXHWRRWK
LDSVDLSHQWUXDFRQILUPD C 1XPHOHIXUQL]RUXOXLGHLQWHUQHW GHSLQGH
 6HOHFWDL'HWDLOV 'HWDOLL LDSVDL GHWHOHIRQXOFRQHFWDW
SHQWUXDFRQILUPD D ,QWHQVLWDWHDVHPQDOXOXLSHQWUXUHHDXDGH
6XQWSUH]HQWDWHXUPWRDUHOHLQIRUPDLLSUL WHOHIRQLHPRELO
YLQGWHOHIRQXOPRELOVHOHFWDW 3LFWRJUDPUHFHSWRUqVDXu
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=$GUHV%OXHWRRWK
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FXWDUH FRQHFWDWvQPRGFXUHQW
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k 3HQWUXDDILDDJHQGDWHOHIRQLF
 3HQWUXDvQFKLGHYL]XDOL]DUHDGHWDOLDW &20$1'
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PRELO'DFWRDWHEDUHOHVXQWSOLQHEHQH
ILFLDLGHUHFHSLHRSWLP
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VDXDEVHQW
6LPEROXOUHFHSWRUXOXLDUDWGDFXQ
DSHOHVWHDFWLYvQFXUVGHFRQHFWDUHu
VDXQXq
7HOHIRQ 

$ILDUHPHVDMHWH[WvQPHQLXOGHED]DO  ,QWURGXFHLFRQVRODvQGLVSR]LWLYXOGHSULQ
WHOHIRQXOXL GHUHGLQFRWLHUFRQVXOWDL0DQXDOXOGHXWL
(OHPHQWXOGHPHQLX606HVWHGLVSRQLELOQXPDL OL]DUHDDXWRYHKLFXOXOXL
GDFWHOHIRQXO%OXHWRRWKDFFHSWSURILOXO  ,QWURGXFHLWHOHIRQXOPRELOvQFRQVROFRQ
0$3%OXHWRRWK 0HVVDJH$FFHVV3URILOH VXOWDL0DQXDOXOGHXWLOL]DUHDDXWRYHKLFX
3URILOGHDFFHVPHVDMH 'HVFUFDUHDPHVD OXOXL
MHORUWH[WXDOHGLQWHOHIRQXO%OXHWRRWKWUHEXLH
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YLQG606XULOH 3DJLQD 
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VLPEROXOGHFRUHVSRQGHQ6LPEROXOGLV
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EROXOGHFRUHVSRQGHQgHVWHDILDWLPH
GLDWFHPHPRULDGHPHVDMHWH[WHVWHSOLQ
6LPEROXOGLVSDUHRGDWFHWHUJHLFHOSXLQ
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6WDELOLUHDXQHLOHJWXUL LXQLOHGHXWLOL]DUHDWHOHIRQXOXLPRELO
3HQWUXWHOHIRQLDFRQIRUWFX&20$1'2QOLQH  'DFWHOHIRQLDSULQLQWHUIDD%OXHWRRWK
VXQWQHFHVDUHRFRQVROGHWHOHIRQPRELOL HVWHDFWLYDSVDLEXWRQXOGHIXQFLRQDUH
XQWHOHIRQPRELODGHFYDW +
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VROHLGHWHOHIRQPRELOQDFHVWFD]SXWHL OHUXO&20$1'LDSVDLSHQWUXDFRQ
XWLOL]DWHOHIRQLDFRQIRUWLFkQGWHOHIRQXO ILUPD
PRELOQXVHDIOvQFRQVRODGHWHOHIRQPRELO  6HOHFWDL%OXHWRRWKWHOHSKRQHV 7HOH
7RWXLQXDYHLIXQFLDGHvQFUFDUHL IRDQH%OXHWRRWK LDSVDLSHQWUXD
DQWHQ FRQILUPD
,QIRUPDLLVXSOLPHQWDUHSULYLQGWHOHIRDQHOH  6HOHFWDL&RQYHQLHQFHSKRQH 7HOHIRQ
PRELOHDGHFYDWHLFRQHFWDUHDWHOHIRDQHORU FRQIRUW LDSVDLSHQWUXDFRQILUPD
GHFRQIRUWOD&20$1'2QOLQHSRWILRELQXWH (VWHSRVLELOVYLVHVROLFLWHLQWURGXFHUHD
=OD&HQWUXOGXPQHDYRDVWUGH6HUYLFH0HU 3,1XOXLSULQ&20$1'2QOLQH
FHGHV%HQ] G $QXPLWHWHOHIRDQHPRELOHSRWSRUQLDXWR
=GHSHLQWHUQHWODDGUHVDKWWS PDWFkQGVXQWLQWURGXVHvQFRQVRO
ZZZPHUFHGHVEHQ]FRPFRQQHFW


 7HOHIRQ

,QWURGXFHUH3,1 DPDLUPDVRVLQJXUvQFHUFDUH'DF
LQWURGXFHL3,1XOLQFRUHFWGHWUHLRULWUH
EXLHVGHEORFDLFDUWHOD6,0FXDMXWRUXO
WHOHIRQXOPRELOFRQVXOWDLLQVWUXFLXQLOHGH
XWLOL]DUHDWHOHIRQXOXLPRELO

0HQLXOGHED]DOWHOHIRQXOXL WHOHIRQLH
FRQIRUW
$ILDMPHQLXGHED]
&20$1'2QOLQH

C 5kQGGHLQWURGXFHUH3,1
D 3HQWUXDFRQILUPD3,1XO GLVSRQLELOGDF
HVWHLQWURGXV
%DUGHFDUDFWHUH
3XWHLLQWURGXFH3,1XOILHFXDMXWRUXOEDUHLGH
FDUDFWHUHVDXFXWDVWHOHQXPHULFH
'DFDXWRYHKLFXOXOGXPQHDYRDVWUHVWH
GRWDWFX/,1*8$7521,& FRQVXOWDLLQVWUXF
LXQLOHGHXWLOL]DUHVHSDUDWH SXWHLLQWURGXFH 0HQLXOGHED]DOWHOHIRQXOXL WHOHIRQLHFRQIRUW
GHDVHPHQHD3,1XOSULQFRPHQ]LOHYRFDOH C 6LPEROIXUQL]RUGHVHUYLFLLGHWHOHIRQLH
 3HQWUXDLQWURGXFH3,1XOFXDMXWRUXO PRELO
EDUHLGHFDUDFWHUHVHOHFWDLFLIUHOHGLQ D ,QWHQVLWDWHDVHPQDOXOXLSHQWUXUHHDXDGH
EDUDGHFDUDFWHUHURWLQGyRzFRQWUR WHOHIRQLHPRELO
OHUXO&20$1'LDSVDLSHQWUXDFRQ 3LFWRJUDPDUHFHSWRUXOXLqVDXu
ILUPD 3HQWUXDDILDOLVWHOHGHDSHOXUL
 6HOHFWDLVLPEROXODGLQEDUDGHFDUDFWHUH %DUGHFDUDFWHUH
LDSVDLSHQWUXDFRQILUPDVDX 3HQWUXDYFRQHFWDODWHOHIRQXOFRQIRUW
DSVDLEXWRQXOa  3HQWUXDDILDDJHQGDWHOHIRQLF
 3HQWUXDLQWURGXFH3,1XOFXDMXWRUXO &20$1'
WDVWHORUQXPHULFHLQWURGXFHLQXPHUHOH  $SVDLEXWRQXOGHIXQFLRQDUH+
FXWDVWHOHQXPHULFH 'DFWHOHIRQXOPRELOHVWHJDWDGHXWLOL]DUH
2GDWFHDLLQWURGXVSULPDFLIUVLPER LHVWHLQWURGXVvQFRQVRODSDUHPHQLXOGH
OXODHVWHHYLGHQLDWvQEDUDGHFDUDFWHUH ED]DOWHOHIRQXOXL
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OHUXO&20$1'VDXDSVDLEXWRQXOa
G %DUHOHDSUH]LQWLQWHQVLWDWHDFXUHQWD
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ILFD3,1XO'DF3,1XOHVWHLQWURGXV PRELO'DFWRDWHEDUHOHVXQWSOLQHEHQH
FRUHFWDSDUHPHQLXOGHED]DOWHOHIRQXOXL ILFLDLGHUHFHSLHRSWLP'DFWRDWH
EDUHOHVXQWJRDOHUHFHSLDHVWHVODEVDX
,QIRUPDLLSULYLQGWHUJHUHD 3DJLQD DEVHQW
G 'DFDLLQWURGXVXQ3,1LQFRUHFWGHGRX 6LPEROXOUHFHSWRUXOXLDUDWGDFXQ
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DYHUWLVPHQWSULQFDUHVILLLQIRUPDWFY VDXQXq
7HOHIRQ 

$ILDUHPHVDMHWH[WvQPHQLXOGHED]DO 'DFQXHVWHLQWURGXVQLFLXQPRGXO0%6$3
WHOHIRQXOXL LQLFLRFRQVROGHWHOHIRQPRELO&20$1'
'DFDYHLXQPHVDMWH[WQHFLWLWHVWHDILDW 2QOLQHSRUQHWHLPHGLDWWHOHIRQLDSULQLQWHU
VLPEROXOGHFRUHVSRQGHQ6LPEROXOGLV IDD%OXHWRRWK
SDUHRGDWFHDLFLWLWPHVDMXOWH[WXDO6LP
EROXOGHFRUHVSRQGHQgHVWHDILDWGDF 3RUQLUH HFKLSDPHQWFXPRGXO0%6$3
PHPRULDGHPHVDMHWH[WXDOHHVWHSOLQ6LP 'DFHVWHLQWURGXVXQPRGXO0%6$3
EROXOGLVSDUHRGDWFHWHUJHLFHOSXLQXQ &20$1'2QOLQHSRUQHWHWHOHIRQLD6$3
PHVDMWH[W
(OHPHQWXOGHPHQLX606HVWHGLVSRQLELOGDF G 'DFQXHVWHLQWURGXVQLFLXQPRGXO
WHOHIRQXOGHFRQIRUWLFRQVRODDFFHSWIXQF &20$1'2QOLQHYHULILFGDFRFRQVROGH
LDGHPHVDMHWH[WXDOH7HOHIRQXOGHFRQIRUW WHOHIRQPRELOHVWHLQWURGXVLGDFGDFH

&20$1'2QOLQH
WUHEXLHVILILQDOL]DWGHVFUFDUHDPHVDMHORU WLS
WH[WXDOH G QDLQWHGHDXWLOL]DPRGXOXOGXPQHD
(OHPHQWXOGHPHQLXHVWHvQJULLQXSRDWHIL YRDVWU0%6$3SHQWUXSULPDGDWWUHEXLH
VHOHFWDWGDF VvOFRQILJXUDLDVWIHOvQFkWVILHUHFXQRV
FXWGH&20$1'2QOLQH&RQVXOWDLLQVWUXF
=FRPXWDLGHSHWHOHIRQXOFRQIRUWSHDSHODUH
LXQLOHGHXWLOL]DUHVHSDUDWHDOHPRGXOXOXL
SULQLQWHUIDD%OXHWRRWKLWHOHIRQXO%OXH 0%6$3FXWUDILFGHGDWHDFWLYDW
WRRWKQXDFFHSWSURILOXO0$3%OXH
WRRWK 'DFQXHVWHFRQHFWDWQLFLXQWHOHIRQPRELOOD
PRGXOXO0%6$3FXWUDILFGHGDWHDFWLYDW
=&20$1'2QOLQHGHVFDUFPDLvQWkLPHVD
DSDUHPHVDMXO5HDG\IRU6$3FRQQHFWL
MHOHWH[WXDOHGLQWHOHIRQXOPRELOGXSFH
YLW\ *DWDSHQWUXFRQHFWDUH
WHOHIRQXOPRELODIRVWLQWURGXVvQFRQVRO
6$3 /DDSUR[LPDWLYGRXPLQXWHGXS
7LPSXOGHGHVFUFDUHGHSLQGHGH SRUQLUHD&20$1'2QOLQHYDDSUHDXQ
=QXPUXOGHPHVDMHWH[WXDOH 606 PHPR PHVDMGHFRQILUPDUHSULQFDUHYHLILvQWUHEDW
UDWHSHWHOHIRQXOPRELO GDFGRULLVFRPXWDLSHWHOHIRQLD%OXH
=PDUFDWHOHIRQXOXL WRRWK
'DFFRQILUPDLVHOHFWkQG<HV 'D PHVDMXO
5HDG\IRU%OXHWRRWKWHOHSKRQ\
3RUQLUHDLVFKLPEDUHDPRGXULORUGH *DWDSHQWUXWHOHIRQLH%OXH
XWLOL]DUHSHQWUXWHOHIRQLH WRRWK YDDSUHD&20$1'2QOLQHYD
FXWDFHOHGRXWHOHIRDQHPRELOHFRQHFWDWH
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'DFDXWRYHKLFXOXOGXPQHDYRDVWUHVWH JVHWHXQXOGLQWUHFHOHGRXWHOHIRDQH
SUHY]XWFXWHOHIRQLHFRQIRUW&20$1' PRELOHPHQLXOGHED]DOWHOHIRQXOXLSHQWUX
2QOLQHSRUQHWHPRGXOGHWHOHIRQLHGDF WHOHIRQLD%OXHWRRWK 3DJLQD DSDUH
=XQPRGXO0%6$3HVWHLQWURGXVvQVXSRUW 'DFQXVHJVHWHQLFLXQXOGLQWUHWHOHIRD
VDXQX QHOHPRELOHPHVDMXO5HDG\IRU%OXH
=RFRQVROGHWHOHIRQPRELOHVWHLQWURGXV
WRRWKWHOHSKRQ\ *DWDSHQWUX
WHOHIRQLH%OXHWRRWK UPkQHSHDIL
VDXQX
DM$FXPYSXWHLFRQHFWDWHOHIRQXOGXP
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HVWHLQWURGXV&20$1'2QOLQHSRUQHWH
'DFDOHJHL1R 1X PHVDMXO5HDG\IRU
WHOHIRQLDSULQLQWHUIDD%OXHWRRWK 6$3FRQQHFWLYLW\ *DWDSHQWUX
FRQHFWDUH6$3 UHDSDUH


 7HOHIRQ

3RUQLUH HFKLSDPHQWIUPRGXO0% WRRWK 3DJLQD DSDUH'DFQXVH


6$3 JVHWHQLFLXQXOGLQWUHWHOHIRDQHOHPRELOH
PHVDMXO5HDG\IRU%OXHWRRWKWHOH
3RUQLUHWHOHIRQLHFRQIRUW SKRQ\ *DWDSHQWUXWHOHIRQLH
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YLQGLQWURGXFHUHDFRQVROHLGHWHOHIRQPRELOL EXLHVYFRQHFWDLWHOHIRQXOGXPQHDYRDVWU
FDUHFRQVRODIRVWLQWURGXV&20$1' PRELO 3DJLQD 
2QOLQHSRUQHWHWHOHIRQLDFRQIRUW
3DJLQD  G 'DFQXFRQHFWDLDOWWHOHIRQPRELOSULQ
OLVWDGHWHOHIRDQHFRQH[LXQHD%OXHWRRWK
'DFXQWHOHIRQPRELOHVWHFRQHFWDWODFRQ
FXWHOHIRQXOPRELOUPkQHDFWLYSkQOD
VRODGHWHOHIRQPRELODSDUXUPWRDUHOH
XUPWRDUHDRSULUH&20$1'2QOLQH&kW
=LQWHURJDUHD3,1XOXL 3DJLQD
&20$1'2QOLQH

WLPSFRQH[LXQHD%OXHWRRWKHVWHDFWLY
=VDXPHQLXOGHED]DOWHOHIRQXOXL QXPDLIXQFLLOHLQWHUIHHL%OXHWRRWKVXQW
3DJLQD SHQWUXWHOHIRQLHFRQIRUW GLVSRQLELOHSHQWUXGXPQHDYRDVWU
'DFQXHVWHFRQHFWDWQLFLXQWHOHIRQPRELOOD
FRQVRODSDUHXUPWRUXOPHVDM7HOHSKRQH &RPXWDUHvQWUHPRGXULOHGHWHOHIRQLH
QRWLQVHUWHG 7HOHIRQQHLQWURGXV /D
'DFDXWRYHKLFXOXOGXPQHDYRDVWUHVWH
DSUR[LPDWLYGRXPLQXWHGXSFHSRUQLL
GRWDWFXWHOHIRQLHFRQIRUWSXWHLFRPXWDvQWUH
&20$1'2QOLQHVXQWHLvQWUHEDWGDFGRULL
PRGXULOHGHWHOHIRQLH
VFRPXWDLSHWHOHIRQLD%OXHWRRWK
3XWHLVFKLPEDPRGXOGHWHOHIRQLHvQOLVWDGH
'DFFRQILUPDLVHOHFWkQG<HV 'D PHVDMXO
WHOHIRDQHFX%OXHWRRWKVHOHFWkQGILHXQWHOH
5HDG\IRU%OXHWRRWKWHOHSKRQ\
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*DWDSHQWUXWHOHIRQLH%OXH
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FHOHGRXWHOHIRDQHPRELOHFRQHFWDWHXOWLPD 3DJLQD 
GDWSULQLQWHUIDD%OXHWRRWK'DFVH  6HOHFWDLXQWHOHIRQPRELOURWLQGyRzFRQ
JVHWHXQXOGLQWUHFHOHGRXWHOHIRDQH WUROHUXO&20$1'LDSVDLSHQWUXD
PRELOHPHQLXOGHED]DOWHOHIRQXOXLSHQWUX FRQILUPD
WHOHIRQLD%OXHWRRWK 3DJLQD DSDUH
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QHDYRDVWUPRELO 3DJLQD  GHPHQLX6$3WHOHSKRQHV 7HOHIRDQH
'DFDOHJHL1R 1X UHDSDUHPHVDMXO7HOH 6$3 LvQFRQVHFLQSULQFRPXWDUHDSH
WHOHIRQLH6$3&RQVXOWDLLQVWUXFLXQLOHGH
SKRQHQRWLQVHUWHG 7HOHIRQQHLQWUR
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GLQWUHFHOHGRXWHOHIRDQHPRELOHPHQLXOGH WHOHIRQLDSULQLQWHUPHGLXOLQWHUIHHL%OXH
ED]DOWHOHIRQXOXLSHQWUXWHOHIRQLD%OXH WRRWKLSHQWUXWHOHIRQLDFRQIRUW
7HOHIRQ 

2GDWFHWHOHIRQXOPRELODIRVWDXWRUL]DW )XQFLRQDUHDWHOHIRQXOXL
SXWHLRSWLPL]DVHWULOHYROXPXOXLGHUHFHSLH
LWUDQVPLVLH3HQWUXDDIODPDLPXOWHGHVSUH $SHOXULSULPLWH
FHOHPDLEXQHVHWULSRVLELOHSHQWUXWHOHIRQXO
GXPQHDYRDVWUPRELOFRQWDFWDLXQ&HQWUX $FFHSWDUHDXQXLDSHO
GH6HUYLFH0HUFHGHV%HQ]VDXYL]LWDL
KWWSZZZPHUFHGHVEHQ]FRP
FRQQHFW

&20$1'2QOLQH
([HPSOXDSHOSULPLW
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 6HOHFWDL&RQQHFWGHYLFH &RQHFWDUH  $SVDLEXWRQXOaGHSH&20$1'
GLVSR]LWLY vQPHQLXOGHED]DOWHOHIR 2QOLQHVDXGHSHYRODQXOPXOWLIXQFLRQDO
QXOXLFXOLVkQGRdLURWLQGyRzFRQWUROH G 3XWHLGHDVHPHQHDDFFHSWDDSHOXOSULQ
UXO&20$1'LDSVDLSHQWUXDFRQ FRPDQGYRFDOFXDMXWRUXO/,1*8$752
ILUPD 1,& FRQVXOWDLLQVWUXFLXQLOHGHXWLOL]DUH
 6HOHFWDLXQWHOHIRQPRELODXWRUL]DWGLQOLVW VHSDUDWH 
URWLQGyRz 2GDWFHDLDFFHSWDWDSHOXOSXWHLXWLOL]D
 6HOHFWDLVLPEROXOGHOLVWGHODGUHDSWD
PRGXOKDQGVIUHH9ROXPXODSHOXOXLSRDWHIL
UHJODW 3DJLQD $OWHIXQFLLvQWLPSXO
LQWUULLRFXOLVkQGFRQWUROHUXO&20$1'
XQHLFRQYRUELUL 3DJLQD 
LDSVDLSHQWUXDFRQILUPD
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9ROXPGHWUDQVPLVLH LDSVDL ODQWYHLYHGHDGHDVHPHQHDQXPHOH'DF
SHQWUXDFRQILUPD QXPUXOGHWHOHIRQQXHVWHWUDQVIHUDWSHDIL
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FRQWUROHUXO&20$1' G 3XWHLGHDVHPHQHDDFFHSWDXQDSHOFRQ
 3HQWUXDvQFKLGHVFDODGHVHWDUHDSVDL IRUPGHVFULHULLGHPDLVXVFkQGRDOWIXQF
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2GDWFHDLDFFHSWDWDSHOXODILDMXO
G 6HWULOHLQFRUHFWHSRWDIHFWDFDOLWDWHD FRPXWSHPRGXOWHOHIRQ'XSFHDSHOXO
DSHOXULORU HVWHvQFKHLDWYHGHLDILDMXODSOLFDLHLSULQ
FLSDOHDQWHULRDUHGLQQRX


 7HOHIRQ

$ILDMXOQXFRPXWSHDILDMXOWHOHIRQGDF  3HQWUXDHIHFWXDXQDSHOVHOHFWDLGLQ
=DSVDLEXWRQXOGHUHYHQLUH8GH EDUDGHFDUDFWHUHLDSVDLSHQWUXD
OkQJFRQWUROHUXO&20$1'LDSRL FRQILUPD
=DFFHSWDLDSHOXOFXDMXWRUXOEXWRQXOXL VDX
aGHSHYRODQXOPXOWLIXQFLRQDO  $SVDLEXWRQXOaGHSH&20$1'
2QOLQHVDXGHSHYRODQXOPXOWLIXQFLRQDO
5HVSLQJHUHDXQXLDSHO
 3HQWUXDUHVSLQJHVHOHFWDL5HMHFW 5HDSHODUH
5HVSLQJHUH URWLQGyRzFRQWUROHUXO  $SHODUHDPHQLXOXLGHED]DOWHOHIRQXOXL
&20$1'LDSVDLSHQWUXDFRQILUPD =WHOHIRQLHFRQIRUW 3DJLQD
VDX =WHOHIRQLHSULQLQWHUIDD%OXH
&20$1'2QOLQH

 $SVDLEXWRQXOvGHSH&20$1' WRRWK 3DJLQD


2QOLQHVDXGHSHYRODQXOPXOWLIXQFLRQDO  6HOHFWDLGLQEDUDGHFDUDFWHUHL
DSVDLSHQWUXDFRQILUPD
(IHFWXDUHDXQXLDSHO VDX
&XWDVWDWXUDQXPHULF  'DFPHQLXOGHED]DOWHOHIRQXOXLHVWHDIL

 $SHODUHDPHQLXOXLGHED]DOWHOHIRQXOXL
DWDSVDLEXWRQXOaGHSH&20$1'
=WHOHIRQLHFRQIRUW 3DJLQD
2QOLQH
QDPEHOHFD]XULDSDUHOLVWDGHDSHOXULIRU
=WHOHIRQLHSULQLQWHUIDD%OXH
PDWH&HOPDLUHFHQWQXPUIRUPDWVHDIO
WRRWK 3DJLQD vQSDUWHDVXSHULRDU
 ,QWURGXFHLFLIUHOHFXDMXWRUXOWDVWDWXULL  3HQWUXDVHOHFWDXQDSHOURWLLyRzFRQ
QXPHULFH WUROHUXO&20$1'
 3HQWUXDHIHFWXDXQDSHODSVDLEXWRQXO  3HQWUXDHIHFWXDXQDSHODSVDLFRQ
aGHSH&20$1'2QOLQH WUROHUXO&20$1'
VDX 5HDSHODUHFXDMXWRUXOYRODQXOXLPXOWLIXQFLR
 $SVDLEXWRDQHOHYeGHSHYRODQXO QDO 3DJLQD 
PXOWLIXQFLRQDOSHQWUXDVHOHFWDPHQLXO
8WLOL]DUHDOLVWHLGHDSHOXULVDXDDJHQGHL
7HOLDSVDLEXWRQXOa
WHOHIRQLFH&20$1'
8WLOL]DUHDPHQLXOXLGHED]DOWHOHIRQXOXL  'HVFKLGHLROLVWGHDSHOXULLVHOHFWDLR

 $SHODUHDPHQLXOXLGHED]DOWHOHIRQXOXL LQWUDUH 3DJLQD 


=WHOHIRQLHFRQIRUW 3DJLQD VDX
=WHOHIRQLHSULQLQWHUIDD%OXH  $SHODLDJHQGDWHOHIRQLF&20$1'L

WRRWK 3DJLQD VHOHFWDLRLQWUDUH 3DJLQD 

 6HOHFWDLFLIUHOHFkWHXQDSHUkQGURWLQG
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&20$1'LDSVDLSHQWUXDFRQILUPD 6HOHFWDLLUHDOL]DLXQDSHOFXDMXWRUXOYROD
QXOXLPXOWLIXQFLRQDO 3DJLQD 
8WLOL]DUHDSUHVHWULORUGHDSHODUHUDSLG
SHQWUXDHIHFWXDXQDSHO
/LVWDGHDSHODUHUDSLGFRQLQHLQWUULPHPR
UDWHvQDJHQGDWHOHIRQLF 3DJLQD 
7HOHIRQ 

2SLXQHD )XQFLLGLVSRQLELOHvQWLPSXOXQHLFRQ
 $SVDLXQDGLQWUHWDVWHOHQXPHULFHWLPS YRUELUL
GHSHVWHGRXVHFXQGH 3UH]HQWDUHJHQHUDO
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UHDVHOHFWDW$VWIHOVHLQLLD]IRUPDUHD
DSHOXOXL
2SLXQHD
 $SHODUHDPHQLXOXLGHED]DOWHOHIRQXOXL
=WHOHIRQLHFRQIRUW 3DJLQD
=WHOHIRQLHSULQLQWHUIDD%OXH
WRRWK 3DJLQD

&20$1'2QOLQH
 6HOHFWDL&DOO/LVWV /LVWHGHDSH
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OHUXO&20$1'LDSVDLSHQWUXDFRQ )XQFLRQDUHDWHOHIRQXOXLvQFD]XOXQXLDSHOXQLF
ILUPD C 3HUVRDQDSHFDUHRDSHODL
$SDUHXQPHQLX D 3LFWRJUDPSHQWUXFRQH[LXQHDDFWLYD
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URWLQGFRQWUROHUXO&20$1'yRzLDSVDL IUHH 3DJLQD
SHQWUXDFRQILUPD 3HQWUXDWULPLWHWRQXUL'70) QXHVWH
$SDUHOLVWDGHDSHODUHUDSLG SRVLELOODWRDWHWHOHIRDQHOHPRELOH
 6HOHFWDLSUHVHWDUHDLDSVDLSHQWUXD 3DJLQD
FRQILUPD 3HQWUXDvQFKHLDDSHOXO
0HQLXOGHED]DOWHOHIRQXOXLDILHD]LQWUD
UHDVHOHFWDW$VWIHOVHLQLLD]IRUPDUHD 3RUQLUHDRSULUHDPLFURIRQXOXLKDQGVIUHH
DSHOXOXL $FHDVWIXQFLHHVWHGHDVHPHQHDGLVSRQLELO
vQWLPSXOXQXLDSHOWHOHIRQLFDFWLY
 $SHODUHDPHQLXOXLGHED]DOWHOHIRQXOXL
=WHOHIRQLHFRQIRUW 3DJLQD
=WHOHIRQLHSULQLQWHUIDD%OXH
WRRWK 3DJLQD
 3HQWUXDRSULVHOHFWDL0LNHRII
0LFURIRQQFKLV LDSVDLSHQWUX
DFRQILUPD
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 7HOHIRQ

SKRQHLVRII 0LFURIRQXOHVWH 1DPH 1XPH URWLQGyRzFRQWUROHUXO


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7HOHIRQ 

DSHOXODFWLYDQWHULRUHVWHSXVvQDWHSWDUH  6HOHFWDLVLPEROXOCURWLQGyRzFRQWUR
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 7HOHIRQ

 3HQWUXDvQFKHLDDSHOXODFWLYVHOHFWDL 8WLOL]DUHDDJHQGHLWHOHIRQLFH
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VGLVFXWHXQXOFXFHOODOW FRQVXOWDLLQVWUXF 0HUFHGHV%HQ]6HUYLFH 3DJLQD 


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PRELO =WHUJHLQWUUL 3DJLQD

'DFGRULLVFRQWLQXDLXQDSHOvQPRGXOSUL =LPSRUWDFRQWDFWH 3DJLQD


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7HOHIRQ 

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 6HOHFWDLFDUDFWHUHOHLQWUULLSHFDUHR
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SkQFHEDUDGHFDUDFWHUHGLVSDUH 3DJLQD 
VDX
 6HOHFWDLTLDSVDLSHQWUXDFRQ $ILDUHDGHWDOLLORUXQHLLQWUUL
ILUPD
 6HOHFWDLRLQWUDUHGLQOLVWDGHVHOHFLLURWLQG
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FRQILUPD LDSVDLSHQWUXDFRQILUPD
3HQWUXDVHOHFWDXQQXPUGHWHOHIRQVLP  6HOHFWDL'HWDLOV 'HWDOLL LDSVDL
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PXOWHQXPHUHGHWHOHIRQ
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 6HOHFWDLRLQWUDUHGLQDJHQGDWHOHIRQLFFX
 3HQWUXDvQFKLGHDILDMXOGHWDOLDWFXOLVDL
VLPEROXOCLDSVDLSHQWUXDFRQ
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HVWHHYLGHQLDWGLQQRX
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7HOHIRQ 

WHUJHUHDXQHLLQWUULGLQDJHQGDWHOH  &XOLVDLRFRQWUROHUXO&20$1'vQPRG
IRQLF UHSHWDWvQDJHQGDWHOHIRQLFSkQFkQG
DSDUHOLVWDGHVHOHFLL
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 6HOHFWDLVLPEROXOGHOLVWGHODGUHDSWDOLV
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&20$1'2QOLQH
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 7HOHIRQ

 6HOHFWDLRLQWUDUHGLQOLVWDGHVHOHFLLURWLQG 8WLOL]DUHOLVWHGHDSHOXUL
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$GXJDUHQUWHOHIRQ LDSVDL LQFOXVLYDSHOXULOHSLHUGXWH /LVWHOHGHDSHOXUL
SHQWUXDFRQILUPD VXQWLQGLVSRQLELOHFXH[FHSLDFD]XOXLvQFDUH
XQWHOHIRQPRELOHVWHFRQHFWDWOD
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3%$3'LQDFHVWPRWLYUHLQHLFYDGLIHUL
&20$1'2QOLQH

 6HOHFWDLRFDWHJRULHSHQWUXWHOHIRQGHH[
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0RELOH 0RELO LDSVDLSHQWUXD
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GLQWUHQXPHUHOHH[LVWHQWH 3%$3
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 6HOHFWDL6DYHQXPEHU 6DOYDUH
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3DJLQD 
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 7HOHIRQ

WHUJHUHDXQXLPHVDMWH[WXDO 606 G $ILDMFXFRQWDFWHGHWHOHIRQPRELO


 6HOHFWDLXQPHVDMWH[WXDOvQFVXDGH FRQWDFWHOHGHVFUFDWHGLQWHOHIRQXOPRELO
PHVDMHWH[WXDOHURWLQGyRzFRQWUROHUXO UPkQvQDJHQGDGHDGUHVHFKLDULGDF
&20$1' WHOHIRQXOPRELOHVWHGHFRQHFWDWGHOD
 6HOHFWDLVLPEROXOGHOLVWGHODGUHDSWD &20$1'2QOLQH&RQWDFWHOHFDUHDXIRVW
PHVDMXOXLWH[WXDOFXOLVkQGRFRQWUROHUXO GLVSRQLELOHDQWHULRUSRWILDILDWHLPHGLDWFH
WHOHIRQXOPRELOHVWHUHFRQHFWDW
&20$1'LDSVDLSHQWUXDFRQILUPD
&20$1'2QOLQHGHVFDUFGLQQRXFRQWDF
 6HOHFWDL'HOHWH WHUJHUH LDSVDL
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 6HOHFWDL<HV 'D VDX1R 1X LDSVDL &20$1'2QOLQHWRDWHFRQWDFWHOHGLQ
&20$1'2QOLQH

SHQWUXDFRQILUPD DJHQGDGHDGUHVHDWHOHIRQXOXLPRELODQWH
'DFVHOHFWDL<HV 'D PHVDMXOWH[WXDO ULRUVXQWvQORFXLWHGHFHOHGLQQRXOWHOHIRQ
HVWHWHUV PRELO
'DFVHOHFWDL1R 1X VHYDUHQXQDOD ,QWUULOHGLQDJHQGDGHDGUHVHUPkQ
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G $FHDVWIXQFLHGHWHUJHUHQXHVWH
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6XQWUH]HUYDWHFkWHGHLQWUULvQ  6HOHFWDL$GGUHVVERRN $JHQGGH
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GLQDOWHVXUVH
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&20$1'2QOLQHGXSFXPHVWHQHFHVDU
7HOHIRQ 

4,QWUDUHGLQDJHQGDWHOHIRQLFSHWHOH
IRQXOPRELO
,QWUDUHFXHWLFKHWYRFDO
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3DJLQD 
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&20$1'2QOLQH
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=QXPHGHIDPLOLH  $SHODLDJHQGDGHDGUHVH 3DJLQD 

=SUHQXPH  6HOHFWDL1HZ 1RX vQDJHQGDGHDGUHVH


=FRPSDQLH FXOLVkQGRdLURWLQGyRzFRQWUROHUXO
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GHGDWH

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DGUHVH

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 7HOHIRQ

WHUJHUHDXQHLLQWUULGLQDJHQGDGH  &XWDLRLQWUDUHGLQDJHQGDGHDGUHVHL
DGUHVH URWLLyRzFRQWUROHUXO&20$1'SHQWUXDR
VHOHFWDvQOLVWDGHVHOHFLL 3DJLQD 
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OHUXO&20$1'LDSVDLSHQWUXDFRQ  $SHODLDJHQGDGHDGUHVHLVHOHFWDLR

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3DJLQD 
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 6HOHFWDLVLPEROXOGHOLVWGHODGUHDSWD
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LDSVDLSHQWUXDFRQILUPD
&20$1'2QOLQH

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 6HOHFWDL'HOHWH WHUJHUH LDSVDL yRzFRQWUROHUXO&20$1'LDSVDL
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 6HOHFWDL<HV 'D VDX1R 1X LDSVDL 3DJLQD 
SHQWUXDFRQILUPD $SHODUHDXQXLQXPUGHWHOHIRQ
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WHDUV
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ODW
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 6HOHFWDL'HWDLOV 'HWDOLL LDSVDL
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7HOHIRQ 

SHQWUXDRVHOHFWDvQOLVWDGHVHOHFLL  6HOHFWDLRFDWHJRULHGHQXPUGHH[
3DJLQD  +RPH $FDV 
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LDSVDLSHQWUXDFRQILUPD  'DFGRULLVHOHFWDL3UHIHUUHG 3UHIH
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PDWLPHGLDW

&20$1'2QOLQH
 6HOHFWDL6DYH 6DOYDUH LDSVDL
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 6HOHFWDL(GLW (GLWDUH LDSVDL
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SHQWUXRLQWUDUHGLQDJHQGDGHDGUHVH =VILHLQWURGXVvQFRQVRODWHOHIRQXOXLPRELO
3DJLQD  3DJLQD
 6HOHFWDLVLPEROXOGHOLVWGHODGUHDSWD =VDXVILHFRQHFWDWSULQLQWHUPHGLXOLQWHU
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&20$1'
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3DJLQD 
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 6HOHFWDL&DOO $SHODUH LDSVDL
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FDWHJRULH LDSVDLSHQWUXDFRQ FRPXWSHPRGXOWHOHIRQ
ILUPD


 7HOHIRQ

0HPRUDUHDQXPUXOXLGHWHOHIRQFD ,QWUDUHGLQDJHQGDGHDGUHVHIUGDWH
QXPUGHDSHODUHUDSLG QDYLJDELOH
 $ILDUHGHWDOLLSHQWUXRLQWUDUHGLQDJHQGD *KLGDUHDSHWUDVHXSRDWHILODQVDWGHDVH
GHDGUHVH 3DJLQD PHQHDSHQWUXRLQWUDUHGLQDJHQGDGHDGUHVH
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 6HOHFWDLFkPSXOGHGDWHSHQWUXQXPUXO
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GHWHOHIRQURWLQGyRzFRQWUROHUXO
&20$1'2QOLQHYVROLFLWVUHLQWURGXFHL
&20$1'
DGUHVD
 6HOHFWDLVLPEROXOGHOLVWGHODGUHDSWD
 ,QWURGXFHLDGUHVDGHVWLQDLHL
FkPSXOXLGHGDWHFXOLVkQGRFRQWUROHUXO
3DJLQD 
&20$1'LDSVDLSHQWUXDFRQILUPD
 6HOHFWDL6DYH 6DOYDUH GLQPHQLXOGH
 6HOHFWDL6SHHGGLDO $SHODUH
&20$1'2QOLQH

LQWURGXFHUHDDGUHVHLLDSVDLSHQWUX
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DFRQILUPD
$FXPSXWHLPHPRUDQXPUXOvQXQDGLQWUH
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3DJLQD  GHDGUHVH
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DGUHVH
1RW
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3DJLQD 
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SHQWUXDFRQILUPD
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VDX
LDSVDLSHQWUXDFRQILUPD
 6HOHFWDLVLPEROXOGHOLVWGHODGUHDSWD
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LDSVDLSHQWUXDFRQILUPD
 6HOHFWDL1DYLJDWH 1DYLJDUH LDSVDL
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7HOHIRQ 

 6HOHFWDL9RLFHWDJ (WLFKHW 6XUVHOHSRVLELOHVXQW


YRFDO LDSVDLSHQWUXDFRQILUPD =WHOHIRQXOPRELO
 6HOHFWDL$GG $GXJDUH VDX&KDQJH =FDUGXOGHPHPRULH
0RGLILFDUH LDSVDLSHQWUXDFRQ =GLVSR]LWLYXO86%
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ORJXUL LQGLFDWHvQDJHQGDWHOHIRQLFSULQSLFWRJUDPH
GLIHULWH 3DJLQD 
WHUJHUHDXQHLHWLFKHWHYRFDOH  &XWDUHDXQHLLQWUULGLQDJHQGDWHOHIRQLF
 &XWDUHDXQHLLQWUULGLQDJHQGDGHDGUHVH SHWHOHIRQXOPRELO4 3DJLQD 
FXRHWLFKHWYRFDO 3DJLQD 

&20$1'2QOLQH
 6HOHFWDLVLPEROXOGHOLVWGHODGUHDSWD
 6HOHFWDLVLPEROXOGHOLVWGHODGUHDSWD LQWUULLFXOLVkQGRFRQWUROHUXO&20$1'
LQWUULLFXOLVkQGRFRQWUROHUXO&20$1' LDSVDLSHQWUXDFRQILUPD
LDSVDLSHQWUXDFRQILUPD  6HOHFWDL6DYHHQWU\ 6DOYDUH
 6HOHFWDL9RLFHWDJ (WLFKHW LQWUDUH LDSVDLSHQWUXDFRQILUPD
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LDSVDLSHQWUXDFRQILUPD $FXPWUHEXLHVWHUJHLLQWUULOHH[LVWHQWH
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DGUHVH


 7HOHIRQ

6XUV &RQGLLL &20$1'2QOLQHDFFHSWY&DUGXULvQYHU


VLXQLOHL
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PHPRULH LQWURGXV 3DJLQD  DGUHVH vQDJHQGDGHDGUHVHVDXGDF
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FRQWDFWLPSRUWDELOH WDL7HOHSKRQH 7HOHIRQ FXOLVkQGRdL
'LVSR]LWLY 'LVSR]LWLYXO86%HVWHLQWUR URWLQGyRzFRQWUROHUXO&20$1'LDSVDL
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3DJLQD $FHVWD
 6HOHFWDL,PSRUWFRQWDFWV ,PSRUWDUH
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