&RQQHFWLRQER[ .H\ERDUG VHWWLQJZLWKRXWGLVSOD\ /HSRUHOOR 0 V.H\ORFN 63$1 0 $SSO\UHIHUHQFHSUHVVXUH &RQQHFW'&DPPHWHU UHFRPPHQGHG ൹ ൻ $GMXVW/59XVLQJRU YDULDEOHVSHHG DQGVDYH/59XVLQJ 0 6HWWLQJXSSHUUDQJHYDOXH 6HOHFWPRGH $GMXVWLQJXSSHUUDQJHYDOXH 6HOHFWPRGH $SSO\UHIHUHQFHSUHVVXUH &RQQHFW'&DPPHWHU UHFRPPHQGHG ൹ ൻ $GMXVW859XVLQJRU YDULDEOHVSHHG DQGVDYH859XVLQJ 0 $SSO\SUHVVXUHFRUUHVSRQGLQJ WR859WRWKHWUDQVPLWWHU ൻ DQG.HHSSUHVVHGIRUV ൹ WRVHW859WRP$ 6HWWLQJORZHUUDQJHYDOXH ZLWKRXWDSSOLFDWLRQRISUHVVXUH 6HOHFWPRGH $GMXVWLQJORZHUUDQJHYDOXH ZLWKRXWDSSOLFDWLRQRISUHVVXUH 6HOHFWPRGH $GMXVWLQJXSSHUUDQJHYDOXH ZLWKRXWDSSOLFDWLRQRISUHVVXUH 6HOHFWPRGH 6HWXSSHUUDQJHYDOXHWRWKHXSSHU ൻ V VHQVRUOLPLWXVLQJDQG ൹ 0 3UHVVYDOXHZLOOEHVDYHG $GMXVWSUHVVXUHZKLFKLVWRFRUUHVSRQG WR859XVLQJRU ൹ ൻ YDULDEOHVSHHG 0 3UHVVYDOXHZLOOEHVDYHG 7DVWDWXU %HGLHQXQJRKQH'LVSOD\ /HSRUHOOR 6\PEROH ൻ ൹ DQG6HWYDOXH 0P$PHDVXULQJPRGH 6HH2SHUDWLQJ,QVWUXFWLRQVDQG FRQIRUPLW\FHUWLILFDWHV KWWSZZZVLHPHQVFRPVLWUDQVS '«SOLDQW SURWHFWLRQG «FULWXUH2)) 63$1 1RWLFHG XWLOLVDWLRQ /HSRUHOOR $( 0 =(52 5«JOHUG«EXWGHSODJH GHPHVXUH 6«OHFWLRQQHUPRGH $SSOLTXHUSUHVVLRQTXLFRUUHVSRQGDX '0VXUOHWUDQVPHWWHXU HWPDLQWHQLUDSSX\«V ൹ ൻ HWDLQVLG«ILQLU'0VXUbP$ $SSOLTXHUODSUHVVLRQGHU«I«UHQFH 5DFFRUGHUO LQVWUXPHQWGHPHVXUH GHFRXUDQWFRQWLQX UHFRPPDQG« ൹ ൻ 5«JOHU'0DYHFRX G\QDPLTXHGHU«JODJH 0 DSSX\HUVXU0HQUHJLVWUHU'0 '«ILQLUILQGHSODJH GHPHVXUH 6«OHFWLRQQHUPRGH $SSOLTXHUSUHVVLRQTXLFRUUHVSRQGDX )0VXUOHWUDQVPHWWHXU HWPDLQWHQLUDSSX\«V ൹ ൻ HWDLQVLG«ILQLU)0VXUbP$ '«ILQLUm¢O DYHXJOH} G«EXWGHSODJHGHPHVXUH 6«OHFWLRQQHUPRGH '«ILQLUOHG«EXWGHSODJHGHPHVXUH ൻ V DYHFHW ൹ VXUODOLPLWHLQI«ULHXUHGXFDSWHXU 0 DSSX\HUVXU0HQUHJLVWUHUYDOHXU $SSOLTXHUODSUHVVLRQGHU«I«UHQFH 5DFFRUGHUO LQVWUXPHQWGHPHVXUH GHFRXUDQWFRQWLQX UHFRPPDQG« ൹ ൻ 5«JOHU)0DYHFRX G\QDPLTXHGHU«JODJH 0 DSSX\HUVXU0HQUHJLVWUHU)0 0P$0HVVDUWDQ]HLJH 01XOOSXQNWDEJOHLFK 0P$(LQKHLW FRXUDQW¢U«JOHUVHORQODIRUPXOH GHFDOFXOYRLULQVWUXFWLRQVGH VHUYLFHFKDSLWUH 5HPDUTXH/HVWRXFKHVGHFRPPDQGH SHXYHQW¬WUHYHUURXLOO«HV$QQXOHU YHUURXLOODJHGXFODYLHUYRLUSDJH 䘎᧕ⴂ '«ILQLUODILQGHSODJHGHPHVXUH ൻ V DYHFHW ൹ VXUODOLPLWHVXS«ULHXUHGXFDSWHXU 0 DSSX\HUVXU0HQUHJLVWUHUYDOHXU ൻ ൹ XQG:HUWVHW]HQ ൻ ൹ RGHU:HUW¦QGHUQ 0 %HHQGHQRKQH6SHLFKHUQ 䭞ⴈ ˄н֯⭘ᱮ⽪ቿ䇮㖞˅ /HSRUHOOR ᱮ⽪ቿ ᘛ䙏ࣘᤷই /HSRUHOOR $(ˈ 0 䟿䐍 ⁑ᔿ ᆹ㻵઼ࣘ ࡽ䈧৲㿱 Ā䈤᰾āʽ 0 䴦⛩ 䇮㖞л䲀٬˖ 䘹ᤙ⁑ᔿ 䈳ᮤл䲀٬˖ 䘹ᤙ⁑ᔿ ሶ/59ሩᓄⲴ࣋ ᯭ࣐ࡠਈ䘱ಘ ઼᤹տV ൹ ൻ 䈳ᮤк䲀٬˖ 䘹ᤙ⁑ᔿ ᯭ࣐৲㘳࣋ 䘎᧕ⴤ⍱⭥⍱㺘 ˄᧘㦀˅ ֯⭘ᡆ䈳ᮤ/59 ൹ ൻ ˄ਟਈ䙏ᓖ˅ 0 ᒦ֯⭘؍ᆈ/59 ሶ/59䇮㖞ѪP$ 䇮㖞к䲀٬˖ 䘹ᤙ⁑ᔿ ሶ859ሩᓄⲴ࣋ ᯭ࣐ࡠਈ䘱ಘ ઼᤹տV ൹ ൻ ൘нᯭ࣐࣋Ⲵᛵߥлˈ 䇮㖞л䲀٬˖ 䘹ᤙ⁑ᔿ ᯭ࣐৲㘳࣋ 䘎᧕ⴤ⍱⭥⍱㺘 ˄᧘㦀˅ ֯⭘ᡆ䈳ᮤ859 ൹ ൻ ˄ਟਈ䙏ᓖ˅ 0 ᒦ֯⭘؍ᆈ859 ൹ ൻ ֯⭘઼ሶ л䲀٬䇮㖞ѪՐᝏಘл䲀 V 0 ᤹ˈ؍ᆈ٬ ṩᦞ䇑㇇ޜᔿ 䈳ᮤ⭥⍱ˈ䈧৲㿱 ㅜ㢲Ā䈤᰾ā ൹ ൻ ֯⭘઼ሶ к䲀٬䇮㖞ѪՐᝏಘк䲀 V 0 ᤹ˈ؍ᆈ٬ 05«JOHUDWW«QXDWLRQ 05«JOHU¢O DYHXJOH'0 ൘нᯭ࣐࣋Ⲵᛵߥлˈ 䈳ᮤл䲀٬˖ 䘹ᤙ⁑ᔿ ൘нᯭ࣐࣋Ⲵᛵߥлˈ 䈳ᮤк䲀٬˖ 䘹ᤙ⁑ᔿ ֯⭘ᡆ䈳ᮤ ൹ ൻ 859ሩᓄⲴ࣋˄ਟਈ䙏ᓖ˅ 0 ᤹ˈ؍ᆈ٬ 05«JODJHGX]«UR VHW]HQ ]%EDU P$ 0 (QUHJLVWUHUYDOHXU ൻ ൹ HWG«ILQLUYDOHXU 5«JODJHGX]«UR 6«OHFWLRQQHUPRGH G«SDUW %'«ILQLUG«EXW OLQ«DLUH MXVTX DXSRLQW GHG«SDUW EDU GHSODJHGH PHVXUH SbH[bbEDUV P$ &'«ILQLUILQ EDU GHSODJHGH PHVXUH SbH[bbEDUV P$ '&DOFXOHUFRXUDQWGHVRUWLH SbH[bbEDUV EDUEDU , P$P$ P$ EDUEDU QXOMXVTX DX SRLQWGHG«SDUW 䇮㖞л䲀٬ ઼к䲀٬ 0䭞ⴈ⾱⭘ˈਚ䈫 0ᒣᯩṩ 3 0൘ᰐ࣋Ⲵᛵߥлˈ䈳ᮤ/59 0≲ᒣᯩṩ䎧⛩ 3 0൘ᰐ࣋Ⲵᛵߥлˈ䈳ᮤ859 0P$⍻䟿⁑ᔿ 0䴦⛩䈳ᮤ 0P$ቪረ P$ EDU P$ &䇮㖞 к䲀٬ ˄ֻྲˈEDU˅ EDU P$ '䇑㇇䗃ࠪ⭥⍱˄ֻྲˈEDU˅ EDUEDU EDUEDU , P$P$ P$ ൻ ൹ ᡆᴤ᭩٬ 0 䘰ࠪ㘼н؍ᆈ ࡽᨀᶑԦ˖䈧৲㿱ㅜ㢲Ā䈤᰾ā 䴦⛩䈳ᮤ˖ 䘹ᤙ⁑ᔿ ≲ ᒣᯩṩ⢩ᙗ Ⲵᓄ⭘⛩ ਟӾᢩ߶ḷㆮѝ䈫ਆ˖ പԦ˖DDEEFF ⺜Ԧ˖[[\\]] ≲ᒣᯩṩ ᓄ⭘⛩Ⲵ ৲ᮠ 㤳ത Ӿ䴦кॷࡠ ᓄ⭘⛩ പԦ⺜Ԧ⡸ᵜ ⍱䟿>@ 㓯ᙗкॷ ࡠᓄ⭘ ⛩ 䈧৲㿱Ā䈤᰾ā઼ਸṬ䇱Җʽ KWWSZZZVLHPHQVFRPVLWUDQVS EDU %䇮㖞л 䲀٬ ˄ֻྲˈEDU˅ 0䈳ᮤ䱫ቬ 䱴࣐ᮠᦞ $ࡍ ⣦ߥ പᇊ ᓄ⭘⛩Ⲵ ᓄ⭘⛩ ࣋ 㓯ᙗ ធធкॷ ࡠˈ ❦ਾ㓯ᙗкॷ ࣋>@ ࡠ ᓄ⭘⛩ $MXVWDUILQGHPHGLFLµQ VLQDSOLFDUSUHVLµQ VHOHFFLRQDUPRGR &RQ\ ൹ ൻ V HVWDEOHFHU ILQGHPHGLFLµQHQO¯PLWHVXSHULRU GHOVHQVRU 0 3XOVDUSDUDPHPRUL]DUYDORU &RQRDMXVWDUODSUHVLµQ ൹ ൻ FRUUHVSRQGLHQWHSDUD)0 DMXVWHGLQ£PLFR 0 3XOVDUSDUDPHPRUL]DUYDORU 63$1 0RGR 0 =(52 5HJROD]LRQHILQHPLVXUD]LRQH VHOH]LRQDUHLOPRGR $SSOLFDUHODSUHVVLRQHSHU,0VXO WUDVPHWWLWRUH H ൹ ൻ WHQHUOLSUHPXWLSHUV SHULPSRVWDUHO ,0VXP$ ,PSRVWDUHODSUHVVLRQHGL ULIHULPHQWR &ROOHJDUHLOPLVXUDWRUHGLFRUUHQWH FRQWLQXD YLHQHFRQVLJOLDWR &RQRLPSRVWDUHO ,0 ൹ ൻ GLQDPLFDUHJROD]LRQH 0 SUHPHUHSHUPHPRUL]]DUH,0 ,PSRVWDUHODSUHVVLRQHGLULIHULPHQWR &ROOHJDUHLOPLVXUDWRUHGLFRUUHQWH FRQWLQXD YLHQHFRQVLJOLDWR &RQRLPSRVWDUHO )0 ൹ ൻ GLQDPLFDUHJROD]LRQH 0 SUHPHUHSHUPHPRUL]]DUH)0 ,PSRVWD]LRQHFLHFD LQL]LRPLVXUD]LRQH VHOH]LRQDUHLOPRGR 3HUODFRUUHQWHGDLPSRVWDUH VHFRQGRODIRUPXODGLFDOFROR YHGLLOFDSLWRORGHOOHLVWUX]LRQL RSHUDWLYH 1RWDLWDVWLSRWUHEEHURHVVHUHEORFFDWL 'LVDWWLYDUHLOEORFFRWDVWLHUD YHGLSDJLQD /HSRUHOOR 6,TRANS P P310/DS III/P410 FRPHART 0RVWUDGRUGLJLWDO 63$1 operação breve e resumida $( 0 6¯PERORV =(52 &RQILJXUDULQ¯FLRGDPHGL©¥R 6HOHFFLRQDURPRGR $MXVWDURLQ¯FLRGDPHGL©¥R 6HOHFFLRQDURPRGR ,QGLFDUDSUHVV¥RTXHFRUUHVSRQGH DR0$QRWUDQVPLVVRUGHSUHVV¥R HPDQWHUSUHPLGRGXUDQWH ൹ ൻ VHJXQGRVHDVVLPFRQILJXUDU0$ SDUDP$ &ULDUDSUHVV¥RGHUHIHU¬QFLD &RQHFWDURDSDUHOKRGHPHGL©¥RGD FRUUHQWHFRQW¯QXD UHFRPHQGDGR FRPRXDMXVWDU0$ ൻ ൹ GLQ¤PLFDGHDMXVWH 0 HFRPPHPRUL]DU0$ $MXVWDURILPGDPHGL©¥R 6HOHFFLRQDURPRGR &ULDUDSUHVV¥RGHUHIHU¬QFLD &RQHFWDURDSDUHOKRGHPHGL©¥RGD FRUUHQWHFRQW¯Q UHFRPHQGDGR ൻ ൹ FRPRXDMXVWDU0( GLQ¤PLFDGHDMXVWH 0 HFRPPHPRUL]DU0( &DXGDO>@ ([WUDFFLµQGHUD¯] 5DQJRDMXVWDGR SDUDSXQWRGH LQLFLR 0RGRGLYLVXDOL]]D]LRQHLQ P$SUHVVLRQH 0,PSRVWDUHHPRGLILFDUH,0 0,PSRVWDUHHPRGLILFDUH)0 0,PSRVWDUHVPRU]DPHQWR 05HJROD]LRQHFLHFD,0 05HJROD]LRQHFLHFD)0 0&RUUH]LRQHSXQWRGL]HUR 07UDVPHWWLWRUHGLFRUUHQWH ൹HൻV 0&RUUHQWHGLDYDULD VRSUDVRWWR 0%ORFFRWDVWLSURWH]LRQH GDVFULWWXUD 0(VWUDUUHUDGLFH SGLII 03XQWRGಬDSSOLFD]LRQHUDGLFH SGLII 0P$LQGLFD]LRQHWLSRGL PLVXUD]LRQH 0P$XQLW¢ 0 PHPRUL]]DUHYDORUH ൻ ൹ RPRGLILFDUHYDORUH 0 8VFLUHVHQ]DVDOYDUH FRPH ൹ ൻ VHJXQGRV FRQILJXUDURLQ¯FLRGDPHGL©¥RSDUDR OLPLWHLQIHULRUGRVHQVRU SUHVVLRQDUPHPRUL]DUYDORU 0 FRPRXDMXVWDUDSUHVV¥RTXH ൹ ൻ GHYHFRUUHVSRQGHUDR0$ GLQ¤PLFDGH DMXVWH SUHVVLRQDUPHPRUL]DUYDORU 0 PHGLFLµQ HVWDEOHFHU SHMEDU P$ EDU P$ '&RUULHQWHGHVDOLGDFDOFXODU SHMEDU EDUEDU , P$P$ P$ EDUEDU 'LVWLQWLYR):+: VHSXHGHQYHUHQODSODFDGH KRPRORJDFLµQ ):DDEEFF +:[[\\]] EDU $6LWXD]LRQHGL SDUWHQ]D %,PSRVWDUH &,PSRVWDUH EDU ILQH PLVXUD]LRQH DGHVEDU P$ LQL]LR PLVXUD]LRQH DGHVEDU P$ EDU P$ '&DOFRODUHFRUUHQWHG XVFLWD DGHVEDU EDUEDU , P$P$ P$ EDUEDU &RQWUDVVHJQR):+: VRQROHJJLELOLVXOODWDUJKHWWDGL RPRORJD]LRQH ):DDEEFF )OXVVR>@ $GHVWUD]LRQHGL UDGLFH &DPSR GಬLPSRVWD]LRQH SHUSXQWRGL DSSOLFD]LRQH ,PSRVWDUHLQL]LR HILQHPLVXUD]LRQH 3XQWRGLDSSOLFD]LRQH FXUYDFDUDWWHULVWLFDGDFXL HVWUDUUHODUDGLFH +:[[\\]] 3XQWRGLDSSOLFD /LQHDUHILQR ]LRQHSHU SXQWR DSXQWRGL GLDSSOLFD]LRQH DSSOLFD]LRQH ILVVR =HURILQRD SUHVVLRQH SXQWRGL OLQHDUH DSSOLFD]LRQH /HJJHUPHQWH DVFHQGHQWH ILQRD SRLOLQHDUHILQR 3UHVVLRQH>@ DOSXQWRGL DSSOLFD]LRQH 2SHUD©¥R &RQILJXUDURLQ¯FLR HRILPGDPHGL©¥R 0RGRGHLQGLFD©¥RHPP$SUHVV¥R 03URGXWRUGHFRUUHQWH൹HൻV $6LWXD©¥R GHSDUWLGD 0FRQILJXUDUHDMXVWDU0$ 0&RUUHQWHGHDYDULDFLPDEDL[R 0FRQILJXUDUHDMXVWDU0( 0%ORTXHLRERW·HVSURWHF©¥RHVFULWD 0DMXVWDUDPRUWHFLPHQWR 0([WUDF©¥RUDL] 0DMXVWDU0$EOLQG 03RQWRGHXWLOL]D©¥RGDUDL] ˂3 0DMXVWDU0(EOLQG 0P$LQGLFD©¥RWLSRGHPHGL©¥R 0HTXDOL]D©¥RGR]HUR 0P$XQLGDGH 0 0HPRUL]DUYDORU ൻ ൹ HFRQILJXUDUYDORU (TXDOL]D©¥RGR]HUR 6HOHFFLRQDURPRGR ˂3 ൻ ൹ RXDOWHUDUYDORU 0 )LQDOL]DUVHPPHPRUL]DU %&RQILJXUDU &&RQILJXUDU LQ¯FLRGD PHGL©¥R SH[EDU P$ EDU P$ EDU LQ¯FLRGD P$ PHGL©¥R SH[EDU '&DOFXODUDFRUUHQWHGHVD¯GD SH[EDU EDUEDU , P$P$ P$ EDUEDU &RQGL©¥RYHUPDQXDOGHLQVWUX©·HV FDS¯WXOR 3RQWRGHXWLOL]D©¥RGDFXUYD FDUDFWHU¯VWLFDDVHUH[WUD¯GD EDU 9HQWLODURWUDQVPLVVRUGHSUHVV¥RRX '«ELWR>@ DMXVWDUDSUHVV¥RGHUHIHU¬QFLDFRQKHFLGD H[WUDF©¥RGDUDL] >(YDFXDUWUDQVPLVVRUSDUDSUHVV¥R DEVROXWD ಽGRLQWHUYDORGH PHGL©¥R @ UHDGHDMXVWH SDUDSRQWRGH $MXVWDURILPGDPHGL©¥RಯEOLQGರ FRPHFRQILJXUDURSRQWR]HUR ൹ ൻ XWLOL]D©¥R 3RQWRGHXWLOL]D©¥R 6HOHFFLRQDURPRGR PLWRXDMXVWDURSRQWR]HUR /LQHDUDW«DR ൹ ൻ SDUD 3RQWR SRQWRGH GHXWLOL]D©¥RIL[R SUHVVLRQDUPHPRUL]DUYDORU 0 FRPRXDMXVWDUDSUHVV¥RTXH XWLOL]D©¥R ൹ ൻ =HURDW«DR SUHVV¥R GHYHFRUUHVSRQGHUDR0( GLQ¤PLFDGH SRQWRGH OLQHDU 'DGRV([ XWLOL]D©¥R DMXVWH /LJHLUDPHQWH 0 SUHVVLRQDUPHPRUL]DUYDORU DVFHQGHQWHDW« YHUPDQXDOGHLQVWUX©·HVH GHSRLV GHFODUD©¥RGHFRQIRUPLGDGH OLQHDUDW«DR 3UHVV¥R>@ SRQWRGHXWLOL]D©¥R KWWSZZZVLHPHQVFRPVLWUDQVS P$ EDU 3UHVXSSRVWRYHGLFDSLWRORGHOOH LVWUX]LRQLRSHUDWLYH 0$ ,Q¯FLRGDPHGL©¥R 0( )LPGDPHGL©¥R &)LQGH PHGLFLµQ HVWDEOHFHU SHMEDU ൻ ൹ HLPSRVWDUHYDORUH 3XQWRGHLQLFLR /LQHDUKDVWD SDUD SXQWRGH SXQWRGHLQLFLR LQLFLRILMR &HURKDVWD SXQWRGHLQLFLR /LQHDO SUHVLµQ /LJHUDPHQWH DVFHQGHQWH KDVWD GHVSX«VOLQHDO KDVWDSXQWRGH LQLFLR 3UHVLµQ>@ &RQHLPSRVWDUHLOSXQWR]HUR ൹ ൻ &RQRUHJRODUHLOSXQWR]HUR ൹ ൻ 0 SUHPHUHSHUPHPRUL]]DUHYDORUH %,QLFLRGH 9HQWLODUHLOWUDVPHWWLWRUHRLPSRVWDUH ODSUHVVLRQHGLULIHULPHQWRQRWD >YXRWRQHLWUDVPHWWLWRULSHUSUHVVLRQH DVVROXWD bಽGHOPDUJLQHGLPLVXUD @ EDU 3XQWRGHLQLFLR GHODFXUYDFDUDFWHU¯VWLFD GHODTXHVHYDDH[WUDHUODUD¯] 8VR ,0 ,QL]LR0LVXUD]LRQH )0 )LQH0LVXUD]LRQH $MXVWDURLQ¯FLRGDPHGL©¥R ಯEOLQGರ6HOHFFLRQDURPRGR 0 6DOLUVLQJXDUGDU 2SHUD©¥R FRPH ൹ ൻ VHJXQGRV RQILJXUDURILPGDPHGL©¥RSDUDROLPLWH VXSHULRUGRVHQVRU 0 SUHVVLRQDUPHPRUL]DUYDORU ൻ ൹ RPRGLILFDUYDORU $6LWXDFLµQ LQLFLDO 5HTXLVLWRY«DVH,QVWUXFFLRQHVGH VHUYLFLRFDS¯WXOR &RQILJXUDURLQ¯FLRGDPHGL©¥R ಯEOLQGರ6HOHFFLRQDURPRGR &RQILJXUDURILPGDPHGL©¥R ಯEOLQGರ6HOHFFLRQDURPRGR &RUUHQWHDVHUDMXVWDGDGH DFRUGRFRPDIµUPXODGHF£OFXOR YHUPDQXDOGHLQVWUX©·HV FDS¯WXOR ಯ $LUHDUWUDQVPLVRURHVWDEOHFHUXQD SUHVLµQGHUHIHUHQFLDFRQRFLGD >(YDFXDUHOWUDQVPLVRUGHSUHVLµQDEVROXWD ಽGHODOFDQFHGHPHGLGD @ &RQRLPSRVWDUHOD ൹ ൻ 'DWLVXOODSURWH]LRQH SUHVVLRQHFRUULVSRQGHQWHDOO )0 GLQDPLFDUHJROD]LRQH DQWLGHIODJUDQWH 9HGLLVWUX]LRQLRSHUDWLYHHFHUWLILFDWL 0 SUHPHUHSHUPHPRUL]]DUHYDORUH GLFRQIRUPLW¢ KWWSZZZVLHPHQVFRPVLWUDQVS /LPLWHGHFRUUHQWHLQIHULRUDOFDQ©DGR 6LQDOSDUDRYDORUGHPHGL©¥R /LPLWHGHFRUUHQWHVXSHULRUDOFDQ©DGR ,QGLFD©¥RGDFRPXQLFD©¥R 7DUDWXUDSXQWRG RULJLQH VHOH]LRQDUHLOPRGR 5HJROD]LRQHFLHFD LQL]LRPLVXUD]LRQH VHOH]LRQDUHLOPRGR //%ORTXHLRGRVERW·HV DXWRUL]D©¥RDSHQDV DWUDY«VGH+$57 $QWHVGDLQVWDOD©¥RH FRORFD©¥RHPIXQFLRQDPHQWR «QHFHVV£ULRUHVSHLWDUR PDQXDOGHLQVWUX©·HV ൻ ൹ \HVWDEOHFHUYDORU &RPSHQVDFLµQGHOFHUR VHOHFFLRQDUPRGR /LPLWHLQIHULRUHGLFRUUHQWHUDJJLXQWR 6HJQRLQL]LDOHSHUYDORUHGLPLVXUD /LPLWHVXSHULRUHGLFRUUHQWHUDJJLXQWR ,QGLFD]LRQHGLFRPXQLFD]LRQH %OLQGDJHP (QHUJLDDX[LOLDU (QHUJLDDX[LOLDU )LFKDGHWHVWHSDUDDSDUHOKRGH PHGL©¥RH[WHUQRSDUDFRUUHQWH FRQW¯QXD %RW¥R0RGH &2SHUD©¥RFRQVWDQWH %RW¥RSDUDDXPHQWDU GHFRUUHQWH %RW¥RSDUDGLPLQXLU /3URWHF©¥RFRQWUDHVFULWD /$%RW·HVEORTXHDGRV 9DORUGHPHGL©¥R /26µ0$SRGHVHU 8QLGDGHJU£ILFREDU FRQILJXUDGR 0HGL©¥RGHG«ELWR /60$0(SRGHPVHU FRQILJXUDGRV 0RGR 0 0HPRUL]DUYDORU /HJHQGD %ORTXHLRGRVERW·HV SURWHF©¥RFRQWUDHVFULWD'(6 /6,0H)0LPSRVWDELOL //%ORFFRWDVWLHUD DELOLWD]LRQHVROR WUDPLWH+$57 5HJROD]LRQHFLHFD ILQHPLVXUD]LRQH VHOH]LRQDUHLOPRGR &RQH ൹ ൻ V LPSRVWDUHODILQH GLPLVXUD]LRQHVXOOLPLWHVXSHULRUHGHO VHQVRUH 0 SUHPHUHSHUPHPRUL]]DUHYDORUH 0 V 0&RPSHQVDFLµQGHOFHUR 06HQVRUGHFRUULHQWH൹\ൻV 0&RUULHQWHGHGHIHFWR DUULEDDEDMR 0%ORTXHRGHWHFODV SURWHFFLµQFRQWUDHVFULWXUD 0([WUDHUUD¯] SGLI 03XQWRGHLQLFLRGHODUD¯] SGLI 0P$LQGLFDGRUWLSRGH PHGLFLµQ 0P$8QLGDG 8VR ,PSRVWD]LRQHFLHFD ILQHPLVXUD]LRQH VHOH]LRQDUHLOPRGR 0$MXVWDU)0VLQDSOLFDUSUHVLµQ 'DWRV([ &RQRLPSRVWDUHOD ൹ ൻ SUHVVLRQHFRUULVSRQGHQWHDOO ,0 GLQDPLFDUHJROD]LRQH 0 SUHPHUHSHUPHPRUL]]DUHYDORUH %RW·HV RSHUD©¥RVHPGLVSOD\ 0$MXVWDU,0VLQDSOLFDUSUHVLµQ 9«DVH,QVWUXFFLRQHVGHVHUYLFLR\ FHUWLILFDGRVGHFRQIRUPLGDG KWWSZZZVLHPHQVFRPVLWUDQVS &RQH ൹ ൻ V LPSRVWDUHO LQL]LR GLPLVXUD]LRQHVXOOLPLWHLQIHULRUHGHO VHQVRUH 0 SUHPHUHSHUPHPRUL]]DUHYDORUH (VSD©RGHFRQH[¥R 1RWDRVERW·HVGHFRPDQGRSRGHPVHU EORTXHDGRV6XVSHQGHUREORTXHLR GRVERW·HVYHUS£JLQD 6LPEROL 5HJROD]LRQHLQL]LRPLVXUD]LRQH VHOH]LRQDUHLOPRGR 0$MXVWDUDWHQXDFLµQ &RQ\HVWDEOHFHUHOSXQWR ൹ ൻ FHUR &RQRDMXVWDUHOSXQWRFHUR ൹ ൻ 3XOVDUSDUDPHPRUL]DUYDORU 0 6XSSRUWRVFKHUPR $OLPHQWDWRUH $OLPHQWDWRUH &RQQHWWRUHGLSURYDSHUPLVXUDWRUHGL FRUUHQWHFRQWLQXDHVWHUQR 7DVWR0RGH 7DVWR,QFUHPHQW 7DVWR'HFUHPHQW 9DORUHGLPLVXUD XQLW¢LQGLFDWRUH &6HUYL]LRDFRUUHQWH FRVWDQWH DEDUUH /3URWH]LRQHGDVFULWWXUD 0LVXUD]LRQH /$7DVWLHUDEORFFDWD GHOODSRUWDWD /2VROR,0LPSRVWDELOH 0(VWDEOHFHU\DMXVWDU)0 /HJHQGD (VWDEOHFHULQLFLR\ ILQGHPHGLFLµQ 0(VWDEOHFHU\DMXVWDU,0 9LVXDOL]]DWRUHGLJLWDOH %ORFFRWDVWL 0 V SURWH]LRQH DQWLVFULWWXUD2)) ,QGLFDUDSUHVV¥RTXHFRUUHVSRQGH DR0(QRWUDQVPLVVRUGHSUHVV¥R HPDQWHUSUHPLGRGXUDQWH ൹ ൻ VHJXQGRVHDVVLPFRQILJXUDU0( SDUDP$ (VWDEOHFHUILQGHPHGLFLµQ VLQDSOLFDUSUHVLµQ VHOHFFLRQDUPRGR &RQILJXUDURILPGDPHGL©¥R 6HOHFFLRQDURPRGR $MXVWDULQLFLRGHPHGLFLµQ VLQDSOLFDUSUHVLµQ VHOHFFLRQDUPRGR 0DQHMR 0RGRGHYLVXDOL]DFLµQ HQP$SUHVLµQ /¯PLWHGHFRUULHQWHLQIHULRUDOFDQ]DGR 6LJQRSUHFHGHQWHDOYDORUGHPHGLFLµQ /¯PLWHGHFRUULHQWHVXSHULRUDOFDQ]DGR ,QGLFDFLµQGHFRPXQLFDFLµQ &RQRDMXVWDUODSUHVLµQ ൹ ൻ FRUUHVSRQGLHQWHSDUD,0 DMXVWHGLQ£PLFR 0 3XOVDUSDUDPHPRUL]DUYDORU 0DQHMR ,0 ,QLFLRGHPHGLFLµQ )0 )LQGHPHGLFLµQ //%ORTXHRGHOWHFODGR GHVEORTXHRVµORD WUDY«VGH+$57 &RQ\ ൹ ൻ V HVWDEOHFHU LQLFLRGHPHGLFLµQHQO¯PLWHLQIHULRU GHOVHQVRU 0 3XOVDUSDUDPHPRUL]DUYDORU 7DVWLHUD XVRVHQ]DGLVSOD\ 3ULPDGHOO LQVWDOOD]LRQH HGHOODPHVVDLQVHUYL]LR OHJJHUHOHLVWUX]LRQL RSHUDWLYH OLQ«DLUH SUHVVLRQ $XJPHQWDQW O«JªUHPHQW MXVTX ¢b SXLVOLQ«DLUHPHQW MXVTX DXSRLQW 3UHVVLRQ>@ GHG«SDUW ¢OLUHVXUODSODTXHVLJQDO«WLTXH 0䇮㖞ᒦ䈳ᮤ859 ᧂオਈ䘱ಘᡆ䈳ᮤᐢ⸕৲㘳࣋ >ሩ㔍ሩ࣋⍻䟿Րᝏಘ䘋㹼߿ ˄ሿҾ⍻䟿㤳തⲴă˅@ ֯⭘઼䇮㖞䴦⛩ ൹ ൻ ֯⭘ᡆ䈳ᮤ䴦⛩ ൹ ൻ ᤹ˈ؍ᆈ٬ 0 3RLQWGHG«SDUW SRXU SRLQWGH G«SDUWIL[H 0᭵䳌⭥⍱к䲀л䲀 ൻ ൹ ઼䇮㖞٬ P$ 3ODJHGH U«JODJHSRXU SRLQWGHG«SDUW 0䇮㖞ᒦ䈳ᮤ/59 ):DDEEFF +:[[\\]] DYHFH[WUDFWLRQ GHUDFLQH 0⭥⍱ਈ䘱ಘˈ֯⭘Ė઼Ę䈳ᮤᒦ᤹տV 0 ؍ᆈ٬ EDU 0DUTXH):+: '«ELW>@ ᱮ⽪⁑ᔿ˄অսP$ˈ࣋Ⲯ࠶∄˅ 3RLQWGHG«SDUW GHODFRXUEHFDUDFW«ULVWLTXH GHO H[WUDFWLRQGHUDFLQH $«UHUWUDQVPHWWHXURXU«JOHUODSUHVVLRQ GHU«I«UHQFHFRQQXH>(YDFXHUOH WUDQVPHWWHXUSRXUSUHVVLRQDEVROXH bಽ GHODJDPPHGHPHVXUH @ &RQGLWLRQbYRLULQVWUXFWLRQVGHVHUYLFH FKDSLWUH ൻ ൹ RXPRGLILHUYDOHXU 0 7HUPLQHUVDQVHQUHJLVWUHU &RUULHQWHDDMXVWDUVHJ¼QIµUPXOD GHF£OFXORY«DVH,QVWUXFFLRQHV GHVHUYLFLRFDS¯WXOR ,PSRVWDUHLQL]LRPLVXUD]LRQH VHOH]LRQDUHLOPRGR '«ILQLUG«EXWGHSODJHGHPHVXUH HWILQGHSODJHGHPHVXUH $6LWXDWLRQGH (VWDEOHFHULQLFLRGHPHGLFLµQ VLQDSOLFDUSUHVLµQ VHOHFFLRQDUPRGR $SOLFDUSUHVLµQGHUHIHUHQFLD &RQHFWDUPHGLGRUGHFRUULHQWH FRQWLQXD UHFRPHQGDGR $MXVWDU)0FRQR ൹ ൻ DMXVWHGLQ£PLFR 0 3XOVDUSDUDPHPRUL]DU)0 $SSOLFDUHODSUHVVLRQHSHU)0 VXOWUDVPHWWLWRUH H ൹ ൻ WHQHUOLSUHPXWLSHUV SHULPSRVWDUHO )0VXP$ 0*«Q«UDWHXUGHFRXUDQW ൹HWൻV 0&RXUDQWGHG«IDXW HQKDXWHQEDV 09HUURXLOODJHGXFODYLHU SURWHFWLRQG «FULWXUH 0([WUDFWLRQGHVUDFLQHV SGLII 03RLQWGHG«SDUWGHODUDFLQH SGLII 0P$bDIILFKDJHGX W\SHGHPHVXUH 0P$bXQLW« $MXVWDUILQGHPHGLFLµQ VHOHFFLRQDUPRGR $SOLFDUSUHVLµQGHUHIHUHQFLD &RQHFWDUPHGLGRUGHFRUULHQWH FRQWLQXD UHFRPHQGDGR $MXVWDU,0FRQR ൹ ൻ DMXVWHGLQ£PLFR 0 3XOVDUSDUDPHPRUL]DU,0 ,PSRVWDUHILQHPLVXUD]LRQH VHOH]LRQDUHLOPRGR GUXFN OLQHDU 'UXFN>@ $MXVWDULQLFLRGHPHGLFLµQ VHOHFFLRQDUPRGR ,VWUX]LRQLLQEUHYH /HSRUHOOR $( (LQVDW]SXQNW I¾U (LQVDW] SXQNWIHVW 9RLULQVWUXFWLRQVGHVHUYLFHHW FHUWLILFDWVGHFRQIRUPLW«b EDU 1XOOELV]XP (LQVDW]SXQN 'RQQ«HVSRXUOHV]RQHV ¢DWPRVSKªUHH[SORVLEOH ):DDEEFF ֯⭘ᡆ䈳ᮤ ൹ ൻ /59ሩᓄⲴ࣋˄ਟਈ䙏ᓖ˅ 0 ᤹ˈ؍ᆈ٬ ൘нᯭ࣐࣋Ⲵᛵߥлˈ 䇮㖞к䲀٬˖ 䘹ᤙ⁑ᔿ ሶ859䇮㖞ѪP$ 0'«ILQLUHWU«JOHU)0 /59 л䲀٬ 859 к䲀٬ /6ਟ䇮㖞/59઼859 //⾱⭘䭞ⴈ ˄ӵ䙊䗷+$57⭘˅ /LQHDUELV]XP (LQVDW]SXQNW ⭥⍱л䲀 ⍻䟿٬ㅖਧ ⭥⍱к䲀 䙊ؑᱮ⽪ ㅖਧ 0'«ILQLUHWU«JOHU'0 +:[[\\]] &RPPDQGH &0HVVHQGH VLQGDXIGHP=XODVVXQJVVFKLOG DE]XOHVHQ UDGL]LHUHQG 0RGHG DIILFKDJHHQP$bSUHVVLRQ 0 ⁑ᔿ ᭟ᤱ+$57Ⲵ6,75$163 3'6,,,3 V䭞ⴈ䬱ᇊ ߉؍ᣔĀޣ䰝ā P$ ):+:.HQQ]HLFKHQ 'XUFKIOXVV>@ /HLFKWVWHLJHQG ELVGDQQ OLQHDUELV]XP (LQVDW]SXQNW '«ILQLUOHSRLQW]«URDYHFHW ൹ ൻ 5«JOHUOHSRLQW]«URDYHFRX ൻ ൹ DSSX\HUVXU0HQUHJLVWUHUYDOHXU 0 ቿ㭭䘎᧕ ⭥Ⓚ ⭥Ⓚ ⭘Ҿཆ䜘ⴤ⍱⭥⍱㺘 Ⲵ⍻䈅ᨂཤ ⁑ᔿ䭞 ໎䟿䭞 ߿䟿䭞 ⍻䟿٬ 㔤ᓖ &ᚂᇊ⭥⍱⁑ᔿ ἂമ /ਚ䈫 /$䭞ⴈᐢ⾱⭘ ⍱䟿 /2ӵਟ䇮㖞/59 ⍻䟿 മֻ EDU =(52 6SD]LRGLFROOHJDPHQWR 6,75$163 3'6,,,3 FRQ+$57 9RUDXVVHW]XQJVLHKH%HWULHEVDQOHLWXQJ .DSLWHO (LQVDW]SXQNWGHU UDGL]LHUHQGHQ.HQQOLQLH KWWSZZZVLHPHQVFRPVLWUDQVS EDUEDU , P$P$ P$ EDUEDU 05«JOHU¢O DYHXJOH)0 VHW]HQ ]%EDU P$ '$XVJDQJVVWURPEHUHFKQHQ ]%EDU 0 :HUWVSHLFKHUQ 5«JOHUDYHFRXODSUHVVLRQ ൹ ൻ TXLGRLWFRUUHVSRQGUHDX)0 G\QDPLTXHGHU«JODJH 0 DSSX\HUVXU0HQUHJLVWUHUYDOHXU ˂3 (['DWHQ /6'0HW)0G«ILQLVVDEOHV //9HUURXLOODJHGXFODYLHU G«FOHQFKHPHQW XQLTXHPYLD+$57 %0HVVDQIDQJ 6¯PERORV EDU VLWXDWLRQ 0:XU]HOHLQVDW]SXQNW '0 G«EXWGHSODJHGHPHVXUH )0 ILQGHSODJHGHPHVXUH 5«JOHUm¢O DYHXJOH} ILQGHSODJHGHPHVXUH 6«OHFWLRQQHUPRGH '«ILQLUm¢O DYHXJOH} ILQGHSODJHGHPHVXUHb 6«OHFWLRQQHUPRGH $$XVJDQJV 00(EOLQGHLQVWHOOHQ &RQQH[LRQGHVEOLQGDJHV «QHUJLHDX[LOLDLUH «QHUJLHDX[LOLDLUH )LFKHWHVWSRXULQVWUXPHQWGHPHVXUH GHFRXUDQWFRQWLQXH[WHUQH 7DVWH0RGH 7DVWH,QFUHPHQW 7DVWH'HFUHPHQW 9DOHXUGHPHVXUH 8QLW« &0RGHFRXUDQWFRQVWDQW %DUJUDSK /3URWHFWLRQG «FULWXUH /$&ODYLHUYHUURXLOO« 0HVXUH /2VHXO'0G«ILQLVVDEOH GHG«ELW ൻ 5«JOHUDYHFRXODSUHVVLRQ ൹ TXLGRLWFRUUHVSRQGUHDX'0 G\QDPLTXHGHU«JODJH 0 DSSX\HUVXU0HQUHJLVWUHUYDOHXU 00$EOLQGHLQVWHOOHQ 0RGR /HSRUHOOR (LQVWHOOEHUHLFK I¾U(LQVDW]SXQNW (VWDEOHFHULQLFLRGHPHGLFLµQ VHOHFFLRQDUPRGR 0 1RWD/DVWHFODVGHPDQGRSXHGHQ HVWDUEORTXHDGDV3DUDGHVEORTXHDU HOWHFODGRY«DVHS£JLQD 63$1 &RQVXOWDUODVLQVWUXFFLRQHV GHVHUYLFLRDQWHVGHOD LQVWDODFLµQ\SXHVWDHQ VHUYLFLR $SOLTXHODSUHVLµQFRUUHVSRQGLHQWHDO ,0HQHOWUDQVPLVRU 0DQWHQHUSXOVDGR\V ൹ ൻ \HVWDEOHFHU,0HQP$ /H\HQGD 6RSRUWHGHDSDQWDOODPLHQWR (QHUJ¯DDX[LOLDU (QHUJ¯DDX[LOLDU &RQHFWRUGHSUXHEDSDUDPHGLGRUGH FRUULHQWHFRQWLQXDH[WHUQR 7HFODPRGR 7HFODLQFUHPHQWR 7HFODGHFUHPHQWR 9DORUPHGLGR &6HUYLFLRGHFRUULHQWH FRQVWDQWH 8QLGDG /3URWHFFLµQFRQWUDOD GLDJUDPDGH HVFULWXUD EDUUDV /$7HFODGREORTXHDGR 0HGLFLµQ /26µOR,0DMXVWDEOH GHFDXGDO /6,0\)0DMXVWDEOHV HVFULWXUD2)) 0HVVDQIDQJXQG 0HVVHQGHVHW]HQ ,QVWUXFFLRQHVEUHYHV /HSRUHOOR $( 05DGL]LHUHQ ˂3 &RPPDQGH 5«JOHUm¢O DYHXJOH} G«EXWGHSODJHGHPHVXUH 6«OHFWLRQQHUPRGH 3UHVVXUH>@ 07DVWHQVSHUUH6FKUHLEVFKXW] 6,75$163 3'6,,,3 FRQ+$57 0 V SURWHFFLµQFRQWUD $SOLTXHODSUHVLµQFRUUHVSRQGLHQWHDO )0HQHOWUDQVPLVRU 0DQWHQHUSXOVDGR\V ൹ ൻ \HVWDEOHFHU)0HQP$ 0'¦PSIXQJHLQVWHOOHQ 5«JOHUILQGHSODJH GHPHVXUH 6«OHFWLRQQHUPRGH P$ 3DQWDOODGLJLWDO (VWDEOHFHUILQGHPHGLFLµQ VHOHFFLRQDUPRGR 00(VHW]HQXHLQVWHOOHQ PLWXQGGHQ1XOOSXQNWVHW]HQ ൻ ൹ PLWRGHUGHQ1XOOSXQNWHLQVWHOOHQ ൻ ൹ GU¾FNHQ:HUWZLUGJHVSHLFKHUW 0 /LPLWHGHFRXUDQWLQI«ULHXUHDWWHLQWH 6LJQHSRXUODYDOHXUGHPHVXUH /LPLWHGHFRXUDQWVXS«ULHXUHDWWHLQWH $IILFKDJHGHODFRPPXQLFDWLRQ 6\PEROHV ⌘˖䘉Ӌ䭞ਟ㜭ᐢ⾱⭘ʽ ࡐ䲔䭞ⴈ⾱⭘ 䈧৲㿱ㅜ亥 /«JHQGH 0RGH 9HXLOOH]UHVSHFWHUOHV LQVWUXFWLRQVGHVHUYLFH DYDQWO LQVWDOODWLRQHW ODPLVHHQVHUYLFH '«ILQLUG«EXWGHSODJH GHPHVXUH 6«OHFWLRQQHUPRGH 7HFODGR 0DQHMRVLQYLVXDOL]DFLµQ 0 0RGR 0 V9HUURXLOODJHGHVWRXFKHV UDQJHYDOXH HJEDU SUHVVXUH OLQHDU 0 0RGH 6,75$163 3'6,,,3 DYHF+$57 $IILFKDJHQXP«ULTXH EDU DSSOLFDWLRQSRLQW IRU IL[HGDSSOL FDWLRQSRLQW VLHKH%HWULHEVDQOHLWXQJXQG .RQIRUPLW¦WVEHVFKHLQLJXQJHQ KWWSZZZVLHPHQVGHVLWUDQVS ):DDEEFF +:[[\\]] VTXDUHURRWLQJ 0)HKOHUVWURPREHQXQWHQ 0HVVXPIRUPHUEHO¾IWHQRGHUEHNDQQWHQ 5HIHUHQ]GUXFNHLQVWHOOHQ >0HVVXPIRUPHUI¾U$EVROXWGUXFNHYDNXLHUHQ ಽGHU0HVVVSDQQH @ &ODYLHU XWLOLVDWLRQVDQV«FUDQ FDQEHUHDGIURPWKHDSSURYDOODEHO 00$VHW]HQXHLQVWHOOHQ ൻ PLWRGHUGHQ'UXFNHLQVWHOOHQ ൹ GHU0$HQWVSUHFKHQVROO 9HUVWHOOG\QDPLN 0 GU¾FNHQ:HUWZLUGJHVSHLFKHUW &6HWWLQJXSSHU ):+:UHOHDVHV 06WURPJHEHU൹XൻV ൻ V GHQ0HVVDQIDQJ PLWXQG ൹ DXIGDVXQWHUH6HQVRUOLPLWVHW]HQ 0 GU¾FNHQ:HUWZLUGJHVSHLFKHUW &RPSDUWLPHQW GHUDFFRUGHPHQW P$ (VSDFLRGHFRQH[LµQ %ORTXHRGHWHFODV 3UHUHTXLVLWHVHH2SHUDWLQJ,QVWUXFWLRQV 6HFWLRQ $Q]HLJHPRGXVLQP$'UXFN 5HIHUHQ]GUXFNDQOHJHQ *OHLFKVWURPPHVVJHU¦WDQVFKOLH¡HQ ZLUGHPSIRKOHQ ൻ ൹ PLWRGHU0(HLQVWHOOHQ 9HUVWHOOG\QDPLN 0 XQGPLW0(VSHLFKHUQ 0 H[LWZLWKRXWVDYLQJ 5HIHUHQ]GUXFNDQOHJHQ *OHLFKVWURPPHVVJHU¦WDQVFKOLH¡HQ ZLUGHPSIRKOHQ ൻ ൹ PLWRGHU0$HLQVWHOOHQ 9HUVWHOOG\QDPLN 0 XQGPLW0$VSHLFKHUQ 0$ 0HVVDQIDQJ0( 0HVVHQGH 'UXFNGHUGHP0$HQWVSULFKW DP0HVVXPIRUPHUDQOHJHQ ൻ XQGVJHGU¾FNWKDOWHQ ൹ XQGGDPLW0$DXIP$VHW]HQ ൻ PLWRGHUGHQ'UXFNHLQVWHOOHQ ൹ GHU0(HQWVSUHFKHQVROO 9HUVWHOOG\QDPLN 0 GU¾FNHQ:HUWZLUGJHVSHLFKHUW UDQJHYDOXH HJEDU %HGLHQXQJ ൻ V GDV0HVVHQGH PLWXQG ൹ DXIGDVREHUH6HQVRUOLPLWVHW]HQ 0 GU¾FNHQ:HUWZLUGJHVSHLFKHUW EDU 1XOOSXQNWDEJOHLFK 0RGXVZ¦KOHQ +LQZHLV'LH%HGLHQWDVWHQN¸QQHQ JHVSHUUWVHLQ7DVWDWXUVSHUUHDXIKHEHQ VLHKH6HLWH 0HVVDQIDQJಱEOLQGಯHLQVWHOOHQ 0RGXVZ¦KOHQ HLQ]XVWHOOHQGHU6WURPJHP¦¡ %HUHFKQXQJVIRUPHOVLHKH %HWULHEVDQOHLWXQJ.DSLWHO ൻ ൹ RUFKDQJHYDOXH 6ORZO\LQFUHDVLQJ XSWR WKHQOLQHDUXSWR DSSOLFDWLRQSRLQW 0HVVDQIDQJಱEOLQGಯVHW]HQ 0RGXVZ¦KOHQ 'UXFNGHUGHP0(HQWVSULFKW DP0HVVXPIRUPHUDQOHJHQ ൻ XQGVJHGU¾FNWKDOWHQ ൹ XQGGDPLW0(DXIP$VHW]HQ =HURXSWR DSSOLFDWLRQSRLQW (['DWD 0HVVHQGHHLQVWHOOHQ 0RGXVZ¦KOHQ 0HVVHQGHಱEOLQGಯHLQVWHOOHQ 0RGXVZ¦KOHQ EDUEDU , P$P$ P$ EDUEDU $SSOLFDWLRQ SRLQWRIWKHVTXDUH URRWLQJFKDUDFWHULVWLF 0HVVDQIDQJHLQVWHOOHQ 0RGXVZ¦KOHQ 0HVVHQGHಱEOLQGಯVHW]HQ 0RGXVZ¦KOHQ %6HWWLQJORZHU 0HVVDQIDQJVHW]HQ 0RGXVZ¦KOHQ 0HVVHQGHVHW]HQ 0RGXVZ¦KOHQ P$ '&DOFXODWLQJRXWSXWFXUUHQW HJEDU 0P$GLPHQVLRQ 9HQWWUDQVPLWWHURUDGMXVWNQRZQUHIHUHQFH )ORZ>@ SUHVVXUH >(YDFXDWHPHDVXULQJWUDQVGXFHUIRU DEVROXWHSUHVVXUH ಽRIPHDVXULQJVSDQ @ 3DUDPHWHUUDQJH IRUDSSOLFDWLRQ 6HW=HURXVLQJDQG ൻ ൹ SRLQW $GMXVW=HURXVLQJRU ൹ ൻ /LQHDUXSWR DSSOLFDWLRQ 3UHVVYDOXHZLOOEHVDYHG 0 SRLQW =(52 06WDUWRIVTXDUHURRWLQJ ˂3 =HURDGMXVWPHQW 6HOHFWPRGH 8QWHUH6WURPJUHQ]HHUUHLFKW 9RU]HLFKHQI¾U0HVVZHUW 2EHUH6WURPJUHQ]HHUUHLFKW .RPPXQLNDWLRQVDQ]HLJH /60$0(VHW]EDU //7DVWDWXUVSHUUH )UHL JDEHQXU¾EHU+$57 0RGXV 0 0$GMXVW/59ZLWKRXWSUHVVXUH 0 6DYHYDOXH EDU /HSRUHOOR 0 0RGR 63$1 .XU]DQOHLWXQJ /HSRUHOOR $( 9RUGHU,QVWDOODWLRQXQG GHU,QEHWULHEQDKPHLVW GLH%HWULHEVDQOHLWXQJ ]XEHDFKWHQ 06TXDUHURRW ˂3 %HGLHQXQJ 6FKLUPDXIODJH +LOIVHQHUJLH +LOIVHQHUJLH 7HVWVWHFNHUI¾UH[WHUQHV *OHLFKVWURPPHVVJHU¦W 7DVWH0RGH 7DVWH,QFUHPHQW 7DVWH'HFUHPHQW 0HVVZHUW (LQKHLW%DUJUDI &.RQVWDQWVWURPEHWULHE /6FKUHLEVFKXW] 'XUFKIOXVV /$7DVWDWXUJHVSHUUW PHVVXQJ /2QXU0$VHW]EDU 6FKUHLEVFKXW]$86 0)DXOWFXUUHQWXSSHUORZHU 0.H\ORFNUHDGRQO\ $,QLWLDO VLWXDWLRQ 0=HURDGMXVWPHQW 0 0RGXV 0 V7DVWHQVSHUUH 0&XUUHQWWUDQVP൹DQGൻIRUV 0$GMXVWGDPSLQJ /HJHQGH 6HWWLQJORZHUUDQJHYDOXH DQGXSSHUUDQJHYDOXH 06HWDQGDGMXVW859 'LVSOD\ 6,75$163 3'6,,,3 PLW+$57 $GMXVWSUHVVXUHZKLFKLVWRFRUUHVSRQG WR/59XVLQJRU ൹ ൻ YDULDEOHVSHHG 0 3UHVVYDOXHZLOOEHVDYHG 6HWWLQJXSSHUUDQJHYDOXH ZLWKRXWDSSOLFDWLRQRISUHVVXUH 6HOHFWPRGH $QVFKOXVVUDXP 6HWORZHUUDQJHYDOXHWRWKHORZHU ൻ V VHQVRUOLPLWXVLQJDQG ൹ 0 3UHVVYDOXHZLOOEHVDYHG $GMXVWFXUUHQWDFFRUGLQJWR FDOFXODWLRQIRUPXODVHH 2SHUDWLQJ,QVWUXFWLRQV6HFWLRQ 06HWDQGDGMXVW/59 0$GMXVW859ZLWKRXWSUHVVXUH /RZHUFXUUHQWOLPLW 6LJQIRUPHDVXUHGYDOXH 8SSHUFXUUHQWOLPLW &RPPXQLFDWLRQGLVSOD\ =(52 $GMXVWLQJORZHUUDQJHYDOXH 6HOHFWPRGH $SSO\SUHVVXUHFRUUHVSRQGLQJ WR/59WRWKHWUDQVPLWWHU ൻ DQG.HHSSUHVVHGIRUV ൹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©¥R):+: SRGHPVHUFRQVXOWDGRVQDSODFDGH KRPRORJD©¥R ):DDEEFF +:[[\\]]
0
You can add this document to your study collection(s)
Sign in Available only to authorized usersYou can add this document to your saved list
Sign in Available only to authorized users(For complaints, use another form )