Vous êtes sur la page 1sur 25

$95/LEF

'HYHORSPHQW
3DJHV

$95/LEF+RPH
3DJH
0DLQ3DJH

8VHU0DQXDO

/LEUDU\5HIHUHQFH

)$4

$OSKDEHWLFDO,QGH[ ([DPSOH3URMHFWV

DYULQWHUUXSWK!,QWHUUXSWV

*OREDOPDQLSXODWLRQRIWKHLQWHUUXSWIODJ
7KHJOREDOLQWHUUXSWIODJLVPDLQWDLQHGLQWKH,ELWRIWKHVWDWXVUHJLVWHU 65(* 
+DQGOLQJLQWHUUXSWVIUHTXHQWO\UHTXLUHVDWWHQWLRQUHJDUGLQJDWRPLFDFFHVVWRREMHFWVWKDWFRXOGEHDOWHUHGE\FRGHUXQQLQJZLWKLQDQLQWHUUXSWFRQWH[W
VHHXWLODWRPLFK!
)UHTXHQWO\LQWHUUXSWVDUHEHLQJGLVDEOHGIRUSHULRGVRIWLPHLQRUGHUWRSHUIRUPFHUWDLQRSHUDWLRQVZLWKRXWEHLQJGLVWXUEHGVHH3UREOHPVZLWK
UHRUGHULQJFRGHIRUWKLQJVWREHWDNHQLQWRDFFRXQWZLWKUHVSHFWWRFRPSLOHURSWLPL]DWLRQV
GHILQH VHL

GHILQH FOL


0DFURVIRUZULWLQJLQWHUUXSWKDQGOHUIXQFWLRQV
GHILQH ,65 YHFWRUDWWULEXWHV

GHILQH 6,*1$/ YHFWRU

GHILQH (037<B,17(55837 YHFWRU

GHILQH ,65B$/,$6 YHFWRUWDUJHWBYHFWRU

GHILQH UHWL

GHILQH %$',65BYHFW


,65DWWULEXWHV
GHILQH ,65B%/2&.

GHILQH ,65B12%/2&.

GHILQH ,65B1$.('

GHILQH ,65B$/,$62) WDUJHWBYHFWRU


'HWDLOHG'HVFULSWLRQ
1RWH
7KLVGLVFXVVLRQRILQWHUUXSWVZDVRULJLQDOO\WDNHQIURP5LFK1HVZROG
VGRFXPHQW6HH$FNQRZOHGJPHQWV

,QWURGXFWLRQWRDYUOLEF
VLQWHUUXSWKDQGOLQJ
,W
VQHDUO\LPSRVVLEOHWRILQGFRPSLOHUVWKDWDJUHHRQKRZWRKDQGOHLQWHUUXSWFRGH6LQFHWKH&ODQJXDJHWULHVWRVWD\DZD\IURPPDFKLQHGHSHQGHQW
GHWDLOVHDFKFRPSLOHUZULWHULVIRUFHGWRGHVLJQWKHLUPHWKRGRIVXSSRUW
,QWKH$95*&&HQYLURQPHQWWKHYHFWRUWDEOHLVSUHGHILQHGWRSRLQWWRLQWHUUXSWURXWLQHVZLWKSUHGHWHUPLQHGQDPHV%\XVLQJWKHDSSURSULDWHQDPH
\RXUURXWLQHZLOOEHFDOOHGZKHQWKHFRUUHVSRQGLQJLQWHUUXSWRFFXUV7KHGHYLFHOLEUDU\SURYLGHVDVHWRIGHIDXOWLQWHUUXSWURXWLQHVZKLFKZLOOJHWXVHG
LI\RXGRQ
WGHILQH\RXURZQ
3DWFKLQJLQWRWKHYHFWRUWDEOHLVRQO\RQHSDUWRIWKHSUREOHP7KHFRPSLOHUXVHVE\FRQYHQWLRQDVHWRIUHJLVWHUVZKHQLW
VQRUPDOO\H[HFXWLQJ
FRPSLOHUJHQHUDWHGFRGH,W
VLPSRUWDQWWKDWWKHVHUHJLVWHUVDVZHOODVWKHVWDWXVUHJLVWHUJHWVDYHGDQGUHVWRUHG7KHH[WUDFRGHQHHGHGWRGRWKLVLV
HQDEOHGE\WDJJLQJWKHLQWHUUXSWIXQFWLRQZLWK
7KHVHGHWDLOVVHHPWRPDNHLQWHUUXSWURXWLQHVDOLWWOHPHVV\EXWDOOWKHVHGHWDLOVDUHKDQGOHGE\WKH,QWHUUXSW$3,$QLQWHUUXSWURXWLQHLVGHILQHGZLWK
,65 7KLVPDFURUHJLVWHUDQGPDUNWKHURXWLQHDVDQLQWHUUXSWKDQGOHUIRUWKHVSHFLILHGSHULSKHUDO7KHIROORZLQJLVDQH[DPSOHGHILQLWLRQRIDKDQGOHU
IRUWKH$'&LQWHUUXSW
LQFOXGHDYULQWHUUXSWK!
,65 $'&BYHFW
^
XVHUFRGHKHUH
`

5HIHUWRWKHFKDSWHUH[SODLQLQJDVVHPEOHUSURJUDPPLQJIRUDQH[SODQDWLRQDERXWLQWHUUXSWURXWLQHVZULWWHQVROHO\LQDVVHPEOHUODQJXDJH

&DWFKDOOLQWHUUXSWYHFWRU
,IDQXQH[SHFWHGLQWHUUXSWRFFXUV LQWHUUXSWLVHQDEOHGDQGQRKDQGOHULVLQVWDOOHGZKLFKXVXDOO\LQGLFDWHVDEXJ WKHQWKHGHIDXOWDFWLRQLVWRUHVHWWKH
GHYLFHE\MXPSLQJWRWKHUHVHWYHFWRU<RXFDQRYHUULGHWKLVE\VXSSO\LQJDIXQFWLRQQDPHG ZKLFKVKRXOGEHGHILQHGZLWK,65 DVVXFK
7KHQDPH%$',65BYHFWLVDFWXDOO\DQDOLDVIRUBBYHFWRUBGHIDXOW7KHODWWHUPXVWEHXVHGLQVLGHDVVHPEO\FRGHLQFDVHDYULQWHUUXSWK!LVQRW
LQFOXGHG
LQFOXGHDYULQWHUUXSWK!
,65 %$',65BYHFW
^
XVHUFRGHKHUH
`

1HVWHGLQWHUUXSWV
7KH$95KDUGZDUHFOHDUVWKHJOREDOLQWHUUXSWIODJLQ65(*EHIRUHHQWHULQJDQLQWHUUXSWYHFWRU7KXVQRUPDOO\LQWHUUXSWVZLOOUHPDLQGLVDEOHGLQVLGH
WKHKDQGOHUXQWLOWKHKDQGOHUH[LWVZKHUHWKH5(7,LQVWUXFWLRQ WKDWLVHPLWWHGE\WKHFRPSLOHUDVSDUWRIWKHQRUPDOIXQFWLRQHSLORJXHIRUDQLQWHUUXSW
KDQGOHU ZLOOHYHQWXDOO\UHHQDEOHIXUWKHULQWHUUXSWV)RUWKDWUHDVRQLQWHUUXSWKDQGOHUVQRUPDOO\GRQRWQHVW)RUPRVWLQWHUUXSWKDQGOHUVWKLVLVWKH
GHVLUHGEHKDYLRXUIRUVRPHLWLVHYHQUHTXLUHGLQRUGHUWRSUHYHQWLQILQLWHO\UHFXUVLYHLQWHUUXSWV OLNH8$57LQWHUUXSWVRUOHYHOWULJJHUHGH[WHUQDO
LQWHUUXSWV ,QUDUHFLUFXPVWDQFHVWKRXJKLWPLJKWEHGHVLUHGWRUHHQDEOHWKHJOREDOLQWHUUXSWIODJDVHDUO\DVSRVVLEOHLQWKHLQWHUUXSWKDQGOHULQRUGHUWR
QRWGHIHUDQ\RWKHULQWHUUXSWPRUHWKDQDEVROXWHO\QHHGHG7KLVFRXOGEHGRQHXVLQJDQVHL LQVWUXFWLRQULJKWDWWKHEHJLQQLQJRIWKHLQWHUUXSWKDQGOHU
EXWWKLVVWLOOOHDYHVIHZLQVWUXFWLRQVLQVLGHWKHFRPSLOHUJHQHUDWHGIXQFWLRQSURORJXHWRUXQZLWKJOREDOLQWHUUXSWVGLVDEOHG7KHFRPSLOHUFDQEH
LQVWUXFWHGWRLQVHUWDQ6(,LQVWUXFWLRQULJKWDWWKHEHJLQQLQJRIDQLQWHUUXSWKDQGOHUE\GHFODULQJWKHKDQGOHUWKHIROORZLQJZD\
,65 ;;;BYHFW,65B12%/2&.
^

`
ZKHUHLVWKHQDPHRIDYDOLGLQWHUUXSWYHFWRUIRUWKH0&8W\SHLQTXHVWLRQDVH[SODLQHGEHORZ

7ZRYHFWRUVVKDULQJWKHVDPHFRGH
,QVRPHFLUFXPVWDQFHVWKHDFWLRQVWREHWDNHQXSRQWZRGLIIHUHQWLQWHUUXSWVPLJKWEHFRPSOHWHO\LGHQWLFDOVRDVLQJOHLPSOHPHQWDWLRQIRUWKH,65
ZRXOGVXIILFH)RUH[DPSOHSLQFKDQJHLQWHUUXSWVDUULYLQJIURPWZRGLIIHUHQWSRUWVFRXOGORJLFDOO\VLJQDODQHYHQWWKDWLVLQGHSHQGHQWIURPWKHDFWXDO
SRUW DQGWKXVLQWHUUXSWYHFWRU ZKHUHLWKDSSHQHG6KDULQJLQWHUUXSWYHFWRUFRGHFDQEHDFFRPSOLVKHGXVLQJWKH,65B$/,$62) DWWULEXWHWRWKH,65
PDFUR
,65 3&,17BYHFW

^

&RGHWRKDQGOHWKHHYHQW
`
,65 3&,17BYHFW,65B$/,$62) 3&,17BYHFW 
1RWH
7KHUHLVQRERG\WRWKHDOLDVHG,65
1RWHWKDWWKH,65B$/,$62) IHDWXUHUHTXLUHV*&&RUDERYH RUDSDWFKHGYHUVLRQRI*&&[ 6HHWKHGRFXPHQWDWLRQRIWKH,65B$/,$6
PDFURIRUDQLPSOHPHQWDWLRQZKLFKLVOHVVHOHJDQWEXWFRXOGEHDSSOLHGWRDOOFRPSLOHUYHUVLRQV

(PSW\LQWHUUXSWVHUYLFHURXWLQHV
,QUDUHFLUFXPVWDQFHVLQLQWHUUXSWYHFWRUGRHVQRWQHHGDQ\FRGHWREHLPSOHPHQWHGDWDOO7KHYHFWRUPXVWEHGHFODUHGDQ\ZD\VRZKHQWKHLQWHUUXSW
WULJJHUVLWZRQ
WH[HFXWHWKH%$',65BYHFWFRGH ZKLFKE\GHIDXOWUHVWDUWVWKHDSSOLFDWLRQ 
7KLVFRXOGIRUH[DPSOHEHWKHFDVHIRULQWHUUXSWVWKDWDUHVROHO\HQDEOHGIRUWKHSXUSRVHRIJHWWLQJWKHFRQWUROOHURXWRIVOHHSBPRGH 
$KDQGOHUIRUVXFKDQLQWHUUXSWYHFWRUFDQEHGHFODUHGXVLQJWKH(037<B,17(55837 PDFUR
(037<B,17(55837 $'&BYHFW 
1RWH
7KHUHLVQRERG\WRWKLVPDFUR

0DQXDOO\GHILQHG,65V
,QVRPHFLUFXPVWDQFHVWKHFRPSLOHUJHQHUDWHGSURORJXHDQGHSLORJXHRIWKH,65PLJKWQRWEHRSWLPDOIRUWKHMREDQGDPDQXDOO\GHILQHG,65FRXOGEH
FRQVLGHUHGSDUWLFXODUO\WRVSHHGXSWKHLQWHUUXSWKDQGOLQJ
2QHVROXWLRQWRWKLVFRXOGEHWRLPSOHPHQWWKHHQWLUH,65DVPDQXDODVVHPEO\FRGHLQDVHSDUDWH DVVHPEO\ ILOH6HH&RPELQLQJ&DQGDVVHPEO\
VRXUFHILOHVIRUDQH[DPSOHRIKRZWRLPSOHPHQWLWWKDWZD\
$QRWKHUVROXWLRQLVWRVWLOOLPSOHPHQWWKH,65LQ&ODQJXDJHEXWWDNHRYHUWKHFRPSLOHU
VMRERIJHQHUDWLQJWKHSURORJXHDQGHSLORJXH7KLVFDQEHGRQH
XVLQJWKH,65B1$.('DWWULEXWHWRWKH,65 PDFUR1RWHWKDWWKHFRPSLOHUGRHVQRWJHQHUDWHDQ\WKLQJDVSURORJXHRUHSLORJXHVRWKHILQDOUHWL PXVW
EHSURYLGHGE\WKHDFWXDOLPSOHPHQWDWLRQ65(*PXVWEHPDQXDOO\VDYHGLIWKH,65FRGHPRGLILHVLWDQGWKHFRPSLOHULPSOLHGDVVXPSWLRQRI
DOZD\VEHLQJFRXOGEHZURQJ HJZKHQLQWHUUXSWLQJULJKWDIWHURID08/LQVWUXFWLRQ 
,65 7,0(5B29)BYHFW,65B1$.('
^
3257%_ B%9  UHVXOWVLQ6%,ZKLFKGRHVQRWDIIHFW65(*

UHWL 
`

&KRRVLQJWKHYHFWRU,QWHUUXSWYHFWRUQDPHV
7KHLQWHUUXSWLVFKRVHQE\VXSSO\LQJRQHRIWKHV\PEROVLQIROORZLQJWDEOH
7KHUHDUHFXUUHQWO\WZRGLIIHUHQWVW\OHVSUHVHQWIRUQDPLQJWKHYHFWRUV2QHIRUPXVHVQDPHVVWDUWLQJZLWK
IROORZHGE\DUHODWLYHO\YHUERVHEXW
DUELWUDULO\FKRVHQQDPHGHVFULELQJWKHLQWHUUXSWYHFWRU7KLVKDVEHHQWKHRQO\DYDLODEOHVW\OHLQDYUOLEFXSWRYHUVLRQ[
6WDUWLQJZLWKDYUOLEFYHUVLRQDVHFRQGVW\OHRILQWHUUXSWYHFWRUQDPHVKDVEHHQDGGHGZKHUHDVKRUWSKUDVHIRUWKHYHFWRUGHVFULSWLRQLVIROORZHG
E\7KHVKRUWSKUDVHPDWFKHVWKHYHFWRUQDPHDVGHVFULEHGLQWKHGDWDVKHHWRIWKHUHVSHFWLYHGHYLFH DQGLQ$WPHO
V;0/ILOHV ZLWKVSDFHV
UHSODFHGE\DQXQGHUVFRUHDQGRWKHUQRQDOSKDQXPHULFFKDUDFWHUVGURSSHG8VLQJWKHVXIIL[LVLQWHQWHGWRLPSURYHSRUWDELOLW\WRRWKHU&
FRPSLOHUVDYDLODEOHIRUWKH$95WKDWXVHDVLPLODUQDPLQJFRQYHQWLRQ
7KHKLVWRULFDOQDPLQJVW\OHPLJKWEHFRPHGHSUHFDWHGLQDIXWXUHUHOHDVHVRLWLVQRWUHFRPPHQGHGIRUQHZSURMHFWV
1RWH
7KH,65 PDFURFDQQRWUHDOO\VSHOOFKHFNWKHDUJXPHQWSDVVHGWRWKHP7KXVE\PLVVSHOOLQJRQHRIWKHQDPHVEHORZLQDFDOOWR,65 D
IXQFWLRQZLOOEHFUHDWHGWKDWZKLOHSRVVLEO\EHLQJXVDEOHDVDQLQWHUUXSWIXQFWLRQLVQRWDFWXDOO\ZLUHGLQWRWKHLQWHUUXSWYHFWRUWDEOH7KH
FRPSLOHUZLOOJHQHUDWHDZDUQLQJLILWGHWHFWVDVXVSLFLRXVO\ORRNLQJQDPHRID,65 IXQFWLRQ LHRQHWKDWDIWHUPDFURUHSODFHPHQWGRHVQRWVWDUW
ZLWKBBYHFWRUB 
9HFWRUQDPH

2OGYHFWRUQDPH

$'&BYHFW

6,*B$'&

'HVFULSWLRQ

$SSOLFDEOHIRUGHYLFH
$76$76$76$76
$73:0$73:0%$73:0
$73:0%$73:0$73:0
$73:0$7&$1$7&$1
$7&$1$7PHJD$7PHJD
$7PHJD3$7PHJD$7PHJD$7PHJD
$7PHJD3$7PHJD3$7PHJD
$7PHJD3$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD3$7PHJD3
$7PHJD$7PHJD$7PHJD3
$'&&RQYHUVLRQ&RPSOHWH $7PHJD3$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD3$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD3
$7PHJD3$7PHJD3$7PHJD$7WLQ\
$7WLQ\$7WLQ\$7WLQ\8$7WLQ\$7WLQ\

$7WLQ\$7WLQ\$7WLQ\$7WLQ\$7WLQ\
$7WLQ\$7WLQ\$7WLQ\$786%
$786%$786%$786%
$1$/2*B&203BBYHFW
$1$/2*B&203BBYHFW

6,*B&203$5$725
6,*B&203$5$725

$QDORJ&RPSDUDWRU
$QDORJ&RPSDUDWRU

$73:0$73:0$73:0
$73:0$73:0$73:0

$1$/2*B&203BBYHFW

6,*B&203$5$725

$QDORJ&RPSDUDWRU

$1$/2*B&203BYHFW

6,*B&203$5$725

$QDORJ&RPSDUDWRU

$73:0$73:0$73:0
$7&$1$7&$1$7&$1
$7PHJD$7PHJD$7PHJD3
$7PHJD$7PHJD3$7PHJD3
$7PHJD$7PHJD3$7PHJD
$7PHJD$7PHJD3$7PHJD3
$7PHJD$7PHJD$7PHJD3
$7PHJD3$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD3$7PHJD
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD3$7PHJD3$7PHJD3
$7PHJD$786%$786%
$786%$786%$786%
$786%
$76$76$76$76
$76$76$76$76
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7WLQ\$7WLQ\$7WLQ\
$7WLQ\$7WLQ\$7WLQ\$7WLQ\
$7WLQ\8$7WLQ\$7WLQ\$7WLQ\$7WLQ\
$7WLQ\$7WLQ\$7WLQ\$7WLQ\
$7WLQ\$7WLQ\

$1$B&203BYHFW

6,*B&203$5$725

$QDORJ&RPSDUDWRU

&$1,7BYHFW

6,*B&$1B,17(55837

&$17UDQVIHU&RPSOHWHRU
$7&$1$7&$1$7&$1
(UURU

((3520B5($'<BYHFW

6,*B((3520B5($'<
6,*B((B5($'<

((B5'<BYHFW

6,*B((3520B5($'<

$7WLQ\

((35205HDG\

$76$76$76$76
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7WLQ\$7WLQ\$7WLQ\
$7WLQ\$7WLQ\8$7WLQ\$7WLQ\$7WLQ\
$7WLQ\$7WLQ\$7WLQ\$7WLQ\$7WLQ\

((B5($'<BYHFW

6,*B((3520B5($'<

((35205HDG\

(;7B,17BYHFW

6,*B,17(55837

([WHUQDO,QWHUUXSW5HTXHVW


,17BYHFW

6,*B,17(55837

([WHUQDO,QWHUUXSW

$7WLQ\$7WLQ\
$73:0$73:0$73:0
$7&$1$7&$1$7&$1
$7PHJD$7PHJD$7PHJD3
$7PHJD$7PHJD3$7PHJD3
$7PHJD$7PHJD3$7PHJD
$7PHJD$7PHJD3$7PHJD3
$7PHJD$7PHJD$7PHJD3
$7PHJD+9%$7PHJD$7PHJD3
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD3$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD3
$7PHJD3$7PHJD3$7PHJD
$7PHJD+9$$786%$786%
$786%$786%$786%
$786%
$7WLQ\$7WLQ\$7WLQ\
$76$76$76$76
$76$76$76$76
$76$76$73:0
$73:0%$73:0$73:0%
$73:0$73:0$73:0
$7&$1$7&$1$7&$1
$7PHJD$7PHJD$7PHJD3$7PHJD
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD3$7PHJD3$7PHJD
$7PHJD3$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD3$7PHJD3
$7PHJD$7PHJD$7PHJD3
$7PHJD+9%$7PHJD$7PHJD3
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD3$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD3
$7PHJD3$7PHJD3$7PHJD
$7PHJD+9$$7WLQ\$7WLQ\$7WLQ\
$7WLQ\$7WLQ\$7WLQ\$7WLQ\
$7WLQ\$7WLQ\8$7WLQ\$7WLQ\$7WLQ\

$7WLQ\$7WLQ\$7WLQ\$7WLQ\
$786%$786%$786%
$786%$786%$786%

,17BYHFW

6,*B,17(55837

([WHUQDO,QWHUUXSW5HTXHVW


,17BYHFW

6,*B,17(55837

([WHUQDO,QWHUUXSW5HTXHVW


,17BYHFW

6,*B,17(55837

([WHUQDO,QWHUUXSW5HTXHVW


$76$76$76$76
$76$76$76
$73:0$73:0%$73:0
$73:0%$73:0$73:0
$73:0$7&$1$7&$1
$7&$1$7PHJD$7PHJD
$7PHJD3$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD3$7PHJD$7PHJD
$7PHJD3$7PHJD+9%$7PHJD
$7PHJD3$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD3$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD3
$7PHJD3$7PHJD3$7PHJD
$7PHJD+9$$7WLQ\$7WLQ\$7WLQ\
$7WLQ\$7WLQ\$7WLQ\$786%
$786%$786%$786%
$786%$786%
$73:0$73:0$73:0
$7&$1$7&$1$7&$1
$7PHJD$7PHJD$7PHJD3$7PHJD
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD+9%$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD3$7PHJD3
$7PHJD3$7PHJD$7PHJD+9$
$786%$786%$786%
$786%$786%$786%
$73:0$73:0$73:0
$7&$1$7&$1$7&$1
$7PHJD$7PHJD$7PHJD+9%
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$786%$786%$786%
$786%$786%$786%

$7&$1$7&$1$7&$1
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$786%$786%
$786%$786%$786%
$786%
$7&$1$7&$1$7&$1
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$786%$786%
$786%$786%$786%
$786%
$7&$1$7&$1$7&$1
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$786%$786%
$786%$786%$786%
$786%
$7&$1$7&$1$7&$1
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$786%$786%
$786%$786%$786%
$786%

,17BYHFW

6,*B,17(55837

([WHUQDO,QWHUUXSW5HTXHVW


,17BYHFW

6,*B,17(55837

([WHUQDO,QWHUUXSW5HTXHVW


,17BYHFW

6,*B,17(55837

([WHUQDO,QWHUUXSW5HTXHVW


,17BYHFW

6,*B,17(55837

([WHUQDO,QWHUUXSW5HTXHVW


,2B3,16BYHFW

6,*B3,16,*B3,1B&+$1*(

([WHUQDO,QWHUUXSW5HTXHVW


$7WLQ\$7WLQ\$7WLQ\$7WLQ\

/&'6WDUWRI)UDPH

$7PHJD$7PHJD3$7PHJD
$7PHJD$7PHJD3$7PHJD
$7PHJD

/&'BYHFW

6,*B/&'

/2:/(9(/B,2B3,16BYHFW 6,*B3,1
295,7BYHFW
6,*B&$1B29(5)/2:

3&,17BYHFW

6,*B3,1B&+$1*(

/RZOHYHO,QSXWRQ3RUW%
&$17LPHU2YHUUXQ

3LQ&KDQJH,QWHUUXSW

$7WLQ\
$7&$1$7&$1$7&$1
$7PHJD$7PHJD$7PHJD3
$7PHJD3$7PHJD$7PHJD3
$7PHJD$7PHJD$7PHJD3
$7PHJD3$7PHJD$7PHJD
$7PHJD3$7PHJD+9%$7PHJD
$7PHJD3$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD3$7PHJD$7PHJD

5HTXHVW

3&,17BYHFW

6,*B3,1B&+$1*(

3LQ&KDQJH,QWHUUXSW
5HTXHVW

3&,17BYHFW

6,*B3,1B&+$1*(

3LQ&KDQJH,QWHUUXSW
5HTXHVW

3LQ&KDQJH,QWHUUXSW
5HTXHVW

$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD3
$7PHJD3$7PHJD3$7PHJD$7WLQ\
$7WLQ\8$7WLQ\$7WLQ\$7WLQ\$7WLQ\
$7WLQ\$7WLQ\$7WLQ\$786%
$786%$786%$786%
$786%$786%
$7PHJD$7PHJD$7PHJD3
$7PHJD3$7PHJD$7PHJD3
$7PHJD$7PHJD$7PHJD3
$7PHJD3$7PHJD$7PHJD
$7PHJD3$7PHJD+9%$7PHJD
$7PHJD3$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD3$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD3
$7PHJD3$7PHJD3$7PHJD$7WLQ\8
$7WLQ\$7WLQ\$7WLQ\$7WLQ\
$786%$786%
$7PHJD$7PHJD3$7PHJD3
$7PHJD$7PHJD3$7PHJD3
$7PHJD$7PHJD$7PHJD3
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD3$7PHJD3
$7PHJD3$7PHJD$7WLQ\
$7PHJD$7PHJD3$7PHJD
$7PHJD3$7PHJD$7PHJD
$7PHJD3$7PHJD3$7PHJD3
$7PHJD$7WLQ\

3&,17BYHFW

6,*B3,1B&+$1*(

3&,17BYHFW

6,*B3,1B&+$1*(
6,*B3&,17

36&B&$37BYHFW
36&B(&BYHFW
36&B&$37BYHFW

6,*B36&B&$3785(
6,*B36&B(1'B&<&/(
6,*B36&B&$3785(

36&&DSWXUH(YHQW
36&(QG&\FOH
36&&DSWXUH(YHQW

$73:0$73:0$73:0
$73:0$73:0$73:0
$73:0$73:0$73:0

36&B(&BYHFW
36&B&$37BYHFW
36&B(&BYHFW

6,*B36&B(1'B&<&/(
6,*B36&B&$3785(
6,*B36&B(1'B&<&/(

36&(QG&\FOH
36&&DSWXUH(YHQW
36&(QG&\FOH

$73:0$73:0$73:0
$73:0$73:0$73:0
$73:0$73:0$73:0

$7WLQ\$7WLQ\$7WLQ\$7WLQ\

63,B67&BYHFW

6,*B63,

6HULDO7UDQVIHU&RPSOHWH

630B5'<BYHFW

6,*B630B5($'<

6WRUH3URJUDP0HPRU\
5HDG\

630B5($'<BYHFW

6,*B630B5($'<

6WRUH3URJUDP0HPRU\
5HDG

7,0B&203$BYHFW

6,*B287387B&203$5($

7LPHU&RXQWHU&RPSDUH
0DWFK$

$76$76$76$76
$76$76$73:0
$73:0%$73:0$73:0%
$73:0$73:0$73:0
$7&$1$7&$1$7&$1
$7PHJD$7PHJD$7PHJD3$7PHJD
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD3$7PHJD3$7PHJD
$7PHJD3$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD3$7PHJD3
$7PHJD$7PHJD$7PHJD3
$7PHJD+9%$7PHJD3$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD3$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD3
$7PHJD3$7PHJD3$7PHJD
$7PHJD+9$$7WLQ\$786%
$786%$786%$786%
$786%$786%
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$73:0$73:0$73:0
$7&$1$7&$1$7&$1
$7PHJD$7PHJD3$7PHJD
$7PHJD3$7PHJD3$7PHJD
$7PHJD3$7PHJD$7PHJD
$7PHJD3$7PHJD3$7PHJD
$7PHJD$7PHJD3$7PHJD
$7PHJD3$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD3$7PHJD
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD3$7PHJD3$7PHJD3
$7PHJD$786%$786%
$786%$786%$786%
$786%
$7WLQ\$7WLQ\8$7WLQ\$7WLQ\$7WLQ\
$7WLQ\$7WLQ\$7WLQ\
$7WLQ\$7WLQ\8$7WLQ\$7WLQ\$7WLQ\

7,0B&203%BYHFW

6,*B287387B&203$5(%

7LPHU&RXQWHU&RPSDUH
0DWFK%

7,0B29)BYHFW

6,*B29(5)/2:

7LPHU&RXQWHU2YHUIORZ

7,0B&$37BYHFW

6,*B,1387B&$3785(

7,0B&203$BYHFW

6,*B287387B&203$5($

7,0B&203%BYHFW

6,*B287387B&203$5(%

7,0B29)BYHFW
7,0(5B&$37BYHFW

7,0(5B&203$BYHFW

7,0(5B&203%BYHFW

7,0(5B&203B$BYHFW

7,0(5B&203BYHFW

7LPHU&RXQWHU&DSWXUH
(YHQW
7LPHU&RXQWHU&RPSDUH
0DWFK$

$7WLQ\$7WLQ\$7WLQ\
$7WLQ\$7WLQ\8$7WLQ\$7WLQ\$7WLQ\
$7WLQ\$7WLQ\$7WLQ\
$7WLQ\$7WLQ\$7WLQ\
$7WLQ\$7WLQ\$7WLQ\$7WLQ\$7WLQ\
$7WLQ\

7LPHU&RXQWHU&RPSDUH
0DWFK%

$7WLQ\$7WLQ\$7WLQ\$7WLQ\$7WLQ\
$7WLQ\
$7WLQ\$7WLQ\$7WLQ\$7WLQ\$7WLQ\
6,*B29(5)/2:
7LPHU&RXQWHU2YHUIORZ
$7WLQ\
6,*B,1387B&$3785(
$'&&RQYHUVLRQ&RPSOHWH $7WLQ\$7WLQ\$7WLQ\
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD3$7PHJD3
7LPHU&RXQWHU&RPSDUH
$7PHJD3$7PHJD$7PHJD+9$
6,*B287387B&203$5($
0DWFK$
$7WLQ\$7WLQ\$7WLQ\$7WLQ\
$7WLQ\$786%$786%
$786%$786%$786%
$786%
$73:0$73:0$73:0
$7PHJD3$7PHJD3$7PHJD3
$7PHJD+9%$7PHJD3$7PHJD3
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
6,*B287387B&203$5(% 7LPHU&RXQWHU&RPSDUH $7PHJD$7PHJD3$7PHJD3
6,*B287387B&203$5(B% 0DWFK%
$7PHJD3$7PHJD$7PHJD+9$
$7WLQ\$7WLQ\$7WLQ\$7WLQ\
$7WLQ\$786%$786%
$786%$786%$786%
$786%
6,*B287387B&203$5($ 7LPHU&RXQWHU&RPSDUH
6,*B287387B&203$5(B$ 0DWFK$

6,*B287387B&203$5(

7LPHU&RXQWHU&RPSDUH

$73:0$73:0$73:0
$7&$1$7&$1$7&$1
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD3$7PHJD
$7PHJD3$7PHJD$7PHJD$7PHJD

0DWFK

7,0(5B29)BYHFW

6,*B29(5)/2:

7LPHU&RXQWHU2YHUIORZ

7,0(5B29)BYHFW

6,*B29(5)/2:

7LPHU&RXQWHU2YHUIORZ

7,0(5B&$37BYHFW

6,*B,1387B&$3785(

7LPHU&RXQWHU&DSWXUH
(YHQW

$7PHJD$7PHJD3$7PHJD
$7PHJD$7PHJD3$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$76$76$76$7WLQ\
$7WLQ\
$76$76$76$76
$76$76$76
$73:0$73:0%$73:0
$73:0%$73:0$73:0
$73:0$7&$1$7&$1
$7&$1$7PHJD$7PHJD
$7PHJD3$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD3
$7PHJD3$7PHJD$7PHJD3$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD3$7PHJD3$7PHJD
$7PHJD$7PHJD3$7PHJD+9%
$7PHJD3$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD3$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD3
$7PHJD3$7PHJD3$7PHJD
$7PHJD+9$$7WLQ\$7WLQ\$7WLQ\
$7WLQ\$7WLQ\$7WLQ\$7WLQ\
$7WLQ\$7WLQ\$786%$786%
$786%$786%$786%
$786%
$76
$76$76$76$76
$76$76$73:0
$73:0%$73:0$73:0%
$73:0$73:0$73:0
$7&$1$7&$1$7&$1
$7PHJD$7PHJD$7PHJD3$7PHJD
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD3$7PHJD3$7PHJD
$7PHJD3$7PHJD$7PHJD$7PHJD

7,0(5B&$37BYHFW

6,*B,1387B&$3785(

7,0(5B&03$BYHFW

6,*B287387B&203$5($

7,0(5B&03%BYHFW

6,*B287387B&203$5(%

7,0(5B&203BYHFW

6,*B287387B&203$5($

7,0(5B&203$BYHFW

6,*B287387B&203$5($

7LPHU&RXQWHU&DSWXUH
(YHQW

7LPHU&RXQWHU&RPSDUH
0DWFK$
7LPHU&RXQWHU&RPSDUH
0DWFK%
7LPHU&RXQWHU&RPSDUH
0DWFK

7LPHU&RXQWHU&RPSDUH
0DWFK$

$7PHJD$7PHJD3$7PHJD3
$7PHJD$7PHJD$7PHJD3
$7PHJD3$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD3$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD3
$7PHJD3$7PHJD3$7PHJD
$7WLQ\$7WLQ\$786%$786%
$786%$786%$786%
$786%
$7WLQ\
$7WLQ\
$76
$76$76$76$76
$73:0$73:0%$73:0
$73:0%$73:0$73:0
$73:0$7&$1$7&$1
$7&$1$7PHJD$7PHJD
$7PHJD3$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD3
$7PHJD3$7PHJD$7PHJD3$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD3$7PHJD3$7PHJD
$7PHJD$7PHJD3$7PHJD+9%
$7PHJD3$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD3$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD3
$7PHJD3$7PHJD3$7PHJD
$7PHJD+9$$7WLQ\$7WLQ\$7WLQ\
$7WLQ\$7WLQ\$786%$786%
$786%$786%$786%
$786%
$76$76$76$76
$73:0$73:0%$73:0

7,0(5B&203%BYHFW

6,*B287387B&203$5(%

7LPHU&RXQWHU&RPSDUH
0DWFK%

$73:0%$73:0$73:0
$73:0$7&$1$7&$1
$7&$1$7PHJD$7PHJD
$7PHJD3$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD3
$7PHJD3$7PHJD$7PHJD3$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD3$7PHJD3$7PHJD
$7PHJD$7PHJD3$7PHJD+9%
$7PHJD3$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD3$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD3
$7PHJD3$7PHJD3$7PHJD
$7PHJD+9$$7WLQ\$7WLQ\$7WLQ\
$7WLQ\$7WLQ\$786%$786%
$786%$786%$786%
$786%

7,0(5B&203&BYHFW

6,*B287387B&203$5(&

7LPHU&RXQWHU&RPSDUH
0DWFK&

$7&$1$7&$1$7&$1
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$786%$786%$786%
$786%$786%$786%

7,0(5B&203'BYHFW

6,*B287387B&203$5('

7LPHU&RXQWHU&RPSDUH
0DWFK'

$7WLQ\$7WLQ\$7WLQ\

7,0(5B&203BYHFW

6,*B287387B&203$5($

7,0(5B29)BYHFW

6,*B29(5)/2:

7,0(5B29)BYHFW

6,*B29(5)/2:

7LPHU&RXQWHU&RPSDUH
0DWFK
7LPHU&RXQWHU2YHUIORZ

7LPHU&RXQWHU2YHUIORZ

$76$76$7WLQ\
$76$7WLQ\
$76$76$76$76
$76$76$73:0
$73:0%$73:0$73:0%
$73:0$73:0$73:0
$7&$1$7&$1$7&$1
$7PHJD$7PHJD$7PHJD3$7PHJD
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD3$7PHJD3$7PHJD
$7PHJD3$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD3$7PHJD3
$7PHJD$7PHJD$7PHJD3

7,0(5B&203$BYHFW

6,*B287387B&203$5($

7,0(5B&203%BYHFW

6,*B287387B&203$5(%

7,0(5B&203BYHFW

7,0(5B29)BYHFW

6,*B287387B&203$5(

6,*B29(5)/2:

7LPHU&RXQWHU&RPSDUH
0DWFK$

7LPHU&RXQWHU&RPSDUH
0DWFK$

7LPHU&RXQWHU&RPSDUH
0DWFK

7LPHU&RXQWHU2YHUIORZ

$7PHJD+9%$7PHJD3$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD3$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD3
$7PHJD3$7PHJD3$7PHJD
$7PHJD+9$$7WLQ\$7WLQ\$7WLQ\
$7WLQ\$7WLQ\$7WLQ\$786%
$786%$786%$786%
$786%$786%
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD3$7PHJD3
$7PHJD3$7PHJD$786%
$786%$786%$786%
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD3$7PHJD3
$7PHJD3$7PHJD$786%
$786%$786%$786%
$76$76$7&$1
$7&$1$7&$1$7PHJD
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD3$7PHJD
$7PHJD3$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD3$7PHJD
$7PHJD$7PHJD3$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$76$76$7&$1
$7&$1$7&$1$7PHJD
$7PHJD$7PHJD3$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD$7PHJD3
$7PHJD3$7PHJD$7PHJD3$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD3$7PHJD3$7PHJD
$7PHJD$7PHJD3$7PHJD3
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD$7PHJD3
$7PHJD$7PHJD$7PHJD$7PHJD

$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD3$7PHJD3
$7PHJD3$7PHJD$786%
$786%$786%$786%

7,0(5B&$37BYHFW

6,*B,1387B&$3785(

7LPHU&RXQWHU&DSWXUH
(YHQW

7,0(5B&203$BYHFW

6,*B287387B&203$5($

7LPHU&RXQWHU&RPSDUH
0DWFK$

7,0(5B&203%BYHFW

7,0(5B&203&BYHFW

6,*B287387B&203$5(%

6,*B287387B&203$5(&

$7&$1$7&$1$7&$1
$7PHJD$7PHJD3$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$786%
$786%$786%$786%
$7&$1$7&$1$7&$1
$7PHJD$7PHJD3$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$786%
$786%$786%$786%

7LPHU&RXQWHU&RPSDUH
0DWFK%

$7&$1$7&$1$7&$1
$7PHJD$7PHJD3$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$786%
$786%$786%$786%

7LPHU&RXQWHU&RPSDUH
0DWFK&

$7&$1$7&$1$7&$1
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$786%$786%$786%
$786%

7,0(5B29)BYHFW

6,*B29(5)/2:

7LPHU&RXQWHU2YHUIORZ

$7&$1$7&$1$7&$1
$7PHJD$7PHJD3$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$786%
$786%$786%$786%

7,0(5B&$37BYHFW

6,*B,1387B&$3785(

7LPHU&RXQWHU&DSWXUH
(YHQW

$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD

7,0(5B&203$BYHFW

6,*B287387B&203$5($

7LPHU&RXQWHU&RPSDUH
0DWFK$

$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD

7,0(5B&203%BYHFW

6,*B287387B&203$5(%

7,0(5B&203&BYHFW

6,*B287387B&203$5(&

7LPHU&RXQWHU&RPSDUH
0DWFK%
7LPHU&RXQWHU&RPSDUH
0DWFK&

$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD

7,0(5B29)BYHFW

6,*B29(5)/2:

7LPHU&RXQWHU2YHUIORZ

$7PHJD$7PHJD

7,0(5B&$37BYHFW

6,*B,1387B&$3785(

7LPHU&RXQWHU&DSWXUH
(YHQW

$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD

7,0(5B&203$BYHFW

6,*B287387B&203$5($

7,0(5B&203%BYHFW

6,*B287387B&203$5(%

7LPHU&RXQWHU&RPSDUH
0DWFK$
7LPHU&RXQWHU&RPSDUH
0DWFK%

7,0(5B&203&BYHFW

6,*B287387B&203$5(&

7LPHU&RXQWHU&RPSDUH
0DWFK&

$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD

7,0(5B29)BYHFW

6,*B29(5)/2:

7LPHU&RXQWHU2YHUIORZ

7:,BYHFW

6,*B:,5(B6(5,$/

ZLUH6HULDO,QWHUIDFH

7;'21(BYHFW

6,*B7;'21(

7;(037<BYHFW

6,*B7;%(

8$57B5;BYHFW

6,*B8$57B5(&9

8$57B7;BYHFW

6,*B8$57B75$16

8$57B8'5(BYHFW

6,*B8$57B'$7$

8$57B5;BYHFW

$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD
$7&$1$7&$1$7&$1
$7PHJD$7PHJD3$7PHJD$7PHJD
$7PHJD3$7PHJD$7PHJD$7PHJD3
$7PHJD+9%$7PHJD$7PHJD3
$7PHJD$7PHJD$7PHJD$7PHJD3
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD3$7PHJD3
$7PHJD3$7PHJD$7WLQ\$786%
$786%$786%$786%

7UDQVPLVVLRQ'RQH%LW
$75)
7LPHU)ODJ,QWHUUXSW
7UDQVPLW%XIIHU(PSW\%LW
$75)
,WPHU)ODJ,QWHUUXSW
8$575[&RPSOHWH
$7PHJD
$7PHJD

6,*B8$57B5(&9

8$577[&RPSOHWH
8$57'DWD5HJLVWHU
(PSW\
8$575[&RPSOHWH

8$57B7;BYHFW

6,*B8$57B75$16

8$577[&RPSOHWH

$7PHJD

8$57B8'5(BYHFW

6,*B8$57B'$7$

8$57'DWD5HJLVWHU
(PSW\

$7PHJD

8$57B5;BYHFW

6,*B8$57B5(&9

8$575[&RPSOHWH

$7PHJD
$7PHJD

$76$76$76$76
$76$76$76$7PHJD

8$57B7;BYHFW

6,*B8$57B75$16

8$577[&RPSOHWH

8$57B8'5(BYHFW

6,*B8$57B'$7$

8$57'DWD5HJLVWHU
(PSW\

86$57B5;&BYHFW

6,*B86$57B5(&9

86$575[&RPSOHWH

86$57B5;BYHFW

6,*B8$57B5(&9

86$575[&RPSOHWH

86$57B7;&BYHFW

6,*B86$57B75$16

86$577[&RPSOHWH

86$57B7;BYHFW

6,*B8$57B75$16

86$577[&RPSOHWH

86$57B8'5(BYHFW

6,*B8$57B'$7$

86$57'DWD5HJLVWHU
(PSW\

86$57B5;&BYHFW

6,*B86$57B5(&9

86$575[&RPSOHWH

$7PHJD$7PHJD
$76$76$76$76
$76$76$76$7PHJD
$7PHJD$7PHJD
$76$76$76$76
$76$76$76$7PHJD
$7PHJD$7PHJD
$7PHJD
$7&$1$7&$1$7&$1
$7PHJD$7PHJD3$7PHJD
$7PHJD3$7PHJD$7PHJD3
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD3$7PHJD3$7PHJD3
$7PHJD
$7PHJD
$7&$1$7&$1$7&$1
$7PHJD$7PHJD3$7PHJD
$7PHJD3$7PHJD$7PHJD3
$7PHJD$7PHJD$7PHJD3
$7PHJD$7PHJD$7PHJD3
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD3$7PHJD3$7PHJD3
$7PHJD
$7&$1$7&$1$7&$1
$7PHJD$7PHJD3$7PHJD
$7PHJD$7PHJD3$7PHJD
$7PHJD3$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD3$7PHJD3$7PHJD3
$7PHJD
$7PHJD
$7&$1$7&$1$7&$1
$7PHJD$7PHJD3$7PHJD$7PHJD

86$57B5;BYHFW

6,*B8$57B5(&9

86$575[&RPSOHWH

86$57B7;&BYHFW

6,*B86$57B75$16

86$577[&RPSOHWH

86$57B7;BYHFW

6,*B8$57B75$16

$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD3$7PHJD3
$7PHJD3$7PHJD$786%
$786%$786%$786%
$786%$786%
$7PHJD

86$577[&RPSOHWH

$7&$1$7&$1$7&$1
$7PHJD$7PHJD3$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD3$7PHJD3
$7PHJD3$7PHJD$786%
$786%$786%$786%
$786%$786%

86$57B8'5(BYHFW

6,*B8$57B'$7$

86$57'DWD5HJLVWHU
(PSW\

$7&$1$7&$1$7&$1
$7PHJD$7PHJD3$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD3
$7PHJD3$7PHJD3$7PHJD
$786%$786%$786%
$786%$786%$786%

86$57B5;BYHFW

6,*B86$57B5(&9

86$575[&RPSOHWH

$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD

86$57B7;BYHFW

6,*B86$57B75$16

86$577[&RPSOHWH

86$57B8'5(BYHFW

6,*B86$57B'$7$

86$57'DWDUHJLVWHU
(PSW\

86$57B5;BYHFW

6,*B86$57B5(&9

86$575[&RPSOHWH

86$57B7;BYHFW

6,*B86$57B75$16

86$577[&RPSOHWH

$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD

86$57B8'5(BYHFW

6,*B86$57B'$7$

86$57'DWDUHJLVWHU
(PSW\

$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD

86$57B5;&BYHFW

6,*B86$57B5(&9
6,*B8$57B5(&9

86$575[&RPSOHWH

$7PHJD$7PHJD$7PHJD$7PHJD

86$575[&RPSOHWH

$73:0$73:0$73:0
$7PHJD3$7PHJD$7PHJD3
$7PHJD3$7PHJD$7PHJD3
$7PHJD3$7PHJD$7PHJD

86$57B5;BYHFW

6,*B86$57B5(&9

$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD

6,*B8$57B5(&9

86$57B7;&BYHFW

6,*B86$57B75$16
6,*B8$57B75$16

$7PHJD$7PHJD3$7PHJD$7PHJD
$7PHJD$7WLQ\

86$577[&RPSOHWH

86$57B7;BYHFW

6,*B86$57B75$16
6,*B8$57B75$16

86$577[&RPSOHWH

86$57B8'5(BYHFW

6,*B86$57B'$7$
6,*B8$57B'$7$

86$57'DWD5HJLVWHU
(PSW\

$7PHJD$7PHJD$7PHJD$7PHJD
$73:0$73:0$73:0
$7PHJD3$7PHJD3$7PHJD3
$7PHJD$7PHJD3$7PHJD$7PHJD
$7PHJD$7WLQ\
$73:0$73:0$73:0$7PHJD
$7PHJD3$7PHJD$7PHJD$7PHJD
$7PHJD3$7PHJD3$7PHJD
$7PHJD3$7PHJD3$7PHJD
$7PHJD$7PHJD$7PHJD$7PHJD3
$7PHJD$7PHJD$7PHJD$7WLQ\
$7PHJD$7PHJD3$7PHJD
$7PHJD3$7PHJD$7PHJD
$7PHJD3$7PHJD$7PHJD
$7PHJD3$7PHJD$7PHJD
$7PHJD$7PHJD$7WLQ\
$7WLQ\$7WLQ\8$7WLQ\$7WLQ\$7WLQ\
$7WLQ\$7WLQ\$7WLQ\$7WLQ\
$7WLQ\$7WLQ\
$7PHJD$7PHJD3$7PHJD
$7PHJD3$7PHJD$7PHJD
$7PHJD3$7PHJD$7PHJD
$7PHJD3$7PHJD$7PHJD
$7PHJD$7PHJD$7WLQ\$7WLQ\8
$7WLQ\$7WLQ\$7WLQ\$7WLQ\
$7WLQ\$7WLQ\

86,B29(5)/2:BYHFW

6,*B86,B29(5)/2:

86,2YHUIORZ

86,B29)BYHFW

6,*B86,B29(5)/2:

86,2YHUIORZ

86,B67$57BYHFW

6,*B86,B67$57

86,6WDUW&RQGLWLRQ

86,B6757BYHFW

6,*B86,B67$57

86,6WDUW

86,B675BYHFW
:$7&+'2*BYHFW

6,*B86,B67$57
86,67$57
6,*B:$7&+'2*B7,0(287 :DWFKGRJ7LPHRXW

:'7B29(5)/2:BYHFW

6,*B:$7&+'2*B7,0(287
:DWFKGRJ7LPHU2YHUIORZ $7WLQ\
6,*B:'7B29(5)/2:

$7WLQ\
$7WLQ\$7WLQ\$7WLQ\
$7WLQ\$7WLQ\$7WLQ\

$73:0$73:0$73:0
$7PHJD3$7PHJD3$7PHJD3
$7PHJD+9%$7PHJD$7PHJD3

:'7BYHFW

6,*B:'7
:DWFKGRJ7LPHRXW
6,*B:$7&+'2*B7,0(287 ,QWHUUXSW

$7PHJD3$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD
$7PHJD$7PHJD$7PHJD3
$7PHJD3$7PHJD3$7PHJD
$7PHJD+9$$7WLQ\$7WLQ\8$7WLQ\
$7WLQ\$7WLQ\$7WLQ\$7WLQ\
$7WLQ\$7WLQ\$786%$786%
$786%$786%$786%
$786%

0DFUR'HILQLWLRQ'RFXPHQWDWLRQ
GHILQH%$',65BYHFW
LQFOXGHDYULQWHUUXSWK!
7KLVLVDYHFWRUZKLFKLVDOLDVHGWRBBYHFWRUBGHIDXOWWKHYHFWRUH[HFXWHGZKHQDQ,65ILUHVZLWKQRDFFRPSDQ\LQJ,65KDQGOHU7KLVPD\EHXVHG
DORQJZLWKWKH,65 PDFURWRFUHDWHDFDWFKDOOIRUXQGHILQHGEXWXVHG,65VIRUGHEXJJLQJSXUSRVHV
GHILQHFOL
'LVDEOHVDOOLQWHUUXSWVE\FOHDULQJWKHJOREDOLQWHUUXSWPDVN7KLVIXQFWLRQDFWXDOO\FRPSLOHVLQWRDVLQJOHOLQHRIDVVHPEO\VRWKHUHLVQRIXQFWLRQFDOO
RYHUKHDG+RZHYHUWKHPDFURDOVRLPSOLHVDPHPRU\EDUULHUZKLFKFDQFDXVHDGGLWLRQDOORVVRIRSWLPL]DWLRQ
,QRUGHUWRLPSOHPHQWDWRPLFDFFHVVWRPXOWLE\WHREMHFWVFRQVLGHUXVLQJWKHPDFURVIURPXWLODWRPLFK!UDWKHUWKDQLPSOHPHQWLQJWKHPPDQXDOO\
ZLWKFOL DQGVHL 
GHILQH(037<B,17(55837  YHFWRU
'HILQHVDQHPSW\LQWHUUXSWKDQGOHUIXQFWLRQ7KLVZLOOQRWJHQHUDWHDQ\SURORJRUHSLORJFRGHDQGZLOORQO\UHWXUQIURPWKH,65'RQRWGHILQHD
IXQFWLRQERG\DVWKLVZLOOGHILQHLWIRU\RX([DPSOH
(037<B,17(55837 $'&BYHFW 
GHILQH,65  YHFWRU
 DWWULEXWHV

,QWURGXFHVDQLQWHUUXSWKDQGOHUIXQFWLRQ LQWHUUXSWVHUYLFHURXWLQH WKDWUXQVZLWKJOREDOLQWHUUXSWVLQLWLDOO\GLVDEOHGE\GHIDXOWZLWKQRDWWULEXWHV

VSHFLILHG
7KHDWWULEXWHVDUHRSWLRQDODQGDOWHUWKHEHKDYLRXUDQGUHVXOWDQWJHQHUDWHGFRGHRIWKHLQWHUUXSWURXWLQH0XOWLSOHDWWULEXWHVPD\EHXVHGIRUDVLQJOH
IXQFWLRQZLWKDVSDFHVHSHUDWLQJHDFKDWWULEXWH
9DOLGDWWULEXWHVDUH,65B%/2&.,65B12%/2&.,65B1$.('DQG,65B$/,$62) YHFW 
PXVWEHRQHRIWKHLQWHUUXSWYHFWRUQDPHVWKDWDUHYDOLGIRUWKHSDUWLFXODU0&8W\SH

GHILQH,65B$/,$6  YHFWRU
 WDUJHWBYHFWRU

$OLDVHVDJLYHQYHFWRUWRDQRWKHURQHLQWKHVDPHPDQQHUDVWKH,65B$/,$62)DWWULEXWHIRUWKH,65 PDFUR8QOLNHWKH,65B$/,$62)DWWULEXWH
PDFURKRZHYHUWKLVLVFRPSDWLEOHIRUDOOYHUVLRQVRI*&&UDWKHUWKDQMXVW*&&YHUVLRQRQZDUGV
1RWH
7KLVPDFURFUHDWHVDWUDPSROLQHIXQFWLRQIRUWKHDOLDVHGPDFUR7KLVZLOOUHVXOWLQDWZRF\FOHSHQDOW\IRUWKHDOLDVHGYHFWRUFRPSDUHGWRWKH,65
WKHYHFWRULVDOLDVHGWRGXHWRWKH-035-03RSFRGHXVHG
'HSUHFDWHG
)RUQHZFRGHWKHXVHRI,65 ,65B$/,$62)  LVUHFRPPHQGHG
([DPSOH
,65 ,17BYHFW
^
3257% 
`
,65B$/,$6 ,17BYHFW,17BYHFW 
GHILQH,65B$/,$62)  WDUJHWBYHFWRU
7KH,65LVOLQNHGWRDQRWKHU,65VSHFLILHGE\WKHYHFWSDUDPHWHU7KLVLVFRPSDWLEOHZLWK*&&DQGJUHDWHURQO\
8VHWKLVDWWULEXWHLQWKHDWWULEXWHVSDUDPHWHURIWKH,65PDFUR
GHILQH,65B%/2&.
,GHQWLFDOWRDQ,65ZLWKQRDWWULEXWHVVSHFLILHG*OREDOLQWHUUXSWVDUHLQLWLDOO\GLVDEOHGE\WKH$95KDUGZDUHZKHQHQWHULQJWKH,65ZLWKRXWWKH
FRPSLOHUPRGLI\LQJWKLVVWDWH

8VHWKLVDWWULEXWHLQWKHDWWULEXWHVSDUDPHWHURIWKH,65PDFUR
GHILQH,65B1$.('
,65LVFUHDWHGZLWKQRSURORJXHRUHSLORJXHFRGH7KHXVHUFRGHLVUHVSRQVLEOHIRUSUHVHUYDWLRQRIWKHPDFKLQHVWDWHLQFOXGLQJWKH65(*UHJLVWHUDV
ZHOODVSODFLQJDUHWL DWWKHHQGRIWKHLQWHUUXSWURXWLQH
8VHWKLVDWWULEXWHLQWKHDWWULEXWHVSDUDPHWHURIWKH,65PDFUR
GHILQH,65B12%/2&.
,65UXQVZLWKJOREDOLQWHUUXSWVLQLWLDOO\HQDEOHG7KHLQWHUUXSWHQDEOHIODJLVDFWLYDWHGE\WKHFRPSLOHUDVHDUO\DVSRVVLEOHZLWKLQWKH,65WRHQVXUH
PLQLPDOSURFHVVLQJGHOD\IRUQHVWHGLQWHUUXSWV
7KLVPD\EHXVHGWRFUHDWHQHVWHG,65VKRZHYHUFDUHVKRXOGEHWDNHQWRDYRLGVWDFNRYHUIORZVRUWRDYRLGLQILQLWHO\HQWHULQJWKH,65IRUWKRVHFDVHV
ZKHUHWKH$95KDUGZDUHGRHVQRWFOHDUWKHUHVSHFWLYHLQWHUUXSWIODJEHIRUHHQWHULQJWKH,65
8VHWKLVDWWULEXWHLQWKHDWWULEXWHVSDUDPHWHURIWKH,65PDFUR
GHILQHUHWL
5HWXUQVIURPDQLQWHUUXSWURXWLQHHQDEOLQJJOREDOLQWHUUXSWV7KLVVKRXOGEHWKHODVWFRPPDQGH[HFXWHGEHIRUHOHDYLQJDQ,65GHILQHGZLWKWKH
,65B1$.('DWWULEXWH
7KLVPDFURDFWXDOO\FRPSLOHVLQWRDVLQJOHOLQHRIDVVHPEO\VRWKHUHLVQRIXQFWLRQFDOORYHUKHDG
GHILQHVHL
(QDEOHVLQWHUUXSWVE\VHWWLQJWKHJOREDOLQWHUUXSWPDVN7KLVIXQFWLRQDFWXDOO\FRPSLOHVLQWRDVLQJOHOLQHRIDVVHPEO\VRWKHUHLVQRIXQFWLRQFDOO
RYHUKHDG+RZHYHUWKHPDFURDOVRLPSOLHVDPHPRU\EDUULHUZKLFKFDQFDXVHDGGLWLRQDOORVVRIRSWLPL]DWLRQ
,QRUGHUWRLPSOHPHQWDWRPLFDFFHVVWRPXOWLE\WHREMHFWVFRQVLGHUXVLQJWKHPDFURVIURPXWLODWRPLFK!UDWKHUWKDQLPSOHPHQWLQJWKHPPDQXDOO\
ZLWKFOL DQGVHL 
GHILQH6,*1$/  YHFWRU
,QWURGXFHVDQLQWHUUXSWKDQGOHUIXQFWLRQWKDWUXQVZLWKJOREDOLQWHUUXSWVLQLWLDOO\GLVDEOHG
7KLVLVWKHVDPHDVWKH,65PDFURZLWKRXWRSWLRQDODWWULEXWHV

'HSUHFDWHG
'RQRWXVH6,*1$/ LQQHZFRGH8VH,65 LQVWHDG
$XWRPDWLFDOO\JHQHUDWHGE\'R[\JHQRQ7XH$XJ

Vous aimerez peut-être aussi