& 2 / / ( & 7 , 2 1
3URJHWWDUH H FRVWUXLUH LQ ,WDOLD OH PDQLJOLH SL EHOOH DO PRQGR 'HVLJQLQJ DQG PDQXIDFWXULQJ LQ ,WDO\ WKH PRVW EHDXWLIXO KDQGOHV LQ WKH ZRUOG
$ )DPLO\ &RPSDQ\
VHPSUH YLFLQL D WH
KDQGOHV ZLWK FDUH
3URSULR FRPH XQD IDPLJOLD DFFXGLVFH L VXRL PHPEUL FRQ DPRUH H GHGL]LRQH FRVu &RORPER 'HVLJQ FXUD L VXRL SURGRWWL FRQ JOL VWHVVL YDORUL H OH PHGHVLPH WUDGL]LRQL SHU IDUH GL RJQL DPELHQWH XQD FDVD VHQ]D VFHQGHUH PDL D FRPSURPHVVL VXOO¶DXWHQWLFLWj 8Q PDQLIHVWR FRQWHPSRUDQHR GHOO HVVHUH FUHDWLYL FXULRVL H VSHULPHQWDOL
-XVW OLNH D IDPLO\ WKDW KDQGOHV LWV PHPEHUV ZLWK ORYH DQG FDUH &RORPER 'HVLJQ FDUHV DERXW LWV IDPLO\ RI SURGXFWV DQG LWV SURGXFWLRQ ZLWK WKH VDPH YDOXHV DQG WUDGLWLRQV WR PDNH RI DQ\ SODFH D KRPH QHYHU DFFHSWLQJ DQ\ FRPSURPLVH WR TXDOLW\ DQG IXQFWLRQ LQGLYLGXDOLW\ DQG DXWKHQWLFLW\ %RQGLQJ KHULWDJH ZLWK FUHDWLYLW\ FXULRVLW\ DQG LQQRYDWLRQ
0LVVLRQ
OD TXDOLWj VHQVLELOH
GLVFHUQLQJ TXDOLW\
,QWUDSUHQGHUH XQ¶LPSUHVD QHO WHU]R PLOOHQQLR ,QIRQGHUH HQWXVLDVPR DL FROODERUDWRUL FRQYLQWL FKH LO IDWWRUH XPDQR VLD FRQGL]LRQH HVVHQ]LDOH DO SURJUHVVR D]LHQGDOH 3URGXUUH VHFRQGR FULWHUL GL HFFHOOHQ]D QHOOH YDULH IDVL GL ODYRUD]LRQH SHU RIIULUH SURGRWWL JDUDQWLWL 5LQQRYDUH FRVWDQWHPHQWH LPSLDQWL H SURFHGXUH SHU SUHFHGHUH L ULVFKL GHOO¶REVROHVFHQ]D 4XHVWL L UHTXLVLWL GL &RORPER 'HVLJQ OHDGHU PRQGLDOH QHOOD SURGX]LRQH GL PDQLJOLH SUHVHQWH LQ SDHVL QHO PRQGR DWWUDYHUVR XQD ILWWD UHWH GL DJHQWL H GLVWULEXWRUL 8QD UHDOWj VROLGD QDWD QHO FKH VL HVWHQGH VX XQD VXSHUILFLH GL PT GL FXL PT FRSHUWL D 7HUQR G¶,VROD LQ SURYLQFLD GL %HUJDPR
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
1HWZRUN
IDFWRU\ %(5*$02 ,7$/< GLVWULEXWRUV $5*(17,1$ $50(1,$ $8675$/,$ $8675,$ $=(5%$,-$1 %$+5$,1 %(/$586 %(/*,80 %(1,1 %261,$ DQG +(5=(*29,1$ %5$=,/ %8/*$5,$ &$1$'$ &+,/( &+,1$ &2/20%,$ &52$7,$ &<3586 &=(&+ 5(38%/,&
'(10$5. (&8$'25 (*<37 (6721,$ ),1/$1' )5$1&( *(25*,$ *(50$1< *5((&( +21* .21* +81*$5< ,&(/$1' ,1',$ ,1'21(6,$ ,5$1 ,5$4 ,5(/$1' ,65$(/ ,925< &2$67
-$3$1 -25'$1 .$=$.+67$1 .(1<$ .<5*<=67$1 .8:$,7 /$79,$ /(%$121 /,%<$ /,7+8$1,$ 0$&('21,$ 0$/$<6,$ 0$/7$ 0(;,&2 02/'29$ 021$&2 0217(1(*52 0252&&2 1(7+(5/$1'6
1(: &$/('21,$ 1(: =($/$1' 1,*(5,$ 20$1 3$.,67$1 3$1$0$ 3+,/,33,1(6 32/$1' 32578*$/ 38(572 5,&2 4$7$5 520$1,$ 5866,$ 6$8', $5$%,$ 6(1(*$/ 6(5%,$ 6,1*$325( 6/29$.,$ 6/29(1,$
6287+ $)5,&$ 6287+ .25($ 63$,1 6:('(1 6:,7=(5/$1' 6<5,$ 7+$,/$1' 781,6,$ 785.(< 8$( 8.5$,1( 81,7(' .,1*'20 86$ 8=%(.,67$1 9(1(=8(/$ 9,(71$0 =,0%$%:(
(QYLURQPHQWDO DSSURDFK
/R VYLOXSSR q VRVWHQLELOH VH VRGGLVID L ELVRJQL GHOOH JHQHUD]LRQL SUHVHQWL VHQ]D FRPSURPHWWHUH OH SRVVLELOLWj SHU OH JHQHUD]LRQL IXWXUH GL VRGGLVIDUH L SURSUL ELVRJQL
6XVWDLQDEOH GHYHORSPHQW LV GHYHORSPHQW WKDW PHHWV WKH QHHGV RI WKH SUHVHQW ZLWKRXW FRPSURPLVLQJ WKH DELOLW\ RI IXWXUH JHQHUDWLRQV WR PHHW WKHLU RZQ QHHGV
%UXQGWODQG 5HSRUW 8QLWHG 1DWLRQV
%UXQGWODQG 5HSRUW 8QLWHG 1DWLRQV
q WHPSR GL JUHHQ PDGH
LW¶V JUHHQ PDGH WLPH
*UHHQ 0DGH VLJQLILFD SHQVDUH SURJHWWDUH H SURGXUUH LQ DUPRQLD FRQ O¶DPELHQWH *UHHQ 0DGH SHUFKp ,Q XQD HFRQRPLD JOREDOH DVVXPH XQ UXROR VHPSUH SL LPSRUWDQWH OD SURWH]LRQH GHOOH ULVRUVH GLVSRQLELOL HG LQ SDUWLFRODUH OR VWXGLR GHJOL DVSHWWL DPELHQWDOL OHJDWL DOOH GLYHUVH DWWLYLWj SURGXWWLYH /¶DXPHQWR GHL FRQVXPL GHOOH ULVRUVH QRQ ULQQRYDELOL L PLQHUDOL HG L PHWDOOL FRPH SXUH L FRPEXVWLELOL IRVVLOL GRYXWR DOOD FRVWDQWH FUHVFLWD GHOOD SRSROD]LRQH PRQGLDOH LPSRQH VWDQGDUGV GL SURGX]LRQH FKH SULYLOHJLQR OD FRQVHUYD]LRQH GHOOH ULVRUVH GLVSRQLELOL , QRVWUL SURFHVVL SURGXWWLYL VRQR IUXWWR GL XQD JOREDOH DWWHQ]LRQH DOOD WXWHOD GHOO¶DPELHQWH /D JHVWLRQH DFFXUDWD GL TXHVWL SURFHVVL KD SRUWDWR WUD OH DOWUH FRVH DOO¶RWWHQLPHQWR GHOOD FHUWLILFD]LRQH 81, (1 ,62 ©6LVWHPD GL JHVWLRQH DPELHQWDOH FHUWLILFDWRª *UHHQ 0DGH LO YDORUH 2JQL VLQJROD IDVH GL SURJHWWD]LRQH H SURGX]LRQH q DWWHQWDPHQWH DQDOL]]DWD VRWWR LO SURILOR GHOO¶LPSDWWR DPELHQWDOH HG RJQL VFHOWD VXFFHVVLYD GHWWDWD GDO UDJJLXQJLPHQWR GHJOL RELHWWLYL GL HFR FRPSDWLELOLWj &RVu GXUDQWH OD SURGX]LRQH YHUD H SURSULD VDUDQQR OH SL DYDQ]DWH WHFQRORJLH DSSRVLWDPHQWH VYLOXSSDWH HG L SL VHYHUL FRQWUROOL HIIHWWXDWL GD SHUVRQDOH TXDOLILFDWR D JDUDQWLUH *UHHQ 0DGH E\ &RORPER 'HVLJQ XQ SURGRWWR QDWR FRQ LO SHQVLHUR FRVWDQWHPHQWH ULYROWR DOO¶DPELHQWH
©*UHHQ PDGHª PHDQV WKLQNLQJ GHYHORSLQJ DQG PDQXIDFWXULQJ LQ KDUPRQ\ ZLWK RXU HQYLURQPHQW *UHHQ 0DGH ZK\ 3URWHFWLQJ RXU UHVRXUFHV LV PRUH DQG PRUH LPSRUWDQW LQ D JOREDO HFRQRP\ DQG LQ SDUWLFXODU SD\LQJ DWWHQWLRQ WR UHIOHFWLRQV RI PDQXIDFWXULQJ RQWR WKH HQYLURQPHQW ,QFUHDVH RI FRQVXPSWLRQV RI QRQ UHQHZDEOH UHVRXUFHV PLQHUDOV PHWDOV DQG IRVVLO FRPEXVWLEOHV GXH WR LQFUHDVH RI SRSXODWLRQ LPSRVHV PDQXIDFWXULQJ VWDQGDUGV ZKLFK SULYLOHJH FRQVHUYDWLRQ RI WKH DYDLODEOH UHVRXUFHV DQG UDZ PDWHULDOV 2XU SURGXFWLRQ SURFHVVHV DUH WKH UHVXOW RI D WRWDO DWWHQWLRQ WR HQYLURQPHQWDO SURWHFWLRQ %\ WKH DFFXUDWH PDQDJHPHQW RI WKHVH SURFHVVHV ZH REWDLQHG WKH 81, (1 ,62 FHUWLILFDWLRQ ©&HUWLILHG HQYLURQPHQWDO PDQDJHPHQW V\VWHPª *UHHQ 0DGH YDOXHV (DFK GHVLJQ DQG SURGXFWLRQ VWHS LV FDUHIXOO\ FKHFNHG ZLWK UHJDUGV WR WKH HQYLURQPHQWDO LPSDFW DQG HDFK IROORZLQJ GHFLVLRQ LV WDNHQ LI RXU HFR FRPSDWLELOLW\ REMHFWLYHV DUH IXOO\ UHDFKHG 7KLV PHDQV WKDW ZKHQ ZH PDQXIDFWXUH RXU SURGXFWV WKH *UHHQ 0DGH FRQFHSW E\ &RORPER 'HVLJQ ZLOO EH JXDUDQWHHG E\ WKH DGYDQFHG WHFKQRORJLHV DQG YHU\ VWULFW FRQWUROV FDUULHG RXW E\ D YHU\ KLJKO\ TXDOLILHG SHUVRQQHO JHQHUDWLQJ D SURGXFW FRQFHLYHG FRQVWDQWO\ WKLQNLQJ RI WKH HQYLURQPHQW
&HUWLILFDWLRQV
81, (1 ,62 6LVWHPD GL JHVWLRQH FHUWLILFDWR GD ,&,0 4XHVWD FHUWLILFD]LRQH q YDOLGD SHU LO VHJXHQWH FDPSR DSSOLFDWLYR 3URJHWWD]LRQH H IDEEULFD]LRQH GL PDQLJOLH FRPSOHPHQWL SHU DUUHGDPHQWR H GL DFFHVVRUL SHU O¶DUUHGR GHO EDJQR LQ PDWHULDOL QRQ IHUURVL
&HUWLILHG PDQDJHPHQW V\VWHP E\ ,&,0 7KLV FHUWLILFDWLRQ LV YDOLG IRU WKH IROORZLQJ DSSOLFDWLRQ ILHOG 'HVLJQ DQG PDQXIDFWXUH RI KDQGOHV IXUQLWXUH FRRUGLQDWHG DFFHVVRULHV DQG EDWKURRP IXUQLWXUH DFFHVVRULHV LQ QRQ IHUURXV PDWHULDOV
81, (1 ,62 6LVWHPD GL JHVWLRQH FHUWLILFDWR GD ,&,0 4XHVWD FHUWLILFD]LRQH q YDOLGD SHU LO VHJXHQWH FDPSR DSSOLFDWLYR 3URJHWWD]LRQH H IDEEULFD]LRQH GL PDQLJOLH H FRPSOHPHQWL SHU DUUHGDPHQWR LQ PDWHULDOH QRQ IHUURVR DFFHVVRUL SHU O DUUHGR GHO EDJQR PHGLDQWH OH IDVL GL SUHVVRIXVLRQH EXUDWWDWXUD SXOLWXUD JDOYDQLFD YHUQLFLDWXUD DVVHPEODJJLR FRQIH]LRQDPHQWR HG LPPDJD]]LQDPHQWR
&HUWLILHG PDQDJHPHQW V\VWHP E\ ,&,0 7KLV FHUWLILFDWLRQ LV YDOLG IRU WKH IROORZLQJ DSSOLFDWLRQ ILHOG 'HVLJQ DQG PDQXIDFWXUH RI QRQ IHUURXV KDQGOHV DQG FRRUGLQDWHG IXUQLWXUH DFFHVVRULHV EDWKURRP IXUQLWXUH DFFHVVRULHV E\ GLH FDVWLQJ WXPEOH ILQLVKLQJ SROLVKLQJ HOHFWURSODWLQJ YDUQLVKLQJ DVVHPEOLQJ SDFNLQJ DQG VWRULQJ
81, (1 1XRYD FHUWLILFD]LRQH HXURSHD SHU OH PDQLJOLH /D QRUPD (XURSHD 81, (1 VWDELOLVFH UHTXLVLWL H PHWRGL GL SURYD SHU PDQLJOLH H SRPROL &RORPER 'HVLJQ KD FRQVHJXLWR SHU WXWWL L VXRL PRGHOOL OXVLQJKLHUL ULVXOWDWL WUD L TXDOL LO SL VLJQLILFDWLYR q LO ³*UDGR ´ SHU OD FDWHJRULD G XVR VLQRQLPR GL DVVROXWD TXDOLWj H UHVLVWHQ]D
1HZ (XURSHDQ FHUWLILFDWLRQ IRU GRRU IXUQLWXUH 7KH (XURSHDQ VWDQGDUG 81, (1 HVWDEOLVKHV UHTXLUHPHQWV DQG WHVW PHWKRGV IRU OHYHU KDQGOHV DQG NQREV &RORPER 'HVLJQ DFKLHYHG IRU DOO RI LWV PRGHOV H[FHOOHQW UHVXOWV EHWZHHQ ZKLFK WKH PRVW VLJQLILFDQW LV WKH ³*UDGH ´ IRU WKH FDWHJRU\ RI XVH V\QRQ\P RI DEVROXWH TXDOLW\ DQG UHVLVWDQFH
:DUUDQWLHV
WUDWWDPHQWR GL SURWH]LRQH JDUDQWLWR DQQL
WUHDWPHQW SURWHFWLRQ JXDUDQWHHG \HDUV
4XHOOR XWLOL]]DWR GD &RORPER 'HVLJQ q XQ SURFHVVR GL ILQLWXUD PXWXDWR GDO VHWWRUH GHOO XWHQVLOHULD LQ FXL FDUDWWHULVWLFKH ILVLFKH H PHFFDQLFKH VRQR VWXGLDWH SHU JDUDQWLUH SUHVWD]LRQL HFFH]LRQDOL GL UHVLVWHQ]D DOO XVXUD PHFFDQLFD H DO GHFDGLPHQWR GRYXWR DG DJHQWL DPELHQWDOL H FKLPLFL ,O SURFHVVR q VWDWR PHVVR D SXQWR SHU JDUDQWLUH XQ QRWHYROH DVSHWWR HVWHWLFR WUDVSDUHQ]D H OXFHQWH]]D FKH IDQQR ULVDOWDUH LO GHVLJQ GHO SURGRWWR 7XWWL L SURGRWWL WUDWWDWL FRQ LO SURFHVVR 39' YHQJRQR SUHYHQWLYDPHQWH ULYHVWLWL FRQ VWUDWL GL UDPH QLFKHO H FURPR SHU JDUDQWLUH XQ SHUIHWWR LVRODPHQWR GHOOD PDWHULD SULPD VRWWRVWDQWH 7UDWWDPHQWR FRQ OD JDUDQ]LD GL ³ DQQL´ VXOOH ILQLWXUH =LUFRQLXP *ROG 2URPDW =LUFRQLXP 6WDLQOHVV 6WHHO 9LQWDJH 9LQWDJH 0DW *UDILWH H *UDILWH 0DW
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³ \HDUV´ RQ +36 =LUFRQLXP *ROG 0DWW *ROG +36 =LUFRQLXP 6WDLQOHVV 6WHHO 9LQWDJH 9LQWDJH 0DW *UDSKLWH DQG 0DWW *UDSKLWH ILQLVKLQJ
WUDWWDPHQWR GL SURWH]LRQH JDUDQWLWR DQQL
WUHDWPHQW SURWHFWLRQ JXDUDQWHHG \HDUV
/D OXQJD HVSHULHQ]D PDWXUDWD QHO VHWWRUH GHL WUDWWDPHQWL JDOYDQLFL H 39' XQLWD DOOD VFHOWD GL SUHVWDUH SDUWLFRODUH DWWHQ]LRQH DOOD TXDOLWj QHL SURFHVVL SURGXWWLYL FRQVHQWRQR D &RORPER 'HVLJQ GL JDUDQWLUH OH ILQLWXUH GHL VXRL SURGRWWL ROWUH OD QRUPDOH FRSHUWXUD SUHYLVWD GDOOD OHJJH Ê TXLQGL FRQ SDUWLFRODUH RUJRJOLR FKH RIIULDPR DL QRVWUL XWHQWL OD JDUDQ]LD GL ³ DQQL´ VXOOH ILQLWXUH 2URSOXV &URPR &URPDW %LDQFRPDW H 1HURPDW 4XHVWR LPSHJQR GL GXUDWD QHO WHPSR GHO SURGRWWR q OD QRVWUD IRUWH HG DOWHUQDWLYD ULVSRVWD DO FRQVXPLVPR ©XVD H JHWWDª VLQRQLPR GL VSUHFR DPELHQWDOH H QHPLFR GHOOD PHPRULD FROOHWWLYD LUULQXQFLDELOH YDORUH GL WXWWH OH VRFLHWj
7KH ORQJ H[SHULHQFH LQ WKH ILHOG RI JDOYDQLF WUHDWPHQWV FRPELQHG ZLWK WKH FKRLFH WR SD\ VSHFLDO DWWHQWLRQ WR WKH TXDOLW\ LQ SURGXFWLRQ SURFHVVHV HQDEOH &RORPER 'HVLJQ WR HQVXUH WKH ILQLVKHV RI LWV SURGXFWV EH\RQG WKH QRUPDO ZDUUDQW\ SURYLGHG E\ ODZ ,W LV WKHUHIRUH ZLWK JUHDW SOHDVXUH ZH RIIHU WR RXU HQG XVHUV WKH ZDUUDQW\ RI \HDUV RQ 2URSOXV &KURPH 0DWW FKURPH 0DWW ZKLWH DQG 0DWW EODFN ILQLVKLQJV 7KLV FRPPLWPHQW RI SURGXFW GXUDELOLW\ LV RXU VWURQJ DQG DOWHUQDWLYH UHVSRQVH WR FRQVXPHULVP ©GLVSRVDEOHª V\QRQ\PRXV ZLWK HQYLURQPHQWDO ZDVWH DQG HQHP\ RI FROOHFWLYH PHPRU\ DQ HVVHQWLDO YDOXH RI DOO VRFLHWLHV
,QQRYDWLRQV =(52 (92/87,21 /¶LQQRYDWLYR VLVWHPD GL &RORPER 'HVLJQ /H PDQLJOLH SHU SRUWH H ILQHVWUH FRQ PHQR LQJRPEUR SL PLQLPDO H SL HOHJDQ]D
&RORPER 'HVLJQ V LQQRYDWLYH V\VWHP 'RRU DQG ZLQGRZ KDQGOHV ZLWK OHVV VSDFH PRUH PLQLPDOLVP DQG PRUH HOHJDQFH
81, (1 PDQLJOLH SHU SRUWD 0DQLJOLH ]HUR HYROXWLRQ OH SULPH FRQ PROOD GL ULWRUQR 'XUDELOLWD¶ JUDGR JDUDQWLWH SHU HOHYDWD IUHTXHQ]D G¶XVR PLQLPR FLFOL
81, (1 GRRU KDQGOHV =HUR HYROXWLRQ KDQGOHV WKH ILUVW 21(6 ZLWK UHWXUQ VSULQJ 'XUDELOLW\ *UDGH( JXDUDQWHHG IRU KLJKW UHTXHQF\ RI XVH PLQLPXP F\FOHV
81, (1 VROR SHU PDQLJOLH GD ILQHVWUD &HUWLILFD]LRQH GL GXUDELOLWj JDUDQWLWD SHU PLQLPR FLFOL FLDVFXQR FRQ VHTXHQ]D
81, (1 ZLQGRZ KDQGOHV 'XUDELOLW\ FHUWLILFDWLRQ JXDUDQWHHG IRU D PLQLPXP RI F\FOHV HDFK RQH ZLWK VHTXHQFH
6,; 0,//,0,7(56 &21&(37 0DQLJOLH FRQ URVHWWD H ERFFKHWWD EDVVD FKH QRQ QHFHVVLWDQR GL ODYRUD]LRQL DJJLXQWLYH VXOOD SRUWD
+DQGOHV ZLWK VOLP URVH DQG HVFXWFKHRQ 7KH\ GRQ¶W QHHG DGGLWLRQDO LQVWDOODWLRQ ZRUNV RQ WKH GRRU
52%27(&+
5RERWHFK FRQWUDGGLVWLQJXH XQD JDPPD GL SURGRWWL UHDOL]]DWD XWLOL]]DQGR DOWD WHFQRORJLD H PDVVLPD DXWRPD]LRQH SHU RWWHQHUH HFFHOOHQ]D TXDOLWDWLYD H FRPPHUFLDOH
5RERWHFK LV RXU PDUN IRU WKRVH SURGXFWV PDQXIDFWXUHG XVLQJ KLJK WHFKQRORJLHV DQG XOWLPDWH DXWRPDWLRQ WR FUHDWH TXDOLW\ DQG WUDGLQJ H[FHOOHQFH
&$6$ 6,&85$
6$)( +286(
/D VROX]LRQH SHU YLYHUH LQ XQD FDVD VLFXUD 6H YXRL DYHUH ODVLFXUH]]D GL YLYHUH LQ XQ DPELHQWH WUDQTXLOOR H VHUHQR DIILGDWL DO VLVWHPD DQWLQWUXVLRQH GL &RORPER 'HVLJQ ,O SXOVDQWH EORFFD PDQLJOLD QH LPSHGLVFH OD URWD]LRQH GL FRQVHJXHQ]D L PDOLQWHQ]LRQDWL QRQ ULXVFLUDQQR SL DG HQWUDUH QHOOH YRVWUH FDVH SDVVDQGR GDOOH ILQHVWUH H GDOOH SRUWH ILQHVWUH
7KH ULJKW VROXWLRQ IRU D VDIH KRXVH ,I \RX¶UH ORRNLQJ IRU D VDIH IHHOLQJ ZKLOH EHLQJ LQ \RXU KRPH \RX VKRXOG XVH WKH &RORPER 'HVLJQ 6HFXULW\ 6\VWHP 7KH EXWWRQ ORFNV WKH KDQGOH SUHYHQWLQJ WKH URWDWLRQ VR EDG SHRSOH ZRQ¶W EH DEOH WR HQWHU \RXU KRXVH QRW YLD WKH GRRUV QRU WKH ZLQGRZV
3URGXFWLRQ SURFHVV DQG ILQLVKLQJV PDWHULDOV
PDWHULDOL 27721(
62/,' %5$66 6
&520$//
&520$//
VWDQGDUG JDOYDQLF WUHDWPHQW F\FOH
FLFOR VWDQGDUG WUDWWDPHQWR JDOYDQLFR 27721( H R &520$// OHJKH PHWDOOLFKH FRQ TXDOLWj FHUWLILFDWD
62/,' %5$66 DQG RU &520$// PHWDO DOOR\V RI FHUWLILHG TXDOLW\
VWUDWR GL SUH UDPH HOHWWURGHSRVWR
ILUVW HOHFWURSODWHG FRSSHU OD\HU
VHFRQGR VWUDWR GL UDPH HOHWWURGHSRVWR
VHFRQG HOHFWURSODWHG FRSSHU OD\HU
VWUDWR OLYHOODQWH GL 1,&+(/ HOHWWURGHSRVWR DG DOWLVVLPR VSHVVRUH
YHU\ KLJK HOHFWURSODWHG 1,&.(/ OHYHOOLQJ OD\HU
VWUDWR HOHWWURGHSRVWR 2523/86 &5202 H &520$7
HOHFWURSODWHG OD\HU 2523/86 &+520( DQG 0$77 &+520(
WUDWWDPHQWR 39' VROR SHU ILQLWXUH +36 =,5&21,80 *2/' +36 =,5&21,80 67$,1/(66 67((/ 2520$7 9,17$*( 9,17$*( 0$7 *5$),7( H *5$),7( 0$7
39' WUHDWHPHQW DSSOLFDEOH RQO\ RQ ILQLVKLQJV +36 =,5&21,80 *2/' +36 =,5&21,80 67$,1/(66 67((/ 0$77 *2/' 9,17$*( 9,17$*( 0$7 *5$3+,7( DQG 0$77 *5$3+,7(
=LUFRQLXP JROG +36
=LUFRQLXP 2URPDW 0DWW JROG VWDLQOHVV VWHHO +36
2URSOXV
&URPR &KURPH
&URPDW 0DWW FKURPH
9LQWDJH
9LQWDJH 0DW
*UDILWH *UDSKLWH
*UDILWH 0DW 0DWW *UDSKLWH
%LDQFRPDW 0DWW :KLWH 5$/
1HURPDW 0DWW %ODFN 5$/
1LNHOPDW 0DWW QLFNHO
%URQ]R %URQ]H
%URQ]R DQWLFR 2WWRQH DQWLFR $QWLTXH EURQ]H $QWLTXH EUDVV
39' WUHDWPHQW
7UDWWDPHQWR 3YG LVSLUDWR GDL QXRYL FRORUL GL WHQGHQ]D
3YG WUHDWPHQW EH LQVSLUHG E\ QHZ WUHQGLQJ FRORUV
,O WUDWWDPHQWR 39' 3K\VLFDO 9DSRU 'HSRVLWLRQ q XQ SURFHVVR GL DOWLVVLPR OLYHOOR WHFQRORJLFR FKH PHGLDQWH GHSRVL]LRQH ILVLFD GD YDSRUH GL XQD VRWWLOH SHOOLFROD GL VWUDRUGLQDULD GXUH]]D SHUPHWWH GL RWWHQHUH XQ ULYHVWLPHQWR VXSHUILFLDOH GDOOH HFFH]LRQDOL FDUDWWHULVWLFKH HVWHWLFKH H WHFQLFKH 8QD WHFQRORJLD XWLOL]]DWD SHU RIIULUH WRQDOLWj FURPDWLFKH VWDELOL QHO WHPSR H SHU JDUDQWLUH SURGRWWL FRQ HOHYDWD GXUH]]D VXSHUILFLDOH LQDOWHUDELOLWj DL UDJJL 89 UHVLVWHQ]D DOO¶XVXUD DOO¶DEUDVLRQH H DOOD FRUURVLRQH *DUDQWLWR DQQL H UHDOL]]DWR LQWHUQDPHQWH QHJOL VWDELOLPHQWL SURGXWWLYL &RORPER 'HVLJQ PHGLDQWH O¶XWLOL]]R GL XQD VSHFLDOH PDFFKLQD LO WUDWWDPHQWR 39' q GLVSRQLELOH QHOOH ILQLWXUH 2URPDW =LUFRQLXP *ROG =LUFRQLXP VWDLQOHVV VWHHO 9LQWDJH 9LQWDJH 0DW *UDILWH H *UDILWH 0DW
39' 3K\VLFDO 9DSRU 'HSRVLWLRQ WUHDWPHQW LV D SURFHVV RI WKH KLJKHVW WHFKQRORJLFDO OHYHO ZKLFK DOORZV WR REWDLQ D VXUIDFH FRDWLQJ ZLWK H[FHSWLRQDO DHVWKHWLF DQG WHFKQLFDO FKDUDFWHULVWLFV WKURXJK SK\VLFDO YDSRU GHSRVLWLRQ RI D WKLQ ILOP RI H[WUDRUGLQDU\ KDUGQHVV $ WHFKQRORJ\ XVHG WR RIIHU VWDEOH FRORU WRQHV RYHU WLPH DQG WR JXDUDQWHH SURGXFWV ZLWK KLJK VXUIDFH KDUGQHVV LQDOWHUDELOLW\ DJDLQVW 89 UD\V UHVLVWDQFH WR ZHDU DQG FRUURVLRQ \HDUV ZDUUDQWHG DQG REWDLQHG LQWHUQDOO\ LQ WKH &RORPER 'HVLJQ SURGXFWLRQ SODQWV XVLQJ D VSHFLDO PDFKLQH WKH 39' WUHDWPHQW LV DYDLODEOH LQ 2URPDW =LUFRQLXP *ROG =LUFRQLXP VWDLQOHVV VWHHO 9LQWDJH 9LQWDJH 0DW *UDSKLWH DQG 0DWW *UDSKLWH ILQLVKHV
'HVLJQHUV 2JQL FRVD q VWDWD GLVHJQDWD 3RFKH FRVH VRQR VWDWH GLVHJQDWH EHQH
(YHU\WKLQJ LV GHVLJQHG )HZ WKLQJV DUH GHVLJQHG ZHOO
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
RSHQ DUW &RORPER 'HVLJQ DSUH DOO¶DUWH DOOD VWRULD H DOOD FXOWXUD XQHQGR DOOD WUDGL]LRQH FLz FKH SL OH DSSDUWLHQH LO GHVLJQ ,O FRQQXELR FRQ $FFDGHPLD &DUUDUD KD OR VFRSR GL GLIIRQGHUH OD EHOOH]]D GHOOD FUHDWLYLWj LWDOLDQD LQ WXWWR LO PRQGR RIIUHQGR XQ LQFRQWUR GL YDORUL FKH VWDELOLVFH XQD IRUWH FRQQHVVLRQH WUD HPR]LRQL H FRPXQLFD]LRQH WUD WDOHQWR H DELOLWj WUD LQWHUSUHWD]LRQH H FRPSUHQVLRQH GHO VHQWLPHQW GL DUWLVWL H GHVLJQHUV 23(1 $57 UDFFRQWD O¶DUWH H LO GHVLJQ FRQ OH PDQLJOLH GL &RORPER 'HVLJQ
GHVLJQ SDUWQHU
&RORPER 'HVLJQ RSHQV WKH GRRU WR DUW KLVWRU\ DQG FXOWXUH E\ OLQNLQJ WUDGLWLRQ ZLWK ZKDW PRVW EHORQJV WR LW GHVLJQ 7KH SDUWQHUVKLS ZLWK $FFDGHPLD &DUUDUD DLPV WR VSUHDG WKH EHDXW\ RI ,WDOLDQ FUHDWLYLW\ DURXQG WKH ZRUOG RIIHULQJ D PHHWLQJ RI YDOXHV WKDW HVWDEOLVKHV D VWURQJ FRQQHFWLRQ EHWZHHQ HPRWLRQV DQG FRPPXQLFDWLRQ EHWZHHQ WDOHQW DQG VNLOO EHWZHHQ LQWHUSUHWDWLRQ DQG XQGHUVWDQGLQJ RI WKH VHQWLPHQW RI DUWLVWV DQG GHVLJQHUV 23(1 $57 WDONV DERXW DUW DQG GHVLJQ ZLWK KDQGOHV E\ &RORPER 'HVLJQ
0DQLJOLD SHU 3RUWD 'RRU KDQGOH 0RRG && 5 6WUDZEHUU\ 5HG
5DɝDHOOR 6DQ]LR 6DQ 6HEDVWLDQR 6DLQW 6HEDVWLDQ 7HPSHUD H ROLR VX WDYROD 7HPSHUD DQG RLO RQ SDQHO FD
0DQLJOLD SHU 3RUWD 'RRU KDQGOH $PD 0) 5< &URPR &KURPH
3VHXGR *LRYHQRQH 6DQ %RQDYHQWXUD GRFHQWH 6DLQW %RQDYHQWXUH 7HDFKLQJ 2OLR VX WDYROD 2LO RQ SDQHO FD
0DQLJOLD SHU 3RUWD 'RRU KDQGOH (OHFWUD 06 5 9LQWDJH PDW
*LRYDQ %DWWLVWD 0RURQL 5LWUDWWR GL XQD EDPELQD GL FDVD 5HGHWWL 3RUWUDLW RI D *LUO RI WKH 5HGHWWL )DPLO\ 2OLR VX WHOD 2LO RQ FDQYDV
0DQLJOLD SHU 3RUWD 'RRU KDQGOH 7ZLWW\ 7. 5< &URPDW 0DWW FKURPH
3LFFLR *LRYDQQL &DUQRYDOL 5LWUDWWR GHOOD FRQWHVVD $QDVWDVLD 6SLQL 3RUWUDLW RI &RXQWHVV $QDVWDVLD 6SLQL 2OLR VX WHOD 2LO RQ FDQYDV FD
&ROOHFWLRQV PDQLJOLH SHU SRUWD GRRU KDQGOHV PDQLJOLH SHU ILQHVWUD 'UHK NLSS KDQGOHV PDQLJOLRQL SHU DO]DQWL VFRUUHYROL SXOO XS KDQGOHV ERFFKHWWH H QRWWROLQL HVFXWFKHRQV DQG WRLOHW URVHV
2QH 2QH4
OH FROOH]LRQL WKH FROOHFWLRQV
B BSHDN DODWz DOED DPD EOD]HU EROG 37 EROG 37 GD\WRQD GHD GURS HGR HOHFWUD HOOH HOOHVVH HVSULW
&ODVVLF /LQH
SHJDVR SULXV VLULR VOLP VSLGHU 05 VSLGHU 05 VWDU WDFWD WDLOOD WDLSDQ WDOLWD WHFQR WHQGHU WRRO WUDPD /& WUDPD /&
WZLWW\ YLROD ZLQJ ]HOGD
52%27(&+ FDPHR KHLGL LGD SHWHU SLXPD
IHGUD IOHVVD JDLD JLUD LV\ ODUD OLEUD OXQG PDGL PDSR PHWD PLOOD /& PLOOD /& PL[D PRRQ ROO\
PDFK URERW &' URERW &' URERGXH URERWUH
URERTXDWWUR URERTXDWWURV URERFLQTXH URERFLQTXHV
SRPROL GRRU NQREV
EROG FXW 06 FXW 06 GD\WRQD GURS
HWUR PDSR PRRQ SXVK URERW &'
URERW &' URERW &' URERW &' URXQG ,' URXQG ,'
VSLGHU VTXDUH /& VTXDUH /& VTXDUH /&
PDQLJOLRQL SHU DO]DQWH VFRUUHYROH SXOO XS KDQGOHV IRU VOLGLQJ GRRUV
PDQLJOLRQL H EDWWHQWL SXOOV DQG GRRU NQRFNHUV
GD\WRQD HOOH ILYH IOHVVR ORJR OXQG QRD
URERTXDWWUR VTXDUH WHQGHU ZDYH ]HQ EOXHV MD]]
QLFH SLXPD URERW FORXG ZLQG IOHVVXP WRF WRF
DP \ LG \ LG \ LG \ OF \ OF \ FG PLJQRQ
FG UV OF UV LG UV LG UV
SURJUDPPD EOLQGDWH DUPRUHG GRRU SURJUDP
PDQLJOLH DG LQFDVVR IOXVK KDQGOHV
HQWHU RSHQ RSHQ VT FG FG
FG FG FE LG OF
PRVWULQH URVH SODWHV LQVHUWL XQLYHUVDO XQGHUFRQVWUXFWLRQV PRVWULQH URVH SODWHV SRPROLQL NQRE VHWV NLW VU VU NLW
FRPSOHPHQWL FRPSOHPHQWV
GLVSRVLWLYL DQWLHIIUD]LRQH ZLQGRZV VHFXULW\ VHWV GLVSRVLWLYL GL VLFXUH]]D ZLQGRZV VHFXULW\ VHWV IHUPDSRUWD GRRU VWRSSHUV FKLDYL NH\V QRWWROLQL WRLOHW URVHV OLEHUR RFFXSDWR WRLOHW URVHV ZLWK SULYDF\ VQLEV
DSSHQGLWXWWR FRDW KDQJHUV
5
DOL]p EDUW EDVLF EDVLF 4 FOXE IRUHYHU KHUPLWDJH
KRRN NKDOD ODQG OLQN ORRN OXO PHOz
PLQL QRUGLF RYHU SOXV SRUWRILQR URDG WLPH
WUHQWD WULR
PDQLJOLH SHU PRELOH IXUQLWXUH KDQGOHV
SRPROL SHU PRELOH IXUQLWXUH NQREV
G ¡ ¡
¡
¡ %
G å Õ Õ ¡ å ?
G 44 ,= ,
44 ,= å ,
54 ,= å ,
44 ,=
44 ,= å ,
81, (1
44 ,= å ,
¡ GB : % ¡ G % 5== === ¡ ä B : % % 5== === å å
ä 54 ,= å ,
ä å <4 ,=
ä 74 ,= = ,
ä 84 ,= å ,
ä å 94 ,= ä å , <=49
81, (1
ä å :4 ,= , <==8
¡ GB : % ¡ G % 5== === ¡ ä B : % % 5== === å å
G 45 =, å ,
45 =, å ,
55 =, å ,
45 =,
45 =, å ,
45 =, å ,
81, (1
å å ä ¢ 58 === å å å å å B
=%<=O%4;=O%<=O%=O ä å å
58 === å å å =%<=O%4;=O%<=O%=O å
ä 55 =, å ,
ä å <5 =, å ,
ä 75 =, å ,
ä 85 =,
ä å 95 =,
ä å :5 =, ,
81, (1
å å ä ¢ 58 === å å å å å B
=%<=O%4;=O%<=O%=O ä å å
58 === å å å =%<=O%4;=O%<=O%=O å
¡ %
¡ ¡ G G ¡ Á å +
446,=
å446,= å ,
646,=
646 ,= å ,
846,= , <==8
846 ,= ,
ä åå å å
¡ ¡
46 ää,= ! 46,= !
56 ää,= ! 56,= !
G ¡
4< ä ,=
5< ä ,=
94 ä,=
:4 ä,=
, , , ,
, , , ,
56 ää,= !
56,= !
4< ä ,=
5< ä ,=
, , , ,
, , , ,
, , , , , ,
, , , ,
46,= ! , , , , , ,
46 ää,= ! , , , , , ,
44 ä,= ,
44 ä,= ,
84 ä,=
, ,
, , ,
, , ,
å <4 ä,=
, , ,
44 ä,=
,
ä 54 ä,=
,
74 ä,=
54 ä,=
44 ä,= , ,
ä åå å å
44 ä,= , ,
ä 55 =, ,
45 =, , , ,
å <5 =, , , ,
,
75 =,
85 =,
95 =,
:5 =,
, , ,
, ,
, , , ,
, , , ,
45 =, ,
55 =,
45 =, , ,
45 =,
, ,
45 =, ,
446,=
546 ,= ,
646,=
746 ,=
, , , , ,
,
, , ,
¡ %
846,=
946 ,=
, , , , ,
,
646 ,=
746 ,=
, ,
,
846 ,=
946 ,=
, , , ,
, , ,
å446,= ,
546 ,= ,
̸2QH̹ H ̸2QH4̹ VRQR L SULPL GXH PRGHOOL GHOOD FROOH]LRQH SURJHWWDWL GD &RORPER 'HVLJQ 0DQLJOLH GDOOH OLQHH PRUELGH H SXOLWH FKH EHQ VL SUHVWDQR DG HVVHUH GHFOLQDWH LQ WXWWH OH YDULDQWL FURPDWLFKH 5$/ 1HVVXQ OLPLWH TXLQGL DOOD FUHDWLYLW¢ ̸QH IDFFLDPR GL WXWWL L FRORUL̹ b ̸2QH̹ DQG ̸2QH4̹ DUH WKH ILUVW WZR PRGHOV RI WKH FROOHFWLRQ GHVLJQHG E\ &RORPER 'HVLJQ +DQGOHV ZLWK VRIW DQG FOHDQ OLQHV ZKLFK FDQ EH HDVLO\ GHFOLQHG LQ DOO 5$/ FRORU YDULDQWV 6R WKHUH LV QR OLPLW WR FUHDWLYLW\ ̸ZH DUH XS WR DOO VRUWV RI WKLQJV ̿ DQG FRORUV̹
FRORUL SHU WDSSH VLJQLILFDWLYH GL XQ YLDJJLR OXQJR DQQL H SURLHWWDWR YHUVR LO IXWXUR 5LSHUFRUUHQGR OD VWRULD GL &RORPER 'HVLJQ GDO DO VRQR VWDWL LQGLYLGXDWL JOL DQQL FKH KDQQR VHJQDWR LQ PRGR GHWHUPLQDQWH OR VYLOXSSR D]LHQGDOH DVVRFLDQGR DG RJQXQR GL HVVL XQ FRORUH WUD TXHOOL SURSRVWL b
'DOOD SDVVLRQH FRPSHWHQ]D HG HVSHULHQ]D GHOOD IDPLJOLD &RORPER QDVFH &RORPER 'HVLJQ XQ D]LHQGD FKH SRQH DO FHQWUR GHL VXRL SURGRWWL TXDOLWj HVWHWLFD H IXQ]LRQDOLWj 8QD IDPLO\ FRPSDQ\ FKH LQIRQGH DL SURSUL SURGRWWL L YDORUL H OH WUDGL]LRQL GHO VDSHU IDUH LWDOLDQR &RORPER 'HVLJQ ZDV ERUQ IURP SDVVLRQ FRPSHWHQFH DQG H[SHULHQFH RI WKH &RORPER IDPLO\ D FRPSDQ\ WKDW SXWV TXDOLW\ EHDXW\ DQG IXQFWLRQDOLW\ DW WKH FHQWHU RI LWV SURGXFWV $ IDPLO\ FRPSDQ\ WKDW FUHDWHV LWV SURGXFWV ZLWK YDOXHV DQG WUDGLWLRQV RI ,WDOLDQ NQRZ KRZ
%521=(
:+,7(
&RORPER 'HVLJQ QHO PRQGR , SULPL GLVWULEXWRUL H OD FUHD]LRQH GL XQ QHWZRUN GL SDUWQHU FRPPHUFLDOL SHU O LQWHUQD]LRQDOL]]D]LRQH GHO EUDQG &RORPER 'HVLJQ LQ WKH ZRUOG 7KH ILUVW GLVWULEXWRUV DQG WKH FUHDWLRQ RI D QHWZRUN RI FRPPHUFLDO SDUWQHUV IRU WKH LQWHUQDWLRQDOL]DWLRQ RI WKH EUDQG
6,/9(5
$OOH SRUWH GHO QXRYR PLOOHQQLR 'LHFL DQQL GL FRQTXLVWH VXFFHVVL H FRQWLQXR ULQQRYDPHQWR GL LPSLDQWL SURFHVVL H SURFHGXUH SHU HYLWDUH LO ULVFKLR GHOO REVROHVFHQ]D $W WKH JDWHV RI WKH QHZ PLOOHQQLXP 7HQ \HDUV RI DFKLHYHPHQWV VXFFHVV DQG FRQWLQXRXV UHQRYDWLRQ RI V\VWHPV SURFHVVHV DQG SURFHGXUHV WR DYRLG WKH ULVN RI REVROHVFHQFH
675$:%(55< 5('
&DUOR %DUWROL q $UW 'LUHFWRU H ILUPD OD SULPD FROOH]LRQH GL PDQLJOLH G DXWRUH 1DVFH OD PDQLJOLD 7DFWD FKH GLYHQWD LQ SRFR WHPSR XQ LFRQD GHOO ,7$/,$1 '(6,*1
,O WULEXWR DO FODVVLFR FRQ OD FROOH]LRQH $QWRORJKLD L PRGHOOL GHO SDVVDWR ULFUHDWL GD &RORPER 'HVLJQ SHU HYRFDUH DWPRVIHUH H VWLOL GL HSRFKH SDVVDWH
/D TXDOLWj SULPD GL WXWWR VHQ]D FRPSURPHVVL H FRQ ULVSHWWR GHOOH UHJROH GL VLFXUH]]D / D]LHQGD RWWLHQH OH &HUWLILFD]LRQL 81, (1 ,62 H 4XDOLW\ ILUVW ZLWKRXW DQ\ FRPSURPLVH DQG ZLWK UHVSHFW IRU VDIHW\ UXOHV 7KH FRPSDQ\ REWDLQV 81, (1 ,62 DQG &HUWLILFDWLRQV
&DUOR %DUWROL LV WKH $UW 'LUHFWRU RI GHVLJQ KDQGOHV 7KH 7DFWD KDQGOH ZDV WKH ILUVW RQH DQG LW KDV EHFRPH DQ LFRQ RI ,7$/,$1 '(6,*1 LQ D VKRUW WLPH
%/$&.
7KH WULEXWH WR WKH FODVVLF ZLWK WKH $QWRORJKLD FROOHFWLRQ WKH PRGHOV RI WKH SDVW UHFUHDWHG E\ &RORPER 'HVLJQ WR HYRNH DWPRVSKHUHV DQG VW\OHV RI WKH SDVW
2&($1 %/8(
/·HVSDQVLRQH D]LHQGDOH SURVHJXH FRQ LO UDGGRSSLR SURGXWWLYR H O DPSOLDPHQWR GHO QHWZRUN GLVWULEXWLYR LQ RWWDQWD SDHVL QHO PRQGR %XVLQHVV H[SDQVLRQ FRQWLQXHV ZLWK WKH GRXEOLQJ RI SURGXFWLRQ DQG ZLGHQLQJ RI WKH GLVWULEXWLRQ QHWZRUN LQ FRXQWULHV ZRUOGZLGH
8QD PDQLJOLD ´)UHH VW\OHµ 'DO FRQFRUVR 'HVLJQERRP ´ +DQGOHV RQ GRRU KDQGOHVµ QDVFH 7ZLWW\ /D IRUPD q SUHFLVD GHILQL]LRQH GHOOD PDWHULD H GHOOR VSD]LR PD DQFKH HYRFD]LRQH GHOO LPPDJLQDULR
/(021 <(//2:
6816(7 25$1*(
Ë WHPSR GL ´*UHHQ PDGHµ q WHPSR GL SHQVDUH SURJHWWDUH H SURGXUUH LQ DUPRQLD FRQ O DPELHQWH /R VYLOXSSR q VRVWHQLELOH VH VRGGLVID L ELVRJQL GHOOH JHQHUD]LRQL SUHVHQWL VHQ]D FRPSURPHWWHUH OD FDSDFLWj GL VRGGLVIDUH TXHOOL GHOOH JHQHUD]LRQL IXWXUH
´)UHH VW\OHµ KDQGOH 7ZLWW\ ZDV ERUQ IURP 'HVLJQERRP ´+DQGOHV RQ GRRU KDQGOHVµ FRPSHWLWLRQ 7KH VKDSH LV D SUHFLVH GHILQLWLRQ RI PDWWHU DQG VSDFH EXW DOVR DQ HYRFDWLRQ RI LPDJLQDWLRQ
7,7$1
,W LV ´*UHHQ PDGHµ WLPH LW LV WLPH WR WKLQN WR GHVLJQ DQG WR SURGXFH LQ KDUPRQ\ ZLWK WKH HQYLURQPHQW 'HYHORSPHQW LV VXVWDLQDEOH LI LW PHHWV WKH QHHGV RI SUHVHQW JHQHUDWLRQV ZLWKRXW FRPSURPLVLQJ WKH DELOLW\ WR VDWLVI\ WKRVH RI IXWXUH JHQHUDWLRQV
&$35, %/8(
/·LPSOHPHQWD]LRQH GHOOD PDFFKLQD D WHFQRORJLD 39' RIIUH ILQLWXUH HVFOXVLYH GL SUHJLR H JDUDQWLWH QHO WHPSR 8QD WHFQRORJLD SURGXWWLYD DG LPSDWWR DPELHQWDOH ]HUR
&ROODERUD]LRQL YLQFHQWL 'DOO LQFRQWUR WUD OD FUHDWLYLWj GHL PLJOLRUL GHVLJQHUV H O HFFHOOHQ]D PDQLIDWWXULHUD GHOO D]LHQGD QDVFRQR FROOH]LRQL XQLFKH LFRQH GHOOR VWLOH &RORPER 'HVLJQ :LQQLQJ FROODERUDWLRQV
0ROWR SL GL XQD FROOH]LRQH XQ QXRYR 022' ,Q RFFDVLRQH GHO PR DQQLYHUVDULR GHOOD IRQGD]LRQH GHOO D]LHQGD QDVFH XQ QXRYR PRGR GL LQWHUSUHWDUH OD PDQLJOLD GRYH L FRORUL SURSRVWL HYRFDWLYL GL VHQVD]LRQL H VHQWLPHQWL VRQR OD FHQWUDOLWj GHO SURJHWWR ´022' FROOHFWLRQµ
39' PDFKLQH D QHZ WHFKQRORJ\ WR RIIHU H[FOXVLYH SUHVWLJLRXV DQG ORQJ ODVWLQJ ILQLVKHV $ SURGXFWLRQ WHFKQRORJ\ ZLWK ]HUR HQYLURQPHQWDO LPSDFW
&/$5(7 9,2/(7
/,0( *5((1
)URP WKH PL[ EHWZHHQ FUHDWLYLW\ RI WKH EHVW GHVLJQHUV DQG PDQXIDFWXULQJ H[FHOOHQFH XQLTXH FROOHFWLRQV DUH ERUQ LFRQV RI &RORPER 'HVLJQ VW\OH
0XFK PRUH WKDQ D FROOHFWLRQ D QHZ 022' 2Q WKH RFFDVLRQ RI WKH WK DQQLYHUVDU\ RI WKH FRPSDQ\ V IRXQGDWLRQ D QHZ ZD\ RI FRQFHLYLQJ WKH KDQGOH ZDV ERUQ 7KH SURSRVHG FRORUV UHPLQG RI VHQVDWLRQV DQG IHHOLQJV DQG WKH\ DUH WKH KHDUW RI WKH ´022' FROOHFWLRQµ SURMHFW
FRORUV IRU VLJQLILFDQW VWDJHV RI D \HDU MRXUQH\ SURMHFWHG WRZDUGV WKH IXWXUH 7UDFLQJ WKH KLVWRU\ RI &RORPER 'HVLJQ IURP WR ZH KDYH LGHQWLILHG WKH \HDUV WKDW KDYH GHFLVLYHO\ PDUNHG RXU FRPSDQ\ V GHYHORSPHQW DVVRFLDWLQJ HDFK RI WKHP ZLWK RQH FRORU IURP WKRVH SURSRVHG
022' &ROOHFWLRQ 0ROWR SL» GL XQD FROOH]LRQH 022' &ROOHFWLRQ 0XFK PRUH WKDQ D FROOHFWLRQ
/,0( *5((1 /(021 <(//2: &$35, %/8(
$ GLVSRVL]LRQH XQD JDPPD GL FRORUL DFFXUDWDPHQWH VHOH]LRQDWL SHU SRWHU GHILQLUH LO PRRG GL XQD VWDQ]D FRV® FRPH OR VWLOH GL XQD SRUWD R GL XQ VHUUDPHQWR DWWUDYHUVR DFFRVWDPHQWL WRQR VX WRQR R LQ FRQWUDVWR $ UDQJH RI FRORUV LV DYDLODEOH FDUHIXOO\ VHOHFWHG WR GHILQH WKH PRRG RI DQ HQYLURQPHQW DV ZHOO DV WKH VW\OH RI D GRRU RU ZLQGRZ WKURXJK WRQH RQ WRQH RU FRQWUDVWLQJ FRPELQDWLRQV
2&($1 %/8( 675$:%(55< 5(' 6816(7 25$1*(
022' &ROOHFWLRQ GL &RORPER 'HVLJQ G¢ VSD]LR DO FRORUH H DOOD FUHDWLYLW¢ 8Q QXRYR PRGR GL SUHVHQWDUH H LQWHUSUHWDUH OD PDQLJOLD 3URWDJRQLVWD ª LO FRORUH FRQ OD VXD FDSDFLW¢ GL HVSULPHUH LO VHQWLPHQW GL FKL OR VFHJOLH H GL SODVPDUH O DPELHQWH DUULFFKHQGROR GL VWLPROL YLVLYL FKH SDUOLQR GHOOH SHUVRQH FKH OR YLYRQR
&RORPER 'HVLJQ V 022' &ROOHFWLRQ JLYHV VSDFH WR FRORU DQG FUHDWLYLW\ $ QHZ ZD\ RI SUHVHQWLQJ DQG FRQFHLYLQJ WKH KDQGOH &RORU LV WKH SURWDJRQLVW ZLWK LWV DELOLW\ WR H[SUHVV WKH VHQWLPHQW RI WKRVH ZKR FKRRVH LW DQG WR VKDSH WKH HQYLURQPHQW HQULFKLQJ LW ZLWK YLVXDO VWLPXODWLRQV IURP WKH SHRSOH ZKR OLYH LQ WKLV HQYLURQPHQW
&/$5(7 9,2/(7 %521=( 7,7$1
/̵HOHYDWD TXDOLW¢ GHO PDWHULDOH H O̵XWLOL]]R GL YHUQLFL GL XOWLPD JHQHUD]LRQH VRQR HVSUHVVLRQH GL XQ ULQQRYDWR LPSHJQR YHUVR OD WXWHOD GHOO̵DPELHQWH H OD ULGX]LRQH GHOOR VSUHFR GHOOH ULVRUVH IDWWRUL FKH FRQVHQWRQR GL HVWHQGHUH OD JDUDQ]LD GL TXHVWD FROOH]LRQH D DQQL /D JHVWLRQH DFFXUDWD GHL SURFHVVL SURGXWWLYL ª FRQIHUPDWD GDOOD FHUWLILFD]LRQH 81, (1 ,62 m6LVWHPD GL JHVWLRQH DPELHQWDOH FHUWLILFDWR}
7KH KLJK TXDOLW\ RI WKH PDWHULDO DQG WKH XVH RI ODWHVW JHQHUDWLRQ SDLQWV DUH WKH H[SUHVVLRQ RI D UHQHZHG FRPPLWPHQW WR SURWHFWLQJ WKH HQYLURQPHQW DQG UHGXFLQJ WKH ZDVWH RI UHVRXUFHV IDFWRUV WKDW DOORZ WKH ZDUUDQW\ RI WKLV FROOHFWLRQ WR EH H[WHQGHG WR \HDUV 7KH FDUHIXO PDQDJHPHQW RI SURGXFWLRQ SURFHVVHV LV FRQILUPHG E\ WKH 81, (1 ,62 &HUWLILHG HQYLURQPHQWDO PDQDJHPHQW V\VWHP FHUWLILFDWLRQ
:+,7( %/$&. 6,/9(5
0RRG ª OD FROOH]LRQH PXOWLFRORUH GL &RORPER 'HVLJQ FRPSRVWD GD PDQLJOLH SHU SRUWH H ILQHVWUH GHFOLQDWD LQ GXH YHUVLRQL 2QH URVHWWD H ERFFKHWWD WRQGD H 2QH4 URVHWWD H ERFFKHWWD TXDGUDWD
:+,7( 21( 0$1,*/,$ 68 526(77$ +$1'/( 21 526(
6,/9(5 21(4 0$1,*/,$ 68 526(77$ +$1'/( 21 526(
0RRG LV WKH &RORPER 'HVLJQ V PXOWLFRORXU FROOHFWLRQ RI GRRU DQG ZLQGRZ KDQGOHV DYDLODEOH LQ WZR YHUVLRQV 2QH URXQG URVH DQG NH\ HVFXWFKHRQ DQG 2QH4 VTXDUH URVH DQG NH\ HVFXWFKHRQ
2&($1 %/8( 21( 0$1,*/,$ 68 526(77$ 675(77$ +$1'/( 21 1$552: 526(
%521=( 21(4 0$1,*/,$ 68 526(77$ 675(77$ +$1'/( 21 1$552: 526(
/D PDQLJOLD SHU ILQHVWUD H L SRPROL SHU SRUWD DUULFFKLVFRQR O̵DVVRUWLPHQWR 'HWWDJOL FKH DUUHGDQR H RIIURQR XQLIRUPLW¢ HVWHWLFD DJOL DPELHQWL
6816(7 25$1*( 21( 0$1,*/,$ '. :,1'2: +$1'/( '5(+ .,33
/(021 <(//2: 21(4 0$1,*/,$ '. :,1'2: +$1'/( '5(+ .,33
7KH ZLQGRZ KDQGOH DQG WKH GRRU NQREV FRPSOHWH WKH DVVRUWPHQW 'HWDLOV WKDW IXUQLVK DQG RIIHU DHVWKHWLF XQLIRUPLW\ WR WKH URRPV
2&($1 %/8( 21( 3202/2 '225 .12%
675$:%(55< 5(' 21(4 3202/2 '225 .12%
/D FROOH]LRQH 0RRG LQFOXGH DQFKH L PDQLJOLRQL SHU SRUWH H SHU DO]DQWL VFRUUHYROL H L NLW SHU SRUWH VFRUUHYROL GHFOLQDWL QHOOH GXH YHUVLRQL WRQGD 2QH H TXDGUDWD 2QH4 (OHPHQWL GL GHVLJQ FKH VRWWROLQHDQR OR VWLOH LQWHJUDQGRVL FRQ O̵DUUHGDPHQWR H GRQDQGR FDUDWWHUH DOO̵DPELHQWH b
/,0( *5((1 21( 21(4 0$1,*/,21( 6(1=$ 526(77( 38// :,7+287 526(6
7,7$1 21( 21(4 0$1,*/,21( 3(5 $/=$17( 6&255(92/( 38// 83 +$1'/( )25 6/,',1* '2256
2XU 0RRG FROOHFWLRQ LQFOXGHV SXOOV IRU GRRUV DQG SXOO XS KDQGOHV IRU VOLGLQJ GRRUV DQG VOLGLQJ GRRU NLWV DYDLODEOH RQ URXQG 2QH DQG VTXDUH 2QH 4 YHUVLRQ ,PSRUWDQW GHVLJQ HOHPHQWV WKDW HPSKDVL]H WKH VW\OH E\ LQWHJUDWLQJ ZLWK WKH IXUQLWXUH DQG E\ JLYLQJ FKDUDFWHU WR WKH HQYLURQPHQW
%/$&. 21( .,7 3(5 3257$ 6&255(92/( &2032672 '$ '8( 0$1,*/,( ,1&$662 6/,',1* '225 .,7 0$'( 2) 7:2 *5229( +$1'/(6
:+,7( 21( .,7 3(5 3257$ 6&255(92/( '8( 0$1,*/,( ,1&$662 &+,8685$ $ 12772/,12 6/,',1* '225 .,7 7:2 *5229( +$1'/(6 72,/(7 .12% &/2685(
/(021 <(//2: 21(4 .,7 3(5 3257$ 6&255(92/( &2032672 '$ '8( 0$1,*/,( ,1&$662 6/,',1* '225 .,7 0$'( 2) 7:2 *5229( +$1'/(6
&/$5(7 9,2/(7 21(4 .,7 3(5 3257$ 6&255(92/( '8( 0$1,*/,( ,1&$662 &+,8685$ $ 12772/,12 6/,',1* '225 .,7 7:2 *5229( +$1'/(6 72,/(7 .12% &/2685(
1RWWROLQL H NLW SHU SRUWH EOLQGDWH GHFOLQDWH QHOOH GXH YHUVLRQL WRQGD 2QH H TXDGUD 2QH4 6WLOH H SURWH]LRQH VL LQWHJUDQR DUPRQLRVDPHQWH QHOO̵HVWHWLFD GHJOL VSD]L b
675$:%(55< 5(' 21( 12772/,1, 72,/(7 526(6
&$35, %/8( 21(4 12772/,1, 72,/(7 526(6
7KH WRLOHW URVHV DQG NLWV IRU DUPRXUHG GRRUV DYDLODEOH LQ WZR YHUVLRQV URXQG 2QH DQG VTXDUH 2QH4 6W\OH DQG SURWHFWLRQ LQWHJUDWH KDUPRQLRXVO\ LQWR WKH DHVWKHWLFV RI OLYLQJ VSDFHV
6816(7 25$1*( 21( .,7 3(5 3257( %/,1'$7( $50285(' '225 .,7
/,0( *5((1 21(4 .,7 3(5 3257( %/,1'$7( $50285(' '225 .,7
:+,7( 21(4
21(4 /,0( *5((1
&/$5(7 9,2/(7 21(4
21( 2&($1 %/8(
6816(7 25$1*( 21(4 /(021 <(//2: 21(
21( 675$:%(55< 5(' 21( %521=(
&& 560<
&& %=*
&& 5 5<
&& '. 60
&& 560<
&& 5 5< ;
&& %=* [
&& '. 60
&&
&&
&&
&& %=*
3%
3%
&& ),662
&& ),662 [
&&
&& %=*
3% 4
3% 4
1H IDFFLDPR GL WXWWL L FRORUL :H DUH XS WR DOO VRUWV RI WKLQJV ̿ DQG FRORUV
3HU XOWHULRUL LQIRUPD]LRQL FRQVXOWDUH LO OLVWLQR SUH]]L )RU DGGLWLRQDO LQIRUPDWLRQ SOHDVH UHIHU WR RXU SULFH OLVW
(',7,21
/H &ROOH]LRQL 7KH &ROOHFWLRQV
0$'( ,1 ,7$/<
0,&. /8.(
0/ B 'HVLJQ 0LFN /XNH
&0 &URPDW 0DWW FKURPH
&5 &0 &URPR &URPDW &KURPH 0DWW FKURPH
*0 *UDILWH 0DW 0DWW JUDSKLWH
*/ *0 *UDILWH *UDILWH 0DW *UDSKLWH 0DWW JUDSKLWH
0/ 56%
=( %=*
/& ,0
/& '. 60
&5 &5 &0 *0 */ *0
&0 *0
&5 &0 */ *0
&5 &0 */ *0
0DWHULDOH 2WWRQH &URPDOO 0DWHULDO %UDVV &URPDOO
3($. 3$75,&. -28,1
3($.
3- B 'HVLJQ 3DWULFN -RXLQ
&5 &URPR &KURPH
&0 &URPDW 0DWW FKURPH
20 2URPDW 0DWW JROG
90 9LQWDJH 0DW
*0 *UDILWH 0DW 0DWW JUDSKLWH
10 5$/ 1HURPDW 0DWW %ODFN
3- 5 5<
)) %=*
3- ,0
3- '. 60
&5 &0 20 90 *0 10
&5 &0 20 90 *0 10
&5 &0 20 90 *0 10
&5 &0 20 90 *0 10
0DWHULDOH &URPDOO 0DWHULDO &URPDOO
678',2 -($1 3+,/,33( 18(/
-3 B 'HVLJQ 6WXGLR -HDQ 3KLOLSSH 1XHO
&5 &URPR &KURPH
*/ *UDILWH *UDSKLWH
&0 &URPDW 0DWW FKURPH
*0 *UDILWH 0DW 0DWW JUDSKLWH
-3 5 5<
-3 %=*
-3 ,0
-3 '. 60
&5 &0 */ *0
&5 &0 */ *0
&5 &0 */ *0
&5 &0 */ *0
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
/8&$ &2/20%2
/& B 'HVLJQ /XFD &RORPER
&5 &0 &URPR &URPDW &KURPH 0DWW FKURPH
*/ *0 *UDILWH *UDILWH 0DW *UDSKLWH 0DWW JUDSKLWH
&5 10 &URPR 1HURPDW &KURPH 0DWW EODFN
/& 5 5< [
)) %=* [
/& ,0
/& '. 60
&5 &0 &5 10 */ *0
&5 &0 *0
&5 &0 &5 10 */ *0
&5 &0 &5 10 */ *0
0DWHULDOH 2WWRQH &URPDOO 0DWHULDO %UDVV &URPDOO
$1'5($ 0$))(, $5&+,7(&76
0) B 'HVLJQ $QGUHD 0DIIHL $UFKLWHFWV
&5 &URPR &KURPH
*/ *UDILWH *UDSKLWH
&0 &URPDW 0DWW FKURPH
*0 *UDILWH 0DW 0DWW JUDSKLWH
0) 5 5<
0) %=*
0) ,0
0) '. 60
&5 &0 */ *0
&5 &0 */ *0
&5 &0 */ *0
&5 &0 */ *0
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
)5$1&(6&2 /8&&+(6(
)/ B 'HVLJQ )UDQFHVFR /XFFKHVH
+36 =LUFRQLXP *ROG
+36 =LUFRQLXP 6WDLQOHVV VWHHO
2/ 2URSOXV
&0 &URPDW 0DWW FKURPH
)/ 5 5<
&' %=* *
)/ ,0
)/ '. 60
+36 2/ +36 &0
+36 2/ +36 &0
+36 2/ +36 &0
+36 2/ +36 &0
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
3,2 ( 7,72 7262 /$%
37 B 'HVLJQ 3LR H 7LWR 7RVR ODE
&5 &URPR &KURPH
&0 &URPDW 0DWW FKURPH
37 5 5< [
37 %=* [
37 ,0
37 '. 60
&5 &0
&5 &0
&5 &0
&5 &0
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
3,2 ( 7,72 7262 /$%
37 B 'HVLJQ 3LR H 7LWR 7RVR ODE
&5 &URPR &KURPH
&0 &URPDW 0DWW FKURPH
37 5 5< [
37 %=* [
&5 &0
&5 &0
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
3) B 'HVLJQ
2/ 2URSOXV
&0 &URPDW 0DWW FKURPH
3) 5 5<
&' %=* *
3) ,0
3) '. 60
2/ &0
2/ &0
2/ &0
2/ &0
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
3,2 ( 7,72 7262 /$%
)) B 'HVLJQ 3LR H 7LWR 7RVR ODE
&5 &URPR &KURPH
&0 &URPDW 0DWW FKURPH
)) 5 5< [
)) %=* [
)) ,0
)) '. 60
&5 &0
&5 &0
&5 &0
&5 &0
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
/8&$ &2/20%2
/& B 'HVLJQ /XFD &RORPER
&5 &URPR &KURPH
+36 =LUFRQLXP *ROG
&0 &URPDW 0DWW FKURPH
10 5$/ 1HURPDW 0DWW %ODFN
/& 5 5<
&' %=* *
+36 &5 &0 %5 10
+36 &5 &0 %5 10
%5 %URQ]R %URQ]H
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
0$.,2 +$68,.(
0+ B 'HVLJQ 0DNLR +DVXLNH
2/ 2URSOXV
&0 &URPDW 0DWW FKURPH
0+ 5 5<
&' %=* *
0+ ,0
0+ '. 60
2/ &0
2/ &0
2/ &0
2/ &0
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
0(66,1(2 ( 6(77,0(//,
06 B 'HVLJQ 0HVVLQHR H 6HWWLPHOOL
&0 &URPDW 0DWW FKURPH
90 9LQWDJH 0DW
10 5$/ 1HURPDW 0DWW %ODFN
06 5 5< [
)) %=* [
06 ,0
06 '. 60
&0 90 10
&0 90 10
&0 90 10
&0 90 10
0DWHULDOH &URPDOO 0DWHULDO &URPDOO
8Q EXRQ RJJHWWR GL GHVLJQ q SHU VHPSUH
*RRG GHVLJQ LV IRUHYHU
9DQ 'D\ 7UXH[
%$572/, '(6,*1
%' B 'HVLJQ %DUWROL 'HVLJQ
&5 &URPR &KURPH
*/ *UDILWH *UDSKLWH
&0 &URPDW 0DWW FKURPH
*0 *UDILWH 0DW 0DWW JUDSKLWH
%' 5 5<
&' %=* *
%' ,0
%' '. 60
&5 &0 */ *0
&5 &0 */ *0
&5 &0 */ *0
&5 &0 */ *0
0DWHULDOH &URPDOO 0DWHULDO &URPDOO
%' B 'HVLJQ %DUWROL 'HVLJQ
&5 &URPR &KURPH
&0 &URPDW 0DWW FKURPH
%' 5) 5<)
)) %=*
%' '.) 60
&5 &0
&5 &0
&5 &0
0DWHULDOH &URPDOO 0DWHULDO &URPDOO
%$572/, '(6,*1
%' B 'HVLJQ %DUWROL 'HVLJQ
&5 &URPR &KURPH
*/ *UDILWH *UDSKLWH
&0 &URPDW 0DWW FKURPH
*0 *UDILWH 0DW 0DWW JUDSKLWH
%' 5 5< [
00 %=* [
%' ,0
%' '. 60
&5 &0 */ *0
&5 &0 */ *0
&5 &0 */ *0
&5 &0 */ *0
0DWHULDOH &URPDOO 0DWHULDO &URPDOO
%' B 'HVLJQ %DUWROL 'HVLJQ
&5 &URPR &KURPH
&0 &URPDW 0DWW FKURPH
%' 5) 5<) [
)) %=* [
%' '.) 60
&5 &0
&5 &0
&5 &0
0DWHULDOH &URPDOO 0DWHULDO &URPDOO
%,5*,7 /2+0$11
%7 B 'HVLJQ %LUJLW /RKPDQQ
&5 &URPR &KURPH
+36 =LUFRQLXP 6WDLQOHVV VWHHO
&0 &URPDW 0DWW FKURPH
%7 5 5< [
%7 %=* [
%7 ,0
%7 '. 60
+36 &5 &0
+36 &5 &0
+36 &5 &0
+36 &5 &0
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
$1'5($ &$675,*1$12
$& B 'HVLJQ $QGUHD &DVWULJQDQR
2/ 2URSOXV
9/ 9LQWDJH
&5 &URPR &KURPH
90 9LQWDJH 0DW
&0 &URPDW 0DWW FKURPH
10 5$/ 1HURPDW 0DWW %ODFN
$& 5 5< [
%7 %=* [
$& ,0
$& '. 60
2/ &5 &0 9/ 90 10
2/ &5 &0 9/ 90 10
2/ &5 &0 9/ 90 10
2/ &5 &0 9/ 90 10
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
&$5/2 %$572/,
&% B 'HVLJQ &DUOR %DUWROL
&0 &URPDW 0DWW FKURPH
+36 =LUFRQLXP *ROG
1, 1LNHOPDW 0DWW QLFNHO
2/ 2URSOXV
&% 5 5<
&' %=* *
&% 0
&% '. 60 '; 6;
+36 2/ &0 1,
+36 2/ &0 1,
+36 2/ &0 1,
+36 2/ &0 1,
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
*,8/,2 5,3$0217,
*5 B 'HVLJQ *LXOLR 5LSDPRQWL
&0 &URPDW 0DWW FKURPH
2/ 2URSOXV
&5 &URPR &KURPH
*5 5 5<
&' %=* *
*5 ,0
*5 '. 60
2/ &5 &0
2/ &5 &0
2/ &5 &0
2/ &5 &0
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
-$63(5 0255,621
-0 B 'HVLJQ -DVSHU 0RUULVRQ
2/ 2URSOXV
+36 =LUFRQLXP 6WDLQOHVV VWHHO
&5 &URPR &KURPH
9/ 9LQWDJH
&0 &URPDW 0DWW FKURPH
90 9LQWDJH 0DW
-0 5 5<
&' %=* *
-0 ,0
-0 '. 60
2/ +36 &5 &0 9/ 90
2/ +36 &5 &0 9/ 90
2/ &5 &0 9/ 90
2/ +36 &5 &0 9/ 90
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
/87$ %(7721,&$ ( *,$1&$5/2 /(21(
%/ B 'HVLJQ /XWD %HWWRQLFD H *LDQFDUOR /HRQH
&5 &URPR &KURPH
&0 &URPDW 0DWW FKURPH
%/ 5 5< [
00 %=* [
%/ ,0
%/ '. 60
&5 &0
&5 &0
&5 &0
&5 &0
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
%/ B 'HVLJQ /XWD %HWWRQLFD H *LDQFDUOR /HRQH
&5 &URPR &KURPH
&0 &URPDW 0DWW FKURPH
%/ 5) 5<) [
)) %=* [
%/ '.) 60
&5 &0
&5 &0
&5 &0
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
&$5/2 %$572/,
&% B 'HVLJQ &DUOR %DUWROL
&0 &URPDW 0DWW FKURPH
+36 =LUFRQLXP *ROG
1, 1LNHOPDW 0DWW QLFNHO
2/ 2URSOXV
20 2URPDW 0DWW JROG
&% 5 5<
&' %=* *
&% ,0
&% '. 60
+36 2/ 20 &0 1,
+36 2/ 20 &0 1,
+36 2/ 20 &0 1,
+36 2/ 20 &0 1,
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
678',2 .$,526
6. B 'HVLJQ 6WXGLR .DLURV
2/ 2URSOXV
&5 &URPR &KURPH
6. 5 5<
&' %=* *
6. 0
6. '. 60
2/ &5
2/ &5
2/ &5
2/ &5
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
&/$(6621 .2,9,672 581(
6( B 'HVLJQ &ODHVVRQ .RLYLVWR 5XQH
&5 &URPR &KURPH
*/ *UDILWH *UDSKLWH
&0 &URPDW 0DWW FKURPH
*0 *UDILWH 0DW 0DWW JUDSKLWH
6( 5 5<
6( %=*
6( ,0
6( '. 60
&5 &0 */ *0
&5 &0 */ *0
&5 &0 */ *0
&5 &0 */ *0
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
,O GHVLJQ q LO QXFOHR FHQWUDOH GL XQD FUHD]LRQH XPDQD
'HVLJQ LV WKH IXQGDPHQWDO VRXO RI D KXPDQ PDGH FUHDWLRQ
6WHYH -REV
$/%(572 0('$
$0 B 'HVLJQ $OEHUWR 0HGD
&0 &URPDW 0DWW FKURPH
2/ 2URSOXV
20 2URPDW 0DWW JROG
$0 5 5<
&' %=* *
$0 0
$0 '. 60 '; 6;
2/ 20 &0
2/ 20 &0
2/ 20 &0
2/ 20 &0
6HOH]LRQH G·RQRUH &RPSDVVR G·2UR $',
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
0$852 521&+,
50 B 'HVLJQ 0DXUR 5RQFKL
&5 &URPR &KURPH
10 5$/ 1HURPDW 0DWW %ODFN
&0 &URPDW 0DWW FKURPH
50 5 5<
&' %=* *
&5 &0 10
&5 &0 10
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
.2167$17,1 *5&,&
.* B 'HVLJQ .RQVWDQWLQ *UFLF
&5 &URPR &KURPH
&0 &URPDW 0DWW FKURPH
.* 5 5<
&' %=* *
.* ,0
.* '. 60
&5 &0
&5 &0
&5 &0
&5 &0
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
/8&$ &2/20%2
/& B 'HVLJQ /XFD &RORPER
2/ 20 2URSOXV 2URPDW 2URSOXV 0DWW JROG
&5 &0 &URPR &URPDW &KURPH 0DWW FKURPH
/& 5 5<
&' %=* *
/& ,0
/& '. 60
2/ 20 &5 &0
20 &0
2/ 20 &5 &0
2/ 20 &5 &0
0DWHULDOH &URPDOO 0DWHULDO &URPDOO
/8&$ &2/20%2
/& B 'HVLJQ /XFD &RORPER
2/ 20 2URSOXV 2URPDW 2URSOXV 0DWW JROG
&5 &0 &URPR &URPDW &KURPH 0DWW FKURPH
/& 5 5<
&' %=* *
/& ,0
/& '. 60
2/ 20 &5 &0
20 &0
2/ 20 &5 &0
2/ 20 &5 &0
0DWHULDOH &URPDOO 0DWHULDO &URPDOO
&$5/2 %$572/,
&% B 'HVLJQ &DUOR %DUWROL
2/ 20 2URSOXV 2URPDW 2URSOXV 0DWW JROG
&5 &0 &URPR &URPDW &KURPH 0DWW FKURPH
&% 5 5<
&' %=* *
&% 0
&% '. 60 '; 6;
2/ 20 &5 &0
2/ &0
2/ 20 &5 &0
2/ 20 &5 &0
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
%$572/, '(6,*1
%' B 'HVLJQ %DUWROL 'HVLJQ
+36 =LUFRQLXP *ROG
&5 &URPR &KURPH
%' 5 5<
&' %=* *
+36 &5 &0
+36 &5 &0
&0 &URPDW 0DWW FKURPH
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
/8&$ &2/20%2
/& B 'HVLJQ /XFD &RORPER
&0 &URPDW 0DWW FKURPH
2/ 2URSOXV
&5 &URPR &KURPH
/& 5 5<
&' %=* *
/& ,0
/& '. 60
2/ &5 &0
2/ &5 &0
2/ &5 &0
2/ &5 &0
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
$/%(572 0('$
$0 B 'HVLJQ $OEHUWR 0HGD
&5 &URPR &KURPH
&0 &URPDW 0DWW FKURPH
$0 5 5<
&' %=* *
$0 0
$0 '. 60
&5 &0
&5 &0
&5 &0
&5 &0
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
0$5&2 $&(5%,6
0$ B 'HVLJQ 0DUFR $FHUELV
&5 &URPR &KURPH
&0 &URPDW 0DWW FKURPH
0$ 5 5< [
00 %=* [
0$ ,0
0$ '. 60
&5 &0
&5 &0
&5 &0
&5 &0
6HOH]LRQH G·RQRUH &RPSDVVR G·2UR $',
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
&2/20%2 '(6,*1
&'B 'HVLJQ &RORPER 'HVLJQ
2/ 2URSOXV
&5 &URPR &KURPH
&0 &URPDW 0DWW FKURPH
&' 5 5<
&' %=* *
&' 0
&' '. 60 '; 6;
2/ &5 &0
2/ &5 &0
2/ &5 &0
2/ &5 &0
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
6H ULWLHQL FKH XQ EXRQ GHVLJQ VLD FRVWRVR GRYUHVWL FRQVLGHUDUH LO FRVWR GL XQ FDWWLYR GHVLJQ
,I \RX WKLQN WKDW JRRG GHVLJQ LV H[SHQVLYH \RX VKRXOG ORRN DW WKH FRVW RI EDG GHVLJQ 5DOI 6SHWK
678',2 63$/9,(5, '(/ &,2772
)) B 'HVLJQ 6WXGLR 6SDOYLHUL 'HO &LRWWR
&5 &URPR &KURPH
&0 &URPDW 0DWW FKURPH
)) 5 5<
)) %=*
)) ,0
)) '. 60
&5 &0
&5 &0
&5 &0
&5 &0
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
0$77(2 5$*1,
05 B 'HVLJQ 0DWWHR 5DJQL
&5 &URPR &KURPH
&0 &URPDW 0DWW FKURPH
05 5 5< [
05 %=* * [
05 ,0
05 '. 60
&5 &0
&5 &0
&5 &0
&5 &0
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
0$77(2 5$*1,
05 B 'HVLJQ 0DWWHR 5DJQL
&5 &URPR &KURPH
&0 &URPDW 0DWW FKURPH
05 5 5< [
05 %=* * [
&5 &0
&5 &0
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
&2/20%2 '(6,*1
&'B 'HVLJQ &RORPER 'HVLJQ
&0 &URPDW 0DWW FKURPH
10 5$/ 1HURPDW 0DWW %ODFN
&' 5 5<
&' %=* *
&' ,0
&' '. 60
&0 10
&0 10
&0 10
&0 10
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
&$5/2 %$572/,
&% B 'HVLJQ &DUOR %DUWROL
1, 3( 1LNHOPDW 3HUR 0DWW QLFNHO 3HDU ZRRG
1, (0 1LNHOPDW (EDQR PDNDVVDU 0DWW QLFNHO 0DNDVVDU HERQ\
&% 5 5<
&' %=*
&% ,0
1, 3( 1, (0
1,
1, 3( 1, (0
/H GLIIHUHQ]H GL YHQDWXUD H FRORUH FKH VL ULVFRQWUDQR VXO SDUWLFRODUH LQ OHJQR VRQR GRYXWH HVFOXVLYDPHQWH DOO¶XWLOL]]R GL PDVVHOOL *UDLQ DQG FRORXU GLIIHUHQFHV \RX QRWLFH RQ WKH SLHFH DUH QDWXUDO FKDUDFWHULVWLFV RI WKH JHQXLQH ZRRG
0DWHULDOH 2WWRQH H /HJQR PDVVHOOR 0DWHULDO %UDVV DQG JHQXLQH ZRRG
/8&$ &2/20%2
/& B 'HVLJQ /XFD &RORPER
2/ 20 2URSOXV 2URPDW 2URSOXV 0DWW JROG
&5 &0 &URPR &URPDW &KURPH 0DWW FKURPH
/& 5 5<
&' %=* *
/& ,0
/& '. 60
2/ 20 &5 &0
2/ &5
2/ 20 &5 &0
2/ 20 &5 &0
0DWHULDOH &URPDOO 0DWHULDO &URPDOO
/8&$ &2/20%2
/& B 'HVLJQ /XFD &RORPER
2/ 20 2URSOXV 2URPDW 2URSOXV 0DWW JROG
&5 &0 &URPR &URPDW &KURPH 0DWW FKURPH
/& 5 5<
&' %=* *
/& ,0
/& '. 60
2/ 20 &5 &0
2/ &5
2/ 20 &5 &0
2/ 20 &5 &0
0DWHULDOH &URPDOO 0DWHULDO &URPDOO
/8&$ &2/20%2
/& B 'HVLJQ /XFD &RORPER
2/ 20 2URSOXV 2URPDW 2URSOXV 0DWW JROG
&0 &5 &URPDW &URPR 0DWW FKURPH &KURPH
/& 5 5<
&' %=* *
/& ,0
/& '. 60
2/ 20 &0 &5
2/ &0
2/ 20 &0 &5
2/ 20 &0 &5
0DWHULDOH &URPDOO 0DWHULDO &URPDOO
02 B 'HVLJQ
&0 &5 &URPDW &URPR 0DWW FKURPH &KURPH
02 5 5< [
%7 %=* [
02 ,0
02 '. 60
&0 &5
&0
&0 &5
&0 &5
0DWHULDOH &URPDOO 0DWHULDO &URPDOO
$5&+,7(7785$ /$%25$725,2
0* B 'HVLJQ $UFKLWHWWXUD /DERUDWRULR
2/ 2URSOXV
&0 &URPDW 0DWW FKURPH
1, 1LNHOPDW 0DWW QLFNHO
0* 5 5<
&' %=* *
0* ,0
0* '. 60
2/ &0 1,
2/ &0 1,
2/ &0 1,
2/ &0 1,
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
0,&+(/( '( /8&&+,
0' B 'HVLJQ 0LFKHOH 'H /XFFKL
&5 &URPR &KURPH
&0 &URPDW 0DWW FKURPH
0' 5 5<
&' %=* *
0' ,0
0' '. 60
&5 &0
&5 &0
&5 &0
&5 &0
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
0' B 'HVLJQ 0LFKHOH 'H /XFFKL
&5 &URPR &KURPH
&0 &URPDW 0DWW FKURPH
0' 5) 5<)
)) %=*
0' '.) 60
&5 &0
&5 &0
&5 &0
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
, GHWWDJOL QRQ VRQR GHWWDJOL )DQQR LO GHVLJQ
7KH GHWDLOV DUH QRW GHWDLOV 7KH\ PDNH WKH GHVLJQ &KDUOHV (DPHV
/8&$ &2/20%2
/& B 'HVLJQ /XFD &RORPER
&0 &5 &URPDW &URPR 0DWW FKURPH &KURPH
/& 5 5<
)) %=*
/& ,0
/& '. 60
&0 &5
&0
&0 &5
&0 &5
0DWHULDOH &URPDOO 0DWHULDO &URPDOO
/8&$ &2/20%2
/& B 'HVLJQ /XFD &RORPER
&0 &5 &URPDW &URPR 0DWW FKURPH &KURPH
/& 5 5<
)) %=*
/& ,0
/& '. 60
&0 &5
&0
&0 &5
&0 &5
0DWHULDOH &URPDOO 0DWHULDO &URPDOO
7202 .,085$
7. B 'HVLJQ 7RPR .LPXUD
2/ 2URSOXV
&5 &URPR &KURPH
7. 5 5<
&' %=* *
2/ &5 &0
2/ &5 &0
&0 &URPDW 0DWW FKURPH
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
$1*(/(77, 58==$ '(6,*1
$5 B 'HVLJQ $QJHOHWWL 5X]]D 'HVLJQ
2/ 2URSOXV
&0 &URPDW 0DWW FKURPH
+36 =LUFRQLXP 6WDLQOHVV VWHHO
9/ 9LQWDJH
&5 &URPR &KURPH
90 9LQWDJH 0DW
$5 5 5<
&' %=* *
$5 ,0
$5 '. 60
2/ +36 &5 &0 9/ 90
2/ +36 &5 &0 9/ 90
2/ +36 &5 &0 9/ 90
2/ +36 &5 &0 9/ 90
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
', %/$6, $662&,$7,
'% B 'HVLJQ 'L %ODVL $VVRFLDWL
2/ 2URSOXV
&0 &URPDW 0DWW FKURPH
'% 5 5<
&' %=* *
'% ,0
'% '. 60
2/ &0
2/ &0
2/ &0
2/ &0
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
-($1 0$5,( 0$66$8'
00 B 'HVLJQ -HDQ 0DULH 0DVVDXG
&5 &URPR &KURPH
&0 &URPDW 0DWW FKURPH
00 5 5< [
00 %=* [
00 ,0
00 '. 60
&5 &0
&5 &0
&5 &0
&5 &0
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
00 B 'HVLJQ -HDQ 0DULH 0DVVDXG
&5 &URPR &KURPH
&0 &URPDW 0DWW FKURPH
00 5) 5<) [
)) %=* [
00 '.) 60
&5 &0
&5 &0
&5 &0
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
(',7,21
0$'( ,1 ,7$/<
277$9,2 ', %/$6,
'% B 'HVLJQ 2WWDYLR 'L %ODVL
%5 %URQ]R %URQ]H
2/ 2URSOXV
&5 &URPR &KURPH
'% 3 3<
'% 5 5< [
'% %=* [
'% ,0
'% '. 60
2/ &5 %5
2/ &5 %5
2/ &5 %5
2/ &5 %5
2/ &5 %5
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
&2/20%2 '(6,*1
&'B 'HVLJQ &RORPER 'HVLJQ
2/ 2URSOXV
%5 %URQ]R %URQ]H
&' 3 3<
&' 5 5<
&' %=* *
&' 0
&' '. 60 '; 6;
2/ %5
2/ %5
2/ %5
2/ %5
2/ %5
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
&2/20%2 '(6,*1
,'B 'HVLJQ &RORPER 'HVLJQ
2/ 2URSOXV
%5 %URQ]R %URQ]H
&5 &URPR &KURPH
2$ 2WWRQH DQWLFR $QWLTXH EUDVV
%$ %URQ]R DQWLFR $QWLTXH EURQ]H
,' 3 3<
,' 5 5<
&' %=* *
,' 0
,' '. 60
2/ %5 2$ %$
2/ &5 %5 2$ %$
2/ &5 %5 2$ %$
2/ &5 %5 2$ %$
2/ &5 %5 2$ %$
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
&2/20%2 '(6,*1
,'B 'HVLJQ &RORPER 'HVLJQ
2/ 2URSOXV
%5 %URQ]R %URQ]H
20 2URPDW 0DWW JROG
2$ 2WWRQH DQWLFR $QWLTXH EUDVV
,' 3 3<
,' 5 5<
&' %=* *
&' 0
,' '. 60 '; 6;
2/ 20 %5 2$
2/ 20 %5 2$
2/ 20 %5 2$
2/ 20 %5 2$
2/ 20 %5 2$
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
$1*(/(77, 58==$ '(6,*1
$5B 'HVLJQ $QJHOHWWL 5X]]D 'HVLJQ
2/ 2URSOXV
%5 %URQ]R %URQ]H
$5 3 3<
$5 5 5<
&' %=*
$5 0
$5 '. 60
2/ %5
2/ %5
2/ %5
2/ %5
2/ %5
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
/D IXQ]LRQH GHO GHVLJQ q GL SHUPHWWHUH DO GHVLJQ GL IXQ]LRQDUH
7KH IXQFWLRQ RI GHVLJQ LV OHWWLQJ GHVLJQ IXQFWLRQ
0LFKD &RPPHUHQ
(',7,21
0$'( ,1 ,7$/<
&2/20%2 '(6,*1
&'B 'HVLJQ &RORPER 'HVLJQ
&0 &URPDW 0DWW FKURPH
+36 =LUFRQLXP *ROG
2/ 2URSOXV
1, 1LNHOPDW 0DWW QLFNHO
20 2URPDW 0DWW JROG
2$ 2WWRQH DQWLFR $QWLTXH EUDVV
&' 3 3<
&' 5 5<
&' %=* *
&' ,0
&' '. 60
+36 2/ &0 2$
+36 2/ 20 &0 1, 2$
+36 2/ 20 &0 1, 2$
+36 2/ 20 &0 1, 2$
+36 2/ 20 &0 1, 2$
0DWHULDOH &URPDOO 2WWRQH 0DWHULDO &URPDOO %UDVV
&2/20%2 '(6,*1
&' B 'HVLJQ &RORPER 'HVLJQ
2/ 2URSOXV
10 5$/ 1HURPDW 0DWW %ODFN
&5 &URPR &KURPH
%, 5$/ %LDQFRPDW 0DWW :KLWH
&0 &URPDW 0DWW FKURPH
&' 3 3<
&' 5 5<
&' %=* *
&' 0
&' ,0
&' 3/
&' '. 60
&' '. =
2/ &5 &0
2/ &5 &0 10 %,
2/ &5 &0 10 %,
2/ &5 &0 10 %,
2/ &0
2/ &5 &0
2/ &5 &0 10 %,
2/ &5 &0
0DWHULDOH &URPDOO 0DWHULDO &URPDOO
&2/20%2 '(6,*1
&' B 'HVLJQ &RORPER 'HVLJQ
&0 &URPDW 0DWW FKURPH
+36 =LUFRQLXP *ROG
20 2URPDW 0DWW JROG
&5 &URPR &KURPH
&' 5 5<
&' %=* *
+36 20 &5 &0 %5
+36 20 &5 &0 %5
%5 %URQ]R %URQ]H
0DWHULDOH 2WWRQH 0DWHULDO %UDVV
&2/20%2 '(6,*1
&' B 'HVLJQ &RORPER 'HVLJQ
2/ 2URSOXV
&5 &URPR &KURPH
&0 &URPDW 0DWW FKURPH
&' 3 3<
&' 5 5<
&' %=* *
&' 0
&' '. 60
2/ &5 &0
2/ &5 &0
2/ &5 &0
2/ &5 &0
2/ &5 &0
0DWHULDOH &URPDOO 0DWHULDO &URPDOO
&2/20%2 '(6,*1
&' B 'HVLJQ &RORPER 'HVLJQ
+36 =LUFRQLXP *ROG
&5 &URPR &KURPH
2/ 2URSOXV
&0 &URPDW 0DWW FKURPH
%5 %URQ]R %URQ]H
20 2URPDW 0DWW JROG
&' 3 3<
2/ &0
&' 5 5<
&' %=* *
&' ,0
&' '. 60
+36 2/ 20 &5 &0 %5 +36 2/ 20 &5 &0 %5 +36 2/ 20 &5 & 0 %5 +36 2/ 20 &5 &0 %5
&' '. =
2/ &5 &0
0DWHULDOH &URPDOO 2WWRQH 0DWHULDO &URPDOO %UDVV
&2/20%2 '(6,*1
,' B 'HVLJQ &RORPER 'HVLJQ
2/ 2URSOXV
&0 &URPDW 0DWW FKURPH
20 2URPDW 0DWW JROG
%, 5$/ %LDQFRPDW 0DWW :KLWH
&5 &URPR &KURPH
10 5$/ 1HURPDW 0DWW %ODFN
,' 5 5<
&' %=* *
,' ,0
,' '. 60
,' '. =
2/ 20 &5 &0 %, 10
2/ 20 &5 &0 %, 10
2/ 20 &5 &0 %, 10
2/ 20 &5 &0 %, 10
2/ &5 &0
0DWHULDOH &URPDOO 0DWHULDO &URPDOO
&2/20%2 '(6,*1
,' B 'HVLJQ &RORPER 'HVLJQ
2/ 2URSOXV
9/ 9LQWDJH
&5 &URPR &KURPH
90 9LQWDJH 0DW
&0 &URPDW 0DWW FKURPH
10 5$/ 1HURPDW 0DWW %ODFN
,' 5 5< [
37 %=* [
,' ,0
,' '. 60
,' '. =
2/ &5 &0 9/ 90 10
2/ &5 &0 9/ 90 10
2/ &5 &0 9/ 90 10
2/ &5 &0 9/ 90 10
&5 &0
0DWHULDOH &URPDOO 0DWHULDO &URPDOO
&2/20%2 '(6,*1
,' B 'HVLJQ &RORPER 'HVLJQ
2/ 2URSOXV
10 5$/ 1HURPDW 0DWW %ODFN
&5 &URPR &KURPH
%, 5$/ %LDQFRPDW 0DWW :KLWH
&0 &URPDW 0DWW FKURPH
,' 5 5<
&' %=* *
,' ,0
,' '. 60
,' '. =
2/ &5 &0 10 %,
2/ &5 &0 10 %,
2/ &5 &0 10 %,
2/ &5 &0 10 %,
2/ &5 &0
0DWHULDOH &URPDOO 0DWHULDO &URPDOO
&2/20%2 '(6,*1
,' B 'HVLJQ &RORPER 'HVLJQ
&5 &URPR &KURPH
*/ *UDILWH *UDSKLWH
&0 &URPDW 0DWW FKURPH
*0 *UDILWH 0DW 0DWW JUDSKLWH
%, 5$/ %LDQFRPDW 0DWW :KLWH
10 5$/ 1HURPDW 0DWW %ODFN
,' 5 5< [
00 %=* [
,' ,0
,' '. 60
,' '. =
&5 &0 */ *0 10 %,
&5 &0 */ *0 10 %,
&5 &0 *0 10 %,
&5 &0 */ *0 10 %,
&5 &0
0DWHULDOH &URPDOO 0DWHULDO &URPDOO
,O EXRQ GHVLJQ q RYYLR ,O JUDQGH GHVLJQ q WUDVSDUHQWH
*RRG GHVLJQ LV REYLRXV *UHDW GHVLJQ LV WUDQVSDUHQW
-RH 6SDUDQR