&2167$17,1 6811(5%(5* %(/*,80
25*$1,=(56
63 SUHVV DJHQF\ &216,/,8/ -8'((܉$1 &Ă/Ă5$܇, &2817< &281&,/ &$/$5$6,
7+( ',&7$785( 2) 021(<µ 35,=(6 &$572216 ± ³7+( ',&7$785( 2) 021(< *5$1' 35,=( 02-,0,5 0,+$729 &52$7,$ ),567 35,=( &2167$17,1 3$9(/ 520$1,$ 6(&21' 35,=( 0,+$, ,*1$7 520$1,$ 7+,5' 35,=( 0$5/(1( 32+/( $5*(17,1$ (;&(/(1&( 35,=( 9$/(17,1 '52=+,1,1 5866,$ (;&(/(1&( 35,=( (0$' 6$/(+, ,5$1 (;&(/(1&( 35,=( =25$1 3(7529,& *(50$1< (;&(/(1&( 35,=( 63,52 5$'8/29,& 6(5%,$ (;&(/(1&( 35,=( ,=$%(/$ .2:$/6.$ :,(&=25(. 32/$1' (;&(/(1&( 35,=( '258 $;,17( 520$1,$ (;&(/(1&( 35,=( 086$ *8086 785.(< (;&(/(1&( 35,=( .2167$17,1 .$=$1&+(5 8.5$,1(
32575$,7 *5$1' 35,=( (51(672 35,(*2 0$57,1 63$,1 ),567 35,=( ,9$,/2 769(7.29 %8/*$5,$ (;&(/(1&( 35,=( $/(;$1'(5 6(5*((9 5866,$ (;&(/(1&( 35,=( &2'5,1 &$5'8 520$1,$ (;&(/(1&( 35,=( (0$' 6$/(+, ,5$1 (;&(/(1&( 35,=( 3(7(5 1,(8:(1',-.
1(7+(5/$1'6 (;&(/(1&( 35,=( 29,',8 67$1&,8 520$1,$ (;&(/(1&( 35,=( 3(7521(/$ 0,/($ 520$1,$ (;&(/(1&( 35,=( 5$1'$/ (126 8 6 $ (;&(/(1&( 35,=( (',. %2*26,$1 $50(1,$ (;&(/(1&( 35,=( -26() 352+$/ 63$,1
',*,7$/ +80285 *5$1' 35,=( +25,$ &5,ù$1 %2*'$1 3(75< 520$1,$ ),567 35,=( 7262 %25.29,&+ 6(5%,$ 6(&21' 35,=( -8*26/$9 9/$+29,& 6(5%,$ 7+,5' 35,=( 0,+$, 9,&725 (8*(1 520$1,$ (;&(/(1&( 35,=( *$5$%(7 )$5(6 *(50$1< (;&(/(1&( 35,=( ./$86 3,77(5 $8675,$ (;&(/(1&( 35,=( ,/<$ .$7= ,65$(/ (;&(/(1&( 35,=( 0$5.2 ,9,& &52$7,$ (;&(/(1&( 35,=( 3(7(5 1,(8:(1',-. 2/$1'$
3+272*5$3+< 3+272 35,=( *$%5,(/ %2+2/7 520$1,$ (;&(/(1&( 35,=( 9,&725 (8*(1 0,+$, 520$1,$ (;&(/(1&( 35,=( ('8$5' 0$77(ù ,65$(/
&$572216 ± 7+( ',&7$785( 2) 021(< VHFWLRQ *5$1' 35,=( 02-,0,5 0,+$729 &52$7,$
),567 35,=( &2167$17,1 3$9(/ 520$1,$
6(&21' 35,=( 0,+$, ,*1$7 520$1,$
7+,5' 35,=( 0$5/(1( 32+/( $5*(17,1$
(;&(/(1&( 35,=( 9$/(17,1 '58=+,1,1 5866,$
(;&(/(1&( 35,=( (0$' 6$/(+, ,5$1
(;&(/(1&( 35,=( 086$ *8086 785.(<
(;&(/(1&( 35,=( .2167$17,1 .$=$1&+(9 8.5$,1(
(;&(/(1&( 35,=( =25$1 3(7529,& *(50$1<
(;&(/(1&( 35,=( 63,52 5$'8/29,& 6(5%,$
(;&(/(1&( 35,=( ,=$%(/$ .2:$/6.$ :,(&=25(. 32/$1'
(;&(/(1&( 35,=( '258 $;,17( 520$1,$
32575$,7 VHFWLRQ *5$1' 35,=( (51(672 35,(*2 0$57,1 63$,1
),567 35,=( ,9$,/2 769(7.29 %8/*$5,$
(;&(/(1&( 35,=( $/(;$1'(5 6(5*((9 5866,$
(;&(/(1&( 35,=( 5$1'$/ (126 8 6 $
(;&(/(1&( 35,=( &2'5,1 &$5'8 520$1,$
(;&(/(1&( 35,=( (0$' 6$/(+, ,5$1
(;&(/(1&( 35,=( 3(7(5 1,(8:(1',-. 1(7+(5/$1'6
(;&(/(1&( 35,=( 3(7521(/$ 0,/($ 520$1,$
(;&(/(1&( 35,=( 29,',8 67$1&,8 520$1,$
(;&(/(1&( 35,=( (',. %2*26,$1 $50(1,$
(;&(/(1&( 35,=( -26() 35&+$/ 63$,1
3+272*5$3+< ± IXQQ\ SKRWRV 3+272 35,=( *$%5,(/ %2+2/7 520$1,$
(;&(/(1&( 35,=( 9,&725 (8*(1 0,+$, 520$1,$
(;&(/(1&( 35,=( ('8$5' 0$77(6 ,65$(/
',*,7$/ +80285 *5$1' 35,=( +25,$ &5,ù$1 %2*'$1 3(75< 520$1,$
),567 35,=( 7262 %25.29,&+ 6(5%,$
6(&21' 35,=( -8*26/$9 9/$+29,& 6(5%,$
7+,5' 35,=( 0,+$, 9,&725 (8*(1 520$1,$
Å7+( ',&7$7256+,3 2) 021(<´
7+( :25/' +80285 )(67,9$/ &Ä&#x2039;/Ä&#x2039;5$É&#x20AC;, 520Ã&#x2021;1,$
(;&(/(1&( 35,=( ./$86 3,77(5 $8675,$ (;&(/(1&( 35,=( 3(7(5 1,(8:(1',-. 1(7+(5/$1'6
(;&(/(1&( 35,=( *$5$%(7 )$5(6 *(50$1<
(;&(/(1&( 35,=( ,/<$ .$7= ,65$(/
(;&(/(1&( 35,=( 0$5.2 ,9,& &52$7,$
6(/(&7('
08+,77,1 .252*/8 785.(<
=%,*1,(: .2/$&=(. 32/$1'
%25,6 (5(1%85* ,65$(/
6/$:20,5 /8&=<16., 32/$1'
'$9,' 9(/$ 63$,1
9$6,/( 0$1'5$ &5$,7$ 520$1,$
.867296.< 2/(6.< 8.5$,1(
*25$1 &(/,&$1,1 6(5%,$
&,9$/ (,167(,1 %5$=,/
%$*+(5 +(00$7, ,5$1 0,52 67()$129,& 6(5%,$
&,268 &2167$17,1 520$1,$
',',( 65, :,',<$172 ,1'21(6,$
02+$00$' +26$,1 $.%$5, ,5$1
,9$,/2 769(7.29 %8/*$5,$
0,526/$: +$-126 32/$1'
-,7(7 .2(67$1$ ,1'21(6,$
(9=(1 '$9,' &=(&+ 5(38%/,&
0,+$, 3$1=$583,0 520$1,$
9$/(17,1 '58=+,1,1 5866,$
&$8 *20(= %5$=,/
+$0,' *+$/,-$5, ,5$1
0,5(,//( 323$ 520$1,$
6(5*,, 5,$%2.21 8.5$,1(
6,/9,8 785&8/(7 520$1,$
/(6/,( 5,&&,$5', 858*8$<
,*25 60,5129 5866,$
9/$',0,5 .$=$1(96.< 8.5$,1(
$85(/ 67()$1 $/(;$1'5(6&8 520$1,$
6,/9$12 0(//2 %5$=,/
$*,0 68/$- ,7$/<
%(51$5' %28721 )5$1&(
*25$1 129$.29 6(5%,$
*25$1 .5&0$5 %261,$ +(57=(*29,1$
6(<5$1 &$)(5/, $=(5%$,'-$1
20$5 6(''(. (*<37
$/,6621 $))2162 %5$=,/
5$'8 &/(7,8 520$1,$
(',. %2*+26,$1 $50(1,$
/,-,( <$1* &+,1$
0$5/(1( 32+/( $5*(17,1$
&251(/ 0$5,1 &+,25($1 520$1,$ &$5/26 '( /$6 081(&$6 %2/,9,$
6+$+52.+ +(,'$5, )5$1&(
%(5/< 5,9$'(1(,5$ 6$1&+(= 3(58
)(,=2//$+ %(+7$5< ,5$1
9,&725 *5,*25( 520$1,$
1(6725 '$0$62 '(/ 3,12 &$1$5< ,6/$1'6
6,/9,8 785&8/(7 520$1,$
-,00< 67$1(6&8 520$1,$
&,9$/ (,167(,1 %5$=,/
0,+$, 3$1=$583,0 520$1,$
%257$ $0%52=,( 29,',8 520$1,$
-25'$1 323 ,/,(9 0$&('21,$
$/, *+$1$$7 ,5$1
67()$$1 3529,-1 %(/*,80
$5785 -8+$6= +81*$5<
0$5,$ -26( 02648(5$ 63$,1
02+$0(' $-(* 0252&&2
/,8 4,$1* &+,1$
+86(<,1 &$.0$. &<3586
;$9,(5 %21,//$ (&8$'25 6(5*(< 6,&+(1.2 ,65$(/
0$<$ 7&+2/$.29$ %8/*$5,$
6(5*(, %(/25(=29 5866,$
0,/(1.2 .26$129,& 6(5%,$
0,.+$,/ =/$7.296.< 5866,$ 9$6,/,< $/(;$1'529 5866,$
<8.6(/ &(1*,= 785.(<
2*8= *85(/ 785.(<
%/$*29(67$ 76(7.29$ %8/*$5,$
0$5,1,&$ 5$78/(6&8 520$1,$
'$928' <$5$+0$', ,5$1
*$%5,(/ %2+2/7 520$1,$
-85<
35(6,'(17 2) -85< &5,67,$1 723$1 ² FDUWRRQLVW SUHVLGHQW RI )(&2 5RPDQLD 0(0%(56 2) -85< /,9,8 67Ä&#x2026;1,/Ä&#x2026; ² FDUWRRQLVW $1$72/< 67$1.8/29 ² FDUWRRQLVW *$%5,(/ 5868 ² FDUWRRQLVW 625,1 '$1&,8 ² GLUHFWRU RI &RXQW\ 'LUHFWRUDWH IRU &XOWXUH &DODUDVL