Catalogo la cucina di barazzoni nov 2013 by Lux Art

!"#$!"#$$#"%

%&"#'()$'("#'"*"$ '*%&'&()*

!"#$%&'()*+&,-./".#& 01./"-2&"#&2314&5"-$6%#

!"# $%&

!"$%

!"#$

&$$%

&$!%

!"#$%& '%& ()& *)+)& ,XIÃ&#x20AC;FLDOH-& .& /(& !"#$0&()&'+12/)&*%(()&3)2)441"/&2/')(%&)& !%"&& 56)"*1& *LRYDQQL %DWWLVWD %D' UD]]RQL&)77/)&6"&8/##1(1&()912)+12/1& */&DUWLFROL FDVDOLQJKL&2%)(/44)+/&/"&()+: +)0&1++1"%&%&2);%<&=1#$/&)""/&*1810& (>)4/%"*)&)22/7)&)&821*622%&9%"&?@A& 1BB%++/&*/7%2'/<

I%(&!"&#&3)2)441"/&.&()&82/;)&)4/%": *)&#$%0&#1"&()&2%)(/44)4/1"%&*%(&SUR' GRWWR 7XPP\& */'%B")+1& *)& J""/1& K6#/"/0& /"+21*6#%& /(& *%'/B"& "%(()& 2%): (/44)4/1"%&*%((%&8%"+1(%&%&1BB%++/&*)& #6#/")&7/"#%"*1&#1'L&"6;%21'/&2/#1: QRVFLPHQWL LO 3UHPLR 0DFHI QHO LO 3UHPLR 9LHQQD QHO H LO &RP: SDVVR GÂ·2UR GHOOÂ·$', QHO M)&)((12)&()&3)2)441"/&'/&.&)77)(')&*/& 82%'+/B/1'/& '+6*/& /"& N+)(/)& %& )((>%'+%21<& O2)&/&8/C&F);1'/&*%'/B"%2&#$%&$)""1& #1(()912)+1&'+2%++);%"+%&#1"&3)2)4: 41"/& '/& 81''1"1& #/+)2%& (QQLR /XFLQL0& P%2*/")"*& !(%E)"*%2& =12'#$%0& =/"/": IDULQD 0DULR %HOOLQL H GDO &ODX: */1& 3%((/"/0& !2+& M/2%#+12& *%((>)4/%"*)& 8/%;1"+%'%<&

I%(&(##$&:&)""1&*%(&82/;1&#%"+%"): 2/1& :& ()& 3)2)441"/& %'#%& '6(& ;%2#)+1& #1"& ()& (/"%)& 0\ /DG\0& */'%B")+)& GDOOÂ·DUFKLWHWWR &ODXGLR %HOOLQL FKH /"+%282%+)&()&#1"+/"6/+D&*%(()&;/''/1: "%&)4/%"*)(%&*/&#1'+26/2%&8%"+1(%&*/& 1++/;)& 56)(/+D0& 9%((%& %& )(+);%"+%& F6"4/1")(/<

3)2)441"/0&()&2/'81'+)&)&+6++%&(%&"%#%''/+D&/"&#6#/")Q&6">)4/%"*)&#$%&.&/"&B2)*1&*/& RIIULUH XQ YDVWR H GLYHUVLÃ&#x20AC;FDWR DVVRUWLPHQWR SHU OD FXFLQD LQ GLYHUVL PDWHULDOL /D %D: 2)441"/&8%2F%4/1")&'/'+%;)+/#);%"+%&(%&'6%&(/"%%&B2)4/%&)*&6"&#1'+)"+%&/"7%'+/;%": +1&/"&TXDOLWj&%&LQQRYD]LRQH&%*&.&6">)4/%"*)&/"&B2)*1&*/&1FF2/2%&+6++1&#/T&#$%&'%27%& /"&#6#/")&'%;82%&#1"&#)2)++%2/'+/#$%&)(+);%"+%&8%2F12;)"+/<&$FFLDLR&%&DOOXPLQLR0& ;)+%2/)(/&#$%&'/&8()';)"1&6+/(/44)"*1&+%#"1(1B/%&*>)7)"B6)2*/)&8%2&2%)(/44)2%&'+26: ;%"+/& */& #1++62)& *)(&GHVLJQ DFFDWWLYDQWH0&/""17)+/710&F6"4/1")(%&%*&%2B1"1;/#1<& &RQ %DUD]]RQL QRQ q GLIÃ&#x20AC;FLOH WURYDUH OD SHQWROD DGDWWD DOOH SURSULH HVLJHQ]H

I%(& (##%& ")'#%& /D &XFLQD GL %D' UD]]RQL& #1"& /(& 56)(%& (>)4/%"*)& 761: (%& )"*)2%& /"#1"+21& )*& 6"& 8699(/#1& B/17)"%& %*& %'/B%"+%0& #$%& 2/#%2#)& "%(& *%'/B"& %& "%(()& F6"4/1")(/+D& 561: +/*/)")& /& 86"+/& #)2)++%2/44)"+/& *%((%& 82182/%&'#%(+%<

3)2)441"/&.0&12B1B(/1');%"+%0&+2)&/&;)2#$/&#$%&')""1&+%"%2%&)(+1&/(&"1;%&*%(&,0DGH LQ ,WDO\-&"%(&;1"*1<&=21*622%&/"&N+)(/)&.&'+)+10&.&+6++>12)&%&')2D&'%;82%&6")&8)2+%& F1"*);%"+)(%&*%(()&'+2)+%B/)&821*6++/7)&*%(&;)2#$/1<&U&()&81''/9/(/+D&*/&#1"+21(()2%& L PDWHULDOL LQ HQWUDWD L SURFHVVL SURGXWWLYL H RIIULUH TXLQGL DO FRQVXPDWRUH Ã&#x20AC;QDOH XQ 821*1++1&*/&*%'/B"0&*/&56)(/+D&%&'/#621<&&H(/&'+26;%"+/&*/&#1++62)&'1"1&/"F)++/&1BB%++/& #$%&561+/*/)");%"+%&7%"B1"1&)&#1"+)++1&#1"&/(&#/91&%&56/"*/&/;8)++)"1&/"&;/'62)& PROWR DOWD VXOOD VDOXWH GHO FRQVXPDWRUH 0DGH LQ ,WDO\ q TXLQGL TXDOLWj H WUDQTXLOOLWj 8%2&/(&#1"'6;)+12%<& K>)4/%"*)&.&SUHVHQWH&/"&8/C&*/& SDHVL&"%(&;1"*1<&

!& 8/C& */& #%"+1& )""/& *)(()& '6)& "): '#/+)0& 3)2)441"/& .& 1BB/& 6")& 2%)(+D& )4/%"*)(%&#$%&7)"+)&()&821*64/1"%& */& 8%"+1(%& /"& )##/)/1& /"1E0& /"& )((6: ;/"/1& )"+/)*%2%"+%& %& /"& #%2);/#10& 6+%"'/(/& *)& #6#/")& %& #1;8(%;%"+/& *>)22%*1& 8%2& ()& +)71()& #1"& 6">%(%: 7)+)& )++%"4/1"%& )(& *%'/B"0& )((>/""1: 7)4/1"%0& )(()& 56)(/+D& %& )(()& F6"4/1: ")(/+D< $OWKRXJK %DUD]]RQL Â´RIÃ&#x20AC;FLDOO\Âµ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

,Q ZLWK 7XPP\ D SURGXFW GHVLJQHG E\ (QQLR /XFLQL %DUD]]RQL ZDV WKH Ã&#x20AC;UVW FRPSDQ\ WR LQWURGXFH GHVLJQ LQWR WKH SURGXFWLRQ RI VDXFHSDQV DQG NLWFKHQ WR: 1('0&G/""/"B&"6;%216'&)G)2*'Q&+$%&R)#%F& $ZDUG LQ WKH 9LHQQD $ZDUG LQ )"*& +$%& N"*6'+2/)(& M%'/B"& !''1#/)+/1">'& &RPSDVVR GÂ·2UR $', LQ 6LQFH WKHQ %DUD]]RQL FRQWLQXHV WR PDNH XVH RI LPSRUWDQW GHVLJQ VWXGLRV LQ ,WDO\ DQG )921)*<& O$%& ;1'+& F);16'& *%'/B"%2'& +$)+& KDYH FROODERUDWHG FORVHO\ ZLWK %DUD]]RQL /"#(6*%&J""/1&K6#/"/0&P%2*/")"*&!(%E)"*%2& =12'#$%0&=/"/"F)2/")0&R)2/1&3%((/"/0&)"*&'/": FH &ODXGLR %HOOLQL WKH $UW 'LUHFWRU RI WKH 3LHGPRQW EDVHG FRPSDQ\

,Q WKH \HDU RI WKH Ã&#x20AC;UVW FHQWHQDU\ %DUD]]RQL LQWURGXFHG 0\ /DG\ RQWR WKH PDUNHW D OLQH GHVLJQHG E\ WKH DUFKLWHFW &ODXGLR %HOOLQL ZKR LQWHUSUHWHG WKH FRQ: WLQXLW\ RI WKH FRPSDQ\ PLVVLRQ WR PDQX: IDFWXUH EHDXWLIXO WRS TXDOLW\ DQG KLJKO\ F6"#+/1")(&')6#%8)"'< ,Q WKH WUDGHPDUN /D &XFLQD GL 3)2)441"/& G)'& #2%)+%*0& G/+$& G$/#$& +$%& FRPSDQ\ VRXJKW WR DSSHDO WR D \RXQJ GHPDQGLQJ FRPSDQ\

*)(&?AS@&()&56)(/+D& /+)(/)")&/"&#6#/")

!"#$%&'()*+&,-./".#&01./"-2&"#&2314&5"-$6%# /$ &8&,1$ ', %$5$==21,

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Â·W GLIÃ&#x20AC;FXOW WR Ã&#x20AC;QG WKH ULJKW VDXFHSDQ IRU \RXU QHHGV %DUD]]RQL LV 0DGH LQ ,WDO\ DQG WKLV KDV EHHQ LV VWLOO DQG ZLOO DOZD\V EH DQ HVVHQWLDO SDUW RI WKH EUDQGÂ·V SURGXFWLRQ VWUDWHJ\ ,W LV WKH RSSRUWXQLW\ WR FKHFN WKH LQFRPLQJ PDWHULDO DQG WKH SURGXFWLRQ SURFHVVHV DQG WKHUHIRUH WR RIIHU WKH HQG FRQVXPHU D VDIH KLJK TXDOLW\ GHVLJQ SURGXFW &RRNLQJ LQVWUXPHQWV FRPH LQWR FRQWDFW ZLWK IRRGV HYHU\ GD\ DQG FRQVHTXHQWO\ FDQ LPSDFW JUHDWO\ RQ WKH KHDOWK RI WKH FRQVXPHU 7KHUHIRUH 0DGH LQ ,WDO\ UHSUHVHQWV TXDOLW\ )"*&8%)#%&1F&;/"*&F12&+$%&#1"'6;%2< %DUD]]RQL LV SUHVHQW LQ RYHU FRXQWULHV DURXQG WKH ZRUOG

V!KWXNQ Â&#x2021; 0DGH LQ ,WDO\ Â&#x2021; 4XDOLWj Â&#x2021; 'HVLJQ Â&#x2021; ,QQRYD]LRQH Â&#x2021; )XQ]LRQDOLWj Â&#x2021; $WWHQ]LRQH DOOD VDOXWH GHL FRQVXPDWRUL 9DOXHV Â&#x2021; 0DGH LQ ,WDO\ Â&#x2021; 4XDOLW\ Â&#x2021; 'HVLJQ Â&#x2021; ,QQRYDWLRQ Â&#x2021; )XQFWLRQDOLW\ Â&#x2021; $WWHQWLRQ WR FRQVXPHUVÂ· KHDOWK

!"#$%! &!$!''(")

*<%= &$(>%??)2#!>)#%

*+,-./0.12314-+51262 7+5-+23082902/425:;+.+

!;1&()&'%;8(/#/+D&%&(%&+2)*/4/1"/Y& =%2&;%&2/6'#/2%&)&2%"*%2%&"617)&()&+2)*/4/1"%&%&'%;8(/#%& ()&"17/+D&.&56%((1&#$%&8%2;%++%&)*&6")&#6#/")&*/&F)2%& ()&*/FF%2%"4)&%&2%"*%2()&'8%#/)(%<

=%2&;%&.&6")&8)''/1"%&#$%&812+)&)*&%"+6'/)';)2;/&8%2& 1B"/&1BB%++1&#$%&%'#%&*)/&"1'+2/&'+)9/(/;%"+/<& P12'%&.&()&"1'+2)&+%22)0&#1'L&2/##)&*/&'+12/)0&*/&#6(+62)&%& */& ')812/& #$%& #2%)& 6"& #1"+%'+1& +)"+1& 8)2+/#1()2%& *)& 2%"*%2(1&6"/#1<& P12'%& .& 6">%2%*/+D& */& F);/B(/)Q& /(& 2/#12*1& */& ;/1& "1""1& #$%&8)2()7)&*%(()&'+%'')&8)''/1"%&*/&'61&8)*2%<& &HUWDPHQWH q TXHOOR FKH RVVHUYR LQ WDQWL PLHL #1(()912)+12/& #$%& #1"& /(& (121& /;8%B"1& %& *%*/4/1"%& )/6+)"1& )& 2%"*%2%& '8%#/)(%& +6++1& #/T& #$%& F)##/);10& "%((1&'+%''1&(61B10&*)&1(+2%&#%"+1&)""/<& =)''/1"%0&821F%''/1")(/+D0&#6(+62)&%&')812/&'1"1&B(/&'+%''/& /"B2%*/%"+/&#$%&)"/;)"1&/(&()7121&*%/&"1'+2/&+%'+/;1"/)(<

Z1"1& #2%'#/6+1& /"& 6")& F);/B(/)& );)"+%& *%(()& 961")& #6#/")& %& *17%& ()& #6(+62)& 8%2& /(& #/91& %& 8%2& /& 821F6;/& %2)"1&'/"+1;1&*/&)((%B2/)&%&#1"7/7/)(/+D< =%"'1& #$%& ()& #6#/")& '/)& ;1(+1& 8/C& */& 6")& 2/#%++)<& &UHGR VLD FRLQYROJHUH IDU SURYDUH QXRYH VHQVD]LRQL %& #1"*/7/*%2%& ;)& +6++1& "%(& ;)''/;1& 2/'8%++1& */& 56%((1& #$%& '1"1& (%& 12/B/"/& %& (%& #)2)++%2/'+/#$%& #$%& #/& #1"+2)**/'+/"B61"1< 1HOOD ÀORVRÀD %DUD]]RQL KR WURYDWR ULVFRQWUR UHDOH FKH +6++1&56%'+1&"1"&.&'1(1&6"&;/1&/*%)(%&;)&6"&8%"'/%21& #$%&)##1;6")&"1/&);)"+/&*%(&+%22/+12/10&*%(()&56)(/+D&%& *%(()&"1'+2)&9%(()&N+)(/)<&K)&2/#%2#)&*/&"617/&;)+%2/)(/&%& ;%+1*/&8%2&8%2;%++%2%&)&"1/&#61#$/&*/&%'82/;%2#/&"%(()& ;)"/%2)&8/C&")+62)(%&%&8%2'1")(%&81''/9/(%<

$ ORUR FL DIÀGLDPR SHU WUDVIRUPDUH LQ UDIÀQDWH 82%(/9)+%44%&/(&"1'+21&')8%2%<&

3HU TXDQWR GLIÀFLOH q LPSRUWDQWH YDORUL]]DUH L QRVWUL ')812/0& /& "1'+2/& #1(12/& %& ()& "1'+2)& 56)(/+D& "1"& '1(1& "%(()& ;1*)&;)&)"#$%&"%(()&#6#/")&%&"%(()&;)"/%2)&*/&F)2()& #1"&#1'+)"4)0&#612%&%&)6+%"+/#/+D<

0DQXIDFWXULQJ FRRNZDUH LV PXFK PRUH WKDQ D MRE IRU PH LV D SDVVLRQ WKDW OHDGV WR JHW H[FLWHG IRU HDFK LWHP WKDW OHDYHV RXU IDFWRULHV

, ORYH 6LPSOH DQG 7UDGLWLRQDO WKLQJV )RU PH PDNH QHZ WKH WUDGLWLRQ E\ NHHSLQJ WKHP HDV\ LV ZKDW GRHV WKH GLIIHUHQFH DQG PDNH D NLWFKHQ XQLTXH DQG VSHFLDO

0D\EH LW LV RXU ODQG VR ULFK LQ KLVWRU\ FXOWXUH DQG ÁDYRU WKDW FUHDWHV D SDUWLFXODU FRQWH[W VR DV WR PDNH LW XQLTXH 0D\EH LW·V D IDPLO\ KHULWDJH WKH PHPRU\ RI P\ JUDQGIDWKHU ZKR VSRNH RI WKH SDVVLRQ RI KLV IDWKHU ,W LV FHUWDLQO\ ZKDW , REVHUYH LQ PDQ\ RI P\ FR ZRUNHUV ZKR WKURXJK WKHLU FRPPLWPHQW DQG GHGLFDWLRQ KHOS PDNH VSHFLDO HYHU\WKLQJ ZH GR LQ WKH VDPH SODFH IRU RYHU D KXQGUHG \HDUV 3DVVLRQ SURIHVVLRQDOLVP FXOWXUH DQG ÁDYRUV DUH WKH VDPH LQJUHGLHQWV WKDW DQLPDWH WKH ZRUN RI RXU WHVWLPRQLDOV :H UHO\ RQ WKHP WR WUDQVIRUP RXU NQRZOHGJH LQWR UHÀQHG GHOLFDFLHV

, JUHZ XS LQ D IDPLO\ ZKHUH ORYH IRU JRRG IRRG DQG WKH FXOWXUH IRU SHUIXPHV DUH EDVLF LQJUHGLHQWV IRU V\PSDWK\ DQG KDSSLQHVV , WKLQN WKDW NLWFKHQ LV PXFK PRUH WKDQ MXVW D UHFHLSW , EHOLHYH LW LV JHW WRJHWKHU JHW QHZ VHQVDWLRQ H[SHULHQFH DQG VKDULQJ EXW WKH EHVW UHVSHFW RI RXU RULJLQV DQG ZKDW ZH UHDOO\ DUH

5LVWRUDQWH DOEHUJR ,O 6ROH GL 5DQFR 3LD]]D 9HQH]LD 5DQFR 9$

7HO ZZZ LOVROHGLUDQFR LW

,Q %DUD]]RQL SKLORVRSK\ , IRXQG WKH UHDO UHÁH[ RI P\ WKRXJKWV WKDW MRLQ WRJHWKHU DOO WKH ORYHUV RI RXU WHUULWRU\ RXU TXDOLW\ DQG RI RXU EHDXWLIXO ,WDO\ 7KH UHVHDUFK IRU QHZ PDWHULDOV DQG PHWKRGV JLYH WR XV DOO WKH FKDQFH WR H[SUHVV RXUVHOYHV LQ WKH PRVW QDWXUDO DQG SHUVRQDO ZD\ )RU KRZ KDUG LW LV ZH QHHG WR YDORULVH RXU ÁDYRXUV RXU FRORXUV DQG RXU TXDOLW\ QRW RQO\ LQ WKH IDVKLRQ FRUQHU EXW DOVR LQ RXU NLWFKHQV DQG LQ WKH ZD\ ZH SURSRVH LW ZLWK SHUVHYHUDQFH KHDUW DQG DXWKHQWLFLW\

67(//$ *8,'$ 0,&+(/,1

/$ &8&,1$ ', %$5$==21,

5LVWRUDQWH 3DVFLD 9LD 0RQWH 5RVD ,QYRULR 12

7HO 0RE ZZZ ULVWRUDQWHSDVFLD

67(//$ *8,'$ 0,&+(/,1

*<%= @!AA!2B!(?(

*!C%2#%D)@"%$ B$!A)2*?!E#)!

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j OH GHÀQLUHL ,/"*/'+26++/9/(/-0&'1"1&*%'+/")+%&)&8%2*62)2%&"%(&+%;81<&Z8%''1&*%: '/B"&%&F6"4/1")(/+D&"1"&7)""1&*/&8)2/&8)''10&;)&"1"&8%2&3)2)441: "/&#$%&$)&+217)+1&6"&#1""69/1&8%2F%++1&+2)&(%&*6%&#1;81"%"+/& 8%2&56%'+1&(%&)882%441YYY&=%2&/(&;/1&()7121&()&F6"4/1")(/+D&.&6")& 56)(/+D&/;82%'#/"*/9/(%< N"&8%2/1*/&#1;%&56%'+/&17%&(%&)4/%"*%&*/''1(71"1&/(&()7121&)((>%'+%: 21&8%2&#1'+1&*/&;)"1*18%2)0&#1"7%"/%"4)&6+/(/44)"*1&;)+%2/)(/& '#)*%"+/0&'1'+%"/);1&(>&)4/%"*)&3)2)441"/&6"/#)&8%2&/(&,;)*%&/"& ,WDO\µ GLYHQWDWR RUPDL XQD UDULWj

0L FKLDPR &ODXGLD 3UDWL H VRQR XQD ´FDNH GHVLJQHUµ RYYHUR 6")&*%#12)+2/#%&*/&*1(#/< /D ÀORVRÀD GL %DUD]]RQL LQQRYD]LRQH GHVLJQ H IXQ]LRQDOLWj 8%"'1&#/&)##1;6"/&#1"'/*%2%71(;%"+%<&K)&;/)&821F%''/1"%&.& LQ HIIHWWL LQQRYDWLYD LO ´FDNH GHVLJQµ QRQ HUD FRQRVFLXWR QHO QRVWUR 3DHVH ÀQR D TXDOFKH DQQR ID DQFKH VH LQ ,WDOLD YDQWLD: PR XQD VWRULD GL JUDQGL GHFRUDWRUL PD TXHVWD ÀJXUD HUD VWDWD XQ SR· GLPHQWLFDWD FRVu FRPH q VHPSUH VWDWR LQQRYDWLYR OR '+/(%&3)2)441"/<&!"#$%&/(&*%'/B"&.&F1"*);%"+)(%&%*&/"*/'8%"'): 9/(%&"%(&;/1&()7121<&N(&*%'/B"&"1"&.&'1(1&%'82%''/1"%&*/&#2%)+/7/+D& ;)&)"#$%&'+6*/1&)##62)+1&*%((%&+%#"/#$%&8%2&#1"#2%+/44)2(1<& I%(()&;/)&)##)*%;/)&*/&*%#12)4/1"%&*1(#/)2/)&/"'/'+1&;1(+1& '6&56%'+1&86"+1&#1"&/&;/%/&)((/%7/<&Z1(1&#1"&6">)8821F1"*/+)& #1;8%+%"4)&*%((%&9)'/&+%#"/#$%&1++%"/);1&B(/&'+26;%"+/&B/6'+/& 8%2&*)2%&'F1B1&)(()&"1'+2)&7%")&)2+/'+/#)<&N(&*%'/B"&*/&3)2)441"/& SRL q OHJDWR D GRSSLR ÀOR FRQ OD IXQ]LRQDOLWj H VRQR PROWR G·DFFRUGR DQFKH VX TXHVWR &RVu FRPH XQD WRUWD GHYH HV: '%2%&6")&B/1/)&8%2&/(&8)()+1&1(+2%&#$%&8%2&B(/&1##$/0&#1'L&+6+: +)&()&(/"%)&3)2)441"/&.&F6"4/1")(%&1(+2%&#$%&9%(()<&N1&'1"1&)(()& #1'+)"+%&2/#%2#)&*%(()&'192/%+D&%&*%((>%56/(/92/1&'6((%&;/%&+12+%& H VSHVVR q GLIÀFLOH FDSLUH TXDQGR q RUD GL IHUPDUVL FRQ OH GH: #12)4/1"/&8%2&*)2%&)2;1"/)&)"#$%&)(&B6'+1&%&)(()&'+26++62)&*%(& *1(#%<&!BB/6"B%2%/&)"#$%&(>);12%&%&()&8)''/1"%&8%2&/(&82182/1& ()71210&'%"4)&(%&56)(/&')2%99%&/;81''/9/(%&)7%2%&'6##%''1&%*& RWWHQHUH GHL ULVXOWDWL H GHOOH JUDWLÀFD]LRQL 0L SLDFH PROWR OD "617)&(/"%)&,K%&*1(#%44%-&8%2#$^&)"#$%&*)&#)')&'/&81''1"1& #2%)2%&*%((%&F12;%&/*%)(/&8%2&%''%2%&81/&2/#18%2+%&%&*%#12)+%<& 7XWWL SRWUDQQR JLRFDUH DG HVVHUH GHL ´FDNH GHVLJQHUµ

,·P 3DROR *DWWD WKH GHVLUH WR EH WKH SURWDJRQLVW RI WKH NLWFKHQ OHDGV PH WR ,QYRULR ZKHUH LQ , RSHQHG P\ UHVWDXUDQW ´3DVFLDµ <HV ,QYRULR D VPDOO YLOODJH LQ WKH JUHHQ KLOOV RI 1R' YDUD MXVW ZKHUH WKH FRPSDQ\ ZDV ERUQ LQ %DUD]]RQL ,V LW FRLQFLGHQWDO" , GR QRW NQRZ , ORYH WR JLYH HPRWLRQV ZLWK P\ IRRG ZKLFK LV EDVHG RQ SURGXFWV IURP WKH WUXH ÁDYRUV ORFDO PHDWV DQG FKHHVHV IUHVK DQG FDUHIXOO\ VHOHFWHG ÀVK , DOZD\V VHDUFK TXDOLW\ UDZ PDWHULDOV ´/RYH IRU IRRG DQG SDVVLRQ IRU UHVHDUFK WKHVH DUH WKH VHFUHW LQJUHGLHQWV IRU HDFK GLVK , SUH' SDUHµ WKH VDPH SDVVLRQ IRU ZRUN DQG ORYH IRU WKH WDVWH WKDW KDV OHG WKH FRPSDQ\ %DUD]]RQL WR VXFFHVV 7KH HSRQ\PRXV FRPSDQ\ RYHU WLPH ZLWK SHUVHYHUDQFH DQG FRQVWDQF\ UHQH' ZHG ERWK LQ TXDOLW\ DQG GHVLJQ %DUD]]RQL VWUHQJWKV DUH LQQRYDWLRQ GHVLJQ DQG IXQFWLRQDOLW\ , FRQVLGHU %DUD]]RQL WKH RQO\ FRPSDQ\ FDSDEOH RI VDWLVI\LQJ DOO FRRNLQJ QHHGV ZLWK LWV YDVW DQG YDULHG VHOHFWLRQ RI SRWV DQG SDQV LQ D YDULHW\ RI PDWHULDOV VWDLQOHVV VWHHO QRQ VWLFN DQG FHUDPLF VXLWDEOH ERWK IRU KRXVHZLYHV DQG IRU SURIHVVLRQDOV OLNH PH %DUD]]RQL·V SURGXFWV DUH XQLTXH LQ GHVLJQ DQG TXDOLW\ ,·G UDWKHU VD\ ´ LQGHVWUXFWLEOHµ GHVLJQHG WR ODVW LQ WLPH 2IWHQ GH' VLJQ DQG IXQFWLRQDOLW\ GR QRW JR KDQG LQ KDQG EXW QRW IRU %DUD]]RQL ZKR KDV IRXQG D SHUIHFW EDODQFH EHWZHHQ WKH WZR FRPSRQHQWV DQG IRU WKLV , DSSUHFLDWH WKHP ,Q P\ MRE IXQFWLRQD' OLW\ LV DQ HVVHQWLDO TXDOLW\ ,Q WLPHV OLNH WKLV ZKHUH FRPSDQLHV RIWHQ GHORFDOL]H SURGXFWLRQ WR FRXQWULHV ZLWK ORZHU ODERU FRVWV DQG RIWHQ XVH LQIHULRU TXDOLW\ PDWHULDOV ZH VXSSRUW %DUD]]RQL XQLTXH FRPSDQ\ VLQFH ´0DGH LQ ,WDO\µ KDV EHFRPH D UDULW\

0\ QDPH LV &ODXGLD 3UDWL , DP D FDNH GHFRUDWRU ZKLFK LV NQRZQ LQ ,WDO\ DV ´FDNH GHVL' JQHUµ , FRQVLGHUDEO\ VKDUH WKH SKLORVRSK\ RI %DUD]]RQL LQQRYDWLRQ GHVLJQ DQG IXQFWLR' QDOLW\ 0\ MRE LV DFWXDOO\ LQQRYDWLYH WKH ´ FDNH GHVLJQ ´ ZDV QRW NQRZQ LQ RXU FRXQWU\ XQWLO D IHZ \HDUV DJR HYHQ LI LQ ,WDO\ ZH KDYH D KLVWRU\ RI JUHDW GHFRUDWRUV EXW WKLV À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·V WLPH WR VWRS ZLWK WKH GHFRUDWLRQV WR JLYH KDUPRQ\ WR WKH WDVWH DQG WH[WXUH RI WKH FDNH , ZRXOG DOVR DGG WKH ORYH DQG SDVVLRQ IRU RXU ZRUN ZLWKRXW ZKLFK LW ZRXOG EH LPSRVVLEOH WR EH VXFFHVVIXO DQG JHW UHVXOWV DQG UHZDUGV , UHDOO\ OLNH WKH QHZ OLQH ´7KH VZHHWQHVV ´ EHFDXVH HYHQ DW KRPH \RX FDQ FUHDWH LGHDO IRUPV WR EH WKHQ FRYHUHG DQG GHFRUDWHG (YHU\RQH ZLOO EH DEOH WR SOD\ DW EHLQJ D ´FDNH GHVLJQHUµ

9LD ,VDEHOOD %XWWDIDYD &DUDWH %ULDQ]D 0%

0DLO LQIR#FODXGLDSUDWL FRP FRUVL#FODXGLDSUDWL FRP 7%/8&9*(8**'8:;<=:;: ZZZ FODXGLDSUDWL FRP &

/$ &8&,1$ ', %$5$==21,

-$#+,(%..'.$%%(

GH B%"A(?!F%2 !??EF)")(2 $)>%DA)A(

!:552&+V2!SS0:0+2"!3($4$+-$0'1!*+'-01)**!*+))1!.$$%&'()2!

@?)2DB%*)!?) -/%0+#('0""1+,2'%3)+/*%,$

!"#$%&'#()*+,)*

IJ B%"A(?%2 !2B$%DD)("% 45%..)5%'0""1%5

LJ ?)"%! =($"( 78%,

B!DA)**%$)! 4#.$56'*"(&.

GHH

!"#$%GJ !"#$%GK !"#$%GL !"#$%PH !"#$%PP !"#$%PJ !"#$%PK !"#$%PL !"#$%IH !!"#$%IP

B%"A(?!F%2!??EF)")(2$)>%DA)A(2N2!"#$%&'#()*+,)*2

!"#$2IJ

D050S+42B.+2!55/7040+2! @.:40S:2! D:512"1.+2! $+/W12! &0,2$+/W12! )49/X0+412N25067.+-$02! #+5+70-0S:2! )49/S-0+42!5/2! D050S+42B.+2*1.:70S+2! *:33/SS04+2! A.0,2B:91551!"!8(-*!9(:-0;!<'0*2!

!"#$%IL !"#$%JH !"#$%JP2 !"#$%JJ

IWVNO_&:%;

!"#$%JK2

IWVNO_&:%;

!"#$%JL2 !"#$%QH

IWVNO_&:%;

!"#$%QP

IWVNO_&:%;

!"#$%QJ !"#$%QK !"#$%QL

@?)2DB%*)!?)2N2-/%0+#('0""1+,2'%3)+/*%,$2 2

!"#$%KH

*T1U2?0412D3:WT1--01.12! B:,-:2F:40:2! */+S0212>1902! DS+5:2>15+S12! >:3+.2D1-2! B:,,:;1.9/.:!"!=$+'(:!9$$6!4-112! @0.:U.0--:-:!"!3'0.'%)!'06!$4)1)++)!+7(0)(><'02! DST0:SS0:3:-:-1!"!3$+'+$!4'*/)(2! ?12)4+V09:Z0502! )2B0SS040402!SS0:0+2! )2B0SS040402!55/7040+2!

!"#$%KP2 !"#$%KJ2 !"#$%KK2 !"#$%KL2 !"#$%YH2 !"#$%YP

IWVNO_&:%;

!"#$%YJ2

IWVNO_&:%;

!"#$%YK

IWVNO_&:%;

!"#$%&'% !"#$%LH !"#$%LP

B%"A(?%2!2B$%DD)("%2N245%..)5%'0""1%52

!"#$2LJ

D050S+42B.+2! !7150:2! &+40-:2B082! >1490-:23.+7+X0+4:512B14-+512B.1,,0+41 N23()**7()!.$$%)(?*!<($4$+-$0'1!*'1)2! $0S:7Z0212!SS1,,+.02B14-+512B.1,,0+41 "!3()**7()!.$$%)(!*<'()!<'(+*!'06!'..)**$(-)*2!

!"#$%LL

?)"%!2=($"(2N278%,2

!"#$2ML

!"#$%MH !"#$%MP !"#$%MJ !"#$%MK

B!DA)**%$)!2N24#.$56'*"(&.2 !"#$2GHH [2 ?12#+5S1XX12D-:7302S+42.0;1,-0714-+2F:.7+-1ST ,/2Z:,12S:.Z+42,-115 "!@$16*!&-+/!-00$A'+-A)!.$'+-0;!@'(4$+)./B2!C'*)6!.'(D$0!*+))12! !"#$%GHP ?12#+5S1XX12D-:7302D050S+412!50714-:.12"!E-1-.$0)!4$16*2! !"#$%GHJ2 ?12#+5S1XX12D-:73027+4+23+.X0+412042!55/7040+2 "!F174-074!506-A-67'1!<'*+(:!4$16*2! !"#$%GHK @!FF!2N29#,2%2

B%"A(?!F%2 !**)!)(

!"#$%GH2

!"#$2GHL

)"#)*% !"#$%

B%"A(?!F%2!**)!)(2N2-$#+,(%..'.$%%(2 A/77O2! &:--1.0:2A/77O2GH212PQ23R2"!#$$%&'()!*)+!2! D050S+42B.+2!SS0:0+2! D050S+42B.+2E-14,050!"!,-+./)0!+$$1*2! *T1U2?0412! &:--1.0:2*T1U2?0412K212M23R2"!#$$%&'()!*)+2! &+40-:2! &:--1.0:2*/+S02F:40:2K212M2322"!#$$%&'()!*)+2! &:--1.0:29155+2*T1U2L2322"!#$$%&'()!*)+2!

IWVNO_&:%;

IWVNO_&:%; IWVNO_&:%; IWVNO_&:%;

B%"A(?!F% !**)!)( ?\:SS0:0+21S+5+W0S+ 31.2/4:2S+--/.:2,:4:212,0S/.:

!"#$!"#$$#"%

%&"#'()$'("#'"*"$ '*%&'&()*

!"#$%&'()*+&,-./".#& 01./"-2&"#&2314&5"-$6%#

H(/& )##/)/& /;8/%B)+/& "%B(/& 6+%"'/(/& *)& #1++62)& '1"1& '1(/+);%"+%&)##/)/&/"1''/*)9/(/<&H(/&)##/)/&/"1E&*/FF%2/'#1"1& /"&9)'%&)(()&8%2#%"+6)(%&*%B(/&%(%;%"+/&#1'+/+6%"+/&()&(%B)& H YHQJRQR FODVVLÃ&#x20AC;FDWL FRQ OD VLJOD $,6, GHOOÂ· $PHULFDQ N21"&)"*&Z+%%(&N"'+/+6+%<&

67$,1/(66 67((/

/Â·DFFLDLR XWLOL]]DWR GD %DUD]]RQL q OÂ·DFFLDLR LQR[ &URPR H 1LFKHO 6L WUDWWD GL XQ WLSR GL DFFLDLR FODVVLÃ&#x20AC;FDWR $,6, FDUDWWHUL]]DWR GD XQÂ·RWWLPD 2%'/'+%"4)& )(()& 26BB/"%& %& )(()& #1221'/1"%& %& F)#/(%& *)& 86(/2%<& `6%'+)& ;)+%2/)& 82/;)& */& 82%B/10& 6"/+)& )*& )##62)+/&#1"+21((/&*62)"+%&/(&#/#(1&821*6++/710&2%"*1"1&/(& 8%"+1();%&3)2)441"/&/"&)##/)/1&6"&821*1++1&*/&)(+/''/;)& 56)(/+D0&*%'+/")+1&)&*62)2%&"%(&+%;81< & Â&#x2021; 2WWLPD UHVLVWHQ]D DOOD UXJJLQH H DOOD FRUURVLRQH Â&#x2021; )DFLOLWj GL SXOL]LD H RWWLPR FRHIÃ&#x20AC;FLHQWH LJLHQLFR Â&#x2021; $GDWWL DOOD FRQVHUYD]LRQH GHL FLEL Â&#x2021; 0DQWHQJRQR LQDOWHUDWH OH SURSULH FDUDWWHULVWLFKH QHO &+%;81 Â&#x2021; /XQJD YLWD DOOÂ·LQVHJQD GHOOD TXDOLWj

%DUD]]RQL XVHV RQO\ WKH KLJKHVW JUDGHV RI VWDLQOHVV VWHHO LQ LWV SURGXFW VWDLQOHVV VWHHO ,W LV D W\SH RI VWHHO FODVVLÃ&#x20AC;HG $,6, ZKLFK GHQRWHV WKH UDWLR RI FKURPLXP DQG QLFNHO UHVSHFWLYHO\ &U 1L DQG FKDUDFWHUL]HG E\ H[FHOOHQW FRUURVLRQ UHVLVWDQFH DQG HDVH WR FOHDQ 7KLV YDOXDEOH UDZ PDWHULDO FRPELQHG ZLWK DFFXUDWH FRQWUROV GXULQJ SURGXFWLRQ F\FOH PDNHV %DUD]]RQL VWDLQOHVV VWHHO SURGXFWV ORQJ OLIH KLJK TXDOLW\ FRRNZDUH

(FRORJLFDO VWHHO IRU D VDIH DQG KHDOWK\ FRRNLQJ 7KH VWHHOV XVHG LQ FRRNLQJ XWHQVLOV DUH XVXDOO\ VWDLQOHVV VWHHOV 6WDLQOHVV VWHHOV GLIIHU DFFRUGLQJ WR WKH SHUFHQWDJH RI WKH HOHPHQWV FRQVWLWXWLQJ WKH DOOR\ DQG DUH ODEHOHG ZLWK WKH LQLWLDOV RI $,6, $PHULFDQ ,URQ DQG 6WHHO ,QVWLWXWH

Â&#x2021;([FHOOHQW UHVLVWDQFH WR UXVW DQG FRUURVLRQ Â&#x2021;(DV\ WR FOHDQ DQG JUHDW K\JLHQLF FRHIÃ&#x20AC;FLHQW Â&#x2021;6XLWDEOH IRU WKH VWRUDJH RI IRRG Â&#x2021;7KH\ PDLQWDLQ WKHLU SURSHUWLHV XQFKDQJHG RYHU WLPH Â&#x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

75,3/2 )21'2 $&&,$,2 $//80,1,2 $&&,$,2 =%2& 81+%"4/)2%& ()& #1"*6#/9/(/+D& +%2;/#)& *%((>)##/)/10& '/& )88(/#)"1& *%/& F1"*/& +%2;1:*/FF6'12/& /"& )((6;/"/1& /& 56)(/& 7%"B1"1& /"#)8'6()+/& #1"& /(& ;%+1*1& /;8)#+:91"*/"B<& N(& F1"*1&#1'/&1++%"6+1&.&6"&+2/8(1&'+2)+1&)##/)/1:)((6;/"/1: )##/)/1&/"&B2)*1&*/&B)2)"+/2%&6")&*/FF6'/1"%&1;1B%"%)& *%(&#)(12%&%&*/&%''%2%&6+/(/44)+1&'6&+6++%&(%&F1"+/&*/&#)(12%0& #1;82%')&(>/"*64/1"%< Z6/& 821*1++/& /"& )##/)/1& 3)2)441"/& )88(/#)& */7%2'/& +/8/& */& F1"*/& #$%& #1"'%"+1"1& */& */FF1"*%2%& 6"/F12;%;%"+%& /(& #)(12%0& 2/'8)2;/)2%& %"%2B/)& %*& %7/+)2%& (>)++)##);%"+1& *%/&#/9/<

/$ &8&,1$ ', %$5$==21,

7(&12/2*,( <%0=,"("2+%. 75,3/(1 +,*+ 3(5)250$1&( P1"*1& )& @& '+2)+/& )##/)/1& a& )((6;/"/1& a& )##/)/1& )*& %(%7)+1& '8%''12%<& K)& F6: '/1"%&*%/&[&;%+)((/&+2);/+%&/(&;%+1*1&*/&/;8)#+&91"*/"B&)''/#62)&6"&8%2F%+: +1&)"#12)BB/1&*%(&F1"*1&)(&#1281&*%(()&8%"+1()0&B)2)"+%"*1&6">1++/;)(%& GLIIXVLRQH GHO FDORUH LQ WXWWD OD VXSHUÃ&#x20AC;FLH Â² JUD]LH DOOR VWUDWR LQ DOOXPLQLR DG )(+/''/;1& '8%''12%& :& %& (1& 2%"*%& )*)++1& )& +6++%& (%& F1"+/& */& #)(12%0& /"*64/1"%& #1;82%')< OD\HU ERWWRP VWHHO DOXPLQXP VWHHO ZLWK KLJK WKLFNQHVV 7KH PHUJHU RI WKH WZR PHWDOV E\ LPSDFW ERQGLQJ PHWKRG HQVXUHV D SHUIHFW DQFKRUDJH RI WKH ERWWRP WR WKH ERG\ RI WKH SRW JXDUDQWHHLQJ RSWLPXP KHDW GLVWULEXWLRQ DFURVV WKH VXUIDFH WKDQNV WR WKH DOXPLQXP OD\HU YHU\ WKLFN DQG PDNHV LW VXLWDEOH IRU DOO KHDW VRXUFHV LQFOXGLQJ LQGXFWLRQ

75,3/(1 3/86 P1"*1&)&@&'+2)+/&)##/)/1&a&)((6;/"/1&a&)##/)/1&)*&)(+1&'8%''12%<&K)&F6'/1"%&*%/& [&;%+)((/&+2);/+%&/(&;%+1*1&*/&/;8)#+&91"*/"B&)''/#62)&6"&8%2F%++1&)"#12)B: B/1&*%(&F1"*1&)(&#1281&*%(()&8%"+1()0&B)2)"+%"*1&6">1++/;)(%&*/FF6'/1"%&*%(& FDORUH LQ WXWWD OD VXSHUÃ&#x20AC;FLH Â² JUD]LH DOOR VWUDWR LQ DOOXPLQLR DG DOWR VSHVVRUH :&%&(1&2%"*%&)*)++1&)&+6++%&(%&F1"+/&*/&#)(12%0&/"*64/1"%&#1;82%')< OD\HU ERWWRP VWHHO DOXPLQXP VWHHO ZLWK KLJK WKLFNQHVV 7KH PHUJHU RI WKH WZR PHWDOV E\ LPSDFW ERQGLQJ PHWKRG HQVXUHV D SHUIHFW DQFKRUDJH RI WKH ERWWRP WR WKH ERG\ RI WKH SRW JXDUDQWHHLQJ RSWLPXP KHDW GLVWULEXWLRQ DFURVV WKH VXUIDFH WKDQNV WR WKH DOXPLQXP OD\HU YHU\ WKLFN DQG PDNHV LW VXLWDEOH IRU DOO KHDW VRXUFHV LQFOXGLQJ LQGXFWLRQ

75,3/(1 =%2&81+%"4/)2%&()&#1"*6#/9/(/+D&+%2;/#)&*%((>)##/)/10&6"&F1"*1&/"&)((6;/"/1& 7/%"%&)88(/#)+1&)(&#1281&8%"+1()<&K1&'+2)+1&/"&)((6;/"/1&#1"'%"+%&6")&*/F: F6'/1"%&1;1B%"%)&*%(&#)(12%&'6&+6++1&/(&F1"*1&%&2/*6#%&/&2/'#$/&*/&926#/)+62% 7R HQKDQFH WKH WKHUPDO FRQGXFWLYLW\ RI VWHHO DQ DOXPLQXP OD\HU LV DSSOLHG WR WKH ERG\ RI WKH SRW 7KH DOXPLQXP DOORZV D KRPRJHQHRXV GLVWULEXWLRQ RI KHDW RYHU WKH ZKROH ERWWRP DQG UHGXFHV WKH ULVN RI EXUQV

/$ &8&,1$ ', %$5$==21,

!**)!)(

-$#+,(%..'.$%%(

AEFF]2

#1,0W42%440+2?/S040

Z%2/%&'+12/#)&#$%&$)&#1"+2/96/+1&)&*%#2%+)2%&/(&'6##%''1& GHO QRPH %DUD]]RQL 7XPP\ VL GLVWLQJXH SHU OD VXD IRUPD ERPEDWD H SHU OD FRPELQD]LRQH GHOOD Ã&#x20AC;QLWXUD OXFLGD H ')+/")+)<& *OL DUWLFROL GHOOD OLQHD 7XPP\ VRQR VWDWL DJJLRUQDWL QHO #12'1& *%B(/& )""/& 8%2& )*)++)2'/& )/& 8/C& )++6)(/& #)"1"/& %'+%+/#/&%&F6"4/1")(/< N*1"%)&8%2&+6++%&(%&F1"+/&*/&#)(12%< 7800< +LVWRULF VHULHV ZKLFK FRQWULEXWHG LQ UXOLQJ WKH VXFFHVV RI WKH QDPH %DUD]]RQL 7XPP\ VWDQGV RXW E\ LWV URXQGHG VKDSH DQG LWV FRPELQDWLRQ RI SROLVKHG DQG VDWLQ Ã&#x20AC;QLVKHG 6XLWDEOH IRU HYHU\ KHDW VRXUFH Â² VWDUWLQJ IURP PRGHUQ HOHFWULF FRRNWRSV RU E\ LQGXFWLRQ DV ZHOO DV IRU WUDGLWLRQDO JDV WR S\URFHUDP RQHV Â² 7XPP\ VHULHV KDV UHFHQWO\ EHHQ XSGDWHG LQ RUGHU WR PHHW WKH FXUUHQW DHVWKHWLF DQG IXQFWLRQDO VWDQGDUGV

*$5$1=,$

H!RR!

7(&12/2*,( <%0=,"("2+%.

$FFLDR LQR[

6WDLQOHVV VWHHO

Z)+/")+62)&/"+%2")& #$%&F)#/(/+)& (%&561+/*/)"%& 18%2)4/1"/&*/& 86(/4/)

)217, ', &$/25( @%#$'.")50%.

JKJ<

>?'6%#5.';#55#,$6

9#,2%

6WDLQOHVV VWHHO KDQGOH WKLQ JDXJH ZKLFK IDFLOLWDWHV WKH GDLO\ FOHDQLQJ RSHUDWLRQV

H!Z

[b )""/

!KW<

NIM<

PWIMW&OXN=KJI P1"*1&)&+2%& '+2)+/&)##/)/1: )((6;/"/1:)##/)/1& 8%2&6">1++/;)(%& */'+2/964/1"%&*%(()& +%;8%2)+62)

R)"/B(/)&)##/)/10& '8%''12%&'1++/(%

6WDLQOHVV VWHHO KDQGOH WKLQ JDXJH

P12;)&91;9)+) 5RXQGHG VKDSH

3$&.$*,1*

9DSRWXPP\ 45%..)5%'0""1%5 e&[S&#;

3HQWROD -$"01/"$ Â&#x2018; FP

7KUHH OD\HUV EDVH VWHHO DOXPLQXP VWHHO IRU DQ H[FHOOHQW KHDW GLVWULEXWLRQ

&(5

PWXIW K!V!ZOWV<

%ROOLODWWH D+(1'/"$ e&?[&#;

7HJDPH A";'0#..%5"(% Â&#x2018; FP

&DVVHUXROD !#..%5"(% Â&#x2018; [d&#;

&RSHUFKLR A+& Â&#x2018; [d&#;&

&DVVHUXROD PDQLFR OXQJR -#)0%/#, e&?[:?c&#;&

&RODSDVWD YDSRFXRFL 4#.$#'.$5#+,%5 e&[[&#;

6HOYDJJLD E+.='1%$$(%F' @dE?d&#;& I1&/"*64/1"% F:"'+,&)0$+",

*ULJOLD VHOYDJJLD B5+(('C"5'.%(8#22+#'

&HVWHOOR FXRFLSDVWD -$5#+,%5'C"5'/#.$# e&[[&#;&

&ROLQR -$5#+,%5 e&?d&#;&

/$ &8&,1$ ', %$5$==21,

!**)!)(

-$#+,(%..'.$%%(

&!AA%$)! AEFF]2 2

#1,0W42%440+2?/S040

*$5$1=,$

[b )""/

8Q FRPSOHWR DVVRUWLPHQWR GHOOÂ·HOHJDQWH OLQHD 7XPP\ /;82%4/1'/+1&*)(()&'#)+1()&2%B)(1<& 7XWWL L SH]]L LQ DFFLDLR LQR[ P1"*1&)*)++1&)"#$%&)((>/"*64/1"%<& M/'81"/9/(%&/"&*6%&7%2'/1"/Q&?S&8%44/&%&[b&8%44/<

>?'6%#5.';#55#,$6

7800< &22.:$5( 6(7 $ FRPSOHWH DVVRUWPHQW RI 7XPP\Â·V FROOHFWLRQ HPEHOOLVKHG E\ LWV JLIW ER[ $OO LWHPV LQ VWDLQOHVV VWHHO 6XLWDEOH DOVR IRU LQGXFWLRQ $YDLODEOH LQ WZR YHUVLRQV LWHPV RU LWHPV

7(&12/2*,( <%0=,"("2+%.

$FFLDR LQR[

6WDLQOHVV VWHHO

Z)+/")+62)&/"+%2")& #$%&F)#/(/+)& (%&561+/*/)"%& 18%2)4/1"/&*/& 86(/4/)

6WDLQOHVV VWHHO KDQGOH WKLQ JDXJH ZKLFK IDFLOLWDWHV WKH GDLO\ FOHDQLQJ RSHUDWLRQV

)217, ', &$/25( @%#$'.")50%.

H!Z

JKJ<

!KW<

NIM<

PWIMW&OXN=KJI& P1"*1&)&+2%& '+2)+/&)##/)/1: )((6;/"/1:)##/)/1& 8%2&6">1++/;)(%& */'+2/964/1"%&*%(()& +%;8%2)+62)

R)"/B(/)&)##/)/10& '8%''12%&'1++/(%

6WDLQOHVV VWHHO KDQGOH WKLQ JDXJH

7KUHH OD\HUV EDVH VWHHO DOXPLQXP VWHHO IRU DQ H[FHOOHQW KHDW GLVWULEXWLRQ

&(5

PWXIW K!V!ZOWV<

P12;)&91;9)+) 5RXQGHG VKDSH

3$&.$*,1*

H!RR!

?S 8%44/ IJ'/+%0%.

[b 8%44/ >?'/+%0%.

9#,2%

%$77(5,$ 3=

Â&#x2021; 3HQWROD&:&-$"01/"$'G'e&[[&#; Â&#x2021; &DVVHUXROD&:&!#..%5"(%'G'Â&#x2018; FP Â&#x2021; 7HJDPH&:&A";'0#..%5"(%G'e&[d&#; Â&#x2021; &DVVHUXROD PDQLFR OXQJR&:&-#)0%/#,G'e&?[&#; Â&#x2021; &RSHUFKLR&:&A+&G'Â&#x2018; [ FP

Â&#x2021; 3HQWROD&:&-$"01/"$'G'Â&#x2018; FP Â&#x2021; &DVVHUXROD&:&!#..%5"(%'G'Â&#x2018; FP Â&#x2021; 7HJDPH&:&A";'0#..%5"(%G'e&[d&#; Â&#x2021; &DVVHUXROD PDQLFR OXQJR&:&-#)0%/#,G'e&?[&#; Â&#x2021; &RODSDVWD YDSRFXRFL&:&4#.$#'.$5#+,%5'G'e&[[&#; Â&#x2021; &ROLQR&:&-$5#+,%5&:&e&?d&#; Â&#x2021; %ROOLODWWH&:&D+(1'/"$'Ge&?[&#; Â&#x2021; &RSHUFKLR&:&A+&G'Â&#x2018; [ [ FP Â&#x2021; 6HW PHVWROL S] &:&A#&(%.'.%$'H'/0.

/$ &8&,1$ ', %$5$==21,

!**)!)(

-$#+,(%..'.$%%(

D)?)*("2B$( !**)!)(

#1,0W42*5:/90+2&155040

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

H!RR!

7(&12/2*,( <%0=,"("2+%.

$FFLDR LQR[

6WDLQOHVV VWHHO

9#,2%

R)"/#/&%2B1"1;/#/& /"&'/(/#1"%0&/"& IRUQR ÀQR D )+%2;/#/0&"1"& '#1++)"1

PWIMW&OXN=KJI& P1"*1&)&+2%& '+2)+/&)##/)/1: )((6;/"/1:)##/)/1& 8%2&6">1++/;)(%& */'+2/964/1"%&*%(()& +%;8%2)+62)

6LOLFRQH HUJRQRPLF KDQGOHV RYHQ VDIH XS WR VRIW VHFX' 7KUHH OD\HUV EDVH UH DQG KHDWOHVV JULS VWHHO DOXPLQXP VWHHO IRU DQ H[FHOOHQW KHDW GLVWULEXWLRQ

3HQWROD -$"01/"$ FP

&DVVHUXROD !#..%5"(% e&?d:[S:[c&#;

7HJDPH A";'0#..%5"(% FP

&DVVHUXROD PDQLFR OXQJR -#)0%/#, e&?c:?d&#;&

%ROOLODWWH D+(1'/"$ e&?[&#;&

&RODSDVWD !"(#,&%5 e&[[&#;

&RODSDVWD YDSR -$%#*'.$5#+,%5 e&[c&#;

&RSHUFKLR A+& FP

)217, ', &$/25( @%#$'.")50%.

H!Z

JKJ<

!KW<

NIM<

&(5

PWXIW K!V!ZOWV<

/$ &8&,1$ ', %$5$==21,

!**)!)(

-$#+,(%..'.$%%(

D)?)*("2B$( EA%"D)?)2

#1,0W42*5:/90+2&155040

Z+26;%"+/&#$%&*/7%"+)"1&)((%)+/&/"&#6#/")< K)& (/"%)& Z/(/#1"& =21& #1;82%"*%& )"#$%& 6")& #1((%4/1"%& */& 6+%"'/(/& *)& #6#/")Q& ;%'+1(10& '#$/6;)21()0& 8)()F2/++10& F12#$%++1"%0&'%27/&'8)B$%++/0&#6##$/)/1"%&#1"&(>%'+2%;/+D& *%((>6+%"'/(%&/"&)##/)/1&%&;%'+1(10&#6##$/)/1"%0&8)()F2/++1& H VHUYL VSDJKHWWL FRQ OÂ·HVWUHPLWj GHOOÂ·XWHQVLOH LQ Q\ORQ SHU QRQ JUDIÃ&#x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

7(&12/2*,(

3$&.$*,1*

<%0=,"("2+%.

R)"/#/ %2B1"1;/#/

(UJRQRPLF KDQGOHV

R%'+1(10&8)(%++)0&#6##$/)/1"%& %&'%27/'8)B$%++/&#1"&(>%'+2%;/+D& LQ Q\ORQ LGHDOL SHU ULYHVWLPHQWL )"+/)*%2%"+/

6RXS ODGOH WXUQHU VHUYLQJ VSRRQ DQG VSDJKHWWL VHUYHU ZLWK Q\ORQ H[WUHPLW\ IRU QRQ VWLFN LQQHU FRDWLQJ

H!RR! 9#,2%

Â&#x2021; 0HVWROR LQR[&:&K,"L'.")/'(#&(% Â&#x2021; 3DOHWWD LQR[&:&K,"L'$)5,%5 Â&#x2021; 6FKLXPDUROD LQR[&:&K,"L'.1+**%5 Â&#x2021; )RUFKHWWRQH&LQR[:&K,"L'C"51 Â&#x2021; &XFFKLDLRQH LQR[&:&K,"L'.%58+,2'./"", Â&#x2021; 6HUYLVSDJKHWWL LQR[&:&K,"L'./#2=%$$+'.%58%5 Â&#x2021; 0HVWROR Q\ORQ&:&:6(",'.")/'(#&(% Â&#x2021; 3DOHWWD Q\ORQ:&:6(",'$)5,%5 Â&#x2021; &XFFKLDLRQH Q\ORQ&:&:6(",'.%58+,2'./"", Â&#x2021; 6HUYLVSDJKHWWL Q\ORQ&:&:6(",'./#2=%$$+'.%58%5

/$ &8&,1$ ', %$5$==21,

!**)!)(

-$#+,(%..'.$%%(

*<%=2?)"% K/"%)& *)(& *%'/B"& 82)+/#1& #)2)++%2/44)+)& *)& ;)"/B(/%0& ;)"/#1&(6"B1&%&81"+/#%((1&/"&)##/)/1&*/&F12;)&+691()2%& FRQ Ã&#x20AC;QLWXUD OXFLGD ,O FRUSR HVWHUQDPHQWH q OXFLGR ;%"+2%&/"+%2");%"+%&.&')+/")+1<& Z8%#/)(%& F1"*1& */FF6'12%& )(+1& 6"& #%"+/;%+21& )*)++1& )& +6++/&/&8/)"/&#/&#1++62)0&/"*64/1"%&#1;82%')< N(&F1"*1&)&+2%&'+2)+/&)##/)/1&:&)((6;/"/1&:&)##/)/1&F)712/'#%& 6">1++/;)(%&*/'+2/964/1"%&*%(()&+%;8%2)+62)< 8QD OLQHD FRPSOHWD GL VWUXPHQWL GD FRWWXUD VHQ]D WHPSR 8%2&6")&(6"B)&7/+)&)((>/"'%B")&*%(()&56)(/+D &+() /,1( 0LQLPDOLVW GHVLJQ &KHI /LQH LV FKDUDFWHUL]HG E\ WXEXODU VWHHO KDQGOHV ZLWK SROLVKHG Ã&#x20AC;QLVK 7KH RXWVLGH RI WKH ERG\ LV VKLQ\ ZKLOH WKH LQVLGH KDV D VDWLQ Ã&#x20AC;QLVK 7KH VSHFLDO FHQWLPHWUH KLJK EDVH GLVWULEXWHV WKH KHDW HYHQO\ 6XLWDEOH RQ DOO W\SHV RI KRE LQFOXGLQJ LQGXFWLRQ KREV 7KH ERWWRP LV PDGH ZLWK WKUHH OD\HUV VWHHO DOXPLQXP VWHHO ZKLFK JLYHV LW H[FHO' OHQW KHDW GLVWULEXWLRQ VWDQGDUGV 7LPHOHVV FRRNLQJ LQVWUXPHQWV IRU D ORQJ OLIH PDUNHG E\ TXDOLW\

7(&12/2*,(

K&%#(%'/%5'(M)."'&+'$)$$+'+'2+"5,+'+,'0)0+,#'%'/%5'.%58+5%'#'$#8"(# K&%#('C"5'%8%56&#6').%N'+,'$=%'1+$0=%,'#,&'C"5'.%58+,2'#$'$=%'$#O(%P

<%0=,"("2+%.

$FFLDR LQR[

6WDLQOHVV VWHHO

R)"/B(/%&/"&)##/)/10& Z8%#/)(%&F1"*1& */&F12;)&+691()2%& */FF6'12%&)(+1&6"& FRQ Ã&#x20AC;QLWXUD OXFLGD #%"+/;%+210&)*)++1& 7XEXODU VWHHO KDQGOHV )&+6++/&/&8/)"/&*/& #1++62) ZLWK SROLVKHG Ã&#x20AC;QLVK

PWIMW& 75,3/(1 3/86 P1"*1&)&+2%& '+2)+/&)##/)/1: )((6;/"/1:)##/)/1& 6SHFLDO FHQWLPHWUH 8%2&6">1++/;)(%& KLJK EDVH GLVWULEXWHV */'+2/964/1"%&*%(()& WKH KHDW HYHQO\ LW +%;8%2)+62) FDQ EH XVHG RQ DOO W\SHV RI KRE

)217, ', &$/25( @%#$'.")50%.

H!Z

[[

JKJ<

!KW<

NIM<

&(5

M%'/B"&%''%"4/)(%0& ;/"/;)(/'+)

(VVHQWLDO PLQLPDOLVW GHVLJQ

#1,0W42*5:/90+2&155040

H!RR! 9#,2%

3HQWROD -$"01/"$ Â&#x2018; FP

&DVVHUXROD !#..%5"(% Â&#x2018; FP

&DVVHUXROD PDQLFR OXQJR -#)0%/#, e&?c:?d&#;&

&RODSDVWD !"(#,&%5 e&[[&#;

7HJDPH A";'0#..%5"(% Â&#x2018; FP

&RSHUFKLR A+& Â&#x2018; FP

7KUHH OD\HUV EDVH VWHHO DOXPLQXP VWHHO IRU DQ H[FHOOHQW KHDW GLVWULEXWLRQ

PWXIW K!V!ZOWV<

/$ &8&,1$ ', %$5$==21,

!**)!)(

-$#+,(%..'.$%%(

&!AA%$)! *<%=2?)"%2 2

8Q FRPSOHWR DVVRUWLPHQWR GHOOÂ·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

7(&12/2*,(

K&%#(%'/%5'(M)."'&+'$)$$+'+'2+"5,+'+,'0)0+,#'%'/%5'.%58+5%'#'$#8"(# K&%#('C"5'%8%56&#6').%N'+,'$=%'1+$0=%,'#,&'C"5'.%58+,2'#$'$=%'$#O(%P

<%0=,"("2+%.

#1,0W42*5:/90+2&155040

$FFLDR LQR[

6WDLQOHVV VWHHO

R)"/B(/%&/"&)##/)/10& PWIMW& */&F12;)&+691()2%& 75,3/(1 3/86 FRQ Ã&#x20AC;QLWXUD OXFLGD P1"*1&)&+2%& 7XEXODU VWHHO KDQGOHV '+2)+/&)##/)/1: ZLWK SROLVKHG Ã&#x20AC;QLVK )((6;/"/1:)##/)/1& 8%2&6">1++/;)(%& */'+2/964/1"%&*%(()& +%;8%2)+62)

6SHFLDO FHQWLPHWUH KLJK EDVH GLVWULEXWHV WKH KHDW HYHQO\ LW FDQ EH XVHG RQ DOO 7KUHH OD\HUV EDVH VWHHO DOXPLQXP VWHHO W\SHV RI KRE IRU DQ H[FHOOHQW KHDW GLVWULEXWLRQ

)217, ', &$/25( @%#$'.")50%.

H!Z

JKJ<

!KW<

Z8%#/)(%&F1"*1& */FF6'12%&)(+1&6"& #%"+/;%+210&)*)++1& )&+6++/&/&8/)"/&*/& #1++62)

NIM<

&(5

PWXIW K!V!ZOWV<

d 8%44/

M%'/B"&%''%"4/)(%0& ;/"/;)(/'+)

(VVHQWLDO PLQLPDOLVW GHVLJQ

3$&.$*,1*

H!RR!

Q'/+%0%.

A 8%44/ R'/+%0%.

9#,2%

%$77(5,$ 3=

Â&#x2021; &DVVHUXROD&:&!#..%5"(%'G'e&?d:[S:[c&#; Â&#x2021; &RSHUFKLR&:&A+&G'e&?d:[S:[c&#;

Â&#x2021; 3HQWROD&:&-$"01/"$'G'e&[S&#; Â&#x2021; &DVVHUXROD&:&!#..%5"(%'G'Â&#x2018; FP Â&#x2021; 7HJDPH&:&A";'0#..%5"(%G'e&[c&#; Â&#x2021; &DVVHUXROD PDQLFR OXQJR&:&-#)0%/#,G'e&?c&#; Â&#x2021; &RSHUFKLR&:&A+&G'Â&#x2018; FP

/$ &8&,1$ ', %$5$==21,

!**)!)(

-$#+,(%..'.$%%(

&(")A! 31"/+)& .& 6")& (/"%)& B/17)"%0& 82)+/#)0& '8/2/+1')& #$%& B)2)"+/'#%&1++/;%&82%'+)4/1"/<& ,QWHUDPHQWH UHDOL]]DWD LQ DFFLDLR LQR[ FRQ IRQGR +%2;12)*/)"+%&)*)++1&)&+6++%&(%&F1"+/&*/&#)(12%< %21,7$ $ \RXQJ SUDFWLFDO FROOHFWLRQ WKDW JXDUDQWHHV H[FHOOHQW FRRNLQJ SHUIRUPDQFHV (QWLUHO\ PDGH RI VWDLQOHVV VWHHO ZLWK VSHFLDO WULSOH OD\HU ERWWRP VXLWDEOH IRU DOO NLQGV RI KHDW VRXUFH

7(&12/2*,(

H!RR!

<%0=,"("2+%.

$FFLDR LQR[

6WDLQOHVV VWHHO

9#,2%

Z)+/")+62)&/"+%2")& #$%&F)#/(/+)& (%&561+/*/)"%& 18%2)4/1"/&*/&86(/4/) 6WDLQOHVV VWHHO KDQGOH WKLQ JDXJH ZKLFK IDFLOLWDWHV WKH GDLO\ FOHDQLQJ RSHUDWLRQV

)217, ', &$/25( @%#$'.")50%.

H!Z

JKJ<

!KW<

NIM<

PWIMW&OXN=KJI& P1"*1&)&+2%& '+2)+/&)##/)/1: )((6;/"/1:)##/)/1& 8%2&6">1++/;)(%& */'+2/964/1"%&*%(()& +%;8%2)+62)

R)"/#)+62)& %2B1"1;/#)&

(UJRQRPLF KDQGOHV

J'+%2"1&)&'8%##$/1 0LUURU Ã&#x20AC;QLVK H[WHULRU

3HQWROD -$"01/"$ Â&#x2018; FP

&DVVHUXROD !#..%5"(% Â&#x2018; FP

7HJDPH A";'0#..%5"(% Â&#x2018; FP

%ROOLODWWH D+(1'/"$ e&?[&#;&

&DVVHUXROD PDQLFR OXQJR -#)0%/#, Â&#x2018; FP

7KUHH OD\HUV EDVH VWHHO DOXPLQXP VWHHO IRU DQ H[FHOOHQW KHDW GLVWULEXWLRQ

&(5

PWXIW K!V!ZOWV<

&DVVHUXROD FRQLFD PO -#)0%/#, e&?[:?c&#;&

&RODSDVWD 9DSR FXRFL !"(#,&%5 e&[c&#;

&ROLQR -$5#+,%5 e&?c&#;

&RSHUFKLR &DVVHUXROD RYDOH A+& 78#('!#..%5"(% Â&#x2018; e&@[&#;& FP I1&/"*64/1"% F:"'+,&)0$+",

&RSHUFKLR FDVVHUXROD RYDOH A+& e&@[&#;&

/$ &8&,1$ ', %$5$==21,

!**)!)(

-$#+,(%..'.$%%(

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

d 8%44/

7(&12/2*,( <%0=,"("2+%.

Q'/+%0%.

$FFLDR LQR[

6WDLQOHVV VWHHO

Z)+/")+62)&/"+%2")& #$%&F)#/(/+)& (%&561+/*/)"%& 18%2)4/1"/&*/&86(/4/) 6WDLQOHVV VWHHO KDQGOH WKLQ JDXJH ZKLFK IDFLOLWDWHV WKH GDLO\ FOHDQLQJ RSHUDWLRQV

)217, ', &$/25( @%#$'.")50%.

H!Z

JKJ<

!KW<

NIM<

PWIMW&OXN=KJI& P1"*1&)&+2%& '+2)+/&)##/)/1: )((6;/"/1:)##/)/1& 8%2&6">1++/;)(%& */'+2/964/1"%&*%(()& +%;8%2)+62)

R)"/#)+62)& %2B1"1;/#)&

(UJRQRPLF KDQGOHV

7KUHH OD\HUV EDVH VWHHO DOXPLQXP VWHHO IRU DQ H[FHOOHQW KHDW GLVWULEXWLRQ

&(5

J'+%2"1&)&'8%##$/1 0LUURU Ã&#x20AC;QLVK H[WHULRU

3$&.$*,1*

A 8%44/ R'/+%0%.

H!RR! 9#,2%

%$77(5,$ 3=

Â&#x2021; 3HQWROD&:&-$"01/"$'G'e&[S&#; Â&#x2021; &DVVHUXROD&:&!#..%5"(%'G'Â&#x2018; FP Â&#x2021; &DVVHUXROD PDQLFR OXQJR&:&-#)0%/#,G'e&?c&#; Â&#x2021; &RSHUFKLR&:&A+&G'Â&#x2018; FP

Â&#x2021; 3HQWROD&:&-$"01/"$'G'e&[S&#; Â&#x2021; &DVVHUXROD&:&!#..%5"(%'G'Â&#x2018; FP Â&#x2021; 7HJDPH&:&A";'0#..%5"(%G'e&[[&#; Â&#x2021; &DVVHUXROD PDQLFR OXQJR&:&-#)0%/#,G'e&?c&#; Â&#x2021; &RSHUFKLR&:&A+&G'Â&#x2018; FP

PWXIW K!V!ZOWV<

/$ &8&,1$ ', %$5$==21,

!**)!)(

-$#+,(%..'.$%%(

&!AA%$)! #%??(2*<%=2 O6++/& B(/& '+26;%"+/& /"*/'8%"')9/(/& 8%2& #$/& );)& #6#/")2%& 9%"%Q& 6"& )''12+/;%"+1& %''%"4/)(%& ;)& #1;8(%+10& #1"& )2+/#1(/& */& */7%2'%& F12;%& %& */;%"'/1"/& 82181'+/& 8%2& '1**/'F)2%&+6++/&/&+/8/&%&(%&%'/B%"4%&*/&#1++62)0&*)/&8/)++/& 9)'%&)((%&8/%+)"4%&8/C&2/##$%&%*&%()912)+%<& &+() &22.:$5( 6(7 $ FRPSOHWH UDQJH RI SRWV DQG SDQV LQGLVSHQVDEOH IRU ZKRP ORYH WR FRRN JRRG $Q HVVHQWLDO EXW FRPSOHWH UDQJH DUWLFOHV ZLWK GLIIHUHQW VL]HV WR VDWLVI\ DOO WKH FRR' NLQJ H[LJHQFLHV IURP WKH VLPSOH GLVKHV WR PRUH HODERUDWHG UHFLSHV

7(&12/2*,( <%0=,"("2+%.

$FFLDR LQR[

6WDLQOHVV VWHHO

Z)+/")+62)&/"+%2")& #$%&F)#/(/+)& (%&561+/*/)"%& 18%2)4/1"/&*/&86(/4/) 6WDLQOHVV VWHHO KDQGOH WKLQ JDXJH ZKLFK IDFLOLWDWHV WKH GDLO\ FOHDQLQJ RSHUDWLRQV

)217, ', &$/25( @%#$'.")50%.

H!Z

JKJ<

!KW<

NIM<

PWIMW&OXN=KJI& P1"*1&)&+2%& '+2)+/&)##/)/1: )((6;/"/1:)##/)/1& 8%2&6">1++/;)(%& */'+2/964/1"%&*%(()& +%;8%2)+62)

R)"/#)+62)& %2B1"1;/#)&

(UJRQRPLF KDQGOHV

7KUHH OD\HUV EDVH VWHHO DOXPLQXP VWHHO IRU DQ H[FHOOHQW KHDW GLVWULEXWLRQ

&(5

J'+%2"1&)&'8%##$/1 0LUURU Ã&#x20AC;QLVK H[WHULRU

H!RR! 9#,2%

3$&.$*,1* %$77(5,$ 3= Â&#x2021; 3HQWROD&:&-$"01/"$'G'Â&#x2018; FP Â&#x2021; &DVVHUXROD&:&!#..%5"(%'G'Â&#x2018; FP Â&#x2021; 7HJDPH PDQLFL :&A";'0#..%5"(%G'e&[[&#; Â&#x2021; &DVVHUXROD PDQLFR OXQJR&:&-#)0%/#,G'e&?c&#; Â&#x2021; &RSHUFKLR&:&A+&G'Â&#x2018; FP

8%44/ S'/+%0%.

PWXIW K!V!ZOWV<

/$ &8&,1$ ', %$5$==21,

!**)!)(

-$#+,(%..'.$%%(

B!??2&(^ !**)!)( 3HQWRODPH LQ DFFLDLR LQR[ WULSOR IRQGR !*)++1&)&7%"*/+%&821;14/1")(/< =!KK:3WfQ&Ad&8%44/&g&?b&#18%2#$/& RNIN&=!KK:3WfQ&@[&8%44/&g&b&#18%2#$/< 352027,21$/ 67$,1/(66 67((/ &22.:$5( 6WDLQOHVV VWHHO LQR[ FRRNZDUH ZLWK WKUHH OD\HU ERWWRP IRU SURPRWLRQDO VDOHV 3$// %2; SLHFHV OLGV 0,1, 3$// %2; SLHFHV OLGV

7(&12/2*,(

3$// %2;

0,1, 3$// %2;

Ad 8%44/g

@[ 8%44/g

?b&#18%2#$/

b&#18%2#$/

RQ'/+%0%.'T I?'(+&.

3$&.$*,1*

<%0=,"("2+%.

U>'/+%0%.'T ?'(+&.

H!RR! 9#,2% $FFLDR LQR[

6WDLQOHVV VWHHO

PWIMW&OXN=KJI& P1"*1&)&+2%&'+2)+/& )##/)/1:)((6;/"/1: )##/)/1&8%2&6">1++/;)(%& */'+2/964/1"%&*%(()& +%;8%2)+62)

7KUHH OD\HUV EDVH VWHHO DOXPLQXP VWHHO IRU DQ H[FHOOHQW KHDW GLVWULEXWLRQ

)217, ', &$/25( @%#$'.")50%.

H!Z

JKJ<

!KW<

NIM<

&(5

=!KK:3WfQ

RNIN&=!KK:3WfQ

Â&#x2021; 3HQWROD&:&-$"01/"$'G'Â&#x2018; FP S] Â&#x2021; &DVVHUXROD&:&!#..%5"(%'G'e&?d&#;&:&[c&84< Â&#x2018; FP S] & & & &e&[S&#;&:&?[&84< Â&#x2021; &DVVHUXROD PDQLFR OXQJR&:&-#)0%/#,G'e&?c&#;& & & & &:&[c&84< Â&#x2021; %ROOLODWH&:&D+(1'/"$G'Â&#x2018; FP S] Â&#x2021; &RSHUFKLR&:&A+&G'e&?d&#;&:&A&84< Â&#x2018; FP S] & & &e&[S&#;&:&@&84<

Â&#x2021; 3HQWROD&:&-$"01/"$'G'Â&#x2018; FP S] Â&#x2021; &DVVHUXROD&:&!#..%5"(%'G'Â&#x2018; FP S] Â&#x2018; FP S] & & & &e&[S&#;&:&c&84< Â&#x2021; &DVVHUXROD PDQLFR OXQJR&:&-#)0%/#,G'e&?c&#;& S] Â&#x2021; %ROOLODWH&:&D+(1'/"$G'e&?[&#;&:&d&84< Â&#x2021; &RSHUFKLR&:&A+&G'e&?d&#;&:&@&84< Â&#x2018; FP S] & & &e&[S&#;&:&?&84<

PWXIW K!V!ZOWV<

/$ &8&,1$ ', %$5$==21,

!"#$%&'#()*+,)*

B%"A(?!F% !??EF)")(2$)>%DA)A( _2/42+--07+2S+49/--+.1` 0527:,,07+29155\:4-0:91.14X:` 1S+5+W0S+2a.0S0S5:-+212.0S0S5:Z051b K>)((6;/"/10&B2)4/%&)((>)(+)&#1"*6#/9/(/+D&+%2;/#)&%*&)(&'61& EDVVR SHVR VSHFLÃ&#x20AC;FR FRQIHULVFH OHJJHUH]]D& %& 1++/;)& PDQHJJHYROH]]D&)B(/&'+26;%"+/&*/&#1++62)&)''/#62)"*1& "%(& #1"+%;81& RWWLPDOL ULVXOWDWL QHOOD SUHSDUD]LRQH GL FLEL< H2)4/%& )((>)88(/#)4/1"%& */& Ã&#x20AC;QLWXUH DQWLDGHUHQWL& %')(+)& (%& 82182/%+D& *%((>)((6;/"/1& 2%"*%"*1(1& LGHDOH SHU OH FRWWXUH EUHYL H OH URVRODWXUH N"1(+2%0&'/&+2)++)&*/&6"&PDWHULDOH HFRORJLFR Ã&#x20AC;QR DO GL 6")&8)*%(()&/"&)((6;/"/1&86T&%''%2%&2/#/#()+1< N&2/7%'+/;%"+/&)"+/)*%2%"+/&3)2)441"/&2/'81"*1"1&)/&8/C&)(+/& '+)"*)2*&56)(/+)+/7/&%&'1"1&'/#62/&8%2&()&')(6+%Q&'1"1&/"%2+/& %&"%6+2/&%&"1"&82171#)"1&2%)4/1"/&#$/;/#$%&)&#1"+)++1& #1"&)#56)0&)(/;%"+/&1&*%+%2B%"+/<

!"#$!"#$$#"%

%&"#'()$'("#'"*"$ '*%&'&()*

!"#$%&'()*+&,-./".#& 01./"-2&"#&2314&5"-$6%#

K%&(/"%%&/"&)((6;/"/1&#1" ULYHVWLPHQWR LQ FHUDPLFR VRQR VWUXPHQWL LGHDOL SHU URVRODUH H GRUDUH0&/"&56)"+1 OH&FRWWXUH GLYHQWDQR SL FURFFDQWL& B2)4/%& )((%& )(+%& +%;8%2)+62%& 2)BB/6"B/9/(/<&O2)&/&7)"+)BB/&*%(()&#%2);/#)Q&2%'/'+%"4)&)/& JUDIÃ&#x20AC; IDFLOLWj GL SXOL]LD UHVLVWHQ]D DOOH DOWH WHPSHUDWXUH #$%&*1")&)/&#/9/&6"&)'8%++1&8/C&*12)+1&%&6")&#1"'/'+%"4)& 8/C&#21##)"+%<

&2$7(' $//80,1,80 ([FHOOHQW +HDW &RQGXFWRU PD[LPXP QRQVWLFN HFRORJLFDO UHF\FOHG DQG UHF\FODEOH

$OXPLQXP WKDQNV WR WKH KLJK WKHUPDO FRQGXFWLYLW\ DQG LWV ORZ VSHFLÃ&#x20AC;F JUDYLW\ RIIHUV D OLJKW DQG H[FHOOHQW KDQGOLQJ WR FRRNLQJ WRROV HQVXULQJ WKHP ZLWK ZKLOH RSWLPDO UHVXOWV LQ WKH SUHSDUDWLRQ RI IRRGV 7KH DSSOLFDWLRQ RI QRQ VWLFN Ã&#x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

N& 2/7%'+/;%"+/& /"& #%2);/#1& 3)2)441"/& '1"1& HVHQWL GL 3)2$0&8/1;91&%&#)*;/1&%&'1"1&'/#62/&8%2&()&')(6+%&*%(& #1"'6;)+12%&%&8%2&()&+6+%()&*%((>);9/%"+%< O6++/&/&821*1++/&*%(()&(/"%)&)"+/)*%2%"+%&'1"1&JDUDQWLWL DQQL

&$7$/2*2

/$ &8&,1$ ', %$5$==21, @b

!"#$%&'#()*+,)*

N&IWZOXN&ON=N&MN&XNVJZONRJIOW&:&7)5'$6/%.'"C'0"#$+,2' 7,7$1,2'

683(5 5(6,67$1&('

,GHQWLÀFD L SURGRWWL %DUD]]RQL GL DOWLVVLPD TXDOLWj GRWDWL GL ULYHVWLPHQWL DQWLD: *%2%"+/& %'+2%;);%"+%& 2%'/'+%"+/& #$%& B)2)"+/'#1"1& 82%'+)4/1"/& *>)7)"B6)2*/)& JUD]LH DO ULYHVWLPHQWR DQWLDGHUHQWH 7HÁRQh&=()+/"6;&=21&'6&9)'%&)(&O/+)"/1<& N(&'61&86"+1&*/&F124)&.&(>%'+2%;)&*62%44)&#$%&'/&*%7%&)((>6"/1"%&F2)&/(&;)+%2/)(%& */&9)'%0&(>)((6;/"/1&)*&)(+1&'8%''12%0&%*&/(&O/+)"/10&/(&8/C&2%'/'+%"+%&%&*62%71(%&*%/& 2/7%'+/;%"+/<&Z+6*/)+/&8%2&6"&6'1&6(+2)&/"+%"'/71<&`6%'+/&2/7%'+/;%"+/&'1"1&#1;81'+/& *)&b&'+2)+/&)88(/#)+/&#1"&+%#"1(1B/)&)&'826441<&J(%7)+1&'8%''12%&*%((>)((6;/"/1<& =21*1++/&'#%(+/&*)&6"&8699(/#1&8)2+/#1()2;%"+%&82%8)2)+1&%*&%'/B%"+%<

,GHQWLÀFD L SURGRWWL %DUD]]RQL GL DOWD TXDOLWj GRWDWL GL ULYHVWLPHQWL DQWLDGHUHQWL 2%'/'+%"+/0&'+6*/)+/&8%2&6"&6'1&F2%56%"+%<&`6%'+/&2/7%'+/;%"+/&'1"1&#1;81'+/&*)&@& VWUDWL DSSOLFDWL FRQ WHFQRORJLD D VSUX]]R &RUSL SHQWROD FRQ $OOXPLQLR D VSHV: '12%&*/FF%2%"4/)+10&8/C&%(%7)+1&'6(&F1"*1&%&"%/&912*/0&8%2&B)2)"+/2%&6">1++/;)(%& */'+2/964/1"%&*%(&#)(12%&%&6")&;)BB/12%&2%'/'+%"4)&*%((>6+%"'/(%&<&=21*1++/&'#%(+/& *)&6"&8699(/#1&*/");/#1&#$%&82%'+)&#1;6"56%&)++%"4/1"%&)(()&56)(/+D&*%((1& '+26;%"+1&*)&#1++62)<

,GHQWLÀHV %DUD]]RQL·V YHU\ KLJK TXDOLW\ SURGXFWV ZLWK H[WUHPHO\ GXUDEOH QRQ VWLFN FRD' WLQJV WKDW SURYLGH KLJK SHUIRUPDQFH HGJH WKDQNV WR QRQ VWLFN FRDWLQJ 7LWDQLXP EDVHG 7HÁRQ) 3ODWLQXP 3UR ,WV VWURQJ SRLQW LV LWV H[WUHPH KDUGQHVV GXH WR WKH XQLRQ RI WKH EDVH PDWHULDO WKLFN DOXPLQXP DQG 7LWDQLXP WKH WRXJKHVW DQG PRVW GXUDEOH FRDWLQJV 'HVL' JQHG IRU XOWUD LQWHQVLYH XVH 7KHVH FRDWLQJV DUH FRPSRVHG RI OD\HUV DSSOLHG ZLWK VSUD\ WHFKQRORJ\ 7KLFN DOXPLQXP 3URGXFWV FKRVHQ E\ DQ H[SHULHQFHG GHPDQGLQJ SXEOLF

0$5027(&+) ,GHQWLÀFD L SURGRWWL %DUD]]RQL GL DOWLVVLPD TXDOLWj GRWDWL GL ULYHVWLPHQWL DQWLDGH: 2%"+/& %'+2%;);%"+%& 2%'/'+%"+/& %& 2/"F124)+/& #1"& 8)2+/#%((%& R)2;1+%#$h0& '+6*/)+/& 8%2&6"&6'1&6(+2)&/"+%"'/71<&`6%'+/&2/7%'+/;%"+/&'1"1&#1;81'+/&*)&b&'+2)+/&)88(/#)+/& FRQ WHFQRORJLD D VSUX]]R &RUSL SHQWROD FRQ $OOXPLQLR D VSHVVRUH GLIIHUHQ]LDWR 8/C& %(%7)+1& '6(& F1"*1& %& "%/& 912*/0& 8%2& B)2)"+/2%& 6">1++/;)(%& */'+2/964/1"%& *%(& #)(12%&%&6")&;)BB/12%&2%'/'+%"4)&*%((>6+%"'/(%<&=21*1++/&'#%(+/&*)&6"&8699(/#1& 8)2+/#1()2;%"+%&82%8)2)+1&%*&%'/B%"+%< ,GHQWLÀHV %DUD]]RQL·V YHU\ KLJK TXDOLW\ SURGXFWV ZLWK H[WUHPHO\ GXUDEOH QRQ VWLFN FRD' WLQJV UHLQIRUFHG ZLWK 0DUPRWHFK SDUWLFOHV GHVLJQHG IRU XOWUD LQWHQVLYH XVH 7KHVH FRD' WLQJV DUH FRPSRVHG RI OD\HUV DSSOLHG ZLWK VSUD\ WHFKQRORJ\ 7KH GLIIHUHQW WKLFNQHVVHV RI WKH ERG\ WKLFNHU EDVH DQG HGJHV JXDUDQWHHV D XQLIRUP WUDQVPLVVLRQ RI KHDW DQG JUHDW UHVLVWDQFH 3URGXFWV FKRVHQ E\ DQ H[SHULHQFHG GHPDQGLQJ SXEOLF

683(5 >HVLVWDQFH

,GHQWLÀHV %DUD]]RQL·V KLJK TXDOLW\ SURGXFWV ZLWK UHVLVWDQW QRQ VWLFN FRDWLQJV GHVLJQHG IRU IUHTXHQW XVH 7KHVH FRDWLQJV DUH FRPSRVHG RI OD\HUV DSSOLHG ZLWK VSUD\ WHFKQRORJ\ 7KH GLIIHUHQW WKLFNQHVVHV RI WKH ERG\ WKLFNHU EDVH DQG HGJHV JXDUDQWHHV D XQLIRUP WUDQVPLVVLRQ RI KHDW DQG JUHDW UHVLVWDQFH 3URGXFWV FKRVHQ E\ G\QDPLF XVHUV WKDW SD\ DWWHQWLRQ WR WKH TXDOLW\ RI WKHLU FRRNZDUH

35(0,80 ,GHQWLÀFD L SURGRWWL %DUD]]RQL GL TXDOLWj VWDQGDUG GRWDWL GL ULYHVWLPHQWR DQWLD: *%2%"+%&'+6*/)+1&8%2&6"&"12;)(%&6+/(/441<&`6%'+/&2/7%'+/;%"+/&'1"1&#1;81'+/&*)& */7%2'/&'+2)+/&)88(/#)+/&#1"&+%#"1(1B/)&)&'826441&18862%&#1"&+%#"1(1B/)&*/&+2): 'F%2/;%"+1& )& #1"+)++1<& Z8%''12%& *%((>)((6;/"/1& 8/C& 2/*1++1& %& 6"/F12;%& 2/'8%++1& )/&82%#%*%"+/&2/7%'+/;%"+/<&=21*1++/&'#%(+/&*)&6"&8699(/#1&*/");/#1&#$%&82%'+)& #1;6"56%&)++%"4/1"%&)(()&56)(/+D&*%((1&'+26;%"+1&*)&#1++62)<

35(0,80

,GHQWLÀHV %DUD]]RQL·V VWDQGDUG TXDOLW\ SURGXFWV ZLWK UHVLVWDQW QRQ VWLFN FRDWLQJV GHVLJ' QHG IRU QRUPDO XVH 7KHVH FRDWLQJV DUH FRPSRVHG RI GLIIHUHQW OD\HUV DSSOLHG ZLWK VSUD\ WHFKQRORJ\ RU ZLWK FRQWDFW WUDQVIHU WHFKQRORJ\ 7KLQQHU DOXPLQXP OD\HU FRPSDUHG ZLWK WKH SUHYLRXV FDWHJRULHV 3URGXFWV FKRVHQ E\ G\QDPLF XVHUV WKDW SD\ DWWHQWLRQ WR WKH TXDOLW\ RI WKHLU FRRNZDUH

&(5$0,&2 ,GHQWLÀFD L SURGRWWL %DUD]]RQL GL DOWD TXDOLWj GRWDWL GL ULYHVWLPHQWL ULQIRU]DWL FRQ 8)2+/#%((%& #%2);/#$%0& '+6*/)+/& 8%2& 6"& 6'1& /"+%"'/71<& `6%'+/& 2/7%'+/;%"+/& '1"1& #1;81'+/&*)&c&'+2)+/&)88(/#)+/&#1"&+%#"1(1B/)&)&'826441<&!(+1&'8%''12%&*%((>)((6: ;/"/1&#$%&*)&;)BB/12&/;812+)"4)&"%(()&41")&*%(&F1"*1<&=21*1++/&'#%(+/&*)&6"& 8699(/#1&);)"+%&*%(()&#6#/")&*12)+)&%&#21##)"+%&8)2+/#1()2;%"+%&82%8)2): +1&%*&%'/B%"+%<

723 5(6,67$1&(

723 >HVLVWDQFH

,GHQWLÀFD L SURGRWWL %DUD]]RQL GL DOWD TXDOLWj GRWDWL GL ULYHVWLPHQWL DQWLDGHUHQWL ;1(+1&2%'/'+%"+/&'+6*/)+/&8%2&6"&6'1&/"+%"'/71<&`6%'+/&2/7%'+/;%"+/&'1"1&#1;81'+/& GD VWUDWL DSSOLFDWL FRQ WHFQRORJLD D VSUX]]R &RUSL SHQWROD FRQ DOOXPLQLR D '8%''12%&*/FF%2%"4/)+10&8/C&%(%7)+1&'6(&F1"*1&%&"%/&912*/0&8%2&B)2)"+/2%&6">1++/: ;)(%&*/'+2/964/1"%&*%(&#)(12%&%&6")&;)BB/12%&2%'/'+%"4)&*%((>6+%"'/(%<&=21*1++/& '#%(+/&*)&6"&8699(/#1&#$%&#%2#)&6"&1++/;1&#1;821;%''1&+2)&56)(/+D&%&82%'+): 4/1"/<

,GHQWLÀHV %DUD]]RQL·V KLJK TXDOLW\ FHUDPLF FRDWLQJ GHVLJQHG IRU LQWHQVLYH XVH 7KHVH FRDWLQJV DUH FRPSRVHG RI OD\HUV DSSOLHG ZLWK VSUD\ WHFKQRORJ\ 9DU\LQJ DOXPLQXP WKLFNQHVV WKLFNHVW LQ WKH ERWWRP 3URGXFWV FKRVHQ E\ H[SHULHQFHG DQG GHPDQGLQJ XVHUV WKDW SUHIHU JROGHQ FULVS\ IRRG

,GHQWLÀHV %DUD]]RQL·V KLJK TXDOLW\ SURGXFWV ZLWK YHU\ UHVLVWDQW QRQ VWLFN FRDWLQJV GHVLJ' QHG IRU LQWHQVLYH XVH 7KHVH FRDWLQJV DUH FRPSRVHG RI OD\HUV DSSOLHG ZLWK VSUD\ WHFK' QRORJ\ 7KH GLIIHUHQW WKLFNQHVVHV RI WKH ERG\ WKLFNHU EDVH DQG HGJHV JXDUDQWHHV D XQLIRUP WUDQVPLVVLRQ RI KHDW DQG JUHDW UHVLVWDQFH 3URGXFWV FKRVHQ E\ XVHUV ORRNLQJ IRU DQ H[FHOOHQW FRPSURPLVH EHWZHHQ TXDOLW\ DQG SHUIRUPDQFH

&$7$/2*2

/$ &8&,1$ ', %$5$==21,

!??EF)")( $)>%DA)A(

!"#$%&'#()*+,)*

D)?)*("2B$( !??EF)")(

#1,0W42*5:/90+2&155040

=2%21B)+/7)& */& 56%'+)& (/"%)& .& /(& 2/7%'+/;%"+1& '/#621& 8%2& ()& ')(6+%& ,Z)(6+%#$-0& 82/71& */& =PW!0& #$%& )"+/#/8)& (%& QRUPDWLYH 86$ GHO N(&#1281&/"&)((6;/"/1&)&'8%''12%&*/FF%2%"4/)+1&B)2)"+/'#%& 6">1++/;)&*/'+2/964/1"%&%&*/FF6'/1"%&*%(&#)(12%< N(& ;)"/#1& /"& '/(/#1"%& )''/#62)& 6")& 82%')& ;129/*)& %*& %2B1"1;/#)&%*&.&6+/(/44)9/(%&)"#$%&/"&F12"1< 6,/,&21 352 $//80,1,2 3UHURJDWLYH RI WKLV SRW VHW LV LWV KHDOWK\ LQWHUQDO FRDWLQJ ´6DOXWHFKµ 3)2$ IUHH WKDW DQWLFLSDWHV \HDU 86$ UHJXODWLRQV ,WV ERG\ LQ DOXPLQXP ZLWK GLIIHUHQWLDWHG WKLFNQHVV DVVXUHV DQ RSWLPDO KHDW GLVWULEXWLRQ DQG GLIIXVLRQ ,WV VLOLFRQ KDQGOH JXDUDQWHHV D VHFXUH DQG HUJRQRPLF JULS DQG LV RYHQ VDIH $OO WKH LWHPV WKDW DUH HVVHQWLDO LQWKH NLWFKHQ ZUDSSHG LQ DQ HOHJDQW DQG SUDFWLFDO ER[

*$5$1=,$

7(&12/2*,(

A%22%5%VV#'%'*#,%22%8"(%VV#

'/LJKW DQG HDV\ WR KDQGOH FRRNLQJ LQVWUXPHQWV

<%0=,"("2+%.

3$&.$*,1*

b )""/

H!RR!

?'6%#5.';#55#,$6

9#,2%

723 >HVLVWDQFH X/7%'+/;%"+1& O18&X%'/'+%"+

Z)(6+%#$0& 35,92 ', 3)2$

7RS 5HVLVWHQW FRDWLQJ

6DOXWHFK 3)2$ )5((

R)"/#/&%2B1"1;/#/& /"&'/(/#1"%0&/"& IRUQR ÀQR D )+%2;/#/0&"1"& '#1++)"1

6LOLFRQH HUJRQRPLF KDQGOHV RYHQ VDIH XS WR VRIW VHFXUH DQG KHDWOHVV JULS

&RSHUFKLR LQ YHWUR 7%*/&;%"+2%&#6#/"/ *ODVV OLG \RX FDQ VHH ZKLOH \RX DUH FRRNLQJ

&DVVHUXROD !#..%5"(% e&[S:[c&#;

7HJDPH A";'0#..%5"(% FP

3DGHOOD E56+,2'/#, @S:@[&#;&

&DVVHUXROD PDQLFR OXQJR -#)0%/#, e&?d&#;&

/DVDJQHUD W//(+#,0%'C"5' A#.#2,#' [ [ FP

6DOWDSDVWD ZRN X"1 FP

%LVWHFFKLHUD -$%#1'/#, [ FP

&RSHUFKLR LQ YHWUR B(#..'(+& @S:@[&#;&

)217, ', &$/25( @%#$'.")50%.

H!Z

JKJ<

!KW<

&(5

&$7$/2*2

PWXIW K!V!ZOWV<

/$ &8&,1$ ', %$5$==21, @A

!??EF)")( $)>%DA)A(

!"#$%&'#()*+,)*

@$!")A)*!

#1,0W42*5:/90+2&155040

8QD QXRYD H FRPSOHWD OLQHD GL SHQWROH H SDGHOOH FKH #/&#1"'%"+%&*/&2/'#182/2%&(%&#)2)++%2/'+/#$%&%&/(&')812%&*%(& #61#%2%& #1;%& '6(()& 8/%+2)<& K)& #1((%4/1"%& H2)"/+/#)& */& 3)2)441"/& .& 812+)71#%& */& 6"& ;1*1& */& #6#/")2%& '%"4)& B2)''/0& *1+)+)& */& 6"& #1281& /"& )((6;/"/1& %& /""17)+/71& 2/7%'+/;%"+1&)&#/"56%&'+2)+/&2/"F124)+1&#1"&8)2+/#%((%&*/& R)2;1+%#$h<& `6%'+1& /""17)+/71& 2/7%'+/;%"+1& .& =PW!& %'%"+%&%&B)2)"+/'#%&6">1++/;)&)"+/)*%2%"4)&%&2%'/'+%"4)& DO JUDIÀR DO WDJOLR DOO·XVXUD 3LDFHYROH DO WDWWR H DOOD 7/'+)0& /(& 2/7%'+/;%"+1& /"+%2"1& 86"+/")+1& #/& F)& 2/+217)2%& ()& B2)*%71(%&%'8%2/%"4)&*/&#6#/")2%&#1;%&'6(()&8/%+2)<& *5$1,7,&$ $ QHZ DQG FRPSOHWH OLQH RI SRWV DQG SDQV WKDW DOORZV XV WR GLVFRYHU WKH FKDUDFWHULVWLFV DQG ÁDYRU RI FRRNLQJ OLNH RQ WKH VWRQH 7KH *UDQLWLFD FROOHFWLRQ LV D VSRNHVPDQ IRU D IDW IUHH KHDOWK\ FRRNLQJ ZLWK DQ DOXPLQXP ERG\ DQG LQQRYDWLYH ÀYH OD\HU FRDWLQJ UHLQIRUFHG ZLWK SDUWLFOHV 0DUPRWHFK) 7KLV LQQRYDWLYH FRDWLQJ LV 3)2$ IUHH DQG HQVXUHV H[FHOOHQW QRQ VWLFN DQG KLJK UHVLVWDQFH WR VFUDWFKHV FXWV ZHDU DQG WHDU 3OHDVDQW WR WKH WRXFK DQG WR WKH H\H WKH LQQHU FRDWLQJ RI GRWV PDNHV XV UHGLVFRYHU WKH ORYHO\ H[SHULHQFH RI FRRNLQJ OLNH RQ WKH VWRQH DQG VDIH JULS

7(&12/2*,(

A%22%5%VV#'%'*#,%22%8"(%VV#

'/LJKW DQG HDV\ WR KDQGOH FRRNLQJ LQVWUXPHQWV

<%0=,"("2+%.

X/7%'+/;%"+1 R)2;1+%#$)

R)"/#1& %2B1"1;/#1& LQ EDNHOLWH 82%')&'/#62)&%& #1"F12+%71(%

Z)(6+%#$0& 35,92 ', 3)2$

0DUPRWHFK FRDWLQJ )

6DOXWHFK 3)2$ )5((

(UJRQRPLF EDNHOLWH KDQGOH FRPIRUWDEOH DQG VDIH JULS

&RSHUFKLR LQ YHWUR 7%*/&;%"+2%&#6#/"/ *ODVV OLG \RX FDQ VHH ZKLOH \RX DUH FRRNLQJ

3$&.$*,1*

*$5$1=,$

b )""/

H!RR!

?'6%#5.';#55#,$6

9#,2%

&DVVHUXROD !#..%5"(% e&[S:[c&#;

7HJDPH A";'0#..%5"(% FP

3DGHOOD E56+,2'/#, @[&#;

&DVVHUXROD PDQLFR OXQJR -#)0%/#, e&?d&#;&

6DOWDSDVWD ZRN X"1 FP

%LVWHFFKLHUD -$%#1'/#, [ FP

&UHSLHUD W//(+#,0%'C"5'/#,0#1%. e&[b&#;

&RSHUFKLR A+& FP

)217, ', &$/25( @%#$'.")50%.

H!Z

JKJ<

!KW<

&(5

K!V!ZOWV<

&$7$/2*2

/$ &8&,1$ ', %$5$==21, c?

!??EF)")( $)>%DA)A(

!"#$%&'#()*+,)*

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

#1,0W42*5:/90+2&155040 *$5$1=,$

7(&12/2*,(

A%22%5%VV#'%'*#,%22%8"(%VV#

'/LJKW DQG HDV\ WR KDQGOH FRRNLQJ LQVWUXPHQWV

<%0=,"("2+%.

3$&.$*,1*

b )""/

H!RR!

?'6%#5.';#55#,$6

9#,2%

683(5 >HVLVWDQFH X/7%'+/;%"+1& Z68%2&X%'/'+%"+ 6XSHU 5HVLVWHQW FRDWLQJ

&RSHUFKLR LQ YHWUR R)"/#1& 7%*/&;%"+2%&#6#/"/ %2B1"1;/#1& *ODVV OLG \RX FDQ LQ EDNHOLWH VHH ZKLOH \RX DUH 82%')&'/#62)&%& FRRNLQJ #1"F12+%71(%

Z)(6+%#$0& 35,92 ', 3)2$ 6DOXWHFK 3)2$ )5((

&DVVHUXROD !#..%5"(% e&[S:[c&#;

7HJDPH A";'0#..%5"(% Â&#x2018; FP

(UJRQRPLF EDNHOLWH KDQGOH FRPIRUWDEOH DQG VDIH JULS

3DGHOOD E56+,2'/#, Â&#x2018; FP

&DVVHUXROD PDQLFR OXQJR -#)0%/#, e&?d&#;&

)217, ', &$/25( @%#$'.")50%.

H!Z

JKJ<

!KW<

&(5

K!V!ZOWV<

&$7$/2*2

6DOWDSDVWD ZRN X"1 Â&#x2018; FP

%LVWHFFKLHUD -$%#1'/#, [ FP

&RSHUFKLR A+& Â&#x2018; FP

/$ &8&,1$ ', %$5$==21, c@

!??EF)")( $)>%DA)A(

IWVNO_ :%;

!"#$%&'#()*+,)*

$(E@% 8QD QXRYD H FRPSOHWD OLQHD GL SHQWROH H SDGHOOH FKH #/&#1"'%"+%&*/&2/'#182/2%&(%&#)2)++%2/'+/#$%&%&/(&')812%&*%(& #61#%2%&#1;%&'6(()&8/%+2)< =12+)71#%&*/&6"&;1*1&*/&#6#/")2%&'%"4)&B2)''/0&*1+)+)& */&6"&#1281&/"&)((6;/"/1&%&/""17)+/71&2/7%'+/;%"+1&)&+2%& '+2)+/& 2/"F124)+1& #1"& 8)2+/#%((%& */& R)2;1+%#$h<& `6%'+1& /""17)+/71& 2/7%'+/;%"+1& .& =PW!& %'%"+%& %& B)2)"+/'#%& XQ·RWWLPD DQWLDGHUHQ]D H UHVLVWHQ]D DO JUDIÀR DO WDJOLR )((>6'62)<& =/)#%71(%& )(& +)++1& %& )(()& 7/'+)0& /(& 2/7%'+/;%"+1& /"+%2"1&86"+/")+1&#/&F)&2/+217)2%&()&B2)*%71(%&%'8%2/%"4)& */&#6#/")2%&#1;%&'6(()&8/%+2)< 528*( $ QHZ DQG FRPSOHWH OLQH RI SRWV DQG SDQV WKDW DOORZV XV WR GLVFRYHU WKH FKDUDFWHULVWLFV DQG ÁDYRU RI FRRNLQJ OLNH RQ WKH VWRQH $ VSRNHVPDQ IRU D IDW IUHH KHDOWK\ FRRNLQJ ZLWK DQ DOXPLQXP ERG\ DQG LQQRYDWLYH WKUHH OD\HU FRDWLQJ UHLQIRUFHG ZLWK SDUWLFOHV 0DUPRWHFK) 7KLV LQQRYDWLYH FRDWLQJ LV 3)2$ IUHH DQG HQVXUHV H[FHOOHQW QRQ VWLFN DQG KLJK UHVLVWDQFH WR VFUDWFKHV FXWV ZHDU DQG WHDU 3OHDVDQW WR WKH WRXFK DQG WR WKH H\H WKH LQQHU FRDWLQJ RI GRWV PDNHV XV UHGLVFRYHU WKH ORYHO\ H[SHULHQFH RI FRRNLQJ OLNH RQ WKH VWRQH

7(&12/2*,(

A%22%5%VV#'%'*#,%22%8"(%VV#

'/LJKW DQG HDV\ WR KDQGOH FRRNLQJ LQVWUXPHQWV

<%0=,"("2+%.

X/7%'+/;%"+1 R)2;1+%#$)

R)"/#1& %2B1"1;/#1& /"&#1(12%&21''1& 269/"1&92/(()"+%

Z)(6+%#$0& 35,92 ', 3)2$

0DUPRWHFK FRDWLQJ )

6DOXWHFK 3)2$ )5((

(UJRQRPLF KDQGOH EULOOLDQW UXE\ UHG FRORXU

&RSHUFKLR LQ YHWUR 7%*/&;%"+2%&#6#/"/ *ODVV OLG \RX FDQ VHH ZKLOH \RX DUH FRRNLQJ

3$&.$*,1*

*$5$1=,$

b )""/

H!RR!

?'6%#5.';#55#,$6

9#,2%

&DVVHUXROD !#..%5"(% e&[S&#;

7HJDPH A";'0#..%5"(% FP

3DGHOOD E56+,2'/#, :@[&#;

&DVVHUXROD PDQLFR OXQJR -#)0%/#, e&?d&#;&

)217, ', &$/25( @%#$'.")50%.

H!Z

JKJ<

!KW<

&(5

K!V!ZOWV<

&$7$/2*2

6DOWDSDVWD ZRN X"1 FP

%LVWHFFKLHUD -$%#1'/#, [ FP

&RSHUFKLR A+& FP

/$ &8&,1$ ', %$5$==21, cb

!??EF)")( $)>%DA)A(

IWVNO_ :%;

!"#$%&'#()*+,)*

&)D2$(E@% Z%+& */& [& 8)*%((%& 2)##$/6'%& /"& 6")& 82)+/#)& #1"F%4/1"%<& X16B%& .& 6")& "617)& (/"%)& #)2)++%2/44)+)& *)(& ;)"/#1& %2B1"1;/#1& /"& #1(12%& 21''1& 269/"1& 92/(()"+%& %& *)(& ULYHVWLPHQWR LQWHUQR SXQWLQDWR &RQVHQWH GL ULVFRSULUH (%& #)2)++%2/'+/#$%& %& /(& ')812%& *%(& #61#%2%& #1;%& '6(()& 8/%+2)<& M1+)+)& */& 6"& #1281& /"& )((6;/"/1& %& /""17)+/71& 2/7%'+/;%"+1&)&#/"56%&'+2)+/&2/"F124)+1&#1"&8)2+/#%((%&*/& R)2;1+%#$h<& `6%'+1& /""17)+/71& 2/7%'+/;%"+1& .& =PW!& %'%"+%&%&B)2)"+/'#%&6">1++/;)&)"+/)*%2%"4)&%&2%'/'+%"4)& DO JUDIÃ&#x20AC;R DO WDJOLR DOOÂ·XVXUD 3LDFHYROH DO WDWWR H DOOD 7/'+)0&/(&2/7%'+/;%"+1&/"+%2"1&.&812+)71#%&*/&6"&;1*1&*/& #6#/")2%&'%"4)&B2)''/<

*$5$1=,$

b )""/

%,6 528*(

?'6%#5.';#55#,$6

6HW FRPSRVHG RI SDQV ZUDSSHG LQ D SUDFWLFDO SDFNDJLQJ 5RXJH LV D QHZ OLQH FKDUDFWHUL]HG E\ LWV EULOOLDQW UXE\ U HG FRORXU HUJRQRPLF KDQGOH DQG E\ LWV GRWWHG LQQHU FRDWLQJ 5HVHPEOHV WKH FKDUDFWHULVWLFV DQG WDVWH RI VWRQH FRRNLQJ $OXPLQXP ERG\ ZLWK LQQRYDWLYH Ã&#x20AC;YH OD\HU LQQHU FRDWLQJ UHLQIRUFHG ZLWK 0DUPRWHFK) SDUWLFOHV 7KLV LQQRYDWLYH FRDWLQJ LV 3)2$ IUHH DQG HQVXUHV H[FHOOHQW QRQ VWLFN VFUDWFK UHVL' VWDQFH FXWV ZHDU DQG WHDU 3OHDVDQW WR WKH WRXFK DQG WR WKH H\H WKH LQQHU OLQLQJ LV D VSRNHVPDQ IRU D IDW IUHH KHDOWK\ FRRNLQJ

7(&12/2*,(

A%22%5%VV#'%'*#,%22%8"(%VV#

<%0=,"("2+%.

X/7%'+/;%"+1 R)2;1+%#$)

'/LJKW DQG HDV\ WR KDQGOH FRRNLQJ LQVWUXPHQWV

R)"/#1& %2B1"1;/#1& /"&#1(12%&21''1& 269/"1&92/(()"+%

Z)(6+%#$0& 35,92 ', 3)2$

0DUPRWHFK FRDWLQJ )

3$&.$*,1*

6DOXWHFK 3)2$ )5((

(UJRQRPLF KDQGOH EULOOLDQW UXE\ UHG FRORXU

)217, ', &$/25( @%#$'.")50%.

H!RR! 9#,2% H!Z

JKJ<

!KW<

&(5

K!V!ZOWV<

&$7$/2*2

Â&#x2021; 3DGHOOD&:&E56+,2'/#,'G'Â&#x2018; FP

[ 8%44/ >'/+%0%.

/$ &8&,1$ ', %$5$==21,

!??EF)")( $)>%DA)A(

IWVNO_ :%;

!"#$%&'#()*+,)*

N(& F1"*1& .& 2%)(/44)+1& )88(/#)"*1& 6")& 2%+%& /"& )##/)/1& ;)B"%+/#1& F12B/)+1& "%(& #1281& /"& )((6;/"/10& #/T& 8%2;%++%&6")&#1"*6#/9/(/+D&"%((%&8/)'+2%&)*&/"*64/1"%& %&B)2)"+/'#%&6")&8%2F%++)&'+)9/(/+D&*%(&F1"*1&)"#$%&)*& )(+%&+%;8%2)+62% ,1'8&7,21 7KH ERWWRP LV PDQXIDFWXUHG E\ DSSO\LQJ D QHW RI PDJQHWLF VWHHO IRUJHG LQ WKH DOXPLQXP ERG\ WKLV DOORZV D FRQGXFWLYLW\ LQ WKH LQGXFWLRQ SODWHV DQG DVVXUHV D SHUIHFW VWDELOLW\ RI WKH ERWWRP HYHQ DW KLJK WHPSHUDWXUH

)"#E')("%

'2/20,7,&$

&$7$/2*2

,1'8&7,21 $/8

/$ &8&,1$ ', %$5$==21, cA

!??EF)")( $)>%DA)A(

IWVNO_ :%;

!"#$%&'#()*+,)*

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h< '2/20,7,&$ $ QHZ DQG FRPSOHWH OLQH RI SRWV DQG SDQV WKDW DOORZV XV WR GLVFRYHU WKH FKDUDFWHULVWLFV DQG Á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

7(&12/2*,(

A%22%5%VV#'%'*#,%22%8"(%VV#

<%0=,"("2+%.

X/7%'+/;%"+1 R)2;1+%#$) 0DUPRWHFK FRDWLQJ )

'/LJKW DQG HDV\ WR KDQGOH FRRNLQJ LQVWUXPHQWV

Z)(6+%#$0& 35,92 ', 3)2$ 6DOXWHFK 3)2$ )5((

R)"/#1& %2B1"1;/#1& LQ EDNHOLWH 82%')&'/#62)&%& #1"F12+%71(%

(UJRQRPLF EDNHOLWH KDQGOH FRPIRUWDEOH DQG VDIH JULS

&RSHUFKLR LQ YHWUR 7%*/&;%"+2%&#6#/"/ *ODVV OLG \RX FDQ VHH ZKLOH \RX DUH FRRNLQJ

3$&.$*,1*

*$5$1=,$

b )""/

H!RR!

?'6%#5.';#55#,$6

9#,2%

&DVVHUXROD !#..%5"(% e&[S:[c&#;

7HJDPH A";'0#..%5"(% FP

3DGHOOD E56+,2'/#, FP

&DVVHUXROD PDQLFR OXQJR -#)0%/#, e&?d&#;&

)217, ', &$/25( @%#$'.")50%.

H!Z

JKJ<

!KW<

NIM<

&$7$/2*2

&(5

K!V!ZOWV<

6DOWDSDVWD ZRN X"1 FP

%LVWHFFKLHUD -$%#1'/#, [ FP

&RSHUFKLR A+& FP

/$ &8&,1$ ', %$5$==21, b?

!??EF)")( $)>%DA)A(

!"#$%&'#()*+,)*

)"#E*A)("2!?E I617)& %& #1;8(%+)& (/"%)& */& 8%"+1(%& %& 8)*%((%& /*1"%/& DOOÂ·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Â´3)2$Âµ IUHH FRDWLQJ 7KH ERWWRP LV PDQXIDFWXUHG E\ DSSO\LQJ D QHW RI PDJQHWLF VWHHO IRUJHG LQ WKH DOXPLQXP ERG\ WKLV DOORZV WKHUPDO FRQGXFWLYLW\ LQ WKH LQGXFWLRQ SODWHV DQG DVVXUHV D SHUIHFW VWDELOLW\ RI WKH ERWWRP HYHQ DW KLJK WHPSHUDWXUHV 7KH VWHDN SDQ LV PDQXIDFWXUHG LQ FDVW DOXPLQXP ZKLFK DVVXUHV JUHDW UHVLVWDQFH DQG DYRLGV PLVVKDSH

7(&12/2*,(

b )""/

H!RR!

A%22%5%VV#'%'*#,%22%8"(%VV#

'/LJKW DQG HDV\ WR KDQGOH FRRNLQJ LQVWUXPHQWV

<%0=,"("2+%.

*$5$1=,$

?'6%#5.';#55#,$6

9#,2%

683(5 >HVLVWDQFH X/7%'+/;%"+1& Z68%2&X%'/'+%"+ 6XSHU 5HVLVWHQW FRDWLQJ

Z)(6+%#$0& 35,92 ', 3)2$ 6DOXWHFK 3)2$ )5((

P1"*1&2%)(/44)+1& )88(/#)"*1&6")& 2%+%&/"&)##/)/1& ;)B"%+/#1&F12B/)+1& "%(&#1281&/"&)((6;/"/1

R)"/#1& %2B1"1;/#1& LQ EDNHOLWH 82%')&'/#62)&%& #1"F12+%71(%

%RWWRP LV (UJRQRPLF EDNHOLWH PDQXIDFWXUHG E\ KDQGOH FRPIRUWD' DSSO\LQJ D QHW RI EOH DQG VDIH JULS PDJQHWLF VWHHO IRUJHG LQ WKH DOXPLQXP ERG\

3/'+%##$/%2)&/"& &RSHUFKLR LQ YHWUR F6'/1"%&*/&)((6;/"/1 7%*/&;%"+2%&#6#/"/ 6WHDN SDQ LQ FDVW DOXPLQXP

*ODVV OLG \RX FDQ VHH ZKLOH \RX DUH FRRNLQJ

&DVVHUXROD !#..%5"(% e&[S:[c&#;

7HJDPH A";'0#..%5"(% Â&#x2018; FP

3DGHOOD E56+,2'/#, Â&#x2018; FP

&DVVHUXROD PDQLFR OXQJR -#)0%/#, e&?c&#;&

3$&.$*,1*

)217, ', &$/25( @%#$'.")50%.

H!Z

JKJ<

!KW<

NIM<

&$7$/2*2

&(5

K!V!ZOWV<

6DOWDSDVWD ZRN X"1 Â&#x2018; FP

%LVWHFFKLHUD -$%#1'/#, [ FP

&RSHUFKLR A+& Â&#x2018; FP

/$ &8&,1$ ', %$5$==21, b@

!??EF)")( $)>%DA)A(

!"#$%&'#()*+,)*

D)?)*("2B$( *%$!F)*( Z/(/#1"&821&#%2);/#10&6"1&'+26;%"+1&*/&#1++62)&*/&"617)& B%"%2)4/1"%<& M1+)+)& */& 6"1& '8%#/)(%& 2/7%'+/;%"+1& /"+%2"1& /"& #%2);/#)0& ;)+%2/)(%& #$%& 2%'/'+%& )*& )(+%& WHPSHUDWXUH H VKRFN WHUPLFL D JUDIÀ H DEUDVLRQL D #1221'/1"/&*)&*%+%2'/7/<& N(&#1281&/"&)((6;/"/1&)&'8%''12%&*/FF%2%"4/)+1&B)2)"+/'#%& 6">1++/;)&*/'+2/964/1"%&%&*/FF6'/1"%&*%(&#)(12%<& N(& ;)"/#1& /"& '/(/#1"%& )''/#62)& 6")& 82%')& ;129/*)& %*& %2B1"1;/#)&%*&.&6+/(/44)9/(%&)"#$%&/"&F12"1< 6,/,&21 352 &(5$0,&2 ´6LOLFRQ SUR &HUDPLFRµ D QHZ JHQHUDWLRQ FRRNLQJ GHYLFH WKDQNV WR LWV VSHFLDO LQQHU FRDWLQJ LQ &HUDPLFV UHVLVWDQW WR KLJK WHPSHUDWXUHV WKHUPDO VKRFNV VFUDWFKHV DEUDVLRQV DQG FRUURVLRQ IURP FKHPLFDO DJHQWV %RG\ LQ DOXPLQXP ZLWK GLIIHUHQWLDWHG WKLFNQHVV DVVXUHV DQ RSWLPDO KHDW GLVWULEXWLRQ DQG GLIIXVLRQ 6LOLFRQ KDQGOH JXDUDQWHHV D VHFXUH DQG HUJRQRPLF JULS DQG LV RYHQ VDIH

7(&12/2*,(

/HJJHUH]]D H PDQHJJHYROH]]D

'/LJKW DQG HDV\ WR KDQGOH FRRNLQJ LQVWUXPHQWV

<%0=,"("2+%.

X/7%'+/;%"+1& &HUDPLFR

R)"/#/&%2B1"1;/#/& /"&'/(/#1"%0&/"& IRUQR ÀQR D )+%2;/#/0&"1"& '#1++)"1

Z)(6+%#$0& 35,92 ', 3)2$

7RS 5HVLVWHQW FRDWLQJ

6DOXWHFK 3)2$ )5((

6LOLFRQH HUJRQRPLF KDQGOHV RYHQ VDIH XS WR VRIW VHFXUH DQG KHDWOHVV JULS

)217, ', &$/25(

&RSHUFKLR LQ YHWUR 7%*/&;%"+2%&#6#/"/ *ODVV OLG \RX FDQ VHH ZKLOH \RX DUH FRRNLQJ

1RQ VL GHWHULRUD FRQ O·XVR'

b )""/

H!RR!

?'6%#5.';#55#,$6

9#,2%

&DVVHUXROD !#..%5"(% e&[S:[c&#;

7HJDPH A";'0#..%5"(% FP

3DGHOOD E56+,2'/#, FP

&DVVHUXROD PDQLFR OXQJR -#)0%/#, e&?d&#;&

/DVDJQHUD 9%0$#,2)(#5' O#1%5 e&@?E[@&#;&

6DOWDSDVWD ZRN X"1 FP

%LVWHFFKLHUD -$%#1'/#, [ FP

&RSHUFKLR A+& FP

*XDUDQWHHV FUXQFK\ IRRGV

,W ZLOO QRW FKLS RU GHWHULRUDWH ZLWK XVH JKJ<

*$5$1=,$

,GHDOH SHU FRWWXUH FURFFDQWL'

@%#$'.")50%.

H!Z

3$&.$*,1*

#1,0W42*5:/90+2&155040

!KW<

&(5

K!V!ZOWV<

&$7$/2*2

/$ &8&,1$ ', %$5$==21, bb

!??EF)")( $)>%DA)A(

!"#$%&'#()*+,)*

*!BBE**)"( 8QD FROOH]LRQH LVSLUDWD DOOD EHYDQGD DPEDVFLDWULFH GÂ·,WDOLD &DSSXFFLQR q GLVSRQLELOH LQ XQD SLDFHYROH #1;9/")4/1"%& */& #1(12/Q& /(& #1281& %'+%2"1& .& /"& )((6;/"/1& 7%2"/#/)+1& */& #1(12& ;)221"%& 18)#1& #1"& 2/7%'+/;%"+1& /"+%2"1&/"&#%2);/#1&#1(12&9/)"#1&1++/#1< N(& 2/7%'+/;%"+1& /"+%2"1& /"& #%2);/#)& 2%'/'+%& )*& )(+%& WHPSHUDWXUH H VKRFN WHUPLFL D JUDIÃ&#x20AC; H DEUDVLRQL D #1221'/1"/& *)& *%+%2'/7/<& N(& #1281& /"& )((6;/"/1& )& '8%''12%& */FF%2%"4/)+1& B)2)"+/'#%& 6">1++/;)& */'+2/964/1"%& %& */FF6'/1"%&*%(&#)(12%<`6%'+)&+/81(1B/)&*/&)2+/#1(/&.&/*%)(%& 8%2&#1++62%&8/C&*12)+%&%&#21##)"+/<

#1,0W42*5:/90+2&155040

&$338&&,12 $ FROOHFWLRQ LQVSLUHG E\ WKH ,WDOLDQ $PEDVVDGRU GULQN &DSSXFFLQR LV DYDLODEOH LQ D QLFH FRORU FRPELQDWLRQ WKH H[WHUQDO ERG\ LV PDWW EURZQ DQG WKH LQQHU FRDWLQJ LV RSWLFDO ZKLWH 7KH LQWHUQDO FHUDPLF FRDWLQJ ZLWKVWDQGV KLJK WHPSHUDWXUHV DQG WKHUPDO VKRFN VFUDWFKHV DQG DEUDVLRQV FRUURVLRQ E\ GHWHUJHQWV 7KH DOXPLQXP ERG\ ZLWK GLIIHUHQWLDWHG WKLFNQHVV SURYLGHV H[FHOOHQW KHDW GLVWULEXWLRQ DQG GLIIXVLRQ 7KLV W\SH RI DUWLFOH LV LGHDO IRU FRRNLQJ JROGHQ DQG FULVS\ IRRG

7(&12/2*,(

A%22%5%VV#'%'*#,%22%8"(%VV#

'/LJKW DQG HDV\ WR KDQGOH FRRNLQJ LQVWUXPHQWV

<%0=,"("2+%.

X/7%'+/;%"+1& &HUDPLFR

Z)(6+%#$0& 35,92 ', 3)2$

&HUDPLFR FRDWLQJ

R)"/#1& %2B1"1;/#1& LQ EDNHOLWH 82%')&'/#62)&%& #1"F12+%71(%

6DOXWHFK 3)2$ )5((

(UJRQRPLF EDNHOLWH KDQGOH FRPIRUWDEOH DQG VDIH JULS

)217, ', &$/25(

&RSHUFKLR LQ YHWUR 7%*/&;%"+2%&#6#/"/ *ODVV OLG \RX FDQ VHH ZKLOH \RX DUH FRRNLQJ

1RQ VL GHWHULRUD FRQ OÂ·XVR'

H!RR!

?'6%#5.';#55#,$6

9#,2%

&DVVHUXROD !#..%5"(% e&[S:[c&#;

7HJDPH A";'0#..%5"(% Â&#x2018; FP

3DGHOOD E56+,2'/#, Â&#x2018; :@[&#;

&DVVHUXROD PDQLFR OXQJR -#)0%/#, e&?d&#;&

*XDUDQWHHV FUXQFK\ IRRGV

,W ZLOO QRW FKLS RU GHWHULRUDWH ZLWK XVH JKJ<

b )""/

,GHDOH SHU FRWWXUH FURFFDQWL'

@%#$'.")50%.

H!Z

3$&.$*,1*

*$5$1=,$

!KW<

&(5

K!V!ZOWV<

&$7$/2*2

6DOWDSDVWD ZRN X"1 Â&#x2018; FP

%LVWHFFKLHUD -$%#1'/#, [ FP

&RSHUFKLR A+& Â&#x2018; :@S:@[&#;&

/$ &8&,1$ ', %$5$==21,

!??EF)")( $)>%DA)A(

!"#$%&'#()*+,)*

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

7(&12/2*,(

A%22%5%VV#'%'*#,%22%8"(%VV#

'/LJKW DQG HDV\ WR KDQGOH FRRNLQJ LQVWUXPHQWV

<%0=,"("2+%.

3$&.$*,1*

35(0,80 X/7%'+/;%"+1& =2%;/6;

R)"/#1&%2B1"1;/#1& LQ EDNHOLWH SUHVD '/#62)&%&#1"F12+%71(%

Z)(6+%#$0& 35,92 ', 3)2$

3UHPLXP LQQHU FRDWLQJ

6DOXWHFK 3)2$ )5((

(UJRQRPLF EDNHOLWH KDQGOH FRPIRUWDEOH DQG VDIH JULS

)217, ', &$/25( @%#$'.")50%.

H!RR! 9#,2% H!Z

JKJ<

!KW<

&(5

K!V!ZOWV<

&$7$/2*2

Â&#x2021; 3DGHOOD&:&E56+,2'/#,'G'Â&#x2018; FP

@ 8%44/ U'/+%0%.

/$ &8&,1$ ', %$5$==21, bA

@?)2 DB%*)!?)

-/%0+#('0""1+,2'' %3)+/*%,$

ON=WKWHNJ&:&<6/%.' */, 63(&,$/, ,1 $&&,$,2 $FFLDR LQR[ &

D-./714-02,-/90:-02 31.2:,,0,-1.S024155:23.13:.:X0+412 910230:--02308290;1.,0 K)& #1((%4/1"%& ,H(/& Z8%#/)(/-& #1;82%"*%& 821*1++/& /"& DFFLDLR LQR[ H LQ DOOXPLQLR DQWLDGHUHQWH FRQFHSLWL 8%2& '1**/'F)2%& %'/B%"4%& 8)2+/#1()2/& /"& #6#/")<& `6%'+/& DUWLFROL FRQVHQWRQR GL DIÃ&#x20AC;QDUH OH SURSULH DELOLWj LQ FXFLQD %& F)#/(/+)2%& ()& 82%8)2)4/1"%& *%/& 8/)++/& 8/C& */7%2'/<& WB"/& 8)2+/#1()2%& .& '+)+1& 821B%++)+1& %& 2%)(/44)+1& /"& 2%()4/1"%& )(()&F6"4/1"%&#$%&(>6+%"'/(%&*172D&'71(B%2%<

6WDLQOHVV VWHHO

*/, 63(&,$/, $17,$'(5(17( !"+/)*%2%"+%& 1RQ VWLFN

*/, 63(&,$/, 6SHFLDO FRRNLQJ XWHQVLOV FRQFHLYHG WR KHOS XV LPSURYH RXW FXOLQDU\ VNLOOV DQG DVVLVW XV LQ WKH SUHSDUDWLRQ RI GLIIHUHQW GLVKHV Â´*OL 6SHFLDOLÂµ FROOHFWLRQ LQFOXGHV SURGXFWV LQ VWDLQOHVV VWHHO DQG QRQ VWLFN DOX' PLQXP GHVLJQHG WR PHHW VSHFLÃ&#x20AC;F QHHGV LQ WKH NLWFKHQ 7KHVH LWHPV DOORZ \RX WR KRQH \RXU VNLOOV LQ WKH NLWFKHQ DQG IDFLOLWDWH WKH SUHSDUDWLRQ RI GLIIHUHQW GLVKHV (YHU\ GHWDLO KDV EHHQ GHVLJQHG DQG GHYHORSHG LQ UHODWLRQ WR WKH IXQFWLRQ WKDW WKH WRRO ZLOO FDUU\ RXW

!"#$!"#$$#"%

%&"#'()$'("#'"*"$ '*%&'&()*

!"#$%&'()*+&,-./".#& 01./"-2&"#&2314&5"-$6%#

&$7$/2*2

/$ &8&,1$ ', %$5$==21, d?

G1-2DB%*)!?) -/%0+#('0""1+,2'' %3)+/*%,$

*<%=2?)"% DB!@<%AA)%$% /R 6SDJKHWWLHUH &KHI /LQH q LO SURGRWWR LGHDOH SHU OD #1++62)& *%(()& 8)'+)& %& 8%2& 6")& ')")& #6#/")& )(& 7)812%& #$%&;)"+/%"%&/")(+%2)+%&(%&82182/%+D&"6+2/+/7%&*%/&#/9/<& 5HDOL]]DWR LQ DFFLDLR LQR[ OR 6SDJKHWWLHUH q *1+)+1&*/&6"&82)+/#1&#%'+%((1&F12)+1&#$%&#1"'%"+%&6")& F)#/(%&%&7%(1#%&'#1()+62)&*%/&#/9/< &+() /,1( 63$*+(77,(5( 3DVWD FRRNHU &KHI /LQH LV LGHDO IRU FRRNLQJ DOO NLQG RI SDVWD DQG IRU VWHDPLQJ IRRG WKDW PDLQWDLQV LQWDFW WKH QXWULWLRQDO YDOXHV DQG WKH WDVWH RI IRRG 3DVWD FRRNHU &KHI /LQH LV EXLOW LQ VWDLQOHVV VWHHO DQG LW KDV D IXQFWLRQDO EDVNHW WKDW IDFLOLWDWHV WKH GUDLQLQJ RI SDVWD DQG VWHDPLQJ DOO NLQG RI YHJHWDEOHV

7(&12/2*,( <%0=,"("2+%.

$FFLDR LQR[

6WDLQOHVV VWHHO

P)#/(%&%&'/#62)& '#1()+62)&*%/&#/9/& *181&()&#1++62)

7KH EDVNHW LV DOVR WKH LGHDO WRRO IRU VWHDPLQJ DOO NLQGV RI YHJHWDEOHV

)217, ', &$/25( @%#$'.")50%.

H!RR! 9#,2% H!Z

JKJ<

!KW<

NIM<

&$7$/2*2

&(5

K!V!ZOWV<

Â&#x2021; 6SDJKHWWLHUH &KHI /LQH 4#.$#'/"$'e&[[&#;

/$ &8&,1$ ', %$5$==21, d@

G1-2DB%*)!?) -/%0+#('0""1+,2'' %3)+/*%,$

B!DA!2F!")! ,=)'+)R)"/)N"1E-& .& /*%)(%& 8%2& ()& #1++62)& */& 1B"/& +/81& */&8)'+)<& Z/& 86T& 6+/(/44)2%0& /"1(+2%0& 8%2& #61#%2%& )(& 7)812%& (%& 7%2*62%0& #1'L& F)#%"*1& '/& #1"'%27)& "%(& #/91& 6">)(+)& 8%2#%"+6)(%&*/&')(/&;/"%2)(/0&1++%"%"*1&#/9/&(%BB%2/0&*)(& ')812%&*%(/#)+1&%&*)(&"1+%71(%&7)(12%&"6+2/4/1")(%<& ,=)'+)&R)"/)N"1E-&.&'+)+)&/*%)+)&8%2&#1"'%"+/2%&)"#$%& ()&F)#/(%&%&'/#62)&'#1()+62)&*%/&#/9/&*181&()&#1++62)< 3$67$0$1,$ Â´3DVWD0DQLD,QR[Âµ LV WKH LGHDO WRRO IRU FRRNLQJ DOO NLQGV RI SDVWD 7KH EXLOW LQ EDVNHW IDFLOLWDWHV WKH GUDLQLQJ RI WKH SDVWD ZKLOH PDLQWDLQLQJ D KLJK SHUFHQWDJH RI WKH IRRGV PLQHUDOV ,Q WKLV ZD\ WKH QXWULWLRQDO YDOXH DQG WKH WDVWH RI WKH IRRG LV SUHVHUYHG 7KH EDVNHW LV DOVR WKH LGHDO WRRO IRU VWHDPLQJ DOO NLQGV RI YHJHWDEOHV

7(&12/2*,(

3$&.$*,1*

<%0=,"("2+%.

$FFLDR LQR[

6WDLQOHVV VWHHO

P)#/(%&%&'/#62)& '#1()+62)&*%/&#/9/& *181&()&#1++62)

7KH EDVNHW LV DOVR WKH LGHDO WRRO IRU VWHDPLQJ DOO NLQGV RI YHJHWDEOHV

)217, ', &$/25( @%#$'.")50%.

H!RR! 9#,2% H!Z

JKJ<

!KW<

&(5

K!V!ZOWV<

&$7$/2*2

Â&#x2021; &XRFLSDVWD 4#.$#'/"$'e&[[&#;&

/$ &8&,1$ ', %$5$==21, db

G1-2DB%*)!?) -/%0+#('0""1+,2'' %3)+/*%,$

*E(*)2%2>%#) N(& #61#/8)'+)& .& /*%)(%& 8%2& ()& #1++62)& */& 1B"/& +/81& */& 8)'+)<& Z/& 86T& 6+/(/44)2%0& /"1(+2%0& 8%2& #61#%2%& )(& 7)812%& (%& 7%2*62%0& #1'L& F)#%"*1& '/& #1"'%27)& "%(& #/91& 6">)(+)& 8%2#%"+6)(%&*/&')(/&;/"%2)(/0&1++%"%"*1&#/9/&(%BB%2/0&*)(& ')812%&*%(/#)+1&%&*)(&"1+%71(%&7)(12%&"6+2/4/1")(%< N(&#61#/8)'+)&.&/*%)+1&8%2&#1"'%"+/2%&)"#$%&()&F)#/(%&%& '/#62)&'#1()+62)&*%/&#/9/&*181&()&#1++62)<

&RSHUFKLR LQ YHWUR YHGL PHQWUH FXFLQL B(#..'(+&Y'6")'0#,'.%%' ;=+(%'6")'#5%'0""1+,2

&82&, ( 9(', 7KH SDVWD SRW LV LGHDO IRU FRRNLQJ DOO W\SHV RI SDVWD WKH SDVWD SRW LV DOVR WKH LGHDO IRU FRRNLQJ GHOLFDWH YHJHWDEOHV 6WHDPLQJ LQ LW SUHVHUYHV WKH YLWDPLQ DQG PLQHUDO VDOW OHYHOV LQ \RXU YHJHWDEOHV HQVXULQJ WKDW \RXU IRRG LV OLJKW WDVWO\ DQG QXWULWLRXV 7KH SDVWD SRW KDV EHHQ GHVLJQHG VR WKDW \RX FDQ VWUDLQ \RXU IRRG DIWHU FRRNLQJ WKH HDVLHVW DQG VDIHVW ZD\ SRVVLEOH

7(&12/2*,(

3$&.$*,1*

<%0=,"("2+%.

$FFLDR LQR[

6WDLQOHVV VWHHO

P)#/(%&%&'/#62)& '#1()+62)&*%/&#/9/& *181&()&#1++62)

&RSHUFKLR LQ YHWUR 7%*/&;%"+2%&#6#/"/

*ODVV OLG \RX FDQ 7KH EDVNHW LV DOVR WKH VHH ZKLOH \RX DUH LGHDO WRRO IRU VWHDPLQJ FRRNLQJ DOO NLQGV RI YHJHWDEOHV

)217, ', &$/25( @%#$'.")50%.

H!RR! 9#,2% H!Z

JKJ<

!KW<

&(5

K!V!ZOWV<

&$7$/2*2

Â&#x2021; &XRFL H YHGL 4#.$#'/"$'e&[[&#;&

/$ &8&,1$ ', %$5$==21,

G1-2DB%*)!?) -/%0+#('0""1+,2'' %3)+/*%,$

D*(?!2>%?(*% Â´6FROD YHORFHÂµ q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Â´6FROD YHORFHÂµ LV DQ LQQRYDWLYH DQG SUDFWLFDO VWDLQOHVV VWHHO VWRFNSRW 7KH IXQFWLRQDO OLG LQ Q\ORQ VXLWDEOH IRU FRQWDFW ZLWK IRRG LV HTXLSSHG ZLWK GLIIHUHQW KROHV RQ WKH WRS WKDW DOORZ GUDLQLQJ SDVWD RU YHJHWDEOHV ZLWKRXW XVLQJ D FRODQGHU 7KH OLG DGKHUHV WR WKH VWRFNSRW DQG WKH KDQGOHV RYHUODSSLQJ VWRFNSRW LQFUHDVH WKH VDIH XVH OLG LV DYDLODEOH LQ WKUHH GLIIHUHQW FRORUV UHG ZKLWH JUHHQ

7(&12/2*,(

3$&.$*,1*

<%0=,"("2+%.

,O FRSHUFKLR q GLVSRQLELOH LQ WUH FRORUL URVVR ELDQFR H YHUGH

$FFLDR LQR[

6WDLQOHVV VWHHO

A+&'+.'#8#+(#O(%'+,'$=5%%' &+CC%5%,$'0"("5.Z' 5%&N';=+$%N'25%%,

P)#/(%&%&'/#62)& '#1()+62)&*%/&#/9/& *181&()&#1++62)

N(&#18%2#$/1&.& */'81"/9/(%&/"& +2%&#1(12/0&21''10& 7KH EDVNHW LV DOVR 9/)"#1&%&7%2*%<

WKH LGHDO WRRO IRU KLG LV DYDLODEOH VWHDPLQJ DOO NLQGV RI LQ WKUHH GLIIHUHQW YHJHWDEOHV FRORUV UHG ZKLWH JUHHQ

)217, ', &$/25( @%#$'.")50%.

H!RR! 9#,2% H!Z

JKJ<

!KW<

&(5

K!V!ZOWV<

&$7$/2*2

Â&#x2021; 6FROD YHORFH 4#.$#'/"$'e&[S&#;&

/$ &8&,1$ ', %$5$==21, dA

G1-2DB%*)!?) -/%0+#('0""1+,2'' %3)+/*%,$

>!B($2D%A Â´9DSRU6HW,QR[Âµ q UHDOL]]DWR LQ DFFLDLR LQR[ 6L #1;81"%& */& 6")& #)''%261()0& */& 6"& 82)+/#1& #%'+%((1& #61#/7)812%&%&*)(&2%()+/71&#18%2#$/1<& U&(1&'+26;%"+1&/*%)(%&8%2&6")&#6#/")&8/C&')")0&B6'+1')& %&2/##)&*/&82182/%+D&"6+2/+/7%<& `6%'+1& +/81& */& #1++62)& 8%2;%++%& */& ;)"+%"%2%& 82%''1#$^&/")(+%2)+1&(>)'8%++10&/(&#1(12%&%&()&#1"'/'+%"4)& *%B(/& )(/;%"+/0& #$%& #1"'%27)"1& #1'L& /& 82182/& )21;/0& 821F6;/&%&')(/&;/"%2)(/< 9$325 6(7 7KH Â´9DSRU6HW,QR[Âµ LV EXLOW LQ VWDLQOHVV VWHHO &RPSRVHG RI D SRW D IXQFWLRQDO EDVNHW IRU VWHDP FRRNLQJ DQG WKH UHODWLYH OLG $Q LGHDO LQVWUXPHQW IRU KHDOWK\ FRRNLQJ IRRG UHPDLQV WDVW\ DQG ULFK LQ QXWULWLRQDO SURSHUWLHV 7KLV NLQG RI FRRNLQJ DOORZV NHHSLQJ LQWDFW WKH DVSHFW FRORXU DQG WH[WXUH RI IRRG ZKLFK WKXV SUHVHUYHV LWV DURPDV SHUIXPHV DQG PLQHUDO VDOWV

7(&12/2*,(

3$&.$*,1*

<%0=,"("2+%.

,Q YHUVLRQH FRQ R VHQ]D IRQGR W8#+(#O(%';+$=' "5';+$=")$'O"$$"* $FFLDR LQR[

6WDLQOHVV VWHHO

V)812&'%+0&#1"&1& '%"4)&F1"*1 9DSRU VHW ZLWK RU ZLWKRXW ERWWRP

)217, ', &$/25( @%#$'.")50%.

H!RR! 9#,2%

H!Z

JKJ<

!KW<

NIM<

&$7$/2*2

&(5

K!V!ZOWV<

Â&#x2021; 6HW YDSRUH VHQ]D IRQGR -$%#*'0""1%5',"'O"$$"*F'e&[S:[c&#;& Â&#x2021; 6HW YDSRUH FRQ IRQGR -$%#*'0""1%5';+$='O"$$"*'e&[S:[c&#;

I1&/"*64/1"%'F:"'+,&)0$+",

/$ &8&,1$ ', %$5$==21,

IWVNO_ :%;

B!DD!>%$#E$!

G1-2DB%*)!?) -/%0+#('0""1+,2'' %3)+/*%,$

R6(+/F6"4/1"%0& /"& 2%)(+D& 81+2%99%& %''%2%& #$/);)+1& ,8)'')+6++1-< &RUSR UHDOL]]DWR LQ DFFLDLR LQR[ GLVSRQH GL SLHGLQL ;19/(/&8%2&#1"'%"+/2%&*/&81'/4/1")2(1&'6&2%#/8/%"+/&*/&*/7%2')& #)8/%"4)& #1"& ()& ;)''/;)& '+)9/(/+D<& V%2')+/(%& %& ;1(+1& '%;8(/#%&*)&6+/(/44)2%0&#1;8/%&(>18%2)4/1"%&*/&8)'')2%&)(& '%+)##/1&/"&;1*1&;)"6)(%&%&7%(1#%&)"#$%&)(/;%"+/&"1"& WHQHULVVLPL 7UH Ã&#x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Ã&#x20AC;FLHQW Â´KDQG SRZHUHG DSSOLDQFHÂµ 5HPRYHV VHHGV DQG VNLQV ZLWK HDVH 7KHUH LV QR HQG WR WKH XVHV \RXÂ·OO Ã&#x20AC;QG IRU LW

7(&12/2*,( <%0=,"("2+%.

3$&.$*,1* 7UH Ã&#x20AC;OWUL LQWHUFDPELDELOL )DFLOL GD PRQWDUH H VPRQWDUH 7KUHH LQWHUFKDQJHDEOH Ã&#x20AC;OWHUV \#.6'$"'#..%*O(%'#,&'&+.#..%*O(%

7UH Ã&#x20AC;OWUL /"+%2#);9/)9/(/ #1"&F12/&*/& */;%"'/1"/&*/7%2'%& 8%2&'#%B(/%2%& ()&B2)")&*/& 8)'')+62)&#122%++) 7KUHH LQWHUFKDQJHD' EOH SHUIRUDWHG GLVNV HDFK ZLWK GLIIHUHQW VL]HG KROHV

J(/#)&*1+)+)& */&;)"/#1&#1"& 81;1(1&#1(12)+1 '/&+1B(/%&F)#/(;%"+%& 8%2&6")&+1+)(%& 86(/4/) +DQG FUDQN HDVLO\ UHPRYHG IRU WRWDO FOHDQLQJ

H!RR! 9#,2%

Â&#x2021; 3DVVDYHUGXUD&:&[%2%$#O(%'*+(('G'e&[S:[c&#;

&$7$/2*2

/$ &8&,1$ ', %$5$==21,

IWVNO_ :%;

@)$!=$)AA!A!

G1-2DB%*)!?) -/%0+#('0""1+,2'' %3)+/*%,$

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

7(&12/2*,(

3$&.$*,1*

<%0=,"("2+%.

35(0,80 X/7%'+/;%"+1& =2%;/6;

0DQLFR LQ EDNHOLWH %DNHOLWH KDQGOH

3UHPLXP LQQHU FRDWLQJ

)217, ', &$/25(

H!RR!

@%#$'.")50%.

9#,2%

Â&#x2021; *LUDIULWWDWD 7*(%$$%'/#,'e&[c&#; H!Z

JKJ<

!KW<

&(5

K!V!ZOWV<

&$7$/2*2

/$ &8&,1$ ', %$5$==21,

IWVNO_ :%;

D*<)!**)!B!A!A%

G1-2DB%*)!?) -/%0+#('0""1+,2'' %3)+/*%,$

5HDOL]]DWR LQ DFFLDLR LQR[ &RPH GLFH LO QRPH OÂ·XVR SUHYDOHQWH q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

7(&12/2*,(

<%0=,"("2+%.

3$&.$*,1*

$FFLDR LQR[

6WDLQOHVV VWHHO

H!RR! 9#,2%

Â&#x2021; 6FKLDFFLDSDWDWH 4"$#$"'*#.=%5'G&?S&#;

&$7$/2*2

/$ &8&,1$ ', %$5$==21,

G1-2DB%*)!?) -/%0+#('0""1+,2'' %3)+/*%,$

?%2)"(^)#!&)?) K)& (/"%)& */& 8)*%((%& K%& N"1E/*)9/(/& .& /*%)+)& %& #1'+26/+)& 8%2& *62)2%& "%(& +%;81& %& #61#%2%& /"& ;)"/%2)& 1++/;)(%& 1B"/&+/81(1B/)&*/&#/91<& K)& 82%')& ;129/*)& %& ;)"%BB%71(%& *%(& ;)"/#1& "%& F)& 6"1&'+26;%"+1&821F%''/1")(%&*)&7%21&#$%F<&N(&F1"*1&)*& )(+1& '8%''12%0& )*)++1& )"#$%& )((>/"*64/1"%0& #1"'%"+%& XQÂ·RWWLPDOH GLIIXVLRQH GHO FDORUH VX WXWWD OD VXSHUÃ&#x20AC;FLH PHQWUH OÂ·DFFLDLR LQR[ JDUDQ]LD GL OXQJD GXUDWD 8%2;%++%&6")&#1++62)&')")&%&'/#62)< /( ,12;,'$%,/, 7KH IU\LQJ SDQV FROOHFWLRQ Â´/H ,QR[LGDELOLÂµ LV FRQFHLYHG DQG EXLOW IRU ORQJ ODVWLQJ DQG IRU FRRNLQJ LQ WKH EHVW ZD\ DQ\ NLQG RI IRRG 7KH VRIW WRXFK KDQGOH JUDQWV D SURIHVVLRQDO ORRN IRU FKHI OHYHO FRRNLQJ 7KH H[WUD WKLFN ERWWRP VXLWDEOH IRU LQGXFWLRQ LV LGHDO IRU DQ RSWLPDO KHDW GLIIXVLRQ RQ DOO LWV VXUIDFH ZKLOH WKH VWDLQOHVV VWHHO LQR[ JXDUDQWHHV D ORQJ OLIH DQG HQVXUHV D KHDOWK\ DQG VDIH FRRNLQJ

7(&12/2*,(

3$&.$*,1*

<%0=,"("2+%.

$FFLDR LQR[

6WDLQOHVV VWHHO

PWIMW&OXN=KJI P1"*1&)*&)(+1& '8%''12%&F)712/'#%& 6">1++/;)(%& */'+2/964/1"%&*%(()& +%;8%2)+62) 7KLFN EDVH GLVWULEX' WHV WKH KHDW HYHQO\

!KW<

9#,2%

(UJRQRPLF EDNHOLWH KDQGOH FRPIRUWDEOH DQG VDIH JULS

6DOWDSDVWD X"1 Â&#x2018; FP

@%#$'.")50%.

JKJ<

H!RR!

R)"/#1&%2B1"1;/#1& LQ EDNHOLWH 82%')&'/#62)&%& #1"F12+%71(%

)217, ', &$/25(

H!Z

#1,0W42*5:/90+2&155040

NIM<

&$7$/2*2

&(5

3DGHOOD E56+,2'/#, Â&#x2018; FP

K!V!ZOWV<

/$ &8&,1$ ', %$5$==21,

G1-2DB%*)!?) -/%0+#('0""1+,2'' %3)+/*%,$

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

7(&12/2*,(

3$&.$*,1*

<%0=,"("2+%.

$FFLDR LQR[

6WDLQOHVV VWHHO

&RODQGHU ZLWK FRORUHG IHHW DYDLODEOH UHG JUHHQ ZKLWH

&DVVHUXROD FRQLFD PO -#)0%/#, e&?[:?c&#;

@%#$'.")50%.

JKJ<

9#,2%

&RODSDVWD FRQ 8/%*/"/&#1(12)+/

)217, ', &$/25(

H!Z

H!RR!

!KW<

NIM<

&$7$/2*2

&(5

%ROOLODWWH D+(1'/"$F e&?S&#;

&RODSDVWD !"(#,&%5 e&?c&#;&

&DVVHUXROD PO -#)0%/#, e&?S:?[&#;

I1&/"*64/1"% F:"'+,&)0$+",

K!V!ZOWV<

/$ &8&,1$ ', %$5$==21,

G1-2DB%*)!?) -/%0+#('0""1+,2'' %3)+/*%,$

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

7(&12/2*,(

3$&.$*,1*

<%0=,"("2+%.

H!RR! 9#,2%

35(0,80 X/7%'+/;%"+1& =2%;/6;

R)"/#/&%2B1"1;/#/& LQ EDNHOLWH

3UHPLXP LQQHU FRDWLQJ

%DNHOLWH HUJRQRPLF KDQGOHV

&XRFL 8RYR \22'/#, e&#;&?c

%ROOLODWWH D+(1'/"$' e&#;&?S

&DVVHUXROD FRQLFD PO -#)0%/#, e&?[:?c&#;

)217, ', &$/25( @%#$'.")50%.

H!Z

JKJ<

!KW<

&(5

K!V!ZOWV<

&$7$/2*2

6DOWDSDVWD X"1 e&[S&#;&

&UHSLHUD W//(+#,0%'C"5'/#,0#1%. e&#;&[[

/$ &8&,1$ ', %$5$==21,

45%..)5%'0""1%5

B%"A(?% !2B$%DD)("% D04+407+2902c/:50-d ,0S/.1XX:212Z141,,1.1 K)&SHQWROD D SUHVVLRQH&.&6"1&'8%#/)(%&'+26;%"+1&*/&#6#/")& #$%&8%2;%++%&*/&#61#%2%&/&#/9/&/"&6"&+%;81&*%#/');%"+%& ;/"12%&2/'8%++1&)((>6+/(/441&*/&6")&#()''/#)&8%"+1()<& K)&3)2)441"/&2%)(/44)&8%"+1(%&)&82%''/1"%&*)B(/&DQQL · &%& (%&SHQWROH D SUHVVLRQH %DUD]]RQL&'1"1&VLQRQLPR GL TXDOLWj0& VLFXUH]]D&%&EHQHVVHUH< N&7)"+)BB/&*%(()&#1++62)&)&82%''/1"%Q 7HPSL EUHYL N"& 82/;1& (61B10& ()& 7%(1#/+D& */& #1++62)Q& /& +%;8/& '/& 2/*6#1"1& "1+%71(;%"+%&6+/(/44)"*1&()&8%"+1()&)&82%''/1"%<&J>&/*%): (%&8%2&#$/&$)&81#1&+%;81&*)&*%*/#)2%&)(()&82%8)2)4/1"%& *%((%&8/%+)"4%&;)&#1;6"56%&"1"&761(%&2/"6"#/)2%&)/&961: "/&8/)++/<

!"#$!"#$$#"%

%&"#'()$'("#'"*"$ '*%&'&()*

!"#$%&'()*+&,-./".#& 01./"-2&"#&2314&5"-$6%#

5LVSDUPLR HQHUJHWLFR 8Q DOWUR YDQWDJJLR GD QRQ VRWWRYDOXWDUH q LO FRQVXPR GL %"%2B/)&%(%++2/#)&#$%&7/%"%&"1+%71(;%"+%&2/*1++1<&M62)"+%& ()& #1++62)& "%(()& 8%"+1()& )& 82%''/1"%& /(& F61#1& 7/%"%& ;)": +%"6+1& 9)''1<& K)& 8%"+1()& )& 82%''/1"%& )##%(%2)& "1+%71(: ;%"+%&/&+%;8/&*/&#1++62)0&#1"&6"&#1"'%B6%"+%&2/'8)2;/1&*/& +%;81&%*&%"%2B/)<

35(6685( &22.(5 6\QRQ\PRXV RI TXDOLW\ VDIHW\ DQG ZHOIDUH 7KH SUHVVXUH FRRNHU LV D VSHFLDO NLWFKHQ WRRO WKDW DOORZV WR FRRN IRRG LQ PXFK OHVV WLPH WKDQ XVLQJ D WUDGLWLRQDO SRW %DUD]]RQL PDQXIDFWXUHV SUHVVXUH FRRNHUV IURP WKH ¶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ÀUH LV NHSW ORZ 7KH SUHVVXUH FRRNHU JUHDWO\ DFFHOHUDWHV FRRNLQJ WLPH ZLWK D FRQVHTXHQW VD' YLQJ RI WLPH DQG HQHUJ\ +HDOWK\ &RRNLQJ 7KH SUHVVXUH FRRNHU LV D V\QRQ\P IRU KHDOWK\ IDVW DQG WDVW\ FRRNLQJ $VVXUHV WLPH DQG HQHUJ\ VDYLQJ DGYDQWDJHV ,W LV WKH PRVW VXLWDEOH WRRO IRU KHDOWK\ FRRNLQJ EH' FDXVH LW KHOSV WR SUHVHUYH WKH QXWULWLRQDO FRPSRQHQWV RI IRRG GXH WR OHVV H[SRVXUH WR KHDW FRRNLQJ LQ D GDUN HQYLURQPHQW WKH OLPLWHG SUHVHQFH RI R[\JHQ ,Q DGGLWLRQ HQKDQFHV ÁDYRUV DQG DURPDV RI IRRG ZKLOH SUHVHUYLQJ LWV QXWULWLRQDO YDOXHV 7KH XVH RI WKH EDVNHW DOORZV \RX WR PDNH WKH PRVW RI WKH DGYDQWDJHV RI VWHDP FRRNLQJ (QKDQFHV WKH ÁDYRU RI IRRG ZLWKRXW DOWHULQJ WKH QXWULWLRQDO YDOXHV

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

&$7$/2*2

/$ &8&,1$ ', %$5$==21,

, 3/86 ', 352'2772 '(//( 3(172/( $ 35(66,21( %$5$==21,

7(&12/2*,( <%0=,"("2+%.

4().G/"+,$.'"C']#5#VV",+'/5%..)5%'0""1%5.

9$/92/$ ', (6(5&,=,2 $' 81$ 35(66,21(' 6,&85(==$ 727$/(' 727$/ 6$)(7<

48$/,7 ( 7(&12/2*,$ 0$'( ,1 ,7$/< 48$/,7< $1' 7(&+12/2*< 0$'( ,1 ,7$/<

6(03/,&,7 ', 87,/,==2 )XQ]LRQDPHQWR VHPSOLÀFDWR 6HPSOLFH GD XVDUH DQFKH GD FKL QRQ KD PDL XWLOL]]DWR OD SHQWROD D SUHVVLRQH ($6< )81&7,21,1* HYHQ IRU ZKRP XVHV D SUHVVXUH FRRNHU IRU WKH ÀUVW WLPH )RROSURRI

,1 $&&,$,2 ,12; =%2&6")&F)#/(%&86(/4/)&*181&(>6'1< 67$,1/(66 67((/ (DV\ FOHDQLQJ

$'$77$ $1&+( 3(5 /·,1'8=,21(' 68,7$%/( $/62 )25 ,1'8&7,21

9$/92/$ (675$,%,/( =%2&6")&#1;8(%+)&86(/4/)<

$ GXH UHJROD]LRQL XQD GL IXQ]LRQDPHQWR H XQD GL VÀDWR (QWUD LQ IXQ]LRQH ULODVFLDQGR JUDGXDOPHQWH LO YDSRUH TXDQGR OD SUHVVLRQH LQWHUQD UDJJLXQJH & [ EDU ² & [ EDU 23(5$7,1* 9$/9( 35(6685( 7ZR SRVLWLRQV RSHUDWLQJ YDOYH DQG DLU YDOYH &RPHV LQWR RSHUD' WLRQ JUDGXDOO\ UHOHDVLQJ WKH VWHDP ZKHQ WKH LQWHUQDO SUHVVXUH UHDFKHV & [ EDU & [ EDU

9$/92/$ ', (6(5&,=,2 $ 35(66,21,

N""17)+/71&GLVSRVLWLYR GL FRWWXUD %DUD]]RQL ´'XDO 6\VWHPµ)&#$%&#1"'%"+%&XQD FRWWXUD GLIIHUHQ]LDWD LQ EDVH DJOL DOLPHQWLQ&6")&81'/4/1"%&8%2&FDUQH SHVFH H DOLPHQWL VXUJHODWL& %&6">)(+2)&81'/4/1"%&2/'%27)+)&)(()&#1++62)&*/&YHUGXUH HG DOLPHQWL GHOLFDWL<&K)&+%24)&81: VL]LRQH q SHU OR VÀDWR 5LGX]LRQH GHL WHPSL GL FRWWXUD ÀQR DO ULVSHWWR DG XQD SHQ' WROD D SUHVVLRQH WUDGL]LRQDOH H FRQVHJXHQWH ULVSDUPLR HQHUJHWLFR &J"+2)&/"&F6"4/1"%& ULODVFLDQGR JUDGXDOPHQWH LO YDSRUH TXDQGR OD SUHVVLRQH LQWHUQD UDJJLXQJH & [ EDU ² & [ EDU 23(5$7,1* 9$/9( 35(6685(6 ,QQRYDWLYH WZR SRVLWLRQ ´'XDO 6\VWHPµ FRRNLQJ GHYLFH WR FRRN GLIIHUHQW IRRGV GLIIHUHQWO\ 3RVLWLRQ LV IRU FRRNLQJ PHDW ÀVK DQG IUR]HQ IRRGV SRVLWLRQ LV IRU FRRNLQJ YHJHWDEOHV DQG GHOLFDWH IRRGV 7KLUG SRVLWLRQ RSHUDWHV DV DLU YDOYH 7KH UHVXOW LV D UH' GXFWLRQ LQ FRRNLQJ WLPHV RI XS WR ZLWK UHVSHFW WR D WUDGLWLRQDO SUHVVXUH FRRNHU ZKLFK SUR' GXFHV D VLJQLÀFDQW HQHUJ\ VDYLQJ &RPHV LQWR RSHUDWLRQ JUDGXDOO\ UHOHDVLQJ WKH VWHDP ZKHQ WKH LQWHUQDO SUHVVXUH UHDFKHV & [ EDU & [ EDU

*8$51,=,21(

=1'+)&)((>%'+%2"1&*%(&912*1&2/#6271&*%(&#18%2#$/1<&=6T&%''%2%&2%)(/44)+)&/"&'/(/#1"%&18: 862%&/"&B1;;)&"/+2/(/#)<&H)2)"+/'#%&()&8%2F%++)&+%"6+)&)(()&82%''/1"%&"%(()&B/6"4/1"%& +2)&#1281&%&#18%2#$/1<&J'+2)/9/(%&8%2&6")&#1;8(%+)&86(/4/)< 58%%(5 *$6.(7 3ODFHG RQ WKH RXWVLGH RI WKH FXUYHG HGJH RI WKH OLG &DQ EH PDGH RI VLOLFRQH RU QLWULOH UXEEHU (QVXUHV D SHUIHFW VHDO WR WKH SUHVVXUH LQ WKH MXQFWLRQ EHWZHHQ WKH ERG\ DQG OLG 5HPRYDEOH IRU HDV\ FOHDQLQJ

9$/9( &$1 %( 5(029(' IRU WKRURXJK FOHDQLQJ

6,67(0$ ', $3(5785$ ( &+,8685$

75,3/2 )21'2

6<67(0 )25 23(1,1* $1' &/26,1* 7KH RSHQLQJ FORVXUH PHFKDQLVP LV YLD D KDQGOH RU OHYHU

, WUH VWUDWL DFFLDLR DOOXPLQLR DFFLDLR DG DOWR VSHVVRUH IDYRULVFRQR O·RPRJHQHD GLIIXVLRQH GHO FDORUH H QRQ F)""1&)++)##)2%&/&#/9/<&!*)++1&)&+6++%&(%&F1"+/&*/&#)(12%0&/"*64/1"%&#1;82%')<

6,&85(==$

75,3/( %27720 7KH WKUHH OD\HUV VWHHO DOXPLQXP VWHHO FUHDWH D KLJK WKLFNQHVV ERWWRP ZKLFK IDFLOLWDWH HYHQ KHDW GLIIXVLRQ LQGLVSHQVDEOH FRQGLWLRQ WR DYRLG IRRG IURP VWLFNLQJ GXULQJ FRRNLQJ

,O PHFFDQLVPR GL DSHUWXUD FKLXVXUD DYYLHQH WUDPLWH XQ PDQLFR D OHYD

/H SHQWROH D SUHVVLRQH %DUD]]RQL VRQR VRWWRSRVWH D ULJRURVL WHVW H VRQR FHUWLÀFDWH VHFRQGR OD QRUPDWLYD HXURSHD (1 FKH VWDWXLVFH FKH OH SHQWROH D SUHVVLRQH *%71"1& %''%2%& *1+)+%& */& 8/C& */'81'/+/7/& */& '/#62%44)<& N& '/'+%;/& */& '/#62%44)& 7)2/)"1& )& '%#1"*)&*%(&;1*%((1<&N"&1B"/&#)'10&/&82/"#/8)(/&'1"1&/&'%B6%"+/Q 6HJQDODWRUH GL SUHVVLRQH&:&%/2&&$ /(9$Q&/"*/#)&()&82%'%"4)&*/&82%''/1"%&'6(&#18%2: FKLR (YLWD OH DSHUWXUH LQFLGHQWDOL ÀQFKp WXWWR LO YDSRUH QRQ q VWDWR VFDULFDWR FRPSOH: +);%"+%&*)(()&8%"+1()< 9$/92/$ ', 6,&85(==$Q&%"+2)&/"&F6"4/1"%&/"&#)'1&*/&;)(F6"4/1");%"+1&*%(()&7)(71()& */&%'%2#/4/1<&Z/&+2)++)&*/&6"&*/'81'/+/71&/"&'/(/#1"%&#$%&#1"'%"+%&()&F612/6'#/+)&*%(&7)812%& /"&%##%''1<&=%2&()&+1+)(%&'/#62%44)&*/&#$/&#6#/")< 6(&85,7< %DUD]]RQL SUHVVXUH FRRNHUV XQGHUJR VHYHUH WHVWV DQG DUH FHUWLÀ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

&$7$/2*2

/$ &8&,1$ ', %$5$==21,

B%"A(?!2!2 B$%DD)("%

45%..)5%'0""1%5

D)?)*("2B$( ,QQRYDWLYR GLVSRVLWLYR GL FRWWXUD 'XDO 6\VWHPh& #$%& #1"'%"+%&6")&#1++62)&*/FF%2%"4/)+)&/"&9)'%&)B(/&)(/;%"+/Q& 6")& 81'/4/1"%& 8%2& #)2"%0& 8%'#%& %& )(/;%"+/& '62B%()+/& %& 6">)(+2)& 81'/4/1"%& 8%2& 7%2*62%& %*& )(/;%"+/& *%(/#)+/<& 5LGX]LRQH GHL WHPSL GL FRWWXUD Ã&#x20AC;QR DO ULVSHWWR DG 6")& 8%"+1()& )& 82%''/1"%& +2)*/4/1")(%& %& #1"'%B6%"+%& 2/'8)2;/1&%"%2B%+/#1<& $FFLDLR LQR[ SHU XQD IDFLOH SXOL]LD GRSR OÂ·XVR !*)++)&)"#$%&8%2&(>/"*64/1"%<& R)"/B(/%& /"& '/(/#1"%& 8%2& 6")& 82%')& ;129/*)0& '/#62)& %& )+%2;/#)< 6,/,&21 352 3UHVVXUH FRRNHU GHVLJQHG WR FRRN GLIIHUHQW IRRGV GLIIHUHQWO\ ,QQRYDWLYH 'XDO 6\' VWHP) WZR SRVLWLRQ FRRNLQJ GHYLFH SRVLWLRQ LV IRU FRRNLQJ PHDW Ã&#x20AC;VK DQG IUR]HQ IRRGV SRVLWLRQ LV IRU FRRNLQJ YHJHWDEOHV DQG GHOLFDWH IRRGV 8S WR UHGXFWLRQ LQ FRRNLQJ WLPHV ZLWK UHVSHFW WR D WUDGLWLRQDO SUHVVXUH FRRNHU DQG WKHUHIRUH VLJQLÃ&#x20AC;' FDQW HQHUJ\ VDYLQJ 0DGH RI VWDLQOHVV VWHHO IRU DQ HDV\ FOHDQ DIWHU XVH 6XLWDEOH DOVR IRU LQGXFWLRQ KREV 6LOLFRQ KDQGOHV IRU VRIW VHFXUH DQG KHDWOHVV JULS

7(&12/2*,(

3$&.$*,1*

<%0=,"("2+%.

PWIMW&OXN=KJI O2/8(1&F1"*1 7KUHH OD\HU ERWWRP

M/'81'/+/71&*/& #1++62)&*6)(& V\VWHPh&

'XDO 6\VWHP) WZR SRVLWLRQ FRRNLQJ GHYLFH

!KW<

H!RR!

>?'6%#5.';#55#,$6

9#,2%

6LOLFRQH KDQGOHV KHDWOHVV JULS

3HQWROD D SUHVVLRQH 45%..)5%'0""1%5 /

@%#$'.")50%.

JKJ<

[b )""/

R)"/B(/%& /"&'/(/#1"%0& )+%2;/#$%

)217, ', &$/25(

H!Z

*$5$1=,$

NIM<

&$7$/2*2

&(5

3HQWROD D SUHVVLRQH 45%..)5%'0""1%5 b&K

K!V!ZOWV<

/$ &8&,1$ ', %$5$==21,

B%"A(?!2!2 B$%DD)("%

45%..)5%'0""1%5

!F%?)!2 =2%21B)+/7)& F1"*);%"+)(%& *%(()& 8%"+1()& )& 82%''/1"%& !;%(/)& .& ()& '/#62%44)Q& 6")& 82/;)& 7)(71()& */& '/#62%44)& )((1BB/)+)&/"&81'/4/1"%&821+%++)&)(&*/&'1++1&*%(()&+2)7%2')& %*&6"&*/'81'/+/71&9(1##):(%7)&#$%&.&)"#$%&/"*/#)+12%& */&82%''/1"%< /D YDOYROD GL HVHUFL]LR SHUPHWWH LQROWUH OR VÃ&#x20AC;DWR GHO 7)812%& ;%"+2%& (%& ;)"/B(/%& %2B1"1;/#$%& /"& ;)+%2/)(%& +%2;12%'/'+%"+%&)''/#62)"1&6")&82%')&'/#62)<& 5HDOL]]DWD LQ DFFLDLR LQR[ q DGDWWD DOOÂ·XVR LQ ()7)'+17/B(/% $0(/,$ 0DLQ SUHURJDWLYH RI WKH $PHOLD SUHVVXUH FRRNHU LV LWV VDIHW\ D Ã&#x20AC;UVW VDIHW\ YDOYH VWDQ' GV LQ D SURWHFWHG SRVLWLRQ EHORZ WKH FURVV SLHFH DQG D GHYLFH WKDW ORFNV WKH OHYHU WKDW DOVR LQGLFDWHV WKH SUHVVXUH 2SHUDWLRQ YDOYH IRU VWHDP GLVFKDUJH (UJRQRPLF KDQGOHV IRU D VDIH JULS VWDLQOHVV VWHHO 'LVKZDVKHU VDIH

*$5$1=,$

7(&12/2*,(

3$&.$*,1*

<%0=,"("2+%.

PWIMW&OXN=KJI O2/8(1&F1"*1 7KUHH OD\HU ERWWRP

V)(71()&*/& '/#62%44)&

6DIHW\ YDOYH

@%#$'.")50%.

H!Z

JKJ<

!KW<

NIM<

&$7$/2*2

H!RR!

>?'6%#5.';#55#,$6

9#,2%

Z%B")()+12%& */&82%''/1"%&:& 9(1##)(%7)< N;8%*/'#%& (>)8%2+62)& )##/*%"+)(%&*%(& #18%2#$/1

3UHVVXUH LQGLFDWLRQ OHYHU ORFN $YRLGV DFFLGHQWDO RSHQLQJ RI WKH OLG

)217, ', &$/25(

[b )""/

&(5

3HQWROD D SUHVVLRQH 45%..)5%' 0""1%5 ?[&K

3HQWROD D SUHVVLRQH 45%..)5%' 0""1%5 A&K

3HQWROD D SUHVVLRQH 45%..)5%' 0""1%5 /

3HQWROD D SUHVVLRQH 45%..)5%' 0""1%5 b&K

3HQWROD D SUHVVLRQH 45%..)5%' 0""1%5 @0b&K

K!V!ZOWV<

/$ &8&,1$ ', %$5$==21, A?

B%"A(?!2!2 B$%DD)("%

45%..)5%'0""1%5

&(")A!2B)e2 O6++/& /& 7)"+)BB/& *%(()& #1++62)& )& 82%''/1"%0& )''/#62)+/& GD TXHVWD OLQHD LQ DFFLDLR LQR[ FRQ IRQGR +%2;1*/FF6'12%0&)*)++1&)&+6++%&(%&F1"+/&*/&#)(12%<& K)&'/#62%44)&.&B)2)"+/+)&*)(()&7)(71()&)(&*/&'1++1&*%(()& +2)7%2')& %& *)(& 9(1##):(%7)& #$%& 9(1##)& (>)8%2+62)& )"#$%&#1"&6")&;/"/;)&82%''/1"%< %21,7$ 3,e $OO WKH DGYDQWDJHV RI SUHVVXUH FRRNLQJ JXDUDQWHHG E\ WKLV VWDLQOHVV VWHHO OLQH ZLWK WKUHH OD\HU KHDW GLIIXVLRQ ERWWRP FRPSDWLEOH ZLWK DOO KHDW VRXUFHV 6DIHW\ LV JXDUDQWHHG E\ D YDOYH SRVLWLRQHG XQGHU WKH FURVV SLHFH DQG WKH GHYLFH WKDW ORFNV WKH OHYHU WKDW SUHYHQWV WKH RSHQLQJ RI WKH KDQGOHOHYHU HYHQ ZLWK D PLQL' PXP SUHVVXUH LQVLGH WKH SDQ

*$5$1=,$

3$&.$*,1*

7(&12/2*,( <%0=,"("2+%.

PWIMW&OXN=KJI O2/8(1&F1"*1 7KUHH OD\HU ERWWRP

V)(71()&*/& '/#62%44)&

6DIHW\ YDOYH

!KW<

>?'6%#5.';#55#,$6

9#,2%

Z%B")()+12%& */&82%''/1"%&:& 9(1##)(%7)< N;8%*/'#%& (>)8%2+62)& )##/*%"+)(%&*%(& #18%2#$/1

3HQWROD D SUHVVLRQH 45%..)5%'0""1%5 /

@%#$'.")50%.

JKJ<

H!RR!

3UHVVXUH LQGLFDWLRQ OHYHU ORFN $YRLGV DFFLGHQWDO RSHQLQJ RI WKH OLG

)217, ', &$/25(

H!Z

[b )""/

NIM<

&$7$/2*2

&(5

3HQWROD D SUHVVLRQH 45%..)5%'0""1%5 b&K

3HQWROD D SUHVVLRQH 45%..)5%'0""1%5 @0b&K

K!V!ZOWV<

/$ &8&,1$ ', %$5$==21, A@

B%"A(?!2!2 B$%DD)("%

45%..)5%'0""1%5

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·6 352027,21$/ 6$/( 7KH SUHVVXUH FRRNHU LV WKH LGHDO WRRO IRU D IDVW DQG KHDOWK\ FRRNLQJ 7KH SUHVVXUH FRRNHU DVVXUHV WLPH DQG HQHUJ\ VDYLQJ DGYDQWDJHV $ SUHVVXUH FRRNHU JXDUDQWHHV D KHDOWK\ OLJKW DQG DW WKH VDPH WLPH WDVW\ FRRNLQJ 7KH SUHVVXUH FRRNHU HQKDQFHV ÁDYRUV DQG DURPDV RI IRRG ZKLOH SUHVHUYLQJ LWV QXWULWLRQDO YDOXHV LGHDO IRU WKRVH ZKR ZLVK OLJKW DQG QDWXUDO IRRGV ZLWKRXW JLYLQJ XS WKH SOHDVXUHV RI WKH WDEOH

7(&12/2*,(

7KUHH OD\HU ERWWRP

V)(71()&*/& '/#62%44)&

6DIHW\ YDOYH

@%#$'.")50%.

JKJ<

>?'6%#5.';#55#,$6

Z%B")()+12%& */&82%''/1"%&:& 9(1##)(%7)< N;8%*/'#%& (>)8%2+62)& )##/*%"+)(%&*%(& #18%2#$/1

3UHVVXUH LQGLFDWLRQ OHYHU ORFN $YRLGV DFFLGHQWDO RSHQLQJ RI WKH OLG

)217, ', &$/25(

H!Z

[b )""/

3$&.$*,1*

<%0=,"("2+%.

PWIMW&OXN=KJI O2/8(1&F1"*1

*$5$1=,$

H!RR! 9#,2%

!KW<

NIM<

&$7$/2*2

&(5

K!V!ZOWV<

3HQWROD D SUHVVLRQH &XRFL 9HORFH&:&45%..)5%'0""1%5'&XRFL 9HORFH G'e&[[&#; 3HQWROD D SUHVVLRQH 9RLOj&:&45%..)5%'0""1%5'9RLOjG'e&[[&#; 3HQWROD D SUHVVLRQH 7DWD&:&45%..)5%'0""1%5'7.-.G'e&[[&#;

/$ &8&,1$ ', %$5$==21, Ab

B%"A(?!2!2 B$%DD)("%

$)*!F&)2 %2!**%DD($) B%"A(?%2!2B$%DD)("% K%& 8)2+/& */& 6")& 8%"+1()& )& 82%''/1"%& '1"1& ()& 8%"+1()0& /(& #18%2#$/10& ()& B6)2"/4/1"%0& ()& 7)(71()& */& %'%2#/4/10& ()& 7)(71()&*/&'/#62%44)0&/(&9(1##)&(%7)0&()&(%7)&*/&)8%2+62)0& ()&;)"/B(/)<&!7%2%&6")&8%"+1()&)&82%''/1"%&.&6"&B2)"*%& )/6+1& /"& #6#/")Q& 7%(1#/44)& /& +%;8/& */& #1++62)& F)#%"*1& 2/'8)2;/)2%&+%;81&%*&%"%2B/)<&K%&8%"+1(%&)&82%''/1"%& 3)2)441"/& '1"1& 821*1++/& *%'+/")+/& )& *62)2%& "%(& +%;81<& &Lz QRQRVWDQWH DOFXQH SDUWL GHOOD SHQWROD D SUHVVLRQH 81+2%99%21&2/#$/%*%2%&*/&%''%2%&'1'+/+6/+%<

45%..)5%'0""1%5

5,&$0%,

-/#5%'/#5$.

9DOYROD GL HVHUFL]LR D SUHV' VLRQL SS VLO SUR

<;"G/".+$+",N'ab)#('-6.$%*c' 0""1+,2'&%8+0%Z'/".+$+",'I'+.'C"5' FRRNLQJ PHDW Ã&#x20AC;VK DQG IUR]HQ C""&.Y'/".+$+",'>'+.'C"5'0""1+,2' 8%2%$#O(%.'#,&'&%(+0#$%'C""&.' ^.+(+0",'/5"'*"&%(_

9DOYROD GL HVHUFL]LR & YDOYROD D SHVR EDU YDUL FRORUL D GXH UHJROD]LRQL XQD GL IXQ]LRQDPHQWR H XQD GL VÃ&#x20AC;DWR

9DOYROD GL HVHUFL]LR YDOYROD D SHVR EDU YDUL FRORUL D GXH UHJROD]LRQL XQD GL IXQ]LRQDPHQWR H XQD GL VÃ&#x20AC;DWR

%ORFFD OHYD YDOYROD GL VLFXUH]]D EORF' FDJJLR PDQLFR FRSHUFKLR SHQWROD D SUHVVLRQH WXWWH

*XDUQL]LRQH LQ JRPPD FR' SHUFKL SHQWROD D SUHVVLRQH Â&#x2021; / Â&#x2021; / Â&#x2021; 9DSR WXPP\

X"51+,2'8#(8%'JPH'O#5'^8#5+").' 0"("5._N';+$='$;"'#&`).$*%,$.N' ",%'C"5'"/%5#$+,2N'",%'C"5' O(";+,2

X"51+,2'8#(8%'JP??O#5'^8#5+").' 0"("5._N';+$='$;"'#&`).$*%,$.N' ",%'C"5'"/%5#$+,2N'",%'C"5' O(";+,2

35(6685( &22.(5 63$5( 3$576 $1' $&&(6625,(6 7KH SDUWV RI D SUHVVXUH FRRNHU DUH WKH SRW WKH OLG WKH VHDOLQJ ULQJ WKH RSHUDWLQJ YDOYH WKH VDIHW\ YDOYH DQG WKH SUHVVXUH FRRNHU JDVNHW +DYLQJ D SUHVVXUH FRRNHU LV D FRQYHQLHQW DSSOLDQFH IRU WKH NLWFKHQ DLGV WKH FRRN LQ VDYLQJ HQHUJ\ WKDQNV WR WKH VKRUW FRRNLQJ WLPHV %DUD]]RQLÂ·V SUHVVXUH FRRNHUV DUH ORQJ ODVWLQJ SURGXFWV +RZHYHU RYHU WLPH WKHUH FRXOG EH GDPDJHV WR WKH SDUWV RI WKH SUHVVXUH FRRNHU WKDW ZRXOG UHTXLUH UHSODFHPHQW

3$&.$*,1*

*RPPLQR VLFXUH]]D FRSHU' FKLR SHQWROD D SUHVVLRQH WXWWH VLOLFRQH DOLPHQWDUH

45%..)5%'0""1%5'5)OO%5'2#.1%$N' C""&G.#C%'.+(+0",%'^#(('*"&%(._

A%8%5'O("01Z'.#C%$6'8#(8%'O("01.' $=%'=#,&(%'"C'$=%'/5%..)5%'0""G 1%5M.'(+&'^#(('*"&%(._

45%..)5%'0""1%5'.%#(+,2'5+,2

$&&(6625, W00%.."5+%.

4%5'.C5)$$#5%'#('*%2(+" +'8#,$#22+'&%((# '0"$$)5#'#('8#/"5%'

7R PDNH WKH PRVW RI VWHDP FRRNLQJ

&HVWHOOR ]#.1%$

&$7$/2*2

/$ &8&,1$ ', %$5$==21,

IWVNO_ :%;

=($"( 78%,

?)"%! =($"( K)& "617)& (/"%)& N"& P12"1& */& 3)2)441"/& .& 7%2')+/(%0& ;6(+/6'1<&K1&'+);81&21+1"*1&.&/*%)(%&8%2&()&8/44)&%&(%& +12+%&;%"+2%&()&+%B(/)&2%++)"B1()2%&.&8%2F%++)&'/)&#1;%& 21'+/%2)&'/)&#1;%&()')B"%2)<&W++/;)&8%2&(%&21'1()+62%&%& 8%2&6")&8%2F%++)&*12)+62)&*%/&#/9/<&X/7%'+/;%"+1&F)#/(%& *)& 86(/2%& %& '/#621& 8%2& (>)''%"4)& */& =PW!0& #)*;/1& %& 8/1;91<&W++/;1&2)8812+1&56)(/+D&82%441< /,1($ )2512 %DUD]]RQLÂ·V QHZ OLQH ,Q )RUQR ,Q RYHQ RI LV YHUVDWLOH PXOWLXVH 7KH URXQG PROG LV LGHDO IRU SL]]D DQG FDNHV ZKLOH WKH UHFWDQJXODU PROG LV SHUIHFW DV URDVWLQJ SDQ DQG DV ODVDJQHUD ([FHOOHQW IRU EURZQLQJ IRRG (DV\ WR FOHDQ LQQHU FRDWLQJ VDIH GXH WR WKH DEVHQFH RI 3)2$ FDGPLXP DQG OHDG ([FHOOHQW TXDOLW\ SULFH UDWLR

3$&.$*,1*

7(&12/2*,( <%0=,"("2+%.

H!RR! 9#,2%

35(0,80 X/7%'+/;%"+1 =2%;/6; 3UHPLXP LQQHU FRDWLQJ

Z)(6+%#$0& 35,92 ', 3)2$ 6DOXWHFK 3)2$ )5((

)217, ', &$/25( @%#$'.")50%.

7HJOLD 5HWWDQJRODUH 9%0$#,2)(#5'O#1+,2'&+.= [ [ [ ; FP

7HJOLD SL]]D 9"),&'*"(& e&[d&:&@S&#;

PWXIW K!V!ZOWV<

/$ &8&,1$ ', %$5$==21,

4#.$56'*"(&.

B!DA)**%$)!2 E4:2S+551X0+412S+7351-:22 9023:,-0SS1.0:29+71,-0S:`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

!"#$!"#$$#"%

%&"#'()$'("#'"*"$ '*%&'&()*

!"#$%&'()*+&,-./".#& 01./"-2&"#&2314&5"-$6%#

N&IWZOXN&R!OJXN!KN&:&7)5'$6/%.'"C'*#$%5+#(. 67$03, &21 ,1129$7,92 5,9(67,0(172 0$5027(&+) 68 %$6( &$5%21 67((/ N""17)+/71&2/7%'+/;%"+1&)&#/"56%&'+2)+/&2/"F124)+1&#1"&8)2+/#%((%&*/&R)2;1+%#$h<& 2WWLPD DQWLDGHUHQ]D H UHVLVWHQ]D DO JUDIÀR DO WDJOLR DOO·XVXUD IDFLOH GD SXOLUH H ;1(+1&2%'/'+%"+% ,QQRYDWLYH ÀYH OD\HU FRDWLQJ UHLQIRUFHG ZLWK 0DUPRWHFK) SDUWLFOHV ([FHOOHQW QRQ VWLFN DQG VFUDWFK UHVLVWDQFH FXWWLQJ ZHDU DQG WHDU (DV\ WR FOHDQ DQG YHU\ GXUDEOH

6,/,&21( Z/(/#1"%&)(/;%"+)2%&*/&)(+)&56)(/+D<&!"#$%&8/%"/0&"1"&8%2*1"1&()&F12;)&%&#1": '%"+1"1&*/&%''%2%&;17/;%"+)+/&'%"4)&(>)6'/(/1&*/&7)''1/0&8/)"/&*/&)881BB/10&%##< )RRG VDIH KLJK TXDOLW\ VLOLFRQH (YHQ IXOO WKH PROGV GR QRW ORVH WKHLU VKDSH DQG DOORZ WR EH KDQGOHG ZLWKRXW WKH XVH RI WUD\V WRSV HWF

$//80,1,2 R1"1:8124/1"/<&R)"%BB%71(%44)&%&(%BB%2%44)< 6LQJOH SRUWLRQV /LJKW ZHLJKW DQG PDQHXYHUDELOLW\

3$675< 02/'6 %DUD]]RQL·V /H GROFH]]H D FRPSOHWH DQG YHUVDWLOH FROOHFWLRQ RI VKDSHV DQG FRQWDLQHUV IRU WKH KRPH SDVWU\ GHVLJQHG DQG EXLOW WR DFKLHYH SURIHVVLRQDO UHVXOWV &RQFHLYHG WR DGG D WRXFK RI FODVV DQG PDJLF WR WKH PRPHQWV LQ ZKLFK DGXOWV DQG FKLOGUHQ WHVW WKHPVHOYHV LQ FRRNLQJ FDNHV GHVVHUWV SLHV DQG RWKHU EDNHG IRRGV 7KHVH PROGV FDQ HQVXUH PD[LPXP IXQFWLRQDOLW\ ZKLOH VWLPXODWLQJ FUHDWLYLW\ DQG DOZD\V LQVSLULQJ QHZ FXOLQDU\ H[SHULHQFHV 7KH QHZ FROOHFWLRQ RI SDVWU\ PROGV ´/H GROFH]]Hµ LV FRPSRVHG RI 6LOLFRQH PROGV 0RXOGV ZLWK LQQRYDWLYH FRDWLQJ 0DUPRWHFK EDVHG FDUERQ VWHHO $OXPLQXP ,QGLYLGXDO SDVWU\ PROGV

?SS

/$ &8&,1$ ', %$5$==21,

IWVNO_ :%;

B!DA)**%$)!

4#.$56'*"(&.

?%2#(?*%''% D-:7302S+42.0;1,-0714-+2 F:.7+-1ST[2 ,/2Z:,12S:.Z+42,-115 K%&*1(#%44%&#)291"&'+%%(&.&()&"617)&(/"%)&*/&'+);8/&#1"& /""17)+/71& 2/7%'+/;%"+1& )& #/"56%& '+2)+/& 2/"F124)+1& #1"& 8)2+/#%((%& */& R)2;1+%#$h<& `6%'+1& 2/7%'+/;%"+1& .& =PW!& %'%"+%&%&B)2)"+/'#%&6">1++/;)&)"+/)*%2%"4)&%&2%'/'+%"4)& DO JUDIÀR DO WDJOLR DOO·XVXUD (FFH]LRQDOL SUHVWD]LRQL F)#/(/+D&*/&#1++62)&%&*/&86(/4/)&*181&(>6'1<&3/#1(12%Q&%'+%2"1& #1(12%&921"410&/"+%2"1&#1(12%&#2%;)&86"+/")+1< /( '2/&(==( 0ROGV ZLWK LQQRYDWLYH FRDWLQJ 0DUPRWHFK) EDVHG FDUERQ VWHHO /H GROFH]]H FDUERQ VWHHO LV WKH QHZ OLQH RI PROGV ZLWK LQQRYDWLYH ÀYH OD\HU FRDWLQJ UHLQIRUFHG ZLWK 0DUPRWHFK SDUWLFOHV 7KLV FRDWLQJ LV 3)2$ IUHH DQG HQVXUHV H[' FHOOHQW QRQ VWLFN DQG VFUDWFK UHVLVWDQFH FXWWLQJ ZHDU DQG WHDU 2XWVWDQGLQJ SHU' IRUPDQFHV (DV\ WR FOHDQ DQG YHU\ GXUDEOH %L FRORU EURQ]H H[WHULRU FRORU GRWWHG LQQHU FRDWLQJ FUHDP FRORU

7(&12/2*,(

3$&.$*,1*

<%0=,"("2+%.

H!RR! 9#,2%

7$$+*#'#,$+#&%5%,V#' H UHVLVWHQ]D DO JUDIÀR #('$#2(+"N'#((M).)5#' ([FHOOHQW QRQ VWLFN DQG VFUDWFK UHVLVWDQFH FXWWLQJ ZHDU DQG WHDU

X/7%'+/;%"+1 )&#/"56%&'+2)+/& 2/"F124)+1&#1"& 8)2+/#%((%&*/& R)2;1+%#$)

)LYH OD\HU FRDWLQJ UHLQIRUFHG ZLWK 0DU' PRWHFK) SDUWLFOHV

3/#1(12%Q&%'+%2"1& #1(12%&921"410& /"+%2"1&#1(12%& #2%;)&86"+/")+1 %L FRORU EURQ]H H[WHULRU FRORU GRW' WHG LQQHU FRDWLQJ FUHDP FRORU

E#0+(%'&#'/)(+5%'%' *"($"'5%.+.$%,$%'

7HJOLD UHWWDQJRODUH ]#01+,2'.=%%$ [ [ c@E[A&#;

/DVDJQHUD W//(+#,0%'' C"5'(#.#2,# @dE[c&#;

6WDPSR SOXP FDNH 4()*0#1%'*")(& @SE?b&#;

6HW FURVWDWLQH -%$'"C'd'/+%'$+,. e&?[&#;&

7HJOLD SL]]D 4KVV#'$+, e&@@&#;&

6WDPSR EXGLQR 4)&&+,2'*")(& e&[[&#;&

6WDPSR FXRUH @%#5$'G.=#/%&' *")(& ; FP

6WDPSR WRUWD !#1%'$+, FP

6WDPSR FURVWDWD <#5$'*")(& FP

7RUWLHUD DSULELOH IRQGR -/5+,2C"5*'I'O#.% e&[[:[c&#;

7RUWLHUD DSULELOH IRQGL -/5+,2C"5*'>'O#.%. FP

6WDPSR PXIÀQ PXIÀQ PRXOG [ FP

(DV\ WR FOHDQ DQG YHU\ GXUDEOH

)217, ', &$/25( @%#$'.")50%.

PWXIW K!V!ZOWV<

?S[

/$ &8&,1$ ', %$5$==21,

IWVNO_ :%;

B!DA)**%$)!

4#.$56'*"(&.

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ÁHVVLELOLWj /( '2/&(==( 6LOLFRQH PROGV /H GROFH]]H 6LOLFRQH LV WKH QHZ OLQH RI VLOLFRQH PROGV LQ IRRG VDIH VLOLFRQH RI KLJK TXDOLW\ )XQGDPHQWDO SUHURJDWLYH RI WKLV FROOHFWLRQ LV WKDW HYHQ IXOO WKH PROGV GR QRW ORVH WKHLU VKDSH DQG DOORZ WR EH KDQGOHG ZLWKRXW WKH XVH RI WUD\V WRSV HWF %L FRORU EXUJXQG\ H[WHULRU FRORU LQWHULRU FUHDP FRORU 7KHVH QRQ VWLFN PROGV DUH VXLWDEOH IRU XVH LQ WKH RYHQ IUHH]HU DQG PLFURZDYH 0D[LPXP ÁH[LELOLW\

7(&12/2*,(

3$&.$*,1*

<%0=,"("2+%.

H!RR! 9#,2%

W,0=%'/+%,+N',",' /%5&","'(#'C"5*#'%' 0",.%,$","'&+'%..%5%' *"8+*%,$#$+'.%,V#' (M#).+(+"'&+'8#.."+N'/+#,+' &+'#//"22+"N'%00P' Z/(/#1"%&)(/;%"+)2%& 3/#1(12%Q&%'+%2"1& */&)(+)&56)(/+D #1(12%&7/")##/)0& IRRG VDIH /"+%2"1&#1(12%& KLJK TXDOLW\ VLOLFRQH #2%;)

(YHQ IXOO WKH PROGV GR QRW ORVH WKHLU VKDSH DQG DOORZ WR EH KDQGOHG ZLWKRXW WKH XVH RI WUD\V WRSV HWF

%L FRORU EXUJXQG\ H[WHULRU FRORU LQWHULRU FUHDP FRORU

6WDPSR SOXPFDNH 4()*0#1%'*")(& [ FP

6WDPSR UHWWDQJRODUH -3)#5%'*")(& @SE[[&#;

6WDPSR EXGLQR 4)&&+,2'*")(& e&[[&#;

6WDPSR WRQGR '9"),&'0#1%'$+, e&[b&#;&

)217, ', &$/25( @%#$'.")50%.

6WDPSR FURVWDWD <#5$'*")(& FP )5(=((5

?Sc

PWXIW 0,&5221'( K!V!ZOWV<

6WDPSR FLDPEHOOD 9+,2G.=#/%&' 0#1%'*")(& FP

6WDPSR FXRUH 6WDPSR @%#5$G.=#/%&'*")(&' PXIÀQ OLVFLR [ FP /LPXIÀQ PRXOG [ FP

6WDPSR PXIÀQ IRUPD D URVD Q'5".%G.=#/%&' PXIÀQ PRXOG [ FP

/$ &8&,1$ ', %$5$==21,

IWVNO_ :%;

B!DA)**%$)!

4#.$56'*"(&.

?%2#(?*%''% D-:73027+4+23+.X0+412 042:55/7040+2 K)& (/9%2+D& *%((%& ;1"1:8124/1"/<& ?b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

7(&12/2*,(

3$&.$*,1*

<%0=,"("2+%.

AM.."5$+*%,$"' 0"*/5%,&%'(%'C"5*%' /+e'$5#&+V+",#(+'%' #,0=%'3)%((%'/+e' +,,"8#$+8%'%'&+' $%,&%,V#' !((6;/"/1

$OXPLQXP

$VVRUWPHQW LQFOXGHV WKH PRUH WUDGLWLRQDO IRUPV DV ZHOO DV WKH PRVW LQQRYDWLYH DQG WUHQG\ PROGV

H!RR! 9#,2%

%DEj FRQ RUOR ]#O#'*"(&';+$=' %&2%'Â&#x2018; FP

$PHULFDQR IHVWRQDWR WXER W*%5+0#,G.$6(%'C%.$""G ,%&'$)O%'*"(&'e&?S&#;

)217, ', &$/25(

3OXPFDNH %DVVR FRQ WXER 4()*0#1%'*"(& A";'*"(&';+$=' ; FP $)O%&e&A&#;

&UHPD IHVWRQDWR D"(&'05%#*'C%G .$"",%&'Â&#x2018; FP

%XGLQR ERPEDWR 4)&&+,2'*"(&'5"),&%&' C%.$"",%&'Â&#x2018; FP

%RPEDWR ULFDPDWR %XGLQR RYDOH %XGLQR ERPEDWR %DEj IHVWRQDWR !",8%L'%*O5"+&%G 78#('C%.$"",%&'/)&G -*""$='5"),&%&'/)&G ]#O#'*"(&';+$=")$'C%G 5%&'*"(&'e&A0b&#; &+,2'*"(& [ FP &+,2'*"(&'Â&#x2018; FP .$"",%&'%&2'e&d&#;

@%#$'.")50%.

)5(=((5

?Sd

PWXIW

&(5

K!V!ZOWV<

%RFFRQRWWR &UHPD FRQ RUOR %XGLQR OLVFLR !5%#*'*"(&';+$=' 4)&&+,2'*"(&'.*"G VODEEUDWR "$='O#.%'Â&#x2018; FP ]"00","$"'"/%,' %&2%'e&d&#; *"(&'Â&#x2018; FP

&URVWDWD <#5$'*"(& e&?S&#;

%RFFRQRWWR DOWR D"(&'O"00","$$"' =+2='Â&#x2018; FP

%XGLQR TXDGUDWR -3)#5%'/)&&+,2' *"(& [ FP

/$ &8&,1$ ', %$5$==21,

GAMMA

ACCIAIO

Range

Stainless steel TUMMY

GAS

CER.

ELE.

ALO.

IND.

FORNO LAVASTOV.

DESCRIZIONE DESCRIPTION

DIMENSIONI SIZE CM LITRI

MM/H

INCH

PENTOLA STOCKPOT

2,25

142

4,25

22 26 CASSERUOLA CASSEROLE

TEGAME LOW CASSEROLE

CASSERUOLA ML SAUCEPAN

COD.ART. ITEM CODE

COD. BARRE EAN BARCODE

DESCRIZIONE DESCRIPTION

DIMENSIONI SIZE CM LITRI

MM/H

5½

001001014

8007267000011

4,25

163

001001018

8007267000028

PENTOLA STOCKPOT

7,5

185

8¾

7,5

185

8¾

001001022

8007267000035

228

10¼

228

10¼

001001026

8007267000042

1,5

5½

2,5

104

132

8¾

TEGAME LOW CASSEROLE

3,75

10¼

CASSERUOLA MANICO LUNGO SAUCEPAN

0,75

4¾

COLAPASTA VAPOCUOCI PASTA STRAINER

125

8¾

COLINO STRAINER

4¾

BOLLILATTE MILK POT

150

4¾

COPERCHIO LID

4¾

5½

18 (x 2p.)

22 (x 2p.)

8¾

10¼

1,5

5½

001002014

8007267000059

2,5

104

001002018

8007267000066

132

8¾

001002022

8007267000073

7,25

136

10¼

001002026

8007267000080

1,25

001004018

8007267000127

2,25

8¾

001004022

8007267000134

3,75

10¼

001004026

8007267000158

0,75

4¾

001010012

8007267000097

1,25

5½

001010014

8007267000103

BOLLILATTE MILK POT

1,5

150

4¾

001013012

8007267000271

COLAPASTA VAPOCUOCI PASTA STRAINER

125

8¾

001016022

8007267000257

COLINO STRAINER

4¾

001014016

8007267000264

SELVAGGIA* FISH-KETTLE*

36X16

130

0010180

GRIGLIA PER SELVAGGIA GRILL FOR SELVAGGIA VAPOTUMMY PRESSURE COOKER

CESTELLO CUOCIPASTA STREAMER STAINER FOR PASTA

COPERCHIO LID

250

7¾

4¾

8007267000288

0011615

8007267004422

0010450060

8007267034252

001050022

8007267099473

001021012

8007267000189

5½

001021014

8007267000196

001021018

8007267000202

8¾

001021022

8007267000219

10¼

001021026

8007267000233

*No induzione *No induction

BATTERIA TUMMY 10 pezzi - 10 pieces

GAS

CER.

108

ELE.

ALO.

FORNO LAVASTOV.

IND.

DESCRIZIONE DESCRIPTION

COD.ART. ITEM CODE

CASSERUOLA CASSEROLE

DESCRIZIONE DESCRIPTION

DIMENSIONI SIZE CM LITRI

MM/H

INCH

PENTOLA STOCKPOT

171

188

13,5

CASSERUOLA CASSEROLE

16 20 24

137

TEGAME LOW CASSEROLE

2,7

4,4

100

CASSERUOLA ML SAUCEPAN

0,8

1,5

COLAPASTA COLANDER

BOLLILATTE MILK POT

COD. BARRE EAN BARCODE

00192501

8007267092405

CER.

COD.ART. ITEM CODE

COD. BARRE EAN BARCODE

7¾

28510102080

8007267110277

9½

28510102480

8007267110284

230

28510102880

8007267110291

1,5

100

6¼

28510201680

8007267110307

118

7¾

28510202080

8007267110314

9½

28510202480

8007267110321

12½

28510402480

8007267110338

28510402880

8007267110345

5½

28511001480

8007267110352

6¼

28511001680

8007267110369

134

8¾

28511502280

8007267110390

118

4¾

28511301280

8007267110376

115

9½

28511602480

8007267110383

134

8¾

28504902280

8007267113421

MM/H

INCH

PENTOLA STOCKPOT

7,5

185

8¾

CASSERUOLA CASSEROLE

2,5

104

132

8¾

TEGAME LOW CASSEROLE

3,75

10¼

COLAPASTA VAPO STEAM STRAINER

CASSERUOLA MANICO LUNGO

0,75

4¾

SPAGHETTIERE PASTA POT

COPERCHIO LID

4¾

COPERCHIO LID

5½

28512101480

8007267110406

6¼

28512101680

8007267110413

22 (x 2p.)

8¾

7¾

28512102080

8007267110420

10¼

9½

28512102480

8007267110444

28512102880

8007267110437

8007267103583

1,25

BATTERIA TUMMY 25 pezzi - 25 pieces

GAS

DIMENSIONI SIZE CM LITRI

001910

COD. BARRE EAN BARCODE

1,5

INCH

COD.ART. ITEM CODE

ELE.

ALO.

IND.

FORNO LAVASTOV.

SILICON PRO ACCIAIO

GAS

CER.

ELE.

ALO.

IND.

FORNO LAVASTOV.

LA CUCINA DI BARAZZONI

GAMMA Range

SILICON PRO UTENSILI

CHEF LINE

GAS

CER.

ELE.

ALO.

IND.

DESCRIZIONE DESCRIPTION

COD.ART. ITEM CODE

COD. BARRE EAN BARCODE

DESCRIZIONE DESCRIPTION

DIMENSIONI SIZE CM LITRI

MM/H

INCH

MESTOLO SOUP LADLE

86600000

8007267113155

PENTOLA STOCKPOT

171

7¾

SCHIUMAROLA SKIMMER

86600010

8007267113179

CASSERUOLA CASSEROLE

2,1

3,8

112

8¾

PALETTA TURNER

86600015

8007267113162

CASSERUOLA ML SAUCEPAN

0,8

5½

FORCHETTONE FORK

86600020

8007267113186

TEGAME LOW CASSEROLE

2,7

9½

CUCCHIAIONE SERVING SPOON

86600025

8007267113193

COPERCHIO LID

7¾

SERVISPAGHETTI SPAGHETTI SERVER

86600030

8¾

9½

MESTOLO NYLON NYLON SOUP LADLE

86600100

8007267113216

PALETTA NYLON NYLON TURNER

86600115

8007267113223

CUCCHIAIONE NYLON NYLON SERVING SPOON

86600125

8007267113230

SERVISPAGHETTI NYLON NYLON SPAGHETTI SERVER

86600130

8007267113247

MM/H

INCH

PENTOLA STOCKPOT

171

13,5

CASSERUOLA ML SAUCEPAN COLAPASTA COLANDER COPERCHIO LID

GAS

ELE.

ALO.

110

FORNO LAVASTOV.

COD. BARRE EAN BARCODE

7¾

163101020

8007267117870

188

9½

163101024

8007267117887

230

163101028

8007267117894

1,4

100

6¼

163102016

8007267117900

2,1

163102018

8007267117917

118

7¾

163102020

8007267117924

3,8

112

8¾

163102022

8007267117931

137

9½

163102024

8007267117948

2,7

9½

163104024

8007267117979

4,4

100

163104028

8007267117986

0,8

5½

163110014

8007267117955

1,5

6¼

163110016

8007267117962

134

44¾

163115022

8007267118068

22 14

5½

163121014

8007267117993

6¼

163121016

8007267118006

163121018

8007267118013

7¾

163121020

8007267118020

8¾

163121022

8007267118037

9½

163121024

8007267118044

163121028

8007267118051

COD.ART. ITEM CODE 163906

DIMENSIONI SIZE CM LITRI

MM/H

INCH

CASSERUOLA CASSEROLE

1,5

6¼

118

7¾

137

9½

IND.

8007267113209

COD.ART. ITEM CODE

DESCRIZIONE DESCRIPTION

COPERCHIO LID CER.

INCH

DIMENSIONI SIZE CM LITRI

TEGAME LOW CASSEROLE

BATTERIA CHEF LINE 6 pezzi - 6 pieces

MM/H

DESCRIZIONE DESCRIPTION

CASSERUOLA CASSEROLE

FORNO LAVASTOV.

DIMENSIONI SIZE CM LITRI

6¼

7¾

9½

DIMENSIONI SIZE CM LITRI

MM/H

INCH

PENTOLA STOCKPOT

155

3,6

2,1

3,8

112

8¾

CASSERUOLA MANICO LUNGO SAUCEPAN

0,8

5½

COPERCHIO LID

8¾

163909

8007267118259

BATTERIA CHEF LINE 9 pezzi - 9 pieces

GAS

COD.ART. ITEM CODE

COD. BARRE EAN BARCODE

28390601

8007267122621

DIMENSIONI SIZE CM LITRI

GAS

MM/H

INCH

PENTOLA STOCKPOT

171

7¾

CASSERUOLA CASSEROLE

2,1

3,8

112

8¾

TEGAME LOW CASSEROLE

2,6

8¾

CASSERUOLA MANICO LUNGO SAUCEPAN

0,8

5½

COD.ART. ITEM CODE

COD. BARRE EAN BARCODE

28380901

8007267119799

5½ 7

7¾

8¾

DESCRIZIONE DESCRIPTION

DIMENSIONI SIZE CM LITRI

GAS

MM/H

INCH

PENTOLA STOCKPOT

3,6

155

COD. BARRE EAN BARCODE

CASSERUOLA CASSEROLE

2,1

3,8

112

8¾

8007267118082

TEGAME LOW CASSEROLE

2,2

8¾

CASSERUOLA MANICO LUNGO SAUCEPAN

0,9

5½

COPERCHIO LID

5½

8¾

COD.ART. ITEM CODE

COD. BARRE EAN BARCODE

28390801

8007267106683

ALO.

IND.

FORNO LAVASTOV.

ELE.

ALO.

IND.

FORNO LAVASTOV.

BATTERIA CUOCIMANIA 9 pezzi - 9 pieces

CER.

ELE.

BATTERIA CUOCIMANIA 6 pezzi - 6 pieces

CER.

DESCRIZIONE DESCRIPTION

COPERCHIO LID

COD. BARRE EAN BARCODE

CER.

DESCRIZIONE DESCRIPTION

CASSERUOLA CASSEROLE

COD.ART. ITEM CODE

ELE.

ALO.

IND.

FORNO LAVASTOV.

BATTERIA DELLO CHEF 8 pezzi - 8 pieces

GAS

CER.

ELE.

ALO.

IND.

FORNO LAVASTOV.

LA CUCINA DI BARAZZONI

GAMMA Range

BONITA

GAS

CER.

ELE.

ALO.

IND.

COD.ART. ITEM CODE

COD. BARRE EAN BARCODE

DESCRIZIONE DESCRIPTION

DIMENSIONI SIZE CM LITRI

MM/H

INCH

266101018

8007267061838

18 (x 6p.)

3,6

155

168

7¾

266101020

8007267061845

PENTOLA STOCKPOT

180

8¾

266101022

8007267061852

185

9½

266101024

8007267061869

9,5

200

10¼

266101026

8007267061876

13,5

230

266101028

8007267061883

0,5

4¾

266102012

8007267074708

0,9

5½

266102014

8007267074715

1,4

6¼

266102016

8007267061890

2,1

266102018

8007267061906

105

7¾

266102020

8007267061913

3,8

112

8¾

266102022

8007267061920

120

9½

266102024

8007267061937

132

10¼

266102026

8007267061944

7,5

140

266102028

8007267061951

2,2

8¾

266104022

8007267061999

2,8

9½

266104024

8007267062002

3,4

10¼

266104026

8007267062019

4,5

266104028

8007267062026

0,5

4¾

266110012

8007267061968

0,9

5½

266110014

8007267061975

1,5

6¼

266110016

8007267061982

2,1

266110018

8007267080839

105

7¾

266110020

8007267080846

BOLLILATTE MILK POT

1,2

115

4¾

266113012

CASSERUOLA CONICA ML LOW CASSEROLE

0,5

4¾

0,9

DESCRIZIONE DESCRIPTION

DIMENSIONI SIZE CM LITRI

MM/H

INCH

PENTOLA STOCKPOT

3,6

155

24 FORNO LAVASTOV.

CASSERUOLA CASSEROLE

TEGLIA 2 MANICI LOW CASSEROLE

CASSERUOLA MANICO LUNGO SAUCEPAN

105

7¾

14 (x 24p.)

0,9

5½

BOLLILATTE MILK POT

12 (x 18p.)

1,2

115

4¾

COPERCHIO LID

16 (x 9p.)

6¼

18 (x 3p.)

20 (x 3p.)

7¾

DESCRIZIONE DESCRIPTION

DIMENSIONI SIZE CM LITRI

MM/H

INCH

PENTOLA STOCKPOT

18 (x 2p.)

3,6

155

CASSERUOLA CASSEROLE

16 (x 6p.)

1,4

6¼

18 (x 4p.)

2,1

7 7¾ 5½

8007267062033

BOLLILATTE MILK POT

12 (x 6p.)

1,2

115

4¾

266111012

8007267062040

COPERCHIO LID

16 (x 3p.)

6¼

5½

266111014

8007267062057

18 (1p.)

20 (1p.)

7¾

5½

266114014

8007267062156

4¾

266121012

8007267062064

5½

266121014

8007267062071

6¼

266121016

8007267062088

266121018

8007267062095

7¾

266121020

8007267062101

8¾

266121022

8007267062118

9½

266121024

8007267062125

10¼

266121026

8007267062132

266121028

8007267062149

12½

266117000

8007267088927

266125000

8007267088934

COD. BARRE EAN BARCODE

2769111

8007267118242

PALL BOX ACCIAIO 96 pezzi + 15 coperchi 96 pieces + 15 lids

GAS

CER.

COLINO STRAINER

20 (x 12p.) CASSERUOLA MANICO LUNGO SAUCEPAN

105

8007267062163

COPERCHIO CASSERUOLA OVALE LID OVAL CASSEROLE

0,9

266116024

115

6¼

9½

5,5

2,1

14 (x 8p.)

115

1,4

20 (x 4p.)

CASSERUOLA OVALE* OVAL CASSEROLE*

16 (x 24p.) 18 (x 12p.)

CASSERUOLA MANICO LUNGO SAUCEPAN

COLAPASTA VAPOCUOCI PASTA STRAINER

COPERCHIO LID

CASSERUOLA CASSEROLE

COD.ART. ITEM CODE

COD. BARRE EAN BARCODE

2769037

8007267118235

ELE.

ALO.

IND.

FORNO LAVASTOV.

PALL BOX ACCIAIO 32 pezzi + 5 coperchi 32 pieces + 5 lids

GAS

CER.

ELE.

ALO.

IND.

FORNO LAVASTOV.

*No induzione *No induction

112

LA CUCINA DI BARAZZONI

GAMMA

ALLUMINIO RIVESTITO

Range

Coated aluminum SILICON PRO ALLUMINIO

GAS

ELE.

ALO.

DESCRIZIONE DESCRIPTION

DIMENSIONI SIZE CM LITRI

COD.ART. ITEM CODE

COD. BARRE EAN BARCODE

DESCRIZIONE DESCRIPTION

DIMENSIONI SIZE CM LITRI

MM/H

INCH

CASSERUOLA CASSEROLE

2,55

MM/H

INCH

7¾

84510202080

8007267104191

1,16

115

9½

84510202480

8007267104207

PADELLA FRYING PAN

4,50

1,81

TEGAME LOW CASSEROLE

2,36

9½

84510402480

8007267104214

2,62

3,36

84510402880

8007267104221

4,58

12½

84510403280

8007267106867

1,16

7¾

84510602080

8007267104238

1,45

8¾

84510602280

8007267106799

1,81

9½

84510602480

8007267104245

2,19

10¼

84510602680

8007267106805

2,62

84510602880

8007267104252

3,08

84510603080

8007267104269

3,77

12½

84510603280

8007267106812

CASSERUOLA ML SAUCEPAN

1,26

6¼

84511001680

BISTECCHIERA STEAK PAN

28X28

2,40

11X11

8451540282880

LASAGNERA APPLIANCE FOR LASAGNA

31X23

4,40

12X8¾

8451550

35X27

6,40

14X10¼

SALTAPASTA - WOK WOK

4,50

COPERCHIO IN VETRO GLASS LID

FORNO LAVASTOV.

CER.

PADELLA FRYING PAN

GRANITICA

GAS

CER.

ELE.

ALO.

114

85510602080

8007267118785

9½

85510602480

8007267118792

85510602880

8007267118808

3,77

12½

85510603280

8007267118815

4,5

85515612880

8007267118891

TEGAME LOW CASSEROLE

2,36

9½

85510402480

8007267118761

3,36

85510402880

8007267118778

CASSERUOLA ML SAUCEPAN

1,26

6¼

85511001680

8007267118822

CASSERUOLA CASSEROLE

2,55

7¾

85510202080

8007267118747

4,50

115

9½

85510202480

8007267118754

8007267104290

BISTECCHIERA STEAK PAN

28X28

2,40

11X11

8551540282880

8007267118884

8007267104351

COPERCHIO IN VETRO GLASS LID

6¼

84913501603

8007267113001

7¾

84913502003

8007267113018

8007267104368

9½

84913502403

8007267113032

8451551

8007267106829

84913502803

8007267113056

84515612880

8007267104375

12½

84913503203

8007267113148

6¼

84513501680

8007267112097

7¾

84513502080

8007267112103

8¾

84513502280

8007267112110

COD.ART. ITEM CODE

COD. BARRE EAN BARCODE

9½

84513502480

8007267112127

10¼

84513502680

8007267112134

84513502880

8007267112141

84513503080

8007267112158

12½

84513503280

8007267112165

MM/H

INCH

PADELLA FRYING PAN

1,16

1,81

2,19

28 30

CREPIERA

7¾

DIMENSIONI SIZE CM LITRI

TEGAME LOW CASSEROLE

COD. BARRE EAN BARCODE

SALTAPASTA - WOK WOK

DESCRIZIONE DESCRIPTION

LAVASTOV.

COD.ART. ITEM CODE

COD. BARRE EAN BARCODE

7¾

85510602084

8007267121082

9½

85510602484

8007267121099

10¼

85510602684

8007267125813

2,62

85510602884

8007267121105

3,08

85510603084

8007267125820

3,77

12½

85510603284

8007267121112

2,36

9½

85510402484

8007267121068

3,36

85510402884

8007267121075

4,5

12 ½

85510403284

8007267125035

0,6

9¾

85515602584

8007267125042

CASSERUOLA CASSEROLE

20 24

4,5

115

CASSEUROLA ML SAUCEPAN

1,26

SALTAPASTA - WOK WOK

4,5

BISTECCHIERA STEAK PAN

28X28

COPERCHIO IN VETRO GLASS LID

2,55

2,40

7¾

85510202084

8007267121044

9½

85510202484

8007267121051

6¼

85511001684

8007267121129

85515612884

8007267121143

11X11

8551540282884

8007267121136

6¼

84913501603

8007267113001

7¾

84913502003

8007267113018

9½

84913502403

8007267113032

84913502803

8007267113056

12½

84913503203

8007267113148

DESCRIZIONE DESCRIPTION

DIMENSIONI SIZE CM LITRI

MM/H

INCH

PADELLA FRYING PAN

1,16

7¾

85110602037

8007267124687

1,81

9½

85110602437

8007267124700

2,19

10¼

85110602637

8007267124717

2,62

85110602837

8007267124724

3,08

85110603037

8007267124731

3,77

12½

85110603237

8007267124748

CASSERUOLA CASSEROLE

2,55

7¾

85110202037

8007267124649

TEGAME LOW CASSEROLE

3,36

85110402837

8007267124670

CASSERUOLA ML SAUCEPAN

1,26

6¼

85111001637

8007267124755

SALTAPASTA WOK

4,50

85115612837

8007267124762

BISTECCHIERA STEAK PAN

28X28

11X11

8511540282837

8007267124779

COPERCHIO LID

6¼

85113501637

8007267124854

7¾

85113502037

8007267124786

9½

85113502437

8007267124809

85113502837

8007267124823

COD.ART. ITEM CODE

COD. BARRE EAN BARCODE

85190237

8007267124861

DESCRIZIONE DESCRIPTION

DIMENSIONI SIZE CM LITRI

MM/H

INCH

PADELLA FRYING PAN

1,81

9½

2,62

SALE NERO

GAS

ELE.

CER.

LAVASTOV.

ALO.

NOVITÀ - NEW ROUGE

GAS

ELE.

CER.

LAVASTOV.

ALO.

NOVITÀ - NEW BIS ROUGE

GAS

ELE.

CER.

LAVASTOV.

ALO.

LA CUCINA DI BARAZZONI

GAMMA Range

NOVITÀ - NEW DOLOMITICA

GAS

ELE.

CER.

ALO.

INDUCTION ALU

CER.

ELE.

ALO.

IND.

LAVASTOV.

TRIS PADELLE

GAS

ELE.

DIMENSIONI SIZE CM LITRI

COD.ART. ITEM CODE

COD. BARRE EAN BARCODE

DESCRIZIONE DESCRIPTION

DIMENSIONI SIZE CM LITRI

MM/H

INCH

PADELLA FRYING PAN

1,16

MM/H

INCH

7¾

85510602085

8007267123901

1,16

9½

85510602485

8007267123918

PADELLA FRYING PAN

1,81

2,62

85510602885

8007267123925

2,19

3,77

12½

85510603285

8007267123932

2,62

SALTAPASTA - WOK WOK

4,50

85515612885

8007267123963

30 24

TEGAME LOW CASSEROLE

8007267123895

TEGAME LOW CASSEROLE

3,36

2,55

CASSERUOLA ML SAUCEPAN

8007267123949

CASSERUOLA CASSEROLE

4,50

115

1,26

CASSERUOLA CASSEROLE

85510202085

8007267123871

CASSERUOLA ML SAUCEPAN

4,50

115

9½

85510202485

8007267123888

28X28

2,40

35,5

11X11

8551540282885

8007267123956

BISTECCHIERA STEAK PAN

28X28

BISTECCHIERA STEAK PAN COPERCHIO IN VETRO GLASS LID

6¼

84913501603

8007267113001

LASAGNERA RECTANGULAR BAKER

7¾

84913502003

8007267113018

9½

84913502403

8007267113032

84913502803

8007267113056

12½

84913503203

8007267113148

IND.

LAVASTOV.

GAS

DESCRIZIONE DESCRIPTION

ALO.

116

LAVASTOV.

1,26 2,55

64 75 95

11 6¼ 7¾

DESCRIZIONE DESCRIPTION

DIMENSIONI SIZE CM LITRI

MM/H

INCH

PADELLA FRYING PAN

1,16

1,81

2,62

85510402885 85511001685

COD.ART. ITEM CODE

COD. BARRE EAN BARCODE

7¾

85510602083

8007267121334

9½

85510602483

8007267121341

85510602883

8007267121358

3,77

12½

85510603283

8007267123246

TEGAME LOW CASSEROLE

3,36

85510402883

8007267121327

CASSERUOLA CASSEROLE

20 24

4,5

115

CASSEUROLA ML

1,26

SALTAPASTA - WOK WOK

4,5

BISTECCHIERA STEAK PAN

28X28

COPERCHIO IN VETRO GLASS LID

6¼

84913501603

8007267113001

7¾

84913502003

8007267113018

9½

84913502403

8007267113032

84913502803

8007267113056

COD.ART. ITEM CODE

COD. BARRE EAN BARCODE

DESCRIZIONE DESCRIPTION PADELLA FRYING PAN

2,55

7¾

84710602080

8007267108731

9½

84710602480

8007267108748

10¼

84710602680

8007267108755

84710602880

8007267108762

3,08

84710603080

8007267108779

2,36

9½

84710402480

8007267108717

84710402880

8007267108724

7¾

84710202080

8007267108694

9½

84710202480

8007267108700

6¼

84711001680

8007267108786

2,40

11X11

8471540282880

8007267110772

31X23

4,00

12X8¾

8471550

8007267111182

SALTAPASTA - WOK WOK

4,50

84715612880

8007267108854

COPERCHIO IN VETRO GLASS LID

6¼

84513301680

8007267112097

7¾

84513302080

8007267112103

9½

84513302480

8007267112127

10¼

84513302680

8007267112134

84513302880

8007267112141

84513303080

8007267112158

COD.ART. ITEM CODE

COD. BARRE EAN BARCODE

DESCRIZIONE DESCRIPTION

DIMENSIONI SIZE CM LITRI

MM/H

INCH

PADELLA FRYING PAN

1,16

7¾

84810602072

8007267112721

1,81

9½

84810602472

8007267112738

2,19

10¼

84810602672

8007267112745

9½

85510202483

8007267121310

2,62

84810602872

8007267112752

6¼

85511001683

8007267121365

3,08

84810603072

8007267112769

3,77

12½

84810603272

8007267112776

85515612883

8007267121372

2,55

7¾

84810202072

8007267112684

4,50

115

9½

84810202472

8007267112691

TEGAME LOW CASSEROLE

2,36

9½

84810402472

8007267112707

3,36

84810402872

8007267112714

CASSERUOLA ML SAUCEPAN

1,26

6¼

84811001672

8007267112783

BISTECCHIERA STEAK PAN

28X28

2,00

11X11

8481540282872

8007267112868

SALTAPASTA - WOK WOK

4,50

84815612872

8007267112851

COPERCHIO IN VETRO GLASS LID

6¼

84813501672

8007267112790

7¾

84813502072

8007267112806

9½

84813502472

8007267112813

10¼

84813502672

8007267112820

84813502872

8007267112837

84813503072

8007267112844

12½

84813503272

8007267113131

11X11

INCH

0,8

7¾

1,3

9½

7¾

8007267121303

MM/H

COD. BARRE EAN BARCODE

85510202083

DIMENSIONI SIZE CM LITRI

28 CER.

3,36

COD.ART. ITEM CODE

8551540282883

80141601

8007267121389

8007267119508

CASSERUOLA CASSEROLE

SILICON PRO CERAMICO

GAS

ELE.

CER.

LAVASTOV.

ALO.

CAPPUCCINO

GAS

ELE.

CER.

LAVASTOV.

ALO.

LA CUCINA DI BARAZZONI

GAMMA

GLI SPECIALI

Range

Special cooking equipment CHEF LINE SPAGHETTIERE

GAS

ELE.

ALO.

IND.

CER.

LAVASTOV.

PASTA MANIA

GAS

ELE.

ALO.

CER.

. LAVASTOV

CUOCI E VEDI

GAS

ELE.

ALO.

CER.

LAVASTOV

SCOLA VELOCE

GAS

ELE.

ALO.

CER.

LAVASTOV

VAPOR SET

GAS

ELE.

ALO.

IND.

CER.

LAVASTOV.

DESCRIZIONE DESCRIPTION

DIMENSIONI SIZE CM LITRI

MM/H

INCH

SPAGHETTIERE PASTA POT

290

8¾

DESCRIZIONE DESCRIPTION

DIMENSIONI SIZE CM LITRI

MM/H

INCH

CUOCIPASTA PASTAMANIA INOX PASTA POT

220

8¾

DESCRIZIONE DESCRIPTION

DIMENSIONI SIZE CM LITRI

MM/H

INCH

CUOCI E VEDI PASTA POT

290

8¾

DESCRIZIONE DESCRIPTION

DIMENSIONI SIZE CM LITRI

MM/H

INCH

SCOLA VELOCE PASTA POT

4,5

185

4,5

185

4,5

185

COD. BARRE EAN BARCODE

DESCRIZIONE DESCRIPTION

DIMENSIONI SIZE CM LITRI

MM/H

INCH

163049022

8007267121433

PADELLA FRYING PAN

1,5

COD.ART. ITEM CODE

COD. BARRE EAN BARCODE

401048022

8007267097790

ROTARY FOOD MILL

NOVITÀ - NEW GIRA FRITTATA

PANCAKE AND OMELETTE TURNER/PAN

8007267121815

CASSERUOLA CONICA ML SAUCEPAN

0,5

4¾

851111012

8007267121822

0,9

5½

851111014

8007267121839

DESCRIZIONE DESCRIPTION

DIMENSIONI SIZE CM LITRI

MM/H

INCH

COD.ART. ITEM CODE

COD. BARRE EAN BARCODE

CUOCIUOVO EGG PAN

6¼

851156314

8007267120092

CREPIERA APPLIANCE FOR PANCAKES

0,80

11¾

851156025

8007267121464

BOLLILATTE MILK POT

0,7

851113010

8007267121495

SALTAPASTA WOK

851156120

8007267122782

CASSERUOLA CONICA ML SAUCEPAN

0,5

4¾

851111012

8007267122737

0,9

5½

851111014

8007267122744

240

7¾

475053520

8007267098162

259

9½

475053524

8007267098179

GAS

ELE.

ALO.

CER.

COD.ART. ITEM CODE

COD. BARRE EAN BARCODE

7¾

80206502040

8007267122638

9½

80206502440

8007267122645

COD.ART. ITEM CODE

COD. BARRE EAN BARCODE

0,95

1,2

80215642080

8007267122751

80215642480

8007267122768

DESCRIZIONE DESCRIPTION

DIMENSIONI SIZE CM LITRI

MM/H

COD.ART. ITEM CODE

COD. BARRE EAN BARCODE

SCHIACCIAPATATE POTATO MASHER

28x10

100

802065100

8007267123505

INCH

0,7

LE INOXIDABILI

GAS

ALO.

IND.

POTATO MASHER

INCH

CER.

LAVASTOV.

CER.

LAVASTOV.

I PICCININI ACCIAIO

GAS

0,35

ELE.

ALO.

IND.

I PICCININI ALLUMINIO

GAS

ELE.

ALO.

CER.

LAVASTOV

NOVITÀ - NEW SCHIACCIAPATATE

118

MM/H

8007267121419

8007267121396

GIRAFRITTATA PANCAKE AND OMELETTE TURNER/PAN

340113110

340115014

DIMENSIONI SIZE CM LITRI

6¼

DESCRIZIONE DESCRIPTION

108

INCH

COD. BARRE EAN BARCODE

8007267098193

MM/H

COD.ART. ITEM CODE

COLAPASTA COLANDER

8007267098186

DIMENSIONI SIZE CM LITRI

8007267121402

475053624

DESCRIZIONE DESCRIPTION

851111012

475053620

PASSAVERDURE ROTARY FOOD MILL

8007267099565

340110010

9½

INCH

8007267096069

278109728

4¾

7¾

MM/H

278109032

COD. BARRE EAN BARCODE

DIMENSIONI SIZE CM LITRI

12½

COD.ART. ITEM CODE

DESCRIZIONE DESCRIPTION

3,7

*No induzione *No induction

NOVITÀ - NEW PASSAVERDURA

2,5

0,75

8007267120832

245

32 SALTAPASTA WOK

0,45

8007267120818

235

8007267096052

42004802040

278109028

7¾

CASSERUOLA ML SAUCEPAN

8007267120801

8007267096045

8007267100186

42004802030

8007267096038

278109024

419048022

42004802001

SET VAPORE INOX SENZA FONDO* STEAM COOKER NO BOTTOM

278109020

9½

7¾

INCH

7¾

BOLLILATTE MILK POT

7¾

MM/H

COD. BARRE EAN BARCODE

DIMENSIONI SIZE CM LITRI

COD.ART. ITEM CODE

DESCRIZIONE DESCRIPTION

SET VAPORE INOX CON FONDO STEAM COOKER WITH BOTTOM

COD.ART. ITEM CODE

LA CUCINA DI BARAZZONI

SILICON PRO

GAS

ELE.

ALO.

IND.

CER.

LAVASTOV.

AMELIA

GAS

ELE.

ALO.

IND.

CER.

LAVASTOV.

BONITA PIÙ

GAS

ELE.

ALO.

IND.

CER.

LAVASTOV.

VENDITA PROMOZIONALE PENTOLE A PRESSIONE

PRESSURE COOKER’S PROMOTIONAL SALE

GAS

ELE.

ALO.

IND.

CER.

LAVASTOV.

RICAMBI E ACCESSORI PENTOLE A PRESSIONE

PRESSURE COOKER SPARE PARTS AND ACCESSORIES

PENTOLE A PRESSIONE

FORNO

Pressure cooker

Oven

DESCRIZIONE DESCRIPTION

DIMENSIONI SIZE CM LITRI

MM/H

INCH

PENTOLA A PRESSIONE PRESSURE COOKER

222

270

DESCRIZIONE DESCRIPTION AMELIA MANICATURA NERA PENTOLA A PRESSIONE PRESSURE COOKER

DESCRIZIONE DESCRIPTION

DIMENSIONI SIZE CM LITRI

MM/H

8¾

5350450050

8007267114770

25X18

2,5

8¾

5350450070

8007267114787

TEGLIA RETTANGOLARE BAKING SHEET

30X22

COD.ART. ITEM CODE

COD. BARRE EAN BARCODE

MM/H

INCH

3,5

225

526045003580

8007267089863

225

8¾

526045005080

8007267089870

270

8¾

526045007080

8007267089887

330

8¾

526045009080

000000000

315

10¼

526045012080

000000000

COD.ART. ITEM CODE

COD. BARRE EAN BARCODE

DIMENSIONI SIZE CM LITRI

MM/H

INCH

PENTOLA A PRESSIONE PRESSURE COOKER

3,5

225

53004500355801

8007267095154

225

8¾

53004500505801

8007267095147

270

8¾

53004500705801

8007267095161

MM/H

INCH

COD.ART. ITEM CODE

COD. BARRE EAN BARCODE

TEGLIA PIZZA PIZZA TIN

COD.ART. ITEM CODE

COD. BARRE EAN BARCODE

80215502518

8007267122836

3,6

80215503023

8007267122843

35X25

5,2

80215503525

8007267122850

40X28

7,6

80215504028

8007267122867

1,8

10¼

802154826

8007267122874

802154830

8007267122881

COD.ART. ITEM CODE

COD. BARRE EAN BARCODE

INCH

DESCRIZIONE DESCRIPTION

DIMENSIONI SIZE CM LITRI

MM/H

STAMPO PLUM CAKE PLUMCAKE MOULD

30X15

1,7

805100030

8007267123253

TEGLIA RETTANGOLARE BAKING SHEET

33X23

1,1

805104033

8007267123338

38X27

1,5

805104038

8007267123345

43X29

1,9

805104043

8007267123352

LASAGNERA APPLIANCE FOR LASAGNA

36X24

3,8

805104136

8007267123369

SET 4 PZ CROSTATINA SET OF 4 PIE TINS

0,4

805101500

8007267123314

TEGLIA PIZZA PIZZA TIN

0,85

805103533

8007267123321

INCH

225

8¾

533045005080

8007267102108

225

8¾

53104500508000

8007267106652

TATA

225

8¾

531045005080

8007267090838

DESCRIZIONE DESCRIPTION

DIMENSIONI SIZE CM LITRI

COD.ART. ITEM CODE

COD. BARRE EAN BARCODE

STAMPO BUDINO PUDDING MOULD

1,8

805101022

8007267123277

BLISTER GUARNIZIONE AMELIA/ BONITA/VAPOMANIA LT 3,5 - RUBBER

CT00103500

8007267083311

STAMPO CUORE HEART-SHAPED MOULD

27X26

1,6

805102027

8007267123291

BLISTER GUARNIZIONE AMELIA/ BONITA/VAPOMANIA LT 5 - RUBBER

CT001050

8007267013226

STAMPO TORTA CAKE TIN

2,2

805102528

8007267123307

BLISTER VALVOLA ESERCIZIO NERO AMELIA/VAPOMANIA/VAPOTUMMY BLACK VALVE

CT1008000

8007267098131

STAMPO CROSTATA TART MOULD

1,5

805101528

8007267123284

BLISTER VALVOLA ESERCIZIO BLU AMELIA/VAPOMANIA/VAPOTUMMY BLACK VALVE

CT1005000

8007267098148

TORTIERA APRIBILE 1 FONDO SPRINGFORM 1 BASE

2,6

805105022

8007267123390

3,1

805105024

8007267123406

BLISTER VALVOLA ESERCIZIO BLU BONITA - FUNCTION BLUE VALVE

CT1005800

TORTIERA APRIBILE 2 FONDI SPRINGFORM 2 BASES

3,1

805104524

8007267123376

4,3

805105028

8007267123383

BLISTER VALVOLA ESERCIZIO TATA - FUNCTION VALVE

CS22000080

000000000

STAMPO 6 MUFFIN 6 MUFFIN MOULD

29X18

0,6

805100500

8007267123260

BLISTER GOMMINO SICUREZZA - SAFETY VALVE

CT050

8007267013264

BLISTER GUARNIZIONE GLITTER LT. 3 - RUBBER GLITTER LT. 3

CG070030

8007267019938

BLISTER GUARNIZIONE GLITTER LT. 3,5 - RUBBER GLITTER LT. 3,5

CG070035

8007267019945

BLISTER GUARNIZIONE GLITTER LT. 5/7 - RUBBER GLITTER LT. 5/7

CG070040

8007267019952

VALVOLA DI SICUREZZA TRIPLEN/ GLITTER - SAFETY VALVE

CZ0101

8007267028435

BLISTER GUARNIZIONE VAPOTUMMY LT. 6 - RUBBER

CT020060

8007267022006

BLISTER VALVOLA ESERCIZIO NERA MIRÒ - FUNCTION BLACK VALVE

CS20000283

8007267107314

BLOCCALEVA COMPLETO ROSSO - RED LID-BLOCK

CS405

8007267113414

INCH

8007267098155

3,5

8401001035

8007267073329

8¾

84010010500

8007267094591

120

8¾

8401001070

8007267052706

FORNO LAVASTOV.

Pastry molds

CUOCI VELOCE

MM/H

LINEA FORNO

PASTICCERIA

VOILÀ

CESTELLO BASKET

120

COD. BARRE EAN BARCODE

DIMENSIONI SIZE CM LITRI

Range

COD.ART. ITEM CODE

DESCRIZIONE DESCRIPTION

GAMMA

STAMPI CON RIVESTIMENTO MARMOTECH® SU BASE CARBON STEEL

MOLDS WITH INNOVATIVE COATING MARMOTECH® - BASED CARBON STEEL

FORNO LAVASTOV.

LA CUCINA DI BARAZZONI

GAMMA Range

STAMPI IN SILICONE ALIMENTARE SILICONE MOLDS

FREZEER

FORNO MICROONDE LAVASTOV.

STAMPI MONO PORZIONE IN ALLUMINIO

ALUMINUM INDIVIDUAL PASTRY MOLDS

FREZEER

122

FORNO

CER.

LAVASTOV.

DESCRIZIONE DESCRIPTION

DIMENSIONI SIZE CM LITRI

MM/H

COD.ART. ITEM CODE

COD. BARRE EAN BARCODE

STAMPO PLUMCAKE PLUMCAKE MOULD

27X12

1,1

807100027

8007267123413

STAMPO RETTANGOLARE SQUARE MOULD

30X22

2,2

807104030

8007267123482

STAMPO BUDINO PUDDING MOULD

103

807101022

8007267123444

STAMPO TONDO ROUND CAKE TIN

807104525

8007267123499

STAMPO CROSTATA TART MOULD

807101527

8007267123451

STAMPO CIAMBELLA RING-ÂSHAPED CAKE MOULD

1,7

807101627

8007267123468

STAMPO MUFFIN LISCIO MUFFIN MOULD

25X17

0,5

807100525

8007267123420

STAMPO CUORE HEART-ÂSHAPED MOULD

27X26

1,1

807102000

8007267123475

STAMPO MUFFIN FORMA ROSA 6 ROSE-ÂSHAPED MUFFIN MOULD

28X19

0,6

807100528

8007267123437

DESCRIZIONE DESCRIPTION

DIMENSIONI SIZE CM LITRI

COD.ART. ITEM CODE

COD. BARRE EAN BARCODE

STAMPO BABĂ&#x20AC; CON ORLO BABA MOLD WITH EDGE

809100050

8007267123840

STAMPO PLUMCAKE PLUMCAKE MOLD

8X5

809100035

8007267123819

STAMPO BASSO CON TUBO LOW MOLD WITH TUBE

809100070

8007267123987

STAMPO CREMA FESTONATO MOLD CREAM FESTOONED

809100065

8007267123970

STAMPO BUDINO BOMB. FEST. PUDDING MOLD ROUNDED FESTOONED

809100020

8007267123789

STAMPO AMERIC. FEST. TUBO AMERICAN-ÂSTYLE FESTOONED TUBE MOLD

809100030

8007267123802

STAMPO BOMBATO RICAMATO CONVEX EMBROIDERED MOLD

9,5

809100010

8007267123765

STAMPO BUDINO OV. FEST. OVAL FESTOONED PUDDING MOLD

10X7

809100025

8007267123796

STAMPO BUDINO BOMB LISCIO SMOOTH ROUNDED PUDDING MOLD

809100000

8007267123741

STAMPO BABĂ&#x20AC; S. ORLO FEST. BABA MOLD WITHOUT FESTOONED EDG

809100055

8007267123857

STAMPO CREMA CON ORLO CREAM MOLD WITH EDGE

809100045

8007267123833

STAMPO BUDINO FONDO LISCIO PUDDING MOLD SMOOTH BASE

809100040

8007267123826

STAMPO BOCCONOTTO SLABBRATO BOCCONOTO OPEN MOLD

809100060

8007267123864

STAMPO CROSTATINA TART MOLD

809100005

8007267123758

STAMPO BOCCONOTTO ALTO MOLD BOCCONOTTO HIGH

809100060

8007267123864

STAMPO BUDINO QUADRATO SQUARE PUDDING MOLD

7X7

809100015

8007267123772

MM/H

INCH

Si dichiara che le pentole a pressione Barazzoni sono progettate, realizzate e provate in applicazione della direttiva nÂ° 97/23/CE e delle norme del prodotto UNI EN 12778. We declare that Barazzoni pressure cookers are conceived, manufactured and tested in compliance with regulation nÂ° 97/23/CE and product regulation UNI EN 12778.

Si dichiara che le linee di pentolame, vasellame e posateria Atelier Barazzoni, Barazzoni Progetti, la Cucina di Barazzoni sono conformi alle norme per i prodotti a contatto con alimenti: D.M. 21/03/1973, D.P.R.777/1982, D.M. n. 258 del 21/12/2010, Regolamento CE 178/2002, Regolamento CE 1935/2004, Regolamento CE 1895/2005, 5HJRODPHQWR &( 5HJRODPHQWR &( H UHODWLYH QRUPH VSHFLĂ&#x20AC;FKH La dichiarazione di conformitĂ alle norme per il contatto con gli alimenti Ă¨ disponibile sul nostro sito www.barazzoni.it nella sezione â&#x20AC;&#x153;Prodottiâ&#x20AC;?. We declare that the cookware, crockery, cutlery and tableware collections Atelier Barazzoni, Barazzoni Progetti, La Cucina di Barazzoni and Barazzoni comply with standards for products in contact with food: Ministerial Decree March. 21st, 1973; Decree of President of the Republic 777/1982, Ministerial Decree n. 258 of 12/21/2010, Regulation (EC) 178/2002, Regulation (EC) 1935/2004, Regulation (EC) 1895/2005, 5HJXODWLRQ (& 5HJXODWLRQ (& DQG LWV VSHFLĂ&#x20AC;F UXOHV The declaration of compliance with the law regarding products in contact with food is available on our website www.barazzoni.it, section â&#x20AC;&#x153;Productsâ&#x20AC;?.

LA CUCINA DI BARAZZONI

YP//+<>

555*6"#"$$%&'*'7

!"#"$$%&'()*+*,* !"#$%&'#(&$)#**"'*"$+,$ -./+0$1234("4$5678$1*#9:$ -*$;<=$/<--$-0<>//$ .*$;<=$/<--$-0<>0/$ /*$"2?4@A#(#BB42"C"*

!"#"$$%&'(/0+"1"()*2* D49"E424$12FG'*("#9$ D9#$FH&2$IG2J9K$>L.+/$ M#(("#$F&$N&(OP"(42#$MQ#"2$ -*$;<+$5=L-8$-/->// .*$;<+$5=L-8$-/L.</

!"#"$$%&'()'&3"+%#4 64C$/-R$S#9#2$T#U#V$W/0X>.$ M"2E#Q4(&$<-=><+$ -*$;,0$5,8$-00>/,, .*$;,0$5,8$-00><</$