Cardioversor D10 - TEB
Cardioversor D10 - TEB
Cardioversor D10 - TEB
7(%'
0DQXDOGH2SHUDomR
0DQXDOGR8VXiULR
5HYLVmR²'H]HPEUR
7(%7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD
0C41eXbPbT\_aTPcaPe|bSTd\STbT]e^[eX\T]c^R^]bcP]cTT\bTdb_a^YTc^b
P PcdP[XiP{y^ ST bTdb _a^Sdc^b 3TbcP \P]TXaP | _^bbeT[ `dT X]U^a\P{Tb
_a^RTSX\T]c^bTTb_TRXUXRP{Tbc|R]XRPbR^]cXSPb]TbcT\P]dP[bTYP\P[cTaPS^b
R^\ ^ STR^aaTa S^ cT\_^ =TbcT RPb^ P C41 aTbTaePbT ^ SXaTXc^ ST UPiTa cPXb
P[cTaP{TbbT\_a|eX^PeXb^
=T]Wd\P _PacT STbcT \P]dP[ _^STau bTa R^_XPSP ^d caP]b\XcXSP _^a `dP[`dTa
\TX^T_PaP`dP[`dTaUX]P[XSPSTbT\Pdc^aXiP{y^_^aTbRaXc^SPC41
4bcT T`dX_P\T]c^ U^X UPQaXRPS^ ]^ 1aPbX[ T cTeT bTd _a^YTc^ T[Tca]XR^
WPaSfPaTb^UcfPaTT3TbXV]X]cTXaP\T]cTSTbT]e^[eXS^b_T[PC41CTR]^[^VXP
4[Tca]XRP1aPbX[TXaP;cSP
A468BCA>0=E8B0
A4B?>=BÁE4;Cq2=82>
?TaRXeP[6^\Tb=Tcc^
2A40] &( !3
T\PX[ bd_^acTc|R]XR^)cTQbTae/cTQR^\Qa
X]U^a\P{TbR^\TaRXPXb)vendas@teb.com.br
8< (¯R)KSTbXV] K\P]dPXbK<P]dPXbT\?^acdVd~bK8< (K8< (¯a S^R
5HY
6,0%2/2*,$87,/,=$'$12(48,3$0(172(1(67(0$18$/
@dP]S^ TbcT b\Q^[^ | dcX[XiPS^ ]^ P_PaT[W^ aT`dTa `dT ^ dbduaX^ R^]bd[cT ^b
S^Rd\T]c^b_PaP^QcTaX]U^a\P{Tb]TRTbbuaXPb_PaP^db^bTVda^
4bcTb\Q^[^|dcX[XiPS^T\c^S^_^]c^[XVPS^P^cTaaPST_a^cT{y^
8]SXRP`dT^T`dX_P\T]c^|UauVX[TaT`dTaRdXSPS^bdcX[XiPS^
]PT\QP[PVT\
8]SXRP`dTcT\TuVdPdcX[XiPS^]PT\QP[PVT\
8]SXRP^T\_X[WP\T]c^\ugX\^dcX[XiPS^]PT\QP[PVT\
$%5(9,$785$6
426¯4[Tca^RPaSX^VaP\P
5E¯5XQaX[P{y^ET]caXRd[Pa
7(%7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD
LÌQGLFH
8]ca^Sd{y^ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN &
"2^\_^bX{y^T8]bcP[P{y^ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN (
2^\_^bX{y^ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN (
?PX]T[5a^]cP[ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN (
CT[P NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
?PX]T[Bd_TaX^a NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
?PX]T[caPbTXa^T2^]TgTbTgcTa]PbNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
BX]P[XiPS^aB^]^a^NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
4[Tca^S^bST0_[XRP{y^ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN !
8]bcP[P{y^NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN #
2dXSPS^b]PX]bcP[P{y^S^3TbUXQaX[PS^aC413 NNNNNNNNNNNNNNNNN $
0Ud]{y^ST±0_[XRP{y^BX]Ra^]XiPSP² NNNNNNNNNNNNNNNNNNNNNNNNNNNN !
3TbRPaVP8]cTa]P NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN !!
$;X\_TiP NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN !$
?a^RTSX\T]c^_PaP[X\_TiPS^b2PQ^b NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN !$
5HY
ÌQGLFH
?a^RTSX\T]c^_PaP[X\_TiPS^P_PaT[W^ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN !$
3TbX]UTR{y^TTbcTaX[XiP{y^NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN !%
%2^]bTaeP{y^T<P]dcT]{y^NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN !&
CTbcT>_TaPRX^]P[S^dbduaX^NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN !&
CTbcTST0_[XRP{y^R^\?ub4gcTa]Pb NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN !(
CTbcT_PaPP_ b^db^NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN !(
0RTbb aX^b>_RX^]PXbNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN "!
'4b_TRXUXRP{TbC|R]XRPbNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ""
2XaRdXc^STP_[XRP{y^NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN "%
7(%7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD
3X\T]bTbT?Tb^NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN"'
>QbTaeP{y^UX]P[NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN "'
5HY
ÌQGLFH
,QWURGXomR
=^ cTgc^ P bTVdXa _^a bX\_[XRXSPST ^ 3TbUXQaX[PS^a C41 3 _^STau bTa
aTUTaXS^P_T]PbR^\^3
)LQDOLGDGH
>3 cT\R^\^_aX]RX_P[Ud]{y^PdgX[XPa^_a^UXbbX^]P[SPbPSTPaTP[XiPa
PcT]SX\T]c^b ST T\TaV~]RXP 4[T | d\ P_PaT[W^ STbcX]PS^ P P_[XRP{Tb ST
_d[b^b ST P[cP T]TaVXP _^bbXQX[XcP]S^ aTP[XiPa \P]^QaPb ST RPaSX^eTaby^ ^d
aTeTaby^STUXQaX[P{y^eT]caXRd[Pa
BdPdcX[XSPSTTbcT]STbTPbP[PbSTRXadaVXPRT]ca^bSTcTaP_XPX]cT]bXeP_a^]c^
b^R^aa^bTP`dP[`dTabXcdP{y^^]STbTSTePR^]cPaR^\aTRdab^STPcT]SX\T]c^
v_PaPSPRXaRd[Pc
aXP
3ULQFtSLRGH)XQFLRQDPHQWR
'HVILEULODomRFDUGtDFD
>STbUXQaX[PS^aP_PacXaSTd\PRPaVPT[|caXRPPa\PiT]PSPVTaP[\T]cTT\d\
RP_PRXc^a RdYP `dP]cXSPST | bT[TRX^]PSP _T[^ \|SXR^ | ^ T`dX_P\T]c^
dcX[XiPS^_PaPP_[XRP{y^S^RW^`dTT[|caXR^b^QaT^c
aPg^d\X^RuaSX^
7(%7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD
&DUDFWHUtVWLFDV3ULQFLSDLV
>3 |d\_aucXR^TeTabucX[TT`dX_P\T]c^_PaPdb^T\PcT]SX\T]c^bST
T\TaV~]RXP 5d]RX^]P [XVPS^ v aTST T[|caXRP R^\ cT]by^ ]P UPXgP ST P
!#EPRTUaT`d~]RXPST$7i^d%7ibT\P]TRTbbXSPSTSTbTUPiTabT[T{y^
?^bbdX ^]iT ]eTXb ST bT[T{y^ ST T]TaVXP R^\ ^ \ugX\^ ST "% 9^d[Tb _PaP
STbRPaVPbTgcTa]PbT 9^d[Tb_PaPSTbRPaVPbX]cTa]Pb>_d[b^U^a]TRXS^]Pb
P_[XRP{Tb | S^ cX_^ bT]^XSP[ P\^acTRXS^ cP\Q|\ R^]WTRXS^ R^\^ _d[b^ ST
;^f]
@dP]S^[XVPS^PT`dX_P\T]c^bR^\_PceTXbeTYP_PV"%_Ta\XcTP_[XRP{Tb
bX]Ra^]XiPSPb R^\ ^ R^\_[Tg^ @AB S^ _PRXT]cT T PX]SP _^bbXQX[XcPau `dT ^
bX]P[ ]P cT[P S^ \^]Xc^a bT aTbcPQT[T{P \PXb aP_XSP\T]cT P_
b P [XQTaP{y^ ST
d\PP_[XRP{y^
> R^\P]S^ S^ P_PaT[W^ | UTXc^ PcaPe|b ST d\ cTR[PS^ ST \T\QaP]P T\ bTd
_PX]T[ Ua^]cP[ T bTd \^S^ ST Ud]RX^]P\T]c^ | P_aTbT]cPS^ _^a d\ SXb_[Ph ST
RPaPRcTaTbR^\Ud]S^[d\X]^b^STUuRX[eXbXQX[XSPST
4bcT\P]dP[STbRaTeT^db^S^3 R^\c^S^b^bbTdbaTRdab^bTUd]{Tb
5HY
&DStWXOR²&RPSRVLomRH,QVWDODomR
&RPSRVLomRH,QVWDODomR
&RPSRVLomR
3DLQHO)URQWDO
=PUXVdaPPbTVdXa_^ST\^beTa^?PX]T[Ua^]cP[S^3 R^\^cTR[PS^bdP
cT[PSTRaXbcP[[`dXS^TPb_ubSTP_[XRP{y^]P_^bX{y^STaT_^db^^dcaP]b_^acT
0 P[{P cP\Q|\ ]P _PacT Ua^]cP[ _Ta\XcT UuRX[ PRTbb^ _PaP caP]b_^acT T\
bXcdP{TbSTT\TaV~]RXP
67(5180 $3(;
?T[^ cTR[PS^ T _T[^b Q^cTb ]Pb _ub ST P_[XRP{y^ _^STbT R^]ca^[Pa c^S^ ^
P_PaT[W^T\c^SPbPbbdPbUd]{Tb3TbRaTeTaT\^bRPSPd\S^bR^\P]S^bS^
cTR[PS^\PXbPSXP]cT
=TbcT_PX]T[TbcucP\Q|\PRWPeT[XVPSTb[XVPS^P_PaT[W^
7(%7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD
7HOD
9d]c^ P^ _PX]T[ Ua^]cP[ S^ T`dX_P\T]c^ T]R^]caPbT d\P cT[P [d\X]^bP ST
RaXbcP[ [`dXS^ 0 _a
gX\P UXVdaP X[dbcaP T\ STcP[WT d\ TgT\_[^ ST cT[P S^
3
6 H O H F L R Q H
$ ( Q H U J L D 6 , 1 &
3DLQHO6XSHULRU
=P UPRT bd_TaX^a S^ T`dX_P\T]c^ T]R^]caPbT S^Xb _PX]|Xb R^\ X]bcad{Tb
QubXRPb_PaPP_[XRP{y^X]cTa]P^dTgcTa]PR^]U^a\TUXVdaPPQPXg^
3DLQHO7UDVHLURH&RQH[}HV([WHUQDV
=P UPRT caPbTXaP S^ T`dX_P\T]c^ T]R^]caPbT d\ _PX]T[ R^\ X]U^a\P{Tb
X\_^acP]cTbcPXbR^\^)^eP[^aS^bUdbeTXbPUPXgPSTcT]by^STP[X\T]cP{y^T
^ ]\Ta^ ST b|aXT S^ T`dX_P\T]c^ 0[|\ STbcT _PX]T[ T]R^]caPbT ]P UPRT
caPbTXaP S^ T`dX_P\T]c^ ^b R^]TRc^aTb _PaP Pb [XVP{Tb S^b RPQ^b aTST _ub
5HY
&DStWXOR²&RPSRVLomRH,QVWDODomR
0Ud]{y^STRPSPd\S^bR^\_^]T]cTbX[dbcaPS^b]PbUXVdaPbP]cTaX^aTbby^
PbbTVdX]cTb)
8]SXRP{y^S^]\Ta^STb|aXTS^P_PaT[W^
! 2^]TRc^a _PaP P [XVP{y^ S^ RPQ^ SPb _ub) _^ST bTa dcX[XiPS^ _PaP P
R^]Tgy^ST_ubX]cTa]PbTgcTa]Pb^dSTbRPacueTXbPSTbXePb
" 1^a]T cTaaP) _PaP P [XVP{y^ ST d\ UX^ cTaaP `dP]S^ _^bbeT[ _PaP
\X]X\XiPa TeT]cdPXb X]cTaUTa~]RXPb T\ ^dca^b T`dX_P\T]c^b dcX[XiPS^b ]^
\Tb\^_PRXT]cTT_PaPPd\T]cPaPbTVdaP]{P]P^_TaP{y^S^P_PaT[W^
# B8=2)T]caPSPSTbX]Ra^]Xb\^TgcTa]^_PaPRPaSX^eTaby^
$ ?^acPUdbeTXb)_PaPPX]bcP[P{y^STUdbeTXbST!0
6LQDOL]DGRU6RQRUR
?PaPPbbXcdP{Tb^]ST^3 STeTRWP\PaPPcT]{y^S^dbduaX^T[T|S^cPS^
STd\bX]P[XiPS^ab^]^a^
7(%7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD
?PaPP[TacPa^dbduaX^SP^R^aa~]RXPSTd\PbXcdP{y^STTaa^|T\XcXS^d\P_Xc^
R^]c]d^ _^a P_a^gX\PSP\T]cT ! bTVd]S^b T]`dP]c^ ]P cT[P | TgXQXSP d\P
\T]bPVT\STTaa^0_
bTbcTcT\_^^P[Pa\Tb^]^a^RTbbPTP\T]bPVT\ST
Taa^|bdQbcXcdSP_T[PX]SXRP{y^]^a\P[]PcT[PS^P_PaT[W^
?PaP P[TacPa ^ dbduaX^ `dT ^ P_PaT[W^ Tbcu RPaaTVPS^ T _a^]c^ _PaP UPiTa d\P
P_[XRP{y^^P_PaT[W^_PbbPPT\XcXad\±QX_²R^]c]d^Pc|`dT^dbduaX^UP{PP
P_[XRP{y^ ^d d\P STbRPaVP X]cTa]P > P_PaT[W^ UXRP ]TbcP bXcdP{y^ ST Tb_TaP
_^a ]^ \ugX\^ P_a^gX\PSP\T]cT ( bTVd]S^b) bT ]TbcT X]cTaeP[^ ^ dbduaX^
]y^ UXiTa P P_[XRP{y^ ]T\ UXiTa d\P STbRPaVP X]cTa]P ^ P_PaT[W^ bT
STbRPaaTVPauPdc^\PcXRP\T]cTTPX]SXRP{y^b^]^aPRTbbPau
>bX]P[XiPS^ab^]^a^cP\Q|\bTaeTR^\^R^]UXa\P{y^_PaP^PRX^]P\T]c^ST
d\PcTR[P)Wud\_T`dT]^±QX_²c^SPeTi`dT^dbduaX^_aTbbX^]Pd\PcTR[PT
TbcP|[XSP_T[^P_PaT[W^
(OHWURGRVGH$SOLFDomR
>b T[Tca^S^b ST P_[XRP{y^ S^ 3 _Ta\XcT\ P PSP_cP{y^ _PaP db^ PSd[c^ T
X]UP]cX[
0bUXVdaPbPbTVdXaX[dbcaP\PbU^a\PbUX]PXbS^bT[Tca^S^b
3i,QIDQWLO 3i$GXOWR
5HY
&DStWXOR²&RPSRVLomRH,QVWDODomR
> T[Tca^S^ _PaP db^ PSd[c^ | ^QcXS^ PcaPe|b SP Yd]{y^ SPb _PacTb PRX\P
0_a^gX\T^SXbR^_PaPdb^PSd[c^RT]caP[XiP]S^^R^\^SXbR^X]UP]cX[6XaT^
]^ bT]cXS^ W^auaX^ Pc| `dT ^ SXbR^ X]UP]cX[ UX`dT c^cP[\T]cT R^QTac^ T ^ SXbR^
PSd[c^UX`dTUXa\T\T]cT_aTb^PT\_d]WPSdaP
0[|\SP_^bbXQX[XSPSTSTPSP_cP{y^_PaPdb^PSd[c^^bT[Tca^S^b_Ta\XcT\d\
TbcPS^ ST _a^]cXSy^ _PaP PcT]SX\T]c^b ST T\TaV~]RXP 3T UuRX[ dcX[XiP{y^ |
_^bbeT[_aT_PaPaP]cTRX_PSP\T]cT^bT[Tca^S^bR^\VT[R^]Sdc^a
7(%7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD
,QVWDODomR
?T[^]\Ta^STXcT]b`dTR^\_T^bXbcT\PT_T[PbX\_[XRXSPSTSTR^]TgTb
]y^ bT UPi ]TRTbbuaX^ ^ db^ ST `dP[`dTa T`dX_P\T]c^ ST _a^cT{y^ R^\^ _^a
TgT\_[^[dePb^d
Rd[^bST_a^cT{y^
0 [XVP{y^ ST U^a{P `dP]S^ X]bcP[PS^ T\ W^b_XcP[ ^d R[]XRP STeT bTa UTXcP
^QaXVPc^aXP\T]cTdcX[XiP]S^bTc^\PSPbST"_X]^bR^\_PceTXbR^\^_[dVS^
RPQ^STU^a{P^aXVX]P[S^P_PaT[W^=TbcPbc^\PSPb^_X]^aTS^]S^R^]bcXcdXP
[XVP{y^cTaaP`dT|TbbT]RXP[4\RPb^STSeXSPb^QaTTbcP[XVP{y^cTaaPSTeT
bTaR^]bd[cPS^d\T[TcaXRXbcPWPQX[XcPS^
?PaP db^ U^aP S^ P\QXT]cT W^b_XcP[Pa T\ PcT]SX\T]c^b T\ aTbXS~]RXPb _^a
TgT\_[^`dP]S^]y^bTSXb_TSTc^\PSPbSTca~b_X]^b^db^STPSP_cPS^aTb
_PaPS^Xb_X]^b_^STbTaR^]bXSTaPS^T\[cX\^aTRdab^=TbcTRPb^T]caTcP]c^
STeTbTdbPa^UX^cTaaP`dTPR^\_P]WP^bPRTbb
aX^bS^3 0VPaaPYPRPa|
STeTaubTa[XVPSPPd\cTaaP\PbR^\^SXUXRX[\T]cTT[TTbcPauSXb_^]eT[_^ST
bT cT]cPa [XVu[P P d\P YP]T[P \Tcu[XRP RP\P ^d TbcaPS^ S^ R^[RWy^ T\ `dT
TbcXeTa^_PRXT]cTbTU^aT\\Tcu[XR^b^dP[Vd\PTbcadcdaP\Tcu[XRP_a
gX\P
0C4=p«>)=d]RP[XVPa^cTaaPPc^a]TXaPb^d[X]WPbSTVub
BT ^dca^b T`dX_P\T]c^b T[|caXR^b ^d T[Tca]XR^b U^aT\ dbPS^b ]^ \Tb\^
_PRXT]cT ^d ]Pb bdPb _a^gX\XSPSTb c^S^b STeT\ TbcPa PcTaaPS^b ^d bTYP
STeTay^TbcPa[XVPS^bT\c^\PSPbST"_X]^b^dR^\bTdbUX^bcTaaPb[XVPS^bT\
_^]c^bR^]eT]XT]cTb
0C4=p«>)>3 _^STRPdbPaX]cTaUTa~]RXPT[Tca^\PV]|cXRP
2^]e|\R^[^RPaYd]c^P^3 c^S^b^bbTdbPRTbb
aX^bQT\R^\^dcT]b[X^b
T`dX_P\T]c^b T \TSXRP\T]c^b ]TRTbbuaX^b ]^ PcT]SX\T]c^ ST daV~]RXP 4]caT
T[Tb|X\_aTbRX]SeT[P_aTbT]{PST_PbcPR^]Sdc^aP
5HY
&DStWXOR²&RPSRVLomRH,QVWDODomR
&XLGDGRVQDLQVWDODomRGR'HVILEULODGRU7(%'
0C4=p«>) =P X]bcP[P{y^ S^ 3 ^b bTVdX]cTb RdXSPS^b STeT\ bTa
^QbTaePS^b)
7(%7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD
T`dX_P\T]c^T\\TbPb\
eTXb_^a|\]TbcTRPb^STeTbTT`dX_PaP\TbP
R^\a^SiX^bSTQ^P`dP[XSPSTTR^\caPePb\
eTXbTUXgPa^T`dX_P\T]c^
]Pbd_TaURXTSTbcP\TbP4bcP\TbP\
eT[STeTbTaS^cPSPSTSXb_^bXcXe^b
_PaP^PR^]SXRX^]P\T]c^STbTdbPRTbb
aX^b
• =y^ PSXRX^]T PRTbb
aX^b `dT ]y^ cT]WP\ bXS^ U^a]TRXS^b ^d _a^YTcPS^b
_PaPdb^]^T`dX_P\T]c^
5HY
&DStWXOR²2SHUDomR
2SHUDomR
EP\^b PV^aP STbRaTeTa ^ 3 R^\ \PXb STcP[WTb T SXbRdcXa P ^_TaP{y^ ST
RPSPd\PSTbdPbUd]{Tb
2SHUDomRGR'HVILEULODGRU
0^[XVPa^3 TbcuSTbRPaaTVPS^8bc^|X]SXRPS^_T[P\T]bPVT\±BT[TRX^]TP
4]TaVXP²]PcT[PR^\^\^bcaPS^]PUXVdaPPQPXg^
6 H O H F L R Q H
D ( Q H U J L D
>3 STcTRcPPdc^\PcXRP\T]cT^cX_^ST_ubdcX[XiPSPb)0_[XRP{y^4gcTa]P^d
8]cTa]P @dP]S^ dcX[XiP]S^ _ub X]cTa]Pb P_PaTRT ]P cT[P P \T]bPVT\ ±8=C²
R^]U^a\TPUXVdaPPQPXg^
6 H O H F L R Q H , 1 7
D ( Q H U J L D
'HVILEULODomR
?PaPSTbUXQaX[Pad\_PRXT]cTbXVP^b_Pbb^bSTbRaXc^bPQPXg^)
2TacXUX`dTbT ST `dT ^ P_PaT[W^ Tbcu [XVPS^ T ^ RPQ^ SPb _ub Tbcu
R^]TRcPS^
! 2TacXUX`dTbT ST `dT Pb _ub Tbcy^ R^\ VT[ R^]Sdc^a P_[XRPS^ RPb^ bT dbT
_ubSTP_[XRP{y^TgcTa]PbT]y^PSTbXePb
7(%7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD
" ?aTbbX^]TPcTR[PR^aaTb_^]ST]cTvT]TaVXPSTbTYPSP_PaP^RW^`dT
&DUJD
-RXOHV
3daP]cT P RPaVP ^ P_PaT[W^ X]U^a\P T\ bdP cT[P `dT T[T bT T]R^]caP ]^
_a^RTbb^STbTRPaaTVPaTTbRaTeTcP\Q|\^eP[^aSPT]TaVXPR^aaT]cT
& D U U H J D Q G R
& $ 5 * $ -
5HY
&DStWXOR²2SHUDomR
$ 4b_TaTPc|`dT^3 X]U^a\T`dTYubTRPaaTV^d=PcT[PSTeTP_PaTRTaP
\T]bPVT\±?A>=C>²R^\^]PUXVdaPPQPXg^^]ST_PaPTgT\_[XUXRPaU^X
bT[TRX^]PSPPT]TaVXPST!9
& $ 5 5 ( * $ ' 2
3 5 2 1 7 2 -
% ETaXUX`dT`dTP\T]bPVT\±B8=2²]y^TbcuP_PaTRT]S^]PcT[PBTTbcXeTa
_aTbbX^]TPcTR[PB8=2_PaPUPi~[PbTP_PVPa
& ?^bXRX^]TPb_ubSTP_[XRP{y^@dP]S^U^aT\dcX[XiPSPbPb_ubTgcTa]Pb]y^
PSTbXePb_^bXRX^]TPb]^c
aPgS^_PRXT]cT\^eT]S^Pb[XVTXaP\T]cT_PaP
Tb_P[WPa^VT[0_^bX{y^S^bT[Tca^S^b_^STbTaeXbcP]PUXVdaPbTVdX]cT
STERNUM
APEX
' 0[TacT Pb _Tbb^Pb _aTbT]cTb _PaP `dT ]y^ c^`dT\ ]^ _PRXT]cT T [XQTaT ^
RW^`dT?PaPXbc^^_a^RTSX\T]c^ST_T]STS^cX_^ST_udcX[XiPSP)
• ?ubSTP_[XRP{y^X]cTa]P^d_ubPSTbXePb)^RW^`dT|[XQTaPS^PcaPe|b
SPb cTR[Pb ST P_[XRP{y^ S^ _PX]T[) P\QPb STeT\ bTa _aTbbX^]PSPb P^
\Tb\^cT\_^
$SOLFDomR
7(%7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD
( ETaXUX`dT _T[P \^]Xc^aXiP{y^ S^ 426 ^d _T[^ _d[b^ S^ _PRXT]cT ^
aTbd[cPS^SPP_[XRP{y^
$IXQomRGH´$SOLFDomR6LQFURQL]DGDµ
> 3 | PST`dPS^ cP]c^ _PaP \P]^QaPb ST 3TbUXQaX[P{y^ aTeTaby^ ST
UXQaX[P{y^ eT]caXRd[Pa R^\^ _PaP \P]^QaPb ST 2PaSX^eTaby^ aTeTaby^ ST
PaaXc\XPbbd_aPeT]caXRd[PaTb0SXUTaT]{PTbcu]PdcX[XiP{y^^d]y^SPUd]{y^
ST±0_[XRP{y^BX]Ra^]XiPSP²R^\P]SPSP_T[PcTR[P±B8=2²
6,1&
0Ud]{y^ST±0_[XRP{y^BX]Ra^]XiPSP²STeTbTa[XVPSPP_T]Pb]Pb\P]^QaPbST
2PaSX^eTaby^ BdP UX]P[XSPST | UPiTa R^\ `dT P P_[XRP{y^ bTYP TUTcdPSP
bX\d[cP]TP\T]cTR^\d\R^\_[Tg^@ABT[X\X]P]S^P_^bbXQX[XSPSTcT
aXRPST
`dTd\PP_[XRP{y^b^QaTP^]SPCSTbT]RPSTXTd\PUXQaX[P{y^
@dP]S^PUd]{y^STbX]Ra^]Xb\^Tbcu[XVPSPP\T]bPVT\±B8=2²|TgXQXSP]P
cT[P
6 H O H F L R Q H
D ( Q H U J L D 6 , 1 &
5HY
&DStWXOR²2SHUDomR
( 5 5 2 9 ( 5 , ) , 4 8 (
2 6 , 1 & 5 2 1 , 6 0 2
4bcP\T]bPVT\cP\Q|\bTauTgXQXSPbTR^\PUd]{y^STbX]Ra^]Xb\^[XVPSP^
<^]Xc^a U^a STb[XVPS^ ^d ^ RPQ^ U^a STbR^]TRcPS^ =TbcT RPb^ P_
b ^b !b ST
TgXQX{y^ SP \T]bPVT\ R^\ ^ P[Pa\T b^P]S^ P Ud]{y^ ±B8=2² | STb[XVPSP
Pdc^\PcXRP\T]cT
;XVdT^<^]Xc^aST426`dTePXUPiTaPSTcTR{y^S^bQPcX\T]c^b
! 0_[X`dT^bT[Tca^S^bSTRP_cP{y^P^_PRXT]cT
" ETaXUX`dT ]^ <^]Xc^a `dT ^ caP{PS^ Tbcu [XeaT ST X]cTaUTa~]RXPb T P
R^]cPVT\S^bQPcX\T]c^bTbcuR^aaTcP
# 2^]TRcT^<^]Xc^a]^3 PcaPe|bSTd\RPQ^STbX]Ra^]Xb\^
$ 5P{P R^\ `dT P \T]bPVT\ ±B8=2² bTYP TgXQXSP ]P cT[P _aTbbX^]P]S^ P
cTR[P B8=2
7(%7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD
6 H O H F L R Q H
D ( Q H U J L D 6 , 1 &
% BXVP^b_Pbb^bS^XcT\P]cTaX^a3TbUXQaX[P{y^Pc|^UX\TgRTc^^_Pbb^ST
]\Ta^%^dbTYP\P]cT]S^PUd]{y^±B8=2²[XVPSP
=^\^S^bX]Ra^]XiPS^PbbX\`dT^dbduaX^R^\P]SPPSTU[PVaP{y^S^RW^`dT
^ STbUXQaX[PS^a Xau Tb_TaPa P ^R^aa~]RXP ST d\ QPcX\T]c^ 3daP]cT TbcT cT\_^
]PcT[PP_PaTRTauP\T]bPVT\)
( 6 3 ( 5 $ 1 ' 2 2
3 8 / 6 2
> T`dX_P\T]c^ UXRP ]TbcP Tb_TaP _^a ]^ \ugX\^ P_a^gX\PSP\T]cT "
bTVd]S^b BT ^ _d[b^ ST\^aPa \PXb S^ `dT Xbc^ ^ P[Pa\T b^Pau T P_PaTRTau P
bTVdX]cT\T]bPVT\STTaa^)
( 5 5 2 6 ( 0 3 8 / 6 2
' ( 6 , 1 & 5 2 1 , 6 0 2
'HVFDUJD,QWHUQD
BT SdaP]cT ^ _a^RTbb^ ST RPaVP ^d ST_^Xb ST RPaaTVPa ^ 3 ^ dbduaX^
STRXSXa ]y^ P_[XRPa ^ RW^`dT ]^ _PRXT]cT _^STbT STbRPaaTVPa bdP T]TaVXP
X]cTa]P\T]cT_PaPUPi~[^e^[cPaP^TbcPS^STbRPaaTVPS^
8bc^STeTbTaUTXc^_^aSdPbaPiTb_aX]RX_PXb)
5HY
&DStWXOR²2SHUDomR
?PaPSTbRPaaTVPaX]cTa]P\T]cTPT]TaVXPS^3 _aTbbX^]T^Q^cy^±3TbRPaVP
8]cTa]P²]PR^aeTaSTT\bTdcTR[PS^
'HVFDUJD
,QWHUQD
> 3 UPi d\P 3TbRPaVP 8]cTa]P Pdc^\ucXRP bT _Ta\P]TRTa RPaaTVPS^ _^a
P_a^gX\PSP\T]cT (b RPb^ ]y^ bTYP dcX[XiPS^ ]TbcT cT\_^ T ^ dbduaX^ ]y^
UXiTad\P3TbRPaVP8]cTa]PP]cTb
&XLGDGRVQDRSHUDomRGR'HVILEULODGRU7(%'
>3 ^_TaPR^\P[cPbcT]bTbT]eTXbSTT]TaVXPBdP^_TaP{y^aT`dTa\dXcP
PcT]{y^ D\P ^_TaP{y^ X]R^aaTcP _^ST RPdbPa b|aX^b PRXST]cTb ]y^ b
_PaP ^
_PRXT]cTR^\^cP\Q|\_PaPbTdb^_TaPS^aTb
0C4=p«>) =P dcX[XiP{y^ S^ 3 ^b bTVdX]cTb RdXSPS^b STeT\ bTa
^QbTaePS^b)
• >4`dX_P\T]c^b
STeTbTa^_TaPS^_^a_Tbb^PbSTeXSP\T]cTcaTX]PSPb]^
bTd\P]dbTX^4\_PacXRd[PaPbX]bcad{Tb_aTbT]cTb]TbcT\P]dP[STeT\
bTabTVdXSPbvaXbRP
• >4`dX_P\T]c^b
STeTbTa^_TaPS^_^a_a^UXbbX^]PXbSPuaTP\|SXRPR^\
R^]SX{TbSTPeP[XPaR^aaTcP\T]cT^TbcPS^S^_PRXT]cTTWPQX[XcPS^_PaP
STRXSXa `dP]S^ T R^\^ dcX[XiPa ^b aTRdab^b SXb_^]eTXb 4\ _PacXRd[Pa ^
dbduaX^STeTbTaRP_PiSTXST]cXUXRPaR^\bTVdaP]{PTPRTac^d\`dPSa^
STUXQaX[P{y^eT]caXRd[PaQT\R^\^aTR^]WTRTabdPaTeTaby^
• > db^ S^ 3TbUXQaX[PS^a STeT bTa PR^\_P]WPS^ ST ^dcaPb c|R]XRPb ST
aTbbdbRXcP{y^ `dP]S^ ]TRTbbuaXPb cPXb R^\^ aTb_XaP{y^ PacXUXRXP[
\PbbPVT\ RPaSPRP ^d PS\X]XbcaP{y^ ST Sa^VPb >b T`dX_P\T]c^b T
\TSXRP\T]c^b]TRTbbuaX^bPTbcPbc|R]XRPbSTeT\TbcPaSXb_^]eTXb
• =y^ bT STeT dcX[XiPa ^ P_PaT[W^ RPb^ WPYP bdb_TXcP ST STUTXc^ ^d \P[
Ud]RX^]P\T]c^ bT ^ \Tb\^ P_PaT]cPa cTa bXS^ PQTac^ _^a _Tbb^P[ ]y^
7(%7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD
Pdc^aXiPS^ _T[P UuQaXRP ^d bT W^deTa X]SRX^b SP _T]TcaP{y^ ST [`dXS^b
^dVT[T\bTdVPQX]TcT
• =y^ dcX[XiPa ^ T`dX_P\T]c^ R^\ ^ _PRXT]cT \^[WPS^ ^d T\ P\QXT]cTb
R^\d\XSPST\dXc^P[cP
• =d]RP Tb`dT{P ST P_[XRPa VT[ ]Pb _ub TgcTa]Pb ]y^PSTbXePb S^
STbUXQaX[PS^a `dP]S^ U^a dcX[Xiu[Pb =TbcT RPb^ P]cTb ST VdPaSu[Pb
[X\_TPbRdXSPS^bP\T]cTaTcXaP]S^c^S^^VT[_PaPTeXcPabdPR^aa^by^
• > 3 STeT bTa cTbcPS^ _TaX^SXRP\T]cT _^a _Tbb^P[ WPQX[XcPS^ T
Pdc^aXiPS^_T[PUuQaXRP
• 0 PQTacdaP S^ VPQX]TcT _^a `dP[`dTa \^cXe^ X]R[dX]S^ P STb\^]cPVT\
^dPcT]cPcXePSTTUTcdPaaT_Pa^bUTXcP_^a_Tbb^P[]y^Pdc^aXiPS^^UTaTRT
_TaXV^STeXSP
• <P]cT]WPTbcT\P]dP[STX]bcad{TbbT\_aTv\y^_PaPbP]PaTeT]cdPXb
SeXSPb
• =d\PTeT]cdP[dcX[XiP{y^ST<^]Xc^a2PaSPR^TeXcT_^bXRX^]PaPb_ubST
P_[XRP{y^b^QaT^bT[Tca^S^bSTRP_cP{y^^db^QaT^RPQ^ST_PRXT]cT
• =PP_[XRP{y^STd\RW^`dTSTeTbTTeXcPa`dT^_PRXT]cTc^`dT`dP[`dTa
_PacT \Tcu[XRP S^ T`dX_P\T]c^ TgRTc^ Pb _ub TeXST]cT\T]cT ^d
`dP[`dTabd_TaURXT\Tcu[XRP\Tb\^`dTTbcTYPPcTaaPSP
• >^_TaPS^a]d]RPSTeTc^RPabX\d[cP]TP\T]cT]^_PRXT]cTTT\`dP[`dTa
_PacTS^T`dX_P\T]c^X]R[dbXeT]Pb_ubSTP_[XRP{y^
• 3TeTbT bT\_aT c^\Pa ^ RdXSPS^ ST TeXcPa RPdbPa S^QaPb c^a{Tb ^d
_dgTb eX^[T]c^b ]^b RPQ^b S^ T`dX_P\T]c^ _PaP ]y^ aTSdiXa bdP eXSP
cX[
• DcX[XiT P_T]Pb ^b PRTbb
aX^b U^a]TRXS^b Yd]c^ P^ P_PaT[W^ ^d PS`dXaXS^b
PcaPe|bSPC41
• > 3 _^ST bTa dcX[XiPS^ R^]Yd]cP\T]cT P T`dX_P\T]c^b RXaaVXR^b ST
0[cP 5aT`d~]RXP R^\^ _^a TgT\_[^ QXbcda T[|caXR^ ?^a|\ STeTbT
c^\PaTgcaT\^RdXSPS^R^\P[XVP{y^SPRWP\PSP±_[PRP]TdcaP²BTTbcP
[XVP{y^ P_aTbT]cPa \PdR^]cPc^ ^d TbcXeTa X]cTaa^\_XSP P dcX[XiP{y^
STbcTb T`dX_P\T]c^b ^UTaTRT ^ aXbR^ ST _a^e^RPa `dTX\PSdaPb ]^
_PRXT]cT]^b_^]c^bSTR^[^RP{y^SPb_ub
• BT^3 U^a\^[WPS^PRXST]cP[\T]cTSTb[XVdT^X\TSXPcP\T]cTSPaTST
T[|caXRP T ^ T]eXT _PaP aTeXby^ _PaP ^ aT_aTbT]cP]cT c|R]XR^ C41 ST bdP
aTVXy^
5HY
&DStWXOR²/LPSH]D
/LPSH]D
?^a^_TaPaX]cTa]P\T]cTR^\P[c^beP[^aTbSTcT]by^T[|caXRP^3TbUXQaX[PS^a|
bT]beT[ v d\XSPST T v _T]TcaP{y^ ST [`dXS^b ?^acP]c^ | \dXc^ X\_^acP]cT
`dTSdaP]cTbdP[X\_TiPbTc^\T\dXc^RdXSPS^_PaPbTTeXcPa`dT^b[`dXS^b
dcX[XiPS^b_PaPbdPWXVXT]XiP{y^]y^_T]TcaT\T\bTdVPQX]TcT
3URFHGLPHQWRSDUDOLPSH]DGRV&DERV
>b RPQ^b S^ T`dX_P\T]c^ _ub P[X\T]cP{y^ cTaaP T bX]Ra^]Xb\^ STeT\ bTa
bdQ\TcXS^bP[X\_TiPST`dP[`dTaaTbSd^QX^[
VXR^bP]VdT\dR^bTcTRXS^bT
STVT[R^]Sdc^a
BdP [X\_TiP STeT bTa UTXcP R^\ d\ _P]^ [TeT\T]cT d\TSTRXS^ T\ u[R^^[
Xb^_a^_X[R^ & ^d dbT d\ b^[eT]cT ST bP]VdT P_a^_aXPS^ _PaP aT\^eTa
bP]VdT T STcaXc^b 0^ [X\_Pa ]y^ dcX[XiT _aTbby^ TgRTbbXeP 4eXcT cP\Q|\ P
U[Tgy^ R^]c]dP S^b RPQ^b SdaP]cT P dcX[XiP{y^ T [X\_TiP _^Xb Xbc^ _^ST
SP]XUXRPa^bUX^b
3URFHGLPHQWRSDUDOLPSH]DGRDSDUHOKR
7(%7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD
?PaP[X\_Pa^P_PaT[W^dbTP_T]Pbd\_P]^\PRX^d\TSTRXS^T\d\Pb^[d{y^
STuVdPR^\bPQy^]Tdca^c^\P]S^^RdXSPS^ST]y^\^[WPa^bR^]TRc^aTbT
TeXcPaP_T]TcaP{y^ST[`dXS^bPcaPe|bSPbuaTPbSTeT]cX[P{y^TST\PXbUaTbcPb
0C4=p«>)=y^dbTPTa^bb
Xbb^QaT^P_PaT[W^_^XbP]|e^PS^_a^Sdc^
_^ST_T]TcaPabTdVPQX]TcTTR^]SdiXaT[TcaXRXSPST
'HVLQIHFomRHHVWHULOL]DomR
?PaPTeXcPaSP]^b]T]Wd\P_PacT^dPRTbb
aX^S^T`dX_P\T]c^TgRTc^Pb_ub
ST P_[XRP{y^ X]cTa]P STeT bTa bdQ\TcXSP P `dP[`dTa _a^RTSX\T]c^ ST
STbX]UTR{y^ ^d TbcTaX[XiP{y^ STeT\ P_T]Pb bTaT\ [X\_^b ST PR^aS^ R^\ ^b
_a^RTSX\T]c^bST[X\_TiPYuSTbRaXc^bPRX\P
?PaPPTbcTaX[XiP{y^SPb?ubST0_[XRP{y^8]cTa]P_^STbTdcX[XiPa0dc^R[PeT^d
VubSTÈgXS^ST4cX[T]^=d]RP\TaVd[WTPb_ub^dbTdR^]TRc^aT\`dP[`dTa
cX_^ST[`dXS^
0C4=p«>)0C41]y^R^]UXa\PPTUXRuRXPS^b_a^Sdc^b`d\XR^b
dcX[XiPS^b]PSTbX]UTR{y^T^dTbcTaX[XiP{y^]^R^]ca^[TSTX]UTR{Tb
5HY
&DStWXOR²&RQVHUYDomRH0DQXWHQomR
&RQVHUYDomRH0DQXWHQomR
> 3 aT`dTa ^b RdXSPS^b ]^a\PXb ST R^]bTaeP{y^ `dT STeT\ bTa c^\PS^b
R^\ T`dX_P\T]c^b T[Tca]XR^b) ]y^ STeT bTa bdQ\TcXS^ P QPcXSPb `dTSPb
_^TXaPTgRTbbXePTg_^bX{y^_a^[^]VPSPP^b^[P[cPbcT\_TaPcdaPbd\XSPST^d
_T]TcaP{y^ST[`dXS^b
2^\^ bT STeT UPiTa R^\ `dP[`dTa UTaaP\T]cP ^d X]bcad\T]c^ ST caPQP[W^
R^]e|\ eTaXUXRPa _TaX^SXRP\T]cT bT ^ T`dX_P\T]c^ Tbcu ^_TaP]S^
]^a\P[\T]cT 4bcP eTaXUXRP{y^ STeT bTa aTP[XiPSP cP]c^ _T[^ _a
_aX^ dbduaX^
_T[P aTP[XiP{y^ S^ ±CTbcT >_TaPRX^]P[ S^ DbduaX^² STbRaXc^ [^V^ P bTVdXa
R^\^ _^a d\ c|R]XR^ Pdc^aXiPS^ _T[P C41 PcaPe|b ST _a^RTSX\T]c^b ST
<P]dcT]{y^?aTeT]cXeP
0C4=p«>)=d]RPcTbcT^STbUXQaX[PS^aPcaPe|bSTP_[XRP{TbR^\Pb?ub
Yd]cPbT\Rdac^RXaRdXc^8bc^_^STSP]XUXRPacP]c^Pb_ubR^\^cP\Q|\_PacTb
X]cTa]Pb S^ P_PaT[W^ R^\_a^\TcT]S^ ^ Q^\ Ud]RX^]P\T]c^ S^ 3 T
aTSdiX]S^bdPeXSPcX[
7HVWH2SHUDFLRQDOGRXVXiULR
0 aTP[XiP{y^ SXuaXP STbcTb ca~b _a^RTSX\T]c^b Su R^]SX{Tb P^ dbduaX^ ST
eTaXUXRPa ^ R^aaTc^ Ud]RX^]P\T]c^ S^ 3 >b S^Xb _aX\TXa^b STeT\ bTa
7(%7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD
aTP[XiPS^b bT\_aT P]cTb S^ _aX\TXa^ PcT]SX\T]c^ S^ SXP > cTaRTXa^ STeT bTa
UTXc^[^V^P_
b^[cX\^TgP\T\Tb\^`dT^P_PaT[W^]y^cT]WPbXS^dcX[XiPS^
7HVWHGH&DUJDH'HVFDUJD,QWHUQD
0C4=p«>) 0]cTb ST aTP[XiPa TbcT cTbcT aTcXaT ^ RPQ^ SPb _ub ST
P_[XRP{y^STbR^]TRcP]S^^S^P_PaT[W^
4gTRdcT^b_Pbb^bbTVdX]cTb]PbT`~]RXP)
;XVdT ^ P_PaT[W^ ETaXUX`dT `dT P cT[P bT PRT]ST R^\ d\P [d\X]^bXSPST
Pid[ T `dT P \T]bPVT\ ±BT[TRX^]T P 4]TaVXP² _PbbP P bTa TgXQXSP P_
b
P[Vd]b X]bcP]cTb T\ [TcaPb QaP]RPb UPRX[\T]cT eXbeTXb =^cT `dT Pb
\T]bPVT]b±B8=2²T±8=C²]y^STeT\P_PaTRTa
! ?aTbbX^]T^Q^cy^± 9²]^_PX]T[Ua^]cP[S^P_PaT[W^
" ETaXUX`dT `dT ^ P_PaT[W^ TgXQT \^\T]cP]TP\T]cT P \T]bPVT\
±2PaaTVP]S^²]P_aX\TXaP[X]WPSPcT[P4bcP\T]bPVT\STeTbTP_PVPaT\
\T]^bST!bTVd]S^b
# 0 \T]bPVT\ ±2PaaTVP]S^² | bdQbcXcdSP _^a ±20AA4603>² T ]P
bTVd]SP[X]WPSPcT[PP_PaTRTau±?A>=C>) 9²T^P_PaT[W^_PbbPPT\XcXa
d\bX]P[b^]^a^R^]c]d^
$ ?aTbbX^]T^Q^cy^±3TbRPaVP8]cTa]P²`dTbTT]R^]caP]^_PX]T[Ua^]cP[0
cT[PS^P_PaT[W^STeTe^[cPaPTgXQXaP\T]bPVT\±BT[TRX^]TP4]TaVXP²
5HY
&DStWXOR²&RQVHUYDomRH0DQXWHQomR
7HVWHGH$SOLFDomRFRP3iV([WHUQDV
0C4=p«>) 3daP]cT c^S^ TbcT cTbcT \P]cT]WP P\QPb Pb _ub TgcTa]Pb
T]RPXgPSPb]^VPQX]TcTS^P_PaT[W^=TbcP_^bX{y^PbUPRTb\Tcu[XRPbSPb_ub
STeT\UXRPa^Rd[cPb_^bXRX^]PSPbR^]caP^VPQX]TcT
4gTRdcTPbT`~]RXPST_Pbb^bbTVdX]cT)
2TacXUX`dTbTST`dT^RPQ^SPb?ub4gcTa]PbTbcTYPR^]TRcPS^P^P_PaT[W^
! ?aTbbX^]T^Q^cy^±$9²]^_PX]T[Ua^]cP[S^P_PaT[W^
" ETaXUX`dT P TgXQX{y^ SP \T]bPVT\ ±2PaaTVP]S^² SdaP]cT \T]^b ST
bTVd]S^
# ETaXUX`dT `dT Pb \T]bPVT]b ±20AA4603>² T ±?A>=C>) $9² _PbbP\ P
bTaTgXQXSPb]PcT[PT^P_PaT[W^_PbbPPT\XcXad\bX]P[b^]^a^R^]c]d^
$ ?aTbbX^]T bX\d[cP]TP\T]cT P\QPb Pb cTR[Pb P_^]cPSPb _T[^ cTgc^
±0_[XRP{y^²]^_PX]T[Ua^]cP[S^P_PaT[W^]y^R^]Ud]SXaR^\^bQ^cTbST
P_[XRP{y^ `dT Tbcy^ bXcdPS^b ]Pb _ub ETaXUX`dT `dT TbcP P{y^ ]y^ cT\
TUTXc^P[Vd\T^P_PaT[W^_Ta\P]TRTRPaaTVPS^TT\XcX]S^^±QX_b²
% BT\aT\^eTaPb_ubSTbTdbT]RPXgTb]^VPQX]TcTS^P_PaT[W^_aTbbX^]T
P^\Tb\^cT\_^P\Q^b^bQ^cTbSTP_[XRP{y^bXcdPS^bd\T\RPSP_u
5PiT]S^ Xbc^ P \T]bPVT\ ±20AA4603>² STeT bTa _a^]cP\T]cT
bdQbcXcdSP _^a ±BT[TRX^]T P 4]TaVXP² T ^ bX]P[ b^]^a^ STeT RTbbPa
X]SXRP]S^`dT^P_PaT[W^U^XSTbRPaaTVPS^
7HVWHSDUDDSyVRXVR
2^\^ \TSXSP ST \P]dcT]{y^ _TaX
SXRP ]^ UX]P[ ST RPSP SXP T\ `dT ^
T`dX_P\T]c^U^X[XVPS^_a^RTSPSPbTVdX]cT\P]TXaP)
3Tb[XVdTPRWPeTVTaP[
! 3TbR^]TRcT c^S^b ^b RPQ^b S^ P_PaT[W^ ;X\_T ^b RPQ^b dcX[XiPS^b T ^
_a
_aX^P_PaT[W^STPR^aS^R^\PbX]bcad{TbS^RP_cd[^P]cTaX^a
" 8]b_TRX^]T ^ RPQ^ SPb ?ub ST 0_[XRP{y^ ^ RPQ^ ST U^a{P ^ UX^ cTaaP T ^
RPQ^STbX]Ra^]Xb\^bTT[TU^XdcX[XiPS^?a^RdaT`dP[`dTabX]P[STUP[WP
ST Xb^[P\T]c^ P\PbbP\T]c^ S^ R^]TRc^a ^d SP]^b P^b UX^b BT W^deTa
P[Vd\P R^]bcPcP{y^ ^d bdb_TXcP ST UP[WP aTcXaT ^ RPQ^ S^ db^ T aT\TcP^
_PaP\P]dcT]{y^
7(%7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD
# 8]b_TRX^]T^TbcPS^VTaP[S^bPRTbb
aX^bTb_TRXP[\T]cT^SPb_ubPSd[cP
X]UP]cX[TbTU^a^RPb^^SPb_ubX]cTa]Pb2TacXUX`dTbT`dTc^S^bTbcy^
[XeaTbSTSP]^b^dSTbVPbcT
0C4=p«>) BT U^a ^QbTaePS^ `dP[`dTa bX]P[ ST STbVPbcT ^d SP]^ ]^b
PRTbb
aX^bTbcTbSTeT\bTabdQbcXcdS^bX\TSXPcP\T]cT
0DQXWHQomR3UHYHQWLYD
0\P]dcT]{y^_aTeT]cXePSTeTbTaaTP[XiPSPP]dP[\T]cTTSTeTbTaTgTRdcPSP
_T[P C41 BT\_aT `dT ]TRTbbuaX^ _^ST\ bTa b^[XRXcPSPb bT\_aT v C41
\P]dcT]{TbR^aaTcXePb
0C41^UTaTRTcP\Q|\_[P]^bST\P]dcT]{y^R^aaTcXeP^d_aTeT]cXePbT\_aT
R^\ ^QYTcXe^ _aX]RX_P[ ST \P]cTa ^b T`dX_P\T]c^b T\ Q^\ T X]X]cTaad_c^
Ud]RX^]P\T]c^
?PaP^TbR[PaTRX\T]c^ST`dPXb`dTaSeXSPbPSXRX^]PXbT]caTT\R^]cPc^R^\P
PbbXbc~]RXP c|R]XRP SP C41 RdY^ T]STaT{^ T]STaT{^ T[Tca]XR^ UPg T cT[TU^]T
_PaPR^]cPc^Tbcy^]^X]RX^STbcT\P]dP[
3URWHomR$PELHQWDO
> 3TbUXQaX[PS^a C41 3 T bdPb _PacTb ^aXVX]PXb dcX[XiP\ T\ bdP UPQaXRP{y^
T[T\T]c^b _TaXV^b^b P^ \TX^ P\QXT]cT R^\^ \TcPXb _TbPS^b T bdQbcw]RXPb
5HY
&DStWXOR²&RQVHUYDomRH0DQXWHQomR
c
gXRPb0SXRX^]P[\T]cT^b\PcTaXPXbdcX[XiPS^b]y^by^QX^STVaPSueTXbTPbdP
T[X\X]P{y^bT\RdXSPS^b|_aTYdSXRXP[P^\TX^P\QXT]cT
0T[X\X]P{y^ST_PacTb^aXVX]PXbS^T`dX_P\T]c^^dS^T`dX_P\T]c^R^\_[Tc^
P^ UX]P[ ST bdP eXSP cX[ STeTau bTVdXa P _^[cXRP ST _a^cT{y^ P\QXT]cP[ S^
W^b_XcP[ ^d T]cXSPST _a^_aXTcuaXP ^d ]P Pdb~]RXP STbcP _^[cXRP ^b T[T\T]c^b
STbRPacPS^bSTeTay^bTaT]eXPS^bSTe^[cPvUuQaXRP
7(%7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD
$FHVVyULRV
0C4=p«>) DcX[XiT P_T]Pb PRTbb
aX^b S^ \Tb\^ cX_^ S^b U^a]TRXS^b
Yd]c^P^P_PaT[W^^dPS`dXaXS^bPcaPe|bSPC41
0 bTVdXa aT[PRX^]P\bT ^b PRTbb
aX^b ]^a\PXb T ^_RX^]PXb S^ 3 R^\ bTdb
aTb_TRcXe^b R
SXV^b ST aTUTa~]RXP _PaP b^[XRXcP{y^ ST U^a]TRX\T]c^ ^d
aT_^bX{y^
$FHVVyULRV1RUPDLV
@dP]cXSPST 8cT\ 2
SXV^
5X^cTaaPPdgX[XPa!$\ 02#
2PQ^STBX]Ra^]Xb\^_PSay^C41 02
_Pa ?ub_PaP0_[XRP{y^4gcTa]P0Sd[c^8]UP]cX[ 02!%!
<P]dP[S^DbduaX^ 8< (
$FHVVyULRV2SFLRQDLV
8cT\ 2
SXV^
5X^cTaaPPdgX[XPa#\ 02&
4[Tca^S^bX]cTa]^b_PaPPSd[c^b 02 '
4[Tca^S^bX]cTa]^bX]UP]cXb 02 (
5HY
&DStWXOR²(VSHFLILFDo}HV7pFQLFDV
(VSHFLILFDo}HV7pFQLFDV
)DEULFDQWH
C41CTR]^[^VXP4[Tca]XRP1aPbX[TXaP;cSP
C^S^b^bSXaTXc^baTbTaePS^b
(TXLSDPHQWR
- =^\TC|R]XR^)3TbUXQaX[PS^a
- <^ST[^2^\TaRXP[)3TbUXQaX[PS^aC413
&ODVVLILFDomR
- 4`dX_P\T]c^ST2[PbbT8
- ?PacTP_[XRPSPcX_^25
- 4`dX_P\T]c^R^\d\bT\_a^cT{y^R^]caPP_T]TcaP{y^STuVdP
- 4bcT T`dX_P\T]c^ ]y^ | PST`dPS^ _PaP bTa dbPS^ ]P _aTbT]{P ST \XbcdaPb
P]Tbc|bXRPbX]U[P\ueTXbR^\^Pa
- 4`dX_P\T]c^PST`dPS^_PaP^_TaP{y^T\\^S^R^]c]d^
3ULQFLSDLVQRUPDVGHVHJXUDQoDDWHQGLGDV
- =1A842%%
- =1A842%% !
- =1A842%% !#
7(%7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD
3DUWHVSURWHJLGDVFRQWUDGHVFDUJDGH'HVILEULODGRU
- 2PQ^T?ubST0_[XRP{y^
6HOHomRGHPRGRFRQWUROHVHDMXVWHV
C^S^b ^b R^\P]S^b `dT bT[TRX^]P\ ^ \^S^ ST Ud]RX^]P\T]c^ TgTRdcP\
Ud]{Tb^dUPiT\^PYdbcTST_Paw\Tca^bby^PcXePS^b_^ad\cTR[PS^Ua^]cP[
T_T[^bQ^cTb]Pb?ubST0_[XRP{y^
?PaPX]U^a\PaP^dbduaX^^TbcPS^S^P_PaT[W^TTeT]cdPXb\T]bPVT]bSTTaa^
Wud\PcT[PSTRaXbcP[[`dXS^[d\X]^bPP[UP]d\|aXRPSTSdPb[X]WPbR^\ %
RPaPRcTaTb_^a[X]WP
$ODUPHVH,QGLFDo}HV6RQRUDV
0[Pa\TSTT`dX_P\T]c^RPaaTVPS^)^P_PaT[W^T\XcTQX_TR^]c]d^T]`dP]c^
]PcT[P|TgXQXSPP\T]bPVT\±20AA4603>²
0[Pa\TSTTaa^)d\P\T]bPVT\STTaa^|TgXQXSP]PcT[PT^P_PaT[W^_PbbPP
T\XcXa d\ P_Xc^ R^]c]d^ 4bcP bXcdP{y^ _TaSdaP _^a P_a^gX\PSP\T]cT !b T ^
P_PaT[W^e^[cPP^]^a\P[
8]SXRP{y^ b^]^aP S^ cTR[PS^) ^ P_PaT[W^ T\XcT d\ ±QX_² `dP]S^ aTR^]WTRT T
PRTXcPd\PcTR[PPRX^]PSP_T[^dbduaX^
&RQH[mRGH3DFLHQWH
>RXaRdXc^STP_[XRP{y^S^RW^`dT|PST`dPS^vP_[XRP{y^RPaSPRPSXaTcPQT\
R^\^ P^ db^ bX\d[cw]T^ R^\ P_PaT[W^b ST \PaRP_Pbb^ RPaSPR^ ^d ^dca^b
TbcX\d[PS^aTb T[|caXR^b 4bcT P_PaT[W^ _^ST bTa dcX[XiPS^ T\ R^]Yd]c^ R^\
5HY
&DStWXOR²(VSHFLILFDo}HV7pFQLFDV
>RPQ^SPb_ubSTP_[XRP{y^R^]TRcPbTP^3 T\bdP_PacTcaPbTXaP
1RWDVREUH%LR&RPSDWLELOLGDGH
>RPQ^SPb_ubSTP_[XRP{y^TPb_a
_aXPb_ubU^a]TRXS^bYd]c^P^3 by^
PST`dPS^b _PaP T]caPa T\ R^]cPc^ R^\ ^ _PRXT]cT 4[Tb by^ R[PbbXUXRPS^b _T[P
]^a\P8B> ((" R^\^SXb_^bXcXe^b`dP]c^vbdP]PcdaTiPR^\^STR^]cPc^
bd_TaUXRXP[ R^\ P _T[T T `dP]c^ v bdP SdaP{y^ R^\^ ST R^]cPc^ [X\XcPS^ 0
C41 PcTbcP `dT bTVd]S^ bdP Tg_TaX~]RXP ^b \PcTaXPXb T\_aTVPS^b T\ bdP
UPQaXRP{y^ ^QTSTRT\ P^b RaXc|aX^b ST 2Xc^c^gXRXSPST BT]bXQX[XiP{y^
8aaXcPQX[XSPSTTATPcXeXSPST8]caPRdcw]TP_aTbRaXcPb]PaTUTaXSP]^a\P
B^\T]cTPdcX[XiP{y^STPRTbb
aX^bST\Tb\^UPQaXRP]cTcX_^T\^ST[^S^bU^a
]TRXS^b Yd]c^ P^ T`dX_P\T]c^ _^ST VPaP]cXa P ]TRTbbuaXP QX^R^\_PcXQX[XSPST
STbcTbXcT]b
$OLPHQWDomR
0P[X\T]cP{y^S^P_PaT[W^|UTXcPTgR[dbXeP\T]cT_T[^RPQ^STaTSTT_^bbdXPb
bTVdX]cTbRPaPRcTabcXRPb)
• 5PXgPSTcT]by^)ST EPRP!#EPR
• 5aT`~]RXP)$7i^d%7i
• ?^c~]RXPST4]caPSP)!$E0\ugX\PT!E0c_XRP
• 5dbeTXbST_a^cT{y^)cX_^5P{y^au_XSPST!0
>b UdbeTXb dcX[XiPS^b STeT\ bTa S^ cX_^ T eP[^a \T]RX^]PS^b PRX\P ST
SX\T]bTb ! g $ \\ T UPQaXRPS^b ST PR^aS^ R^\ P =^a\P 1aPbX[TXaP ST
5dbeTXbST?T`dT]^?^acT=1A$"&!
7(%7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD
&LUFXLWRGH$SOLFDomR
7LSRVGH3iVGH$SOLFDomR
• 4gcTa]P0Sd[c^8]UP]cX[
• 8]cTa]P0Sd[c^
• 8]cTa]P8]UP]cX[
• 0SP_cPS^a_PaP_ubSTP_[XRP{y^TgcTa]PSTbRPacueT[b^QR^]bd[cP
1tYHLVGH(QHUJLD
• 2^\^db^ST?ub4gcTa]Pb) ]eTXbR^\Pb^_{TbST$ !"$
$!!$"T"%9^d[TbSTT]TaVXPU^a]TRXS^b
0RGRVGH$SOLFDomR
• 0bb]Ra^]P DcX[XiPS^ _PaP 3TbUXQaX[P{y^ =TbcT \^S^ ^ RPQ^ ST
bX]Ra^]Xb\^]y^|]TRTbbuaX^
)RUPDGH2QGD
?d[b^bT]^XSP[P\^acTRXS^QXUubXR^cP\Q|\R^]WTRXS^R^\^_d[b^ST;^f]
?PaPTbcT_d[b^by^^QbTaePSPbPb_aTbRaX{TbST±?aTRXby^²T±?a^cT{y^R^]caP
RPaPRcTabcXRPbSTbPSPX]R^aaTcP²R^]bcP]cTb]P]^a\P=1A842%% !#
?PaP ^dca^b Pb_TRc^b STbcT cX_^ ST _d[b^ ]y^ R^QTac^b _T[P ]^a\P =1A 842
%% !#by^^QbTaePSPbPb_aTbRaX{TbSP]^a\P0=B800<835'!"
5HY
&DStWXOR²(VSHFLILFDo}HV7pFQLFDV
&RPDQGRSDUDD$SOLFDomR
• 3TU[PVaP{y^ _^a Q^cTb ]Pb _ub) R^\ P dcX[XiP{y^ R^\ _ub TgcTa]Pb ]y^
PSTbXePbPSd[c^^dX]UP]cX[
• 0_[XRP{y^ _^a cTR[Pb ]^ _PX]T[) `dP]S^ dcX[XiP]S^ _ub X]cTa]Pb ^d _ub
PSTbXePb
• 3TbRPaVP X]cTa]P _^a cTR[P ]^ _PX]T[) ]TbcT RPb^ ^ RW^`dT ]y^ | [XQTaPS^
_T[Pb_ub
• 3TbRPaVP X]cTa]P Pdc^\ucXRP P_
b (b SP bT[T{y^ SP T]TaVXP bT\
STU[PVaP{y^^dP^STb[XVPa
7HPSRGHFDUJD
> 3 | RP_Pi ST bT RPaaTVPa ST d\ TbcPS^ R^\_[TcP\T]cT STbRPaaTVPS^
_PaP^STRPaaTVPS^R^\RPaVP\ugX\P"%9T\d\X]cTaeP[^ST bTVd]S^b
CX_XRP\T]cT ^ cT\_^ ]TRTbbuaX^ _PaP PcX]VXa P RPaVP \ugX\P | ST
P_a^gX\PSP\T]cT(bTVd]S^b
&RQGLo}HVDPELHQWDLVGHRSHUDomR
• CT\_TaPcdaP) °2P#°2
• D\XSPSTAT[PcXeP)"P&$bT\R^]ST]bP{y^
• ?aTbby^0c\^bU|aXRP)$!$\\7VP&($\\7V
&RQGLo}HVGHWUDQVSRUWHHDUPD]HQDPHQWR
> 3 STeTa bTa Pa\PiT]PS^ T\ [^RP[ _a^cTVXS^ ST d\XSPST TgRTbbXeP T
Tg_^bX{y^ _a^[^]VPSP P^ b^[ 3~ _aTUTa~]RXP v bdP _a
_aXP T\QP[PVT\ ]P
_^bX{y^X]SXRPSP_^aTbcP4eXcTR^[^RPa^dca^b^QYTc^bb^QaTbdPT\QP[PVT\^d
R^[^Ru[^b^Q^dca^b\PcTaXPXb_aX]RX_P[\T]cT_^]cXPVdS^b
=^ caP]b_^acT cP\Q|\ STeT\ bTa ^QbTaePS^b ^b RdXSPS^b PRX\P ?PaP
caP]b_^acT ST [^]VP SXbcw]RXP | aTR^\T]SueT[ T]e^[eTa P T\QP[PVT\ T\ d\
T]VaPSPS^ST\PSTXaP
7(%7HFQRORJLD(OHWU{QLFD%UDVLOHLUD/WGD
0bR^]SX{TbP\QXT]cPXbSTeTay^_Ta\P]TRTaST]ca^S^bbTVdX]cTb[X\XcTb)
• CT\_TaPcdaP) °2P$°2
• D\XSPSTAT[PcXeP)!P'$bT\R^]ST]bP{y^
• ?aTbby^0c\^bU|aXRP)$\\7VP'\\7V
'LPHQV}HVH3HVR
3X\T]bTb)"#$;g"!?g!$0\\bT\PRTbb
aX^bTT\QP[PVT\
3X\T]bTb)#;g#?g!'0\\R^\PRTbb aX^bTT\QP[PVT\
?Tb^)&"ZVbT\PRTbb aX^bTT\QP[PVT\
?Tb^)'&$ZVR^\PRTbb aX^bTT\QP[PVT\
2EVHUYDomRILQDO
0 C41 Tbcu R^]cX]dP\T]cT P_TaUTX{^P]S^ bTdb _a^Sdc^b ST \^S^ `dT Pb
Tb_TRXUXRP{Tb PRX\P by^ eu[XSPb ]P SPcP ST aTeXby^ STbcT \P]dP[ T Tbcy^
bdYTXcPbPP[cTaP{TbUdcdaPb
5HY
&DStWXOR²(VSHFLILFDo}HV7pFQLFDV
7HUPRGHJDUDQWLD
0 C41 CTR]^[^VXP 4[Tca]XRP 1aPbX[TXaP ;cSP PbbTVdaP P^ _a^_aXTcuaX^ S^
3TbUXQaX[PS^a C41 3 VPaP]cXP R^]caP `dP[`dTa STUTXc^ ST \PcTaXP[ ^d ST
UPQaXRP{y^`dT]T[TbTP_aTbT]cPa]^_aPi^ST !\TbTbR^]cPS^bSPSPcPST
P`dXbX{y^_T[^_aX\TXa^PS`dXaT]cT
0aTb_^]bPQX[XSPSTSPVPaP]cXP|aTbcaXcPP^R^]bTac^^dbdQbcXcdX{y^ST_T{Pb
STUTXcd^bPbaT_Pa^bSTUPQaXRP{y^TPYdbcTb`dTbTUP{P\]TRTbbuaX^bBT\_aT
R^\^^QYTcXe^ST`dT^P_PaT[W^^_TaTST]ca^STbdPbTb_TRXUXRP{Tb
0 C41 ^QaXVPbTP _aTbcPa ^b bTaeX{^b PRX\P aTUTaXS^b b^\T]cT bT ^ P_PaT[W^
U^a_^bc^T\bdPbTST]P0e3XTSTaXRWbT] $&EX[P6dPaP]XBy^?Pd[^
B? R^\ STb_TbPb T aXbR^b ST caP]b_^acT T T\QP[PVT\ _^a R^]cP S^
_a^_aXTcuaX^
4bcy^TgR[dS^bSTbcPVPaP]cXPPb?ubST0_[XRP{y^^bRPQ^bSTU^a{PUX^cTaaP
T ^dca^b PRTbb
aX^b TeT]cdP[\T]cT U^a]TRXS^b `dP]S^ P_aTbT]cPaT\ STUTXc^b
_^aSTbVPbcT]PcdaP[4bcPVPaP]cXPbTau]d[PbT^P_PaT[W^PRaXc|aX^SPC41
cXeTa b^UaXS^ SP]^ _^a PRXST]cT `dTSP db^ T\ cT]by^ ST P[X\T]cP{y^
X]R^aaTcP b^QaTcT]bTb ^d PX]SP P_aTbT]cPa bX]PXb ST PYdbcTb ^d cT]cPcXeP ST
aT_PaP{y^_^a_Tbb^Pb]y^Pdc^aXiPSPb
@dP[`dTaP[cTaP{y^^dTgcT]by^SPVPaP]cXPP[|\SPbTbcaXcPbR^]SX{TbSTbcT
cTa\^b
bTay^eu[XSPb`dP]S^Pbbd\XSPb_^aTbRaXc^SXaTcP\T]cT_T[PC41