U ?\_aUbQb =^]ca^[QTQb

Transcrição

9ZXP\aRT JW]^^X\V
<T\bTà J,9, T >[^`TaPa
<]\b`]ZPSPa
=T[]\ab`PrxTa UX\P\RTX`Pa
T[ 1/ ST STgT[Q`] ST 0./3 T
`TZPbv`X] S]a PcSXb]`Ta X\ST^T\ST\bTa
COMENTÁRIO DE DESEMPENHO 4T15
Comentário de Desempenho
Rio de Janeiro, 28 de março de 2016 s A Aliansce Shopping Centers S.A. (Bovespa: ALSC3), uma das maiores proprietárias de
Shopping Centers do país, anuncia seus resultados do exercício de 2015 e do 4º trimestre de 2015. Todas as informações
operacionais e financeiras a seguir, exceto quando indicado de outra forma, são apresentadas em reais, com base em números
consolidados e de acordo com as práticas contábeis adotadas no Brasil e que consideram os pronunciamentos emitidos pelo
Comitê de Pronunciamentos Contábeis (CPCs), aprovados pela Comissão de Valores Mobiliários (CVM), bem como de acordo
com as normas internacionais de relatório financeiro (International Financial Reporting Standards (IFRS)), conforme emitido pelo
International Accounting Standards Board (IASB).
As informações não contábeis da Companhia não foram especificamente auditadas pelos auditores independentes, mas devem ser
lidas em conexão com o exame das demonstrações financeiras nos termos da NBC TA s (ISA 720).
Descrição dos negócios, serviços e mercados de atuação em 31 de
dezembro de 2015
Nossas principais atividades são as participações em Shopping Centers e a prestação de serviços no segmento de Shopping Centers,
que envolve: (i) a administração de Shopping Centers; (ii) a comercialização de espaços de Shopping Centers; e (iii) o
planejamento e desenvolvimento de Shopping Centers.
Somos uma empresa full service com atuação em todas as fases de implementação de Shopping Centers, desde o planejamento
(estudo de viabilidade do empreendimento), desenvolvimento do projeto, lançamento do Shopping Center, até o gerenciamento da
estrutura e gestão financeira, comercial, jurídica e até operacional.
Administração e Comercialização de Shopping Centers e espaços de Mall
A atividade de administração de Shopping Centers consiste na administração estratégica e das atividades de rotina do Shopping
Center compreendido pela gestão financeira, jurídica, comercial e operacional do empreendimento. Cabe ressaltar que as atividades
de administração podem ser praticadas pela Companhia e suas subsidiarias.
A atividade de comercialização de Shopping Centers engloba a comercialização de lojas, as atividades de Merchandising e a
comercialização de espaços de Malls.
Planejamento e desenvolvimento de Shopping Centers
O planejamento e o desenvolvimento de Shopping Centers requerem um profundo conhecimento do setor, tendo em vista que a
primeira fase inclui a realização de uma análise preliminar do projeto visando uma maior compreensão do comportamento dos
consumidores na área de influência do shopping e a elaboração de estudo de viabilidade econômico-financeira. Outra questão
fundamental refere-se à definição do tenant mix, ou seja, o balanceamento das lojas em cada ramo de atuação, assim como o
levantamento das áreas disponíveis para locação. Em resumo, o desenvolvimento de um Shopping Center consiste nas seguintes
etapas: (i) Identificação de oportunidades; (ii) Análise de viabilidade; (iii) Aprovação do investimento; (iv) Lançamento; (v)
Construção; (vi) Comercialização e; (vii) Administração.
Política de reinvestimento de lucros e distribuição de dividendos
Aos Acionistas está assegurado, pelo estatuto social, um dividendo mínimo correspondente a 25% do lucro líquido apurado em cada
exercício social, ajustado consoante à legislação em vigor.
A administração poderá, mediante aprovação da assembleia geral, destinar até 70% (setenta por cento) do lucro líquido para Reserva
para Investimentos, prevista no Estatuto Social. A administração poderá também, baseada em orçamento de capital, destinar a
parcela remanescente de lucro líquido do Exercício não distribuída como dividendo obrigatório, na sua integralidade ou
parcialmente, à realização de novos investimentos respeitando em qualquer caso, o limite global do artigo 199 da lei 6.404/76, cujo
texto foi alterado pela lei 11.638/07.
2
Recursos Humanos
Em 31 de dezembro de 2015, a Aliansce possuía 223 funcionários no seu quadro comparado a 217 funcionários em 31 de dezembro
de 2014. A rotatividade média de empregados foi de 4,3% no 4T15. No 4T14, a rotatividade foi de 6,5%.
A Companhia e suas subsidiárias possuem contratos com empresas terceirizadas que proveem significativa quantidade de mão de
obra, dentre os quais se destacam: serviços de segurança, alimentação dos empregados, limpeza e manutenção predial.
Nosso sistema de remuneração para Empregados é composto de faixas de renda numa escala vertical, combinadas com pontos
salariais na horizontal, permitindo promoções e aumentos por mérito.
A Companhia oferece aos seus empregados benefícios diversos como assistência médica, vale refeição, vale transporte e seguro de
vida. Adicionalmente informamos que não possuímos áreas e/ou atividades insalubres ou perigosas, de acordo com a legislação
vigente.
A política de desenvolvimento de RH e treinamento da Companhia consiste nas ações empresariais que visam ampliar, desenvolver
e aperfeiçoar as habilidades do colaborador para seu crescimento profissional, assim como: cursos de inglês, graduação e pós
graduação.
Responsabilidade Social
O Compromisso da Companhia para a Sustentabilidade demonstra o nosso pacto com a ética nos negócios, o desenvolvimento das
comunidades do entorno de nossos empreendimentos, o uso adequado de recursos naturais e a preservação do meio ambiente.
A Companhia mantém, por meio de seus shoppings, diversos projetos de responsabilidade social, incentivo e patrocínio cultural,
como, por exemplo, o projeto "Transformar", do Via Parque Shopping, que ensina técnicas de aproveitamento total dos alimentos
para donas de casa da comunidade de Cidade de Deus, contribuindo para melhoria dos índices de desnutrição da comunidade. A
Companhia apoia também Iniciativas de esporte e cidadania com o projeto "Viva Vôlei" nos shoppings Grande Rio e Carioca, onde
o trabalho consiste na inclusão de crianças de 7 a 14 anos de comunidades vizinhas aos shoppings por meio da prática do voleibol,
ensinando às crianças da comunidade, de forma lúdica, valores como igualdade, solidariedade, e a importância do trabalho em
equipe na formação da cidadania. A Companhia, aposta em desenvolvimento sustentável, e implementa, projetos de
responsabilidade socioambiental. O Caxias Shopping, através, do projeto "Lixo Zero s Transformando para preservar", será o
primeiro shopping da região sudeste a conquistar a marca de "lixo zero". Hoje o shopping conta com uma estação de tratamento de
resíduos, que recicla água, para reutilização em descargas e jardinagem. O trabalho inclui a separação do lixo em diferentes
categorias para reciclagem e na transformação do lixo em adubo orgânico.
Câmara de Arbitragem do Mercado
A Companhia está vinculada à Câmara de Arbitragem do mercado, conforme o artigo 38 do seu Estatuto Social abaixo:
"Artigo 38.- A Companhia, seus acionistas, administradores e os membros do Conselho Fiscal obrigam-se a resolver, por meio de
arbitragem, toda e qualquer disputa ou controvérsia que possa surgir entre eles, relacionada ou oriunda, em especial, da aplicação,
da validade, da eficácia, da interpretação, da violação e de seus efeitos, das disposições contidas na Lei das Sociedades por Ações,
no Estatuto Social da Companhia, nas normas editadas pelo Conselho Monetário Nacional, pelo Banco Central do Brasil e pela
Comissão de Valores Mobiliários, bem como nas demais normas aplicáveis ao funcionamento do mercado de capitais em geral,
além daquelas constantes do Regulamento de Listagem do Novo Mercado, do Contrato de Participação no Novo Mercado e do
Regulamento de Arbitragem da Câmara de Arbitragem do Mercado.
Relacionamento com Auditores Externos
Em atendimento à instrução CVM 381/03, informamos que a PricewaterhouseCoopers Auditores Independentes prestou somente
serviços de auditoria durante o período findo em 31 de dezembro de 2015.
Conciliação entre demonstrações financeiras contábeis consolidadas e gerenciais
Apresentamos abaixo a conciliação contábil versus gerencial das demonstrações financeiras do período findo em 31 de dezembro
de 2015 e 2014. As informações gerenciais consideram o registro da consolidação proporcional nas participações em controladas
em conjunto e negócios em conjunto, cuja aplicação foi descontinuada a partir de 1 de janeiro de 2013, conforme CPC 18 e 19.
3
Adicionalmente, em atendimento ao Ofício-Circular CVM/SNC/SEP nº 01/2016, a operação de venda da Boulevard Corporate
Tower, torre comercial anexa ao Boulevard Shopping Belo Horizonte, formalizada em junho de 2014, foi reclassificada
contabilmente como "Obrigações relacionadas a Propriedades para Investimento - Torre Comercial", em contrapartida a
"Propriedades para Investimentos s Torre Comercial" (Nota 4 das demonstrações financeiras consolidadas da Companhia), ainda
que formal e legalmente se trate de uma venda ("Reclassificação"). Por essa razão, as demonstrações financeiras consolidadas de
31 de dezembro de 2015 foram ajustadas para considerar a operação como uma obrigação, e as demonstrações financeiras
consolidadas de 31 de dezembro de 2014 foram ajustadas da mesma maneira e estão sendo reapresentadas, afetando o balanço
patrimonial e as demonstrações do resultado, do resultado abrangente e dos fluxos de caixa consolidados.
Não obstante a Reclassificação mencionada acima, de modo a apresentar ao mercado e aos investidores informações comparáveis
com informações divulgadas pela Companhia nos anos anteriores e mais adequadas para o entendimento da Companhia e de sua
situação financeira, apresentamos abaixo informações financeiras gerenciais que não refletem esta Reclassificação.
As informações financeiras gerenciais, bem como outras informações não contábeis da Companhia apresentadas abaixo não foram
revisadas pelos auditores independentes. Para análise das informações contábeis e auditadas da Companhia, vide as demonstrações
financeiras consolidadas de 31 de dezembro de 2015 e de 31 de dezembro de 2014 da Companhia.
4
Conciliação entre demonstrações financeiras contábeis consolidadas e gerenciais
c 2015
9XWNSUSLjiX ;PVXW\][LjiX OP GP\Û]LOX 9XW]hMSU _\) >P[PWNSLU
7USLW\NP 9XW\XUSOLOX
-+,0 ( 9XW]hMSU
EP[lXOX QSWOX PV ., OP OPbPVM[X OP -+,0
<QPS]X 8XÛP_L[O
9X[YX[L]P IX`P[
<QPS]X OX\ LT^\]P\ 9E9
,3*,4
-+,0 ( >P[PWNSLU
#)*147-8 -2 2/1.*7-8 ,- 7-*/8$
GPNPS]L M[^]L OP LU^R^PU P \P[_SjX\
?UXW[\W[ N LWV\ZRK]RglN[ N W]\ZJ[ MNM]glN[
GPNPS]L UlZ^SOL
9^\]X OP LU^R^kS\ P \P[_SjX\
0/-)-11
%14+134&
(
(
/,),24
%/+1-2&
03.)//0
%16+54/&
/4/)244
(
.3)22/
0..)02.
$,-0)+0/%
(
$-0)3.4%
$,0+)34.%
A^N[X M[^]X
.14)2/0
(
,-)4.0
.3-)13+
$;P\YP\L\%*GPNPS]L\ XYP[LNSXWLS\
;N[XN[J[ JMURVR[\ZJ\R^J[ N PNZJR[
EN[]T\JMW MJ NY]R^JTiVLRJ XJ\ZRUWVRJT
;N[XN[J LWU MNXZNLRJgfW N JUWZ\R`JgfW
C]\ZJ[ %MN[XN[J[&,ZNLNR\J[ WXNZJLRWVJR[
2.)/..
%43+146&
0/+160
%1+-/-&
./.+106
$,-)/3/%
*
*
*
%./+151&
$,3)0,0%
.1+/02
%0/+160&
3
%/30&
/-)/./
%3/+/11&
*
%1+-.1&
.-5+36/
$-04)+,1%
.-)300
1)14.
$-,4)/13%
,3/),1-
-+).2,
,),,.
-+0)1/1
%06+06-&
%3+6/3&
%3+/02&
%2/+22.&
A^N[X UlZ^SOX OX PaP[NlNSX
,//)22-
,.)//0
$0),--%
,0.)+40
A^N[X 7][SM^l_PU LX\5
7LRWVR[\J[ LWV\ZWTJMWZN[
7LRWVR[\J[ VfW LWV\ZWTJMWZN[
.0.+64.
./+5-.
,//)22-
.0+112
*
,.)//0
%.&
%2+./.&
$0),--%
.12+1.2
4+35,0.)+40
GP\Û]LOX QSWLWNPS[X
A^N[X LW]P\ OX\ SVYX\]X\ P YL[]SNSYLjnP\ VSWX[S]h[SL\
?UXW[\W MN ZNVMJ N LWV\ZRK]RgfW [WLRJT
9XWNSUSLjiX OX <8?I;7* <8?I;7 7T^\]LOX
-+,0 ( 9XW]hMSU
<QPS]X 8XÛP_L[O
9X[YX[L]P IX`P[
,3*,4
-+,0 ( >P[PWNSLU
#)*147-8 -2 2/1.*7-8 ,- 7-*/8$
A^N[X UlZ^SOX
,//)22-
,.)//0
$0),--%
,0.)+40
%(& ;NXZNLRJgfW , 7UWZ\R`JgfW
%(& EN[]T\JMW ORVJVLNRZW
%(& ?UXW[\W MN ZNVMJ N LWV\ZRK]RgfW [WLRJT
36+63/
/26+-.3
06+06-
*
%0/+522&
3+6/3
0+5/0
%3+360&
3+/02*
40+452
/.6+135
2/+22.
<8?I;7
B7G><B <8?I;7 #
0,.),/+
,+.'2#
$,-)/3/%
$,)202%
/43)344
4.'0#
%..0+0.2&
60/
%..1+/14&
*
*
*
/+-0*
/+-0-
%...+/52&
60/
%../+/.4&
.44)3-0
3+'3#
$,-)/3/%
-2.
.32)1,/
2-'1#
%(,*& ;N[XN[J[ VfW ZNLWZZNV\N[
%(& >J[\W[ XZh*WXNZJLRWVJR[
%(,*& C]\ZW[
<8?I;7 7@JHI7;D
B7G><B <8?I;7 7@JHI7;D #
9XWNSUSLjiX OX ==D * ==D 7T^\]LOX
-
7USLW\NP
9XW\XUSOLOX
-+,0 ( 9XW]hMSU
8XÛP_L[O
9X[YX[L]P IX`P[
BSWX[S]h[SX\
<QPS]X OX\ LT^\]P\
9E9 ,3*,4
7USLW\NP
9XW\XUSOLOX
-+,0 ( >P[PWNSLU
#)*147-8 -2 2/1.*7-8 ,- 7-*/8% -=+-94 48 5-7+-39;*/8$
A^N[X AlZ^SOX ( 7NSXWS\]L 9XW][XULOX[
%(& ;NXZNLRJgfW N JUWZ\R`JgfW
$6% ==D &
BL[RPV ==D #
%(&,%*& ;N[XN[J[,%ENLNR\J[& VfW ZNLWZZNV\N[
%*& 7S][\N JT]P]NT TRVNJZ * 9D9 -3
%(& DTJVW MN CXgfW MN 7glN[
%(&,%*& ?UXW[\W[ VfW LJR_J
%(& ?E,9F LWZZNV\N [WKZN ^NVMJ MN XJZ\RLRXJgfW
%*& 9D9 /- * 9JXR\JTR`JgfW MN S]ZW[
%(& <ONR\W FI7D
$6% ==D LT^\]LOX &
BL[RPV 7==D #
,.,)42,
,.)//0
(
36+63/
*
%/+5/1&
$,%(
1)1/2
,/0)/,0(
2.)230
-+,)4..
/+'3#
,.)//0
$-)3-/%
1)1/2
-,4)-+,
/,',#
%..0+0.2&
.+435
*
/3/
%...+/52&
%4+51.&
0+0/3
.5+4-5
*
%2+0.6&
.+/-2
*
*
3+6/3
*
*
*
303
*
*
*
*
*
%/+061&
*
.+635
*
*
*
%6+3--&
0+0/3
/4+3-/
*
%2+0.6&
.+/-2
43)142
,4'4#
--),.4
$-),33%
1)/3-
,-0),.+
-.'0#
' ?VMRLJMWZN[ VfW*LWV\eKNR[
5
Conciliação entre demonstrações financeiras contábeis consolidadas e gerenciais c
2014
9XWNSUSLjiX ;PVXW\][LjiX OP GP\Û]LOX 9XW]hMSU _\) >P[PWNSLU
EP[lXOX QSWOX PV ., OP OPbPVM[X OP -+,/
7USLW\NP
9XW\XUSOLOX
-+,/ ( 9XW]hMSU
<QPS]X 8XÛP_L[O
9X[YX[L]P IX`P[
BSWX[S]h[SX\
KSL EL[Z^P
<QPS]X OX\ LT^\]P\
9E9 ,3*,4
7USLW\NP
9XW\XUSOLOX
-+,/ ( >P[PWNSLU
#)*147-8 -2 2/1.*7-8 ,- 7-*/8$
GPNPS]L UlZ^SOL
9^\]X OP LU^R^kS\ P \P[_SjX\
0,2)23/
%10+556&
/2.)340
$3)+0.%
/,).,3
0+2),1+
,)2.4
*
$1).,/%
$-,)2,1%
$,/2)11+%
,4)1+-
.04)0++
$/0+%
.1
*
*
%131&
$,4)0..%
6+-.4
%4/+/44&
5
10+4.6
0-)-24
%26+424&
*
%0+/41&
..2+0-6
$-+-)3-2%
A^N[X M[^]X
./1)-,-
* (
* (
$;P\YP\L\%*GPNPS]L\ XYP[LNSXWLS\
;N[XN[J LWU MNXZNLRJgfW
C]\ZJ[ %MN[XN[J[&,ZNLNR\J[ WXNZJLRWVJR[
10),0%35+455&
4/+/44
%0+/5/&
31+612
2),+4
*
%-&
4+.-6
$,-2)13.%
(
* *
* (
$3),34%
.04
/.)13%/+031&
00.)-22
%13+..4&
$--3)3+0%
-,)+.3
$-0+%
0),34
,3-)004
-3),/2
$2)+,.%
0)-03
-+3)40,
%6+24-&
%/.4&
%2+46/&
%/6+100&
A^N[X AlZ^SOX OX <aP[NlNSX
%.0+521&
.
,13)2+0
,3)022
$2)-.+%
$0..%
,24)0,4
A^N[X AlZ^SOX OX <aP[NlNSX
.22+2-3
.0+.66
,13)2+0
.5+244
*
,3)022
*
%4+/0-&
$2)-.+%
%-&
%200&
$0..%
.41+-50
2+103
,24)0,4
?UXW[\W MN ZNVMJ N LWV\ZRK]RgfW [WLRJT
9XWNSUSLjiX OX <8?I;7 * <8?I;7 7T^\]LOX
7USLW\NP
9XW\XUSOLOX
-+,/ ( 9XW]hMSU
<QPS]X 8XÛP_L[O
9X[YX[L]P IX`P[
BSWX[S]h[SX\
KSL EL[Z^P
<QPS]X OX\ LT^\]P\
9E9 ,3*,4
7USLW\NP
9XW\XUSOLOX
-+,/ ( >P[PWNSLU
#)*147-8 -2 2/1.*7-8 ,- 7-*/8% -=+-94 48 5-7+-39;*/8$
A^N[X UlZ^SOX
,13)2+0
,3)022
$2)-.+%
$0..%
,24)0,4
%(& ;NXZNLRJgfW , 7UWZ\R`JgfW
%(& EN[]T\JMW ORVJVLNRZW
%(& ?UXW[\W MN ZNVMJ N LWV\ZRK]RgfW [WLRJT
4/+/20
//5+5-2
.0+521
*
%/.+-05&
6+24-
%33/&
/2/.4
2+101
%2+.56&
2+46/
44+-/1
/-/+5/4
/6+100
<8?I;7
B7G><B <8?I;7 #
/3.)1,2
,+-',#
2),+4
$2)/-0%
0)0+-
/33)3+.
41'/#
%(& ;N[XN[J[ VfW ZNLWZZNV\N[
%.01+-41&
*
*
.2+41.
%..5+00/&
<8?I;7 7@JHI7;D
B7G><B <8?I;7 7@JHI7;D #
./4)0/.
2.'3#
2),+4
$2)/-0%
-,)-//
.2+)/2,
2.',#
9XWNSUSLjiX OX ==D * ==D 7T^\]LOX
7USLW\NP
9XW\XUSOLOX
-+,/ ( 9XW]hMSU
<QPS]X 8XÛP_L[O
9X[YX[L]P IX`P[
BSWX[S]h[SX\
<QPS]X OX\ LT^\]P\
9E9 ,3*,4
7USLW\NP
9XW\XUSOLOX
-+,/ ( >P[PWNSLU
#)*147-8 -2 2/1.*7-8 ,- 7-*/8% -=+-94 48 5-7+-39;*/8$
A^N[X AlZ^SOX ( 7NSXWS\]L 9XW][XULOX[
%(& ;NXZNLRJgfW N JUWZ\R`JgfW
$6% ==D &
BL[RPV ==D #
%(&,%*& ;N[XN[J[,%ENLNR\J[& VfW ZNLWZZNV\N[
%*& 7S][\N JT]P]NT TRVNJZ * 9D9 -3
%(& DTJVW MN CXgfW MN 7glN[
%(&,%*& ?UXW[\W[ VfW LJR_J
%*& 9D9 /- * 9JXR\JTR`JgfW MN S]ZW[
%(& <ONR\W FI7D
$6% ==D LT^\]LOX &
BL[RPV 7==D #
,00)0+1
,3)022
(
$+%
4/+/20
*
%1+-6-&
5+53.
,2/)+3.
44+-/1
--2)204
/3',#
-
,3)022
$/)+4+%
3)31,
%.01+-41&
./+066
*
0+01/
-0,),+2
/4'0#
%..5+00/&
%365&
1+363
%1+3/-&
%0+4/2&
.+--4-
*
*
6+24*
-*
0/6
*
*
*
-*
%.+156&
*
/+/4*
-*
%.+526&
1+363
4+//%0+4/2&
.+--4-
4+).//
,4',#
/+)0/1
$.)21,%
,-)43/
,/+),,/
-2'1#
' ?VMRLJMWZN[ VfW*LWV\eKNR[
6
Balanço Patrimonial
8LULWjX EL][SVXWSLU >P[PWNSLU
.,*,-*,0
.,*,-*,/
<QPS]X 8XÛP_L[O 9X[YX[L]P
IX`P[
.,*,-*,0
BSWX[S]h[SX\ KSL EL[Z^P
.,*,-*,/
7I?KD
.,*,-*,0
.,*,-*,/
<QPS]X OX\ LT^\]P\
9E9 ,3*,4
.,*,-*,0
.2+1/2
./-+3/56+3-1
24+1..
.1+-.5
/0+.14
0/2+03/
43+2615+341
..+--/
IX]LU 7]S_X 9S[NÛLW]P
*
*
*
*
*
*
*
*
*
*
/+.34
.+4-./+-52
523
.+664
.+-6/
4+.34
.-+346
0.4
4-3
.4+26/
.//+0/.-.+356
25+/34
.3+-.2
/0+3.5
00-+5.52+4.15+66.
..+4-5
(
$.)4++%
,3)3+0
,4)41-
.,0)33.
0++)3.3
*
*
*
*
*
*
*
*
*
*
*
%0-/&
*
*
%.&
*
*
%1.+404&
*
*
10
10
/3/)220
*
*
.5+206
*
/-+22.
1.0+62.
.41+612
/+566+356
4+0/6
/50+./3
.+5/.
*
//+.60
.+-01
/.+1//
/5-+.50
.4.+6-/+643+4.4
4+-52
/25+356
IX]LU 7]S_X CiX 9S[NÛLW]P
.)3,3),.+
.)2/,)+//
$,2/)4/0%
$,2,)4++%
(
$/-)+.4%
/)--0)3,4
$,2/)4/0%
$,2,)4++%
(
$/0)4.4%
.+/21
.+033
.5%0+0-5&
%-&
%0.5&
/),,0)-+3
*
*
*
*
*
*
%.41+612&
*
*
*
*
*
*
*
*
*
%.4.+6--&
*
*
*
E7HH?KD
IX]LU EL\\S_X CiX 9S[NÛLW]P
Tot al Passiv o Não Cir c ulant e
EL][SVmWSX UlZ^SOX
9JXR\JT [WLRJT
>J[\W[ LWU NUR[[lN[ MN JglN[
EN[NZ^J MN LJXR\JT
EN[NZ^J MN A]LZW[
A]LZW[ 7L]U]TJMW[
7S][\N MN J^JTRJgfW XJ\ZRUWVRJT
7glN[ NU GN[W]ZJZRJ
EL[]SNSYLjnP\ OX\ WiX(NXW][XULOX[P\
IX]LU EL][SVmWSX UlZ^SOX
IX]LU OX EL\\S_X P OX EL][SVmWSX AlZ^SOX
.,*,-*,/
%3//&
%.+4.6&
%.+226&
*
*
-42)+23
IX]LU EL\\S_X 9S[NÛLW]P
GW\JT DJ[[R^W 9RZL]TJV\N
CiX 9S[NÛLW]P
ENLNR\J[ MRONZRMJ[
?UXW[\W[ N LWV\ZRK]RglN[ J ZNLWTQNZ
<UXZh[\RUW[ N ORVJVLRJUNV\W[) 99?,9E?$[ N MNKiV\]ZN[
?V[\Z]UNV\W[ ORVJVLNRZW[ MNZR^J\R^W[
?E N 9FAA XJ[[R^W[ MRONZRMW[
CKZRPJglN[ XWZ LWUXZJ MN J\R^W[
C]\ZJ[ WKZRPJglN[
DZW^R[lN[ XJZJ LWV\RVPiVLRJ[
CKZRPJglN[ ZNTJLRWVJMJ[ JW J\R^W VfW LRZL]TJV\N UJV\RMW XJZJ ^NVMJ
.,*,-*,0
*
*
*
*
*
CiX NS[NÛLW]P
9WV\J[ J ZNLNKNZ
?E N 9FAA J\R^W[ MRONZRMW[
;NXk[R\W[ S]MRLRJR[
?V[\Z]UNV\W[ ORVJVLNRZW[ MNZR^J\R^W[
C]\ZW[ LZhMR\W[
?V^N[\RUNV\W[
DZWXZRNMJMN[ XJZJ RV^N[\RUNV\W * \WZZN LWUNZLRJT
DZWXZRNMJMN[ XJZJ RV^N[\RUNV\W * [QWXXRVP
?UWKRTR`JMW MN ][W
?V\JVPj^NT
9S[NÛLW]P
=WZVNLNMWZN[
;R^RMNVMW[ J XJPJZ
<UXZh[\RUW[ N ORVJVLRJUNV\W[) 99?,9E?$[ N MNKiV\]ZN[
CKZRPJglN[ XWZ LWUXZJ MN J\R^W[
C]\ZJ[ WKZRPJglN[
.,*,-*,/
#)*147-8 -2 2/1.*7-8 ,- 7-*/8$
9S[NÛLW]P
9JR_J N NY]R^JTNV\N[ MN LJR_J
7XTRLJglN[ ORVJVLNRZJ[ MN L]Z\W XZJ`W
9WV\J[ J ZNLNKNZ
?UXW[\W J ZNL]XNZJZ
C]\ZW[ LZhMR\W[
IX]LU OX 7]S_X
7USLW\NP 9XW\XUSOLOX >P[PWNSLU
35
0-/
%/+.50&
%-&
5-1
%/5-+-..&
*
.6/+26.
%5&
/5+24/
*
.3+-03
*
/-+66.
.4/
*
0+.12+630
4+0/4
053+5-1
.+556
*
/-+-..+-01
//+//2
.4/
*
0+./4+24.
4+-44
/54+/3.
$10)3/3%
$04)311%
.)022)..2
.)/12)-.3
$/2)+/.%
$.4)4+/%
.)34.)--+
.)413)+21
44/
6-.
%442&
%-&
45
/-+.32
/5+001
0.+602
.63+5-/
.5+4/.
/0+220
//+623
/5+653
1/+411
.32+./6
6+.2/
.2+65.
421
.,4)0,,
-3/)4/3
0.+5/.
4+/01
.+15-+022
2+645
52+0/6
//+///
.1+.40+.44
1/+533
4+350
.+366+101
1+44/
24+346
/2+50/
3+...
0+462
*
%/+2-0&
*
11%1.0+446&
*
/13+/41
%/&
.-0+345
#)*147-8 -2 2/1.*7-8 ,- 7-*/8$
.5+6..
/4+-2/
0.+422
/--+...5+4/.
/0+54.
//+100
/5+/40
1/+426
.32+6-1
6+.2/
.2+5.2
*
%51&
*
*
*
*
*
%51&
*
*
*
*
*
*
*
*
*
*
%/16&
%.-1&
%.2&
*
*
55
.-+)/-+
-3/)..1
$3/%
$3/%
(
$-3+%
$3-0%
/5+/40
4+/01
.+2.4+/52
2+645
3/+342
//+///
.0+/3/+.14
04+165
4+/6.+401+516
1+44/
1.+5//
/1+613
2+.2.
/+2-0
*
*
*
*
*
*
*
*
%-&
0+215
%03+60-&
%-&
3+.25
6..+-0-
*
*
*
*
.3+163
*
*
*
*
*
*
*
6+24*
*
*
*
*
*
*
*
*
%.--&
//0+046
.66+630
%//0+046&
%.66+630&
*
,)33-)/0.
-)+03)24/
$-+1)33.%
$,4+).4.%
(
.+1.0+521
%10+4.1&
/-+666
06.+454
.+034+644
%10+4.1&
.4+340
03/+520
*
*
*
0/+-//
*
*
*
.5+244
*
*
*
*
*
*
*
*
13+/55
*
,.,)1,-
*
*
(
*
*
(
*
*
(
*
*
$/0)01+%
12+/50
%5+10-&
4-)001
,)4,-)..0
/),,0)-+3
,)33-)134
/)--0)3,4
*
$,++%
*
2+035
060
%02+1.2&
3+/54
553
63.+06.
*
*
$-0)-3/%
$-+),.,%
%-&
%-&
%-&
%-&
%-&
$-+)4./%
*
,)10+)-31
,)3/3),2,
%-&
%/&
.+1.0+521
%10+4.1&
/-+666
1/0+5-6
.+034+644
%10+4.1&
.4+340
05.+1/5
*
$-+)2/3%
12+/50
%5+10-&
2,)1--
.-)+--
,3)022
(
$/0)01+%
$-+)4.0%
$-+)2/4%
,)4-.)/--
$,2/)4/0%
$,2,)4++%
(
$/0)4.4%
$/2)+//%
$.4)4+/%
.)34.)-,4
13+/55
*
10).+0
,)3./)402
.)413)+21
7
Fluxo de Caixa
7USLW\NP 9XW]hMSU
=UâX OP 9LSaL
.,*,-*,0
7]S_SOLOP\ XYP[LNSXWLS\
'0;89-8 *4 1;+74 1?6;/,4 ,-+477-39-8 ,-&
7T]P]NT TRVNJZ
;NXZNLRJgfW N JUWZ\R`JgfW
>JVQW MN NY]R^JTiVLRJ XJ\ZRUWVRJT
ENU]VNZJgfW LWU KJ[N NU WXgfW MN JglN[
@]ZW[ [WKZN LJXR\JT XZkXZRW
7XZWXZRJgfW MN S]ZW[, ^JZRJglN[ UWVN\eZRJ[ [WKZN WXNZJglN[ ORVJVLNRZJ[
>JVQW XWZ J^JTRJgfW MN RV^N[\RUNV\W JW ^JTWZ S][\W * XNZMJ MN LWV\ZWTN
9WV[\R\]RgfW %EN^NZ[fW& MN DZW^R[fW XJZJ MN^NMWZN[ M]^RMW[W[
HJTWZ S][\W MW[ RV[\Z]UNV\W[ ORVJVLNRZW[ MNZR^J\R^W[
>JVQW VJ DNZMJ MW LWV\ZWTN * ^JTWZ S][\W
DZW^R[fW XJZJ XNZMJ MW ^JTWZ ZNL]XNZe^NT MN J\R^W[
>JVQW MN LJXR\JT VJ ^NVMJ MN XJZ\RLRXJgfW
DJZ\RLRXJgfW MN URVWZR\eZRW[
+
<QPS]X 8XÛP_L[O
9X[YX[L]P IX`P[
,3*,4
>P[PWNSLU
.,*,-*,0
.,*,-*,0
.,*,-*,0
+
+
,.,)42,
,.)//0
$,%
,/0)/,0
%.1+.02&
4-+-62
%0/+160&
0+0/3
*
/60+061
*
.1+044
3+/61
*
*
*
*
%0/+522&
*
*
%.+426&
0+5.6
0/+160
%-&
%2+146&
*
/+164
%6+3--&
40+6.1
*
0+0/3
%-&
/22+-3*
.3+541
.+/-2
%42+..0&
.2+./.
%34+232&
*
*
*
*
*
-
.+/-2
%42+..0&
.2+./.
%34+232&
*
*
*
*
.5+4-5
3+6/3
.+635
/4+3-/
GPN^[\X\ Y[X_PWSPW]P\ OX U^N[X
.03)34,
$1),4+%
..)0/+
.31)-/,
GPO^jiX $L^VPW]X% OX\ L]S_X\
9WV\J[ J ZNLNKNZ MN LTRNV\N[
C]\ZW[ LZhMR\W[
?UXW[\W[ J ZNL]XNZJZ
$-3)-/0%
%/0+33.&
1+.21
%5+405&
(
*
*
*
412
/+/22
%42-&
%205&
$-2)-23%
%/.+1-3&
0+1-1
%6+/43&
.1)/-.
%/+145&
%0+.12&
3-+-01
%5+55-&
%6+.-5&*
.),/0
*
0+.12
*
*
**
.)2-1
%0.1&
*
3+.6.
%/.0&
%.+604&*
/.)-4/
%/+46/&
*
33+//2
%6+-60&
%..+-12&*
%3-+6-2&
*
%3+1.6&
%34+0/1&
.+1),1/
$.)+/0%
.,)3,/
../)4..
%0+-12&
%.+0.4&
%./2+55.&
*
.0/+102+5.*
/-.+55/
%.-+/0-&
*
*
%3+1.1&
0+-12
*
*
*
*
*
*
*
*
*
*
*
*
/
%.4+-/6&
*
*
%/-+/.3&
*
3+3-5
%.+460&
*
*
%/4&
*
%.+0.2&
%.1/+6.-&
*
.0/+10%.1+1-3&
*
/-5+16%./+-/0&
*
*
%3+11.&
,4.)-.0
.)+/0
$.-)/0/%
,1.)3-1
?UXW[\W MN ZNVMJ N LWV\ZRK]RgfW [WLRJT MRONZRMW[
7^VPW]X $[PO^jiX% OX\ YL\\S_X\
=WZVNLNMWZN[
CKZRPJglN[ ZNTJLRWVJMJ[ J DZWXZRNMJMN[ XJZJ RV^N[\RUNV\W * \WZZN LWUNZLRJT
C]\ZJ[ WKZRPJglN[
ENLNR\J[ MRONZRMJ[
?UXW[\W[ XJPW[
9LSaL UlZ^SOX RP[LOX WL\ L]S_SOLOP\ XYP[LNSXWLS\
7]S_SOLOP\ OP SW_P\]SVPW]X
7Y]R[RgfW MN XZWXZRNMJMN XJZJ RV^N[\RUNV\W * GWZZN 9WUNZLRJT
7Y]R[RgfW MN J\R^W RUWKRTR`JMW
7Y]R[RgfW MN XZWXZRNMJMN XJZJ RV^N[\RUNV\W * FQWXXRVP[
ENM]gfW %J]UNV\W& NU J\R^W MN RVLWZXWZJgfW RUWKRTReZRJ
HNVMJ MN XZWXZRNMJMN XJZJ RV^N[\RUNV\W
ENM]gfW %7Y]R[RgfW& MN RV^N[\RUNV\W[
8JR_J NU RV^N[\RUNV\W[
EN[PJ\N , %7XTRLJgfW& NU \j\]TW[ N ^JTWZN[ UWKRTReZRW[
%DJPJUNV\W&, LWV[\R\]RgfW MJ[ WKZRPJglN[ LWU LWUXZJ MN J\R^W[
ENLNKRUNV\W MN S]ZW[ [WKZN W LJXR\JT XZkXZRW N MR^RMNVMW[
7Y]R[RgfW JMRLRWVJT MN VfW LWV\ZWTJMWZN[
7Y]R[RglN[ MN RV\JVPj^NR[
9LSaL UlZ^SOX NXW\^VSOX WL\ L]S_SOLOP\ OP SW_P\]SVPW]X
7]S_SOLOP\ OP QSWLWNSLVPW]X
7]UNV\W MN LJXR\JT
12+543
*
-
12+543
ENLWUXZJ MN 7glN[
%5+10-&
*
%-&
%5+10-&
;R^RMNVMW[ XJPW[
%64+4-/&
*
%-&
%64+4-/&
DJPJUNV\W S]ZW[ * NUXZh[\RUW[ N ORVJVLRJUNV\W[ N LhM]TJ[ MN LZhMR\W RUWKRTReZRW
%.3.+--5&
*
0+05-
%.24+3/5&
DJPJUNV\W XZRVLRXJT * NUXZh[\RUW[ N ORVJVLRJUNV\W[ N LhM]TJ[ MN LZhMR\W RUWKRTReZRW
%...+2-1&
*
%244&
%../+-5.&
%00+4-3&
*
%-&
%00+4-3&
%/.-+---&
*
*
%/.-+---&
DJPJUNV\W S]ZW[ MN MNKiV\]ZN[
DJPJUNV\W XZRVLRXJT MN MNKiV\]ZN[
9JX\JgfW MN NUXZh[\RUW[ N ORVJVLRJUNV\W[
41+1--
*
-
41+1--
DJPJUNV\W MW L][\W MN N[\Z]\]ZJgfW * <UXZh[\RUW[ N ORVJVLRJUNV\W[
%1+50-&
*
%132&
%2+/62&
%/.4&
*
-
%/.4&
$0+2),-,%
(
-)..3
$0+/)23.%
$2)2--%
*
.2+1/2
/0+.14
(
*
*
*
,)142
*
/+.34
14.
$1)+-0%
*
.4+26/
/0+3.5
$2)2--%
(
,)141
$1)+-1%
DJPJUNV\W MW L][\W MN N[\Z]\]ZJgfW * ;NKiV\]ZN[
9LSaL UlZ^SOX RP[LOX WL\ L]S_SOLOP\ OP QSWLWNSLVPW]X
7^VPW]X $GPO^jiX% UlZ^SOX WL\ OS\YXWSMSUSOLOP\
FJTMW MN LJR_J N NY]R^JTNV\N VW ORVJT MW N_NZLjLRW
FJTMW MN LJR_J N NY]R^JTNV\N VW RVjLRW MW N_NZLjLRW
7^VPW]X $GPO^jiX% UlZ^SOX WL\ OS\YXWSMSUSOLOP\
8
Comparação da demonstração financeira consolidada e informações financeiras
gerenciais dos Períodos findos em 31 de dezembro de 2014 e 2015:
;PVXW\][LjnP\ =SWLWNPS[L\ 9XW\XUSOLOL\
/I,0
/I,0*/I,/
[t
/I,/
-+,0
-+,0*-+,/
[t
-+,/
#)*147-8 -2 2/1.*7-8 ,- 7-*/8% -=+-94 48 5-7+-39;*/8$
,23)11-
,/.)4//
-/',#
0/-)-11
0,2)23/
/'2#
%.1+604&
-
%.0+//4&
-
./)6#
%14+134&
-
%10+556&
-
5)/#
GPNPS]L UlZ^SOL
,1.)2-0(
,.+)2,2(
-0'.#
/4/)244(
/2.)340(
/'/#
9^\]X OP LU^R^PS\ P \P[_SNX\
$.+)120%(
$-0)0,-%(
-+'-#
$,-0)+0/%(
$,-2)13.%(
(-',#
A^N[X M[^]X
,..)+0+*
,+0)-+0*
-1'0#
.14)2/0*
./1)-,-*
1'3#
GPNPS]L\*$OP\YP\L\% XYP[LNSXWLS\
$.4)2-2%*
$-),3-%*
,2-+'0#
2.)/..*
10),0-*
,-'2#
%0-+-/1&
%/1+603&
/-)1#
%43+146&
%35+455&
..)/#
%1-6&
5+6.-
*.-1)3#
0/+160
4/+/44
*22)-#
/1).#
%1+-/-&
%0+/5/&
//)2#
V,J
./.+106*
31+612*
54)-#
,.'-#
%.+.-.&
%554&
C]\ZJ[ ZNLNR\J[,%MN[XN[J[& WXNZJLRWVJR[
%5+.60&*
.1+40.*
$4/)-,,%*
$20),-4%*
$-04)+,1%*
$--3)3+0%*
$333%*
-2)34.*
W*L
,3/),1-*
,3-)004*
+'4#
?UXW[\W MN ZNVMJ N LWV\ZRK]RgfW [WLRJT LWZZNV\N
/6/*
%2+111&*
V,J
%/-+35/&*
%.5+141&*
./)-#
?UXW[\W MN ZNVMJ N LWV\ZRK]RgfW [WLRJT MRONZRMW
./+.5-
.-+520
./)/#
%.5+4-5&
1+3/-
A^N[X UlZ^SOX OX YP[lXOX
,,)030
..).+.
(10'-#
,//)22-
,13)2+0
(,/'-#
0+264+661
,,)030
/4+566
2+1-1
..).+.
*54).#
14)6#
(10'-#
.0.+64.
./+5-.
,//)22-
.22+2-3
.0+.66
,13)2+0
*.2).#
*0)-#
(,/'-#
;PVXW\][LjXP\ =SWLWNPS[L\ >P[PWNSLS\
/I,0
-0'/#
/I,0*/I,/
[t
/I,/
-+,0
V,J
-+,0*-+,/
[t
-+,/
#)*147-8 -2 2/1.*7-8 ,- 7-*/8% -=+-94 48 5-7+-39;*/8$
,13).4.
-
,02)2,--
1'3#
03.)//0-
00.)-22-
0'0#
%.1+442&
-
%.1+.54&
-
1).#
%16+54/&
-
%13+..4&
-
5).#
GPNPS]L UlZ^SOL
,0.)1,2(
,/.)0-0(
2'+#
0..)02.(
0+2),1+(
0'-#
9^\]X OP LU^R^PS\ P \P[_SNX\
$.4)3-.%(
$.3)/,/%(
.'2#
$,0+)34.%(
$,/2)11+%(
-'-#
A^N[X M[^]X
,,.)24/*
,+0),,,*
3'.#
.3-)13+*
.04)0++*
1'/#
GPNPS]L\*$OP\YP\L\% XYP[LNSXWLS\
$.2)0+0%*
/)2.1*
W*L
/-)/./*
0-)-24*
(,3'3#
%.2+30-&
%.2+53.&
*.)2#
%3/+/11&
%26+424&
1)/#
%.+.-.&
%554&
/1).#
%1+-.1&
%0+/41&
//)3#
C]\ZJ[ ZNLNR\J[,%MN[XN[J[& WXNZJLRWVJR[
%/-+440&*
/.+151*
.-5+36/*
..2+0-6*
*2)4#
$1+),./%*
$0-)3.0%*
,.'3#
$-,4)/13%*
$-+-)3-2%*
3'-#
,1),00*
02)+,.*
(2,'2#
-+0)1/1*
-+3)40,*
(,'1#
%014&*
%3+103&*
*61)3#
%/1+615&*
%//+/.0&*
./)0#
?UXW[\W MN ZNVMJ N LWV\ZRK]RgfW [WLRJT LWZZNV\N
?UXW[\W MN ZNVMJ N LWV\ZRK]RgfW [WLRJT MRONZRMW
V,J
1+.11
%.+04.&
V,J
%/4+3-/&
%4+//-&
*
/5/)0#
-)-#
,4)40-
/4)-+1
(04'0#
,0.)+40
,24)0,4
(,/'2#
.4+-02
13+143
*30)0#
.12+1.2
.41+-50
*.3)2#
/+6.5
/+40.
3)5#
4+35-
2+103
1.)0#
,4)40-
/4)-+1
(04'0#
,0.)+40
,24)0,4
(,/'2#
9
Endividamento e Disponibilidades
O quadro a seguir demonstra a conciliação entre a dívida líquida consolidada e a dívida líquida gerencial no 4T15. A redução na
dívida é resultado do reconhecimento, na participação da Companhia, do efeito líquido dos financiamentos referentes aos Parque
Shopping Belém e Parque Shopping Maceió.
9XVYX\SjiX OL ;l_SOL ( 9XW\XUSOLOX
8JVLW[
99?, 9E?
CKZRPJgfW XJZJ LWUXZJ MN J\R^W[
;NKiV\]ZN[
;gK?;7 IDI7A
9XW]hMSU /I,0
<QPS]X\ 9E9
,3*,4
>P[PWNSLU /I,0
#<*147-8 -2 2/1.*7-8 ,- 7-*/8$
.+-4/+-45
%1-+/04&
.+-0.+51.
155+40.
%-&
1-+610
-
1-+610
.23+253
%-&
.23+253
,)203)..3
$/+)-.2%
,)2,3),+,
9JR_J N JXTRLJglN[ ORVJVLNRZJ[
%.03+-12&
%0+534&
;?HEDC?8?A?;7;< IDI7A
$,.1)+/0%
$.)312%
;gK?;7 AgFJ?;7
,)1--)-4.
$//),+/%
155+40.
%.06+6./&
$,.4)4,-%
,)023),34
Em atendimento ao artigo 25, parágrafo 1º, incisos V e VI, da Instrução Normativa CVM 480/09, o Diretor Geral e o Diretor de
Relações com Investidores da Companhia declaram que reviram, discutiram e concordam com as demonstrações financeiras e
com as opiniões expressas no parecer dos auditores independentes.
10
Parecer do Conselho Fiscal
Os membros do Conselho Fiscal da Aliansce Shopping Centers S.A., no exercício de suas atribuições e responsabilidades legais,
conforme previsto no artigo 163 da Lei das Sociedades por Ações, procederam ao exame e análise das Demonstrações Financeiras,
acompanhadas do parecer dos auditores independentes e do relatório anual da Administração relativos ao exercício social encerrado
em 31 de dezembro de 2015. Com base nos exames efetuados, considerando, ainda, o parecer dos auditores
independentes PricewaterhouseCoopers Auditores Independentes, datado de 28 de março de 2016, bem como as informações e
esclarecimentos recebidos no decorrer do exercício, opinam, por unanimidade, que tais documentos encontram-se em condição de
serem apreciados pela Assembleia Geral Ordinária da Aliansce Shopping Centers S.A..
Rio de Janeiro (RJ), 28 de março de 2016
Ricardo Scalzo
Reginaldo Ferreira Alexandre
Marcelo d a Silveira Ferreira
11
.5;1BK@9> 4>A 1C49B>@5A 9=45?5=45=B5A
A>2@5 1A 45<>=AB@1JL5A 69=1=359@1A
9=49D94C19A 5 3>=A>;94141A
1QU 1GOLPLUVTDGQTHU H 1FLQPLUVDU
1NLDPUFH @KQRRLPJ 3HPVHTU @&1&
5ZDOLPDOQU DU GHOQPUVTDdjHU ILPDPFHLTDU LPGLXLGWDLU GD 1NLDPUFH @KQRRLPJ 3HPVHTU @&1& "D
!3QORDPKLD! QW !3QPVTQNDGQTD!# SWH FQORTHHPGHO Q EDNDPdQ RDVTLOQPLDN HO +) GH GH[HOETQ
GH *()- H DU THURHFVLXDU GHOQPUVTDdjHU GQ THUWNVDGQ$ GQ THUWNVDGQ DETDPJHPVH$ GDU OWVDdjHU GQ
RDVTLOiPLQ NgSWLGQ H GQU INWZQU GH FDLZD RDTD Q HZHTFgFLQ ILPGQ PHUUD GDVD$ DUULO FQOQ Q THUWOQ GDU
RTLPFLRDLU RQNgVLFDU FQPVaEHLU H DU GHODLU PQVDU HZRNLFDVLXDU&
5ZDOLPDOQU VDOEeO DU GHOQPUVTDdjHU ILPDPFHLTDU FQPUQNLGDGDU GD 1NLDPUFH @KQRRLPJ 3HPVHTU @&1& H
UWDU FQPVTQNDGDU "!3QPUQNLGDGQ!# SWH FQORTHHPGHO Q EDNDPdQ RDVTLOQPLDN FQPUQNLGDGQ HO +) GH
GH[HOETQ GH *()- H DU THURHFVLXDU GHOQPUVTDdjHU FQPUQNLGDGDU GQ THUWNVDGQ$ GQ THUWNVDGQ DETDPJHPVH$
GDU OWVDdjHU GQ RDVTLOiPLQ NgSWLGQ H GQU INWZQU GH FDLZD RDTD Q HZHTFgFLQ ILPGQ PHUUD GDVD$ DUULO
FQOQ Q THUWOQ GDU RTLPFLRDLU RQNgVLFDU FQPVaEHLU H DU GHODLU PQVDU HZRNLFDVLXDU&
.5A?>=A129;94145 41 14<9=9AB@1JI>
A>2@5 1A 45<>=AB@1JL5A 69=1=359@1A
1 DGOLPLUVTDdcQ GD 3QORDPKLD e THURQPUaXHN RHND HNDEQTDdcQ H DGHSWDGD DRTHUHPVDdcQ GHUUDU
GHOQPUVTDdjHU ILPDPFHLTDU LPGLXLGWDLU GH DFQTGQ FQO DU RTaVLFDU FQPVaEHLU DGQVDGDU PQ 2TDULN H GHUUDU
GHOQPUVTDdjHU ILPDPFHLTDU FQPUQNLGDGDU GH DFQTGQ FQO DU <QTODU 8PVHTPDFLQPDLU GH ?HNDVhTLQ
6LPDPFHLTQ "86?@# HOLVLGDU RHNQ #,0(.,%0*-,%+ !&&-1,0*,) $0%,'%.'/ "-%.' "81@2# H DU RTaVLFDU
FQPVaEHLU DGQVDGDU PQ 2TDULN$ DUULO FQOQ RHNQU FQPVTQNHU LPVHTPQU SWH HND GHVHTOLPQW FQOQ
PHFHUUaTLQU RDTD RHTOLVLT D HNDEQTDdcQ GH GHOQPUVTDdjHU ILPDPFHLTDU NLXTHU GH GLUVQTdcQ THNHXDPVH$
LPGHRHPGHPVHOHPVH UH FDWUDGD RQT ITDWGH QW RQT HTTQ&
.5A?>=A129;94145 4>A 1C49B>@5A 9=45?5=45=B5A
<QUUD THURQPUDELNLGDGH e D GH HZRTHUUDT WOD QRLPLcQ UQETH HUUDU GHOQPUVTDdjHU ILPDPFHLTDU FQO EDUH
HO PQUUD DWGLVQTLD$ FQPGW[LGD GH DFQTGQ FQO DU PQTODU ETDULNHLTDU H LPVHTPDFLQPDLU GH DWGLVQTLD&
5UUDU PQTODU THSWHTHO Q FWORTLOHPVQ GH HZLJfPFLDU eVLFDU RHNQ DWGLVQT H SWH D DWGLVQTLD UHMD
RNDPHMDGD H HZHFWVDGD FQO Q QEMHVLXQ GH QEVHT UHJWTDPdD TD[QaXHN GH SWH DU GHOQPUVTDdjHU ILPDPFHLTDU
HUVcQ NLXTHU GH GLUVQTdcQ THNHXDPVH&
AOD DWGLVQTLD HPXQNXH D HZHFWdcQ GH RTQFHGLOHPVQU UHNHFLQPDGQU RDTD QEVHPdcQ GH HXLGfPFLD D
THURHLVQ GQU XDNQTHU H GDU GLXWNJDdjHU DRTHUHPVDGQU PDU GHOQPUVTDdjHU ILPDPFHLTDU& =U RTQFHGLOHPVQU
UHNHFLQPDGQU GHRHPGHO GQ MWNJDOHPVQ GQ DWGLVQT$ LPFNWLPGQ D DXDNLDdcQ GQU TLUFQU GH GLUVQTdcQ
THNHXDPVH PDU GHOQPUVTDdjHU ILPDPFHLTDU$ LPGHRHPGHPVHOHPVH UH FDWUDGD RQT ITDWGH QW RQT HTTQ&
COMENTÁRIO DE DESEMPENHO 4T15
.;513?0=3;48><3+8893;< ! />0 28 /><<36! (#& A ,6D;50! /58 23 -0735;8! /-! *;0<56 %%%$#")#'! +05@0 .8<=06 %##$#")'&
-+ !('" )()($*''(# ,+ !('" )()($*'')# 444%24/%/10&.3
*
1NLDPUFH @KQRRLPJ 3HPVHTU @&1&
<HUUD DXDNLDdcQ GH TLUFQU$ Q DWGLVQT FQPULGHTD QU FQPVTQNHU LPVHTPQU THNHXDPVHU RDTD D HNDEQTDdcQ H
DGHSWDGD DRTHUHPVDdcQ GDU GHOQPUVTDdjHU ILPDPFHLTDU GD 3QORDPKLD RDTD RNDPHMDT QU RTQFHGLOHPVQU
GH DWGLVQTLD SWH UcQ DRTQRTLDGQU PDU FLTFWPUVbPFLDU$ ODU PcQ RDTD HZRTHUUDT WOD QRLPLcQ UQETH D
HILFaFLD GHUUHU FQPVTQNHU LPVHTPQU GD 3QORDPKLD& AOD DWGLVQTLD LPFNWL VDOEeO D DXDNLDdcQ GD
DGHSWDdcQ GDU RQNgVLFDU FQPVaEHLU WVLNL[DGDU H D TD[QDELNLGDGH GDU HUVLODVLXDU FQPVaEHLU IHLVDU RHND
DGOLPLUVTDdcQ$ EHO FQOQ D DXDNLDdcQ GD DRTHUHPVDdcQ GDU GHOQPUVTDdjHU ILPDPFHLTDU VQODGDU HO
FQPMWPVQ&
1FTHGLVDOQU SWH D HXLGfPFLD GH DWGLVQTLD QEVLGD e UWILFLHPVH H DRTQRTLDGD RDTD IWPGDOHPVDT PQUUD
QRLPLcQ&
-?9=9I> A>2@5 1A 45<>=AB@1JL5A
69=1=359@1A 9=49D94C19A
5O PQUUD QRLPLcQ$ DU GHOQPUVTDdjHU ILPDPFHLTDU LPGLXLGWDLU DFLOD THIHTLGDU DRTHUHPVDO
DGHSWDGDOHPVH$ HO VQGQU QU DURHFVQU THNHXDPVHU$ D RQULdcQ RDVTLOQPLDN H ILPDPFHLTD GD 1NLDPUFH
@KQRRLPJ 3HPVHTU @&1& HO +) GH GH[HOETQ GH *()-$ Q GHUHORHPKQ GH UWDU QRHTDdjHU H QU UHWU INWZQU
GH FDLZD RDTD Q HZHTFgFLQ ILPGQ PHUUD GDVD$ GH DFQTGQ FQO DU RTaVLFDU FQPVaEHLU DGQVDGDU PQ 2TDULN&
-?9=9I> A>2@5 1A 45<>=AB@1JL5A
69=1=359@1A 3>=A>;94141A
5O PQUUD QRLPLcQ$ DU GHOQPUVTDdjHU ILPDPFHLTDU FQPUQNLGDGDU DFLOD THIHTLGDU DRTHUHPVDO
DGHSWDGDOHPVH$ HO VQGQU QU DURHFVQU THNHXDPVHU$ D RQULdcQ RDVTLOQPLDN H ILPDPFHLTD GD 1NLDPUFH
@KQRRLPJ 3HPVHTU @&1& H UWDU FQPVTQNDGDU HO +) GH GH[HOETQ GH *()-$ Q GHUHORHPKQ FQPUQNLGDGQ GH
UWDU QRHTDdjHU H QU UHWU INWZQU GH FDLZD FQPUQNLGDGQU RDTD Q HZHTFgFLQ ILPGQ PHUUD GDVD$ GH DFQTGQ FQO
DU <QTODU 8PVHTPDFLQPDLU GH ?HNDVhTLQ 6LPDPFHLTQ "86?@# HOLVLGDU RHNQ #,0(.,%0*-,%+ !&&-1,0*,)
$0%,'%.'/ "-%.' "81@2# H DU RTaVLFDU FQPVaEHLU DGQVDGDU PQ 2TDULN&
-CB@>A 1AAC=B>A
,=6>@<1JI> AC?;5<5=B1@ ! *5<>=AB@1JL5A
4> 01;>@ (4939>=14>
5ZDOLPDOQU VDOEeO DU 4HOQPUVTDdjHU GQ BDNQT 1GLFLQPDGQ "4B1#$ LPGLXLGWDLU H FQPUQNLGDGDU$
THIHTHPVHU DQ HZHTFgFLQ ILPGQ HO +) GH GH[HOETQ GH *()-$ RTHRDTDGDU UQE D THURQPUDELNLGDGH GD
DGOLPLUVTDdcQ GD 3QORDPKLD$ FWMD DRTHUHPVDdcQ e THSWHTLGD RHND NHJLUNDdcQ UQFLHVaTLD ETDULNHLTD RDTD
FQORDPKLDU DEHTVDU$ H FQOQ LPIQTODdcQ UWRNHOHPVDT RHNDU 86?@ SWH PcQ THSWHTHO D DRTHUHPVDdcQ
GD 4B1& 5UUDU GHOQPUVTDdjHU IQTDO UWEOHVLGDU DQU OHUOQU RTQFHGLOHPVQU GH DWGLVQTLD GHUFTLVQU
DPVHTLQTOHPVH H$ HO PQUUD QRLPLcQ$ HUVcQ DGHSWDGDOHPVH DRTHUHPVDGDU$ HO VQGQU QU UHWU DURHFVQU
THNHXDPVHU$ HO THNDdcQ Ù GHOQPUVTDdjHU ILPDPFHLTDU VQODGDU HO FQPMWPVQ&
?LQ GH 9DPHLTQ$ *0 GH ODTdQ GH *().
>TLFHYDVHTKQWUH3QQRHTU
1WGLVQTHU 8PGHRHPGHPVHU
3?3 *@>((().('=%- !6! ?9
;DTLD @DNHVH 7DTFLD >LPKHLTQ
3QPVDGQTD 3?3 )?9(,0-.0'=%/
+
13
10
11
12
8
18
17
22.193
1.034
21.422
46.470
39.090
4.225.819
3.694.574
3.779.040
4.115.208
280.183
171.900
2.976.717
7.085
258.689
413.951
174.945
2.899.689
7.329
283.126
20.551
18.539
1 de 81
1.821
484.775
297.078
As notas explicativas da administração são parte integrante das demonstrações financeiras.
Total do ativo
Investimentos
Propriedades para investimento k torre comercial
Propriedades para investimento - shoppings
Imobilizado de uso
Intangível
Não circulante
Contas a receber
IR e CSLL diferidos
Depósitos judiciais
Instrumentos financeiros derivativos
Outros créditos
48.674
11.002
57.411
14.018
9
2.557.190
2.589.352
2.248.781
124.781
5.305
14.326
144.629
4.757
16.226
2.410.692
2.104.369
16.169
10.547
300
1.034
4.288
324.402
1.544
264.902
13.167
10.745
30.895
3.149
2.245.080
4.595
4.281
314
141.903
2.226
84.172
13.855
2.634
34.986
4.030
2014
(reapresentado
Nota 4)
Aliansce
Total do passivo e do patrimônio líquido
Total do patrimônio líquido
4.115.208
1.912.335
92.556
1.819.779
Patrimônio líquido atribuível aos
acionistas da Controladora
Participação de não controladores
1.413.854
(43.714)
20.999
(8.430)
391.788
45.282
19
2.202.873
4.225.819
1.882.689
131.612
1.751.077
362.853
46.288
1.367.977
(43.714)
17.673
2.343.130
199.963
2.058.794
223.379
1.882.453
2 (a)
17
11
1.734.849
7.290
37.498
4.772
41.822
24.946
5.151
2.503
284.336
22.433
165.904
28.273
42.759
9.152
15.815
1.517.285
7.234
28.273
5.978
62.675
22.222
13.260
2.147
320.420
18.911
200.110
27.052
31.755
18.721
23.871
2014
(reapresentado
Nota 4)
Aliansce consolidado
2015
14
15
16
20
18
2 (a)
14
15
Nota
Patrimônio líquido
Capital social
Gastos com emissões de ações
Reservas de capital
Ações em tesouraria
Reservas de lucros
Ajustes de avaliação patrimonial
Total do passivo
Não circulante
Empréstimos e financiamentos, CCI/CRI's e debêntures
Impostos e contribuições a recolher
Receitas diferidas
Instrumentos financeiros derivativos
IR e CSLL diferidos
Obrigações por compra de ativos
Outras obrigações
Provisão para contingências
Obrigações relacionadas a Propriedades para investimento - torre
comercial
Circulante
Fornecedores
Empréstimos e financiamentos, CCI/CRI's e debêntures
Dividendos a pagar
Obrigações por compra de ativos
Outras obrigações
15.425
120.620
89.604
6
7
8
23.147
325.362
76.590
2015
Passivo e patrimônio líquido
2014
(reapresentado
Nota 4)
2015
Circulante
Caixa e equivalentes de caixa
Aplicações financeiras de curto prazo
Contas a receber
Dividendos e juros sobre capital próprio a receber
Impostos a recuperar
Outros créditos
Nota
Ativo
Balanços patrimoniais em 31 de dezembro
Em milhares de reais
(Companhia aberta)
Aliansce Shopping Centers S.A.
2.557.190
1.819.779
1.819.779
1.413.854
(43.714)
20.999
(8.430)
391.788
45.282
737.411
634.361
223.379
26.784
2.792
368.745
307
3.309
5.978
3.067
103.050
4.097
6.678
57.139
3.793
31.343
2015
2.589.352
1.751.077
1.751.077
362.853
46.288
1.367.977
(43.714)
17.673
838.275
736.460
199.963
18.470
2.792
506.117
307
4.039
4.772
101.815
4.171
4.904
47.171
4.223
41.346
2014
(reapresentado
Nota 4)
Aliansce
(Companhia aberta)
Demonstrações de resultados
Exercícios findos em 31 de dezembro
Em milhares de reais, exceto o lucro líquido por ação
Aliansce
Nota
2015
2014
(reapresentado
Nota 4)
2015
2014
(reapresentado
Nota 4)
Receita líquida de aluguel e serviços
21
494.799
473.895
111.062
105.461
Custo de aluguéis e serviços
22
(125.054)
(127.683)
(66.772)
(64.720)
369.745
346.212
44.290
40.741
(80.499)
32.493
121.439
(72.070)
72.277
64.945
(62.857)
126.598
136.032
(59.441)
162.794
71.278
73.433
65.152
199.773
174.631
(298.155)
39.139
(258.752)
29.947
(126.183)
27.705
(91.754)
25.362
(259.016)
(228.805)
(98.478)
(66.392)
184.162
182.559
145.585
148.980
(39.390)
(13.854)
(13.614)
6.526
Lucro líquido do exercício
144.772
168.705
131.971
155.506
Lucro atribuível aos:
Acionistas controladores
Acionistas não controladores
131.971
12.801
155.506
13.199
131.971
155.506
Lucro bruto
Receitas/(despesas)
Despesas com vendas, administrativas e
gerais
Resultado da equivalência patrimonial
Outras receitas (despesas), líquidas
Resultado financeiro
Despesas financeiras
Receitas financeiras
23
10
25
24
Lucro antes dos impostos e contribuições
Imposto de renda e contribuição social
18
Lucro por ação - básico (em R$)
19
0,8181
0,9778
0,8181
0,9778
Lucro por ação - diluído (em R$)
19
0,7953
0,9340
0,7953
0,9340
2 de 81
(Companhia aberta)
Demonstrações de resultados abrangentes
Nota
Outros resultados abrangentes:
Itens a serem posteriormente reclassificado para o resultado
Variação sobre Instrumentos financeiros
derivativos - Hedge Accounting
Resultado abrangente total
20
2015
2014
(reapresentado)
2015
2014
(reapresentado)
144.772
168.705
131.971
155.506
(1.034)
(3.275)
(1.034)
(3.275)
143.738
165.430
130.937
152.231
3 de 81
Aliansce
4 de 81
Saldos em 31 de dezembro de 2014
(reapresentado)
Transações com acionistas não controladores
diretamente no patrimônio líquido:
Aquisição adicional de não controladores
Distribuição de dividendos complementares
Constituição de reserva legal
Constituição de reserva de retenção de lucros
Variação do valor justo do hedge accounting
Aumento de capital
Juros sobre capital próprio
Dividendos mínimos
Constituição de dividendos complementares
Opção de ações outorgadas
Saldos em 1º de janeiro de 2014
1.367.977
556
556
1.367.421
Capital
social
17.673
4.697
4.697
12.976
Reserva de
capital
Demonstrações das mutações do patrimônio líquido
(Companhia aberta)
(43.714)
(43.714)
Gasto com
emissão de
ações
27.437
8.704
8.704
18.734
Reserva
legal
49.403
49.403
Reserva de
lucros a
realizar
Reservas de lucros
216.697
17.640
33.648
(16.008)
199.057
Retenção
de lucros
46.288
(822)
(3.275)
(3.275)
50.385
Ajuste de
avaliação
patrimonial
(20.000)
(23.839)
(69.315)
155.506
(8.704)
(33.648)
Lucros
acumulados
69.315
69.315
69.315
Proposta de
distribuição de
dividendos
adicionais
1.751.077
(822)
97.637
4.697
(3.275)
556
(20.000)
(23.839)
(16.008)
155.506
1.654.262
Total
131.612
(10.682)
11.603
(1.596)
13.199
130.691
Participação de
não
controladores
1.882.689
(11.504)
109.240
4.697
(3.275)
556
(21.596)
(23.839)
(16.008)
168.705
1.784.953
Total
5 de 81
Saldos em 31 de dezembro de 2015
Transações com acionistas não
controladores
diretamente no patrimônio líquido:
Aquisição adicional de não
controladores (Nota 19)
Pagamento de dividendos
complementares referente ao ano de 2014
(Nota 19)
Constituição de reserva legal (Nota (19)
Constituição de reserva de retenção de
lucros
Variação do valor justo do hedge
accounting (Nota 19)
Aumento de capital (Nota 19)
Recompra de ações (nota 19)
Dividendos mínimos
Constituição de dividendos
complementares
Opção de ações outorgadas (Nota (19)
Saldos em 1º de janeiro de 2015
1.413.854
45.877
45.877
1.367.977
Capital
social
20.999
3.326
3.326
17.673
Reserva de
capital
(43.714)
(43.714)
Gasto com
emissão de
ações
Demonstrações das mutações do patrimônio líquido
(Companhia aberta)
34.036
6.599
6.599
27.437
Reserva
legal
49.403
49.403
Reserva de
lucros a
realizar
308.340
91.652
91.652
216.697
Retenção de
lucros
Reservas de lucros
45.282
28
(1.034)
(1.034)
46.288
Ajuste de
avaliação
patrimonial
(17.720)
(16.000)
(91.652)
131.971
(6.599)
Lucros
acumulados
(69.315)
93
(69.408)
69.315
Proposta de
distribuição de
dividendos
adicionais
(8.430)
(8.430)
(8.430)
Ações em
tesouraria
1.819.780
28
68.675
3.326
(1.034)
45.877
(16.000)
(8.430)
(17.720)
93
(69.408)
131.971
1.751.077
Total
92.556
(49.849)
10.793
(2.008)
12.801
131.612
Participação de
não
controladores
1.912.335
(49.821)
79.468
3.326
(1.034)
45.877
(18.008)
(8.430)
(17.720)
93
(69.408)
144.772
1.882.689
Total
(Companhia aberta)
Demonstrações do fluxo de caixa
Aliansce
2015
2014
(reapresentado)
2015
2014
(reapresentado)
131.971
155.506
131.971
155.506
(14.135)
70.095
(32.493)
14.377
3.326
(3.593)
72.155
(72.277)
9.094
4.696
(89)
9.885
(126.598)
1.108
3.326
293.394
(67.565)
15.121
1.205
(75.113)
18.708
253.781
123.085
(67.565)
(193)
9.105
(162.794)
1.145
4.696
(5.214)
89.398
(383)
1.007
(27.321)
(4.620)
1.205
(75.113)
13.614
1.007
(27.321)
(6.526)
358.891
388.428
14.829
58.426
(23.661)
4.154
(8.738)
(1.320)
(3.064)
(13.672)
(1.707)
1.439
(1.851)
2.551
1.716
(10.975)
(28.245)
(18.056)
(2.119)
(6.708)
(2.478)
60.034
(3.145)
(8.880)
(9.108)
7.934
51.960
1.931
(16.963)
(13.133)
1.774
1.939
676
2.956
9.150
(730)
(22.629)
41
36.423
31.729
12.133
(18.956)
(60.905)
(52.021)
(2.369)
(2.099)
306.164
350.080
22.474
30.663
(3.045)
(1.317)
(125.881)
132.430
5.810
(1.000)
(3.431)
(210.540)
8.812
(2.409)
132.314
(173.310)
(27.395)
(2.170)
2.327
(333)
(19.848)
(691)
(44.164)
8.812
(144.737)
132.314
(240.939)
Atividades operacionais
Lucro líquido do exercício atribuível aos acionistas da Controladora
Ajustes ao lucro líquido decorrentes de:
Aluguel linear
Depreciação e amortização
Ganho de equivalência patrimonial
Constituição de provisão para devedores duvidosos
Remuneração com base em opção de ações
Apropriação de juros/ variações monetárias sobre operações financeiras
Ganho de capital na venda de participação
Provisão para perda do valor recuperável de ativos
Valor justo dos instrumentos financeiros derivativos
Ganho por avaliação de investimento ao valor justo (Nota 2 (a))
Imposto de renda e contribuição social diferidos
Redução (aumento) dos ativos
Contas a receber
Outros créditos
Impostos a recuperar
Aumento (redução) dos passivos
Fornecedores
Obrigações relacionadas a Propriedades para investimento - torre comercial
Outras obrigações
Receitas diferidas
Impostos pagos
Caixa líquido gerado nas atividades operacionais
Atividades de investimento
Aquisição de propriedade para investimento k torre comercial
Aquisição de ativo imobilizado
Aquisição de propriedade para investimento - shoppings
Venda de propriedades para investimento
Redução (aumento) em investimentos
Baixa em investimentos
Redução (aumento) em títulos e valores mobiliários
Pagamento em obrigações com compra de ativos
Aumento de ativo intangível
Aquisição adicional de não controladores
Juros sobre capital próprio e dividendos recebido
Caixa líquido gerado (consumido) nas atividades de investimento
Atividades de financiamento
Aumento de capital
201.882
(10.230)
(6.414)
193.235
(276.802)
(137.866)
132.430
180.731
105.170
(4.850)
(2.763)
2.327
138.745
255.434
(151.096)
45.877
556
45.877
556
Dividendos pagos
Pagamento juros - empréstimos e financiamentos e cédulas de crédito imobiliário
Pagamento principal - empréstimos e financiamentos e cédulas de crédito imobiliário
Pagamento de custo de estruturação k empréstimos e financiamentos e cédula de
crédito imobiliário
Pagamento juros de debêntures
Pagamento principal de debêntures
Pagamento do custo de estruturação - debêntures
Obrigações relacionadas a Propriedades para investimento - torre comercial
Captação de empréstimos e financiamentos
Emissão de debêntures
Recompra de ações
(97.702)
(161.008)
(111.504)
(30.492)
(144.353)
(130.775)
(97.038)
(26.746)
(16.535)
(30.492)
(24.158)
(39.747)
(4.830)
(33.706)
(210.000)
(218)
(7.600)
(32.082)
(25.000)
(4.830)
(33.706)
(210.000)
(218)
(7.600)
(32.082)
(25.000)
Caixa líquido gerado (consumido) nas atividades de financiamento
74.400
187.470
5.635
89.887
(8.430)
89.887
(8.430)
(507.121)
(86.754)
Aumento (redução) líquido de caixa e equivalente de caixa
(7.722)
Saldo de caixa e equivalente no final do exercício
Saldo de caixa e equivalente no início do exercício
15.425
23.147
Aumento (redução) líquido de caixa e equivalente de caixa
(7.722)
6 de 81
187.470
74.400
(277.226)
118.834
(13.476)
682
(1.599)
23.147
36.623
2.226
1.544
1.544
3.143
(13.476)
682
(1.599)
(Companhia aberta)
Demonstrações do valor adicionado
Aliansce Consolidado
Aliansce
2015
2014
(reapresentado)
2015
2014
(reapresentado)
536.645
(14.377)
159.950
513.096
(9.094)
231.468
119.141
(1.108)
142.882
113.927
(1.145)
205.269
682.218
735.470
260.915
318.051
(59.220)
(58.811)
(60.718)
(58.712)
(54.743)
(182.147)
(19.979)
(146.230)
Valor adicionado bruto gerado pela Companhia
568.255
494.512
180.218
113.109
Retenções
(70.095)
(72.155)
(9.885)
(9.105)
Valor adicionado líquido gerado pela Companhia
498.160
422.357
170.333
104.004
32.493
39.139
72.277
29.947
126.598
27.705
162.794
25.362
71.632
102.224
154.303
188.156
569.792
524.581
324.636
292.160
43.651
30.811
9.508
3.332
41.942
29.920
8.784
3.238
42.983
30.145
9.506
3.332
41.203
29.203
8.784
3.216
81.385
73.978
7.407
53.296
46.661
6.635
21.831
19.155
2.676
2.061
(405)
2.466
Financiadores
Juros e outras despesas financeiras
Aluguéis
299.984
298.155
1.829
260.639
258.752
1.887
127.851
126.183
1.668
93.390
91.754
1.636
Remuneração de capitais próprios
Dividendos e juros sobre capital próprio
Lucros retidos
Participação dos não controladores nos lucros retidos
144.772
31.343
100.628
12.801
168.704
41.345
114.161
13.198
131.971
31.343
100.628
155.506
41.345
114.161
569.792
524.581
324.636
292.160
Receitas
Receita bruta de aluguel e serviços
Provisão para créditos de liquidação duvidosa
Outras receitas
Insumos adquiridos de terceiros
Custos de aluguéis e serviços
Materiais, energia, serviços de terceiros e outras despesas
operacionais
Valor adicionado recebido em transferência
Resultado de equivalência patrimonial
Valor adicionado total distribuído
Distribuição do valor adicionado
Empregados
Salários e encargos
Honorários da diretoria
Participação dos empregados nos lucros
Tributos
Federais
Municipais
7 de 81
9ZXP\aRT JW]^^X\V <T\bTà J,9,
E]bPa Tf^ZXRPbXdPa SP PS[X\Xab`Prq]
oa ST[]\ab`PrxTa UX\P\RTX`Pa T[ 1/ ST STgT[Q`] ST 0./3
>[ [XZWP`Ta ST ITPXa* TfRTb] _cP\S] [T\RX]\PS]
/
<]\bTfb] ]^T`PRX]\PZ
< <^[SèUW MZabb[`Y >W`fWde M-<- '"<^[SèUW" ag ">a_bS`Z[S"(+ Va_[U[^[SVS `S LgS ?[Se AWddW[dS+
08/ , 2u S`VSd+ FWTâ`+ `S U[VSVW Va L[a VW ES`W[da+ ~ Ua`fda^SVS bad g_ Ydgba VW SU[a`[efSe cgW+
W_ Ua`\g`fa+ baeegW_ a baVWd VW Ua`fda^W eaTdW S}We dWbdWeW`fSf[hSe VW 42+/2$ Va USb[fS^ eaU[S^
fafS^ W hafS`fW- @_ VWUadd•Ù[S Va 3u <V[f[ha W >aèa^[VS}|a Va <UadVa VW <U[a`[efSe UW^WTdSVa W_
02 VW VWlW_Tda VW 1/02+ S >S`SVS JWè[a` J^S` D`hWef_W`f =aSdV '">JJD="( VW g_ ^SVa+ W S L[cgW
@_bdWW`V[_W`fae W JSdf[U[bS}We M-<-+ Ag`Va VW D`hWef[_W`fa W_ JSdf[U[bS}We =S^[ W S <^fSd
@_bdWW`V[_W`fae W JSdf[U[bS}We M-<- 'W`f[VSVWe Ua`fda^SVSe+ V[dWfS ag [`V[dWfS_W`fW+ bad LW`Sfa
AW[faeS L[cgW(+ CW`d[cgW >- >adVW[da BgWddS HWfa W ?WÛ[a FSYWe GW`VWe+ W_ Ua`\g`fa+ Va agfda
^SVa Ua_bSdf[^ZS_ a Ua`fda^W VS >a_bS`Z[S< >a_bS`Z[S baeeg[ Ua_a bd[Ù[bS^ Sf[h[VSVW S bSdf[U[bS}|a V[dWfS ag [`V[dWfS W S WjbâdS}|a
WUa`_[US VW W_bdWW`V[_W`fae VW UW`fdae Ua_WdU[S[e+ eZabb[`Y UW`fWde W e[_[^SdWe+ baVW`Va
bSdf[U[bSd W_ agfdSe eaU[WVSVWe+ Ua_a e•U[S ag SU[a`[efS+ W S bdWefS}|a VW eWdh[}ae VW SeeWeead[S
Ua_WdU[S^+ SV_[`[efdS}|a VW eZabb[`Y UW`fWde W SV_[`[efdS}|a VW Ua`Va_`[ae W_ YWdS^- <
>a_bS`Z[S+ egSe Ua`fda^SVSe+ Ua`fda^SVSe W_ Ua`\g`fa W Ua^[YSVSe e|a VWà_[`SVSe W_ Ua`\g`fa
Ua_a a "Bdgba"-
0
>dT\b]a a]RXTbp`X]a* P_cXaXrxTa* RP^bPrxTa T ]cb`]a TdT\b]a
]R]``XS]a \] TfT`RuRX] UX\S] T[ 1/ ST STgT[Q`] ST 0./3
&P'
9_cXaXrxTa* dT\SPa T ^T`[cbPa T ]cb`]a TdT\b]a ST X\dTabX[T\b]
9ZQP`^P GP`bXRX^PrxTa CbSP, &"9ZQP`^P"'
@_ 1 VW SYaefa VW 1/04+ S <^TSdbS JSdf[U[bS}We FfVS- '"<^TSdbS"( fWhW eWg SUWdha ^cg[Va fafS^_W`fW
U[`V[Va+ eW`Va 45+03$ [ÙadbadSVa bW^S >WlS``W @_bdWW`V[_W`fae W JSdf[U[bS}We FfVS- W 32+75$
[ÙadbadSVa bW^S N[ee[Sà @_bdWW`V[_W`fae W JSdf[U[bS}We M-<- '"N[ee[Sà"( fS_T~_ bdabd[Wfzd[S
Va MZabb[`Y >Sj[Se- HWefS _We_S VSfS S <^TSdbS Xa[ Wjf[`fSKXaaXP\] >[^`TT\SX[T\b]a T GP`bXRX^PrxTa J,9, &"KXaaXP\]"'
@_ 1 VW SYaefa VW 1/04+ S egTe[V[zd[S N[ee[Sà Xa[ bSdU[S^_W`fW U[`V[VS Ua_ hWde|a VSe
bSdf[U[bS}We cgW VWf~_ `S NSde[^S @_bdWW`V[_W`fae W JSdf[U[bS}We FfVS- 'bdabd[Wfzd[S Va
MZabb[`Y HSU[YgSf( W GS^XSff[ @_bdWW`V[_W`fae W JSdf[U[bS}We FfVS- Sa bSfd[_`[a VS Jadf[`Sd[
@_bdWW`V[_W`fae W JSdf[U[bS}We FfVS- '"Jadf[`Sd["(- Ha _We_a _a_W`fa+ S NSde[^S
@_bdWW`V[_W`fae W JSdf[U[bS}We FfVS- '"NSde[^S"(+ [Ùadbadag a SUWdha ^cg[Va VS Jadf[`Sd[+ Ua_ S
dWebWUf[hS Wjf[`}|a VS W_bdWeS- < fdSèS}|a `|a YWdag [_bSUfae bSfd[_a`[S[e `S >a_bS`Z[S- >a_a
dWeg^fSVa VS dWWefdgfgdS}|a+ S >a_bS`Z[S bSeeag S VWfWd bSdf[U[bS}|a V[dWfS `S NSde[^S+ Ua_
bSdf[U[bS}|a SfdSh~e VWeeS W_bdWeS `S GS^XSff[ W >a`Va_`[a HSU[YgSf 'HafS 0/(JW]^^X\V SP ;PWXP
@_ 07 VW \g`Za VW 1/04+ a MZabb[`Y VS =SZ[S W_ Ua`\g`fa Ua_ ae VW_S[e bdabd[Wfzd[ae VW eZabb[`Y
UW`fWd VW MS^hSVad See[àg fWd_a VW SUadVa W Ua_bda_[eea Ua_ S JdWXW[fgdS VW MS^hSVad bSdS [`[U[Sd
Se abWdS}We VW UaTdS`}S VW WefSU[a`S_W`fa+ eW`Va S bSdUW^S bdabadU[a`S^ VWeeW Ua_bda_[eea cgW
USTW S <^[SèUW ~ VW L# 11-7/4 'HafS 02(- @efS aTd[YS}|a Wefz eW`Va Ua`fST[^[lSVS `S dgTd[US VW
"IgfdSe aTd[YS}We"- >a_a UaèWcgÙ[S+ S JdWXW[fgdS VW MS^hSVad UaÙWVWg S^hSdz VW
XgÙ[a`S_W`fa S <^[SèUW @efSU[a`S_W`fae FfVS- W_ 05 VW \g^Za VW 1/04-
7 VW 70
MXP GP`_cT JW]^^X\V
@_ 2/ VW eWfW_Tda VW 1/04+ S <^[SèUW hW`VWg 24$ VSe cgafSe Va Ag`Va VW D`hWef[_W`fa
D_aT[^[zd[a P[S JSdcgW MZabb[`Y '"Ag`Va P[S JSdcgW"( bad L# 021-32/ bSdS S MSbgUS L[a Ag`Va VW
D`hWef[_W`fa D_aT[^[zd[a ~ ADD ' Xg`Va VW bdabd[WVSVW VS G<FFM EP FF> '"G<FFM"((+ bSeeS`Va S
VWfWd 27+80$ VW cgafSe- I dWUWT[_W`fa VW dWUgdeae VWefS fdSèS}|a aUaddWg V[S 2/ VW eWfW_Tda VW
1/04- @eeS fdSèS}|a YWdag g_ YS`Za VW L# 031-567+ eW`Va L# 56-454 W_ Xg`}|a Vae dWUgdeae bSYae
y >a_bS`Z[S+ cgW YWdSdS_ dWVg}|a VW bSdf[U[bS}|a VS >a_bS`Z[S à Ag`Va P[S JSdcgW W L# 64-002
W_ Xg`}|a VS ShS^[S}|a Va [`hWef[_W`fa Sa eWg hSâd \gefa+ bW^S bWdVS VW Ua`fda^W+ Ua`Xad_W >J> 25
'L2( ~ ?W_aèfdS}We >aèa^[VSVSe- NS[e hSâdWe XadS_ dWY[efdSVae W_ "IgfdSe dWUW[fSe.
'VWebWeSe(" 'àfS 14(- @_ 2/ VW eWfW_Tda VW 1/04+ a Ag`Va VW D`hWef[_W`fa P[S JSdcgW VW[jag VW
eWd Uaèa^[VSVa9ZXP\aRT JW]^^X\V <T\bTà J,9,
@_ 16 VW STd[^ VW 1/04+ W_ LWg`[|a Va >aèW^Za VW <V_[`[efdS}|a+ Xa[ SbdahSVa a Sg_W`fa VW
USb[fS^ eaU[S^ VS >a_bS`Z[S+ àe ^[_[fWe Va USb[fS^ Sgfad[lSVa+ W_ Xg`}|a Va WjWdUU[a VW 2-564-//0
ab}We VW Ua_bdS VW S}We+ W_ Ua`Xad_[VSVW Ua_ a J^Sà VW Ib}|a VW >a_bdS VW <}We VS
>a_bS`Z[S+ SbdahSVa bW^S <eeW_T^W[S BWdS^ @jfdSadV[`zd[S VS <^[SèUW VW 01 VW àhW_Tda VW 1//8
W SV[fSVa `S <eeW_T^W[S BWdS^ @jfdSadV[`zd[S VS <^[SèUW VW 17 VW STd[^ VW 1/00+ bWâ bdW}a fafS^ VW
L# 34-766 'h[VW àfS 08(MTZPg_cTg >[^`TT\SX[T\b]a T GP`bXRX^PrxTa J,9,
@_ 0u VW VWlW_Tda VW 1/04 ae SU[a`[efSe VS PW^SlcgWl SbdahSdS_ U[e|a fafS^ VS eaU[WVSVW- HS
_We_S VSfS ae e•U[ae cgaf[efSe VS LLMJ@ SbdahSdS_ S [ÙadbadS}|a VS bSdUW^S VW 08+52$ VWf[VS à
USb[fS^ eaU[S^ VS PW^SlcgWl- >a_ WefS fdSèS}|a+ S LLMJ@ bSeeag S VWfWd bSdf[U[bS}|a V[dWfS
SV[U[a`S^ VW 0+62$ à >a`Va_`[a HSU[YgSf Va MZabb[`Y VS =SZ[S+ X[US`Va+ VWeeS Xad_S+ Ua_ 1+36$
VW bSdf[U[bS}|aEID GP`bXRX^PrxTa T >[^`TT\SX[T\b]a CbSP,
@_ 11 VW VWlW_Tda VW 1/04+ S LLMJ@ SVcg[d[g 42+050$ VS HLG JSdf[U[bS}We W @_bdWW`V[_W`fae
FfVS+ W_bdWeS cgW VWf~_ bSdf[U[bS}|a à MZabb[`Y VS =SZ[S+ bad L#17-2/1 'HafS 0/(- @efS
aTd[YS}|a Wefz eW`Va Ua`fST[^[lSVS `S dgTd[US VW "ITd[YS}We bad Ua_bdS VW Sf[ha"- <be a
Ug_bd[_W`fa VW VWfWd_[`SVSe bdah[V•Ù[Se+ eWdz dWS^[lSVS g_S U[e|a VS HLG W LLMJ@ [dz
[ÙadbadSd 1+07$ Va MZabb[`Y VS =SZ[S- HS VSfS VS Ua_bdS XadS_ bSYae 4/$ Va hSâd VS Ua_bdS W
a dWefS`fW eWdz V[h[V[Va W_ 01 bSdUW^Se _WèS[e+ _WV[S`fW S W_[ee|a+ VW 01 àfSe bda_[ee•d[Se bSdS
USVS g_ Vae hW`VWVadWe+ eW`Va cgW9 'S( S bd[_W[dS àfS bda_[ee•d[S hWÙWdz W_ 2/ V[Se S Ua`fSd VS
See[`SfgdS Va Ua`fdSfa W Se VW_S[e W_ [YgS[e V[Se Vae _WeWe egTeWcgW`fWe; 'T( eaTdW a hSâd VW USVS
àfS bda_[ee•d[S [Ù[V[dz a >?D VWeVW S VSfS VW egS W_[ee|a Sf~ a eWg WXWf[ha bSYS_W`fa; W 'U( S
>WlS``W ShS^[lSdz Se dWebWUf[hSe àfSe bda_[ee•d[Se&Q'
>[^`sabX[]a T RP^bPrxTa
@_ 15 _S[a VW 1/04 S <^[SèUW MZabb[`Y >W`fWde M-< X[d_ag Ua`fdSfa VW X[`SÙ[S_W`fa '>~Vg^S VW
Ud~V[fa =SÙzd[a( Ua_ DfS O`[TSÙa M-< à hSâd VW L# 63-3// bSdS aTdSe VW WjbSè|a Vae
eZabb[`Ye VS =SZ[S+ =S`Yg W >Sd[aUS 'h[VW àfS 03(@_ 7 VW eWfW_Tda VW 1/04+ S >a_bS`Z[S dWS^[lag g_S S_adf[lS}|a WjfdSadV[`zd[S VW 4/$ VS 0q
@_[ee|a VW ?WT`fgdWe bT^[USe VS >a_bS`Z[S+ bWdXSlW`Va a _a`fS`fW fafS^ VW L#81-4// 'àfS 03(9 de 81
@_ 8 VW VWlW_Tda VW 1/04+ S >a_bS`Z[S dWS^[lag g_S S_adf[lS}|a WjfdSadV[`zd[S Vae agfdae 4/$
VS 0q @_[ee|a VW ?WT•`fgdWe VS >a_bS`Z[S+ bWdXSlW`Va a _a`fS`fW fafS^ VW L#81-4//+ 'àfS 03(1
ITac[] SPa ^`X\RX^PXa ^]ZubXRPa R]\bpQTXa
<e VW_aèfdS}We X[`SÙW[dSe XadS_ bdWbSdSVSe Ua`Xad_W Se bdzf[USe Ua`fzTW[e SVafSVSe à =dSe[^
[Ù^g[`Va ae bda`gÙ[S_W`fae W_[f[Vae bWâ >a_[f• VW Jda`gÙ[S_W`fae >a`fzTW[e '>J>( W Se
àd_Se [`fWd`SU[a`S[e VW dW^Sf•d[a X[`SÙW[da '/AF8DA4F=BA4? .=A4A6=4? 28CBDF=A; 3F4A74D7E 'DALM(+
W_[f[VSe bWâ /AF8DA4F=BA4? *66BGAF=A; 3F4A74D7E +B4D7 'D<M=((+ W Wh[VWÙ[S_ faVSe Se
[`Xad_S}We dW^WhS`fWe bdbd[Se VSe VW_aèfdS}We X[`SÙW[dSe+ W ea_W`fW W^Se+ Se cgS[e Wef|a
Uaè[efW`fWe Ua_ Se gf[^[lSVSe bW^S SV_[`[efdS}|a `S egS YWef|a-
1,/
;PaT ST ^`T^P`Prq]
<e VW_aèfdS}We X[`SÙW[dSe XadS_ bdWbSdSVSe Uaè[VWdS`Va a Ugefa Z[efd[Ua Ua_a TSeW VW hSâd W
Sf[hae W bSee[hae X[`SÙW[dae '[Ù^ge[hW [èfdg_W`fae VWd[hSf[hae( _WègdSVae Sa hSâd \gefa< bdWbSdS}|a VW VW_aèfdS}We X[`SÙW[dSe dWcgWd a gea VW UWdfSe Wef[_Sf[hSe Ua`fzTW[e Udf[USe W
fS_T~_ a WjWdUU[a VW \g^YS_W`fa bad bSdfW VS SV_[`[efdS}|a VS >a_bS`Z[S à bdaUWeea VW
Sb^[US}|a VSe ba^f[USe Ua`fzTW[e Va Bdgba- <cgW^Se zdWSe cgW dWcgWdW_ _S[ad `hW^ VW \g^YS_W`fa W
baeegW_ _S[ad Ua_b^Wj[VSVW+ TW_ Ua_a Se zdWSe `Se cgS[e bdW_[eeSe W Wef[_Sf[hSe e|a
e[Y`[X[USf[hSe bSdS Se VW_aèfdS}We X[`SÙW[dSe+ Wef|a V[hg^YSVSe `S HafS 2-13-
&P'
=T[]\ab`PrxTa UX\P\RTX`Pa R]\a]ZXSPSPa
<e VW_aèfdS}We X[`SÙW[dSe Uaèa^[VSVSe XadS_ bdWbSdSVSe W Wef|a eW`Va SbdWeW`fSVSe Ua`Xad_W
Se bdzf[USe Ua`fzTW[e SVafSVSe à =dSe[^+ [Ù^g[`Va ae bda`gÙ[S_W`fae W_[f[Vae bWâ >a_[f• VW
Jda`gÙ[S_W`fae >a`fzTW[e '>J>e( W Ua`Xad_W Se àd_Se [`fWd`SU[a`S[e VW dW^Sf•d[a X[`SÙW[da
'/AF8DA4F=BA4? .=A4A6=4? 28CBDF=A; 3F4A74D7E 'DALM(+ W_[f[VSe bWâ /AF8DA4F=BA4? *66BGAF=A;
3F4A74D7E +B4D7 'D<M=()
< SbdWeW`fS}|a VS ?W_aèfdS}|a Va PSâd <V[U[a`SVa '?P<(+ [`V[h[VgS^ W Uaèa^[VSVS+ ~ dWcgWd[VS
bW^S ^WY[e^S}|a eaU[Wfzd[S TdSe[^W[dS W bW^Se bdzf[USe Ua`fzTW[e SVafSVSe à =dSe[^ Sb^[UzhW[e S
Ua_bS`Z[Se STWdfSe- <e DALM `|a dWcgWdW_ S SbdWeW`fS}|a VWeeS VW_aèfdS}|a- >a_a
UaèWcg•Ù[S+ bW^Se DALM+ WeeS VW_aèfdS}|a Wefz SbdWeW`fSVS Ua_a [`Xad_S}|a egb^W_W`fSd+ eW_
bdW\gla Va Ua`\g`fa VSe VW_aèfdS}We X[`SÙW[dSe-
&Q'
=T[]\ab`PrxTa UX\P\RTX`Pa X\SXdXScPXa
<e VW_aèfdS}We X[`SÙW[dSe [`V[h[VgS[e VS >a`fda^SVadS XadS_ bdWbSdSVSe Ua`Xad_W Se bdzf[USe
Ua`fzTW[e SVafSVSe à =dSe[^ W_[f[VSe bWâ >a_[f• VW Jda`gÙ[S_W`fae >a`fzTW[e '>J>e( W e|a
V[hg^YSVSe W_ Ua`\g`fa Ua_ Se VW_aèfdS}We X[`SÙW[dSe Uaèa^[VSVSeHSe VW_aèfdS}We X[`SÙW[dSe [`V[h[VgS[e+ Se Ua`fda^SVSe W Se abWdS}We W_ Ua`\g`fa Ua_ ag eW_
bWdea`S^[VSVW \gdV[US e|a Ua`fST[^[lSVSe bWâ _~faVa VW Wcg[hS^Ù[S bSfd[_a`[S^ S\gefSVS `S
bdabad}|a VWf[VS àe V[dW[fae W `Se aTd[YS}We Ua`fdSfgS[e VS >a_bS`Z[S- Ie _We_ae S\gefWe e|a
XW[fae fS`fa `Se VW_aèfdS}We X[`SÙW[dSe [`V[h[VgS[e cgS`fa `Se VW_aèfdS}We X[`SÙW[dSe
Uaèa^[VSVSe bSdS UZWYSd Sa _We_a dWeg^fSVa W bSfd[_`[a ^cg[Va Sfd[TghW^ Sae SU[a`[efSe VS
>a`fda^SVadS>a`fgVa+ `|a Zz V[XWdW`}S W`fdW a bSfd[_`[a ^cg[Va W a dWeg^fSVa Uaèa^[VSVa SbdWeW`fSVa bW^S
>a_bS`Z[S W a bSfd[_`[a ^cg[Va W dWeg^fSVa VS W`f[VSVW Ua`fda^SVadS W_ egSe VW_aèfdS}We
X[`SÙW[dSe [`V[h[VgS[e- ?WefS Xad_S+ Se VW_aèfdS}We X[`SÙW[dSe Uaèa^[VSVSe VS >a_bS`Z[S W Se
VW_aèfdS}We X[`SÙW[dSe [`V[h[VgS[e VS Ua`fda^SVadS Wef|a eW`Va SbdWeW`fSVSe ^SVa,S,^SVa W_ g_
`[Ua Ua`\g`fa VW VW_aèfdS}We X[`SÙW[dSe10 de 81
< Sgfad[lS}|a bSdS W_[ee|a VWefSe VW_aèfdS}We X[`SÙW[dSe Xa[ VSVS bWâ >aèW^Za VW
<V_[`[efdS}|a VS >a_bS`Z[S W_ dWg`[|a W_ 17 VW _Sd}a VW 1/051,0
<]\a]ZXSPrq]
<e eWYg[`fWe ba^f[USe Ua`fzTW[e e|a Sb^[USVSe `S W^STadS}|a VSe VW_aèfdS}We X[`SÙW[dSe
Uaèa^[VSVSe9
&P'
<]\b`]ZPSPa
I Bdgba Ua`fda^S g_S W`f[VSVW cgS`Va Wefz Wjbaefa ag fW_ V[dW[fa S dWfadà hSd[zhW[e VWUaddW`fWe
VW eWg W`ha^h[_W`fa Ua_ S W`f[VSVW W fW_ S USbSU[VSVW VW [`fWdXWd[d `WeeWe dWfadàe VWh[Va Sa
baVWd cgW WjWdUW eaTdW S W`f[VSVW- <e Ua`fda^SVSe e|a fafS^_W`fW Uaèa^[VSVSe S bSdf[d VS VSfS W_
cgW a Ua`fda^W ~ fdSèXWd[Va bSdS a Bdgba- < Uaèa^[VS}|a ~ [`fWdda_b[VS S bSdf[d VS VSfS W_ cgW a
Bdgba VW[jS VW fWd a Ua`fda^WNdSèS}We+ eS^Vae W YS`Zae `|a dWS^[lSVae W_ fdSèS}We W`fdW W_bdWeSe Va Bdgba e|a W^[_[`SVaeIe bdW\glae `|a dWS^[lSVae fS_T~_ e|a W^[_[`SVae S _Wàe cgW S abWdS}|a Xad`W}S Wh[VÙ[Se VW
g_S bWdVS '=@C4=D@8AF( Va Sf[ha fdSèXWd[Va- <e ba^f[USe Ua`fzTW[e VSe Ua`fda^SVSe e|a S^fWdSVSe+
cgS`Va `WUWeezd[a+ bSdS SeeWYgdSd S Uaè[efÙ[S Ua_ Se ba^f[USe SVafSVSe bWâ Bdgba-
&Q'
K`P\aPrxTa R][ ^P`bXRX^PrxTa ST
\q] R]\b`]ZPS]`Ta
I Bdgba fdSfS Se fdSèS}We Ua_ bSdf[U[bS}We VW `|a Ua`fda^SVadWe Ua_a fdSèS}We Ua_
bdabd[Wfzd[ae VW Sf[hae Va Bdgba- JSdS Se Ua_bdSe VW bSdf[U[bS}We VW `|a Ua`fda^SVadWe+ S V[XWdW`}S
W`fdW cgS^cgWd Ua`fdSbdWefS}|a bSYS W S bSdUW^S SVcg[d[VS Va hSâd Ua`fzT[^ Vae Sf[hae ^cg[Vae VS
Ua`fda^SVS ~ dWY[efdSVS à bSfd[_`[a ^cg[Va+ `S Ua`fS "<\gefWe VW ShS^[S}|a bSfd[_a`[S^"- Ie
YS`Zae ag bWdVSe eaTdW S^[W`S}We bSdS bSdf[U[bS}We VW `|a Ua`fda^SVadWe fS_T~_ e|a dWY[efdSVae
`WefS _We_S Ua`fS-
&R'
GT`SP ST R]\b`]ZT T[ R]\b`]ZPSPa
KgS`Va a Bdgba VW[jS VW fWd Ua`fda^W+ cgS^cgWd bSdf[U[bS}|a dWf[VS `S W`f[VSVW ~ dW_WègdSVS Sa
eWg hSâd \gefa+ eW`Va S _gVS`}S à hSâd Ua`fzT[^ dWUa`ZWU[VS à dWeg^fSVa- I hSâd \gefa ~ a hSâd
Ua`fzT[^ bSdS egTeWcgW`fW Ua`fST[^[lS}|a VS bSdf[U[bS}|a dWf[VS W_ g_S Ua^[YSVS+ g_S >B=AF H8AFGD8
ag g_ Sf[ha X[`SÙW[da- <^~_ V[eea+ cgS[ecgWd hSâdWe bdWh[S_W`fW dWUa`ZWU[Vae W_ agfdae
dWeg^fSVae STdS`YW`fWe dW^Sf[hae ycgW^S W`f[VSVW e|a Ua`fST[^[lSVae Ua_a eW a Bdgba f[hWeeW
S^[W`SVa V[dWfS_W`fW ae Sf[hae ag bSee[hae dW^SU[a`SVae- Deea baVW e[Y`[X[USd cgW ae hSâdWe
dWUa`ZWU[Vae bdWh[S_W`fW W_ agfdae dWeg^fSVae STdS`YW`fWe e|a dWU^See[X[USVae bSdS a dWeg^fSVa-
&S'
<]ZXVPSPa T T[^`TT\SX[T\b]a
R]\b`]ZPS]a T[ R]\Yc\b]
Ie [`hWef[_W`fae W_ Ua^[YSVSe W >B=AF H8AFGD8E e|a Ua`fST[^[lSVae bWâ _~faVa VW Wcg[hS^•Ù[S
bSfd[_a`[S^ W e|a+ [`[U[S^_W`fW+ dWUa`ZWU[Vae bWâ eWg hSâd VW Ugefa- I [`hWef[_W`fa Va Bdgba W_
Ua^[YSVSe W >B=AF H8AFGD8E [Ù^g[ a zY[a [VW`f[X[USVa `S Scg[e[}|a+ ^cg[Va VW cgS^cgWd bWdVS bad
=@C4=D@8AF SUg_g^SVS- PWd HafS 2-01 eaTdW =@C4=D@8AF VW Sf[hae `|a X[`SÙW[dae+ [Ù^g[`Va zY[a< bSdf[U[bS}|a Va Bdgba àe ^gUdae ag bdW\glae VW egSe Ua^[YSVSe W >B=AF H8AFGD8E ~ dWUa`ZWU[VS `S
VW_aèfdS}|a Va dWeg^fSVa W S bSdf[U[bS}|a `Se _gfS}We VSe dWeWdhSe ~ dWUa`ZWU[VS `Se dWeWdhSe Va
Bdgba- KgS`Va S bSdf[U[bS}|a Va Bdgba `Se bWdVSe VW g_S Ua^[YSVS ag >B=AF H8AFGD8 Xad [YgS^ ag
egbWd[ad Sa hSâd Ua`fzT[^ Va [`hWef[_W`fa+ [Ù^g[`Va cgS[ecgWd agfdae dWUWThW[e+ a Bdgba `|a
dWUa`ZWUW bWdVSe SV[U[a`S[e+ S _Wàe cgW fW`ZS [Ùadd[Va W_ aTd[YS}We ag WXWfgSVa bSYS_W`fae
W_ à_W VS Ua^[YSVS ag Ua`fda^SVS W_ Ua`\g`fa11 de 81
Ie YS`Zae `|a dWS^[lSVae VSe abWdS}We W`fdW a Bdgba W egSe Ua^[YSVSe W >B=AF H8AFGD8E e|a
W^[_[`SVae `S bdabad}|a VS bSdf[U[bS}|a Va Bdgba- <e bWdVSe `|a dWS^[lSVSe fS_T~_ e|a
W^[_[`SVSe+ S _Wàe cgW S abWdS}|a Xad`W}S Wh[V•Ù[Se VW g_S bWdVS '=@C4=D@8AF( Va Sf[ha
fdSèXWd[Va- <e ba^f[USe Ua`fzTW[e VSe Ua^[YSVSe e|a S^fWdSVSe+ cgS`Va `WUWeezd[a+ bSdS SeeWYgdSd
Uaè[efÙ[S Ua_ Se ba^f[USe SVafSVSe bWâ BdgbaMW S bSdf[U[bS}|a eaU[Wfzd[S `S Ua^[YSVS Xad dWVgl[VS+ _Se Xad dWf[VS [`X^g•Ù[S e[Y`[X[USf[hS+ ea_W`fW
g_S bSdfW bdabadU[a`S^ Vae hSâdWe S`fWd[ad_W`fW dWUa`ZWU[Vae W_ agfdae dWeg^fSVae STdS`YW`fWe
eWdz dWU^See[X[USVS bSdS a dWeg^fSVa+ cgS`Va Sbdabd[SVaIe YS`Zae W Se bWdVSe VW V[^g[}|a+ aUadd[Vae W_ bSdf[U[bS}We W_ Ua^[YSVSe+ e|a dWUa`ZWU[Vae `S
VW_aèfdS}|a Va dWeg^fSVa1,1
9^`TaT\bPrq] ST X\U]`[PrxTa ^]` aTV[T\b]a
<e [`Xad_S}We bad eWY_W`fae abWdSU[a`S[e e|a SbdWeW`fSVSe VW _aVa Uaè[efW`fW Ua_ a dW^Sfd[a
[`fWdà Xad`WU[Va bSdS a bd[Ù[bS^ fa_SVad VW VWU[eWe abWdSU[a`S[e- I bd[Ù[bS^ fa_SVad VW
VWU[eWe abWdSU[a`S[e+ dWebaèzhW^ bW^S SâUS}|a VW dWUgdeae W bW^S ShS^[S}|a VW VWeW_bW`Za Vae
eWY_W`fae abWdSU[a`S[e+ ~ S ?[dWfad[S,@jWUgf[hS+ fS_T~_ dWebaèzhW^ bW^S fa_SVS VSe VWU[eWe
WefdSf~Y[USe Va Bdgba-
1,2
<PXfP T T_cXdPZT\bTa ST RPXfP
>S[jS W Wcg[hS^W`fWe VW US[jS [Ù^gW_ a US[jS W ae VWb•e[fae TSÙzd[ae- <e Ua`fSe YSdS`f[VSe e|a
VW_aèfdSVSe à TS^S`}a bSfd[_a`[S^ Ua_a "@_bd~ef[_ae"+ à bSee[ha U[dUg^S`fW-
1,3
9bXd]a UX\P\RTX`]a
1,3,/
<ZPaaXUXRPrq]
I Bdgba U^See[X[US eWge Sf[hae X[`SÙW[dae+ à dWUa`ZWU[_W`fa [`[U[S^+ eaT Se eWYg[`fWe USfWYad[Se9
_WègdSVae Sa hSâd \gefa bad _W[a Va dWeg^fSVa W W_bd~ef[_ae W dWUWThW[e- < U^See[X[US}|a
VWbW`VW VS X[`S^[VSVW bSdS S cgS^ ae Sf[hae X[`SÙW[dae XadS_ SVcg[d[Vae-
&P'
9bXd]a UX\P\RTX`]a P] dPZ]` Ycab]
^]` [TX] S] `TacZbPS]
Ie Sf[hae X[`SÙW[dae Sa hSâd \gefa bad _W[a Va dWeg^fSVa e|a Sf[hae X[`SÙW[dae _S`f[Vae bSdS
`WYaU[S}|a- O_ Sf[ha X[`SÙW[da ~ U^See[X[USVa `WeeS USfWYad[S eW Xa[ SVcg[d[Va+ bd[Ù[bS^_W`fW+ bSdS
X[è VW hW`VS à Ugdfa bdSla- Ie Sf[hae VWeeS USfWYad[S e|a U^See[X[USVae Ua_a Sf[hae U[dUg^S`fWeIe VWd[hSf[hae fS_T~_ e|a USfWYad[lSVae Ua_a _S`f[Vae bSdS `WYaU[S}|a+ S _Wàe cgW fW`ZS_ e[Va
VWe[Y`SVae Ua_a [èfdg_W`fae VW <87;8-
&Q'
>[^`sabX[]a T `TRTQudTXa
Ie W_bd~ef[_ae W dWUWThW[e e|a Sf[hae X[`SÙW[dae `|a VWd[hSf[hae+ Ua_ bSYS_W`fae X[jae ag
VWfWd_[`zhW[e+ cgW `|a e|a UafSVae W_ g_ _WdUSVa Sf[ha- M|a SbdWeW`fSVae Ua_a Sf[ha U[dUg^S`fW+
WjUWfa ScgW^We Ua_ bdSla VW hWÙ[_W`fa egbWd[ad S 01 _WeWe Sb•e S VSfS VW W_[ee|a Va TS^S`}a
'WefWe e|a U^See[X[USVae Ua_a Sf[hae `|a U[dUg^S`fWe(- Ie W_bd~ef[_ae W dWUWThW[e Va Bdgba
Ua_bdWW`VW_ ">S[jS W Wcg[hS^W`fWe VW US[jS" 'HafS 5( W ">a`fSe S dWUWTWd" W agfdae Ud~V[fae"-
12 de 81
1,3,0
ITR]\WTRX[T\b] T [T\ac`Prq]
<e Ua_bdSe W Se hW`VSe VW Sf[hae X[`SÙW[dae e|a àd_S^_W`fW dWUa`ZWU[VSe `S VSfS VS `WYaU[S}|aIe [`hWef[_W`fae e|a+ [`[U[S^_W`fW+ dWUa`ZWU[Vae bWâ hSâd \gefa+ SUdWeU[Vae Vae Ugefae VS fdSèS}|a
bSdS faVae ae Sf[hae X[`SÙW[dae `|a U^See[X[USVae Ua_a Sa hSâd \gefa bad _W[a Va dWeg^fSVa- Ie
Sf[hae X[`SÙW[dae Sa hSâd \gefa bad _W[a VW dWeg^fSVa e|a+ [`[U[S^_W`fW+ dWUa`ZWU[Vae bWâ hSâd
\gefa+ W ae Ugefae VS fdSèS}|a e|a VWT[fSVae y VW_aèfdS}|a Va dWeg^fSVa- Ie Sf[hae X[`SÙW[dae e|a
TS[jSVae cgS`Va ae V[dW[fae VW dWUWTWd X^gjae VW US[jS fW`ZS_ hWÙ[Va ag fW`ZS_ e[Va fdSèXWd[Vae;
`WefW ^f[_a USea+ VWeVW cgW a Bdgba fW`ZS fdSèXWd[Va+ e[Y`[X[USf[hS_W`fW+ faVae ae d[eUae W ae
TW`WXU[ae VW bdabd[WVSVW- Ie Sf[hae X[`SÙW[dae _WègdSVae Sa hSâd \gefa bad _W[a Va dWeg^fSVa
e|a+ egTeWcgW`fW_W`fW+ Ua`fST[^[lSVae bWâ hSâd \gefa- Ie W_bd~ef[_ae W dWUWThW[e e|a
Ua`fST[^[lSVae bWâ Ugefa S_adf[lSVa+ geS`Va a _~faVa VS fSjS WXWf[hS VW \gdaeIe YS`Zae ag Se bWdVSe VWUaddW`fWe VW hSd[S}We à hSâd \gefa VW Sf[hae X[`SÙW[dae _WègdSVae Sa
hSâd \gefa bad _W[a Va dWeg^fSVa e|a SbdWeW`fSVae `S VW_aèfdS}|a Va dWeg^fSVa W_ "LWeg^fSVa
A[`SÙW[da" à WjWdUU[a W_ cgW aUaddW_Ie hSâdWe \gefae Vae [`hWef[_W`fae Ua_ UafS}|a bT^[US e|a TSeWSVae àe bdW}ae SfgS[e VW Ua_bdSMW a _WdUSVa VW g_ Sf[ha X[`SÙW[da 'W VW ffgâe `|a ^[efSVae W_ =aêS( `|a Wef[hWd Sf[ha+ a Bdgba
WefSTW^WUW a hSâd \gefa SfdSh~e VW f~U`[USe VW ShS^[S}|a- @eeSe f~U`[USe [Ù^gW_ a gea VW abWdS}We
dWUW`fWe Ua`fdSfSVSe Ua_ fWdUW[dae+ dWXWd•Ù[S S agfdae [èfdg_W`fae cgW e|a egTefSÙ[S^_W`fW
e[_[^SdWe+ S`z^[eW VW X^gjae VW US[jS VWeUa`fSVae W _aVWâe VW bdWU[X[US}|a VW ab}We cgW XSlW_ a
_S[ad gea baeehW^ VW [`Xad_S}We YWdSVSe bWâ _WdUSVa W Ua`fS_ a _`[_a baeehW^ Ua_
[`Xad_S}We YWdSVSe bW^S SV_[`[efdS}|a VS bdbd[S W`f[VSVW-
1,3,1
<][^T\aPrq] ST X\ab`c[T\b]a UX\P\RTX`]a
<f[hae W bSee[hae X[`SÙW[dae e|a Ua_bWèSVae W a hSâd ^cg[Va ~ SbdWeW`fSVa à TS^S`}a
bSfd[_a`[S^ cgS`Va Zz g_ V[dW[fa ^WYS^ VW Ua_bWèSd ae hSâdWe dWUa`ZWU[Vae W Zz S [`fW`}|a VW
^[cg[Vz,âe W_ g_S TSeW ^cg[VS+ ag dWS^[lSd a Sf[ha W ^[cg[VSd a bSee[ha e[_g^fS`WS_W`fW-
1,3,2
$,.&+/,(-0 ST PbXd]a UX\P\RTX`]a
9bXd]a [T\ac`PS]a P] Rcab] P[]`bXgPS]
I Bdgba ShS^[S `S VSfS VW USVS TS^S`}a eW Zz Wh[V•Ù[S aT\Wf[hS VW cgW g_ Sf[ha X[`SÙW[da ag Ydgba
VW Sf[hae X[`SÙW[dae Wefz VWfWd[adSVa- O_ Sf[ha ag Ydgba VW Sf[hae X[`SÙW[dae Wefz VWfWd[adSVa W Se
bWdVSe bad =@C4=D@8AF e|a [Ùadd[VSe ea_W`fW eW Zz Wh[V•Ù[S aT\Wf[hS VW =@C4=D@8AF Ua_a
dWeg^fSVa VW g_ ag _S[e WhW`fae aUadd[Vae Sb•e a dWUa`ZWU[_W`fa [`[U[S^ Vae Sf[hae 'g_ "WhW`fa VW
bWdVS"( W ScgW^W WhW`fa 'ag WhW`fae( VW bWdVS fW_ g_ [_bSUfa àe X^gjae VW US[jS Xgfgdae Wef[_SVae
Va Sf[ha X[`SÙW[da ag Ydgba VW Sf[hae X[`SÙW[dae cgW baVW eWd Wef[_SVa VW _S`W[dS Ua`X[zhWÎ _a`fS`fW VS bWdVS bad =@C4=D@8AF ~ _WègdSVa Ua_a S V[XWdW`}S W`fdW a hSâd Ua`fzT[^ Vae
Sf[hae W a hSâd bdWeW`fW Vae X^gjae VW US[jS Xgfgdae Wef[_SVae 'WjU^g[`Va ae bdW\glae VW Ud~V[fa
Xgfgda cgW `|a XadS_ [Ùadd[Vae( VWeUa`fSVae y fSjS VW \gdae W_ h[Yad ad[Y[`S^ Vae Sf[hae
X[`SÙW[dae- I hSâd Ua`fzT[^ Va Sf[ha ~ dWVgl[Va W a hSâd Va bdW\gla ~ dWUa`ZWU[Va `S VW_aèfdS}|a
Va dWeg^fSVa- >a_a g_ WjbWV[W`fW bdzf[Ua+ a Bdgba baVW _WègdSd a =@C4=D@8AF Ua_ TSeW à hSâd
\gefa VW g_ [èfdg_W`fa gf[^[lS`Va g_ bdW}a VW _WdUSVa aTeWdhzhW^MW+ `g_ WjWdUU[a egTeWcgW`fW+ a hSâd VS bWdVS bad =@C4=D@8AF V[_[`g[d W S V[_[`g[}|a bgVWd eWd
dW^SU[a`SVS aT\Wf[hS_W`fW Ua_ g_ WhW`fa cgW aUaddWg Sb•e a =@C4=D@8AF eWd dWUa`ZWU[Va 'Ua_a
g_S _W^Zad[S `S U^See[X[US}|a VW Ud~V[fa Va VWhWVad(+ S dWhWde|a VWeeS bWdVS dWUa`ZWU[VS
S`fWd[ad_W`fW eWdz dWUa`ZWU[VS `S VW_aèfdS}|a Va dWeg^fSVa-
13 de 81
1,4
B\ab`c[T\b]a UX\P\RTX`]a ST`XdPbXd]a T
PbXdXSPSTa ST *(')(
D`[U[S^_W`fW+ ae VWd[hSf[hae e|a dWUa`ZWU[Vae bWâ hSâd \gefa `S VSfS W_ cgW g_ Ua`fdSfa VW
VWd[hSf[hae ~ UW^WTdSVa W e|a+ egTeWcgW`fW_W`fW+ dW_WègdSVae Sa eWg hSâd \gefa- I _~faVa bSdS
dWUa`ZWUWd a YS`Za ag S bWdVS dWeg^fS`fW VWbW`VW Va XSfa Va VWd[hSf[ha eWd VWe[Y`SVa ag `|a Ua_a
g_ [èfdg_W`fa VW <87;8 àe USeae VW SVa}|a VS Ua`fST[^[VSVW VW <87;8 %<87;8 466BGAF=A;&- MW`Va
WefW a USea+ a _~faVa VWbW`VW VS `SfgdWlS Va [fW_ cgW Wefz eW`Va bdafWY[Va bad <87;8) I Bdgba
SVafS S Ua`fST[^[VSVW VW <87;8 %<87;8 466BGAF=A;& W VWe[Y`S UWdfae VWd[hSf[hae Ua_a <87;8 VW g_
d[eUa WebWUX[Ua SeeaU[SVa S g_ Sf[ha ag bSee[ha dWUa`ZWU[Va ag g_S abWdS}|a bdWh[efS S^fS_W`fW
bdahzhW^ '<87;8 VW X^gja VW US[jS(;
I Bdgba VaUg_W`fS+ à [Ù[a VS abWdS}|a+ S dW^S}|a W`fdW ae [èfdg_W`fae VW <87;8 W ae [fWè
bdafWY[Vae bad <87;8+ See[_ Ua_a ae aT\Wf[hae VS YWef|a VW d[eUa W S WefdSf~Y[S bSdS S dWS^[lS}|a VW
hzd[Se abWdS}We VW <87;8- I Bdgba fS_T~_ VaUg_W`fS egS ShS^[S}|a+ fS`fa à [Ù[a Va <87;8
Ua_a VW Xad_S Ua`f`gS+ VW cgW ae VWd[hSf[hae geSVae `Se abWdS}We VW <87;8 e|a S^fS_W`fW WX[USlWe
`S Ua_bWèS}|a VW hSd[S}We à hSâd \gefa ag àe X^gjae VW US[jS Vae [fWè bdafWY[Vae bad <87;8Ie hSâdWe \gefae Vae hzd[ae [èfdg_W`fae VWd[hSf[hae geSVae bSdS X[è VW <87;8 Wef|a V[hg^YSVae `S
HafS 1/- <e _ah[_W`fS}We àe hSâdWe VW <87;8 U^See[X[USVae `S Ua`fS "<\gefWe VW ShS^[S}|a
bSfd[_a`[S^" à bSfd[_`[a ^cg[Va Wef|a VW_aèfdSVSe `S HafS 08- I hSâd \gefa fafS^ VW g_
VWd[hSf[ha VW <87;8 ~ U^See[X[USVa Ua_a Sf[ha ag bSee[ha `|a U[dUg^S`fW+ cgS`Va a hWÙ[_W`fa
dW_S`WeUW`fW Va [fW_ bdafWY[Va bad <87;8 Xad egbWd[ad S 01 _WeWe+ W Ua_a Sf[ha ag bSee[ha
U[dUg^S`fW+ cgS`Va a hWÙ[_W`fa dW_S`WeUW`fW Va [fW_ bdafWY[Va bad <87;8 Xad [`XWd[ad S 01 _WeWeIe VWd[hSf[hae VW `WYaU[S}|a e|a U^See[X[USVae Ua_a Sf[ha ag bSee[ha U[dUg^S`fW#(')( ST UZcf] ST RPXfP
< bSdUW^S WXWf[hS VSe hSd[S}We à hSâd \gefa VW VWd[hSf[hae VWe[Y`SVae W cgS^[X[USVae Ua_a <87;8 VW
X^gja VW US[jS ~ dWUa`ZWU[VS à bSfd[_`[a ^cg[Va+ `S Ua`fS "<\gefWe VW ShS^[S}|a bSfd[_a`[S^"- I
YS`Za ag bWdVS dW^SU[a`SVa Ua_ S bSdUW^S `|a WXWf[hS ~ [_WV[SfS_W`fW dWUa`ZWU[Va `S
VW_aèfdS}|a Va dWeg^fSVa Ua_a "LWeg^fSVa A[`SÙW[da"Ie hSâdWe SUg_g^SVae à bSfd[_`[a e|a dWS^[lSVae `S VW_aèfdS}|a Va dWeg^fSVa àe WjWdUU[ae
W_ cgW a [fW_ bdafWY[Va bad <87;8 SXWfSd a dWeg^fSVa 'bad WjW_bâ+ cgS`Va aUaddWd S hW`VS bdWh[efS
cgW ~ bdafWY[VS bad <87;8(KgS`Va g_ [èfdg_W`fa VW <87;8 hWÙW ag ~ hW`V[Va+ ag cgS`Va g_ <87;8 `|a SfW`VW _S[e Sae
Ud[f~d[ae VS Ua`fST[^[VSVW VW <87;8+ faVa YS`Za ag bWdVS SUg_g^SVa Wj[efW`fW à bSfd[_`[a
`ScgW^W _a_W`fa bWd_S`WUW à bSfd[_`[a W ~ dWUa`ZWU[Va à dWeg^fSVa cgS`Va S abWdS}|a Xad
dWUa`ZWU[VS `S VW_aèfdS}|a Va dWeg^fSVa- KgS`Va `|a eW WebWdS _S[e cgW g_S abWdS}|a aUaddS+ a
YS`Za ag S bWdVS SUg_g^SVa cgW ZSh[S e[Va SbdWeW`fSVa à bSfd[_`[a ~ [_WV[SfS_W`fW fdSèXWd[Va
bSdS S VW_aèfdS}|a Va dWeg^fSVa W_ "LWeg^fSVa A[`SÙW[da"-
1,5
<]\bPa P `TRTQT` ST RZXT\bTa
DÙ^gW_ hSâdWe S dWUWTWd VW S^gYg~[e+ UWee|a VW V[dW[fa VW gea '>?O( VW zdWSe W eWdh[}ae bdWefSVae S
fWdUW[dae+ dWY[efdSVae Ua`Xad_W a dWY[_W VW Ua_bWf•Ù[S `S VSfS Va TS^S`}a W cgW e|a U^See[X[USVae
Ua_a W_bd~ef[_ae W dWUWThW[e- MW a bdSla VW dWUWT[_W`fa ~ Wcg[hS^W`fW S g_ Sà ag _Wàe+ Se
Ua`fSe S dWUWTWd e|a U^See[X[USVSe à Sf[ha U[dUg^S`fW- >Sea Ua`fdzd[a+ Wef|a SbdWeW`fSVSe à Sf[ha
`|a U[dUg^S`fW<e Ua`fSe S dWUWTWd VW U^[W`fWe e|a+ [`[U[S^_W`fW+ dWUa`ZWU[VSe bWâ hSâd \gefa W+ egTeWcgW`fW_W`fW+
_WègdSVSe bWâ Ugefa S_adf[lSVa Ua_ a gea Va _~faVa VS fSjS WXWf[hS VW \gdae _Wàe S bdah[e|a
bSdS Ud~V[fae VW ^[cg[VS}|a Vgh[VaeS '"J??" ag =@C4=D@8AF(14 de 81
1,6
9bXd]a X\bP\VudTXa
nVX]
I zY[a ';BB7I=??( ~ dWbdWeW`fSVa bW^S V[XWdW`}S bae[f[hS W`fdW a hSâd bSYa W.ag S bSYSd bW^S
Scg[e[}|a VW g_ `WYU[a W a _a`fS`fW ^cg[Va Va hSâd \gefa Vae Sf[hae W bSee[hae VS Ua`fda^SVS
SVcg[d[VS- I zY[a VW Scg[e[}We VW Ua`fda^SVSe ~ dWY[efdSVa Ua_a "<f[ha [`fS`YhW^" `Se
VW_aèfdS}We X[`SÙW[dSe Uaèa^[VSVSe- Ha USea VW SbgdS}|a VW VWezY[a+ a _a`fS`fW ~ dWY[efdSVa
Ua_a YS`Za à dWeg^fSVa Va WjWdUU[a+ `S VSfS VS Scg[e[}|a- I zY[a ~ fWefSVa S`gS^_W`fW bSdS
hWd[X[USd bWdVSe '=@C4=D@8AF(- vY[a ~ Ua`fST[^[lSVa bWâ eWg hSâd VW Ugefa _Wàe Se bWdVSe
SUg_g^SVSe bad =@C4=D@8AF) JWdVSe bad =@C4=D@8AF dWUa`ZWU[VSe eaTdW zY[a `|a e|a dWhWdf[VSe- Ie
YS`Zae W Se bWdVSe VS S^[W`S}|a VW g_S W`f[VSVW [Ù^gW_ a hSâd Ua`fzT[^ Va zY[a dW^SU[a`SVa Ua_ S
W`f[VSVW hW`V[VSI zY[a ~ SâUSVa S O`[VSVWe BWdSVadSe VW >S[jS 'OB>e( bSdS X[è VW fWefW VW =@C4=D@8AF- <
SâUS}|a ~ XW[fS bSdS Se O`[VSVWe BWdSVadSe VW >S[jS ag bSdS ae Ydgbae VW O`[VSVWe BWdSVadSe VW
>S[jS cgW VWhW_ eW TW`WX[U[Sd VS Ua_T[`S}|a VW `WY•U[ae VS cgS^ a zY[a eW ad[Y[àg+ W e|a
[VW`f[X[USVSe VW SUadVa Ua_ a eWY_W`fa abWdSU[a`S^-
1,7
B\dTabX[T\b]a
Ie [`hWef[_W`fae W_ W_bdWeSe Ua`fda^SVSe+ Ua`fda^SVSe W_ Ua`\g`fa W Ua^[YSVSe Ua_ [`X^g•Ù[S
e[Y`[X[USf[hS Wef|a ShS^[SVae bWâ _~faVa VW Wcg[hS^•Ù[S bSfd[_a`[S^+ SUdWeU[Vae VW zY[a ag
VWVgl[Vae VW VWezY[a eaTdW S _S[e hS^[S Vae Sf[hae+ cgS`Va Sb^[UzhWÎgfdae [`hWef[_W`fae cgW `|a eW W`cgSVdS_ `S USfWYad[S SU[_S Wef|a ShS^[SVae bWâ hSâd \gefa+
WjUWfa eW S Wef[_Sf[hS Va hSâd \gefa `|a bgVWd eWd dSlaShW^_W`fW Wef[_SVS 'WefWe e|a Ua`fST[^[lSVae
bWâ Ugefa(-
1,/.
B[]QXZXgPS] ST ca]
'
ITR]\WTRX[T\b] T [T\ac`Prq]
DfWè Va [_aT[^[lSVa e|a _WègdSVae bWâ Ugefa Z[ef•d[Ua VW Scg[e[}|a ag Uaèfdg}|a+ VWVgl[Va VW
VWbdWU[S}|a SUg_g^SVS W bWdVSe VW dWVg}|a Sa hSâd dWUgbWdzhW^ '=@C4=D@8AF( SUg_g^SVa'
<cab]a acQaT_cT\bTa
BSefae egTeWcgW`fWe e|a USb[fS^[lSVae `S _WV[VS W_ cgW eW\S bdahzhW^ cgW TW`WXU[ae Xgfgdae
SeeaU[SVae Ua_ ae YSefae eWd|a SgXWd[Vae bW^S >a_bS`Z[S- BSefae VW _S`gfW`}|a W dWbSdae
dWUaddW`fWe e|a dWY[efdSVae à dWeg^fSVaDfWè Va Sf[ha [_aT[^[lSVa e|a VWbdWU[SVae bWâ _~faVa ^[`WSd à dWeg^fSVa Va WjWdUU[a TSeWSVa `S
h[VS f[^ WUa`_[US Wef[_SVS VW USVS Ua_ba`W`fW+ eW`Va _zcg[`Se W Wcg[bS_W`fa VW 0/ Sàe+
_hW[e W gfWè^[ae VW 0/ Sàe W agfdae Ua_ba`W`fWe VW 4 SàeIe _~faVae VW VWbdWU[S}|a+ Se h[VSe fW[e W ae hSâdWe dWe[VgS[e baVWd|a eWd dWh[efae S USVS
WÙWddS_W`fa VW WjWdUU[a X[`SÙW[da W WhW`fgS[e S\gefWe e|a dWUa`ZWU[Vae Ua_a _gVS`}S VW
Wef[_Sf[hSe Ua`fzTW[e1,//
G`]^`XTSPSTa ^P`P X\dTabX[T\b]
Jdabd[WVSVW bSdS [`hWef[_W`fa ~ S bdabd[WVSVW _S`f[VS bSdS SgXWd[d dWUW[fS VW S^gYgW^+ bSdS
hSâd[lS}|a VW USb[fS^ ag bSdS S_Tae+ _Se `|a bSdS hW`VS à Ugdea àd_S^ Vae `WY•U[ae+
Xad`WU[_W`fa VW eWdh[}ae ag bSdS bdab•e[fae SV_[`[efdSf[hae- < bdabd[WVSVW bSdS [`hWef[_W`fa ~
15 de 81
_WègdSVS bWâ Ugefa à dWUa`ZWU[_W`fa [`[U[S^ W VWbdWU[SVS bWâ bdSla VW h[VS f[^ W`fdW 3/ W 37
Sàe '_~V[S VW 35+5 Sàe(Ie zY[ae VW _S[e hS^[S VW Sf[hae dWY[efdSVae `Se Ua`fda^SVSe e|a dWY[efdSVae Ua_a bdabd[WVSVW bSdS
[`hWef[_W`fa `Se VW_aèfdS}We X[`SÙW[dSe Uaèa^[VSVSe W VWbdWU[SVae bWâ _~faVa ^[`WSd- I Ugefa
[Ù^g[ VWebWeS cgW ~ V[dWfS_W`fW Sfd[TghW^ y Scg[e[}|a VW g_S bdabd[WVSVW bSdS [`hWef[_W`fa- Ha
USea Va bdabd[Wfzd[a Uaèfdg[d g_S bdabd[WVSVW bSdS [`hWef[_W`fa+ Uaè[VWdS,eW Ua_a Ugefa ae \gdae
USb[fS^[lSVae Vae W_bd~ef[_ae+ a _SfWd[S^ gf[^[lSVa+ S _|a VW aTdS V[dWfS ag cgS^cgWd Ugefa
V[dWfS_W`fW Sfd[TgVa bSdS UaâUSd WeeS bdabd[WVSVW bSdS [`hWef[_W`fa W_ Ua`V[}|a VW gea
Ua`Xad_W a eWg bdab•e[fa@_ SfW`}|a Sa >J> 17+ S >a_bS`Z[S W egSe Ua`fda^SVSe dWY[efdS_ ae eZabb[`Y UW`fWde W_ abWdS}|a
W W_ VWeW`ha^h[_W`fa Ua_a bdabd[WVSVW bSdS [`hWef[_W`fa+ VSVa cgW WefWe W_bdWW`V[_W`fae
Ua_WdU[S[e e|a _S`f[Vae bSdS X[è VW SddW`VS_W`fa abWdSU[a`SÎe \gdae USb[fS^[lSVae `S >a`fda^SVadS dWXWdW_,eW Sae W_bd~ef[_ae fa_SVae bad egSe Ua^[YSVSe W
dWbSeeSVae SfdSh~e VS >a_bS`Z[S ye Ua^[YSVSe Ua_ W_bdWW`V[_W`fae W_ XSeW bd~,abWdSU[a`S^ ag
W_bdWW`V[_W`fae W_ bdaUWeea VW dWh[fS^[lS}|a.WjbSè|a+ Ua_a fS_T~_ baVW_ eW dWXWd[d Sae
W_bd~ef[_ae fa_SVae bW^Se Ua`fda^SVSe bSdS X[`SÙ[Sd ae W_bdWW`V[_W`fae W_ abWdS}|a1,/0
$,.&+/,(-0 ST PbXd]a \q] UX\P\RTX`]a
Ie Sf[hae cgW f_ g_S h[VS f[^ [`VWX[`[VS+ Ua_a a zY[a+ `|a Wef|a eg\W[fae y S_adf[lS}|a W e|a
fWefSVae S`gS^_W`fW bSdS [VW`f[X[USd WhW`fgS^ `WUWee[VSVW VW dWVg}|a Sa hSâd dWUgbWdzhW^
'=@C4=D@8AF&) Ie Sf[hae cgW Wef|a eg\W[fae y S_adf[lS}|a e|a dWh[eSVae bSdS S hWd[X[US}|a VW
=@C4=D@8AF eW_bdW cgW WhW`fae ag _gVS`}Se `Se U[dUgèf{Ù[Se [`V[USdW_ cgW a hSâd Ua`fzT[^
baVW `|a eWd dWUgbWdzhW^- O_S bWdVS bad =@C4=D@8AF ~ dWUa`ZWU[VS cgS`Va a hSâd Ua`fzT[^ Va
Sf[ha WjUWVW eWg hSâd dWUgbWdzhW^+ a cgS^ dWbdWeW`fS a _S[ad hSâd W`fdW a hSâd \gefa VW g_ Sf[ha
_Wàe eWge Ugefae VW hW`VS W a eWg hSâd W_ gea- JSdS X[è VW ShS^[S}|a Va =@C4=D@8AF+ ae Sf[hae e|a
SYdgbSVae àe `hW[e _S[e TS[jae bSdS ae cgS[e Wj[efS_ X^gjae VW US[jS [VW`f[X[UzhW[e eWbSdSVS_W`fW
'O`[VSVWe BWdSVadSe VW >S[jS 'OB>e((- Ie Sf[hae `|a X[`SÙW[dae+ WjUWfa a zY[a+ cgW fW`ZS_ e[Va
S\gefSVae bad =@C4=D@8AF+ e|a dWh[eSVae egTeWcgW`fW_W`fW bSdS S S`z^[eW VW g_S baeehW^ dWhWde|a
Va =@C4=D@8AF `S VSfS Va TS^S`}a-
1,/1
<]\bPa P ^PVP` P]a U]`\TRTS]`Ta
<e Ua`fSe S bSYSd Sae Xad`WUWVadWe e|a aTd[YS}We S bSYSd bad TWè ag eWdh[}ae cgW XadS_ SVcg[d[Vae
à Ugdea àd_S^ Vae `WY•U[ae+ eW`Va U^See[X[USVSe Ua_a bSee[hae U[dUg^S`fWe eW a bSYS_W`fa Xad
VWh[Va à bWdaVa VW Sf~ g_ Sà- >Sea Ua`fdzd[a+ Se Ua`fSe S bSYSd e|a SbdWeW`fSVSe Ua_a bSee[ha
`|a U[dUg^S`fW@^Se e|a+ [`[U[S^_W`fW+ dWUa`ZWU[VSe bWâ hSâd \gefa W+ egTeWcgW`fW_W`fW+ _WègdSVSe bWâ Ugefa
S_adf[lSVa Ua_ a gea Va _~faVa VW fSjS WXWf[hS VW \gdae-
1,/2
>[^`sabX[]a
Ie W_bd~ef[_ae e|a dWUa`ZWU[Vae+ [`[U[S^_W`fW+ bWâ hSâd \gefa+ ^cg[Va Vae Ugefae [Ùadd[Vae `S
fdSèS}|a W e|a+ egTeWcgW`fW_W`fW+ VW_aèfdSVae bWâ Ugefa S_adf[lSVa- KgS^cgWd V[XWdW`}S W`fdW
ae hSâdWe USbfSVae '^cg[Vae Vae Ugefae VS fdSèS}|a( W a hSâd fafS^ S bSYSd ~ dWUa`ZWU[VS `S
VW_aèfdS}|a Va dWeg^fSVa VgdS`fW a bWdaVa W_ cgW ae W_bd~ef[_ae WefW\S_ W_ STWdfa+ gf[^[lS`Va
a _~faVa VS fSjS WXWf[hS VW \gdaeIe W_bd~ef[_ae e|a U^See[X[USVae Ua_a bSee[ha U[dUg^S`fW+ S _Wàe cgW a Bdgba fW`ZS g_ V[dW[fa
[Ùa`V[U[a`S^ VW V[XWd[d S ^[cg[VS}|a Va bSee[ha bad+ bWâ _Wàe+ 01 _WeWe Sb•e S VSfS Va TS^S`}a-
16 de 81
Ie Ugefae VW W_bd~ef[_ae YWdS[e W WebWUX[Uae cgW e|a V[dWfS_W`fW Sfd[TghW[e y Scg[e[}|a+
Uaèfdg}|a ag bdaVg}|a VW g_ Sf[ha cgS^[X[UzhW^+ cgW ~ g_ Sf[ha cgW+ `WUWeeSd[S_W`fW+ VW_S`VS g_
bWdaVa VW fW_ba egTefSÙ[S^ bSdS X[USd bda`fa bSdS eWg gea ag hW`VS bdWfW`V[Vae+ e|a USb[fS^[lSVae
Ua_a bSdfW Va Ugefa Va Sf[ha cgS`Va Xad bdahzhW^ cgW W^We [d|a dWeg^fSd W_ TW`WXU[ae WUa`_[Uae
Xgfgdae bSdS S W`f[VSVW W cgW fS[e Ugefae baeeS_ eWd _WègdSVae Ua_ Ua`X[S`}S- ?W_S[e Ugefae VW
W_bd~ef[_ae e|a dWUa`ZWU[Vae Ua_a VWebWeS à WjWdUU[a W_ cgW e|a [Ùadd[Vae1,/3
G`]dXaxTa
<e bdah[eWe bSdS S}We \gV[U[S[e 'fdSTS^Z[efS+ UhW^ W fd[Tgfzd[S( e|a dWUa`ZWU[VSe cgS`Va9 '[( a
Bdgba fW_ g_S aTd[YS}|a bdWeW`fW ag `|a Xad_S^[lSVS %6BAEFDG6F=H8 B5?=;4F=BA& Ua_a dWeg^fSVa VW
WhW`fae \z aUadd[Vae; '[[( ~ bdahzhW^ cgW g_S eSVS VW dWUgdeae eW\S `WUWeezd[S bSdS ^[cg[VSd S
aTd[YS}|a; W '[[[( a hSâd bgVWd eWd Wef[_SVa Ua_ eWYgdS`}S- <e bdah[eWe `|a [Ù^gW_ Se bWdVSe
abWdSU[a`S[e XgfgdSeKgS`Va ZaghWd g_S e~d[W VW aTd[YS}We e[_[^SdWe+ S bdaTST[^[VSVW VW ^[cg[Vz,^Se ~ VWfWd_[`SVS
^WhS`Va,eW W_ Uaè[VWdS}|a S U^SeeW VW aTd[YS}We Ua_a g_ faVa- O_S bdah[e|a ~ dWUa`ZWU[VS
_We_a cgW S bdaTST[^[VSVW VW ^[cg[VS}|a dW^SU[a`SVS Ua_ cgS^cgWd [fW_ [`V[h[VgS^ [Ù^gVa `S
_We_S U^SeeW VW aTd[YS}We eW\S bWcgW`S<e bdah[eWe e|a _WègdSVSe bWâ hSâd bdWeW`fW Vae YSefae `WUWeezd[ae bSdS ^[cg[VSd S aTd[YS}|a+
geS`Va g_S fSjS S`fWe Vae WXW[fae fd[Tgfzd[ae+ S cgS^ dWX^[fS Se ShS^[S}We SfgS[e VW _WdUSVa Va hSâd
Va V[`ZW[da à fW_ba W Vae d[eUae WebWUX[Uae VS aTd[YS}|a- I Sg_W`fa VS aTd[YS}|a W_ VWUaddÙ[S
VS bSeeSYW_ Va fW_ba ~ dWUa`ZWU[Va Ua_a VWebWeS X[`SÙW[dS-
1,/4
<P^XbPZ a]RXPZ
<}We adV[`zd[Se e|a U^See[X[USVSe Ua_a bSfd[_`[a ^cg[Va- >gefae SV[U[a`S[e V[dWfS_W`fW
Sfd[TghW[e y W_[ee|a VW S}We W ab}We VW S}We e|a dWUa`ZWU[Vae Ua_a VWVg}|a Va bSfd[_`[a
^cg[VaKgS`Va S^Yg_S W_bdWeS Va Bdgba Ua_bdS S}We Va USb[fS^ VS >a_bS`Z[S 'S}We W_ fWeagdSd[S(+ a
hSâd bSYa+ [Ù^g[`Va cgS[ecgWd Ugefae SV[U[a`S[e V[dWfS_W`fW Sfd[TghW[e '^cg[Vae Va [_baefa VW
dW`VS(+ ~ VWVgl[Va Va bSfd[_`[a ^cg[Va Sfd[TghW^ Sae SU[a`[efSe VS >a_bS`Z[S Sf~ cgW Se S}We
eW\S_ USÙW^SVSe ag dWW_[f[VSe- KgS`Va WeeSe S}We e|a egTeWcgW`fW_W`fW dWW_[f[VSe+ cgS^cgWd
hSâd dWUWT[Va+ ^cg[Va VW cgS[ecgWd Ugefae SV[U[a`S[e VS fdSèS}|a V[dWfS_W`fW Sfd[TghW[e W Vae
dWebWUf[hae WXW[fae Va [_baefa VW dW`VS W VS Ua`fd[Tg[}|a eaU[S^+ ~ [Ù^gVa à bSfd[_`[a ^cg[Va
Sfd[TghW^ Sae SU[a`[efSe VS >a_bS`Z[S-
1,/5
;T\TUuRX]a P T[^`TVPS]a
ITd[YS}We VW TW`WXU[ae S W_bdWYSVae e|a _WègdSVSe W_ g_S TSeW `|a VWeUa`fSVS W e|a
[Ùadd[VSe Ua_a VWebWeSe Ua`Xad_W a eWdh[}a dW^SU[a`SVa eW\S bdWefSVaI bSee[ha ~ dWUa`ZWU[Va bWâ hSâd WebWdSVa S eWd bSYa eaT ae b^Sàe VW Ta`[X[US}|a W_ V[`ZW[da ag
bSdf[U[bS}|a àe ^gUdae VW Ugdfa bdSla eW S >a_bS`Z[S fW_ g_S aTd[YS}|a ^WYS^ ag Uaèfdgf[hS VW
bSYSd WeeW hSâd W_ Xg`}|a VW eWdh[}a bSeeSVa bdWefSVa bWâ W_bdWYSVa+ W S aTd[YS}|a baeeS eWd
Wef[_SVS VW _S`W[dS Ua`X[zhW^-
&P'
IT[c\T`Prq] R][ QPaT T[ PrxTa
I Bdgba abWdS g_S e~d[W VW b^Sàe VW dW_g`WdS}|a Ua_ TSeW W_ S}We+ ^[cg[VSVae Ua_ S}We+
eWYg`Va ae cgS[e S W`f[VSVW dWUWTW ae eWdh[}ae Vae W_bdWYSVae Ua_a Ua`fdSbdWefS}|a bad
[èfdg_W`fae VW bSfd[_`[a ^cg[Va 'ab}We( Va Bdgba17 de 81
I hSâd \gefa VW TW`WXU[ae VW bSYS_W`fa TSeWSVa W_ S}We ~ dWUa`ZWU[Va `S VSfS VW agfadYS+ Ua_a
VWebWeSe VW bWeeaS^+ Ua_ g_ UaddWeba`VW`fW Sg_W`fa à bSfd[_`[a ^cg[Va+ bWâ bWdaVa W_ cgW
ae W_bdWYSVae SVcg[dW_ [Ùa`V[U[a`S^_W`fW a V[dW[fa Sae TW`WXU[ae- I hSâd dWUa`ZWU[Va Ua_a
VWebWeS ~ S\gefSVa bSdS dWX^Wf[d a `_Wda VW S}We bSdS a cgS^ Wj[efW S WjbWUfSf[hS VW cgW Se
Ua`V[}We Va eWdh[}a W Ua`V[}We VW Scg[e[}|a `|a VW _WdUSVa eWd|a SfW`V[VSe+ VW fS^ Xad_S cgW a
hSâd X[`S^_W`fW dWUa`ZWU[Va Ua_a VWebWeS eW\S TSeWSVa à `_Wda VW S}We cgW dWS^_W`fW
SfW`VW_ ye Ua`V[}We Va eWdh[}a W Ua`V[}We VW Scg[e[}|a `|a VW _WdUSVa `S VSfS W_ cgW ae V[dW[fae
Sa bSYS_W`fa e|a SVcg[d[Vae 'H8EF=A; 74F8(- JSdS TW`WXU[ae VW bSYS_W`fa TSeWSVae W_ S}We Ua_
Ua`V[}|a `|a SVcg[d[VS 'ABA(H8EF=A;(+ a hSâd \gefa `S VSfS VW agfadYS Va bSYS_W`fa TSeWSVa W_
S}We ~ _WV[Va bSdS dWX^Wf[d fS[e Ua`V[}We W `|a Zz _aV[X[US}|a bSdS V[XWdW`}Se W`fdW ae TW`WXU[ae
WebWdSVae W dWS[eIe hSâdWe dWUWT[Vae+ ^cg[Vae VW cgS[ecgWd Ugefae VW fdSèS}|a V[dWfS_W`fW Sfd[TghW[e+ e|a
UdWV[fSVae à USb[fS^ eaU[S^ 'hSâd à_[`S^( W `S dWeWdhS VW zY[a+ eW Sb^[UzhW^+ cgS`Va Se ab}We e|a
WjWdU[VSe<e Ua`fd[Tg[}We eaU[S[e S bSYSd W_ Ua`Wj|a Ua_ S UaÙWee|a VSe ab}We VW S}We e|a Uaè[VWdSVSe
bSdfW [`fWYdS`fW VS bd•bd[S UaÙWee|a+ W S UaTdS`}S eWdz fdSfSVS Ua_a g_S fdSèS}|a ^[cg[VSVS W_
V[`ZW[da&Q'
GP`bXRX^Prq] \]a ZcR`]a
I Bdgba dWUa`ZWUW g_ bSee[ha W g_S VWebWeS VW bSdf[U[bS}|a àe dWeg^fSVae Ua_ TSeW W_
_WfaVaâY[S+ cgW ^WhS W_ Ua`fS a ^gUda Sfd[TgVa Sae SU[a`[efSe VS >a_bS`Z[S Sbe UWdfae S\gefWe- I
Bdgba dWUa`ZWUW g_S bdah[e|a cgS`Va Wef[hWd Ua`fdSfgS^_W`fW aTd[YSVa ag cgS`Va ZaghWd g_S
bdzf[US S`fWd[ad cgW fW`ZS YWdSVa g_S aTd[YS}|a `|a Xad_S^[lSVS '6BAFDG6F=H8 B5?=;4F=BA(-
1,/6
B[^]ab] ST `T\SP T R]\b`XQcXrq] a]RXPZ
I D_baefa VW LW`VS W S >a`fd[Tg[}|a MaU[S^ Va WjWdUU[a UaddW`fW W V[XWd[Va e|a USÛg^SVae Ua_ TSeW
`Se S^cgafSe VW 04$+ SUdWeU[VSe Va SV[U[a`S^ VW 0/$ eaTdW a ^gUda fd[TgfzhW^ WjUWVW`fW VW L# 13/
bSdS [_baefa VW dW`VS W 8$ eaTdW a ^gUda fd[TgfzhW^ bSdS Ua`fd[Tg[}|a eaU[S^ eaTdW a ^gUda ^cg[Va+ W
Uaè[VWdS_ S Ua_bWèS}|a VW bdW\glae X[eUS[e W TSeW `WYSf[hS VW Ua`fd[Tg[}|a eaU[S^+ ^[_[fSVS S
2/$ Va ^gUda dWS^- < VWebWeS Ua_ [_baefa VW dW`VS W Ua`fd[Tg[}|a eaU[S^ Ua_bdWW`VW ae [_baefae VW
dW`VS UaddW`fWe W V[XWd[Vae- I [_baefa UaddW`fW W a [_baefa V[XWd[Va e|a dWUa`ZWU[Vae à dWeg^fSVa S
_Wàe cgW WefW\S_ dW^SU[a`SVae S Ua_T[`S}|a VW `WY•U[ae+ ag [fWè V[dWfS_W`fW dWUa`ZWU[Vae à
bSfd[_`[a ^cg[Va ag W_ agfdae dWeg^fSVae STdS`YW`fWeJSdS Se eaU[WVSVWe cgW abfSdS_ bWâ dWY[_W VW ^gUda bdWeg_[Va+ S TSeW VW UzÛgâ Va [_baefa VW
dW`VS W VS Ua`fd[Tg[}|a eaU[S^ VSd,eW VS eWYg[`fW Xad_S9 21$ bSdS S dWUW[fS bdahW`[W`fW VW S^gYg~[e W
bdWefS}|a VW eWdh[}ae+ W 0//$ bSdS Se VW_S[e dWUW[fSe+ [Ù^g[`Va Se dWUW[fSe X[`SÙW[dSe W YS`Za eaTdW
S^[W`S}|a VW Sf[hae `|a U[dUg^S`fWe; eaTdW WeeSe TSeWe Sb^[US,eW S S^cgafS VW 04$ bSdS a [_baefa VW
dW`VS+ SUdWeU[VS VW SV[U[a`S^ VW 0/$ 'eaTdW S bSdUW^S cgW WjUWVWd L# 5/ Va ^gUda bdWeg_[Va bad
fd[_WefdW( W 8$ bSdS S >a`fd[Tg[}|a eaU[S^ eaTdW a ^gUda ^cg[VaI [_baefa UaddW`fW ~ a [_baefa S bSYSd ag S dWUWTWd WebWdSVa eaTdW a ^gUda ag bdW\gla fd[TgfzhW^ Va
WjWdUU[a+ Ua_ TSeW `Se S^cgafSe W_ h[Yad `S VSfS Va TS^S`}a W cgS^cgWd S\gefW Sae [_baefae S bSYSd
Ua_ dW^S}|a Sae WjWdUU[ae S`fWd[adWeI [_baefa V[XWd[Va ~ dWUa`ZWU[Va Ua_ dW^S}|a ye V[XWdW`}Se fW_badzd[Se W`fdW ae hSâdWe Ua`fzTW[e
VW Sf[hae W bSee[hae bSdS X[è Ua`fzTW[e W ae UaddWeba`VW`fWe hSâdWe geSVae bSdS X[è VW fd[TgfS}|aI [_baefa V[XWd[Va `|a ~ dWUa`ZWU[Va bSdS Se eWYg[`fWe V[XWdW`}Se fW_badzd[Se9 a dWUa`ZWU[_W`fa
[`[U[S^ VW Sf[hae W bSee[hae W_ g_S fdSèS}|a cgW `|a eW\S Ua_T[`S}|a VW `WY•U[ae W cgW `|a SXWfW
`W_ S Ua`fST[^[VSVW fS_bagUa a ^gUda ag bdW\gla fd[TgfzhW^+ W V[XWdW`}Se dW^SU[a`SVSe S
[`hWef[_W`fae W_ egTe[V[zd[Se W W`f[VSVWe Ua`fda^SVSe cgS`Va eW\S bdahzhW^ cgW W^Se `|a dWhWdfS_
18 de 81
`g_ Xgfgda bdWh[ehW^- <^~_ V[eea+ [_baefa V[XWd[Va `|a ~ dWUa`ZWU[Va bSdS V[XWdW`}Se fW_badzd[Se
fd[TgfzhW[e dWeg^fS`fWe à dWUa`ZWU[_W`fa [`[U[S^ VW zY[a- I [_baefa V[XWd[Va ~ _WègdSVa bW^Se
S^cgafSe cgW eW WebWdS eWdW_ Sb^[USVSe ye V[XWdW`}Se fW_badzd[Se cgS`Va W^Se dWhWdfW_+ TSeWS`Va,
eW `Se ^W[e W_ h[Yad ag egTefS`f[hS_W`fW W_ h[Yad `S VSfS Va TS^S`}aIe Sf[hae W bSee[hae X[eUS[e V[XWd[Vae e|a Ua_bWèSVae USea ZS\S g_ V[dW[fa ^WYS^ VW Ua_bWèSd
bSee[hae W Sf[hae X[eUS[e UaddW`fWe+ W W^We eW dW^SU[a`S_ S [_baefae VW dW`VS ^S`}SVae bW^S _We_S
Sgfad[VSVW fd[Tgfzd[S eaTdW S _We_S W`f[VSVW eg\W[fS y fd[TgfS}|aO_ Sf[ha VW [_baefa VW dW`VS W Ua`fd[Tg[}|a eaU[S^ V[XWd[Va ~ dWUa`ZWU[Va bad bWdVSe X[eUS[e+
Ud~V[fae X[eUS[e W V[XWdW`}Se fW_badzd[Se VWVgfhW[e `|a gf[^[lSVSe cgS`Va ~ bdahzhW^ cgW ^gUdae
Xgfgdae eg\W[fae y fd[TgfS}|a WefSd|a V[eba`hW[e W Ua`fdS ae cgS[e eWd|a gf[^[lSVae<f[hae VW [_baefa VW dW`VS W Ua`fd[Tg[}|a eaU[S^ V[XWd[Va e|a dWh[eSVae S USVS VSfS VW dW^Sf•d[a W
eWd|a dWVgl[Vae `S _WV[VS W_ cgW egS dWS^[lS}|a `|a eW\S _S[e bdahzhW^1,/7
ITR]\WTRX[T\b] ST `TRTXbPa
< dWUW[fS Ua_bdWW`VW a hSâd \gefa VS Ua`fdSbdWefS}|a dWUWT[VS ag S dWUWTWd bWâ S^gYgW^ W bW^S
bdWefS}|a VW eWdh[}ae à Ugdea àd_S^ VSe Sf[h[VSVWe VS >a_bS`Z[S- < dWUW[fS ~ SbdWeW`fSVS ^cg[VS
Vae [_baefae+ Vae STSf[_W`fae W Vae VWeUa`fae+ TW_ Ua_a+ `Se VW_aèfdS}We X[`SÙW[dSe
Uaèa^[VSVSe+ VSe W^[_[`S}We VSe bdWefS}We VW eWdh[}ae W`fdW W_bdWeSe Va Bdgba< >a_bS`Z[S dWUa`ZWUW S dWUW[fS cgS`Va a hSâd VS dWUW[fS baVW eWd _WègdSVa Ua_ eWYgdS`}S+ ~
bdahzhW^ cgW TW`WXU[ae WUa`_[Uae Xgfgdae X^g[d|a bSdS S W`f[VSVW W cgS`Va Ud[f~d[ae WebWUX[Uae
f[hWdW_ e[Va SfW`V[Vae bSdS USVS g_S VSe Sf[h[VSVWe VS >a_bS`Z[S+ Ua`Xad_W VWeUd[}|a S eWYg[d- <
>a_bS`Z[S TSeW[S egSe Wef[_Sf[hSe W_ dWeg^fSVae Z[ef•d[Uae+ ^WhS`Va W_ Uaè[VWdS}|a a f[ba VW
U^[W`fW+ a f[ba VW fdSèS}|a W Se WebWU[X[US}We VW USVS eWdh[}a'
MWdh[}ae
< dWUW[fS VW eWdh[}ae bdWefSVae ~ dWUa`ZWU[VS à dWeg^fSVa Ua_ TSeW à WefzY[a VW UaÙ^ge|a Va
eWdh[}a `S VSfS VW SbdWeW`fS}|a VSe VW_aèfdS}We X[`SÙW[dSe'
LWUW[fS VW S^gYgW^
< dWUW[fS VW S^gYgW^ VW bdabd[WVSVW bSdS [`hWef[_W`fa ~ dWUa`ZWU[VS à dWeg^fSVa bWâ _~faVa ^[`WSd
bWâ bdSla Ua`fdSfgS^ Va SddW`VS_W`fa- DÙW`f[hae VW SddW`VS_W`fa UaÙWV[Vae e|a dWUa`ZWU[Vae
Ua_a bSdfW [`fWYdS^ VS dWUW[fS fafS^ VW S^gYg~[e+ bWâ bWdaVa Va SddW`VS_W`fa'
LWUW[fSe X[`SÙW[dSe
<e dWUW[fSe X[`SÙW[dSe STdS`YW_ dWUW[fSe VW \gdae eaTdW Sb^[US}We X[`SÙW[dSe+ hSd[S}We à hSâd
\gefa VW Sf[hae X[`SÙW[dae _WègdSVae bWâ hSâd \gefa bad _W[a Va dWeg^fSVa '[Ù^g[`Va VWd[hSf[hae(
W YS`Zae àe [èfdg_W`fae X[`SÙW[dae VWd[hSf[hae- < dWUW[fS VW \gdae ~ dWUa`ZWU[VS à dWeg^fSVa+
SfdSh~e Va _~faVa Vae \gdae WXWf[hae1,0.
=Xab`XQcXrq] ST SXdXST\S]a
< V[efd[Tg[}|a VW V[h[VW`Vae bSdS ae SU[a`[efSe VS >a_bS`Z[S ~ dWUa`ZWU[VS Ua_a g_ bSee[ha `Se
VW_aèfdS}We X[`SÙW[dSe Va Bdgba Sa X[`S^ Va WjWdUU[a+ Ua_ TSeW à WefSfgfa eaU[S^ VS
>a_bS`Z[S- KgS^cgWd hSâd SU[_S Va _`[_a aTd[YSfd[a ea_W`fW ~ bdah[e[a`SVa `S VSfS W_ cgW
e|a SbdahSVae W_ <eeW_T^W[S BWdS^-
19 de 81
1,0/
ITR][^`P ST PrxTa &PrxTa T[ bTa]c`P`XP'
KgS`Va S}We dWUa`ZWU[VSe Ua_a bSfd[_`[a ^cg[Va e|a dWUa_bdSVSe+ a hSâd VS Ua`fdSbdWefS}|a
bSYS+ a cgS^ [Ù^g[ cgS[ecgWd Ugefae V[dWfS_W`fW Sfd[TghW[e ~ dWUa`ZWU[Va Ua_a g_S VWVg}|a Va
bSfd[_`[a ^cg[Va- <e S}We dWUa_bdSVSe e|a U^See[X[USVSe Ua_a S}We W_ fWeagdSd[S W SbdWeW`fSVSe
Ua_a VWVg}|a Va bSfd[_`[a ^cg[Va- KgS`Va Se S}We W_ fWeagdSd[S e|a hW`V[VSe ag dWW_[f[VSe
egTeWcgW`fW_W`fW+ a hSâd dWUWT[Va ~ dWUa`ZWU[Va Ua_a g_ Sg_W`fa à bSfd[_`[a ^cg[Va+ W a
YS`Za ag bWdVS dWeg^fS`fW VS fdSèS}|a ~ SbdWeW`fSVa Ua_a dWeWdhS VW USb[fS^-
1,00
CcR`] ^]` Prq]
I ^gUda bad S}|a Tze[Ua ~ USÛg^SVa bad _W[a Va dWeg^fSVa Va WjWdUU[a Sfd[TghW^ Sae SU[a`[efSe
Ua`fda^SVadWe VS >a_bS`Z[S W S _~V[S ba`VWdSVS VSe S}We adV[`zd[Se W_ U[dUg^S}|a à dWebWUf[ha
WjWdUU[a- I dWeg^fSVa bad S}|a V[^gVa ~ USÛg^SVa bad _W[a VS dWXWd[VS _~V[S VSe S}We W_
U[dUg^S}|a+ S\gefSVS bWâe [èfdg_W`fae bafWÙ[S^_W`fW Ua`hWdehW[e W_ S}We+ Ua_ WXW[fa V[^g[Vad+
àe WjWdUU[ae SbdWeW`fSVae+ àe fWd_ae Va >J> 30.D<M 22-
1,01
E]`[Pa \]dPa T X\bT`^`TbPrxTa ST \]`[Pa
_cT PX\SP \q] Tabq] T[ dXV]`
<e S^fWdS}We VSe àd_Se Wj[efW`fWe S eWYg[d XadS_ bgT^[USVSe W eWd|a aTd[YSfd[Se bSdS bWdaVae
Ua`fzTW[e egTeWcgW`fWe+ ag eW\S+ S bSdf[d VW 0u VW \S`W[da VW 1/05- H|a ZaghW SVa}|a S`fWU[bSVS
VWeeSe àd_Se W S^fWdS}We VW àd_Se bad bSdfW Va BdgbaE]`[P
MXVt\RXP
DALM 8 ,
Dèfdg_W`fae
A[`SÙW[dae
0u VW \S`W[da VW
1/07
DALM 04 ~ LWUW[fS
VW Ua`fdSfae Ua_
U^[W`fWe
0u VW \S`W[da VW
1/07
DALM 05 ~ FWSeWe
0u VW \S`W[da VW 1/08
20 de 81
G`X\RX^PXa
^]\b]a
X\b`]ScgXS]a ^TZP \]`[P
< bd[Ù[bS^ S^fWdS}|a dWXWdW,
eW Sae USeae a`VW a hSâd
\gefa Vae bSee[hae
X[`SÙW[dae USÛg^SVa VWhW
eWd eWYdWYSVa VW Xad_S cgW S
bSdfW dW^Sf[hS Sa hSâd \gefa
UaddWeba`VW`fW Sa d[eUa VW
Ud~V[fa VS bd•bd[S W`f[VSVW
eW\S dWUa`ZWU[VS W_ "Igfdae
dWeg^fSVae STdS`YW`fWe" W
`|a à dWeg^fSVa Va bWdaVa@eeS àhS àd_S fdSl ae
bd[Ùb[ae cgW g_S W`f[VSVW
Sb^[USdz bSdS VWfWd_[`Sd S
_WègdS}|a VS dWUW[fS W
cgS`Va W^S VWhWdz eWd
dWUa`ZWU[VS@eeS àd_S egTef[fg[ S
àd_S S`fWd[ad VW
SddW`VS_W`fa _WdUS`f[^+
D<M 06.>J> /5 'L0( ,
IbWdS}We VW <ddW`VS_W`fa
GWdUS`f[^+ W
[`fWdbdWfS}We dW^SU[a`SVSe+
W WefSTW^WUW ae
bd[Ùb[ae bSdS a
dWUa`ZWU[_W`fa+
_WègdS}|a+
B[^PRb]a
SP
PS]rq]
< <V_[`[efdS}|a Wefz
ShS^[S`Va a [_bSUfa
fafS^ VW egS SVa}|a-
ShS^[S`Va ae [_bSUfae
VW egS SVa}|a-
ShS^[S`Va ae [_bSUfae
VW egS SVa}|a-
E]`[P
1,02
MXVt\RXP
G`X\RX^PXa
^]\b]a
X\b`]ScgXS]a ^TZP \]`[P
SbdWeW`fS}|a W V[hg^YS}|a VW
SddW`VS_W`fae
bSdS S_TSe Se bSdfWe VW g_
Ua`fdSfa+ ag eW\S+
ae U^[W`fWe 'SddW`VSfzd[ae( W
ae Xad`WUWVadWe
'SddW`VSVadWe(- Ie
SddW`VSfzd[ae e|a
dWcgWd[Vae S dWUa`ZWUWd g_
bSee[ha VW
SddW`VS_W`fa dWX^Wf[`Va
Xgfgdae bSYS_W`fae
Va SddW`VS_W`fa W g_
"V[dW[fa VW gea VW g_
Sf[ha" bSdS bdSf[US_W`fW
faVae ae Ua`fdSfae VW
SddW`VS_W`fa+ Ua_ WjUW}|a
VW UWdfae
SddW`VS_W`fae VW Ugdfa
bdSla W Ua`fdSfae VW
Sf[hae VW TS[ja hSâd- JSdS ae
SddW`VSVadWe+ a
fdSfS_W`fa Ua`fzT[^
bWd_S`WUW bdSf[US_W`fW a
_We_a+ Ua_ S U^See[X[US}|a
Vae SddW`VS_W`fae
Ua_a SddW`VS_W`fae
abWdSU[a`S[e ag
SddW`VS_W`fae X[`SÙW[dae+
W S Ua`fST[^[lS}|a
VWeeWe Va[e f[bae VW
Ua`fdSfae VW SddW`VS_W`fa
VW Xad_S V[XWdW`fW-
B[^PRb]a
PS]rq]
SP
>abX[PbXdPa T YcZVP[T\b]a R]\bpQTXa RùbXR]a
<e Wef[_Sf[hSe W ae \g^YS_W`fae Ua`fzTW[e e|a Ua`f[`gS_W`fW ShS^[SVae W TSeW[S_,eW `S WjbWd[•Ù[S
Z[ef•d[US W W_ agfdae XSfadWe+ [Ù^g[`Va WjbWUfSf[hSe VW WhW`fae Xgfgdae+ Uaè[VWdSVSe dSlazhW[e bSdS
Se U[dUgèf{Ù[Se-
&P'
GT`SP &+,.&+/,(-0' S] pVX]
<`gS^_W`fW+ a Bdgba fWefS WhW`fgS[e bWdVSe '=@C4=D@8AF( à zY[a+ VW SUadVa Ua_ S ba^f[US Ua`fzT[^
SbdWeW`fSVS `S HafS 2-01- Ie hSâdWe dWUgbWdzhW[e VW O`[VSVWe BWdSVadSe VW >S[jS 'OB>e( XadS_
VWfWd_[`SVae Ua_ TSeW W_ UzÛgâe Va hSâd VW _WdUSVa+ WXWfgSVae Ua_ TSeW W_ Wef[_Sf[hSe
V[hg^YSVSe `S àfS Wjb^[USf[hS 01-
&Q'
MPZ]` Ycab] ST ST`XdPbXd]a T ]cb`]a
X\ab`c[T\b]a UX\P\RTX`]a
I hSâd \gefa VW [èfdg_W`fae X[`SÙW[dae cgW `|a e|a `WYaU[SVae W_ _WdUSVae Sf[hae ~ VWfWd_[`SVa
_WV[S`fW a gea VW f~U`[USe VW ShS^[S}|a- I Bdgba geS eWg \g^YS_W`fa bSdS WeUa^ZWd V[hWdeae
21 de 81
_~faVae W VWX[`[d bdW_[eeSe cgW eW TSeW[S_ bd[Ù[bS^_W`fW `Se Ua`V[}We VW _WdUSVa Wj[efW`fWe `S
VSfS Va TS^S`}a&R'
G`]dXaxTa ^P`P `XaR]a b`XQcbp`X]a* RudTXa* b`PQPZWXabPa
<e bdah[eWe e|a Uaèf[fgVSe bSdS faVSe Se Ua`f[`YÙ[Se dWXWdW`fWe S bdaUWeeae \gV[U[S[e Ug\S
baee[T[^[VSVW VW bWdVS eW\S Uaè[VWdSVS bdahzhW^ bWâe Uaèg^fadWe \gdV[Uae< >a_bS`Z[S dWh[eS bWd[aV[US_W`fW ae hSâdWe bdah[e[a`SVae W USea [VW`f[X[cgW S^fWdS}We
bdaUWeegS[e+ fS[e Ua_a _gVS`}S VW bdaYèf[Ua+ bdSla VW bdWeUd[}|a Sb^[UzhW^+ UaÙ^geWe VW
[èbW}We X[eUS[e ag Wjbae[}We SV[U[a`S[e [VW`f[X[USVSe Ua_ TSeW W_ àhae XSfae ag VWU[eWe VW
fd[Tg`S[e+ Se _We_Se e|a S\gefSVSe-
2
ITP^`TaT\bPrq] SPa RXU`Pa R][^P`PbXdPa
@_ 1/04+ XadS_ [VW`f[X[USVae S\gefWe VW WjWdUU[ae S`fWd[adWe+ dW^SU[a`SVae S [`fWdbdWfS}|a Va
IAw>DI,>DL>OF<L.>PG.MH>.M@J.`-u /0.1/05+ W_[f[Va bW^S >PG W_ 07 VW XWhWdW[da VW 1/05+ `S
fdSèS}|a VW hW`VS VWeUd[fS S eWYg[d@_ 1/03 Xa[ dWS^[lSVS S S^[W`S}|a VSe S}We VS ?WYSe+ W_bdWeS cgW VWf[`ZS S bdabd[WVSVW Va
=ag^WhSdV >adbadSfW NaiWd 'a @_bdWW`V[_W`fa(+ bSdS a >N=C Ag`Va VW D`hWef[_W`fae
D_aT[^[zd[ae '>a_bdSVad(+ cgW Xa[ dWUa`ZWU[VS Ua_a g_S hW`VS WXWf[hS VW Sf[ha+ Ua`Xad_W S
VaUg_W`fS}|a X[d_SVS y ~baUS< Ua`fST[^[lS}|a TSeWag,eW `S [`fWdbdWfS}|a VSe àd_Se Ua`fzTW[e h[YW`fWe `ScgW^W _a_W`fa- Ha
W`fS`fa+ a IAw>DI,>DL>OF<L SU[_S _WÙ[a`SVa YWdag _SdYW_ bSdS S [`fWdbdWfS}|a VW cgW+ `S
egS Wee•Ù[S+ S hW`VS baVWd[S `|a fWd e[Va WXWf[hS_W`fW UaÙdWf[lSVS- ?WefS Xad_S+ S abWdS}|a , cgW
Xad_S^ W ^WYS^_W`fW ~ g_S hW`VS , VWhWd[S eWd Ua`fST[^[lSVS Ua_a g_S aTd[YS}|a+ W_ Ua`fdSbSdf[VS
VW Jdabd[WVSVWe bSdS [`hWef[_W`fa , faddW Ua_WdU[S^HWefS fdSèS}|a S <^[SèUW bWd_S`WUW WjbaefS S g_ S\gefW VW bdW}a Xgfgda+ cgW baVWdz e[Y`[X[USd g_
VWeW_Taêa ag g_ dWUWT[_W`fa+ eW W cgS`Va a Ua_bdSVad h[Wd S hW`VWd a [_•hW^- @efW S\gefW eWdz
S V[XWdW`}S W`fdW a hSâd VS hW`VS XgfgdS VWefW Sf[ha+ cgS`Va WefS aUaddWd+ W a PSâd <^ha 'cgW ~ a
hSâd dWUWT[Va W_ 1/03 Uadd[Y[Va bad >?D* 1+/$ S-S- VWVgl[VSe Se V[efd[Tg[}We dWS^[lSVSe VWeVW S
Ua_bdS(- HWeeW eW`f[Va+ a dWeg^fSVa X[`S^ VWeeS abWdS}|a ea_W`fW aUaddWdz cgS`Va a hSâd VS dWUW[fS
baeeS eWd _WègdSVa Ua_ Ua`X[ST[^[VSVW bW^S >a_bS`Z[S _WV[S`fW S dWS^[lS}|a VS hW`VS Va
@_bdWW`V[_W`fa S fWdUW[dae bWâ >a_bdSVadI @_bdWW`V[_W`fa Wefz Ua`fST[^[lSVa S Ugefa Ua_a Jdabd[WVSVWe bSdS [`hWef[_W`fa , faddW
Ua_WdU[S^ 'HafS 00(- Jad agfda ^SVa+ a PSâd <^ha Xa[ [Ù^gVa `S dgTd[US VW "ITd[YS}We dW^SU[a`SVSe
S Jdabd[WVSVWe bSdS [`hWef[_W`fa , faddW Ua_WdU[S^" 'HafS 00(- @efW _a`fS`fW dWXWdWÙ[Sdz eW S
>a_bS`Z[S fWdz g_S aTd[YS}|a ag g_ V[dW[fa+ eW W cgS`Va a @_bdWW`V[_W`fa Xad hW`V[Va< >a_bS`Z[S `|a fW_ YWd•Ù[S eaTdW S hW`VS VWefW Sf[ha+ cgW baVWdz 'ag `|a( eWd hW`V[Va bWâ
>a_bdSVad- >Sea a hSâd VS hW`VS eW\S egbWd[ad Sa PSâd <^ha+ S <^[SèUW fWdz bSdf[U[bS}|a `WefW
YS`Za W USea eW\S [`XWd[ad+ S >a_bS`Z[S eWdz dWebaèzhW^ bWâ bSYS_W`fa VS V[XWdW`}S Sa
>a_bdSVad- @_TadS S dWUa_bdS Va @_bdWW`V[_W`fa `|a UaèfW VS WefdSf~Y[S VW `WY•U[ae VS
>a_bS`Z[S+ a Ua`fdSfa bdWh• a V[dW[fa VW bdWXWd•Ù[SI [_bSUfa à dWeg^fSVa dWXWdW`fW Sa WjWdUU[a VW 1/03 ~ VW L# 07-466- < dWXWd[VS dWf[X[US}|a SXWfag
TS^S`}a bSfd[_a`[S^+ VW_aèfdS}We Va dWeg^fSVa+ Va dWeg^fSVa STdS`YW`fW W Vae X^gjae VW US[jS+
Ua`Xad_W VWfS^ZSVa STS[ja- ?WefS Xad_S+ Se VW_aèfdS}We X[`SÙW[dSe [`V[h[VgS[e W Uaèa^[VSVSe
VW 20 VW VWlW_Tda VW 1/03+ SbdWeW`fSVSe bSdS X[è VW Ua_bSdS}|a+ XadS_ S\gefSVSe W Wef|a eW`Va
dWSbdWeW`fSVSe22 de 81
;PZP\r] ^Pb`X[]\XPZ
Divulgado
Ajuste
Aliansce
Alterado
Divulgado
Ajuste
Alterado
Ativo
Circulante
484.775
484.775
324.402
324.402
Não circulante
IR e CSLL ativos diferidos
Investimentos
Propriedades para investimento k torre
comercial
Outros ativos não circulantes
Total do ativo
280.183
280.183
171.900
678
9.869
10.547
1.932.852
171.517
2.104.369
171.900
3.288.961
3.288.961
150.034
150.034
3.569.144
171.900
3.741.044
2.083.564
181.386
2.264.950
4.053.919
171.900
4.225.819
2.407.966
181.386
2.589.352
Divulgado
Ajuste
Aliansce
Alterado
Divulgado
Ajuste
Alterado
Passivo
Circulante
Outros passivos circulantes
28.189
84
28.273
4.223
4.223
256.063
97.592
97.592
84
284.336
101.815
101.815
199.963
199.963
256.063
284.252
Não circulante
Obrigações relacionadas a Propriedades para
investimento - torre comercial
IR e CSLL passivos diferidos
Outros passivos não circulantes
51.392
(9.570)
1.817.009
1.868.401
190.393
199.963
199.963
41.822
1.817.009
536.497
2.058.794
536.497
1.367.977
1.367.977
536.497
199.963
736.460
Patrimônio líquido
Capital social
23 de 81
1.367.977
1.367.977
Gastos com emissões de ações
(43.714)
(43.714)
(43.714)
(43.714)
Reserva de capital
17.673
17.673
17.673
17.673
Reserva de lucros
381.430
362.853
381.430
46.288
46.288
1.751.077
1.769.654
(18.577)
1.751.077
Ajuste de avaliação patrimonial
(18.577)
46.288
Patrimônio líquido atribuível aos controladores
1.769.654
Participação de não controladores
(18.577)
131.612
(18.577)
362.853
46.288
131.612
Total do Patrimônio líquido
1.901.266
(18.577)
1.882.689
1.769.654
(18.577)
1.751.077
Total do passivo e do patrimônio líquido
4.053.919
171.900
4.225.819
2.407.966
181.386
2.589.352
=T[]\ab`Prq] S] ITacZbPS]
Divulgado
Receita líquida de aluguel e serviços
Ajuste
Aliansce
Alterado
Divulgado
Ajuste
Alterado
473.895
473.895
105.461
105.461
(127.683)
(127.683)
(64.720)
(64.720)
Lucro bruto
346.212
346.212
40.741
40.741
Receitas/(Despesas)
Despesas com vendas, administrativas
e gerais
(72.070)
(72.070)
(59.441)
(59.441)
72.277
72.277
162.213
581
162.794
64.945
79.267
(7.989)
71.278
65.152
182.039
(258.752)
(70.716)
29.947
29.947
25.362
25.362
(207.767)
(228.805)
(45.354)
(66.392)
210.706
182.559
177.426
148.980
Custo de aluguéis e serviços
Resultado da equivalência patrimonial
Outras receitas (despesas)
operacionais
72.054
(7.109)
72.261
174.631
Resultado financeiro
Despesas financeiras
Lucro líquido antes dos impostos
Imposto de renda e contribuição social
total
24 de 81
(237.714)
(21.038)
(21.038)
(91.754)
(23.424)
9.570
(13.854)
(3.343)
9.869
6.526
187.282
(18.577)
168.705
174.083
(18.577)
155.506
Lucro atribuível aos:
Acionistas controladores
Acionistas não controladores
174.083
(18.577)
155.506
13.199
174.083
(18.577)
155.506
13.199
187.282
(18.577)
168.705
174.083
(18.577)
155.506
Lucro líquido por ação - básico (em
R$)
0,8615
0,1163
0,9778
0,8615
0,1163
0,9778
Lucro líquido por ação - diluído (em
R$)
0,8280
0,1060
0,9340
0,8280
0,1060
0,9340
Demonstração do resultado abrangente
Divulgado
Outros resultados abrangentes:
Variação sobre Instrumentos finaceiros derivativos Hedge Accounting
Resultado abrangente total
25 de 81
187.282
Ajuste
(18.577)
(3.275)
184.007
(18.577)
Aliansce
Alterado
Divulgado
168.705
174.083
(3.275)
(3.275)
165.430
170.808
Ajuste
(18.577)
Alterado
155.506
(3.275)
(18.577)
152.231
Demonstração do fluxo de caixa
Divulgado
Ajuste
Alterado
Aliansce
Divulgado
Ajuste
Alterado
Atividades operacionais
Ajustes ao lucro líquido decorrentes de:
Aluguel linear
Ganho de equivalência patrimonial
Apropriação de juros/ variações
monetárias sobre operações
financeiras
Outros ajustes ao lucro líquido
Ganho de capital na venda de
participação
Imposto de renda e contribuição
social diferidos
174.083
(18.577)
155.506
174.083
(698)
(2.895)
(3.593)
(193)
(72.277)
(162.213)
(581)
(162.794)
253.781
68.341
21.057
89.398
59.631
(16.582)
(72.277)
232.724
21.057
59.631
(18.577)
155.506
(193)
(16.582)
(383)
(383)
4.155
(8.775)
(4.620)
3.343
(9.869)
(6.526)
397.618
(9.190)
388.428
66.779
(8.353)
58.426
(18.056)
(6.708)
(6.708)
84
51.960
2.956
2.956
1.931
1.931
(795)
(16.963)
(22.629)
(22.629)
(5.199)
717
717
31.729
(18.956)
(18.956)
(52.021)
(2.099)
(2.099)
(7.970)
350.080
39.016
(8.353)
30.663
(1.000)
(1.000)
(170.900)
132.314
303.214
(170.900)
132.314
(2.409)
(2.409)
(144.120)
(617)
(144.737)
(405.707)
(405.707)
(138.673)
20.421
Redução (aumento) dos ativos
Outros
(18.056)
Aumento (redução) dos passivos
Outras obrigações
Outros
51.876
(16.168)
(5.199)
30.509
Impostos pagos
Caixa líquido gerado nas atividades operacionais
(52.021)
358.050
Atividades de investimento
Baixa em investimentos
Redução (Aquisição) de investimentos
Outras atividades de investimento
Caixa líquido consumido nas atividades de
investimento
1.220
303.214
(104.902)
(171.900)
(276.802)
Atividades de financiamento
Pagamento do custo de estruturação - Propriedades para investimento
k torre comercial
187.470
(7.600)
Outras atividades de financiamento
Caixa líquido gerado nas atividades de financiamento
26 de 81
(266.624)
(266.624)
179.870
(138.673)
(171.517)
(151.096)
187.470
187.470
187.470
(7.600)
(7.600)
(7.600)
(266.624)
(61.036)
(86.754)
(61.036)
(61.036)
179.870
118.834
Aumento (Redução) líquido nas disponibilidades
(13.476)
(13.476)
(1.599)
(1.599)
Saldo de caixa e equivalente no final do exercício
23.147
23.147
1.544
1.544
Saldo de caixa e equivalente no início do exercício
36.623
36.623
3.143
3.143
(13.476)
(13.476)
(1.599)
(1.599)
Aumento (Redução) líquido nas disponibilidades
Demonstração do valor adicionado
Divulgado
Ajuste
Alterado
Aliansce
Divulgado
Ajuste
Alterado
Receitas
Receita bruta de aluguel e serviços
Provisão para créditos de liquidação
duvidosa
513.096
513.096
113.927
113.927
(9.094)
(9.094)
(1.145)
(1.145)
Outras receitas
238.577
(7.109)
231.468
213.258
(7.989)
205.269
742.579
(7.109)
735.470
326.040
(7.989)
318.051
Insumos adquiridos de terceiros
Custos de aluguéis e serviços
Materiais, energia, serviços de terceiros e
outras despesas operacionais
Valor adicionado bruto gerado pela
Companhia
(58.811)
(58.811)
(58.712)
(58.712)
(182.147)
(182.147)
(146.230)
(146.230)
(240.958)
-
(240.958)
(204.942)
-
(204.942)
501.621
(7.109)
494.512
121.098
(7.989)
113.109
(72.155)
(9.105)
422.357
111.993
(7.989)
104.004
581
162.794
Retenções
Valor adicionado líquido gerado pela
Companhia
(72.155)
429.466
(7.109)
(9.105)
Valor adicionado recebido em transferência
Resultado de equivalência patrimonial
72.277
72.277
162.213
29.947
29.947
25.362
102.224
102.224
187.575
581
188.156
524.581
299.568
(7.408)
292.160
41.942
41.203
53.296
11.930
Valor adicionado total distribuído
531.690
(7.109)
25.362
Distribuição do valor adicionado
Empregados
41.942
Tributos
62.866
27 de 81
(9.570)
41.203
(9.869)
2.061
Federais
Municipais
Financiadores
Juros e outras despesas financeiras
Aluguéis
Remuneração de capitais próprios
Outras remunerações
Lucros retidos
56.231
(9.570)
6.635
46.661
9.464
6.635
2.466
(9.869)
(405)
2.466
239.601
21.038
260.639
72.352
21.038
93.390
237.714
21.038
258.752
70.716
21.038
91.754
1.887
1.636
(18.577)
168.704
174.083
54.543
41.345
132.738
(18.577)
114.161
531.690
(7.109)
524.581
1.887
187.281
54.543
1.636
(18.577)
155.506
132.738
(18.577)
114.161
299.568
(7.408)
292.160
41.345
<V[U[a`S^_W`fW+ bSdS X[è VW _W^Zad Ua_bSdST[^[VSVW W_ dW^S}|a Sae eS^Vae Va WjWdUU[a X[`Va W_ 20
VW VWlW_Tda VW 1/04+ S >a_bS`Z[S WXWfgag S dWU^See[X[US}|a Ua`fzT[^ VSe Ua`fSe bSfd[_a`[S[e Va Sf[ha
`|a U[dUg^S`fW+ VW Xad_S S dWUa`ZWUWd `Se VW_aèfdS}We X[`SÙW[dSe [`V[h[VgS[e a zY[a `S dgTd[US
"D`hWef[_W`fae"+ Ua`Xad_W VW_aèfdSVa à cgSVda S eWYg[d+ ad[Y[`S^_W`fW bgT^[USVa à WjWdUU[a
X[`Va W_ 20 VW VWlW_Tda VW 1/03 `S dgTd[US VW "D`fS`YhW^"- JSdS X[è VW [`Xad_S}We X[`SÙW[dSe
Uaèa^[VSVSe+ `|a Xa[ `WUWeezd[S S dWU^See[X[US}|a+ g_S hWl cgW cgW a zY[a Wefz U^See[X[USVa `S dgTd[US
"D`fS`YhW^" W_ ^[`ZS Ua_ Se àd_Se Ua`fzTW[e [`fWd`SU[a`S[e 'DALM(- <V[U[a`S^_W`fW+ bSdS X[è VW
_W^Zad SbdWeW`fS}|a+ S >a_bS`Z[S WXWfgag S dWU^See[X[US}|a Ua`fzT[^ VSe Ua`fSe VW dWeg^fSVa VW
bdah[e|a bSdS Ud~V[fa VW ^[cg[VS}|a Vgh[VaeS VW ">gefa VW S^gYg~[e W eWdh[}ae" bSdS "?WebWeSe Ua_
hW`VSe+ SV_[`[efdSf[hSe W YWdS[e"+ Ua`Xad_W VW_aèfdSVa à cgSVda STS[ja- <e S^fWdS}We dWS^[lSVSe
`|a [_bSUfSdS_ e[Y`[X[USf[hS_W`fW Se [`Xad_S}We Ua_bSdSf[hSe dW^Sf[hSe Sae TS^S`}ae bSfd[_a`[S[e
VW 20 VW VWlW_Tda VW 1/03 W 0u VW \S`W[da VW 1/04 'eS^Vae VW STWdfgdS(+ UaèWcgW`fW_W`fW+ Se
dWXWd[VSe VW_aèfdS}We X[`SÙW[dSe Ua_bSdSf[hSe `|a Wef|a eW`Va dWSbdWeW`fSVSe VW SUadVa Ua_ ae
dWcgWd[_W`fae Va >J> 12+ Ja^f[USe >a`fzTW[e+ GgVS`}S VW @ef[_Sf[hS W LWf[X[US}|a VW @dda9ZXP\aRT
1/ ST STgT[Q`] ST 0./2
9bXd] \q] RX`RcZP\bT
D`hWef[_W`fae 'HafS 0/(
D`fS`YhW^ 'HafS 02(
=XdcZVPS]
9YcabT
9ZbT`PS]
0-750-//6
60-734
0-821-741
75-060
'60-734(
03-215
9ZXP\aRT
ITacZbPS]
>gefa VW S^gYg~[e W eWdh[}ae 'HafS 11(
?WebWeSe Ua_ hW`VSe+ SV_[`[efdSf[hSe W
YWdS[e 'HafS 12(
28 de 81
=XdcZVPS]
9YcabT
9ZbT`PS]
'54-754(
0-034
'53-61/(
'47-185(
'0-034(
'48-330(
<]\a]ZXSPS]
ITacZbPS]
=XdcZVPS]
>gefa VW S^gYg~[e W eWdh[}ae 'HafS 11(
?WebWeSe Ua_ hW`VSe+ SV_[`[efdSf[hSe W
YWdS[e 'HafS 12(
3
9YcabT
9ZbT`PS]
'025-666(
8-/83
'016-572(
'51-865(
'8-/83(
'61-/6/(
B\U]`[PrxTa ^]` aTV[T\b]
<e [`Xad_S}We bad eWY_W`fa e|a V[h[V[VSe W_9 '[( Sf[h[VSVWe VW eZabb[`Y UW`fWd+ egTV[h[V[VSe W_
S^gYgW^ W WefSU[a`S_W`fa; W '[[( bdWefS}|a VW eWdh[}aeJSdS X[è VW SV_[`[efdS}|a+ S <^[SèUW ~ V[h[V[VS W_ g`[VSVWe VW `WY•U[a+ Ua_ TSeW `S abWdS}|a VW
eZabb[`Y UW`fWd W `S abWdS}|a VW bdWefS}|a VW eWdh[}ae- Ie eWY_W`fae abWdSU[a`S[e S eWdW_
dWbadfSVae e|a VWX[`[Vae Ua`Xad_W STS[ja9
'
'
MZabb[`Y UW`fWd9 W`YâTS Se Sf[h[VSVWe cgW Wef|a SeeaU[SVSe Sa W_bdWW`VWVad Va eZabb[`Y+ W
VWh[Va S bWUg^[Sd[VSVW W `SfgdWlS VWeeSe abWdS}We Wef|a egTV[h[V[VSe W_9
'
<^gYgW^9 dWXWdW,eW Sa SddW`VS_W`fa abWdSU[a`S^ Vae eZabb[`Y UW`fWde U^See[X[USVae Ua_a
bdabd[WVSVW bSdS [`hWef[_W`fa bW^S >a_bS`Z[S- >STW dWeeS^fSd cgW a eWY_W`fa [Ù^g[ ae
S^gYg~[e+ UWee|a VW V[dW[fa VW gea '>?O( W dWUW[fS VW fSjS VW fdSèXWd•Ù[S;
'
@efSU[a`S_W`fa9 dWXWdW,eW y WjbâdS}|a VS zdWS VW WefSU[a`S_W`fa Va eZabb[`Y UW`fWd-
JdWefS}|a VW eWdh[}ae9 Ua_bdWW`VW_ ae eWdh[}ae VW Ua_WdU[S^[lS}|a+ SV_[`[efdS}|a VW S^gYgW^ W
Ua`Va_`[a W [ÙadbadS}|a.b^S`W\S_W`fa VWeW`ha^h[Vae W_ eZabb[`Y UW`fWde bdbd[ae W VW
fWdUW[dae-
H|a Wj[efW_ Sf[hae SâUSVae y Sf[h[VSVW VW eWdh[}ae VS >a_bS`Z[S< SV_[`[efdS}|a VS >a_bS`Z[S _a`[fadS VW Xad_S eWYdWYSVS ae dWeg^fSVae abWdSU[a`S[e VW egSe
g`[VSVWe VW `WYU[a+ S X[_ VW fa_Sd VWU[eWe eaTdW SâUS}|a VW dWUgdeae W _W^Zad gegXdgfa VSe egSe
Xa`fWe- I VWeW_bW`Za VW USVS eWY_W`fa ~ _WV[Va Ua_ TSeW à dWeg^fSVa Tdgfa VW egSe
VW_aèfdS}We X[`SÙW[dSe Uaèa^[VSVSe- <^Yg_Se dWUW[fSe W VWebWeSe 'dWUW[fS X[`SÙW[dS+ VWebWeS
X[`SÙW[dS+ VWebWeSe YWdS[e W SV_[`[efdSf[hSe+ [_baefa VW dW`VS W Ua`fd[Tg[}|a eaU[S^(+ S^~_ Va Sf[ha
W bSee[ha `|a e|a aT\Wfa VW S`z^[eW bad eWY_W`fa abWdSU[a`S^+ g_S hWl cgW S SV_[`[efdS}|a VS
<^[SèUW Uaè[VWdS cgW ae [fWè `|a [Ù^gVae `S S`z^[eW e|a [`V[h[ehW[e+ Ua_ USdSUfWdef[USe
UadbadSf[hSe W _Wàe dW^WhS`fWe bSdS S fa_SVS VW VWU[e|a+ à cgW V[l dWebW[fa Sae eWY_W`fae
abWdSU[a`S[e adS VWX[`[Vae- <e dWUW[fSe W Ugefae W`fdW Se W_bdWeSe Ua`fda^SVSe e|a W^[_[`SVSe bad
aUSe[|a VS Uaèa^[VS}|a9ZXP\aRT R]\a]ZXSPS]
0./3
0./2
&`TP^`TaT\bPS]'
BbT\a
9ZcVcTZ
>abPRX]\P[T\b]
JT`dXr]a
K]bPZ
9ZcVcTZ
>abPRX]\P[T\b
]
JT`dXr]a
K]bPZ
LWUW[fS ^cg[VS '0(
>gefa
256-202
'88-20/(
72-108
'07-807(
33-156
'5-715(
383-688
'014-/43(
248-631
'0/1-758(
60-245
'06-804(
31-686
'5-788(
362-784
'016-572(
ITacZbPS] Q`cb]
157-//2
53-2/0
26-330
258-634
145-762
42-330
24-787
235-101
29 de 81
'0( Fcg[VS VW [_baefae eaTdW S dWUW[fS 'JDM+ >IADHM W DMM(+ VWeUa`fae W USÙW^S_W`fae4
<PXfP T T_cXdPZT\bTa ST RPXfP
9ZXP\aRT R]\a]ZXSPS]
>a`fSe TSÙzd[Se
9ZXP\aRT
0./3
0./2
0./3
0./2
04-314
12-036
1-115
0-433
< >a_bS`Z[S [Ù^g[ `S dgTd[US ">S[jS W Wcg[hS^W`fWe VW US[jS" V[`ZW[da W_ US[jS W VWb•e[fae
TSÙzd[ae _S`f[Vae W_ Ua`fS UaddW`fW5
9^ZXRPrxTa UX\P\RTX`Pa ST Rc`b] ^`Pg]
9bXd]a UX\P\RTX`]a [T\ac`PS]a
P dPZ]` Ycab] ^]` [TX] ST `TacZbPS]
0./3
9ZXP\aRT
0./2
0./3
0./2
>Wdf[X[USVa VW ?Wb•e[fae =SÙzd[ae '>?=(
>Wdf[X[USVa VW ?Wb•e[fae
=SÙzd[ae '>?=( , BS[S ')(
Ag`Va VW dW`VS X[jS
?WT•`fgdWe ')))(
IgfdSe Sb^[US}We X[`SÙW[dSe
5-584
3-686
1-257
2-136
2-386
0-116
76-6/2
0-/00
3-/57
72-048
40-610
0-/1/
44
70-632
65-46/
23-647
JW]^ ?B IT\SP ?XfP <G &(('
1/-376
07/-486
5
04/-216
081
808
2-381
01-066
2-6/6
00-/74
27-314
0/-754
61-/81
22-218
03-7/0
01/-51/
214-251
73-061
153-8/1
>?= J•e X[jSVa
Nfgâe bT^[Uae , FAN
FWfdS AD MgT U. A^gja
FWfdSe X[`SÙW[dSe
FAN , IhWd
Igfdae
')(
MS^Va VSe Sb^[US}We _S`f[VSe W_ Ag`Va VW LWeWdhS W_ Ua`fS Va JSfd[_`[a MWbSdSVa VS
BS[S MWUgd[f[lSVadS M-<- bdWh[efS à Ua`fdSfa VW UWee|a Vae >>D&e W_[f[Vae bW^S NSde[^S-
'))(
>a_bae[}|a VS USdfW[dS Va Ag`Va VW D`hWef[_W`fa WjU^ge[ha MZab AD LW`VS A[jS >d~V[fa
Jd[hSVa-
')))(
IbWdS}We Ua_bda_[eeSVSe-
< >a_bS`Z[S baeeg[ Sf[hae X[`SÙW[dae U^See[X[USVae Ua_a [`hWef[_W`fae _S`f[Vae bSdS `WYaU[S}|a+
_WègdSVae S hSâd \gefa bad _W[a Va dWeg^fSVa- NS[e [`hWef[_W`fae baeegW_ fSjSe VW \gdae VW
64+/$ S 001+/$ Va >?D Ua_ a hWÙ[_W`fa ad[Y[`S^ W`fdW 1/04 S 1/07< >a_bS`Z[S aT\Wf[hS YWd[d egSe Sb^[US}We X[`SÙW[dSe+ TgeUS`Va a Wcg[^Td[a W`fdW ^[cg[VWl W
dW`fST[^[VSVW+ Uaè[VWdS`Va a b^Sà VW [`hWef[_W`fa bdaYdS_SVa bSdS ae bd•j[_ae Sàe- < X[_ VW
h[ST[^[lSd WeeS WefdSf~Y[S W+ Ua_ TSeW à YWdWÙ[S_W`fa VW d[eUa SbdWeW`fSVa `S HafS 1/ S
SV_[`[efdS}|a eWYgW Se V[dWfd[lWe VWeUd[fSe STS[ja9
30 de 81
'[(
?[efd[Tg[d a d[eUa bad [èf[fg[}|a X[`SÙW[dS bd[ad[lS`Va ^[cg[VWl W dW`fST[^[VSVW9
CX_cXSTg
$
0./3
?[zd[S
* 07/ V[Se
85+15
2+63
005-002
3-4/6
0//+//
01/-51/
'[[(
<b^[USd ae dWUgdeae VS >a_bS`Z[S W_ [èf[fg[}We X[`SÙW[dSe VW bd[_W[dS ^[`ZS W ffgâe bT^[Uae
Ua_ dSf[`Y _`[_a VW "=AH8EF@8AF ;D478" W_[f[Vae bW^Se _S[adWe SY•Ù[Se VW dSf[`Ye YâTS[e
'GaaVk&e+ <gef[`+ M%J+ A[fUZ(-
6
<]\bPa P `TRTQT`
<^gYg~[e W eWdh[}ae S dWUWTWd
>?O S dWUWTWd
>a`Va_`[a S dWUWTWd
<^gYgW^ ^[`WSd
Jdah[e|a bSdS >d~V[fa VW
F[cg[VS}|a ?gh[VaeS '"J>F?"(
>[dUg^S`fW
H|a U[dUg^S`fW
9ZXP\aRT
0./3
0./2
0./3
0./2
66-418
7-5/0
1/-738
60-//8
0/-/47
1/-763
05-66/
352
1-07/
04-454
320
0-725
0/5-868
0/0-830
08-302
06-721
02-373
4-5/3
0-/7/
880
'2/-748(
'18-023(
'5-527(
'4-545(
78-5/3
67-300
02-744
02-056
78-5/3
65-48/
0-710
02-744
02-056
<e bWdVSe Wef[_SVSe bad dWVg}|a à hSâd dWUgbWdzhW^ W_ dW^S}|a Sae dWUWThW[e e|a Uaèf[fgVSe
Ua_ TSeW W_ Wh[VÙ[S VW bWdVS VW hSâd bSdS eWge dWUWThW[e fS`fa à `hW^ [`V[h[VgS^[lSVa Ua_a à
`hW^ Ua^Wf[ha- NaVae ae dWUWThW[e [`V[h[VgS^_W`fW e[Y`[X[USf[hae e|a ShS^[SVae cgS`fa S bWdVS VW
hSâd WebWUX[Ua- NaVae ae dWUWThW[e [`V[h[VgS^_W`fW e[Y`[X[USf[hae [VW`f[X[USVae Ua_a `|a fW`Va
eaXd[Va bWdVS VW hSâd [`V[h[VgS^_W`fW e|a W`f|a ShS^[SVae Ua^Wf[hS_W`fW cgS`fa S cgS^cgWd bWdVS
VW hSâd cgW fW`ZS aUadd[Va+ _Se `|a fW`ZS e[Va S[`VS [VW`f[X[USVS- LWUWThW[e cgW `|a e|a
[`V[h[VgS^_W`fW [_badfS`fWe e|a ShS^[SVae Ua^Wf[hS_W`fW cgS`fa S bWdVS VW hSâd bad SYdgbS_W`fa
Ua`\g`fa VWeeWe dWUWThW[e Ua_ USdSUfWdef[USe VW d[eUa e[_[^SdWe<a ShS^[Sd S bWdVS VW hSâd dWUgbWdzhW^ VW Xad_S Ua^Wf[hS S >a_bS`Z[S gf[^[lS fW`V•Ù[Se Z[ef•d[USe
VS bdaTST[^[VSVW VW [`SV[_b^•Ù[S+ Va bdSla VW dWUgbWdS}|a W Vae hSâdWe VW bWdVS [Ùadd[Vae+
S\gefSVae bSdS dWX^Wf[d a \g^YS_W`fa VS SV_[`[efdS}|a cgS`fa ye bdW_[eeSe eW Se Ua`V[}We
WUa`_[USe W VW Ud~V[fa SfgS[e e|a fS[e cgW Se bWdVSe dWS[e bdahShW^_W`fW eWd|a _S[adWe ag _WàdWe
cgW Se egYWd[VSe bW^Se fW`V•Ù[Se Z[ef•d[USe< Ua_bae[}|a bad [VSVW VW hWÙ[_W`fa VW Ua`fSe S dWUWTWd ~ SbdWeW`fSVS S eWYg[d9
< hWÙWd
31 de 81
9ZXP\aRT
0./3
0./2
0./3
0./2
41-453
43-262
7-526
8-//1
PWÙ[Vae Sf~ 8/ V[Se
PWÙ[Vae VW 80 S 07/ V[Se
PWÙ[Vae VW 070 S 25/ V[Se
PWÙ[Vae Zz _S[e VW 25/ V[Se
9ZXP\aRT
0./3
07-/35
5-0/8
6-22/
11-82/
0./2
8-02/
2-860
4-/46
18-30/
0./3
2-502
572
65/
4-61/
0./2
1-464
381
450
4-1/1
0/5-868
0/0-830
08-302
06-721
I _ah[_W`fa `S bdah[e|a bSdS bWdVSe bad dWVg}|a à hSâd dWUgbWdzhW^ W_ dW^S}|a Sae dWUWThW[e
VgdS`fW a WjWdUU[a Xa[ a eWYg[`fW9
MS^Va W_ 0s VW \S`W[da
@XW[fa VS bWdVS Va Ua`fda^W Va
Ag`Va P[S JSdcgW 'àfS 1 'S((
>aèf[fg[}|a VW J>F?
9ZXP\aRT
0./3
0./2
0./3
0./2
'18-023(
'10-732(
'4-545(
'3-744(
7-5/2
'0/-217(
'6-180(
'871(
'7/0(
'2/-748(
'18-023(
'5-527(
'4-545(
Ie hSâdWe S dWUWTWd VW bSdfWe dW^SU[a`SVSe VWUaddW`fWe VS bdWefS}|a VW eWdh[}ae VW SV_[`[efdS}|a W.
ag Ua_WdU[S^[lS}|a Wef|a VWeUd[fae `S HafS 156,/
9``T\SP[T\b] [T`RP\bXZ
< >a_bS`Z[S _S`f~_ Ua`fdSfae VW SddW`VS_W`fa _WdUS`f[^ abWdSU[a`S^ Ua_ ae âUSfzd[ae VSe â\Se
Vae eZabb[`Ye 'SddW`VSfzd[ae( cgW baeegW_+ h[S VW dWYdS+ bdSla VW h[Y•Ù[S VW 4 Sàe@jUWbU[a`S^_W`fW baVW_ fWd Ua`fdSfae Ua_ bdSlae VW h[YÙ[Se W Ua`V[}We V[XWdWÙ[SVSeHSe VW_aèfdS}We X[`SÙW[dSe Va WjWdUU[a X[`Va W_ 20 VW VWlW_Tda VW 1/04 W VW 1/03+ ae
Ua`fdSfae VW SddW`VS_W`fa YWdSdS_ dWUW[fSe VW Sbdaj[_SVS_W`fW L# 20-88/ bad _•e W_ 1/04 W
L# 2/-708 bad _•e W_ 1/03+ W SbdWeW`fShS_ a eWYg[`fW UdaàYdS_S VW dWàhS}|a9
@_ 1/04
@_ 1/05
@_ 1/06
<b•e 1/06
JdSla [`VWfWd_[`SVa ')(
0./3
0./2
00+01$
06+88$
5/+83$
8+84$
04+03$
02+87$
06+58$
32+35$
8+62$
0//+//$
0//+//$
')( >a`fdSfae `|a dWàhSVae W_ cgW Se bSdfWe baVW_ bWV[d S dWeU[e|a _WV[S`fW bd~,Sh[ea ^WYS^ '2/
V[Se(- JWdUW`fgS[e SbgdSVae Ua_ TSeW `S cgS`f[VSVW VW Ua`fdSfae VW SddW`VS_W`fa X[d_SVae
bWâ Bdgba- JWdUW`fgS[e SbgdSVae Ua_ TSeW `Se dWUW[fSe YWdSVSe bWâe Ua`fdSfae VW
SddW`VS_W`fa X[d_SVae bWâ Bdgba-
32 de 81
7
B[^]ab]a P `TRc^T`P`
DL W >M S Ua_bWèSd
>IADHM W JDM S Ua_bWèSd
DLLA S Ua_bWèSd
Igfdae [_baefae S dWUgbWdSd
9ZXP\aRT
0./3
0./2
0./3
0./2
14-834
624
17-518
1-0/1
16-/3/
888
07-374
1-04/
8-/84
31
14-452
175
03-814
31
04-558
148
46-300
37-563
23-875
2/-784
Ie [_baefae S dWUgbWdSd dWXWdW_,eW+ TSe[US_W`fW+ ye S`fWU[bS}We ag hSâdWe bSeehW[e VW
Ua_bWèS}|a VS >a_bS`Z[S W VW egSe Ua`fda^SVSe/.
B\dTabX[T\b]a
&P'
J]RXTSPSTa R]\b`]ZPSPa-R]ZXVPSPa
GP`bXRX^Prq]
PRX]\p`XP + $
J]RXTSPSTa R]\b`]ZPSPa T R]ZXVPSPa* R][ Pa `Ta^TRbXdPa
^P`bXRX^PrxTa
1/ ST STgT[Q`]
ST 0./3
1/ ST STgT[Q`]
ST 0./2
&`TP^`TaT\bPS]'
/..*..
0//+//
/..*..
0//+//
77*77
3/+//
3/+//
3/+//
3/+//
77*77
77*77
77*77
77*77
77*77
2/+//
77*77
77*77
3/+//
53*..
0//+//
5.*..
0//+//
5.*..
0//+//
3.*..
0//+//
77*77
5/+//
5/+//
77*77
3/+//
3/+//
<]\b`]ZPSPa
9S[X\Xab`PS]`P <P`X]RP ST JW]^^X\V <T\bTà CbSP,
- <V_[`[efSVadS Va @efSU[a`S_W`fa >Sd[aUS MZabb[`Y
9ZQP`^P GP`bXRX^PrxTa J,9, '0(
- >Sd[aUS MZabb[`Y
- >Sj[Se MZabb[`Y
- <V_[`[efdSVadS >Sd[aUS VW MZabb[`Y >W`fWde FfVS- @jbaW`fW 0/// @_bdWW`V- W JSdf[U[bS}aWe FfVS
9ZXP\aRT 9aaTaa]`XP <][T`RXPZ CbSP,
9ZXP\aRT >abPRX]\P[T\b]a CbSP,
9ZXP\aRT DPZZ T DuSXP B\bT`, C]R, T DTàWP\SXaX\V CbSP,
9ZXP\aRT JT`dXRTa + JT`d ST 9S[, T[ @T`PZ CbSP,
9Zac^`P GP`bXRX^PrxTa CbSP,
- =M> MZabb[`Y >W`fWde M-<;PRW >[^`TT\SX[T\b]a T GP`bXRX^PrxTa CbSP,
;PgXZZT >[^`TT\SX[T\b]a T GP`bXRX^PrxTa CbSP,
- MZabb[`Y JSdS`YSTS
;]cZTdP`S ;TZs[ J,9,
- =ag^WhSdV MZabb[`Y =W^~_
;]cZTdP`S JW]^^X\V J,9,
- =ag^WhSdV MZabb[`Y =Wâ Cad[la`fW
;J< JW]^^X\V <T\bTà J,9,
- =S`Yg MZabb[`Y
<=@ <T\b`] <][T`RXPZ CbSP,
- =ag^WhSdV MZabb[`Y >S_bae
<TgP\\T >[^`TT\SX[T\b]a T GP`bXRX^PrxTa CbSP, '0(
- >Sd[aUS MZabb[`Y
- <V_[`[efdSVadS >Sd[aUS
=PZX >[^`TT\SX[T\b]a T GP`bXRX^PrxTa J,9,
- M?N2 >W`fda >a_WdU[S^ FfVS- MZabb[`Y NSTa|a
33 de 81
77*77
77*77
77*77
77*77
77*77
2/+//
77*77
77*77
3/+//
53*..
0//+//
5.*..
0//+//
5.*..
0//+//
3.*..
0//+//
77*77
0//+//
0//+//
77*77
3/+//
3/+//
GP`bXRX^Prq]
PRX]\p`XP + $
^P`bXRX^PrxTa
=TVPa >[^`TT\SX[T\b]a T GP`bXRX^PrxTa J,9,
- =ag^WhSdV >adbadSfW NaiWd
>f^]T\bT /... >[^`TT\SX[T\b]a T GP`bXR, J,9,
- <V_[`[efdSVadS @efSU[a`S_W`fa >Sj[Se MZabb[`Y
?c\S] ST B\dTabX[T\b] B[]QXZXp`X] MXP GP`_cT JW]^^X\V
'0(
- P[S JSdcgW MZabb[`Y
@PcSX >[^`TT\SX[T\b]a T GP`bXRX^PrxTa CbSP,
- =ag^WhSdV MZabb[`Y P[^S PW^ZS
DPZUPbbX >[^`TT\SX[T\b]a T GP`bXRX^PrxTa CbSP,
DPbXaaT GP`bXRX^PrxTa J,9,
EID GP`bXRX^PrxTa T >[^`TT\SX[T\b]a CbSP, '0(
- MZabb[`Y VS =SZ[S , >a`Va_`[a HSU[YgSf W L[YgSf
EXPS 9S[X\Xab`Prq] CbSP,
- >a^[`S MZabb[`Y >W`fWd FfVSEXQPZ GP`bXRX^PrxTa J,9,
- MZabb[`Y VS =SZ[S ~ >a`Va_`[a HSU[YgSf
- MZabb[`Y NSTa|a
E]`bT JW]^^X\V ;TZs[ J,9,
- JSdcgW MZabb[`Y =W^~_
G]`bX\P`X >[^`TT\SX[T\b]a T GP`bXRX^PrxTa CbSP, '0(
IT\]X` >[^`TT\SX[T\b]a T GP`bXRX^PrxTa CbSP,
- Fa\S >%< , >Sd[aUS MZabb[`Y
- >?B >W`fda >a_WdU[S^
IIJG> >[^`TT\SX[T\b]a T GP`bXRX^PrxTa CbSP, '0(
- MZabb[`Y VS =SZ[S , >a`Va_`[a L[YgSf
- MZabb[`Y VS =SZ[S , >a`Va_`[a HSU[YgSf
J=K1 <T\b`] <][T`RXPZ CbSP,
KPàXZP >[^`TT\SX[T\b]a T GP`bXRX^PrxTa CbSP, '0(
- GS^XSf[ @_bdWW`V- W JSdf- FfVS
- MZabb[`Y VS =SZ[S ~ >a`Va_`[a HSU[YgSf
KXaaXP\] >[^`TT\SX[T\b]a T GP`bXRX^PrxTa J,9,
- >Sj[Se MZabb[`Y
- @jbaW`fW 0/// @_bdWW`V- W JSdf[U[bS}aWe FfVS- NSde[^S @_bdWW`V- W JSdf[U[bS}We FfVS- GS^XSf[ @_bdWW`V- W JSdf- FfVS
Ms`bXR] ;Pc`c >[^`TT\S, B[]Q, J,9,
- =ag^WhSdV MZabb[`Y =Sgdg
MXdPZSX >[^`TT\SX[T\b]a T GP`bXRX^PrxTa CbSP,
1/ ST STgT[Q`]
ST 0./3
77*77
67*..
78+//
77*77
4/+//
77*77
53*..
31*/4
1+07
77*77
4/+//
77*77
31+/2
27+//
3.*..
0//+//
77*77
0//+//
4/+//
77*77
55+75
1+36
16*..
77*77
88+88
11+25
77*77
78+//
78+//
77*77
88+88
77*77
1/ ST STgT[Q`]
ST 0./2
&`TP^`TaT\bPS]'
77*77
67*..
78+//
51*7/
0//+//
77*77
4/+//
77*77
53*..
77*77
4/+//
77*77
31+/2
27+//
3.*..
0//+//
77*77
77*77
0//+//
4/+//
77*77
55+75
16*..
77*77
88+88
11+25
77*77
38+//
38+//
88+88
88+88
77*77
88+88
77*77
<]ZXVPSPa
0..6 >[^`TT\SX[T\b]a <][T`RXPXa J,9,
- =ag^WhSdV MZabb[`Y =dSe^[S
9RP^c`P\P GP`bXRX^PrxTa J,9,
- MS`fS`S JSdcgW MZabb[`Y
?c\S] ST B\dTabX[T\b]a T[ GP`bXRX^PrxTa v >ZT^WPa
- <USbgdS`S JSdf[U[bS}We M-<?c\S] ST B\dTabX[T\b] B[]QXZXp`X] MXP GP`_cT JW]^^X\V
'0(
- P[S JSdcgW MZabb[`Y
DP\PbX >[^`TT\S, T GP`bXRX^PrxTa
- MZabb[`Y MS`fS xdeg^S
GP`_cT JW]^^X\V DPRTXv
- JSdcgW MZabb[`Y GSUW[•
34 de 81
3.*..
0//+//
6*11
22+23
1.*..
72+24
16*7/
0//+//
3.*..
64+//
3.*..
0//+//
3.*..
0//+//
6*11
22+23
1.*..
72+24
3.*..
64+//
3.*..
0//+//
GP`bXRX^Prq]
PRX]\p`XP + $
^P`bXRX^PrxTa
1/ ST STgT[Q`]
ST 0./3
J<@I >[^`TT\S, T GP`bXRX^,
- MZabb[`Y BdS`VW L[a
MTZPg_cTg >[^`TT\S, T GP`bXRX^PrxTa CbSP, '0(
- MZabb[`Y VS =SZ[S , >a`Va_`[a HSU[YgSf
3.*..
4/+//
1/ ST STgT[Q`]
ST 0./2
&`TP^`TaT\bPS]'
3.*..
4/+//
/7*41
5+26
'0( P[VW àfS 1 'S(<e _S[e hS^[Se VW_aèfdSVSe `WefS àfS e|a VWUaddW`fWe egTefSÙ[S^_W`fW VS _S[e hS^[S VSe
bdabd[WVSVWe W e|a S_adf[lSVSe bWâ bdSla VW h[VS f[^ Vae W_bdWW`V[_W`faeHW`Zg_S VSe Ua_bS`Z[Se Ua`fST[^[lSVSe bWâ _~faVa VW Wcg[hS^Ù[S bSfd[_a`[S^ fW_ egSe S}We
`WYaU[SVSe `S =aêS VW PSâdWe+ GWdUSVad[Se W Agfgdae VW M|a JSgâ '=IP@MJ<(&Q'
<][^]aXrq] S] aPZS] ST X\dTabX[T\b]
9ZXP\aRT <]\a]ZXSPS]
1/ ST
STgT[Q`] 0./3
1/ ST
STgT[Q`] 0./2
&`TP^`TaT\bPS]'
1/ ST
STgT[Q`] 0./3
1/ ST
STgT[Q`] 0./2
&`TP^`TaT\bPS]'
302-840
17/-072
1-/8/-6/5
71-418
60-734
0-831-803
78-50/
60-734
302-840
17/-072
1-134-/7/
1-0/3-258
D`hWef[_W`fae
GS[e hS^[S VW Sf[hae
vY[a 'HafS 02(
&R'
9ZXP\aRT
D]dX[T\bPrq] ST X\dTabX[T\b]a &^P`bXRX^PrxTa SX`TbPa SP <][^P\WXP'
<]\b`]ZPS]`P
MS^Va à [Ù[a Va WjWdUU[a
<badfW VW USb[fS^
=S[jSe bad hW`VSe VW Sf[hae '0(
<cg[e[}We '1(
<\gefW S hSâd VW _WdUSVa VW [`hWef[_W`fae
bSdU[S^_W`fW S^[W`SVae '2(
JSdf[U[bS}|a à dWeg^fSVa Ua`fda^SVSe.Ua^[YSVSe
?[h[VW`Vae dWUWT[Vae
Igfdae
MS^Va à X[`S^ Va WjWdUU[a
35 de 81
1/ ST STgT[Q`]
ST 0./3
1/ ST STgT[Q`]
ST 0./2
&`TP^`TaT\bPS]'
0-831-803
0-746-823
66-148
'53-754(
17-2/1
44-2/6
'053-817(
034-///
64-002
015-487
'74-065(
'8-328(
3/-870
051-683
'021-782(
'10-170(
1-/8/-6/5
0-831-803
>a_W`fzd[ae eaTdW Se _ah[_W`fS}We9
'0(
I eS^Va VW TS[jS bad hW`VS VW Sf[ha W_ 1/04+ ~ dWXWdW`fW S hW`VS VW 24$ VSe cgafSe Va
Ag`Va VW D`hWef[_W`fa D_aT[^[zd[a P[S JSdcgW MZabb[`Y à _a`fS`fW VW L# 53-754+
Ua`Xad_W fdSèS}|a VWeUd[fS `S àfS 1 'S(@_ 1/03 Se TS[jSe bad hW`VSe VW Sf[hae e|a dWXWdW`fW S hW`VS VW 7/+2583$ VS PW^SlcgWl
bWâ _a`fS`fW VW L# 32-864 W V[^g[}|a `S bSdf[U[bS}|a VS <USbgdS`S à _a`fS`fW VW L#
01/-842- NS[e WhW`fae VW 1/03 XadS_ V[hg^YSVae VWfS^ZSVS_W`fW `S àfS 2 'S( VSe
VW_aèfdS}We X[`SÙW[dSe VS >a_bS`Z[S Va WjWdUU[a X[`Va W_ 20 VW VWlW_Tda VW 1/03-
'1( I _a`fS`fW VW L# 17-2/1 à Sà VW 1/04 ~ dWXWdW`fW S Scg[e[}|a VS HLG+ h[VW àfS 1 'S(I _a`fS`fW VW L# 034-/// dWXWdW,eW S Scg[e[}|a VW 4/$ Va MZabb[`Y MS`fS`S aUadd[Va à
Sà VW 1/03+ Ua`Xad_W VWeUd[fa `S àfS 2 'S( VSe VW_aèfdS}We X[`SÙW[dSe VS >a_bS`Z[S
Va WjWdUU[a X[`Va W_ 20 VW VWlW_Tda VW 1/03'2( I _a`fS`fW VW L# 64-002 à Sà VW 1/04 ~ dWXWdW`fW Sa YS`Za W_ Xg`}|a VS bWdVS VW
Ua`fda^W `S hW`VS VW bSdf[U[bS}|a Va MZabb[`Y P[S JSdcgW+ h[VW àfS 1 'S( W àfS 14I _a`fS`fW VW L# 3/-870 à Sà VW 1/03 ~ dWXWdW`fW Sa YS`Za W_ Xg`}|a VS bWdVS VW
Ua`fda^W `S V[^g[}|a VW bSdf[U[bS}|a `S <USbgdS`S+ Ua`Xad_W VWeUd[fa `S àfS 2 'S( VSe
VW_aèfdS}We X[`SÙW[dSe VS >a_bS`Z[S Va WjWdUU[a X[`Va W_ 20 VW VWlW_Tda VW 1/03&S' =PS]a a]Q`T P ^P`bXRX^Prq]
9ZXP\aRT
1/ ST STgT[Q`]
0./3
>[^`TaP
GP`bXRX^Prq]
GPb`X[w\X]
Zu_cXS]
B\dTabX[T\b]
b]bPZ
CcR`] ]c
^`TYcug]
ITacZbPS] ST
T_cXdPZt\RXP
^Pb`X[]\XPZ
7-683
7-683
<]\b`]ZPSPa
<^TSdbS JSdf[U[bS}We FfVS<^[SèUW <eeWeead[S >a_WdU[S^
FfVS-
88+88$
0-333
0-333
'0-622(
'0-622(
0-067
0-067
1/8
1/8
88+88$
1-/74
1-/74
533
533
<^[SèUW MWdh[UWe , MWdh- <V_W_ BWdS^ FfVS
88+88$
6/2
6/2
'08/(
'08/(
<êgbdS JSdf[U[bS}We FfVS-
88+88$
0/6-824
0/6-824
01-046
01-046
=SUZ @_bdWW`V- W JSdf[U- FfVS-
88+88$
3-041
3-041
0
0
=Sl[^^W @_bdWW`V- W JSdf[UFfVS-
86-76/
86-76/
0-1//
0-1//
88+88$
<^[SèUW @efSU[a`S_W`fae
FfVS-
88+88$
<^[SèUW GS^^ W G[V[S
=ag^WhSdV =W^~_
64+//$
67-/68
47-448
03-1/4
0/-542
=M> MZabb[`Y >W`fWde M-<-
6/+//$
082-43/
024-368
32-121
2/-152
>?B >W`fda >a_WdU[S^ FfVS
4/+//$
37-467
14-233
4-6/3
1-741
>WlS``W @_bdWW`V- W
JSdf[U[bS}We FfVS-
88+88$
012-271
012-1/8
4-350
4-350
?S^[ @_bdWW`V- W JSdf[U[bS}We
FfVS
88+88$
11-//7
11-//7
'6-885(
'6-885(
?WYSe @_bdWW`V- W
88+88$
36 de 81
9ZXP\aRT
1/ ST STgT[Q`]
0./3
>[^`TaP
GP`bXRX^Prq]
<]\b`]ZPSPa
JSdf[U[bS}We- M-<-
GPb`X[w\X]
Zu_cXS]
B\dTabX[T\b]
b]bPZ
06/-884
06/-884
CcR`] ]c
^`TYcug]
ITacZbPS] ST
T_cXdPZt\RXP
^Pb`X[]\XPZ
6-050
6-050
07-730
02-815
Ag`Va VW D`hWef[_W`fa
D_aT[^[zd[a P[S JSdcgW
'dWXWdW`fW Sae àhW bd[_W[dae
_WeWe VW 1/04( '0(
62+80$
BSgV[ @_bdWW`V- W
JSdf[U[bS}We FfVS
88+88$
1/6-500
1/6-500
'05-134(
'05-134(
GSf[eeW JSdf[U[bS}We
64+//$
0-72/
0-262
1-803
1-074
H[SV <V_[`[efdS}|a FfVS-
88+88$
161
121
17/
17/
H[TS^ JSdf[U[bS}We M-<- '1(
88+88$
38-473
55-327
02-820
02-820
HadfW MZabb[`Y =W^~_ M-<-
4/+//$
40-/1/
14-40/
231
060
LWà[d @_bdWW`V- W
JSdf[U[bS}We FfVS '2(
88+88$
71-671
70-570
1-773
1-773
LLMJ@ @_bdWW`V- W JSdf[UFfVS-
88+88$
32-864
32-864
7-538
7-128
M?N 2 >W`fda >a_WdU[S^ FfVS-
27+//$
2/1
004
80
23
MZabb[`Y =ag^WhSdV M-<-
6/+//$
051-410
002-654
0/-311
6-184
NSde[^S @_bdWW`V- W JSdf- FfVS-
88+//$
1/5-/27
1/5-/27
0-264
0-264
N[ee[Sà @_bdWW`V- W
JSdf[U[bS}We M-<-
5/-5/8
5/-5/8
'0-/60(
'0-/60(
88+88$
007-250
007-336
'7-263(
'7-263(
'0(
'0(
P~df[Ua =Sgdg @_bdWW`VD_aT[^[zd[a FfVS- '3(
P[hS^V[ @_bdWW`V- W JSdf[U- M-<
0//+//$
88+88$
0
K]bPZ R]\b`]ZPSPa
/,454,533
72,/.3
<]ZXVPSPa
1//7 @_bdWW`V[_W`fae
>a_WdU[S[e M-<-
4/+//$
<USbgdS`S JSdf[U[bS}We
7+22$
>a^[`S MZabb[`Y >W`fWd FfVS'H[SV <V_[`[efdS}|a FfVSVWf~_ 4/$ VW bSdf[U[bS}|a(
04-685
02-742
7-70/
3-3/4
115-480
14-600
07-276
0-420
1
3/
783
336
Ag`Va VW D`hWef[_W`fa W_
JSdf[U[bS}We ~ @^WbZSe
2/+/0$
150-400
67-368
03-83/
3-372
Ag`Va VW D`hWef[_W`fa
D_aT[^[zd[a P[S JSdcgW
'dWXWdW`fW S agfgTda+
àhW_Tda W VWlW_Tda VW 1/04(
'0(
27+80$
037-186
032-145
6-882
2-00/
GS`Sf[ @_bdWW`V[_W`fae W
JSdf[U[bS}We
4/+//$
54-372
21-630
328
108
JSdcgW MZabb[`Y GSUW[• M-<-
4/+//$
1/5-18/
0/2-034
02-827
5-858
37 de 81
9ZXP\aRT
1/ ST STgT[Q`]
0./3
>[^`TaP
GP`bXRX^Prq]
GPb`X[w\X]
Zu_cXS]
B\dTabX[T\b]
b]bPZ
22-0/7
05-443
CcR`] ]c
^`TYcug]
ITacZbPS] ST
T_cXdPZt\RXP
^Pb`X[]\XPZ
11-/42
00-/15
0-427
2/2
<]\b`]ZPSPa
M>BL @_bdWW`V[_W`fae W
JSdf[U[bS}We M-<-
4/+//$
PW^SlcgWl @_bdWW`V- W
JSdf[U[bS}We FfVS- '0(
08+52$
Igfdae
061
K]bPZ R]ZXVPSPa
2/1,73/
10,271
K]bPZ VT`PZ
0,.7.,5.4
/04,376
'0(
'1(
'2(
'3(
'4(
P[VW àfS Wjb^[USf[hS 1'S(<A<> à _a`fS`fW VW L# 05-743 `S H[TS^vY[a ad[Y[`SVa bad hW`VS VW`fda VW W_bdWeSe Va Bdgba <^[SèUW à hSâd VW L# 0-0/0 `S LWà[d<A<> à _a`fS`fW VW L# 75 `S P~df[Ua<A<> à _a`fS`fW VW L# 4-844 `S 1//7-
9ZXP\aRT
1/ ST STgT[Q`]
0./2
&`TP^`TaT\bPS]'
>[^`TaP
GP`bXRX^Prq]
GPb`X[w\X]
Zu_cXS]
B\dTabX[T\b]
b]bPZ
CcR`]
]c
^`TYcug]
ITacZbPS] ST
T_cXdPZt\RXP
^Pb`X[]\XPZ
<^TSdbS JSdf[U[bS}We FfVS-
88+88$
0/6-820
0/6-820
5-556
5-556
<^[SèUW <eeWeead[S >a_WdU[S^
FfVS-
88+88$
1-301
1-301
'711(
'711(
<^[SèUW @efSU[a`S_W`fae FfVS-
88+88$
858
858
174
174
<^[SèUW GS^^ W G[V[S
88+88$
0-33/
0-33/
6//
6//
<^[SèUW MWdh[UWe , MWdh- <V_- W_
YWdS^ FfVS
88+88$
327
327
'726(
'726(
<êgbdS JSdf[U[bS}We FfVS-
88+88$
0/3-555
0/3-555
00-025
00-025
=SUZ @_bdWW`V- W JSdf[U- FfVS-
88+88$
2-04/
2-04/
0
0
=Sl[^^W @_bdWW`V- W JSdf[U- FfVS-
88+88$
85-43/
85-43/
247
247
=ag^WhSdV =W^~_
64+//$
57-/64
40-/44
0/-078
6-530
=M> MZabb[`Y >W`fWde M-<-
6/+//$
068-686
014-747
28-67/
16-740
4/+//$
32-211
10-550
2-6/7
0-744
>WlS``W @_bdWW`V- W
JSdf[U[bS}We FfVS-
88+88$
08-623
08-623
'01-577(
'01-577(
?S^[ @_bdWW`V- W JSdf[U[bS}We
FfVS
88+88$
07-633
07-633
'2-/74(
'2-/74(
<]\b`]ZPSPa
38 de 81
9ZXP\aRT
1/ ST STgT[Q`]
0./2
&`TP^`TaT\bPS]'
>[^`TaP
GP`bXRX^Prq]
GPb`X[w\X]
Zu_cXS]
B\dTabX[T\b]
b]bPZ
CcR`]
]c
^`TYcug]
ITacZbPS] ST
T_cXdPZt\RXP
^Pb`X[]\XPZ
<]\b`]ZPSPa
?WYSe @_bdWW`V- W JSdf[U[bS}WeM-<-
88+88$
060-142
060-142
471
471
Ag`Va VW D`hWef[_W`fa D_aT[^[zd[a
P[S JSdcgW
62+80$
063-514
018-/54
16-063
08-832
BSgV[ @_bdWW`V- W JSdf[U[bS}We
FfVS
88+88$
101-608
101-608
'1-40/(
'1-40/(
Cg^S VW D`hWef[_W`fa W_
JSdf[U[bS}We
0//+//$
0
'0-26/(
'0-26/(
GSf[eeW JSdf[U[bS}We
64+//$
'0-/73(
'702(
0-832
0-346
H[SV <V_[`[efdS}|a FfVS-
88+88$
311
311
346
346
H[TS^ JSdf[U[bS}We M-<- '0(
88+88$
13-8/2
25-181
05-010
05-010
HadfW MZabb[`Y =W^~_ M-<-
4/+//$
14-228
14-228
521
205
Jadf[`Sd[ @_bdWW`V- W JSdf[U- FfVS-
88+88$
4
3
'0(
'0(
LWà[d @_bdWW`V- W JSdf[U[bS}We
FfVS '1(
88+88$
70-752
7/-651
1-06/
1-06/
LLMJ@ @_bdWW`V- W JSdf[U- FfVS-
88+88$
06-584
06-640
8-164
8-164
M?N 2 >W`fda >a_WdU[S^ FfVS-
27+//$
100
68
40
08
MZabb[`Y =ag^WhSdV M-<-
6/+//$
041-/88
0/5-36/
7-061
4-610
N[ee[Sà @_bdWW`V- W
JSdf[U[bS}We M-<-
88+88$
1/1-/42
1/1-/42
1-168
1-168
P~df[Ua =Sgdg @_bdWW`VD_aT[^[zd[a FfVS-
0//+//$
015-624
015-624
'2-//2(
'2-//2(
P[hS^V[ @_bdWW`V- W JSdf[U- M-<
88+88$
0
0
'0(
'0(
K]bPZ R]\b`]ZPSPa
/,440,51/
7.,3/5
1//7 @_bdWW`V[_W`fae
>a_WdU[S[e M-<- '2(
4/+//$
03-685
02-242
5-083
2-/86
<USbgdS`S JSdf[U[bS}We M-<-
7+22$
106-1/3
14-230
6-488
4/-33/
24
24
287
287
>a^[`S MZabb[`Y >W`fWd FfVS'H[SV <V_[`[efdS}|a FfVS- VWf~_
4/$ VW bSdf[U[bS}|a(
Ag`Va VW D`hWef[_W`fa W_
JSdf[U[bS}We ~ @^WbZSe
2/+/0$
63-780
63-780
888
888
GS`Sf[ @_bdWW`V[_W`fae W
JSdf[U[bS}We
4/+//$
21-412
21-412
0-044
467
JSdcgW MZabb[`Y GSUW[• M-<- '3(
4/+//$
1/3-221
0/6-055
8-363
3-626
M>BL @_bdWW`V[_W`fae W
JSdf[U[bS}We M-<-
4/+//$
04-837
04-837
1/-614
0/-247
39 de 81
9ZXP\aRT
1/ ST STgT[Q`]
0./2
&`TP^`TaT\bPS]'
>[^`TaP
GP`bXRX^Prq]
GPb`X[w\X]
Zu_cXS]
B\dTabX[T\b]
b]bPZ
CcR`]
]c
^`TYcug]
ITacZbPS] ST
T_cXdPZt\RXP
^Pb`X[]\XPZ
<]\b`]ZPSPa
PW^SlcgWl @_bdWW`V- W
JSdf[U[bS}We FfVS-
08+52$
0/-645
0/-645
0-56/
0-56/
06/
06/
Igfdae
K]bPZ R]ZXVPSPa
06.,/61
50,055
K]bPZ VT`PZ
/,720,7/2
/40,572
'0(
'1(
'2(
'3(
//
<A<> à _a`fS`fW VW L# 00-278 `S H[TS^vY[a ad[Y[`SVa bad hW`VS VW`fda VW W_bdWeSe Va Bdgba <^[SèUW à hSâd VW L# 0-0/0 `S LWà[d<A<> à _a`fS`fW VW L# 4-844 `S 1//7<A<> à _a`fS`fW VW L# 4-/// à JSdcgW MZabb[`Y GSUW[•-
G`]^`XTSPSTa ^P`P X\dTabX[T\b] + b]``T R][T`RXPZ
;]cZTdP`S <]`^]`PbT K]eT`
0./3
0./2
&`TP^`TaT\bPS]'
063-834
060-8//
I =ag^WhSdV >adbadSfW NaiWd 'a @_bdWW`V[_W`fa( ~ g_S faddW Ua_WdU[S^ S`WjS Sa =ag^WhSdV
MZabb[`Y =Wâ Cad[la`fW- @_ 13 VW XWhWdW[da VW 1/03+ S <^[SèUW 'SfdSh~e VW Xg`Va cgW Ua`fda^ShS(
See[àg Ua_bda_[eea VW S^[W`S}|a VSe S}We VS ?WYSe+ W_bdWeS cgW VWf[`ZS S bdabd[WVSVW Va
@_bdWW`V[_W`fa+ bSdS a >N=C Ag`Va VW D`hWef[_W`fae D_aT[^[zd[ae '>a_bdSVad(+ g_ Xg`Va
SV_[`[efdSVa bW^S D`fdSY ?[efd[Tg[VadS VW Nfgâe W PSâdWe GaT[^[zd[ae FfVS- '`|a dW^SU[a`SVa Ua_ S
>a_bS`Z[S(- Jad WeeW Ua_bda_[eea VW hW`VS+ S <^[SèUW dWUWTWg a _a`fS`fW VW L#076-4//@_ 8 VW \g`Za VW 1/03 S abWdS}|a VW hW`VS Xa[ Xad_S^[lSVS+ W `Se VW_aèfdS}We X[`SÙW[dSe
Uaèa^[VSVSe VS <^[SèUW VW 20 VW VWlW_Tda VW 1/03 WeeS fdSèS}|a Xa[ Ua`fST[^[lSVS Ua_a g_S hW`VS
VW Sf[ha+ fW`Va e[Va dWUa`ZWU[Va g_ YS`Za à hSâd VW L#0/-01/JSdS a SfW`V[_W`fa Sa IAw>DI,>DL>OF<L VS >PG VWeUd[fa `S HafS 3+ S >a_bS`Z[S dWhWdfWg S
abWdS}|a VW hW`VS W dWY[efdag g_S aTd[YS}|a dW^SU[a`SVS S Jdabd[WVSVWe bSdS [`hWef[_W`fa , faddW
Ua_WdU[S^- NS^ aTd[YS}|a `|a fW_ bdSla VWX[`[Va+ g_S hWl cgW S _We_S cgW Wefz h[Ùg^SVS y WhW`fgS^
hW`VS VWeeW @_bdWW`V[_W`fa S fWdUW[dae- >a_a S abWdS}|a Xa[ Xad_S^[lSVS Ua_a g_S hW`VS Ua_
bdW}a eg\W[fa S S\gefWe+ S aTd[YS}|a bWUg`[zd[S VS >a_bS`Z[S Wefz ^[_[fSVS y V[XWdW`}S W`fdW9 PSâd
<^ha 'Ua`Xad_W VWX[`[Va `S HafS 3( W hSâd aTf[Va bWâ Ua_bdSVad W_ WhW`fgS^ hW`VS VWeeW
@_bdWW`V[_W`fa S fWdUW[dae- MW a @_bdWW`V[_W`fa Xad hW`V[Va bad g_ bdW}a egbWd[ad Sa PSâd <^ha+
S <^[SèUW fWdz g_ Ud~V[fa S dWUWTWd-
40 de 81
=SeWSVa W_ _aVWâe [`fWdàe VW bda\W}|a Ua_ bdW_[eeSe VWeUd[fSe `S àfS 01+ a hSâd \gefa VS
bdabd[WVSVW ~ e[_[^Sd Sa PSâd <^ha 'VWeUd[fa `S àfS 3(/0
G`]^`XTSPSTa ^P`P X\dTabX[T\b] + aW]^^X\Va
LWXWdW_,eW Sae W_bdWW`V[_W`fae Ua_WdU[S[e _S`f[Vae bW^Se W_bdWeSe Va Ydgba <^[SèUW eaT
SddW`VS_W`fa abWdSU[a`S^- <e bdabd[WVSVWe bSdS [`hWef[_W`fa VS >a_bS`Z[S dWXWdW_,eW Sae
eZabb[`Y UW`fWde \z UaèfdgVae W Sae eZabb[`Y UW`fWde W_ VWeW`ha^h[_W`faMWYgW STS[ja S fSTW^S VW UaÙ[^[S}|a VSe bdabd[WVSVWe bSdS [`hWef[_W`fa [`V[US`Va a [Ù[a W X[_ Va
WjWdUU[a dWbadfSVa9
JPZS] T[ 1/ ST STgT[Q`] ST 0./1
<cab]
=T^`TRXPrq]
PRc[cZPSP
DPXa
dPZXP ST
PbXd]a
K]bPZ
1-400-415
'046-535(
674-327
2-028-207
6-708
6-708
07-5/2
22-787
15-765
'46-73/(
'46-73/(
'0/-183(
'008-017(
'30-524(
'1/-8//(
'1/-8//(
603-406
1-865-606
0/-121
0/-121
10-486
8/-662
0/-487
'2-885(
'2-885(
9SXrxTa
NWddWàe
DèfS^S}We.@V[X[US}We
Igfdae
07-5/2
53-740
23-22/
;PXfPa '0(
NWddWàe
Igfdae
'0/-183(
'008-017(
'30-524(
'2/-842(
'6-343(
<_adf[lS}|a VW zY[a _S[e hS^[S
JPZS] T[ 1/ ST STgT[Q`] ST 0./2 &`TP^`TaT\bPS]'
9SXrxTa '2(
NWddWàe
Igfdae
;PXfPa '1(
NWddWàe
Igfdae
Jdah[e|a bSdS hSâd dWUgbWdzhW^ '3(
<_adf[lS}|a VW zY[a _S[e hS^[S
JPZS] T[ 1/ ST STgT[Q`] ST 0./3
1-347-142
10-486
015-104
06-160
'085-/42(
'24-331(
'5-562(
'058-37/(
'1-308(
'058-37/(
'1-308(
'04-010(
1-325-205
'127-057(
'08-101(
'04-010(
'08-101(
6/0-430
1-788-578
'0( <e TS[jSe aUadd[VSe à Sà VW 1/03 e|a dWXWdW`fWe S hW`VS VW bSdf[U[bS}We `S <USbgdS`S W
PW^SlcgWl'1( <e TS[jSe aUadd[VSe à Sà VW 1/04 e|a dWXWdW`fWe S hW`VS VW bSdf[U[bS}|a à P[S JSdcgW
'h[VW àfS 1 'S(('2( <e SV[}We aUadd[VSe à Sà VW 1/04 e|a dWXWdW`fWe S Scg[e[}|a VS HLG 'h[VW àfS 1 'S((+
aTdSe VW dWh[fS^[lS}|a W WjbSè|a à =S`Yg MZabb[`Y W >Sd[aUS MZabb[`Y W aTdS VW
WjbSè|a à MZabb[`Y VS =SZ[S'3( <a X[`S^ Va WjWdUU[a WÙWddSVa W_ 20 VW VWlW_Tda VW 1/04+ S >a_bS`Z[S [VW`f[X[Uag S
Wj[ef•Ù[S VW [`V[USVadWe VW dWVg}|a Va hSâd dWUgbWdzhW^ W_ dW^S}|a Sa W_bdWW`V[_W`fa
41 de 81
MZabb[`Y =ag^WhSdV P[^S PW^ZS+ à _a`fS`fW VW L# 04-010+ bSdS a cgS^ Uaèf[fg[g bdah[e|a
bSdS bWdVSe+ dWVgl[`Va a hSâd Va Sf[ha- NS^ _a`fS`fW Xa[ dWY[efdSVa y Ua`fdSbSdf[VS Va
dWeg^fSVa+ `S dgTd[US " IgfdSe dWUW[fSe.'VWebWeSe( 'HafS 14(I hSâd \gefa VSe bdabd[WVSVWe bSdS [`hWef[_W`fae Xa[ USÛg^SVa [`fWd`S_W`fW bad bdaX[ee[a`S[e
WjbWd[W`fWe Va eWY_W`fa VW eZabb[`Y UW`fWde W Uaè[VWdag Se eWYg[`fWe bd[Ù[bS[e bdW_[eeSe9
'
A^gja VW US[jS bda\WfSVa Vae eZabb[`Ye W_ abWdS}|a- H|a fW`Va e[Va Uaè[VWdSVSe Se WjbSèWe
bdWh[efSe bSdS WefWe W_bdWW`V[_W`fae- <e dWUW[fSe VW eWdh[}ae `|a XadS_ [Ù^gVSe `S bda\W}|a-
< _WfaVaâY[S VW bda\W}|a Xa[ W^STadSVS Uaè[VWdS`Va ae Ua`fdSfae Wj[efW`fWe W egSe dWàhS}We y
^gl VSe Ua`V[}We SfgS[e.WebWdSVSe VW _WdUSVa bda\WfSVSe bSdS g_ bWdaVa VW 0/ Sàe W hSâd
dWe[VgS^ Xg`VS_W`fSVa `S bWdbWfg[VSVW VS dWUW[fS Va ^f[_a Sà bda\WfSVa Ua_ UdWeU[_W`fa W`fdW
0+4$S-S- W 1+/$ S-S'
I X^gja VW US[jS Xa[ VWeUa`fSVa S g_S fSjS dWS^ VW 7+24$ S-S-+ USÛg^SVS bW^S _WfaVaâY[S Va
><JG ',4C=F4? *EE8F 1D=6=A; 0B78?(+ ^WhS`Va W_ Uaè[VWdS}|a S fSjS ^[hdW VW d[eUa W bd•_[a VW
_WdUSVa USÛg^SVa Ua_ TSeW à _WdUSVa VW S}We àdfW,S_Wd[USà+ a d[eUa =dSe[^ W a TWfS _~V[a
VS [`Vefd[S VW eZabb[`Y UW`fWde TdSe[^W[dS W [`X^S}|a WebWdSVS V[hg^YSVS bWâ =SÙa >W`fdS^ Va
=dSe[^-
>a_ [eea+ Sbe Se Scg[e[}We W hW`VSe dWS^[lSVSe VgdS`fW a Sà VW 1/03+ W Ua_ S dWh[e|a VSe
bdW_[eeSe SVafSVSe VW SUadVa Ua_ a UW`zd[a WUa`_[Ua+ a hSâd \gefa fafS^ Vae W_bdWW`V[_W`fae
'[Ù^g[`Va ae _[àd[fzd[ae( \z Uaè[VWdS`Va Se àhSe bSdf[U[bS}We cgW S >a_bS`Z[S VWf~_ eaTdW ae
_We_ae ~ VW L# 5-788-813 W_ 20 VW VWlW_Tda VW 1/04 W VW L# 6-28/-/87 W_ 20 VW VWlW_Tda VW
1/03< <V_[`[efdS}|a dWh[eS à _`[_a S`gS^_W`fW a hSâd Ua`fzT[^ ^cg[Va VW eWge W_bdWW`V[_W`fae+
Ua_ a aT\Wf[ha VW ShS^[Sd S Wj[efÙ[S VW WhW`fae ag _gVS`}Se `Se U[dUgèf{Ù[Se WUa`_[USe+
abWdSU[a`S[e ag fWUà^•Y[USe cgW baeeS_ [`V[USd VWfWd[adS}|a à hSâd dWUgbWdzhW^ VW egSe
bdabd[WVSVWe-
/1
B\bP\VudTZ
vY[a W_ Scg[e[}|a VW W`f[VSVWe `|a
[ÙadbadSVSe
1//7 @_bd- D_aT- FfVS=M> MZabb[`Y >W`fWd M-<=ag^WhSdV MZabb[`Y M-<<^[SèUW <ee- >a_- M-<HadfW MZabb[`Y =W^~_ M-<MZabb[`Y =ag^WhSdV =W^~_ M-<vY[a W_ Scg[e[}|a VW W`f[VSVWe
[ÙadbadSVSe
=SdbS @_bd- JSdf- M-<MgbdS @_bd- JSdf- M-<L[UeZabb[`Y @_b- JSdf- FfVS<f[hae [`fS`YhW[e
?[dW[fa eaTdW dWUW[fS VW WefSU[a`S_W`fa
?[dW[fa VW WjbâdS}|a Va WefSU[a`S_W`fa
?[dW[fa VW O`[VSVW VW NdSèXWd•Ù[S
Va ?[dW[fa VW >aèfdg[d 'ON?>(
Igfdae
42 de 81
9SXrxTa
&;PXfPa'
0./2
&`TP^`TaT\bPS]'
MPZ]`
Zu_cXS]
MPZ]`
Zu_cXS]
MXSP ybXZ
<cab]
X\XRXPZ
D`VWX[`[VS
D`VWX[`[VS
D`VWX[`[VS
D`VWX[`[VS
D`VWX[`[VS
D`VWX[`[VS
2/-///
03-305
1/-/57
3-05/
752
1-227
2/-///
03-305
1/-/57
3-05/
752
1-227
2/-///
03-305
1/-/57
3-05/
752
1-227
2/-///
03-305
1/-/57
3-05/
752
1-227
D`VWX[`[VS
D`VWX[`[VS
D`VWX[`[VS
25-52/
8-6/7
0/6-777
25-52/
8-6/7
0/6-777
25-52/
8-6/7
0/6-777
25-52/
8-6/7
0/6-777
D`VWX[`[VS
34 Sàe
07-/12
14 Sàe
4 Sàe
4-344
04-380
154-/3/
<cab]
9[]`bXgPrq]
PRc[cZPSP
0./3
07-/12
11-7/4
07-/12
11-37/
07-/12
'214(
4-065
4-344
1/-556
'247(
'8-101(
4-/86
00-344
4-017
8-356
16-870
182-/10
'8-784(
172-015
147-578
11-7/4 '0(
'0( @_ 07 VW \g`Za VW 1/04+ a MZabb[`Y VS =SZ[S W_ Ua`\g`fa Ua_ ae VW_S[e bdabd[Wfzd[ae VW
eZabb[`Y UW`fWde X[d_SdS_ g_ fWd_a VW SUadVa W Ua_bda_[eea 'N<>( Ua_ S JdWXW[fgdS VW
MS^hSVad bSdS [`[U[Sd S WjbâdS}|a VW WefSU[a`S_W`fae Ua_ bdWh[e|a VW [`hWef[_W`fae VW
aTdSe `S U[VSVW cgW fafS^[lSd|a L# 0/7-///+ eW`Va cgW S bSdUW^S VW Ua_bda_[eea
bdabadU[a`S^ VS <^[SèUW ~ VW L# 11-7/4- @eeWe [`hWef[_W`fae eWd|a VWeW_TaêSVae VW
SUadVa Ua_ ae bda\Wfae cgW eWd|a SbdWeW`fSVae bW^S JdWXW[fgdS VW MS^hSVad Uadd[Y[Vae VW
SUadVa Ua_ a DJ><- <f~ 20 VW VWlW_Tda VW 1/04 XadS_ VWeW_TaêSVae L# 2-883- @_
Ua`fdSbSdf[VS Sa Ua_bda_[eea Seeg_[Va+ S JdWXW[fgdS VW MS^hSVad UaÙWVWg W_ 05 VW \g^Za
VW 1/04 S^hSdz bSdS cgW S <^[SèUW @efSU[a`S_W`fae FfVS- [`[U[SeeW egSe abWdS}We- I hSâd
dWY[efdSVa à [`fS`YhW^ eWdz S_adf[lSVa VW SUadVa Ua_ a bdSla VW h[VS f[^ dW_S`WeUW`fW Va
eZabb[`Y9ZXP\aRT R]\a]ZXSPS]
vY[a W_ Scg[e[}|a VW W`f[VSVWe `|a
[ÙadbadSVSe
1//7 @_bd- D_aT- FfVS=M> MZabb[`Y >W`fWd M-<=ag^WhSdV MZabb[`Y M-<<^[SèUW <ee- >a_- M-<HadfW MZabb[`Y =W^~_ M-<MZabb[`Y =ag^WhSdV =W^~_ M-<vY[a W_ Scg[e[}|a VW W`f[VSVWe
[ÙadbadSVSe
=SdbS @_bd- JSdf- M-<MgbdS @_bd- JSdf- M-<L[UeZabb[`Y @_b- JSdf- FfVS<f[hae [`fS`YhW[e
?[dW[fa VW O`[VSVW VW NdSèXWd•Ù[S
Va ?[dW[fa VW >aèfdg[d 'ON?>(
Igfdae
9SXrxTa
&;PXfPa '
0./1
MPZ]`
Zu_cXS]
MPZ]`
Zu_cXS]
MXSP ybXZ
<cab]
X\XRXPZ
D`VWX[`[VS
D`VWX[`[VS
D`VWX[`[VS
D`VWX[`[VS
D`VWX[`[VS
D`VWX[`[VS
2/-///
03-305
1/-/57
3-05/
752
1-227
2/-///
03-305
1/-/57
3-05/
752
1-227
2/-///
03-305
1/-/57
3-05/
752
1-227
2/-///
03-305
1/-/57
3-05/
752
1-227
D`VWX[`[VS
D`VWX[`[VS
D`VWX[`[VS
25-52/
8-6/7
0/6-777
25-52/
8-6/7
0/6-777
25-52/
8-6/7
0/6-777
25-52/
8-6/7
0/6-777
D`VWX[`[VS
07-/12
07-/12
07-/12
D`VWX[`[VS
4 Sàe
5-152
01-402
'7/7(
1-867
4-344
04-380
'216(
'5-/13(
4-017
8-356
5-/02
7-824
151-76/
1-06/
154-/3/
'5-240(
147-578
148-/31
<cab]
9[]`bXgPrq]
PRc[cZPSP
0./2
&`TP^`TaT\bPS]'
07-/12
9ZXP\aRT
MaXfiSdW
Igfdae
0./3
0./2
&`TP^`TaT\bPS]'
9[]`bXgPrq]
PRc[cZPSP
MPZ]`
Zu_cXS]
MPZ]`
Zu_cXS]
MXSP ybXZ
<cab]
X\XRXPZ
9SXrxTa&;PXfPa'
12 Sàe
4 Sàe
D`VWX[`[VS
4-412
01-85/
0-342
3-74/
4-412
06-70/
0-342
'7-45/(
4-412
8-14/
0-342
4-412
7-7/2
08-825
3-74/
13-675
'7-45/(
05-115
03-215
<cab]
9ZXP\aRT
MaXfiSdW
0./2
&`TP^`TaT\bPS]'
0./1
MXSP ybXZ
<cab]
X\XRXPZ
9SXrxTa&;PXfPa'
<cab]
9[]`bXgPrq]
PRc[cZPSP
MPZ]`
Zu_cXS]
MPZ]`
Zu_cXS]
12 Sàe
4 Sàe
4-412
00-540
1-652
4-412
03-303
'4-500(
4-412
7-7/2
4-412
7-2/0
06-063
1-652
08-826
'4-500(
03-215
02-713
Ie zY[ae `|a baeegW_ h[VS f[^ VWfWd_[`zhW^ W+ bad WefW _af[ha+ `|a e|a S_adf[lSVae- < >a_bS`Z[S
43 de 81
ShS^[S a hSâd VW dWUgbWdS}|a VWeeWe Sf[hae S`gS^_W`fW SfdSh~e VW fWefW VW =@C4=D@8AFIe agfdae Sf[hae [`fS`YhW[e Ua_ h[VS f[^ VWX[`[VS e|a S_adf[lSVae bWâ _~faVa ^[`WSd à bWdaVa
SbdWeW`fSVa `S fSTW^S SU[_SKTabT ST `TScrq] P] dPZ]` `TRc^T`pdTZ
I fWefW VW [_bS[d_W`f bSdS hS^[VS}|a Va zY[a Xa[ XW[fa Uaè[VWdS`Va a X^gja VW US[jS bda\WfSVa Vae
eZabb[`Ye cgW SbdWeW`fS_ zY[a cgS`Va VW egS Scg[e[}|a+ `|a fW`Va e[Va Uaè[VWdSVSe Se WjbSèWe
bdWh[efSe bSdS WefWe W_bdWW`V[_W`fae `W_ Se dWUW[fSe VW eWdh[}ae YWdSVSe bSdS S <^[SèUW- <
_WfaVaâY[S VW bda\W}|a Xa[ W^STadSVS Uaè[VWdS`Va ae Ua`fdSfae Wj[efW`fWe W egSe dWàhS}We y ^gl
VSe Ua`V[}We SfgS[e.WebWdSVSe VW _WdUSVa bda\WfSVSe bSdS g_ bWdaVa VW 0/ Sàe W hSâd dWe[VgS^
Xg`VS_W`fSVa `S bWdbWfg[VSVW VS dWUW[fS Va ^f[_a Sà bda\WfSVa Ua_ UdWeU[_W`fa W`fdW 0+4$ S-S- S
1+/$ S-S- I X^gja VW US[jS Xa[ VWeUa`fSVa S g_S fSjS dWS^ VW 7+24$ S-S-+ cgW Xa[ SbgdSVS bW^S
_WfaVaâY[S Va ><JG '>Sb[fS^ <eeWf Jd[U[`Y GaVW^(+ ^WhS`Va W_ Uaè[VWdS}|a S fSjS ^[hdW VW d[eUa W
bd_[a VW _WdUSVa USÛg^SVae Ua_ TSeW à _WdUSVa VW S}We àdfW,S_Wd[USà+ a d[eUa =dSe[^ W a
TWfS _~V[a VS [`Vefd[S TdSe[^W[dS VW eZabb[`Y UW`fWde W [`X^S}|a WebWdSVS V[hg^YSVS bWâ =SÙa
>W`fdS^ Va =dSe[^Ha USea VW _gVS`}Se `Se bd[Ù[bS[e bdW_[eeSe gf[^[lSVSe `S VWfWd_[`S}|a Va hSâd dWUgbWdzhW^ VSe
g`[VSVWe YWdSVadSe VW US[jS+ ae zY[ae Ua_ h[VS f[^ [`VWX[`[VS SâUSVae Se g`[VSVWe YWdSVadSe VW
US[jS ea_SVae Sae hSâdWe Ua`fzTW[e VSe bdabd[WVSVWe bSdS [`hWef[_W`fae 'g`[VSVWe YWdSVadSe VW
US[jS( eWd[S_ egTefSÙ[S^_W`fW _WàdWe cgW a hSâd \gefa VSe bdabd[WVSVWe bSdS [`hWef[_W`fae+ ag
eW\S+ `|a Zz [`VU[ae VW bWdVSe bad [_bS[d_W`f `Se g`[VSVWe YWdSVadSe VW US[jS+ VWeVW S ^f[_S
ShS^[S}|a WXWfgSVS cgS`Va VS SbdWeW`fS}|a VSe VW_aèfdS}We X[`SÙW[dSe S`gS[e dWXWdW`fWe Sa
WjWdUU[a X[`Va W_ 20 VW VWlW_Tda VW 1/04-
44 de 81
/2
>[^`sabX[]a T UX\P\RXP[T\b]a* <<B-<IB%a T STQt\bc`Ta
0./3
0./2
9ZXP\aRT
0./3
0./2
GPaaXd]
<X`RcZP\bT
@_bd~ef[_ae W A[`SÙ[S_W`fae
62-/6/
45-112
3-470
2-474
>~Vg^S VW Ud~V[fa [_aT[^[zd[a
84-314
71-688
1/-832
05-6/3
?WT•`fgdWe
20-504
15-771
20-504
15-771
1//-00/
054-8/3
46-028
36-060
GPaaXd]
Eq] <X`RcZP\bT
@_bd~ef[_ae W A[`SÙ[S_W`fae
888-//7
856-014
013-/70
44-742
282-2/5
331-751
008-582
014-3/1
013-860
213-751
013-860
213-751
0-406-174
0-623-738
257-634
4/5-006
0-606-284
0-8//-642
314-773
442-177
?WT•`fgdWe
<]\a]ZXSPS]
KPfP
MT\RX[T\b
]
<]\b`]ZPS]`P
0./3
0./2
0./3
0./2
42-505
46-847
42-505
46-847
<P^bPrxTa
9ZXP\aRT
L= >Sb[fS^
DJ><*8+63
$
DJ><*6+84
$
_Sd.12
8/-063
77-341
8/-063
77-341
MS`fS`VWd
NL*0/+1$
VWl.13
48-367
51-22/
48-367
51-22/
DfS
NL*8+77$
_S[.2/
64-705
L= >Sb[fS^
VWl.08
NafS^ @_bd~ef[_ae W
A[`SÙ[S_W`fae
168-/73
64-705
1/7-63/
168-/73
?WT•`fgdW D ')(
>?D*1$
XWh.06
?WT•`fgdW DD
NEFJ*4$
agf.06
4/-/87
64-012
4/-/87
64-012
?WT•`fgdW DDD
DJ><*6+4$
\S`.13
0/6-10/
82-228
0/6-10/
82-228
NafS^ ?WT•`fgdWe
046-2/7
243-375
046-2/7
243-375
K]bPZ SPa RP^bPrxTa SP
<]\b`]ZPS]`P
325-281
452-115
325-281
452-115
45 de 81
075-/13
1/7-63/
075-/13
<P^bPrxTa SPa R]\b`]ZPSPa ^]` X\abXbcXrq]
UX\P\RTX`P
;I9=>J<F
=C
NL * 01$
àh.10
87-28/
0/6-406
HadfW MZab[`Y =W^~_
NL*0/+5$
STd.13
055-228
054-870
P~df[Ua =Sgdg
NL*0/+7$
_S[.15
02/-38/
01/-825
?S^[
NL*0/+4
eWf.16
043-150
047-041
>WlS``W
NL*0/+4$
SYa.16
1/3-587
1/8-804
N[ee[Sà
NL*8+5$
VWl.16
01/-10/
012-377
=Sl[^^W
NL*0/+1$
eWf.10
22-044
25-507
7.5,321
700,4.5
K]bPZ ;`PSTaR]
<B;I9J><
H[TS^
NL * 0/+7$
eWf.07
83-168
010-643
GSf[eeW '=W^~_(
NL * 01$
\S`.10
053-443
067-7/3
036,611
1..,336
K]bPZ <XQ`PaTR
BK9L ;;9 BB
>?B
NL * 0/+6$
\g^.10
14-857
2/-/70
>?B
NL * 8+8$
STd.13
22-/16
25-227
36,773
44,2/7
K]bPZ BbPy ;;9 BB
J9?I9
H[TS^
DBJ ?D
VWl.04
3/5
PW^SecgWl
DBJ ?D
VWl.04
51
GSXS^ff[
DBJ ?D
VWl.04
105
LLMJ@
DBJ ?D
VWl.04
7
K]bPZ JPU`P
470
@9B9
J><LIBKBN9=FI
9
NSde[^S
DBJ
?D*6+84$
NafS^ VSe USbfS}We VSe Ua`fda^SVSe
46 de 81
_S[.14
74,163
70,240
0-210-645
0-271-627
NafS^ VSe USbfS}We VS >a`fda^SVadS W Ua`fda^SVSe
NafS^ Vae Ugefae VSe USbfS}We
K]bPZ SPa
RP^bPrxTa
0-647-037
0-834-853
325-282
452-115
'3/-642(
'34-100(
'0/-4/8(
'8-827(
/,5/5,173
/,7..,531
203,662
331,066
')( ?WT•`fgdWe bd~,bSYS Ua`Xad_W VWeUd[fa `S àfS 1 'S(-
BSdS`f[Se9 HafSe bda_[ee•d[Se+ UWee|a X[VgU[zd[S VW V[dW[fae UdWV[f•d[ae+ S^[W`S}|a X[VgU[zd[S Vae
Wcg[bS_W`fae+ Z[bafWUS eaTdW XdS}|a VW [_•hW^+ ShS^ Vae e•U[ae W faddW Ua_WdU[SÎ UdaàYdS_S VW VWeW_Taêa Vae W_bd~ef[_ae W X[`SÙ[S_W`fae, ??E/?ME•f W VWT•`fgdWe Wefz
bdaYdS_SVa Ua_a eWYgW9
0./3
0./2
1/04
1/05
1/06
1/07
?W 1/08 S 1/16
9ZXP\aRT
0./3
0./2
1/7-061
1/5-406
066-/03
0-055-334
063-685
167-268
178-381
056-158
0-/25-/17
47-346
41-042
2/-//1
184-670
38-373
03/-/70
031-340
16-448
1/2-540
0-647-037
0-834-853
325-282
452-115
JSdS Se Vh[VSe VS >a_bS`Z[S Wj[efW_ U^zgeg^Se Ua`fdSfgS[e+ Ua`Xad_W VWeUd[fa STS[ja9
' MS`fS`VWd9
@_ \S`W[da VW 1/02 S <^[SèUW MZabb[`Y >W`fWde M-<- X[d_ag Ua`fdSfa VW X[`SÙ[S_W`fa Ua_ =SÙa
MS`fS`VWd M-<- à hSâd VW L# 54-/// bSdS Scg[e[}|a VW 14$ Va QWef J^SlS MZabb[`Y >W`fWdJSdS a X[`SÙ[S_W`fa MS`fS`VWd+ S >a_bS`Z[S baeeg[ g_S VSe U^zgeg^Se Ua`fdSfgS[e VW 6BH8A4AFE+
cgW VWfWd_[`S `hW[e _zj[_ae VW W`V[h[VS_W`fa W S^ShSÙSYW_ Ua_ TSeW `Se [`Xad_S}We S`gS[e
Uaèa^[VSVSe+ a [`V[USVad VW dW^S}|a W`fdW ?h[VS Fcg[VS 'ea_Sfd[a VW W_bd~ef[_ae+
X[`SÙ[S_W`fae W aTd[YS}We bad Scg[e[}|a VW TWè+ WjU^g[`Va,eW Se Vh[VSe VWUaddW`fWe VW
bSdUW^S_W`fae fd[Tgfzd[ae; _Wàe Se V[eba`[T[^[VSVWe( W @=DN?< '^gUda ag bdW\gla ^cg[Va+ S`fWe VS
Ua`fd[Tg[}|a eaU[S^ W Va [_baefa VW dW`VS+ egTfdS[`Va,eW Se dWUW[fSe W SV[U[a`S`Va,eW Se VWebWeSe
YWdSVSe bWâe dWeg^fSVae X[`SÙW[dae+ VWbdWU[S}|a W S_adf[lS}|a W dWeg^fSVae `|a dWUaddW`fWe( [YgS^
ag [`XWd[ad 4 hWlWe bSdS a WjWdUU[a eaU[S^ WÙWddSVa W_ 20 VW VWlW_Tda VW 1/04; W 4 hWlWe bSdS a
WjWdUU[a eaU[S^ WÙWddSVa W_ 20 VW VWlW_Tda VW 1/05- >a_a YSdS`f[S+ S >a_bS`Z[S S^[Wàg+ W_
USdzfWd X[VgU[zd[a+ 14$ Va QWefb^SlS MZabb[`Y W UWee|a X[VgU[zd[S Vae dWUWThW[e dW^SU[a`SVae Ua_
14$ Va QWefb^SlS MZabb[`Y-
47 de 81
@_ 20 VW VWlW_Tda VW 1/04+ S >a_bS`Z[S SfW`VWg S WefSe U^zgeg^Se Ua`fdSfgS[e' =SÙa DfS
@_ GS[a VW 1/04 S <^[SèUW MZabb[`Y >W`fWde M-<- X[d_ag Ua`fdSfa VW X[`SÙ[S_W`fa '>~Vg^S VW
Ud~V[fa =SÙzd[a( Ua_ a DfS O`[TSÙa M-< à hSâd VW L# 63-3// bSdS aTdSe VW WjbSè|a Vae
eZabb[`Ye VS =SZ[S+ =S`Yg W >Sd[aUS'
?WT•`fgdWe9
'S( ?WT•`fgdWe bd[hSVSe
@_ eWfW_Tda VW 1/03 S <^[SèUW MZabb[`Y >W`fWde UaÙ^g[g S eWYg`VS W_[ee|a VW VWT•`fgdWe
bd[hSVSe fW`Va S P[Ù[ JSdf`Wde Ua_a ?WTW`fgd[efS fafS^[lS`Va L# 8/-/// bWâ bdSla VW 8 Sàe S
bSdf[d VS VSfS VW W_[ee|a Ug\S S S_adf[lS}|a eWdz W_ VgSe bSdUW^Se àe Sàe 7 W 8- Ie dWUgdeae eWd|a
VWef[`SVae bSdS S Uaèfdg}|a+ S Scg[e[}|a W.ag a VWeW`ha^h[_W`fa VW eZabb[`Y UW`fWde ag W_bdWeSe
bdabd[Wfzd[Se VW eZabb[`Y UW`fWde+ S Scg[e[}|a VW bSdf[U[bS}|a SV[U[a`S^ àe eZabb[`Y UW`fWde \z
Wj[efW`fWe à badfX•^[a VS @_[eeadS W.ag VW egSe Ua`fda^SVSe W S WjbSè|a VW eZabb[`Y UW`fWde \z
Wj[efW`fWe à badfX•^[a VS @_[eeadS W.ag VW egSe Ua`fda^SVSe- >a_a YSdS`f[S+ S >a_bS`Z[S S^[Wàg+
W_ USdzfWd X[VgU[zd[a+ S XdS}|a [VWS^ VW 14$ Va MZabb[`Y BdS`VW L[aJSdS S 1q W_[ee|a bd[hSVS VW VWT•`fgdWe '8/-///(+ S >a_bS`Z[S baeeg[ g_S VSe U^zgeg^Se
Ua`fdSfgS[e VW UahW`S`fe+ cgW VWfWd_[`S `hW[e _zj[_ae VW W`V[h[VS_W`fa W S^ShSÙSYW_ Ua_ TSeW
`Se [`Xad_S}We S`gS[e Uaèa^[VSVSe- >aèf[fg[dz WhW`fa VW hWÙ[_W`fa S`fWU[bSVa S `|a
aTeWdh{Ù[S+ bW^S @_[eeadS+ Vae eWYg[`fWe `V[UWe X[`SÙW[dae Ug_g^Sf[hS_W`fW+ USÛg^SVae Ua_ TSeW
`Se VW_aèfdS}We X[`SÙW[dSe Uaèa^[VSVSe VS @_[eeadS+ S eWdW_ hWd[X[USVSe bWâe ?WTW`fgd[efSe
S`gS^_W`fW Ua_ TSeW `Se [`Xad_S}We S`gS[e Uaèa^[VSVSe V[hg^YSVSe dWYg^S_W`fW bW^S @_[eeadS+
eW`Va cgW S bd[_W[dS hWd[X[US}|a S`gS^ bWâe VWTW`fgd[efSe aUaddWdz Ua_ TSeW àe dWeg^fSVae VW 20
VW VWlW_Tda VW 1/04+ eW`Va UWdfa cgW S `|a aTeWdh{Ù[S VW SbW`Se g_ Vae w`V[UWe A[`SÙW[dae
Wef[bg^SVae àe [fWè "[" W "[[" eWYg[`fWe `|a Uaèf[fg[dz g_ @hW`fa VW PWÙ[_W`fa <`fWU[bSVa9
'[( dW^S}|a W`fdW ?h[VS Fcg[VS 'a ea_Sfd[a VW W_bd~ef[_ae+ X[`SÙ[S_W`fae+ WjU^g[`Va,eW Se
aTd[YS}We bad Scg[e[}We VW TWè W Se Vh[VSe VWUaddW`fWe VW bSdUW^S_W`fae fd[Tgfzd[ae; _Wàe Se
V[eba`[T[^[VSVWe+ ag eW\S+ a ea_Sfd[a Va US[jS _S[e Sb^[US}We X[`SÙW[dSe( W @=ND?< <\gefSVa
>aèa^[VSVa BWdWÙ[S^ 'a ^gUda ag a bdW\gla ^cg[Va+ S`fWe VS Uaèa^[VS}|a eaU[S^ W Va [_baefa VW
dW`VS+ egTfdS[`Va,eW Se dWUW[fSe W SV[U[a`S`Va,eW Se VWebWeSe YWdSVSe bWâe dWeg^fSVae X[`SÙW[dae W
`|a abWdSU[a`S[e+ VWbdWU[S}|a W S_adf[lS}|a W dWeg^fSVae `|a dWUaddW`fWe+ Ua_a bad WjW_bâ hW`VS
VW Sf[hae W dWShS^[S}|a VW Sf[hae( [YgS^ ag [`XWd[ad S 2+4 'fd•e [`fW[dae W U[Ùa V~U[_ae( hWlWe'[[( dW^S}|a W`fdW9 '0( I `V[UW aTf[Va bW^S V[h[e|a Va >S[jS W @cg[hS^W`fWe VW >S[jS ea_SVa Se
<b^[US}We A[`SÙW[dSe VW >gdfa JdSla W Sa @=DN?< <\gefSVa >aèa^[VSVa BWdWÙ[S^ SbgdSVa à 3u
fd[_WefdW VW USVS Sà+ VWh[VS_W`fW S`gS^[lSVa+ bad W_bd~ef[_ae+ X[`SÙ[S_W`fae W [èfdg_W`fae VW
Vh[VSe UaèfS`fWe Va JSee[ha >[dUg^S`fW BWdWÙ[S^+ [YgS^ ag egbWd[ad 0+2 'g_ [`fW[da W fde V~U[_ae(
hWlWe; W'1( I `V[UW aTf[Va bW^S V[h[e|a Va @=DN?< <\gefSVa >aèa^[VSVa BWdWÙ[S^ SbgdSVa à 3u
fd[_WefdW VW USVS Sà+ VWh[VS_W`fW S`gS^[lSVa+ bad bSYS_W`fae VW \gdae VWUaddW`fWe VW
W_bd~ef[_ae+ U~Vg^Se VW Ud~V[fa [_aT[^[zd[a W VWT•`fgdWe+ UaèfS`fWe Va A^gja VW >S[jS BWdWÙ[S^+
VWVgl[Vae VS LWUW[fS A[`SÙW[dS BWdWÙ[S^+ [YgS^ ag egbWd[ad 0+4 'g_ [`fW[da W U[Ùa V~U[_ae( hWlWe@_ 20 VW VWlW_Tda VW 1/04+ S >a_bS`Z[S SfW`VWg S WefSe U^zgeg^Se Ua`fdSfgS[e'T( ?WT`fgdWe bT^[USe
@_ _Sd}a VW 1/01+ S >a_bS`Z[S UaÙ^g[g S bd[_W[dS W_[ee|a bT^[US VW VWT`fgdWe+ fafS^[lS`Va
L# 068-270 \z Uaè[VWdS`Va ae Ugefae VW W_[ee|a VS Vh[VS bWâ bdSla VW Sf~ 4 Sàe S bSdf[d VS VSfS
VW W_[ee|a Ug\S S_adf[lS}|a aUaddWdz W_ 1 bSdUW^Se S`gS[e W [YgS[e à 3u W 4u Sà VW abWdS}|a
48 de 81
egUWee[hS_W`fW- I aT\Wf[ha VS USbfS}|a Vae dWUgdeae Xa[ bSdS Scg[e[}|a+ Uaèfdg}|a+ WjbSè|a VW
eZabb[`Ye UW`fWde S^~_ VW dWXad}a à USb[fS^ VW Y[da VS >a_bS`Z[S- H|a Zz U^zgeg^S VW dWbSUfgS}|a
SeeaU[SVS S WeeWe ffgâe- >a_a YSdS`f[S Va W_bd~ef[_a+ S >a_bS`Z[S S^[Wàg+ W_ USdzfWd X[VgU[zd[a+
cgafSe Va ADDPJM VWf[VSe bW^S >a_bS`Z[S W UWee|a X[VgU[zd[S VW abWdS}We Ua_bda_[eeSVSe VW
W_[ee|a Va =SÙa DfS@_ 20 VW VWlW_Tda VW 1/04+ S >a_bS`Z[S ^[cg[Vag S`fWU[bSVS_W`fW Se VWT`fgdWe bT^[USe VW
bd[_W[dS W_[ee|a Ua`Xad_W [`Xad_SVa `S àfS 1 'T(@_ agfgTda VW 1/01+ S >a_bS`Z[S UaÙ^g[g S eWYg`VS W_[ee|a bT^[US VW VWT`fgdWe+ fafS^[lS`Va
L# 87-782+ \z Uaè[VWdS`Va ae Ugefae VW W_[ee|a VS Vh[VS+ bWâ bdSla VW Sf~ 4 Sàe S bSdf[d VS VSfS
VW W_[ee|a Ug\S S_adf[lS}|a aUaddWdz W_ 3 bSdUW^Se S`gS[e W [YgS[e à 1u+ 2u+ 3u W 4u Sà VW
abWdS}|a egUWee[hS_W`fW- H|a Zz U^zgeg^S VW dWbSUfgS}|a SeeaU[SVS S WeeWe ffgâe- >a_a YSdS`f[S+ S
>a_bS`Z[S S^[Wàg+ W_ USdzfWd X[VgU[zd[a+ Se cgafSe VS BSgV[JSdS WeeS W_[ee|a VW VWT•`fgdWe+ S >a_bS`Z[S baeeg[ g_S VSe U^zgeg^Se Ua`fdSfgS[e VW UahW`S`fe+
cgW VWfWd_[`S `hW[e _zj[_ae VW W`V[h[VS_W`fa W S^ShSÙSYW_ Ua_ TSeW `Se [`Xad_S}We S`gS[e
Uaèa^[VSVSe+ a [`V[USVad VW dW^S}|a W`fdW ?h[VS Fcg[VS 'ea_Sfd[a VW W_bd~ef[_ae+
X[`SÙ[S_W`fae W aTd[YS}We bad Scg[e[}|a VW TWè+ WjU^g[`Va,eW Se Vh[VSe VWUaddW`fWe VW
bSdUW^S_W`fae fd[Tgfzd[ae; _Wàe Se V[eba`[T[^[VSVWe( W @=DN?< '^gUda ag bdW\gla ^cg[Va+ S`fWe VS
Ua`fd[Tg[}|a eaU[S^ W Va [_baefa VW dW`VS+ egTfdS[`Va,eW Se dWUW[fSe W SV[U[a`S`Va,eW Se VWebWeSe
YWdSVSe bWâe dWeg^fSVae X[`SÙW[dae+ VWbdWU[S}|a W S_adf[lS}|a W dWeg^fSVae `|a dWUaddW`fWe( [YgS^
ag [`XWd[ad S 4 hWlWe bSdS a WjWdUU[a eaU[S^ WÙWddSVa W_ 20 VW VWlW_Tda VW 1/04; W 4 hWlWe bSdS a
WjWdUU[a eaU[S^ WÙWddSVa W_ 20 VW VWlW_Tda VW 1/05- < SbgdS}|a VWeeW `V[UW aUaddW à X[`S^ VW
USVS WjWdUU[a W bSdS 20 VW VWlW_Tda VW 1/04+ S >a_bS`Z[S VWhWdz SfW`VWd S WefSe U^zgeg^Se
Ua`fdSfgS[e@_ 20 VW VWlW_Tda VW 1/04+ S >a_bS`Z[S SfW`VWg S WefSe U^zgeg^Se Ua`fdSfgS[e'
L= >Sb[fS^9
@_ eWfW_Tda VW 1//8 S <^[SèUW MZabb[`Y >W`fWde M-<- UW^WTdag Ua_ S ?a_ge >[S VW >d~V[fa
[_aT[^[zd[a g_ X[`SÙ[S_W`fa [_aT[^[zd[a+ VW L# 6/-///+ bSdS Sb^[US}|a W_ W_bdWW`V[_W`fae VW
eZabb[`Y UW`fWde bad W^S VWeW`ha^h[Vae- < ?a_ge W_[f[g >Wdf[X[USVae VW LWUWThW[e D_aT[^[zd[ae
AdSU[a`zd[ae W Se UWVWg bSdS L= >Sb[fS^- <V[U[a`S^_W`fW+ S L= >Sb[fS^ W_[f[g >~Vg^Se VW >d~V[fa
D_aT[^[zd[Se AdSU[a`zd[Se- >a_a YSdS`f[S Va W_bd~ef[_a+ S >a_bS`Z[S S^[Wàg+ W_ USdzfWd
X[VgU[zd[a+ 6/$ Va =S`Yg MZabb[`Y W UWee|a X[VgU[zd[S VW 6/$ Vae dWUWThW[e Va =S`Yg MZabb[`Y@_ VWlW_Tda 1//8+ S >a_bS`Z[S UW^WTdag Ua_ S ?a_ge >[S VW >d~V[fa [_aT[^[zd[a g_
X[`SÙ[S_W`fa [_aT[^[zd[a VW L#73-125 bSdS Sb^[US}|a W_ W_bdWW`V[_W`fae VW eZabb[`Y UW`fWde
bad W^S VWeW`ha^h[Vae- < ?a_ge W_[f[g >Wdf[X[USVae VW LWUWThW[e D_aT[^[zd[ae AdSU[a`zd[ae W Se
UWVWg bSdS L= >Sb[fS^- <V[U[a`S^_W`fW+ S L= >Sb[fS^ W_[f[g >~Vg^Se VW >d~V[fa D_aT[^[zd[Se
AdSU[a`zd[Se- >a_a YSdS`f[S Va W_bd~ef[_a+ S >a_bS`Z[S S^[Wàg+ W_ USdzfWd X[VgU[zd[a+ Va
dWefS`fW Va =S`Yg MZabb[`Y Sbe S WjbSè|a+ UWee|a X[VgU[zd[S Vae dWUWThW[e VS WjbSè|a Va =S`Yg
MZabb[`Y W S^[W`S}|a X[VgU[zd[S VSe S}We VS =M> VW bdabd[WVSVW VS >a_bS`Z[SEXQPZ GP`bXRX^PrxTa CbSP,
' >[TdSeWU
@_ eWfW_Tda VW 1//7+ S W_bdWeS H[TS^ JSdf[U[bS}We FfVS UaÙdWf[lag S USbfS}|a Va _a`fS`fW VW
L# 200.000, TgeTisf WT X`\ffqb WX ?Xeg\Y\VTWbf WX MXVXUuiX\f E`bU\_\ne\bf (?ME•f). AffT bcXeTrqb
W`ha^hWg S âUS}|a+ bWâ bdSla VW 0/ Sàe+ VW XdS}We [VWS[e Vae [_hW[e HSU[YgSf '30+48$( W
MZabb[`Y NSTa|a '27$(- @_ dWbdWeW`fS}|a Sae Ud~V[fae [_aT[^[zd[ae VWUaddW`fWe Vae _WÙ[a`SVae
49 de 81
VbageTgbf WX _bVTrqb, T I\UT_ X`\g\h ??E•f, VXWXaWb,Se a`WdaeS_W`fW y >D=L<M@> , >a_bS`Z[S
=dSe[^W[dS VW MWUgd[f[lS}|a+ cgW a geag Ua_a ^Sefda bSdS S W_[ee|a VW VgSe e~d[We VW >LDe '77q e~d[W
W 78q e~d[W VS 1q W_[ee|a(- >a_a YSdS`f[S Va W_bd~ef[_a+ S >a_bS`Z[S VWg W_ Z[bafWUS 27$ Va
MZabb[`Y NSTa|a+ 30+48$ Va >a`Va_`[a HSU[YgSf+ 5/$ Va >a`Va_`[a L[YgSf W UWee|a X[VgU[zd[S
Vae dWUWThW[e Va >a`Va_`[a HSU[YgSf+ >a`Va_`[a L[YgSf W VW NSTa|a àe _We_ae bWdUW`fgS[e?W Xad_S S S`g^Sd ae d[eUae VWUaddW`fWe Va VWeUSeS_W`fa W`fdW S fSjS bdWX[jSVS Va S^gYgW^
WefSTW^WU[VS àe Ua`fdSfae VW âUS}|a W a `V[UW VW SfgS^[lS}|a VSe >>De+ S H[TS^ UW^WTdag Ua_ S
<^[SèUW+ W_ eWfW_Tda VW 1//7+ g_ Ua`fdSfa VW eiSb Ua_ bdSla VW 01/ _WeWe<`SâYS_W`fW y UWee|a VSe >>De W SfdSh~e VW g_ [èfdg_W`fa bSdf[Ug^Sd VW UWee|a X[VgU[zd[S+ S H[TS^
UWVWg y >D=L<M@> ae V[dW[fae W Se aTd[YS}We Va Ua`fdSfa VW eiSb `S _We_S VSfS VW UaÙdWf[lS}|a
VS abWdS}|aJW]^^X\V ;]cZTdP`S ;TZs[
' >[TdSeWU
@_ XWhWdW[da VW 1//8+ S >a_bS`Z[S UaÙdWf[lag S USbfS}|a VW _a`fS`fW VW L# 04/-///+
Sbdaj[_SVS_W`fW+ bad _W[a VW W_[ee|a VW >LDe- I ^Sefda VWeeS abWdS}|a ~ S âUS}|a+ bWâ bdSla VW
01 Sàe+ VW XdS}We [VWS[e Va MZabb[`Y =ag^WhSdV =W^~_- @_ dWbdWeW`fS}|a Vae Ud~V[fae [_aT[^[zd[ae
VWUaddW`fWe Vae _WÙ[a`SVae Ua`fdSfae VW âUS}|a+ S =ag^WhSdV =W^~_ W_[f[g >>D+ UWVW`Va,Se
a`WdaeS_W`fW y >D=L<M@> , >a_bS`Z[S =dSe[^W[dS VW MWUgd[f[lS}|a+ cgW Se geag Ua_a ^Sefda bSdS S
W_[ee|a VS 86q e~d[W VS 1q W_[ee|a VW >LD VS W_[eeadS- I dWUgdea USbfSVa Xa[ gf[^[lSVa bSdS
Uaèfdg}|a Va =ag^WhSdV MZabb[`Y =W^~_- >a_a YSdS`f[S S >a_bS`Z[S S^[Wàg+ W_ USdzfWd
X[VgU[zd[a a [_hW^ Va =ag^WhSdV MZabb[`Y =W^~_ W UWee|a X[VgU[zd[S Vae dWUWThW[e Va =ag^WhSdV
MZabb[`Y =W^~_ W X[S`}S VS >a_bS`Z[S;]cZTdP`S JW]^^X\V J,9,
' =SÙa =dSVWeUa9
@_ VWlW_Tda VW 1//8 S W_bdWeS =ag^WhSdV MZabb[`Y M-<- See[àg g_ Ua`fdSfa VW X[`SÙ[S_W`fa
Ua_ a =SÙa =dSVWeUa M-<- à hSâd VW L# 00/-/// Ua_ aT\Wf[ha VW Uaèfdg[d a MZabb[`Y =ag^WhSdV
W_ =Wâ Cad[la`fW- < S_adf[lS}|a VW bd[Ù[bS^ W \gdae Ua_W}ag W_ VWlW_Tda VW 1/00- >a_a
YSdS`f[S+ S >a_bS`Z[S VWg W_ Z[bafWUS a =ag^WhSdV MZabb[`Y+ UWee|a X[VgU[zd[S Vae dWUWThW[e Va
=ag^WhSdV MZabb[`Y W X[S`}S VS >a_bS`Z[S<=@ <T\b`] <][T`RXPZ CbSP
' =SÙa DfS9
@_ _Sd}a VW 1/00 S W_bdWeS >?B >W`fda >a_WdU[S^ FfVS- W_[f[g g_S U~Vg^S VW Ud~V[fa TSÙzd[a à
hSâd VW L# 3/-/// Ug\a UdWVad ~ a =SÙa DfS O`[TSÙa M-<-+ bSdS Uaèfdg}|a Va =ag^WhSdV
MZabb[`Y >S_bae- >a_a YSdS`f[S+ S >a_bS`Z[S VWg W_ Z[bafWUS a =ag^WhSdV MZabb[`Y >S_bae+
UWee|a X[VgU[zd[S Vae dWUWThW[e VS =ag^WhSdV MZabb[`Y >S_bae+ UWee|a X[VgU[zd[S VSe cgafSe VS
>?B W X[S`}S VS >a_bS`Z[S@_ agfgTda VW 1/02 S W_bdWeS >?B >W`fda >a_WdU[S^ FfVS- SV[fag S U~Vg^S VW Ud~V[fa TSÙzd[a à
hSâd VW L# 26-361 Ug\a UdWVad ~ a =SÙa DfS O`[TSÙa M-<- Ua_ hWÙ[_W`fa W_ STd[^ VW 1/13- I
X[`SÙ[S_W`fa Xa[ VWef[`SVa S WjbSè|a Va MZabb[`Y =ag^WhSdV >S_bae- >a_a YSdS`f[S+ S
>a_bS`Z[S VWg W_ Z[bafWUS S WjbSè|a Va =ag^WhSdV MZabb[`Y >S_bae+ UWee|a X[VgU[zd[S Vae
dWUWThW[e VS WjbSè|a Va =ag^WhSdV MZabb[`Y >S_bae+ UWee|a X[VgU[zd[S VSe cgafSe VS >?B W
X[S`}S VS >a_bS`Z[S W VS LWà[d-
50 de 81
E]`bT JW]^^X\V ;TZs[ ;TZs[ J,9,
' =SÙa =dSVWeUa9
@_ SYaefa VW 1/00 S W_bdWeS HadfW MZabb[`Y =W^~_ M-<- See[àg g_ Ua`fdSfa VW X[`SÙ[S_W`fa
Ua_ a =SÙa =dSVWeUa M-<- à hSâd VW L# 01/-/// Ua_ aT\Wf[ha VW Uaèfdg[d a JSdcgW MZabb[`Y
=W^~_- < S_adf[lS}|a VW bd[Ù[bS^ W \gdae Ua_W}Sdz W_ STd[^ VW 1/04- >a_a YSdS`f[S+ S >a_bS`Z[S
VWg W_ Z[bafWUS a JSdcgW MZabb[`Y+ UWee|a X[VgU[zd[S Vae dWUWThW[e Va JSdcgW MZabb[`Y W X[S`}S VS
>a_bS`Z[S W Vae e•U[ae à W_bdWW`V[_W`faMs`bXR] ;Pc`c >[^`TT\SX[T\b] B[]QXZXp`X] J,9,
'
=SÙa =dSVWeUa9
@_ _S[a VW 1/01 S W_bdWeS P~df[Ua =Sgdg @_bdWW`V[_W`fa D_aT[^[zd[a M-<- See[àg g_ Ua`fdSfa
VW X[`SÙ[S_W`fa Ua_ a =SÙa =dSVWeUa M-<- à hSâd VW L# 002-5// Ua_ aT\Wf[ha VW Uaèfdg[d a
MZabb[`Y HS}We =Sgdg- < S_adf[lS}|a VW bd[Ù[bS^ W \gdae Ua_W}ag W_ \g`Za VW 1/03- >a_a
YSdS`f[S+ S >a_bS`Z[S VWg W_ Z[bafWUS a =ag^WhSdV MZabb[`Y HS}We+ UWee|a X[VgU[zd[S Vae Xgfgdae
dWUWThW[e Va =ag^WhSdV MZabb[`Y HS}We W X[S`}S VS >a_bS`Z[S=PZX >[^`TT\SX[T\b]a T GP`bXRX^PrxTa J,9,
' =SÙa =dSVWeUa
@_ eWfW_Tda VW 1/01 S W_bdWeS ?S^[ @_bdWW`V[_W`fae W JSdf[U[bS}We M-<- X[d_ag Ua`fdSfa VW
X[`SÙ[S_W`fa Ua_ =SÙa =dSVWeUa M-<- à hSâd VW L# 035-37/ bSdS Scg[e[}|a Va MZabb[`Y >W`fWd
NSTa|a W g_S bSdfW Va MZabb[`Y >W`fWd >Sd[aUS- >a_a YSdS`f[S S >a_bS`Z[S S^[Wàg+ W_ USdzfWd
X[VgU[zd[a 3/$ Va MZabb[`Y NSTa|a VW bdabd[WVSVW VS ?S^[+ S^[W`S}|a X[VgU[zd[S VW 14$ Va >Sd[aUS
MZabb[`Y VW bdabd[WVSVW VS >WlS``W<TgP\\T >[^`TT\SX[T\b]a T GP`bXRX^PrxTa CbSP,
'
=SÙa =dSVWeUa
@_ agfgTda VW 1/01 S W_bdWeS >WlS``W @_bdWW`V[_W`fae W JSdf[U[bS}We FfVS- X[d_ag Ua`fdSfa VW
X[`SÙ[S_W`fa Ua_ =SÙa =dSVWeUa M-<- à hSâd VW L# 082-03/ bSdS Scg[e[}|a Va >Sd[aUS MZabb[`Y
à L[a VW ES`W[da- >a_a YSdS`f[S S >a_bS`Z[S S^[Wàg+ W_ USdzfWd X[VgU[zd[a+ 64$ Va >Sd[aUS
MZabb[`Y VW bdabd[WVSVW VS >WlS``WKXaaXP\] >[^`TT\SX[T\b]a T GP`bXRX^PrxTa J,9,
' =SÙa =dSVWeUa
@_ VWlW_Tda VW 1/01 S W_bdWeS N[ee[Sà @_bdWW`V[_W`fae W JSdf[U[bS}We M-<- X[d_ag Ua`fdSfa VW
X[`SÙ[S_W`fa Ua_ =SÙa =dSVWeUa M-<- à hSâd VW L# 004-53/ bSdS Scg[e[}|a VW g_S bSdUW^S Va
MZabb[`Y >Sj[Se- >a_a YSdS`f[S S >a_bS`Z[S S^[Wàg+ W_ USdzfWd X[VgU[zd[a+ 58$ Va >Sj[Se
MZabb[`Y VW bdabd[WVSVW VS N[ee[SàKPàXZP >[^`TT\SX[T\b]a T GP`bXRX^PrxTa CbSP,
' BS[S MWUgd[f[lSVadS9
@_ 20 VW \S`W[da VW 1/02+ S >a_bS`Z[S UaÙdWf[lag S Scg[e[}|a VS NSde[^S '@j,FBL
@_bdWW`V[_W`fae W JSdf[U[bS}We FfVS-( W bad UaèWcgÙ[S XWl S Seeg`}|a VSe >>D&e W_[f[VSe W_ 0/
51 de 81
VW \g^Za VW 1/0/ bW^S ^f[_S- I hSâd fafS^ VS USbfS}|a Xa[ VW L# 76-210+ Sbdaj[_SVS_W`fW- I ^Sefda
VWeeS abWdS}|a ~ S âUS}|a+ Ua_ bdSla VW 067 _WeWe+ VS bSdf[U[bS}|a VS NSde[^S à Ua`Va_`[a
HSU[YgSf '11+25$(- @_ dWbdWeW`fS}|a Vae Ud~V[fae [_aT[^[zd[ae VWUaddW`fWe Vae _WÙ[a`SVae
Ua`fdSfae VW âUS}|a+ S >[S W_[f[g >>D+ UWVW`Va,Se a`WdaeS_W`fW y BS[S MWUgd[f[lSVadS M-<-+ cgW Se
geag Ua_a ^Sefda bSdS S W_[ee|a VS 6q e~d[W VS 3q W_[ee|a VW >LD VS W_[eeadS- >a_a YSdS`f[S S
>a_bS`Z[S S^[Wàg+ W_ USdzfWd X[VgU[zd[a+ ae V[dW[fae UdWV[f•d[ae eaTdW 11+25$ Va HSU[YgSf+
S^[W`S}|a X[VgU[zd[S bW^S GS^XSff[ VW V[dW[fa dWS^ VW egbWdXU[W eaTdW 11+25$ Va HSU[YgSf W bW^S
NSde[^S Va V[dW[fa eaTdW a eaâ VW 11+25$ Va HSU[YgSf;PgXZZT >[^`TT\SX[T\b]a T GP`bXRX^PrxTa CbSP,
' =SÙa =dSVWeUa
/3
@_ SYaefa VW 1/02 S W_bdWeS =Sl[^^W @_bdWW`V[_W`fae W JSdf[U[bS}We FfVS- X[d_ag Ua`fdSfa VW
X[`SÙ[S_W`fa Ua_ =SÙa =dSVWeUa M-<- à hSâd VW L# 3/-530 bSdS Uaèfdg}|a Va MZabb[`Y
JSdS`YSTS- >a_a YSdS`f[S S >a_bS`Z[S VWg W_ Z[bafWUS a JSdS`YSTS MZabb[`Y+ UWee|a X[VgU[zd[S
Vae dWUWThW[e Va JSdS`YSTS MZabb[`Y W X[S`}S VS >a_bS`Z[SB[^]ab]a T R]\b`XQcXrxTa P `TR]ZWT`
JDM.>IADHM
DMM
D_baefa VW dW`VS
>a`fd[Tg[}|a eaU[S^
Igfdae
>[dUg^S`fW
H|a U[dUg^S`fW
/4
9ZXP\aRT
0./3
0./2
&`TP^`TaT\bPS]'
0./3
0./2
&`TP^`TaT\bPS]'
01-728
0-075
0/-656
3-/6/
4-313
02-/37
0-003
0/-225
2-605
6-238
0-163
111
16
032
1-323
0-5/5
111
22
1-558
23-175
24-452
3-0//
3-42/
16-/41
6-123
17-162
6-18/
2-682
2/6
3-112
2/6
ITRTXbPa SXUT`XSPa
>Wee|a VW V[dW[fa VW
gea
<^gYg~[e S`fWU[bSVae
9ZXP\aRT
0./3
0./2
0./3
0./2
17-/28
123
26-367
1/
2-166
21
3-/28
17-162
26-387
2-2/8
3-/28
< dWUW[fS V[XWd[VS Ua_bdWW`VW a dWUa`ZWU[_W`fa VS UWee|a VW V[dW[fa VW gea '>?O(+ Sbdabd[SVae Sa
dWeg^fSVa bWâ bdSla VW Ua`fdSfa VW S^gYgW^+ TW_ Ua_a ae S^gYg~[e S`fWU[bSVae W VW_S[e [fWè
bWdf[`W`fWe/5
=T^vaXb]a YcSXRXPXa T G`]dXaq] ^P`P R]\bX\Vt\RXPa
< >a_bS`Z[S W egSe Ua`fda^SVSe e|a+ W_ bSdfW e[Y`[X[USf[hS VW eWge W_bdWW`V[_W`fae+ Ua`V_[àe
W_ Ua`Va_`[ae WV[Û[ae+ cgW eW USdSUfWd[lS_ bW^S UaWj[efÙ[S VW g`[VSVWe Sgfà_Se W zdWSe
52 de 81
Ua_gè+ f[fg^Sd[lSVSe bad _S[e VW g_ Uabdabd[Wfzd[a+ eWYg`Va Ua`hW`}|a bdWh[S_W`fW WefSTW^WU[VS>Sea egd\S_ Ua`f[`YÙ[Se `WeeWe eZabb[`Y UW`fWde+ ae dWebWUf[hae Ua`Va_`[ae eWd|a dWebaèzhW[e
bWâ bSYS_W`fa Vae hSâdWe VW fS[e Ua`f[`Y•Ù[Se@ebWU[X[US_W`fW W_ dW^S}|a Sa P[S JSdcgW MZabb[`Y+ S bSdf[U[bS}|a VS >a_bS`Z[S ~ VWf[VS bad g_
Xg`Va VW [`hWef[_W`fa [_aT[^[zd[a cgW ~ a dWebaèzhW^ bW^Se Ua`f[`Y•Ù[Se Wj[efW`fWe à dWXWd[Va
eZabb[`Y- @_ S_TSe Se Z[bfWeWe+ USea WhW`fgS^_W`fW `|a ZS\S dWUgdeae bdbd[ae Vae Ua`Va_`[ae
Vae eZabb[`Y UW`fWde ag Va Xg`Va bSdS WXWfgSd a bSYS_W`fa VWefSe Ua`f[`Y•Ù[Se ~ `WUWeezd[a XSlWd
g_S UZS_SVS VW dWUgdeae VW faVae ae Ua`V_[àe.cgaf[efSe Va Ua`Va_`[a.Xg`Va- >Sea ae
Ua`Va_`[ae `|a V[eba`ZS_ Vae dWUgdeae `WUWeezd[ae bSdS XSlWd WhW`fgS[e bSYS_W`fae VWh[Vae+ S
>a_bS`Z[S W egSe Ua`fda^SVSe baVW_ eWd+ `S cgS^[VSVW VW Ua`V_[àe+ aTd[YSVSe S SdUSd Ua_ WeeSe
VWebWeSe<V[U[a`S^_W`fW+ Ua_a bSdfW Va bdaUWeea VW Scg[e[}|a VW eWge W_bdWW`V[_W`fae+ S >a_bS`Z[S W
egSe Ua`fda^SVSe baVW_ WefSd eg\W[fSe y dWebaèST[^[VSVW ea^[Vzd[S W.ag egTe[V[zd[S W_ WhW`fgS[e
b^W[fae fS`fa VW `SfgdWlS fdSTS^Z[efS+ bdWh[VWÙ[zd[S+ X[eUS^+ UhW^+ W`fdW agfdae+ W`ha^hW`Va
VWeW_Taêa X[`SÙW[da ag S UWee|a VW YSdS`f[Se eaT S Xad_S VW TWè W V[dW[fae- >a_ a [`fg[fa VW
_[`[_[lSd WeeWe d[eUae+ S >a_bS`Z[S UW^WTdS [èfdg_W`fae VW [`VW`[lS}|a VW aTd[YS}We+ àe cgS[e
ae S`f[Yae SU[a`[efSe.cgaf[efSe Vae W_bdWW`V[_W`fae SVcg[d[Vae Ua_bda_WfW_,eW S dWW_TaêSd S
>a_bS`Z[S W egSe Ua`fda^SVSe bad WhW`fgS[e bWdVSe cgW baeeS_ eWd eaXd[VSe dWXWdW`fWe S XSfae
YWdSVae S`fWe VS VSfS VW Scg[e[}|a Va W_bdWW`V[_W`fa- < SV_[`[efdS}|a _a`[fadS WhW`fgS[e d[eUae
VWeeS `SfgdWlS W+ TSeWSVS à S_bSda ^WYS^ VW eWge SeeWeeadWe \gdV[Uae+ Uaè[VWdS `|a ZShWd d[eUae
e[Y`[X[USf[hae `S VSfS,TSeW VWeeSe VW_aèfdS}We X[`SÙW[dSe cgW `|a baeeS_ eWd _[f[YSVae SfdSh~e
VW _WUS`[e_ae ^WYS[e Wj[efW`fWe W.ag VS ^[cg[VS}|a X[VgU[zd[S VW hSâdWe `|a e[Y`[X[USf[haeI eS^Va VW bdah[e|a bSdS Ua`f[`Y•Ù[Se ~ Ua_a eWYgW9
0./3
JdaUWeea JDM W
>IADHM
DJNO '0(
G`]dXaq]
=T^vaXb]
YcSXRXPZ
Cu_cXS]
G`]dXaq]
=T^vaXb]
YcSXRXPZ
Cu_cXS]
2-531
31-08/
'5-034(
'47-115(
'1-4/2(
'05-/25(
2-531
22-5/0
'4-714(
'42-500(
'1-072(
'1/-/0/(
9bXd] \q]
RX`RcZP\bT
IgfdSe
&/6,317'
1-601
'454(
GPaaXd] \q]
RX`RcZP\bT
K]bPZ
53 de 81
0./2
1-036
&00,/71'
2-063
'560(
0,/25
37-433
'53-825(
'05-281(
1-4/2
0,3.1
3/-306
'5/-0/6(
'08-58/(
< _ah[_W`fS}|a VS bdah[e|a bSdS Ua`f[`Y•Ù[S W Vae VWb•e[fae \gV[U[S[e ~ Ua_a eWYgW9
G`]dXaq] ^P`P R]\bX\Vt\RXPa
0./2
9SXrxTa
;PXfPa
0./3
2-531
22-5/0
2-063
7-627
1
'038(
'353(
2-531
31-08/
1-601
3/-306
7-63/
'502(
37-433
0./1
9SXrxTa
;PXfPa
0./2
7-485
21-623
3-/82
406
756
0-858
'4-360(
'1-777(
2-531
22-5/0
2-063
34-312
2-242
'7-248(
3/-306
JdaUWeea JDM W >IADHM
Jdah[e|a bSdS Ua`f[`Y•Ù[Se , DJNO
IgfdSe
DJNO
IgfdSe
=T^vaXb] YcSXRXPZ
Jdah[e|a bSdS Ua`f[`Y•Ù[Se , DJNO
IgfdSe
DJNO
IgfdSe
0./2
9SXrxTa
;PXfPa
0./3
'4-714(
'42-500(
'560(
'21/(
'3-504(
'18(
024
'5-034(
'47-115(
'454(
'5/-0/6(
'3-853(
024
'53-825(
0./1
9SXrxTa
;PXfPa
0./2
'4-805(
'38-31/(
'478(
'455(
'3-080(
'145(
546
063
'4-714(
'42-500(
'560(
'44-814(
'4-/02(
720
'5/-0/6(
'0( ?WeVW a Sà VW 1//6+ S >a_bS`Z[S bSeeag S [_bgY`Sd SV_[`[efdSf[hS_W`fW a hSâd hW`S^
Sfd[TgVa bWâ Gg`[Ub[a Va L[a VW ES`W[da Sa [_hW^ cgW Ua_bW a >Sd[aUS eZabb[`Y bSdS ae
WjWdUU[ae 1//1 S 1/03- >a_ a X[`S^ VS V[eUgee|a W_ {_T[fa SV_[`[efdSf[ha+ S >a_bS`Z[S
VWU[V[g Ua`f[`gSd a cgWef[a`S_W`fa bW^S h[S \gV[U[S^ W Ua_ a aT\Wf[ha VW egebW`VWd S
54 de 81
Wj[Y[T[^[VSVW VW faVae ae V~T[fae W`cgS`fa bW`VW`fW S VWU[e|a X[`S^ Va bdaUWeea+ S >a_bS`Z[S
dWS^[lag a VWb•e[fa \gV[U[S^ Ua_b^W_W`fSd Vae V~T[fae W_ cgWef|a+ S X[_ VW cgW fS[e VWb•e[fae+
\g`fS_W`fW Ua_ ae bSYS_W`fae W VWb•e[fae SV_[`[efdSf[hae \z Wj[efW`fWe+ bSeeSeeW_ S UaTd[d S
[`fWYdS^[VSVW Vae Ud~V[fae fd[Tgfzd[ae Wj[Y[Vae bWâ Gg`[Ub[a< bdah[e|a Uaèf[fgVS W_ dW^S}|a Sa hSâd Va VWbe[fa ^Whag W_ Uaè[VWdS}|a `|a e ae
SUd~eU[_ae _adSfd[ae ^WYS^_W`fW Sb^[UzhW[e Sa DJNO Va Gg`[Ub[a Va L[a VW ES`W[da+ _Se
fS_T~_ Xa[ [`X^gWÙ[SVa bW^S VWU[e|a XShadzhW^ fdSè[fSVS W_ \g^YSVa cgW+ W_ dW^S}|a Sae
WjWdUU[ae VW 1//1 S 1//5+ WjU^g[g faVSe Se _g^fSe W ^[_[fag ae \gdae _adSfd[ae Sa bSfS_Sd
_zj[_a VW 2/$<]\bX\Vt\RXPa R][ `XaR] ST ^T`SP ^]aaudTZ
>a_ TSeW `S ab[`[|a Vae SeeWeeadWe \gdV[Uae+ `|a Zz Ua`f[`YÙ[Se e[Y`[X[USf[hSe+ UhW[e+ fd[Tgfzd[Se
W.ag fdSTS^Z[efSe U^See[X[USVSe Ua_a VW d[eUa baeehW^ W_ 20 VW VWlW_Tda VW 1/04/6
B[^]ab] ST `T\SP T R]\b`XQcXrq] a]RXPZ
@_ 20 VW VWlW_Tda VW 1/04+ S >a_bS`Z[S SUg_g^ShS bdW\gla X[eUS^ W TSeW `WYSf[hS VW Ua`fd[Tg[}|a
eaU[S^ VW L# 178-426 à >aèa^[VSVa W L# 80-773 `S >a`fda^SVadS- < >a_bS`Z[S Uaèf[fg[ Sf[hae
X[eUS[e V[XWd[Vae eaTdW a bdW\gla X[eUS^ W TSeW `WYSf[hS VW Ua`fd[Tg[}|a eaU[S^ W_ egSe egTe[V[zd[Se
cgW SbdWeW`fS_ bda\W}|a VW ^gUda fd[TgfzhW^ àe bd•j[_ae 0/ Sàe+ à _a`fS`fW VW L# 3/-181 à
>aèa^[VSVa- JSdS S bSdUW^S dW_S`WeUW`fW S >a_bS`Z[S `|a Uaèf[fg[g Sf[hae X[eUS[e V[XWd[Vae+ ba[e
`|a baeeg[ WjbWUfSf[hS VW Xgfgdae ^gUdae fd[TgfzhW[e W+ SV[U[a`S^_W`fW+ `|a Zz g_ Z[ef•d[Ua VW
SbdahW[fS_W`fa VW fS[e TW`WXU[ae X[eUS[e `S Ua`fda^SVadS W VW_S[e Ua`fda^SVSeIe Sf[hae VW [_baefae V[XWd[Vae e|a dWUa`ZWU[Vae bSdS ae bdW\glae X[eUS[e W TSeW `WYSf[hS VW
Ua`fd[Tg[}|a eaU[S^ `S bdabad}|a VS bdaTST[^[VSVW VW dWS^[lS}|a Va dWebWUf[ha TW`WXU[a X[eUS^ bad
_W[a Va ^gUda fd[TgfzhW^ Xgfgda- I Bdgba `|a dWUa`ZWUWg Sf[hae VW [_baefae VW L# 27-335 '20 VW
VWlW_Tda VW 1/03 , L# 24-1/2( Ua_ dW^S}|a S bdW\glae X[eUS[e W TSeW `WYSf[hS VW Ua`fd[Tg[}|a eaU[S^
à _a`fS`fW VW L# 002-/65 '20 VW VWlW_Tda VW 1/03 , L# 0/2-427(+ cgW baVW_ eWd Ua_bWèSVae
Ua_ ^gUda fd[TgfzhW^ Xgfgda-
&X'
9bXd]a T ^PaaXd]a UXaRPXa SXUT`XS]a
LWh[e|a VS h[VS f[^ Vae Sf[hae
>a`fSe S dWUWTWd , S\gefW S^gYgW^ ^[`WSd
>Sb[fS^[lS}|a VW \gdae
<hS^[S}|a S hSâd \gefa VW eiSb
>a_T[`S}|a VW `WY•U[ae W Scg[e[}|a VW
bSdf[U[bS}|a VW `|a Ua`fda^SVadWe
=S[jS Va Sf[ha V[XWd[Va W dWhWde|a VS
S_adf[lS}|a Va Sf[ha V[XWd[Va
<_adf[lS}|a Va zY[a _S[e hS^[S Vae Sf[hae
<_adf[lS}|a Va zY[a dW`fST[^[VSVW XgfgdS
<bdab- ?Web- <V_ bdW,abWdSU[a`S[e
<bdab- ?Web- A[`S` bdW,abWdSU[a`S^
<bdab- LWUW[fS A[`S` bd~,abWdSU[a`S^
J>F?
?[XWd[_W`fa Va BS`Za `S PW`VS VS
LaV[` * IeSeUa
55 de 81
9bXd]a
GPaaXd]a
0./3
0./2
&`TP^`TaT\bP
S]'
0./3
0./2
38
0-533
685
0-242
38
0-732
685
832
'30-751(
'03-564(
'12-365(
'21-4/8(
'03-267(
'10-81/(
'3-552(
'3-552(
'1-/14(
'3-8/3(
'32-/12(
'1-/14(
'3-8/3(
'28-354(
'0-278(
'16-75/(
'0-663(
'1-211(
0-/73
0/-272
2-0/8
8-507
0-4/8
0-301
0-374
0-801
4-174
0-657
136
136
JdW\glae X[eUS[e W TSeW `WYSf[hS VW >MFF
Igfdae
<\gefW >?O
@XW[fa Vae S\gefWe dW^SU[a`SVa y faddW
Ua_WdU[S^
@XW[fa P[S JSdcgW
9bXd]a
GPaaXd]a
0./3
34-451
1-163
2-416
0./2
25-248
'103(
3-/33
0./3
0./2
7-534
8-644
05-385
825
8-46/
743
81-446
61-272
'044-121(
'003-1/4(
9ZXP\aRT
9bXd]a
0./3
LWh[e|a VS h[VS f[^ Vae Sf[hae
>a`fSe S dWUWTWd , S\gefW S^gYgW^ ^[`WSd
<hS^[S}|a S hSâd \gefa VW eiSb
JWdVS VW Ud~V[fa VW ^[cg[VS}|a Vgh[VaeS
?[XWd[_W`fa à YS`Za VS hW`VS VW
[`hWef[_W`fa
<_adf[lS}|a Va zY[a _S[e hS^[S Vae
Sf[hae
BS`Za hSâd \gefa Va P[S JSdcgW W
<USbgdS`S
@XW[fa Vae S\gefWe dW^SU[a`SVa y faddW
Ua_WdU[S^
<\gefW >?O
0./2
&`TP^`TaT\bPS]'
0-242
134
38
832
47
136
136
3-748
2-70/
10-/3/
16-633
GPaaXd]a
0./3
0./2
'1-403(
'0-56/(
'16-75/(
'1-211(
'326(
'326(
'2/-700(
'3-318(
8-758
03-865
Ie eS^Vae SbdWeW`fSVae `WefS àfS XadS_ VW_aèfdSVae bad `SfgdWlS- JSdS X[è VW V[hg^YS}|a+
S\gefS_ae ae eS^Vae SbdWeW`fSVae àe =S^S`}ae JSfd[_a`[S[e bSdS dWX^Wf[dW_ S bae[}|a ^cg[VS W`fdW
Sf[hae W bSee[hae X[eUS[e V[XWd[Vae&XX'
ITR]\RXZXPrq] SP bPfP TUTbXdP
< UaÙ[^[S}|a VS VWebWeS VW [_baefa VW dW`VS W VS Ua`fd[Tg[}|a eaU[S^+ USÛg^SVae bW^Se S^cgafSe
bdWh[efSe `S ^WY[e^S}|a fd[Tgfzd[S+ bSdS ae eWge hSâdWe UaddWeba`VW`fWe `S VW_aèfdS}|a Va
dWeg^fSVa+ àe WjWdUU[ae X[`Vae W_ 20 VW VWlW_Tda VW 1/04 W 1/03+ ~ Ua_a eWYgW9
ITR]\RXZXPrq] SP bPfP TUTbXdP S] X[^]ab]
0./3
0./2
&`TP^`TaT\bPS]'
073-051
071-448
23$
23$
B[^]ab] ST `T\SP T R]\b`XQcXrq] a]RXPZ ^TZP PZu_c]bP
UXaRPZ R][QX\PSP
'51-504(
'51-/6/(
9SXrxTa8
Jdah[eWe W agfdSe VWebWeSe `|a VWVgfhW[e
@XW[fa VW bdW\glae X[eUS[e UaddW`fW `|a gf[^[lSVae
@XW[fae VS fd[TgfS}|a eaTdW a Xg`Va VW [`hWef[_W`fa [_aT[^[zd[a P[S JSdcgW
'3-232(
'01-158(
'4-7/4(
'4-676(
'03-353(
'5-307(
CcR`] P\bTa S] X[^]ab] ST `T\SP T R]\b`XQcXrq] a]RXPZ
<^cgafS X[eUS^ Ua_T[`SVS , @_bdWeSe Va FgUda LWS^
56 de 81
0./3
0./2
&`TP^`TaT\bPS]'
00-/37
05-577
'40(
4-33/
01-406
13-463
05-170
02-8/7
5-7//
02-211
B[^]ab] ST `T\SP T R]\b`XQcXrq] a]RXPZ \] `TacZbPS] S] TfT`RuRX]
'28-28/(
'02-743(
B[^]ab] ST `T\SP T R]\b`XQcXrq] a]RXPZ8
?WebWeS VW [_baefa VW dW`VS W Ua`fd[Tg[}|a eaU[S^ UaddW`fWe
?WebWeS VW [_baefa VW dW`VS W Ua`fd[Tg[}|a eaU[S^ V[XWd[Vae
'1/-571(
'07-6/7(
'07-363(
3-51/
=Ta^TaPa ST X[^]ab] ST `T\SP T R]\b`XQcXrq] a]RXPZ R]\U]`[T
ST[]\ab`Prq] S] `TacZbPS]
'28-28/(
'02-743(
9Zu_c]bP UXaRPZ TUTbXdP b]bPZ
'10+28$(
'6+48$(
>fRZcaxTa8
@cg[hS^•Ù[S bSfd[_a`[S^
<\gefW ^cg[Va FW[e àe 00-527./6 W 00-830./8
IgfdSe WjU^geWe.SV[}We
?[efd[Tg[}|a VW \gdae eaTdW USb[fS^ bd•bd[a
@XW[fa X[eUS^ VSe W_bdWeSe abfS`fWe bWâ ^gUda bdWeg_[Va
9ZXP\aRT
0./3
0./2
&`TP^`TaT\bPS]'
034-474
037-87/
23$
23$
'38-388(
'4/-542(
'1-1/8(
'4-7/4(
'5-138(
'1-/12(
'5-306(
'03-/48(
07-/04
32-/32
'2/8(
4-33/
0-863
44-24/
'636(
5-7//
15/
B[^]ab] ST `T\SP T R]\b`XQcXrq] a]RXPZ \] `TacZbPS] S] TfT`RuRX]
'02-503(
5-415
B[^]ab] ST `T\SP T R]\b`XQcXrq] a]RXPZ8
?WebWeS VW [_baefa VW dW`VS W Ua`fd[Tg[}|a eaU[S^ UaddW`fWe
?WebWeS VW [_baefa VW dW`VS W Ua`fd[Tg[}|a eaU[S^ V[XWd[Vae
'02-503(
5-415
=Ta^TaPa ST X[^]ab] ST `T\SP T R]\b`XQcXrq] a]RXPZ R]\U]`[T
ST[]\ab`Prq] S] `TacZbPS]
'02-503(
5-415
9Zu_c]bP UXaRPZ TUTbXdP b]bPZ
'8+24($
3+27$
CcR`] P\bTa S] X[^]ab] ST `T\SP T R]\b`XQcXrq] a]RXPZ
<^cgafS X[eUS^ Ua_T[`SVS , @_bdWeSe Va FgUda LWS^
B[^]ab] ST `T\SP T R]\b`XQcXrq] a]RXPZ ^TZP PZu_c]bP
UXaRPZ R][QX\PSP
9SXrxTa
Jdah[eWe W agfdSe VWebWeSe `|a VWVgfhW[e
@XW[fae VS fd[TgfS}|a eaTdW a Xg`Va VW [`hWef[_W`fa [_aT[^[zd[a P[S JSdcgW
<\gefW ^cg[Va FW[ àe 00-527./6 W 00-830./8
@XW[fae VS fd[TgfS}|a eaTdW a YS`Za W_ S^[W`S}|a VW bSdf[U[bS}|a eaU[Wfzd[S
>fRZcaxTa
@cg[hS^•Ù[S bSfd[_a`[S^
IgfdSe @jU^geWe.<V[}We
?[efd[Tg[}|a VW \gdae eaTdW USb[fS^ bd•bd[a
@XW[fa VW JdW\glae X[eUS[e `|a gf[^[lSVae UaddW`fWe
57 de 81
/7
GPb`X[w\X] Zu_cXS]
&P'
<P^XbPZ a]RXPZ
@_ 20 VW VWlW_Tda VW 1/04+ a USb[fS^ eaU[S^ VS <^[SèUW VW L# 0-302-743 Wefz dWbdWeW`fSVa bad
051-624-810 S}We adV[`zd[Se à_[`Sf[hSe W eW_ hSâd à_[`S^ '20 VW VWlW_Tda VW 1/039
L# 0-256-866 Ua_ 048-/5/-81/ S}We adV[`zd[Se W eW_ hSâd à_[`S^(@_ 16 VW STd[^ VW 1/04+ ZaghW g_ Sg_W`fa VW USb[fS^ VW L# 34-766+ VWUaddW`fW Va bdaYdS_S VW
ab}We VW Ua_bdS VW S}We-
&Q'
ITaT`dPa
ITaT`dP ST RP^XbPZ
LWXWdW,eW Sa b^Sà VW dW_g`WdS}|a TSeWSVa W_ ab}We VW Ua_bdS VW S}We agfadYSVa bWâ >aèW^Za
VW <V_[`[efdS}|a Sae SV_[`[efdSVadWe+ W_bdWYSVae W bdWefSVadWe VW eWdh[}ae ag VW agfdSe
eaU[WVSVWe eaT a Ua`fda^W Va Bdgba+ ag Ua`Va_`[ae WV[Û[ae Vae eZabb[`Y UW`fWde cgW S
>a_bS`Z[S SV_[`[efdS ag VWf~_ bSdf[U[bS}|a< LWeWdhS VW >Sb[fS^ e baVW eWd gf[^[lSVS bSdS dWeYSfW ag dWW_Taêa VW S}We+ STead}|a VW bdW\glae+
bSYS_W`fae VW V[h[VW`Vae bdWXWdWÙ[S[e ag agfdSe Z[b•fWeWe ^WYS[e- @_ 20 VW VWlW_Tda VW 1/04 a
_a`fS`fW VWefS dWeWdhS WdS VW L# 1/-888 'L# 06-562 W_ 20 VW VWlW_Tda VW 1/03(ITaT`dP ZTVPZ
?W SUadVa Ua_ a WefSfgfa eaU[S^ VS >a_bS`Z[S+ 4$ Va ^gUda ^cg[Va Va WjWdUU[a eWdz VWef[`SVa y
dWeWdhS ^WYS^ Sf~ cgW S _We_S Sf[`\S 1/$ Va USb[fS^ eaU[S^- MWg eS^Va W_ 20 VW VWlW_Tda VW 1/04 WdS
VW L# 23-/25 '20 VW VWlW_Tda VW 1/03 , L# 16-326(ITaT`dP ST ZcR`]a P `TPZXgP`
Ha WjWdUU[a W_ cgW a _a`fS`fW Va V[h[VW`Va aTd[YSfd[a+ USÛg^SVa àe fWd_ae Va WefSfgfa eaU[S^ VS
>a_bS`Z[S g^fdSbSeeSd S bSdUW^S dWS^[lSVS Va ^gUda ^cg[Va Va WjWdUU[a+ S <eeW_T^W[S BWdS^ baVWdz+
bad bdabaefS Vae •dY|ae VW SV_[`[efdS}|a+ VWef[`Sd a WjUWeea y Uaèf[fg[}|a VW dWeWdhS VW ^gUdae `|a
dWS^[lSVae>aè[VWdS,eW dWS^[lSVS S bSdUW^S Va ^gUda ^cg[Va Va WjWdUU[a cgW WjUWVWd S ea_S Vae eWYg[`fWe
hSâdWe9
'[(
I dWeg^fSVa ^cg[Va bae[f[ha VS Wcg[hS^Ù[S bSfd[_a`[S^-
'[[( I ^gUda+ dW`V[_W`fa ag YS`Za ^cg[Vae W_ abWdS}We ag Ua`fST[^[lS}|a VW Sf[ha W bSee[ha bWâ
hSâd \gefa+ Ug\a bdSla VW dWS^[lS}|a X[`SÙW[dS aUaddS Sbe a f~d_[à Va WjWdUU[a eaU[S^@_ 20 VW VWlW_Tda VW 1/04 a eS^Va VW ^gUdae `|a dWS^[lSVae UaddWeba`VW S L# 38-3/2+ _S`fW`Va,eW
[`S^fWdSVa VWeVW a WÙWddS_W`fa Va WjWdUU[a X[`Va W_ 20 VW VWlW_Tda VW 1/03ITaT`dP ST `TbT\rq] ST ZcR`]a
@_ 20 VW VWlW_Tda VW 1/04+ S >a_bS`Z[S bdaUWVWg S dWfW`}|a VW bSdUW^S VW ^gUdae à _a`fS`fW VW
L# 2/7-33/ 'L# 105-586 W_ 20 VW VWlW_Tda 1/03(- ?WeeS Xad_S+ S <V_[`[efdS}|a VS >a_bS`Z[S
_S`fWhW a dWXWd[Va _a`fS`fW Vae ^gUdae SbgdSVae dWf[Vae bW^S >a_bS`Z[S VW Xad_S S SfW`VWd Sae
bda\Wfae VW [`hWef[_W`fae bdWh[efae W_ eWg ad}S_W`fa VW USb[fS^58 de 81
>a`Xad_W WefSTW^WU[Va bWâ Sdf[Ya 088 VS FW[ VSe MaU[WVSVWe bad <}We+ a eS^Va VSe dWeWdhSe VW
^gUdae 'WjUWfgSVSe Se dWeWdhSe bSdS Ua`f[`Y•Ù[Se+ VW [ÙW`f[hae X[eUS[e W VW ^gUdae S dWS^[lSd( `|a
baVWdz g^fdSbSeeSd a USb[fS^ eaU[S^ VS >a_bS`Z[S+ cgW W_ 20 VW VWlW_Tda VW 1/04 UaddWeba`VW S
L# 0-302-743@_ 2/ VW <Td[^ VW 1/04+ Xa[ SbdahSVa bW^S <eeW_T^W[S BWdS^ IdV[`zd[S W @jfdSadV[`zd[S a bSYS_W`fa
VW V[h[VW`Vae Ua_b^W_W`fSdWe à hSâd VW L# 58-3/7+ _WV[S`fW VS gf[^[lS}|a Va eS^Va VS dWeWdhS
dWfW`}|a VW ^gUdae&R'
IT[c\T`Prq] P] PRX]\XabP
I WefSfgfa eaU[S^ VS >a_bS`Z[S VWfWd_[`S S V[efd[Tg[}|a VW g_ V[h[VW`Va _`[_a aTd[YSfd[a VW
14$ Va dWeg^fSVa à WjWdUU[a ^cg[Va VS dWeWdhS ^WYS^ `S Xad_S VS ^W[- Ie V[h[VW`Vae _`[_ae S
bSYSd+ à _a`fS`fW VW L# 20-232+ XadS_ VWefSUSVae Va bSfd[_`[a ^cg[Va à WÙWddS_W`fa Va
WjWdUU[a W dWY[efdSVae Ua_a aTd[YS}|a à bSee[ha@_ 11 VW VWlW_Tda VW 1/04+ S >a_bS`Z[S VW^[TWdag SfdSh~e VS dWg`[|a Va >aèW^Za VW <V_[`[efdS}|a
VS >a_bS`Z[S+ 47 D898D8A7G@ VS <eeW_T^W[S BWdS^ IdV[`zd[S dWXWdW`fW Sa WjWdUU[a eaU[S^ WÙWddSVa
W_ 20 VW VWlW_Tda VW 1/03+ bW^S VWU^SdS}|a VW Egdae eaTdW a >Sb[fS^ Jd•bd[a ~ E>J à hSâd VW L#
05-///- Ie \gdae eaTdW USb[fS^ bdbd[a eWd|a [_bgfSVae Sa V[h[VW`Va _`[_a aTd[YSfd[a bWâ eWg
hSâd ^cg[Va Va [_baefa VW dW`VSIe V[h[VW`Vae XadS_ USÛg^SVae Ua`Xad_W VW_aèfdS}|a S eWYg[d9
0./3
FgUda ^cg[Va Va WjWdUU[a
',( LWeWdhS FWYS^ ~ 4$
K]bPZ
MPZ]` ^]`
9rq] &I#'
020-860
/+70
5-488
0./2
&`TP^`TaT\bPS]'
K]bPZ
MPZ]` ^]`
9rq] &I#'
044-4/5
/+87
7-6/3
FgUda Tze[Ua bSdS VWfWd_[`S}|a Va V[h[VW`Va
014-261
/+66
054-268
/+82
?[h[VW`Vae _`[_ae aTd[YSfd[ae ~ 14$
1/,121
.*/7
2/,123
.*01
06-61/
/+00
12-728
/+01
02-512
/+/7
06-4/5
/+00
0,155
.*./
0,272
.*.0
47,1/3
.*22
?[h[VW`Vae S Uaèf[fg[d
Egdae eaTdW a USb[fS^ bdbd[a bdabaefae '^cg[Va Va
DL(
Egdae eaTdW USb[fS^ bdbd[a '`|a Sfd[TgVa Sa
V[h[VW`Va _`[_a(
?[h[VW`Vae Ua_b^W_W`fSdWe
?Wef[`S}|a bSdS dWeWdhS VW [`hWef[_W`fa
80-541
22-537
I ^gUda dW_S`WeUW`fW+ à _a`fS`fW VW L# 80-541+ Xa[ VWef[`SVa S dWeWdhS VW dWfW`}|a VW ^gUdae&S'
9YcabT ST PdPZXPrq] ^Pb`X[]\XPZ
< dWeWdhS bSdS S\gefWe VW ShS^[S}|a bSfd[_a`[S^ [Ù^g[ S eWYg[`fW _ah[_W`fS}|a W_ 1/049
JSdUW^S WXWf[hS VS hSd[S}|a ^cg[VS Ug_g^Sf[hS Va hSâd \gefa Va [èfdg_W`fa VW ZWVYW VW X^gja VW
US[jS dW^SU[a`SVa ye abWdS}We aT\Wfa VW ZWVYW cgW S[`VS `|a XadS_ [Ùadd[VSe 'L# 0-/23(-
59 de 81
&T'
@Pab]a R][ T[Xaaq] ST PrxTa T ]^rq] ST PrxTa ]cb]`VPSPa
GWèS^_W`fW S >a_bS`Z[S dWUa`ZWUW+ VW SUadVa Ua_ a >J> 0/ 'L0( SbdahSVa bW^S ?W^[TWdS}|a
>PG 54/.0/+ S bSdUW^S dWXWdW`fW S Sbdabd[S}|a Va hSâd \gefa `S VSfS VS agfadYS VSe ab}We VW
Ua_bdS VW S}We agfadYSVSe Sae WjWUgf[hae W XgÙ[a`zd[ae [`V[USVae bW^S V[dWfad[S- P[VW VWfS^ZWe `S
àfS Wjb^[USf[hS 17-
&U'
GP`bXRX^Prq] ST \q] R]\b`]ZPS]`Ta
< _gfS}|a `WYSf[hS VW L# 38-738 aUadd[VS à WjWdUU[a+ VWUaddWg VSe hW`VSe VW bSdf[U[bS}We W_
[`hWef[_W`fae VS >a_bS`Z[S-
&V'
CcR`] ^]` Prq]
CcR`] QpaXR] ^]` Prq]
I ^gUda Tze[Ua bad S}|a ~ USÛg^SVa _WV[S`fW S V[h[e|a Va ^gUda Sfd[TghW^ Sae SU[a`[efSe VS
>a_bS`Z[S+ bW^S cgS`f[VSVW _~V[S ba`VWdSVS VW S}We adV[`zd[Se W_[f[VSe VgdS`fW a WjWdUU[a0./3
0./2
&`TP^`TaT\bPS]'
F`SX\p`XPa
F`SX\p`XPa
FgUda ^cg[Va Sfd[TghW^ Sae SU[a`[efSe Ua`fda^SVadWe
020-860
044-4/5
KgS`f[VSVW VW S}We 'W_ _[^ZSdWe( ~ _~V[S
ba`VWdSVS
<}We W_ fWeagdSd[S 'W_ _[^ZSdWe( ~ _~V[S ba`VWdSVS
050-447
'136(
048-/30
/+7070
/+8667
ITacZbPS] QpaXR] ^]` Prq]
LWeg^fSVa Tze[Ua bad S}|a
CcR`] SXZcuS] ^]` Prq]
I ^gUda V[^gVa bad S}|a ~ USÛg^SVa _WV[S`fW a S\gefW VS cgS`f[VSVW _~V[S ba`VWdSVS VW S}We
adV[`zd[Se W_ U[dUg^S}|a+ bSdS bdWeg_[d S Ua`hWde|a VW faVSe Se S}We adV[`zd[Se bafWÙ[S[e V[^gVSe+
UaddWeba`VW`fWe à bdaYdS_S VW Ib}|a VW Ua_bdS VW S}We0./3
0./2
F`SX\p`XPa
&`TP^`TaT\bPS]'
F`SX\p`XPa
FgUda ^cg[Va Sfd[TghW^ Sae SU[a`[efSe Ua`fda^SVadWe
020-860
044-4/5
KgS`f[VSVW VW S}We 'W_ _[^ZSdWe( , _~V[S ba`VWdSVS
<}We W_ fWeagdSd[S 'W_ _[^ZSdWe( ~ _~V[S ba`VWdSVS
050-447
'136(
050-20/
048-/30
3-507
6-345
054-817
055-386
/+6842
/+823/
ITacZbPS] SXZcuS] ^]` Prq]
Ib}|a VW Ua_bdS VW S}We 'W_ _[^ZSdWe(
KgS`f[VSVW VW S}We 'W_ _[^ZSdWe( W_ U[dUg^S}|a ,
_~V[S ba`VWdSVS
LWeg^fSVa V[^gVa bad S}|a
60 de 81
048-/30
&W'
9rxTa T[ bTa]c`P`XP
< >a_bS`Z[S SVcg[d[g Sf~ 20 VW VWlW_Tda VW 1/04+ 606-7// S}We adV[`zd[Se- I eS^Va VW S}We W_
fWeagdSd[S W_ 20 VW VWlW_Tda VW 1/04 ~ VW 606-7// S}We<e S}We W_ fWeagdSd[S XadS_ SVcg[d[VSe S g_ Ugefa _~V[a ba`VWdSVa VW L# 00+63 'hSâd W_ dWS[e(+
S g_ Ugefa _`[_a VW L# 0/+20 'hSâd W_ dWS[e(+ W S g_ Ugefa _zj[_a VW L# 01+40 'hSâd W_ dWS[e(I bdW}a VW XWUZS_W`fa VSe S}We USÛg^SVa Ua_ TSeW `S ^f[_S UafS}|a S`fWd[ad Sa WÙWddS_W`fa Va
bWdaVa Xa[ VW L# 0/+77 'hSâd W_ dWS[e(-
0.
B\ab`c[T\b]a UX\P\RTX`]a T VT`T\RXP[T\b] ST `XaR]a
< >a_bS`Z[S baVW WefSd WjbaefS Sae eWYg[`fWe d[eUae VW SUadVa Ua_ S egS Sf[h[VSVW9
'
'
'
'
L[eUa VW Ud~V[fa;
L[eUa VW ^[cg[VWl;
L[eUa VW _WdUSVa;
L[eUa abWdSU[a`S^-
@efS àfS SbdWeW`fS [`Xad_S}We eaTdW S Wjbae[}|a VS >a_bS`Z[S Sae d[eUae _WÙ[a`SVae+ ae
aT\Wf[hae VS >a_bS`Z[S+ ba^f[USe bSdS eWg YWdWÙ[S_W`fa VW d[eUa+ W a YWdWÙ[S_W`fa VW USb[fS^ VS
>a_bS`Z[S- ?[hg^YS}We cgS`f[fSf[hSe SV[U[a`S[e e|a [Ù^gVSe Sa â`Ya VWeeSe VW_aèfdS}We
X[`SÙW[dSeIXaR] ST R`sSXb]
I d[eUa VW Ud~V[fa VS >a_bS`Z[S eW USdSUfWd[lS bWâ `|a Ug_bd[_W`fa+ bad g_ U^[W`fW ag g_S
Ua`fdSbSdfW W_ g_ [èfdg_W`fa X[`SÙW[da+ VW egSe aTd[YS}We Ua`fdSfgS[e- <e abWdS}We VS
>a_bS`Z[S Wef|a dW^SU[a`SVSe y âUS}|a VW WebS}ae Ua_WdU[S[e W y SV_[`[efdS}|a VW eZabb[`Y
UW`fWde- Ie Ua`fdSfae VW âUS}|a e|a dWY[Vae bW^S FW[ VW âUS}We+ W S USdfW[dS VW U^[W`fWe+ S^~_ VW
V[hWde[X[USVS+ ~ UaèfS`fW_W`fW _a`[fadSVS Ua_ a aT\Wf[ha VW dWVgl[d bWdVSe bad [`SV[_b^•Ù[S- Ie
Ua`fdSfae VW âUS}|a baVW_ baeeg[d S X[YgdS Va X[SVad a cgW _[f[YS a d[eUa VW Ud~V[fa VS >a_bS`Z[SI Ua`fSe S dWUWTWd VW S^gYg~[e W agfdae Ud~V[fae e|a dW^SU[a`SVae bd[Ù[bS^_W`fW Sae â\[efSe Vae
eZabb[`Ye VW a`VW S >a_bS`Z[S VWf~_ bSdf[U[bS}|a- < >a_bS`Z[S WefSTW^WUW g_S bdah[e|a bSdS
dWVg}|a Sa hSâd dWUgbWdzhW^ cgW dWbdWeW`fS egS Wef[_Sf[hS VW bWdVSe [Ùadd[VSe Ua_ dW^S}|a ye
Ua`fSe S dWUWTWd VW U^[W`fWe W agfdae Ud~V[fae W [`hWef[_W`fae< >a_bS`Z[S _a`[fadS egS USdfW[dS VW dWUWThW[e bWd[aV[US_W`fW- MgS Sf[h[VSVW VW âUS}|a fW_
dWYdSe WebWUX[USe W_ dW^S}|a S [`SV[_b^Ù[S+ a VWbSdfS_W`fa VW abWdS}We W VWbSdfS_W`fa \gdV[Ua
e|a Sf[hae `Se `WYaU[S}We \g`fa Sae VWhWVadWe- I ba`fa Ua_WdU[S^ Vae eZabb[`Ye cgS`Va dWfa_SVa
ag VWha^h[Va ~ [_WV[SfS_W`fW dW`WYaU[SVa Ua_ agfda â\[efS< _WV[VS SVafSVS bSdS _[f[YSd a d[eUa VW Ud~V[fa ~ _S`fWd eW_bdW g_S TaS cgS^[VSVW VW â\[efSe àe
eZabb[`Ye W g_S zdWS Ua_WdU[S^ Sf[hS bSdS g_ bdWWÙZ[_W`fa [_WV[Sfa VW cgS^cgWd bafWÙ[S^
hSU{Ù[S à W_bdWW`V[_W`faJSdfW VSe dWUW[fSe VS >a_bS`Z[S fW_ d[eUa VW Ud~V[fa _g[fa TS[ja9 dWUW[fSe VW WefSU[a`S_W`fa W
dWUW[fS Ua_ bdWefS}|a VW eWdh[}ae< SV_[`[efdS}|a Uaè[VWdS cgW S Wjbae[}|a _zj[_S Sa d[eUa VW Ud~V[fa VW eWge Sf[hae X[`SÙW[dae Wefz
dWbdWeW`fSVS bWâe eS^Vae VW Ua`fSe S dWUWTWd dWY[efdSVae à TS^S`}a bSfd[_a`[S^ VS >a_bS`Z[S- I
d[eUa VW Ud~V[fa VW eWge U^[W`fWe Wefz Wef[_SVa W V[hg^YSVa `S àfS Wjb^[USf[hS 7- NaVa a US[jS W
Wcg[hS^W`fW VW US[jS Wef|a Sb^[USVae W_ [èf[fg[}We X[`SÙW[dSe Ua_ dSf[`Y _`[_a VW "=AH8EF@8AF
61 de 81
;D478" W_[f[VS bW^Se _S[adWe SY•Ù[Se VW dSf[`Y YâTS[e '0BB7J$E' *GEF=A' 3#1' .=F6<( W bad [eea S
>a_bS`Z[S `|a Uaè[VWdS WeeWe [èfdg_W`fae Ua_a fW`Va d[eUa VW Ud~V[fa e[Y`[X[USf[haIXaR] ST ZX_cXSTg
<e VWU[eWe VW [`hWef[_W`fae e|a fa_SVSe S ^gl Vae [_bSUfae Vae _We_ae àe X^gjae VW US[jS VW
â`Ya bdSla '5/.01/ _WeWe(- < V[dWfd[l VS >a_bS`Z[S ~ fdSTS^ZSd Ua_ bdW_[eeSe VW eS^Vae _`[_ae
VW US[jS+ cgW hSd[S_ Ua`Xad_W a UdaàYdS_S VW [`hWef[_W`fae+ W VW UaTWdfgdS X[`SÙW[dS VSe
aTd[YS}We+ a`VW S YWdS}|a VW US[jS bda\WfSVS fW_ cgW egbWdSd Se aTd[YS}We Ua`fdSfSVSe
'X[`SÙ[S_W`fa+ aTdSe+ Scg[e[}We(+ _[f[YS`Va See[_ a d[eUa VW dWX[`SÙ[S_W`fa VW Vh[VSe W
aTd[YS}We- JSdS X[`SÙ[Sd ae W_bdWW`V[_W`fae W_ Uaèfdg}|a+ S >a_bS`Z[S TgeUS WefdgfgdSd \g`fa
Sa _WdUSVa X[`SÙW[da abWdS}We VW â`Ya bdSla+ Ua_ USdÙ[S VW _aVa S S^[`Zz,^S S YWdS}|a VW
US[jS WebWdSVS< eWYg[d+ Wef|a ae hWÙ[_W`fae Ua`fdSfgS[e VW Sf[hae W bSee[hae X[`SÙW[dae [Ù^g[`Va bSYS_W`fa VW
\gdae Wef[_SVae W WjU^g[`Va+ eW ZaghWd+ a [_bSUfa VS `WYaU[S}|a VW _aWVSe bW^S bae[}|a ^cg[VS<]\a]ZXSPS]
0./3
GPaaXd]a UX\P\RTX`]a \q]
ST`XdPbXd]a
@_bd~ef[_ae W X[`SÙ[S_W`fae
Aad`WUWVadWe
ITd[YS}We bad Ua_bdS VW Sf[hae
?WT•`fgdWe
>>De
ITd[YS}We dW^SU[a`SVSe S
Jdabd[WVSVWe bSdS [`hWef[_W`fa ,
faddW Ua_WdU[S^
GPaaXd]a UX\P\RTX`]a ST`XdPbXd]a
3I4C %,2/&
MPZ]`
R]\bpQXZ
?Zcf]
ST RPXfP
R]\b`PbcPZ
4 [TaTa
]c [T\]a
.4+/0
[TaTa
./+.0
P\]a
.0+.3
P\]a
DPXa ST 3
P\]a
0-/61-/67
07-800
3/-832
045-475
377-620
0-787-347
07-800
36-2/1
174-0/0
615-372
75-336
07-800
8-8/7
0/-423
53-078
77-044
07/-7/2
446-26/
874-572
0/-5/3
16-214
53-37/
1-513
24-774
023-772
13-055
15-68/
2/8-731
073-456
042-/78
112-268
560-003
4-867
6-305
544
857
2-13/
1-442
1-//5-5/5
2-543-674
08/-533
080-421
246-324
81/-610
MPZ]`
R]\bpQXZ
?Zcf]
ST RPXfP
R]\b`PbcPZ
4 [TaTa
]c [T\]a
.4+/0
[TaTa
./+.0
P\]a
.0+.3
P\]a
DPXa ST 3
P\]a
0-/12-237
11-322
23-/87
240-633
414-550
0-5/4-/04
11-322
38-83/
355-420
541-087
55-171
11-322
7-775
08-227
41-872
6/-615
038-875
35/-055
746-744
7-608
30-380
42-435
0-253
031-577
001-378
07-360
030-838
2//-067
010-/54
022-//1
088-852
501-313
B\STbT`[X\PS]
560-003
0-883-342
<]\a]ZXSPS]
0./2 &`TP^`TaT\bPS]'
GPaaXd]a UX\P\RTX`]a \q]
ST`XdPbXd]a
Aad`WUWVadWe
?WT•`fgdWe
>>De
faddW Ua_WdU[S^
3I4C %,2/&
9bXd]a UX\P\RTX`]a ST`XdPbXd]a
3I4C %-85MAFGD8E&
B\STbT`[X\PS]
01-4//
501-313
3-661
5-273
'76(
'0-/23(
'0-/37(
'0-/37(
1-045-102
2-302-766
057-676
041
0-272
3-825
063-523
3/6-80/
814-6//
0-613-235
01-4//
<]\b`]ZPS]`P
0./3
GPaaXd]a UX\P\RTX`]a \q] ST`XdPbXd]a
Aad`WUWVadWe
?WT•`fgdWe
>>De
ITd[YS}We dW^SU[a`SVSe S Jdabd[WVSVWe bSdS [`hWef[_W`fa , faddW Ua_WdU[S^
3I4C %,2/&
62 de 81
MPZ]`
R]\bpQXZ
?Zcf]
ST RPXfP 4 [TaTa .4+/0 ./+.0
R]\b`PbcPZ ]c [T\]a [TaTa P\]a
017-054
5-567
045-475
03/-525
84-133
5-533
174-0/0
105-268
112-268
560-003
4-867
6-305
3-878 4-/36 8-236
5-533
0/-423 16-214 24-774
05-061 05-105 23-6/4
.0+.3
P\]a
DPXa ST
3 P\]a
20-154
33-485
15-68/
84-386
073-456
42-678
560-003
544
857 2-13/
1-442
550-311
0-170-787
27-883 38-445 72-066 045-0/4
843-/55
<]\b`]ZPS]`P
MPZ]`
R]\bpQXZ
0./2 &`TP^`TaT\bPS]'
GPaaXd]a UX\P\RTX`]a \q] ST`XdPbXd]a
Aad`WUWVadWe
?WT•`fgdWe
>>De
ITd[YS}We dW^SU[a`SVSe S Jdabd[WVSVWe bSdS [`hWef[_W`fa , faddW Ua_WdU[S^
3I4C %,2/&
9bXd]a UX\P\RTX`]a ST`XdPbXd]a
3I4C %-85MAFGD8E&
?Zcf]
ST RPXfP 4 [TaTa .4+/0
R]\b`PbcPZ ]c [T\]a [TaTa
./+.0
P\]a
.0+.3
P\]a
3-787 3-832
8-035
3-8/3
08-227 30-380 031-577
03-323 03-370 20-004
2/-386
42-036
030-838
0/2-255
010-/54
64-017
48-327
3-8/3
240-633
031-0/5
0/1-520
3-8/3
355-420
127-413
088-852
501-313
3-661
5-273
'76(
'0-/23(
'0-/37(
'0-/37(
650-782
0-32/-24/
DPXa ST
3 P\]a
501-313
041
0-272
3-825
31-328 50-/56 073-221
17/-637
750-653
IXaR] ST [T`RPS]
< >a_bS`Z[S See[_ Ua_a a eWY_W`fa VW hSdW\a Wefz WjbaefS Sa d[eUa [`X^SU[a`zd[a+ g_S hWl cgW WefW
XSl bdWee|a `S dW`VS VSe XS_^[Se dWVgl[`Va See[_ a Uaèg_a à hSdW\a- Hae _aVWâe VW bda\W}|a
gf[^[lSVae bSdS VWfWd_[`S}|a VSe WefdSf~Y[Se VS >a_bS`Z[S+ V[XWdW`fWe `hW[e VW [`X^S}|a e|a
gf[^[lSVae VW _aVa S eW WefSTW^WUWd UW`zd[ae bSdS a VWeW`ha^h[_W`fa VS >a_bS`Z[SIgfda d[eUa S cgW S >a_bS`Z[S Wefz WjbaefS+ ~ a Sg_W`fa VSe fSjSe VW \gdae+ W Vae `V[UWe VW bdW}a
g_S hWl cgW S >a_bS`Z[S USbfS X[`SÙ[S_W`fae [`VWjSVae S WefWe- >a`fgVa+ Ua_ aT\Wf[ha VW _[f[YSd
WeeW WXW[fa à _~V[a W â`Ya bdSla+ S >a_bS`Z[S eW_bdW cgW baeehW^ abfS bad [`VWjSVadWe VW TS[jS
ha^Sf[^[VSVW VW _aVa S baVWd Wef[_Sd _S[e bdWU[eS_W`fW eWge VWeW_Taêae XgfgdaeI L[eUa VW GWdUSVa ~ V[h[V[Va W_ L[eUa >S_T[S^+ L[eUa VW NSjS VW Egdae W L[eUa VW PSâd EgefaIXaR] RP[QXPZ
< >a_bS`Z[S `|a baeeg[ d[eUae US_T[S[e g_S hWl cgW faVSe Se fdSèS}We VW dWUWT[_W`fae W
bSYS_W`fae e|a dWS^[lSVSe W_ _aWVS `SU[a`S^- <V[U[a`S^_W`fW+ S >a_bS`Z[S fS_T~_ `|a baeeg[
Sf[hae W bSee[hae eg\W[fae y hSd[S}|a VW _aWVS WefdS`YW[dSIXaR] ST bPfP ST Yc`]a
< >a_bS`Z[S Ua`fST[^[lS Sf[hae X[`SÙW[dae S hSâd \gefa bad _W[a VW dWeg^fSVa W fS_T~_ baeeg[ g_
Sf[ha X[`SÙW[da VWd[hSf[ha eiSb Ug\S fdSèS}|a ad[Y[`S,eW VS abWdS}|a VW >LD cgW S >a_bS`Z[S
UW^WTdag Ua_ S egTe[V[zd[S H[TS^ Ug\a _a`fS`fW USbfSVa Xa[ VW L# 1//-///<TS[ja+ S S`z^[eW VS Wjbae[}|a ^cg[VS VS >a_bS`Z[S Sa d[eUa VS fSjS VW \gdae9
MPZ]` R]\bpQXZ
<]\a]ZXSPS]
0./3
B\ab`c[T\b]a
UX\P\RTX`]a
ST bPfP Yc`]a
<f[hae X[`SÙW[dae
JSee[hae X[`SÙW[dae
63 de 81
01/-51/
'1-///-517(
0./2
&`TP^`TaT\bPS]'
214-251
'1-046-136(
<]\b`]ZPS]`P
0./3
73-061
'544-333(
0./2
&`TP^`TaT\bPS]'
153-8/1
'647-044(
MPZ]` R]\bpQXZ
<]\a]ZXSPS]
0./3
B\ab`c[T\b]a
UX\P\RTX`]a
ST`XdPbXd]a
<f[hae X[`SÙW[dae
JSee[hae X[`SÙW[dae
0./2
&`TP^`TaT\bPS]'
<]\b`]ZPS]`P
0./3
0./2
&`TP^`TaT\bPS]'
'0-77/-//7(
'0-720-774(
'460-161(
'382-142(
'4-867(
0-/23
'3-661(
'4-867(
0-/23
'3-661(
'4-867(
'2-627(
'4-867(
'2-627(
9\pZXaT ST aT\aXQXZXSPST ST bPfP ST Yc`]a
< Dèfdg}|a >PG ù 364 WefSTW^WUW cgW Se Ua_bS`Z[Se STWdfSe+ W_ Ua_b^W_W`fa Sa V[ebaefa à
>J> 3/ cgW STadVS eaTdW ae Dèfdg_W`fae A[`SÙW[dae9 LWUa`ZWU[_W`fa+ GWègdS}|a W
@h[VWÙ[S}|a+ VWhW_ V[hg^YSd cgSVda VW_aèfdSf[ha VW S`z^[eW VW eWè[T[^[VSVW bSdS ae d[eUae VW
_WdUSVa Uaè[VWdSVae dW^WhS`fWe bW^S SV_[`[efdS}|a+ ad[Y[`SVa bad [èfdg_W`fae X[`SÙW[dae+ Sa
cgS^ S >a_bS`Z[S WefW\S WjbaefS `S VSfS VW WÙWddS_W`fa VW USVS WjWdUU[a+ [Ù^gVSe faVSe Se
abWdS}We Ua_ [èfdg_W`fae X[`SÙW[dae VWd[hSf[hae9bXd] UX\P\RTX`]
Ie Sf[hae X[`SÙW[dae Wef|a UaÙW`fdSVae W_ [`hWef[_W`fae b•e,X[jSVae SfdW^SVae S hSd[S}|a Va >?D@eeWe Sf[hae Wef|a Sb^[USVae W_ Xg`Vae VW [`hWef[_W`fa Ua_ S USdSUfWdef[US SU[_S U[fSVS9bXd]a T ^PaaXd]a UX\P\RTX`]a &Tf^]aXrq] ^]` bX^] ST `XaR]'
JSdS UzÛgâ VS S`z^[eW VW eWè[T[^[VSVW S bda\W}|a S`gS^ VSe hSd[zhW[e VW d[eUa Xa[ XW[fS Ua_ TSeW `S
bda\W}|a VW fSjS VW _WdUSVa+ V[eba`[T[^[lSVS bWâ =SÙa >W`fdS^ Va =dSe[^- I UW`zd[a bdahzhW^ ~ a
UW`zd[a fdSTS^ZSVa bW^S <V_[`[efdS}|a W baVW eWd W`fW`V[Va Ua_a hSâd \gefa Vae W_bd~ef[_ae+
X[`SÙ[S_W`fae+ >>De W ?WT•`fgdWe- Hae UW`zd[ae DD W DDD XadS_ eWè[T[^[lSVSe Se dWebWUf[hSe
hSd[zhW[e VW d[eUa W_ 14$ W 4/$ VW SUadVa Ua_ S ad[W`fS}|a VW [èfdg}|a >PG 364- < fSjS VW
VWeUa`fa gf[^[lSVS bSdS S`z^[eW VW eWè[T[^[VSVW Xa[ VW 03+10$- < <V_[`[efdS}|a `|a eWè[T[^[lS S
hSd[S}|a VW d[eUa VW NL+ bad W`fW`VWd cgW WefS hSd[zhW^ `|a ~ ha^zf[^+ `W_ e[Y`[X[USf[hS_W`fW eWèhW^
S _gVS`}S VW fSjSe VW \gdae W cgS[ecgWd bafWÙ[S[e hSd[S}We VW 14$ W 4/$ `WefS fSjS `|a f_
[_bSUfa _SfWd[S^ à hSâd \gefa VSe Vh[VSe VS >a_bS`Z[S SfdW^SVSe S NL<e fSTW^Se S eWYg[d VW_aèfdS_ S S`z^[eW VW eWè[T[^[VSVW VS SV_[`[efdS}|a VS >a_bS`Z[S W a WXW[fa
US[jS VSe abWdS}We W_ STWdfa W_ 20 VW VWlW_Tda VW 1/04+ See[_ Ua_a ae hSâdWe Vae [`VWjSVadWe
gf[^[lSVae `Se bda\W}We-
64 de 81
MP`XpdTZ
ST `XaR]
MPZ]`
R]\bpQXZ
<T\p`X] B
&^`]dpdTZ'
<T\p`X]
BB &)03$'
<T\p`X]
BBB &)3.$'
<^fS DJ><
<^fS DJ><
<^fS NEFJ
<^fS DBJ,?D
<^fS NL
<^fS DJ><
'42-505(
'8/-063(
'4/-/87(
'85-274(
'4-867(
'0/6-10/(
'44-/17(
'77-787(
'38-287(
'81-620(
'4-867(
'72-433(
'45-483(
'82-/73(
'4/-34/(
'86-255(
'5-43/(
'78-526(
'47-104(
'86-418(
'40-375(
'0/1-212(
'6-0/5(
'85-126(
<^fS M@FD>
'112-268(
'112-704(
'168-658(
'224-611(
F^T`Prq]
>>D L= >Sb[fS^ D
>>D L= >Sb[fS^ DD
?WT•`fgdWe 0//GG ~ <^[SèUW
>LD BS[S ~ NSde[^S
3I4C '>LD(
<^[SèUW 'VWT- 8/ GG( ~ P[Ù[
ITd[YS}We dW^SU[a`SVSe S Jdabd[WVSVWe bSdS
[`hWef[_W`fa , faddW Ua_WdU[S^
9ZXP\aRT
F^T`Prq]
>>D L= >Sb[fS^ D
>>D L= >Sb[fS^ DD
3I4C '>LD(
<^[SèUW 'VWT 8/GG( ~ P[Ù[
faddW Ua_WdU[S^
MP`XpdTZ
ST `XaR]
MPZ]`
R]\bpQXZ
<T\p`X] B
&^`]dpdTZ'
<T\p`X] BB
&)03$'
<T\p`X]
BBB &)3.$'
<^fS DJ><
<^fS DJ><
<^fS NEFJ
<^fS NL
<^fS DJ><
'42-505(
'8/-063(
'4/-/87(
'4-867(
'0/6-10/(
'44-/17(
'77-787(
'38-287(
'4-867(
'72-433(
'45-483(
'82-/73(
'4/-34/(
'5-43/(
'78-526(
'47-104(
'86-418(
'40-375(
'6-0/5(
'85-126(
<^fS M@FD>
'112-268(
'112-704(
'168-658(
'224-611(
<T\p`X] B
&^`]dpdTZ'
B\STfPS]`
0./4
0./5
0./6
9^va 0./6
DJ><
>?D
NEFJ
DBJ,?D
DBJ,G
5+7/$
02+4/$
6+4/$
5+16$
5+0/$
4+4/$
00+64$
6+4/$
4+1/$
3+8/$
4+//$
00+14$
6+4/$
3+4/$
3+8/$
4+//$
00+//$
6+4/$
3+4/$
4+1/$
<T\p`X] BB &) 03$'
B\STfPS]`
0./4
0./5
0./6
9^va
0./6
DJ><
>?D
NEFJ
DBJ,?D
DBJ,G
7+4/$
05+77$
8+27$
6+73$
6+52$
5+77$
03+58$
8+27$
5+4/$
5+02$
5+14$
03+/5$
8+27$
4+52$
5+02$
5+14$
02+64$
8+27$
4+52$
5+4/$
65 de 81
<T\p`X] BBB &)3.$'
B\STfPS]`
0./4
0./5
0./6
9^va
0./6
DJ><
>?D
NEFJ
DBJ,?D
DBJ,G
0/+1/$
1/+14$
00+14$
8+30$
8+04$
7+14$
06+52$
00+14$
6+7/$
6+24$
6+4/$
05+77$
00+14$
5+64$
6+24$
6+4/$
05+4/$
00+14$
5+64$
6+7/$
< fSTW^S S eWYg[d VW_aèfdS S S`z^[eW VW eWè[T[^[VSVW VS SV_[`[efdS}|a VS >a_bS`Z[S W a WXW[fa
US[jS VSe abWdS}We W_ STWdfa W_ 20 VW VWlW_Tda VW 1/039ZXP\aRT R]\a]ZXSPS]
F^T`Prq]
>>D L= >Sb[fS^ D
>>D L= >Sb[fS^ DD
?WT•`fgdWe 074GG ~ <^[SèUW
>LD BS[S ~ NSde[^S
3I4C '>LD(
3I4C %-85MAFGD8E&
<^[SèUW , MS`fS`VWd DD
<^[SèUW 'VWT- 8/ GG( ~ P[Ù[
Jdabd[WVSVWe bSdS
MP`XpdTZ ST
`XaR]
MPZ]`
R]\bpQXZ
<T\p`X] B
'^`]dpdTZ'
<T\p`X] BB
&)03$'
<T\p`X] BBB
&)3.$'
<^fS DJ><
<^fS DJ><
<^fS M@FD>
<^fS NEFJ
<^fS DBJ,?D
<^fS NL
<^fS NEFJ
<^fS NL
<^fS DJ><
'46-847(
'77-341(
'075-/13(
'64-012(
'81-351(
'3-661(
0-/23
'51-22/(
'82-228(
'51-340(
'82-601(
'078-633(
'62-172(
'87-8/7(
'53-606(
'88-066(
'086-661(
'62-172(
'0/4-40/(
'56-/78(
'0/4-/57(
'1/4-7/0(
'62-172(
'001-633(
'3-661(
0-/23
'48-42/(
'82-675(
'4-5/3(
502
'5/-072(
'82-802(
'5-3/0(
086
'5/-734(
'83-/30(
<^fS M@FD>
'088-852(
'1/5-80/(
'147-526(
'20/-254(
9ZXP\aRT
F^T`Prq]
>>D L= >Sb[fS^ D
>>D L= >Sb[fS^ DD
?WT•`fgdWe 074GG ~ <^[SèUW
3I4C '>LD(
3I4C %-85MAFGD8E&
<^[SèUW , MS`fS`VWd DD
<^[SèUW 'VWT 8/GG( ~ P[Ù[
Jdabd[WVSVWe bSdS
MP`XpdTZ ST
`XaR]
MPZ]`
<]\bpQXZ
<T\p`X] B
&^`]dpdTZ'
<T\p`X] BB
&)03$'
<T\p`X] BBB
&)3.$'
<^fS DJ><
<^fS DJ><
<^fS M@FD>
<^fS NEFJ
<^fS NL
<^fS NEFJ
<^fS NL
<^fS DJ><
'46-847(
'77-341(
'075-/13(
'64-012(
'3-661(
0-/23
'51-22/(
'82-228(
'51-340(
'82-601(
'078-633(
'62-172(
'3-661(
0-/23
'48-42/(
'82-675(
'53-606(
'88-066(
'086-661(
'62-172(
'4-5/3(
502
'5/-072(
'82-802(
'56-/78(
'0/4-/57(
'1/4-7/0(
'62-172(
'5-3/0(
086
'5/-734(
'83-/30(
<^fS M@FD>
'088-852(
'1/5-80/(
'147-526(
'20/-254(
B\STfPS]`
DJ><
M@FD>
NEFJ
NL
DBJ,?D
66 de 81
<T\p`X] B &^`]dpdTZ'
0./3
0./4
0./5
9^va 0./5
5+51$
01+64$
4+4/$
0+64$
4+70$
4+8/$
00+4/$
4+4/$
0+04$
4+70$
4+4/$
0/+4/$
4+4/$
/+84$
4+70$
4+64$
8+4/$
4+4/$
/+7/$
4+70$
B\STfPS]`
<T\p`X] BB &) 03$'
DJ><
M@FD>
NEFJ
NL
DBJ,?D
0./3
0./4
0./5
9^va 0./5
7+17$
04+83$
5+77$
1+08$
6+15$
6+27$
03+27$
5+77$
0+33$
6+15$
5+77$
02+02$
5+77$
0+08$
6+15$
6+08$
00+77$
5+77$
0+//$
6+15$
B\STfPS]`
<T\p`X] BBB &)3.$'
DJ><
M@FD>
NEFJ
NL
DBJ,?D
0./3
0./4
0./5
9^va 0./5
8+82$
08+02$
7+14$
1+51$
7+61$
7+74$
06+14$
7+14$
0+62$
7+61$
7+14$
04+64$
7+14$
0+31$
7+61$
7+52$
03+14$
7+14$
0+1/$
7+61$
=TbT`[X\Prq] S] dPZ]` Ycab]
< SV_[`[efdS}|a Uaè[VWdS cgW Sf[hae W bSee[hae X[`SÙW[dae `|a VW_aèfdSVae `WefS àfS Wef|a Ua_
hSâd Ua`fzT[^ bd•j[_a Sa hSâd \gefaIe hSâdWe \gefae Vae Sf[hae W bSee[hae X[`SÙW[dae+ \g`fS_W`fW Ua_ ae hSâdWe Ua`fzTW[e
SbdWeW`fSVae à TS^S`}a bSfd[_a`[S^+ e|a ae eWYg[`fWe9
<]\a]ZXSPS]
0./3
<f[hae X[`SÙW[dae VWe[Y`SVae bWâ hSâd
\gefa bad _W[a VW dWeg^fSVa
9bXd]a &^PaaXd]a' [T\ac`PS]a
^TZ] dPZ]` Ycab]
3I4CE
0./2
&`TP^`TaT\bPS]'
MPZ]`
R]\bpQXZ
MPZ]`
Ycab]
MPZ]`
R]\bpQXZ
MPZ]`
Ycab]
01/-51/
01/-51/
214-251
214-251
01/-51/
01/-51/
214-251
214-251
'4-867(
'4-867(
'2-627(
'2-627(
'4-867(
'4-867(
'2-627(
'2-627(
<]\a]ZXSPS]
0./3
0./2
&`TP^`TaT\bPS]'
MPZ]`
R]\bpQXZ
MPZ]`
Ycab]
MPZ]`
R]\bpQXZ
MPZ]`
Ycab]
83-168
053-443
42-505
8/-063
85-274
87-28/
14-857
81-301
051-726
44-/17
77-787
81-620
85-802
13-773
010-643
067-7/3
46-847
77-341
81-351
0/6-406
2/-/70
010-72/
071-731
51-340
82-601
87-8/7
0/8-488
18-500
GPaaXd]a [T\ac`PS]a ^TZ] Rcab]
P[]`bXgPS]
>[^`sabX[]a QP\Rp`X]a VP`P\bXS]a
B\abXbcXrq]
>>D , L# 1//-///
>>D , L# 04/-///
>>D L= >Sb[fS^ D
>>D L= >Sb[fS^ DD
>>D , BS[S MWU=dSVWeUa
DfS
=dSVWeUa
=dSVWeUa
67 de 81
>[^`TaPa
H[TS^
=W^~_
<^[SèUW
<^[SèUW
NSde[^S
=C
>?B
HadfW
MZabb[`Y
=W^~_
P~df[Ua
=Sgdg
055-228
040-450
054-870
05/-650
02/-38/
010-6/4
01/-825
006-538
<]\a]ZXSPS]
0./3
=dSVWeUa
=dSVWeUa
MS`fS`VWd DD
=dSVWeUa
?WT•`fgdWe 074GG
?WT•`fgdWe 0//GG
=dSVWeUa
DfS ==< DD
?WT•`fgdWe 2q W_[ee|a
DfS
Jdabd[WVSVWe bSdS
>WlS``W
?S^[
<^[SèUW
N[ee[Sà
<^[SèUW
<^[SèUW
=Sl[^^W
>?B
<^[SèUW
<^[SèUW
'NSTa|a(
<^[SèUW
MPZ]`
R]\bpQXZ
1/3-587
043-150
48-367
01/-10/
MPZ]`
Ycab]
076-214
03/-86/
43-515
0/4-278
4/-/87
22-044
22-/15
0/6-10/
38-287
20-200
2/-315
72-433
64-705
48-/28
112-268
112-704
0./2
&`TP^`TaT\bPS]'
MPZ]`
R]\bpQXZ
1/8-804
047-041
51-22/
012-377
075-/13
64-012
25-507
25-227
82-228
MPZ]`
Ycab]
1/0-350
040-52/
48-42/
002-256
078-633
62-172
24-428
23-51/
82-676
088-852
1/5-80/
3/5
063
>[^`sabX[]a QP\Rp`X]a \q] VP`P\bXS]a
B\abXbcXrq]
MSXdS
MSXdS
MSXdS
MSXdS
>[^`TaPa
H[TS^
LLMJ@ 'S`f[YS
PW^SlcgWl(
GS^XSff[
LLMJ@
NafS^
15
51
105
7
0-870-415
0-741-701
81
2
1-034-816
1-026-418
<]\b`]ZPS]`P
0./3
<f[hae X[`SÙW[dae VWe[Y`SVae bWâ hSâd
\gefa bad _W[a VW dWeg^fSVa
9bXd]a &^PaaXd]a' [T\ac`PS]a ^TZ] dPZ]`
Ycab]
3I4CE
0./2
&`TP^`TaT\bPS]'
MPZ]`
R]\bpQXZ
MPZ]`
Ycab]
MPZ]`
R]\bpQXZ
MPZ]`
Ycab]
73-061
73-061
153-8/1
153-8/1
73-061
73-061
153-8/1
153-8/1
'4-867(
'4-867(
'2-627(
'2-627(
'4-867(
'2-627(
'2-627(
'4-867(
GPaaXd]a [T\ac`PS]a ^TZ] Rcab] P[]`bXgPS]
@_bd~ef[_ae TSÙzd[ae
017-551
002-552
48-327
48-42/
?WT•`fgdWe
045-475
021-831
240-633
245-701
?ME•f
ITd[YS}We dW^SU[a`SVSe S Jdabd[WVSVWe
bSdS [`hWef[_W`fa , faddW Ua_WdU[S^
03/-525
032-816
031-0/5
045-052
112-268
112-704
088-852
1/5-80/
538-152
503-236
642-738
668-304
AXT`P`_cXP ST dPZ]` Ycab]
< fSTW^S STS[ja SbdWeW`fS ae [èfdg_W`fae X[`SÙW[dae dWY[efdSVae bWâ hSâd \gefa+ gf[^[lS`Va g_
_~faVa VW ShS^[S}|aIe V[XWdW`fWe `hW[e XadS_ VWX[`[Vae Ua_a S eWYg[d9
'
HhW^ 0 , JdW}ae UafSVae '`|a S\gefSVae( W_ _WdUSVae Sf[hae bSdS Sf[hae W bSee[hae [V`f[Uae;
'
HhW^ 1 , D`bgfe+ WjUWfa bdW}ae UafSVae+ [Ù^gVSe à HhW^ 0 cgW e|a aTeWdhzhW[e bSdS a Sf[ha ag
bSee[ha+ V[dWfS_W`fW 'bdW}ae( ag [`V[dWfS_W`fW 'VWd[hSVa VW bdW}ae(;
'
HhW^ 2 , JdW_[eeSe+ bSdS a Sf[ha ag bSee[ha+ cgW `|a e|a TSeWSVSe W_ VSVae aTeWdhzhW[e VW
_WdUSVa '[`bgfe `|a aTeWdhzhW[e(-
68 de 81
<]\a]ZXSPS]
<f[hae X[`SÙW[dae VWe[Y`SVae bWâ hSâd \gefa bad _W[a VW dWeg^fSVa
<f[hae X[`SÙW[dae VWd[hSf[hae
',( JSee[hae X[`SÙW[dae VWd[hSf[hae
1/ ST STgT[Q`] ST 0./2 &`TP^`TaT\bPS]'
EudTZ /
EudTZ 0
K]bPZ
87-8/4
10-604
01/-51/
'4-867(
'4-867(
87-8/4
04-626
003-531
87-381
115-76/
0-/23
'3-661(
214-251
0-/23
'3-661(
87-381
112-021
210-513
EudTZ /
EudTZ 0
K]bPZ
73-000
50
73-061
'4-867(
'4-867(
73-000
'4-806(
67-083
63-/2/
08/-761
0-/23
'3-661(
153-8/1
0-/23
'3-661(
63-/2/
076-023
150-053
<]\b`]ZPS]`P
1/ ST STgT[Q`] ST 0./2 &`TP^`TaT\bPS]'
H|a ZaghW fdSèXWdÙ[S W`fdW ae `hW[e 0+ 1 W 2 VgdS`fW a WjWdUU[a X[`Va W_ 20 VW VWlW_Tda VW
1/04< >a_bS`Z[S `|a baeegS W_ 20 VW VWlW_Tda VW 1/04 W VW 1/03 [èfdg_W`fae X[`SÙW[dae VW `hW^ 2<`Xbs`X]a* ^`T[XaaPa T ZX[XbPrxTa cbXZXgPS]a
\] RpZRcZ] S] dPZ]` Ycab]
Ie hSâdWe \gefae Wef[_SVae Vae [èfdg_W`fae X[`SÙW[dae Sf[hae W bSee[hae VS >a_bS`Z[S W egSe
Ua`fda^SVSe XadS_ SbgdSVae Ua`Xad_W VWeUd[fa STS[ja- >a_ WjUW}|a VS abWdS}|a VW eiSb SfdW^SVS y
abWdS}|a VW >>D W ye ?WT•`fgdWe Wjb^[USVSe `S àfS Wjb^[USf[hS 03+ S >a_bS`Z[S W egSe Ua`fda^SVSe
`|a SfgS_ à _WdUSVa VW VWd[hSf[hae+ See[_ Ua_a `|a Zz agfdae [èfdg_W`fae X[`SÙW[dae
VWd[hSf[hae dWY[efdSVae W_ 20 VW VWlW_Tda VW 1/04=Xa^]\XQXZXSPSTa T P^ZXRPrxTa UX\P\RTX`Pa
Ie eS^Vae W_ Ua`fS UaddW`fW _S`f[Vae W_ TSÙae f•_ eWge hSâdWe VW _WdUSVa [V•`f[Uae Sae eS^Vae
Ua`fzTW[e>?=+ VWT•`fgdWe W Ua_bda_[eeSVSe , ShS^[SVSe S hSâd \gefa TSeWSVa à hSâd bdahzhW^ VW dWS^[lS}|a69 de 81
JSdS Se VW_S[e Sb^[US}We X[`SÙW[dSe+ a hSâd VW _WdUSVa Xa[ SbgdSVa Ua_ TSeW `Se UafS}We VW
_WdUSVa VWeeWe ffgâe; cgS`Va VS [`Wj[efÙ[S+ XadS_ TSeWSVae àe X^gjae VW US[jS Xgfgdae+
VWeUa`fSVSe Se fSjSe _~V[Se VW Sb^[US}|a V[eba`hW[e<]\bPa P `TRTQT` ST bT`RTX`]a T T[^`sabX[]a T UX\P\RXP[T\b]a
Ie eS^Vae VW X[`SÙ[S_W`fae W VW Ua`fSe S dWUWTWd VW fWdUW[dae f•_ eWge hSâdWe \gefae e[_[^SdWe Sae
eS^Vae Ua`fzTW[eB\ab`c[T\b]a UX\P\RTX`]a ST`XdPbXd]a
Ie hSâdWe \gefae Vae [èfdg_W`fae VW eiSb XadS_ aTf[Vae SfdSh~e VS V[XWdW`}S W`fdW ae X^gjae VW
bSYS_W`fae Xgfgdae VSe fSjSe VW USVS ba`fS W W_ eWYg[VS+ a X^gja dWeg^fS`fW Xa[ VWeUa`fSVa bW^S
bda\W}|a S`gS^ VS M@FD>+ V[eba`[T[^[lSVS bWâ =SÙa >W`fdS^- Ha eiSb NL j Jd~+ S >a_bS`Z[S fW_
W_ g_S ba`fS NL*0/+7$ W `S agfdS ba`fS 02$ fW`Va e[Va gf[^[lSVa S X•d_g^S VS LWea^g}|a 2-335 VW
4 VW _Sd}a VW 1//6 Va >aèW^Za Ga`Wfzd[a HSU[a`S^ bSdS bda\W}|a VS NL XgfgdSCX[XbPrxTa
Ie hSâdWe VW _WdUSVa XadS_ Wef[_SVae `S VSfS Va TS^S`}a+ TSeWSVae W_ "[`Xad_S}We dW^WhS`fWe VW
_WdUSVa"- <e _gVS`}Se `Se bdW_[eeSe baVW_ SXWfSd e[Y`[X[USf[hS_W`fW Se Wef[_Sf[hSe SbdWeW`fSVSeI hSâd \gefa Wef[_SVa bSdS a [èfdg_W`fa X[`SÙW[da VWd[hSf[ha Ua`fdSfSVa bW^S Ua`fda^SVS VS
>a_bS`Z[S Xa[ VWfWd_[`SVa bad _W[a VW [`Xad_S}We V[eba`hW[e à _WdUSVa W VW _WfaVaâY[Se
WebWUX[USe VW ShS^[S}We- @`fdWfS`fa+ g_ Uaè[VWdzhW^ \g^YS_W`fa Xa[ dWcgWd[Va `S [`fWdbdWfS}|a Vae
VSVae VW _WdUSVa bSdS bdaVgl[d S Wef[_Sf[hS Va hSâd \gefa VW USVS abWdS}|a< >a_bS`Z[S WXWfgag S ShS^[S}|a VSe abWdS}We X[`SÙW[dSe S X[_ VW WefSTW^WUWd a hSâd \gefa Va
eiSb UW^WTdSVa W`fdW S <^[SèUW W egS Ua`fda^SVS H[TS^+ UWV[Va bSdS S >D=L<M@> W a eiSb SfdW^SVa S
?WT`fgdWe W_[f[VSe bWâ DfS- @_ 20 VW VWlW_Tda VW 1/04 W 1/03+ Se abWdS}We WÙa`fdS_,eW
dWY[efdSVSe S hSâd \gefa+ W a YS`Za W S bWdVS Va WjWdUU[a XadS_ dWY[efdSVae `Se Ua`fSe VW dWeg^fSVaIXaR] ]^T`PRX]\PZ
@_ h[dfgVW VSe dWUW[fSe VS >a_bS`Z[S eWdW_ V[dWfS_W`fW dW^SU[a`SVSe y USbSU[VSVW VW âUSd ae
WebS}ae Ua_WdU[S[e VW eWge W_bdWW`V[_W`fae+ S <V_[`[efdS}|a _a`[fadS bWd[aV[US_W`fW egSe
Ua`V[}We abWdSU[a`S[e VW _aVa S S`fWU[bSd baeehW[e [_bSUfae- JSdS [eea+ `S _S`gfW`}|a VW eWge
W_bdWW`V[_W`fae+ See[_ Ua_a àe àhae VWeW`ha^h[_W`fae W WjbSèWe+ W_bdWeSe WebWU[S^[lSVSe
Ua_ àfd[S cgS^[X[US}|a abWdSU[a`S^ e|a Ua`fdSfSVSe bSdS SUa_bS`ZS_W`fa Va UdaàYdS_S Xe[Ua,
X[`SÙW[da W dWS^[lS}|a VSe aTdSe W _W^Zad[Se VW _aVa S fWd YSdS`f[Va a Ug_bd[_W`fa Va ad}S_W`fa
SbdahSVa- H|a aTefS`fW S Ua_WdU[S^[lS}|a Vae WebS}ae Ua_WdU[S[e ~ dWS^[lSVS bad g_S Wcg[bW
bdbd[S VW _aVa S fWd SeeWYgdSVa `WYaU[S}We Ua_ â\[efSe cgW eW\S_ S^[`ZSVSe Ua_ S WefdSf~Y[S VW
_Sd]Wf[`Y W _[j Vae eZabb[`Y UW`fWdeIe d[eUae e|a dWh[eSVae _WèS^_W`fW bW^Se V[dWfad[Se abWdSU[a`S^ W X[`SÙW[dS cgW YWdS_ dW^Sf•d[ae
VW SUa_bS`ZS_W`fa- >Sea eW\S_ [VW`f[X[USVSe e[fgS}We VW VWeh[a+ dWh[eWe VSe WefdSf~Y[Se VS
>a_bS`Z[S e|a egT_Wf[VSe bSdS SbdahS}|a VS V[dWfad[S bSdS cgW eW\S_ [_b^S`fSVSe< ?[dWfad[S SUa_bS`ZS a VWeW_bW`Za Vae eZabb[`Y UW`fWde W_ abWdS}|a W W_ VWeW`ha^h[_W`fa
Ua_ TSeW W_ g_ ad}S_W`fa SbdahSVa S`gS^_W`fW- @eeW e[efW_S bWd_[fW SUa_bS`ZSd W hS^[VSd
bdWh[S_W`fW ae VWeW_Taêae h[e S h[e a ad}SVa See[_ Ua_a a VWeW_bW`Za X[`SÙW[da W abWdSU[a`S^
Vae [`hWef[_W`fae+ Va _We_a _aVa cgW ~ SUa_bS`ZSVa VW bWdfa S Wha^g}|a VS ^[cg[VWl VS
>a_bS`Z[S Ua_ XaUa à Ugdfa W â`Ya bdSla-
70 de 81
@Tabq] ST RP^XbPZ
< ?[dWfad[S A[`SÙW[dS+ See[_ Ua_a Se VW_S[e zdWSe+ bdaUgdS Wcg[^Td[a W`fdW dW`fST[^[VSVW h[e,y,h[e
a d[eUa [Ùadd[Va+ VW _aVa S `|a Wjbad eWg bSfd[_`[a `W_ eaXdWd Ua_ aeU[^S}We TdgeUSe VW bdW}a
ag _WdUSVa- IT\Wf[hS`Va g_S SV_[`[efdS}|a VW USb[fS^ eSgVzhW^+ S >a_bS`Z[S fW_ S ba^f[US VW
bdWeWdhSd ^[cg[VWl Ua_ a _a`[fadS_W`fa bd•j[_a Va X^gja VW US[jS VW Ugdfa W â`Ya bdSlaH|a ZaghW S^fWdS}|a cgS`fa y ba^f[US VS SV_[`[efdS}|a VW USb[fS^ VS >a_bS`Z[S W_ dW^S}|a S
WjWdUU[ae S`fWd[adWe W S >a_bS`Z[S W egSe egTe[V[Sd[Se+ Ua`fda^SVSe W Ua`fda^SVSe W_ Ua`\g`fa `|a
Wef|a eg\W[fSe S Wj[Y•Ù[Se WjfWd`Se [_baefSe VW >Sb[fS^<]\a]ZXSPS]
0./3
0./2
&`TP^`TaT\bPS]'
0-/61-/67
377-620
3/-832
045-475
0-/12-237
414-550
23-/87
240-633
112-268
088-852
0-870-606
1-023-703
',( >S[jS W Wcg[hS^W`fWe VW US[jS
',( <b^[US}We X[`SÙW[dSe VW Ugdfa bdSla
'04-314(
'01/-51/(
'12-036(
'214-251(
?h[VS ^cg[VS '<(
0-734-561
0-675-2/4
NafS^ Va bSfd[_`[a ^cg[Va '=(
0-801-316
0-771-578
85+40$
83+77$
?WT•`fgdWe
ITd[YS}We dW^SU[a`SVSe S Jdabd[WVSVWe bSdS
NafS^
LW^S}|a Vh[VS ^cg[VS eaTdW bSfd[_`[a ^cg[Va
S\gefSVa '<.=(
0/
ITRTXbP Zu_cXSP ST PZcVcsXa T ^`TabPrq] ST aT`dXr]a
ITRTXbP ^]` \Pbc`TgP
LWUW[fSe VW S^gYgW^ _`[_a '0(
LWUW[fSe VW S^gYgW^ Ua_b^W_W`fSd
MWdh[}ae bdWefSVae VW SV_[`[efdS}|a
>Wee|a VW V[dW[fa VW gea
@efSU[a`S_W`fa
<^gYgW^ TWè bd•bd[ae
NSjS VW fdSèXWd•Ù[S
D_baefae W Ua`fd[Tg[}We W agfdSe
VWVg}We
71 de 81
9ZXP\aRT
0./3
0./2
0./3
0./2
2/3-582
68-077
36-353
03-858
80-1/2
2-581
0-/46
184-7/4
63-/14
33-507
08-321
66-854
2-684
1-033
40-56/
6-337
41-5/4
0-372
4-247
0-/55
050
4/-870
7-188
36-506
0-/12
3-1/0
0-245
467
'36-356(
'32-778(
'7-618(
'7-483(
383-688
362-784
000-/51
0/4-350
'0( < dWUW[fS VW S^gYgW^ _`[_a Wefz eW`Va Ua`fST[^[lSVS Sb^[US`Va,eW a _~faVa VW S^gYgW^ ^[`WSd+
Ua`Xad_W V[dWfd[lWe Va >J> /5 'L0(, IbWdS}We VW <ddW`VS_W`fa GWdUS`f[^00
<cab] ST PZcVcsXa T aT`dXr]a
<cab] ^]` \Pbc`TgP
?WbdWU[S}|a VW bdabd[WVSVWe
<_adf[lS}|a Va zY[a _S[e hS^[S VW
Sf[hae
>gefa VW eWdh[}ae bdWefSVae
BSefae Ua_ [_•hW[e S^gYSVae
>gefa VW WefSU[a`S_W`fa
>gefae abWdSU[a`S[e VW eZabb[`Ye
BSefae Ua_ âUS}|a VW XdS}|a [VWS^ '0(
Igfdae
9ZXP\aRT
0./3
0./2
&`TP^`TaT\bPS]'
0./3
0./2
&`TP^`TaT\bPS]'
'43-757(
'47-/68(
'1-86/(
'1-814(
'0/-855(
'5-715(
'08-052(
'07-807(
'02-270(
'0/-683(
'5-788(
'1/-021(
'06-804(
'02-753(
'2-/74(
'1-87/(
'1-365(
'864(
'1-25/(
'40-815(
'2-/74(
'1-842(
'1-128(
'604(
'0-248(
'40-333(
'016-572(
'55-661(
'53-61/(
'821(
'014-/43(
'0( LWXWdW,eW Sa hSâd VS âUS}|a bSYa bW^S <^[SèUW y H[TS^ bWâ S^gYgW^ VS XdS}|a [VWS^ VW 30+48$ Va
HSU[YgSf W 27$ Va MZabb[`Y NSTa|a+ VW bdabd[WVSVW VS H[TS^+ Ua`Xad_W Ua`fdSfa VW âUS}|a
See[`SVa W`fdW Se bSdfWe W_ 14 VW eWfW_Tda VW 1//701
=Ta^TaPa R][ dT\SPa* PS[X\Xab`PbXdPa T VT`PXa
?WebWeS Ua_ bWeeaS^
MWdh[}ae bdaX[ee[a`S[e
?WebWeSe Ua_ aUgbS}|a
?WbdWU[S}|a W S_adf[lS}|a
?WebWeSe VW gf[^[VSVWe W eWdh[}ae
?WebWeSe FWYS[e W fd[Tgfzd[Se
Jdah[e|a bSdS Ud~V[fa VW ^[cg[VS}|a
Vgh[VaeS
IgfdSe VWebWeSe SV_[`[efdSf[hSe
72 de 81
9ZXP\aRT
0./3
0./2
&`TP^`TaT\bPS]'
0./3
0./2
&`TP^`TaT\bPS]'
'32-538(
'01-011(
'1-173(
'3-/1/(
'665(
'452(
'30-831(
'0/-878(
'1-23/(
'2-171(
'585(
'50/(
'31-872(
'0/-/5/(
'1-/7/(
'2-720(
'520(
'23/(
'30-1/2(
'8-///(
'1-/15(
'2-/84(
'441(
'165(
'03-266(
'1-6/7(
'8-/83(
'2-006(
'0-0/7(
'0-713(
'0-034(
'1-033(
'7/-388(
'61-/6/(
'51-746(
'48-330(
02
ITacZbPS] UX\P\RTX`]
=Ta^TaPa UX\P\RTX`Pa
Egdae VW W_bd~ef[_ae+ >>D W VWT•`fgdWe
<\gefW S hSâd \gefa , 3I4C '0(
LWeg^fSVa Ua_ [èfdg_W`fae X[`SÙW[dae
VWd[hSf[hae
PSd[S}We _a`Wfzd[Se bSee[hSe
Igfdae
ITRTXbPa UX\P\RTX`Pa
Egdae ~ dW`V[_W`fa Sb^[US}We
LWe- U.[èf- X[`SÙ VWd[h , 3I4C '1(
PSd[S}We _a`Wfzd[Se Sf[hSe
Igfdae
Egdae eaTdW aTd[YS}We dW^SU[a`SVSe S
Jdabd[WVSVWe bSdS [`hWef[_W`fa , faddW
Ua_WdU[S^ '2(
ITacZbPS] UX\P\RTX`]
9ZXP\aRT
0./3
0./2
&`TP^`TaT\bPS]'
0./3
0./2
&`TP^`TaT\bPS]'
'084-463(
'0-1/4(
'070-7/4(
'0-//6(
'40-116(
'0-1/4(
'3/-2/0(
'0-//6(
'022(
'44-235(
'02-/31(
'32-364(
'00-316(
'022(
'23-422(
'5-12/(
'14-718(
'2-468(
'154-2//(
'126-603(
'82-217(
'6/-605(
22-/14
772
807
3-202
1/-672
4-222
0-1/0
1-52/
14-650
772
263
576
07-308
4-222
602
786
28-028
18-836
16-6/4
14-251
'21-744(
'10-/27(
'21-744(
'10-/27(
'148-/05(
'117-7/4(
'87-367(
'55-281(
'0( LWXWdW,eW y Ua`fST[^[lS}|a Va [èfdg_W`fa X[`SÙW[da EI4C S hSâd VW \gefa Ua`Xad_W I>J> /2'1( LWXWdW_,eW Sae YS`Zae aTf[Vae Ua_ a [èfdg_W`fa X[`SÙW[da EI4C à bSYS_W`fa VW \gdae >LD
VW L# 1//-/// VS H[TS^'2( LWXWdW,eW S \gdae eaTdW aTd[YS}We dW^SU[a`SVSe S Jdabd[WVSVWe bSdS [`hWef[_W`fa , faddW
Ua_WdU[S^ 'VWfS^ZWe `S HafS 00(03
Fcb`Pa `TRTXbPa &STa^TaPa'
LWeg^fSVa `S hW`VS VW Sf[hae '0(
?WebWeS Ua_ _gVS`}S VW _SdUS '1(
?WebWeSe VW eWdh[}ae ~ <^[SèUW GS^^ W GV[S W
<^[SèUW MWdh[UW
Jdah[e|a bSdS hSâd dWUgbWdzhW^ 'HafS 01(
Igfdae '2(
9ZXP\aRT
0./3
0./2
&`TP^`TaT\bPS]'
0./3
0./2
&`TP^`TaT\bPS]'
031-567
'0-722(
54-817
031-567
54-817
'2-/37(
'04-010(
'0-126(
'4-/6/(
3-/76
'5-535(
4-24/
010-328
53-834
025-/21
60-167
'0( Ga`fS`fW dWXWdW,eW bd[Ù[bS^_W`fW Sa dWeg^fSVa `S hW`VS VW bSdf[U[bS}|a VW 24$ VSe cgafSe Va
Ag`Va VW D`hWef[_W`fa D_aT[^[zd[a P[S JSdcgW MZabb[`Y+ à _a`fS`fW VW L# 031-567 aUadd[VS
W_ eWfW_Tda VW 1/04 'HafS 1'S((- I dWeg^fSVa SbgdSVa W_ 1/03 dWXWdW,eW+ bd[Ù[bS^_W`fW+ y
hW`VS VS â\S >%< AW[dS VW MS`fS`S+ à hSâd VW L# 7-701+ YWdS`Va g_ YS`Za VW L# 4-67/;
bWâ _a`fS`fW VW L# 3/-870 dWXWdW`fW Sa hSâd \gefa Va [`hWef[_W`fa `S <USbgdS`S bW^S bWdVS
73 de 81
VW bSdf[U[bS}|a cgS`Va VS hW`VS VW bSdf[U[bS}|a W bW^S hW`VS VS bSdf[U[bS}|a VW 7/+26$ VS
PW^SlcgWl bad L# 52-031+ YWdS`Va g_ YS`Za VW L# 08-056 'HafS 0/('1( Ga`fS`fW dWXWdW,eW S VWebWeS Ua_ _gVS`}S VW _SdUS Va MZabb[`Y VS =SZ[S'2( DÙ^g[ Se dWUW[fSe W VWebWeSe dW^SU[a`SVSe S Jdabd[WVSVWe bSdS [`hWef[_W`fa , faddW Ua_WdU[S^
VWeUd[fa `S HafS 0004
K`P\aPrxTa R][ ^P`bTa `TZPRX]\PSPa
0./3
K`P\aPrq]
9bXd] \q]
RX`RcZP\bT
GPaaXd] \q]
RX`RcZP\bT
0./2
GPaaXd]
K`P\aPrq]- 9bXd] \q]
\q]
`TacZbPS] RX`RcZP\bT RX`RcZP\bT
K`P\aPrq]`TacZbPS]
<]\b`]ZPSPa
<^[SèUW MZabb[`Y >W`fWde M-<<^[SèUW <ee- >a_WdU[S^ FfVS<^[SèUW GS^^ W GV[S D`f- FaU- W
GWdUZ- FfVS<]\b`]ZT T[ R]\Yc\b]
MZabb[`Y VS =SZ[S
MZabb[`Y NSTa|a
MS`fS`S JSdcgW MZabb[`Y
HadfW MZabb[`Y =W^~_
=ag^WhSdV MZabb[`Y =Wâ
Cad[la`fW
=ag^WhSdV MZabb[`Y =W^~_
MZabb[`Y BdS`VW L[a
JSdcgW MZabb[`Y GSUW[•
MZabb[`Y JSdS`YSTS
=ag^WhSdV MZabb[`Y =dSe^[S
>Sj[Se MZabb[`Y
MZabb[`Y =Sgdg
=ag^WhSdV P[^S PW^ZS
P[S JSdcgW
QWef J^SlS
MfSfge >aèfdgfadS FfVSP~df[Ua >aèfdgfadS FfVSIgfdae
Fcb`Pa ^P`bTa `TZPRX]\PSPa
>JJD= MS^hSVad JSdf[U[bS}We
FfVS-
MWdh[}ae
bdWefSVae
MWdh[}ae
bdWefSVae
MWdh[}ae
bdWefSVae
0/-034
4-2/1
011
0-67/
1-232
2-50/
2-187
'1-664(
'0-78/(
'378(
'46/(
'1-841(
'0-7//(
'375(
'483(
'1-4/8(
'2-277(
'625(
'884(
'434(
'443(
'388(
'1-437(
'2-108(
'651(
'621(
'40/(
'481(
'325(
'1/5(
'263(
'144(
04
'220(
7//
'225(
7//
0-/04
40
227
0-/04
'005(
0-027
803
147
1-522
7-8/7
74 de 81
8-8/5
0-162
9ZXP\aRT
0./3
<]\b`]ZPSPa
H[TS^ JSdf[U[bS}We FfVS- '0(
<^[SèUW @efSU[a`S_W`fae FfVSM?N 2 >W`fda >a_WdU[S^ FfVS<^[SèUW GS^^ W GV[S D`fWd- FaU- @ GWdeZS`V[e[`Y
FfVS<^TSdbS JSdf[U[bS}We FfVSNSde[^S @_bdWW`V[_W`fae W JSdf[U[bS}We M-<P~df[Ua =Sgdg @_bdWW`V- D_aT[^- M-<GSf[eeW JSdf[U[bS}We M-<- '1(
Igfdae
Fcb`Pa ^P`bTa `TZPRX]\PSPa
>JJD= MS^hSVad JSdf[U[bS}We FfVS-
0./2
9bXd] \q]
RX`RcZP\bT
GPaaXd] \q]
RX`RcZP\bT
9bXd]
RX`RcZP\bT
GPaaXd] \q]
RX`RcZP\bT
0-055
01-/3/
0-727
201
2
02-652
0-///
3
1/
1/0
201
8
1-42/
3-834
1-3//
628
4/
14-7/3
56
4
0-/04
1-3//
1-522
3-/13
06-38/
Ie bd[Ù[bS[e eS^Vae VW Sf[hae W bSee[hae W_ 20 VW VWlW_Tda VW 1/04 W 1/03+ TW_ Ua_a Se fdSèS}We
cgW [`X^gWÙ[SdS_ ae dWeg^fSVae Vae WjWdUU[ae+ dW^Sf[hSe S abWdS}We Ua_ bSdfWe dW^SU[a`SVSe+
VWUaddW_ VW fdSèS}We W`fdW S >a_bS`Z[S+ W`f[VSVWe Ua`fda^SVSe W_ Ua`\g`fa+ Ua`fda^SVSe+
Ua^[YSVSe W agfdSe bSdfWe dW^SU[a`SVSe+ Ua`Xad_W S eWYg[d9
'0( < >a_bS`Z[S baeeg[ g_ Ua`fdSfa VW âUS}|a Ua_ egS egTe[V[zd[S [`fWYdS^ H[TS^ 'VWfW`fadS VW
30+48$ Va >a`Va_`[a HSU[YgSf W 27+//$ Va MZabb[`Y NSTa|a(+ bSeeS`Va S eWd f[fg^Sd à
dWUWT[_W`fa VSe dWUW[fSe Vae eZabb[`Ye SU[_S+ bad _W[a VS abWdS}|a cgW dWeg^fag `S W_[ee|a
VW >>D à hSâd VW L# 1//-///+ Ua`Xad_W V[hg^YSVa `S àfS Wjb^[USf[hS 03'1( @_ 16 VW XWhWdW[da VW 1//8+ S GSf[eeW âUag VS =ag^WhSdV =W^~_ M-<- Se XdS}We [VWS[e Va
=ag^WhSdV MZabb[`Y =W^~_+ bSeeS`Va S eWd f[fg^Sd à dWUWT[_W`fa VSe dWUW[fSe VW S^gYgW^ Va
_We_a+ bad _W[a VS abWdS}|a cgW dWeg^fag `S W_[ee|a VW >>D à hSâd VW L# 04/-///+
Ua`Xad_W V[hg^YSVa `S àfS Wjb^[USf[hS 03<e fdSèS}We.dWeg^fSVae dWXWdW_,eW y fSjS VW SV_[`[efdS}|a UaTdSVS Vae Ua`Va_`[ae bW^Se
SV_[`[efdSVadSe <^[SèUW W H[SV+ Se cgS[e UaddWeba`VW_ S g_ hSâd X[ja _WèS^ VW+
Sbdaj[_SVS_W`fW+ VW 0$ S 4$ Va ad}S_W`fa _WèS^ Va Ua`Va_`[a- <V[U[a`S^_W`fW+ Ua`fW_b^S
WhW`fgS[e hSâdWe S bSYSd UaTdSVae bW^Se SV_[`[efdSVadSe cgS`Va VS WjbSè|a Vae eZabb[`Y UW`fWdeIe eS^Vae STS[ja dWXWdW_,eW S V[h[VW`Vae W \gdae eaTdW USb[fS^ bd•bd[a S dWUWTWd-
75 de 81
9ZXP\aRT
0./3
<^TSdbS JSdf[U[bS}We FfVSAg`Va VW D`hWef- D_aT[^- P[S JSdcgW MZabb[`Y
=ag^WhSdV MZabb[`Y M-<Igfdae
>[dUg^S`fW
H|a U[dUg^S`fW
0./2
0/-608
88
810
0-503
15
1-523
0/-634
1-523
0/-634
IT[c\T`Prq] ST SX`Tb]`Ta T
^Taa]PZ RWPdT SP 9S[X\Xab`Prq]
< dW_g`WdS}|a Va bWeeaS^,UZShW VS <V_[`[efdS}|a+ cgW [Ù^g[ ae UaèW^ZW[dae W V[dWfadWe fafS^[lag
L# 04-//2 à WjWdUU[a X[`Va W_ 20 VW VWlW_Tda VW 1/04 '20 VW VWlW_Tda VW 1/039 L# 02-7/4(HWefW hSâd Wef|a W`YâTSVae TW`WXU[ae VW Ugdfa bdSla+ cgW UaddWeba`VW_ S9 '[( CDB(?45BD8 bSYa y
V[dWfad[S W Sae _W_Tdae Va >aèW^Za VW <V_[`[efdS}|a; '[[( T`ge bSYa y V[dWfad[S W '[[[( agfdae
TW`WXU[ae+ Ua_a b^Sà VW eSVW< >a_bS`Z[S `|a WXWfgag bSYS_W`fae dWXWdW`fWe S TW`WXU[ae be W_bdWYa+ agfdae TW`WXU[ae VW
â`Ya bdSla W TW`WXU[ae VW dWeU[e|a VW Ua`fdSfa VW fdSTS^Za< >a_bS`Z[S baeeg[ ba^f[US VW dW_g`WdS}|a TSeWSVS W_ S}We Ua`Xad_W V[hg^YSVa W_ àfS
Wjb^[USf[hS 17<V[U[a`S^_W`fW+ ae W_bdWYSVae VS >a_bS`Z[S baeegW_ V[dW[fa S f[U]Wf dWXW[}|a W S^[_W`fS}|a+
b^Sà VW eSVW W eWYgda VW h[VS05
9dPXa T VP`P\bXPa
< >a_bS`Z[S W.ag eWge SU[a`[efSe+ `S Xad_S VW YSdS`f[VadWe VW W_bd~ef[_ae W X[`SÙ[S_W`fae
Seeg_[Vae bW^S >a_bS`Z[S W bad S^Yg_Se VW egSe Ua`fda^SVSe+ bdWefSdS_ X[S`}S W_ hSâdWe
bdabadU[a`S[e S egSe bSdf[U[bS}We `Se Ua`fda^SVSe+ à hSâd VW L# 0-647-037I VWfS^ZS_W`fa Vae Ua`fdSfae àe cgS[e Zz YSdS`f[Se bdWefSVSe bW^S >a_bS`Z[S Wef|a SbdWeW`fSVae
`S àfS 03-
06
GZP\] ST ]^rq] ST R][^`P ST PrxTa
@_ 01 VW àhW_Tda VW 1//8+ Xa[ SbdahSVa `S <eeW_T^W[S BWdS^ @jfdSadV[`zd[S a J^Sà VW Ib}|a VW
>a_bdS VW <}We bSdS eWge WjWUgf[hae '"J^Sà"(+ cgW Xa[ S^fWdSVa `S <eeW_T^W[S BWdS^
@jfdSadV[`zd[S VW 17 VW STd[^ VW 1/00- I J^Sà WefSTW^WUW cgW a >aèW^Za VW <V_[`[efdS}|a baVWdz
agfadYSd ab}We Sae SV_[`[efdSVadWe+ W_bdWYSVae W bdWefSVadWe VW eWdh[}ae ag VW agfdSe eaU[WVSVWe
eaT a àeea Ua`fda^W ag Ua`Va_`[ae WV[Û[ae Vae eZabb[`Y UW`fWde cgW S >a_bS`Z[S SV_[`[efdS ag
VWf~_ bSdf[U[bS}|a- <e ab}We S eWdW_ agfadYSVSe àe fWd_ae Va J^Sà baVWd|a Ua`XWd[d V[dW[fae VW
Scg[e[}|a eaTdW g_ `_Wda VW S}We cgW `|a WjUWVS 6$ Va fafS^ Va USb[fS^ eaU[S^ VS >a_bS`Z[S+
eW_bdW VW`fda Va ^[_[fW Va USb[fS^ Sgfad[lSVa-
76 de 81
Ie SU[a`[efSe `|a fWd|a V[dW[fa VW bdWXWdÙ[S `S agfadYS ag à WjWdUU[a VW ab}|a VW Ua_bdS VW
S}We VW SUadVa Ua_ a J^Sà+ Ua`Xad_W bdWh[efa à Sdf[Ya 060+ bSdzYdSXa 2u VS FW[ VSe MaU[WVSVWe
bad <}We?W SUadVa Ua_ a Jda`gÙ[S_W`fa >J> 0/'L0( , JSYS_W`fae =SeWSVae W_ <}We+ S >a_bS`Z[S
Ua`fST[^[lS S VWebWeS UaddWeba`VW`fW ye S}We Va J^Sà W`fdW S VSfS VW agfadYS VS ab}|a W S VSfS `S
cgS^ Se ab}We eW\S_ WjWdU[VSe+ Ua_ TSeW à hSâd \gefa VSe ab}We UaÙWV[VSe `S VSfS VS agfadYS>a`Xad_W a Jda`gÙ[S_W`fa >J> 0/ 'L0(+ Se ab}We S eWdW_ UaÙWV[VSe W WjWdU[VSe `|a YWdSd|a
cgS^cgWd WXW[fa `Se ?W_aèfdS}We VW LWeg^fSVa VS >a_bS`Z[S g_S hWl cgW S VWebWeS eWdz
dWUa`ZWU[VS VgdS`fW a WjWdUU[a VW H8EF=A;< >a_bS`Z[S Sbdahag W_ 6 VW _S[a VW 1/0/+ a 0u W 1u JdaYdS_Se; W_ 4 VW VWlW_Tda VW 1/00 a 2u
JdaYdS_S; W_ 1 VW STd[^ VW 1/01 a 3u JdaYdS_S W W_ 14 VW _Sd}a VW 1/02 a 4u JdaYdS_S VW
agfadYS VW ab}We VW >a_bdS VW <}We VW @_[ee|a VS >a_bS`Z[S W S SâUS}|a VSe _We_Se bSdS
VWfWd_[`SVae WjWUgf[hae W W_bdWYSVae+ Ua_ aTeWdh{Ù[S Sa J^Sà VW Ib}|a VW >a_bdS SbdahSVa `S
<eeW_T^W[S BWdS^ @jfdSadV[`zd[S VW 01 VW àhW_Tda VW 1//8 W S^fWdSVa `S <eeW_T^W[S BWdS^
@jfdSadV[`zd[S VW 17 VW STd[^ VW 1/00- I cgSVda STS[ja SbdWeW`fS a fafS^ VW S}We aT\Wfa Va 0u+ 1u+
2u+ 3u W 4u bdaYdS_Se Va J^Sà9
G`]V`P[P
S] ^ZP\]
;T\TUXRXp`X]a
0u bdaYdS_S 'S(
1u bdaYdS_S 'S(
2u JdaYdS_S
3u JdaYdS_S
4u JdaYdS_S
@jWUgf[hae W W_bdWYSVae [`V[USVae bW^S V[dWfad[S
K]bPZ ST PrxTa
ST R]\b`Pb]a
ST ]^rq] ST
R][^`P
G`Tr] ST
TfT`RuRX] +
T[ `TPXa
2-375-568
407-210
2-///-///
004-847
224-///
8+//
8+64
02+44
05+7/
12+53
'S( JdaYdS_Se 0u W 1u XadS_ WÙWddSVae W_ /6 VW _S[a VW 1/04I bdW}a VW egTeUd[}|a ag Scg[e[}|a VSe S}We bSdS faVae ae JdaYdS_Se eWdz Uadd[Y[Va _WèS^_W`fW
VW SUadVa Ua_ S hSd[S}|a Va DJ>,?D V[hg^YSVa bW^S Ag`VS}|a BWf^[a PSdYSe+ S bSdf[d VS VSfS VW
agfadYS<e ab}We UaÙWV[VSe Sa TW`WX[U[zd[a ea_W`fW baVWd|a eWd WjWdU[VSe S bSdf[d VW 0 Sà VS VSfS VW egS
agfadYS W+ S dSl|a VW 14$ Sa Sà- >Sea a TW`WX[U[zd[a `|a WjWd}S S ab}|a Sa X[_ VW USVS bWdaVa VW
USdÙ[S ag `|a S WjWd}S `S bdabad}|a Sgfad[lSVS VgdS`fW a dWXWd[Va bWdaVa+ fS[e ab}We `|a
WjWdU[VSe eWd|a SV[U[a`SVSe ye ab}We cgW eW fad`Sd|a WjWdUhW[e Sa X[_ Va bWdaVa eWYg[`fW W
baVWd|a eWd WjWdU[VSe à XgfgdaI bdSla _zj[_a bSdS a WjWdUU[a VSe ab}We agfadYSVSe à {_T[fa VW faVae ae JdaYdS_Se eWdz VW 4
Sàe Ua`fSVae VS VSfS VW agfadYS VSe ab}We- <be a VWUgdea VWefW bdSla a TW`WX[U[zd[a bWdVWdz a
V[dW[fa Sa WjWdUU[a VS ab}|a>a`Xad_W VWfWd_[`S a bda`gÙ[S_W`fa N~U`[Ua >J> 0/'L0(, JSYS_W`fa TSeWSVa W_ <}We+
SbdahSVa bW^S ?W^[TWdS}|a >PG ù 451 VW 1//7+ S >a_bS`Z[S [`[U[ag a dWUa`ZWU[_W`fa à
dWeg^fSVa W_ \g`Za VW 1/0/+ y _WV[VS cgW ae eWdh[}ae XadS_ bdWefSVae W_ fdSèS}We VW bSYS_W`fa
TSeWSVa W_ S}We W a WXW[fa à dWeg^fSVa Va WjWdUU[a X[`Va W_ 20 VW VWlW_Tda VW 1/04+ Xa[ à
_a`fS`fW VW L# 2-215 '20 VW VWlW_Tda VW 1/039 L# 3-586(Ie bd_[ae VW ab}We VSe S}We XadS_ USÛg^SVae Ua_ TSeW à hSâd \gefa `S VSfS VS agfadYS VS
ab}|a VW SUadVa Ua_ USVS bdaYdS_S VS >a_bS`Z[S+ TSeWS`Va,eW à dWebWUf[ha bdW}a Va _WdUSVa
VWefWe- < >a_bS`Z[S+ Ua_ TSeW W_ f~U`[USe VW ShS^[S}|a =^SU] , MUZa^We W _aVWâe X[`SÙW[dae+
Wef[_ag ae WXW[fae Ua`fzTW[e Ua_ g_ YdSg dSlazhW^ VW bdWU[e|a77 de 81
G`]V`P[Pa
JdSla VW WjWdUU[a
KgS`f[VSVW VW S}We Va bdaYdS_S
JdW}a VW WjWdUU[a W_ L#
JdW}a VW _WdUSVa `S VSfS VS agfadYS
W_ L#
PSâd \gefa VSe ab}We W_ L#
Pa^Sf[^[VSVW Va bdW}a VS S}|a , $ '0(
NSjS VW dWfadà ^[hdW VW d[eUa , $
PSâd VW _WdUSVa
'0(
/m ^`]V`P[P
0m ^`]V`P[P
1m ^`]V`P[P
2m ^`]V`P[P
3m ^`]V`P[P
/6-/4-1/04
2-375-568
8+//
/6-/4-1/04
407-210
8+64
/4-01-1/05
2-///-///
02+44
/1-/3-1/06
004-847
05+7/
14-/2-1/07
224-///
12-53
8+2/
2+/1
28+05
01+16
0/-41/
8+2/
1+62
28+05
01+16
0-304
03+31
2+17
1/+/0
0/+87
8-738
06+37
3+42
16+51
0/+75
414
11+55
3+0/
11+83
6+81
0-262
Ha USea Va 0u W Va 1u bdaYdS_S+ S ha^Sf[^[VSVW Xa[ VWfWd_[`SVS Ua_ TSeW à bdW}a VW XWUZS_W`fa V[zd[a Va bWdaVa VW
b•e,STWdfgdS VW USb[fS^-
@_ Ua`Xad_[VSVW Ua_ a [fW_ 34 Va >J> 0/ 'L0(+ WÙa`fdS,eW VW_aèfdSVa STS[ja S cgS`f[VSVW W a bdW}a _~V[a ba`VWdSVa
VW WjWdUU[a VSe ab}We VW S}We bSdS USVS g_ Vae eWYg[`fWe Ydgbae VW ab}We9
@`c^]a ST ]^rxTa
@_ U[dUg^S}|a à [Ù[a Va WjWdUU[a
&`TP^`TaT\bPS]'
IgfadYSVSe VgdS`fW a WjWdUU[a
>a_ V[dW[fa bdWeUd[fa VgdS`fW a WjWdUU[a
@jWdU[VSe VgdS`fW a WjWdUU[a
@jb[dSVSe VgdS`fW a WjWdUU[a
@_ U[dUg^S}|a à X[`S^ Va WjWdUU[a
@jWdUhW[e à X[`S^ Va WjWdUU[a
67 VW 70
HcP\bXSPST
G`Tr] [sSX] ^]\ST`PS]
ST TfT`RuRX] SPa
]^rxTa ST PrxTa
6-000-787
04+80
'2-564-//0(
'70-14/(
2-244-536
01+37
2-048-047
07+46
08+00
G`]V`P[Pa
=PbP SP ]cb]`VP
ASfad VW UaddW}|a
W_ 20-01-1/04 , $
JdW}a ad[Y[`S^ VW
WjWdUU[a W_ L#
>[ RX`RcZPrq]
\] X\uRX] S]
TfT`RuRX]
JdW}a Uadd[Y[Va
VW WjWdUU[a W_
L#
>[ RX`RcZPrq]
\] UX\PZ S]
TfT`RuRX]
JdW}a Uadd[Y[Va
VW WjWdUU[a W_
L#
>fT`RudTXa \]
UX\PZ S]
TfT`RuRX]
JdW}a Uadd[Y[Va
VW WjWdUU[a W_
L#
79 de 81
/m G`]V`P[P
0m G`]V`P[P
1m G`]V`P[P
2m G`]V`P[P
3m G`]V`P[P
/6-/4-1/0/
/6-/4-1/0/
/4-01-1/00
/1-/3-1/01
14-/2-1/02
32+42
32+42
20+82
18+00
11+14
8+//
8+64
02+44
05+7/
12+53
2-16/-011
375-018
1-8/3-578
004-847
224-///
01+81
02+88
06+77
10+58
17+8/
1-8/3-578
004-847
224-///
06+77
10+58
17+8/
1-8/3-578
75-858
056-4//
06+77
10+58
17+8/
G`Tr] [sSX]
^]\ST`PS] ST
TfT`RuRX] SPa
]^rxTa ST PrxTa
00+62
04+80
08+00
07+46
07
JTVc`]a
< >a_bS`Z[S W egSe Ua`fda^SVSe SVafS_ S ba^f[US VW Ua`fdSfSd UaTWdfgdS VW eWYgdae bSdS ae TWè
eg\W[fae S d[eUae bad _a`fS`fWe Uaè[VWdSVae egX[U[W`fWe bSdS UaTd[d WhW`fgS[e e[`[efdae+
Uaè[VWdS`Va S `SfgdWlS VW egS Sf[h[VSVW- <e bdW_[eeSe VW d[eUae SVafSVSe+ VSVS S egS `SfgdWlS+ `|a
XadS_ aT\Wfa Va WeUaba VS SgV[fad[S+ badfS`fa `|a XadS_ WjS_[`SVSe bWâe SgV[fadWe [`VWbW`VW`fWe@_ 20 VW VWlW_Tda VW 1/04+ ae eZabb[`Ye W_ abWdS}|a VS >a_bS`Z[S WefShS_ eWYgdSVae VW Xad_S
Wcg[hS^W`fW àe eWYg[`fWe _a`fS`fWe9
'
LWebaèST[^[VSVW U[h[^ YWdS^ , Ie eZabb[`Y UW`fWde VS >a_bS`Z[S baeegW_ eWYgda VW
dWebaèST[^[VSVW U[h[^ YWdS^+ a`VW S >a_bS`Z[S SUdWV[fS UaTd[d ae d[eUae W`ha^h[Vae W_ egS
Sf[h[VSVW- <e Sb•^[UWe dWXWdW_,eW S cgS`f[Se bW^Se cgS[e S >a_bS`Z[S baVW h[d S eWd dWebaèzhW[e
U[h[^_W`fW+ W_ eW`fW`}S \gV[U[S^ fdSè[fSVS W_ \g^YSVa ag W_ SUadVa VW _aVa WjbdWeea bW^S
eWYgdSVadS+ à cgW V[l dWebW[fa ye dWbSdS}We bad VSàe USgeSVae S fWdUW[dae-
'
>aTWdfgdS W [_badf{Ù[Se eWYgdSVSe9
'
IbWdS}We Ua_ MZabb[`Y >W`fWde , L# 573-355 VW [_badf{Ù[S eWYgdSVS Ua_ XdS`cg[S VW L# 0/
'[Ù^g[`Va e[`[efda aUSe[a`SVa bad [Ù•`V[a(;
'
?Sàe _adS[e `Se abWdS}We Ua_ MZabb[`Y >W`fWde9 L# 22-/// VW [_badf{Ù[S eWYgdSVS eW_
XdS`cg[S-
'
< _S[ad bSdfW Vae eZabb[`Y UW`fWde VS >a_bS`Z[S baeegS Sb^[UWe VW eWYgda Ua`fdSfSVSe Ua_
UaTWdfgdS bSdS VSàe _adS[e+ cgW S >a_bS`Z[S Uaè[VWdShS UaTd[d ae d[eUae W`ha^h[Vae W_ egS
Sf[h[VSVW-
)
)
)
<]\aTZW] ST 9S[X\Xab`Prq]
?WÛ[a FSYW GW`VWe , JdWe[VW`fW
LW`Sfa AW[faeS L[cgW ~ >aèW^ZW[da
BdSW_W GU<^^[efWd @SV[W ~ >aèW^ZW[da
JWfWd =S^â` ~ >aèW^ZW[da
>Sdâe <^TWdfa P[W[dS , >aèW^ZW[da [`VWbW`VW`fW
=dgà VW BaVak BSdU[S , >aèW^ZW[da [`VWbW`VW`fW
LSXSW^ MS^We Bg[_Sd|We , >aèW^ZW[da [`VWbW`VW`fW
<]\aTZW] ?XaRPZ
GSdUWâ VS M[^hW[dS AWddW[dS , GW_Tda @XWf[ha
L[USdVa MUS^la , GW_Tda @XWf[ha
LWY[`S^Va AWddW[dS <^WjS`VdW , GW_Tda @XWf[ha
Ea|a <Xaèa VS M[^hW[dS VW <ee[e , GW_Tda Mgb^W`fW
HWifa` MaglS Eg`[ad , GW_Tda Mgb^W`fW
Gzd[a >adVW[da A[^Za , GW_Tda Mgb^W`fW
7/ VW 70
=X`Tb]`XP
LW`Sfa AW[faeS L[cgW , ?[dWfad JdWe[VW`fW
CW`d[cgW >- >adVW[da BgWddS HWfa , ?[dWfad WjWUgf[ha W VW dW^S}We Ua_ [`hWef[VadWe
LW`Sfa L[TW[da VW <`VdSVW =afW^Za , ?[dWfad X[`SÙW[da
?WÛ[a FSYW GW`VWe , ?[dWfad VW abWdS}We
JSg^S Bg[_Sd|We AaèWUS , ?[dWfadS \gdV[US
@iWdfa` @ebà^S P[eUa , ?[dWfad
GSd[S`S =SdTaeS Ba_We VS M[^hS
>a`fSVad
>L>,LE /835/1.I,/
=TRZP`Prq] ^P`P UX\a S] P`bXV] 03 SP X\ab`crq] <MD \m 26.
@_ Ua`Xad_[VSVW Va [Ù[ea P Va Sdf[Ya 14 VS Dèfdg}|a >PG ù 37/+ VW 6 VW VWlW_Tda VW 1//8+ S
?[dWfad[S VWU^SdS cgW dWh[eag+ V[eUgf[g W UaÙadVag Ua_ Se ab[`[We WjbdWeeSe à dW^Sfd[a Vae
SgV[fadWe [`VWbW`VW`fWe eaTdW Se ?W_aèfdS}We A[`SÙW[dSe VS >a_bS`Z[S dWXWdW`fWe Sa WjWdUU[a
VW 1/04@_ Ua`Xad_[VSVW Va [Ù[ea PD Va Sdf[Ya 14 VS Dèfdg}|a >PG ù 37/+ VW 6 VW VWlW_Tda VW 1//8+ S
?[dWfad[S VWU^SdS cgW dWh[eag+ V[eUgf[g W UaÙadVag Ua_ Se ?W_aèfdS}We A[`SÙW[dSe VS
>a_bS`Z[S dWXWdW`fWe Sa WjWdUU[a VW 1/04L[a VW ES`W[da+ 17 VW _Sd}a VW 1/05
IT\Pb] ?TXb]aP IX_cT
?[dWfad JdWe[VW`fW
AT\`X_cT <, <]`STX`] @cT``P ETb]
?[dWfad WjWUgf[ha W VW dW^S}We Ua_ [`hWef[VadWe
IT\Pb] IXQTX`] ST 9\S`PST ;]bTZW]
?[dWfad X[`SÙW[da
=TZRX] CPVTa DT\STa
?[dWfad VW abWdS}We
GPcZP @cX[P`qTa ?]\aTRP
?[dWfadS \gdV[US
>eT`b]\ >aû\S]ZP MXaR]
?[dWfad
81 de 81

U ?\_aUbQb =^]ca^[QTQb

Transcrição

Documentos relacionados

0AE8>0 B?C203?B0 ` @8@4 D7B4038>6