E?Y1 C/.8935
5&*)*+(="&I&;7,="'7&07,&(=)**7,&(&,(6(0+7,/&g?7&*?7&#(6(**1,)7*&
7$+,7*&(%(=(#+7*&'(&67=$+"-?7&0","&"*&;$#-.(*&'(*6,)+"*/
5&*)*+(="&7;(,(6(&7*&*(2$)#+(*&=7'7*&'(&70(,"-?7O
2SHUDomRSURWHJLGDDXWRPiWLFDHVWDGRGHIRUQHFLPHQWR&
X)#)6)"%)C"-?7&"$+7=1+)6"&"0V*&<"F)%)+"-?7&'7&6"=07&'(&0,7+(-?7Y
5HVHWPDQXDO
0RGRGHFRQILJXUDomR
E?Y?>1+:2:1231J7:638D:1;1-/6:Bg64A:
g7&=7'7&'(&0,7+(-?7&M&"$+7=1+)67>&"*&*"A'"*&5PPT&,(+7,#"=&0","&7&
(*+"'7&'(&;$#6)7#"=(#+7&"**)=&E$(&7*&;()B(*&'(&%$C&*?7&%)F(,"'7*/
J*+(&=7'7&'(&70(,"-?7&07'(&*(,&*(%(6)7#"'7&"0(#"*&&
(=&67=F)#"-?7&67=&7&,(",=(&="#$"%&'"&=1E$)#"/
E?Y?E1"35361B-./-0
g7&=7'7&'(&70(,"-?7&,(*(+&="#$"%>&"*&*"A'"*&5PPT&*V&),?7&,(+7,#",&
"7&;$#6)7#"=(#+7,="%&"0V*&7&,(6(0+7,&,(6(F(,&$=&0$%*7&'(&+(#*?7&
)#')6"#'7&E$(&7&,)*67&(*+1&*7F&67#+,7%(&(&"&=1E$)#"&07'(&@7%+",&"&
70(,",,="%=(#+(/
E?Y?K1+:2:1231A:.N4</7-8D:1J-7-1"35361B-./-01\1F64P-2:
H**)=&E$(&0,7'$C)'"&X=7'7&'(&;1F,)6"Y>&7&=7'7&'(&70(,"-?7&0,7+(2)'"&
M&"$+7=1+)6"&I&"+)@"'7&#"&67,+)#"&M&2,"'(&'(&%$C/b","&*(&$+)%)C",&7&=7'7&
'(&,(*(+&="#$"%>&$=&6"F7&'(&67#(B?7&!34GQ&07%7*&I&#(6(**1,)7&0","&
7&,(6(0+7,/&
5&=7'7&'(&67#;)2$,"-?7&0","&,(*(+&="#$"%&07'(&*(,&"+)@"'7&'"&&
*(2$)#+(&="#(),"O
G&[(=7@"&"&"%)=(#+"-?7&'7&*)*+(="
G&N"-"&$=&u$=0(,&(#+,(&5PPT3&(&5PPT4&Xb)#7*&4&(&9Y
G&&s$"#'7&,(%)2",&7&*)*+(=">&"0%)6",&l49W&#"&(#+,"'"&'(&,(*(+&Xb)#7&QY>&
X07,&(B(=0%7O&="#+(#'7&0,(**)7#"'7&7&F7+?7&'(&,(*(+Y/
G&&H&67,+)#"&M&2,"'(&'(&%$C&),1&)#')6",&7&=7'7&'(&70(,"-?7&0(%7&#K=(,7&
'(&0$%*7*&_JT&)#')6"'7,&'(&(*+"'7O&&
+:2:1231:J37-8D:1-/6:Bg64A:&m&)#')6"-?7&6A6%)6"&'(&$=&0$%*7&"&
6"'"&)#+(,@"%7&X@(,=(%<7Y&
+:2:1231:J37-8D:1B-./-0&m&)#')6"-?7&6A6%)6"&'(&'7)*&0$%*7*&"&&
6"'"&)#+(,@"%7&X@(,=(%<7Y
G&&v&07**A@(%&"%+(,",&7*&=7'7*&'(&70(,"-?7&0,(**)7#"#'7&,"0)'"=(#G
+(&X3``=*&w&+&w&3Q``=*Y&$=&'7*&F7+.(*&'(&$=&'7*&')*07*)+)@7*&'(&
67="#'7&'7&,(*(+/&D**7&I&)#')6"'7&"+,"@I*&'7&#K=(,7&'(&0$%*7*&
@(,=(%<7*&,(6(0+7,/
G&&!"#+(#'7&7&F7+?7&'(&,(*(+&0,(**)7#"'7>&I&=(=7,)C"'7&7&=7'7&'(&
70(,"-?7&"+$"%/&J**"&"-?7&I&67#;),="'"&07,&,10)'7*&0$%*7*&'(&%$C&
#"&%^=0"'"&'(&*)#"%)C"-?7/&U7#+)#$(&0,(**)7#"#'7&7&F7+?7&'(&,(*(+&
X07,&"0,7B/&8&*(2$#'7*Y&"+I&E$(&7&67#]$#+7&,(+7,#(&0","&7&=7'7&'(&
70(,"-?7&*(%(6)7#"'7&X0$%*7*&=7'7&'(&70(,"-?7Y/&b","&,()#)6)",&
7&67#]$#+7@7&=7'7&'(&70(,"-?7>&'(*%)2$(&7&*)*+(=">&,(=7@"&7&
u$=0(,&(#+,(&5PPT3&(&5PPT4&(&(#+?7&,(%)2$(&7&*)*+(="/
H&$#)'"'(&'(&67="#'7&XF7+?7&'(&%)F(,"-?7Y&'(@(&*(,&&
')*07*+7&;7,"&'"&C7#"&'(&0(,)27/&H&C7#"&'(&0(,)27&'(@(&&
(*+",&@)*A@(%&0","&7&70(,"'7,&E$"#'7&7&F7+?7&'(&%)F(,"-?7&&
I&0,(**)7#"'7/
E?h1 F/6:\63563
H0V*&"&+(#*?7&'(&"%)=(#+"-?7&*(,&"0%)6"'">&7&*)*+(="&(B(6$+"&$=&
"$+7G+(*+(&(&$=&+(*+(&'(&*(2$,"#-"&#$=&0(,A7'7&'(&4&*(2$#'7*/&P(&7&
6"=07&'(&0,7+(-?7&#?7&(*+)@(,&)#+(,,7=0)'7>&7&*)*+(="&(#+,"&(=&=7'7&
'(&70(,"-?7,="%/&U"*7&<"]"&$=&(,,7>&"*&*"A'"*&'7&,(6(0+7,&#?7&
(#+,"=&(=&=7'7&'(&70(,"-?7,="%/
t=&"$+7G+(*+(&I&(B(6$+"'7&6)6%)6"=(#+(&'$,"#+(&"&70(,"-?7/&J,,7*&
,(%(@"#+(*&0","&"&*(2$,"#-"&*?7&)'(#+);)6"'7*&'$,"#+(&7&+(=07&'(&
,("-?7&(&6"$*"=&7&'(*%)2"=(#+7&'"*&*"A'"*/
K?1+:.6-<3B
K?>1 ':.2489351<37-45
5*&,(2$%"=(#+7*&"&*(2$),&*(,@(=&67=7&)#')6"-.(*&0,(@(#+)@"*&'(&
"%(,+">&67=&7&7F](+)@7&'(&"**(2$,",&$=&="#$*()7&+(6#)6"=(#+(&67,,(+7/&
J*+(*&,(2$%"=(#+7*&*?7&0",+(&)#+(2,"#+(&(**(#6)"%&'"*&=(')'"*&'(&
*(2$,"#-"&(&07,&)**7&'(@(=&*(=0,(&*(,&7F*(,@"'7*/
$6/&6/*QmRSRGHVHUXWLOL]DGDHPPiTXLQDVTXHQmR
07'(=&*(,&0","%)*"'"*&(%(+,)6"=(#+(&(=&6"*7&'(&(=(,2L#6)"&
X=1E$)#"*&67=&)#I,6)"Y/
$GLVWkQFLDGHVHJXUDQoDHQWUHD6/&6/*HXPPRYLPHQWR
0(,)27*7&'"&=1E$)#"&'(@(&*(,&*(=0,(&6$=0,)'"/
'LVSRVLWLYRVGHSURWHomRPHFkQLFRVDGLFLRQDLVGHYHPVHU&
)#*+"%"'7*&'(&+"%&=7'7&E$(>&0","&"'(#+,",&h*&0",+(*&0(,)27*"*&
'"&=1E$)#">&*(]"&0,(6)*7&"+,"@(**",&7&6"=07&'(&0,7+(-?7/
$6/&6/*GHYHVHULQVWDODGDGHWDOPRGRTXHRSHVVRDO
E$"#'7&"&=1E$)#"&(*+)@(,&(=&70(,"-?7>&(*+(]"&*(=0,(&
'(#+,7&'"&C7#"&'(&'(+(6-?7&'7&')*07*)+)@7&'(&*(2$,"#-"/&
D#*+"%"-.(*&)#67,,(+"*&07'(=&6"$*",&;(,)=(#+7*&2,"@(*/
1XQFDFRQHFWDUDPEDVDVVDtGDVFRP9'&&DVRDV
*"A'"*&*(]"=&%)2"'"*&(=&l49&WTU>&(%"*&*(&="#+L=&(=&&
;$#6)7#"=(#+7,="%&(&#?7&07'(=&0",",&$="&*)+$"-?7&
0(,)27*"&#"&"0%)6"-?7&M&=1E$)#"/
$VLQVSHo}HVGHVHJXUDQoDGHYHPVHUUHDOL]DGDVUHJXODUPHQWH
$6/&6/*QmRSRGHVHUH[SRVWDDJDVHVLQIODPiYHLVRX
(B0%7*)@7*/
2VFDERVGHOLJDomRGHYHPVHUOLJDGRVFRQIRUPHDVLQVWG
,$-.(*&'(&)#*+"%"-?7/
2VSDUDIXVRVGHIL[DomRGRVWDPS}HVHGDVFDQWRQHLUDVGH
;)B"-?7&'(@(=&*(,&"0(,+"'7*&;),=(=(#+(/
K?E1 '-BJ:1231J7:638D:131-J7:Z4B-8D:
5&6"=07&'(&0,7+(-?7&'"&P_UMP_a&I&;7,="'7&07,&+7'"&"&1,("&(#+,(&"*&
=",6"-.(*&'(&6"=07&'(&0,7+(-?7&'7&(=)**7,&(&'7&,(6(0+7,/&T)*07*)+)G
@7*&'(&0,7+(-?7&"')6)7#")*&'(@(=&"**(2$,",&E$(&0","&"'(#+,",&h*&0",G
+(*&0(,)27*"*&'"&=1E$)#"&I&0,(6)*7&"+,"@(**",&7&6"=07&'(&0,7+(-?7/
H&P_UMP_a&'(@(&*(,&)#*+"%"'"&'(&+"%&=7'7&E$(&7&0(**7"%>&E$"#'7&'"&
70(,"-?7&'(&0",+(*&0(,)27*"*&'"&=1E$)#"&"&*(,&0,7+(2)'">&(*+(]"&*(=G
0,(&'(#+,7&'"&C7#"&'(&'(+(6-?7&'7&')*07*)+)@7&'(&*(2$,"#-"/
M.56-0-8D:1A:7736- H*&0",+(*&0(,)27*"*&'"&=1E$)#"&07'(=&*(,&
"%6"#-"'"*&"0(#"*&"+,"@(**"#'7&7&6"=07&
'(&0,7+(-?7/
5&0(**7"%&#?7&07'(&0(,="#(6(,&(#+,(&7&
6"=07&'(&0,7+(-?7&(&"*&0",+(*&0(,)27*"*&'"&
=1E$)#"&X0,7+(-?7&67#+,"&"6(**7&07,&+,1*Y/
M.56-0-8D:14.-2B455LP30 H*&0",+(*&0(,)27*"*&'"&=1E$)#"&07'(=&*(,&
"%6"#-"'"*&*(=&+(,&E$(&"+,"@(**",&7&6"=07&
'(&0,7+(-?7/
5&0(**7"%&07'(&0(,="#(6(,&(#+,(&7&6"=07&
'(&0,7+(-?7&(&"*&0",+(*&0(,)27*"*&'"&
=1E$)#"/
ACE_mrl_slc-slg440com_br.indd 4 15.07.2014 08:25:42