542 (, 477 KB)

Z VSUDZLH
8&+:$à$15;/,,,
5$'<0,$67$6=&=(&,1$
= '1,$/87(*25
,, HG\FML ]PLDQ 0LHMVFRZHJR SODQX RJyOQHJR ]DJRVSRGDURZDQLD
SU]HVWU]HQQHJRPLDVWD6]F]HFLQDQDREV]DU]HG]LHOQLF\=DFKyG
1DSRGVWDZLHDUWXVWDZ\]GQLDOLSFDUR]DJRVSRGDURZDQLXSU]HVWU]HQQ\P']81U
SR]]U1USR]]U1USR]L1USR]
: FHOXRNUH OHQLD]DVDGJRVSRGDUNLSU]HVWU]HQQHMXZ]JO GQLDM FHMHNRUR]ZyMMDNRSRGVWDZ G]LDáD Z
SU]HVWU]HQL SROLW\N SU]HVWU]HQQ SD VWZD LQWHUHV SXEOLF]Q\ ZVSyOQRW\ VDPRU] GRZHM L LQWHUHV\
ZáDGDM F\FKJUXQWDPLZZ\NRQDQLX8FKZDá\QU;,95DG\0LHMVNLHMZ6]F]HFLQLH]GQLD
OLSFDUZVSUDZLHSU]\VW SLHQLDGRVSRU] G]HQLD,,HG\FML]PLDQ0LHMVFRZHJRSODQXRJyOQHJR
]DJRVSRGDURZDQLDSU]HVWU]HQQHJRPLDVWD6]F]HFLQD
5DGD0LDVWD6]F]HFLQDXFKZDOD
]PLDQSODQXPLHMVFRZHJR]DJRVSRGDURZDQLDSU]HVWU]HQQHJR
QDREV]DU]HPLDVWD6]F]HFLQD
G]LHOQLF\=DFKyG
=REV]DUQDSRáXGQLHRGXO0DNRZVNLHMRJUDQLF]RQ\XO=HJDGáRZLF]DLRJURGDPLG]LDáNRZ\PL
2VLHGOH3LOFKRZR
=REV]DUZUHMRQLHXOLF.X6áR FXL=DEX D VND2VLHGOH*XPLH FH
=REV]DUZ]GáX SRáXGQLRZHMVWURQ\XO%LHV]F]DG]NLHM2VLHGOH*XPLH FH
=SRáXGQLRZ\RGFLQHNXO.ZLDWRZHMX]ELHJX]XO2NXOLFNLHJR
=REV]DUSRPL G]\XOLFDPL%LDáRVWRFND:URFáDZVNDL.UDNRZVNDSU]\VWUXPLHQLX*XPLHQLHF
= REV]DU\RWZDUWHZ]GáX U]%XNRZHMQD]DSOHF]XXOLF Z.LQJLL2NXOLFNLHJR
= REV]DU SU]\ XO .X 6áR FX QD ]DSOHF]X XO 'ZRUVNLHM V]NRáD ]DZRGRZD 7RZDU]\VWZD
6DOH]MD VNLHJR
=REV]DUZUHMRQLHXOLF0LOF]D VND%LDáRZLHVNDLVWDFML6]F]HFLQ:]JyU]H+HWPD VNLH
=REV]DUSRPL G]\U]%XNRZ L SU]HGáX HQLHPXO/HGQLFNLHMQDSRáXGQLHRGXO0LHV]ND,
=REV]DUSU]\XO0RGUHMXZ\ORWXXO6]HURNLHM
=REV]DUSU]\DO:RMVND3ROVNLHJRQD]DSOHF]XXO0LFKDáRZVNLHJR
=REV]DUSU]\XO2NU]HLXZ\ORWXXO3DGHUHZVNLHJR2VLHGOH3RJRGQR
=REV]DUSRPL G]\XOLFDPL:LWD6WZRV]DL0RFKQDFNLHJR2VLHGOH3RJRGQR
=REV]DUSRPL G]\XOLFDPL0LFNLHZLF]DL.RUIDQWHJR
=6]SLWDO.OLQLF]Q\QD3RPRU]DQDFKDO3RZVWD FyZ:LHONRSROVNLFK
=REV]DUSU]\XO6]F]DZLRZHMSU]\OHJDM F\GRG]LDáNL6]F]HFL VNLFK=DNáDGyZ3UDOQLF]\FK
=REV]DUSRPL G]\XO,QRZURFáDZVN L WRUDPLNROHMRZ\PL2VLHGOH3RPRU]DQ\
=REV]DUSU]\OHJDM F\GR2GU\=DFKRGQLHMSU]\XO$XWRVWUDGD3R]QD VND
=XOLFH=DJRQRZD8VWRZVND:\VRNDRUD]WHUHQQDSyáQRFRGXO:\VRNLHMLXO%OXV]F]RZHM
SU]\OHJDM F\GRU]%XNRZHM2VLHGOH8VWRZR
=GROLQDU]%XNRZHMZNLHUXQNXSRáXGQLRZ\PGRXO$XWRVWUDGD3R]QD VND2VLHGOH8VWRZR
=XOLFH=LHORQRJyUVND&]HUH QLRZDL*URQRZD2VLHGOH ZLHUF]HZR
=IUDJPHQWSDUNXZRVLHGOX=DZDG]NLHJR.ORQRZLFDSU]\XO5RPHUD
= SROLJRQ SRPL G]\ JUDQLF PLDVWD L NRV]DUDPL SU]\ DO :RMVND 3ROVNLHJR L XO 6]DIHUD QD
SRáXGQLRZ\]DFKyGRG-H]*á ERNLH
= REV]DU QDG U] %XNRZ QD SyáQRFQ\]DFKyG RG XOLF %OXV]F]RZD L :\VRND SU]\ ERF]QLF\
NROHMRZHM2VLHGOH8VWRZR
=REV]DUZUHMRQLHXO%URQRZLFNLHMSU]\]DFKRGQLHMJUDQLF\PLDVWD
.REV]DUZUHMRQLH2VÄ*XPLH FH´RGFLQHNGURJLSRPL G]\XO&XNURZ L WRUDPLNROHMRZ\PLZ
NLHUXQNX%HUOLQDSU]\OHJDM F\GRJUDQLF\PLDVWD
.REV]DUZUHMRQLH2VÄ3RJRGQR´RGFLQHNXOLF\3RQLDWRZVNLHJRRGXO:LHQLDZVNLHJR GR XO
.UDNXVD
.REV]DUZUHMRQLH2VÄ*á ERNLH´XO0LRGRZDSU]\S WOLWUDPZDMRZHM
5R]G]LDá3U]HSLV\RJyOQH
†
8VWDOHQLD WHNVWRZH ZV]\VWNLFK ]PLDQ SODQX RJyOQH PRUIRSODQLVW\F]QH L V]F]HJyáRZH PDM
MHGQROLW\ XNáDG IRUPDOQ\ 8VWDOHQLD SUDZQH SU]HSLVX JPLQQHJR MDNLP MHVW SODQ PLHMVFRZ\
]DJRVSRGDURZDQLDSU]HVWU]HQQHJRV ]DZDUWHZMHGHQDVWXJUXSDFKXVWDOH R]QDF]RQ\FKQXPHUDPLRG
GR6 WR
XVWDOHQLDIXQNFMRQDOQH
XVWDOHQLDHNRORJLF]QH
XVWDOHQLDNRPSR]\FMLXUEDQLVW\F]QHM
XVWDOHQLDIRUP]DEXGRZ\
LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
XVWDOHQLD]DVDGSDUFHODFML
XVWDOHQLDSODQLVW\F]QHLSURFHGXUDOQH
XVWDOHQLDGRW\F] FHREVáXJLNRPXQLNDF\MQHM
XVWDOHQLDGRW\F] FHREVáXJLLQ \QLHU\MQHM
]RERZL ]DQLD SXEOLF]QRSUDZQH PLDVWD ]RERZL ]DQLD LQZHVW\F\MQH L HNVSORDWDF\MQH
PLDVWD
LQQHXVWDOHQLDVWDQRZL FH
*UXSD XVWDOH R]QDF]RQD QXPHUHP SURPRFMD ]DZLHUD ]DOHFHQLD L SRVWXODW\ SODQX NWyUH V
Z\NáDGQL SROLW\NL ZáDG] PLDVWD OHF] QLH V SU]HSLVHP JPLQQ\P L QLH V SRGVWDZ Z\GDZDQLD
GHF\]MLDGPLQLVWUDF\MQ\FK
*UXSDXVWDOH R]QDF]RQDQXPHUHP]DZLHUDLQIRUPDFM R RELHNWDFKLWHUHQDFKFKURQLRQ\FKPRF
LQQ\FKDNWyZSUDZQ\FKQL SODQ]DJRVSRGDURZDQLDSU]HVWU]HQQHJR
8NáDG XVWDOH V]F]HJyáRZ\FK REHMPXMH GRGDWNRZR F]WHU\ XVWDOHQLD R]QDF]RQH RG GR NWyUH
]DZLHUDM LQIRUPDFMHRWHUHQLHE G F\PSU]HGPLRWHPXVWDOH %UDN XVWDOH SUDZQ\FK SURPRFML F]\ LQIRUPDFML ± QD SR]LRPLH XVWDOH RJyOQ\FK
PRUIRSODQLVW\F]Q\FKOXEV]F]HJyáRZ\FK± QDOH F\FKGRNWyUHM ] JUXSRNWyU\FKPRZDZXVW
OXE R]QDF]D H QLH ZSURZDG]DVL DGQ\FKUHJXODFMLQDW\PSR]LRPLH2ERZL ]XM XVWDOHQLD
SR]RVWDá\FKSR]LRPyZ:WDNLPSU]\SDGNXSRPLMDVL Z RJyOHW JUXS D LFKQXPHUDFMDVWDMHVL
QLHFL JáD
†
8FKZDODVL GHILQLFMHWHUPLQyZX \ZDQ\FKZHZV]\VWNLFK]PLDQDFKSODQXXFKZDORQ\FKQLQLHMV]
XFKZDá ]DZDUWHZÄ6áRZQLNXWHUPLQyZX \W\FKZWHN FLHSODQX´
ERJDW\SURJUDP]LHOHQL
GDFK VWURP\ IRUPD GDFKX EXG\QNX Z NWyU\P SRV]F]HJyOQH SRáDFL SRFK\ORQH V SRG
N WHPFRQDMPQLHMVWRSQL
GRPLQDQWDSU]HVWU]HQQD
GRVW SRJyOQ\WHUHQRELHNWRJyOQRGRVW SQ\GRVW SGRWHUHQXRELHNWXQLHOLPLWRZDQ\
DGQ\PLRJUDQLF]HQLDPLSRGPLRWRZ\PLDQLSU]HGPLRWRZ\PLZV]F]HJyOQR FLRJURG]HQLDPLELOHWDPL
ZVW SXSRU GRE\
GRVW S SXEOLF]Q\ GRVW S GR WHUHQX RELHNWX QLH OLPLWRZDQ\ DGQ\PL RJUDQLF]HQLDPL
SRGPLRWRZ\PL :VW SQD WHUHQ GR RELHNWX R GRVW SLH SXEOLF]Q\P ]DSHZQLRQ\ MHVW ND GHM RVRELH
PRJ E\ü MHGQDN SRVWDZLRQH SHZQH ZDUXQNL R FKDUDNWHU]H RUJDQL]DF\MQ\P OXE ILQDQVRZ\P QS
GRVW SW\ONRZXVWDORQ\FKJRG]LQDFKELOHW\ZVW SX
(NRORJLF]Q\6\VWHP=LHOHQL0LHMVNLHMFL JáD VWUXNWXUD SU]HVWU]HQQD ZL FD ]H VRE
QDMEDUG]LHMZDUWR FLRZHUy QRURGQHHOHPHQW\WHUHQyZ]LHORQ\FKZPLH FLHDWDN H]DSHZQLDM FD
LFKSRZL ]DQLH]RGSRZLHGQLPLWHUHQDPLSR]DPLHMVNLPLD]ZáDV]F]DWZRU] F\PLNUDMRZ\V\VWHP
1LHGRW\F]\REV]DUyZREM W\FK]PLDQDPLSODQX
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
REV]DUyZ FKURQLRQ\FK (6=0 QLH MHVW REV]DUHP FKURQLRQ\P Z UR]XPLHQLX XVWDZ MHGQDN H ]H
Z]JO GX QD NRQLHF]QR ü ]DFKRZDQLD Z MHJR REU ELH HNRORJLF]Q\FK ]DVDG FL JáR FL Z F]DVLH L
SU]HVWU]HQL RUD] Uy QRURGQR FL ELRORJLF]QHM WHUHQ\ QLP REM WH SRGOHJDM VSHFMDOQ\P U\JRURP
RNUH ORQ\PZPLHMVFRZ\PSODQLH]DJRVSRGDURZDQLDSU]HVWU]HQQHJRP6]F]HFLQD
HNZLZDOHQWQD UHNRPSHQVDWD ]DVREX ]LHOHQL ]DVW SLHQLH ]OLNZLGRZDQHJR QD GDQ\P
WHUHQLH]DVREX]LHOHQLZUR]XPLHQLXSODQXLQQ\P]DVREHPQLHNRQLHF]QLH]DZLHUDM F\P WH VDPH
HOHPHQW\ L ]DMPXM F\P W VDP SRZLHU]FKQL NWyUHJR VSRVyE RGG]LDá\ZDQLD QD URGRZLVNR L
F]áRZLHNDE G]LHSRGREQ\3U]\ZDUWR FLRZDQLX]DVREyZ]LHOHQLSRPRFQHPRJ E\üWDEHOHRSáDW]D
XVXZDQLHGU]HZLNU]HZyZ
IXQNFMD GRPLQXM FD IXQNFMD JáyZQD QDMZD QLHMV]D WHUHQX RNUH ORQD Z SODQLH
SR UHGQLRXVWDOHQLDPLMDNR FLRZ\PLQS]DND]ORNDOL]DFMLRELHNWyZREQL DM F\FKVWDQGDUGZDUXQNyZ
PLHV]NDQLRZ\FK ]DND] ORNDOL]DFML RELHNWyZ V]NRGOLZ\FK ]DND] ORNDOL]DFML IXQNFML FKURQLRQ\FK
8VWDOHQLH IXQNFML GRPLQXM FHM QD GDQ\P WHUHQLH QLH Z\á F]D PR OLZR FL ORNDOL]DFML QD QLP LQQ\FK
IXQNFML
IXQNFMH FKURQLRQH PLHV]NDOQLFWZR XVáXJL R ZLDW\ XVáXJL VáX E\ ]GURZLD L RSLHNL
VSRáHF]QHM
IXQNFMHNRPHUF\MQH
KDUPRQLMQDV\OZHWDSDQRUDPDSLHU]HMDFL JRELHNWyZEXGRZODQ\FK]LHOHQLLLQQ\FK
RELHNWyZ QDWXUDOQ\FK SU]HGH ZV]\VWNLP XNV]WDáWRZDQLH SRZLHU]FKQL WHUHQX Z]DMHPQLH
GRVWRVRZDQ\FKGRVLHELHSRGZ]JO GHPHVWHW\F]Q\P
NRPSR]\FMDRELHNWX
NRPSR]\FMD ]HVSRáX ]DEXGRZ\ XNáDG XOLF SODFyZ EXG\QNyZ L ]LHOHQL ]
XZ]JO GQLHQLHP OLQLL ]DEXGRZ\ Z\VRNR FL ]DEXGRZ\ NV]WDáWX GDFKyZ L ]ZLH F]HQLD EXG\QNyZ
SRG]LDáXZáDVQR FLRZHJRQDZLHU]FKQLXWZDUG]RQ\FK
NRPSR]\FMD]HVSRáX]LHOHQL
QLH]DNáyFRQ\ZLGRN]SXQNWXFL JXZLGRNRZHJROXEZ]GáX RVLZLGRNRZHM
1LHGRW\F]\REV]DUyZREM W\FK]PLDQDPLSODQX
1LHGRW\F]\REV]DUyZREM W\FK]PLDQDPLSODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LH GRW\F]\
RELHNWREQL DM F\VWDQGDUGZDUXQNyZPLHV]NDQLRZ\FK
D SRZRGXM F\ Z WUDNFLH QRUPDOQHM G]LDáDOQR FL RVL JQL FLH GRSXV]F]DOQHM QRUP\
]DQLHF]\V]F]HQLD URGRZLVND QD JUDQLF\ SU]\QDOH QHM PX G]LDáNL OXE RELHNWX Z V\WXDFML
ZVSyáX \WNRZDQLDG]LDáNLGODEH]SR UHGQLFKV VLDGyZOXE
END G\RELHNWHPLWXM F\QLHSU]\MHPQ\]DSDFKOXE
FZVSRVyERF]\ZLVW\SRJDUV]DM F\ZDUXQNL \FLDV VLDGyZQSRELHNWHPLWXM F\ZLGRF]Q\
G\PRSDU\LWSZ\PDJDM F\VNáDGRZDQLDRGSDGyZQDRWZDUWHMSU]HVWU]HQLJHQHUXM F\UXFKGURJRZ\
OXEKDáDVRGX \PQDW HQLXZSRU]HQRFQHM
: V]F]HJyOQR FL RELHNWHP REQL DM F\P VWDQGDUG ZDUXQNyZ PLHV]NDQLRZ\FK MHVW ORNDO
JDVWURQRPLF]Q\]G]LDáDOQR FL QRFQ :V]F]HJyOQR FLRELHNWHPREQL DM F\PVWDQGDUGZDUXQNyZPLHV]NDQLRZ\FKQLHMHVWSDUNLQJ
GODVDPRFKRGyZRVRERZ\FKJDUD GODVDPRFKRGyZRVRERZ\FK
RELHNWRV]F]HJyOQ\FKZ\PDJDQLDFKEXGRZODQ\FK
RELHNWRGX \P]DWUXGQLHQLX
RELHNW V]NRGOLZ\ RELHNW SRZRGXM F\ SU]HNURF]HQLH GRSXV]F]DOQ\FK QRUP
]DQLHF]\V]F]HQLD URGRZLVND SR]D JUDQLFDPL SU]\QDOH QHM PX G]LDáNL QS Z\PDJDM F\ VWUHI\
RFKURQQHMOXEZ\ZRáXM F\ZREU ELHVZRMHMG]LDáNLQLHRGZUDFDOQH]PLDQ\ URGRZLVND
RELHNWXVáXJSXEOLF]Q\FKRFKDUDNWHU]HQLHNRPHUF\MQ\P
REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUyZREM W\FK]PLDQDPLSODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\ REV]DUyZ REM W\FK ]PLDQDPL
SRZLHU]FKQLD HNRSR]\W\ZQD QLH]DEXGRZDQD L QLHXWZDUG]RQD SRZLHU]FKQLD WHUHQX
G]LDáNL SRNU\WD UR OLQQR FL QDWXUDOQ OXE XU] G]RQ VWDQRZL FD SRZLHU]FKQL HNRORJLF]QLH
F]\QQ 'R SRZLHU]FKQL WHM ]DOLF]D VL SRZLHU]FKQLH FLHNyZ L ]ELRUQLNyZ ZRGQ\FK QDWXUDOQ\FK L
V]WXF]Q\FK
SUHIHURZDQ\RELHNWNXOWXU\JDOHULDPX]HXPWHDWUZV]\VWNLHIRUP\VDODNRQFHUWRZD
R URGHNNXOWXU\GRPNXOWXU\SUDFRZQLDDUW\VW\RFKDUDNWHU]HRJyOQRGRVW SQ\P
UHNODPD ZROQR VWRM FD RELHNW EXGRZODQ\ SU]H]QDF]RQ\ GR HNVSR]\FML UHNODP
QDSLVyZLHOHPHQWyZGHNRUDF\MQ\FKWDN HRELHNWEXGRZODQ\VDPE G F\UHNODP SODQX
UHNODPDZEXGRZDQDPLHMVFHOXEHOHPHQWQLHSU]HZLG]LDQ\SLHUZRWQLHXPLHV]F]RQ\
QD RELHNFLH EXGRZODQ\P Z\NRU]\VW\ZDQ\ GR HNVSR]\FML UHNODP QDSLVyZ L HOHPHQWyZ
GHNRUDF\MQ\FK6]\OGRSRZLHU]FKQLGRP QLHMHVWUHNODP ZEXGRZDQ UHVWUXNWXU\]DFMD]DLQZHVWRZDQLD
UHZDORU\]DFMD]DLQZHVWRZDQLD
VWUHI\ WHUHQ\ SRND]DQH QD U\VXQNX SODQX NWyU\FK JUDQLFH QLH SRNU\ZDM VL ]Z\NOH ]
OLQLDPL UR]JUDQLF]DM F\PL WHUHQyZ HOHPHQWDUQ\FK L Z NWyU\FK RERZL ]XM VSHFMDOQH U\JRU\
JRVSRGDUNLSU]HVWU]HQQHM]DSLVDQHZXVWDOHQLDFKRJyOQ\FKSODQX
VWUHI\ RFKURQ\ G]LHG]LFWZD NXOWXURZHJR VWUHID $ RFKURQ\ KLVWRU\F]QHM VWUXNWXU\
SU]HVWU]HQQHMVWUHID%RFKURQ\]DFKRZDQ\FKHOHPHQWyZKLVWRU\F]QHMVWUXNWXU\SU]HVWU]HQQHMVWUHID.
RFKURQ\NUDMREUD]XNXOWXURZHJRVWUHID(RFKURQ\HNVSR]\FMLVWUHID: ,SHáQHM RFKURQ\ VWDQRZLVN
DUFKHRORJLF]Q\FK VWUHID : ,, F] FLRZHM RFKURQ\ VWDQRZLVN DUFKHRORJLF]Q\FK L VWUHID : ,,,
RJUDQLF]RQHMRFKURQ\VWDQRZLVNDUFKHRORJLF]Q\FK
VWUHID$RFKURQ\KLVWRU\F]QHMVWUXNWXU\SU]HVWU]HQQHMREV]DU]DZLHUDM F\KLVWRU\F]Q\
XNáDG SU]HVWU]HQQ\ Z\Uy QLDM F\ VL ZDUWR FL L Z\VRNLP VWRSQLHP ]DFKRZDQLD KLVWRU\F]QLH
XNV]WDáWRZDQHMVWUXNWXU\&HODPLRFKURQ\V ]DFKRZDQLH ]DVDGQLF]\FK SURSRUFML Z\VRNR FLRZ\FK NV]WDáWXM F\FK V\OZHW ]HVSRáX ]
GRPLQDQWDPL
]DFKRZDQLHRVLNRPSR]\F\MQ\FKLSRZL ]D ZLGRNRZ\FK
]DFKRZDQLHFKDUDNWHUXZQ WU]XUEDQLVW\F]Q\FK
]DFKRZDQLH NRPSR]\FML XNáDGyZ ]LHOHQL ZUD] ] NRQLHF]QR FL X]XSHáQLDQLD XE\WNyZ L
NRQWURO GRVDG]H XWU]\PDQLH XNáDGX XOLF L SODFyZ ] ]DFKRZDQLHP LFK SU]HELHJX SU]HNURMyZ GDZQ\FK OLQLL
UR]JUDQLF]DM F\FKLOLQLL]DEXGRZ\
XWU]\PDQLH L RGWZRU]HQLH KLVWRU\F]Q\FK SRG]LDáyZ SDUFHODF\MQ\FK Z SRVWDFL SRG]LDáyZ
JHRGH]\MQ\FK OXE SRSU]H] LFK XF]\WHOQLHQLH Z WHUHQLH RJURG]HQLD VSHFMDOQH XNV]WDáWRZDQLH ZQ WU]
NZDUWDáyZPDáDDUFKLWHNWXUD
XWU]\PDQLH LVWQLHM FHM ]DEXGRZ\ R ZDUWR FL KLVWRU\F]QHM OXE ORNDOQHMNXOWXURZHM RUD]
]DFKRZDQ\FK HOHPHQWyZ ]DJRVSRGDURZDQLD WHUHQX ZH ZáD FLZ\P VWDQLH WHFKQLF]Q\P L
IXQNFMRQDOQ\P
XWU]\PDQLH KLVWRU\F]QHM NRPSR]\FML RELHNWyZ Z UR]XPLHQLX SODQX ] RJUDQLF]HQLHP
]DNUHVXGRSXV]F]DOQ\FKSU]HNV]WDáFH GDFKyZLSU]\]LHPLL]GRVWRVRZDQLHPHOHPHQWyZQRZ\FKGR
NRPSR]\FMLLVWQLHM FHM
QDZL ]DQLH Z QRZHM ]DEXGRZLH GR ]DVDG KLVWRU\F]QHM NRPSR]\FML ]HVSRáX Z UR]XPLHQLX
SODQXLFKDUDNWHUX]DEXGRZ\V VLDGXM FHM
&HOHSRZ\ V]HUHDOL]XMHVL ZSODQLHSRSU]H]
RNUH ORQH Z XVWDOHQLDFK RJyOQ\FK SODQX XVWDOHQLDFK GOD Z\Uy QLRQ\FK W\SyZ
PRUIRSODQLVW\F]Q\FKLXVWDOHQLDFKV]F]HJyáRZ\FKGODWHUHQyZHOHPHQWDUQ\FKXVWDOHQLDNRPSR]\FML
XUEDQLVW\F]QHMXVWDOHQLDIRUP]DEXGRZ\XVWDOHQLDSDUFHODF\MQHLQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
XVWDOHQLD HNRORJLF]QH L ]RERZL ]DQLD SXEOLF]QRSUDZQH 0LDVWD XZ]JO GQLDM FH Z\W\F]QH
NRQVHUZDWRUVNLH
RNUH ORQH Z XVWDOHQLDFK RJyOQ\FK SODQX XVWDOHQLDFK GOD Z\Uy QLRQ\FK W\SyZ
PRUIRSODQLVW\F]Q\FKLXVWDOHQLDFKV]F]HJyáRZ\FKGODWHUHQyZHOHPHQWDUQ\FKXVWDOHQLDSODQLVW\F]QHL
SURFHGXUDOQHRUD]LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\]DZLHUDM FHZ\PRJLVSRU] G]DQLDGRGDWNRZ\FK
RSUDFRZD VWXGLDOQ\FK L Z\PRJL XG]LDáX RUJDQX ZáD FLZHJR Z ]DNUHVLH RFKURQ\ GyEU NXOWXU\ Z
SURFHGXU]HORNDOL]DFMLLQZHVW\FMLLSURFHGXU]HSR]ZROHQLDQDEXGRZ ]DOHFHQLDNRQVHUZDWRUVNLH]DZDUWHZF] FLSURPRF\MQHMSODQX
VWUHID % RFKURQ\ ]DFKRZDQ\FK HOHPHQWyZ KLVWRU\F]QHM VWUXNWXU\ SU]HVWU]HQQHM REV]DU ]DZLHUDM F\ ]QDF] F OHF] QLH GRPLQXM F F] ü HOHPHQWyZ KLVWRU\F]QLH XNV]WDáWRZDQHM
VWUXNWXU\SU]HVWU]HQQHMRZDUWR FLNXOWXURZHMZVNDOLORNDOQHM&HODPLRFKURQ\V XWU]\PDQLH]DVDGQLF]HJRXNáDGXXOLFLSODFyZ
XWU]\PDQLHKLVWRU\F]QHM]DVDG\SRG]LDáyZSDUFHODF\MQ\FK
XWU]\PDQLH LVWQLHM FHM ]DEXGRZ\ R ZDUWR FL KLVWRU\F]QHM OXE ORNDOQHMNXOWXURZHM ZH
ZáD FLZ\PVWDQLHWHFKQLF]Q\PLIXQNFMRQDOQ\P
1LHGRW\F]\REV]DUyZREM W\FK]PLDQDPLSODQX
1LHGRW\F]\REV]DUyZREM W\FK]PLDQDPLSODQX
XWU]\PDQLH KLVWRU\F]QHM NRPSR]\FML RELHNWyZ Z UR]XPLHQLX SODQX ] GRVWRVRZDQLHP
HOHPHQWyZQRZ\FKGRNRPSR]\FMLLVWQLHM FHM
]DFKRZDQLH NRPSR]\FML XNáDGyZ ]LHOHQL ZUD] ] NRQLHF]QR FL X]XSHáQLDQLD XE\WNyZ L
NRQWURO GRVDG]H QDZL ]DQLH Z QRZHM ]DEXGRZLH GR ]DVDG KLVWRU\F]QHM NRPSR]\FML ]HVSRáX ]DEXGRZ\ Z
UR]XPLHQLXSODQXLW\SX]DEXGRZ\ZUR]XPLHQLXSODQXV VLDGXM FHM
&HOHSRZ\ V]HUHDOL]XMHVL ZSODQLHSRSU]H]
RNUH ORQH Z XVWDOHQLDFK RJyOQ\FK SODQX XVWDOHQLDFK GOD Z\Uy QLRQ\FK W\SyZ
PRUIRSODQLVW\F]Q\FKLXVWDOHQLDFKV]F]HJyáRZ\FKGODWHUHQyZHOHPHQWDUQ\FKXVWDOHQLDNRPSR]\FML
XUEDQLVW\F]QHMXVWDOHQLDIRUP]DEXGRZ\XVWDOHQLDSDUFHODF\MQHLQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
XVWDOHQLD HNRORJLF]QH L ]RERZL ]DQLD SXEOLF]QRSUDZQH 0LDVWD XZ]JO GQLDM FH Z\W\F]QH
NRQVHUZDWRUVNLH
]DOHFHQLDNRQVHUZDWRUVNLH]DZDUWHZF] FLSURPRF\MQHMSODQX
VWUHID . RFKURQ\ NUDMREUD]X NXOWXURZHJR REV]DU REHMPXM F\ KLVWRU\F]QLH
XNV]WDáWRZDQHIRUP\SRNU\FLDWHUHQXZV]F]HJyOQR FL]LHOH LRELHNW\EXGRZODQH&HODPLRFKURQ\V ]DFKRZDQLH NRPSR]\FML XNáDGyZ ]LHOHQL ZUD] ] NRQLHF]QR FL X]XSHáQLDQLD XE\WNyZ L
NRQWURO GRVDG]H ]DFKRZDQLHRVLNRPSR]\F\MQ\FKLSRZL ]D ZLGRNRZ\FK
XWU]\PDQLH LVWQLHM FHM ]DEXGRZ\ R ZDUWR FL KLVWRU\F]QHM OXE ORNDOQHMNXOWXURZHM RUD]
]DFKRZDQ\FK HOHPHQWyZ ]DJRVSRGDURZDQLD WHUHQX ZH ZáD FLZ\P VWDQLH WHFKQLF]Q\P L
IXQNFMRQDOQ\P
XWU]\PDQLH]DVDGQLF]HJRXNáDGXXOLFLSODFyZ
QDZL ]DQLH Z QRZ\FK HOHPHQWDFK NV]WDáWXM F\FK SU]HVWU]HQLH SXEOLF]QH L X]XSHáQLDM F\FK
]DFKRZDQ\ XNáDG SU]HVWU]HQQ\ GR ]DVDG KLVWRU\F]QHM NRPSR]\FML ]HVSRáX ]DEXGRZ\ Z UR]XPLHQLX
SODQX
&HOHSRZ\ V]HUHDOL]XMHVL ZSODQLHSRSU]H]
RNUH ORQH Z XVWDOHQLDFK RJyOQ\FK SODQX XVWDOHQLDFK GOD Z\Uy QLRQ\FK W\SyZ
PRUIRSODQLVW\F]Q\FKLXVWDOHQLDFKV]F]HJyáRZ\FKGODWHUHQyZHOHPHQWDUQ\FKXVWDOHQLDNRPSR]\FML
XUEDQLVW\F]QHMXVWDOHQLDIRUP]DEXGRZ\LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\XVWDOHQLDHNRORJLF]QHL
]RERZL ]DQLDSXEOLF]QRSUDZQH0LDVWDXZ]JO GQLDM FHZ\W\F]QHNRQVHUZDWRUVNLH
RNUH ORQH Z XVWDOHQLDFK RJyOQ\FK SODQX XVWDOHQLDFK GOD Z\Uy QLRQ\FK W\SyZ
PRUIRSODQLVW\F]Q\FKLXVWDOHQLDFKV]F]HJyáRZ\FKGODWHUHQyZHOHPHQWDUQ\FKXVWDOHQLDSODQLVW\F]QHL
SURFHGXUDOQHRUD]LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\]DZLHUDM FHZ\PRJLVSRU] G]DQLDGRGDWNRZ\FK
RSUDFRZD VWXGLDOQ\FK L Z\PRJL XG]LDáX RUJDQX ZáD FLZHJR Z ]DNUHVLH RFKURQ\ GyEU NXOWXU\ Z
SURFHGXU]HORNDOL]DFMLLQZHVW\FMLLSURFHGXU]HSR]ZROHQLDQDEXGRZ ]DOHFHQLDNRQVHUZDWRUVNLH]DZDUWHZF] FLSURPRF\MQHMSODQX
REV]DUREHMPXM F\KLVWRU\F]QLHXNV]WDáWRZDQHIRUP\SRNU\FLDWHUHQXZV]F]HJyOQR FL]LHOH LRELHNW\
EXGRZODQH&HODPLRFKURQ\V ]DFKRZDQLH NRPSR]\FML XNáDGyZ ]LHOHQL ZUD] ] NRQLHF]QR FL X]XSHáQLDQLD XE\WNyZ L
NRQWURO GRVDG]H ]DFKRZDQLHRVLNRPSR]\F\MQ\FKLSRZL ]D ZLGRNRZ\FK
XWU]\PDQLH LVWQLHM FHM ]DEXGRZ\ R ZDUWR FL KLVWRU\F]QHM OXE ORNDOQHMNXOWXURZHM RUD]
]DFKRZDQ\FK HOHPHQWyZ ]DJRVSRGDURZDQLD WHUHQX ZH ZáD FLZ\P VWDQLH WHFKQLF]Q\P L
IXQNFMRQDOQ\P
XWU]\PDQLH]DVDGQLF]HJRXNáDGXXOLFLSODFyZ
QDZL ]DQLH Z QRZ\FK HOHPHQWDFK NV]WDáWXM F\FK SU]HVWU]HQLH SXEOLF]QH L X]XSHáQLDM F\FK
]DFKRZDQ\ XNáDG SU]HVWU]HQQ\ GR ]DVDG KLVWRU\F]QHM NRPSR]\FML ]HVSRáX ]DEXGRZ\ Z UR]XPLHQLX
SODQX
&HOHSRZ\ V]HUHDOL]XMHVL ZSODQLHSRSU]H]
RNUH ORQH Z XVWDOHQLDFK RJyOQ\FK SODQX XVWDOHQLDFK GOD Z\Uy QLRQ\FK W\SyZ
PRUIRSODQLVW\F]Q\FKLXVWDOHQLDFKV]F]HJyáRZ\FKGODWHUHQyZHOHPHQWDUQ\FKXVWDOHQLDNRPSR]\FML
XUEDQLVW\F]QHMXVWDOHQLDIRUP]DEXGRZ\LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\XVWDOHQLDHNRORJLF]QHL
]RERZL ]DQLDSXEOLF]QRSUDZQH0LDVWDXZ]JO GQLDM FHZ\W\F]QHNRQVHUZDWRUVNLH
RNUH ORQH Z XVWDOHQLDFK RJyOQ\FK SODQX XVWDOHQLDFK GOD Z\Uy QLRQ\FK W\SyZ
PRUIRSODQLVW\F]Q\FKLXVWDOHQLDFKV]F]HJyáRZ\FKGODWHUHQyZHOHPHQWDUQ\FKXVWDOHQLDSODQLVW\F]QHL
SURFHGXUDOQHRUD]LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\]DZLHUDM FHZ\PRJLVSRU] G]DQLDGRGDWNRZ\FK
RSUDFRZD VWXGLDOQ\FK L Z\PRJL XG]LDáX RUJDQX ZáD FLZHJR Z ]DNUHVLH RFKURQ\ GyEU NXOWXU\ Z
SURFHGXU]HORNDOL]DFMLLQZHVW\FMLLSURFHGXU]HSR]ZROHQLDQDEXGRZ ]DOHFHQLDNRQVHUZDWRUVNLH]DZDUWHZF] FLSURPRF\MQHMSODQX
VWUHID ( RFKURQ\ HNVSR]\FML REV]DU XPR OLZLDM F\ SRSU]H] FHFK\ VZRMHJR
XNV]WDáWRZDQLD L SRNU\FLD HNVSR]\FM REV]DUyZ OXE RELHNWyZ ]DE\WNRZ\FK OXE KLVWRU\F]Q\FK ]
XVWDORQ\FK NLHUXQNyZ ZLGRNRZ\FK &HOHP RFKURQ\ MHVW WDNLH SU]HNV]WDáFDQLH REV]DUX DE\ QLH
]DNáyFLüHNVSR]\FMLREV]DUyZLRELHNWyZNWyUHE\á\SRGVWDZ Z\]QDF]HQLDVWUHI\&HOWHQUHDOL]XMHVL
SRSU]H]
RNUH ORQHZXVWDOHQLDFKV]F]HJyáRZ\FKGOD WHUHQyZ HOHPHQWDUQ\FK XVWDOHQLD NRPSR]\FML
XUEDQLVW\F]QHMXVWDOHQLDIRUP]DEXGRZ\LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\LXVWDOHQLDHNRORJLF]QH
XZ]JO GQLDM FHZ\W\F]QHNRQVHUZDWRUVNLH
RNUH ORQHZXVWDOHQLDFKV]F]HJyáRZ\FKGODWHUHQyZHOHPHQWDUQ\FKXVWDOHQLDSODQLVW\F]QHL
SURFHGXUDOQH ]DZLHUDM FH Z\PRJL VSRU] G]DQLD GRGDWNRZ\FK RSUDFRZD VWXGLDOQ\FK Z SURFHGXU]H
ORNDOL]DFMLLQZHVW\FML
VWUHID:,SHáQHMRFKURQ\VWDQRZLVNDUFKHRORJLF]Q\FK
1LH GRW\F]\ REV]DUyZ REM W\FK ]PLDQDPL
VWUHID:,,F] FLRZHMRFKURQ\VWDQRZLVNDUFKHRORJLF]Q\FKR]QDF]RQ\QDU\VXQNX
SODQXREV]DUZ\VW SRZDQLDVWDQRZLVNDUFKHRORJLF]Q\FKXM W\FKZHZLGHQFMLRUJDQXZáD FLZHJRZ
]DNUHVLHRFKURQ\GyEUNXOWXU\QDNWyU\PGRSXV]F]DVL LQZHVWRZDQLHSRGZDUXQNDPLRNUH ORQ\PL
ZXVWDOHQLDFKSODQX&HOHPRFKURQ\MHVW]DFKRZDQLHVWDQRZLVNDUFKHRORJLF]Q\FKGODXPR OLZLHQLD
SU]HSURZDG]HQLD EDGD DUFKHRORJLF]Q\FK V\VWHPDW\F]Q\FK OXE UDWXQNRZ\FK SR ]DNR F]HQLX
NWyU\FKWHUHQPR HE\üWUZDOH]DLQZHVWRZDQ\
VWUHID : ,,, RJUDQLF]RQHM RFKURQ\ VWDQRZLVN DUFKHRORJLF]Q\FK R]QDF]RQ\ QD
U\VXQNX SODQX REV]DU Z\VW SRZDQLD VWDQRZLVN DUFKHRORJLF]Q\FK XM W\FK Z HZLGHQFML RUJDQX
ZáD FLZHJRZ]DNUHVLHRFKURQ\GyEUNXOWXU\&HOHPRFKURQ\MHVWZV]HFKVWURQQHXGRNXPHQWRZDQLH
ODGyZ RVDGQLF]\FK SRSU]H] SURZDG]HQLH REVHUZDFML DUFKHRORJLF]QHM Z IRUPLH QDG]RUX QDG
UHDOL]DFM UREyW]LHPQ\FKSR]DNR F]HQLXNWyU\FKWHUHQPR HE\üWUZDOH]DLQZHVWRZDQ\
WHUHQ HOHPHQWDUQ\ IUDJPHQW WHUHQX PLDVWD Z\G]LHORQ\ QD U\VXQNX SODQX OLQLDPL
UR]JUDQLF]DM F\PLGODNWyUHJRVIRUPXáRZDQHV XVWDOHQLDV]F]HJyáRZHSODQX3RG]LDáPLDVWDQDWHUHQ\
HOHPHQWDUQH MHVW VSyMQ\ L UR]á F]Q\ ZV]\VWNLH WHUHQ\ PLHMVNLH QDOH GR NWyUHJR ] WHUHQyZ
HOHPHQWDUQ\FKL DGHQQLHQDOH \UyZQRF]H QLHGRGZXWHUHQyZHOHPHQWDUQ\FK
WHUHQ\PLHV]NDQLRZHWHUHQ\PLHV]NDQLRZH]DEXGRZDQH]Z\á F]HQLHPSRáR RQ\FKZ
XVWDORQ\FK Z SODQLH VWUHIDFK RJUDQLF]H GOD IXQNFML FKURQLRQ\FK OXE SURMHNWRZDQH GR ]DEXGRZ\
RELHNWDPLPLHV]NDOQLFWZDURG]LQQHJROXE]ELRURZHJRZUD]]QLH]E GQ\PLRELHNWDPLLXU] G]HQLDPL
LQIUDVWUXNWXU\WHFKQLF]QHMRUD]RELHNWDPLLXU] G]HQLDPLXVáXJSRGVWDZRZ\FK
WHUHQ\RZ\á F]QHMIXQNFMLPLHV]NDQLRZHMWHUHQ\UH]\GHQFMDOQHWHUHQ\PLHV]NDQLRZH
]DEXGRZDQH ] Z\á F]HQLHP SRáR RQ\FK Z XVWDORQ\FK Z SODQLH VWUHIDFK RJUDQLF]H GOD IXQNFML
FKURQLRQ\FK OXE SURMHNWRZDQH GR ]DEXGRZ\ EXG\QNDPL PLHV]NDOQLFWZD URG]LQQHJR ZUD]
QLH]E GQ\PLRELHNWDPLLXU] G]HQLDPLLQIUDVWUXNWXU\WHFKQLF]QHM]Z\NOXF]HQLHPZV]HONLFK LQQ\FK
IXQNFML
W\S PRUIRSODQLVW\F]Q\ JUXSD WHUHQyZ HOHPHQWDUQ\FK Z UR]XPLHQLX SODQX R
LGHQW\F]Q\FKHOHPHQWDFKSROLW\NLSU]HVWU]HQQHMSODQLVW\F]Q\FKNWyUHZ\QLNDM SU]HGHZV]\VWNLP]
SRGRELH VWZDLVWQLHM FHJR]DJRVSRGDURZDQLDPRUIRORJLL3RG]LDáPLDVWDQDW\S\PRUIRSODQLVW\F]QH
MHVWUR]á F]Q\DOHQLHVSyMQ\ DGHQ]WHUHQyZHOHPHQWDUQ\FKQLHQDOH \UyZQRF]H QLHGRGZXW\SyZ
PRUIRSODQLVW\F]Q\FKDOHQLHNWyUHWHUHQ\HOHPHQWDUQHQLHQDOH GR DGQHJR]Z\Uy QLRQ\FKW\SyZ
W\S]DEXGRZ\]HVSyáQDVW SXM F\FKFHFK]DEXGRZ\XV\WXRZDQLHQDG]LDáFHJDEDU\W\
NV]WDáWGDFKX-H HOLZXVWDOHQLXMHVWPRZDRSURMHNWRZDQHM]DEXGRZLHZW\SLH]DEXGRZ\LVWQLHM FHM
W\S WHQ RNUH OD ]DEXGRZD LVWQLHM FD Z EH]SR UHGQLP V VLHG]WZLH SURMHNWRZDQHM 1D IUDJPHQWDFK
QLH]DEXGRZDQ\FKSR]DEH]SR UHGQLPV VLHG]WZHP]DEXGRZ\LVWQLHM FHMXVWDOHQLHW\SX]DEXGRZ\
QLHRERZL ]XMHFK\ED HWDN HWHIUDJPHQW\]RVWDá\Zá F]RQHRGSRZLHGQLP]DSLVHP
ZDUWR FLRZ\ GU]HZRVWDQ SRMHG\QF]H GU]HZD OXE LFK JUXS\ VSHáQLDM FH MHGQ ]
SRQL V]\FKFHFK
SODQX
D]DGU]HZLHQLDQDWHUHQLHRSRZLHU]FKQLPLQKDRUD]DOHMHSR]DODVDPLLSDUNDPL
E GU]HZD L NU]HZ\ LQWURGXNRZDQH V]F]HJyOQLH U]DGNLH ZVND]DQH Z RSUDFRZDQLX
$OHNVDQGUD 6WDFKDN Ä=LHOH 6]F]HFLQD L QDMEOL V]\FK RNROLF´ Z Ä6WDQ URGRZLVND PLDVWD L UHMRQX
6]F]HFLQD´6]F]HFL VNLH7RZDU]\VWZR1DXNRZH6]F]HFLQ
FGU]HZDLNU]HZ\JDWXQNyZSRVSROLW\FKRREZRGDFKSQLDPLHU]RQHJRQDZ\VFP
WRSRODROV]DNORQMHVLRQROLVWQ\F]HUHPFKDZLHU]EDJURFKRGU]HZ
SRZFP
NORQNDV]WDQRZLHFPRUZDMHVLRQ ZLHUNVRVQDGDJOH]MDPRGU]HZ
FKRLQDEU]R]D
SRZFP
G EJUDEEXNOLSDLJOLF]QLDJáyJMDU] EOHV]F]\QDWXUHFND \ZRWQLN
SODWDQNORQROLVWQ\ZL ]MRGáDPDJQROLD
SRZFP
'R JUXS\ ZDUWR FLRZHJR GU]HZRVWDQX QDOH RF]\ZL FLH WDN H GU]HZD L NU]HZ\ JDWXQNyZ
SUDZQLHFKURQLRQ\FKSRPQLNLSU]\URG\RUD]DOHMHLSDUNL]DE\WNRZHV RQHFKURQLRQHQDSRGVWDZLH
XVWDZ
Z\G]LHOHQLH ZHZQ WU]QH IUDJPHQW WHUHQX HOHPHQWDUQHJR Z UR]XPLHQLX SODQX
Z\G]LHORQ\ QDU\VXQNXSODQXOLQLDPL ZHZQ WU]QHJR SRG]LDáXGODNWyUHJR VIRUPXáRZDQR Z WHN FLH
OXEQDU\VXQNXSODQXGRGDWNRZHXVWDOHQLDV]F]HJyáRZH3RG]LDáWHUHQXHOHPHQWDUQHJRQDZ\G]LHODQLD
ZHZQ WU]QHQLHMHVWVSyMQ\DQLUR]á F]Q\PRJ LVWQLHüIUDJPHQW\WHUHQXQLHQDOH FHGR DGQHJR]
Z\G]LHOH ZHZQ WU]Q\FKPRJ WH LVWQLHüIUDJPHQW\WHUHQXQDOH FHUyZQRF]H QLHGRGZXLZL FHM
Z\G]LHOH ZHZQ WU]Q\FK
Z\VRNR ü]DEXGRZ\Z\VRNR üRELHNWXEXGRZODQHJRPLHU]RQDRGSR]LRPXWHUHQXSR
VWURQLH XOLF\ SODFX GR JyUQHM SáDV]F]\]Q\ VWURSX QDG RVWDWQL NRQG\JQDFM ]DZLHUDM F
SRPLHV]F]HQLD QD VWDá\ SRE\W OXG]L RUD] VáX F FHORP WHFKQRORJLF]Q\P PDJD]\QRZ\P L LQQ\P
]ZL ]DQ\P ] G]LDáDOQR FL SRGVWDZRZ Z\NRQ\ZDQ Z EXG\QNX 3RGGDV]H X \WNRZH QLH MHVW
NRQG\JQDFM ZUR]XPLHQLXSODQX
]DEXGRZDREU]H QD
]DEXGRZD]DJURGRZD
]DE\WHNRELHNWOXEVWUHIDZSLVDQ\GR5HMHVWUX=DE\WNyZ:RMHZyG]WZD6]F]HFL VNLHJR
Z WUDNFLH SURFHGXU\ ZSLVX GR UHMHVWUX OXE ]DNZDOLILNRZDQ\ GR ZSLVX GR UHMHVWUX L XMDZQLRQ\ Z
U\VXQNXQLQLHMV]HJRSODQXLLQIRUPDFMLRRELHNWDFKSUDZQLHFKURQLRQ\FKXVWDOH V]F]HJyáRZ\FKGOD
WHUHQyZHOHPHQWDUQ\FK
]DJRVSRGDURZDQLH W\PF]DVRZH VSRVyE Z\NRU]\VWDQLD L XU] G]HQLD WHUHQX D WDN H
VSRVyE X \WNRZDQLD RELHNWX GRSXV]F]RQH QD F]DV RNUH ORQ\ 1D REV]DU]H ]DJRVSRGDURZDQLD
W\PF]DVRZHJRPRJ E\üUHDOL]RZDQHW\PF]DVRZHRELHNW\EXGRZODQHZUR]XPLHQLXXVWDZ\]GQLD
OLSFD U 3UDZR %XGRZODQH '] 8 1U SR] 5HNODPD Z UR]XPLHQLX SODQX
GRSXV]F]RQDQDF]DVRNUH ORQ\QLHMHVW]DJRVSRGDURZDQLHPW\PF]DVRZ\PZUR]XPLHQLXSODQX
]DPNQL FLHNRPSR]\F\MQH
]DVyE ]LHOHQL VXPD SU]HVWU]HQL ]DM WHM SU]H] HOHPHQW\ ]LHOHQL Z URGRZLVNX PLHMVNLP
Z\VW SXM FH SRMHG\QF]R OXE Z JUXSDFK GU]HZD NU]HZ\ WUDZQLNL D WDN H QS SQ F]D \ZRSáRW\
UR OLQQR üR]GREQDZGRQLFDFK
]LHOH L]RODF\MQD
]RUJDQL]RZDQD]LHOH Z\VRNDRFKDUDNWHU]HSXEOLF]Q\P]HVSyáGU]HZXNV]WDáWRZDQ\
ZIRUPLHOLQLRZHMQSDOHMDU] GGU]HZSU]\XOLF]Q\FKOXEJUXSRZHMQSQDWHUHQLHSDUNXVNZHUXQD
WHUHQLHNRPXQDOQ\POXEQDWHUHQLHXOLFLSODFyZ
1LHGRW\F]\]DNUHVyZLREV]DUyZ]PLDQSODQX
1LHGRW\F]\REV]DUyZREM W\FK]PLDQDPLSODQX
1LHGRW\F]\REV]DUyZREM W\FK]PLDQDPLSODQX
1LHGRW\F]\REV]DUyZREM W\FK]PLDQDPLSODQX
†
8FKZDOD VL Ä8VWDOHQLD RJyOQH 2*´ RERZL ]XM FH QD REV]DUDFK ZV]\VWNLFK ]PLDQ SODQX
XFKZDORQ\FKQLQLHMV] XFKZDá XVWDOHQLDIXQNFMRQDOQH
=DND]ORNDOL]DFMLQRZ\FKRELHNWyZLQZHQWDUVNLFKRUD]UR]EXGRZ\RELHNWyZLVWQLHM F\FK
SRZ\ HMREVDG\'-3V]WGX \FK
1LHGRW\F]\]DNUHVXOXEREV]DUX]PLDQSODQX
5H]HUZDFMDWHUHQXSRG]LHOH SDUNRZ L]DND]]DEXGRZ\WHUHQX]LHOHQLQLHZ\NOXF]DM ]
]DVWU]H HQLHP XVWDOHQLD UHDOL]DFML EXGRZOLSRG]LHPQ\FK MH HOL QLH]DJUD DM RQH LVWQLHM F\P
GU]HZRP
'RSXV]F]D VL QD GDQLH ZáD FLFLHOD OXE X \WNRZQLND ZLHF]\VWHJR Z\]QDF]DQLH
WHUHQyZUH]\GHQFMDOQ\FKZUR]XPLHQLXSODQX$QXORZDQLHZ\]QDF]RQ\FKWHUHQyZUH]\GHQFMDOQ\FK
PR HQDVW SLüZ\á F]QLHZSURFHGXU]H]PLDQ\SODQXPLHMVFRZHJR
7HUHQ\ HOHPHQWDUQH Z UR]XPLHQLX SODQX QDOH FH GR W\SyZ PRUIRSODQLVW\F]Q\FK Z
UR]XPLHQLX SODQX 0: 0& 0-01 8. 8*35 (3 (' 50 53 L 5( RUD] QLH QDOH FH GR
DGQHJR]W\SyZV SU]H]QDF]RQHSRG]DLQZHVWRZDQLHPLHMVNLH
1LHGRW\F]\]DNUHVXOXEREV]DUX]PLDQSODQX
1LHGRW\F]\]DNUHVXLREV]DUX]PLDQSODQX
1LHGRW\F]\]DNUHVXLREV]DUX]PLDQSODQX
XVWDOHQLDHNRORJLF]QH
=DND]]]DVWU]H HQLHPXVWDOHQLDORNDOL]DFML
HOHNWURZQL M GURZ\FK L LQQ\FK UHDNWRUyZ M GURZ\FK ] Z\M WNLHP LQVWDODFML EDGDZF]\FK R
PDNV\PDOQHMPRF\FLHSOQHMQLHSU]HNUDF]DM FHM.:
LQZHVW\FML GR SURGXNFML Z]ERJDFDQLD OXE SU]HUREX SDOLZ M GURZ\FK RUD] GR PDJD]\QRZDQLD
XQLHV]NRGOLZLDQLDLSU]HUREXRGSDGyZUDGLRDNW\ZQ\FK
]DNáDGyZSU]HUREXD]EHVWXOXEUW FLLSURGXNWyZ]DZLHUDM F\FKD]EHVWOXEUW ü
QRZ\FK RELHNWyZ V]NRGOLZ\FK Z UR]XPLHQLX SODQX RUD] UR]EXGRZ\ L SU]HEXGRZ\ RELHNWyZ
LVWQLHM F\FKNWyUHSRZRGRZDá\E\Z]URVWV]NRGOLZR FL
1D WHUHQDFK ZFKRG] F\FK Z VNáDG (NRORJLF]QHJR 6\VWHPX =LHOHQL 0LHMVNLHM (6=0
RNUH ORQHJRQDU\VXQNXSODQX
=DND]XMHVL ORNDOL]DFMLQRZ\FKLUR]EXGRZ\LVWQLHM F\FK
D LQZHVW\FML SURGXNF\MQ\FK á F]QLH ] RELHNWDPL VNRQFHQWURZDQHM SURGXNFML
UROQLF]HM
EU]HPLRVáDSU]HP\VáRZHJRZUR]XPLHQLX=Dá F]QLNDGR5R]SRU] G]HQLD0LQLVWUD
+DQGOX:HZQ WU]QHJR]GQLDOXWHJRUZVSUDZLHR]QDF]HQLDURG]DMyZ']8QU
SR]]P]QUSR]]QUSR]
FEXGRZQLFWZDPLHV]NDQLRZHJRZLHORURG]LQQHJRRLQWHQV\ZQR FLSRZ\ HM
G EXGRZQLFWZD PLHV]NDQLRZHJR ZLHORURG]LQQHJR R Z\VRNR FL ]DEXGRZ\ Z
UR]XPLHQLXSODQXSRZ\ HMWU]HFKNRQG\JQDFML
=DFKRZXMHVL ]]DVWU]H HQLHPSNWLX \WNRZDQLHWHUHQX]JRGQH] IXQNFM
(6=0WM
D]LHOH PLHMVNDSXEOLF]QDSDUNL]LHOH FHFPHQWDU]H
EWHUHQ\XM üZyGSRG]LHPQ\FK
FODV\
GRJURG\G]LDáNRZHXSUDZ\RJURGQLF]HLVDGRZQLF]H]Z\M WNLHPV]NODUQL
H WHUHQ\ ]DEXGRZ\ PLHV]NDQLRZHM MHGQRURG]LQQHM ZROQR VWRM FHM L EOL QLDF]HM ]
RJURGDPLSU]\GRPRZ\PL
I WHUHQ\ XVáXJ R ZLDW\ ]GURZLD NXOWXU\ UHNUHDFML L WXU\VW\NL ] GX \P XG]LDáHP
]LHOHQLZ\VRNLHMQDG]LDáFH
JZRG\RWZDUWH
=PLDQ\VSRVREXX \WNRZDQLDWHUHQXZW\PORNDOL]DFMDQRZ\FKLUR]EXGRZDRELHNWyZ
LVWQLHM F\FKPRJ E\üGRNRQ\ZDQHSRGZDUXQNLHPSU]HGáR HQLDZUD]]ZQLRVNLHPRSR]ZROHQLH
QD EXGRZ DQDOL]\ ZSá\ZX LQZHVW\FML QD URGRZLVNR RSUDFRZDQHM SU]H] U]HF]R]QDZF ] OLVW\
0LQLVWUD 2 =1 L / XSUDZQLRQ\FK GR Z\NRQ\ZDQLD 22 RUD] ]DVWRVRZDQLD SU]H] LQZHVWRUD
Z\QLNDM F\FK]QLHM]DOHFH $QDOL]DZSá\ZXLQZHVW\FMLQD URGRZLVNRSRZLQQD]DZLHUDü
DRSLVVWDQX URGRZLVNDL VSRVREX ]DJRVSRGDURZDQLD Z EH]SR UHGQLP V VLHG]WZLH
LQZHVW\FML
E V\QWHW\F]Q\ RSLV SURJUDPRZDQHJR VSRVREX NRU]\VWDQLD ]H URGRZLVND ]
RNUH OHQLHP]X \FLDZRG\QR QLNyZHQHUJLLLSRZRGRZDQ\FKXFL OLZR FL
FV\QWHW\F]Q\RSLVZSá\ZXLQZHVW\FMLQD URGRZLVNRLDQDOL] WHJRRGG]LDá\ZDQLD
NWyUHZ\ZRáDLVWRWQH]PLDQ\OXEXFL OLZR FLGOD URGRZLVND
G V]F]HJyOQH RGQLHVLHQLH GR ZDUWR FL ]DVREyZ (6=0 Z PLHMVFX DQDOL]RZDQHM
ORNDOL]DFMLLMHMV VLHG]WZLHRUD]GR]DFKRZDQLDOXEX]XSHáQLHQLDMHJRFL JáR FLSU]HVWU]HQQHM
HZ\QLNDM FH]DQDOL]\ZQLRVNLL]DOHFHQLD
8VWDOHQLDSNWQLHGRW\F] D ]PLDQ VSRVREyZ X \WNRZDQLD Z REU ELH JUXS\ VSRVREyZ ]JRGQ\FK ] IXQNFM
(6=0RNWyUHMPRZDZSNW
E UHDOL]DFML GUREQ\FK RELHNWyZ EXGRZODQ\FK QLH]E GQ\FK GR SUDZLGáRZHJR
IXQNFMRQRZDQLD RELHNWyZ LVWQLHM F\FK QD LFK G]LDáNDFK QS PLHWQLNyZ JDUD \ Z ]DEXGRZLH
PLHV]NDQLRZHMRJURG]H F ]PLDQ IXQNFML RELHNWyZ LVWQLHM F\FK SRG ZDUXQNLHP H QLH SRJRUV] RQH
RGG]LDá\ZDQLDQD URGRZLVNR
G SRMHG\QF]\FK LQZHVW\FML Z\PDJDM F\FK ]DEXGRZ\ OXE XWZDUG]HQLD á F]QLH
PQLHMQL P WHUHQXRLOHVWDQRZLRQDPQLHMQL SRZLHU]FKQLG]LDáNL
8VWDOHQLDSNWLQLHGRW\F] HOHPHQWyZOLQLRZ\FKLQIUDVWUXNWXU\WHFKQLF]QHMZW\P
XOLFLSRJá ELDQLDWRUyZZRGQ\FKRUD]QLH]E GQ\FKGODLFKSURZDG]HQLDNRQVWUXNFMLLQ \QLHUVNLFK
2ELHNW\ WH Z\PDJDM ]DSURMHNWRZDQLD L UHDOL]DFML RGSRZLHGQLFK ]DEH]SLHF]H GOD ]DFKRZDQLD
SRZL ]D ZHZQ WU]Q\FK(6=0
=DND]NDQDOL]DFMLRWZDUW\FKFLHNyZQDWXUDOQ\FK
8VWDOHQLD HNRORJLF]QH RJyOQH GOD Z\Uy QLRQ\FK W\SyZ PRUIRSODQLVW\F]Q\FK L
V]F]HJyáRZH RERZL ]XM Z SU]\SDGNX QRZHJR ]DJRVSRGDURZDQLD W\PF]DVRZHJR Z UR]XPLHQLX
SODQX
7HUHQ\]LHOHQLRUD]]LHOH WRZDU]\V] FDXU] G]RQHMDNR]DJRVSRGDURZDQLHW\PF]DVRZH
ZUR]XPLHQLXSODQXPRJ E\üOLNZLGRZDQHZ]ZL ]NX]UHDOL]DFM ]DJRVSRGDURZDQLD]JRGQHJR]
SODQHPEH] DGQ\FKRJUDQLF]H LXZDUXQNRZD 1LHGRW\F]\]DNUHVXLREV]DUX]PLDQSODQX
XVWDOHQLDNRPSR]\FMLXUEDQLVW\F]QHM
/LQL ]DEXGRZ\ QRZ\FK EXG\QNyZ QD WHUHQDFK ]DEXGRZDQ\FK RERZL ]XM F L
QLHSU]HNUDF]DOQ Z\]QDF]D VL RGSRZLHGQLR Z RSDUFLX R OLQL ]DEXGRZ\ EXG\QNyZ LVWQLHM F\FK Z
EH]SR UHGQLPV VLHG]WZLH
1LHGRW\F]\]DNUHVXLREV]DUX]PLDQSODQX
XVWDOHQLDIRUP]DEXGRZ\
: VWUHILH $ RFKURQ\ KLVWRU\F]QHM VWUXNWXU\ SU]HVWU]HQQHM ]DND] ORNDOL]DFML RELHNWyZ
EXGRZODQ\FKZJGRNXPHQWDFMLW\SRZHMLSRZWDU]DOQHM
'RSXV]F]D VL ] ]DVWU]H HQLHP XVWDOH ORNDOL]DFM QRZ\FK L SU]HGáX DQLD
ORNDOL]DFML LVWQLHM F\FK UHNODP ZROQR VWRM F\FK L ZEXGRZDQ\FK Z UR]XPLHQLX SODQX D WDN H
SRPQLNyZLIRQWDQQSRGQDVW SXM F\PLZDUXQNDPL
DGRVWRVRZDQLHRELHNWyZGRLVWQLHM FHJRNUDMREUD]XLRWDF]DM FHM]DEXGRZ\
EEUDNXNROL]ML]VLHFLDPLLXU] G]HQLDPLSRG]LHPQ\PL
FQLHSRZRGRZDQLDRJUDQLF]H GODNRPXQLNDFMLV]\QRZHMNRáRZHMURZHURZHMLSLHV]HMZ
W\PGODXPLHV]F]DQLD]QDNyZLV\JQDáyZGURJRZ\FK
=DND]ORNDOL]DFMLQRZ\FKLSU]HGáX DQLDORNDOL]DFMLLVWQLHM F\FKUHNODPZROQRVWRM F\FK
ZUR]XPLHQLXSODQXQDWOHLZ UyG]RUJDQL]RZDQHM]LHOHQLZ\VRNLHMRFKDUDNWHU]HSXEOLF]Q\PZ
UR]XPLHQLXSODQX8VWDOHQLHQLHGRW\F]\WUDG\F\MQ\FKVáXSyZRJáRV]HQLRZ\FK
=DND]ORNDOL]DFMLQRZ\FKLSU]HGáX DQLDORNDOL]DFMLLVWQLHM F\FKUHNODPZROQRVWRM F\FK
L ZEXGRZDQ\FK Z UR]XPLHQLX SODQX HPLWXM F\FK ZLDWáR SXOVXM FH PRJ FH ]DNáyFDü ZDUXQNL
PLHV]NDQLRZHZEH]SR UHGQLPV VLHG]WZLH
=DND]ORNDOL]DFMLQRZ\FKLSU]HGáX DQLDORNDOL]DFMLLVWQLHM F\FKUHNODPZROQRVWRM F\FK
Z UR]XPLHQLX SODQX QD WOH ]DE\WNyZ Z UR]XPLHQLX SODQX L ]LHOHQL SRZL ]DQHM ] QLPL
NRPSR]\F\MQLH
1LHGRW\F]\]DNUHVXLREV]DUX]PLDQSODQX
=DND] XPLHV]F]DQLD QRZ\FK UHNODP ZEXGRZDQ\FK Z UR]XPLHQLX SODQX QD
HOHZDFMDFK ] FHJá\ OLFyZNL L ] NDPLHQLD QDWXUDOQHJR D WDN H QD LQQ\FK HOHZDFMDFK EXG\QNyZ Z
VSRVyE]PLHQLDM F\OXE]DNU\ZDM F\LVWRWQHHOHPHQW\Z\VWURMXDUFKLWHNWRQLF]QHJRQSREUDPRZD
1LHGRW\F]\]DNUHVXOXEREV]DUX]PLDQSODQX
SRUWDOL L RNLHQ EDOXVWUDG J]\PVyZ L ]ZLH F]H Sá\FLQ L NRPSR]\FML V]WXNDWRUVNLFK SRáDFL
GDFKRZ\FKLWS
'RSXV]F]D VL ORNDOL]DFM QRZ\FK L SU]HGáX DQLD ORNDOL]DFML LVWQLHM F\FK RELHNWyZ
VWDQRZL F\FK QLH]E GQH Z\SRVD HQLH REV]DUyZ ]DLQZHVWRZDQLD PLHMVNLHJR WDNLFK MDN EXGNL
WHOHIRQLF]QHZLDW\SU]\VWDQNRZHNRV]H QD PLHFL áDZNL SDUNRZH ODPS\ LWS SRG QDVW SXM F\PL
ZDUXQNDPL
DGRVWRVRZDQLHRELHNWyZGRLVWQLHM FHJRNUDMREUD]XLRWDF]DM FHM]DEXGRZ\
EEUDNNROL]ML]VLHFLDPLLXU] G]HQLDPLSRG]LHPQ\PL
F QLH SRZRGRZDQLD LVWRWQ\FK RJUDQLF]H Z NRPXQLNDFML V]\QRZHM NRáRZHM URZHURZHM L
SLHV]HM
1DREV]DU]HVWUHIRFKURQ\G]LHG]LFWZDNXOWXURZHJR$%L.RERZL ]XMHZ\NRQDQLH
LQZHQWDU\]DFML RELHNWyZ KLVWRU\F]Q\FK SU]HG GRNRQDQLHP LFK UR]ELyUNL Z ]DNUHVLH RNUH ORQ\P
SU]H]RUJDQZáD FLZ\Z]DNUHVLHRFKURQ\GyEUNXOWXU\
LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
1LHGRW\F]\]DNUHVXLREV]DUX]PLDQSODQX
1LHGRW\F]\]DNUHVXOXEREV]DUX]PLDQSODQX
: VWUHILH : ,, F] FLRZHM RFKURQ\ VWDQRZLVN DUFKHRORJLF]Q\FK LQZHVWRU UREyW
]LHPQ\FK ] Z\á F]HQLHP UREyW ]ZL ]DQ\FK ] QDSUDZ NRQVHUZDFM OXE UHPRQWHP LVWQLHM F\FK
VLHFLOXENRQVWUXNFMLSRG]LHPQ\FK]DZLDGDPLDRUJDQZáD FLZ\Z]DNUHVLHRFKURQ\GyEUNXOWXU\R
WHUPLQLH LFK UR]SRF] FLD ] PLHVL F]Q\P Z\SU]HG]HQLHP FHOHP SRGM FLD QHJRFMDFML ZDUXQNyZ
ILQDQVRZDQLDLZ\NRQDQLDEDGD DUFKHRORJLF]Q\FK
: VWUHILH : ,,, RJUDQLF]RQHM RFKURQ\ VWDQRZLVN DUFKHRORJLF]Q\FK LQZHVWRU UREyW
]LHPQ\FK ] Z\á F]HQLHP UREyW ]ZL ]DQ\FK ] QDSUDZ NRQVHUZDFM OXE UHPRQWHP LVWQLHM F\FK
VLHFLOXENRQVWUXNFMLSRG]LHPQ\FK]DZLDGDPLDRUJDQZáD FLZ\Z]DNUHVLHRFKURQ\GyEUNXOWXU\R
WHUPLQLH SRGM FLD W\FK SUDF ] GZXW\JRGQLRZ\P Z\SU]HG]HQLHP FHOHP SRGM FLD QHJRFMDFML
ZDUXQNyZILQDQVRZDQLDLZ\NRQDQLDQDG]RUXDUFKHRORJLF]QHJRSU]\URERWDFK]LHPQ\FK
8VWDOHQLD SODQX GRW\F] FH VWUHI : ,, L : ,,, RFKURQ\ VWDQRZLVN DUFKHRORJLF]Q\FK
RERZL ]XM GR F]DVX SU]HSURZDG]HQLD RGSRZLHGQLFK EDGD DUFKHRORJLF]Q\FK : WHUPLQLH PLHVL F\RG]DNR F]HQLDSUDFWHUHQRZ\FKRLOHRUJDQZáD FLZ\Z]DNUHVLHRFKURQ\GyEU NXOWXU\
GHF\]M QLHXWU]\PDRERZL ]\ZDQLDVWUHI\WHUHQPR HE\ü]DLQZHVWRZDQ\EH] DGQ\FKRJUDQLF]H
]HZ]JO GXQDRFKURQ DUFKHRORJLF]Q : VWUHILH $ RFKURQ\ G]LHG]LFWZD NXOWXURZHJR 3UH]\GHQW 0LDVWD PR H Z\VW SLü GR
RUJDQX ZáD FLZHJR Z ]DNUHVLH RFKURQ\ GyEU NXOWXU\ R RSLQL Z VSUDZLH GRNXPHQWDFML SURMHNWRZHM
EXGRZ\ OXE SU]HEXGRZ\ RELHNWX D WDN H UHNODP Z UR]XPLHQLX SODQX L ]DJRVSRGDURZDQLD
W\PF]DVRZHJRZUR]XPLHQLXSODQX
8VWDOHQLD GRW\F] FH RFKURQ\ VWDQRZLVN DUFKHRORJLF]Q\FK Z VWUHIDFK : ,, L : ,,,
RERZL ]XM Z SU]\SDGNX ]DJRVSRGDURZDQLD W\PF]DVRZHJR Z UR]XPLHQLX SODQX Z\PDJDM FHJR
SU]HSURZDG]HQLDUREyW]LHPQ\FK
1LHGRW\F]\]DNUHVXOXEREV]DUX]PLDQSODQX
XVWDOHQLD]DVDGSDUFHODFML
: SU]\SDGNX Z\G]LHODQLD QRZ\FK G]LDáHN GOD EXGRZQLFWZDMHGQRURG]LQQHJR ZLHONR ü
G]LDáNL XVWDOD VL XZ]JO GQLDM F RERZL ]HN ]ORNDOL]RZDQLD QD QLHM FR QDMPQLHM GZX PLHMVF
SRVWRMRZ\FKGODVDPRFKRGyZRVRERZ\FKQDPLHV]NDQLH
=DND] Z\G]LHODQLD MDNR RGU EQ\FK G]LDáHN WHUHQyZ SRG EXG\QNDPL SR REU\VLH W\FK
EXG\QNyZ EH] Z\G]LHOHQLD WHUHQX SU]\QDOH QHJR QLH]E GQHJR GR UDFMRQDOQHJR NRU]\VWDQLD ]
EXG\QNX-H OLUDFMRQDOQHE G]LHNRU]\VWDQLH]EXG\QNXEH]G]LDáNLWRPR QDZ\G]LHOLüSRREU\VLH
EXG\QNX
=DND] XVWDQDZLDQLD MDNR RGU EQHM ZáDVQR FL RGGDZDQLD Z X \WNRZDQLH ZLHF]\VWH
WHUHQXMH OL
DQLHPDRQGRVW SXGRGURJLSXEOLF]QHM
EQLHPDRQGRVW SXSR UHGQLHJRGRGURJLSXEOLF]QHMSRSU]H]G]LDáN QDNWyUHMXVWDQRZLRQR
VáX HEQR üGURJRZ SU]HMD]GXSU]HM FLDQDU]HF]Z\RGU EQLDQHJRWHUHQX
1D WHUHQDFK ]DEXGRZDQ\FK XVWDOHQLD ]DVDG SDUFHODFML ]DZDUWH Z QLQLHMV]\P SODQLH Z
XVWDOHQLDFKRJyOQ\FKZXVWDOHQLDFKGODZ\Uy QLRQ\FKW\SyZPRUIRSODQLVW\F]Q\FKOXEZXVWDOHQLDFK
V]F]HJyáRZ\FKRERZL ]XM GRF]DVXRSUDFRZDQLDSODQXSRG]LDáXSDUFHODF\MQHJRREHMPXM FHJR
FDá\WHUHQHOHPHQWDUQ\ZUR]XPLHQLXSODQXOXE
MHJR F] ü RNUH ORQ QD U\VXQNX SODQX MDNR WHUHQ Z\PDJDM F\ VSRU] G]HQLD MHGQHJR
ZVSyOQHJRRSUDFRZDQLDSODQLVW\F]QHJROXE
FDá\NZDUWDá]DEXGRZ\
L]DDNFHSWRZDQLDJRSU]H]=DU] G0LDVWD8VWDOHQLD]DVDGSDUFHODFML]DZDUWHZQLQLHMV]\PSODQLHV
]DOHFHQLDPL]DVDGSDUFHODFMLXZ]JO GQLDQ\PLZSODQLHSRG]LDáX
=DND]GRNRQ\ZDQLDSRG]LDáyZLZ\G]LHODQLDQRZ\FKG]LDáHNZ\QLNDM F\FK]SRWU]HE
DLVWQLHM FHJR]DJRVSRGDURZDQLDW\PF]DVRZHJRZUR]XPLHQLXSODQX
EQRZHJR]DJRVSRGDURZDQLDW\PF]DVRZHJRZUR]XPLHQLXSODQX
FORNDOL]DFMLW\PF]DVRZ\FKRELHNWyZEXGRZODQ\FK
: SU]\SDGNX UH]HUZDFML WHUHQX GOD ]LHOHQL SDUNRZHM =3 LVWQLHM FHM L SURMHNWRZDQHM
XVWDODVL GRVW SRJyOQ\OXESXEOLF]Q\ZUR]XPLHQLXSODQXWHUHQX8VWDOHQLHQLHGRW\F]\RELHNWyZ
LVWQLHM F\FKZGQLXXFKZDOHQLDSODQXNWyUHQLHPDM DGQHM]W\FKGRVW SQR FL
2NUH ORQH Z XVWDOHQLDFK V]F]HJyáRZ\FK PLQLPDOQH ZLHONR FL G]LDáHN EXGRZODQ\FK
GRW\F] D Z G]LHOQLF\ UyGPLH FLH ] Z\á F]HQLHP 0L G]\RGU]D G]LDáHN LVWQLHM F\FK L QRZR
Z\G]LHODQ\FK
EQD0L G]\RGU]XLZSR]RVWDá\FKG]LHOQLFDFKW\ONRG]LDáHNQRZRZ\G]LHODQ\FK
3ODFHLGRMD]G\XU] G]RQHMDNR]DJRVSRGDURZDQLHW\PF]DVRZHZUR]XPLHQLXSODQX
QLHVWDQRZL GRVW SXGRGURJLSXEOLF]QHMGODWHUHQyZSU]\OHJá\FK8VWDOHQLHQLHGRW\F]\V\WXDFML
JG\WDNLHSODFHOXEGRMD]G\V ]JRGQH]SODQHP
8VWDORQH Z SODQLH OLPLW\ ZLHONR FL G]LDáHN EXGRZQLFWZD MHGQRURG]LQQHJR Z
SU]\SDGNXUHDOL]DFMLEXG\QNyZMHGQRURG]LQQ\FKQDZVSyOQHMG]LDáFHSU]HOLF]DVL RGSRZLHGQLRQD
LOR üEXG\QNyZWDN HVHJPHQWyZZ]DEXGRZLHEOL QLDF]HMOXEV]HUHJRZHM
XVWDOHQLDSODQLVW\F]QHLSURFHGXUDOQH
3URMHNW\ DUFKLWHNWRQLF]QR XUEDQLVW\F]QH NWyUH QD SRGVWDZLH XVWDOH V]F]HJyáRZ\FK
VSRU] G]DVL ZDULDQWRZRLQZHVWRUSU]HGVWDZLDSU]HGZ\GDQLHPGHF\]MLRZDUXQNDFK]DEXGRZ\L
]DJRVSRGDURZDQLD WHUHQX Z IRUPLH SURMHNWyZ NRQFHSF\MQ\FK 3UH]\GHQW 0LDVWD PD SUDZR QD LFK
SRGVWDZLHVSUHF\]RZDüXVWDOHQLDNRPSR]\F\MQHLXVWDOHQLDIRUP]DEXGRZ\]DZDUWHZSODQLHLXM üMH
Z GHF\]ML R ZDUXQNDFK ]DEXGRZ\ L ]DJRVSRGDURZDQLD WHUHQX 3UH]\GHQW 0LDVWD QLH PD SUDZD
RGPyZLü GHF\]ML R ZDUXQNDFK ]DEXGRZ\ L ]DJRVSRGDURZDQLD WHUHQX QDZHW Z SU]\SDGNX JG\E\
RGU]XFLá]HZ]JO GyZHVWHW\F]Q\FKZV]\VWNLHSU]HGáR RQHNRQFHSFMH
.D G\ SURMHNW ]PLDQ\ ]DJRVSRGDURZDQLD WHUHQX ]DGU]HZLRQHJR SU]H]QDF]RQHJR
]DUH]HUZRZDQHJR QD ]LHOH SDUNRZ =3 Z\PDJD SU]HGVWDZLHQLD V]F]HJyáRZHM LQZHQWDU\]DFML
]LHOHQL
: SU]\SDGNX OLQLL UR]JUDQLF]DM F\FK SU]\EOL RQ\FK OLQLL ZHZQ WU]QHJR SRG]LDáX SU]\EOL RQ\FK FLH HNURZHURZ\FKLFL JyZSLHV]\FKSRGVWDZ X FL OHQLDLFKSU]HELHJXPRJ E\ü
ZV]F]HJyOQR FLSURMHNW\]DJRVSRGDURZDQLDSURMHNW\WHFKQLF]QHSURMHNW\NRQFHSF\MQH
5HDOL]DFMDEXGRZOLSRG]LHPQ\FK]Z\á F]HQLHPOLQLRZ\FKQDWHUHQDFKUH]HUZRZDQ\FK
SRG SURMHNWRZDQ ]LHOH Z\PDJD XSU]HGQLHJR VSRU] G]HQLD SURMHNWX WHM ]LHOHQL NWyU\ Z\ND H H
SURMHNWRZDQHEXGRZOHSRG]LHPQHQLHZ\NOXF]DM UHDOL]DFMLWHM]LHOHQL
3UH]\GHQW 0LDVWD PR H RGPyZLü ORNDOL]DFML RELHNWX SRZRGXM FHJR JUR E ]DLVWQLHQLD
QDG]Z\F]DMQHJR]DJUR HQLDGOD URGRZLVND
=DLQZHVWRZDQLH L X \WNRZDQLH PLHMVNLH LVWQLHM FH OHJDOQLH Z GQLX ZHM FLD Z \FLH
QLQLHMV]HJRSODQXX]QDMHVL ]D]JRGQH]SODQHPFK\ED HXVWDOHQLDGODW\SyZPRUIRSODQLVW\F]Q\FK
OXE XVWDOHQLD V]F]HJyáRZH VWDQRZL LQDF]HM 1LH]JRGQH ] SODQHP LVWQLHM FH OHJDOQLH EXG\QNL PRJ
E\üSRGGDZDQHUHPRQWRPNDSLWDOQ\PLPRGHUQL]DF\MQ\PEH]SUDZDSRZL NV]DQLDNXEDWXU\EXG\QNX
] Z\á F]HQLHP UR]EXGRZ\ EXG\QNyZ X \WHF]QR FL SXEOLF]QHM R FKDUDNWHU]H QLHNRPHUF\MQ\P R
XU] G]HQLDWHFKQLF]QHQLH]E GQHGODLFKSUDZLGáRZHJRIXQNFMRQRZDQLD
1LHGRW\F]\]DNUHVXLREV]DUX]PLDQSODQX
XVWDOHQLDGRW\F] FHREVáXJLNRPXQLNDF\MQHM
5HDOL]DFMD ND GHJR QRZHJR RELHNWX UR]EXGRZD PRGHUQL]DFMD OXE ]PLDQD VSRVREX
X \WNRZDQLD RELHNWX LVWQLHM FHJR MHVW XZDUXQNRZDQD ] ]DVWU]H HQLHP XVWDOH L XPLHV]F]HQLHP QD WHUHQLH LQZHVW\FML RGSRZLHGQLHM GOD MHJR SUDZLGáRZHJR IXQNFMRQRZDQLD LOR FL
PLHMVFSRVWRMRZ\FK
-H HOLORNDOL]DFMDOXEUR]EXGRZDRELHNWXSRZRGXMHXE\WHNLVWQLHM F\FKVWDá\FKPLHMVF
SDUNLQJRZ\FKPXV] RQHE\üRGWZRU]RQHQDWHUHQLHLQZHVW\FML8VWDOHQLHQLHGRW\F]\
DPRGHUQL]DFMLXOLF\OXE]PLDQ\IXQNFMLXOLF\QDFL JSLHV]\OXEURZHURZ\
EUHDOL]DFMLXU] G]H GODSRWU]HENRPXQLNDFML]ELRURZHM
F OLNZLGDFML JDUD \ MHGQRNRQG\JQDF\MQ\FK ERNVRZ\FK ] SRZRGX UHQRZDFML NZDUWDáyZ
UyGPLHMVNLFK
G OLNZLGDFML JDUD \ MHGQRNRQG\JQDF\MQ\FK ERNVRZ\FK ] SRZRGX EXGRZ\ XU] G]H
LQIUDVWUXNWXU\WHFKQLF]QHMZW\PXOLF
H OLNZLGDFML JDUD \ MHGQRNRQG\JQDF\MQ\FK ERNVRZ\FK ] SRZRGX UHDOL]DFML
]DJRVSRGDURZDQLDGODNWyUHJR]DUH]HUZRZDQRWHUHQZSODQLH
-H HOL UHDOL]DFMD SRWU]HE SDUNLQJRZ\FK R NWyU\FK PRZD Z XVWDOHQLX MHVW
QLHPR OLZD QD WHUHQLH LQZHVW\FML GRSXV]F]D VL LQQ\ VSRVyE UR]ZL ]DQLD SU]H] LQZHVWRUD
SUREOHPXSRWU]HESDUNLQJRZ\FKZGURG]HXPRZ\]=DU] GHP0LDVWD
:VND QLNL SRWU]HE SDUNLQJRZ\FK R NWyU\FK PRZD Z XVWDOHQLX RUD] ]DVDG\
LQQ\FKUR]ZL ]D SUREOHPXSRWU]HESDUNLQJRZ\FKRNWyU\FKPRZDZXVWDOHQLXRNUH OD5DGD
0LHMVNDZRGU EQHMXFKZDOH
=DJRVSRGDURZDQLH W\PF]DVRZH Z UR]XPLHQLX SODQX Z\ZRáXM FH SRWU]HE\
SDUNLQJRZH PQLHMV]H QL PLHMVFD SRVWRMRZH L XVWDQRZLRQH QD RNUHV GR ODW ]ZDOQLD VL ]
Z\PRJyZ RNUH ORQ\FK Z XVWDOHQLDFK L : SR]RVWDá\FK SU]\SDGNDFK WDN H Z
SU]\SDGNX SU]HGáX HQLD ORNDOL]DFML SRQDG ODWD ]DJRVSRGDURZDQLH W\PF]DVRZH SRGOHJD
Z\PRJRPRNUH ORQ\PZW\FKXVWDOHQLDFK
1LHGRW\F]\]DNUHVXLREV]DUX]PLDQSODQX
1LHGRW\F]\]DNUHVXLREV]DUX]PLDQSODQX
1LHGRW\F]\]DNUHVXLREV]DUX]PLDQSODQX
XVWDOHQLDGRW\F] FHREVáXJLLQ \QLHU\MQHM
/LQLH UHJXODF\MQH XOLF Z\]QDF]DM NRU\WDU]H LQIUDVWUXNWXU\ WHFKQLF]QHM 3URZDG]HQLH
VLHFL LQ \QLHU\MQ\FK SR]D XOLFDPL MHVW PR OLZH SRG ZDUXQNLHP X]JRGQLHQLD ] LFK JHVWRUDPL L
ZáDGDM F\PLJUXQWHP
1LHGRW\F]\]DNUHVXLREV]DUX]PLDQSODQX
1LHGRW\F]\]DNUHVXLREV]DUX]PLDQSODQX
1LHGRW\F]\]DNUHVXLREV]DUX]PLDQSODQX
LQQHXVWDOHQLDVWDQRZL FH
8VWDOHQLDNRPSR]\FMLXUEDQLVW\F]QHMOXEXVWDOHQLDIRUP]DEXGRZ\RNUH ORQHZSODQLHV
ZD Q\PLFHODPLVSRáHF]Q\PLJRVSRGDUNLSU]HVWU]HQQHM0LDVWD
5H]HUZDFMDWHUHQXSRGLQZHVW\FMHRFKDUDNWHU]HSXEOLF]Q\PPDFKDUDNWHUEH]Z]JO GQ\L
R]QDF]D ]DND] ]PLDQ\ VSRVREX ]DJRVSRGDURZDQLD L X \WNRZDQLD WHUHQX QD ND G\ LQQ\ NWyU\ MHVW
QLH]JRGQ\ ] SODQRZDQ\P 8VWDOHQLH QLH GRW\F]\ ]DJRVSRGDURZDQLD W\PF]DVRZHJR Z UR]XPLHQLX
SODQX
7HUHQ\UH]HUZRZDQHZSODQLHQDFHOH]LHOHQLSXEOLF]QHMQLHPRJ E\üZ\NRU]\VW\ZDQH
W\PF]DVRZR QD LQQH FHOH 8VWDOHQLH QLH Z\NOXF]D NRQW\QXDFML LVWQLHM FHJR VSRVREX Z\NRU]\VWDQLD
WHUHQXGRF]DVXUHDOL]DFM ]LHOHQLSXEOLF]QHM
3U]\Z\GDZDQLXGHF\]MLRZDUXQNDFK]DEXGRZ\L]DJRVSRGDURZDQLDWHUHQXXZ]JO GQLD
VL ELODQV WHUHQyZ ]DUH]HUZRZDQ\FK SRG EXGRZQLFWZR RFKURQQH QD Z\SDGHN ZSURZDG]HQLD VWDQX
]DJUR HQLD SD VWZD ]JRGQLH ] RSUDFRZDQLHP QU 76 %LXUD 6WXGLyZ L 3URMHNWyZ 5R]ZRMX
3U]HVWU]HQQHJR:RMHZyG]WZDZ6]F]HFLQLH
:SU]\SDGNXSU]HNV]WDáFDQLDLVWQLHM FHMVXEVWDQFMLEXGRZOLRFKURQQ\FKQDOH \GRNRQDü
X]JRGQLHQLDSURMHNWXUHDOL]DF\MQHJR]0LHMVNLP,QVSHNWRUDWHP2EURQ\&\ZLOQHM
1LHGRW\F]\]DNUHVXLREV]DUX]PLDQSODQX
'RSXV]F]D VL ] ]DVWU]H HQLHP XVWDOH L ORNDOL]DFM
QRZHJR L SU]HGáX HQLH ORNDOL]DFML LVWQLHM FHJR ]DJRVSRGDURZDQLD W\PF]DVRZHJR Z UR]XPLHQLX
SODQXQLHVSHáQLDM FHJRXVWDOH SODQXSRGQDVW SXM F\PLZDUXQNDPL
D GRVWRVRZDQLD ]DJRVSRGDURZDQLD D Z V]F]HJyOQR FL VWDQGDUGX RELHNWyZ W\PF]DVRZ\FK
GRNUDMREUD]XLRWDF]DM FHM]DEXGRZ\ELRU FSRGXZDJ RNUHVIXQNFMRQRZDQLD]DJRVSRGDURZDQLDL
RELHNWyZ
EEUDNXNROL]ML]VLHFLDPLLXU] G]HQLDPLSRG]LHPQ\PL
FQLHSRZRGRZDQLDRJUDQLF]H GODNRPXQLNDFMLV]\QRZHMNRáRZHMURZHURZHMLSLHV]HM
G PR OLZR FL áDWZHM OLNZLGDFML L GRSURZDG]HQLD WHUHQX GR VWDQX SLHUZRWQHJR OXE
PR OLZR FLZ\NRU]\VWDQLD]DJRVSRGDURZDQLDW\PF]DVRZHJRGRFHOyZ]JRGQ\FK]SODQHP
SURPRFMD
=DOHFDVL ZNRPSRQRZ\ZDQLHRWZDUW\FKFLHNyZQDWXUDOQ\FKZFL JL]LHOHQLSXEOLF]QHM
=DOHFDVL HOLPLQDFM XSUDZUR OLQNRQVXPSF\MQ\FKZRGOHJáR FLPQLHMV]HMQL PRG
WUDVNRPXQLNDFMLGURJRZHM
=DOHFD VL ZSURZDG]DQLH ]LHOHQL Z\VRNLHM QD WHUHQ\ SDUNLQJyZ ORNDOL]RZDQ\FK SR]D
UyGPLH FLHP
1DVNU]\ RZDQLDFKGUyJ]DOHFDVL ]DVW SRZDQLHWUDZQLNyZQLVNLPLNU]HZDPL
=DOHFD VL XQLNDQLH SRG]LDáyZ QLHUXFKRPR FL Z NWyU\FK GOD SRSUDZQHJR
IXQNFMRQRZDQLDG]LDáNLQLH]E GQHMHVWXVWDQRZLHQLHVáX HEQR FLGURJRZHMLQQHMG]LDáNLQDMHMU]HF]
=DOHFDVL SU]HNV]WDáFDQLHLVWQLHM F\FKGX \FK]HVSRáyZJDUD RZ\FKRLOHLFKIXQNFMD
QLH MHVW VSU]HF]QD ] SODQHP Z ]HVSRá\ JDUD \ SL WURZ\FK OXE EXGRZ QD LFK PLHMVFX JDUD \
ZLHORNRQG\JQDF\MQ\FK
1D WHUHQDFK LQWHQV\ZQHM ]DEXGRZ\ ]DOHFD VL SURZDG]HQLH VLHFL LQ \QLHU\MQ\FK Z
NDQDáDFK]ELRUF]\FK
=DOHFD VL VWRSQLRZ HOLPLQDFM ORNDOQ\FK V\VWHPyZ RJU]HZDQLD L V\VWHPyZ
WHFKQRORJLF]Q\FKX \ZDM F\FKSDOLZVWDá\FK
:VWUHIDFKRFKURQ\VWDQRZLVNDUFKHRORJLF]Q\FK:,,L:,,,NWyUHQLHV ZSLVDQHGR
UHMHVWUX ]DE\WNyZ ZRMHZyG]WZD V]F]HFL VNLHJR LQZHVWRU UREyW ]LHPQ\FK NWyU\ QLH X]JRGQLá
ZDUXQNyZ ILQDQVRZDQLD L Z\NRQ\ZDQLD F]\QQR FL DUFKHRORJLF]Q\FK R NWyU\FK PRZD Z
XVWDOHQLDFKLPR HE\üREM W\U\JRUDPLDUWXVWDZ\]GQLDOXWHJRURRFKURQLH
GyEUNXOWXU\']8QUSR]]P]UQUSR]]UQUSR]]
U QU SR] Z SU]\SDGNX ZV]F] FLD SU]H] RUJDQ ZáD FLZ\ Z ]DNUHVLH RFKURQ\ GyEU NXOWXU\
SURFHGXU\ZSLVXREV]DUXGRUHMHVWUX]DE\WNyZ
: QHJRFMDFMDFK R NWyU\FK PRZD Z XVWDOHQLDFK L XZ]JO GQLD VL
VH]RQRZR ü EDGD DUFKHRORJLF]Q\FK NWyUH PRJ E\ü EH] RJUDQLF]H SURZDG]RQH Z RNUHVLH RG
PDMDGRSD G]LHUQLND
=DOHFD VL XQLNDQLH QD FL JDFK SLHV]\FK EDULHU DUFKLWHNWRQLF]Q\FK GOD
QHSHáQRVSUDZQ\FK
3R]RVWDZLD VL LVWQLHM F\ V\VWHP ]DRSDWU]HQLD Z ZRG X]XSHáQLRQ\ R QRZH XM FLD
0 FL FLQRL.XUyZRUD]PDJLVWUDOHZRGRFL JRZH0LHGZLH6]F]HFLQL1LHEXV]HZR0 FL FLQR
'OD OHZREU]H QHM F] FL 6]F]HFLQD ]DOHFD VL UHDOL]DFM NRPXQDOQ\FK RF]\V]F]DOQL
FLHNyZ3RPRU]DQ\'U]HWRZRL6WRáF]\QRUD]NRPXQDOQRSU]HP\VáRZHM6NROZLQ
=DOHFD VL ]DVLODQLH 6]F]HFLQD Z JD] ]LHPQ\ SRSU]H] WU]\ JáyZQH VWDFMH UHGXNF\MQH
LVWQLHM FH.UHGRZDL6 VLHG]NDRUD]SURMHNWRZDQ 3áRQLD
=DOHFDVL SR]RVWDZLHQLHLVWQLHM F\FK UyGHá FLHSáD (&, 3RUWRZD (&,, 3RPRU]DQ\ L
&5' EVNDRUD]]PRGHUQL]RZDQLHV\VWHPXFLHSáRZQLF]HJRZHGáXJSODQXHQHUJHW\F]QHJR'ODRVLHGOL
EXGRZQLFWZDZLHORURG]LQQHJR]DOHFDVL ]DVLODQLHZFLHSáR]UR]EXGRZ\ZDQHMPLHMVNLHMVLHFLFLHSOQHM
'ODEXGRZQLFWZDMHGQRURG]LQQHJR]DOHFDVL JáyZQLHRJU]HZDQLHLQG\ZLGXDOQHJD]HP
'ODRVLHGOLSR]D]DVL JLHPPLHMVNLHMVLHFLFLHSOQHMRUD]VLHFLJD]RZHM]DOHFDVL ZáDVQH
V\VWHP\ RJU]HZDQLD VSHáQLDM FH ]DáR RQH ZDUXQNL RFKURQ\ URGRZLVND Z W\P RSDUWH R RGQDZLDOQH
UyGáDHQHUJLLJHRWHUPDOQHMVáRQHF]QHMZLDWURZHMZRGQHMLWS
1LHGRW\F]\]DNUHVXLREV]DUX]PLDQSODQX
1LHGRW\F]\]DNUHVXLREV]DUX]PLDQSODQX
=DRSDWU]HQLHZHQHUJL HOHNWU\F]Q SU]HZLGXMHVL SRSU]H]WU]\JáyZQHVWDFMH]DVLODM FH
QDMZ\ V]HJRQDSL FLDLVWQLHM F *OLQNLLSURMHNWRZDQH8VWRZRL PLHUGQLFD
:SU]HWDUJDFKQDJUXQW\NRPXQDOQHSU]H]QDF]RQHZSODQLHSRGUy QHIXQNFMHWHUHQ\
ZLHORIXQNF\MQHFHQ Z\ZRáDZF] XVWDODVL ]]DVWU]H HQLHPSU]\SDGNXSUHIHUHQFMLZ]DOH QR FL
RG ZDUWR FL JUXQWX Z\]QDF]RQHM GOD IXQNFML GRSXV]F]RQHM SU]H] SODQ OXE ZDUXQNL SU]HWDUJX L
SRZRGXM FHMQDMZL NV] ZDUWR üJUXQWX
1DWHUHQDFKRNWyU\FKPRZDXXVWDOHQLX]DOHFDVL VWRVRZDQLHV\VWHPXXG]LDáyZZ
HPLVML]DQLHF]\V]F]H ,QVWUXPHQW\ VWHURZDQLD UHDOL]DFM SODQX SUHIHUHQFMH SROHJDM QD XG]LHOHQLX SU]H]
0LDVWRLQZHVWRURZLSUHIHURZDQHJRRELHNWXG]LDáDOQR FLSU]\ZLOHMyZMHGQRUD]RZ\FKURF]Q\FK OXE
SL FLROHWQLFKXVWDORQ\FKZRGU EQ\FKXFKZDáDFK5DG\0LDVWDL=DU] GX0LDVWD
2EV]DU FDáHJR PLDVWD REM W\ SUHIHUHQFM GOD SUHIHURZDQ\FK RELHNWyZ NXOWXU\ Z
UR]XPLHQLX SODQX XVWDORQ Z RGU EQ\FK XFKZDáDFK 5DG\ 0LDVWD L =DU] GX 0LDVWD 2ELHNW\
PLHV]DQH IXQNFMRQDOQLH NRU]\VWDM ] SUHIHUHQFML SURSRUFMRQDOQLH GR XG]LDáX SRZLHU]FKQL X \WNRZHM
SU]H]QDF]RQHM Z\á F]QLH GOD SUHIHURZDQ\FK RELHNWyZ NXOWXU\ Z SRZLHU]FKQL X \WNRZHM FDáHJR
RELHNWX
1LHGRW\F]\]DNUHVXOXEREV]DUX]PLDQSODQX
-HVW WR SROLW\ND SURHNRORJLF]QHJR XNLHUXQNRZ\ZDQLD GHF\]ML SRGPLRWyZ JRVSRGDUF]\FK SRSU]H] REQL DQLH
NRV]WyZQLH]E GQ\FKGRRVL JQL FLDUHGXNFML]DQLHF]\V]F]H 3ROHJDRQDQDRNUH OHQLXGODXVWDORQHJRZSODQLHREV]DUX
GRSXV]F]DOQHM ]H Z]JO GX QD RGSRUQR ü MHJR URGRZLVND ZLHONR FL ]DQLHF]\V]F]H :LHONR ü WD QLH PR H SU]HNUDF]Dü
ZLHONR FLXVWDZRZHM5y QLFDPL G]\W]ZWáHPDW ZLHONR FL MHVWUR]G]LHODQDZIRUPLHGHF\]MLRGRSXV]F]DOQHMHPLVML
SRPL G]\ SRGPLRW\ HPLWXM FH ]DQLHF]\V]F]HQLD IXQNFMRQXM FH MX QD W\P WHUHQLH RUD]OXE QRZH /LPLW\ WH RNUH ORQH Z
RGQLHVLHQLX GR FDáHJR Z\]QDF]RQHJR REV]DUX D QLH W\ONR ]DMPRZDQHM G]LDáNL PRJ E\ü SU]HGPLRWHP QHJRFMDFML LOXE
Z\PLDQ\ PL G]\ ]DLQWHUHVRZDQ\PL SRGPLRWDPL WDN DE\ XPR OLZLü ZFKRG]HQLH QRZ\FK LQZHVWRUyZ EH] SRZL NV]HQLD
VXP\ ]DQLHF]\V]F]H : SU]\SDGNX X]JRGQLHQLD SU]H] ]DLQWHUHVRZDQH SRGPLRW\ LQQHJR SRG]LDáX Z\GDQH ]RVWDQ
VNRU\JRZDQHGHF\]MHRGRSXV]F]DOQHMHPLVML
†
8FKZDOD VL Ä8VWDOHQLD GOD Z\Uy QLRQ\FK W\SyZ PRUIRSODQLVW\F]Q\FK´ XVWDOHQLD
PRUIRSODQLVW\F]QH RERZL ]XM FH QD REV]DUDFK ZV]\VWNLFK ]PLDQ SODQX XFKZDORQ\FK QLQLHMV]
XFKZDá 7<3025)23/$1,67<&=1<0:
XVWDOHQLDIXQNFMRQDOQH
7HUHQPLHV]NDQLRZ\QHWWRPR QDGRJ V]F]DüRELHNWDPLEXGRZODQ\PLQD]LHPQ\PLMH HOL
SURMHNWGRJ V]F]HQLDX]\VNDSR]\W\ZQ RSLQL 5DG\2VLHGODOXE
QLHE G]LHSU]HNURF]RQ\ DGHQ]SRQL V]\FKZVND QLNyZRNUH ODM F\FKPLQLPDOQ\VWDQGDUG
PLHV]NDQLRZ\RVLHGOD
DPDNV\PDOQDLQWHQV\ZQR ü]DEXGRZ\QHWWR
SU]\ UHGQLHMZD RQHMOLF]ELHNRQG\JQDFML
SU]\ UHGQLHMZD RQHMOLF]ELHNRQG\JQDFML
SU]\ UHGQLHMZD RQHMOLF]ELHNRQG\JQDFML
SU]\ UHGQLHMZD RQHMOLF]ELHNRQG\JQDFML
SU]\ UHGQLHMZD RQHMOLF]ELHNRQG\JQDFML
SU]\ UHGQLHMZD RQHMOLF]ELHNRQG\JQDFML
SU]\ UHGQLHMZD RQHMOLF]ELHNRQG\JQDFML
E PLQLPDOQ\ ZVND QLN ]LHOHQL Z\SRF]\QNRZHM QHWWR ZUD] ] SODFDPL ]DEDZ GOD
G]LHFLP QDPLHV]ND FD
F PLQLPDOQ\ XG]LDá SRZLHU]FKQL ]LHOHQL Z\SRF]\QNRZHM L ]LHOHQL L]RODF\MQHM Z
SRZLHU]FKQLQHWWRRVLHGOD
GPLQLPDOQ\VWDQGDUGPLHMVFSRVWRMRZ\FKZWHUHQDFKEUXWWRPSQDPLHV]NDQLH
=DND]ORNDOL]DFMLZ\G]LHORQ\FKSDUNLQJyZGODVDPRFKRGyZFL DURZ\FK
)XQNFMDGRPLQXM FDZUR]XPLHQLXSODQXPLHV]NDOQLFWZR
XVWDOHQLDHNRORJLF]QH
=DND] ORNDOL]DFML RELHNWyZ REQL DM F\FK VWDQGDUG ZDUXQNyZ PLHV]NDQLRZ\FK Z
UR]XPLHQLXSODQX
:V]HONLHXV]F]XSOHQLH]DVREX]LHOHQLZUR]XPLHQLXSODQXZWHUHQDFKPLHV]NDQLRZ\FK
Z UR]XPLHQLX SODQX QHWWR GRSXV]F]DOQH SRG ZDUXQNLHP HNZLZDOHQWQHM UHNRPSHQVDW\ Z
UR]XPLHQLXSODQX
5HDOL]DFMD SDUNLQJyZ QD]LHPQ\FK ZL NV]\FK QL PLHMVF SRVWRMRZ\FK MHVW
XZDUXQNRZDQDZSURZDG]HQLHP]LHOHQLZ\VRNLHM
XVWDOHQLD]DVDGNRPSR]\FML
0DáH RELHNW\ NXEDWXURZH X]XSHáQLDM FH ]DEXGRZ RVLHGOD SDZLORQ\ XVáXJRZH NLRVNL
JDUD HLWSSRZLQQ\E\üSURMHNWRZDQHMDNRVNRPSRQRZDQH]]DEXGRZ EORNRZ XVWDOHQLDIRUP]DEXGRZ\
XVWDOHQLDSODQLVW\F]QHLSURFHGXUDOQH
3URMHNW GRJ V]F]HQLD R NWyU\P PRZD Z XVWDOHQLX REHMPXMH FDá\ WHUHQ
HOHPHQWDUQ\ZUR]XPLHQLXSODQX
3URMHNWGRJ V]F]HQLDRVLHGODZ\NáDGDVL GRSXEOLF]QHJRZJO GX
:SU]\SDGNXORNDOL]DFMLRELHNWyZRNWyU\FKPRZDZXVWDOHQLX3UH]\GHQW0LDVWD
PD SUDZR ]D GDü RG LQZHVWRUD SURMHNWX NRQFHSF\MQHJR ]DJRVSRGDURZDQLD ZVND]DQHJR IUDJPHQWX
WHUHQXORNDOL]DFML
XVWDOHQLDGRW\F] FHREVáXJLLQ \QLHU\MQHM
=DND]EXGRZ\QRZ\FKVLHFLLQ \QLHU\MQ\FKQDG]LHPQ\FKLQDSRZLHWU]Q\FK
SURPRFMD
3RGVWDZRZ\P G]LDáDQLHP SRZLQQR E\ü Z\SRVD HQLH RVLHGOD Z SHáHQ VWDQGDUG XVáXJ
SRGVWDZRZ\FK V]F]HJyOQLH XVáXJ QLHNRPHUF\MQ\FK 3R GDQH MHVW WDN H ZSURZDG]DQLH XVáXJ
RJyOQRPLHMVNLFK
1RZD ]DEXGRZD PLHV]NDQLRZD MH HOL PR H E\ü ZSURZDG]RQD Z IRUPLH ]HVSRáyZ
EXG\QNyZSRZLQQDRGUy QLDüVL W\SHP]DEXGRZ\ZUR]XPLHQLXSODQXRG]DEXGRZ\LVWQLHM FHM
1LHGRW\F]\REV]DUyZREM W\FK]PLDQDPLSODQX
MH HOLZIRUPLHSRMHG\QF]\FKEXG\QNyZSRZLQQDE\üZW\SLH]DEXGRZ\LVWQLHM FHM3R GDQDMHVW
QDGEXGRZDGDFKyZVWURP\FKZUR]XPLHQLXSODQXQDEXG\QNDFKRZ\VRNR FLGRNRQG\JQDFML
:SU]\SDGNXGRJ V]F]HQLDRVLHGOD]DOHFDVL X]\VNDQLHRSLQLLDXWRUDSURMHNWXRVLHGODR
SURMHNFLHGRJ V]F]HQLD
=DOHFD VL UHDOL]DFM GRGDWNRZ\FK PLHMVF JDUD RZ\FK SR]D XVWDORQ\PL Z SODQLH Z
IRUPLH]HVSRáyZJDUD \SRG]LHPQ\FK
=DOHFDVL ZSURZDG]HQLH]LHOHQLZ\VRNLHMZ]GáX FL JyZSLHV]\FKLXOLF
1LHGRW\F]\REV]DUyZREM W\FK]PLDQDPLSODQX
7<3025)23/$1,67<&=1<0&
1LHGRW\F]\REV]DUyZREM W\FK]PLDQDPLSODQX
7<3025)23/$1,67<&=1<0XVWDOHQLDIXQNFMRQDOQH
=DND]ORNDOL]DFMLZ\G]LHORQ\FKSDUNLQJyZGODVDPRFKRGyZFL DURZ\FK
)XQNFMDGRPLQXM FDZUR]XPLHQLXSODQXPLHV]NDOQLFWZR
XVWDOHQLDHNRORJLF]QH
=DND] ORNDOL]DFML RELHNWyZ REQL DM F\FK VWDQGDUG ZDUXQNyZ PLHV]NDQLRZ\FK Z
UR]XPLHQLXSODQX
=DND] Z\FLQNL ZDUWR FLRZHJR GU]HZRVWDQX Z UR]XPLHQLX SODQX ]D Z\M WNLHP FL ü
VDQLWDUQ\FK=DND]QLHGRW\F]\SU]\SDGNXJG\SRMHG\QF]HGU]HZRXQLHPR OLZLDVSHáQLHQLHXVWDOH
NRPSR]\FMLXUEDQLVW\F]QHMOXEXVWDOH IRUP]DEXGRZ\
XVWDOHQLDIRUP]DEXGRZ\
1RZD]DEXGRZDPLHV]NDQLRZDZW\SLH]DEXGRZ\ZUR]XPLHQLXSODQXLVWQLHM FHM
0DNV\PDOQD Z\VRNR ü Z UR]XPLHQLX SODQX QRZHM ]DEXGRZ\ ] ]DVWU]H HQLHP
XVWDOHQLDP8VWDOHQLHQLHGRW\F]\NR FLRáyZV]NyáLQLH]E GQ\FKXU] G]H LQIUDVWUXNWXU\
WHFKQLF]QHM
XVWDOHQLD]DVDGSDUFHODFML
=DND]Z\G]LHODQLD]]DVWU]H HQLHPXVWDOHQLD2*G]LDáHNZL NV]\FKQL P =DND]QLHGRW\F]\G]LDáHNV]NROQ\FK
']LDáNL EXGRZODQH LVWQLHM FHM ]DEXGRZ\ MHGQRURG]LQQHM ZROQR G]LHOLü SRSU]HF]QLH
UyZQROHJOHGRXOLF\]SUDZHP]DEXGRZ\]]DVWU]H HQLHPXVWDOHQLD2*MHG\QLHZSU]\SDGNX
JG\GRMD]GGRQRZHMG]LDáNLQLHZ\PDJDZ\G]LHOHQLDRGU EQHMGURJLGRMD]GRZHMDQLSRV]HU]HQLDGR
V]HURNR FLQRUPDW\ZQHMLVWQLHM FHMGURJLJRVSRGDUF]HMQDW\áDFK]DEXGRZ\MHGQRURG]LQQHM
LQQHXVWDOHQLDVWDQRZL FH
=DND]QRZHJR]DJRVSRGDURZDQLDW\PF]DVRZHJRZUR]XPLHQLXSODQXZLVWQLHM F\FK
SU]HVWU]HQLDFK SXEOLF]Q\FK L SU]HGRJUyGNDFK ]D Z\M WNLHP ]DJRVSRGDURZDQLD OLNZLGRZDQHJR QD
QRFLLPSUH]RNROLF]QR FLRZ\FKNLONXGQLRZ\FKMDUPDUNyZIHVW\QyZRGSXVWyZZ\VWDZLWSOXE
VH]RQRZ\FKOHWQLHRJUyGNLJDVWURQRPLF]QHNLHUPDV]H ZL WHF]QHLWS
SURPRFMD
,VWQLHM FH VLHFL LQ \QLHU\MQH QDG]LHPQH SRZLQQ\ E\ü VWRSQLRZR SU]\ RND]ML
PRGHUQL]DFMLSU]HNáDGDQHSRGSRZLHU]FKQL WHUHQX
=DOHFDVL Z\NRU]\VWDQLHHQHUJLLJHRWHUPLF]QHM
3RZLHU]FKQLH HNRSR]\W\ZQH Z UR]XPLHQLX SODQX SRZLQQ\ ]DMPRZDü SU]\QDMPQLHM
SRZLHU]FKQLG]LDáHN
7<3025)23/$1,67<&=1<01
1LHGRW\F]\REV]DUyZREM W\FK]PLDQDPLSODQX
7<3025)23/$1,67<&=1<8.
7<3025)23/$1,67<&=1<8*
7<3025)23/$1,67<&=1<35
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
7<3025)23/$1,67<&=1<(/
1LHGRW\F]\REV]DUyZREM W\FK]PLDQDPLSODQX
7<3025)23/$1,67<&=1<(3
1LHGRW\F]\REV]DUyZREM W\FK]PLDQDPLSODQX
7<3025)23/$1,67<&=1<('
7<3025)23/$1,67<&=1<(5
1LHGRW\F]\REV]DUyZREM W\FK]PLDQDPLSODQX
1LHGRW\F]\REV]DUyZREM W\FK]PLDQDPLSODQX
7<3025)23/$1,67<&=1<(1
XVWDOHQLDIXQNFMRQDOQH
5H]HUZDFMDWHUHQX]]DVWU]H HQLHPXVWDOHQLDGODLVWQLHM FHMIXQNFML]PR OLZR FL
SU]HNV]WDáFHQLDZ]LHOH SXEOLF]Q 'RSXV]F]DVL ORNDOL]DFM QLH]E GQ\FKRELHNWyZLQ \QLHU\MQ\FKLVLHFLLQ \QLHU\MQ\FK
XVWDOHQLDHNRORJLF]QH
=DND]OLNZLGDFMLX \WNyZ]LHORQ\FKZRGOHJáR FLPRGFLHNyZL]ELRUQLNyZZRGQ\FK
=DND] OLNZLGDFML ZDUWR FLRZHJR GU]HZRVWDQX Z UR]XPLHQLX SODQX ]DGU]HZLH L
]DNU]HZLH UyGSROQ\FKSU]\ZRGQ\FKLSU]\GUR Q\FKRF]HNZRGQ\FKLPRNUDGHá
8V]F]XSOHQLH]DVREX]LHOHQLZUR]XPLHQLXSODQXZ\PDJDHNZLZDOHQWQHMUHNRPSHQVDW\
ZUR]XPLHQLXSODQX
=DND] G]LDáDOQR FL SRZRGXM FHM XUXFKRPLHQLH SURFHVyZ HUR]\MQ\FK Z V]F]HJyOQR FL
]DPLDQ\VDGyZLRJURGyZQDXSUDZ\SRORZHQLHNRQWURORZDQHMHNVSORDWDFMLVXURZFyZPLQHUDOQ\FKZ
VWUHIDFK NUDZ G]LRZ\FK SURZDG]HQLD X]EURMHQLD SRG]LHPQHJR Z VWUHIDFK SRWHQFMDOQ\FK UXFKyZ
PDVRZ\FK
=DND]G]LDáDOQR FLSRZRGXM FHMSRJRUV]HQLHVWRVXQNyZZRGQ\FK
2ELHNW\ EXGRZODQH Z UDPDFK GRSXV]F]RQHM IXQNFML PRJ SRZVWDZDü Z\á F]QLH QD
WHUHQDFKSR]EDZLRQ\FKZDUWR FLRZHJRGU]HZRVWDQXZUR]XPLHQLXSODQX
&Dá\WHUHQREM W\(6=0
LQQHXVWDOHQLDVWDQRZL FH
=DND]QRZHJR]DJRVSRGDURZDQLDW\PF]DVRZHJRZUR]XPLHQLXSODQX]DZ\M WNLHP
]DJRVSRGDURZDQLDOLNZLGRZDQHJRQDQRFLLPSUH]RNROLF]QR FLRZ\FKNLONXGQLRZ\FKMDUPDUNyZ
IHVW\QyZ RGSXVWyZ Z\VWDZ LWS OXE VH]RQRZ\FK OHWQLH RJUyGNL JDVWURQRPLF]QH NLHUPDV]H
ZL WHF]QHLWS
SURPRFMD
=DOHFD VL HOLPLQDFM VWRVRZDQLD FKHPLF]Q\FK URGNyZ RFKURQ\ UR OLQ Z SREOL X ZyG
SRZLHU]FKQLRZ\FK
=DOHFDVL XQLNDQLHEXGRZ\QRZ\FKQDV\SyZGODSURZDG]HQLDOLQLLNRPXQLNDF\MQ\FKL
VLHFLLQ \QLHU\MQ\FK
7<3025)23/$1,67<&=1<50
7<3025)23/$1,67<&=1<53
1LHGRW\F]\REV]DUyZREM W\FK]PLDQDPLSODQX
1LHGRW\F]\REV]DUyZREM W\FK]PLDQDPLSODQX
7<3025)23/$1,67<&=1<5(
1LHGRW\F]\REV]DUyZREM W\FK]PLDQDPLSODQX
†
'OD ND GHJR REV]DUX REM WHJR ]PLDQDPL SODQX XFKZDORQ\PL QLQLHMV] XFKZDá RERZL ]XM
UyZQRF]H QLHXVWDOHQLDRJyOQH2*RNWyU\FKPRZDZ†XVWDOHQLDPRUIRSODQLVW\F]QHRNWyU\FK
PRZD Z † L XVWDOHQLD V]F]HJyáRZH GOD SRV]F]HJyOQ\FK ]PLDQ SODQyZ R NWyU\FK PRZD Z
5R]G]LDOH 8VWDOHQLH RJyOQH RERZL ]XMH MH HOL XVWDOHQLH PRUIRSODQLVW\F]QH OXE XVWDOHQLH
V]F]HJyáRZH UHJXOXM FH W VDP PDWHUL QLH VWDQRZL LQDF]HM 8VWDOHQLH PRUIRSODQLVW\F]QH
RERZL ]XMHMH HOLXVWDOHQLHV]F]HJyáRZHUHJXOXM FHW VDP PDWHUL QLHVWDQRZLLQDF]HM
†
8FKZDOD VL /HJHQG U\VXQNyZ ]PLDQ SODQX XFKZDORQ\FK QLQLHMV] XFKZDá ]DZDUW Z
]Dá F]QLNX QU GR QLQLHMV]HM XFKZDá\ 5\VXQNL ]PLDQ SODQX RERZL ]XM Z F] FL RNUH ORQHM Z
/HJHQG]LHMDNRÄ8VWDOHQLD´
1XPHU\ DGUHVRZH WHUHQyZ HOHPHQWDUQ\FK Z\PLHQLDQ\FK Z 5R]G] Z XVW ZV]\VWNLFK
SDUDJUDIyZ GRW\F] WHUHQyZ HOHPHQWDUQ\FK ] RERZL ]XM FHJR 0LHMVFRZHJR SODQX RJyOQHJR
]DJRVSRGDURZDQLD SU]HVWU]HQQHJR PLDVWD 6]F]HFLQD XFKZDORQHJR XFKZDá 1U / 5DG\
0LHMVNLHM Z 6]F]HFLQLH ] GQLD PDMD U Z VSUDZLH 0LHMVFRZHJR SODQX RJyOQHJR
]DJRVSRGDURZDQLDSU]HVWU]HQQHJRPLDVWD6]F]HFLQD']8U]:RMHZyG]WZD6]F]HFL VNLHJRQUSR]
]PQUSR]
/HJHQG ]Dá F]QLNyZJUDILF]Q\FK]DZLHUDM F\FKJUDQLFHZáDGDQLDJUXQWDPLSU]HGVWDZLD]Dá F]QLN
QUD
5R]G]LDá3U]HSLV\V]F]HJyáRZH
†
8VWDODVL U\VXQHN]PLDQ\SODQXPLHMVFRZHJR]DJRVSRGDURZDQLDSU]HVWU]HQQHJR=]DZDUW\Z
]Dá F]QLNXQURUD]XVWDOHQLDV]F]HJyáRZH]PLDQ\
7(5(1(/(0(17$51<=/0-F]
ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
XO(=HJDGáRZLF]DRJURG\G]LDáNRZHSDUNOH Q\*á ERNLHWHUHQXM FLDZRG\3LOFKRZR2VLHGOH
3LOFKRZR
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
UHMRQXOLF(=HJDGáRZLF]D0\ OHQLFND
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR
KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
XO0DNRZVNDXO0\ OHQLFNDXO(=HJDGáRZLF]D•SDU]\VWH
XVWDOHQLDIXQNFMRQDOQH
XVWDOHQLDIRUP]DEXGRZ\
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
7HUHQREM W\VWUHI .RFKURQ\NUDMREUD]XNXOWXURZHJR
XVWDOHQLDGRW\F] FHREVáXJLNRPXQLNDF\MQHM
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
XVWDOHQLDGRW\F] FHREVáXJLLQ \QLHU\MQHM
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
SURPRFMD
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
LQIRUPDFMHRRELHNWDFKSUDZQLHFKURQLRQ\FK
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
2EV]DU REM W\ ]PLDQ = SRáR RQ\ MHVW Z WHUHQLH HOHPHQWDUQ\P =/0- *UDQLFH REV]DUX
RNUH OD]Dá F]QLNQU*UDQLFHZáDGDQLDJUXQWDPLRNUH OD]Dá F]QLNQUD
&HOHP UHJXODFML ]DZDUW\FK Z XVWDOHQLDFK ]PLDQ\ = MHVW ZHU\ILNDFMD JUDQLF VWUHI
NRQVHUZDWRUVNLFK
3U]HGPLRWHPXVWDOH ]PLDQ\=MHVWRVLHGOH]DEXGRZ\MHGQRURG]LQQHM
†
8FKZDODVL U\VXQHN]PLDQ\SODQXPLHMVFRZHJR]DJRVSRGDURZDQLDSU]HVWU]HQQHJR=]DZDUW\Z
]Dá F]QLNXQURUD]XVWDOHQLDV]F]HJyáRZH]PLDQ\
7(5(1(/(0(17$51<=*0-F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
RJURG\ G]LDáNRZH JUDQLFD WHUHQyZ MH]LRUD 6áRQHF]QHJR XO .X 6áR FX JUDQLFD XM FLD ZRG\
SRG]LHPQHM ZLHUF]HZR
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
F] üREV]DUXSRPL G]\XOLFDPL=DEX D VN .X6áR FX
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR
KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
XO.X6áR FXXO=DEX D VNDL
XVWDOHQLDIXQNFMRQDOQH
XVWDOHQLDHNRORJLF]QH
&Dá\WHUHQZ(6=0
XVWDOHQLDIRUP]DEXGRZ\
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
7HUHQREM W\VWUHI .RFKURQ\G]LHG]LFWZDNXOWXURZHJR
XVWDOHQLDGRW\F] FHREVáXJLNRPXQLNDF\MQHM
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
XVWDOHQLDGRW\F] FHREVáXJLLQ \QLHU\MQHM
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
SURPRFMD
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
LQIRUPDFMHRRELHNWDFKSUDZQLHFKURQLRQ\FK
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
2EV]DU REM W\ ]PLDQ = SRáR RQ\ MHVW Z WHUHQLH HOHPHQWDUQ\P =*0- *UDQLFH REV]DUX
RNUH OD]Dá F]QLNQU*UDQLFHZáDGDQLDJUXQWDPLRNUH OD]Dá F]QLNQUD
&HOHPUHJXODFML]DZDUW\FKZXVWDOHQLDFK]PLDQ\=MHVWXV]F]HJyáRZLHQLHJUDQLF\(6=0
3U]HGPLRWHPXVWDOH ]PLDQ\=MHVWVWUHID(6=0
†
8FKZDODVL U\VXQHN]PLDQ\SODQXPLHMVFRZHJR]DJRVSRGDURZDQLDSU]HVWU]HQQHJR=]DZDUW\Z
]Dá F]QLNXQURUD]XVWDOHQLDV]F]HJyáRZH]PLDQ\
7(5(1(/(0(17$51<=*0-F]
ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
XO%LHV]F]DG]NDXO/XEHOVND]DSOHF]DXOLF.UXV]ZLFNLHM%URGQLFNLHM/XEDZVNLHM5y DQHMXO
.X6áR FXU]HND%XNRZD]DSOHF]DXOLF1LHFDáHM2NXOLFNLHJR.LQJL%LDáRVWRFNLHMJUDQLFDPLDVWD
]DSOHF]DXOLF$QKHOOHJR2NXOLFNLHJRWHUHQ\UROQLF]HRJURG\G]LDáNRZH2VLHGOH*XPLH FH
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
UHMRQXOLF*RUOLFND]DSOHF]H%LHV]F]DG]NLHM*áRJRZVND
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR
KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
XO%LHV]F]DG]ND•QLHSDU]\VWH
XVWDOHQLDIXQNFMRQDOQH
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
XVWDOHQLDHNRORJLF]QH
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1DWHUHQLHRNUH ORQ\PQDU\VXQNXSODQXQLHRERZL ]XMH0-
XVWDOHQLDNRPSR]\FMLXUEDQLVW\F]QHM
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
8VWDOHQLHGRW\F]\]PLDQ\==
8VWDOHQLHGRW\F]\]PLDQ\==
XVWDOHQLDGRW\F] FHREVáXJLNRPXQLNDF\MQHM
8VWDOHQLHGRW\F]\]PLDQ\=
XVWDOHQLDGRW\F] FHREVáXJLLQ \QLHU\MQHM
8VWDOHQLHGRW\F]\]PLDQ\=
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
SURPRFMD
8VWDOHQLHGRW\F]\]PLDQ\=
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
2EV]DU REM W\ ]PLDQ = SRáR RQ\ MHVW Z WHUHQLH HOHPHQWDUQ\P =*0- *UDQLFH REV]DUX
RNUH OD]Dá F]QLNQU*UDQLFHZáDGDQLDJUXQWDPLRNUH OD]Dá F]QLNQUD
&HOHPUHJXODFML]DZDUW\FKZXVWDOHQLDFK]PLDQ\=MHVWGRSXV]F]HQLHZDUV]WDWyZ
3U]HGPLRWHPXVWDOH ]PLDQ\=V ZDUV]WDW\U]HPLH OQLF]HPDJD]\Q\
†
8FKZDODVL U\VXQHN]PLDQ\SODQXPLHMVFRZHJR]DJRVSRGDURZDQLDSU]HVWU]HQQHJR=]DZDUW\
Z]Dá F]QLNXQURUD]XVWDOHQLDV]F]HJyáRZH]PLDQ\
7(5(1(/(0(17$51<=*0-F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
XO%LHV]F]DG]NDXO/XEHOVND]DSOHF]DXOLF.UXV]ZLFNLHM%URGQLFNLHM/XEDZVNLHM5y DQHMXO
.X6áR FXU]HND%XNRZD]DSOHF]DXOLF1LHFDáHM2NXOLFNLHJR.LQJL%LDáRVWRFNLHMJUDQLFDPLDVWD
]DSOHF]DXOLF$QKHOOHJR2NXOLFNLHJRWHUHQ\UROQLF]HRJURG\G]LDáNRZH2VLHGOH*XPLH FH
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
SRáXGQLRZ\RGFLQHNXOLF\.ZLDWRZHM
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR
KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
1DWHUHQLHQLHPDQDGDQ\FKDGUHVyZSROLF\MQ\FK
XVWDOHQLDIXQNFMRQDOQH
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
XVWDOHQLDHNRORJLF]QH
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
XVWDOHQLDNRPSR]\FMLXUEDQLVW\F]QHM
8VWDOHQLHGRW\F]\]PLDQ\=
LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
7HUHQF] FLRZRREM W\VWUHI %RFKURQ\G]LHG]LFWZDNXOWXURZHJR
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
8VWDOHQLHGRW\F]\]PLDQ\==
8VWDOHQLHGRW\F]\]PLDQ\==
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
XVWDOHQLDGRW\F] FHREVáXJLNRPXQLNDF\MQHM
8VWDOHQLHGRW\F]\]PLDQ\=
=DFKRZDQLHQDZLHU]FKQLEUXNRZHMXOLF*áRJRZVND%LHV]F]DG]ND6DQGRPLHUVND
.UXV]ZLFND%URGQLFND5y DQD
XVWDOHQLDGRW\F] FHREVáXJLLQ \QLHU\MQHM
=DRSDWU]HQLH Z ZRG JD] HQHUJL HOHNWU\F]Q RUD] RGSURZDG]DQLH FLHNyZ L ZyG
RSDGRZ\FKZRSDUFLXRVLHFLLQ \QLHU\MQHX]EURMHQLDPLHMVNLHJR,QQHUR]ZL ]DQLDVLHFLRZH
GRSXV]F]DVL SRGZDUXQNLHPX]JRGQLHQLD]JHVWRUDPLLZáDGDM F\PLJUXQWHP5R]ZL ]DQLD
LQG\ZLGXDOQH GRSXV]F]D VL MHG\QLH SRG ZDUXQNLHP H QLH SRJRUV] RQH VWDQX
URGRZLVND SURPRFMD
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
2EV]DU REM W\ ]PLDQ = SRáR RQ\ MHVW Z WHUHQLH HOHPHQWDUQ\P =*0- *UDQLFH REV]DUX
RNUH OD]Dá F]QLNQU*UDQLFHZáDGDQLDJUXQWDPLRNUH OD]Dá F]QLNQUD
&HOHPUHJXODFML]DZDUW\FKZXVWDOHQLDFK]PLDQ\=MHVW]QLHVLHQLHRFKURQ\EUXNX
3U]HGPLRWHPXVWDOH ]PLDQ\=MHVWXOLFDORNDOQD
†
8FKZDODVL U\VXQHN]PLDQ\SODQXPLHMVFRZHJR]DJRVSRGDURZDQLDSU]HVWU]HQQHJR=]DZDUW\Z
]Dá F]QLNXQURUD]XVWDOHQLDV]F]HJyáRZH]PLDQ\
7(5(1(/(0(17$51<=*0-F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
XO%LHV]F]DG]NDXO/XEHOVND]DSOHF]DXOLF.UXV]ZLFNLHM%URGQLFNLHM/XEDZVNLHM5y DQHMXO
.X6áR FXU]HND%XNRZD]DSOHF]DXOLF1LHFDáHM2NXOLFNLHJR.LQJL%LDáRVWRFNLHMJUDQLFDPLDVWD
]DSOHF]DXOLF$QKHOOHJR2NXOLFNLHJRWHUHQ\UROQLF]HRJURG\G]LDáNRZH2VLHGOH*XPLH FH
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
UHMRQXOLF%LDáRVWRFNLHML:URFáDZVNLHMRUD]SRWRNX*XPLHQLHF
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR
KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
XO%LDáRVWRFNDL$XO6DPERUVNDLXO:URFáDZVND•QLHSDU]\VWH
XVWDOHQLDIXQNFMRQDOQH
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
XVWDOHQLDHNRORJLF]QH
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
XVWDOHQLDNRPSR]\FMLXUEDQLVW\F]QHM
8VWDOHQLHGRW\F]\]PLDQ\=
LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQDREV]DU]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQDREV]DU]PLDQ\SODQX
8VWDOHQLHGRW\F]\]PLDQ\==
7HUHQREM W\VWUHI (RFKURQ\HNVSR]\FML
XVWDOHQLDGRW\F] FHREVáXJLNRPXQLNDF\MQHM
8VWDOHQLHGRW\F]\]PLDQ\==
XVWDOHQLDGRW\F] FHREVáXJLLQ \QLHU\MQHM
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
SURPRFMD
8VWDOHQLHGRW\F]\]PLDQ\=
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
7(5(1(/(0(17$51<=*(1F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
]DSOHF]HXO%LDáRVWRFNLHM]DSOHF]DXOLF.LQJL2NXOLFNLHJRL1LHFDáHMSURMHNWRZDQD
XO1RZRNUDNRZVNDXO+DUQDVLyZLMHMSU]HGáX HQLHGRJUDQLFPLDVWD
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
UHMRQXOLF\:URFáDZVNLHMLSRWRNX*XPLHQLHF
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR
KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
XO:URFáDZVND
XVWDOHQLDIXQNFMRQDOQH
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
XVWDOHQLDHNRORJLF]QH
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
7HUHQREM W\VWUHI (RFKURQ\HNVSR]\FML
8VWDOHQLHGRW\F]\]PLDQ\=
1LHGRW\F]\]HZ]JO GXQDREV]DU]PLDQ\SODQX
8VWDOHQLHGRW\F]\]PLDQ\=
SURPRFMD
8VWDOHQLHGRW\F]\]PLDQ\=
LQIRUPDFMHRRELHNWDFKSUDZQLHFKURQLRQ\FK
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
7(5(1(/(0(17$51<=*0-F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
U]HND*XPLHQLHFSURMHNWRZDQDXO1RZRNUDNRZVNDXO=EyMQLFND]DSOHF]HXO+DUQDVLyZ
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
]DSOHF]HXOLF\+DUQDVLyZZNLHUXQNXXOLF\.UDNRZVNLHMZUHMRQLHSRWRNX*XPLHQLHF
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR
KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
XO6 GHFND•QLHSDU]\VWHXO7\QLHFND•
XVWDOHQLDIXQNFMRQDOQH
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
XVWDOHQLDIRUP]DEXGRZ\
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
7HUHQREM W\VWUHI (RFKURQ\HNVSR]\FML
1LHGRW\F]\]HZ]JO GXQDREV]DU]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQDREV]DU]PLDQ\SODQX
SURPRFMD
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
7(5(1(/(0(17$51<=*0-F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
XO3yáNROLVWDGROLQDU]HNL%XNRZHMXO0LHV]ND,XO5HF]D VNDXO=LHORQDXO.UDNRZVND
SURMHNWRZDQDXOLFD1RZRNUDNRZVND2VLHGOH6WDUH*XPLH FH
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
REV]DUQD]DFKyGRGXOLF\.UDNRZVNLHMQDRGFLQNXRGXOLF\3yáNROLVWHMGRXOLF\'ZRUVNLHM
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR
KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
XO.UDNRZVND'
XVWDOHQLDIXQNFMRQDOQH
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
XVWDOHQLDHNRORJLF]QH
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
XVWDOHQLDNRPSR]\FMLXUEDQLVW\F]QHM
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
XVWDOHQLDIRUP]DEXGRZ\
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQDREV]DU]PLDQ\SODQX
7HUHQREM W\VWUHI (RFKURQ\HNVSR]\FML
1LHGRW\F]\]HZ]JO GXQDREV]DU]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQDREV]DU]PLDQ\SODQX
XVWDOHQLDGRW\F] FHREVáXJLNRPXQLNDF\MQHM
8VWDOHQLHGRW\F]\]PLDQ\=
SURPRFMD
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
LQIRUPDFMHRRELHNWDFKSUDZQLHFKURQLRQ\FK
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
7(5(1(/(0(17$51<.'*
JUDQLFHWHUHQXHOHPHQWDUQHJR
XO1RZRNUDNRZVNDXO'HUGRZVNLHJRGRXO.ZLHWQLD
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
XO1RZRNUDNRZVNDZUHMRQLHVNU]\ RZDQLD]XOLFDPL.UDNRZVND:URFáDZVND
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR
KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
1DWHUHQLHQLHPDQDGDQ\FKDGUHVyZSROLF\MQ\FK
XVWDOHQLDIXQNFMRQDOQH
XVWDOHQLDHNRORJLF]QH
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
8OLFDREM WDVWUHI (RFKURQ\HNVSR]\FML
1LHGRW\F]\]HZ]JO GXQDREV]DU]PLDQ\SODQX
XVWDOHQLDGRW\F] FHREVáXJLNRPXQLNDF\MQHM
8VWDOHQLHGRW\F]\]PLDQ\= =
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
]RERZL ]DQLDSXEOLF]QRSUDZQHPLDVWD
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
SURPRFMD
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
LQIRUPDFMHRWHUHQDFKSUDZQLHFKURQLRQ\FK
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
2EV]DU REM W\ ]PLDQ = SRáR RQ\ MHVW Z WHUHQDFK HOHPHQWDUQ\FK =*0- =*(1
=*0-=*0-L.'**UDQLFHREV]DUXRNUH OD]Dá F]QLNQU*UDQLFHZáDGDQLDJUXQWDPL
RNUH OD]Dá F]QLNQUD
&HOHP UHJXODFML ]DZDUW\FK Z XVWDOHQLDFK ]PLDQ\ = MHVW ZHU\ILNDFMD JUDQLF VWUHI
NRQVHUZDWRUVNLFK
3U]HGPLRWHPXVWDOH ]PLDQ\=MHVWVWUHIDRFKURQ\HNVSR]\FML
†
8FKZDODVL U\VXQHN]PLDQ\SODQXPLHMVFRZHJR]DJRVSRGDURZDQLDSU]HVWU]HQQHJR=]DZDUW\Z
]Dá F]QLNXQURUD]XVWDOHQLDV]F]HJyáRZH]PLDQ\
7(5(1(/(0(17$51<=*(1F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
]DSOHF]HXO%LDáRVWRFNLHM]DSOHF]DXOLF.LQJL2NXOLFNLHJRL1LHFDáHMSURMHNWRZDQD
XO1RZRNUDNRZVNDXO+DUQDVLyZLMHMSU]HGáX HQLHGRJUDQLFPLDVWD
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
]DSOHF]DXOLF Z.LQJLL/2NXOLFNLHJRZUHMRQLHU]%XNRZHMLFLHNXZRGQHJR6WUXJD
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR
KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
1DWHUHQLHQLHPDQDGDQ\FKDGUHVyZSROLF\MQ\FK
XVWDOHQLDIXQNFMRQDOQH
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
XVWDOHQLDHNRORJLF]QH
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
1LHGRW\F]\QDREV]DUX]PLDQ\SODQX
8VWDOHQLHGRW\F]\]PLDQ\=
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
8VWDOHQLHGRW\F]\]PLDQ\=
SURPRFMD
8VWDOHQLHGRW\F]\]PLDQ\=
LQIRUPDFMHRRELHNWDFKSUDZQLHFKURQLRQ\FK
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
2EV]DU REM W\ ]PLDQ = SRáR RQ\ MHVW Z WHUHQLH HOHPHQWDUQ\P =*(1 *UDQLFH REV]DUX
RNUH OD]Dá F]QLNQU*UDQLFHZáDGDQLDJUXQWDPLRNUH OD]Dá F]QLNQUD
&HOHPUHJXODFML]DZDUW\FKZXVWDOHQLDFK]PLDQ\=MHVWXV]F]HJyáRZLHQLHJUDQLF\(6=0
3U]HGPLRWHPXVWDOH ]PLDQ\=MHVWREV]DU(6=0
†
8FKZDODVL U\VXQHN]PLDQ\SODQXPLHMVFRZHJR]DJRVSRGDURZDQLDSU]HVWU]HQQHJR=]DZDUW\Z
]Dá F]QLNXQURUD]XVWDOHQLDV]F]HJyáRZH]PLDQ\
7(5(1(/(0(17$51<=*0-F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
]DSOHF]HXO.U]\ZHMXO'ZRUVNDXO.X6áR FXJUDQLFD&PHQWDU]D&HQWUDOQHJR
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
UHMRQXOLF\.X6áR FXSU]\SyáQRFQR]DFKRGQLHMJUDQLF\&PHQWDU]D&HQWUDOQHJRQD]DSOHF]XXOLF\
'ZRUVNLHM
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR
KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
XO.X6áR FX
XVWDOHQLDHNRORJLF]QH
XVWDOHQLDNRPSR]\FMLXUEDQLVW\F]QHM
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
2EV]DUREM W\VWUHI $RFKURQ\G]LHG]LFWZDNXOWXURZHJR
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQDREV]DU]PLDQ\SODQX
XVWDOHQLD]DVDGSDUFHODFML
1LHGRW\F]\]HZ]JO GXQDREV]DU]PLDQ\SODQX
XVWDOHQLDGRW\F] FHREVáXJLNRPXQLNDF\MQHM
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
SURPRFMD
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
2EV]DU REM W\ ]PLDQ = SRáR RQ\ MHVW Z WHUHQLH HOHPHQWDUQ\P =*0- *UDQLFH REV]DUX
RNUH OD]Dá F]QLNQU*UDQLFHZáDGDQLDJUXQWDPLRNUH OD]Dá F]QLNQUD
&HOHP UHJXODFML ]DZDUW\FK Z XVWDOHQLDFK ]PLDQ\ = MHVW ZHU\ILNDFMD JUDQLF VWUHI
NRQVHUZDWRUVNLFK
3U]HGPLRWHPXVWDOH ]PLDQ\=MHVWVWUHID$RFKURQ\NRQVHUZDWRUVNLHM
†
8FKZDODVL U\VXQHN]PLDQ\SODQXPLHMVFRZHJR]DJRVSRGDURZDQLDSU]HVWU]HQQHJR=]DZDUW\Z
]Dá F]QLNXQURUD]XVWDOHQLDV]F]HJyáRZH]PLDQ\
7(5(1(/(0(17$51<=*8*F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
XO0LHV]ND,WHUHQ\NROHMRZHGROLQDU]HNL%XNRZHM
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
Z]GáX WRUyZ NROHMRZ\FK Z UHMRQLH VWDFML 6]F]HFLQ :]JyU]H +HWPD VNLH L Z UHMRQLH XOLF\
%LDáRZLHVNLHM
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
1DWHUHQLHQLHPDQDGDQ\FKDGUHVyZSROLF\MQ\FK
LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
XVWDOHQLDGRW\F] FHREVáXJLLQ \QLHU\MQHM
(OHNWURHQHUJHW\F]QDOLQLDQDSRZLHWU]QDZ\VRNLHJRQDSL FLDRNUH ORQDQDU\VXQNXSODQX
SURPRFMD
8VWDOHQLHGRW\F]\]PLDQ\=
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
7(5(1(/(0(17$51<=*(1F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
GROLQDU]%XNRZHMRGXO0LHV]ND,GRUR]MD]GXNROHMRZHJRQD3RPRU]DQDFK
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
UHMRQRJURGyZG]LDáNRZ\FKLU]%XNRZHMQDSRáXGQLRZ\]DFKyGRGXOLF\%LDáRZLHVNLHM
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR
KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
1DWHUHQLHQLHPDQDGDQ\FKDGUHVyZSROLF\MQ\FK
XVWDOHQLDIXQNFMRQDOQH
'RW\F]\]PLDQ\=
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
XVWDOHQLDHNRORJLF]QH
8VWDOHQLHGRW\F]\]PLDQ\=
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
8VWDOHQLHGRW\F]\]PLDQ\=
8VWDOHQLHGRW\F]\]PLDQ\=
XVWDOHQLDGRW\F] FHREVáXJLLQ \QLHU\MQHM
(OHNWURHQHUJHW\F]QDOLQLDZ\VRNLHJRQDSL FLDRNUH ORQDQDU\VXQNXSODQX
SURPRFMD
8VWDOHQLHGRW\F]\]PLDQ==L=
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
2EV]DUREM W\]PLDQ =SRáR RQ\MHVWZWHUHQLHHOHPHQWDUQ\P=*8*=*(1*UDQLFH
REV]DUXRNUH OD]Dá F]QLNQU*UDQLFHZáDGDQLDJUXQWDPLRNUH OD]Dá F]QLNQUD
&HOHPUHJXODFML]DZDUW\FKZXVWDOHQLDFK]PLDQ\=MHVWZSURZDG]HQLHLVWQLHM FHM/:1
3U]HGPLRWHPXVWDOH ]PLDQ\=MHVWHOHNWURHQHUJHW\F]QDOLQLDQDSRZLHWU]QDZ\VRNLHJRQDSL FLD
†
8FKZDODVL U\VXQHN]PLDQ\SODQXPLHMVFRZHJR]DJRVSRGDURZDQLDSU]HVWU]HQQHJR=]DZDUW\Z
]Dá F]QLNXQURUD]XVWDOHQLDV]F]HJyáRZH]PLDQ\
7(5(1(/(0(17$51<=*0-F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
XO3RáXGQLRZDXO0LHV]ND,GROLQDU]HNL%XNRZHMJUDQLFDRVLHGODMHGQRURG]LQQHJR
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
REV]DUQDSU]HGáX HQLXXOLF\/HGQLFNLHMF] üRJURGyZG]LDáNRZ\FKQD]DSOHF]XXOLF\àDQRZHM
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR
KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
XO/HGQLFNDL•SDU]\VWH
XVWDOHQLDIXQNFMRQDOQH
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
XVWDOHQLDHNRORJLF]QH
8VWDOHQLHGRW\F]\]PLDQ\=
7HUHQREM W\(6=0
8VWDOHQLHGRW\F]\]PLDQ\=
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
XVWDOHQLDNRPSR]\FMLXUEDQLVW\F]QHM
=DND]]PLDQ\NRPSR]\FML]HVSRáX]DEXGRZ\ZUR]XPLHQLXSODQXRVLHGOD
XVWDOHQLDIRUP]DEXGRZ\
LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
8VWDOHQLHGRW\F]\]PLDQ\=
7HUHQREM W\VWUHI .RFKURQ\NUDMREUD]XNXOWXURZHJR
XVWDOHQLD]DVDGSDUFHODFML
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
XVWDOHQLDGRW\F] FHREVáXJLNRPXQLNDF\MQHM
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
XVWDOHQLDGRW\F] FHREVáXJLLQ \QLHU\MQHM
=DRSDWU]HQLH Z ZRG JD] HQHUJL HOHNWU\F]Q RUD] RGSURZDG]DQLH FLHNyZ L ZyG
RSDGRZ\FKZRSDUFLXRVLHFLLQ \QLHU\MQHX]EURMHQLDPLHMVNLHJR,QQHUR]ZL ]DQLDVLHFLRZH
GRSXV]F]DVL SRGZDUXQNLHPX]JRGQLHQLD]JHVWRUDPLLZáDGDM F\PLJUXQWHP5R]ZL ]DQLD
LQG\ZLGXDOQH GRSXV]F]D VL MHG\QLH SRG ZDUXQNLHP H QLH SRJRUV] RQH VWDQX
URGRZLVND
SURPRFMD
8]XSHáQLHQLHRVLHGODZXVáXJLSRGVWDZRZH
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
2EV]DU REM W\ ]PLDQ = SRáR RQ\ MHVW Z WHUHQLH HOHPHQWDUQ\P =*(1 =*0-
*UDQLFHREV]DUXRNUH OD]Dá F]QLNQU*UDQLFHZáDGDQLDJUXQWDPLRNUH OD]Dá F]QLNQUD
&HOHPUHJXODFML]DZDUW\FKZXVWDOHQLDFK]PLDQ\=MHVWRJUDQLF]HQLHUH]HUZDFMLGOD]LHOHQLQD
U]HF]]DEXGRZ\PLHV]NDQLRZHM
3U]HGPLRWHP XVWDOH ]PLDQ\ = MHVW SURMHNWRZDQ\ ]HVSyá ]DEXGRZ\ PLHV]NDQLRZHM
MHGQRURG]LQQHM
†
8FKZDOD VL U\VXQHN ]PLDQ\ SODQX PLHMVFRZHJR ]DJRVSRGDURZDQLD SU]HVWU]HQQHJR =
]DZDUW\Z]Dá F]QLNXQURUD]XVWDOHQLDV]F]HJyáRZH]PLDQ\
7(5(1(/(0(17$51<=%F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
XO 0RGUD JUDQLFH WHUHQX RVLHGOD PLHV]NDQLRZHJR %H]U]HF]H WHUHQ\ OH QH L RWZDUWH WHUHQ\
IXQNFMLVSHFMDOQHMWHUHQ\SURMHNWRZDQHMS WOLWUDPZDMRZHMSU]\XO:6]DIHUD
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
WHUHQZUHMRQLHXOLF:6]DIHUD0RGUHM
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
1DWHUHQLHQLHPDQDGDQ\FKDGUHVyZSROLF\MQ\FK
XVWDOHQLDIXQNFMRQDOQH
5H]HUZDFMDWHUHQXGOD]LHOHQLSDUNRZHM=3RNUH ORQDQDU\VXQNXSODQX
XVWDOHQLDHNRORJLF]QH
&] üWHUHQXZ(6=0
XVWDOHQLDIRUP]DEXGRZ\
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
7HUHQREM W\VWUHI .RFKURQ\NUDMREUD]XNXOWXURZHJR
XVWDOHQLDGRW\F] FHREVáXJLLQ \QLHU\MQHM
7\PF]DVRZDRF]\V]F]DOQLD FLHNyZ
=DRSDWU]HQLH Z ZRG JD] HQHUJL HOHNWU\F]Q RUD] RGSURZDG]DQLH FLHNyZ L ZyG
RSDGRZ\FKZRSDUFLXRVLHFLLQ \QLHU\MQHX]EURMHQLDPLHMVNLHJR,QQHUR]ZL ]DQLDVLHFLRZH
GRSXV]F]DVL SRGZDUXQNLHPX]JRGQLHQLD]JHVWRUDPLLZáDGDM F\PLJUXQWHP5R]ZL ]DQLD
LQG\ZLGXDOQH GRSXV]F]D VL MHG\QLH SRG ZDUXQNLHP H QLH SRJRUV] RQH VWDQX
URGRZLVND
SURPRFMD
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
2EV]DU REM W\ ]PLDQ = SRáR RQ\ MHVW Z WHUHQLH HOHPHQWDUQ\P =% *UDQLFH REV]DUX
RNUH OD]Dá F]QLNQU*UDQLFHZáDGDQLDJUXQWDPLRNUH OD]Dá F]QLNQUD
&HOHPUHJXODFML]DZDUW\FKZXVWDOHQLDFK]PLDQ\=MHVWUH]HUZDFMDGODLVWQLHM FHM=3
3U]HGPLRWHPXVWDOH ]PLDQ\=MHVW]LHOH SDUNRZD
†
8FKZDOD VL U\VXQHN ]PLDQ\ SODQX PLHMVFRZHJR ]DJRVSRGDURZDQLD SU]HVWU]HQQHJR =
]DZDUW\Z]Dá F]QLNXQURUD]XVWDOHQLDV]F]HJyáRZH]PLDQ\
7(5(1(/(0(17$51<=30-F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
$O:RMVND3ROVNLHJRXO:3RODXO-.RFKDQRZVNLHJRSURMHNWRZDQDXOLFDREZRGRZDZ]GáX
OLQLLNROHMRZHM
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
UHMRQ $O :RMVND3ROVNLHJRL]DSOHF]DXOLF\30LFKDáRZVNLHJRRUD]F] ü RJURGyZ G]LDáNRZ\FK
QDSyáQRFQ\]DFKyGRGXOLF\30LFKDáRZVNLHJR
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
XO30LFKDáRZVNLHJRRUD]•
XVWDOHQLDIXQNFMRQDOQH
1D WHUHQLH RNUH ORQ\P QD U\VXQNX SODQX ]DEXGRZD ZLHORURG]LQQD XVáXJRZR PLHV]NDOQDRQLVNLHMLQWHQV\ZQR FL
1D WHUHQLH RNUH ORQ\P QD U\VXQNX SODQX ]DEXGRZD PLHV]NDQLRZD ] XVáXJDPL Z
SDUWHUDFK
1D WHUHQLH RNUH ORQ\P QD U\VXQNX SODQX FRQDMPQLHM P SRZLHU]FKQL RJyOQHM
SDUWHUyZSU]H]QDF]DVL QDXVáXJL
XVWDOHQLDHNRORJLF]QH
&Dá\WHUHQZ(6=0
XVWDOHQLDNRPSR]\FMLXUEDQLVW\F]QHM
+DUPRQLMQDSLHU]HMDZUR]XPLHQLXSODQX$O:RMVND3ROVNLHJR
=DND] ]PLDQ\ NRPSR]\FML ]HVSRáX ]DEXGRZ\ Z UR]XPLHQLX SODQX SU]\ $O :RMVND
3ROVNLHJRXO:3RODXO:0LFKDáRZVNLHJR
XVWDOHQLDIRUP]DEXGRZ\
1D WHUHQDFK L RNUH ORQ\FK QD U\VXQNX SODQX Z\VRNR ü ]DEXGRZ\ Z UR]XPLHQLX
SODQXGRP
%XG\QNLNU\WHGDFKDPLVWURP\PLZUR]XPLHQLXSODQX
LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
7HUHQF] FLRZRREM W\VWUHI $RFKURQ\G]LHG]LFWZDNXOWXURZHJR
8VWDOHQLHGRW\F]\]PLDQ\=
8VWDOHQLHGRW\F]\]PLDQ\=
7HUHQF] FLRZRREM W\VWUHI .RFKURQ\NUDMREUD]XNXOWXURZHJR
XVWDOHQLDSODQLVW\F]QHLSURFHGXUDOQH
/RNDOL]DFMD QRZ\FK RELHNWyZ IXQNFML FKURQLRQ\FK Z UR]XPLHQLX SODQX Z\PDJD
X]JRGQLHQLD]3D VWZRZ\P:RMHZyG]NLP,QVSHNWRUHP6DQLWDUQ\P
XVWDOHQLDGRW\F] FHREVáXJLNRPXQLNDF\MQHM
8VWDOD VL FL J SLHV]\ RNUH ORQ\ QD U\VXQNX SODQX á F] F\ $O :RMVND 3ROVNLHJR ]
XO$UNR VN XVWDOHQLDGRW\F] FHREVáXJLLQ \QLHU\MQHM
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
=DRSDWU]HQLH Z ZRG JD] HQHUJL HOHNWU\F]Q RUD] RGSURZDG]DQLH FLHNyZ L ZyG
RSDGRZ\FKZRSDUFLXRVLHFLLQ \QLHU\MQHX]EURMHQLDPLHMVNLHJR,QQHUR]ZL ]DQLDVLHFLRZH
GRSXV]F]DVL SRGZDUXQNLHPX]JRGQLHQLD]JHVWRUDPLLZáDGDM F\PLJUXQWHP5R]ZL ]DQLD
LQG\ZLGXDOQH GRSXV]F]D VL MHG\QLH SRG ZDUXQNLHP H QLH SRJRUV] RQH VWDQX
URGRZLVND
LQQHXVWDOHQLDVWDQRZL FH
1DWHUHQDFKLRNUH ORQ\FKQDU\VXQNXSODQXQLHRERZL ]XM XVWDOHQLDLGOD
W\SXPRUIRSODQLVW\F]QHJRZUR]XPLHQLXSODQX0-
SURPRFMD
1D WHUHQLH RNUH ORQ\P QD U\VXQNX SODQX SU]HZLGXMH VL EXGRZ ]HVSRáX XVáXJRZR PLHV]NDOQHJR8VáXJLVWRSQLDSRGVWDZRZHJRLSRQDGSRGVWDZRZHJRZEXGRZDQHZEXG\QNL
PLHV]NDOQH
:VND]DQDMHVWREVáXJDNRPXQLNDF\MQDQRZHM]DEXGRZ\SRSU]H]MHGQRSRá F]HQLH]
$O:RMVND3ROVNLHJR
LQIRUPDFMHRRELHNWDFKSUDZQLHFKURQLRQ\FK
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
2EV]DU REM W\ ]PLDQ = SRáR RQ\ MHVW Z WHUHQLH HOHPHQWDUQ\P =30- *UDQLFH REV]DUX
RNUH OD]Dá F]QLNQU*UDQLFHZáDGDQLDJUXQWDPLRNUH OD]Dá F]QLNQUD
&HOHP UHJXODFML ]DZDUW\FK Z XVWDOHQLDFK ]PLDQ\ = MHVW GRVWRVRZDQLH XVWDOH SODQX GR
SRG]LDáyZZáDVQR FLRZ\FK
3U]HGPLRWHPXVWDOH ]PLDQ\=MHVWSURMHNWRZDQ\]HVSyáPLHV]NDQLRZ\LXVáXJL
†
8FKZDOD VL U\VXQHN ]PLDQ\ SODQX PLHMVFRZHJR ]DJRVSRGDURZDQLD SU]HVWU]HQQHJR =
]DZDUW\Z]Dá F]QLNXQURUD]XVWDOHQLDV]F]HJyáRZH]PLDQ\
7(5(1(/(0(17$51<=30-F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
XO $0LFNLHZLF]D XO .-DQLFNLHJR XO 6.ORQRZLFD ] Z\á F]HQLHP WHUHQyZ V]SLWDOD
NOLQLF]QHJRXO8QLL/XEHOVNLHM$O:RMVND3ROVNLHJRXO57UDXJXWWD2VLHGOH3RJRGQR
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
UHMRQ]DFKRGQLHMVWURQ\XOLF\2NU]HLL]DSOHF]DXOLF$0LFNLHZLF]D%U]R]RZVNLHJR6]HQZDOGD
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
XO2NU]HL•
XVWDOHQLDIXQNFMRQDOQH
5H]HUZDFMDWHUHQXGOD]LHOHQLSDUNRZHM=3RNUH ORQDQDU\VXQNXSODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
XVWDOHQLDHNRORJLF]QH
WHUHQZ(6=0
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
XVWDOHQLDNRPSR]\FMLXUEDQLVW\F]QHM
XVWDOHQLDIRUP]DEXGRZ\
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
7HUHQREM W\F] FLRZRVWUHI %RFKURQ\G]LHG]LFWZDNXOWXURZHJR
7HUHQREM W\F] FLRZRVWUHI .RFKURQ\NUDMREUD]XNXOWXURZHJR
7HUHQREM W\F] FLRZRVWUHI :,,,RJUDQLF]RQHMRFKURQ\VWDQRZLVNDUFKHRORJLF]Q\FK
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
:VWUHILH: ,,, RJUDQLF]RQHMRFKURQ\VWDQRZLVNDUFKHRORJLF]Q\FK ZUR]XPLHQLX SODQX
QLHRERZL ]XMHXVWDOHQLHRJyOQHZSU]\SDGNXUREyW]LHPQ\FKSROHJDM F\FKQD
DGU HQLXVWXGQLL]DELMDQLXSDOL
E Z\NRQ\ZDQLX SLZQLF SRG RELHNWDPL LVWQLHM F\PL QLHSRGSLZQLF]RQ\PL L F] FLRZR
SRGSLZQLF]RQ\PL
FSRJá ELDQLXSLZQLFLVWQLHM F\FK
XVWDOHQLD]DVDGSDUFHODFML
XVWDOHQLDSODQLVW\F]QHLSURFHGXUDOQH
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
XVWDOHQLDGRW\F] FHREVáXJLNRPXQLNDF\MQHM
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
XVWDOHQLDGRW\F] FHREVáXJLLQ \QLHU\MQHM
=DRSDWU]HQLH Z ZRG JD] HQHUJL HOHNWU\F]Q RUD] RGSURZDG]DQLH FLHNyZ L ZyG
RSDGRZ\FKZRSDUFLXRVLHFLLQ \QLHU\MQHX]EURMHQLDPLHMVNLHJR,QQHUR]ZL ]DQLDVLHFLRZH
GRSXV]F]DVL SRGZDUXQNLHPX]JRGQLHQLD]JHVWRUDPLLZáDGDM F\PLJUXQWHP5R]ZL ]DQLD
LQG\ZLGXDOQHGRSXV]F]DVL MHG\QLHSRGZDUXQNLHP HQLHSRJRUV] RQHVWDQX URGRZLVND
]RERZL ]DQLDSXEOLF]QRSUDZQHPLDVWD
1DWHUHQDFK=3RUD]=3RNUH ORQ\FKQDU\VXQNXSODQXXWZRU]HQLH]LHOHQLZ\VRNLHM
RFKDUDNWHU]HSXEOLF]Q\PZUR]XPLHQLXSODQX
SURPRFMD
/LNZLGDFMDW\PF]DVRZ\FKJDUD \EODV]DQ\FK
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
LQIRUPDFMHRRELHNWDFKSUDZQLHFKURQLRQ\FK
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
2EV]DU REM W\ ]PLDQ = SRáR RQ\ MHVW Z WHUHQLH HOHPHQWDUQ\P =30- *UDQLFH REV]DUX
RNUH OD]Dá F]QLNQU*UDQLFHZáDGDQLDJUXQWDPLRNUH OD]Dá F]QLNQUD
&HOHPUHJXODFML]DZDUW\FKZXVWDOHQLDFK]PLDQ\=MHVWSRZL NV]HQLHUH]HUZDFMLGODSDUNX
3U]HGPLRWHPXVWDOH ]PLDQ\=MHVWSURMHNWRZDQ\SDUN
†
8FKZDOD VL U\VXQHN ]PLDQ\ SODQX PLHMVFRZHJR ]DJRVSRGDURZDQLD SU]HVWU]HQQHJR =
]DZDUW\Z]Dá F]QLNXQURUD]XVWDOHQLDV]F]HJyáRZH]PLDQ\
7(5(1(/(0(17$51<=30-F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
XO$0LFNLHZLF]DXO-3RQLDWRZVNLHJRXO6,:LWNLHZLF]DXO6*URWD5RZHFNLHJRWHUHQ\
RIXQNFMLVSHFMDOQHM2VLHGOH3RJRGQR
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
UHMRQXOLF0RFKQDFNLHJR]DSOHF]DXOLF\-XUDQGD:LWD6WZRV]D]DSOHF]DXOLF\&]RUV]W\ VNLHM
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
1DWHUHQLHQLHPDQDGDQ\FKDGUHVyZSROLF\MQ\FK
XVWDOHQLDIXQNFMRQDOQH
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
=DND]ZSURZDG]DQLDQRZHMZLHORURG]LQQHM]DEXGRZ\PLHV]NDQLRZHM
XVWDOHQLDHNRORJLF]QH
7HUHQZ(6=0
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
XVWDOHQLDNRPSR]\FMLXUEDQLVW\F]QHM
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
XVWDOHQLDIRUP]DEXGRZ\
0DNV\PDOQDZ\VRNR ü]DEXGRZ\ZUR]XPLHQLXSODQXZLHORURG]LQQHMLXVáXJRZHMP
%XG\QNLNU\WHGDFKDPLVWURP\PLZUR]XPLHQLXSODQX
LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
7HUHQREM W\VWUHI %RFKURQ\G]LHG]LFWZDNXOWXURZHJR
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
8VWDOHQLHGRW\F]\]PLDQ\=
XVWDOHQLD]DVDGSDUFHODFML
8VWDOHQLHGRW\F]\]PLDQ\=
0LQLPDOQDZLHONR üQRZRZ\G]LHODQ\FKG]LDáHNP XVWDOHQLDSODQLVW\F]QHLSURFHGXUDOQH
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
XVWDOHQLDGRW\F] FHREVáXJLNRPXQLNDF\MQHM
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
XVWDOHQLDGRW\F] FHREVáXJLLQ \QLHU\MQHM
=DRSDWU]HQLH Z ZRG JD] HQHUJL HOHNWU\F]Q RUD] RGSURZDG]DQLH FLHNyZ L ZyG
RSDGRZ\FKZRSDUFLXRVLHFLLQ \QLHU\MQHX]EURMHQLDPLHMVNLHJR,QQHUR]ZL ]DQLDVLHFLRZH
GRSXV]F]DVL SRGZDUXQNLHPX]JRGQLHQLD]JHVWRUDPLLZáDGDM F\PLJUXQWHP5R]ZL ]DQLD
LQG\ZLGXDOQH GRSXV]F]D VL MHG\QLH SRG ZDUXQNLHP H QLH SRJRUV] RQH VWDQX
URGRZLVND
]RERZL ]DQLDSXEOLF]QRSUDZQHPLDVWD
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
SURPRFMD
/LNZLGDFMDW\PF]DVRZ\FKJDUD \EODV]DQ\FK
8]XSHáQLHQLHXVáXJSRGVWDZRZ\FK
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
=DOHFDVL SU]H]QDF]DQLHSDUWHUyZEXG\QNyZPLHV]NDOQ\FKQDXVáXJL
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
2EV]DU REM W\ ]PLDQ = SRáR RQ\ MHVW Z WHUHQLH HOHPHQWDUQ\P =30- *UDQLFH REV]DUX
RNUH OD]Dá F]QLNQU*UDQLFHZáDGDQLDJUXQWDPLRNUH OD]Dá F]QLNQUD
&HOHPUHJXODFML]DZDUW\FKZXVWDOHQLDFK]PLDQ\=MHVWRJUDQLF]HQLHUH]HUZDFMLGODXVáXJ
3U]HGPLRWHPXVWDOH ]PLDQ\=MHVWSURMHNWRZDQD]DEXGRZDPLHV]NDQLRZDLXVáXJRZD
†
8FKZDOD VL U\VXQHN ]PLDQ\ SODQX PLHMVFRZHJR ]DJRVSRGDURZDQLD SU]HVWU]HQQHJR =
]DZDUW\Z]Dá F]QLNXQURUD]XVWDOHQLDV]F]HJyáRZH]PLDQ\
7(5(1(/(0(17$51<=30-F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
XO$0LFNLHZLF]DXO57UDXJXWWDREZRGQLFDNROHMRZD
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
UHMRQXOLF:.RUIDQWHJR+6LHQNLHZLF]D±$0LFNLHZLF]D]DSOHF]DXOLF\/:DU\ VNLHJR
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
1DWHUHQLHQLHPDQDGDQ\FKDGUHVyZSROLF\MQ\FK
XVWDOHQLDIXQNFMRQDOQH
5H]HUZDFMDWHUHQXGODIXQNFMLVSRUWRZHM86RNUH ORQDQDU\VXQNXSODQX
XVWDOHQLDHNRORJLF]QH
&Dá\WHUHQZ(6=0
XVWDOHQLDIRUP]DEXGRZ\
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1DWHUHQLH86RNUH ORQ\PQDU\VXQNXSODQXXVWDOHQLHQLHRERZL ]XMH
1DWHUHQLH86RNUH ORQ\PQDU\VXQNXSODQXPD[Z\VRNR ü]DEXGRZ\P
LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
7HUHQREM W\VWUHI %RFKURQ\G]LHG]LFWZDNXOWXURZHJR
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
8VWDOHQLHGRW\F]\]PLDQ\=
8VWDOHQLHGRW\F]\]PLDQ\=
XVWDOHQLD]DVDGSDUFHODFML
8VWDOHQLHGRW\F]\]PLDQ\=
XVWDOHQLDSODQLVW\F]QHLSURFHGXUDOQH
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
XVWDOHQLDGRW\F] FHREVáXJLNRPXQLNDF\MQHM
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
XVWDOHQLDGRW\F] FHREVáXJLLQ \QLHU\MQHM
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
=DRSDWU]HQLH Z ZRG JD] HQHUJL HOHNWU\F]Q RUD] RGSURZDG]DQLH FLHNyZ L ZyG
RSDGRZ\FK Z RSDUFLX R VLHFL LQ \QLHU\MQH X]EURMHQLD PLHMVNLHJR ,QQH UR]ZL ]DQLD
VLHFLRZH GRSXV]F]D VL SRG ZDUXQNLHP X]JRGQLHQLD ] JHVWRUDPL L ZáDGDM F\P JUXQWHP
5R]ZL ]DQLD LQG\ZLGXDOQH GRSXV]F]D VL MHG\QLH SRG ZDUXQNLHP H QLH SRJRUV] RQH
VWDQX URGRZLVND
LQQHXVWDOHQLDVWDQRZL FH
1DWHUHQLH86RNUH ORQ\PQDU\VXQNXSODQX]DND]]DJRVSRGDURZDQLDW\PF]DVRZHJRZ
UR]XPLHQLXSODQX]Z\M WNLHPIXQNFMLGRSXV]F]RQHMSODQHP
SURPRFMD
/LNZLGDFMDW\PF]DVRZ\FKJDUD \EODV]DQ\FK
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
2EV]DU REM W\ ]PLDQ = SRáR RQ\ MHVW Z WHUHQLH HOHPHQWDUQ\P =30- *UDQLFH REV]DUX
RNUH OD]Dá F]QLNQU*UDQLFHZáDGDQLDJUXQWDPLRNUH OD]Dá F]QLNQUD
&HOHP UHJXODFML ]DZDUW\FK Z XVWDOHQLDFK ]PLDQ\ = MHVW GRVWRVRZDQLH XVWDOH SODQX GR
SRG]LDáyZZáDVQR FLRZ\FK
3U]HGPLRWHPXVWDOH ]PLDQ\=MHVWWHUHQVSRUWRZ\
†
8FKZDOD VL U\VXQHN ]PLDQ\ SODQX PLHMVFRZHJR ]DJRVSRGDURZDQLD SU]HVWU]HQQHJR =
]DZDUW\Z]Dá F]QLNXQURUD]XVWDOHQLDV]F]HJyáRZH]PLDQ\
7(5(1(/(0(17$51<=18.F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
$O 3RZVWD FyZ :LHONRSROVNLFK XO 6WDUNLHZLF]D XO *UXG]L G]ND XO Z-y]HID WHUHQ\
NROHMRZH6]SLWDONOLQLF]Q\3$0
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
ZVFKRGQLD VWURQD $O 3RZVWD FyZ :LHONRSROVNLFK QD RGFLQNX RG XO -DEáRQNRZVNLHM GR
XO6]SLWDOQHM
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
$O3RZVWD FyZ:LHONRSROVNLFK•
XVWDOHQLDIXQNFMRQDOQH
XVWDOHQLDNRPSR]\FMLXUEDQLVW\F]QHM
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
7HUHQREM W\VWUHI $RFKURQ\G]LHG]LFWZDNXOWXURZHJR
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
XVWDOHQLDGRW\F] FHREVáXJLLQ \QLHU\MQHM
SURPRFMD
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
LQIRUPDFMHRRELHNWDFKSUDZQLHFKURQLRQ\FK
2ELHNW\]DNZDOLILNRZDQHGRZSLVDQLDGRUHM]DE\WNyZ
XO3RZVWD FyZ:LHONRSROVNLFK]HVSyáV]SLWDOQ\
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
2EV]DUREM W\]PLDQ =SRáR RQ\MHVWZWHUHQLHHOHPHQWDUQ\P=18.*UDQLFHREV]DUX
RNUH OD]Dá F]QLNQU*UDQLFHZáDGDQLDJUXQWDPLRNUH OD]Dá F]QLNQUD
&HOHP UHJXODFML ]DZDUW\FK Z XVWDOHQLDFK ]PLDQ\ = MHVW ZHU\ILNDFMD JUDQLF VWUHI
NRQVHUZDWRUVNLFK
3U]HGPLRWHPXVWDOH ]PLDQ\=MHVWVWUHID%RFKURQ\G]LHG]LFWZDNXOWXURZHJR
†
8FKZDOD VL U\VXQHN ]PLDQ\ SODQX PLHMVFRZHJR ]DJRVSRGDURZDQLD SU]HVWU]HQQHJR =
]DZDUW\Z]Dá F]QLNXQURUD]XVWDOHQLDV]F]HJyáRZH]PLDQ\
7(5(1(/(0(17$51<=10:F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
XO6PROD VNDXO6]F]DZLRZDXO:áR FLD VNDXO%XG]LV]\ VND
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
REV]DU SU]\OHJDM F\ RG VWURQ\ SyáQRFQR ZVFKRGQLHM GR JUDQLF\ G]LDáNL 6]F]HFL VNLFK =DNáDGyZ
3UDOQLF]\FKSU]\XOLF\6]F]DZLRZHM1U
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
XO6]F]DZLRZDL
XVWDOHQLDIXQNFMRQDOQH
5H]HUZDFMDWHUHQXGODSDUNXRVLHGORZHJR=3RNUH ORQDQDU\VXQNXSODQX
XVWDOHQLDHNRORJLF]QH
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
XVWDOHQLDNRPSR]\FMLXUEDQLVW\F]QHM
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
XVWDOHQLDIRUP]DEXGRZ\
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
8VWDOHQLHGRW\F]\]PLDQ\=
7HUHQREM W\VWUHI (RFKURQ\HNVSR]\FML
XVWDOHQLDGRW\F] FHREVáXJLLQ \QLHU\MQHM
=DRSDWU]HQLH Z ZRG JD] HQHUJL HOHNWU\F]Q RUD] RGSURZDG]DQLH FLHNyZ L ZyG
RSDGRZ\FKZRSDUFLXRVLHFLLQ \QLHU\MQHX]EURMHQLDPLHMVNLHJR,QQHUR]ZL ]DQLDVLHFLRZH
GRSXV]F]DVL SRGZDUXQNLHPX]JRGQLHQLD]JHVWRUDPLLZáDGDM F\PLJUXQWHP5R]ZL ]DQLD
LQG\ZLGXDOQH GRSXV]F]D VL MHG\QLH SRG ZDUXQNLHP H QLH SRJRUV] RQH VWDQX
URGRZLVND
SURPRFMD
LQIRUPDFMHRRELHNWDFKSUDZQLHFKURQLRQ\FK
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
2EV]DUREM W\]PLDQ =SRáR RQ\MHVWZWHUHQLHHOHPHQWDUQ\P=10:*UDQLFHREV]DUX
RNUH OD]Dá F]QLNQU*UDQLFHZáDGDQLDJUXQWDPLRNUH OD]Dá F]QLNQUD
&HOHPUHJXODFML]DZDUW\FKZXVWDOHQLDFK]PLDQ\=MHVWRJUDQLF]HQLHUH]HUZDFMLGOD]LHOHQLQD
U]HF]=DNáDGyZ3UDOQLF]\FK
3U]HGPLRWHPXVWDOH ]PLDQ\=MHVW]DJRVSRGDURZDQLHWHUHQX
†
8FKZDOD VL U\VXQHN ]PLDQ\ SODQX PLHMVFRZHJR ]DJRVSRGDURZDQLD SU]HVWU]HQQHJR =
]DZDUW\Z]Dá F]QLNXQURUD]XVWDOHQLDV]F]HJyáRZH]PLDQ\
7(5(1(/(0(17$51<=10:F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
WHUHQ\NROHMRZHXO%XG]LV]\ VNDXO:áR FLD VNDXO6]F]DZLRZDXO%RU\Q\XO6LHUSRZD
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
F] üREV]DUXSRPL G]\XOLF ,QRZURFáDZVN LWHUHQDPLNROHMRZ\PL
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
1DWHUHQLHQLHPDQDGDQ\FKDGUHVyZSROLF\MQ\FK
XVWDOHQLDIXQNFMRQDOQH
5H]HUZDFMDWHUHQXGODXVáXJSRGVWDZRZ\FK83RNUH ORQDQDU\VXQNXSODQX
XVWDOHQLDHNRORJLF]QH
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
=DND]SURZDG]HQLDSUDF]LHPQ\FKQDUXV]DM F\FKSURILOHVNDUSLPXUyZRSRURZ\FK
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
LQQHXVWDOHQLDGyEUNXOWXU\
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
8VWDOHQLHGRW\F]\]PLDQ\=
8VWDOHQLHGRW\F]\]PLDQ\=
XVWDOHQLDSODQLVW\F]QHLSURFHGXUDOQH
8VWDOHQLHGRW\F]\]PLDQ\=
XVWDOHQLDGRW\F] FHREVáXJLLQ \QLHU\MQHM
0DJLVWUDODZRGRFL JRZDR UHGQLF\PPRNUH ORQDQDU\VXQNXSODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
=DRSDWU]HQLH Z ZRG JD] HQHUJL HOHNWU\F]Q RUD] RGSURZDG]DQLH FLHNyZ L ZyG
RSDGRZ\FKZRSDUFLXRVLHFLLQ \QLHU\MQHX]EURMHQLDPLHMVNLHJR,QQHUR]ZL ]DQLDVLHFLRZH
GRSXV]F]DVL SRGZDUXQNLHPX]JRGQLHQLD]JHVWRUDPLLZáDGDM F\PLJUXQWHP5R]ZL ]DQLD
LQG\ZLGXDOQH GRSXV]F]D VL MHG\QLH SRG ZDUXQNLHP H QLH SRJRUV] RQH VWDQX
URGRZLVND
]RERZL ]DQLDSXEOLF]QRSUDZQHPLDVWD
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
SURPRFMD
1D WHUHQLH SU]\ NROHL QD SRáXGQLH RG 83 RNUH ORQ\P QD U\VXQNX SODQX ]DOHFD VL
ORNDOL]DFM JDUD \
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
2EV]DUREM W\]PLDQ =SRáR RQ\MHVWZWHUHQLHHOHPHQWDUQ\P=10:*UDQLFHREV]DUX
RNUH OD]Dá F]QLNQU*UDQLFHZáDGDQLDJUXQWDPLRNUH OD]Dá F]QLNQUD
&HOHP UHJXODFML ]DZDUW\FK Z XVWDOHQLDFK ]PLDQ\ = MHVW RJUDQLF]HQLH UH]HUZDFML GOD XVáXJ
SRGVWDZRZ\FK
3U]HGPLRWHPXVWDOH ]PLDQ\=MHVWSURMHNWRZDQD]DEXGRZD
†
8FKZDOD VL U\VXQHN ]PLDQ\ SODQX PLHMVFRZHJR ]DJRVSRGDURZDQLD SU]HVWU]HQQHJR =
]DZDUW\Z]Dá F]QLNXQURUD]XVWDOHQLDV]F]HJyáRZH]PLDQ\
7(5(1(/(0(17$51<=135F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
OLQLDNROHMRZDZ]GáX XO$XWRVWUDGD3R]QD VNDXO6]F]DZLRZDSRáXGQLRZDVWURQD
XO%\GJRVNLHM2GUD=DFKRGQLD
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
REV]DUZUHMRQLH$XWRVWUDG\3R]QD VNLHML2GU\=DFKRGQLHMQDSyáQRFQ\ZVFKyGRGPRVWX
. ZLHUF]HZVNLHJR
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
1DWHUHQLHQLHPDQDGDQ\FKDGUHVyZSROLF\MQ\FK
XVWDOHQLDIXQNFMRQDOQH
XVWDOHQLDHNRORJLF]QH
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
XVWDOHQLDNRPSR]\FMLXUEDQLVW\F]QHM
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
XVWDOHQLDSODQLVW\F]QHLSURFHGXUDOQH
8VWDOHQLHGRW\F]\]PLDQ\=
XVWDOHQLDGRW\F] FHREVáXJLLQ \QLHU\MQHM
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
SURPRFMD
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
2EV]DU REM W\]PLDQ =SRáR RQ\MHVWZWHUHQLH HOHPHQWDUQ\P =135 *UDQLFH REV]DUX
RNUH OD]Dá F]QLNQU*UDQLFHZáDGDQLDJUXQWDPLRNUH OD]Dá F]QLNQUD
&HOHP UHJXODFML ]DZDUW\FK Z XVWDOHQLDFK ]PLDQ\ = MHVW XV]F]HJyáRZLHQLH JUDQLF\ (6=0
8Z]JO GQLRQRWDN H]PLDQ JUDQLFRWXOLQ\3DUNX.UDMREUD]RZHJRÄ'ROLQD'ROQHM2GU\´ZF] FL
LQIRUPDF\MQHM
3U]HGPLRWHPXVWDOH ]PLDQ\=MHVWVWUHID(6=0
†
8FKZDOD VL U\VXQHN ]PLDQ\ SODQX PLHMVFRZHJR ]DJRVSRGDURZDQLD SU]HVWU]HQQHJR =
]DZDUW\Z]Dá F]QLNXQURUD]XVWDOHQLDV]F]HJyáRZH]PLDQ\
7(5(1(/(0(17$51<=10-F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
WHUHQ\NROHMRZHNUDZ G GROLQ\U]%XNRZHMU]%XNRZD
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
XOLFH =DJRQRZD 8VWRZVND :\VRND RUD] REV]DU QD SyáQRF RG XOLF :\VRNLHM L %OXV]F]RZHM
SU]\OHJDM F\GRU]%XNRZHM
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
XO%OXV]F]RZDL$
XVWDOHQLDIXQNFMRQDOQH
'RW\F]\]PLDQ\==
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
XVWDOHQLDHNRORJLF]QH
&Dá\WHUHQZ(6=0
=DND]PDNURQLZHODFMLWHUHQX]Z\á F]HQLHPWHUHQXRNUH ORQHJRQDU\VXQNXSODQX
XVWDOHQLDIRUP]DEXGRZ\
1D WHUHQLH RNUH ORQ\P QD U\VXQNX SODQX GRSXV]F]D VL Z\á F]QLH ]DEXGRZ ZROQR
VWRM F LEOL QLDF] LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
7HUHQREM W\VWUHI .RFKURQ\NUDMREUD]XNXOWXURZHJR
XVWDOHQLDSODQLVW\F]QHLSURFHGXUDOQH
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
XVWDOHQLDGRW\F] FHREVáXJLLQ \QLHU\MQHM
=DRSDWU]HQLH Z ZRG JD] HQHUJL HOHNWU\F]Q RUD] RGSURZDG]DQLH FLHNyZ L ZyG
RSDGRZ\FKZRSDUFLXRVLHFLLQ \QLHU\MQHX]EURMHQLDPLHMVNLHJR,QQHUR]ZL ]DQLDVLHFLRZH
GRSXV]F]DVL SRGZDUXQNLHPX]JRGQLHQLD]JHVWRUDPLLZáDGDM F\PLJUXQWHP5R]ZL ]DQLD
LQG\ZLGXDOQH GRSXV]F]D VL MHG\QLH SRG ZDUXQNLHP H QLH SRJRUV] RQH VWDQX
URGRZLVND
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
2EV]DUREM W\]PLDQ =SRáR RQ\MHVWZWHUHQLH HOHPHQWDUQ\P =10-*UDQLFH REV]DUX
RNUH OD]Dá F]QLNQU*UDQLFHZáDGDQLDJUXQWDPLRNUH OD]Dá F]QLNQUD
&HOHPUHJXODFML]DZDUW\FKZXVWDOHQLDFK]PLDQ\=MHVW]QLHVLHQLHRFKURQ\EUXNX
3U]HGPLRWHPXVWDOH ]PLDQ\=V XOLFHORNDOQH
†
8FKZDOD VL U\VXQHN ]PLDQ\ SODQX PLHMVFRZHJR ]DJRVSRGDURZDQLD SU]HVWU]HQQHJR =
]DZDUW\Z]Dá F]QLNXQURUD]XVWDOHQLDV]F]HJyáRZH]PLDQ\
7(5(1(/(0(17$51<=1(1F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
GROLQDU]HNL%XNRZHMRGUR]MD]GXNROHMRZHJRQD3RPRU]DQDFKGRJUDQLF\PLDVWD
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
GROLQDU]HNL%XNRZHMZNLHUXQNXSRáXGQLRZ\PGR$XWRVWUDG\3R]QD VNLHM
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
XO8VWRZVND
XVWDOHQLDIXQNFMRQDOQH
5H]HUZDFMDWHUHQXGODJáyZQHMVWDFML]DVLODM FHMQDMZ\ V]HJRQDSL FLD((RNUH ORQDQD
U\VXQNXSODQX
'RSXV]F]DVL SU]HNV]WDáFHQLHWHUHQXQD]LHOH SXEOLF]Q XVWDOHQLDHNRORJLF]QH
1DWHUHQLH((RNUH ORQ\PQDU\VXQNXSODQXXVWDOHQLH(1QLHRERZL ]XMH
=DND] Z\FLQNL ZDUWR FLRZHJR GU]HZRVWDQX Z UR]XPLHQLX SODQX ] Z\M WNLHP FL ü
VDQLWDUQ\FK
=DND] EXGRZ\ QRZ\FK QDV\SyZ GOD SURZDG]HQLD WUDV NRPXQLNDF\MQ\FK L VLHFL
LQ \QLHU\MQ\FKZSRSU]HNGROLQ\
=DND]SU]HJUDG]DQLDGROLQ\]LHOHQL Z\VRN 7HUHQF] FLRZRZ(6=0
LQQHXVWDOHQLDGyEUNXOWXU\
7HUHQREM W\VWUHI .RFKURQ\NUDMREUD]XNXOWXURZHJR
7HUHQF] FLRZRZVWUHIDFK:,,F] FLRZHMRFKURQ\VWDQRZLVNDUFKHRORJLF]Q\FK
XVWDOHQLDGRW\F] FHREVáXJLLQ \QLHU\MQHM
(OHNWURHQHUJHW\F]QHOLQLHQDSRZLHWU]QHZ\VRNLHJRQDSL FLDRNUH ORQHQDU\VXQNXSODQX
SURPRFMD
=DOHFDVL ]ZL NV]HQLH]DVREX]LHOHQLZUR]XPLHQLXSODQX
=DOHFDVL ZSURZDG]HQLH]LHOHQLL]RODF\MQHMZ]GáX $XWRVWUDG\3R]QD VNLHM
=DOHFDVL XU] G]HQLHFL JXVSDFHURZHJRZ]GáX U]HNL%XNRZHM
7(5(1(/(0(17$51<=10-F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
GROLQDU]HNL%XNRZHMRGUR]MD]GXNROHMRZHJRQD3RPRU]DQDFKGRJUDQLF\PLDVWD
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
ZNLHUXQNXSyáQRFQR]DFKRGQLPRGXOLF%OXV]F]RZHM:\VRNLHM
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
1DWHUHQLHQLHPDQDGDQ\FKDGUHVyZSROLF\MQ\FK
XVWDOHQLDIXQNFMRQDOQH
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
XVWDOHQLDHNRORJLF]QH
&Dá\WHUHQZ(6=0
=DND]PDNURQLZHODFMLWHUHQX]Z\á F]HQLHPWHUHQXRNUH ORQHJRQDU\VXQNXSODQX
XVWDOHQLDIRUP]DEXGRZ\
1D WHUHQLH RNUH ORQ\P QD U\VXQNX SODQX GRSXV]F]D VL Z\á F]QLH ]DEXGRZ ZROQR
VWRM F LEOL QLDF] LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
7HUHQREM W\VWUHI .RFKURQ\NUDMREUD]XNXOWXURZHJR
XVWDOHQLDSODQLVW\F]QHLSURFHGXUDOQH
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
XVWDOHQLDGRW\F] FHREVáXJLNRPXQLNDF\MQHM
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
XVWDOHQLDGRW\F] FHREVáXJLLQ \QLHU\MQHM
=DRSDWU]HQLH Z ZRG JD] HQHUJL HOHNWU\F]Q RUD] RGSURZDG]DQLH FLHNyZ L ZyG
RSDGRZ\FKZRSDUFLXRVLHFLLQ \QLHU\MQHX]EURMHQLDPLHMVNLHJR,QQHUR]ZL ]DQLDVLHFLRZH
GRSXV]F]DVL SRGZDUXQNLHPX]JRGQLHQLD]JHVWRUDPLLZáDGDM F\PLJUXQWHP5R]ZL ]DQLD
LQG\ZLGXDOQH GRSXV]F]D VL MHG\QLH SRG ZDUXQNLHP H QLH SRJRUV] RQH VWDQX
URGRZLVND
8VWDOHQLHGRW\F]\]PLDQ\=
7(5(1(/(0(17$51<=1(1F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
GROLQDU]HNL%XNRZHMRGUR]MD]GXNROHMRZHJRQD3RPRU]DQDFKGRJUDQLF\PLDVWD
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
UHMRQU]HNL%XNRZHMQDSyáQRFQ\]DFKyGRGXOLF%OXV]F]RZD:\VRND
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
1DWHUHQLHQLHPDQDGDQ\FKDGUHVyZSROLF\MQ\FK
XVWDOHQLDIXQNFMRQDOQH
=DND]ORNDOL]DFMLRELHNWyZXU] G]H LVLHFLLQ \QLHU\MQ\FKQDGQLHGROLQ\
XVWDOHQLDHNRORJLF]QH
=DND]EXGRZ\QRZ\FKQDV\SyZGODSURZDG]HQLDOLQLLNRPXQLNDF\MQ\FKLVLHFL
LQ \QLHU\MQ\FKZSRSU]HNGROLQ\
=DND]SU]HJUDG]DQLDGROLQ\]LHOHQL Z\VRN &Dá\WHUHQZ(6=0
LQQHXVWDOHQLDGyEUNXOWXU\
7HUHQREM W\VWUHI .RFKURQ\NUDMREUD]XNXOWXURZHJR
XVWDOHQLDZDUXQNyZSURZDG]HQLDVLHFLLQ \QLHU\MQ\FK
8VWDOHQLHGRW\F]\ ]PLDQ\=
SURPRFMD
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
2EV]DUREM W\]PLDQ =SRáR RQ\MHVWZWHUHQLH HOHPHQWDUQ\P =1(1*UDQLFH REV]DUX
RNUH OD]Dá F]QLNQU*UDQLFHZáDGDQLDJUXQWDPLRNUH OD]Dá F]QLNQUD
&HOHP UHJXODFML ]DZDUW\FK Z XVWDOHQLDFK ]PLDQ\ = MHVW XV]F]HJyáRZLHQLH JUDQLF\ (6=0
ZSURZDG]HQLH XOLF\ ORNDOQHM 8Z]JO GQLRQR WDN H ]PLDQ JUDQLF RWXOLQ\ 3DUNX .UDMREUD]RZHJR
Ä'ROLQD'ROQHM2GU\´ZF] FLLQIRUPDF\MQHM
3U]HGPLRWHPXVWDOH ]PLDQ\=MHVW]DJRVSRGDURZDQLHWHUHQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
†
8FKZDOD VL U\VXQHN ]PLDQ\ SODQX PLHMVFRZHJR ]DJRVSRGDURZDQLD SU]HVWU]HQQHJR =
]DZDUW\Z]Dá F]QLNXQURUD]XVWDOHQLDV]F]HJyáRZH]PLDQ\
7(5(1(/(0(17$51<=60-F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
XO+'HUGRZVNLHJRXO.ZLHWQLD]DSOHF]HXO=LHORQRJyUVNLHMXO$.RUGHFNLHJRERF]QLFD
NROHMRZDXO.X6áR FX
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
XOLFH=LHORQRJyUVND&]HUH QLRZDL*URQRZD
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
1DWHUHQLHQLHPDQDGDQ\FKDGUHVyZSROLF\MQ\FK
XVWDOHQLDIXQNFMRQDOQH
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
XVWDOHQLDHNRORJLF]QH
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
7HUHQZVWUHILH%RFKURQ\G]LHG]LFWZDNXOWXURZHJR
8VWDOHQLHGRW\F]\]PLDQ\=
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
XVWDOHQLDSODQLVW\F]QHLSURFHGXUDOQH
8VWDOHQLHGRW\F]\]PLDQ\=
XVWDOHQLDGRW\F] FHREVáXJLLQ \QLHU\MQHM
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
=DRSDWU]HQLH Z ZRG JD] HQHUJL HOHNWU\F]Q RUD] RGSURZDG]DQLH FLHNyZ L ZyG
RSDGRZ\FKZRSDUFLXRVLHFLLQ \QLHU\MQHX]EURMHQLDPLHMVNLHJR,QQHUR]ZL ]DQLDVLHFLRZH
GRSXV]F]DVL SRGZDUXQNLHPX]JRGQLHQLD]JHVWRUDPLLZáDGDM F\PLJUXQWHP5R]ZL ]DQLD
LQG\ZLGXDOQHGRSXV]F]DVL MHG\QLHSRGZDUXQNLHP HQLHSRJRUV] RQHVWDQX URGRZLVND
SURPRFMD
=DOHFDVL XWU]\PDQLHGRW\FKF]DVRZHJRFKDUDNWHUXLVWQLHM FHJRRVLHGODMHGQRURG]LQQHJR
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
LQIRUPDFMHRRELHNWDFKSUDZQLHFKURQLRQ\FK
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
2EV]DU REM W\ ]PLDQ = SRáR RQ\ MHVW Z WHUHQLH HOHPHQWDUQ\P =60- *UDQLFH REV]DUX
RNUH OD]Dá F]QLNQU*UDQLFHZáDGDQLDJUXQWDPLRNUH OD]Dá F]QLNQUD
&HOHPUHJXODFML]DZDUW\FKZXVWDOHQLDFK]PLDQ\=MHVW]QLHVLHQLHRFKURQ\EUXNX
3U]HGPLRWHPXVWDOH ]PLDQ\=V XOLFHORNDOQH
†
8FKZDOD VL U\VXQHN ]PLDQ\ SODQX PLHMVFRZHJR ]DJRVSRGDURZDQLD SU]HVWU]HQQHJR =
]DZDUW\Z]Dá F]QLNXQURUD]XVWDOHQLDV]F]HJyáRZH]PLDQ\
7(5(1(/(0(17$51<=.0:F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
XO .ORQRZLFD SURMHNWRZDQD XOLFD JáyZQD .'* XO 6]DIHUD $O :RMVND 3ROVNLHJR WHUHQ\SU]HP\VáRZH2VLHGOH.ORQRZLFD
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
REV]DU QD ]DSOHF]X XOLF\ ( 5RPHUD SU]\OHJDM F\ GR SRáXGQLRZHM JUDQLF\ G]LDáNL SU]\ XO(
5RPHUD1U
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
1DWHUHQLHQLHPDQDGDQ\FKDGUHVyZSROLF\MQ\FK
XVWDOHQLDIXQNFMRQDOQH
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
5H]HUZDFMDWHUHQXGOD]LHOHQLSDUNRZHM=3RNUH ORQDQDU\VXQNXSODQX
XVWDOHQLDHNRORJLF]QH
XVWDOHQLDIRUP]DEXGRZ\
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
7HUHQREM W\VWUHI .RFKURQ\NUDMREUD]XNXOWXURZHJR
8VWDOHQLHGRW\F]\]PLDQ\=
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
XVWDOHQLDGRW\F] FHREVáXJLNRPXQLNDF\MQHM
8VWDOHQLHGRW\F]\]PLDQ\=
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
XVWDOHQLDGRW\F] FHREVáXJLLQ \QLHU\MQHM
=DRSDWU]HQLHZZRG JD]HQHUJL HOHNWU\F]Q RUD]RGSURZDG]DQLH FLHNyZLZyG
RSDGRZ\FKZRSDUFLXRVLHFLLQ \QLHU\MQHX]EURMHQLDPLHMVNLHJR,QQHUR]ZL ]DQLDVLHFLRZH
GRSXV]F]DVL SRGZDUXQNLHPX]JRGQLHQLD]JHVWRUDPLLZáDGDM F\PLJUXQWHP5R]ZL ]DQLD
LQG\ZLGXDOQHGRSXV]F]DVL MHG\QLHSRGZDUXQNLHP HQLHSRJRUV] RQHVWDQX URGRZLVND
SURPRFMD
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
8]XSHáQLHQLHHOHPHQWyZPDáHMDUFKLWHNWXU\
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
2EV]DUREM W\]PLDQ =SRáR RQ\MHVWZWHUHQLHHOHPHQWDUQ\P=.0:*UDQLFHREV]DUX
RNUH OD]Dá F]QLNQU*UDQLFHZáDGDQLDJUXQWDPLRNUH OD]Dá F]QLNQUD
&HOHPUHJXODFML]DZDUW\FKZXVWDOHQLDFK]PLDQ\=MHVWUH]HUZDFMDGODLVWQLHM FHM=3
3U]HGPLRWHPXVWDOH ]PLDQ\=MHVW]LHOH SDUNRZDLL]RODF\MQD
†
8FKZDOD VL U\VXQHN ]PLDQ\ SODQX PLHMVFRZHJR ]DJRVSRGDURZDQLD SU]HVWU]HQQHJR =
]DZDUW\Z]Dá F]QLNXQURUD]XVWDOHQLDV]F]HJyáRZH]PLDQ\
7(5(1(/(0(17$51<=/
JUDQLFHWHUHQXHOHPHQWDUQHJR
JUDQLFDPLDVWDSURMHNWRZDQDXOLFD*GR:RáF]NRZDWHUHQ3DUNX/H QHJR*á ERNLHJUDQLFD
NRV]DU SU]\ $O :RMVND 3ROVNLHJR JUDQLFD MHGQRVWNL RVLHGORZHM *á ERNLH RVLHGOH %H]U]HF]H
7HUHQSROLJRQX
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
1DWHUHQLHQLHPDQDGDQ\FKDGUHVyZSROLF\MQ\FK
XVWDOHQLDHNRORJLF]QH
7HUHQF] FLRZRZ(6=0
XVWDOHQLDNRPSR]\FMLXUEDQLVW\F]QHM
=DND]]DEXGRZ\NXEDWXURZHMRIXQNFMLPLHV]NDOQHMXVáXJRZHMLSURGXNF\MQHM
LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
7HUHQF] FLRZRREM W\VWUHI :,,,RJUDQLF]RQHMRFKURQ\VWDQRZLVNDUFKHRORJLF]Q\FK
7HUHQREM W\F] FLRZRVWUHI .RFKURQ\NUDMREUD]XNXOWXURZHJR
LQIRUPDFMHRRELHNWDFKSUDZQLHFKURQLRQ\FK
7HUHQF] FLRZRZVWUHILHRFKURQQHMXM FLDZRG\SRG]LHPQHM
2EV]DU REM W\ ]PLDQ = SRáR RQ\ MHVW Z WHUHQLH HOHPHQWDUQ\P =/ *UDQLFH REV]DUX
RNUH OD]Dá F]QLNQU*UDQLFHZáDGDQLDJUXQWDPLRNUH OD]Dá F]QLNQUD
&HOHPUHJXODFML]DZDUW\FKZXVWDOHQLDFK]PLDQ\=MHVWXV]F]HJyáRZLHQLHJUDQLF\(6=0
3U]HGPLRWHPXVWDOH ]PLDQ\=MHVWVWUHID(6=0
†
8FKZDOD VL U\VXQHN ]PLDQ\ SODQX PLHMVFRZHJR ]DJRVSRGDURZDQLD SU]HVWU]HQQHJR =
]DZDUW\Z]Dá F]QLNXQURUD]XVWDOHQLDV]F]HJyáRZH]PLDQ\
7(5(1(/(0(17$51<=10-F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
REV]DUPL G]\OLQL NROHMRZ D$XWRVWUDG 3R]QD VN JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
UHMRQU]HNL%XNRZHMZNLHUXQNXSyáQRFQR]DFKRGQLPRGXOLF%OXV]F]RZHML:\VRNLHM
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
1DWHUHQLHQLHPDQDGDQ\FKDGUHVyZSROLF\MQ\FK
XVWDOHQLDIXQNFMRQDOQH
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
XVWDOHQLDHNRORJLF]QH
&Dá\WHUHQZ(6=0
=DND]PDNURQLZHODFMLWHUHQX]Z\á F]HQLHPWHUHQXRNUH ORQHJRQDU\VXQNXSODQX
XVWDOHQLDIRUP]DEXGRZ\
1D WHUHQLH RNUH ORQ\P QD U\VXQNX SODQX GRSXV]F]D VL Z\á F]QLH ]DEXGRZ ZROQR
VWRM F LEOL QLDF] LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
7HUHQREM W\VWUHI .RFKURQ\NUDMREUD]XNXOWXURZHJR
XVWDOHQLDSODQLVW\F]QHLSURFHGXUDOQH
XVWDOHQLDGRW\F] FHREVáXJLNRPXQLNDF\MQHM
XVWDOHQLDGRW\F] FHREVáXJLLQ \QLHU\MQHM
=DRSDWU]HQLH Z ZRG JD] HQHUJL HOHNWU\F]Q RUD] RGSURZDG]DQLH FLHNyZ L ZyG
RSDGRZ\FKZRSDUFLXRVLHFLLQ \QLHU\MQHX]EURMHQLDPLHMVNLHJR,QQHUR]ZL ]DQLDVLHFLRZH
GRSXV]F]DVL SRGZDUXQNLHPX]JRGQLHQLD]JHVWRUDPLLZáDGDM F\PLJUXQWHP5R]ZL ]DQLD
LQG\ZLGXDOQH GRSXV]F]D VL MHG\QLH SRG ZDUXQNLHP H QLH SRJRUV] RQH VWDQX
URGRZLVND
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
8VWDOHQLHGRW\F]\]PLDQ\=
2EV]DUREM W\]PLDQ =SRáR RQ\MHVWZWHUHQLH HOHPHQWDUQ\P =1(1*UDQLFH REV]DUX
RNUH OD]Dá F]QLNQU*UDQLFHZáDGDQLDJUXQWDPLRNUH OD]Dá F]QLNQUD
&HOHPUHJXODFML]DZDUW\FKZXVWDOHQLDFK]PLDQ\=MHVWZSURZDG]HQLHXOLF\
3U]HGPLRWHPXVWDOH ]PLDQ\=MHVWXOLFDORNDOQD
†
8FKZDOD VL U\VXQHN ]PLDQ\ SODQX PLHMVFRZHJR ]DJRVSRGDURZDQLD SU]HVWU]HQQHJR =
]DZDUW\Z]Dá F]QLNXQURUD]XVWDOHQLDV]F]HJyáRZH]PLDQ\
7(5(1(/(0(17$51<=*(5F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
JUDQLFDPLDVWDU]HND*XPLHQLHF]DSOHF]HXO+DUQDVLyZXO=EyMQLFNDXO%URQRZLFNDWHUHQ\
SU]HP\VáRZRVNáDGRZHOLQLDNROHMRZD
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
REV]DUZUHMRQLHXO%URQRZLFNLHMSU]\]DFKRGQLHMJUDQLF\DGPLQLVWUDF\MQHMP6]F]HFLQD
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
1DWHUHQLHQLHPDQDGDQ\FKDGUHVyZSROLF\MQ\FK
XVWDOHQLDIXQNFMRQDOQH
5H]HUZDFMD WHUHQX GOD FPHQWDU]D NRPXQDOQHJR R FKDUDNWHU]H SDUNRZ\P =3 RNUH ORQD
QDU\VXQNXSODQX
5H]HUZDFMD WHUHQX GOD XVáXJ SRZL ]DQ\FK ] IXQNFM FPHQWDU]D 8 RNUH ORQD QD U\VXQNX
SODQX
5H]HUZDFMD WHUHQX GOD UR]EXGRZ\ VWDFML NROHMRZHM 6]F]HFLQ *XPLH FH RNUH ORQD QD
U\VXQNXSODQX
XVWDOHQLDSODQLVW\F]QHLSURFHGXUDOQH
5HDOL]DFMDFPHQWDU]DSRSU]HG]RQDSU]HSURZDG]HQLHPNRQNXUVXXUEDQLVW\F]QHJR
XVWDOHQLDGRW\F] FHREVáXJLLQ \QLHU\MQHM
(OHNWURHQHUJHW\F]QDOLQLDQDSRZLHWU]QDZ\VRNLHJRQDSL FLDRNUH ORQDQDU\VXQNXSODQX
=DRSDWU]HQLH Z ZRG JD] HQHUJL HOHNWU\F]Q RUD] RGSURZDG]DQLH FLHNyZ L ZyG
RSDGRZ\FKZRSDUFLXRVLHFLLQ \QLHU\MQHX]EURMHQLDPLHMVNLHJR,QQHUR]ZL ]DQLDVLHFLRZH
GRSXV]F]DVL SRGZDUXQNLHPX]JRGQLHQLD]JHVWRUDPLLZáDGDM F\PLJUXQWHP5R]ZL ]DQLD
LQG\ZLGXDOQH GRSXV]F]DVL MHG\QLHSRGZDUXQNLHP HQLHSRJRUV] RQHVWDQX URGRZLVND
LQQHXVWDOHQLDVWDQRZL FH
'ODWHUHQyZ=38RUD]RNUH ORQ\FKQDU\VXQNXSODQXQLHRERZL ]XM XVWDOHQLD
GODW\SXPRUIRSODQLVW\F]QHJR(5
2EV]DUREM W\]PLDQ =SRáR RQ\MHVWZWHUHQLH HOHPHQWDUQ\P =*(5*UDQLFH REV]DUX
RNUH OD]Dá F]QLNQU*UDQLFHZáDGDQLDJUXQWDPLRNUH OD]Dá F]QLNQUD
&HOHPUHJXODFML]DZDUW\FKZXVWDOHQLDFK]PLDQ\=MHVWORNDOL]DFMDFPHQWDU]DRUD]UR]EXGRZD
VWDFMLNROHMRZHM6]F]HFLQ*XPLH FH
3U]HGPLRWHP XVWDOH ]PLDQ\ = V SURMHNWRZDQ\ FPHQWDU] L UR]EXGRZD VWDFML NROHMRZHM
6]F]HFLQ*XPLH FH
†
8FKZDOD VL U\VXQHN ]PLDQ\ SODQX PLHMVFRZHJR ]DJRVSRGDURZDQLD SU]HVWU]HQQHJR .
]DZDUW\Z]Dá F]QLNXQURUD]XVWDOHQLDV]F]HJyáRZH]PLDQ\
7(5(1(/(0(17$51<=*8.F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
XO&XNURZDJUDQLFDPLDVWDWHUHQ\NROHMRZH7HUHQIXQNFMLVSHFMDOQHM
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
RGFLQHNGURJLZNLHUXQNX5DMNRZDRGXO&XNURZHMGRWHUHQyZNROHMRZ\FK
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
1DWHUHQLHQLHPDQDGDQ\FKDGUHVyZSROLF\MQ\FK
XVWDOHQLDIXQNFMRQDOQH
5H]HUZDFMDGODGURJLWHUHQXRNUH ORQHJRQDU\VXQNXSODQX
2EV]DU REM W\ ]PLDQ . SRáR RQ\ MHVW Z WHUHQLH HOHPHQWDUQ\P .'* *UDQLFH REV]DUX
RNUH OD]Dá F]QLNQU*UDQLFHZáDGDQLDJUXQWDPLRNUH OD]Dá F]QLNQUD
&HOHP UHJXODFML ]DZDUW\FK Z XVWDOHQLDFK ]PLDQ\ . MHVW Z\á F]HQLH GURJL Z NLHUXQNX
5DMNRZD]UH]HUZDFMLGODXOLF\.'*
3U]HGPLRWHPXVWDOH ]PLDQ\.MHVWGURJDZRMHZyG]ND
†
8FKZDOD VL U\VXQHN ]PLDQ\ SODQX PLHMVFRZHJR ]DJRVSRGDURZDQLD SU]HVWU]HQQHJR .
]DZDUW\Z]Dá F]QLNXQURUD]XVWDOHQLDV]F]HJyáRZH]PLDQ\
7(5(1(/(0(17$51<.'=F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
XO7UDXJXWWDXO3RQLDWRZVNLHJRXO6DQWRFNDGRXO.ZLHWQLD
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
RGFLQHNXO3RQLDWRZVNLHJRRGXO:LHQLDZVNLHJRGRXO.UDNXVD
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
1DWHUHQLHQLHPDQDGDQ\FKDGUHVyZSROLF\MQ\FK
XVWDOHQLDIXQNFMRQDOQH
5H]HUZDFMDWHUHQX]]DVWU]H HQLHPXVWDOHQLDQDFHOHXOLF\
5H]HUZDFMD QLH GRW\F]\ WHUHQX SU]HGRJUyGNyZ SU]\ XO 3RQLDWRZVNLHJR SR MHM ]DFKRGQLHM
VWURQLHQDRGFLQNXRGXO:LHQLDZVNLHJRGRXO.UDNXVD
LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
1LHGRW\F]\REV]DUXREM WHJR]PLDQ SODQX
XVWDOHQLDGRW\F] FHREVáXJLNRPXQLNDF\MQHM
1LHGRW\F]\REV]DUXREM WHJR]PLDQ
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
SURPRFMD
1LHGRW\F]\]HZ]JO GXQDREV]DUL]DNUHV]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQD]DNUHV]PLDQ\SODQX
2EV]DU REM W\ ]PLDQ . SRáR RQ\ MHVW Z WHUHQLH HOHPHQWDUQ\P .'= *UDQLFH REV]DUX
RNUH OD]Dá F]QLNQU*UDQLFHZáDGDQLDJUXQWDPLRNUH OD]Dá F]QLNQUD
&HOHP UHJXODFML ]DZDUW\FK Z XVWDOHQLDFK ]PLDQ\ . MHVW NRUHNWD OLQLL UHJXODF\MQHM XO
3RQLDWRZVNLHJR
3U]HGPLRWHPXVWDOH ]PLDQ\.MHVWXOLFD]ELRUF]D
†
8FKZDOD VL U\VXQHN ]PLDQ\ SODQX PLHMVFRZHJR ]DJRVSRGDURZDQLD SU]HVWU]HQQHJR .
]DZDUW\Z]Dá F]QLNXQURUD]XVWDOHQLDV]F]HJyáRZH]PLDQ\
7(5(1(/(0(17$51<.'=F] ü
JUDQLFHWHUHQXHOHPHQWDUQHJR
XO0LRGRZD SURMHNWRZDQD XOLFD á F] FD RVLHGOD :DUV]HZR L 2VyZ SU]HELHJDM FD QD SyáQRF RG
RV:DUV]HZR
JUDQLFHWHUHQXREM WHJR]PLDQ SODQX
XO0LRGRZDZUHMRQLHS WOLWUDPZDMRZHM
SRZLHU]FKQLDWHUHQXHOHPHQWDUQHJR KD
SRZLHU]FKQLDWHUHQXREM WHJR]PLDQ SODQX KD
LGHQW\ILNDWRU\JHRGH]\MQH
LGHQW\ILNDWRU\DGUHVRZH
XO0LRGRZD
XVWDOHQLDIXQNFMRQDOQH
5H]HUZDFMDWHUHQXQDFHOHXOLF\]DZ\M WNLHPWHUHQXRNUH ORQHJRQDU\VXQNXSODQX
XVWDOHQLDIRUP]DEXGRZ\
1DWHUHQLHRNUH ORQ\PQDU\VXQNXSODQXZ\VRNR ü]DEXGRZ\ZUR]XPLHQLXSODQXGR
P
1D WHUHQLH RNUH ORQ\P QD U\VXQNX SODQX EXG\QNL NU\WH GDFKDPL VWURP\PL Z
UR]XPLHQLXSODQX
LQQHXVWDOHQLDRFKURQ\GyEUNXOWXU\
1LHGRW\F]\]HZ]JO GXQDREV]DU]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQDREV]DU]PLDQ\SODQX
1LHGRW\F]\]HZ]JO GXQDREV]DU]PLDQ\SODQX
XVWDOHQLDGRW\F] FHREVáXJLNRPXQLNDF\MQHM
-HGQDMH]GQLDGZDSDV\UXFKX
SURPRFMD
2EV]DU REM W\ ]PLDQ . SRáR RQ\ MHVW Z WHUHQLH HOHPHQWDUQ\P .'= *UDQLFH REV]DUX
RNUH OD]Dá F]QLNQU*UDQLFHZáDGDQLDJUXQWDPLRNUH OD]Dá F]QLNQUD
&HOHPUHJXODFML]DZDUW\FKZXVWDOHQLDFK]PLDQ\.MHVWZ\á F]HQLH]UH]HUZDFMLGODEXG\QNX
XVáXJRZHJRSU]\XO0LRGRZHM
3U]HGPLRWHPXVWDOH ]PLDQ\.MHVWLVWQLHM F\EXG\QHNXVáXJRZ\
5R]G]LDá3U]HSLV\NR FRZH
†
1DREV]DUDFKREM W\FK]PLDQDPL=========L.
XWU]\PXMH VL Z PRF\ ± ] ]DVWU]H HQLHP XVW ± 0LHMVFRZ\ SODQ RJyOQ\ ]DJRVSRGDURZDQLD
SU]HVWU]HQQHJRPLDVWD6]F]HFLQDXFKZDORQ\XFKZDá 1U/5DG\0LHMVNLHMZ6]F]HFLQLH]
GQLD PDMD U Z VSUDZLH 0LHMVFRZHJR SODQX RJyOQHJR ]DJRVSRGDURZDQLD SU]HVWU]HQQHJR
P6]F]HFLQD']8U]:RMHZyG]WZD6]F]HFL VNLHJR]UQUSR]]PQUSR]
1DREV]DUDFKREM W\FK]PLDQDPLSODQXRNWyU\FKPRZDZXVWWUDF PRFSU]HSLV\SODQX R
NWyU\PPRZDZXVWNWyUHGRW\F] PDWHULLUHJXORZDQHMZW\FK]PLDQDFK
†
1D REV]DUDFK REM W\FK ]PLDQDPL SODQX = = = = = = = = =
=======.L.WUDF PRFSU]HSLV\SODQXRNWyU\PPRZDZ
†XVW
†
8VWDODVL MHGQRUD]RZ RSáDW RGZ]URVWXZDUWR FLQLHUXFKRPR FLRNWyUHMPRZDZDUWXVW
XVWDZ\R]DJRVSRGDURZDQLXSU]HVWU]HQQ\PZZ\VRNR FL
GODREV]DUyZREM W\FK]PLDQDPLSODQyZ=======
=================
..L.
GODREV]DUXREM WHJR]PLDQ =
†
=RERZL ]XMHVL =DU] G0LDVWDGR
RJáRV]HQLD QLQLHMV]HM XFKZDá\ ZUD] ] U\VXQNDPL ]PLDQ SODQyZ QD XU] GRZHM WDEOLF\
RJáRV]H Z8U] G]LH0LHMVNLPZ6]F]HFLQLHLVNLHURZDQLDGRRJáRV]HQLDZ']LHQQLNX8U] GRZ\P
:RMHZyG]WZD6]F]HFL VNLHJR
NRQW\QXRZDQLD SUDF SURMHNWRZ\FK L SURFHGXU IRUPDOQRSUDZQ\FK QDG ]PLDQDPL SODQyZ
PLHMVFRZ\FK ZV]F] W\PL XFKZDá QU ;,9 5DG\ 0LHMVNLHM Z 6]F]HFLQLH ] GQLD OLSFD
U
†
8FKZDáD ZFKRG]L Z \FLH SR XSá\ZLH GQL RG GQLD MHM RJáRV]HQLD Z ']LHQQLNX 8U] GRZ\P
:RMHZyG]WZD6]F]HFL VNLHJR
3U]HZRGQLF] F\5DG\
=ELJQLHZ=DOHZVNL
I?KRPH?PSX?SODQ?,LHG\FMD?,WUDQV]D?XFKZDá\Z?8&+:B=$&+