Transkrypt

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21 /S 75(æÝ 3U]HZLGZ\N U 3ODQ U È Z]URVWX 'RFKRG\RJÍãHP :\GDWNLRJÍãHP :\QLNGHILF\WQDGZ\ëND 3U]\FKRG\EXGëHWX :W\P ]DFLÜJDQHNUHG\W\EDQNRZH SU]\FKRG\]W\WLQQ\FKUR]OLF]HåNUDMRZ\FK 5R]FKRG\RJÍãHP :W\P VSãDWD]DFLÜJQLàW\FKNUHG\WÍZEDQNRZ\FK VSãDWD]DFLÜJQLàW\FKSRë\F]HN

22 '] 5R]G] 7UHçÞ '2&+2'< :<'$7., 2 /HçQLFWZR 2 *RVSRGDUNDOHçQD 'RWDFMHFHORZHRWU]\PDQH]EXGëHWXSDåVWZDQD]DGDQLDELHëÜFH]]DNUHVXDGPLQLVWUDFML U]DGRZHMRUD]LQQH]DGDQLD]OHFRQHXVWDZDPLUHDOL]RZDQHSU]H]SRZLDW :\GDWNLELHëDFH *RVSRGDUNDPLHV]NDQLRZD *RVSRGDUNDJUXQWDPLLQLHUXFKRPRVFLDPL 'RWDFMHFHORZHRWU]\PDQH]EXGëHWXSDåVWZDQD]DGDQLDELHëÜFH]]DNUHVXDGPLQLVWUDFML U]DGRZHMRUD]LQQH]DGDQLD]OHFRQHXVWDZDPLUHDOL]RZDQHSU]H]SRZLDW :\GDWNLELHëDFH ']LDãDOQRçÞXVãXJRZD 3UDFHJHRGH]\MQHLNDUWRJUDILF]QHQLHLQZHVW\F\MQH 'RWDFMHFHORZHRWU]\PDQH]EXGëHWXSDåVWZDQD]DGDQLDELHëÜFH]]DNUHVXDGPLQLVWUDFML U]DGRZHMRUD]LQQH]DGDQLD]OHFRQHXVWDZDPLUHDOL]RZDQHSU]H]SRZLDW :\GDWNLELHëDFH 2SUDFRZDQLDJHRGH]\MQHLNDUWRJUDILF]QH 'RWDFMHFHORZHRWU]\PDQH]EXGëHWXSDåVWZDQD]DGDQLDELHëÜFH]]DNUHVXDGPLQLVWUDFML U]DGRZHMRUD]LQQH]DGDQLD]OHFRQHXVWDZDPLUHDOL]RZDQHSU]H]SRZLDW :\GDWNLELHëDFH 1DG]ÍUEXGRZODQ\ 'RWDFMHFHORZHRWU]\PDQH]EXGëHWXSDåVWZDQD]DGDQLDELHëÜFH]]DNUHVXDGPLQLVWUDFML U]DGRZHMRUD]LQQH]DGDQLD]OHFRQHXVWDZDPLUHDOL]RZDQHSU]H]SRZLDW 'RWDFMHFHORWU]]EXGëHWXSDåVWZDQDLQZHVW\FMHL]DNXS\LQZHVW\F\MQH]]DNUHVX DGPLQLVWUDFMLU]DGRZHMRUD]LQQH]DGDQLD]OHFRQHXVWDZDPLUHDOL]RZDQHSU]H]SRZLDW

23 :\GDWNLELHëDFH ZW\P :\QDJURG]HQLD SRFKRGQHRGZ\QDJURG]Hå :\GDWNLPDMDWNRZH $GPLQLVWUDFMDSXEOLF]QD 8U]HG\ZRMHZÍG]NLH 'RWDFMHFHORWU]\PDQH]EXGëHWXSDåVWZDQD]DGDQLDELHëÜFH]]DNUHVXDGPLQLVWUDFML U]DGRZHMRUD]LQQ\FK]DGDå]OHFRQ\FK*PLQLH]ZLÜ]NRPJPLQXVWDZDPL 'RWDFMHFHORZHRWU]\PDQH]EXGëHWXSDåVWZDQD]DGDQLDELHëÜFH]]DNUHVXDGPLQLVWUDFML U]DGRZHMRUD]LQQH]DGDQLD]OHFRQHXVWDZDPLUHDOL]RZDQHSU]H]SRZLDW :\GDWNLELHëDFH ZW\P :\QDJURG]HQLD SRFKRGQHRGZ\QDJURG]Hå.RPLVMHSRERURZH 'RWDFMHFHORZHRWU]\PDQH]EXGëHWXSDåVWZDQD]DGDQLDELHëÜFH]]DNUHVXDGPLQLVWUDFML U]DGRZHMRUD]LQQH]DGDQLD]OHFRQHXVWDZDPLUHDOL]RZDQHSU]H]SRZLDW :\GDWNLELHëDFH ZW\P SRFKRGQHRGZ\QDJURG]Hå 8U]àG\QDF]RUJZãDG]\SDåVWZNRQWUROLLRFKURQ\SUDZDRUD]VÜGRZQLFWZD 8U]àG\QDF]HOQ\FKRUJDQÍZZãDG]\SDåVWZRZHMNRQWUROLLRFKURQ\SUDZD 'RWDFMHFHORWU]\PDQH]EXGëHWXSDåVWZDQD]DGDQLDELHëÜFH]]DNUHVXDGPLQLVWUDFML U]DGRZHMRUD]LQQ\FK]DGDå]OHFRQ\FK*PLQLH]ZLÜ]NRPJPLQXVWDZDPL :\GDWNLELHëDFH ZW\P Z\QDJURG]HQLD SRFKRGQHRGZ\QDJURG]Hå

24 '] 5R]G] 7UHçÞ '2&+2'< :<'$7., %H]SLHF]HåVWZRSXEOLF]QHLRFKURQDSU]HFLZSRëDURZD.RPHQG\SRZLDWRZH3DåVWZRZHM6WUDë\3RëDUQHM 'RWDFMHFHORZHRWU]\PDQH]EXGëHWXSDåVWZDQD]DGDQLDELHëÜFH]]DNUHVXDGPLQLVWUDFML U]DGRZHMRUD]LQQH]DGDQLD]OHFRQHXVWDZDPLUHDOL]RZDQHSU]H]SRZLDW 'RWDFMHFHORWU]]EXGëHWXSDåVWZDQDLQZHVW\FMHL]DNXS\LQZHVW\F\MQH]]DNUHVX DGPLQLVWUDFMLU]DGRZHMRUD]LQQH]DGDQLD]OHFRQHXVWDZDPLUHDOL]RZDQHSU]H]SRZLDW :\GDWNLELHëDFH ZW\P Z\QDJURG]HQLD SRFKRGQHRGZ\QDJURG]Hå :\GDWNLPDMDWNRZH 2EURQDF\ZLOQD 'RWDFMHFHORWU]\PDQH]EXGëHWXSDåVWZDQD]DGDQLDELHëÜFH]]DNUHVXDGPLQLVWUDFML U]DGRZHMRUD]LQQ\FK]DGDå]OHFRQ\FK*PLQLH]ZLÜ]NRPJPLQXVWDZDPL :\GDWNLELHëDFH 2FKURQD]GURZLD 6NãDGNLQDXEH]SLHF]HQLH]GURZRWQHRUD]çZLDGF]HQLDGODRVÍEQLHREMàW\FKRERZLÜ]NLHP XEH]SLHF]HQLD]GURZRWQHJR 'RWDFMHFHORZHRWU]\PDQH]EXGëHWXSDåVWZDQD]DGDQLDELHëÜFH]]DNUHVXDGPLQLVWUDFML U]DGRZHMRUD]LQQH]DGDQLD]OHFRQHXVWDZDPLUHDOL]RZDQHSU]H]SRZLDW :\GDWNLELHëDFH 3RPRFVSRãHF]QD 2çURGNLZVSDUFLD 'RWDFMHFHORZHRWU]\PDQH]EXGëHWXSDåVWZDQD]DGDQLDELHëÜFH]]DNUHVXDGPLQLVWUDFML U]DGRZHMRUD]LQQH]DGDQLD]OHFRQHXVWDZDPLUHDOL]RZDQHSU]H]SRZLDW :\GDWNLELHëDFH ZW\P Z\QDJURG]HQLD SRFKRGQHRGZ\QDJURG]Hå

25 '] 5R]G] 7UHçÞ '2&+2'< :<'$7., 6NãDGNLQDXEH]SLHF]HQLD]GURZRWQHRSãDFDQH]DRVRE\SRELHUDMÜFHQLHNWÍUHçZLDGF]HQLD ]SRPRF\VSRãHF]QHM 'RWDFMHFHORWU]\PDQH]EXGëHWXSDåVWZDQD]DGDQLDELHëÜFH]]DNUHVXDGPLQLVWUDFML U]DGRZHMRUD]LQQ\FK]DGDå]OHFRQ\FK*PLQLH]ZLÜ]NRPJPLQXVWDZDPL :\GDWNLELHëDFH =DVLãNLLSRPRFZQDWXU]HRUD]VNãDGNLQDXEH]SLHF]HQLDVSRãHF]QHL]GURZRWQH 'RWDFMHFHORWU]\PDQH]EXGëHWXSDåVWZDQD]DGDQLDELHëÜFH]]DNUHVXDGPLQLVWUDFML U]DGRZHMRUD]LQQ\FK]DGDå]OHFRQ\FK*PLQLH]ZLÜ]NRPJPLQXVWDZDPL :\GDWNLELHëDFH ZW\P SRFKRGQHRGZ\QDJURG]Hå =DVLãNLURG]LQQHSLHOHJQDF\MQHLZ\FKRZDZF]H 'RWDFMHFHORWU]\PDQH]EXGëHWXSDåVWZDQD]DGDQLDELHëÜFH]]DNUHVXDGPLQLVWUDFML U]DGRZHMRUD]LQQ\FK]DGDå]OHFRQ\FK*PLQLH]ZLÜ]NRPJPLQXVWDZDPL 'RWDFMHFHORZHRWU]\PDQH]EXGëHWXSDåVWZDQD]DGDQLDELHëÜFH]]DNUHVXDGPLQLVWUDFML U]DGRZHMRUD]LQQH]DGDQLD]OHFRQHXVWDZDPLUHDOL]RZDQHSU]H]SRZLDW :\GDWNLELHëDFH 2çURGNLSRPRF\VSRãHF]QHM 'RWDFMHFHORWU]\PDQH]EXGëHWXSDåVWZDQD]DGDQLDELHëÜFH]]DNUHVXDGPLQLVWUDFML U]DGRZHMRUD]LQQ\FK]DGDå]OHFRQ\FK*PLQLH]ZLÜ]NRPJPLQXVWDZDPL :\GDWNLELHëDFH ZW\P Z\QDJURG]HQLD SRFKRGQHRGZ\QDJURG]Hå 8VãXJLRSLHNXåF]HLVSHFMDOLVW\F]QHXVãXJLRSLHNXåF]H 'RWDFMHFHORWU]\PDQH]EXGëHWXSDåVWZDQD]DGDQLDELHëÜFH]]DNUHVXDGPLQLVWUDFML U]DGRZHMRUD]LQQ\FK]DGDå]OHFRQ\FK*PLQLH]ZLÜ]NRPJPLQXVWDZDPL :\GDWNLELHëDFH 3R]RVWDãH]DGDQLDZ]DNUHVLHSROLW\NLVSRãHF]QHM =HVSRã\GRVSUDZRU]HNDQLDRVWRSQLXQLHSHãQRVSUDZQRVFL

26 '] 5R]G] 7UHçÞ '2&+2'< :<'$7., 'RWDFMHFHORZHRWU]\PDQH]EXGëHWXSDåVWZDQD]DGDQLDELHëÜFH]]DNUHVXDGPLQLVWUDFML U]DGRZHMRUD]LQQH]DGDQLD]OHFRQHXVWDZDPLUHDOL]RZDQHSU]H]SRZLDW :\GDWNLELHëDFH ZW\P Z\QDJURG]HQLD SRFKRGQHRGZ\QDJURG]Hå 5D]HP -HGQRVWNLUHDOL]XMÜFH '] 5R]G] 7UHçÞ 3ODQ GRFKRG\ *RVSRGDUNDPLHV]NDQLRZD 8U]ÜG0LDVWD *RVSRGDUNDJUXQWDPLLQLHUXFKRPRçFLDPL :\G]LDã*HRGH]ML 'RFKRG\EXGëHWXSDåVWZD]ZLÜ]DQH]UHDOL]DFMÜ]DGDå]OHFDQ\FKMHGQRVWNRPVDPRU]ÜGX L*RVSRGDUNL*UXQWDPL WHU\WRULDOQHJR ']LDãDOQRçÞXVãXJRZD,QVSHNWRUDW 1DG]ÍUEXGRZODQ\ 1DG]RUX 'RFKRG\EXGëHWXSDåVWZD]ZLÜ]DQH]UHDOL]DFMÜ]DGDå]OHFDQ\FKMHGQRVWNRPVDPRU]ÜGX %XGRZODQHJR WHU\WRULDOQHJR $GPLQLVWUDFMDSXEOLF]QD 8U]ÜG0LDVWD 8U]àG\ZRMHZÍG]NLH 'RFKRG\EXGëHWXSDåVWZD]ZLÜ]DQH]UHDOL]DFMÜ]DGDå]OHFDQ\FKMHGQRVWNRPVDPRU]ÜGX WHU\WRULDOQHJR %H]SLHF]HåVWZRSXEOLF]QHLRFKURQDSU]HFLZSRëDURZD :\G]LDã6SUDZ 2E\ZDWHOVNLFK.RPHQG\SRZLDWRZH3DåVWZRZHM6WUDë\3RëDUQHM.RPHQGD0LHMVND 'RFKRG\EXGëHWXSDåVWZD]ZLÜ]DQH]UHDOL]DFMÜ]DGDå]OHFDQ\FKMHGQRVWNRPVDPRU]ÜGX WHU\WRULDOQHJR 3DåVWZRZHM6WUDë\ 3RëDUQHM 3RPRFVSRãHF]QD 2çURGNLZVSDUFLD æurgrzlvnrz\'rp 'RFKRG\EXGëHWXSDåVWZD]ZLÜ]DQH]UHDOL]DFMÜ]DGDå]OHFDQ\FKMHGQRVWNRPVDPRU]ÜGX 6DPRSRPRF\ WHU\WRULDOQHJR 5$=(0

27

28

29

30 7\WXã -HGQRVWND âüf]qh 3U]HZLG\ZDQH :\VRNRçÞ Z\GDWNÍZ /3 ]DGDQLDLQZHVW\F\MQHJR RUJDQL]DF\MQD 2NUHVUHDOL] SODQRZDQH Z\NRQDQLH SODQRZDQ\FK LMHJRFHO UHDOL]OXENRRUG LQZHVW\FML NRV]W\ QD QDURN 8:$*, LQZHVW\FMH LQZHVW\FML RGSRF]DWNXUHDOL]]%XGëHWX0LDVWD '=,$â35=(7: 567:235=(0<6â2:( 5R]G]52=: -35=('6,ß%,25&=2æ&, 1RZRVÜGHFNL,QNXEDWRU 3U]HGVLàELRUF]RçFL ZHMçFLDJãÍZQHJR PRGHUQL]DFMDEXG\QNXSRE\ã\P PDJD]\QLH=17.QD&HQWUXP DGPLQLVWUDF\MQRELXURZH %XG\QHNNRQG\JQDF\MQ\ SRZXë\WNP GRNRåF]HQLH,(7$38LUR]SRF],,(7$38 :ODWDFKRGGDQR,(WDSSDUWHUZ]DNUHVLH ]NRPXQLNDFMÜSLRQRZÜ SRPLHV]F]HQLD,,SLàWUDSRZ P RUD] LQIUDVWUXNWXUàWHFKQ XU]ÜG]HQLDGRMD]GÍZ SDUNLQJÍZLFKRGQLNÍZ :NROHMQ\FKODWDFKSODQXMH VLàGRNRåF]HQLH,(7$38 LUR]SRF]àFLHQDVWàSQ\FK 3ODQRZDQHQDNãDG\ZODWDFK QDVWàSQ\FKWMZ LU]ã

31 7\WXã -HGQRVWND âüf]qh 3U]HZLG\ZDQH :\VRNRçÞ Z\GDWNÍZ /3 ]DGDQLDLQZHVW\F\MQHJR RUJDQL]DF\MQD 2NUHVUHDOL] SODQRZDQH Z\NRQDQLH SODQRZDQ\FK LMHJRFHO UHDOL]OXENRRUG LQZHVW\FML NRV]W\ QD QDURN 8:$*, LQZHVW\FMH LQZHVW\FML RGSRF]DWNXUHDOL]]%XGëHWX0LDVWD '=,$â75$163257lâû&=12æý 5R]G]/2.$/1<75$163257=%,252:< 'RILQDQVRZDQLH]DNXSX 03. 'RILQDQVRZDQLH03.6S]RR DXWREXVÍZNRPXQLNDFMLPLHMVNLHM ]JRGQLH]8FKZDãÜ5DG\0LDVWD 1U;/9,]GQURUD] 1U;;,,]GQLDU 5R]G]'52*,38%/Z01$35$:$&+32:,$78 :\GDWNLQDZ\NXSJUXQWÍZSRGSODQRZDQHLQZHVW\FMH :*0 =DGDQLHSU]HZLG]LDQHGRUHDOL]DFML]H çurgníz8(:su]sdgnxsu]\màfld SURMHNWX]RVWDQLH]DFLÜJQLàW\NUHG\W L]ZLàNV]\VLàOLPLWZ\GDWNÍZ QDWHQFHO 3ODQRZDQHQDNãDG\ ZURNXLODWDFKQDVWàSQ\FK 7UDVDQDGâXELQNÜXO:LWRVD U GUXJDQLWND U 2EZRGQLFDSRãXGQLRZD U RGXO3LãVXGVNLHJRGRXO:àJLHUVNLHM U U %XGRZDV\JQDOL]DFMLçZLHWOQHM 0=' XO1DZRMRZVND %RUD.RPRURZVNLHJR %XGRZDFKRGQLNDZXOLF\ 0=' 3U]HZLG\ZDQHQDNãDG\ZODWDFK /ZRZVNLHMNRQW\QXDFMD U]ã RGFRGSRWRNXâXELQNDGR U]ã XO.VLàë\FRZHM ]ã PXURSRURZ\ FKRGQLNLçFLHëNDURZHURZDPP NDQDãRSDGRZ\PE %XGRZD7UDVDQDGâXELQNÜ 0=' REZRGQLFD SODQU EXGRZDMHGQHMQLWNLRGPRVWX QDSRWRNXâXELQNDGRXO%DUVNLHM GãPP ZUD]]NDQRSDGRZ\P

32 :\VRNRçÞ 7\WXã -HGQRVWND âüf]qh 3U]HZLG\ZDQH Z\GDWNÍZ /3 ]DGDQLDLQZHVW\F\MQHJR RUJDQL]DF\MQD 2NUHVUHDOL] SODQRZDQH Z\NRQDQLH SODQRZDQ\FK LMHJRFHO UHDOL]OXENRRUG LQZHVW\FML NRV]W\ QD QDURN 8:$*, LQZHVW\FMH LQZHVW\FML RGSRF]DWNXUHDOL]]%XGëHWX0LDVWD 'RNXPHQWDFMDWHFKQLF]QD 0=' SURMHNWEXGRZOZ\NRQREZRGQLF\NWÍUHM ZQLRVHNGR8(]RVWDQLH]DNZDOLILNRZDQ\ SURMHNWEXGRZOZ\NRQXO:LWRVD 3U]HEXGRZDXO5HMWDQD L+XVDUVNLHMZUD]]NDQDãHP 0=' RSDGRZ\P :SU]\SDGNX]DNZDOLILNRZDQLD ZQLRVNXGR8(]RVWDQLH]DFLÜJQLàW\ NUHG\WL]ZLàNV]\VLàOLPLWZ\GDWNÍZ QD]DGDQLXRNZRWà]ã 5R]G]'52*,38%/,&=1(*0,11( :\GDWNLQDZ\NXSJUXQWÍZSRGSODQRZDQHLQZHVW\FMH :*0 3U]HEXGRZDXOLF\ 0=' &KDãXELåVNLHJRPP MH]GQLDP FKRGQLNLP 3U]HEXGRZDXOLF\ 0=' 5]HPLHçOQLF]HMPP MH]GQLDPP 3U]HEXGRZDXOLF 0=' 3RGJÍUVNLHMGãPP.RFKDQRZVNLHJRGãPP MH]GQLDFKRGQLNLNDQDãRSDGRZ\ NROL]MD]X]EURMHQLHP 8OLFD'XQLNRZVNLHJRRG 0=' XO.UDNRZVNLHMGRXOæZ+HOHQ\ EXGRZDFKRGQLND FKRGQLNPP NDQDãRSDGRZ\P 3U]HEXGRZDXO&KUXVOLFNLHM 0=' MH]GQLDPP FKRGQLNLPP 'RNXPHQWDFMDWHFKQLF]QD 0=' XOLF:U]HçQLRZVND*UDQLF]QD 'XQLNRZVNLHJR.XVRFLåVNLHJR %RUD.RPRURZVNLHJR0LFNLHZLF]D SU]HELFLH6]DU\FK6]HUHJÍZ LLQQH

33 :\VRNRçÞ 7\WXã -HGQRVWND âüf]qh 3U]HZLG\ZDQH Z\GDWNÍZ /3 ]DGDQLDLQZHVW\F\MQHJR RUJDQL]DF\MQD 2NUHVUHDOL] SODQRZDQH Z\NRQDQLH SODQRZDQ\FK LMHJRFHO UHDOL]OXENRRUG LQZHVW\FML NRV]W\ QD QDURN 8:$*, LQZHVW\FMH LQZHVW\FML RGSRF]DWNXUHDOL]]%XGëHWX0LDVWD 5R]G]868:6.87. :./ß6.ê<:,2â2:<&+ 6WDELOL]DFMDRVXZLVNSU]\ XO:LWRVD3RGJÍUVNLHM=GURMRZHM L%DUVNLHMZUD]]EXGRZÜ :,0 LQIUDVWUXNWXU\WHFKQLF]QHM =DGDQLHSODQXMHVLàVILQDQV çuzãdvq\plnuhg\whprud]çu SRPRFRZ\PLSRFKRG]ÜF\PL ]Å3URJUDPX2VãRQD 3U]HFLZRVXZLVNRZDÅ SU]HEXGRZDXO%DUVNLHMUHJXODFMD S1DVFLV]ÍZNDEXGLQIUDVWUWHFKQ :ODWDFKL]HçURGNÍZ ÅGRNXPSU]\V]ãRçFLRZHMÅZZ\V ]ãvilqdqvrzrsudfrz GRNXPHQWDFMLSURMHNW :\NXSJUXQWÍZSRG :*0 SU]HEXGRZàXO%DUVND LSRWRN1DçFLV]ÍZND :\VRNRçÞ 7\WXã -HGQRVWND âüf]qh 3U]HZLG\ZDQH Z\GDWNÍZ /3 ]DGDQLDLQZHVW\F\MQHJR RUJDQL]DF\MQD 2NUHVUHDOL] SODQRZDQH Z\NRQDQLH SODQRZDQ\FK LMHJRFHO UHDOL]OXENRRUG LQZHVW\FML NRV]W\ QD QDURN 8:$*, LQZHVW\FMH LQZHVW\FML RGSRF]DWNXUHDOL]]%XGëHWX0LDVWD '=,$â*2632'$5.$0,(6=.$1,2:$ 5R]G]*2632'$5.$*5817$0,L1,(58&+20 %XGRZQLFWZRPLHV]NDQLRZH :,0 %XG\QHNPLHV]NDOQ\ XOLFD/LVWRSDGDÅ GRNXPHQWDFMDLZ\NXSJUXQWÍZ 5R]G]32=267$â$'=,$â$/12æÝ %XGRZQLFWZRVRFMDOQHGOD VSRãHF]QRçFLURPVNLHM %XG\QHN=DZLV]\&]DUQHJR Z\NRQDQLH :,0 NDQVDQLWDUQHMLZRGRF XNV]WDãWRZDQLHWHUHQXLSODF

34 7\WXã -HGQRVWND âüf]qh 3U]HZLG\ZDQH :\VRNRçÞ Z\GDWNÍZ /3 ]DGDQLDLQZHVW\F\MQHJR RUJDQL]DF\MQD 2NUHVUHDOL] SODQRZDQH Z\NRQDQLH SODQRZDQ\FK LMHJRFHO UHDOL]OXENRRUG LQZHVW\FML NRV]W\ QD QDURN 8:$*, LQZHVW\FMH LQZHVW\FML RGSRF]DWNXUHDOL]]%XGëHWX0LDVWD '=,$â'=,$â$/12æý86â8*2:$ 5R]G]1$'= 5%8'2:/$1< =DNXSVSU]àWXELXURZHJR 5R]G]&0(17$5=( :\NRQDOHMHNZUD]]RGZRG QLHQLHPLSU]\ãÜF]HPZRGRF :*. QDVWDUHMF]àçFL&PHQWDU]D Z*RãÜENRZLFDFK 7\WXã -HGQRVWND âüf]qh 3U]HZLG\ZDQH :\VRNRçÞ /3 ]DGDQLDLQZHVW\F\MQHJR RUJDQL]DF\MQD 2NUHVUHDOL] SODQRZDQH Z\NRQDQLH SODQRZDQ\FK Z\GDWNÍZ LMHJRFHO UHDOL]OXENRRUG LQZHVW\FML NRV]W\ QD QDURN 8:$*, LQZHVW\FMH LQZHVW\FML RGSRF]DWNXUHDOL] ]%XGëHWX0LDVWD '=,$â$'0,1,675$&-$ 38%/,&=1$ 5R]G]85=ß'<*0,10,$67,0,$67QD35$:$&+32:,$78.RPSXWHU\]DFMD8U]àGX 5, 8]XSHãQLHQLHVSU]àWX3& Z\PLDQD.RPSXWHU\]DFMDNDV RSURJUDPRZDQLHVSU]àW V]NROHQLD

35 7\WXã -HGQRVWND âüf]qh 3U]HZLG\ZDQH :\VRNRçÞ Z\GDWNÍZ /3 ]DGDQLDLQZHVW\F\MQHJR RUJDQL]DF\MQD 2NUHVUHDOL] SODQRZDQH Z\NRQDQLH SODQRZDQ\FK LMHJRFHO UHDOL]OXENRRUG LQZHVW\FML NRV]W\ QD QDURN 8:$*, LQZHVW\FMH LQZHVW\FML RGSRF]DWNXUHDOL] ]%XGëHWX0LDVWD 3U]\ãÜF]GRVLHFL:.7 XO:\VSLDåVNLHJR $NWXDOL]DFMDRSURJUDPRZDQLD ]PLDQ\ZSU]HSLVDFKHNVSRUW GDQ\FKGR&(3,. &HQWUDOQ\VZLWFK 2SURJUDPRZDQLHDQW\ZLUXVRZH ZZZNDYFRPSO 2SURJUDPRZDQLHDNW\SUDZQH 2SURJUDPRZDQLH:6286& RUD]ZGURëHQLH 3R]RVWDãHZ\GDWNLLQZHVW\F :2. ]DNXSZ\SRVDëHQLD &HQWUDODWHOHIRQLF]QD5DWXV] =DNXSVDPRFKRGXRVRERZHJR

36 7\WXã -HGQRVWND âüf]qh 3U]HZLG\ZDQH :\VRNRçÞ Z\GDWNÍZ /3 ]DGDQLDLQZHVW\F\MQHJR RUJDQL]DF\MQD 2NUHVUHDOL] SODQRZDQH Z\NRQDQLH SODQRZDQ\FK LMHJRFHO UHDOL]OXENRRUG LQZHVW\FML NRV]W\ QD QDURN 8:$*, LQZHVW\FMH LQZHVW\FML RGSRF]DWNXUHDOL]]%XGëHWX0LDVWD '=,$â%(=3,(&=38%/,,&=1( L2&+521$332ê 5R]G].20(1'<32:,$7 3$ä67:675$ê<32ê$51(- 2SUDFRZGRNXPWHFKQLF]QHM RUD]]DãRëHåSURMHNWRZ\FK LQZHVW\FMLSQÅ6WUDëQLFD -HGQRVWNL5DWRZQLF]R*DçQLF]HM GRWDFMD]EXGëHWXSDåVWZD L.RPHQG\0LHMVNLHM363 7\WXã -HGQRVWND âüf]qh 3U]HZLG\ZDQH :\VRNRçÞ Z\GDWNÍZ /3 ]DGDQLDLQZHVW\F\MQHJR RUJDQL]DF\MQD 2NUHVUHDOL] SODQRZDQH Z\NRQDQLH SODQRZDQ\FK LMHJRFHO UHDOL]OXENRRUG LQZHVW\FML NRV]W\ QD QDURN 8:$*, LQZHVW\FMH LQZHVW\FML RGSRF]DWNXUHDOL] '=,$â2æ:,$7$,:<&+2:$1,(,5r]g]6=.2â<32'67$:2:( 6]NRãD3RGVWDZRZD1U :,0,,,NZ XO5RNLWQLDåF]\NÍZ,,,NZ 'RNRåF]HQLHUR]SRF]àWHMZ 9,UUHDOL]VDOLJLPQDVWZUD] EXGRZDVDOLJLPQDVW\F]QHMZUD] ]SU]\RELHNWRZERLVNDPL ]SU]\RELHNWERLVNDPLVSRUWRZ\PL VSRUWRZ\PLLSLHUZV]PZ\SRVD ëhqlhpvdol EXGRZDVDOLJLPQDVW\F]QHM SRZXë\WNRZDP NXEDWXUDP %RLVND]DNRåF]Z9,,,U:9,,, UUR]SRF]URERW\VWDQX Z\NRåF]HQVDOLL]DJRVSRGDURZ WHUHQXSODQRZ]DNRåF]HQLH 9,,,U

37 7\WXã -HGQRVWND âüf]qh 3U]HZLG\ZDQH :\VRNRçÞ /3 ]DGDQLDLQZHVW\F\MQHJR RUJDQL]DF\MQD 2NUHVUHDOL] SODQRZDQH Z\NRQDQLH SODQRZDQ\FK Z\GDWNÍZ LMHJRFHO UHDOL]OXENRRUG LQZHVW\FML NRV]W\ QD QDURN 8:$*, LQZHVW\FMH LQZHVW\FML RGSRF]DWNXUHDOL] ERLVNDXNV]WDãWRZDQLH L]DJRVSRGDURZDQLHWHUHQX 6]NRãD3RGVWDZRZD1U :,0 XO1DGEU]HëQD NRQW\QXDFMD =DGDQLHILQDQVRZZUDPDFK SRGMàWHM8FK1U;5DG\ 0LDVWD]GQU :URNXZ\NRQDQRDGDSWDFMà $GDSWDFMDDXOLQDVDOàJLPQDVW\F] DXOLQDVDOàÞZLF]HåGODG]LHFL ZUD]]Z\SRVDëHQLHP PãRGV]\FK VDODÞZLF]HåG]LHFLPãRGV]\FK GRNRåF]HQLHERLVNVSRUWRZ\FK RJURG]HQLHV]NRã\SDUNLQJ 6]NRãD3RGVWDZRZD1U :,0,,,NZ XO)DONRZVND NRQW\QXDFMDUR]EXGRZ\ (7$3,EXGRZDSU]HZLÜ]NL UQDVWÜSLãRGELÍU,(WDSX,(WDSREHMPRZDãGREXGRZàVDOL JLPQDVW\F]QHM]]DSOHF]HPRUD] VDOOHNF\MQ\FKPRGHUQL]DFMà LQVWDOVDQLWZ\NRQSRGMD]GXGOD QLHSHãQRVSUDZ (7$3,,PRGHUQL]DFMDVWDUHJR EXG\QNX LQVWDOHOHNWZ\PLDQDRNLHQ GDFKXGRFLHSOHQLH

38 7\WXã -HGQRVWND âüf]qh 3U]HZLG\ZDQH :\VRNRçÞ /3 ]DGDQLDLQZHVW\F\MQHJR RUJDQL]DF\MQD 2NUHVUHDOL] SODQRZDQH Z\NRQDQLH SODQRZDQ\FK Z\GDWNÍZ LMHJRFHO UHDOL]OXENRRUG LQZHVW\FML NRV]W\ QD QDURN 8:$*, LQZHVW\FMH LQZHVW\FML RGSRF]DWNXUHDOL] XO7DUQRZVNDSU]\VWRVRZDQLH SRPLHV]F]HåGRXUXFKRPLHQLD :,0 =DGDQLH]RVWDQLHSU]\MàWHGR JLPQD]MXPLQWHJUDF\MQHJR UHDOL]DFML]FKZLOÜRWU]\PDQLDGRWDFML ]XWZRU]HQLHPZDUV]WDWÍZWHUDSLL ]3)521 ]DMàFLRZHMGODG]LHFLDXW\VW\F]Q\FK,,5R]G]/,&($2* /12.6=7$â&Û&( =HVSÍã6]NÍã2JÍOQRNV]WDãFÜF\FK :URSUDFRZ]RVWDQLH XOêHURPVNLHJR :,0 GRNXPHQWDFMD3ODQRZDQH]DNRåF] UHDOL]U1DNãDG\Z ]ãzu]ã PDãDSU]\RELHNWRZDVDODJLPQDVW\F]QD,,,5R]G]6=.2â<=$:2'2:( =HVSÍã6]NÍã(NRQRPLF]Q\FK Z1RZ\P6ÜF]X EXGRZD6DOLJLPQDVW\F]QHM :,0 :URNXRSUDFRZDQR SRZ]DEXGP SRZXë\WNP NXEDWXUDP GRNXPHQWDFMàSURMHNWRZÜ5HDOL]DFMà ]DGDQLDSU]HZLGXMHVLàZODWDFK

39 7\WXã -HGQRVWND âüf]qh 3U]HZLG\ZDQH :\VRNRçÞ Z\GDWNÍZ /3 ]DGDQLDLQZHVW\F\MQHJR RUJDQL]DF\MQD 2NUHVUHDOL] SODQRZDQH Z\NRQDQLH SODQRZDQ\FK LMHJRFHO UHDOL]OXENRRUG LQZHVW\FML NRV]W\ QD QDURN 8:$*, LQZHVW\FMH LQZHVW\FML RGSRF]DWNXUHDOL]]%XGëHWX0LDVWD '=,$â3202&632â(&=1$ 5R]G]3/$& :.,23,(.8ä&=2:<&+2:$:&=( 5RG]LQQ\'RP']LHFND1U DGDSWDFMDVWU\FKXQDG EXG\QNLHPQDFHOHPLHV]NDQLRZH 5R]G]'20<3202&<632â(&=1(- 'RP3RPRF\6SRãHF]QHM XO(PLOLL3ODWHU16ÜF] 3ODQRZDQHZ\GDWNL ]ZLÜ]DQHVÜ]G]LDãDQLDPL =DNXS\LQZHVW\F\MQH REMàW\PLÅ3URJUDPHP QDSUDZF]\P'RPX ]DNXSGZÍFKNXFKQL XVWDORQ\PQDODWD JD]RZ\FK Å 'RSRVDëHQLHSRNRLLNXFKQL

40 7\WXã -HGQRVWND âüf]qh 3U]HZLG\ZDQH :\VRNRçÞ Z\GDWNÍZ /3 ]DGDQLDLQZHVW\F\MQHJR RUJDQL]DF\MQD 2NUHVUHDOL] SODQRZDQH Z\NRQDQLH SODQRZDQ\FK LMHJRFHO UHDOL]OXENRRUG LQZHVW\FML NRV]W\ QD QDURN 8:$*, LQZHVW\FMH LQZHVW\FML RGSRF]DWNXUHDOL]]%XGëHWX0LDVWD '=,$â32=267=$':=$.5(6,(32/,7632â(&= 5R]G]êâ2%., 0RGHUQL]LUR]EXGEXG\QNX =XZDJLQDSU]HZLG\ZDQH 0LHMVNLHJRêãRENDZ16ÜF]X Z\VRNLHNRV]W\ SU]\XO.ODV]WRUQHM PRGHUQL]DFMLSU]HZLGXMHVLà HWDSRZÜUHDOL]DFMà]DGDQLD REHMPXMÜFURERWDPL,(7$3PRGHUQL]DFMDVNU]\GãD SRV]F]HJÍOQHVOU]\GãD EXG\QNXÅ%ORN&]àçÞ$Å EXG\QNX HNVSHUW\]DVWURSRGDFKX]PQLHMV] LORçFLRUD]Z\PLDQDVWRODUNLRNLHQQHM,GU]ZLRZHMRFLHSOHQLHEXG\QNX UHPRQWFKRGQLNÍZLSRGMD]GÍZ 5R]G]32:,$72:(85=ß'<35$&< 5R]EXGRZDLPRGHUQL]DFMD EXG\QNXVLHG]LE\ =DNRåF]HQLHSUDF UHPRQWRZ\FK Z1RZ\P6ÜF]X SURZDG]RQ\FKRGURNX GRNRåF]HQLHPRGHUQL]DFML =DGDQLHILQDQVRZDQH UÍZQLHëSU]H] UHDOL]RZDQHMRGURNX :RMHZ8U]ÜG3UDF\ 5R]G]32=267$â$'=,$â$/12æÝ =DNXSPLNUREXVDSU]\VWRVRZDQHJR 3U]HZLG\ZDQDZDUWRçÞ FDãHJR]DGDQLD]ã GRSU]HZR]XRVÍEQLHSHãQRVSUDZQ\FK 3R]RVWDãHçURGNLZZ\V ]O]RVWDQÜX]\VNDQD ]3)521

41 7\WXã -HGQRVWND âüf]qh 3U]HZLG\ZDQH :\VRNRçÞ /3 ]DGDQLDLQZHVW\F\MQHJR RUJDQL]DF\MQD 2NUHVUHDOL] SODQRZDQH Z\NRQDQLH SODQRZDQ\FK Z\GDWNÍZ LMHJRFHO UHDOL]OXENRRUG LQZHVW\FML NRV]W\ QD QDURN 8:$*, LQZHVW\FMH LQZHVW\FML RGSRF]DWNXUHDOL]]%XGëHWX0LDVWD '=,$â('8.$&23,(.$:<&+2: 5R]G]63(&2æ52'.,6=.2/12:<&+2: 6SHFMDOQ\2çURGHN6]NROQR :\FKRZDZF]\ :,0,VWQLHMÜFDZVWDQLHVXURZ\ Z16ÜF]XXO%URQLHZVNLHJR UR]EXGRZD URERW\Z\NRåF]HQLRZHLVWQLHMÜFHM ZVWDQLHVXURZ\PGREXGRZ\R 5HDOL]DFMDUREÍW SRZXë\WNP LNXEDWP ]SU]H]QDF]HQLHPQDÅSDZLORQV]NROQ\GODG]LHFL RXSRçOHG]HQLXXPLDUNRZDQ\PLJãàERNLPÅ ]DPNQLàW\PGREXGRZD 'RZ\NRQDQLDNRWãRZQLD URERW\Z\NRåF]HQLRZH LURERW\]HZQàWU]QH 7\WXã -HGQRVWND âüf]qh 3U]HZLG\ZDQH :\VRNRçÞ /3 ]DGDQLDLQZHVW\F\MQHJR RUJDQL]DF\MQD 2NUHVUHDOL] SODQRZDQH Z\NRQDQLH Z\GDWNÍZ SODQRZDQ\FK LMHJRFHO UHDOL]OXENRRUG LQZHVW\FML NRV]W\ QD QDURN 8:$*, LQZHVW\FMH LQZHVW\FML RGSRF]DWNXUHDOL]]%XGëHWX0LDVWD '=,$â*2632'.2081$/,2&+5æ52'2:,6.$ 5R]G]*263æ&,(.2:$L2&+521$: '.RQW\QXDFMDX]EURMHQLD'] +HOHQDZVLHÞZRGNDQVDQLW :,0,9NZ (7$3,9 (WDS\,,L,,,]RVWDã\]UHDOL]RZDQHZODWDFK

42 7\WXã -HGQRVWND âüf]qh 3U]HZLG\ZDQH :\VRNRçÞ /3 ]DGDQLDLQZHVW\F\MQHJR RUJDQL]DF\MQD 2NUHVUHDOL] SODQRZDQH Z\NRQDQLH Z\GDWNÍZ SODQRZDQ\FK LMHJRFHO UHDOL]OXENRRUG LQZHVW\FML NRV]W\ QD QDURN 8:$*, LQZHVW\FMH LQZHVW\FML RGSRF]DWNXUHDOL]]%XGëHWX0LDVWD 8FKZDãÜ5DG\0LDVWD.DQVDQLWLZRGRFZG]+HOHQD 1U;,9]GQLD (7$3,96WDUD+HOHQD.RçFLÍã :,0,; USRV]HU]RQR ]DNUHVU]HF]RZ\]DGDQLD LXOERF]QHGR'XQDMFRZHM RÅZ\MVFLDSR]DSDV RUD]Z\MçFLDSR]DSDVGURJRZ\ GURJRZ\Å$QHNVRZDQR WHUPLQ]DNRåF]HQLD]DGDQLD QD,NZU NDQVDQLWILGãPELNDQWãRF]Q\ ILGãPE ZRGRFILGãPE X]EURMHQLHEXG\QNÍZ 1DNãDG\ZU]RVWDQÜ VILQDQVRZ]HçUZãDVQ\FK LNUHG\WHP%2æ1DNãDG\ UREHMPXMÜUÍZQLHë ]RERZ]U ZZ\VRNRçFL]ã 6LàJDF]ZRGNDQZXOLF\ %DUEDFNLHJRGãRNPE :,0 :SLàFLHGRNDQDOL]DFML NDQDã3&9IL ZXOLF\%DUEDFNLHJR ZRGRFLÜJ3(IL.DQVDQLWDUQDREHMPXMÜFD :,0 :URNXL]HçU WHUHQ\]DEXGPLHV]NDQLRZHM ÅGRNXPSU]\V]ãRçFLRZHMÅ VILQDQVSURMHNWEXGRZNDQ SRREXVWURQDFKXO7RZDURZHM LNRQFHSFMàSURJUDPRZR L3RG:LQQÜ*ÍUÜ SU]HVWU]HQQÜXOLF NRQFHSFMDXORVLHGORZ\FK RVLHGORZ\FK:]DOHëQRçFL RNNPNDQ RGPRëOLZRçFLILQDQVRZ\FK PRëQDUHDOL]RZDÞNROHMQR XO6àG]LZRMD:LQQD*ÍUD 3RZVWDåFÍZ:Z\ &HUDPLF]QD%RKDW0RQWH &DVLQR%RKDW/HQLQR.V6]\PDV]ND6LHZQÜ

43 7\WXã -HGQRVWND âüf]qh 3U]HZLG\ZDQH :\VRNRçÞ /3 ]DGDQLDLQZHVW\F\MQHJR RUJDQL]DF\MQD 2NUHVUHDOL] SODQRZDQH Z\NRQDQLH Z\GDWNÍZ SODQRZDQ\FK LMHJRFHO UHDOL]OXENRRUG LQZHVW\FML NRV]W\ QD QDURN 8:$*, LQZHVW\FMH LQZHVW\FML RGSRF]DWNXUHDOL]]%XGëHWX0LDVWD 2V+HOHQDX]EUZRGNDQ :,0 :U]HçU XO$[HQWRZLF]DFGRG=DNã ÅGRNXPHQWDFML 0DVDUVNLHJR QRZH SU]\V]ãRçFLRZHMÅ NDQVDQLW)LGãPE ZNZ]ã VILQDQVRSUDFRZSURMHNWX LILGãPENDQWãRF]Q\PE EXGRZZ\NRQ-HVWGHF\]MD RSR]ZROHQLXQDEXGRZà ZRGRFILGãPE RUD]SU]HSRPSRZQLD 5HDOL]DFMDUEPSR Z\NRQNROHNWRUÍZREMHW\FK ZQLRVNLHP3+$5( 5R]EXGRZDVLHFLNDQVDQLW :,0 :URNXGRNXPHQWDFMD ZXO5DG]LHFNLHMLGRFHORZR 5HDOL]DFMDUEPZUSR XO6WURPD&]DFNLHJR Z\NRQDQLXNROÅ%Å.RV]W RSUDFRZDQLDGRNXPRN 3XãDVNLHJR ]ãueprn]ã RNNP 2V%LHORZLFHUR]G]LHOF]D :URNXSODQXMHVLà VLHÞZRGRFLÜJRZDXOLFH :,0 RSUDFGRNXPSURMHNWRZR NRV]WRU\VRZÜ3R]ZROLWRQD %HVNLG]ND0LRGRZD3RGELHORZVND VELODQVRZDQLHNRV]WÍZ 6NDOQD2VWUD UHDOL]DFML]DGDQLDRUD]QD RNNPVLHFLZRGRF UR]HWDSRZDQLHUHDOL]DFMLUEP ZNROHMQ\FKODWDFK 2V3RUàED0DãDX]EURMHQLH :,0 :URNXSODQXMHVLà ZVLHÞZRGNDQ RSUDFGRNXPSURMHNW NRV]WRU\V3R]ZROLWRQD RNNPVLHFLZRGRFLNDQ ]ELODQVRZDQLHNRV]WÍZ UHDOL]DFML]DGDQLDRUD]QD UR]HWDSRZDQLHUHDOL]DFMLUEP ZNROHMQ\FKODWDFK

44 7\WXã -HGQRVWND âüf]qh 3U]HZLG\ZDQH :\VRNRçÞ /3 ]DGDQLDLQZHVW\F\MQHJR RUJDQL]DF\MQD 2NUHVUHDOL] SODQRZDQH Z\NRQDQLH Z\GDWNÍZ SODQRZDQ\FK LMHJRFHO UHDOL]OXENRRUG LQZHVW\FML NRV]W\ QD QDURN 8:$*, LQZHVW\FMH LQZHVW\FML RGSRF]DWNXUHDOL]]%XGëHWX0LDVWD 6LHÞUR]G]LHOF]DNDQVDQLW :,0,QZHVW\FMDSURMHNWRZR Z']=$:$'$ SU]\JRWRZDQD=ãRëRQR ZQLRVHNRGHFSR]ZROHQLD NDQDã\JãÍZQH]ERF]Q\PL QDEXGRZà5HDOL]DFMDVLHFL,(7$3UHDOL]NDQDã\,9,,,GãXJPE UR]G]LHOF]HM,,(7$3UHDOL]NDQDã\,;;9GãPE,NDQDã\F],,,GãPE NDQVDQLWSURZDG]RQD EàG]LHHWDSRZRSR Z\NRQDQLXNROHNWRUD VDQLWÅ$ÅZ]JOàGQLH UÍZQROHJOH 6LHÞUR]G]LHOF]DNDQVDQLW :,0 Z']=$:$'$NRQW\QXDFMD REHMPXMÜFDXOLFHâÜF]QLN 6WDURGZRUVND3LHQLåVND -XUDQGD*ÍUNL=DZDG]NLH.DPLHQQD 5R]SRF]àFLHUREÍW SU]HZLGXMHVLàRGURNX GR =DGDQLHREMàWHZQLRVNLHP RGRILQDQV]HçU8( ZUDPDFK3255:0 :SU]\SDGNXSU]\MàFLD SURMHNWXGRUHDOL]DFML ]RVWDQLH]DFLÜJQLàW\NUHG\W QD]ZLàNV]OLPLWX Z\GDWNÍZRNZ ]ã =HçUÅGRNXP SU]\V]ãRçFLRZHMÅZU ZZ\V]ãVILQDQV GRNXPJHRGH]LJHRORJ RUD]F]3%:DZU ]DNZ]ãZ\N]RVWDQLH SR]RVWDãDF]3%:&DãRçÞ EXGRZ\V]DFXMHVLàQD ]ã]dnuhvu]hf]rz\ REHMPXMHNPVLHFL ZVNDëQLNNRV]WÍZ ]ãpe5r]srf]àflh UEPSU]HZLGXMHVLàZ U

45 7\WXã -HGQRVWND âüf]qh 3U]HZLG\ZDQH :\VRNRçÞ /3 ]DGDQLDLQZHVW\F\MQHJR RUJDQL]DF\MQD 2NUHVUHDOL] SODQRZDQH Z\NRQDQLH Z\GDWNÍZ SODQRZDQ\FK LMHJRFHO UHDOL]OXENRRUG LQZHVW\FML NRV]W\ QD QDURN 8:$*, LQZHVW\FMH LQZHVW\FML RGSRF]DWNXUHDOL]]%XGëHWX0LDVWD =$'$1,$,1:(67<&2%-ß7( =JRGQLH]3RUR]XPLHQLHP '27$&-Û:5$0$&+352*5$08 1U]GQLD USU]HGVLàZ]LàFLH UHDOL]RZDQHZVSÍOQLH]*P 1DZRMRZD 3+$5(66* :,0 5R]ZÍMJRVSRGDUF]\VXEUHJLRQX16ÜF]DSRSU]H] :DUWRçÞNRV]WRU\VRZD EXGRZàLQIUDVWUXNWXU\NRPXQDOQHM ZNROREHMPXMHFDãRçÞ SU]HGVLàZ]LàFLDr WMNDQVDQLWQDWHUHQLH Z\VGRWDFML(XUR (852 0LDVWDMDNLNDQVDQLWQD WHUHQLH*P1DZRMRZD 6LHÞZRGNDQZXO$[HQWRZLF]D :URSUDFRZGRNXP JHRGH]GOD,(WDSXD]H 'PRZVNLHJR']+HOHQD çuågrnxpsu]\v]ãrçfå NDQDã]UXU39&ILGãPE ZZ\V]ãVILQDQV3% NDQDã]UXU39&GLGãPE,(WDSXGRNXPJHRGH],, SU]HSRPSRZQLDçFLHNÍZ (WDSXRUD]JHRORJLà :U]HçUGRNXP SU]\V]ãRçFLRZHMZZ\V ]ãvilqdqvrz3% GOD,,HWDSX.ROHNWRUVDQLWÅ$ÅRGF$ $ :ODWDFK Z]GãXëU].DPLHQLF\ RSUDFRZDQD]RVWDãD GRNXPHQWDFMDSURMHNWRZD NDQDã]UXU39&ILGãPE NDQDã]UXU39&ILGãPE.ROVDQLWÅ%ÅSU]HGãXëHQLH :ODWDFKL RSUDFGRNXPLUHDOL]HWDSRZD RSUDFRZDQRNRQFHSFMàL3%, (WDSXNROÅ%Å NDQDã]UXU3(+'ILLIL 8SRU]ÜGNRZDQRJRVSæF XO.RçFLXV]NL GãRJÍãHPPE NDQDã]UXU39&ILGã RJÍãHPPE :URNX]DNZ]ã RSUDF3%,,(WDSXNROÅ%Å

46 7\WXã -HGQRVWND âüf]qh 3U]HZLG\ZDQH :\VRNRçÞ /3 ]DGDQLDLQZHVW\F\MQHJR RUJDQL]DF\MQD 2NUHVUHDOL] SODQRZDQH Z\NRQDQLH Z\GDWNÍZ SODQRZDQ\FK LMHJRFHO UHDOL]OXENRRUG LQZHVW\FML NRV]W\ QD QDURN 8:$*, LQZHVW\FMH LQZHVW\FML RGSRF]DWNXUHDOL]]%XGëHWX0LDVWD 2V%â21,(Z\NRQ,QIUDVWUXNW :,0 8]EURMHQLHWHUHQXGOD WHFKQLF]QHMX]EURMHQLHRV SURMHNWRZDQHJRSU]H]67%6 RV%ãRQLHGODRN PLHV]NDåFÍZ 5R]G]2æ:,(7/(1,(8/,&3/$& :L'5 * 2çZLHWOHQLHXOLF]QH :*. VW\F]Hå NRQW\QXDFMDGREXGRZ\LUR]EXG RçZLHWOHQLDPLHMVNLHJR ZW\P NRQW\QXDFMDZ\NRQRçZLHWOHQLD XOLF]QHJRZXO3LãVXGVNLHJR 5R]G]868:6.87. :./ß6.ê<:,2â2:<&+ %XGRZDPXUXRSRURZHJR QDU]HFH.DPLHQLF\ :*. %XOZDUSU]\XO.UDV]HZVNLHJR 8G]LDãZSURJUDPDFK :URNXSU]HZLGXMHVLà RVXZLVNRZ\FK GRILQDQV]DGDQLD]HçU 3URJUDPXÅ2VãRQD Å2VãRQD3U]HFLZRVXZLVNRZDÅ 3U]HFLZRVXZLVNRZDÅ 6WDELOL]DFMDUXFKÍZRVXZLVNRZ\FK SURJUDPILQDQVRZDQ\çU QD]ERF]DFKG])DONRZD NUHG\WX](%,

47 7\WXã -HGQRVWND âüf]qh 3U]HZLG\ZDQH :\VRNRçÞ Z\GDWNÍZ /3 ]DGDQLDLQZHVW\F\MQHJR RUJDQL]DF\MQD 2NUHVUHDOL] SODQRZDQH Z\NRQDQLH SODQRZDQ\FK LMHJRFHO UHDOL]OXENRRUG LQZHVW\FML NRV]W\ QD QDURN 8:$*, LQZHVW\FMH LQZHVW\FML RGSRF]DWNXUHDOL]]%XGëHWX0LDVWD '=,$â.8/785$,2&+521$'=,('=,&7:$1$52' 5R]G]32=267$â(=$'$1,$:=$.5.8/785< 0RGHUQL]DFMDEXG\QNX :66 'RWDFMDFHORZDSU]HND]DQD GODSRZLDWXQDLQZHVW\FMH Å62. âå1rz\6üf] L]DNXS\LQZHVW\F\MQH GRILQDQVRZDQLHLQZHVW\FML UHDOL]RZDQHQDSRGVWDZLH SRUR]XPLHåXPÍZPLàG]\ MHGQVDPRU]WHU\WRU 5HPRQWLPRGHUQL]EXG\QNX :66:,0 :UQDUHPRQW 'RP.XOWXU\.ROHMDU]D Z16ÜF]X$O:ROQRVFL ]DEH]SLHF]HQLHRELHNWXSU]HG ]QLV]F]HQLHPL]DSHZQLHQLH EH]SLHF]HåVWZDGODSURZDG]HQLD G]LDãDOQRçFLNXOWXUDOQHM LPRGHUQL]EXG\QNX ZUDPDFKÅZ\GDWNÍZ ELHëÜF\FKÅ]DSODQRZ ]ã]su]h]qdf]hqlhp QDUHPRQWZ\PLDQà GDFKX]REUÍENDPL LU\QQDPLRUD]Z\PLDQà LQVWRGJURPRZHM:ODWDFK SU]HZLGXMHVLà Z\NRQDÞSR]RVWDã\]DNUHVX UREÍWREMàW\FKNRV]WRU\VHP 3ODQRZDQHQDNãDG\U ]ãu ]ãlu]ã =DGDQLHREMàWHZQLRVNLHP Å5HZLWDOL]DFMDEXG\QNÍZ LLQIUDVWUXNWXU\WHFKQLF]QHM 6WDUÍZQLP1RZHJR 6ÜF]DÅ

48 7\WXã -HGQRVWND âüf]qh 3U]HZLG\ZDQH :\VRNRçÞ /3 ]DGDQLDLQZHVW\F\MQHJR RUJDQL]DF\MQD 2NUHVUHDOL] SODQRZDQH Z\NRQDQLH Z\GDWNÍZ SODQRZDQ\FK LMHJRFHO UHDOL]OXENRRUG LQZHVW\FML NRV]W\ QD QDURN 8:$*, LQZHVW\FMH LQZHVW\FML RGSRF]DWNXUHDOL]]%XGëHWX0LDVWD $GDSWDFMDEXGëãREND1U :,0 ;U 'RNXPHQWDFMDRSUDFRZDQD GODSRWU]HE1RZRVÜGHFNLHM ]RVWDãDZUQDNãDG\ 0DãHM*DOHULL VILQDQVRZDQR]HçUÅGRNXP SU]\V]ãRçFLRZHMÅ 16ÜF]XO-DJLHOORåVND 3ODQRZDQHQDNãDG\ ZU]ã =DGDQLHREMàWHZQLRVNLHP Å5HZLWDOL]DFMDEXG\QNÍZ LLQIUDVWUXNWXU\WHFKQLF]QHM 6WDUÍZQLP1RZHJR 6ÜF]DÅ 5R]G]%,%/,27(., 6ÜGHFND%LEOLRWHND3XEOLF]QD Z\NRQGRNXPWHFKQQD GRWDFMDQDLQZHVW\FMH SU]HEXGRZàGDFKXRUD]DGDSWDFMD SRPLHV]F]HåVWU\FKRZ\FKQDELXUD L]DLQVWDOV\VWHPXSSRëZEXGJãÍZQ\P

49 7\WXã -HGQRVWND âüf]qh 3U]HZLG\ZDQH :\VRNRçÞ /3 ]DGDQLDLQZHVW\F\MQHJR RUJDQL]DF\MQD 2NUHVUHDOL] SODQRZDQH Z\NRQDQLH SODQRZDQ\FK Z\GDWNÍZ LMHJRFHO UHDOL]OXENRRUG LQZHVW\FML NRV]W\ QD QDURN 8:$*, LQZHVW\FMH LQZHVW\FML RGSRF]DWNXUHDOL]]%XGëHWX0LDVWD '=,$â.8/785$),=<&=1$, R]G]=$'$1,$:=$.5.8/7 ),=, =DJRVSRGDURZDQLHWHUHQX :,0.RPSOHNVRZH]DEXGRZDQLH WHUHQXREHMPXMHZ\NRQDQLH SRPLàG]\XO-DPQLFNÜDU]HNÜ çflhëhnurzhurz\fkerlvn.dplhqlfdqdfhoh GRVLDWNÍZNLSODëRZHM UHNUHDF\MQRVSRUWRZH NRV]\NÍZNLSLãNLUHF]QHM SLãNLQR]QHMNRUWÍZ WUDZLDVW\FKSODFÍZ]DEDZ GODG]LHFLLQIUDVWUXNWXU\ WHFKQLVRFMDOQHM RUD]]DJRVSRGDURZDQLH W]ZÅVNDãHNÅGODFHOÍZ ZVSLQDF]NRZ\FK :U]DNãDGDVLà RSUDFRZDQLHGRNXPHQWDFML 5HDOL]DFMD]DGDQLDZODWDFK

50 7\WXã -HGQRVWND âüf]qh 3U]HZLG\ZDQH :\VRNRçÞ /3 ]DGDQLDLQZHVW\F\MQHJR RUJDQL]DF\MQD 2NUHVUHDOL] SODQRZDQH Z\NRQDQLH Z\GDWNÍZ SODQRZDQ\FK LMHJRFHO UHDOL]OXENRRUG LQZHVW\FML NRV]W\ QD QDURN 8:$*, LQZHVW\FMH LQZHVW\FML RGSRF]DWNXUHDOL]]%XGëHWX0LDVWD =%,25&=(=(67$:,(1,(:<.21$1,$:('â8*326=&=(* /1<&+'=,$â : '=,$â52/1,&7:2,â2:,(&7:2 '=,$â35=(7: 567:235=(0<6â2:( '=,$â75$163257lâû&=12æý '=,$â*2632'$5.$0,(6=.$1,2:$ '=,$â'=,$â$/12æý86â8*2:$ '=,$â$'0,1,675$&-$38%/,&=1$ '=,$â%(=3,(&=38%/,,&=1(l2&+521$332ê '=,$â2æ:,$7$,:<&+2:$1,( '=,$â3202&632â(&=1$ '=,$â32=267=$':=$.5(6,(32/,7<.,632â(&= '=,$â('8.$&23,(.$:<&+2: '=,$â*2632'.2081$/,2&+5æ52'2:,6.$ '=,$â.8/785$,2&+521$'=,('=,&7:$1$52' '=,$â.8/785$),=<&=1$,63257

51

52

53

54

55

56

57

58

59

60