* P L Q D 2JÍãHP R WZ LF OQ U R R R Z W Z LF W F LH Z ãr Q ç OH W UV Í WZ H U ] S R Z ãr V \ H P H Z U ] S W LF Q Z R G X E 0RJLOQ\
( O H P H Q W æuhgqldurf]qdwhpshudwxudsrzlhwu]dz R & &]DVWUZDQLD]LP\çUGRE R /LF]EDGQLPURéQ\FK]SUDZGRSÈOGQL]WHPSPD[ R æuhgqlhodwrwhuplf]qhçugre! R & /LF]EDGQLJRUÜF\FKRSUDZGRSÈOGQL]WHPSPD[! R & æuhgqlhurf]qhdpsolwxg\whpshudwxu\srzlhwu]d 'DW\Z\VWÜSLHQLDSLHUZV]\FKSU]\PUR]NÍZ MHVLHQQ\FKZLRVHQQ\FKS È 'ãxjrçþrnuhvxeh]su]\pur]nrzhjrs È /LF]EDGQL]SRNU\ZÜçQLHëQÜS È /LF]EDGQL]RSDGHPSRZ\ëHMPPS È 6XP\URF]QHRSDGÍZS È &]àvwrçþzldwux]vhnwrud 1 ( 6 : &LV]HLVãDEHZLDWU\PV 'QL]ZLDWUHPVLOQ\P!PV
6RãHFWZ &KRURZLFH.RQDU\ /LEHUÍZ /XELQD 0RJLOQ\ 5$=(0
8ë\WNRZDQLH 3RZLHU]FKQLDJUXQWÍZRJÍãHP 8ë\WNLUROQH Xë\WNLOHçQHLJUXQW\]DGU]HZLRQH 3R]RVWDãH +RGRZOD %\GãR ZW\PNURZ\GRMQH 7U]RGDFKOHZQD 2ZFH
/S 1U ]ELRUQLND 1D]ZD ]ELRUQLND :LHN XWZRUÍZ ZRGRQR çq\fk 7\S RçURGND 3RZLHU]F KQLD *=:3 >NP @ æu JãàE X 6XE]ELRUQLN %RJXFLFH 'ROLQDU] :LVãD.UDNÍZ 7U SRURZ\ 4' SRURZ\
'DQHGRW\F]ÜFHPHFKDQLF]QR /S :LHç *PLQD 2GELRUQLN = :ãrvdå 0RJLODQ\ :ãrvdqnd 6NDZ /XVLQD 0RJLODQ\ :LOJD :LVãD
5RG]D :\V]F]HJÍOQLHQLH 62 3XQNWSRPLDURZ\6NDZLQD 3XQNWSRPLDURZ\6ZRV]RZLFH
5RN 'RFKRG\ RJÍãHP 3RGDWNLL RSãDW\ ORNDOQH 8G]LDã\ JPLQ\Z SRGDWNDFK 6XEZH 5RN 'RFKRG\ RJÍãHP 3RGDWNLL RSãDW\ ORNDOQH 8G]LDã\ JPLQ\Z SRGDWNDFK 6XEZ
5ROQLFWZRLáRZLHFWZR :\WZDU]DQLHL]DRSDWU\ZDQLHZHQHUJL HOHNWU\F]Q JD]LZRG 7UDQVSRUWLá F]QR ü *RVSRGDUNDPLHV]NDQLRZD ']LDáDOQR üxváxjrzd $GPLQLVWUDFMDSXEOLF]QD 8U] G\QDF]HOQ\FKRUJ$GPLQ 3D VWZRZHM %H]SLHF]H VWZRSXEOLF]QHLRFKURQD SU]HFLZSR DURZD
2EVáXJDGáXJXSXEOLF]QHJR 2 ZLDWDLZ\FKRZDQLH 2FKURQD]GURZLD 2SLHNDVSRáHF]QD (GXNDF\MQDRSLHNDZ\FKRZDZF]D *RVSRGDUNDNRPXQDOQDLRFKURQD URGRZLVND.XOWXUDLRFKURQDG]LHG]LFWZD QDURGRZHJR.XOWXUDILQDQVRZDLVSRUW 5RN 2JÍãHP Z\GDWNL LQZHVW\F\MQH 7UDQVSRUW *RVSRGDUND NRPXQDOQDL PLHV]NDQLRZ DLRFKURQD çurgrzlvnd $GPLQLVW UDFMD SXEOLF]Q D 2çZLDWDL Z\FKRZDQ LH. 2JÍãHP Z\GDWNL LQZHVW\F\MQH 7UDQVSRUW *RVSRGDUND NRPXQDOQDL PLHV]NDQLRZ DLRFKURQD çurgrzlvnd $GPLQLVW UDFMD SXEOLF]Q D 2çZLDWDL Z\FKRZDQLH
&(/(6=&=(* â2:( 352-(.7<352*5$0< = 3.,QWHJUDFMDDVSHNWÍZ HNRORJLF]Q\FK] SODQRZDQLHP SU]HVWU]HQQ\P &HO3.:SURZDG]DQLH RGSRZLHGQLFKSURFHGXU ORNDOL]DF\MQ\FKFKURQLÜF\FK WHUHQ\FHQQHSU]\URGQLF]R SU]HGSU]HLQZHVWRZDQLHP =D P SU RE RE
&(/(6=&=(* â2:( 352-(.7<352*5$0< =$' &HO3.(NRORJLF]QH çflhënluhnuhdf\mqh =DGDQ ]DJRV WXU\VW HGXND 3.=ZLàNV]HQLHRIHUW\ WXU\VW\F]QHMLUHNUHDF\MQHM &HO3.d&]\VWD JPLQDp =DGDQ È SRU]Ü VSU]Ü
&(/(6=&=(* â2:( 352-(.7<352*5$0< =$' 3.'EDãRçÞRWHUHQ\ ]QDMGXMÜFHVLàSRGRFKURQÜ &HO3.5H]HUZDW\ SU]\URG\LVWRWQ\P HOHPHQWHP ]UÍZQRZDëRQHJRUR]ZRMX =DGD ]DOHF UH]HU =DGD RFKUR GZRU
&(/(6=&=(* â2:( 352-(.7<352*5$0< =$' *=DSRELHJDQLHVNDëHQLXL GHJUDGDFMLJOHESU]\WUDVDFK NRPXQLNDFMLVDPRFKRGRZHM &HO*5R]SR]QDQLH VNDOL]DQLHF]\V]F]Hå NRPXQLNDF\MQ\FK =DGD FRQD SXQN =DGD URNX EDGD *5DFMRQDOQH =DJRVSRGDURZDQLHWHUHQÍZ RVãDE\FKJOHEDFK &HO*,GHQW\ILNDFMD JUXQWÍZLQLHXë\WNÍZGR SODQRZHJR]DOHVLHQLD =DGD QLVNLF SRZL ]DOHV
&(/(23(5$&<-1( &(/(6=&=(* â2:( =D OLNZ &HO2(ZLGHQFMDPLHMVF ]DJURëRQ\FK =D RP VNã =D VNã 2/LNZLGDFMDLNRQWUROD PLHMVF]DJURëRQ\FK &HO25HNXOW\ZDFMD VNãDGRZLVNDLNRQWUROD PLHMVF]DJURëRQ\FK =D Z Z\ ORN NR RG =D FDã VH NR =D FDã RG QLH =D 'R 2G &HO23RSUDZD V\VWHPXJRVSRGDUNL RGSDGDPLNRPXQDOQ\PL =D 8Q ]DZ NR =D DNW RG SU] V\V 25DFMRQDOQH ]DJRVSRGDURZDQLH RGSDGÍZ &HO23RSUDZD V\VWHPXJRVSRGDUNL RGSDGDPLZ SU]HGVLàELRUVWZDFK
&(/(23(5$&<-1( &(/(6=&=(* â2:( =$ =DG Z\ =DG ODWD &HO23UDZLGãRZD UHDOL]DFMD3*2LXFKZDã JPLQ\ =DG ]DV WHUH =DG NRP SU] =DG JRV SU] 23UDZQHLHGXNDF\MQH DVSHNW\JRVSRGDUNL RGSDGDPL &HO2']LDãDQLD HGXNDF\MQH =DG &(/(6=&=(* â2:( 352-(.7<352*5$0< :2FKURQD MDNRçFLRZDZÍG &HO:.RQWUROD JRVSRGDUNLçFLHNRZHM =D SR SR =D éu WH =D XU GH
&(/(6=&=(* â2:( 352-(.7<352*5$0< =$'$ :5DFMRQDOQH JRVSRGDURZDQLH ]DVREDPLZRGQ\PL &HO:=DU]ÜG]DQLH JRVSRGDUNÜZRGQR NDQDOL]DF\MQÜQD WHUHQLHPLDVWD =DGD FHOXU ]PQLH PLHV] =DGD FLHNL &(/(6=&=(* â2:( 352-(.7<352*5$0< :=DSHZQLHQLH GREUHMMDNRçFLRZR LQIUDVWUXNWXU\ ZRGQRNDQDOL]DF\MQHM &HO:5R]EXGRZD LQIUDVWUXNWXU\ ZRGQRNDQDOL]DF\MQHM =D UR =D P ND JP =D UR : =D LV È JP G] ]D =D VW Z =D GR SU RF
&(/(6=&=(* â2:( 352-(.7<352*5$0< =$' +5R]SR]QDQLH ]DJURëHQLD SURPLHQLRZDQLHPL KDãDVHP &HO+2FKURQDSU]HG KDãDVHP =DGD KDãDV UHMHVW
&(/(6=&=(* â2:( 352-(.7<352*5$0< = (=ZLàNV]HQLHXG]LDãX VSRãHF]QRçFLORNDOQHMZ G]LDãDQLDFKQDU]HF]RFKURQ\ çurgrzlvnd &HO(3DUW\F\SDFMD VSRãHF]QDZSURJUDPDFK SURHNRORJLF]Q\FK =D Z OR UÍ =D XG ]Z F]
G]LHG]LQD ZVNDéQLN 8G]LDãOXGQRçFLREVãXJLZDQHMSU]H]RF]\V]F]DOQLHçFLHNÍZ 'ãxjrçþvlhflzrgrflüjrzhmnp 'ãxjrçþvlhflndqdol]df\mqhmnp 1DNãDG\LQZHVW\F\MQHQDRFKURQàZÍGLJRVSRGDUNàçFLH QDPN 8G]LDã,NODV\MDNRçFLZÍGZGãXJRçFLU]HNÈ 8G]LDã,,NODV\MDNRçFLZÍGZGãXJRçFLU]HNÈ 8G]LDãZÍG9NODV\ZGãXJRçFLU]HNÈ 8G]LDã]Xë\FLDZRG\SU]H]SU]HP\VãZRJÍOQ\P]Xë\FLXZ - $. 2 æ Ý : ' * 2 6 3 2 ' $ 5. $ : 2 ' 1 2 æ &,(. 2 : $ 3REÍUZÍGSRZLHU]FKQLRZ\FKLSRG]LHPQ\FKMDNRÈGRV X]JRGQLRQ\]*86 (PLVMD]DQLHF]\V]F]HåS\ãRZ\FK]]DNãDGÍZV]F]HJÍOQLH (PLVMD]DQLHF]\V]F]HåJD]RZ\FKEH]&2 RJÍãHP]]DN WNP URN :VNDéQLNSUHVMLPRWRU\]DFMLMDNRVWRVXQHNLORF]\QXGãXJR QDWàëHQLDUXFKXSRMD]GÍZGRSRZLHU]FKQLSRZLDWX.RQVXPSFMDVXEVWDQFML]XEDëDMÜF\FKZDUVWZàR]RQRZÜ WPN 8G]LDãSURGXNFMLHQHUJLL]HéUÍGHãRGQDZLDOQ\FKZFDãRçF æuhgqlxg]ldãgql]su]hnurf]rqüqrupügrsxv]f]doqhmlp SRPLDURZ\FKZÈOXEVWàëHQLHçUHGQLRURF]QHmJP æuhgqlxg]ldãgql]su]hnurf]rqüqrupügrsxv]f]dqhmlp SRPLDURZ\FKÈOXEVWàëHQLHçUHGQLRURF]QHmJP æuhgqlxg]ldãgql]su]hnurf]rqüqrupügrsxv]f]doqhmlp SXQNWDFKSRPLDURZ\FKÈOXEVWàëHQLHçUHGQLRURF]QHm æuhgqlxg]ldãgql]su]hnurf]rqüqrupügrsxv]f]rqhm SXQNWDFKSRPLDURZ\FKÈOXEVWàëHQLHçUHGQLRURF]QHm - $. 2 æ Ý 3 2 :,( 7 5 = $ ( 1 ( 5 *,$ 2 ' 1 $ :,$ / 1 $ 1DNãDG\LQZHVW\F\MQHQDRFKURQàSRZLHWU]DLNOLPDWX]ã,ORçÞZ\WZRU]RQ\FKRGSDGÍZZFLÜJXURNX0JPN URN 8G]LDãRGSDGÍZSU]HP\VãRZ\FKZ\NRU]\VWDQ\FKJRVSR Z\WZRU]RQ\FKZFLÜJXURNXÈ 2GSDG\NRPXQDOQHZ\ZLH]LRQHZSU]HOLF]HQLXQDMHGQH WRVREàURN ' $ 5. $ $ ' $ 0,
&HOHV]F]HJyáRZH 3URJUDP\SURMHNW\ =DGD SU]HVWU]HQQ\P &HO3. :SURZDG]DQLH RGSRZLHGQLFKSURFHGXU ORNDOL]DF\MQ\FKFKURQL F\FK WHUHQ\FHQQHSU]\URGQLF]R SU]HGSU]HLQZHVWRZDQLHP
5RN ED]RZ\ WM ZW\ç 2FKURQDSU]\URG\LNUDMREUD]Xr3. 2FKURQDJOHEr* 3RSUDZDJRVSRGDURZDQLDRGSDGDPLr2 3RSUDZDMDNRçFLZRG\r: 2FKURQDSRZLHWU]Dr3 2FKURQD]DVREÍZ]ãÍëLNRSDOLQr6 2FKURQDSU]HGSURPLHQLRZDQLHPLKDãDVHPr + 2FURQDSU]HG]DJURëHQLHPLDZDULÜr$.V]WDãWRZDQLHSURHNRORJLF]Q\FKSRVWDZ PLHV]NDåFÍZr( 2WZDUWDLGZXVWURQQDNRPXQLNDFMDr. 5$=(0
=DWUXGQLHQLHRJÍãHP 5ROQLFWZR 3U]HP,ORçÞ RJÍãHP 6]NRã\ SRGVWDZRZH *LPQD]MD /LFHD 2JÍOQRNV]WDãFÜFH 6
/LF]ED PLHV]NDåFÍZ :VNDéQLN QDJURPDG]HQLD ZP0D LORçÞRGSDGÍZ Z\ZLH]LRQ\FK QD VNãDGRZLVNR Z0J,ORçÞ RGSDGÍ PREOLF ZVNDéQLN r URNX :\V]F]HJÍOQLH )UDNFMDP 2GSDG\RUJDQL 3DSLHULWHNWX 7ZRU]\ZDV]WXF 7HNVW\OLD 0HWDOH 6]NãR 3R]RVWDãHRUJDQ 3R]RVWDãHQLHRUJD 5D]HP
)UDNFMDPP 2GSDG\RUJDQLF]QH 3DSLHULWHNWXUD 7ZRU]\ZDV]WXF]QH 7HNVW\OLD 0HWDOH 6]NáR 3R]RVWDáHRUJDQLF]QH 3R]RVWDáHQLHRUJDQLF]QH È È È È È È È È È /DWD,ORçÞPLHV]NDåFÍZ :]URVWLORçFLRGSDGÍZ QDPLHV]NDåFD È È :VNDéQLNQDJURPDG]HQLD QDPLHV]NDåFD 3URJQR]RZDQDLORçÞ RGSDGÍZ
È È È È È È È È È È È È È È È È È È È 2GSDG\RUJDQLF]QHSRFKRG]HQLDURVOLQQHJR 3DSLHULWHNWXUD 7ZRU]\ZDV ]WXF]QH 0DWHULDá\WHNV W\OQH 6]NáR 0HWDOH 2GSDG\PLQHUDOQH )UDNFMDGUREQDPP 5RG]DMRGSDGX 'UHZQR 0HWDOH,QQHEDODVWRZH PDWHUDFHSODVWLNLWS 5D]HP 8G]LDãÈ È È È È
/DWD 3URJQR]RZDQDLORçÞ RGSDGÍZZ0JD
ODWD 3URJQR]RZDQDLORçÞ RGSDGÍZZ0JD
SR] RV WDáH EDODVW È RGSDG\ V X U R Z F R Z H È P L Q H U D OQ H È 2GSDG\NXFKHQQHROHJDM FH ELRGHJUDGDFML 2GSDG\]LHORQH 3DSLHULWHNWXUDQLHRSDNRZ DQLRZ H ELR È 2SDNRZ DQLD]SDSLHUXLWHNWXU\ È È È È È 2SDNRZ DQLDZ LHORPDWHULDáRZ H 7Z RU]\Z DV]WXF]QH QLHRSDNRZ DQLRZ H È 2SDNRZ DQLD]WZ RU]\Z V]WXF]Q\FK È È 7HNV W\OLD È 6]NáRQLHRSDNRZ DQLRZ H 2SDNRZ DQLD]HV]NáD È È È È È È È È È 0HWDOH 2SDNRZ DQLD]EODFK\ 2SDNRZ DQLD]DOXPLQLXP 2GSDG\PLQHUDOQH 'UREQDIUDNFMDSRSLRáRZ D È È È 2GSDG\]JRVSRGDUVWZ GRPRZ\FK 2GSDG\SRFKRG] FH] RELHNWyZLQIUDVWUXNWXU\ 2GSDG\ZLHONRJDEDU\WRZH 2GSDG\Z LHONRJDEDU\WRZ H È 2GSDG\QLHEH]SLHF]QH 2GSDG\EXGRZ ODQH È È 2GSDG\EXGRZODQH È 2GSDG\]LHORQH 2GSDG\XOLF]QH È È È È È È È È È )UDNFMDPP 2GSDG\RUJDQLF]QH 3DSLHULWHNWXUD 7ZRU]\ZDV]WXF]QH 7HNV W\OLD 0HWDOH 6]NáR 3R]RVWDáHRUJDQLF]QH 3R]RVWDáHQLHRUJDQLF]QH
, /DWD,ORçÞ PLHV]N 2GSDG\] JRVSRGDUVWZ GRPRZ\FK 2GSDG\ SRFKRG]ÜFH] RELHNWÍZ LQIUDVWUXNWXU\ 2GSDG\ JDEDU\WRZH Q 3U]\URVW LORçFL
/DWD 3URJQR]RZDQDLORçÞRGSDGÍZZ0JD,ORçÞRGSDGÍZELRGHJUDGRZDOQ\FK,ORçÞRGSDGÍZELRGHJUDGRZDOQ\FKGRSXV]F]RQ\FKGR VNãDGRZDQLDZ0JD 1LH]EàGQDLORçÞRGSDGÍZELRGHJUDGRZDOQ\FKGR UHF\NOLQJXZ0JD 3URJQR]RZDQDLORçÞRGSDGÍZÅELRÅ]JRVSRGDUVWZ GRPRZ\FKZ0JD =DNãDGDQDLORçÞRGSDGÍZ]DJRVSRGDURZ\ZDQDZH ZãDVQ\P]DNUHVLHSU]H]PLHV]NDåFÍZZ0JD 'RGDWNRZDLORçÞRGSDGÍZELRGHJUDGRZDOQ\FKGR SR]\VNDQLDLUHF\NOLQJXRUJDQLF]QHJRZ0JD
RSDNRZDQLD]GUHZQD 2SDNRZDQLD]DOXPLQLX 2SDNRZDQLD]EODFK\ 2SDNRZDQLD]HV]NáD 2SDNRZDQLD]WZRU]\Z V]WXF]Q\FK 2SDNRZDQLDZLHORPDW 2SDNRZDQLD]SDSLHUX
*5 2SLVJUXS\ 6XPD 2OHMHRGSDGRZHLRGSDG\FLHNã\FKSDOLZ]Z\ãÜF]HQLHPROH M L 6XPD 2GSDG\RSDNRZDQLRZHVRUEHQW\WNDQLQ\GRZ\FLHUDQLD XEUDQLDRFKURQQHQLHXMàWHZLQQ\FKJUXS 6XPD 2GSDG\QLHXMàWHZLQQ\FKJUXSDFK 6XPD 2GSDG\]EXGRZ\UHPRQWÍZLGHPRQWDëXRELHNWÍZEXGRZOD GURJRZHMZãÜF]DMÜFJOHEàL]LHPLà]WHUHQÍZ]DQL H.RG RGSDGX 1D]ZDRGSDGX,ORçÞZ 0JD êhod]rlvwdo
.RG RGSDGX 1D]ZDRGSDGX,ORçÞZ 0JD =Xë\WHRSRQ\ =Xë\WHRSRQ\.RG RGSDGX 1D]ZDRGSDGX,ORçÞZ 0JD 2OHMHK\GUDXOLF]QH]DZLHUDMÜFH3&% 0LQHUDOQHROHMHVLOQLNRZHSU]HNãDGQLRZHL VPDURZH]DZLHUDMÜFH]ZLÜ]NLFKORURZFRRUJDQLF]QH 0LQHUDOQHROHMHVLOQLNRZHSU]HNãDGQLRZHL VPDURZH]DZLHUDMÜFH]ZLÜ]NLFKORURZFRRUJDQLF]QH 0LQHUDOQHROHMHVLOQLNRZHSU]HNãDGQLRZHL VPDURZHQLH]DZLHUDMÜFH]ZLÜ]NÍZ FKORURZFRRUJDQLF]Q\FK,QQHROHMHVLOQLNRZHSU]HNãDGQLRZHLVPDURZH,QQHROHMHVLOQLNRZHSU]HNãDGQLRZHLVPDURZH 2GSDG\VWDãH]SLDVNRZQLNÍZL]RGZDGQLDQLD ROHMÍZZVHSDUDWRUDFK
.RG RGSDGX 1D]ZDRGSDGX,ORçÞZ 0JD 6]ODP\]RGZDGQLDQLDROHMÍZZVHSDUDWRUDFK 2OHMRSDãRZ\LROHMQDSàGRZ\ %HQ]\QD,QQHSDOLZDZãÜF]QLH]PLHV]DQLQDPL.RG RGSDGX 1D]ZDRGSDGX,ORçÞZ 0JD 6RUEHQW\PDWHULDã\ILOWUDF\MQHZW\PILOWU\ROHMRZH QLHXMàWHZLQQ\FKJUXSDFKWNDQLQ\GRZ\FLHUDQLD QSV]PDW\çFLHUNLLXEUDQLDRFKURQQH ]DQLHF]\V]F]RQHVXEVWDQFMDPLQLHEH]SLHF]Q\PLQS 3&% 6RUEHQW\PDWHULDã\ILOWUDF\MQHZW\PILOWU\ROHMRZH QLHXMàWHZLQQ\FKJUXSDFKWNDQLQ\GRZ\FLHUDQLD QSV]PDW\çFLHUNLLXEUDQLDRFKURQQH ]DQLHF]\V]F]RQHVXEVWDQFMDPLQLHEH]SLHF]Q\PLQS 3&% 6RUEHQW\PDWHULDã\ILOWUDF\MQHZW\PILOWU\ROHMRZH QLHXMàWHZLQQ\FKJUXSDFKWNDQLQ\GRZ\FLHUDQLD QSV]PDW\çFLHUNLLXEUDQLDRFKURQQH ]DQLHF]\V]F]RQHVXEVWDQFMDPLQLHEH]SLHF]Q\PLQS 3&%
.RG RGSDGX 1D]ZDRGSDGX 6RUEHQW\PDWHULDã\ILOWUDF\MQHZW\PILOWU\ROHMRZH QLHXMàWHZLQQ\FKJUXSDFKWNDQLQ\GRZ\FLHUDQLD QSV]PDW\çFLHUNLLXEUDQLDRFKURQQH ]DQLHF]\V]F]RQHVXEVWDQFMDPLQLHEH]SLHF]Q\PLQS 3&% 6RUEHQW\PDWHULDã\ILOWUDF\MQHZW\PILOWU\ROHMRZH QLHXMàWHZLQQ\FKJUXSDFKWNDQLQ\GRZ\FLHUDQLD QSV]PDW\çFLHUNLLXEUDQLDRFKURQQH ]DQLHF]\V]F]RQHVXEVWDQFMDPLQLHEH]SLHF]Q\PLQS 3&% 6RUEHQW\PDWHULDã\ILOWUDF\MQHWNDQLQ\GR Z\FLHUDQLDQSV]PDW\çFLHUNLLXEUDQLDRFKURQQH LQQHQLëZ\PLHQLRQHZ,ORçÞZ 0JD 6RUEHQW\PDWHULDã\ILOWUDF\MQHWNDQLQ\GR Z\FLHUDQLDQSV]PDW\çFLHUNLLXEUDQLDRFKURQQH LQQHQLëZ\PLHQLRQHZ.RG RGSDGX 1D]ZDRGSDGX,ORçÞZ 0JD )LOWU\ROHMRZH )LOWU\ROHMRZH )LOWU\ROHMRZH )LOWU\ROHMRZH 3ã\Q\KDPXOFRZH 3ã\Q\KDPXOFRZH 3ã\Q\]DSRELHJDMÜFH]DPDU]DQLX]DZLHUDMÜFH QLHEH]SLHF]QHVXEVWDQFMH 3ã\Q\]DSRELHJDMÜFH]DPDU]DQLXLQQHQLë Z\PLHQLRQHZ 3ã\Q\]DSRELHJDMÜFH]DPDU]DQLXLQQHQLë Z\PLHQLRQHZ 0HWDOHëHOD]QH 0HWDOHëHOD]QH 7ZRU]\ZDV]WXF]QH
.RG RGSDGX 1D]ZDRGSDGX,ORçÞZ 0JD 6]NãR 6]NãR,QQHQLHZ\PLHQLRQHHOHPHQW\.RG RGSDGX 1D]ZDRGSDGX,ORçÞZ 0JD =Xë\WHXU]ÜG]HQLD]DZLHUDMÜFHIUHRQ\+&)&+)& =Xë\WHXU]ÜG]HQLD]DZLHUDMÜFHQLHEH]SLHF]QH HOHPHQW\ODPS\IOXRUHVFHQF\MQH =Xë\WHXU]ÜG]HQLD]DZLHUDMÜFHQLHEH]SLHF]QH HOHPHQW\ODPS\IOXRUHVFHQF\MQH =Xë\WHXU]ÜG]HQLD]DZLHUDMÜFHQLHEH]SLHF]QH HOHPHQW\ODPS\IOXRUHVFHQF\MQH =Xë\WHXU]ÜG]HQLD]DZLHUDMÜFHQLHEH]SLHF]QH HOHPHQW\ODPS\IOXRUHVFHQF\MQH =Xë\WHXU]ÜG]HQLD]DZLHUDMÜFHQLHEH]SLHF]QH HOHPHQW\ODPS\IOXRUHVFHQF\MQH =Xë\WHXU]ÜG]HQLD]DZLHUDMÜFHQLHEH]SLHF]QH HOHPHQW\ODPS\IOXRUHVFHQF\MQH (OHPHQW\XVXQLàWH]]Xë\W\FKXU]ÜG]HåLQQHQLë Z\PLHQLRQHZ
.RG RGSDGX 1D]ZDRGSDGX,ORçÞZ 0JD %DWHULHLDNXPXODWRU\RãRZLRZH %DWHULHLDNXPXODWRU\RãRZLRZH %DWHULHLDNXPXODWRU\RãRZLRZH %DWHULHLDNXPXODWRU\RãRZLRZH %DWHULHLDNXPXODWRU\RãRZLRZH
/S 2SLVSU]HGVLàZ]LàFLD -HGQRVWNL UHDOL]XMÜFH,QZHQWDU\]DFMDLOLNZLGDFMDG]LNLFKVNãDGRZLVN *PLQD 5HNXOW\ZDFMDVNãDGRZLVNDZ.XOHU]RZLH *PLQD :SURZDG]HQLHQDFDã\REV]DUJPLQ\V\VWHPX VHOHNW\ZQHM]ELÍUNLRGSDGÍZNRPXQDOQ\FK *PLQD =ZLÜ]HNJPLQ :SURZDG]HQLHQDFDã\REV]DUJPLQ\V\VWHPX RGELRUXRGSDGÍZZLHONRJDEDU\WRZ\FKL QLHEH]SLHF]Q\FK *PLQD =ZLÜ]HNJPLQ %XGRZD3XQNWX'REURZROQHJR*URPDG]HQLD 2GSDGÍZ3'*2 *PLQD 3URSDJRZDQLHNRPSRVWRZDQLDRGSDGÍZ RUJDQLF]Q\FKSU]H]PLHV]NDåFÍZZHZãDVQ\P ]DNUHVLH *PLQD =ZLÜ]HNJPLQ 5R]SR]QDQLHDNWXDOQHJRVWDQXJRVSRGDUNL RGSDGDPLZPDã\FKLçUHGQLFK SU]HGVLàELRUVWZDFKRUD]RUJDQL]DFMDV\VWHPX ]ELHUDQLDRGSDGÍZJRVSRGDUF]\FK :RMHZRGD SRZLDWJPLQD 8W\OL]DFMDRGSDGÍZ]DZLHUDMÜF\FKD]EHVW PLHQLHNRPXQDOQH *PLQD =ELHUDQLHLQIRUPDFMLRPLHMVFDFK Z\VWàSRZDQLDXU]ÜG]Hå]DZLHUDMÜF\FK3&% D]EHVWLLFKSU]HND]\ZDQLHGRZRMHZRG\ *PLQD :VSLHUDQLHSU]HGVLàELRUVWZZ]DNUHVLH XWZRU]HQLDV\VWHPX]ELÍUNLXU]ÜG]HåL SXQNWÍZ]ELÍUNL]Xë\W\FKROHMÍZ 3U]HGVLàELRUF\ *PLQD (GXNDFMD]]DNUHVXJRVSRGDUNLRGSDGDPLZ W\P]VHNWRUDSU]HGVLàELRUVWZ 8U]ÜG0DUV] 8U]ÜG:RM *PLQD=ZLÜ]HN *PLQ 3RZLDW
-HGQR UHDOL]X /S 2SLVSU]HGVLàZ]LàFLD 6]NROHQLD 3U]HGV *PLQ ']LDãDQLDNRQWUROQHZ]DNUHVLHUHDOL]DFML RERZLÜ]NÍZZ\QLNDMÜF\FK]SUDZD NUDMRZHJRLORNDOQHJRZ]DNUHVLHRGSDGÍZ NRPXQDOQ\FKQSXPRZ\QDZ\ZÍ] RGSDGÍZ *PLQ 2FHQDVWRSQLDZ\NRQDQLD3*2 *PLQ :HU\ILNDFMD3*2rQDODWD *PLQ 8FKZDOHQLHQRZ\FK]DVDGXWU]\PDQLD F]\VWRçFLLSRU]ÜGNXQDWHUHQLHPLDVWDL JPLQ\ 5D]HP
,OR,ORçÞ PLHV]N 2GSDG\] JRVSRGDUVWZ GRPRZ\FK 2GSDG\ SRFKRG]ÜFH] RELHNWÍZ LQIUDVWUXNWXU\ 2GSDG\ JDEDU\WRZH 3U]\URVW LORçFL
*5 2SLVJUXS\ 6XPD 2OHMHRGSDGRZHLRGSDG\FLHNã\FKSDOLZ]Z\ãÜF]HQLHPROHM L 6XPD 2GSDG\RSDNRZDQLRZHVRUEHQW\WNDQLQ\GRZ\FLHUDQLD XEUDQLDRFKURQQHQLHXMàWHZLQQ\FKJUXS 6XPD 2GSDG\QLHXMàWHZLQQ\FKJUXSDFK 6XPD 2GSDG\]EXGRZ\UHPRQWÍZLGHPRQWDëXRELHNWÍZEXGRZOD GURJRZHMZãÜF]DMÜFJOHEàL]LHPLà]WHUHQÍZ]DQLH