3,7$$







1XPHU,GHQW\ILNDFML3RGDWNRZHMSáDWQLNDRUJDQXUHQWRZHJR

3 D Q L

3,7$$



52&=1(2%/,&=(1,(32'$7.835=(=25*$15(172:<



,1)250$&-$

2'2&+2'$&+8=<6.$1<&+2'25*$185(172:(*2





=$52.32'$7.2:<

5RN

=QDN

=QDN

3RGVWDZDSUDZQD

6NáDGDMF\
7HUPLQGRU F]HQLD

2WU]\PXMH

$UWXVWZ]ZL]NX]DUWXVWLDUWXVWXVWDZ\]GQLDOLSFDURSRGDWNXGRFKRGRZ\PRGRVyEIL]\F]Q\FK

']8] U1U SR]]Sy(Q]P ]ZDQHMGDOHM´XVWDZ

2UJDQUHQWRZ\
3,7$SRGDWQLNRZLLZáDFLZHPXXU] GRZLVNDUERZHPXGRGQLDPDUFDURNXQDVW SXMFHJRSRURNXSRGDWNRZ\P

3,7$SRGDWQLNRZLGRGQLDPDUFDDZáDFLZHPXXU] GRZLVNDUERZHPXGRGQLDNZLHWQLDURNXQDVW SXMFHJRSRURNX

SRGDWNRZ\P

3RGDWQLNRUD]ZáDFLZ\XU]GVNDUERZ\

$0,(-6&(6.à$'$1,$)2508/$5=$

8U]GVNDUERZ\GRNWyUHJRDGUHVRZDQ\MHVWIRUPXODU]

%'$1(,'(17<),.$&<-1(3à$71,.$,$'5(66,('=,%<

1D]ZDRUJDQXUHQWRZHJR

1D]ZDVNUyFRQD

,GHQW\ILNDWRU5(*21

.UDM

:RMHZyG]WZR

3RZLDW

*PLQD

8OLFD

1UGRPX

1UORNDOX

0LHMVFRZRü

.RGSRF]WRZ\

3RF]WD

&'$1(,'(17<),.$&<-1(32'$71,.$,$'5(6=$0,(6=.$1,$

1XPHU,GHQW\ILNDFML3RGDWNRZHM1,3

1D]ZLVNR

3LHUZV]HLPL

3(6(/

'DWDXURG]HQLD G]LHPLHVLFURN

.UDM

:RMHZyG]WZR

3RZLDW

*PLQD

8OLFD

1UGRPX

1UORNDOX

0LHMVFRZRü

.RGSRF]WRZ\

3RF]WD

''2&+2'<32'$71,.$25$='2&+2'<0$à2/(71,&+'=,(&,

'UyGáDSU]\FKRGyZ

'RFKyG

]á JU

6NáDGNDQDXEH]SLHF]HQLH

]GURZRWQH

]á JU

=DOLF]NDQDSRGDWHNSREUDQD

LRGSURZDG]RQDGRXU] GXVNDUERZHJR

]á JU

(PHU\WXUDUHQWDNUDMRZDSRGDWQLND













=DVLáNLSLHQL *QH]XEH]SLHF]HQLD

VSRáHF]QHJRZ\SáDFRQHSU]H]RUJDQ

UHQWRZ\









5HQWDNUDMRZDPDáROHWQLHJR

G]LHFND









 5RF]QH REOLF]HQLH SRGDWNX 3,7$ RUJDQ\ UHQWRZH VSRU]ïG]DMï SRGDWQLNRP X]\VNXMïF\P GRFKRG\ ] W\WXñX HPHU\WXU L UHQW ] Z\MïWNLHP

SRGDWQLNyZ

DZVWRVXQNXGRNWyU\FKXVWDñRERZLï]HNSRERUX]DOLF]HN

ENWyU]\]ñR¢\OLR°ZLDGF]HQLHR]DPLDU]HZVSyOQHJRRSRGDWNRZDQLDVZRLFKGRFKRGyZ]GRFKRGDPLPDñ¢RQNDOXEZVSRVyESU]HZLG]LDQ\GOD

RVyE VDPRWQLH Z\FKRZXMïF\FK G]LHFL FK\ED ¢H SRGDWQLN SU]HG NRxFHP URNX SRGDWNRZHJR ]ñR¢\ñ R°ZLDGF]HQLH R UH]\JQDFML ] ]DPLDUX

RSRGDWNRZDQLDZSRZ\¢V]\VSRVyE

,QIRUPDFMrRGRFKRGDFK3,7$RUJDQ\UHQWRZHVSRU]ïG]DMïSRGDWQLNRPX]\VNXMïF\PGRFKRG\]]DVLñNyZZ\SñDFDQ\FKEH]SR°UHGQLRSU]H]

WHRUJDQ\RUD]SRGDWQLNRPZ\PLHQLRQ\PZSU]\SLVLHOLWDLE

 1LHSRWU]HEQHVNUH°OL 

3,7$$







5$=(0'2&+2'<,32%5$1(=$/,&=.,=(0(5<785,5(17.5$-2:<&+

6XPDGRFKRGyZ]SR]L



]á

JU

6XPD]DOLF]HN]SR]L



]á

JU

('2&+Ï'32'$71,.$322'/,&=(1,$&+
('2&+Ï'32'$71,.$

]á

JU

5D]HPGRFKyGSRGDWQLND

.ZRWD]SR]OXE





(2'/,&=(1,$2''2&+2'81,(8:=*/ '1,21(35=<32%25=(=$/,&=(.35=(=3à$71,.$

]á

JU

'RNRQDQHZURNXSRGDWNRZ\P]ZURW\QLHQDOH*QLHSREUDQ\FKHPHU\WXULUHQW





'RNRQDQHZURNXSRGDWNRZ\P]ZURW\QLHQDOH*QLHSREUDQ\FK]DVLáNyZ





6NáDGNLQDU]HF]RUJDQL]DFMLGRNWyU\FKSU]\QDOH*QRüSRGDWQLNDMHVWRERZL]NRZD





5D]HPRGOLF]HQLD

6XPDNZRW]SR]L





('2&+Ï'32'$71,.$322'/,&=(1,$&+32'67$:$232'$7.2:$1,$

'RFKyGSRRGOLF]HQLDFKSR]DRNUJOHQLXGRSHáQHJR]áRWHJR
2GNZRW\]SR]QDOH*\RGMüNZRW ]SR]-H*HOLUy*QLFDMHVWOLF]EXMHPQQDOH*\ZSLVDü



]á

)2%/,&=(1,(1$/()1(*232'$7.8'/$32'$71,.Ï:.7Ï5<025*$15(172:<

'2.218-(52&=1(*22%/,&=(1,$

6SRVyERSRGDWNRZDQLD]D]QDF]\üZáDFLZ\NZDGUDW

‰

]JRGQLH]XVWDZ

‰

]JRGQLH]SRVWDQRZLHQLDPLXPyZRXQLNDQLXSRGZyMQHJRRSRGDWNRZDQLD

3RGDWHNGRFKRGRZ\RGGRFKRGX]SR]REOLF]RQ\ZHGáXJVNDOLRNUHORQHMZDUWXVWXVWDZ\



]á

JU

.ZRWDVNáDGNLQDXEH]SLHF]HQLH]GURZRWQHPR*OLZDGRRGOLF]HQLDZURNXSRGDWNRZ\P

2GOLF]DQDNZRWDQLHPR*HSU]HNURF]\üNZRW\SRGDWNX]SR]



]á

JU

3RGDWHNQDOH*Q\SR]DRNUJOHQLXGRSHáQ\FKG]LHVLWHNJURV]\

2GNZRW\]SR]QDOH*\RGMüNZRW ]SR]



]á

JU

*52&=1(52=/,&=(1,(32'$7.8

]á

JU

3REUDQH]DOLF]NL

.ZRWD]SR]





5y*QLFDSRPL G]\SRGDWNLHPQDOH*Q\PDVXP]DOLF]HNSREUDQ\FKSU]H]RUJDQUHQWRZ\GR]DSáDW\

2GNZRW\]SR]QDOH*\RGMüNZRW ]SR]-H*HOLUy*QLFDMHVWOLF]EXMHPQQDOH*\ZSLVDü

1LHGRSáDWDSRGDWNX]RVWDQLHSRWUFRQD]ELH*F\FKZLDGF]H





5y*QLFDSRPL G]\VXPQDOH*Q\FK]DOLF]HNSREUDQ\FKSU]H]RUJDQUHQWRZ\DSRGDWNLHPQDOH*Q\PQDGSáDWD

2GNZRW\]SR]QDOH*\RGMüNZRW ]SR]-H*HOLUy*QLFDMHVWOLF]EXMHPQQDOH*\ZSLVDü

1DGSáDWDSRGDWNX]JRGQLH]XVWDZ]DOLF]RQD]RVWDQLHQDSRF]HW]DOLF]NL]DPLHVLFPDU]HFURNXQDVW SXMFHJRSRURNX

SRGDWNRZ\PDMH*HOLMSU]HNURF]\]ZUyFRQDáF]QLH]ELH*F\PLZLDGF]HQLDPL





+2:,$'&=(1,(3à$71,.$/8%262%<:<=1$&=21(-'22%/,&=$1,$32'$7.8

2ZLDGF]DP*HVPL]QDQHSU]HSLV\.RGHNVXNDUQHJRVNDUERZHJRRRGSRZLHG]LDOQRFL]DXFK\ELHQLHRERZL]NRPSáDWQLND

'DWDUR]OLF]HQLDG]LHPLHVLFURN

3LHF]WND L SRGSLV

,1)250$&-$35=(=1$&=21$'/$(0(5<7Ï:,5(1&,67Ï:.7Ï5=<275=<0$/,52&=1(2%/,&=(1,(32'$7.83,7$

,=$0,(5=$-–=…2 <:85=Ç'=,(6.$5%2:<0'2'$7.2:(52&=1(=(=1$1,(32'$7.2:(

.ZRWDVNñDGNLQDXEH]SLHF]HQLH]GURZRWQHZ\PLHQLRQDMHVWZSR]

'2&+Ï'32'$71,.$

'UyGáRSU]\FKRGyZ

3U]\FKyG

]á JU

.RV]W\X]\VNDQLD

SU]\FKRGyZ

'RFKyG

]á JU

=DOLF]NDQDSRGDWHNSREUDQD

LRGSURZDG]RQDGRXU] GXVNDUERZHJR

]á JU

(PHU\WXUDUHQWDNUDMRZD