3ROLWHFKQLND&] VWRFKRZVND

:\G]LDá%XGRZ\0DV]\Q

.LHUXQHN,QIRUPDW\ND]DRF]QD

(/(0(17<7(&+1,.,&<)52:(-

5HIHUDWÄ6\QWH]DXNáDGyZORJLF]Q\FK´

0DUFLQ%DUDVNL

6HPHVWU]LPRZ\

*UXSD,

6\QWH]DXNáDGyZORJLF]Q\FK



=$*$'1,(1,(6<17(=<

: FHOX ]UR]XPLHQLD V\QWH]\ IXQNFML ORJLF]Q\FK QDOH*\ SU]\EOL*\ü ]DJDGQLHQLD

]ZL]DQH]IXQNFMDPLORJLF]Q\PL

&RWRMHVWIXQNFMDORJLF]QD")XQNFM ORJLF]Q QD]\ZDVL IXQNFM NWyUHM]PLHQQH

ORJLF]QH RUD] VDPD IXQNFMD PRJ SU]\ELHUDü W\ONR MHGQ ] GZX ZDUWRFL QS  OXE 

:DUWRFLDUJXPHQWyZIXQNFMLORJLF]QHMRGSRZLDGDM VWDQRPZHMüXNáDGXF\IURZHJRD

ZDUWRFL VDPHM IXQNFML ± VWDQRP Z\Mü WHJR XNáDGX )XQNFMD ORJLF]QD PR*H E\ü

SU]HGVWDZLRQDQDNLONDUyZQRZD*Q\FKVRELHVSRVREyZDPLDQRZLFLH

x ]DSRPRF RSLVXVáRZQHJR

x ]DSRPRF WDEOLF\ZDUWRFLIXQNFMLWDEOLF\VWDQyZ

x ]DSRPRF Z\NUHVXF]DVRZHJR

x ZSRVWDFLJUDILF]QHM]DSRPRF VFKHPDWXORJLF]QHJR

x ZSRVWDFLDQDOLW\F]QHM]DSRPRF Z\UD*HQLDVWUXNWXUDOQHJR

3RGVWDZRZ\PL HOHPHQWDPL OXE IXQNWRUDPL ORJLF]Q\PL V QD]\ZDQH XNáDG\

UHDOL]XMFHHOHPHQWDUQHIXQNFMHORJLF]QHW]ZEUDPNL6áX*RQHGREXGRZDQLDXNáDGyZ

ORJLF]Q\FKRZL NV]HM]áR*RQRFL

3RQL*HM SU]HGVWDZLRQH ]RVWDá\ SRGVWDZRZH V\PEROH JUDILF]QH WDEOLFH VWDQyZ

SRGVWDZRZ\FKHOHPHQWyZORJLF]Q\FKRUD]LFKZ\UD*HQLDVWUXNWXUDOQH

$

%

< $%

:=Ï56758.785$/1<













%

$

%

$

$%

%

$

<

š

ˆ

$













$

%

< $%

:=Ï56758.785$/1<













%

$

%

$

%

$

<

›

‰















$

$

$

:=Ï56758.785$/1<









$

$

%

$%

<

:=Ï56758.785$/1<













%

$

%

$

$%

%

$

<

š

ˆ

$













$

%

%

$

<



:=Ï56758.785$/1<













%

$

%

$

%

$

<

›

‰















6\QWH]DXNáDGyZORJLF]Q\FK



3RQL*HMSU]HGVWDZLRQ\]RVWDáRSLVVáRZQ\SRGVWDZRZ\FKIXQNFMLORJLF]Q\FK

x )XQNFMDLORF]\QXORJLF]QHJR$1'SU]\MPXMHZDUWRüÙJG\ZV]\VWNLH]PLHQQH

SU]\MPXM ZDUWRFL

x )XQNFMD VXP\ ORJLF]QHM 25 SU]\MPXMH ZDUWRü  Ù JG\ ZV]\VWNLH ]PLHQQH

SU]\MPXM ZDUWRFL

x )XQNFMD ORJLF]QD 127 SROHJD QD QHJDFML ]PLHQQHM )XQNFMD ]PLHQLD ZDUWRü

]PLHQQHMQDMHMGRSHáQLHQLH

x )XQNFMDORJLF]QD1$1'SU]\MPXMHZDUWRüÙJG\ZV]\VWNLH]PLHQQHSU]\MPXM

ZDUWRü

x )XQNFMD ORJLF]QD 125 SU]\MPXMH ZDUWRü  Ù JG\ ZV]\VWNLH ]PLHQQH SU]\MPXM

ZDUWRFL

3R ]DSR]QDQLX VL ] SRGVWDZRZ\PL IXQNFMDPL ORJLF]Q\PL PR*HP\ SU]HMü GR

V\QWH]\ W\FK*H XNáDGyZ 3U]H] SRM FLH V\QWH]\ XNáDGyZ ORJLF]Q\FK UR]XPLHP\

SRáF]HQLHSRGVWDZRZ\FKXNáDGyZZZL NV]\VFKHPDWXNáDGyZ

5R]ZD*P\SU]\NáDGQU
 GDQDMHVWIXQNFMD

 

E

D

E

D

E

D

E

D

I







-H*HOL E G]LHP\ FKFLHOL SU]HGVWDZLü W IXQNFM ]D SRPRF V\PEROL JUDILF]Q\FK WR

E G]LHRQDPLDáDQDVW SXMF SRVWDü

3U]HDQDOL]XMP\SRZ\*V]\VFKHPDW

x JHQHURZDQHV GZDV\JQDá\ZHMFLRZHÄD´ÄE´]JRGQLH]]DáR*HQLHPIXQNFMLIDE

x V\JQDáÄD´]RVWDMHSRGáF]RQ\GREUDPNLQU

x V\JQDáÄD´]RVWDMHSU]HVáDQ\GREUDPNLQUZFHOX]DQHJRZDQLDV\JQDáX

x V\JQDáÄE´]RVWDMHSRGáF]RQ\GREUDPNLQU

x V\JQDáÄE´]RVWDMHZ\VáDQ\GREUDPNLQUZFHOX]DQHJRZDQLDV\JQDáX













D
E

D

E

B

D

D D

D

D

D

B

B

B

B

BB

B

B

B

E

E

E

E

E

E





6\QWH]DXNáDGyZORJLF]Q\FK



x Z Z\QLNX G]LDáDQLD EUDPNL QU  NWyUD MHVW XNáDGHP ORJLF]Q\P 127 ]DQHJRZDQ\

]RVWDMHV\JQDáÄD´LSU]\MPXMHRQSRVWDü

D



x Z Z\QLNX G]LDáDQLD EUDPNL QU  NWyUD MHVW XNáDGHP ORJLF]Q\P 127 ]DQHJRZDQ\

]RVWDMHV\JQDáÄE´LSU]\MPXMHRQSRVWDü

E



x V\JQDá\

D

RUD]

E

]RVWDM SRGáF]RQHGREUDPNLQU

x QD ZHMFLH EUDPNL QU  ]RVWDM SRGáF]RQH V\JQDá\

D

RUD] E : Z\QLNX G]LDáDQLD

EUDPNL QU  NWyUD MHVW XNáDGHP ORJLF]Q\P $1' QD Z\MFLX RWU]\PXMHP\ V\JQDá
LORF]\QXORJLF]QHJRDPLDQRZLFLH

E

D



x QD ZHMFLH EUDPNL QU  ]RVWDM SRGáF]RQH V\JQDá\ D RUD]

E

 : Z\QLNX G]LDáDQLD

EUDPNL QU  NWyUD MHVW XNáDGHP ORJLF]Q\P $1' QD Z\MFLX RWU]\PXMHP\ V\JQDá
LORF]\QXORJLF]QHJRDPLDQRZLFLH

E

D



x QDZHMFLHEUDPNLQU]RVWDM SRGáF]RQHV\JQDá\

D

RUD]

E

:Z\QLNXG]LDáDQLD

EUDPNLQUNWyUDMHVWXNáDGHPORJLF]Q\P$1'QDZ\MFLXRWU]\PXMHP\V\JQDá

E

D



x QDVDP\PNRFXZV]\VWNLHV\JQDá\Z\MFLRZHEUDPHNL]RVWDM SRGáF]RQH

QDZHMFLHEUDPNLQUNWyUDMHVWXNáDGHPORJLF]Q\P25:Z\QLNXG]LDáDQLDEUDPNL

QU  QD Z\MFLX RWU]\PXMHP\ V\JQDá VXP\ ORJLF]QHM V\JQDáyZ ZHMFLRZ\FK
DPLDQRZLFLH

E

D

E

D

E

D







6\JQDá RWU]\PDQ\ Z Z\QLNX G]LDáDQLD EUDPNL QU  MHVW ZDUWRFL QDV]HM IXQNFML IDE

ZL FPR*HP\VWZLHUG]Lü*HSRZ\*V]\VFKHPDWMHVWSRSUDZQ\

'\VMXQNF\MQDSRVWDüNDQRQLF]QDIXQNFML

'RZROQ IXQNFM ORJLF]Q ÄQ´]PLHQQ\FKPR*HP\SU]HGVWDZLüMDNR













D

;

;

;

I

<

8

M

LM

DM

˜



JG]LH D  OXE  D 8 R]QDF]D VXP ORJLF]Q :VSyáF]\QQLN ÄD´ SU]\MPXMH ZDUWRü 

JG\GODGDQHJRÄM´MHVW<  QDWRPLDVWZDUWRüJG\<  

5R]ZD*P\SU]\NáDGQU

GDQDMHVWIXQNFMDI;<=]]DGDQ WDEHO SUDZG\ZSRVWDFL8

.D*G\ VNáDGQLN   QLH ]PLHQLD ZDUWRFL IXQNFML ZL F MHVW RQD HOLPLQRZDQD -DNR

VNáDGQLNL VXP\ ZFKRG] LORF]\Q\  RGSRZLDGDMFH NRPELQDFMRP  L  ]PLHQQ\FK

QLH]DOH*Q\FK GOD NWyU\FK IXQNFMD SU]\MPXMH ZDUWRü  3RVWDü NRFRZD IXQNFML

SU]HGVWDZLDVL ZL FQDVW SXMFR











































8

=

;<

=

<

;

<=

;

=

<

;

=

<

;

I



















M

;

<

=

I

















































































= WDEHOL Z\QLND *H IXQNFMD SU]\MPXMH ZDUWRü 

ZZLHUV]DFK

=DWHP IXQNFMD I;<= Z\UD*RQD Z G\VMXQNF\MQHM

SRVWDFLNDQRQLF]QHMSU]\MPLHSRVWDü





,

8

=

<

;

I

D





6\QWH]DXNáDGyZORJLF]Q\FK



-H*HOLE G]LHP\FKFLHOLSU]HGVWDZLüSRZ\*V] IXQNFM ]DSRPRF V\PEROLJUDILF]Q\FK

WRE G]LHRQDPLDáDSRVWDü

3U]HDQDOL]XMP\SRZ\*V]\VFKHPDW

x JHQHURZDQHV V\JQDá\ZHMFLRZH;<=

x V\JQDá;]RVWDMHSRGáF]RQ\GREUDPHNQUQUL

x V\JQDá<]RVWDMHSRGáF]RQ\GREUDPHNQUQU

x V\JQDá=]RVWDMHSRGáF]RQ\GREUDPHNQUQU

x ]D SRPRF EUDPNL QU  XNáDG ORJLF]Q\ 127 V\JQDá ; ]RVWDMH ]DQHJRZDQ\

LZSRVWDFL ; ]RVWDMHSRGáF]RQ\GREUDPHNQUQUL

x ]D SRPRF EUDPNL QU  XNáDG ORJLF]Q\ 127 V\JQDá < ]RVWDMH ]DQHJRZDQ\

LZSRVWDFL< ]RVWDMHSRGáF]RQ\GREUDPNLQU

x ]D SRPRF EUDPNL QU  XNáDG ORJLF]Q\ 127 V\JQDá = ]RVWDMH ]DQHJRZDQ\

LZSRVWDFL = ]RVWDMHSRGáF]RQ\GREUDPHNQUQUL

x QDZHMFLHEUDPNLQUXNáDGORJLF]Q\$1']RVWDM SRGáF]RQHV\JQDá\ZHMFLRZH

;  < =  : Z\QLNX G]LDáDQLD EUDPNL RWU]\PXMHP\ MDNR V\JQDá Z\MFLRZ\ LORF]\Q
; < = 

x QDZHMFLHEUDPNLQUXNáDGORJLF]Q\$1']RVWDM SRGáF]RQHV\JQDá\ZHMFLRZH

;  < = : Z\QLNX G]LDáDQLD EUDPNL RWU]\PXMHP\ MDNR V\JQDá Z\MFLRZ\ LORF]\Q
; <=

x QDZHMFLHEUDPNLQUXNáDGORJLF]Q\$1']RVWDM SRGáF]RQHV\JQDá\ZHMFLRZH

; <  = : Z\QLNX G]LDáDQLD EUDPNL RWU]\PXMHP\ MDNR V\JQDá Z\MFLRZ\ LORF]\Q
;< =

x QDZHMFLHEUDPNLQUXNáDGORJLF]Q\$1']RVWDM SRGáF]RQHV\JQDá\ZHMFLRZH

; < =  : Z\QLNX G]LDáDQLD EUDPNL RWU]\PXMHP\ MDNR V\JQDá Z\MFLRZ\ LORF]\Q
;< = 

x 1DZHMFLHEUDPNLQUXNáDGORJLF]Q\25]RVWDM SRGáF]RQHV\JQDá\Z\MFLRZH

EUDPHNQUQU:Z\QLNXG]LDáDQLDEUDPNLRWU]\PXMHP\QDZ\MFLXV\JQDá
ZSRVWDFLVXP\

=

;<

=

<

;

<=

;

=

<

;









7DNZL FQDZ\MFLXWHJRXNáDGXRWU]\PXMHP\ZDUWRüQDV]HMIXQNFMLI;<=

;

<

=

;

;

;<

<

<

<

=

=

=

B

B

B

B

B

B

B

















; =

; =

<

B

I;<=