3ROLWHFKQLND&] VWRFKRZVND
,QIRUPDW\ND]DRF]QD
- ]\NLIRUPDOQHLWHRULDDXWRPDWyZ
35$&$6(0,1$5<-1$
Ä8NáDG\ORJLF]QRVHNZHQF\MQHRUD]DXWRPDW\W\SX0RRUH D´
%DUDVNL0DUFLQ
'áXJDMF]\N*U]HJRU]
5RN,,*UXSD,
&= 672&+2:$
8.à$'</2*,&=126(.:(1&<-1(7<380225(¶$
8NáDGHPORJLF]Q\PQD]\ZDP\XNáDGZNWyU\PGRVWHURZDQLDZ\NRU]\VWXMHVL W\ONR
SR]LRP\V\JQDáyZORJLF]Q\FKR]QDF]RQ\FKXPRZQLHSU]H]Ä´QLVNLSR]LRPV\JQDáXOXE
Ä´Z\VRNLSR]LRPV\JQDáX
8NáDG SU]HáF]DMF\ R ZHMFLDFK [
[
[
Q
L Z\MFLDFK ]
]
]
P
MHVW XNáDGHP
VHNZHQF\MQ\P]SDPL FLMHOLSRVLDGDRQSU]\QDMPQLHMMHGHQWDNLVWDQZHNWRUZHMFLRZ\
[
[
[
Q
NWyUHPXRGSRZLDGDNLONDUy*Q\FKVWDQyZZHNWRUyZZ\MFLRZ\FK
7RNWyU\]W\FKVWDQyZSRMDZLVL QDZ\MFLXXNáDGXSU]\]DGDQ\PVWDQLHZHMü]DOH*\RG
NROHMQRFL ]PLDQ VNáDGRZ\FK ZHNWRUD ZHMFLRZHJR ZDUWRFL SRV]F]HJyOQ\FK V\JQDáyZ
ZHMFLRZ\FK
$XWRPDWHP VNRF]RQ\P ]XSHáQ\P GHWHUPLQLVW\F]Q\P W\SX 0RRUH D QD]\ZDP\
XSRU]GNRZDQ SLWN ;6:GOJG]LH
;MHVWQLHSXVW\PVNRF]RQ\P]ELRUHPVWDQyZ
6MHVWQLHSXVW\PVNRF]RQ\P]ELRUHPV\PEROLOLWHUZHMFLRZ\FK]ZDQ\FKUyZQLH*
DOIDEHWHPZHMFLRZ\P
:MHVWQLHSXVW\PVNRF]RQ\P]ELRUHPV\PEROLZ\MFLRZ\FK]ZDQ\FKUyZQLH* DOIDEHWHP
Z\MFLRZ\P
G;[6MHVWIXQNFM SU]HMFLD
O6!:MHVWIXQNFM Z\Mü
3U]\NáDG
1LHFK ; ^[
[
[
[
[
` 6 ^V
V
`: ^Z
Z
`E G RGSRZLHGQLR ]ELRUHP VWDQyZ
DOIDEHWHPZHMFLRZ\PLDOIDEHWHPZ\MFLRZ\PSHZQHJRDXWRPDWX0RRUH D
$ ; 6 :GO3U]\MPLMP\ VWDQ\ ZHMFLRZH L Z\MFLRZH L SU]HGVWDZP\ GLDJUDP
SU]HMFLDVWDQyZDXWRPDWX0RRUH D
6
:
V
V
O
6
6
6
Z
6
6
6
Z
6
6
6
6
6
6
Z
6
6
Z
6
Z
6
Z
6
6
Z
6
Z
V
V
V
V
V
V
V
V
3U]\NáDG
6FKHPDWEORNRZ\SU]HU]XWQLNDV\QFKURQL]RZDQHJR]ERF]HPSU]HELHJX]HJDURZHJR
T
T
$XWRPDW
VWHUXMF\
'
F
T
T
V
U
T
T
*UDI DXWRPDWX VWHUXMFHJR GOD SU]HU]XWQLND W\SX ' V\QFKURQL]RZDQHJR GRGDWQLP ]ERF]HP
SU]HELHJX]HJDURZHJR
:QLRVHNGRJUDIX
-HOLQDZHMFLXF DXWRPDWX0RRUH DMHVWDXWRPDWSU]HFKRG]LGRVWDQXLSR]RVWDMHZQLP
WDNGáXJRD* QDZHMFLXF SRMDZLVL V\JQDá:PRPHQFLH]PLDQ\V\JQDáXF ]ZDUWRFLQD
DXWRPDWSU]HFKRG]LGRVWDQXOXEZ]DOH*QRFLRGZDUWRFLQDZHMFLXGMHOLG WR
DXWRPDW SU]HFKRG]L GR VWDQX D MHOL G WR DXWRPDW SU]HFKRG]L GR VWDQX 3R SU]HMFLX
DXWRPDWX GR VWDQX OXE ]PLDQ\ ZDUWRFL QD ZHMFLX G QLH SRZRGXM MX* ]PLDQ\ VWDQX
DXWRPDWX 1DVW SQD ]PLDQD MHVW PR*OLZD SR SRMDZLHQLX VL ZDUWRFL F DXWRPDW ZUDFD
ZWHG\GRVWDQXZNWyU\P]PLDQDMHVWPR*OLZDGRSLHURSRSRMDZLHQLXVL ]PLDQ\ZDUWRFL
F ]QD
GF
T
T
:HMFLHDXWRPDWXVWHUXMFHJR
T
T
SU]\MPXMHZDUWRFLZ]DOH*QRFLRGV\JQDáyZQD
ZHMFLDFKLQIRUPDF\MQ\FKRUD]ZHMFLX]HJDURZ\P:\MFLH
T
T
VWHUXM SUDF SU]HU]XWQLND
WDN
-HOL
T
T
WRSU]HU]XWQLNTQLH]PLHQLDVWDQX
-HOL
T
T
WRSU]HU]XWQLN]RVWDMHZáF]RQ\
-HOL
T
T
WRSU]HU]XWQLN]RVWDMHZ\áF]RQ\
3U]\NáDG
3U]HU]XWQLN MHVW GZXVWDQRZ\P XNáDGHP VHNZHQF\MQ\P 0RRUH D Z NWyU\P Z\MFLH
LGHQW\ILNRZDQH MHVW LGHQW\ILNRZDQH ]H VWDQHP ZHZQ WU]Q\P 3RQL*HM SU]HGVWDZLRQR
SU]HU]XWQLNW\SX7SUDFXMF\MDNRGZyMNDOLF]FD'ODWHJRSU]HU]XWQLNDRWU]\PDP\XNáDG
F]WHURVWDQRZ\ SRGDQ\ SRQL*HM Z WDEHOL 8NáDG MHVW UHDOL]RZDQ\ MDNR XNáDG DV\QFKURQLF]Q\
SRWHQFMDáRZ\
T
T
8NáDGORJLF]Q\SU]HU]XWQLND7
T
T
*UDISU]HMFLD]PLHQLDMF\VWDQQDZ\MFLXTSU]\GRGDWQLP]ERF]XSU]HELHJXZHMFLRZHJR
7
$8720$7<7<380225(¶$
$XWRPDWHPVNRF]RQ\PQD]\ZDP\G\VNUHWQ\SU]HWZRUQLNLQIRUPDFMLSU]HNV]WDáFDMF\
FLJL V\PEROL OLWHU ZHMFLRZ\FK ; Z FLJL V\PEROL < =ELRU\ V\PEROL ZHMFLRZ\FK ;
L V\PEROL Z\MFLRZ\FK < V ]ELRUDPL VNRF]RQ\PL GODWHJR WH* QD]\ZDP\ DXWRPDW\
VNRF]RQ\PL $XWRPDW SUDFXMH Z G\VNUHWQHM VNDOL F]DVX R]QDF]D WR *H NROHMQH V\PEROH
ZHMFLRZHLZ\MFLRZHV RNUHORQHZNROHMQ\FKSXQNWDFKG\VNUHWQHMVNDOLF]DVX$XWRPDW
VNRF]RQ\PR*HE\üWDN*HWUDNWRZDQ\MDNRPRGHOPDWHPDW\F]Q\U]HF]\ZLVWHJRXU]G]HQLD
F\IURZHJR
=DGDQLHDXWRPDWXVSURZDG]DVL GRSRGDQLD]ELRUyZ;<6LIXQNFMLG LO)XQNFMHWH
PRJ E\ü SRGDQH SU]H] Z\SLVDQLH ZV]\VWNLFK SU]\SRU]GNRZD OXE WH* FR QD MHGQR
Z\FKRG]LZSRVWDFLWDEHODU\F]QHMWDEOLFDSU]HMüZ\MüOXEJUDILF]QHMJUDIVWDQyZ
$XWRPDWHPVNRF]RQ\PGHWHUPLQLVW\F]Q\PW\SX0RRUH¶DQD]\ZDVL XSRU]GNRZDQ
SLWN
$ ^;<6GO`
JG]LH
;[
[
[
Q
!]ELyUV\JQDáyZOLWHUZHMFLRZ\FKDOIDEHWZHMFLRZ\
<\
\
\
P
!]ELyUV\JQDáyZOLWHUZ\MFLRZ\FKDOIDEHWZ\MFLRZ\
6V
V
V
U
!]ELyUVWDQyZZHZQ WU]Q\FK
G IXQNFMDSU]HMFLRZD
O IXQNFMDZ\MFLRZD
)XQNFMDGSU]HMFLRZDMHVWUHDOFM '
G
!6
)XQNFMDOZ\MFLRZDMHVWUHODFM '
O
!<
'
G
;[6
'
G
;[6
'
O
6
'
O
6
JG]LH
[
N
V
N
'
G
G[
N
V
N
oV
N
G[
N
V
N
V
N
V
N
'
O
OV
N
o<
N
OV
N
<
N
$XWRPDW
QLH]XSHáQ\
$XWRPDW
]XSHáQ\
3U]\NáDG
$XWRPDWOLF]F\GRG]LHVL FLXOLF]QLNPRGXOR
; SU]\F]\P!SU]HUZDZOLF]HQLX!]OLF]DQLHLPSXOVX
< !
6 V
V
V
V
V
V
V
V
V
V
!
GV
N
G[
N
V
N
O<
N
OV
N
:SRVWDFLJUDIXSRZ\*V]\DXWRPDWE G]LHPLDáQDVW SXMF SRVWDü
DZSRVWDFLWDEHODU\F]QHM
V?[
<
V
V
V
V
V
V
V
V
V
V
V
V
V
V
V
V
V
V
V
V
V
V
V
V
V
V
V
V
V
V
3U]\NáDG
$XWRPDW REOLF]DMF\ UHV]W ] G]LHOHQLD SU]H] WU]\ UHVLGXXP PRGXOR GOD GRZROQHJR
áDFXFKDELQDUQHJRLQWHUSUHWRZDQHJRMDNRELQDUQDOLF]EDFDáNRZLWD
:\QLNLHP]G]LHOHQLDMHVWZDUWRüIXQNFMLZ\MFLRZHM!O4
M
M
; !
< !
6 444!
GV
N
G[
N
V
N
O<
N
OV
N
:SRVWDFLJUDIXSRZ\*V]\DXWRPDWE G]LHPLDáQDVW SXMF SRVWDü
DZSRVWDFLWDEHODU\F]QHM
V?[
<
4 4 4
4 4 4
4 4 4
5R]SDWU]P\G]LHOHQLHOLF]E\PRG
/LF]EDZSRVWDFLELQDUQHMPDSRVWDü
$QDOL]XMF NROHMQH NURNL DXWRPDWX ]DXZD*\P\ *H MHJR GURJD SU]HV]áD SU]H] QDVW SXMFH
VWDQ\44444$XWRPDW]DWU]\PXMHVL ZVWDQLH4FR]JRGQLH]ZF]HQLHMV]\P
]DáR*HQLHPO4
M
MGDMHQDPZZ\QLNX=DWHPUHV]W ]G]LHOHQLDOLF]E\MHVWOLF]ED
$QDORJLF]QLHPR*HP\SRVWSLü]GRZROQ OLF]E SU]HGVWDZLRQ ZSRVWDFLELQDUQHM
3U]\NáDG
$XWRPDWUR]SR]QDMF\FLJNROHMQ\FK]QDNyZZW\PSU]\SDGNXE G]LHWRFLJ
; !
< !
6 V
V
V
V
!
GV
N
G[
N
V
N
O<
N
OV
N
=DNáDGDP\ *H Z\NU\FLH VáRZD ZHMFLRZHJR ZL*H VL ] X]\VNDQLHP V\PEROX QD
Z\MFLX
:SRVWDFLJUDIXSRZ\*V]\DXWRPDWE G]LHPLDáQDVW SXMF SRVWDü
DZSRVWDFLWDEHODU\F]QHM
V?[
<
V
V
V
V
V
V
V
V
V
V
V
V
3U]HDQDOL]XMP\FLJZHMFLRZ\
&LJZHMFLRZ\
&LJZ\MFLRZ\
3RQLHZD* Z FLJX Z\MFLRZ\P X]\VNDOLP\ V\PEROH ]DWHP Z FLJX ZHMFLRZ\P
Z\VW SRZDáRNURWQHSRZWyU]HQLHVáRZD
3U]\NáDG
$XWRPDWMDNRNRQZHUWHUFLJXELWyZQDSRVWDüKHNVDGHF\PDOQ
; !PDNV\PDOQLHF]WHU\ELW\QDZHMFLH
< $%&'()!
6 6666666666666666!
GV
N
G[
N
V
N
O<
N
OV
N
:\QLNLHPNRQZHUVMLMHVWZDUWRüIXQNFMLZ\MFLRZHM!O6
M
<
3RZ\*V]\DXWRPDWZSRVWDFLJUDIXE G]LHPLDáQDVW SXMF SRVWDü
DZSRVWDFLWDEHODU\F]QHM
V?[
<
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6 6 6
6 6 6
6 6 6
6
6
6
$
6
%
6
&
6
'
6
(
6
)
3U]HDQDOL]XMP\FLJZHMFLRZ\
$XWRPDW SU]HFKRG]L SRSU]H] VWDQ\ 66666 ZWHG\ RGF]\WXMHP\ ZDUWRü IXQNFML
Z\MFLDRVWDWQLHJRVWDQXDPLDQRZLFLHÄ´
3U]HDQDOL]XMP\FLJZHMFLRZ\
$XWRPDW SU]HFKRG]L SRSU]H] VWDQ\ 66666 L RGF]\WXMHP\ ZDUWRü Z\MFLD VWDQX
6DPLDQRZLFLHÄ'´
3U]\NáDG
$XWRPDWVNRQVWUXRZDQ\ZFHOXUR]SR]QDZDQLDODWSU]HVW SQ\FK6SUDZG]DRQND*G\URNQLH
]DF]\QDMF\ VL RG V\PEROX L MHVW SRSUDZQ\ ]DUyZQR GOD NDOHQGDU]D MXOLDVNLHJR MDN L
JUHJRULDVNHJR
; !
< 13!
6 66666666666!
GV
N
G[
N
V
N
O<
N
OV
N
:\QLNLHPUR]SR]QDQLDMHVWZDUWRüIXQNFMLZ\MFLRZHM!O6
M
<
3RZ\*V]\DXWRPDWZSRVWDFLWDEHODU\F]QHME G]LHPLDáQDVW SXMF SRVWDü
V?[
<
6
6
6
6
6
6
6
6
6
6
6
1
6
;
;
;
;
;
;
;
;
;
;
1
6
6
6
6
6
6
6
6
6
6
6
1
6
6
6
6
6
6
6
6
6
6
6
1
6
6
6
6
6
6
6
6
6
6
6
1
6
6
6
6
6
6
6
6
6
6
6
3
6
6
6
6
6
6
6
6
6
6
6
1
6
6
6
6
6
6
6
6
6
6
6
1
6 6 6
6
6
6
6
6
6
6
6
1
6
6
6
6
6
6
6
6
6
6
6
3
6 6
6
6
6
6
6
6
6
6
6
1
5R]SDWU]P\URNQDZHMFLHZSURZDG]DP\FLJ
$XWRPDWSU]HFKRG]LSU]H]VWDQ\6666L]DWU]\PXMHVL ZVWDQLH6W\PVDP\PQD
Z\MFLXRWU]\PXMHP\V\JQDá1FRR]QDF]D*HSRGDQ\URNQLHMHVWURNLHPSU]HVW SQ\P
5R]SDWU]P\URNQDZHMFLHZSURZDG]DP\FLJ
$XWRPDWSU]HFKRG]LSRSU]H]VWDQ\6666L]DWU]\PXMHVL ZVWDQLH6W\PVDP\PQD
Z\MFLXRWU]\PXMHP\V\JQDá3FRR]QDF]D*HSRGDQ\URNMHVWURNLHPSU]HVW SQ\P
3RZ\*V]\DXWRPDWZIRUPLHJUDIXE G]LHPLDáQDVW SXMF SRVWDü