Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
0,1,67(567:2('8.$&-,
1$52'2:(-
3LRWU&KPLHO
(O ELHWD'\O J
%DUEDUDà\VLXN
3RUDGQLNGODXF]QLD
:\GDZFD
,QVW\WXW7HFKQRORJLL(NVSORDWDFML3D VWZRZ\,QVW\WXW%DGDZF]\
5DGRP
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
5HFHQ]HQFL
PJULQ =ELJQLHZ&KZLHGXN
PJULQ +DOLQD'DUHFND
2SUDFRZDQLHUHGDNF\MQH
LQ 'DQXWD)UDQNLHZLF]
.RQVXOWDFMD
LQ 'DQXWD)UDQNLHZLF]
PJULQ 7HUHVD6DJDQ
.RUHNWD
3RUDGQLNVWDQRZLREXGRZ G\GDNW\F]Q SURJUDPXMHGQRVWNLPRGXáRZHM
>@= :\NRQ\ZDQLH SURVW\FK UREyW SRPRFQLF]\FK NRZDOVNR OXVDUVNLFK
PXUDUVNLFK W\QNDUVNLFK FLHVLHOVNLFK ]DZDUWHJR Z PRGXáRZ\P SURJUDPLH QDXF]DQLD GOD
]DZRGXGHNDU]D
:\GDZFD
,QVW\WXW7HFKQRORJLL(NVSORDWDFML3D VWZRZ\,QVW\WXW%DGDZF]\5DGRP
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
:SURZDG]HQLH
:\PDJDQLDZVW SQH
&HOHNV]WDáFHQLD
0DWHULDáQDXF]DQLD
3U]HSLV\EH]SLHF]H VWZDLKLJLHQ\SUDF\RFKURQ\SU]HFLZSR DURZHMRUD]
RFKURQ\ URGRZLVNDSRGF]DVZ\NRQ\ZDQLDUREyW OXVDUVNR±NRZDOVNLFK
$XWRU3LRWU&KPLHO
0DWHULDáQDXF]DQLD
3\WDQLDVSUDZG]DM FH
ûZLF]HQLD
6SUDZG]LDQSRVW SyZ
3URVWHURERW\ OXVDUVNR±NRZDOVNLH]ZL ]DQH]Z\NRQDQLHPRNXüSRá F]H
LHOHPHQWyZPRFXM F\FK$XWRU3LRWU&KPLHO
0DWHULDáQDXF]DQLD
3\WDQLDVSUDZG]DM FH
ûZLF]HQLD
6SUDZG]LDQSRVW SyZ
=DVDG\EH]SLHF]H VWZDLKLJLHQ\SUDF\SU]\URERWDFKFLHVLHOVNLFK
$XWRU%DUEDUDà\VLXN
0DWHULDáQDXF]DQLD
3\WDQLDVSUDZG]DM FH
ûZLF]HQLD
6SUDZG]LDQSRVW SyZ
3URVWHURERW\FLHVLHOVNLHZURERWDFKSU]\JRWRZDZF]\FKLUHPRQWRZ\FK
$XWRU%DUEDUDà\VLXN
2EUyENDGUHZQD
0DWHULDáQDXF]DQLD
3\WDQLDVSUDZG]DM FH
ûZLF]HQLD
6SUDZG]LDQSRVW SyZ
3Rá F]HQLDFLHVLHOVNLH
0DWHULDáQDXF]DQLD
3\WDQLDVSUDZG]DM FH
ûZLF]HQLD
6SUDZG]LDQSRVW SyZ
'DFK\RNRQVWUXNFMLGUHZQLDQHM
0DWHULDáQDXF]DQLD
3\WDQLDVSUDZG]DM FH
ûZLF]HQLD
6SUDZG]LDQSRVW SyZ
=DVDG\EH]SLHF]H VWZDLKLJLHQ\SUDF\SU]\URERWDFKPXUDUVNLFK
LW\QNDUVNLFK$XWRU(O ELHWD'\O J
0DWHULDáQDXF]DQLD
3\WDQLDVSUDZG]DM FH
ûZLF]HQLD
6SUDZG]LDQSRVW SyZ
3URVWHURERW\PXUDUVNRW\QNDUVNLH]ZL ]DQH]QDSUDZ PXUyZNRPLQyZ
LJ]\PVyZ$XWRU(O ELHWD'\O J
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
0DWHULDáQDXF]DQLD
3\WDQLDVSUDZG]DM FH
ûZLF]HQLD
6SUDZG]LDQSRVW SyZ
6SUDZG]LDQRVL JQL ü
/LWHUDWXUD
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
=GRE\ZDM F NZDOLILNDFMH ]DZRGRZH Z ]DZRG]LH GHNDU]D E G]LHV] SU]\VZDMDü ZLHG]
L NV]WDáWRZDü XPLHM WQR FL ]DZRGRZH NRU]\VWDM F ] QRZRF]HVQHJR PRGXáRZHJR SURJUDPX
QDXF]DQLD
'RQDXNLRWU]\PXMHV]3RUDGQLNGODXF]QLDNWyU\]DZLHUD
Z\PDJDQLD ZVW SQH ± Z\ND] XPLHM WQR FL MDNLPL SRZLQLHQH G\VSRQRZDü SU]HG
SU]\VW SLHQLHPGRQDXNLZWHMMHGQRVWFHPRGXáRZHM
FHOH NV]WDáFHQLD Z\ND] XPLHM WQR FL MDNLH XNV]WDáWXMHV] SRGF]DV SUDF\ ] W\P
SRUDGQLNLHPF]\OLF]HJRQRZHJRVL QDXF]\V]
PDWHULDáQDXF]DQLDF]\OLFRSRZLQLHQH ZLHG]LHüDE\VDPRG]LHOQLHZ\NRQDüüZLF]HQLD
S\WDQLD VSUDZG]DM FH ± ]HVWDZ\ S\WD NWyUH SRPRJ &L VSUDZG]Lü F]\ RSDQRZDáH
SRGDQHWUH FLLPR HV]MX UR]SRF] üUHDOL]DFM üZLF]H
üZLF]HQLDNWyUHPDM QDFHOXXNV]WDáWRZDQLH7ZRLFKXPLHM WQR FLSUDNW\F]Q\FK
VSUDZG]LDQSRVW SyZ±]HVWDZS\WD QDSRGVWDZLHNWyUHJRVDPPR HV]VSUDZG]LüF]\
SRWUDILV]VDPRG]LHOQLHSRUDG]LüVRELH]SUREOHPDPLMDNLHUR]ZL ]\ZDáH ZF]H QLHM
Z\ND]OLWHUDWXU\]MDNLHMPR HV]NRU]\VWDüSRGF]DVQDXNL
:UR]G]LDOH3\WDQLDVSUDZG]DM FH]DSR]QDV]VL ]Z\PDJDQLDPLZ\QLNDM F\PL]SRWU]HE
]DZRGXGHNDU]D2GSRZLDGDM FQDWHS\WDQLDSRSU]\VZRMHQLXWUH FL]0DWHULDáXQDXF]DQLD
VSUDZG]LV] VZRMH SU]\JRWRZDQLH GR UHDOL]DFML ûZLF]H NWyU\FK FHOHP MHVW X]XSHáQLHQLH
LXWUZDOHQLHZLHG]\RUD]XNV]WDáWRZDQLHXPLHM WQR FLLQWHOHNWXDOQ\FKLSUDNW\F]Q\FK
3RSU]HF]\WDQLXND GHJRS\WDQLD]H6SUDZG]LDQXSRVW SyZ]D]QDF]ZRGSRZLHGQLPPLHMVFX
7$.DOER1,(±ZáD FLZ 7ZRLP]GDQLHPRGSRZLHG 2GSRZLHG]L1,(ZVND]XM QDOXNL
Z7ZRMHMZLHG]\LQLHZSHáQLRSDQRZDQHXPLHM WQR FL:WDNLFKSU]\SDGNDFKMHV]F]HUD]
SRZUyü GR HOHPHQWyZ 0DWHULDáX QDXF]DQLD OXE SRQRZQLH Z\NRQDM üZLF]HQLH Z]JO GQLH
MHJRHOHPHQW\=DVWDQyZVL FRVSRZRGRZDáR HQLHZV]\VWNLHRGSRZLHG]LEU]PLDá\7$.
3R RSDQRZDQLX SURJUDPX MHGQRVWNL PRGXáRZHM QDXF]\FLHO VSUDZG]L SR]LRP 7ZRLFK
XPLHM WQR FL L ZLDGRPR FL 2WU]\PDV] GR VDPRG]LHOQHJR UR]ZL ]DQLD WHVW SLVHPQ\ RUD]
]DGDQLHSUDNW\F]QH1DXF]\FLHORFHQLREDVSUDZG]LDQ\LQDSRGVWDZLHRNUH ORQ\FKNU\WHULyZ
SRGHMPLH GHF\]M R W\P F]\ ]DOLF]\áH SURJUDP MHGQRVWNL PRGXáRZHM : ND GHM FKZLOL
]Z\M WNLHPWHVWyZNR FRZ\FKPR HV]]ZUyFLüVL RSRPRFGRQDXF]\FLHODNWyU\SRPR H
&L]UR]XPLHüWHPDW\üZLF]H LVSUDZG]LF]\GREU]HZ\NRQXMHV]GDQ F]\QQR ü
%H]SLHF]H VWZRLKLJLHQDSUDF\
3RGF]DV UHDOL]DFML SURJUDPX MHGQRVWNL PRGXáRZHM PXVLV] SU]HVWU]HJDü ]DVDG XM W\FK
ZUHJXODPLQDFKLQVWUXNFMDFKSU]HFLZSR DURZ\FKSU]HSLVDFKEH]SLHF]H VWZDLKLJLHQ\SUDF\
RFKURQ\ URGRZLVNDZ\QLNDM F\FK]FKDUDNWHUXZ\NRQ\ZDQ\FKSUDF
=]DVDGDPLLSU]HSLVDPL]DSR]QDV]VL ZF]DVLHQDXNL
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
6FKHPDWXNáDGXMHGQRVWHNPRGXáRZ\FK
>@=
7HFKQRORJLDUREyWGHNDUVNR±EODFKDUVNLFK
>@=
>@=
>@=
>@=
>@=
>@=
>@=
>@=
>@=
>@=
>@=
>@=
>@=
>@=
>@=
>@=
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
3U]\VW SXM FGRUHDOL]DFMLSURJUDPXMHGQRVWNLPRGXáRZHM>@=:\NRQ\ZDQLH
SURVW\FKUREyWSRPRFQLF]\FKNRZDOVNR± OXVDUVNLFKPXUDUVNLFKW\QNDUVNLFKFLHVLHOVNLFK
SRZLQLHQH XPLHü
VWRVRZDüWHUPLQRORJL EXGRZODQ
RGUy QLDüWHFKQRORJLHZ\NRQDQLDEXG\QNX
RGF]\W\ZDüLLQWHUSUHWRZDüU\VXQNLWHFKQLF]QH
SRVáXJLZDüVL GRNXPHQWDFM WHFKQLF]Q
UR]SR]QDZDüLFKDUDNWHU\]RZDüSRGVWDZRZHPDWHULDá\EXGRZODQH
RNUH ODü FHFK\ WHFKQLF]QH L SU]\GDWQR ü PDWHULDáyZ VWRVRZDQ\FK ZURERWDFK
SRPRFQLF]\FK
Z\NRQ\ZDüSU]HGPLDU\LREPLDU\UREyW
Z\NRQ\ZDüSRPLDU\LU\VXQNLLQZHQWDU\]DF\MQH
RFHQLDüMDNR üLSUDZLGáRZR üZ\NRQDQ\FKSU]H]VLHELHUREyWRUD]XVXZDüXVWHUNL
RUJDQL]RZDü X \WNRZDü L OLNZLGRZDü VWDQRZLVNR SUDF\ GHNDU]D ]JRGQLH ] ]DVDGDPL
RUJDQL]DFML SUDF\ Z\PRJDPL WHFKQRORJLF]Q\PL SU]HSLVDPL EKS SU]HFLZSR DURZ\PL
RFKURQ\ URGRZLVNDL]DVDGDPLHUJRQRPLL
SRVáXJLZDüVL QDU] G]LDPLXU] G]HQLDPLLVSU] WHPGRZ\NRQ\ZDQLDUREyWGHNDUVNLFK
LSRPRFQLF]\FK NWyU\FK X \WNRZDQLH QLH Z\PDJD GRGDWNRZ\FK XSUDZQLH ]JRGQLH
]]DVDGDPLLFKHNVSORDWDFMLNRQVHUZDFMLRUD]]DVDGDPLEH]SLHF]H VWZDLKLJLHQ\SUDF\
SRVáXJLZDüVL SURVW\PVSU] WHPSRPLDURZ\P
SU]\JRWRZ\ZDüUy QHJRURG]DMXPDWHULDá\GRUREyWGHNDUVNLFKLEODFKDUVNLFK
VNáDGRZDüLWUDQVSRUWRZDüPDWHULDá\RUD]VSU] WEXGRZODQ\QDVWDQRZLVNRSUDF\
VWRVRZDü ]DVDG\ SUDZLGáRZHM JRVSRGDUNL RGSDGDPL SU]\ ZV]HONLHJR URG]DMX URERWDFK
GHNDUVNLFKLEODFKDUVNLFK
SU]HVWU]HJDü]DVDGEH]SLHF]QHMSUDF\SU]HZLG\ZDüL]DSRELHJDü]DJUR HQLRP
VWRVRZDü SU]HSLV\ EH]SLHF]H VWZD KLJLHQ\ L SUDZD SUDF\ RFKURQ\ SU]HFLZSR DURZHM
LRFKURQ\ URGRZLVNDRERZL ]XM FHZEXGRZQLFWZLH
VWRVRZDüSURFHGXU\XG]LHODQLDSLHUZV]HMSRPRF\RVRERPSRV]NRGRZDQ\P
GRELHUDüX \WNRZDüLNRQVHUZRZDüVSU] WRFKURQ\RVRELVWHM
SRVáXJLZDüVL SRGVWDZRZ\PLSRM FLDPLLWHUPLQDPL]]DNUHVXEXGRZQLFWZD
GRNRQ\ZDüSRPLDUyZHOHPHQWyZEXGRZODQ\FKLZ\NRQDüU\VXQNLLQZHQWDU\]DF\MQH
UR]Uy QLDüHOHPHQW\NRQVWUXNF\MQHLQLHNRQVWUXNF\MQHEXG\QNX
UR]Uy QLDüLFKDUDNWHU\]RZDüPDWHULDá\EXGRZODQH
UR]Uy QLDüPDWHULDá\LWHFKQRORJLHZ\NR F]HQLDEXG\QNX
UR]Uy QLDüVSRLZDEXGRZODQHSRZLHWU]QHLK\GUDXOLF]QH
SU]\JRWRZ\ZDüSRGVWDZRZH]DSUDZ\EXGRZODQH
RUJDQL]RZDüVWDQRZLVNDVNáDGRZDQLDLPDJD]\QRZDQLDPDWHULDáyZEXGRZODQ\FK
GRVWU]HJDüLXVXZDü]DJUR HQLD]ZL ]DQH]Z\NRQ\ZDQ SUDF
NRU]\VWDü]Uy Q\FK UyGHáLQIRUPDFML
VWRVRZDü]DVDG\ZVSyáSUDF\ZJUXSLH
XF]HVWQLF]\üZG\VNXVMLLSUH]HQWDFML
VWRVRZDüUy QHPHWRG\L URGNLSRUR]XPLHZDQLDVL QDWHPDW]DJDGQLH WHFKQLF]Q\FK
RFHQLDü ZáDVQH PR OLZR FL VSURVWDQLD Z\PDJDQLRP VWDQRZLVND SUDF\ L Z\EUDQHJR
]DZRGX
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
:Z\QLNXUHDOL]DFMLSURJUDPXMHGQRVWNLPRGXáRZHMSRZLQLHQH XPLHü
RNUH OLü]DNUHVUREyWSRPRFQLF]\FKSU]\NU\FLXGDFKyZ
SU]\JRWRZDüSRGVWDZRZHZ\URE\NRZDOVNR OXVDUVNLH
Z\NRQDüPRQWD Z\UREyZNRZDOVNR OXVDUVNLFK
SU]\JRWRZDüPDWHULDá\GRUREyWPXUDUVNRW\QNDUVNLFK
Z\NRQDüSURVWHURERW\PXUDUVNRW\QNDUVNLH]ZL ]DQH]SUDFDPLGHNDUVNLPL
SU]\JRWRZDüPDWHULDá\FLHVLHOVNLHSRGSRNU\FLD
]PRQWRZDüHOHPHQW\FLHVLHOVNLHSRGSRNU\FLD
Z\NRQDüURERW\SRPRFQLF]H]]DFKRZDQLHP]DVDGEH]SLHF]H VWZDLKLJLHQ\SUDF\
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
3U]HSLV\ EH]SLHF]H VWZD L KLJLHQ\ SUDF\ RFKURQ\
SU]HFLZSR DURZHM RUD] RFKURQ\
URGRZLVND SRGF]DV
Z\NRQ\ZDQLDUREyW OXVDUVNRNRZDOVNLFK
0DWHULDáQDXF]DQLD
*áyZQH ]DJUR HQLD EH]SLHF]H VWZD L KLJLHQ\ SUDF\ SRGF]DV Z\NRQ\ZDQLD UREyW
OXVDUVNLFK Z\QLNDM ] QLHEH]SLHF]H VWZD VNDOHF]HQLD VL RVWU\PL NUDZ G]LDPL
QLHZáD FLZHJRSRVáXJLZDQLDVL QDU] G]LDPLRUD]PDV]\QDPLPHFKDQLF]Q\PLLU F]Q\PLMDN
UyZQLH QLHSU]HVWU]HJDQLDRJyOQ\FK]DVDGKLJLHQ\SUDF\
$E\Z\HOLPLQRZDü]DJUR HQLDPXVLV]SU]HVWU]HJDüQDVW SXM F\FK]DVDG
X \ZDüRG]LH \URERF]HM
]DSL üXEUDQLHSU]HGSU]\VW SLHQLHPGRSUDF\
GáXJLHZáRV\FKURQLüQDNU\FLHPJáRZ\
ZáD FLZLH]DSODQRZDüL]RUJDQL]RZDüVWDQRZLVNRSUDF\
SU]HGX \FLHPPDV]\QLXU] G]H ]DSR]QDüVL ]LQVWUXNFM REVáXJL
X \ZDüRVWU\FKLVSUDZQ\FKQDU] G]L
X \ZDüVSUDZQ\FKPDV]\QLXU] G]H
SUDZLGáRZRSRVáXJLZDüVL QDU] G]LDPLLVSU] WHP
QDU] G]LDZ\PLHQLDüSR]DWU]\PDQLXF] FLZLUXM F\FK
SR REUyEFH JG]LH Z\VW SXMH VNUDZDQLH VW SLü RVWUH NUDZ G]LH Z REUDELDQ\FK
SU]HGPLRWDFK
]DFKRZDü RVWUR QR ü SRGF]DV REVáXJLZDQLD PDV]\Q L HOHNWURQDU] G]L NWyUH PRJ
VSRZRGRZDüXUD]\OXEVNDOHF]HQLD
QLHGRNRQ\ZDüMDNLFKNROZLHNQDSUDZUHJXODFMLOXEVPDURZDQLDSRGF]DVSUDF\VLOQLNyZ
LPHFKDQL]PyZ
VWRVRZDüRVáRQ\QDF] FLZLUXM FHLXWU]\P\ZDüMHZGREU\PVWDQLH
QLHREVáXJLZDüZLHUWDUNLLLQQ\FKPDV]\QZLUXM F\FKZU NDZLFDFKOXERSDWUXQNDFKQD
GáRQLDFK
VSUDZG]LüSU]HGND G\PX \FLHPF]\HOHNWURQDU] G]LDLSU]HZRG\]DVLODM FHQLHPDM
XV]NRG]H
X \ZDüPDV]\QLXU] G]H HOHNWU\F]Q\FK]DEH]SLHF]RQ\FKSU]H]X]LHPLHQLH
QLHQDSUDZLDüXU] G]H HOHNWU\F]Q\FK
]DEH]SLHF]\üRVáRQDPLPLHMVFDUREyWNRZDOVNLFK
R ZLHWODüSUDZLGáRZRVWDQRZLVNDSUDF\NRZDODLSRPLHV]F]HQLDQDOH \FLHZHQW\ORZDü
Z\SRVD \üND GHSDOHQLVNRZNDSWXU]LQVWDODFM Z\FL JRZ
QLHGRW\NDüSU]HGPLRWyZPHWDORZ\FKRQLH]QDQHMWHPSHUDWXU]H
X \ZDüIDUWXFKyZVNyU]DQ\FKQDJROHQQLNyZU NDZLFVNyU]DQ\FKLSU]\áELFVLDWNRZ\FK
SU]\Z\NRQ\ZDQLXUREyWNRZDOVNLFK
]DFKRZDüSRU] GHNZPLHMVFXSUDF\LX \ZDüRG]LH \URERF]HMRUD]VSU] WXRFKURQQHJR
VWRVRZDüVL GR]DOHFH X \ZDQLDU NDZLFRFKURQQ\FKSRGF]DVWUDQVSRUWXEODFK
SU]HVWU]HJDüSU]HSLVyZEH]SLHF]H VWZDSU]HFLZSR DURZHJRZF]DVLHSUDF\
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
3\WDQLDVSUDZG]DM FH
2GSRZLDGDM FQDS\WDQLDVSUDZG]LV]F]\MHVWH SU]\JRWRZDQ\GRZ\NRQDQLDüZLF]HQLD
=F]\PQDOH \]DSR]QDüVL SU]HGREVáXJ PDV]\QLXU] G]H "
1DFRQDOH \]ZUyFLüXZDJ SU]\REVáXG]HXU] G]H HOHNWU\F]Q\FK"
-DNLH]DJUR HQLDZ\VW SXM SRGF]DVZ\NRQ\ZDQLDFL FLDPDWHULDáX"
-DNLH]DJUR HQLDZ\VW SXM SRGF]DVZ\NRQ\ZDQLDRWZRUyZ"
-DNLH]DJUR HQLDZ\VW SXM SRGF]DVSLáRZDQLD"
-DNLH]DJUR HQLDZ\VW SXM SRGF]DVZ\NRQ\ZDQLDJZLQWyZ"
-DNLH URGNLRVWUR QR FLQDOH \]DFKRZDüSU]\X \ZDQLXZLHUWDUHN"
.LHG\QLHZROQRX \ZDüU NDZLF"
-DNLHQLHEH]SLHF]H VWZDPRJ JUR]LüSRGF]DVPRQWD XLGHPRQWD XUXV]WRZDQLD
UXURZHJR"
-DNLH]DEH]SLHF]HQLDVWRVXMHVL SU]\SUDF\QDZ\VRNR FL"
ûZLF]HQLD
ûZLF]HQLH
2FH ]DJUR HQLDSRGF]DVZ\NRQ\ZDQLDUREyW OXVDUVNLFK
8]XSHáQLMWDEHO ZSLVXM F
D Z NROXPQLH SLHUZV]HM ± ]DJUR HQLD GOD ]GURZLD Z\VW SXM FH SRGF]DV Z\NRQ\ZDQLD
UREyW OXVDUVNLFK
E ZNROXPQLHGUXJLHM± URGNLRFKURQ\RVRELVWHMOXE]DEH]SLHF]HQLDFKURQL FHF]áRZLHND
SU]HGW\PL]DJUR HQLDPL
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
]RUJDQL]RZDüVWDQRZLVNRSUDF\
]DSODQRZDüSU]HELHJZ\NRQDQLDüZLF]HQLD±SODQ]DSLVDüZ]HV]\FLH
SU]HVWU]HJDü]DVDGEH]SLHF]H VWZDLKLJLHQ\SUDF\
Z\PLHQLüLZSLVDüGRWDEHOL]DJUR HQLD]GURZLDSU]\URERWDFK OXVDUVNLFK
ZSLVDüGRRGSRZLHGQLHMWDEHOL URGNLRFKURQ\LQG\ZLGXDOQHMOXE]DEH]SLHF]HQLD
Z\PLHQLü URGNLRVWUR QR FLMDNLHQDOH \]DFKRZDüSRGF]DVZ\NRQ\ZDQLDW\FKUREyW
VSRU] G]LüZ]HV]\FLHQRWDWN ]SU]HSURZDG]RQHJRüZLF]HQLD
VIRUPXáRZDüZQLRVNL]UHDOL]DFMLüZLF]HQLD
]DSUH]HQWRZDüHIHNW\VZRMHMSUDF\
GRNRQDüVDPRRFHQ\SUDF\
XSRU] GNRZDüVWDQRZLVNRSUDF\
:\SRVD HQLHVWDQRZLVNDSUDF\
LQVWUXNFMHREVáXJLX \ZDQ\FKPDV]\QLXU] G]H
OLWHUDWXUD]UR]G]LDáX
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
6SUDZG]LDQSRVW SyZ
7DN 1LH
&]\SRWUDILV]
NRU]\VWDü]LQVWUXNFMLREVáXJL"
EH]SLHF]QLHREVáXJLZDüXU] G]HQLDHOHNWU\F]QH"
EH]SLHF]QLHZ\NRQ\ZDüFL FLHPDWHULDáX"
EH]SLHF]QLHZ\NRQ\ZDüRWZRU\ZPDWHULDOH"
EH]SLHF]QLHSLáRZDüHOHPHQW\PHWDORZH"
EH]SLHF]QLHZ\NRQ\ZDüJZLQW\"
EH]SLHF]QLHREVáXJLZDüZLHUWDUN "
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
3URVWHURERW\ OXVDUVNR±NRZDOVNLH]ZL ]DQH]Z\NRQDQLHP
RNXüSRá F]H LHOHPHQWyZPRFXM F\FK
0DWHULDáQDXF]DQLD
3UDFHNRZDOVNLHSROHJDM QDSODVW\F]Q\PNV]WDáWRZDQLXPHWDOXQDJRU FROXE]LPQR
NWyUH QD]\ZD VL NXFLHP : F]DVLH NXFLD QDGDMH VL SU]HGPLRWRZL GDQ\ NV]WDáW RUD]
SRSUDZLD VL MHJR ZáD FLZR FL PHFKDQLF]QH SU]H] ]PLDQ VWUXNWXU\ JUXERNU\VWDOLF]QHM QD
GUREQRNU\VWDOLF]Q L ZáyNQLVW 6LOQH XGHU]HQLD FL NLFK PáRWyZ SU]HQLNDM FH GR ZQ WU]D
PHWDOLGDM PDWHULDáGUREQR]LDUQLVW\LUyZQRPLHUQLHMUR]áR RQ\QL SU]\XGHU]HQLDFKOHNNLFK
PáRWyZ 1DMEDUG]LHM NRU]\VWQH L ]DOHFDQH SU]\ NXFLX F] FL MHVW SU]HNXFLH SURZDG] FH GR
WU]\NURWQHJR]PQLHMV]HQLDSU]HNURMXSRSU]HF]QHJRSU]HGPLRWX
.XFLHPHWDOLG]LHOLVL QD
U F]QH±QDNRZDGOH]DSRPRF QDU] G]LU F]Q\FK
PHFKDQLF]QH±QDPáRWDFKOXESUDVDFK
PDWU\FRZH±SU]\X \FLXIRUPPDWU\F
VZRERGQH±EH]X \FLDPDWU\F
,P Z\ V]D MHVW WHPSHUDWXUD QDJU]HZDQLD W\P VWDO VWDMH VL EDUG]LHM SRGDWQD GR
RGNV]WDáFH W\P PQLHMV]\ VWDZLD RSyU SU]\ ]PLDQLH NV]WDáWX 'R Z\NRQDQLD RGNXZHN
ZSUDFDFK NRZDOVNLFK GOD FHOyZ EXGRZODQ\FK X \ZD VL QDMF] FLHM ]Z\Ná\FK VWDOL
Z JORZ\FK 3U]HG]LDá WHPSHUDWXU Z MDNLP QDOH \ SU]HSURZDG]Dü NXFLH ]DOH \ RG JDWXQNX
VWDOL
5\V:\NUHVWHPSHUDWXUQDJU]HZDQLDVWDOLSU]\NXFLX>V@
7HPSHUDWXU VWDOL PR QD RNUH OLü QD SRGVWDZLH MHM EDUZ\ 5R]SR]QDZDQLH EDUZ\
QDJU]DQHMVWDOLPR OLZHMHVWW\ONRZSyáPURNXQLJG\ZVLOQ\P ZLHWOH
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
%DUZD DUXVWDOLZ JORZ\FKLRGSRZLDGDM FDMHMSU]\EOL RQDWHPSHUDWXUDSRQDJU]DQLX
SRF] WHNFLHPQRF]HUZRQHJR
°
&
FLHPQRF]HUZRQ\
°
&
ZL QLRZ\
°
&
MDVQRF]HUZRQ\
°
&
yáWRF]HUZRQ\
°
&
SRPDUD F]RZ\
°
&
F\WU\QRZ\
°
&
ELDá\
°
&
0DWHULDá SRZLQLHQ E\ü UyZQRPLHUQLH QDJU]DQ\ Z FDá\P VZRLP SU]HNURMX .XFLH
ZWHPSHUDWXUDFK RG GR
°
& MHVW QLHEH]SLHF]QH SRQLHZD PRJ SRZVWDü PDáR
ZLGRF]QHS NQL FLD3U]HNURF]HQLHJyUQHMWHPSHUDWXU\NXFLDPR HVSRZRGRZDüSU]HJU]DQLH
OXE QDZHW SU]HSDOHQLH VL VWDOL EH]SRZURWQH ]QLV]F]HQLH PDWHULDáX 2SW\PDOQ\ REV]DU
WHPSHUDWXUNXFLDSRND]DQ\MHVWQDU\VXQNXL]DZLHUDVL PL G]\NU]\Z\PL*6.L*
.
'R Z\SRVD HQLD VWDQRZLVND NRZDOVNLHJR QDOH \ SDOHQLVNR NRZDOVNLH NRZDGáR Sá\WD
NRZDOVNDLPDGáRNRZDOVNLHPáRWNLNOHV]F]HSU]HFLQDNLSU]HELMDNL
5\V3DOHQLVNRNRZDOVNLH>V@
5\V,PDGáRNRZDOVNLH>V@5\V.RZDGáR>V@
5\V3á\WDNRZDOVND>V@
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
5\V.OHV]F]H>V@
5\V'REyUNOHV]F]\
DEQLHSUDZLG áRZ\FSUDZLG áRZ\>V@
5\V0áRWNLNRZDOVNLH
D SU]HFLQDNLESRGFLQDNFSU]HELMDNLG áREQLNGRRGFL JDQLDPDWHULDáXHJáDG]LN
E IQDGVWDZNLNV]WDáWRZHJVSRGNL>V@
D E
5\V(OHPHQW\NXWHDVNREHO>V@EKDN>V@
1DMF] FLHM Z\NRQ\ZDQH F]\QQR FL NXFLD WR SU]HFLQDQLH Z\ELMDQLH JL FLH VNU FDQLH
Z\GáX DQLHRGVDG]DQLHJáDG]HQLHVS F]DQLH
3U]HFLQDQLH Z\NRQXMH VL ]D SRPRF SU]HFLQDNyZ D Z\ELMDQLH RWZRUyZ ]D SRPRF
SU]HELMDNyZ&LHQNLHSU W\OXEEODFK\WQLHVL OXESU]HELMDQD]LPQRDJUXEV]HSRQDJU]DQLX
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
D E
5\V3U]HFLQDQLHDJUXE\FKSU WyZE]SRGFLQDNLHP>V@
5\V5 F]QHSU]HELMDQLHRWZRUyZZEODFKDFKDFLHQNLFKEJUXE\FK>V@
6NU FDQLHZ\NRQXMHVL SR]DPRFRZDQLXMHGQHJRNR FDZLPDGOH'UXJLNRQLHFVNU FD
VL ]D SRPRF G ZLJQL SRG GRZROQ\P N WHP :VNXWHN VNU FDQLD RWU]\PXMH VL UXERZ\
NV]WDáWSU]HGPLRWX
*L FLH HOHPHQWyZ R QLHZLHONLFK SU]HNURMDFK Z\NRQXMH VL U F]QLH Z LPDGOH OXE QD
NRZDGOH
6S F]DQLHSROHJDQDVNUyFHQLXLSRJUXELHQLXSU WD6S F]DQLHSU WDQDFDáHMMHJRGáXJR FL
Z\NRQXMH VL ZyZF]DV JG\ VWRVXQHN MHJR JUXER FL GR Z\VRNR FL QLH SU]HNUDF]D
ZSU]HFLZQ\PUD]LHPR HQDVW SLüMHJRZ\ERF]HQLHZ\JL FLH
5\V*L FLHQDNRZDG OH>V@
5\V6S F]DQLHD>V@
5\V:\GáX DQLH>V@
5\V:\GáX DQLH]RGVDG]HQLHP>V@
:\GáX DQLHSROHJDQD]ZL NV]HQLXGáXJR FLSU]H]]PQLHMV]HQLHSU]HNURMXSRSU]HF]QHJR
HOHPHQWX 3RGREQH GR Z\GáX HQLD MHVW UR]V]HU]DQLH F]\OL ]ZL NV]HQLH V]HURNR FL HOHPHQWX
NRV]WHP MHJR JUXER FL L GáXJR FL 3U]\ Z\GáX DQLX SU]HM FLH RG UHGQLF\ SLHUZRWQHM GR
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
]PQLHMV]RQHM PR H E\ü VWRSQLRZH D SU]\ RGVDG]HQLX Z\VW SXMH Z\UD Q\ XVNRN SRSU]H]
Z\NRQDQLH QDFL FLD .ROHMQH HWDS\ Z\GáX DQLD RGVDG]HQLH Z\GáX DQLH L Z\JáDG]DQLH
SU]HGVWDZLRQHV QDSRQL V]\PU\VXQNX
5\V5R]V]HU]DQLH>V@
*áDG]HQLH SROHJD QD UyZQDQLX RGNXWHM SRZLHU]FKQL ]D SRPRF PáRWNyZ ± JáDG]LNyZ
=Z\NOHJáDG]LVL SU]HGPLRWRGNXW\QDW\FKPLDVWSRLQQHMREUyEFHJG\HOHPHQW]QDMGXMHVL
MHV]F]HZVWDQLHF]HUZRQHJR DUX
3UDFH OXVDUVNLH SROHJDM QD U F]QHM REUyEFH PDWHULDáyZ PDM FHM QD FHOX Z\NRQDQLH
Uy Q\FKSU]HGPLRWyZUREyWPRQWD RZ\FKRUD]QDSUDZF]\FKPDV]\QLXU] G]H
:L NV]R üF]\QQR FL OXVDUVNLFKZ\NRQXMHVL SU]\VWROH OXVDUVNLPQDNWyU\P]QDMGXMH
VL LPDGáRVáX FHGR]DPRFRZDQLDPDWHULDáXOXESU]HGPLRWXREUDELDQHJR
5\V,PDGáR OXVDUVNLHVWRáRZHV]F] NDVWDáDV]F] NDUXFKRPDSRNU WáR>V@
3U]\URERWDFK OXVDUVNLFKEDUG]RZD QHMHVWX]\VNDQLHGRNáDGQR FLSRGDQHMQDU\VXQNX
OXE V]NLFX 6WDQRZLVNR GR UREyW OXVDUVNLFK SRZLQQR E\ü Z\SRVD RQH Z QDU] G]LD
LSU]\U] G\SRPLDURZHRRNUH ORQHMGRNáDGQR FL:L NV]R üSUDF OXVDUVNLFKUR]SRF]\QDVL
RG WUDVRZDQLD ]D SRPRF RGSRZLHGQLFK QDU] G ]L L SU]\U] GyZ WUDVHUVNLFK 7UDVRZDQLH
Z\NRQXMHVL QDUyZQ\PVWROHOXEQDSá\FLHWUDVHUVNLHM
8PLHM WQR FLPLHU]HQLDLWUDVRZDQLDQDE\áH ZMHGQRVWNDFKPRGXáRZ\FK
>@='RELHUDQLHQDU] G]LVSU] WXLPDV]\QGRUREyWGHNDUVNLFK
>@=:\NRQ\ZDQLHSRGVWDZRZ\FKSRPLDUyZZURERWDFKGHNDUVNLFK
&L FLHMHVWWRUR]G]LHODQLHPDWHULDáXQDGZLHOXEZL FHMF] FL0R QDWHJRGRNRQDüSU]\
SRPRF\NUDZ G]LWQ F\FKRUD]PHWRG VNUDZDQLDOXEZ\SDODQLD
%ODFK\FLHQNLHWQLHVL SU]\SRPRF\QR \FU F]Q\FKOXEG ZLJQLRZ\FK8PLHM WQR FLFL FLD
EODFKFLHQNLFKQDE\áH ZSRGF]DVüZLF]H ZSRSU]HGQLFKMHGQRVWNDFK
&L FLH SU]HGPLRWyZ PHWDORZ\FK R QLHZLHONLFK SU]HNURMDFK SU W\ SáDVNRZQLNL UXUNL
PR QDZ\NRQ\ZDüSLáN U F]Q (OHPHQWHPWQ F\PMHVWEU]HV]F]RW]DPRFRZDQ\ZUDPFH
:]DOH QR FLRGURG]DMXLWZDUGR FLFL WHJRPDWHULDáXVWRVXMHVL EU]HV]F]RW\RUy Q\PN FLH
QDFK\OHQLD ] ENyZ &KDUDNWHU\VW\F]Q ZLHONR FL EU]HV]F]RWyZ MHVW SRG]LDáND F]\OL OLF]ED
] ENyZ QD GáXJR FL PP 'R WZDUG\FK PDWHULDáyZ X \ZD VL EU]HV]F]RWyZ ] ZL NV]D
OLF]E ] EyZ
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
5\V3LáNDU F]QDGRPHWDOLRSUDZNDXFKZ\WVWDá\U NRMH üXFKZ\WSU]HVXZQ\SURZDGQLFD
EU]HV]F]RWNRáHF]NL>V@
5\V5R]SRF]\QDQLHFL FLDEU]HV]F]RWHPDSUDZLGáRZHEQLHSUDZLGáRZH>V@
5\V&L FLHSáDVNRZQLND>V@
5\V&L FLHZ\VRNLFKSáDVNRZQLNyZ>V@
5\V&L FLHZ\VRNLFKSU]HGPLRWyZ>V@
5\V&L FLHFLHQNLHMEODFK\>V@
3RSXODUQ\PVSRVREHPSU]HFLQDQLDSU]HGPLRWyZPHWDORZ\FKMHVWFL FLH]DSRPRF WDUF]
FLHUQLFRZ\FK 'R WHJR FHOX PR QD X \ZDü SU]HFLQDUHN VWDFMRQDUQ\FK OXE SU]HQR Q\FK
V]OLILHUHNN WRZ\FK
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
&L FLH SU]HGPLRWyZ PHWDORZ\FK R GX \FK SU]HNURMDFK Z\NRQXMH VL SU]\ SRPRF\
XU] G]H PHFKDQLF]Q\FKMDNSLá\UDPRZHWD PRZHOXEWDUF]RZH
3RGF]DV FL FLD ]D SRPRF SLá L WDUF] QDVW SXMH XE\WHN PDWHULDáyZ QD ZLyU\
: ]DSRWU]HERZDQLX PDWHULDáX QDOH \ ]ZL NV]\ü LOR ü SODQRZDQHJR PDWHULDáX R V]HURNR ü
FL FLD
FLQDQLH SU]HFLQDQLH Z\FLQDQLH PHWDOL SROHJD QD VNUDZDQLX PDWHULDáX QDU] G]LHP
RNV]WDáFLHNOLQD-HVWWRPHWRGDPDáRGRNáDGQDLSUDFRFKáRQQD6WRVXMHVL M WDPJG]LHQLH
PDRGSRZLHGQLFKPDV]\Q&]\QQR FLWHVWRVRZDQHV GR
−
FLQDQLDáEyZQLWyZ
−
RGFLQDQLDSRWU]HEQ\FKNDZDáNyZSU WyZOXEEODFK
−
Z\FLQDQLDURZNyZOXERWZRUyZ
5\V FLQDQLHEODFK\ZLPDGOH>V@
5\V3U]HFLQDQLHEODFK\SROLQLL
NU]\ZHM>V@
'R FLQDQLDLSU]HFLQDQLDU F]QHJRX \ZDVL SU]HFLQDNyZ
5\V3U]HFLQDND]NUDZ G]L SURVW
5\V:\FLQDNF]WHURNUDZ G]LRZ\ GRZ\FLQDQLD
E]NUDZ G]L Z\SXNá >V@
V]F]HOLQ>V@
. WRVWU]DW\FKQDU] G]L]DOH \RGREUDELDQHJRPDWHULDáXLZ\QRVLRGGR
'RSU]HFLQDQLDSáDVNRZQLNyZLSU WyZRUD]GRSU]HFLQDQLDSURVWROLQLRZHJREODFKX \ZD
VL SU]HFLQDND ] NUDZ G]L WQ F SURVW 3U]HFLQDND ] NUDZ G]L Z\SXNá X \ZD VL G R
SU]HFLQDQLDSRáXNX
2WZRU\ZFLHQNLFKEODFKDFKZ\NRQXMHVL SU]\X \FLXZ\FLQDNyZNWyUHPDM UHGQLF
NUDZ G]LWQ FHMZLHONR FLZ\FLQDQHJRRWZRUX'RZ\FLQDQLDV]F]HOLQX \ZDVL Z\FLQDNyZ
SURVW\FK
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
5\V:\FLQDNLGRRWZRUyZDPDá\FK
5\V:\FLQDQLHRWZRUXZEODV]HJUXEHM>V@
EGX \FK>V@
3URVWRZDQLH PD QD FHOX XVXQL FLH ]QLHNV]WDáFH NWyUH SRZVWDá\ Z F]DVLH WUDQVSRUWX
QLHZáD FLZHJRVNáDGRZDQLDSRGF]DVREUyENLPHFKDQLF]QHMFLHSOQHMOXEVSDZDQLD
0R QDZ\NRQ\ZDüMHQD]LPQROXEQDJRU FRZLPDGOHQDNRZDGOHQDSá\FLHOXEQD
SUDVLH0áRWNLVWRVRZDQHGRSURVWRZDQLDPXV] E\üZ\NRQDQH]PL NNLHJRPDWHULDáXPLHG
RáyZGUHZQRJXPD
=JL W\ SU W OXE SáDVNRZQLN QDMOHSLHM SURVWRZDü XNáDGDM F QD SRZLHU]FKQL SáDVNLHM
Z\SXNáR FL GRJyU\
5\V3URVWRZDQLHSáDVNRZQLND>V@
0áRWNLHP QDOH \ XGHU]Dü Z Z\SXNáR ü FR MDNL F]DV REUDFDM F R DE\ SU]HGPLRW
SURVWRZDQ\QLHZ\JL áVL ZGUXJ VWURQ
*L FLH SURILORZDQLH MHVW WR QDGDQLH SU]HGPLRWRZL GDQHJR NV]WDáWX G]L NL G]LDáDQLX
RNUH ORQ\FKVLáEH]VNUDZDQLDPDWHULDáX
*L FLHPHWRG U F]Q Z\NRQXMHVL ZLPDGOHPRFXM FWDNDE\OLQLDJL FLDSRNU\ZDáDVL
] SR]LRPHP V]F] N &] ü Z\VWDM F SRQDG V]F] NL ]DJLQD VL XGHU]DM F PáRWNLHP
ZGUHZQLDQ\NORFHNSU]\áR RQ\GREODFK\
5\V5 F]QHJL FLHEODFK\DFSUDZLGáRZHEGQLHSUDZLGáRZH>V@
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
5 F]QH JL FLH GUXWyZ FLHQNLFK Z\NRQXMH VL V]F]\SFDPL 'UXW\ L SáDVNRZQLNL
RZL NV]\FKSU]HNURMDFKZ\JLQDVL SU]\SRPRF\VSHFMDOQ\FKSU]\U] GyZ
5\V3U]\U] GGRJL FLDZVSRUQLNyZU\QLHQ>V@
3U]HG JL FLHP ZD QH MHVW RNUH OHQLH GáXJR FL PDWHULDáX SRWU]HEQHJR GR Z\NRQDQLD
GDQHJRZ\UREXQDSRGVWDZLHZ\PLDUyZ]U\VXQNXJRWRZHMF] FL
5\V2NUH OHQLHGáXJR FLPDWHULDáX>V@
'R REOLF]H SU]\MPXMH VL GáXJR ü RVL RERM WQHM NWyUD QLH XOHJD Z\GáX HQLX DQL
VNUyFHQLXLELHJQLHZ URGNXJUXER FLEODFK\OXESU WD
/ DEFÂ
U
⋅
π
F]\OL/ DEF ÂU
*L FLHEODFKRZL NV]\FKZ\PLDUDFKZ\NRQXMHVL SU]\X \FLXJL WDUHNNUDZ G]LRZ\FK
3LáRZDQLHMHVWWRU F]QHVNUDZDQLHZDUVWZ\]REUDELDQHMSRZLHU]FKQLZFHOXQDGDQLDPX
RGSRZLHGQLHJR NV]WDáWX Z\PLDUX L JáDGNR FL OXE VW SLHQLX RVWU\FK NUDZ G]L SU]\ X \FLX
SLOQLNyZ
5\V3LáRZDQLHSRZLHU]FKQL>V@
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
3LOQLN MHVW WR KDUWRZDQD OLVWZD VWDORZD ] QDFL W\PL ] ENDPL ]DNR F]RQD XFKZ\WHP
RVDG]RQ\PZU NRMH FL]WZDUGHJRGUHZQDZ]PRFQLRQHMPHWDORZ VNXZN
5\V3LOQLN>V@
/LF]EDQDFL üQDGáXJR FLPPGHF\GXMHRSU]H]QDF]HQLXSLOQLND
1U]G]LHUDNL 1UJáDG]LNL
1U±UyZQLDNL 1USRGZyMQHJáDG]LNL
1USyáJáDG]LNL 1U±MHGZDEQLNL
,PZL NV]DOLF]EDQDFL üQDSLOQLNXW\PEDUG]LHMJáDGNDMHVWSRZLHU]FKQLDREUDELDQD
5\V3LOQLNLRUy Q\FKNV]WDáWDFKLLFK]DVWRVRZDQLH
DESLOQLNLSáDVNLHFSLOQLNWUyMN WQ\GHSLOQLNLRNU JáH>V@
3U]HGPLRWSRGOHJDM F\SLáRZDQLXPXVLE\üV]W\ZQR]DPRFRZDQ\QDMF] FLHMZLPDGOH
3RZLHU]FKQLDSLáRZDQDSRZLQQDZ\VWDZDüSRQDGV]F] NLQLHZL FHMMDNGRPP
5\V6SRVyEWU]\PDQLDSLOQLNDFL NLHJR
5\V6SRVyEWU]\PDQLDSLOQLNDUyZQLDNDOXE
]G]LHUDND>V@
JáDG ]LND>V@
3LOQLNLSRZLQQ\E\üZáD FLZLHX \ZDQHLNRQVHUZRZDQH
3U]HELMDQLH U F]QH RWZRUyZ Z EODFKDFK FLHQNLFK Z\NRQXMH VL SU]\ X \FLX PáRWND
LSU]HELMDND
5\V3U]HELMDQLHU F]QHRWZRUX SU]HELMDNLHP>V@
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
3RGF]DVSU]HELMDQLDSRGEODFK QDOH \SRGáR \üSRGNáDGN GUHZQLDQ OXERáRZLDQ DOER
]DVWRVRZDü SRGNáDGN VWDORZ ] Z\ZLHUFRQ\P RWZRUHP 0HWRG SU]HELMDQLD PR QD
Z\NRQ\ZDüRWZRU\ZEODFKDFKSU]HGQLWRZDQLHP
:LHUFHQLH MHVW WR Z\NRQ\ZDQLH RWZRUyZ ZDOFRZ\FK Z SU]HGPLRFLH REUDELDQ\P
: ]DOH QR FL RG UHGQLF\ RWZRUX PR QD WR ]URELü Z MHGQ\P OXE NLONX HWDSDFK VWRSQLRZR
]ZL NV]DM F UHGQLFHZLHUWHá.ROHMQHZLHUFHQLDQD]\ZDVL SRZLHUFDQLHP
5\VDZLHUFHQLHESRZLHUFDQLH>V@
'RZLHUFHQLDRWZRUyZX \ZDVL ZLHUWHáNU W\FK5RZNL UXERZHZ]GáX ZLHUWáDVáX
GRXVXZDQLDZLyUyZSRGF]DVZLHUFHQLD
5\V:LHUWáDNU WH]FKZ\WHPVWR NRZ\PZDOFRZ\P
DF] üURERF]DEV]\MNDFF] üFKZ\WRZD>V@
:LHUWáD PRJ PLHü FKZ\W ZDOFRZ\ OXE VWR NRZ\ 0RFXMH VL MH Z XFKZ\WDFK
ZLHUWDUVNLFKV]F] NRZ\FKOXEJQLD]GDFKVWR NRZ\FK
5\V7XOHMNLUHGXNF\MQH0RUVH¶DGRZLHUWHá
5\V8FKZ\WZLHUWDUVNLGRPDá\FKZLHUWHá
>V@
>V@
-H HOL VWR NRZD F] ü FKZ\WRZD ZLHUWáD MHVW PQLHMV]D QL RWZyU XFKZ\WX VWRVXMH VL
WXOHMNLUHGXNF\MQH:LHUWáD]ZU]HFLRQDOXEWXOHLUHGXNF\MQHMZ\MPXMHVL ]DSRPRF NOLQD
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
5\V:\MPRZDQLHZLHUWáD]ZU]HFLRQDZLHUWDUNL>V@
. W F] FL URERF]HM ZLHUWáD ]DOH \ RG REUDELDQHJR PDWHULDáX 1DMF] FLHM VWRVXMH VL
ZLHUWáD]HVWDOLQDU] G]LRZHM'RPXUXLEHWRQXX \ZDVL ZLHUWHá]NR FyZN ZLGLRZ
:LHUWDUNLU F]QHPRJ E\üPHFKDQLF]QH]NRUEN OXEHOHNWU\F]QHLVáX GRZLHUFHQLD
RWZRUyZRPDáHM UHGQLF\GRPP
2EHFQLH FRUD] V]HUV]H ]DVWRVRZDQLH ]QDMGXM ZLHUWDUNRZNU WDUNL R UHJXORZDQ\FK
REURWDFK NWyUH VWRVXMH VL GR ZLHUFHQLD RUD] ZNU FDQLD ZNU WyZ L UXE ] X \FLHP
RGSRZLHGQLFKNR FyZHN
3RJá ELDQLH VWRVXMH VL Z FHOX ]GM FLD ]DG]LRUyZ ] NUDZ G]L RWZRUX RUD] XWZRU]HQLD
ZJá ELHQLDQDáHE UXE\ZNU WXOXEQLWX
5\V3RJá ELDQLHDVWR NRZHEZDOFRZH>V@
3RJá ELDF]H V WR QDU] G]LD NWyU\PL Z\NRQXMH VL ZJá ELHQLD Z Z\ZLHUFRQ\FK
XSU]HGQLRRWZRUDFK&] üVNUDZDM FDPR HPLHüNV]WDáWVWR NDOXEZDOFD
3RJá ELDF]HPRFRZDQHV SRGREQLHMDNZLHUWáDZXFKZ\WDFKOXEZU]HFLRQDFKZLHUWDUHN
1DFLQDQLHJZLQWyZZ\NRQXMHVL ZXSU]HGQLRZ\ZLHUFRQ\FKRWZRUDFKOXEQD UHGQLFDFK
]HZQ WU]Q\FKSU W\ZDáNLLUXU\
'R JZLQWRZDQLD U F]QHJR RWZRUyZ X \ZD VL NRPSOHWX JZLQWRZQLNyZ QDMF] FLHM
WU]HFK *ZLQWRZDQLH UR]SRF]\QD RG X \FLD JZLQWRZQLND ] R]QDF]HQLHP Ä,´ *ZLQWRZQLN
WU]HFL MDNR NDOLEUXM F\ F] VWR QLH MHVW R]QDF]RQ\ DGQ\P ]QDNLHP &] ü FKZ\WRZD
JZLQWRZQLND]DNR F]RQDMHVWNZDGUDWHPQDNWyU\QDVDG]DVL SRNU WáR
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
5\V.RPSOHWJZLQWRZQLNyZL]DU\V\NUDZ G]LVNUDZDM F\FK>V@
5\V*ZLQWRZDQLHRWZRUyZDXVWDZLDQLHSURVWRSDGáR FLJZLQWRZQLNDEJZLQWRZDQLH>V@
*ZLQW\QDVZRU]QLDFK UXEDFKQDFLQDVL QDU]\QNDPLPRFRZDQ\PLZRSUDZNDFK
5\V1DU]\QND>V@5\V2SUDZNDGRQDU]\QNL>V@
1DMF] FLHM VSRW\NDQH JZLQW\ Z UXEDFK L QDNU WNDFK WR JZLQW\ PHWU\F]QH 3U]\
SRá F]HQLDFKUXUVWRVXMHVL JZLQW\UXURZH
'R VSUDZG]DQLD VNRNyZ JZLQWyZ X \ZD VL VSUDZG]LDQyZ JU]HELHQLRZ\FK
Z]RUQLNyZ
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
5\V6SUDZG]DQLHVNRNXJZLQWXDVSUDZG]LDQJU]HELHQLRZ\GRJZLQWyZEVSRVyEVSUDZG]DQLDVNRNX
JZLQWX>V@
.DOLEURZDQLHJZLQWyZSROHJDQDSRZWyUQ\PJZLQWRZDQLX UXELQDNU WHNZNWyU\FK
JZLQW]RVWDáOHNNRXV]NRG]RQ\LXQLHPR OLZLDPRQWD Dá F]QLNyZ]XV]NRG]RQ\PJZLQWHP
QLHPR QDZ\PLHQLüQDQRZH:\NRQXMHVL W\PLVDP\PLQDU] G]LDPLFRJZLQWRZDQLHF]\OL
JZLQWRZQLNLHPOXEQDU]\QN
3Rá F]HQLD HOHPHQWyZ PHWDORZ\FK PR QD SRG]LHOLü QD UR]á F]QH L QLHUR]á F]QH 'R
SRá F]H UR]á F]Q\FK ]DOLF]D VL WDNLH SRá F]HQLD NWyUH PR QD GRZROQ LOR ü UD]\ á F]\ü
LUR]G]LHODüEH]XV]NRG]HQLDHOHPHQWyZVNáDGRZ\FK
3Rá F]HQLH JZLQWRZH MHVW SRZV]HFKQLH VWRVRZDQ\P SRá F]HQLHP UR]á F]Q\P 3ROHJD
RQRQDVNU FHQLX]HVRE JZLQWXZHZQ WU]QHJR]]HZQ WU]Q\P
5\V7\S\SRá F]H UXERZ\FKD UXE ]Z\Ná E UXE GZXVWURQQ F UXE ZNU WQ >V@
3U]\UR]SR]QDZDQLXNLHUXQNXJZLQWX UXE\QDOH \XáR \üM WDNDE\MHMR V\PHWULL
XVWDZLRQDE\áDZSLRQLH-H HOL]ZRMH UXE\Z]QRV] VL ZSUDZRWRMHVWWR UXED]JZLQWHP
SUDZ\P:NU FDVL M GRQDNU WNL]JRGQLH]UXFKHPZVND]yZHN]HJDUD
5\V*ZLQW\WUyMN WQHDSUDZ\EOHZ\>V@
:NU W\ V WR á F]QLNL ] áEHP PDM F\P ZJá ELHQLH QD ZNU WDN ]D SRP F NWyUHJR V
ZNU FDQH
5\V5RG]DMHZNU WyZQDZNU WDNSáDVNLD]áEHPNXOLVW\PEVWR NRZ\PSáDVNLPFGVWR NRZ\P
VRF]HZNRZ\PHZDOFRZ\PIEH]áEDJGRGUHZQD>V@
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
3RGNáDGNL ZNáDGD VL PL G]\ áHE UXE\ OXE PL G]\ QDNU WN D F] ü á F] F PL G]\
LQQ\PLZFHOX]PQLHMV]HQLDQDFLVNXSRZLHU]FKQLRZHJR
.OXF]H VWRVXMH VL GR ]DNU FDQLD UXE L QDNU WHN 1DMF] FLHM V RQH R QLH]PLHQQ\FK
Z\PLDUDFK GRVWRVRZDQH GR MHGQHM ZLHONR FL UXE\ OXE QDNU WNL SáDVNLH RF]NRZH OXE
QDVDGRZH 0RJ WH E\ü X \ZDQH NOXF]H R ]PLHQQ\P UR]VWDZLHQLX V]F] N NOXF]H
IUDQFXVNLHV]ZHG]NLHOXELQQH
'R á F]HQLD L PRQWD X HOHPHQWyZ GHNDUVNLFK X \ZD VL ZNU WyZ ] JQLD]GHP
´NU]\ RZ\P´GRGUHZQDLGREODFKRUD]ZNU W\VDPRZLHUF FH]áEHPV]H FLRN WQ\P
D
E
F
G
H
I
J
5\V:NU W\DGREODFK\EGRGUHZQDFJVDPRZLHUF FHGGREODFKSURILORZDQ\FKLSRGáR D
GUHZQLDQHJR)$50(5HGREODFKSURILORZDQ\FKLSRGáR DVWDORZHJRINUyWNLSRGNáDGNRZ\JNUyWNLGR
SURILOLEODV]DQ\FK>V@
3U]\PRFRZDQLXHOHPHQWyZGHNDUVNLFKGRNRQVWUXNFMLPXURZDQHMOXEEHWRQRZHMX \ZDVL
NRáNyZUR]SRURZ\FKLNRWHZ UXERZ\FKRUD]NRáNyZV]\ENLHJRPRQWD X
D
E
F
G
H
5\V.RáNLDUR]SRURZ\]H UXE RáELHV]H FLRN WQ\PE]ZNU WHPRJQLH G]LHNU]\ RZ\PFV]\ENLHJR
PRQWD XEH]NRáQLHU]DGV]\ENLHJRPRQWD X]NRáQLHU]HPHNRWZDUR]SRURZDVWDORZD]QDNU WN
SRGNáDGNRZ >V@
1LWRZDQLH QDOH \ GR SRá F]H QLHUR]á F]Q\FK SRQLHZD QLH PR QD UR]á F]\ü JR EH]
XV]NRG]HQLDHOHPHQWyZVNáDGRZ\FK3ROHJDRQRQDá F]HQLXF] FLPHWDORZ\FKQDMF] FLHM
EODFKSU]\SRPRF\QLWyZRUy Q\FKNV]WDáWDFK3RGF]DVQLWRZDQLDVZRERGQ\NRQLHFQLWXMHVW
VS F]DQ\LNV]WDáWRZDQ\Z]DNXZN
5\V&]\QQR FLSRGF]DVQLWRZDQLDDGRFLVNDQLHEODFKEUR]NOHS\ZDQLHWU]RQXFGIRUPRZDQLHáED
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
>V@
5\V5RG]DMHQLWRZDQLDD]Z\NáHEGZXVWURQQLHNU\WH
5\V1LWRZDQLHQLWDPL
FMHGQRVWURQQLHNU\WHGSyáNU\WH>V@
DUXUNRZ\PEGU RQ\P>V@
1LW\ Z\NRQDQH V ] PHWDOL R GX HM SODVW\F]QR FL MDN PL NND VWDO PLHG PRVL G]
DOXPLQLXP
5\V.V]WDáW\QLWyZ
QLW\D±H]Z\NáHI±KGUREQHáE\QLWyZDNXOLVW\EJU]\ENRZ\FVRF]HZNRZ\GSáDVNLHWUDSH]RZ\
WU]RQNLQLWyZD±ISHáQ\JGU RQ\KUXUNRZ\>V@
'RQLWRZDQLDX \ZDVL NRPSOHWXQDU] G]L
ZVSRUQLNGRSRGSDUFLDáEDQLWX
GRFLVNDF]SU]\FLVN±GRGRFL QL FLDEODFK
]DNXZQLNQDJáyZQLDN±GR]DNXFLDáED
5\V1DU] G]LDGRQLWRZDQLD>V@
à F]HQLHEODFKPR QDZ\NRQ\ZDüQLWDPL]U\ZDOQ\PLSU]\X \FLXQLWRZQLF\
5\V1LW]U\ZDOQ\>V@
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
3\WDQLDVSUDZG]DM FH
2GSRZLDGDM FQDS\WDQLDVSUDZG]LV]F]\MHVWH SU]\JRWRZDQ\GRZ\NRQDQLDüZLF]H
.LHG\VWRVXMHVL SURVWRZDQLHSU]HGPLRWyZ"
&RWRMHVWJL FLH"
1DF]\PSROHJDSLáRZDQLH"
-DNDMHVWUy QLFDSRPL G]\ZLHUFHQLHPLSRZLHUFDQLHP"
1DF]\PSROHJDJZLQWRZDQLH"
&RWRMHVWNDOLEURZDQLHJZLQWX"
1DF]\PSROHJDQLWRZDQLH"
-DNQD]\ZDVL HOHPHQWSLáNLU F]QHMVáX F\GRFL FLD"
*G]LHVWRVXMHVL SU]HFLQDN]Z\SXNá NUDZ G]L WQ F "
-DNLSLOQLNQDOH \GREUDüGRREUyENLZVW SQHM"
-DNLNV]WDáWPDF] üFKZ\WRZDZLHUWHáNU W\FK"
-DNLFKXU] G]H X \ZDVL GRZLHUFHQLDRWZRUyZ"
-DNLHZLHUWáDQDOH \VWRVRZDüSU]\ZLHUFHQLXRWZRUyZZEHWRQLH"
'RF]HJRX \ZDVL SRJá ELDF]\"
-DNLFKQDU] G]LX \ZDVL GRQDFLQDQLDJZLQWXZRWZRUDFK"
&]\PQDFLQDVL JZLQWQDSRZLHU]FKQLDFK]HZQ WU]Q\FKGUXW\LSU W\"
'RF]HJRX \ZDVL VSUDZG]LDQyZJU]HELHQLRZ\FK"
-DNLHSRá F]HQLDQD]\ZDP\UR]á F]Q\PL"
-DNPR QDUR]SR]QDüJZLQWSUDZ\"
-DNLHURG]DMHZNU WyZVWRVXMHVL GRPRQWD XHOHPHQWyZNRQVWUXNFML"
:\PLH URG]DMHNRáNyZ"
-DNLHSRá F]HQLDQD]\ZDP\QLHUR]á F]Q\PL"
-DNLH]QDV]URG]DMHQLWyZ"
-DNLHHOHPHQW\V QDMF] FLHMá F]RQHSRSU]H]QLWRZDQLH"
ûZLF]HQLD
ûZLF]HQLH
5R]SR]QDM PHWRG\ REUyENL PHWDOL SRND]DQH QD U\VXQNDFK SU]\JRWRZDQ\FK SU]H]
QDXF]\FLHOD:\SLV]LFKQD]Z\QDNDUWNDFKLSU]\SRU] GNXMGRU\VXQNyZ
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
]RUJDQL]RZDüPLHMVFHSUDF\
]DSODQRZDüSU]HELHJZ\NRQDQLDüZLF]HQLD±SODQ]DSLVDüZ]HV]\FLH
SU]HVWU]HJDü]DVDGEH]SLHF]H VWZDLKLJLHQ\SUDF\
]DSR]QDüVL ]SRV]F]HJyOQ\PLPHWRGDPLREUyENLPHWDOL
QD]ZDüSRV]F]HJyOQHPHWRG\REUyENLPHWDOL
SRVHJUHJRZDüU\VXQNLREUyEHNPHWDOL]JRGQLH]LFK]DVWRVRZDQLHP
XWZRU]\üSODNDWRGSRZLHGQLRXNáDGDM FU\VXQNL]UR]SR]QDQ\PLREUyENLPHWDOL
XPLH FLüSRGSLV\SRGU\VXQNDPL
X]DVDGQLüVSRVyEXáR HQLDU\VXQNyZ]PHWRGDPLREUyEHNPHWDOL
VSRU] G]LüZ]HV]\FLHQRWDWN ]SU]HSURZDG]RQHJRüZLF]HQLD
VIRUPXáRZDüZQLRVNL]UHDOL]DFMLüZLF]HQLD
]DSUH]HQWRZDüHIHNW\VZRMHMSUDF\
GRNRQDüVDPRRFHQ\SUDF\
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
XSRU] GNRZDüVWDQRZLVNRSUDF\
:\SRVD HQLHVWDQRZLVNDSUDF\
± SODQV]H]U\VXQNDPLOXE]GM FLDURG]DMyZREUyEHNPHWDOL
± WDEOLFDRPL NNLPSRGáR XZNWyUHáDWZRZELMDüV]SLONL
± ]HVWDZ\NDUWHNZUy Q\FKNRORUDFKLRUy Q\PNV]WDáFLH
± DUNXV]HSDSLHUX
± NRORURZHSLVDNL
± GáXJRSLV
± V]SLONL
± OLWHUDWXUD]UR]G]LDáX
ûZLF]HQLH
:\WQLMQDVW SXM FHHOHPHQW\X \ZDM FSLáNLU F]QHMGRPHWDOLLQR \FGREODFK\
D GZDGUXW\PPRGáXJR FLPP
E SáDVNRZQLN[RGáXJR FLPP
F EODFK RJUXER FLPPLZ\PLDUDFK[PP
8ZDJD]DFKRZDMZ\FL WHHOHPHQW\E G SRWU]HEQHZQDVW SQ\FKüZLF]HQLDFK
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
]RUJDQL]RZDüVWDQRZLVNRSUDF\
]DSODQRZDüSU]HELHJZ\NRQDQLDüZLF]HQLD±SODQ]DSLVDüZ]HV]\FLH
SU]HVWU]HJDü]DVDGEH]SLHF]H VWZDLKLJLHQ\SUDF\
]DSR]QDüVL ]U\VXQNLHP
SU]H OHG]LüL]DSODQRZDüNROHMQR üRSHUDFML
]DSLVDüNROHMQR üRSHUDFML
GREUDüRGSRZLHGQLHQDU] G]LDGRZ\PLHQLRQ\FKRSHUDFML
Z\WUDVRZDüPLHMVFDFL FLDZHGáXJGRNXPHQWDFML
Z\FL üHOHPHQW\ZHGáXJWUDVRZDQ\FKOLQLL
VW SLüRVWUHNUDZ G]LHLZ\NRQDüID]NL
X]DVDGQLüVSRVyELNROHMQR üZ\NRQDQLDRSHUDFML
X]DVDGQLüGREyUQDU] G]L
VSRU] G]LüZ]HV]\FLHQRWDWN ]SU]HSURZDG]RQHJRüZLF]HQLD
VIRUPXáRZDüZQLRVNL]UHDOL]DFMLüZLF]HQLD
]DSUH]HQWRZDüHIHNW\VZRMHMSUDF\
GRNRQDüVDPRRFHQ\SUDF\
XSRU] GNRZDüVWDQRZLVNRSUDF\
:\SRVD HQLHVWDQRZLVNDSUDF\
± U\VXQHNWHFKQLF]Q\GRNXPHQWDFMD
± DUNXV]SDSLHUXGáXJRSLVNDONXODWRU
± EODFKDSáDVNDSU WSáDVNRZQLN
± QDU] G]LDSRPLDURZH
± QDU] G]LDWUDVHUVNLH
± NRZDOVNLHL OXVDUVNLHQDU] G]LDGRFL FLD
± SLOQLN
± OLWHUDWXUD]UR]G]LDáX
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
ûZLF]HQLH
:\NRQDMGZDHOHPHQW\VNREODZNV]WDáFLHOLWHU\8ZHGáXJU\VXQNXGRVWDUF]RQHJRSU]H]
QDXF]\FLHOD:\NRU]\VWDMGRWHJRGUXW\NWyUH]RVWDá\XFL WHZüZLF]HQLX1DNR FDFK
GUXWyZZ\NXMRVWU]DGRZELMDQLDZGUHZQRDQDVW SQLHZ\JQLMMHV\PHWU\F]QLHQDNRZDGOH
OXESU FLHR UHGQLF\PP
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
]RUJDQL]RZDüVWDQRZLVNRSUDF\
]DSODQRZDüSU]HELHJZ\NRQDQLDüZLF]HQLD±SODQ]DSLVDüZ]HV]\FLH
SU]HVWU]HJDü]DVDGEH]SLHF]H VWZDLKLJLHQ\SUDF\
]DSR]QDüVL ]U\VXQNLHP
GREUDüRGSRZLHGQLHQDU] G]LDGRZ\PLHQLRQ\FKRSHUDFML
]RUJDQL]RZDüVWDQRZLVNRSUDF\
SRGJU]DüGUXW\ZRJQLVNXNRZDOVNLP
SURILORZDüGUXW\ZHGáXJU\VXQNX
VSUDZG]Lü]JRGQR üZ\PLDUyZ]U\VXQNLHP
X]DVDGQLüVSRVyELNROHMQR üZ\NRQDQLDRSHUDFML
X]DVDGQLüGREyUQDU] G]L
VSRU] G]LüZ]HV]\FLHQRWDWN ]SU]HSURZDG]RQHJRüZLF]HQLD
VIRUPXáRZDüZQLRVNL]UHDOL]DFMLüZLF]HQLD
]DSUH]HQWRZDüHIHNW\VZRMHMSUDF\
GRNRQDüVDPRRFHQ\SUDF\
XSRU] GNRZDüVWDQRZLVNRSUDF\
:\SRVD HQLHVWDQRZLVNDSUDF\
± U\VXQHNWHFKQLF]Q\GRNXPHQWDFMD
± DUNXV]SDSLHUXGáXJRSLVNDONXODWRU
± GUXW\VWDORZH]üZLF]HQLD
± QDU] G]LDSRPLDURZH
± SDOHQLVNRNRZDOVNLH
± NRZDGáRSU W
± PáRWNLLNOHV]F]HNRZDOVNLH
± SLOQLN
± OLWHUDWXUD]UR]G]LDáX
ûZLF]HQLH
:\NRQDM NODPU VNREOD SU]HGVWDZLRQHJR QD U\V ] SáDVNRZQLND [ [ PP
SU]\JRWRZDQHJRZüZLF]HQLXZHGáXJU\VXQNXGRVWDUF]RQHJRSU]H]QDXF]\FLHOD
:SáDVNRZQLNXZ\NRQDM
−
RWZyU
−
NDQDáHN R V]HURNR FL PP L GáXJR FL PP SURPLH PP QD REX NR FDFK
NDQDáND
−
]DRNU JOHQLDRSURPLHQLXPPQDREXNR FDFKSáDVNRZQLND
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
]RUJDQL]RZDüVWDQRZLVNRSUDF\
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
]DSODQRZDüSU]HELHJZ\NRQDQLDüZLF]HQLD±SODQ]DSLVDüZ]HV]\FLH
SU]HVWU]HJDü]DVDGEH]SLHF]H VWZDLKLJLHQ\SUDF\
]DSR]QDüVL ]U\VXQNLHP
SU]\JRWRZDüQDU] G]LDGRWUDVRZDQLDLZLHUFHQLD
WUDVRZDüSRáR HQLHRWZRUyZNV]WDáWNDQDáNDL]DRNU JOHQLDSáDVNRZQLND
SXQNWRZDü URGNLRWZRUyZZSáDVNRZQLNDFK
Z\NRQDü]DRNU JOHQLDSáDVNRZQLND
ZLHUFLüRWZRU\ZSáDVNRZQLNX
Z\FL üPDWHULDáSR]RVWDá\SRPL G]\RWZRUDPLNDQDáND
Z\SLáRZDüNDQDáHNZHGáXJWUDV\
VW SLüRVWUHNUDZ G]LH
X]DVDGQLüVSRVyELNROHMQR üZ\NRQDQLDRSHUDFML
X]DVDGQLüGREyUQDU] G]L
VSRU] G]LüZ]HV]\FLHQRWDWN ]SU]HSURZDG]RQHJRüZLF]HQLD
VIRUPXáRZDüZQLRVNL]UHDOL]DFMLüZLF]HQLD
]DSUH]HQWRZDüHIHNW\VZRMHMSUDF\
GRNRQDüVDPRRFHQ\SUDF\
XSRU] GNRZDüVWDQRZLVNRSUDF\
:\SRVD HQLHVWDQRZLVNDSUDF\
± U\VXQHNWHFKQLF]Q\GRNXPHQWDFMD
± SáDVNRZQLN]üZLF]HQLD
± QDU] G]LDSRPLDURZHQDU] G]LDWUDVHUVNLH
± SU]HFLQDN
± SLOQLNLSáDVNLRNU Já\
± VSU] WGRZ\NRQ\ZDQLDRWZRUyZZLHUWáRLRUD]ZLHUWDUND
± Z\FLQDNF]WHURNUDZ G]LRZ\
± SRJá ELDF]VWR NRZ\
± OLWHUDWXUD]UR]G]LDáX
ûZLF]HQLH
:\NRQDMXFKZ\WU\QQRZ\]SáDVNRZQLND[PPGRU\QQ\SyáRNU JáHMR]DGDQ\FK
Z\PLDUDFKZHGáXJ]DOHFH QDXF]\FLHOD
8ZDJD ]DSODQXM L Z\ZLHUü RWZRU\ QD SU]\PRFRZDQLH Z VyZ ] EODFK\ :\NRQDV] WR
ZQDVW SQ\PüZLF]HQLX
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
]RUJDQL]RZDüVWDQRZLVNRSUDF\
]DSODQRZDüSU]HELHJZ\NRQDQLDüZLF]HQLD±SODQ]DSLVDüZ]HV]\FLH
SU]HVWU]HJDü]DVDGEH]SLHF]H VWZDLKLJLHQ\SUDF\
]DSR]QDüVL ]DOHFHQLDPLQDXF]\FLHOD
REOLF]\üGáXJR üSRWU]HEQHJRSáDVNRZQLNDQDSRGVWDZLHZ\PLDUyZU\QQ\
Z\NRQDüV]NLFQDSRGVWDZLHZ\QLNyZREOLF]H
GREUDüRGSRZLHGQLHQDU] G]LDGRZ\PLHQLRQ\FKRSHUDFML
XFL üSáDVNRZQLNQDRGSRZLHGQL GáXJR üZHGáXJV]NLFX
VW SLüRVWUHNUDZ G]LHLZ\NRQDüID]NL
WUDVRZDü QD SáDVNRZQLNX PLHMVFD ZLHUFHQLD RWZRUyZ QD UXE\ PRFXM FH XFKZ\W GR
RNDSXLSU]\PRFRZDQLHZ VyZ]EODFK\
VSUDZG]Lü]JRGQR üZ\PLDUyZ]U\VXQNLHP
SXQNWRZDü URGNLRWZRUyZ
ZLHUFLüRWZRU\]JRGQLH]HV]NLFHPSRZVWDá\PSRREOLF]HQLDFK
VW SLüRVWUHNUDZ G]LHLZ\NRQDüID]NL
JL üXFKZ\W]JRGQLH]XVWDORQ\PLZ\PLDUDPL
X]DVDGQLüVSRVyELNROHMQR üZ\NRQDQLDRSHUDFML
X]DVDGQLüGREyUQDU] G]L
VSRU] G]LüZ]HV]\FLHQRWDWN ]SU]HSURZDG]RQHJRüZLF]HQLD
VIRUPXáRZDüZQLRVNL]UHDOL]DFMLüZLF]HQLD
]DSUH]HQWRZDüHIHNW\VZRMHMSUDF\
GRNRQDüVDPRRFHQ\SUDF\
XSRU] GNRZDüVWDQRZLVNRSUDF\
:\SRVD HQLHVWDQRZLVNDSUDF\
± U\VXQHNWHFKQLF]Q\GRNXPHQWDFMD
± QDU] G]LDSRPLDURZHQDU] G]LDWUDVHUVNLH
± QDU] G]LDGRFL FLDSáDVNRZQLND
± SLOQLNZLHUWDUNDLNRPSOHWZLHUWHá
± SRJá ELDF]VWR NRZ\
± ]PLRWNDOXES G]HOGRXVXZDQLDZLyUyZ
± SU]\U] GGRJL FLDXFKZ\WyZU\QQRZ\FKV]DEORQRNV]WDáFLHXFKZ\WXGRJL FLD
U F]QHJR
± OLWHUDWXUD]UR]G]LDáX
ûZLF]HQLH
3Rá F] QLWDPL EODV]DQH Z V\ GR XFKZ\WX ZHGáXJ U\VXQNX GRVWDUF]RQHJR SU]H]
QDXF]\FLHOD
8ZDJD:\NRU]\VWDMSáDVNRZQLNLEODV]DQHZ V\SU]\JRWRZDQHZSRSU]HGQLFKüZLF]HQLDFK
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
]RUJDQL]RZDüVWDQRZLVNRSUDF\
]DSODQRZDüSU]HELHJZ\NRQDQLDüZLF]HQLD±SODQ]DSLVDüZ]HV]\FLH
SU]HVWU]HJDü]DVDGEH]SLHF]H VWZDLKLJLHQ\SUDF\
]DSR]QDüVL ]U\VXQNLHP
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
]DSODQRZDüVSRVyEQLWRZDQLD
GREUDüRGSRZLHGQLHQDU] G]LDGRZ\PLHQLRQ\FKRSHUDFML
GREUDüLSU]\JRWRZDüPDWHULDá\SRPRFQLF]H
UR]áR \üPDWHULDá\QDVWROHLSRVHJUHJRZDüMH]JRGQLH]LFKSU]H]QDF]HQLHP
SU]\JRWRZDüQDU] G]LDGRWUDVRZDQLDSU]HELMDQLDRWZRUyZLQLWRZDQLD
WUDVRZDüSRáR HQLHRWZRUyZQDEODV]NDFK
Z\NRQDüZEODV]NDFKRWZRU\QDQLW\PHWRG SU]HELMDQLD
SU]\QLWRZDüZ V\GRSáDVNRZQLND
X]DVDGQLüVSRVyELNROHMQR üZ\NRQDQLDRSHUDFML
VSRU] G]LüZ]HV]\FLHQRWDWN ]SU]HSURZDG]RQHJRüZLF]HQLD
VIRUPXáRZDüZQLRVNL]UHDOL]DFMLüZLF]HQLD
]DSUH]HQWRZDüHIHNW\VZRMHMSUDF\
GRNRQDüVDPRRFHQ\SUDF\
XSRU] GNRZDüVWDQRZLVNRSUDF\
:\SRVD HQLHVWDQRZLVNDSUDF\
± U\VXQHNWHFKQLF]Q\GRNXPHQWDFMD
± XFKZ\WU\QQRZ\LZ V\]SRSU]HGQLFKüZLF]H
± QDU] G]LDSRPLDURZH
± QDU] G]LDWUDVHUVNLH
± SU]HELMDNLPáRWHN
± QLW\
± QDU] G]LDGRQLWRZDQLD
± OLWHUDWXUD
6SUDZG]LDQSRVW SyZ
7DN 1LH
&]\SRWUDILV]
SURVWRZDüSU]HGPLRW\"
JL üSU W\LSáDVNRZQLNL"
UR]SR]QDüZLHUFHQLHLSRZLHUFDQLH"
RNUH OLüZMDNLPFHOXVWRVXMHVL SRJá ELDQLHRWZRUX"
RSLVDüQDF]\PSROHJDJZLQWRZDQLH"
NDOLEURZDüJZLQW"
SXQNWRZDü URGNLSU]HGZLHUFHQLHPRWZRUyZ"
]DPRFRZDüEU]HV]F]RWZUDPFHSLáNLGRFL FLD"
FL üSLáN U F]Q PDWHULDá\PHWDORZH"
SRVáXJLZDüVL SU]HFLQDNLHP"
GREUDüSLOQLNGRURG]DMXREUyENL"
]DPRFRZDüLZ\PRQWRZDüZLHUWáR"
ZLHUFLüSRVáXJXM FVL ZLHUWDUN "
GREUDüZLHUWáRGRZLHUFHQLDZEHWRQLH"
Z\NRQ\ZDüID]NLOXEZJá ELHQLDSU]\X \FLXSRJá ELDF]\"
QDFLQDüJZLQW\ZRWZRUDFK"
QDFLQDüJZLQWQDGUXWDFKLSU WDFK"
X \ZDüVSUDZG]LDQyZJU]HELHQLRZ\FK"
UR]SR]QDüSRá F]HQLDUR]á F]QH"
UR]SR]QDüJZLQWSUDZ\"
UR]SR]QDüURG]DMHZNU WyZ"
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
UR]SR]QDüURG]DMHNRáNyZUR]SRURZ\FK"
UR]SR]QDüURG]DMHQLWyZ"
Z\NRQDüSRá F]HQLH UXERZH"
Z\NRQDüSRá F]HQLHZNU WDPL"
UR]SR]QDüSRá F]HQLDQLHUR]á F]QH"
Z\NRQDüSRá F]HQLHQLWRZHSRSU]H]]DNXZDQLH"
Z\NRQDüSRá F]HQLHQLWDPL]U\ZDOQ\PL"
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
=DVDG\ EH]SLHF]H VWZD L KLJLHQ\ SUDF\ SU]\ URERWDFK
FLHVLHOVNLFK
0DWHULDáQDXF]DQLD
%H]SLHF]H VWZRLKLJLHQDSUDF\SRGF]DVNRQVHUZDFMLGUHZQD
3RGF]DV SUDF ]ZL ]DQ\FK ] ]DEH]SLHF]DQLHP GUHZQD QDOH \ SU]HVWU]HJDü QDVW SXM F\FK
]DVDG
±
X \ZDüRG]LH RFKURQQ
±
P\üU FHSR]DNR F]HQLXSUDF\
±
QLHSDOLüSDSLHURVyZ]HZ]JO GXQDQLHEH]SLHF]H VWZR]DSDOHQLDVL LPSUHJQDWXDWDN H
SU]HGRVWDQLDVL WRNV\F]QHJRSUHSDUDWXGRXVW
±
QLHVSR \ZDüSRVLáNyZQDVWDQRZLVNXSUDF\
±
ND GRUD]RZRSU]HGUR]SRF] FLHPSUDF\QDWU]HüGáRQLHRUD]RGNU\WHPLHMVFDVNyU\WáXVW
PD FL
±
SU]HSURZDG]Dü LPSUHJQDFM QD RWZDUWHM SU]HVWU]HQL OXE Z SRPLHV]F]HQLX ] GREU
ZHQW\ODFM
±
QLHGRSXV]F]DüGRVND HQLDLPSUHJQDWHPJUXQWXVWXGQLOXEZyGRWZDUW\FK
5RERW\]ZL ]DQH]LPSUHJQDFM OXERGJU]\ELDQLHPGUHZQDPRJ Z\NRQ\ZDü
SUDFRZQLF\SU]HV]NROHQLZ]DNUHVLHVWRVRZDQLDW\FK URGNyZFKHPLF]Q\FK
3UDFRZQLF\ Z\NRQXM F\ SUDFH LPSUHJQDF\MQH SRZLQQL E\ü Z\SRVD HQL Z XEUDQLD
RFKURQQHU NDZLFHLPDVNL
3U]HG VNLHURZDQLHP GR SUDF LPSUHJQDF\MQ\FK SUDFRZQLF\ SRZLQQL E\ü ]EDGDQL SU]H]
OHNDU]D]HV]F]HJyOQ\P]ZUyFHQLHPXZDJLQDFKRURE\VNyU\LSáXF
=DWUXGQLRQ\FKSU]\LPSUHJQDFMLRERZL ]XMHRNUHVRZDNRQWURODOHNDUVND
6]F]RWNL L S G]OH SU]H]QDF]RQH GR SRZOHNDQLD GUHZQD LPSUHJQDWHP SRZLQQ\ PLHü
]DVWRVRZDQ RNU Já WDUF] QDVXQL W QDWU]RQHNNWyUD]DSRELHJDVSá\ZDQLXLPSUHJQDWXQD
U FHSUDFXM FHJR
'UHZQRLPSUHJQRZDQHPR HE\üX \WHGRZEXGRZDQLDSRFDáNRZLW\PZ\VFKQL FLX
%H]SLHF]H VWZRLKLJLHQDSUDF\SRGF]DVREUyENLGUHZQD
1DU] G]LD GR U F]QHM REUyENL GUHZQD QLH PRJ E\ü ]QLHNV]WDáFRQH ]DUG]HZLDáH
LQLHQDRVWU]RQH :\PDJDM RQH NRQVHUZDFML L XWU]\PDQLD Z QDOH \W\P SRU] GNX 'OD
]DEH]SLHF]HQLDPáRWNyZVLHNLHUWRSRUyZSU]HG]VXQL FLHPVL ]HVW\OLVNDZELMDVL ZF]RáR
VW\OLVNDNOLQ\VWDORZH
1DOH \GEDüRWRDE\WD P\SLáQLHPLDá\NU]\ZL]QLZNO VáR FL= E\SLáSRZLQQ\PLHü
UyZQ Z\VRNR üMHGQDNRZ\NV]WDáWLMHGQDNRZHUR]ZDUFLH%U]HV]F]RWSRZLQLHQE\üGREU]H
SRá F]RQ\]RSUDZ SLá\
6WUXJSRZLQLHQPLHüUyZQ LJáDGN SRZLHU]FKQL SRGVWDZ\RUD]RVWU\Qy
:LHUWáD ZLGU\GáXWDSRZLQQ\E\üF]\VWHLRVWUH1LHQDOH \X \ZDüGáXWDQLZNU WDNyZ
]SRS NDQ\PLXFKZ\WDPLOXEZ\SDGDM F\FK]XFKZ\WyZ
1DU] G]LDU F]QHOXEPHFKDQLF]QHQLHZROQRNáD üDQLU]XFDüQD]LHPL
1LHZROQRSLáRZDüGáXWRZDüOXEFL üPDWHULDáXSRNU\WHJR]DSUDZ EHWRQHPF]\EáRWHP
1DOH \WDN HXVXQ ü]GUHZQDJZR G]LH
.D G\ HOHPHQW SU]H]QDF]RQ\ GR REUyENL SRZLQQR VL SU]HG MHM UR]SRF] FLHP
XQLHUXFKRPLü
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
2EUDELDUNL GR GUHZQD SRZLQQ\ PLHü RGG]LHOQH XU] G]HQLD GR Zá F]DQLD Z\á F]DQLD
QDW\FKPLDVWRZHJR ]DWU]\PDQLD 8U] G]HQLD WH QDOH \ VSUDZG]Dü L ]DEH]SLHF]Dü SU]HG
SU]\SDGNRZ\PZá F]HQLHP
.D G\SUDFRZQLNREVáXJXM F\REUDELDUN SRZLQLHQE\üSU]HV]NRORQ\Z]DNUHVLHREVáXJL
PDV]\QLSU]HSLVyZEKS
3U]HG XUXFKRPLHQLHP REUDELDUNL QDOH \ VSUDZG]Lü SUDZLGáRZR ü G]LDáDQLD F] FL
UXFKRP\FKVWDQSU]HZRGyZLZ\á F]QLNyZ
:REUDELDUNDFKQDOH \NRQVHUZRZDüX]LHPLHQLHNRUSXVXLXU] G]H HOHNWU\F]Q\FKRUD]
XU] G]HQLDRFKURQQH
: SLODUNDFK QDOH \ GEDü R SUDZLGáRZH XVWDZLHQLH NDSWXUyZ RFKURQQ\FK L NOLQyZ
UR]V]F]HSLDM F\FKZVWUXJDUNDFK±RVáRQZDáyZQR RZ\FKZHIUH]DUNDFKLGáXWDUNDFKRUD]
ZLHUWDUNDFK±RVáRQHOHPHQWyZVNUDZDM F\FK
=DVDG\ EH]SLHF]H VWZD L KLJLHQ\ SUDF\ SRGF]DV WUDQVSRUWX U F]QHJR PDWHULDáyZ
GU]HZQ\FK
'RURVá\P F]\]QDPR HG ZLJDüLSU]HQRVLüHOHPHQW\RPDVLHGRNJQDRGOHJáR ü
POXEQDZ\VRNR üGRP
: UD]LH NRQLHF]QR FL WHFKQLF]QHM ]H]ZDOD VL QD GRUD QH SU]HQRV]HQLH HOHPHQWyZ
RPDVLHNJQDRGOHJáR üGRP
3U]HQRV]RQHSU]H]MHGQHJRSUDFRZQLNDGáXJLHSU]HGPLRW\MDNGHVNLEDOHVWHPSOHLWS
QLHPRJ PLHüPDV\ZL NV]HMQL NJLE\üGáX V]HQL P
7UDQVSRUW ]HVSRáRZ\ HOHPHQWyZ R PDVLH NJ Z\PDJD GRERUX SUDFRZQLNyZ SR
Z]JO GHPVLá\LZ]URVWXRUD]]DRSDWU]HQLDLFKZVSU] WSRPRFQLF]\3U]HQRV]HQLHGáX \F\
MHVWáDWZLHMV]HSU]\]DVWRVRZDQLXG ZLJDF]\WMZ\JL W\FKSU WyZVWDORZ\FK]DRSDWU]RQ\FK
ZGUHZQLDQHXFKZ\W\8 \ZDQLHGU JyZSURVW\FKMHVWQLHZVND]DQH
5\V3U]HQRV]HQLHGáX \F\SU]\SRPRF\G ZLJDF]\>V@
3UDFRZQLNyZ SU]HQRV] F\FK SU]HGPLRW\ R NUDZ G]LDFK RVWU\FK OXE G ZLJDM F\FK
FL DU\QDUDPLRQDFKQDOH \]DRSDWU]\üZU NDZLFHLQDUDPLHQQLNLRFKURQQH
3LRQRZHSRGDZDQLHGHVHNSU]H]SUDFRZQLNyZ]QDMGXM F\FKVL QDUy Q\FKSR]LRPDFK
MHGHQQDGGUXJLPMHVWQLHGRSXV]F]DOQH
3U]HSLV\EKSSRGF]DVZ\NRQ\ZDQLDGDFKyZ
.RQVWUXNFMHGDFKRZHSRZLQQ\E\üZ\NRQ\ZDQH]JRGQLH]U\VXQNDPLURERF]\PL7DNLH
]PLDQ\ MDN ]ZL NV]DQLH UR]VWDZX HOHPHQWyZ NRQVWUXNF\MQ\FK GDFKX ]PQLHMV]DQLH
SU]HNURMyZGáXJR FLRSDUFLDEHOHNPRJ VSRZRGRZDü]QLV]F]HQLHGDFKX
3U]HG SRGQRV]HQLHP G ZLJDUyZ GDFKRZ\FK QDOH \ ]DVWRVRZDü Z]PRFQLHQLD SRGDQH
ZSURMHNFLH
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
=DF]HSLDQLH KDND EH]SR UHGQLR ]D SDV JyUQ\ OXE LQQ F] ü G ZLJDUD OXE ZL ]DUD MHVW
QLHGRSXV]F]DOQH
' ZLJDU\ GDFKRZH SRGF]DV XVWDZLDQLD QDOH \ QDW\FKPLDVW PRFRZDü SDVDPL
XV]W\ZQLDM F\PL]GHVHN
1LH QDOH \ ]PLHQLDü NROHMQR FL PRQWD X HOHPHQWyZ XVWDORQHM Z SURMHNFLH RUJDQL]DFML
UREyW
0DJD]\QRZDQLH PDWHULDáyZ QD SRPRVWDFK URERF]\FK QLH PR H SU]HNUDF]Dü
GRSXV]F]DOQHJR REFL HQLD SRPRVWX 6SRVyE XNáDGDQLD PDWHULDáyZ L MHJR LOR ü RNUH OD
NLHURZQLFWZRUREyW
3U]\SUDFDFKQDZ\VRNR FLURERWQLF\SRZLQQLPLHüNDVNLLV]HONLEH]SLHF]H VWZD
3RGF]DVSUDF\QDSRZLHU]FKQLGDFKXQDFK\ORQHMSRGN WHP!
R
VWRVRZDQLHV]HOHNMHVW
RERZL ]NRZH:UD]LHNRQLHF]QR FLSRUXV]DQLDVL QDRGOHJáR FLZL NV]HMQL GáXJR üOLQNL
QDOH \ Z]GáX VWDQRZLVND URERF]HJR ]DPRFRZDü Z VSRVyE WUZDá\ OLQ JáyZQ /LQND
EH]SLHF]H VWZD QLH SRZLQQD E\ü GáX V]D QL P -H OL ]DVWRVRZDQLH V]HOHN
EH]SLHF]H VWZD MHVW QLHPR OLZH RERZL ]XMH ]DVWRVRZDQLH VLDWHN RFKURQQ\FK UR]áR RQ\FK
SRQL HMVWDQRZLVNSUDFXM F\FKFLH OL
3RPRVW\URERF]HZ]QLHVLRQHSRZ\ HMPSRQDGWHUHQHPQDOH \RWRF]\üEDULHUNDPL
QD Z\VRNR FL P L P 3RPRVW\ SRZLQQ\ PLHü RGERMQLFH Z\VRNR FL FP SRQDG
SR]LRPSRPRVWX3RPRVW\SRZLQQ\E\üXWU]\PDQHZF]\VWR FLEH]JUX]X QLHJXORGX1LH
QDOH \QDQLFKVNáDGRZDüPDWHULDáyZ1DSRPRVWDFKQLHZROQRU EDü]DFLRVyZOXEVWUXJDü
HOHPHQWyZ]Z\M WNLHPGRSDVRZDQLDSRá F]H
:SREOL XRVyESUDFXM F\FKQDZ\VRNR FLQLHPRJ SU]HELHJDüSU]HZRG\HOHNWU\F]QH
3UDFH]GUDELQSU]\VWDZQ\FKPRJ E\üZ\NRQ\ZDQHW\ONRGRZ\VRNR FLP
1LHGRSXV]F]DOQHMHVWQRV]HQLHSU]H]FLH OLZNLHV]HQLDFKJZR G]LLRVWU\FKQDU] G]L
1DU] G]LD FLHVLHOVNLH WDNLH MDN PáRWNL VLHNLHU\ GáXWD RUD] JZR G]LH QDOH \ SU]HQRVLü
ZVNU]\QNDFKGUHZQLDQ\FK
.RQVWUXNFMHFLHVLHOVNLHQDZ\VRNR FLPRJ PRQWRZDüMHG\QLHFLH OH]RGSRZLHGQLP
]H]ZROHQLHPOHNDUVNLP
.D G\SUDFRZQLNSRZLQLHQE\üSU]HV]NRORQ\Z]DNUHVLHXG]LHODQLDSLHUZV]HMSRPRF\
3\WDQLDVSUDZG]DM FH
2GSRZLDGDM FQDS\WDQLDVSUDZG]LV]F]\MHVWH SU]\JRWRZDQ\GRZ\NRQDQLDüZLF]HQLD
.LHG\SUDFRZQLNPR HE\ü]DWUXGQLRQ\GRUREyWLPSUHJQDF\MQ\FK"
-DNLH]DVDG\EKSRERZL ]XM SUDFRZQLNyZ]DWUXGQLRQ\FKSU]\LPSUHJQDFMLGUHZQD"
-DNLHZDUXQNLPXV] VSHáQLDüQDU] G]LDU F]QHGRREUyENLGUHZQD"
.LHG\SUDFRZQLNPR HREVáXJLZDüREUDELDUN GRGUHZQD"
&RPXVLVSUDZG]LüSUDFRZQLNSU]HGZá F]HQLHPHOHNWURQDU] G]L"
-DNLHXU] G]HQLDRFKURQQHPXV] SRVLDGDüSLODUNLWDUF]RZH"
2MDNLHMPDVLHFL DU\PR HSU]HQRVLüSHáQROHWQLSUDFRZQLN"
=MDNLHJRVSU] WXRFKURQ\RVRELVWHMPXVLNRU]\VWDüSUDFRZQLNSU]HQRV] F\QDUDPLRQDFK
FL DU\RRVWU\FKNUDZ G]LDFK"
&]\ PR QD SRGDZDü GHVNL SU]H] SUDFRZQLNyZ ]QDMGXM F\FK VL Z MHGQ\P SLRQLH QD
Uy Q\FKSR]LRPDFK"
2 MDNLHM PDVLH L GáXJR FL PRJ E\ü SU]HQRV]RQH EDOH L VWHPSOH SU]H] MHGQHJR
SUDFRZQLND"
1DF]\PSROHJD]HVSRáRZHSU]HQRV]HQLHGáX \F\"
:MDNLVSRVyESRZLQQLE\ü]DEH]SLHF]HQLSUDFRZQLF\Z\NRQXM F\SUDFHQDZ\VRNR FL"
-DNLFKF]\QQR FLQLHZROQRZ\NRQ\ZDüQDSRPRVWDFKURERF]\FK"
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
:MDNLVSRVyESRZLQQ\E\ü]DEH]SLHF]RQHSRPRVW\URERF]HZ]QLHVLRQHSRZ\ HMP
QDGWHUHQHP"
&]\FLH OHPRJ Z\NRQ\ZDüSUDFH]GUDELQSU]\VWDZQ\FK"
:MDNLVSRVyEFLH ODSRZLQLHQSU]HQRVLüQDU] G]LDU F]QHLá F]QLNLGRGUHZQD"
.LHG\FLH ODMHVWXSUDZQLRQ\GRSUDF\QDZ\VRNR FL"
ûZLF]HQLD
ûZLF]HQLH
6SR UyG QDU] G]L VSU] WX SRPRFQLF]HJR á F]QLNyZ Z\ELHU] WH NWyUH SU]HQLHVLHV]
ZVNU]\QFH GUHZQLDQHM FLHVLHOVNLHM QD GDFK EXG\QNX Z FHOX Z\NRQDQLD GUREQ\FK QDSUDZ
HOHPHQWyZNRQVWUXNFML
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
]RUJDQL]RZDüVWDQRZLVNRSUDF\
]DSODQRZDüSU]HELHJZ\NRQDQLDüZLF]HQLD±SODQ]DSLVDüZ]HV]\FLH
SU]HVWU]HJDü]DVDGEH]SLHF]H VWZDLKLJLHQ\SUDF\
SU]\JRWRZDüVNU]\QN QDU] G]LRZ
SU]HDQDOL]RZDü SU]HZLG\ZDQH ]DSRWU]HERZDQLH QD QDU] G]LD á F]QLNL L LQQH HOHPHQW\
SRPRFQLF]H
Z\SRVD \üVNU]\QN QDU] G]LRZ
VSRU] G]LüZ]HV]\FLHQRWDWN ]SU]HSURZDG]RQHJRüZLF]HQLDLRSLVDü
GREyUZ\SRVD HQLDVNU]\QNL
SU]H]QDF]HQLH]DPLHV]F]RQ\FKZVNU]\QFHHOHPHQWyZ
ZDUXQNLEKSMDNLHPXV] VSHáQLDüQDU] G]LDU F]QHVWRVRZDQHZURERWDFKFLHVLHOVNLFK
SRPRFQLF]\FK
VIRUPXáRZDüZQLRVNL]UHDOL]DFMLüZLF]HQLD
]DSUH]HQWRZDüHIHNW\VZRMHMSUDF\
GRNRQDüVDPRRFHQ\SUDF\
XSRU] GNRZDüVWDQRZLVNRSUDF\
:\SRVD HQLHVWDQRZLVNDSUDF\
−
VWyáZDUV]WDWRZ\
−
VNU]\QNLQDU] G]LRZHFLHVLHOVNLH
−
PáRWNLVLHNLHU\WRSRU\SLá\GáXWNDVWUXJL
−
á F]QLNLGRGUHZQD
−
RáyZNLFLHVLHOVNLHPLDUNL
−
OLWHUDWXUD
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
6SUDZG]LDQSRVW SyZ
7DN 1LH
&]\SRWUDILV]
RNUH OLüNLHG\SUDFRZQLNPR HE\ü]DWUXGQLRQ\GRUREyW
LPSUHJQDF\MQ\FK"
ZVND]Dü]DVDG\EKSRERZL ]XM FHSUDFRZQLNyZ]DWUXGQLRQ\FK
SU]\LPSUHJQDFMLGUHZQD"
RNUH OLüMDNLHZDUXQNLPXV] VSHáQLDüQDU] G]LDU F]QH
GRREUyENLGUHZQD"
RNUH OLüNLHG\SUDFRZQLNPR HREVáXJLZDüREUDELDUN
G RG UHZQD"
RNUH OLüFRPXVLVSUDZG]LüSUDFRZQLNSU]HGZá F]HQLHP
HOHNWURQDU] G ]L"
RNUH OLüMDNLHXU] G]HQLDRFKURQQHPXV] SRVLDGDü
SLODUNLWDUF]RZH"
RNUH OLüRMDNLHMPDVLHFL DU\PR HSU]HQRVLüSHáQROHWQL
SUDFRZQLN"
RNUH OLü]MDNLHJRVSU] WXRFKURQ\RVRELVWHMPXVLNRU]\VWDü
SUDFRZQLNSU]HQRV] F\QDUDPLRQDFKFL DU\RRVWU\FKNUDZ G]LDFK"
RNUH OLüPDV LGáXJR FLEDOLLVWHPSOLSU]HQRV]RQ\FKSU]H]
MHGQHJRSUDFRZQLND"
ZVND]DüQDF]\PSROHJD]HVSRáRZHSU]HQRV]HQLHGáX \F\"
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
3URVWHURERW\FLHVLHOVNLHZURERWDFKSU]\JRWRZDZF]\FK
LUHPRQWRZ\FK
2EUyENDGUHZQD
0DWHULDáQDXF]DQLD
:\NRQ\ZDQLHSURVW\FKUREyWFLHVLHOVNLFK
5RERW\FLHVLHOVNLHQDEXGRZDFKPDM ]Z\NOHFKDUDNWHUXVáXJRZ\ZVWRVXQNXGRLQQ\FK
URG]DMyZ UREyW W]Q FLH OD Z\NRQXMH HOHPHQW\ SRPRFQLF]H WDNLH MDN UXV]WRZDQLD
GHVNRZDQLDLWS
-HGQDN SRGF]DV Z]QRV]HQLD OXE SU]HSURZDG]DQLD UHPRQWyZ EXG\QNyZ GUHZQLDQ\FK
FLH OD Z\NRQXMH URERW\ ]DVDGQLF]H WR ]QDF]\ FLDQ\ VWURS\ GDFK\ L LQQH SRGVWDZRZH
HOHPHQW\]GUHZQD5RERW\FLHVLHOVNLHQLH]DOH QLHRGWHJRF]\PDM FKDUDNWHUXVáXJRZ\F]\
ZLRG F\ SROHJDM QD SU]\JRWRZDQLX HOHPHQWyZ GUHZQLDQ\FK L LFK ZEXGRZDQLX (OHPHQW\
SU]\JRWRZXMHVL ]DUyZQR]GUHZQDRNU JáHJRMDNL]WDUFLF\SU]HZD QLHREU]\QDQHM
2EUyENDGUHZQDVNáDGDVL ]QDVW SXM F\FKF]\QQR FL
SRG]LHOHQLHPDWHULDáyZZHGáXJZ\PLDUyZHOHPHQWyZ
WUDVRZDQLHHOHPHQWyZ
QDGDQLH HOHPHQWRP GUHZQLDQ\P GDQ\FK NV]WDáWyZ L Z\PLDUyZ SRSU]H] SLáRZDQLH
VWUXJDQLHGáXWRZDQLHZLHUFHQLH
SU]\JRWRZDQLH]á F]\HOHPHQWyZQS]DFLRVyZ
Z\NRQDQLH]á F]\
HZHQWXDOQHZ\UyZQDQLHSRZLHU]FKQLHOHPHQWyZOXELPSUHJQRZDQLH
6SRVyEREUyENLGUHZQDLMHMSUDFRFKáRQQR ü]DOH RG
VWUXNWXU\GUHZQD
WUZDáR FLGUHZQD
ZLOJRWQR FLGUHZQD
,PGUHZQRMHVWWZDUGV]HW\PWUXGQLHMV]DMHVWMHJRREUyEND:SRZV]HFKQ\PVWRVRZDQLX
MHVW GUHZQR LJODVWH NWyUH MHVW PL NNLH D SU]\ W\P FKDUDNWHU\]XMH VL GREU\PL FHFKDPL
WHFKQLF]Q\PL
:áD FLZR FL WHFKQLF]QH GUHZQD V Uy QH Z]GáX L Z SRSU]HN ZáyNLHQ FR Z\PDJD
]Uy QLFRZDQLD REUyENL L GRERUX URG]DMX QDU] G]L ,VWRWQ\ ZSá\Z QD áDWZR ü REUyENL PD
ZLOJRWQR ü GUHZQD 1LHNRU]\VWQD MHVW ]DUyZQR ]E\W GX D ZLOJRWQR ü MDN L SU]HVXV]HQLH
GUHZQD1DMOHSLHMSRGGDMHVL REUyEFHGUHZQRZVWDQLHSRZLHWU]QR±VXFK\PRZLOJRWQR FL
GR
:V]HONLH]PLDQ\ZLOJRWQR FLGUHZQDSRZRGXM MHJRNXUF]HQLHVL OXES F]QLHQLHDZUD]
]HZ]URVWHPZLOJRWQR FLPDOHMHMHJRZ\WU]\PDáR ü
6XV]HQLHGUHZQDVáX \XVWDELOL]RZDQLXMHJRZ\PLDUyZ
:NRQVWUXNFMDFKFLHVLHOVNLFKZLOJRWQR üGUHZQDPDZSá\ZQDZ\WU]\PDáR üSRá F]H
6NXUF]SRGF]DVZ\V\FKDQLDPR HXV]NRG]LüOXE]QLV]F]\üSRá F]HQLDGUHZQLDQHRUD]VWZDU]D
QLHEH]SLHF]H VWZRRVáDELHQLDOXE]QLV]F]HQLDFDáHMNRQVWUXNFML
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
6XV]HQLHGUHZQD
'UHZQR PR QD VXV]\ü Z VSRVyE QDWXUDOQ\ OXE V]WXF]Q\ 6XV]HQLH QDWXUDOQH ]ZDQH
VH]RQRZDQLHPRGE\ZDVL QDZROQ\PSRZLHWU]X7DUFLF XNáDGDVL ZV]WDSOHSU]HNáDGDM F
SRV]F]HJyOQH MHM ZDUVWZ\ OLVWZDPL R JUXER FL RG GR PP 2NU JODNL XNáDGD VL
NU]\ XM F\PLZDUVWZDPL6]WDSOHGUHZQDQDOH \SU]\NU\üGDV]NDPLRFKURQQ\PL
5\V6XV]HQLHGUHZQDDRNU JáHJREWDUFLF\>V@
&]DV VXV]HQLD JDWXQNyZ LJODVW\FK Z\QRVL PLHVL F\ QD FP JUXER FL VXV]RQHJR
PDWHULDáXJDWXQNyZOL FLDVW\FKURNQDFPJUXER FLPDWHULDáX
6]WXF]QH VXV]HQLH GUHZQD WUZD ]QDF]QLH NUyFHM 1DMF] FLHM VWRVRZDQH MHVW VXV]HQLH
NRQZHNF\MQH±SRZLHWU]HP:VXV]DUQLDFKZHQW\ODWRU\SRZRGXM UXFKSRZLHWU]DDVSHFMDOQH
XU] G]HQLDUHJXOXM MHJRZLOJRWQR üLWHPSHUDWXU
7UZDáR üGUHZQD]DOH \RGMHJRURG]DMX URGRZLVNDRUD]VSRVREX]DEH]SLHF]HQLDSU]HG
NRUR]M ELRORJLF]Q 'R F]\QQLNyZ ELRORJLF]Q\FK ]DOLF]D VL G]LDáDQLH JU]\EyZ RZDGyZ
L EDNWHULL =D V]F]HJyOQLH VSU]\MDM FH ZDUXQNL UR]ZRMRZL JU]\ED XZD D VL ZLOJRWQR ü
SRZLHWU]GRZLOJRWQR üGUHZQDRGGRLWHPSHUDWXU RGGR
&
:FHOX]ZL NV]HQLDWUZDáR FLGUHZQDVWRVXMHVL LPSUHJQDFM URGNDPLJU]\EREyMF]\PL
LRZDGREyMF]\PL
,PSUHJQDFM HOHPHQWyZ GUHZQLDQ\FK Z\NRQXMH VL SU]H] QDV\FDQLH SRZLHU]FKQLRZH
QDQRV]HQLH LPSUHJQDWX S G]OHP QDWU\VNLZDQLH PHFKDQLF]QH ]DQXU]HQLH OXE ZWáDF]DQLH
LPSUHJQDWXSRGFL QLHQLHPQDV\FDQLHJá ERNLH
,PSUHJQDW\GRGUHZQDG]LHO VL QDGZLHJUXS\
URGNLVROQHQS6ROX[5)XJRVLO,QWH[6
URGNLROHLVWHQS$QWR[3RNRVWHO6
: EXGRZQLFWZLH ZROQR VWRVRZDü Z\á F]QLH LPSUHJQDW\ PDM FH ZLDGHFWZR
GRSXV]F]HQLD GR VWRVRZDQLD Z\GDQH SU]H] ,QVW\WXW 7HFKQLNL %XGRZODQHM L ,QVW\WXW
7HFKQRORJLL'UHZQD
7UDVRZDQLHHOHPHQWyZGUHZQLDQ\FK
.D G\ HOHPHQW NRQVWUXNFML GUHZQLDQHM SRZLQLHQ E\ü GRNáDGQLH Z\WUDVRZDQ\ ]JRGQLH
]U\VXQNDPLSURMHNWXWHFKQLF]QR±URERF]HJR
7UDVRZDQLHSROHJDQDQDU\VRZDQLXHOHPHQWXZVNDOLQDPDWHULDOH]NWyUHJRPDRQ
E\ü Z\NRQDQ\ : Z\QLNX WUDVRZDQLD SRZVWDMH HOHPHQW Z]RUFRZ\ WDN ]ZDQ\ Z]RUQLN
ZHGáXJNWyUHJRZ\FLQDVL HOHPHQW\SRZWDU]DM FHVL
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
3U]\U] G\GRWUDVRZDQLD
3U]\U] G\ VWRVRZDQH GR WUDVRZDQLD SR]QDáH Z UR]G]LDOH 3RUDGQLND GOD XF]QLD
RSUDFRZDQHJR GR MHGQRVWNL PRGXáRZHM 'RELHUDQLH QDU] G]L VSU] WX L PDV]\Q GR UREyW
GHNDUVNLFK
3RGF]DVWUDVRZDQLDHOHPHQWyZFLHVLHOVNLFKX \ZDVL WDNLFKSU]\U] GyZMDN
RáyZNLVWRODUVNLH
VNáDGDQHPLDUNLGUHZQLDQHOXEVWDORZHLPLDUNL]ZLMDQH
VWDORZHWD P\PLHUQLF]H
OLQLDá\GUHZQLDQHOXEPHWDORZH]SRG]LDáN
F\UNOHWUDVHUVNLH
N WRZQLNL
PDFNL
Z\]QDF]QLNLFLHVLHOVNLH
SR]LRPQLFH
=DSRPRF N WRZQLNyZZ\]QDF]DVL ]DFLRV\F]RS\JQLD]GDLLQQHHOHPHQW\]á F]\
/LQLH QDFK\ORQH GR NUDZ G]L HOHPHQWX SRG N WHP SURVW\P Z\]QDF]D VL ]D SRPRF
N WRZQLNDSURVWHJRDQDFK\ORQHSRGLQQ\PLN WDPL]DSRPRF N WRZQLNDQDVWDZQHJR
3R]LRPQLFH VáX GR SR]LRPRZDQLD L SLRQRZDQLD HOHPHQWyZ 0DFNDPL Z\NRQXMH VL
SRPLDU\ UHGQLFRWZRUyZJUXER FLZDáNyZGUHZQLDQ\FK
5\V3R]LRPQLFDDSLRQRZDQLHESR]LRPRZDQLH>V@
5\V0DFNLDSRPLDU UHGQLF\ZDáNDESRPLDU UHGQLF\RWZRUX>V@
:\]QDF]QLNLFLHVLHOVNLHV VWRVRZDQHGRRGF]\W\ZDQLDGáXJR FLHOHPHQWyZSRFK\á\FK
2EUDFDM FHVL UDPL Z\]QDF]QLNDXVWDZLDVL SRGN WHPSRGDQ\PZSURMHNFLHGUXJLHUDPL
SU]HVXZD QD RGSRZLHGQL GáXJR ü L RGF]\WXMH QD UDPLHQLX REURWRZ\P GáXJR ü HOHPHQWX
SRFK\áHJR
5\V:\]QDF]QLNFLHVLHOVNL>V@
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
5 F]Q REUyEN GUHZQD VWRVXMH VL QD PDá\FK EXGRZDFK RUD] SU]\ SDVRZDQLX
HOHPHQWyZZF]DVLHLFKZEXGRZ\ZDQLD(OHPHQW\GUHZQLDQHSU]H]QDF]RQHQDGX HEXGRZ\
SU]\JRWRZXMHVL ZFLHVLHOQLDFKZ\SRVD RQ\FKZVSU] WPHFKDQLF]Q\
2EUyENDVLHNLHU LWRSRUHP
1DU] G]LDWHVWRVXMHVL SU]HGHZV]\VWNLPGRGUHZQDRNU JáHJR7RSyUMHVWFL V]\RG
VLHNLHU\ L ZL NV]\ 6áX \ RQ JáyZQLH GR Z\UyZQ\ZDQLD SRZLHU]FKQL GUHZQD
QSRFLRV\ZDQLDRNU JODNyZ=WHJRZ]JO GXWRSyU]MHGQHMVWURQ\MHVWSáDVNLSRGF]DVJG\
SU]HNUyMSRSU]HF]Q\VLHNLHU\MHVWV\PHWU\F]Q\
6LHNLHUD VáX \ GR ]DRVWU]DQLD NR FyZ RNU JODNyZ áXSDQLD V]HURNLFK OXE JUXE\FK
HOHPHQWyZ GR ZELMDQLD L Z\FL JDQLD JZR G]L ]D SRPRF VSHFMDOQHJR Z\FL FLD
XPLHV]F]DQHJRQDREXFKX
5\V7RSyUDZLGRN]ERNXEZLGRN]SU]RGX>V@
5\V6LHNLHUDDZLGRN]ERNXEZLGRN]SU]RGX>V@
3LáRZDQLH
'RSLáRZDQLDU F]QHJRVáX QDU] G]LD]ZDQHSLáDPL
:]DOH QR FLRGNLHUXQNXFL FLDZVWRVXQNXGRSU]HELHJXZáyNLHQGUHZQDX \ZDVL SLá
Uy QL F\FKVL NV]WDáWHP] EyZ
WUyMN WQHSRFK\áHGRSLáRZDQLDZ]GáX ZáyNLHQ
WUyMN WQHV\PHWU\F]QHGRSLáRZDQLDZSRSU]HNZáyNLHQ
WUyMN WQHSURVWHGRSLáRZDQLDZ]GáX LZSRSU]HNZáyNLHQ
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
5\V8] ELHQLHSLáDGRSLáRZDQLDSRGáX QHJREGRSLáRZDQLDSRSU]HF]QHJRFGRSLáRZDQLDPLHV]DQHJR
>V@
.D GDSLáDVNáDGDVL ]X] ELRQHMWD P\VWDORZHM]ZDQHMEU]HV]F]RWHPRUD]RSUDZ\
3Lá\ SRSU]HF]QH ± PDM OLQL JU]ELHWX SURVW D OLQL X] ELHQLD áXNRZ 3RVLDGDM GáXJL
EU]HV]F]RWLGZDXFKZ\W\3Lá REVáXJXM GZLHRVRE\3Lá SRSU]HF]Q SU]HFLQDVL GUHZQR
SRGN WHPSURVW\PLRVWU\PGRELHJXZáyNLHQ
5\V3LáDSRSU]HF]QD>V@
3LáD UDPRZD ± QDOH \ GR SLá QDSU DQ\FK 6NáDGD VL ] EU]HV]F]RWX RUD] GUHZQLDQHM
UDP\ : UDPLH SLá\ PR QD ]DPRFRZDü EU]HV]F]RW V]HURNL GR SLáRZDQLD SRGáX QHJR OXE
Z VNLGRSLáRZDQLDNU]\ZROLQLRZHJR3RGF]DVSLáRZDQLDSRSU]HF]QHJRSLá UDPRZ WU]\PD
VL SU]HZD QLH]DUDP MHGQ U N GUXJ SRGWU]\PXM FPDWHULDá
5\V3LáDUDPRZDEU]HV]F]RWUDPL UR]SyUNDSU DNV]QXUQDSLQDM F\>V@
3Lá\ SáDWQLFH ± X \ZD VL GR SLáRZDQLD PQLHMV]\FK HOHPHQWyZ L QDGFLQDQLD GUHZQD
SRGF]DVZ\NRQ\ZDQLD]á F]\
5\V3áDWQLFD>V@
3LáDJU]ELHWQLFD±VáX \GRSUHF\]\MQHJRSLáRZDQLDOXEQDFLQDQLDPDá\FKHOHPHQWyZ-HM
JU]ELHWMHVWZ]PRFQLRQ\SáDVNRZQLNLHP
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
5\V*U]ELHWQLFD>V@
3LáD RWZRUQLFD ± VáX \ GR Z\U]\QDQLD ]DU\VyZ NU]\ZROLQLRZ\FK RWZRUyZ L SLáRZDQLD
GUHZQDZPLHMVFDFKWUXGQRGRVW SQ\FK
5\V2WZRUQLFD>V@
'R Z\NRQ\ZDQLD FL ü XNR Q\FK SRG N WHP
R
GR RVL HOHPHQWX X \ZD VL VNU]\QNL
XFLRVRZHM
5\V6NU]\QNDXFLRVRZD>V@
.RQVHUZDFMD SLá SROHJD QD LFK RVWU]HQLX 3Lá\ RVWU]\ VL SLOQLNLHP WUyMN WQ\P SR
]DPRFRZDQLX EU]HV]F]RWX Z LPDGOH OXE Z ]DFLVNX VWUXJQLF\ VWRODUVNLHM $E\ EU]HV]F]RW
ZF]DVLHFL FLDQLH]DFLVNDáVL ZU]D]LHV]F]HOLQLHZ\FLQDQHMZGUHZQLH] E\SLá\RGJLQD
VL ZRELHVWURQ\RG
GR
LFKZ\VRNR FL7 F]\QQR üQD]\ZDP\UR]ZLHUDQLHP] EyZ
SLá\
5\V5R]ZLHUDQLH] EyZSLá\>V@
3LáRZDQLHPHFKDQLF]QH
'RPHFKDQLF]QHJRSLáRZDQLDGUHZQDQDMF] FLHMVWRVXMHVL SLODUNLWDUF]RZHSU]HVWDZQH
±XVWDZLDQHQDVWROHSLODUNLWDUF]RZHU F]QHWD PyZNLU F]QHRUD]SLá\áD FXFKRZH1DS G
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
SLODUHN PHFKDQLF]Q\FK MHVW HOHNWU\F]Q\ : SLODUNDFK WDUF]RZ\FK HOHPHQWHP WQ F\P MHVW
WDUF]DRNU JáD]QDFL W\PLQDREZRG]LH] EDPL8] ELHQLHWDUF]MHVWGRVWRVRZDQHGRURG]DMX
FL FLD$E\]DSHZQLüEH]SLHF]Q SUDF SLá ]DPRFRZDQ QDVWROHQDGWDUF] XPLHV]F]DVL
NDSWXURFKURQQ\D]DWDUF] NOLQUR]V]F]HSLDM F\3RGF]DVREUyENLNUyWNLFKHOHPHQWyZQDOH \
VWRVRZDüSU]HVXZDGáRNWyU\PSRS\FKDVL PDWHULDáZVWURQ WDUF]\SLá\
5\V7DUF]yZNDSU]HQR QD>V@
: SLODUNDFK U F]Q\FK WDUF]D ]DEH]SLHF]RQD MHVW RG JyU\ RVáRQ QLHUXFKRP D RG G RáX
UXFKRP RGVXZDQ QDF]DVFL FLD3URZDG]HQLHSLODUNLU F]QHMSRGUHZQLHXPR OLZLDM VDQNL
7DUF]yZND U F]QD VWRVRZDQD MHVW GR FL FLD Z]GáX QHJR SRSU]HF]QHJR XNR QHJR GR
Z\NRQ\ZDQLDQDFL üZSXVWyZSU]\OJLWG
5\V5 F]QDSLáDWDUF]RZD>V@
7D PyZNL U F]QH VWRVXMH VL GR Z\FLQDQLD ]DU\VyZ NU]\ZROLQLRZ\FK L HOHPHQWyZ
]á F]\1DU] G]LHPWQ F\PMHVWX] ELRQDWD PD]DPNQL WDUR]SL WDQDNRáDFKQDS GRZ\P
LSURZDG] F\P
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
5\V5 F]QDSLáDWD PRZD>V@
6WUXJDQLH
&HOHPWHMF]\QQR FLMHVWZ\UyZQ\ZDQLHSRZLHU]FKQLGUHZQD
'R VWUXJDQLD U F]QHJR VáX VWUXJL 1DMSLHUZ FLQD VL QLHUyZQR FL SR]RVWDáH SR
SLáRZDQLX ]D SRPRF ]G]LHUDND R QR X ] RVWU]HP ]DRNU JORQ\P D QDVW SQLH UyZQD
SRZLHU]FKQL HOHPHQWXUyZQLDNLHPRQR XSURVW\P
5\V6WUXJLD]G]LHUDNEQy ]G]LHUDNDFQy UyZQLDND>V@
'áXWRZDQLH
&]\QQR ü WD VWRVRZDQD MHVW GR Z\NRQ\ZDQLD Z GUHZQLH JQLD]G ZU EyZ EUX]G L
LQQ\FK HOHPHQWyZ ]á F]\ 'áXWD U F]QH VNáDGDM VL ] QR \ L XFKZ\WyZ 'áXWD SRELMD VL
SRELMDNLHPGUHZQLDQ\P
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
5\V'áXWDDSáDVNLHEJU]ELHWDNFG]LXEDNGJQLD]GRZH>V@
'RPHFKDQLF]QHJRZ\ELHUDQLDJQLD]GVáX GáXWRZQLFH(OHPHQWHPWQ F\PMHVWZQLFK
áD FXFK]DPNQL W\
)UH]RZDQLH
&]\QQR ü WD VWRVRZDQD MHVW GR Z\NRQ\ZDQLD ZU EyZ ZSXVWyZ Z\SXVWyZ GR
SURILORZDQLD NUDZ G]L L ERNyZ HOHPHQWyZ (OHPHQWHP VNUDZDM F\P IUH]DUHN V IUH]\
RVDG]RQHQDZU]HFLRQDFK
:LHUFHQLH
'R ZLHUFHQLD RWZRUyZ Z GUHZQLH VáX ZLHUWDUNL U F]QH R QDS G]LH HOHNWU\F]Q\P
3RZLQQRVL GRELHUDüRGSRZLHGQLHZLHUWáDGRZLHUFHQLDZ]GáX LZSRSU]HNZáyNLHQ:LHUWáD
PDM Uy Q\N W]DRVWU]HQLD
5\V:LHUFHQLHDSRSU]HF]QHEZ]GáX QH>V@
3\WDQLDVSUDZG]DM FH
2GSRZLDGDM FQDS\WDQLDVSUDZG]LV]F]\MHVWH SU]\JRWRZDQ\GRZ\NRQDQLDüZLF]HQLD
=MDNLFKF]\QQR FLVNáDGDVL REUyENDGUHZQD"
2GF]HJR]DOH \VSRVyELSUDFRFKáRQQR üREUyENLU F]QHMGUHZQD"
-DNLHV VSRVRE\VXV]HQLDGUHZQD"
1DF]\PSROHJDVXV]HQLHQDWXUDOQHGHVHNLRNU JODNyZ"
-DNLHVNXWNLSRZRGXM ]PLDQ\ZLOJRWQR FLGUHZQD"
-DN ZLOJRWQR üSRVLDGDGUHZQRSRZLHWU]QR±VXFKH"
-DNLMHVWRULHQWDF\MQ\F]DVVH]RQRZDQLDGUHZQDLJODVWHJR"
1DF]\PSROHJDV]WXF]QHVXV]HQLHGUHZQD"
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
-DNLHF]\QQLNLSRZRGXM NRUR]M ELRORJLF]Q GUHZQD"
-DNLHZDUXQNLV]F]HJyOQLHVSU]\MDM UR]ZRMRZLJU]\EyZ"
-DNLPLVSRVREDPLZ\NRQXMHVL LPSUHJQDFM GUHZQD"
-DNLHSUHSDUDW\PR QDVWRVRZDüGRLPSUHJQDFMLGUHZQD"
-DNLHSU]\U] G\VWRVXMHFLH ODSRGF]DVWUDVRZDQLDHOHPHQWyZ"
1DF]\PSROHJDWUDVRZDQLHHOHPHQWyZ"
:MDNLPFHOXZ\NRQXMHVL WUDVRZDQLHZ]RUQLNyZ"
-DNLHV Uy QLFHPL G]\WRSRUHPDVLHNLHU "
-DNLHF]\QQR FLURERF]HFLH ODZ\NRQXMHVLHNLHU "
-DNLNV]WDáW] EyZSLá\VáX \GRSU]HFLQDQLDGUHZQDZSRSU]HNZáyNLHQ"
-DNLHURG]DMHSLáU F]Q\FKVWRVRZDQHV ZURERWDFKFLHVLHOVNLFK"
-DNLHMHVW]DVWRVRZDQLHSLá\SáDWQLF\"
-DNDMHVWUy QLFDZEXGRZLHSLá\SRSU]HF]QHMLSLá\UDPRZHM"
1DF]\PSROHJDNRQVHUZDFMDSLá"
-DNLHURG]DMHSLODUHNPHFKDQLF]Q\FKZ\NRU]\VWXM FLH OH"
-DNLHF]\QQR FLURERF]HZ\NRQXMHVL SU]\SRPRF\VNU]\QNLXFLRVRZHM"
'RMDNLFKSUDFZ\NRU]\VWXMHVL VWUXJL"
ûZLF]HQLD
ûZLF]HQLH
:\NRQDMVNU]\QN XFLRVRZ L]DVWRVXMM GRSU]HFLQDQLDGHVNLOLVWZ\SRGN WHP
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
]RUJDQL]RZDüVWDQRZLVNRSUDF\
]DSODQRZDüSU]HELHJZ\NRQDQLDüZLF]HQLD±SODQ]DSLVDüZ]HV]\FLH
SU]HVWU]HJDü]DVDGEH]SLHF]H VWZDLKLJLHQ\SUDF\
]DVWRVRZDüXEUDQLHURERF]H
SU]\JRWRZDüPDWHULDá\
SU]\JRWRZDüQDU] G]LD
GREUDüLSU]\JRWRZDüPDWHULDá\SRPRFQLF]H
Z\NRQDüüZLF]HQLH±]DGDQLH
VSRU] G]LüZ]HV]\FLHQRWDWN ]SU]HSURZDG]RQHJRüZLF]HQLD
VIRUPXáRZDüZQLRVNL]UHDOL]DFMLüZLF]HQLD
]DSUH]HQWRZDüHIHNW\VZRMHMSUDF\
GRNRQDüVDPRRFHQ\SUDF\
XSRU] GNRZDüVWDQRZLVNRSUDF\
:\SRVD HQLHVWDQRZLVNDSUDF\
−
VWyáZDUV]WDWRZ\
−
GHVNL
−
JZR G]LH
−
PáRWHN
−
SLá\
−
HNLHUNLN WRPLHU]OLQLMNDRáyZHNFLHVLHOVNL
−
OLWHUDWXUD
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
6SUDZG]LDQSRVW SyZ
7DN 1LH
&]\SRWUDILV]
RNUH OLü]MDNLFKF]\QQR FLVNáDGDVL REUyENDGUHZQD"
RNUH OLüRGF]HJR]DOH \VSRVyELSUDFRFKáRQQR üREUyENL
U F]QHMG UHZQD"
RNUH OLüMDNLHV VSRVRE\VXV]HQLDGUHZQD"
RNUH OLüQDF]\PSROHJDVXV]HQLHQDWXUDOQHGHVHNLRNU JODNyZ"
RNUH OLüMDNLHVNXWNLSRZRGXM ]PLDQ\ZLOJRWQR FLGUHZQD"
RNUH OLüMDN ZLOJRWQR üSRVLDGDGUHZQRSRZLHWU]QR±VXFKH"
RNUH OLüRULHQWDF\MQ\F]DVVH]RQRZDQLDGUHZQDLJODVWHJR"
VFKDUDNWHU\]RZDüV]WXF]QHVXV]HQLHGUHZQD"
RNUH OLüMDNLHF]\QQLNLSRZRGXM NRUR]M ELRORJLF]Q GUHZQD"
RNUH OLüMDNLHZDUXQNLV]F]HJyOQLHVSU]\MDM UR]ZRMRZLJU]\EyZ"
RNUH OLüMDNLPLVSRVREDPLZ\NRQXMHVL LPSUHJQDFM GUHZQD"
RNUH OLüMDNLHSUHSDUDW\PR QDVWRVRZDüGRLPSUHJQDFMLGUHZQD"
RNUH OLüMDNLHSU]\U] G\VWRVXMHFLH ODSRGF]DVWUDVRZDQLD
HOHPHQWyZ"
ZVND]DüQDF]\PSROHJDWUDVRZDQLHHOHPHQWyZ"
ZVND]DüFHOWUDVRZDQLDZ]RUQLNyZ"
ZVND]DüUy QLFHPL G]\WRSRUHPDVLHNLHU "
RNUH OLüMDNLHF]\QQR FLURERF]HFLH ODZ\NRQXMHVLHNLHU "
RNUH OLüMDNLNV]WDáW] EyZSLá\VáX \GRSU]HFLQDQLDGUHZQD
ZSRSU]HNZáyNLHQ"
RNUH OLüMDNLHURG]DMHSLáU F]Q\FKVWRVRZDQHV ZURERWDFK
FLHVLHOVNLFK"
RNUH OLüMDNLHMHVW]DVWRVRZDQLHSLá\SáDWQLF\"
ZVND]DüUy QLFHZEXGRZLHSLá\SRSU]HF]QHMLSLá\UDPRZHM"
ZVND]DüQDF]\PSROHJDNRQVHUZDFMDSLá"
RNUH OLüMDNLHURG]DMHSLODUHNPHFKDQLF]Q\FKZ\NRU]\VWXM FLH OH"
RNUH OLüMDNLHMHVWSU]H]QDF]HQLHSLá\áD FXFKRZHM"
RNUH OLüMDNLHF]\QQR FLURERF]HZ\NRQXMHVL SU]\SRPRF\
VNU]\QNLXFLRVRZHM"
RNUH OLüGRMDNLFKSUDFZ\NRU]\VWXMHVL VWUXJL"
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
3Rá F]HQLDFLHVLHOVNLH
0DWHULDáQDXF]DQLD
=á F]DHOHPHQWyZGUHZQLDQ\FKG]LHOLP\QDEH]á F]QLNRZHá F]QLNRZHLNOHMRQH
: SRá F]HQLDFK EH]á F]QLNRZ\FK G]L NL ]DFLRVRP FLHVLHOVNLP QDVW SXMH Z]DMHPQH
]D] ELHQLHVL á F]RQ\FKHOHPHQWyZ
: ]á F]DFK á F]QLNRZ\FK HOHPHQW\ á F]\ VL ]D SRPRF Uy QHJR URG]DMX á F]QLNyZ MDN
JZR G]LH UXE\SLHU FLHQLHSá\WNLNROF]DVWHVNRZ\
:SRá F]HQLDFKNOHMRQ\FKHOHPHQWHPá F] F\PMHVWNOHM
3Rá F]HQLDEH]á F]QLNRZHG]LHO VL QD
]ZL NV]DM FHZ\PLDU\HOHPHQWyZ
•
SU]HGáX DM FHHOHPHQW\SR]LRPH
•
SU]HGáX DM FHHOHPHQW\SLRQRZH
•
]ZL NV]DM FHV]HURNR üHOHPHQWyZ
•
SRZL NV]DM FHZ\VRNR üHOHPHQWyZ
á F] FHUy QHHOHPHQW\NRQVWUXNFML
•
]á F]DSRGGRZROQ\PN WHPHOHPHQWyZOH F\FKZSáDV]F]\ QLHSR]LRPHM
•
]á F]DSRGN WHPSURVW\PHOHPHQWyZOH F\FKZSáDV]F]\ QLHSLRQRZHM
•
]á F]DSRGN WHPRVWU\PHOHPHQWyZOH F\FKZSáDV]F]\ QLHSLRQRZHM
•
]á F]DHOHPHQWyZOH F\FKZGZyFKSáDV]F]\]QDFK
3Rá F]HQLDEH]á F]QLNRZH
3Rá F]HQLD EH]á F]QLNRZH ]ZL NV]DM FH Z\PLDU\ HOHPHQWyZ 3U]HGáX DQLH HOHPHQWyZ
SR]LRP\FK Z\NRQXMH VL VWRVXM F VW\NL QDNáDGNL ]DPNL 6W\NyZ X \ZDP\ GR á F]HQLD
HOHPHQWyZQLHSUDFXM F\FKQDUR]FL JDQLH
5\V6W\NLDSURVW\Z]PRFQLRQ\NODPU EXNR Q\Z]PRFQLRQ\NODPU FZ]PRFQLRQ\L FL JQL W\
UXEDPL>V@
.ODPU\ Z]PDFQLDM ]á F]D :\NRQXMH VL MH ]H VWDOL ]EURMHQLRZHM UHGQLF\ PP GR
PPLGáXJR FLFPGRFP'áXJR üUDPLHQLDNODPU\SRZLQQDZ\QRVLüGR UHGQLF
SU WDDGáXJR üRVWU]DGZLH UHGQLFHSU WD
1DNáDGNLZFHOX]DEH]SLHF]HQLDSU]HGUR]VXQL FLHPZ]PDFQLDVL NRáNDPLGUHZQLDQ\PL
OXE UXEDPL
5\V1DNáDGNLDSURVWDEXNR QD>V@
=DPNLV SRá F]HQLDPLZ\WU]\PDá\PLQDUR]FL JDQLH
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
5\V=DPNLDSURVW\ENOLQRZ\FXNR Q\GáXENRZ\
±áXENL± UXE\±NOLQ\>V@
3U]HGáX DQLHHOHPHQWyZSLRQRZ\FKZ\NRQXMHVL VWRVXM FVW\NL]ZLGáRZDQLHQDNáDGNL
5\V=á F]DHOHPHQWyZSLRQRZ\FKDQDVW\NEQD]ZLGáRZDQLHFQDQDNáDGN GQDVZRU]H
± UXE\±VZRU]H ±RSDVND±áXENL>V@
=ZL NV]DQLHV]HURNR FLHOHPHQWyZZ\NRQXMHVL VWRVXM FVW\NLSyáZSXVWZSXVWLSLyUR
ZáDVQHSLyURREFH
5\V=á F]H]ZL NV]DM FHV]HURNR üHOHPHQWXDQDSyáZSXVWEQDZSXVWLSLyURZáDVQHFQDSLyURREFH
>V@
=ZL NV]DQLHZ\VRNR FLHOHPHQWXRWU]\PXMHVL SU]H]á F]HQLHQD UXE\RUD]QDG\EOH
L UXE\ '\EOH Z\NRQXMH VL ] WZDUGHJR GUHZQD :FKRG] RQH Z Z\FL FLD Z EHONDFK
LSRZRGXM LFK]D] ELHQLH
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
5\V=ZL NV]DQLHZ\VRNR FLEHOHNDSU]H]]H UXERZDQLHESU]H]G\EORZDQLH
± UXE\±G\EOH>V@
3Rá F]HQLDEH]á F]QLNRZHá F] FHUy QHHOHPHQW\NRQVWUXNFML
=á F]D SRG N WHP HOHPHQWyZ OH F\FK Z SáDV]F]\ QLH SR]LRPHM Z\NRQXMH VL QD
QDNáDGNLL]DPNL
5\V=á F]DHOHPHQWyZNU]\ XM F\FKVL ZSáDV]F]\ QLHSR]LRPHMDEQDQDNáDGN FQDZU E
MHGQRVWURQQ\GQDZU EZ]DMHPQ\SURVW\HNU]\ RZ\I]á F]HEH]RVWDWNyZQDQDNáDGN SURVW J]á F]HQD
]DPHN]RVWDWNDPLK]á F]HQD]DPHNIUDQFXVNL>V@
=á F]DSRGN WHPSURVW\PHOHPHQWyZOH F\FKZSáDV]F]\ QLHSLRQRZHMZ\NRQXMHVL
QDF]RS\
5\V=á F]HQDF]RS\D]Z\Ná\EFRIQL W\>V@
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
=á F]D SRG N WHP RVWU\P HOHPHQWyZ OH F\FK Z SáDV]F]\ QLH SLRQRZHM Z\NRQXMH VL
SU]H]]DFLRV\ZÄMDVNyáF]\RJRQ´QD]ZLGáRZDQLH
5\V=á F]DQD]DFLRV\DSHáQ\ESURVW\]F]RSHPFSRGZyMQ\GZÄMDVNyáF]\RJRQ´
HQD]ZLGáRZDQLH>V@
=á F]DHOHPHQWyZOH F\FKZGZyFKSáDV]F]\]QDFKZ\NRQXMHVL QDZU E\
5\V=á F]DQDZU E\DSHáQ\EGZXVWURQQ\FNUDZ G]LRZR±F]RáRZ\]] EHP>V@
3Rá F]HQLDá F]QLNRZH]á F]DQDJZR G]LH
=á F]DQDJZR G]LHV QDMF] FLHMX \ZDQ\PVSRVREHPá F]HQLDHOHPHQWyZ
3Rá F]HQLDQDJZR G]LHFKDUDNWHU\]XMHVWRVXQNRZRPDáDZ\WU]\PDáR üQLHZLHONLNRV]W
V]\ENR ü L áDWZR ü Z\NRQDQLD RUD] áDWZR ü UR]ELyUNL *ZR G]LH UR]V]F]HSLDM ZáyNQD
GUHZQDRVáDELDM FPDWHULDáàDWZRWH UG]HZLHM
'R SRá F]H HOHPHQWyZ NRQVWUXNFML GUHZQLDQ\FK VWRVXMH VL JZR G]LH R SU]HNURMX
RNU Já\PLJáyZFHSáDVNLHM
:\PLDU\JZR G]LGRELHUDVL Z]DOH QR FLRGJUXER FLá F]RQ\FKHOHPHQWyZ
UHGQLFD JZR G]LD SRZLQQD Z\QRVLü
G R
JUXER FL FLH V]HJR ] á F]RQ\FK
HOHPHQWyZ
'R GUHZQD ZLOJRWQHJR Z\ELHUD VL JZR G]LH JUXEV]H D GR GUHZQD VXFKHJR JZR G]LH
FLH V]H
*G\HOHPHQWFLH V]\SU]\ELMDVL GRJUXEV]HJRGáXJR üJZR G]LDSRZLQQDZ\QRVLü
JUXER FLHOHPHQWXSU]\ELMDQHJRSOXV UHGQLF\JZR G]LDO DG
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
-H HOL HOHPHQW JUXEV]\ SU]\ELMD VL G R FLH V]HJR JZy G SRZLQLHQ E\ü GáX V]\ RG
JUXER FLHOHPHQWyZR UHGQLF JZR G]LDSOXVPPQDVW\NHOHPHQWyZ
*ZR G]LHR UHGQLF\GRPPZELMDVL ZGUHZQRLJODVWHEH]SR UHGQLR3U]\ZELMDQLX
JZR G]LJUXEV]\FKOXEZHOHPHQW\]GUHZQDWZDUGHJRZLHUFLVL QDMSLHUZRWZRU\R UHGQLF\
UHGQLF\JZR G]LD
3Rá F]HQLDá F]QLNRZH]á F]DQDVZRU]QLHVWDORZH
=DPLDVWGDZQLHMVWRVRZDQ\FKNRáNyZGUHZQLDQ\FKVWRVXMHVL REHFQLHVZRU]QLHVWDORZH
]SU WyZR UHGQLF\GRPPNWyUHUR]PLHV]F]DVL Z]á F]XWDNMDNJZR G]LH:FHOX
Z]PRFQLHQLD]á F]DZFRSL W\PRWZRU]HGDMHVL UXE\]SRGNáDGNDPLVWDORZ\PL
:ND G\P]á F]XPXVLE\üFRQDMPQLHMMHGQD UXED
5\V:NáDGNLá F]QLNRZHDSLHU FLH W\SX*HNDESLHU FLH W\SX%LVW\SFSá\WNDNROF]DVWDGSU]HNUyM
]á F]DQDSá\WNLNROF]DVWH>V@
3Rá F]HQLDá F]QLNRZH]á F]DQDVNRZ\
6NRZ\ V WR Z\SURILORZDQH EODFK\ NWyUH PRFXMH VL JZR G]LDPL OXE ZNU WDPL GR
HOHPHQWyZ GUHZQLDQ\FK 6NRZ\ JáDGNLH VáX GR SU]HGáX DQLD HOHPHQWyZ L á F]HQLD
HOHPHQWyZNU]\ XM F\FKVL ZSáDV]F]\ QLHSR]LRPHMLSLRQRZHM
6NRZ\JZR G]LRZHá F] HOHPHQW\SU]H]LFKZFL QL FLHZGUHZQR
5\V6NRZ\DGRá F]HQLDHOHPHQWyZQDGáXJR FLEGRá F]HQLDEHOHNSRGN WHP
FGRá F]HQLDEHONL]HVáXSHPGVNRZDJZR G]LRZDH]á F]HQDVNRZ\JZR G]LRZH>V@
=á F]DQDNOHM
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
:V]\VWNLH á F]QLNL ]PQLHMV]DM SU]HNUyM á F]RQ\FK HOHPHQWyZ 3Rá F]HQLD QD NOHM V
EDUG]RV]W\ZQHLQLH]PQLHMV]DM SU]HNURMXHOHPHQWyZ
.OHMH] \ZLFV\QWHW\F]Q\FKV RGSRUQHQD]DZLOJRFHQLH]DJU]\ELHQLHLLQQHF]\QQLNL
]HZQ WU]QH
.OHMH WH WZDUGQLHM GáXJR Z QRUPDOQHM WHPSHUDWXU]H DOH SRGJU]DQH GR WHPSHUDWXU\
R
&GR
R
&VFKQ RGGRPLQ
.OHMND]HLQRZ\QLHMHVW]DOHFDQ\JG\ MHVWQLHRGSRUQ\QDZLOJRüLV]NRGQLNL'RGDWHN
FHPHQWXSRUWODQG]NLHJRNO5ZVWRVXQNXGRF] FLZDJRZ\FKQDMHGQ F] ü
NOHMXND]HLQRZHJRZSURV]NXQDGDMHPXSHZQ RGSRUQR üQDWHF]\QQLNL
3\WDQLDVSUDZG]DM FH
2GSRZLDGDM FQDS\WDQLDVSUDZG]LV]F]\MHVWH SU]\JRWRZDQ\GRZ\NRQDQLDüZLF]H
-DNLHZ\RGU EQLDP\URG]DMH]á F]\HOHPHQWyZGUHZQLDQ\FK"
-DNLHVWRVXMHVL URG]DMHá F]QLNyZGRGUHZQD"
-DNLHURG]DMHSRá F]H EH]á F]QLNRZ\FKVWRVXMHVL GRSU]HGáX DQLDEHOHN"
'RF]HJRVáX NODPU\FLHVLHOVNLH"
-DNLHURG]DMHSRá F]H ZU ERZ\FKVWRVXMHVL GRSU]HGáX DQLDVáXSyZ"
-DNLHURG]DMHSRá F]H ZU ERZ\FKVWRVXMHVL GR]ZL NV]DQLDV]HURNR FLGHVHN"
-DNLHURG]DMHSRá F]H ZU ERZ\FKVWRVXMHVL GRSRá F]HQLDVáXSD]EHON VWURSRZ "
-DNVNRQVWUXRZDQHMHVW]á F]HZÄMDVNyáF]\RJRQ´"
-DNLHZáD FLZR FLFKDUDNWHU\]XM ]á F]DJZR G]LRZH"
:MDNLVSRVyEREOLF]DVL SRWU]HEQ GáXJR üJZR G]LDGRSU]\ELFLDHOHPHQWXFLH V]HJR
GRJUXEV]HJR"
:MDNLVSRVyEREOLF]DVL SRWU]HEQ GáXJR üJZR G]LDGRSU]\ELFLDHOHPHQWXJUXEV]HJR
GRFLH V]HJR"
.LHG\QDOH \QDZLHUFDüRWZRU\ZGUHZQLHGODZELFLDJZR G]L"
&]\PUy QL VL VZRU]QLHRGNRáNyZGUHZQLDQ\FK"
:MDNLVSRVyEZ]PDFQLDVL ]á F]HQDVZRU]QLH"
:MDNLFKSU]\SDGNDFKVWRVXMHVL VNRZ\"
-DNLHZáD FLZR FLSRVLDGD]á F]HNOHMRQH"
ûZLF]HQLD
ûZLF]HQLH
:\NRQDM]á F]Dá F]QLNRZHSU]\ELMDM FGZRPDJZR G]LDPLSRGN WHPSURVW\P
GHVN FLH V] GRGHVNLJUXEV]HM
GHVN JUXEV] GRGHVNLFLH V]HM
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
]RUJDQL]RZDüVWDQRZLVNRSUDF\
]DSODQRZDüSU]HELHJZ\NRQDQLD]DGDQLD±üZLF]HQLD±SODQ]DSLVDüZ]HV]\FLH
SU]HVWU]HJDü]DVDGEH]SLHF]H VWZDLKLJLHQ\SUDF\
SU]\JRWRZDüPDWHULDá\
SU]\JRWRZDüQDU] G]LD
GRSDVRZDüHOHPHQW\
]D]QDF]\üRáyZNLHPFLHVLHOVNLPSRáR HQLHJZR G]L
Z\NRQDüüZLF]HQLH±]DGDQLH
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
VSRU] G]LüZ]HV]\FLHQRWDWN ]SU]HSURZDG]RQHJRüZLF]HQLDLRSLVDü
•
Z\EyUPDWHULDáyZá F]RQ\FK
•
VSRVyEREOLF]HQLDGáXJR FLL UHGQLF\JZR G]L
VIRUPXáRZDüZQLRVNL]UHDOL]DFMLüZLF]HQLD
]DSUH]HQWRZDüHIHNW\VZRMHMSUDF\LX]DVDGQLü
•
Z\EyUPDWHULDáyZá F]RQ\FK
•
GREyUJZR G]L
•
VSRVyEZ\NRQDQLD]á F]\á F]QLNRZ\FK
GRNRQDüVDPRRFHQ\SUDF\
XSRU] GNRZDüVWDQRZLVNRSUDF\
:\SRVD HQLHVWDQRZLVNDSUDF\
−
VWyáZDUV]WDWRZ\
−
GHVNLUy QHMJUXER FL
−
NRPSOHWJZR G]L
−
PáRWHN
−
RáyZHNFLHVLHOVNL
−
OLWHUDWXUD
ûZLF]HQLH
:\NRQDM SRV]HU]HQLH HOHPHQWyZ SR]LRP\FK ± GHVHN VWRVXM F ]á F]D ZU ERZH 3U]\
SRPRF\JZR G]LSU]\ELMGHVNLGRNUDZ G]LDNyZUR]VWDZLRQ\FKFRFP
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
]RUJDQL]RZDüVWDQRZLVNRSUDF\
]DSODQRZDüSU]HELHJZ\NRQDQLD]DGDQLD±üZLF]HQLD±SODQ]DSLVDüZ]HV]\FLH
SU]HVWU]HJDü]DVDGEH]SLHF]H VWZDLKLJLHQ\SUDF\
SU]\JRWRZDüPDWHULDá\
GHVNLRNUDZ G]LDFKSURILORZDQ\FK
NUDZ G]LDNL
JZR G]LH
SU]\JRWRZDüQDU] G]LD
XáR \üEHONLRUR]VWDZLHFP
GRSDVRZDüGHVNL
]D]QDF]\üRáyZNLHPFLHVLHOVNLPSRáR HQLHJZR G]L
Z\NRQDüüZLF]HQLH±]DGDQLH
VSRU] G]LüZ]HV]\FLHQRWDWN ]SU]HSURZDG]RQHJRüZLF]HQLD
VIRUPXáRZDüZQLRVNL]UHDOL]DFMLüZLF]HQLD
]DSUH]HQWRZDüHIHNW\VZRMHMSUDF\LX]DVDGQLü
Z\EyUPDWHULDáyZá F]RQ\FK
GREyUJZR G]L
VSRVRE\Z\NRQDQLDSRá F]H GHVHN
VSRVRE\SU]\ELMDQLDGHVHNGRNUDZ G]LDNyZ
GRNRQDüVDPRRFHQ\SUDF\
XSRU] GNRZDüVWDQRZLVNRSUDF\
:\SRVD HQLHVWDQRZLVNDSUDF\
VWyáZDUV]WDWRZ\
NUDZ G]LDNL
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
GHVNL]SURILORZDQ\PLNUDZ G]LDPL
NRPSOHWJZR G]L
PáRWHN
RáyZHNFLHVLHOVNL
OLWHUDWXUD
6SUDZG]LDQSRVW SyZ
7DN 1LH
&]\SRWUDILV]
Z\RGU EQLüURG]DMH]á F]\HOHPHQWyZGUHZQLDQ\FK"
Z\RGU EQLüURG]DMHá F]QLNyZGRGUHZQD"
Z\RGU EQLüURG]DMHSRá F]H EH]á F]QLNRZ\FKVWRVRZDQ\FK
GRSU]HGáX DQLDEHOHN"
RNUH OLüSU]H]QDF]HQLHNODPHUFLHVLHOVNLFK"
GREUDüSRá F]HQLDZU ERZHGRSU]HGáX DQLDVáXSyZ
GREUDüSRá F]HQLDZU ERZHGRSRV]HU]DQLDGHVHN"
GREUDü]á F]HZU ERZHGRSRá F]HQLDVáXSD]EHON VWURSRZ "
FKDUDNWHU\]RZDüZáD FLZR FL]á F]\JZR G]LNRZ\FK"
GREUDüGáXJR üJZR G]LGRZ\NRQDQLD]á F]D"
Z\NRQDü]á F]DJZR G ]LRZH"
RNUH ODü]DVWRVRZDQLH]á F]\QDVNRZ\"
FKDUDNWHU\]RZDüZáD FLZR FL]á F]\QDNOHM"
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
'DFK\RNRQVWUXNFMLGUHZQLDQHM
0DWHULDáQDXF]DQLD
'UHZQLDQH NRQVWUXNFMH GDFKRZH ]H Z]JO GX QD Z\PLDU\ L VSRVyE á F]HQLD HOHPHQWyZ
G]LHO VL QDFLHVLHOVNLH±ZL E\GDFKRZHRUD]LQ \QLHUVNLH±G ZLJDU\GHVNRZH
1D NRQVWUXNFMH GDFKRZH VWRVXMH VL GUHZQR VRVQRZH ZLHUNRZH OXE MRGáRZH NODV\ ,,,
L,9RZLOJRWQR FLGR'UHZQRSU]HG]DVWRVRZDQLHPQDOH \]DLPSUHJQRZDü URGNDPL
JU]\EREyMF]\PL
'R NRQVWUXNFML GDFKRZ\FK ]DOLF]D VL GDFK\ NURNZLRZH M WNRZH SáDWZLRZR ±
NOHV]F]RZHLZLHV]DURZH
'DFK\NURNZLRZH
'DFK\ NURNZLRZH VNáDGDM VL ] ZL ]DUyZ WUyMN WQ\FK XWZRU]RQ\FK SU]H] SRá F]HQLH
SDU\NURNZL]EHON VWURSXGUHZQLDQHJRQDGQDMZ\ V] NRQG\JQDFM
5R]VWDZZL ]DUyZZ\QRVLRGGRP
'DFK\NURNZLRZHPR QDVWRVRZDüSU]\UR]SL WR FLEXG\QNXGRP
3RáDFLH GDFKRZH QDFK\ORQH V GR SR]LRPX SRG N WHP
R
GR
R
: GDFKDFK
SRFK\ORQ\FK SRZ\ HM
R
GOD XV]W\ZQLHQLD NRQVWUXNFML VWRVXMH VL ZLDWURZQLFH SU]\ELWH
XNR QLH RG GRáX GR ND GHM NURNZL GZRPD JZR G]LDPL 3U]\ PQLHMV]\P SRFK\OHQLX SRáDFL
NURNZLHV Z\VWDUF]DM FRXV]W\ZQLRQHSU]H]GHVNRZDQLHOXEáDFHQLHVWDQRZL FHSRGNáDGSRG
SRNU\FLHGDFKRZH
-H HOLEHONLVWURSRZHZ\VWDM SR]DNURNZLHSU]\RNDSLHGDFKXSU]\ELMDVL SU]\SXVWQLFH
6 WRNOLQ\NWyUHáDJRG] VSDGHNGDFKX
2EFL HQLD]GDFKXSU]HND]\ZDQHV QD FLDQ\EXG\QNXSU]H]PXUáDW\
5\V'DFKRNRQVWUXNFMLNURNZLRZHM±ZLGRN>V@
6SRVyE á F]HQLD NURNZL Z NDOHQLF\ ]DOH \ RG LFK JUXER FL L PR H E\ü Z\NRQDQ\ QD
]ZLGáRZDQLHQDQDNáDGN QDVW\N
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
5\V3Rá F]HQLHNURNZLQD]ZLGáRZDQLH>V@
5\V3Rá F]HQLHNURNZLQDQDNáDGN >V@
5\V3Rá F]HQLHNURNZLQDVW\ND]QDNáDGNDPLEGRGHVNLNDOHQLFRZHM>V@
3Rá F]HQLHNURNZL]EHON VWURSRZ Z\NRQXMHVL QDZU E
5\Và F]HQLHNURNZL]EHON VWURSRZ QDZU EF]RáRZ\>V@
'DFK\M WNRZH
'DFK\ M WNRZH VWRVXMH VL SU]\ V]HURNR FL EXG\QNX SRQDG P L SU]\ SRFK\OHQLX
SRáDFL
R
GR
R
'DFK\M WNRZHUy QL VL RGNURNZLRZ\FKGRGDWNRZ\PHOHPHQWHP]ZDQ\PM WN - WND
MHVWWREHONDNWyUDG]LHOLNURNLHZQDGZDRGFLQNLZVWRVXQNX
'ROQ\RGFLQHNNURNZLPD]UHJXá\GáXJR üPDJyUQ\GRP
'áXJR üM WNLQLHSU]HNUDF]DQDRJyáP
'DFK\M WNRZHPRJ PLHüM WNL
QLHSRGSDUWH±GRPUR]SL WR FLGDFKX
SRGSDUWHZSRáRZLHLFKGáXJR FL±GRP
SRGSDUWHGZRPDU] GDPLVáXSyZ±GRP
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
D E
5\V'DFKM WNRZ\D]M WN QLHSRGSDUW E]M WN SRGSDUW Z URGNXUR]SL WR FL>V@
: FHOX XV]W\ZQLHQLD NRQVWUXNFML GDFKX M WNRZHJR VWRVXMH VL PLHF]H 3RFK\OHQLH PLHF]\
Z\QRVL]Z\NOH
R
DLFKGáXJR üPGRP
'DFK\SáDWZLRZR±NOHV]F]RZH
D
E
5\V:L ]DUSHáQ\GDFKXSáDWZLRZR±NOHV]F]RZHJRDZLGRN>V@ESU]HNUyM>V@
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
:GDFKDFKSáDWZLRZR±NOHV]F]RZ\FKZL EDGDFKRZDVNáDGDVL ]ZL ]DUyZSHáQ\FK
UR]PLHV]F]RQ\FKFRPGRPLZL ]DUyZSXVW\FK
:L ]DU SHáQ\ VNáDGD VL ] SDU\ NURNZL SDU\ NOHV]F]\ L GZyFK VáXSyZ RUD] EHONL
VWURSRZHMVWURSXGUHZQLDQHJR
*G\VWURSMHVW HOEHWRZ\VáXS\RSLHUDVL QDSRGZDOLQDFK
:L ]DU\SXVWHVNáDGDM VL ]GZyFKNURNZLRSDUW\FKQDSáDWZLVWRSRZHM
.OHV]F]HXV]W\ZQLDM GDFKZNLHUXQNXSRSU]HF]Q\P6 WRGHVNLNWyUHREHMPXM ]REX
VWURQNURNZLHLVáXS\
:NLHUXQNXSRSU]HF]Q\PGDFKXV]W\ZQLDM PLHF]H
5\V:L ]DUSáDWZLRZR±NOHV]F]RZHRSDUW\QDVWURSLH HOEHWRZ\P>V@
2EHFQLHVWRVXMHVL RV]F] GQR FLRZHGDFK\SáDWZLRZR±NOHV]F]RZHZ\NRQ\ZDQH]EDOL
LGHVHN
'DFK\ZLHV]DURZH
'DFK\ ZLHV]DURZH VWRVXMH VL MH OL PL G]\ SRGáX Q\PL FLDQDPL ]HZQ WU]Q\PL QLH PD
SRGSyUDE\RSU]HüVáXS\NRQVWUXNFMLGDFKRZHM
:L ]DU\GDFKyZZLHV]DURZ\FKPRJ E\ü
MHGQRZLHV]DNRZHSU]\UR]SL WR FLPGRP
MHGQRZLHV]DNRZH]NU]\ XOFDPLSU]\UR]SL WR FLPP
GZXZLHV]DNRZHSU]\UR]SL WR FLPGRP
' ZLJDU\GDFKRZHGUHZQLDQH
' ZLJDU\VWDQRZL NRQVWUXNFMHLQ \QLHUVNLH
1DMF] FLHMVWRVXMHVL G ZLJDU\EHONRZHNUDWRZHLNOHMRQH
:V]\VWNLHW\S\G ZLJDUyZZ\NRQXMHVL ]GHVHN
' ZLJDU\EHONRZH
' ZLJDU\EHONRZHVWRVXMHVL SU]\UR]SL WR FLGDFKXPGRP
6NáDGDM VL RQH]SDVDGROQHJRLJyUQHJRSRá F]RQ\FK URGQLNLHP URGQLNZ\NRQXMHVL
]GZyFKZDUVWZNU]\ XM F\FKVL GHVHNQDFK\ORQ\FKSRGN WHP
R
GR
R
'HVNLPDM JUXER üPPGRPPLV]HURNR üFPGRFP
URGQLNMHVWXV]W\ZQLRQ\SRREXVWURQDFKQDNáDGNDPLUR]PLHV]F]RQ\PLFRGRP
URGQLNLG ZLJDUyZEHONRZ\FKPRJ E\üUyZQLH Z\NRQDQH]HVNOHMNLSá\WSD G]LHU]RZ\FK
OXESá\WSLO QLRZ\FKWZDUG\FK
:\NRQXM FGDFKG ZLJDU\EHONRZHUR]VWDZLDVL ZRGOHJáR FLDFKPGRP
1DG ZLJDUDFKRSLHUDVL SáDWZLHLNURNZLH3U]\UR]VWDZLHSáDWZLGRPGHVNRZDQLH
SRGNáDGXSRGSRNU\FLHGDFKRZHSU]\ELMDVL EH]SR UHGQLRGRSáDWZLNURNZLHV ]E\WHF]QH
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
5\V' ZLJDUGUHZQLDQ\EHONRZ\>V@
' ZLJDU\NUDWRZH
' ZLJDU\NUDWRZHVWRVXMHVL SU]\UR]SL WR FLGDFKXPGRP
6NáDGDM VL RQH]SDVDGROQHJRJyUQHJR]HVáXSNyZLNU]\ XOFyZ
5\V' ZLJDUGUHZQLDQ\NUDWRZ\>V@
' ZLJDU\GUHZQLDQHNOHMRQH
' ZLJDU\ NOHMRQH Z\WZDU]D VL ] FLHQNLFK GHVHN VNOHMDQ\FK NOHMDPL ] \ZLF
V\QWHW\F]Q\FKZZ\WZyUQLDFKSUHIDEU\NDWyZGUHZQLDQ\FK
5\V' ZLJDUGUHZQLDQ\NOHMRQ\DMHGQRVSDGRZ\EGZXVSDGRZ\>V@
:\NRQ\ZDQLHZL EGDFKRZ\FK
3U]\Z\NRQ\ZDQLXNRQVWUXNFMLGDFKRZ\FKFLHVLHOVNLFKZ\Uy QLDVL QDVW SXM FHHWDS\
F]\QQR FLZVW SQH±REHMPXM FH
•
]JURPDG]HQLHGUHZQDLá F]QLNyZSRWU]HEQ\FKGRá F]HQLDLPRFRZDQLDHOHPHQWyZ
ZL E\
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
•
Z\]QDF]HQLHHOHPHQWyZZL E\GDFKRZHMWR]QDF]\WUDVRZDQLH
REUyEND HOHPHQWyZ ZL E\ GDFKRZHM REHMPXM FD SU]\FL FLH NUDZ G]LDNyZ L EDOL
]JRGQLH]U\VXQNDPLRUD]Z\NRQDQLH]DFLRVyZZU EyZF]RSyZLWG
PRQWD SUyEQ\ ZL ]DUyZ GDFKRZ\FK RGE\ZD VL RQ QD W\P VDP\P GHVNRZDQLX FR
WUDVRZDQLH FHOHP PRQWD X SUyEQHJR MHVW ]áR HQLH L GRSDVRZDQLH HOHPHQWyZ ZL ]DUD
RUD] LFK R]QDNRZDQLH SR SUyEQ\P PRQWD X ZL ]DU\ UR]ELHUD VL SRV]F]HJyOQH
HOHPHQW\LPSUHJQXMHLSU]\JRWRZXMHGRWUDQVSRUWX
WUDQVSRUW HOHPHQWyZ ZL E\ GDFKRZHM HOHPHQW\ SU]HZR]L VL ] Z\WZyUQL QD SODF
EXGRZ\SRZL ]DQHZSDNLHW\WUDQVSRUWQDPLHMVFHZEXGRZDQLDRGE\ZDVL QDMF] FLHM
]DSRPRF ZLHORNU NyZ
PRQWD ZL E\ GDFKRZHM HOHPHQW\ GDFKX R NRQVWUXNFML SáDWZLRZR ± NOHV]F]RZHM
ZEXGRZXMHVL ZQDVW SXM FHMNROHMQR FL
•
QDPXUQLFHPXUáDW\
•
VáXSNL
•
SáDWZLHJyUQH
•
PLHF]H
•
SáDWZLHGROQH
•
NURNZLHSDUDPL
•
NOHV]F]H
•
GHVNRZDQLHSRV]\FLDOXEáDFHQLH
:L ]DU\GDFKRZHPR QDUyZQLH PRQWRZDüQDVWURSLHZSR]\FMLSR]LRPHMDQDVW SQLHMH
XVWDZLDü
3\WDQLDVSUDZG]DM FH
2GSRZLDGDM FQDS\WDQLDVSUDZG]LV]F]\MHVWH SU]\JRWRZDQ\GRZ\NRQDQLDüZLF]H
-DNLHGUHZQRVWRVXMHVL GRZ\NRQ\ZDQLDGDFKyZGUHZQLDQ\FK"
-DNLHGDFK\]DOLF]DVL GRNRQVWUXNFMLFLHVLHOVNLFK"
.LHG\VWRVXMHVL GDFK\RNRQVWUXNFMLNURNZLRZHM"
-DNLHHOHPHQW\WZRU] ZL E GDFKRZ NURNZLRZ "
-DNLMHVWUR]VWDZZL ]DUyZGDFKRZ\FKNURNZLRZ\FK"
-DNLH]DGDQLHVSHáQLDM ZLDWURZQLFH"
-DNLH]DGDQLHVSHáQLDM SU]\SXVWQLFH"
.LHG\VWRVXMHVL GDFK\M WNRZH"
-DNLH]DGDQLDVSHáQLDM M WNL"
-DNLHHOHPHQW\WZRU] ZL ]DUSHáQ\GDFKXSáDWZLRZR±NOHV]F]RZHJR"
-DNLHHOHPHQW\WZRU] ZL ]DUSXVW\GDFKXSáDWZLRZR±NOHV]F]RZHJR"
-DNLMHVWUR]VWDZZL ]DUyZSHáQ\FK"
-DNLH]DGDQLDVSHáQLDM NOHV]F]H"
-DNLH]DGDQLDVSHáQLDM PLHF]H"
-DNDMHVWUy QLFDPL G]\M WN DNOHV]F]HP"
.LHG\VWRVXMHVL GDFK\ZLHV]DURZH"
-DNLHZ\Uy QLDVL URG]DMHGUHZQLDQ\FKG ZLJDUyZGDFKRZ\FK"
.LHG\VWRVXMHVL G ZLJDU\GDFKRZHEHONRZH"
-DN]EXGRZDQHV G ZLJDU\EHONRZH"
:MDNLHMRGOHJáR FLXVWDZLDVL G ZLJDU\EHONRZH"
-DNLHHOHPHQW\WZRU] GDFKZ\NRQ\ZDQ\]G ZLJDUyZGHVNRZ\FK"
.LHG\QLHVWRVXMHVL NURNZLZGDFKDFK]G ZLJDUyZGHVNRZ\FK"
-DN]EXGRZDQHV G ZLJDU\NUDWRZH"
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
-DNZ\WZDU]DVL G ZLJDU\GUHZQLDQHNOHMRQH"
=MDNLFKHWDSyZVNáDGDVL SURFHVZ\NRQ\ZDQLDZL EGDFKRZ\FK"
:MDNLHMNROHMQR FLPRQWXMHVL HOHPHQW\GDFKXSáDWZLRZR±NOHV]F]RZHJR"
:MDNLVSRVyEXV]W\ZQLDVL XVWDZLDQHG ZLJDU\GDFKRZH"
ûZLF]HQLD
ûZLF]HQLH
:\NRQDM PRGHO IUDJPHQWX NRQVWUXNFML GDFKRZHM ]EXGRZDQHM ] G ZLJDUyZ EHONRZ\FK
R GáXJR FL P L UR]VWDZLRQ\FK FR P 'DFK MHGQRVSDGRZ\ R Z\VRNR FL
ZQDMZ\ V]\PSXQNFLHP
8ZDJD
üZLF]HQLH QDOH \ Z\NRQDü SU]\ ]DVWRVRZDQLX PDWHULDáyZ ]DVW SF]\FK V\PXOXM F\FK
PDWHULDá\U]HF]\ZLVWHX \ZDM F]DPLDVW
G ZLJDUyZ±PRGHOLVNOHMDQ\FKQS]WHNWXU\
NURNZLSáDWZL±OLVWHZHN
GHVHN±PRGHOLZ\FL W\FK]NDUWRQX
OXELQQHPDWHULDá\
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
]RUJDQL]RZDüVWDQRZLVNRSUDF\
]DSODQRZDüSU]HELHJZ\NRQDQLDüZLF]HQLD±SODQ]DSLVDüZ]HV]\FLH
SU]HVWU]HJDü]DVDGEH]SLHF]H VWZDLKLJLHQ\SUDF\
SU]\JRWRZDüPDWHULDá\WHNWXUDOLVWZ\NDUWRQNOHM
XVWDOLüZ\PLDU\PRGHOLG ZLJDUyZZVNDOL
XVWDOLüRGOHJáR üPL G]\G ZLJDUDPLZVNDOL
Z\NRQDüPRGHOHG ZLJDUyZ
XVWDOLüNROHMQR üXNáDGDQLDNRQVWUXNFMLGDFKX
VSRU] G]LüZ]HV]\FLHQRWDWN ]SU]HSURZDG]RQHJRüZLF]HQLDL]DSLVDü
•
VSRVyEREOLF]HQLDZ\PLDUyZPRGHOLZVNDOL
•
VSRVyEREOLF]HQLDRGOHJáR FLPL G]\G ZLJDUDPLZVNDOL
•
NROHMQR üXNáDGDQLDHOHPHQWyZNRQVWUXNFMLGDFKX
•
SU]HELHJZ\NRQDQLDüZLF]HQLD±]DGDQLD
VIRUPXáRZDüZQLRVNL]UHDOL]DFMLüZLF]HQLD
]DSUH]HQWRZDüHIHNW\VZRMHMSUDF\LX]DVDGQLü
•
Z\EyUPDWHULDáyZ
•
NRQVWUXNFM G ZLJDUD
•
Z\EyUVSRVREXZ\NRQDQLDüZLF]HQLD±]DGDQLD
•
NROHMQR üXNáDGDQLDHOHPHQWyZNRQVWUXNFMLGDFKX
GRNRQDüVDPRRFHQ\SUDF\
XSRU] GNRZDüVWDQRZLVNRSUDF\
:\SRVD HQLHVWDQRZLVNDSUDF\
WHNWXUD
NDUWRQ
OLVWZ\
OLQLMND
QR \F]NL
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
NOHM
RáyZHN
SLáNDU F]QD
OLWHUDWXUD
ûZLF]HQLH
=]HVWDZXPRGHOL]á F]\FLHVLHOVNLFKZ\ELHU]WHNWyUHPDM ]DVWRVRZDQLHZNRQVWUXNFML
ZL ]DUDGDFKRZHJRM WNRZHJRM WNDSRGSDUWDGZRPDU] GDPLVáXSyZLVáX GRSRá F]HQLD
HOHPHQWyZNRQVWUXNFMLWDNLFKMDN
VáXSD]EHON VWURSRZ
NURNZLZNDOHQLF\
NURNZL]EHON VWURSRZ
M WNL]NURNZL
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
]RUJDQL]RZDüVWDQRZLVNRSUDF\
]DSODQRZDüSU]HELHJZ\NRQDQLDüZLF]HQLD±SODQ]DSLVDüZ]HV]\FLH
SU]HVWU]HJDü]DVDGEH]SLHF]H VWZDLKLJLHQ\SUDF\
SU]\JRWRZDüPDWHULDá\
•
PRGHOH]á F]\
•
PRGHOZL ]DUDM WNRZHJR
RGV]XNDMQDPRGHOXZL ]DUDZVND]DQHZ]DGDQLX]á F]DZU ERZH
VSRU] G]LüZ]HV]\FLHQRWDWN ]SU]HSURZDG]RQHJRüZLF]HQLDL
•
QDU\VRZDüZL ]DUM WNRZ\L]D]QDF]\üRNU JLHPSRáR HQLHá F]RQ\FKHOHPHQWyZ
•
SU]\SRU] GNRZDüGRá F]RQ\FKHOHPHQWyZRGSRZLHGQLURG]DM]á F]DZU ERZHJR
•
QD]ZDüURG]DMH]á F]\ZU ERZ\FK
VIRUPXáRZDüZQLRVNL]UHDOL]DFMLüZLF]HQLD
]DSUH]HQWRZDüHIHNW\VZRMHMSUDF\L
•
X]DVDGQLü GREyU ]á F]\ ZU ERZ\FK GR á F]HQLD ZVND]DQ\FK HOHPHQWyZ
NRQVWUXNFML
•
QD]ZDüURG]DMH]DVWRVRZDQ\FK]á F]\ZU ERZ\FK
•
ZVND]DüQDPRGHOXZL ]DUDM WNRZHJRSRáR HQLHá F]RQ\FKHOHPHQWyZ
•
GRNRQDüVDPRRFHQ\SUDF\
XSRU] GNRZDüVWDQRZLVNRSUDF\
:\SRVD HQLHVWDQRZLVNDSUDF\
PRGHOZL ]DUDRNRQVWUXNFMLM WNRZHM
PRGHOH]á F]\ZU ERZ\FK
OLWHUDWXUD
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
6SUDZG]LDQSRVW SyZ
7DN 1LH
&]\SRWUDILV]
GREUDüURG]DMGUHZQDGRZ\NRQDQLDGDFKyZ"
UR]Uy QLDüNRQVWUXNFMHGDFKRZHFLHVLHOVNLH"
RNUH OLü]DVWRVRZDQLHGDFKyZNURNZLRZ\FK"
Z\RGU EQLüHOHPHQW\WZRU] FHGDFKNURNZLRZ\"
RNUH OLüSU]H]QDF]HQLHZLDWURZQLFLSU]\SXVWQLF"
Z\RGU EQLüHOHPHQW\WZRU] FHGDFKSáDWZLRZR±NOHV]F]RZ\"
XVWDOLüSU]H]QDF]HQLHM WNLNOHV]F]\PLHF]\"
SRUyZQDüEXGRZ M WHNLNOHV]F]\"
UR]Uy QLDüURG]DMHG ZLJDUyZGDFKRZ\FKGHVNRZ\FK"
Z\RGU EQLDüHOHPHQW\WZRU] FHGDFK]G ZLJDUyZGHVNRZ\FK"
XVWDOLüNROHMQR üPRQWD XHOHPHQWyZGDFKXSáDWZLRZR±NOHV]F]RZHJR"
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
=DVDG\ EH]SLHF]H VWZD L KLJLHQ\ SUDF\ SU]\ URERWDFK
PXUDUVNLFKLW\QNDUVNLFK
0DWHULDáQDXF]DQLD
=DVDG\ EH]SLHF]H VWZD L KLJLHQ\ SUDF\ SU]\ URERWDFK PXUDUVNRW\QNDUVNLFK
]ZL ]DQ\FK]SUDFDPLGHNDUVNLPL
± 3U]\ URERWDFK PXUDUVNLFK L W\QNDUVNLFK SUDFRZQLF\ SRZLQQL E\ü Z\SRVD HQL Z RG]LH
RFKURQQ L URGNLRFKURQ\LQG\ZLGXDOQHMU NDZLFHRNXODU\RFKURQQHPDVNL
± 3RGF]DVSUDF\QDZ\VRNR FLQDOH \VWRVRZDüSDV\EH]SLHF]H VWZD
± 6SU] WLPDWHULDá\QDOH \]DEH]SLHF]\üSU]HGVSDGQL FLHP]GDFKX
± 3U]\ SRUXV]DQLX VL SR GDFKX QDOH \ EH]Z]JO GQLH NRU]\VWDü ] LVWQLHM F\FK XU] G]H
EH]SLHF]H VWZDMDNáDZ\SRU F]HGUDELQ\NODPU\
± -H HOL URERW\ V Z\NRQ\ZDQH QDG SU]HM FLDPL OXE XOLFDPL QDOH \ Z\NRQDü GDV]HN
RFKURQQ\]GHVHNQLHFLH V]\FKQL PPQDZ\VRNR FLRNRáRPQDG]LHPL
± :V]\VWNLHRWZRU\Z FLDQDFKVWURSDFKGDFKDFKSRZLQQ\E\üWUZDOH]DEH]SLHF]RQH
± 8 \ZDQHQDU] G]LDPXV] E\üZGREU\PVWDQLHWHFKQLF]Q\P
± =XZDJLQD U FHG]LDáDQLH]DSUDZ\QDOH \U FHQDWáXV]F]DüNUHPHPRFKURQQ\P
± 5REyWPXUDUVNLFKLW\QNDUVNLFKQLHZROQRZ\NRQ\ZDü]GUDELQSU]\VWDZQ\FK
± *]\PV\ZLH F] FHRGX \P]DVL JXSRZLQQRVL Z\NRQ\ZDüLUHPRQWRZDü]UXV]WRZD
ZLV] F\FK
± -H HOLURERW\Z\NRQ\ZDQHV QDUXV]WRZDQLDFKWRSRZLQQ\E\üRQH]PRQWRZDQH FL OH
ZHGáXJ ZDUXQNyZ WHFKQLF]Q\FK Z\NRQDQLD L RGELRUX D SU]HSLV\ EH]SLHF]H VWZD
LKLJLHQ\SUDF\SRZLQQ\E\üEH]Z]JO GQLHSU]HVWU]HJDQHSRGF]DVPRQWD XHNVSORDWDFML
LGHPRQWD XUXV]WRZD
3\WDQLDVSUDZG]DM FH
2GSRZLDGDM FQDS\WDQLDVSUDZG]LV]F]\MHVWH SU]\JRWRZDQ\GRZ\NRQDQLDüZLF]H
-DNLH URGNLRFKURQ\LQG\ZLGXDOQHMQDOH \VWRVRZDüSU]\Z\NRQ\ZDQLXUREyWPXUDUVNR
W\QNDUVNLFK"
-DNLH ]DVDG\ EH]SLHF]H VWZD QDOH \ VWRVRZDü SU]\ Z\NRQ\ZDQLX UREyW SRPRFQLF]\FK
PXUDUVNRW\QNDUVNLFK"
:MDNLVSRVyESRZLQLHQSUDFRZQLN]DEH]SLHF]DüVNyU SU]HG U F\PG]LDáDQLHP]DSUDZ"
ûZLF]HQLD
ûZLF]HQLH
6SR UyG SU]HGVWDZLRQ\FK SU]H] QDXF]\FLHOD URGNyZ RFKURQ\ LQG\ZLGXDOQHM Z\ELHU]
URGNLSRWU]HEQHSU]\Z\NRQ\ZDQLXUREyWPXUDUVNRW\QNDUVNLFKLX]DVDGQLMVZyMZ\EyU
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
]RUJDQL]RZDüVWDQRZLVNRSUDF\
]DSODQRZDüSU]HELHJZ\NRQDQLDüZLF]HQLD±SODQ]DSLVDüZ]HV]\FLH
SU]HVWU]HJDü]DVDGEH]SLHF]H VWZDLKLJLHQ\SUDF\
REHMU]HüSU]HGVWDZLRQH URGNLRFKURQ\LQG\ZLGXDOQHM
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
ZVND]Dü URGNLSRWU]HEQHSU]\URERWDFKPXUDUVNRW\QNDUVNLFK
X]DVDGQLüVZyMZ\EyU
VSRU] G]LüZ]HV]\FLHQRWDWN ]SU]HSURZDG]RQHJRüZLF]HQLD
VIRUPXáRZDüZQLRVNL]UHDOL]DFMLüZLF]HQLD
]DSUH]HQWRZDüHIHNW\VZRMHMSUDF\
GRNRQDüVDPRRFHQ\SUDF\
XSRU] GNRZDüVWDQRZLVNRSUDF\
:\SRVD HQLHVWDQRZLVNDSUDF\
−
]HVWDZUy Q\FK URGNyZRFKURQ\LQG\ZLGXDOQHM
−
LQVWUXNFMDEH]SLHF]H VWZDLRFKURQ\SUDF\GRW\F] FDUREyWPXUDUVNRW\QNDUVNLFK
−
OLWHUDWXUD
6SUDZG]LDQSRVW SyZ
&]\SRWUDILV]
7DN
1LH
RNUH OLü]DVDG\EH]SLHF]H VWZDLKLJLHQ\SUDF\SU]\URERWDFKSRPRFQLF]\FK
PXUDUVNRW\QNDUVNLFK"
GREUDüRGSRZLHGQLH URGNLRFKURQ\LQG\ZLGXDOQHMGRZ\NRQ\ZDQ\FKUREyW"
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
3URVWHURERW\PXUDUVNRW\QNDUVNLH]ZL ]DQH]QDSUDZ
PXUyZNRPLQyZLJ]\PVyZ
0DWHULDáQDXF]DQLD
0DWHULDá\GRUREyWPXUDUVNRW\QNDUVNLFK
6SRLZDEXGRZODQH
6 WR Z\SDORQH L VSURV]NRZDQH PDWHULDá\ NWyUH SR Z\PLHV]DQLX ] ZRG QD VNXWHN
UHDNFML FKHPLF]Q\FK ZL
L WZDUG QLHM 'R SRGVWDZRZ\FK VSRLZ EXGRZODQ\FK QDOH
ZDSQRFHPHQWLJLSV
:DSQR
&LDVWRZDSLHQQHWRZDSQRJDV]RQHRWU]\P\ZDQHZZ\QLNXUHDNFMLFKHPLF]QHMWOHQNXZDSQLD
ZDSQDSDORQHJR]ZRG :DSQRSU]H]QDF]RQHGR]DSUDZSRZLQQRE\üMHGQRURGQHWáXVWH
LOHSNLHGRáRZDQHFRQDMPQLHMPLHVL FH,PGáX HMMHVWSU]HFKRZ\ZDQHZGROHW\PMHVW
OHSV]H 6]RUVWNR ü L JUXGNRZDWR ü ZLDGF]\ R QLHGRJDV]HQLX OXE ]DSDU]HQLX ZDSQD -H HOL
ZDSQR QLH MHVW FDáNRZLFLH GRJDV]RQH SRGF]DV W\QNRZDQLD PRJ WZRU]\ü VL S FKHU]H
LS NQL FLD
:DSQR VXFKRJDV]RQH K\GUDW\]RZDQH WR ZDSQR JDV]RQH IDEU\F]QLH PDá LOR FL ZRG\
LVSURV]NRZDQHSDNRZDQHZZRUNLSDSLHURZH3U]HGX \FLHPGR]DSUDZ\QDOH \MHQDOXE
GQLZF]H QLHMQDPRF]\üZZRG]LH
:DSQRK\GUDXOLF]QHFKDUDNWHU\]XMHVL ZL NV] Z\WU]\PDáR FL LRGSRUQR FL QDZLOJRüQL
FLDVWR ZDSLHQQH L ZDSQR K\GUDW\]RZDQH GODWHJR VWRVXMH VL JR QDMF] FLHM GR W\QNyZ
QDUD RQ\FKQDG]LDáDQLHZLOJRFL
&HPHQW
:HGáXJ31(1UR]Uy QLDVL QDVW SXM FHURG]DMHFHPHQWyZSRZV]HFKQHJR
X \WNXSRUWODQG]NL&(0,SRUWODQG]NL]GRGDWNDPLPLHV]DQ\&(0,,KXWQLF]\&(0,,,
SXFRODQRZ\&(0,9ZLHORVNáDGQLNRZ\&(093URGXNXMHVL WH LQQHFHPHQW\MDNQS
PXUDUVNLK\GURWHFKQLF]Q\SRUWODQG]NLELDá\X \ZDQ\GRW\QNyZV]ODFKHWQ\FK
5R]Uy QLD VL NODV\ Z\WU]\PDáR FL L RGSRZLDGDM RQH Z\PDJDQ\P
PLQLPDOQ\P Z\WU]\PDáR FLRP QRUPRZHM ]DSUDZ\ QD FLVNDQLH Z 03D SR GQLDFK
WZDUGQLHQLD&HPHQW\V]\ENRWZDUGQLHM FHV R]QDF]RQHGRGDWNRZROLWHU 555
5
&HPHQW X \ZDQ\ GR ]DSUDZ QLH SRZLQLHQ ]DZLHUDü VWZDUGQLDá\FK JUXGHN NWyUH V
Z\QLNLHP QLHRGSRZLHGQLHJR SU]HFKRZ\ZDQLD ZRUNyZ ] FHPHQWHP 3U]\GDWQR ü GRX \FLD
PR QDVSUDZG]LüSU]H]UR]FLHUDQLHFHPHQWXZSDOFDFK
*LSV
-HVW VSRLZHP V]\ENR ZL
F\P ± PR H E\ü X \ZDQ\ Z\á F]QLH GR Z\NRQ\ZDQLD
W\QNyZZHZQ WU]Q\FKZSRPLHV]F]HQLDFKNWyUHQLHV QDUD RQHQDG]LDáDQLHZLOJRFL
.UXV]\ZD
3RGVWDZRZ\PNUXV]\ZHPGR]DSUDZMHVWSLDVHNVNáDGDM F\VL ]]LDUHQNWyU\FK UHGQLFD
QLH SRZLQQD SU]HNUDF]Dü PP : ]DOH QR FL RG VNáDGX ]LDUQRZHJR UR]Uy QLD VL G ZLH
RGPLDQ\ SLDVNX , ± R ]LDUQDFK GR PP ,, ± R ]LDUQDFK GR PP 3U]\ Z\NRQ\ZDQLX
SRV]F]HJyOQ\FKZDUVWZW\QNX]DOHFDVL VWRVRZDüSLDVHN
−
JUXER]LDUQLVW\R]LDUQDFK·PP±GRZDUVWZVSRGQLFK
−
UHGQLR]LDUQLVW\R]LDUQDFK·PP±GRZDUVWZZLHU]FKQLFK
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
−
GUREQR]LDUQLVW\R]LDUQDFK·PP±GRZ\NRQ\ZDQLDJáDG]L
3LDVHNGR]DSUDZQLHSRZLQLHQ]DZLHUDü]DQLHF]\V]F]H RUJDQLF]Q\FK]LHPLWRUIXS\áyZ
PLQHUDOQ\FK RUD] LQQ\FK ]DQLHF]\V]F]H REF\FK ZSá\ZDM F\FK V]NRGOLZLH QD MDNR ü
]DSUDZ\ : F]DVLH VNáDGRZDQLD QD SODFX EXGRZ\ QDOH \ ]DEH]SLHF]\ü SLDVHN SU]HG
]DQLHF]\V]F]HQLHPDSLDVHNVRUWRZDQ\VNáDGRZDüZ]DVLHNDFKDE\QLHXOHJáZ\PLHV]DQLX
=DSUDZ\
=DSUDZD EXGRZODQD MHVW PLHV]DQLQ ]DF]\QX EXGRZODQHJR ] SLDVNLHP =DSUDZD ZLH D WR
]DSUDZDZVWDQLHSODVW\F]Q\PSU]HGUR]SRF] FLHPZL ]DQLDVSRLZDD]DSUDZDVWZDUGQLDáDWR
]DSUDZDZVWDQLHVWDá\PSRRNUHVLHWZDUGQLHQLD
'R Z\NRQ\ZDQLD PXUyZ L W\QNyZ ]HZQ WU]Q\FK VWRVXMH VL ]DSUDZ\ FHPHQWRZ
FHPHQWRZRZDSLHQQ ZDSLHQQ
7DE5RG]DMH]DSUDZZJ31%
5RG]DM]DSUDZ\
6NáDG
6\PEROURG]DMX
FHPHQWRZD
FHPHQWSLDVHN
&
FHPHQWRZRZDSLHQQD
FHPHQWZDSQRSLDVHN
&:
ZDSLHQQD
ZDSQRSLDVHN
:
:HGáXJ31%Z]DOH QR FLRGSURSRUFMLVNáDGQLNyZPLHU]RQ\FKREM WR FLRZR
UR]Uy QLDVL RGPLDQ\]DSUDZLV\PEROHRGPLDQ
7DE2GPLDQ\]DSUDZLV\PEROHRGPLDQZJ31%
5RG]DM]DSUDZ\
2GPLDQDSURSRUFMH
VNáDGQLNyZPLHU]RQH
REM WR FLRZR
6\PERORGPLDQ\
$
%
&HPHQWRZD
&
'
(
)
&HPHQWRZRZDSLHQQD
*
+
,
:DSLHQQD
-
:]DOH QR FLRGZ\WU]\PDáR FLQD FLVNDQLHUR]Uy QLDVL QDVW SXM FHNODV\]DSUDZ
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
:\WU]\PDáR üQD FLVNDQLH1PP
.ODVD
QLHPQLHMV]DQL
0
0
0
0
0
0
0
0
! 0G
3U]\JRWRZDQLH]DSUDZ
6SRVyESU]\JRWRZDQLD]DSUDZ\ZDSLHQQHM
−
SU]\ PHWRG]LH U F]QHM FLDVWR ZDSLHQQH UR]FLH F]\ü ZRG G R J VWR FL PLHWDQ\
QDVW SQLH GRGDü SLDVHN L GRODü ZRG\ SU]\ X \FLX ZDSQD K\GUDW\]RZDQHJR ± ZDSQR
Z\PLHV]Dü]SLDVNLHPGRMHGQRURGQHMPLHV]DQLQ\LGRGDüZRG
−
SU]\ PHWRG]LH PHFKDQLF]QHM VNáDGQLNL GRGDZDü Z NROHMQR FL ZRGD SLDVHN FLDVWR
ZDSLHQQHOXEZDSQRK\GUDW\]RZDQHLPLHV]DüGRF]DVXX]\VNDQLDMHGQROLWHMPDV\
&]DV X \WNRZDQLD ]DSUDZ\ RG F]DVX ]PLHV]DQLD VNáDGQLNyZ QLH SRZLQLHQ SU]HNUDF]Dü
JRG]LQ
6SRVyE SU]\JRWRZDQLD ]DSUDZ\ FHPHQWRZHM PHWRG U F]Q L PHFKDQLF]Q QDMSLHUZ
PLHV]DüFHPHQW]SLDVNLHPD GRX]\VNDQLDMHGQROLWHMPLHV]DQLQ\DQDVW SQLHGRGDüZRG
LPLHV]Dü GRX]\VNDQLD MHGQRURGQHM PDV\ 'RGDWNL V\SNLH QLHUR]SXV]F]DOQH Z ZRG]LH
]PLHV]DüQDVXFKR]FHPHQWHPSU]HG]PLHV]DQLHPJR]SLDVNLHPDGRGDWNLUR]SXV]F]DOQH
ZZRG]LH VWRVRZDü Z SRVWDFL UR]WZRUyZ 'RGDWNL FLHNáH UR]SURZDG]Dü ZZRG]LH SU]HG
GRGDQLHPLFKGRVNáDGQLNyZV\SNLFK
&]DV ]X \FLD ]DSUDZ\ RG FKZLOL MHM SU]\JRWRZDQLD QLH SRZLQLHQ SU]HNUDF]Dü JRG]LQ
Z]Z\Ná\FKZDUXQNDFKLQLHZL FHMQL JRG]LQ\JG\WHPSHUDWXUDRWRF]HQLDSU]HNUDF]D
Û&
6SRVyESU]\JRWRZDQLD]DSUDZ\FHPHQWRZRZDSLHQQHMNROHMQR üPLHV]DQLDVNáDGQLNyZ
MHVW WDND VDPD SU]\ PHWRG]LH U F]QHM L PHFKDQLF]QHM QDMSLHUZ VNáDGQLNL V\SNLH FHPHQW
ZDSQR VXFKRJDV]RQH SLDVHN Z\PLHV]Dü GR X]\VNDQLD MHGQROLWHM PLHV]DQLQ\ D QDVW SQLH
GRGDüZRG LPLHV]DüD GRX]\VNDQLDMHGQRURGQHMPDV\'RGDWNLV\SNLHPLHV]DVL QDVXFKR
] FHPHQWHP SU]HG ]PLHV]DQLHP JR ] SR]RVWDá\PL VNáDGQLNDPL V\SNLPL : SU]\SDGNX
VWRVRZDQLD FLDVWD ZDSLHQQHJR QDOH \ JR UR]SURZDG]Lü Z ZRG]LH SU]HG GRGDQLHP
GRPLHV]DQLQ\VNáDGQLNyZV\SNLFK
&]DV]X \FLD]DSUDZ\RGFKZLOL]DURELHQLDZRG QLHSRZLQLHQSU]HNUDF]DüJRG]LQOXE
JRG]LQ\JG\WHPSHUDWXUDRWRF]HQLDSU]HNUDF]DÛ&
=DSUDZ\GRSRFLHQLRQ\FKW\QNyZ
6 WRSU]\JRWRZDQHIDEU\F]QLHPDV\W\QNDUVNLHOXEVXFKHPLHV]DQNLGRUR]URELHQLDZRG
Z VNáDG NWyU\FK ZFKRG] VSRLZR Z\SHáQLDF]H GRGDWNL PRG\ILNXM FH L SLJPHQW\
:]DOH QR FLRGURG]DMXVSRLZDUR]Uy QLDVL PDV\W\QNDUVNLHQDVSRLZLH
PLQHUDOQ\P60
RUJDQLF]Q\P62
PLHV]DQ\P602
:\URE\EXGRZODQHGRZ\NRQ\ZDQLDPXUyZ
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
FHJá\ SHáQD ]Z\NáD SRURZDWD NOLQNLHURZD G]LXUDZND NUDWyZND PRGXODUQD
NRPLQyZND
SXVWDNLFHUDPLF]QH
SXVWDNLFHUDPLF]QHRVWUXNWXU]HSRURZDWHMSRU\]RZDQH
HOHPHQW\]EHWRQXNRPyUNRZHJRJD]REHWRQX
EORF]NLLSXVWDNL]NHUDP]\WREHWRQX
D
E
5\V&HJá\DSHáQD]Z\NáDQD]Z\SáDV]F]\]QENUDWyZND>VL@
5\V&HJáDG]LXUDZNDDZR]yZNRZDEJáyZNRZD>V@
:\NRQ\ZDQLHPXUyZ
=DVDG\XNáDGDQLDNDPLHQLFHJLHáSXVWDNyZZPXU]H
SRGVWDZ\NDPLHQLSRZLQQ\OH HüZPXU]HSURVWRSDGOHGRVLá\ FLVNDM FHM
VSRLQ\SRSU]HF]QHLSRGáX QHSRZLQQ\E\üSU]HZL ]DQHF]\OLQDGVSRLQ MHGQHMZDUVWZ\
SRZLQLHQE\üNDPLH ZDUVWZ\QDVW SQHM
6SRVRE\PXURZDQLD
QD Z\FLVN Z\NRQXMH VL W\ONR SU]\ ]DSUDZDFK SODVW\F]Q\FK ZDSLHQQHM L ZDSLHQQR
FHPHQWRZHM
QD Z\FLVN ] SRGFL FLHP ]DSUDZ\ NLHOQL Uy QL VL RG SRSU]HGQLHJR VSRVREX W\P H
PXUDU]SRVáXJXM FVL NLHOQL ]ELHUDQDGPLDU]DSUDZ\NWyUDZ\FLVNDVL QD]HZQ WU]
7HQVSRVyEPXURZDQLDVWRVXMHVL SU]\Z\NRQ\ZDQLXPXUX]SHáQ\PLVSRLQDPL
QDGRFLVN]NLHOQL VWRVXMHVL SU]\]DSUDZDFKPDáRSODVW\F]Q\FKMHVWWRQDMZROQLHMV]\
VSRVyE PXURZDQLD DOH PXU Z\NRQDQ\ W\P VSRVREHP Z\ND]XMH QDMZL NV]
Z\WU]\PDáR üLFKDUDNWHU\]XMHVL HNRQRPLF]QLHMV]\P]X \FLHP]DSUDZ\
] QDNáDGDQLHP ]DSUDZ\ QD F] ü OXE QD FDá SRZLHU]FKQL ERF]Q FHJá\ Z SU]\SDGNX
QDNáDGDQLD ]DSUDZ\ QD F] ü SRZLHU]FKQL ERF]QHM FHJá\ SR XáR HQLX SHZQHM SDUWLL
FHJLHá]DOHZDVL SXVWHVSRLQ\]DSUDZ SU]\Z\NRQ\ZDQLXPXURZDQLD]QDNáDGDQLHP
]DSUDZ\QDFDá SRZLHU]FKQL ERF]Q FHJá\±QLHWU]HED]DOHZDüVSRLQU]DGN ]DSUDZ
G]L NLF]HPXPXUMHVWPRFQLHMV]\LEH]SR UHGQLRSRZ\NRQDQLXPQLHM]DZLOJRFRQ\
'RQDMF] FLHMVWRVRZDQ\FKURG]DMyZZL ]D PXUyZQDOH
SRVSROLWHNRZDGHáNRZH
NU]\ \NRZHZHQHFNLH
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
: ZL ]DQLX SRVSROLW\P Z\VW SXM QD SU]HPLDQ ZDUVWZ\ ZR]yZNRZH L JáyZNRZH
DVSRLQ\SRSU]HF]QHLSRGáX QHV SU]HVXQL WHRóFHJá\.D G ZDUVWZ UR]SRF]\QDVL RG
XáR HQLD FHJLHá G]LHZL WHN´ GáXJR FL ô FHJá\ Z ZDUVWZLH ZR]yZNRZHM Z]GáX
ZR]yZNRZRDZZDUVWZLHJáyZNRZHMZSRSU]HNJáyZNRZR
: ZL ]DQLX NU]\ \NRZ\P UyZQLH Z\VW SXM QD SU]HPLDQ ZDUVWZ\ ZR]yZNRZH
LJáyZNRZHDSU]HVXQL FLHMHVWUyZQHòFHJá\SRXáR HQLXG]LHZL WNLZFRGUXJLHMZDUVWZLH
ZR]yZNRZHMZVWDZLDVL FHJá XáR RQ JáyZNRZR
5\V:L ]DQLDPXUyZDNU]\ \NRZHZPXU]HJUXER FL
FHJá\ESRVSROLWHZPXU]HJUXER FLFHJá\
FSRVSROLWHZPXU]HJUXER FL
FHJá\>V@
'R U]DG]LHM VWRVRZDQ\FK ZL ]D PXUyZ QDOH QD SU]\NáDG SROVNLH JRW\FNLH
KROHQGHUVNLHZLHORU] GRZH
1DU] G]LDLVSU] WGRUREyWPXUDUVNLFK
'R QDU] G ]L L VSU] WX EH]SR UHGQLHJR X \WNX ]DOLF]D VL NLHOQL F]HUSDNL GR ]DSUDZ
PáRWHN PXUDUVNL SLRQ SR]LRPQLF OLQL PXUDUVN Z ZRGQ\ V]QXU ZDUVWZRPLHU]
N WRZQLNLPXUDUVNLHZ]RUQLNLLV]DEORQ\
'R QDU] G ]L L VSU] WX SRPRFQLF]HJR ]DOLF]D VL QDU] G]LD X \ZDQH SU]H] SRPRFQLNyZ
PXUDUVNLFKGRZ\NRQ\ZDQLDWDNLFKUREyWSRPRFQLF]\FKMDNSXFNLGRNXFLDEUX]GJUDFHGR
]DSUDZLLQQ\FK
5\V&]HUSDNLPXUDUVNLHDV]XIHONRZ\EZLDGHUNRZ\>V@
:\NRQ\ZDQLHW\QNyZ
7\QNLZ\SUDZ\WRZDUVWZ\]DSUDZQDNáDGDQ\FKQDHOHPHQW\EXG\QNXZFHOXQDGDQLD
LP HVWHW\F]QHJR Z\JO GX RUD] ]DEH]SLHF]HQLD LFK SU]HG QLHNRU]\VWQ\PL ZSá\ZDPL
]HZQ WU]Q\PL
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
=HZ]JO GXQDWHFKQLN Z\NRQDQLDLZ\QLNDM F\]QLHMVWRSLH Z\JáDG]HQLDSRZLHU]FKQL
W\QNL]Z\NáHG]LHOLVL QDQDVW SXM FHRGPLDQ\LNDWHJRULH
VXURZHUDSRZDQH±NDWHJRULD
VXURZHZ\UyZQDQHNLHOQL ±NDWHJRULD,
VXURZH FL JDQHSDF ±NDWHJRULD,D
SRVSROLWHGZXZDUVWZRZH±NDWHJRULD,,
SRVSROLWHWUyMZDUVWZRZH±NDWHJRULD,,,
GRERURZH±NDWHJRULD,9
7\QNL VXURZH NDW WR W\QNL MHGQRZDUVWZRZH Z\NRQXMH VL MH SU]H] UyZQRPLHUQH
REU]XFHQLHSRZLHU]FKQLSRGáR D]DSUDZ ZWHQVSRVyE HND G\QDU]XW]NLHOQLXNáDGDVL
UHJXODUQLH RERN SRSU]HGQLHJR 1D]\ZD VL MH UDSRZDQ\PL PDM SRZLHU]FKQLH QLHUyZQH
PRJ E\üVWRVRZDQHZSRPLHV]F]HQLDFKJRVSRGDUF]\FKVWU\FKDFKSLZQLFDFK
7\QNL VXURZH Z\UyZQDQH NLHOQL NDW , OXE FL JDQH SDF NDW ,D WR W\QNL
MHGQRZDUVWZRZH±Z\NRQXMHVL MHMDNW\QNLNDWOHF]]Z\UyZQDQLHPSRZLHU]FKQLNLHOQL
OXE]H FL JQL FLHP]DSUDZ\SDF ±V VWRVRZDQHQDMF] FLHMSRGSLRQRZHL]RODFMHPXUyZ
SLZQLF]Q\FK
7\QNL SRVSROLWH GZXZDUVWZRZH NDW ,, V Z\NRQ\ZDQH MDNR REU]XWND QDU]XW
Z\UyZQDQ\ SDF L ]DWDUW\ QD RVWUR SDFN ± PDM SRZLHU]FKQL UyZQ DOH V]RUVWN V
VWRVRZDQH ZSRPLHV]F]HQLDFK SRGU] GQ\FK RUD] QD HOHZDFMDFK EXG\QNyZ R QL V]\P
VWDQGDUG]LH
7\QNL SRVSROLWH WUyMZDUVWZRZH NDW ,,, VWRVRZDQH V MDNR W\QNL ZHZQ WU]QH
L]HZQ WU]QH6NáDGDM VL ]REU]XWNLLQDU]XWXJUXER ü·PPRUD]JáDG]L]DWDUWHMSDFN
QDRVWURJUXER FL·PP
7\QNL GRERURZH NDW ,9 Z\NRQXMH VL MDN W\QNL NDW ,,, PDM SRZLHU]FKQL UyZQ
LEDUG]RJáDGN PRJ E\üILOFRZDQHNDW,9IOXEZ\SDODQHNDW,9Z
1DU] G]LDLVSU] WGRUREyWW\QNDUVNLFK
'RW\QNRZDQLDU F]QHJRV X \ZDQHQDVW SXM FHQDU] G]LD
NLHOQLD±GRQDU]XFDQLD]DSUDZ\
F]HUSDNW\QNDUVNL±GRQDU]XFDQLD]DSUDZ\FLHNáHM
GHVND]WU]RQNLHP±GRQDNáDGDQLD]DSUDZ\QDVXILW\
SDFDW\QNDUVND±GRZ\UyZQ\ZDQLDZDUVWZ\W\QNX
SDFNLGUHZQLDQH±GR]DFLHUDQLDSRZLHU]FKQLW\QNXQDRVWUROXEQDJáDGNR
SDFNLVWDORZH±GRZ\NRQ\ZDQLDW\QNyZZ\SDODQ\FK
VSRLQyZNL±GRVSRLQRZDQLDPXUyZ
SLVWROHW\GRVSRLQRZDQLD±GRZ\SHáQLDQLDVSRLQJRWRZ\PLNLWDPL
OLQLMNDPHWDORZDLVWU]DáND±GRREUDELDQLDQDUR \
'R VSUDZG]DQLD SR]LRPR FL L SLRQRZR FL SRZLHU]FKQL W\QNyZ MHVW X \ZDQ\ VSU] W
SRPLDURZ\
SR]LRPQLFDOLEHONRZDODVHURZD
Z ZRGQ\
SLRQPXUDUVNL
áDWDPXUDUVNDGáXJR FLP
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
D
E
F
G
5\V1DU] G]LDW\QNDUVNLHDGHVND]WU]RQNLHPESDFDW\QNDUVNDFSDFNDGUHZQLDQDGSDFNLVWDORZH
>VL@
1DSUDZDPXUyZ
3U]\ Z\NRQ\ZDQLX QDSUDZ IUDJPHQW\ PXUX QDOH \ VSáXNDü ZRG Z FHOX QDZLO HQLD
LVSáXNDQLD NXU]X :V]HONLH RWZRU\ L EUX]G\ SRZLQQ\ E\ü Z\SHáQLRQH Z WDNL VDP VSRVyE
ZMDNLE\áZ\NRQDQ\QDSUDZLDQ\PXULSU]\X \FLXWDNLHMVDPHM]DSUDZ\]DSUDZDZDSLHQQD
PR HE\ü]DPLHQLRQDQDFHPHQWRZRZDSLHQQ
6SRVyEXVXZDQLDS NQL üLU\V]DOH \RGLFKZLHONR FL
5\V\ R UR]ZDUWR FL GR PP Z\SHáQLD VL Sá\QQ\PL PLHV]DQNDPL QD ED]LH \ZLF
V\QWHW\F]Q\FKOXEVSHFMDOQ\PL]DSUDZDPLPHWRG LQLHNFML
.LONXPLOLPHWURZH U\V\ VSáXNXMH VL ZRG D QDVW SQLH ZFLVND VL ]DF]\Q FHPHQWRZ\
]DSRPRF VSHFMDOQHJR SLVWROHWX D GR FDáNRZLWHJR Z\SHáQLHQLD U\V\ 3U]\ V]HUV]\FK
U\VDFKPR QDX \üGUREQR]LDUQLVWHM]DSUDZ\
5\V\ V]HUV]H QL PP QDOH \ SU]HPXURZDü -H HOL PXU MHVW RW\QNRZDQ\ QDOH \ ]ELü
W\QNQDGáXJR FLZL NV]HMQL U\VDR·ZDUVWZFHJLHáLV]HURNR FL·FP]ND GHM
VWURQ\ U\V\ D QDVW SQLH UR]HEUDü IUDJPHQW PXUX 3RZLHU]FKQL RF]\ FLü ] UHV]WHN
]DSUDZ\ ]P\ü ZRG L EH]SR UHGQLR SU]HG PXURZDQLHP SRODü POHNLHP FHPHQWRZ\P
'R]DPXURZDQLD RWZRUX X \ü WDNLFK VDP\FK HOHPHQWyZ ] MDNLFK E\á Z\NRQDQ\ PXU
LWDNLHMVDPHM]DSUDZ\1DOH \]ZUyFLüXZDJ QDSUDZLGáRZHZL ]DQLHHOHPHQWyZ
3 NQL FLDGáX V]HQL PQDOH \QDSUDZLDüRGFLQNDPLGáXJR FLP
: SU]\SDGNX SLRQRZ\FK S NQL ü QDUR QLNyZ QD FDá JUXER ü PXUX QDOH \ FDáNRZLFLH
SU]HPXURZDüQDUR QLN
1DSUDZDW\QNyZ
3RGF]DV UREyW GHNDUVNLFK ]DFKRG]L F] VWR NRQLHF]QR ü QDSUDZ\ XV]NRG]RQ\FK W\QNyZ
QS QD NRPLQDFK J]\PVDFK 1DOH \ ZWHG\ QDMSLHUZ RNUH OLü ]DNUHV NRQLHF]Q\FK
GRZ\NRQDQLDSUDF7\QNLXV]NRG]RQHRVáDEHMVSyMQR FLRGSDU]RQH±QDOH \VNXü=ELMDVL
MH PáRWNLHP PXUDUVNLP OXE SU]HFLQDNLHP D GR SRGáR D 2GVáRQL WH SRGáR H EHWRQRZH
LNDPLHQQHQDOH \QDFL üGáXWHPQDWRPLDVW]SRZLHU]FKQLPXUXQDOH \Z\VNUREDü]DSUDZ
]HVSRLQQDJá ERNR ü·PPRGOLFD FLDQ\2GVáRQL WHSRGáR HQDOH \RF]\ FLüREILFLH
]ZLO \üZRG LX]XSHáQLüW\QNWDN VDP ]DSUDZ MDN E\áZ\NRQDQ\VWDU\W\QN
7\QNLRGSDU]RQHQLHUy QL VL Z\JO GHPRGGREU\FK$E\VWZLHUG]LüRGSDU]HQLDQDOH \
MHRSXNDüOHNNLPPáRWNLHP7\QNLRGSDU]RQHZ\GDM JáXFK\RGJáRVQDWRPLDVWW\QNLGREU]H
]ZL ]DQH ] SRGáR HP Z\GDM F]\VW\ G ZL N 3R RVWXNDQLX QDOH \ ]D]QDF]\ü PLHMVFD
ZNWyU\FKVWZLHUG]RQRRGSDU]HQLDW\QNX
6SRVyEXVXZDQLDU\VZ\VW SXM F\FKZSRZLHU]FKQLW\QNX]DOH \RGLFKZLHONR FL5\V\
Sá\WNLH Já ERNR FL GR FP QDOH \ SRV]HU]\ü SU]HFLQDNLHP RF]\ FLü REILFLH ]PRF]\ü
ZRG Z\SHáQLüWDN VDP ]DSUDZ ]MDNLHME\áW\QNL]DWU]HüSDFN 5\V\Já EV]HQL FP
QDSUDZLDVL ZGZyFKHWDSDFK
QDMSLHUZSRRGSRZLHGQLPSU]\JRWRZDQLXU\V\Z\NRQXMHVL Z\SHáQLHQLH]JUXEQH
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
SRZVW SQ\P]ZL ]DQLXZ\NRQXMHVL Z\SHáQLHQLHFDáNRZLWH]]DWDUFLHPGUHZQLDQ SDFN
5\V.ROHMQHID]\QDSUDZ\S NQL WHJRW\QNXDVWDQSRF] WNRZ\ESRV]HU]HQLHU\V\LQDV\FHQLHZRG
F]JUXEQHZ\SHáQLHQLHXE\WNX]DSUDZ W\QNDUVN GFDáNRZLWHZ\SHáQLHQLH]DSUDZ ]D]DWDUFLHPQDJáDGNR
U\VDW\QNQDV\FRQ\ZRG ]DSUDZDW\QNDUVNDGUXJDZDUVWZD]DSUDZ\>VWU@
'R QDSUDZ W\QNyZ PR QD X \ZDü JRWRZ\FK PLHV]DQHN W\QNDUVNLFK NWyUH QDOH \ UR]URELü
ZRG ]JRGQLH ] LQVWUXNFM SURGXFHQWD 0LHV]DQNL PXV] E\ü RGSRZLHGQLR GREUDQH GR
URG]DMXW\QNXLZDUXQNyZHNVSORDWDFML
:\NRQ\ZDQLHLQDSUDZ\J]\PVyZ
*]\PV\ Z\NRQXMH VL ]D SRPRF W\QNyZ FL JQLRQ\FK SU]\ X \FLX V]DEORQyZ
]DPRFRZDQ\FKQDVDQLDFK1DJ]\PVQDQRVLVL QDU]XWLRGUD]XSURILOXMHVL JRZ\NURMHP
3U]HFL JDM F Z\NUyM FLQD VL QDGPLDU ]DSUDZ\ D Z PLHMVFDFK JG]LH MHM EUDNXMH QDOH \
X]XSHáQLü ]DSUDZ L SRQRZQLH Z\SURILORZDü 6]DEORQ QDOH \ SU]HVXZDü ZROQR UXFKHP
MHGQRVWDMQ\P
3U]\UHPRQWDFKJ]\PVyZQDOH \VWRVRZDüWDN VDP ]DSUDZ LSURILOV]DEORQXMDNSU]\
Z\NRQ\ZDQLXUHPRQWRZDQHJRHOHPHQWX1DU]XWZ\NRQXMHVL QDWDNLHMGáXJR FLDE\PR QD
JRE\áRZ\SURILORZDüSU]HG]ZL ]DQLHP]DSUDZ\$E\QLHVWU FDü]QDF]Q\FKLOR FL]DSUDZ\
QDOH \ QDU]XFDü MHM QLH ZL FHM QL FP SRQDG Z\FL FLH Z\NURMX 6]DEORQ SURZDG]L VL
QDMSLHUZ GR SU]RGX DE\ FL ü QDGPLDU ]DSUDZ\ D QDVW SQLH GR W\áX ± E\ M Z\JáDG]Lü
1DUR D Z\SXNáH Z\NRQXMH VL ]D SRPRF RGSRZLHGQLR SU]HGáX RQHM SURZDGQLF\ 3U]\
QDUR DFKZNO Vá\FKPLHMVFD]DáDPD QDOH \Z\NRQ\ZDüU F]QLH]DSRPRF SDFNLLVWU]DáNL
D E
5\V:\NRQ\ZDQLHJ]\PVyZDREFL JDQLHGX \FKJ]\PVyZESURZDGQLFD]QDáR RQ\PZ]RUQLNLHPGR
Z\]QDF]DQLDZ\SXNáHJRQDUR DJ]\PVX>VL@
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
3\WDQLDVSUDZG]DM FH
2GSRZLDGDM FQDS\WDQLDVSUDZG]LV]F]\MHVWH SU]\JRWRZDQ\Z\NRQDQLDüZLF]H
-DNLHPDWHULDá\EXGRZODQHVWRVXMHVL GRUREyWPXUDUVNLFKLW\QNDUVNLFK"
-DNLHV URG]DMHVSRLZEXGRZODQ\FK"
-DNLHNUXV]\ZRX \ZDVL GR]DSUDZ"
-DNLHURG]DMH]DSUDZVWRVXMHVL GRZ\NRQ\ZDQLDPXUyZLW\QNyZ]HZQ WU]Q\FK"
-DNLHV ]DVDG\XNáDGDQLDNDPLHQLZPXU]H"
-DNLHV VSRVRE\ZL ]D PXUyZ"
-DNDMHVWGHILQLFMDW\QNyZ"
-DNLHV URG]DMHW\QNyZ]Z\Ná\FK"
-DNLHV ]DVDG\Z\NRQ\ZDQLDQDSUDZPXUyZ"
-DNLHV ]DVDG\QDSUDZW\QNyZ"
:MDNLVSRVyEQDSUDZLDVL XV]NRG]RQHJ]\PV\"
ûZLF]HQLD
ûZLF]HQLH
3U]\JRWXM]DSUDZ FHPHQWRZRZDSLHQQ RGPLDQ\(SURSRUFMLVNáDGQLNyZVWRVXM F
FHPHQWNODV\,OR üZ\NRQDQHM]DSUDZ\XVWDO]QDXF]\FLHOHP
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
]RUJDQL]RZDüVWDQRZLVNRSUDF\
]DSODQRZDüSU]HELHJZ\NRQDQLDüZLF]HQLD±SODQ]DSLVDüZ]HV]\FLH
SU]HVWU]HJDü]DVDGEH]SLHF]H VWZDLKLJLHQ\SUDF\
XVWDOLüVNáDGQLNL]DSUDZ\
XVWDOLüLOR üSRV]F]HJyOQ\FKVNáDGQLNyZ
RNUH OLüNROHMQR üPLHV]DQLDVNáDGQLNyZ
SU]\JRWRZDüVNáDGQLNL
SU]\JRWRZDü]DSUDZ
VSRU] G]LüZ]HV]\FLHQRWDWN ]SU]HSURZDG]RQHJRüZLF]HQLD
VIRUPXáRZDüZQLRVNL]UHDOL]DFMLüZLF]HQLD
]DSUH]HQWRZDüHIHNW\VZRMHMSUDF\
GRNRQDüVDPRRFHQ\SUDF\
XSRU] GNRZDüVWDQRZLVNRSUDF\
:\SRVD HQLHVWDQRZLVNDSUDF\
−
PDWHULDá\SRWU]HEQHGRZ\NRQDQLD]DSUDZ\FHPHQWRZRZDSLHQQHM
−
QDU] G]LDSRWU]HEQHGRPLHV]DQLDVNáDGQLNyZ
−
WDEHOHSU]HGVWDZLDM FHVNáDG]DSUDZW\QNDUVNLFK
−
OLWHUDWXUD
ûZLF]HQLH
1DSRGVWDZLHLQVWUXNFMLSURGXFHQWDXPLHV]F]RQHMQDRSDNRZDQLXGRZROQHMPDV\W\QNDUVNLHM
OXEVXFKHMPLHV]DQNLSU]H]QDF]RQ\FKGRZ\NRQ\ZDQLDW\QNyZ]HZQ WU]Q\FKSRGDM
−
QD]Z Z\UREX
−
MHJRVNáDGLZáD FLZR FL
−
]DVWRVRZDQLHRUD]]DOHFHQLDGRW\F] FHVSRVREXSU]\JRWRZDQLLQDNáDGDQLDZ\UREX
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
]RUJDQL]RZDüVWDQRZLVNRSUDF\
]DSODQRZDüSU]HELHJZ\NRQDQLDüZLF]HQLD±SODQ]DSLVDüZ]HV]\FLH
SU]HVWU]HJDü]DVDGEH]SLHF]H VWZDLKLJLHQ\SUDF\
]DSR]QDüVL ]LQVWUXNFM SURGXFHQWD
RNUH OLüSRGVWDZRZHGDQHWHJRZ\UREX
RNUH OLü]DVWRVRZDQLHRUD]VSRVyESU]\JRWRZDQLDLQDNáDGDQLDZ\UREX
VSRU] G]LüZ]HV]\FLHQRWDWN ]SU]HSURZDG]RQHJRüZLF]HQLD
VIRUPXáRZDüZQLRVNL]UHDOL]DFMLüZLF]HQLD
]DSUH]HQWRZDüHIHNW\VZRMHMSUDF\
GRNRQDüVDPRRFHQ\SUDF\
XSRU] GNRZDüVWDQRZLVNRSUDF\
:\SRVD HQLHVWDQRZLVNDSUDF\
−
RSDNRZDQLDJRWRZ\FKPDVLVXFK\FKPLHV]DQHNGRZ\NRQ\ZDQLDW\QNyZ]HZQ WU]Q\FK
−
NDUW\NDWDORJRZHJRWRZ\FKZ\UREyZW\QNDUVNLFK
−
OLWHUDWXUD
ûZLF]HQLH
8]XSHáQLMGUREQHXV]NRG]HQLDZPLHMVFDFKSRá F]HQLD FLDQ\]SRNU\FLHPGDFKRZ\PSU]\
X \FLX ZF]H QLHM Z\NRQDQHM ]DSUDZ\ FHPHQWRZRZDSLHQQHM ] ]DFKRZDQLHP ]DVDG
EH]SLHF]H VWZDLKLJLHQ\SUDF\
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
]RUJDQL]RZDüVWDQRZLVNRSUDF\
]DSODQRZDüSU]HELHJZ\NRQDQLDüZLF]HQLD±SODQ]DSLVDüZ]HV]\FLH
SU]HVWU]HJDü]DVDGEH]SLHF]H VWZDLKLJLHQ\SUDF\
REHMU]HüXV]NRG]RQHPLHMVFDLXVWDOLü]DNUHVQDSUDZ
SU]\JRWRZDüVWDQRZLVNRSUDF\
SU]\JRWRZDüSRWU]HEQHPDWHULDá\LQDU] G]LD
RF]\ FLüL]ZLO \üXV]NRG]RQHSRGáR H
Z\NRQDüQDSUDZ\
RFHQLüMDNR üZ\NRQDQHMSUDF\LXVXQ üHZHQWXDOQHXVWHUNL
VSRU] G]LüZ]HV]\FLHQRWDWN ]SU]HSURZDG]RQHJRüZLF]HQLD
VIRUPXáRZDüZQLRVNL]UHDOL]DFMLüZLF]HQLD
]DSUH]HQWRZDüHIHNW\VZRMHMSUDF\
GRNRQDüVDPRRFHQ\SUDF\
XSRU] GNRZDüVWDQRZLVNRSUDF\
:\SRVD HQLHVWDQRZLVNDSUDF\
± PDWHULDá\LQDU] G]LDSRWU]HEQHGRZ\NRQDQLD]DGDQLD
± RGSRZLHGQLHUXV]WRZDQLH
± OLWHUDWXUD
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
6SUDZG]LDQSRVW SyZ
&]\SRWUDILV]
7DN
1LH
SU]\JRWRZDüPDWHULDá\GRUREyWPXUDUVNRW\QNDUVNLFK"
Z\NRQDü SRPRFQLF]H URERW\ PXUDUVNRW\QNDUVNLH ] ]DFKRZDQLHP ]DVDG
EH]SLHF]H VWZDLKLJLHQ\SUDF\"
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
,16758.&-$'/$8&=1,$
$ ,16758.&-$2*Ï/1$
3U]HF]\WDMXZD QLHLQVWUXNFM
=DSR]QDMVL ]]HVWDZHP]DGD WHVWRZ\FK
2GSRZLHG]LXG]LHODMW\ONRQD]Dá F]RQHMNDUFLHRGSRZLHG]L
.DUW RGSRZLHG]LSRGSLV]LPLHQLHPLQD]ZLVNLHP
%,16758.&-$6=&=(*Ïà2:$
=HVWDZ]DGD WHVWRZ\FKVNáDGDVL ]]DGD ZLHORNURWQHJRZ\ERUX
=DGDQLD ZLHORNURWQHJR Z\ERUX PDM ZHUVMH RGSRZLHG]L ] NWyU\FK MHGQD MHVW
SUDZLGáRZD3UDZLGáRZ RGSRZLHG QDOH \]DNUH OLüZHZáD FLZ\PPLHMVFXQDNDUFLH
RGSRZLHG]L
: SU]\SDGNX SRP\áNL Eá GQ RGSRZLHG QDOH \XM üZNyáNRLSRQRZQLH]DNUH OLü
RGSRZLHG SUDZLGáRZ
-H HOL XG]LHOHQLH RGSRZLHG]L QD MDNLH S\WDQLH VSUDZLD &L WUXGQR ü WR RSX ü MH
LSU]HMG GR]DGDQLDQDVW SQHJR'R]DGD EH]RGSRZLHG]LPR HV]ZUyFLüSy QLHM
6SUyEXMVZRLFKVLá
3\WDQLDQLHV WUXGQHLMH HOL]DVWDQRZLV]VL QDSHZQRRGSRZLHV]QDZL NV]R ü]QLFK
32:2'=(1,$
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
=(67$:=$'$ 7(672:<&+
5RERW\ OXVDUVNRNRZDOVNLH
,PDGáDSU]\VWROH OXVDUVNLPX \ZDVL GR]DPRFRZDQLD
D XFKZ\WXZLHUWDUVNLHJR
ESU]\U] GyZSRPLDURZ\FK
F JZLQWRZQLNyZOXEQDU]\QHN
GPDWHULDáXOXESU]HGPLRWXREUDELDQHJR
3U]HFLQDND]NUDZ G]L WQ F SURVW QLHX \ZDVL GRSU]HFLQDQLD
D SU WyZ
EEODFKSRáXNX
F SáDVNRZQLNyZ
GEODFKSROLQLLSURVWHM
'RZVW SQHJRSLáRZDQLDSU]HGPLRWXSRFL FLXQDOH \X \üSLOQLND]QXPHUHP
D
E
F OXE
GOXE
'RPRFRZDQLDZLHUWáD]FKZ\WHPZDOFRZ\PVWRVXMHVL
D SRNU WáR
EXFKZ\WZLHUWDUVNL
F WXOHMN UHGXNF\MQ
GRWZyUVWR NRZ\ZU]HFLRQD
3Rá F]HQLHQLHUR]á F]QHSROHJDM FHQDVS F]HQLXLXIRUPRZDQLXáEDQDá F]QLNXWR
D VNU FDQLH
EOXWRZDQLH
F QLWRZDQLH
G]JU]HZDQLH
'RZ\NRQ\ZDQLDJZLQWXQDGUXWDFKSU WDFKLZDáNDFKX \ZDVL
D QDU]\QHN
ESRJá ELDF]\
F UR]ZLHUWDNyZ
GJZLQWRZQLNyZ
-DNSU]\JRWRZDüQDU] G]LHGRSLáRZDQLDMH HOLPDP\GRG\VSR]\FMLSLOQLNZSRVWDFLVDPHM
OLVWZ\VWDORZHM"
D ]DáR \üQDGáR U NDZLF
E]DáR \üSUDZLGáRZ U NRMH ü
F RZLQ üRVWU\NRQLHFV]PDWN
GQDáR \üQDRVWU\NRQLHFZ JXPRZ\
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
=(67$:=$'$ 7(672:<&+
5RERW\FLHVLHOVNLH
:]URVWZLOJRWQR FLGUHZQDSRZRGXMH
D NXUF]HQLHGUHZQD
E XáDWZLHQLHREUyENL
F ]ZL NV]HQLHZ\WU]\PDáR FLGUHZQD
G ]PQLHMV]HQLHZ\WU]\PDáR FLGUHZQD
' ZLJDF]HV WR
D Z\JL WHSU W\VWDORZH
E SRGQR QLNLWUDQVSRUWRZH
F SUDFRZQLF\WUDQVSRUWRZL
G HOHPHQW\VWRáXFLHVLHOVNLHJR
3RV]HU]DQLHGHVHNZ\NRQXMHVL VWRVXM F
D VW\NLQDNáDGNL]DPNL
E ]H UXERZDQLHG\EORZDQLH
F ]DFLRV\ZÄMDVNyáF]\RJRQ´
G VW\NLSyáZSXVWZSXVWLSLyURZáDVQHSLyURREFH
'áXJR üJZR G]LGRSU]\ELMDQLDHOHPHQWXFLH V]HJRGRJUXEV]HJRREOLF]DVL ]HZ]RUX
D DG
E UHGQLF\JZR G]LD
F DEPP UHGQLFDJZR G]LD
G
GR
JUXER FLSU]\ELMDQHJRHOHPHQWX
à F]QLNDPLNWyUHQLH]PQLHMV]DM SU]HNURMXHOHPHQWXGUHZQLDQHJRV
D NOHMH
E VZRU]QLH
F JZR G]LH
G SLHU FLHQLH
:GDFKDFKNURNZLRZ\FKSRá F]HQLHNURNZLZNDOHQLF\PR QDZ\NRQDü
D QD]DPHN
E QDSLyURREFH
F QD]ZLGáRZDQLH
G SU]H]G\EORZDQLH
:GDFKDFKNURNZLRZ\FKSRá F]HQLHNURNZL]EHON VWURSRZ PR QDZ\NRQDü
D QDF]RS
E QDZU E
F QD]DPHN
G QD]ZLGáRZDQLH
'RGUHZQLDQ\FKNRQVWUXNFMLGDFKRZ\FKLQ \QLHUVNLFK]DOLF]DVL GDFK\
D M WNRZH
E NURNZLRZH
F ZLHV]DNRZH
G ]G ZLJDUyZGHVNRZ\FK
3U]\UR]SL WR FLEXG\QNXGRPQDOH \VWRVRZDüZL ]DU\GDFKRZH
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
D M WNRZH
E NURNZLRZH
F ZLHV]DURZH
G SáDWZLRZR±NOHV]F]RZH
:GDFKDFKRV]F] GQR FLRZ\FK]EDOLL]GHVHNá F]HQLHHOHPHQWyZNRQVWUXNFMLZ\NRQXMH
VL
D QDNRáNL
E QDVNRZ\
F QDVZRU]QLH
G QDJZR G]LH
=(67$:=$'$ 7(672:<&+
5RERW\PXUDUVNR±W\QNDUVNLH
5\VXQHNSU]HGVWDZLD
D VSRLQyZN
ESDF W\QNDUVN
F F]HUSDNW\QNDUVNL
G]DFLHUDF]N GRW\QNyZ
2]QDF]HQLH&(0,RNUH ODFHPHQW
DKXWQLF]\
EPXUDUVNL
FSRUWODQG]NL
GSXFRODQRZ\
*]\PV\ZLH F] FHRGX \P]DVL JXSRZLQQRVL Z\NRQ\ZDüLUHPRQWRZDü]
D GDFKX
E RWZRUyZRNLHQQ\FK
F GUDELQSU]\VWDZQ\FK
G UXV]WRZD ZLV] F\FK
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
.$57$2'32:,('=,
,PL LQD]ZLVNR
:\NRQ\ZDQLHSURVW\FKUREyWSRPRFQLF]\FKNRZDOVNR OXVDUVNLFK
PXUDUVNLFKW\QNDUVNLFKFLHVLHOVNLFK
=DNUH OSRSUDZQ RGSRZLHG
1U
]DGDQLD
2GSRZLHG]L
3XQNW\
D
E
F
G
D
E
F
G
D
E
F
G
D
E
F
G
D
E
F
G
D
E
F
G
D
E
F
G
D
E
F
G
D
E
F
G
D
E
F
G
D
E
F
G
D
E
F
G
D
E
F
G
D
E
F
G
D
E
F
G
D
E
F
G
D
E
F
G
D
E
F
G
D
E
F
G
D
E
F
G
5D]HP
Ä
3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
/,7(5$785$
GODUREyWNRZDOVNR OXVDUVNLFK
$QGU]HMHZVNL:5RERW\NRZDOVNLHL OXVDUVNLHZEXGRZQLFWZLH3:7:DUV]DZD
$QGU]HMHZVNL+/LSVNL52EUyENDU F]QD:6L3:DUV]DZD
'RPD VNL6 OXVDUVWZRLVSDZDOQLFWZR]PDWHULDáR]QDZVWZHP:6L3:DUV]DZD
*yUHFNL$ OXVDUVWZR:6L3%\WRP
+LOODU--DUPRV]XN6 OXVDUVWZRLVSDZDOQLFWZR:6L3:DUV]DZD
.DZHFNL-%ODFKDUVWZR3:7:DUV]DZD
.DZHFNL- ZLG]L VNL-=JRU]HOVNL6%ODFKDUVWZR3:6=:DUV]DZD
.RUHZD:UHG3RGVWDZ\NRQVWUXNFMLPDV]\QW3:1:DUV]DZD
/LSVNL50DWXV]HZVNL-=DU\VWHFKQRORJLLPHWDOL3:6=:DUV]DZD
0DUWLQHN : 0LFKQRZVNL = 'HNDUVWZR L EODFKDUVWZR EXGRZODQH :6L3 :DUV]DZD
2NRQLHZVNL67HFKQRORJLDPHWDOLF],:6L3:DUV]DZD
2VL VNL=%DMRQ:6]XFNL73RGVWDZ\NRQVWUXNFMLPDV]\Q3:1:DUV]DZD
6HOO/0DV]\QR]QDZVWZRRJyOQHLF] FLPDV]\Q:17:DUV]DZD
.DWDORJZ\UREyZPHWDORZ\FKÄ:NU WPHW´&HQQLN
GODUREyWFLHVLHOVNLFK
.R]DUVNL3.RQVHUZDFMDGRPX)XQGDFMD2FKURQ\=DE\WNyZ:DUV]DZD
/HQNLHZLF]:&LHVLHOVWZR:6L3:DUV]DZD
/HQNLHZLF]:5RERW\EXGRZODQH:6L3:DUV]DZD
.XF]\ VNL$=DU\VEXGRZQLFWZD2JyOQHJR:6L3:DUV]DZD
0DUWLQHN:%XGRZQLFWZRRJyOQH:6]L3:DUV]DZD
6áRZL VNL=7HFKQRORJLDEXGRZQLFWZD:6L3:DUV]DZD
:ROVNL=5RERW\SRGáRJRZHLRNáDG]LQRZH:6L3:DUV]DZD
=DOHVNL65HPRQW\EXG\QNyZPLHV]NDOQ\FKSRUDGQLN$UNDG\:DUV]DZD
GODURERWPXUDUVNLFKLW\QNDUVNLFK
)UDQFX]:0%XGRZQLF]RZLH3:67$%,//.UDNyZ
)UDQFX] : 0 6RNRáRZVNL 5 %H]SLHF]H VWZR L KLJLHQD SUDF\ Z U]HPLR OH :6L3
:DUV]DZD
/HQNLHZLF]:0LFKQRZVNL=2PDWHULDáDFKEXGRZODQ\FK:6L36$
0DF6/HRZVNL-%H]SLHF]H VWZRLKLJLHQDSUDF\:6L3:DUV]DZD
0DUWLQHN:3LHQL HN-7HFKQRORJLDEXGRZQLFWZD&]:6L3:DUV]DZD
0DUWLQHN:6]\PD VNL(0XUDUVWZRLW\QNDUVWZR:6L3
0LUVNL-%XGRZQLFWZR]WHFKQRORJL &]:6L3:DUV]DZD
3DQDV-3UDFD]ELRURZD3RUDGQLNPDMVWUDEXGRZODQHJR$UNDG\:DUV]DZD
6]\PD VNL(0DWHULDáR]QDZVWZREXGRZODQH:6L3:DUV]DZD
8UEDQ/0XUDUVWZRLW\QNDUVWZR:6L3:DUV]DZD
:ROVNL=5RERW\PDODUVNLH:6L3:DUV]DZD
3ROVNLH1RUP\
31% ± :\PDJDQLD GRW\F] FH ]DSUDZ PXUDUVNLFK RJyOQHJR SU]H]QDF]HQLD
=DSUDZ\RRNUH ORQ\PVNáDG]LHPDWHULDáRZ\PZ\WZDU]DQHQDSODFXEXGRZ\
31%±7\QNLL]DSUDZ\EXGRZODQH6XFKHPLHV]DQNLW\QNDUVNLH
31%±&HPHQW\SRUWODQG]NLHSRZV]HFKQHJRX \WNX
31(1 ± &HPHQW &] ü 6NáDG Z\PDJDQLD L NU\WHULD ]JRGQR FL GRW\F] FH
FHPHQWyZSRZV]HFKQHJRX \WNX
31(1 8 3URMHNWRZDQLH SU]\JRWRZDQLH L ]DVWRVRZDQLH W\QNyZ
]HZQ WU]Q\FKLZHZQ WU]Q\FK±7\QNL]HZQ WU]QH