=Dá F]QLNE

























=DGDQLH



2SUDFRZDQLHVWDQGDUGyZNZDOLILNDFML]DZRGRZ\FKGODVSHFMDOQR FL]DZRGRZ\FK

Z\VW SXM F\FKZ36=

















=$:Ï'



/,'(5./8%835$&<













PDM







63,675( &,



,1)250$&-$2$8725$&+ 

:352:$'=(1,( 

6à2:1,.32- û 

 32'67$:<35$:1(:<.21<:$1,$=$:2'8

 6<17(7<&=1<23,6=$:2'8 

 67$12:,6.$35$&<

 =$'$1,$=$:2'2:( 

 &= 67.2:(.:$/,),.$&-(=$:2'2:(

 .25(/$&-$0, '=<=$'$1,$0,$6.à$'2:<0,.:$/,),.$&-$0,

=$:2'2:<0, 

 .:$/,),.$&-(321$'=$:2'2:(

 63(&<),.$&-$.:$/,),.$&-,2*Ï/12=$:2'2:<&+

32'67$:2:<&+,63(&-$/,67<&=1<&+'/$=$:2'8 







,QIRUPDFMDR$8725$&+





3URMHNW VWDQGDUGX NZDOLILNDFML ]DZRGRZ\FK GOD ]DZRGX OLGHU NOXEX SUDF\ ]RVWDá

RSUDFRZDQ\SU]H]]HVSyáDXWRUVNLZVNáDG]LH



± PJU=RILD6HSNRZVND±(NVSHUW.OXF]RZ\

àyG]NLH&HQWUXP'RVNRQDOHQLD1DXF]\FLHOLL.V]WDáFHQLD3UDNW\F]QHJR


:<.21$:&<
± PJULQ $QQD3UHLV

àyG]NLH&HQWUXP'RVNRQDOHQLD1DXF]\FLHOLLNV]WDáFHQLD3UDNW\F]QHJR



± PJU0DULDQQD%LHUQDFLN%DUWNLHZLF]

=HVSyá6]Nyá1UZ=JLHU]X





.2168/7$&-(





PJU(O ELHWD&]DUQXO
:RMHZyG]NL8U] G3UDF\ZàRG]L





23,1,$=(:1 75=1$

± 'HSDUWDPHQW5\QNX3UDF\Z0*L3

± PJU.DWDU]\QD6S\FKDM

3RZLDWRZ\8U] G3UDF\1UZàRG]L





















:352:$'=(1,(



&]áRQNRVWZR 3ROVNL Z 8QLL (XURSHMVNLHM RUD] QRZH UHJXODFMH SUDZQH Z\QLNDM FH

] XVWDZ\ ] GQLD  NZLHWQLD  U R SURPRFML ]DWUXGQLHQLD L LQVW\WXFMDFK U\QNX SUDF\

L]PLDQ\ZVWUXNWXU]HDGPLQLVWUDFMLU] GRZHMVSUDZLá\ H3ROVNLH6áX E\=DWUXGQLHQLD36=

VWDQ á\ZREOLF]XQRZ\FKZ\]ZD LXZDUXQNRZD QDGURG]HZáD FLZHMUHDOL]DFML]DGD 

=GUXJLHMVWURQ\±]áR RQDV\WXDFMDQDU\QNXSUDF\SRZRGXMH HZ]UDVWD]DUyZQROLF]ED

RVyE REM W\FK XVáXJDPL 36= MDN WH  OLF]ED L ]Uy QLFRZDQLH ]DGD  SRV]F]HJyOQ\FK JUXS

SUDFRZQLNyZW\FKVáX E

=PLHQLD VL  UyZQLH  ]DNUHV ZLDGF]RQ\FK XVáXJ JG\  JáyZQH NLHUXQNL NUDMRZHM SROLW\NL

]DWUXGQLHQLDZGX HMPLHU]HSRGSRU] GNRZDQHV ]DáR HQLRP(XURSHMVNLHM6WUDWHJLL=DWUXGQLHQLD

7HLZLHOHLQQ\FKSU]HVáDQHNVWDZLDM Z\PyJZ\SUDFRZDQLDV\VWHPRZ\FKUR]ZL ]D ZFHOX

SRGQRV]HQLD MDNR FL XVáXJ ZLDGF]RQ\FK SU]H] 36= RUD] UR]ZLMDQLD NRPSHWHQFML SUDFRZQLNyZ

QLH]E GQ\FKGR]DSHZQLHQLDWHMMDNR FLZZ\PLDU]HFRQDMPQLHMHXURSHMVNLP

3RGVWDZ GRVWZRU]HQLDRGSRZLHGQLHJRV\VWHPXUR]ZRMX]DVREyZOXG]NLFKZ36=WDN

MDNLZLQQ\FKREV]DUDFK]DZRGRZ\FKVWDQRZL VWDQGDUG\NZDOLILNDFML]DZRGRZ\FK3R]ZRO 

RQH QD OHSV]H SRZL ]DQLH FHOyZ L WUH FL NV]WDáFHQLD RUD]V]NROHQLD ]DZRGRZHJR ]SUDF 

]DZRGRZ DWDN H]DFKRZDQLHPRNUH ORQHMMDNR FLRIHURZDQ\FKIRUPV]NROHQLDQLH]DOH QLH

RGPLHMVFDMHJRUHDOL]DFML

:SURZDG]HQLH VWDQGDUGyZ NZDOLILNDFML ]DZRGRZ\FK GR V\VWHPX SUDZQHJR

LRUJDQL]DF\MQHJR VSU]\MD UyZQLH  SRGQLHVLHQLX SU]HMU]\VWR FL LMDNR FL SU]\JRWRZDQLD

]DZRGRZHJR RUD] SRUyZQ\ZDOQR FL ZLDGHFWZ LG\SORPyZ QD HXURSHMVNLP ZVSyOQ\P U\QNX

SUDF\ 6WDQGDUG\ NZDOLILNDFML ]DZRGRZ\FK PRJ  E\ü UyZQLH  Z\NRU]\VW\ZDQH SU]H] VDP\FK

SUDFRGDZFyZ FKRFLD E\ Z ]DNUHVLH ZDUWR FLRZDQLD SUDF\ OXE Z SURFHVLH GRELHUDQLD

RGSRZLHGQLFKSUDFRZQLNyZGRSRZLHU]DQ\FK]DGD QDSRV]F]HJyOQ\FKVWDQRZLVNDFKSUDF\



: 3ROVFH SURFHV WZRU]HQLD V\VWHPX EXGRZ\ VWDQGDUGyZ NZDOLILNDFML ]DZRGRZ\FK

UR]SRF] áVL ZURNXLZRNUHVLHGRNR FDURNXRSUDFRZDQRá F]QLHVWDQGDUGyZ

NZDOLILNDFML ]DZRGRZ\FK Z W\P GZD ] REV]DUX 36= GOD SR UHGQLND SUDF\ RUD] GOD GRUDGF\

]DZRGRZHJR3RGNUH OLüMHGQDNQDOH \ HE\á\WRSUDFHSLORWD RZHDZ\SUDFRZDQHVWDQGDUG\

RGQRVLá\VL GRSUDFZ\NRQ\ZDQ\FKZZ\PLHQLRQ\FK]DZRGDFKWDNZVáX EDFKSXEOLF]Q\FKMDN

LSU\ZDWQ\FKDJHQFMDFKSR UHGQLFWZDSUDF\LGRUDG]WZDSHUVRQDOQHJR

%LRU FSRGXZDJ ]PLDQ\RNWyU\FKZVSRPQLDQRSRZ\ HMDV]F]HJyOQLHQRZHSRGVWDZ\

SUDZQH IXQNFMRQRZDQLD 36= ]GHF\GRZDQR R SRWU]HELH ]ZHU\ILNRZDQLD ZF]H QLHM

RSUDFRZDQ\FK VWDQGDUGyZ RUD] RSUDFRZDQLD QRZ\FK ± GOD SR]RVWDá\FK F]WHUHFK JUXS

SUDFRZQLF]\FK Z\V]F]HJyOQLRQ\FK Z UR]G]LDOH  XVWDZ\ R SURPRFML ]DWUXGQLHQLD

LLQVW\WXFMDFKU\QNXSUDF\

v VSHFMDOLVWDGVUR]ZRMX]DZRGRZHJR

v VSHFMDOLVWDGVSURJUDPyZ

v OLGHUNOXEXSUDF\

v SUDFRZQLNNUDMRZHMVLHFL(85(6



1LQLHMV]\VWDQGDUGRSUDFRZDQ\]RVWDáGOD]DZRGXOLGHUNOXEXSUDF\













6à2:1,.32- û



67$1'$5'

.:$/,),.$&-,

=$:2'2:<&+

± 1RUPDPLQLPDOQ\FKZ\PDJD NZDOLILNDF\MQ\FKGOD]DZRGXRNUH ORQHJR

ZNODV\ILNDFML]DZRGyZLVSHFMDOQR FLDNFHSWRZDQDSU]H]SU]HGVWDZLFLHOL

NOXF]RZ\FKSDUWQHUyZVSRáHF]Q\FKSDUW\F\SXM F\FKZJRVSRGDUFHLU\QNX

SUDF\]DWZLHUG]RQDSU]H]PLQLVWUDGVSUDF\SRGDQDZXNáDG]LHSL FLX

SR]LRPyZNZDOLILNDFML]Z\RGU EQLHQLHPW\SRZ\FK]DGD ]DZRGRZ\FK

LW\SRZ\FKVWDQRZLVNSUDF\6WDQGDUG]DZLHUDZ\V]F]HJyOQLHQLH

ƒ NZDOLILNDFMLVNáDGRZ\FK

ƒ NZDOLILNDFMLSRQDG]DZRGRZ\FK

ƒ NZDOLILNDFMLZVSyOQ\FKGOD]DZRGXRJyOQR]DZRGRZ\FK

ƒ NZDOLILNDFMLSRGVWDZRZ\FKGOD]DZRGX

ƒ NZDOLILNDFMLVSHFMDOLVW\F]Q\FKGOD]DZRGX

=$:Ï'

± =ELyU]DGD ]DZRGRZ\FKZ\RGU EQLRQ\FKZZ\QLNXVSRáHF]QHJRSRG]LDáX

SUDF\Z\PDJDM F\FKRGSUDFRZQLNDRGSRZLHGQLFKNZDOLILNDFML

]DZRGRZ\FK7RZDU]\V]\LP]ELyUVNáDGRZ\FKNZDOLILNDFML]DZRGRZ\FK

NWyUHUD]HPGDM SHáQHNZDOLILNDFMHXSUDZQLDM FHGRZ\NRQ\ZDQLD]DZRGX

=$'$1,(

=$:2'2:(

± /RJLF]Q\Z\FLQHNOXEHWDSSUDF\ZUDPDFK]DZRGXRZ\UD QLHRNUH ORQ\P

SRF] WNXLNR FX8NáDGF]\QQR FL]DZRGRZ\FKSRZL ]DQ\MHGQ\PFHOHP

G]LDáDQLDNR F] F\VL RNUH ORQ\PZ\WZRUHPXVáXJ OXELVWRWQ GHF\]M 

=$'$1,$

7(&+12/2*,&=1(

:<.21$:&=(

± 'RW\F] PHWRGVWRVRZDQ\FKQDVWDQRZLVNXSUDF\LOXE]ZL ]DQHV 

]RNUH ORQDSURFHGXU 0RJ RGQRVLüVL ]DUyZQRGRSURFHVX

WHFKQRORJLF]QHJRWHFKQRORJLLZ\WZDU]DQLDMDNWH]GRVSRVREX

WHFKQRORJLL ZLDGF]HQLDXVáXJSRVW SRZDQLDZHGáXJRNUH ORQ\FK]DVDG

LSURFHGXU

=$'$1,$

25*$1,=$&<-1(

± 'RW\F] RUJDQL]DFMLLSODQRZDQLDSUDF\QDZáDVQ\PVWDQRZLVNXZUHODFML]H

VWDQRZLVNDPLZVSyáSUDFXM F\PLà F] ]DNUHV\SUDF]]DNUHVDPL

RGSRZLHG]LDOQR FL

=$'$1,$

.,(52:$1,$

,:63Ïà35$&<

± 'RW\F] ZVSyáSUDF\Z]HVSROHSUDFRZQLF]\PNLHURZDQLD]HVSRáHP

RUJDQL]RZDQLDSUDF\]HVSRáXZVSyáSUDF\]SU]HáR RQ\PLNRRSHUDQWDPL

LRWRF]HQLHPSU]HGVL ELRUVWZD

=$'$1,$.21752/,

,2&(1<-$.2 &,

± 'RW\F] VDPRNRQWUROLZ\NRQDQ\FKSUDFOXE ZLDGF]RQ\FKXVáXJ

NRQWURORZDQLDSUDF\SRGOHJá\FKSUDFRZQLNyZRFHQ\MDNR FLZ\UREyZ

LXVáXJRERZL ]NyZ]ZL ]DQ\FK]SURFHGXUDPLV\VWHPX]DSHZQLDQLD

MDNR FLZMHGQRVWFHRUJDQL]DF\MQHM

.:$/,),.$&-(

=$:2'2:(

± 8NáDGXPLHM WQR FLZLDGRPR FLLFHFKSV\FKRIL]\F]Q\FKQLH]E GQ\FKGR

Z\NRQ\ZDQLD]HVWDZX]DGD ]DZRGRZ\FK

3(à1(.:$/,),.$&-(

=$:2'2:(

± =ELyUVNáDGRZ\FKNZDOLILNDFML]DZRGRZ\FK

6.à$'2:(

.:$/,),.$&-(

=$:2'2:(

± -HGHQREV]DUNZDOLILNDFMLZFKRG] F\FKZVNáDG]ELRUXSHáQ\FKNZDOLILNDFML

]DZRGRZ\FK8NáDGXPLHM WQR FLZLDGRPR FLLFHFKSV\FKRIL]\F]Q\FK

QLH]E GQ\FKGRZ\NRQ\ZDQLDZ\FLQND]DZRGXF]\OLMHGQHJROXENLONX

SRNUHZQ\FK]DGD ]DZRGRZ\FKZFKRG] F\FKZVNáDG]DZRGX

3RWZLHUG]HQLHSRVLDGDQLDZV]\VWNLFKNZDOLILNDFMLVNáDGRZ\FKZ]DZRG]LH

MHVWSRGVWDZ GRX]QDQLDSUDZDSUDFRZQLNDGRZ\NRQ\ZDQLD]DZRGX

.:$/,),.$&-(
321$'=$:2'2:(

± 8NáDGXPLHM WQR FLZLDGRPR FLLFHFK\SV\FKRIL]\F]Q\FKZVSyOQ\FKGOD

EUDQ \JRVSRGDUNLGRNWyUHMQDOH \]DZyGSRGGDQ\VWDQGDU\]DFML6 WRWH

NZDOLILNDFMHNWyUHWZRU] SRGVWDZ PRELOQR FL]DWUXGQLHQLRZHMSUDFRZQLND

QDU\QNXSUDF\ZQDMEOL V]\PREV]DU]H]DZRGRZ\P]GHILQLRZDQ\PMDNR

]ELyU]DZRGyZSRNUHZQ\FK

.:$/,),.$&-(

2*Ï/12=$:2'2:(

:63Ï/1('/$

.:$/,),.$&-,

6.à$'2:<&+



± 8NáDGXPLHM WQR FLZLDGRPR FLLFHFKSV\FKRIL]\F]Q\FKNWyU\ZDUXQNXMH

Z\NRQ\ZDQLHW\SRZ\FK]DGD ]DZRGRZ\FKZRNUH ORQ\P]DZRG]LH

8NáDGWHQMHVWZVSyOQ\GODZV]\VWNLFKNZDOLILNDFMLVNáDGRZ\FK

Z\RGU EQLRQ\FKZVWDQGDUG]LHGOD]DZRGX





.:$/,),.$&-(

32'67$:2:(

'/$=$:2'8

± 8NáDGXPLHM WQR FLZLDGRPR FLLFHFKSV\FKRIL]\F]Q\FKNWyU\XPR OLZLD

HIHNW\ZQHZ\NRQ\ZDQLH]DGD ]DZRGRZ\FKFKDUDNWHU\VW\F]Q\FKGODMHGQHM

OXENLONXNZDOLILNDFMLVNáDGRZ\FKZ\RGU EQLRQ\FKGOD]DZRGX

.:$/,),.$&-(

63(&-$/,67<&=1(

± 6SHF\ILF]QHU]DG]LHMZ\VW SXM FHZ\PDJDQLDZ]DNUHVLHXPLHM WQR FL

ZLDGRPR FLLFHFKSV\FKRIL]\F]Q\FKXPR OLZLDM F\FKZ\NRQ\ZDQLH

Z\VSHFMDOL]RZDQ\FK]DGD LSHáQLHQLHQLHW\SRZ\FKIXQNFML]DZRGRZ\FK

32=,20<

.:$/,),.$&-,

=$:2'2:<&+

± 6 KLHUDUFKLF]Q\PXNáDGHPNZDOLILNDFMLRG]ZLHUFLHGODM F\PVWRSLH 

]áR RQR FLRGSRZLHG]LDOQR FLLWUXGQR FL]DGD ]DZRGRZ\FKL]ZL ]DQ\FK

]QLPLZ\PDJD NZDOLILNDF\MQ\FK0RJ VáX \üGRZDUWR FLRZDQLDSUDF\

EXGRZDQLDKLHUDUFKLLSUDFRZQLNyZRNUH ODQLD]DNUHVyZRGSRZLHG]LDOQR FL

GHILQLRZDQLDSR]LRPyZNV]WDáFHQLDLWS

3R]LRP

± .ZDOLILNDFMHQLH]E GQHGRZ\NRQ\ZDQLDSURVW\FKUXW\QRZ\FK]DGD 

Z\NRQ\ZDQ\FKSRGNLHUXQNLHPSU]HáR RQHJRVWDQRZL F\FKSRGVWDZ GR

GDOV]\FKEDUG]LHMVSHFMDOLVW\F]Q\FKG]LDáD 

3R]LRP

± .ZDOLILNDFMHQLH]E GQHGRZ\NRQ\ZDQLD]DGD ZV\WXDFMDFKW\SRZ\FK

1LHNWyUH]DGDQLDPRJ E\üEDUG]LHM]áR RQHLZ\PDJDüG]LDáD 

VDPRG]LHOQ\FKFKDUDNWHU\]XM F\FKVL LQG\ZLGXDOQ RGSRZLHG]LDOQR FL 

:\PDJDQDPR HE\üUyZQLH XPLHM WQR üSUDF\Z]HVSROH

3R]LRP

± .ZDOLILNDFMHQLH]E GQHGRZ\NRQ\ZDQLD]DGD ]áR RQ\FK]DUyZQR

ZZDUXQNDFKW\SRZ\FKMDNLSUREOHPRZ\FK=DGDQLDFKDUDNWHU\]XM VL 

Uy QRURGQR FL Z\NRQ\ZDQ\FKF]\QQR FLZ\PDJDM VDPRG]LHOQR FLL

RGSRZLHG]LDOQR FL'RW\F]\üPRJ UyZQLH XPLHM WQR FLNLHURZDQLDSUDF 

LQQ\FKRVyE

3R]LRP

± .ZDOLILNDFMHQLH]E GQHGRZ\NRQ\ZDQLDZLHOXUy QRURGQ\FK

VNRPSOLNRZDQ\FK]DGD RFKDUDNWHU]HWHFKQLF]Q\PRUJDQL]DF\MQ\POXE

VSHFMDOLVW\F]Q\PGODGDQHJRREV]DUXG]LDáDOQR FL]DZRGRZHM=DGDQLD

Z\PDJDM Z\VRNLHMRVRELVWHMRGSRZLHG]LDOQR FLLVDPRG]LHOQR FLMDN

UyZQLH XPLHM WQR FLNLHURZDQLD]HVSRáHPSUDFRZQLNyZ

3R]LRP

± .ZDOLILNDFMHQLH]E GQHGRZ\NRQ\ZDQLD]áR RQ\FK]DGD F] VWR

ZV\WXDFMDFKSUREOHPRZ\FKZ\PDJDM F\FKSRGHMPRZDQLDGHF\]MLR

]QDF]HQLXVWUDWHJLF]Q\PGODRUJDQL]DFML=DGDQLHWH]ZL ]DQHV ]SHáQ 

RGSRZLHG]LDOQR FL ]DSUDF LUR]ZyMLQQ\FKRVyEDWDN HZ\PDJDM 

XPLHM WQR FLGLDJQR]RZDQLDDQDOL]RZDQLDSURJQR]RZDQLDSODQRZDQLDRUD]

ZGUD DQLDQRZ\FKSRP\VáyZGRSUDNW\NLJRVSRGDUF]HMLVSRáHF]QHM

80,(- 712 û

=$:2'2:$

± =GROQR üGRZ\NRQDQLDF]\QQR FLSURZDG] F\FKGR]UHDOL]RZDQLD]DGDQLD

OXEIUDJPHQWX]DGDQLD]DZRGRZHJR

&=<112 &,

=$:2'2:(

± ']LDáDQLDSRGHMPRZDQHZUDPDFK]DGDQLD]DZRGRZHJRLGDM FHHIHNW

ZSRVWDFLUHDOL]DFMLFHOXSU]HZLG]LDQHJRZ]DGDQLX]DZRGRZ\P&]\QQR FL

PRJ PLHüFKDUDNWHUPRWRU\F]Q\OXELQWHOHNWXDOQ\

:,$'202 &,

± =HVWDZLQIRUPDFMLLSURFHGXUG]LDáDQLDQLH]E GQ\FKGRZ\NRQ\ZDQLD

RNUH ORQ\FKF]\QQR FL]DZRGRZ\FK6WDQRZL QLH]E GQ\HOHPHQW

NV]WDáWRZDQLDXPLHM WQR FL]DZRGRZ\FKLV MHGQ\P]SRGVWDZRZ\FK

VNáDGQLNyZZLHG]\]DZRGRZHM

&(&+<

36<&+2),=<&=1(

± :URG]RQHOXEQDE\WHFHFK\RVRERZR FLWDOHQWXFKDUDNWHUXRUD]VSUDZQR FL

SRVáXJLZDQLDVL FLDáHPL]P\VáDPL]ZáDV]F]DNR F]\QDPLLUHFHSWRUDPL

Z]URNXVáXFKXGRW\NXVPDNXLWSQLH]E GQHGRSUDZLGáRZHJRL

VNXWHF]QHJRZ\NRQ\ZDQLD]DGD ]DZRGRZ\FK

67$12:,6.235$&<

± 1DMPQLHMV]DMHGQRVWNDRUJDQL]DF\MQDSU]HGVL ELRUVWZDPLHMVFHSUDF\F] ü

SRZLHU]FKQLSURGXNF\MQHMOXEXVáXJRZHM]DMPRZDQHMOXEREVáXJLZDQHMSU]H]

SUDFRZQLNDZFHOXZ\NRQ\ZDQLDSRZLHU]RQHMPXSUDF\±]DGD 

]DZRGRZ\FK





32'67$:<35$:1(:<.21<:$1,$=$:2'8



3U]HSLV\RJyOQH



 867$:$]GQLDNZLHWQLDURSURPRFML]DWUXGQLHQLDLLQVW\WXFMDFKU\QNXSUDF\

']81U]USR]



 6]F]HJyáRZH ]DVDG\ SURZDG]HQLD SR UHGQLFWZD SUDF\ SRUDGQLFWZD ]DZRGRZHJR

RUJDQL]RZDQLD V]NROH  EH]URERWQ\FK WZRU]HQLD ]DSOHF]D PHWRG\F]QHJR GOD SRWU]HE

LQIRUPDFML ]DZRGRZHM L SRUDGQLFWZD ]DZRGRZHJR RUD] RUJDQL]RZDQLD L ILQDQVRZDQLD

NOXEyZSUDF\']8]GQLD



 867$:$]GQLDVLHUSQLDURRFKURQLHGDQ\FKRVRERZ\FK']8]1U

SR]']8]1USR]']8]U1USR]']8]U

1USR]




,QQHSRGVWDZ\
 6WDQGDUGXVáXJLÄ3RPRFZDNW\ZQ\PSRV]XNLZDQLXSUDF\6WDQGDUG\XVáXJU\QNXSUDF\

,PSURYLQJ 4XDOLW\ RI (PSOR\PHQW 3URPRWLRQ 6HUYLFHV 3KDUH 3URMHFW 3ROVND $JHQFMD

5R]ZRMX3U]HGVL ELRUF]R FL:DUV]DZD



















6<17(7<&=1<23,6=$:2'8



/LGHUNOXEXSUDF\Z\NRQXMHLNRRUG\QXMH]DGDQLD]ZL ]DQH]

 SU]\JRWRZDQLHP RVyE EH]URERWQ\FK L ]DJUR RQ\FK XWUDW  SUDF\ GR NRQWDNWyZ

]SRWHQFMDOQ\PSUDFRGDZF 

 RUJDQL]DFM LSURZDG]HQLHPV]NROH ]]DNUHVXXPLHM WQR FLDNW\ZQHJRSRV]XNLZDQLD

SUDF\

 PRW\ZRZDQLHPGRDNW\ZQHJRSRV]XNLZDQLDSUDF\

 ZVSyáSUDF ]LQVW\WXFMDPLZVSLHUDM F\PLSURFHVSRV]XNLZDQLDSUDF\

 DQDOL] GDQ\FKVáX F\FKHZDOXDFMLVWUDWHJLLG]LDáD OLGHUD

/LGHU NOXEX SUDF\ PR H E\ü ]DWUXGQLRQ\ Z 383 :83 2+3 DJHQFMDFK ]DWUXGQLHQLD

LQVW\WXFMDFK V]NROHQLRZ\FK L V]NRáDFK RUD] LQVW\WXFMDFK GLDORJX VSRáHF]QHJR



-HVW

SUDFRZQLNLHP VDPRG]LHOQ\P ZVSyáSUDFXM F\P ]ZáDV]F]D ] SR UHGQLNLHP SUDF\ GRUDGF 

]DZRGRZ\PVSHFMDOLVW GVUR]ZRMX]DZRGRZHJRVSHFMDOLVW GV(85(6



=DNUHV MHJR RGSRZLHG]LDOQR FL PR H GRW\F]\ü ]DUyZQR ]DGD  RUJDQL]DF\MQ\FK MDN

LNLHURZDQLDZVSyáSUDF\LNRQWUROLMDNR FL

: F]DVLH Z\NRQ\ZDQLD ]DGD  ZVSyáSUDFXMH ] LQVW\WXFMDPL ZVSLHUDM F\PL EH]URERWQ\FK

L]DJUR RQ\FKXWUDW SUDF\

=H Z]JO GX QD WR H SUDFD Z W\P ]DZRG]LH ]ZL ]DQD MHVW ] EH]SR UHGQLPL NRQWDNWDPL

]ZLHORPDRVREDPLGRSR GDQ\FKFHFKSV\FKRIL]\F]Q\FK]DOLF]DVL áDWZR üQDZL ]\ZDQLD

NRQWDNWyZVSUDZQHZ\SRZLDGDQLHVL ZPRZLHLSL PLHSUHF\]MDLORJLF]QR üZ\SRZLHG]L

]GROQR ü NRQFHQWUDFML XZDJL XPLHM WQR ü XZD QHJR VáXFKDQLD L NODV\ILNRZDQLD LQIRUPDFML

3UDFD]JUXS OXG]LZ\PDJDFLHUSOLZR FLRSDQRZDQLDLXPLHM WQR FLV]\ENLHJRGRVWRVRZDQLD

GRQRZ\FKV\WXDFML

&KDUDNWHUSUDF\Z\PDJDSRQDGWR

 GX HMLQWHOLJHQFMLHPRFMRQDOQHM

 RGSRZLHG]LDOQR FL

 KDUPRQLMQHJRZVSyáG]LDáDQLD]LQQ\PL

 GX HMVDPRG]LHOQR FL

 ]QDMRPR FLWHFKQLNSUDF\]JUXS V]NROHQLRZ 

 XPLHM WQR FL]DSODQRZDQLDL]RUJDQL]RZDQLDZáDVQHMSUDF\









67$12:,6.$35$&<

7DEHOD3U]\SRU] GNRZDQLHVWDQRZLVNSUDF\GRSR]LRPyZNZDOLILNDFML]DZRGRZ\FK

3R]LRP

NZDOLILNDFML

]DZRGRZ\FK



7\SRZHVWDQRZLVNDSUDF\



8:$*,

















OLGHUNOXEXSUDF\











 






6]F]HJyOQHZ\PDJDQLDGRW\F] FHVWDQRZLVNDOLGHUDNOXEXSUDF\



/LGHUHPNOXEXSUDF\PR H]RVWDüRVREDNWyUD

 SRVLDGDSHáQ ]GROQR üGRF]\QQR FLSUDZQ\FK

 QLHE\áDNDUDQD

 SRVLDGDFRQDMPQLHM UHGQLHZ\NV]WDáFHQLH

 Z\NRQ\ZDáD]DGDQLDZ]DNUHVLHDNW\ZQHJRSRV]XNLZDQLDSUDF\SU]H]FRQDMPQLHM

PLHVL F\ Z SXEOLF]Q\FK VáX EDFK ]DWUXGQLHQLD Z 2FKRWQLF]\FK +XIFDFK 3UDF\ OXE

XNR F]\áD V]NROHQLH SU]\JRWRZXM FH GR Z\NRQ\ZDQLD ]DGD  SROHJDM F\FK QD

XG]LHODQLX SRPRF\ Z ]DNUHVLH DNW\ZQHJR SRV]XNLZDQLD SUDF\ SRWZLHUG]RQH

RGSRZLHGQLPLGRNXPHQWDPL

 SRVLDGD RE\ZDWHOVWZR SROVNLH OXE Z\ND H VL  ]QDMRPR FL  M ]\ND SROVNLHJR

Z\VWDUF]DM F GRZ\NRQ\ZDQLD]DGD 





=$'$1,$=$:2'2:(



=.V]WDáWRZDQLHXPLHM WQR FLSRVWU]HJDQLD]PLDQQDU\QNXSUDF\
=.V]WDáWRZDQLHXPLHM WQR FLSRSUDZQHJRUHGDJRZDQLDSLVPLGRNXPHQWyZ

WRZDU]\V] F\FKSURFHVRZLSRV]XNLZDQLDSUDF\

=3U]\JRWRZDQLHGRUR]PRZ\NZDOLILNDF\MQHM]SRWHQFMDOQ\PSUDFRGDZF 
=2UJDQL]RZDQLHLSURZDG]HQLHV]NROH ]]DNUHVXXPLHM WQR FLDNW\ZQHJRSRV]XNLZDQLD

SUDF\

=3URZDG]HQLH]DM üDNW\ZL]DF\MQ\FKZ]DNUHVLHZ]PDFQLDQLDSRF]XFLDZáDVQHMZDUWR FL

XRVyEEH]URERWQ\FKSRV]XNXM F\FKSUDF\L]DJUR RQ\FKXWUDW SUDF\

=:VSyáSUDFD]LQVW\WXFMDPLZVSRPDJDM F\PLSURFHVSRV]XNLZDQLDSUDF\
=%DGDQLHMDNR FLZ\NRQDQHMXVáXJL






6.à$'2:(.:$/,),.$&-(=$:2'2:(



. 3U]\JRWRZDQLH RVyE EH]URERWQ\FK L ]DJUR RQ\FK XWUDW  SUDF\ GR NRQWDNWyZ

]SRWHQFMDOQ\PSUDFRGDZF 



.0RW\ZRZDQLHGRDNW\ZQHJRSRV]XNLZDQLDSUDF\OXEVDPR]DWUXGQLHQLD
.3U]\JRWRZDQLHGRVDPRG]LHOQHJRSRV]XNLZDQLDSUDF\OXEVDPR]DWUXGQLHQLD
.8G]LHODQLHSRPRF\ZGRVW SLHGR UyGHáLQIRUPDFMLVáX F\FKNV]WDáWRZDQLXXPLHM WQR FL

SRV]XNLZDQLDSUDF\



.'RVNRQDOHQLHMDNR FL ZLDGF]RQ\FKXVáXJ





.25(/$&-$0, '=<=$'$1,$0,$6.à$'2:<0,

.:$/,),.$&-$0,=$:2'2:<0,



7DEHOD.RUHODFMDPL G]\]DGDQLDPL]DZRGRZ\PLDNZDOLILNDFMDPL]DZRGRZ\PL

=DGDQLD]DZRGRZH

.

.

.

.

.

=

;

;

;

;

;

=

;



;





=

;



;





=



;

;





=



;

;





=

;

;

;

;



=

;

;

;

;

;







.:$/,),.$&-(321$'=$:2'2:(

7DEHOD3U]\SRU] GNRZDQLHNZDOLILNDFMLSRQDG]DZRGRZ\FKGRSR]LRPyZNZDOLILNDFML

3R]LRP

NZDOLILNDFML

]DZRGRZ\FK

.ZDOLILNDFMHSRQDG]DZRGRZH

80,(- 712 &,











±

2UJDQL]XMHVZRMHVWDQRZLVNRSUDF\

±

8VWDOD]DVDG\RERZL ]XM FHZSUDF\]HVSRáX

±

'RVNRQDOLUHODFMHPL G]\OXG]NLHZ]HVSROH

±

5R]ZL ]XMHSUREOHP\LSRGHMPXMHGHF\]MH

±

.LHUXMHSURFHVHPJUXSRZHJRLLQG\ZLGXDOQHJRSRGHMPRZDQLDGHF\]ML









:,$'202 &,











±

=DVDG\RUJDQL]DFMLVWDQRZLVNDSUDF\

±

3U]HSLV\%+3Z]DNUHVLHRUJDQL]DFMLVWDQRZLVNSUDF\

±

=DVDG\LWHFKQLNLNRPXQLNDFMLLQWHUSHUVRQDOQHM

±

3RGVWDZRZHSUDZDDVHUW\ZQR FL

±

&HFK\]HVSRáX

±

3URFHVGHF\]\MQ\

±

7HFKQLNL]HVSRáRZHJRUR]ZL ]\ZDQLDSUREOHPyZ

±

,VWRWDWZyUF]HJRP\ OHQLD









&(&+<36<&+2),=<&=1(











± 6SRVWU]HJDZF]R ü

± 5R]XPRZDQLHORJLF]QH

± 6DPRNRQWUROD

± (PSDWLD

± $VHUW\ZQR ü

± 8PLHM WQR üZVSyáG]LDáDQLD

± .RPXQLNDW\ZQR ü

± :\WUZDáR ü

± &LHUSOLZR ü

± 'RNáDGQR ü

± 3XQNWXDOQR ü

± =GROQR üNRQFHQWUDFMLXZDJL

± :\REUD QLDLWZyUF]HP\ OHQLH









QLH]LGHQW\ILNRZDQRZEDGDQLDFK

63(&<),.$&-$.:$/,),.$&-,2*Ï/12=$:2'2:<&+32'67$:2:<&+

,63(&-$/,67<&=1<&+'/$=$:2'8



.ZDOLILNDFMHQDSR]LRPLHZ\ V]\P]DZLHUDM NZDOLILNDFMH]SR]LRPyZQL V]\FK

,32=,20.:$/,),.$&-,=$:2'2:<&+









7DEHOD

5RG]DMNZDOLILNDFML]DZRGRZ\FK

:\PDJDQLD

NZDOLILNDF\MQH

2JyOQR]DZRGRZH

3RGVWDZRZHGOD]DZRGX

6SHFMDOLVW\F]QHGOD]DZRGX

8PLHM WQR FL







:LDGRPR FL







&HFK\

SV\FKRIL]\F]QH














,,32=,20.:$/,),.$&-,=$:2'2:<&+





7DEHOD

5RG]DMNZDOLILNDFML]DZRGRZ\FK

:\PDJDQLD

NZDOLILNDF\MQH

2JyOQR]DZRGRZH

3RGVWDZRZHGOD]DZRGX

6SHFMDOLVW\F]QHGOD]DZRGX

8PLHM WQR FL







:LDGRPR FL







&HFK\

SV\FKRIL]\F]QH

















1LH]LGHQW\ILNRZDQRZEDGDQLDFK





,,,32=,20.:$/,),.$&-,=$:2'2:<&+



7DEHOD

5RG]DMNZDOLILNDFML]DZRGRZ\FK

:\PDJDQLD

NZDOLILNDF\MQH

2JyOQR]DZRGRZH

3RGVWDZRZHGOD]DZRGX

6SHFMDOLVW\F]QHGOD]DZRGX

8PLHM WQR FL











































































±

:\V]XNXMH L DQDOL]XMH LQIRUPDFMH

RU\QNXSUDF\

±

5R]SR]QDMH LQVW\WXFMH U\QNX SUDF\

ZVSRPDJDM FHSURFHVSRV]XNLZDQLD

]DWUXGQLHQLD

±

1DZL ]XMH L SRGWU]\PXMH NRQWDNW\

]

SUDFRZQLNDPL

36=

RUD]

SUDFRZQLNDPL LQQ\FK LQVW\WXFML

U\QNXSUDF\

±

(IHNW\ZQLH NRPXQLNXMH VL  ]

NOLHQWHP

±

5R]Uy QLD VSRVRE\ QDZL ]\ZDQLD

VWRVXQNXSUDF\

± 3URZDG]LGRNXPHQWDFM NOXEX

SUDF\

±

5R]Uy QLDLFKDUDNWHU\]XMHJUXS\

]DZRGyZL]DZRG\



±

:\NRU]\VWXMH LQIRUPDFMH R U\QNX SUDF\ GOD SRWU]HE SODQRZDQLD NDULHU\

]DZRGRZHMRVyEEH]URERWQ\FKLSRV]XNXM F\FKSUDF\..

± 5R]SR]QDMHSRWU]HE\LRF]HNLZDQLDEH]URERWQ\FKZ]DNUHVLHDNW\ZQHJR

SRV]XNLZDQLDSUDF\..

± .LHUXMHSURFHVHPVDPRSR]QDQLD..

± :VSLHUDZRSUDFRZDQLX,QG\ZLGXDOQHJR3ODQX']LDáDQLD.

± 'LDJQR]XMHPRFQHLVáDEHVWURQ\SRVLDGDQ\FKNZDOLILNDFMLLSUHG\VSR]\FML

]DZRGRZ\FK..

± $QDOL]XMHGRW\FKF]DVRZHGR ZLDGF]HQLD]DZRGRZH..

± )RUPXáXMHFHOHLSUHIHUHQFMH]DZRGRZH..

±

6SRU] G]D]HVWDZLHQLDGR ZLDGF]H LXPLHM WQR FLNOLHQWD.

± :\Uy QLDQLDF]\QQLNLPDM FHZSá\ZQDSURFHVGHF\]\MQ\..

± 2SUDFRZXMHSURJUDPV]NROHQLDZ]DNUHVLHDNW\ZQHJRSRV]XNLZDQLDSUDF\

..

± 3URMHNWXMHRUJDQL]DFM ]DM üG\GDNW\F]Q\FK..

± 3U]\JRWRZXMHPDWHULDá\ZVSLHUDM FHRUJDQL]DFM SURFHVXV]NROHQLD.

± 'RELHUDPHWRG\DNW\ZL]XM FHEH]URERWQ\FKZSURFHVLHV]NROHQLD

LSRV]XNLZDQLDSUDF\..

± 2UJDQL]XMHED] XPR OLZLDM F SU]HSURZDG]HQLHV]NROHQLD.

±

.LHUXMHSUDF JUXS\WUHQLQJRZHM...

±

)RUPXáXMHRJáRV]HQLDGRUy Q\FKPHGLyZZSRVWDFLRIHUWSUDF\..

±

5HGDJXMH&XUULFXOXP9LWDH..

±

5HGDJXMHOLVWLQWHQF\MQ\LPRW\ZDF\MQ\..



±

:VND]XMH UyGáDLQIRUPDFMLRSRWHQFMDOQ\PSUDFRGDZF\RUD]]DNUHVLH]DGD 

Z\NRQ\ZDQ\FKQDGDQ\PVWDQRZLVNX..

±

,GHQW\ILNXMH SRWU]HE\ L Z\PDJDQLD SUDFRGDZFyZ ZREHF SRWHQFMDOQ\FK

SUDFRZQLNyZ..

±

5R]Uy QLDLFKDUDNWHU\]XMHVSRVRE\QDZL ]\ZDQLDNRQWDNWX]SRWHQFMDOQ\P

SUDFRGDZF .

±

3U]\JRWRZXMH GR UR]PRZ\ NZDOLILNDF\MQHM ] SRWHQFMDOQ\P SUDFRGDZF 

..

±

6\PXOXMH SU]HELHJ UR]PRZ\ NZDOLILNDF\MQHM ] SRWHQFMDOQ\P SUDFRGDZF 

.

±

0RQLWRUXMH

SU]HELHJ

XVáXJL

GRW\F] FHMDNW\ZL]RZDQLD NOLHQWD

Z SURFHVLH SRV]XNLZDQLD SUDF\

..

±

$QDOL]XMH MDNR ü Z\NRQDQLD

XVáXJL.

±

%DGDVWRSLH ]DGRZROHQLD

NOLHQWyZ.

±

)RUPXáXMH ZQLRVNL L RFHQLD

Z\QLNLZ\NRQDQHMXVáXJL.







:LDGRPR FL











±

UyGáDLQIRUPDFMLRU\QNXSUDF\

±

3RGPLRW\ Z\VW SXM FH QD U\QNX

SUDF\



±

.U\WHULD DQDOL]\ GDQ\FK R U\QNX

SUDF\

±

$JHQFMH]DWUXGQLHQLD

±

,QVW\WXFMHV]NROHQLRZH

±

,QVW\WXFMHGLDORJXVSRáHF]QHJR

±

=DGDQLD 2FKRWQLF]\FK +XIFyZ

3UDF\

±

=DNUHV ]DGD  L RERZL ]NyZ OLGHUD

NOXEXSUDF\

±

5HODFMH VáX ERZH PL G]\ OLGHUHP

NOXEXSUDF\DLQQ\PLSUDFRZQLNDPL

36=

±

7HFKQLNL

HIHNW\ZQHJR

NRPXQLNRZDQLDVL 

±

5RG]DMHXPyZRSUDF 

±

5RG]DMH

GRNXPHQWDFML

]

G]LDáDOQR FLNOXEXSUDF\

±

3URFHGXU\

SURZDG]HQLD

GRNXPHQWDFMLNOXEXSUDF\

±

&KDUDNWHU\VW\NL]DZRGyZ



±

=PLDQ\QDU\QNXSUDF\MDNRVW\PXODWRUSODQRZDQLDNDULHU\]DZRGRZHM.



±

UyGáD LQIRUPDFML R U\QNX SUDF\ ] XZ]JO GQLHQLHP HOHNWURQLF]Q\FK ED]

GDQ\FK.





+LHUDUFKLDGR ZLDGF]H LXPLHM WQR FL..





6WUXNWXUD,QG\ZLGXDOQHJR3ODQX']LDáDQLDRUD]]DVDG\MHJRRSUDFRZDQLD

.





=DVDG\UHGDJRZDQLDRIHUW\SUDF\..





=DVDG\GRNRQ\ZDQLDVHOHNFMLSUDFRZQLNyZ.





=DVDG\UHGDNFML&XUULFXOXP9LWDH.





=DVDG\VSRU] G]DQLDOLVWXLQWHQF\MQHJRLPRW\ZDF\MQHJR.





&]\QQR FLSRSU]HG]DM F UR]PRZ NZDOLILNDF\MQ ..

.





=DVDG\SURZDG]HQLDUR]PRZ\WHOHIRQLF]QHM..





6SRVRE\SURZDG]HQLDUR]PRZ\EH]SR UHGQLHM]SUDFRGDZF ..





5RG]DMHS\WD VWDZLDQ\FKSRGF]DVUR]PRZ\NZDOLILNDF\MQHM.





3U]HSLV\SUDZQHGRW\F] FH]DWUXGQLDQLDL]ZDOQLDQLDSUDFRZQLNyZ.

 6SRVRE\GLDJQR]RZDQLDRF]HNLZD EH]URERWQ\FK..

 =DVDG\SU]\JRWRZDQLDSURJUDPXV]NROHQLD...

 :\EUDQH]DJDGQLHQLDPHWRG\NLV]NROHQLDGRURVá\FK...

 .U\WHULDGRERUXPHWRGLWUH FLNV]WDáFHQLD...

 0DWHULDá\ZVSLHUDM FHRUJDQL]DFM V]NROHQLD.

 0HWRG\DNW\ZL]XM FHEH]URERWQ\FKZSURFHVLHV]NROHQLD.

 6SRVRE\LWHFKQLNLGLDJQR]RZDQLDPRFQ\FKLVáDE\FKVWURQ..

 =DVDG\HIHNW\ZQHJRNRPXQLNRZDQLDVL ..

 %DULHU\Z\VW SXM FHZSURFHVLHNRPXQLNRZDQLDVL ..

 5RG]DMHNRPXQLNDWyZLLFKSáDV]F]\]Q\..

 7HFKQLNLRNUH ODQLDFHOyZLSUHIHUHQFML]DZRGRZ\FK..

 5ROHSHáQLRQHZ]HVSROH]DGDQLRZ\P..

 &]\QQLNLPDM FHZSá\ZQDVDPRSR]QDQLHLSURFHVSUDF\JUXS\..

±

&]\QQLNLPDM FHZSá\ZQDSURFHVGHF\]\MQ\..



± 6SRVRE\ PLHU]HQLD HIHNW\ZQR FL

L MDNR FL ZLDGF]RQ\FK XVáXJ

.

± :VND QLNL ]DGRZROHQLD NOLHQWD

.

± :VND QLNLVáX FHEDGDQLXMDNR 

FLXVáXJLZ]DNUHVLHNV]WDáWRZDQLD

XPLHM WQR FL DNW\ZQHJR SRV]XNL

ZDQLDSUDF\.

± 3XQNW\NU\W\F]QHUHDOL]DFMLXVáXJL

...

±

0R OLZR FL ZGUD DQLD ]PLDQ

VNLHURZDQ\FK QD GRVNRQDOHQLH

MDNR FLXVáXJL.



















&HFK\

SV\FKRIL]\F]QH

 3RG]LHOQR üXZDJL

 'REUDSDPL ü

 àDWZR üZ\SRZLDGDQLDVL 

ZPRZLHLSL PLH

 8PLHM WQR üSRGHMPRZDQLD

V]\ENLFKLWUDIQ\FKGHF\]ML

 6DPRG]LHOQR ü

 (ODVW\F]QR üZG]LDáDQLX

±

=GROQR FLNLHURZQLF]H
























± 7ROHUDQFMD

± =GROQR üSU]HNRQ\ZDQLD

±

2GSRZLHG]LDOQR ü



± =GROQR üSU]HNRQ\ZDQLD








±QLH]LGHQW\ILNRZDQRZEDGDQLDFK





,932=,20.:$/,),.$&-,=$:2'2:<&+





7DEHOD

5RG]DMNZDOLILNDFML]DZRGRZ\FK

:\PDJDQLD

NZDOLILNDF\MQH

2JyOQR]DZRGRZH

3RGVWDZRZHGOD]DZRGX

6SHFMDOLVW\F]QHGOD]DZRGX

8PLHM WQR FL









:LDGRPR FL









&HFK\

SV\FKRIL]\F]QH










932=,20.:$/,),.$&-,=$:2'2:<&+





7DEHOD

5RG]DMNZDOLILNDFML]DZRGRZ\FK

:\PDJDQLD

NZDOLILNDF\MQH

2JyOQR]DZRGRZH

3RGVWDZRZHGOD]DZRGX

6SHFMDOLVW\F]QHGOD]DZRGX

8PLHM WQR FL







:LDGRPR FL







&HFK\

SV\FKRIL]\F]QH









±QLH]LGHQW\ILNRZDQRZEDGDQLDFK