32/7$;
32/$-$61(:<3( 1,$32'$71,.32/$&,(01(:<3( 1,$85='6.$5%2:<:<3( 1,$1$0$6=<1,(.20387(52:2/8%5Ç&=1,('8 <0,
'58.2:$1<0,/,7(5$0,&=$51<0/8%1,(%,(6.,0.2/25(035=(':<3( 1,(1,(0=$32=1$6,Ç=2%-$¯1,(1,$0,
0LQ)LQ,
3,7$
1XPHU,GHQW\ILNDFML3RGDWNRZHMSRGDWQLND
º¶¶¶¶¿¶¶¶¶¿¶¶¶¶»
º¶¶¶¶¿¶¶¶¶¿¶¶¶¶»
º¶¶¶¶¿¶¶¶¶»
º¶¶¶¶¿¶¶¶¶»
1UGRNXPHQWX
6WDWXV
3,7$
'(./$5$&-$2:<62.2&,6.à$'.,1$32:6=(&+1(8%(=3,(&=(1,(
='52:271(=$3à$&21(-,2'/,&=21(-2'=5<&=$à72:$1(*2
32'$7.8'2&+2'2:(*22'35=<&+2'Ï:26Ï%'8&+2:1<&+
:326=&=(*Ï/1<&+.:$57$à$&+52.832'$7.2:(*2
5RN
ºº¶¶¶¶¶¶¶¶¿¿¶¶¶¶¶¶¶¶¿¿¶¶¶¶¶¶¶¶¿¿¶¶¶¶¶¶¶¶»»
3RGVWDZDSUDZQD
$UWXVWXVWDZ\]GQLDOLVWRSDGDUR]U\F]DáWRZDQ\PSRGDWNXGRFKRGRZ\PRGQLHNWyU\FKSU]\FKRGyZ
RVLJDQ\FKSU]H]RVRE\IL]\F]QH']81USR]]Sy(Q]P
6NáDGDMF\
2VREDGXFKRZQD]ZDQDGDOHM´SRGDWQLNLHP´RVLJDMFDSU]\FKRG\]RSáDWRWU]\P\ZDQ\FKZ]ZL]NX]SHáQLHQLHPIXQNFML
R FKDUDNWHU]HGXV]SDVWHUVNLPREM WH]U\F]DáWRZDQ\PSRGDWNLHPGRFKRGRZ\PRGSU]\FKRGyZRVyEGXFKRZQ\FK
7HUPLQVNáDGDQLD
'RGQLDVW\F]QLDURNXQDVW SXMFHJRSRURNXSRGDWNRZ\P
0LHMVFHVNáDGDQLD
8U]GVNDUERZ\ZáDFLZ\ZHGáXJPLHMVFDZ\NRQ\ZDQLDIXQNFMLRFKDUDNWHU]HGXV]SDVWHUVNLP
$0,(-6&(6.à$'$1,$'(./$5$&-,
8U]GVNDUERZ\GRNWyUHJRDGUHVRZDQDMHVWGHNODUDFMD
%'$1(32'$71,.$
%'$1(,'(17<),.$&<-1(
1D]ZLVNR
3LHUZV]HLPL
'DWDXURG]HQLD G]LHPLHVLFURN
º¶¶¶¶¿¶¶¶¶»
º¶¶¶¶¿¶¶¶¶»
º¶¶¶¶¿¶¶¶¶¿¶¶¶¶¿¶¶¶¶»
,PL RMFD
,PL PDWNL
%$'5(6=$0,(6=.$1,$
.UDM
:RMHZyG]WZR
3RZLDW
*PLQD
8OLFD
1UGRPX
1UORNDOX
0LHMVFRZRü
.RGSRF]WRZ\
3RF]WD
&$'5(60,(-6&$:<.21<:$1,$)81.&-,2&+$5$.7(5=('86=3$67(56.,0
.UDM
:RMHZyG]WZR
3RZLDW
*PLQD
8OLFD
1UGRPX
1UORNDOX
0LHMVFRZRü
.RGSRF]WRZ\
3RF]WD
'.:27<6.à$'(.1$32:6=(&+1(8%(=3,(&=(1,(='52:271(=$3à$&21(
,2'/,&=21(2'5<&=$à78
,NZDUWDá
,,NZDUWDá
,,,NZDUWDá
,9NZDUWDá
5D]HP
=DSáDFRQDNZRWDVNáDGNL
]á
JU
]á
JU
]á
JU
]á
JU
]á
JU
2GOLF]RQDNZRWDVNáDGNL
]á
JU
]á
JU
]á
JU
]á
JU
]á
JU
( 2:,$'&=(1,(,32'3,632'$71,.$
2ZLDGF]DP*HV PL]QDQHSU]HSLV\.RGHNVXNDUQHJRVNDUERZHJRRRGSRZLHG]LDOQRFL]DSRGDQLHGDQ\FKQLH]JRGQ\FK]U]HF]\ZLVWRFL
'DWDZ\SHáQLHQLDGHNODUDFML G]LHPLHVLFURN
ºº¶¶¶¶¶¶¶¶¿¿¶¶¶¶¶¶¶¶»»ºº¶¶¶¶¶¶¶¶¿¿¶¶¶¶¶¶¶¶»»ºº¶¶¶¶¶¶¶¶¿¿¶¶¶¶¶¶¶¶¿¿¶¶¶¶¶¶¶¶¿¿¶¶¶¶¶¶¶¶»»
3RGSLVSRGDWQLND
5\F]DñWRGSU]\FKRGyZRVyEGXFKRZQ\FKXOHJDREQL¢HQLXRNZRWrVNñDGNLRSñDFRQHMQDSRZV]HFKQHXEH]SLHF]HQLH
]GURZRWQHRLOHQLH]RVWDñDRQDRGOLF]RQDRGSRGDWNXGRFKRGRZHJR