Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
0,1,67(567:2('8.$&-,
1$52'2:(-
:DOGHPDU5XGDZVNL
3RUDGQLNGODQDXF]\FLHOD
:\GDZFD
,QVW\WXW7HFKQRORJLL(NVSORDWDFML±3D VWZRZ\,QVW\WXW%DGDZF]\
5DGRP
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
5HFHQ]HQFL
PJULQ %HDWD)LJDUVND:\VRFND
LQ $OLFMD.RUREF]DN
2SUDFRZDQLHUHGDNF\MQH
LQ :DOGHPDU5XGDZVNL
.RQVXOWDFMD
GULQ -DFHN3U]HSLyUND
.RUHNWD
3RUDGQLN VWDQRZL REXGRZ G\GDNW\F]Q SURJUDPX MHGQRVWNL PRGXáRZHM >@=
=DEH]SLHF]DQLH GUHZQD SU]HG V]NRGOLZ\PL F]\QQLNDPL ]HZQ WU]Q\PL ]DZDUWHJR
ZPRGXáRZ\PSURJUDPLHQDXF]DQLDGOD]DZRGXFLH OD
:\GDZFD
,QVW\WXW7HFKQRORJLL(NVSORDWDFML±3D VWZRZ\,QVW\WXW%DGDZF]\5DGRP
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
:SURZDG]HQLH
:\PDJDQLDZVW SQH
&HOHNV]WDáFHQLD
3U]\NáDGRZHVFHQDULXV]H]DM ü
ûZLF]HQLD
&]\QQLNLV]NRGOLZHGODGUHZQD
ûZLF]HQLD
=DEH]SLHF]DQLHGUHZQDSU]HGZSá\ZDPLDWPRVIHU\F]Q\PL
ûZLF]HQLD
=DEH]SLHF]DQLHGUHZQDSU]HGXV]NRG]HQLDPLPHFKDQLF]Q\PL
ûZLF]HQLD
=ZL NV]DQLHRGSRUQR FLGUHZQDQDG]LDáDQLHRJQLD
ûZLF]HQLD
URGNLLPHWRG\]DEH]SLHF]DQLDGUHZQD
ûZLF]HQLD
(ZDOXDFMDRVL JQL üXF]QLD
/LWHUDWXUD
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
3U]HND]XMHP\3D VWZX3RUDGQLNGODQDXF]\FLHODNWyU\E G]LHSRPRFQ\ZSURZDG]HQLX
]DM üG\GDNW\F]Q\FKZV]NROHNV]WDáF FHMZ]DZRG]LHFLH OD>@
:SRUDGQLNX]DPLHV]F]RQR
± Z\PDJDQLDZVW SQH
± Z\ND]XPLHM WQR FLMDNLHXF]H RSDQXMHSRGF]DV]DM ü
± SU]\NáDGRZHVFHQDULXV]H]DM ü
± SURSR]\FMH üZLF]H NWyUH PDM QD FHOX Z\NV]WDáFHQLH X XF]QLyZ XPLHM WQR FL
SUDNW\F]Q\FK
± Z\ND]OLWHUDWXU\]MDNLHMXF]QLRZLHPRJ NRU]\VWDüSRGF]DVQDXNL
:VND]DQH MHVW DE\ ]DM FLD G\GDNW\F]QH E\á\ SURZDG]RQH Uy Q\PL PHWRGDPL ]H
V]F]HJyOQ\PXZ]JO GQLHQLHP
± SRND]X]REMD QLHQLHP
± WHNVWXSU]HZRGQLHJR
± PHWRG\SURMHNWyZ
± üZLF]H SUDNW\F]Q\FK
)RUP\ RUJDQL]DF\MQH SUDF\ XF]QLyZ PRJ E\ü ]Uy QLFRZDQH SRF] ZV]\ RG
VDPRG]LHOQHMSUDF\XF]QLyZGRSUDF\]HVSRáRZHM
: FHOX SU]HSURZDG]HQLD VSUDZG]LDQX ZLDGRPR FL L XPLHM WQR FL XF]QLD QDXF]\FLHO
PR HSRVáX \üVL ]DPLHV]F]RQ\PZUR]G]LDOH]HVWDZHP]DGD WHVWRZ\FK]DZLHUDM F\P
Uy QHJRURG]DMX]DGDQLD
:W\PUR]G]LDOHSRGDQRUyZQLH
± SODQWHVWXZIRUPLHWDEHODU\F]QHM
± SXQNWDFMH]DGD
± SURSR]\FMHQRUPZ\PDJD
± LQVWUXNFM GODQDXF]\FLHOD
± LQVWUXNFM GODXF]QLD
± NDUW RGSRZLHG]L
± ]HVWDZ]DGD WHVWRZ\FK
-HGQRVWNDPRGXáRZD>@=VWDQRZLLQWHJUDOQ F] üPRGXáXÄ7HFKQRORJLDUREyW
FLHVLHOVNLFK´LMHVW]D]QDF]RQDQD]Dá F]RQ\PVFKHPDFLHQDVWURQLH
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
6FKHPDWXNáDGXMHGQRVWHNPRGXáRZ\FK
>@=
7HFKQRORJLDUREyWFLHVLHOVNLFK
>@=
'RELHUDQLHQDU] G]LVSU] WXLPDV]\Q
GRUREyWFLHVLHOVNLFK
>@=
:\NRQ\ZDQLHSRGVWDZRZ\FKSRPLDUyZ
ZURERWDFKFLHVLHOVNLFK
>@=
5 F]QDREUyENDGUHZQD
>@=
0HFKDQLF]QDREUyENDGUHZQD
>@=
:\NRQ\ZDQLHSRá F]H L]á F]\
FLHVLHOVNLFK
>@=
=DEH]SLHF]HQLHGUHZQD
SU]HGV]NRGOLZ\PL
F]\QQLNDPL]HZQ WU]Q\PL
>@=
:\NRQ\ZDQLHQDSUDZ
NRQVWUXNFMLFLHVLHOVNLFK
>@=
5R]OLF]DQLH
UREyWFLHVLHOVNLFK
>@=
:\NRQ\ZDQLHLGHPRQWD UXV]WRZD GUHZQLDQ\FK
>@=
:\NRQ\ZDQLHGUHZQLDQ\FK FLDQV]NLHOHWRZ\FK
>@=
:\NRQ\ZDQLH FLDQZLH FRZ\FK
>@=
:\NRQ\ZDQLHVWURSyZGUHZQLDQ\FK
>@=
:\NRQ\ZDQLHZL ]DUyZLG ZLJDUyZGDFKRZ\FK
>@=
=DEH]SLHF]DQLH FLDQZ\NRSyZ
>@=
'HVNRZDQLHVFKRGyZ
>@=
'HVNRZDQLHVWURSyZ
>@=
'HVNRZDQLH FLDQLVáXSyZ
>@=
'HVNRZDQLHIXQGDPHQWyZLVWySIXQGDPHQWRZ\FK
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
3U]\VW SXM FGRUHDOL]DFMLSURJUDPXMHGQRVWNLPRGXáRZHMXF]H SRZLQLHQXPLHü
± UR]SR]QDZDüSRGVWDZRZHPDWHULDá\EXGRZODQH
± SRVáXJLZDüVL SRGVWDZRZ\PLSRM FLDPL]]DNUHVXEXGRZQLFWZD
± Z\NRQ\ZDüV]NLFHSRGVWDZRZ\PLWHFKQLNDPLU\VXQNRZ\PL
± GRELHUDüQDU] G]LDPDV]\Q\LVSU] WGRUREyWFLHVLHOVNLFK
± Z\NRQ\ZDüSRGVWDZRZHSRPLDU\ZURERWDFKFLHVLHOVNLFK
± Z\NRQ\ZDüU F]Q LPHFKDQLF]Q REUyEN GUHZQD
± Z\NRQ\ZDüSRá F]HQLDL]á F]DFLHVLHOVNLH
± Z\NRQ\ZDüLGHPRQWRZDüUXV]WRZDQLDGUHZQLDQH
± Z\NRQ\ZDüGUHZQLDQH FLDQ\V]NLHOHWRZH
± Z\NRQ\ZDü FLDQ\ZLH FRZH
± Z\NRQ\ZDüVWURS\GUHZQLDQH
± Z\NRQ\ZDüZL ]DU\LG ZLJDU\GDFKRZH
± Z\NRQ\ZDüGHVNRZDQLHIXQGDPHQWyZLVWySIXQGDPHQWRZ\FK
± VWRVRZDüSRGVWDZRZHSU]HSLV\EH]SLHF]H VWZDLKLJLHQ\SUDF\
± NRU]\VWDü]Uy Q\FK UyGHáLQIRUPDFML
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
:Z\QLNXUHDOL]DFMLüZLF]H SRGDQ\FKZSRUDGQLNXXF]H SRZLQLHQXPLHü
± VFKDUDNWHU\]RZDüVNáDGQLNLV]NRGOLZHGODGUHZQD
± VFKDUDNWHU\]RZDüVSRVRE\]DEH]SLHF]HQLDGUHZQD
± GREUDüVSRVyE]DEH]SLHF]HQLDGUHZQD
± GREUDüPDWHULDá\LVSU] WGR]DEH]SLHF]DQLDGUHZQD
± ]DEH]SLHF]\üGUHZQRSU]HGZSá\ZDPLDWPRVIHU\F]Q\PL
± ]DEH]SLHF]\üGUHZQRPHWRG IL]\F]Q
± ]DEH]SLHF]\üGUHZQR URGNDPLFKHPLF]Q\PL
± ]DEH]SLHF]\üGUHZQRSU]HGXV]NRG]HQLDPLPHFKDQLF]Q\PL
± ]DEH]SLHF]\üGUHZQRSU]HGG]LDáDQLHPRJQLD
± Z\NRQDüSUDF ]JRGQLH]SU]HSLVDPL%+3LRFKURQ\SSR
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
6FHQDULXV]]DM ü
2VREDSURZDG] FD
0RGXáRZ\SURJUDPQDXF]DQLD &LH OD>@
0RGXá
7HFKQRORJLDUREyWFLHVLHOVNLFK>@=
-HGQRVWNDPRGXáRZD
=DEH]SLHF]DQLH GUHZQD SU]HG V]NRGOLZ\PL F]\QQLNDPL
]HZQ WU]Q\PL
>@=
7HPDW &KDUDNWHU\VW\ND URGNyZFKHPLF]Q\FKGR]DEH]SLHF]H GUHZQDSU]HGNRUR]MD
ELRORJLF]Q
&HORJyOQ\]DSR]QDQLH XF]QLyZ ] URGNDPL FKHPLF]Q\PL GR ]DEH]SLHF]H GUHZQD SU]HG
NRUR]M ELRORJLF]Q
3R]DNR F]HQLX]DM üHGXNDF\MQ\FKXF]H SRWUDIL
± Z\PLHQLü URG]DMH URGNyZ FKHPLF]Q\FK GR ]DEH]SLHF]H GUHZQD SU]HG NRUR]M
ELRORJLF]Q
± GREUDüRGSRZLHGQLH URGNLFKHPLF]QHGRRNUH ORQ\FK]DEH]SLHF]H
± ]RUJDQL]RZDü VWDQRZLVNR GR Z\NRQ\ZDQLD NRQVHUZDFML ]JRGQLH ] ]DVDGDPL
EH]SLHF]H VWZDLKLJLHQ\SUDF\
0HWRG\QDXF]DQLD±XF]HQLDVL
± SRND]]REMD QLHQLHP
± üZLF]HQLDSUDNW\F]QH
)RUP\RUJDQL]DF\MQHSUDF\XF]QLyZ
± LQG\ZLGXDOQDLJUXSRZD
&]DVPLQ
URGNLG\GDNW\F]QH
± NDWDORJLLSODQV]H URGNyZFKHPLF]Q\FK
± RáyZHNOXEGáXJRSLV
± SDSLHUELDá\IRUPDWX$
3U]HELHJ]DM ü
6SUDZ\RUJDQL]DF\MQH
1DZL ]DQLHGRWHPDWXRPyZLHQLHFHOyZ]DM ü
5HDOL]DFMDWHPDWX
± QDXF]\FLHOSU]HGVWDZLDNROHMQRSODQV]HLNDWDORJL]RSLVDPL URGNyZFKHPLF]Q\FK
GR ]DEH]SLHF]DQL GUHZQD SU]HG NRUR]M ELRORJLF]Q =ZUDFD V]F]HJyOQ XZDJ QD
RGSRZLHGQLH SU]\JRWRZDQLH SUHSDUDWyZ GR NRQVHUZDFML RUD] QD ]DFKRZDQLH ]DVDG
LSU]HSLVyZ%+3SRGF]DVZ\NRQ\ZDQLDNRQVHUZDFML
± QDXF]\FLHORPDZLD]DVWRVRZDQLHSRV]F]HJyOQ\FK URGNyZFKHPLF]Q\FKZURERWDFK
FLHVLHOVNLFK
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
± QDXF]\FLHOG]LHOLXF]QLyZQDSL FLRRVRERZH]HVSRá\
± ND GHPX ]HVSRáRZL UR]GDMH NDWDORJL URGNyZ FKHPLF]Q\FK RUD] NDUWNL ] QD]ZDPL
Uy QHJRURG]DMXHOHPHQWyZZL E\GDFKRZHM
± ]HVSRá\Z\ELHUDM RGSRZLHGQLH URGNLGRNRQVHUZDFMLRUD]X]DVDGQLDM VZyMZ\EyU
± QDXF]\FLHO QDG]RUXMH SUDF XF]QLyZ L SRPDJD Z UR]ZL ]DQLX ]DGD VXJHUXMH
QDMOHSV]HUR]ZL ]DQLD
8F]H ZVND]XMHVZRMHPRFQHLVáDEHVWURQ\
1DXF]\FLHODQDOL]XMHSUDFHSRV]F]HJyOQ\FK]HVSRáyZXF]QLRZVNLFK
8F]QLRZLH SUH]HQWXM VZRMH SUDFH QD GX \FK DUNXV]DFK SDSLHUX Z NROHMQR FL
Z\NRQ\ZDQLD
*UXSDZVSyOQLH]QDXF]\FLHOHPGRNRQXMHRFHQ\SUDF
=DNR F]HQLH]DM ü
3UDFDGRPRZD
1DSRGVWDZLH]JURPDG]RQ\FKLQIRUPDFML]OLWHUDWXU\L]DM üOHNF\MQ\FKQDSLV]Z]HV]\FLH
NLOND SU]\QDMPQLHM ]DVWRVRZD SRV]F]HJyOQ\FK URGNyZ FKHPLF]Q\FK GR NRQVHUZDFML
GUHZQD
6SRVyEX]\VNDQLDLQIRUPDFML]ZURWQHMRGXF]QLDSR]DNR F]RQ\FK]DM FLDFK
± DQRQLPRZH DQNLHW\ HZDOXDF\MQH GRW\F] FH VSRVREX SURZDG]HQLD ]DM ü L ]GRE\W\FK
XPLHM WQR FL
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
6FHQDULXV]]DM ü
2VREDSURZDG] FD
0RGXáRZ\SURJUDPQDXF]DQLD &LH OD>@
0RGXá
7HFKQRORJLDUREyWFLHVLHOVNLFK>@=
-HGQRVWNDPRGXáRZD
=DEH]SLHF]DQLH GUHZQD SU]HG V]NRGOLZ\PL F]\QQLNDPL
]HZQ WU]Q\PL
>@=
7HPDW =DEH]SLHF]HQLH
RJQLRRFKURQQH
HOHPHQWyZ
GUHZQLDQ\FK
NRQVWUXNFML
EXGRZODQ\FKSRSU]H]REXGRZ LQQ\PLPDWHULDáDPL
&HORJyOQ\NV]WDáWRZDQLHXPLHM WQR FLGRERUXRGSRZLHGQLFKPDWHULDáyZSRVáXJLZDQLDVL
QDU] G]LDPLLVSU] WHP
3R]DNR F]HQLX]DM üHGXNDF\MQ\FKXF]H SRWUDIL
± GREUDü PDWHULDá\ QDU] G]LD L VSU] W GR Z\NRQDQLD ]DEH]SLHF]H RJQLRRFKURQQ\FK
PHWRG REXGRZ\
± ]RUJDQL]RZDü VWDQRZLVNR GR Z\NRQ\ZDQLD SUDF\ ]JRGQLH ] ]DVDGDPL EH]SLHF]H VWZD
LKLJLHQ\SUDF\
± ]GHILQLRZDüSRM FLH]DEH]SLHF]HQLHRJQLRRFKURQQHGUHZQDPHWRG REXGRZ\
± Z\PLHQLüURG]DMHPDWHULDáyZVáX F\FKGR]DEH]SLHF]H RJQLRRFKURQQ\FK
± Z\PLHQLüURG]DMHQDU] G]LLVSU] WXGRZ\NRQDQLD]DEH]SLHF]H RJQLRRFKURQQ\FK
± RNUH OLüNROHMQR üZ\NRQ\ZDQ\FKSUDF]ZL ]DQ\FK]RJQLRRFKURQQ\P]DEH]SLHF]HQLHP
GUHZQDPHWRG REXGRZ\
± RPyZLü]DVWRVRZDQLH]DEH]SLHF]H RJQLRRFKURQQ\FKGUHZQDZFLHVLHOVWZLH
± QDV]NLFRZDüVSRVyE]DEH]SLHF]HQLD
0HWRG\QDXF]DQLD±XF]HQLDVL
± üZLF]HQLDSUDNW\F]QH
± PHWRGDSU]HZRGQLHJRWHNVWX
)RUP\RUJDQL]DF\MQHSUDF\XF]QLyZ
± LQG\ZLGXDOQD
± JUXSRZD
6WUDWHJLDXF]HQLHVL SU]H]GR ZLDGF]HQLH
&]DVPLQ
URGNLG\GDNW\F]QH
± LQVWUXNFMDVWDQRZLVNRZDEKS
± QLH]E GQH PDWHULDá\ GR Z\NRQDQLD üZLF]HQLD Sá\W\ NDUWRQRZR ± JLSVRZH Ä2*,( ´
DNFHVRULDSá\WNDUWRQRZR±JLSVRZ\FKZNU W\
± NDWDORJQRUP]X \FLDPDWHULDáyZGODWHJRURG]DMXUREyW
± ILOPLQVWUXNWD RZ\OXESODQV]HLQVWUXNWD RZH
± SDSLHUELDá\IRUPDWX$
± SU]\ERU\NUH ODUVNLH
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
3U]HELHJ]DM ü
=DGDQLHGODXF]QLD
3U]HGPLRWHP]DGDQLDMHVW]DEH]SLHF]HQLHRJQLRRFKURQQH]DGDQHJRHOHPHQWXNRQVWUXNFML
GUHZQLDQHMSRSU]H]REXGRZ LQQ\PLPDWHULDáDPL
)$=$:67 31$
&]\QQR FL RUJDQL]DF\MQRSRU] GNRZH SRGDQLH WHPDWX OHNFML ]D]QDMRPLHQLH XF]QLyZ
]SUDF PHWRG SU]HZRGQLHJRWHNVWX
)$=$:à$ &,:$
,1)250$&-(
1DF]\PSROHJD]DEH]SLHF]DQLHRJQLRRFKURQQHGUHZQD"
-DNLHUR]Uy QLDP\VSRVRE\]DEH]SLHF]DQLDRJQLRRFKURQQHJRGUHZQD"
*G]LHZEXGRZQLFWZLHPD]DVWRVRZDQLH]DEH]SLHF]HQLHRJQLRRFKURQQHGUHZQD"
&]\SRWUDILV]]JURPDG]LüRGSRZLHGQLHPDWHULDá\LVSU] WGR]DEH]SLHF]HQLD
RJQLRRFKURQQHJRGUHZQDPHWRG REXGRZ\"
3/$12:$1,(
2EHMU]\MILOPLQVWUXNWD RZ\OXESODQV]H
8VWDOMDN GáXJR üLV]HURNR üPDM HOHPHQW\NRQVWUXNFML
8VWDOMDNLHZ\PLDU\PDM PLHüSU]\FL WHSá\W\NDUWRQRZR±JLSVRZH
=DSODQXMNROHMQR üF]\QQR FLZ\NRQDQLDREXGRZ\
8VWDOIRUPDWNDUWNLSDSLHUXLVNDO Z\NRQDQLDU\VXQNX
8=*2'1,(1,(
2PyZZV]\VWNLHSXQNW\]ID]\SODQRZDQLD]QDXF]\FLHOHP
2GQLH VL GRXZDJLSURSR]\FMLQDXF]\FLHOD
:<.21$1,(
'RNRQDMSRPLDUyZ
=DSLV]SRPLDU\ZEORNXU\VXQNRZ\P
:\NRQDM ]JRGQLH ] ]DSODQRZDQ\PL F]\QQR FLDPL U\VXQHN V]NLFRZ\ REXGRZDQHJR
HOHPHQWX
:\OLF]LOR üQLH]E GQ\FKPDWHULDáyZ
6SUDZG VSUDZQR üG]LDáDQLDQDU] G]LGRZ\NRQDQLD]DGDQLD
:\NRQDM]DGDQHL]DSODQRZDQHüZLF]HQLH]JRGQLH]]DVDGDPL%+3
=ZUyüXZDJ QDHVWHW\N LGRNáDGQR üVZRMHMSUDF\
3U]\JRWXM VL GR ]DSUH]HQWRZDQLD VZRMHM SUDF\ =HVSRá\ XF]QLyZ Z\]QDF]DM OLGHUD
JUXS\NWyU\GRNRQXMHSUH]HQWDFMLüZLF]HQLD
635$:'=$1,(
&]\SRSUDZQLH]RVWDá\Z\NRQDQHSRPLDU\"
&]\SUDZLGáRZR]RVWDáZ\NRQDQ\U\VXQHNV]NLFRZ\"
&]\U\VXQHNMHVWF]\WHOQ\LHVWHW\F]Q\"
&]\REXGRZD]RVWDáDZ\NRQDQD]JRGQLH]]DGDQ\PLZ\PLDUDPL"
&]\üZLF]HQLH]RVWDáRZ\NRQDQH]JRGQLH]SU]HSLVDPL%+3"
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
$1$/,=$
8F]QLRZLHZVND]XM NWyUHHWDS\üZLF]HQLDVSUDZLá\LPQDMZL FHMWUXGQR FL1DXF]\FLHO
SRGVXPRZXMH FDáH üZLF]HQLH ZVND]XMH MDNLH QRZH ZD QH XPLHM WQR FL ]RVWDá\
Z\NV]WDáFRQHMDNLHZ\VW SLá\QLHSUDZLGáRZR FLLMDNLFKXQLNDüZSU]\V]áR FL
)$=$.2 &2:$
=DNR F]HQLH]DM ü
3UDFDGRPRZD
.RU]\VWDM F ] OLWHUDWXU\ QDSLV] Z ]HV]\FLH MDNLH ID]\ Z\VW SXM SU]\ Z\NRQ\ZDQLX
]DEH]SLHF]H RJQLRRFKURQQ\FKHOHPHQWyZGUHZQLDQ\FKPHWRG REXGRZ\"
6SRVyEX]\VNDQLDLQIRUPDFML]ZURWQHMRGXF]QLDSR]DNR F]RQ\FK]DM FLDFK
± DQRQLPRZH DQNLHW\ HZDOXDF\MQH GRW\F] FH VSRVREX SURZDG]HQLD ]DM ü WUXGQR FL
SRGF]DVUHDOL]RZDQLD]DGDQLDL]GRE\W\FKXPLHM WQR FL
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
&]\QQLNLV]NRGOLZHGODGUHZQD
ûZLF]HQLD
ûZLF]HQLH
1D SU]HGVWDZLRQ\P U\VXQNX ZL E\ GDFKRZHM ]D]QDF] PLHMVFD V]F]HJyOQLH QDUD RQH
QDG]LDáDQLHNRUR]MLELRORJLF]QHMRUD]RSLV]MHMG]LDáDQLH
:VND]yZNLGRUHDOL]DFML
3U]HG SU]\VW SLHQLHP GR UHDOL]DFML üZLF]HQLD QDXF]\FLHO SRZLQLHQ RPyZLü MHJR ]DNUHV
LWHFKQLNLZ\NRQDQLD=DSR]QDüXF]QLyZ]]DVDGDPLEH]SLHF]QHMSUDF\
6SRVyEZ\NRQDQLDüZLF]HQLD
8F]H SRZLQLHQ
]DSR]QDüVL ]U\VXQNLHP
UR]SR]QDüSRV]F]HJyOQHHOHPHQW\ZL E\GDFKRZHM
RSLVDü VNXWNL G]LDáDQLD NRUR]ML ELRORJLF]QHM QD ZL E GDFKRZ Z PLHMVFDFK
]D]QDF]RQ\FKQDU\VXQNX
GRNRQDüRFHQ\üZLF]HQLD
=DOHFDQHPHWRG\QDXF]DQLD±XF]HQLDVL
± SRND]]REMD QLHQLHP
± WHNVWSU]HZRGQL
URGNLG\GDNW\F]QH
± DUNXV]]U\VXQNLHPU\VZ\NRQDZF]\±U]XWZL E\GDFKRZHM
± RáyZHNOXEFLHQNRSLV
± SDSLHUELDá\IRUPDWX$
ûZLF]HQLH
1D ]DSUH]HQWRZDQ\FK ]GM FLDFK SU]HGVWDZLDM F\FK ]QLV]F]RQH SU]H] NRUR]M
ELRORJLF]Q GUHZQRUR]SR]QDMF]\QQLNLNWyUHMHVSRZRGRZDá\JU]\E\RZDG\
:VND]yZNLGRUHDOL]DFML
3U]HG SU]\VW SLHQLHP GR UHDOL]DFML üZLF]HQLD QDXF]\FLHO SRZLQLHQ RPyZLü MHJR ]DNUHV
LWHFKQLNLZ\NRQDQLD=DSR]QDüXF]QLyZ]]DVDGDPLEH]SLHF]QHMSUDF\
6SRVyEZ\NRQDQLDüZLF]HQLD
8F]H SRZLQLHQ
]DSR]QDüVL ]H]GM FLDPL
UR]SR]QDüF]\QQLNLSRZRGXM FHNRUR]M ELRORJLF]Q
RGSRZLHGQLRSRVHJUHJRZDü]GM FLD
]DSUH]HQWRZDüHIHNW\VZHMSUDF\
GRNRQDüRFHQ\üZLF]HQLD
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
=DOHFDQHPHWRG\QDXF]DQLD±XF]HQLDVL
± SRND]]REMD QLHQLHP
± WHNVWSU]HZRGQL
URGNLG\GDNW\F]QH
± VHUZLVVNáDGDM F\VL ]PLQLPXP]GM ü
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
=DEH]SLHF]HQLHGUHZQDSU]HGZSá\ZDPLDWPRVIHU\F]Q\PL
ûZLF]HQLD
ûZLF]HQLH
1DSU]HGVWDZLRQ\PU\VXQNXZL E\GDFKRZHMR]QDF]PLHMVFDNWyUHZ\PDJDM L]RODFML
SU]HFLZZLOJRFLRZ\FK
:VND]yZNLGRUHDOL]DFML
3U]HG SU]\VW SLHQLHP GR UHDOL]DFML üZLF]HQLD QDXF]\FLHO SRZLQLHQ RPyZLü MHJR
]DNUHVLWHFKQLNLZ\NRQDQLD=DSR]QDüXF]QLyZ]]DVDGDPLEH]SLHF]QHMSUDF\
6SRVyEZ\NRQDQLDüZLF]HQLD
8F]H SRZLQLHQ
]DSR]QDüVL ]U\VXQNLHP
UR]SR]QDüSRV]F]HJyOQHHOHPHQW\ZL E\GDFKRZHM
RGSRZLHGQLRR]QDF]\üPLHMVFDNWyUHZ\PDJDM L]RODFMLSU]HFLZZLOJRFLRZHM
GRNRQDüRFHQ\üZLF]HQLD
=DOHFDQHPHWRG\QDXF]DQLD±XF]HQLDVL
± SRND]]REMD QLHQLHP
± üZLF]HQLDSUDNW\F]QH
± WHNVWSU]HZRGQL
URGNLG\GDNW\F]QH
± DUNXV]]U\VXQNLHPU\VZ\NRQDZF]\±U]XWZL E\GDFKRZHM
± RáyZHNOXEFLHQNRSLV
ûZLF]HQLH
'RELHU] RGSRZLHGQL SUHSDUDW GOD Z\NRQDQLD NRQVHUZDFML ZL E\ GDFKRZHM
SU]HGVWDZLRQHM QD U\VXQNX PDM F GR G\VSR]\FML NDWDORJ URGNyZ FKHPLF]Q\FK
GR]DEH]SLHF]H GUHZQD : GRERU]H NLHUXM VL FHFKDPL SRV]F]HJyOQ\FK URGNyZ RUD] LFK
FHQ 8]DVDGQLMVZyMZ\EyU
:VND]yZNLGRUHDOL]DFML
3U]HG SU]\VW SLHQLHP GR UHDOL]DFML üZLF]HQLD QDXF]\FLHO SRZLQLHQ RPyZLü MHJR
]DNUHVLWHFKQLNLZ\NRQDQLD=DSR]QDüXF]QLyZ]]DVDGDPLEH]SLHF]QHMSUDF\
6SRVyEZ\NRQDQLDüZLF]HQLD
8F]H SRZLQLHQ
]DSR]QDüVL ]ZáD FLZR FLDPLLFHQDPL URGNyZSRGDQ\PLZNDWDORJX
]DSR]QDüVL ]U\VXQNLHP
GREUDüRGSRZLHGQLSUHSDUDW
X]DVDGQLüZ\EyUWHJRSUHSDUDWX
]DSUH]HQWRZDüüZLF]HQLH
GRNRQDüRFHQ\üZLF]HQLD
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
=DOHFDQHPHWRG\QDXF]DQLD±XF]HQLDVL
± SRND]]REMD QLHQLHP
± WHNVWSU]HZRGQL
URGNLG\GDNW\F]QH
± NDWDORJ URGNyZFKHPLF]Q\FK
± DUNXV]]U\VXQNLHPU\VXQHNZ\NRQDZF]\±U]XWZL E\GDFKRZHM
ûZLF]HQLH
'OD]DGDQHMLOR FLZ>P
@LPSUHJQDFMLWDUFLF\JUXER FLPPZRSDUFLXRQRUP ]X \FLD
URGNDFKHPLF]QHJRSRGDQHMQDRSDNRZDQLXREOLF]QLH]E GQ LOR üWHJRSUHSDUDWX
:VND]yZNLGRUHDOL]DFML
3U]HG SU]\VW SLHQLHP GR UHDOL]DFML üZLF]HQLD QDXF]\FLHO SRZLQLHQ RPyZLü MHJR
]DNUHVLWHFKQLNLZ\NRQDQLD=DSR]QDüXF]QLyZ]]DVDGDPLEH]SLHF]QHMSUDF\
6SRVyEZ\NRQDQLDüZLF]HQLD
8F]H SRZLQLHQ
]DSR]QDüVL ]LQIRUPDFMDPL]DZDUW\PLQDRSDNRZDQLX
REOLF]\üSRZLHU]FKQL LPSUHJQRZDQHMWDUFLF\
REOLF]\üLOR üSRWU]HEQHJRSUHSDUDWX
]DSUH]HQWRZDüüZLF]HQLH
GRNRQDüRFHQ\üZLF]HQLD
=DOHFDQHPHWRG\QDXF]DQLD±XF]HQLDVL
± SRND]]REMD QLHQLHP
± üZLF]HQLDSUDNW\F]QH
± WHNVWSU]HZRGQL
URGNLG\GDNW\F]QH
± RSDNRZDQLHSR URGNXFKHPLF]Q\P
± NDONXODWRU
± RáyZHNOXEFLHQNRSLV
± SDSLHUELDá\IRUPDWX$
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
>
=DEH]SLHF]HQLHGUHZQDSU]HGXV]NRG]HQLDPLPHFKDQLF]Q\PL
ûZLF]HQLD
ûZLF]HQLH
3R]DSR]QDQLXVL ]LQVWUXNFM EKSQDVWDQRZLVNXSUDF\Z\NRQDM]DEH]SLHF]HQLHQDUR D
VáXSD SURVWRN WQHJR R SU]HNURMX [ PP SRSU]H] ]DPRQWRZDQLH N WRZQLND
PHWDORZHJRPP[PP[PP
:VND]yZNLGRUHDOL]DFML
3U]HG SU]\VW SLHQLHP GR UHDOL]DFML üZLF]HQLD QDXF]\FLHO SRZLQLHQ RPyZLü MHJR
]DNUHVLWHFKQLNLZ\NRQDQLD=DSR]QDüXF]QLyZ]]DVDGDPLEH]SLHF]QHMSUDF\
6SRVyEZ\NRQDQLDüZLF]HQLD
8F]H SRZLQLHQ
]DSR]QDüVL ]LQVWUXNFM EKSQDVWDQRZLVNXSUDF\
SU]\JRWRZDüVWDQRZLVNRSUDF\]JRGQLH]]DVDGDPLEKS
GREUDüQDU] G]LDGRZ\NRQDQLDüZLF]HQLD
SU]\JRWRZDüQLH]E GQHPDWHULDá\
]DPRQWRZDüN WRZQLNQDQDUR XVáXSD]DSRPRF ZNU WyZ
]DSUH]HQWRZDüHIHNW\VZHMSUDF\
GRNRQDüRFHQ\üZLF]HQLD
=DOHFDQHPHWRG\QDXF]DQLD±XF]HQLDVL
± SRND]]REMD QLHQLHP
± üZLF]HQLDSUDNW\F]QH
± WHNVWSU]HZRGQL
URGNLG\GDNW\F]QH
± PDWHULDá\ GR Z\NRQDQLD üZLF]HQLD N WRZQLN PP [ PP [ PP ZNU W\ SDSLHU
FLHUQ\
± QDU] G]LD L VSU] W RáyZHN VWRODUVNL PLDUND áDWD SLáND GR PHWDOX SLODUND PáRWHN
ZNU WDNZLHUWáDZLHUWDUND
± LQVWUXNFMDVWDQRZLVNRZDEKS
ûZLF]HQLH
:\NRQDM ]DEH]SLHF]HQLH VWRSQLF\ VFKRGyZ GUHZQLDQ\FK SRSU]H] ]DPRQWRZDQLH
N WRZQLNDDOXPLQLRZHJRPP[PP[PP
:VND]yZNLGRUHDOL]DFML
3U]HG SU]\VW SLHQLHP GR UHDOL]DFML üZLF]HQLD QDXF]\FLHO SRZLQLHQ RPyZLü MHJR
]DNUHVLWHFKQLNLZ\NRQDQLD=DSR]QDüXF]QLyZ]]DVDGDPLEH]SLHF]QHMSUDF\
6SRVyEZ\NRQDQLDüZLF]HQLD
8F]H SRZLQLHQ
SU]\JRWRZDüVWDQRZLVNRSUDF\]JRGQLH]]DVDGDPLEKS
GREUDüQDU] G]LDGRZ\NRQDQLDüZLF]HQLD
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
SU]\JRWRZDüQLH]E GQHPDWHULDá\
]DPRQWRZDüN WRZQLNQDVWRSQLF\SRSU]H]ZNU W\
]DSUH]HQWRZDüHIHNW\VZHMSUDF\
GRNRQDüRFHQ\üZLF]HQLD
=DOHFDQHPHWRG\QDXF]DQLD±XF]HQLDVL
± SRND]]REMD QLHQLHP
± üZLF]HQLDSUDNW\F]QH
± WHNVWSU]HZRGQL
URGNLG\GDNW\F]QH
± PDWHULDá\GRZ\NRQDQLDüZLF]HQLDN WRZQLNPP[PP[PPZNU W\
± QDU] G]LDLVSU] WRáyZHNVWRODUVNLPLDUNDSLáNDGRPHWDOXSLODUNDPáRWHNZNU WDN
ZLHUWáDZLHUWDUND
± LQVWUXNFMDVWDQRZLVNRZDEKS
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
=ZL NV]DQLHRGSRUQR FLGUHZQDQDG]LDáDQLHRJQLD
ûZLF]HQLD
ûZLF]HQLH
1D SU]HGVWDZLRQ\P U\VXQNX ZL E\ GDFKRZHM R]QDF] PLHMVFD NWyUH Z\PDJDM
V]F]HJyOQHMRFKURQ\RJQLRRFKURQQHM
:VND]yZNLGRUHDOL]DFML
3U]HG SU]\VW SLHQLHP GR UHDOL]DFML üZLF]HQLD QDXF]\FLHO SRZLQLHQ RPyZLü MHJR
]DNUHVLWHFKQLNLZ\NRQDQLD=DSR]QDüXF]QLyZ]]DVDGDPLEH]SLHF]QHMSUDF\
6SRVyEZ\NRQDQLDüZLF]HQLD
8F]H SRZLQLHQ
]DSR]QDüVL ]U\VXQNLHP
UR]SR]QDüSRV]F]HJyOQHHOHPHQW\ZL E\GDFKRZHM
RGSRZLHGQLRR]QDF]\üPLHMVFDNWyUHZ\PDJDM V]F]HJyOQHMRFKURQ\RJQLRRFKURQQHM
GRNRQDüRFHQ\üZLF]HQLD
=DOHFDQHPHWRG\QDXF]DQLD±XF]HQLDVL
± SRND]]REMD QLHQLHP
± WHNVWSU]HZRGQL
URGNLG\GDNW\F]QH
± DUNXV]]U\VXQNLHPU\VZ\NRQDZF]\±U]XWZL E\GDFKRZHM
± RáyZHNOXEFLHQNRSLV
± SDSLHUELDá\IRUPDWX$
ûZLF]HQLH
6SR UyG SUyEHN Z\ELHU] Sá\W\ VXFKHJR W\QNX NWyUH QDOH \ X \ZDü GR RNáDG]LQ
HOHPHQWyZGUHZQLDQ\FK]ZL NV]DM F\FKRGSRUQR üGUHZQDQDG]LDáDQLHRJQLD
:VND]yZNLGRUHDOL]DFML
3U]HG SU]\VW SLHQLHP GR UHDOL]DFML üZLF]HQLD QDXF]\FLHO SRZLQLHQ RPyZLü MHJR
]DNUHVLWHFKQLNLZ\NRQDQLD=DSR]QDüXF]QLyZ]]DVDGDPLEH]SLHF]QHMSUDF\
6SRVyEZ\NRQDQLDüZLF]HQLD
8F]H SRZLQLHQ
REHMU]HüSUyENLSá\WVXFKHJRW\QNX
]DSR]QDüVL ]URG]DMDPLSá\WVXFKHJRW\QNX
RNUH OLüZáD FLZR FLSá\WVXFKHJRW\QNXVáX F\FKGR]ZL NV]DQLDRGSRUQR FLGUHZQD
QDG]LDáDQLHRJQLD
Z\EUDüSUyEN
]DSUH]HQWRZDüüZLF]HQLH
GRNRQDüRFHQ\üZLF]HQLD
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
=DOHFDQHPHWRG\QDXF]DQLD±XF]HQLDVL
± SRND]]REMD QLHQLHP
± WHNVWSU]HZRGQL
URGNLG\GDNW\F]QH
± SUyENLSá\WVXFKHJRW\QNX
± RáyZHNOXEFLHQNRSLV
± SDSLHUELDá\IRUPDWX$
± OLWHUDWXUD
ûZLF]HQLH
3R ]DSR]QDQLX VL ] LQVWUXNFM EKS Z\NRQDM ]DEH]SLHF]HQLH RJQLRRFKURQQH VáXSD
GUHZQLDQHJR SURVWRN WQHJR R SU]HNURMX [ PP SRSU]H] REáR HQLH JR GZRPD
ZDUVWZDPLSá\WVXFKHJRW\QNX
:VND]yZNLGRUHDOL]DFML
3U]HG SU]\VW SLHQLHP GR UHDOL]DFML üZLF]HQLD QDXF]\FLHO SRZLQLHQ RPyZLü MHJR
]DNUHVLWHFKQLNLZ\NRQDQLD=DSR]QDüXF]QLyZ]]DVDGDPLEH]SLHF]QHMSUDF\
6SRVyEZ\NRQDQLDüZLF]HQLD
8F]H SRZLQLHQ
]DSR]QDüVL ]LQVWUXNFM EKS
SU]\JRWRZDüVWDQRZLVNRSUDF\]JRGQLH]]DVDGDPLEKS
GREUDüQDU] G]LDGRZ\NRQDQLDüZLF]HQLD
SU]\JRWRZDüQLH]E GQHPDWHULDá\
REáR \üVáXSGUHZQLDQ\
]DSUH]HQWRZDüHIHNW\VZHMSUDF\
GRNRQDüRFHQ\üZLF]HQLD
=DOHFDQHPHWRG\QDXF]DQLD±XF]HQLDVL
± SRND]]REMD QLHQLHP
± üZLF]HQLDSUDNW\F]QH
± WHNVWSU]HZRGQL
URGNLG\GDNW\F]QH
± PDWHULDá\GRZ\NRQDQLDüZLF]HQLDSá\W\NDUWRQRZRJLSVRZHÄ2*,( ´DNFHVRULDSá\W
NDUWRQRZRJLSVRZ\FKZNU W\
± QDU] G]LDLVSU] WRáyZHNVWRODUVNLPLDUNDáDWDGRSLRQRZDQLDQy GRFL FLDPáRWHN
ZNU WDNZNU WDUND
± LQVWUXNFMDVWDQRZLVNRZDEKS
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
URGNLLPHWRG\]DEH]SLHF]DQLDGUHZQD
ûZLF]HQLD
ûZLF]HQLH
'RELHU] RGSRZLHGQL GOD Z\NRQDQLD ]DEH]SLHF]HQLD HOHPHQWX GUHZQLDQHJR PHWRG
N SLHORZ ]LPQ RUD] NUyWNRWUZDá PDM F GR G\VSR]\FML NDWDORJ JRWRZ\FK SUHSDUDWyZ
JU]\ER L RZDGREyMF]\FK : GRERU]H NLHUXM VL FHFKDPL SRV]F]HJyOQ\FK URGNyZ RUD]
LFKFHQ
:VND]yZNLGRUHDOL]DFML
3U]HG SU]\VW SLHQLHP GR UHDOL]DFML üZLF]HQLD QDXF]\FLHO SRZLQLHQ RPyZLü MHJR
]DNUHVLWHFKQLNLZ\NRQDQLD=DSR]QDüXF]QLyZ]]DVDGDPLEH]SLHF]QHMSUDF\
6SRVyEZ\NRQDQLDüZLF]HQLD
8F]H SRZLQLHQ
]DSR]QDüVL ]ZáD FLZR FLDPLLFHQDPLSUHSDUDWyZSRGDQ\FKZNDWDORJX
GREUDüRGSRZLHGQLSUHSDUDW
X]DVDGQLüZ\EyUWHJRSUHSDUDWX
]DSUH]HQWRZDüüZLF]HQLH
GRNRQDüRFHQ\üZLF]HQLD
=DOHFDQHPHWRG\QDXF]DQLD±XF]HQLDVL
± SRND]]REMD QLHQLHP
± üZLF]HQLHSUDNW\F]QH
± WHNVWSU]HZRGQL
URGNLG\GDNW\F]QH
± NDWDORJ URGNyZFKHPLF]Q\FK
± RáyZHNOXEFLHQNRSLV
± SDSLHUELDá\IRUPDWX$
± OLWHUDWXUD
ûZLF]HQLH
3R ]DSR]QDQLX VL ] LQVWUXNFM EKS Z\NRQDM ]DEH]SLHF]HQLH HOHPHQWX GUHZQLDQHJR
URGNDPLFKHPLF]Q\PLPHWRG N SLHORZ ]LPQ RUD]NUyWNRWUZDá UR]WZRUDPLZRGQ\PL
:VND]yZNLGRUHDOL]DFML
3U]HG SU]\VW SLHQLHP GR UHDOL]DFML üZLF]HQLD QDXF]\FLHO SRZLQLHQ RPyZLü MHJR
]DNUHVLWHFKQLNLZ\NRQDQLD=DSR]QDüXF]QLyZ]]DVDGDPLEH]SLHF]QHMSUDF\
6SRVyEZ\NRQDQLDüZLF]HQLD
8F]H SRZLQLHQ
]DSR]QDüVL ]LQVWUXNFM EKS
SU]\JRWRZDüVWDQRZLVNRSUDF\]JRGQLH]]DVDGDPLEKS
GREUDüQDU] G]LDGRZ\NRQDQLDüZLF]HQLD
GREUDüVSU] WRFKURQ\RVRELVWHMQLH]E GQ\GRZ\NRQDQLDüZLF]HQLD
SU]\JRWRZDüUR]WZyUZRGQ\SUHSDUDWX
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
SU]\JRWRZDüHOHPHQWGRN SLHOL
XPLH FLü]DEH]SLHF]RQ\HOHPHQWZZDQQLH
Z\M üLZ\VH]RQRZDü]DEH]SLHF]RQ\HOHPHQW
]DSUH]HQWRZDüHIHNW\VZHMSUDF\±GRNRQDüRGELRUX
GRNRQDüRFHQ\üZLF]HQLD
=DOHFDQHPHWRG\QDXF]DQLD±XF]HQLDVL
± SRND]]REMD QLHQLHP
± üZLF]HQLDSUDNW\F]QH
± WHNVWSU]HZRGQL
URGNLG\GDNW\F]QH
± VWDQRZLVNRGRZ\NRQDQLDüZLF]HQLD
± PDWHULDá\GRZ\NRQDQLDüZLF]HQLD URGNLFKHPLF]QHZRGD
± QDU] G]LDLVSU] WV]F]\SFH
± VSU] WRFKURQ\RVRELVWHM
± LQVWUXNFMDVWDQRZLVNRZDEKS
ûZLF]HQLH
'RELHU] RGSRZLHGQL
URGHN RJQLRRFKURQQ\ GR Z\NRQDQLD ]DEH]SLHF]HQLD
RJQLRRFKURQQHJR HOHPHQWX GUHZQLDQHJR ZL E\ GDFKRZHM PHWRG VPDURZDQLD PDM F GR
G\VSR]\FML NDWDORJ JRWRZ\FK URGNyZ RJQLRRFKURQQ\FK : GRERU]H NLHUXM VL FHFKDPL
SRV]F]HJyOQ\FK URGNyZLLFKFHQ
:VND]yZNLGRUHDOL]DFML
3U]HG SU]\VW SLHQLHP GR UHDOL]DFML üZLF]HQLD QDXF]\FLHO SRZLQLHQ RPyZLü MHJR
]DNUHVLWHFKQLNLZ\NRQDQLD=DSR]QDüXF]QLyZ]]DVDGDPLEH]SLHF]QHMSUDF\
6SRVyEZ\NRQDQLDüZLF]HQLD
8F]H SRZLQLHQ
]DSR]QDü VL ] ZáD FLZR FLDPL L FHQDPL URGNyZ RJQLRRFKURQQ\FK SRGDQ\FK
ZNDWDORJX
GREUDüRGSRZLHGQL URGHNRJQLRRFKURQQ\
X]DVDGQLüZ\EyUWHJR URGND
]DSUH]HQWRZDüüZLF]HQLH
GRNRQDüRFHQ\üZLF]HQLD
=DOHFDQHPHWRG\QDXF]DQLD±XF]HQLDVL
± SRND]]REMD QLHQLHP
± WHNVWSU]HZRGQL
URGNLG\GDNW\F]QH
± NDWDORJFKHPLF]Q\FK URGNyZRJQLRRFKURQQ\FK
ûZLF]HQLH
3R ]DSR]QDQLX VL ] LQVWUXNFM EKS Z\NRQDM ]DEH]SLHF]HQLH HOHPHQWX GUHZQLDQHJR
FKHPLF]Q\P URGNLHPRJQLRRFKURQQ\PPHWRG VPDURZDQLD
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
:VND]yZNLGRUHDOL]DFML
3U]HG SU]\VW SLHQLHP GR UHDOL]DFML üZLF]HQLD QDXF]\FLHO SRZLQLHQ RPyZLü MHJR
]DNUHVLWHFKQLNLZ\NRQDQLD=DSR]QDüXF]QLyZ]]DVDGDPLEH]SLHF]QHMSUDF\
6SRVyEZ\NRQDQLDüZLF]HQLD
8F]H SRZLQLHQ
]DSR]QDüVL ]LQVWUXNFM EKS
SU]\JRWRZDüVWDQRZLVNRSUDF\]JRGQLH]]DVDGDPLEKS
]DSR]QDüVL ]LQVWUXNFM VWRVRZDQLD URGNDRJQLRRFKURQQHJRQDRSDNRZDQLX
GREUDüQDU] G]LDGRZ\NRQDQLDüZLF]HQLD
GREUDüVSU] WRFKURQ\RVRELVWHMQLH]E GQ\GRZ\NRQDQLDüZLF]HQLD
SU]\JRWRZDüQLH]E GQHLOR FL URGNDSRWU]HEQHJRGRZ\NRQDQLDüZLF]HQLD
Z\NRQDü]DEH]SLHF]HQLH URGNLHPRFKURQQ\PPHWRG VPDURZDQLD
]DSUH]HQWRZDüHIHNW\VZHMSUDF\
GRNRQDüRFHQ\üZLF]HQLD
=DOHFDQHPHWRG\QDXF]DQLD±XF]HQLDVL
± SRND]]REMD QLHQLHP
± WHNVWSU]HZRGQL
URGNLG\GDNW\F]QH
± PDWHULDá\GRZ\NRQDQLDüZLF]HQLD URGHNRJQLRRFKURQQ\ZRU\JLQDOQ\PRSDNRZDQLX
± QDU] G]LDLVSU] WS G]OH
± VSU] WRFKURQ\RVRELVWHM
± LQVWUXNFMDVWDQRZLVNRZDEKS
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
3U]\NáDG\QDU] G]LSRPLDUXG\GDNW\F]QHJR
7(67
7HVWGZXVWRSQLRZ\GRMHGQRVWNLPRGXáRZHMÄ=DEH]SLHF]DQLHGUHZQDSU]HG
V]NRGOLZ\PLF]\QQLNDPL]HZQ WU]Q\PL´
7HVWVNáDGDVL ]]DGD ZLHORNURWQHJRZ\ERUX]NWyU\FK
± ]DGDQLD·V ]SR]LRPXSRGVWDZRZHJR
± ]DGDQLD·V ]SR]LRPXSRQDGSRGVWDZRZHJR
3XQNWDFMD]DGD OXESXQNW
=DND G SUDZLGáRZ RGSRZLHG XF]H RWU]\PXMHSXQNW=D]á RGSRZLHG OXEMHMEUDN
XF]H RWU]\PXMHSXQNWyZ
3URSRQXMH VL QDVW SXM FH QRUP\ Z\PDJD ± XF]H RWU]\PD QDVW SXM FH
RFHQ\V]NROQH
± GRSXV]F]DM F\±]DUR]ZL ]DQLHFRQDMPQLHM]DGD ]SR]LRPXSRGVWDZRZHJR
± GRVWDWHF]Q\±]DUR]ZL ]DQLHFRQDMPQLHM]DGD ]SR]LRPXSRGVWDZRZHJR
± GREU\±]DUR]ZL ]DQLH]DGD ZW\PFRQDMPQLHM]SR]LRPXSRQDGSRGVWDZRZHJR
± EDUG]R GREU\ ± ]D UR]ZL ]DQLH ]DGD Z W\P FR QDMPQLHM ] SR]LRPX
SRQDGSRGVWDZRZHJR
.OXF]RGSRZLHG]LDDFEFGFEEEE
DEEEEFEFFDEEFF
3ODQWHVWX
1U
]DGDQLD
&HORSHUDF\MQ\
PLHU]RQHRVL JQL FLDXF]QLD
.DWHJRULD
FHOX
3R]LRP
Z\PDJD
3RSUDZQD
RGSRZLHG
2NUH OLü
MDNLH
F]\QQLNL
SRZRGXM
V]NRGOLZHG]LDáDQLHJU]\EyZQDGUHZQR
%
3
D
2NUH OLü
MDNLH
F]\QQLNL
SRZRGXM
V]NRGOLZHG]LDáDQLHRZDGyZQDGUHZQR
%
3
D
2NUH OLü WUZDáR ü GUHZQD VRVQRZHJR QD
ZROQ\PSRZLHWU]X
%
3
F
2NUH OLü WUZDáR ü GUHZQD G ERZHJR QD
ZROQ\PSRZLHWU]X
%
3
E
2NUH OLü WUZDáR ü GUHZQD VRVQRZHJR QD
SRZLHWU]XSRGGDFKHP
%
3
F
2NUH OLü SRGDWQR ü GUHZQD VRVQRZHJR ±
ELHOLQDG]LDáDQLHJU]\EyZGRPRZ\FK
%
3
G
2NUH OLü SRGDWQR ü GUHZQD VRVQRZHJR ±
WZDUG]LHOLQDG]LDáDQLHEDNWHULL
%
3
F
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
1U
]DGDQLD
&HORSHUDF\MQ\
PLHU]RQHRVL JQL FLDXF]QLD
.DWHJRULD
FHOX
3R]LRP
Z\PDJD
3RSUDZQD
RGSRZLHG
2NUH OLü SRGDWQR ü GUHZQD G ERZHJR ±
WZDUG]LHOL
QD
G]LDáDQLH
JU]\EyZ
GRPRZ\FK
%
3
E
2NUH OLü SRGDWQR ü GUHZQD VRVQRZHJR ±
WZDUG]LHOLQDG]LDáDQLHRZDGyZ
%
3
E
2NUH OLü SRGDWQR ü GUHZQD G ERZHJR ±
WZDUG]LHOLQDG]LDáDQLHRZDGyZ
%
3
E
8VWDOLü PLHMVFH NRQVWUXNFML GUHZQLDQ\FK
QDMF] FLHM QDUD RQ\FK QD XV]NRG]HQLD
SRSU]H]WDUFLH
&
3
E
2NUH OLü URG]DM LPSUHJQDFML Z\NRQDQHM
PHWRG VPDURZDQLD
&
3
D
8VWDOLü Já ERNR ü ZQLNDQLD
URGNyZ
JU]\EREyMF]\FK
SU]\
LPSUHJQDFML
Z\NRQDQHMPHWRG VPDURZDQLD
&
3
E
2NUH OLü
F]DV
QDV\FDQLD
GUHZQD
EXGRZODQHJR
SU]\
LPSUHJQDFML
Z\NRQ\ZDQHMPHWRG N SLHOLNUyWNRWUZDáHM
&
3
E
8VWDOLü Já ERNR ü ZQLNDQLD SUHSDUDWyZ
LPSUHJQDF\MQ\FK Z SRVWDFL UR]WZRUyZ
ZRGQ\FK SU]\ LPSUHJQDFML Z\NRQDQHM
PHWRGDVPDURZDQLD
&
3
E
8VWDOLü Já ERNR ü ZQLNDQLD SUHSDUDWyZ
LPSUHJQDF\MQ\FK Z SRVWDFL
URGNyZ
ROHLVW\FK SU]\ LPSUHJQDFML PHWRG N SLHOL
]LPQHMZFL JXPLQXW
&
3
E
2NUH OLü
F]DV
QDV\FDQLD
GUHZQD
EXGRZODQHJR SU]\ LPSUHJQDFML PHWRG
N SLHOL]LPQHMGáXJRWUZDáHM
&
3
F
8VWDOLü Já ERNR ü ZQLNQL FLD LPSUHJQDWX
SU]\LPSUHJQDFMLZ\NRQDQHMPHWRG N SLHOL
]LPQHMGáXJRWUZDáHM
&
3
E
2NUH OLüPHWRG LPSUHJQDFMLZ\NRQ\ZDQHM
SUHSDUDWDPLZSRVWDFLIDUELODNLHUyZ
&
3
F
2NUH OLüRSW\PDOQ WHPSHUDWXU VSU]\MDM F
UR]ZRMRZLJU]\EDGRPRZHJR
&
33
F
2NUH OLü PLQLPDOQ WHPSHUDWXU Z NWyUHM
PR HUR]ZLMDüVL JU]\EGRPRZ\
&
33
D
2NUH OLüPDNV\PDOQ WHPSHUDWXU ZNWyUHM
PR HUR]ZLMDüVL JU]\EGRPRZ\
&
33
E
8VWDOLü W]Z SXQNW ]DSáRQX WHPSHUDWXU
]DSDOHQLDGODZL NV]R FLJDWXQNXGU]HZ
&
33
E
8VWDOLü QDMVWDUV]\ VSRVyE ]DEH]SLHF]DQLD
GUHZQDSU]HGNRUR]M
&
33
F
2NUH OLüWHPSHUDWXU LPSUHJQDWyZX \W\FK
ZPHWRG]LHN SLHOL]LPQHM
&
33
F
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
3U]HELHJWHVWRZDQLD
,QVWUXNFMDGODQDXF]\FLHOD
8VWDO]XF]QLDPLWHUPLQSU]HSURZDG]HQLDVSUDZG]LDQX]FRQDMPQLHMMHGQRW\JRGQLRZ\P
Z\SU]HG]HQLHP
2PyZ]XF]QLDPLFHOVWRVRZDQLDSRPLDUXG\GDNW\F]QHJR
=DSR]QDMXF]QLyZ]URG]DMHP]DGD SRGDQ\FKZ]HVWDZLHRUD]]]DVDGDPLSXQNWRZDQLD
3U]HSURZDG ] XF]QLDPL SUyE XG]LHODQLD RGSRZLHG]L QD ]DGDQLD WHVWRZH MDNLH E G
ZWH FLHWH FLH
2PyZ]XF]QLDPLVSRVyEXG]LHODQLDRGSRZLHG]LNDUWDRGSRZLHG]L
=DSHZQLMXF]QLRPPR OLZR üVDPRG]LHOQHMSUDF\
5R]GDMXF]QLRP]HVWDZ\]DGD WHVWRZ\FKLNDUW\RGSRZLHG]LSRGDMF]DVSU]H]QDF]RQ\
QDXG]LHODQLHRGSRZLHG]L
3RVWDUDM VL VWZRU]\ü RGSRZLHGQL DWPRVIHU SRGF]DV SU]HSURZDG]DQLD SRPLDUX
G\GDNW\F]QHJRUR]áDGXMQLHSRNyM]DFK üGRVSUDZG]HQLDVZRLFKPR OLZR FL
.LOND PLQXW SU]HG ]DNR F]HQLHP VSUDZG]LDQX SU]\SRPQLM XF]QLRP R ]EOL DM F\P VL
F]DVLH]DNR F]HQLDXG]LHODQLDRGSRZLHG]L
=ELHU]NDUW\RGSRZLHG]LRUD]]HVWDZ\]DGD WHVWRZ\FK
6SUDZG Z\QLNLLZSLV]GRDUNXV]D]ELRUF]HJR
3U]HSURZDG DQDOL] X]\VNDQ\FK Z\QLNyZ VSUDZG]LDQX L Z\ELHU] WH ]DGDQLD NWyUH
VSUDZLá\XF]QLRPQDMZL NV]HWUXGQR FL
8VWDOSU]\F]\Q\WUXGQR FLXF]QLyZZRSDQRZDQLXZLDGRPR FLLXPLHM WQR FL
2SUDFXM ZQLRVNL GR GDOV]HJR SRVW SRZDQLD PDM FHJR QD FHOX XQLNQL FLH QLHSRZRG]H
G\GDNW\F]Q\FK±QLVNLHZ\QLNLSU]HSURZDG]RQHJRVSUDZG]LDQX
,QVWUXNFMDGODXF]QLD
3U]HF]\WDMXZD QLHLQVWUXNFM
3RGSLV]LPLHQLHPLQD]ZLVNLHPNDUW RGSRZLHG]L
=DSR]QDMVL ]]HVWDZHP]DGD WHVWRZ\FK
7HVW]DZLHUD]DGD RUy Q\PVWRSQLXWUXGQR FL6 WR]DGDQLDZLHORNURWQHJRZ\ERUX
=DND G SRSUDZQ RGSRZLHG PR HV]X]\VNDüSXQNW
8G]LHODMRGSRZLHG]LW\ONRQD]Dá F]RQHMNDUFLHRGSRZLHG]L'ODND GHJR]DGDQLDSRGDQH
V PR OLZHRGSRZLHG]L$%&'7\ONRMHGQDRGSRZLHG MHVWSRSUDZQDZ\ELHU]M
L]D]QDF]NUDWN ]RGSRZLDGDM F MHMOLWHU ]QDNLHP;
6WDUDM VL Z\UD QLH ]D]QDF]Dü RGSRZLHG]L -H OL VL SRP\OLV] L Eá GQLH ]D]QDF]\V]
RGSRZLHG RWRF]M NyáNLHPL]D]QDF]RGSRZLHG NWyU XZD DV]]DSRSUDZQ
7HVW VNáDGD VL ] GZyFK F] FL &] ü , ]DZLHUD ]DGDQLD ] SR]LRPX SRGVWDZRZHJR
QDWRPLDVWZF] FL,,V ]DGDQLD]SR]LRPXSRQDGSRGVWDZRZHJRLWHPRJ SU]\VSRU]\ü
&L WUXGQR FL JG\ V RQH QD SR]LRPLH Z\ V]\P QL SR]RVWDáH GRW\F]\ WR ]DGD
RQXPHUDFKRGGR
3UDFXMVDPRG]LHOQLHERW\ONRZWHG\E G]LHV]PLDáVDW\VIDNFM ]Z\NRQDQHJR]DGDQLD
.LHG\XG]LHOHQLHRGSRZLHG]LE G]LH&LVSUDZLDáRWUXGQR FLZWHG\RGáy UR]ZL ]DQLHQD
Sy QLHMLZUyüGRQLHJRJG\]RVWDQLH&LZROQ\F]DV
3R UR]ZL ]DQLX WHVWX VSUDZG F]\ ]D]QDF]\áH ZV]\VWNLH RGSRZLHG]L QD .$5&,(
2'32:,('=,
1DUR]ZL ]DQLHWHVWXPDV]PLQ
3RZRG]HQLD
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
0DWHULDá\GODXF]QLD
± LQVWUXNFMD
± ]HVWDZ]DGD WHVWRZ\FK
± NDUWDRGSRZLHG]L
=(67$:=$'$ 7(672:<&+
*U]\E\PDM V]NRGOLZ\ZSá\ZQDGUHZQRLMHVWWR]ZL ]DQH]
D F]\QQLNDPLDWPRVIHU\F]Q\PL
E F]\QQLNDPLPHFKDQLF]Q\PL
F G]LDáDQLHPRJQLD
G LQQ\PL
2ZDG\PDM V]NRGOLZ\ZSá\ZQDGUHZQRLMHVWWR]ZL ]DQH]F]\QQLNDPL
D ELRORJLF]Q\PL
E IL]\F]Q\PL
F PHFKDQLF]Q\PL
G LQQ\PL
7UZDáR üGUHZQDVRVQRZHJRQDZROQ\PSRZLHWU]XZ\QRVL
D ODW
E ODW
F ODW
G ODW
7UZDáR üGUHZQDG ERZHJRQDZROQ\PSRZLHWU]XZ\QRVL
D ODW
E ODW
F ODW
G ODW
7UZDáR üGUHZQDVRVQRZHJRQDSRZLHWU]XSRGGDFKHPZ\QRVL
D ODW
E ODW
F ODW
G ODW
'UHZQRVRVQRZH±ELHOMHVWQDG]LDáDQLHJU]\EyZGRPRZ\FK
D QLHSRGDWQH
E UHGQLRSRGDWQH
F SRGDWQH
G EDUG]RSRGDWQH
'UHZQRVRVQRZH±WZDUG]LHOMHVWQDG]LDáDQLHEDNWHULL
D QLHSRGDWQH
E UHGQLRSRGDWQH
F SRGDWQH
G EDUG]RSRGDWQH
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
'UHZQRG ERZH±WZDUG]LHOMHVWQDG]LDáDQLHJU]\EyZGRPRZ\FK
D QLHSRGDWQH
E UHGQLRSRGDWQH
F SRGDWQH
G EDUG]RSRGDWQH
'UHZQRVRVQRZH±WZDUG]LHOMHVWQDG]LDáDQLHRZDGyZ
D QLHSRGDWQH
E UHGQLRSRGDWQH
F SRGDWQH
G EDUG]RSRGDWQH
'U]HZQRG ERZH±WZDUG]LHOMHVWQDG]LDáDQLHRZDGyZ
D QLHSRGDWQH
E UHGQLRSRGDWQH
F SRGDWQH
G EDUG]RSRGDWQH
8V]NRG]HQLRPSRSU]H]WDUFLHQDMF] FLHMXOHJDM
D SROLF]NLVFKRGyZGUHZQLDQ\FK
E VWRSQLHVFKRGyZ
F VWHOD ZL E\GDFKRZHM
G NURNZLD
6PDURZDQLHQDOH \GRURG]DMXLPSUHJQDFML
D SRZLHU]FKQLRZHM
E Já ERNLHM
F FL QLHQLRZHM
G EH]FL QLHQLRZHM
3U]\PHWRG]LHVPDURZDQLD URGNLJU]\EREyMF]HZQLNDM QDJá ERNR ü
D ·PP
E ·PP
F ·PP
G ·PP
'OD GUHZQD EXGRZODQHJR R SU]H]QDF]HQLX RJyOQ\P QDV\FHQLH PHWRG N SLHOL
NUyWNRWUZDáHM]Z\NOHQLHSU]HNUDF]D
D PLQ
E PLQ
F PLQ
G PLQ
:SU]\SDGNXN SLHOL]LPQHMUR]WZRUDPLZRGQ\PLJá ERNR üZQLNDQLDSUHSDUDWXZFL JX
PLQXWUR]WZRUDPLZRGQ\PLZ\QRVLRNRáR
D PP
E PP
F PP
G PP
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
: SU]\SDGNX N SLHOL ]LPQHM URGNDPL ROHLVW\PL Já ERNR ü ZQLNDQLD SUHSDUDWX Z FL JX
PLQXW URGNDPLROHLVW\PLZ\QRVL
D ·PLQ
E ·PLQ
F ·PLQ
G ·PLQ
&]DVQDV\FHQLDLPSUHJQDWDPLZN SLHOL]LPQHMGáXJRWUZDáHMZ\QRVLQDMF] FLHM
D ·GQL
E ·GQL
F ·GQL
G ·GQL
*á ERNR üZQLNQL FLDLPSUHJQDWXPHWRG N SLHOL]LPQHMGáXJRWUZDáHMZ\QRVL
D ·FP
E ·FP
F ·FP
G ·FP
URGNLZSRVWDFLIDUELODNLHUyZQDQRVLP\WHFKQLN
D LPSUHJQDFML
E N SLHOL
F ]Z\Ná PDODUVN
G QDV\FDQLDSRGFL QLHQLHP
2SW\PDOQDWHPSHUDWXUDGODUR]PQD DQLDVL JU]\EyZGRPRZ\FKZ\QRVL
D ·
R
&
E ·
R
&
F ·
R
&
G ·
R
&
0LQLPDOQDWHPSHUDWXUDGODUR]PQD DQLDVL JU]\EyZGRPRZ\FKZ\QRVL
D
R
&
E
R
&
F
R
&
G
R
&
0DNV\PDOQDWHPSHUDWXUDGODUR]PQD DQLDVL JU]\EyZGRPRZ\FKZ\QRVL
D ·
R
&
E ·
R
&
F ·
R
&
G ·
R
&
'ODZL NV]R FLJDWXQNyZGU]HZWHPSHUDWXUD]DSDOHQLDW]ZSXQNW]DSáRQXZ\QRVL
D ·
R
&
E ·
R
&
F ·
R
&
G ·
R
&
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
1DMVWDUV]\PVSRVREHP]DEH]SLHF]DQLDGUHZQDSU]HGNRUR]M E\á\
D LPSUHJQDFMH
E PDORZDQLDIDUEDPL
F RSDODQLD
G REXGRZDLQQ\PLPDWHULDáDPL
:SU]\SDGNXN SLHOL]LPQHMWHPSHUDWXUDLPSUHJQDWyZSRZLQQDZ\QRVLüFRQDMPQLHM
D
R
&
E
R
&
F
R
&
G
R
&
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
.$57$2'32:,('=,
,PL LQD]ZLVNR
=DEH]SLHF]DQLH GUHZQD SU]HG V]NRGOLZ\PL F]\QQLNDPL ]HZQ WU]Q\PL
>@=
=DNUH OSRSUDZQ RGSRZLHG ZSLV]EUDNXM FHF] FL]GDQLDOXEZ\NRQDMU\VXQHN
1U
]DGDQLD
2GSRZLHG
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
D
E
F
G
D
E
F
G
D
E
F
G
D
E
F
G
D
E
F
G
5D]HP
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
7(67
7HVWGZXVWRSQLRZ\GRMHGQRVWNLPRGXáRZHMÄ=DEH]SLHF]DQLHGUHZQDSU]HG
V]NRGOLZ\PLF]\QQLNDPL]HZQ WU]Q\PL´
7HVWVNáDGDVL ]]DGD ZLHORNURWQHJRZ\ERUX]NWyU\FK
± ]DGDQLD·V ]SR]LRPXSRGVWDZRZHJR
± ]DGDQLD·V ]SR]LRPXSRQDGSRGVWDZRZHJR
3XQNWDFMD]DGD OXESXQNW
=DND G SUDZLGáRZ RGSRZLHG XF]H RWU]\PXMHSXQNW=D]á RGSRZLHG OXEMHMEUDN
XF]H RWU]\PXMHSXQNWyZ
3URSRQXMH VL QDVW SXM FH QRUP\ Z\PDJD ± XF]H RWU]\PD QDVW SXM FH
RFHQ\V]NROQH
± GRSXV]F]DM F\±]DUR]ZL ]DQLHFRQDMPQLHM]DGD ]SR]LRPXSRGVWDZRZHJR
± GRVWDWHF]Q\±]DUR]ZL ]DQLHFRQDMPQLHM]DGD ]SR]LRPXSRGVWDZRZHJR
± GREU\±]DUR]ZL ]DQLH]DGD ZW\PFRQDMPQLHM]SR]LRPXSRQDGSRGVWDZRZHJR
± EDUG]R GREU\ ± ]D UR]ZL ]DQLH ]DGD Z W\P FR QDMPQLHM ] SR]LRPX
SRQDGSRGVWDZRZHJR
.OXF]RGSRZLHG]LFDEDFFFEDEGD
EGDFDDFDFDEDF
3ODQWHVWX
1U
]DGDQLD
&HORSHUDF\MQ\
PLHU]RQHRVL JQL FLDXF]QLD
.DWHJRULD
FHOX
3R]LRP
Z\PDJD
3RSUDZQD
RGSRZLHG
2NUH OLüPLDU WUZDáR FLGUHZQD
%
3
F
2NUH OLü QDMEDUG]LHM V]NRGOLZH F]\QQLNL
SRZRGXM FHNRUR]M ELRORJLF]Q
&
3
D
2NUH OLü HOHPHQW\ NRQVWUXNFML VWURSX
GUHZQLDQHJR V]F]HJyOQLH ]DJUR RQH
NRUR]M ELRORJLF]Q
&
3
E
2NUH OLü HOHPHQW\ NRQVWUXNFML GDFKX
GUHZQLDQHJR V]F]HJyOQLH ]DJUR RQH
NRUR]M ELRORJLF]Q
&
3
D
2NUH OLü
RSW\PDOQ
ZLOJRWQR ü
VSU]\MDM F
UR]ZRMRZL
JU]\ED
GRPRZHJR
&
3
F
2NUH OLü UyGáD SR DUX GUHZQD Z
ZDUXQNDFKQRUPDOQ\FK
%
3
F
2NUH OLü ZDUXQNL VSU]\MDM FH SDOQR FL
GUHZQD
%
3
F
8VWDOLü
MDNR ü
SUHSDUDWX
RJQLRRFKURQQHJR ]H Z]JO GX QD
SRZVWU]\P\ZDQLH UR]SU]HVWU]HQLDQLD VL
GUHZQD
&
3
E
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
1U
]DGDQLD
&HORSHUDF\MQ\
PLHU]RQHRVL JQL FLDXF]QLD
.DWHJRULD
FHOX
3R]LRP
Z\PDJD
3RSUDZQD
RGSRZLHG
5R]Uy QLü URG]DMH VROQ\FK SUHSDUDWyZ
RFKURQQ\FK
%
3
D
5R]Uy QLü URG]DMH ROHLVW\FK SUHSDUDWyZ
RFKURQQ\FK
%
3
E
2NUH OLü F]DV MDNL PXVL XSá\Q ü
SRPL G]\ RSU\VNDPL Z PHWRG]LH
LPSUHJQDFMLSRZLHU]FKQLRZHM
&
3
G
2NUH OLü SUHSDUDW\ GR LPSUHJQDFML
GUHZQD
RSRGZ\ V]RQHMZLOJRWQR FL
&
3
D
8VWDOLü PDNV\PDOQ ZLOJRWQR ü GUHZQD
SRGGDZDQHJR LPSUHJQDFML Z N SLHOL
]LPQHMNUyWNRWUZDáHM
&
3
E
8VWDOLü PDNV\PDOQ ZLOJRWQR ü GUHZQD
SRGGDZDQHJR LPSUHJQDFML Z N SLHOL
]LPQHMNUyWNRWUZDáHM
&
3
G
2NUH OLü PHWRG LPSUHJQDFML GOD
]DEH]SLHF]HQLDNR FyZEHOHNZPXU]H
&
3
D
2NUH OLü PHWRG LPSUHJQDFML GOD
]DEH]SLHF]HQLD GUHZQD EH]SR UHGQLR SR
FL FLXLSR]EDZLHQLXá\ND
&
3
F
2NUH OLü ]DVWRVRZDQLH SUHSDUDWX )RERV
0
&
3
D
8VWDOLüSDUDPHWUNWyU\QDOH \VSUDZG]Lü
SU]\GRERU]HLPSUHJQDFML
&
3
D
2NUH OLü VNXWHF]QR ü Z\VH]RQRZDQLD
HOHPHQWyZ
GUHZQLDQ\FK
SR
]DLPSUHJQRZDQLX
&
3
F
8VWDOLü WUZDáR ü GUHZQD VRVQRZHJR Z
VXFK\PSRPLHV]F]HQLX
&
33
D
8VWDOLü WUZDáR ü GUHZQD EU]R]RZHJR
ZZDUXQNDFKQLH]PLHQQLHZLOJRWQ\FK
&
33
F
2NUH OLü
URG]DM
QDMEDUG]LHM
QLHEH]SLHF]QHJR JU]\ED SRZRGXM FHJR
V]\ENRUR]NáDGGUHZQD
&
33
D
2NUH OLüSRM FLDV]NRGQLNLWHFKQLF]QH
&
33
E
2NUH OLü
PHWRG\
LPSUHJQDFML
RJQLRFKURQQHMSá\WSLO QLRZ\FK
&
33
D
2NUH OLü PHWRG\ LPSUHJQDFML WDUFLF\
SRZLHWU]QRVXFKHM
&
33
F
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
3U]HELHJWHVWRZDQLD
,QVWUXNFMDGODQDXF]\FLHOD
8VWDO]XF]QLDPLWHUPLQSU]HSURZDG]HQLDVSUDZG]LDQX]FRQDMPQLHMMHGQRW\JRGQLRZ\P
Z\SU]HG]HQLHP
2PyZ]XF]QLDPLFHOVWRVRZDQLDSRPLDUXG\GDNW\F]QHJR
=DSR]QDMXF]QLyZ]URG]DMHP]DGD SRGDQ\FKZ]HVWDZLHRUD]]]DVDGDPLSXQNWRZDQLD
3U]HSURZDG ] XF]QLDPL SUyE XG]LHODQLD RGSRZLHG]L QD ]DGDQLD WHVWRZH MDNLH E G
ZWH FLH
2PyZ]XF]QLDPLVSRVyEXG]LHODQLDRGSRZLHG]LNDUWDRGSRZLHG]L
=DSHZQLMXF]QLRPPR OLZR üVDPRG]LHOQHMSUDF\
5R]GDMXF]QLRP]HVWDZ\]DGD WHVWRZ\FKLNDUW\RGSRZLHG]LSRGDMF]DVSU]H]QDF]RQ\
QDXG]LHODQLHRGSRZLHG]L
3RVWDUDMVL VWZRU]\üRGSRZLHGQL DWPRVIHU SRGF]DVSU]HSURZDG]DQLDSRPLDUX
G\GDNW\F]QHJRUR]áDGXMQLHSRNyM]DFK üGRVSUDZG]HQLDVZRLFKPR OLZR FL
.LOND PLQXW SU]HG ]DNR F]HQLHP VSUDZG]LDQX SU]\SRPQLM XF]QLRP R ]EOL DM F\P VL
F]DVLH]DNR F]HQLDXG]LHODQLDRGSRZLHG]L
=ELHU]NDUW\RGSRZLHG]LRUD]]HVWDZ\]DGD WHVWRZ\FK
6SUDZG Z\QLNLLZSLV]GRDUNXV]D]ELRUF]HJR
3U]HSURZDG DQDOL] X]\VNDQ\FK Z\QLNyZ VSUDZG]LDQX L Z\ELHU] WH ]DGDQLD NWyUH
VSUDZLá\XF]QLRPQDMZL NV]HWUXGQR FL
8VWDOSU]\F]\Q\WUXGQR FLXF]QLyZZRSDQRZDQLXZLDGRPR FLLXPLHM WQR FL
2SUDFXM ZQLRVNL GR GDOV]HJR SRVW SRZDQLD PDM FHJR QD FHOX XQLNQL FLH QLHSRZRG]H
G\GDNW\F]Q\FK±QLVNLHZ\QLNLSU]HSURZDG]RQHJRVSUDZG]LDQX
,QVWUXNFMDGODXF]QLD
3U]HF]\WDMXZD QLHLQVWUXNFM
3RGSLV]LPLHQLHPLQD]ZLVNLHPNDUW RGSRZLHG]L
=DSR]QDMVL ]]HVWDZHP]DGD WHVWRZ\FK
7HVW]DZLHUD]DGD RUy Q\PVWRSQLXWUXGQR FL6 WR]DGDQLDZLHORNURWQHJRZ\ERUX
=DND G SRSUDZQ RGSRZLHG PR HV]X]\VNDüSXQNW
8G]LHODMRGSRZLHG]LW\ONRQD]Dá F]RQHMNDUFLHRGSRZLHG]L'ODND GHJR]DGDQLDSRGDQH
V PR OLZHRGSRZLHG]L$%&'7\ONRMHGQDRGSRZLHG MHVWSRSUDZQDZ\ELHU]M
L]D]QDF]NUDWN ]RGSRZLDGDM F MHMOLWHU ]QDNLHP;
6WDUDM VL Z\UD QLH ]D]QDF]Dü RGSRZLHG]L -H OL VL SRP\OLV] L Eá GQLH ]D]QDF]\V]
RGSRZLHG RWRF]M NyáNLHPL]D]QDF]RGSRZLHG NWyU XZD DV]]DSRSUDZQ
7HVW VNáDGD VL ] GZyFK F] FL &] ü , ]DZLHUD ]DGDQLD ] SR]LRPX SRGVWDZRZHJR
QDWRPLDVWZF] FL,,V ]DGDQLD]SR]LRPXSRQDGSRGVWDZRZHJRLWHPRJ SU]\VSRU]\ü
&L WUXGQR FL JG\ V RQH QD SR]LRPLH Z\ V]\P QL SR]RVWDáH GRW\F]\ WR ]DGD
RQXPHUDFKRGGR
3UDFXMVDPRG]LHOQLHERW\ONRZWHG\E G]LHV]PLDáVDW\VIDNFM ]Z\NRQDQHJR]DGDQLD
.LHG\XG]LHOHQLHRGSRZLHG]LE G]LH&LVSUDZLDáRWUXGQR FLZWHG\RGáy UR]ZL ]DQLHQD
Sy QLHMLZUyüGRQLHJRJG\]RVWDQLH&LZROQ\F]DV
3R UR]ZL ]DQLX WHVWX VSUDZG F]\ ]D]QDF]\áH ZV]\VWNLH RGSRZLHG]L QD .$5&,(
2'32:,('=,
1DUR]ZL ]DQLHWHVWXPDV]PLQ
3RZRG]HQLD
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
0DWHULDá\GODXF]QLD
± LQVWUXNFMD
± ]HVWDZ]DGD WHVWRZ\FK
± NDUWDRGSRZLHG]L
=(67$:=$'$ 7(672:<&+
0LDU WUZDáR FLGUHZQDMHVW
D MHJRZ\VRNR ü
E WHPSHUDWXUD
F F]DVZNWyU\PGUHZQR]DFKRZXMHZáD FLZR FLPHFKDQLF]QH
G SU]HNUyMGUHZQD
1DMEDUG]LHM V]NRGOLZ\P F]\QQLNLHP GOD GUHZQD MHVW NRUR]MD ELRORJLF]QD VSRZRGRZDQD
SU]H]
D JU]\E\LRZDG\
E WHPSHUDWXU RWRF]HQLD
F ZLOJRWQR üRWRF]HQLD
G F]DV
6]F]HJyOQLH]DJUR RQ\PHOHPHQWHPNRQVWUXNFMLGUHZQLDQHMGDFKXV
D PXUáDW\
E PLHF]H
F VWROFH
G NURNZLD
6]F]HJyOQLH]DJUR RQ\PHOHPHQWHPNRQVWUXNFMLVWURSXGUHZQLDQHJR
D FDá\VWURS
E V NR FHEHOHN
F MHVWSRGVXILWND
G MHVW OHSDSRGáRJD
2SW\PDOQDZLOJRWQR üGODUR]ZRMXJU]\EyZGRPRZ\FKZ\QRVL
D ·
E ·
F ·
G ·
:ZDUXQNDFK]Z\Ná\FKSR DUGUHZQDQDVW SXMHRG
D QDJU]HZDQLDVáRQHF]QHJR
E G]LDáDQLDSURPLHQLXOWUDILROHWRZ\FK
F UyGáDRJQLDRWHPSHUDWXU]H·
R
&
G WDUFLD
3DOQR üGUHZQD]DOH \RG
D PLHMVFDXV\WXRZDQLD
E JDWXQNXGU]HZD
F UXFKXSRZLHWU]D
G F]DVX FLQNLGU]HZD
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
: ZDUXQNDFK QRUPDOQ\FK PR QD SU]\M ü H GDQ\ SUHSDUDW RJQLRRFKURQQ\ G]LDáD
]DGDZDODM FRMH HOLSRZVWU]\PDVL UR]SU]HVWU]HQLDQLHVL RJQLDSU]H]FRQDMPQLHM
D PLQXW
E PLQXW
F PLQXW
G PLQXW
'UHZQRVROMHVWWR
D SUHSDUDWVROQ\
E SUHSDUDWROHLVW\
F SUHSDUDWVROQRROHLVW\
G SDVWDJU]\EREyMF]D
'UHZQRFKURQ3L1MHVWWR
D SUHSDUDWVROQ\
E SUHSDUDWROHLVW\
F SUHSDUDWVROQRROHLVW\
G SDVWDJU]\EREyMF]D
: PHWRG]LH LPSUHJQDFML SRZLHU]FKQLRZHM SRSU]H] RSU\VNLZDQLH F]DV SRPL G]\
RSU\VNDPLSRZLQLHQZ\QRVLüFRQDMPQLHM
D JRG]LQ\
E JRG]LQ
F JRG]LQ\
G JRG]LQ\
'RLPSUHJQDFMLGUHZQDRSRGZ\ V]RQHMZLOJRWQR FLQDOH \X \ZDü
D SUHSDUDWyZVROQ\FK
E SUHSDUDWyZROHLVW\FK
F SUHSDUDWyZVROQRROHLVW\FK
G SDVWJU]\EREyMF]\FK
0DNV\PDOQD ZLOJRWQR ü GUHZQD SRGGDZDQHJR LPSUHJQDFML Z N SLHOL ]LPQHM
NUyWNRWUZDáHMQLHSRZLQQDSU]HNUDF]Dü
D
E
F
G
0DNV\PDOQD ZLOJRWQR ü GUHZQD SRGGDZDQHJR LPSUHJQDFML Z N SLHOL JRU FHM
NUyWNRWUZDáHMQLHSRZLQQDSU]HNUDF]Dü
D
E
F
G
,PSUHJQDFMD Já ERND PHWRG EDQGD RZDQLD PD ]DVWRVRZDQLH QDMF] FLHM GR
]DEH]SLHF]DQLD
D NR FyZEHOHNZPXU]H
E NDOHQLF
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
F NURNZL
G PLHF]\
,PSUHJQDFM Já ERN PHWRG RVPRW\F]Q VWRVXMHVL GRGUHZQD
D VXFKHJR
E RZLOJRWQR FLSRZLHWU]QRVXFKHM
F EH]SR UHGQLRSR FL FLXLSR]EDZLHQLDá\ND
G SU]HG FL FLHP
)RERV0MHVWWR
D URGHNRJQLRRFKURQQ\
E URGHNJU]\EREyMF]\
F URGHNRZDGREyMF]\
G URG]DMIDUE\
-HGQ\PL]GDQ\FKNWyUHQDOH \VSUDZG]LüSU]\GRERU]HLPSUHJQDFMLMHVW
D Já ERNR üZQLNQL FLDSUHSDUDWX
E NV]WDáWHOHPHQWX
F GáXJR üHOHPHQWX
G JUXER üHOHPHQWX
2FHQDVNXWHF]QR FLZ\VH]RQRZDQLD]DLPSUHJQRZDQ\FKHOHPHQWyZSRZLQQDREHMPRZDü
D RFHQ NV]WDáWXHOHPHQWX
E RFHQ NRORUX
F XVWDOHQLH]DQLNXXFL OLZHJR]DSDFKX
G RFHQ Z\PLDUyZHOHPHQWX
7UZDáR üGUHZQDVRVQRZHJRZVXFK\PSRPLHV]F]HQLXZ\QRVL
D ·ODW
E SRQDGODW
F SRQDGODW
G ·ODW
7UZDáR üGUHZQDEU]R]RZHJRZZDUXQNDFKQLH]PLHQQLHZLOJRWQ\FKZ\QRVL
D ODW
E ODW
F ODW
G ODW
1DMEDUG]LHMQLHEH]SLHF]Q\PJU]\EHPSRZRGXM F\PV]\ENLUR]NáDGGUHZQDMHVWJU]\E
D GRPRZ\ZáD FLZ\
E SRGNáDGRZ\
F VáXSRZ\
G VNáDGRZ\
2ZDG\ HUXM FHQDGUHZQLHQRV] QD]Z V]NRGQLNyZ
D OH Q\FK
E WHFKQLF]Q\FK
F RJURGRZ\FK
G GRPRZ\FK
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
7DUFLFDSRZLHWU]QRVXFKDSRZLQQDE\üLPSUHJQRZDQDPHWRGDPL
D VPDURZDQLD
E RSU\VNLZDQLD
F FL QLHQLRZ\PL
G N SLHOL]LPQ\FKGáXJRWUZDá\FK
,PSUHJQDFM RJQLRRFKURQQ Sá\WSLO QLRZ\FKPR QDZ\NRQ\ZDüPHWRGDPL
D VPDURZDQLDOXERSU\VNLZDQLD
E N SLHOLZUR]WZRUDFK
F QDV\FHQLDSRGFL QLHQLHP
G RVPRW\F]Q\PL
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
.$57$2'32:,('=,
,PL LQD]ZLVNR
=DEH]SLHF]DQLH GUHZQD SU]HG V]NRGOLZ\PL F]\QQLNDPL ]HZQ WU]Q\PL
>@=
=DNUH OSRSUDZQ RGSRZLHG ZSLV]EUDNXM FHF] FL]GDQLDOXEZ\NRQDMU\VXQHN
1U
]DGDQLD
2GSRZLHG
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
D
E
F
G
D
E
F
G
D
E
F
G
D
E
F
G
D
E
F
G
5D]HP
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
/HQNLHZLF]:7HFKQRORJLDFLHVLHOVWZD3:6=:DUV]DZD
/HQNLHZLF]:0LFKQRZVNL=5RERW\EXGRZODQH:6L3:DUV]DZD
/HQNLHZLF]:=G]LDUVND:LV,7HFKQRORJLD&LHVLHOVWZR:6L3:DUV]DZD
2OF]DN 6- - GUHMHN : :LDWHU : 3RUDGQLN FLH OL ZLHMVNLHJR :\GDZQLFWZR
Ä%XGRZQLFWZRL$UFKLWHNWXUD´:DUV]DZD
7DXV]\ VNL.%XGRZQLFWZRRJyOQH:6L3:DUV]DZD
HQF]\NRZVNL:0LFKQRZVNL=5RERW\EXGRZODQH:6L3:DUV]DZD