32/,7(&+1,.$*'$

6.$

:<'=,$à(/(.7527(&+1,.,,$8720$7<.,

.$7('5$(1(5*2(/(.7521,.,,0$6=<1(/(.75<&=1<&+



0$6=<1<(/(.75<&=1(,

/$%25$725,80),=<&=1(











û:,&=(1,(

0$6=<1<35

'867$à(*26,/1,.,









0DWHULDá\SRPRFQLF]HGOD.LHUXQNX(OHNWURWHFKQLND

6WXGLXP0*5

6WXGLXP,1 





















2SUDFRZDá















0DUHN&KRPLDNRZ



































*GD VN



















=(632à<0$6=<135

'867$à(*2

%$'$1,(6,/1,.$35

'867$à(*2







3URJUDPLFHOüZLF]HQLD



x

3RPLDU\UH]\VWDQFMLX]ZRMH VLOQLND

x

3RPLDU\FKDUDNWHU\VW\NPDJQHVRZDQLDLZ\]QDF]HQLHLQGXNF\MQR FLURWDFMLVLOQLND

x

:\]QDF]HQLHFKDUDNWHU\VW\NPHFKDQLF]Q\FKVLOQLNDREFRZ]EXGQHJR

x

5HJXODFMDSU GNR FLREURWRZHMVLOQLNDSU GXVWDáHJRSRSU]H]



]PLDQ QDSL FLD]DVLODQLD



]PLDQ SU GXZ]EXG]HQLD



ZWU FHQLHUH]\VWDQFMLGRGDWNRZHMGRREZRGXWZRUQLND











0RGHOIL]\F]Q\PDV]\Q\SU GXVWDáHJR



0DV]\QDSU GXVWDáHJRVNáDGDVL ]QDVW SXM F\FKF]

FL



MDU]PDVWRMDQDZ\NRQDQHJR]RGOHZXVWDORZHJROXEVWDOLZDOFRZDQHM-HVWRQRQLHW\ONRF]

FL 

NRQVWUXNF\MQ OHF]VWDQRZLUyZQLH F]

üREZRGXPDJQHW\F]QHJRPDV]\Q\



ELHJXQyZ JáyZQ\FK  SU]\PRFRZDQ\FK GR MDU]PD D Z\NRQDQ\FK ] Z\WáRF]RQ\FK EODFK 1D

ELHJXQDFKW\FKXPLHV]F]RQHMHVWX]ZRMHQLHZ]EXG]HQLD



ELHJXQyZ NRPXWDF\MQ\FK  SRPRFQLF]\FK ]ZURWQ\FK ]QDMGXM F\FK VL  PL G]\ ELHJXQDPL

JáyZQ\PL 1D ELHJXQDFK NRPXWDF\MQ\FK MHVW XPLHV]F]RQH X]ZRMHQLH NWyUHJR ]DGDQLHP MHVW

SRSUDZLHQLHZDUXQNyZNRPXWDFML



ZDáX



SDNLHWXEODFKZLUQLNDZNWyUHJR áRENDFKXPLHV]F]RQHMHVWX]ZRMHQLHWZRUQLND



NRPXWDWRUD



V]F]RWNRWU]\PDF]\



WDUF]áR \VNRZ\FKOXEVWRMDNyZáR \VNRZ\FK]áR \VNDPL

3RQDGWRZPDV]\QDFKZL NV]HMPRF\ZQDELHJXQQLNDFKELHJXQyZJáyZQ\FKXPLHV]F]DVL WDN]ZDQH

X]ZRMHQLHNRPSHQVDF\MQH

6WUXPLH  PDJQHW\F]Q\ Z\WZDU]DQ\ MHVW Z PDV]\QLH SU GX VWDáHJR SU]H] X]ZRMHQLH Z]EXG]HQLD *G\

ZLUQLNPDV]\Q\REUDFDVL VWUXPLH PDJQHW\F]Q\LQGXNXMH6(0ZSU]HZRGDFKMHJRX]ZRMHQLD:DUWR ü

LQGXNRZDQHM6(0Z\QRVL

















>9@

















Q

&

D

Q

S

1

(

˜

)

˜

˜

)

˜

˜

˜



OXE

D











>9@

















:

˜

˜

:

˜

)

˜

˜

˜

)

˜

:

˜

˜

,

*

(









&

D

S

1

S



JG]LH

1



OLF]EDSU]HZRGyZX]ZRMHQLDZLUQLND

S



OLF]EDSDUELHJXQyZ

Q



SU GNR üREURWRZDPLQ





Q

˜

˜

:

S

XVWDORQDSU GNR üN WRZD

*





LQGXNF\MQR üURWDFML







,







SU GZ]EXG]HQLD

)





VWUXPLH PDJQHW\F]Q\MHGQHJRELHJXQD:E

D



OLF]EDSDUJDá ]LUyZQROHJá\FKX]ZRMHQLDZLUQLND



*G\ SU]H] X]ZRMHQLH WZRUQLND SU]HSá\ZD SU G SRZVWDMH PRPHQW HOHNWURPDJQHW\F]Q\ NWyUHJR ZDUWR ü

RNUH ODVL ]DSRPRF ]DOH QR FL













>1P@



















,

,





˜

˜

˜

)

˜

˜

˜

˜

)

˜

˜

*



,D

&

D

,D

S

1

7

S



0DV]\QD SU GX VWDáHJR MDN L LQQH PDV]\Q\ HOHNWU\F]QH MHVW RGZUDFDOQD  PR H SUDFRZDü MDNR

SU GQLFD OXE VLOQLN : ]DOH QR FL RG VSRVREX ]DVLODQLD X]ZRMHQLD Z]EXG]HQLD UR]Uy QLD VL  QDVW SXM FH

URG]DMHVLOQLNyZSU GXVWDáHJR

]HZ]EXG]HQLHPREF\PU\VD

]HZ]EXG]HQLHPERF]QLNRZ\PU\VE

]HZ]EXG]HQLHPV]HUHJRZ\PU\VF

]HZ]EXG]HQLHPV]HUHJRZRERF]QLNRZ\PU\VG



8NáDG\SRá F]H VLOQLNyZWU]HED]ZUyFLüXZDJ QDWR HX]ZRMHQLHERF]QLNRZHSU]\á F]RQHMHVW

QLH GR V]F]RWHN PDV]\Q\ OHF] GR ]DFLVNyZ Z\á F]QLND WDN DE\ QDSL FLH QD ]DFLVNDFK X]ZRMHQLD

Z]EXG]HQLDQLHPDODáRSU]\UR]UXFKXZVNXWHNVSDGNXQDSL FLDQDUR]UXV]QLNXSRUU\VE

1DSRGDQ\FKVFKHPDWDFKXZ]JO GQLRQHV ]QRUPDOL]RZDQHR]QDF]HQLD31(VWRVRZDQH

ZPDV]\QDFKSU GXVWDáHJR

$$

V]F]RWNLWZRUQLND

((

]DFLVNLX]ZRMHQLDERF]QLNRZHJR

''

]DFLVNLX]ZRMHQLDV]HUHJRZHJR

%%

]DFLVNLX]ZRMHQLDNRPXWDF\MQHJR

))

]DFLVNLX]ZRMHQLDZ]EXG]HQLDREFHJR

&&

]DFLVNLX]ZRMHQLDNRPSHQVDF\MQHJR



5y Q\P VSRVRERP SRá F]HQLD X]ZRMH  Z]EXG]HQLD RGSRZLDGD Uy Q\ VSRVyE SUDF\ RPDZLDQ\FK

PDV]\QFR]QDMGXMHVZyMZ\UD]ZRGPLHQQ\FKLFKFKDUDNWHU\VW\NDFK

:VLOQLNXSU]\áR RQHQDSL FLHVLHFLUyZQRZD RQHMHVWSU]H]6(0LVXP VSDGNyZQDSL ü



















>9@



,



(D

8D















8

U 

˜



JG]LH 

8D





QDSL FLHVLHFL>9@







(D





6(0VLOQLND>9@







,









SU GWZRUQLND>$@







U



 5



5



 

FDáNRZLWDUH]\VWDQFMDREZRGXWZRUQLND







5









UH]\VWDQFMDX]ZRMHQLDWZRUQLND







5









UH]\VWDQFMDX]ZRMHQLDNRPXWDF\MQHJR







8





VSDGHNQDSL FLDQDVW\NX OL]JRZ\PV]F]RWNDNRPXWDWRU

6SDGNL QDSL FLD Z X]ZRMHQLDFK V  SURSRUFMRQDOQH GR ZDUWR FL SU GX 1LH QDOH \ MHGQDN ]DSRPLQDü H

]PLDQDUH]\VWDQFML]HZ]URVWHPWHPSHUDWXU\X]ZRMH QLHMHVWSRPLMDOQDGODWHJRSRPLDU\SRV]F]HJyOQ\FK

FKDUDNWHU\VW\N QDOH \ Z\NRQ\ZDü PR OLZLH SU GNR L VSUDZQLH RUD] QD PDV]\QLH QDJU]DQHM

2GG]LDá\ZDQLHWZRUQLNDSRZRGXMH]PLDQ ZDUWR FLVWUXPLHQLDPDJQHW\F]QHJRL]NROHL]PLDQ ZDUWR FL

6(0 : EXGRZDQ\FK REHFQLH PDV]\QDFK SU GX VWDáHJR ] ELHJXQDPL SRPRFQLF]\PL RGG]LDá\ZDQLH

SRGáX QHQLHZ\VW SXMHJG\ V]F]RWNLQLHV Z\VXZDQH]JHRPHWU\F]QHMVWUHI\RERM WQHM2GG]LDá\ZDQLH

SRSU]HF]QH SRZRGXMH Z PDV]\QDFK EH] X]ZRMHQLD NRPSHQVDF\MQHJR ]PQLHMV]HQLH ZDUWR FL JáyZQHJR

VWUXPLHQLD PDJQHW\F]QHJR MH OL ]DFKRG]L QDV\FHQLH : ]ZL ]NX]W\P ZUyZQDQLXZDUWR ü6(0

UyZQLH PDOHMH]HZ]URVWHPSU GXWZRUQLND













































































































:]EXG]HQLHREFH

6LOQLNERF]QLNRZ\

6LOQLNV]HUHJRZ\

6LOQLNV]HUHJRZRERF]QLNRZ\

8

N

áD

G

S

R

á

F

]

H

&

K

D

UD

N

WH

U\

V

W\

N

L























D

E

F

G













:]EXG]HQLHREFH





6LOQLNERF]QLNRZ\



6LOQLNV]HUHJRZ\

6LOQLN

V]HUHJRZRERF]QLNRZ\





:áD FLZR FL



3U GNR ü N WRZD MHVW Z SU]\EOL HQLX VWDáD SU]\ VWDá\P

QDSL FLX 6WUXPLH  MHVW SUDNW\F]QLH VWDá\ MH OL SRPLQ ü

ZSá\ZRGG]LDá\ZDQLDWZRUQLND





3U GNR ü N WRZD PDOHMH

]QDF]QLH

]H

Z]URVWHP

REFL

HQLD

3U]\

ELHJX

MDáRZ\PSU GNR üN WRZD

QLHEH]SLHF]QLH

Z]UDVWD

6WUXPLH  ]PLHQLD VL  ]

REFL

HQLHP





:áDVQR FL

SR UHGQLH

VLOQLND ERF]QLNRZHJR L

V]HUHJRZHJR

=H Z]URVWHP REFL

HQLD

SU GNR ü N WRZD PDOHMH

3U]\

ELHJX

MDáRZ\P

SU GNR ü

N WRZD

QLH

Z]UDVWDQDGPLHUQLH





5HJXODFMD







]DSRPRF RSRUXZREZRG]LHWZRUQLND



]DSRPRF RSRUXZREZRG]LHZ]EXG]HQLD









]D SRPRF  RSRUX Z

REZRG]LHWZRUQLND



SU]H]

]ERF]QLNRZDQH

X]ZRMHQLHWZRUQLND



SU]H]

]ERF]QLNRZDQH

X]ZRMHQLHZ]EXG]HQLD





-DN

Z

VLOQLNX

ERF]QLNRZ\P





SU]H]]PLDQ QDSL FLD









0RPHQW



3URSRUFMRQDOQ\GRSU GXWZRUQLND





3URSRUFMRQDOQ\

Z

SU]\EOL HQLX GR NZDGUDWX

SU GXWZRUQLND

'X \

PRPHQW

UR]UXFKRZ\







5\V6LOQLNLSU GXVWDáHJR6FKHPDW\SRá F]H FKDUDNWHU\VW\NLLZáD FLZR FL













2JyOQLHZ\SDGNRZHMZDUWR FLVWUXPLHQLDRGSRZLDGDZ\SDGNRZ\SU]HSá\Z



















)



)

)

)















!

"

#

$

r

JG]LH

)

%

 

SU]HSá\ZX]ZRMHQLDERF]QLNRZHJR

)

&

'

 

SU]HSá\Z X]ZRMHQLD V]HUHJRZHJR ]QDN  MH OL SU]HSá\Z VXPXMH VL  ]

SU]HSá\ZHPX]ZRMHQLDERF]QLNRZHJR

)

(





]PQLHMV]HQLHSU]HSá\ZXZ\SDGNRZHJRZVNXWHNSRSU]HF]QHJRRGG]LDá\ZDQLD

WZRUQLND



3U]\ UR]SDWU\ZDQLX SUDF\ VLOQLND SU GX VWDáHJR QDOH \ PLHü QD XZDG]H QDVW SXM FH

]DOH QR FL























,

&

7











,

,

*

)

*

)

*

)

+

˜

˜

˜

)

˜

SRGDQ MX SRSU]HGQLR

> @



















$



(D



8D

,















U

,

,

Z\QLNDM F ]]DOH QR FLSRSRPLQL FLXVSDGNXQDSL FLDSU]HM FLD8

-

RUD]

>

@

















PLQ



&

,





&

(D

Q













.

/

0

1

1

0

)

˜

˜

)

˜

2

U

8

OXE

> @

D















V



&

,





&

(D













3

4

5

5

)

˜

˜

)

˜

:

6

U

8

Z\QLNDM FH]]DOH QR FLDLSRSRPLQL FLXVSDGNXQDSL FLD8

-



3UDF  VLOQLND Z XNáDG]LH QDS GRZ\P FKDUDNWHU\]XM  SRZ\ V]H ]DOH QR FL RUD] UyZQDQLH

PRPHQWyZ

>

@



























1P



7

7



7

7













7

8

9

:

r

JG]LH

7

;

 

PRPHQWHOHNWURPDJQHW\F]Q\

7

<

 

PRPHQW VLOQLND QD ZDOH  UyZQ\ L SU]HFLZQLH VNLHURZDQ\ GR PRPHQWX

RSRURZHJRQDS G]DQHJRPHFKDQL]PX

7

=

 

W]Z PRPHQW ELHJX MDáRZHJR Z\QLNDM F\ ]H VWUDW QD WDUFLH Z áR \VNDFK L QD

NRPXWDWRU]HVWUDWWDUFLDRSRZLHWU]HRUD]VWUDWZ HOD]LH

7

>

 

-

G

GW

Z

  PRPHQW G\QDPLF]Q\ SRZVWDM F\ SU]\ ]PLDQLH SU GNR FL N WRZHM

VLOQLND =QDN SU]HG 7

>

]DOH \ RG SU]\ SLHV]HQLD 3U]\ Z]UR FLH SU GNR FL

G

GW

Z

!

§

©

¨

·

¹

¸

 PRPHQW WHQ MHVW GRGDWQL SU]\ PDOHQLX SU GNR FL

G

GW

Z



§

©

¨

·

¹

¸

 

PRPHQWG\QDPLF]Q\MHVWXMHPQ\

=JRGQLH ] ]DOH QR FL   PRPHQW VLOQLND ERF]QLNRZHJR L REFRZ]EXGQHJR MHVW

SURSRUFMRQDOQ\ GR SU GX MH OL SRPLQ ü ]PLDQ  VWUXPLHQLD VSRZRGRZDQ  RGG]LDá\ZDQLHP

WZRUQLND

: VLOQLNX V]HUHJRZ\P Z ]DNUHVLH Z NWyU\P MHJRREZyGPDJQHW\F]Q\ MHVWQLHQDV\FRQ\

VWUXPLH  ]PLHQLD VL  SURSRUFMRQDOQLH GR SU GX ,

?

 : W\P ZL F SU]\SDGNX ]DOH QR ü 

SU]HNV]WDáFDVL Z

>

@

















1P



,

&

,

&

7













@

A

A

B

˜

˜

)

˜









0RPHQWVLOQLNDV]HUHJRZHJRUR QLH]NZDGUDWHPSU GXDZL FVLOQLHMQL ZVLOQLNX

ERF]QLNRZ\P=WHMSU]\F]\Q\VLOQLNLWHVWRVRZDQHV WDPJG]LHSU]HZLGXMHVL ]QDF]QH

SU]HFL

HQLD:VLOQLNDFKW\FKQLHZROQRMHGQDNGRSXV]F]DüPR OLZR FLLFKELHJX

MDáRZHJRJG\ XZ]JO GQLDM FUyZQLH Z]DOH QR FLDSURSRUFMRQDOQR üVWUXPLHQLDL

SU GXRWU]\PXMHVL 



>

@













PLQ











C

D

&

U

,

&

8

,

&

U

,

8

&

U

,

8

E

E

E

E

E

E

E

E

E

E



˜

˜

˜



)

˜

˜



:

3U]\ELHJXMDáRZ\PJG\SU GWZRUQLND,

?

MHVWEOLVNL]HUXSU GNR üN WRZDZ]UDVWDGRZDUWR FL

QLHGRSXV]F]DOQLH GX \FK FR JUR]L DZDUL  VLOQLND = WHM SU]\F]\Q\ SU]\ VWRVRZDQLX VLOQLNyZ

V]HUHJRZ\FK QLHGRSXV]F]DOQH MHVW QS VWRVRZDQLH SU]HNáDGQL SDVRZ\FK OXE Zá F]DQLH W\FK

VLOQLNyZGRVLHFLEH]ZVW SQHJRREFL

HQLDQDZDOH



0L G]\PRF VLOQLND]MHJRPRPHQWHP]DFKRG]LQDVW SXM FD]DOH QR ü







3 

Â7





DOERZ\UD DM FSU GNR üZ>REUPLQ@

> @















:



Q

7





Q

7





7

3









˜

˜

˜

˜

˜

:

S

JG]LH

3



PRF>:@

7



PRPHQW>1P@

Q



XVWDORQDSU GNR üREURWRZD>PLQ

F

<

@





XVWDORQDSU GNR üREURWRZD>V

F

<

@

OXE



















3

Q

3



7















:

˜



3U]\UR]UXFKXVLOQLNyZSU GXVWDáHJRZFKZLOLZá F]HQLDQDSL FLDQDMHJR]DFLVNLZLUQLN

MHVW MHV]F]H QLHUXFKRP\ 7RWH  6(0 Z VLOQLNX MHVWUyZQD]HUX 8Z]JO GQLDM FWRZUyZQDQLX

RWU]\PXMHVL 



















>$@



U

8D

,















G

G

H



3RQLHZD  UH]\VWDQFMD WZRUQLND VLOQLND SU GX VWDáHJR MHVW QD RJyá EDUG]R PDáD ]D

Z\M WNLHP VLOQLNyZ EDUG]R PDáHM PRF\ ZL F SU G RVL JQ áE\ SU]\ EH]SR UHGQLP UR]UXFKX

GX HZDUWR FL±

  NURWQLH ZL NV]H RG ZDUWR FL SU GX ]QDPLRQRZHJR 'ODWHJR SU]\ UR]UXFK VLOQLNyZ

WU]HEDRJUDQLF]DüSU GUR]UXFKRZ\'RWHJRFHOXVWRVXMHVL RSRUQLNLUR]UXFKRZH:WHG\

















>$@



U

8D

,















I

I

J

K

L

5



JG]LH

5

(

?

 

UH]\VWDQFMDUR]UXV]QLND

5R]UXV]QLN ]Z\NOH MHVW ZLHORVWRSQLRZ\ FR SR]ZDOD QD VWRSQLRZH ]PQLHMV]DQLH MHJR

UH]\VWDQFML Z F]DVLH UR]UXFKX : SU]\SDGNX ]DVLODQLD REZRGX WZRUQLND ] UHJXORZDQHJR

]DVLODF]DQDSL FLH]Dá F]DQHGRREZRGXWZRUQLNDZFKZLOLUR]UXFKXSRZLQQRPLHüPLQLPDOQ 

ZDUWR ü L QDOH \ MH SRGQRVLüVWRSQLRZRFHOHPRJUDQLF]HQLDSU GXUR]UXFKRZHJR$E\PLPR

RJUDQLF]HQLD SU GX  PRPHQW VLOQLND  RVL JDá Z F]DVLH UR]UXFKX GX H ZDUWR FL

NRQLHF]Q\PMHVWDE\QD]DFLVNDFKX]ZRMHQLDZ]EXG]HQLDE\áRSU]\áR RQHSHáQHQDSL FLHVLHFL







2SRUQLN UHJXODF\MQ\ 5

(

M

 REZRGX Z]EXG]HQLD ZLQLHQ ZL F E\ü Z\á F]RQ\ 5

(

M

 Z F]DVLH

UR]UXFKX D SU]\ ]DVLODQLX REZRGX Z]EXG]HQLD ] ]DVLODF]D UHJXORZDQHJR ZDUWR ü SU GX

Z]EXG]HQLDSRZLQQDE\üUyZQDZDUWR FL]QDPLRQRZHM

=PLDQ NLHUXQNXZLURZDQLDVLOQLNDPR QDX]\VNDü]JRGQLH]]DOH QR FL DOERSU]H]

]PLDQ  NLHUXQNX SROD DOER SU GX WZRUQLND =PLDQ  NLHUXQNX SROD X]\VNXMH VL  SU]H]

SU]Há F]HQLD ]DFLVNyZ X]ZRMHQLD Z]EXG]HQLD FR SRZRGXMH RGZUyFHQLH NLHUXQNX SU GX Z

X]ZRMHQLX Z]EXG]HQLD ]PLDQ  W  PR QD RF]\ZL FLH SU]HSURZDG]Lü SU]\ VLOQLNX RGá F]RQ\P

RG VLHFL ]PLDQ  NLHUXQNX SU GX X]\VNXMH VL  SU]H] SU]Há F]HQLH ]DFLVNyZREZRGXJáyZQHJR

X]ZRMHQLHWZRUQLNDZUD]]X]ZRMHQLHPNRPXWDF\MQ\PLNRPSHQVDF\MQ\P











%$'$1,$



2JO G]LQ\]HZQ WU]QH





1DOH \GRNRQDüRJO G]LQ]HZQ WU]Q\FKEDGDQHJR]HVSRáXPDV]\QSU GXVWDáHJRL

XU] G]H ZFKRG] F\FKZVNáDGXNáDGXSRPLDURZHJRL]DVLODQLD1DOH \GRNáDGQLHSU]HF]\WDüL

]DQRWRZDüGDQH]DZDUWHQDWDEOLF]NDFK]QDPLRQRZ\FKREXPDV]\QZFKRG] F\FKZVNáDG

EDGDQHJR]HVSRáX



7DEHOD



/S

'DQH]QDPLRQRZHSU GQLF\VLOQLND

-HGQRVWND

:DUWR ü



1D]ZDLW\SZ\UREX







0RF]QDPLRQRZD±3Q

N:





URG]DMSUDF\







1DSL FLH]QDPLRQRZHWZRUQLND8DQ

9





3U G]QDPLRQRZ\±,DQ

$





=QDPLRQRZDSU GNR üREURWRZDQ

Q



REUPLQ





5RG]DMZ]EXG]HQLD







1DSL FLH]QDPLRQRZHREZRGXZ]EXG]HQLD8

IQ



9





=QDPLRQRZ\SU GZREZRG]LHZ]EXG]HQLD,

IQ



$







3RPLDU\UH]\VWDQFMLX]ZRMH 



x

3U]HELHJSRPLDUXUH]\VWDQFMLX]ZRMH 





=DVDG\SRPLDUXUH]\VWDQFMLX]ZRMH 



x

3RPLDU\Z\NRQDüPHWRG WHFKQLF]Q ]DUyZQRGODSU GQLF\MDNLVLOQLND









x

'REUDüRGSRZLHGQLH]DNUHV\PLHUQLNyZDPSHURPLHU]\SRGVWDZ GRERUXV WXSU G\



]QDPLRQRZHZREZRG]LHWZRUQLNDLZ]EXG]HQLDZROWRPLHU]\SRGVWDZ GRERUX



MHVWWXVSRG]LHZDQDZLHONR üVSDGNXQDSL FLDQDX]ZRMHQLXSU]\SU G]LH





]QDPLRQRZ\PX]ZRMHQLHZ]EXG]HQLD]DNUHVQDSL FLD]QDPLRQRZHJR





X]ZRMHQLHWZRUQLNDPDáH]DNUHV\]Z\NOHSRQL HM9



x

3RPLDUXUH]\VWDQFMLX]ZRMH Z]EXG]HQLDQDOH \GRNRQDüGODWU]HFKZDUWR FLSU GX



:\QLNLSRPLDUyZQDOH \]DQRWRZDüZWDEHOLD



x

3RPLDUXUH]\VWDQFMLREZRGXWZRUQLNDQDOH \GRNRQDüGODPLQLPXPZDUWR FLSU GX



]PLHQLDM FMHJRZDUWR üRGGRPLQLPXP,

DQ

OXEZRGZURWQHMNROHMQR FL



3RPLDU\WHQDOH \Z\NRQDüPR OLZLHV]\ENRDE\]PLQLPDOL]RZDüVNXWNLQDGPLHUQHJR

 JU]DQLDVL Z\SDODQLDVW\NXV]F]RWNDNRPXWDWRU



:\QLNLSRPLDUyZQDOH \]DQRWRZDüZWDEHOLE







7DEHODD



/S

8

,

5



9

$

:

























SU GQLFD





:DUWR ü UHGQLD

5

I

 

























VLOQLN





:DUWR ü UHGQLD

5

I

 









7DEHODE



/S 

8

D



,

D



U

D







9

$

:



SU GQLFD 















































VLOQLN

























































,D>$@



U

N

>:@

5

O

5

P

5

D



5\V=DOH QR üUH]\VWDQFMLREZRGXWZRUQLNDRGSU GXU

D

 I,

D





8

D

VSDGHNQDSL FLDQD]DFLVNDFKREZRGXWZRUQLND

,

D

SU GREZRGXWZRUQLND

U

D

FDáNRZLWDUH]\VWDQFMDREZRGXWZRUQLND

U

D

 5

D

5

S

5

Q

5

D

UH]\VWDQFMDX]ZRMHQLDWZRUQLND

5

S

UH]\VWDQFMD]HVW\NX OL]JRZHJRV]F]RWNDNRPXWDWRU

5

Q

 UH]\VWDQFMDX]ZRMHQLDNRPXWDF\MQHJR





&KDUDNWHU\VW\NDELHJXMDáRZHJRPDJQHVRZDQLD



6FKHPDW\XNáDGX]DVLODQLDLSRPLDURZHJR]HVSRáXPDV]\QSU GXVWDáHJR



5\V6FKHPDWXNáDGX]DVLODQLDLSRPLDURZHJRSU GQLF\SU GXVWDáHJR



R

$W





SUT

SWV

*

X

T

X

V

Y

Z\[

:

3

R

Z^]

_`]

acb















5\V6FKHPDWXNáDGX]DVLODQLDLSRPLDURZHJRVLOQLNDSU GXVWDáHJR



:SXQNFLHW\PZ\]QDF]DP\FKDUDNWHU\VW\NLPDJQHVRZDQLDZRGQLHVLHQLXGRREXPDV]\Q

]HVSRáXW]Q]DUyZQRSU GQLF\MDNLVLOQLNDSDPL WDM F HPDV]\QDSU GXVWDáHJRMHVWPDV]\Q 

ZSHáQLRGZUDFDOQ 7DNZL FND GD]EDGDQ\FKPDV]\QPR HSHáQLüURO SU GQLF\MDNL

VLOQLND]DOH QLHRGVSRVREXMHM]DVLODQLDE G REFL

HQLD

:WUDNFLHSUyE\XWU]\PXMHP\VWDá SU GNR üREURWRZ L]PLHQLDM FSU GZ]EXG]HQLDPDV]\Q\

QDS G]DQHMPLHU]\P\ZDUWR üLQGXNRZDQHMZQLHMVLá\HOHNWURPRWRU\F]QHMUyZQHMQDSL FLXQD

]DFLVNDFKSU]\EUDNXSU GXREFL

HQLDRWZDUW\PREZRG]LHWZRUQLND1DOH \VWRSQLRZR

]ZL NV]DüSU GZ]EXG]HQLD,

I

PDV]\Q\EDGDQHMRGZDUWR FLGR,

IPD[

QLJG\QLH

]PQLHMV]DM FZDUWR FLWDNUHJXORZDQHJRSU GX,

I





1DVW SQLHQDOH \VWRSQLRZR]PQLHMV]Dü

SU G,

I

RG,

IPD[

GRQLJG\QLH]ZL NV]DM FWDNUHJXORZDQHJRSU GX,

I

:\QLNLQRWXMHP\Z

WDEHOLDSU GQLFDRUD]EVLOQLN





7DEHOD







/S























,

I





$







n



,

IPD[





p







(

D





9



(

V]F]





n



(

PD[





p



(

V]F]







:DUWR ü,

IPD[

WDNLSU GZ]EXG]HQLDSU]\NWyU\P6(0(

PD[

8

DQ







$

$W





)

)





$WI

0

$

$

9

,

d

:

3

3

$

,

e

8

e









x



2NUH OHQLHLQGXNF\MQR FLURWDFML*DI





$E\RNUH OLüLQGXNF\MQR FLURWDFML*

DI

NRU]\VWDP\]FKDUDNWHU\VW\NLPDJQHVRZDQLDPDV]\Q\

SRPLHU]RQHMSRZ\ HM:W\PFHOXQDOH \GRGDWNRZRZ\NUH OLüX UHGQLRQ\SU]HELHJ

FKDUDNWHU\VW\NLPDJQHVRZDQLD5\V

:LHONR FLREOLF]RQH



,QGXNF\MQR üURWDFML



*

DI

 

:

f

g

,

(

#

:

f

g

,

8

h

















±







JG]LH: 





S

Q





x



2NUH OHQLHZVSyáF]\QQLNDQDV\FHQLDREZRGXPDJQHW\F]QHJR



1DSRGVWDZLHFKDUDNWHU\VW\NLPDJQHVRZDQLDPR QDV G]LüRPDWHULDáDFKX \W\FKGREXGRZ\

PDV]\Q\V]HURNR üS WOLKLVWHUH]\ZDUWR FLPDJQHW\]PXV]F] WNRZHJRRUD]VWRSQLD

QDV\FHQLD:FHOXRNUH OHQLDZVSyáF]\QQLNDQDV\FHQLDZ\NRU]\VWXMHP\Z\SR URGNRZDQ 

X UHGQLRQ FKDUDNWHU\VW\N PDJQHVRZDQLDRNUH ORQ GODZ]EXG]HQLDREFHJR



,

i

>$@



(

j

>9@

D

E

F

G

(

k

lnm

l



5\V2NUH OHQLHVWRSQLDQDV\FHQLDPDV]\Q\QDSRGVWDZLHFKDUDNWHU\VW\NLELHJXMDáRZHJR





:VSyáF]\QQLNQDV\FHQLD N

)

)

)

)

)

)

DF

DE

o

p

q

r

r









s

s

t

u









±















JG]LH





)

G



SU]HSá\ZV]F]HOLQ\SRZLHWU]QHM





)

]



SU]HSá\Z] EyZ





)

E



SU]HSá\ZELHJXQyZJáyZQ\FK





)

M



SU]HSá\ZMDU]PDVWRMDQD





)

M



SU]HSá\ZMDU]PDZLUQLND



3URZDG] FVW\F]Q GEGRFKDUDNWHU\VW\NLELHJXMDáRZHJRZMHMSRF] WNXRUD]OLQL SR]LRP 

QDZ\VRNR FLU] GQHMRNUH ORQHMSU]H]QDSL FLH]QDPLRQRZH(

D

 8

DQ

PR QDZ\]QDF]\ü

ZVSyáF]\QQLNQDV\FHQLDN

Q

NWyUHJRZDUWR üZDKDVL QDMF]

FLHMZJUDQLFDFKRGGR





&KDUDNWHU\VW\NLPHFKDQLF]QHVLOQLNDSU GXVWDáHJR



6FKHPDW\SRá F]H REXPDV]\QSRGDQRQDU\VL3RSU]HSURZDG]HQLXUR]UXFKXVLOQLND

SU]\]QDPLRQRZ\FKZDUWR FLDFKQDSL FLD]DVLODQLDREZRGXWZRUQLNDRUD]SU GXZ]EXG]HQLD

VLOQLNDZ]EXG]DP\SU GQLF GRZDUWR FLQDSL FLD]QDPLRQRZHJRLUHJXOXM FQDVWDZ RSRUQLND

5

v

]PLHQLDP\SU GREFL

HQLDSU GQLF\RUD]PRPHQWREFL

HQLDEDGDQHJRVLOQLND:\QLNL

QRWXMHP\ZWDEHOL







7DEHOD



8

w

,

x

,

w

:Q

7

y

8

wz

,

wz

5

{

w

9

$

$

V

REUPLQ

1P

9

$

:

8

w^|

,

x

|













FRQVW

FRQVW











FRQVW



































































































3RPLDU\SRZWyU]\üGODSU]\SDGNXNLHG\GRGDWNRZDUH]\VWDQFMDZREZRG]LHWZRUQLND5

{

w

z



3RPLDU\Z\NRQDüGOD8

w

 8

w|

RUD]8

w^|





:LHONR FLREOLF]RQH

0RFSREUDQD3

}

 8

w

˜,

w



0RFRGGDQD 3

z

 7

y

˜:OXE3

z

|8

w^z

˜,

w^z

K

z



JG]LH 8

w^z

±QDSL FLHWZRUQLNDSU GQLF\REFL

DM FHM







,

wz

SU GWZRUQLNDSU GQLF\REFL

DM FHM







K

z

±VSUDZQR üSU GQLF\REFL

DM FHM









6WHURZDQLHSU GNR FLN WRZHMVLOQLNDREFRZ]EXGQHJR









=DOH QR üSU GNR FLREURWRZHMRGQDSL FLDWZRUQLND: I8

w

,

x

FRQVW5

{

w





6FKHPDW\SRá F]H REXPDV]\QSRGDQRQDU\VL3RSU]HSURZDG]HQLXUR]UXFKXVLOQLND

SU]\]QDPLRQRZ\FKZDUWR FLDFKQDSL FLD]DVLODQLDREZRGXWZRUQLNDRUD]SU GXZ]EXG]HQLD

QDOH \REFL

\üVLOQLNPRPHQWHPUyZQ\PRNPRPHQWX]QDPLRQRZHJRL]PLHQLDü

QDSL FLH]DVLODQLDWZRUQLNDXWU]\PXM FVWDá\PRPHQWQDZDOHFRSU]\VWDá\PSU G]LH

Z]EXG]HQLDZSU]\EOL HQLXRGSRZLDGDXWU]\P\ZDQLXVWDáHJRSU GXWZRUQLND:\QLNL

SRPLDUyZ]DSLVDüZWDEHOL

3RPLDU\SRZWyU]\üGODELHJXMDáRZHJR

7DEHOD



8

w

,

x

,

w

:Q

7

y

8

wz

,

wz

5

{

w

9

$

$

V

REUPLQ

1P

9

$

:

,

x

|

,

w^|













FRQVW

FRQVW









FRQVW

































































:LHONR FLREOLF]RQH

0RFSREUDQD3

}

 8

w

˜,

w



0RFRGGDQD 3

z

 7

y

˜:OXE3

z

|8

w^z

˜,

w^z

K

z



JG]LH 8

w^z

±QDSL FLHWZRUQLNDSU GQLF\REFL

DM FHM







,

wz

SU GWZRUQLNDSU GQLF\REFL

DM FHM







K

z

±VSUDZQR üSU GQLF\REFL

DM FHM



=DOH QR üSU GNR FLREURWRZHMRGSU GXZ]EXG]HQLD: I,

x

8

w

 FRQVW5

{

w





6FKHPDW\SRá F]H REXPDV]\QSRGDQRQDU\VL3RSU]HSURZDG]HQLXUR]UXFKXVLOQLND

SU]\QDSL FLX]DVLODQLDREZRGXWZRUQLND8

w

 8

w^|

 FRQVWQDOH \REFL

\üVLOQLN

PRPHQWHPUyZQ\PRNyPRPHQWX]QDPLRQRZHJRL]PLHQLDüSU GZ]EXG]HQLD

XWU]\PXM FVWDá\SU GWZRUQLND,

w

 y,

w|

1DOH \]ZUDFDüXZDJ QDSU GNR üREURWRZ 

VLOQLNDWDNE\QLHSU]HNUDF]DáDRQDSU]\]PQLHMV]DQLXSU GXZ]EXG]HQLDSU GNR FL

]QDPLRQRZHM:\QLNLSRPLDUyZ]DSLVDüZWDEHOL

3RPLDU\SRZWyU]\üGODELHJXMDáRZHJR]DFKRZXM F8

w

 8

w^|

 FRQVW



7DEHOD

8

w

,

x

,

w

:Q

7

y

8

wz

,

wz

5

{

w

9

$

$

V

REUPLQ

1P

9

$

:

8

w^|

,

x

|

,

w^|











FRQVW



FRQVW









FRQVW

































































:LHONR FLREOLF]RQH

0RFSREUDQD3

}

 8

w

˜,

w









0RFRGGDQD 3

z

 7

y

˜:OXE3

z

|8

w^z

˜,

w^z

K

z



JG]LH 8

w^z

±QDSL FLHWZRUQLNDSU GQLF\REFL

DM FHM







,

wz

SU GWZRUQLNDSU GQLF\REFL

DM FHM







K

z

±VSUDZQR üSU GQLF\REFL

DM FHM





=DOH QR üSU GNR FLREURWRZHMRGUH]\VWDQFMLZREZRG]LHWZRUQLND: I5

{

w

SU]\



VWDáHMZDUWR FLSU GXZ]EXG]HQLDRUD]VWDáHMZDUWR FLQDSL FLD]DVLODQLD





6FKHPDWSRá F]H VLOQLNDXOHJD]PLDQLH'RREZRGXWZRUQLNDQDOH \Zá F]\üUHJXORZDQ\

RSRUQLN5

{

w

RRGSRZLHGQLHMREFL

DOQR FLSU GRZHMRUD]GRGDWNRZ\ZROWRPLHU]QD]DFLVNL

]DVLODF]DREZRGXWZRUQLNDNWyU\E G]LHZVND]\ZDáQDSL FLH]DVLODQLDREZRGXWZRUQLND8

w|



5y QLFDQDSL ü]DVLODQLD8

w^|

RUD]QD]DFLVNDFKWZRUQLND8

w

E G]LHUyZQDVSDGNRZL

QDSL FLDQDGRGDWNRZHMUH]\VWDQFMLZWU FRQHMGRREZRGXWZRUQLND1DOH \XVWDZLü

]QDPLRQRZ\SU GZ]EXG]HQLDLQDVW SQLHSU]\]ZDUW\PRSRUQLNXGRGDWNRZ\PGRNRQDü

UR]UXFKXVLOQLNDWDNDE\QDSL FLH]DVLODQLDE\áRUyZQHZDUWR FL]QDPLRQRZHM2EFL

\üVLOQLN

SU GQLF SUDFXM F QDRSRUQLN5

v

WDNE\SU GWZRUQLNDPRPHQWRVL JQ áZDUWR üy

ZDUWR FL]QDPLRQRZHM1DVW SQLHQDOH \SRZROL]ZL NV]DüZDUWR üRSRUQR FLGRGDWNRZHMZ

REZRG]LHWZRUQLND5

{

w

LUHJXORZDüREFL

HQLHSU GQLF\WDNE\XWU]\PDüVWDá ZDUWR üSU GX

WZRUQLNDVLOQLND,

w

 FRQVW:\QLNLQRWRZDüZWDEHOL



7DEHOD



8

w^|

8

w

,

x

,

w

:Q

7

y

8

w^z

,

w^z

5

{

w

9

9

$

$

V

REUPLQ

1P

9

$

:

8

w^|



,

x

|

,

w|











FRQVW



FRQVW

&RQVW







































































































:LHONR FLREOLF]RQH













5

{

w

 8

w|

8

w

,

w







6SUDZQR üVLOQLND

K

}

 3

z

3

}



0RFSREUDQD3

}

 8

w^|

˜,

w



0RFRGGDQD 3

z

 7

y

˜:OXE3

z

|8

w^z

˜,

w^z

K

z



JG]LH 8

w^z

±QDSL FLHWZRUQLNDSU GQLF\REFL

DM FHM







,

wz

SU GWZRUQLNDSU GQLF\REFL

DM FHM







K

z

±VSUDZQR üSU GQLF\REFL

DM FHM







=DGDQLD 





























:\NUH OLü]DOH QR üFDáNRZLWHMUH]\VWDQFMLWZRUQLNDU

D

 I,

D



:\NUH OLüZV]\VWNLHSR]RVWDáHSRPLHU]RQHFKDUDNWHU\VW\NLSGR

:\]QDF]\üSURFHQWRZ ]PLDQ SU GNR FLREURWRZHMSU]\]QDPLRQRZ\PREFL

HQLXZ

VWRVXQNXGRSU GNR FLELHJXMDáRZHJR

2NUH OLüLQGXNF\MQR üURWDFML*

DI

ZRGQLHVLHQLXGRREXPDV]\QEDGDQHJR]HVSRáX

6SRU] G]LüZ\NUHV\8

D

 I,

I

RUD]*

DI

I,

I



8]DVDGQLüSU]HELHJLZ\]QDF]RQHZS

3RUyZQDüVSUDZQR üSRV]F]HJyOQ\FKVSRVREyZVWHURZDQLDSU GNR FLREURWRZHMVLOQLND

SU GXVWDáHJR







3\WDQLDNRQWUROQH



'ODF]HJRZDUWR üUH]\VWDQFMLREZRGXWZRUQLNDQLHMHVWVWDáD"

-DNQDOH \Z\]QDF]\üZDUWR üLQGXNF\MQR FLURWDFMLZPDV]\QLHSU GXVWDáHJR"

&RWRMHVWZVSyáF]\QQLNQDV\FHQLDREZRGXPDJQHW\F]QHJRPDV]\Q\LMDNJRPR QD

Z\]QDF]\üLMDNLHQDMF]

FLHMSU]\MPXMHRQZDUWR FL"

-DNQDOH \GREUDüRSRUQLNXVWDZLüZDUWR üSU GXZREZRG]LHZ]EXG]HQLDVLOQLND

QDS GRZHJRSU]\UR]UXFKX"

-DNQDOH \GREUDüDPSHURPLHU]ZREZRG]LHZ]EXG]HQLDLLQQHSU]\U] G\"

:\PLHQLüSRGVWDZRZHVSRVRE\UHJXODFMLSU GNR FLREURWRZHMVLOQLNDSU GXVWDáHJR3RGDü

RGSRZLHGQLHFKDUDNWHU\VW\NL

:\PLHQLüSRGVWDZRZHZDG\L]DOHW\SRV]F]HJyOQ\FKVSRVREyZVWHURZDQLDSU GNR FL 

REURWRZ VLOQLNyZSU GXVWDáHJR

3RGDüVSRVRE\SRá F]H SRGVWDZRZ\FKRGPLDQVLOQLNyZSU GXVWDáHJR

3RUyZQDüFKDUDNWHU\VW\NLPHFKDQLF]QHUy Q\FKRGPLDQVLOQLNyZSU GXVWDáHJR

-DNLVLOQLNMHVWEDUG]LHMF]Xá\QD]PLDQ\QDSL FLDZVLHFLERF]QLNRZ\F]\RZ]EXG]HQLX

REF\P":NWyU\P]QLFK]PLDQDQDSL FLDZ\ZRáDZL NV] ]PLDQ SU GNR FLREURWRZHM"





/LWHUDWXUDSRPRFQLF]D



/DWHN:=DU\VPDV]\QHOHNWU\F]Q\FK:17:ZD

/DWHN:%DGDQLDPDV]\QHOHNWU\F]Q\FKZSU]HP\ OH:17:ZD

0DQLWLXV=0DV]\Q\SU GXVWDáHJR6NU\SW:\G3RO*G*GD VN

0DQLWLXV=0DV]\Q\(OHNWU\F]QH&],6NU\SW:\G3RO*G*GD VN

3ODPLW]HU$0DV]\Q\HOHNWU\F]QH:17:ZD

3UDFD]ELRURZDUHG0DQLWLXV=/DERUDWRULXPPDV]\QHOHNWU\F]Q\FK6NU\SW



:\G3RO*G*GD VN

5RV]F]\N67HRULDPDV]\QHOHNWU\F]Q\FK:17:ZD

31(0DV]\Q\HOHNWU\F]QHZLUXM FH2JyOQHZ\PDJDQLDLEDGDQLD