$8725=<



/,6=.$*5$)<1$

.8à$&=.2:6.$*(1'(.$11$

0$17<.0$à*25=$7$

6à2:,.2:6.$0$à*25=$7$

.8&=<6.,6à$:20,5











.5<7(5,$





2&(1<35$&<



1$8&=<&,(/$





]JRGQLH]8VWDZ]GQLDVW\F]QLDU.DUWD1DXF]\FLHOD]Sy(QLHMV]\PL]PLDQDPL

5R]S0(1]GQLDOLVWRSDGDU









67$5*$5'6=&=(&, 6.,

0$5=(&±.:,(&,( 















2FHQDSUDF\QDXF]\FLHODPDFKDUDNWHURSLVRZ\LMHVW]DNRF]RQDVWZLHUG]HQLHP

XRJyOQLDMF\P





RFHQDZ\Uy*QLDMFD



RFHQDGREUD



RFHQDQHJDW\ZQD



=DPLHV]F]RQHZQLQLHMV]\PUHJXODPLQLHG]LDáDQLDQDXF]\FLHODG\UHNWRUV]NRá\RFHQLD

SRVáXJXMFVL QDVW SXMFSXQNWDFM





G]LDáDQLHZ\NRQDQHZ\Uy*QLDMFR







SXQNW\



G]LDáDQLHZ\NRQDQHGREU]H









SXQNW



G]LDáDQLHZ\NRQDQHQLHSRSUDZQLHOXEEUDNG]LDáDQLD



SXQNWX



 3U]\SRU]GNRZDQHG]LDáDQLRPQDXF]\FLHODSXQNW\VXPXMHVL 8]\VNDQDOLF]EDSXQNWyZ

RGSRZLDGDRGSRZLHGQLHMRFHQLH



±SXQNWyZ



RFHQDZ\Uy*QLDMFD

±SXQNWyZ



RFHQDGREUD







±SXQNWyZ



RFHQDQHJDW\ZQD





$63(.7<35$&<1$8&=<&,(/$

'<'$.7<&=1<





=QDMRPRüPHU\WRU\F]QDSURZDG]RQ\FK]DM ü





5y*QRURGQRüVWRVRZDQLDPHWRGG\GDNW\F]Q\FKZSURFHVLHOHNF\MQ\P





0LHU]HQLHHIHNW\ZQRFLQDXF]DQLD2FHQDSRVW SyZXF]QLyZZXF]HQLXVL 2FHQDVWDQXZ\MFLRZHJRL

NRFRZHJRQDXF]DQLD]DSRPRFRSUDFRZDQHJRSU]H]VLHELHQDU] G]LDEDGDZF]HJR





3U]\JRWRZ\ZDQLHXF]QLyZGRNRQNXUVyZ]DZRGyZPL G]\V]NROQ\FK





6WDUDQLDRZ\SRVD*HQLHJDELQHWXOHNF\MQHJRZPDWHULDá\LURGNLG\GDNW\F]QH3U]\JRWRZ\ZDQLHQLH]E GQ\FK

SRPRF\





8PLHM WQRü]DLQWHUHVRZDQLDXF]QLyZWHPDWHP]DM ü





8PLHM WQRü]DSURZDG]HQLDG\VF\SOLQ\ZNODVLH





'RGDWNRZDSUDFD]XF]QLHP]GROQ\PLPDMF\PNáRSRW\G\GDNW\F]QH





-DNRüSURZDG]HQLDSRGVWDZRZHMGRNXPHQWDFMLSHGDJRJLF]QHM:]ERJDFDQLHMHMRGRGDWNRZRZ\SUDFRZDQH

QDU] G]LDSHGDJRJLF]QHQSNDUWDREVHUZDFMLXF]QLD



 ']LHOHQLHVL ZáDVQZLHG]LXPLHM WQRFLDPLG\GDNW\F]Q\PL3URZDG]HQLH]DM üRWZDUW\FK



 .XOWXUDRVRELVWDLWDNWSHGDJRJLF]Q\



:<&+2:$:&=2±23,(.8&=<





=QDMRPRüZáDFLZRFLSV\FKRIL]\F]Q\FKXF]QLyZVSHF\ILF]QDGODLFKSRV]F]HJyOQ\FKHWDSyZUR]ZRMRZ\FK





=QDMRPRüV\WXDFMLURG]LQQHMLV]NROQHMXF]QLD8PLHM WQRüHIHNW\ZQHJRZSá\ZXQDNV]WDáWRZDQLH

ZáDFLZHJRURGRZLVNDZ\FKRZDZF]HJRXF]QLD





-DNRüUHODFML]XF]QLDPL6WRSLH]DXIDQLDXF]QLyZGRQDXF]\FLHOD





-DNRüUHODFML]URG]LFDPL-DNRüZVSyáSUDF\



'=,$à$1,$1$5=(&=)81.&-212:$1,$,25*$1,=$&-,6=.2à<





8G]LDáZSRGZ\*V]DMF\FKMDNRüSUDF\V]NRá\G]LDáDQLDFK



]QDMRPRüSUDZDRZLDWRZHJRD]ZáDV]F]DGRW\F]FHJRSUDF\V]NRá\SRGVWDZRZHMLZVSyáWZRU]HQLH

QDMHJRSRGVWDZLHSUDZDZHZQWU]V]NROQHJRQS:626WDQGDUG\Z\PDJDSURJUDPRZ\FK

3URJUDP:\FKRZDZF]\LWS





8G]LDáZSRGZ\*V]DMF\FKMDNRüSUDF\V]NRá\G]LDáDQLDFK



ZSU]HGPLRWRZ\FK]HVSRáDFKVDPRNV]WDáFHQLRZ\FK=HVSROH/LGHUyZ:'1=HVSROH

'LDJQRVW\F]Q\P.RPLVML2SLHNXF]R±:\FKRZDZF]HMLLQQ\FK

']LHOHQLHVL ZáDVQZLHG]LXPLHM WQRFLDPL





3URZDG]HQLHNyá]DLQWHUHVRZD68377.=+3LLQQ\FKQDWHUHQLHV]NRá\']LDáDQLDQDU]HF]SURPRZDQLDL

UR]SRZV]HFKQLDQLDX]\VNLZDQ\FKHIHNWyZNRQWDNW\]PDVVPHGLDPLXG]LDáXF]QLyZZNRQNXUVDFKLWS





8G]LDáZSU]\JRWRZDQLDFKLUHDOL]DFMLNRQNXUVyZWXUQLHMyZLLQQ\FKLPSUH]V]NROQ\FK





8G]LDáZSU]\JRWRZDQLDFKLUHDOL]DFMLXURF]\VWRFLV]NROQ\FKZL WDV]NROQHRNROLF]QRFLRZH





2SUDFRZ\ZDQLHLQQRZDFMLSHGDJRJLF]Q\FKSURJUDPyZDXWRUVNLFKZáDVQ\FKQDU] G]LEDGDZF]\FK





7ZRU]HQLHZáDVQHMNRQFHSFMLPDWHULDáyZLURGNyZG\GDNW\F]Q\FK





3U]\JRWRZ\ZDQLHLUHDOL]DFMDRUJDQL]RZDQLHZDUV]WDWyZUDGV]NROHQLRZ\FKSURZDG]HQLH]HVSRáyZ

VDPRNV]WDáFHQLRZ\FK





-DNRüSHáQLHQLDG\*XUyZZF]DVLHSU]HUZ



 :\NRQ\ZDQLHSROHFHVáX*ERZ\FKL]DU]G]HG\UHNWRUDV]NRá\



 2UJDQL]DFMD]DM üG\GDNW\F]Q\FKZ\FKRZDZF]\FKRSLHNXF]\FKLLQQ\FKQDWHUHQLHV]NRá\



'=,$à$1,$3238/$5<=$7256.,(





3XEOLNDFMHZáDVQ\FKSUDF]]DNUHVXG\GDNW\NLZ\FKRZDQLDWHUDSLLSUDZDRZLDWRZHJRLLQQ\FKZPHGLDFK





3U]\JRWRZDQLDLUHDOL]DFMDLPSUH]R]DVL JXSR]DV]NROQ\P



:63Ïà35$&$=(52'2:,6.,(0





:VSyáSUDFD]LQVW\WXFMDPLZVSLHUDMF\PLG]LDáDOQRüV]NRá\QS



0LHMVNL2URGHN3RPRF\6SRáHF]QHM6G5HMRQRZ\.RPLWHW2FKURQ\3UDZ']LHFND3RUDGQLD

3V\FKRORJLF]QR±3HGDJRJLF]QD.RPHQGD3RZLDWRZD3ROLFMLLLQQH



'26.21$/(1,(=$:2'2:(





3RGHMPRZDQLHNXUVyZVWXGLyZSRG\SORPRZ\FK





8G]LDáZV]NROHQLDFKZDUV]WDWDFKNRQIHUHQFMDFKLLQQ\FKIRUPDFKGRVNRQDOHQLD



)81.&-212:$1,(:=(632/(35$&2:1,&=<0





.XOWXUDRVRELVWDLWDNW





8PLHM WQRüZVSyáSUDF\]G\UHNFMV]NRá\JURQHPSHGDJRJLF]Q\PRUD]SUDFRZQLNDPLDGPLQLVWUDFMLLREVáXJL

V]NRá\