6\VWHP\&$'&$0
5RN,,, 0HWDOXUJLD
.RPSXWHURZH:VSRPDJDQLH
3URMHNWRZDQLD7HFKQRORJLL:\WZDU]DQLD
3URGXNWyZ6WDORZ\FK&$'
5RN,9 :0L,0,Z706=
'ULQ 0DUHN3DüNR
WHO
,
=DM FLDSURMHNWRZH
:VHP/HWQL
3VHP=LPRZ\
0LHMVFH]DM ü/$%25$725,$.20387(52:(
%,SV8 \WNRZQLN VWXGHQW+DVáRVWXGHQW
%,;SV8 \WNRZQLN +DVáR
'
OD SRGDQHJR QXPHUX ]DGDQLD SRSU]HF]Q\ SU]HNUyM NV]WDáWRZQLND ] SRGDQ\P RGFLQNLHP MHGQRVWNRZ\P GR VNDORZDQLD
RGF]\WDü]H
VWURQ\LQWHUQHWRZHM
Z\EUDü
0$7(5,$à<'<'$.7<&=1(
QDVW SQLHZJUXSLHSU]HGPLRWX
6\VWHP\&$'&$0
Z\EUDüSROH
'DQH ]DG ,,, %7 ]DZLHUDM FH WDEOLFRZH ]HVWDZLHQLH ILJXU UHSUH]HQWXM F\FK
SU]HNURMHNV]WDáWRZQLNyZZ\EUDüRGSRZLHGQL
VZyM
QXPHULVNRSLRZDü
1DSLHUZV]H]DM FLDSU]\JRWRZDüV]NLFILJXU\]SURSR]\FM MHMZ\PLDURZDQLD
=$'$1,(1U3URJUDP
$XWR&$'
2SUDFRZDQLHSURMHNWXJUDILF]QHJR
Z\W\SRZDQHJRQDU] G]LDGRUHDOL]DFMLSURFHVyZSU]HUyENLSODVW\F]QHMFL JDGáR
NV]WDáWRZHGRFL JQLHQLDSUHF\]\MQ\FKSURILOLNV]WDáWRZ\FKOXEPDWU\FDGRLFK Z\FLVNDQLD
'DQ\ MHVW ]DU\V SRSU]HF]QHJR SU]HNURMX NV]WDáWRZQLND Z\UyE JRWRZ\ ] RGFLQNLHP MHGQRVWNRZ\P 3R]RVWDáH Z\PLDU\ GREUDü
SRSU]H]Z]JO GQ ORNDOL]DFM RELHNWyZJUDILF]Q\FK]DFKRZXM F NV]WDáWRUD]FHFK\FKDUDNWHU\VW\F]QHSU]HNURMXSURPLHQLHID]\VNRV\'R
NRQVWUXNFMLNV]WDáWXU\VXQNX'Z\NRU]\VWDü
PHWRG ZHNWRU\]DFML
RELHNWyZJUDILF]Q\FK
8WZRU]HQLHZáDVQHJRU\VXQNXSURWRW\SRZHJR
=RNQDÄ$XWR&$'QDG]L ´ RWZRU]\ü]DNáDGN Ä8WZyU]U\VXQNL´
:\EUDüÄ8 \MVWDQGDUGX´ Z\EUDüÄ0HWU\F]QH´MDNRMHGQRVWNLSRGVWDZRZH]XVWDZLHQLHPVWDQGDUGRZ\FKZDUWR FL
]PLHQQ\FKV\VWHPRZ\FK
:REV]DU]HPRGHOXRNUH OLüJUDQLFHREV]DUXSUDF\GODIRUPDWX$3ROHFHQLHJUDQLFH
:\EUDü ]DNáDGN GOD $UNXV]D L Z RNQLH GLDORJRZ\P Ä8VWDZLHQLD VWURQ\´ GOD $UNXV]D Z\EUDü ]DNáDGN
Ä8U] G]HQLHGUXNXM FH´±XVWDZLü.RQILJXUDFM SORWHUDLZ\EUDüRGSRZLHGQL 7DEOLF VW\OyZZ\GUXNXDFDGFWE
:\EUDü ]DNáDGN Ä8VWDZLHQLH DUNXV]D´ ± XVWDZLü 5R]PLDU SDSLHUX $ ± ]ZUyFLü XZDJ QD REV]DU
PR OLZHJRZ\GUXNX3U]\M ü QDSRF] WNXVNDO 3U]\MPXMHVL MHGQRVWNDU\VXQNX PP
R 6SUDZG]LüXVWDZLHQLHLG]LDáDQLHVLDWNLLVNRNXSROHFHQLDVLDWNDVNRN ZREV]DU]HSDSLHUXLPRGHOX
WáDLSURILOXHNUDQXUR]PLHV]F]HQLHLNRQSRPRFQLF]\FKIRUPDWXLGRNáDGQR FL]DSLVXOLF]EVSRVyE]DSLVX
L ]ZURWXPLHU]RQ\FKN WyZSROHFHQLHMHGQ
8VWDZLHQLH:DUVWZ
1$=:$
.2/25
52'=/,1,,
ELDá\
FRQWLQXRXVEH]HG\FML
.RQVWUXNFMD
ILROHWRZ\
FRQWLQXRXV
:\PLDU\
]LHORQ\
FRQWLQXRXV
5DPNDBWDE
QLHELHVNL
FRQWLQXRXV
2SLV
Eá NLWQ\
FRQWLQXRXV
2VBV\PHWULL
yáW\
FHQWHU
3RPRF
yáW\
FRQWLQXRXV
5\VBMSJ
yáW\
FRQWLQXRXV
5]XWQLH
yáW\
FRQWLQXRXV
:REV]HU]HSDSLHUXZ\EyU]DNáDGNL$UNXV] QDZDUVWZLH5DPNDBWDE QDU\VRZDüSRGZyMQ UDPN GODIRUPDWX$
XZ]JO GQLDM F REV]DUPR OLZHJRZ\GUXNX LXWZRU]\üZáDVQ WDEHON ] SURSRQRZDQ\PRSLVHP
:REV]DU]HSDSLHUXXWZRU]\üGZLHU]XWQLHPU:LGRN±5]XWQLH±U]XWQLH
8VWDZLü6W\OZ\PLDURZDQLD 6W\OWHNVWXGRELHUDM F Z\VRNR ü SURSRUFMRQDOQLHGRZLHONR FLRNQD
JUDILF]QHJR6W\OSXQNWX±PHQXUR]ZLMDOQH)RUPDW
:\NRQDQHXVWDZLHQLD]DSLVDüZ]ELRU]HU\VXQNXSURWRW\SRZHJR]UR]V]HU]HQLHP6]DEORQXU\VXQNX$XWR&$'
GZW
SRGQD]Z 5\VXQHNSURWRW\SRZ\VZRMHLQLFMDá\GZWPU3OLN±=DSLV]MDNR
2WZRU]\ü1RZ\]ELyU
QD ED]LH ZáDVQHJR U\VXQNX SURWRW\SRZHJR 1RZ\ ± $XWR&$' QD G]L ± ]DNáDGND
8WZyU]U\VXQHN±Z\EyU6]DEORQ±ZF]\WDü]OLVWV]DEORQyZVZyMZ]yUU\VXQNXSURWRW\SRZHJR
:\EUDüREV]DUPRGHOX ± ]DNáDGND0RGHO:VWDZLüVNRSLRZDQ\REUD]UDVWURZ\QUMSJ GRSU]\JRWRZDQHJRU\VXQNX
SURWRW\SRZHJRZDUVWZD
5\VBMSJ
PHQXUR]ZLMDOQH:VWDZ2EUD]UDVWURZ\ =DáR \ü]ELyU
5\VGZJ
6NDORZDQLHU\VXQNXQDED]LHRGFLQNDMHGQRVWNRZHJRPHQXUR]ZLMDOQH=PLDQD6NDOD
%D]XM F QD Z\NRQDQ\P V]NLFX SU]HNURMX NV]WDáWRZQLND ] QDQLHVLRQ\PL QLH]E GQ\PL NRQLHF]Q\PL Z\PLDUDPL EH]
SRGDZDQLDLFKZDUWR FLGRNRQDüZHNWRU\]DFMLRELHNWyZJUDILF]Q\FK
8SURV]F]RQD ZHNWRU\]DFMD RELHNWyZ JUDILF]Q\FK
SDWU]$G
QD ED]LH ZSURZDG]RQHJR REUD]X UDVWURZHJR
=DVWRVRZDüRJyOQH]DVDG\ORNDOL]DFMLLRNUH OHQLDZLHONR FLGODUy Q\FKRELHNWyZJUDILF]Q\FK2EU\VRZDQLHSU]HNURMX
NV]WDáWRZQLND OLQLDPL NRQWXURZ\PL GOD ]PLHU]RQ\FK LVNRU\JRZDQ\FK RGOHJáR FL SRFK\OH SURPLHQL áXNyZ
NRQVWUXNF\MQ\FKLSURPLHQL]DRNU JOH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
x
$G
2JyOQH ]DVDG\ ORNDOL]DFML L RNUH ODQLD ZLHONR FL GOD RELHNWyZ JUDILF]Q\FK SU]\ VWRVRZDQLX XSURV]F]RQHM
ZHNWRU\]DFMLREUD]yZUDVWURZ\FK
8VWDOHQLHZDUWR FLSURPLHQLNRQVWUXNF\MQ\FKGODZ\VW SXM F\FKQDRELHNFLHNU]\ZL]QPHQXUR]ZLMDOQH5\VXMàXN
SXQNW\ VSUDZG]HQLHOLVWD
/RNDOL]DFMD ZVSyáU] GQ\FK URGNyZ SURPLHQL NRQVWUXNF\MQ\FK WU\E\ ORNDOL]DFML ZVWDZLHQLH SXQNWyZ PHQX
UR]ZLMDOQH5\VXM3XQNW
1DáR HQLHREU\VRZDQLHNU]\ZL]QáXNDPLOXERNU JDPL]SU]\M W\PL]DáR RQ\PLZDUWR FLDPLSURPLHQL
SU]\M ü QDVW SXM FH ]DáR HQLD ZDUWR FL Z\PLDUyZ QRPLQDOQ\FK PRJ ]PLHQLDü VL Z ]DNUHVLH GR rPP
Z VWRVXQNX GR ZDUWR FL Z\PLDUX ]PLHU]RQHJR GRNáDGQR ü ]DáR RQHJR Z\PLDUX QRPLQDOQHJR SU]\MPXMHP\
PDNV\PDOQLHGRMHGQHMF\IU\SRNURSFHG]LHVL WQHMPP
8VWDOHQLHZ]DMHPQHJRSRáR HQLD URGNyZNU]\ZL]Q]PLDQ\ZDUWR FLLSU]\M WDGRNáDGQR ü MZ
/RNDOL]DFMD NUDZ G]L RUWRJRQDOQ\FK L XVWDOHQLH LFK SRáR HQLD Z]JO GHP SU]\M W\FK URGNyZ NU]\ZL]Q áXNyZ
RNU JyZSRPLDU\RGOHJáR ü
8VWDOHQLH SRáR HQLD SR]RVWDá\FK NUDZ G]L Z]DMHPQLH UyZQROHJá\FK SU]\ Z\NRU]\VWDQLX ZF]H QLHMV]\FK SRPLDUyZ
RGOHJáR ü
:VW SQHXVWDOHQLHSRáR HQLDSRFK\ORQ\FKOLQLLNRQVWUXNF\MQ\FKU\VXMOLQLDVSUDZG]DMOLVWD
5\VRZDQLH SRFK\á\FK OLQLL NRQVWUXNF\MQ\FK GOD ]DGDQ\FK VNRU\JRZDQ\FK GR
R
QRPLQDOQ\FK NDWyZ SRFK\OHQLD
SU]\Z\NRU]\VWDQLX]DSLVXGODRNUH OHQLDZVSyáU] GQ\FKELHJXQRZ\FKZ]JO GQ\FK#/D ZVND]DQLHSRáR HQLD
GUXJLHJRNR FDU\VRZDQHMOLQLL
8VWDOHQLHZDUWR FLSURPLHQL]DRNU JOH PHQXUR]ZLMDOQH5\VXMàXNSXQNW\ OLVWD
:SURZDG]HQLH SU]\M W\FK QRPLQDOQ\FK SURPLHQL ]DRNU JOH PHQX UR]ZLMDOQH PHQX UR]ZLMDOQH =PLDQD
=DRNU JOHQLH5ZSURZDG]HQLHQRZHMZDUWR FLSURPLHQLD (SRZWyU]HQLHSROHFHQLDLZVND]DQLHGZyFKNUDZ G]L
=P\NDQLHREZRGXOLQLLNRQVWUXNF\MQ\FKNV]WDáWRZQLNDXFLQDQLHOLQLLQDZLHU]FKRáNDFKEH]]DRNU JOH
3RU] GNRZDQLHRELHNWyZJUDILF]Q\FKQDZDUVWZDFK
8SRU] GNRZDüLVWQLHM FHRELHNW\JUDILF]QHSRSU]H]SU]HQLHVLHQLHLFKGRRGSRZLHGQLFKZDUVWZ
:\PLDURZDQLH]EXGRZDQHMILJXU\]JRGQLH]RJyOQ\PL]DVDGDPLZ\PLDURZDQLDZDUVWZD:\PLDU\
:SURZDG]DQH Z\PLDU\ X]XSHáQLü RGSRZLHGQLPL WROHUDQFMDPL GOD Z\PLDUyZ OLQLRZ\FK L UHGQLF r SURPLHQLH
]DRNU JOH EH]WROHUDQFML3U]\GX HMLOR FLZ\PLDUyZWROHUDQFMH]DPLH FLüZSRVWDFLXZDJL
%D]XM F QDX]JRGQLRQ\P]Z\PLDURZDQ\PREU\VLHREUD]XUDVWURZHJRSU]HNUyMNV]WDáWRZQLNDZVNDOL]GRNRQDü
]DPLDQ\REZRGXILJXU\]OLQLLVHJPHQWRZ\FKQDSROLOLQL SROHFHQLHHGSOLQ LQDUHJLRQSROHFHQLHUHJLRQ:\NRQDü
SODQLPHWURZDQLHILJXU\LRNUH OLüZVSyáU] GQHMHM URGNDFL NR FLSROHFHQLHSROH LSDUDPIL]
:\NRQDü Z REV]DU]H PRGHOX NRSL REU\VX NV]WDáWRZQLND EH] Z\PLDUyZ =EXGRZDü RELHNW EU\áRZ\ :\NRU]\VWXM F
UHJLRQ OXE SROLOLQL ]EXGRZDQHM ILJXU\ SU]HNUyM NV]WDáWRZQLND Z VNDOL XWZRU]\ü EU\á NV]WDáWRZQLND R Z\VRNR FL
PPPHQXUR]ZLMDOQH 5\VXM%U\á\:\FL JQLM2NUH OLüREM WR ü EU\á\LMHMPDV SU]\MPXM F MDNRPDWHULDáVWDO
Z JORZ U JFP
SROHFHQLHSDUDPIL] ZSURZDG]LüRSLVGRU\VXQNXZREV]U]HSDSLHUX
3U]\JRWRZDQLHU\VXQNXGRZ\GUXNX
±Z\EUDü]DNáDGN $UNXV]
Z\NRU]\VWXM F REV]DU SDSLHUX $UNXV] L XWZRU]RQH Z U\VXQNX SURWRW\SRZ\P Z ZDUVWZLH
5]XWQLH
GZLH
U]XWQLH XVWDZLü RGSRZLHGQLH ZLGRNL L VNDO Z XWZRU]RQ\FK U]XWQLDFK PHQX UR]ZLMDOQH ± DNW\ZQ\ REV]DU
PRGHOXZ$UNXV]X VNDODZDNW\ZQHMU]XWQLOLQLDSROHFH = ± 6NDODQ;3QS GODVNDOLZSLVDüZOLQLL
SROHFH [S
SU]HSURZDG]Lü RSHUDFM XNU\ZDQLD Z Z\EUDQ\FK U]XWQLDFK ]E GQ\FK ZDUVWZ Z DNW\ZQHM U]XWQL Z REV]DU]H
PRGHOX Z $UNXV]X SR]RVWDZLDM F ZMHGQHM U]XWQL ZLGRN SáDVNLHJR SU]HNURMX NV]WDáWRZQLND ] Z\PLDUDPL
SU]\MPXM F PDNV\PDOQ GRSXV]F]DOQ VNDO DZGUXJLHMU]XWQLZLGRNL]RPHWU\F]Q\]EXGRZDQHMEU\á\XNU\ü
REZLHGQLHU]XWQLZ REV]DU]HSDSLHUX]Z\PLDURZDüZ\VRNR ü XWZRU]RQHMEU\á\±Z\NRU]\VWDü/8:
Z\NRQDü NRQILJXUDFM NUH OHQLD SU]\SLVXM F SU]\M W\P NRORURP RNUH ORQH JUXER FL OLQLL Z\GUXN QD GUXNDUFH
ODVHURZHM ± XDNW\ZQLü ± ]DNáDGND $UNXV] 8VWDZLHQLH VWURQ\ Z\EUDü Z RNQLH GLDORJRZ\P ]DNáDGN
8U] G]HQLHGUXNXM FHLGRNRQDü(G\FML]ELyUDFDGFWEZ]DNáDGFH)RUPXODU]GRNRQDüHG\FMLV]HURNR FLOLQLL
GODSRV]F]HJyOQ\FKNRORUyZSLVDNyZVSUDZG]LüVNDO REUyWLSRF] WHNZ\GUXNXZ\NRU]\VWXM F SRGJO G GOD
Uy Q\FKZDULDQWyZGRGDWNRZ\FKXVWDZLH =DSLVDüVZRM 1D]Z XVWDZLH VWURQ\
=EXGRZDQ\U\VXQHNSáDVNLLEU\á ]DSLVDüZMX ]DáR RQ\P]ELRU]H
5\VGZJ
352-(.71$5= '=,$
SDWU]±
,,0DWHULDá\SRPRFQLF]H
2NUH OLüNV]WDáWLZ\PLDU\
ZVDGX
6
:
SU]\MPXM F ZVSyáF]\QQLNZ\GáX HQLDO
U
#
x Z\NRQDüU\VXQHNSURSRQRZDQHJR SU]HNURMXZVDGXGREUDüVNDO GODIRUPDWX$±
5\VGZJ
L]Z\PLDURZDü
SRGDM F WROHUDQFMHZJSRQL V]\FK]DVDG
Z\PLDU\OLQLRZHrPP
]DRNU JOHQLD QDUR \ NWyUH Z JRWRZ\P SU]HNURMX NV]WDáWRZQLND V RVWUH 5 SU]\M ü GOD Z\PLDUyZ
OLQLRZ\FK SRQL HM PP
5
OXE GOD Z\PLDUyZ OLQLRZ\FK SRZ\ HM PP
5
GRW\F]\ WR
PLQLPDOQ\FK Z\PLDUyZ JDEDU\WRZ\FK NV]WDáWRZQLND Z MHJR SU]HNURMX L MHVW ]ZL ]DQH ] QDWXUDOQ\P
XWOHQLDQLHPRVWU\FKQDUR \3R]RVWDáHSURPLHQLH]DFKRZDüEH]]PLDQ]Z\UREXJRWRZHJR
SURPLHQLHZHZQ WU]QHNRQVWUXNF\MQH JyUQDRGFK\áND GROQD
SURPLHQLH]HZQ WU]QHNRQVWUXNF\MQH JyUQDRGFK\áND GROQD
:\]QDF]\ü SRPRFQLF]H SROD SU]HNURMyZ XZ]JO GQLDM F RGSRZLHGQLH ZDUWR FL WROHUDQFML ]ZL NV]DM FH OXE
]PQLHMV]DM FHSU]HNURMHZSU]\SDGNXWROHUDQFMLZ]DMHPQLH]DZLHUDM F\FKVL SU]\M ü GRREOLF]H WHNWyUHQLHSU]HNUDF]DM
]DNUHVX LQQ\FK Z\PLDUyZ WROHURZDQ\FK DOH GDM PR OLZR ü PDNV\PDOQ\FK]PLDQSU]HNURMyZ SRSU]HF]Q\FK NV]WDáWRZQLND
RGZURWQLHWUDNWRZDüWROHUDQFMHSU]\Z\PLDUDFK]HZQ WU]Q\FKLZHZQ WU]Q\FK
6
*
SU]HNUyM Z\UREX JRWRZHJR RSDUW\ QD Z\PLDUDFK QRPLQDOQ\FK ZJ ZF]H QLHM ]EXGRZDQHJR U\VXQNX
5\VGZJ
6
*PLQ
PLQLPDOQ\SU]HNUyMZ\UREXJRWRZHJR
6
*PD[
PDNV\PDOQ\SU]HNUyMZ\UREXJRWRZHJR
6
:
SU]HNUyMZVDGXZ\PLDU\QRPLQDOQHX]\VNDQHSRXZ]JO GQLHQLXZVSyáF]\QQLNDO
U
#
5\VGZJ
6
:PLQ
PLQLPDOQ\SU]HNUyMZVDGX
6
:PD[
PDNV\PDOQ\SU]HNUyMZVDGX
3U]HNURMH 6
*PLQ
6
*PD[
6
:PLQ
6
:PD[
QDU\VRZDü EH] Z\PLDURZDQLD GRNRQDü SODQLPHWURZDQLD W\FK SU]HNURMyZ SROHFHQLD
HGSOLQSROH LRNUH OLü
O
QRPU]HF]\ZLVW\
O
PLQ
L O
PD[
¯
®
*
:
QRP
6
6
O
PD[
PLQ
PLQ
*
:
6
6
O
PLQ
PD[
PD[
*
:
6
6
O
¿
¾
½
5\VXQNLSRV]F]HJyOQ\FKSU]HNURMyZU\VXQNyZZVNDOLRUD]Z\QLNLREOLF]H UR]PLH FLüQDMHGQ\PDUNXV]X
Z RGSRZLHGQLRVIRUPDWRZDQHMWDEOLF\GRELHUDM F MHJRUR]PLDUGRZLHONR FLSU]HNURMXNV]WDáWRZQLND=HVWDZLHQLHSU]HNURMyZ
]DSLVDüZ]ELRU]H
5\VGZJ
3URMHNW JUDILF]Q\ QDU] G]LD ' ± Z\NRU]\VWXM F ]DVDG\SURMHNWRZDQLDFL JDGHáNV]WDáWRZ\FKU\VXQHN6
*PLQ
RUD]
SRGSURJUDP\LSROHFHQLD$XWR&$'¶D ]RSHUDFMDPLQDEU\áDFK]EXGRZDü
ZHZQ WU]Q\EU\áRZ\NV]WDáWQDU] G]LDFL JDGáD]Z JOLNDVSLHNDQHJRVWUHIDNDOLEUXM FDVWUHIDVWR ND]JQLDWDM FHJR
RUD] VWUHI\ VWR ND VPDUXM FHJR L Z\M FLRZHJR =DáR \ü ]ELyU
5\VGZJ
Z NWyU\P Z REV]DU]H PRGHOX
XPLHV]F]RQH]RVWDQ HOHPHQW\NRQVWUXNF\MQHSRQL V]\FKHWDSyZEXGRZ\QDU] G]LD
D HOHPHQW\ VNáDGRZH ZHZQ WU]QHJR NV]WDáWX FL JDGáD ] LFK ]HVWDZLHQLHP Z\VRNR FL ZJ GDQ\FK
NDWDORJRZ\FK
E ]HVWDZLHQLH HOHNWURG EXGRZD HOHNWURG JUDILWRZ\FK OXE PLHG]LDQ\FK GR HOHNWURLVNURZHM REUyENL ZNáDGNL
] Z JOLND VSLHNDQHJR WU]\ HOHNWURG\ VWR HN ZHM FLRZ\ VWR HN ]JQLDWDM F\ VWR HN Z\M FLRZ\ F] ü
NDOLEUXM FD
F ZNáDGND]Z JOLNDVSLHNDQHJR EXGRZDZNáDGNL]Z JOLNDVSLHNDQHJRRSHUDFMHERROHRZVNLHGODRNUH ORQ\FK
Z\PLDUyZ]HZQ WU]Q\FKWDEHOHNDWDORJRZHLXSURV]F]RQH]DOHFHQLDZ\WU]\PDáR FLRZH
G REXGRZDZNáDGNL NRQVWUXNFMDREXGRZ\RF]NDFL JDGáDGDQHSRPRFQLF]H]WDEHONDWDORJRZ\FK
H ]áR HQLHZNáDGNLLREXGRZ\ ]áR HQLHZMHGQ\P]ELRU]HRUD]]Z\NRU]\VWDQLHPRGQR QLNyZ
3RV]F]HJyOQHHWDS\SURMHNWX]DSLVDüZRGG]LHOQ\FKDUNXV]DFKZ5\VGZJDEFGH
] Z\NRU]\VWDQLHPQLH]E GQHMLOR FL
U]XWQL
3U]\M ü URG]DMPDWHULDáXGODSURMHNWRZDQHJRQDU] G]LD±ZNáDGND]Z JOLNDVSLHNDQHJRREXGRZD]HVWDOLNRQVWUXNF\MQHM
QDND G\PHWDSLHSURMHNWRZDQLD]DFKRZDüSR UHGQLHHOHPHQW\VNáDGRZHQDU] G]LD
Z\]QDF]\üSDUDPHWU\IL]\F]QHGODZNáDGNLLREXGRZ\FL JDGáDSU]\Z\NRU]\VWDQLXSROHFH $XWR&DG¶DSDUDPIL]
REM WR ü PDVD SRáR HQLH URGND FL NR FL 'R REOLF]H PDV\ SURMHNWRZDQ\FK HOHPHQWyZ QDU] G]LD SU]\M ü
RGSRZLHGQLHJ VWR FLPDWHULDáyZ:\QLNL]DSLVDüZ]ELRU]HWHNVWRZ\PLQDRGSRZLHGQLFKU\VXQNDFK
%D]XM F QDRVWDWQLP]HVWDZLHQLX
5\VH
RELHNWyZ'ZNáDGNDLREXGRZDQDU] G]LDZ\NRQDüZ\PDJDQHSU]HNURMH
GRá F]\üRGSRZLHGQLHU\VXQNL6
JPLQ
GRSU]\JRWRZDQLDNRPSOHWQHMGRNXPHQWDFMLWHFKQLF]QHM±Z\NRQDZF]HMXWZRU]\ü
$UNXV]H ] QLH]E GQ LOR FL U]XWQL SDWU] SNW :\NRU]\VWDü U]XW\ SU]HNURMH ZLGRNL L]RPHWU\F]QH RUD] QDQLH ü
WROHUDQFMHNV]WDáWXLSRáR HQLD310
5\VGZJ
:\JHQHURZDü U\VXQHN
[[[ZPI
] Z\EUDQHJR ]EXGRZDQHJR U\VXQNX [[[GZJ FHOHP Zá F]HQLD JR GR HG\WRUD WHNVWX
0LFURVRIW:RUG±XWZRU]\ü]EyU
[[[GRF
]Zá F]RQ\PU\VXQNLHP[[[ZPI PHQXUR]ZLMDOQH 3OLN(NVSRUWGDQ\FK
Z\EUDüUR]V]HU]HQLH ZPISU]\WZRU]HQLX[[[ZPIXZ]JO GQLüELDáHWáRHNUDQX
8:$*$.D GRUD]RZRSR]DM FLDFKODERUDWRU\MQ\FKDUFKLZL]RZDüOXENRSLRZDüVZRMHSUDFHL]DELHUDüMH]HVRE
=DOLF]HQLH
3L ü U\VXQNyZLMHGHQ]ELyUWHNVWRZ\[[[GRF
] Zá F]RQ\PU\VXQNLHP[[[ZPI±RSLVDQDG\VNLHWND
1DNROHMQ\FK]DM FLDFKODERUDWRU\MQ\FKVSUDZG]DQHE G L RFHQLDQHSRVW S\]UHDOL]DFML]DGD JUDILF]Q\FK
=DOLF]HQLHNR FRZHRGE\ZDVL SU]\NRPSXWHU]HQDRVWDWQLFK]DM FLDFKZ\NRU]\VWXM F W\ONRZHUVM SURJUDPX$XWR&$'
± Z\PDJDQDMHVW]QDMRPR ü ZV]\VWNLFKQLH]E GQ\FK SROHFH L SURFHGXU$XWR&$'¶D
8ZDJD =ELRU\U\VXQNRZHQD]\ZDüVZRLPQD]ZLVNLHP]NROHMQ\PQXPHUHP5\VGZJ 1D]ZLVNRGZJ
3RQDGWR=$'$1,(1U
:\NRU]\VWXM F MHGHQ ] SURJUDPyZ
0'7 6ROLG:25.6
OXE
,19(1725
Z\NRQDü ZVND]DQH PRGHOH EU\áRZH
] XWZRU]HQLHPGRNXPHQWDFMLWHFKQLF]QHML
SRZWyU]\üZ\NRQDQLH]DGDQLD1USU]\Z\NRU]\VWDQLXSDUDPHWU\]DFML
,,
0$7(5,$à<3202&1,&=(
2
JyOQH XSURV]F]RQH ]DVDG\ SURMHNWRZDQLD QDU] G]L GR SURFHVX Z\FLVNDQLD LFL JQLHQLD QD
SU]\NáDG]LHSURMHNWXFL JDGáD
'DQHGRSURMHNWX GODND GHJRVWXGHQWDLQG\ZLGXDOQHV GRVW SQHQDVWURQLHLQWHUQHWRZHM
]DNáDGND
0DWHULDá\G\GDNW\F]QH
7UH ü ]DGDQLD
ZVSyOQDGODZV]\VWNLFK]DZLHUDSRGVWDZRZ\]HVWDZLQVWUXNFMLSRGDQ\ZNRQLHF]QHMNROHMQR FLSU]\
UHDOL]DFML]DGDQLD
3U]\NáDG\ JUDILF]QH
SRGDQH V Z SRVWDFL ]HVWDZyZ SU]HNURMyZ NV]WDáWRZQLNyZ ]DF]HUSQL W\FK PLQ ] NDWDORJX
ZáRVNLHMILUP\0(7$//85*,&$&$/9, 63$
.ROHMQR ü F]\QQR FLSU]\UHDOL]DFML]DGD SURMHNWRZ\FK
6NRSLRZDQLHVZRMHJRSU]\G]LHORQHJRQXPHUXSU]HNURMXNV]WDáWRZQLND
[[[MSJ
±QDG\VNLHWN OXEGRZ\EUDQHJR
VZRMHJRNDWDORJX±VZRMHNRQWR±)73
5\V$2EUD]UDVWURZ\SU]HNURMXNV]WDáWRZQLND
3U]\JRWRZDQLH
V]NLFX SU]HNURMX NV]WDáWRZQLND
] QDQLHVLRQ\PL Z\PLDUDPL X \ZDM F V\PEROL EH] RNUH ODQLD LFK
ZDUWR FLU\V%
5\V%
3U]\NáDGRZ\V]NLF]Z\PLDUDPLOLWHURZ\PLD L ± Z\PLDU\OLQLRZH
5
D
5
E
5
F
± SURPLHQLHNRQVWUXNF\MQH]XVWDORQ\PSRáR HQLHPSXQNWyZ]DF]HSLHQLDSURPLHQL5
G
5
H
5
I
± SURPLHQLHED]XM FH
QDUHODFMDFKZL ]\VW\F]QR FLX]XSHáQLRQ\FKZ\PLDUDPLD
D
D
± Z\PLDU\N WRZHU
D
± U
I
± SURPLHQLH]DRNU JOH
R ± UHODFMHSXQNW\VW\F]QR FLGODSURPLHQL5
G
5
H
5
I
UHODFMHSXQNW\VW\F]QR FLGODSRFK\á\FKRGFLQNyZ
3U]\JRWRZDQLHVZRMHJRU\VXQNXSURWRW\SRZHJR
6=$%/21
]RNUH OHQLHP
D :DUVWZ]SU]\SLVDQLHPQD]ZNRORUyZLURG]DMyZOLQLL
E 6W\OyZWHNVWXZ\PLDURZDQLDSXQNWX
F 5R]PLDUyZREV]DUXSUDF\ZPRGHOXLUR]PLDUyZDUNXV]DZREV]DU]HSDSLHUX
G %XGRZD UDPNL L WDEHONL Z REV]DU]H SDSLHUX ZUD] ] RSLVHP Z\]QDF]HQLH QLH]E GQ\FK U]XWQL Z ]DNUHVLH
UDPNL
H =DUFKLZL]RZDQLH]ELRUXMDNR
[[[GZW
:VWDZLHQLHU\VXQNX
[[[MSJ
MDNRREUD]UDVWURZ\GR]GHILQLRZDQHJRZF]H QLHMREV]DUXPRGHOX
6NDORZDQLHNDOLEURZDQLHZVWDZLRQHJRREUD]XUDVWURZHJR
:HNWRU\]DFMD
REU\VRZDQLH]DU\VyZNRQWXUyZNV]WDáWRZQLNDSU]\Z\NRU]\VWDQLXRELHNWyZJUDILF]Q\FKRGFLQHN
áXN SXQNW ] NRQWURORZDQ\P LFK UR]PLHV]F]HQLHP ]JRGQLH ] QDQLHVLRQ\PL Z\PLDUDPL QD V]NLFX %XGRZD ]DU\VX
NV]WDáWXZ\UREXJRWRZHJR
6
JR
5\V
3DWU]$G±]DG1U
352-(.71$5= '=,$±
]DG1U
RGSNW]DG
%XGRZD]DU\VXZVDGX
6
ZR
GOD]DáR RQHJRRGNV]WDáFHQLD
5\V
.RQVWUXNFMD SRFKRGQ\FK NV]WDáWyZ GOD Z\UREX JRWRZHJR
6
JPLQ
6
JPD[
L ZVDGX
6
ZPLQ
6
ZPD[
SU]\
XZ]JO GQLHQLX]DáR RQ\FKWROHUDQFML2NUH OHQLHZDUWR FLVNUDMQ\FKZVSyáF]\QQLNyZRGNV]WDáFH
5\V
%XGRZDZNáDGNLLREXGRZ\FL JDGáDQDED]LH
6
JPLQ
U\V& '(LWDEO
D :\]QDF]HQLHSDUDPHWUX
D
PLQ
J
6
D
E RNUH OHQLHZ\PLDUyZ
K
K
O
RUD]
G
G
D E J
U\V&LWDEOLFD
K
K
O
G
G
D E J ID
5\V&3U]HNUyMFL JDGáD]FKDUDNWHU\VW\F]Q\PLZ\PLDUDPLZJ.DWDORJX%$L/'21L7
7DEOLFD=HVWDZLHQLHFKDUDNWHU\VW\F]Q\FKZ\PLDUyZGODSU]HNURMXQDU] G]LDZJ.DWDORJX%$L/'21L7
:<0,$5<Z PP
. 7<
2=1$&=(1,(
=DNUHVGODRWZRUX
3$5$0(75
D
:.à$'.$
2&=.2
&, *$'à$
235$:$
67
2
.$
=*1,$
7$
-
&(
*
2
67
2
.$
60
$58-
&(
*
2
67
2
.$
:<
-
&,2
:(
*2
7<3 .6=7$à7
D
K
O
G
K
G
D
E
J
15
,,,
6
±
,9
6
±
9
6
±
R
R
9.
6
9,.
6
±
9,,.
6
±
9,,,.
6
±
,;.
6
±
;.
6
±
R
R
R
R
R
R
%XGRZD RELHNWyZ ' MDNR HOHPHQWyZ VNáDGRZ\FK ZHZQ WU]QHJRNV]WDáWXZNáDGNLFL JDGáD6XPRZDQLHRSHUDFMH
ERRORZVNLH
%XGRZDZNáDGNL
±GREyU]HZQ WU]QHJRSRSU]HF]QHJRNV]WDáWXZNáDGNL
5\V(
±Z]DOH QR FLRGZ]DMHPQ\FK
UHODFMLPDNV\PDOQ\FKZ\PLDUyZOLQLRZ\FK
O
L
Q
ZGZyFKZ]DMHPQLHSURVWRSDGá\FKNLHUXQNDFKGOD
6
JPLQ
D :NáDGNDRVLRZRV\PHWU\F]QDZNV]WDáFLHZDOFDGOD
OQ
E :NáDGNDSURVWRSDGáR FLHQQDGODOQ!
F 2NUH OHQLH]HZQ WU]Q\FKZ\PLDUyZZNáDGNLGODSU]HNURMyZ
6
JPLQ
QLHV\PHWU\F]Q\FKU\V'(
x 'ODZNáDGHNZNV]WDáFLH
ZDOFyZ
:<=1$&=$0<Z\PLDU
G
[
SRSU]H]XZ]JO GQLHQLHQDMEDUG]LHMRGOHJáHJR
SXQNWX QD SU]HNURMX
6
JPLQ
± SU]HNUyM ZF] FL NDOLEUXM FHM RG URGND FL NR FL ILJXU\
5
SRZL NV]RQHM
R ZDUWR ü
E
Z
G
D
G
[
5E
Z
5\V' 'REyUZ\PLDUyZGODZNáDGNLRNU JáHMLGODZNáDGNLRSU]HNURMXSURVWRN WQ\P:SURZDG]HQLHNU\WHULXPPLQLPDOQHM
REM WR FLZNáDGNLSU]\]DáR HQLXSURVWHJRMHMNV]WDáWX]HZQ WU]QHJRZDOHFOXESURVWRSDGáR FLDQ
x 'ODZNáDGHN
SURVWRSDGáR FLHQQ\FK
Z\PLDU\]HZQ WU]QH:<=1$&=$0<SRSU]H]GRGDQLHZDUWR FL
E
Z
QD
FDá\P REZRG]LH GOD SU]HNURMX
6
JPLQ
U\V( :\ELHUDP\ PDNV\PDOQH ]HZQ WU]QH Z\PLDU\ GOD GZyFK Z]DMHPQLH
SURVWRSDGá\FK NLHUXQNyZ RNUH ODM F Z\PLDU\ SURVWRN WD RPDNV\PDOQ\FK Z\PLDUDFK ]HZQ WU]Q\FK GOD ZNáDGNL
SURVWRSDGáR FLHQQHM
G
[
5\V( 'REyU]HZQ WU]Q\FKZ\PLDUyZZNáDGNLQDU] G]LRZHMSU]\NáDG
%XGRZDREXGRZ\ZNáDGNLFL JDGáD
5\VG
=HZQ WU]QHZ\PLDU\REXGRZ\G\ Z\]QDF]DP\Z]DOH QR FLRGNV]WDáWXZNáDGNLGRGDM F ZDUWR ü
E
RE
SRZL NV]DM F RGSRZLHGQLHMHMZ\PLDU\ZSU]HNURMX
E
RE
G
G
%XGRZD]áR HQLDZNáDGNLZREXGRZLHSU]\Z\NRU]\VWDQLXRGQR QLNyZ
5\VH
3U]\M ü GODREXGRZ\
O
O
ID]\ZHZQ WU]QHGR
R
ID]\]HZQ WU]QHGR±
R
5\V) 3U]HNUyMNV]WDáWRZQLNDSRZ\PLDURZDQLX
6
JR
5\VXQNLZ\QLNRZHPR QDJUXSRZDüZREV]DU]H02'(/8EXGXM F RGSRZLHGQLH$5.86=(MDNRZ\PLHQLRQHU\VXQNL5\V
DEFGH
(WDS\]DOLF]DQLDSURMHNWX$XWR&$'
6]NLF]Z\PLDUDPL
5\VXQHNSURWRW\SRZ\
5\VXQHN Z\UREX JRWRZHJR ]Z\PLDURZDQ\ 6
JR
± REVáXJD U]XWQL ± VNDORZDQLH Z\PLDURZDQLH ' Z\VRNR ü
5\V
5\VXQHNZVDGX]Z\PLDUDPL6
ZR
5\V
=HVWDZLHQLH U\VXQNyZ RNUH OHQLH VNUDMQ\FK ZVSyáF]\QQLNyZ RGNV]WDáFH O
QRP U]
O
PLQ
O
PD[
O
QRP
SU]\
XZ]JO GQLHQLX]DáR RQ\FKWROHUDQFML3ODQLPHWURZDQLH
5\V
%XGRZDRELHNWyZ'%XGRZDZNáDGNLQDU] G]LRZHM 3DUDPHWU\IL]\F]QH
5\VDEF
.RQVWUXNFMDREXGRZ\
5\VG
.RPSR]\FMD]áR HQLD:\NRU]\VWDQLHRGQR QLNyZ
5\VH
7ZRU]HQLHU]XWyZLSU]HNURMyZSáDWyZZ\EUDQ\FKEU\á
5\V
%XGRZD]ELRUX]UR]V]HU]HQLHP
[[[
ZPI
7HVW
6ROLG:RUNV
OXE0'7,19(1725
%XGRZDZ\EUDQ\FKRELHNWyZ']Z\JHQHURZDQLHPGRNXPHQWDFML'
D 3U]\NáDG\]H'UDZLQJVOXEPRGHOH
3RZWyUND]]DGDQLD1UGOD$XWR&$'¶D:\NRU]\VWDü±]Z\PLDURZDQ\U\V'
D 3DUW$VVHPEO\'UDZLQJ
,19(1725
%XGRZDSURVWHJRRELHNWX']Z\JHQHURZDQLHPGRNXPHQWDFML'
D 3U]\NáDG]9ROR9LHZ([SUHVV
3RZWyUND]]DGDQLDGOD$XWR&$'¶D
0'7
%XGRZDSURVWHJRRELHNWX']Z\JHQHURZDQLHPGRNXPHQWDFML'
D 3U]\NáDG]9ROR9LHZ([SUHVV
3RZWyUND]]DGDQLDGOD$XWR&$'¶D
+\SHU0,//OXE(GJH&$0
2SUDFRZDQLHSURFHVXREUyENLVNUDZDQLHPGODZ\EUDQHJRRELHNWX']Z\JHQHURZDQLHPNRGXQDPDV]\Q\&1&
D :L]XDOL]DFMDREUyENLVNUDZDQLHPGODSURFHVXIUH]RZDQLD
:\PDJDQ\]DNUHVZLDGRPR FLSU]\]DOLF]HQLXSURMHNWX$XWR&$'6ROLG:RUNV
=QDMRPR ü Z\ERUXLZF]\WDQLDSOLNXU\VXQNXSURWRW\SRZHJR[[[GZWOXEU\VXQNX[[[GZJ
&RWRMHVWU\VXQHNSURWRW\SRZ\V]DEORQ"
8VWDZLHQLHSDUDPHWUyZU\VXQNXSURWRW\SRZHJR
D 6W\OHWHNVWXLSXQNWyZ±HG\FMD
E 6W\OHZ\PLDURZDQLD±HG\FMD
F 6]DEORQ]ZDUVWZDPLUDPN WDEHON L RSLVHP
-DNZVWDZLüREUD]UDVWURZ\GR]ELRUXU\VXQNX$XWR&$'¶D"
.ROHMQR ü F]\QQR FLSU]\VNDORZDQLXZVWDZLRQ\FKREUD]yZUDVWURZ\FK
.ROHMQR ü F]\QQR FLSU]\ÄRGVXZDQLX´ÄUR]FL JDQLX´ RELHNWyZJUDILF]Q\FK
.ROHMQR ü F]\QQR FLSU]\ÄXFLQDQLX´ ÄZ\GáX DQLX´ RELHNWyZ
.ROHMQR ü F]\QQR FLSU]\ÄSU]HVXZDQLX´ RELHNWyZJUDILF]Q\FK
=DVWRVRZDQLH ]DSLVX ZVSyáU] GQ\FK ELHJXQRZ\FK GR RNUH ODQLD Z]JO GQ\FK ZLHONR FL SU]HVXQL ü U\VRZDQLD
]DáR RQ\FKZLHONR FLRELHNWyZJUDILF]Q\FKLWS
-DNSU]HQLH ü QDU\VRZDQ\RELHNWQDLQQ LVWQLHM F ZDUVWZ "
6SRVRE\Z\ZRá\ZDQLDWU\EyZORNDOL]DFMLSXQNWyZFKDUDNWHU\VW\F]Q\FKRELHNWyZ
6SRVyEGHILQLRZDQLDU]XWQLZREV]DU]HSDSLHUX
6NDORZDQLHRELHNWyZZU]XWQLDFKQDDUNXV]DFK
%XGRZDLZ\NRU]\VWDQLHEORNyZ%ORNLMDNRED]\HOHPHQWyZNRQVWUXNF\MQ\FK
-DNSR]\VNXMHP\LQIRUPDFMHRRELHNWDFKJUDILF]Q\FK"
-DNGRNRQDüSRPLDUyZRGOHJáR FLOLQLRZ\FKQDSáDV]F]\ QLHLZ'"
3RO\OLQLDZáD FLZR FLLMHM]DVWRVRZDQLH
5HJLRQ ZáD FLZR FLLMHJR]DVWRVRZDQLH
=DVWRVRZDQLHLXVWDZLHQLDSDUDPHWUyZNUHVNRZDQLD
3ODQLPHWURZDQLH
2NUH OHQLHSDUDPHWUyZIL]\F]Q\FK±MDNLHZLHONR FLV PR OLZHGRX]\VNDQLD"
6SRVRE\á F]HQLDRELHNWyZJUDILF]Q\FKQDSáDV]F]\ QLH
5\VRZDQLHOLQLLZ]DMHPQLHUyZQROHJá\FKLSURVWRSDGá\FK±SROHFHQLDIXQNFMH
6SRVRE\EXGRZ\RELHNWyZ'
0HWRG\NRQVWUXRZDQLDRELHNWyZSU]HVWU]HQQ\FKZ'
x GHILQLRZDQLHEU\á]JUXS\SRGVWDZRZ\FK
x Z\NRU]\VWDQLHSROHFHQLDÄZ\FL JQLM´
x Z\NRU]\VWDQLHUHJLRQyZQSSROHFHQLDÄSU]HNU ü´
x VNáDGDQLHEU\á]SURVW\FKHOHPHQWyZSU]HVWU]HQQ\FK
6SRVRE\REURWyZSU]HVXQL ü L]áR H RELHNWyZ'
&RWRMHVW/8:]DVWRVRZDQLH"
-DNPR QD]PLHQLüSáDV]F]\]Q NRQVWUXNF\MQ "
2SHUDFMHERRORZVNLH
=DVWRVRZDQLHILOWUyZZVSyáU] GQ\FK±]DVDG\ZSURZDG]DQLD
$WU\EXW\±]DVWRVRZDQLH
=QDMRPR ü ]DVDGSURMHNWRZDQLDQDU] G]L
D 8]DVDGQLHQLHZ\ERUXSU]HNURMX6
JPLQ
MDNRED]\GREXGRZ\QDU] G]LD
E 2NUH OHQLHSDUDPHWUX
D
GODGRZROQHJRSRSU]HF]QHJRSU]HNURMXNV]WDáWRZQLND
F =DVDG\GRERUXZ\PLDUyZZ\VRNR FLVWR NyZGODZNáDGNL
G =DVDG\GRERUXNV]WDáWXLZ\PLDUyZ]HZQ WU]Q\FKZNáDGNLLREXGRZ\QDU] G]LD
H :\]QDF]HQLHVNUDMQ\FKZDUWR FLZVSyáF]\QQLNyZRGNV]WDáFH
O
%XGRZDLZ\NRU]\VWDQLH]ELRUyZ[[[ZPI
7ZRU]HQLHLZ\NRU]\VWDQLH]ELRUyZ[[[G[IL[[[LJHV
=DVWRVRZDQLHRGQR QLNyZ±NRU]\ FLZ\QLNDM FH]]DVWRVRZDQLDRGQR QLNyZ
3RGVWDZRZHSROHFHQLD6ROLG:RUNVGODF] FL]áR HQLDLU\VXQNX