:<=1$&=$1,(.5=<:(-(/(.752.$3,/$51(-'/$57&,

:673

1D JUDQLF\ UR]G]LDáX GZyFK ID] SRZVWDMH REV]DU Z NWyU\P QDW*HQLH SROD

HOHNWU\F]QHJR PD ZDUWRü Uy*Q RG ]HUD 3U]\F]\Q SRZVWDQLD WDNLHJR SROD MHVW

QDGPLHUQ\ áDGXQHN LVWQLHMF\ Z REV]DU]H JUDQLF\ UR]G]LDáX ID] àDGXQHN WHQ

SRFKRG]L RG MRQyZ HOHNWURQyZ L ]RULHQWRZDQ\FK GLSROL 2EV]DU Z NWyU\P

Z\VWSXMHWHQQDGPLDURZ\áDGXQHNQRVLQD]Z SRGZyMQHMZDUVWZ\HOHNWU\F]QHM

1DJUDQLF\ID]HOHNWURGDPHWDOLF]QDUR]WZyUHOHNWUROLWXáDGXQHNHOHNWURG\4P

UR]PLHV]F]D VL UyZQRPLHUQLH QD JUDQLF\ ]HWNQLFLD HOHNWURG\ ] UR]WZRUHP

àDGXQHN 4P ]UyZQRZD*RQ\ PXVL E\ü Z UR]WZRU]H SU]H] áDGXQHN WHM VDPHM

ZLHONRFLOHF]R SU]HFLZQ\P]QDNX4U0R*QDZLFQDSLVDü

4P4U

1DMSURVWV]\PRGHOZDUVWZ\SRGZyMQHM]RVWDáSRGDQ\SU]H]+HOPKROW]D=DáR*\á

RQ *H MHGQD ID]D QS PHWDO QRVL áDGXQHN XMHPQ\ D GUXJD WM HOHNWUROLW

Z SU]\SDGNXJUDQLF\ID]PLG]\ PHWDODPL D HOHNWUROLWDPL áDGXMH VL Z]JOGHP

QLHM GRGDWQLR 3RZVWDMH ZWHG\ XNáDG SRGREQ\ GR áDGRZDQHJR NRQGHQVDWRUD

SáDVNLHJR2EHFQRüáDGXQNyZHOHNWU\F]Q\FKZSRGZyMQHMZDUVWZLHHOHNWU\F]QHM

ZSá\ZDUyZQLH* QDQDSLFLH SRZLHU]FKQLRZH QD JUDQLF\ W\FK ID] *G\ MHGQ ]

ID]MHVWPHWDO]D GUXJ UR]WZyUHOHNWUROLWXWR]MDZLVND]ZL]DQH]H]PLDQDPL

QDSLFLD SRZLHU]FKQLRZHJR QRV] QD]Z ]MDZLVN HOHNWURNDSLODUQ\FK :HGáXJ

6WHUQD HOHNWU\F]QD ZDUVWZD SRGZyMQD VNáDGD VL ] GZyFK F]FL SLHUZV]HM

SU]\OHJDMFHM GR PHWDOX Z REUELH NWyUHM Z\VWSXMH OLQLRZ\ VSDGHN SRWHQFMDáX

ZDUVWZD +HOPKROW]D L GUXJLHM UR]FLJDMFHM VL Z JáE UR]WZRUX ± G\IX]\MQHM

F]\OLÄUR]P\WHM´ZNWyUHMJUDGLHQWSRWHQFMDáXMHVW]PLHQQ\7HRULD6WHUQD]DNáDGD

PR*OLZRü DGVRUSFML SHZQ\FK MRQyZ Z REUELH ZDUVWZ\ SRGZyMQHM

XZDUXQNRZDQHMVLáDPLLQQ\PLQL* HOHNWURVWDW\F]QHDGVRUSFMDVSHF\ILF]QD

&DáNRZLWD SRMHPQRü &

R

ZDUVWZ\ SRGZyMQHM VNáDGD VL ]H VWDáHM SRMHPQRFL

ZDUVWZ\DGVRUSF\MQHM&

L]]DOH*QHMRGVW*HQLDSRMHPQRFLZDUVWZ\UR]P\WHM&

&

&

&

:EDUG]RUR]FLHF]RQ\PUR]WZRU]H&

&

L&

R

| &

SRGF]DVJG\ZUR]WZRU]H

VW*RQ\P&

R

| &

ZyZF]DV&

t &

5Wü áDWZR XOHJD SRODU\]DFML L Z WHPSHUDWXU]H SRNRMRZHM MHVW FLHF] FR

XPR*OLZLD UHODW\ZQLH áDWZ\ SRPLDU QDSLFLD SRZLHU]FKQLRZHJR L SR]ZDOD QD

FLJáHRGQDZLDQLHSRZLHU]FKQLVW\NXHOHNWURG\]HOHNWUROLWHPFRSU]\F]\QLáRVL

GRWHJR*HXNáDG\]UWFL V QDMOHSLHMSR]QDQHSRGZ]JOGHPEXGRZ\ZDUVWZ\

SRGZyMQHM

1DSFLH SDQXMFH QD JUDQLF\ ID] SRPLG]\ UWFL D HOHNWUROLWHP ]DOH*\ RG

SU]\áR*RQHMUy*QLF\SRWHQFMDáyZMDNQDSRQL*V]\PU\VXQNX

5\V .U]\ZDHOHNWURNDSLODUQD

=ZL]HN SRPLG]\ QDSLFLHP SRZLHU]FKQLRZ\P D SRWHQFMDáHP HOHNWURG\

GRVNRQDOHSRODU\]RZDOQHMSRGDMHUyZQDQLH*LEEVD/LSSPDQD

G

4 P G(

J

9 P

6 G

JG]LH

9

R]QDF]D QDGPLDU SRZLHU]FKQLRZ\ VNáDGQLND UR]WZRUX QD JUDQLF\

HOHNWURGDUR]WZyU]D

P

SRWHQFMDáFKHPLF]Q\VNáDGQLNDZUR]WZRU]H

5yZQDQLHQDSLVDüPR*QDZSRVWDFL

G

G(

4 P

G

G(

J

P

69

:DUWRü SRFKRGQHM

G
G(

P

SRVLDGD ZDUWRü ]HURZ ]H Z]JOGX QD QLH]DOH*QRü

SRWHQFMDáX WHUPRG\QDPLF]QHJR VNáDGQLND ZH ZQWU]X UR]WZRUX RG SRWHQFMDáX

J

±(

±(

]

HOHNWURG\ FR SURZDG]L GR UyZQDQLD /LSSPDQD RSLVXMFHJR NU]\Z

HOHNWURNDSLODUQ

G

G(

4 P

J

: PDNVLPXP NU]\ZHM HOHNWURNDSLODUQHM SRFKRGQD

G
G(

J

SRVLDGD ZDUWRü ]HURZ

F]\OL

G

G(]

4 P

J

= UyZQDQLD Z\QLND L* PDNVLPXP NU]\ZHM HOHNWURNDSLODUQHM Z\VWSXMH

SU]\SRWHQFMDOHZNWyU\PáDGXQHNHOHNWURG\MHVW]HURZ\3RWHQFMDáWHQQD]\ZDQ\

MHVW SRWHQFMDáHP áDGXQNX ]HURZHJR (

]

3RGZyMQ ZDUVWZ HOHNWU\F]Q

SU]HGVWDZLRQ MDNR NRQGHQVDWRU NWyUHJR MHGQ RNáDGN VWDQRZL áDGXQNL QD

SRZLHU]FKQL PHWDOX ]D GUXJ ZDUVWZD MRQyZ Z UR]WZRU]H VFKDUDNWHU\]RZDü

PR*QDSRMHPQRFL Uy*QLF]NRZ &

&

P

w

wS

4

320,$51$3,&,$32:,(5=&+1,2:(*2

: SU]\SDGNX HOHNWURG\ UWFLRZHM ]DQXU]RQHM Z UR]WZRU]H RELH ID]\ V FLHNáH

: W\PSU]\SDGNX]DVWRVRZDüPR*QDQDVWSXMFHPHWRG\SRPLDURZH

± ]DOH*QRüNV]WDáWXNURSOLUWFLRGJ

± ]DOH*QRüPDV\NURSOLUWFLRGJ

± ]DOH*QRüF]DVXWUZDQLDNURSOLRGJ

± PHWRGDSRPLDUX]DSRPRF HOHNWURPHWUXNDSLODUQHJR

: üZLF]HQLX SRPLDU QDSLFLD SRZLHU]FKQLRZHJR UWFL GRNRQ\ZDQ\ MHVW PHWRG

EDGDQLD F]DVX WUZDQLD NURSOL UWFL 6FKHPDW XNáDGX SRPLDURZHJR SU]HGVWDZLD

U\VXQHN

5\V 8NáDGGRZ\]QDF]DQLDNU]\ZHMHOHNWURNDSLODUQHM

.DSLODUD]NWyUHMZ\Sá\ZDUWüSRáF]RQDMHVWJLWNLPSU]HZRGHP]H]ELRUQLNLHP

UWFL)GDQ\SRWHQFMDáUWFLZ]JOGHPHOHNWURG\RGQLHVLHQLD]DGDZDQ\MHVWSU]\

SRPRF\SRWHQFMRVWDWX3RWHQFMDáNRQWURORZDQ\MHVWGRGDWNRZRPLOLZROWRPLHU]HP

F\IURZ\P5Wü]NDSLODU\VSá\ZDGRUR]WZRUXNURSODPL.URSODRGU\ZDVL SR

RVLJQLFLXRGSRZLHGQLHMPDV\0DNV\PDOQDZLHONRüNURSOL]DOH*\RGZDUWRFL

QDSLFLDSRZLHU]FKQLRZHJR

1D SRQL*V]\P U\VXQNX SU]HGVWDZLRQR NURSO X Z\ORWX NDSLODU\ Z MHM

SRV]F]HJyOQ\FKVWDGLDFK

P$

P9

3RWHQFMRVWDW

0LNURDPSHURPLHU]]DXWRPDW\F]Q\P

UHMHVWUDWRUHP

0LHUQLNSRWHQFMDáXUWFL

=ELRUQLN]UWFL

.DSLODUD

1(.

5\V 3RV]F]HJyOQHVWDGLDZ\Sá\ZXNURSOL]NDSLODU\

*G\SURPLH NDSLODU\Z\QRVLUWRNURSODQDFKZLO SU]HGRGHUZDQLHPVL ZLVLQD

WU]RQLHRREZRG]LHSU:FHOXZ\GáX*HQLDWHJRWU]RQXRGáXJRüGO Z\NRQDQD

PXVLE\üSUDFDG$ UyZQD

G$

UGO

J S

:\GáX*HQLH VL WU]RQX R GáXJRü GO SRZRGXMH REQL*HQLH VL URGND FL*NRFL

NURSOL] F]\P]ZL]DQDMHVWSUDFDG$¶

G$ P JGO

JG]LHP

R

R]QDF]DPDV NURSOL]D J SU]\VSLHV]HQLH]LHPVNLH

.URSODRGHUZLHVL JG\G$ G$¶F]\OLJG\

J S

UGO P JGO

VWG

J

S

J

U

P

3U]HGVWDZLRQHUR]XPRZDQLHQLHXZ]JOGQLDSR]RVWDQLDF]FLZLV]FHMUWFLSR]D

NURSO'RZ]RUXWU]HEDZSURZDG]LüSRSUDZN

J

S

I J P

U

:SHZQ\PF]DVLHW ]NDSLODU\Z\Sá\ZDREMWRüUWFL93UGNRüREMWRFLRZD

Z\Sá\ZXUWFL]NDSLODU\Q MHVWQLH]DOH*QDRGQDSLFLDSRZLHU]FKQLRZHJROHF]

MHVW]DOH*QDRGZ\VRNRFLVáXSDUWFL

X

9

W

FRQVW

3RXZ]JOGQLHQLXZ\UD*HQLDQDJVWRüUWFLZ\QRVLG P

R

9

R

RWU]\PDüPR*QD

Z\UD*HQLH

J

S

X

I J G

U

W

:SURZDG]DMFR]QDF]HQLH

I J G

N FRQVW

S

X

U

RWU]\PXMHVL RVWDWHF]QLH SRV]XNLZDQ ]DOH*QRü QDSLFLD SRZLHU]FKQLRZHJR RG

F]DVXWUZDQLDNURSOL

J NW

:DUWRüN QDOH*\Z\]QDF]\üPLHU]FF]DVWUZDQLDNURSOLZUR]WZRU]HGODNWyUHJR

]QDQDMHVWZLHONRüJ&]DVWUZDQLDNURSOLPR*QDPLHU]\üEH]SRUHGQLRVWRSHUHP

OXE UHMHVWUXMF SUG Sá\QF\ Z REZRG]LH SU]\ SRPRF\ DXWRPDW\F]QHJR

UHMHVWUDWRUD

&(/û:,&=(1,$

&HOHPüZLF]HQLDMHVWZ\]QDF]HQLH

± NU]\ZHMHOHNWURNDSLODUQHMUWFLZUR]WZRU]HZRGQ\PPROGP

.&OOXE

PROGP

.12

± SRWHQFMDáXáDGXQNX]HURZHJRUWFLZEDGDQ\PUR]WZRU]H

± NU]\ZHM ]DOH*QRFL áDGXQNX SRZLHU]FKQLRZHJR UWFL 4P RG SRWHQFMDáX

NU]\ZD4P I(

± NU]\ZHM ]DOH*QRFL SRMHPQRFL Uy*QLF]NRZHM & SRGZyMQHM ZDUVWZ\

HOHNWU\F]QHMQDJUDQLF\ID]UWüEDGDQ\UR]WZyURGSRWHQFMDáXNU]\ZD& I(

$3$5$785$

3RWHQFMRVWDW

0LOLZROWRPLHU]F\IURZ\

.URSORZDHOHNWURGDUWFLRZD.(5

1DV\FRQDHOHNWURGDNDORPHORZD1(.

.RPSOHWSU]HZRGyZ

6WRSHU

6=.à2

.ROENDPLDURZDPO

=OHZNLPOV]W

3LSHWDPO

%XWODSROLHW\OHQRZDQD]OHZNLUWFL

2'&=<11,.,

5R]WZyU.&OPROGP

5R]WZyU.12

PROGP

35=(%,(*û:,&=(1,$

3U]\JRWRZDüEDGDQ\UR]WZyU0.&OOXE.12

SU]HODüGR]OHZNLQDPO

=OHZN XPLHFLüZXFKZ\FLH]HVWDZX.(58PLHFLüZUR]WZRU]H1(.

3RGQLHü]ELRUQLF]HN]UWFL QDZ\VRNRüSU]\NWyUHMZ\Sá\ZD]NDSLODU\RN

NURSHOSU]H]VHN3RáF]\üHOHNWURG\]SRWHQFMRVWDWHPLZROWRPLHU]HP

:áF]\üSU]\U]G\

=PLHU]\üF]DVZ\Sá\ZXNURSOLUWFLGODSRWHQFMDáyZ.(5Z]JOGHP1(.

RG± GR±P9FRP9

3RZWyU]\üSRPLDU\

=PLHU]\üNURWQLHF]DVNURSOHQLDGODPROGP

.&OSU]\±P9

3R]DNRF]RQ\FKSRPLDUDFKUWü]ODüGREXWHONL]QDSLVHP=/(:.,57&,

2EVáXJ SRWHQFMRVWDWXZ\MDQLSURZDG]F\üZLF]HQLD

235$&2:$1,(:<1,.Ï:

2OLF]\ü J GOD UWFL SU]\ NROHMQ\FK SRWHQFMDáDFK :\NUHOLü NU]\Z

HOHNWURNDSLODUQ

2GF]\WDü]NU]\ZHMHOHNWURNDSLODUQHMZDUWRüSRWHQFMDáXáDGXQNX]HURZHJR

:\]QDF]\üáDGXQHNSRZLHU]FKQLRZ\:\NUHOLü]DOH*QRü4P I(

:\]QDF]\üSRMHPQRüZDUVWZ\SRGZyMQHM& I (

8:$*$ 2EOLF]HQLD Z\NRQDü SU]\MPXMF L* QDSLFLH PLG]\ID]RZH UWü ±

PROGP

.&O Z\QRVLP1P