Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
0,1,67(567:2('8.$&-,
1$52'2:(-
0DáJRU]DWD&KRMQDFND
3RUDGQLNGODXF]QLD
:\GDZFD
,QVW\WXW7HFKQRORJLL(NVSORDWDFML±3D VWZRZ\,QVW\WXW%DGDZF]\
5DGRP
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
5HFHQ]HQFL
PJULQ 0DáJRU]DWD.DSXVWD
LQ $OLFMD.RUREF]DN
2SUDFRZDQLHUHGDNF\MQH
PJULQ 0DáJRU]DWD&KRMQDFND
.RQVXOWDFMD
GULQ -DFHN3U]HSLyUND
.RUHNWD
3RUDGQLN VWDQRZL REXGRZ G\GDNW\F]Q SURJUDPX MHGQRVWNL PRGXáRZHM >@=
:\NRQ\ZDQLHQDSUDZNRQVWUXNFMLFLHVLHOVNLFK]DZDUWHJRZPRGXáRZ\PSURJUDPLHQDXF]DQLD
GOD]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
0DWHULDáQDXF]DQLD
3U]\F]\Q\LURG]DMHXV]NRG]H NRQVWUXNFMLGUHZQLDQ\FK
0DWHULDáQDXF]DQLD
3\WDQLDVSUDZG]DM FH
ûZLF]HQLD
6SUDZG]LDQSRVW SyZ
5R]SR]QDZDQLHXV]NRG]H
0DWHULDáQDXF]DQLD
3\WDQLDVSUDZG]DM FH
ûZLF]HQLD
6SUDZG]LDQSRVW SyZ
1DSUDZLDQLHHOHPHQWyZVWURSXGUHZQLDQHJR
0DWHULDáQDXF]DQLD
3\WDQLDVSUDZG]DM FH
ûZLF]HQLD
6SUDZG]LDQSRVW SyZ
1DSUDZLDQLHHOHPHQWyZ FLDQGUHZQLDQ\FK
0DWHULDáQDXF]DQLD
3\WDQLDVSUDZG]DM FH
ûZLF]HQLD
6SUDZG]LDQSRVW SyZ
1DSUDZLDQLHSRGáyJ
0DWHULDáQDXF]DQLD
3\WDQLDVSUDZG]DM FH
ûZLF]HQLD
6SUDZG]LDQSRVW SyZ
1DSUDZLDQLHHOHPHQWyZZL E\GDFKRZHM
0DWHULDáQDXF]DQLD
3\WDQLDVSUDZG]DM FH
ûZLF]HQLD
6SUDZG]LDQSRVW SyZ
6SUDZG]LDQRVL JQL ü
/LWHUDWXUD
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
3RUDGQLNE G]LH&LSRPRFQ\ZSU]\VZDMDQLXZLHG]\RZ\NRQ\ZDQLXQDSUDZNRQVWUXNFML
FLHVLHOVNLFK
:SRUDGQLNX]DPLHV]F]RQR
:\PDJDQLD ZVW SQH F]\OL Z\ND] QLH]E GQ\FK XPLHM WQR FL L ZLHG]\ NWyUH SRZLQLHQH
RSDQRZDüDE\SU]\VW SLüGRUHDOL]DFMLWHMMHGQRVWNLPRGXáRZHM
&HOHNV]WDáFHQLDWHMMHGQRVWNLPRGXáRZHM
0DWHULDá QDXF]DQLD UR]G]LDá NWyU\ XPR OLZLD VDPRG]LHOQH SU]\JRWRZDQLH VL GR
Z\NRQDQLD üZLF]H L ]DOLF]HQLD VSUDZG]LDQyZ 2EHMPXMH RQ UyZQLH üZLF]HQLD NWyUH
]DZLHUDM Z\ND] PDWHULDáyZ QDU] G]L L VSU] WX SRWU]HEQ\FK GR UHDOL]DFML üZLF]H 3U]HG
üZLF]HQLDPL ]DPLHV]F]RQR S\WDQLD VSUDZG]DM FH ZLHG] SRWU]HEQ GR LFK Z\NRQDQLD
3R üZLF]HQLDFK ]DPLHV]F]RQ\ ]RVWDá VSUDZG]LDQ SRVW SyZ :\NRQXM F VSUDZG]LDQ
SRVW SyZ SRZLQLHQH RGSRZLDGDü QD S\WDQLD WDN OXE QLH FR R]QDF]D H RSDQRZDáH
PDWHULDáDOERQLH
6SUDZG]LDQ RVL JQL ü Z NWyU\P ]DPLHV]F]RQR LQVWUXNFM GOD XF]QLD RUD] ]HVWDZ ]DGD
WHVWRZ\FK VSUDZG]DM F\FK RSDQRZDQLH ZLHG]\ L XPLHM WQR FL ] ]DNUHVX FDáHM MHGQRVWNL
=DPLHV]F]RQD]RVWDáDWDN HNDUWDRGSRZLHG]L
:\ND]OLWHUDWXU\REHMPXM F\]DNUHVZLDGRPR FLGRW\F] F\FKWHMMHGQRVWNLPRGXáRZHMNWyUD
XPR OLZL&LSRJá ELHQLHQDE\W\FKXPLHM WQR FL
-H HOL PDV] WUXGQR FL ]H ]UR]XPLHQLHP WHPDWX OXE üZLF]HQLD WR SRSUR QDXF]\FLHOD OXE
LQVWUXNWRUDRZ\MD QLHQLHLHZHQWXDOQHVSUDZG]HQLHF]\GREU]HZ\NRQXMHV]GDQ F]\QQR ü
-HGQRVWND PRGXáRZD :\NRQ\ZDQLH QDSUDZ NRQVWUXNFML FLHVLHOVNLFK NWyUHM WUH FL WHUD]
SR]QDV]VWDQRZLMHGHQ]HOHPHQWyZPRGXáX>@=Ä7HFKQRORJLDUREyWFLHVLHOVNLFK´LMHVW
R]QDF]RQDQD]DPLHV]F]RQ\PVFKHPDFLHQDVWURQLH
%H]SLHF]H VWZRLKLJLHQDSUDF\
:F]DVLHSRE\WXZSUDFRZQLPXVLV]SU]HVWU]HJDüUHJXODPLQyZSU]HSLVyZEH]SLHF]H VWZD
L KLJLHQ\ SUDF\ RUD] LQVWUXNFML SU]HFLZSR DURZ\FK Z\QLNDM F\FK ] URG]DMX Z\NRQ\ZDQ\FK
SUDF3U]HSLV\WHSR]QDV]SRGF]DVWUZDQLDQDXNL
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]DFMLSURJUDPXMHGQRVWNLPRGXáRZHMSRZLQLHQH XPLHü
UR]SR]QDZDüSRGVWDZRZHPDWHULDá\EXGRZODQH
SRVáXJLZDüVL SRGVWDZRZ\PLSRM FLDPL]]DNUHVXEXGRZQLFWZD
F]\WDüGRNXPHQWDFM EXGRZODQ
GRNRQ\ZDü GRERUX L VHOHNFML PDWHULDáyZ EXGRZODQ\FK QLH]E GQ\FK GR Z\NRQ\ZDQLD
SRV]F]HJyOQ\FKHOHPHQWyZXVWURMXNRQVWUXNF\MQHJR
GRELHUDüQDU] G]LDVSU] WLPDV]\Q\GRUREyWFLHVLHOVNLFK
SU]\JRWRZ\ZDüQDU] G]LDLVSU] WGRSUDF\
PDJD]\QRZDüVNáDGRZDüLWUDQVSRUWRZDüPDWHULDá\EXGRZODQH
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
VWRVRZDüSRGF]DVZ\NRQ\ZDQLDUREyWSRGVWDZRZHSU]HSLV\EKSLRFKURQ\SSR
NRU]\VWDü]Uy Q\FK UyGHáLQIRUPDFML
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
:Z\QLNXUHDOL]DFMLSURJUDPXMHGQRVWNLPRGXáRZHMSRZLQLHQH XPLHü
UR]SR]QDüURG]DMXV]NRG]HQLDHOHPHQWXGUHZQLDQHJR
RNUH OLüZLHONR üXV]NRG]HQLD
RNUH OLü]DNUHVQDSUDZ\
GREUDüQDU] G]LDLVSU] WGRZ\NRQDQLDQDSUDZ\
Z\PLHQLüSRGZDOLQ Z FLDQLHGUHZQLDQHM
Z\PLHQLüZLHQLHFZ FLDQLH]RNU JODNyZ
X]XSHáQLü FLDQ SR]OLNZLGRZDQLXRNQD
Z]PRFQLüEHONLGUHZQLDQHVWURSRZH
Z\PLHQLüEHONLGUHZQLDQHVWURSRZH
Z\PLHQLü]QLV]F]RQHNR FHEHONLGUHZQLDQHM
±QDSUDZLüXV]NRG]RQ GUHZQLDQ SRGVXILWN
±Z\PLHQLüXV]NRG]RQHOHJDU\SRGáRJRZH
QDSUDZLüXV]NRG]RQ ELDá SRGáRJ
±Z\PLHQLüXV]NRG]RQHHOHPHQW\ZL E\GDFKRZHM
±QDSUDZLüXV]NRG]RQHGHVNRZDQLHGDFKRZH
±Z\NRQDüURERW\QDSUDZF]H]]DFKRZDQLHPSU]HSLVyZEKSLRFKURQ\SSR
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
3U]\F]\Q\LURG]DMHXV]NRG]H NRQVWUXNFMLGUHZQLDQ\FK
0DWHULDáQDXF]DQLD
.D G\HOHPHQWEXG\QNXSHáQLLQQ IXQNFM ZSUDF\FDáHJRXVWURMXEXGRZODQHJR=DOH QLH
RGWHMIXQNFMLVSHáQLDM FRNUH ORQHZDUXQNLX \WNRZHE G]LHXOHJDá]X \FLXZUy Q\PVWRSQLX
LWHPSLH3URFHV]X \FLDRELHNWXMHVWHIHNWHP
VWDU]HQLDVL PDWHULDáyZZPLDU XSá\ZXODW
]PLDQVWUXNWXUDOQ\FKZZ\QLNXSUDF\HOHPHQWX
]QLV]F]HQLDZZ\QLNXG]LDáDQLDF]\QQLNyZ]HZQ WU]Q\FK
3U]\F]\Q\LVNXWNLXV]NRG]H
3U]\F]\QDPL NWyUH SRZRGXM ]PQLHMV]HQLH WUZDáR FL NRQVWUXNFML GUHZQLDQ\FK V Eá G\
SRSHáQLRQHQDHWDSLHSURMHNWRZDQLDZ\NRQ\ZDQLDLHNVSORDWDFMLRELHNWyZEXGRZODQ\FK%DUG]R
ZD Q\P F]\QQLNLHP Z SURFHVLH ]X \FLD HOHPHQWyZ NRQVWUXNFML GUHZQLDQ\FK MHVW WDN H
Z\VW SRZDQLHNRUR]MLELRORJLF]QHMELRW\F]QHM3URFHVWHQGRW\F]\QLV]F]HQLDPDWHULDáyZSU]H]
JU]\E\GRPRZHJU]\E\SOH QLHPLNURRUJDQL]P\EDNWHULHRUD]RZDG\.RUR]MDWHJRURG]DMX
QDMF] FLHM Z\VW SXMH Z EXG\QNDFK GUHZQLDQ\FK RUD] Z EXG\QNDFK R NRQVWUXNFML PLHV]DQHM
NWyUH XOHJDM ]DZLOJRFHQLX .RUR]MD ELRORJLF]QD MHVW V]F]HJyOQLH QLHEH]SLHF]QD GOD ]GURZLD
OXG]L-HVWSU]\F]\Q ZLHOXVFKRU]H WDNLFKMDNVFKRU]HQLDSáXFFKRURE\UHXPDW\F]QHDOHUJLH
FKRURE\QRZRWZRURZH]DEXU]HQLD Rá GNRZHDQHPLD
1D HWDSLH SURMHNWRZDQLD QDMF] FLHM SRSHáQLDQH V Eá G\ NRQFHSF\MQH REOLF]HQLRZH RUD]
U\VXQNRZH
%á G\NRQFHSF\MQHVSRZRGRZDQHV QDMF] FLHM
± ]DVWRVRZDQLHP QLHZáD FLZHJR VFKHPDWX NRQVWUXNF\MQHJR FR PR H VSRZRGRZDü SU]\M FLH
]E\WPDáHMZ\VRNR FLSURMHNWRZDQ\FKZL ]DUyZ
± ZDGOLZ\P]DSURMHNWRZDQLHPVW\NyZRUD]SRá F]H FRVNXWNXMHSRZVWDZDQLHPQDGPLHUQ\FK
RGNV]WDáFH HOHPHQWyZNRQVWUXNFMLOXEMHM]QLV]F]HQLHP
QLHZáD FLZ\P UR]PLHV]F]HQLHP á F]QLNyZ PHFKDQLF]Q\FK JZR G]L ZNU WyZ SLHU FLHQL
ZSRá F]HQLDFKSRZRGXM F\P]QLV]F]HQLHSRá F]HQLDOXEHOHPHQWX
]E\W PDá\P Z\PLDUHP SRGNáDGHN SRG UXE\ FR PR H GRSURZDG]Lü GR LFK ZFL QL FLD
ZGUHZQR
QLHZáD FLZ\P ]DEH]SLHF]HQLHP GUHZQD SU]HG VNXWNDPL G]LDáDQLD Z\VRNLHM WHPSHUDWXU\
ZRG\SDU\ZRGQHMRUD]F]\QQLNyZFKHPLF]Q\FKFRSU]\VSLHV]DUR]NáDGL]QLV]F]HQLHMHJR
VWUXNWXU\
: UyGQDMF] FLHMSRSHáQLDQ\FKEá GyZREOLF]HQLRZ\FKZ\VW SXM Eá G\E G FHZ\QLNLHP
QLHSU]HVWU]HJDQLD]DOHFH QRUPEXGRZODQ\FK1DOH \GRQLFKPL G]\LQQ\PL
± SU]\M FLHQLHZáD FLZ\FKSU]HNURMyZSRSU]HF]Q\FKHOHPHQWyZ
± ZDGOLZHREOLF]HQLHSRá F]H SU WyZ]áR RQ\FKSRá F]H Z ]áRZ\FKQDZU E\
± QLHXZ]JO GQLHQLHZV]\VWNLFKZDUXQNyZSUDF\HOHPHQWyZ
1DWRPLDVWGRQDMF] FLHMSRSHáQLDQ\FKEá GyZU\VXQNRZ\FK]DOLF]DVL
±EUDNZV]\VWNLFKR]QDF]H QDU\VXQNDFKURERF]\FKGRW\F] F\FKURG]DMXNODV\LZLOJRWQR FL
GUHZQD
± EUDNVFKHPDWXZL ]DUD]Z\PLDURZDQLDPLHMVFVW\NyZGáXJR FLHOHPHQWyZSU WyZ
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
± EUDN U\VXQNyZ SRá F]H Z ]áRZ\FK UR]PLHV]F]HQLD á F]QLNyZ XV\WXRZDQLD ZV]\VWNLFK
HOHPHQWyZZ\VW SXM F\FKZ]á F]XSU]HNáDGNLQDNáDGNL
± EUDN R]QDF]HQLD PLHMVF XV\WXRZDQLD W\PF]DVRZ\FK XV]W\ZQLH RUD] ]DPRFRZDQLD OLQ
PRQWD RZ\FK
%UDNU\VXQNyZURERF]\FKá F]RQ\FKHOHPHQWyZF] VWRMHVWSU]\F]\Q SRZVWDZDQLDZV]HONLFK
QLHGRNáDGQR FLSRGF]DVVNáDGDQLDLPRQWD XZL ]DUyZFRZNRQVHNZHQFMLPR HGRSURZDG]Lü
GRQLHSUDZLGáRZHJRSU]HQRV]HQLDREFL H SU]H]SRV]F]HJyOQHHOHPHQW\ZL ]DUD
'REá GyZSRSHáQLDQ\FKSRGF]DVZ\NRQ\ZDQLDUREyWQDOH \
± QLHZáD FLZH VNáDGRZDQLH GUHZQD QD EXGRZLH GRSURZDG]HQLH GR MHJR ]DZLOJRFHQLD JQLFLD
LVND HQLD
± VWRVRZDQLHGUHZQDQLHRGSRZLHGQLHMMDNR FLLZLOJRWQR FL
± VWRVRZDQLHZLOJRWQ\FKPDWHULDáyZRFLHSODM F\FK
± VWRVRZDQLHQLHRGSRZLHGQLHJRVSU] WXSRGF]DVSUDFPRQWD RZ\FKEUDNZ\PDJDQHJRVWRSQLD
GRNáDGQR FLSRá F]H
± ]DVWRVRZDQLH QLHZáD FLZ\FK á F]QLNyZ OXE QLHZáD FLZHM LOR FL á F]QLNyZ JZR G]L UXE
ZNU WyZVZRU]QL
± VWRVRZDQLH GUHZQD QLHLPSUHJQRZDQHJR QLH]DEH]SLHF]RQHJR URGNDPL JU]\EREyMF]\PL
LRJQLRFKURQQ\PL
3RGF]DVPRQWD XZL ]DUyZG ZLJDUyZF]\EHOHNEDUG]RF] VWRVSRW\NDQHMHVW
± QLHZáD FLZH ]DPRFRZDQLH OLQ PRQWD RZ\FK FR PR H VSRZRGRZDü Z\ERF]HQLH ZLRWNLFK
HOHPHQWyZNRQVWUXNFML
± EUDNOXEZDGOLZHZ\NRQDQLHW\PF]DVRZ\FKSRGSyUPRQWD RZ\FKFRPR HGRSURZDG]LüGR
XWUDW\VWDWHF]QR FLXVWURMXL]DZDOHQLDVL Z]QRV]RQHMNRQVWUXNFML
± QLHX]DVDGQLRQH RGZOHNDQLH Z F]DVLH Z\NRQDQLD SRNU\FLD ZL ]DUyZ PR H VSRZRGRZDü LFK
]DZLOJRFHQLHOXEQDZHWJQLFLH
'R Eá GyZ SRSHáQLDQ\FK Z F]DVLH HNVSORDWDFML RELHNWX PDM F\FK ZSá\Z QD WUZDáR ü
LVWDWHF]QR üFDáHJRXVWURMX]DOLF]DVL
± QLHXVXZDQLH ]DOHJDM FHJR QD SRáDFLDFK GDFKX QLHJX FR GRSURZDG]D GR ]QDF]QHJR
SU]HNURF]HQLD SU]HZLG\ZDQHJR REFL HQLD L Z\VW SLHQLD QDGPLHUQ\FK XJL ü HOHPHQWyZ
NRQVWUXNFML
± SRGZLHV]DQLHGRNRQVWUXNFMLVWURSXOXEG ZLJDUDQLHSU]HZLG]LDQ\FKZSURMHNFLHHOHPHQWyZ
VXILWyZ SRGZLHV]DQ\FK XU] G]H RUD] SU]HZRGyZ ZHQW\ODF\MQ\FK L LQVWDODF\MQ\FK
]DUyZQRZWUDNFLHPRQWD XMDNLZF]DVLHHNVSORDWDFMLRELHNWX
± QLHGRNU FDQLH UXEZSRá F]HQLDFK
± SU]HPDU]DQLH FLDQ]HZQ WU]Q\FK
± EUDNZHQW\ODFMLSU]HVWU]HQLSRGSRGáRJRZHMOXE]áHMHMIXQNFMRQRZDQLH
± EUDNL]RODFMLSU]HFLZZLOJRFLRZHMIXQGDPHQWyZLGUHZQDVW\NDM FHJRVL ]PXUHP
± QLHZáD FLZD ZHQW\ODFMD SRPLHV]F]H V]F]HJyOQLH Z NXFKQLDFK áD]LHQNDFK SUDOQLDFK
SLZQLFDFKVWU\FKDFK
± EUDN RGSRZLHGQLHM L]RODFML SU]HZRGyZ LQVWDODFML ZRGQHM L NDQDOL]DF\MQHM ]DSRELHJDM FHM
NRQGHQVDFMLSDU\ZRGQHM
± QDNáDGDQLHQDSRGáRJLGUHZQLDQHZ\NáDG]LQXWUXGQLDM F\FKZ\V\FKDQLHGUHZQD
± QLHZáD FLZD NRQVHUZDFMD GDFKX L QLHV]F]HOQR ü SRNU\FLD V]F]HJyOQLH SU]\ U\QQDFK UXUDFK
VSXVWRZ\FKZ\ZLHWU]QLNDFKGDFKRZ\FKRNQDFKSRáDFLRZ\FKRUD]G\PQLNDFKGRSURZDG]D
GR]DJU]\ELHQLDLUR]NáDGXELRORJLF]QHJRGUHZQD
± XU] G]DQLH NZLHWQLNyZ VDG]HQLH NU]HZyZ GU]HZ L ZLQRUR OL EH]SR UHGQLR SU]\ FLDQLH
EXG\QNX
=QLV]F]HQLH VWUXNWXU\ GUHZQD VSRZRGRZDQH MHVW QDMF] FLHM Z\VW SRZDQLHP ]DJU]\ELHQLD
HOHPHQWyZ EXG\QNX *U]\E\ NWyUH UR]ZLMDM VL QD PDUWZ\FK RUJDQL]PDFK ]DOLF]DQH V GR
UR]WRF]\DWHNWyUHZ\VW SXM ZEXG\QNDFKGRJU]\EyZGRPRZ\FK3RZRGXM RQHFKHPLF]Q\
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
UR]NáDG JáyZQ\FK VNáDGQLNyZ GUHZQD ± FHOXOR]\ L OLJQLQ\ :L NV]R ü JU]\EyZ GRPRZ\FK
SRZRGXMH H GUHZQR ]PLHQLD VZRM EDUZ QD EUXQDWQ S ND Z SRSU]HN L Z]GáX ZáyNLHQ
DZNR FRZHMID]LH]QLV]F]HQLDUR]SDGDVL QDSURV]HNZWHG\WDNLSU]HELHJ]QLV]F]HQLDR]QDF]D
]JQLOL]Q GHVWUXNF\MQ QD]\ZDQ EUXQDWQ -H OLGUHZQRSU]\ELHUDMD QLHMV] EDUZ RGGUHZQD
]GURZHJRZ\VW SXM ELDáHSODPNLLQLHUHJXODUQHRWZRU\WRPDP\GRF]\QLHQLD]ELDá ]JQLOL]Q
F]\OL NRUR]\MQ\P UR]NáDGHP GUHZQD =DUyZQR GHVWUXNF\MQ\ MDN L NRUR]\MQ\ UR]NáDG GUHZQD
ZSá\ZDQDREQL HQLHMHJRFHFKIL]\F]Q\FKLPHFKDQLF]Q\FK'RGDWNRZRJU]\E\]HZ]JO GXQD
]DNZDV]HQLH URGRZLVND SRZRGXM WDN H NRUR]M PXUyZ FHJá\ ]DSUDZ EHWRQX NOHMyZ RUD]
PDVV]SDFKORZ\FKSU]\JRWRZ\ZDQ\FKQDED]LH \ZLFV\QWHW\F]Q\FKLND]HLQ\6SU]\MDM F\PL
ZDUXQNDPLGODUR]ZRMXJU]\EDGRPRZHJRMHVW
± ZLOJRWQR üPDWHULDáyZZJUDQLFDFK·
± RSW\PDOQDZLOJRWQR üZ]JO GQDSRZLHWU]DZJUDQLFDFK·
± RSW\PDOQDWHPSHUDWXUDRWRF]HQLD·&
± EUDNZHQW\ODFMLSRPLHV]F]H LSU]HZLHZXGODZEXGRZDQHJRGUHZQD
± RJUDQLF]HQLHGRVW SX ZLDWáD
7DNLH ZDUXQNL F] VWR Z\VW SXM SRG SRGáRJ SRPLHV]F]H SU]\]LHPLD Z EXG\QNDFK
QLHSRGSLZQLF]RQ\FK RUD] Z VWURSDFK GUHZQLDQ\FK QDG SLZQLF EH] ZHQW\ODFML SU]HVWU]HQL
SRGSRGáRJRZHM
'R XV]NRG]H NRQVWUXNFML RUD] GR NDWDVWURI EXGRZODQ\FK E G F\FK Z\QLNLHP W\FK
XV]NRG]H GRFKRG]L]D]Z\F]DMZWHG\JG\NLONDOXEZV]\VWNLHVNáDGQLNLZ\VW SL MHGQRF]H QLH
3\WDQLDVSUDZG]DM FH
2GSRZLDGDM FQDS\WDQLDVSUDZG]LV]F]\MHVWH SU]\JRWRZDQ\GRZ\NRQDQLDüZLF]H
-DNLHF]\QQLNLZSá\ZDM QDSURFHV]X \FLDRELHNWXEXGRZODQHJR"
-DNLH]QDV]SU]\F]\Q\]PQLHMV]HQLDWUZDáR FLNRQVWUXNFMLGUHZQLDQ\FK"
-DNLHVNXWNLZ\ZRáXM Eá G\SRSHáQLRQHQDHWDSLHSURMHNWRZDQLDRELHNWXEXGRZODQHJR"
-DNLHEá G\REOLF]HQLRZHLU\VXQNRZHV QDMF] FLHMSRSHáQLDQHSRGF]DVZ\NRQ\ZDQLDSUDF
SURMHNWRZ\FK"
-DNLHVNXWNLZ\ZRáXM Eá G\SRSHáQLRQHZF]DVLHZ\NRQ\ZDQLDUREyWEXGRZODQ\FK"
-DNLH Eá G\ ZSá\ZDM FH QD WUZDáR ü RELHNWX EXGRZODQHJR V SRSHáQLDQH Z F]DVLH MHJR
X \WNRZDQLD±HNVSORDWDFML"
-DNLHF]\QQLNLGRSURZDG]DM GRUR]NáDGXGUHZQD"
:MDNLFKZDUXQNDFKGRFKRG]LGRUR]ZRMXJU]\EDGRPRZHJR"
ûZLF]HQLD
ûZLF]HQLH
2NUH O SU]\F]\Q\ SRZVWDQLD XV]NRG]HQLD L SU]HGVWDZ WHFKQRORJL Z\NRQDQLD Z\PLDQ\
]QLV]F]RQHJRIUDJPHQWXSRGVXILWNL]GHVHNQDZSXVWGOD]DSUH]HQWRZDQHJRQDILOPLHVWURSX]H
OHS\PSXáDSHP
8ZDJD ûZLF]HQLH PR QD SU]HSURZDG]Lü SRGF]DV OHNFML SOHQHURZHM SURZDG]RQHM QD
EXGRZLH Z F]DVLH Z\NRQ\ZDQLD UREyW UHPRQWRZ\FK L Z\NRQDü ]GM FLD ILOPRZH UHMHVWUXM FH
Z\VW SXM FHXV]NRG]HQLHVWURSX
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
UR]SR]QDüQDILOPLHSU]\F]\Q\SRZVWDZDQLDXV]NRG]HQLDHOHPHQWyZSRGVXILWNL
]DSR]QDüVL ]]DVDGDPLOLNZLGDFMLSU]\F]\QSRZVWDZDQLDXV]NRG]H HOHPHQWyZVWURSX
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
]DSR]QDüVL ]]DVDGDPLZ\NRQ\ZDQLDSRGVXILWNLZVWURSDFKGUHZQLDQ\FK
RNUH OLüPDWHULDá\SRWU]HEQHGRZ\NRQDQLDSUDFQDSUDZF]\FK
RNUH OLüQDU] G]LDLVSU] WSRWU]HEQ\GRZ\NRQDQLDSUDFQDSUDZF]\FK
]DSLVDüQDNDUWFHSRWU]HEQHGRZ\NRQDQLDUREyWPDWHULDá\QDU] G]LDLVSU] W
RNUH OLüWHFKQRORJL Z\NRQ\ZDQLDZ\PLDQ\IUDJPHQWXSRGVXILWNL
]DSLVDüQDNDUWFHWHFKQRORJL Z\NRQ\ZDQLDZ\PLDQ\IUDJPHQWXSRGVXILWNL
]DSUH]HQWRZDüHIHNW\VZRMHMSUDF\
:\SRVD HQLHVWDQRZLVNDSUDF\
± ILOPSU]HGVWDZLDM F\VWDQWHFKQLF]Q\VWURSXGUHZQLDQHJRRGWZDU]DF]'9'9+6
± NDUWNLSDSLHUX
± SU]\ERU\GRSLVDQLD
± OLWHUDWXUD]UR]G]LDáX
ûZLF]HQLH
2NUH OSU]\F]\Q XV]NRG]HQLDLZ\PLH RSDUW QDPXU]HGUHZQLDQ EHON VWURSXQDJLHJR
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
]RUJDQL]RZDüVWDQRZLVNRSUDF\]JRGQLH]]DVDGDPLEH]SLHF]H VWZDLKLJLHQ\SUDF\
]DSODQRZDüSU]HELHJZ\NRQDQLDüZLF]HQLDSODQ]DSLVDüZ]HV]\FLH
GREUDüQDU] G]LDLVSU] WGRZ\NRQDQLDüZLF]HQLD
GRNRQDüZ\PLDQ\GUHZQLDQHMEHONLVWURSRZHM
XSRU] GNRZDüVWDQRZLVNRSUDF\
]DSUH]HQWRZDüHIHNW\VZRMHMSUDF\
GRNRQDüRFHQ\üZLF]HQLD
:\SRVD HQLHVWDQRZLVNDSUDF\
PDWHULDá\EHONDSDSDVPRáD
VSU] WPLDUNDVNáDGDQDOXEVWDORZDPLDUND]ZLMDQDRáyZHNFLHVLHOVNL
QDU] G]LD DENDPáRWHNSLODUNDWDUF]RZDV]F]RWNDGRVPRá\ZLDGHUNRQy GRSDS\
]HV]\WSU]\ERU\GRSLVDQLD
OLWHUDWXUD]UR]G]LDáX
6SUDZG]LDQSRVW SyZ
&]\SRWUDILV]
7DN 1LH
RNUH OLüF]\QQLNLZSá\ZDM FHQDSURFHV]X \FLDRELHNWXEXGRZODQHJR"
RNUH OLüSU]\F]\Q\SRZRGXM FH]PQLHMV]HQLHWUZDáR FLNRQVWUXNFMLGUHZQLDQ\FK"
RNUH OLüVNXWNLEá GyZSRSHáQLRQ\FKQDHWDSLHSURMHNWRZDQLDRELHNWX
EXGRZODQHJR"
VNODV\ILNRZDüQDMF] FLHMSRSHáQLDQHEá G\REOLF]HQLRZH"
SU]HZLG]LHüVNXWNLSRSHáQLRQ\FKEá GyZSRGF]DVZ\NRQ\ZDQLDUREyW
EXGRZODQ\FK"
VFKDUDNWHU\]RZDüEá G\SRSHáQLRQHZF]DVLHX \WNRZDQLDRELHNWXPDM FH
ZSá\ZQDMHJRWUZDáR ü"
]GHILQLRZDüF]\QQLNLGRSURZDG]DM FHGRUR]NáDGXGUHZQD"
RNUH OLüZDUXQNLVSU]\MDM FHUR]ZRMRZLJU]\EDGRPRZHJR"
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
5R]SR]QDZDQLHXV]NRG]H
0DWHULDáQDXF]DQLD
3U]HGSU]\VW SLHQLHPGRZ]PDFQLDQLDRUD]Z\PLDQ\XV]NRG]RQ\FKOXE]QLV]F]RQ\FKF] FL
HOHPHQWyZ NRQVWUXNFML XVWURMX GUHZQLDQHJR QDOH \ SU]HGH ZV]\VWNLP XVXQ ü SU]\F]\Q
QLV]F]HQLD GUHZQD : W\P FHOX QDOH \ SU]HSURZDG]Lü RJO G]LQ\ HOHPHQWyZ ZL ]DUyZ
LG ZLJDUyZGDFKRZ\FK FLDQEHOHNVWURSRZ\FKRUD]NRQVWUXNFMLSRGáyJ=PLHMVFZNWyU\FK
]DREVHUZRZDQR]PLDQ\ZVWUXNWXU]HPDWHULDáXQDOH \SREUDüMHJRSUyENLDE\ZODERUDWRULXP
SRSU]HSURZDG]HQLXNRQLHF]Q\FKEDGD XVWDOLüVWRSLH LFKDUDNWHULFKGHJUDGDFML]DVL JRUD]
Já ERNR ü]PLDQ]DFKRG] F\FKZEXGRZLHPDWHULDáX]NWyUHJR]RVWDáZ\NRQDQ\GDQ\HOHPHQW
2REHFQR FL]DJU]\ELHQLD ZLDGF] QDVW SXM FHREMDZ\
± ]DSDFKVW FKOL]Q\L]ZL NV]RQDZLOJRWQR üZSRPLHV]F]HQLX
± Z\VW SRZDQLH Z\NZLWyZ SODP ]DZLOJRFHQLH SRZLHU]FKQL RGVWDZDQLH RGSDU]HQLH
LRGSDGDQLHW\QNX
± SDF]HQLHVL HOHPHQWyZ]GUHZQDOLWHJRSRGáyJXJL FLDVWURSyZGUHZQLDQ\FKLHOHPHQWyZ
ZL E\GDFKRZHM]PLDQDZ\JO GXGUHZQDEUDNRSRUXSU]\QDNáXZDQLXGUHZQD
± ]EUXQDWQLHQLH GUHZQD Z\VW SRZDQLH SU\]PDW\F]Q\FK VS ND REHFQR ü JU]\EQL V]QXUyZ
LRZRFQLNyZJU]\EDGRPRZHJR
*U]\E\ SOH QLH Z\ZRáXM V]DU ]JQLOL]Q GUHZQD Z PLHMVFDFK VLOQLH ]DZLOJRFRQ\FK
QDMF] FLHM SRG ]OHZDPL SU]\ VW\NX GUHZQD ] PXUHP OXE ]LHPL 6ND RQH GUHZQR SU]\ELHUD
V]DUHOXEV]DUREUXQDWQH]DEDUZLHQLHVWDMHVL PL NNLHLJ EF]DVWH
=DJU]\ELHQLH PR H SRZVWDZDü ] SU]\F]\Q WHFKQLF]Q\FK OXE ELRORJLF]Q\FK 3U]\F]\Q\
WHFKQLF]QH GRW\F] ZV]HONLFK ]DZLOJRFH EXG\QNX NWyUH Z\VW SXM ] SRZRGX ZDGOLZHJR
]DSURMHNWRZDQLD HOHPHQWyZ EXGRZOL Z\NRQ\ZDQLD UREyW EXGRZODQ\FK RUD] QLHZáD FLZHM
HNVSORDWDFML L NRQVHUZDFML RELHNWX 1DWRPLDVW SU]\F]\Q\ ELRORJLF]QH GRW\F] QDMF] FLHM
ZSURZDG]HQLD L ZEXGRZDQLD GUHZQD ]DJU]\ELRQHJR RUD] FHJá\ SRFKRG] FHM ] UR]ELyUNL
=DJU]\ELHQLHSRZVWDMHWDN HZZ\QLNXUR]VLHZDQLD]DURGQLNyZJU]\ED
3RZD QH ]DJUR HQLH GOD GUHZQD VWDQRZL RZDG\ HUXM FH Z GUHZQLH EXGRZODQ\P 'R
QDMF] FLHMVSRW\NDQ\FKRZDGyZQDOH VSXV]F]HOU\VDPLD]JRZLHFU\WHOSRVSROLW\NRáDWHN
LGUZDOQLN2ZDG\WHSU]HFKRG] ZGUHZQLHSU]HREUD HQLH]XSHáQHMDMR±ODUZD±SRF]ZDUND±
GRURVá\ RZDG -HVW WR QLHEH]SLHF]QH GOD VDPHM NRQVWUXNFML /DUZD ERZLHP GU \ ZHZQ WU]
GUHZQD FKRGQLNL U\V E =QLV]F]HQLX OXE RVáDELHQLX XOHJD ZHZQ WU]QD VWUXNWXUD PDWHULDáX
2EQL D VL MHJR Z\WU]\PDáR ü RUD] SR]RVWDáH FHFK\ WHFKQLF]QH :\VW SXM QDGPLHUQH XJL FLD
HOHPHQWyZ EXG\QNX WDNLFK MDN EHONL VWURSRZH ZL ]DU\ L G ZLJDU\ GDFKRZH RUD] OHJDU\
SRGáRJRZH1DMZL FHMV]NyGZ\U] G]DM VSXV]F]HOHLNRáDWNLGRPRZH
D
E
5\V6SXV]F]HODRZDGEZ\GU RQHFKRGQLNLZGUHZQLH>V@
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
%HONL VWURSRZH QDMF] FLHM XOHJDM XV]NRG]HQLX Z PLHMVFX LFK RSDUFLD 3R VWZLHUG]HQLX
IDNWXJQLFLDGUHZQDSU]\SRGSRUDFKQDOH \UR]NXüJQLD]GDZPXU]HGRNRQDüRJO G]LQLRFHQ\
ZL]XDOQHMVWDQXEHOHNVWDQXPXUXLL]RODFMLSRGEHONDPLRUD]]DNRWZLHQLDEHOHN8V]NRG]HQLD
SRZLHU]FKQLRZH FLRVXMHVL QDREZRG]LHLQDGáXJR FL·FP8FLQDVL WDN HWHRGFLQNL
NWyUHVSUDZLDM ZUD HQLH HV ]GURZH8]\VNDQ\PDWHULDáSRGGDMHVL DQDOL]LHODERUDWRU\MQHM
DE\ Z\NOXF]\ü PR OLZR ü Z\VW SRZDQLD DNW\ZQ\FK JU]\EyZ PRJ F\FK GRSURZDG]Lü GR
SRUD HQLDFDáHMEHONL.RQLHF]QHMHVWZWDNLHMV\WXDFMLX]\VNDQLHRSLQLLP\NRORJLF]QHMRVWDQLH
VWURSX%RZLHPPR HVL ]GDU]\ü HVWURSMHVWSRUD RQ\JU]\EHPOXE]DM W\MHVWSU]H]RZDG\
LZ\PDJDQDE G]LHMHJRFDáNRZLWDZ\PLDQD
3RGREQLHQDOH \SRVW SRZDüJG\Z\NZLW\SU]HEDUZLHQLDLSODP\]DF]Q SRMDZLDüVL QD
SRZLHU]FKQL FLDQ VXILWyZ L SRGáyJ ,VWRWQH ]QDF]HQLH Z ZDOFH ] JU]\EHP GRPRZ\P OXE
RZDGDPLPDXVXQL FLH UyGáDSRZVWDZDQLDXV]NRG]HQLD1DOH \SU]HGHZV]\VWNLPSU]HVWU]HJDü
]DVDG\E\ZV]\VWNLHHOHPHQW\NRQVWUXNFMLLZ\NR F]HQLDEXG\QNXZ\NRQ\ZDQHE\á\]GUHZQD
]DLPSUHJQRZDQHJR 6]WXF]QH VXV]HQLH GUHZQD RUD] ]DVWRVRZDQLH LPSUHJQDFML FL QLHQLRZR
SUy QLRZHMZ]QDF]Q\PVWRSQLX]DEH]SLHF]DM GUHZQRSU]HGSRUD HQLHPJU]\EDPLSOH QLDPL
LRZDGDPL
2SUyF]QLV]F]HQLDGUHZQDZZ\QLNXG]LDáDQLDF]\QQLNyZELRORJLF]Q\FKZLHOHXV]NRG]H
HOHPHQWyZ NRQVWUXNFML EXG\QNX VSRZRGRZDQH MHVW LFK SU]HFL HQLHP Eá GDPL PRQWD RZ\PL
RUD]QLHZáD FLZ\PZ\NRQDQLHPSRá F]H ZU ERZ\FKLSRá F]H QDá F]QLNLPHFKDQLF]QH
1LHZáD FLZHGREUDQLHURG]DMXL UHGQLFJZR G]LZNU WyZF]\ UXERUD]LFKUR]VWDZXMDN
UyZQLH QLHVWDUDQQH Z\NRQDQLH VDPHJR SRá F]HQLD PR H GRSURZDG]Lü GR UR]ZDUVWZLHQLD
L]PLD G HQLDZáyNLHQS NDQLDOXE FL FLDHOHPHQWX
=E\WZLOJRWQHGUHZQRSRZ\VFKQL FLXZZ\QLNXVNXUF]XE G]LHSRZRGHPUR]OX QLHQLDVL
SRá F]H EH]á F]QLNRZ\FK D W\P VDP\P QLHZáD FLZHJR SU]HND]\ZDQLD REFL H Z ]á F]X
PLHG]\ HOHPHQWDPL L SUDF FDáHJR ]á F]D 3RZVWDZDQLH GRGDWNRZ\FK QDSU H Z HOHPHQFLH
VSRZRGXMHQDGPLHUQHMHJRXJL FLHZ\ERF]HQLHLPR HGRSURZDG]LüGRVWDQXDZDU\MQHJRFDáHM
NRQVWUXNFML
$E\ XQLNQ ü ]QLV]F]HQLD HOHPHQWyZ NRQVWUXNFML EXG\QNX QDOH \ VWDOH SU]HSURZDG]Dü
NRQWUROHLFKVWDQXWHFKQLF]QHJRLFKSRá F]H V]F]HOQR FLLQVWDODFMLZRGQ\FKLNDQDOL]DF\MQ\FK
RUD]ZSU]\SDGNXNRQVWUXNFMLGDFKRZ\FKWDN HVWDQXSRNU\FLDSRáDFLGDFKRZ\FKV]F]HOQR FL
U\QLHQLUXUVSXVWRZ\FK
3\WDQLDVSUDZG]DM FH
2GSRZLDGDM FQDS\WDQLDVSUDZG]LV]F]\MHVWH SU]\JRWRZDQ\GRZ\NRQDQLDüZLF]H
-DNLH]MDZLVND ZLDGF] RZ\VW SRZDQLX]DJU]\ELHQLDZEXG\QNX"
-DNLH]PLDQ\]DFKRG] ZZ\JO G]LHGUHZQDVND RQHJRJU]\EDPLGRPRZ\PLLSOH QLDPL"
-DNLHFKDUDNWHU\VW\F]QH]PLDQ\ZGUHZQLH ZLDGF] RREHFQR FLRZDGyZZQLP HUXM F\FK"
-DNLHV WHFKQLF]QHSU]\F]\Q\SRZVWDZDQLD]DJU]\ELHQLDZEXG\QNX"
: MDNL VSRVyE QDOH \ GRNRQDü RJO G]LQ VWDQX WHFKQLF]QHJR HOHPHQWyZ NRQVWUXNFML
GUHZQLDQ\FK"
-DNLH ]PLDQ\ Z Z\JO G]LH HOHPHQWX NRQVWUXNF\MQHJR ]DFKRG] Z Z\QLNX SU]HNURF]HQLD
QDSU H LSU]HFL HQLDNRQVWUXNFML"
-DNLHVNXWNLGODVWDWHF]QR FLLZ\WU]\PDáR FLNRQVWUXNFMLGUHZQLDQ\FKVSRZRGXMHVWRVRZDQLH
]E\WZLOJRWQHJRGUHZQDQDHOHPHQW\XVWURMXEXGRZODQHJR"
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
ûZLF]HQLD
ûZLF]HQLH
5R]SR]QDMURG]DMXV]NRG]HQLDLGRNRQDMZ\PLDQ\VáXSDGUHZQLDQHJR]DNRWZLRQHJRQDF]RS
]Z\Ná\
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
SU]\JRWRZDüVWDQRZLVNRSUDF\]JRGQLH]]DVDGDPLEH]SLHF]H VWZDLKLJLHQ\SUDF\
]DSODQRZDüSU]HELHJZ\NRQDQLDüZLF]HQLD±SODQ]DSLVDüZ]HV]\FLH
GREUDüQDU] G]LDGRZ\NRQDQLDZ\PLDQ\VáXSD
SU]\JRWRZDüPDWHULDá\
GRNRQDüZ\PLDQ\VáXSDGUHZQLDQHJR
XSRU] GNRZDüVWDQRZLVNRSUDF\
]DSUH]HQWRZDüHIHNW\VZRMHMSUDF\
GRNRQDüRFHQ\üZLF]HQLD
:\SRVD HQLHVWDQRZLVNDSUDF\
± PDWHULDá\NUDZ G]LDN
QDU] G]LDSLODUNDWDUF]RZDSLá\JU]ELHWQLFDLSáDWQLFDGáXWD
VSU] WRáyZHNFLHVLHOVNLN WRZQLNFLHVLHOVNLPLDUNDVNáDGDQDOXEVWDORZDPLDUND]ZLMDQD
]HV]\WSU]\ERU\GRSLVDQLD
± OLWHUDWXUD]UR]G]LDáX
ûZLF]HQLH
5R]SR]QDM URG]DM XV]NRG]HQLD HOHPHQWyZ NRQVWUXNFML GDFKX QD SU]HGVWDZLRQ\P U\VXQNX
2NUH OZLHONR üXV]NRG]HQLDL]DNUHVMHJRQDSUDZ\3RGSLV]SUDZLGáRZRU\VXQHN
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
]DSR]QDüVL ]U\VXQNLHP
UR]SR]QDüURG]DMHXV]NRG]H SUH]HQWRZDQ\FKQDU\VXQNX
SRGSLVDüU\VXQHN
ZNOHLüU\VXQHNGR]HV]\WX
]DSUH]HQWRZDüZ\NRQDQHüZLF]HQLH
GRNRQDüVDPRRFHQ\
:\SRVD HQLHVWDQRZLVNDSUDF\
± U\VXQHNNRQVWUXNFMLGDFKX
± SU]\ERU\GRSLVDQLD
± NOHMOXEWD PDVDPRSU]\OHSQD
± OLWHUDWXUD]UR]G]LDáX
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
6SUDZG]LDQSRVW SyZ
&]\SRWUDILV]
7DN 1LH
RNUH OLüZDUXQNLZ\VW SRZDQLDLUR]ZRMX]DJU]\ELHQLDEXG\QNyZ"
VFKDUDNWHU\]RZDü]PLDQ\]DFKRG] FHZZ\JO G]LHGUHZQDSRUD RQHJR
SOH QL JU]\EHPGRPRZ\PRUD] HUXM F\PLZQLPRZDGDPL"
Z\PLHQLüSU]\F]\Q\WHFKQLF]QHSRZVWDZDQLD]DJU]\ELHQLDZEXG\QNX"
Z\MD QLüVSRVyEGRNRQ\ZDQLDRJO G]LQVWDQXWHFKQLF]QHJRHOHPHQWyZ
NRQVWUXNFMLGUHZQLDQ\FK"
RNUH OLüURG]DM]PLDQZZ\JO G]LHHOHPHQWyZNRQVWUXNF\MQ\FKZZ\QLNX
SU]HNURF]HQLDQR QR FLHOHPHQWyZ"
RNUH OLüVNXWNLSRSHáQLRQ\FKEá GyZZ\NRQDZF]\FKL]DVWRVRZDQLD]E\W
ZLOJRWQHJRGUHZQDZXVWURMDFKEXGRZODQ\FK"
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
1DSUDZLDQLHHOHPHQWyZVWURSXGUHZQLDQHJR
0DWHULDáQDXF]DQLD
: F]DVLH UHPRQWX NRQVWUXNFML VWURSX NRQLHF]QH MHVW MHJR Z]PRFQLHQLH 1DOH \ ]DWHP
Z\NRQDü VWHPSORZDQLH UHPRQWRZDQHJR VWURSX DE\ SU]HND]Dü REFL HQLD SU]H] QLHJR
SU]HQRV]RQHQDVWURS\QL V]\FKNRQG\JQDFML
8V]NRG]HQLD EHOHN VWURSX Z\VW SXM Z PLHMVFX QDMEDUG]LHM Z\W RQ\P SRG Z]JO GHP
Z\WU]\PDáR FL OXE Z PLHMVFDFK GRWNQL W\FK NRUR]M ELRORJLF]Q 1D SRGVWDZLH ZLHOROHWQLFK
REVHUZDFML VWZLHUG]RQR H EHONL L SRGFL JL GUHZQLDQH JQLM SU]\ SRGSRUDFK SU]\ FLDQDFK
]HZQ WU]Q\FK QD GáXJR FL · FP RG F]RáD EHONL D QD SR]RVWDáHM F] FL GUHZQR MHVW
Z]DVDG]LH]GURZH:WDNLPZ\SDGNXQDOH \Z\FL üLXVXQ ü]QLV]F]RQ F] üEHONL]DVW SXM F
M QRZ\PHOHPHQWHP-DNRX]XSHáQLHQLHVWRVRZDQHV
± REXVWURQQHQDNáDGNLU\VD
± FHRZQLNSU]\PRFRZDQ\RGGRáXEHONLU\VE
± PHWDORZDNUDWRZQLF]NDU\VF
± RGFLQHNQDáR RQHMOXESRGáR RQHMEHONLSRá F]RQ\ UXEDPL]HZ]PDFQLDQ EHON U\VG
± RSDUFLH]GURZHJRNR FDEHONLQDZVSRUQLNXZ\NRQDQ\P]SURILOXZDOFRZDQHJRQDMF] FLHM
GZXWHRZQLNDU\VH
± RSDUFLH]GURZHJRNR FDEHONLQDZVSRUQLNX]FHJLHáU\VI
:SRGREQ\VSRVyEGRNRQXMHVL Z]PRFQLHQLDEHOHNZSU] OHNWyUHZ\NRQ\ZDQHMHVWSU]\
]DVWRVRZDQLX REXVWURQQ\FK QDNáDGHN ZVWDZLHQLH RG GRáX OXE RG JyU\ QRZHJR RGFLQND EHONL
LSRá F]HQLHJRNODPUDPL]HVWDU EHON 6WRVXMHVL UyZQLH Z]PRFQLHQLDZ\NRU]\VWXM FSURILOH
VWDORZH
-H HOLXV]NRG]RQ F] üEHONL]DVW SXMHVL GUHZQLDQ\PLQDNáDGNDPLWRQDOH \SDPL WDü H
Z\VRNR ü QDNáDGHN SRZLQQD E\ü UyZQD Z\VRNR FL EHONL 1DNáDGNL ] EHON á F]\ VL VWRVXM F
SRSU]HF]QLHXV\WXRZDQHNV]WDáWRZQLNLVWDORZHOXEHOHPHQW\GUHZQLDQH%HOFHZ]PRFQLRQHM]D
SRPRF QDNáDGHNGUHZQLDQ\FKQDOH \QDGDüRGZURWQ VWU]DáN XJL FLD
,QQ\P VSRVREHP Z]PRFQLHQLD EHOHN GUHZQLDQ\FK MHVW ]DVWRVRZDQLH VSHFMDOQ\FK
NUDWRZQLF]HN R GáXJR FL FP L Z\VRNR FL · FP Z\NRQDQ\FK ]H VWDORZ\FK SU WyZ
L SURILOL ZDOFRZDQ\FK RGFLQNL FHRZQLNyZ VWRVRZDQH V Z JyUQ\FK L GROQ\FK Z ]áDFK
SRGSRURZ\FK.UDWRZQLF]NLZ\NRQ\ZDQHV ZGZyFKURG]DMDFK]DOH QLHRGLFKSy QLHMV]HJR
XV\WXRZDQLD ± NR FRZH VWRVRZDQH SU]\ NR FDFK EHOHN L SU] VáRZH VWRVRZDQH Z UR]SL WR FL
EHONL .UDWRZQLF]NL NR FRZH MHGQ\P NR FHP RSLHUDM VL Z JQLH G]LH FLDQ\ D GUXJLP QD
Z]PDFQLDQHM EHOFH 3Rá F]HQLH NUDWRZQLF]HN ] EHON ]DSHZQLD SR]LRP\ NU]\ XOHF L UXFKRP\
SU]HVXZQ\SáDVNRZQLN.R FHSáDVNRZQLNDV ]DJL WHLREHMPXM SU W\SDVyZJyUQ\FK
3U]HG SU]\VW SLHQLHP GR Z\NRQDQLD Z]PRFQLHQLD EHOHN VWURSRZ\FK QDOH \ Z PLHMVFX
]QLV]F]RQ\FKNR FyZEHOHNUR]HEUDüRGGRáXVWURSLRGVáRQLüMHJRHOHPHQW\QDV]HURNR FLP
PDNV\PDOQLH P 3R Z\NRQDQLX SRGSDUFLD SU]\ X \FLX XV]W\ZQLRQ\FK VWRMDNyZ PR QD
RGFL ü ]QLV]F]RQH NR FH EHOHN .UDWRZQLF]NL RSLHUD VL Z JQLH G]LH L QD EHOFH *QLD]GR
Z FLDQLH X]XSHáQLD VL FHJá NODV\ PLQLPXP VWRVXM F ]DSUDZ PDUNL PLQLPXP %HON
]DEH]SLHF]DVL SU]HGXJL FLHPGUHZQLDQ\PNORFNLHPZSURZDG]DQ\PSRPL G]\JyUQ SRGSRU
NUDWRZQLF]NL D EHON 3U]HVXZQ\ SáDVNRZQLN NUDWRZQLF]HN SR ZSURZDG]HQLX QD EHON QDOH \
SU]\ELü JZR G]LDPL %HONL Z]PDFQLDQH NUDWRZQLF]NDPL PXV] PLHü QDGDQ XMHPQ VWU]DáN
XJL FLDZ\QRV] F ·FP
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
5\V3U]\NáDG\SU]HGáX DQLDLRSDUFLDNR FDEHONL]DSRPRF DGZyFKQDNáDGHNERF]Q\FK]GHVHNOXEEDOL
E FHRZQLND F VWDORZHM NUDWRZQLF]NL G RGFLQND EHONL SU]HGáX DM FHM H ZVSRUQLND ] GZXWHRZQLND
IZVSRUQLNRZRQDGZLHV]RQHJRZ\VW SXPXUX>V@
8V]NRG]RQH F] FL EHONL PR QD WDN H ]DVW SLü VWRVXM F GZLH GUHZQLDQH QDNáDGNL
RZ\VRNR FLUyZQHMZ\VRNR FLEHONL1DNáDGNL]EHON á F]RQHV SRSU]HF]QLHXV\WXRZDQ\PL
NV]WDáWRZQLNDPL VWDORZ\PL OXE HOHPHQWDPL GUHZQLDQ\PL U\V D ,QQ\P UR]ZL ]DQLHP MHVW
]DVWRVRZDQLH NV]WDáWRZQLNyZ VWDORZ\FK MDNR SU]HGáX HQLD EHOHN SR VNUyFHQLX LFK QDGJQLá\FK
NR FyZLSRá F]HQLD]SURILOHPVWDORZ\P]DSRPRF UXEU\VEOXEEH]SR UHGQLHJRRSDUFLD
NR FD EHONL QD ZVSRUQLNX ] NV]WDáWRZQLND VWDORZHJR RVDG]RQHJR Z JQLH G]LH U\V H
:ND G\PSU]\SDGNXHOHPHQW\VWDORZHZ\PDJDM ]DEH]SLHF]HQLDDQW\NRUR]\MQHJR
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
3\WDQLDVSUDZG]DM FH
2GSRZLDGDM FQDS\WDQLDVSUDZG]LV]F]\MHVWH SU]\JRWRZDQ\GRZ\NRQDQLDüZLF]H
: MDNL VSRVyE QDOH \ ]DEH]SLHF]\ü NRQVWUXNFM VWURSX SU]HG SU]\VW SLHQLHP GR MHJR
QDSUDZ\"
:MDNLFKPLHMVFDFKZ\VW SXM XV]NRG]HQLDEHOHNVWURSRZ\FK"
:MDNLVSRVyEPR QDGRNRQDüQDSUDZ\LZ]PRFQLHQLDEHONLVWURSRZHM"
:MDNLVSRVyEQDOH \Z\NRQDüZ]PRFQLHQLHLQDSUDZ EHONLVWURSRZHMSU]\]DVWRVRZDQLX
NUDWRZQLF]HNVWDORZ\FK"
:MDNLVSRVyEQDOH \Z\NRQDüZ]PRFQLHQLHLQDSUDZ EHONLVWURSRZHMSU]\]DVWRVRZDQLX
NV]WDáWRZQLNyZVWDORZ\FK"
:MDNLVSRVyEQDOH \Z\NRQDüZ]PRFQLHQLHLQDSUDZ EHONLVWURSRZHMSU]\]DVWRVRZDQLX
HOHPHQWyZGUHZQLDQ\FK"
ûZLF]HQLD
ûZLF]HQLH
2NUH O ZLHONR ü XV]NRG]HQLD L ]DNUHV QDSUDZ\ EHONL VWURSRZHM :\NRQDM Z]PRFQLHQLH
EDODPLGUHZQLDQHMEHONLVWURSRZHMREXVWURQQLHSU]\X \FLXJZR G]L
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
]RUJDQL]RZDüVWDQRZLVNRSUDF\]JRGQLH]]DVDGDPLEH]SLHF]H VWZDLKLJLHQ\SUDF\
]DSODQRZDüSU]HELHJZ\NRQDQLDüZLF]HQLD±SODQ]DSLVDüZ]HV]\FLH
RNUH OLüURG]DML]DNUHVQDSUDZ\XV]NRG]HQLD
SU]\JRWRZDüPDWHULDá\
GREUDüQDU] G]LDLVSU] W
SRGVWHPSORZDüIUDJPHQWVWURSX
Z\NRQDüZ]PRFQLHQLHGUHZQLDQHMEHONLVWURSRZHM
XSRU] GNRZDüVWDQRZLVNRSUDF\
]DSUH]HQWRZDüHIHNW\VZRMHMSUDF\
GRNRQDüVDPRRFHQ\üZLF]HQLD
:\SRVD HQLHVWDQRZLVNDSUDF\
PDWHULDá\RNU JODNLEDOHGHVNLNOLQ\JZR G]LH
QDU] G]LDSLODUNDWDUF]RZDSLáDSRSU]HF]QDSLáDSáDWQLFDPáRWHN DENDF JL
VSU] WSR]LRPQLFDSLRQPLDUNDVNáDGDQDOXEVWDORZDPLDUND]ZLMDQDRáyZHNFLHVLHOVNL
]HV]\WSU]\ERU\GRSLVDQLD
OLWHUDWXUD]UR]G]LDáX
ûZLF]HQLH
2NUH O ZLHONR ü XV]NRG]HQLD L ]DNUHV QDSUDZ\ EHONL VWURSRZHM :\NRQDM Z\PLDQ
]QLV]F]RQHJR NR FD GUHZQLDQHM EHONL VWURSRZHM SU]\ ]DVWRVRZDQLX N WRZQLNyZ
QLHUyZQRUDPLHQQ\FKPRFRZDQ\FK UXEDPL
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
]RUJDQL]RZDüVWDQRZLVNRSUDF\]JRGQLH]]DVDGDPLEH]SLHF]H VWZDLKLJLHQ\SUDF\
]DSODQRZDüSU]HELHJZ\NRQDQLD]DGDQLD±SODQ]DSLVDüZ]HV]\FLH
RNUH OLüURG]DML]DNUHVQDSUDZ\XV]NRG]HQLD
SU]\JRWRZDüPDWHULDá\
GREUDüQDU] G]LDLVSU] W
GRNRQDüZ\PLDQ\]QLV]F]RQHJRNR FDEHONLVWURSRZHM
XSRU] GNRZDüVWDQRZLVNRSUDF\
]DSUH]HQWRZDüHIHNW\VZRMHMSUDF\
GRNRQDüVDPRRFHQ\üZLF]HQLD
:\SRVD HQLHVWDQRZLVNDSUDF\
VWHPSORZDQLHVWURSX
PDWHULDá\NV]WDáWRZQLNL UXE\
QDU] G]LDSLODUNDWDUF]RZDZLHUWDUNDSLáDSRSU]HF]QDSLáDSáDWQLFD ZLGHUZLHUWáDNOXF]
GR UXE
VSU] WSR]LRPQLFDSLRQPLDUNDVNáDGDQDOXEVWDORZDPLDUND]ZLMDQDRáyZHNFLHVLHOVNL
]HV]\WSU]\ERU\GRSLVDQLD
OLWHUDWXUD]UR]G]LDáX
6SUDZG]LDQSRVW SyZ
&]\SRWUDILV]
7DN 1LH
Z\MD QLüZMDNLVSRVyEQDOH \]DEH]SLHF]\üNRQVWUXNFM VWURSXSU]HG
SU]\VW SLHQLHPGRMHJRQDSUDZ\"
RNUH OLüPLHMVFDZ\VW SRZDQLDXV]NRG]H EHOHNVWURSRZ\FK"
VFKDUDNWHU\]RZDüVSRVRE\QDSUDZ\LZ]PRFQLHQLDEHOHNVWURSRZ\FK"
REMD QLüVSRVyEZ\NRQDQLDQDSUDZ\EHONLVWURSRZHMSU]\]DVWRVRZDQLX
NUDWRZQLF]HNVWDORZ\FK"
GRNRQDüQDSUDZ\EHONLVWURSRZHMSU]\]DVWRVRZDQLXNV]WDáWRZQLNyZVWDORZ\FK"
GRNRQDüQDSUDZ\EHONLVWURSRZHMSU]\]DVWRVRZDQLXHOHPHQWyZGUHZQLDQ\FK"
Z\NRU]\VWDü]GRE\WHZLDGRPR FLZZ\NRQ\ZDQLX]DGD SUDNW\F]Q\FK"
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
1DSUDZLDQLHHOHPHQWyZ FLDQGUHZQLDQ\FK
0DWHULDáQDXF]DQLD
3U]HGSU]\VW SLHQLHPGRSUDFUHPRQWRZ\FKQDOH \RNUH OLüGRNáDGQLHLFK]DNUHVZRSDUFLX
RGRNRQDQLHRJO G]LQVWDQXWHFKQLF]QHJRHOHPHQWyZEXG\QNX
1DSUDZLDQLH]QLV]F]RQ\FKHOHPHQWyZZRELHNFLHEXGRZODQ\PQDOH \]DF] üRGXVWDOHQLD
L XVXQL FLD SU]\F]\Q\ SRZVWDZDQLD GDQHJR XV]NRG]HQLD (ZHQWXDOQD Z\PLDQD SRUD RQ\FK
HOHPHQWyZ NRQVWUXNF\MQ\FK XVWURMX EXGRZODQHJR ND GRUD]RZR Z\PDJD LQG\ZLGXDOQHM
GRNáDGQLH RSUDFRZDQHM WHFKQRORJLL Z\NRQDQLD UREyW QDSUDZF]\FK L ]DEH]SLHF]HQLD LVWQLHM FHM
NRQVWUXNFMLSU]HGXWUDW VWDWHF]QR FLZWUDNFLHSURZDG]RQ\FKSUDF
1DSUDZD XV]NRG]RQHM GUHZQLDQHM NRQVWUXNFML FLDQ\ PR H Z\PDJDü Z\PLDQ\ FDáHJR
HOHPHQWX MHJR IUDJPHQWX OXE W\ONR Z\NRQDQLD IOHNRZDQLD )OHNRZDQLH MHVW WR X]XSHáQLDQLH
HOHPHQWyZ F] FLRZR ]QLV]F]RQ\FK SROHJDM FH QD RF]\V]F]HQLX GDQHJR HOHPHQWX ] SUyFKQD
LX]XSHáQLHQLXXE\WNyZGRRGSRZLHGQLHMJUXER FLRUD]GáXJR FLQRZ\PGUHZQHPGRNOHMDQ\P
L Z]PDFQLDQ\P NRáNDPL )OHNRZDQLH Z\NRQ\ZDQH MHVW SU]\ QDSUDZLH GUHZQLDQ\FK FLDQ
PDV\ZQ\FK±ZLH FRZ\FK
FLDQ\GUHZQLDQHQDMF] FLHMXOHJDM ]QLV]F]HQLXZZ\QLNXLFK]DZLOJRFHQLDSU]HPDU]DQLD
RUD] NRUR]ML ELRORJLF]QHM 1D VNXWNL G]LDáDQLD W\FK F]\QQLNyZ V]F]HJyOQLH QDUD RQH MHVW
GHVNRZDQLH]HZQ WU]QH FLDQLSRGZDOLQ\VW\NDM FHVL EH]SR UHGQLR]PXUHPIXQGDPHQWRZ\P
(OHPHQW\GHVNRZDQLDV WDN HQDMF] FLHMZ\PLHQLDQ\PLHOHPHQWDPL FLDQ\%RZLHP]DGDQLHP
GHVNRZDQLDMHVW
± RFKURQDSU]HG]DZLOJRFHQLHP
± ]DEH]SLHF]HQLHNRQVWUXNFML FLDQ\RGSU]HZLHZDQLD
± ZVSyáXG]LDá]SR]RVWDá\PLZDUVWZDPLL]RODF\MQ\PLZRFKURQLHFLHSOQHMFDáHMSU]HJURG\RG
ZSá\ZXQLVNLFKLZ\VRNLFKWHPSHUDWXURUD]ZDKD WHPSHUDWXU\
$E\WH]DGDQLD]RVWDá\VSHáQLRQHQDSUDZDGHVNRZDQLDSRZLQQDE\üZ\NRQ\ZDQD]GUHZQD
SU]HVXV]RQHJR 'HVNRZDQLH SRZLQQR E\ü Z\VWDUF]DM FR V]F]HOQH RUD] Z\NRQ\ZDQH ] GHVHN
]DPRFRZDQ\FK SR]LRPR SRá F]RQ\FK QD SU]\OJ U\V D QD ZSX VW U\V E Z QDNáDGN
U\V D · F SLRQRZR ] SU]\NU\FLHP VSRLQ OLVWHZNDPL U\V D · F OXE QD ]DNáDG U\V
3UDZLGáRZ\ VSRVyE PRFRZDQLD GHVHN VWURQ GRUG]HQLRZ QD ]HZQ WU] ]DSHZQL XQLNQL FLH
SRQRZQHJRSRV]HU]HQLDVSRLQPL G]\GHVNDPLZZ\QLNXNXUF]HQLDVL GUHZQD]SRZRGXMHJR
Z\V\FKDQLD0RFRZDQLHGHVHN UXEDPLZWDNLVSRVyEDE\ UXEDSU]HFKRG]LáDW\ONRSU]H]MHGQ
GHVN U\V D L E U\V D U\VD ]DSHZQL VZRERGQ SUDF SRá F]HQLD EH] QDGPLHUQ\FK
RGNV]WDáFH U\V E L F U\V E L F 'HVNL SRZLQQ\ E\ü PRFRZDQH GR U\JOL SRGZDOLQ
L RF]HSyZ 3R]D W\P UXE\ Z SU]HFLZLH VWZLH GR JZR G]L QLH SRGGDM VL Z\FL JDQLX
ZZ\QLNXSDF]HQLDVL GHVHNLV áDWZLHMV]HGRGHPRQWD XZSU]\SDGNXZ\PLDQ\XV]NRG]RQ\FK
HOHPHQWyZ
5\V'HVNRZDQLHSR]LRPHDSRá F]HQLHQDSU]\OJ ESRá F]HQLHQDZSXVW>V@
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
5\V 'HVNRZDQLH SR]LRPH Z QDNáDGN D Z\NRQDQLH SUDZLGáRZH E Z\NRQDQLH QLHSUDZLGáRZH ± ZLGRN
SRSU]\ELFLXFZ\NRQDQLHQLHSUDZLGáRZHZLGRNSRXSá\ZLHURNX>V@
5\V 'HVNRZDQLH SLRQRZH ] SU]\NU\FLHP VSRLQ OLVWHZNDPL D :\NRQDQLH SUDZLGáRZH E Z\NRQDQLH
QLHSUDZLGáRZH±ZLGRNSRSU]\ELFLXFZ\NRQDQLHQLHSUDZLGáRZH±ZLGRNSRXSá\ZLHURNX>V@
5\V3UDZLGáRZ\VSRVyEZ\NRQDQLDGHVNRZDQLDSLRQRZHJR>V@
'HVNRZDQLH SLRQRZH PR QD ]DVWRVRZDü SU]\ Z\VRNLFK FRNRáDFK PXURZDQ\FK NWyUH
]DEH]SLHF] RGHVNRZDQ SRZLHU]FKQL FLDQ\ SU]HG ]DZLOJRFHQLHP ZRG ] UR]SU\VNLZDQHJR
GHV]F]XF]\]DOHJDM FHJR QLHJX-H OLGHVNLXOHJQ JQLFLXQDVNXWHN]DZLOJRFHQLDNRQLHF]QDMHVW
Z\PLDQDQDMF] FLHMFDáHJRHOHPHQWX%DUG]LHMNRU]\VWQHZDUXQNLSRGF]DVHNVSORDWDFMLEXG\QNX
VWZDU]D Z\NRQDQLH RGHVNRZDQLD ] HOHPHQWyZ SR]LRP\FK SRQLHZD SRGF]DV NRQLHF]QR FL
QDSUDZ\ Z\VWDUF]D ]DPLDQD NLONX GROQ\FK GHVHN 1DOH \ WDN GRSDVRZDü GáXJR ü GHVHN DE\
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
RJUDQLF]\üLOR üLFKVW\NyZ6W\NLGHVHNXáR RQ\FKGRF]RáDSRZLQQ\E\üZ\NRQ\ZDQHZOLQLL
SLRQRZHM:PLHMVFXVW\NXQDOH \XáR \üSRGNáDGNL]SDS\OXEIROLLRV]HURNR FLRNRáRFP
SRG ND G\PL GZLHPD VW\NDM F\PL VL GHVNDPL 6W\N RG VWURQ\ ]HZQ WU]QHM SRZLQLHQ E\ü
RVáRQL W\SLRQRZ GHVN PRFRZDQ GRV]NLHOHWX]DSRPRF UXE\ZNU FRQHMZV]F]HOLQ VW\NX
:\PLDQDHOHPHQWyZNRQVWUXNF\MQ\FK FLDQGUHZQLDQ\FK]DOH QLHRGLFKURG]DMXZ\PDJD
GHPRQWD X HOHPHQWyZ Z\NR F]HQLD LFK SRZLHU]FKQL L]RODFML SU]HFLZZLDWURZHM L SDURL]RODFML
L]RODFMLFLHSOQHMDWDN HIUDJPHQWXVWURSXLSRGáRJL&]DVDPLNRQLHF]QHVWDMHVL SRGQLHVLHQLH
]U EX EXG\QNX Z FHOX Z\NRQDQLD Z\PLDQ\ SRGZDOLQ\ OXE Z\NRQDQLD L]RODFML F]\ QRZ\FK
PXUyZIXQGDPHQWRZ\FK3RZ\PLDQLHXV]NRG]RQHJRHOHPHQWXNRQVWUXNF\MQHJR±VáXSNDEHONL
]DVWU]DáX U\JOD L OLNZLGDFML SU]\F]\Q XV]NRG]HQLD ]DUyZQR L]RODFMH MDN L VWURS RUD] SRGáRJD
SRQRZQLH V PRQWRZDQH 6WDUH ]GHPRQWRZDQH HOHPHQW\ PRJ SRVáX \ü MDNR Z]RUQLNL GR
Z\NRQDQLD QRZ\FK HOHPHQWyZ 1DOH \ WDN H ]DSHZQLü ZáD FLZ ZHQW\ODFM SU]HVWU]HQL
SRGSRGáRJRZHMDE\XQLNQ ü]DZLOJRFHQLDQDMQL HMSRáR RQ\FKHOHPHQWyZEXG\QNX
: FLDQDFKZLH FRZ\FKRZ VNLFKSáDV]F]\]QDFK]HWNQL FLDEDOLRUD]Z FLDQDFK]QLH]E\W
JUXE\FKEDOLQDOH \]DVWRVRZDüQDGáX V]\FK FLDQDFKZSRáRZLHLFKGáXJR FLSLRQRZHNOHV]F]H
QD]\ZDQHOLVLFDPLNWyUHXV]W\ZQL FLDQ ZSáDV]F]\ QLHSLRQRZHMU\V1DWRPLDVWNOHV]F]H
SRZLQQ\E\ü FL JQL WHWU]HPD UXEDPLXPLHV]F]DQ\PLZSRGáX Q\FKRWZRUDFKNWyUH]DSHZQL
VZRERGQ\SU]HVXZ UXEZRVLDGDM F\FK FLDQDFK
5\V8V]W\ZQLHQLH FLDQ\ZLH FRZHMNOHV]F]DPL>V@
:F]DVLHSUDFPRGHUQL]DF\MQ\FKPR HZ\VW SLüNRQLHF]QR üZ\NRQDQLDRWZRUXRNLHQQHJR
OXE GU]ZL Z LVWQLHM F\FK MX FLDQDFK :WHG\ SR Z\]QDF]HQLX PLHMVFD SRáR HQLD L ZLHONR FL
RWZRUX Z FLDQDFK ZLH FRZ\FK Z\FLQD VL JR D QDVW SQLH Z RGSRZLHGQLR UR]PLHV]F]RQ\FK
JQLD]GDFK QD SRGZDOLQDFK QDOH \ XVWDZLü VáXSNL R FLH QLF GU]ZLRZ\FK OXE RNLHQQ\FK
1DWRPLDVW Z SU]\SDGNX OLNZLGDFML LVWQLHM FHJR RWZRUX Z FLDQLH ]DFKRG]L NRQLHF]QR ü
Z\SHáQLHQLDSRQLPZROQHJRPLHMVFD0LHMVFHWRPR QDZ\SHáQLüXNáDGDM FEDOHZSR]LRPDFK
ND GHJR ZLH FD L á F] F MH ] EDODPL LVWQLHM FHM FLDQ\ QD ZSXVW ] NRáNRZDQLHP : FLDQDFK
RNRQVWUXNFMLVXPLNRZR±á WNRZHMX]XSHáQLHQLH FLDQ\SROLNZLGDFMLRWZRUXPR QDZ\NRQDü
]EDOLZVXZDQ\FKZEUX]G\XWZRU]RQHSU]H]SU]\ELFLHOLVWHZGRVáXSNyZ
:V]\VWNLH HOHPHQW\ SRZLQQ\ E\ü ]DEH]SLHF]RQH SU]HG V]NRGQLNDPL QLV]F] F\PL GUHZQR
LZSá\ZHPF]\QQLNyZDWPRVIHU\F]Q\FK
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
3\WDQLDVSUDZG]DM FH
2GSRZLDGDM FQDS\WDQLDVSUDZG]LV]F]\MHVWH SU]\JRWRZDQ\GRZ\NRQDQLDüZLF]H
-DNLHF]\QQR FLSRZLQQ\SRSU]HG]LüQDSUDZ XV]NRG]RQ\FKHOHPHQWyZ FLDQEXG\QNX"
-DNL]DNUHVUREyWREHMPXM SUDFHQDSUDZF]H"
-DNLH]MDZLVNDSRZRGXM XV]NRG]HQLHHOHPHQWyZ FLDQ"
:MDNLPFHOXZ\NRQ\ZDQHMHVWGHVNRZDQLH"
1DF]\PSROHJDIOHNRZDQLHHOHPHQWyZGUHZQLDQ\FK"
:MDNLVSRVyEQDOH \SUDZLGáRZRZ\NRQDüGHVNRZDQLH FLDQ"
ûZLF]HQLD
ûZLF]HQLH
2PyZ VSRVyE Z\PLDQ\ XV]NRG]RQHM SRGZDOLQ\ QD ]DGDQHM GáXJR FL SRVáXJXM F VL
PRGHOHP FLDQ\ZLH FRZHM
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
]RUJDQL]RZDüVWDQRZLVNRGRZ\NRQDQLDüZLF]HQLD
]DSODQRZDüSU]HELHJZ\NRQDQLDüZLF]HQLD±SODQ]DSLVDüZ]HV]\FLH
SU]\JRWRZDüPRGHO FLDQ\GRSUH]HQWDFML
RSLVDüWHFKQRORJL Z\NRQDQLDZ\PLDQ\SRGZDOLQ\Z]HV]\FLH
]DSUH]HQWRZDüHIHNW\VZRMHMSUDF\
GRNRQDüRFHQ\üZLF]HQLD
:\SRVD HQLHVWDQRZLVNDSUDF\
±PRGHO FLDQ\ZLH FRZHM
±]HV]\W
±SU]\ERU\GRSLVDQLD
±OLWHUDWXUD]UR]G]LDáX
ûZLF]HQLH
'RNRQDMZ\PLDQ\ZLH FDSR]LRPHJR]RNU JODNyZQDGáXJR FL FLDQ\
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
]RUJDQL]RZDüVWDQRZLVNRSUDF\]JRGQLH]]DVDGDPLEH]SLHF]H VWZDLKLJLHQ\SUDF\
]DSODQRZDüSU]HELHJZ\NRQDQLDüZLF]HQLD±SODQ]DSLVDüZ]HV]\FLH
GREUDüQDU] G]LDLVSU] WGRZ\NRQDQLDüZLF]HQLD
GREUDüPDWHULDá\
]GHPRQWRZDüXV]NRG]RQ\EDO
GRSDVRZDüá F]RQHHOHPHQW\
Z\NRQDüSRá F]HQLHEDOD]LVWQLHM F\PLHOHPHQWDPL FLDQ\
XSRU] GNRZDüVWDQRZLVNRSUDF\
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
]DSUH]HQWRZDüHIHNW\VZRMHMSUDF\
GRNRQDüVDPRRFHQ\Z\NRQDQHJRüZLF]HQLD
:\SRVD HQLHVWDQRZLVNDSUDF\
±IUDJPHQW FLDQ\ZLH FRZHM
±PDWHULDá\EDOHNRáNL
±VSU] WPLDUNDVNáDGDQDOXEVWDORZDPLDUND]ZLMDQDRáyZHNFLHVLHOVNL
±QDU] G]LDSLODUNDWDUF]RZDSLáDSRSU]HF]QDSLáDSáDWQLFD ZLGHUPáRWHNGáXWR
±]HV]\W
±SU]\ERU\GRSLVDQLD
±OLWHUDWXUD]UR]G]LDáX
ûZLF]HQLH
:\NRQDM IUDJPHQW FLDQ\ GUHZQLDQHM ] EDOL á F]RQ\FK QD NRáNL Z RWZRU]H SRZVWDá\P SR
]OLNZLGRZDQLXRNQD
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
]RUJDQL]RZDüVWDQRZLVNRSUDF\]JRGQLH]]DVDGDPLEH]SLHF]H VWZDLKLJLHQ\SUDF\
]DSODQRZDüSU]HELHJZ\NRQDQLDüZLF]HQLD±SODQ]DSLVDüZ]HV]\FLH
SU]\JRWRZDüPDWHULDá\
GREUDüQDU] G]LDLVSU] W
Z\NRQDüIUDJPHQW FLDQ\GUHZQLDQHM]EDOLZRWZRU]HSR]OLNZLGRZDQ\PRNQLH
XSU] WQ üVWDQRZLVNRSUDF\
]DSUH]HQWRZDüHIHNW\VZRMHMSUDF\
GRNRQDüVDPRRFHQ\üZLF]HQLD
:\SRVD HQLHVWDQRZLVNDSUDF\
± PDWHULDá\EDOHNRáNL
± VSU] WPLDUNDVNáDGDQDOXEVWDORZDPLDUND]ZLMDQDRáyZHNFLHVLHOVNL
± QDU] G]LDSLODUNDWDUF]RZDSLáDSRSU]HF]QDSLáDSáDWQLFD ZLGHUPáRWHNGáXWR
± ]HV]\WSU]\ERU\GRSLVDQLD
± OLWHUDWXUD]UR]G]LDáX
ûZLF]HQLH
3U]HGVWDZ QD SRGVWDZLH SUH]HQWRZDQHJR ILOPX VSRVyE Z\NRQDQLD RWZRUX GU]ZLRZHJR
Z FLDQLHGUHZQLDQHM]EDOLSU]\SRPRF\SLODUNLáD FXFKRZHM
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
]DSR]QDüVL ]ZLDGRPR FLDPLGRW\F] F\PLZ\NRQ\ZDQLD FLDQ]EDOL
REHMU]HüILOPLQVWUXNWD RZ\
Z\MD QLüVSRVyEZ\NRQ\ZDQLDRWZRUXZ FLDQLH]EDOL
RSLVDüZ]HV]\FLHWHFKQRORJL Z\NRQDQLDRWZRUXZ FLDQLH
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
]DSUH]HQWRZDüHIHNW\VZRMHMSUDF\
GRNRQDüRFHQ\üZLF]HQLD
:\SRVD HQLHVWDQRZLVNDSUDF\
ILOPLQVWUXNWD RZ\RGWZDU]DF]'9'9+6
]HV]\W
SU]\ERU\GRSLVDQLD
OLWHUDWXUD]UR]G]LDáX
6SUDZG]LDQSRVW SyZ
&]\SRWUDILV]
7DN 1LH
RNUH OLüMDNLHF]\QQR FLSRZLQQ\SRSU]HG]DüQDSUDZ XV]NRG]RQ\FK
HOHPHQWyZ FLDQ"
RNUH OLü]DNUHVUREyWQDSUDZF]\FKNRQVWUXNFML FLDQ\"
Z\PLHQLüZLHQLHFSR]LRP\]RNU JODNyZQDGáXJR FL FLDQ\"
]LGHQW\ILNRZDü]MDZLVNDSRZRGXM FHXV]NRG]HQLHHOHPHQWyZ FLDQ"
RNUH OLüFHOLVSRVyEZ\NRQ\ZDQLDV]DORZDQLD FLDQ"
Z\MD QLüQDF]\PSROHJDIOHNRZDQLH"
Z\NRQDüX]XSHáQLHQLH FLDQ\SROLNZLGDFMLZQLHMRWZRUX"
Z\NRQDüRWZyUGU]ZLRZ\ZLVWQLHM FHM FLDQLH]EDOLSU]\SRPRF\SLODUNL
áD FXFKRZHM"
Z\NRU]\VWDü]GRE\WHZLDGRPR FLZZ\NRQ\ZDQLX]DGD SUDNW\F]Q\FK"
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
1DSUDZLDQLHSRGáyJ
0DWHULDáQDXF]DQLD
3RGáRJL R NRQVWUXNFML GUHZQLDQHM XOHJDM ]QLV]F]HQLX Z Z\QLNX LFK QDWXUDOQHJR ]X \FLD
RUD]SRSU]H]QLV]F] FHG]LDáDQLHRZDGyZJU]\EDGRPRZHJRLJQLFLH
5R]ZyM JU]\ED GRPRZHJR MHVW VSRZRGRZDQ\ ]E\W GX \P ]DZLOJRFHQLHP PDWHULDáX
NRQVWUXNFMLSRGáRJLGRNWyUHJRGRFKRG]LPL G]\LQQ\PLSRGF]DV]P\ZDQLDSRVDG]HN]GHVHN
ZRG OXE Z SU]\SDGNX DZDULL LQVWDODFML ZRGQHM :WHG\ V]F]HJyOQLH Z SRPLHV]F]HQLDFK
RJU]HZDQ\FKZ\VW SXM EDUG]RNRU]\VWQHZDUXQNLZLOJRWQR FLRZHLRGSRZLHGQLDWHPSHUDWXUD
RWRF]HQLD 'R ]DZLOJRFHQLD PDWHULDáX NRQVWUXNFML SRGáRJL GRFKRG]L SU]HGH ZV]\VWNLP
Z Z\QLNX MHM ZDGOLZHJR Z\NRQDQLD EUDNX OXE QLHZáD FLZLH Z\NRQDQHM L]RODFML
SU]HFLZZLOJRFLRZHMEUDNXL]RODFMLSDURV]F]HOQHMV]F]HJyOQLHQDVWURSDFKQDGSRPLHV]F]HQLDPL
RSRGZ\ V]RQHMZLOJRWQR FLSRZLHWU]DWDNLPLMDNSUDOQLHVXV]DUQLHNXFKQLHEUDNXZHQW\ODFML
SU]HVWU]HQLSRGSRGáRJRZ\FKNLHG\OHJDU\OH EH]SR UHGQLRQDVWURSLHEUDNXZHQW\ODFMLVWURSX
GUHZQLDQHJRZEXG\QNDFKQLHSRGSLZQLF]RQ\FK
:SU]\SDGNXVWZLHUG]HQLDREHFQR FLJU]\EDGRPRZHJRZSRVWDFLV]DUDZ\FKQDORWyZQLWHN
SOH QLR]QDNPXUV]HQLDQDOH \QDW\FKPLDVWSU]\VW SLüGROLNZLGDFMLXV]NRG]HQLD:W\PFHOX
NRQLHF]QH MHVW XVWDOHQLH SU]\F]\Q\ SRZVWDQLD XV]NRG]HQLD RUD] MHM XVXQL FLH QS UyGáD
]DZLOJRFHQLD=DSHZQLüQDOH \SUDZLGáRZ ZHQW\ODFM SU]HVWU]HQLSRGSRGáRJRZHMRUD]]DGEDü
R Z\VXV]HQLH SRGáRJL /LNZLGDFMD ]DJU]\ELHQLD Z\PDJD RGVáRQL FLD NRQVWUXNFML SRGáRJL
XVXQL FLD HOHPHQWyZ SRUD RQ\FK JU]\EHP L Z\PLDQ\ XV]NRG]RQ\FK HOHPHQWyZ :V]\VWNLH
HOHPHQW\ WDN H L WH ]GURZH SRFKRG] FH ] UR]ELyUNL SRZLQQ\ E\ü ]DEH]SLHF]RQH SU]HG
VNXWNDPL ]DJU]\ELHQLD SRSU]H] ]DVWRVRZDQLH URGNyZ GR LPSUHJQDFML GUHZQD .RQLHF]QLH
QDOH \ SRGGDü LPSUHJQDFML VSRGQLH SáDV]F]\]Q\ QDVW SXM F\FK HOHPHQWyZ NRQVWUXNFML SRGáyJ
]GUHZQDOHJDUyZGHVHNSá\WOXENRVWNLGUHZQLDQHM
: F]DVLH SU]HSURZDG]DQLD UHPRQWX SRGáyJ ] GUHZQD QDOH \ FDáNRZLFLH ]GHPRQWRZDü
LVWQLHM F QDZLHU]FKQL LSRZ\NRQDQLXSUDFQDSUDZF]\FKXáR \üM RGQRZD
=QLV]F]RQD SRGáRJD GUHZQLDQD PR H WDN H ]RVWDü SRGGDQD SU]HEXGRZLH : WDNLP
SU]\SDGNXVWDU\PDWHULDáSRVDG]NL]RVWDQLHZ\NRU]\VWDQ\MDNRSRGNáDGSRGQRZ QDZLHU]FKQL
2F]\ZL FLH SRGNáDG SRZLQLHQ E\ü UyZQ\ PRFQ\ L QLH Z\ND]\ZDü R]QDN NODZLV]RZDQLD
'UHZQR SRZLQQR E\ü ]GURZH 'HVNL XV]NRG]RQH L VSUyFKQLDáH QDOH \ XVXQ ü ]OLNZLGRZDü
V]F]HOLQ\SRPL G]\GHVNDPLSU]H]LFKGRFL JQL FLHLZ\SHáQLHQLHZL NV]\FKV]F]HOLQOLVWZDPL
3RZLHU]FKQL VWDU\FK SRVDG]HN GUHZQLDQ\FK QDOH \ Z\UyZQDü 3RVDG]N ] GHVHN PR QD
]HVWUXJDü ,QQ\P UR]ZL ]DQLHP MHVW QDáR HQLH PDV\ Z\UyZQDZF]HM QD WNDQLQ ] ZáyNQD
V]NODQHJR VWDQRZL F ]EURMHQLH ZDUVWZ\ OXE ZDUVWZ\ VSHFMDOQHM V]SDFKOyZNL HPXOV\MQHM QD
ZF]H QLHM]DJUXQWRZDQ NOHMHPG\VSHUV\MQ\PSRZLHU]FKQL VWDUHMSRVDG]NLU\V
$E\ RWU]\PDü UyZQ\ L PRFQ\ SRGNáDG QD VWDUHM SRVDG]FH ] GHVHN PR QD XáR \ü QRZ\
SRGNáDGZ\NRQDQ\]Sá\WZLyURZ\FKRJUXER FL·PPPRFRZDQ\FK]DSRPRF ZNU WyZ
GRGHVHNVWDUHMSRVDG]NLU\V0R QDWH Sá\W\ZLyURZHá F]RQH]HVRE QDSLyURLZSXVW
XáR \ü OX QR QD ZDUVWZLH L]RODFML DNXVW\F]QHM Z\NRQDQHM ]H VSLHQLRQHJR SROLXUHWDQX PDW\
NRUNRZHMF]\ILOFXPLQHUDOQHJR$E\]DSHZQLüUyZQ SáDV]F]\]Q SRGNáDGXSá\W\SRZLQQ\E\ü
SRá F]RQHPL G]\VRE NOHMHPZSURZDG]DQ\PZHZSXVW\
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
5\V3U]\VWRVRZDQLHVWDUHMSRGáRJLGUHZQLDQHMMDNRSRGNáDGSRGQRZ SRVDG]N >V@
V]SDFKOyZNDHPXOV\MQDWNDQLQD]ZáyNQDV]NODQHJRJUXQWRZQLNG\VSHUV\MQ\
5\V3U]HEXGRZDVWDUHMSRGáRJLQDSRGNáDGSRGQRZHZ\NáDG]LQ\SU]H]XáR HQLHSá\WZLyURZ\FK]H
VNOHMRQ\PLSáDV]F]\]QDPLERF]Q\PLLF]RáRZ\PLRUD]ZNU WDPLDSU]HNUyMEZLGRN
Sá\WDZLyURZDSU]HNáDGNDSDSDL]RODF\MQDNOHM:LNROZDUVWZDZ\UyZQDZF]D
VWDUDSRGáRJDZNU W\>V@
3RGF]DV SUDF UHPRQWRZ\FK SRGáyJ ] GUHZQD QDOH \ SDPL WDü R ]DFKRZDQLX SUDZLGáRZHM
ZHQW\ODFMLSU]HVWU]HQLSRGSRGáRJRZHMRUD]R]DVWRVRZDQLXWDNLHJRPDWHULDáXSRVDG]NLNWyU\QLH
SRJRUV]\ ZDUXQNyZ ZLOJRWQR FLRZ\FK SDQXM F\FK Z REU ELH SRGáRJL VWZDU]DM F W\P VDP\P
GRJRGQHZDUXQNLUR]ZRMXJU]\EDGRPRZHJR7DNDV\WXDFMDPR HZ\VW SLüZSU]\SDGNXJG\
QDSRGNáDG]LH]GHVHN]RVWDQLHXáR RQDZ\NáDG]LQD]WZRU]\ZDV]WXF]QHJROXEJXP\LE G]LH
RQDVWDQRZLáDZDUVWZ QLHSU]HSXV]F]DM F SDU\ZRGQHMSU]HQLNDM FHMSU]H]NRQVWUXNFM VWURSX
OXEZLOJRFLZSRGáRJDFKOH F\FKQDJUXQFLH:WHG\GHVNLSRGNáDGXXOHJDüE G ]DZLOJRFHQLX
GHIRUPDFML SRZVWDZDQLX SOH QL JU]\ED FR GRSURZDG]L Z NRQVHNZHQFML GR FDáNRZLWHJR
]QLV]F]HQLD SRGáRJL : VWDU\FK RELHNWDFK EDUG]R F] VWR L]RODFMH SU]HFLZZLOJRFLRZH QLH
]DSHZQLDM RGSRZLHGQLHM V]F]HOQR FL L V PDáR VNXWHF]QH ,VWQLHMH ]DWHP GX H
SUDZGRSRGRELH VWZR ]E\W GX HJR ]DZLOJRFHQLD PDWHULDáX SRGáRJRZHJR 1DOH \ Z WDNLP
SU]\SDGNX XVXQ ü UyGáD ZLOJRFL RVXV]DM F SU]HJURG\ EXGRZODQH XNáDGDM F QRZH L]RODFMH
SU]HFLZZLOJRFLRZH]DSHZQLDM FZHQW\ODFM SU]HVWU]HQLSRGSRGáRJRZHMU\V
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
5\V3U]HEXGRZDVWDUHMSRGáRJLGUHZQLDQHMQDSRGNáDGSRGQRZHZ\NáDG]LQ\SU]H]OX QHXáR HQLHQDZDUVWZLH
L]RODF\MQHMSá\WZLyURZ\FKá F]RQ\FKQDVNOHMDQHSLyUDLZSXVW\
Sá\WDZLyURZDZDUVWZDL]RODF\MQDZDUVWZDZ\UyZQDZF]DNOHMZHQW\ODFMD>V@
3RGF]DVSU]HSURZDG]DQ\FKUREyWUHPRQWRZ\FKQDOH \GRNRQDüVHJUHJDFML]DJU]\ELRQ\FK
HOHPHQWyZ L PDWHULDáyZ SR]RVWDZLDM F Z EXG\QNX W\ONR WDNLH NWyUH QDGDM VL GR GDOV]HJR
X \WNRZDQLD VSHáQLDM VWDZLDQH LP Z\PDJDQLD Z\WU]\PDáR FLRZH L PDWHULDáRZH 0DWHULDá\
LHOHPHQW\QLHQDGDM FHVL GRGDOV]HJRX \WNXQDOH \XVXZDüSR]DEXG\QHNLVSDODü
3\WDQLDVSUDZG]DM FH
2GSRZLDGDM FQDS\WDQLDVSUDZG]LV]F]\MHVWH SU]\JRWRZDQ\GR]DSODQRZDQLDSU]HELHJX
üZLF]H LLFKZ\NRQDQLD
-DNLHV SU]\F]\Q\QLV]F]HQLDSRGáyJ"
:MDNLVSRVyEQDOH \SU]HSURZDG]LüUHPRQWSRGáRJL"
:MDNLVSRVyEPR QDSU]\VWRVRZDüVWDU SRGáRJ QDSRGNáDGSRGQRZ SRVDG]N "
=MDNLFKPDWHULDáyZPR QDZ\NRQDüQRZ\SRGNáDGSRGSRVDG]N "
:MDNLVSRVyEQDOH \á F]\ü]HVRE Sá\W\ZLyURZH]NWyU\FKZ\NRQ\ZDQ\MHVWSRGNáDG"
ûZLF]HQLD
ûZLF]HQLH
:\NRQDMZ\PLDQ IUDJPHQWX]QLV]F]RQHMELDáHMSRGáRJL]GHVHNá F]RQ\FKQDSU]\OJ
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
]RUJDQL]RZDüVWDQRZLVNRSUDF\]JRGQLH]]DVDGDPLEH]SLHF]H VWZDLKLJLHQ\SUDF\
]DSODQRZDüSU]HELHJZ\NRQDQLDüZLF]HQLD±SODQ]DSLVDüZ]HV]\FLH
SU]\JRWRZDüPDWHULDá\
GREUDüQDU] G]LDLVSU] W
GRNRQDüZ\PLDQ\IUDJPHQWXELDáHMSRGáRJL]JRGQLH]LQVWUXNFM
XSU] WQ üVWDQRZLVNRSUDF\
]DSUH]HQWRZDüHIHNW\VZRMHMSUDF\
GRNRQDüRFHQ\üZLF]HQLD
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
:\SRVD HQLHVWDQRZLVNDSUDF\
± PDWHULDá\GHVNLVWUXJDQHNOLQ\GUHZQLDQHJZR G]LHNODPU\FLHVLHOVNLH
± VSU] WPLDUNDVNáDGDQDOXEVWDORZDPLDUND]ZLMDQDRáyZHNFLHVLHOVNLSR]LRPQLFD
± QDU] G]LDSLáDSáDWQLFDPáRWHN DENDSLODUNDWDUF]RZD
± ]HV]\WSU]\ERU\GRSLVDQLD
± OLWHUDWXUD]UR]G]LDáX
ûZLF]HQLH
:\NRQDMQDVWDUHMSRVDG]FH]GHVHNQRZ\SRGNáDG]Sá\WZLyURZ\FK
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
]RUJDQL]RZDüVWDQRZLVNRSUDF\]JRGQLH]]DVDGDPLEH]SLHF]H VWZDLKLJLHQ\SUDF\
]DSODQRZDüSU]HELHJZ\NRQDQLDüZLF]HQLD±SODQ]DSLVDüZ]HV]\FLH
SU]\JRWRZDüPDWHULDá\
GREUDüQDU] G]LDLVSU] W
Z\NRQDüQDVWDUHMSRVDG]FH]GHVHNQRZ\SRGNáDG]Sá\WZLyURZ\FK
XSU] WQ üVWDQRZLVNRSUDF\
]DSUH]HQWRZDüHIHNW\VZRMHMSUDF\
GRNRQDüRFHQ\üZLF]HQLD
:\SRVD HQLHVWDQRZLVNDSUDF\
± PDWHULDá\Sá\W\ZLyURZHSDSDL]RODF\MQDIROLDZNU W\NOHM
± QDU] G]LD SLáD SáDWQLFD PáRWHN ZNU WDN ZLHUWáD SLODUND WDUF]RZD VWUXJ ZLHUWDUND
ZNU WDUND
VSU] WSR]LRPQLFDPLDUNDVNáDGDQDOXEVWDORZDPLDUND]ZLMDQDPáRWHNRáyZHNFLHVLHOVNL
VSU] WSRPRFQLF]\V]F]RWND PLHWQLF]NDJ END
]HV]\WSU]\ERU\GRSLVDQLD
OLWHUDWXUD]UR]G]LDáX
6SUDZG]LDQSRVW SyZ
&]\SRWUDILV]
7DN 1LH
]LGHQW\ILNRZDüSU]\F]\Q\QLV]F]HQLDSRGáyJ"
RSLVDüVSRVyEZ\NRQ\ZDQLDUHPRQWXSRGáRJL"
Z\PLHQLüIUDJPHQW]QLV]F]RQHMELDáHMSRGáRJL]GHVHNá F]RQ\FKQDSU]\OJ "
Z\MD QLüZMDNLVSRVyEPR QDSU]\VWRVRZDüVWDU SRGáRJ QDSRGNáDGSRGQRZ
SRVDG]N "
]DVWRVRZDüPDWHULDá\QDZ\NRQDQLHQRZHJRSRGNáDGXSRGSRVDG]N "
RNUH OLüVSRVyEá F]HQLD]HVRE Sá\WZLyURZ\FKZXNáDGDQ\PSRGNáDG]LH"
Z\NRQDüQDVWDUHMSRVDG]FH]GHVHNQRZ\SRGNáDG]Sá\WZLyURZ\FK"
Z\NRU]\VWDü]GRE\WHZLDGRPR FLZZ\NRQ\ZDQLX]DGD SUDNW\F]Q\FK"
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
1DSUDZLDQLHHOHPHQWyZZL E\GDFKRZHM
0DWHULDáQDXF]DQLD
5HPRQWGDFKyZGUHZQLDQ\FKREHMPXMHQDSUDZ NRQVWUXNFMLQR QHMSRGNáDGXSRGSRNU\FLH
LVDPHJRSRNU\FLD=DNUHVUREyWQDSUDZ\ZL E\GDFKRZHMREHMPXMH
± Z\PLDQ F] FL HOHPHQWyZ NRQVWUXNFML QR QHM NWyUH XOHJá\ XV]NRG]HQLX Z Z\QLNX
QDWXUDOQHJR]X \FLDNRUR]MLELRORJLF]QHMRUD]SU]\F]\QPHFKDQLF]Q\FK
± Z\NRQDQLHZ]PRFQLHQLDW\FKHOHPHQWyZSRSU]H]GRGDQLHQRZ\FKHOHPHQWyZQR Q\FK
± FDáNRZLW Z\PLDQ FDáHM NRQVWUXNFML ZL E\ Z SU]\SDGNX GX HJR ]QLV]F]HQLD OXE MHM
]DJU]\ELHQLD
: Z\SDGNX GHIRUPDFML HOHPHQWyZ ZL E\ GDFKRZHM VSRZRGRZDQHM GX \P XJL FLHP
NRQVWUXNFML OXE Z\ERF]HQLHP GRNRQDü QDOH \ MHM Z]PRFQLHQLD 7HQ URG]DM XV]NRG]HQLD PyJá
]RVWDüVSRZRGRZDQ\]DGX \PLREFL HQLDPLQLHZáD FLZ\PGREUDQLHPSU]HNURMyZHOHPHQWyZ
QR Q\FKOXEQDWXUDOQ\PVWDU]HQLHPVL PDWHULDáXHOHPHQWyZZZ\QLNXXSá\ZXF]DVX:L ]DU\
GDFKRZH Z]PDFQLD VL ZVWDZLDM F GRGDWNRZH HOHPHQW\ XVWURMX WDNLH MDN ]DVWU]Dá\ PLHF]H
VáXS\ DOER NURNZLH ,QQ\P VSRVREHP Z]PRFQLHQLD MHVW ]ZL NV]HQLH SU]HNURMX SRSU]HF]QHJR
LVWQLHM F\FKHOHPHQWyZSRSU]H]SU]\ELFLHGRQLHJRQDNáDGHN]GHVHNU\VDEG:Z ]áDFK
SRGSRURZ\FKZ]PRFQLHQLHNURNZLPR QDZ\NRQDüVWRVXM F
± ]REXVWURQNURNZLQDNáDGNL]GHVHNSU]\ELWHJZR G]LDPLU\VD
± SU]\ELFLH QDNáDGHN SRGSLHUDM F\FK RVáDELRQ NURNLHZ Z Z\QLNX Z\PLDQ\ MHM NR FD
U\VE
± SRGSDUFLH]DVWU]DáHPXJL WHMNURNZLU\VF
± Z]PRFQLHQLH SRá F]HQLD M WNL ] NURNZL SU]H] SU]\ELFLH ] REX VWURQ QDNáDGHN ] GHVHN
U\VG
5\V 3U]\NáDG\ Z]PRFQLHQLD NURNZL Z Z ]áDFK SRGSRURZ\FK D REXVWURQQ\PL QDNáDGNDPL ] GHVHN
E SRGSDUFLH NURNZL REXVWURQQ\PL QDNáDGNDPL F SRGSDUFLH NURNZL ]DVWU]DáDPL G QDNáDGNL
Z]PDFQLDM FH]á F]HM WNL]NURNZL >V@
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
%DUG]R F] VWR V]F]HJyOQLH Z VWDU\FK EXG\QNDFK ]DFKRG]L NRQLHF]QR ü F] FLRZHM
Z\PLDQ\ HOHPHQWyZ NRQVWUXNFML ZL E\ GDFKRZHM OXE QDZHW Z\NRQDQLD QRZHJR GDFKX
:\PLDQDHOHPHQWyZPR HRGE\ZDüVL EH]UR]ELyUNLSRNU\FLDGDFKRZHJRSRZF]H QLHMV]\P
Z]PRFQLHQLX HOHPHQWyZ NRQVWUXNF\MQ\FK %H]Z]JO GQLH QDOH \ XVXQ ü ZV]\VWNLH HOHPHQW\
]DJU]\ELRQH L LQQH Z EH]SR UHGQLHM VW\F]QR FL ] QLPL D WDN H ]EXWZLDáH L XV]NRG]RQH SU]H]
RZDG\3R]RVWDáH]GURZHHOHPHQW\PR QDZ]PRFQLüZUD]LHRVáDELHQLDLFKQR QR FL
=E\W XJL WH GHVNRZDQLH PR QD Z]PRFQLü ZVWDZLDM F SRPL G]\ VWDUH NURNZLH GRGDWNRZ
NURNLHZ X]\VNXM F Z WHQ VSRVyE ]PQLHMV]HQLH UR]SL WR FL GHVHN 3RGREQLH Z]PDFQLD VL
RáDFHQLH GDFKX *G\ XJL FLH áDW Z\VW SXMH QD QLHZLHONLP RGFLQNX Z]PRFQLHQLH SROHJD QD
ZVXQL FLXNLONXGRGDWNRZ\FKáDW
5\V:]PRFQLHQLHRáDFHQLDGDFKXGHVNDPL>U\VDXW@
3áDWZLH Z]PDFQLD VL REXVWURQQ\PL QDGELWNDPL OXE SU]H] ]PQLHMV]HQLH LFK UR]SL WR FL ]D
SRPRF GRGDWNRZ\FKVáXSNyZLPLHF]\6WRVRZDQHV UyZQLH GRGDWNRZH]DVWU]Dá\NOHV]F]H
OXELQQHHOHPHQW\]DOH QLHRGUR]ZL ]DQLDSU]\M WHJRZSURMHNFLHZ]PRFQLHQLDNRQVWUXNFML
$E\ XV]W\ZQLü NRQVWUXNFM GDFKX Z NLHUXQNX SRGáX Q\P PR QD RG VSRGX SU]\ELü
GRGDWNRZHZLDWURZQLFHOXEZ\PLHQLüVWDUHQDQRZHRZL NV]\PSU]HNURMX
3U]\ ]PLDQLH URG]DMX SRNU\FLD GDFKRZHJR L ]PLDQLH N WD QDFK\OHQLD SRáDFL GDFKRZHM
Z\NRQ\ZDQ\MHVWQRZ\ZL ]DURUD]VWRVRZDQHV QDNáDGNLZ]PDFQLDM FHá F] FHQRZ\ZL ]DU
]NRQVWUXNFM VWDUHJRXVWURMXU\VDLE
5\V=ZL NV]HQLHN WDQDFK\OHQLDSRáDFLLZ]PRFQLHQLHZL E\GDFKXDMHGQRVSDGRZHJREGZXVSDGRZHJR
>V@
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
3\WDQLDVSUDZG]DM FH
2GSRZLDGDM FQDS\WDQLDVSUDZG]LV]F]\MHVWH SU]\JRWRZDQ\GRZ\NRQDQLDüZLF]H
-DNLMHVW]DNUHVUREyWQDSUDZF]\FKNRQVWUXNFMLGDFKX"
:MDNLVSRVyEZ]PDFQLDVL NURNZLHZL ]DUyZGDFKRZ\FK"
:MDNLVSRVyEZ\NRQXMHVL Z]PRFQLHQLHGHVNRZDQLDLáDFHQLDSRáDFLGDFKRZ\FK"
:MDNLVSRVyEPR QDZ\NRQDüZ]PRFQLHQLDSáDWZL"
:MDNLVSRVyEGRNRQXMHVL ]PLDQ\N WDQDFK\OHQLDSRáDFLLSRNU\FLDGDFKX"
ûZLF]HQLD
ûZLF]HQLH
5R]SR]QDMLRNUH OURG]DMHZ]PRFQLHQLDNRQVWUXNFMLZL E\GDFKRZHMSU]HGVWDZLRQHMQD
U\VXQNX3RGSLV]SUDZLGáRZRU\VXQHN
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
]DSR]QDüVL ]U\VXQNLHP
]DSR]QDüVL ]ZLDGRPR FLDPLGRW\F] F\PLVSRVREyZZ]PDFQLDQLDHOHPHQWyZNRQVWUXNFML
GDFKRZ\FK
UR]SR]QDüURG]DMHZ]PRFQLH HOHPHQWyZNRQVWUXNFMLGDFKXSUH]HQWRZDQ\FKQDU\VXQNX
SRGSLVDüU\VXQHN
ZNOHLüU\VXQHNGR]HV]\WX
]DSUH]HQWRZDüZ\NRQDQHüZLF]HQLH
GRNRQDüRFHQ\üZLF]HQLD
:\SRVD HQLHVWDQRZLVNDSUDF\
± U\VXQHN
± ]HV]\W
± SU]\ERU\GRSLVDQLD
± NOHMOXEWD PDVDPRSU]\OHSQD
± OLWHUDWXUD]UR]G]LDáX
ûZLF]HQLH
:\NRQDMZ\PLDQ IUDJPHQWXXV]NRG]RQHJRRGHVNRZDQLDSRáDFLGDFKRZHM
6SRVyEZ\NRQDQLDüZLF]HQLD
$E\Z\NRQDüüZLF]HQLHSRZLQLHQH
]RUJDQL]RZDüVWDQRZLVNRSUDF\]JRGQLH]]DVDGDPLEH]SLHF]H VWZDLKLJLHQ\SUDF\
]DSODQRZDüSU]HELHJZ\NRQDQLDüZLF]HQLD±SODQ]DSLVDüZ]HV]\FLH
SU]\JRWRZDüPDWHULDá\
GREUDüQDU] G]LDLVSU] W
GRNRQDüZ\PLDQ\IUDJPHQWXXV]NRG]RQHJRRGHVNRZDQLDSRáDFLGDFKRZHM
XSU] WQ üVWDQRZLVNRSUDF\
]DSUH]HQWRZDüHIHNW\VZRMHMSUDF\
GRNRQDüRFHQ\üZLF]HQLD
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
:\SRVD HQLHVWDQRZLVNDSUDF\
PDWHULDá\GHVNLJZR G]LH
QDU] G]LDSLáDSáDWQLFDPáRWHN DENDSLODUNDWDUF]RZD
VSU] WPLDUNDVNáDGDQDOXEVWDORZDPLDUND]ZLMDQDRáyZHNFLHVLHOVNL
]HV]\WSU]\ERU\GRSLVDQLD
OLWHUDWXUD]UR]G]LDáX
6SUDZG]LDQSRVW SyZ
&]\SRWUDILV]
7DN
1LH
RNUH OLü]DNUHVUREyWUHPRQWRZ\FKNRQVWUXNFMLGDFKX"
RNUH OLüVSRVyEZ]PRFQLHQLDNURNZLZZL ]DUDFKGDFKRZ\FK"
Z\NRQDüZ]PRFQLHQLHGHVNRZDQLDLáDFHQLDSRáDFLGDFKX"
Z\NRQDüZ\PLDQ IUDJPHQWXXV]NRG]RQHJRRGHVNRZDQLDSRáDFLGDFKRZHM"
Z\MD QLüVSRVyEZ]PRFQLHQLDSáDWZL"
RNUH OLüVSRVyEZ\NRQDQLD]PLDQ\N WDQDFK\OHQLDSRáDFLGDFKX"
Z\NRU]\VWDü]GRE\WHZLDGRPR FLZZ\NRQ\ZDQLX]DGD SUDNW\F]Q\FK"
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
,16758.&-$'/$8&=1,$
3U]HF]\WDMXZD QLHLQVWUXNFM
3RGSLV]LPLHQLHPLQD]ZLVNLHPNDUW RGSRZLHG]L
=DSR]QDMVL ]]HVWDZHP]DGD WHVWRZ\FK
7HVW]DZLHUD]DGDQLDRUy Q\PVWRSQLXWUXGQR FL6 WR]DGDQLDZLHORNURWQHJRZ\ERUX
=DND GHSRSUDZQLHUR]ZL ]DQH]DGDQLHPR HV]X]\VNDüSXQNW
8G]LHODMRGSRZLHG]LW\ONRQD]Dá F]RQHMNDUFLHRGSRZLHG]L'ODND GHJR]DGDQLDSRGDQHV
F]WHU\ PR OLZH RGSRZLHG]L D E F G 7\ONR MHGQD RGSRZLHG MHVW SRSUDZQD Z\ELHU] M
L]D]QDF]NUDWN ]RGSRZLDGDM FDMHMOLWHU ]QDNLHP;
6WDUDM VL Z\UD QLH ]D]QDF]\ü RGSRZLHG]L -H HOL VL SRP\OLV] L Eá GQLH ]D]QDF]\V]
RGSRZLHG RWRF]M NyáNLHPL]D]QDF]SRQRZQLHRGSRZLHG NWyU XZD DV]]DSRSUDZQ
7HVWVNáDGDVL ]GZyFKF] FL&] ü,]DZLHUD]DGDQLD]SR]LRPXSRGVWDZRZHJRQDWRPLDVW
ZF] FL,,V ]DGDQLD]SR]LRPXSRQDGSRGVWDZRZHJRLWHPRJ SU]\VSRU]\ü&LWUXGQR FL
JG\ V RQHQDSR]LRPLHZ\ V]\PQL SR]RVWDáHGRW\F]\WR]DGD RQXPHUDFKRGGR
3UDFXMVDPRG]LHOQLHERW\ONRZWHG\E G]LHV]PLDáVDW\VIDNFM ]Z\NRQDQHJR]DGDQLD
.LHG\ XG]LHOHQLH RGSRZLHG]L E G]LH &L VSUDZLDáR WUXGQR ü ZWHG\ RGáy UR]ZL ]\ZDQLH
]DGDQLDQDSy QLHMLZUyüGRQLHJRJG\]RVWDQLH&LF]DVZROQ\
3R UR]ZL ]DQLX WHVWX VSUDZG F]\ ]D]QDF]\áH ZV]\VWNLH RGSRZLHG]L QD .$5&,(
2'32:,('=,
1DUR]ZL ]DQLHWHVWXPDV]PLQ
3RZRG]HQLD
=(67$:=$'$ 7(672:<&+
.RUR]MDELRORJLF]QDMHVWWRSURFHVQLV]F]HQLDPDWHULDáXHOHPHQWyZNRQVWUXNFMLGUHZQLDQ\FK
ZZ\QLNXG]LDáDQLD
DXSá\ZXF]DVX
E URGNyZFKHPLF]Q\FK
FJU]\EyZSOH QLLRZDGyZ
GF]\QQLNyZPHFKDQLF]Q\FK
%á GHPSURMHNWRZ\PQLHMHVW
DQLHGRNáDGQHZ\NRQDQLH]á F]D
EQLHZáD FLZHUR]PLHV]F]HQLHá F]QLNyZ
FEUDNXV\WXRZDQLDXV]W\ZQLH QDU\VXQNX
GQLHZáD FLZDZLHONR üSU]HNURMXSRSU]HF]QHJRHOHPHQWX
1DU\VXQNXRERNF\IU R]QDF]RQR
DSá\W ZLyURZ
ESá\W SD G]LHU]RZ
FVWDU SRGáRJ ]GHVHN
GZDUVWZ Z\UyZQDZF]
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
:Z\QLNXSRUD HQLDGUHZQDJU]\EHPGRPRZ\P]PLHQLDRQREDUZ QD
D]LHORQ
EEUXQDWQ
FV]DURF]DUQ
GV]DUR]LHORQ
: FHOX ]DEH]SLHF]HQLD NRQVWUXNFML GUHZQLDQHM SRGáRJL SU]HG JU]\EHP Z\VWDUF]\
]DLPSUHJQRZDü
DW\ONRVSRGQLHSáDV]F]\]Q\GHVHN
EW\ONRVSRGQLHSáDV]F]\]Q\OHJDUyZ
FVSRGQLHSáDV]F]\]Q\OHJDUyZLGHVHN
GW\ONRERF]QHSáDV]F]\]Q\OHJDUyZLGHVHN
1DU\VXQNXRERNLOXVWUXM F\PVSRVyEZ]PRFQLHQLDSRGNáDGXSRGSRNU\FLHF\IU R]QDF]RQR
DNURNLHZ
ERáDFHQLH
FZLDWURZQLF
GGHVN Z]PDFQLDM F
:LGRF]Q R]QDN ]QLV]F]HQLD GUHZQD SU]H] ODUZ\ RZDGyZ MHVW SRMDZLHQLH VL QD
SRZLHU]FKQLHOHPHQWX
DSODP
EVS NDQLD
FZ\NZLWyZ
GPDá\FKRWZRUyZ
1DU\VXQNXRERNSU]HGVWDZLRQRVSRVyERSDUFLDNR FDQDSUDZLRQHMEHONL]DSRPRF
DZVSRUQLND]FHRZQLND
EVWDORZ\FKN WRZQLNyZ
FZVSRUQLND]GZXWHRZQLND
GQDNáDGHNERF]Q\FK]GHVHN
*áyZQ\P]DGDQLHPGHVNRZDQLD FLDQQLHMHVW
DL]RODFMDDNXVW\F]QD FLDQ\
ERFKURQD FLDQ\SU]HG]DZLOJRFHQLHP
F]DEH]SLHF]HQLH FLDQ\SU]HGSU]HZLHZDQLHP
GZVSyáXG]LDá]LQQ\PLZDUVWZDPLL]RODF\MQ\PLZRFKURQLHFLHSOQHMFDáHM FLDQ\
1DU\VXQNXRERNSU]HGVWDZLRQRSR]LRPHGHVNRZDQLH FLDQ\
DZQDNáDGN
EQDSU]\OJ
FQDZSXVW
GQDVW\N
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
:]PRFQLHQLDSáDWZLQLHGRNRQXMHVL SU]H]GRGDWNRZHZ\NRQDQLH
DQDGELWNL
EPLHF]\
FVáXSyZ
GM WNL
.WyU\]Z\PLHQLRQ\FKF]\QQLNyZQLHPDZSá\ZXQD]DJU]\ELHQLHSRGáyJ]GHVHN"
D%UDNLPSUHJQDFMLGUHZQD
E3U]HFL HQLHNRQVWUXNFMLSRGáRJL
F%UDNZHQW\ODFMLSU]HVWU]HQLSRSRGáRJRZHM
G8áR HQLHZ\NáDG]LQ\]WZRU]\ZDV]WXF]QHJR
1DU\VXQNXRERNF\IU R]QDF]RQR
DSRGáRJ ]GHVHN
EV]SDFKOyZN HPXOV\MQ
FJUXQWRZQLNG\VSHUV\MQ\
GWNDQLQ ]ZáyNQDV]NODQHJR
'HVNL Z GHVNRZDQLX ]HZQ WU]Q\P SRZLQQ\ E\ü PRFRZDQH GR HOHPHQWyZ NRQVWUXNFML
FLDQ\]DSRPRF
D UXELZNU WyZGRGUHZQD
EJZR G]L]SRGZyMQ\PáEHP
FJZR G]LRSU]HNURMXRNU Já\P
GJZR G]LRSU]HNURMXNZDGUDWRZ\P
:\VRNR üQDNáDGHNGUHZQLDQ\FKZ]PDFQLDM F\FKEHONLVWURSXMHVW
DPQLHMV]DRFPRGZ\VRNR FLEHONL
EZL NV]DRFPRGZ\VRNR FLEHONL
FZL NV]DRFPRGZ\VRNR FLEHONL
GUyZQDZ\VRNR FLEHONL
1DU\VXQNXRERNOLWHU ÄN´R]QDF]RQRVSRVyEZ]PRFQLHQLDSRá F]HQLDNURNZL]M WN SU]\
]DVWRVRZDQLX
DEODFK\Z ]áRZHM
EQDNáDGHN]GHVHN
FSá\WHNNROF]DVW\FK
GSá\WHNJZR G]LRZDQ\FK
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
1DU\VXQNXRERNOLWHU ÄN´R]QDF]RQR
DSRGSDUFLHNURNZLREXVWURQQ\PLQDNáDGNDPL]GHVHN
ESRá F]HQLHHOHPHQWyZQDSá\WNLNROF]DVWH
FSRGSDUFLHNURNZL]DVWU]DáDPL
GSRá F]HQLHNURNZL]PXUáDW
3U]\ Z]PDFQLDQLX EHOHN VWURSRZ\FK NUDWRZQLF]NDPL VWDORZ\PL JQLD]GR Z FLDQLH
X]XSHáQLDVL FHJá NODV\PLQLPXP
D
E
F
G
5R]ZRMRZLJU]\EDGRPRZHJRVSU]\MDZLOJRWQR üPDWHULDáyZ
DPQLHMV]DQL
ERGGR
FRGGR
GSRZ\ HM
.OHV]F]HXV]W\ZQLDM FLDQ ZLH FRZ REHMPXM FEHON ZLH F] F ±RF]HSRZ ]REXVWURQ
2GOHJáR üNR FDNOHV]F]DRGJyUQHMNUDZ G]LEHONLZ\QRVL
DPQLHMQL FP
ERGGRFP
FRGGRFP
GZL FHMQL FP
2SW\PDOQ WHPSHUDWXU GODUR]ZRMXJU]\EDGRPRZHJRMHVWWHPSHUDWXUD
D·&
E·&
F·&
G·&
1DMPQLHMV]D ZDUWR ü XMHPQHM VWU]DáNL XJL FLD MDN QDOH \ QDGDü EHONRP Z]PDFQLDQ\P
NUDWRZQLF]NDPLZ\QRVL
DZL FHMQL FP
EFP
FFP
GFP
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
.$57$2'32:,('=,
,PL LQD]ZLVNR
:\NRQ\ZDQLHQDSUDZNRQVWUXNFMLFLHVLHOVNLFK>@=
=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
5D]HP
Ä3URMHNWZVSyáILQDQVRZDQ\]H URGNyZ(XURSHMVNLHJR)XQGXV]X6SRáHF]QHJR´
$GDPLHF70LUVNL-=8WU]\PDQLH]DVREyZEXGRZODQ\FK:6L3:DUV]DZD
/HQNLHZLF]:=G]LDUVND±:LV,7HFKQRORJLD&LHVLHOVWZR:6L3:DUV]DZD
2OF]DN6-HGUHMHN::LDWHU:3RUDGQLNFLH OLZLHMVNLHJR%XGRZQLFWZRL$UFKLWHNWXUD
:DUV]DZD
:ROVNL=7HFKQRORJLD5RERW\SRGáRJRZHLRNáDG]LQRZH:6L3:DUV]DZD
=DOHVNL6WUHG5HPRQW\EXG\QNyZPLHV]NDOQ\FK3RUDGQLN$UNDG\:DUV]DZD
HQF]\NRZVNL:%XGRZQLFWZRRJyOQHW,,,%XGRZQLFWZRL$UFKLWHNWXUD:DUV]DZD
Wyszukiwarka
Podobne podstrony:
ciesla 712[02] z1 16 n
ciesla 712[02] z1 16 u
ciesla 712[02] z1 16 n
ciesla 712[02] z1 09 u
ciesla 712[02] z1 03 n
ciesla 712[02] z1 07 u
ciesla 712[02] z1 14 n
ciesla 712[02] z1 12 u
ciesla 712[02] z1 09 n
ciesla 712[02] z1 02 n
ciesla 712[02] z1 17 n
ciesla 712[02] z1 12 n
ciesla 712[02] z1 07 n
ciesla 712[02] z1 05 n
ciesla 712[02] z1 10 u
więcej podobnych podstron