67$/(
$522'3251(
31
:15
$,6,
=$67262:$1,(
+1
6WDOVWRVRZDQDQDF]
FLGRDSDUDWXU\NUDNLQJXURS\QDIWRZHMZ
DSDUDWXU]HV\QWH]\DPRQLDNXQDF]H FLNRWáyZSDURZ\FK
UHNXSHUDWRUyZSRPSQDáRSDWNLWXUELQLWS6SDZDOQD3U]HGVSDZDQLHPL
ZF]DVLHZ\PDJDQHSRGJU]HZDQLHSRVSDZDQLXZ\ DU]DQLHZ
WHPSHUDWXU]H &
+-6
6WDOVWRVRZDQDQDPDáRREFLD RQHF]
FLSU]H]QDF]RQHGRSUDF\Z
DWPRVIHU]HJD]yZXWOHQLDMDF\FKL]DZLHUDM F\FK]ZL ]NLVLDUNLMDN
V]\Q\NRáSDNLUXU\GSRSLHFyZSU]HP\VáRZ\FKSRGSRU\F] VFL
]GPXFKZDF]\VDG]\F]
FLNRPyUSUy]QLRZ\FKUHDNWRUyZ3U]HGL
SRGF]DVVSDZDQLDZ\PDJDQHSRGJU]HZDQLHSRVSDZDQLXZ\ DU]DQLH
ZWHPSHUDWXU]H &DQDVW SQLHVWXG]HQLHZSRZLHWU]X
DURRGSRUQDZSRZLHWU]XGRWHPSHUDWXU\ &
+-6
6WDOVWRVRZDQDQDPDáRREFLD RQHF]
FLKDNLNRáSDNLUXU\GRSLHFyZ
SU]HP\VáRZ\FKF]
FLVXV]DUHNGRPDVSODVW\F]Q\FKSRGSRU\GR
SRGJU]HZDF]\SDU\:]DNUHVLH &Z\ND]XMHVNáRQQR üGR
NUXFKR FL3U]HGLSRGF]DVVSDZDQLDZ\PDJDQHSRGJU]HZDQLHSR
VSDZDQLXZ\ DU]DQLHZWHPSHUDWXU]H &DQDVW SQLHVWXG]HQLH
ZSRZLHWU]X DURRGSRUQDZSRZLHWU]XGRWHPSHUDWXU\ &
+16
6WDOVWRVRZDQDQDREFLD RQHPHFKDQLF]QLHF]
FLDSDUDWXU\
SU]HP\VáRZHMQDNRáSDNLLDSDUDWXU Z\VRNRSU
Q DURRGSRUQDZ
DWPRVIHU]H]ZLD]NyZVLDUNLGR &6SDZDOQD
+-6
6WDORGSRUQDQDG]LDáDQLHJD]yZ]DZLHUDM F\FK]ZL ]NLVLDUNLLJD]yZ
UHGXNXMDF\FK6WRVRZDQDQDF]
FLQR QHLV]\Q\NRáSDNLUXU\GR
SLHFyZSU]HP\VáRZ\FKF]H FL DURRGSRUQHNRWáyZSDURZ\FKF]
FL
VXV]DUHNGRPDVSODVW\F]Q\FKSRGSRU\:]DNUHVLHWHPSHUDWXU
&VNáRQQDGRNUXFKR FL3U]HGLSRGF]DVVSDZDQLDQDOH \
SRGJU]HZDüSRVSDZDQLXZ\]DU]DQLHZWHPSHUDWXU]H &D
QDVWHSQLHVWXG]HQLHZSRZLHWU]X DURRGSRUQDZSRZLHWU]XGRWHPS
&
+7
EUDN
RGSRZLHGQLNyZ
PR]QD
]DVWRVRZDü
6WDORGSRUQDQDG]LDáDQLHJD]yZ]DZLHUDM F\FK]ZL ]NLVLDUNL
6WRVRZDQDQDPDáRREFL
RQHPHF]DQLF]QHF]H FLSLHFyZ
SU]HP\VáRZ\FKMDNU\QQ\PXIOHUXV]W\Sá\W\GHQQHVNU]\QNLGR
QDZ JODQLDRVáRQ\WHUPRSDU\3U]HGLSRGF]DVVSDZDQLDQDOH \
SRGJU]HZDüSRVSDZDQLXZ\ DU]DQLHZWHPSHUDWXU]H &D
QDVWHSQLHVWXG]HQLHZSRZLHWU]X
+16
%
6WDOVWRVRZDQDQDF]H FLREFL
RQHPHFKDQLF]QLHSUDFXM FHSU]\
Z\VRNLFKWHPSHUDWXUDFK DURRGSRUQDZSRZLHWU]XGRWHPSHUDWXU\
RNRáR &6SDZDOQD
+1
E
6WDOVWRVRZDQDQDF]H FLREFL
RQHPHFKDQLF]QLHSUDFXM FHSU]\
WHPSHUDWXUDFKGR &-DNRVWDONZDVRRGSRUQDMHVWVWRVRZDQD
UyZQLH QDF]
FLDSDUDWXU\FKHPLF]QHM6SDZDOQD
+1
6
6WDOVWRVRZDQDQDF]H FLREFL
RQHPHFKDQLF]QLHSUDFXM FHSU]\
Z\VRNLFKWHPSHUDWXUDFK-DNRVWDONZDVRRGSRUQDMHVWVWRVRZDQDQD
F]
FLDSDUDWXU\FKHPLF]QHMGRNRQZHUVMLPHWDQXS\UROL]\JD]yZ
DURRGSRUQDZSRZLHWU]XGRWHPSHUDWXU\RNRáR &6SDZDOQD
+16
6WDOVWRVRZDQDQDVLOQLHREFL
RQHF]H FLXU] G]H GRS\UROL]\JD]yZ
NRQZHUVMLPHWDQXQDXU]DG]HQLDGODSU]HP\VáXV]NODUVNLHJR
WUDQVSRUWHU\ZSLHFDFK DURRGSRUQDZSRZLHWU]XGRWHPSHUDWXU\RNRáR
&6SDZDOQD
67$/(1,(5'=(:1(
67$/(.:$622'3251(
31
:15
$,6,
=$67262:$1,(
+7
6WDOVWRVRZDQDQDZ\PLHQQLNLFLHSáDGODJRU F\FKWOHQNyZD]RWXLJRU FHJRNZDVX
D]RWRZHJRQDF\VWHUQ\]ELRUQLNLGRSU]HZR]XNZDVXD]RWRZHJRGRZ\UREX
XU]DG]H JRVSRGUVWZDGRPRZHJR3U]\PDá\FKSU]HNURMDFKVSDZDOQR üGREUDSU]\
ZLHNV]\FKRJUDQLF]RQD3U]HGVSDZDQLHP]DOHFDQHSRGJU]HZDQLH
+
6WDOVWRVRZDQDZSU]HP\ OHNZDVXD]RWRZHJRLVSR \ZF]HJRZEXGRZQLFWZLHRUD]
GRZ\UREXXU] G]H JRVSRGDUVWZDGRPRZHJR6SDZDQLHQLH]DOHFDQH
+
&
6WDOVWRVRZDQDQDQDUD G]LDFKLUXUJLF]QHQR HZ\VRNLHMMDNRVFL]DZRU\SDQHZNL
áR \VNDNXONRZHGODSU]HP\VáXQDIWRZHJRLLQQHF]H FRGNWyU\FKMHVWZ\PDJDQD
GX DRGSRUQR üQD FLHUDQLH1LHQDGDMHVLHGRVSDZDQLD
+1
+1
6WDOVWRVRZDQDGRXU] G]H SUDFXM F\FKSRGREFL ]HQLHPZSU]HP\ OH
POHF]DUVNLPGUR G RZ\PSDSLHUQLF]\PRUD]SUDFXM F\FKZZRG]LHPRUVNLHMMDN
VOLPDNLF]
FLSRPSLWS6SDZDQLHQLH]DOHFDQH
+
6
6WDOSU]H]QDF]RQDGRZ\UREXF]
FLQDUD RQ\FKQDVWDáHG]LDáDQLHZRG\LSDU\
DSDUDWXU\ZSU]HP\ OHQDIWRZ\PZ\NáDG]LQ]ELRUQLNyZZSU]HP\ OH
SHWURFKHPLF]Q\PZ\PLHQQLNyZFLHSáDLUXUNUDNLQJRZ\FK]OHZR]P\ZDNyZQDNU\ü
VWRáRZ\FK6SDZDOQD
+
6WDOVWRVRZDQDGRZ\UREXáRSDWHNWXUELQSDURZ\FKDSDUDWXU\XU]DG]H
NUDNLQJRZ\FKVZRU]QLQDNU WHNF]
FLSRPSQDNU\üVWRáRZ\FKVLWGR
SU]HVLHZDQLDZ JODLWS3U]\SRáDF]HQLDFKVLOQLHREFL
RQ\FKNRQLHF]QH
SRGJU]HZDQLHSU]HGVSDZDQLHPSRVSDZDQLXZ\
U]DQLH
+
6WDOVWRVRZDQDQDZDá\ UXE\VSU
\Q\GáDZLFH&HFKXMHM OHSV]DWZDUGR üL
Z\WU]\PDáR üRGVWDOL+SU]HGVSDZDQLHPNRQLHF]QHSRGJU]HZDQLHZ
WHPSHUDWXU]H &SRVSDZDQLXZ\ DU]DQLH]PL NF]DM FH
+
)
6WDOSU]H]QDF]RQDGRZ\UREXZDáyZVUXEGáDZLFVSU
\QJU]\ENyZZHQW\OyZ
QDU] G]LWQDF\FK6SDZDQLHQLH]DOHFDQH
+
6
6WDOVWRVRZDQDZ\á F]QLHQDQDU] G]LDPHG\F]QHQR HGRQDNU\FVWRáRZ\FK
NXFKHQQHU]H QLF]H6SDZDQLHQLH]DOHFDQH
31
:15
$,6,
=$67262:$1,(
+1
6WDOVWRVRZDQDQDF]
FLSU]H]QDF]RQHGRJá ERNLHJRWáRF]HQLDSUDFXM FH
ZWDNLFKVDP\FK URGRZLVNDFKMDNF]
FL]HVWDOL+176SDZDOQD
+17
+17
6WDOVWRVRZDQDQDXU]DG]HQLDVSDZDQHZSU]HP\ OHFKHPLF]Q\PMDN
Z\PLHQQLNLFLHSáDZLH HDEVRUEF\MQH]ELRUQLNLGRNZDVyZQSD]RWRZ\FK
QDXU]DG]HQLDGODSU]HP\VáXODNLHUQLF]HJRIDUPDFHXW\F]QHJRQDF]
FL
SRPSSUDFXMDFHZNZD Q\FKZRGDFKV]\ERZ\FKZSU]HP\ OHZ JORZ\P
QDHOHPHQW\QDUD RQHQDG]LDáDQLHDJUHV\ZQ\FK URGNyZNRQVHUZXM F\FK
ZSU]HP\ OHVSR \ZF]\P6SDZDOQD
+1
/
6WDOVWRVRZDQDQDWDNLHVDPHXU] G]HQLDMDN]HVWDOL+17Z
URGRZLVNDFKRGX]\P]DJUR]HQLXNRUR]MDPLHG]\NU\VWDOLF]Q 6SDZDOQD
+10
6WDOVWRVRZDQDQDF]H FLSUDFXM FHZREHFQRVFLQLHNWyU\FKDJUHV\ZQ\FK
FKORUNyZRUD]ZQLHNWyU\FKZ ]áDFKFL JXSURGXNFMLPRF]QLND6SDZDOQD
+10
/
6WDOVWRVRZDQDGREXGRZ\XU]DG]H RJUXER FL FLDQNLSRZ\ HMPPZ
URGRZLVNXRGX]\P]DJUR HQLXNRUR]M PL G]\NU\VWDOLF]Q RUD]Z
REHFQR FLQLHNWyU\FKDJUHV\ZQ\FKFKORUNyZLZQLHNWyU\FKZH]áDFKFL JX
SURGXNFMLPRF]QLND6SDZDOQD
+107
7L
6WDOVWRVRZDQDZPHG\F\QLHQDJZR G]LHLá F]QLNLGRá F]HQLDNR FLRUD]
ZSU]HP\ OHZáyNLHQQLF]\PGRSUDF\ZREHFQR FLEDUZQLNyZ6SDZDOQD
+107&X
6WDOVWRVRZDQDQDHOHPHQW\SUDFXMDFHZ URGRZLVNXNZDVXVLDUNRZHJR
IRVIRURZHJRPUyZNRZHJRLFKORUNyZ6SDZDOQD
+107&X 1
6WDOSU]H]QDF]RQDQDHOHPHQW\SUDFXMDFHZ URGRZLVNXNZDVXVLDUNRZHJR
PUyZNRZHJRIRVIRURZHJRLFKORUNyZ6SDZDOQD