#F[QJFD[FOTUXPE[JFDJOBXTJ
3RZV]HFKQLHVWRVRZDQHQLHW\ONRZ]DNáDGDFKSU]HP\VáXGU]HZQHJRDOHUyZQLHĪZ]DSOHF]X
WHFKQLF]Q\PZJRVSRGDUVWZDFKUROQLF]\FKRUD]SU]H]PDMVWHUNRZLF]yZ
1DMF]ĊĞFLHMVWRVRZDQHVąSLODUNLVWRODUVNLH]UĊF]Q\PSRVXZHPPDWHULDáXGRFLĊFLDZ]GáXĪQHJRL
SRSU]HF]QHJRGUHZQD6ąWRQDMEDUG]LHMQLHEH]SLHF]QHPDV]\Q\]SXQNWXZLG]HQLD]DJURĪHĔ
Z\SDGNRZ\FK
3RGVWDZRZH]DJURĪHQLDSRZRGXMąFHZ\SDGNLSU]\SUDF\SLODUNąWRXGHU]HQLHRGU]XFRQ\PSU]H]SLáĊ
PDWHULDáHPLXV]NRG]HQLHFLDáD]ĊEDPLSLá\
3RQDGWRLVWQLHMHPRĪOLZRĞüSRUDĪHQLDSUąGHPHOHNWU\F]Q\PSU]\XĪ\ZDQLXREUDELDUHN]QLHVSUDZQą
LQVWDODFMą
=DJURĪHQLDGOD]GURZLDSUDFRZQLNDSRZRGRZDüPRĪHUyZQLHĪQDGPLHUQ\KDáDVLZLEUDFMDDWDNĪH
SRZVWDMąF\ZWUDNFLHREUyENLS\á
%(=3,(&=(ē67:2,2&+521$='52:,$
3U]HGXUXFKRPLHQLHPSLODUNLVSUDZGĨMHMVWDQWHFKQLF]Q\DZV]F]HJyOQRĞFLVSUDZQRĞü
XU]ąG]HĔ]DEH]SLHF]DMąF\FKRUD]Z\áąF]QLNyZ
1LHXĪ\ZDMSLáXV]NRG]RQ\FKSĊNQLĊW\FKRZ\áDPDQ\FKOXEEUDNXMąF\FK]ĊEDFK
3U]HGRVDG]HQLHPWDUF]\SLá\RF]\Ğü
SáDV]F]\]Q\VW\NXWDUF]\]SLHUĞFLHQLHP
GRFLVNRZ\PQS]WURFLQZFHOX
UyZQRPLHUQHJR]DFLĞQLĊFLDSU]\OHJDMąF\FK
SáDV]F]\]Q
6SUDZGĨF]\WDUF]DMHVW]DPRFRZDQD
SHZQLHRUD]FHQWU\F]QLHDE\XQLNQąüMHM
U]XFDQLDELFLD
8Ī\ZDMSLá\R]ĊEDFKGREU]H
QDRVWU]RQ\FKQDOHĪ\FLHUR]ZDUW\FKLR
ZLHU]FKRáNDFKQDMHGQDNRZHMZ\VRNRĞFL
:FHOXQLHGRSXV]F]HQLDGRRGU]XWXSU]HU]\QDQHJRZ]GáXĪQLHPDWHULDáXVWRVXMNOLQ
UR]V]F]HSLDMąF\
.OLQUR]V]F]HSLDMąF\]DPRQWXMWDNDE\QDMPQLHMV]DRGOHJáRĞüPLĊG]\F]ĊĞFLąNOLQXSRáRĪRQą
QDMEOLĪHMSLá\DSLáąZ\QRVLáDPPDĪDGHQSXQNWNOLQDUR]V]F]HSLDMąFHJRQLHE\áRGOHJá\RGSLá\
ZLĊFHMQLĪRPP
GJMF%]QSPKFLUQSFXFOCVEQJMUBSD[BQJMUBSD[IUN[
#F[QJFD[FOTUXPE[JFDJOBXTJ
1LHSUDFXMSLODUNąMHĞOLWDUF]DSLá\QLHMHVW]DEH]SLHF]RQDRVáRQDPLQDGVWRáHPLSRGVWRáHP
]DEH]SLHF]DMąF\PLSU]HGPRĪOLZ\P]HWNQLĊFLHPVLĊUĊNLSUDFRZQLND]]ĊEDPLWDUF]\
3U]\SUDF\QDSLODUNDFK]SRVXZHP]PHFKDQL]RZDQ\PVSUDZGĨF]\GREU]HG]LDáDXU]ąG]HQLH
SU]HFLZRGU]XWRZH
-HĞOLRVáRQDJyUQHMF]ĊĞFLSLá\UHJXORZDQDMHVWUĊF]QLH±XVWDZMąQDZ\VRNRĞFLGRPPQDG
SáDV]F]\]QąSU]HU]\QDQHJRPDWHULDáX
=DSDPLĊWDM
(OHPHQW\QDSĊGXNRáDSDV\SU]HNáDGQLH
PXV]ąE\üRVáRQLĊWH
8SU]HGĨR]DPLDU]HXUXFKRPLHQLDPDV]\Q\LQQHRVRE\SUDFXMąFHSU]\MHMREVáXG]H
3U]\SU]HU]\QDQLXZ]GáXĪQ\PLUĊF]Q\PSRVXZLHGUHZQDVWRVXM
ի
SURZDGQLFĊRUD]SU]HVXZDGáRGRVWRVRZDQHSRGZ]JOĊGHPNV]WDáWXLZLHONRĞFLGRREUDELDQHJR
PDWHULDáX
ի
RGSRZLHGQLHOHPHQWGUHZQLDQ\QSNORFHNSU]H]NWyU\GRFLVNDV]PDWHULDáOHZąUĊNąGR
SURZDGQLF\GRFLVNDQLHEH]SRĞUHGQLRPDWHULDáXV]F]HJyOQLHZąVNLHJRGRSURZDGQLF\UĊNą
QDUDĪDQD]HWNQLĊFLHVLĊUĊNL]WDUF]ąSLODUNLZSU]\SDGNXQSSRGHUZDQLDPDWHULDáXZNRĔFRZHM
ID]LHFLĊFLD
GJMF%]QSPKFLUQSFXFOCVEQJMUBSD[BQJMUBSD[IUN[
#F[QJFD[FOTUXPE[JFDJOBXTJ
:WUDNFLHUĊF]QHJRSRVXZXPDWHULDáXQLHVWyMQDOLQLLHZHQWXDOQHJRRGU]XWXPDWHULDáXGRW\áX±
VWyM]ERNX
1LHSUDFXMQDSLODUFH]QDGPLHUQLHZ\URELRQą
V]F]HOLQąSU]H]NWyUąZ\VWDMHWDUF]DSLá\]HVWRáX
3UDFXMQDSLODUFHSU]\ZáąF]RQ\PXU]ąG]HQLXGR
RGSURZDG]DQLDS\áyZLWURFLQ
1LHXVXZDMRGSDGyZ]PDV]\Q\UĊNDPLRUD]QLH
KDPXMWDUF]\SLá\SU]\SDGNRZ\PLSU]HGPLRWDPL
3UDFXMąFQDSLODUFHVWRVXMRFKURQQLNLVáXFKXDZ
SU]\SDGNXEUDNXXU]ąG]HQLDGRRGSURZDG]DQLDS\áyZL
WURFLQ±RNXODU\RFKURQQH
'EDMRSRU]ąGHNQDVWDQRZLVNXSUDF\D]ZáDV]F]D
XVXĔZV]HONLHSU]HGPLRW\LRGSDG\XWUXGQLDMąFH
SRUXV]DQLHVLĊZWUDNFLHSUDF\
:\áąF]SLODUNĊSU]HGRSXV]F]HQLHPVWDQRZLVND
SUDF\
3RGVWDZDSUDZQD
●
$UWLXVWDZ\.RGHNVSUDF\WHNVWMHGQROLW\']8]UQUSR]]SyĨQ]P
●
5R]SRU]ąG]HQLH0LQLVWUD*RVSRGDUNL]GQLDNZLHWQLDUZVSUDZLHEH]SLHF]HĔVWZDLKLJLHQ\
SUDF\SU]\REVáXG]HREUDELDUHNGRGUHZQD']8]UQUSR]
●
3ROVND1RUPD31(1%H]SLHF]HĔVWZRREUDELDUHNGRGUHZQD3LODUNLWDUF]RZH&]ĊĞü
3LODUNLWDUF]RZHVWRáRZH]HVWRáHPLEH]VWRáXSU]HVXZQHJRLSLODUNLIRUPDWRZH
=DSDPLĊWDM
%UDNRVáRQ]DEH]SLHF]DMąF\FKVWDQRZLVND
QLHVLHVWDáHĨUyGáR]DJURĪHĔ
'ODWHJR1LHU\]\NXM±]DEH]SLHF]
GJMF%]QSPKFLUQSFXFOCVEQJMUBSD[BQJMUBSD[IUN[