7RPDV]6,:2:6.,

52'2:,6.2:$2&(1$&<./8 <&,$:02672:1,&7:,(±

678',8035=<3$'.8

,GHD ]UyZQRZD RQHJR UR]ZRMX DQJ VXVWDLQDEOH GHYHORSPHQW RSLHUD VL QD WU]HFK ILODUDFK HIHNW\ZQR FL

HNRQRPLF]QHM WURVFH R URGRZLVNR RUD] UyZQRZDG]H VSRáHF]QHM 2V]DFRZDQLH RGG]LDá\ZDQLD RELHNWX PDWHULDáX

SURFHVXLWSQD URGRZLVNRZFL JXFDáHJR \FLDMHVWSU]HGPLRWHPW]Z URGRZLVNRZHMRFHQ\F\NOX \FLD/&$DQJ

/LIH&\FOH$VVHVVPHQW URGRZLVNRZDRFHQDF\NOX \FLDMHVWWHFKQLN ]DU] G]DQLD URGRZLVNRZHJRZNWyUHMRFHQLD

VL HIHNW\ URGRZLVNRZHSR]\W\ZQHLQHJDW\ZQH]ZL ]DQH]SURGXNWHPZFDá\PRNUHVLHMHJR \FLD±ÄRGNRá\VNLD SR

JUyE´3UDZLGáRZRSU]HSURZDG]RQHEDGDQLH/&$XáDWZLDSRGM FLHGHF\]MLLZVND]DQLHSURGXNWXOXESURFHVXNWyU\Z

QDMPQLHM V]NRGOLZ\ VSRVyE ZSá\ZD QD URGRZLVNR &HOHP RSLVDQHM DQDOL]\ E\áDSRUyZQDZF]DRFHQDSRWHQFMDOQHJR

ZSá\ZX QD URGRZLVNR JHQHURZDQHJR SRGF]DV F\NOX \FLD Z\EUDQ\FK URG]DMyZ SRPRVWyZ RELHNWyZ PRVWRZ\FK

$QDOL] SU]HSURZDG]RQR]JRGQLH]QRUPDPLVHULL31,62[:SUDF\SU]HGVWDZLRQRZ\QLNLSRUyZQDZF]HMDQDOL]\

/&$GODWU]HFKZDULDQWyZSRPRVWyZPRGHUQL]RZDQHJRRELHNWXPRVWRZHJR

:SURZDG]HQLH

=UyZQRZD RQ\ UR]ZyM DQJ VXVWDLQDEOH GHYHORSPHQW MHVW ILOR]RIL UR]ZRMX VSRáHF]QR

HNRQRPLF]QHJR]KDUPRQL]RZDQHJR]SRV]DQRZDQLHP URGRZLVND)LOR]RILDWDXPR OLZLDSRJRG]HQLH

G HQLD GR RVL JQL FLD VDW\VIDNFMRQXM FHJR Z\QLNX HNRQRPLF]QHJR ] Já ERN WURVN R URGRZLVNR

QDWXUDOQHLRWRF]HQLHVSRáHF]QH3RGVWDZ\LQVW\WXFMRQDOQH]UyZQRZD RQHJRUR]ZRMX]RVWDá\SU]\M WH

QDNRQIHUHQFML21= URGRZLVNRLUR]ZyM]ZDQHM6]F]\WHP=LHPLNWyUDRGE\áDVL ZF]HUZFX

U Z 5LR GH -DQHLUR 3U]\M WD ZyZF]DV $JHQGD VWDQRZL ]ELyU FHOyZ L ]DOHFH GRW\F] F\FK

SRV]F]HJyOQ\FK VHNWRUyZ ]DU] G]DQLD URGRZLVNLHP RUD] RJyOQ\FK ]DJDGQLH HNRQRPLF]Q\FK L

VSRáHF]Q\FK=DZDUWDWDPLGHD]UyZQRZD RQHJRUR]ZRMXRSLHUDVL QDWU]HFKILODUDFK

x HIHNW\ZQR ü HNRQRPLF]QD ]\VN GOD ]ELRURZR FL XZ]JO GQLDM F\ NRV]W\ VSRáHF]QH L

URGRZLVNRZH

x WURVND R URGRZLVNR RFKURQD QDWXUDOQ\FK QLHRGQDZLDOQ\FK ]DVREyZ ]PLQLPDOL]RZDQLH

QHJDW\ZQHJRRGG]LDá\ZDQLDQDRWRF]HQLH

x UyZQRZDJD VSRáHF]QD WZRU]HQLH QRZ\FK PLHMVF SUDF\ L DNW\ZQH G]LDáDQLD Z FHOX SRGQRV]HQLD

MDNR FL \FLD

1DSU]HFLZZ\PRJRP]UyZQRZD RQHJRUR]ZRMXZ\V]HGáV]yVW\ZVSyOQRWRZ\SURJUDPG]LDáD 8QLL

(XURSHMVNLHMZ]DNUHVLH URGRZLVNDQDWXUDOQHJRZ]\ZDM F\GRSU]\JRWRZDQLDÄ6WUDWHJLL7HPDW\F]QHM

Z VSUDZLH ]UyZQRZD RQHJR Z\NRU]\VW\ZDQLD L ]DU] G]DQLD ]DVREDPL´ =DVDGQLF]\P FHOHP VWUDWHJLL

MHVWRNUH OHQLHZWUDNFLHODWMHMUHDOL]DFMLQDMSRZD QLHMV]\FKGOD URGRZLVNDVNXWNyZHNVSORDWDFML

]DVREyZ QDWXUDOQ\FK RUD] SURPRZDQLH UR]ZL ]D L G]LDáD PDM F\FK QD FHOX LFK SU]H]Z\FL HQLH

G]L NLSRPQD DQLXZLHG]\QDLFKWHPDWRUD]]DSHZQLDQLXáDWZHJRGRQLHMGRVW SX$E\]UHDOL]RZDüWHQ

FHOVWUDWHJLDSU]HZLGXMHPLQRSUDFRZDQLHRGSRZLHGQLFKQDU] G]LVáX F\FKGRRFHQ\LSRUyZQDQLD

PDWHULDáyZ WHFKQRORJLL L SURFHVyZ SRG N WHP ]UyZQRZD RQHJR UR]ZRMX 3RQLHZD WDNLH QDU] G]LD

PXV] EUDüSRGXZDJ EDUG]RZLHOHUy Q\FKSDUDPHWUyZZSUDNW\F]Q\P]DVWRVRZDQLXMHVWNRQLHF]QH

Z\NRU]\VWDQLH ]HVWDZX ZVND QLNyZ NWyUH GRNáDGQLH XFKZ\F ZSá\Z RUD] RV]DFXM UH]XOWDW

URGRZLVNRZ\LHNRQRPLF]Q\]ZL ]DQ\]ND G\PSDUDPHWUHP:VND QLNLSHáQL REHFQLH]DVDGQLF]

URO ZRFHQLHPDWHULDáyZWHFKQRORJLLLSURFHVyZSRGN WHP]UyZQRZD RQHJRUR]ZRMX'ODNRQVWUXNFML

EXGRZODQ\FKSU]\MPXMHVL ]D]Z\F]DMQDVW SXM FHJUXS\ZVND QLNyZ

'ULQ :\G]LDá%XGRZQLFWZDL,Q \QLHULL URGRZLVND3ROLWHFKQLNL5]HV]RZVNLHM

92JöOQRSROVND.RQIHUHQFMD0RVWRZFöZ .RQVWUXNFMDL:\SRVD HQLH0RVWöZ

:LVïDOLVWRSDGDU

x GRRSLVXDVSHNWyZHNRQRPLF]Q\FK±ZVND QLNLRFHQLDM FHPLQLPDOL]DFM ZV]\VWNLFKNRV]WyZ

ZF\NOX \FLDNRQVWUXNFMLSU]\MHGQRF]HVQHMRSW\PDOL]DFMLVWRVXQNXNRU]\ FLGRQDNáDGyZ

x GR RSLVX DVSHNWyZ HNRORJLF]Q\FK ± ZVND QLNL RFHQLDM FH ]DPNQL W\ F\NO \FLD PDWHULDáyZ

SURZDG] F\ GR RFKURQ\ ]DVREyZ L PLQLPDOL]DFML RGSDGyZ D WDN H ZVND QLNL RFHQLDM FH

UHGXNFM HPLVML&2

RUD]]X \FLHHQHUJLL

x GRRSLVXDVSHNWyZVRFMDOQ\FK±ZVND QLNLRFHQLDM FHEH]SLHF]H VWZRLHVWHW\N SURMHNWXDZ

SU]\SDGNXEXGRZQLFWZDPLHV]NDQLRZHJRWDN HNRPIRUWNOLPDWXZHZQ WU]QHJRLDNXVW\F]QHJR

RUD]ZSá\ZQD]GURZLHX \WNRZQLNyZ

&\NO \FLDND GHJRRELHNWXNRQVWUXNFMLREHMPXMHF]WHU\NROHMQRQDVW SXM FHSRVRELHID]\U\V

x SR]\VNDQLHVXURZFyZZ\GRE\FLHVXURZFyZSU]HWZDU]DQLHVXURZFyZ

x SURGXNFMDZ\WZRU]HQLHSUHIDEU\NDWyZSyáSURGXNWyZPRQWD RELHNWX

x X \WNRZDQLHHNVSORDWDFMDXWU]\PDQLHQDSUDZ\

x NR FRZH]DJRVSRGDURZDQLHUR]ELyUNDUHF\NOLQJXW\OL]DFMDRGSDGyZ

5\V*áyZQHID]\F\NOX \FLDSURGXNWXNRQVWUXNFML

:HZV]\VWNLFKID]DFKZ\VW SXMHWDN HGRVWDZDL]X \FLHHQHUJLLQDWRPLDVWZQLHNWyU\FKID]DFKL

SRPL G]\QLPLZ\VW SXMHWUDQVSRUW:ND GHMID]LHSRV]F]HJyOQHFKDUDNWHU\VW\F]QHGODQLHMSURFHV\

JHQHUXM RNUH ORQH NRV]W\ L V SU]\F]\Q Uy QHJR URG]DMX HPLVML D ND G\ URG]DM HPLVML Z LQQ\

VSHF\ILF]Q\ VSRVyE RGG]LDáXMH QD URGRZLVNR 2V]DFRZDQLH NRV]WyZ RUD] RGG]LDá\ZDQLD RELHNWX

PDWHULDáXSURFHVXLWSQD URGRZLVNRZFL JXFDáHJR \FLDMHVWSU]HGPLRWHPGZyFKW\SyZDQDOL]

x HNRQRPLF]QHMRFHQ\F\NOX \FLD/&&$DQJ/LIH&\FOH&RVW$QDO\VLV

x URGRZLVNRZHMRFHQ\F\NOX \FLD/&$DQJ/LIH&\FOH$VVHVVPHQW

:\QLNL RWU]\PDQH ] DQDOL] /&&$ L /&$ VáX á F]QLH GR RFHQ\ VWRSQLD ZGUR HQLD ]DVDG

]UyZQRZD RQHJR UR]ZRMX SU]H] SRUyZQ\ZDQH ZDULDQW\ NRQVWUXNF\MQH PDWHULDáRZH OXE

WHFKQRORJLF]QH>@

&HOHP RSLVDQHM SRQL HM DQDOL]\ /&$ E\áD SRUyZQDZF]D RFHQD SRWHQFMDOQHJR ZSá\ZX QD

URGRZLVNRJHQHURZDQHJRSRGF]DVF\NOX \FLDZ\EUDQ\FKURG]DMyZSRPRVWyZRELHNWyZPRVWRZ\FK

0D RQD FKDUDNWHU NODV\F]QHJR SURFHVRZHJR EDGDQLD /&$ NWyUHJR ]DGDQLHP MHVW RNUH OHQLH F]\

]DVW SLHQLHWUDG\F\MQ\FKSRPRVWyZ HOEHWRZ\FKOXEVWDORZ\FKQSSRPRVWHPDOXPLQLRZ\PSU]\QRVL

UHGXNFM V]NRGOLZHJR RGG]LDá\ZDQLD QD URGRZLVNR -DNR SR]LRP RGQLHVLHQLD SRVáX \á QDMEDUG]LHM

UR]SRZV]HFKQLRQ\SRPRVW HOEHWRZ\$QDOL] SU]HSURZDG]RQR]JRGQLH]QRUPDPLVHULL31,62[

>@ >@ >@ >@ : SUDF\ SU]HGVWDZLRQR Z\QLNL SRUyZQDZF]HM DQDOL]\ /&$ GOD WU]HFK ZDULDQWyZ

SRPRVWXZ\EUDQHJRRELHNWXPRVWRZHJR

3U]HGPLRWDQDOL]\/&$

3U]HGPLRWHP URGRZLVNRZHM RFHQ\ F\NOX \FLD E\á\ WU]\ ZDULDQW\ NRQVWUXNF\MQH SRPRVWX

]DSURMHNWRZDQH GOD PRGHUQL]RZDQHJR PRVWX SU]H] :LVá Z 1DJQDMRZLH SRáR RQHJR Z FL JX GURJL

NUDMRZHMQUPL G]\QDURGRZHM(0RVW]RVWDá]EXGRZDQ\ZODWDFKU,VWQLHM F\PRVWL

MHJRSRPRVWSRND]DQRQDU\V0RGHUQL]DFMDPRVWXZ1DJQDMRZLHE\áDSU]HGPLRWHPZF]H QLHMV]\FK

VWXGLyZLDQDOL]SURZDG]RQ\FKSU]H]DXWRUD:SUDF\>@SU]HDQDOL]RZDQRNLONDZDULDQWyZSRPRVWyZ

Z\NRQDQ\FK ] PDWHULDáyZ WUDG\F\MQ\FK VWDO EHWRQ ]Z\Ná\ EHWRQ OHNNL $VSHNW\ WHFKQLF]QH L

REOLF]HQLRZH PRGHUQL]DFML PRVWX ] Z\NRU]\VWDQLHP SRPRVWX DOXPLQLRZHJR SU]HGVWDZLRQR Z SUDF\

>@$QDOL] SRUyZQDZF] Uy Q\FKSá\WSRPRVWRZ\FKVWRVRZDQ\FKGRPRGHUQL]DFMLNUDWRZQLFRZ\FK

PRVWyZ VWDORZ\FK SU]HGVWDZLá DXWRU Z SUDF\ >@ QDWRPLDVW DQDOL] SRUyZQDZF] NRV]WyZ Z F\NOX

\FLD/&&$GODZ\EUDQ\FKZDULDQWyZSRPRVWXPRVWXZ1DJQDMRZLHZSUDF\>@.R FRZ\SURMHNW

RUD] UHDOL]DFM PRGHUQL]DFML SRPRVWX ZJ ZDULDQWX Z\EUDQHJR SU]H] DGPLQLVWUDWRUD PRVWX

SU]HGVWDZLRQR Z SUDF\ >@ :\PLHQLRQH SUDFH Z VSRVyE REV]HUQ\ SU]HGVWDZLDM VWURQ WHFKQLF]Q

REOLF]HQLRZ L HNRQRPLF]Q ]DJDGQLHQLD 3U]HGVWDZLRQD SRQL HM URGRZLVNRZD RFHQD ZDULDQWyZ

SRPRVWX XPR OLZLD KROLVW\F]QH VSRMU]HQLH QD GR ü SRZV]HFKQ\ ZVSyáF]H QLH SUREOHP

Z\PLDQ\PRGHUQL]DFMLSRPRVWXZWHJRW\SXRELHNWDFKPRVWRZ\FK

5\V0RVWSU]H]:LVá Z1DJQDMRZLH

3RGVWDZRZH ]DáR HQLD GR PRGHUQL]DFML PRVWX E\á\ ]ZL ]DQH ] NRQLHF]QR FL GRVWRVRZDQLD MHJR

SDUDPHWUyZX \WNRZ\FKGRRERZL ]XM F\FKZ\PDJD WHFKQLF]Q\FK=DáR RQR]ZL NV]HQLHQR QR FL

G ZLJDUyZ JáyZQ\FK L SRPRVWX RUD] X]\VNDQLH OHWQLHM WUZDáR FL PRVWX SR PRGHUQL]DFML :

SU]\SDGNX SRPRVWX Z\PDJDQD WUZDáR ü MHVW PQLHMV]D L Z\QRVL GOD HOHPHQWyZ NRQVWUXNF\MQ\FK

SRPRVWX ± ODW GOD Z\SRVD HQLD SRPRVWX L]RODFMD QDZLHU]FKQLD LWS ± ODW RUD] GOD

]DEH]SLHF]HQLDDQW\NRUR]\MQHJRVWDOLLEHWRQX±ODW>@$E\VSHáQLüWHZ\PDJDQLDPRGHUQL]DFMD

PRVWX REHMPRZDáD PLQ Z]PRFQLHQLH EH]SR UHGQLH VWDORZ\FK G ZLJDUyZ JáyZQ\FK L EHOHN UXV]WX

SRPRVWXFDáNRZLW Z\PLDQ Sá\W\SRPRVWXRGQRZ ]DEH]SLHF]HQLDDQW\NRUR]\MQHJRLZ\SRVD HQLD

RUD]UHPRQWLZ]PRFQLHQLHSRGSyU>@

3RGVWDZRZ\P HOHPHQWHP PRGHUQL]DFML PRVWX E\áD FDáNRZLWD Z\PLDQD LVWQLHM FHM Sá\W\ SRPRVWX

ZUD] ] Z\SRVD HQLHP RUD] HZHQWXDOQH Z]PRFQLHQLH EHOHN SRPRVWX L G ZLJDUyZ JáyZQ\FK

3RUyZQDZF] DQDOL] ZSá\ZyZ URGRZLVNRZ\FK Z FL JX F\NOX \FLD PRVWX SU]HSURZDG]RQR GOD

WU]HFK ZDULDQWyZ QRZHM Sá\W\ SRPRVWX HOEHWRZHM VWDORZHM L DOXPLQLRZHM 3RQLHZD SR]RVWDáH

HOHPHQW\ PRGHUQL]DFML PRVWX QS UR]ELyUNL QDSUDZ\ ]DEH]SLHF]HQLH DQW\NRUR]\MQH G ZLJDUyZ

UHPRQWSRGSyULWSV QLH]DOH QHRGURG]DMXQRZHJRSRPRVWXQLHXZ]JO GQLDQRLFKZDQDOL]LH:

SUDF\ >@ SU]HGVWDZLRQR SRGVWDZRZH SDUDPHWU\ WHFKQLF]QH UR]SDWU\ZDQ\FK ZDULDQWyZ QRZHJR

SRPRVWX :DULDQW\ QU L WR NRQZHQFMRQDOQH Sá\W\ SRPRVWyZ HOEHWRZD ]HVSRORQD ] EHONDPL

SRPRVWXRUD]VWDORZDRUWRWURSRZD:DULDQWQU]DNáDGDáZ\NRU]\VWDQLHSDQHOL]HVWRSXDOXPLQLXP

RSLVDQ\FKPLQZSUDF\>@.D G\]ZDULDQWyZVSHáQLDáMHGQDNRZRZ\PDJDQLDGRW\F] FHQR QR FL

QDWRPLDVWZUy Q\VSRVyEZ\PDJDQLDGRW\F] FHWUZDáR FL=ZL ]DQHMHVWWRJáyZQLH]Uy Q WUZDáR FL

PDWHULDáyZ]NWyU\FKZ\NRQDQRSRPRVW3R]DPDWHULDáHPLWUZDáR FL SRV]F]HJyOQHZDULDQW\Uy QLá\

VL PL G]\ VRE WDN H FL DUHP MHGQRVWNRZ\P RUD] ]ZL ]DQ\P ] QLP ]DNUHVHP Z]PRFQLHQLD

G ZLJDUyZLEHOHNSRPRVWX

3URFHGXUD URGRZLVNRZHMRFHQ\F\NOX \FLDSRPRVWyZ

&HOHPDQDOL]\/&$E\áDSRUyZQDZF]DRFHQDSRWHQFMDOQHJRZSá\ZXQD URGRZLVNRJHQHURZDQHJR

SRGF]DV F\NOX \FLD Z\EUDQ\FK URG]DMyZ SRPRVWyZ Z\NRQDQ\FK ] Uy Q\FK PDWHULDáyZ

NRQVWUXNF\MQ\FK-DNRSR]LRPRGQLHVLHQLDSRVáX \áQDMEDUG]LHMUR]SRZV]HFKQLRQ\SRPRVW HOEHWRZ\

:UDPDFKJáyZQHJRFHOXRNUH ORQRUyZQLH FHOHV]F]HJyáRZHWMRNUH OHQLHZLHONR FLSRWHQFMDOQHJR

ZSá\ZX GOD FDá\FK F\NOL \FLD SRPRVWyZ RUD] Z\ND]DQLH UyGHá QDMZL NV]HJR RGG]LDá\ZDQLD

0HWRG\NDSU]HSURZDG]RQHMDQDOL]\/&$REHMPRZDáDUHDOL]DFM F]WHUHFKHWDSyZZJQRUP>@>@>@

>@ WM RNUH OHQLH FHOX L ]DNUHVX DQDOL]\ DQDOL] ]ELRUX ZHM ü L Z\M ü RFHQ ZSá\ZX F\NOX \FLD L

LQWHUSUHWDFM Z\QLNyZ $QDOL] SU]HSURZDG]RQR ]JRGQLH ] Z\W\F]Q\PL GOD DQDOL] SRUyZQDZF]\FK

>@:DQDOL]LHZ\NRU]\VWDQRQDVW SXM FHQDU] G]LD

x DQDOL] /&$SU]HSURZDG]RQR]DSRPRF SURJUDPX(&2LWY

x RFHQ ZSá\ZXQD URGRZLVNR/&,$Z\NRQDQR]DSRPRF PHWRG\(FR,QGLFDWRU

x GDQH URGRZLVNRZH ]DF]HUSQL WR ] ED]\ SURJUDPX (&2LW RUD] Z SU]\SDGNX SRPRVWX

DOXPLQLRZHJR]ED]GDQ\FKPLQ>@>@VWRVXM FHG\WRU(&2HGLW

:L NV]R üSURFHVyZUHDOL]RZDQ\FKZSRV]F]HJyOQ\FKHWDSDFKF\NOX \FLDSRPRVWyZSURGXNFMD

X \WNRZDQLH NR FRZH ]DJRVSRGDURZDQLH PD PLHMVFH QD WHUHQLH 3ROVNL :\M WHN VWDQRZL ID]D

SR]\VNDQLD VXURZFyZ GR SURGXNFML SRPRVWX DOXPLQLRZHJR NWyUH V VSURZDG]DQH ]]D JUDQLF\

3RQLHZD RSLVDQHEDGDQLH/&$PLDáRFKDUDNWHUSRUyZQDZF]\SRV]F]HJyOQHZDULDQW\E\á\RFHQLDQHZ

SRUyZQ\ZDOQ\ VSRVyE Z RGQLHVLHQLX GR V]HURNR FL L Já ERNR FL DQDOL]\ /&$ RUD] MDNR FL GDQ\FK

:V]\VWNLH ZDULDQW\ DQDOL]\ VL JDM GR WHJR VDPHJR SR]LRPX GRVWDZFyZ WM SR]LRPX VXURZFyZ

3RQLHZD SRGVWDZ EDGDQLD E\áR Z\ND]DQLH ]PLDQ Z ZLHONR FL RGG]LDá\ZDQLD QD URGRZLVNR

Z\QLNDM F\FK JáyZQLH ]H ]PLDQ Z ]DNUHVLH SURGXNFML PDWHULDá\ L WHFKQRORJLH Z\NRQDQLD ]DNUHV\

JHRJUDILF]QH L WHFKQRORJLF]QH GOD SRV]F]HJyOQ\FK ZDULDQWyZ E\á\ Uy QH QDWRPLDVW ]DNUHV\ F]DVRZH

MHGQDNRZH =DNUHV JHRJUDILF]Q\ NV]WDáWXMH VL RG ORNDOQHJR GR JOREDOQHJR :\QLND WR ] IDNWX H

Z\NRQDQLH SRPRVWX HOEHWRZHJR PD FKDUDNWHU FDáNRZLFLH ORNDOQ\ SRPRVWX VWDORZHJR ± NUDMRZ\ D

SRPRVWXDOXPLQLRZHJR]HZ]JO GXQDGRVWDZ VXURZFyZRUD]NQRZKRZJOREDOQ\5y QHMHVWWDN H

]DDZDQVRZDQLH WHFKQRORJLF]QH ± SRPRVW\ HOEHWRZ\ L VWDORZ\ UHSUH]HQWXM WHFKQRORJL WUDG\F\MQ

SRPRVW DOXPLQLRZ\ ± WHFKQRORJL ]DDZDQVRZDQ = SU]HVWU]HQQHJR SXQNWX ZLG]HQLD SRPLHG]\

ZDULDQWDPLQLHPDZL NV]\FKUy QLFJG\ PLHMVFHSURGXNFMLZEXGRZDQLDMHVWPQLHMZL FHMWRVDPR

] SHZQ\PL Uy QLFDPL Z ]DNUHVLH WUDQVSRUWX :DULDQW\ PDM MHGQDN FDáNRZLFLH RGPLHQQ\ SURFHV

Z\WZDU]DQLD FR SURZDG]L GR SRZVWDQLD Z\UREyZ R RGPLHQQ\FK SDUDPHWUDFK HNVSORDWDF\MQ\FK

3U]\M WH Z DQDOL]LH ]DNUHV\ F]DVRZH V MHGQDNRZH GOD ZV]\VWNLFK ZDULDQWyZ SRPRVWyZ L REHMPXM

GDQH]RNUHVXRUD]OHWQLF\NO \FLDSURGXNWX

$QDOL] REM WRQLHPDOFDáHF\NOH \FLDSRPRVWyZZ\á F]DM FHWDSSR]\VNDQLDVXURZFyZ1DU\V

SU]HGVWDZLRQRRJyOQ\VFKHPDWPRGHOX/&,$XMPXM F\DQDOL]RZDQHHWDS\F\NOX \FLDSRPRVWX.D G\

]SURVWRN WyZSUH]HQWXMHSURFHVMHGQRVWNRZ\PDM F\VZRMHZHM FLDVXURZFHPDWHULDá\HQHUJLDRUD]

Z\M FLD HPLVMH RGSDG\ 3URFHV\ MHGQRVWNRZH ]QDMGXM VL QD SRGREQ\P GR ü V]F]HJyáRZ\P

SR]LRPLHDQDOL]\FKRFLD ZQLHNWyU\FKSU]\SDGNDFKPR QDZ\Uy QLüSURFHV\EDUG]LHM]DJUHJRZDQH

QSXWU]\PDQLHLQDSUDZ\:SU]\SDGNXJG\SRPL G]\SURFHVDPL]DFKRG]LWUDQVSRUWZDQDOL]LH/&,$

XZ]JO GQLRQR ZSá\Z HOHPHQWyZ ZHM FLRZ\FK ]X \FLH SDOLZD RUD] Z\M FLRZ\FK HPLVMH VSDOLQ

]ZL ]DQ\FK]WUDQVSRUWHP$QDOL] UR]SRF] WRRGSURGXNFMLSRGVWDZRZ\FKPDWHULDáyZXZ]JO GQLDM F

NROHMQR SURGXNFM SyáIDEU\NDWyZ Z\WZRU]HQLH L ZEXGRZDQLH NRQVWUXNFML RNUHV X \WNRZDQLD RUD]

NR FRZHJR ]DJRVSRGDURZDQLD 8Z]JO GQLRQR HIHNW\ ZHM ü L Z\M ü ]ZL ]DQH ] HWDSDPL G\VWU\EXFML

WUDQVSRUWXSRPL G]\SRV]F]HJyOQ\PLID]DPLRUD]VWRVRZQHSU]HSá\Z\HQHUJHW\F]QH:RFHQLHF\NOX

\FLD XZ]JO GQLRQR UyZQLH ]DNáyFHQLD Z QRUPDOQ\P UXFKX SRMD]GyZ ]ZL ]DQH ] W\PF]DVRZ

RUJDQL]DFM UXFKXRUD]QDSUDZ\LOXEPRGHUQL]DFMHSRGF]DVUHLQZHVW\FMLZSRPRVW

:SU]\SDGNXSRPRVWyZPRGHORZDQLHF\NOX \FLDMHVWQLHFRXWUXGQLRQH]XZDJLQDMHJRGáXJR ü

ODW :Sá\Z ]GDU]H EXGRZODQ\FK Z GDOHNLHM SU]\V]áR FL PR H E\ü MHG\QLH V]DFRZDQ\ 5yZQLH

SDUDPHWU\RSLVXM FHUXFKGURJRZ\LMHJR]DNáyFHQLDWDN HV REDUF]RQHGX \PVWRSQLHPQLHSHZQR FL

'RGDWNRZ QLHSHZQR üVWDQRZLZPRGHOX]DVWRVRZDQLHQRZ\FKPDWHULDáyZVWRS\DOXPLQLXPJG]LH

HPSLU\F]QD ZLHG]D QD WHPDW LFK ]DFKRZDQLD VL Z SU]\V]áR FL QLH MHVW MHV]F]H GRVWDWHF]QLH

]ZHU\ILNRZDQD >@ 3RGVWDZRZH SURFHV\ Z SRV]F]HJyOQ\FK HWDSDFK F\NOX \FLD XZ]JO GQLRQH Z

DQDOL]LHND GHJRSRPRVWXSU]HGVWDZLRQRZWDEOLF\

5\V6FKHPDWPRGHOX/&,$GODSRPRVWX±XSURV]F]RQHGU]HZRSURFHVyZ

7DEOLFD3URFHV\XZ]JO GQLRQHZDQDOL]LH/&,$SRPRVWyZ

$QDOL]RZDQHSURFHV\

)D]DF\NOX \FLD

3RPRVW HOEHWRZ\

3RPRVWVWDORZ\

3RPRVWDOXPLQLRZ\

3URGXNFMD

x3URGXNFMDVNáDGQLNyZ

EHWRQX

x3URGXNFMDVWDOL

]EURMHQLRZHM

x7UDQVSRUWVNáDGQLNyZGR

EHWRQLDUQL

x:\WZDU]DQLHEHWRQXZ

EHWRQLDUQL

x3UDFDVSU] WXSU]\

XNáDGDQLXLSLHO JQDFML

EHWRQXHQHUJLD

x7UDQVSRUWQDEXGRZ

PLHV]DQNDVWDO

x 7UDQVSRUWVXURZFyZGR

KXW\

x 3URGXNFMDVWDOL

NRQVWUXNF\MQHM

x :DOFRZDQLHEODFK

x 7UDQVSRUWEODFKGR

Z\WZyUQL

x :\WZDU]DQLHNRQVWUXNFML

SRPRVWX

x 0HWDOL]DFMDNRQVWUXNFML

SRPRVWX

x 7UDQVSRUWQDEXGRZ

HOHPHQW\PRQWD RZH

x :EXGRZDQLHNRQVWUXNFML

VWDORZHMSRPRVWX

x7UDQVSRUWVXURZFyZGR

KXW\

x3URGXNFMDDOXPLQLXP

SLHUZRWQHJR

x:\FLVNDQLHSURILOL

x7UDQVSRUWSURILOLGR

Z\WZyUQL

x:\WZDU]DQLHNRQVWUXNFML

SRPRVWX

x7UDQVSRUWQDEXGRZ

SDQHOHSRPRVWX

x:EXGRZDQLHNRQVWUXNFML

DOXPLQLRZHMSRPRVWX

8 \WNRZDQLH

x8WU]\PDQLHLQDSUDZ\

HQHUJLDWUDQVSRUW

x:\PLDQDSRPRVWX

SRZWyU]RQ\FDá\F\NO

\FLD

x=DNáyFHQLDUXFKX

VSDODQLDGRGDWNRZHJR

SDOLZD

x 8WU]\PDQLH L QDSUDZ\

HQHUJLDWUDQVSRUW

x 2GQRZD ]DEH]SLHF]HQLD

DQW\NRUR]\MQHJRVWDOL

x8WU]\PDQLHLQDSUDZ\

HQHUJLDWUDQVSRUW

=DJRVSRGDURZDQLH

NR FRZH

x7UDQVSRUWRGSDGyZL

HOHPHQWyZ]UR]ELyUNL

x8W\OL]DFMDLVNáDGRZDQLH

JUX]X]EHWRQX

x6NáDGRZDQLH]áRPXVWDOL

]EURMHQLRZHM

x 7UDQVSRUWHOHPHQWyZ]

UR]ELyUNL

x 3U]HUyEND]áRPX

VWDORZHJR

x

6NáDGRZDQLH]áRPXVWDOL

NRQVWUXNF\MQHM

x7UDQVSRUWHOHPHQWyZ]

UR]ELyUNL

x5HF\NOLQJ]áRPX

DOXPLQLRZHJR

x6NáDGRZDQLH]áRPX

DOXPLQLXP

=H Z]JO GX QD SRUyZQDZF]\ FKDUDNWHU DQDOL]\ /&$ QLH SU]HSURZDG]DQR V]F]HJyáRZHM DQDOL]\

]ELRUXZHM üLZ\M üGODND GHJR]EDGDQ\FKZDULDQWyZSRPRVWyZ,QIRUPDFMHGRW\F] FHZV]\VWNLFK

SURFHVyZLPDWHULDáyZ]RVWDá\SREUDQH]ED]GDQ\FK]DZDUW\FKZSURJUDPLH(&2LW'DQHGRW\F] FH

VWUXPLHQL RGQLHVLHQLD ]DF]HUSQL WR ] PDWHULDáRZ\FK ED] GDQ\FK GRVW SQ\FK Z ,QWHUQHFLH RG

Z\NRQDZFyZ UREyW PRVWRZ\FK ] GRNXPHQWDFML WHFKQLF]Q\FK RUD] SXEOLNDFML RSLVXM F\FK Uy QH

ZDULDQW\PRGHUQL]DFMLPRVWX>@>@>@>@'DQHHQHUJHW\F]QHZID]LHX \WNRZDQLDRWU]\PDQRRG

Z\NRQDZF\UREyWPRVWRZ\FKVSHFMDOL]XM FHJRVL ZURERWDFKXWU]\PDQLRZ\FK2GOHJáR FLWUDQVSRUWX

SU]\M WR SU]\ ]DáR HQLX QDVW SXM F\FK PLHMVF SR]\VNDQLD PDWHULDáyZ L UHDOL]DFML SURFHVyZ VWDO

]EURMHQLRZD2VWURZLHF ZFHPHQW2 DUyZNUXV]\ZR'ROQ\ O VNUXGD HOD]D8NUDLQDZ JLHO

O VNERNV\W\5RVMDSURGXNFMDEHWRQX7DUQREU]HJSURGXNFMDVWDOL.UDNyZSURGXNFMDZOHZNyZ

DOXPLQLXP .RQLQ ZDOFRZDQLH VWDOL O VN SURGXNFMD NV]WDáWRZQLNyZ DOXPLQLRZ\FK . W\

Z\WZRU]HQLHNRQVWUXNFMLPHWDORZHM*U\EyZORFREXGRZD1DJQDMyZXW\OL]DFMDEHWRQX]UR]ELyUNL

7DUQREU]HJ]áRPVWDORZ\ O VNUHF\NOLQJDOXPLQLXP.RQLQVNáDGRZDQLHRGSDGyZ7DUQREU]HJ

:LHONR FL REFL H URGRZLVNRZ\FK]ZL ]DQH]W\PF]DVRZ RUJDQL]DFM UXFKXNRUNL±]ZL NV]RQH

]X \FLHSDOLZD]ZL NV]RQDHPLVMDGRSRZLHWU]DREOLF]RQRQDSRGVWDZLH6'5GURJLNUDMRZHMQURUD]

SRPLDUyZZáDVQ\FKQDREMH G]LHW\PF]DVRZ\PPRGHUQL]RZDQHJRPRVWXZ1DJQDMRZLH

-DNR ED]RZ SURFHGXU REOLF]HQLRZ Z\EUDQR PHWRG HNRZVND QLND DQJ (FR,QGLFDWRU

RSDUW QD PHWRGRORJLL SXQNWyZ NR FRZ\FK PHFKDQL]PX URGRZLVNRZHJR :\ERUX PHWRG\

HNRZVND QLND MDNR SRGVWDZRZHJR QDU] G]LD REOLF]H GRNRQDQR ]H Z]JO GX QD IDNW H MHVW WR

PHWRGD EDUG]R ]QDQD L SRSXODUQD RUD] NRPSOHNVRZD ± SRVLDGDM FD V]HURNLH VSHNWUXP ]DVWRVRZD

EDUG]R GREU]H RSLVDQD Z SL PLHQQLFWZLH UHSUH]HQWXM FD VWRVXQNRZR QRZ\ OHF] SU]\V]áR FLRZ\

NLHUXQHN UR]ZRMX PHWRGRORJLL /&$ RUD] XPR OLZLDM FD X]\VNDQLH Z\QLNyZ QD PDNV\PDOQ\P

SR]LRPLHDJUHJDFMLWMZSRVWDFLSRMHG\QF]HMZDUWR FLHNRZVND QLND>@>@

2EOLF]DM F HNRZVND QLNL GOD SRV]F]HJyOQ\FK SURFHVyZ XZ]JO GQLDQR ZV]\VWNLH VNáDGRZH :

RGQLHVLHQLXGRZ\WZDU]DQ\FKPDWHULDáyZEUDQRSRGXZDJ F\NORGZ\GRE\FLDVXURZFyZGRJRWRZHJR

PDWHULDáX :VND QLNL RGQRVLá\ VL GR O NJ PDWHULDáX : SU]\SDGNX SURFHVyZ SURGXNF\MQ\FK

XZ]JO GQLDQR HPLVMH ] SURFHVyZ ZUD] ] HPLVMDPL SRZVWDá\PL ] Z\NRU]\VWDQLD HQHUJLL :VND QLNL

RGQRVLá\VL GRMHGQRVWNLZ\UREXX]\VNDQHJRZZ\QLNXSURFHVXQSOP

OXEONJ:RGQLHVLHQLXGR

SURFHVyZWUDQVSRUWXXZ]JO GQLRQRZSá\ZHPLVML]ZL ]DQHM]SR]\VNDQLHPLSURGXNFM SDOLZRUD]]H

]X \FLHPSDOLZDZWUDQVSRUFLH=DMHGQRVWN IXQNFMRQDOQ SU]\M WRWUDQVSRUWPDV\ONJQDRGOHJáR ü

O NP O WNP $QDORJLF]QH REOLF]HQLD Z\NRQDQR Z RGQLHVLHQLX GR Z\GRE\FLD VXURZFyZ

HQHUJHW\F]Q\FKSU]HWZDU]DQLDLZ\GRE\FLDHQHUJLL:SURFHVDFKHQHUJHW\F]Q\FKZVND QLNLRGQRVLá\

VL GRMHGQRVWHNHQHUJLLQSN:KN-

3URJUDP NRPSXWHURZ\ (&2LW MHVW VWRVXQNRZR SURVW\P QDU] G]LHP ZVSRPDJDM F\P SURFHV

HNRSURMHNWRZDQLD ] Z\NRU]\VWDQLHP PHWRG\ HNRZVND QLND 3R ZSURZDG]HQLX GDQ\FK RWU]\PXMH VL

Z\QLN REOLF]H REFL H URGRZLVNRZ\FK Z SRVWDFL MHGQHJR ]DJUHJRZDQHJR HNRZVND QLND OXE

HNRZVND QLNyZ GOD SRV]F]HJyOQ\FK NDWHJRULL V]NyG NWyU\ PR H E\ü SUH]HQWRZDQ\ QD VSHFMDOQ\FK

Z\NUHVDFKGODND GHMID]\F\NOX \FLDDQDOL]RZDQHJRV\VWHPX%D]DGDQ\FKPR H]RVWDüX]XSHáQLRQD

]D SRPRF VSHFMDOQHJR SURJUDPX (&2HGLW :\NRU]\VWDQLH VSHFMDOLVW\F]QHJR SURJUDPX

NRPSXWHURZHJR SR]ZDOD QD ]DXWRPDW\]RZDQLH HWDSyZ NODV\ILNRZDQLD L FKDUDNWHU\]RZDQLD /&$

3U]\SLVDQLH Z\QLNyZ DQDOL]\ ]ELRUyZ GR SRV]F]HJyOQ\FK NDWHJRULL ZSá\ZX GRNRQXMH VL

DXWRPDW\F]QLH QD SRGVWDZLH Z\ND]yZ VXEVWDQFML SU]\QDOH Q\FK GDQ\P PHWRGRP REOLF]HQLRZ\P L

]DZDUW\FKZED]DFKGDQ\FK

:\QLNLDQDOL]\/&$

8]\VNDQH ZDUWR FL HNRZVND QLNyZ N3W GOD ZV]\VWNLFK WU]HFK SRUyZQ\ZDQ\FK ZDULDQWyZ

SRPRVWyZ SU]HGVWDZLRQR QD U\V L

'OD ND GHJR ] ZDULDQWyZ SRPRVWyZ Z\QLNL EDGD

]DSUH]HQWRZDQR Z SRVWDFL F]WHUHFK Z\NUHVyZ SLHUZV]\ SRUyZQXMH WU]\ JáyZQH ID]\ FDáHJR F\NOX

\FLDSRPRVWXSURGXNFMDX \WNRZDQLHNR FRZH]DJRVSRGDURZDQLHLSRGDMHFDáNRZLW\HNRZVND QLN

GODGDQHJRURG]DMXSRPRVWXWU]\QDVW SQHSRGDM HNRZVND QLNLGODSRV]F]HJyOQ\FKID]]UR]ELFLHPQD

JáyZQHPDWHULDá\ZID]LHSURGXNFMLLSURFHV\ZID]LHX \WNRZDQLD

&DáNRZLW\HNRZVND QLNGODSRPRVWX HOEHWRZHJRZ\QRVLN3W1DMZL NV]\QHJDW\ZQ\ZSá\Z

QD URGRZLVNRMHVWJHQHURZDQ\SU]H]WHQSRPRVWZID]LHX \WNRZDQLD-HVWWR]ZL ]DQH]QLVN

WUZDáR FL SRPRVWX L NRQLHF]QR FL Z\PLDQ\ SR ODWDFK 3URFHV Z\PLDQ\ SRZRGXMH SRGZRMHQLH

REFL HQLD URGRZLVNRZHJR]ID]\SURGXNFMLDSRQDGWRGRFKRG] REFL HQLD]ZL ]DQH]]DNáyFHQLDPL

UXFKXSRMD]GyZNRUNL2ERM WQD URGRZLVNRZRMHVWID]D]DJRVSRGDURZDQLDNR FRZHJRPDWHULDáyZ]

UR]ELyUNL HOEHWX(NRZVND QLNGODSRPRVWXVWDORZHJRZ\QRVLN3W:W\PSU]\SDGNXSUDZLH

REFL HQLD URGRZLVNRZHJRJHQHUXMHID]DSURGXNFMLDJáyZQLHSURGXNFMDVWDOLZ\WZRU]HQLHLPRQWD

NRQVWUXNFML RUD] MHM ]DEH]SLHF]HQLH DQW\NRUR]\MQH .RQLHF]QR ü RGQRZ\ WHJR ]DEH]SLHF]HQLD MHVW Z

]DVDG]LH MHG\Q\P SRZD Q\P REFL HQLHP URGRZLVNRZ\P SRPRVWX Z ID]LH X \WNRZDQLD 1DOH \

]ZUyFLüWDN HXZDJ QDXMHPQ\W]QNRU]\VWQ\ZSá\Z]áRPRZDQLDLSRZWyUQHMSU]HUyENLVWDOLZID]LH

]DJRVSRGDURZDQLDNR FRZHJR&DáNRZLW\HNRZVND QLNGODSRPRVWXDOXPLQLRZHJRZ\QRVLN3W:

W\PSU]\SDGNXUyZQLH ID]DSURGXNFMLQDMEDUG]LHMREFL D URGRZLVNRSRQDGN3W-HGQDN HMHM

QHJDW\ZQ\ZSá\ZSUDZLHZSRáRZLHÄáDJRG]L´ID]D]DJRVSRGDURZDQLDNR FRZHJRWMUHF\NOLQJRUD]

X \FLH DOXPLQLXP ZWyUQHJR Z QDVW SQHM SURGXNFML 1DOH \ WDN H ]ZUyFLü XZDJ QD SUDZLH QLH

REFL DM F URGRZLVNDID] X \WNRZDQLDSRPRVWyZDOXPLQLRZ\FK

5\V:\QLNLDQDOL]\/&$GODSRPRVWX HOEHWRZHJR

5\V:\QLNLDQDOL]\/&$GODSRPRVWXVWDORZHJR

5\V:\QLNLDQDOL]\/&$GODSRPRVWXDOXPLQLRZHJR

,QWHUSUHWDFM Z\QLNyZDQDOL]\/&$SU]HSURZDG]RQRMHG\QLHQDSR]LRPLHJOREDOQHJRHNRZVND QLND

RFHQLDQHJR V\VWHPX ZDULDQWX SRPRVWX 1D W\P HWDSLH DQDOL]\ VWRVXQNRZR QLHZLHOH ZLDGRPR R

VWUXNWXU]H ZSá\ZX QD URGRZLVNR $E\ X]\VNDü WDNLH LQIRUPDFMH QDOH \ Z\QLNL JOREDOQH SRGGDü

VWRSQLRZHMGH]DJUHJDFMLVFKRG] FQDFRUD]QL V]HSR]LRP\LFKPRG\ILNDFMLNDWHJRULHV]NyGNDWHJRULH

ZSá\ZX 7DN V]F]HJyáRZD RFHQD URGRZLVNRZD SRPRVWyZ QLH MHVW MHGQDN SU]HGPLRWHP QLQLHMV]HM

SUDF\

7\SSRPRVWX

(NRZVND

QLN>N3W@

3URGXNFMD

8 \WNRZDQLH

=DJRVSRGDURZDQLH

5D]HP

5\V.R FRZHSRUyZQDQLHSRPRVWyZSRGZ]JO GHPZSá\ZXQD URGRZLVNR

1D U\V

SRUyZQDQR EDGDQH ZDULDQW\ SRPRVWyZ SRG Z]JO GHP LFK ZSá\ZX QD URGRZLVNR

PLHU]RQHJRHNRZVND QLNLHPZN3W&DáNRZLW\V]NRGOLZ\ZSá\ZSRPRVWXDOXPLQLRZHJRZOHWQLP

F\NOX \FLD VWDQRZL MHG\QLH ZSá\ZX SRPRVWX VWDORZHJR L ZSá\ZX SRPRVWX HOEHWRZHJR

:\QLN WDNL X]\VNDQR SRPLPR SRQDG NURWQLH ZL NV]HM V]NRGOLZR FL SRPRVWX DOXPLQLRZHJR RG

SRPRVWX HOEHWRZHJR Z ID]LH SURGXNFML 6]NRGOLZR ü URGRZLVNRZDSRPRVWXDOXPLQLRZHJRZID]LH

SURGXNFML Z\QLND JáyZQLH ] SURFHVX SURGXNFML DOXPLQLXPSLHUZRWQHJRN3W-HVWRQDMHGQDNZ

UHNRPSHQVRZDQD SU]H] UHF\NOLQJ DOXPLQLXP F]\OL NRU]\VWQH G]LDáDQLH QD URGRZLVNR

HOEHWRZ\

VWDORZ\

DOXPLQLRZ\

VSRZRGRZDQH RJUDQLF]HQLHP SURGXNFML DOXPLQLXP SLHUZRWQHJR R PDV SRGGDQ UHF\NOLQJRZL

6WRVXQNRZR GX \ ZSá\Z URGRZLVNRZ\ PD WDN H SURFHV Z\WZDU]DQLD NRQVWUXNFML DOXPLQLRZHM

N3W FR ]ZL ]DQH MHVW ] GX REM WR FL NRQVWUXNFML RUD] GX LO R FL VSDZDQLD : WHM ID]LH SRPRVW

DOXPLQLRZ\MHVWWDN HQLH]QDF]QLHEDUG]LHMV]NRGOLZ\RGSRPRVWXVWDORZHJRN3W1DWRPLDVWMDN

QDOH DáR VL VSRG]LHZDü ]GHF\GRZDQLH QDMOHSV]\ SRG Z]JO GHP URGRZLVNRZ\P MHVW SRPRVW

DOXPLQLRZ\ Z ID]DFK X \WNRZDQLD L ]DJRVSRGDURZDQLD NR FRZHJR .RU]\ FL URGRZLVNRZH Z ID]LH

X \WNRZDQLD Z\QLNDM JáyZQLH ] WUZDáR FL VWRSX DOXPLQLXP RUD] EUDNX NRQLHF]QR FL Z\NRQ\ZDQLD

]DEH]SLHF]HQLD DQW\NRUR]\MQHJR : ]ZL ]NX ] W\P REFL HQLH URGRZLVNRZH JHQHURZDQH SU]H]

SRPRVW DOXPLQLRZ\ Z WHM ID]LH MHVW ]QLNRPH Z SU]HFLZLH VWZLH GR SRPRVWyZ HOEHWRZHJR

ZL NV]HREFL HQLHRUD]VWDORZHJREOLVNRZL NV]HREFL HQLH-HGQDN HJáyZQHÄRV]F] GQR FL´

GOD URGRZLVNDJHQHUXMHSRPRVWDOXPLQLRZ\ZID]LH]DJRVSRGDURZDQLDNR FRZHJRG]L NLSRQDG

UHF\NOLQJRZL DOXPLQLXP L RG]\VNRZL SHáQRZDUWR FLRZHJR PHWDOX *áyZQLH G]L NL WHPX NR FRZ\

Z\QLNDQDOL]\/&$GODSRPRVWXDOXPLQLRZHJRMHVWQDMNRU]\VWQLHMV]\

3RGVXPRZDQLH

: SU]\M WHM Z OXW\P U SU]H] U] G Ä6WUDWHJLL ZGUD DQLD Z 3ROVFH ]LQWHJURZDQHM SROLW\NL

SURGXNWRZHM´]DOHFDVL G HQLHVL GRPLQLPDOL]RZDQLDRGG]LDá\ZDQLDSURGXNWyZQD URGRZLVNRZH

ZV]\VWNLFKID]DFKF\NOXLFK \FLD5HDOL]DFMDWHJRFHOXPXVLRSLHUDüVL QDZLHG]\MDNLHMGRVWDUF]Dü

PR HV]HURNRLV\VWHPDW\F]QLHVWRVRZDQDDQDOL]DF\NOX \FLDSURGXNWX'RW\F]\WRUyZQLH Z\UREyZL

WHFKQRORJLL VWRVRZDQ\FK Z EXGRZQLFWZLH PRVWRZ\P %D]XM F QD REHFQ\FK GR ZLDGF]HQLDFK ]H

VWRVRZDQLD DQDOL]\ /&$ RUD] LQQ\FK ]DVDG ]UyZQRZD RQHJR UR]ZRMX PR QD VIRUPXáRZDü NLOND

Z\W\F]Q\FK VWDQRZL F\FK VZRLVWH SU]\ND]DQLD GOD SURMHNWDQWyZ : UyG QLFK PR QD Z\PLHQLü

QDVW SXM FH

x QLH QDOH \ SURMHNWRZDü Z\UREyZ DOH LFK F\NOH \FLD QDOH \ ]ZUDFDü XZDJ QD SURGXNW RG MHJR

ID]\NRQFHSF\MQHMD GRRVWDWHF]QHJR]DJRVSRGDURZDQLDPDWHULDáyZ]MHJRUR]ELyUNLW]ZSRGHM FLH

ÄRGNRá\VNLGRJUREX´

x QDOH \ XZ]JO GQLDü DVSHNW ]X \FLD HQHUJLL RFHQD HQHUJRFKáRQQR FL PDWHULDáX LOXE WHFKQRORJLL

SRZLQQDPLHüPLHMVFHQDND G\PHWDSLH \FLDSURGXNWX]DUyZQRZID]LHMHJRSRZVWDZDQLDMDNL

X \WNRZDQLD

x QDOH \ PLQLPDOL]RZDü ]X \FLH PDWHULDáyZ GEDM F W\P VDP\P R UDFMRQDOQH Z\NRU]\VW\ZDQLH

VXURZFyZQDWXUDOQ\FK

x QDOH \SU]HGáX DüF\NO \FLDSURGXNWyZ]ZL NV]DM FLFKWUZDáR ü

x QDOH \ X \ZDü PDWHULDáyZ ] UHF\NOLQJX FR RJUDQLF]D ]X \FLH QRZ\FK VXURZFyZ D W\P VDP\P

]PQLHMV]DLOR FLSRZVWDM F\FKRGSDGyZ

: ZLHWOHEDGD RSLVDQ\FKZQLQLHMV]HMSUDF\Z\GDMHVL HZVSyáF]HVQHNRQVWUXNFMHDOXPLQLRZHZ

W\P SRPRVW\ PRVWyZ GURJRZ\FK EDUG]R GREU]H VSHáQLDM Z\ HM Z\PLHQLRQH SU]\ND]DQLD

]UyZQRZD RQHJRUR]ZRMX

/LWHUDWXUD

>@ 6,:2:6.,73URSR]\FMD]DVWRVRZDQLD]DVDG]UyZQRZD RQHJRUR]ZRMXZPRGHUQL]DFMLPRVWX

'URJLL0RVW\9RO1RZGUXNX

>@ 31(1,62=DU] G]DQLH URGRZLVNRZH2FHQDF\NOX \FLD=DVDG\LVWUXNWXUD

>@ 31(1,62=DU] G]DQLH URGRZLVNRZH2FHQDF\NOX \FLD2NUH OHQLHFHOXL]DNUHVX

RUD]DQDOL]D]ELRUX

>@ 31,62=DU] G]DQLH URGRZLVNRZH2FHQDF\NOX \FLD2FHQDZSá\ZXF\NOX \FLD

>@ 31,62=DU] G]DQLH URGRZLVNRZH2FHQDF\NOX \FLD,QWHUSUHWDFMDF\NOX \FLD

>@ 6,:2:6., 7 .86(. 7 6SRVRE\ PRGHUQL]DFML NUDWRZ\FK SU] VHá PRVWyZ GURJRZ\FK

0DWHULDá\ .RQIHUHQFML 1DXNRZR 7HFKQLF]QHM SQ ³0RVW\ Z GURG]H GR ;;, ZLHNX´ -XUDWD

3ROLWHFKQLND*GD VNDV

>@ 6,:2:6., 7 3,(.,(à(. 0 6WXGLXP PRGHUQL]DFML PRVWX SU]H] :LVá Z 1DJQDMRZLH ]

Z\NRU]\VWDQLHP SRPRVWX DOXPLQLRZHJR =HV]\W\ 1DXNRZH 3ROLWHFKQLNL 5]HV]RZVNLHM 6HULD

%XGRZQLFWZRL,Q \QLHULD URGRZLVND]HV]\WV

>@ 6,:2:6.,73RPRVW\GURJRZH0DJD]\Q$XWRVWUDG\&] ü,QUZ\GDQLHVSHFMDOQH±

MHVLH SQ0RVW\±NRQVWUXNFMDZ\SRVD HQLHXWU]\PDQLHV&] ü,,QUV

>@ 6,:2:6., 7 672.à26$ 5 :]PRFQLHQLH VWDORZ\FK SU] VHá NUDWRZQLFRZHJR PRVWX

GURJRZHJR 0DWHULDá\ 6HPLQDULXP :URFáDZVNLH 'QL 0RVWRZH SQ Ä0RVW\ VWDORZH

3URMHNWRZDQLH WHFKQRORJLH EXGRZ\ EDGDQLD XWU]\PDQLH´ :URFáDZ 3ROLWHFKQLND :URFáDZVND

ZGUXNX

>@5R]SRU] G]HQLH 0LQLVWUD 7UDQVSRUWX L *RVSRGDUNL 0RUVNLHM ] GQLD PDMD U Z VSUDZLH

ZDUXQNyZ WHFKQLF]Q\FK MDNLP SRZLQQ\ RGSRZLDGDü GURJRZH RELHNW\ LQ \QLHUVNLH L LFK

XV\WXRZDQLH']8]GQLDVLHUSQLDUQUSR]

>@6,:2:6., 7 :\NRU]\VWDQLH SRPRVWyZ DOXPLQLRZ\FK GR PRGHUQL]DFML PRVWyZ ,Q \QLHULD L

%XGRZQLFWZR9RO/,;

QUV

>@&223(5-66SHF\I\LQJIXQFWLRQDOXQLWVDQGUHIHUHQFHIORZVIRUFRPSDUDEOHDOWHUQDWLYHV7KH

,QWHUQDWLRQDO-RXUQDORI/LIH&\FOH$VVHVVPHQW9RO1RV

>@/LIH F\FOH DVVHVVPHQW RI DOXPLQLXP ,QYHQWRU\ GDWD IRU WKH ZRUOGZLGH SULPDU\ DOXPLQLXP

LQGXVWU\,QWHUQDWLRQDO$OXPLQLXP,QVWLWXWH/RQGRQ

>@6XVWDLQDELOLW\ RI WKH (XURSHDQ DOXPLQLXP LQGXVWU\ (XURSHDQ $OXPLQLXP $VVRFLDWLRQ %UXVVHOV

>@6,:2:6.,7'URJRZHPRVW\DOXPLQLRZH±ZF]RUDMG]L LMXWUR'URJLL0RVW\9RO

1RV

>@$'$0&=<.:(NRORJLDZ\UREyZ:DUV]DZD3ROVNLH:\GDZQLFWZR(NRQRPLF]QH

>@'5(<(5 /& 1,(0$11 $/ +$86&+,/' 0= &RPSDULVRQ RI WKUHH GLIIHUHQW /&,$

PHWKRGV (',3 &0/ DQG (FR,QGLFDWRU 'RHV LW PDWWHU ZKLFK RQH \RX FKRRVH"

,QWHUQDWLRQDO-RXUQDORI/LIH&\FOH$VVHVVPHQW9RO1RV

/,)(&<&/($66(660(17,1%5,'*((1*,1((5,1*$&$6(678'<

7KH VXVWDLQDEOH GHYHORSPHQW LGHD GHDOV LQ DQ LQWHJUDWHG ZD\ ZLWK HFRQRPLF HQYLURQPHQWDO DQG VRFLDO LVVXHV 7KH

HQYLURQPHQWDO DVVHVVPHQW RI D SURGXFW PDWHULDO WHFKQORJ\ SURFHVV LQ LWV ZKROH OLIH LV WKH VXEMHVW RI D GHVLJQ

SURFHGXUH FDOOHG /LIH &\FOH $VVHVVPHQW /&$ 7KH /&$ LV D WHFKQLTXH WR DVVHVV WKH HQYLURQPHQWDO DVSHFWV DQG

SRWHQWLDO LPSDFWV SRVLWLYH DQG QHJDWLYH DVVRFLDWHG ZLWK D SURGXFW SURFHVV RU VHUYLFH GXULQJ D ZKROH SURGXFW OLIH

F\FOHLH³IURPFUDGOHWRJURYH´7KHFRPSUHKHQVLYHOLIHF\FOHDVVHVVPHQWHQDEOHVWKHSURSHUGHFLVLRQPDNLQJDQG

FKRVLQJ D SURGXFW RU D SURFHVV ZLWK WKH OHDVW QHJDWLYH HQYLURQPHQWDO LPSDFW $ OLIH F\FOH DVVHVVPHQW PRGHO ZDV

GHYHORSHGWRFRPSDUHWKHVXVWDLQDELOLW\RIDOWHUQDWLYHEULGJHGHFNGHVLJQV7KH/&$ZDVFDUULHGRXWDFFRUGLQJWR31

,62[ VHULHV 3ROLVK FRGHV 7KH UHVXOWV RI D FRPSDUDWLYH /&$ IRU WKUHH GHFN DOWHUQDWLYHV IRU UHKDELOLWDWHG VWHHO

EULGJHKDYHEHHQSUHVHQWHGLQWKHSDSHU