3UyEQ\HJ]DPLQPDWXUDOQ\]M ]\NDSROVNLHJR
3R]LRPUR]V]HU]RQ\
02'(/2'32:,('=,,6&+(0$7381.72:$1,$
'/$$5.86=$(*=$0,1$&<-1(*2,,,
7HPDW 'RNRQDM DQDOL]\ L LQWHUSUHWDFML SRUyZQDZF]HM IUDJPHQWyZ 0RQDFKRPDFKLL
,JQDFHJR.UDVLFNLHJRRUD]3DQD7DGHXV]D$GDPD0LFNLHZLF]D]ZUyüXZDJ
QD ZLDW SU]HGVWDZLRQ\ RUD] ZDUVWZ M ]\NRZR ± VW\OLVW\F]Q &]\ VW\O W\FK
IUDJPHQWyZMHVWRGSRZLHGQLGRWHPDWX"
,
52=:,1, &,(7(0$78PR QDSU]\]QDüPDNV\PDOQLHSXQNWyZ
3XQNWDFMD
7HPDWREXIUDJPHQWyZELWZD
ZLDWSU]HGVWDZLRQ\
0RQDFKRPDFKLD
SU]HFLZQLF\PQLVL
PLHMVFHUHIHNWDU]
U\QV]WXQHNQDF]\QLDNVL NLF] FLXELRUX
SU]HELHJELWZ\EUDNWDNW\NLZDOND \ZLRáRZD
ZNUHDFML ZLDWDSU]HGVWDZLRQHJRGRPLQXMHNDU\NDWXUD
3DQ7DGHXV]
SU]HFLZQLF\3RODF\L5RVMDQLHV]ODFKWDL RáQLHU]H
PLHMVFHSRGZyU]HGZRUX6RSOLFRZVNLHJR
U\QV]WXQHNEUR ELDáDSDOQD
SU]HELHJELWZ\VWRVRZDQLHWDNW\NL
ZNUHDFML ZLDWDSU]HGVWDZLRQHJRGRPLQXMHSRZD Q\WRQ
:QLRVHNWHPDWIUDJPHQWX0RQDFKRPDFKLL±EyMNDNR F] FDEXU]OLZ G\VSXW ±QLH
Z\PDJDVW\OXSRGQLRVáHJR]D GODRSLVDQLDZDONLV]ODFKW\]5RVMDQDPL
Z3DQX7DGHXV]XVWRVRZQ\E\áE\VW\OZ\VRNL
:DUVWZDM ]\NRZR±VW\OLVW\F]QD
0RQDFKRPDFKLD
OHNV\NDRGQRV] FDVL GREDWDOLVW\NLLPLOLWDULyZ
OHNV\NDRGQRV] FDVL GRNXOWXU\DQW\F]QHMOXE%LEOLL
URGNLW\SRZHGODVW\OXZ\VRNLHJR
Z\ROEU]\PLDM FHHSLWHW\LSRUyZQDQLDWDN HKRPHU\FNLH
NXQV]WRZQDVNáDGQLDQSVWRVRZDQLHV]\NXSU]HVWDZQHJRDQDIRUD
SDUDOHOL]PVNáDGQLRZ\DSRVWURID
HOHPHQW\NRPL]PXM ]\NRZHJR
ZQLRVHNVW\O0RQDFKRPDFKLLQLHMHVWMHGQRURGQ\DOHGRPLQXM ZQLP
HOHPHQW\VW\OXZ\VRNLHJR
3DQ7DGHXV]
OHNV\NDRGQRV] FDVL GREDWDOLVW\NL
OHNV\NDRGQRV] FDVL GRFRG]LHQQR FLLJRVSRGDUVWZDGRPRZHJR
ERJDFWZRVHPDQW\F]Q\FK URGNyZVW\OLVW\F]Q\FKVáX F\FKSODVW\F]QR FLREUD]X
ZVND]DQLHFRQDMPQLHMSU]\NáDGXQSHSLWHW\SU]HQR QLDSRUyZQDQLD
WDN HKRPHU\FNLH
VNáDGQLRZH URGNLVW\OLVW\F]QHW\SRZHGODVW\OXZ\VRNLHJR
ZVND]DQLHFRQDMPQLHMSU]\NáDGXQSVWRVRZDQLHV]\NXSU]HVWDZQHJR
SDUDOHOL]PDSRVWURID
VNáDGQLRZH URGNLVW\OLVW\F]QHW\SRZHGODVW\OXSRWRF]QHJRV]HUHJLNUyWNLFK]GD
ZVSyáU] GQ\FK
3UyEQ\HJ]DPLQPDWXUDOQ\]M ]\NDSROVNLHJR
3R]LRPUR]V]HU]RQ\
]HVWDZLHQLHHOHPHQWyZVNRQWUDVWRZDQ\FK
ZQLRVHNVW\ORSLVXELWZ\Z3DQX7DGHXV]XQLHMHVWMHGQRURGQ\±RSUyF]
HOHPHQWyZW\SRZ\FKGODVW\OXZ\VRNLHJRPR HP\]DXZD \üVNáDGQLNL
RRGPLHQQ\PFKDUDNWHU]H
:QLRVHN
Z0RQDFKRPDFKLLVW\OQLHMHVWRGSRZLHGQLGRWHPDWXZ3DQX7DGHXV]X±
SRZD QDWUH üXND]DQD]RVWDáDZQLHMHGQRURGQ\PVW\OX
]DSRJá ELHQLHZQLRVNXQSRGQLHVLHQLHGRNRQZHQFMLOLWHUDFNLHMOXESRHW\NLHSRNL
,,
.2032=<&-$SXQNWyZ
±SRGSRU] GNRZDQD]DP\VáRZLNRPSR]\F\MQHPXIXQNFMRQDOQHPXZREHFWHPDWX
VSyMQDZHZQ WU]QLHSU]HMU]\VWDLORJLF]QD
SHáQDNRQVHNZHQFMDZXNáDG]LHJUDILF]Q\P
±XSRU] GNRZDQDZHGáXJSU]\M WHJRNU\WHULXPVSyMQDJUDILF]QHZ\RGU EQLHQLH
JáyZQ\FKF] FL
,,,
67</SXQNWyZ
±MDVQ\ \Z\VZRERGQ\]JRGQ\]]DVWRVRZDQ IRUP Z\SRZLHG]LXUR]PDLFRQD
OHNV\ND
±]JRGQ\]]DVWRVRZDQ IRUP Z\SRZLHG]LQDRJyáMDVQ\Z\VWDUF]DM FDOHNV\ND
,9
- =<.SXQNWyZ
±SRSUDZQDXUR]PDLFRQDVNáDGQLDLIUD]HRORJLD]JRGQD]QRUP IOHNVMDLRUWRJUDILD
U]DGNRSRMDZLDM FHVL Eá G\LQWHUSXQNF\MQH
± SRSUDZQDXUR]PDLFRQDVNáDGQLDLIUD]HRORJLD]JRGQD]QRUP IOHNVMD
VSRUDG\F]QLHSRMDZLDM FHVL Eá G\RUWRJUDILF]QHLLQWHUSXQNF\MQH
± ZZL NV]R FLSRSUDZQDVNáDGQLDLIUD]HRORJLD]JRGQD]QRUP IOHNVMD
QLHOLF]QHXVWHUNLOHNV\NDOQHRUD]QLHOLF]QHEá G\RUWRJUDILF]QH
9
6=&=(*Ï/1(:$/25<35$&<SXQNWyZ
±
SRSXQNW\]DZDORU
3UyEQ\HJ]DPLQPDWXUDOQ\]M ]\NDSROVNLHJR
3R]LRPUR]V]HU]RQ\
7HPDW3RUyZQDMVSRVyEXM FLDWRSRVX]D ZLDWyZZ7UHQLH;,;-DQD.RFKDQRZVNLHJR
L8UV]XOL.RFKDQRZVNLHM%ROHVáDZD/H PLDQD
,
5R]ZLQL FLHWHPDWXPR QDSU]\]QDüPDNV\PDOQLHSXPNWyZ
SXQNWDFMD
2EUD]]D ZLDWyZ
:REXXWZRUDFK
]D ZLDW\FKDUDNWHU\]RZDQHV SRSU]H]RGQLHVLHQLHGR ZLDWD]LHPVNLHJR
]PDUOLLVWQLHM ZOXG]NLHMSRVWDFLÄMDN \ZL´
]PDUOLRGF]XZDM VLOQ\]ZL ]HN]SR]RVWDZLRQ\PLQD]LHPL \Z\PL
7UHQ;,;
QLHERMHVWNUDLQ Z\ V]HJRGXFKRZHJRE\WX
EUDNZQLPQHJDW\ZQ\FKDVSHNWyZOXG]NLHMHJ]\VWHQFMLQSWURVNSUDF\FKRUyE
VWDUR FL PLHUFL
MHVWZQLPWRFRQLHRVL JDOQHQD]LHPLVSRNyMZLHF]Q\G]LH VWDáDREHFQR ü%RJD
ZV]HFKZLHG]D
%yJMHVWQDMZ\ V] ZDUWR FL
ZQLRVHN±QLHERMHVWLQQHQL ]LHPLDGRVNRQDáHLGODWHJRW\ONRZQLPF]áRZLHNPR H
E\üV]F] OLZ\
8UV]XOD.RFKDQRZVND
QLHELRVDV SXVWH
]PDUOLW VNQL ]D]LHPVNLPLUHDOLDPL
EH]OXGQR ü]D ZLDWyZMHVWSU]\F]\Q FLHUSLHQLDVDPRWQR FL8UV]XOL
%yJMHVWEH]VLOQ\ZREHFW VNQRW\8UV]XOL]DURG]LFDPLGUXJLF]áRZLHNMHVWZ\ V]
ZDUWR FL QL 2Q
ZQLRVHN±QLHERMHVWLQQHQL ]LHPLDÄQLHOXG]NLH´LGODWHJRQLHGDMH]PDUá\P
V]F] FLD
6SRVRE\XM FLDWRSRVX
7UHQ;,;
PRW\Z\FKU]H FLMD VNLH
V\PEROLNDVáR FD
SHUVZD]\MQ\FKDUDNWHUPRQRORJXPDWNLERKDWHUD
ZVND]DQLHFRQDMPQLHMSU]\NáDGyZ URGNyZM ]\NRZ\FKVáX F\FK
SHUVZD]MLS\WDQLDUHWRU\F]QHZ\NU]\NQLHQLHSDUDOHOL]P\VNáDGQLRZHZWU FHQLD
QDFHFKRZDQHHPRFMRQDOQLHRFHQLDM FHVáRZQLFWZR±]DEDUZLRQHSR]\W\ZQLH
ZRSLVLHQLHEDDQHJDW\ZQLHZRSLVLH \FLDGRF]HVQHJREH]SR UHGQLH]ZURW\
GRDGUHVDWD
8UV]XOD.RFKDQRZVND
PRW\Z\ED QLRZH
QDGDQLH%RJXFHFKOXG]NLFK
NRQWUDVWPL G]\VáRZQLFWZHPGRW\F] F\P]D ZLDWyZDNRORNZLDOL]PDPL
GRW\F] F\PL]LHPVNLFKUHDOLyZ
HOHPHQW\HSLFNLHZIXQNFMLOLU\F]QHMQSQDUUDFMD±RVRSLVZ\GDU]HQLDGLDORJ
VSRVRE\Z\UD DQLDXF]XüERKDWHUNLQSPHWDIRU\NUyWNLH]GDQLD]GDQLD
S\WDM FHLZ\NU]\NQLNRZH
:QLRVNL
.RFKDQRZVNLXND]XMHFKU]H FLMD VN ZL]M UDMX/H PLDQSROHPL]XMH]QL
]DSRJá ELHQLHZQLRVNXQSRGQLHVLHQLHJRGRILOR]RILF]Q\FKNRQWHNVWyZDQDOL]RZDQ\FK
ZLHUV]\
3UyEQ\HJ]DPLQPDWXUDOQ\]M ]\NDSROVNLHJR
3R]LRPUR]V]HU]RQ\
,,
.2032=<&-$SXQNWyZ
±SRGSRU] GNRZDQD]DP\VáRZLNRPSR]\F\MQHPXIXQNFMRQDOQHPXZREHFWHPDWX
VSyMQDZHZQ WU]QLHSU]HMU]\VWDLORJLF]QD
SHáQDNRQVHNZHQFMDZXNáDG]LHJUDILF]Q\P
±XSRU] GNRZDQDZHGáXJSU]\M WHJRNU\WHULXPVSyMQDJUDILF]QHZ\RGU EQLHQLH
JáyZQ\FKF] FL
,,,
67</SXQNWyZ
±MDVQ\ \Z\VZRERGQ\]JRGQ\]]DVWRVRZDQ IRUP Z\SRZLHG]LXUR]PDLFRQD
OHNV\ND
±]JRGQ\]]DVWRVRZDQ IRUP Z\SRZLHG]LQDRJyáMDVQ\Z\VWDUF]DM FDOHNV\ND
,9
- =<.SXQNWyZ
±SRSUDZQDXUR]PDLFRQDVNáDGQLDLIUD]HRORJLD]JRGQD]QRUP IOHNVMDLRUWRJUDILD
U]DGNRSRMDZLDM FHVL Eá G\LQWHUSXQNF\MQH
±SRSUDZQDXUR]PDLFRQDVNáDGQLDLIUD]HRORJLD]JRGQD]QRUP IOHNVMD
VSRUDG\F]QLHSRMDZLDM FHVL Eá G\RUWRJUDILF]QHLLQWHUSXQNF\MQH
±ZZL NV]R FLSRSUDZQDVNáDGQLDLIUD]HRORJLD]JRGQD]QRUP IOHNVMD
QLHOLF]QHXVWHUNLOHNV\NDOQHRUD]QLHOLF]QHEá G\RUWRJUDILF]QH
9
6=&=(*Ï/1(:$/25<35$&<SXQNWyZ
±
SRSXQNW\]DZDORU