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