,167<787
/$%25$725,80
=$.à$'7(25,,
0$6=<1
]7(25,,
0(&+$1,=0Ï:,
52%2&=<&+
0(&+$1,=0Ï:,0$6=<1
0$1,38/$725Ï:
QUüZ
7(0$7:\UyZQRZD*DQLHVWDW\F]QHSáDVNLFK
PHFKDQL]PyZG(ZLJQLRZ\FK
:SURZDG]HQLH
: WUDNFLH ]áR*RQHJR UXFKX SáDVNLFK PHFKDQL]PyZ G(ZLJQLRZ\FK QD LFK RJQLZD
G]LDáDM ]PLHQQH VLá\ EH]ZáDGQRFL :\ZRáXM RQH V]NRGOLZH ]MDZLVND Z SRVWDFL GUJD
F] VWR R FKDUDNWHU]H QLV]F]F\P 'UJDQLD PRJ SU]HQRVLü VL SRSU]H] IXQGDPHQW G]LDáDMF
QHJDW\ZQLH QD RWRF]HQLH PHFKDQL]PX 'ODWHJR WH* QDZHW NRV]WHP ]ZL NV]HQLD PDV\
PHFKDQL]PX MX* Z ID]LH MHJR SURMHNWRZDQLD UR]PLHV]F]D VL PDV\ RJQLZ WDN DE\
]UyZQRZD*\üZV]\VWNLHVLá\EH]ZáDGQRFL
2JQLZD PHFKDQL]PyZ SáDVNLFK Z\NRQXM VZRMH UXFK\ Z SáDV]F]\]QDFK
UyZQROHJá\FK GR VLHELH 1LHFK R = E G]LH SURVWRSDGáD GR SáDV]F]\]Q UXFKX RJQLZ
(OHPHQWDUQHVLá\EH]ZáDGQRFLLWHJRRJQLZDPR*QD]DVWSLü Z\SDGNRZ VLá )EL SU]\áR*RQ
GR URGND PDV\ RUD] PRPHQWHP EH]ZáDGQRFL 0EL U\V 3U]\ F]\P )EL G]LDáD Z
SáDV]F]\(QLHUyZQROHJáHMGRSáDV]F]\]Q\;<D 0EL G]LDáD ZRNyá RVL UyZQROHJáHMGRRVL= L
SU]HFKRG]FHM SU]H]URGHNPDV\LWHJRRJQLZD
5\V6LáDLPRPHQWEH]ZáDGQRFL
EL
) L
P DL
E[L
) L
P D[L
E\L
) L
P D\L
0EL H
L,
6Lá\ EH]ZáDGQRFL ZV]\VWNLFK RJQLZ PHFKDQL]PX WZRU] JáyZQ\ ZHNWRU VLá
EH]ZáDGQRFLRUD]PRPHQWJáyZQ\RGVLáEH]ZáDGQRFL
Q
Q
[
) ¦ L
P D[L
)\ ¦ L
P D\L
L
L
Q
Q
0
[
¦ ]L L
P D\L
0
\
¦ L] L
P D[L
L
L
Q
0 ] ¦[L L
P D\L \L L
P D[L HL,EL
L
0HFKDQL]PSáDVNLMHVWZ\UyZQRZD*RQ\VWDW\F]QLHJG\]DFKRG]L
[
)
)
\
:\UyZQRZD*HQLHG\QDPLF]QHPHFKDQL]PXMHVWZWHG\JG\
[
)
)
\
0 [
0
\
0HFKDQL]PZ\UyZQRZD*RQ\W\ONR VWDW\F]QLH]DFKRZXMHSRáR*HQLHUyZQRZDJLQHXWUDOQHMZ
ND*G\P VZRLP SRáR*HQLX D Z F]DVLH UXFKXXVWDORQHJR REVHUZXMH VL G]LDáDQLH ]PLHQQ\FK
PRPHQWyZ 0[ L0\F]HJRQLHPDPLHMVFDGOD PHFKDQL]PXZ\UyZQRZD*RQHJRG\QDPLF]QLH
6NáDGRZD PRPHQWX JáyZQHJR 0] MHVW UyZQRZD*RQD PRPHQWDPL VLá ]HZQ WU]Q\FK
SU]\áR*RQ\FKGRRJQLZDLEDUG]RU]DGNRPR*QDMHMZDUWRüVSURZDG]LüGR]HUD
:D*Q\P SRM FLHP
Z\NRU]\VW\ZDQ\P SU]\ Z\UyZQRZD*HQLX VWDW\F]Q\P
PHFKDQL]PX MHVW URGHN PDV\ UXFKRP\FK RJQLZ : WUDNFLH UXFKX PHFKDQL]PX
QLHZ\UyZQRZD*RQHJR URGHN PDV\ SRUXV]D VL SR NU]\ZHM ]DPNQL WHM ,P ZL NV]H V
UR]PLDU\ WHM NU]\ZHM W\P XG]LDá VLá EH]ZáDGQRFL Z REFL*HQLX PHFKDQL]PX MHVW ZL NV]\
URGHNPDV\PHFKDQL]PXZ\UyZQRZD*RQHJRVWDW\F]QLHMHVWQLHUXFKRP\
1LHFKE G]LHGDQ\PHFKDQL]PSáDVNLZSRVWDFLF]ZRURERNXSU]HJXERZHJRU\V
O
VP V
O
P
O
P
V
H
H
0
0
5\V&]ZRURERNSU]HJXERZ\]PDVDPLZ\UyZQRZD*DMF\PL
1D U\VXQNX ]D]QDF]RQR ZHNWRU\ OH*FH QD RJQLZDFK O O O ZHNWRU\ URGNyZ PDV
UXFKRP\FKRJQLZVVV: FHOX VWDW\F]QHJRZ\UyZQRZD*HQLDPHFKDQL]PXGRáF]DVL GR
RJQLZ L GRGDWNRZH PDV\ 0 L 0 Z RGOHJáRFLDFK Z\]QDF]RQ\FK SU]H] ZHNWRU\
URGNyZPDVZ\UyZQRZD*DMF\FK H H 'RGDQLHW\FKPDVZSá\ZDRF]\ZLFLH QDSRáR*HQLH
URGND PDV\ PHFKDQL]PX$E\ GRSURZDG]Lü GR MHJR XQLHUXFKRPLHQLD PXVL E\ü VSHáQLRQ\
XNáDGUyZQD
O V
0
H
P V
P
O
O V
0
H
P O V
P
O
O
:\UyZQRZD*HQLH
VWDW\F]QH
F]ZRURERNX
SáDVNLHJR
%DGDQLH
ZSá\ZX
Z\UyZQRZD*HQLDQDUR]NáDGVLáG]LDáDMF\FKZF]DVLHUXFKXPHFKDQL]PX
3U]HELHJüZLF]HQLD
0RGHOPHFKDQL]PXF]ZRURERNX
2EVHUZDFMDUXFKX PRGHOX F]ZRURERNXEH]PDV Z\UyZQRZD*DMF\FK
=PLHU]\üGáXJRFLZHNWRUyZOOOVVVURGNLPDVSRV]F]HJyOQ\FKRJQLZV
QDQLFK]D]QDF]RQH
2EOLF]\üGáXJRFL ZHNWRUyZH H P JP JP J0 0
J
=DáR*\üQDSURZDGQLFH RJQLZLPDV\Z\UyZQRZD*DMFH
2EVHUZDFMDUXFKX Z\UyZQRZD*RQHJRPRGHOX F]ZRURERNX
3URJUDP:RUNLQJ0RGHO
2EVHUZDFMDVLáUHDNFMLLUXFKXURGNDPDV\PHFKDQL]PXQLHZ\UyZQRZD*RQHJR
2EVHUZDFMDVLáUHDNFMLLUXFKXURGNDPDV\PHFKDQL]PXZ\UyZQRZD*RQHJR
:\PDJDQD]DZDUWRüVSUDZR]GDQLD
U\VXQHNPRGHOX
]DPLHV]F]HQLHGDQ\FK OLF]ERZ\FKGRW\F]F\FK PDVL GáXJRFL
REOLF]HQLDZDUWRFLH H
Z\NUHV\VLáUHDNFMLZSDUDFKSU]\SRGVWDZLHSU]HGLSRZ\UyZQRZD*HQLX 1DSRGVWDZLH
SURJUDPX:RUNLQJ0RGHO
QDSRGVWDZLHUyZQDQLDUyZQRZDJLVLáG]LDáDMF\FKQDUXFKRPHRJQLZDPHFKDQL]PXSU]HGL
SRZ\UyZQRZD*HQLXZ\ND]Dü*HZPHFKDQL(PLHZ\UyZQRZD*RQ\PVLá\UHDNFMLZSDUDFK
SU]\SRGVWDZLHV VWDáHLSLRQRZH
3\WDQLDNRQWUROQH
2SLVDü VLá\ G]LDáDMFH QD PHFKDQL]P &R WR MHVW Z\UyZQRZD*HQLH VWDW\F]QH L
G\QDPLF]QH .LHG\ PHFKDQL]P SáDVNL Z\UyZQRZD*RQ\ VWDW\F]QLH MHVW UyZQLH*
Z\UyZQRZD*RQ\ G\QDPLF]QLH -DNLH HNVSHU\PHQW\ GRW\F]FH Z\UyZQRZD*HQLD PR*QD
SU]HSURZDG]Lü]X*\FLHPSURJUDPX:RUNLQJ0RGHO
/LWHUDWXUD
>@0RUHFNL$2GHUIHOG- Ä7HRULD PDV]\QLPHFKDQL]PyZ´3:1 :DUV]DZD
2SUDFRZDáGULQ**U]HJRU]7RUD