
操作说明书
说明书技术要求:
2.说明书为单色印刷;
3.胶装,裁切均匀、无连页。
4.说明书可封样、要求无色差、无污点。
5.料件需符合格力博HSF文件(编号:GLB-CGR-146) 里关于环保和有害物质的具体要求。
@在P0803051-00基础上增加UKCA
@1
封面、封底120g双胶纸,4P;内页60g双胶纸,164P,
85%本白
;
210
145
P0803051-01
GW 48V Mower
2512507/1303407UC
P0803051-01
陈丽
SCALE:A5
李海平
张君
张君
周艳
王小妮
210811
210811
B
B
重要度等级

P0803051-01, Rev B
LME366
OPERATOR MANUAL / BEDIENUNGSHANDBUCH / MANUAL DEL OPERARIO /
MANUALE DELL’OPERATORE / MANUEL OPÉRATEUR / MANUAL DE UTILIZAÇÃO /
GEBRUIKSAANWIJZING / РУКОВОДСТВО ОПЕРАТОРА / KÄYTTÖOPAS /
ANVÄNDARHANDBOK / BRUKERVEILEDNING / BRUGSVEJLEDNING / INSTRUKCJA
UŻYTKOWNIKA / NÁVOD K OBSLUZE / NÁVOD NA OBSLUHU / Uporabniški priročnik /
PRIRUČNIK ZA RUKOVANJE / HASZNÁLATI ÚTMUTATÓ / MANUAL DE UTILIZARE /
РЪКОВОДСТВО НА ОПЕРАТОРА / ΕΓΧΕΙΡΙΔΙΟ ΧΡΗΣΗΣ / / KULLANIM
KILAVUZU / / OPERATORIAUS VADOVAS / LIETOTĀJA ROKASGRĀMATA /
KASUTUSJUHEND
Original Instructions / Übersetzung der Originalanweisungen / Traducción de las instrucciones originales / Traduzione delle istruzioni originali / Traduction des
instructions d'origine / Traduzido a partir das instruções originais / Vertaling van de originele gebruiksaanwijzing / Перевод оригинальных инструкций /
Alkuperäisten ohjeiden käännös / Översättning av originalinstruktionerna / Produsentens instruksjoner / Oversættelse af de originale vejledninger / Tłumaczenie
oryginalnej instrukcji / Překlad originálního návodu / Preklad originálneho návodu / Prevod originalnih navodil / Prijevod izvornih uputa / Az eredeti utasítás
fordítása / Traducere a instrucţiunilor originale / Превод на оригиналните инструкции / Αυθεντικές οδηγίες / / Orijinal
Talimatların Tercümesi / / Originalios Instrukcijos vertimas / Instrukciju tulkojums no oriģinālvalodas / Originaalkasutusjuhendi tõlge
G24X2LM36


Name and address of the manufacturer:
Name: GLOBGRO AB
Globe Group Europe
Address: Riggaregatan 53, 211 13 Malmö Sweden
Name and address of the Authorized representative:
Name: Garden Equipment Ltd
Address: 3a Groveley Road, Christchurch, Dorset, BH23 3HB, UK
Name and address of the person authorised to compile the technical file:
Name: Simon Del-Nevo
Address: 3a Groveley Road, Christchurch, Dorset, BH23 3HB, UK
Here with we declare that the product
Category: Lawn Mower
Model: G24X2LM36 (LME366)
Serial number: See product rating label
Year of Construction: See product rating label
• is in conformity with the relevant provisions of the Supply of Machinery (Safety) Regulations 2008.
• is in conformity with the provisions of the following other UK legislation:
• Electromagnetic Compatibility Regulations 2016
• Noise Emission in the Environment by Equipment for use Outdoors Regulations 2001
• The Restriction of the Use of Certain Hazardous
• ubstances in Electrical and Electronic Equipment Regulations 2012
Furthermore, we declare that the following standard have been used:
BS EN 60335-1, BS EN 60335-2-77, BS EN 62233, BS EN 55014-1, BS EN 55014-2,
BS EN ISO 3744, ISO 11094, BS EN 62321-3-1, BS EN 62321-4, BS EN 62321-5,
BS EN 62321-6, BS EN 62321-7-1, BS EN 62321-7-2, BS EN 62321-8
Conformity assessment method to Annex E Noise Emission in the Environment by Equipment for
use Outdoors Regulations 2001.
Measured sound power level 92.3 dB(A)
Guaranteed sound power level 94 dB(A)
Place, date: Christchurch, Dorset, UK 07.06.2021 Signature: Ted Qu, Quality Director
DECLARATION OF CONFORMITY (UK)

'HVFULSWLRQ
3XUSRVH
2YHUYLHZ
6DIHW\
,QVWDOODWLRQ
8QSDFNWKHPDFKLQH
8QIROGDQGDGMXVWWKHORZHUKDQGOH
,QVWDOOWKHXSSHUKDQGOH
,QVWDOOWKHJUDVVFDWFKHU
,QVWDOOWKHPXOFKSOXJ
6HWWKHEODGHFXWWLQJKHLJKW
,QVWDOOWKHEDWWHU\SDFN
5HPRYHWKHEDWWHU\SDFN
2SHUDWLRQ
6WDUWWKHPDFKLQH
6WRSWKHPDFKLQH
(PSW\WKHJUDVVFDWFKHU
2SHUDWHRQVORSHV
2SHUDWLRQWLSV
0DLQWHQDQFH
*HQHUDOPDLQWHQDQFH
5HSODFHWKHEODGH
6WRUHWKHPDFKLQH
7URXEOHVKRRWLQJ
7HFKQLFDOGDWD
:DUUDQW\
(&'HFODUDWLRQRIFRQIRUPLW\
(QJOLVK
(1

'(6&5,37,21
385326(
7KLVPDFKLQHLVXVHGIRUGRPHVWLFODZQPRZLQJ7KHFXWWLQJ
EODGHPXVWEHDSSUR[LPDWHO\SDUDOOHOWRWKHJURXQG$OOIRXU
ZKHHOVPXVWWRXFKWKHJURXQGZKLOH\RXPRZ
29(59,(:
)LJXUHa
+DQGOHVZLWFK
6WDUWEXWWRQ
8SSHUKDQGOH
/RZHUKDQGOH
5HDUGLVFKDUJHIODS
%DWWHU\FRPSDUWPHQWIODS
+HLJKWDGMXVWPHQWOHYHU
*UDVVFDWFKHU
0XOFKSOXJ
.QRE
%ROW
4XLFNUHOHDVHOHYHU
+RRN
%DWWHU\SDFN
6DIHW\NH\
%DWWHU\UHOHDVHEXWWRQ
1XW
6SDFHU
%ODGH
6$)(7<
:$51,1*
0DNHVXUHWKDW\RXIROORZDOOVDIHW\LQVWUXFWLRQV
5HIHUWR6DIHW\0DQXDO
,167$//$7,21
:$51,1*
'RQRWXVHDFFHVVRULHVWKDWDUHQRWUHFRPPHQGHGE\WKH
PDQXIDFWXUHU
:$51,1*
'RQRWSXWLQWKHVDIHW\NH\RUWKHEDWWHU\SDFNXQWLO\RX
ILQDOLVHGWKHDVVHPEO\RIDOOWKHSDUWV
813$&.7+(0$&+,1(
:$51,1*
0DNHVXUHWKDW\RXFRUUHFWO\DVVHPEOHWKHPDFKLQHEHIRUH
XVH
:$51,1*
,ISDUWVRIWKHPDFKLQHDUHGDPDJHGGRQRWXVHWKH
PDFKLQH
,I\RXGRQRWKDYHDOOWKHSDUWVGRQRWRSHUDWHWKH
PDFKLQH
,IWKHSDUWVDUHGDPDJHGRUPLVVLQJFRQWDFWWKHVHUYLFH
FHQWHU
2SHQWKHSDFNDJH
5HDGWKHGRFXPHQWDWLRQSURYLGHGLQWKHER[
5HPRYHDOOWKHXQDVVHPEOHGSDUWVIURPWKHER[
5HPRYHWKHPDFKLQHIURPWKHER[
'LVFDUGWKHER[DQGSDFNLQJPDWHULDOLQFRPSOLDQFHZLWK
ORFDOUHJXODWLRQV
81)2/'$1'$'-8677+(
/2:(5+$1'/(
)LJXUH
3XOOXSDQGEDFNWKHXSSHUKDQGOHWROLIWWKHKDQGOHLQWR
RSHUDWLRQSRVLWLRQ0DNHVXUHWKDWWKHKDQGOHVFOLFNLQWR
SRVLWLRQFRUUHFWO\
7LJKWHQWKHORZHUKDQGOHZLWKWKHTXLFNUHOHDVHOHYHUVRQ
WKHWZRVLGHV
127(
0DNHVXUHWKDWWKHWZRKDQGOHVDUHLQWKHVDPHSRVLWLRQ
:$51,1*
'RQRWPDNHGDPDJHWRWKHFDEOHVZKHQ\RXIROGRUXQIROG
WKHKDQGOH
,167$//7+(833(5+$1'/(
)LJXUH
$OLJQWKHKROHVLQWKHXSSHUKDQGOHDQGWKHORZHUKDQGOH
3XWWKHEROWVWKURXJKWKHKROHV
7LJKWHQWKHNQREVRQWRWKHEROWV
'RWKHVDPHRSHUDWLRQRQWKHRWKHUVLGH
,167$//7+(*5$66&$7&+(5
)LJXUH
5HPRYHWKHPXOFKSOXJ
2SHQWKHUHDUGLVFKDUJHIODSDQGKROGLW
+ROGWKHWKHJUDVVFDWFKHUE\LWVKDQGOHDQGSXWWKHKRRNV
RYHUWKHVORWV
(QJOLVK
(1

&ORVHWKHUHDUGLVFKDUJHIODS
,167$//7+(08/&+3/8*
)LJXUH
5HPRYHWKHJUDVVFDWFKHU
2SHQWKHUHDUGLVFKDUJHIODSDQGKROGLW
+ROGWKHPXOFKSOXJE\LWVKDQGOHDQGILWLWLQWKH
GLVFKDUJHFKXWH
&ORVHWKHUHDUGLVFKDUJHIODS
6(77+(%/$'(&877,1*
+(,*+7
7KHPDFKLQHFDQEHVHWWRGLIIHUHQWEODGHFXWWLQJKHLJKWV
)LJXUH
3XOOWKHKHLJKWDGMXVWPHQWOHYHUIRUZDUGWRLQFUHDVHWKH
EODGHFXWWLQJKHLJKW
3XOOWKHKHLJKWDGMXVWPHQWOHYHUUHDUZDUGWRGHFUHDVHWKH
EODGHFXWWLQJKHLJKW
,167$//7+(%$77(5<3$&.
)LJXUH
:$51,1*
,IWKHEDWWHU\SDFNRUFKDUJHULVGDPDJHGUHSODFHWKH
EDWWHU\SDFNRUWKHFKDUJHU
6WRSWKHPDFKLQHDQGZDLWXQWLOWKHHQJLQHVWRSVEHIRUH
\RXLQVWDOORUUHPRYHWKHEDWWHU\SDFN
5HDGNQRZDQGIROORZWKHLQVWUXFWLRQVLQWKHEDWWHU\
DQGFKDUJHUPDQXDO
:$51,1*
86(21/<9%$77(5<'212786('8$/
92/7$*(9%$77(5<
127(
%RWKEDWWHULHVVKRXOGEHLQVWDOOHGLQWRWKHFRPSDUWPHQWVLQ
RUGHUWRVWDUWWKHPDFKLQH
2SHQWKHEDWWHU\IODS
$OLJQWKHOLIWULEVRQWKHEDWWHU\SDFNZLWKWKHJURRYHVLQ
WKHEDWWHU\FRPSDUWPHQW
3XVKWKHEDWWHU\SDFNLQWRWKHEDWWHU\FRPSDUWPHQWXQWLO
WKHEDWWHU\SDFNORFNVLQWRSODFH
:KHQ\RXKHDUDFOLFNWKHEDWWHU\SDFNLVLQVWDOOHG
'RWKHVDPHRSHUDWLRQZLWKWKHRWKHUEDWWHU\
&ORVHWKHEDWWHU\IODS
127(
7KHPRWRUVWDUWVRQO\ZKHQ\RXSXWLQWKHVDIHW\NH\
5(029(7+(%$77(5<3$&.
)LJXUH
2SHQWKHEDWWHU\FRPSDUWPHQWIODS
5HPRYHWKHVDIHW\NH\
3XVKDQGKROGWKHEDWWHU\UHOHDVHEXWWRQ
5HPRYHWKHEDWWHU\SDFNIURPWKHPDFKLQH
23(5$7,21
:$51,1*
:HDUH\HSURWHFWLRQGXULQJRSHUDWLRQ
67$577+(0$&+,1(
)LJXUH
127(
,QVWDOOWKHJUDVVFDWFKHUEHIRUHPRZLQJ
3XWLQWKHVDIHW\NH\
3XVKDQGKROGWKHVWDUWEXWWRQ
:KLOH\RXKROGWKHVWDUWEXWWRQSXOOWKHKDQGOHVZLWFKLQ
WKHGLUHFWLRQRIWKHKDQGOHEDU
5HOHDVHWKHVWDUWEXWWRQWRVWDUWWKHPDFKLQH
67237+(0$&+,1(
)LJXUH
5HOHDVHWKHKDQGOHVZLWFKWRVWRSWKHPDFKLQH
:$51,1*
:DLWXQWLOWKHEODGHIXOO\VWRSVEHIRUH\RXVWDUWWKHPDFKLQH
DJDLQ'RQRWTXLFNO\WXUQWKHPDFKLQHRIIDQGRQ
:$51,1*
$OZD\VUHPRYHWKHVDIHW\NH\DQGEDWWHU\SDFNDIWHU\RX
FRPSOHWHWKHZRUN
(037<7+(*5$66&$7&+(5
6WRSWKHPDFKLQH
5HPRYHWKHVDIHW\NH\
5HPRYHWKHEDWWHU\SDFN
2SHQWKHUHDUGLVFKDUJHIODSDQGKROGLW
+ROGWKHJUDVVFDWFKHUE\LWVKDQGOHDQGXQKRRNLWIURP
WKHVORWV
&ORVHWKHUHDUGLVFKDUJHIODS
(PSW\WKHJUDVVFDWFKHU
(QJOLVK
(1

23(5$7(216/23(6
:$51,1*
'RQRWPRZRQVORSHVZLWKLQFOLQHPRUHWKDQ,I\RX
DUHQRWFRPIRUWDEOHGRQRWPRZRQDVORSH
'RQRWJRXSDQGGRZQRQDVORSHPRZDFURVVWKHIDFH
RIWKHVORSH%HFDUHIXOZKHQ\RXFKDQJHWKHGLUHFWLRQRQ
DVORSH
0RQLWRUKROHVUXWVURFNVDQGRWKHUKLGGHQREMHFWVWKDW
FDQFDXVH\RXWRIDOO5HPRYHDOOREVWDFOHVVXFKDVURFNV
DQGWUHHOLPEV
0DNHVXUHWKDW\RXUIRRWLQJLVVWDEOH,I\RXDUHRXWRI
EDODQFHUHOHDVHWKHKDQGOHVZLWFKLPPHGLDWHO\
'RQRWPRZQHDUGURSRIIVGLWFKHVRUHPEDQNPHQWV
23(5$7,217,36
'RQRWWU\WRRYHUULGHWKHRSHUDWLRQRIWKHVWDUWEXWWRQRU
KDQGOHVZLWFK
'RQRWWLOWWKHPDFKLQHZKHQ\RXVWDUWLW
'RQRWSXWKDQGVRUIHHWQHDURUEHORZWKHWXUQLQJSDUWV
.HHSWKHGLVFKDUJHFKXWHFOHDQ
'RQRWFXWZHWJUDVV
+LJKHUEODGHKHLJKWLVQHFHVVDU\IRUQHZRUWKLFNJUDVV
&OHDQWKHERWWRPRIWKHPRZHUGHFNDIWHUHDFKXVH
5HPRYHJUDVVFOLSSLQJVOHDYHVGLUWDQGRWKHUGHEULV
0$,17(1$1&(
:$51,1*
5HPRYHWKHVDIHW\NH\DQGEDWWHU\SDFNIURPWKHPDFKLQH
EHIRUHPDLQWHQDQFH
:$51,1*
.HHSWKHPRWRUDQGEDWWHU\SDFNIUHHIURPJUDVVOHDYHVRU
WRRPXFKJUHDVH
&$87,21
8VHRQO\DSSURYHGUHSODFHPHQWSDUWV
&$87,21
'RQRWOHWEUDNHIOXLGVJDVROLQHSHWUROHXPEDVHGPDWHULDOV
WRXFKWKHSODVWLFSDUWV&KHPLFDOVFDQFDXVHGDPDJHWRWKH
SODVWLFDQGPDNHWKHSODVWLFXQVHUYLFHDEOH
&$87,21
'RQRWXVHVWURQJVROYHQWVRUGHWHUJHQWVRQWKHSODVWLF
KRXVLQJRUFRPSRQHQWV
127(
5HFRPPHQGHGWLJKWHQLQJWRUTXHEODGH1P
*(1(5$/0$,17(1$1&(
%HIRUHHDFKXVHH[DPLQHWKHPDFKLQHIRUGDPDJHG
PLVVLQJRUORRVHSDUWVVXFKDVVFUHZVQXWVEROWVDQG
FDSV
7LJKWHQFRUUHFWO\DOOWKHIDVWHQHUVDQGFDSV
&OHDQWKHPDFKLQHZLWKDGU\FORWK'RQRWXVHZDWHU
5(3/$&(7+(%/$'(
)LJXUH
:$51,1*
8VHRQO\DSSURYHGUHSODFHPHQWEODGHV
:$51,1*
:HDUKHDY\JORYHVRUZLQGFORWKDURXQGWKHEODGHZKHQ
\RXWRXFKWKHEODGH
6WRSWKHPDFKLQH
0DNHVXUHWKDWWKHEODGHVIXOO\VWRS
5HPRYHWKHVDIHW\NH\DQGEDWWHU\SDFN
7XUQWKHPDFKLQHWRLWVVLGH
8VHDSLHFHRIZRRGWRSUHYHQWWKHPRYHPHQWRIWKH
EODGH
5HPRYHWKHPRXQWLQJVFUHZDQGVSDFHUZLWKDZUHQFKRU
VRFNHW
5HPRYHWKHEODGH
,QVWDOOWKHQHZEODGH0DNHVXUHWKDWWKHWZRSRVWV
HQJDJHWKHKROHVLQWKHEODGH
3XWLQWKHVSDFHUDQGWLJKWHQWKHPRXQWLQJVFUHZWKDW\RX
UHPRYHG
6725(7+(0$&+,1(
5HPRYHWKHVDIHW\NH\
5HPRYHWKHEDWWHU\SDFNV
&OHDQWKHPDFKLQHEHIRUHVWRUDJH
0DNHVXUHWKHPRWRULVQRWKRWZKHQ\RXVWRUHWKH
PDFKLQH
0DNHVXUHWKDWWKHPDFKLQHGRHVQRWKDYHORRVHRU
GDPDJHGSDUWV,ILWLVQHFHVVDU\IROORZWKHVH
LQVWUXFWLRQV
5HSODFHWKHGDPDJHGSDUWV
7LJKWHQWKHEROWV
6SHDNWRDSHUVRQDWDQDSSURYHGVHUYLFHFHQWHU
6WRUHWKHPDFKLQHLQDGU\DUHD
0DNHVXUHWKDWFKLOGUHQFDQQRWFRPHQHDUWKHPDFKLQH
(QJOLVK
(1

7528%/(6+227,1*
3UREOHP 3RVVLEOHFDXVH 6ROXWLRQ
7KHKDQGOHLVQRW
LQSRVLWLRQ
7KHEROWVDUHQRW
HQJDJHGFRUUHFWO\
$GMXVWWKHKHLJKW
RIWKHKDQGOHDQG
PDNHVXUHWKDWWKH
NQREVDQGEROWV
DUHDOLJQHGFRU
UHFWO\
7KHPDFKLQHGRHV
QRWVWDUW
7KHEDWWHU\FD
SDFLW\LVORZ
&KDUJHWKHEDWWHU\
SDFN
7KHKDQGOHVZLWFK
LVGHIHFWLYH
5HSODFHWKHKDQGOH
VZLWFK
7KHVDIHW\NH\LV
QRWSXWLQ
3XWLQWKHVDIHW\
NH\
7KHPDFKLQHFXWV
JUDVVXQHYHQO\
7KHODZQLVURXJK ([DPLQHWKHPRZ
LQJDUHD
7KHEODGHKHLJKWLV
QRWVHWFRUUHFWO\
$GMXVWWKHEODGH
FXWWLQJKHLJKWWRD
KLJKHUSRVLWLRQ
7KHPDFKLQHGRHV
QRWPXOFKFRUUHFW
O\
:HWJUDVVFOLS
SLQJVDWWDFKWRWKH
GHFN
:DLWXQWLOWKH
JUDVVGULHVEHIRUH
PRZLQJ
7KHPXOFKSOXJLV
PLVVLQJ
,QVWDOOWKHPXOFK
SOXJ
7KHPDFKLQHLV
KDUGWRSXVK
7KHJUDVVLVWRR
WDOORUWKHEODGH
KHLJKWLVWRRORZ
,QFUHDVHWKHEODGH
FXWWLQJKHLJKW
7KHJUDVVFDWFKHU
DQGWKHEODGH
GUDJVLQWKLFN
JUDVV
(PSW\WKHJUDVV
FOLSSLQJVIURPWKH
JUDVVFDWFKHU
7KHUHLVDKLJKYL
EUDWLRQLQWKHPD
FKLQH
7KHEODGHLVXQ
EDODQFHGDQG
ZRUQ
5HSODFHWKHEODGH
7KHPRWRUVKDIWLV
EHQW
6WRSWKHPR
WRU
5HPRYHWKH
VDIHW\NH\DQG
EDWWHU\SDFN
,QVSHFWIRU
GDPDJH
5HSDLUWKHPD
FKLQHEHIRUH
\RXVWDUWLW
DJDLQ
3UREOHP 3RVVLEOHFDXVH 6ROXWLRQ
7KHPDFKLQHVWRSV
GXULQJPRZLQJ
7KHEODGHKHLJKWLV
WRRORZ
,QFUHDVHWKHEODGH
FXWWLQJKHLJKW
7KHEDWWHU\SDFNLV
RXWRISRZHU
&KDUJHWKHEDWWHU\
SDFN
7KHJUDVVFOLS
SLQJVDWWDFKWRWKH
GHFNRUWKHEODGH
5HPRYHWKHEDW
WHU\SDFNDQG
FKHFNWKHGHFN
2SHUDWLRQWHPSHU
DWXUHRIWKHPD
FKLQHLVWRRKLJK
&RROWKHPDFKLQH
,I\RXFDQQRWILQGWKHVROXWLRQWRWKHVHSUREOHPVJRWRWKH
VHUYLFHFHQWHU
7(&+1,&$/'$7$
9ROWDJH 9
1RORDGVSHHG PLQ
&XWWLQJZLGWK PP
&XWWLQJKHLJKW PP
*UDVVFDWFKHUFDSDFLW\ /
:HLJKWZLWKRXWEDWWHU\
SDFN
OEVNJ
0HDVXUHGVRXQGSUHVVXUH
OHYHO
/
3$
G%$.
G%$
*XDUDQWHHGVRXQGSRZHUOHY
HO
/
:$G
G%$
9LEUDWLRQ 㸺 PV
. PV
%DWWHU\PRGHO *%*%DQGRWKHU
%$*VHULHV
&KDUJHUPRGHO *;&*;8&
*;8&DQGRWKHU&$*
VHULHV
'RXEOHLQVXODWHGFRQVWUXF
WLRQ
,3; ,3;
:$55$17<
7KHIXOOZDUUDQW\WHUPVDQGFRQGLWLRQVFDQEHIRXQGRQ
*UHHQZRUNVZHESDJH
7KH*UHHQZRUNVZDUUDQW\LV\HDUVRQWKHSURGXFWDQG
\HDUVRQEDWWHULHVFRQVXPHUSULYDWHXVDJHIURPWKHGDWHRI
SXUFKDVH7KLVZDUUDQW\FRYHUVPDQXIDFWXULQJIDXOWV$IDXOW\
SURGXFWXQGHUZDUUDQW\PLJKWEHHLWKHUUHSDLUHGRUUHSODFHG
$XQLWWKDWKDVEHHQPLVXVHGRUXVHGLQRWKHUZD\VWKHQ
GHVFULEHGLQWKHRZQHU¶VPDQXDOPLJKWEHUHMHFWHGIRU
ZDUUDQW\1RUPDOZHDUDQGZHDUSDUWVDUHQRWFRQVLGHUHGDV
(QJOLVK
(1

ZDUUDQW\7KHRULJLQDOPDQXIDFWXUHUZDUUDQW\LVQRWDIIHFWHG
E\DQ\DGGLWLRQDOZDUUDQW\RIIHUHGE\DGHDOHURUUHWDLOHU
$IDXOW\SURGXFWPXVWEHUHWXUQHGWRWKHSRLQWRISXUFKDVHLQ
RUGHUWRFODLPIRUZDUUDQW\WRJHWKHUZLWKWKHSURRIRI
SXUFKDVHUHFHLSW
(&'(&/$5$7,212)
&21)250,7<
1DPHDQGDGGUHVVRIWKHPDQXIDFWXUHU
1DPH */2%*52$%
*OREH*URXS(XURSH
$GGUHVV 5LJJDUHJDWDQ0DOP|6ZHGHQ
1DPHDQGDGGUHVVRIWKHSHUVRQDXWKRULVHGWRFRPSLOHWKH
WHFKQLFDOILOH
1DPH 0LFDHO-RKDQVVRQ
$GGUHVV 5LJJDUHJDWDQ0DOP|6ZHGHQ
+HUHZLWKZHGHFODUHWKDWWKHSURGXFW
&DWHJRU\ /DZQ0RZHU
0RGHO *;/0/0(
6HULDOQXPEHU 6HHSURGXFWUDWLQJODEHO
<HDURI&RQVWUXFWLRQ 6HHSURGXFWUDWLQJODEHO
LVLQFRQIRUPLW\ZLWKWKHUHOHYDQWSURYLVLRQVRIWKH
0DFKLQHU\'LUHFWLYH(&
LVLQFRQIRUPLW\ZLWKWKHSURYLVLRQVRIWKHIROORZLQJ
RWKHU(&'LUHFWLYHV
(8
(&(&
(8(8
)XUWKHUPRUHZHGHFODUHWKDWWKHIROORZLQJSDUWVFODXVHVRI
KDUPRQLVHGVWDQGDUGVKDYHEHHQXVHG
&RQIRUPLW\DVVHVVPHQWPHWKRGWR$QQH[9,'LUHFWLYH
(&
0HDVXUHGVRXQGSRZHUOHYHO /
:$
G%$
*XDUDQWHHGVRXQGSRZHUOHYHO /
:$G
G%$
3ODFHGDWH0DOP|
6LJQDWXUH7HG4X4XDOLW\'LUHFWRU
(QJOLVK
(1

%HVFKUHLEXQJ
9HUZHQGXQJV]ZHFN
hEHUVLFKW
6LFKHUKHLW
0RQWDJH
0DVFKLQHDXVSDFNHQ
8QWHUHQ*ULIIDXVNODSSHQXQGHLQVWHOOHQ
'HQREHUHQ*ULIIPRQWLHUHQ
*UDVIDQJYRUULFKWXQJPRQWLHUHQ
0XOFKHUPRQWLHUHQ
0HVVHU6FKQLWWK|KHHLQVWHOOHQ
$NNXSDFNHLQVHW]HQ
$NNXSDFNHQWIHUQHQ
%HGLHQXQJ
0DVFKLQHVWDUWHQ
0DVFKLQHDQKDOWHQ
*UDVIDQJYRUULFKWXQJHQWOHHUHQ
%HWULHEDQ+lQJHQ
7LSSV]XU%HGLHQXQJ
:DUWXQJXQG,QVWDQGKDOWXQJ
$OOJHPHLQH:DUWXQJ
0HVVHUHUVHW]HQ
/$*(581*'(50$6&+,1(
)HKOHUEHKHEXQJ
7HFKQLVFKH'DWHQ
*DUDQWLH
(*.RQIRUPLWlWVHUNOlUXQJ
'HXWVFK
'(

%(6&+5(,%81*
9(5:(1'81*6=:(&.
'LHVH0DVFKLQHZLUGIUGDV5DVHQPlKHQLP+DXVKDOW
HLQJHVHW]W'DV6FKQHLGPHVVHUPXVVVLFKHWZDSDUDOOHO]XP
%RGHQEHILQGHQ$OOHYLHU5lGHUPVVHQEHLP0lKHQGHQ
%RGHQEHUKUHQ
h%(56,&+7
$EELOGXQJa
*ULIIVFKDOWHU
6WDUW7DVWH
2EHUHU*ULII
8QWHUHU*ULII
+HFNDXVZXUINODSSH
$NNXIDFKNODSSH
+|KHQYHUVWHOOKHEHO
*UDVIDQJYRUULFKWXQJ
0XOFKHU
+DQGJULII
6FKUDXEH
6FKQHOOVSDQQKHEHO
+DNHQ
$NNXSDFN
6LFKHUKHLWVVFKOVVHO
$NNXHQWULHJHOXQJVWDVWH
0XWWHU
$EVWDQGKDOWHU
0HVVHU
6,&+(5+(,7
:$5181*
6WHOOHQ6LHVLFKHUGDVV6LHDOOH6LFKHUKHLWVKLQZHLVH
EHIROJHQ
6LHKH6LFKHUKHLWVKDQGEXFK
0217$*(
:$5181*
1XU=XEHK|UYHUZHQGHQGDVYRP+HUVWHOOHUHPSIRKOHQ
ZLUG
:$5181*
6WHFNHQ6LHGHQ6LFKHUKHLWVVFKOVVHORGHUGHQ$NNXSDFN
HUVWGDQQHLQZHQQ6LHDOOH7HLOH]XVDPPHQJHEDXWKDEHQ
0$6&+,1($863$&.(1
:$5181*
9HUJHZLVVHUQ6LHVLFKGDVV6LHGLH0DVFKLQHYRUGHP
*HEUDXFKULFKWLJPRQWLHUWKDEHQ
:$5181*
%HLEHVFKlGLJWHQ0DVFKLQHQWHLOHQGUIHQ6LHGLH
0DVFKLQHQLFKWYHUZHQGHQ
:HQQ6LHQLFKWDOOH7HLOHKDEHQGUIHQ6LHGLH
0DVFKLQHQLFKWLQ%HWULHEQHKPHQ
:HQQ7HLOHEHVFKlGLJWVLQGRGHUIHKOHQZHQGHQ6LH
VLFKDQGLH6HUYLFHVWHOOH
gIIQHQ6LHGLH9HUSDFNXQJ
/HVHQ6LHGLHEHLOLHJHQGH'RNXPHQWDWLRQ
(QWQHKPHQ6LHDOOHXQPRQWLHUWHQ7HLOHDXVGHP.DUWRQ
1HKPHQ6LHGLH0DVFKLQHDXVGHP.DUWRQ
(QWVRUJHQ6LHGHQ.DUWRQXQGGDV9HUSDFNXQJVPDWHULDO
JHPlGHQ|UWOLFKHQ9RUVFKULIWHQ
817(5(1*5,))$86./$33(1
81'(,167(//(1
$EELOGXQJ
=LHKHQ6LHGHQREHUHQ*ULIIKRFKXQG]XUFNXPGHQ
*ULIILQGLH%HWULHEVSRVLWLRQ]XEULQJHQ$FKWHQ6LH
GDUDXIGDVVGLH*ULIIHULFKWLJHLQUDVWHQ
=LHKHQ6LHGHQXQWHUHQ*ULIIPLWGHQ6FKQHOOVSDQQKHEHOQ
DXIEHLGHQ6HLWHQIHVW
+,1:(,6
$FKWHQ6LHGDUDXIGDVVVLFKGLHEHLGHQ*ULIIHLQGHU
JOHLFKHQ3RVLWLRQEHILQGHQ
:$5181*
%HVFKlGLJHQ6LHGLH.DEHOQLFKWZHQQ6LHGHQ*ULIIDXV
RGHU]XVDPPHQNODSSHQ
'(12%(5(1*5,))0217,(5(1
$EELOGXQJ
5LFKWHQ6LHGLH/|FKHULPREHUHQXQGXQWHUHQ*ULIIDXV
6WHFNHQ6LHGLH6FKUDXEHQGXUFKGLH/|FKHU
=LHKHQ6LHGLH+DQGJULIIHPLWGHQ6FKUDXEHQIHVW
:LHGHUKROHQ6LHGHQ9RUJDQJDXIGHUDQGHUHQ6HLWH
*5$6)$1*9255,&+781*
0217,(5(1
$EELOGXQJ
(QWIHUQHQ6LHGHQ0XOFKHU
'HXWVFK
'(

gIIQHQ6LHGLH+HFNDXVZXUINODSSHXQGKDOWHQ6LHVLH
IHVW
+DOWHQ6LHGLH*UDVIDQJYRUULFKWXQJDP*ULIIXQGKlQJHQ
6LHGLH+DNHQLQGLH6FKOLW]H
6FKOLHHQ6LHGLH+HFNDXVZXUINODSSH
08/&+(50217,(5(1
$EELOGXQJ
(QWIHUQHQ6LHGLH*UDVIDQJYRUULFKWXQJ
gIIQHQ6LHGLH+HFNDXVZXUINODSSHXQGKDOWHQ6LHVLH
IHVW
+DOWHQ6LHGHQ0XOFKHUDP*ULIIIHVWXQGVHW]HQ6LHLKQ
LQGHQ$XVZXUIVFKDFKWHLQ
6FKOLHHQ6LHGLH+HFNDXVZXUINODSSH
0(66(56&+1,77+g+(
(,167(//(1
'LH0DVFKLQHNDQQDXIYHUVFKLHGHQH0HVVHU6FKQLWWK|KHQ
HLQJHVWHOOWZHUGHQ
$EELOGXQJ
=LHKHQ6LHGHQ+|KHQYHUVWHOOKHEHOQDFKYRUQHXPGLH
0HVVHU6FKQLWWK|KH]XHUK|KHQ
=LHKHQ6LHGHQ+|KHQYHUVWHOOKHEHOQDFKKLQWHQXPGLH
0HVVHU6FKQLWWK|KH]XYHUULQJHUQ
$..83$&.(,16(7=(1
$EELOGXQJ
:$5181*
:HQQGHU$NNXSDFNRGHUGDV/DGHJHUlWEHVFKlGLJWLVW
HUVHW]HQ6LHGHQ$NNXSDFNRGHUGDV/DGHJHUlW
6WRSSHQ6LHGLH0DVFKLQHXQGZDUWHQ6LHELVGHU
0RWRUVWRSSWEHYRU6LHGHQ$NNXSDFNHLQVHW]HQRGHU
HQWQHKPHQ
/HVHQNHQQHQXQGEHIROJHQ6LHGLH$QZHLVXQJHQLP
+DQGEXFKIU$NNXXQG/DGHJHUlW
:$5181*
9(5:(1'(16,(1859$..869(5:(1'(1
6,(.(,1(9$..860,7'233(/7(5
63$1181*
+,1:(,6
=XP6WDUWHQGHU0DVFKLQHVROOWHQEHLGH$NNXVLQGLH
$NNXIlFKHUHLQJHVHW]WZHUGHQ
gIIQHQ6LHGLH$NNXIDFKNODSSH
5LFKWHQ6LHGLH+XEULSSHQDP$NNXSDFNPLWGHQ1XWHQ
LP$NNXIDFKDXV
6FKLHEHQ6LHGHQ$NNXSDFNLQGDV$NNXIDFKELVHU
HLQUDVWHW
:HQQ6LHHLQ.OLFNHQK|UHQLVWGHU$NNXSDFNHLQJHVHW]W
:LHGHUKROHQ6LHGHQ9RUJDQJPLWGHPDQGHUHQ$NNX
6FKOLHHQ6LHGLH$NNXIDFKNODSSH
+,1:(,6
'HU0RWRUVWDUWHWHUVWZHQQ6LHGHQ6LFKHUKHLWVVFKOVVHO
HLQVWHFNHQ
$..83$&.(17)(51(1
$EELOGXQJ
gIIQHQ6LHGLH$NNXIDFKNODSSH
=LHKHQ6LHGHQ6LFKHUKHLWVVFKOVVHODE
'UFNHQXQGKDOWHQ6LHGLH$NNXHQWULHJHOXQJVWDVWH
1HKPHQ6LHGHQ$NNXSDFNDXVGHU0DVFKLQH
%(',(181*
:$5181*
:lKUHQGGHV%HWULHEHV$XJHQVFKXW]WUDJHQ
0$6&+,1(67$57(1
$EELOGXQJ
+,1:(,6
,QVWDOOLHUHQ6LHGLH*UDVIDQJYRUULFKWXQJYRUGHP0lKHQ
6WHFNHQ6LHGHQ6LFKHUKHLWVVFKOVVHOHLQ
+DOWHQ6LHGLH6WDUWWDVWHJHGUFNW
:lKUHQG6LHGLH6WDUWWDVWHJHGUFNWKDOWHQ]LHKHQ6LH
GHQ*ULIIVFKDOWHULQ5LFKWXQJ*ULIIVWDQJH
/DVVHQ6LHGLH6WDUWWDVWHORVXPGLH0DVFKLQH]XVWDUWHQ
0$6&+,1($1+$/7(1
$EELOGXQJ
/DVVHQ6LHGHQ*ULIIVFKDOWHUORVXPGLH0DVFKLQH]X
VWRSSHQ
:$5181*
:DUWHQ6LHELVGDV0HVVHUYROOVWlQGLJ]XP6WLOOVWDQG
JHNRPPHQLVWEHYRU6LHGLH0DVFKLQHHUQHXWVWDUWHQ
6FKDOWHQ6LHGLH0DVFKLQHQLFKWVFKQHOODXVXQGZLHGHUHLQ
:$5181*
(QWIHUQHQ6LHLPPHUGHQ6LFKHUKHLWVVFKOVVHOXQGGHQ
$NNXSDFNQDFKGHP6LHGLH$UEHLWEHHQGHWKDEHQ
*5$6)$1*9255,&+781*
(17/((5(1
6WRSSHQ6LHGLH0DVFKLQH
=LHKHQ6LHGHQ6LFKHUKHLWVVFKOVVHODE
'HXWVFK
'(

(QWIHUQHQ6LHGHQ$NNXSDFN
gIIQHQ6LHGLH+HFNDXVZXUINODSSHXQGKDOWHQ6LHVLH
IHVW
+DOWHQ6LHGLH*UDVIDQJYRUULFKWXQJDQLKUHP*ULIIXQG
KDNHQ6LHVLHYRQGHQ6FKOLW]HQDE
6FKOLHHQ6LHGLH+HFNDXVZXUINODSSH
(QWOHHUHQ6LHGLH*UDVIDQJYRUULFKWXQJ
%(75,(%$1+b1*(1
:$5181*
0lKHQQLFKWDQ+lQJHQPLWHLQHP*HIlOOHYRQPHKUDOV
:HQQ6LHVLFKGDPLWQLFKWVLFKHUIKOHQPlKHQ6LH
QLFKWDP+DQJ
0lKHQ6LHVWHWVKRUL]RQWDO]XP+DQJ6HLHQ6LH
YRUVLFKWLJZHQQ6LHDQ+lQJHQGLH$UEHLWVULFKWXQJ
lQGHUQ
$FKWHQ6LHDXI/|FKHU)XUFKHQ)HOVHQXQGDQGHUH
YHUVWHFNWH2EMHNWHGLH6LH]XP)DOOHQEULQJHQN|QQHQ
(QWIHUQHQ6LHDOOH+LQGHUQLVVHZLH6WHLQHXQGbVWH
$FKWHQ6LHDXIHLQHQVWDELOHQ6WDQG6ROOWHQ6LHGDV
*OHLFKJHZLFKWYHUOLHUHQODVVHQ6LHGHQ*ULIIVFKDOWHU
VRIRUWORV
0lKHQ6LHQLFKWLQGHU1lKHYRQ6WHLOKlQJHQ*UlEHQ
RGHU%|VFKXQJHQ
7,336=85%(',(181*
9HUVXFKHQ6LHQLFKWGLH)XQNWLRQGHU6WDUW7DVWHRGHUGHV
*ULIIVFKDOWHUVDXHU.UDIW]XVHW]HQ
.LSSHQ6LHGLH0DVFKLQHQLFKWZHQQ6LHVLHVWDUWHQ
+lQGHRGHU)HQLFKWLQGLH1lKHYRQRGHUXQWHU
URWLHUHQGH7HLOHEULQJHQ
+DOWHQ6LHGHQ$XVZXUIVFKDFKWVDXEHU
0lKHQ6LHNHLQQDVVHV*UDV
%HLQHXHPRGHUGLFNHP*UDVLVWHLQHK|KHUH0HVVHUK|KH
HUIRUGHUOLFK
5HLQLJHQ6LHGHQ%RGHQGHV0lKZHUNVQDFKMHGHP
(LQVDW](QWIHUQHQ6LH*UDVUHVWH%OlWWHU6FKPXW]XQG
DQGHUH$EODJHUXQJHQ
:$5781*81'
,167$1'+$/781*
:$5181*
(QWQHKPHQ6LHYRUGHU:DUWXQJGHQ6LFKHUKHLWVVFKOVVHO
XQGGHQ$NNXSDFNDXVGHU0DVFKLQH
:$5181*
+DOWHQ6LHGHQ0RWRUXQGGHQ$NNXSDFNIUHLYRQ*UDV
/DXERGHU]XYLHO)HWW
9256,&+7
9HUZHQGHQ6LHQXU]XJHODVVHQH(UVDW]WHLOH
9256,&+7
/DVVHQ6LH%UHPVIOVVLJNHLWHQ%HQ]LQXQG
PLQHUDO|OEDVLHUWH0DWHULDOLHQQLFKWPLWGHQ.XQVWVWRIIWHLOHQ
LQ%HUKUXQJNRPPHQ&KHPLNDOLHQN|QQHQGHQ.XQVWVWRII
EHVFKlGLJHQXQGLKQXQEUDXFKEDUPDFKHQ
9256,&+7
9HUZHQGHQ6LHNHLQHVWDUNHQ/|VXQJVPLWWHORGHU
5HLQLJXQJVPLWWHODXIGHP.XQVWVWRIIJHKlXVHRGHUGHQ
%DXWHLOHQ
+,1:(,6
(PSIRKOHQHV$Q]LHKGUHKPRPHQW0HVVHU1P
$//*(0(,1(:$5781*
3UIHQ6LHGLH0DVFKLQHYRUMHGHP(LQVDW]DXI
EHVFKlGLJWHIHKOHQGHRGHUORVH7HLOHZLH6FKUDXEHQ
0XWWHUQ%RO]HQXQG.DSSHQ
=LHKHQ6LHDOOH%HIHVWLJXQJHQXQG.DSSHQULFKWLJDQ
5HLQLJHQ6LHGLH0DVFKLQHPLWHLQHPWURFNHQHQ7XFK
9HUZHQGHQ6LHNHLQ:DVVHU
0(66(5(56(7=(1
$EELOGXQJ
:$5181*
1XU]XJHODVVHQH(UVDW]PHVVHUYHUZHQGHQ
:$5181*
7UDJHQ6LHVWUDSD]LHUIlKLJH+DQGVFKXKHRGHUZLFNHOQ6LH
HLQ7XFKXPGDV0HVVHUZHQQ6LHHVEHUKUHQ
6WRSSHQ6LHGLH0DVFKLQH
9HUJHZLVVHUQ6LHVLFKGDVVGLH0HVVHU]XP6WLOOVWDQG
NRPPHQ
(QWIHUQHQ6LHGHQ6LFKHUKHLWVVFKOVVHOXQGGHQ
$NNXSDFN
/HJHQ6LHGLH0DVFKLQHDXIGLH6HLWH
9HUZHQGHQ6LHHLQ6WFN+RO]XPGLH%HZHJXQJGHV
0HVVHUV]XYHUKLQGHUQ
(QWIHUQHQ6LHGLH%HIHVWLJXQJVVFKUDXEHXQGGHQ
$EVWDQGKDOWHUPLWHLQHP6FKUDXEHQVFKOVVHORGHUHLQHP
6WHFNVFKOVVHO
(QWIHUQHQ6LHGDV0HVVHU
,QVWDOOLHUHQ6LHGDVQHXH0HVVHU$FKWHQ6LHGDUDXIGDVV
GLHEHLGHQ1DVHQLQGLH/|FKHULP0HVVHUHLQJUHLIHQ
6HW]HQ6LHGHQ$EVWDQGVKDOWHUHLQXQG]LHKHQ6LHGLH
%HIHVWLJXQJVVFKUDXEHDQGLH6LHHQWIHUQWKDEHQ
'HXWVFK
'(

/$*(581*'(50$6&+,1(
=LHKHQ6LHGHQ6LFKHUKHLWVVFKOVVHODE
$NNXSDFNHQWIHUQHQ
5HLQLJHQ6LHGLH0DVFKLQHYRUGHU/DJHUXQJ
6WHOOHQ6LHVLFKHUGDVVGHU0RWRUQLFKWKHLLVWZHQQ6LH
GLH0DVFKLQHHLQODJHUQ
6WHOOHQ6LHVLFKHUGDVVGLH0DVFKLQHNHLQHORVHQRGHU
EHVFKlGLJWHQ7HLOHDXIZHLVW:HQQHVQRWZHQGLJLVW
IKUHQ6LHGLHVH6FKULWWH$QZHLVXQJHQDXV
7DXVFKHQ6LHGLHEHVFKlGLJWHQ7HLOHDXV
=LHKHQ6LHGLH6FKUDXEHQDQ
6SUHFKHQ6LHPLWHLQHP0LWDUEHLWHULQHLQHP
]XJHODVVHQHQ6HUYLFH]HQWUXP
9HUVWDXHQ6LHGLH0DVFKLQHDQHLQHPWURFNHQHQ2UW
6WHOOHQ6LHVLFKHUGDVV.LQGHUQLFKWLQGLH1lKHGHU
0DVFKLQHNRPPHQN|QQHQ
)(+/(5%(+(%81*
3UREOHP 0|JOLFKH8UV
DFKH
/|VXQJ
'HU*ULIILVWQLFKW
LQ3RVLWLRQ
'LH6FKUDXEHQ
VLQGQLFKWULFKWLJ
HLQJHUDVWHW
6WHOOHQ6LHGLH
+|KHGHV*ULIIV
HLQXQGDFKWHQ6LH
GDUDXIGDVVGLH
.QlXIHXQG
6FKUDXEHQULFKWLJ
DXVJHULFKWHWVLQG
'LH0DVFKLQHVWDU
WHWQLFKW
'LH$NNXOHLVWXQJ
LVWVFKZDFK
/DGHQ6LHGHQ$N
NXSDFNDXI
'HU*ULIIVFKDOWHU
LVWEHVFKlGLJW
(UVHW]HQ6LHGHQ
*ULIIVFKDOWHU
'HU6LFKHUKHLWVV
FKOVVHOLVWQLFKW
HLQJHVWHFNW
6WHFNHQ6LHGHQ
6LFKHUKHLWVVFKOV
VHOHLQ
'LH0DVFKLQH
PlKWGDV*UDVXQ
JOHLFKPlLJ
'HU5DVHQLVWUDX 8QWHUVXFKHQ6LH
GHQ0lKEHUHLFK
'LH0HVVHUK|KH
LVWQLFKWULFKWLJ
HLQJHVWHOOW
6WHOOHQ6LHHLQH
K|KHUH0HVVHU
6FKQLWWK|KHHLQ
'LH0DVFKLQH
PXOFKWQLFKWULFK
WLJ
1DVVHU*UDVVFKQLWW
NOHEWDP0lK
ZHUN
:DUWHQ6LHELVGDV
*UDVJHWURFNQHW
LVWEHYRU6LHPl
KHQ
'HU0XOFKHUIHKOW ,QVWDOOLHUHQ6LH
GHQ0XOFKHU
3UREOHP 0|JOLFKH8UV
DFKH
/|VXQJ
'LH0DVFKLQHOlVVW
VLFKQXUVFKZHU
VFKLHEHQ
'DV*UDVLVW]X
KRFKRGHUGLH
0HVVHUK|KH]X
QLHGULJ
(UK|KHQ6LHGLH
0HVVHU6FKQLW
WK|KH
'LH*UDVIDQJYRU
ULFKWXQJXQGGDV
0HVVHU]LHKHQ
GLFNHV*UDVHLQ
(QWOHHUHQ6LHGHQ
*UDVVFKQLWWDXV
GHU*UDVIDQJYRU
ULFKWXQJ
'LH0DVFKLQHYL
EULHUWVHKUVWDUN
'DV0HVVHULVW
QLFKWDXVJHZXFK
WHWRGHUYHUVFKOLV
VHQ
7DXVFKHQ6LHGDV
0HVVHUDXV
'LH0RWRUZHOOHLVW
YHUERJHQ
6WRSSHQ6LH
GHQ0RWRU
(QWIHUQHQ6LH
GHQ6LFKHU
KHLWVVFKOVVHO
XQGGHQ$NNX
SDFN
$XI6FKlGHQ
XQWHUVXFKHQ
5HSDULHUHQ6LH
GLH0DVFKLQH
EHYRU6LHVLH
ZLHGHULQ%H
WULHEQHKPHQ
'LH0DVFKLQH
VWRSSWZlKUHQG
GHV0lKHQV
'LH0HVVHUK|KH
LVW]XQLHGULJ
(UK|KHQ6LHGLH
0HVVHU6FKQLW
WK|KH
'HU$NNXSDFNLVW
OHHU
/DGHQ6LHGHQ$N
NXSDFNDXI
'HU*UDVVFKQLWW
NOHEWDP0lKZHUN
RGHUDP0HVVHU
1HKPHQ6LHGHQ
$NNXSDFNKHUDXV
XQGEHUSUIHQ
6LHGDV0lKZHUN
'LH%HWULHEVWHP
SHUDWXUGHU0D
VFKLQHLVW]XKRFK
0DVFKLQHDENK
OHQODVVHQ
:HQQ6LHNHLQH/|VXQJIUGLHVH3UREOHPHILQGHQZHQGHQ
6LHVLFKDQGDV6HUYLFH&HQWHU
7(&+1,6&+('$7(1
6SDQQXQJ 9
/HHUODXIGUHK]DKO PLQ
6FKQLWWEUHLWH PP
6FKQLWWK|KH PP
*UDVIDQJNDSD]LWlW /
'HXWVFK
'(

*HZLFKWRKQH$NNXSDFN OEVNJ
*HPHVVHQHU6FKDOOGUXFNSH
JHO
/
3$
G%$.
G%$
*DUDQWLHUWHU6FKDOOOHLVWXQJ
VSHJHO
/
:$G
G%$
9LEUDWLRQ 㸺 PV
. PV
$NNX0RGHOO *%*%XQGDQGHUH
%$*%DXUHLKHQ
/DGHJHUlW0RGHOO *;&*;8&
*;8&XQGDQGHUH
&$*%DXUHLKHQ
'RSSHOWLVROLHUWH.RQVWUXN
WLRQ
,3; ,3;
*$5$17,(
'LHYROOVWlQGLJHQ*DUDQWLHEHGLQJXQJHQILQGHQ6LHDXIGHU
:HEVLWHYRQ*UHHQZRUNV
'LH*UHHQZRUNV*DUDQWLHEHWUlJW-DKUHDXIGDV3URGXNWXQG
-DKUHDXIGLH$NNXV.lXIHU3ULYDWJHEUDXFKDE
.DXIGDWXP'LHVH*DUDQWLHGHFNW+HUVWHOOXQJVIHKOHUDE(LQ
LP5DKPHQGHU*DUDQWLHIHKOHUKDIWHV3URGXNWNDQQHQWZHGHU
UHSDULHUWRGHUHUVHW]WZHUGHQ(LQ*HUlWGDVPLVVEUlXFKOLFK
RGHUDXIDQGHUH:HLVHDOV]XLQGHU%HGLHQXQJVDQOHLWXQJ
EHVFKULHEHQ=ZHFNHQYHUZHQGHWZXUGHNDQQYRQGHU
*DUDQWLHDXVJHVFKORVVHQZHUGHQ1RUPDOHU9HUVFKOHLXQG
9HUVFKOHLWHLOHVLQGYRQGHU*DUDQWLHDXVJHVFKORVVHQ'LH
XUVSUQJOLFKH+HUVWHOOHUJDUDQWLHZLUGGXUFKHLQH]XVlW]OLFKH
*DUDQWLHHLQHV+lQGOHUVRGHU(LQ]HOKlQGOHUVQLFKW
EHHLQWUlFKWLJW
(LQIHKOHUKDIWHV3URGXNWPXVV]XVDPPHQPLWGHP
.DXIQDFKZHLV4XLWWXQJDQGLH9HUNDXIVVWHOOH
]XUFNJHVFKLFNWZHUGHQXP*DUDQWLHDQVSUFKHJHOWHQG]X
PDFKHQ
(*
.21)250,7b76(5./b581*
1DPHXQG$QVFKULIWGHV+HUVWHOOHUV
1DPH */2%*52$%
*OREH*URXS(XURSH
$GUHVVH 5LJJDUHJDWDQ0DOP|6FKZHGHQ
1DPHXQG$QVFKULIWGHU3HUVRQGLH]XU(UVWHOOXQJGHU
WHFKQLVFKHQ8QWHUODJHQEHUHFKWLJWLVW
1DPH 0LFDHO-RKDQVVRQ
$GUHVVH 5LJJDUHJDWDQ0DOP|6FKZHGHQ
+LHUPLWHUNOlUHQZLUGDVVGDV3URGXNW
.DWHJRULH 5DVHQPlKHU
0RGHOO *;/0/0(
6HULHQQXPPHU 6LHKH3URGXNWHWLNHWW
%DXMDKU 6LHKH3URGXNWHWLNHWW
GHQHLQVFKOlJLJHQ%HVWLPPXQJHQGHU0DVFKLQHQULFKWOLQLH
(*HQWVSULFKW
GHQ%HVWLPPXQJHQGHUIROJHQGHQDQGHUHQ(*
5LFKWOLQLHQHQWVSULFKW
(8
(*(*
(8(8
'DUEHUKLQDXVHUNOlUHQZLUGDVVGLHIROJHQGHQ7HLOH
.ODXVHOQYRQKDUPRQLVLHUWHQ1RUPHQYHUZHQGHWZXUGHQ
.RQIRUPLWlWVEHZHUWXQJVPHWKRGHQDFK$QKDQJ9,GHU
5LFKWOLQLH(*
*HPHVVHQHU6FKDOOOHLVWXQJVSHJHO /
:$
G%$
*DUDQWLHUWHU6FKDOOOHLVWXQJVSHJHO /
:$G
G%$
2UW'DWXP0DOP|
8QWHUVFKULIW7HG4X4XDOLWlWVOHLWHU
'HXWVFK
'(

'HVFULSFLyQ
)LQDOLGDG
3HUVSHFWLYDJHQHUDO
6HJXULGDG
,QVWDODFLyQ
'HVHPEDODMHGHODPiTXLQD
'HVSOLHJXH\DMXVWHGHODVDLQIHULRU
,QVWDODFLyQGHODVDVXSHULRU
,QVWDODFLyQGHOUHFRJHKLHUED
,QVWDODFLyQGHOWDSyQGHPXOFKLQJ
$MXVWHGHODDOWXUDGHFXFKLOODFRUWH
,QVWDODFLyQGHODEDWHUtD
5HWLUDGDGHODEDWHUtD
)XQFLRQDPLHQWR
3XHVWDHQPDUFKDGHODPiTXLQD
'HWHQFLyQGHODPiTXLQD
9DFLDGRGHOUHFRJHKLHUED
)XQFLRQDPLHQWRHQSHQGLHQWHV
&RQVHMRVGHIXQFLRQDPLHQWR
0DQWHQLPLHQWR
0DQWHQLPLHQWRJHQHUDO
6XVWLWXFLyQGHODFXFKLOOD
$OPDFHQDPLHQWRGHODPiTXLQD
6ROXFLyQGHSUREOHPDV
'DWRVWpFQLFRV
*DUDQWtD
'HFODUDFLyQGHFRQIRUPLGDG&(
(VSDxRO
(6

'(6&5,3&,Ï1
),1$/,'$'
(VWDPiTXLQDVHXWLOL]DSDUDHOFRUWHGHFpVSHGGRPpVWLFR/D
FXFKLOODGHFRUWHGHEHHVWDUDSUR[LPDGDPHQWHSDUDOHODDO
VXHOR/DVFXDWURUXHGDVGHEHQWRFDUHOVXHORPLHQWUDVFRUWDHO
FpVSHG
3(563(&7,9$*(1(5$/
)LJXUDa
,QWHUUXSWRUGHODVD
%RWyQGHSXHVWDHQPDUFKD
$VDVXSHULRU
$VDLQIHULRU
$OHWDGHGHVFDUJDWUDVHUD
$OHWDGHOFRPSDUWLPHQWRGHODEDWHUtD
3DODQFDGHDMXVWHGHDOWXUD
5HFRJHKLHUED
7DSyQGHPXOFKLQJ
0DQGR
3HUQR
3DODQFDGHDSHUWXUDUiSLGD
*DQFKR
%DWHUtD
/ODYHGHVHJXULGDG
%RWyQGHGHVEORTXHRGHODEDWHUtD
7XHUFD
(VSDFLDGRU
&XFKLOOD
6(*85,'$'
$9,62
$VHJ~UHVHGHVHJXLUWRGDVODVLQVWUXFFLRQHVGHVHJXULGDG
&RQVXOWHHOPDQXDOGHVHJXULGDG
,167$/$&,Ï1
$9,62
1RXWLOLFHDFFHVRULRVTXHQRVHDQORVUHFRPHQGDGRVSRUHO
IDEULFDQWH
$9,62
1RFRORTXHODOODYHGHVHJXULGDGQLODEDWHUtDKDVWDTXHQR
KD\DILQDOL]DGRHOPRQWDMHGHWRGDVODVSLH]DV
'(6(0%$/$-('(/$0È48,1$
$9,62
$VHJ~UHVHGHPRQWDUFRUUHFWDPHQWHODPiTXLQDDQWHVGHO
XVR
$9,62
6LODVSLH]DVGHODPiTXLQDSUHVHQWDQGDxRVQRXWLOLFH
ODPiTXLQD
6LQRWLHQHWRGDVODVSLH]DVQRXWLOLFHODPiTXLQD
6LIDOWDQSLH]DVRKD\SLH]DVGDxDGDVFRQWDFWHFRQHO
FHQWURGHVHUYLFLR
$EUDHOHPEDODMH
/HDODGRFXPHQWDFLyQTXHVHSURSRUFLRQDHQODFDMD
5HWLUHWRGDVODVSLH]DVVLQPRQWDUGHODFDMD
5HWLUHODPiTXLQDGHODFDMD
'HVHFKHODFDMD\HOPDWHULDOGHHPEDODMHGHFRQIRUPLGDG
FRQORVUHJODPHQWRVORFDOHV
'(63/,(*8(<$-867('(/$6$
,1)(5,25
)LJXUD
7LUHKDFLDDUULED\KDFLDDWUiVGHODVDVXSHULRUSDUD
OHYDQWDUODDODSRVLFLyQGHIXQFLRQDPLHQWR$VHJ~UHVHGH
TXHODVDVDVHQFDMHQFRUUHFWDPHQWHHQVXSRVLFLyQ
$SULHWHHODVDLQIHULRUFRQODVSDODQFDVGHDSHUWXUDUiSLGD
DDPERVODGRV
127$
$VHJ~UHVHGHTXHODVGRVDVDVHVWpQHQODPLVPDSRVLFLyQ
$9,62
1RGDxHORVFDEOHVFXDQGRSOLHJXHRGHVSOLHJXHHODVD
,167$/$&,Ï1'(/$6$
683(5,25
)LJXUD
$OLQHHORVRULILFLRVGHODVDVXSHULRU\HODVDLQIHULRU
,QWURGX]FDORVSHUQRVSRUORVRULILFLRV
$SULHWHORVPDQGRVHQORVSHUQRV
5HDOLFHODPLVPDRSHUDFLyQHQHORWURODGR
,167$/$&,Ï1'(/
5(&2*(+,(5%$
)LJXUD
5HWLUHHOWDSyQGHPXOFKLQJ
$EUDODDOHWDGHGHVFDUJDWUDVHUD\VXMpWHOD
(VSDxRO
(6

6RVWHQJDHOUHFRJHKLHUEDSRUHODVD\SRQJDORVJDQFKRV
VREUHODVUDQXUDV
&LHUUHODDOHWDGHGHVFDUJDWUDVHUD
,167$/$&,Ï1'(/7$3Ï1'(
08/&+,1*
)LJXUD
5HWLUHHOUHFRJHKLHUED
$EUDODDOHWDGHGHVFDUJDWUDVHUD\VXMpWHOD
6XMHWHHOWDSyQGHPXOFKLQJSRUVXDVD\FROyTXHORHQHO
FRQGXFWRGHGHVFDUJD
&LHUUHODDOHWDGHGHVFDUJDWUDVHUD
$-867('(/$$/785$'(
&8&+,//$&257(
/DPiTXLQDSXHGHDMXVWDUVHDGLVWLQWDVDOWXUDVGHFXFKLOOD
FRUWH
)LJXUD
7LUHKDFLDGHODQWHGHODSDODQFDGHDMXVWHGHDOWXUDSDUD
DXPHQWDUODDOWXUDGHFXFKLOODFRUWH
7LUHKDFLDDWUiVGHODSDODQFDGHDMXVWHGHDOWXUDSDUD
GLVPLQXLUODDOWXUDGHFXFKLOODFRUWH
,167$/$&,Ï1'(/$%$7(5Ë$
)LJXUD
$9,62
6LODEDWHUtDRHOFDUJDGRUKDVXIULGRGDxRVVXVWLWX\DOD
EDWHUtDRHOFDUJDGRU
'HWHQJDODPiTXLQD\HVSHUHKDVWDTXHHOPRWRUVHSDUH
DQWHVGHLQVWDODURUHWLUDUODEDWHUtD
'HEHOHHUFRQRFHU\VHJXLUODVLQVWUXFFLRQHVGHOPDQXDO
GHODEDWHUtD\HOFDUJDGRU
$9,62
87,/,&(Ò1,&$0(17(81$%$7(5Ë$'(912
87,/,&(81$%$7(5Ë$'('2%/(7(16,Ï1'(
9
127$
$PEDVEDWHUtDVGHEHQLQVWDODUVHHQORVFRPSDUWLPHQWRVSDUD
SRGHUSRQHUHQPDUFKDODPiTXLQD
$EUDODDOHWDGHODEDWHUtD
$OLQHHODVQHUYDGXUDVGHHOHYDFLyQGHODEDWHUtDFRQODV
UDQXUDVGHOFRPSDUWLPHQWRGHODEDWHUtD
,QWURGX]FDODEDWHUtDHQHOFRPSDUWLPHQWRGHODEDWHUtD
KDVWDTXHHQFDMHHQVXSRVLFLyQ
&XDQGRHVFXFKHXQFOLFODEDWHUtDHVWiLQVWDODGD
5HDOLFHODPLVPDRSHUDFLyQFRQODRWUDEDWHUtD
&LHUUHODDOHWDGHODEDWHUtD
127$
(OPRWRUDUUDQFDVRORFXDQGRVHLQWURGXFHODOODYHGH
VHJXULGDG
5(7,5$'$'(/$%$7(5Ë$
)LJXUD
$SHUWXUDGHODDOHWDGHOFRPSDUWLPHQWRGHODEDWHUtD
5HWLUHODOODYHGHVHJXULGDG
3XOVH\PDQWHQJDSXOVDGRHOERWyQGHGHVEORTXHRGHOD
EDWHUtD
5HWLUHODEDWHUtDGHODPiTXLQD
)81&,21$0,(172
$9,62
/OHYHSURWHFFLyQRFXODUGXUDQWHHOIXQFLRQDPLHQWR
38(67$(10$5&+$'(/$
0È48,1$
)LJXUD
127$
,QVWDOHHOUHFRJHKLHUEDDQWHVGHVHJDU
,QWURGX]FDODOODYHGHVHJXULGDG
3XOVH\PDQWHQJDSXOVDGRHOERWyQGHSXHVWDHQPDUFKD
0LHQWUDVPDQWLHQHSXOVDGRHOERWyQGHSXHVWDHQPDUFKD
WLUHGHOLQWHUUXSWRUGHODVDHQODGLUHFFLyQGHOPDQLOODU
6XHOWHHOERWyQGHSXHVWDHQPDUFKDSDUDSRQHUHQPDUFKD
ODPiTXLQD
'(7(1&,Ï1'(/$0È48,1$
)LJXUD
6XHOWHHOLQWHUUXSWRUGHODVDSDUDGHWHQHUODPiTXLQD
$9,62
(VSHUHKDVWDTXHODFXFKLOODVHGHWHQJDSRUFRPSOHWRDQWHV
GHYROYHUDSRQHUHQPDUFKDODPiTXLQD1RDSDJXH\
HQFLHQGDODPiTXLQDUiSLGDPHQWH
$9,62
5HWLUHVLHPSUHODOODYHGHVHJXULGDG\ODEDWHUtDWUDV
ILQDOL]DUHOWUDEDMR
9$&,$'2'(/5(&2*(+,(5%$
'HWHQJDODPiTXLQD
5HWLUHODOODYHGHVHJXULGDG
5HWLUHODEDWHUtD
$EUDODDOHWDGHGHVFDUJDWUDVHUD\VXMpWHOD
(VSDxRO
(6

6RVWHQJDHOUHFRJHKLHUEDSRUHODVD\GHVHQJiQFKHORGH
ODVUDQXUDV
&LHUUHODDOHWDGHGHVFDUJDWUDVHUD
9DFtHHOUHFRJHKLHUED
)81&,21$0,(172(1
3(1',(17(6
$9,62
1RVLHJXHHQSHQGLHQWHVFRQXQDLQFOLQDFLyQVXSHULRUD
6LQRHVWiFyPRGRQRVLHJXHHQXQDSHQGLHQWH
1RVXED\EDMHHQXQDSHQGLHQWHVLHJXHWUDQVYHUVDOPHQWH
ODVXSHUILFLHGHODPLVPD7HQJDFXLGDGRDOFDPELDUGH
GLUHFFLyQHQXQDSHQGLHQWH
6XSHUYLVHRULILFLRVVXUFRVSLHGUDV\RWURVREMHWRVRFXOWRV
TXHSXHGHQKDFHUTXHVHFDLJD(OLPLQHWRGRVORV
REVWiFXORVFRPRSLHGUDV\UDPDVGHiUEROHV
$VHJ~UHVHGHWHQHUXQHTXLOLEULRHVWDEOH6LSLHUGHHO
HTXLOLEULRVXHOWHHOLQWHUUXSWRUGHODVDLQPHGLDWDPHQWH
1RVLHJXHFHUFDGHSUHFLSLFLRV]DQMDVRWHUUDSOHQHV
&216(-26'(
)81&,21$0,(172
1RLQWHQWHDQXODUHOIXQFLRQDPLHQWRGHOERWyQGHSXHVWD
HQPDUFKDRHOLQWHUUXSWRUGHODVD
1RLQFOLQHODPiTXLQDFXDQGRODSRQJDHQPDUFKD
1RSRQJDODVPDQRVQLORVSLHVFHUFDRGHEDMRGHODV
SLH]DVJLUDWRULDV
0DQWHQJDOLPSLRHOFRQGXFWRGHGHVFDUJD
1RFRUWHKLHUEDPRMDGD
(VQHFHVDULDXQDPD\RUDOWXUDGHODFXFKLOODSDUDFpVSHG
QXHYRRGHQVR
/LPSLHODSDUWHLQIHULRUGHODSODWDIRUPDGHOFRUWDFpVSHG
GHVSXpVGHFDGDXVR5HWLUHORVUHFRUWHVGHKLHUEDODV
KRMDVODVXFLHGDG\RWURVUHVLGXRV
0$17(1,0,(172
$9,62
5HWLUHODOODYHGHVHJXULGDG\ODEDWHUtDGHODPiTXLQDDQWHV
GHUHDOL]DUWDUHDVGHPDQWHQLPLHQWR
$9,62
0DQWHQJDHOPRWRU\ODEDWHUtDOLEUHVGHKLHUEDKRMDVRXQ
H[FHVRGHJUDVD
35(&$8&,Ï1
8WLOLFH~QLFDPHQWHSLH]DVGHUHSXHVWRDSUREDGDV
35(&$8&,Ï1
1RSHUPLWDTXHOtTXLGRVGHIUHQRVJDVROLQD\RWURV
GHULYDGRVGHOSHWUyOHRWRTXHQODVSLH]DVGHSOiVWLFR/DV
VXVWDQFLDVTXtPLFDVSXHGHQGDxDUHOSOiVWLFR\KDFHUTXH
TXHGHLQVHUYLEOH
35(&$8&,Ï1
1RXWLOLFHGLVROYHQWHVRGHWHUJHQWHVIXHUWHVHQODFDUFDVDR
ORVFRPSRQHQWHVGHSOiVWLFR
127$
3DUGHDSULHWHUHFRPHQGDGRFXFKLOOD1P
0$17(1,0,(172*(1(5$/
$QWHVGHFDGDXVRH[DPLQHODPiTXLQDSDUDFRPSUREDUVL
KD\SLH]DVGDxDGDVDXVHQWHVRVXHOWDVFRPRWRUQLOORV
WXHUFDVSHUQRV\WDSDV
$SULHWHFRUUHFWDPHQWHWRGRVORVHOHPHQWRVGHILMDFLyQ\
ODVWDSDV
/LPSLHODPiTXLQDFRQXQSDxRVHFR1RXWLOLFHDJXD
6867,78&,Ï1'(/$&8&+,//$
)LJXUD
$9,62
8WLOLFH~QLFDPHQWHFXFKLOODVGHUHSXHVWRDSUREDGDV
$9,62
/OHYHJXDQWHVJUXHVRVRHQUROOHXQWUDSRDOUHGHGRUGHOD
FXFKLOODFXDQGRODWRTXH
'HWHQJDODPiTXLQD
$VHJ~UHVHGHTXHODVFXFKLOODVVHGHWHQJDQSRUFRPSOHWR
5HWLUHODOODYHGHVHJXULGDG\ODEDWHUtD
$SR\HODPiTXLQDVREUHXQODWHUDO
8WLOLFHXQWUR]RGHPDGHUDSDUDLPSHGLUHOPRYLPLHQWRGH
ODFXFKLOOD
5HWLUHHOWRUQLOORGHPRQWDMH\HOHVSDFLDGRUFRQXQDOODYH
RXQDOODYHGHWXER
5HWLUHODFXFKLOOD
,QVWDOHODFXFKLOODQXHYD$VHJ~UHVHGHTXHORVGRVSRVWHV
VHDFRSOHQHQORVRULILFLRVGHODFXFKLOOD
&RORTXHHOHVSDFLDGRU\DSULHWHHOWRUQLOORGHPRQWDMHTXH
UHWLUy
$/0$&(1$0,(172'(/$
0È48,1$
5HWLUHODOODYHGHVHJXULGDG
5HWLUHODVEDWHUtDV
/LPSLHODPiTXLQDDQWHVGHODOPDFHQDPLHQWR
(VSDxRO
(6

$VHJ~UHVHGHTXHHOPRWRUQRHVWpFDOLHQWHFXDQGR
DOPDFHQHODPiTXLQD
$VHJ~UHVHGHTXHODPiTXLQDQRWHQJDSLH]DVVXHOWDVR
GDxDGDV6LHVQHFHVDULRVLJDHVWDVLQVWUXFFLRQHV
6XVWLWX\DODVSLH]DVGDxDGDV
$SULHWHORVSHUQRV
+DEOHFRQXQDSHUVRQDGHXQFHQWURGHVHUYLFLR
DSUREDGR
$OPDFHQHODPiTXLQDHQXQD]RQDVHFD
$VHJ~UHVHGHTXHORVQLxRVQRSXHGDQDFHUFDUVHDOD
PiTXLQD
62/8&,Ï1'(352%/(0$6
3UREOHPD 3RVLEOHFDXVD 6ROXFLyQ
(ODVDQRHVWiHQ
SRVLFLyQ
/RVSHUQRVQRVH
KDQDFRSODGRFRU
UHFWDPHQWH
$MXVWHODDOWXUDGHO
DVD\DVHJ~UHVHGH
TXHORVPDQGRV\
ORVSHUQRVVHKD\
DQDOLQHDGRFRU
UHFWDPHQWH
/DPiTXLQDQRVH
SRQHHQPDUFKD
/DFDSDFLGDGGHOD
EDWHUtDHVWiEDMD
&DUJXHODEDWHUtD
(OLQWHUUXSWRUGHO
DVDHVWiGHIHFWXR
VR
6XVWLWX\DHOLQWHU
UXSWRUGHODVD
/DOODYHGHVHJXUL
GDGQRVHKDLQWUR
GXFLGR
,QWURGX]FDODOODYH
GHVHJXULGDG
/DPiTXLQDFRUWD
ODKLHUEDLUUHJXODU
PHQWH
(OFpVSHGHV
DJUHVWH
([DPLQHODVXSHU
ILFLHGHVHJDGR
/DDOWXUDGHODFX
FKLOODQRVHKD
DMXVWDGRFRUUHFWD
PHQWH
$MXVWHODDOWXUDGH
FXFKLOODFRUWHD
XQDSRVLFLyQPiV
DOWD
/DIXQFLyQGH
PXOFKLQJGHOD
PiTXLQDQRVHUH
DOL]DFRUUHFWD
PHQWH
+D\UHFRUWHVGHKL
HUEDPRMDGDDG
KHULGRVDODSODWD
IRUPD
(VSHUHKDVWDTXH
ODKLHUEDVHVHTXH
DQWHVGHVHJDU
)DOWDHOWDSyQGH
PXOFKLQJ
,QVWDOHHOWDSyQGH
PXOFKLQJ
(VGLItFLOHPSXMDU
ODPiTXLQD
/DKLHUEDHVWiGH
PDVLDGRDOWDROD
DOWXUDGHODFXFKLO
ODHVGHPDVLDGR
EDMD
$XPHQWHODDOWXUD
GHFXFKLOODFRUWH
(OUHFRJHKLHUED\
ODFXFKLOODDUUDV
WUDQFXDQGRVHWUD
EDMDHQKLHUEDGHQ
VD
9DFtHORVUHFRUWHV
GHKLHUEDGHOUHFR
JHKLHUED
3UREOHPD 3RVLEOHFDXVD 6ROXFLyQ
+D\XQDYLEUDFLyQ
HOHYDGDHQODPi
TXLQD
/DFXFKLOODHVWi
GHVHTXLOLEUDGD\
GHVJDVWDGD
6XVWLWX\DODFX
FKLOOD
(OHMHGHOPRWRU
HVWiGREODGR
'HWHQJDHO
PRWRU
5HWLUHODOODYH
GHVHJXULGDG\
ODEDWHUtD
,QVSHFFLRQHVL
KD\GDxRV
5HSDUHODPi
TXLQDDQWHVGH
YROYHUDSR
QHUODHQ
PDUFKD
/DPiTXLQDVHGH
WLHQHGXUDQWHHOVH
JDGR
/DDOWXUDGHODFX
FKLOODHVGHPDVLD
GREDMD
$XPHQWHODDOWXUD
GHFXFKLOODFRUWH
/DEDWHUtDVHKD
DJRWDGR
&DUJXHODEDWHUtD
+D\UHFRUWHVGHKL
HUEDDGKHULGRVDOD
SODWDIRUPDRDOD
FXFKLOOD
5HWLUHODEDWHUtD\
FRPSUXHEHODSOD
WDIRUPD
/DWHPSHUDWXUDGH
IXQFLRQDPLHQWRGH
ODPiTXLQDHVGH
PDVLDGRDOWD
'HMHHQIULDUODPi
TXLQD
6LQRSXHGHHQFRQWUDUODVROXFLyQDHVWRVSUREOHPDVYD\DDO
FHQWURGHVHUYLFLR
'$7267e&1,&26
7HQVLyQ 9
9HORFLGDGVLQFDUJD PLQ
$QFKXUDGHFRUWH PP
$OWXUDGHFRUWH PP
&DSDFLGDGGHOUHFRJHKLHUED /
3HVRVLQEDWHUtD OEVNJ
1LYHOGHSUHVLyQDF~VWLFD
PHGLGD
/
3$
G%$.
G%$
1LYHOGHSRWHQFLDDF~VWLFD
JDUDQWL]DGD
/
:$G
G%$
9LEUDFLyQ 㸺 PV
. PV
0RGHORGHEDWHUtD *%*%\RWUDVVHULHV
%$*
(VSDxRO
(6

0RGHORGHFDUJDGRU *;&*;8&
*;8&\RWUDVVHULHV
&$*
(VWUXFWXUDFRQGREOHDLVOD
PLHQWR
,3; ,3;
*$5$17Ë$
/DWRWDOLGDGGHODVFRQGLFLRQHVGHODJDUDQWtDSXHGH
HQFRQWUDUVHHQODSiJLQDZHEGH*UHHQZRUNV
/DJDUDQWtDGH*UHHQZRUNVHVGHDxRVSDUDHOSURGXFWR\
DxRVSDUDODVEDWHUtDVXVRSULYDGRGHOFRQVXPLGRUDSDUWLU
GHODIHFKDGHFRPSUD(VWDJDUDQWtDFXEUHGHIHFWRVGH
IDEULFDFLyQ8QSURGXFWRGHIHFWXRVRHQJDUDQWtDSXHGHVHU
UHSDUDGRRVXVWLWXLGR8QDXQLGDGTXHKD\DVLGRPDOXWLOL]DGD
RXWLOL]DGDGHPRGRGLVWLQWRDOTXHVHGHVFULEHHQHOPDQXDO
GHOSURSLHWDULRSXHGHQRWHQHUGHUHFKRDJDUDQWtD(OGHVJDVWH
QRUPDO\ODVSLH]DVGHGHVJDVWHQRHVWiQFXELHUWRVSRUOD
JDUDQWtD/DJDUDQWtDRULJLQDOGHOIDEULFDQWHQRVHYHDIHFWDGD
SRUQLQJXQDJDUDQWtDDGLFLRQDORIUHFLGDSRUXQGLVWULEXLGRUR
PLQRULVWD
8QSURGXFWRGHIHFWXRVRGHEHGHYROYHUVHDOSXQWRGHFRPSUD
SDUDUHFODPDUODJDUDQWtDMXQWRFRQHOFRPSUREDQWHGH
FRPSUDWLFNHW
'(&/$5$&,Ï1'(
&21)250,'$'&(
1RPEUH\GLUHFFLyQGHOIDEULFDQWH
1RPEUH */2%*52$%
*OREH*URXS(XURSH
'LUHFFLyQ 5LJJDUHJDWDQ0DOP|6XHFLD
1RPEUH\GLUHFFLyQGHODSHUVRQDDXWRUL]DGDSDUDFRPSLODUHO
DUFKLYRWpFQLFR
1RPEUH 0LFDHO-RKDQVVRQ
'LUHFFLyQ 5LJJDUHJDWDQ0DOP|6XHFLD
3RUODSUHVHQWHGHFODUDPRVTXHHOSURGXFWR
&DWHJRUtD &RUWDFpVSHG
0RGHOR *;/0/0(
1~PHURGHVHULH 9pDVHODHWLTXHWDGHFODVLILFDFLyQ
GHOSURGXFWR
$xRGHFRQVWUXFFLyQ 9pDVHODHWLTXHWDGHFODVLILFDFLyQ
GHOSURGXFWR
HVFRQIRUPHFRQODVGLVSRVLFLRQHVSHUWLQHQWHVGHOD
'LUHFWLYDUHODWLYDDODVPiTXLQDV&(
HVFRQIRUPHFRQODVGLVSRVLFLRQHVGHODVVLJXLHQWHV
'LUHFWLYDV&(
8(
&(\&(
8(\8(
$GLFLRQDOPHQWHGHFODUDPRVTXHVHKDQXWLOL]DGRODV
VLJXLHQWHVSDUWHVRFOiXVXODVGHODVQRUPDVDUPRQL]DGDV
0pWRGRGHHYDOXDFLyQGHFRQIRUPLGDGVHJ~QHODQH[R9,
'LUHFWLYD&(
1LYHOGHSRWHQFLDDF~VWLFDPHGLGD /
:$
G%$
1LYHOGHSRWHQFLDDF~VWLFDJDUDQWL
]DGD
/
:$G
G%$
/XJDUIHFKD0DOP|
)LUPD7HG4X'LUHFWRUGHFDOLGDG
(VSDxRO
(6

'HVFUL]LRQH
'HVWLQD]LRQHGXVR
3DQRUDPLFD
6LFXUH]]D
$VVHPEODJJLR
'LVLPEDOODJJLRGHOODSSDUHFFKLR
$SHUWXUDHUHJROD]LRQHGHOPDQXEULR
LQIHULRUH
,QVWDOOD]LRQHGHOOLPSXJQDWXUDVXSHULRUH
,QVWDOOD]LRQHGHOFRQWHQLWRUHGHOOHUED
,QVWDOOD]LRQHGHOODFFHVVRULRSHU
SDFFLDPDWXUD
,PSRVWD]LRQHGHOODOWH]]DGLWDJOLRGHOOD
ODPD
,QVWDOOD]LRQHGHOJUXSSREDWWHULD
5LPR]LRQHGHOJUXSSREDWWHULD
8WLOL]]R
$YYLRGHOODSSDUHFFKLR
$UUHVWRGHOODSSDUHFFKLR
6YXRWDUHLOVDFFRGLUDFFROWD
8WLOL]]RVXWHUUHQLLQSHQGHQ]D
6XJJHULPHQWLSHUOXVR
0DQXWHQ]LRQH
0DQXWHQ]LRQHJHQHUDOH
6RVWLWX]LRQHGHOODODPD
&RQVHUYD]LRQHGHOODSSDUHFFKLR
5LVROX]LRQHGHLSUREOHPL
6SHFLILFKHWHFQLFKH
*DUDQ]LD
'LFKLDUD]LRQHGLFRQIRUPLWj&(
,WDOLDQR
,7

'(6&5,=,21(
'(67,1$=,21('862
4XHVWRDSSDUHFFKLRqGHVWLQDWRDOWDJOLRGLHUEDLQDPELHQWL
GRPHVWLFL/DODPDGHYHHVVHUHFLUFDSDUDOOHODDOWHUUHQR
7XWWHOHTXDWWURUXRWHGHYRQRHVVHUHDFRQWDWWRFRQLOWHUUHQR
GXUDQWHLOWDJOLR
3$125$0,&$
)LJXUDa
,QWHUUXWWRUHLPSXJQDWXUD
3XOVDQWHGLDYYLR
0DQXEULRVXSHULRUH
0DQXEULRLQIHULRUH
6SRUWHOORGHOORVFDULFRSRVWHULRUH
6SRUWHOORGHOYDQREDWWHULD
/HYDGLUHJROD]LRQHGHOODOWH]]DGLWDJOLR
&RQWHQLWRUHGHOOHUED
$FFHVVRULRSHUSDFFLDPDWXUD
0DQRSROD
%XOORQH
/HYDDULODVFLRUDSLGR
*DQFLR
*UXSSREDWWHULD
&KLDYHGLVLFXUH]]D
3XOVDQWHGLULODVFLRGHOODEDWWHULD
'DGR
'LVWDQ]LDWRUH
/DPD
6,&85(==$
$99(57,0(172
5LVSHWWDUHHDSSOLFDUHWXWWHOHDYYHUWHQ]HGLVLFXUH]]D
)DUHULIHULPHQWRDOOHDYYHUWHQ]HGLVLFXUH]]D
$66(0%/$**,2
$99(57,0(172
1RQXVDUHDFFHVVRULQRQUDFFRPDQGDWLGDOFRVWUXWWRUH
$99(57,0(172
1RQLQVHULUHODFKLDYHGLVLFXUH]]DRLOJUXSSREDWWHULD
ILQFKpWXWWHOHSDUWLQRQVRQRVWDWHDVVHPEODWH
',6,0%$//$**,2
'(//$33$5(&&+,2
$99(57,0(172
$VVLFXUDUVLGLDVVHPEODUHFRUUHWWDPHQWHODSSDUHFFKLRSULPD
GHOOXVR
$99(57,0(172
6HXQRRSLFRPSRQHQWLVRQRGDQQHJJLDWLQRQXVDUH
ODSSDUHFFKLR
6HXQRRSLFRPSRQHQWLVRQRPDQFDQWLQRQXVDUH
ODSSDUHFFKLR
,QFDVRGLFRPSRQHQWLGDQQHJJLDWLRPDQFDQWL
FRQWDWWDUHLOFHQWURGLDVVLVWHQ]D
$SULUHOLPEDOODJJLR
/HJJHUHLGRFXPHQWLFRQWHQXWLQHOOLPEDOODJJLR
(VWUDUUHJOLDFFHVVRULGDOOLPEDOODJJLR
(VWUDUUHODSSDUHFFKLRGDOOLPEDOODJJLR
6PDOWLUHLPDWHULDOLGLLPEDOODJJLRFRQIRUPHPHQWHDOOH
QRUPDWLYHORFDOL
$3(5785$(5(*2/$=,21(
'(/0$18%5,2,1)(5,25(
)LJXUD
7LUDUHLOPDQXEULRVXSHULRUHYHUVRODOWRHDOOLQGLHWURSHU
SRUWDUORLQSRVL]LRQHRSHUDWLYD$VVLFXUDUVLFKHLPDQXEUL
VFDWWLQRFRUUHWWDPHQWHLQSRVL]LRQH
6HUUDUHLOPDQXEULRLQIHULRUHFRQOHOHYHDULODVFLRUDSLGR
DLGXHODWL
127$
$VVLFXUDUVLFKHOHGXHOHYHVLDQRQHOODVWHVVDSRVL]LRQH
$99(57,0(172
3UHVWDUHDWWHQ]LRQHDQRQGDQQHJJLDUHLFDYLGXUDQWH
ODSHUWXUDRODFKLXVXUDGHOPDQXEULR
,167$//$=,21(
'(//,038*1$785$
683(5,25(
)LJXUD
$OOLQHDUHLIRULVXOPDQXEULRVXSHULRUHHVXOPDQXEULR
LQIHULRUH
,QVHULUHLEXOORQLDWWUDYHUVRLIRUL
6HUUDUHOHPDQRSROHVXLEXOORQL
5LSHWHUHTXHVWDRSHUD]LRQHVXOODOWURODWR
,WDOLDQR
,7

,167$//$=,21('(/
&217(1,725('(//(5%$
)LJXUD
5LPXRYHUHODFFHVVRULRSHUSDFFLDPDWXUD
$SULUHORVSRUWHOORGHOORVFDULFRSRVWHULRUHHWHQHUOR
DSHUWR
7HQHUHLOFRQWHQLWRUHGHOOHUEDWUDPLWHOLPSXJQDWXUDH
ILVVDUHLJDQFLVXOOHIHVVXUH
&KLXGHUHORVSRUWHOORGHOORVFDULFRSRVWHULRUH
,167$//$=,21(
'(//$&&(6625,23(5
3$&&,$0$785$
)LJXUD
5LPXRYHUHLOFRQWHQLWRUHGHOOHUED
$SULUHORVSRUWHOORGHOORVFDULFRSRVWHULRUHHWHQHUOR
DSHUWR
7HQHUHLOFRQWHQLWRUHGHOOHUEDWUDPLWHOLPSXJQDWXUDH
LQVHULORQHOORVFLYRORGLVFDULFR
&KLXGHUHORVSRUWHOORGHOORVFDULFRSRVWHULRUH
,03267$=,21('(//$/7(==$
',7$*/,2'(//$/$0$
/DSSDUHFFKLRqGRWDWRGLGLYHUVHDOWH]]HGLWDJOLRGHOODODPD
)LJXUD
7LUDUHODOHYDGLUHJROD]LRQHGHOODOWH]]DLQDYDQWLSHU
DXPHQWDUHODOWH]]DGLWDJOLRGHOODODPD
7LUDUHODOHYDGLUHJROD]LRQHGHOODOWH]]DDOOLQGLHWURSHU
GLPLQXLUHODOWH]]DGLWDJOLRGHOODODPD
,167$//$=,21('(/*58332
%$77(5,$
)LJXUD
$99(57,0(172
6HLOJUXSSREDWWHULDRLOFDULFDEDWWHULDVRQR
GDQQHJJLDWLVRVWLWXLUOL
$UUHVWDUHODSSDUHFFKLRHDWWHQGHUHFKHLOPRWRUHVL
DUUHVWLSULPDGLLQVWDOODUHRULPXRYHUHLOJUXSSREDWWHULD
/HJJHUHFRPSUHQGHUHHULVSHWWDUHOHLVWUX]LRQLULSRUWDWH
QHOPDQXDOHGHOODEDWWHULDHGHOFDULFDEDWWHULD
$99(57,0(172
87,/,==$5((6&/86,9$0(17(%$77(5,(
912187,/,==$5(%$77(5,($'233,$
7(16,21(9
127$
(QWUDPEHOHEDWWHULHGHYRQRHVVHUHLQVHULWHQHJOLDSSRVLWL
DOORJJLSHUSRWHUDYYLDUHODSSDUHFFKLR
$SULUHORVSRUWHOORGHOYDQREDWWHULD
$OOLQHDUHOHVSRUJHQ]HVXOJUXSSREDWWHULDFRQOH
VFDQDODWXUHVXOYDQREDWWHULD
)DUHVFRUUHUHODEDWWHULDQHOYDQREDWWHULDILQFKpQRQVL
EORFFDLQSRVL]LRQH
:'HYHHPHWWHUHXQFOLF
(VHJXLUHODVWHVVDRSHUD]LRQHFRQODOWUDEDWWHULD
&KLXGHUHORVSRUWHOORGHOYDQREDWWHULD
127$
,OPRWRUHVLDYYLDHVFOXVLYDPHQWHTXDQGRYLHQHLQVHULWDOD
FKLDYHGLVLFXUH]]D
5,02=,21('(/*58332
%$77(5,$
)LJXUD
$SULUHORVSRUWHOORGHOYDQREDWWHULD
5LPXRYHUHODFKLDYHGLVLFXUH]]D
7HQHUHSUHPXWRLOSXOVDQWHGLULODVFLRGHOODEDWWHULD
5LPXRYHUHLOJUXSSREDWWHULDGDOODSSDUHFFKLR
87,/,==2
$99(57,0(172
,QGRVVDUHSURWH]LRQLSHUJOLRFFKLGXUDQWHOXVR
$99,2'(//$33$5(&&+,2
)LJXUD
127$
,QVWDOOD]LRQHGHOFRQWHQLWRUHGHOOHUED
,QVHULUHODFKLDYHGLVLFXUH]]D
7HQHUHSUHPXWRLOSXOVDQWHGLDYYLR
7HQHQGRSUHPXWRLOSXOVDQWHGLDYYLRWLUDUHODEDUUDGL
DYDQ]DPHQWRYHUVROLPSXJQDWXUDGHOPDQXEULR
5LODVFLDUHLOSXOVDQWHGLDYYLRSHUDYYLDUHODSSDUHFFKLR
$55(672'(//$33$5(&&+,2
)LJXUD
5LODVFLDUHODEDUUDGLDYDQ]DPHQWRSHUDUUHVWDUH
ODSSDUHFFKLR
$99(57,0(172
$WWHQGHUHFKHOHODPHVLDUUHVWLQRFRPSOHWDPHQWHSULPDGL
ULDYYLDUHODSSDUHFFKLR1RQDFFHQGHUHHVSHJQHUH
ODSSDUHFFKLRLQUDSLGDVXFFHVVLRQH
,WDOLDQR
,7

$99(57,0(172
5LPXRYHUHVHPSUHODFKLDYHGLVLFXUH]]DHLOJUXSSR
EDWWHULDDOWHUPLQHGHOOXVR
69827$5(,/6$&&2',
5$&&2/7$
$UUHVWDUHODSSDUHFFKLR
5LPXRYHUHODFKLDYHGLVLFXUH]]D
5LPXRYHUHLOJUXSSREDWWHULD
$SULUHORVSRUWHOORGHOORVFDULFRSRVWHULRUHHWHQHUOR
DSHUWR
7HQHUHLOFRQWHQLWRUHGHOOHUEDWUDPLWHOLPSXJQDWXUDH
VJDQFLDUORGDOOHIHVVXUH
&KLXGHUHORVSRUWHOORGHOORVFDULFRSRVWHULRUH
6YXRWDUHLOFRQWHQLWRUHGHOOHUED
87,/,==2687(55(1,,1
3(1'(1=$
$99(57,0(172
1RQXVDUHODSSDUHFFKLRVXWHUUHQLFRQSHQGHQ]DVXSHULRUHD
6HQRQFLVLVHQWHVLFXULQRQXVDUHODSSDUHFFKLRVX
WHUUHQLLQSHQGHQ]D
6XLWHUUHQLLQSHQGHQ]DODYRUDUHVHPSUH
SHUSHQGLFRODUPHQWHDOODGLVFHVDPDLYHUVRODOWRRYHUVR
LOEDVVR3UHVWDUHDWWHQ]LRQHTXDQGRVLFDPELDGLUH]LRQH
VXXQWHUUHQRLQSHQGHQ]D
3UHVWDUHDWWHQ]LRQHDOODSUHVHQ]DGLIRVVLSLHWUHHDOWUL
RJJHWWLQDVFRVWLFKHSRVVRQRFDXVDUHFDGXWH5LPXRYHUH
WXWWLJOLRVWDFROLFRPHSLHWUHHUDPL
$VVLFXUDUVLGLPDQWHQHUHOHTXLOLEULR6HVLSHUGH
OHTXLOLEULRULODVFLDUHLPPHGLDWDPHQWHODEDUUDGL
DYDQ]DPHQWR
1RQXVDUHODSSDUHFFKLRLQSURVVLPLWjGLIRVVDWLGLVFHVH
ULSLGHRVFDUSDWH
68**(5,0(17,3(5/862
1RQWHQWDUHGLGLVDELOLWDUHLOIXQ]LRQDPHQWRGHOSXOVDQWH
GLDYYLRRGHOODEDUUDGLDYDQ]DPHQWR
1RQLQFOLQDUHODSSDUHFFKLRGXUDQWHODYYLR
1RQSRVL]LRQDUHPDQLRSLHGLLQSURVVLPLWjRVRWWROHSDUWL
URWDQWL
0DQWHQHUHSXOLWRORVFLYRORGLVFDULFR
1RQWDJOLDUHHUEDEDJQDWD
3HUHUEDQXRYDRIROWDqQHFHVVDULDXQDOWH]]DGLWDJOLR
PDJJLRUH
3XOLUHODSDUWHLQIHULRUHGHOOXQLWjWDJOLDHUEDGRSRRJQL
XWLOL]]R5LPXRYHUHUHVLGXLGLHUEDIRJOLHVSRUFL]LDH
DOWULGHWULWL
0$187(1=,21(
$99(57,0(172
5LPXRYHUHODFKLDYHGLVLFXUH]]DHLOJUXSSREDWWHULD
GDOODSSDUHFFKLRSULPDGLVRWWRSRUORDPDQXWHQ]LRQH
$99(57,0(172
0DQWHQHUHLOPRWRUHHLOJUXSSREDWWHULDSULYLGLHUEDIRJOLH
RJUDVVRLQHFFHVVR
$99(57(1=$
8WLOL]]DUHHVFOXVLYDPHQWHSDUWLGLULFDPELRRPRORJDWH
$99(57(1=$
(YLWDUHFKHOHSDUWLLQSODVWLFDHQWULQRDFRQWDWWRFRQROLRGHL
IUHQLEHQ]LQDHPDWHULDOLDEDVHGLSHWUROLR*OLDJHQWL
FKLPLFLSRVVRQRGDQQHJJLDUHODSODVWLFDHUHQGHUOD
LQVHUYLELOH
$99(57(1=$
1RQXVDUHGHWHUJHQWLRVROYHQWLDJJUHVVLYLVXOOHSDUWLLQ
SODVWLFD
127$
&RSSLDGLVHUUDJJLRUDFFRPDQGDWD/DPD1P
0$187(1=,21(*(1(5$/(
3ULPDGLRJQLXWLOL]]RLVSH]LRQDUHYLWLEXOORQLGDGLH
FDSSXFFLSHUDVVLFXUDUVLFKHQRQVLDQRGDQQHJJLDWL
PDQFDQWLRDOOHQWDWL
6HUUDUHFRUUHWWDPHQWHWXWWLLGLVSRVLWLYLGLILVVDJJLRHL
FDSSXFFL
3XOLUHODSSDUHFFKLRFRQXQSDQQRDVFLXWWR1RQXVDUH
DFTXD
6267,78=,21('(//$/$0$
)LJXUH
$99(57,0(172
8WLOL]]DUHHVFOXVLYDPHQWHODPHGLULFDPELRRPRORJDWH
$99(57,0(172
,QGRVVDUHJXDQWLUREXVWLRDYYROJHUHXQSDQQRLQWRUQRDOOD
ODPDSULPDGLWRFFDUOD
$UUHVWDUHODSSDUHFFKLR
$VVLFXUDUVLFKHOHODPHVLDQRFRPSOHWDPHQWHIHUPH
5LPXRYHUHODFKLDYHGLVLFXUH]]DHLOJUXSSREDWWHULD
3RVL]LRQDUHODSSDUHFFKLRVXXQODWR
8VDUHXQSH]]RGLOHJQRSHUEORFFDUHLOPRYLPHQWRGHOOD
ODPD
,WDOLDQR
,7

5LPXRYHUHODYLWHGLILVVDJJLRHLOGLVWDQ]LDWRUHFRQXQD
FKLDYHRXQDFKLDYHDWXER
5LPXRYHUHODODPD
,QVWDOODUHODODPDQXRYD$VVLFXUDUVLFKHLGXHSHUQLVL
LQFDVWULQRQHLIRULGHOODODPD
,QVHULUHLOGLVWDQ]LDWRUHHVHUUDUHODYLWHGLILVVDJJLR
ULPRVVD
&216(59$=,21(
'(//$33$5(&&+,2
5LPXRYHUHODFKLDYHGLVLFXUH]]D
5LPR]LRQHGHOJUXSSREDWWHULD
3XOLUHODSSDUHFFKLRSULPDGLULSRUOR
$VVLFXUDUVLFKHLOPRWRUHVLDIUHGGRSULPDGLULSRUUH
ODSSDUHFFKLR
$VVLFXUDUVLFKHODSSDUHFFKLRQRQSUHVHQWLSDUWLDOOHQWDWH
RGDQQHJJLDWH6HQHFHVVDULRSURFHGHUHFRPHGHVFULWWRGL
VHJXLWR
6RVWLWXLUHLFRPSRQHQWLGDQQHJJLDWL
6HUUDUHLEXOORQL
&RQWDWWDUHXQFHQWURGLDVVLVWHQ]DDXWRUL]]DWR
5LSRUUHODSSDUHFFKLRLQXQOXRJRDVFLXWWR
$VVLFXUDUVLFKHLEDPELQLQRQSRVVDQRDYYLFLQDUVL
DOODSSDUHFFKLR
5,62/8=,21('(,352%/(0,
3UREOHPD 3RVVLELOHFDXVD 6ROX]LRQH
,OPDQXEULRQRQq
LQSRVL]LRQH
,EXOORQLQRQVRQR
SRVL]LRQDWLFRUUHW
WDPHQWH
5HJRODUHODOWH]]D
GHOPDQXEULRHDV
VLFXUDUVLFKHOH
PDQRSROHHLEXO
ORQLVLDQRDOOLQHDWL
FRUUHWWDPHQWH
/DSSDUHFFKLRQRQ
VLDYYLD
,OJUXSSREDWWHULDq
VFDULFR
5LFDULFDUHLOJUXS
SREDWWHULD
/DEDUUDGLDYDQ
]DPHQWRqGLIHWWR
VD
6RVWLWXLUHODEDUUD
GLDYDQ]DPHQWR
/DFKLDYHGHOOD
EDWWHULDQRQqVWDWD
LQVHULWD
,QVHULUHODFKLDYH
GHOODEDWWHULD
/DSSDUHFFKLRQRQ
WDJOLDOHUEDLQ
PRGRXQLIRUPH
,OSUDWRqDFFLGHQ
WDWR
,VSH]LRQDUHODUHD
GLWDJOLR
/DOWH]]DGLWDJOLR
QRQqLPSRVWDWD
FRUUHWWDPHQWH
3RUWDUHODOWH]]DGL
WDJOLRGHOODODPD
LQXQDSRVL]LRQH
SLHOHYDWD
3UREOHPD 3RVVLELOHFDXVD 6ROX]LRQH
/DSSDUHFFKLRQRQ
HVHJXHXQDFRUUHW
WDSDFFLDPDWXUD
6XOODSDUWHLQIHUL
RUHGHOOXQLWjWR
VDHUEDVRQRSUH
VHQWLUHVLGXLGLHU
EDEDJQDWD
$WWHQGHUHFKHOHU
EDVLDVFLXJKLSUL
PDGLWDJOLDUOD
/DFFHVVRULRSHU
SDFFLDPDWXUDqDV
VHQWH
,QVWDOODUHODFFHV
VRULRSHUSDFFLD
PDWXUD
/DSSDUHFFKLRq
GLIILFLOHGDVSLQ
JHUH
/HUEDqWURSSRDO
WDRODOWH]]DGLWD
JOLRqWURSSREDV
VD
$XPHQWDUHODOWH]
]DGLWDJOLRGHOOD
ODPD
,OFRQWHQLWRUH
GHOOHUEDHODODPD
YHQJRQRWUDVFLQDWL
GDOOHUEDIROWD
6YXRWDUHLOFRQWH
QLWRUHGHOOHUED
/DSSDUHFFKLRSUH
VHQWDIRUWLYLEUD
]LRQL
/DODPDqVELODQ
FLDWDHXVXUDWD
6RVWLWXLUHODODPD
/DOEHURPRWRUHq
SLHJDWR
$UUHVWDUHLO
PRWRUH
5LPXRYHUHOD
FKLDYHGLVL
FXUH]]DHLO
JUXSSREDWWH
ULD
6FROOHJDUHLO
FDYRGLDOL
PHQWD]LRQH
GDOODSUHVDGL
FRUUHQWH
9HULILFDUHODV
VHQ]DGLGDQQL
5LSDUDUHODS
SDUHFFKLRSUL
PDGLULDYYLDU
OR
/DSSDUHFFKLRVL
DUUHVWDGXUDQWHLO
WDJOLR
/DOWH]]DGLWDJOLR
qWURSSREDVVD
$XPHQWDUHODOWH]
]DGLWDJOLRGHOOD
ODPD
,OJUXSSREDWWHULDq
VFDULFR
5LFDULFDUHLOJUXS
SREDWWHULD
6XOOXQLWjWRVDHUED
RVXOODODPDVRQR
SUHVHQWLUHVLGXLGL
HUED
5LPXRYHUHLO
JUXSSREDWWHULDH
FRQWUROODUHOXQLWj
WRVDHUED
/DWHPSHUDWXUDGL
IXQ]LRQDPHQWR
GHOODSSDUHFFKLRq
WURSSRDOWD
/DVFLDUHUDIIUHG
GDUHODSSDUHFFKLR
6HQRQqSRVVLELOHWURYDUHODVROX]LRQHDOSURSULRSUREOHPD
UHFDUVLSUHVVRXQFHQWURGLDVVLVWHQ]D
,WDOLDQR
,7

63(&,),&+(7(&1,&+(
7HQVLRQH 9
9HORFLWjDYXRWR PLQ
$PSLH]]DGLWDJOLR PP
$OWH]]DGLWDJOLR PP
&DSDFLWjGHOFRQWHQLWRUH
GHOOHUED
/
3HVRVHQ]DJUXSSREDWWHULD OEVNJ
/LYHOORGLSUHVVLRQHVRQRUD
PLVXUDWR
/
3$
G%$.
G%$
/LYHOORGLSRWHQ]DVRQRUDJD
UDQWLWR
/
:$G
G%$
9LEUD]LRQL 㸺 PV
. PV
0RGHOOREDWWHULD *%*%HDOWUHVHULH
%$*
0RGHOORFDULFDEDWWHULD *;&*;8&
*;8&HDOWUHVHULH
&$*
$SSDUHFFKLRGRWDWRGLGRS
SLRLVRODPHQWR
,3; ,3;
*$5$1=,$
,WHUPLQLHOHFRQGL]LRQLLQWHJUDOLGHOODJDUDQ]LDVRQR
FRQVXOWDELOLVXO*UHHQZRUNVVLWRZHE
*UHHQZRUNVRIIUHXQDJDUDQ]LDGLDQQLSHULOSURGRWWRHGL
DQQLSHUOHEDWWHULHXVRGRPHVWLFRSULYDWRGDOODGDWDGL
DFTXLVWR/DJDUDQ]LDFRSUHLGLIHWWLGLIDEEULFD]LRQH,
SURGRWWLGLIHWWRVLLQJDUDQ]LDSRVVRQRHVVHUHULSDUDWLR
VRVWLWXLWL/XVRGHOSURGRWWRLQPRGRLPSURSULRRGLYHUVRGD
FRPHGHVFULWWRQHOPDQXDOHGLLVWUX]LRQLSXzLQYDOLGDUHOD
JDUDQ]LD/DQRUPDOHXVXUDGHOSURGRWWRHGHJOLDFFHVVRULQRQ
qFRSHUWDGDOODJDUDQ]LD/DJDUDQ]LDGHOIDEEULFDQWHQRQq
LQIOXHQ]DWDGDHYHQWXDOLJDUDQ]LHVXSSOHPHQWDULRIIHUWHGDO
ULYHQGLWRUHRGDOIRUQLWRUH
3HULQROWUDUHXQDULFKLHVWDGLULSDUD]LRQHLQJDUDQ]LDL
SURGRWWLGLIHWWRVLGHYRQRHVVHUHULSRUWDWLSUHVVRLOSXQWR
YHQGLWDLQVLHPHDOODSURYDGLDFTXLVWRULFHYXWD
',&+,$5$=,21(',
&21)250,7¬&(
1RPHHLQGLUL]]RGHOIDEEULFDQWH
1RPH */2%*52$%
*OREH*URXS(XURSH
,QGLUL]]R 5LJJDUHJDWDQ0DOP|6YH]LD
1RPHHLQGLUL]]RGHOODSHUVRQDDXWRUL]]DWDDFRPSLODUHLO
IDVFLFRORWHFQLFR
1RPH 0LFDHO-RKDQVVRQ
,QGLUL]]R 5LJJDUHJDWDQ0DOP|6YH]LD
&RQODSUHVHQWHVLGLFKLDUDFKHLOSURGRWWR
&DWHJRULD 7RVDHUED
0RGHOOR *;/0/0(
1XPHURGLVHULH FRQVXOWDUHODWDUJDGHOSURGRWWR
$QQRGLIDEEULFD
]LRQH
FRQVXOWDUHODWDUJDGHOSURGRWWR
qFRQIRUPHDLUHTXLVLWLGHOODGLUHWWLYD0DFFKLQH
(&
qFRQIRUPHDLUHTXLVLWLGHOOHVHJXHQWLGLUHWWLYHHXURSHH
(8
(&(&
(8(8
,QDJJLXQWDVLGLFKLDUDFKHVRQRVWDWHXWLOL]]DWHOHVHJXHQWL
SDUWLFODXVROHWUDWWHGDVWDQGDUGDUPRQL]]DWL
0HWRGRGLYDOXWD]LRQHGHOODFRQIRUPLWjFRQIRUPHDOODOOHJDWR
9,GHOODGLUHWWLYD(&
/LYHOORGLSRWHQ]DVRQRUDPLVXUDWR /
:$
G%$
/LYHOORGLSRWHQ]DVRQRUDJDUDQWLWR /
:$G
G%$
/XRJRGDWD0DOP|
)LUPD7HG4X'LUHWWRUH4XDOLWj
,WDOLDQR
,7

'HVFULSWLRQ
2EMHW
$SHUoX
6pFXULWp
,QVWDOODWLRQ
'pEDOODJHGHODPDFKLQH
'pSORLHPHQWHWDMXVWHPHQWGHSRLJQpH
LQIpULHXUH
,QVWDOODWLRQGHSRLJQpHVXSpULHXUH
,QVWDOODWLRQGHFROOHFWHXUGKHUEH
,QVWDOODWLRQGHOLQVHUWPXOFKLQJ
5pJODJHGHKDXWHXUGHFRXSHODPH
,QVWDOODWLRQGHSDFNEDWWHULH
5HWUDLWGHSDFNEDWWHULH
)RQFWLRQQHPHQW
'pPDUUDJHGHODPDFKLQH
$UUrWGHODPDFKLQH
9LGDJHGXFROOHFWHXUGKHUEH
7UDYDLOHQSHQWH
&RQVHLOVGXWLOLVDWLRQ
0DLQWHQDQFH
0DLQWHQDQFHJpQpUDOH
5HPSODFHPHQWGHODPH
6WRFNDJHGHODPDFKLQH
'pSDQQDJH
'RQQpHVWHFKQLTXHV
*DUDQWLH
'pFODUDWLRQGHFRQIRUPLWp&(
)UDQoDLV
)5

'(6&5,37,21
2%-(7
&HWWHPDFKLQHHVWGHVWLQpHjODWRQWHGXJD]RQGRPHVWLTXH/D
ODPHGHFRXSHGRLWrWUHDSSUR[LPDWLYHPHQWSDUDOOqOHDXVRO
/HVTXDWUHURXHVGRLYHQWWRXWHVWRXFKHUOHVROSHQGDQWOD
WRQWH
$3(5d8
)LJXUHa
,QWHUUXSWHXUGHSRLJQpH
%RXWRQGHGpPDUUDJH
3RLJQpHVXSpULHXUH
3RLJQpHLQIpULHXUH
9ROHWGHGpFKDUJHDUULqUH
9ROHWGHFRPSDUWLPHQWGHEDWWHULH
/HYLHUGDMXVWHPHQWGHKDXWHXU
&ROOHFWHXUGKHUEH
,QVHUWPXOFKLQJ
0ROHWWH
%RXORQ
/HYLHUGHOLEpUDWLRQUDSLGH
&URFKHW
3DFNEDWWHULH
&OpGHVpFXULWp
%RXWRQGHOLEpUDWLRQGHEDWWHULH
eFURX
(VSDFHXU
/DPH
6e&85,7e
$9(57,66(0(17
6XLYH]WRXWHVOHVLQVWUXFWLRQVGHVpFXULWp
9RLUOH0DQXHOGHVpFXULWp
,167$//$7,21
$9(57,66(0(17
1XWLOLVH]SDVGHVDFFHVVRLUHVQRQUHFRPPDQGpVSDUOH
IDEULFDQW
$9(57,66(0(17
1HPHWWH]SDVODFOpGHVpFXULWpRXOHSDFNEDWWHULHDYDQW
GDYRLUILQDOLVpODVVHPEODJHGHWRXWHVOHVSLqFHV
'e%$//$*('(/$0$&+,1(
$9(57,66(0(17
$VVXUH]YRXVGDVVHPEOHUFRUUHFWHPHQWODPDFKLQHDYDQW
VRQXVDJH
$9(57,66(0(17
6LGHVSLqFHVGHODPDFKLQHVRQWHQGRPPDJpHV
QXWLOLVH]SDVODPDFKLQH
6LGHVSLqFHVPDQTXHQWQXWLOLVH]SDVODPDFKLQH
6LGHVSLqFHVVRQWHQGRPPDJpHVRXPDQTXDQWHV
FRQWDFWH]OHFHQWUHGHQWUHWLHQ
2XYUH]OHPEDOODJH
/LVH]ODGRFXPHQWDWLRQIRXUQLHGDQVODERvWH
5HWLUH]WRXWHVOHVSLqFHVQRQDVVHPEOpHVGHODERvWH
5HWLUH]ODPDFKLQHGHODERvWH
0HWWH]ODERvWHHWOHPDWpULDXGHPEDOODJHDXUHEXWGDQVOH
UHVSHFWGHODUpJOHPHQWDWLRQORFDOH
'e3/2,(0(17(7$-867(0(17
'(32,*1e(,1)e5,(85(
)LJXUH
7LUH]ODSRLJQpHVXSpULHXUHYHUVOHKDXWHWODUULqUHSRXUOD
OHYHUHQSRVLWLRQGHIRQFWLRQQHPHQW$VVXUH]YRXVTXH
OHVSRLJQpHVVHQFOHQFKHQWFRUUHFWHPHQWHQSRVLWLRQ
6HUUH]ODSRLJQpHLQIpULHXUHDYHFOHVOHYLHUVGHOLEpUDWLRQ
UDSLGHGHFKDTXHF{Wp
5(0$548(
$VVXUH]YRXVTXHOHVGHX[SRLJQpHVVRQWLGHQWLTXHPHQW
SRVLWLRQQpHV
$9(57,66(0(17
1HQGRPPDJH]SDVOHVFkEOHVHQSOLDQWGpSOLDQWODSRLJQpH
,167$//$7,21'(32,*1e(
683e5,(85(
)LJXUH
$OLJQH]OHVRULILFHVGHODSRLJQpHVXSpULHXUHDYHFFHX[GH
ODSRLJQpHLQIpULHXUH
3ODFH]OHVERXORQVGDQVOHVRULILFHV
6HUUH]OHVPROHWWHVVXUOHVERXORQV
)DLWHVGHPrPHSRXUODXWUHF{Wp
,167$//$7,21'(&2//(&7(85
'+(5%(
)LJXUH
5HWLUH]OLQVHUWPXOFKLQJ
2XYUH]OHYROHWGHGpFKDUJHDUULqUHVDQVOHUHOkFKHU
)UDQoDLV
)5

7HQH]OHFROOHFWHXUGKHUEHSDUVDSRLJQpHHWHQJDJH]OHV
FURFKHWVGDQVOHVIHQWHV
)HUPH]OHYROHWGHGpFKDUJHDUULqUH
,167$//$7,21'(/,16(57
08/&+,1*
)LJXUH
5HWLUH]OHFROOHFWHXUGKHUEH
2XYUH]OHYROHWGHGpFKDUJHDUULqUHVDQVOHUHOkFKHU
7HQH]OLQVHUWPXOFKLQJSDUVDSRLJQpHHWLQVWDOOH]OHGDQV
ODUDPSHGHGpFKDUJH
)HUPH]OHYROHWGHGpFKDUJHDUULqUH
5e*/$*('(+$87(85'(
&283(/$0(
/DPDFKLQHSHXWrWUHUpJOpHVXUGLIIpUHQWHVKDXWHXUVGH
FRXSHODPHV
)LJXUH
7LUH]HQDYDQWOHOHYLHUGDMXVWHPHQWGHKDXWHXUSRXU
DXJPHQWHUODKDXWHXUGHFRXSHODPH
7LUH]HQDUULqUHOHOHYLHUGDMXVWHPHQWGHKDXWHXUSRXU
UpGXLUHODKDXWHXUGHFRXSHODPH
,167$//$7,21'(3$&.
%$77(5,(
)LJXUH
$9(57,66(0(17
6LOHSDFNEDWWHULHRXOHFKDUJHXUHVWHQGRPPDJp
UHPSODFH]OH
$UUrWH]ODPDFKLQHHWDWWHQGH]TXHOHPRWHXUVDUUrWH
DYDQWGLQVWDOOHURXGHUHWLUHUOHSDFNEDWWHULH
/LVH]DSSUHQH]HWDSSOLTXH]OHVLQVWUXFWLRQVGXPDQXHO
GHEDWWHULHHWGHFKDUJHXU
$9(57,66(0(17
87,/,6(=81,48(0(1781(%$77(5,(9
187,/,6(=3$681(%$77(5,('28%/(
7(16,219
5(0$548(
/HVGHX[EDWWHULHVGHYUDLHQWrWUHLQVWDOOpHVGDQVOHV
FRPSDUWLPHQWVDILQGHGpPDUUHUODPDFKLQH
2XYUH]OHYROHWGHEDWWHULH
$OLJQH]OHVDLOHWWHVGHOHYDJHVXUOHSDFNEDWWHULHDYHFOHV
UDLQXUHVGDQVOHFRPSDUWLPHQWGHEDWWHULH
3RXVVH]OHSDFNEDWWHULHGDQVOHFRPSDUWLPHQWGHEDWWHULH
MXVTXjOHYHUURXLOOHUHQSODFH
$XFOLFDXGLEOHOHSDFNEDWWHULHHVWLQVWDOOp
)DLWHVGHPrPHSRXUODXWUHEDWWHULH
)HUPH]OHYROHWGHEDWWHULH
5(0$548(
/HPRWHXUGpPDUUHXQLTXHPHQWORUVTXHYRXVLQVWDOOH]ODFOp
GHVpFXULWp
5(75$,7'(3$&.%$77(5,(
)LJXUH
2XYHUWXUHGXYROHWGHFRPSDUWLPHQWGHEDWWHULH
5HWLUH]ODFOpGHVpFXULWp
$SSX\H]VXUOHERXWRQGHOLEpUDWLRQGHEDWWHULHVDQVOH
UHOkFKHU
5HWLUH]OHSDFNEDWWHULHGHODPDFKLQH
)21&7,211(0(17
$9(57,66(0(17
3RUWH]XQHSURWHFWLRQRFXODLUHGXUDQWOHWUDYDLO
'e0$55$*('(/$0$&+,1(
)LJXUH
5(0$548(
,QVWDOOH]OHFROOHFWHXUGKHUEHDYDQWODWRQWH
,QVpUH]ODFOpGHVpFXULWp
$SSX\H]VXUOHERXWRQGHGpPDUUDJHVDQVOHUHOkFKHU
7RXWHQPDLQWHQDQWOHERXWRQGHGpPDUUDJHWLUH]VXU
OLQWHUUXSWHXUGHSRLJQpHGDQVOHVHQVGHODEDUUHGH
SRLJQpH
5HOkFKH]OHERXWRQGHGpPDUUDJHDILQGHGpPDUUHUOD
PDFKLQH
$55Ç7'(/$0$&+,1(
)LJXUH
5HOkFKH]OLQWHUUXSWHXUGHSRLJQpHSRXUDUUrWHUOD
PDFKLQH
$9(57,66(0(17
$WWHQGH]ODUUrWFRPSOHWGHODODPHDYDQWGHUHGpPDUUHUOD
PDFKLQH1HIIHFWXH]SDVXQF\FOHUDSLGHGDUUrWHWGH
GpPDUUDJHGHODPDFKLQH
$9(57,66(0(17
5HWLUH]V\VWpPDWLTXHPHQWODFOpGHVpFXULWpHWOHSDFN
EDWWHULHXQHIRLVOHWUDYDLOWHUPLQp
9,'$*('8&2//(&7(85
'+(5%(
$UUrWH]ODPDFKLQH
5HWLUH]ODFOpGHVpFXULWp
)UDQoDLV
)5

5HWLUH]OHSDFNEDWWHULH
2XYUH]OHYROHWGHGpFKDUJHDUULqUHVDQVOHUHOkFKHU
7HQH]OHFROOHFWHXUGKHUEHSDUVDSRLJQpHHWGpJDJH]OHV
FURFKHWVGHVIHQWHV
)HUPH]OHYROHWGHGpFKDUJHDUULqUH
9LGH]OHFROOHFWHXUGKHUEH
75$9$,/(13(17(
$9(57,66(0(17
1HWRQGH]SDVVXUGHVSHQWHVLQFOLQpHVDXGHOjGH6L
YRXVQrWHVSDVjYRWUHDLVHQHWRQGH]SDVVXUXQHSHQWH
1HPRQWH]HWQHGHVFHQGH]SDVXQHSHQWH7RQGH]
WUDQVYHUVDOHPHQWjODSHQWH$WWHQWLRQDX[FKDQJHPHQWV
GHGLUHFWLRQHQSHQWH
)DLWHVDWWHQWLRQDX[WURXVRUQLqUHVURFKHUVHWDXWUHV
REMHWVPDVTXpVSRXYDQWYRXVIDLUHFKXWHU5HWLUH]WRXVOHV
REVWDFOHVFRPPHOHVSLHUUHVHWOHVEUDQFKHVGDUEUH
$VVXUH]YRXVGHUHVWHUELHQFDPSp(QFDVGH
GpVpTXLOLEUHUHOkFKH]LPPpGLDWHPHQWOLQWHUUXSWHXUGH
SRLJQpH
1HWRQGH]SDVjSUR[LPLWpGHVSHQWHVSURQRQFpHVIRVVpV
RXUHPEODLV
&216(,/6'87,/,6$7,21
1HWHQWH]SDVGHSDVVHURXWUHOHIRQFWLRQQHPHQWGX
ERXWRQGHGpPDUUDJHRXGHOLQWHUUXSWHXUGHSRLJQpH
1LQFOLQH]SDVODPDFKLQHORUVTXHYRXVODGpPDUUH]
1HSODFH]SDVOHVPDLQVRXOHVSLHGVjSUR[LPLWpRXVRXV
OHVSLqFHVHQURWDWLRQ
3UpVHUYH]ODSURSUHWpGHODUDPSHGHGpFKDUJH
1HFRXSH]SDVOKHUEHPRXLOOpH
8QHKDXWHXUGHODPHVXSpULHXUHHVWQpFHVVDLUHSRXU
OKHUEHQRXYHOOHRXGUXH
1HWWR\H]OHIRQGGXFDUWHUGHODWRQGHXVHDSUqVFKDTXH
XVDJH5HWLUH]OHVUpVLGXVKHUEHX[IHXLOOHVVDOLVVXUHVHW
DXWUHVGpEULV
0$,17(1$1&(
$9(57,66(0(17
5HWLUH]ODFOpGHVpFXULWpHWOHSDFNEDWWHULHGHODPDFKLQH
DYDQWODPDLQWHQDQFH
$9(57,66(0(17
'pEDUUDVVH]OHPRWHXUHWOHSDFNEDWWHULHGHOKHUEHGHV
IHXLOOHVHWGHOH[FqVGHJUDLVVH
$9(57,66(0(17
8WLOLVH]XQLTXHPHQWGHVSLqFHVGHUHPSODFHPHQWDJUppHV
$9(57,66(0(17
1HODLVVH]SDVOHOLTXLGHGHIUHLQOHVVHQFHHWOHVVXEVWDQFHV
jEDVHGHSpWUROHWRXFKHUOHVSLqFHVHQSODVWLTXH/HV
SURGXLWVFKLPLTXHVSHXYHQWHQGRPPDJHUOHSODVWLTXHHW
UHQGUHVRQHQWUHWLHQLPSRVVLEOH
$9(57,66(0(17
1XWLOLVH]SDVGHGpWHUJHQWVRXGHVROYDQWVSXLVVDQWVVXUOHV
FRPSRVDQWVRXOHERvWLHUHQSODVWLTXH
5(0$548(
&RXSOHGHVHUUDJHUHFRPPDQGpODPH1P
0$,17(1$1&(*e1e5$/(
$YDQWFKDTXHXVDJHH[DPLQH]ODPDFKLQHSRXULGHQWLILHU
OHVSLqFHVHQGRPPDJpHVPDQTXDQWHVRXGHVVHUUpHVDLQVL
OHVYLVpFURXVERXORQVHWERXFKRQV
6HUUH]FRUUHFWHPHQWWRXWHVOHVIL[DWLRQVHWERXFKRQV
1HWWR\H]ODPDFKLQHDYHFXQFKLIIRQVHF1XWLOLVH]SDV
GHDX
5(03/$&(0(17'(/$0(
)LJXUH
$9(57,66(0(17
8WLOLVH]XQLTXHPHQWGHVODPHVGHUHPSODFHPHQWDJUppHV
$9(57,66(0(17
3RUWH]GHVJDQWVUpVLVWDQWVRXHQYHORSSH]XQFKLIIRQDXWRXU
GHODODPHVLYRXVODWRXFKH]
$UUrWH]ODPDFKLQH
$VVXUH]YRXVTXHOHVODPHVVRQWFRPSOqWHPHQWDUUrWpHV
5HWLUH]ODFOpGHVpFXULWpHWOHSDFNEDWWHULH
5HWRXUQH]ODPDFKLQHVXUOHIODQF
8WLOLVH]XQPRUFHDXGHERLVDILQGpYLWHUWRXWPRXYHPHQW
GHODODPH
5HWLUH]ODYLVGHPRQWDJHHWOHVSDFHXUDYHFXQHFOpRX
XQHFOpjGRXLOOH
5HWLUH]ODODPH
,QVWDOOH]ODQRXYHOOHODPH$VVXUH]YRXVTXHOHVGHX[
PRQWDQWVVHQJDJHQWGDQVOHVRULILFHVGHODODPH
,QVWDOOH]OHVSDFHXUHWVHUUH]ODYLVGHPRQWDJHTXHYRXV
DYLH]UHWLUpV
672&.$*('(/$0$&+,1(
5HWLUH]ODFOpGHVpFXULWp
5HWLUH]OHRXOHVSDFNEDWWHULHV
1HWWR\H]ODPDFKLQHDYDQWVRQVWRFNDJH
$VVXUH]YRXVTXHOHPRWHXUQHVWSDVFKDXGORUVTXHYRXV
UDQJH]ODPDFKLQH
)UDQoDLV
)5

$VVXUH]YRXVTXHODPDFKLQHQHSUpVHQWHDXFXQHSLqFH
HQGRPPDJpHRXPDQTXDQWH6LQpFHVVDLUHVXLYH]FHV
LQVWUXFWLRQV
5HPSODFH]OHVSLqFHVHQGRPPDJpHV
6HUUH]OHVERXORQV
3DUOH]jXQUHSUpVHQWDQWGXQFHQWUHGHQWUHWLHQDJUpp
5DQJH]ODPDFKLQHGDQVXQHQGURLWVHF
$VVXUH]YRXVTXHOHVHQIDQWVQHSHXYHQWSDVVDSSURFKHU
GHODPDFKLQH
'e3$11$*(
3UREOqPH &DXVHSRVVLEOH 6ROXWLRQ
/DSRLJQpHQHVW
SDVSRVLWLRQQpH
/HVERXORQVVRQW
PDOHQJDJpV
$MXVWH]ODKDXWHXU
GHODSRLJQpHHW
DVVXUH]YRXVTXH
OHVPROHWWHVHW
ERXORQVVRQWFRU
UHFWHPHQWDOLJQpV
/DPDFKLQHQHGp
PDUUHSDV
/DFDSDFLWpGHOD
EDWWHULHHVWIDLEOH
&KDUJH]OHSDFN
EDWWHULH
/LQWHUUXSWHXUGH
SRLJQpHHVWGpIHF
WXHX[
5HPSODFH]OLQWHU
UXSWHXUGHSRLJQ
pH
/DFOpGHVpFXULWp
QHVWSDVLQVpUpH
,QVpUH]ODFOpGH
VpFXULWp
/DPDFKLQHQH
WRQGSDVOKHUEH
XQLIRUPpPHQW
/KHUEHHVWGLIIL
FLOH
([DPLQH]OD]RQH
GHWRQWH
/DKDXWHXUGHOD
ODPHHVWPDOUp
JOpH
$MXVWH]ODKDXWHXU
GHFRXSHODPHVXU
XQHSRVLWLRQVXSpU
LHXUH
/HPXOFKLQJGHOD
PDFKLQHHVWLQFRU
UHFW
'HVWRXIIHV
GKHUEHPRXLOOpH
DGKqUHQWVXUOH
FDUWHU
$WWHQGH]TXH
OKHUEHVqFKHDYDQW
GHWRQGUH
/LQVHUWPXOFKLQJ
PDQTXH
,QVWDOOH]OLQVHUW
PXOFKLQJ
/DPDFKLQHHVW
GXUHjSRXVVHU
/KHUEHHVWWURS
KDXWHRXODODPH
HVWWURSEDVVH
$XJPHQWH]ODKDX
WHXUGHFRXSH
ODPH
/HFROOHFWHXU
GKHUEHHWODODPH
RQWGXPDODYHF
OKHUEHpSDLVVH
9LGH]OHVWRXIIHV
GKHUEHGXFROOHF
WHXUGKHUEH
3UREOqPH &DXVHSRVVLEOH 6ROXWLRQ
/DPDFKLQHSUp
VHQWHGHVYLEUD
WLRQVpOHYpHV
/DODPHHVWGpVp
TXLOLEUpHHWXVpH
5HPSODFH]OD
ODPH
/DUEUHGXPRWHXU
HVWGpIRUPp
$UUrWH]OHPR
WHXU
5HWLUH]ODFOp
GHVpFXULWpHW
OHSDFNEDWWHU
LH
5HFKHUFKH]OHV
GRPPDJHV
5pSDUH]OD
PDFKLQHDYDQW
GHODUHGpPDU
UHU
/DPDFKLQHVDU
UrWHSHQGDQWOD
WRQWH
/DODPHHVWWURS
EDVVH
$XJPHQWH]ODKDX
WHXUGHFRXSH
ODPH
/HSDFNEDWWHULH
HVWpSXLVp
&KDUJH]OHSDFN
EDWWHULH
'HVWRXIIHV
GKHUEHDGKqUHQW
VXUOHFDUWHURXOD
ODPH
5HWLUH]OHSDFN
EDWWHULHHWREVHUY
H]OHFDUWHU
/DWHPSpUDWXUHGH
IRQFWLRQQHPHQWGH
ODPDFKLQHHVWWURS
pOHYpH
5HIURLGLVVH]OD
PDFKLQH
6LYRXVQHWURXYH]DXFXQHVROXWLRQjFHVSUREOqPHVUHQGH]
YRXVDXFHQWUHGHQWUHWLHQ
'211e(67(&+1,48(6
7HQVLRQ 9
9LWHVVHjYLGH PLQ
/DUJHXUGHFRXSH PP
+DXWHXUGHFRXSH PP
&DSDFLWpGHFROOHFWHXU
GKHUEH
/
3RLGVVDQVSDFNEDWWHULH OEVNJ
1LYHDXGHSUHVVLRQDFRXV
WLTXHPHVXUp
/
3$
G%$.
G%$
1LYHDXGHSXLVVDQFHDFRXV
WLTXHJDUDQWL
/
:$G
G%$
9LEUDWLRQ 㸺 PV
. PV
0RGqOHGHEDWWHULH *%*%HWDXWUHVVpU
LHV%$*
)UDQoDLV
)5

0RGqOHGHFKDUJHXU *;&*;8&
*;8&HWDXWUHVVpULHV
&$*
6WUXFWXUHjGRXEOHLVRODWLRQ
,3; ,3;
*$5$17,(
/HVFRQGLWLRQVJpQpUDOHVFRPSOqWHVGHODJDUDQWLHVHWURXYHQW
VXUOHVLWHZHEGH*UHHQZRUNV
/DJDUDQWLH*UHHQZRUNVHVWGHDQVVXUOHSURGXLWHWGHDQV
VXUOHVEDWWHULHVXVDJHGHFRQVRPPDWHXUSULYpjFRPSWHUGH
ODGDWHGDFKDW&HWWHJDUDQWLHFRXYUHOHVGpIDXWVGH
IDEULFDWLRQ8QSURGXLWGpIDLOODQWVRXVJDUDQWLHSHXWrWUH
UpSDUpRXUHPSODFp/DJDUDQWLHGXQHXQLWpTXLDIDLWOREMHW
GDEXVRXGXQXVDJHGLIIpUHQWGHFHOXLGpFULWGDQVOHPDQXHO
GXSURSULpWDLUHSHXWrWUHUHIXVpH/XVXUHQRUPDOHHWOHVSLqFHV
GXVXUHQHVRQWSDVFRXYHUWHVSDUODJDUDQWLH/DJDUDQWLHGX
IDEULFDQWGRULJLQHQHVWSDVDIIHFWpHSDUWRXWHJDUDQWLH
DGGLWLRQQHOOHRIIHUWHSDUXQGLVWULEXWHXURXXQUHYHQGHXU
8QSURGXLWGpIDLOODQWGRLWrWUHUHWRXUQpDXSRLQWGDFKDW
DFFRPSDJQpGHVDSUHXYHGDFKDWUHoXDILQGHSUpWHQGUHjOD
JDUDQWLH
'e&/$5$7,21'(
&21)250,7e&(
1RPHWDGUHVVHGXIDEULFDQW
1RP */2%*52$%
*OREH*URXS(XURSH
$GUHVVH 5LJJDUHJDWDQ0DOP|6XqGH
1RPHWDGUHVVHGHODSHUVRQQHDXWRULVpHjFRPSLOHUOHGRVVLHU
WHFKQLTXH
1RP 0LFDHO-RKDQVVRQ
$GUHVVH 5LJJDUHJDWDQ0DOP|6XqGH
1RXVGpFODURQVLFLTXHOHSURGXLW
&DWpJRULH 7RQGHXVHjJD]RQ
0RGqOH *;/0/0(
1XPpURGHVpULH 9RLUpWLTXHWWHGHFDUDFWpULVWLTXHVGX
SURGXLW
$QQpHGHFRQVWUXF
WLRQ
9RLUpWLTXHWWHGHFDUDFWpULVWLTXHVGX
SURGXLW
HVWHQFRQIRUPLWpDYHFOHVGLVSRVLWLRQVSHUWLQHQWHVGHOD
'LUHFWLYH0DFKLQH&(
HVWHQFRQIRUPLWpDYHFOHVGLVSRVLWLRQVGHVDXWUHV
'LUHFWLYHV&(VXLYDQWHV
8(
&(&(
8(8(
(QRXWUHQRXVGpFODURQVTXHOHVSDUWLHVFODXVHVVXLYDQWHVGHV
QRUPHVKDUPRQLVpHVRQWpWpDSSOLTXpHV
0pWKRGHGDSSUpFLDWLRQGHODFRQIRUPLWpVHORQO$QQH[H9,
'LUHFWLYH&(
1LYHDXGHSXLVVDQFHDFRXVWLTXH
PHVXUp
/
:$
G%$
1LYHDXGHSXLVVDQFHDFRXVWLTXHJD
UDQWL
/
:$G
G%$
/LHXHWGDWH0DOP|
6LJQDWXUH7HG4X'LUHFWHXU4XDO
LWp
)UDQoDLV
)5

'HVFULomR
,QWXLWR
9LVWDSRUPHQRUL]DGD
6HJXUDQoD
,QVWDODomR
5HWLUHDPiTXLQDGDFDL[D
'HVGREUDUHDMXVWDUDSHJDLQIHULRU
,QVWDODUDSHJDVXSHULRU
,QVWDODURVDFRGHUHFROKDGDUHOYD
,QVWDODUDWDPSDGHDGXEDU
'HILQLUDDOWXUDGDOkPLQDGRFRUWH
,QVWDODUDEDWHULD
5HWLUDUDEDWHULD
)XQFLRQDPHQWR
/LJDUDPiTXLQD
3DUDUDPiTXLQD
(VYD]LDURVDFRGHUHFROKDGDUHOYD
8WLOL]DomRHPHQFRVWDV
'LFDVGHIXQFLRQDPHQWR
0DQXWHQomR
0DQXWHQomRJHUDO
6XEVWLWXLomRGDOkPLQD
*XDUGDUDPiTXLQD
5HVROXomRGH3UREOHPDV
,QIRUPDomRWpFQLFD
*DUDQWLD
'HFODUDomRGH&RQIRUPLGDGH&(
3RUWXJXrV
37

'(6&5,d2
,178,72
(VWDPiTXLQDIRLFULDGDSDUDFRUWDUDUHOYDHPUHOYDGRV
GRPpVWLFRV$OkPLQDGHFRUWHGHYHHVWDUDSUR[LPDGDH
SDUDOHODDRFKmR$VTXDWURURGDVGHYHUmRHVWDUDWRFDUQR
FKmRGXUDQWHRFRUWH
9,67$3250(125,=$'$
,PDJHPa
,QWHUUXSWRUGDSHJD
%RWmRGHLQLFLDU
3HJDVXSHULRU
3HJDLQIHULRU
3RUWDGHGHVFDUJDWUDVHLUD
3RUWDGDEDWHULD
$ODYDQFDGHDMXVWHGDDOWXUD
6DFRGHUHFROKDGDUHOYD
7DPSDGHDGXEDU
0DQtSXOR
3DUDIXVR
$ODYDQFDGHOLEHUWDomRUiSLGD
*DQFKR
%DWHULD
&KDYHGHVHJXUDQoD
%RWmRGHOLEHUWDomRGDEDWHULD
3RUFD
(VSDoDGRU
/kPLQD
6(*85$1d$
$9,62
&HUWLILTXHVHGHTXHVHJXHWRGDVDVLQVWUXo}HVGHVHJXUDQoD
&RQVXOWHRPDQXDOGHVHJXUDQoD
,167$/$d2
$9,62
1mRXWLOL]HDFHVVyULRVTXHQmRVHMDPUHFRPHQGDGRVSHOR
IDEULFDQWH
$9,62
1mRFRORTXHDFKDYHGHVHJXUDQoDQDEDWHULDDWpPRQWDU
WRGDVDVSHoDV
5(7,5($0È48,1$'$&$,;$
$9,62
&HUWLILTXHVHGHTXHPRQWDFRUUHWDPHQWHDPiTXLQDDQWHV
GDXWLOL]DomR
$9,62
6HKRXYHUSHoDVGDQLILFDGDVQmRXVHDPiTXLQD
6HQmRWLYHUWRGDVDVSHoDVQmRXWLOL]HDPiTXLQD
6HKRXYHUSHoDVGDQLILFDGDVRXHPIDOWDFRQWDFWHR
FHQWURGHUHSDUDomR
$EUDDFDL[D
/HLDDGRFXPHQWDomRIRUQHFLGDQDFDL[D
5HWLUHWRGDVDVSHoDVGHVPRQWDGDVGDFDL[D
5HWLUHDPiTXLQDGDFDL[D
(OLPLQHDFDL[DHRPDWHULDOGHHPSDFRWDPHQWRGHDFRUGR
FRPDVQRUPDVORFDLV
'(6'2%5$5($-867$5$3(*$
,1)(5,25
,PDJHP
3X[HSDUDFLPDHSDUDWUiVDSHJDVXSHULRUSDUDOHYDQWDUD
SHJDSDUDDSRVLomRGHIXQFLRQDPHQWR&HUWLILTXHVHGH
TXHDVSHJDVHQFDL[DPQDSRVLomRFRUUHWD
$SHUWHDSHJDLQIHULRUFRPDVDODYDQFDVGHOLEHUWDomR
UiSLGDQRVGRLVODGRV
127$
&HUWLILTXHVHGHTXHDVGXDVSHJDVVHHQFRQWUDPQDPHVPD
SRVLomR
$9,62
1mRGDQLILTXHRVFDERVTXDQGRGREUDURXGHVGREUDUDSHJD
,167$/$5$3(*$683(5,25
,PDJHP
$OLQKHRVRULItFLRVQDSHJDVXSHULRUHLQIHULRU
,QVLUDRVSDUDIXVRVDWUDYpVGRVRULItFLRV
$SHUWHRVPDQtSXORVQRVSDUDIXVRV
3URFHGDGRPHVPRPRGRQRRXWURODGR
,167$/$526$&2'(5(&2/+$
'$5(/9$
,PDJHP
5HWLUHDOLJDomRGHDGXEDU
$EUDDSRUWDGHGHVFDUJDWUDVHLUDHVHJXUHD
6HJXUHRVDFRGHUHFROKDGDUHOYDSHODSHJDHIL[HRV
JDQFKRVQDVUDQKXUDV
3RUWXJXrV
37

)HFKHDSRUWDGHGHVFDUJDWUDVHLUD
,167$/$5$7$03$'($'8%$5
,PDJHP
5HWLUHRVDFRGHUHFROKDGDUHOYD
$EUDDSRUWDGHGHVFDUJDWUDVHLUDHVHJXUHD
6HJXUHDWDPSDGHDGXEDUSHODSHJDHHQFDL[HQDVDtGDGH
GHVFDUJD
)HFKHDSRUWDGHGHVFDUJDWUDVHLUD
'(),1,5$$/785$'$
/Æ0,1$'2&257(
$PiTXLQDSRGHVHUGHILQLGDSDUDGLIHUHQWHVDOWXUDVGD
OkPLQDGRFRUWH
,PDJHP
3X[HDDODYDQFDGHDMXVWHGDDOWXUDSDUDDIUHQWHSDUD
DXPHQWDUDDOWXUDGDOkPLQDGRFRUWH
3X[HDDODYDQFDGHDMXVWHGDDOWXUDSDUDWUiVSDUDGLPLQXLU
DDOWXUDGDOkPLQDGRFRUWH
,167$/$5$%$7(5,$
,PDJHP
$9,62
6HDEDWHULDRXFDUUHJDGRUHVWLYHUGDQLILFDGRSURFHGDj
VXDVXEVWLWXLomR
3DUHDPiTXLQDHHVSHUHTXHRPRWRUSDUHSRUFRPSOHWR
DQWHVGHLQVWDODURXUHWLUDUDEDWHULD
/HLDFRPSUHHQGDHVLJDDVLQVWUXo}HVQRPDQXDOGD
EDWHULDHGRFDUUHJDGRU
$9,62
86($3(1$6$%$7(5,$'(91286(
%$7(5,$6'('83/$92/7$*(09
127$
$PEDVDVEDWHULDVGHYHUmRVHULQVWDODGDVQRV
FRPSDUWLPHQWRVSDUDOLJDUDPiTXLQD
$EUDDWDPSDGRFRPSDUWLPHQWRGDEDWHULD
$OLQKHDVQHUYXUDVVDOLHQWHVGDEDWHULDFRPDVUDQKXUDV
QRFRPSDUWLPHQWRGDEDWHULD
3UHVVLRQHDEDWHULDSDUDRUHVSHWLYRFRPSDUWLPHQWRDWp
ILFDUIL[DGDQROXJDU
4XDQGRRXYLUXPFOLTXHVLJQLILFDTXHDEDWHULDHVWi
LQVWDODGD
)DoDDPHVPDRSHUDomRFRPDRXWUDEDWHULD
)HFKHDWDPSDGRFRPSDUWLPHQWRGDEDWHULD
127$
2PRWRUVyOLJDTXDQGRFRORFDUDFKDYHGHVHJXUDQoD
5(7,5$5$%$7(5,$
,PDJHP
$EUDDWDPSDGRFRPSDUWLPHQWRGDEDWHULD
5HWLUHDFKDYHGHVHJXUDQoD
3ULPDHPDQWHQKDSUHPLGRRERWmRGHOLEHUWDomRGD
EDWHULD
5HWLUHDEDWHULDGDPiTXLQD
)81&,21$0(172
$9,62
8VHSURWHomRRFXODUGXUDQWHRIXQFLRQDPHQWR
/,*$5$0È48,1$
,PDJHP
127$
,QVWDOHRVDFRGHUHFROKDGDUHOYDDQWHVGHFRUWDUDUHOYD
,QVLUDDFKDYHGHVHJXUDQoD
3ULPDHPDQWHQKDSUHPLGRRERWmRGHLQLFLDU
(QTXDQWRPDQWpPRERWmRGHLQLFLDUSUHPLGRSX[HD
SHJDGDFDL[DGRLQWHUUXSWRUQDGLUHomRGRJXLDGRU
/LEHUWHRERWmRGHLQLFLDUSDUDOLJDUDPiTXLQD
3$5$5$0È48,1$
,PDJHP
/LEHUWHDSHJDGDFDL[DGRLQWHUUXSWRUSDUDSDUDUD
PiTXLQD
$9,62
(VSHUHDWpTXHDOkPLQDSDUHSRUFRPSOHWRDQWHVGHYROWDUD
OLJDUDPiTXLQD1mROLJXHHGHVOLJXHUDSLGDPHQWHD
PiTXLQDGHFRUWDUUHOYD
$9,62
5HWLUHVHPSUHDFKDYHGHVHJXUDQoDHDEDWHULDDSyV
WHUPLQDURWUDEDOKR
(69$=,$526$&2'(5(&2/+$
'$5(/9$
3DUHDPiTXLQD
5HWLUHDFKDYHGHVHJXUDQoD
5HWLUHDEDWHULD
$EUDDSRUWDGHGHVFDUJDWUDVHLUDHVHJXUHD
6HJXUHRVDFRGHUHFROKDGDUHOYDSHODSHJDHOLEHUWHR
GDVUDQKXUDV
)HFKHDSRUWDGHGHVFDUJDWUDVHLUD
(VYD]LHRVDFRGHUHFROKDGDUHOYD
3RUWXJXrV
37

87,/,=$d2(0(1&267$6
$9,62
1mRFRUWHDUHOYDHPHQFRVWDVFRPXPDLQFOLQDomRVXSHULRU
D6HQmRVHVHQWLUFRQIRUWiYHOQmRFRUWHDUHOYDHP
HQFRVWDV
1mRVXEDHGHVoDQXPDHQFRVWDTXDQGRFRUWDUDIUHQWHGD
HQFRVWD7HQKDFXLGDGRTXDQGRPXGDUGHGLUHomRQXPD
HQFRVWD
3URFXUHSRUEXUDFRVUDt]HVURFKDVHRXWURVREMHWRV
HVFRQGLGRVTXHRSRVVDPID]HUFDLU5HWLUHWRGRVRV
REVWiFXORVFRPRURFKDVHUDPRVGHiUYRUHV
&HUWLILTXHVHGHTXHPDQWpPXPDSRVWXUDHTXLOLEUDGD6H
ILFDUGHVHTXLOLEUDGROLEHUWHLPHGLDWDPHQWHRLQWHUUXSWRU
GHDVD
1mRFRUWHDUHOYDSHUWRGHIRVVRVYDODVRXDWHUURV
',&$6'()81&,21$0(172
1mRWHQWHDQXODURIXQFLRQDPHQWRGRERWmRGHLQLFLDU
QHPGDSHJDGDFDL[DGRLQWHUUXSWRU
1mRLQFOLQHDPiTXLQDTXDQGRDOLJDU
1mRFRORTXHDVPmRVRXSpVSHUWRRXGHEDL[RGDVSHoDV
URWDWLYDV
0DQWHQKDDVDtGDGHGHVFDUJDOLPSD
1mRFRUWHHUYDPROKDGD
eQHFHVViULDXPDDOWXUDVXSHULRUGDOkPLQDSDUDUHOYD
QRYDRXJURVVD
/LPSHRIXQGRGDPiTXLQDGHFRUWDUUHOYDDSyVFDGD
XWLOL]DomR5HWLUHDUHOYDFRUWDGDIROKDVVXMLGDGHHRXWURV
UHVtGXRV
0$187(1d2
$9,62
5HWLUHDFKDYHGHVHJXUDQoDHDEDWHULDGDPiTXLQDDQWHVGH
SURFHGHUjPDQXWHQomR
$9,62
0DQWHQKDRPRWRUHRFRPSDUWLPHQWRGDEDWHULDVHPHUYD
IROKDVRXOXEULILFDomRH[FHVVLYD
&8,'$'2
8VHDSHQDVSHoDVVREUHVVHOHQWHVDSURYDGDV
&8,'$'2
1mRSHUPLWDTXHIOXLGRGRVWUDY}HVJDVROLQDPDWHULDLVj
EDVHGHSHWUyOHRWRTXHPQDVSHoDVGHSOiVWLFR2VTXtPLFRV
SRGHPFDXVDUGDQRVQRSOiVWLFRHWRUQiORLUUHSDUiYHO
&8,'$'2
1mRXWLOL]HVROYHQWHVIRUWHVRXGHWHUJHQWHVQDHVWUXWXUDGH
SOiVWLFRRXFRPSRQHQWHV
127$
%LQiULRGHDSHUWRUHFRPHQGDGR/kPLQD1P
0$187(1d2*(5$/
$QWHVGHFDGDXWLOL]DomRLQVSHFLRQHDPiTXLQDTXDQWRD
SHoDVGDQLILFDGDVHPIDOWDRXVROWDVFRPRSDUDIXVRV
SRUFDVWDPSDVHWF
$SHUWHFRUUHWDPHQWHWRGRVRVIL[DGRUHVHWDPSDV
/LPSHDPiTXLQDFRPXPSDQRVHFR1mRXVHiJXD
68%67,78,d2'$/Æ0,1$
,PDJHP
$9,62
8VHDSHQDVOkPLQDVVREUHVVHOHQWHVDSURYDGDV
$9,62
8VHOXYDVUHVLVWHQWHVRXXPSDQRTXDQGRSUHFLVDUGHWRFDU
QDOkPLQD
3DUHDPiTXLQD
&HUWLILTXHVHGHTXHDVOkPLQDVSDUDPSRUFRPSOHWR
5HWLUHDFKDYHGHVHJXUDQoDHDEDWHULD
9LUHDPiTXLQDGHFRUWDUUHOYDGHODGR
8VHXPSHGDoRGHPDGHLUDSDUDHYLWDURPRYLPHQWRGD
OkPLQD
5HWLUHRSDUDIXVRGHIL[DomRHRHVSDoDGRUFRPXPD
FKDYH
5HWLUHDOkPLQD
,QVWDOHXPDQRYDOkPLQD&HUWLILTXHVHGHTXHDVGXDV
EDUUDVHQFDL[DPQRVRULItFLRVGDOkPLQD
&RORTXHRHVSDoDGRUHDSHUWHRSDUDIXVRGHIL[DomRTXH
UHWLURX
*8$5'$5$0È48,1$
5HWLUHDFKDYHGHVHJXUDQoD
5HWLUDUDEDWHULD
/LPSHDPiTXLQDDQWHVGHDJXDUGDU
&HUWLILTXHVHGHTXHRPRWRUQmRHVWiTXHQWHTXDQGR
JXDUGDUDPiTXLQD
&HUWLILTXHVHGHTXHDPiTXLQDQmRWHPSHoDVVROWDVRX
GDQLILFDGDV6HIRUQHFHVViULRHIHWXHHVWHVSDVVRV
LQVWUXo}HV
6XEVWLWXDWRGDVDVSHoDVGDQLILFDGDV
$SHUWHRVSDUDIXVRV
)DOHFRPDOJXpPGHXPFHQWURGHUHSDUDomR
DSURYDGR
*XDUGHDPiTXLQDQXPORFDOVHFR
&HUWLILTXHVHGHTXHDVFULDQoDVQmRVHFRQVHJXHP
DSUR[LPDUGDPiTXLQD
3RUWXJXrV
37

5(62/8d2'(352%/(0$6
3UREOHPD &DXVDSRVVtYHO 6ROXomR
$SHJDQmRHVWiQD
GHYLGDSRVLomR
2VSDUDIXVRVQmR
HVWmRHQFDL[DGRV
FRUUHWDPHQWH
$MXVWHDDOWXUDGD
SHJDHFHUWLILTXH
VHGHTXHRVSDUDI
XVRVILFDPDOLQKD
GRVFRUUHWDPHQWH
$PiTXLQDQmROL
JD
$EDWHULDHVWiIUD
FD
&DUUHJXHDEDWHULD
2LQWHUUXSWRUGH
DVDWHPXPGHIHL
WR
6XEVWLWXDRLQWHU
UXSWRUGHDVD
$FKDYHGDEDWHULD
QmRHVWiLQVHULGD
,QVLUDDFKDYHGD
EDWHULD
$PiTXLQDQmR
FRUWDDUHOYDXQL
IRUPHPHQWH
$UHOYDHVWiiV
SHUD
([DPLQHDiUHDGH
FRUWH
$DOWXUDGDOkPLQD
QmRIRLGHILQLGD
FRUUHWDPHQWH
$MXVWHDDOWXUDGD
OkPLQDGRFRUWH
SDUDXPDSRVLomR
PDLVHOHYDGD
$PiTXLQDGHFRU
WDUUHOYDQmRDGXED
FRUUHWDPHQWH
$UHOYDFRUWDGDIL
FDFRODGDQRIXQGR
GDPiTXLQD
(VSHUHTXHDUHOYD
VHTXHDQWHVGHFRU
WDU
$WDPSDGHDGXEDU
HVWiHPIDOWD
,QVWDOHDWDPSDGH
DGXEDU
eGLItFLOHPSXUUDU
DPiTXLQD
$UHOYDHVWiPXLWR
DOWDRXDDOWXUDGD
OkPLQDHVWiPXLWR
EDL[D
$XPHQWHDDOWXUD
GDOkPLQDGR
FRUWH
2VDFRGHUHFROKD
GDUHOYDHDOkPLQD
DUUDVWDPDUHOYD
JURVVD
(VYD]LHRVDFRGH
UHFROKDGDUHOYD
$PiTXLQDYLEUD
PXLWR
$OkPLQDHVWiGH
VHTXLOLEUDGDHJDV
WD
6XEVWLWXDDOkPLQD
2HL[RGRPRWRU
HVWiGREUDGR
3DUHRPRWRU
5HWLUHDFKDYH
GHVHJXUDQoDH
DEDWHULD
'HVOLJXHD
IRQWHGHDOL
PHQWDomR
9HULILTXHVH
H[LVWHPGDQRV
5HSDUHDPi
TXLQDDQWHVGH
DYROWDUDOLJDU
3UREOHPD &DXVDSRVVtYHO 6ROXomR
$PiTXLQDSiUD
GXUDQWHRFRUWH
$DOWXUDGDOkPLQD
pGHPDVLDGREDL[D
$XPHQWHDDOWXUD
GDOkPLQDGR
FRUWH
$EDWHULDHVWiGHV
FDUUHJDGD
&DUUHJXHDEDWHULD
$UHOYDFRUWDGDIL
FDFRODGDQRIXQGR
GDPiTXLQDRXQD
OkPLQD
5HWLUHDEDWHULDH
YHULILTXHRIXQGR
GDPiTXLQD
$WHPSHUDWXUDGH
IXQFLRQDPHQWRGD
PiTXLQDpGHPD
VLDGRDOWD
'HL[HDPiTXLQD
DUUHIHFHU
6HQmRFRQVHJXLUHQFRQWUDUDVROXomRSDUDHVWHVSUREOHPDV
FRQWDFWHRFHQWURGHUHSDUDomR
,1)250$d27e&1,&$
9ROWDJHP 9
9HORFLGDGHVHPFDUJD PLQ
/DUJXUDGHFRUWH PP
$OWXUDGHFRUWH PP
&DSDFLGDGHGRVDFRGHUHFRO
KDGDUHOYD
/
3HVRVHPDEDWHULD OEVNJ
1tYHOGHSUHVVmRGRVRP
PHGLGR
/
3$
G%$.
G%$
1tYHOGHSRWrQFLDGRVRPJD
UDQWLGR
/
:$G
G%$
9LEUDomR 㸺 PV
. PV
0RGHORGDEDWHULD *%*%HRXWUDVVpU
LHV%$*
0RGHORGRFDUUHJDGRU *;&*;8&
*;8&HRXWUDVVpULHV
&$*
&RQVWUXomRFRPLVRODPHQWR
GXSOR
,3; ,3;
*$5$17,$
2VWHUPRVHFRQGLo}HVGDJDUDQWLDSRGHVHUHQFRQWUDGRVQD
*UHHQZRUNVSiJLQDZHE
$*UHHQZRUNVJDUDQWLDpGHDQRVVREUHRSURGXWRHDQRV
VREUHDVEDWHULDVFRQVXPLGRUXVRSULYDGRDSDUWLUGDGDWDGD
FRPSUD(VWDJDUDQWLDDEUDQJHGHIHLWRVGHIDEULFR8P
SURGXWRGDQLILFDGRDRDEULJRGDJDUDQWLDSRGHVHUUHSDUDGRRX
3RUWXJXrV
37

VXEVWLWXtGR8PDXQLGDGHTXHWHQKDVLGRPDOXWLOL]DGDRX
XVDGDGHRXWURPRGRSDUDDOpPGRGHVFULWRQRPDQXDOGH
XWLOL]DomRSRGHVHUUHMHLWDGDSDUDJDUDQWLD2GHVJDVWHQRUPDO
HSHoDVJDVWDVQmRpFRQVLGHUDGRSDUDDJDUDQWLD$JDUDQWLD
RULJLQDOGRIDEULFDQWHQmRpDIHWDGDSRUTXDOTXHUJDUDQWLD
DGLFLRQDORIHUHFLGDSRUXPUHYHQGHGRU
8PSURGXWRGDQLILFDGRWHPGHVHUGHYROYLGRQRORFDORQGHR
FRPSURXGHPRGRDSHGLUDDWLYDomRGDJDUDQWLDMXQWDPHQWH
FRPDSURYDGHFRPSUDUHFLER
'(&/$5$d2'(
&21)250,'$'(&(
1RPHHPRUDGDGRIDEULFDQWH
1RPH */2%*52$%
*OREH*URXS(XURSH
0RUDGD 5LJJDUHJDWDQ0DOP|6XpFLD
1RPHHPRUDGDGDSHVVRDDXWRUL]DGDDFRPSLODURILFKHLUR
WpFQLFR
1RPH 0LFDHO-RKDQVVRQ
0RUDGD 5LJJDUHJDWDQ0DOP|6XpFLD
'HFODUDPRVSRUHVWHPHLRTXHRSURGXWR
&DWHJRULD 0iTXLQDGH&RUWDU5HOYD
0RGHOR *;/0/0(
1~PHURGHVpULH &RQVXOWHDHWLTXHWDGDVHVSHFLILFD
o}HVGRSURGXWR
$QRGHIDEULFR &RQVXOWHDHWLTXHWDGDVHVSHFLILFD
o}HVGRSURGXWR
6HHQFRQWUDHPFRQIRUPLGDGHFRPDVSURYLV}HV
UHOHYDQWHVGD'LUHWLYD0iTXLQDV&(
6HHQFRQWUDHPFRQIRUPLGDGHFRPDVSURYLV}HVGDV
VHJXLQWHVGLUHWLYDVHXURSHLDV
8(
&(H&(
8(H8(
$OpPGLVVRGHFODUDPRVTXHDVVHJXLQWHVSDUWHVFOiXVXODVGDV
QRUPDVKDUPRQL]DGDVIRUDPXVDGDV
0pWRGRGHDYDOLDomRGDFRQIRUPLGDGHFRPRDQH[R9,
'LUHWLYD&(
1tYHOGHSRWrQFLDGRVRPPHGLGR /
:$
G%$
1tYHOGHSRWrQFLDGRVRPJDUDQWLGR /
:$G
G%$
/RFDOGDWD0DOP|
$VVLQDWXUD7HG4X'LUHWRUGD
4XDOLGDGH
3RUWXJXrV
37

%HVFKULMYLQJ
'RHO
2YHU]LFKW
9HLOLJKHLG
,QVWDOODWLH
+HWJHUHHGVFKDSXLWSDNNHQ
9RXZGHRQGHUVWHKDQGJUHHSXLWHQSDV
KHPDDQ
,QVWDOOHHUGHERYHQVWHKDQGJUHHS
,QVWDOOHHUGHJUDVRSYDQJHU
3ODDWVGHVQLSSHUVWHNNHU
6WHOKHWPHVVQLMKRRJWHLQ
+HWDFFXSDFNLQVWDOOHUHQ
+HWDFFXSDFNYHUZLMGHUHQ
*HEUXLN
'HPDFKLQHVWDUWHQ
'HPDFKLQHVWRSSHQ
0DDNGHRSYDQJ]DNOHHJ
*HEUXLNRSKHOOLQJHQ
*HEUXLNVWLSV
2QGHUKRXG
$OJHPHHQRQGHUKRXG
9HUYDQJKHWPHV
+HWJHUHHGVFKDSRSEHUJHQ
3UREOHHPRSORVVLQJ
7HFKQLVFKHJHJHYHQV
*DUDQWLH
(*FRQIRUPLWHLWVYHUNODULQJ
1HGHUODQGV
1/

%(6&+5,-9,1*
'2(/
'LWJHUHHGVFKDSZRUGWJHEUXLNWYRRUKXLVKRXGHOLMN
JUDVPDDLHQ+HWVQLMPHVPRHWRQJHYHHUHYHQZLMGLJDDQGH
JURQG]LMQ$OOHYLHUGHZLHOHQPRHWHQGHJURQGUDNHQWHUZLMO
XPDDLW
29(5=,&+7
$IEHHOGLQJa
+DQGJUHHSVFKDNHODDU
6WDUWNQRS
%RYHQVWHKDQGJUHHS
2QGHUVWHKDQGJUHHS
$FKWHUXLWZRUSNOHS
%DWWHULMGHNVHO
+HQGHOYRRUGHKRRJWHDDQSDVVLQJ
*UDVRSYDQJHU
0XOFKHU
'UDDLNQRS
%RXW
+HQGHOYRRUGHVQHOVOXLWLQJ
+DDN
$FFXSDFN
9HLOLJKHLGVVOHXWHO
$FFXRQWJUHQGHOLQJVNQRS
0RHU
7XVVHQULQJ
%ODG
9(,/,*+(,'
:$$56&+8:,1*
=RUJHUYRRUGDWXDOOHYHLOLJKHLGVLQVWUXFWLHVLQDFKWQHHPW
5DDGSOHHJKHWYHLOLJKHLGVKDQGERHN
,167$//$7,(
:$$56&+8:,1*
*HEUXLNJHHQDFFHVVRLUHVGLHQLHWGRRUGHIDEULNDQWZRUGHQ
DDQEHYROHQ
:$$56&+8:,1*
6WHHNGHYHLOLJKHLGVVOHXWHORIKHWDFFXSDFNSDVHULQDOVX
NODDUEHQWPHWGHPRQWDJHYDQDOOHRQGHUGHOHQ
+(7*(5(('6&+$38,73$..(1
:$$56&+8:,1*
=RUJHUYRRUGDWXKHWJHUHHGVFKDSFRUUHFWPRQWHHUWYRRU
JHEUXLN
:$$56&+8:,1*
*HEUXLNKHWJHUHHGVFKDSQLHWDOVRQGHUGHOHQHUYDQ
EHVFKDGLJG]LMQ
$OVXQLHWRYHUDOOHRQGHUGHOHQEHVFKLNWPDJXKHW
JHUHHGVFKDSQLHWJHEUXLNHQ
$OVHURQGHUGHOHQEHVFKDGLJG]LMQRIRQWEUHNHQQHHP
GDQFRQWDFWRSPHWKHWVHUYLFHFHQWUXP
2SHQGHYHUSDNNLQJ
/HHVGHGRFXPHQWDWLHGLH]LFKLQGHGRRVEHYLQGHQ
+DDOGHQRJQLHWJHPRQWHHUGHRQGHUGHOHQXLWGHGRRV
+DDOKHWJHUHHGVFKDSXLWGHGRRV
9RHUGHGRRVHQKHWYHUSDNNLQJVPDWHULDDODILQ
RYHUHHQVWHPPLQJPHWGHSODDWVHOLMNHYRRUVFKULIWHQ
928:'(21'(567(
+$1'*5((38,7(13$6+(0
$$1
$IEHHOGLQJ
7UHNGHERYHQVWHKDQGJUHHSRPKRRJHQQDDUDFKWHUHQRP
GHJUHHSLQGHEHGLHQLQJVVWDQGWH]HWWHQ=RUJHUYRRUGDW
GHKDQGJUHSHQFRUUHFWLQGHMXLVWHSRVLWLHNOLNNHQ
'UDDLGHRQGHUVWHKDQGJUHHSYDVWPHWGHKHQGHOVYRRUGH
VQHOVOXLWLQJDDQGHEHLGH]LMGHQ
230(5.,1*
=RUJHUYRRUGDWGHWZHHKDQGJUHSHQ]LFKLQGH]HOIGHSRVLWLH
EHYLQGHQ
:$$56&+8:,1*
%HVFKDGLJGHNDEHOVQLHWWLMGHQVKHWXLWNODSSHQRILQNODSSHQ
YDQGHKDQGJUHHS
,167$//((5'(%29(167(
+$1'*5((3
$IEHHOGLQJ
%UHQJGHJDWHQYDQGHERYHQVWHKDQGJUHHSLQppQOLMQPHW
GLHYDQGHRQGHUVWHKDQGJUHHS
6WHHNGHERXWHQGRRUGHJDWHQ
'UDDLGHNQRSSHQYDVWRSGHERXWHQ
'RHKHW]HOIGHDDQGHDQGHUHNDQW
1HGHUODQGV
1/

,167$//((5'(
*5$6239$1*(5
$IEHHOGLQJ
9HUZLMGHUGHVQLSSHUVWHNNHU
2SHQGHDFKWHUNOHSHQKRXGGH]HYDVW
+RXGGHJUDVRSYDQJHUYDVWDDQGHKDQGJUHHSHQSODDWVGH
KDNHQRSGHVOHXYHQ
6OXLWGHDFKWHUNOHS
3/$$76'(61,33(567(..(5
$IEHHOGLQJ
9HUZLMGHUGHJUDVRSYDQJHU
2SHQGHDFKWHUNOHSHQKRXGGH]HYDVW
+RXGGHVQLSSHUVWHNNHUDDQGHJUHHSYDVWHQSODDWVGH]H
LQGHDIYRHUJRRW
6OXLWGHDFKWHUNOHS
67(/+(70(661,-+22*7(,1
+HWPHVVQLMKRRJWHYDQGHPDFKLQHNDQRSYHUVFKLOOHQGH
KRRJWHVZRUGHQLQJHVWHOG
$IEHHOGLQJ
7UHNGHLQVWHOKHQGHOYRRUGHKRRJWHQDDUYRUHQRPGH
KRRJWHYDQKHWPHVVQLMKRRJWHWHYHUKRJHQ
7UHNGHLQVWHOKHQGHOYRRUGHKRRJWHQDDUDFKWHUHQRPGH
KRRJWHYDQKHWPHVVQLMKRRJWHWHYHUPLQGHUHQ
+(7$&&83$&.,167$//(5(1
$IEHHOGLQJ
:$$56&+8:,1*
$OVKHWDFFXSDFNRIGHODGHULVEHVFKDGLJGGLHQWXKHW
DFFXSDFNRIGHODGHUWHYHUYDQJHQ
6WRSKHWJHUHHGVFKDSHQZDFKWWRWGHPRWRUVWRSW
YRRUGDWXKHWDFFXSDFNLQVWDOOHHUWRIYHUZLMGHUW
/HHVNHQHQYROJGHLQVWUXFWLHVLQGHKDQGOHLGLQJYDQ
GHDFFXHQGHODGHURS
:$$56&+8:,1*
*(%58,.8,76/8,7(1'((19%$77(5,-
*(%58,.*((1%$77(5,-0(7'8%%(/(
63$11,1*9
230(5.,1*
%HLGHEDWWHULMHQPRHWHQLQGHEDWWHULMYDNNHQZRUGHQ
JHSODDWVWRPGHPDFKLQHWHNXQQHQVWDUWHQ
2SHQGHGHXUYRRUGHDFFX
%UHQJGHVWDDIMHVRSKHWDFFXSDFNLQppQOLMQPHWGH
JURHYHQRSKHWDFFXYDNFRPSDUWLPHQW
'XZKHWDFFXSDFNLQKHWDFFXYDNFRPSDUWLPHQWWRWGDW
KHWDFFXSDFNRS]LMQSOHNYHUJUHQGHOW
$OVXHHQNOLNKRRUWLVKHWDFFXSDFNJHwQVWDOOHHUG
9RHUGH]HOIGHKDQGHOLQJXLWPHWGHDQGHUHEDWWHULM
6OXLWGHGHXUYRRUGHDFFX
230(5.,1*
'HPRWRUVWDUWDOOHHQDOVXGHYHLOLJKHLGVVOHXWHOHULQVWHHNW
+(7$&&83$&.9(5:,-'(5(1
$IEHHOGLQJ
2SHQGHGHXUYRRUGHDFFX
9HUZLMGHUGHYHLOLJKHLGVVOHXWHO
+RXGGHRQWJUHQGHOLQJVNQRSYDQKHWDFFXSDFNLQJHGUXNW
9HUZLMGHUKHWDFFXSDFNXLWGHPDFKLQH
*(%58,.
:$$56&+8:,1*
'UDDJRRJEHVFKHUPLQJWLMGHQVJHEUXLN
'(0$&+,1(67$57(1
$IEHHOGLQJ
230(5.,1*
3ODDWVGHJUDVRSYDQJHUYRRUGDWXEHJLQWPHWPDDLHQ
3ODDWVGHYHLOLJKHLGVVOHXWHO
'UXNGHVWDUWNQRSHQKRXGKHPLQJHGUXNW
7HUZLMOXGHVWDUWNQRSLQJHGUXNWKRXGWWUHNWXGH
VFKDNHONDVWJUHHSLQGHULFKWLQJYDQGHKDQGJUHHS
/DDWGHVWDUWNQRSORVRPGHPDFKLQHWHVWDUWHQ
'(0$&+,1(67233(1
$IEHHOGLQJ
/DDWGHVFKDNHONDVWJUHHSORVRPGHPDFKLQHWHVWRSSHQ
:$$56&+8:,1*
:DFKWWRWGDWGHPHVVHQYROOHGLJWRWVWLOVWDQG]LMQJHNRPHQ
YRRUGDWXGHPDFKLQHZHHUVWDUW=HWGHPDFKLQHQLHWVQHO
XLWHQDDQ
:$$56&+8:,1*
9HUZLMGHUDOWLMGGHYHLOLJKHLGVVOHXWHOHQKHWDFFXSDFNQDGDW
XNODDUEHQWPHWGHZHUN]DDPKHGHQ
0$$.'(239$1*=$./((*
6FKDNHOKHWJHUHHGVFKDSXLW
9HUZLMGHUGHYHLOLJKHLGVVOHXWHO
1HGHUODQGV
1/

9HUZLMGHUGHDFFX
2SHQGHDFKWHUNOHSHQKRXGGH]HYDVW
+RXGGHJUDVRSYDQJHUYDVWDDQKHWKDQGYDWHQPDDNKHP
ORVYDQGHVOHXYHQ
6OXLWGHDFKWHUNOHS
0DDNGHRSYDQJ]DNOHHJ
*(%58,.23+(//,1*(1
:$$56&+8:,1*
0DDLQLHWRSKHOOLQJHQPHWHHQKHOOLQJYDQPHHUGDQ
$OVX]LFKQLHWRSXZJHPDNYRHOWPDDLGDQQLHWRSHHQ
KHOOLQJ
*DQLHWRPKRRJHQRPODDJRSHHQKHOOLQJZDQQHHUXRYHU
KHWYODNYDQGHKHOOLQJPDDLW:HHVYRRU]LFKWLJDOVXGH
ULFKWLQJRSHHQKHOOLQJYHUDQGHUW
+RXGGHJDWHQVSRUHQVWHQHQHQDQGHUHYHUERUJHQ
YRRUZHUSHQZDDUGRRUXNXQWYDOOHQLQGHJDWHQ
9HUZLMGHUDOOHREVWDNHOV]RDOVVWHQHQHQWDNNHQ
=RUJYRRUHHQVWDELHOHVWDQG$OVXQLHWLQEDODQVEHQW
ODDWGDQRQPLGGHOOLMNGHERUJVFKDNHODDUORV
0DDLQLHWLQGHEXXUWYDQVWHLOHKHOOLQJHQVORWHQRIWDOXGV
*(%58,.67,36
3UREHHUQLHWGHZHUNLQJYDQGHVWDUWNQRSRI
VFKDNHONDVWJUHHSWHRYHUEUXJJHQ
.DQWHOKHWJHUHHGVFKDSQLHWZDQQHHUXKHWVWDUW
+RXGXZKDQGHQHQYRHWHQXLWGHEXXUWYDQGHGUDDLHQGH
RQGHUGHOHQ
+RXGGHNRNHUVFKRRQ
6QLMGJHHQQDWJUDV
(HQKRJHUHPHVKRRJWHLVQRGLJYRRUQLHXZRIGLNJUDV
5HLQLJGHRQGHUNDQWYDQGHJUDVPDDLHUQDHONJHEUXLN
9HUZLMGHUJUDVUHVWHQEODGHUHQYHURQWUHLQLJLQJHQHQ
DQGHUYXLO
21'(5+28'
:$$56&+8:,1*
9HUZLMGHUGHYHLOLJKHLGVVOHXWHOHQKHWDFFXSDFNXLWKHW
JHUHHGVFKDSYRRUGDWXRQGHUKRXGXLWYRHUW
:$$56&+8:,1*
=RUJGDWGHPRWRUHQKHWDFFXSDFNYULM]LMQYDQJUDV
EODGHUHQRIWHYHHOYHW
/(723
*HEUXLNDOOHHQJRHGJHNHXUGHUHVHUYHRQGHUGHOHQ
/(723
=RUJGDWGHNXQVWVWRIRQGHUGHOHQQLHWLQFRQWDFWNRPHQPHW
UHPYORHLVWRIIHQEHQ]LQHRISURGXFWHQRSEDVLVYDQDDUGROLH
&KHPLFDOLsQNXQQHQKHWNXQVWVWRIEHVFKDGLJHQHQKHW
NXQVWVWRIRQEUXLNEDDUPDNHQ
/(723
0DDNGHNXQVWVWRIEHKXL]LQJRIRQGHUGHOHQQLHWVFKRRQPHW
DJUHVVLHYHRSORVPLGGHOHQRIVFKRRQPDDNPLGGHOHQ
230(5.,1*
$DQEHYROHQDDQGUDDLPRPHQW0HV1P
$/*(0((121'(5+28'
9RRUHONJHEUXLNGLHQWXKHWFRPSOHWHJHUHHGVFKDSRS
EHVFKDGLJLQJHQPLVVHQGHRIORV]LWWHQGHRQGHUGHOHQ
]RDOVVFKURHYHQPRHUHQERXWHQHQGRSSHQWH
FRQWUROHUHQ
'UDDLDOOHEHYHVWLJLQJHQHQGRSSHQJRHGYDVW
0DDNKHWJHUHHGVFKDSVFKRRQPHWHHQGURJHGRHN
*HEUXLNJHHQZDWHU
9(59$1*+(70(6
$IEHHOGLQJ
:$$56&+8:,1*
*HEUXLNDOOHHQJRHGJHNHXUGHYHUYDQJHQGHPHVVHQ
:$$56&+8:,1*
'UDDJ]ZDUHKDQGVFKRHQHQRIGUDDLHHQGRHNRPKHWPHV
DOVXKHWPHVDDQUDDNW
6FKDNHOKHWJHUHHGVFKDSXLW
=RUJHUYRRUGDWGHPHVVHQYROOHGLJVWRSSHQ
9HUZLMGHUGHYHLOLJKHLGVVOHXWHOHQKHWDFFXSDFN
'UDDLKHWJHUHHGVFKDSRSGH]LMNDQW
*HEUXLNHHQVWXNKRXWRPWHYRRUNRPHQGDWKHWPHV
EHZHHJW
9HUZLMGHUGHPRQWDJHVFKURHIHQVOXLWULQJPHWHHQVOHXWHO
RIFRQWDFW
9HUZLMGHUKHWPHV
,QVWDOOHHUKHWQLHXZHPHV=RUJHUYRRUGDWGHWZHHVWDYHQ
LQGHJDWHQYDQKHWPHVJULMSHQ
3ODDWVGHVOXLWULQJHQGUDDLGHEHYHVWLJLQJVVFKURHIGLHX
KHHIWYHUZLMGHUGZHHUYDVW
+(7*(5(('6&+$323%(5*(1
9HUZLMGHUGHYHLOLJKHLGVVOHXWHO
+HWDFFXSDFNYHUZLMGHUHQ
5HLQLJKHWJHUHHGVFKDSYyyUKHWRSEHUJHQ
1HGHUODQGV
1/

=RUJHUYRRUGDWGHPRWRUQLHWKHHWLVZDQQHHUXKHW
JHUHHGVFKDSRSEHUJW
=RUJHUYRRUGDWKHWJHUHHGVFKDSJHHQORVVHRI
EHVFKDGLJGHRQGHUGHOHQKHHIW$OVKHWQRGLJLVYRHUWX
GH]HVWDSSHQLQVWUXFWLHVXLW
9HUYDQJGHEHVFKDGLJGHRQGHUGHOHQ
'UDDLGHERXWHQYDVW
1HHPFRQWDFWRSPHWHHQSHUVRRQYDQHHQHUNHQG
VHUYLFHFHQWUXP
%HUJKHWJHUHHGVFKDSRSLQHHQGURJHUXLPWH
=RUJHUYRRUGDWNLQGHUHQQLHWLQGHEXXUWYDQKHW
JHUHHGVFKDSNXQQHQNRPHQ
352%/((023/266,1*
3UREOHHP 0RJHOLMNHRRU
]DDN
2SORVVLQJ
'HKDQGJUHHSEHY
LQGW]LFKQLHWRS
GHMXLVWHSRVLWLH
'HERXWHQ]LMQQLHW
FRUUHFWEHYHVWLJG
3DVGHKRRJWHYDQ
GHKDQGJUHHSDDQ
HQ]RUJHUYRRUGDW
GHNQRSSHQHQ
ERXWHQJRHG]LMQ
XLWJHOLMQG
+HWJHUHHGVFKDS
VWDUWQLHW
'HDFFXLVELMQD
OHHJ
/DDGKHWDFFXSDFN
RS
'HERUJVFKDNHODDU
LVGHIHFW
9HUYDQJGHERUJ
VFKDNHODDU
'HDFFXVOHXWHOLV
QLHWJHSODDWVW
3ODDWVGHDFFXVOHX
WHO
+HWJHUHHGVFKDS
PDDLWKHWJUDVRQ
JHOLMN
+HWJD]RQLVUXZ %HNLMNKHWPDDLJH
ELHG
'HPHVKRRJWHLV
QLHWJRHGLQJHV
WHOG
3DVKHWPHVVQLM
KRRJWHDDQRSHHQ
KRJHUHSRVLWLH
+HWJHUHHGVFKDS
YHUVQLSSHUWQLHW
JRHG
1DWWHJUDVVQLSSHUV
EOLMYHQDDQKHW
JHUHHGVFKDS
NOHYHQ
:DFKWWRWGDWKHW
JUDVGURRJLVYRRU
GDWXKHWPDDLW
'HVQLSSHUVWHNNHU
RQWEUHHNW
3ODDWVGHVQLSSHU
VWHNNHU
+HWJHUHHGVFKDS
ODDW]LFKPRHLOLMN
GXZHQ
+HWJUDVLVWHKRRJ
RIGHPHVKRRJWHLV
WHODDJ
9HUJURRWKHWPHV
VQLMKRRJWH
'HJUDVRSYDQJHU
HQKHWPHVVOHSHQ
LQGLNJUDV
9HUZLMGHUKHWJH
PDDLGHJUDVXLWGH
JUDVRSYDQJHU
3UREOHHP 0RJHOLMNHRRU
]DDN
2SORVVLQJ
+HWJHUHHGVFKDS
WULOWVWHUN
+HWPHVLVXLWEDO
DQVHQYHUVOHWHQ
9HUYDQJKHWPHV
'HPRWRUDVLVYHU
ERJHQ
6WRSGHPRWRU
9HUZLMGHUGH
YHLOLJKHLGV
VOHXWHOHQKHW
DFFXSDFN
.RSSHOGH
VWURRPEURQ
ORV
&RQWUROHHURS
EHVFKDGLJLQ
JHQ
5HSDUHHUKHW
JHUHHGVFKDS
YRRUGDWXKHW
RSQLHXZVWDUW
+HWJHUHHGVFKDS
VWRSWWLMGHQVKHW
PDDLHQ
+HWPHV]LWWH
ODDJ
9HUJURRWKHWPHV
VQLMKRRJWH
+HWDFFXSDFNLV
RQWODGHQ
/DDGGHDFFXRS
+HWJHPDDLGHJUDV
EOLMIWNOHYHQDDQ
KHWJHUHHGVFKDSRI
KHWPHV
9HUZLMGHUKHWDF
FXSDFNHQFRQWURO
HHUKHWJHUHHG
VFKDS
%HGULMIVWHPSHUD
WXXUYDQKHWJHU
HHGVFKDSLVWH
KRRJ
/DDWKHWJHUHHG
VFKDSDINRHOHQ
$OVXGHRSORVVLQJYRRUGH]HSUREOHPHQQLHWNXQWYLQGHQ
QHHPGDQFRQWDFWRSPHWKHWVHUYLFHFHQWUXP
7(&+1,6&+(*(*(9(16
6SDQQLQJ 9
6QHOKHLG]RQGHUEHODVWLQJ PLQ
0DDLEUHHGWH PP
0DDLKRRJWH PP
*UDVRSYDQJFDSDFLWHLW /
*HZLFKW]RQGHUDFFXSDFN OEVNJ
*HPHWHQJHOXLGVGUXNQLYHDX /
3$
G%$.
G%$
*HZDDUERUJGJHOXLGVYHUPR
JHQVQLYHDX
/
:$G
G%$
7ULOOLQJ 㸺 PV
. PV
$FFXPRGHO *%*%HQDQGHUH
%$*VHULHV
1HGHUODQGV
1/

2SODGHUPRGHO *;&*;8&
*;8&HQDQGHUH&$*
VHULHV
'XEEHOJHwVROHHUGHFRQVWUXF
WLH
,3; ,3;
*$5$17,(
'HYROOHGLJHJDUDQWLHYRRUZDDUGHQ]LMQWHUXJWHYLQGHQRSGH
*UHHQZRUNVZHEVLWH
'H*UHHQZRUNVJDUDQWLHEHGUDDJWMDDURSKHWSURGXFWHQ
MDDURSEDWWHULMHQFRQVXPHQWSULYpJHEUXLNYDQDIGHGDWXP
YDQDDQNRRS'H]HJDUDQWLHGHNWIDEULFDJHIRXWHQ(HQGHIHFW
SURGXFWGDWRQGHUGHJDUDQWLHYDOWNDQZRUGHQJHUHSDUHHUGRI
YHUYDQJHQ(HQDSSDUDDWGDWRSDQGHUHPDQLHUHQLVPLVEUXLNW
RIRSDQGHUHPDQLHUHQLVJHEUXLNWGDQEHVFKUHYHQLQGH
JHEUXLNVDDQZLM]LQJNDQZRUGHQXLWJHVORWHQYDQGHJDUDQWLH
1RUPDOHVOLMWDJHHQDDQVOLMWDJHRQGHUKHYLJHRQGHUGHOHQ
YDOOHQQLHWRQGHUGHJDUDQWLH'HRRUVSURQNHOLMNH
IDEULHNVJDUDQWLHZRUGWQLHWEHwQYORHGGRRUHQLJHDDQYXOOHQGH
JDUDQWLHGLHGRRUHHQGHDOHURIYHUNRSHUZRUGWJHERGHQ
(HQGHIHFWSURGXFWPRHWZRUGHQJHUHWRXUQHHUGQDDUKHW
YHUNRRSSXQWRPDDQVSUDDNWHPDNHQRSGHJDUDQWLHVDPHQ
PHWKHWDDQNRRSEHZLMVNDVVDERQ
(*
&21)250,7(,769(5./$5,1
*
1DDPHQDGUHVYDQGHIDEULNDQW
1DDP */2%*52$%
*OREH*URXS(XURSH
$GUHV 5LJJDUHJDWDQ0DOP|=ZHGHQ
1DDPHQDGUHVYDQGHSHUVRRQEHYRHJGYRRUKHWVDPHQVWHOOHQ
YDQKHWWHFKQLVFKEHVWDQG
1DDP 0LFDHO-RKDQVVRQ
$GUHV 5LJJDUHJDWDQ0DOP|=ZHGHQ
:LMYHUNODUHQKLHUELMGDWKHWSURGXFW
&DWHJRULH *UDVPDDLHU
0RGHO *;/0/0(
6HULHQXPPHU =LHW\SHSODDWMHYDQSURGXFW
)DEULFDJHMDDU =LHW\SHSODDWMHYDQSURGXFW
LQRYHUHHQVWHPPLQJLVPHWGHUHOHYDQWHEHSDOLQJHQ
LQ]DNHGHPDFKLQHULFKWOLMQ(*
LQRYHUHHQVWHPPLQJLVPHWGHEHSDOLQJHQYDQGH
YROJHQGH(*ULFKWOLMQHQ
(*
(*(*
(8(8
:LMYHUNODUHQWHYHQVGDWGHYROJHQGHGHOHQFODXVXOHVYDQGH
JHKDUPRQLVHHUGHVWDQGDDUGHQYDQWRHSDVVLQJ]LMQ
&RQIRUPLWHLWVEHRRUGHOLQJVPHWKRGHYRRUELMODJH9,5LFKWOLMQ
(*
*HPHWHQJHOXLGVYHUPRJHQVQLYHDX /
:$
G%$
*HZDDUERUJGJHOXLGVYHUPRJHQVQL
YHDX
/
:$G
G%$
3ODDWVGDWXP0DOP|
+DQGWHNHQLQJ7HG4X'LUHFWHXU
NZDOLWHLW
1HGHUODQGV
1/

Ɉɩɢɫɚɧɢɟ
ɉɪɟɞɧɚɡɧɚɱɟɧɢɟ
Ɉɛɡɨɪ
Ɍɟɯɧɢɤɚɛɟɡɨɩɚɫɧɨɫɬɢ
Ɇɨɧɬɚɠ
Ɋɚɫɩɚɤɨɜɤɚɦɚɲɢɧɵ
Ɋɚɡɥɨɠɢɬɟɢɨɬɪɟɝɭɥɢɪɭɣɬɟɧɢɠɧɸɸ
ɪɭɱɤɭ
ɍɫɬɚɧɨɜɤɚɜɟɪɯɧɟɣɪɭɱɤɢ
ɍɫɬɚɧɨɜɤɚɬɪɚɜɨɫɛɨɪɧɢɤɚ
ɍɫɬɚɧɨɜɢɬɟɡɚɝɥɭɲɤɭɞɥɹɦɭɥɶɱɢɪɨɜɚɧɢɹ
Ɉɬɪɟɝɭɥɢɪɭɣɬɟɜɵɫɨɬɭɧɨɠɚɫɤɚɲɢɜɚɧɢɹ
ɍɫɬɚɧɨɜɤɚɚɤɤɭɦɭɥɹɬɨɪɧɨɣɛɚɬɚɪɟɢ
ɂɡɜɥɟɱɟɧɢɟɚɤɤɭɦɭɥɹɬɨɪɚ
ɗɤɫɩɥɭɚɬɚɰɢɹ
Ɂɚɩɭɫɤɦɚɲɢɧɵ
Ɉɫɬɚɧɨɜɢɬɟɦɚɲɢɧɭ
Ɉɩɨɪɨɠɧɟɧɢɟɬɪɚɜɨɫɛɨɪɧɢɤɚ
Ɋɚɛɨɬɚɧɚɫɤɥɨɧɚɯ
ɋɨɜɟɬɵɩɨɷɤɫɩɥɭɚɬɚɰɢɢ
Ɍɟɯɨɛɫɥɭɠɢɜɚɧɢɟ
ɈɛɳɟɟɌɈ
Ɂɚɦɟɧɚɧɨɠɟɣ
ɏɪɚɧɟɧɢɟɦɚɲɢɧɵ
ȼɵɹɜɥɟɧɢɟɢɭɫɬɪɚɧɟɧɢɟ
ɧɟɢɫɩɪɚɜɧɨɫɬɟɣ
Ɍɟɯɧɢɱɟɫɤɢɟɞɚɧɧɵɟ
Ƚɚɪɚɧɬɢɹ
Ⱦɟɤɥɚɪɚɰɢɹɫɨɨɬɜɟɬɫɬɜɢɹȿɋ
Ɋɭɫɫɤɢɣ
58

ɈɉɂɋȺɇɂȿ
ɉɊȿȾɇȺɁɇȺɑȿɇɂȿ
Ⱦɚɧɧɚɹɝɚɡɨɧɨɤɨɫɢɥɤɚɩɪɟɞɧɚɡɧɚɱɟɧɚɞɥɹɢɫɩɨɥɶɡɨɜɚɧɢɹ
ɬɨɥɶɤɨɜɛɵɬɨɜɵɯɭɫɥɨɜɢɹɯɇɨɠɢɞɨɥɠɧɨɪɚɫɩɨɥɚɝɚɬɶɫɹ
ɦɚɤɫɢɦɚɥɶɧɨɩɚɪɚɥɥɟɥɶɧɨɡɟɦɥɟȼɨɜɪɟɦɹɫɬɪɢɠɤɢ
ɝɚɡɨɧɨɜɜɫɟɱɟɬɵɪɟɤɨɥɟɫɚɭɫɬɪɨɣɫɬɜɚɞɨɥɠɧɵɤɚɫɚɬɶɫɹ
ɡɟɦɥɢ
ɈȻɁɈɊ
Ɋɢɫa
Ɋɭɱɧɨɣɩɟɪɟɤɥɸɱɚɬɟɥɶ
Ʉɧɨɩɤɚɜɤɥɸɱɟɧɢɹ
ȼɟɪɯɧɹɹɪɭɱɤɚ
ɇɢɠɧɹɹɪɭɱɤɚ
Ɂɚɞɧɟɟɪɚɡɝɪɭɡɨɱɧɚɹɞɜɟɪɰɚ
Ʉɪɵɲɤɚɛɚɬɚɪɟɣɧɨɝɨɨɬɫɟɤɚ
Ɋɭɤɨɹɬɤɚɪɟɝɭɥɢɪɨɜɤɢɩɨɜɵɫɨɬɟ
Ɍɪɚɜɨɫɛɨɪɧɢɤ
Ɂɚɝɥɭɲɤɚɞɥɹɦɭɥɶɱɢɪɨɜɚɧɢɹ
ȼɢɧɬɫɛɚɪɚɲɤɨɦ
Ȼɨɥɬ
ɗɤɫɰɟɧɬɪɢɤ
Ʉɪɸɤ
Ⱥɤɤɭɦɭɥɹɬɨɪɧɚɹɛɚɬɚɪɟɹ
Ʉɥɸɱɛɟɡɨɩɚɫɧɨɫɬɢ
Ʉɧɨɩɤɚɢɡɜɥɟɱɟɧɢɹɚɤɤɭɦɭɥɹɬɨɪɚ
Ƚɚɣɤɚ
ɉɪɨɤɥɚɞɤɚ
ɇɨɠ
ɌȿɏɇɂɄȺȻȿɁɈɉȺɋɇɈɋɌɂ
ȼɇɂɆȺɇɂȿ
ɍɞɨɫɬɨɜɟɪɶɬɟɫɶɱɬɨɜɵɫɥɟɞɭɟɬɟɜɫɟɢɧɫɬɪɭɤɰɢɢɌȻ
ɋɦɪɭɤɨɜɨɞɫɬɜɭɩɨɌȻ
ɆɈɇɌȺɀ
ȼɇɂɆȺɇɂȿ
Ɂɚɩɪɟɳɚɟɬɫɹɢɫɩɨɥɶɡɨɜɚɬɶɧɟɪɟɤɨɦɟɧɞɨɜɚɧɧɵɟ
ɩɪɨɢɡɜɨɞɢɬɟɥɟɦɩɪɢɧɚɞɥɟɠɧɨɫɬɢ
ȼɇɂɆȺɇɂȿ
ɇɟɭɫɬɚɧɚɜɥɢɜɚɣɬɟɤɥɸɱɛɟɡɨɩɚɫɧɨɫɬɢɢɥɢȺɄȻɞɨ
ɨɤɨɧɱɚɬɟɥɶɧɨɣɫɛɨɪɤɢɜɫɟɯɤɨɦɩɨɧɟɧɬɨɜ
ɊȺɋɉȺɄɈȼɄȺɆȺɒɂɇɕ
ȼɇɂɆȺɇɂȿ
ɉɟɪɟɞɷɤɫɩɥɭɚɬɚɰɢɟɣɧɟɨɛɯɨɞɢɦɨɭɞɨɫɬɨɜɟɪɢɬɶɫɹɱɬɨ
ɦɚɲɢɧɚɫɨɛɪɚɧɚɩɪɚɜɢɥɶɧɨ
ȼɇɂɆȺɇɂȿ
Ɇɚɲɢɧɭɡɚɩɪɟɳɚɟɬɫɹɢɫɩɨɥɶɡɨɜɚɬɶɩɪɢ
ɩɨɜɪɟɠɞɟɧɢɢɤɚɤɢɯɥɢɛɨɟɟɤɨɦɩɨɧɟɧɬɨɜ
ɉɪɢɨɬɫɭɬɫɬɜɢɢɤɚɤɢɯɥɢɛɨɤɨɦɩɨɧɟɧɬɨɜɦɚɲɢɧɭ
ɷɤɫɩɥɭɚɬɢɪɨɜɚɬɶɡɚɩɪɟɳɟɧɨ
ȿɫɥɢɷɥɟɦɟɧɬɵɦɚɲɢɧɵɩɨɜɪɟɠɞɟɧɵɢɥɢ
ɨɬɫɭɬɫɬɜɭɸɬɨɛɪɚɬɢɬɟɫɶɜɫɟɪɜɢɫɧɵɣɰɟɧɬɪ
ȼɫɤɪɨɣɬɟɭɩɚɤɨɜɤɭ
Ɉɡɧɚɤɨɦɶɬɟɫɶɫɞɨɤɭɦɟɧɬɚɰɢɟɣɫɨɞɟɪɠɚɳɟɣɫɹɜ
ɤɨɪɨɛɤɟ
ȼɵɧɶɬɟɧɟɫɨɛɪɚɧɧɵɟɤɨɦɩɨɧɟɧɬɵɢɡɤɨɪɨɛɤɢ
ȼɵɧɶɬɟɦɚɲɢɧɭɢɡɤɨɪɨɛɤɢ
ɇɟɨɛɯɨɞɢɦɨɭɬɢɥɢɡɢɪɨɜɚɬɶɤɨɪɨɛɤɭɢɭɩɚɤɨɜɤɭɜ
ɫɨɨɬɜɟɬɫɬɜɢɢɫɦɟɫɬɧɵɦɢɬɪɟɛɨɜɚɧɢɹɦɢ
ɊȺɁɅɈɀɂɌȿɂɈɌɊȿȽɍɅɂɊɍɃɌȿ
ɇɂɀɇɘɘɊɍɑɄɍ
Ɋɢɫ
ɉɨɬɹɧɢɬɟɜɟɪɯɧɸɸɪɭɱɤɭɜɜɟɪɯɢɧɚɡɚɞɱɬɨɛɵ
ɭɫɬɚɧɨɜɢɬɶɟɟɜɪɚɛɨɱɟɟɩɨɥɨɠɟɧɢɟɍɛɟɞɢɬɟɫɶɱɬɨ
ɪɭɱɤɢɭɫɬɚɧɨɜɥɟɧɵɩɪɚɜɢɥɶɧɨ
Ɂɚɤɪɟɩɢɬɟɧɢɠɧɸɸɪɭɱɤɭɪɭɤɨɹɬɤɚɦɢɫɨɛɟɢɯɫɬɨɪɨɧ
ɷɤɫɰɟɧɬɪɢɤɨɜɵɦɢɡɚɠɢɦɚɦɢ
ɉɊɂɆȿɑȺɇɂȿ
ɍɛɟɞɢɬɟɫɶɱɬɨɨɛɟɪɭɱɤɢɧɚɯɨɞɹɬɫɹɜɨɞɧɨɦɩɨɥɨɠɟɧɢɢ
ȼɇɂɆȺɇɂȿ
ɇɟɩɨɜɪɟɞɢɬɟɤɚɛɟɥɶɩɪɢɪɚɫɤɥɚɞɵɜɚɧɢɢɢɥɢ
ɫɤɥɚɞɵɜɚɧɢɢɪɭɱɟɤ
ɍɋɌȺɇɈȼɄȺȼȿɊɏɇȿɃɊɍɑɄɂ
Ɋɢɫ
ɋɨɜɦɟɫɬɢɬɟɨɬɜɟɪɫɬɢɹɜɜɟɪɯɧɟɣɪɭɱɤɟɫɨɬɜɟɪɫɬɢɹɦɢ
ɜɧɢɠɧɟɣ
ɉɨɦɟɫɬɢɬɟɛɨɥɬɵɜɨɬɜɟɪɫɬɢɹ
ɇɚɞɟɜɪɭɤɨɹɬɤɢɧɚɛɨɥɬɵɡɚɬɹɧɢɬɟɢɯ
ȼɵɩɨɥɧɢɬɟɬɭɠɟɨɩɟɪɚɰɢɸɫɞɪɭɝɨɣɫɬɨɪɨɧɵ
ɍɋɌȺɇɈȼɄȺɌɊȺȼɈɋȻɈɊɇɂɄȺ
Ɋɢɫ
ɋɧɢɦɢɬɟɡɚɝɥɭɲɤɭɞɥɹɦɭɥɶɱɢɪɨɜɚɧɢɹ
Ɉɬɤɪɵɜɡɚɞɧɸɸɪɚɡɝɪɭɡɨɱɧɭɸɞɜɟɪɰɭɩɪɢɞɟɪɠɢɬɟɟɟ
Ɋɭɫɫɤɢɣ
58

ɍɞɟɪɠɢɜɚɹɬɪɚɜɨɫɛɨɪɧɢɤɡɚɪɭɱɤɭɩɨɦɟɫɬɢɬɟ
ɤɪɟɩɟɠɧɵɟɤɪɸɤɢɜɩɪɨɪɟɡɢ
Ɂɚɤɪɨɣɬɟɡɚɞɧɸɸɪɚɡɝɪɭɡɨɱɧɭɸɞɜɟɪɰɭ
ɍɋɌȺɇɈȼɂɌȿɁȺȽɅɍɒɄɍȾɅə
ɆɍɅɖɑɂɊɈȼȺɇɂə
Ɋɢɫ
ɋɧɹɬɢɟɬɪɚɜɨɫɛɨɪɧɢɤɚ
Ɉɬɤɪɵɜɡɚɞɧɸɸɪɚɡɝɪɭɡɨɱɧɭɸɞɜɟɪɰɭɩɪɢɞɟɪɠɢɬɟɟɟ
ɍɞɟɪɠɢɜɚɹɡɚɝɥɭɲɤɭɞɥɹɦɭɥɶɱɢɪɨɜɚɧɢɹɡɚɪɭɱɤɭ
ɩɨɦɟɫɬɢɬɟɟɟɜɪɚɡɝɪɭɡɨɱɧɵɣɥɨɬɨɤ
Ɂɚɤɪɨɣɬɟɡɚɞɧɸɸɪɚɡɝɪɭɡɨɱɧɭɸɞɜɟɪɰɭ
ɈɌɊȿȽɍɅɂɊɍɃɌȿȼɕɋɈɌɍ
ɇɈɀȺɋɄȺɒɂȼȺɇɂə
ȼɵɫɨɬɭɧɨɠɚɫɤɚɲɢɜɚɧɢɹɦɨɠɧɨɨɬɪɟɝɭɥɢɪɨɜɚɬɶ
Ɋɢɫ
ɑɬɨɛɵɭɜɟɥɢɱɢɬɶɜɵɫɨɬɭɧɨɠɚɫɤɚɲɢɜɚɧɢɹɬɨɥɤɧɢɬɟ
ɪɭɤɨɹɬɤɭɪɟɝɭɥɢɪɨɜɤɢɩɨɜɵɫɨɬɟɜɩɟɪɟɞ
ɑɬɨɛɵɭɦɟɧɶɲɢɬɶɜɵɫɨɬɭɧɨɠɚɫɤɚɲɢɜɚɧɢɹɩɨɬɹɧɢɬɟ
ɪɭɤɨɹɬɤɭɪɟɝɭɥɢɪɨɜɤɢɩɨɜɵɫɨɬɟɧɚɡɚɞ
ɍɋɌȺɇɈȼɄȺ
ȺɄɄɍɆɍɅəɌɈɊɇɈɃȻȺɌȺɊȿɂ
Ɋɢɫ
ȼɇɂɆȺɇɂȿ
ɉɪɢɩɨɜɪɟɠɞɟɧɢɢɚɤɤɭɦɭɥɹɬɨɪɚɢɥɢɡɚɪɹɞɧɨɝɨ
ɭɫɬɪɨɣɫɬɜɚɡɚɦɟɧɢɬɟɢɯ
ɉɪɟɠɞɟɱɟɦɭɫɬɚɧɨɜɢɬɶɢɥɢɜɵɧɭɬɶɚɤɤɭɦɭɥɹɬɨɪ
ɨɫɬɚɧɨɜɢɬɟɦɚɲɢɧɭɢɞɨɠɞɢɬɟɫɶɨɫɬɚɧɨɜɤɢ
ɷɥɟɤɬɪɨɞɜɢɝɚɬɟɥɹ
ɂɡɭɱɢɬɟɢɜɵɩɨɥɧɢɬɟɢɧɫɬɪɭɤɰɢɢɢɡɪɭɤɨɜɨɞɫɬɜɚɩɨ
ɷɤɫɩɥɭɚɬɚɰɢɢȺɄȻɢɡɚɪɹɞɧɨɝɨɭɫɬɪɨɣɫɬɜɚ
ȼɇɂɆȺɇɂȿ
ɂɋɉɈɅɖɁɍɃɌȿɌɈɅɖɄɈȺɄɄɍɆɍɅəɌɈɊɇȺ
ȼɇȿɂɋɉɈɅɖɁɍɃɌȿȻȺɌȺɊȿɘ
ȾȼɍɋɌɈɊɈɇɇȿȽɈɇȺɉɊəɀȿɇɂəȼ
ɉɊɂɆȿɑȺɇɂȿ
Ⱦɥɹɡɚɩɭɫɤɚɦɚɲɢɧɵɜɨɬɫɟɤɧɟɨɛɯɨɞɢɦɨɩɨɦɟɫɬɢɬɶɨɛɚ
ɚɤɤɭɦɭɥɹɬɨɪɚ
Ɉɬɤɪɨɣɬɟɤɪɵɲɤɭɛɚɬɚɪɟɣɧɨɝɨɨɬɫɟɤɚ
ɋɨɜɦɟɫɬɢɬɟɪɟɛɪɚɧɚɚɤɤɭɦɭɥɹɬɨɪɟɫɤɚɧɚɜɤɚɦɢɜ
ɛɚɬɚɪɟɣɧɨɦɨɬɫɟɤɟ
ɍɫɬɚɧɨɜɢɬɟɚɤɤɭɦɭɥɹɬɨɪɜɛɚɬɚɪɟɣɧɵɣɨɬɫɟɤɩɨɤɚɨɧ
ɧɟɡɚɳɟɥɤɧɟɬɫɹɧɚɦɟɫɬɟ
ɉɪɢɭɫɬɚɧɨɜɤɟɚɤɤɭɦɭɥɹɬɨɪɚɧɚɲɬɚɬɧɨɟɦɟɫɬɨ
ɪɚɡɞɚɫɬɫɹɯɚɪɚɤɬɟɪɧɵɣɳɟɥɱɨɤ
ɉɪɨɞɟɥɚɣɬɟɬɭɠɟɨɩɟɪɚɰɢɸɫɞɪɭɝɢɦɚɤɤɭɦɭɥɹɬɨɪɨɦ
Ɂɚɤɪɨɣɬɟɤɪɵɲɤɭɛɚɬɚɪɟɣɧɨɝɨɨɬɫɟɤɚ
ɉɊɂɆȿɑȺɇɂȿ
Ⱦɜɢɝɚɬɟɥɶɡɚɩɭɫɬɢɬɫɹɬɨɥɶɤɨɩɨɫɥɟɭɫɬɚɧɨɜɤɢɤɥɸɱɚ
ɛɟɡɨɩɚɫɧɨɫɬɢ
ɂɁȼɅȿɑȿɇɂȿȺɄɄɍɆɍɅəɌɈɊȺ
Ɋɢɫ
Ɉɬɤɪɨɣɬɟɤɪɵɲɤɭɛɚɬɚɪɟɣɧɨɝɨɨɬɫɟɤɚ
ȼɵɧɶɬɟɤɥɸɱɛɟɡɨɩɚɫɧɨɫɬɢ
ɇɚɠɦɢɬɟɢɭɞɟɪɠɢɜɚɣɬɟɤɧɨɩɤɚɢɡɜɥɟɱɟɧɢɹ
ɚɤɤɭɦɭɥɹɬɨɪɚ
ȼɵɧɶɬɟɚɤɤɭɦɭɥɹɬɨɪɧɭɸɛɚɬɚɪɟɸɢɡɦɚɲɢɧɵ
ɗɄɋɉɅɍȺɌȺɐɂə
ȼɇɂɆȺɇɂȿ
ȼɨɜɪɟɦɹɷɤɫɩɥɭɚɬɚɰɢɢɝɚɡɨɧɨɤɨɫɢɥɤɢɧɟɨɛɯɨɞɢɦɨ
ɧɚɞɟɜɚɬɶɡɚɳɢɬɧɵɟɨɱɤɢ
ɁȺɉɍɋɄɆȺɒɂɇɕ
Ɋɢɫ
ɉɊɂɆȿɑȺɇɂȿ
ɉɟɪɟɞɡɚɩɭɫɤɨɦɜɪɚɛɨɬɭɭɫɬɚɧɨɜɢɬɟɬɪɚɜɨɫɛɨɪɧɢɤ
ȼɫɬɚɜɶɬɟɤɥɸɱɛɟɡɨɩɚɫɧɨɫɬɢ
ɇɚɠɦɢɬɟɢɭɞɟɪɠɢɜɚɣɬɟɤɧɨɩɤɭɜɤɥɸɱɟɧɢɹ
ɇɚɠɢɦɚɹɤɧɨɩɤɭɜɤɥɸɱɟɧɢɹɩɨɬɹɧɢɬɟɪɭɤɨɹɬɨɱɧɵɣ
ɜɵɤɥɸɱɚɬɟɥɶɤɪɭɱɤɟ
Ɉɬɩɭɫɬɢɬɟɤɧɨɩɤɭɜɤɥɸɱɟɧɢɹɱɬɨɛɵɡɚɩɭɫɬɢɬɶ
ɦɚɲɢɧɭ
ɈɋɌȺɇɈȼɂɌȿɆȺɒɂɇɍ
Ɋɢɫ
Ⱦɥɹɨɫɬɚɧɨɜɤɢɦɚɲɢɧɵɨɬɩɭɫɬɢɬɟɪɭɤɨɹɬɨɱɧɵɣ
ɜɵɤɥɸɱɚɬɟɥɶ
ȼɇɂɆȺɇɂȿ
ɉɟɪɟɞɩɨɜɬɨɪɧɵɦɡɚɩɭɫɤɨɦɦɚɲɢɧɵɞɨɠɞɢɬɟɫɶɩɨɥɧɨɣ
ɨɫɬɚɧɨɜɤɢɧɨɠɚɁɚɩɪɟɳɚɟɬɫɹɜɵɤɥɸɱɚɬɶɢɫɪɚɡɭɠɟ
ɜɤɥɸɱɚɬɶɝɚɡɨɧɨɤɨɫɢɥɤɭ
ȼɇɂɆȺɇɂȿ
ɉɨɫɥɟɡɚɜɟɪɲɟɧɢɹɪɚɛɨɬɵɧɟɨɛɯɨɞɢɦɨɜɵɧɭɬɶɤɥɸɱ
ɛɟɡɨɩɚɫɧɨɫɬɢɢȺɄȻ
ɈɉɈɊɈɀɇȿɇɂȿ
ɌɊȺȼɈɋȻɈɊɇɂɄȺ
Ɉɫɬɚɧɨɜɢɬɟɦɚɲɢɧɭ
Ɋɭɫɫɤɢɣ
58

ȼɵɧɶɬɟɤɥɸɱɛɟɡɨɩɚɫɧɨɫɬɢ
ɂɡɜɥɟɤɢɬɟɚɤɤɭɦɭɥɹɬɨɪ
Ɉɬɤɪɵɜɡɚɞɧɸɸɪɚɡɝɪɭɡɨɱɧɭɸɞɜɟɪɰɭɩɪɢɞɟɪɠɢɬɟɟɟ
ɍɞɟɪɠɢɜɚɹɬɪɚɜɨɫɛɨɪɧɢɤɡɚɪɭɱɤɭɫɧɢɦɢɬɟɟɝɨɫ
ɤɪɸɤɨɜ
Ɂɚɤɪɨɣɬɟɡɚɞɧɸɸɪɚɡɝɪɭɡɨɱɧɭɸɞɜɟɪɰɭ
Ɉɩɨɪɨɠɧɟɧɢɟɬɪɚɜɨɫɛɨɪɧɢɤɚ
ɊȺȻɈɌȺɇȺɋɄɅɈɇȺɏ
ȼɇɂɆȺɇɂȿ
Ɂɚɩɪɟɳɚɟɬɫɹɫɬɪɢɱɶɬɪɚɜɭɧɚɫɤɥɨɧɚɯɛɨɥɟɟ
Ɂɚɩɪɟɳɚɟɬɫɹɫɬɪɢɱɶɬɪɚɜɭɧɚɫɤɥɨɧɚɯɩɪɢ
ɜɨɡɧɢɤɧɨɜɟɧɢɢɤɚɤɨɝɨɥɢɛɨɧɟɭɞɨɛɫɬɜɚ
Ɂɚɩɪɟɳɚɟɬɞɜɢɝɚɬɶɫɹɜɜɟɪɯɢɥɢɜɧɢɡɫɤɥɨɧɚ
ɞɜɢɝɚɣɬɟɫɶɩɨɩɟɪɟɤɫɤɥɨɧɚȻɭɞɶɬɟɨɫɬɨɪɨɠɧɵɩɪɢ
ɫɦɟɧɟɧɚɩɪɚɜɥɟɧɢɹɞɜɢɠɟɧɢɹɜɨɜɪɟɦɹɪɚɛɨɬɵɧɚ
ɫɤɥɨɧɟ
ɂɫɫɥɟɞɭɣɬɟɫɤɥɨɧɧɚɩɪɟɞɦɟɬɜɵɹɜɥɟɧɢɹɭɯɚɛɨɜ
ɤɨɥɟɣɤɚɦɧɟɣɢɫɤɪɵɬɵɯɩɪɟɞɦɟɬɨɜɤɨɬɨɪɵɟɦɨɝɭɬ
ɩɪɢɜɟɫɬɢɤɩɚɞɟɧɢɸɍɞɚɥɢɬɟɜɫɟɩɪɟɩɹɬɫɬɜɢɹ
ɧɚɩɪɢɦɟɪɤɚɦɧɢɢɜɟɬɜɢɞɟɪɟɜɶɟɜ
ɇɟɨɛɯɨɞɢɦɨɬɜɟɪɞɨɫɬɨɹɬɶɧɚɧɨɝɚɯɉɪɢɩɨɬɟɪɟ
ɪɚɜɧɨɜɟɫɢɹɧɟɦɟɞɥɟɧɧɨɨɬɩɭɫɬɢɬɟɪɭɤɨɹɬɨɱɧɵɣ
ɜɵɤɥɸɱɚɬɟɥɶ
ɇɟɫɬɪɢɝɢɬɟɬɪɚɜɭɜɛɥɢɡɢɜɵɦɨɢɧɤɚɧɚɜɢɥɢ
ɧɚɫɵɩɟɣ
ɋɈȼȿɌɕɉɈɗɄɋɉɅɍȺɌȺɐɂɂ
Ɂɚɩɪɟɳɚɟɬɫɹɩɟɪɟɨɩɪɟɞɟɥɹɬɶɪɚɛɨɬɭɤɧɨɩɤɢ
ɜɤɥɸɱɟɧɢɹɢɥɢɪɭɤɨɹɬɨɱɧɨɝɨɜɵɤɥɸɱɚɬɟɥɹ
ɇɟɧɚɤɥɨɧɹɣɬɟɝɚɡɨɧɨɤɨɫɢɥɤɭɜɨɜɪɟɦɹɡɚɩɭɫɤɚ
ɇɟɩɪɢɤɚɫɚɣɬɟɫɶɤɨɧɟɱɧɨɫɬɹɦɢɤɩɨɜɨɪɨɬɧɵɦ
ɷɥɟɦɟɧɬɚɦɝɚɡɨɧɨɤɨɫɢɥɤɢ
Ɉɛɟɫɩɟɱɢɜɚɣɬɟɱɢɫɬɨɬɭɪɚɡɝɪɭɡɨɱɧɨɝɨɥɨɬɤɚ
ɇɟɫɬɪɢɝɢɬɟɦɨɤɪɭɸɬɪɚɜɭ
ɉɪɢɫɤɚɲɢɜɚɧɢɢɧɨɜɨɣɢɥɢɬɨɥɫɬɨɣɬɪɚɜɵɧɨɠ
ɭɫɬɚɧɚɜɥɢɜɚɟɬɫɹɜɵɲɟ
ɉɨɫɥɟɤɚɠɞɨɝɨɢɫɩɨɥɶɡɨɜɚɧɢɟɧɟɨɛɯɨɞɢɦɨ
ɩɪɨɢɡɜɨɞɢɬɶɨɱɢɫɬɤɭɞɧɢɳɚɝɚɡɨɧɨɤɨɫɢɥɤɢɍɞɚɥɢɬɟ
ɨɫɬɚɬɤɢɬɪɚɜɵɥɢɫɬɜɭɝɪɹɡɶɢɞɪɭɝɨɣɦɭɫɨɪ
ɌȿɏɈȻɋɅɍɀɂȼȺɇɂȿ
ȼɇɂɆȺɇɂȿ
ɉɟɪɟɞɬɟɯɨɛɫɥɭɠɢɜɚɧɢɟɦɜɵɧɶɬɟɤɥɸɱɛɟɡɨɩɚɫɧɨɫɬɢɢ
ȺɄȻ
ȼɇɂɆȺɇɂȿ
ɇɟɞɨɩɭɫɤɚɣɬɟɩɨɩɚɞɚɧɢɹɜɞɜɢɝɚɬɟɥɶɢȺɄȻɬɪɚɜɵ
ɥɢɫɬɜɵɢɥɢɫɦɚɡɨɱɧɨɝɨɦɚɬɟɪɢɚɥɚ
ȼɇɂɆȺɇɂȿ
ɂɫɩɨɥɶɡɭɣɬɟɬɨɥɶɤɨɭɬɜɟɪɠɞɟɧɧɵɟɡɚɩɱɚɫɬɢ
ȼɇɂɆȺɇɂȿ
ɇɟɞɨɩɭɫɤɚɣɬɟɤɨɧɬɚɤɬɚɬɨɪɦɨɡɧɨɣɠɢɞɤɨɫɬɢɛɟɧɡɢɧɚ
ɦɚɬɟɪɢɚɥɨɜɧɚɨɫɧɨɜɟɧɟɮɬɢɫɩɥɚɫɬɦɚɫɫɨɜɵɦɢ
ɷɥɟɦɟɧɬɚɦɢɏɢɦɢɱɟɫɤɢɟɜɟɳɟɫɬɜɚɦɨɝɭɬɩɪɢɜɟɫɬɢɤ
ɩɨɜɪɟɠɞɟɧɢɸɢɩɨɪɱɟɩɥɚɫɬɦɚɫɫɨɜɵɯɤɨɦɩɨɧɟɧɬɨɜ
ȼɇɂɆȺɇɂȿ
Ɂɚɩɪɟɳɚɟɬɫɹɢɫɩɨɥɶɡɨɜɚɬɶɫɢɥɶɧɵɟɪɚɫɬɜɨɪɢɬɟɥɢɢɥɢ
ɦɨɸɳɢɟɫɪɟɞɫɬɜɚɞɥɹɨɱɢɫɬɤɢɩɥɚɫɬɦɚɫɫɨɜɨɝɨɤɨɪɩɭɫɚ
ɢɤɨɦɩɨɧɟɧɬɨɜɦɚɲɢɧɵ
ɉɊɂɆȿɑȺɇɂȿ
Ɋɟɤɨɦɟɧɞɭɟɦɨɟɭɫɢɥɢɟɡɚɬɹɠɤɢɧɨɠɚɇɦ
ɈȻɓȿȿɌɈ
ɉɟɪɟɞɤɚɠɞɵɦɢɫɩɨɥɶɡɨɜɚɧɢɟɦɨɫɦɨɬɪɢɬɟ
ɤɨɦɩɨɧɟɧɬɵɦɚɲɢɧɵɧɚɧɚɥɢɱɢɟɩɨɜɪɟɠɞɟɧɢɣ
ɨɬɫɭɬɫɬɜɭɸɳɢɯɢɥɢɧɟɡɚɤɪɟɩɥɟɧɧɵɯɷɥɟɦɟɧɬɨɜ
ɧɚɩɪɢɦɟɪɜɢɧɬɨɜɝɚɟɤɛɨɥɬɨɜɢɤɪɵɲɤɢ
ɉɪɚɜɢɥɶɧɨɡɚɬɹɧɢɬɟɜɫɟɤɪɟɩɟɠɢɢɤɪɵɲɤɢ
ɉɪɨɬɪɢɬɟɦɚɲɢɧɭɫɭɯɨɣɬɤɚɧɶɸɇɟɢɫɩɨɥɶɡɭɣɬɟɜɨɞɭ
ɁȺɆȿɇȺɇɈɀȿɃ
Ɋɢɫ
ȼɇɂɆȺɇɂȿ
ɂɫɩɨɥɶɡɭɣɬɟɬɨɥɶɤɨɭɬɜɟɪɠɞɟɧɧɵɟɧɨɠɢ
ȼɇɂɆȺɇɂȿ
Ⱦɥɹɪɚɛɨɬɵɫɧɨɠɚɦɢɧɟɨɛɯɨɞɢɦɨɧɚɞɟɜɚɬɶɩɥɨɬɧɵɟ
ɩɟɪɱɚɬɤɢɢɥɢɨɛɦɚɬɵɜɚɬɶɢɯɬɤɚɧɶɸ
Ɉɫɬɚɧɨɜɢɬɟɦɚɲɢɧɭ
ɍɛɟɞɢɬɟɫɶɱɬɨɧɨɠɢɩɨɥɧɨɫɬɶɸɨɫɬɚɧɨɜɢɥɢɫɶ
ȼɵɧɶɬɟɤɥɸɱɛɟɡɨɩɚɫɧɨɫɬɢɢȺɄȻ
ɉɨɥɨɠɢɬɟɦɚɲɢɧɭɧɚɛɨɤ
Ɂɚɫɬɨɩɨɪɢɬɟɧɨɠɞɟɪɟɜɹɧɧɵɦɛɪɭɫɤɨɦ
ɋɧɢɦɢɬɟɤɪɟɩɟɠɧɵɣɜɢɧɬɢɩɪɨɤɥɚɞɤɢɫɩɨɦɨɳɶɸ
ɝɚɟɱɧɨɝɨɤɥɸɱɚɢɥɢɲɬɟɩɫɟɥɹ
ɋɧɢɦɢɬɟɧɨɠ
ɍɫɬɚɧɨɜɢɬɟɧɨɜɵɣɧɨɠɍɛɟɞɢɬɟɫɶɱɬɨɨɛɚɮɢɤɫɚɬɨɪɚ
ɜɨɲɥɢɜɨɬɜɟɪɫɬɢɹɜɧɨɠɟ
ȼɫɬɚɜɶɬɟɩɪɨɤɥɚɞɤɭɢɡɚɬɹɧɢɬɟɫɧɹɬɵɣɤɪɟɩɟɠɧɵɣ
ɜɢɧɬ
ɏɊȺɇȿɇɂȿɆȺɒɂɇɕ
ȼɵɧɶɬɟɤɥɸɱɛɟɡɨɩɚɫɧɨɫɬɢ
Ɋɭɫɫɤɢɣ
58

ɂɡɜɥɟɤɢɬɟɚɤɤɭɦɭɥɹɬɨɪɵ
ɉɟɪɟɞɪɚɡɦɟɳɟɧɢɟɧɚɯɪɚɧɟɧɢɟɦɚɲɢɧɭɧɟɨɛɯɨɞɢɦɨ
ɩɨɱɢɫɬɢɬɶ
ɉɪɢɪɚɡɦɟɳɟɧɢɢɦɚɲɢɧɵɧɚɯɪɚɧɟɧɢɟ
ɭɞɨɫɬɨɜɟɪɶɬɟɫɶɱɬɨɞɜɢɝɚɬɟɥɶɧɟɝɨɪɹɱɢɣ
ɍɛɟɞɢɬɟɫɶɱɬɨɧɚɦɚɲɢɧɟɧɟɬɧɟɡɚɤɪɟɩɥɟɧɧɵɯɢɥɢ
ɩɨɜɪɟɠɞɟɧɧɵɯɞɟɬɚɥɟɣȿɫɥɢɧɟɨɛɯɨɞɢɦɨɜɵɩɨɥɧɢɬɟ
ɫɥɟɞɭɸɳɢɟɢɧɫɬɪɭɤɰɢɢ
Ɂɚɦɟɧɢɬɟɩɨɜɪɟɠɞɟɧɧɵɟɞɟɬɚɥɢ
Ɂɚɬɹɧɢɬɟɛɨɥɬɵ
Ɉɛɪɚɬɢɬɟɫɶɤɫɩɟɰɢɚɥɢɫɬɭɚɜɬɨɪɢɡɨɜɚɧɧɨɝɨ
ɫɟɪɜɢɫɧɨɝɨɰɟɧɬɪɚ
ɇɟɨɛɯɨɞɢɦɨɯɪɚɧɢɬɦɚɲɢɧɭɜɫɭɯɨɦɦɟɫɬɟ
ɍɛɟɞɢɬɟɫɶɱɬɨɦɚɲɢɧɚɧɚɯɨɞɢɬɫɹɜɧɟɞɨɫɬɭɩɧɨɦɞɥɹ
ɞɟɬɟɣɦɟɫɬɟ
ȼɕəȼɅȿɇɂȿɂ
ɍɋɌɊȺɇȿɇɂȿ
ɇȿɂɋɉɊȺȼɇɈɋɌȿɃ
ɉɪɨɛɥɟɦɚ ȼɨɡɦɨɠɧɚɹ
ɩɪɢɱɢɧɚ
Ɋɟɲɟɧɢɟ
Ɋɭɱɤɚɧɟɜ
ɲɬɚɬɧɨɦ
ɩɨɥɨɠɟɧɢɢ
ɇɟɜɟɪɧɚɹ
ɨɫɬɚɧɨɜɤɚ
ɛɨɥɬɨɜ
Ɉɬɪɟɝɭɥɢɪɭɣɬɟ
ɜɵɫɨɬɭɪɭɱɤɢɢ
ɭɛɟɞɢɬɟɫɶɱɬɨ
ɪɭɤɨɹɬɤɢɢɛɨɥɬɵ
ɜɵɪɨɜɧɟɧɵ
Ɇɚɲɢɧɚɧɟ
ɡɚɩɭɫɤɚɟɬɫɹ
ɇɢɡɤɢɣɭɪɨɜɟɧɶ
ɡɚɪɹɞɚȺɄȻ
Ɂɚɪɹɞɢɬɟ
ɚɤɤɭɦɭɥɹɬɨɪɧɭɸ
ɛɚɬɚɪɟɸ
Ɋɭɤɨɹɬɨɱɧɵɣ
ɜɵɤɥɸɱɚɬɟɥɶɧɟ
ɪɚɛɨɬɚɟɬ
Ɂɚɦɟɧɢɬɟ
ɪɭɤɨɹɬɨɱɧɵɣ
ɜɵɤɥɸɱɚɬɟɥɶ
Ʉɥɸɱ
ɛɟɡɨɩɚɫɧɨɫɬɢɧɟ
ɭɫɬɚɧɨɜɥɟɧ
ȼɫɬɚɜɶɬɟɤɥɸɱ
ɛɟɡɨɩɚɫɧɨɫɬɢ
Ɇɚɲɢɧɚ
ɧɟɪɚɜɧɨɦɟɪɧɨ
ɫɬɪɢɠɟɬɬɪɚɜɭ
ɇɟɪɨɜɧɵɣɝɚɡɨɧ ɂɡɭɱɢɬɟɰɟɥɟɜɨɣ
ɭɱɚɫɬɨɤ
ɇɟɩɪɚɜɢɥɶɧɨ
ɭɫɬɚɧɨɜɥɟɧɚ
ɜɵɫɨɬɚɧɨɠɚ
ɍɜɟɥɢɱɟɧɢɟ
ɜɵɫɨɬɵ
ɭɫɬɚɧɨɜɤɢɧɨɠɚ
ɫɤɚɲɢɜɚɧɢɹ
Ɇɚɲɢɧɚ
ɧɟɩɪɚɜɢɥɶɧɨ
ɦɭɥɶɱɢɪɭɟɬɬɪɚɜɭ
ɇɚɥɢɩɚɧɢɟ
ɦɨɤɪɨɣɬɪɚɜɵɧɚ
ɞɧɢɳɟ
ɝɚɡɨɧɨɤɨɫɢɥɤɢ
ɉɨɞɨɠɞɢɬɟɩɨɤɚ
ɬɪɚɜɚɧɟ
ɜɵɫɨɯɧɟɬ
Ɉɬɫɭɬɫɬɜɭɟɬ
ɡɚɝɥɭɲɤɚɞɥɹ
ɦɭɥɶɱɢɪɨɜɚɧɢɹ
ɍɫɬɚɧɨɜɢɬɟ
ɡɚɝɥɭɲɤɭɞɥɹ
ɦɭɥɶɱɢɪɨɜɚɧɢɹ
ɉɪɨɛɥɟɦɚ ȼɨɡɦɨɠɧɚɹ
ɩɪɢɱɢɧɚ
Ɋɟɲɟɧɢɟ
Ɍɹɠɟɥɨɬɨɥɤɚɬɶ
ɦɚɲɢɧɭ
ɋɥɢɲɤɨɦ
ɜɵɫɨɤɚɹɬɪɚɜɚ
ɢɥɢɧɨɠ
ɧɚɯɨɞɢɬɫɹ
ɫɥɢɲɤɨɦɧɢɡɤɨ
ɍɜɟɥɢɱɶɬɟɜɵɫɨɬɭ
ɧɨɠɚ
ɫɤɚɲɢɜɚɧɢɹ
ɉɨɞɟɪɝɢɜɚɧɢɟ
ɬɪɚɜɨɫɛɨɪɧɢɤɚɢ
ɧɨɠɚɩɪɢ
ɫɤɚɲɢɜɚɧɢɢ
ɝɭɫɬɨɣɬɪɚɜɵ
ɍɞɚɥɢɬɟɬɪɚɜɭɢɡ
ɬɪɚɜɨɫɛɨɪɧɢɤɚ
ɉɨɜɵɲɟɧɧɚɹ
ɜɢɛɪɚɰɢɹ
ɦɚɲɢɧɵ
Ɋɚɡɛɚɥɚɧɫɢɪɨɜɤɚ
ɢɢɡɧɨɫɧɨɠɚ
Ɂɚɦɟɧɚɧɨɠɟɣ
ɋɨɝɧɭɬɜɚɥ
ɞɜɢɝɚɬɟɥɹ
ȼɵɤɥɸɱɢɬɟ
ɞɜɢɝɚɬɟɥɶ
ȼɵɧɶɬɟɤɥɸɱ
ɛɟɡɨɩɚɫɧɨɫɬɢ
ɢȺɄȻ
Ɉɫɦɨɬɪɢɬɟ
ɦɚɲɢɧɭɧɚ
ɩɪɟɞɦɟɬ
ɩɨɜɪɟɠɞɟɧɢɣ
Ɉɬɪɟɦɨɧɬɢɪɭ
ɣɬɟɦɚɲɢɧɭ
ɩɪɟɠɞɟɱɟɦ
ɡɚɩɭɫɬɢɬɟɟɟ
ɩɨɜɬɨɪɧɨ
Ɇɚɲɢɧɚ
ɨɬɤɥɸɱɚɟɬɫɹɜɨ
ɜɪɟɦɹɫɬɪɢɠɤɢ
ɬɪɚɜɵ
ɇɨɠɨɩɭɳɟɧ
ɫɥɢɲɤɨɦɧɢɡɤɨ
ɍɜɟɥɢɱɶɬɟɜɵɫɨɬɭ
ɧɨɠɚ
ɫɤɚɲɢɜɚɧɢɹ
Ⱥɤɤɭɦɭɥɹɬɨɪɧɚɹ
ɛɚɬɚɪɟɹ
ɪɚɡɪɹɠɟɧɚ
Ɂɚɪɹɞɢɬɟ
ɚɤɤɭɦɭɥɹɬɨɪɧɭɸ
ɛɚɬɚɪɟɸ
ɇɚɥɢɩɚɧɢɟɬɪɚɜɵ
ɧɚɞɧɢɳɟɢɧɨɠ
ɝɚɡɨɧɨɤɨɫɢɥɤɢ
ȼɵɧɶɬɟȺɄȻɢ
ɩɪɨɜɟɪɶɬɟɞɧɢɳɟ
ɦɚɲɢɧɵ
ɉɟɪɟɝɪɟɜ
ɦɚɲɢɧɵɜɨɜɪɟɦɹ
ɷɤɫɩɥɭɚɬɚɰɢɢ
Ⱦɚɣɬɟɦɚɲɢɧɟ
ɨɯɥɚɞɢɬɶɫɹ
ȿɫɥɢɧɟɭɞɚɟɬɫɹɭɫɬɪɚɧɢɬɶɷɬɢɩɪɨɛɥɟɦɵɨɛɪɚɬɢɬɟɫɶɜ
ɫɟɪɜɢɫɧɵɣɰɟɧɬɪ
ɌȿɏɇɂɑȿɋɄɂȿȾȺɇɇɕȿ
ɇɚɩɪɹɠɟɧɢɟ ȼ
ɋɤɨɪɨɫɬɶɯɨɥɨɫɬɨɝɨɯɨɞɚ ɦɢɧ
ɒɢɪɢɧɚɫɤɚɲɢɜɚɧɢɹ ɦɦ
ȼɵɫɨɬɵɫɤɚɲɢɜɚɧɢɹ ɦɦ
Ɉɛɴɟɦɬɪɚɜɨɫɛɨɪɧɢɤɚ ɥ
Ɋɭɫɫɤɢɣ
58

Ɇɚɫɫɚɛɟɡɚɤɤɭɦɭɥɹɬɨɪɧɨɣ
ɛɚɬɚɪɟɢ
ɮɬɤɝ
ɂɡɦɟɪɟɧɧɵɣɭɪɨɜɟɧɶ
ɡɜɭɤɨɜɨɝɨɞɚɜɥɟɧɢɹ
/
3$
ɞȻ$. ɞȻ$
Ɏɚɤɬɢɱɟɫɤɢɣɭɪɨɜɟɧɶ
ɡɜɭɤɨɜɨɝɨɞɚɜɥɟɧɢɹ
/
:$G
ɞȻ$
Ɂɧɚɱɟɧɢɟɜɢɛɪɚɰɢɢ 㸺 ɦɫ
. ɦɫ
Ɇɨɞɟɥɶɛɚɬɚɪɟɢ *%*%ɢɞɪɭɝɢɟ
ɦɨɞɟɥɢɫɟɪɢɢ%$*
Ɇɨɞɟɥɶɡɚɪɹɞɧɨɝɨ
ɭɫɬɪɨɣɫɬɜɚ
*;&*;8&
*;8&ɢɞɪɭɝɢɟ
ɦɨɞɟɥɢ&$*ɫɟɪɢɢ
ɂɫɩɨɥɧɟɧɢɟɫɞɜɨɣɧɨɣ
ɢɡɨɥɹɰɢɟɣ
,3; ,3;
ȽȺɊȺɇɌɂə
ɉɨɥɧɵɣɬɟɤɫɬɝɚɪɚɧɬɢɣɧɵɯɩɨɥɨɠɟɧɢɣɢɭɫɥɨɜɢɣ
ɩɪɟɞɫɬɚɜɥɟɧɧɚɜɟɛɫɬɪɚɧɢɰɟ*UHHQZRUNV
Ƚɚɪɚɧɬɢɹ*UHHQZRUNVɫɨɫɬɚɜɥɹɟɬɝɨɞɚɧɚɩɪɨɞɭɤɬɢ
ɝɨɞɚɧɚȺɄȻɛɵɬɨɜɨɟɥɢɱɧɨɟɢɫɩɨɥɶɡɨɜɚɧɢɟɫɞɚɬɵ
ɩɨɤɭɩɤɢɗɬɚɝɚɪɚɧɬɢɹɪɚɫɩɪɨɫɬɪɚɧɹɟɬɫɹɧɚ
ɩɪɨɢɡɜɨɞɫɬɜɟɧɧɵɟɞɟɮɟɤɬɵɉɨɝɚɪɚɧɬɢɢɞɟɮɟɤɬɧɨɟ
ɭɫɬɪɨɣɫɬɜɨɩɨɞɥɟɠɢɬɪɟɦɨɧɬɭɢɥɢɡɚɦɟɧɟɉɪɢ
ɧɟɩɪɚɜɢɥɶɧɨɦɢɫɩɨɥɶɡɨɜɚɧɢɢɭɫɬɪɨɣɫɬɜɚɢɥɢ
ɢɫɩɨɥɶɡɨɜɚɧɢɢɟɝɨɜɧɚɪɭɲɟɧɢɟɭɤɚɡɚɧɢɣɢɡɪɭɤɨɜɨɞɫɬɜɚ
ɞɥɹɜɥɚɞɟɥɶɰɚɝɚɪɚɧɬɢɹɧɚɭɫɬɪɨɣɫɬɜɨɚɧɧɭɥɢɪɭɟɬɫɹ
ɇɨɪɦɚɥɶɧɵɣɢɡɧɨɫɢɭɛɵɬɶɤɨɦɩɨɧɟɧɬɨɜɧɟɩɨɤɪɵɜɚɸɬɫɹ
ɝɚɪɚɧɬɢɟɣɇɚɝɚɪɚɧɬɢɸɨɪɢɝɢɧɚɥɶɧɨɝɨɩɪɨɢɡɜɨɞɢɬɟɥɹɧɟ
ɜɥɢɹɟɬɧɢɤɚɤɚɹɞɨɩɨɥɧɢɬɟɥɶɧɚɹɝɚɪɚɧɬɢɹɩɪɟɞɥɚɝɚɟɦɚɹ
ɞɢɥɟɪɨɦɢɥɢɩɪɨɞɚɜɰɨɦ
Ⱦɥɹɬɪɟɛɨɜɚɧɢɹɝɚɪɚɧɬɢɢɧɟɨɛɯɨɞɢɦɨɜɟɪɧɭɬɶɞɟɮɟɤɬɧɵɣ
ɩɪɨɞɭɤɬɜɩɭɧɤɬɩɨɤɭɩɤɢɜɦɟɫɬɟɫɞɨɤɚɡɚɬɟɥɶɫɬɜɨɦ
ɩɨɤɭɩɤɢɱɟɤɨɦ
ȾȿɄɅȺɊȺɐɂə
ɋɈɈɌȼȿɌɋɌȼɂəȿɋ
ɇɚɡɜɚɧɢɟɢɚɞɪɟɫɩɪɨɢɡɜɨɞɢɬɟɥɹ
ɇɚɡɜɚɧɢɟ */2%*52$%
*OREH*URXS(XURSH
Ⱥɞɪɟɫ 5LJJDUHJDWDQ0DOP|ɒɜɟɰɢɹ
ɂɦɹɢɚɞɪɟɫɨɬɜɟɬɫɬɜɟɧɧɨɝɨɫɨɫɬɚɜɢɬɟɥɹɞɨɤɭɦɟɧɬɚɰɢɢ
ɇɚɡɜɚɧɢɟ 0LFDHO-RKDQVVRQ
Ⱥɞɪɟɫ 5LJJDUHJDWDQ0DOP|ɒɜɟɰɢɹ
ɇɚɫɬɨɹɳɢɦɫɜɢɞɟɬɟɥɶɫɬɜɭɟɦɱɬɨɩɪɨɞɭɤɬ
Ʉɚɬɟɝɨɪɢɹ Ƚɚɡɨɧɨɤɨɫɢɥɤɚ
Ɇɨɞɟɥɶ *;/0/0(
ɋɟɪɢɣɧɵɣɧɨɦɟɪ ɋɦɩɚɫɩɨɪɬɧɭɸɬɚɛɥɢɱɤɭ
ɩɪɨɞɭɤɬɚ
Ƚɨɞɜɵɩɭɫɤɚ ɋɦɩɚɫɩɨɪɬɧɭɸɬɚɛɥɢɱɤɭ
ɩɪɨɞɭɤɬɚ
ɭɞɨɜɥɟɬɜɨɪɹɟɬɫɨɨɬɜɟɬɫɬɜɭɸɳɢɦɬɪɟɛɨɜɚɧɢɹɦ
Ⱦɢɪɟɤɬɢɜɚȿɋɩɨɦɚɲɢɧɧɨɦɭɷɥɟɤɬɪɨɨɛɨɪɭɞɨɜɚɧɢɸ
(&
ɭɞɨɜɥɟɬɜɨɪɹɟɬɫɨɨɬɜɟɬɫɬɜɭɸɳɢɦɬɪɟɛɨɜɚɧɢɹɦ
ɫɥɟɞɭɸɳɢɯɞɢɪɟɤɬɢɜȿɋ
(8
(&ɢ(&
(8ɢ(8
Ɍɚɤɠɟɡɚɹɜɥɹɟɦɱɬɨɩɪɨɞɭɤɬɫɨɨɬɜɟɬɫɬɜɭɟɬɫɥɟɞɭɸɳɢɦ
ɱɚɫɬɹɦɫɬɚɬɶɹɦɟɞɢɧɵɯɫɬɚɧɞɚɪɬɨɜ
ɋɩɨɫɨɛɨɰɟɧɤɢɫɨɨɬɜɟɬɫɬɜɢɹɤɉɪɢɥɨɠɟɧɢɸ9,
Ⱦɢɪɟɤɬɢɜɵ(&
ɂɡɦɟɪɟɧɧɵɣɭɪɨɜɟɧɶɲɭɦɚ /
:$
ɞȻȺ
Ɏɚɤɬɢɱɟɫɤɢɣɭɪɨɜɟɧɶɡɜɭɤɨɜɨɝɨ
ɞɚɜɥɟɧɢɹ
/
:$G
ɞȻȺ
Ɇɟɫɬɨɞɚɬɚ0DOP|
ɉɨɞɩɢɫɶɌɷɞɄɭ7HG4X
ɞɢɪɟɤɬɨɪɩɨɤɚɱɟɫɬɜɭ
Ɋɭɫɫɤɢɣ
58

.XYDXV
.l\WW|WDUNRLWXV
<OHLVNDWVDXV
7XUYDOOLVXXV
$VHQQXV
3XUDNRQHSDNNDXNVHVWD
$OHPPDQNDKYDQDYDDPLQHQMDVllWlPLQHQ
<OHPPlQNDKYDQDVHQWDPLQHQ
5XRKRQNHUllMlQDVHQWDPLQHQ
6LOSSXULRVDQDVHQWDPLQHQ
7HUlQOHLNNXXNRUNHXGHQDVHWWDPLQHQ
$NXQDVHQWDPLQHQ
$NXQLUURWWDPLQHQ
.l\WW|
.RQHHQNl\QQLVWlPLQHQ
.RQHHQS\Vl\WWlPLQHQ
5XRKRQNHUllMlQW\KMHQWlPLQHQ
5LQWHLVVlNl\WWlPLQHQ
.l\WW|YLQNNHMl
.XQQRVVDSLWR
<OHLQHQNXQQRVVDSLWR
7HUlQYDLKWDPLQHQ
.RQHHQYDUDVWRLQWL
9LDQPllULW\V
7HNQLVHWWLHGRW
7DNXX
(8
YDDWLPXVWHQPXNDLVXXVYDNXXWXV
6XRPL
),

.89$86
.b<77g7$5.2,786
7lPlNRQHRQWDUNRLWHWWXNRWLQXUPLNRLGHQOHLNNDDPLVHHQ
/HLNNXXWHUlQRQROWDYDVXXQQLOOHHQPDDQSLQQDQVXXQWDLVHVWL
.DLNNLHQQHOMlQS\|UlQRQNRVNHWHWWDYDPDDWDOHLNNDDPLVHQ
DLNDQD
</(,6.$76$86
.XYDa
.DKYDN\WNLQ
.l\QQLVW\VSDLQLNH
<OHPSLNDKYD
$OHPSLNDKYD
7DNDQDROHYDSRLVWROXXNNX
$NNXORNHURQNDQVL
.RUNHXGHQVllW|YLSX
5XRKRQNHUllMl
6LOSSXULRVD
1XSSL
3XOWWL
3LNDYDSDXWXVYLSX
.RXNNX
$NNX
7XUYDDYDLQ
$NXQYDSDXWXVSDLQLNH
0XWWHUL
9lOLOHY\
7HUl
7859$//,6886
9$52,786
9DUPLVWDHWWlQRXGDWDWNDLNNLDWXUYDOOLVXXVRKMHLWD
.DWVR7XUYDOOLVXXVRSDV
$6(1186
9$52,786
bOlNl\WlOLVlYDUXVWHLWDMRLWDYDOPLVWDMDHLROHVXRVLWHOOXW
9$52,786
bOlDVHWDWXUYDDYDLQWDWDLDNNXDHQQHQNXLQROHW
YLLPHLVWHOO\WNDLNNLHQRVLHQNRNRDPLVHQ
385$.21(3$..$8.6(67$
9$52,786
9DUPLVWDHWWlNRNRDWNRQHHQRLNHLQHQQHQNl\WW|l
9$52,786
-RVNRQHHQRVLVVDRQYDXULRLWDlOlNl\WlNRQHWWD
-RVNDLNNLDRVLDHLROHlOlNl\WlNRQHWWD
-RVRVDWRYDWYDXULRLWXQHHWWDLQLLWlSXXWWXXRWD\KWH\WWl
KXROWROLLNNHHVHHQ
$YDDSDNNDXV
/XHODDWLNRVVDROHYDGRNXPHQWDDWLR
3RLVWDNDLNNLLUUDOOLVHWRVDWODDWLNRVWD
3RLVWDNRQHODDWLNRVWD
+lYLWlODDWLNNRMDSDNNDXVPDWHULDDOLSDLNDOOLVWHQ
PllUl\VWHQPXNDDQ
$/(00$1.$+9$1$9$$0,1(1
-$6bb7b0,1(1
.XYD
9HGl\OHPSLNDKYD\O|VMDWDDNVHSlLQQRVWDDNVHVLNDKYDQ
W\|VNHQWHO\DVHQWRRQ9DUPLVWDHWWlNDKYDWQDSVDKWDYDW
SDLNRLOOHHQRLNHLQ
.LULVWlDOHPSLNDKYDSLNDYDSDXWXVYLYXLOODNXPPDOWDNLQ
SXROHOWD
+820$$
9DUPLVWDHWWlNXPSLNLQNDKGHVWDNDKYDVWDRQVDPDOOD
NRKGDOOD
9$52,786
bOlYDXULRLWDNDDSHOHLWDNXQWDLYXWDWNDKYDDDXNLWDLNLLQQL
</(00b1.$+9$1
$6(17$0,1(1
.XYD
.RKGLVWD\OHPPlQNDKYDQMDDOHPPDQNDKYDQUHLlW
7\|QQlSXOWLWUHLNLHQOlSL
.LULVWlQXSLWSXOWWHLKLQ
7HHVDPDWRLVHOODSXROHOOD
582+21.(5bb-b1
$6(17$0,1(1
.XYD
3RLVWDVLOSSXULRVD
$YDDWDNDQDROHYDSRLVWROXXNNXMDSLGlVLWlDXNL
3LGlUXRKRQNHUllMllNDKYDVWDMDODLWDNRXNNXORYLHQ
SllOOH
6XOMHWDNDQDROHYDSRLVWROXXNNX
6,/3385,26$1$6(17$0,1(1
.XYD
6XRPL
),

3RLVWDUXRKRQNHUllMl
$YDDWDNDQDROHYDSRLVWROXXNNXMDSLGlVLWlDXNL
3LGlUXRKRQNHUllMllNDKYDVWDMDNLLQQLWlVH
SRLVWRNRXUXXQ
6XOMHWDNDQDROHYDSRLVWROXXNNX
7(5b1/(,..88.25.(8'(1
$6(77$0,1(1
.RQHHVHHQYRLGDDQDVHWWDDHULODLVLDWHUlQNRUNHXNVLD
OHLNNXXNRUNHXNVLD
.XYD
1RVWDWHUllOHLNNXXNRUNHXWWDYHWlPlOOlNRUNHXGHQ
VllW|YLSXDHWHHQSlLQ
/DVNHWHUllOHLNNXXNRUNHXWWDYHWlPlOOlNRUNHXGHQ
VllW|YLSXDWDDNVHSlLQ
$.81$6(17$0,1(1
.XYD
9$52,786
-RVDNNXWDLODWXULRQYDXULRLWXQXWYDLKGDDNNXWDL
ODWXUL
3\Vl\WlNRQHMDRGRWDPRRWWRULQS\VlKW\PLVWlHQQHQ
NXLQDVHQQDWWDLSRLVWDWDNXQ
/XHMD\PPlUUlNDLNNLDNXQMDODWXULQNl\WW|RSSDDQ
RKMHHWVHNlQRXGDWDQLLWl
9$52,786
.b<7b9$,191$..8$b/b.b<7b
.$.6,-b11,77(,67b91$..8$
+820$$
0ROHPPDWDNXWRQDVHQQHWWDYDSDLNRLOOHHQMRWWDNRQH
Nl\QQLVW\\
$YDDDNNXORNHURQNDQVL
.RKGLVWDDNXQ\O|VQRXVHYDWXORNNHHWDNNXORNHURQXULLQ
7\|QQlDNNXDDNNXORNHURRQNXQQHVDNNXOXNLWWXX
SDLNDOOHHQ
.XQNXXOHWQDSVDKGXNVHQDNNXRQDVHQQHWWX
7HHVDPDWRLPHQSLGHWRLVHQDNXQNDQVVD
6XOMHDNNXORNHURQNDQVL
+820$$
0RRWWRULNl\QQLVW\\YDVWDNXQROHWDVHWWDQXWWXUYDDYDLPHQ
SDLNRLOOHHQ
$.81,55277$0,1(1
.XYD
$YDDDNNXORNHURQNDQVL
,UURWDWXUYDDYDLQ
3DLQDDNXQYDSDXWXVSDLQLNHWWDMDSLGlVLWlSDLQHWWXQD
,UURWDDNNXNRQHHVWD
.b<77g
9$52,786
.l\WlVXRMDODVHMDNl\W|QDLNDQD
.21((1.b<11,67b0,1(1
.XYD
+820$$
$VHQQDUXRKRQNHUllMlHQQHQOHLNNDDPLVWD
$VHWDWXUYDDYDLQ
3DLQDNl\QQLVW\VSDLQLNHWWDMDSLGlVLWlSDLQHWWXQD
6DPDOODNXQSLGlWNl\QQLVW\VSDLQLNHWWDSDLQHWWXQDYHGl
N\WNLQUDVLDQNDKYDDNDKYDWDQJRQVXXQWDDQ
.l\QQLVWlNRQHYDSDXWWDPDOODNl\QQLVW\VSDLQLNH
.21((13<6b<77b0,1(1
.XYD
3\Vl\WlNRQHYDSDXWWDPDOODN\WNLQUDVLDQNDKYD
9$52,786
2GRWDHWWlWHUlRQWl\VLQS\VlKW\Q\WHQQHQNXLQNl\QQLVWlW
NRQHHQXXGHOOHHQbOlNl\QQLVWlMDVDPPXWDNRQHWWD
QRSHDVWLSHUlNNlLQ
9$52,786
,UURWDDLQDWXUYDDYDLQMDDNNXNXQORSHWDWW\|VNHQWHO\Q
582+21.(5bb-b1
7<+-(17b0,1(1
3\Vl\WlNRQH
,UURWDWXUYDDYDLQ
,UURWDDNNX
$YDDWDNDQDROHYDSRLVWROXXNNXMDSLGlVLWlDXNL
3LGlUXRKRQNHUllMllNDKYDVWDMDLUURWDNRXNNXORYLHQ
SllOWl
6XOMHWDNDQDROHYDSRLVWROXXNNX
7\KMHQQlUXRKRQNHUllMl
5,17(,66b.b<77b0,1(1
9$52,786
bOlOHLNNDDULQWHLVVlMRLGHQNDOWHYXXVRQ\OL-RVULQWHHW
KXROHVWXWWDYDWVLQXDlOlOHLNNDDULQWHLVVl
6XRPL
),

/HLNNDDUXRKRULQWHLVVlSRLNLWWDLQHLNlNRVNDDQ\O|VMD
DODV2OHYDURYDLQHQNXQYDLKGDWVXXQWDDULQWHHVVl
7DUNNDLOHNRORMDXULDNLYLlMDSLLORVVDROHYLDHVWHLWl
MRLKLQVDDWDWNRPSDVWXD3RLVWDNDLNNLHVWHHWNXWHQNLYHW
MDSXLGHQRNVDW
6HLVRDLQDYDNDDVWL-RVPHQHWlWWDVDSDLQRQYDSDXWD
VDQNDN\WNLQYlOLWW|PlVWL
bOlOHLNNDDUXRKRDM\UNlQWHLGHQRMLHQWDLSHQJHUWHQ
YLHUHVWl
.b<77g9,1..(-b
bOl\ULWlRKLWWDDNl\QQLVW\VSDLQLNNHHQWDLN\WNLQUDVLDQ
NDKYDQWRLPLQWDD
bOlNDOOLVWDNRQHWWDNl\QQLVWlHVVlVLWl
bOlODLWDNlVLlWDLMDONRMDS\|ULYLHQRVLHQOlKHOOHWDL
QLLGHQDOOH
3LGlSRLVWRNRXUXSXKWDDQD
bOlOHLNNDDPlUNllUXRKRD
8XVLWDLWLKHlUXRKRVDDWWDDYDDWLDNRUNHDPPDQWHUlQ
NRUNHXGHQ
3XKGLVWDUXRKRQOHLNNXULQNRWHORQSRKMDMRNDLVHQ
Nl\WW|NHUUDQMlONHHQ3RLVWDOHLNNXXMlWWHHWOHKGHWOLNDMD
PXXWURVNDW
.811266$3,72
9$52,786
,UURWDWXUYDDYDLQMDDNNXNRQHHVWDHQQHQ
NXQQRVVDSLWRWRLPLD
9$52,786
3LGlPRRWWRULMDDNNXSXKWDLQDUXRKRVWDOHKGLVWlMD
OLLDOOLVHVWDUDVYDVWD
9$52
.l\WlYDLQK\YlNV\WW\MlYDUDRVLD
9$52
bOlDQQDMDUUXQHVWHLGHQEHQVLLQLQ|OM\SRKMDLVWHQWXRWWHLGHQ
SllVWlNRVNHWXNVLLQPXRYLRVLHQNDQVVD.HPLNDDOLWYRLYDW
YDXULRLWWDDPXRYLDMDWHKGlPXRYLVWDNl\WW|NHOYRWWRPDQ
9$52
bOlNl\WlYRLPDNNDLWDOLXRWWLPLDWDLSXKGLVWXVDLQHLWD
PXRYLVHHQUXQNRRQWDLPXRYLVLLQRVLLQ
+820$$
6XRVLWHOWXNLULVW\VPRPHQWWL7HUlQ1P
</(,1(1.811266$3,72
(QQHQMRNDLVWDNl\WW|NHUWDDWDUNLVWDNRQH
NRNRQDLVXXGHVVDDQYDKLQJRLWWXQHLGHQSXXWWXYLHQWDL
O|\VW\QHLGHQRVLHQYDUDOWDNXWHQUXXYLWPXWWHULWSXOWLWMD
WXOSDW
.LULVWlNDLNNLOLLWWLPHWMDWXOSDWNXQQROOD
3XKGLVWDNRQHNXLYDOODOLLQDOODbOlNl\WlYHWWl
7(5b19$,+7$0,1(1
.XYDW
9$52,786
.l\WlYDLQK\YlNV\WW\MlYDLKWRWHULl
9$52,786
.l\WlSDNVXMDNlVLQHLWlWDLNLHGROLLQDWHUlQ\PSlULOOHNXQ
NRVNHWWHUllQ
3\Vl\WlNRQH
9DUPLVWDHWWlWHUlWRYDWWl\VLQS\VlKW\QHHW
,UURWDWXUYDDYDLQMDDNNX
.llQQlNRQHN\OMHOOHHQ
.l\WlSXXSDOLNNDDHVWlPlVVlWHUlQOLLNNHHW
,UURWDNLLQQLW\VUXXYLMDDOXVOHY\NLLQWRWDL
KRONNLDYDLPHOOD
,UURWDWHUl
$VHQQDXXVLWHUl9DUPLVWDHWWlNDNVLWXNHDPHQHYlW
WHUlQUHLNLLQ
$VHWDYlOLOHY\MDNLULVWlSRLVWDPDVLNLLQQLW\VUXXYL
.21((19$5$672,17,
,UURWDWXUYDDYDLQ
$NXQLUURWWDPLQHQ
3XKGLVWDNRQHHQQHQVlLO\W\NVHHQODLWWDPLVWD
9DUPLVWDHWWHLPRRWWRULROHNXXPDNXQODLWDWNRQHHQ
YDUDVWRRQ
9DUPLVWDHWWHLNRQHHVVDROHO|\VW\QHLWlWDLYDXULRLWXQHLWD
RVLD0LNlOLWDUSHHQVXRULWDVHXUDDYDWYDLKHHWRKMHHW
9DLKGDYDXULRLWXQHHWRVDW
.LULVWlSXOWLW
2WD\KWH\VYDOWXXWHWWXXQKXROWROLLNNHHVHHQ
6lLO\WlNRQHWWDNXLYDVVDSDLNDVVD
9DUPLVWDHWWlODSVHWHLYlWSllVHOlKHOOHNRQHWWD
9,$10bb5,7<6
2QJHOPD 0DKGROOLQHQV\\ 5DWNDLVX
.DKYDHLROHRL
NHDVVDDVHQQRVVD
3XOWWHMDHLROHDVH
WHWWXRLNHLQ
6llGlNDKYDQNRU
NHXVMDYDUPLVWD
HWWlQXSLWMDSXOWLW
RQNRKGLVWHWWXRL
NHLQ
6XRPL
),

2QJHOPD 0DKGROOLQHQV\\ 5DWNDLVX
.RQHHLNl\QQLVW\ $NXQYDUDXVRQ
YlKlLQHQ
/DWDDDNNX
6DQNDN\WNLQRQYL
DOOLQHQ
9DLKGDVDQNDN\W
NLQ
$NXQDYDLQHLROH
SDLNRLOODDQ
$VHWDDNXQDYDLQ
SDLNRLOOHHQ
.RQHOHLNNDDUXR
KRQHSlWDVDLVHVWL
1XUPLNNRRQNDU
NHDD
7DUNLVWDOHLNNXXDO
XH
7HUlQNRUNHXWWDHL
ROHDVHWHWWXRLNHLQ
6llGlWHUlOHLN
NXXNRUNHXVNRU
NHLPSDDQDVHQ
WRRQ
/DLWHHLVLOSSXD
NXQQROOD
0lUlWOHLNNXXMlW
WHHWWDUWWXYDWNRWH
ORRQ
2GRWDUXRKRQNXL
YXPLVWDHQQHQ
OHLNNDDPLVWD
6LOSSXDPLVRVD
SXXWWXX
$VHQQDVLOSSXDPL
VRVD
.RQHWWDRQUDVNDV
W\|QWll
5XRKRRQOLLDQSLW
NllWDLWHUlRQ
OLLDQPDWDODOOD
1RVWDWHUlQNRU
NHXWWDOHLNNXX
NRUNHXWWD
5XRKRQNHUllMlMD
WHUlODDKDXWXYDWWL
KHllUXRKRDOHLND
WHVVD
7\KMHQQlOHLNNXX
MlWHUXRKRQNHUll
MlVWl
.RQHWlULVHHNR
YDVWL
7HUlRQHSlWDVD
SDLQRVVDWDLNXOX
QXW
9DLKGDWHUl
0RRWWRULQDNVHOL
RQWDLSXQXW
3\Vl\WlPRRW
WRUL
,UURWDWXUYD
DYDLQMDDNNX
,UURWDYLUWD
OlKGH
7DUNDVWDYDXUL
RW
.RUMDDNRQH
HQQHQXX
GHOOHHQNl\Q
QLVWlPLVWl
.RQHVDPPXX
OHLNNDDPLVHQDLND
QD
7HUlRQOLLDQPDWD
ODOOD
1RVWDWHUlQNRU
NHXWWDOHLNNXX
NRUNHXWWD
$NXVVDHLROHYLU
WDD
/DWDDDNNX
/HLNNXXMlWWHHW
WDUWWXYDWNRWHORRQ
WDLWHUllQ
,UURWDDNNXNR
QHHVWDMDWDUNDVWD
NRWHOR
.RQHHQNl\WW|
OlPS|WLODRQOLLDQ
NRUNHD
$QQDNRQHHQMllK
W\l
-RVHWO|\GlUDWNDLVXDRQJHOPDDVLRWD\KWH\WWl
KXROWROLLNNHHVHHQ
7(.1,6(77,('27
-lQQLWH 9
-RXWRNl\QWLQRSHXV PLQ
/HLNNXXOHYH\V PP
/HLNNXXNRUNHXV PP
5XRKRQNHUllMlQWLODYXXV /
3DLQRLOPDQDNNXD OEVNJ
0LWDWWXllQHQSDLQHWDVR /
3$
G%$. G%
$
7DDWWXllQLWHKRWDVR /
:$G
G%$
7lULQl 㸺 PV
. PV
$NXQPDOOL *%*%MDPXXW%$*
VDUMDW
/DWXULQPDOOL *;&*;8&
*;8&MDPXXW&$*
VDUMDW
.DNVLQNHUWDLQHQHULVW\V
,3; ,3;
7$.88
7l\GHOOLVHWWDNXXHKGRWO|\W\YlW*UHHQZRUNV
YHUNNRVLYXVWROWD
*UHHQZRUNV7DNXXWXRWWHHOOHRQYXRWWDMDDNXLOOHYXRWWD
NXOXWWDMD\NVLW\LVNl\W|VVlRVWRSlLYlVWlDONDHQ7DNXX
NDWWDDYDOPLVWXVYLUKHHW7DNXXQDLNDQDYLDOOLQHQWXRWH
YRLGDDQMRNRNRUMDWDWDLYDLKWDD/DLWWHHQMRWDRQNl\WHWW\
YllULQWDLMRWDNl\WHWllQPXXOODWDYRLQNXLQNl\WW|RSSDDVVD
NXYDWXOODWDYDOODWDNXXYRLGDDQPLWlW|LGl7DNXXHLNRUYDD
QRUPDDOLDNXOXPLVWDWDLNXOXYLDRVLD-lOOHHQP\\MlQWDUMRDPD
OLVlWDNXXHLYDLNXWDDONXSHUlLVHQYDOPLVWDMDQWDNXXVHHQ
7DNXXNRUYDXVYDDWLLYLDOOLVHQWXRWWHHQSDODXWWDPLVHQ
RVWRSDLNNDDQ\KGHVVlRVWRWRGLVWXNVHQNXLWLQNDQVVD
(8
9$$7,0867(108.$,68869$
.88786
9DOPLVWDMDQQLPLMDRVRLWH
1LPL */2%*52$%
*OREH*URXS(XURSH
2VRLWH 5LJJDUHJDWDQ0DOP|5XRWVL
6XRPL
),

6HQKHQNLO|QQLPLMDRVRLWHMRNDRQYDOWXXWHWWXNRNRDPDDQ
WHNQLVHQWLHGRVWRQ
1LPL 0LFDHO-RKDQVVRQ
2VRLWH 5LJJDUHJDWDQ0DOP|5XRWVL
7lWHQYDNXXWDPPHHWWlWXRWH
/XRNND 5XRKRQOHLNNXUL
0DOOL *;/0/0(
6DUMDQXPHUR .DWVRWXRWWHHQW\\SSLNLOSL
9DOPLVWXVYXRVL .DWVRWXRWWHHQW\\SSLNLOSL
Wl\WWllNRQHGLUHNWLLYLQ(<ROHQQDLVHW
YDDWLPXNVHW
Wl\WWllVHXUDDYLHQPXLGHQ(8GLUHNWLLYLHQYDDWLPXNVHW
(8
(<MD(<
(8MD(8
/LVlNVLYDNXXWDPPHHWWlVHXUDDYLD\KGHQPXNDLVWHWWXMHQ
VWDQGDUGLHQRVLDDUWLNORMDRQNl\WHWW\
9DDWLPXVWHQPXNDLVXXGHQDUYLRLQWLRQWHKW\GLUHNWLLYLQ
(<OLLWWHHQ9,PXNDLVHVWL
0LWDWWXllQLWHKRWDVR /
:$
G%$
7DDWWXllQLWHKRWDVR /
:$G
G%$
3DLNNDSlLYl\V0DO
P|
$OOHNLUMRLWXV7HG4XODDWXMRKWDMD
6XRPL
),

%HVNULYQLQJ
6\IWH
gYHUVLNW
6lNHUKHW
,QVWDOODWLRQ
3DFNDXSSPDVNLQHQ
)lOODXSSRFKMXVWHUDGHWQHGUHKDQGWDJHW
0RQWHUDGHW|YUHKDQGWDJHW
,QVWDOOHUDJUlVXSSVDPODUHQ
,QVWDOOHUDNRPSRVWSOXJJHQ
6WlOOLQNQLYNOLSSK|MGHQ
0RQWHUDEDWWHULSDNHWHW
7DXWEDWWHULSDNHWHW
$QYlQGQLQJ
6WDUWDPDVNLQHQ
6WlQJDDYPDVNLQHQ
7|PPDJUlVXSSVDPODUHQ
.OLSSDLVOXWWQLQJDU
7LSVYLGDQYlQGQLQJ
8QGHUKnOO
$OOPlQWXQGHUKnOO
%\WDXWNQLYHQ
)|UYDUDPDVNLQHQ
)HOV|NQLQJ
7HNQLVNDGDWD
*DUDQWL
(*I|UVlNUDQRP
|YHUHQVVWlPPHOVH
6YHQVND
69

%(6.5,91,1*
6<)7(
0DVNLQHQDQYlQGVI|ULFNHSURIHVVLRQHOOJUlVNOLSSQLQJ
.QLYHQPnVWHYDUDXQJHIlUSDUDOOHOOWPHGPDUNHQ$OODI\UD
KMXOPnVWHYLGU|UDPDUNHQXQGHUNOLSSQLQJHQ
g9(56,.7
)LJXUa
+DQGWDJVEU\WDUH
6WDUWNQDSS
gYUHKDQGWDJ
1HGUHKDQGWDJ
%DNUHXWORSSVNODII
%DWWHULIDFNVNODII
+|MGMXVWHULQJVVSDN
*UlVXSSVDPODUH
.RPSRVWSOXJJ
5DWW
%XOW
6QDEEXSSOnVQLQJVVSDN
.URN
%DWWHULSDNHW
6lNHUKHWVQ\FNHO
.QDSSI|UDWWORVVDEDWWHULHW
0XWWHU
'LVWDQV
.QLY
6b.(5+(7
9$51,1*
6HWLOODWWI|OMDDOODVlNHUKHWVDQYLVQLQJDU
6HVlNHUKHWVKDQGERNHQ
,167$//$7,21
9$51,1*
$QYlQGLQWHWLOOEHK|UVRPLQWHUHNRPPHQGHUDVDY
WLOOYHUNDUHQ
9$51,1*
6lWWLQWHLVlNHUKHWVQ\FNHOQHOOHUEDWWHULSDNHWHWLQQDQDOOD
GHODUKDUPRQWHUDWV
3$&.$8330$6.,1(1
9$51,1*
.RQWUROOHUDDWWPDVNLQHQlUUlWWPRQWHUDGI|UHDQYlQGQLQJ
9$51,1*
2PGHODUDYPDVNLQHQlUVNDGDGHDQYlQGLQWH
PDVNLQHQ
$QYlQGLQWHPDVNLQHQRPQnJRQGHOVDNQDV
2PQnJRQGHOlUVNDGDGHOOHUVDNQDVNRQWDNWD
VHUYLFHFHQWHU
gSSQDI|USDFNQLQJHQ
/lVLJHQRPGRNXPHQWDWLRQHQVRPPHGI|OMHUL
I|USDFNQLQJHQ
7DXWDOODRPRQWHUDGHGHODUIUnQI|USDFNQLQJHQ
7DXWPDVNLQHQIUnQI|USDFNQLQJHQ
$YIDOOVKDQWHUDOnGDQRFKI|USDFNQLQJVPDWHULDOHWHQOLJW
ORNDODUHJOHU
)b//$8332&+-867(5$'(7
1('5(+$1'7$*(7
)LJXU
'UDXSSRFKEDNGHW|YUHKDQGWDJHWI|UDWWO\IWDKDQGWDJHW
WLOODQYlQGQLQJVSRVLWLRQHQ.RQWUROOHUDDWWKDQGWDJHQ
NOLFNDUSnSODWVULNWLJW
'UDnWGHWQHGUHKDQGWDJHWPHG
VQDEEXSSOnVQLQJVVSDNDUQDSnEnGDVLGRUQD
127(5$
.RQWUROOHUDDWWGHWYnKDQGWDJHQlULVDPPDSRVLWLRQ
9$51,1*
6NDGDLQWHNDEODUQDQlUKDQGWDJHWIlOOVLQHOOHUXW
0217(5$'(7g95(
+$1'7$*(7
)LJXU
5LNWDLQKnOHQLGHW|YUHRFKGHWQHGUHKDQGWDJHW
6lWWLEXOWDUQDLKnOHQ
'UDnWUDWWDUQDSnEXOWDUQD
*|UVDPPDVDNSnDQGUDVLGDQ
,167$//(5$
*5b68336$0/$5(1
)LJXU
$YOlJVQDNRPSRVWSOXJJHQ
gSSQDGHQEDNUHXWPDWQLQJVNODIIHQRFKKnOOGHQ
+nOOJUlVXSSVDPODUHQPHGKDQGWDJHWRFKVlWWNURNDUQD
|YHUVOLWVDUQD
6WlQJGHQEDNUHXWPDWQLQJVNODIIHQ
6YHQVND
69

,167$//(5$
.2032673/8**(1
)LJXU
$YOlJVQDJUlVXSSVDPODUHQ
gSSQDGHQEDNUHXWPDWQLQJVNODIIHQRFKKnOOGHQ
+nOONRPSRVWSOXJJHQPHGKDQGWDJHWRFKVlWWGHQLQL
XWPDWQLQJVWUDWWHQ
6WlQJGHQEDNUHXWPDWQLQJVNODIIHQ
67b//,1.1,9./,33+g-'(1
0DVNLQHQNDQVWlOODVLQSnROLNDNQLYNOLSSK|MGHU
)LJXU
'UDK|MGMXVWHULQJVVSDNHQIUDPnWI|UDWW|NDNQLY
NOLSSK|MGHQ
'UDK|MGMXVWHULQJVVSDNHQEDNnWI|UDWWPLQVNDNQLY
NOLSSK|MGHQ
0217(5$%$77(5,3$.(7(7
)LJXU
9$51,1*
%\WEDWWHULSDNHWHWHOOHUODGGDUHQRPGHlUVNDGDGH
6WlQJDYPDVNLQHQRFKYlQWDWLOOVPRWRUQVWDQQDWLQQDQ
GXPRQWHUDUHOOHUWDUERUWEDWWHULSDNHWHW
/lVI|UVWnRFKI|OMLQVWUXNWLRQHUQDLEDWWHULHWVRFK
ODGGDUHQVKDQGERN
9$51,1*
$19b1'(1'$679%$77(5,$19b1',17(
9%$77(5,0(''8%%(/63b11,1*
127(5$
%nGDEDWWHULHUQDVNDLQVWDOOHUDVLXWU\PPHQDI|UDWWVWDUWD
PDVNLQHQ
gSSQDEDWWHULIDFNVNODIIHQ
3ODFHUDULEERUQDSnEDWWHULSDNHWHWLOLQMHPHG
XUVSDULQJDUQDLEDWWHULXWU\PPHW
7U\FNLQEDWWHULSDNHWHWLEDWWHULXWU\PPHWWLOOV
EDWWHULSDNHWHWOnVHVIDVW
%DWWHULSDNHWHWKDULQVWDOOHUDWVQlUGHWK|UVHWWNOLFN
*|UVDPPDVDNPHGGHWDQGUDEDWWHULHW
6WlQJEDWWHULIDFNVNODIIHQ
127(5$
0RWRUQVWDUWDUEDUDQlUVlNHUKHWVQ\FNHOQVlWWVL
7$87%$77(5,3$.(7(7
)LJXU
gSSQDEDWWHULIDFNVNODIIHQ
7DXWVlNHUKHWVQ\FNHOQ
7U\FNLQRFKKnOOLQNQDSSHQI|UDWWIULJ|UDEDWWHULHW
7DXWEDWWHULSDNHWHWIUnQPDVNLQHQ
$19b1'1,1*
9$51,1*
%lU|JRQVN\GGXQGHUDQYlQGQLQJ
67$57$0$6.,1(1
)LJXU
127(5$
0RQWHUDJUlVXSSVDPODUHQLQQDQGXE|UMDUNOLSSD
6lWWLVlNHUKHWVQ\FNHOQ
7U\FNSnRFKKnOOLQVWDUWNQDSSHQ
6DPWLGLJWVRPVWDUWNQDSSHQKnOOVLQQHGUDU
KDQGWDJVEU\WDUHQPRWKDQGWDJVVWnQJHQ
6OlSSVWDUWNQDSSHQI|UDWWVWDUWDPDVNLQHQ
67b1*$$90$6.,1(1
)LJXU
6OlSSKDQGWDJVEU\WDUHQI|UDWWVWRSSDPDVNLQHQ
9$51,1*
9lQWDWLOOVNQLYHQVWRSSDUKHOWLQQDQGXVWDUWDUPDVNLQHQ
LJHQ6WlQJLQWHDYRFKVlWWSnPDVNLQHQVQDEEW
9$51,1*
$YOlJVQDDOOWLGVlNHUKHWVQ\FNHOQRFKEDWWHULHWHIWHUDWW
DUEHWHWKDUDYVOXWDWV
7g00$*5b68336$0/$5(1
6WlQJDYPDVNLQHQ
7DXWVlNHUKHWVQ\FNHOQ
7DXWEDWWHULSDNHWHW
gSSQDGHQEDNUHXWPDWQLQJVNODIIHQRFKKnOOGHQ
+nOOJUlVXSSVDPODUHQPHGKDQGWDJHWRFKKDNDORVV
NURNDUQDIUnQVOLWVDUQD
6WlQJGHQEDNUHXWPDWQLQJVNODIIHQ
7|PJUlVXSSVDPODUHQ
./,33$,6/8771,1*$5
9$51,1*
.OLSSLQWHVOXWWQLQJDUPHGHQOXWQLQJ|YHU2PGX
NlQQHUGLJREHNYlPNOLSSLQWHLHQVOXWWQLQJ
6YHQVND
69

*nLQWHXSSRFKQHGI|ULHQVOXWWQLQJNOLSSLVLGOHGL
VOXWWQLQJHQ9DUI|UVLNWLJQlUGXE\WHUULNWQLQJLHQ
VOXWWQLQJ
.RQWUROOHUDDWWGHWLQWHILQQVKnOKMXOVSnURFKVWHQDUHOOHU
DQGUDGROGDREMHNWVRPNDQJ|UDDWWGXUDPODU$YOlJVQD
DOODKLQGHUVRPVWHQDURFKJUHQDU
6HWLOODWWGXVWnUVWDGLJW2PGXWDSSDUEDODQVHQVOlSS
KDQGWDJVEU\WDUHQRPHGHOEDUW
.OLSSLQWHQlUDOXWQLQJDUGLNHQHOOHUXSSK|MQLQJDU
7,369,'$19b1'1,1*
$QYlQGDOOWLGVWDUWNQDSSHQHOOHUKDQGWDJVEU\WDUHQ
/XWDLQWHPDVNLQHQQlUGHQVWDUWDV
3ODFHUDDOGULJKlQGHUHOOHUI|WWHUQlUDHOOHUXQGHU
URWHUDQGHGHODU
+nOOXWPDWQLQJVWUDWWHQUHQ
.OLSSLQWHEO|WWJUlV
+|JUHNQLYK|MGNUlYVI|UQ\WWRFKWMRFNWJUlV
5HQJ|UXQGHUVLGDQDYNOLSSGlFNHWHIWHUYDUMHDQYlQGQLQJ
$YOlJVQDNOLSSWJUlVO|YVPXWVHOOHUDQQDWVNUlS
81'(5+c//
9$51,1*
$YOlJVQDVlNHUKHWVQ\FNHOQRFKEDWWHULSDNHWHWXUPDVNLQHQ
LQQDQXQGHUKnOOXWI|UV
9$51,1*
+nOOPRWRURFKEDWWHULSDNHWHWIULDIUnQJUlVO|YRFKI|U
P\FNHWVP|UMD
2%6(59(5$
$QYlQGHQGDVWJRGNlQGDUHVHUYGHODU
2%6(59(5$
6HWLOODWWEURPVYlWVNDEHQVLQRFKSHWUROHXPEDVHUDGH
lPQHQLQWHNRPPHULNRQWDNWPHGSODVWGHODUQD.HPLNDOLHU
NDQVNDGDSODVWHQRFKJ|UDGHQRDQYlQGEDU
2%6(59(5$
$QYlQGLQWHVWDUNDO|VQLQJVHOOHUUHQJ|ULQJVPHGHOSn
SODVWK|OMHWHOOHUNRPSRQHQWHU
127(5$
5HNRPPHQGHUDWnWGUDJQLQJVPRPHQWNQLY1P
$//0b1781'(5+c//
)|UHYDUMHDQYlQGQLQJXQGHUV|NPDVNLQHQHIWHUVNDGD
GHODUVRPVDNQDVHOOHUO|VDGHODUVRPVNUXYDUPXWWUDU
EXOWDURFKORFN
'UDnWDOODIlVWHQRFKORFN
5HQJ|UPDVNLQHQPHGHQWRUUWUDVD$QYlQGLQWHYDWWHQ
%<7$87.1,9(1
)LJXU
9$51,1*
$QYlQGHQGDVWJRGNlQGDHUVlWWQLQJVNQLYDU
9$51,1*
$QYlQGWMRFNDKDQGVNDUHOOHUOLQGDHQWUDVDUXQWNQLYHQQlU
GXWDUSnGHQ
6WlQJDYPDVNLQHQ
6HWLOODWWNQLYDUQDKDUVWDQQDWKHOW
$YOlJVQDVlNHUKHWVQ\FNHOQRFKEDWWHULSDNHWHW
/lJJPDVNLQHQSnVLGDQ
$QYlQGHQWUlELWI|UDWWI|UKLQGUDDWWNQLYHQU|USnVLJ
7DERUWPRQWHULQJVVNUXYHQRFKDYVWnQGVEULFNDQPHGHQ
Q\FNHOHOOHUK\OVD
$YOlJVQDNOLQJDQ
,QVWDOOHUDGHQQ\DNOLQJDQ6HWLOODWWGHWYnVWROSDUQD
KDNDULKnOHQLNQLYHQ
6lWWLDYVWnQGVEULFNDQRFKGUDnWPRQWHULQJVVNUXYHQVRP
GXWRJERUW
)g59$5$0$6.,1(1
7DXWVlNHUKHWVQ\FNHOQ
7DXWEDWWHULSDNHWHWSDNHWHQ
5HQJ|UPDVNLQHQLQQDQGHQVWlOOVXQGDQI|UI|UYDULQJ
.RQWUROOHUDDWWPRWRUQLQWHlUYDUPQlUGXVWlOOHUXQGDQ
PDVNLQHQ
6HWLOODWWPDVNLQHQLQWHKDUQnJUDO|VDHOOHUVNDGDGHGHODU
)|OMGHVVDLQVWUXNWLRQHURPGHWlUQ|GYlQGLJW
%\WVNDGDGHGHODU
'UDnWVNUXYDUQD
7DODPHGQnJRQIUnQHWWJRGNlQWVHUYLFHFHQWHU
)|UYDUDPDVNLQHQLHWWWRUUWXWU\PPH
6lNHUVWlOODWWEDUQLQWHNDQNRPPDQlUDPDVNLQHQ
)(/6g.1,1*
3UREOHP 0|MOLJRUVDN /|VQLQJ
+DQGWDJHWlULQWHL
SRVLWLRQ
%XOWDUQDlULQWH
LKDNDGHULNWLJW
-XVWHUDK|MGHQSn
KDQGWDJHWRFKVH
WLOODWWUDWWDUQDRFK
EXOWDUQDlUNRUUHNW
LQULNWDGH
6YHQVND
69

3UREOHP 0|MOLJRUVDN /|VQLQJ
0DVNLQHQVWDUWDU
LQWH
%DWWHULNDSDFLWHWHQ
lUOnJ
/DGGDEDWWHULHW
+DQGWDJVEU\WDUHQ
lUWUDVLJ
%\WXWKDQGWDJV
EU\WDUHQ
6lNHUKHWVQ\FNHOQ
VLWWHULQWHL
6lWWLVlNHUKHWV
Q\FNHOQ
0DVNLQHQNOLSSHU
JUlVRMlPQW
*UlVPDWWDQlU
RMlPQ
8QGHUV|NNOLS
SRPUnGHW
.QLYK|MGHQlULQWH
ULNWLJWLQVWlOOG
-XVWHUDNQLYNOLS
SK|MGHQWLOOHQK|
JUHSRVLWLRQ
0DVNLQHQNRP
SRVWHUDULQWHULN
WLJW
.OLSSWYnWWJUlV
VLWWHUIDVWSnGlFN
HW
9lQWDWLOOVJUlVHW
KDUWRUNDWLQQDQ
GHWNOLSSV
.RPSRVWSOXJJHQ
VDNQDV
,QVWDOOHUDNRP
SRVWSOXJJHQ
'HWJnUWU|JWDWW
N|UDPDVNLQHQIUD
PnW
*UlVHWlUI|UK|JW
HOOHUNQLYK|MGHQlU
I|UOnJ
gNDNQLYNOLS
SK|MGHQ
*UlVXSSVDPODUHQ
RFKNQLYHQGUDULQ
WMRFNWJUlV
7|PGHWNOLSSWD
JUlVHWIUnQJUlVXS
SVDPODUHQ
0DVNLQHQYLEUHUDU
K|JW
.QLYHQlUREDODQ
VHUDGRFKXWVOLWHQ
%\WXWNQLYHQ
0RWRUD[HOQlU
E|MG
6WRSSDPR
WRUQ
$YOlJVQDVl
NHUKHWVQ\FN
HOQRFKEDWWHU
LSDNHWHW
.RQWUROOHUD
RPGHWILQQV
QnJUDVNDGRU
5HSDUHUDPDV
NLQHQLQQDQ
GHQVWDUWDVLJ
HQ
0DVNLQHQVWRSSDU
XQGHUNOLSSQLQJHQ
.QLYK|MGHQlUI|U
OnJ
gNDNQLYNOLS
SK|MGHQ
%DWWHULSDNHWHWlU
XUODGGDW
/DGGDEDWWHULHW
.OLSSWJUlVVLWWHU
IDVWSnGlFNHWHOOHU
NQLYHQ
7DXWEDWWHULSDNH
WHWRFKNRQWUROOHUD
GlFNHW
0DVNLQHQVGULIW
WHPSHUDWXUlUI|U
K|J
/nWPDVNLQHQVYDO
QD
2PGXLQWHKLWWDUHQO|VQLQJSnGHVVDSUREOHPOlPQDLQGHQ
LHWWVHUYLFHFHQWHU
7(.1,6.$'$7$
6SlQQLQJ 9
2EHODVWDGKDVWLJKHW PLQ
.OLSSEUHGG PP
.OLSSK|MG PP
*UlVXSSVDPODUHQVNDSDFLWHW /
9LNWXWDQEDWWHULSDFNHW OEVNJ
8SSPlWWOMXGWU\FNVQLYn /
3$
G%$.
G%$
*DUDQWHUDGOMXGHIIHNWQLYn /
:$G
G%$
9LEUDWLRQ 㸺 PV
. PV
%DWWHULPRGHOO *%*%RFKDQGUD
%$*VHULHU
/DGGDUPRGHOO *;&*;8&
*;8&RFKDQGUD&$*
VHULHU
'XEEHOLVROHUDGNRQVWUXNWLRQ
,3; ,3;
*$5$17,
)XOOVWlQGLJDJDUDQWLYLOONRUnWHUILQQVSn*UHHQZRUNV
ZHEESODWV
*UHHQZRUNVJDUDQWLJlOOHULnUI|USURGXNWHQRFKnUI|U
EDWWHULHUQDNRQVXPHQWSULYDWEUXNUlNQDWIUnQLQN|SVGDWXP
'HQQDJDUDQWLJlOOHUWLOOYHUNQLQJVIHO(QIHODNWLJSURGXNWVRP
RPIDWWDVDYJDUDQWLQNDQDQWLQJHQUHSDUHUDVHOOHUE\WDVXW)|U
HQHQKHWVRPDQYlQWVSnIHOVlWWHOOHUSnDQGUDVlWWlQVRP
EHVNULYVLlJDUHQVEUXNVDQYLVQLQJNDQNUDYHQOLJWJDUDQWLQ
NRPPDDWWDYYLVDV1RUPDOWVOLWDJHRFKVOLWGHODURPIDWWDVLQWH
DYJDUDQWLQ7LOOYHUNDUHQVXUVSUXQJOLJDJDUDQWLSnYHUNDVLQWH
DY\WWHUOLJDUHJDUDQWLOlPQDGDYnWHUI|UVlOMDUH
9LGNUDYHQOLJWJDUDQWLQPnVWHGHQIHODNWLJDSURGXNWHQ
UHWXUQHUDVWLOOLQN|SVVWlOOHWWLOOVDPPDQVPHGEHYLVSnLQN|S
NYLWWR
(*)g56b.5$120
g9(5(1667b00(/6(
7LOOYHUNDUHQVQDPQRFKDGUHVV
1DPQ */2%*52$%
*OREH*URXS(XURSH
$GUHVV 5LJJDUHJDWDQ0DOP|6YHULJH
1DPQRFKDGUHVVWLOOSHUVRQHQPHGEHK|ULJKHWDWW
VDPPDQVWlOODGHQWHNQLVNDILOHQ
6YHQVND
69

1DPQ 0LFDHO-RKDQVVRQ
$GUHVV 5LJJDUHJDWDQ0DOP|6YHULJH
+lUPHGI|UVlNUDVDWWSURGXNWHQ
.DWHJRUL *UlVNOLSSDUH
0RGHOO *;/0/0(
6HULHQXPPHU 6HSURGXNWHQVW\SVN\OW
7LOOYHUNQLQJVnU 6HSURGXNWHQVW\SVN\OW
lUL|YHUHQVVWlPPHOVHPHGUHOHYDQWDEHVWlPPHOVHUL
0DVNLQGLUHNWLYHW(*
lUL|YHUHQVVWlPPHOVHPHGEHVWlPPHOVHUQDLI|OMDQGH
(*GLUHNWLY
(8
(*(*
(8(8
'HVVXWRPI|UVlNUDUYLDWWI|OMDQGHGHODUNODXVXOHUDY
KDUPRQLVHUDGHVWDQGDUGHUKDUDQYlQWV
0HWRGI|U|YHUHQVVWlPPHOVHEHG|PQLQJWLOO%LODJD9,L
GLUHNWLY(*
8SSPlWWOMXGHIIHNWQLYn /
:$
G%$
*DUDQWHUDGOMXGHIIHNWQLYn /
:$G
G%$
2UWGDWXP0DOP|
6LJQDWXU7HG4X.YDOLWHWVFKHI
6YHQVND
69

%HVNULYHOVH
)RUPnO
2YHUVLNW
6LNNHUKHW
,QVWDOODVMRQ
3DNNXWPDVNLQHQ
)ROGXWRJMXVWHUQHGUHKnQGWDN
,QVWDOOHU¡YUHKnQGWDN
,QVWDOOHURSSVDPOHUHQ
,QVWDOOHUELRSOXJJHQ
6WLOOLQQEODGNOLSSHK¡\GHQ
,QVWDOOHUEDWWHULSDNNHQ
7DXWEDWWHULSDNNHQ
%HWMHQLQJ
6WDUWPDVNLQHQ
6WRSSPDVNLQHQ
7¡PRSSVDPOHUHQ
%HWMHQLQJLVNUnQLQJHU
7LSVIRUEUXN
9HGOLNHKROG
*HQHUHOWYHGOLNHKROG
%\WWHNQLYEODG
6HWWHERUWPDVNLQHQWLORSSEHYDULQJ
3UREOHPO¡VQLQJ
7HNQLVNHGDWD
*DUDQWL
()VDPVYDUVHUNOULQJ
1RUVN
12

%(6.5,9(/6(
)250c/
'HQQHPDVNLQHQHUEHUHJQHWSnSOHQNOLSSLQJWLO
KXVKROGQLQJHU.QLYEODGHWPnYUHRPWUHQWSDUDOOHOWPHG
EDNNHQ$OOILUHKMXOPnEHU¡UHEDNNHQQnUGXNM¡UHU
JUHVVNOLSSHUHQ
29(56,.7
)LJXUa
+nQGWDNEU\WHU
6WDUWNQDSS
YUHKnQGWDN
1HGUHKnQGWDN
%DNUHXWNDVWOXNH
%DWWHULOXNH
+¡\GHMXVWHULQJVVSDN
*UHVVRSSVDPOHU
%LRSOXJJ
.QRWW
%ROW
6SDNPHGKXUWLJOnV
.URN
%DWWHULSDNNH
6LNNHUKHWVQ¡NNHO
%DWWHULXWO¡VHUNQDSS
0XWWHU
0HOORPOHJJ
.QLYEODG
6,..(5+(7
$'9$56(/
3DVVSnDWGXI¡OJHUDOOHVLNNHUKHWVLQVWUXNVHU
6OnRSSLVLNNHUKHWVKnQGERNHQ
,167$//$6-21
$'9$56(/
,NNHEUXNWLOEHK¡UGHUVRPGHWWHLNNHEOLUDQEHIDOWDY
SURGXVHQWHQ
$'9$56(/
,NNHVHWWLQQVLNNHUKHWVQ¡NNHOHOOHUEDWWHULSDNNHI¡UGXKDU
PRQWHUWDOOHGHOHQH
3$..870$6.,1(1
$'9$56(/
6¡UJIRUDWPDVNLQHQPRQWHUHVNRUUHNWI¡UGXEHQ\WWHUGHQ
$'9$56(/
'XPnLNNHEUXNHPDVNLQHQKYLVQRHQGHOHUDY
PDVNLQHQHUGHIHNWH
,NNHEUXNPDVNLQHQKYLVGXLNNHKDUDOOHGHOHQH
.RQWDNWVHUYLFHVHQWHUHWKYLVGHOHUPDQJOHUHOOHUHU
VNDGHW
cSQHSDNNHQ
/HVGRNXPHQWDVMRQHQLHVNHQVRPPHGI¡OJHU
7DDOOHGHXPRQWHUWHGHOHQHXWDYHVNHQ
7DPDVNLQHQXWDYHVNHQ
.DVWHVNHQRJHPEDOODVMHPDWHULDOHLKHQKROGWLOORNDOH
ORYHURJUHJOHU
)2/'872*-867(51('5(
+c1'7$.
)LJXU
7UHNNGHW¡YUHKnQGWDNHWRSSRJEDNIRUnO¡IWHKnQGWDNHW
LGULIWVSRVLVMRQ6¡UJIRUDWKnQGWDNHQHNOLNNHULSRVLVMRQ
ULNWLJ
6WUDPGHWQHGUHKnQGWDNHWPHGVSDNHQHPHGKXUWLJOnVSn
EHJJHVLGHU
0(5.
3DVVSnDWGHWRKnQGWDNHQHHULVDPPHSRVLVMRQ
$'9$56(/
8QQJnnVNDGHOHGQLQJHQHQnUGXIROGHUKnQGWDNHWLQQHOOHU
XW
,167$//(595(+c1'7$.
)LJXU
-XVWHUKXOOHQHL¡YUHRJQHGUHKnQGWDNVnGHHUSnOLQMH
6HWWVNUXHQHLQQLKXOOHQH
6WUDPWLONQRWWHQHSnVNUXHQH
*MHQWDRSHUDVMRQHQSnGHQDQGUHVLGHQ
,167$//(52336$0/(5(1
)LJXU
7DXWELRSOXJJHQ
cSQHOXNHQWLOEDNUHXWNDVWRJKROGGHQRSSH
7DWDNLRSSVDPOHUKnQGWDNHWRJVHWWNURNHQHSnRYHU
VSRUHQH
/XNNOXNHQWLOEDNUHXWNDVW
1RUVN
12

,167$//(5%,23/8**(1
)LJXU
7DXWRSSVDPOHUHQ
cSQHOXNHQWLOEDNUHXWNDVWRJKROGGHQRSSH
+ROGELRSOXJJHQLKnQGWDNHWRJVHWWGHQLQQLXWNDVWHW
/XNNOXNHQWLOEDNUHXWNDVW
67,//,11%/$'
./,33(+<'(1
0DVNLQHQNDQVWLOOHVLQQPHGXOLNHEODGNOLSSHK¡\GHU
)LJXU
'UDK¡\GHMXVWHULQJVVSDNHQIRURYHUIRUn¡NHEODG
NOLSSHK¡\GHQ
'UDK¡\GHMXVWHULQJVVSDNHQEDNRYHUIRUnUHGXVHUHEODG
NOLSSHK¡\GHQ
,167$//(5%$77(5,3$..(1
)LJXU
$'9$56(/
+YLVEDWWHULSDNNHHOOHUODGHUHUVNDGHWPnGHQQHE\WWHV
XW
6WDQVPDVNLQHQRJYHQWWLOPRWRUHQKDUVWRSSHWKHOWI¡U
GXLQVWDOOHUHUHOOHUWDUXWEDWWHULSDNNHQ
/HVIRUVWnRJI¡OJLQVWUXNVMRQHQHLEDWWHULRJ
ODGHUKnQGERNHQ
$'9$56(/
%58..819%$77(5,,..(%58.%$77(5,
0('7263(11,1*61,9c(53c9
0(5.
%HJJHEDWWHULHUPnYUHVDWWLKROGHUQHIRUnVWDUWH
PDVNLQHQ
cSQHEDWWHULORNNHW
6¡UJIRUDWULOOHQHLEDWWHULSDNNHQHUSnOLQMHPHG
LQQKDNNHQHSnEDWWHULKROGHUHQ
6N\YEDWWHULSDNNHQLQQLEDWWHULKROGHUHQWLOEDWWHULSDNNHQ
OnVHVSnSODVV
1nUGXK¡UHUHWNOLNNHUEDWWHULSDNNHQULNWLJLQVWDOOHUW
*M¡UGHQVDPPHRSHUDVMRQHQPHGGHWDQGUHEDWWHULHW
/XNNEDWWHULORNNHW
0(5.
0RWRUHQVWDUWHUEDUHQnUGXKDUVDWWLQQVLNNHUKHWVQ¡NNHOHQ
7$87%$77(5,3$..(1
)LJXU
cSQHEDWWHULORNNHW
7DXWVLNNHUKHWVQ¡NNHOHQ
6N\YRJKROGSnXWO¡VHUNQDSSHQWLOEDWWHULHW
7DEDWWHULSDNNHQXWDYPDVNLQHQ
%(7-(1,1*
$'9$56(/
%UXNDOOWLGYHUQHEULOOHUQnUGXEUXNHUJUHVVNOLSSHUHQ
67$570$6.,1(1
)LJXU
0(5.
0RQWHUJUHVVRSSVDPOHUHQI¡UGXEHJ\QQHUnNOLSSHJUHVVHW
6HWWLQQVLNNHUKHWVQ¡NNHOHQ
6N\YRJKROGSnVWDUWNQDSSHQ
0HQVGXKROGHUVWDUWNQDSSHQGUDUGXLKnQGWDNHWWLO
EU\WHUERNVHQLUHWQLQJVW\UHW
6OLSSXWO¡VHUNQDSSHQIRUnVWDUWHPDVNLQHQ
672330$6.,1(1
)LJXU
6OLSSKnQGWDNHWWLOEU\WHUERNVHQIRUnVWRSSHPDVNLQHQ
$'9$56(/
9HQWWLONQLYEODGHQHKDUVWRSSHWKHOWRSSI¡UGXVWDUWHU
PDVNLQHQSnQ\WW8QQJnnVOnPDVNLQHQUDVNWDYRJSn
LJMHQ
$'9$56(/
7DDOOWLGXWVLNNHUKHWVQ¡NNHOHQRJEDWWHULSDNNHQQnUGXHU
IHUGLJPHGDUEHLGHW
702336$0/(5(1
6WRSSPDVNLQHQ
7DXWVLNNHUKHWVQ¡NNHOHQ
7DXWEDWWHULSDNNHQ
cSQHOXNHQWLOEDNUHXWNDVWRJKROGGHQRSSH
7DWDNLRSSVDPOHUKnQGWDNHWRJKHNWGHQDYVSRUHQH
/XNNOXNHQWLOEDNUHXWNDVW
7¡PRSSVDPOHUHQ
%(7-(1,1*,6.5c1,1*(5
$'9$56(/
'XPnLNNHNOLSSHJUHVVLEDNNHURJVNUnQLQJHUPHGHQ
KHOOLQJSnPHUHQQ+YLVGXLNNHI¡OHUGHJNRPIRUWDEHO
PHGGHWVNDOGXLNNHNOLSSHJUHVVLVNUnQLQJHU
1RUVN
12

,NNHJnUHWWRSSRJQHGHQVNUnQLQJQnUGXEUXNHU
JUHVVNOLSSHUHQ9UIRUVLNWLJQnUGXVNLIWHUUHWQLQJLHQ
VNUnQLQJ
9USnXWNLNNHWWHUKXOOKMXOVSRUVWHLQHURJDQGUHVNMXOWH
REMHNWHUVRPNDQInGHJWLOnIDOOH)MHUQDOOHKLQGULQJHU
VRPVWHLQHURJJUHLQHU
3DVVSnDWGXVWnUVWDELOW+YLVGXPLVWHUEDODQVHQPnGX
VOLSSHNRSOLQJVKHQGHOHQXPLGGHOEDUW
8QQJnnNOLSSHJUHVVLQUKHWHQDYEUDWWHVNUHQWHUJU¡IWHU
HOOHUI\OOLQJHU
7,36)25%58.
,NNHIRUV¡NnRYHUVW\UHGULIWHQDYVWDUWNQDSSHQHOOHU
EU\WHUERNVHQ
8QQJnnVHWWHPDVNLQHQSnVNUnQnUGXVWDUWHUGHQ
,NNHSODVVHUKHQGHUHOOHUI¡WWHUXQGHUHOOHULQUKHWHQDY
URWHUHQGHGHOHU
+ROGXWNDVWHWIULIRUJUHVVRJSODQWHUHVWHU
,NNHNOLSSJUHVVVRPHUYnWW
'HWHUQ¡GYHQGLJnEUXNHK¡\NOLSSHK¡\GHYHGNOLSSLQJ
DYQ\WWHOOHUW\NWJUHVV
5HQJM¡UEXQQHQDYJUHVVNOLSSHUHQKYHUJDQJGXKDUEUXNW
GHQ)MHUQJUHVVDYNOLSSEODGHUVNLWWRJDQQHWUXVN
9('/,.(+2/'
$'9$56(/
7DVLNNHUKHWVQ¡NNHORJEDWWHULSDNNHXWDYPDVNLQHQI¡U
YHGOLNHKROG
$'9$56(/
+ROGPRWRUHQRJEDWWHULSDNNHQIULIRUJUHVVEODGHUHOOHU
VWRUHPHQJGHUROMH
)256,.7,*
%UXNEDUHJRGNMHQWHUHVHUYHGHOHU
)256,.7,*
,NNHODEUHPVHYVNHEHQVLQHOOHUROMHEDVHUWHVXEVWDQVHU
NRPPHLNRQWDNWPHGSODVWGHOHU.MHPLNDOLHUNDQVNDGH
SODVWHQRJJM¡UHGHQXPXOLJnUHSDUHUH
)256,.7,*
8QQJnnEUXNHVWHUNHRSSO¡VQLQJHUHOOHUYDVNHPLGOHUSn
SODVWKXVHOOHUGHOHU
0(5.
$QEHIDOWWLOWUHNNLQJVPRPHQW.QLYEODG1P
*(1(5(/79('/,.(+2/'
)¡UGXEUXNHUSURGXNWHWPnGXNRQWUROOHUHRPGHWKDU
VNDGHUPDQJOHUHOOHUO¡VHGHOHUIRUHNVHPSHOVNUXHU
PXWWHUHEROWHURJKHWWHU
6WUDPDOOHIHVWHPHNDQLVPHURJKHWWHUULNWLJ
5HQJM¡UPDVNLQHQPHGHQW¡UUNOXW8QQJnEUXNDYYDQQ
%<77(.1,9%/$'
)LJXU
$'9$56(/
%UXNEDUHJRGNMHQWHUHVHUYHEODGHU
$'9$56(/
+DSnVROLGHKDQVNHUHOOHUEUXNHWVW\NNHW¡\UXQGW
NQLYEODGHWQnUGXWDUSnGHW
6WRSSPDVNLQHQ
)RUVLNUHGHJRPDWNQLYEODGHQHKDUVWRSSHWKHOWRSS
7DDOOWLGXWVLNNHUKHWVQ¡NNHOHQRJEDWWHULSDNNHQ
/HJJPDVNLQHQSnVLGHQ
%UXNHWWUHVW\NNHIRUnKLQGUHDWNQLYEODGHWEHYHJHUVHJ
7DXWPRQWHULQJVVNUXHQRJDYVWDQGVVW\NNHWYHGKMHOSDY
HQXQEUDNRQ¡NNHOHOOHUSLSHQ¡NNHO
7DDYNQLYEODGHW
,QVWDOOHUGHWQ\HNQLYEODGHW3DVVSnDWGHWRVWROSHQH
NRPPHULLQQJUHSPHGKXOOHQHLEODGHW
6HWWLQQDYVWDQGVVW\NNHWRJVWUDPWLOPRQWHULQJVVNUXHQ
VRPGXIMHUQHW
6(77(%2570$6.,1(17,/
233%(9$5,1*
7DXWVLNNHUKHWVQ¡NNHOHQ
7DXWEDWWHULSDNNHQ
5HQJM¡UPDVNLQHQI¡UGHQVHWWHVWLORSSEHYDULQJ
3DVVSnDWPRWRUHQLNNHHUYDUPQnUGXVHWWHUPDVNLQHQWLO
RSSEHYDULQJ
3DVVSnDWPDVNLQHQLNNHKDUO¡VHHOOHU¡GHODJWHGHOHU
+YLVQ¡GYHQGLJI¡OJGLVVHLQVWUXNVMRQHQH
%\WW¡GHODJWHGHOHU
6WUDPWLOVNUXHQH
7DNRQWDNWPHGHQPHGDUEHLGHUSnHWJRGNMHQW
VHUYLFHVHQWHU
2SSEHYDUPDVNLQHQSnHWW¡UWVWHG
3DVVSnDWEDUQLNNHNRPPHULQUKHWHQDYPDVNLQHQ
1RUVN
12

352%/(0/61,1*
3UREOHP 0XOLJnUVDN /¡VQLQJ
+nQGWDNHWVWnU
LNNHLULNWLJSRVLV
MRQ
6NUXHQHHULNNH
VDWWULNWLJLQQ
5HJXOHUK¡\GHQSn
KnQGWDNHWRJSDVV
SnDWNQRWWHURJ
VNUXHUHUMXVWHUWL
IRUKROGWLOKYHUDQ
GUH
0DVNLQHQYLOLNNH
VWDUWH
'HWHUOLWHVWU¡P
SnEDWWHULHW
/DGRSSEDWWHUL
SDNNHQ
.RSOLQJVKHQGHOHQ
HUGHIHNW
%\WWNRSOLQJVKHQ
GHOHQ
%DWWHULQ¡NNHOHQHU
LNNHVDWWLQQ
6HWWLQQEDWWHU
LQ¡NNHOHQ
0DVNLQHQNOLSSHU
JUHVVHWXMHYQW
3OHQHQHUXMHYQ 8QGHUV¡NNOLS
SHRPUnGHW
+¡\GHQSnNQLY
EODGHWHULNNHVWLOW
LQQULNWLJ
-XVWHUEODGNOLS
SHK¡\GHQWLOHQ
K¡\HUHSRVLVMRQ
0DVNLQHQVWU¡U
LNNHO¡YRJDY
NOLSSSnHQRUGHQ
WOLJPnWH
9nWWJUHVVDYNOLSS
NOLVWUHUVHJWLOGHN
NHW
9HQWWLOJUHVVHWKDU
W¡UNHWRSSI¡UGX
NOLSSHUGHW
%LRSOXJJHQPDQ
JOHU
,QVWDOOHUELRSOXJ
JHQ
0DVNLQHQHUKDUG
nVN\YHSn
*UHVVHWHUIRUK¡\W
HOOHUK¡\GHQSn
NQLYEODGHWHUIRU
ODYW
NEODGNOLS
SHK¡\GHQ
2SSVDPOHUHQRJ
NQLYEODGHWGUDV
ERUWRYHULW\NW
JUHVV
7¡PRSSVDPOHUHQ
IRUJUHVVDYNOLSS
0DVNLQHQYLEUHUHU
P\H
.QLYEODGHWHUXED
ODQVHUWRJVOLWW
%\WWNQLYEODGHW
0RWRUDNVHOHQHU
E¡\G
6WRSSPRWR
UHQ
7DDOOWLGXW
VLNNHU
KHWVQ¡NNHOHQ
RJEDWWHUL
SDNNHQ
.REOH
VWU¡POHGQLQ
JHQIUDVWLN
NRQWDNWHQ
6MHNNRPGHW
ILQQHVVNDGHU
5HSDUHUPDV
NLQHQI¡UGX
VWDUWHUGHQLJ
MHQ
3UREOHP 0XOLJnUVDN /¡VQLQJ
0DVNLQHQVWRSSHU
XQGHUNOLSSLQJ
.QLYEODGHWVWnUIRU
ODYW
NEODGNOLS
SHK¡\GHQ
%DWWHULSDNNHQHU
XWODGHW
/DGRSSEDWWHUL
SDNNHQ
*UHVVDYNOLSS
NOLVWUHUVHJSnGHN
NHWHOOHUNQLYEOD
GHW
7DXWEDWWHULSDNN
HQRJNRQWUROOHU
GHNNHW
'ULIWVWHPSHUDWXUHQ
WLOPDVNLQHQHUIRU
K¡\
/DPDVNLQHQ
DYNM¡OHV
+YLVGXLNNHILQQHUO¡VQLQJHQSnSUREOHPHQHNRQWDNW
VHUYLFHVHQWUHW
7(.1,6.('$7$
6SHQQLQJ 9
+DVWLJKHWXWHQEHODVWQLQJ PLQ
.XWWHEUHGGH PP
.XWWHK¡\GH PP
.DSDVLWHWSnRSSVDPOHU /
9HNWXWHQEDWWHULSDNNH OEVNJ
0nOWO\GWU\NNQLYn /
3$
G%$.
G%$
*DUDQWHUWO\GHIIHNWQLYn /
:$G
G%$
9LEUDVMRQ 㸺 PV
. PV
%DWWHULPRGHOO *%*%RJDQGUH
%$*VHULHU
/DGHUPRGHOO *;&*;8&
*;8&RJDQGUH&$*
VHULHU
'REEHOWLVROHUWNRQVWUXNVMRQ
,3; ,3;
*$5$17,
'XILQQHUDOOHJDUDQWLYLONnURJEHWLQJHOVHUSn*UHHQZRUNV
QHWWVLGHQ
*DUDQWLHQ*UHHQZRUNVHUnUIRUSURGXNWHWRJnUIRU
EDWWHULHUIRUEUXNHUSULYDWEUXNIUDNM¡SVGDWRHQ'HQQH
JDUDQWLHQGHNNHUSURGXNVMRQVIHLO(WGHIHNWSURGXNWXQGHU
JDUDQWLNDQHQWHQUHSDUHUHVHOOHUHUVWDWWHV*DUDQWLHUVRPHU
PLVEUXNWHOOHUEUXNWSnDQGUHPnWHUHQQVRPEHVNUHYHWL
EUXNHUKnQGERNHQNDQXJ\OGLJJM¡UHV1RUPDOVOLWDVMHRJVOLWWH
GHOHUGHNNHVLNNHDYJDUDQWLHQ'HQRULJLQDOH
1RUVN
12

SURGXVHQWJDUDQWLHQSnYLUNHVLNNHDYWLOOHJJVJDUDQWLIUDHQ
IRUKDQGOHUHOOHUIRUKDQGOHU
(WGHIHNWSURGXNWPnUHWXUQHUHVWLONM¡SVVWHGHWIRUnNUHYH
JDUDQWLVDPPHQPHGNM¡SVEHYLVNYLWWHULQJ
()6$069$56(5./5,1*
1DYQRJDGUHVVHWLOSURGXVHQWHQ
1DYQ */2%*52$%
*OREH*URXS(XURSH
$GUHVVH 5LJJDUHJDWDQ0DOP|6YHULJH
1DYQRJDGUHVVHWLOSHUVRQPHGDXWRULVDVMRQWLOnXWDUEHLGH
GHQWHNQLVNHILOHQ
1DYQ 0LFDHO-RKDQVVRQ
$GUHVVH 5LJJDUHJDWDQ0DOP|6YHULJH
9LHUNOUHUKHUYHGDWSURGXNWHW
.DWHJRUL *UHVVNOLSSHU
0RGHOO *;/0/0(
6HULHQXPPHU 6HW\SHHWLNHWWSnSURGXNW
.RQVWUXNVMRQVnU 6HW\SHHWLNHWWSnSURGXNW
HULVDPVYDUPHGGHUHOHYDQWHEHVWHPPHOVHQHL
PDVNLQGLUHNWLYHW(&
HULVDPVYDUPHGGHUHOHYDQWHEHVWHPPHOVHQHLI¡OJHQGH
(&GLUHNWLYHU
(8
(&RJ(&
(8RJ(8
'HVVXWHQHUNOUHUYLDW.ODXVXOHUDYKDUPRQLVHUWHVWDQGDUGHU
KDUEOLWWEUXNW
0HWRGHIRUVDPVYDUVYXUGHULQJIRU$QQH[9,'LUHNWLY
(&
0nOWO\GHIIHNWQLYn /
:$
G%$
*DUDQWHUWO\GHIIHNWQLYn /
:$G
G%$
6WHGGDWR0DOP|
6LJQDWXU7HG4X.YDOLWHWVGLUHNW¡U
1RUVN
12

%HVNULYHOVH
)RUPnO
2YHUVLJW
6LNNHUKHG
,QVWDOODWLRQ
3DNPDVNLQHQXG
)ROGXGRJMXVWpUGHWQHGUHKnQGWDJ
0RQWHUGHW¡YHUVWHKnQGWDJ
0RQWHUJUVIDQJHUHQ
6WSURSSHQL
,QGVWLONOLQJHQNOLSSHK¡MGHQ
6WEDWWHULSDNNHQL
)MHUQEDWWHULSDNNHQ
%HWMHQLQJ
6WDUWPDVNLQHQ
6WRSPDVNLQHQ
7¡PJUVIDQJHUHQ
%UXJDIJUVVOnPDVNLQHQSnVNUnQLQJHU
7LSVWLOEUXJ
9HGOLJHKROGHOVH
*HQHUHOYHGOLJHKROGHOVH
6NLIWNOLQJHQ
2SEHYDULQJDIPDVNLQHQ
)HMOILQGLQJ
7HNQLVNHGDWD
*DUDQWL
()RYHUHQVVWHPPHOVHVHUNOULQJ
'DQVN
'$

%(6.5,9(/6(
)250c/
'HQQHPDVNLQHEUXJHVWLODWVOnJUVVHWWLOSULYDWHKMHP
.OLQJHQVNDOFDYUHSDUDOOHOWPHGMRUGHQ$OOHILUHKMXOVNDO
U¡UHMRUGHQQnUJUVVHWVOnV
29(56,*7
)LJXUa
$IEU\GHUSnKnQGWDJ
6WDUWNQDS
YUHKnQGWDJ
1HGUHKnQGWDJ
/nJHWLOXGVW¡GQLQJSnEDJVLGHQ
%DWWHULGNVHO
+¡MGHMXVWHULQJVKnQGWDJ
*UVIDQJHU
3URS
6SQGHNQRS
%ROW
+nQGWDJWLOKXUWLJIULJLYHOVH
.URJ
%DWWHULSDNNH
6LNNHUKHGVQ¡JOH
.QDSWLOIULJ¡UHOVHDIEDWWHUL
0¡WULN
6SQGHVNLYH
.OLQJH
6,..(5+('
$'9$56(/
6¡UJIRUDWI¡OJHDOOHVLNNHUKHGVDQYLVQLQJHUQH
6HVLNNHUKHGVYHMOHGQLQJHQ
,167$//$7,21
$'9$56(/
7LOEHK¡UGHULNNHDQEHIDOHVDIIDEULNDQWHQPnLNNHEUXJHV
$'9$56(/
6LNNHUKHGVQ¡JOHQHOOHUEDWWHULHWPnLNNHVWWHVLSURGXNWHW
I¡UDOOHGHOHQHHUVDPOHW
3$.0$6.,1(18'
$'9$56(/
6¡UJIRUDWVDPOHPDVNLQHQNRUUHNWI¡UEUXJ
$'9$56(/
+YLVGHOHDIPDVNLQHQEHVNDGLJHVPnGHQLNNHEUXJHV
+YLVGXLNNHKDUDOOHGHOHQHPnPDVNLQHQLNNHEUXJHV
+YLVQRJOHGHOHHUEHVNDGLJHWHOOHUPDQJOHUVNDOGX
NRQWDNWHVHUYLFHFHQWUHW
cEQSDNNHQ
/VGRNXPHQWDWLRQHQGHUI¡OJHUPHGLSDNNHQ
7DJDOOHLNNHPRQWHUHGHGHOHXGDISDNNHQ
7DJPDVNLQHQXGDISDNNHQ
%RUWVNDISDNNHQRJHPEDOODJHQLRYHUHQVVWHPPHOVHPHG
ORNDOHEHVWHPPHOVHU
)2/'8'2*-867e5'(7
1('5(+c1'7$*
)LJXU
7UNRSRJWLOEDJHLGHW¡YUHKnQGWDJIRUDWO¡IWH
KnQGWDJHWLDUEHMGVVWLOOLQJ6¡UJIRUDWKnQGWDJHQHNOLNNHU
NRUUHNWSnSODGV
6SQGGHWQHGUHKnQGWDJIDVWPHG
NYLNEHVSQGLQJVKnQGWDJHQHSnGHWRVLGHU
%(05.
6¡UJIRUDWGHWRKnQGWDJHULGHQVDPPHVWLOOLQJ
$'9$56(/
8QGJnDWEHVNDGLJHNDEOHUQHQnUGXIROGHUKnQGWDJHWLQG
RJXG
0217(5'(79(567(
+c1'7$*
)LJXU
6WKXOOHUQHSnGHW¡YHUVWHKnQGWDJVDPPHQPHG
KXOOHUQHLGHWQHGHUVWHKnQGWDJ
6WLNEROWHQHJHQQHPKXOOHUQH
6SQGVSQGHNQRSSHQSnEROWHQH
*¡UGHWVDPPHSnGHQDQGHQVLGH
0217(5*56)$1*(5(1
)LJXU
7DJLQGVDWVHQWLOGNQLQJVPDWHULDOHXG
cEQOnJHQWLOEDJXGNDVWHWRJKROGGHQ
+ROGJUVIDQJHUHQLKnQGWDJHWRJVWNURJHLGHGHUWLO
EHUHJQHGHVSUNNHU
/XNOnJHQWLOEDJXGNDVWHW
6735233(1,
)LJXU
)MHUQJUVIDQJHUHQ
'DQVN
'$

cEQOnJHQWLOEDJXGVW¡GQLQJHQRJKROGGHQ
+ROGSURSSHQLKnQGWDJHWRJVWGHQLXGVW¡GQLQJVU¡UHW
/XNOnJHQWLOEDJXGVW¡GQLQJHQ
,1'67,/./,1*(1
./,33(+-'(1
0DVNLQHQNDQLQGVWLOOHVWLOIRUVNHOOLJHNOLQJHNOLSSHK¡MGHU
)LJXU
7U\NK¡MGHMXVWHULQJVKnQGWDJHWIUHPDGIRUDWKYH
NOLQJHQNOLSSHK¡MGHQ
7U\NK¡MGHMXVWHULQJVKnQGWDJHWEDJXGIRUDWVQNH
NOLQJHQNOLSSHK¡MGHQ
67%$77(5,3$..(1,
)LJXU
$'9$56(/
+YLVEDWWHULHWHOOHURSODGHUHQHUEHVNDGLJHWVNDOGX
VNLIWHEDWWHULHWHOOHURSODGHUHQ
6WRSPDVNLQHQRJYHQWLQGWLOPRWRUHQVWRSSHUI¡UGX
VWWHUEDWWHULHWLHOOHUWDJHUGHWXG
/VIRUVWnRJI¡OJLQVWUXNWLRQHUQHLEDWWHULRJ
RSODGHUYHMOHGQLQJHQ
$'9$56(/
%58*.819%$77(5,(5%58*,..(
%$77(5,(50(''2%%(/7631',1*9
%(05.
%HJJHEDWWHULHUVNDOVWWHLEDWWHULNDPPHUHWI¡UDSSDUDWHW
NDQVWDUWHV
cEQEDWWHULGNVOHW
6WO¡IWHULEEHUQHSnEDWWHULSDNNHQVDPPHQPHGULOOHUQHL
EDWWHULUXPPHW
7U\NEDWWHULHWLQGLEDWWHULUXPPHWLQGWLOEDWWHULSDNNHQ
OnVHVSnSODGV
1nUGXK¡UHUHWNOLNHUEDWWHULSDNNHQVDWL
8GI¡UGHQVDPPHKDQGOLQJPHGGHWDQGHWEDWWHUL
/XNEDWWHULGNVOHW
%(05.
0RWRUHQNDQNXQVWDUWHQnUVLNNHUKHGVQ¡JOHQHUVDWL
)-(51%$77(5,3$..(1
)LJXU
cEQOnJHQWLOEDWWHULUXPPHW
7DJVLNNHUKHGVQ¡JOHQXG
+ROGEDWWHULXGO¡VHUNQDSSHQQHGH
7DJEDWWHULSDNNHQXGDIPDVNLQHQ
%(7-(1,1*
$'9$56(/
%UXJ¡MHQEHVN\WWHOVHXQGHUEUXJ
67$570$6.,1(1
)LJXU
%(05.
0RQWHUJUVIDQJHUHQLQGHQPDVNLQHQWDJHVLEUXJ
6WVLNNHUKHGVQ¡JOHQL
+ROGVWDUWNQDSSHQQHGH
0HQVGXKROGHUVWDUWNQDSSHQWUNNHVKnQGWDJHWSn
RPVNLIWHUHQLUHWQLQJPHGKnQGWDJHW
6OLSVWDUWNQDSSHQIRUDWVWDUWHPDVNLQHQ
67230$6.,1(1
)LJXU
6OLSKnQGWDJHWWLORPVNLIWHUERNVHQIRUDWVWRSSH
PDVNLQHQ
$'9$56(/
9HQWLQGWLONOLQJHUQHVWRSSHUKHOWLQGHQGXVWDUWHU
PDVNLQHQLJHQ0DVNLQHQPnLNNHVOXNNHVRJWQGHVOLJH
HIWHUKLQDQGHQ
$'9$56(/
7DJDOWLGVLNNHUKHGVQ¡JOHQRJEDWWHULHWXGQnUGXHUIUGLJ
PHGDWEUXJHPDVNLQHQ
70*56)$1*(5(1
6WRSPDVNLQHQ
7DJVLNNHUKHGVQ¡JOHQXG
)MHUQEDWWHULSDNNHQ
cEQOnJHQWLOEDJXGNDVWHWRJKROGGHQ
+ROGJUVIDQJHUHQLKnQGWDJHWRJWDJNURJHQHXGDI
VSUNNHUQH
/XNOnJHQWLOEDJXGNDVWHW
7¡PJUVIDQJHUHQ
%58*$)*566/c0$6.,1(1
3c6.5c1,1*(5
$'9$56(/
*UVVOnPDVNLQHQPnLNNHEUXJHVSnVNUnQLQJHURYHU
+YLVGXLNNHHUVLNNHUSnKYRUGDQHQVNUnQLQJVNDONOLSSHV
VNDOGXLNNHNOLSSHVNUnQLQJHQ
*nLNNHRSRJQHGQnUJUVVHWSnHQVNUnQLQJVOnV3DV
SnQnUGXVNLIWHUUHWQLQJHQSnHQVNUnQLQJ
'DQVN
'$

+ROG¡MHPHGHYHQWXHOOHKXOOHUQHXMYQKHGHUVWHQRJ
DQGUHVNMXOWHJHQVWDQGHVRPGXNDQIDOGHRYHU)MHUQDOOH
IRUKLQGULQJHUVnVRPVWHQRJWUVW\NNHU
6¡UJIRUDWKDYHHWVWDELOWIRGIVWH+YLVGXNRPPHUXG
DIEDODQFHVNDOGXVWUDNVVOLSSHDIEU\GHUHQ
8QGJnDWVOnJUVLQUKHGHQDIORGUHWWHNOLSSHVLGHU
JU¡IWHURJGPQLQJHU
7,367,/%58*
3U¡YLNNHDWRPJnVWDUWNQDSSHQVHOOHUKnQGWDJHWWLO
RPVNLIWHUERNVHQ
9LSLNNHPDVNLQHQQnUGXVWDUWHUGHQ
$QEULQJLNNHKQGHUHOOHUI¡GGHUQUHOOHUXQGHU
GUHMHQGHGHOH
+ROGXGNDVWHWUHQW
6OnLNNHYnGWJUV
3nQ\WHOOHUW\NWJUVVNDONQLYK¡MGHQKYHV
5HQJ¡UEXQGHQSnNOLSSHDJJUHJDWHWHIWHUKYHUEUXJ)MHUQ
JUVEODGHVQDYVRJDQGHWVNLGW
9('/,*(+2/'(/6(
$'9$56(/
7DJEDWWHULHWRJVLNNHUKHGVQ¡JOHQXGDIPDVNLQHQLQGHQ
YHGOLJHKROGHOVH
$'9$56(/
+ROGPRWRUHQRJEDWWHULSDNNHQIULIRUJUVEODGHHOOHUIRU
PHJHWIHGW
)256,*7,*
%UXJNXQJRGNHQGWHUHVHUYHGHOH
)256,*7,*
/DGLNNHEUHPVHYVNHEHQ]LQUnROLHEDVHUHGHPDWHULDOHU
U¡UHYHGSODVWGHOHQH.HPLNDOLHUNDQIRUnUVDJHVNDGHUSn
SODVWLNRJJ¡UHGHQXEUXJHOLJ
)256,*7,*
%UXJLNNHVWUNHRSO¡VQLQJVPLGOHUHOOHUUHQJ¡ULQJVPLGOHU
SnSODVWLNNDELQHWWHWHOOHUNRPSRQHQWHUQH
%(05.
$QEHIDOHWVSQGLQJVPRPHQW.OLQJH1P
*(1(5(/9('/,*(+2/'(/6(
,QGHQKYHUEUXJVNDOPDVNLQHQXQGHUV¡JHVIRU
EHVNDGLJHGHPDQJOHQGHHOOHUO¡VHGHOHVnVRPVNUXHU
P¡WULNNHUEROWHRJKWWHU
6SQGDOOHVNUXHURJKWWHURUGHQWOLJW
5HQJ¡UPDVNLQHQPHGHQW¡UNOXG%UXJLNNHYDQG
6.,)7./,1*(1
)LJXU
$'9$56(/
%UXJNXQJRGNHQGWHUHVHUYHNOLQJHU
$'9$56(/
%UXJNUDIWLJHKDQGVNHUHOOHUYLNOHQNOXGRPNOLQJHQQnU
GHQKnQGWHUHV
6WRSPDVNLQHQ
6¡UJIRUDWNOLQJHQVWRSSHUKHOW
7DJVLNNHUKHGVQ¡JOHQRJEDWWHULSDNNHQXG
9HQGPDVNLQHQRPSnVLGHQ
6WNOLQJHQLVSQGPHGHWVW\NNHWUVnGHQLNNHGUHMHU
UXQGW
)MHUQPRQWHULQJVVNUXHQRJDIVWDQGVVW\NNHWPHGHQ
VNUXHQ¡JOHHOOHUWRSQ¡JOH
7DJNOLQJHQDI
6WGHQQ\HNOLQJHSn6¡UJIRUDWGHWRWDSSHUSDVVHULQG
LKXOOHUQHLNOLQJHQ
6WDIVWDQGVVW\NNHWLQGRJVWUDPPRQWHULQJVVNUXHQVRP
GXWRJXGI¡U
23%(9$5,1*$)0$6.,1(1
7DJVLNNHUKHGVQ¡JOHQXG
)MHUQEDWWHULSDNNHQ
5HQJ¡UPDVNLQHQI¡URSEHYDULQJ
6¡UJIRUDWPRWRUHQLNNHHUYDUPQnUGXSDNNHU
PDVNLQHQYN
6¡UJIRUDWPDVNLQHQLNNHKDUO¡VHHOOHUEHVNDGLJHGH
GHOH+YLVQ¡GYHQGLJWVNDOGXXGI¡UHGLVVHWULQ
LQVWUXNWLRQHU
8GVNLIWGHEHVNDGLJHGHGHOH
6SQGEROWHQH
)RUK¡UGLJKRVHQSHUVRQSnHWDXWRULVHUHW
VHUYLFHFHQWHU
2SEHYDUPDVNLQHQHWW¡UWVWHG
6¡UJIRUDWE¡UQLNNHNRPPHULQUKHGHQDIPDVNLQHQ
)(-/),1',1*
3UREOHP 0XOLJnUVDJ /¡VQLQJ
+nQGWDJHWHULNNH
SnSODGV
%ROWHQHHULNNH
VWUDPPHWRUGHQ
WOLJW
-XVWHUKnQGWDJHWV
K¡MGHRJV¡UJIRU
DWVSQGHNQRS
SHUQHRJEROWHQH
VWUDPPHVRUGHQ
WOLJW
'DQVN
'$

3UREOHP 0XOLJnUVDJ /¡VQLQJ
0DVNLQHQVWDUWHU
LNNH
%DWWHULQLYHDXHWHU
ODYW
2SODGEDWWHULHW
$IEU\GHUHQHUGH
IHNW
6NLIWDIEU\GHUHQ
%DWWHULQ¡JOHQHU
LNNHVDWL
6WEDWWHULQ¡JOHQ
L
0DVNLQHQVOnU
JUVVHWXMYQW
3OQHQHUUX 8QGHUV¡JJUVRP
UnGHWGHUVNDOVOnV
.OLQJHK¡MGHQHU
LNNHLQGVWLOOHWNRU
UHNW
-XVWHUNOLQJHNOLS
SHK¡MGHQK¡MHUH
RS
0DVNLQHQVOnULNNH
JUVVHWRUGHQWOLJW
9nGWJUVKDUVDW
VLJIDVWSnNOLS
SHDJJUHJDWHW
9HQWPHGDWVOn
JUVVHWLQGWLOGHW
HUW¡UW
3URSSHQPDQJOHU 6WSURSSHQSn
0DVNLQHQHUVYU
DWVNXEEH
*UVVHWHUIRU
K¡MWHOOHUNOLQ
JHK¡MGHQHUIRU
ODY
+YNOLQJHNOLS
SHK¡MGHQ
*UVIDQJHUHQRJ
NOLQJHQHUIDQJHWL
W\NWJUV
7¡PJUVIDQJHUHQ
IRUJUV
0DVNLQHQYLEUHUHU
PHJHW
.OLQJHQHUXGHDI
EDODQFHRJVOLGW
6NLIWNOLQJHQ
0RWRUDNVOHQHU
E¡MHW
6WRSPDVNL
QHQ
7DJVLNNHU
KHGVQ¡JOHQRJ
EDWWHULSDNNHQ
XG
$IEU\G
VWU¡PNLOGHQ
6HPDVNLQHQ
HIWHUIRUVNDG
HU
5HSDUHUPDV
NLQHQLQGHQ
GHQVWDUWHVLJ
HQ
0DVNLQHQVWRSSHU
QnUJUVVHWVOnV
.OLQJHK¡MGHQHU
IRUODY
+YNOLQJHNOLS
SHK¡MGHQ
%DWWHULHWHUXGHDI
GULIW
2SODGEDWWHULHW
*UVVLGGHUIDVWL
NOLSSHDJJUHJDWHW
HOOHUSnNOLQJHQ
7DJEDWWHULSDNNHQ
XGRJNRQWUROOHU
NOLSSHDJJUHJDWHW
0DVNLQHQVGULIW
VWHPSHUDWXUHUIRU
K¡M
1HGN¡OPDVNLQHQ
+YLVGXLNNHNDQILQGHO¡VQLQJHQSnGLVVHSUREOHPHUVNDO
GXNRQWDNWHHWVHUYLFHFHQWHU
7(.1,6.('$7$
6SQGLQJ 9
+DVWLJKHGXGHQEHODVWQLQJ RPLQ
.OLSSHEUHGGH PP
.OLSSHK¡MGH PP
*UVIDQJHUHQVNDSDFLWHW O
9JWXGHQEDWWHULSDNNH OEVNJ
0nOWO\GWU\NQLYHDX /
3$
G%$.
G%$
*DUDQWHUHWO\GHIIHNWQLYHDX /
:$G
G%$
9LEUDWLRQ 㸺 PV
. PV
%DWWHULPRGHO *%*%RJDQGUH
%$*VHULHU
2SODGHUPRGHO *;&*;8&
*;8&RJDQGUH&$*
VHULHU
'REEHOWLVROHUHWNRQVWUXNWLRQ
,3; ,3;
*$5$17,
$OOHYLONnUHQHRJEHWLQJHOVHUQHIRUJDUDQWLHQNDQILQGHVSn
*UHHQZRUNVKMHPPHVLGHQ
*DUDQWLHQ*UHHQZRUNVJOGHULnUIRUSURGXNWHWRJnUIRU
EDWWHULHUIRUEUXJHUSULYDWEUXJIUDN¡EVGDWRHQ'HQQH
JDUDQWLGNNHUSURGXNWLRQVIHMO(WGHIHNWSURGXNWXQGHU
JDUDQWLHQNDQHQWHQUHSDUHUHVHOOHUXGVNLIWHV(QHQKHGGHUHU
EOHYHWPLVEUXJWHOOHUEUXJWSnDQGUHPnGHUHQGEHVNUHYHWL
EUXJHUYHMOHGQLQJHQGNNHVLNNHDIJDUDQWLHQ1RUPDOWVOLG
RJVOLGDIGHOHEHWUDJWHVGNNHVLNNHDIJDUDQWLHQ'HQ
RULJLQDOHJDUDQWLIUDSURGXFHQWHQSnYLUNHVLNNHDIDQGUH
JDUDQWLHUIUDHQIRUKDQGOHU
(WGHIHNWSURGXNWVNDOUHWXUQHUHVWLON¡EVVWHGHWNYLWWHULQJ
VDPPHQPHGN¡EVEHYLVIRUDWEUXJHJDUDQWLHQ
()
29(5(1667(00(/6(6(5./
5,1*
1DYQRJDGUHVVHSnIDEULNDQWHQ
1DYQ */2%*52$%
*OREH*URXS(XURSH
$GUHVVH 5LJJDUHJDWDQ0DOP|6YHULJH
'DQVN
'$

1DYQRJDGUHVVHSnGHQSHUVRQGHUHUEHP\QGLJHWWLODW
XGDUEHMGHGHQWHNQLVNHILO
1DYQ 0LFDHO-RKDQVVRQ
$GUHVVH 5LJJDUHJDWDQ0DOP|6YHULJH
+HUDIHUNOUHUYLDWSURGXNWHW
.DWHJRUL *UVVOnPDVNLQH
0RGHO *;/0/0(
6HULHQXPPHU 6HW\SHVNLOWHWSnSURGXNWHW
3URGXNWLRQVnU 6HW\SHVNLOWHWSnSURGXNWHW
HULRYHUHQVVWHPPHOVHPHGGHUHOHYDQWHEHVWHPPHOVHUL
PDVNLQGLUHNWLYHW()
HULRYHUHQVVWHPPHOVHPHGEHVWHPPHOVHUQHLI¡OJHQGH
DQGUH()GLUHNWLYHU
(8
(&(&
(8(8
(QGYLGHUHHUNOUHUYLDWI¡OJHQGHGHOHRJNODXVXOHURP
KDUPRQLVHUHGHVWDQGDUGHUHUEOHYHWEUXJW
2YHUHQVVWHPPHOVHVYXUGHULQJVPHWRGHLKHQKROGWLOELODJ9,L
GLUHNWLY(&
0nOWO\GHIIHNWQLYHDX O
:$
G%$
*DUDQWHUHWO\GHIIHNWQLYHDX O
:$G
G%$
6WHGGDWR0DOP|
8QGHUVNULIW7HG4XNYDOLWHWVGLU
HNW¡U
'DQVN
'$

2SLV
&HO
,QIRUPDFMHRJyOQH
%H]SLHF]HĔVWZR
,QVWDODFMD
5R]SDNXMXU]ąG]HQLH
5R]áyĪLXVWDZGROQ\XFKZ\W
=DLQVWDOXMJyUQąUĊNRMHĞü
=DLQVWDOXM]ELRUQLNQDWUDZĊ
=DLQVWDOXM]DW\F]NĊZ\ORWXGRPXOF]RZDQLD
8VWDZZ\VRNRĞüRVWU]\FLĊFLD
=DLQVWDORZDüDNXPXODWRU
:\MPLMDNXPXODWRU
']LDáDQLH
:áąF]XU]ąG]HQLH
:\áąF]XU]ąG]HQLH
2SUyĪQLDMSRMHPQLNQDWUDZĊ
.RV]HQLHQD]ERF]DFK
5DG\GRW\F]ąFHG]LDáDQLD
.RQVHUZDFMD
2JyOQDNRQVHUZDFMD
:\PLHĔRVWU]H
3U]HFKRZXMXU]ąG]HQLH
5R]ZLą]\ZDQLHSUREOHPyZ
'DQHWHFKQLF]QH
*ZDUDQFMD
'HNODUDFMD]JRGQRĞFL:(
3ROVNL
3/

23,6
&(/
8U]ąG]HQLHWRMHVWSU]H]QDF]RQHGRNRV]HQLDWUDZQLNyZ
SU]\GRPRZ\FK2VWU]HWQąFHPXVLE\üXVWDZLRQHZ
SU]\EOLĪHQLXUyZQROHJOHGR]LHPL:V]\VWNLHF]WHU\NRáD
PXV]ąGRW\NDü]LHPLSRGF]DVNRV]HQLD
,1)250$&-(2*Ï/1(
5\VXQHNa
3U]HáąF]QLNVWHURZDQLD
3U]\FLVN6WDUW
*yUQDF]ĊĞüXFKZ\WX
'ROQDF]ĊĞüXFKZ\WX
7\OQHGU]ZLF]NLZ\U]XWXWUDZ\
3RNU\ZDEDWHULL
'ĨZLJQLDUHJXODFMLZ\VRNRĞFL
3RMHPQLNQDWUDZĊ
=DW\F]NDZ\ORWXGRPXOF]RZDQLD
3RNUĊWáR
ĝUXED
'ĨZLJQLDV]\ENLHJR]DFLVNX
KDN
.RPSOHWDNXPXODWRUD
.OXF]]DEH]SLHF]DMąF\
3U]\FLVN]ZDOQLDMąF\DNXPXODWRUD
1DNUĊWND
'\VWDQVRZQLN
2VWU]H
%(=3,(&=(ē67:2
2675=(ĩ(1,(
8SHZQLMVLĊĪHSRVWĊSXMHV]]JRGQLH]HZV]\VWNLPL
LQVWUXNFMDPLEH]SLHF]HĔVWZD
=DSR]QDMVLĊ],QVWUXNFMDPLEH]SLHF]HĔVWZD
,167$/$&-$
2675=(ĩ(1,(
1LHXĪ\ZDMDNFHVRULyZNWyUHQLHVą]DOHFDQHSU]H]
SURGXFHQWD
2675=(ĩ(1,(
.OXF]]DEH]SLHF]DMąF\RUD]NRPSOHWDNXPXODWRUDQDOHĪ\
ZáRĪ\üSR]DNRĔF]HQLXPRQWDĪXZV]\VWNLFKF]ĊĞFL
52=3$.8-85=Ą'=(1,(
2675=(ĩ(1,(
8SHZQLMVLĊĪHXU]ąG]HQLH]RVWDáRSRSUDZQLH]áRĪRQHSU]HG
XĪ\FLHP
2675=(ĩ(1,(
-HĞOLF]ĊĞFLXU]ąG]HQLDVąXV]NRG]RQHQLHXĪ\ZDü
XU]ąG]HQLD
-HĞOLEUDNXMHF]ĊĞFLQLHXĪ\ZDüXU]ąG]HQLD
-HĞOLF]ĊĞFLVąXV]NRG]RQHOXEEUDNXMHF]ĊĞFL
VNRQWDNWXMVLĊGRSXQNWXVHUZLVRZHJR
2WZyU]RSDNRZDQLH
3U]HF]\WDMGRNXPHQWDFMĊ]DáąF]RQąZSXGHáNX
:\MPLMZV]\VWNLHQLH]áRĪRQHF]ĊĞFL]SXGHáND
:\MPLMXU]ąG]HQLH]SXGHáND
:\U]XüSXGHáNRLRSDNRZDQLH]JRGQLH]ORNDOQ\PL
UR]SRU]ąG]HQLDPL
52=àÏĩ,867$:'2/1<
8&+:<7
5\VXQHN
3RFLąJQLMZJyUĊGRW\áXJyUQ\XFKZ\WE\XQLHĞüXFKZ\W
GRSR]\FMLG]LDáDQLD8SHZQLMVLĊĪHXFKZ\W\EORNXMąVLĊ
SRSUDZQLHZVZRMHMSR]\FML
3U]\NUĊüGROQ\XFKZ\WGĨZLJQLąV]\ENLHJR]ZROQLHQLD]
GZyFKVWURQ
8:$*$
8SHZQLMVLĊĪHREDXFKZ\W\]QDMGXMąVLĊZLGHQW\F]QHM
SR]\FML
2675=(ĩ(1,(
8ZDĪDME\QLHXV]NRG]LüSU]HZRGyZSRGF]DVVNáDGDQLD
OXEUR]NáDGDQLDUĊNRMHĞFL
=$,167$/8-*Ï51Ą5ĉ.2-(ĝû
5\VXQHN
:\UyZQDMRWZRU\QDJyUQHMLGROQHMUĊNRMHĞFL
:áyĪĞUXE\GRRWZRUyZ
3U]\NUĊüSRNUĊWáDQDĞUXEDFK
:\NRQDMWRVDPRG]LDáDQLH]GUXJLHMVWURQ\
=$,167$/8-=%,251,.1$
75$:ĉ
5\VXQHN
:\MPLM]DW\F]NĊZ\ORWXGRPXOF]RZDQLD
2WZyU]W\OQHGU]ZLF]NLZ\U]XWXWUDZ\LSU]\WU]\PDMMH
3ROVNL
3/

3U]\WU]\PDM]ELRUQLNQDWUDZĊ]DSRPRFąXFKZ\WXLZáyĪ
KDNLGRV]F]HOLQ
=DPNQLMW\OQHGU]ZLF]NLZ\U]XWXWUDZ\
=$,167$/8-=$7<&=.ĉ
:</278'208/&=2:$1,$
5\VXQHN
=GMąü]ELRUQLNQDWUDZĊ
2WZyU]W\OQHGU]ZLF]NLZ\U]XWXWUDZ\LSU]\WU]\PDMMH
3U]\WU]\PDM]DW\F]NDZ\ORWXGRPXOF]RZDQLD]DSRPRFą
XFKZ\WXLZáyĪGRU\QQ\Z\U]XWRZHM
=DPNQLMW\OQHGU]ZLF]NLZ\U]XWXWUDZ\
867$::<62.2ĝû2675=<
&,ĉ&,$
:XU]ąG]HQLXPRĪQDXVWDZLüUyĪQHZ\VRNRĞFLRVWU]\FLĊFLD
5\VXQHN
3RFLąJQLMGĨZLJQLĊXVWDZLDQLDZ\VRNRĞFLGRSU]RGXE\
]ZLĊNV]\üZ\VRNRĞüRVWU]\FLĊFLD
3RFLąJQLMGĨZLJQLĊXVWDZLDQLDZ\VRNRĞFLGRW\áXE\
]PQLHMV]\üZ\VRNRĞüRVWU]\FLĊFLD
=$,167$/2:$û$.808/$725
5\VXQHN
2675=(ĩ(1,(
-HĞOLDNXPXODWRUOXEáDGRZDUNDVąXV]NRG]RQHZ\PLHĔ
MH
:\áąF]XU]ąG]HQLHLRGF]HNDMDĪVLOQLN]DWU]\PDVLĊ
]DQLP]DLQVWDOXMHV]OXEZ\MPLHV]DNXPXODWRU
3U]HF]\WDM]DSR]QDMVLĊLZ\NRQXMLQVWUXNFMHZ
SRGUĊF]QLNXDNXPXODWRUDLáDGRZDUNL
2675=(ĩ(1,(
8ĩ<:$-7</.2%$7(5,,91,(8ĩ<:$-
%$7(5,,=32':Ï-1<01$3,ĉ&,(09
8:$*$
2ELHEDWHULHSRZLQQ\E\ü]DLQVWDORZDQHZVFKRZNDFKQD
EDWHULHDE\XUXFKRPLüXU]ąG]HQLH
2WZyU]VFKRZHNQDDNXPXODWRU
:\UyZQDMZ]PRFQLRQHSURZDGQLFH]URZNDPLZ
VFKRZNXQDEDWHULH
:áyĪDNXPXODWRUGRVFKRZNDQDEDWHULHDĪGR
]DEORNRZDQLDVLĊZPLHMVFX
$NXPXODWRUMHVW]DLQVWDORZDQ\MHĞOLXVá\V]\V]NOLNQLĊFLH
:\NRQDMWĊVDPąRSHUDFMĊ]GUXJLPDNXPXODWRUHP
=DPNQLMGU]ZLF]NLVFKRZNDQDDNXPXODWRU
8:$*$
6LOQLN]DF]QLHG]LDáDüGRSLHURSRZáRĪHQLXNOXF]D
]DEH]SLHF]DMąFHJR
:<-0,-$.808/$725
5\VXQHN
2WZyU]VFKRZHNQDDNXPXODWRU
:\MPLMNOXF]]DEH]SLHF]DMąF\
3RSFKQLMLSU]\WU]\PDMSU]\FLVN]ZROQLHQLDDNXPXODWRUD
:\MPLMDNXPXODWRU]XU]ąG]HQLD
'=,$à$1,(
2675=(ĩ(1,(
3RGF]DVSUDF\]DáyĪRNXODU\RFKURQQH
:àĄ&=85=Ą'=(1,(
5\VXQHN
8:$*$
=DLQVWDOXMSRMHPQLNQDWUDZĊSU]HGNRV]HQLHP
:áyĪNOXF]]DEH]SLHF]DMąF\
3RSFKQLMLSU]\WU]\PDMSU]\FLVNVWDUWX
*G\SU]\WU]\PXMHV]SU]\FLVNVWDUWXSRFLąJQLMXFKZ\W
SU]HáąF]QLNDZNLHUXQNXSUĊWDUĊNRMHĞFL
=ZROQLMSU]\FLVNVWDUWE\XUXFKRPLüXU]ąG]HQLH
:<àĄ&=85=Ą'=(1,(
5\VXQHN
=ZROQLHQLHXFKZ\WXSU]HáąF]QLNDVWHURZDQLD]DWU]\PXMH
SUDFĊXU]ąG]HQLD
2675=(ĩ(1,(
2GF]HNDMDĪRVWU]DFDáNRZLFLHVLĊ]DWU]\PDMąSU]HG
SRQRZQ\PXUXFKRPLHQLHPXU]ąG]HQLD1LHZ\áąF]DMLQLH
ZáąF]DMNRVLDUNLZNUyWNLFKRGVWĊSDFK
2675=(ĩ(1,(
=DZV]HZ\MPXMNOXF]]DEH]SLHF]DMąF\LDNXPXODWRUSR
]DNRĔF]HQLXSUDF\
235Ïĩ1,$-32-(01,.1$
75$:ĉ
:\áąF]XU]ąG]HQLH
:\MPLMNOXF]]DEH]SLHF]DMąF\
:\MPLMDNXPXODWRU
2WZyU]W\OQHGU]ZLF]NLZ\U]XWXWUDZ\LSU]\WU]\PDMMH
3ROVNL
3/

3U]\WU]\PDM]ELRUQLNQDWUDZĊ]DSRPRFąXFKZ\WXL
Z\MPLMKDNL]HV]F]HOLQ
=DPNQLMW\OQHGU]ZLF]NLZ\U]XWXWUDZ\
2SUyĪQLM]ELRUQLNQDWUDZĊ
.26=(1,(1$=%2&=$&+
2675=(ĩ(1,(
1LHNRĞQD]ERF]DFK]HVSDGNLHPZ\ĪV]\PQLĪ-HĞOL
QLHF]XMHV]VLĊQDVLáDFKQLHNRĞQD]ERF]DFK
1LHLGĨZJyUĊDQLQLHVFKRGĨSR]ERF]XSRGF]DV
NRV]HQLDSRZLHU]FKQL]ERF]D=DFKRZDMRVWURĪQRĞüJG\
]PLHQLDV]NLHUXQHNQD]ERF]X
.RQWUROXMRWZRU\NROHLQ\VNDá\LLQQHXNU\WHSU]HGPLRW\
NWyUHPRJąVSRZRGRZDü7ZyMXSDGHN8VXĔZV]\VWNLH
SU]HGPLRW\WDNLHMDNLNDPLHQLHLNáRG\GU]HZ
8SHZQLMVLĊĪHPDV]VWDELOQHRSDUFLHGODQyJ-HĞOL
WUDFLV]UyZQRZDJĊQDW\FKPLDVW]ZROQLMSU]HáąF]QLN
VWHURZDQLD
1LHQDOHĪ\NRVLüZSREOLĪXXUZLVNNDQDáyZOXEQDV\SyZ
5$'<'27<&=Ą&('=,$à$1,$
1LHSUyEXMSU]HV]NDG]DüZG]LDáDQLXSU]\FLVNX
XUXFKDPLDQLDOXEXFKZ\WXSU]HáąF]QLNDVWHURZDQLD
1LHSU]HFK\ODüXU]ąG]HQLDZáąF]DMąFMH
1LHZROQRSU]\EOLĪDüUąNDQLQyJGRUXFKRP\FKF]ĊĞFL
=DFKRZDMU\QQĊZ\U]XWRZąZF]\VWRĞFL
1LHNRĞPRNUHMWUDZ\
:\VRNLHXVWDZLHQLHRVWU]\MHVWSRWU]HEQHGRNRV]HQLD
QRZHMOXEJUXEHMWUDZ\
:\F]\ĞüGQRSRNU\Z\NRVLDUNLSRNDĪG\PXĪ\FLX8VXĔ
VNRV]RQąWUDZĊOLĞFLHEUXGLLQQH]DQLHF]\V]F]HQLD
.216(5:$&-$
2675=(ĩ(1,(
:\MPLMNOXF]EH]SLHF]HĔVWZDLDNXPXODWRU]XU]ąG]HQLD
SU]HGNRQVHUZDFMą
2675=(ĩ(1,(
=VLOQLNDLDNXPXODWRUDQDOHĪ\XVXZDüWUDZĊOLĞFLHL]E\W
GXĪHLORĞFLVPDUX
35=(6752*$
1DOHĪ\XĪ\ZDüZ\áąF]QLH]DOHFDQ\FKF]ĊĞFL]DPLHQQ\FK
35=(6752*$
8ZDĪDME\Sá\Q\KDPXOFRZHEHQ]\QDRUD]PDWHULDá\Z
NWyU\FKVNáDGDZFKRG]LURSDQDIWRZDQLHGRW\NDá\
SODVWLNRZ\FKF]ĊĞFLĝURGNLFKHPLF]QHPRJąXV]NRG]Lü
WZRU]\ZRV]WXF]QHLVSUDZLüĪHEĊG]LHQLHXĪ\WHF]QH
35=(6752*$
1LHXĪ\ZDMVLOQ\FKUR]SXV]F]DOQLNyZDQLGHWHUJHQWyZQD
SODVWLNRZHMREXGRZLHOXEHOHPHQWDFK
8:$*$
=DOHFDQ\PRPHQWGRNUĊFDQLD2VWU]H1P
2*Ï/1$.216(5:$&-$
3U]HGNDĪG\PXĪ\FLHPQDOHĪ\VSUDZG]LüF]\ĪDGQH
F]ĊĞFLQLHVąXV]NRG]RQHQLHEUDNXMHLFKOXEQLHVą
SROX]RZDQHQSĞUXE\QDNUĊWNLVZRU]QLH
'RNUĊüRGSRZLHGQLRZV]\VWNLHSRáąF]HQLDLVZRU]QLH
8U]ąG]HQLHQDOHĪ\F]\ĞFLüVXFKąV]PDWNą1LHXĪ\ZDM
ZRG\
:<0,(ē2675=(
5\VXQHN
2675=(ĩ(1,(
1DOHĪ\XĪ\ZDüZ\áąF]QLH]DOHFDQ\FKRVWU]\]DPLHQQ\FK
2675=(ĩ(1,(
:áyĪZ\WU]\PDáHUĊNDZLFHLV]PDWNĊZRNyáRVWU]DJG\
GRW\NDV]RVWU]D
:\áąF]XU]ąG]HQLH
8SHZQLMVLĊĪHRVWU]DVLĊFDáNRZLFLH]DWU]\PDá\
:\MPLMNOXF]EH]SLHF]HĔVWZDLDNXPXODWRU
2EUyüXU]ąG]HQLHQDERN
8Ī\MNDZDáNDGUHZQDPE\]DSRELHFUXFKRPRVWU]D
:\MPLMĞUXEĊPRQWDĪRZąLG\VWDQVRZQLN]DSRPRFą
NOXF]DLPEXVRZHJROXEQDVDGNL
:\MPLMRVWU]D
=DLQVWDOXMQRZHRVWU]H8SHZQLMVLĊĪHGZDEROFH
]QDMGXMąVLĊZRWZRUDFKRVWU]D
:áyĪGRG\VWDQVRZQLNDLSU]\NUĊüZ\MĊWąĞUXEĊ
PRQWDĪRZą
35=(&+2:8-85=Ą'=(1,(
:\MPLMNOXF]]DEH]SLHF]DMąF\
:\MPLMDNXPXODWRU
:\F]\ĞüXU]ąG]HQLHSU]HGSU]HFKRZ\ZDQLHP
8SHZQLMVLĊĪHVLOQLNQLHMHVWJRUąF\JG\SU]HFKRZXMHV]
XU]ąG]HQLH
8SHZQLMVLĊĪHZXU]ąG]HQLXQLHPDOXĨQ\FKDQL
XV]NRG]RQ\FKF]ĊĞFL-HĞOLMHVWWRNRQLHF]QHSRVWĊSXM
]JRGQLH]QDVWĊSXMąF\PLNURNDPLLQVWUXNFMDPL
:\PLHĔXV]NRG]RQHF]ĊĞFL
:NUĊüĞUXE\
3ROVNL
3/

6NRQWDNWXMVLĊ]XSRZDĪQLRQ\PSXQNWHP
VHUZLVRZ\P
3U]HFKRZXMXU]ąG]HQLHZVXFK\PPLHMVFX
8SHZQLMVLĊĪHG]LHFLQLHPRJąVLĊ]EOLĪ\üGR
XU]ąG]HQLD
52=:,Ą=<:$1,(
352%/(0Ï:
3UREOHP 0RĪOLZDSU]\F]\
QD
5R]ZLą]DQLH
8FKZ\WQLHMHVWZ
SRSUDZQHMSR]\F
ML
ĝUXE\QLHVąSR
SUDZQLHZáRĪRQH
8VWDZZ\VRNRĞü
XFKZ\WXLXSHZQLM
VLĊĪHSRNUĊWáDL
ĞUXE\VąSRSUDZ
QLHZ\UyZQDQH
8U]ąG]HQLHQLH
ZáąF]DVLĊ
1LVNLSR]LRPDNX
PXODWRUD
1DáDGRZDüDNX
PXODWRU
3U]HáąF]QLNVWHUR
ZDQLDHVWZDGOLZ\
:\PLHĔSU]HáąF]
QLNVWHURZDQLD
.OXF]DNXPXODWRUD
QLHMHVWZáRĪRQ\
:áyĪNOXF]DNX
PXODWRUD
8U]ąG]HQLHQLHU
yZQRNRVLWUDZĊ
7UDZQLNMHVWQLHU
yZQ\
6NRQWUROXMREV]DU
NRV]HQLD
:\VRNRĞüRVWU]D
QLHMHVWSRSUDZQLH
XVWDZLRQD
8VWDZZ\VRNRĞü
RVWU]DFLĊFLDGR
Z\ĪV]HMSR]\FML
.RVLDUNDQLHZáDĞ
FLZLHPXOF]XMH
3U]\FLQDQDPRNUD
WUDZDSU]\F]HSLáD
VLĊGRSRNU\Z\
2GF]HNDMDĪWUDZD
Z\VFKQLHSU]HG
NRV]HQLHP
%UDNXMH]DW\F]NL
Z\ORWXGRPXOF]R
ZDQLD
=DLQVWDOXM]D
W\F]NĊZ\ORWXGR
PXOF]RZDQLD
7UXGQRĞFL]SFKD
QLHPNRVLDUNL
7UDZDMHVW]E\W
Z\VRNDOXEZ\VR
NRĞüRVWU]DMHVW
]E\WQLVND
=ZLĊNV]Z\VRNRĞü
RVWU]\FLĊFLD
=ELRUQLNQDWUDZĊ
LRVWU]HFLąJQąVLĊ
SRJUXEHMWUDZLH
8VXĔSU]\FLĊWą
WUDZĊ]H]ELRUQLND
3UREOHP 0RĪOLZDSU]\F]\
QD
5R]ZLą]DQLH
:XU]ąG]HQLXVą
GXĪHGUJDQLD
2VWU]HQLHMHVW
Z\UyZQDQHLMHVW
]XĪ\WH
:\PLHĔRVWU]H
:DáVLOQLNDMHVW
Z\JLĊW\
:\áąF]VLOQLN
:\MPLMNOXF]
EH]SLHF]HĔVW
ZDLDNXPXOD
WRU
2GáąF]]VLHFL
6SUDZGĨF]\
QLHMHVWXV]
NRG]RQH
1DSUDZXU]ąG
]HQLHSU]HG
SRQRZQ\PXU
XFKRPLHQLHP
8U]ąG]HQLH]DWU]\
PXMHVLĊSRGF]DV
NRV]HQLD
:\VRNRĞüRVWU]D
]E\WQLVND
=ZLĊNV]Z\VRNRĞü
RVWU]\FLĊFLD
1LVNLSR]LRPDNX
PXODWRUD
1DáDGRZDüDNX
PXODWRU
3U]\FLQDQDPRNUD
WUDZDSU]\F]HSLáD
VLĊGRSRNU\Z\
OXERVWU]D
:\MPLMDNXPXOD
WRULVNRQWUROXM
SRNU\ZĊ
=E\WZ\VRNDWHP
SHUDWXUDG]LDáDQLD
XU]ąG]HQLD
2FKáyGĨXU]ąG]H
QLH
MHĞOLQLHPRĪHV]]QDOHĨüUR]ZLą]DQLDQDWHSUREOHP\
VNRQWDNWXMVLĊ]SXQNWHPVHUZLVRZ\P
'$1(7(&+1,&=1(
1DSLĊFLH 9
3UĊGNRĞüEH]REFLąĪHQLD PLQ
6]HURNRĞüNRV]HQLD PP
:\VRNRĞüNRV]HQLD PP
3RMHPQRĞü]ELRUQLNDQD
WUDZĊ
/
:DJDEH]DNXPXODWRUD OEVNJ
0LHU]RQ\SR]LRPFLĞQLHQLD
DNXVW\F]QHJR
/
3$
G%$.
G%$
*ZDUDQWRZDQ\SR]LRPPR
F\DNXVW\F]QHM
/
:$G
G%$
'UJDQLD 㸺 PV
. PV
0RGHODNXPXODWRUD *%*%LLQQHVHULH
%$*
3ROVNL
3/

0RGHOáDGRZDUNL *;&*;8&
*;8&LLQQHVHULH
&$*
6WUXNWXUD]SRGZyMQąL]RODF
Mą
,3; ,3;
*:$5$1&-$
3HáQHZDUXQNLJZDUDQFML]QDMGXMąVLĊQDVWURQLH*UHHQZRUNV
LQWHUQHWRZHM
3URGXNW*UHHQZRUNVREMĊW\MHVWWU]\OHWQLąJZDUDQFMąDEDWHULH
GZXOHWQLąNOLHQWSU\ZDWQHXĪ\WNRZDQLHRERZLą]XMąFąRG
GDW\]DNXSX*ZDUDQFMDREHMPXMHZDG\IDEU\F]QH:DGOLZ\
SURGXNWREMĊW\JZDUDQFMąPRĪHE\üQDSUDZLRQ\OXE
Z\PLHQLRQ\8U]ąG]HQLHQLHZáDĞFLZLHXĪ\ZDQHOXEXĪ\ZDQH
ZVSRVyELQQ\RGRSLVDQHJRZQLQLHMV]HMLQVWUXNFMLWUDFL
JZDUDQFMĊ=Z\NáH]XĪ\FLHRUD]]XĪ\WHF]ĊĞFLQLHVąREMĊWH
JZDUDQFMą1DRU\JLQDOQąJZDUDQFMĊSURGXFHQWDQLH
ZSá\ZDMąĪDGQHGRGDWNRZHJZDUDQFMHSURSRQRZDQHSU]H]
G\VWU\EXWRUDOXEVSU]HGDZFĊ
:DGOLZ\SURGXNWZUD]]GRZRGHP]DNXSXSDUDJRQQDOHĪ\
RGHVáDüGRSXQNWX]DNXSXZFHOXUHNODPDFML]W\WXáX
JZDUDQFML
'(./$5$&-$=*2'12ĝ&,
:(
1D]ZDLDGUHVSURGXFHQWD
,PLĊLQD]
ZLVNR
*/2%*52$%
*OREH*URXS(XURSH
$GUHV 5LJJDUHJDWDQ0DOP|6ZHGHQ
6]ZHFMD
1D]ZLVNRLDGUHVRVRE\XSRZDĪQLRQHMGRVSRU]ąG]HQLD
GRNXPHQWDFMLWHFKQLF]QHM
,PLĊLQD]
ZLVNR
0LFDHO-RKDQVVRQ
$GUHV 5LJJDUHJDWDQ0DOP|6ZHGHQ
6]ZHFMD
0\QLĪHMSRGSLVDQLRĞZLDGF]DP\ĪHSURGXNW
.DWHJRULD .RVLDUNDGRWUDZ\
0RGHO *;/0/0(
1XPHUVHU\MQ\ =REDF]WDEOLF]NĊ]QDPLRQRZąQD
SURGXNFLH
5RNSURGXNFML =REDF]WDEOLF]NĊ]QDPLRQRZąQD
SURGXNFLH
MHVW]JRGQ\]RGQRĞQ\PLSU]HSLVDPL'\UHNW\ZZVSUDZLH
PDV]\Q:(
VSHáQLDZ\PRJLRNUHĞORQHZQDVWĊSXMąF\FKLQQ\FK
G\UHNW\ZDFKHXURSHMVNLFK
8(
:(L:(
8(L(8
3RQDGWRGHNODUXMHP\ĪHQDVWĊSXMąFHF]ĊĞFL]RVWDá\
Z\NRU]\VWDQHNODX]XOH]KDUPRQL]RZDQ\FKQRUP
0HWRGDRFHQ\]JRGQRĞFLZ$QHNVLH9,'\UHNW\Z\
:(
=PLHU]RQ\SR]LRPPRF\DNXVW\F]
QHM
/
:$
G%$
*ZDUDQWRZDQ\SR]LRPPRF\DNXV
W\F]QHM
/
:$G
G%$
0LHMVFHGDWD0DOP|
3RGSLV7HG4X'\UHNWRUGVMDNRĞFL
3ROVNL
3/

3RSLV
ÒþHO
3RSLV
%H]SHþQRVW
,QVWDODFH
5R]EDOHQt]DĜt]HQt
5R]ORåHQtDSĜL]SĤVREHQtVSRGQtUXNRMHWL
,QVWDODFHKRUQtUXNRMHWL
,QVWDODFH]DFK\WiYDþHWUiY\
,QVWDODFHPXOþRYDFt]iWN\
1DVWDYHQtYêãN\þHSHOHYêãN\VHNiQt
,QVWDODFHDNXPXOiWRUX
9\MPXWtDNXPXOiWRUX
3URYR]
6SXãWČQtVWURMH
=DVWDYHQtVWURMH
9\SUi]GQČQt]DFK\WiYDþHWUiY\
3UiFHYHVYDKX
3URYR]QtWLS\
ÒGUåED
&HONRYi~GUåED
9êPČQDþHSHOH
6NODGRYiQtVWURMH
2GVWUDĖRYiQtSUREOpPĤ
7HFKQLFNp~GDMH
=iUXND
(6SURKOiãHQtRVKRGČ
ýHVN\
&6

323,6
Òý(/
7HQWRVWURMVHSRXåtYiNVHNiQtWUiYQtNĤYGRPiFQRVWLěH]DFt
þHSHOPXVtEêWSĜLEOLåQČURYQREČåQČVH]HPt9ãHFKQDþW\ĜL
NRODVHPXVtSĜLVHNiQtGRWêNDW]HPČ
323,6
2EUi]HNa
3iNRYêSĜHStQDþ
6WDUWRYDFtWODþtWNR
+RUQtUXNRMHĢ
'ROQtUXNRMHĢ
=DGQtYêVWXSQtGYtĜND
'YtĜNDDNXPXOiWRUX
3iNDSURQDVWDYHQtYêãN\
=DFK\WiYDþWUiY\
0XOþRYDFt]iWND
.QRIOtN
âURXE
5\FKORXYROĖRYDFtSiþND
+iN
$NXPXOiWRU
%H]SHþQRVWQtNOtþ
7ODþtWNRSURXYROQČQtDNXPXOiWRUX
0DWLFH
5R]SČUND
3LORYêOLVW
%(=3(ý1267
9$529È1Ë
'RGUåXMWHYãHFKQ\EH]SHþQRVWQtSRN\Q\
9L]%H]SHþQRVWQtSĜtUXþND
,167$/$&(
9$529È1Ë
1HSRXåtYHMWHSĜtVOXãHQVWYtNWHUpYêUREFHQHGRSRUXþXMH
9$529È1Ë
1HYNOiGHMWHEH]SHþQRVWQtNOtþQHERDNXPXOiWRUGRNXG
QHGRNRQþtWHPRQWiåYãHFKGtOĤ
52=%$/(1Ë=$ěË=(1Ë
9$529È1Ë
8MLVWČWHVHSĜHGSRXåLWtPåHMVWHĜiGQČVHVWDYLOLVWURM
9$529È1Ë
3RNXGMVRXVRXþiVWLVWURMHSRãNR]HQpVWURM
QHSRXåtYHMWH
3RNXGQHPiWHYãHFKQ\VRXþiVWLVWURMQHSRXåtYHMWH
3RNXGMVRXVRXþiVWLSRãNR]HQpQHERFK\EČMtFtREUDĢWH
VHQDVHUYLVQtVWĜHGLVNR
2WHYĜHWHREDO
3ĜHþWČWHVLGRNXPHQWDFLSĜLORåHQRXYNUDELFL
9\MPČWH]NUDELFHYãHFKQ\QHVHVWDYHQpVRXþiVWL
9\MPČWHVWURM]REDOX
=OLNYLGXMWHNUDELFLDEDOtFtPDWHULiO\YVRXODGXVPtVWQtPL
SĜHGSLV\
52=/2ä(1Ë$3ě,=3ģ62%(1Ë
632'1Ë58.2-(7,
2EUi]HN
9\WiKQČWHD]DWODþWHKRUQtUXNRMHĢSURQDVWDYHQtUXNRMHWL
GRSUDFRYQtSRORK\8MLVWČWHVHåHUXNRMHWLVSUiYQČ
]DSDGQRXGRVSUiYQpSRORK\
8WiKQČWHGROQtUXNRMHĢSRPRFtU\FKORXYROĖRYDFtFKSiþHN
QDRERXVWUDQiFK
32=1È0.$
8MLVWČWHVHåHREČUXNRMHWLMVRXYHVWHMQpSROR]H
9$529È1Ë
1HSRãNRćWHNDEHO\SĜLVNOiSČQtQHERRGNOiSČQtUXNRMHWL
,167$/$&(+251Ë58.2-(7,
2EUi]HN
=DURYQHMWHRWYRU\YKRUQtUXNRMHWLDVSRGQtUXNRMHWL
9ORåWHãURXE\GRRWYRUĤ
8WiKQČWHNQRIOtN\QDãURXE\
3URYHćWHVWHMQRXRSHUDFLQDGUXKpVWUDQČ
,167$/$&(=$&+<7È9$ý(
75È9<
2EUi]HN
2GVWUDĖWHPXOþRYDFt]iWNX
2WHYĜHWH]DGQtYêVWXSQtGYtĜNDDSRGUåWHMH
3ĜLGUåWH]DFK\WiYDþWUiY\QDMHKRUXNRMHWLD]DKiNQČWH
KiþN\GRãWČUELQ
=DYĜHWH]DGQtYêVWXSQtGYtĜND
,167$/$&(08/ý29$&Ë=È7.<
2EUi]HN
2GVWUDĖWH]DFK\WiYDþWUiY\
ýHVN\
&6

2WHYĜHWH]DGQtYêVWXSQtGYtĜNDDSRGUåWHMH
8FKRSWHPXOþRYDFt]iWNX]DMHMtUXNRMHĢDYORåWHMLGR
Y\KD]RYDFtKRWXQHOX
=DYĜHWH]DGQtYêVWXSQtGYtĜND
1$67$9(1Ë9éâ.<ý(3(/(
9éâ.<6(.È1Ë
6WURMO]HQDVWDYLWQDUĤ]QpYêãN\þHSHOHYêãN\VHNiQt
2EUi]HN
3RVXĖWHSiNXSURQDVWDYHQtYêãN\VPČUHPGRSĜHGXSUR
]YêãHQtYêãN\þHSHOHYêãN\VHNiQt
3RVXĖWHSiNXSURQDVWDYHQtYêãN\VPČUHPGR]DGXSUR
VQtåHQtYêãN\þHSHOHYêãN\VHNiQt
,167$/$&($.808/È7258
2EUi]HN
9$529È1Ë
3RNXGMHDNXPXOiWRUQHERQDEtMHþNDSRãNR]HQD
Y\PČĖWHDNXPXOiWRUQHERQDEtMHþNX
3ĜHGLQVWDODFtQHERY\MPXWtPDNXPXOiWRUX]DVWDYWHVWURM
DSRþNHMWHDåVHPRWRU]DVWDYt
3ĜHþWČWHVLREH]QDPWHVHDGRGUåXMWHSRN\Q\XYHGHQpY
SĜtUXþFHSUREDWHULLDQDEtMHþNX
9$529È1Ë
328äË9(-7(328=(9$.808/È725
1(328äË9(-7($.808/È7256'92-,7é0
1$3ċ7Ë09
32=1È0.$
2EDDNXPXOiWRU\YORåWHGRSĜLKUiGHNDE\VHVWURMPRKO
VSXVWLW
2WHYĜHWHGYtĜNDSURVWRUXSUREDWHULH
=DURYQHMWHåHEUDQDDNXPXOiWRUXVGUiåNDPLYSURVWRUX
SUREDWHULH
=DWODþWHDNXPXOiWRUGRSURVWRUXSUREDWHULHGRNXG
DNXPXOiWRUQH]DSDGQHQDPtVWR
.G\åXVO\ãtWHNOLNQXWtDNXPXOiWRUMHQDLQVWDORYiQ
6WHMQRXRSHUDFLSURYHćWHVGUXKRXEDWHULt
=DYĜHWHNU\WSURVWRUXSUREDWHULH
32=1È0.$
0RWRUVHVSXVWtSRX]HSRYORåHQtEH]SHþQRVWQtKRNOtþH
9<-087Ë$.808/È7258
2EUi]HN
2WHYĜHWHGYtĜNDSURVWRUXSURDNXPXOiWRU
9\MPČWHEH]SHþQRVWQtNOtþ
6WLVNQČWHDSRGUåWHWODþtWNRSURXYROQČQtDNXPXOiWRUX
9\MPČWHDNXPXOiWRU]HVWURMH
35292=
9$529È1Ë
3ĜLSUiFLSRXåtYHMWHRFKUDQXRþt
638â7ċ1Ë6752-(
2EUi]HN
32=1È0.$
3ĜHGVHNiQtPQDPRQWXMWH]DFK\WiYDþWUiY\
9ORåWHEH]SHþQRVWQtNOtþ
6WLVNQČWHDSRGUåWHVWDUWRYDFtWODþtWNR
=DWtPFRGUåtWHVWDUWRYDFtWODþtWNR]PiþNQXWpSRVXĖWH
SiþNXVStQDFtVNĜtĖN\YHVPČUXĜtGtWHN
8YROQČWHVWDUWRYDFtWODþtWNRSURQDVWDUWRYDQtVWURMH
=$67$9(1Ë6752-(
2EUi]HN
8YROQČQtPVStQDþHUXNRMHWLVWURM]DVWDYtWH
9$529È1Ë
3ĜHGRSČWRYQêPVSXãWČQtPVWURMHSRþNHMWHDåVHþHSHO]FHOD
]DVWDYt6WURMU\FKOHQHY\StQHMWHDQH]DStQHMWH
9$529È1Ë
3RXNRQþHQtSUiFHYåG\Y\MPČWHEH]SHþQRVWQtNOtþD
DNXPXOiWRU
9<35È='1ċ1Ë=$&+<7È9$ý(
75È9<
=DVWDYWHVWURM
9\MPČWHEH]SHþQRVWQtNOtþ
9\MPČWHDNXPXOiWRU
2WHYĜHWH]DGQtYêVWXSQtGYtĜNDDSRGUåWHMH
3ĜLGUåWH]DFK\WiYDþWUiY\QDMHKRUXNRMHWLDRGKiNQČWHMHM
]HãWČUELQ
=DYĜHWH]DGQtYêVWXSQtGYtĜND
9\SUi]GQČWH]DFK\WiYDþWUiY\
35È&(9(69$+8
9$529È1Ë
1HVHNHMWHYHVYDKXVHVNORQHPYČWãtPQHå3RNXGVH
YHVYDKXQHFtWtWHSRKRGOQČQHVHNHMWHYHVYDKX
1HMH]GČWHSRVYDKXQDKRUXDGROĤNG\åVHNiWHQDSĜtþ
VYDKHP%XćWHRSDWUQtSĜL]PČQČVPČUXYHVYDKX
ýHVN\
&6

6OHGXMWHGtU\Y\MHWpNROHMHVNiO\DGDOãtVNU\WpSĜHGPČW\
NWHUpPRKRX]SĤVRELWSiG2GVWUDĖWHYãHFKQ\SĜHNiåN\
MDNRMVRXNDPHQ\DYČWYHVWURPĤ
8MLVWČWHVHåHPiWHVWDELOQtSRVWRM3RNXGMVWHY
QHURYQRYi]HRNDPåLWČXYROQČWHSiNRYêVStQDþ
1HVHNHMWHYEOt]NRVWLYêV\SĤSĜtNRSĤQHERQiV\SĤ
35292=1Ë7,3<
1HSRNRXãHMWHVHSĜHPRVWLWIXQNFLVWDUWRYDFtKRWODþtWND
QHERVStQDþHUXNRMHWL
3ĜLVSRXãWČQtVWURMQHQDNOiQČMWH
1HVWUNHMWHUXFHDQLQRK\GREOt]NRVWLQHERSRGURWXMtFt
þiVWL
8GUåXMWHYêV\SNXþLVWRX
1HVHNHMWHPRNURXWUiYX
9\ããtYêãNDþHSHOHMHQXWQiSURQRYRXQHERKXVWRXWUiYX
3RNDåGpPSRXåLWtY\þLVWČWHVSRGQtþiVWVHNDþN\
2GVWUDĖWHRGĜH]N\WUiY\OLVW\QHþLVWRW\DGDOãt
SR]ĤVWDWN\
Ò'5ä%$
9$529È1Ë
3ĜHG~GUåERXRGVWUDĖWH]H]DĜt]HQtEH]SHþQRVWQtNOtþD
DNXPXOiWRU
9$529È1Ë
8GUåXMWHPRWRUDDNXPXOiWRUEH]WUiY\OLVWĤQHERSĜtOLãQp
PDVWQRW\
832=251ċ1Ë
3RXåtYHMWHSRX]HVFKYiOHQpQiKUDGQtGtO\
832=251ċ1Ë
1HGRYROWHDE\EU]GRYpNDSDOLQ\EHQ]tQQHERPDWHULiO\QD
Ei]LURS\SĜLãO\GRNRQWDNWXVSODVWRYêPLGtO\&KHPLNiOLH
PRKRX]SĤVRELWSRãNR]HQtSODVWĤD]QHPRåQLWMHMLFK
SRXåLWt
832=251ċ1Ë
1DSODVWRYêNU\WQHERVRXþiVWLQHSRXåtYHMWHVLOQi
UR]SRXãWČGODDQLþLVWtFtSURVWĜHGN\
32=1È0.$
'RSRUXþHQêXWDKRYDFtPRPHQWþHSHOH1P
&(/.29ÈÒ'5ä%$
3ĜHGNDåGêPSRXåLWtP]NRQWUROXMWHFHOêYêUREHN]GD
QHQtSRãNR]HQQHFK\EtQHERQHMVRXXYROQČQpåiGQpGtO\
MDNRQDSĜãURXE\PDWLFHþHS\DNU\WN\DWG
6SUiYQČXWiKQČWHYãHFKQ\VSRMRYDFtSUYN\DX]iYČU\
ýLVWČWHVWURMVXFKêPKDGĜtNHP1HSRXåtYHMWHYRGX
9é0ċ1$ý(3(/(
2EUi]HN
9$529È1Ë
3RXåtYHMWHSRX]HVFKYiOHQpQiKUDGQtþHSHOH
9$529È1Ë
9åG\VLFKUDĖWHUXFHSHYQêPLUXNDYLFHPLQHER]DEDOHQtP
þHSHOtKDGUHPNG\åVHMLFKGRWêNiWH
=DVWDYWHVWURM
8MLVWČWHVHåHVHþHSHOH]FHOD]DVWDYt
9\MPČWHEH]SHþQRVWQtNOtþDDNXPXOiWRU
3ĜHYUDĢWHVHNDþNXQDERþQtVWUDQX
.]DEUiQČQtSRK\EXþHSHOHSRXåLMWHNXVGĜHYD
2GVWUDĖWHPRQWiåQtãURXEDGLVWDQþQtYORåNXSRPRFt
NOtþHQHERQiVWDYFH
9\MPČWHþHSHO
1DLQVWDOXMWHQRYRXþHSHO8MLVWČWHVHåHYêVWXSN\
]DSDGQRXGRRWYRUĤYþHSHOL
9ORåWHGLVWDQþQtYORåNXDXWiKQČWHPRQWiåQtãURXENWHUê
MVWHRGVWUDQLOL
6./$'29È1Ë6752-(
9\MPČWHEH]SHþQRVWQtNOtþ
9\MPČWHDNXPXOiWRU\
3ĜHGVNODGRYiQtPVWURMY\þLVWČWH
3ĜHGVNODGRYiQtPVWURMHVHXMLVWČWHåHPRWRUQHQtKRUNê
8MLVWČWHVHåHVWURMQHPiXYROQČQpQHERSRãNR]HQp
VRXþiVWL3RNXGMHWRQXWQpSRVWXSXMWHWDNWR
3RãNR]HQpGtO\Y\PČĖWH
8WiKQČWHãURXE\
3URPOXYWHVLVRVRERX]HVFKYiOHQpKRVHUYLVQtKR
VWĜHGLVND
6NODGXMWHVWURMYVXFKpPSURVWRUX
8MLVWČWHVHåHVHGČWLQHPRKRXSĜLEOtåLWN]DĜt]HQt
2'675$ĕ29È1Ë352%/e0ģ
3UREOpP 0RåQiSĜtþLQD ěHãHQt
5XNRMHĢQHQt
YHVSUiYQpSROR]H
âURXE\QHMVRX
VSUiYQČRVD]HQp
1DVWDYWHYêãNXUX
NRMHWLDXMLVWČWHVH
åHNQRIOtN\DãURX
E\MVRXVSUiYQČ
]DURYQiQ\
ýHVN\
&6

3UREOpP 0RåQiSĜtþLQD ěHãHQt
6WURMVHQHVSXVWt .DSDFLWDDNXPXOi
WRUXMHQt]Ni
1DELMWHDNXPXOi
WRU
3iNRYêVStQDþMH
YDGQê
9\PČĖWHSiNRYê
VStQDþ
%H]SHþQRVWQtNOtþ
QHQtYORåHQ
9ORåWHEH]SHþ
QRVWQtNOtþ
6WURMĜHåHWUiYX
QHURYQRPČUQČ
7UiYQtNMHKUEROD
Wê
=NRQWUROXMWHREODVW
VHþHQt
9êãNDþHSHOHQHQt
QDVWDYHQDVSUiYQČ
1DVWDYWHYêãNXþH
SHOHYêãNXVHNiQt
GRY\ããtSRORK\
6WURMVSUiYQČQHP
XOþXMH
2GĜH]N\PRNUp
WUiY\VHQDOHSXMt
QDVHNDþNX
3ĜHGVHþHQtP
SRþNHMWHGRNXG
WUiYDQHXVFKQH
&K\EtPXOþRYDFt
]iWND
1DLQVWDOXMWHPXO
þRYDFt]iWNX
6WURMVHWČåNRWOD
þt
7UiYDMHSĜtOLãY\
VRNiQHERMHYêãND
þHSHOHSĜtOLãQt]Ni
=Y\ãWHQDVWDYHQt
YêãN\þHSHOHYê
ãN\VHNiQt
=DFK\WiYDþWUiY\D
þHSHOVHWiKQRXY
WOXVWpWUiYČ
2GVWUDĖWHRGĜH]N\
WUiY\]H]DFK\Wi
YDþHWUiY\
1DVWURMLGRFKi]tN
Y\VRNêPYLEUD
FtP
ýHSHOMHQHY\Yi
åHQiDRSRWĜHERYD
Qi
9\PČĖWHþHSHO
+ĜtGHOPRWRUXMH
RKQXWi
0RWRU
RFKODćWH
9\MPČWHEH]
SHþQRVWQtNOtþ
DDNXPXOiWRU
2GSRMWHQDSi
MHFt]GURM
=NRQWUROXMWH
SRãNR]HQt
2SUDYWHVWURM
GĜtYHQHåMHM
]QRYXVSXVWtWH
6WURMVH]DVWDYtEČ
KHPVHþHQt
9êãNDþHSHOHMH
SĜtOLãQt]Ni
=Y\ãWHQDVWDYHQt
YêãN\þHSHOHYê
ãN\VHNiQt
$NXPXOiWRUMHY\
ELWê
1DELMWHDNXPXOi
WRU
2GĜH]N\PRNUp
WUiY\VHQDOHSXMt
QDVHNDþNXQHER
þHSHO
9\MPČWHDNXPXOi
WRUD]NRQWUROXMWH
VHNDþNX
3URYR]QtWHSORWD
VWURMHMHSĜtOLãY\
VRNi
6WURMRFKODćWH
3RNXGĜHãHQtWČFKWRSUREOpPĤQHPĤåHWHQDMtWREUDĢWHVHQD
VHUYLVQtVWĜHGLVNR
7(&+1,&.eÒ'$-(
1DSČWt 9
2WiþN\QDSUi]GQR PLQ
âtĜNDĜH]X PP
9êãNDĜH]X PP
.DSDFLWD]DFK\WiYDþHWUiY\ /
+PRWQRVWEH]DNXPXOiWRUX OEVNJ
0ČĜHQiKODGLQDDNXVWLFNpKR
WODNX
/
3$
G%$.
G%$
*DUDQWRYDQiKODGLQDDNXV
WLFNpKRYêNRQX
/
:$G
G%$
9LEUDFH 㸺 PV
. PV
0RGHOEDWHULH *%*%DGDOãtĜDG\
%$*
7\SQDEtMHþN\ *;&*;8&
*;8&DGDOãtĜDG\
&$*
.RQVWUXNFHVH]GYRMHQRX
L]RODFt
,3; ,3;
=È58.$
ÒSOQp]iUXþQtSRGPtQN\QDOH]QHWHQDZHERYpVWUiQFH
VSROHþQRVWL*UHHQZRUNV
=iUXND*UHHQZRUNVMHURN\QDYêUREHNDURN\QD
DNXPXOiWRUVSRWĜHEQtVRXNURPpSRXåLWtRGGDWD]DNRXSHQt
7DWR]iUXNDVHY]WDKXMHQDYêUREQt]iYDG\9DGQêYêUREHNY
]iUXFHPĤåHEêWEXćRSUDYHQQHERY\PČQČQ3ĜtVWURMNWHUê
E\O]QHXåLWêQHERSRXåLWêMLQêPL]SĤVRE\QHåSRSVDQêPLY
XåLYDWHOVNpSĜtUXþFHPĤåHEêWRGPtWQXWSURXSODWQČQt]iUXN\
1DQRUPiOQtRSRWĜHEHQtDRSRWĜHERYDQpVRXþiVWLVH]iUXND
QHY]WDKXMH3ĤYRGQt]iUXNDYêUREFHQHQtRYOLYQČQDåiGQRX
GRGDWHþQRX]iUXNRXNWHURXQDEt]tSURGHMFHQHERREFKRGQtN
9DGQêYêUREHNVSROXVGRNODGHPRNRXSLSRNODGQLþQt
VWYU]HQNDPXVtEêWYUiFHQQDPtVWR]DNRXSHQtSURXSODWQČQt
]iUXþQtKRQiURNX
(6352+/Èâ(1Ë26+2'ċ
1i]HYDDGUHVDYêUREFH
-PpQR */2%*52$%
*OREH*URXS(XURSH
$GUHVD 5LJJDUHJDWDQ0DOP|âYpGVNR
ýHVN\
&6

1i]HYDDGUHVDVSROHþQRVWLRSUiYQČQpY\SUDFRYDWVRXERU
WHFKQLFNpGRNXPHQWDFH
-PpQR 0LFDHO-RKDQVVRQ
$GUHVD 5LJJDUHJDWDQ0DOP|âYpGVNR
7tPWRSURKODãXMHPHåHYêUREHN
.DWHJRULH 6HNDþNDQDWUiYX
0RGHO *;/0/0(
9êUREQtþtVOR 9L]ãWtWHNVR]QDþHQtPYêURENX
5RNYêURE\ 9L]ãWtWHNVR]QDþHQtPYêURENX
MHYVRXODGXVSĜtVOXãQêPLXVWDQRYHQtPLVPČUQLFHR
VWURMQtFK]DĜt]HQtFK(6
MHYVRXODGXVQiVOHGXMtFtPLVPČUQLFHPL(6
(8
(&D(&
(8D(8
'iOHSURKODãXMHPHåHE\O\SRXåLW\QiVOHGXMtFtþiVWL
XVWDQRYHQtKDUPRQL]RYDQêFKQRUHP
0HWRGDSRVRX]HQtVKRG\VSĜtORKRX9,VPČUQLFH
(6
0ČĜHQiKODGLQDDNXVWLFNpKRYêNR
QX
/
:$
G%$
*DUDQWRYDQiKODGLQDDNXVWLFNpKR
YêNRQX
/
:$G
G%$
0tVWRGDWXP0DOP|
3RGSLV7HG4XĜHGLWHOSURNYDOLWX
ýHVN\
&6

3RSLV
ÒþHO
3UHKĐDG
%H]SHþQRVĢ
,QãWDOiFLD
5R]EDOHQLHVWURMD
5R]ORåHQLHDSULVS{VREHQLHVSRGQHM
UXNRYlWH
,QãWDOiFLDKRUQHMUXNRYlWH
,QãWDOiFLD]DFK\WiYDþDWUiY\
,QãWDOiFLDPXOþRYDFHM]iWN\
1DVWDYHQLHYêãN\þHSHOHYêãN\NRVHQLD
,QãWDOiFLDDNXPXOiWRUD
2GVWUiQHQLHDNXPXOiWRUD
2EVOXKD
6SXVWHQLHVWURMD
=DVWDYHQLHVWURMD
9\SUi]GQHQLH]DFK\WiYDþDWUiY\
3UiFDQDVYDKX
3UHYiG]NRYpWLS\
ÒGUåED
&HONRYi~GUåED
9êPHQDþHSHOH
8VNODGQHQLHSUtVWURMD
5LHãHQLHSUREOpPRY
7HFKQLFNp~GDMH
=iUXND
9\KOiVHQLH(6R]KRGH
6ORYHQþLQD
6.

323,6
Òý(/
7HQWRVWURMVDSRXåtYDQDNRVHQLHWUiYQLNRYYGRPiFQRVWL
5H]DFLDþHSHĐPXVtE\ĢSULEOLåQHURYQREHåQHVR]HPRX
9ãHWN\ãW\ULNROHViVDPXVLDSULNRVHQtGRWêNDĢ]HPH
35(+ď$'
2EUi]RNa
3iNRYêSUHStQDþ
âWDUWRYDFLHWODþLGOR
+RUQiUXNRYlĢ
'ROQiUXNRYlĢ
=DGQpYêVWXSQpGYLHUND
'YLHUNDSUHDNXPXOiWRU
3iNDSUHQDVWDYHQLHYêãN\
=DFK\WiYDþWUiY\
0XOþRYDFLD]iWND
7ODþLGOR
6NUXWND
5êFKORXYRĐĖRYDFLDSiþND
+iþLN
$NXPXOiWRU
%H]SHþQRVWQêNĐ~þ
7ODþLGORSUHXYRĐQHQLHDNXPXOiWRUD
0DWLFD
5R]SHUD
3tORYêOLVW
%(=3(ý126ġ
9$529$1,(
1H]DE~GDMWHQDGRGUåLDYDQLHEH]SHþQRVWQêFKSRN\QRY
3R]ULWHVL%H]SHþQRVWQ~SUtUXþNX
,1â7$/È&,$
9$529$1,(
1HSRXåtYDMWHSUtVOXãHQVWYRNWRUpYêUREFDQHRGSRU~þD
9$529$1,(
1HYNODGDMWHEH]SHþQRVWQêNĐ~þDOHERDNXPXOiWRUNêP
QHGRNRQþtWHPRQWiåYãHWNêFKþDVWt
52=%$/(1,(6752-$
9$529$1,(
3UHGSRXåLWtPVDXLVWLWHåHVWHVSUiYQH]RVWDYLOLVWURM
9$529$1,(
$NV~GLHO\SRãNRGHQpVWURMQHSRXåtYDMWH
$NQHPiWHNGLVSR]tFLLYãHWN\V~þDVWLSUtVWURM
QHSRXåtYDMWH
$NV~V~þDVWLSRãNRGHQpDOHERFKêEDM~REUiĢWHVDQD
VHUYLVQpVWUHGLVNR
2WYRUWHREDO
3UHþtWDMWHVLGRNXPHQWiFLXSULORåHQ~YNUDELFL
=RãNDWXOHY\EHUWHYãHWN\QH]PRQWRYDQpGLHO\
9\EHUWHVWURM]REDOX
=OLNYLGXMWHãNDWXĐXDREDORYêPDWHULiOYV~ODGHV
PLHVWQ\PLSUHGSLVPL
52=/2ä(1,($35,63Ð62%(1,(
632'1(-58.29b7(
2EUi]RN
9\WLDKQLWHD]DWODþWHKRUQ~UXNRYlĢSUHQDVWDYHQLH
UXNRYlWHGRSUDFRYQHMSRORK\8LVWLWHVDåHUXNRYlWH
VSUiYQH]DSDGQ~GRVSUiYQHMSRORK\
'RWLDKQLWHGROQ~UXNRYlĢSRPRFRXUêFKORXYRĐĖRYDFtFK
SiþRNQDRERFKVWUDQiFK
32=1È0.$
8LVWLWHVDåHREHUXNRYlWHV~YURYQDNHMSRORKH
9$529$1,(
1HSRãNRćWHNiEOHSULVNOiSDQtDOHERY\NOiSDQtUXNRYlWL
,1â7$/È&,$+251(-
58.29b7(
2EUi]RN
=DURYQDMWHRWYRU\YKRUQHMDVSRGQHMUXNRYlWL
9ORåWHVNUXWN\GRRWYRURY
'RWLDKQLWHJRPEtN\QDVNUXWN\
8UREWHURYQDN~RSHUiFLXQDGUXKHMVWUDQH
,1â7$/È&,$=$&+<7È9$ý$
75È9<
2EUi]RN
2GVWUiĖWHPXOþRYDFLX]iWNX
2WYRUWH]DGQpYêVWXSQpGYLHUNDDSRGUåWHLFK
3ULGUåWH]DFK\WiYDþWUiY\QDMHKRUXNRYlWLD]DKiNQLWH
KiþLN\GRãWUEtQ
=DWYRUWH]DGQpYêVWXSQpGYLHUND
,1â7$/È&,$08/ý29$&(-
=È7.<
2EUi]RN
6ORYHQþLQD
6.

2GVWUiĖWH]DFK\WiYDþWUiY\
2WYRUWH]DGQpYêVWXSQpGYLHUNDDSRGUåWHLFK
8FKRSWHPXOþRYDFLX]iWNX]DMHMUXNRYlĢDYORåWHMXGR
Y\KDG]RYDFLHKRWXQHOD
=DWYRUWH]DGQpYêVWXSQpGYLHUND
1$67$9(1,(9éâ.<ý(3(/(
9éâ.<.26(1,$
6WURMMHPRåQpQDVWDYLĢQDU{]QHYêãN\þHSHOHYêãN\
NRVHQLD
2EUi]RN
3RVXĖWHSiNXSUHQDVWDYHQLHYêãN\VPHURPGRSUHGXSUH
]YêãHQLHYêãN\þHSHOHYêãN\NRVHQLD
3RVXĖWHSiNXSUHQDVWDYHQLHYêãN\VPHURPGR]DGXSUH
]QtåHQLHYêãN\þHSHOHYêãN\NRVHQLD
,1â7$/È&,$$.808/È725$
2EUi]RN
9$529$1,(
$NMHDNXPXOiWRUDOHERQDEtMDþNDSRãNRGHQiY\PHĖWH
EDWpULXDOHERQDEtMDþNX
3UHGLQãWDOiFLRXDOHERY\EUDWtPDNXPXOiWRUD]DVWDYWH
VWURMDSRþNDMWHNêPVDPRWRU]DVWDYt
3UHþtWDMWHVLRER]QiPWHVDDGRGUåXMWHSRN\Q\XYHGHQp
YSUtUXþNHSUHEDWpULXDQDEtMDþNX
9$529$1,(
328äË9$-7(,%$9$.808/È725
1(328äË9$-7($.808/È7256'8È/1<0
1$3b7Ë09
32=1È0.$
2EDDNXPXOiWRU\QDLQãWDOXMWHGRSULHKUDGLHNSUHXYHGHQLH
VWURMDGRSUHYiG]N\
2WYRUWHGYLHUNDSULHVWRUXSUHEDWpULH
=DURYQDMWHUHEUiQDDNXPXOiWRUHVGUiåNDPLYSULHVWRUH
SUHEDWpULH
=DWODþWHDNXPXOiWRUGRSULHVWRUXSUHEDWpULHNêPEDWpULD
QH]DSDGQHQDPLHVWR
.HćEXGHWHSRþXĢNOLNQXWLHDNXPXOiWRUMHQDLQãWDORYDQê
5RYQDN~RSHUiFLXY\NRQDMWHDMVGUXKRXEDWpULRX
=DWYRUWHNU\WSUHEDWpULH
32=1È0.$
0RWRUVDVSXVWtLEDSRYORåHQtEH]SHþQRVWQpKRNĐ~þD
2'675È1(1,($.808/È725$
2EUi]RN
2WYRUWHGYLHUNDSULHVWRUXSUHDNXPXOiWRU
9\EHUWHEH]SHþQRVWQêNĐ~þ
6WODþWHDSRGUåWHWODþLGORSUHXYRĐQHQLHDNXPXOiWRUD
9\EHUWHDNXPXOiWRU]RVWURMD
2%6/8+$
9$529$1,(
3ULSUiFLSRXåtYDMWHRFKUDQXRþt
63867(1,(6752-$
2EUi]RN
32=1È0.$
3UHGNRVHQtPQDLQãWDOXMWH]DFK\WiYDþWUiY\
9ORåWHEH]SHþQRVWQêNĐ~þ
6WODþWHDSRGUåWHãWDUWRYDFLHWODþLGOR
3RþDVGUåDQLDãWDUWRYDFLHKRWODþLGODSRVXĖWHSiþNX
VStQDFHMVNULQN\YVPHUHULDGLGLHO
8YRĐQLWHãWDUWRYDFLHWODþLGORSUHQDãWDUWRYDQLHVWURMD
=$67$9(1,(6752-$
2EUi]RN
3UH]DVWDYHQLHVWURMDSXVWLWHSiNRYêVStQDþ
9$529$1,(
3UHGRSlWRYQêPVSXVWHQtPVWURMDSRþNDMWHDåVDþHSHĐ
FHONRP]DVWDYt1HY\StQDMWHDQH]DStQDMWHVWURMYUêFKOHM
QiVOHGQRVWL
9$529$1,(
3RXNRQþHQtSUiFHYåG\Y\EHUWHEH]SHþQRVWQêNĐ~þD
DNXPXOiWRU
9<35È='1(1,(=$&+<7È9$ý$
75È9<
6WURM]DVWDYWH
9\EHUWHEH]SHþQRVWQêNĐ~þ
9\EHUWHEDWpULX
2WYRUWH]DGQpYêVWXSQpGYLHUNDDSRGUåWHLFK
3ULGUåWH]DFK\WiYDþWUiY\]DMHKRUXNRYlĢDRGKiNQLWHKR
]RãWUEtQ
=DWYRUWH]DGQpYêVWXSQpGYLHUND
9\SUi]GQLWH]DFK\WiYDþWUiY\
35È&$1$69$+8
9$529$1,(
1HNRVWHQDVYDKXVRVNORQRPNWRUêSUHVDKXMH$NVD
QDVYDKXQHFtWLWHSRKRGOQHQHNRVWHQDVYDKX
6ORYHQþLQD
6.

1HMD]GLWHSRVYDKXKRUHDGROHNHćNRVtWHQDSULHþ
VYDKRP%XćWHRSDWUQtSUL]PHQHVPHUXQDVYDKX
6OHGXMWHGLHU\Y\MD]GHQpNRĐDMHVNDO\DćDOãLHVNU\Wp
SUHGPHW\NWRUpP{åXVS{VRELĢSiG2GVWUiĖWHYãHWN\
SUHNiåN\DNRV~NDPHQHDNRQiUHVWURPRY
8LVWLWHVDåHPiWHVWDELOQêSRVWRM$NVWHYQHURYQRYiKH
RNDPåLWHXYRĐQLWHSiNRYêVStQDþ
1HNRVWHYEOt]NRVWLYêV\SRYSULHNRSDOHERQiV\SRY
35(9È'=.29e7,3<
1HSRN~ãDMWHVDSUHPRVWLĢIXQNFLXãWDUWRYDFLHKRWODþLGOD
DOHERSiNRYpKRVStQDþD
3ULVS~ãĢDQtVWURMQHQDNOiĖDMWH
1HVWUNDMWHUXN\DQLQRK\GREOt]NRVWLDOHERSRGURWXM~FH
þDVWL
9êSXVWQêåĐDEGUåWHþLVWê
1HNRVWHPRNU~WUiYX
9\ããLDYêãNDþHSHOHMHSRWUHEQiSUHQRY~DOHERKUXE~
WUiYX
3RNDåGRPSRXåLWtY\þLVWLWHVSRGQ~þDVĢNRVDþN\
2GVWUiĖWHRGUH]N\WUiY\OLVW\QHþLVWRW\DćDOãLH
SR]RVWDWN\
Ò'5ä%$
9$529$1,(
3UHG~GUåERXRGVWUiĖWH]R]DULDGHQLDEH]SHþQRVWQêNĐ~þD
DNXPXOiWRU
9$529$1,(
8GUåXMWHPRWRUDDNXPXOiWRUEH]WUiY\OLVWRYDOHERSUtOLãQHM
PDVWQRW\
9é675$+$
3RXåtYDMWHLEDVFKYiOHQpQiKUDGQpGLHO\
9é675$+$
1HGRYRĐWHDE\EU]GRYpNYDSDOLQ\EHQ]tQDOHERPDWHULiO\
QDEi]HURS\SULãOLGRNRQWDNWXVSODVWRYêPLGLHOPL
&KHPLNiOLHP{åXVS{VRELĢSRãNRGHQLHSODVWRYD]QHPRåQLĢ
LFKSRXåtYDQLH
9é675$+$
1DSODVWRYêNU\WDOHERV~þDVWLQHSRXåtYDMWHVLOQp
UR]S~ãĢDGOiDQLþLVWLDFHSURVWULHGN\
32=1È0.$
2GSRU~þDQêXĢDKRYDFtPRPHQWþHSHOH1P
&(/.29ÈÒ'5ä%$
3UHGNDåGêPSRXåLWtPVNRQWUROXMWHVWURMþLQLHMH
SRãNRGHQêQHFKêEDM~DOHERQLHV~XYRĐQHQpåLDGQH
GLHO\DNRQDSUVNUXWN\PDWLFHDX]iYHU\
6SUiYQHGRWLDKQLWHYãHWN\VSRMRYDFLHSUYN\DX]iYHU\
ýLVWLWHLEDVXFKRXKDQGULþNRX1HSRXåtYDMWHYRGX
9é0(1$ý(3(/(
2EUi]RN
9$529$1,(
3RXåtYDMWHLEDVFKYiOHQpQiKUDGQpþHSHOH
9$529$1,(
9åG\VLFKUiĖWHUXN\SHYQêPLUXNDYLFDPLDOHER]DEDOHQtP
þHSHOtKDQGURXNHćVDLFKGRWêNDWH
6WURM]DVWDYWH
8LVWLWHVDåHVDþHSHOHFHONRP]DVWDYLD
9\EHUWHEH]SHþQRVWQêNĐ~þDDNXPXOiWRU
3UHYUiĢWHNRVDþNXQDERþQ~VWUDQX
3UH]DEUiQHQLHSRK\EXþHSHOHSRXåLWHNXVGUHYD
2GVWUiĖWHPRQWiåQXVNUXWNXDUR]SHUXSRPRFRXNĐ~þD
DOHERQDGVWDYFD
9\EHUWHþHSHĐ
1DLQãWDOXMWHQRY~þHSHĐ8LVWLWHVDåHYêVWXSN\]DSDGQ~
GRRWYRURYYþHSHOL
9ORåWHUR]SHUXDGRWLDKQLWHPRQWiåQXVNUXWNXNWRU~VWH
RGVWUiQLOL
86./$'1(1,(35Ë6752-$
9\EHUWHEH]SHþQRVWQêNĐ~þ
9\EHUWHDNXPXOiWRU\
3UHGVNODGRYDQtPY\þLVWLWHVWURM
3UHGVNODGRYDQtPVWURMDVDXLVWLWHåHPRWRUQLHMHKRU~FL
8LVWLWHVDåHVWURMQHPiXYRĐQHQpDOHERSRãNRGHQp
V~þDVWL$NMHWRQXWQpSRVWXSXMWHWDNWR
9\PHĖWHSRãNRGHQpGLHO\
8WLDKQLWHVNUXWN\
3RUDćWHVDVRVRERX]RVFKYiOHQpKRVHUYLVQpKR
VWUHGLVND
6NODGXMWHVWURMYVXFKRPSULHVWRUH
8LVWLWHVDåHVDGHWLQHP{åXSULEOtåLĢNVWURMX
6ORYHQþLQD
6.

5,(â(1,(352%/e029
3UREOpP 0RåQiSUtþLQD 5LHãHQLH
5XNRYlĢQLHMHY
VSUiYQHMSRORKH
6NUXWN\QLHV~
VSUiYQHRVDGHQp
1DVWDYWHYêãNXUX
NRYlWLDVNRQWUR
OXMWHþLV~RWRþQp
JRPEtN\DVNUXWN\
VSUiYQH]DURY
QDQp
6WURMVDQHVSXVWt .DSDFLWDEDWpULHMH
Qt]ND
1DELWHDNXPXOi
WRU
3iNRYêVStQDþMH
FK\EQê
9\PHĖWHSiNRYê
VStQDþ
%H]SHþQRVWQê
NĐ~þQLHMHYORåH
Qê
9ORåWHEH]SHþ
QRVWQêNĐ~þ
6WURMNRVtWUiYX
QHURYQRPHUQH
7UiYQLNMHKUERĐD
Wê
6NRQWUROXMWHRE
ODVĢNRVHQLD
9êãNDþHSHOHQLH
MHVSUiYQHQDVWD
YHQi
1DVWDYWHYêãNXþH
SHOHYêãN\NRVH
QLHGRY\ããHMSROR
K\
6WURMVSUiYQHQHP
XOþXMH
2GUH]N\PRNUHM
WUiY\VDOHSLDQD
NRVDþNX
3UHGNRVHQtP
SRþNDMWHNêP
WUiYDXVFKQH
&KêEDPXOþRYDFLD
]iWND
1DLQãWDOXMWHPXO
þRYDFLX]iWNX
6WURMVDĢDåNRWOD
þt
7UiYDMHSUtOLãY\
VRNiDOHERMHYê
ãNDþHSHOHSUtOLã
Qt]ND
=YêãWHQDVWDYHQLH
YêãN\þHSHOHYê
ãN\NRVHQLH
=DFK\WiYDþWUiY\D
þHSHĐVDĢDKDM~Y
KUXEHMWUiYH
2GVWUiĖWHRGUH]N\
WUiY\]R]DFK\Wi
YDþDWUiY\
1DVWURMLGRFKiG]D
NY\VRNêPYLEUi
FLiP
ýHSHĐMHQHY\Yi
åHQiDRSRWUHERYD
Qi
9\PHĖWHQ{å
+ULDGHĐPRWRUDMH
RKQXWê
1HFKDMWHPR
WRUY\FKODG
Q~Ģ
9\EHUWHEH]
SHþQRVWQê
NĐ~þDDNXPX
OiWRU
2GSRMWHQDSi
MDFt]GURM
6NRQWUROXMWH
SRãNRGHQLH
2SUDYWHVWURM
SUHGWêPDNR
KR]QRYX
VSXVWtWH
3UREOpP 0RåQiSUtþLQD 5LHãHQLH
6WURMVD]DVWDYtSR
þDVNRVHQLD
9êãNDþHSHOHMH
SUtOLãQt]ND
=YêãWHQDVWDYHQLH
YêãN\þHSHOHYê
ãN\NRVHQLH
$NXPXOiWRUMHY\
ELWê
1DELWHDNXPXOi
WRU
2GUH]N\PRNUHM
WUiY\VDOHSLDQD
NRVDþNXDOHERþH
SHĐ
9\EHUWHDNXPXOi
WRUDVNRQWUROXMWH
NRVDþNX
3UHYiG]NRYiWH
SORWDVWURMDMHSUt
OLãY\VRNi
6WURMRFKODćWH
$NULHãHQLHWêFKWRSUREOpPRYQHP{åHWHQiMVĢREUiĢWHVDQD
VHUYLVQpVWUHGLVNR
7(&+1,&.eÒ'$-(
1DSlWLH 9
5êFKORVĢEH]]DĢDåHQLD PLQ
âtUNDNRVHQLD PP
9êãNDNRVHQLD PP
.DSDFLWD]DFK\WiYDþDWUiY\ /
+PRWQRVĢEH]DNXPXOiWRUD OEVNJ
0HUDQiKODGLQDDNXVWLFNpKR
WODNX
/
3$
G%$.
G%$
*DUDQWRYDQiKODGLQDDNXV
WLFNpKRYêNRQX
/
:$G
G%$
9LEUiFLH 㸺 PV
. PV
0RGHOEDWpULH *%*%DćDOãLHVpULH
%$*
7\SQDEtMDþN\ *;&*;8&
*;8&DćDOãLHVpULH
&$*
.RQãWUXNFLDVGYRMLWRXL]ROi
FLRX
,3; ,3;
=È58.$
ÒSOQp]iUXþQpSRGPLHQN\QiMGHWHQDZHERYHMVWUiQNH
VSRORþQRVWL*UHHQZRUNV
=iUXND*UHHQZRUNVURN\QDYêURERNDURN\QD
DNXPXOiWRUVSRWUHEQpV~NURPQpSRXåtYDQLHRGGiWXPX
]DN~SHQLD7iWR]iUXNDVDY]ĢDKXMHQDYêUREQpFK\E\
&K\EQêYêURERNY]iUXNHP{åHE\ĢEXćRSUDYHQêDOHER
Y\PHQHQê3UtVWURMNWRUêERO]QHXåLWêDOHERSRXåLWêLQêPL
VS{VREPLQHåSRStVDQêPLYSRXåtYDWHĐVNHMSUtUXþNHP{åH
6ORYHQþLQD
6.

E\ĢRGPLHWQXWêQDXSODWQHQLH]iUXN\1DQRUPiOQH
RSRWUHERYDQLHDRSRWUHERYDQpV~þDVWLVD]iUXNDQHY]ĢDKXMH
3{YRGQi]iUXNDYêUREFXQLHMHRYSO\YQHQiåLDGQRX
GRGDWRþQRX]iUXNRXNWRU~SRQ~NDSUHGDMFDDOHERREFKRGQtN
&K\EQêYêURERNVSROXVGRNODGRPR]DN~SHQtSRNODGQLþQê
EORNPXVtE\ĢYUiWHQêQDPLHVWR]DN~SHQLDSUHXSODWQHQLH
]iUXþQpKRQiURNX
9<+/È6(1,((62=+2'(
1i]RYDDGUHVDYêUREFX
1i]RY */2%*52$%
*OREH*URXS(XURSH
$GUHVD 5LJJDUHJDWDQ0DOP|âYpGVNR
1i]RYDDGUHVDVSRORþQRVWLRSUiYQHQHMY\SUDFRYDĢV~ERU
WHFKQLFNHMGRNXPHQWiFLH
1i]RY 0LFDHO-RKDQVVRQ
$GUHVD 5LJJDUHJDWDQ0DOP|âYpGVNR
7êPWRSUHKODVXMHPHåHYêURERN
.DWHJyULD .RVDþNDQDWUiYX
0RGHO *;/0/0(
9êUREQpþtVOR 3R]ULWHVLãWtWRNVR]QDþHQtPYêURE
NX
5RNYêURE\ 3R]ULWHVLãWtWRNVR]QDþHQtPYêURE
NX
MHYV~ODGHVSUtVOXãQêPLXVWDQRYHQLDPLVPHUQLFHR
VWURMQêFK]DULDGHQLDFK(6
MHYV~ODGHVQDVOHGXM~FLPLVPHUQLFDPL(6
(Ò
(&D(&
(ÒD(Ò
ĆDOHMY\KODVXMHPHåHEROLSRXåLWpQDVOHGXM~FHþDVWL
XVWDQRYHQLDKDUPRQL]RYDQêFKQRULHP
0HWyGDSRVXG]RYDQLD]KRG\VSUtORKRX9,VPHUQLFH
(6
0HUDQiKODGLQDDNXVWLFNpKRYêNR
QX
/
:$
G%$
*DUDQWRYDQiKODGLQDDNXVWLFNpKR
YêNRQX
/
:$G
G%$
0LHVWRGiWXP0DO
P|
3RGSLV7HG4XULDGLWHĐNYDOLW\
6ORYHQþLQD
6.

2SLV
1DPHQ
3UHJOHG
9DUQRVW
1DPHVWLWHY
5D]SDNLUDQMHQDSUDYH
5D]SLUDQMHLQQDVWDYLWHYVSRGQMHJDURþDMD
1DPHVWLWHY]JRUQMHJDURþDMD
1DPHãþDQMHNRãDUH]DWUDYR
1DPHVWLWHYYWLþD]DPXOþHQMH
1DVWDYLWHYLãLQRUH]LODUH]DQMD
1DPHVWLWHYDNXPXODWRUMD
2GVWUDQLWHYDNXPXODWRUMD
'HORYDQMH
=DJRQQDSUDYH
=DXVWDYLWHYQDSUDYH
3UD]QMHQMHNRãDUH]DWUDYR
.RãQMDQDSRERþMLK
1DVYHWL]DXSUDYOMDQMH
9]GUåHYDQMH
6SORãQRY]GUåHYDQMH
=DPHQMDYDUH]LOD
6NODGLãþHQMHQDSUDYH
2GSUDYOMDQMHQDSDN
7HKQLþQLSRGDWNL
*DUDQFLMD
,]MDYD(6RVNODGQRVWL
6ORYHQãþLQD
6/

23,6
1$0(1
.RVLOQLFDMHQDPHQMHQDNRãQMLWUDYHQDGRPDþLK]HOHQLFDKLQ
WUDWDK5H]LORNRVLOQLFHPRUDELWLSULEOLåQRY]SRUHGQRVWOHPL
0HGNRãQMRVHPRUDMRYVDãWLULNROHVDGRWLNDWLWDO
35(*/('
6OLNDa
6WLNDORQDURþDMX
*XPE]D]DJRQ
=JRUQMLURþDM
6SRGQMLURþDM
9UDWD]DL]PHW]DGDM
9UDWDEDWHULMH
5RþLFD]DQDVWDYLWHYYLãLQH
.RãDUD]DWUDYR
9WLþ]DPXOþHQMH
*XPE
9LMDN
5RþLFD]DKLWURVSURVWLWHY
.DYHOM
%DWHULMD
9DUQRVWQLNOMXþ
*XPE]DVSURVWLWHYEDWHULMH
0DWLFD
'LVWDQþQLN
5H]LOR
9$51267
232=25,/2
9FHORWLXSRãWHYDMWHYDUQRVWQDQDYRGLOD
2JOHMWHVLYDUQRVWQLSULURþQLN
1$0(67,7(9
232=25,/2
1HXSRUDELWHGRGDWQHRSUHPHNLMHQLSULSRURþLO
SURL]YDMDOHF
232=25,/2
9DUQRVWQHJDNOMXþDDOLDNXPXODWRUMDQHVPHWHYVWDYLWL
GRNOHUQLVWHVHVWDYLOLYVHKGHORY
5$=3$.,5$1-(1$35$9(
232=25,/2
3UHGXSRUDERVHSUHSULþDMWHGDMHQDSUDYDSUDYLOQR
VHVWDYOMHQD
232=25,/2
ýHVRGHOLQDSUDYHSRãNRGRYDQLMHQHXSRUDEOMDMWH
ýHQLPDWHYVHKGHORYQDSUDYHQHXSRUDEOMDMWH
ýHVRGHOLSRãNRGRYDQLDOLPDQMNDMRVHREUQLWHQD
VHUYLVQLFHQWHU
2GSULWHHPEDODåR
3UHEHULWHGRNXPHQWHNLVRSULORåHQLYãNDWOL
,]ãNDWOHRGVWUDQLWHYVHQHVHVWDYOMHQHGHOH
1DSUDYRRGVWUDQLWHL]ãNDWOH
âNDWORLQHPEDODåR]DYU]LWHYVNODGX]ORNDOQLPLSUHGSLVL
5$=3,5$1-(,11$67$9,7(9
632'1-(*$52ý$-$
6OLND
=JRUQMLURþDMSRYOHFLWHQDY]JRULQQD]DMGDJDGYLJQHWHY
SRORåDM]DXSRUDER3UHSULþDMWHVHGDVHURþDMDSUDYLOQR
]DVNRþLWDQDPHVWR
3ULYLMWHVSRGQMLURþDM]URþLFDPD]DKLWURVSURVWLWHYQD
REHKVWUDQHK
2320%$
3UHSULþDMWHVHGDVWDURþDMDYHQDNHPSRORåDMX
232=25,/2
3D]LWHGDPHGUD]SLUDQMHPLQ]ODJDQMHPURþDMDQH
SRãNRGXMHWHNDEORY
1$0(67,7(9=*251-(*$
52ý$-$
6OLND
3RUDYQDMWHOXNQMHY]JRUQMHPLQVSRGQMHPURþDMX
6NR]LOXNQMLFHYVWDYLWHYLMDNH
1DYLMDNHSULYLMWHJXPEH
3RVWRSHNSRQRYLWHQDGUXJLVWUDQL
1$0(âý$1-(.2â$5(=$
75$92
6OLND
2GVWUDQLWHYWLþ]DPXOþHQMH
2GSULWHYUDWD]DL]PHW]DGDMLQMLKSULGUåLWH
3ULPLWHNRãDUR]DWUDYR]DQMHQURþDMLQYVWDYLWHNDYOMH
SUHNUHå
6ORYHQãþLQD
6/

=DSULWHYUDWD]DL]PHW]DGDM
1$0(67,7(997,ý$=$
08/ý(1-(
6OLND
2GVWUDQLWHNRãDUR]DWUDYR
2GSULWHYUDWD]DL]PHW]DGDMLQMLKSULGUåLWH
3ULPLWHYWLþ]DPXOþHQMH]DQMHJRYURþDMLQJDQDPHVWLWHY
L]PHWQLåOHE
=DSULWHYUDWD]DL]PHW]DGDM
1$67$9,7(9,â,125(=,/$
5(=$1-$
5H]LODUH]DQMHODKNRQDVWDYLWHQDUD]OLþQHYLãLQH
6OLND
ýHåHOLWHGYLJQLWLUH]LORYLãLQRUH]DQMDSRYOHFLWHURþLFR
]DQDVWDYLWHYQDSUHM
ýHåHOLWHVSXVWLWLUH]LORYLãLQRUH]DQMDSRYOHFLWHURþLFR]D
QDVWDYLWHYYLãLQHQD]DM
1$0(67,7(9$.808/$725-$
6OLND
232=25,/2
ýHMHDNXPXODWRUDOLSROQLOHFSRãNRGRYDQJD
]DPHQMDMWH
=DXVWDYLWHQDSUDYRLQSRþDNDMWHGDVHPRWRUSRYVHP
XVWDYLSUHGHQQDPHVWLWHDOLRGVWUDQLWHDNXPXODWRU
7HPHOMLWRSUHEHULWHLQXSRãWHYDMWHQDYRGLODJOHGH
DNXPXODWRUMDLQSROQLOQLND
232=25,/2
8325$%/-$-7(/(9%$7(5,-21(
8325$%/-$-7(%$7(5,-(='92-12
1$3(7267-2±9
2320%$
2EHEDWHULMLPRUDWHYVWDYLWLYSUHGDOþNDGDERVWHODKNR
]DJQDOLVWURM
2GSULWHYUDWDDNXPXODWRUMD
'YLåQH]DYLKNHQDDNXPXODWRUMXSRUDYQDMWH]XWRULQD
DNXPXODWRUMX
$NXPXODWRUSRWLVQLWHYSURVWRU]DDNXPXODWRUGRNOHUVH
QHXVHGHQDVYRMHPHVWR
.RVOLãLWHNOLNMHDNXPXODWRUQDPHãþHQ
3RQRYLWHHQDNR]GUXJREDWHULMR
=DSULWHYUDWDDNXPXODWRUMD
2320%$
0RWRUVH]DåHQHãHOHWDNUDWNRYVWDYLWHYDUQRVWLNOMXþ
2'675$1,7(9$.808/$725-$
6OLND
2GSULWHYUDWDDNXPXODWRUMD
,]YOHFLWHYDUQRVWLNOMXþ
3RWLVQLWHLQGUåLWHJXPE]DVSURVWLWHYDNXPXODWRUMD
2GVWUDQLWHDNXPXODWRUL]QDSUDYH
'(/29$1-(
232=25,/2
0HGNRãQMRWUDYHQRVLWH]DãþLWQDRþDOD
=$*211$35$9(
6OLND
2320%$
3UHGNRãQMRQDPHVWLWHNRãDUR]DWUDYR
9VWDYLWHYDUQRVWQLNOMXþ
3ULWLVQLWHLQGUåLWHJXPE]D]DJRQNRVLOQLFH
3ULGUåLWHJXPE]D]DJRQQDWRSDSRYOHFLWHURþDMVWLNDOQH
RPDULFHYVPHULNUPLOD
6SXVWLWHJXPE]D]DJRQGD]DåHQHWHNRVLOQLFR
=$867$9,7(91$35$9(
6OLND
6SXVWLWHURþDMVWLNDOQHRPDULFHGD]DXVWDYLWHQDSUDYR
232=25,/2
3UHGHQ]QRYD]DåHQHWHQDSUDYRSRþDNDMWHGDVHUH]LOR
SRSROQRPD]DXVWDYL.RVLOQLFHQHVPHWHKLWURL]NORSLWLLQMR
]QRYDYNORSLWL
232=25,/2
3RNRQþDQHPRSUDYLOXYHGQRRGVWUDQLWHYDUQRVWQLNOMXþLQ
DNXPXODWRUVNLVNORS
35$=1-(1-(.2â$5(=$75$92
=DXVWDYLWHQDSUDYR
,]YOHFLWHYDUQRVWLNOMXþ
2GVWUDQLWHEDWHULMR
2GSULWHYUDWD]DL]PHW]DGDMLQMLKSULGUåLWH
3ULPLWHNRãDUR]DWUDYR]DURþDMLQMRVQHPLWH]UHå
=DSULWHYUDWD]DL]PHW]DGDM
,]SUD]QLWHNRãDUR]DWUDYR
6ORYHQãþLQD
6/

.2â1-$1$32%2ý-,+
232=25,/2
1HNRVLWHQDSRERþMLKþHMHQDNORQYHþMLRGýHYDP
NRãQMDQDSRERþMLKSUHGVWDYOMDWHåDYHWHJDQHSRþQLWH
1DSRERþMXQHNRVLWHYVPHULQDY]JRULQQDY]GRO.R
VSUHPLQMDWHVPHUQDSRERþMXERGLWH]HORSUHYLGQL
%RGLWHSR]RUQLQDOXNQMHNRUHQLQHNDPQHLQGUXJHVNULWH
SUHGPHWH]DUDGLNDWHULKODKNRSDGHWH2GVWUDQLWHYVH
RYLUHNRWVRVNDOHLQGUHYHVQHYHMH
3UHSULþDMWHVHGDVWRMLWHWUGQRQDWOHKýHL]JXELWH
UDYQRWHåMHWDNRMVSXVWLWHVWLNDOR]DL]SXVW
1HNRVLWHYEOLåLQLGHSRMHYMDUNRYDOLQDVLSRY
1$69(7,=$835$9/-$1-(
1HSRVNXãDMWHVSUHPHQLWLGHORYDQMDJXPED]D]DJRQDOL
URþDMDVWLNDOQHRPDULFH
.RVLOQLFHRE]DJRQXQHQDJLEDMWH
'ODQLDOLVWRSDODQHSRVWDYOMDMWHYEOLåLQRDOLSRGYUWHþHVH
GHOHNRVLOQLFH
äOHE]DL]PHWPRUDELWLþLVW
ýHMHWUDYDPRNUDMHQHNRVLWH
ýHNRVLWHQRYRDOLJRVWRSRVDMHQRWUDYRQDVWDYLWHUH]LOR
YLãMH
3RYVDNLXSRUDELRþLVWLWHGQRNRVLOQHJDJUHEHQDNRVLOQLFH
2GVWUDQLWHRGUH]DQRWUDYROLVWMHXPD]DQLMRLQGUXJH
RVWDQNH
9='5ä(9$1-(
232=25,/2
3UHGY]GUåHYDQMHPRGVWUDQLWHYDUQRVWQLNOMXþLQDNXPXODWRU
L]QDSUDYH
232=25,/2
3RVNUELWHGDYPRWRUMXLQSURVWRUX]DDNXPXODWRUQLWUDYH
OLVWMDDOLSUHYHþROMD
35(9,'12
8SRUDELWHOHRGREUHQHQDGRPHVWQHGHOH
35(9,'12
3D]LWHGDSODVWLþQLGHOLQHSULGHMRYVWLN]]DYRUQRWHNRþLQR
EHQFLQRPWHUPDWHULDOLQDQDIWQLRVQRYL.HPLNDOLMHODKNR
SODVWLNRSRãNRGXMHMRGRWHPHUHGDMHQLYHþPRJRþH
SRSUDYLWL
35(9,'12
1DSODVWLþQHPRKLãMXDOLGUXJLKVHVWDYQLKGHOLKQH
XSRUDEOMDMWHPRþQLKWRSLODOLþLVWLO
2320%$
3ULSRURþHQ]DWH]QLQDYRU5H]LOD1P
63/2â129='5ä(9$1-(
3UHGYVDNRXSRUDERSUHYHULWHDOLMHNRVLOQLFD
SRãNRGRYDQDDOLNDWHULGHOLNRWVRYLMDNLPDWLFHLQ
SRNURYþNLPDQMNDMRR]VR]UDKOMDQL
9VHYH]LLQSRNURYþNHXVWUH]QR]DWHJQLWH
.RVLOQLFRRþLVWLWHVVXKRNUSR1HXSRUDEOMDMWHYRGH
=$0(1-$9$5(=,/$
6OLND
232=25,/2
8SRUDELWHOHRGREUHQDQDGRPHVWQDUH]LOD
232=25,/2
.RVHGRWDNQHWHUH]LODQRVLWHGHEHOHURNDYLFHDOLRNROL
UH]LODRYLMWHNUSR
=DXVWDYLWHQDSUDYR
3UHSULþDMWHVHGDVRVHUH]LODSRSROQRPDXVWDYLOD
2GVWUDQLWHYDUQRVWQLNOMXþLQDNXPXODWRU
1DJQLWHNRVLOQLFRYVWUDQ
3UHPLNDQMHUH]LODSUHSUHþLWHVNRVRPOHVD
6NOMXþHPDOL]RERMNRRGVWUDQLWHSULWUGLOQLYLMDNLQ
GLVWDQþQLN
2GVWUDQLWHUH]LOR
1DPHVWLWHQRYRUH]LOR3UHSULþDMWHVHGDGURJD]DVNRþLWD
YRGSUWLQLYUH]LOX
9VWDYLWHGLVWDQþQLNLQSULYLMWHSULWUGLOQLYLMDNNLVWHJD
RGVWUDQLOL
6./$',âý(1-(1$35$9(
,]YOHFLWHYDUQRVWLNOMXþ
2GVWUDQLWHYDNXPXODWRUMD
3UHGVNODGLãþHQMHPQDSUDYRRþLVWLWH
3ULVNODGLãþHQMXQDSUDYHVHSUHSULþDMWHGDMHPRWRU
SRYVHPKODGHQ
3UHSULþDMWHVHGDQDSUDYDQLPD]UDKOMDQLKDOL
SRãNRGRYDQLKGHORY3RSRWUHELRSUDYLWHQDVOHGQMH
NRUDNH
=DPHQMDMWHSRãNRGRYDQHGHOH
3ULYLMWHYLMDNH
2EUQLWHVHQDSRREODãþHQVHUYLVQLFHQWHU
1DSUDYRVKUDQLWHQDVXKHPPHVWX
3UHSULþDMWHVHGDRWURFLQHPRUHMRGRVWRSDWLGRQDSUDYH
6ORYHQãþLQD
6/

2'35$9/-$1-(1$3$.
7HåDYD 0RåHQY]URN 5HãLWHY
5RþDMQLYXVWUH]
QHPSRORåDMX
9LMDNLQLVRSUDYLO
QRQDPHãþHQL
1DVWDYLWHYLãLQR
URþDMDLQVHSUHSUL
þDMWHGDVRJXPEL
LQYLMDNLXVWUH]QR
SRUDYQDQL
1DSUDYDVHQH]D
åHQH
$NXPXODWRUMH
VNRUDMSUD]HQ
1DSROQLWHDNXPX
ODWRU
6WLNDOR]DL]SXVWMH
RNYDUMHQR
=DPHQMDMWHVWLNDOR
]DL]SXVW
.OMXþDNXPXODWRU
MDQLYVWDYOMHQ
9VWDYLWHNOMXþDNX
PXODWRUMD
.RVLOQLFDUHåH
WUDYRQHHQDNRPHU
QR
7UDYDMHJURED 3UHJOHMWHREPRþMH
]DNRãQMR
9LãLQDUH]LODQL
QDVWDYOMHQDSUDYLO
QR
1DVWDYLWHUH]LOR
UH]DQMHYLãMH
.RVLOQLFDQHPXOþL
SUDYLOQR
2GUH]DQDPRNUD
WUDYDVHMHSULOHSLOD
QDNRVLãþH
3UHGNRãQMRSRþD
NDMWHGDVHWUDYD
SRVXãL
9WLþ]DPXOþHQMH
PDQMND
1DPHVWLWHYWLþ]D
PXOþHQMH
3UHPLNDQMHNRVLO
QLFHMHRWHåHQR
7UDYDMHSUHYLVRND
DOLSDMHUH]LORQDV
WDYOMHQRSUHQL]NR
3RYHþDMWHYLãLQR
UH]LODUH]DQMD
.RãDUD]DWUDYRLQ
UH]LORSRWHJQHWD
QRWHUGHEHORWUDYR
2GVWUDQLWHRGUH]D
QRWUDYRL]NRãDUH
]DWUDYR
.RVLOQLFDVHPRþ
QRWUHVH
5H]LORQLXUDYQR
WHåHQRLQMHRE
UDEOMHQR
=DPHQMDMWHUH]LOR
2MQLFDPRWRUMDMH
XNULYOMHQD
=DXVWDYLWHPR
WRU
2GVWUDQLWHYDU
QRVWLNOMXþLQ
DNXPXODWRU
3UHNLQLWHHOHN
WULþQRQDSD
MDQMH
3UHJOHMWHDOLMH
RMQLFDSRãNR
GRYDQD
3UHGHQ]QRYD
]DåHQHWHPR
WRUJDSRSUD
YLWH
7HåDYD 0RåHQY]URN 5HãLWHY
.RVLOQLFDPHG
NRãQMRSUHQHKDGH
ORYDWL
5H]LORMHQDVWDYO
MHQRSUHQL]NR
3RYHþDMWHYLãLQR
UH]LODUH]DQMD
$NXPXODWRUMH
SUD]HQ
1DSROQLWHDNXPX
ODWRU
2GUH]DQDWUDYDVH
MHSULOHSLODQDNR
VLãþHDOLUH]LOR
2GVWUDQLWHDNXPX
ODWRUL]SUHJOHMWH
NRVLãþH
'HORYQDWHPSHUD
WXUDNRVLOQLFHMH
SUHYLVRND
3RþDNDMWHGDVH
NRVLOQLFDRKODGL
ýHVWHPLUHãLWYDPLQHRGSUDYLWHREVWRMHþHWHåDYHVH
REUQLWH]DSRREODãþHQLVHUYLV
7(+1,ý1,32'$7.,
1DSHWRVW 9
1LREUHPHQLWYHQHKLWURVWL PLQ
âLULQDUH]D PP
9LãLQDUH]D PP
3URVWRUQLQDNRãDUH]DWUDYR /
7HåDEUH]DNXPXODWRUMD OEVNJ
,]PHUMHQDUDYHQKUXSD /
3$
G%$.
G%$
=DMDPþHQDUDYHQ]YRþQHPR
þL
/
:$G
G%$
9LEUDFLMH 㸺 PV
. PV
0RGHODNXPXODWRUMD *%*%LQGUXJHVHU
LMH%$*
0RGHODSROQLOFD *;&*;8&
*;8&LQGUXJHVHULMH
&$*
.RQVWUXNFLMD]GYRMQRL]ROD
FLMR
,3; ,3;
*$5$1&,-$
3RJRML]DSROQRJDUDQFLMRVRQDYHGHQLQD*UHHQZRUNVVSOHWQL
VWUDQL
*DUDQFLMD*UHHQZRUNVMH]DL]GHONHWULOHWQD]DEDWHULMHSD
GYROHWQD]DSRWURãQLND]DVHEQRXSRUDERRGGDWXPDQDEDYH
7DJDUDQFLMDSRNULYDQDSDNHSURL]YRGQMH,]GHOHN]QDSDNRNL
MHSRGJDUDQFLMRODKNRSRSUDYLPRDOL]DPHQMDPR*DUDQFLMD
QHYHOMDYSULPHUXQDSDþQHXSRUDEHREQHXSRãWHYDQMX
SULURþQLND]DXSRUDEQLNH*DUDQFLMDQHSRNULYDRELþDMQH
REUDEHLQREUDEOMHQLKGHORY'RGDWQDJDUDQFLMDNLMRODKNR
QXGLSURGDMDOHFQHYOLYDQDJDUDQFLMRSURL]YDMDOFD
6ORYHQãþLQD
6/

=DXYHOMDYOMDQMHJDUDQFLMHPRUDELWLL]GHONHYUQMHQQDPHVWR
SURGDMHVSULORåHQLPGRND]LORPRQDNXSXSRWUGLORPR
SODþLOX
,=-$9$(626./$'1267,
1D]LYLQQDVORYSURL]YDMDOFD
1D]LY */2%*52$%
*OREH*URXS(XURSH
1DVORY 5LJJDUHJDWDQ0DOP|âYHGVND
,PHLQQDVORYRVHEHNLMHSRREODãþHQD]DSULSUDYRWHKQLþQH
GRNXPHQWDFLMH
,PH 0LFDHO-RKDQVVRQ
1DVORY 5LJJDUHJDWDQ0DOP|âYHGVND
,]MDYOMDPRGDMHL]GHOHN
.DWHJRULMD 9UWQDNRVLOQLFD
0RGHO *;/0/0(
6HULMVNDãWHYLOND *OHMWHQDOHSNRVSRGDWNLRL]GHONX
/HWRL]GHODYH *OHMWHQDOHSNRVSRGDWNLRL]GHONX
VNODGHQ]XVWUH]QLPLGRORþEDPL'LUHNWLYHRVWURMLK
(6
VNODGHQ]GRORþEDPLQDVOHGQMLKGLUHNWLY(6
(8
(6LQ(6
(8LQ(8
,QQDGDOMHL]MDYOMDPRGDVRELOLXSRãWHYDQLQDVOHGQMLGHOL
NODY]XOHXVNODMHQLKVWDQGDUGRY
0HWRGDRFHQHVNODGQRVWL]DSULORJR9,'LUHNWLYH(6
,]PHUMHQDUDYHQ]YRþQHPRþL /
:$
G%$
=DMDPþHQDUDYHQ]YRþQHPRþL /
:$G
G%$
.UDMGDWXP0DOP|
3RGSLV7HG4XGLUHNWRU]DNDNR
YRVW
6ORYHQãþLQD
6/

2SLV
6YUKD
3UHJOHG
6LJXUQRVW
3RVWDYOMDQMH
9DÿHQMHVWURMDL]DPEDODåH
2WNORSLWHLSULODJRGLWHGRQMXGUãNX
0RQWLUDMWHJRUQMXUXþNX
8JUDGQMDKYDWDþD]DWUDYX
8JUDGQMD]DWYDUDþD]DPDOþLUDQMH
3RGHãDYDQMHYLVLQHQRåDNRãQMH
8PHWQLWHEDWHULMX
8NORQLWHEDWHULMVNLPRGXO
5XNRYDQMH
8NOMXþLYDQMHSURL]YRGD
=DXVWDYOMDQMHVWURMD
3UDåQMHQMHKYDWDþD]DWUDYX
8SRWUHEDQDQL]EUGLFL
6DYMHWL]DUDG
2GUåDYDQMH
2SüHQLWRRGUåDYDQMH
=DPMHQDQRåD
6NODGLãWHQMHVWURMD
2WNODQMDQMHSUREOHPD
7HKQLþNLSRGDFL
-DPVWYR
(=L]MDYDRVXNODGQRVWL
+UYDWVNL
+5

23,6
695+$
2YDMVWURMNRULVWLVH]DNRãHQMHWUDYHXGRPDüLQVWYX5H]QL
QRåPRUDELWLXSULEOLåQRXVSRUHGQRPSRORåDMXXRGQRVXQD
WOR6YDþHWLULNRWDþDPRUDMXGRGLULYDWLWORGRNNRVLWH
35(*/('
6OLNDa
3UHNLGDþQDUXþNL
*XPE]DSRNUHWDQMH
*RUQMDUXþND
'RQMDUXþND
9UDWDVWUDåQMHJLVSXVWD
9UDWDEDWHULMH
3ROXJD]DSRGHãDYDQMHYLVLQH
+YDWDþWUDYH
=DWYDUDþ]DPDOþLUDQMH
*XPE
6YRUQMDN
5XþLFD]DEU]RRWSXãWDQMH
.XND
%DWHULMVNLPRGXO
6LJXUQRVQLNOMXþ
*XPE]DRWSXãWDQMHEDWHULMH
0DWLFD
2GVWRMQLN
1Rå
6,*851267
832=25(1-(
3D]LWHGDVHSULGUåDYDWHVYLKXSXWHXYH]LVLJXUQRVWL
3RJOHGDMWHSULUXþQLN]DVLJXUQRVW
3267$9/-$1-(
832=25(1-(
1HPRMWHXSRWUHEOMDYDWLSULERUNRMLSURL]YRÿDþQLMH
SUHSRUXþLR
832=25(1-(
1HPRMWHXPHWDWLVLJXUQRVQLNOMXþLOLEDWHULMVNLPRGXOGRNQH
]DYUãLWHVDVDVWDYOMDQMHPVYLKGLMHORYD
9$Ĉ(1-(6752-$,=$0%$/$ä(
832=25(1-(
3REULQLWHVHGDSURSLVQRVNORSLWHVWURMSULMHXSRWUHEH
832=25(1-(
6WURMQHPRMWHXSRWUHEOMDYDWLDNRVXGLMHORYLVWURMD
RãWHüHQL
$NRQHPDWHVYHGLMHORYHQHPRMWHXSRWUHEOMDYDWLVWURM
$NRVXGLMHORYLRãWHüHQLLOLDNRQHGRVWDMXREUDWLWHVH
VHUYLVQRPFHQWUX
2WYRULWHSDNLUDQMH
3URþLWDMWHGRNXPHQWDFLMXNRMXVWHGRELOLXSDNLUDQMX
,]YDGLWHVYHQHVDVWDYOMHQHGLMHORYHL]NXWLMH
,]YDGLWHVWURML]NXWLMH
.XWLMXLDPEDODåX]EULQLWHXVNODGXVORNDOQLPSURSLVLPD
27./23,7(,35,/$*2',7(
'21-8'5â.8
6OLND
3RYXFLWHJRUQMXGUãNXJRUHLSUHPDQDWUDJNDNRELVWHMX
SRGLJQXOLXUDGQLSRORåDM3D]LWHGDGUãNHNOLNQXNDGD
VMHGQXQDVYRMHPMHVWR
6WHJQLWHGRQMXGUãNXUXþLFDPD]DEU]RRWSXãWDQMHQDGYLMH
VWUDQH
1$320(1$
3D]LWHGDGYLMHUXþNHEXGXXLVWRPSRORåDMX
832=25(1-(
3D]LWHGDQHRãWHWLWHNDEHOHGRNSUHNODSDWHLOLUDVNODSDWH
UXþNX
0217,5$-7(*251-858ý.8
6OLND
3RUDYQDMWHUXSHQDJRUQMRMUXþNLLGRQMRMUXþNL
3URYHGLWHYLMNHNUR]UXSH
6WHJQLWHJXPEHQDYLMNH
3URYHGLWHLVWXUDGQMXQDGUXJRMVWUDQL
8*5$'1-$+9$7$ý$=$75$98
6OLND
8NORQLWH]DWYDUDþ]DPDOþLUDQMH
2WYRULWHYUDWDVWUDåQMHJLVSXVWDL]DGUåLWHLKXWRP
SRORåDMX
'UåLWHKYDWDþWUDYH]DQMHJRYXUXþNXLVWDYLWHNXNHQDX
XWRUH
=DWYRULWHYUDWDVWUDåQMHJL]OD]D
8*5$'1-$=$79$5$ý$=$
0$/ý,5$1-(
6OLND
8NORQLWHKYDWDþ]DWUDYX
+UYDWVNL
+5

2WYRULWHYUDWDVWUDåQMHJLVSXVWDL]DGUåLWHLKXWRP
SRORåDMX
'UåLWH]DWYDUDþ]DPDOþLUDQMH]DUXþNXLSRVWDYLWHJDX
L]OD]QLQDVWDYDN
=DWYRULWHYUDWDVWUDåQMHJL]OD]D
32'(â$9$1-(9,6,1(12ä$
.2â1-(
6WURMVHPRåHQDPMHVWLWLQDUD]OLþLWHYLVLQHQRåDNRãQMH
6OLND
=DSRYHüDQMHYLVLQHQRåDNRãQMHSRYXFLWHUXþLFX]D
SRGHãDYDQMHYLVLQHSUHPDQDSULMHG
=DVPDQMHQMHYLVLQHQRåDNRãQMHSRYXFLWHUXþLFX]D
SRGHãDYDQMHYLVLQHSUHPDQDWUDJ
80(71,7(%$7(5,-8
6OLND
832=25(1-(
$NRVXEDWHULMVNLPRGXOLOLSXQMDþRãWHüHQL]DPLMHQLWH
EDWHULMVNLPRGXOLOLSXQMDþ
=DXVWDYLWHVWURMLSULþHNDMWHGDVHPRWRU]DXVWDYLSULMH
XJUDGQMHLOLXNODQMDQMDEDWHULMVNRJPRGXOD
3URþLWDMWHXSR]QDMWHLVOLMHGLWHXSXWH]DEDWHULMVNLL
SXQMDþ
832=25(1-(
83275(%/-$9$-7(6$02%$7(5,-82'9
1(02-7(83275(%/-$9$7,%$7(5,-86
'926758.,01$321209
1$320(1$
=DSRNUHWDQMHVWURMDREMHMHEDWHULMHSRWUHEQRVWDYLWLX
SUHWLQFH
2WYRULWHSUHWLQDFEDWHULMH
3RUDYQDMWHL]ERþHQMDQDEDWHULMVNRPPRGXOXVD
åOMHERYLPDXRGMHOMNX]DEDWHULMX
*XUQLWHEDWHULMVNLPRGXOXRGMHOMDN]DEDWHULMXWDNRGD
EDWHULMVNLPRGXOXVNRþLQDVYRMHPMHVWR
.DG]DþXMHWHNOLNEDWHULMVNLPRGXOMHXJUDÿHQ
8þLQLWHLVWLSRVWXSDNVGUXJRPEDWHULMRP
=DWYRULWHYUDWDãFD]DEDWHULMH
1$320(1$
0RWRUüHVHSRNUHQXWLVDPRNDGDMHXPHWQXWVLJXUQRVQL
NOMXþ
8./21,7(%$7(5,-6.,02'8/
6OLND
2WYRULWHSUHWLQDFEDWHULMH
,]YDGLWHVLJXUQRVQLNOMXþ
3ULWLVQLWHLGUåLWHJXPE]DRVOREDÿDQMHEDWHULMH
,]YDGLWHEDWHULMVNLPRGXOL]VWURMD
58.29$1-(
832=25(1-(
1RVLWH]DãWLWX]DRþLWLMHNRPUDGD
8./-8ý,9$1-(352,=92'$
6OLND
1$320(1$
+YDWDþ]DWUDYXPRQWLUDMWHSULMHNRãQMH
8WDNQLWHVLJXUQRVQLNOMXþ
3ULWLVQLWHLGUåLWHJXPE]DSRNUHWDQMH
'RNGUåLWHSULWLVQXWLPJXPE]DSRNUHWDQMHSRYXFLWH
UXþLFXNXWLMHVDVNORSNRPXVPMHUXUXþQHãLSNH
2WSXVWLWHJXPE]DSRNUHWDQMHGDELVWHSRNUHQXOLVWURM
=$867$9/-$1-(6752-$
6OLND
2WSXVWLWHVLJXUQRVQXVNORSNXGD]DXVWDYLWHUDGVWURMD
832=25(1-(
3ULþHNDMWHGDVHQRåHYLGRNUDMD]DXVWDYHWHNWDGDSRQRYQR
SRNUHQLWHVWURM1HPRMWHLVNOMXþLWLNRVLOLFXSDMXRGPDK
XNOMXþLWL
832=25(1-(
,]YDGLWHVLJXUQRVQLNOMXþLEDWHULMVNLPRGXONDGD]DYUãLWHV
UDGRP
35$ä1-(1-(+9$7$ý$=$
75$98
]DXVWDYLWHUDGVWURMD
,]YDGLWHVLJXUQRVQLNOMXþ
8NORQLWHEDWHULMVNLPRGXO
2WYRULWHYUDWDVWUDåQMHJLVSXVWDL]DGUåLWHLKXWRP
SRORåDMX
'UåLWHKYDWDþDWUDYH]DQMHJRYXUXþNXLRWNYDþLWHJDRG
XWRUD
=DWYRULWHYUDWDVWUDåQMHJL]OD]D
,VSUD]QLWHKYDWDþ]DWUDYX
+UYDWVNL
+5

83275(%$1$1,=%5',&,
832=25(1-(
1HPRMWHNRVLWLQDQL]EUGLFLVQDJLERPYHüLPRG$NR
VHQHRVMHüDWHXJRGQRQHPRMWHNRVLWLQDQL]EUGLFL
1HPRMWHVHSRPLFDWLJRUHGROMHSRNRVLQLNDGDNRVLWH
SRSUHþQRQDQL]EUGLFL%XGLWHSDåOMLYLNDGPLMHQMDWHVPMHU
QDQL]EUGLFL
3D]LWHQDUXSHNRULMHQMHNDPHQMHLGUXJHVNULYHQH
SUHGPHWH]ERJNRMLKPRåHWHSDVWL8NORQLWHSUHSUHNHNDR
ãWRMHNDPHQMHLJUDQMHGUYHWD
3D]LWHGDVWRMLWHXVWDELOQRPSRORåDMX$NRL]JXELWH
UDYQRWHåXRGPDKRWSXVWLWHVLJXUQRVQXVNORSNX
1HNRVLWHEOL]XVWUPLQDNDQDODLOLQDVLSD
6$9-(7,=$5$'
1HSRNXãDYDMWH]DRELüLUDGJXPED]DSRNUHWDQMHL
VLJXUQRVQHVNORSNH
1HPRMWHQDJLQMDWLVWURM]DYULMHPHQMHJRYDSRNUHWDQMD
1HPRMWHVWDYOMDWLUXNHLOLVWRSDODEOL]XLOLLVSRGRNUHWQLK
GLMHORYD
,]OD]QLQDVWDYDNPRUDELWLþLVW
1HPRMWHNRVLWLPRNUXWUDYX
9HüDYLVLQDQRåDSRWUHEQDMH]DQRYXLGHEHOXWUDYX
1DNRQVYDNHXSRWUHEHRþLVWLWHGRQMLGLRWUXSDNRVLOLFH
2GVWUDQLWHRVWDWNHWUDYHOLãüHSUOMDYãWLQXLRVWDOLRWSDG
2'5ä$9$1-(
832=25(1-(
3ULMHRGUåDYDQMDL]VWURMDL]YDGLWHVLJXUQRVQLNOMXþL
EDWHULMVNLPRGXO
832=25(1-(
1DPRWRUXLEDWHULMVNRPPRGXOXQHVPLMHELWLWUDYHþLãüDL
SUHYLãHPDVWL
235(=
.RULVWLWHVDPRRGREUHQH]DPMHQVNHGLMHORYH
235(=
3D]LWHGDNRþLRQDWHNXüLQDEHQ]LQLPDWHULMDOLQDED]LQDIWH
QHGRÿXXNRQWDNWVSODVWLþQLPGLMHORYLPD.HPLMVNHWYDUL
PRJXL]D]YDWLRãWHüHQMDQDSODVWLFLLGRYHVWLMXX
QHXSRWUHEOMLYRVWDQMH
235(=
1HPRMWHXSRWUHEOMDYDWLMDNDRWDSDODLOLGHWHUGåHQWHQD
SODVWLþQLPNXüLãWLPDLOLGLMHORYLPD
1$320(1$
3UHSRUXþHQLPRPHQW]DWH]DQMD1RåD1P
23û(1,722'5ä$9$1-(
3ULMHVYDNHXSRWUHEHSUHJOHGDMWHLPDOLQDVWURMX
RãWHüHQLKQHGRVWDMXüLKLOLODEDYLKGLMHORYDNDRãWRVX
YLMFLPDWLFHLþHSRYLSRNORSFL
3UDYLOQRVWHJQLWHVYHYLMNHLþHSRYH
2þLVWLWHVWURMVXKRPNUSRP1HPRMWHNRULVWLWLYRGX
=$0-(1$12ä$
6OLND
832=25(1-(
8SRWULMHELWHVDPRRGREUHQH]DPMHQVNHQRåHYH
832=25(1-(
1RVLWHþYUVWHUXNDYLFHLOLRPRWDMWHNUSXRNRQRåDSULMHQHJR
JDGRGLUXMHWH
=DXVWDYLWHUDGVWURMD
8YMHULWHVHGDVXVHQRåHYLSRWSXQR]DXVWDYLOL
8NORQLWHVLJXUQRVQLNOMXþLEDWHULMVNLPRGXO
2NUHQLWHVWURMQDERN
.RULVWHüLNRPDGGUYHWDRQHPRJXüLWHSRPLFDQMHQRåD
8NORQLWHYLMDN]DXJUDGQMXLRGVWRMQLNNRULVWHüLNOMXþLOL
VOLþDQDODW
8NORQLWHQRå
8JUDGLWHQRYLQRå3D]LWHGDGUåDþL]DKYDüDMXUXSHQD
QRåX
3RVWDYLWHRGVWRMQLNLSULWHJQLWHPRQWDåQLYLMDNNRMLVWH
UDQLMHXNORQLOL
6./$',â7(1-(6752-$
,]YDGLWHVLJXUQRVQLNOMXþ
8NORQLWHEDWHULMVNLPRGXO
2þLVWLWHVWURMSULMHVNODGLãWHQMD
3D]LWHGDPRWRUQLMHYUXüNDGDVSUHPDWHVWURM
3D]LWHGDQDVWURMXQHPDRODEDYOMHQLKLOLRãWHüHQLK
GLMHORYD$NRMHSRWUHEQRSURYHGLWHRYDMSRVWXSDN
VOLMHGLWHXSXWH
=DPLMHQLWHRãWHüHQHGLMHORYH
6WHJQLWHYLMNH
5D]JRYDUDMWHVRVRERPXRYODãWHQRPVHUYLVQRP
FHQWUX
6WURMXVNODGLãWLWHXVXKRPSRGUXþMX
3REULQLWHVHGDGMHFDQHPRJXSULVWXSLWLXEOL]LQXVWURMD
+UYDWVNL
+5

27./$1-$1-(352%/(0$
3UREOHP 0RJXüLX]URN 5MHãHQMH
5XþNDQLMHQD
VYRPPMHVWX
9LMFLQLVXSUDYLOQR
VWHJQXWL
3ULODJRGLWHYLVLQX
UXþNHLSREULQLWH
VHGDVXYLMFLL
JXPELSUDYLOQR
SRUDYQDWL
6WURMVHQHPRåH
SRNUHQXWL
.DSDFLWHWEDWHULMH
MHQL]DN
1DSXQLWHEDWHULMVNL
PRGXO
6LJXUQRVQDVNORS
NDMHRãWHüHQD
=DPLMHQLWHVLJXU
QRVQXVNORSNX
.OMXþEDWHULMHQLMH
XPHWQXW
8WDNQLWHNOMXþ]D
EDWHULMX
6WURMQHUDYQRPMHU
QRVMHþHWUDYX
7UDYQMDNMHQHUD
YDQ
3UHJOHGDMWHSR
GUXþMHNRãQMH
9LVLQDQRåDQLMH
SURSLVQRSRGHãH
QD
3RGHVLWHYLVLQX
QRåDNRãQMHXYLãL
SRORåDM
6WURMQHREDYOMD
PDOþLUDQMHNDNR
WUHED
0RNULRVWDFLWUDYH
]DOLMHSOMHQLVX]D
WUXS
3ULþHNDMWHGDVH
WUDYDSRVXãL]DWLP
QDVWDYLWHVNRãQ
MRP
1HPD]DWYDUDþD]D
PDOþLUDQMH
8JUDGLWHþHS]D
PDOþLUDQMH
6WURMVHWHãNR
JXUD
7UDYDMHSUHYLVRND
LOLMHSUHPDODYLVL
QDQRåD
3RYHüDMWHYLVLQX
QRåDNRãQMH
+YDWDþWUDYHLQRå
]DVWDMXXGHEHORM
WUDYL
,VSUD]QLWHRVWDWNH
SRNRãHQHWUDYHL]
KYDWDþD]DWUDYX
1DVWURMXVHMDYOMD
MXMDNHYLEUDFLMH
1RåMHQHXUDYQR
WHåHQLLVWURãHQ
=DPLMHQLWHQRå
9UDWLORPRWRUDMH
VDYLMHQR
=DXVWDYLWHUDG
PRWRUD
8NORQLWHVL
JXUQRVQLNOMXþ
LEDWHULMVNL
PRGXO
2GYRMLWHL]YRU
HOHNWULþQRJQD
SDMDQMD
3UHJOHGRPSR
WUDåLWHPRJXüD
RãWHüHQMD
2WNORQLWHNYDU
VWURMDSULMH
QMHJRYDSR
QRYQRJSRNUH
WDQMD
3UREOHP 0RJXüLX]URN 5MHãHQMH
6WURMVH]DXVWDYOMD
]DYULMHPHNRãHQ
MD
9LVLQDQRåDMHSUH
QLVND
3RYHüDMWHYLVLQX
QRåDNRãQMH
%DWHULMVNLPRGXO
MHSUD]DQ
1DSXQLWHEDWHULMVNL
PRGXO
2VWDYLWUDYH]DOL
MHSOMHQLVX]DWUXS
LOLQRå
,]YDGLWHEDWHULMVNL
PRGXOLSURYMHULWH
SODWIRUPX
5DGQDWHPSHUDWXUD
VWURMDMHSUHYLVRND
2KODGLWHVWURM
$NRQHPRåHWHSURQDüLUMHãHQMH]DWHSUREOHPHRWLÿLWHX
VHUYLVQLFHQWDU
7(+1,ý.,32'$&,
1DSRQ 9
%U]LQDYUWQMHEH]RSWHUHüHQMD PLQ
âLULQDUH]D PP
9LVLQDUH]D PP
9ROXPHQKYDWDþD]DWUDYX /
7HåLQDEH]EDWHULMVNRJPRG
XOD
OEVNJ
,]PMHUHQDUD]LQDWODND]YXND /
3$
G%$.
G%$
=DMDPþHQDUD]LQDVQDJH]YX
ND
/
:$G
G%$
9LEUDFLMH 㸺 PV
. PV
0RGHOEDWHULMH *%*%LGUXJH%$*
VHULMH
0RGHOSXQMDþD *;&*;8&
*;8&LGUXJH&$*
VHULMH
.RQVWUXNFLMDVGYRVWUXNRP
L]RODFLMRP
,3; ,3;
-$06792
3RWSXQLXYMHWLLRGUHGEHMDPVWYDPRJXVHSURQDüLQD
*UHHQZRUNVZHEVWUDQLFL
*UHHQZRUNV-DPVWYRNRMHYULMHGLJRGLQH]DSURL]YRGL
JRGLQH]DEDWHULMHSRWURãDþNDRVREQDXSRWUHEDRGGDWXPD
NXSQMH2YLPMDPVWYRPREXKYDüHQHVXJUHãNHXSURL]YRGQML
1HLVSUDYDQSURL]YRGXRNYLUXMDPVWYDPRåHWHVHSRSUDYLWLLOL
]DPLMHQLWLQRYLP8UHÿDMNRMLVHNRULVWLRQDQHSURSLVQLQDþLQ
LOLQDQDþLQNRMLQLMHRSLVDQXYODVQLþNRPSULUXþQLNXPRåGD
QHüHELWLREXKYDüHQRYLPMDPVWYRP1RUPDOQRWURãHQMHL
SRWURãQLGLMHORYLQLVXREXKYDüHQLMDPVWYRP1DRULJLQDOQR
+UYDWVNL
+5

MDPVWYRSURL]YRÿDþDQHXWMHþXGRGDWQDMDPVWYDNRMDGDMH
SUHGVWDYQLNLOLSURGDYDþ
1HLVSUDYDQSURL]YRGPRUDVHYUDWLWLQDPMHVWRNXSQMHUDGL
RVWYDUHQMDSRSUDYNDXRNYLUXMDPVWYD]DMHGQRVGRND]RPR
NXSQMLUDþXQRP
(=,=-$9$268./$'1267,
1D]LYLDGUHVDSURL]YRÿDþD
1D]LY */2%*52$%
*OREH*URXS(XURSH
$GUHVD 5LJJDUHJDWDQ0DOP|âYHGVND
1D]LYLDGUHVDRVREHRYODãWHQH]DNRPSLOLUDQMHWHKQLþNH
GDWRWHNH
1D]LY 0LFDHO-RKDQVVRQ
$GUHVD 5LJJDUHJDWDQ0DOP|âYHGVND
2YLPHL]MDYOMXMHPRGDSURL]YRG
.DWHJRULMD .RVLOLFD
0RGHO *;/0/0(
6HULMVNLEURM 3RJOHGDMWHQDWSLVVQD]LYQLPSRGD
FLPD
*RGLQDSURL]YRGQMH 3RJOHGDMWHQDWSLVVQD]LYQLPSRGD
FLPD
MHXVXNODGQRVWLVUHOHYDQWQLPRGUHGEDPDGLUHNWLYHR
VWURMHYLPD(=
MHXVXNODGQRVWLVRGUHGEDPDVOMHGHüLKRVWDOLK(=
GLUHNWLYD
(8
(=L(=
(8L(8
1DGDOMHL]MDYOMXMHPRGDVXNRULãWHQLVOMHGHüLGLMHORYL
NODX]XOHXVNODÿHQLKVWDQGDUGD
0HWRGDSURFMHQHVXNODGQRVWLSUHPD'RGDWNX9,GLUHNWLYH
(=
,]PMHUHQDUD]LQD]YXþQHVQDJH /
=0
G%$
=DMDPþHQDUD]LQD]YXþQHVQDJH /
:$G
G%$
0MHVWRGDWXP0DO
P|
3RWSLV7HG4XGLUHNWRU]DNYDOLWHWX
+UYDWVNL
+5

/HtUiV
&pO
ÈWWHNLQWpV
%L]WRQViJ
7HOHStWpV
$JpSNLFVRPDJROiVD
&VRPDJROMDNLpViOOtWVDEHD]DOVyIRJDQW\~W
+HO\H]]HIHODIHOVĘIRJDQW\~W
)ĦJ\ĦMWĘIHOKHO\H]pVH
$YpGĘERUtWiVFVDWODNR]yIHOKHO\H]pVH
ÈOOtWVDEHDSHQJHYiJiVPDJDVViJiW
$]DNNXPXOiWRUHJ\VpJEHKHO\H]pVH
$]DNNXPXOiWRUHJ\VpJNLYpWHOH
h]HPHOWHWpV
$JpSHOLQGtWiVD
$JpSOHiOOtWiVD
)ĦJ\ĦMWĘNLUtWpVH
0ĦN|GWHWpVOHMWĘN|Q
7LSSHNDPĦN|GWHWpVKH]
.DUEDQWDUWiV
ÈOWDOiQRVNDUEDQWDUWiV
&VHUpOMHNLDNpVW
$JpSWiUROiVD
+LEDHOKiUtWiV
0ĦV]DNLDGDWRN
-yWiOOiV
(.PHJIHOHOĘVpJLQ\LODWNR]DW
0DJ\DU
+8

/(Ë5È6
&e/
(]DJpSKi]LIĦQ\tUiVUDNpV]OW$YiJySHQJpQHNN|UOEHOO
SiUKX]DPRVQDNNHOOOHQQLHDWDODMMDO0LQGDQpJ\NHUpNQHN
KR]]iNHOOpUQLHDWDODMKR]IĦQ\tUiVN|]EHQ
È77(.,17e6
aiEUD
)RJDQW\~NDSFVROy
,QGtWyJRPE
)HOVĘIRJDQW\~
$OVyIRJDQW\~
+iWVyNLGREyDMWy
$NNXPXOiWRUWDUWyIHGpO
0DJDVViJEHiOOtWyNDU
)ĦJ\ĦMWĘ
$SUtWpNFVDWODNR]y
*RPE
&VDYDU
*\RUVNLROGyNDU
.DPSy
$NNXPXOiWRUHJ\VpJ
%L]WRQViJLNXOFV
$NNXPXOiWRUNLROGyJRPE
$Q\D
7iYWDUWy
3HQJH
%,=7216È*
),*<(/0(=7(7e6
7DUWVRQEHPLQGHQEL]WRQViJLXWDVtWiVW
/iVGDEL]WRQViJL~WPXWDWyW
7(/(3Ë7e6
),*<(/0(=7(7e6
1HKDV]QiOMRQRO\DQWDUWR]pNRNDWDPHO\HNHWDJ\iUWyQHP
MDYDVRO
),*<(/0(=7(7e6
1HGXJMDEHDEL]WRQViJLNXOFVRWYDJ\D]
DNNXPXOiWRUHJ\VpJHWDPtJPLQGHQDONDWUpV]W|VV]HQHP
V]HUHOW
$*e3.,&620$*2/È6$
),*<(/0(=7(7e6
+DV]QiODWHOĘWWHOOHQĘUL]]HKRJ\PHJIHOHOĘHQV]HUHOWHH
|VV]HDJpSHW
),*<(/0(=7(7e6
$PHQQ\LEHQDJpSDONDWUpV]HLPHJVpUOWHNDNNRUQH
KDV]QiOMDDJpSHW
+DQLQFVPHJPLQGHQDONDWUpV]QHPĦN|GWHVVHDJpSHW
+DDONDWUpV]HNVpUOWHNYDJ\KLiQ\R]QDNDNNRUYHJ\H
IHODNDSFVRODWRWDV]HUYL]N|]SRQWWDO
1\LVVDNLDFVRPDJROiVW
2OYDVVDHODGRER]EDQOpYĘGRNXPHQWiFLyW
9HJ\HQNLPLQGHQQHP|VV]HV]HUHOWDONDWUpV]WDGRER]EyO
9HJ\HNLDJpSHWDGRER]EyO
$GRER]WpVDFVRPDJROyDQ\DJRWDKHO\LV]DEiO\RNQDN
PHJIHOHOĘHQiUWDOPDWODQtWVD
&620$*2/-$.,e6È//Ë76$%(
$=$/6Ï)2*$17<Ò7
ÈEUD
+~]]DIHOIHOppVYLVV]DIHOpDIHOVĘIRJDQW\~WH]]HO
IHOHPHOLDIRJDQW\~WD]]HPLKHO\]HWEH%L]RQ\RVRGMRQ
PHJUyODKRJ\DIRJDQW\~NKHO\HVHQLOOHV]NHGWHNEHD
KHO\NUH
6]RUtWVDPHJD]DOVyIRJDQW\~WDJ\RUVNLROGyNDURNNDO
PLQGNpWROGDORQ
0(*-(*<=e6
%L]RQ\RVRGMRQPHJUyODKRJ\PLQGNpWIRJDQW\~KHO\HVHQ
LOOHV]NHGHWWEHDKHO\pUH
),*<(/0(=7(7e6
$NiEHOHNQHVpUOMHQHNPHJDPLNRU|VV]HFVXNMDYDJ\
NLQ\LWMDDIRJDQW\~W
+(/<(==()(/$)(/6ė
)2*$17<Ò7
iEUD
,OOHVV]HDO\XNDNDWDIHOVĘpVDOVyIRJDQW\~KR]
'XJMDiWDFVDYDURNDWDO\XNDNRQ
+~]]DPHJDJRPERNDWDFVDYDURNNDO
,VPpWHOMHPHJXJ\DQH]WDPĦYHOHWHWDPiVLNROGDORQ
)ĥ*<ĥ-7ė)(/+(/<(=e6(
ÈEUD
9HJ\HOHD]DSUtWpNFVDWODNR]yW
1\LVVDNLDKiWVyNLGREyDMWyWpVWDUWVDNLQ\LWYD
0DJ\DU
+8

7DUWVDDIĦJ\ĦMWĘWDIRJDQW\~QiOIRJYDpVDNDVV]DEHD
NDPSyNDWDQ\tOiVRNED
=iUMDOHDKiWVyNLGREyDMWyW
$9e'ė%25Ë7È6&6$7/$.2=Ï
)(/+(/<(=e6(
iEUD
9HJ\HOHDIĦJ\ĦMWĘW
1\LVVDNLDKiWVyIĦJ\ĦMWĘDMWyWpVWDUWVDPHJ
7DUWVDDYpGĘERUtWiVFVDWODNR]yWDIRJDQW\~QiOIRJYDpV
LOOHVV]HDIĦJ\ĦMWĘUHNHV]EH
=iUMDOHDKiWVyIĦJ\ĦMWĘUHNHV]DMWyW
È//Ë76$%($3(1*(9È*È6
0$*$66È*È7
$JpSHQNO|QE|]ĘSHQJHYiJiVPDJDVViJRNiOOtWKDWyNEH
iEUD
7ROMDHOĘUHIHOpDPDJDVViJiOOtWyNDUWDSHQJHYiJiV
PDJDVViJiQDNQ|YHOpVpKH]
7ROMDHOĘUHIHOpDPDJDVViJiOOtWyNDUWDSHQJHYiJiV
PDJDVViJiQDNFV|NNHQWpVpKH]
$=$..808/È725(*<6e*
%(+(/<(=e6(
iEUD
),*<(/0(=7(7e6
+DD]DNNXPXOiWRUHJ\VpJYDJ\DW|OWĘVpUOWDNNRU
FVHUpOMHNLD]DNNXPXOiWRUHJ\VpJHWYDJ\DW|OWĘW
ÈOOtWVDOHDJpSHWpVYiUMRQDPtJDPRWRUOHiOOPLHOĘWW
IHOKHO\H]LYDJ\OHYHV]LD]DNNXPXOiWRUHJ\VpJHW
2OYDVVDHOLVPHUMHPHJpVWDUWVDEHDNNXPXOiWRUpVD
W|OWĘKDV]QiODWL~WPXWDWyMiEDQOpYĘXWDVtWiVRNDW
),*<(/0(=7(7e6
&6$.926$..808/È7257+$6=1È/-21
1(+$6=1È/-21.(77ė6)(6=h/76e*ĥ9
26$..808/È7257
0(*-(*<=e6
$JpSLQGtWiViKR]PLQGNpWDNNXPXOiWRUWEHNHOOKHO\H]QLD
WDUWyED
1\LVVDNLD]DNNXPXOiWRUWDUWyDMWDMiW
,OOHVV]HD]DNNXPXOiWRUHJ\VpJHQOpYĘHPHOĘERUGiNDWD]
DNNXPXOiWRUWDUWyEDQOpYĘKRUQ\RNED
7ROMDEHDNNXPXOiWRUHJ\VpJHWD]DNNXPXOiWRUWDUWyED
DPtJD]DNNXPXOiWRUHJ\VpJDKHO\pUHQHPU|J]O
$PLNRUNDWWDQiVWKDOOD]DNNXPXOiWRUHJ\VpJEHYDQ
KHO\H]YH
8J\DQH]WDPĦYHOHWHWKDMWVDYpJUHDPiVLN
DNNXPXOiWRUUDOLV
=iUMDOHD]DNNXPXOiWRUWDUWyDMWDMiW
0(*-(*<=e6
$PRWRUFVDNDNNRULQGXOHOKDEHGXJMDDEL]WRQViJL
NXOFVRW
$=$..808/È725(*<6e*
.,9e7(/(
ÈEUD
1\LVVDNLD]DNNXPXOiWRUWDUWyDMWDMiW
+~]]DNLDEL]WRQViJLNXOFVRW
1\RPMDPHJpVWDUWVDOHQ\RPYDD]DNNXPXOiWRUNLROGy
JRPERW
9HJ\HNLD]DNNXPXOiWRUHJ\VpJHWDJpSEĘO
h=(0(/7(7e6
),*<(/0(=7(7e6
0ĦN|GWHWpVN|]EHQYLVHOMHQYpGĘV]HPYHJHW
$*e3(/,1'Ë7È6$
ÈEUD
0(*-(*<=e6
)ĦQ\tUiVHOĘWWV]HUHOMHIHODIĦJ\ĦMWĘW
'XJMDEHDEL]WRQViJLNXOFVRW
1\RPMDPHJpVWDUWVDOHQ\RPYDD]LQGtWyJRPERW
0LN|]EHQD]LQGtWyJRPERWOHQ\RPYDWDUWMDWROMDD
NDSFVROyGRER]IRJDQW\~MiWDNRUPiQ\U~GLUiQ\iED
$JpSHOLQGtWiViKR]HQJHGMHHODVWDUWJRPERW
$*e3/(È//Ë7È6$
ÈEUD
$JpSOHiOOtWiViKR]HQJHGMHHODNDSFVROyGRER]
IRJDQW\~MiW
),*<(/0(=7(7e6
0LHOĘWW~MEyOHOLQGtWMDDJpSHWYiUMDPHJDPtJDSHQJH
WHOMHVHQOHiOO1HNDSFVROJDVVDJ\RUVDQNLpVEHDJpSHW
),*<(/0(=7(7e6
$PXQNDEHIHMH]pVHXWiQPLQGLJYHJ\HNLDEL]WRQViJL
NXOFVRWpVD]DNNXPXOiWRUHJ\VpJHW
)ĥ*<ĥ-7ė.,h5Ë7e6(
ÈOOtWVDOHDJpSHW
+~]]DNLDEL]WRQViJLNXOFVRW
0DJ\DU
+8

9HJ\HOHD]DNNXPXOiWRUHJ\VpJHW
1\LVVDNLDKiWVyNLGREyDMWyWpVWDUWVDNLQ\LWYD
7DUWVDDIĦJ\ĦMWĘWDIRJDQW\~QiOIRJYDpVDNDVV]DNLD
NDPSyNDWDQ\tOiVRNEyO
=iUMDOHDKiWVyNLGREyDMWyW
$IĦJ\ĦMWĘNLUtWpVH
0ĥ.g'7(7e6/(-7ė.g1
),*<(/0(=7(7e6
1HQ\tUMRQIYHWQiOQDJ\REEOHMWĘN|Q+DQHP
NpQ\HOPHVQHQ\tUMRQIYHWOHMWĘQ
$OHMWĘQQHIHOpVOHQ\tUMDDIYHWKDQHP
NHUHV]WLUiQ\EDQ/HJ\HQyYDWRVDPLNRULUiQ\WYiOWD
OHMWĘQ
)LJ\HOMHQDJ|GU|NUHN|YHNUHpVPiVUHMWHWWWiUJ\DNUD
DPHO\HNPLDWWHOHVKHW7iYROtWVRQHOPLQGHQDNDGiO\W
SpOGiXON|YHWpViJDNDW
0LQGLJVWDELODQOpSMHQ+DHJ\HQV~O\iWYHV]WLD]RQQDO
HQJHGMHHODIRJDQW\~NDSFVROyW
1HQ\tUMRQIYHWV]DNDGpNRNiUNRNYDJ\JiWDN
N|]HOpEHQ
7,33(.$0ĥ.g'7(7e6+(=
1HSUyEiOMDNLNHUOQLD]LQGtWyJRPEYDJ\DNDSFVROy
GRER]IRJDQW\~PĦN|GWHWpVpW
1HG|QWVHPHJDJpSHWDPLNRUHOLQGtWMD
1HWHJ\HNH]pWYDJ\OiEiWDIRUJyDONDWUpV]HNDOi
7DUWVDWLV]WiQDNLGREyFV~V]GiW
1HQ\tUMRQQHGYHVIYHW
ÒMYDJ\YDVWDJIĦK|]PDJDVDEESHQJHPDJDVViJ
V]NVpJHV
0LQGHQKDV]QiODWXWiQWLV]WtWVDPHJDIĦQ\tUyIHGpODOMiW
7iYROtWVDHODIĦGDUDENiNDWOHYHOHNHWNRV]WpVPiV
V]HQQ\H]ĘGpVHNHW
.$5%$17$57È6
),*<(/0(=7(7e6
.DUEDQWDUWiVHOĘWWYHJ\HNLDEL]WRQViJLNXOFVRWpVD]
DNNXPXOiWRUHJ\VpJHWDJpSEĘO
),*<(/0(=7(7e6
7DUWVDV]DEDGRQDPRWRUWpVD]DNNXPXOiWRUHJ\VpJHWIĦWĘO
OHYHOHNWĘOYDJ\W~O]RWWNHQĘDQ\DJWyO
9,*<È=$7
&VDNMyYiKDJ\RWWFVHUHDONDWUpV]HNHWKDV]QiOMRQ
9,*<È=$7
1HKDJ\MDKRJ\DIpNIRO\DGpNJi]RODMSHWUyOHXPDODS~
DQ\DJRNDPĦDQ\DJDONDWUpV]HNKH]pUMHQHN$YHJ\V]HUHN
PHJURQJiOKDWMiNDPĦDQ\DJRWpVMDYtWKDWDWODQQiWHV]LN
H]HNHW
9,*<È=$7
1HKDV]QiOMRQHUĘVROGyV]HUHNHWYDJ\WLV]WtWyV]HUHNHWD
PĦDQ\DJEXUNRODWRQYDJ\DNRPSRQHQVHNHQ
0(*-(*<=e6
$MiQORWWPHJK~]iVLQ\RPDWpN.pVW1P
È/7$/È126.$5%$17$57È6
0LQGHQKDV]QiODWHOĘWWHOOHQĘUL]]HDJpSHWVpUOpVHN
KLiQ\]yYDJ\OD]DDONDWUpV]HNSOFVDYDURNDQ\iN
DOiWpWHNpVVDSNiNV]HPSRQWMiEyO
0LQGHQU|J]tWĘWpVVDSNiWPHJIHOHOĘHQK~]]RQPHJ
$JpSWLV]WtWiViWFVDNHJ\QHGYHVUXKiYDOYpJH]]H1H
KDV]QiOMRQYL]HW
&6(5e/-(.,$.e67
iEUD
),*<(/0(=7(7e6
&VDNMyYiKDJ\RWWFVHUHSHQJpNHWKDV]QiOMRQ
),*<(/0(=7(7e6
9LVHOMHQNHV]W\ĦWYDJ\WHNHUMHQUXKiWDSHQJHN|UpDPLNRU
DSHQJpKH]pU
ÈOOtWVDOHDJpSHW
(OOHQĘUL]]HKRJ\DSHQJpNWHOMHVHQOHiOOWDNH
9HJ\HNLDEL]WRQViJLNXOFVRWpVD]DNNXPXOiWRUHJ\VpJHW
)RUGtWVDD]ROGDOiUDDJpSHW
+DV]QiOMRQHJ\GDUDEIiWDSHQJHPR]JiViQDN
PHJDNDGiO\R]iViKR]
7iYROtWVDHODU|J]tWĘFVDYDUWpVD]DOiWpWHWHJ\
FVDYDUNXOFFVDOYDJ\GXJyNXOFFVDO
9HJ\HOHDSHQJpW
+HO\H]]HIHOD]~MSHQJpW(OOHQĘUL]]HKRJ\DNpW
N|]OHPH]U|J]OWHDSHQJHQ\tOiVDLEDQ
+HO\H]]HEHD]DOiWpWJ\ĦUĦWpVV]RUtWVDPHJDNRUiEEDQ
HOWiYROtWRWWU|J]tWĘFVDYDUW
$*e37È52/È6$
+~]]DNLDEL]WRQViJLNXOFVRW
$]DNNXPXOiWRUHJ\VpJNLYpWHOH
7iUROiVHOĘWWWLV]WtWVDPHJDJpSHW
(OOHQĘUL]]HKRJ\DPRWRUQHPIRUUyHDPLNRUHOWHV]LD
JpSHW
0DJ\DU
+8

(OOHQĘUL]]HKRJ\DJpSHQQLQFVHQHNHOD]DYDJ\VpUOW
DONDWUpV]HN6]NVpJHVHWpQKDMWVDYpJUHDN|YHWNH]Ę
OpSpVHNHWXWDVtWiVRNDW
&VHUpOMHNLDVpUOWDONDWUpV]HNHW
+~]]DPHJDFVDYDURNDW
)RUGXOMRQDKLYDWDORVV]HUYL]N|]SRQWEDQGROJR]y
V]HPpO\KH]
$JpSHWV]iUD]KHO\HQWiUROMD
hJ\HOMHQUiKRJ\J\HUPHNHNQHWXGMDQDNDJpSN|]HOpEH
NHUOQL
+,%$(/+È5Ë7È6
3UREOpPD /HKHWVpJHVRN 0HJROGiV
$SHQJHQHPPHJ
IHOHOĘSR]tFLyEDQ
YDQ
$FVDYDURNQHP
PHJIHOHOĘHQLOOHV]
NHGQHN
ÈOOtWVDEHDIRJDQ
W\~PDJDVViJiWpV
HOOHQĘUL]]HKRJ\D
JRPERNpVDFVD
YDURNPHJIHOHOĘHQ
LOOHV]NHGQHNH
$JpSQHPLQGXO
HO
$]DNNXPXOiWRU
NDSDFLWiVDDODFVR
Q\
7|OWVHIHOD]DNNX
PXOiWRUHJ\VpJHW
$IRJDQW\~NDSF
VROyKLEiV
&VHUpOMHNLDIR
JDQW\~NDSFVROyW
$]DNNXPXOiWRU
NXOFVQLQFVEHGXJ
YD
'XJMDEHD]DNNX
PXOiWRUNXOFVRW
$JpSQHPHJ\HQ
OHWHVHQQ\tUMDDI
YHW
$IĦGXUYD 9L]VJiOMDiWDQ\tU
DQGyWHUOHWHW
$SHQJHPDJDVVi
JDQLQFVPHJIHOH
OĘHQEHiOOtWYD
ÈOOtWVDDSHQJH
YiJiVPDJDVViJiW
PDJDVDEEiOOiVED
$JpSQHPPHJIH
OHOĘHQQ\tU
1HGYHVIĦIRUJiF
VRNWDSDGWDNDIH
GpOKH]
)ĦQ\tUiVHOĘWWYiU
MRQDPtJDIĦ
PHJV]iUDG
$YpGĘERUtWiV
FVDWODNR]yKLiQ\
]LN
+HO\H]]HIHODYp
GĘERUtWiVFVDWODNR
]yW
$JpSHWQHKp]WRO
QL
$IĦW~OPDJDV
YDJ\DSHQJHPDJ
DVViJDW~ODODFVR
Q\
1|YHOMHDSHQJH
YiJiVPDJDVViJiW
$IĦJ\ĦMWĘpVD
SHQJHEHDNDGD
YDVWDJIĦEH
7iYROtWVDHODIĦ
IRUJiFVRNDWDIĦ
J\ĦMWĘUĘO
3UREOpPD /HKHWVpJHVRN 0HJROGiV
$JpSQDJ\RQYL
EUiO
$SHQJHNLHJ\HQ
V~O\R]DWODQpVHO
KDV]QiOyGRWW
&VHUpOMHNLDSHQ
JpW
$PRWRUWHQJHO\
KDMORWW
ÈOOtWVDOHD
PRWRUW
9HJ\HNLDEL]
WRQViJLNXOFVRW
pVD]DNNXPX
OiWRUHJ\VpJHW
9iODVV]DOHD
KiOy]DWLDOM]D
WUyO
(OOHQĘUL]]HD
VpUOpVHNHW
-DYtWVDPHJD
JpSHWPLHOĘWW
~MEyOHOLQGtWMD
$JpSQ\tUiVN|]
EHQOHiOO
$SHQJHPDJDVVi
JDW~ODODFVRQ\
1|YHOMHDSHQJH
YiJiVPDJDVViJiW
$]DNNXPXOiWRUH
J\VpJOHPHUOW
7|OWVHIHOD]DNNX
PXOiWRUHJ\VpJHW
)ĦIRUJiFVRNWD
SDGWDNDIHGpOKH]
YDJ\DSHQJpKH]
9HJ\HNLD]DNNX
PXOiWRUHJ\VpJHW
pVHOOHQĘUL]]HDIH
GHOHW
$JpSPĦN|GWHWpVL
KĘPpUVpNOHWHW~O
PDJDV
+ĦWVHOHDJpSHW
+DQHPWXGPHJROGiVWWDOiOQLH]HNUHDSUREOpPiNUDDNNRU
IRUGXOMRQDV]HUYL]N|]SRQWKR]
0ĥ6=$.,$'$72.
)HV]OWVpJ 9
hUHVMiUDWLVHEHVVpJ SHUF
9iJiVV]pOHVVpJH PP
9iJiVPDJDVViJD PP
)ĦJ\ĦMWĘNDSDFLWiVD OLWHU
6~O\DNNXPXOiWRUHJ\VpJ
QpONO
OEVNJ
0pUWKDQJQ\RPiVV]LQW /
3$
G%$.
G%$
*DUDQWiOWKDQJWHOMHVtWPpQ\V
]LQW
/
:$G
G%$
5H]JpV 㸺 PV
. PV
$NNXPXOiWRUPRGHOO *%*%pVPiV%$*
VRUR]DW
0DJ\DU
+8

7|OWĘPRGHOO *;&*;8&
*;8&pVPiV&$*
VRUR]DW
.HWWĘVV]LJHWHOpVĦV]HUNH]HW
,3; ,3;
-Ï7È//È6
$MyWiOOiVLIHOWpWHOHNPHJWDOiOKDWyDND*UHHQZRUNV
ZHEROGDORQ
$*UHHQZRUNV-yWiOOiVDWHUPpNUHpYPtJD]
DNNXPXOiWRURNUDpYIRJ\DV]WyLRWWKRQLKDV]QiODWD
YiViUOiVLGĘSRQWMiWyOV]iPtWYD(]DMyWiOOiVNLWHUMHGD
J\iUWiVLKLEiNUD$MyWiOOiVKDWiO\DDOiHVĘKLEiVWHUPpN
MDYtWKDWyYDJ\FVHUpOKHWĘ$KHO\WHOHQOYDJ\QHPDNH]HOĘL
Np]LN|Q\YEHQOHtUWDNV]HULQWKDV]QiOWHJ\VpJHOYHV]tWKHWLD
MyWiOOiViW$QRUPiONRSiVpVNRSyDONDWUpV]HNQHPNpSH]LND
MyWiOOiVWiUJ\iW$]HUHGHWLJ\iUWyLMyWiOOiVWQHPEHIRO\iVROMD
HJ\HVHWOHJHVNHUHVNHGĘLYDJ\YLV]RQWHODGyLH[WUDMyWiOOiV
$MyWiOOiVLN|YHWHOpVEHQ\~MWiViKR]DKLEiVWHUPpNHWD
YiViUOiVWLJD]ROyV]HOYpQQ\HOHJ\WWQ\XJWDYLVV]DNHOOYLQQL
DYiViUOiVKHO\pUH
(.0(*)(/(/ė6e*,
1<,/$7.2=$7
$J\iUWyQHYHpVFtPH
1pY */2%*52$%
*OREH*URXS(XURSH
&tP 5LJJDUHJDWDQ0DOP|6YpGRUV]iJ
$PĦV]DNLIiMOV]HUNHV]WpVpUHIHOKDWDOPD]RWWV]HPpO\QHYHpV
FtPH
1pY 0LFDHO-RKDQVVRQ
&tP 5LJJDUHJDWDQ0DOP|6ZHGHQ
(]HQQHONLMHOHQWMNKRJ\DWHUPpN
.DWHJyULD )ĦQ\tUy
0RGHOO *;/0/0(
6RUR]DWV]iP /iVGDWHUPpNWtSXVWiEOiMiW
*\iUWiVpYH /iVGDWHUPpNWtSXVWiEOiMiW
PHJIHOHODJpSHNUĘOV]yOy(.LUiQ\HOYDODSYHWĘ
N|YHWHOPpQ\HLQHN
PHJIHOHODN|YHWNH]ĘHJ\pE(8LUiQ\HOYHN
N|YHWHOPpQ\HLQHN
(8
(.pV(.
(8pV(8
7RYiEEiNLMHOHQWMNKRJ\DKDUPRQL]iOWV]DEYiQ\RN
NLN|WpVHLUDONDOPD]WXN
0HJIHOHOĘVpJpUWpNHOpVLPyGV]HUD(.LUiQ\HOY9,
PHOOpNOHWHV]HULQW
0pUWKDQJWHOMHVtWPpQ\V]LQW OLWHU
:$
G%$
*DUDQWiOWKDQJWHOMHVtWPpQ\V]LQW OLWHU
:$G
G%$
+HO\GiWXP0DOP|
$OitUiV7HG4XPLQĘVpJEL]WRVtWiVL
YH]HWĘ
0DJ\DU
+8

'HVFULHUH
6FRS
3UH]HQWDUHJHQHUDOă
6LJXUDQ܊ă
,QVWDODUHD
'H]DPEDODUHDPD܈LQLL
'HSOLD܊L܈LUHJOD܊LPkQHUXOLQIHULRU
,QVWDODUHDPkQHUXOXLVXSHULRU
,QVWDODUHDFROHFWRUXOXLGHLDUEă
,QVWDODUHDGRSXOXLGHRSULUHDUHVWXULORU
YHJHWDOH
6HWDUHDvQăO܊LPLLODPHLGHWăLHUH
,QVWDODUHDVHWXOXLGHDFXPXODWRUL
6FRDWHUHDVHWXOXLGHDFXPXODWRUL
)XQF܊LRQDUH
3RUQLUHDPD܈LQLL
2SULUHDPD܈LQLL
*ROLUHDFROHFWRUXOXLGHLDUEă
)XQF܊LRQDUHDSHSDQWH
5HFRPDQGăULSULYLQGIXQF܊LRQDUHD
ÌQWUH܊LQHUH
ÌQWUHĠLQHUHJHQHUDOă
ÌQORFXLUHDODPHL
'HSR]LWDUHDPD܈LQLL
'HSDQDUH
'DWHWHKQLFH
*DUDQ܊LH
'HFODUD܊LHGHFRQIRUPLWDWH&(
5RPkQă
52

'(6&5,(5(
6&23
$FHDVWăPD܈LQăVHXWLOL]HD]ăODWXQGHUHDLHUELLvQJRVSRGăULH
/DPDGHWăLHUHWUHEXLHVăILHDSUR[LPDWLYSDUDOHOăFXVROXO
7RDWHFHOHSDWUXURĠLWUHEXLHVăDWLQJăVROXOvQWLPSXOWXQGHULL
LHUELL
35(=(17$5(*(1(5$/Ă
)LJXUDa
ÌQWUHUXSăWRUPDQHWă
%XWRQGHSRUQLUH
0kQHUVXSHULRU
0kQHULQIHULRU
8܈ăGHGHVFăUFDUHVSDWH
&DSDFXOFRPSDUWLPHQWXOXLSHQWUXDFXPXODWRU
0DQHWăGHUHJODUHSHvQăOĠLPH
&ROHFWRUGHLDUEă
'RSGHRSULUHDUHVWXULORUYHJHWDOH
%XWRQ
܇XUXE
0DQHWăGHHOLEHUDUHUDSLGă
&kUOLJ
6HWGHDFXPXODWRUL
&KHLHGHVLJXUDQ܊ă
%XWRQGHGHWD܈DUHDFXPXODWRU
3LXOL܊ă
'LVWDQ܊LHU
/DPă
6,*85$1܉Ă
$9(57,60(17
$VLJXUD܊LYăFăUHVSHFWD܊LWRDWHLQVWUXF܊LXQLOHGHVLJXUDQ܊ă
&RQVXOWD܊L0DQXDOXOGHVLJXUDQ܊ă
,167$/$5($
$9(57,60(17
1XXWLOL]DĠLDFFHVRULLFDUHQXVXQWUHFRPDQGDWHGH
SURGXFăWRU
$9(57,60(17
1XLQWURGXFH܊LFKHLDGHVLJXUDQ܊ăVDXVHWXOGHDFXPXODWRUL
SkQăFkQGQXDVDPEOD܊LWRDWHFRPSRQHQWHOH
'(=$0%$/$5($0$܇,1,,
$9(57,60(17
$VLJXUD܊LYăFăD܊LDVDPEODWFRUHFWPD܈LQDvQDLQWHGH
XWLOL]DUH
$9(57,60(17
'DFăPD܈LQDFRPSRUWăSLHVHGHWHULRUDWHQXXWLOL]D܊L
PD܈LQD
'DFăQXDYH܊LWRDWHSLHVHOHQXXWLOL]D܊LPD܈LQD
'DFăSLHVHOHVXQWGHWHULRUDWHVDXOLSVHVFFRQWDFWD܊L
FHQWUXOGHVHUYLFH
'HVFKLGHĠLDPEDODMXO
&LWL܊LGRFXPHQWD܊LDIXUQL]DWăvQFXWLH
6FRDWHĠLWRDWHSLHVHOHQHDVDPEODWHGLQFXWLH
6FRDWHĠLPD܈LQDGLQFXWLH
(OLPLQD܊LFXWLD܈LPDWHULDOHOHDPEDODMXOXLvQFRQIRUPLWDWH
FXUHJOHPHQWăULOHORFDOH
'(3/,$܉,܇,5(*/$܉,0Æ1(58/
,1)(5,25
)LJXUD
5LGLFD܊L܈LDSOHFD܊LPkQHUXOVXSHULRUSHQWUXDULGLFD
PkQHUXOvQSR]L܊LDGHIXQF܊LRQDUH$VLJXUD܊LYăFă
PkQHUHOHVHDQFODQ܈HD]ăFRUHFWvQSR]L܊LH
6WUkQJH܊LPkQHUXOLQIHULRUFXPDQHWHOHGHHOLEHUDUHUDSLGă
GHSHDPEHOHODWXUL
127Ă
$VLJXUD܊LYăFăFHOHGRXăPkQHUHVXQWvQDFHHD܈LSR]L܊LH
$9(57,60(17
1XGHWHULRUD܊LFDEOXULOHDWXQFLFkQGSOLD܊LVDXGHSOLD܊L
PkQHUXO
,167$/$5($0Æ1(58/8,
683(5,25
)LJXUD
$OLQLD܊LJăXULOHGLQPkQHUXOVXSHULRU܈LPkQHUXOLQIHULRU
,QWURGXFH܊L܈XUXEXULSULQJăXUL
6WUkQJH܊LEXWRDQHOHSH܈XUXEXUL
3URFHGDĠLODIHOúLSHSDUWHDFHDODOWă
,167$/$5($&2/(&7258/8,
'(,$5%Ă
)LJXUD
6FRDWHĠLGRSXOGHRSULUHDUHVWXULORUYHJHWDOH
'HVFKLGH܊LX܈DGHHYDFXDUHGLQVSDWH܈L܊LQH܊LR
5RPkQă
52

܉LQH܊LFROHFWRUXOGHLDUEăGHPkQHUXODFHVWXLD܈LIL[D܊L
FkUOLJHOHSHVWHIDQWH
ÌQFKLGH܊LXúDGHGHVFăUFDUHGLQVSDWH
,167$/$5($'238/8,'(
235,5($5(6785,/25
9(*(7$/(
)LJXUD
6FRDWH܊LFROHFWRUXOGHLDUEă
'HVFKLGH܊LX܈DGHHYDFXDUHGLQVSDWH܈L܊LQH܊LR
܉LQH܊LGRSXOGHRSULUHDUHVWXULORUYHJHWDOHGHPkQHU܈L
IL[D܊LOvQMJKHDEXOGHHYDFXDUH
ÌQFKLGH܊LXúDGHGHVFăUFDUHGLQVSDWH
6(7$5($Ì1Ă/܉,0,,/$0(,'(
7Ă,(5(
0D܈LQDSRDWHILVHWDWăODvQăO܊LPLGLIHULWHDOHODPHLGHWăLHUH
)LJXUD
7UDJH܊LvQID܊ăPDQHWDGHUHJODUHDvQăO܊LPLLSHQWUXD
FUH܈WHvQăO܊LPHDODPHLGHWăLHUH
7UDJH܊LPDQHWDGHUHJODUHDvQăO܊LPLLvQDSRLSHQWUXD
GLPLQXDvQăO܊LPHDODPHLGHWăLHUH
,167$/$5($6(78/8,'(
$&808/$725,
)LJXUD
$9(57,60(17
'DFăVHWXOGHDFXPXODWRULVDXvQFăUFăWRUXOHVWH
GHWHULRUDWvQORFXL܊LVHWXOGHDFXPXODWRULVDX
vQFăUFăWRUXO
2SUL܊LPD܈LQD܈LD܈WHSWD܊LSkQăFkQGPRWRUXOVHRSUH܈WH
vQDLQWHGHDLQVWDODVDXDVFRDWHVHWXOGHDFXPXODWRUL
&LWL܊LFXQRD܈WH܊L܈LXUPD܊LLQVWUXF܊LXQLOHGLQPDQXDOXO
VHWXOXLGHDFXPXODWRUL܈LDOvQFăUFăWRUXOXL
$9(57,60(17
$6(87,/,=$180$,$&808/$725'(9$
186(87,/,=$81$&808/$725&8
7(16,81($'8$/Ă9
127Ă
$PELLDFXPXODWRULWUHEXLHLQVWDOD܊LvQFRPSDUWLPHQWHSHQWUX
FDPD܈LQDVăSRUQHDVFă
'HVFKLGHĠLFDSDFXOFRPSDUWLPHQWXOXLSHQWUXDFXPXODWRU
$OLQLD܊LQHUYXULOHGHULGLFDUHDOHVHWXOXLGHDFXPXODWRULFX
FDQHOXULOHGLQFRPSDUWLPHQWXOVHWXOXLGHDFXPXODWRUL
ÌPSLQJH܊LVHWXOGHDFXPXODWRULvQFRPSDUWLPHQWXO
DFHVWXLDSkQăFkQGVHWXOGHDFXPXODWRULVHEORFKHD]ăvQ
SR]L܊LH
&kQGDX]L܊LXQFOLFVHWXOGHDFXPXODWRULHVWHLQVWDODW
)DFH܊LDFHHD܈LRSHUD܊LHFXFHDODOWăEDWHULH
ÌQFKLGHĠLFDSDFXOFRPSDUWLPHQWXOXLSHQWUXEDWHULL
127Ă
0RWRUXOSRUQH܈WHQXPDLFkQGLQWURGXFH܊LFKHLDGHVLJXUDQ܊ă
6&2$7(5($6(78/8,'(
$&808/$725,
)LJXUD
'HVFKLGHĠLFDSDFXOFRPSDUWLPHQWXOXLSHQWUXDFXPXODWRU
ÌQGHSăUWDĠLFKHLDGHVLJXUDQ܊ă
$SăVD܊L܈LPHQ܊LQH܊LDSăVDWEXWRQXOGHHOLEHUDUHDVHWXOXL
GHDFXPXODWRUL
6FRDWHĠLVHWXOGHDFXPXODWRULGLQPD܈LQă
)81&܉,21$5(
$9(57,60(17
3XUWDĠLRFKHODULGHSURWHFĠLHvQWLPSXOIXQF܊LRQăULL
3251,5($0$܇,1,,
)LJXUD
127Ă
,QVWDOD܊LFROHFWRUXOGHLDUEăvQDLQWHGHDWXQGHLDUED
,QWURGXFH܊LFKHLDGHVLJXUDQ܊ă
$SăVDĠLúLĠLQHĠLDSăVDWEXWRQXOGHSRUQLUH
ÌQWLPSFH܊LQH܊LDSăVDWEXWRQXOGHSRUQLUHWUDJH܊LEDUDGH
FRPXWDUHvQGLUHF܊LDPkQHUXOXL
(OLEHUD܊LEXWRQXOGHSRUQLUHSHQWUXDSRUQLPD܈LQD
235,5($0$܇,1,,
)LJXUD
(OLEHUDĠLEDUDGHFRPXWDUHSHQWUXDRSULPD܈LQD
$9(57,60(17
$܈WHSWD܊LSkQăFkQGODPHOHVHRSUHVFFRPSOHWvQDLQWHGHD
SRUQLGLQQRXPD܈LQD1XRSUL܊L܈LQXSRUQL܊LUDSLGPD܈LQD
$9(57,60(17
6FRDWH܊LvQWRWGHDXQDFKHLDGHVLJXUDQ܊ă܈LDFXPXODWRUXO
GXSăFHD܊LWHUPLQDWOXFUDUHD
*2/,5($&2/(&7258/8,'(
,$5%Ă
2SULĠLPD܈LQD
ÌQGHSăUWDĠLFKHLDGHVLJXUDQ܊ă
5RPkQă
52

ÌQGHSăUWDĠLVHWXOGHDFXPXODWRUL
'HVFKLGH܊LX܈DGHHYDFXDUHGLQVSDWH܈L܊LQH܊LR
܉LQH܊LFROHFWRUXOGHLDUEăGHPkQHUXODFHVWXLD܈LVFRDWH܊LO
GLQIDQWH
ÌQFKLGH܊LXúDGHGHVFăUFDUHGLQVSDWH
*ROL܊LFROHFWRUXOGHLDUEă
)81&܉,21$5($3(3$17(
$9(57,60(17
1XWXQGH܊LLDUEDSHSDQWHFXvQFOLQDUHPDLPDUHGH
'DFăQXYăVLP܊L܊LvQODUJXOGYVQXWXQGH܊LLDUEDSHRSDQWă
1XPHUJH܊LvQMRV܈LvQMRVSHRSDQWăDWXQFLFkQGWXQGH܊L
LDUEDGHSHVXSUDID܊DSDQWHL$YH܊LJULMăFkQGVFKLPED܊L
GLUHF܊LDSHRSDQWă
0RQLWRUL]D܊LJURSLOHUăGăFLQLOHSLHWUHOH܈LDOWHRELHFWH
DVFXQVHFDUHYăSRWSURYRFDFăGHUHDÌQGHSăUWD܊LWRDWH
REVWDFROHOHFXPDUILSLHWUHOH܈LFUHQJLOHFRSDFLORU
$VLJXUD܊LYăFăYăPHQ܊LQH܊LRSR]L܊LHVWDELOă'DFăQXYă
DIOD܊LvQHFKLOLEUXHOLEHUD܊LLPHGLDWEDUDGHFRPXWDUH
1XWXQGHĠLLDUEDvQDSURSLHUHDGHQLYHOăULORUDEUXSWHD
úDQĠXULORUVDXDWHUDVDPHQWHORU
5(&20$1'Ă5,35,9,1'
)81&܉,21$5($
1XvQFHUFD܊LVă܈XQWD܊LIXQF܊LRQDUHDEXWRQXOXLGH
VLJXUDQ܊ăVDXDEDUHLGHFRPXWDUH
1XvQFOLQD܊LPD܈LQDDWXQFLFkQGRSRUQL܊L
1XSXQHĠLPkLQLOHVDXSLFLRDUHOHvQDSURSLHUHDVDX
GHGHVXEWXOSLHVHORUURWDWLYH
0HQ܊LQH܊LMJKHDEXOGHHYDFXDUHFXUDW
1XWXQGHĠLLDUEăXGă
(VWHQHFHVDUăRvQăO܊LPHPDLPDUHDODPHLSHQWUXLDUEă
QRXăVDXGHDVă
&XUăĠDĠLSDUWHDLQIHULRDUăDPD܈LQLLGHWXQVLDUEDGXSă
ILHFDUHXWLOL]DUH6FRDWH܊LUHVWXULOHGHLDUEăIUXQ]HOH
PXUGăULD܈LDOWHUHVWXUL
Ì175(܉,1(5(
$9(57,60(17
6FRDWHĠLFKHLDGHVLJXUDQ܊ă܈LVHWXOGHDFXPXODWRULGLQ
PD܈LQăvQDLQWHGHHIHFWXDUHDvQWUH܊LQHULL
$9(57,60(17
1XSHUPLWHĠLSăWUXQGHUHDLHUELLDIUXQ]HORUVDXDH[FHVXOXL
GHYDVHOLQăvQPRWRUúLvQDFXPXODWRU
$7(1܉,(
)RORVLĠLQXPDLSLHVHGHVFKLPEDSUREDWH
$7(1܉,(
1XOăVD܊LFRPSRQHQWHOHGLQSODVWLFVăLQWUHvQFRQWDFWFX
OLFKLGGHIUkQăEHQ]LQăPDWHULDOHSHED]ăGHSHWURO
3URGXVHOHFKLPLFHSRWSURYRFDGHWHULRUDUHDPDWHULDOXOXL
SODVWLF܈LvOSRWIDFHQHXWLOL]DELO
$7(1܉,(
1XXWLOL]D܊LVROYHQ܊LVDXGHWHUJHQ܊LSXWHUQLFLSHFDUFDVDVDX
FRPSRQHQWHOHGLQSODVWLF
127Ă
&XSOXGHVWUkQJHUHUHFRPDQGDW/DPHL1P
Ì175(ğ,1(5(*(1(5$/Ă
ÌQDLQWHGHILHFDUHXWLOL]DUHH[DPLQD܊LPD܈LQDSHQWUX
HYHQWXDOHSLHVHDYDULDWHDEVHQWHVDXIL[DWHGHIHFWXRV
SUHFXPúXUXEXULSLXOLĠH܈LFDSDFH
6WUkQJH܊LFRUHFWWRDWHGLVSR]LWLYHOHGHIL[DUH܈LFDSDFHOH
&XUă܊D܊LPD܈LQDFXRFkUSăXVFDWă1XXWLOL]DĠLDSă
Ì1/2&8,5($/$0(,
)LJXUD
$9(57,60(17
)RORVLĠLQXPDLODPHGHVFKLPEDSUREDWH
$9(57,60(17
3XUWD܊LPăQX܈LSHQWUXFRQGL܊LLJUHOHGHOXFUXVDXvQIă܈XUD܊LR
FkUSăvQMXUXOODPHLFkQGDWLQJH܊LODPD
2SULĠLPD܈LQD
$VLJXUD܊LYăFăODPHOHVHRSUHVFFRPSOHW
6FRDWH܊LFKHLDGHVLJXUDQ܊ă܈LDFXPXODWRUXO
ÌQWRDUFH܊LPDúLQDGHWXQVLDUEăSHRSDUWHODWHUDOă
8WLOL]D܊LREXFDWăGHOHPQSHQWUXDSUHYHQLPL܈FDUHD
ODPHL
6FRDWH܊L܈XUXEXOGHIL[DUH܈LGLVWDQ܊LHUXOFXRFKHLHIL[ă
VDXWXEXODUă
ÌQGHSăUWDĠLODPD
,QVWDODĠLQRXDODPă$VLJXUD܊LYăFăFHOHGRXăSLFLRUX܈H
VHFXSOHD]ăvQJăXULOHGLQODPă
3R]L܊LRQD܊LGLVWDQ܊LHUXO܈LVWUkQJH܊L܈XUXEXOGHIL[DUHSH
FDUHOD܊LvQGHSăUWDW
'(32=,7$5($0$܇,1,,
ÌQGHSăUWDĠLFKHLDGHVLJXUDQ܊ă
6FRDWHUHDVHWXOXLGHDFXPXODWRUL
&XUă܊D܊LPD܈LQDvQDLQWHGHGHSR]LWDUH
$VLJXUD܊LYăFăPRWRUXOQXHVWHILHUELQWHFkQGGHSR]LWD܊L
PD܈LQD
5RPkQă
52

$VLJXUD܊LYăFăPD܈LQDQXDUHSLHVHGHVIăFXWHVDX
GHWHULRUDWH'DFăHVWHQHFHVDUHIHFWXD܊LDFH܈WLSD܈LDFHVWH
LQVWUXF܊LXQL
ÌQORFXLĠLSLHVHOHGHWHULRUDWH
6WUkQJHĠL܈XUXEXULOH
9RUEL܊LFXRSHUVRDQăGLQWUXQFHQWUXGHVHUYLFH
DXWRUL]DW
'HSR]LWD܊LPD܈LQDvQWUXQORFXVFDW
$VLJXUD܊LYăFăHVWHvQWUR]RQăLQDFFHVLELOăFRSLLORU
'(3$1$5(
3UREOHPă &DX]ăSRVLELOă 6ROX܊LH
0kQHUXOQXHVWH
FRUHFWSR]LĠLRQDW
܇XUXEXULOHQXVXQW
DQJUHQDWHFRUHFW
5HJODĠLvQăOĠLPHD
PkQHUXOXLúLDVL
JXUDĠLYăFăEXWRD
QHOH܈LúXUXEXULOH
VXQWDOLQLDWHFRUH
VSXQ]ăWRU
0DúLQDQXSRU
QHúWH
&DSDFLWDWHDVHWXOXL
GHDFXPXODWRUL
HVWHVFă]XWă
ÌQFăUFD܊LVHWXOGH
DFXPXODWRUL
%DUDGHFRPXWDUH
HVWHGHIHFWă
ÌQORFXL܊LEDUDGH
FRPXWDUH
&KHLDDFXPXODWRU
XOXLQXHVWHLQWUR
GXVă
,QWURGXFH܊LFKHLD
DFXPXODWRUXOXL
0D܈LQDWDLHLDUED
QHXQLIRUP
,DUEDHVWHWDUH ([DPLQD܊L]RQDGH
WXQVLDUED
ÌQăO܊LPHDODPHLQX
HVWHUHJODWăFRUHFW
5HJOD܊LvQăO܊LPHD
ODPHLGHWăLHUH
vQWURSR]L܊LHPDL
vQDOWă
0DúLQDQXSUHOX
FUHD]ăFRUHFWUH
VWXULOHYHJHWDOH
5HVWXULOHGHLDUEă
XPHGăDGHUăOD
SODWIRUPă
$úWHSWDĠLSkQă
FkQGVHXVXFăLDU
EDvQDLQWHGHDR
WXQGH
'RSXOGHRSULUHD
UHVWXULORUYHJHWDOH
OLSVH܈WH
,QVWDOD܊LGRSXOGH
RSULUHDUHVWXULORU
YHJHWDOH
0D܈LQDHVWHJUHX
GHvPSLQV
,DUEDHVWHSUHDvQ
DOWăVDXvQăO܊LPHD
ODPHLHVWHSUHDPL
Fă
0ăUL܊LvQăO܊LPHD
ODPHLGHWăLHUH
&ROHFWRUXOGHLDU
Eă܈LODPDVHDJD܊ă
vQLDUEăGHDVă
*ROL܊LUHVWXULOHGH
LDUEăGLQFROHFWRU
XOGHLDUEă
3UREOHPă &DX]ăSRVLELOă 6ROX܊LH
([LVWăRYLEUD܊LH
ULGLFDWăvQPD܈LQă
/DPDHVWHGH]H
FKLOLEUDWă܈LX]DWă
ÌQORFXL܊LODPD
$UERUHOHPRWRUX
OXLHVWHvQGRLW
2SULĠLPRWRU
XO
6FRDWH܊LFKHLD
GHVLJXUDQ܊ă܈L
DFXPXODWRUXO
'HFRQHFWD܊L
VXUVDGHDOL
PHQWDUHHOHF
WULFă
,QVSHFWDĠLSHQ
WUXGHSLVWDUHD
GHWHULRUăULORU
5HSDUD܊L
PD܈LQDvQDLQWH
GHDRSRUQL
GLQQRX
0D܈LQDVHRSUH܈WH
vQWLPSXOIXQF܊LR
QăULL
ÌQăO܊LPHDODPHL
HVWHSUHDVFă]XWă
0ăUL܊LvQăO܊LPHD
ODPHLGHWăLHUH
6HWXOGHDFXPXOD
WRULQXHVWHvQFăU
FDW
ÌQFăUFD܊LVHWXOGH
DFXPXODWRUL
5HVWXULOHGHLDUEă
DGHUăODSODWIRUPă
VDXODODPă
6FRDWH܊LVHWXOGH
DFXPXODWRUL܈LYHU
LILFD܊LSODWIRUPD
7HPSHUDWXUDGH
IXQF܊LRQDUHD
PD܈LQLLHVWHSUHD
ULGLFDWă
/ăVD܊LPD܈LQDVă
VHUăFHDVFă
'DFăQXJăVL܊LVROX܊LDODDFHVWHSUREOHPHDGUHVD܊LYăXQXL
FHQWUXGHVHUYLFH
'$7(7(+1,&(
7HQVLXQH 9
7XUDĠLHGHPHUVvQJRO PLQ
/ă܊LPHGHWăLHUH PP
ÌQăO܊LPHGHWăLHUH PP
&DSDFLWDWHFROHFWRUGHLDUEă /
*UHXWDWHIăUăVHWXOGHDFX
PXODWRUL
OEVNJ
1LYHOGHSUHVLXQHVRQRUăPă
VXUDW
/
3$
G%$.
G%$
1LYHOGHSXWHUHDFXVWLFăJD
UDQWDW
/
:$G
G%$
9LEUD܊LL 㸺 PV
. PV
5RPkQă
52

0RGHOGHDFXPXODWRU *%*%܈LDOWHJDPH
%$*
0RGHOGHvQFăUFăWRU *;&*;8&
*;8&܈LDOWHJDPH
&$*
&RQVWUXFĠLHGXEOXL]RODWă
,3; ,3;
*$5$1܉,(
/LVWDFRPSOHWăDWHUPHQLORU܈LFRQGL܊LLORUJDUDQ܊LHLSRDWHIL
FRQVXOWDWă*UHHQZRUNVSHZHEVLWH
*DUDQ܊LD*UHHQZRUNVHVWHGHDQLSHQWUXSURGXV܈LGHDQL
SHQWUXEDWHULLFRQVXPDWX]SHUVRQDOvQFHSkQGGHODGDWD
FXPSăUăULL$FHDVWăJDUDQ܊LHDFRSHUăWRDWHGHIHFWHOHGH
IDEULFD܊LH8QSURGXVGHIHFWDIODWVXEJDUDQ܊LHSRDWHILUHSDUDW
VDXvQORFXLW8QHLXQLWă܊LXWLOL]DWHJUH܈LWVDXXWLOL]DWHvQDOWH
PRGXULGHFkWFHOHGHVFULVHvQPDQXDOXOGHLQVWUXF܊LXQLVH
SRDWHUHVSLQJHJDUDQ܊LD*UDGXOGHX]XUă܈LSăU܊LOHX]DWHQX
VXQWDFRSHULWHGHJDUDQ܊LH*DUDQ܊LDRULJLQDOăRIHULWăGHFăWUH
IDEULFDQWQXHVWHDIHFWDWăGHFăWUHQLFLRJDUDQ܊LDVXSOLPHQWDUă
RIHULWăGHIXUQL]RUVDXGHPDJD]LQ
8QSURGXVGHIHFWWUHEXLHSUHGDWSXQFWXOXLGHYkQ]DUHSHQWUXD
VROLFLWDDSOLFDUHDJDUDQ܊LHLvPSUHXQăFXGRYDGDDFKL]L܊LHL
FKLWDQ܊ă
'(&/$5$܉,('(
&21)250,7$7(&(
1XPHOHúLDGUHVDSURGXFăWRUXOXL
1XPHOH */2%*52$%
*OREH*URXS(XURSH
$GUHVD 5LJJDUHJDWDQ0DOP|6XHGLD
1XPHOH܈LDGUHVDSHUVRDQHLDXWRUL]DWHVăFRPSLOH]HGRVDUXO
WHKQLF
1XPHOH 0LFDHO-RKDQVVRQ
$GUHVD 5LJJDUHJDWDQ0DOP|6XHGLD
3ULQSUH]HQWDGHFODUăPFăSURGXVXO
&DWHJRULH 0DúLQăGHWXQVLDUED
0RGHO *;/0/0(
1XPăUGHVHULH $VHYHGHDHWLFKHWDFXFDUDFWHULVWLFL
WHKQLFH
$QXOIDEULFDĠLHL $VHYHGHDHWLFKHWDFXFDUDFWHULVWLFL
WHKQLFH
HVWHvQFRQIRUPLWDWHFXSUHYHGHULOHUHOHYDQWHDOH
'LUHFWLYHL&(SULYLQGPD܈LQLOH
HVWHvQFRQIRUPLWDWHFXSUHYHGHULOHXUPăWRDUHORUGLUHFWLYH
DOH&(
8(
&(܈L&(
8(܈L8(
ÌQSOXVGHFODUăPFăDXIRVWXWLOL]DWHXUPăWRDUHOHSăU܊LFODX]H
DOHVWDQGDUGHORUDUPRQL]DWH
0HWRGDGHHYDOXDUHDFRQIRUPLWăĠLLOD$QH[D9,'LUHFWLYD
&(
1LYHOGHSXWHUHDFXVWLFăPăVXUDW /
:$
G%$
1LYHOGHSXWHUHDFXVWLFăJDUDQWDW /
:$G
G%$
/RFXOGDWD0DOP|
6HPQăWXUD7HG4X'LUHFWRU&DOL
WDWH
5RPkQă
52

Ɉɩɢɫɚɧɢɟ
ɐɟɥ
ɉɪɟɝɥɟɞ
Ȼɟɡɨɩɚɫɧɨɫɬ
Ɇɨɧɬɚɠ
Ɋɚɡɨɩɚɤɨɜɚɧɟɧɚɦɚɲɢɧɚɬɚ
Ɋɚɡɝɴɜɚɧɟɢɪɟɝɭɥɢɪɚɧɟɧɚɞɨɥɧɚɬɚ
ɪɴɤɨɯɜɚɬɤɚ
Ɇɨɧɬɢɪɚɧɟɧɚɝɨɪɧɚɬɚɪɴɤɨɯɜɚɬɤɚ
Ɇɨɧɬɢɪɚɧɟɧɚɤɨɲɚɡɚɬɪɟɜɚ
Ɇɨɧɬɢɪɚɧɟɧɚɜɥɨɠɤɚɬɚɡɚɬɨɪɟɧɟ
ɇɚɫɬɪɨɣɬɟɜɢɫɨɱɢɧɚɬɚɧɚɧɨɠɚ
ɜɢɫɨɱɢɧɚɬɚɡɚɪɹɡɚɧɟ
Ɇɨɧɬɢɪɚɧɟɧɚɚɤɭɦɭɥɚɬɨɪɧɚɬɚɛɚɬɟɪɢɹ
ɋɦɹɧɚɧɚɚɤɭɦɭɥɚɬɨɪɧɚɬɚɛɚɬɟɪɢɹ
Ɋɚɛɨɬɚ
ɋɬɚɪɬɢɪɚɧɟɧɚɦɚɲɢɧɚɬɚ
ɋɩɢɪɚɧɟɧɚɦɚɲɢɧɚɬɚ
ɂɡɩɪɚɡɜɚɧɟɧɚɤɨɲɚɡɚɬɪɟɜɚ
Ɋɚɛɨɬɚɩɨɞɧɚɤɥɨɧ
ɋɴɜɟɬɢɡɚɪɚɛɨɬɚ
ɉɨɞɞɪɴɠɤɚ
Ɉɛɳɚɩɨɞɞɪɴɠɤɚ
ɉɨɞɦɹɧɚɧɚɧɨɠɚ
ɋɴɯɪɚɧɟɧɢɟɧɚɦɚɲɢɧɚɬɚ
Ɉɬɫɬɪɚɧɹɜɚɧɟɧɚ
ɧɟɢɡɩɪɚɜɧɨɫɬɢ
Ɍɟɯɧɢɱɟɫɤɢɞɚɧɧɢ
Ƚɚɪɚɧɰɢɹ
Ⱦɟɤɥɚɪɚɰɢɹɡɚɫɴɨɬɜɟɬɫɬɜɢɟ
ɧɚȿɈ
ɛɴɥɝɚɪɫɤɢ
%*

ɈɉɂɋȺɇɂȿ
ɐȿɅ
Ɍɚɡɢɦɚɲɢɧɚɫɟɢɡɩɨɥɡɜɚɡɚɤɨɫɟɧɟɧɚɬɪɟɜɚɩɪɢɞɨɦɚɲɧɢ
ɭɫɥɨɜɢɹɊɟɠɟɳɢɬɟɧɨɠɨɜɟɬɪɹɛɜɚɞɚɛɴɞɚɬ
ɩɪɢɛɥɢɡɢɬɟɥɧɨɭɫɩɨɪɟɞɧɢɧɚɡɟɦɹɬɚȼɫɢɱɤɢɱɟɬɢɪɢ
ɤɨɥɟɥɚɬɪɹɛɜɚɞɚɞɨɤɨɫɜɚɬɡɟɦɹɬɚɞɨɤɚɬɨɤɨɫɢɬɟ
ɉɊȿȽɅȿȾ
Ɏɢɝɭɪɚa
Ⱦɪɴɠɤɚɩɪɟɜɤɥɸɱɜɚɬɟɥ
ɋɬɚɪɬɛɭɬɨɧ
Ƚɨɪɧɚɪɴɤɨɯɜɚɬɤɚ
Ⱦɨɥɧɚɪɴɤɨɯɜɚɬɤɚ
Ɂɚɞɧɚɢɡɩɭɫɤɚɬɟɥɧɚɜɪɚɬɚ
ȼɪɚɬɚɧɚɚɤɭɦɭɥɚɬɨɪɚ
Ʌɨɫɬɡɚɪɟɝɭɥɢɪɚɧɟɧɚɜɢɫɨɱɢɧɚɬɚ
Ʉɨɲɡɚɬɪɟɜɚ
ȼɥɨɠɤɚɡɚɬɨɪɟɧɟ
Ȼɭɬɨɧ
Ȼɨɥɬ
Ʌɨɫɬɡɚɛɴɪɡɨɨɫɜɨɛɨɠɞɚɜɚɧɟ
Ʉɭɤɚ
Ⱥɤɭɦɭɥɚɬɨɪɧɚɛɚɬɟɪɢɹ
Ʉɥɸɱɡɚɛɟɡɨɩɚɫɧɨɫɬ
Ȼɭɬɨɧɡɚɨɫɜɨɛɨɠɞɚɜɚɧɟɧɚɚɤɭɦɭɥɚɬɨɪɧɚɬɚɛɚɬɟɪɢɹ
Ƚɚɣɤɚ
Ɋɚɡɞɟɥɢɬɟɥ
ɇɨɠ
ȻȿɁɈɉȺɋɇɈɋɌ
ɉɊȿȾɍɉɊȿɀȾȿɇɂȿ
ɍɜɟɪɟɬɟɫɟɱɟɫɥɟɞɜɚɬɟɜɫɢɱɤɢɢɧɫɬɪɭɤɰɢɢɡɚ
ɛɟɡɨɩɚɫɧɨɫɬ
Ɉɛɴɪɧɟɬɟɫɟɤɴɦɪɴɤɨɜɨɞɫɬɜɨɬɨɡɚɛɟɡɨɩɚɫɧɨɫɬ
ɆɈɇɌȺɀ
ɉɊȿȾɍɉɊȿɀȾȿɇɂȿ
ɇɟɢɡɩɨɥɡɜɚɣɬɟɚɤɫɟɫɨɚɪɢɤɨɢɬɨɧɟɫɚɩɪɟɩɨɪɴɱɚɧɢɨɬ
ɩɪɨɢɡɜɨɞɢɬɟɥɹ
ɉɊȿȾɍɉɊȿɀȾȿɇɂȿ
ɇɟɩɨɫɬɚɜɹɣɬɟɤɥɸɱɚɡɚɛɟɡɨɩɚɫɧɨɫɬɢɥɢ
ɚɤɭɦɭɥɚɬɨɪɧɚɬɚɛɚɬɟɪɢɹɞɨɤɚɬɨɧɟɫɬɟɩɪɢɤɥɸɱɢɥɢɫɴɫ
ɫɝɥɨɛɹɜɚɧɟɬɨɧɚɜɫɢɱɤɢɱɚɫɬɢ
ɊȺɁɈɉȺɄɈȼȺɇȿɇȺɆȺɒɂɇȺɌȺ
ɉɊȿȾɍɉɊȿɀȾȿɇɂȿ
ɍɜɟɪɟɬɟɫɟɱɟɫɬɟɫɝɥɨɛɢɥɢɦɚɲɢɧɚɬɚɩɨɩɨɞɯɨɞɹɳ
ɧɚɱɢɧɩɪɟɞɢɭɩɨɬɪɟɛɚ
ɉɊȿȾɍɉɊȿɀȾȿɇɂȿ
Ⱥɤɨɱɚɫɬɢɨɬɦɚɲɢɧɚɬɚɫɚɩɨɜɪɟɞɟɧɢɧɟ
ɢɡɩɨɥɡɜɚɣɬɟɦɚɲɢɧɚɬɚ
Ⱥɤɨɧɟɪɚɡɩɨɥɚɝɚɬɟɫɜɫɢɱɤɢɱɚɫɬɢɧɟɪɚɛɨɬɟɬɟɫ
ɦɚɲɢɧɚɬɚ
Ⱥɤɨɱɚɫɬɢɬɟɫɚɩɨɜɪɟɞɟɧɢɢɥɢɥɢɩɫɜɚɬɫɜɴɪɠɟɬɟɫɟ
ɫɴɫɫɟɪɜɢɡɧɢɹɰɟɧɬɴɪ
Ɉɬɜɨɪɟɬɟɨɩɚɤɨɜɤɚɬɚ
ɉɪɨɱɟɬɟɬɟɞɨɤɭɦɟɧɬɚɰɢɹɬɚɩɪɟɞɨɫɬɚɜɟɧɚɜɤɭɬɢɹɬɚ
ɂɡɜɚɞɟɬɟɜɫɢɱɤɢɱɚɫɬɢɤɨɢɬɨɧɟɫɚɫɝɥɨɛɟɧɢɨɬ
ɤɭɬɢɹɬɚ
ɂɡɜɚɞɟɬɟɦɚɲɢɧɚɬɚɨɬɤɭɬɢɹɬɚ
ɂɡɯɜɴɪɥɟɬɟɤɭɬɢɹɬɚɢɨɩɚɤɨɜɴɱɧɢɹɦɚɬɟɪɢɚɥɜ
ɫɴɨɬɜɟɬɫɬɜɢɟɫɦɟɫɬɧɢɬɟɪɟɝɭɥɚɰɢɢ
ɊȺɁȽɔȼȺɇȿɂɊȿȽɍɅɂɊȺɇȿɇȺ
ȾɈɅɇȺɌȺɊɔɄɈɏȼȺɌɄȺ
Ɏɢɝɭɪɚ
ɂɡɞɴɪɩɚɣɬɟɧɚɝɨɪɟɢɧɚɡɚɞɝɨɪɧɚɬɚɪɴɤɨɯɜɚɬɤɚɡɚɞɚ
ɩɨɜɞɢɝɧɟɬɟɪɴɤɨɯɜɚɬɤɚɬɚɜɪɚɛɨɬɧɚɩɨɡɢɰɢɹɍɜɟɪɟɬɟ
ɫɟɱɟɪɴɤɨɯɜɚɬɤɢɬɟɳɪɚɤɜɚɬɜɩɨɡɢɰɢɢɬɟɫɢɩɪɚɜɢɥɧɨ
Ɂɚɬɟɝɧɟɬɟɞɨɥɧɚɬɚɪɴɤɨɯɜɚɬɤɚɫɥɨɫɬɨɜɟɬɟɡɚɛɴɪɡɨ
ɨɫɜɨɛɨɠɞɚɜɚɧɟɨɬɞɜɟɬɟɫɬɪɚɧɢ
ȻȿɅȿɀɄȺ
ɍɜɟɪɟɬɟɫɟɱɟɞɜɟɬɟɪɴɤɨɯɜɚɬɤɢɫɚɧɚɟɞɧɚɤɜɢɩɨɡɢɰɢɢ
ɉɊȿȾɍɉɊȿɀȾȿɇɂȿ
ɇɟɩɪɚɜɟɬɟɳɟɬɢɩɨɤɚɛɟɥɢɬɟɤɨɝɚɬɨɫɝɴɜɚɬɟɢɥɢ
ɪɚɡɝɴɜɚɬɟɪɴɤɨɯɜɚɬɤɚɬɚ
ɆɈɇɌɂɊȺɇȿɇȺȽɈɊɇȺɌȺ
ɊɔɄɈɏȼȺɌɄȺ
Ɏɢɝɭɪɚ
ɉɨɞɪɚɜɧɟɬɟɨɬɜɨɪɢɬɟɧɚɝɨɪɧɚɬɚɪɴɤɨɯɜɚɬɤɚɢɞɨɥɧɚɬɚ
ɪɴɤɨɯɜɚɬɤɚ
ɉɨɫɬɚɜɟɬɟɛɨɥɬɨɜɟɩɪɟɡɨɬɜɨɪɢɬɟ
Ɂɚɬɟɝɧɟɬɟɤɨɩɱɟɬɨɜɛɨɥɬɨɜɟɬɟ
ɇɚɩɪɚɜɟɬɟɫɴɳɨɬɨɞɟɣɫɬɜɢɟɨɬɞɪɭɝɚɬɚɫɬɪɚɧɚ
ɆɈɇɌɂɊȺɇȿɇȺɄɈɒȺɁȺ
ɌɊȿȼȺ
Ɏɢɝɭɪɚ
ɛɴɥɝɚɪɫɤɢ
%*

ɂɡɜɚɞɟɬɟɜɥɨɠɤɚɬɚɡɚɬɨɪɟɧɟ
Ɉɬɜɨɪɟɬɟɡɚɞɧɚɬɚɢɡɩɭɫɤɚɬɟɥɧɚɜɪɚɬɚɢɹɡɚɞɪɴɠɬɟ
Ⱦɪɴɠɬɟɤɨɲɚɡɚɬɪɟɜɚɡɚɪɴɤɨɯɜɚɬɤɚɬɚɦɭɢɡɚɤɚɱɟɬɟ
ɤɭɤɢɬɟɜɴɪɯɭɩɪɨɪɟɡɢɬɟ
Ɂɚɬɜɨɪɟɬɟɡɚɞɧɚɬɚɢɡɩɭɫɤɚɬɟɥɧɚɜɪɚɬɚ
ɆɈɇɌɂɊȺɇȿɇȺȼɅɈɀɄȺɌȺɁȺ
ɌɈɊȿɇȿ
Ɏɢɝɭɪɚ
ɂɡɜɚɞɟɬɟɤɨɲɚɡɚɬɪɟɜɚ
Ɉɬɜɨɪɟɬɟɡɚɞɧɚɬɚɢɡɩɭɫɤɚɬɟɥɧɚɜɪɚɬɚɢɹɡɚɞɪɴɠɬɟ
Ⱦɪɴɠɬɟɜɥɨɠɤɚɬɚɡɚɬɨɪɟɧɟɡɚɪɴɤɨɯɜɚɬɤɢɬɟɢɹ
ɩɨɫɬɚɜɟɬɟɜɨɬɜɟɠɞɚɳɢɹɭɥɟɣ
Ɂɚɬɜɨɪɟɬɟɡɚɞɧɚɬɚɢɡɩɭɫɤɚɬɟɥɧɚɜɪɚɬɚ
ɇȺɋɌɊɈɃɌȿȼɂɋɈɑɂɇȺɌȺɇȺ
ɇɈɀȺȼɂɋɈɑɂɇȺɌȺɁȺɊəɁȺɇȿ
Ɇɚɲɢɧɚɬɚɦɨɠɟɞɚɛɴɞɟɧɚɫɬɪɨɟɧɚɡɚɪɚɡɥɢɱɧɢɜɢɫɨɱɢɧɢ
ɧɚɧɨɠɚɜɢɫɨɱɢɧɢɡɚɪɹɡɚɧɟ
Ɏɢɝɭɪɚ
ɂɡɞɴɪɩɚɣɬɟɥɨɫɬɚɡɚɤɨɧɬɪɨɥɢɪɚɧɟɧɚɜɢɫɨɱɢɧɚɬɚ
ɧɚɩɪɟɞɡɚɞɚɭɜɟɥɢɱɢɬɟɜɢɫɨɱɢɧɚɬɚɧɚɧɨɠɚ
ɜɢɫɨɱɢɧɚɬɚɡɚɪɹɡɚɧɟ
ɂɡɞɴɪɩɚɣɬɟɥɨɫɬɚɡɚɤɨɧɬɪɨɥɢɪɚɧɟɧɚɜɢɫɨɱɢɧɚɬɚ
ɧɚɡɚɞɡɚɞɚɧɚɦɚɥɢɬɟɜɢɫɨɱɢɧɚɬɚɧɚɧɨɠɚɜɢɫɨɱɢɧɚɬɚ
ɡɚɪɹɡɚɧɟ
ɆɈɇɌɂɊȺɇȿɇȺ
ȺɄɍɆɍɅȺɌɈɊɇȺɌȺȻȺɌȿɊɂə
Ɏɢɝɭɪɚ
ɉɊȿȾɍɉɊȿɀȾȿɇɂȿ
Ⱥɤɨɚɤɭɦɭɥɚɬɨɪɧɚɬɚɛɚɬɟɪɢɹɢɥɢɡɚɪɹɞɧɨɬɨ
ɭɫɬɪɨɣɫɬɜɨɫɚɩɨɜɪɟɞɟɧɢɩɨɞɦɟɧɟɬɟɚɤɭɦɭɥɚɬɨɪɧɚɬɚ
ɛɚɬɟɪɢɹɢɥɢɡɚɪɹɞɧɨɬɨɭɫɬɪɨɣɫɬɜɨ
ɋɩɪɟɬɟɦɚɲɢɧɚɬɚɢɢɡɱɚɤɚɣɬɟɞɨɤɚɬɨɞɜɢɝɚɬɟɥɹɬɧɟ
ɫɩɪɟɩɪɟɞɢɦɨɧɬɢɪɚɧɟɢɥɢɫɧɟɦɚɧɟɧɚ
ɚɤɭɦɭɥɚɬɨɪɧɚɬɚɛɚɬɟɪɢɹ
ɉɪɨɱɟɬɟɬɟɡɚɩɨɡɧɚɣɬɟɫɟɢɫɩɚɡɜɚɣɬɟɢɧɫɬɪɭɤɰɢɢɬɟ
ɜɪɴɤɨɜɨɞɫɬɜɨɬɨɢɧɚɚɤɭɦɭɥɚɬɨɪɚɢɡɚɪɹɞɧɨɬɨ
ɭɫɬɪɨɣɫɬɜɨ
ɉɊȿȾɍɉɊȿɀȾȿɇɂȿ
ȾȺɋȿɂɁɉɈɅɁȼȺɋȺɆɈȻȺɌȿɊɂəɈɌ9ȾȺ
ɇȿɋȿɂɁɉɈɅɁȼȺȻȺɌȿɊɂəɋȾȼɈȿɇȼɈɅɌȺɀ
9
ȻȿɅȿɀɄȺ
ɂɞɜɟɬɟɛɚɬɟɪɢɢɬɪɹɛɜɚɞɚɫɚɩɨɫɬɚɜɟɧɢɜɨɬɞɟɥɟɧɢɹɬɚ
ɡɚɞɚɦɨɠɟɦɚɲɢɧɚɬɚɞɚɫɬɚɪɬɢɪɚ
Ɉɬɜɨɪɟɬɟɜɪɚɬɚɬɚɧɚɚɤɭɦɭɥɚɬɨɪɚ
ɉɨɞɪɚɜɧɟɬɟɪɟɛɪɚɬɚɡɚɩɨɜɞɢɝɚɧɟɧɚɚɤɭɦɭɥɚɬɨɪɧɚɬɚ
ɛɚɬɟɪɢɹɫɠɥɟɛɨɜɟɬɟɜɨɬɞɟɥɟɧɢɟɬɨɧɚɚɤɭɦɭɥɚɬɨɪɚ
ɇɚɬɢɫɧɟɬɟɚɤɭɦɭɥɚɬɨɪɧɚɬɚɛɚɬɟɪɢɹɜɨɬɞɟɥɟɧɢɟɬɨɧɚ
ɚɤɭɦɭɥɚɬɨɪɚɞɨɤɚɬɨɚɤɭɦɭɥɚɬɨɪɧɚɬɚɛɚɬɟɪɢɹɧɟɫɟ
ɡɚɤɥɸɱɢɜɦɹɫɬɨɬɨ
Ʉɨɝɚɬɨɱɭɟɬɟɳɪɚɤɜɚɧɟɚɤɭɦɭɥɚɬɨɪɧɚɬɚɛɚɬɟɪɢɹɟ
ɦɨɧɬɢɪɚɧɚ
ɇɚɩɪɚɜɟɬɟɫɴɳɚɬɚɨɩɟɪɚɰɢɹɫɞɪɭɝɚɬɚɛɚɬɟɪɢɹ
Ɂɚɬɜɨɪɟɬɟɜɪɚɬɚɬɚɧɚɚɤɭɦɭɥɚɬɨɪɚ
ȻȿɅȿɀɄȺ
Ⱦɜɢɝɚɬɟɥɹɬɫɬɚɪɬɢɪɚɟɞɢɧɫɬɜɟɧɨɤɨɝɚɬɨɜɤɚɪɚɬɟɤɥɸɱɚ
ɡɚɛɟɡɨɩɚɫɧɨɫɬ
ɋɆəɇȺɇȺȺɄɍɆɍɅȺɌɈɊɇȺɌȺ
ȻȺɌȿɊɂə
Ɏɢɝɭɪɚ
Ɉɬɜɨɪɟɬɟɜɪɚɬɚɬɚɧɚɚɤɭɦɭɥɚɬɨɪɚ
ɂɡɜɚɞɟɬɟɤɥɸɱɚɡɚɛɟɡɨɩɚɫɧɨɫɬ
ɇɚɬɢɫɧɟɬɟɢɡɚɞɪɴɠɬɟɛɭɬɨɧɚɡɚɨɫɜɨɛɨɠɞɚɜɚɧɟɧɚ
ɚɤɭɦɭɥɚɬɨɪɚ
ɋɧɟɦɟɬɟɚɤɭɦɭɥɚɬɨɪɧɚɬɚɛɚɬɟɪɢɹɨɬɦɚɲɢɧɚɬɚ
ɊȺȻɈɌȺ
ɉɊȿȾɍɉɊȿɀȾȿɇɂȿ
ɇɨɫɟɬɟɡɚɳɢɬɚɡɚɨɱɢɬɟɩɨɜɪɟɦɟɧɚɪɚɛɨɬɚ
ɋɌȺɊɌɂɊȺɇȿɇȺɆȺɒɂɇȺɌȺ
Ɏɢɝɭɪɚ
ȻȿɅȿɀɄȺ
Ɇɨɧɬɢɪɚɣɬɟɧɚɤɨɲɚɡɚɬɪɟɜɚɩɪɟɞɢɤɨɫɟɧɟ
ɉɨɫɬɚɜɟɬɟɤɥɸɱɚɡɚɛɟɡɨɩɚɫɧɨɫɬ
ɇɚɬɢɫɧɟɬɟɢɡɚɞɪɴɠɬɟɫɬɚɪɬɛɭɬɨɧɚ
Ⱦɨɤɚɬɨɫɬɟɡɚɞɴɪɠɚɥɢɫɬɚɪɬɛɭɬɨɧɚɢɡɞɴɪɩɚɣɬɟ
ɞɪɴɠɤɚɬɚɧɚɩɪɟɜɤɥɸɱɜɚɬɟɥɧɚɬɚɤɭɬɢɹɜɩɨɫɨɤɚɧɚ
ɤɨɪɦɢɥɧɢɹɥɨɫɬ
Ɉɫɜɨɛɨɞɟɬɟɫɬɚɪɬɛɭɬɨɧɚɡɚɞɚɫɬɚɪɬɢɪɚɬɟɦɚɲɢɧɚɬɚ
ɋɉɂɊȺɇȿɇȺɆȺɒɂɇȺɌȺ
Ɏɢɝɭɪɚ
Ɉɫɜɨɛɨɞɟɬɟɞɪɴɠɤɚɬɚɧɚɩɪɟɜɤɥɸɱɜɚɬɟɥɧɚɬɚɤɭɬɢɹɡɚ
ɞɚɫɩɪɟɬɟɦɚɲɢɧɚɬɚ
ɉɊȿȾɍɉɊȿɀȾȿɇɂȿ
ɂɡɱɚɤɚɣɬɟɞɨɤɚɬɨɧɨɠɴɬɫɩɪɟɧɚɩɴɥɧɨɩɪɟɞɢɞɚ
ɫɬɚɪɬɢɪɚɬɟɨɬɧɨɜɨɦɚɲɢɧɚɬɚɇɟɜɤɥɸɱɜɚɣɬɟɢ
ɢɡɤɥɸɱɜɚɣɬɟɛɴɪɡɨɦɚɲɢɧɚɬɚ
ɛɴɥɝɚɪɫɤɢ
%*

ɉɊȿȾɍɉɊȿɀȾȿɇɂȿ
ȼɢɧɚɝɢɢɡɜɚɠɞɚɣɬɟɤɥɸɱɚɡɚɛɟɡɨɩɚɫɧɨɫɬɢ
ɚɤɭɦɭɥɚɬɨɪɧɚɬɚɛɚɬɟɪɢɹɤɨɝɚɬɨɩɪɢɤɥɸɱɢɬɟɪɚɛɨɬɚ
ɂɁɉɊȺɁȼȺɇȿɇȺɄɈɒȺɁȺ
ɌɊȿȼȺ
ɋɩɪɟɬɟɦɚɲɢɧɚɬɚ
ɂɡɜɚɞɟɬɟɤɥɸɱɚɡɚɛɟɡɨɩɚɫɧɨɫɬ
ɉɪɟɦɚɯɧɟɬɟɚɤɭɦɭɥɚɬɨɪɧɚɬɚɛɚɬɟɪɢɹ
Ɉɬɜɨɪɟɬɟɡɚɞɧɚɬɚɢɡɩɭɫɤɚɬɟɥɧɚɜɪɚɬɚɢɹɡɚɞɪɴɠɬɟ
Ⱦɪɴɠɬɟɤɨɲɚɡɚɬɪɟɜɚɡɚɪɴɤɨɯɜɚɬɤɚɬɚɢɝɨɨɬɤɚɱɟɬɟɨɬ
ɩɪɨɪɟɡɢɬɟ
Ɂɚɬɜɨɪɟɬɟɡɚɞɧɚɬɚɢɡɩɭɫɤɚɬɟɥɧɚɜɪɚɬɚ
ɂɡɩɪɚɡɧɟɬɟɤɨɲɚɡɚɬɪɟɜɚ
ɊȺȻɈɌȺɉɈȾɇȺɄɅɈɇ
ɉɊȿȾɍɉɊȿɀȾȿɇɂȿ
ɇɟɤɨɫɟɬɟɩɨɫɤɥɨɧɨɜɟɫɧɚɤɥɨɧɩɨɜɟɱɟɨɬȺɤɨɧɟɫɟ
ɱɭɜɫɬɜɚɬɟɭɞɨɛɧɨɧɟɤɨɫɟɬɟɩɨɫɤɥɨɧɨɜɟ
ɇɟɨɬɢɜɚɣɬɟɧɚɝɨɪɟɢɥɢɧɚɞɨɥɭɩɨɧɚɤɥɨɧɚɤɨɝɚɬɨ
ɤɨɫɢɬɟɩɨɧɚɩɪɟɱɧɨɩɨɧɟɝɨɜɨɬɨɩɪɨɞɴɥɠɟɧɢɟ
ȼɧɢɦɚɜɚɣɬɟɤɨɝɚɬɨɫɦɟɧɹɬɟɩɨɫɨɤɚɬɚɧɚɧɚɤɥɨɧɚ
ɇɚɛɥɸɞɚɜɚɣɬɟɡɚɞɭɩɤɢɤɨɪɟɧɢɤɚɦɴɧɢɢɞɪɭɝɢ
ɫɤɪɢɬɢɨɛɟɤɬɢɤɨɢɬɨɦɨɝɚɬɞɚɩɪɢɱɢɧɹɬɩɚɞɚɧɟ
ɉɪɟɦɚɯɧɟɬɟɜɫɢɱɤɢɩɪɟɩɹɬɫɬɜɢɹɤɚɬɨɤɚɦɴɧɢɢɤɥɨɧɢ
ɨɬɞɴɪɜɟɬɚ
ɍɜɟɪɟɬɟɫɟɱɟɤɪɚɤɚɬɚɜɢɫɚɫɬɚɛɢɥɧɢȺɤɨɫɬɟɢɡɜɴɧ
ɛɚɥɚɧɫɧɟɡɚɛɚɜɧɨɨɫɜɨɛɨɞɟɬɟɞɪɴɠɤɚɬɚ
ɩɪɟɜɤɥɸɱɜɚɬɟɥ
ɇɟɤɨɫɟɬɟɜɛɥɢɡɨɫɬɞɨɩɪɨɩɚɞɚɧɢɹɤɚɧɚɜɤɢɢɥɢ
ɧɚɫɢɩɢ
ɋɔȼȿɌɂɁȺɊȺȻɈɌȺ
ɇɟɫɟɨɩɢɬɜɚɣɬɟɞɚɡɚɨɛɢɤɨɥɢɬɟɪɚɛɨɬɚɬɚɧɚɛɭɬɨɧɚɡɚ
ɫɬɚɪɬɢɪɚɧɟɢɥɢɞɪɴɠɤɚɬɚɧɚɩɪɟɜɤɥɸɱɜɚɬɟɥɧɚɬɚ
ɤɭɬɢɹ
ɇɟɧɚɤɥɚɧɹɣɬɟɦɚɲɢɧɚɬɚɤɨɝɚɬɨɹɫɬɚɪɬɢɪɚɬɟ
ɇɟɩɨɫɬɚɜɹɣɬɟɪɴɰɟɬɟɢɥɢɤɪɚɤɚɬɚɫɢɜɛɥɢɡɨɫɬɢɥɢ
ɩɨɞɜɴɪɬɹɳɢɬɟɫɟɱɚɫɬɢ
ɉɨɞɞɴɪɠɚɣɬɟɱɢɫɬɨɬɜɟɠɞɚɳɢɹɭɥɟɣ
ɇɟɤɨɫɟɬɟɦɨɤɪɚɬɪɟɜɚ
ɇɟɨɛɯɨɞɢɦɚɟɩɨɜɢɫɨɤɚɜɢɫɨɱɢɧɚɧɚɧɨɠɚɡɚɧɨɜɚɢɥɢ
ɞɟɛɟɥɚɬɪɟɜɚ
ɉɨɱɢɫɬɟɬɟɞɴɧɨɬɨɧɚɩɥɚɬɮɨɪɦɚɬɚɧɚɤɨɫɚɱɤɚɬɚɫɥɟɞ
ɜɫɹɤɚɭɩɨɬɪɟɛɚɈɬɫɬɪɚɧɟɬɟɢɡɪɹɡɚɧɚɬɚɬɪɟɜɚɥɢɫɬɚɬɚ
ɤɚɥɬɚɢɞɪɭɝɢɬɟɨɬɩɚɞɴɰɢ
ɉɈȾȾɊɔɀɄȺ
ɉɊȿȾɍɉɊȿɀȾȿɇɂȿ
ɂɡɜɚɞɟɬɟɤɥɸɱɚɡɚɛɟɡɨɩɚɫɧɨɫɬɢɚɤɭɦɭɥɚɬɨɪɧɚɬɚ
ɛɚɬɟɪɢɹɨɬɦɚɲɢɧɚɬɚɩɪɟɞɢɩɨɞɞɪɴɠɤɚ
ɉɊȿȾɍɉɊȿɀȾȿɇɂȿ
ɉɨɞɞɴɪɠɚɣɬɟɞɜɢɝɚɬɟɥɹɢɚɤɭɦɭɥɚɬɨɪɚɱɢɫɬɢɨɬɬɪɟɜɚ
ɥɢɫɬɚɢɥɢɬɜɴɪɞɟɦɧɨɝɨɝɪɟɫ
ȼɇɂɆȺɇɂȿ
ɂɡɩɨɥɡɜɚɣɬɟɟɞɢɧɫɬɜɟɧɨɨɞɨɛɪɟɧɢɪɟɡɟɪɜɧɢɱɚɫɬɢ
ȼɇɂɆȺɇɂȿ
ɇɟɩɨɡɜɨɥɹɜɚɣɬɟɫɩɢɪɚɱɧɢɬɟɱɧɨɫɬɢɛɟɧɡɢɧɢ
ɦɚɬɟɪɢɚɥɢɧɚɩɟɬɪɨɥɧɚɨɫɧɨɜɚɞɚɞɨɤɨɫɜɚɬ
ɩɥɚɫɬɦɚɫɨɜɢɬɟɱɚɫɬɢɏɢɦɢɤɚɥɢɬɟɦɨɝɚɬɞɚɩɪɟɞɢɡɜɢɤɚɬ
ɩɨɜɪɟɞɚɧɚɩɥɚɫɬɦɚɫɚɬɚɢɞɚɧɚɩɪɚɜɹɬɩɥɚɫɬɦɚɫɚɬɚ
ɧɟɢɡɩɨɥɡɜɚɟɦɚ
ȼɇɂɆȺɇɂȿ
ɇɟɢɡɩɨɥɡɜɚɣɬɟɫɢɥɧɢɪɚɡɬɜɨɪɢɬɟɥɢɢɥɢɩɪɟɩɚɪɚɬɢɡɚ
ɩɨɱɢɫɬɜɚɧɟɩɨɩɥɚɫɬɦɚɫɨɜɢɹɤɨɪɩɭɫɢɥɢɤɨɦɩɨɧɟɧɬɢɬɟ
ȻȿɅȿɀɄȺ
ɉɪɟɩɨɪɴɱɢɬɟɥɟɧɦɨɦɟɧɬɧɚɡɚɬɹɝɚɧɟEɧɨɠɚɇɦ
ɈȻɓȺɉɈȾȾɊɔɀɄȺ
ɉɪɟɞɢɜɫɹɤɚɭɩɨɬɪɟɛɚɩɪɨɜɟɪɟɬɟɦɚɲɢɧɚɬɚɡɚ
ɩɨɜɪɟɞɟɧɢɥɢɩɫɜɚɳɢɢɥɢɪɚɡɯɥɚɛɟɧɢɱɚɫɬɢɤɚɬɨ
ɜɢɧɬɨɜɟɝɚɣɤɢɛɨɥɬɨɜɟɢɤɚɩɚɱɤɢ
Ɂɚɬɟɝɧɟɬɟɩɪɚɜɢɥɧɨɜɫɢɱɤɢɡɚɤɨɩɱɚɥɤɢɢɤɚɩɚɱɤɢ
ɉɨɱɢɫɬɟɬɟɦɚɲɢɧɚɬɚɫɴɫɫɭɯɚɤɴɪɩɚɇɟɢɡɩɨɥɡɜɚɣɬɟ
ɜɨɞɚ
ɉɈȾɆəɇȺɇȺɇɈɀȺ
Ɏɢɝɭɪɚ
ɉɊȿȾɍɉɊȿɀȾȿɇɂȿ
ɂɡɩɨɥɡɜɚɣɬɟɟɞɢɧɫɬɜɟɧɨɨɞɨɛɪɟɧɢɪɟɡɟɪɜɧɢɧɨɠɨɜɟ
ɉɊȿȾɍɉɊȿɀȾȿɇɂȿ
ɇɨɫɟɬɟɞɟɛɟɥɢɪɴɤɚɜɢɰɢɢɥɢɧɚɦɨɬɚɣɬɟɩɥɚɬɨɤɨɥɨ
ɧɨɠɚɤɨɝɚɬɨɝɨɞɨɤɨɫɜɚɬɟ
ɋɩɪɟɬɟɦɚɲɢɧɚɬɚ
ɍɜɟɪɟɬɟɫɟɱɟɧɨɠɴɬɟɧɚɩɴɥɧɨɫɩɪɹɥ
ɂɡɜɚɞɟɬɟɛɟɡɨɩɚɫɧɢɹɤɥɸɱɢɚɤɭɦɭɥɚɬɨɪɚ
Ɂɚɜɴɪɬɟɬɟɦɚɲɢɧɚɬɚɧɚɫɬɪɚɧɚ
ɂɡɩɨɥɡɜɚɣɬɟɩɚɪɱɟɞɴɪɜɨɡɚɞɚɩɪɟɞɨɬɜɪɚɬɢɬɟ
ɞɜɢɠɟɧɢɟɧɚɧɨɠɚ
ɛɴɥɝɚɪɫɤɢ
%*

Ɉɬɫɬɪɚɧɟɬɟɦɨɧɬɚɠɧɢɹɜɢɧɬɢɞɢɫɬɚɧɰɢɪɚɳɢɹ
ɟɥɟɦɟɧɬɫɝɚɟɱɟɧɤɥɸɱɢɥɢɝɧɟɡɞɨɜɤɥɸɱ
ɂɡɜɚɞɟɬɟɧɨɠɚ
Ɇɨɧɬɢɪɚɣɬɟɧɨɜɧɨɠɍɜɟɪɟɬɟɫɟɱɟɞɜɟɬɟɫɬɨɣɤɢɫɟ
ɡɚɰɟɩɜɚɬɜɨɬɜɨɪɢɬɟɧɚɧɨɠɚ
ɉɨɫɬɚɜɟɬɟɞɢɫɬɚɧɰɢɪɚɳɢɹɟɥɟɦɟɧɬɢɡɚɬɟɝɧɟɬɟ
ɦɨɧɬɚɠɧɢɹɜɢɧɬɤɨɣɬɨɨɬɫɬɪɚɧɢɯɬɟ
ɋɔɏɊȺɇȿɇɂȿɇȺɆȺɒɂɇȺɌȺ
ɂɡɜɚɞɟɬɟɤɥɸɱɚɡɚɛɟɡɨɩɚɫɧɨɫɬ
ɋɦɹɧɚɧɚɚɤɭɦɭɥɚɬɨɪɧɚɬɚɛɚɬɟɪɢɹ
ɉɨɱɢɫɬɜɚɣɬɟɦɚɲɢɧɚɬɚɩɪɟɞɢɫɴɯɪɚɧɟɧɢɟ
ɍɜɟɪɟɬɟɫɟɱɟɞɜɢɝɚɬɟɥɹɬɧɟɟɝɨɪɟɳɤɨɝɚɬɨ
ɩɪɢɛɢɪɚɬɟɦɚɲɢɧɚɬɚ
ɍɜɟɪɟɬɟɫɟɱɟɩɨɦɚɲɢɧɚɬɚɧɹɦɚɪɚɡɯɥɚɛɟɧɢɢɥɢ
ɩɨɜɪɟɞɟɧɢɞɟɬɚɣɥɢȺɤɨɟɧɟɨɛɯɨɞɢɦɨɢɡɜɴɪɲɟɬɟ
ɬɟɡɢɫɬɴɩɤɢɢɧɫɬɪɭɤɰɢɢ
ɉɨɞɦɟɧɟɬɟɩɨɜɪɟɞɟɧɢɬɟɞɟɬɚɣɥɢ
Ɂɚɬɟɝɧɟɬɟɛɨɥɬɨɜɟɬɟ
Ɉɛɴɪɧɟɬɟɫɟɤɴɦɥɢɰɟɜɨɞɨɛɪɟɧɫɟɪɜɢɡɟɧɰɟɧɬɴɪ
ɋɴɯɪɚɧɹɜɚɣɬɟɦɚɲɢɧɚɬɚɜɫɭɯɚɡɨɧɚ
ɍɜɟɪɟɬɟɫɟɱɟɞɟɰɚɧɟɦɨɝɚɬɞɚɞɨɛɥɢɠɚɬɞɨ
ɦɚɲɢɧɚɬɚ
ɈɌɋɌɊȺɇəȼȺɇȿɇȺ
ɇȿɂɁɉɊȺȼɇɈɋɌɂ
ɉɪɨɛɥɟɦ ȼɴɡɦɨɠɧɚ
ɩɪɢɱɢɧɚ
Ɋɟɲɟɧɢɟ
Ɋɴɤɨɯɜɚɬɤɚɬɚɧɟɟ
ɜɩɨɡɢɰɢɹ
Ȼɨɥɬɨɜɟɬɟɧɟɫɚ
ɩɪɚɜɢɥɧɨ
ɡɚɰɟɩɟɧɢ
Ɋɟɝɭɥɢɪɚɣɬɟ
ɜɢɫɨɱɢɧɚɬɚɧɚ
ɪɴɤɨɯɜɚɬɤɚɬɚɫɟ
ɭɜɟɪɟɬɟɱɟ
ɤɨɩɱɟɬɚɬɚɢ
ɛɨɥɬɨɜɟɬɟɫɚ
ɩɪɚɜɢɥɧɨ
ɩɨɞɪɚɜɧɟɧɢ
Ɇɚɲɢɧɚɬɚɧɟ
ɫɬɚɪɬɢɪɚ
Ⱥɤɭɦɭɥɚɬɨɪɧɚɬɚ
ɛɚɬɟɪɢɹɟ
ɢɡɬɨɳɟɧɚ
Ɂɚɪɟɞɟɬɟ
ɚɤɭɦɭɥɚɬɨɪɧɚɬɚ
ɛɚɬɟɪɢɹ
Ɋɴɤɨɯɜɚɬɤɚɬɚ
ɩɪɟɜɤɥɸɱɜɚɬɟɥɟ
ɩɨɜɪɟɞɟɧɚ
ɉɨɞɦɟɧɟɬɟ
ɪɴɤɨɯɜɚɬɤɚɬɚ
ɩɪɟɜɤɥɸɱɜɚɬɟɥ
Ʉɥɸɱɴɬɧɚ
ɚɤɭɦɭɥɚɬɨɪɚɧɟɟ
ɩɨɫɬɚɜɟɧ
ɉɨɫɬɚɜɟɬɟɤɥɸɱɚ
ɧɚɚɤɭɦɭɥɚɬɨɪɚ
Ɇɚɲɢɧɚɬɚɪɟɠɟ
ɬɪɟɜɚ
ɧɟɪɚɜɧɨɦɟɪɧɨ
Ɍɪɟɜɧɚɬɚɩɥɨɳɟ
ɝɪɭɛɚ
ɉɪɨɜɟɪɟɬɟɡɨɧɚɬɚ
ɡɚɤɨɫɟɧɟ
ȼɢɫɨɱɢɧɚɬɚɧɚ
ɧɨɠɚɧɟɟ
ɧɚɫɬɪɨɟɧɚ
ɩɪɚɜɢɥɧɨ
Ɋɟɝɭɥɢɪɚɣɬɟ
ɜɢɫɨɱɢɧɚɬɚɧɚ
ɧɨɠɚɜɢɫɨɱɢɧɚɬɚ
ɡɚɪɹɡɚɧɟɧɚɩɨ
ɜɢɫɨɤɚɩɨɡɢɰɢɹ
ɉɪɨɛɥɟɦ ȼɴɡɦɨɠɧɚ
ɩɪɢɱɢɧɚ
Ɋɟɲɟɧɢɟ
Ɇɚɲɢɧɚɬɚɧɟ
ɬɨɪɢɩɪɚɜɢɥɧɨ
Ɉɬɪɹɡɴɰɢɦɨɤɪɚ
ɬɪɟɜɚɫɚɫɟ
ɡɚɤɪɟɩɢɥɢɤɴɦ
ɩɥɚɬɮɨɪɦɚɬɚ
ɂɡɱɚɤɚɣɬɟɞɨɤɚɬɨ
ɬɪɟɜɚɬɚɫɟ
ɢɡɫɭɲɢɩɪɟɞɢ
ɤɨɫɟɧɟ
ȼɥɨɠɤɚɬɚɡɚ
ɬɨɪɟɧɟɥɢɩɫɜɚ
Ɇɨɧɬɢɪɚɣɬɟ
ɜɥɨɠɤɚɬɚɡɚ
ɬɨɪɟɧɟ
Ɇɚɲɢɧɚɬɚɟ
ɬɪɭɞɧɚɡɚɛɭɬɚɧɟ
Ɍɪɟɜɚɬɚɟɬɜɴɪɞɟ
ɜɢɫɨɤɚɢɥɢ
ɜɢɫɨɱɢɧɚɬɚɧɚ
ɧɨɠɚɟɬɜɴɪɞɟ
ɧɢɫɤɚ
ɍɜɟɥɢɱɟɬɟ
ɜɢɫɨɱɢɧɚɬɚɧɚ
ɧɨɠɚɜɢɫɨɱɢɧɚɬɚ
ɡɚɪɹɡɚɧɟ
Ʉɨɲɴɬɡɚɬɪɟɜɚɢ
ɧɨɠɴɬɫɟ
ɡɚɬɪɭɞɧɹɜɚɬɜ
ɞɟɛɟɥɚɬɚɬɪɟɜɚ
ɂɡɩɪɚɡɧɟɬɟ
ɢɡɪɹɡɚɧɚɬɚɬɪɟɜɚ
ɨɬɤɨɲɚɡɚɬɪɟɜɚ
ɂɦɚɫɢɥɧɢ
ɜɢɛɪɚɰɢɢɜ
ɦɚɲɢɧɚɬɚ
ɇɨɠɴɬɟ
ɧɟɛɚɥɚɧɫɢɪɚɧɢ
ɢɡɧɨɫɟɧ
ɉɨɞɦɟɧɟɬɟɧɨɠɚ
ȼɚɥɴɬɧɚɦɨɬɨɪɚɟ
ɢɡɤɪɢɜɟɧ
ɋɩɪɟɬɟ
ɞɜɢɝɚɬɟɥɹ
ɂɡɜɚɞɟɬɟ
ɛɟɡɨɩɚɫɧɢɹ
ɤɥɸɱɢ
ɚɤɭɦɭɥɚɬɨɪɚ
Ɋɚɡɟɞɢɧɟɬɟ
ɢɡɬɨɱɧɢɤɚɧɚ
ɡɚɯɪɚɧɜɚɧɟ
ɉɪɨɜɟɪɟɬɟɡɚ
ɩɨɜɪɟɞɚ
ɉɨɩɪɚɜɟɬɟ
ɦɚɲɢɧɚɬɚ
ɩɪɟɞɢɨɬɧɨɜɨ
ɞɚɹ
ɫɬɚɪɬɢɪɚɬɟ
Ɇɚɲɢɧɚɬɚɫɩɢɪɚ
ɩɨɜɪɟɦɟɧɚ
ɤɨɫɟɧɟ
ȼɢɫɨɱɢɧɚɬɚɧɚ
ɧɨɠɚɟɬɜɴɪɞɟ
ɧɢɫɤɚ
ɍɜɟɥɢɱɟɬɟ
ɜɢɫɨɱɢɧɚɬɚɧɚ
ɧɨɠɚɜɢɫɨɱɢɧɚɬɚ
ɡɚɪɹɡɚɧɟ
Ⱥɤɭɦɭɥɚɬɨɪɧɚɬɚ
ɛɚɬɟɪɢɹɟ
ɢɡɬɨɳɟɧɚ
Ɂɚɪɟɞɟɬɟ
ɚɤɭɦɭɥɚɬɨɪɧɚɬɚ
ɛɚɬɟɪɢɹ
Ɉɬɪɹɡɴɰɢɬɪɟɜɚ
ɫɚɫɟɡɚɤɪɟɩɢɥɢ
ɩɨɩɥɚɬɮɨɪɦɚɬɚ
ɢɥɢɩɨɧɨɠɚ
ɂɡɜɚɞɟɬɟ
ɚɤɭɦɭɥɚɬɨɪɚɢ
ɩɪɨɜɟɪɟɬɟ
ɩɥɚɬɮɨɪɦɚɬɚ
Ɋɚɛɨɬɧɚɬɚ
ɬɟɦɩɟɪɚɬɭɪɚɧɚ
ɦɚɲɢɧɚɬɚɟ
ɬɜɴɪɞɟɜɢɫɨɤɚ
Ɉɯɥɚɞɟɬɟ
ɦɚɲɢɧɚɬɚ
ɛɴɥɝɚɪɫɤɢ
%*

Ⱥɤɨɧɟɦɨɠɟɬɟɞɚɧɚɦɟɪɢɬɟɪɟɲɟɧɢɟɧɚɬɟɡɢɩɪɨɛɥɟɦɢ
ɨɬɢɞɟɬɟɜɫɟɪɜɢɡɟɧɰɟɧɬɴɪ
ɌȿɏɇɂɑȿɋɄɂȾȺɇɇɂ
ɇɚɩɪɟɠɟɧɢɟ 9
ɋɤɨɪɨɫɬɛɟɡɧɚɬɨɜɚɪɜɚɧɟ ɦɢɧ
ɒɢɪɢɧɚɧɚɪɹɡɚɧɟ ɦɦ
ȼɢɫɨɱɢɧɚɧɚɪɹɡɚɧɟ ɦɦ
Ɉɛɟɦɧɚɤɨɲɚɡɚɬɪɟɜɚ /
Ɍɟɝɥɨɛɟɡɚɤɭɦɭɥɚɬɨɪɧɚɬɚ
ɛɚɬɟɪɢɹ
OEVNJ
ɂɡɦɟɪɟɧɨɧɢɜɨɧɚɡɜɭɤɨɜɨ
ɧɚɥɹɝɚɧɟ
/
3$
G%$.
G%$
Ƚɚɪɚɧɬɢɪɚɧɨɧɢɜɨɧɚɫɢɥɚ
ɧɚɡɜɭɤɚ
/
:$G
G%$
ȼɢɛɪɚɰɢɢ 㸺 ɦɫɟɤ
. ɦ
ɫɟɤ
Ɇɨɞɟɥɧɚɚɤɭɦɭɥɚɬɨɪɚ *%*%ɢɞɪɭɝɢ
ɫɟɪɢɢ%$*
Ɇɨɞɟɥɧɚɡɚɪɹɞɧɨ
ɭɫɬɪɨɣɫɬɜɨ
*;&*;8&
*;8&ɢɞɪɭɝɢɫɟɪɢɢ
&$*
Ⱦɜɨɣɧɨɢɡɨɥɢɪɚɧɚ
ɤɨɧɫɬɪɭɤɰɢɹ
,3; ,3;
ȽȺɊȺɇɐɂə
ɉɴɥɧɢɬɟɝɚɪɚɧɰɢɨɧɧɢɫɪɨɤɨɜɟɢɭɫɥɨɜɢɹɦɨɝɚɬɞɚɛɴɞɚɬ
ɧɚɦɟɪɟɧɢɧɚ*UHHQZRUNVɭɟɛɫɬɪɚɧɢɰɚɬɚ
Ƚɚɪɚɧɰɢɹɬɚ*UHHQZRUNVɟɝɨɞɢɧɢɡɚɩɪɨɞɭɤɬɚɢɝɨɞɢɧɢ
ɡɚɛɚɬɟɪɢɢɬɟɩɨɬɪɟɛɢɬɟɥɫɤɚɱɚɫɬɧɚɭɩɨɬɪɟɛɚɨɬɞɚɬɚɬɚ
ɧɚɡɚɤɭɩɭɜɚɧɟȽɚɪɚɧɰɢɹɬɚɩɨɤɪɢɜɚɩɪɨɢɡɜɨɞɫɬɜɟɧɢ
ɞɟɮɟɤɬɢȾɟɮɟɤɬɟɧɩɪɨɞɭɤɬɩɨɝɚɪɚɧɰɢɹɬɚɦɨɠɟɞɚɛɴɞɟ
ɢɥɢɩɨɩɪɚɜɟɧɢɥɢɩɨɞɦɟɧɟɧɍɪɟɞɫɤɨɣɬɨɟɛɢɥɨ
ɡɥɨɭɩɨɬɪɟɛɟɧɨɢɥɢɟɢɡɩɨɥɡɜɚɧɩɨɧɚɱɢɧɪɚɡɥɢɱɟɧɨɬ
ɨɩɢɫɚɧɢɹɜɪɴɤɨɜɨɞɫɬɜɨɬɨɧɚɩɨɬɪɟɛɢɬɟɥɹɝɚɪɚɧɰɢɹɬɚ
ɦɨɠɟɞɚɛɴɞɟɚɧɭɥɢɪɚɧɚɇɨɪɦɚɥɧɨɬɨɢɡɧɨɫɜɚɧɟɢ
ɢɡɧɨɫɜɚɧɟɧɚɱɚɫɬɢɧɟɫɟɩɨɤɪɢɜɚɬɨɬɝɚɪɚɧɰɢɹɬɚ
Ɉɪɢɝɢɧɚɥɧɚɬɚɝɚɪɚɧɰɢɹɧɚɩɪɨɢɡɜɨɞɢɬɟɥɹɧɟɫɟɜɥɢɹɟɨɬ
ɤɚɤɜɚɬɨɢɞɚɛɢɥɨɞɨɩɴɥɧɢɬɟɥɧɚɝɚɪɚɧɰɢɹɩɪɟɞɥɚɝɚɧɚɨɬ
ɞɢɫɬɪɢɛɭɬɨɪɚɢɥɢɬɴɪɝɨɜɟɰɚɧɚɞɪɟɛɧɨ
ȿɞɢɧɞɟɮɟɤɬɟɧɩɪɨɞɭɤɬɬɪɹɛɜɚɞɚɛɴɞɟɜɴɪɧɚɬɞɨɬɨɱɤɚɬɚ
ɧɚɡɚɤɭɩɭɜɚɧɟɡɚɞɚɫɟɧɚɩɪɚɜɢɪɟɤɥɚɦɚɰɢɹɩɨ
ɝɚɪɚɧɰɢɹɬɚɡɚɟɞɧɨɫɞɨɤɚɡɚɬɟɥɫɬɜɨɡɚɩɨɤɭɩɤɚɬɚɤɚɫɨɜɚ
ɛɟɥɟɠɤɚ
ȾȿɄɅȺɊȺɐɂəɁȺ
ɋɔɈɌȼȿɌɋɌȼɂȿɇȺȿɈ
ɂɦɟɢɚɞɪɟɫɧɚɩɪɨɢɡɜɨɞɢɬɟɥɹ
ɂɦɟ */2%*52$%
*OREH*URXS(XURSH
Ⱥɞɪɟɫ 5LJJDUHJDWDQ0DOP|ɒɜɟɰɢɹ
ɂɦɟɢɚɞɪɟɫɧɚɭɩɴɥɧɨɦɨɳɟɧɨɬɨɥɢɰɚɡɚɫɴɫɬɚɜɹɧɟ
ɬɟɯɧɢɱɟɫɤɢɹɮɚɣɥ
ɂɦɟ 0LFDHO-RKDQVVRQ
Ⱥɞɪɟɫ 5LJJDUHJDWDQ0DOP|ɒɜɟɰɢɹ
ɋɧɚɫɬɨɹɳɨɬɨɞɟɤɥɚɪɢɪɚɦɟɱɟɩɪɨɞɭɤɬɴɬ
Ʉɚɬɟɝɨɪɢɹ Ʉɨɫɚɱɤɚɡɚɬɪɟɜɚ
Ɇɨɞɟɥ *;/0/0(
ɋɟɪɢɟɧɧɨɦɟɪ ȼɢɠɟɬɢɤɟɬɚɫɧɨɦɢɧɚɥɧɢ
ɫɬɨɣɧɨɫɬɢɧɚɩɪɨɞɭɤɬɚ
Ƚɨɞɢɧɚɧɚ
ɤɨɧɫɬɪɭɢɪɚɧɟ
ȼɢɠɟɬɢɤɟɬɚɫɧɨɦɢɧɚɥɧɢ
ɫɬɨɣɧɨɫɬɢɧɚɩɪɨɞɭɤɬɚ
ɟɜɫɴɨɬɜɟɬɫɬɜɢɟɫɴɫɫɴɨɬɜɟɬɧɢɬɟɪɚɡɩɨɪɟɞɛɢɧɚ
Ⱦɢɪɟɤɬɢɜɚɬɚɡɚɦɚɲɢɧɢɬɟ(Ɉ
ɟɜɫɴɨɬɜɟɬɫɬɜɢɟɫɪɚɡɩɨɪɟɞɛɢɬɟɧɚɫɥɟɞɧɢɬɟɞɪɭɝɢ
ɞɢɪɟɤɬɢɜɢɧɚȿɈ
ȿɋ
(Ɉɢ(Ɉ
(ɋɢȿɋ
ɂɜɞɨɩɴɥɧɟɧɢɟɧɢɟɞɟɤɥɚɪɢɪɚɦɟɱɟɫɥɟɞɧɢɬɟɱɚɫɬɢ
ɤɥɚɭɡɢɧɚɯɚɪɦɨɧɢɡɢɪɚɧɢɫɬɚɧɞɚɪɬɢɛɹɯɚɢɡɩɨɥɡɜɚɧɢ
Ɇɟɬɨɞɡɚɨɰɟɧɤɚɧɚɫɴɨɬɜɟɬɫɬɜɢɟɬɨɧɚɩɪɢɥɨɠɟɧɢɟ9,
ɞɢɪɟɤɬɢɜɚ(Ɉ
ɂɡɦɟɪɟɧɨɧɢɜɨɧɚɫɢɥɚɧɚɡɜɭɤɚ /
:$
G%$
Ƚɚɪɚɧɬɢɪɚɧɨɧɢɜɨɧɚɫɢɥɚɧɚ
ɡɜɭɤɚ
/
:$G
G%$
Ɇɹɫɬɨɞɚɬɚ0DOP|
ɉɨɞɩɢɫɌɟɞɑɭ7HG4X
ɞɢɪɟɤɬɨɪɩɨɤɚɱɟɫɬɜɨɬɨ
ɛɴɥɝɚɪɫɤɢ
%*

ȆİȡȚȖȡĮijȒ
ȈțȠʌȩȢ
ǼʌȚıțȩʌȘıȘ
ǹıijȐȜİȚĮ
ǼȖțĮIJȐıIJĮıȘ
ǹijĮȚȡȑıIJİIJȠȝȘȤȐȞȘȝĮĮʌȩIJȘıȣıțİȣĮıȓĮ
DZȞȠȚȖȝĮțĮȚȡȪșȝȚıȘIJȘȢțȐIJȦȜĮȕȒȢ
ǼȖțĮIJĮıIJȒıIJİIJȘȞȐȞȦȜĮȕȒ
ǼȖțĮIJĮıIJȒıIJİIJȠȞıȣȜȜȑțIJȘȤȩȡIJȠȣ
ǼȖțĮIJĮıIJȒıIJİIJȘȞIJȐʌĮțȐȜȣȥȘȢİįȐijȠȣȢ
ȇȪșȝȚıȘIJȠȣȪȥȠȣȢȜİʌȓįĮȢțȠʌȒȢ
ȉȠʌȠșİIJȒıIJİIJȘȞȝʌĮIJĮȡȓĮ
ǹijĮȚȡȑıIJİIJȘȞȝʌĮIJĮȡȓĮ
ȁİȚIJȠȣȡȖȓĮ
ǼțțȓȞȘıȘIJȠȣȝȘȤĮȞȒȝĮIJȠȢ
ȈIJĮȝȐIJȘȝĮIJȠȣȝȘȤĮȞȒȝĮIJȠȢ
ǹįİȚȐıIJİIJȠȞıȣȜȜȑțIJȘȤȩȡIJȠȣ
ȁİȚIJȠȣȡȖȓĮıİʌȜĮȖȚȑȢ
ȈȣȝȕȠȣȜȑȢȜİȚIJȠȣȡȖȓĮȢ
ȈȣȞIJȒȡȘıȘ
īİȞȚțȒıȣȞIJȒȡȘıȘ
ǹȞIJȚțĮIJĮıIJȒıIJİIJȘȜİʌȓįĮ
ǹʌȠșȒțİȣıȘȝȘȤĮȞȒȝĮIJȠȢ
ǹȞIJȚȝİIJȫʌȚıȘʌȡȠȕȜȘȝȐIJȦȞ
ȉİȤȞȚțȐįİįȠȝȑȞĮ
ǼȖȖȪȘıȘ
ǻȒȜȦıȘıȣȝȝȩȡijȦıȘȢǼǼ
ǼȜȜȘȞȚțȐ
(/

ȆǼȇǿīȇǹĭdz
ȈȀȅȆǵȈ
ȉȠʌĮȡȩȞȝȘȤȐȞȘȝĮȤȡȘıȚȝȠʌȠȚİȓIJĮȚȖȚĮțȠʌȒȖȡĮıȚįȚȠȪıİ
ȠȚțȓİȢǾȜİʌȓįĮțȠʌȒȢʌȡȑʌİȚȞĮİȓȞĮȚıȤİįȩȞʌĮȡȐȜȜȘȜȘȝİ
IJȠȑįĮijȠȢȀĮȚȠȚIJȑııİȡȚȢIJȡȠȤȠȓʌȡȑʌİȚȞĮĮȖȖȓȗȠȣȞIJȠ
ȑįĮijȠȢİȞȫțȩȕİIJİ
ǼȆǿȈȀǵȆǾȈǾ
ǼȚțȩȞĮa
ǻȚĮțȩʌIJȘȢȜĮȕȒȢ
ȀȠȣȝʌȓİțțȓȞȘıȘȢ
ǼʌȐȞȦȤİȚȡȠȜĮȕȒ
ȀȐIJȦȤİȚȡȠȜĮȕȒ
ȆȓıȦșȪȡĮİȟĮȖȦȖȒȢ
ĬȪȡĮȤȫȡȠȣȝʌĮIJĮȡȓĮȢ
ȂȠȤȜȩȢȡȪșȝȚıȘȢȪȥȠȣȢ
ȈȣȜȜȑțIJȘȢȤȩȡIJȠȣ
ȉȐʌĮțȐȜȣȥȘȢİįȐijȠȣȢ
ȀȠȣȝʌȓ
ǺȓįĮ
ȂȠȤȜȩȢȖȡȒȖȠȡȘȢĮʌȠįȑıȝİȣıȘȢ
DZȖțȚıIJȡȠ
ȈȣıIJȠȚȤȓĮȝʌĮIJĮȡȚȫȞ
ȀȜİȚįȓĮıijĮȜİȓĮȢ
ȀȠȣȝʌȓĮʌİȜİȣșȑȡȦıȘȢȝʌĮIJĮȡȓĮȢ
ȆĮȟȚȝȐįȚ
ǹʌȠıIJȐIJȘȢ
ȁİʌȓįĮ
ǹȈĭDZȁǼǿǹ
ȆȇȅǼǿǻȅȆȅǴǾȈǾ
ǼȟĮıijĮȜȓȗİIJİIJȘȞIJȒȡȘıȘȩȜȦȞIJȦȞȠįȘȖȚȫȞĮıijĮȜİȓĮȢ
ǹȞĮIJȡȑȟIJİıIJȠİȖȤİȚȡȓįȚȠĮıijĮȜİȓĮȢ
ǼīȀǹȉDZȈȉǹȈǾ
ȆȇȅǼǿǻȅȆȅǴǾȈǾ
ȂȘȤȡȘıȚȝȠʌȠȚİȓIJİĮȟİıȠȣȐȡIJĮȠʌȠȓĮįİȞıȣıIJȒȞȠȞIJĮȚ
ĮʌȩIJȠȞțĮIJĮıțİȣĮıIJȒ
ȆȇȅǼǿǻȅȆȅǴǾȈǾ
ȂȘȞIJȠʌȠșİIJİȓIJİIJȠțȜİȚįȓĮıijĮȜİȓĮȢȒIJȘıȣıIJȠȚȤȓĮ
ȝʌĮIJĮȡȚȫȞȝȑȤȡȚȞĮȠȜȠțȜȘȡȫıİIJİIJȘıȣȞĮȡȝȠȜȩȖȘıȘ
ȩȜȦȞIJȦȞİȟĮȡIJȘȝȐIJȦȞ
ǹĭǹǿȇDzȈȉǼȉȅȂǾȋDZȃǾȂǹ
ǹȆǵȉǾȈȊȈȀǼȊǹȈǴǹ
ȆȇȅǼǿǻȅȆȅǴǾȈǾ
ǺİȕĮȚȦșİȓIJİȩIJȚȑȤİIJİıȣȞĮȡȝȠȜȠȖȒıİȚıȦıIJȐIJȠȝȘȤȐȞȘȝĮ
ʌȡȚȞĮʌȩIJȘȤȡȒıȘ
ȆȇȅǼǿǻȅȆȅǴǾȈǾ
ǼȐȞIJȝȒȝĮIJĮIJȠȣȝȘȤĮȞȒȝĮIJȠȢȑȤȠȣȞijșȠȡȑȢȝȘ
ȤȡȘıȚȝȠʌȠȚȒıİIJİIJȠȝȘȤȐȞȘȝĮ
ǼȐȞįİȞȑȤİIJİȩȜĮIJĮȝȑȡȘȝȘșȑıİIJİıİȜİȚIJȠȣȡȖȓĮIJȠ
ȝȘȤȐȞȘȝĮ
ǼȐȞIJȝȒȝĮIJĮȑȤȠȣȞijșȠȡȑȢȒȜİȓʌȠȣȞİʌȚțȠȚȞȦȞȒıIJİ
ȝİIJȠțȑȞIJȡȠİȟȣʌȘȡȑIJȘıȘȢ
ǹȞȠȓȟIJİIJȘıȣıțİȣĮıȓĮ
ǻȚĮȕȐıIJİIJĮȑȖȖȡĮijĮʌȠȣȣʌȐȡȤȠȣȞıIJȘȞțȠȪIJĮ
ǹijĮȚȡȑıIJİȩȜĮIJĮȝȘıȣȞĮȡȝȠȜȠȖȘȝȑȞĮȝȑȡȘĮʌȩIJȘȞ
țȠȪIJĮ
ǹijĮȚȡȑıIJİIJȠȝȘȤȐȞȘȝĮĮʌȩIJȘȞțȠȪIJĮ
ǾĮʌȩȡȡȚȥȘIJȘȢțȠȪIJĮȢțĮȚIJȦȞȣȜȚțȫȞıȣıțİȣĮıȓĮȢ
ʌȡȑʌİȚȞĮȖȓȞİIJĮȚıİıȣȝȝȩȡijȦıȘȝİIJȠȣȢIJȠʌȚțȠȪȢ
țĮȞȠȞȚıȝȠȪȢ
DZȃȅǿīȂǹȀǹǿȇǶĬȂǿȈǾȉǾȈ
ȀDZȉȍȁǹǺdzȈ
ǼȚțȩȞĮ
ȉȡĮȕȒȟIJİʌȡȠȢIJĮʌȐȞȦțĮȚʌȡȠȢIJĮʌȓıȦIJȘȞİʌȐȞȦ
ȤİȚȡȠȜĮȕȒȖȚĮȞĮIJȘȞĮȞĮıȘțȫıİIJİıİșȑıȘȜİȚIJȠȣȡȖȓĮȢ
ǼȟĮıijĮȜȓıIJİȩIJȚȠȚȜĮȕȑȢțȠȣȝʌȫȞȠȣȞıIJȘıȦıIJȒșȑıȘ
ȈȣıijȓȟIJİIJȘȞțȐIJȦȤİȚȡȠȜĮȕȒȝİIJȠȣȢȝȠȤȜȠȪȢȖȡȒȖȠȡȘȢ
ĮʌȠįȑıȝİȣıȘȢțĮȚıIJȚȢįȣȠʌȜİȣȡȑȢ
ȈǾȂǼǴȍȈǾ
ǼȟĮıijĮȜȓıIJİȩIJȚȠȚįȪȠȜĮȕȑȢȕȡȓıțȠȞIJĮȚıIJȘȞȓįȚĮșȑıȘ
ȆȇȅǼǿǻȅȆȅǴǾȈǾ
ȂȘȞʌȡȠțĮȜȑıİIJİȗȘȝȚȑȢıIJĮțĮȜȫįȚĮȩIJĮȞįȚʌȜȫȞİIJİȒ
ȟİįȚʌȜȫȞİIJİIJȘȜĮȕȒ
ǼīȀǹȉǹȈȉdzȈȉǼȉǾȃDZȃȍȁǹǺdz
ǼȚțȩȞĮ
ǼȣșȣȖȡĮȝȝȓıIJİIJȚȢȠʌȑȢıIJȘȞȐȞȦȜĮȕȒțĮȚıIJȘȞțȐIJȦ
ȜĮȕȒ
ȉȠʌȠșİIJȒıIJİIJĮȝʌȠȣȜȩȞȚĮȝȑıĮĮʌȩIJȚȢȠʌȑȢ
ȈijȓȟIJİIJĮțȠȣȝʌȚȐİʌȐȞȦıIJĮȝʌȠȣȜȩȞȚĮ
ȀȐȞIJİIJȠȓįȚȠıIJȘȞȐȜȜȘʌȜİȣȡȐ
ǼȜȜȘȞȚțȐ
(/

ǼīȀǹȉǹȈȉdzȈȉǼȉȅȃ
ȈȊȁȁDzȀȉǾȋǵȇȉȅȊ
ǼȚțȩȞĮ
ǹʌȠȝĮțȡȪȞİIJİIJȘȞIJȐʌĮțȐȜȣȥȘȢİįȐijȠȣȢ
ǹȞȠȓȟIJİIJȘȞʌȓıȦșȪȡĮİȟĮȖȦȖȒȢțĮȚțȡĮIJȒıIJİIJȘȞ
ȀȡĮIJȒıIJİIJȠȞıȣȜȜȑțIJȘȤȩȡIJȠȣĮʌȩIJȘȜĮȕȒIJȠȣțĮȚ
IJȠʌȠșİIJȒıIJİIJĮȐȖțȚıIJȡĮİʌȐȞȦıIJȚȢȣʌȠįȠȤȑȢ
ȀȜİȓıIJİIJȘȞʌȓıȦșȪȡĮİȟĮȖȦȖȒȢ
ǼīȀǹȉǹȈȉdzȈȉǼȉǾȃȉDZȆǹ
ȀDZȁȊȌǾȈǼǻDZĭȅȊȈ
ǼȚțȩȞĮ
ǹʌȠȝĮțȡȪȞİIJİIJȠȞıȣȜȜȑțIJȘȤȩȡIJȠȣ
ǹȞȠȓȟIJİIJȘȞʌȓıȦșȪȡĮİȟĮȖȦȖȒȢțĮȚțȡĮIJȒıIJİIJȘȞ
ȀȡĮIJȒıIJİIJȘȞIJȐʌĮțȐȜȣȥȘȢİįȐijȠȣȢĮʌȩIJȘȜĮȕȒIJȘȢ
țĮȚıIJİȡİȫıIJİIJȘȞıIJȘȤȠȐȞȘİȟĮȖȦȖȒȢ
ȀȜİȓıIJİIJȘȞʌȓıȦșȪȡĮİȟĮȖȦȖȒȢ
ȇǶĬȂǿȈǾȉȅȊǶȌȅȊȈ
ȁǼȆǴǻǹȈȀȅȆdzȈ
ȉȠȝȘȤȐȞȘȝĮȝʌȠȡİȓȞĮȡȣșȝȚıIJİȓıİįȚȐijȠȡĮȪȥȘȜİʌȓįĮȢ
țȠʌȒȢ
ǼȚțȩȞĮ
ȉȡĮȕȒȟIJİIJȠȞȝȠȤȜȩȡȪșȝȚıȘȢȪȥȠȣȢʌȡȠȢIJĮİȝʌȡȩȢȖȚĮ
ȞĮĮȣȟȒıİIJİIJȠȪȥȠȢȜİʌȓįĮȢțȠʌȒȢ
ȉȡĮȕȒȟIJİIJȠȞȝȠȤȜȩȡȪșȝȚıȘȢȪȥȠȣȢʌȡȠȢIJĮʌȓıȦȖȚĮȞĮ
ȝİȚȫıİIJİIJȠȪȥȠȢȜİʌȓįĮȢțȠʌȒȢ
ȉȅȆȅĬǼȉdzȈȉǼȉǾȃȂȆǹȉǹȇǴǹ
ǼȚțȩȞĮ
ȆȇȅǼǿǻȅȆȅǴǾȈǾ
ǼȐȞȘȝʌĮIJĮȡȓĮȒȠijȠȡIJȚıIJȒȢȑȤȠȣȞijșȠȡȑȢ
ĮȞIJȚțĮIJĮıIJȒıIJİIJȘȞȝʌĮIJĮȡȓĮȒIJȠȞijȠȡIJȚıIJȒ
ǻȚĮțȩȥIJİIJȘȜİȚIJȠȣȡȖȓĮIJȠȣȝȘȤĮȞȒȝĮIJȠȢțĮȚ
ʌİȡȚȝȑȞİIJİȞĮıIJĮȝĮIJȒıİȚIJȠȝȠIJȑȡȖȚĮȞĮ
İȖțĮIJĮıIJȒıİIJİȒȞĮĮijĮȚȡȑıİIJİIJȘȞȝʌĮIJĮȡȓĮ
ǻȚĮȕȐıIJİȝȐșİIJİțĮȚĮțȠȜȠȣșȒıIJİIJȚȢȠįȘȖȓİȢıIJȠ
İȖȤİȚȡȓįȚȠIJȘȢȝʌĮIJĮȡȓĮȢțĮȚIJȠȣijȠȡIJȚıIJȒ
ȆȇȅǼǿǻȅȆȅǴǾȈǾ
ȋȇǾȈǿȂȅȆȅǿǼǿȉǼȂȅȃȅȂȆǹȉǹȇǿǹ9ȂǾ
ȋȇǾȈǿȂȅȆȅǿǼǿȉǼȂȆǹȉǹȇǿǹǻȊȅȉǹȈǼȍȃ
9
ȈǾȂǼǴȍȈǾ
ȀĮȚȠȚįȪȠȝʌĮIJĮȡȓİȢʌȡȑʌİȚȞĮȑȤȠȣȞIJȠʌȠșİIJȘșİȓȝȑıĮ
ıIJȠȣȢĮȞIJȓıIJȠȚȤȠȣȢȤȫȡȠȣȢȫıIJİȞĮİțțȚȞȘșİȓIJȠ
ȝȘȤȐȞȘȝĮ
ǹȞȠȓȟIJİIJȘșȪȡĮȝʌĮIJĮȡȓĮȢ
ǼȣșȣȖȡĮȝȝȓıIJİIJȚȢȖȡĮȝȝȫıİȚȢıIJȠĮȡȚıIJİȡȩȝȑȡȠȢIJȘȢ
ȝʌĮIJĮȡȓĮȢȝİIJȚȢİȖțȠʌȑȢıIJȠįȚĮȝȑȡȚıȝĮIJȘȢȝʌĮIJĮȡȓĮȢ
ȈʌȡȫȟIJİIJȘȞȝʌĮIJĮȡȓĮȝȑıĮıIJȠįȚĮȝȑȡȚıȝĮȝʌĮIJĮȡȓĮȢ
ȝȑȤȡȚȞĮĮıijĮȜȓıİȚıIJȘșȑıȘIJȘȢ
ǵIJĮȞĮțȠȪıİIJİIJȠțȜȚțșĮıȘȝĮȓȞİȚȩIJȚȘȝʌĮIJĮȡȓĮȑȤİȚ
IJȠʌȠșİIJȘșİȓ
ȀȐȞIJİIJȘȞȓįȚĮȜİȚIJȠȣȡȖȓĮȝİIJȘȞȐȜȜȘȝʌĮIJĮȡȓĮ
ȀȜİȓıIJİIJȘșȪȡĮȝʌĮIJĮȡȓĮȢ
ȈǾȂǼǴȍȈǾ
ȅțȚȞȘIJȒȡĮȢȟİțȚȞȐİȚȝȩȞȠȩIJĮȞİȚıȐȖİIJİIJȠțȜİȚįȓ
ĮıijĮȜİȓĮȢ
ǹĭǹǿȇDzȈȉǼȉǾȃȂȆǹȉǹȇǴǹ
ǼȚțȩȞĮ
ǹȞȠȓȟIJİIJȘșȪȡĮȝʌĮIJĮȡȓĮȢ
ǹijĮȚȡȑıIJİIJȠțȜİȚįȓĮıijȐȜİȚĮȢ
ȆĮIJȒıIJİțĮȚțȡĮIJȒıIJİʌĮIJȘȝȑȞȠIJȠțȠȣȝʌȓ
ĮʌİȜİȣșȑȡȦıȘȢȝʌĮIJĮȡȓĮȢ
ǹijĮȚȡȑıIJİIJȘȝʌĮIJĮȡȓĮĮʌȩIJȠȝȘȤȐȞȘȝĮ
ȁǼǿȉȅȊȇīǴǹ
ȆȇȅǼǿǻȅȆȅǴǾȈǾ
ĭȠȡȐIJİʌȡȠıIJĮIJİȣIJȚțȐȖȣĮȜȚȐțĮIJȐIJȘȜİȚIJȠȣȡȖȓĮ
ǼȀȀǴȃǾȈǾȉȅȊ
ȂǾȋǹȃdzȂǹȉȅȈ
ǼȚțȩȞĮ
ȈǾȂǼǴȍȈǾ
ǼȖțĮIJĮıIJȒıIJİIJȠȞıȣȜȜȑțIJȘȤȩȡIJȠȣʌȡȚȞĮʌȩIJȘȞİȡȖĮıȓĮ
țȠȣȡȑȝĮIJȠȢ
ǼȚıĮȖȐȖİIJİIJȠțȜİȚįȓĮıijĮȜİȓĮȢ
ȆȚȑıIJİțĮȚįȚĮIJȘȡȒıIJİʌȚİıȝȑȞȠIJȠțȠȣȝʌȓİțțȓȞȘıȘȢ
ǼȞȫțȡĮIJȐIJİʌĮIJȘȝȑȞȠIJȠțȠȣȝʌȓİțțȓȞȘıȘȢIJȡĮȕȒȟIJİ
IJȘȜĮȕȒʌȜĮȚıȓȠȣįȚĮțȠʌIJȫȞıIJȘȞțĮIJİȪșȣȞıȘIJȘȢ
ȤİȚȡȠȜĮȕȒȢ
ǹʌİȜİȣșİȡȫıIJİIJȠțȠȣȝʌȓİțțȓȞȘıȘȢȖȚĮȞĮİțțȚȞȒıİIJİ
IJȠȝȘȤȐȞȘȝĮ
ȈȉǹȂDZȉǾȂǹȉȅȊ
ȂǾȋǹȃdzȂǹȉȅȈ
ǼȚțȩȞĮ
ǹʌİȜİȣșİȡȫıIJİIJȘȤİȚȡȠȜĮȕȒʌȜĮȚıȓȠȣįȚĮțȠʌIJȫȞȖȚĮȞĮ
ĮʌİȞİȡȖȠʌȠȚȒıİIJİIJȠȝȘȤȐȞȘȝĮ
ǼȜȜȘȞȚțȐ
(/

ȆȇȅǼǿǻȅȆȅǴǾȈǾ
ȆİȡȚȝȑȞİIJİȝȑȤȡȚȘȜİʌȓįĮȞĮıIJĮȝĮIJȒıİȚʌȜȒȡȦȢʌȡȠIJȠȪ
İʌĮȞİțțȚȞȒıİIJİIJȠȝȘȤȐȞȘȝĮȂȘȞĮʌİȞİȡȖȠʌȠȚİȓIJİțĮȚ
İȞİȡȖȠʌȠȚİȓIJİIJȠȝȘȤȐȞȘȝĮȖȡȒȖȠȡĮ
ȆȇȅǼǿǻȅȆȅǴǾȈǾ
ǹʌȠȝĮțȡȪȞİIJİʌȐȞIJĮIJȠțȜİȚįȓĮıijĮȜİȓĮȢțĮȚIJȘıȣıIJȠȚȤȓĮ
ȝʌĮIJĮȡȚȫȞȝİIJȐIJȘȞȠȜȠțȜȒȡȦıȘIJȘȢİȡȖĮıȓĮȢ
ǹǻǼǿDZȈȉǼȉȅȃȈȊȁȁDzȀȉǾ
ȋǵȇȉȅȊ
ǻȚĮțȩȥIJİIJȘȜİȚIJȠȣȡȖȓĮIJȠȣȝȘȤĮȞȒȝĮIJȠȢ
ǹijĮȚȡȑıIJİIJȠțȜİȚįȓĮıijȐȜİȚĮȢ
ǹijĮȚȡȑıIJİIJȘıȣıIJȠȚȤȓĮȝʌĮIJĮȡȚȫȞ
ǹȞȠȓȟIJİIJȘȞʌȓıȦșȪȡĮİȟĮȖȦȖȒȢțĮȚțȡĮIJȒıIJİIJȘȞ
ȀȡĮIJȒıIJİIJȠȞıȣȜȜȑțIJȘȤȩȡIJȠȣĮʌȩIJȘȜĮȕȒIJȠȣțĮȚ
ĮʌİȝʌȜȑȟIJİIJȠȞĮʌȩIJȚȢȣʌȠįȠȤȑȢ
ȀȜİȓıIJİIJȘȞʌȓıȦșȪȡĮİȟĮȖȦȖȒȢ
ǹįİȚȐıIJİIJȠȞıȣȜȜȑțIJȘȤȩȡIJȠȣ
ȁǼǿȉȅȊȇīǴǹȈǼȆȁǹīǿDzȈ
ȆȇȅǼǿǻȅȆȅǴǾȈǾ
ȂȘȞșȑIJİIJİıİȜİȚIJȠȣȡȖȓĮıİʌȜĮȖȚȑȢȝİțȜȓıȘȝİȖĮȜȪIJİȡȘ
IJȦȞǼȐȞįİȞĮȚıșȐȞİıIJİȐȞİIJĮȝȘȞțȩȕİIJİıİʌȜĮȖȚȑȢ
ȂȘȞĮȞİȕĮȓȞİIJİțĮȚțĮIJİȕĮȓȞİIJİıİȝȚĮʌȜĮȖȚȐȩIJĮȞ
țȠȣȡİȪİIJİȠȡȚȗȩȞIJȚĮıİĮȣIJȒȞȆȡȠıȑȤİIJİȩIJĮȞĮȜȜȐȗİIJİ
țĮIJİȪșȣȞıȘıIJȘȞʌȜĮȖȚȐ
ȆĮȡĮIJȘȡİȓIJİȠʌȑȢĮȣȜȐțȚĮʌȑIJȡİȢțĮȚȐȜȜĮțȡȣȝȝȑȞĮ
ĮȞIJȚțİȓȝİȞĮIJĮȠʌȠȓĮȝʌȠȡİȓȞĮıĮȢțȐȞȠȣȞȞĮʌȑıİIJİ
ǹʌȠȝĮțȡȪȞİIJİȩȜĮIJĮİȝʌȩįȚĮȩʌȦȢʌȑIJȡİȢțĮȚțȜĮįȚȐ
įȑȞIJȡȦȞ
ǼȟĮıijĮȜȓȗİIJİȩIJȚʌĮIJȐIJİıIJĮșİȡȐǼȐȞȤȐıİIJİIJȘȞ
ȚıȠȡȡȠʌȓĮıĮȢĮʌȠįİıȝİȪıIJİĮȝȑıȦȢIJȠȞįȚĮțȩʌIJȘ
İțțȑȞȦıȘȢ
ȂȘȞțȠȣȡİȪİIJİțȠȞIJȐıİIJȝȒȝĮIJĮʌIJȫıȘȢȤĮȞIJȐțȚĮȒ
ĮȞĮȤȫȝĮIJĮ
ȈȊȂǺȅȊȁDzȈȁǼǿȉȅȊȇīǴǹȈ
ȂȘȞʌȡȠıʌĮșİȓIJİȞĮʌĮȡĮțȐȝʌIJİIJİIJȘȜİȚIJȠȣȡȖȓĮIJȠȣ
țȠȣȝʌȚȠȪİțțȓȞȘıȘȢȒIJȘȢȤİȚȡȠȜĮȕȒȢʌȜĮȚıȓȠȣ
įȚĮțȠʌIJȫȞ
ȂȘȞȖȑȡȞİIJİIJȠȝȘȤȐȞȘȝĮȩIJĮȞIJȠİțțȚȞİȓIJİ
ȂȘȞIJȠʌȠșİIJİȓIJİIJĮȤȑȡȚĮȒIJĮʌȩįȚĮțȠȞIJȐıİȒțȐIJȦ
ĮʌȩʌİȡȚıIJȡİijȩȝİȞĮİȟĮȡIJȒȝĮIJĮ
ǻȚĮIJȘȡİȓIJİIJȘȤȠȐȞȘİȟĮȖȦȖȒȢțĮșĮȡȒ
ȂȘȞțȠȣȡİȪİIJİȣȖȡȩȖȡĮıȓįȚ
ǹʌĮȚIJİȓIJĮȚȝİȖĮȜȪIJİȡȠȪȥȠȢȜİʌȓįĮȢȖȚĮȞȑȠȒʌĮȤȪ
ȖȡĮıȓįȚ
ȀĮșĮȡȓȗİIJİIJȠțȐIJȦȝȑȡȠȢIJȘȢȕȐıȘȢȤȜȠȠțȠʌIJȚțȠȪ
ȝȘȤĮȞȒȝĮIJȠȢȝİIJȐĮʌȩțȐșİȤȡȒıȘǹʌȠȝĮțȡȪȞİIJİ
ĮʌȠțȩȝȝĮIJĮȤȩȡIJȠȣijȪȜȜĮȕȡȩȝİȢțĮȚȐȜȜĮ
ȣʌȠȜİȓȝȝĮIJĮ
ȈȊȃȉdzȇǾȈǾ
ȆȇȅǼǿǻȅȆȅǴǾȈǾ
ǹijĮȚȡȑıIJİIJȠțȜİȚįȓĮıijȐȜİȚĮȢțĮȚIJȘȞȝʌĮIJĮȡȓĮĮʌȩIJȠ
ȝȘȤȐȞȘȝĮʌȡȚȞĮʌȩIJȘıȣȞIJȒȡȘıȘ
ȆȇȅǼǿǻȅȆȅǴǾȈǾ
ǻȚĮIJȘȡİȓIJİIJȠȞțȚȞȘIJȒȡĮțĮȚIJȘıȣıIJȠȚȤȓĮȝʌĮIJĮȡȚȫȞ
İȜİȪșİȡȘĮʌȩȖȡĮıȓįȚijȪȜȜĮȒʌȠȜȪȖȡȐıȠ
ȆȇȅȈDzȄȉǼ
ȋȡȘıȚȝȠʌȠȚİȓIJİȝȩȞȠİȖțİțȡȚȝȑȞĮĮȞIJĮȜȜĮțIJȚțȐ
ȆȇȅȈDzȄȉǼ
ȂȘȞİʌȚIJȡȑʌİIJİıİȣȖȡȐijȡȑȞȦȞȕİȞȗȓȞȘțĮȚȣȜȚțȐȝİ
ȕȐıȘIJȠʌİIJȡȑȜĮȚȠȞĮĮȖȖȓȗȠȣȞIJĮʌȜĮıIJȚțȐȝȑȡȘȉĮ
ȤȘȝȚțȐȝʌȠȡİȓȞĮʌȡȠțĮȜȑıȠȣȞIJȑIJȠȚĮȗȘȝȚȐıIJȠʌȜĮıIJȚțȩ
țĮȚȞĮȝȘȞİȓȞĮȚįȣȞĮIJȒȘİʌȚıțİȣȒIJȠȣ
ȆȇȅȈDzȄȉǼ
ȂȘȤȡȘıȚȝȠʌȠȚİȓIJİȚıȤȣȡȠȪȢįȚĮȜȪIJİȢȒțĮșĮȡȚıIJȚțȐıIJȠ
ʌȜĮıIJȚțȩʌİȡȓȕȜȘȝĮȒIJĮʌȜĮıIJȚțȐȝȑȡȘ
ȈǾȂǼǴȍȈǾ
ȈȣȞȚıIJȫȝİȞȘȡȠʌȒıȪıijȚȖȟȘȢȜİʌȓįĮ1P
īǼȃǿȀdzȈȊȃȉdzȇǾȈǾ
ȆȡȚȞĮʌȩțȐșİȤȡȒıȘİȜȑȖȤİIJİIJȠȝȘȤȐȞȘȝĮȖȚĮ
ijșĮȡȝȑȞĮİȜȜȚʌȒȒȤĮȜĮȡȐİȟĮȡIJȒȝĮIJĮȩʌȦȢȕȓįİȢ
ʌĮȟȚȝȐįȚĮȝʌȠȣȜȩȞȚĮțĮȚʌȫȝĮIJĮ
ȈijȓȖȖİIJİıȦıIJȐȩȜȠȣȢIJȠȣȢıijȚȖțIJȒȡİȢțĮȚIJĮʌȫȝĮIJĮ
ȀĮșĮȡȓȗİIJİIJȠȝȘȤȐȞȘȝĮȝİȑȞĮıIJİȖȞȩʌĮȞȓȂȘ
ȤȡȘıȚȝȠʌȠȚİȓIJİȞİȡȩ
ǹȃȉǿȀǹȉǹȈȉdzȈȉǼȉǾȁǼȆǴǻǹ
ǼȚțȩȞĮ
ȆȇȅǼǿǻȅȆȅǴǾȈǾ
ȋȡȘıȚȝȠʌȠȚİȓIJİȝȩȞȠİȖțİțȡȚȝȑȞİȢĮȞIJĮȜȜĮțIJȚțȑȢȜİʌȓįİȢ
ȆȇȅǼǿǻȅȆȅǴǾȈǾ
ĭȠȡȐIJİĮȞșİțIJȚțȐȖȐȞIJȚĮȒIJȣȜȓȖİIJİʌĮȞȚȐȖȪȡȦĮʌȩIJȘ
ȜİʌȓįĮȩIJĮȞIJȘȞĮȖȖȓȗİIJİ
ǻȚĮțȩȥIJİIJȘȜİȚIJȠȣȡȖȓĮIJȠȣȝȘȤĮȞȒȝĮIJȠȢ
ǼȟĮıijĮȜȓıIJİȩIJȚȠȚȜİʌȓįİȢȑȤȠȣȞıIJĮȝĮIJȒıİȚİȞIJİȜȫȢ
ǹijĮȚȡȑıIJİIJȠțȜİȚįȓĮıijȐȜİȚĮȢțĮȚIJȘıȣıIJȠȚȤȓĮ
ȝʌĮIJĮȡȚȫȞ
ǼȜȜȘȞȚțȐ
(/

īȣȡȓıIJİIJȠȝȘȤȐȞȘȝĮıIJĮʌȜȐȖȚĮ
ȋȡȘıȚȝȠʌȠȚȒıIJİȑȞĮțȠȝȝȐIJȚȟȪȜȠȖȚĮȞĮİȝʌȠįȓıİIJİ
țȓȞȘıȘIJȘȢȜİʌȓįĮȢ
ǹʌȠȝĮțȡȪȞİIJİIJȘȕȓįĮIJȠʌȠșȑIJȘıȘȢțĮȚIJȠȣȢĮʌȠıIJȐIJİȢ
ȝİȑȞĮțȜİȚįȓȒțĮȡȣįȐțȚ
ǹijĮȚȡȑıIJİIJȘȜİʌȓįĮ
ǼȖțĮIJĮıIJȒıIJİIJȘȞȑĮȜİʌȓįĮǼȟĮıijĮȜȓıIJİȩIJȚȠȚįȪȠ
țȠȜȩȞİȢİȝʌȜȑțȠȞIJĮȚıIJȚȢȠʌȑȢıIJȘȜİʌȓįĮ
ȉȠʌȠșİIJȒıIJİIJȠȞĮʌȠıIJȐIJȘțĮȚıijȓȟIJİIJȘȕȓįĮ
IJȠʌȠșȑIJȘıȘȢʌȠȣĮijĮȚȡȑıĮIJİ
ǹȆȅĬdzȀǼȊȈǾȂǾȋǹȃdzȂǹȉȅȈ
ǹijĮȚȡȑıIJİIJȠțȜİȚįȓĮıijȐȜİȚĮȢ
ǹijĮȚȡȑıIJİIJȘȞȝʌĮIJĮȡȓĮ
ȀĮșĮȡȓıIJİIJȠȝȘȤȐȞȘȝĮʌȡȚȞĮʌȩIJȘȞĮʌȠșȒțİȣıȘ
ǺİȕĮȚȦșİȓIJİȩIJȚIJȠȝȠIJȑȡįİȞİȓȞĮȚȗİıIJȩțĮIJȐIJȘȞ
ĮʌȠșȒțİȣıȘIJȠȣȝȘȤĮȞȒȝĮIJȠȢ
ǺİȕĮȚȦșİȓIJİȩIJȚIJȠȝȘȤȐȞȘȝĮįİȞȑȤİȚȤĮȜĮȡȐȝȑȡȘȒ
ȝȑȡȘʌȠȣȞĮȑȤȠȣȞȣʌȠıIJİȓijșȠȡȑȢǼȐȞȤȡİȚȐȗİIJĮȚ
ĮțȠȜȠȣșȒıIJİIJĮʌĮȡĮțȐIJȦȕȒȝĮIJĮȠįȘȖȓİȢ
ǹȞIJȚțĮIJĮıIJȒıIJİIJĮijșĮȡȝȑȞĮȝȑȡȘ
ȈijȓȟIJİIJȚȢȕȓįİȢ
ȂȚȜȒıIJİıİțȐʌȠȚȠȞİțʌȡȩıȦʌȠİȖțİțȡȚȝȑȞȠȣ
țȑȞIJȡȠȣİȟȣʌȘȡȑIJȘıȘȢ
ǹʌȠșȘțİȪıIJİIJȠȝȘȤȐȞȘȝĮıİıIJİȖȞȩȝȑȡȠȢ
ǺİȕĮȚȦșİȓIJİȩIJȚIJĮʌĮȚįȚȐįİȞȝʌȠȡȠȪȞȞĮʌȜȘıȚȐıȠȣȞIJȠ
ȝȘȤȐȞȘȝĮ
ǹȃȉǿȂǼȉǷȆǿȈǾ
ȆȇȅǺȁǾȂDZȉȍȃ
ȆȡȩȕȜȘȝĮ ȆȚșĮȞȒĮȚIJȓĮ ǹȞIJȚȝİIJȫʌȚıȘ
ǾȜĮȕȒįİȞİȓȞĮȚ
ıIJȘıȦıIJȒșȑıȘ
ȉĮȝʌȠȣȜȩȞȚĮįİȞ
ȑȤȠȣȞİȝʌȜĮțİȓ
ıȦıIJȐ
ȇȣșȝȓıIJİIJȠȪȥȠȢ
IJȘȢȜĮȕȒȢțĮȚ
İȟĮıijĮȜȓıIJİȩIJȚ
IJĮțȠȣȝʌȚȐțĮȚIJĮ
ȝʌȠȣȜȩȞȚĮȑȤȠȣȞ
İȣșȣȖȡĮȝȝȚıIJİȓ
ıȦıIJȐ
ȉȠȝȘȤȐȞȘȝĮįİȞ
ȟİțȚȞȐİȚ
ǾĮʌȩįȠıȘ
ȝʌĮIJĮȡȓĮȢİȓȞĮȚ
ȤĮȝȘȜȒ
ĭȠȡIJȓıIJİIJȘȞ
ȝʌĮIJĮȡȓĮ
ȅįȚĮțȩʌIJȘȢ
İțțȑȞȦıȘȢİȓȞĮȚ
İȜĮIJIJȦȝĮIJȚțȩȢ
ǹȞIJȚțĮIJĮıIJȒıIJİ
IJȠįȚĮțȩʌIJȘ
İțțȑȞȦıȘȢ
ȉȠțȜİȚįȓ
ȝʌĮIJĮȡȓĮȢįİȞȑȤİȚ
İȚıĮȤșİȓ
ǼȚıĮȖȐȖİIJİIJȠ
țȜİȚįȓȝʌĮIJĮȡȓĮȢ
ȆȡȩȕȜȘȝĮ ȆȚșĮȞȒĮȚIJȓĮ ǹȞIJȚȝİIJȫʌȚıȘ
ȉȠȝȘȤȐȞȘȝĮ
țȠȣȡİȪİȚIJȠ
ȖȡĮıȓįȚ
ĮȞȠȝȠȚȩȝȠȡijĮ
ȉȠȖȡĮıȓįȚİȓȞĮȚ
ȐȖȡȚȠ
ǼȟİIJȐıIJİIJȠȤȫȡȠ
ʌȠȣșĮțȠȣȡȑȤİIJİ
ȉȠȪȥȠȢȜİʌȓįĮȢ
įİȞȑȤİȚȡȣșȝȚıIJİȓ
ıȦıIJȐ
ȇȣșȝȓıIJİIJȠȪȥȠȢ
ȜİʌȓįĮȢțȠʌȒȢıİ
ȣȥȘȜȩIJİȡȘșȑıȘ
ȉȠȝȘȤȐȞȘȝĮįİȞ
țȐȞİȚıȦıIJȒ
țȐȜȣȥȘİįȐijȠȣȢ
ȊȖȡȐĮʌȠțȩȝȝĮIJĮ
ȤȩȡIJȠȣțȠȜȜȐȞİ
ıIJȘȕȐıȘ
ȆİȡȚȝȑȞİIJİȑȦȢ
ȩIJȠȣIJȠȖȡĮıȓįȚ
ıIJİȖȞȫıİȚʌȡȠIJȠȪ
țȩȥİIJİ
ȁİȓʌİȚȘIJȐʌĮ
țȐȜȣȥȘȢİįȐijȠȣȢ
ǼȖțĮIJĮıIJȒıIJİIJȘȞ
IJȐʌĮțȐȜȣȥȘȢ
İįȐijȠȣȢ
ȉȠȝȘȤȐȞȘȝĮ
ȦșİȓIJĮȚȝİ
įȣıțȠȜȓĮ
ȉȠȖȡĮıȓįȚİȓȞĮȚ
ʌȠȜȪȥȘȜȩȒIJȠ
ȪȥȠȢȜİʌȓįĮȢİȓȞĮȚ
ʌȠȜȪȤĮȝȘȜȩ
ǹȣȟȒıIJİIJȠȪȥȠȢ
ȜİʌȓįĮȢțȠʌȒȢ
ȅıȣȜȜȑțIJȘȢ
ȤȩȡIJȠȣțĮȚȘ
ȜİʌȓįĮIJȡĮȕȐȞİ
ʌĮȤȪȖȡĮıȓįȚ
ǹįİȚȐıIJİIJĮ
ĮʌȠțȩȝȝĮIJĮ
ȤȩȡIJȠȣĮʌȩIJȠȞ
ıȣȜȜȑțIJȘȤȩȡIJȠȣ
ȉȠȝȘȤȐȞȘȝĮ
ʌĮȡȠȣıȚȐȗİȚ
įȣȞĮIJȠȪȢ
țȡĮįĮıȝȠȪȢ
ǾȜİʌȓįĮįİȞİȓȞĮȚ
ȚıȠȡȡȠʌȘȝȑȞȘțĮȚ
ȑȤİȚijșĮȡİȓ
ǹȞIJȚțĮIJĮıIJȒıIJİ
IJȘȜİʌȓįĮ
ȅȐȟȠȞĮȢ
țȚȞȘIJȒȡĮȑȤİȚ
ȜȣȖȓıİȚ
ǻȚĮțȩȥIJİIJȘ
ȜİȚIJȠȣȡȖȓĮIJȠȣ
țȚȞȘIJȒȡĮ
ǹijĮȚȡȑıIJİIJȠ
țȜİȚįȓ
ĮıijȐȜİȚĮȢțĮȚ
IJȘıȣıIJȠȚȤȓĮ
ȝʌĮIJĮȡȚȫȞ
ǹʌȠıȣȞįȑıIJİ
IJȘȞʌȘȖȒ
ȚıȤȪȠȢ
ǼȜȑȖȟIJİȖȚĮ
ȗȘȝȚȐ
ǼʌȚıțİȣȐıIJİ
IJȠȝȘȤȐȞȘȝĮ
ʌȡȚȞIJȠ
İʌĮȞİțțȚȞȒıİIJ
İ
ǼȜȜȘȞȚțȐ
(/

ȆȡȩȕȜȘȝĮ ȆȚșĮȞȒĮȚIJȓĮ ǹȞIJȚȝİIJȫʌȚıȘ
ȉȠȝȘȤȐȞȘȝĮ
ıIJĮȝĮIJȐİȚțĮIJȐIJȘ
įȚȐȡțİȚĮIJȠȣ
țȠȣȡȑȝĮIJȠȢ
ȉȠȪȥȠȢȜİʌȓįĮȢ
İȓȞĮȚʌȠȜȪȤĮȝȘȜȩ
ǹȣȟȒıIJİIJȠȪȥȠȢ
ȜİʌȓįĮȢțȠʌȒȢ
ǾȝʌĮIJĮȡȓĮįİȞ
İȓȞĮȚijȠȡIJȚıȝȑȞȘ
ĭȠȡIJȓıIJİIJȘȞ
ȝʌĮIJĮȡȓĮ
ȉĮȣȖȡȐ
ĮʌȠțȩȝȝĮIJĮ
ȤȩȡIJȠȣțȠȜȜȐȞİ
ıIJȘȕȐıȘȒıİ
ȜİʌȓįĮ
ǹijĮȚȡȑıIJİIJȘ
ıȣıIJȠȚȤȓĮ
ȝʌĮIJĮȡȚȫȞțĮȚ
İȜȑȖȟIJİIJȘȕȐıȘ
ǾșİȡȝȠțȡĮıȓĮ
ȜİȚIJȠȣȡȖȓĮȢIJȠȣ
ȝȘȤĮȞȒȝĮIJȠȢİȓȞĮȚ
ʌȠȜȪȣȥȘȜȒ
ǹijȒıIJİIJȠ
ȝȘȤȐȞȘȝĮȞĮ
țȡȣȫıİȚ
ǼȐȞįİȞȕȡȓıțİIJİȜȪıȘıİĮȣIJȐIJĮʌȡȠȕȜȒȝĮIJĮ
İʌȚțȠȚȞȦȞȒıIJİȝİIJȠțȑȞIJȡȠıȑȡȕȚȢ
ȉǼȋȃǿȀDZǻǼǻȅȂDzȃǹ
ȉȐıȘ 9
ȉĮȤȪIJȘIJĮȤȦȡȓȢijȠȡIJȓȠ ȜİʌIJȩ
ȆȜȐIJȠȢțȠʌȒȢ ȤȚȜ
ǶȥȠȢțȠʌȒȢ ȤȚȜ
ȋȦȡȘIJȚțȩIJȘIJĮıȣȜȜȑțIJȘ
ȤȩȡIJȠȣ
/
ǺȐȡȠȢȤȦȡȓȢIJȘȞȝʌĮIJĮȡȓĮ OEVNJ
ȂȑIJȡȘıȘıIJȐșȝȘȢ
ĮțȠȣıIJȚțȒȢʌȓİıȘȢ
/
3$
G%$.
G%$
ǼȖȖȣȘȝȑȞȘıIJȐșȝȘ
ĮțȠȣıIJȚțȒȢȚıȤȪȠȢ
/
:$G
G%$
ǻȩȞȘıȘ 㸺 PV
. PV
ȂȠȞIJȑȜȠȝʌĮIJĮȡȓĮȢ *%*%țĮȚȐȜȜİȢ
ıİȚȡȑȢ%$*
ȂȠȞIJȑȜȠijȠȡIJȚıIJȒ *;&*;8&
*;8&țĮȚȐȜȜİȢıİȚȡȑȢ
&$*
ȀĮIJĮıțİȣȒȝİįȚʌȜȒȝȩȞȦıȘ
,3; ,3;
ǼīīǶǾȈǾ
ȅȚʌȜȒȡİȚȢȩȡȠȚțĮȚʌȡȠįȚĮȖȡĮijȑȢİȓȞĮȚįȚĮșȑıȚȝĮıIJȘȞ
*UHHQZRUNVȚıIJȠıİȜȓįĮ
Ǿ*UHHQZRUNVİȖȖȪȘıȘİȓȞĮȚȤȡȩȞȚĮȖȚĮIJȠʌȡȠȧȩȞțĮȚ
ȤȡȩȞȚĮȖȚĮIJȚȢȝʌĮIJĮȡȓİȢțĮIJĮȞĮȜȦIJȚțȒȚįȚȦIJȚțȒȤȡȒıȘĮʌȩ
IJȘȞȘȝİȡȠȝȘȞȓĮIJȘȢĮȖȠȡȐȢǾʌĮȡȠȪıĮİȖȖȪȘıȘțĮȜȪʌIJİȚ
IJȚȢțĮIJĮıțİȣĮıIJȚțȑȢȕȜȐȕİȢDzȞĮİȜĮIJIJȦȝĮIJȚțȩʌȡȠȧȩȞʌȠȣ
țĮȜȪʌIJİIJĮȚĮʌȩIJȘȞİȖȖȪȘıȘȝʌȠȡİȓİʌȚįȚȠȡșȦșİȓȒȞĮ
ĮȞIJȚțĮIJĮıIJĮșİȓȂȚĮȝȠȞȐįĮʌȠȣȑȤİȚȤȡȘıȚȝȠʌȠȚȘșİȓ
ȜĮȞșĮıȝȑȞĮȒʌȠȣįİȞȑȤİȚȤȡȘıȚȝȠʌȠȚȘșİȓıȪȝijȦȞĮȝİIJȚȢ
ʌİȡȚȖȡĮijȑȢıIJȠİȖȤİȚȡȓįȚȠȤȡȒıIJȘİȞįȑȤİIJĮȚȞĮȝȘȞțĮȜȣijșİȓ
ĮʌȩIJȘȞİȖȖȪȘıȘǾijȣıȚȠȜȠȖȚțȒijșȠȡȐțĮȚIJĮĮȞIJĮȜȜĮțIJȚțȐ
ȜȩȖȦijșȠȡȐȢįİȞșİȦȡȠȪȞIJĮȚİȖȖȪȘıȘǾĮȡȤȚțȒİȖȖȪȘıȘ
IJȠȣțĮIJĮıțİȣĮıIJȒįİȞİʌȘȡİȐȗİIJĮȚĮʌȩȠʌȠȚĮįȒʌȠIJİ
İʌȚʌȜȑȠȞİȖȖȪȘıȘʌȡȠıijȑȡİIJĮȚĮʌȩIJȠțĮIJȐıIJȘȝĮȒIJȠȞ
ʌȦȜȘIJȒ
DzȞĮİȜĮIJIJȦȝĮIJȚțȩʌȡȠȧȩȞʌȡȑʌİȚȞĮİʌȚıIJȡȑijİIJĮȚıIJȠıȘȝİȓȠ
ĮȖȠȡȐȢȖȚĮIJȘįȚİțįȓțȘıȘIJȘȢİȖȖȪȘıȘȢȝĮȗȓȝİIJȠ
ĮʌȠįİȚțIJȚțȩĮȖȠȡȐȢĮʌȩįİȚȟȘ
ǻdzȁȍȈǾȈȊȂȂǵȇĭȍȈǾȈǼǼ
ǵȞȠȝĮțĮȚįȚİȪșȣȞıȘțĮIJĮıțİȣĮıIJȒ
ǵȞȠȝĮ */2%*52$%
*OREH*URXS(XURSH
ǻȚİȪșȣȞıȘ
5LJJDUHJDWDQ0DOP|ȈȠȣȘįȓĮ
ǵȞȠȝĮțĮȚįȚİȪșȣȞıȘIJȠȣİȟȠȣıȚȠįȠIJȘȝȑȞȠȣĮIJȩȝȠȣ
ıȪȞIJĮȟȘȢIJȠȣIJİȤȞȚțȠȪĮȡȤİȓȠȣ
ǵȞȠȝĮ 0LFDHO-RKDQVVRQ
ǻȚİȪșȣȞıȘ
5LJJDUHJDWDQ0DOP|ȈȠȣȘįȓĮ
ȈIJȠʌĮȡȩȞįȘȜȫȞȠȣȝİȩIJȚIJȠʌȡȠȧȩȞ
ȀĮIJȘȖȠȡȓĮ ȋȜȠȠțȠʌIJȚțȒȝȘȤĮȞȒ
ȂȠȞIJȑȜȠ *;/0/0(
ǹȡȚșȝȩȢıİȚȡȐȢ ǹȞĮIJȡȑȟIJİıIJȘȞİIJȚțȑIJĮIJȠȣ
ʌȡȠȧȩȞIJȠȢ
DzIJȠȢțĮIJĮıțİȣȒȢ ǹȞĮIJȡȑȟIJİıIJȘȞİIJȚțȑIJĮIJȠȣ
ʌȡȠȧȩȞIJȠȢ
ȈȣȝȝȠȡijȫȞİIJĮȚȝİIJȚȢıȤİIJȚțȑȢįȚĮIJȐȟİȚȢIJȘȢȅįȘȖȓĮȢ
ǼȀıȤİIJȚțȐȝİIJĮȝȘȤĮȞȒȝĮIJĮ
ȈȣȝȝȠȡijȫȞİIJĮȚȝİIJȚȢįȚĮIJȐȟİȚȢIJȦȞȣʌȩȜȠȚʌȦȞ
ʌĮȡĮțȐIJȦİȣȡȦʌĮȧțȫȞȠįȘȖȚȫȞ
ǼǼ
ǼȀǼȀ
ǼǼǼǼ
ǼʌȓıȘȢįȘȜȫȞȠȣȝİȩIJȚȑȤȠȣȞȤȡȘıȚȝȠʌȠȚȘșİȓIJĮʌĮȡĮțȐIJȦ
IJȝȒȝĮIJĮȡȒIJȡİȢIJȦȞİȞĮȡȝȠȞȚıȝȑȞȦȞʌȡȠIJȪʌȦȞ
ȂȑșȠįȠȢĮȟȚȠȜȩȖȘıȘȢıȣȝȝȩȡijȦıȘȢıȪȝijȦȞĮȝİIJȠ
ȆĮȡȐȡIJȘȝĮ9,ȅįȘȖȓĮǼȀ
ȂİIJȡȘȝȑȞȘıIJȐșȝȘȢĮțȠȣıIJȚțȒȢ
ȚıȤȪȠȢ
/
:$
G%$
ǼȜȜȘȞȚțȐ
(/

ǼȖȖȣȘȝȑȞȘıIJȐșȝȘĮțȠȣıIJȚțȒȢ
ȚıȤȪȠȢ
/
:$G
G%$
ȉȠʌȠșİıȓĮ
ȘȝİȡȠȝȘȞȓĮ0DOP|
ȊʌȠȖȡĮijȒ7HG4XǻȚİȣșȣȞIJȒȢ
ȆȠȚȩIJȘIJĮȢ
ǼȜȜȘȞȚțȐ
(/

ϒλϮϟ
νήϐϟ
ΔΤϤϟΔϣΎϋ
Δϣϼδϟ
ΐϴμϨΘϟ
˷
ϚϓϒϴϠϐΗΔϟϵ
Ϛϓ
˷
ϲρξΒϘϤϟϲϠϔδϟϪτΒοϭ
ΐϴϛήΗξΒϘϤϟϱϮϠόϟ
ΐϴϛήΗςϗϻΐθόϟ
ΐϴϛήΗΓΩΪγϊϳίϮΗΐθόϟίϭΰΠϤϟϰϠϋνέϷ
ςΒοωΎϔΗέΓήϔθϟΰΠϟ
ΐϴϛήΗΔϋϮϤΠϣΔϳέΎτΒϟ
ϊϠΧΔϋϮϤΠϣΔϳέΎτΒϟ
ϞϴϐθΘϟ
˯ΪΑϞϴϐθΗΔϟϵ
ϑΎϘϳ·Δϟϵ
ώϳήϔΗςϗϻΐθόϟ
ϞϴϐθΘϟϰϠϋΕέΪΤϨϤϟ
ΎμϧϞϴϐθΘϟ
ΔϧΎϴμϟ
ΔϧΎϴμϟΔϣΎόϟ
ϝΪΒΘγΓήϔθϟ
ϦϳΰΨΗΔϟϵ
ϑΎθϜΘγϝΎτϋϷΎϬΣϼλ·ϭ
ΕΎϧΎϴΒϟΔϴϨϔϟ
ϥΎϤπϟ
έήϗϖϓϮΘϟϊϣήϴϳΎόϣΩΎΤΗϻϲΑϭέϭϷ
ΔϐϠϟΔϴΑήόϟ
$5

ϒλϮϟ
νήϐϟ
ϩάϫΔϟϵΓΪόϣΰΠϟζΎθΤϟΔϴϟΰϨϤϟΐΠϳϥϥϮϜΗΓήϔηϊτϘϟΔϳίϮϣΎ
˱
ΒϳήϘΗ
νέϸϟΐΠϳϰϠϋΕϼΠόϟϊΑέϷΎϬϠϛϥβϣϼΗνέϷ˯ΎϨΛϙ
˷
ΰΟ
ζΎθΤϠϟ
ΔΤϤϟΔϣΎϋ
ϞϜθϟ
a
ΡΎΘϔϣξΒϘϤϟ
έί˯ΪΒϟ
ξΒϘϤϟϱϮϠόϟ
ξΒϘϤϟϲϠϔδϟ
ΏΎΑώϳήϔΘϟϲϔϠΨϟ
ΏΎΑΔϳέΎτΒϟ
ΔόϓέϞϳΪόΗωΎϔΗέϻ
ςϗϻΐθόϟ
ΓΩΪγϊϳίϮΗΐθόϟίϭΰΠϤϟϰϠϋνέϷ
ΓήϜΑ
έΎϤδϣΐϟϮϠϣ
ΔόϓέήϳήΤΘϟϊϳήδϟ
ϑΎτΧ
ΔϋϮϤΠϣΔϳέΎτΒϟ
ΡΎΘϔϣϥΎϣϷ
έίήϳήΤΗΔϳέΎτΒϟ
ΔϟϮϣΎλ
ϝίΎϋ
Γήϔθϟ
Δϣϼδϟ
ήϳάΤΗ
ιήΣϰϠϋωΎΒΗϊϴϤΟΕΎϤϴϠόΗΔϣϼδϟ
ϊΟέϞϴϟΩϥΎϣϷ
ΐϴμϨΘϟ
ήϳάΤΗ
ϻϡΪΨΘδΗϱΕΎϘΤϠϣϢϟϲλϮΗΔϛήηϊϴϨμΘϟΎϬΑ
ήϳάΤΗ
ϻϢϘΗΐϴϛήΘΑΡΎΘϔϣϥΎϣϷϭΔϋϮϤΠϣΔϳέΎτΒϟϻ·ΪόΑϥϲϬΘϨΗϦϣϊϴϤΠΗ
ϊϴϤΟ˯ΰΟϷ
˷
ϚϓϒϴϠϐΗΔϟϵ
ήϳάΤΗ
ιήΣϰϠϋϊϴϤΠΗΔϟϵ
˳
ϞϜθΑϴΤλϞΒϗϡΪΨΘγϻ
ήϳάΤΗ
Ϋ·ΖϧΎϛ˯ΰΟϦϣΔϟϵˬΔϔϟΎΗϻϡΪΨΘδΗΔϟϵ
ϥ·ϢϟϦϜΗϚϳΪϟϊϴϤΟˬ˯ΰΟϷϻϢϘΗϞϴϐθΘΑΔϟϵ
Ϋ·ΖϧΎϛ˯ΰΟϷΔϔϟΎΗϭήϴϏˬΓΩϮΟϮϣϞλϮΗϊϣΰϛήϣΔϧΎϴμϟ
ΘϓΓϮΒϋϒϴϠϐΘϟ
ήϗΕΪϨΘδϤϟΔϘϓήϤϟϲϓϕϭΪϨμϟ
ΝήΧϊϴϤΟ˯ΰΟϷήϴϏΔΒ
˷
ϛή
˵
ϤϟϦϣϕϭΪϨμϟ
ΝήΧΔϟϵϦϣϕϭΪϨμϟ
κϠΨΗϦϣϕϭΪϨμϟΩϮϣϭϒϴϠϐΘϟΎ
˱
ϘϓϭϦϴϧϮϘϠϟΔϴϠΤϤϟ
Ϛϓ
˷
ϲρξΒϘϤϟϲϠϔδϟϪτΒοϭ
ϞϜθϟ
ΐΤγξΒϘϤϟϱϮϠόϟϰϠϋϷϒϠΨϠϟϭϊϓήϟξΒϘϤϟϰϟ·ϊοϮϣϞϴϐθΘϟ
Ϊϛ΄ΗϦϣϖϴθόΗξΑΎϘϤϟϲϓΎϬόοϮϣϴΤμϟ
ϢϜΣΖϴΒΜΗξΒϘϤϟϲϠϔδϟΕΎόϓήΑήϳήΤΘϟϊϳήδϟϰϠϋϼϛϦϴΒϧΎΠϟ
ΔψΣϼϣ
Ϊϛ΄ΗϦϣΪΟϮΗϦϴπΒϘϤϟϲϓβϔϧϊοϮϤϟ
ήϳάΤΗ
ιήΣϰϠϋϡΪϋϕΎΤϟ·έήπϟΕϼΑΎϜϟΎΑΪϨϋϲρξΒϘϤϟϭϚϓϪϴρ
ΐϴϛήΗξΒϘϤϟϱϮϠόϟ
Ϛθϟ
ϢϗΓΫΎΤϤΑΕΎΤΘϔϟΓΩϮΟϮϤϟξΒϘϤϟΎΑϱϮϠόϟξΒϘϤϟϭϲϠϔδϟ
ϞΧΩήϴϣΎδϤϟήΒϋΕΎΤΘϔϟ
ςΑέΕήϜΒϟϰϠϋήϴϣΎδϤϟ
άϔϧβϔϧΔϴϠϤόϟϰϠϋΐϧΎΠϟήΧϵ
ΐϴϛήΗςϗϻΐθόϟ
ϞϜθϟ
ϊϠΧΓΩΪγϊϳίϮΗΐθόϟίϭΰΠϤϟϰϠϋνέϷ
ΘϓΏΎΑώϳήϔΘϟϲϔϠΨϟϪϜδϣϭ
ϚδϣςϗϻΐθόϟϦϣϪπΒϘϣϊοϭϒϴρΎτΨϟϰϠϋΕΎΤΘϔϟ
ϖϠϏΏΎΑώϳήϔΘϟϲϔϠΨϟ
ΐϴϛήΗΓΩΪγϊϳίϮΗΐθόϟίϭΰΠϤϟϰϠϋνέϷ
ϞϜθϟ
ϊϠΧςϗϻΐθόϟ
ΘϓΏΎΑώϳήϔΘϟϲϔϠΨϟϪϜδϣϭ
ϚδϣΓΩΪγϊϳίϮΗΐθόϟίϭΰΠϤϟϰϠϋνέϷϦϣΎϬπΒϘϣΎϬΒ
˷
ϛέϭϲϓ
ΏϮΒϧώϳήϔΘϟ
ϖϠϏΏΎΑώϳήϔΘϟϲϔϠΨϟ
ςΒοωΎϔΗέΓήϔθϟΰΠϟ
ϦϜϤϳςΒοΔϟϵϰϠϋωΎϔΗέΔϔϠΘΨϣΓήϔθϠϟΰΠϠϟ
ΔϐϠϟΔϴΑήόϟ
$5

ϞϜθϟ
ΐΤγΔόϓέϞϳΪόΗωΎϔΗέϻϡΎϣϸϟΓΩΎϳΰϟωΎϔΗέΓήϔθϟΰΠϟ
ΐΤγΔόϓέϞϳΪόΗωΎϔΗέϻϒϠΨϠϟξϔΨϟωΎϔΗέΓήϔθϟΰΠϟ
ΐϴϛήΗΔϋϮϤΠϣΔϳέΎτΒϟ
ϞϜθϟ
ήϳάΤΗ
Ϋ·ΖϧΎϛΔϋϮϤΠϣΔϳέΎτΒϟϭϦΣΎθϟˬϦϴϔϟΎΗϝΪΒΘγΎϓϒϟΎΘϟΎϤϬϨϣ
ϒϗϭΔϟϵήψΘϧϭϰϟ·ϥϒϗϮΘϳϙήΤϤϟϞΒϗϚΒϴϛήΗΔϋϮϤΠϤϟΔϳέΎτΒϟ
ϭΎϬόϠΧ
ήϗΕΎϤϴϠόΘϟϑ
˷
ήόΗϭΎϬϴϠϋΎϫά
˷
ϔϧϭϲϓϞϴϟΩΔϳέΎτΒϟϦΣΎθϟϭ
ήϳάΤΗ
ϡΪΨΘγςϘϓΔϳέΎτΑ ΖϟϮϓϻϡΪΨΘδΗΔϳέΎτΑΪϬΠΑϲΎΑήϬϛΝϭΩΰϣ
ΖϟϮϓ
ΔψΣϼϣ
ΐΠϳΐϴϛήΗϦϴΘϳέΎτΒϟϲϓΕήΠΤϟΔμμΨϤϟΎϬϟ˯ΪΒϟϞϴϐθΗΔϟϵ
ΘϓΏΎΑΔϳέΎτΒϟ
ϢϗΓΫΎΤϤΑΕΎϣΎϋΩϊϓήϟΓΩϮΟϮϤϟΔϋϮϤΠϤΑΔϳέΎτΒϟϊϣϒϳϭΎΠΘϟ
ΓΩϮΟϮϤϟϲϓΓήϴΠΣΔϳέΎτΒϟ
ϊϓΩΔϋϮϤΠϣΔϳέΎτΒϟϲϓΓήϴΠΣΔϳέΎτΒϟϰϟ·ϥΖΒΜΗΔϋϮϤΠϤϟϲϓ
ΎϬϧΎϜϣϴΤμϟ
ΎϣΪϨϋϊϤδΗΕϮλˬΓήϘϧάϬϓϩΎϨόϣϪ
˷
ϧΪϗϢΗΐϴϛήΗΔϋϮϤΠϣΔϳέΎτΒϟϲϓ
ΎϬϧΎϜϣϴΤμϟ
ϢϗβϔϨΑΔϴϠϤόϟϊϣΔϳέΎτΒϟϯήΧϷ
ϖϠϏΏΎΑΔϳέΎτΒϟ
ΔψΣϼϣ
ϻϞϤόϳϙήΤϤϟϻ·ΪόΑϚόοϭΡΎΘϔϤϟϥΎϣϷϲϓΔϟϵ
ϊϠΧΔϋϮϤΠϣΔϳέΎτΒϟ
ϞϜθϟ
ΘϓΏΎΑΔϳέΎτΒϟ
ϝίΡΎΘϔϣϥΎϣϷ
ςϐοϰϠϋέίήϳήΤΗΔϳέΎτΒϟϊϣΖϴΒΜΘϟ
ϊϠΧΔϋϮϤΠϣΔϳέΎτΒϟϦϣΔϟϵ
ϞϴϐθΘϟ
ήϳάΤΗ
ΪΗέΕϭΩΔϳΎϤΣϦϴϨϴόϟ˯ΎϨΛϞϴϐθΘϟ
˯ΪΑϞϴϐθΗΔϟϵ
ϞϜθϟ
ϲΤϴοϮΘϟ
ΔψΣϼϣ
ϢϗΐϴϛήΘΑςϗϻΐθόϟϞΒϗ
˷
ΰΠϟ
ΐ
˷
ϛέΡΎΘϔϣϥΎϣϷϲϓϪϧΎϜϣ
ςϐοϊϣΖϴΒΜΘϟϰϠϋέί˯ΪΒϟ
˯ΎϨΛϚτϐοϊϣΖϴΒΜΘϟϰϠϋέίˬ˯ΪΒϟΐΤγξΒϘϣϕϭΪϨλϴΗΎϔϣΔϟϵ
ϲϓϩΎΠΗΐϴπϗξΒϘϤϟ
ϙήΗέί˯ΪΒϟ˯ΪΒϟϞϴϐθΗΔϟϵ
ϑΎϘϳ·Δϟϵ
ϞϜθϟ
ϲΤϴοϮΘϟ
ϙήΗξΒϘϣϕϭΪϨλϴΗΎϔϣΔϟϵϑΎϘϳϹΔϟϵ
ήϳάΤΗ
ήψΘϧϰϟ·ϥϒϗϮΘΗΕήϔθϟΎ
˱
ϣΎϤΗϞΒϗϥΪΒΗϞϴϐθΗΔϟϵΓήϣϯήΧϻϢϘΗ
ϑΎϘϳΈΑΔϟϵΎϬϠϴϐθΗϭΔϋήδΑ
ήϳάΤΗ
ϢϗΎ
˱
ϤΩϊϠΨΑΡΎΘϔϣϥΎϣϷΔϋϮϤΠϣϭΔϳέΎτΒϟΪόΑϚΎϬΘϧϦϣϞϤόϟ
ώϳήϔΗςϗϻΐθόϟ
ϢϗϑΎϘϳΈΑΔϟϵ
ϝίΡΎΘϔϣϥΎϣϷ
ωΰϧΓΪΣϭΔϳέΎτΒϟ
ΘϓΏΎΑώϳήϔΘϟϲϔϠΨϟϪϜδϣϭ
ϚδϣςϗϻΐθόϟϦϣϪπΒϘϣϚϓϭϒϴρΎτΨϟϦϣΕΎΤΘϔϟ
ϖϠϏΏΎΑώϳήϔΘϟϲϔϠΨϟ
ύήϓΎϣϲϓςϗϻΐθόϟ
ϞϴϐθΘϟϰϠϋΕέΪΤϨϤϟ
ήϳάΤΗ
ϻϢϘΗ
˷
ΰΠΑζΎθΤϟϰϠϋΕέΪΤϨϤϟϲΘϟΪϳΰΗΔϳϭίΎϬϠϴϣϦϋ ΔΟέΩϥ·
ϢϟϦϜΗˬΎ
˱
ΣΎΗήϣϻϢϘΗ
˷
ΰΠϟΎΑϰϠϋέΪΤϨϣ
ϻΐϫάΗϰϠϋϷϞϔγϷϭϰϠϋέΪΤϨϣΪϨϋϙ
˷
ΰΟϰϠϋϪΟϭέΪΤϨϤϟϦϛ
Ύ
˱
μϳήΣΪϨϋήϴϴϐΗϩΎΠΗϻϰϠϋέΪΤϨϣ
ϪΒΘϧΕΎΤΘϔϠϟΪϳΩΎΧϷϭέϮΨμϟϭ˯ΎϴηϷϭΔϴϔΨϤϟϯήΧϷϲΘϟΪϗΐΒδΘΗ
ϲϓϚρϮϘγκϠΨΗϦϣϊϴϤΟϖϮόϟϞΜϣέϮΨμϟωήϓϭήΠθϟ
Ϊϛ΄ΗϦϣΕΎΒΛϚϣΪϗϰϠϋνέϷΫ·ΕήόηϡΪόΑϥίϮΘϟϙήΗΎϓΡΎΘϔϣ
ξΒϘϤϟϰϠϋέϮϔϟ
ϻϢϘΗ
˷
ΰΠΑζΎθΤϟΏήϘϟΎΑϦϣΕέΪΤϨϤϟϭϕΩΎϨΨϟϭέϮδΠϟ
ΎμϧϞϴϐθΘϟ
ϻϝϭΎΤΗίϭΎΠΗϞϴϐθΗέί˯ΪΒϟϭΡΎΘϔϣξΒϘϤϟ
ϻϢϘΗΔϟΎϣΈΑΔϟϵΪϨϋ˯ΪΑΎϬϠϴϐθΗ
ϻϊπΗϦϳΪϴϟϭϦϴϣΪϘϟΏήϘϟΎΑϦϣ˯ΰΟϷΔϛήΤΘϤϟϭΎϬϠϔγ
φϓΎΣϰϠϋΔϓΎψϧΏϮΒϧώϳήϔΘϟ
ϻϢϘΗ
˷
ΰΠΑζΎθΤϟΔΒρήϟ
ϻΪΑϥϥϮϜϳωΎϔΗέΓήϔθϟϰϠϋΪϨϋ
˷
ΰΟζΎθΤϟΓΪϳΪΠϟϭΔϔϴΜϜϟ
ϒψϧΐϧΎΠϟϲϠϔδϟήϬψϟΓί
˷
ΰΠϟΪόΑϞϛϡΪΨΘγϢϗΔϟίΈΑΎϳΎϘΑ
ζΎθΤϟϕέϭϭέΎΠηϷΥΎγϭϷϭϖϟϮόϟϭϯήΧϷ
ΔϐϠϟΔϴΑήόϟ
$5

ΔϧΎϴμϟ
ήϳάΤΗ
ΝήΧΡΎΘϔϣϥΎϣϷΔϋϮϤΠϣϭΔϳέΎτΒϟϦϣΔϟϵϞΒϗ˯ήΟ·ϝΎϤϋΔϧΎϴμϟ
ήϳάΤΗ
φϓΎΣϰϠϋΔϓΎψϧϙήΤϤϟΔϋϮϤΠϣϭΔϳέΎτΒϟϦϣζΎθΤϟϕέϭϭέΎΠηϷ
ϭΕΎϴϤϛϢΤθϟΓΪΰϟ
ήϳάΤΗ
ϡΪΨΘγϊτϗέΎϴϐϟΔϴϠλϷςϘϓ
ήϳάΤΗ
ϻωΪΗϞϮγΔϠϣήϔϟϭϦϳΰϨΒϟϭΩϮϤϟΔϤΎϘϟϰϠϋϝϭήΘΒϟβϣϼΗ˯ΰΟϷ
ΔϴϜϴΘγϼΒϟΚϴΣ
˷
ϥΩϮϤϟΔϴΎϴϤϴϜϟΪϗΐΒδΘΗϲϓϒϠΗ˯ΰΟϷΔϴϜϴΘγϼΒϟ
ΎϬϠόΟϭήϴϏΔϠΑΎϗΔϧΎϴμϠϟ
ήϳάΤΗ
ϻϡΪΨΘδΗϞϴϟΎΤϣϭΕΎϔψϨϣΔϳϮϗϰϠϋϞϜϴϬϟϲϜϴΘγϼΒϟϭΕΎϧϮϜϤϟ
ΔϴϜϴΘγϼΒϟ
ΔψΣϼϣ
㸸ϡΰϋςΑήϟϰλϮϤϟϪΑϦΗϮϴϧήΘϣ
ΔϧΎϴμϟΔϣΎόϟ
ϞΒϗϞϛˬϡΪΨΘγκΤϓΔϟϵΎ
˱
ΜΤΑϦϋ˯ΰΟϷΔϔϟΎΘϟϭΓΩϮϘϔϤϟϭ
ˬΔϛϮϜϔϤϟϞΜϣήϴϣΎδϤϟΔΒϟϮϠϤϟϞϴϣϮμϟϭήϴϣΎδϤϟϭΔϴτϏϷϭ
ϢϗςΑήΑϊϴϤΟήλΎϨϋΖϴΒΜΘϟΔϴτϏϷϭϡΎϜΣΈΑ
ϒψϧΔϟϵΔότϘΑεΎϤϗΔϓΎΟϻϡΪΨΘδΗ˯ΎϤϟ
ϝΪΒΘγΓήϔθϟ
ϞϜθϟ
ήϳάΤΗ
ϡΪΨΘγΕήϔθϟΔϠϳΪΒϟΔϴϠλϷςϘϓ
ήϳάΤΗ
ϞϤόΘγΕίΎϔϗΔϨϴΘϣϭ
˷
ϒϟΔότϗεΎϤϗϰϠϋΓήϔθϟΪϨϋϚΘδϣϼϣΎϬϟ
ϢϗϑΎϘϳΈΑΔϟϵ
Ϊϛ΄ΗϦϣϒϗϮΘϟϡΎΘϟΕήϔθϠϟ
ϝίΡΎΘϔϣϥΎϣϷΔϋϮϤΠϣϭΔϳέΎτΒϟ
ΐϠϗΔϟϵϰϠϋΎϬΒϧΎΟ
ϡΪΨΘγΔότϗΔϴΒθΧϊϨϤϟΔϛήΣΓήϔθϟ
˷
ϚϓέΎϤδϣΖϴΒΜΘϟϝίΎόϟϭΡΎΘϔϤΑςΑέϭΔϤϘϟςΑέ
ϊϠΧΓήϔθϟ
ΐ
˷
ϛέΓήϔθϟΓΪϳΪΠϟΪϛ΄ΗϦϣϖϴθόΗϦϳΩϮϤόϟϲϓΕΎΤΘϔϟΓΩϮΟϮϤϟ
ΓήϔθϟΎΑ
ϊοϝίΎόϟςΑέϭέΎϤδϣΖϴΒΜΘϟϱάϟΖϤϗϪόϠΨΑ
ϦϳΰΨΗΔϟϵ
ϝίΡΎΘϔϣϥΎϣϷ
ϊϠΧΔϋϮϤΠϣΔϳέΎτΒϟ
ϒ
˷
ψϧΔϟϵϞΒϗϦϳΰΨΘϟ
Ϊϛ΄ΗϦϣ
˷
ϥϙήΤϤϟήϴϏϦΧΎγΪϨϋϚϨϳΰΨΗΔϟ϶ϟ
Ϊϛ΄ΗϦϣϡΪϋΩϮΟϭ˯ΰΟΔϛϮϜϔϣϭΔϔϟΎΗϲϓΔϟϵΫ·ϡΰϟˬήϣϷά
˷
ϔϧϩάϫ
ΕϮτΨϟϭΕΎϤϴϠόΘϟ
ϝΪΒΘγ˯ΰΟϷΔϔϟΎΘϟ
ςΑέήϴϣΎδϤϟϡΎϜΣΈΑ
ΙΪΤΗϊϣκΨηϲϓΰϛήϣΔϧΎϴλΪϤΘόϣ
ϲϐΒϨϳϦϳΰΨΗΔϟϵϲϓϥΎϜϣϑΎΟ
ιήΣϰϠϋϡΪϋΏήΘϗϝΎϔρϷϦϣΔϟϵ
ϑΎθϜΘγϝΎτϋϷΎϬΣϼλ·ϭ
ΔϠϜθϤϟΐΒδϟϞϤΘΤϤϟϞΤϟ
ξΒϘϤϟβϴϟϲϓ
ϪόοϮϣϴΤμϟ
ήϴϣΎδϤϟήϴϏΔρϮΑήϣ
˳
ϞϜθΑϴΤλ
ςΒοωΎϔΗέξΒϘϤϟ
Ϊϛ΄ΗϭϦϣ
˷
ϥΕήϜΒϟ
ήϴϣΎδϤϟϭΔϳΫΎΤΘϣ
˳
ϞϜθΑϴΤλ
ΔϟϵϻΪΒΗϞϤόϟϯϮΘδϣϦΤηΔϳέΎτΒϟ
ξϔΨϨϣ
ϦΤηΔϋϮϤΠϣ
ΔϳέΎτΒϟ
ΡΎΘϔϣξΒϘϤϟΏϮτόϣϝΪΒΘγΡΎΘϔϣξΒϘϤϟ
ϢϟϢΘϳΐϴϛήΗΡΎΘϔϣ
ΔϳέΎτΒϟ
ΐ
˷
ϛέΡΎΘϔϣΔϳέΎτΒϟϲϓ
ϪϧΎϜϣ
ϡϮϘΗΔϟϵ
˷
ΰΠΑζΎθΤϟ
˳
ϞϜθΑήϴϏϱϭΎδΘϣ
ΐθόϟϦθΧκΤϓΔϘτϨϣ
˷
ΰΠϟ
ϢϟϢΘϳςΒοωΎϔΗέ
Γήϔθϟ
˳
ϞϜθΑϴΤλ
ςΒοωΎϔΗέΓήϔθϟ
ΰΠϟϰΘΣωΎϔΗέϰϠϋ
ϻϡϮϘΗΔϟϵϊϳίϮΘΑ
ΐθόϟίϭΰΠϤϟϰϠϋ
νέϷ
˳
ϞϜθΑϴΤλ
ϖϠόΗζΎθΤϟΔΒρήϟ
ΓίϭΰΠϤϟήϬψΑ
Γί
˷
ΰΠϟ
ήψΘϧϰΘΣϑΎϔΟ
ζΎθΤϟϞΒϗΎϫ
˷
ΰΟ
ΓΩΪγϊϳίϮΗΐθόϟ
ίϭΰΠϤϟϰϠϋνέϷ
ήϴϏΓΩϮΟϮϣ
ϢϗΐϴϛήΘΑΓΩΪγϊϳίϮΗ
ΐθόϟίϭΰΠϤϟϰϠϋ
νέϷ
ΐόμϳϊϓΩΔϟϵΐθόϟϞϳϮρˬΔϳΎϐϠϟϭ
˷
ϥωΎϔΗέΓήϔθϟ
ξϔΨϨϣΔϳΎϐϠϟ
ΩίϦϣωΎϔΗέΓήϔθϟ
ΰΠϟ
ϙήΤΘϳςϗϻΐθόϟ
Γήϔθϟϭ˯ςΒΑϲϓ
ζΎθΤϟΔϔϴΜϜϟ
κϠΨΗϦϣζΎθΤϟ
ΓίϭΰΠϤϟΓΩϮΟϮϤϟ
ςϗϼΑΐθόϟ
ΔϐϠϟΔϴΑήόϟ
$5

ΔϠϜθϤϟΐΒδϟϞϤΘΤϤϟϞΤϟ
ϙΎϨϫΕίΰΘϫΓΪί
ϲϓΔϟϵ
ΓήϔθϟήϴϏΔϧίϮΘϣ
ΔϠϛΘϣϭ
ϝΪΒΘγΓήϔθϟ
ΩϮϤϋϙήΤϤϟϲϨΜϣϒϗϭϙήΤϤϟ
ϝίΡΎΘϔϣϥΎϣϷ
ΔϋϮϤΠϣϭ
ΔϳέΎτΒϟ
ϢϗϞμϔΑέΪμϣ
ΔϗΎτϟ
κΤϓΔϟϵΎ
˱
ΜΤΑ
Ϧϋϱνήϋ
έήπϠϟ
ϠλΔϟϵϞΒϗ˯ΪΑ
ΎϬϠϴϐθΗΓήϣ
ϯήΧ
ϒϗϮΘΗΔϟϵ˯ΎϨΛ
˷
ΰΠϟωΎϔΗέΓήϔθϟξϔΨϨϣ
ΔϳΎϐϠϟ
ΩίϦϣωΎϔΗέΓήϔθϟ
ΰΠϟ
ΔϋϮϤΠϣΔϳέΎτΒϟ
ΔϏέΎϓΔϨΤθϟ
ϦΤηΓΪΣϭΔϳέΎτΒϟ
ϖϠόΗζΎθΤϟ
ΓίϭΰΠϤϟήϬψΑ
Γί
˷
ΰΠϟϭΓήϔθϟΎΑ
ϊϠΧΔϋϮϤΠϣΔϳέΎτΒϟ
κΤϓϭήϬυΓί
˷
ΰΠϟ
ΔΟέΩΓέήΣϞϴϐθΗ
ΔϟϵΔόϔΗήϣΔϳΎϐϠϟ
ϙήΗΔϟϵΩήΒΗ
ϥ·ϢϟΪΠΗϞΤϟϩάϬϟˬϞϛΎθϤϟΐϫΫϰϟ·ΰϛήϣΔϧΎϴμϟ
ΕΎϧΎϴΒϟΔϴϨϔϟ
ΪϬΠϟϲΑήϬϜϟ
ΔϋήδϟϥϭΪΑϞϤΣΔϘϴϗΩ
νήϋϊτϘϟϢϣ
ϝϮρϊτϘϟϢϣ
Δόγςϗϻΐθόϟ ήΘϟ
ϥίϮϟϥϭΪΑΔϋϮϤΠϣΔϳέΎτΒϟOEVNJ
ϯϮΘδϣςϐοΕϮμϟέ
˷
ΪϘ
˵
Ϥϟ/
3$
ϞΒϴδϳΩ$.
ϞΒϴδϳΩ$
ϯϮΘδϣΓϮϗΕϮμϟϥϮϤπϤϟ/
:$G
ϞΒϴδϳΩ$
ίΰΘϫϻ㸼ϡΔϴϧΎΛ
. ϡΔϴϧΎΛ
ίήρΔϳέΎτΒϟ*%*%Ϟγϼγϭ%$*
ϯήΧϷ
ίήρϦΣΎθϟ*;&*;8&
*;8&Ϟγϼγϭ&$*
ϯήΧϷ
ϞϜϴϫϲΎϨΛϝΰόϟ
,3;,3;
ϥΎϤπϟ
ϢϜϨϜϤϳέϮΜόϟϰϠϋρϭήηϡΎϜΣϭϥΎϤπϟΔϠϣΎϜϟϰϠϋ*UHHQZRUNVΔΤϔλ
ΐϳϮϟ
ϥΎϤπϟ*UHHQZRUNVϪΗΪϣΕϮϨγϰϠϋˬΞΘϨϤϟϥΎΘϨγϭϰϠϋΕΎϳέΎτΒϟ
ϡΪΨΘγϚϠϬΘδϤϟϡΪΨΘγϻιΎΨϟϦϣΦϳέΎΗ˯ήθϟάϫϥΎϤπϟϲτϐϳ
ΏϮϴϋΔϋΎϨμϟΪϗϢΘϳΡϼλ·ϭϝΪΒΘγΞΘϨϤϟΏϮτόϤϟΐΟϮϤΑϥΎϤπϟΎϣ
ϡΪΨΘγΞΘϨϤϟ
˳
ϞϜθΑΊρΎΧϭϪϣΪΨΘγνήϏϷΔϔϠΘΨϣϦϋϚϠΗΓέϮϛάϤϟϲϓ
ϞϴϟΩϚϟΎϤϟΪϗϱΩΆϳϰϟ·˯Ύϐϟ·ϥΎϤπϟϞϛΘϟϞόϔΑϞϣϮόϟΔϴόϴΒτϟ˯ΰΟϷϭ
ΔϠϛΘϤϟϻϢΘϳΎϫέΎΒΘϋϞΧΩϥΎϤπϟϻήΛ΄ΘϳϥΎϤπϟϲϠλϷΔϛήθϠϟΔόϧΎμϟ
ϱ΄ΑϥΎϤοϲϓΎο·ϢΘϳϪϤϳΪϘΗΔτγϮΑϞϴϛϭϭϊΎΑΔΰΠΗ
ΐΠϳΓΩΎϋ·ΞΘϨϤϟΏϮτόϤϟϰϟ·ΔτϘϧ˯ήθϟΔΒϟΎτϤϠϟˬϥΎϤπϟΎΑϥϭήπΤΗ
ϚόϣϞϴϟΩ˯ήθϟΓέϮΗΎϔϟ
έήϗϖϓϮΘϟϊϣήϴϳΎόϣΩΎΤΗϻϲΑϭέϭϷ
ϢγϥϮϨϋϭΔϛήθϟΔόϧΎμϟ
Ϣγϻ*/2%*52$%
*OREH*URXS(XURSH
ϥϮϨόϟ5LJJDUHJDWDQ0DOP|6ZHGHQ
ϢγϥϮϨϋϭκΨθϟϝ
˷
ϮΨ
˵
ϤϟϪϟϊϤΟϒϠϤϟϲϨϔϟ
ϢγϻήΘϴΑϡϭήΘηέΩϭί
ϥϮϨόϟ5LJJDUHJDWDQ0DOP|6ZHGHQ
ΐΟϮϤΑϚϟΫϦϠόϧ
˷
ϥΞΘϨϤϟ
ΔΌϔϟΓί
˷
ΰΟζΎθΤϟ
ίήτϟ*;/0/0(
ϢϗέϞδϠδϤϟϊΟέΔόϗέϢϴϴϘΗΞΘϨϤϟ
ΔϨγϢϴϤμΗΞΘϨϤϟϊΟέΔόϗέϢϴϴϘΗΞΘϨϤϟ
ϖϓϮΘϣϊϣϡΎδϗϷΕΫΔϠμϟϦϣϪϴΟϮΗΕϻϵ(&
ϖϓϮΘϣϊϣϡΎδϗΕΎϬϴΟϮΗΩΎΤΗϻϲΑϭέϭϷϯήΧϷΔϴϟΎΘϟ
(8
(&ϭ(&
(8ϭ(8
ΔϓΎοϹΎΑϰϟ·ˬϚϟΫΎϨϧΈϓϦϠόϧϥ˯ΰΟϷˬΔϴϟΎΘϟΕήϘϓήϴϳΎόϤϟΔϘϓϮΘϤϟϲΘϟϢΗ
ΎϬϣΪΨΘγ
ΔϘϳήρϢϴϴϘΗϖϓϮΘϟϖΤϠϤϟΎΑ9 ,ϪϴΟϮΘϟ(&
ϯϮΘδϣΓϮϗΕϮμϟέ
˷
ΪϘ
˵
Ϥϟ/
:$
ϞΒϴδϳΩ$
ϯϮΘδϣΓϮϗΕϮμϟϥϮϤπϤϟ/
:$G
ϞΒϴδϳΩ$
ϥΎϜϤϟΦϳέΎΘϟϭ0DOP|
ϊϴϗϮΘϟΪϴΗˬϮϴϛήϳΪϣϢδϗΓΩϮΠϟ
ΔϐϠϟΔϴΑήόϟ
$5

ΔϐϠϟΔϴΑήόϟ
$5

$oÕNODPD
$PDo
*HQHOEDNÕú
*YHQOLN
.XUXOXP
0DNLQH\LSDNHWLQGHQoÕNDUÕQ
$oÕQYHDOWWXWPD\HULQLD\DUOD\ÕQ
hVWWXWPD\HULQLPRQWHHGLQ
dLPWRSOD\ÕFÕ\ÕWDNÕQ
0DOoILúLQLWDNÕQ
%ÕoDNNHVLP\NVHNOL÷LQLD\DUOD\ÕQ
$N\WDNÕQ
$N\oÕNDUÕQ
dDOÕúPD
0DNLQH\LoDOÕúWÕUÕQ
0DNLQH\LGXUGXUXQ
dLPWRSOD\ÕFÕ\ÕERúDOWÕQ
<DPDoODUGDNXOODQPD
dDOÕúPDLSXoODUÕ
%DNÕP
*HQHOEDNÕP
%ÕoD÷ÕGH÷LúWLULQ
0DNLQH\LGHSROD\ÕQ
6RUXQ*LGHUPH
7HNQLNYHULOHU
*DUDQWL
$%8\JXQOXNEH\DQÕ
7UNoH
75

$d,./$0$
$0$d
%XPDNLQHHYVHODPDoOÕoLPELoPHLúLLoLQNXOODQÕOÕU.HVPH
EÕoD÷Õ\HUH\DNODúÕNRODUDNSDUDOHOROPDOÕGÕU%LoPH\DSDUNHQ
G|UWWHNHUOH÷LQGH\HUHGH÷PHVLJHUHNLU
*(1(/%$.,ù
ùHNLOa
.RODQDKWDUÕ
%DúODWG÷PHVL
hVWWXWPD\HUL
$OWWXWPD\HUL
$UNDERúDOWÕPNDSÕVÕ
$NNDSD÷Õ
<NVHNOLND\DUNROX
dLPWRSOD\ÕFÕ
0DOoILúL
'÷PH
&ÕYDWD
+Õ]OÕoÕNDUPDNROX
.DQFD
$N
(PQL\HWDQDKWDUÕ
$NVHUEHVWEÕUDNPDG÷PHVL
6RPXQ
0HVDIHSDUoDVÕ
%ÕoDN
*h9(1/,.
8<$5,
7PJYHQOLNWDOLPDWODUÕQDX\GX÷XQX]GDQHPLQROXQ
*YHQOLN.ÕODYX]XQDEDNÕQ
.858/80
8<$5,
hUHWLFLWDUDIÕQGDQWDYVL\HHGLOPH\HQDNVHVXDUODUÕ
NXOODQPD\ÕQ
8<$5,
7PSDUoDODUÕPRQWHHGHQHNDGDUHPQL\HWDQDKWDUÕQÕYH\D
DN\WDNPD\ÕQ
0$.,1(<,3$.(7,1'(1
d,.$5,1
8<$5,
0DNLQH\LNXOODQPDGDQ|QFHGR÷UXúHNLOGHPRQWH
HWWL÷LQL]GHQHPLQROXQ
8<$5,
0DNLQHSDUoDODUÕKDVDUOÕLVHPDNLQH\LNXOODQPD\ÕQ
7PSDUoDODUDVDKLSGH÷LOVHQL]PDNLQH\LNXOODQPD\ÕQ
3DUoDODUKDVDUOÕYH\DHNVLNVHVHUYLVPHUNH]LQH
EDúYXUXQ
3DNHWLDoÕQ
.XWXQXQLoLQGHNLEHOJHOHULRNX\XQ
7PELUOHúWLULOPHPLúSDUoDODUÕNXWXGDQoÕNDUÕQ
0DNLQH\LNXWXGDQoÕNDUÕQ
.XWX\XYHSDNHWPDO]HPHVLQL\HUHOG]HQOHPHOHUHX\JXQ
RODUDNDWÕQ
$d,19($/77870$<(5,1,
$<$5/$<,1
ùHNLO
7XWPD\HULQLoDOÕúPDNRQXPXQDNDOGÕUPDNLoLQVWWXWPD
\HULQL\XNDUÕYHJHULoHNLQ7XWPD\HUOHULQLQGR÷UX
úHNLOGH\HULQHRWXUGX÷XQGDQHPLQROXQ
$OWWXWPD\HULQLKHULNL\DQGDQKÕ]OÕoÕNDUPDNROODUÕLOH
VÕNÕQ
127
øNLWXWPD\HULQLQD\QÕNRQXPGDROGX÷XQGDQHPLQROXQ
8<$5,
7XWPD\HULQLNDWODUNHQYH\DDoDUNHQNDEORODUD]DUDU
YHUPH\LQ
h677870$<(5,1,0217(
(',1
ùHNLO
hVWWXWPD\HULQGHNLGHOLNOHUOHDOWWXWPD\HULQGHNL
GHOLNOHULKL]DOD\ÕQ
&ÕYDWDODUÕGHOLNOHUGHQJHoLULQ
7RSX]ODUÕFÕYDWDODUÕQ]HULQGHVÕNÕQ
'L÷HUWDUDIWDD\QÕLúOHPL\DSÕQ
d,0723/$<,&,<,7$.,1
ùHNLO
0DOoILúLQLoÕNDUWÕQ
$UNDWDKOL\HNDSD÷ÕQÕDoÕQYHWXWXQ
7UNoH
75

dLPWRSOD\ÕFÕ\ÕWXWPD\HULQGHQWXWXQYHNDQFDODUÕ
\XYDODUÕQ]HULQHWDNÕQ
$UNDERúDOWÕPNDSÕVÕQÕNDSDWÕQ
0$/d),ù,1,7$.,1
ùHNLO
dLPWRSOD\ÕFÕ\ÕoÕNDUWÕQ
$UNDWDKOL\HNDSD÷ÕQÕDoÕQYHWXWXQ
0DOoILúLQLWXWPD\HULQGHQWXWXQYHWDKOL\HROX÷XQDWDNÕQ
$UNDERúDOWÕPNDSÕVÕQÕNDSDWÕQ
%,d$..(6,0<h.6(./,ö,1,
$<$5/$<,1
0DNLQHIDUNOÕEÕoDNNHVLP\NVHNOLNOHULQHD\DUODQDELOLU
ùHNLO
%ÕoDNNHVLP\NVHNOL÷LQL\NVHOWPHNLoLQ\NVHNOLND\DU
NROXQXLOHULGR÷UXoHNLQ
%ÕoDNNHVLP\NVHNOL÷LQLD]DOWPDNLoLQ\NVHNOLND\DU
NROXQXDUND\DGR÷UXoHNLQ
$.h<h7$.,1
ùHNLO
8<$5,
$NYH\DúDUMFLKD]ÕKDVDUOÕ\VDDN\YH\DúDUM
FLKD]ÕQÕGH÷LúWLULQ
0DNLQH\LGXUGXUXQYHDN\WDNPDGDQYH\D
oÕNDUPDGDQ|QFHPRWRUXQGXUPDVÕQÕEHNOH\LQ
$NYHúDUMFLKD]ÕQÕQNÕODYX]XQGDNLWDOLPDWODUÕRNX\XQ
|÷UHQLQYHX\JXOD\ÕQ
8<$5,
6$'(&(93ø/.8//$1,1dø)792/7$-/,
93ø/.8//$10$<,1
127
0DNLQH\LEDúODWPDNLoLQKHULNLSLOGHE|OPHOHULQH
NRQPDOÕGÕU
$NNDSÕVÕQÕDoÕQ
$NGHNLNDOGÕUPDoXEXNODUÕQÕDNE|OPHVLQGHNLROXNODUOD
KL]DOD\ÕQ
$N\\HULQHRWXUDQDNDGDUDNE|OPHVLQHGR÷UXLWLQ
%LUWÕNVHVLGX\GX÷XQX]GDDNWDNÕOÕGÕU
$\QÕLúOHPLGL÷HUSLOOHGH\DSÕQ
$NNDSÕVÕQÕNDSDWÕQ
127
0RWRUVDGHFHJYHQOLNDQDKWDUÕQÕWDNWÕ÷ÕQÕ]GDoDOÕúPD\D
EDúODU
$.h<hd,.$5,1
ùHNLO
$NNDSÕVÕQÕDoÕQ
(PQL\HWDQDKWDUÕQÕoÕNDUÕQ
$NoÕNDUPDG÷PHVLQHEDVÕQYHEDVÕOÕWXWXQ
$N\PDNLQHGHQoÕNDUÕQ
d$/,ù0$
8<$5,
dDOÕúPDVÕUDVÕQGDJ|]NRUXPDVÕWDNÕQ
0$.,1(<,d$/,ù7,5,1
ùHNLO
127
dLPELoPHGHQ|QFHoLPWRSOD\ÕFÕ\ÕWDNÕQ
(PQL\HWDQDKWDUÕQÕWDNÕQ
%DúODWPDG÷PHVLQHEDVÕQYHEDVÕOÕWXWXQ
%DúODWPDG÷PHVLQLEDVÕOÕWXWDUNHQúDOWGRODEÕWXWPD\HUL
oXEX÷XQXQ\|QQGHoHNLQ
3URJUDPÕEDúODWPDNLoLQEDúODWPDG÷PHVLQLVHUEHVW
EÕUDNÕQ
0$.,1(<,'85'8581
ùHNLO
0DNLQH\LGXUGXUPDNLoLQúDOWGRODEÕWXWPD\HULQLVHUEHVW
EÕUDNÕQ
8<$5,
0DNLQH\LWHNUDUoDOÕúWÕUPDGDQ|QFHEÕoD÷ÕQWDPDPHQ
GXUPDVÕQÕEHNOH\LQ0DNLQH\LKÕ]ODDoÕSNDSDWPD\ÕQ
8<$5,
øúLWDPDPODGÕNWDQVRQUDGDLPDHPQL\HWDQDKWDUÕQÕYHDN\
oÕNDUÕQ
d,0723/$<,&,<,%2ù$/7,1
0DNLQH\LGXUGXUXQ
(PQL\HWDQDKWDUÕQÕoÕNDUÕQ
$N\oÕNDUÕQ
$UNDWDKOL\HNDSD÷ÕQÕDoÕQYHWXWXQ
dLPWRSOD\ÕFÕ\ÕWXWPD\HULQGHQWXWXQYH\XYDODUÕQGDQ
oÕNDUÕQ
$UNDERúDOWÕPNDSÕVÕQÕNDSDWÕQ
dLPWRSOD\ÕFÕ\ÕERúDOWÕQ
7UNoH
75

<$0$d/$5'$.8//$10$
8<$5,
GHQID]ODH÷LPOL\DPDoODUGDELoPH\LQ5DKDW
GH÷LOVHQL]\DPDoWDELoPH\LQ
(÷LPLQ\]ER\XQFDELoHUNHQ\RNXúDúD÷ÕLQPH\LQ
(÷LPGH\|QGH÷LúWLUGL÷LQL]GHGLNNDWOLROXQ
'úPHQL]HQHGHQRODELOHFHNGHOLNOHULSDUoDODUÕND\DODUÕ
YHGL÷HUJL]OLQHVQHOHUHGLNNDWHGLQ.D\DODUYHD÷Do
GDOODUÕJLELWPHQJHOOHULNDOGÕUÕQ
%DVWÕ÷ÕQÕ]\HULQVDELWROGX÷XQGDQHPLQROXQ'HQJHQL]L
ND\EHGHUVHQL]KHPHQDVNÕOÕDQDKWDUÕVHUEHVWEÕUDNÕQ
+HQGHNOHUNDQDOODUYHWRSUDNGROJXODUÕQÕQ\DNÕQÕQGDoLP
ELoPH\LQ
d$/,ù0$,38d/$5,
%DúODWPDG÷PHVLQLQYH\DúDOWGRODEÕWXWPD\HULQLQ
oDOÕúPDVÕQÕJHoHUVL]NÕOPD\DoDOÕúPD\ÕQ
0DNLQH\LoDOÕúWÕUGÕ÷ÕQÕ]GDH÷PH\LQ
(OOHULQL]LYH\DD\DNODUÕQÕ]ÕG|QHQSDUoDODUÕQ\DNÕQÕQD\D
GDDOWÕQDNR\PD\ÕQ
%RúDOWPDROX÷XQXWHPL]WXWXQ
,VODNoLPLNHVPH\LQ
<HQLYH\DNDOÕQoLPLoLQGDKD\NVHNEÕoDN\NVHNOL÷L
JHUHNOLGLU
+HUNXOODQÕPGDQVRQUDoLPELoPHPDNLQHVLQLQWDEDQÕQÕ
WHPL]OH\LQdLPNÕUSÕQWÕODUÕQÕ\DSUDNODUÕNLULYHGL÷HU
NDOÕQWÕODUÕWHPL]OH\LQ
%$.,0
8<$5,
%DNÕPGDQ|QFHPDNLQHGHQHPQL\HWDQDKWDUÕQÕYHDN\
oÕNDUÕQ
8<$5,
0RWRUXYHDN\oLP\DSUDNYH\DID]OD\D÷GDQNRUX\XQ
ø.$=
6DGHFHRQD\ODQPÕú\HGHNSDUoDODUÕNXOODQÕQ
ø.$=
)UHQVÕYÕODUÕQÕQEHQ]LQSHWUROED]OÕPDO]HPHOHULQSODVWLN
SDUoDODUDWHPDVHWPHVLQHL]LQYHUPH\LQ.LP\DVDOODU
SODVWL÷H]DUDUYHUHELOLUYHSODVWLNPDGGH\LKL]PHWGÕúÕ
EÕUDNDELOLU
ø.$=
3ODVWLNPXKDID]DYH\DSDUoDODUGDJoOVROYHQWYH\D
GHWHUMDQODUNXOODQPD\ÕQ
127
7DYVL\HHGLOHQVÕNPDWRUNX%ÕoD÷Õ1P
*(1(/%$.,0
+HUNXOODQÕPGDQ|QFHPDNLQH\LYLGDVRPXQFÕYDWDYH
NDSDNJLELKDVDUOÕHNVLNYH\DJHYúHNSDUoDODULoLQ
LQFHOH\LQ
7PED÷ODQWÕHOHPDQODUÕQÕYHNDSDNODUÕGR÷UXúHNLOGH
VÕNÕQ
0DNLQH\LNXUXELUEH]OHWHPL]OH\LQ6XNXOODQPD\ÕQ
%,d$ö,'(ö,ù7,5,1
ùHNLO
8<$5,
6DGHFHRQD\ODQPÕú\HGHNEÕoDNODUÕNXOODQÕQ
8<$5,
%ÕoD÷DGRNXQDFD÷ÕQÕ]GDLúHOGLYHQLJL\LQYH\DEÕoD÷ÕQ
HWUDIÕQDEH]VDUÕQ
0DNLQH\LGXUGXUXQ
%ÕoDNODUÕQWDPDPHQGXUGX÷XQGDQHPLQROXQ
*YHQOLNDQDKWDUÕQÕYHDN\oÕNDUÕQ
0DNLQH\L\DQDoHYLULQ
%ÕoD÷ÕQKDUHNHWLQL|QOHPHNLoLQELUSDUoDWDKWDNXOODQÕQ
0RQWDMYLGDVÕQÕYHURQGHOD\ÕELUDQDKWDUYH\DVRNHWOH
V|NQ
%ÕoD÷ÕoÕNDUÕQ
<HQLEÕoD÷ÕWDNÕQøNLGLUH÷LQEÕoDNWDNLGHOLNOHUH
WDNÕOGÕ÷ÕQGDQHPLQROXQ
$UDSDUoD\ÕWDNÕQYHoÕNDUGÕ÷ÕQÕ]PRQWDMYLGDVÕQÕVÕNÕQ
'L÷HUEÕoDNWDD\QÕLúOHPL\DSÕQ
0$.,1(<,'(32/$<,1
(PQL\HWDQDKWDUÕQÕoÕNDUÕQ
$N\oÕNDUÕQ
0DNLQH\LGHSRODPDGDQ|QFHWHPL]OH\LQ
0DNLQH\LGHSRODUNHQPRWRUXQVÕFDNROPDGÕ÷ÕQGDQHPLQ
ROXQ
0DNLQHQLQJHYúHNYH\DKDVDUOÕSDUoDODUÕQÕQROPDGÕ÷ÕQGDQ
HPLQROXQ(÷HUJHUHNOLLVHEXDGÕPODUÕWDOLPDWODUÕ
X\JXOD\ÕQ
+DVDUOÕSDUoDODUÕGH÷LúWLULQ
&ÕYDWDODUÕVÕNÕQ
2QD\ODQPÕúELUVHUYLVPHUNH]LQGHQELUL\OHNRQXúXQ
0DNLQHQL]LNXUXELUDODQGDVDNOD\ÕQ
dRFXNODUÕQPDNLQHQLQ\DQÕQDJHOHPHGL÷LQGHQHPLQROXQ
7UNoH
75

62581*,'(50(
6RUXQ 2ODVÕQHGHQ d|]P
7XWPD\HULGR÷UX
NRQXPGDGH÷LO
&ÕYDWDODUGR÷UX
úHNLOGHWDNÕOPD
PÕú
7XWPD\NVHNOL÷L
D\DUOD\ÕQYHWRSX
]ODUÕQYHFÕYDWDODU
ÕQGR÷UXúHNLOGH
KL]DODQGÕ÷ÕQGDQ
HPLQROXQ
0DNLQHoDOÕúPÕ\
RU
$NNDSDVLWHVLG
úN
$N\úDUMHGLQ
$VNÕOÕDQDKWDUDUÕ
]DOÕ
$VNÕOÕDQDKWDUÕ
GH÷LúWLULQ
$VNÕOÕDQDKWDUWD
NÕOÕGH÷LO
$NDQDKWDUÕQÕWD
NÕQ
0DNLQHoLPLHúLW
NHVPL\RU
dLPSU]OGU %LoPHDODQÕQÕLQ
FHOH\LQ
%ÕoDN\NVHNOL÷L
GR÷UXD\DUODQPD
PÕú
%ÕoDNNHVLP\N
VHNOL÷LQLGDKD
\NVHNELUNRQX
PDD\DUOD\ÕQ
0DNLQHGR÷UXúH
NLOGHPDOoODPD
\DSPÕ\RU
.HVLOHQÕVODNoLP
OHUPDNLQHQLQ
]HULQH\DSÕúÕ\RU
dLPELoPHLúOH
PLQGHQ|QFHoLP
NXUX\DQDNDGDU
EHNOH\LQ
0DOoILúLHNVLN 0DOoILúLQLWDNÕQ
0DNLQH\LLWPHVL
oRN]RU
dLPoRNX]XQ
YH\DEÕoDN\NVH
NOL÷LoRNDOoDN
%ÕoDNNHVLP\N
VHNOL÷LQLDUWÕUÕQ
dLPWRSOD\ÕFÕYH
EÕoDNNDOÕQoLP
OHUGHVUNOHQL\RU
dLPWRSOD\ÕFÕODU
GDNLNHVLOHQoLP
OHULERúDOWÕQ
0DNLQHGH\NVHN
WLWUHúLPYDU
%ÕoDNGHQJHVL]YH
DúÕQPÕú
%ÕoD÷ÕGH÷LúWLULQ
0RWRUúDIWÕENO
Pú
0RWRUXGXU
GXUXQ
*YHQOLN
DQDKWDUÕQÕYH
DN\oÕNDUÕQ
*oND\QD÷ÕQÕ
D\ÕUÕQ
+DVDUROXSRO
PDGÕ÷ÕQÕNRQ
WUROHGLQ
0DNLQH\LWHN
UDUoDOÕúWÕUPD
GDQ|QFHRQDU
ÕQ
6RUXQ 2ODVÕQHGHQ d|]P
0DNLQHELoPHVÕU
DVÕQGDGXUX\RU
%ÕoDN\NVHNOL÷L
oRNGúN
%ÕoDNNHVLP\N
VHNOL÷LQLDUWÕUÕQ
$NQQúDUMÕELW
PLú
$N\úDUMHGLQ
.HVLOHQoLPOHUV
WQHYH\DEÕoD÷D
\DSÕúÕU
$N\PDNLQHGHQ
oÕNDUÕQYHVWQ
NRQWUROHGLQ
0DNLQHQLQoDOÕúPD
VÕFDNOÕ÷ÕoRN\N
VHN
0DNLQH\LVR÷XWXQ
%XVRUXQODUDo|]PEXODPD]VDQÕ]VHUYLVPHUNH]LQHJLGLQ
7(.1,.9(5,/(5
9ROWDM 9
<NV]KÕ] GDN
.HVLPJHQLúOL÷L PP
.HVLP\NVHNOL÷L PP
dLPWRSOD\ÕFÕNDSDVLWHVL /
$÷ÕUOÕNDNKDULo OEVNJ
gOoOHQVHVEDVÕQoG]H\L /
3$
G%$.
G%$
*DUDQWLHGLOHQVHVJoG]H\L /
:$G
G%$
7LWUHúLP 㸺 PVQ
. PVQ
$NPRGHOL *%*%YHGL÷HU
%$*VHULOHUL
ùDUMFLKD]ÕPRGHOL *;&*;8&
*;8&YHGL÷HU&$*
VHULOHUL
dLIW\DOÕWÕPOÕ\DSÕ
,3; ,3;
*$5$17,
7DPJDUDQWLúDUWODUÕYHNRúXOODUÕ*UHHQZRUNVLQWHUQHW
VD\IDVÕQGDEXOXQDELOLU
*DUDQWL*UHHQZRUNVVDWÕQDOPDWDULKLQGHQLWLEDUHQUQLoLQ
\ÕOYHDNOHULoLQ\ÕOWNHWLFL|]HONXOODQÕPJHoHUOLGLU%X
JDUDQWLUHWLPKDWDODUÕQÕNDSVDU*DUDQWLNDSVDPÕQGDRODQ
KDWDOÕELUUQRQDUÕOPÕúYH\DGH÷LúWLULOPLúRODELOLU+DWDOÕ
YH\DNXOODQÕPNÕODYX]XQGDDoÕNODQDQGDQEDúNDúHNLOOHUGH
NXOODQÕOPÕúQLWH\HLOLúNLQJDUDQWLWDOHELUHGGHGLOHELOLU
1RUPDODúÕQPDYHDúÕQPDSDUoDODUÕJDUDQWLNDSVDPÕQGDNDEXO
HGLOPH]2ULMLQDOUHWLFLJDUDQWLVLELUVDWÕFÕYH\DSHUDNHQGHFL
WDUDIÕQGDQVXQXODQKHUKDQJLELUHNJDUDQWLGHQHWNLOHQPH]
7UNoH
75

+DWDOÕELUUQJDUDQWLWDOHELQGHEXOXQPDNLoLQVDWÕQDOPD
NDQÕWÕIDWXUDLOHELUOLNWHVDWÕQDOPDQRNWDVÕQDLDGH
HGLOPHOLGLU
$%8<*81/8.%(<$1,
hUHWLFLQLQDGÕYHDGUHVL
$G */2%*52$%
*OREH*URXS(XURSH
$GUHV 5LJJDUHJDWDQ0DOP|øVYHo
7HNQLNGRV\D\ÕGHUOHPHNLoLQ\HWNLOLNLúLQLQDGÕYHDGUHVL
$G 0LFDHO-RKDQVVRQ
$GUHV 5LJJDUHJDWDQ0DOP|øVYHo
øúEXEHOJHLOHEXUQHLOLúNLQRODUDNDúD÷ÕGDNLOHULEH\DQ
HGHUL]
.DWHJRUL dLP%LoPH0DNLQHVL
0RGHO *;/0/0(
6HULQXPDUDVÕ hUQGHUHFHOHQGLUPHHWLNHWLQHED
NÕQ
<DSÕP<ÕOÕ hUQGHUHFHOHQGLUPHHWLNHWLQHED
NÕQ
(&VD\ÕOÕ0DNLQH'LUHNWLILQLQLOJLOLKNPOHULQH
X\JXQGXU
DúD÷ÕGDNLGL÷HU$%'LUHNWLIOHULQLQKNPOHULQH
X\JXQGXU
(8
(&(&
(8(8
$\UÕFDDúD÷ÕGDNL$YUXSDX\XPODúWÕUÕOPÕúVWDQGDUWODUÕQÕQ
DúD÷ÕGDNLE|OPOHULQLQNXOODQÕOGÕ÷ÕQÕEH\DQHGHUL]
8\XPGH÷HUOHQGLUPHPHWRGX(N9,'LUHNWLIL(&
gOoOHQVHVJFG]H\L /
:$
G%$
*DUDQWLHGLOHQVHVJoG]H\L /
:$G
G%$
<HUWDULK0DOP|
øP]D7HG4X.DOLWH'LUHNW|U
7UNoH
75

ʸʥʠʩʺ
ʤʸʨʮ
ʨʡʮʩʬʬʫ
ʺʥʧʩʨʡ
ʤʰʷʺʤ
ʸʱʤʺʠʸʩʹʫʮʤʤʦʩʸʠʤʮ
ʧʺʴʯʰʥʥʫʥʺʠʺʩʣʩʤʤʰʥʺʧʺʤ
ʺʰʷʺʤʺʩʣʩʤʤʰʥʩʬʲʤ
ʺʰʷʺʤʣʫʥʬʠʹʣʤ
ʺʰʷʺʤʧʺʴʤʸʥʦʩʴʬʤʡʡʢ
ʺʲʩʡʷʤʡʥʢʡʤʬʤʪʥʺʩʧʤ
ʯʷʺʤʺʠʦʸʠʮʤʬʬʥʱʤ
ʺʠʶʥʤʦʸʠʮʤʬʬʥʱʤ
ʬʥʲʴʺ
ʺʬʲʴʤʩʬʫʤ
ʩʥʡʩʫʸʩʹʫʮʤ
ʯʥʷʩʸʣʫʥʬʠʹʣʤ
ʤʬʲʴʤʯʥʸʣʮʡ
ʺʥʶʲʤʬʲʴʤʬ
ʤʷʥʦʧʺ
ʤʷʥʦʧʺʺʩʬʬʫ
ʺʴʬʧʤʡʤʬʤ
ʯʥʱʧʠʤʰʥʫʮʤ
ʺʥʬʷʺ
ʨʸʴʮʩʰʫʨ
ʺʥʩʸʧʠ
ʺʸʤʶʤʺʥʮʩʠʺʺʥʹʩʸʣʬʣʥʧʩʠʤ
ʩʴʥʸʩʠʤ
ʺʩʸʡʲ
+(

ʸʥʠʩʺ
ʤʸʨʮ
ʺʧʱʫʮʠʹʣʥʦʤʣʲʥʰʹʥʮʩʹʬʺʥʰʩʢʡʺʥʩʨʸʴʡʤʬʪʥʺʩʧʤʡʩʩʧʺʥʩʤʬ
ʬʩʡʷʮʲʷʸʷʬʨʲʮʫʩʸʮʢʬʯʮʦʡʧʥʱʩʫʤʬʫʺʲʡʸʠʭʩʬʢʬʢʤʭʩʡʩʩʧ
ʺʲʢʬʲʷʸʷʡ
ʨʡʮʩʬʬʫ
ʸʥʩʠ a
ʢʺʮʺʩʣʩʤ
ʯʶʧʬʤʲʰʺʤ
ʺʩʣʩʤʰʥʩʬʲ
ʺʩʣʩʤʰʥʺʧʺ
ʺʬʣʤʨʩʬʴʺʩʸʥʧʠ
ʤʱʫʮʤʬʬʥʱ
ʺʩʣʩʯʥʰʥʥʫʤʡʥʢ
ʣʫʥʬʠʹʣ
ʧʺʴʸʥʦʩʴʬʤʡʡʢ
ʸʥʺʴʫ
ʢʸʥʡ
ʺʩʣʩʸʥʸʧʹʸʩʤʮ
ʥʥ
ʦʸʠʮʤʬʬʥʱ
ʧʺʴʮʺʥʧʩʨʡ
ʸʥʺʴʫʸʥʸʧʹʤʬʬʥʱ
ʭʥʠ
ʺʩʷʱʣʧʥʥʸ
ʡʤʬ
ʺʥʧʩʨʡ
ʤʸʤʦʠ
ʠʰʠʣʴʷʤʺʩʩʶʬʬʫʬʺʥʠʸʥʤʺʥʧʩʨʡʤ
ʯʩʩʲʪʩʸʣʮʡʺʥʧʩʨʡʤ
ʤʰʷʺʤ
ʤʸʤʦʠ
ʯʩʠʹʮʺʹʤʬʭʩʸʦʩʡʠʡʭʰʩʠʹʭʩʶʬʮʥʮʬʲʩʣʩʯʸʶʩʤ
ʤʸʤʦʠ
ʯʩʠʱʩʰʫʤʬʺʠʧʺʴʮʺʥʧʩʨʡʤʥʠʺʠʦʸʠʮʤʬʬʥʱʤʩʰʴʬʭʥʩʱʺʡʫʸʤ
ʬʫʭʩʷʬʧʤ
ʸʱʤʺʠʸʩʹʫʮʤʤʦʩʸʠʤʮ
ʤʸʤʦʠ
ʩʰʴʬʹʥʮʩʹʤʠʣʥʥʺʡʫʸʤʹʺʠʸʩʹʫʮʤʹʸʣʰʫ
ʤʸʤʦʠ
ʭʠʭʩʷʬʧʭʩʮʩʥʱʮʬʹʸʩʹʫʮʤʭʩʮʥʢʴʬʠʹʮʺʹʺʸʩʹʫʮʡ
ʭʠʯʩʠʪʬʺʠʬʫʭʩʷʬʧʤʬʠʬʩʲʴʺʺʠʸʩʹʫʮʤ
ʭʠʭʩʷʬʧʤʭʩʮʥʢʴʥʠʭʩʸʱʧʤʰʴʦʫʸʮʬʺʥʸʩʹʤ
ʧʺʴʺʠʤʦʩʸʠʤ
ʠʸʷʺʠʭʩʫʮʱʮʤʭʩʠʶʮʰʤʤʦʩʸʠʡ
ʸʱʤʺʠʬʫʭʩʷʬʧʤʠʬʤʭʩʡʫʸʥʮʤʦʩʸʠʤʮ
ʸʱʤʺʠʸʩʹʫʮʤʤʦʩʸʠʤʮ
ʹʩʪʩʬʹʤʬʺʠʤʱʴʥʷʤʺʠʥʩʸʮʥʧʤʦʩʸʠʤʭʠʺʤʡʺʥʰʷʺʬ
ʺʥʩʮʥʷʮʤ
ʧʺʴʯʰʥʥʫʥʺʠʺʩʣʩʤʤʰʥʺʧʺʤ
ʸʥʩʠ
ʪʥʹʮʺʠʺʩʣʩʤʤʰʥʩʬʲʤʩʴʬʫʤʬʲʮʤʸʥʧʠʥʩʣʫʭʩʸʤʬʤʺʥʠʡʶʮʬ
ʤʬʥʲʴʤʤʬʹʠʣʥʥʺʥʩʣʩʤʹʺʥʱʰʫʰʯʮʥʷʮʬʤʹʩʷʰʡʩʥʠʸʫ
ʷʣʤʺʠʺʩʣʩʤʤʰʥʺʧʺʤʺʸʦʲʡʺʥʩʣʩʤʸʥʸʧʹʬʸʩʤʮʩʰʹʡʭʩʣʣʶʤ
ʭʩʹʡʬ
ʠʣʥʩʰʹʹʺʥʩʣʩʤʥʱʰʫʥʤʭʩʸʥʧʬʭʩʬʩʡʷʮ
ʤʸʤʦʠ
ʯʮʦʡʬʥʴʩʷʥʠʸʥʹʩʩʺʩʣʩʤʸʤʦʩʤʠʬʭʥʸʢʬʷʦʰʭʩʬʡʫʬ
ʺʰʷʺʤʺʩʣʩʤʤʰʥʩʬʲʤ
ʸʥʩʠ
ʭʠʺʤʺʠʭʩʸʥʧʤʺʩʣʩʡʤʰʥʩʬʲʤʪʫʥʩʤʩʹʬʥʮʭʩʸʥʧʤʺʩʣʩʡ
ʤʰʥʺʧʺʤ
ʱʰʫʤʺʠʭʩʢʸʡʤʪʸʣʭʩʸʥʧʤ
ʷʣʤʺʠʭʩʢʸʡʤʺʸʦʲʡʭʩʸʥʺʴʫʤ
ʲʶʡʺʠʤʺʥʠʤʬʥʲʴʣʶʡʩʰʹʤ
ʺʰʷʺʤʣʫʥʬʠʹʣʤ
ʸʥʩʠ
ʷʸʴʺʠʧʺʴʤʸʥʦʩʴʬʤʡʡʢ
ʧʺʴʺʠʧʺʴʤʨʩʬʴʤʩʸʥʧʠʤʷʦʧʤʥʥʺʥʠʧʥʺʴ
ʦʥʧʠʣʫʥʬʡʠʹʣʤʺʸʦʲʡʺʩʣʩʤʥʬʹʯʷʺʤʥʺʠʭʩʥʥʤʬʲʮʭʩʶʩʸʧʤ
ʸʥʢʱʺʠʺʬʣʤʨʩʬʴʤʺʩʸʥʧʠʤ
ʺʰʷʺʤʧʺʴʤʸʥʦʩʴʬʤʡʡʢ
ʸʥʩʠ
ʷʸʴʺʠʣʫʥʬʠʹʣʤ
ʧʺʴʺʠʧʺʴʤʨʩʬʴʤʩʸʥʧʠʤʷʦʧʤʥʥʺʥʠʧʥʺʴ
ʦʥʧʠʺʠʧʺʴʤʸʥʦʩʴʬʤʡʡʢʺʩʣʩʡʥʬʹʸʡʧʥʥʺʥʠʧʺʴʬʤʨʩʬʴʤ
ʸʥʢʱʺʠʺʬʣʤʨʩʬʴʤʺʩʸʥʧʠʤ
ʺʩʸʡʲ
+(

ʺʲʩʡʷʤʡʥʢʡʤʬʤʪʥʺʩʧʤ
ʯʺʩʰʲʥʡʷʬʺʠʸʩʹʫʮʤʭʩʤʡʢʬʭʩʰʥʹʬʹʡʤʬʤʪʥʺʩʧ
ʸʥʩʠ
ʥʫʹʮʺʠʺʩʣʩʯʥʰʥʥʫʤʡʥʢʤʤʮʩʣʷʩʣʫʬʩʣʢʤʬʺʠʤʡʥʢʡʤʬʤʪʥʺʩʧ
ʥʫʹʮʺʠʺʩʣʩʯʥʰʥʥʫʤʡʥʢʤʤʸʥʧʠʩʣʫʯʩʨʷʤʬʺʠʤʡʥʢʡʤʬʤʪʥʺʩʧ
ʯʷʺʤʺʠʦʸʠʮʤʬʬʥʱʤ
ʸʥʩʠ
ʤʸʤʦʠ
ʭʠʦʸʠʮʤʬʬʥʱʤʥʠʯʲʨʮʤʭʩʮʥʢʴʳʬʧʤʺʠʦʸʠʮʤʬʬʥʱʤʥʠʺʠ
ʯʲʨʮʤ
ʤʡʫʺʠʸʩʹʫʮʤʤʫʧʥʣʲʺʸʩʶʲʬʲʥʰʮʤʩʰʴʬʤʰʷʺʤʥʠʷʥʸʩʴʬʹ
ʦʸʠʮʤʬʬʥʱʤ
ʪʩʬʲʠʥʸʷʬʸʩʫʤʬʲʶʡʬʥʺʠʺʥʠʸʥʤʤʺʥʲʢʥʰʤʤʬʬʥʱʬʯʲʨʮʬʥ
ʤʸʤʦʠ
ʹʮʺʹʤʷʸʺʬʬʥʱʡ9ʯʩʠʹʮʺʹʤʬʤʬʬʥʱʡʺʬʲʡʦʨʬʥʥµʬʥʴʫ
9
ʭʩʹʡʬ
ʹʩʯʩʷʺʤʬʺʠʩʺʹʺʥʬʬʥʱʤʪʥʺʡʭʩʠʺʤʬʲʺʰʮʬʩʲʴʤʬʺʠʸʩʹʫʮʤ
ʧʺʴʺʠʤʱʫʮʤʬʬʥʱʤ
ʭʠʺʤʺʠʺʥʲʬʶʤʬʹʦʸʠʮʤʬʬʥʱʤʭʩʶʩʸʧʬʠʺʡʤʬʬʥʱʤ
ʳʥʧʣʺʠʤʬʬʥʱʤʬʠʪʥʺʠʺʤʬʬʥʱʤʣʲʦʸʠʮʹʤʬʬʥʱʤʬʲʰʩʩ
ʲʮʹʺʹʫʷʩʬʷʤʦʸʮʥʠʦʸʠʮʹʤʬʬʥʱʤʯʷʺʥʮʥʮʥʷʮʡ
ʲʶʡʺʠʤʺʥʠʤʬʥʲʴʭʲʤʬʬʥʱʤʺʸʧʠʤ
ʸʥʢʱʺʠʤʱʫʮʤʬʬʥʱʤ
ʭʩʹʡʬ
ʸʹʴʠʲʩʰʺʤʬʺʠʲʥʰʮʤʷʸʸʧʠʬʺʱʰʫʤʧʺʴʮʺʥʧʩʨʡʤ
ʺʠʶʥʤʦʸʠʮʤʬʬʥʱʤ
ʸʥʩʠ
ʧʺʴʺʠʤʱʫʮʤʬʬʥʱʤ
ʠʶʥʤʺʠʧʺʴʮʺʥʧʩʨʡʤ
ʵʧʬʤʶʩʧʬʺʫʹʥʮʮʬʲʸʥʺʴʫʸʥʸʧʹʤʬʬʥʱʤ
ʷʸʴʬʺʠʦʸʠʮʤʬʬʥʱʤʩʬʫʤʮ
ʬʥʲʴʺ
ʤʸʤʦʠ
ʹʥʡʧʩʴʷʹʮʤʰʢʤʯʮʦʡʺʬʲʴʤʩʬʫʤ
ʺʬʲʴʤʩʬʫʤ
ʤʰʥʮʺ
ʭʩʹʡʬ
ʯʷʺʤʺʠʣʫʥʬʠʹʣʤʩʰʴʬʧʥʱʩʫʠʹʣʤ
ʱʰʫʤʺʠʧʺʴʮʺʥʧʩʨʡʤ
ʵʧʬʤʶʩʧʬʤʫʥʸʠʬʲʯʶʧʬʤʲʰʺʤʤ
ʪʥʺʩʣʫʺʷʦʧʤʯʶʧʬʤʲʰʺʤʤʵʥʧʬʪʥʹʮʺʠʺʩʣʩʺʱʴʥʷʢʥʺʩʮʤ
ʯʥʥʩʫʬʨʥʮʺʩʣʩʤ
ʸʸʧʹʺʠʯʶʧʬʤʲʰʺʤʤʩʣʫʲʩʰʺʤʬʺʠʩʬʫʤ
ʩʥʡʩʫʸʩʹʫʮʤ
ʤʰʥʮʺ
ʸʸʧʹʺʠʺʩʣʩʺʱʴʥʷʢʥʺʩʮʤʩʣʫʺʥʡʫʬʺʠʸʩʹʫʮʤ
ʤʸʤʦʠ
ʯʺʮʤʣʲʡʤʬʤʹʸʥʶʲʩʯʴʥʠʡʠʬʮʩʰʴʬʤʲʰʺʤʺʸʦʥʧʬʹʸʩʹʫʮʤʬʠ
ʷʩʬʣʺʤʡʫʺʥʺʠʩʬʫʤʺʥʸʩʤʮʡ
ʤʸʤʦʠ
ʠʶʥʤʣʩʮʺʺʠʧʺʴʮʺʥʧʩʨʡʤʺʠʥʦʸʠʮʤʬʬʥʱʤʸʧʠʬʭʥʩʱʤʣʥʡʲʤ
ʯʥʷʩʸʣʫʥʬʠʹʣʤ
ʤʡʫʺʠʸʥʱʮʤ
ʠʶʥʤʺʠʧʺʴʮʺʥʧʩʨʡʤ
ʠʶʥʤʺʠʤʬʬʥʱʤ
ʧʺʴʺʠʧʺʴʤʨʩʬʴʤʩʸʥʧʠʤʷʦʧʤʥʥʺʥʠʧʥʺʴ
ʦʥʧʠʣʫʥʬʡʠʹʣʤʺʸʦʲʡʺʩʣʩʤʥʬʹʸʸʧʹʥʺʠʭʩʥʥʤʭʩʶʩʸʧʤʮ
ʸʥʢʱʺʠʺʬʣʤʨʩʬʴʤʺʩʸʥʧʠʤ
ʯʷʥʸʺʠʣʫʥʬʠʹʣʤ
ʤʬʲʴʤʯʥʸʣʮʡ
ʤʸʤʦʠ
ʯʩʠʧʱʫʬʠʹʣʯʥʸʣʮʡʬʥʬʺʸʺʥʩʮʭʠʪʰʩʠʹʧʧʥʰʡʬʠʧʱʫʺ
ʠʹʣʯʥʸʣʮʡ
ʯʮʦʡʧʥʱʩʫʯʥʸʣʮʡʬʠʣʥʡʲʺʯʥʥʩʫʡʤʬʲʮʤʨʮʣʴʷʤʬʲʺʥʸʩʤʦ
ʯʮʦʡʩʥʰʩʹʯʥʥʩʫʯʥʸʣʮʡ
ʭʩʹʡʬʺʥʮʥʢʬʭʩʹʸʥʹʬʭʩʲʬʱʬʭʩʮʶʲʬʥʭʩʸʺʱʰʭʩʸʧʠ
ʭʩʬʥʬʲʹʬʩʹʫʤʬʪʺʥʠʷʧʸʤʺʠʬʫʭʩʬʥʹʫʮʤʯʥʢʫʭʩʲʬʱʭʩʰʡʠ
ʩʲʦʢʥʭʩʶʲ
ʠʣʥʪʩʬʢʸʹʺʥʡʩʶʩʬʲʲʷʸʷʤʤʸʷʮʡʬʹʸʱʥʧʯʥʦʩʠʸʸʧʹʣʩʮ
ʺʠʢʺʮʺʩʣʩʤ
ʬʠʧʱʫʺʠʹʣʣʩʬʭʩʷʥʶʭʩʬʥʬʺʮʺʥʧʥʹʥʠʺʥʣʢʬʧʰ
ʺʥʶʲʤʬʲʴʤʬ
ʬʠʤʱʰʺʳʥʷʲʬʺʠʺʬʥʲʴʯʶʧʬʤʲʰʺʤʤʥʠʺʩʣʩʺʱʴʥʷʢʥʺʩʮʤ
ʯʮʦʡʺʲʰʺʤʩʬʫʤʬʠʤʨʺʥʺʥʠʤʣʩʶʤ
ʬʠʧʩʰʺʭʩʩʣʩʥʠʭʩʩʬʢʸʣʩʬʭʩʷʬʧʤʭʩʡʡʥʺʱʮʤʥʠʭʺʧʺʮ
ʸʥʮʹʬʲʯʥʩʷʩʰʧʺʴʤʨʩʬʴʤ
ʬʠʧʱʫʺʠʹʣʡʥʨʸ
ʺʩʸʡʲ
+(

ʩʣʫʧʱʫʬʠʹʣʹʣʧʥʠʪʩʮʱʡʤʬʤʪʩʸʶʺʥʩʤʬʡʶʮʡʤʥʡʢʸʺʥʩ
ʤʷʰʺʠʺʩʺʧʺʳʥʢʺʧʱʫʮʤʸʧʠʬʬʫʹʥʮʩʹʸʱʤʺʥʱʩʴʠʹʣ
ʭʩʬʲʷʡʠʪʥʬʫʬʥʢʥʱʮʸʧʠ
ʤʷʥʦʧʺ
ʤʸʤʦʠ
ʠʶʥʤʺʠʧʺʴʮʺʥʧʩʨʡʤʺʠʥʦʸʠʮʤʬʬʥʱʤʩʬʫʤʮʩʰʴʬʲʥʶʩʡʺʣʥʡʲ
ʤʷʥʦʧʺ
ʤʸʤʦʠ
ʸʥʮʹʬʲʯʥʩʷʩʰʲʥʰʮʤʦʸʠʮʥʤʬʬʥʱʤʤʷʰʥʭʤʮʺʥʱʩʴʠʹʣʭʩʬʲʥʠ
ʳʣʥʲʦʩʸʢ
ʤʸʤʦʠ
ʹʮʺʹʤʷʸʭʩʴʬʧʡʭʩʸʹʥʠʮ
ʤʸʤʦʠ
ʬʠʸʹʴʠʺʩʬʦʥʰʬʭʩʮʬʡʯʩʦʰʡʬʭʩʸʮʥʧʬʥʩʱʱʥʡʮʨʴʰʺʲʢʬʩʷʬʧʡ
ʷʩʨʱʬʴʤʭʩʬʷʩʮʩʫʭʩʬʥʬʲʭʥʸʢʬʷʦʰʷʩʨʱʬʴʬʪʥʴʤʬʥʥʺʥʠʩʺʬʡʬ
ʹʩʮʹ
ʤʸʤʦʠ
ʬʠʹʮʺʹʺʩʸʮʥʧʡʩʥʷʩʰʥʠʭʩʱʮʮʭʩʷʦʧʬʲʳʥʢʷʩʨʱʬʴʤʩʡʩʫʸʥ
ʷʩʨʱʬʴʤ
ʭʩʹʡʬ
ʨʰʮʥʮʷʥʣʩʤʵʬʮʥʮʸʨʮʥʰʰ
ʤʷʥʦʧʺʺʩʬʬʫ
ʩʰʴʬʬʫʹʥʮʩʹʷʥʣʡʯʩʠʹʤʡʭʩʷʬʧʥʷʥʦʩʰʹʭʩʸʱʧʥʠʭʩʴʴʥʸ
ʯʥʢʫʭʩʢʸʡʭʩʮʥʠʥʠʭʩʱʫʮʭʩʷʷʴ
ʷʣʤʡʨʩʤʺʠʬʫʩʲʶʮʠʷʥʣʩʤʤʭʩʱʫʮʤʥʭʩʷʷʴ
ʤʷʰʺʠʩʬʫʤʺʩʬʨʮʡʤʹʡʩʬʠʹʮʺʹʺʭʩʮʡ
ʺʴʬʧʤʡʤʬʤ
ʸʥʩʠ
ʤʸʤʦʠ
ʹʮʺʹʤʷʸʭʩʡʤʬʡʭʩʸʹʥʠʮ
ʤʸʤʦʠ
ʩʰʴʬʤʲʩʢʰʤʡʤʬʡʹʡʬʺʥʴʴʫʤʣʥʡʲʺʥʣʡʫʥʠʳʥʨʲʥʺʥʠʣʡʡʤʡʲ
ʤʡʫʺʠʸʥʱʮʤ
ʠʣʥʡʤʬʤʹʷʩʱʴʤʡʡʥʺʱʤʬʩʸʮʢʬ
ʠʶʥʤʺʠʧʺʴʮʺʥʧʩʨʡʤʺʠʥʦʸʠʮʸʡʶʮʤ
ʤʨʤʺʠʩʬʫʤʬʲʥʣʩʶ
ʹʮʺʹʤʺʱʩʴʡʵʲʩʣʫʲʥʰʮʬʬʫʤʲʥʰʺʬʹʡʤʬʤ
ʸʸʧʹʺʠʢʸʥʡʸʥʡʩʧʤʺʠʥʣʩʸʴʮʤʺʸʦʲʡʧʺʴʮʭʩʢʸʡ
ʷʸʴʺʠʡʤʬʤ
ʯʷʺʤʺʠʡʤʬʤʹʣʧʤʠʣʥʥʩʫʩʺʹʺʥʫʥʮʺʤʺʥʱʰʫʰʭʩʸʥʧʬʬʲʹ
ʡʤʬʤ
ʱʰʫʤʺʠʺʩʷʱʣʧʥʥʩʸʤʷʣʤʥʺʠʢʸʥʡʸʥʡʩʧʤʺʸʱʤʹ
ʯʥʱʧʠʤʰʥʫʮʤ
ʠʶʥʤʺʠʧʺʴʮʺʥʧʩʨʡʤ
ʺʠʶʥʤʦʸʠʮʤʬʬʥʱʤ
ʤʷʰʺʠʩʬʫʤʩʰʴʬʥʰʥʱʧʠ
ʠʣʥʥʲʥʰʮʤʹʥʰʰʩʠʭʧʸʹʠʫʤʺʠʯʱʧʠʮʺʠʤʰʥʫʮʤ
ʠʣʥʯʩʠʹʸʩʹʫʮʡʭʩʷʬʧʭʩʴʴʥʸʥʠʭʩʮʥʢʴʩʴʬʪʸʥʶʤʲʶʡʺʠ
ʺʥʠʸʥʤʤʭʩʣʲʶʤʭʩʠʡʤ
ʳʬʧʤʺʠʭʩʷʬʧʤʭʩʮʥʢʴʤ
ʷʣʤʺʠʭʩʢʸʡʤ
ʸʡʣʭʲʭʣʠʦʫʸʮʡʺʥʸʩʹʸʹʥʠʮ
ʯʱʧʠʺʠʩʬʫʤʸʥʦʠʡʹʡʩ
ʯʱʧʠʷʧʸʤʢʹʩʤʮʭʣʩʬʹʭʩʣʬʩ
ʺʥʬʷʺ
ʤʩʲʡʤʡʩʱʺʩʸʹʴʠʯʥʸʺʴ
ʺʩʣʩʤʤʰʩʠʤʮʥʷʮʡʭʩʢʸʡʤʭʰʩʠʭʩʸʡʥʧʮ
ʩʥʠʸʫ
ʯʰʥʥʫʺʠʤʡʥʢʺʩʣʩʤ
ʠʣʥʥʭʩʸʥʺʴʫʤʹ
ʭʩʢʸʡʤʥʭʩʮʠʺʥʮʤʦ
ʤʦʬ
ʸʩʹʫʮʤʠʬʬʩʧʺʮ
ʣʥʡʲʬ
ʤʬʬʥʱʤʤʹʬʧʩʣʮʯʲʨʺʠʦʸʠʮʤʬʬʥʱʤ
ʢʺʮʤʸʷʡʤʬʷʬʥʷʮʳʬʧʤʺʠʢʺʮʤʸʷʡʤ
ʧʺʴʮʺʥʧʩʨʡʤʠʬ
ʱʰʫʥʤ
ʱʰʫʤʺʠʧʺʴʮ
ʺʥʧʩʨʡʤ
ʧʥʱʩʫʠʹʣʤʤʹʲʰ
ʯʴʥʠʡʠʬʯʦʥʠʮ
ʤʠʹʣʮʤʤʱʢʷʥʣʡʺʠʸʥʦʠʧʥʱʩʫʤ
ʤʡʥʢʡʤʬʤʠʬʸʣʢʥʤ
ʩʥʠʸʫ
ʯʰʥʥʫʺʠʤʡʥʢ
ʡʤʬʤʪʥʺʩʧʭʥʷʩʮʬ
ʤʥʡʢʸʺʥʩ
ʩʬʫʤʥʰʩʠʷʱʸʮʺʠ
ʠʹʣʤʤʡʡʢʬ
ʹʩʺʥʱʩʴʠʹʣ
ʥʣʮʶʰʹʳʥʢʬ
ʺʧʱʫʮʤ
ʯʺʮʤʣʲʠʹʣʤʹ
ʹʡʩʩʺʩʩʰʴʬʧʥʱʩʫʤ
ʸʱʧʧʺʴʤʸʥʦʩʴʬ
ʤʡʡʢ
ʯʷʺʤʺʠʧʺʴʤʸʥʦʩʴʬ
ʤʡʡʢ
ʤʹʷʳʥʧʣʬʺʠʩʬʫʤʠʹʣʤʥʰʩʠʤʥʡʢ
ʷʩʴʱʮʥʠʡʤʬʤʹ
ʪʥʮʰʩʣʮ
ʤʡʢʤʺʠʤʡʥʢ
ʡʤʬʤʪʥʺʩʧ
ʣʫʥʬʠʹʣʤʡʤʬʤʥ
ʭʩʲʷʺʰʠʹʣʡʪʩʮʱ
ʯʷʥʸʺʠʺʥʱʩʴʠʹʣʤ
ʣʫʥʬʮʠʹʣʤ
ʺʩʸʡʲ
+(

ʤʩʲʡʤʡʩʱʺʩʸʹʴʠʯʥʸʺʴ
ʩʬʫʤʨʨʥʸʤʷʦʥʧʡʡʤʬʤʷʥʧʹʥʰʩʠʥ
ʯʦʥʠʮ
ʳʬʧʤʺʠʡʤʬʤ
ʬʢʲʥʰʮʤʳʴʥʫʮʤʡʫʺʠʲʥʰʮʤ
ʠʶʥʤʺʠʧʺʴʮ
ʺʥʧʩʨʡʤʺʠʥ
ʦʸʠʮʤʬʬʥʱʤ
ʷʺʰʺʠʸʥʷʮ
ʧʺʮʤ
ʷʥʣʡʭʠʭʸʢʰ
ʷʦʰʥʤʹʬʫ
ʯʷʺʺʠʩʬʫʤ
ʩʰʴʬʤʲʰʺʤ
ʺʴʱʥʰʥʬʹ
ʩʬʫʤʸʶʥʲʩʰʴʬ
ʧʥʱʩʫʤ
ʡʤʬʤʪʥʮʰʩʣʮʤʡʢʤʺʠʤʡʥʢ
ʡʤʬʤʪʥʺʩʧ
ʦʸʠʮʤʬʬʥʱʤʯʷʥʸʺʤʯʲʨʺʠʦʸʠʮʤʬʬʥʱʤ
ʺʥʱʩʴʠʹʣʤʺʥʣʮʶʰ
ʳʥʢʬʺʧʱʫʮʤʥʠ
ʡʤʬʬ
ʷʸʴʺʠʦʸʠʮʤʬʬʥʱʤ
ʷʥʣʡʥʺʠʳʥʢ
ʺʧʱʫʮʤ
ʺʸʥʨʸʴʮʨʤʬʥʲʴʤ
ʬʹʩʬʫʤʤʤʥʡʢʩʣʮ
ʸʸʷʺʠʩʬʫʤ
ʭʠʠʬʧʩʬʶʺʠʥʶʮʬʯʥʸʺʴʺʥʩʲʡʬʥʬʠʤʰʴʦʫʸʮʬʺʥʸʩʹʤ
ʨʸʴʮʩʰʫʨ
ʧʺʮ 9
ʺʥʸʩʤʮʠʬʬʱʮʥʲʤʷʣʬ
ʡʧʥʸʪʥʺʩʧʤʮʮ
ʤʡʥʢʪʥʺʩʧʤʮʮ
ʺʬʥʡʩʷʣʫʥʬʠʹʣʤ /
ʬʷʹʮʠʬʬʦʸʠʮʤʬʬʥʱʤOEVNJ
ʺʮʸʵʧʬʬʥʷʤʺʣʣʮʰʤ/
3$
G%$.
G%$
ʺʮʸʺʮʶʥʲʬʥʷʤʺʧʨʡʥʮʤ/
:$G
G%$
ʨʨʸ㸼ʸʨʮʤʩʩʰʹ
.
ʸʨʮʤʩʩʰʹ
ʭʢʣʤʬʬʥʱʤ*%*%ʺʥʸʣʱʥ%$*
ʺʥʴʱʥʰ
ʭʢʣʯʲʨʮʤ*;&*;8&
*;8&ʺʥʸʣʱʥ&$*
ʺʥʴʱʥʰ
ʤʰʡʮʭʲʣʥʣʩʡʬʥʴʫ
,3;,3;
ʺʥʩʸʧʠ
ʭʩʠʰʺʤʺʥʩʰʺʤʤʥʭʩʠʬʮʤʬʹʺʥʩʸʧʠʤʭʩʠʶʮʰ*UHHQZRUNVʳʣ
ʨʰʸʨʰʩʠʤ
ʺʥʩʸʧʠʤ*UHHQZRUNVʤʰʩʤʬʭʩʰʹʬʲʸʶʥʮʤʥʭʩʰʹʬʲʺʥʬʬʥʱʤ
ʹʥʮʩʹʩʰʫʸʶʩʹʩʠʪʩʸʠʺʮʤʹʩʫʸʤʺʥʩʸʧʠʥʦʤʱʫʮʭʩʮʢʴʸʥʶʩʩʡ
ʸʩʹʫʮʭʥʢʴʺʧʺʺʥʩʸʧʠʤʩʥʹʲʺʥʩʤʬʯʷʥʺʮʥʠʳʬʧʥʮʤʣʩʧʩʸʹʠ
ʤʹʲʰʤʡʹʥʮʩʹʠʬʭʬʥʤʭʩʰʴʥʠʡʭʩʸʧʠʥʬʠʮʭʩʸʠʥʺʮʤʪʩʸʣʮʡ
ʹʮʺʹʮʬʭʩʩʥʹʲʺʥʧʣʩʤʬʺʥʩʸʧʠʤʮʩʠʬʡʬʩʢʸʭʩʷʬʧʥʥʬʡʺʤʹʭʰʩʠ
ʭʩʡʹʧʰʺʥʩʸʧʠʡʺʥʩʸʧʠʯʸʶʩʤʺʩʸʥʷʮʤʤʰʩʠʺʲʴʹʥʮʬʫʮʺʥʩʸʧʠ
ʺʴʱʥʰʺʲʶʥʮʤʬʲʩʣʩʸʧʥʱʥʠʩʠʰʥʲʮʷ
ʹʩʸʩʦʧʤʬʸʶʥʮʭʥʢʴʺʣʥʷʰʬʤʹʩʫʸʤʩʣʫʲʥʡʺʬʯʩʢʡʺʥʩʸʧʠʣʧʩʭʲ
ʺʧʫʥʤʤʹʩʫʸʤʤʬʡʷ
ʺʸʤʶʤʺʥʮʩʠʺʺʥʹʩʸʣʬʣʥʧʩʠʤ
ʩʴʥʸʩʠʤ
ʭʹʺʡʥʺʫʥʯʸʶʩʤ
ʭʹ*/2%*52$%
*OREH*URXS(XURSH
ʺʡʥʺʫ5LJJDUHJDWDQ0DOP|6ZHGHQ
ʭʹʺʡʥʺʫʥʭʸʥʢʤʪʮʱʥʮʤʺʫʩʸʲʬʨʸʴʮʤʩʰʫʨʤ
ʭʹ0LFDHO-RKDQVVRQ
ʺʡʥʺʫ5LJJDUHJDWDQ0DOP|6ZHGHQ
ʥʰʠʭʩʸʩʤʶʮʺʠʦʡʩʫʸʶʥʮʤ
ʤʩʸʥʢʨʷʺʧʱʫʮʠʹʣ
ʭʢʣ*;/0/0(
ʸʴʱʮʩʸʥʣʩʱʤʠʸʺʠʺʩʥʥʺʢʥʸʩʣʸʶʥʮʤ
ʺʰʹʸʥʶʩʩʤʤʠʸʺʠʺʩʥʥʺʢʥʸʩʣʸʶʥʮʤ
ʣʮʥʲʺʥʹʩʸʣʡʺʥʩʨʰʥʥʬʸʤʬʹʺʩʩʧʰʤʣʥʩʶʤ(&
ʣʮʥʲʺʥʹʩʸʣʡʺʥʩʧʰʤʤʺʥʠʡʤʬʹʣʥʧʩʠʤʩʴʥʸʩʠʤ
(8
(&ʥ(&
(8ʥ(8
ʤʸʺʩʺʠʦʮʥʰʠʭʩʸʩʤʶʮʤʹʲʰʹʹʥʮʩʹʭʩʷʬʧʡʭʩʴʩʲʱʬʹʭʩʨʸʣʰʨʱ
ʭʩʮʠʥʺʮʭʩʠʡʤ
ʺʨʩʹʺʫʸʲʤʺʥʮʩʠʺʤʬʲʩʴʧʴʱʰ9,ʤʩʧʰʤ(&
ʺʮʸʺʮʶʥʲʬʥʷʤʺʣʣʮʰʤʸʨʩʬ
:$
G%$
ʺʮʸʺʮʶʥʲʬʥʷʤʺʧʨʡʥʮʤʸʨʩʬ
:$G
G%$
ʭʥʷʮʪʩʸʠʺ0DOP|
ʤʮʩʺʧʣʨ˒ʷʩʠʸʧʠʺʥʫʩʠ
ʺʩʸʡʲ
+(

ʺʩʸʡʲ
+(

$SUDã\PDV
3DVNLUWLV
$SåYDOJD
6DXJD
0RQWDYLPDV
ƲUDQNLRLãSDNDYLPDV
$SDWLQơVUDQNHQRVDWOHQNLPDVLU
UHJXOLDYLPDV
9LUãXWLQơVUDQNHQRVWYLUWLQLPDV
äROơVULQNWXYRWYLUWLQLPDV
0XOþLDYLPRƳWDLVRWYLUWLQLPDV
3HLOLRSMRYLPRDXNãþLRQXVWDW\PDV
$NXPXOLDWRULDXVƳVWDW\PDV
6XGơWLQơVEDWHULMRVLãơPLPDV
'DUEDV
ƲUHQJLQLRSDOHLGLPDV
ƲUHQJLQLRVXVWDEG\PDV
äROơVULQNWXYRWXãWLQLPDV
'DUEDVãODLWXRVH
1DXGRMLPRSDWDULPDL
7HFKQLQơSULHåLnjUD
%HQGURMLSULHåLnjUD
3HLOLRNHLWLPDV
0DãLQRVODLN\PDV
7ULNþLǐãDOLQLPDV
7HFKQLQLDLGXRPHQ\V
*DUDQWLMD
(%DWLWLNWLHVGHNODUDFLMD
/LHWXYLǐN
/7

$35$â<0$6
3$6.,57,6
âLVƳUHQJLQ\VVNLUWDVYHMDLSMDXWLQDPXRVH3MRYLPRSHLOLVWXUL
EnjWLO\JLDJUHWXVåHPơVSDYLUãLXL3MRYLPRPHWXYLVLNHWXUL
YHMDSMRYơVUDWDLWXULOLHVWLåHPĊ
$3ä9$/*$
aSDYHLNVODV
-XQJLNOLVDQWUDQNHQRV
3DOHLGLPRP\JWXNDV
9LUãXWLQơUDQNHQD
$SDWLQơUDQNHQD
*DOLQLRLãPHWLPRGXUHOơV
%DWHULMRVVN\ULDXVGXUHOơV
$XNãþLRUHJXOLDYLPRVYLUWLV
äROơVULQNWXYDV
0XOþLDYLPRƳWDLVDV
5DQNHQơOơ
9DUåWDV
*UHLWRDWNDELQLPRVYLUWLV
.DEOLXNDV
6XGơWLQơEDWHULMD
$SVDXJLQLVUDNWDV
%DWHULMRVDWMXQJLPRP\JWXNDV
9HUåOơ
7DUSLNOLV
3HLOLV
6$8*$
Ʋ63Ơ-,0$6
3ULYDORPDODLN\WLVYLVǐVDXJRVLQVWUXNFLMǐ
äUVDXJRVYDGRYą
0217$9,0$6
Ʋ63Ơ-,0$6
1HQDXGRNLWHJDPLQWRMRQHUHNRPHQGXRMDPǐSULHGǐ
Ʋ63Ơ-,0$6
.ROQHVXULQNRWHYLVǐGDOLǐQHƳVWDW\NLWHDSVDXJLQLRUDNWRLU
VXGơWLQơVEDWHULMRV
Ʋ5$1.,2,â3$.$9,0$6
Ʋ63Ơ-,0$6
3ULHãQDXGRGDPLƳVLWLNLQNLWHDUWLQNDPDLVXULQNRWHƳUDQNƳ
Ʋ63Ơ-,0$6
-HLJX\UDSDåHLVWǐGDOLǐƳUDQNLRQHQDXGRNLWH
-HLJXGDOLǐWUnjNVWDƳUDQNLRQHQDXGRNLWH
-HLJXGDO\VSDåHLVWRVDUEDMǐWUnjNVWDNUHLSNLWơVƳ
WHFKQLQơVSULHåLnjURVFHQWUą
$WLGDU\NLWHSDNXRWĊ
3HUVNDLW\NLWHGơåơMHHVDQþLXVGRNXPHQWXV
,ãGơåơVLãLPNLWHYLVDVQHVXPRQWXRWDVGDOLV
,ãLPNLWHƳUDQNƳLãGơåơV
'ơåĊLUSDNDYLPRPHGåLDJDVLãPHVNLWHODLN\GDPLHVL
JDOLRMDQþLǐDWOLHNǐWYDUN\PRUHLNDODYLPǐ
$3$7,1Ơ65$1.(126
$7/(1.,0$6,55(*8/,$9,0$6
3DYHLNVODV
*DOLQĊUDQNHQąSDNHONLWHLUDWOHQNLWHDWJDONDGDEL
UDQNHQDVVXMXQJWXPơWHƳGDUELQĊSDGơWƳ3DWLNULQNLWHDU
UDQNHQRVXåVLILNVDYRWLQNDPRMHSDGơW\MH
3ULYHUåNLWHDSDWLQĊUDQNHQąJUHLWRDWNDELQLPRVYLUWLPLV
DELHMRVHSXVơVH
3$67$%$
$ELUDQNHQRVWXULEnjWLWRMHSDþLRMHSDGơW\MH
Ʋ63Ơ-,0$6
DWOHQNGDPLDUEDVXOHQNGDPLUDQNHQąQHSDåHLVNLWHNDEHOLǐ
9,5â87,1Ơ65$1.(126
79,57,1,0$6
SDY
9LUãXWLQơVUDQNHQRVVN\OHVVXO\JLQNLWHVXDSDWLQơV
UDQNHQRVVN\OơPLV
ƲVWDW\NLWHƳVN\OHVYDUåWXV
3ULYHUåNLWHDQWYDUåWǐUDQNHQơOHV
7RNLąSDþLąSURFHGnjUąDWOLNLWHLUNLWRMHSXVơMH
ä2/Ơ65,1.789279,57,1,0$6
3DYHLNVODV
,ãWUDXNLWHPXOþLDYLPRƳWDLVą
$WLGDU\NLWHLUODLN\NLWHDWLGDUĊJDOLQLRLãPHWLPRGXUHOHV
/DLN\NLWHåROơVULQNWXYąXåUDQNHQRVLUƳVWDW\NLWHMR
NDEOLXNXVƳDQJDV
8åGDU\NLWHJDOLQLRLãPHWLPRGXUHOHV
08/ý,$9,02Ʋ7$,62
79,57,1,0$6
SDY
/LHWXYLǐN
/7

1XLPNLWHåROơVULQNWXYą
$WLGDU\NLWHLUODLN\NLWHDWLGDUĊJDOLQLRLãPHWLPRGXUHOHV
/DLN\GDPLPXOþLDYLPRƳWDLVąXåUDQNHQRVƳVWDW\NLWHƳ
LãPHWLPRORYHOƳ
8åGDU\NLWHJDOLQLRLãPHWLPRGXUHOHV
3(,/,23-29,02$8.âý,2
1867$7<0$6
ƲUHQJLQ\MHJDOLPDQXVWDW\WLVNLUWLQJąSHLOLRSMRYLPRDXNãWƳ
SDYHLNVODV
-HLQRULWHSDNHOWLSHLOƳDUSDGLGLQWLSMRYLPRDXNãWƳ
SDVWXPNLWHDXNãþLRUHJXOLDYLPRVYLUWƳƳSULHNƳ
-HLQRULWHQXOHLVWLSHLOƳDUVXPDåLQWLSMRYLPRDXNãWƳ
SDWUDXNLWHDXNãþLRUHJXOLDYLPRVYLUWƳDWJDO
$.808/,$725,$86Ʋ67$7<0$6
SDY
Ʋ63Ơ-,0$6
-HLVXJDGLQWDVDNXPXOLDWRULXVDUEDƳNURYLNOLVSDNHLVNLWH
DNXPXOLDWRULǐDUEDƳNURYLNOƳ
3ULHãƳVWDW\GDPLDUEDLãLPGDPLDNXPXOLDWRULǐ
VXVWDEG\NLWHƳUHQJLQƳLUSDODXNLWHNRYDULNOLVVXVWRV
3HUVNDLW\NLWHVXSUDVNLWHLUYDGRYDXNLWơV
DNXPXOLDWRULDXVLUƳNURYLNOLRYDGRYRLQVWUXNFLMRPLV
Ʋ63Ơ-,0$6
1$8'2.,7(7,.9%$7(5,-$6
1(1$8'2.,7('9(-2326Ʋ7$03269
%$7(5,-Ǐ
3$67$%$
.DGƳUDQNƳSDOHLVWXPơWHDELEDWHULMRVWXULEnjWLƳVWDW\WRVƳ
VDYRVN\ULXV
$WLGDU\NLWHDNXPXOLDWRULDXVVN\ULDXVGXUHOHV
6XO\JLQNLWHDNXPXOLDWRULDXVEULDXQHOHVVX
DNXPXOLDWRULDXVVN\ULDXVJULRYHOLDLV
ƲVWDW\NLWHDNXPXOLDWRULǐƳDNXPXOLDWRULǐVN\ULǐLNLJDOR
LNLMLVXåVLILNVXRV
.DLLãJLUVLWHVSUDJWHOơMLPąWDLUHLNãNDGDNXPXOLDWRULXV
ƳVLVWDWơ
$WOLNLWHWąSDWƳYHLNVPąVXNLWDEDWHULMD
8åGDU\NLWHDNXPXOLDWRULDXVVN\ULDXVGXUHOHV
3$67$%$
9DULNOLVƳVLMXQJVWLNWXRPHWNDLƳVWDW\VLWHDSVDXJLQƳUDNWą
68'Ơ7,1Ơ6%$7(5,-26
,âƠ0,0$6
3DYHLNVODV
$WLGDU\NLWHEDWHULMRVVN\ULDXVGXUHOHV
,ãWUDXNLWHDSVDXJLQƳUDNWą
3DVSDXVNLWHLUODLN\NLWHQXVSDXGĊEDWHULMRVDWNDELQLPR
P\JWXNą
,ãLPNLWHLãƳUHQJLQLRVXGơWLQĊEDWHULMą
'$5%$6
Ʋ63Ơ-,0$6
GDUERPHWXGơYơNLWHDSVDXJLQLXVDNLQLXV
Ʋ5(1*,1,23$/(,',0$6
3DYHLNVODV
3$67$%$
3ULHãSMRYLPąSULWYLUWLQNLWHåROơVULQNWXYą
ƲVWDW\NLWHDSVDXJLQƳUDNWą
3DVSDXVNLWHLUODLN\NLWHQXVSDXGĊSDOHLGLPRP\JWXNą
/DLN\GDPLQXVSDXVWąSDOHLGLPRP\JWXNąSULWUDXNLWHSULH
UDQNHQRVSHUMXQJLPRGơåXWơVUDQNHQơOĊ
$WOHLVNLWHSDOHLGLPRP\JWXNąNDGSDOHLVWXPơWHƳUHQJLQƳ
Ʋ5(1*,1,26867$%'<0$6
3DYHLNVODV
$WOHLVNLWHSHUMXQJLPRGơåXWơVUDQNHQơOĊNDG
VXVWDEG\WXPơWHƳUHQJLQƳ
Ʋ63Ơ-,0$6
3ULHãƳUHQJLQƳYơOSDOHLVGDPLSDODXNLWHNROSHLOLVQXVWRV
VXNWLV1HVNXEơNLWHƳUHQJLQƳJUHLWDLSDOHLVWLSRVXVWDEG\PR
Ʋ63Ơ-,0$6
%DLJĊGDUEąYLVDGDLãWUDXNLWHDSVDXJLQƳUDNWąLUVXGơWLQĊ
EDWHULMą
ä2/Ơ65,1.789278â7,1,0$6
6XVWDEG\NLWHƳUHQJLQƳ
,ãWUDXNLWHDSVDXJLQƳUDNWą
,ãLPNLWHVXGơWLQĊEDWHULMą
$WLGDU\NLWHLUODLN\NLWHDWLGDUĊJDOLQLRLãPHWLPRGXUHOHV
/DLN\NLWHåROơVULQNWXYąXåUDQNHQRVLUDWNDELQNLWHMƳQXR
DQJǐ
8åGDU\NLWHJDOLQLRLãPHWLPRGXUHOHV
,ãWXãWLQNLWHåROơVULQNWXYą
/LHWXYLǐN
/7

'$5%$6â/$,7826(
Ʋ63Ơ-,0$6
QHSMDXNLWHåROơVãODLWXRVHNXULǐQXRO\GLVYLUãLMD-HLJX
MXPVQHSDWRJXSMDXWL±ãODLWHåROơVQHSMDXNLWH
äROHãODLWHSMDXNLWHVNHUVDLãODLWRRQHDXNãW\QLUåHP\Q
%njNLWHDWVDUJnjVDSVLVXNGDPLVXåROLDSMRYHãODLWH
6DXJRNLWơVGXRELǐSURYơåǐDNPHQǐLUNLWǐSDVOơSWǐ
NOLnjþLǐXåNXULǐXåNOLXYĊJDOLWHQXNULVWL3DãDOLQNLWHYLVDV
NOLnjWLVSY]DNPHQLVLUPHGåLǐãDNDV
7YLUWDLVWRYơNLWHDQWåHPơV3UDUDGĊSXVLDXVY\Uą
QHGHOVGDPLDWOHLVNLWHVYLUWLQƳMXQJLNOƳ
1HSMDXNLWHåROơVãDOLDƳJULXYǐJULRYLǐDUNUDQWLQLǐ
1$8'2-,023$7$5,0$,
1HEDQG\NLWHƳUHQJLQLRPRGLILNXRWLLUDSHLWLSDOHLGLPR
P\JWXNRLUSHUMXQJLPRGơåXWơVUDQNHQơOơVIXQNFLMǐ
ƲUHQJLQLRSDOHLGLPRPHWXMRQHSDYHUVNLWH
5DQNDVLUNRMDVODLN\NLWHWROLDXQXRVXNDPǐMǐGDOLǐ
,ãPHWLPRORYHOLDLWXULEnjWLQHXåVLNLPãĊ
1HSMDXNLWHãODSLRVåROơV
3HLOƳSDNHONLWHDXNãþLDXNDLSMDXQDWHQDXMDLDWDXJXVLąDU
WDQNLąåROĊ
.LHNYLHQąNDUWąSRQDXGRMLPRQXYDO\NLWHYHMDSMRYơV
GXJQą3DãDOLQNLWHåROơVQXRSMRYDVODSXVSXUYąLUNLWDV
ãLXNãOHV
7(&+1,1Ơ35,(ä,Nj5$
Ʋ63Ơ-,0$6
SULHãY\NG\GDPLWHFKQLQĊSULHåLnjUąLãWUDXNLWHLãƳUHQJLQLR
DSVDXJLQƳUDNWąLUVXGơWLQĊEDWHULMą
Ʋ63Ơ-,0$6
DQWYDULNOLRLUVXGơWLQơVEDWHULMRVQHWXULEnjWLåROơVODSǐDU
SHUQHO\JGLGHOLRWHSDORNLHNLR
3(563Ơ-,0$6
QDXGRNLWHWLNSDWYLUWLQWDVDWVDUJLQHVGDOLV
3(563Ơ-,0$6
VDXJRNLWHSODVWLNLQHVGDOLVNDGDQWMǐQHSDWHNWǐVWDEGåLǐ
VN\VþLREHQ]LQRQDIWRVSDJULQGXSDJDPLQWǐPHGåLDJǐ
FKHPLQơVPHGåLDJRVJDOLSDåHLVWLSODVWLNLQHVGDOLVLUMDV
VXJDGLQWL
3(563Ơ-,0$6
QHYDO\NLWHSODVWLNLQLRNRUSXVRLUGDOLǐNRQFHQWUXRWDLV
WLUSLNOLDLVDUSORYLPRSULHPRQơPLV
3$67$%$
5HNRPHQGXRMDPDVSULYHUåLPRVXNLPRPRPHQWDV3HLOLR
1P
%(1'52-,35,(ä,Nj5$
.LHNYLHQąNDUWąSULHãQDXGRGDPLƳUHQJLQƳSDWLNULQNLWHDU
WRNLRVGDO\VNDLSYDUåWDLYHUåOơVLUGDQJWHOLDL\UDVDYR
YLHWRVHQHDWVLSDODLGDYĊLUQHSDPHVWRV
7LQNDPDLSULYHUåNLWHYLVDVWYLUWLQLPRGHWDOHVLU
GDQJWHOLXV
1XYDO\NLWHƳUHQJLQƳVDXVDãOXRVWH1HQDXGRNLWHYDQGHQV
3(,/,2.(,7,0$6
SDYHLNVODL
Ʋ63Ơ-,0$6
1DXGRNLWHWLNSDWYLUWLQWXVDWVDUJLQLXVSHLOLXV
Ʋ63Ơ-,0$6
7YDUN\GDPLSHLOƳXåVLGơNLWHWYLUWDVDSVDXJLQHVSLUãWLQHV
DUEDSHLOƳDSVXNLWHDXGHNOX
6XVWDEG\NLWHƳUHQJLQƳ
3DODXNLWHNROSHLOLVYLVLãNDLVXVWRV
,ãWUDXNLWHDSVDXJLQƳUDNWąLUVXGơWLQĊEDWHULMą
3DYHUVNLWHƳUHQJLQƳDQWãRQR
0HGLQHWULQNHOHXåEORNXRNLWHSHLOƳNDGMLVQHVLVXNWǐ
9HUåOLDUDNþLXDWVXNLWHLUQXLPNLWHWYLUWLQLPRYDUåWąLU
WDUSLNOƳ
1XLPNLWHSHLOƳ
8åGơNLWHQDXMąSHLOƳ$ELLãN\ãRVWXULƳVLVWDW\WLƳSHLOLR
VN\OHV
8åGơNLWHWDUSLNOƳLUSULYHUåNLWHWYLUWLQLPRYDUåWąNXUƳ
SULHãWDLQXơPơWH
0$â,126/$,.<0$6
,ãWUDXNLWHDSVDXJLQƳUDNWą
6XGơWLQơVEDWHULMRVLãơPLPDV
3ULHãVDQGơOLDYLPąƳUHQJLQƳQXYDO\NLWH
3DGHGDQWƳUHQJLQƳƳVDQGơOƳƳVLWLNLQNLWHNDGMRYDULNOLV\UD
DWYơVĊV
3DWLNULQNLWHDUƳUHQJLQLRGDO\VQHDWVLSDODLGDYĊLU
QHSDåHLVWRV-HLUHLNLDDWOLNLWHWROLDXSDWHLNLDPXV
åLQJVQLXVLQVWUXNFLMDV
3DNHLVNLWHVXJDGLQWDVGDOLV
3ULYHUåNLWHYDUåWXV
6XVLVLHNLWHVXSDWYLUWLQWXWHFKQLQơVSULHåLnjURVFHQWUX
ƲUHQJLQƳODLN\NLWHVDXVRMHYLHWRMH
/DLN\NLWHYDLNDPVQHSULHLQDPRMHYLHWRMH
/LHWXYLǐN
/7

75,.ý,Ǐâ$/,1,0$6
3UREOHPD *DOLPDSULHåDVWLV 6SUHQGLPDV
5DQNHQDSHUVLNUHL
SXVL
7LQNDPDLQHƳVWDW\
WLYDUåWDL
1XVLVWDW\NLWHUDQ
NHQRVDXNãWƳLUSD
WLNULQNLWHDUWLQND
PDLƳVWDW\WLYDUåWDL
LUUDQNHQơOơV
ƲUHQJLQLRQHJDOLPD
SDOHLVWL
äHPDEDWHULMRV
ƳNURYD
ƲNUDXNLWHVXGơWLQĊ
EDWHULMą
6XJHGĊVVYLUWLQLV
MXQJLNOLV
3DNHLVNLWHVYLUWLQƳ
MXQJLNOƳ
1HƳVWDW\WDVDSVDX
JLQLVEDWHULMRVUDN
WDV
ƲVWDW\NLWHEDWHULMRV
UDNWą
ƲUHQJLQ\VåROĊ
SMDXQDQHO\JLDL
9HMRVSDYLUãLXVQH
O\JXV
3DWLNULQNLWHSMRYL
PR]RQą
1HWLQNDPDLQXVWD
W\WDVSHLOLRDXN
ãWLV
6XUHJXOLXRNLWH
SHLOLRSMRYLPR
DXNãWƳƳDXNãWHVQĊ
SDGơWƳ
ƲUHQJLQ\VQHWLQND
PDLPXOþLXRMD
3ULHYHMDSMRYơV
GXJQRSULOLSXVLRV
GUơJQRVåROơV
QXRSMRYRV
3ULHãSMDXGDPL
åROĊSDODXNLWHNRO
MLLãGåLXV
1HƳVWDW\WDVPXO
þLDYLPRƳWDLVDV
ƲVWDW\NLWHPXOþLD
YLPRƳWDLVą
ƲUHQJLQƳVXQNX
VWXPWL
äROơSHUDXNãWDDU
EDYHMDSMRYơVSHL
OLVQXOHLVWDVSHU
åHPDL
3DGLGLQNLWHSMRYL
PRDXNãWƳSDNHO
NLWHSHLOƳ
äROơVULQNWXYDVLU
SHLOLVNOLnjQDXå
WDQNLRVåROơV
,ãWXãWLQNLWHåROơV
ULQNWXYą
ƲUHQJLQ\VODEDLYL
EUXRMD
3HLOLVQHVXEDODQ
VXRWDVDUEDQX
GLOĊV
3DNHLVNLWHSHLOƳ
6XOHQNWDVYDULNOLR
YHOHQDV
6XVWDEG\NLWH
YDULNOƳ
,ãWUDXNLWHDS
VDXJLQƳUDNWąLU
VXGơWLQĊEDWHU
LMą
$WMXQNLWH
ƳWDPSRVãDOW
LQƳ
3DWLNULQNLWHDU
QơUDSDåHL
GLPǐ
6XUHPRQWXR
NLWHƳUHQJLQƳ
SULHãYơOMƳSD
OHLVGDPL
3UREOHPD *DOLPDSULHåDVWLV 6SUHQGLPDV
ƲUHQJLQ\VVXVWRMD
SMRYLPRPHWX
3HLOLVQXOHLVWDV
SHUQHO\JåHPDL
3DGLGLQNLWHSMRYL
PRDXNãWƳSDNHO
NLWHSHLOƳ
6XGơWLQơEDWHULMD
LãVLNURYXVL
ƲNUDXNLWHVXGơWLQĊ
EDWHULMą
äROơVQXRSMRYRV
SULOLSĊSULHƳUHQJL
QLRGXJQRDUSHL
OLR
,ãLPNLWHVXGơWLQĊ
EDWHULMąLUSDWLNULQ
NLWHYHMDSMRYơVGX
JQą
ƲUHQJLQ\VGDUER
PHWXSHUQHO\J
ƳNDLWR
$WYơVLQNLWHƳUH
QJLQƳ
-HLJXSDW\VãLǐSUREOHPǐQHJDOLWHLãVSUĊVWLNUHLSNLWơVƳ
WHFKQLQơVSULHåLnjURVFHQWUą
7(&+1,1,$,'820(1<6
ƲWDPSD 9
9DULNOLRVnjNLǐVNDLþLXVEH
DSNURYRV
PLQ
3MRYLPRSORWLV PP
3MRYLPRDXNãWLV PP
äROơVULQNWXYRWDOSD /
6YRULVEHVXGơWLQơVEDWHUL
MRV
OEVNJ
,ãPDWXRWDVJDUVRVOơJLRO\JLV /
3$
G%$.
G%$
*DUDQWXRWDVJDUVRJDOLRVO\
JLV
/
:$G
G%$
9LEUDFLMD 㸺 PV
. PV
%DWHULMRVPRGHOLV *%*%LUNLWL%$*
PRGHOLDL
ƲNURYLNOLRPRGHOLV *;&*;8&
*;8&LUNLWL&$*
PRGHOLDL
'YLJXEDNRQVWUXNFLMRVL]R
OLDFLMD
,3; ,3;
*$5$17,-$
9LVDVJDUDQWLMRVVąO\JDVJDOLWHUDVWL*UHHQZRUNVVYHWDLQơMH
*UHHQZRUNV*DPLQLXLWDLNRPDPHWǐJDUDQWLMDR
DNXPXOLDWRULXLPHWǐJDUDQWLMDQDXGRWRMXLSULYDþLDP
QDXGRMLPXLNXULVNDLþLXRMDPDQXRJDPLQLRƳVLJLMLPRGDWRV
âLJDUDQWLMDDSLPDJDP\ERVGHIHNWXV*DUDQWLQLVJDPLQ\VVX
GHIHNWDLVJDOLEnjWLVXUHPRQWXRWDVDUEDSDNHLVWDV-HLJX
/LHWXYLǐN
/7

JDPLQ\VEXYRQDXGRMDPDVQHWLQNDPDLDUEDQDXGRMDPD
NLWLHPVWLNVODPVQHLQXURG\WDQDXGRWRMRYDGRYHJDUDQWLMD
JDOLEnjWLSDQDLNLQWDƲSUDVWDPVXVLGơYơMLPXLEHL
HNVSORDWDFLQơPVGDOLPVJDUDQWLMDQơUDWDLNRPD2ULJLQDOLRV
JDPLQWRMRJDUDQWLMRVQHƳWDNRMDMRNLDSDSLOGRPDSDVLnjO\WD
DWVWRYRDUEDSDUGDYơMRJDUDQWLMD
*DPLQ\VVXGHIHNWXSULYDOREnjWLJUąåLQWDVƳƳVLJLMLPRYLHWą
NDGJDOơWXPơWHSDWHLNWLJDUDQWLQĊSUHWHQ]LMą
(%$7,7,.7,(6
'(./$5$&,-$
*DPLQWRMRSDYDGLQLPDVLUDGUHVDV
3DYDGLQL
PDV
*/2%*52$%
*OREH*URXS(XURSH
$GUHVDV 5LJJDUHJDWDQ0DOP|âYHGLMD
3DYDUGơLUDGUHVDVDVPHQVƳJDOLRWRSDUHQJWLWHFKQLQĊ
GRNXPHQWDFLMą
9DUGDVLU
SDYDUGơ
0LFDHO-RKDQVVRQ
$GUHVDV 5LJJDUHJDWDQ0DOP|âYHGLMD
âLXRSDUHLãNLDPHNDGJDPLQ\V
.DWHJRULMD YHMDSMRYơ
0RGHOLV *;/0/0(
6HULMRV1U åUJDPLQLRWHFKQLQLǐGXRPHQǐHWL
NHWĊ
3DJDPLQLPRPHWDL åUJDPLQLRWHFKQLQLǐGXRPHQǐHWL
NHWĊ
DWLWLQNDVXVLMXVLDV0DãLQǐGLUHNW\YRV(%
QXRVWDWDV
DWLWLQNDãLǐNLWǐ(%GLUHNW\YǐQXRVWDWDV
(6
(%LU(%
(6LU(6
%HWRPHVSDUHLãNLDPHNDGSDQDXGRWRVãLRVGDUQLǐMǐ
VWDQGDUWǐGDO\VLUVWUDLSVQLDL
$WLWLNWLHVƳYHUWLQLPRPHWRGDVSDJDO(%GLUHNW\YRV
9,SULHGą
,ãPDWXRWDVJDUVRJDOLRVO\JLV /
:$
G%$
*DUDQWXRWDVJDUVRJDOLRVO\JLV /
:$G
G%$
9LHWDGDWD0DOP|
3DUDãDV7HG4XNRN\EơVGLUHNWRU
LXV
/LHWXYLǐN
/7

$SUDNVWV
3DUHG]ƝWDLVOLHWRMXPV
3ƗUVNDWV
'URãƯED
8]VWƗGƯãDQD
'DUEPDãƯQDVL]SDNRãDQD
$SDNãƝMƗURNWXUDQRORFƯãDQDXQUHJXOƝãDQD
$XJãƝMƗURNWXUDX]VWƗGƯãDQD
=ƗOHVVDYƗFƝMJUR]DX]VWƗGƯãDQD
0XOþƝãDQDVLHOLNWƼDLHYLHWRãDQD
$VPHQVJULHãDQDVDXJVWXPDX]VWƗGƯãDQD
,HYLHWRMLHWDNXPXODWRUXEORNX
$NXPXODWRUXEORNDL]ƼHPãDQD
(NVSOXDWƗFLMD
3ƺDXMPDãƯQDVLHVOƝJãDQD
3ƺDXMPDãƯQDVDSWXUƝãDQD
=ƗOHVVDYƗFƝMJUR]DL]WXNãRãDQD
=ƗOHVSƺDXãDQDVOƯSXPƗ
,HWHLNXPLSƺDXMPDãƯQDVOLHWRãDQƗ
$SNRSH
9LVSƗUƝMƗDSNRSH
$VPHQVQRPDLQƯãDQD
'DUEPDãƯQDVX]JODEƗãDQD
3UREOƝPXQRYƝUãDQD
7HKQLVNLHGDWL
*DUDQWLMD
(6DWELOVWƯEDVGHNODUƗFLMD
/DWYLHãX
/9

$35$.676
3$5('=Ɯ7$,6/,(72-806
âƯPDãƯQDLUSDUHG]ƝWD]ƗOHVSƺDXãDQDLPƗMDVDSVWƗNƺRV
3ƺDXãDQDVODLNƗJULH]ƝMDVPHQLPLUMƗDWURGDVJDQGUƯ]SDUDOƝOL
]HPHL7ƗSDWSƺDXãDQDVODLNƗYLVLHPþHWULHPULWHƼLHPLU
MƗSLHVNDUDV]HPHL
3Ɩ56.$76
$WWƝOVa
5RNWXUDVOƝG]LV
,HGDUELQƗãDQDVSRJD
$XJãƝMDLVURNWXULV
$SDNãƝMDLVURNWXULV
$L]PXJXUƝMƗVL]OƗGHVGXUWLƼDV
$NXPXODWRUDQRGDOƯMXPDYƗFLƼã
$XJVWXPDUHJXOƝãDQDVVYLUD
=ƗOHVVDYƗFƝMJUR]V
0XOþƝãDQDVLHOLNWQLV
3RJD
%XOWVNUnjYH
ƖWUƗVDWODLãDQDVVYLUD
ƖƷLV
$NXPXODWRUXEORNV
'URãƯEDVDWVOƝJD
$NXPXODWRUDDWEUƯYRãDQDVSRJD
8]JULH]QLV
6WDUSOLND
$VPHQV
'52âƮ%$
%5Ʈ',1Ɩ-806
,HYƝURMLHWYLVXVGURãƯEDVQRUƗGƯMXPXV
,]ODVLHWGURãƯEDVLQVWUXNFLMXURNDVJUƗPDWX
8=67Ɩ'Ʈâ$1$
%5Ʈ',1Ɩ-806
1HL]PDQWRMLHWFLWXVSLHGHUXPXVNXUXVQDYLHWHLFLVUDåRWƗMV
%5Ʈ',1Ɩ-806
1HLHOLHFLHWGURãƯEDVDWVOƝJXYDLDNXPXODWRUXEORNXNDPƝU
QDYVDPRQWƝWDVYLVDVGDƺDV
'$5%0$âƮ1$6,=3$.2â$1$
%5Ʈ',1Ɩ-806
3LUPVVƗNDWOLHWRWGDUEPDãƯQXSƗUOLHFLQLHWLHVYDLWƗLU
SDUHL]LVDOLNWD
%5Ʈ',1Ɩ-806
1HL]PDQWRMLHWGDUEPDãƯQXMDWƗVGDƺDVLUERMƗWDV
1HGDUELQLHWGDUEPDãƯQXMDWUnjNVWNƗGDVGDƺDV
-DWUnjNVWNƗGDVGDƺDVYDLWƗVLUERMƗWDVVD]LQLHWLHVDU
VHUYLVDFHQWUX
$WYHULHWLHSDNRMXPX
,]ODVLHWNRPSOHNWƗFLMDVNƗUEƗLHNƺDXWRGRNXPHQWƗFLMX
,]ƼHPLHWQRNRPSOHNWƗFLMDVNƗUEDVYLVDVQHVDPRQWƝWƗV
GDƺDV
,]ƼHPLHWQRNRPSOHNWƗFLMDVNƗUEDVGDUEPDãƯQX
$WEUƯYRMLHWLHVQRNƗUEDVXQLHSDNRMXPDPDWHULƗOD
DWELOVWRãLYLHWƝMLHPQRWHLNXPLHP
$3$.âƜ-Ɩ52.785$
12/2&Ʈâ$1$815(*8/Ɯâ$1$
$WWƝOV1U
/DLVWnjULSDFHOWXGDUEDSR]ƯFLMƗSDFHOLHWX]DXJãXDXJãƝMR
URNWXULXQSƝFWDPSDYHOFLHWYLU]LHQƗX]DL]PXJXUL
3ƗUOLHFLQLHWLHVYDLURNWXULHPQRILNVƝMRWLHVLUG]LUGDPD
NOLNãƷDVNDƼD
3LHYHOFLHWDSDNãƝMRURNWXULDUƗWUƗVDWODLãDQDVVYLUƗPDEƗV
SXVƝV
3,(=Ʈ0(
$ELHPURNWXULHPLUMƗDWURGDVYLHQƗGƗSR]ƯFLMƗ
%5Ʈ',1Ɩ-806
1HVDERMƗMLHWNDEHƺXVX]ORNRWYDLDWORNRWURNWXUXV
$8*âƜ-Ɩ52.785$
8=67Ɩ'Ʈâ$1$
DWWƝOV
6DOƗJRMLHWDXJãƝMƗURNWXUDFDXUXPLƼXVDUDSDNãƝMƗURNWXUD
FDXUXPLƼLHP
,HYLHWRMLHWFDXUXPLƼRVEXOWVNUnjYHV
3LHYHOFLHWEXOWVNUnjYMXSRJDV
$WNƗUWRMLHWWRSDãXDUƯRWUƗSXVƝ
=Ɩ/(66$9Ɩ&Ɯ-*52=$
8=67Ɩ'Ʈâ$1$
$WWƝOV1U
,]ƼHPLHWPXOþƝãDQDVLHOLNWQL
$WYHULHWXQSLHWXULHWDL]PXJXUƝMƗVL]OƗGHVGXUWLƼDV
/DWYLHãX
/9

6DWYHULHW]ƗOHVVDYƗFƝMJUR]XDL]URNWXUDXQDL]ƗƷƝMLHWƗƷXV
DL]ULHYƗP
$L]YHULHWDL]PXJXUƝMƗVL]OƗGHVGXUWLƼDV
08/ýƜâ$1$6,(/,.7ƻ$
,(9,(72â$1$
DWWƝOV
,]ƼHPLHW]ƗOHVVDYƗFƝMJUR]X
$WYHULHWXQSLHWXULHWDL]PXJXUƝMƗVL]OƗGHVGXUWLƼDV
6DWYHULHWPXOþƝãDQDVLHOLNWQLDL]URNWXUDXQLHYLHWRMLHW
L]OƗGHVWHNQƝ
$L]YHULHWDL]PXJXUƝMƗVL]OƗGHVGXUWLƼDV
$60(16*5,(â$1$6$8*6780$
8=67Ɩ'Ʈâ$1$
,HNƗUWDVDVPHQLYDUQRUHJXOƝWGDåƗGRVDVPHQVJULHãDQDV
DXJVWXPRV
$WWƝOV
/DLQRUHJXOƝWXDXJVWƗNXDVPHQVJULHãDQDVVWƗYRNOL
SDYHOFLHWDXJVWXPDUHJXOƝãDQDVVYLUXYLU]LHQƗX]SULHNãX
/DLQRUHJXOƝWX]HPƗNXDVPHQVJULHãDQDVVWƗYRNOL
SDYHOFLHWDXJVWXPDUHJXOƝãDQDVVYLUXYLU]LHQƗX]
DL]PXJXUL
,(9,(72-,(7$.808/$7258
%/2.8
DWWƝOV
%5Ʈ',1Ɩ-806
-DDNXPXODWRUXEORNVYDLOƗGƝWƗMVLUERMƗWVWLHLU
MƗQRPDLQD
3LUPVDNXPXODWRUXEORNDLHYLHWRãDQDVYDLL]ƼHPãDQD
LHNƗUWDLUMƗDSWXUXQMƗX]JDLGDNDPƝUDSVWƗMDVPRWRUV
,]ODVLHWQRVNDLGURMLHWXQL]SLOGLHWDNXPXODWRUDXQ
OƗGƝWƗMDURNDVJUƗPDWƗHVRãRVQRUƗGƯMXPXV
%5Ʈ',1Ɩ-806
,=0$17277,.$,9$.808/$7258
1(,=0$1727',98635,(*8089
$.808/$7258
3,(=Ʈ0(
/DLLHGDUELQƗWXLHNƗUWXDELHPDNXPXODWRULHPLUMƗEnjW
LHYLHWRWLHPQRGDOƯMXPRV
$WYHULHWDNXPXODWRUDQRGDOƯMXPDYƗFLƼX
6DOƗJRMLHWDNXPXODWRUXEORNDSDFHOãDQDVULEDVDUULHYƗP
DNXPXODWRUDQRGDOƯMXPƗ
6SLHGLHWDNXPXODWRUXEORNXX]LHNãXDNXPXODWRUD
QRGDOƯMXPƗOƯG]DNXPXODWRUXEORNVQRILNVƝMDV
YDMDG]ƯJDMƗVWƗYRNOƯ
$NXPXODWRUVEnjVSLOQƯEƗLHYLHWRWVWDGNDGEnjVG]LUGDPD
NOLNãƷDVNDƼD
9HLFLHWWRSDãXGDUEƯEXDURWUXDNXPXODWRUX
$L]YHULHWDNXPXODWRUDQRGDOƯMXPDYƗFLƼX
3,(=Ʈ0(
0RWRUVLHVOƝJVLHVWLNDLWDGMDEnjVLHYLHWRWDGURãƯEDVDWVOƝJD
$.808/$7258%/2.$
,=ƻ(0â$1$
$WWƝOV1U
$WYHULHWDNXPXODWRUDQRGDOƯMXPDYƗFLƼX
,]ƼHPLHWGURãƯEDVDWVOƝJX
1RVSLHGLHWXQSLHWXULHWDNXPXODWRUDDWEUƯYRãDQDVSRJX
,]ƼHPLHWQRSƺDXMPDãƯQDVDNXPXODWRUXEORNX
(.63/8$7Ɩ&,-$
%5Ʈ',1Ɩ-806
3ƺDXãDQDVODLNƗYDONƗMLHWDFXDL]VDUG]ƯEDVOƯG]HNƺXV
3ƹ$8-0$âƮ1$6,(6/Ɯ*â$1$
$WWƝOV1U
3,(=Ʈ0(
3LUPVSƺDXãDQDVLUMƗX]VWƗGD]ƗOHVVDYƗFƝMJUR]V
,HOLHFLHWGURãƯEDVDWVOƝJX
1RVSLHGLHWXQSLHWXULHWLHGDUELQƗãDQDVSRJX
3LHWXURWQRVSLHVWXLHGDUELQƗãDQDVSRJXSDYHOFLHWVOƝGåX
NƗUEDVURNWXULVWnjUHVYLU]LHQƗ
/DLLHGDUELQƗWXSƺDXMPDãƯQXDWODLGLHWLHGDUELQƗãDQDV
SRJX
3ƹ$8-0$âƮ1$6$3785Ɯâ$1$
$WWƝOV1U
/DLDSWXUƝWXSƺDXMPDãƯQXDWODLGLHWGURãƯEDVVOƝG]L
%5Ʈ',1Ɩ-806
3LUPVYƝOUHL]LHGDUELQƗWSƺDXMPDãƯQXSDJDLGLHWNDPƝU
DVPHƼLLUSLOQƯEƗDSVWƗMXãLHV1HL]VOƝG]LHWXQQHLHVOƝG]LHW
SƺDXMPDãƯQXƗWUL
%5Ʈ',1Ɩ-806
.DGGDUEVLUJDOƗYLHQPƝUL]ƼHPLHWGURãƯEDVDWVOƝJXXQ
DNXPXODWRUXEORNX
=Ɩ/(66$9Ɩ&Ɯ-*52=$
,=78.â2â$1$
$SWXULHWSƺDXMPDãƯQX
/DWYLHãX
/9

,]ƼHPLHWGURãƯEDVDWVOƝJX
,]ƼHPLHWDNXPXODWRUXEORNX
$WYHULHWXQSLHWXULHWDL]PXJXUƝMƗVL]OƗGHVGXUWLƼDV
3LHWXULHW]ƗOHVVDYƗFƝMJUR]XDL]URNWXUDXQDWƗƷƝMLHWQR
ULHYƗP
$L]YHULHWDL]PXJXUƝMƗVL]OƗGHVGXUWLƼDV
,]WXNãRMLHW]ƗOHVVDYƗFƝMJUR]X
=Ɩ/(63ƹ$8â$1$6/Ʈ380Ɩ
%5Ʈ',1Ɩ-806
1HSƺDXMLHWYLHWƗVNXUDVVOƯSƗNDVYDLUƗNSDU-D
QHMnjWDWLHVƝUWLSƺDXMRWVOƯSXPƗSƗUVWƗMLHWSƺDXW
.DGSƺDXMDWVOƯSXPƗQHVWXPLHWPDãƯQXX]DXJãXXQOHMX
0DLQRWYLU]LHQXVOƯSXPƗUƯNRMLHWLHVX]PDQƯJL
$SVNDWLHWYDL]HPƝQDYNƗGXFDXUXPXJUDPEXDNPHƼX
XQFLWXSDVOƝSWXSULHNãPHWXDL]NXULHPYDUDWSDNOXSW
$L]YƗFLHWSURMƗPYLVXVãƷƝUãƺXVSLHPƝUDPDNPHƼXVXQ
NRNX]DUXV
6DJODEƗMLHWVWDELOXVWƗMX-DMnjWDWND]DXGƝMDWOƯG]VYDUX
QHNDYƝMRWLHVDWODLGLHWGURãƯEDVVOƝG]L
1HNDGQHSƺDXMLHWWXYXSLHQRPDOƝPJUƗYMLHPYDL
DL]VSURVWLHP
,(7(,.80,3ƹ$8-0$âƮ1$6
/,(72â$1Ɩ
1HNƗGƗJDGƯMXPƗQHPƝƧLQLHWL]PDLQƯWLHGDUELQƗãDQDV
SRJDVXQGURãƯEDVVOƝGåDGDUEƯEX
1HVDJƗ]LHWSƺDXMPDãƯQXLHGDUELQƗãDQDVODLNƗ
1HWXULHWSODXNVWDVYDLSƝGDVURWƝMRãXGDƺXWXYXPƗYDL
]HPWƗP
8]WXULHWL]OƗGHVWHNQLWƯUX
1HSƺDXMLHWPLWUX]ƗOL
-DXQDVYDLELH]DV]ƗOHVSƺDXãDQDLDVPHQVLUMƗX]VWƗGD
DXJVWƗN
1RWƯULHWSƺDXãDQDVEORNXSƝFNDWUDVOLHWRãDQDVUHL]HV
,]ƼHPLHWQRSƺDXWR]ƗOLODSDVQHWƯUXPXVXQFLWXVJUXåXV
$3.23(
%5Ʈ',1Ɩ-806
3LUPVDSNRSHVYHLNãDQDVQRPDãƯQDVLUMƗL]ƼHPGURãƯEDV
DWVOƝJDXQDNXPXODWRUXEORNV
%5Ʈ',1Ɩ-806
5DXJLHWODLPRWRUƗXQDNXPXODWRUXEORNƗQHX]NUƗWRV]ƗOH
ODSDVYDLSƗUOLHNXGDXG]VPƝUYLHODV
3,(6$5'=Ʈ%8
,]PDQWRMLHWWLNDLDSVWLSULQƗWDVUH]HUYHVGDƺDV
3,(6$5'=Ʈ%8
%UHPåXãƷLGUXPLEHQ]ƯQVQDIWDVEƗ]HVPDWHULƗOLQHGUƯNVW
QRQƗNWVDVNDUƝDUSODVWPDVDVGDƺƗPƶLPLNƗOLMDVYDUL]UDLVƯW
SODVWPDVDVERMƗMXPXVXQSDGDUƯWSODVWPDVXSDUOLHWRãDQDL
QHGHUƯJX
3,(6$5'=Ʈ%8
1HOLHWRMLHWSODVWPDVDVNRUSXVDYDLGHWDƺXWƯUƯãDQDLVSƝFƯJXV
ãƷƯGLQƗWƗMXVYDLWƯUƯãDQDVOƯG]HNƺXV
3,(=Ʈ0(
/HWHLFDPDLVSLHYLONãDQDVJULH]HVPRPHQWV$VPHƼXV
1P
9,63Ɩ5Ɯ-Ɩ$3.23(
3LUPVNDWUDVOLHWRãDQDVUHL]HVUnjSƯJLDSVNDWLHWYDLPDãƯQDL
QDYUDGXãLHVERMƗMXPLYDLWDLQHWUnjNVWNƗGDVGHWDƺDVXQ
YDLWDLQDYDWVNUnjYƝMXãƗVSLHPƝUDPVNUnjYHVX]JULHåƼL
EXOWVNUnjYHVYƗFLƼLXWW
.ƗUWƯJLSLHVNUnjYƝMLHWYLVXVVWLSULQƗMXPXVXQYƗFLƼXV
1RWƯULHWPDãƯQXDUVDXVXOXSDWLƼX1HL]PDQWRMLHWnjGHQL
$60(16120$,1Ʈâ$1$
DWWƝOV
%5Ʈ',1Ɩ-806
,]PDQWRMLHWWLNDLDSVWLSULQƗWXVUH]HUYHVDVPHƼXV
%5Ʈ',1Ɩ-806
-DSLHVNDUVLHWLHVDVPHQLPYLVSLUPVDSWLQLHWDSWROXSDWLƼX
XQX]YHOFLHWL]WXUƯJXVFLPGXV
$SWXULHWSƺDXMPDãƯQX
3ƗUOLHFLQLHWLHVYDLDVPHƼLLUSLOQƯEƗSƗUVWƗMXãLJULH]WLHV
,]ƼHPLHWGURãƯEDVDWVOƝJXXQDNXPXODWRUXEORNX
$SJULH]LHWSƺDXMPDãƯQXX]VƗQLHP
,]PDQWRMLHWNRNDJDEDOXODLQHƺDXWXDVPHQLPJULH]WLHV
,]PDQWRMRWX]JULHåƼXDWVOƝJXDWVNUnjYƝMLHWPRQWƗåDV
VNUnjYLXQQRƼHPLHWSDSOƗNVQL
1RƼHPLHWDVPHQL
8]OLHFLHWMDXQXDVPHQL3ƗUOLHFLQLHWLHVYDLDEDVWDSDV
QRILNVƝMDVDVPHQVFDXUXPLƼRV
8]OLHFLHWSDSOƗNVQLXQSLHYHOFLHWQRƼHPWRPRQWƗåDV
VNUnjYL
'$5%0$âƮ1$68=*/$%Ɩâ$1$
,]ƼHPLHWGURãƯEDVDWVOƝJX
$NXPXODWRUXEORNDL]ƼHPãDQD
'DUEPDãƯQDSLUPVX]JODEƗãDQDVLUMƗQRWƯUD
3LUPVQRYLHWRMDWGDUEPDãƯQXX]JODEƗãDQƗSƗUOLHFLQLHWLHV
YDLWƗVPRWRUVQDYVDNDUVLV
/DWYLHãX
/9

3ƗUEDXGLHWYDLPDãƯQDLQDYDWVNUnjYƝMXVLHVYDL
VDERMƗMXVLHVNƗGDGHWDƺD1HSLHFLHãDPƯEDVJDGƯMXPƗ
UƯNRMLHWLHVãƗGL
1RPDLQLHWERMƗWƗVGHWDƺDV
3LHVNUnjYƝMLHWVNUnjYHV
6D]LQLHWLHVDUDXWRUL]ƝWDVHUYLVDSƗUVWƗYL
*ODEƗMLHWGDUEPDãƯQXVDXVƗWHOSƗ
5DXJLHWODLEƝUQLQHYDUƝWXSLHNƺnjWGDUEPDãƯQDL
352%/Ɯ08129Ɯ5â$1$
3UREOƝPD ,HVSƝMDPDLVFƝOR
QLV
5LVLQƗMXPV
5RNWXULVQHDWURGDV
SDUHL]ƗVWƗYRNOƯ
%XOWVNUnjYHVQDY
SDUHL]LLHVNUnjYƝ
WDV
3LHOƗJRMLHWURNWXUD
DXJVWXPXXQSƗU
OLHFLQLHWLHVYDLSR
JDVLUSDUHL]LVDOƗ
JRWDVDUEXOWVNUnj
YƝP
0DãƯQXQHYDULH
GDUELQƗW
=HPVDNXPXODWRUD
X]OƗGHVOƯPHQLV
8]OƗGƝMLHWDNXPX
ODWRUXEORNX
%RMƗWVGURãƯEDV
VOƝG]LV
1RPDLQLHWGURãƯ
EDVVOƝG]L
1DYLHYLHWRWDDW
VOƝJD
,HOLHFLHWDWVOƝJX
0DãƯQDSƺDXM]ƗOL
QHOƯG]HQL
=ƗOLHQVLUUDXSMã ,]YƝUWƝMLHWNƗGƗ
VWƗYRNOƯLUSƺDXãD
QDV]RQD
1DYSDUHL]LX]VWƗ
GƯWVDVPHQVDXJ
VWXPV
1RUHJXOƝMLHWDXJ
VWƗNDVPHQLJULH
ãDQDVDXJVWXPX
0DãƯQDQHYHLF
PXOþƝãDQXSDUHL]L
3ƺDXãDQDVEORNDP
SLHOLSXVLVODSMD
]ƗOH
3DJDLGLHWNDPƝU
QRånjVW]ƗOHXQWL
NDLWDGVƗFLHW
SƺDXW
7UnjNVWPXOþƝãDQDV
LHOLNWƼD
,HOLHFLHWPXOþƝãD
QDVLHOLNWQL
0DãƯQXLUJUnjWL
SDVWXPW
=ƗOHLUSƗUƗNJDUD
YDLDVPHQVDXJ
VWXPVLUSƗUƗN
]HPV
8]VWƗGLHWDXJVWƗN
DVPHQLJULHãDQDV
DXJVWXPX
=ƗOHVVDYƗFƝMJUR]V
XQDVPHQVLHUDXM
ELH]R]ƗOL
,]ƼHPLHWQR]ƗOHV
VDYƗFƝMJUR]DQR
SƺDXWR]ƗOL
3UREOƝPD ,HVSƝMDPDLVFƝOR
QLV
5LVLQƗMXPV
0DãƯQDLSDUƗGƯMX
VLHVOLHODYLEUƗFLMD
$VPHQVQDYVDED
ODQVƝWVXQLUQRGL
OLV
1RPDLQLHWDVPHQL
6DOLHNWDPRWRUD
YƗUSVWD
$SWXULHWPR
WRUX
,]ƼHPLHWGUR
ãƯEDVDWVOƝJX
XQDNXPXOD
WRUXEORNX
$WYLHQRMLHWQR
EDURãDQDVDYR
WD
3ƗUEDXGLHWYDL
QDYUDGXãLHV
ERMƗMXPL
0DãƯQDSLUPV
QƗNDPƗVOLHWR
ãDQDVUHL]HVLU
MƗVDODER
3ƺDXãDQDVODLNƗ
PDãƯQDSƝNãƼLDS
VWƗMDV
3ƗUƗN]HPVDV
PHQVDXJVWXPV
8]VWƗGLHWDXJVWƗN
DVPHQLJULHãDQDV
DXJVWXPX
$NXPXODWRUX
EORNVLUL]OƗGƝMLHV
8]OƗGƝMLHWDNXPX
ODWRUXEORNX
3ƺDXãDQDVEORNDP
YDLDVPHQLPSLHOL
SXVLVODSMD]ƗOH
,]ƼHPLHWQRPDãƯ
QDVDNXPXODWRUX
XQDSVNDWLHWEORNX
3ƗUƗNDXJVWDPDãƯ
QDVGDUEDWHPSHUD
WnjUD
ƹDXMLHWPDãƯQDL
DWG]LVW
-DQHYDUDWQRYƝUVWSUREOƝPXQRJƗGƗMLHWPDãƯQXX]VHUYLVD
FHQWUX
7(+1,6.,('$7,
6SULHJXPV 9
ƖWUXPVEH]QRVORG]HV PLQ
3ƺDXãDQDVSODWXPV PP
3ƺDXãDQDVDXJVWXPV PP
=ƗOHVVDYƗFƝMJUR]DLHWLOSƯED /
6YDUVEH]DNXPXODWRUXEOR
ND
OEVNJ
,]PƝUƯWDLVVNDƼDVVSLHGLHQD
OƯPHQLV
/
3$
G%$.
G%$
*DUDQWƝWDLVVNDƼDVLQWHQVL
WƗWHVOƯPHQLV
/
:$G
G%$
9LEUƗFLMD 㸺 PV
. PV
/DWYLHãX
/9

$NXPXODWRUDPRGHOLV *%*%XQFLWDV%$*
VƝULMDV
/ƗGƝWƗMDPRGHOLV *;&*;8&
*;8&XQFLWDV&$*
VƝULMDV
'LYNƗUãDVL]ROƗFLMDVNRQ
VWUXNFLMD
,3; ,3;
*$5$17,-$
9LVXVJDUDQWLMDVQRWHLNXPXVXQQRVDFƯMXPXVYDUL]ODVƯW
*UHHQZRUNVWƯPHNƺDODSƗ
,HUƯFHL*UHHQZRUNVLUJDGXJDUDQWLMDEHWDNXPXODWRULHP²
JDGXJDUDQWLMDL]PDQWRMRWSDWƝULƼDSULYƗWLHPPƝUƷLHP
VNDLWRWQRLHJƗGHVGDWXPDâƯJDUDQWLMDDWWLHFDVX]UDåRãDQDV
GHIHNWLHP*DUDQWLMDVODLNƗYDUVDODERWYDLQRPDLQƯWERMƗWX
L]VWUƗGƗMXPX*DUDQWLMDQHEnjVVSƝNƗWDGMDLHUƯFHQHWLNV
SDUHL]LOLHWRWDYDLWLNVL]PDQWRWDFLWLHPPƝUƷLHPNDVQDY
DSUDNVWƯWLãDMƗOLHWRWƗMDURNDVJUƗPDWƗâƯJDUDQWLMDQHDWWLHFDV
X]GDELVNRQROLHWRãDQRVXQQRGLOXPDPSDNƺDXWDMƗPGHWDƺƗP
5DåRWƗMDVƗNRWQƝMƗJDUDQWLMDQDYVDLVWƯWDDUSDSLOGX
JDUDQWLMƗPNRSLHGƗYƗGƯOHULVYDLPD]XPWLUJRWƗMV
/DLSLHSUDVƯWXJDUDQWLMXERMƗWDLVL]VWUƗGƗMXPVLUMƗDWJULHå
LHJƗGHVYLHWƗX]UƗGRWSLUNXPDDSOLHFLQƗMXPXþHNX
(6$7%,/67Ʈ%$6
'(./$5Ɩ&,-$
5DåRWƗMDQRVDXNXPVXQDGUHVH
1RVDX
NXPV
*/2%*52$%
*OREH*URXS(XURSH
$GUHVH 5LJJDUHJDWDQ0DOP|=YLHGULMD
3HUVRQDVNXUDSLOQYDURWDVDVWƗGƯWWHKQLVNRGRNXPHQWƗFLMX
YƗUGVX]YƗUGVXQDGUHVH
9ƗUGVXQ
X]YƗUGV
0LFDHO-RKDQVVRQ
$GUHVH 5LJJDUHJDWDQ0DOP|=YLHGULMD
$UãRPƝVDSOLHFLQƗPNDL]VWUƗGƗMXPV
.DWHJRULMD =ƗOHVSƺƗYƝMV
0RGHOLV *;/0/0(
6ƝULMDVQXPXUV 6NDWƯWL]VWUƗGƗMXPDPDUƷƝMXPD
SOƗNVQƯWL
,HNƗUWDVL]ODLGHVJDGV 6NDWƯWL]VWUƗGƗMXPDPDUƷƝMXPD
SOƗNVQƯWL
DWELOVW'LUHNWƯYDV1U(.SDUPDãƯQƗP
DWWLHFƯJDMLHPQRWHLNXPLHP
DWELOVWVHNRMRãX(.GLUHNWƯYXQRWHLNXPLHP
(6
(.XQ(.
(6XQ(6
7XUNOƗWPƝVDSOLHFLQƗPNDLUL]PDQWRWDVãƗGDVVDVNDƼRWR
VWDQGDUWXGDƺDVXQQRWHLNXPL
'LUHNWƯYDV1U(.9,SLHOLNXPƗSDUHG]ƝWƗDWELOVWƯEDV
QRYƝUWƝMXPDPHWRGH
,]PƝUƯWDLVVNDƼDVLQWHQVLWƗWHVOƯPH
QLV
/
:$
G%$
*DUDQWƝWDLVVNDƼDVLQWHQVLWƗWHV
OƯPHQLV
/
:$G
G%$
9LHWDGDWXPV0DO
P|
3DUDNVWV.YDOLWƗWHVGDƺDVGLUHNWRUV
7HG4X
/DWYLHãX
/9

.LUMHOGXV
(HVPlUN
hOHYDDGH
2KXWXV
3DLJDOGXV
6HDGPHODKWLSDNNLPLQH
9ROWLJHDOXPLQHNlHSLGHODKWLMD
UHJXOHHULJHVHGD
3DLJDOGDJHOHPLQHNlHSLGH
3DLJDOGDJHPXUXNRJXMD
3DLJDOGDJHPXOWãLPLVHVXOJXU
6HDGLVWDJHWHUDN}UJXVO}LNHN}UJXV
3DLJDOGDJHDNXSORNN
$NXSORNLHHPDOGDPLQH
.DVXWDPLQH
.lLYLWDJHVHDGH
3HDWDJHVHDGH
7KMHQGDJHPXUXNRJXMD
7||WDPLQHNDOODNXWHO
3UDNWLOLVHGQ}XDQGHG
+RROGXV
hOGKRROGXV
9DKHWDJHWHUD
6HDGPHKRLXVWDPLQH
9HDRWVLQJ
7HKQLOLVHGDQGPHG
*DUDQWLL
(h9DVWDYXVGHNODUDWVLRRQ
(HVWLNHHO
(7

.,5-(/'86
((60b5.
6HHVHDGHRQP}HOGXGPXUXQLLWPLVHNVNRGXPDMDSLGDPLVHV
/}LNHWHUDSHDEROHPDPDDSLQQDJDHQDPYlKHPSDUDOOHHOQH
.}LNQHOLUDWDVWSHDYDGQLLWPLVHDMDOYDVWXPDDGROHPD
h/(9$$'(
-RRQLVa
.lHSLGHPHOOLWL
.lLYLWXVQXSS
hOHPLQHNlHSLGH
$OXPLQHNlHSLGH
7DJXPLVHYlOMDODVNHOXXN
$NXSHVDNDWH
.}UJXVHUHJXOHHULPLVHNDQJ
0XUXNRJXMD
0XOWãLPLVHVXOJXU
1XSS
3ROW
.LLUYDEDVWXVNDQJ
.RQNV
$NXSORNN
7XUYDY}WL
$NXYDEDVWXVQXSS
0XWWHU
9DKHSXNV
7HUD
2+8786
+2,$786
-lUJLJHNLQGODVWLN}LNLRKXWXVMXKLVHLG
/XJHJHNDVXWXVMXKHQGLW
3$,*$/'86
+2,$786
bUJHNDVXWDJHWDUYLNXLGPLVHLROHWRRWMDSRROWVRRYLWDWXG
+2,$786
bUJHSDQJHWXUYDY}WLWY}LDNXSORNNLVHDGPHOHHQQHNXL
N}LNRVDGRQNRUUHNWVHOWVHDGPHOHSDLJDOGDWXG
6($'0(/$+7,3$..,0,1(
+2,$786
(QQHNDVXWDPLVWSDQJHVHDGHNRUUHNWVHOWNRNNX
+2,$786
bUJHNDVXWDJHVHDGHWNXLVHDGPHRVDGRQNDKMXVWXQXG
bUJHNDVXWDJHVHDGHWNXLP}QHGRVDGRQSXXGX
.XLRVDGRQNDKMXVWXQXGY}LSXXGXY}WNHKHQGXVW
WHHQLQGXVHJD
$YDJHSDNHQG
/XJHJHNDVWLVVLVDOGXYDLGGRNXPHQWH
9}WNHN}LNRVDGNDVWLVWYlOMD
9}WNHVHDGHNDVWLVWYlOMD
9LVDNHNDVWMDSDNNHPDWHUMDOlUDYDVWDYDOWNRKDOLNHOH
HHVNLUMDGHOH
92/7,*($/80,1(.b(3,'(
/$+7,-$5(*8/((5,*(6('$
-RRQLV
.lHSLGHPHW||DVHQGLVVHVHDGPLVHNVW}PPDNHOHPLVW
NlHSLGHWOHVMDWDJDSRROH9HHQGXJHHWNlHSLGHPHG
NLQQLWXYDGNRUUHNWVHOWSLOXVVHMDNXXOHWHNO}SVDWXVW
.HHUDNHDOXPLQHNlHSLGHNLQQLNDVXWDGHVVHOOHNVNDKHO
SRRODVXYDLGNLLUYDEDVWDPLVHNDQJH
0b5.86
9HHQGXJHHWP}OHPDGNlHSLGHPHGRQVDPDVDVHQGLV
+2,$786
.lHSLGHPHNRNNXY}LODKWLYROWLPLVHOYlOWLJHMXKWPHWH
NDKMXVWDPLVW
3$,*$/'$*(h/(0,1(
.b(3,'(
-RRQLV
-RRQGDJHOHPLVHNlHSLGHPHMDDOXPLVHNlHSLGHPHDYDG
3DQJHSROGLGDYDGHVWOlEL
.HHUDNHQXSXGSROWLGHOHNLQQL
7HRVWDJHVDPDWRLPLQJWHLVHOSRROHO
3$,*$/'$*(0858.2*8-$
-RRQLV
(HPDOGDJHPXOWãLPLVHVXOJXU
$YDJHWDJXPLVHYlOMDODVNHOXXNMDKRLGNHVHGD
+RLGNHPXUXNRJXMDWVHOOHNlHSLGHPHVWMDNLQQLWDJHVHOOH
NRQNVXGDYDGHNOJH
6XOJHJHWDJXPLVHYlOMDODVNHOXXN
3$,*$/'$*(08/7â,0,6(
68/*85
-RRQLV
(HVWLNHHO
(7

(HPDOGDJHPXUXNRJXMD
$YDJHWDJXPLVHYlOMDODVNHOXXNMDKRLGNHVHGD
+RLGNHPXOWãLPLVHVXOJXULWVHOOHNlHSLGHPHVWMD
SDLJDOGDJHVHHYlOMDODVNHVXXQDMDVVH
6XOJHJHWDJXPLVHYlOMDODVNHOXXN
6($',67$*(7(5$.®5*86
/®,.(.®5*86
6HDGPHWHUDO}LNHN}UJXVWVDDEVHDGLVWDGDHULQHYDWHOH
N}UJXVWHOH
-RRQLV
7HUDN}UJXVHO}LNHN}UJXVHW}VWPLVHNVW}PPDNHN}UJXVH
UHJXOHHULPLVHNDQJLHWWHSRROH
7HUDN}UJXVHO}LNHN}UJXVHODQJHWDPLVHNVONDNH
N}UJXVHUHJXOHHULPLVHNDQJLWDKDSRROH
3$,*$/'$*($.83/2..
-RRQLV
+2,$786
.XLDNXSORNNY}LODDGLMDRQNDKMXVWDWXGYDKHWDJH
DNXSORNNY}LODDGLMDYlOMD
(QQHDNXSORNLSDLJDOGDPLVWY}LHHPDOGDPLVWSHDWDJH
VHDGHMDRRGDNHNXQLPRRWRUVHLVNXE
/XJHJHWHDGNHMDMlUJLJHDNXMDODDGLMDNDVXWXVMXKHQGLV
HVLWDWXGMXKLVHLG
+2,$786
.$687$*($,18/79$.87b5*(.$687$*(
.$.6,.3,1*(*$9$.87
0b5.86
6HDGPHNlLYLWDPLVHNVWXOHEP}OHPDGDNXGSHVDGHVVH
SDLJDOGDGD
$YDJHDNXSHVDNDWH
-RRQGDJHDNXSORNLVDNLGDNXSHVDVRRQWHJD
/NDNHDNXSORNNDNXSHVDVVHQLLNDXJHOHHWDNXSORNN
OXNXVWXERPDNRKDOH
$NXSORNNRQSDLJDVNXLNXXOHWHNO}SVDWXVW
7HKNHVDPDWRLPLQJXWWHLVHDNXJD
6XOJHJHDNXSHVDNDWH
0b5.86
0RRWRUNlLYLWXEDOOHVVLLVNXLSDQHWHVHDGPHVVH
WXUYDY}WPH
$.83/2.,((0$/'$0,1(
-RRQLV
$YDJHDNXSHVDNDWH
(HPDOGDJHWXUYDY}WL
9DMXWDJHMDKRLGNHDNXYDEDVWDPLVHQXSSXDOO
hKHQGDJHVHDGPHDNXSORNNODKWL
.$687$0,1(
+2,$786
.DQGNHVHDGPHJDW||WDPLVHOVLOPDNDLWVHYDKHQGHLG
.b,9,7$*(6($'(
-RRQLV
0b5.86
3DLJDOGDJHPXUXNRJXMDHQQHQLLWPLVW
3DQJHWXUYDY}WLVHDGPHVVH
9DMXWDJHMDKRLGNHNlLYLWXVQXSSXDOO
.lLYLWXVQXSSXDOOKRLGHVW}PPDNHMDRWXVNDUELNlHSLGHW
VHDGPHNlHSLGHPHVXXQDV
6HDGPHNlLYLWDPLVHNVYDEDVWDJHNlLYLWXVQXSS
3($7$*(6($'(
-RRQLV
6HDGPHSHDWDPLVHNVYDEDVWDJHMDRWXVNDUELNlHSLGH
+2,$786
(QQHVHDGPHXXHVWLNlLYLWDPLVWRRGDNHNXQLWHUDWlLHOLNXOW
VHLVNXEbUJHOOLWDJHVHDGHWNLLUHVWLVLVVHMDYlOMD
+2,$786
3lUDVWW||O}SHWDPLVWHHPDOGDJHDODWLWXUYDY}WLMDDNXSORNN
7h+-(1'$*(0858.2*8-$
3HDWDJHVHDGH
(HPDOGDJHWXUYDY}WL
(HPDOGDJHDNXSORNN
$YDJHWDJXPLVHYlOMDODVNHOXXNMDKRLGNHVHGD
+RLGNHPXUXNRJXMDWVHOOHNlHSLGHPHVWMDHHPDOGDJHVHOOH
NRQNVXGDYDNOMHVW
6XOJHJHWDJXPLVHYlOMDODVNHOXXN
7KMHQGDJHPXUXNRJXMD
7gg7$0,1(.$//$.87(/
+2,$786
bUJHQLLWNHNDOODNXWHOPLOOHNDOOHRQURKNHPNXL.XLWH
HLWXQQHHQQDVWPXJDYDOWVLLVlUJHQLLWNHNDOODNXWHO
(HVWLNHHO
(7

.XLQLLGDWHNDOODNXSVWLVHORVDOVLLVlUJHOLLNXJHNDOODNXW
P||GDOHVMDDOOD2OJHNDOODNXOVXXQDPXXWPLVHOYlJD
HWWHYDDWOLN
-lOJLJHDXNHYDJXVLGNLYHMDWHLVLSHLGHWXGREMHNWHPLV
Y}LYDGS}KMXVWDGDNXNNXPLVW(HPDOGDJHN}LNWDNLVWXVHG
QWNLYLGMDSXXRNVDG
9HHQGXJHHWMDOJHDOXQHRQNLQGHO7DVDNDDOXNDRWDPLVHO
YDEDVWDJHWXUYDOOLWLYLLYLWDPDWXOW
bUJHQLLWNHMlUVDNXWHNUDDYLGHY}LNDOGDSHDOVHWHOlKHGDO
35$.7,/,6('1®8$1'('
bUJHULWDJHPXXWDNlLYLWXVQXSXY}LMDRWXVNDUEL
NlHSLGHPHIXQNWVLRRQH
6HDGPHNlLYLWDPLVHOlUJHNDOOXWDJHVHGD
bUJHSDQJHNlVLHJDMDOJXS||UOHYDWHRVDGHOlKHGXVVHY}L
DOOD
+RLGNHYlOMDODVNHVXXQDMDSXKWDQD
bUJHO}LJDNHQLLVNHWPXUX
8XHMDWLKHGDPXUXMDRNVRQYDMDW}VWDWHUDN}UJXVW
3XKDVWDJHQLLGXNLNRUSXVHDOXVWSlUDVWLJDNDVXWXVNRUGD
(HPDOGDJHPXUXO}LNHGOHKHGPXOGMDPXXSUDKW
+22/'86
+2,$786
(QQHKRROGXVWRLPLQJXLGHHPDOGDJHWXUYDY}WLMDDNXSORNN
VHDGPHNOMHVW
+2,$786
+RLGNHPRRWRUMDDNXSORNNPXUXVWOHKWHGHVWMDOLLJVHVW
PllUGHDLQHVWSXKWDQD
(77(9$$7867
.DVXWDJHDLQXOWKHDNVNLLGHWXGYDUXRVL
(77(9$$7867
9lOWLJHSLGXULYHGHOLNHEHQVLLQLMDQDIWDS}KLVWHPDWHUMDOLGH
NRNNXSXXGHWVHDGPHSODVWLNRVDGHJD.HPLNDDOLGY}LYDG
SODVWLNXWNDKMXVWDGDMDVHOOHNDVXWXVN}OEPDWXNVPXXWD
(77(9$$7867
bUJHNDVXWDJHSODVWPDVVNRUSXVHY}LNRPSRQHQWLGH
SXKDVWDPLVHNVWXJHYDWRLPHOLVLODKXVWHLGY}LSXKDVWXVDLQHLG
0b5.86
6RRYLWXVOLNSLQJXWXVPRPHQW7HUD1P
h/'+22/'86
(QQHLJDNDVXWXVNRUGDNRQWUROOLJHHWVHDGPHOHLHVLQHNV
NDKMXVWXQXGSXXGXYDLGY}LODKWLVLRVLQWNUXYHPXWUHLG
SROWHY}LNRUNH
.HHUDNHN}LNNLQQLWXVYDKHQGLGMDNRUJLGNRUUDOLNXOW
NLQQL
3XKDVWDJHVHDGHWNXLYDODSLJDbUJHNDVXWDJHYHWW
9$+(7$*(7(5$
-RRQLVHG
+2,$786
.DVXWDJHDLQXOWKHDNVNLLGHWXGYDUXWHUDVLG
+2,$786
7HUDSXXGXWDPLVHONDQGNHWXJHYDVWPDWHUMDOLVWNLQGDLGY}L
NHULJHWHUDPEHUODSS
3HDWDJHVHDGH
9HHQGXJHHWWHUDGRQWlLHOLNXOWVHLVNXQXG
(HPDOGDJHWXUYDY}WLMDDNXSORNN
.HHUDNHVHDGHNOLOL
7HUDGHOLLNXPLVHHQQHWDPLVHNVNDVXWDJHSXXWNNL
(HPDOGDJHSDLJDOGXVNUXYLMDYDKHSXNVPXWULY}WPHY}L
RWVPXWULY}WPHDELO
(HPDOGDJHO}LNHWHUD
3DLJDOGDJHXXVWHUD9HHQGXJHHWNDNVWLKYWLNLQQLWXYDG
WHUDDYDGHVVH
3DLJDOGDJHYDKHSXNVMDNHHUDNHHHPDOGDWXG
SDLJDOGXVNUXYLNLQQL
6($'0(+2,867$0,1(
(HPDOGDJHWXUYDY}WL
$NXSORNLHHPDOGDPLQH
(QQHKRLXVWDPLVWSXKDVWDJHVHDGH
(QQHVHDGPHKRLXVWDPLVWYHHQGXJHHWPRRWRUHLROH
NXXP
.RQWUROOLJHHWVHDGPHRVDGHLROHODKWLWXOQXGY}L
NDKMXVWXQXG9DMDGXVHOMlUJLJHQHLGMXKLVHLG
9DKHWDJHNDKMXVWXQXGRVDGYlOMD
.HHUDNHSROGLGNLQQL
9}WNHKHQGXVWYROLWDWXGWHHQLQGXVHW||WDMDJD
+RLXVWDJHVHDGHWNXLYDVNRKDV
-lOJLJHHWVHDGHROHNVODVWHOHNlWWHVDDPDWXVNRKDV
9($276,1*
3UREOHHP 9}LPDOLNS}KMXV /DKHQGXV
.lHSLGHHLROH}LJ
HVDVHQGLV
3ROGLGHLROH}L
JHVWLNLQQL
5HJXOHHULJHNlHSL
GHPHN}UJXVWMD
YHHQGXJHHWQX
SXGMDSROGLGRQ
NRUUHNWVHOWMRRQGD
WXG
(HVWLNHHO
(7

3UREOHHP 9}LPDOLNS}KMXV /DKHQGXV
6HDGHHLNlLYLWX $NXWlLWXYXVRQ
PDGDO
/DDGLJHDNXSORN
NL
7XUYDOOLWLRQGH
IHNWQH
9DKHWDJHWXUYDOOL
WLYlOMD
7XUYDY}WLHLROH
VHDGPHVVHSDQ
GXG
3DQJHWXUYDY}WL
VHDGPHVVH
6HDGHO}LNDEPXUX
HEDKWODVHOW
0XUXRQWXJHY 8XULJHQLLGHWDYDW
DOD
7HUDN}UJXVHLROH
}LJH
5HJXOHHULJHWHUD
O}LNHN}UJXVN}UJH
PDVVHDVHQGLVVH
6HDGHHLPXOWãL}L
JHVWL
1LLVNHGPXUX
O}LNHGMllYDGNRU
SXVHNOJHNLQQL
(QQHQLLWPLVWRR
GDNHNXQLPXUX
NXLYDE
0XOWãLPLVHVXOJXU
RQSXXGX
3DLJDOGDJHPXOWãL
PLVHVXOJXU
6HDGHWRQUDVNHO
NDWD
0XUXRQOLLJD
N}UJHY}LWHUDN}U
JXVRQOLLJDPDGDO
7}VWNHWHUDO}LNH
N}UJXVW
0XUXNRJXMDMD
WHUDMllYDGWLKH
GDVVHPXUXVVHNLQ
QL
(HPDOGDJHPXUX
O}LNHGPXUXNRJX
MDVW
6HDGHYLEUHHULE
N}YDVWL
7HUDHLROHWDVD
NDDOXVMDRQNXOX
QXG
9DKHWDJHWHUDYlO
MD
0RRWRULY}OORQ
SDLQGXQXG
6HLVDNHPRR
WRU
(HPDOGDJH
WXUYDY}WLMD
DNXSORNN
hKHQGDJHWRL
WHDOOLNDVODKWL
.RQWUROOLJH
NDKMXVWXVL
(QQHVHDGPH
WDDVNlLYLWDPLVW
UHPRQWLJHVH
GD
3UREOHHP 9}LPDOLNS}KMXV /DKHQGXV
6HDGHSHDWXEQLLW
PLVHDMDO
7HUDN}UJXVRQOLL
JDPDGDO
7}VWNHWHUDO}LNH
N}UJXVW
$NXSORNNRQWKL /DDGLJHDNXSORN
NL
1LLVNHGPXUX
O}LNHGMllYDGNRU
SXVHY}LWHUDNOJH
NLQQL
(HPDOGDJHDNX
SORNNMDNRQWURO
OLJHNRUSXVW
6HDGPHW||WHP
SHUDWXXURQOLLJD
N}UJH
-DKXWDJHVHDGHW
.XLWHHLOHLDQHQGHOHSUREOHHPLGHOHODKHQGXVWVLLV
S||UGXJHWHHQLQGXVVH
7(+1,/,6('$1'0('
3LQJH 9
.RRUPXVHWDNLLUXV PLQ
/}LNHODLXV PP
/}LNHN}UJXV PP
0XUXNRJXMDPDKXWDYXV /
.DDOLOPDDNXSORNLWD OEVNJ
0}}GHWXGKHOLU}KXWDVH /
3$
G%$.
G%$
*DUDQWHHULWXGKHOLY}LPVXVH
WDVH
/
:$G
G%$
9LEUDWVLRRQLWDVH 㸺 PV
. PV
$NXPXGHO *%*%MDWHLVHG
%$*VHHULDG
/DDGLMDPXGHO *;&*;8&
*;8&MDWHLVHG&$*
VHHULDG
7RSHOWLVRODWVLRRQLJDNRQ
VWUXNWVLRRQ
,3; ,3;
*$5$17,,
7lLHOLNXGJDUDQWLLWLQJLPXVHGRQOHLWDYDG*UHHQZRUNV
YHHELOHKHO
*UHHQZRUNV*DUDQWLLNHKWLEWRRWHOHDDVWDWMDDNXGHOH
WDUELMDGHUDNDVXWXVDDVWDWDODWHVRVWXNXXSlHYDVW*DUDQWLL
NHKWLEWRRWMDYLJDGHOH*DUDQWLLDOXVHOY}LGDNVHWRRGH
UHPRQWLGDY}LYlOMDYDKHWDGD*DUDQWLLHLNHKWLNXLWRRGHWRQ
YllUNDVXWDWXGY}LVHGDRQNDVXWDWXGYDVWXROXVRPDQLNX
NlVLUDDPDWXMXKLVWHJD*DUDQWLLHLNHKWLQRUPDDOVHOH
(HVWLNHHO
(7

NXOXPLVHOH(GDVLPMDWHSDNXWDYDGWlLHQGDYDGJDUDQWLLGHL
P}MXWDDOJVHWWRRWMDJDUDQWLLG
*DUDQWLLQ}XGHHVLWDPLVHNVWDJDVWDJHYLJDQHWRRGHRVWXNRKWD
NRRVRVWXW}HQGDYDGRNXPHQGLJDWãHNLJD
(h
9$67$986'(./$5$76,221
7RRWMDQLPLMDDDGUHVV
1LPL */2%*52$%
*OREH*URXS(XURSH
$DGUHVV 5LJJDUHJDWDQ0DOP|5RRWVL
7HKQLOLVHWRLPLNXNRRVWDPLVHYROLWXVWHJDLVLNXQLPLMD
DDGUHVV
1LPL 0LFDHO-RKDQVVRQ
$DGUHVV 5LJJDUHJDWDQ0DOP|5RRWVL
.lHVROHYDJDNLQQLWDPHHWWRRGH
/LLN 0XUXQLLGXN
0XGHO *;/0/0(
6HHULDQXPEHU 9WWRRWHDQGPHVLOWL
7RRWPLVHDDVWD 9WWRRWHDQGPHVLOWL
YDVWDEDVMDNRKDVH0DVLQDGLUHNWLLYL(hQ}XHWHOH
YDVWDEWHLVWHMlUJQHYDWH(hGLUHNWLLYLGHQ}XHWHOH
(/
(hMD(h
(/MD(/
/LVDNVNLQQLWDPHHWRQNDVXWDWXGMlUJQHYDLGKWOXVWDWXG
VWDQGDUGHLGY}LQHQGHRVLSXQNWH
9DVWDYXVHKLQGDPLVHPHHWRGYDVWDYDOWGLUHNWLLYL(h
OLVDOH9,
0}}GHWXGKHOLY}LPVXVHWDVH /
:$
G%$
*DUDQWHHULWXGKHOLY}LPVXVHWDVH /
:$G
G%$
.RKWNXXSlHY0DO
P|
$OONLUL7HG4XNYDOLWHHGLMXKW
(HVWLNHHO
(7


