*5$),ý.,)$.8/7(7 69(8ý,/,â7$8=$*5(%8
35('$9$1-$
892'8 *5$),ý.8 7(+12/2*,-8 ,=.2/(*,-$
,6(0(67$5 5DþXQDOQDSULSUHPDWHNVWDLVOLNH+592-(),/,329,û
+592-(),/,329,û ,6(0(67$5
892'
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
3RWUHED ]D SLVDQRP ULMHþL VH MDYOMD NDGD VH ]QDQMH RFD QH PRåH X UD]PMHUQRP
YUHPHQXSUHQLMHWLQDVLQDSUHYHOLNRMH
3UYHSRUXNHVOLNRPKUDQDRSVWRMQRVW =$3,6$1-(
SLVDOR
SRGORJD VLPEROL SRUXND 5$=92-3,60$
6OLNRYQHSRUXNH
3LNWRJUDPL SRMHGQRVWDYOMHQLVWULSRYL,QGLMDQFL(VNLPL DHURGURPLEDQNH
,GHRJUDILMD SRMPRYQRSLVPRVOLþLFHVDSRMPRYLPDNLQHVNR SLVPRLDSVWUDNWQLSUREOHP
)RQHWVNRSLVPRSRMHGLQLLGHRJUDPLSRSULPDMXJODVRYQD
RELOMHåMD!VPDQMXMHVHEURM]QDNRYDDSRYHüDYDPRJXüQRVW ]DSLVD
6ORJRYQRSLVPRHJLSDWVNRSLVPR NDRUHEXV
DOIDEHWVNRSLVPRODWLQLFDüLULOLFDDUDSVNRSLVPR 5$=92-0$7(5,-$/$
3ULURGQLPDWHULMDOL
3DSLUXVJNU (JLSDW
X(JLSWX*UþNRM5LPVNRPFDUVWYX QHVWDMHL]XSRWUHEHSRþHWNRPVW
3HUJDPHQWSRJUDGX3HUJDPX
X(JLSWXL$]LMLRGSUNUGRNDVQRJVUHGQMHJYLMHND
QHãWDYOMHQDQHXGDQDãQMHPVPLVOX RþLãüHQHLNUHþRP OXåHQHNRåH
RERMHQRXFUYHQRYDåDQGRNXPHQW
3DSLUSUNU .LQD
SUHNR$]LMH3HU]LMH(JLSWDL0DURND!XVWVD $UDSLPDDX(XURSLQDJOLUD]YRMRGVW
'LVNHWH&'LSODVWLNDNDRQRVDþLQIRUPDFLMH
+592-(),/,329,û ,6(0(67$5
5$=92-3,6$/,&$
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
3ULURGQLPDWHULMDOL *XãþMDSHUD 2ORYNH
7HKQLþNHRORYNH 1DOLY SHUD
.HPLMVNHRORYNH 2%/,&,=$3,6$
3ULURGQLREOLFLPDWHULMDOD 3ORþLFH
3DSLUXVQLVYLFL ,QNXQDEXOH .RGHNVL .QMLJH 6HPLQDUVNLUDG
.RãXOMLFD$ãHOHVKDPHU
*UDILþNLIDNXOWHWX=DJUHEX
6HPLQDUVNLUDGL]XYRGDX*UDILþNXWHKQRORJLMX ,PHLSUH]LPH
'DWXPSUHGDYDQMDUDGD
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
/LVWRYL$
1D]LYWHPHQDVYDNRPOLVWX ,PHLSUH]LPH %URMVWUDQLFH QDMPDQMHVWUDQLFD
NRQ]XOWDFLMHXWRUNRPK
SUHGDWLGRNUDMDVHPHVWUDFFD
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
32'-(/$*5$),ý.(352,=92'1-(32)$=$0$ 3ULSUHPQDSURL]YRGQMDRWNULYDQMHJUHãDND 2VQRYQDSURL]YRGQMD =DYUãQDSURL]YRGQMD
32'-(/$*5$),ý.(352,=92'1-(35(0$35('0(785$'$ D ,]UDGDWLVNDQLKLQIRUPDFLMD E 3URL]YRGQMDDPEDODåH F SUHUDGDSDSLUD
3ULSUHPQDJUDILþNDSURL]YRGQMD HNRQRPVNR PDUNHWLQãND WHKQRORãND
REUDGDWHNVWD REUDGDVOLNH PRQWDåD
2VQRYQDJUDILþNDSURL]YRGQMD WLVDN
L]UDGDDPEDODåHãWDQFDQMHSULUH] SUHUDGDSDSLUD
=DYUãQDJUDILþNDSURL]YRGQMD GRYUãDYDQMHNQMLJD
GRYUãDYDQMHDPEDODåH
GRYUãDYDQMHSDSLUQLKSURL]YRGD
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
32'-(/$*5$),ý.(352,=92'1-(35(0$35('0(78 ,=5$'(7,6.$1,+,1)250$&,-$
8YRG
5D]YRMSLVPDLPDWHULMDOD]DSLVDQMH 3RGMHODJUDILþNHSURL]YRGQMH
3ULSUHPQDJUDILþNDSURL]YRGQMD 2VQRYQDJUDILþNDSURL]YRGQMD =DYUãQDJUDILþNDSURL]YRGQMD *UDILþNLVWURMHYL
*UDILþNLPDWHULMDOL
892' 7HKQRORãNL JOHGDQR JUDILþND WHKQRORJLMD MH VORåHQD RG QL]D SURFHVD L YUOR
UD]QROLNLKVWURMHYD6WURMHYLLRSUHPDVXYUORUD]QROLNLGRNVXSURL]YRGLUD]QRYUVQLNQMLJH NXWLMHSODNDWLNDWDOR]L
*UDILþNDLQGXVWULMDXVYMHWVNLPUD]PMHULPDMHXSRVOMHGQMLKWULGHVHWJRGLQDSRND]DOD
YHüLQDSUHGDNQHJRRG*XWHQEHUJDGRWLKJRGLQD
6WUXNWXUDJUDILþNHLQGXVWULMH
.DRLVYDNDLQGXVWULMDWDNRLJUDILþNDVYRMXSURL]YRGQMXGLMHOLQD SULSUHPQX RVQRYQX ]DYUãQX
2YD WULVHJPHQWDSURL]YRGQMHSRNULYDMXYRGHüHSRGUXþMHWHKQRORJLMHNRMRMMHFLOM JUDILþND UHSURGXNFLMDWMGDMHRWLVDNYMHUDQRULJLQDOX
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
3ULSUHPQDJUDILþNDSURL]YRGQMD
3ULSUHPQDJUDILþNDSURL]YRGQMDEDYLVHSRVWXSFLPDL]UDGHWLVNRYQLKIRUPL6DVWRMLVHRG
XQRVD VORYQLK ]QDNRYD REOLNRYDQMD WHNVWD L]UDGH UHSURIRWRJUDIVNLK SUHGORåDND VHSDUDFLMH L NRUHNFLMH ERMH PRQWDåH WHNVWD L VOLNH NRSLUQRJ SRVWXSND L L]UDGH WLVNRYQH IRUPH
2VQRYQDJUDILþNDSURL]YRGQMD
2VQRYQDJUDISURL]YRGQMDLOLWLVDNVSHFLILþDQMHSURFHVXPQDåDQMDXNRMHPQDVWDMHYHOLNL EURM LVWRYUVQLKSURL]YRGDRWLVDN 8RYRPVHSURFHVXWLVNRYQDIRUPDGRYRGLXNRQWDNWVD WLVNRYQRPSRGORJRPSDSLU 8RELþDMHQHWHKQLNHWLVND
9LVRNLWLVDNNQMLJRWLVDN 3ORãQLWLVDNRIIVHW
'XERNLWLVDNEDNURWLVDN 3URSXVQLWLVDNVLWRWLVDN 3RVWRMLQL]SRGYUVWDRYLKWHKQLND D )OHNVRJUDIVNLWLVDN
E ,QGLUHNWQLNQMLJRWLVDN F 7DPSRQWLVDN
8]RYHQHNRQYHQFLRQDOQHWHKQLNHWLVNDSRVWRMLLGLJLWDOQLWLVDNNRMLVH]DVQLYDQDWRPHGD VHRWLVDNGRELMHHOHNWURQVNLPSXWHP
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
*UDILþNDGRUDGD *UDILþNDGRUDGDMHID]DJUDILþNHSURL]YRGQMHXNRMRMJUDILþNLSURL]YRGGRELYDVYRMNRQDþQL REOLN
*UDILþNDSURL]YRGQMDVHGLMHOLQD NQMLJRYHãWYR NDUWRQDåX
SDSLUQXNRQIHNFLMX .QMLJRYHãND GRUDGD EDYL VH XYH]RP NQMLJD GRN VH NDUWRQDåD EDYL OLMHSOMHQMHP
ãLYDQMHP NXWLMD UD]QLK REOLND 3RG SDSLUQRP NRQIHNFLMRP SRGUD]XPLMHYDPR L]UDGX SURL]YRGDRGSDSLUDYUHüLFHNXYHUWHRPRWQLSDSLULVO
6LVWHPDWVNLSULND]L]UDGHWYUGRXYH]DQHNQMLJH 3ULSUHPQDSURL]YRGQMD LGHMDSRWUHED DXWRU
UHFHQ]LMD
LGHMQRUMHãHQMHSURMHNWDL]UDGDPRGHODãSLJOD
SUHGNDONXODFLMDQDNODGDNYDOLWHWDIRUPDWFLMHQD UD]JRYRUVLQYHVWLWRURP
L]UDGDL]YHGEHQRJSURMHNWDGHWDOMLSUDYQDUMHãHQMH]DVOXþDMVSRURYD ,=5$'$,=9('%(12*35 2-(.7$ 2%5$'$7(.67$
2%5$'$6/,.(
XQRVWHNVWD
VNHQLUDQMH
OHNWXUDMH]LþQRXUHÿHQMHWHNVWD NRUHNWXUH
L]UDGDSUHGORåDND
REUDGDRULJLQDOD L]UDGDSUHGORåDND
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
/HNWXUD ! MH]LþQR XUHÿHQMH WHNVWD LVSUDYOMDQMH JUDPDWLþNLK SUDYRSLVQLK L VWLOVNLK SRJUHãDND
.RUHNWXUD!REDYOMDMXMHVWUXþQLOMXGLXVSRUHGEDOHNWRULUDQRJLXSLVDQRJWHNVWD ,]UDGDSUHGORåDND!WHNVWMHVSUHPDQ]DGDOMQMXREUDGX
2EUDGDRULJLQDOD!UHSURGXNFLMDPRUDELWLãWRYMHUQLMDRULJLQDOXQRGDQDVMHþHVWRGDMH UHSURGXNFLMDEROMDRGRULJLQDOD]ERJEROMLKUDþXQDOD
6NDQLUDQMH!XQDãDQMHVOLNHXVXVWDYGDELVHVOLNDPRJODGDOMHREUDÿLYDWLVOLNXSUHWYDUD XGLJLWDOQHYULMHGQRVWL]QDNRYH 1DNRQWRJDVOLMHGL
D 0RQWDåD !GHILQLUDQMHL]JOHGDSURMHNWDQDãSLJOLPD !UDGLVHXUDþXQDOX
0RQWDåQLVWURMHYL!LPDMXRVYLMHWOMHQXSRYUãLQX
+592-(),/,329,û ,6(0(67$5
$
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
%
SUHVDYLQXWL RNRRYHRVL
]DVYDNXNQMLJXQRYRJIRUPDWDWUHEDQRYLIRUPDWIROLMH
E ,]UDGDWLVNRYQLKIRUPL 7LVNRYQD IRUPD ! JUDILþNL HOHPHQW NRML X]LPD ERMX L] ERMDQLND L SUHQRVL MH QD SRGORJXQDNRMRMåHOLPRQDSUDYLWLRWLVDNNRQWUROLUDQLSRVWXSDN !VDVWRMLVHRGQRVDþDWLVNRYQLKYHOLþLQDLPDIRWRJUDIVNHVORMHYH XRVYMHWOMLYDþLPD!NRQWDNWQRRVYMHWOMDYDQMHIRWRJUDILUDQMH !QHPDRGVWXSDQMDRGYHOLþLQH F ,]UDGDSUREQRJX]RUNDRWLVND !SURYMHUDRQRJãWRVPRQDSUDYLOL G 5D]JRYRUVLQYHVWLWRURP !RSRWSLVXLQYHVWLWRUDRYLVLVYHLQDNODGDLWLVDN H .RUHNFLMDSR]DKWMHYXLQYHVWLWRUD I 3RWSLVLYDQMHNRQDþQRJXJRYRUD QDNRQWRJDSURPMHQDQHPDRGQRVQRPRåHLKELWLDOLWDGDPLNQMLJXUDGLPRSRWSXQRL] SRþHWNDLSRQRYQRQDSODüXMHPRXVOXJHSULSUHPH J ,]UDGDWLVNRYQLKIRUPL EURMWLVNRYQLKIRUPLRYLVLRNYDOLWHWLRWLVND 2VQRYQDSURL]YRGQMD 7,6$.!QHWUDåLSXQRPLãOMHQMD !SURPMHQHYLãHQHPD !RVQRYQDID]DSURL]YRGQMH
=DYUãQDSURL]YRGQMD !SURFHVREOLNRYDQMDSURL]YRGDSURL]YRGGRELYDåHOMHQLREOLN VDVWRMLVHRG REUH]LYDQMDLUD]UH]LYDQMDNQMLåQLKDUDND VDYLMDQMDNQMLåQLKDUDNDXNQMLåQHVORJRYH VDELUDQMDNQMLåQLKVORJRYDXNQMLåQHEORNRYH L]UDGHNRULFD UH]DQMHSULUH]DVWUDQLFDNRULFD UH]DQMHKUSWHQRJXORãND UH]DQMHSUHVYODND L]UDGDNRULFD WLVDNQDNRULFDPD REMHGLQMDYDQMDNQMLåQRJEORNDLNRULFD JRWRYHNQMLJH SDNLUDQMD HNVSHGLWD
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
7,6.$1-(1$%$/, !WLVNDQMHQDURWDFLRQRPSDSLUX $$$
.1-,ä1,$5$. !DUDNQDPLMHQMHQ]DWLVNDQMHNQMLJH .1-,ä1,6/2* !NQMLåQLDUDNQDNRQVDYLMDQMD .1-,ä1,%/2. !VDEUDQLNQMLåQLVORJRYLXMHGQXFMHOLQX
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
795'289(=$1$.1-,*$ !XYH]XMHVHXYLãHGMHOQHWYUGHNRULFH 'LMHORYLNRULFD
SUHVYODNHVWUDQLFD SULUH]VWUDQLFH!RGWYUGLKUDYQLKOMHSHQNL KUSWHQLXORåDNQDKUSWXNQMLJH !PRåHELWL D UDYDQ!XORåDNMHRGOMHSHQNH E ]DREOMHQ!XORåDNMHRGNDUWRQD
REMHGLQMDYDQMH
*$=$VHOLMHSL]ERJþYUVWHYH]HL]PHÿXNQMLåQRJEORNDLNRULFDYDåQDMHQMH]LQDXORJD
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
6+(0$76.,35,.$=,=5$'(6/2ä(1(.$57216.(.87,-( 3ULSUHPQDSURL]YRGQMD LGHMD± SRWUHED DXWRU UHFHQ]LMD LGHMQRUMHãHQMHSURMHNWDL]UDGDPRGHODãSLJOD SUHGNDONXODFLMDQDNODGDNYDOLWHWDIRUPDWFLMHQD UD]JRYRUVLQYHVWLWRURP L]UDGDL]YHGEHQRJSURMHNWD
,=5$'$7(.67$ OHNWXUD XQRVWHNVWD NRUHNWXUD L]UDGDSUHGORåDND
SRþLQMXUD]OLNHL]PHÿXL]UDGHNQMLJHLNXWLMH
,=5$'$6/,.( REUDGDRULJLQDOD VNHQLUDQMH L]UDGDSUHGORåDND
PRQWDåD L]UDGDWLVNRYQLKIRUPL L]UDGDSUREQRJX]RUND UD]JRYRUVLQYHVWLWRURP NRUHNFLMDSR]DKWMHYXLQYHVWLWRUD SRWSLVLYDQMHNRQDþQRJXJRYRUD L]UDGDWLVNRYQLKIRUPL L]UDGDDODWD]DãWDQFDQMHYLãHGMHOQLDODW SLOMHQMHODVHUVNRP]UDNRP ãSHUSORþD SULSUHPDUD]QLKWUDND]DåOLMHEOMHQMHLSHUIRULU IRUPLUDQMHDODWD L]UDGDSURWXSORþD
2VQRYQDSURL]YRGQMD ãWDQFDQMH =DYUãQDSURL]YRGQMD RSWUJDYDQMHRGãWDQFDQLKSULUH]D OLMHSOMHQMHSULUH]DXNXWLMX SDNLUDQMHVOLMHSOMHQLKNXWLMD HNVSHGLW
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
2EMDãQMHQMHSRMHGLQLKID]DL]UDGHNDUWRQVNHNXWLMH L]DUNDãWDQFDPRSULUH]NXWLMH DODW]DãWDQFDQMHYLãHGLMHORYD QRVDþþHOLþQLKWUDNDSUãSHUSORþD XWRULXãSHUSORþLL]UDGD
RVQRYQDWLSDþHOLþQLKWUDND UH]QH ]DSHUIRULUDQMH ]DåOLMHEOMHQMH
3URWXSORþD !GHEHODþHOLþQDSORþD LPD NDQDOH ! QDOLMHSOMHQL GLMHORYL QD NRMH OHJQH NDUWRQ D WDPR JGMH VH åOLMHELNDUWRQMHWUDMQRSODVWLþQRGHIRUPLUDQ EH]QMHVHQHPRåHåOLMHELWL 8]UH]QHWUDNHQDOD]HVHW]YJXPHQLL]EDFLYDþL âWDQFDQMH !]DL]UDGXSULUH]D RSWLPDOQR LVNRULãWDYDQMH SDSLUD PDNVLPDOQR LVNRULãWHQMH L PDWHULMDOD GD VX JUHãNHLãWHWHXSURL]YRGQMLãWRPDQMH .XWLMHVDXWRPDWVNLPGQRP !VDPDIRUPLUDVYRMHGQR
3DNLUDQMH VOLMHSOMHQLK NXWLMD ! NXWLMD PRUD LPDWL SRYUDWQR RSUXåQH VLOH GD PRåH RGVNRþLWLNRGSDNLUDQMDXVPMHUXXNRMHPåHOLPR SDVHSDNLUDRNRPLWR
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
3ULSUHPQDSURL]YRGQMD REUDGDWHNVWD L]UDGDVORJD SLVDQMHWHNVWDUXNRP UXþQDL]UDGDVORJD RGMHO]DL]UDGXUXþQRJVORJD!6ODJDUQD VODJDOMND PDQXVNULSW!UXNRPSLVDQRRQRãWRVODåHPR NDUWLFD$IRUPDWD]QDNRYD!UHGRYD[]QDNRYDXUHGX YLVRNLWLVDNNQMLJRWLVDN WHKQLþNLXUHGQLN GXåLQDUHWNDYLVLQDVORYD ³ãSLJO´ ãSDOWD NRUHNWXUD VODJDUVNLPDWHULMDO SLVPRYQLPDWHULMDO OLQLMH XNUDVQLPDWHULMDO VODJDOLFD 9,62., 7,6$. ! HOHPHQWL NRML QDQRVH ERMX VX LVSXSþHQL WR MH QDMMHGQRVWDYQLMD YUVWD WLVND 8SRWUHEOMDYDVHQDMþHãüH]DWLVDNNQMLJD]DWRMHLGRELODQD]LY.1-,*27,6$.
&57$ !WLVNRYQLPDWHULMDOQRVLWLVDN 6/,-(3,7,6.$56.,0$7(5,-$/ !RPRJXüXMHGDWHNVWNRMLVPRVORåLOLRVWDQHXRQRP REOLNXXNRMHPåHOLPRGDVHQHUDVSDGQH QHGDMHRWLVDN YLVLQDQLMHMHGQDNDYLVLQLVORYD LPDPRYLãHWLSRYDVOLMHSRJWLVNDUVNRJ PDWHULMDOD LVNOMXþFL UHJOHWH NYDGUDWL ãWHJRYL SURUHGL ± UD]OLþLWLKVXREOLNDLGLPHQ]LMD
SUREOHPLVHMDYOMDMXNRG,=5$'(7$%/,&$ !NXüLFHVHSRSXQMDYDMXVOLMHSLPPDWHULMDORP
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
8.5$61, 0$7(5,-$/ ! LPD]DGDWDN GD WHNVW NRMHJ VODåHPR XOMHSãDSU UD]QHYUVWH OLQLMDRNYLUD !YUVWDWLVNRYQRJPDWHULMDODRVWDYOMDRWLVDN 7,3$0$7(5,-$/$.2-, 267$9/-$-827,6.( FUWH XNUDVQLPDWHULMDO VORYD
SULMHVXGL]DMQUDGLOLWHKQLþNLXUHGQLFL ',=$-1(5 NUHLUDL]JOHGNQMLJHQSUWURVWXSDþQLWHNVWGLRVOLNDNRORUDGLRFUQRELMHOL GXSOH[GYRERMQHVOLNH RGUHÿLYDQMHWHKQLNHLGLPHQ]LMDNQMLJH!GDMHHVWHWLNX 7(+1,ý.,85('1,. GDMHEURMVWUDQLFDNRMHLVSDGQXQDNRQGL]DMQDNQMLJH GL]DMQHULWHKQLþNLXUHGQLNPRJXELWLVDGUåDQLXMHGQRMRVREL *5$),ý.,85('1,. !EULQXRVHRUHDOL]DFLMLSRVOD WHKQLþNLXUHGQLN!UDGLPRQWDåX 352%1,27,6$.
â3$/7$ !WHNVWRWLVQXWXGXJDþNLPVWXSFLPDQDUHODWLYQRVODERPSDSLUX .25(.785$ !XVSRUHÿXMHVHRULJLQDOQLWHNVWUXNRSLV VDVORåHQLPWHNVWRP !UDGLMHþRYMHNNRMLGREUR]QDMH]LN !DNRQHNRULJLUDPRUXNRSLVWLPHVHãLULQH]QDQMHLNULYHLQIRUPDFLMH 1DNRQNRUHNWXUHLGH6/$*$1-(7(.67$ UXþQLVORJ
6/$*$56.,0$7(5,-$/ SLVPRYQLPDWHULMDO OLQLMH XNUDVQLPDWHULMDO VOLMHSLPDWHULMDOEH]OLþQLPDWHULMDO !SU,6./-8ý&,SRUDYQDYDMXUHWNHQD SRþHWNXLQDNUDMX
GLMHORYLVORYD
JODYD WUXS VLJQDWXUD
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
SLVPRYQDJDUQLWXUD± SW
352%/(0!GHEOMLQDVYLKVORYDQLMHMHGQDNDSDUD]PDNPHÿXVORYLPDQLMHLVWL WLSRJUDIVNDWRþNDSW PP FLFHUR SWSW[ PP PP SW 7,320(7$5PPSW !P SW 6752-1,7,6$.UXþQL
9HOLNHUXþQHVODJDUQH !]DSRVOHQRSXQROMXGLNRMLUXþQRVODåXQHNLWHNVW 3URQDOD]DNQDþLQDGDVHVORYDPRJXVODJDWLVWURMHP!QLVXUDGLOLVORYDQHJRNDOXSHSD VORYDQLVXELODLVSXSþHQDQHJRXGXEOMHQDXSRYUãLQX 0$75,&( !PDOLNDOXSL
1DSUHGDNMHXWRPHãWRVPRVDGDPRJOLOLMHYDWLþLWDYRORYQLUHGDNDQHVDPRMHGQRVORYR 92',/,&(!RPRJXüDYDMXGDPDWULFHSDGDMXSRQDPDåHOMHQRPUHGX 0$75,&(!ODNRVXVHNYDULOHVORåHQPHKDQL]DP
RGYDMDQMHVWURMD]D OLMHYDQMH RGVWURMD]D SLVDQMHQDSUHGDN ! LVSLV VORYD QD EXãHQRM WUDFLNRMDVHQDPRWDYDODQDãSXOX!JXUQHPRWUDNXXVWURM]DOLMHYDQMHNRMLPDWULFHãDOMHX PDOH NDOXSH L OLMHYD JD EXãHQMH L OLMHYDQMH VH QH PRUDMX GRJDÿDWL X LVWR YULMHPH ! XEU]DQDSURL]YRGQMD /,127<3(!VWURMNRMLUDGLQDSULQFLSXEXãHQMDNDUWLFD 7LVNRYQHIRUPH± YLãHQLVXLVSXSþHQHQHJRXMHGQRMUDYQLQL 7LVNRYQHSRYUãLQH± QRVHERMXLVOXåH]DWLVDN 6ORERGQHSRYUãLQH± QHPDMXERMHLQHQRVHWLVDN 3/2â1,7,6$.!]DWLVNRYQHIRUPHXMHGQRMUDYQRMSRYUãLQL )272.(0,-6.,35,1&,3!WDPRJGMHKRüHPRQDQLMHWLERMXQDQHVHPRMHD WDPRJGMHQHüHPRQHQDQHVHPRMH 0(7$/1()2/,-(EDNDUPHVLQJOHJXUD VDIRWRRVMHWOMLYLPVORMHPQDNRMLVH QDQRVLIRWRVHQ]LELODQVORMNRMLQDQRVLERMX QLMHSRWUHEQROLMHYDQMHVORYD QDWLVNRYQRMSORþLRVYLMHWOLPRQHNXVWUDQXGLRSULKYDüDERMXDGLRQH NDRGD RVYMHWOMDYDPRILOP 1292IRWRDSDUDW]DVOLNDQMHVORYDIRWRVORJ
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
)2726/2*
$
),/0!RQRQDþHPXUDGLPRIRWRJUDILMX )272*5$),-$!PRåHELWLXSR]LWLYXLXQHJDWLYX 6/$-'29,!RGPDKSRVWDMXIRWRJUDILMHX SR]LWLYX ;
QHRVYMHWOMHQL ILOP
0RWRU
7DVWDWXUD
$
0
,]YRUVYMHWOD
Q H R V Y M H WO MH Q L ILOP
DEF
'
G
OH} H L] Y R U V Y MH W O D
V W D N O H Q L G L V N F U Q H E R M H V D Q H S R Y U ã LQ R P V O R Y D` N R M H P L H O L P
QDNRQREDVMDYDQMDILOPDPLRVYMHWOMDYDPRILOP 352%/(0VSRURSLVDQMH
1$35('$. QDVWRMDQMH HOHNWURQLþNRJ SRYH]LYDQMD WDNR GD VH SULWLVNRP QD WDVWDWXUX RWLVQHåHOMHQRVORYR 1292UDþXQDOD!RPRJXüXMXNRUHNWXUXVORYDQDHNUDQX !L]OD]QHMHGLQLFH 3$3,5!LVSLVVH]YDR)$1$IDQDMHSRVHEQLIRWRSDSLU ),/0 !ODVHUVNLSLVDþXID[HYLPD
)$1$!MHLPDODGHILQLUDQUHGDNLWLSVORYDNRUHNWXUDVHYUãLODQDIDQLDQHQDHNUDQX !SRWRPVHYUãLRLVSLVQDILOPXWUDNDPD 5$ý81$56.,6/2*'73
8SLVXMHPR VYH X UDþXQDOR SD LVSLVXMHPR VYH ODVHUVNLP SULQWHURP NRUHNWXUD VH YUãLXUDþXQDOX 7LSRYLL]OD]QLKMHGLQLFD 3ULQWHU 2VYMHWOMLYDþ!RVYMHWOMDYDILOPGHILQLUDQHãLULQH 2VYMHWOMDYDQMHWLVNRYQHIRUPHODVHUVNLPSLVDþHP&73 FRPSXWHUWRSODWH 7LVDN ! VDPR LPD UDþXQDOD L WLVNDUVNH VWURMHYH ,1.-(7 ! GLUHNWQL WLVDN VD UDþXQDOD
W LV Q X WL
+592-(),/,329,û ,6(0(67$5
&37
!FRPSXWHUWRSULQW !]DGQMLNULNWHKQRORJLMH !LQNMHWWHKQRORJLMD
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
35,35(0$7(.67$
2%5$'$6/,.(
5HSURIRWRJUDILMD UHSURGXNFLMVNDIRWRJUDILMD 5HSURGXFLUDQMH RULJLQDOD PRUD ELWL WDNYR GD WD UHSURGXNFLMD EXGH ãWR YMHUQLMD RULJLQDOX ãWRMHX]GDQDãQMXWHKQRORJLMXLWURPRVWQDãHJRNDYUORODNRPRJXüH ýHVWRMHUHSURGXNFLMDEROMDRGRULJLQDOD!]ERJUD]YLMHQHWHKQRORJLMHLWURPRVWLRNDWUHED LPDWLGREUDUDþXQDODLELWLYUVWDQUHWXãHU ),/0 !QRVLRFVOLNH QHRVYMHWOMHQDIROLMD !PHGLMQDNRMHPQRVLPRVOLNX
)272*5$),-$!ILOPVOLND RVYMHWOMHQ ! PRåH ELWL X SR]LWLYX ]D VODMGRYH ! PRJX VH UHSURGXFLUDWL X MHGQRERMQRM L YLãHERMQRMWHKQLFLQDSDSLU LQHJDWLYX]DVOLNH
=DGREUXSULSUHPXRULJLQDOPRUDELWLNRUHNWQRQDSUDYOMHQ 3RVWXSDNREUDGHVOLND]RYHVH5(78â WRMHUHSURIRWRJUDIVNLSRVWXSDN 5(78â MH UHSURIRWRJUDIVNL SRVWXSDN X NRMHP PL VYMHWOLMH GLMHORYH QHNH VOLNH PRåHPR SRWDPQLWLDWDPQLMHGLMHORYHSRVYMHWOLWL 326783$.'2%,9$1-$6/,.(1$),/0 !IROLMXWUHPDQDPD]DWLIRWRRVMHWOMLYLPVORMHPLQDQMX QDVQLPLWLQHJDWLYGDELQDWLVNRYQRMIRUPLGRELOLSR]LWLY
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
5(352)272*5$)6.$.$0(5$322%/,.802ä(%,7, D KRUL]RQWDOQD
E YHUWLNDOQD
)RWRRVMHWOMLYLVORMILOPDMHSUHSXQ]UQD!]DWRQDXYHüDQRMVOLFLGRELYDPRPUOMH 329(û$1-( 6/,.( ! VQLPLPR RULJLQDO UHWXãLUDPR JD SD JD VQLPLPRNDR RULJLQDO L WDM SRVWXSDNSRQDYOMDPRVYHGRNQHGRELMHPRVOLNXXåHOMHQRMYHOLþLQL +RUL]RQWDOQD UHSURIRWRJUDIVND NDPHUD PRåH QDSUDYLWL YHüD SRYHüDQMD VOLNH QHJR YHUWLNDOQDNDPHUD 6.(1(5 ±!HOHNWURQVNLþLWDþNRMLSURþLWDVOLNX 5D]OLNXMHPRWLSDVNHQHUD
5RWDFLMVNL !UHDJLUDQDLQWHQ]LWHWVYMHWOD
KRüHPR
! X UDþXQDOX VH IRWRJUDILMD GLJLWDOL]LUD L WDG L] QMH PRåHPR UDGLWL ãWR
3ORãQLVNHQHU
5D]OLNXMHPRGYLMHYUVWHSORãQLKVNHQHUD 7UDQVSDUHQWQL !þLWDSUR]LUQXIROLMX 1HWUDQVSDUHQWQL ±!þLWDL]QHNHNQMLJHVLVWHVWUDQHþLWDLREDVMDYD
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
ý$623,6, SRGHILQLFLMLPRJXELWL
]DEDYQL ! PRUDMX ELWL DWUDNWLYQL X WUHQGX ]D WR MH SRWUHEQD VLOQD EDQND SRGDWDNDãDUHQLORVOLND ]QDQVWYHQL VWUXþQL
6OLNXPRåHPRGRELWLXUDþXQDOXSRPRüXYHUWLNDOQLKLKRUL]RQWDOQLKNDPHUDLVNHQHUD
)2720217$ä$ !XUDþXQDOXVHPRJXQDSUDYLWLWDNYLSUHSUDYFLGDVHQHYLGLPRQWDåD ]DWRVHQDVXGXNDRGRND]LQHSUL]QDMXIRWRNRSLMHLYLGHRVQLPNH WLSDIRWRJUDILMD SRERML
WLSDIRWRJUDILMD SRWRQX
MHGQRERMQH YLãHERMQH
MHGQRWRQVNH YLãHWRQVNH
-('127216.$ )272*5$),-$ ! FUQRELMHOD VDPR WRQ ERMH ! DNRLPD ERMH RQGDMHWD ERMDXVDPRMHGQRPWRQX 9,â(7216.$)272*5$),-$ !LPDSULMHOD]HL]ELMHOHERMHXFUQXYLãHWRQRYD -HGQRWRQVNDIRWRJUDILMDMHGREUD]DL]UDGXFUWHåDQDFUWDVNLFDWDEOLFD
=DãWR VHNRGMHGQRWRQVNHUHSURGXNFLMHMDYOMDRVMHüDMSULMHOD]DGXELQHNDRNRGYLãHWRQVNH UHSURGXNFLMH ! ]DWR MHU VX MHGQRWRQVNH UHSURGXNFLMH ED]LUDQH QD JXãüH LOL UMHÿH QDQL]DQLP FUWLFDPD NRMH GDMX RVMHüDM SULMHOD]D GXELQH YLãHWRQVND UHSURGXNFLMD MH XVWYDULSULMHYDUD!]DWRMHNULYDWURPRVWQDãHJRND -HGQRERMQHIRWRJUDILMH
-HGQRWRQVNHþLVWHOLQLMHPDNVLPDOQLNRQWUDVW 9LãHWRQVNHEODJLSULMHOD]L!VLYD
'HEOMLQDQDQRVDGLNWLUDWRQRYH
9,62., 7,6$. ! PRåHPR QDQLMHWL VDPR MHGQDNH QDQRVH ERMH ! SUREOHP UMHãDYDPR JXVWRüRPOLQLMDNRMHJOHGDPRVYHOLNHXGDOMHQRVWLWURPRVWRND
âWRVXOLQLMHJXãüHWRMHWDPQLMLWRQERMH 7ULN ! 5$67(5 ! SRPRüX UDVWHUD L] MHGQRWRQVNH IRWRJUDILMH GRELYDPR YLãHWRQVNX IRWRJUDILMX
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
2%5$'$6/,.(
WYUGLQHJDWLY 0(.,),/0!UHDJLUDQDYHüLLOLPDQMLGRWRNVYMHWODFUQRELMHOHYLãHWRQVNHIRWRJUDILMH 795',),/0!UHDJLUDQDVYMHWORQHPDWRQVNLKSULMHOD]D !DNRQHPDGRWRNDVYMHWODQHUHDJLUD SULPMHQD!NRGVOLNDQMD]YLMH]GD ! ]D LPLWDFLMX YLãHWRQVNH UHSURGXNFLMH ]D WLVDN NRML LPD MHGQROLþDQ QDQRV ERMH QRUPDOQLQHJDWLY 5$67(5 !]DGRELYDQMHHIHNDWDYLãHWRQVNHUHSURGXNFLMH]ERJWURPRVWLRND !NRQFHQWUDFLMRPWRþNLFDGRELYDPRHIHNWHWDPQLMHJLVYMHWOLMHJ 35,1&,35$'$5$67(5$
795',),/0!RVYMHWOMHQMHRYLVLRLQWHQ]LWHWXVYMHWOD
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
'(7$/-!YDåQLVXRãWULUXERYLRVYMHWOMHQMDQDILOPX
5$67(56.$05(ä,&$ !NRPDGVWDNODQDNRMHPVPRLVFUWDOLWDPQHSUXJHLYHUWLNDOQRL KRUL]RQWDOQR !JXVWRüDUDVWHUVNLKPUHåLFDQDMþHãüLRGQRVO O
,PDPRUD]OLþLWHWLSRYHUDVWHUD
5$67(582%/,.8.21&(175,ý1,+.58*29$ !]DGRELYDQMHMHGQRERMQHYLãHWRQVNH UHSURGXNFLMH
.217$.71,5$67(5 !]DGRELYDQMHNRQWDNWQLKUDVWHUVNLKVOLND!UDVWHUMHQDILOPX NRQWDNWQRPDWLUDQGQLMHYDåDQ
.$.2'2%,7,9,â(%2-185(352'8.&,-8 75,.520,-$ !WULRVQRYQHERMH !7,3$6,17(=$ VXSWUDNWLYQD DGLWLYQD
0LMHãDQMHPWULMXRVQRYQLKERMDMHGDQSXWGRELYDPRFUQX DGUXJLSXWELMHOXERMX
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
68375$.7,91$6,17(=$ !FUQD. !NDUERQ!SRWSRPDåHFUQXERMXRãWULMD L]UDåDMQLMDUHSURGXNFLMD 0LMHãDQMHP&0<.åXWH< PDJHQWH0 FLMDQ& LFUQH. GRELYDPRFUQX
$',7,91$6,17(=$ 5*% PLMHãDQMHPFUYHQH5 ]HOHQH* LSODYH% GRELYDPRELMHOX
&UYHQDERMDLPDSXQRYDOQLKGXåLQD]DWRMHULPDYLãHWRQRYDFUYHQHERMHLVWRYULMHGLL]D VYHGUXJHERMH (7$/216.(%2-(<0& !LPDMXWRþQRRGUHÿHQHYDOQHGXåLQH 'DQDVVHXJODYQRPNRULVWL&0<.
=$â726(.25,67(3$/(7(%2-$ !]DWRMHUXUHSURGXNFLML&0<.QLMHRQRãWRSUHGVWDYOMD RULJLQDO!SDOHWHERMDVOXåH]DSULEOLåDYDQMHRULJLQDOX NDGQDPWUHEDQHNLWRQUD]OLþLWRG HWDORQVNRJ ),/7(5, !VOXåH]DGRELYDQMHRULJLQDOQLKWRQRYDVOLNHGDXUHSURGXNFLMLGRELMHPR LGHQWLþQHWRQRYHNDRQDRULJLQDOX
8UDþXQDOXMHYHüXSLVDQDYDOQDGXåLQD]DERMHSDVNHQHUVDPRUHDJLUDQDWUDåHQX YDOQXGXOMLQX 25,*,1$/# # 5(352'8.&,-$
RULJLQDOMHJRWRYRMHGQDNUHSURGXNFLML
7,6$. !SURYRGLPRQDLVWLQDþLQNDNRVPRERMHYDGLOLL]RULJLQDODQDLVWRPPMHVWX RWLVNXMHPRVYHERMH!GRELYDPRUHSURGXNFLMXYMHUQXRULJLQDOX
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
3$6(5 !SRWUHEDQ]DRWLVNLYDQMHMHGQHERMHQDGUXJX!XUHSURGXNFLMLPRUDPRLPDWL WDNRVORåHQHERMHGDVHSUHNODSDMX
YLãHYUVWDSDVHUD SDVHUL VYLKERMDPRUDMXVHSUHNODSDWL
=DYLãHERMQXUHSURGXNFLMXVXQDPSRWUHEQHERMHVXSWUDNWLYQHLOLDGLWLYQHVLQWH]H 8WLVNXVHSDVHULPRUDMXREDYH]QRSUHNORSLWL 3DVHULVHQDOD]HQDWLVNRYQRMIRUPL =DYLãHERMQXUHSURGXNFLMXWUHEDMXQDPQDMPDQMHWLVNRYQHIRUPH GRGDWQHERMH 7HãNRMHL]DKWMHYQRSRPRüXSDVHUDSRGHVLWLRVQRYQHERMHPDODVXRGVWXSDQMD! QDãHWURPRRNRWRQHSULPMHüXMH 'DQDVVHSDVHULSRGHãDYDMXXUDþXQDOX 0217$ä$
UDGLPRMHUXþQRLOLSRPRüXUDþXQDOD 5XþQRMXUDGLPRQDPRQWDåQRPVWROXVORYDLVOLNHOLMHSLPRQDPRQWDåQLDUDN 3RPRüXPRQWDåQLKDUDNDL]UDÿXMHPRWLVNRYQHIRUPHXRGMHOXNRMLVH]RYH.(0,*5$),-$ NHPLMVNRLVSLVLYDQMHLVFUWDYDQMHWLVNRYQLKIRUPL!NHPLMVNLSURFHVLL]UDGHWLVNRYQLK IRUPL]DL]UDGXVYLKWLSRYDWLVNRYQLKIRUPL QDþLQDL]UDGHWLVNRYQLKIRUPL
PHKDQLþNL NHPLMVNL HOHNWURPHKDQLþNL
7,6.291()250( !HOHPHQWLNRMLSUHQRVHERMXL]UH]HUYRDUDQDWLVNRYQXSRGORJX 0HWRGHL]UDGHWLVNRYQLKIRUPL
WLVNRYQDIRUPD]DYLVRNLWLVDN WLVNRYQDIRUPD]DGXERNLWLVDN WLVNRYQDIRUPD]DSORãQLWLVDN WLVNRYQDIRUPD]DSURSXVQLWLVDN
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
,]PHÿXWLVNRYQHIRUPH]DYLVRNLWLVDNL]DGXERNLWLVDNMHWQDUD]OLNDRGQRQRãWR MHNRGMHGQHLVSXSþHQRNRGGUXJHMHXGXEOMHQRLREUQXWR .RGWLVNRYQHIRUPH]DYLVRNLWLVDNGXERNLWLVDNLSORãQLWLVDNERMDVHQDQRVLDNRG WLVNRYQHIRUPH]DSURSXVQLWLVDNERMDSUROD]L 0RQWDåQLDUDN
IROLMH]DL]UDGXWLVNRYQLKIRUPLIRWRHIHNWL ãDEORQHXUDþXQDOX]DL]UDGXWLVNRYQLKIRUPLPHKDQLþNHNHPLMVNH HOHNWURPHKDQLþNH 2'-(/.(0,*5$),-(±,=5$'$7,6.291,+)250,
7RMHRQDID]DJUDILþNHSURL]YRGQMHþLMLSURGXNWRPRJXüDYDGDVHSRVUHGVWYRPERMHX] RGJRYDUDMXüLSULWLVDNGRELMHVOLNDRULJLQDODQDWLVNRYQRMSRGOR]L 7LVNRYQHIRUPHL]UDÿXMXVHRGPHWDODSODVWLþQLKPDVDGUYDNDPHQD 1DþLQLL]UDGHWLVNRYQHIRUPH
D UXþQR E VWURMQR F IRWRJUDIVNL G NHPLMVNL
7LVNRYQXIRUPXNDUDNWHUL]LUDMXRVQRYQDHOHPHQWDWRVXWLVSRYUãLQHLVORESRYUãLQH
8SUDYRSUHPDQDþLQX L]UDGHWLVNRYQLKLVORERGQLKSRYUãLQDUD]OLNXMHPRWLVNRYQH IRUPH]D YLVRNLWLVDN SORãQLWLVDN GXERNLWLVDN SURSXVQLWLVDN
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
6+(0$,=5$'(7,6.291()250(
.RSLUQLSUHGORåDNGRELYDPRPRQWLUDQMHPVOLNHLWHNVWDDWLVNRYQXIRUPXGRELYDPR VQLPDQMHPNRSLUQRJSUHGORãND ,=5$'$7,6.291()250(=$9,62.,7,6$.
7LVNRYQDIRUPD]DYLVRNLWLVDNPRåHVHL]UDGLWLUXþQRLVWURMQR ./,â( !WLVNRYQDIRUPDYLVRNRJWLVND]DUHSURGXNFLMXLOXVWUDFLMD 1DþLQLGRELYDQMDNOLãHMD
D NHPLMVNLMHWNDQMH !NHPLMVNLQDþLQGRELYDQMDNOLãHMD]RYHVH-(7.$1-(DWR MHNRQWUROLUDQRQDJUL]DQMHPHWDODNLVHOLQRPGRRGUHÿHQHGXELQH
E PHKDQLþNLJUDYLUDQMH !PHKDQLþNLQDþLQL]UDGHNOLãHMD]RYHVH*5$9,5$1-( DWRMHL]UH]LYDQMHPHWDODGRRGUHÿHQHGXELQH
./,â(,PRJXELWL )2727,3,-( !WLVNRYQHIRUPH]DUHSURGXFLUDQMHFUWHåDMHGQRWRQVNLK RULJLQDOD $8727,3,-( !WLVNRYQHIRUPH]DUHSURGXFLUDQMHVOLNDIRWRJUDILMDRGQRVQR YLãHWRQVNLKRULJLQDOD
=DQMLKRYXL]UDGXMHSRWUHEDQNRSLUQLSUHGORåDNNRMLMHUDVWULUDQ 'DELGRELOLVOLNXXERMLPRUDPRLPDWLNRSLUQDSUHGORãNDUDVWULUDQD GDELRQQMLKGRELOL NOLãHMDDXWRWLSLMHWLVNRYQHIRUPH !]ERJRVQRYQHERMH
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
352&(6'2%,9$1-$./,â($-(7.$1-(0
6QLPDQMHPRULJLQDODGRELYDPRNRSLUQLSUHGORåDNYLGLVKHPX DWRMHXVWYDULSR]LWLYLOL QHJDWLYRULJLQDOD
0HWDOQXSORþXRGNRMHüHQDVWDWLNOLãHMPRUDPRSUHPD]DWLVYMHWORRVMHWOMLYLPVORMHPQDNRML üHPRWDGDNRSLUDWLGRELYHQLNRSLUQLSUHGORåDN
269-(7/-$9$1-(0 3/2ý( XSUDYRüHPRGRELWLRQDPMHVWDNRMDWUHEDL]MHWNDWLNRQWUROLUDQR RWRSLWLPHWDORGJRYDUDMXüRPNLVHOLQRP ,)$=$RVYMHWOMDYDQMH
,,)$=$NRSLUDQMH
,,,)$=$MHWNDQMHRGJRYDUDMXüRPNLVHOLQRP ,9)$=$WLVDN
2WLVDNMHYMHUDQRULJLQDOX
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
,=5$'$7,6.291()250(./,â($ 0(+$1,ý.,0387(0*5$9,5$1-(
'RELYDVHL]UH]LYDQMHPXPHWDOXWMJUDYLUDQMHP 8UHÿDMNRMLPVHJUDYLUDQD]LYDVH./,â2*5$) !VDVWRMLVHRGRVQRYQDGLMHOD RSWLþNLGLR JUDYLUQLGLRJUDYLUQDLJOD LVHQDOD]HQDLVWRMRVRYLQL
*5$9,51$,*/$ !GMHOXMHQDPMHVWLPDJGMHVYMHWORSURÿHSUHNRIRWRüHOLMHNRMDGMHOXMH QDJUDYLUQXLJOXNRMDL]UH]XMHPHWDO ,=5$'$7,6.291()250(=$3/2â1,7,6$.
,]UDÿXMHVHRGUD]OLþLWLKPDWHULMDODDOXPLQLMNDPHQFLQNSODVWLþQHIROLMH 2YXWLVNRYQXIRUPXWDNRÿHUNDUDNWHUL]LUDMXRVQRYQDHOHPHQWDWLVNRYQHLVORERGQH SRYUãLQHRQHVXSUDNWLþNLXLVWRMUDYQLQLWHRUHWVNLQLVX 3LWDQMHMHQDNRMLQDþLQL]YUãLWLRWLVDNVDPRQDRGUHÿHQLPGLMHORYLPDWLVNRYQHSRGORJH !UDGLVHRWRPHGDVXWLVNRYQHLVORERGQHSRYUãLQHQDWLVNRYQRMIRUPL]DSORãQLWLVDN IL]LNDOQR± NHPLMVNLUD]OLþLWH %RMDMHQDED]LXOMD $NRåHOLPRUHSURGXFLUDWLQHNLRULJLQDOSRPRüXWLVNRYQHIRUPH]DSORãQLWLVDNRQGDüHWR L]JOHGDWLRYDNR ,2'-(/5(352)272*5$),-(
RULJLQDOXRGMHOXUHSURIRWRJUDILMHVQLPLPRLGRELMHPRNRSLUQLSUHGORåDN ,,2'-(/.(0,*5$),-(
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
,,,7,6$.
!LQGLUHNWQLQDþLQGRELYDQMDWLVNRYQHIRUPH]DSORãQLWLVDNGRNVHGLUHNWQLQDþLQGDQDV YLãHQHNRULVWLRVLPXVYUKXXPMHWQLþNHUHSURGXNFLMH ',5(.71,1$ý,1,=5$'(7,6.291()250(
=RYHVH/,72*5$)6.,7,6$. LOL.$0(127,6$. .DRWLVNRYQDIRUPDVHNRULVWLNDPHQDSORþD 1DMVWDULML SRVWXSDN SORãQRJ WLVND MH /,72*5$)6., 7,6$. LOL .$0(127,6$. D LPHMH GRELRSRWRPHãWRMHWLVNRYQDIRUPDRGNDPHQDVSHFLMDOQLNDPHQNRMLMHSRUR]DQLNRMLX SRGMHGQDNRMPMHUXXSLMDPDVQRüXLYRGX 7LVNRYQHSRYUãLQHGRELMXVHFUWDQMHPPDVQRPNUHGRPSRNDPHQX 2YHSRYUãLQHGREURXSLMDMXERMXDRGELMDMXYRGX =DVYDNLRWLVDNSRYUãLQDOLWRJUDIVNRJNDPHQDPRUDVHQDYODåLWLYRGRPDRQGDSUHPD]DWL ERMRP ,=5$'$ 7,6.291()250(=$'8%2.,7,6$. 7LVNRYQHSRYUãLQHVXXGXEOMHQHLXQMLKGROD]LERMD =RYHVHMRãL%$.527,6$. =DGRELYDQMHSUDYHYLãHWRQVNHUHSURGXNFLMH 7LVNRYQDIRUPDLPDEDNURWLVQHORQþLüH
,=5$'$7,6.291()250(=$3523861,7,6$. .RG RYHWLVNRYQHIRUPHVORERGQHSRYUãLQH LWLVNRYQHSRYUãLQHQDOD]HVHXLVWRMUDYQLQL 6ORERGQH SRYUãLQH L WLVNRYQH SRYUãLQH VH UD]OLNXMX SR WRP ãWR WLVNRYQH SRYUãLQH SURSXãWDMXERMXDVORERGQHQH =DGRELYDQMHMHGQRWRQVNLKUHSURGXNFLMD 6SHFLILþQRVWPRåHRWLVNLYDWLQDVYHPDWHULMDOHNRMLSRVWRMHMHGLQRWDYUVWDWLVND 261291$352,=92'1-$7,6$.
7,6$. ! QDþLQ SUHQRãHQMD ERMH VD WLVNRYQH IRUPH QD SRGORJX X RQRM NRQWXUL X NRMRMMH WLVNRYQDIRUPD !PHKDQLþNLSULMHQRVERMHLWLVNRYQH IRUPHQDSRGORJX RVQRYQDWLSDWLVND
9LVRNLWLVDN !LPDPRQHNROLNRWLSRYDWLVNDNQMLJRWLVDNIOHNVRWLVDNOHWWHUVHW 3ORãQLWLVDN !LPDPRQHNROLNRWLSRYDWLVNDRIIVHWQLWLVDNVYMHWORWLVDNGLOLWRWLVDN 'XERNLWLVDN !LPDPRQHNROLNRWLSRYDWLVNDEDNURWLVDNþHOLþQLWLVDNWHUPRJUDIVNL WLVDNWLIORJUDIVNLWLVDN!WLVDN]DVOLMHSFH 3URSXVQLWLVDN !MHGDQRGWLSRYDSURSXVQRJWLVNDMHVLWRWLVDN
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
',5(.71, 7,6$. ! WLVDN JGMH MH NRQWDNW L]PHÿX WLVNRYQH IRUPH L SRGORJH GLUHNWDQ PHÿXVREQLVUD]
,1',5(.71, 7,6$. ! WLVNRYQD IRUPD GDMH RWLVDN QD SULMHQRVQL YDOMDN D ]DWLP YDOMDN SUHQRVLRWLVDNQDSRGORJX
9,62.,7,6$.
.1-,*27,6$. !GLUHNWQDWHKQLNDWLVND !XSRWUHEDRORYQLKVORYDGDQDVVHPDORXSRWUHEOMDYDMX 2/292 ±!OHJXUDDQWLPRQDDOXPLQLMDLEDNUD !MHGQDOHJXUDWLVNRYQHIRUPHNRULVWLVH]DRWSULOLNHRWLVDND !]DKWMHYDJODGDNSDSLUVDWLQLUDQL !SRþHWDNXSRWUHEHRNRJSU.U!'UYRUH]NDRWHKQLNDWLVNDL]UH]LYDQMHXGUYX )/(.62*5$)6.,7,6$. !GLUHNWQDWHKWLV !QD]LYDVHMRãL$1,/,16.,7,6$. SUHPDERMLNRMRPVHUDGLWDYUVWDWLVND 7LVNRYQDIRUPD NRMRPVHL]YRGLWLVDNMHRGJXPHLOLSODVWLNH *XPHQHWLVNRYQHIRUPH !NRULVWLOHVXVHXVDPRPSRþHWNXELOHVXUHODWLYQRPHNDQH! QSUåLJ 3RJRGDQ]DRWLVDNQDPHNDQLPPDWHULMDOLPD]DWRMHUMHJXPDPHNDQD $1,/,16.(%2-( VXULMHWNHSDWLVNRYQXIRUPXQLMHSRWUHEQRMDNRSULWLVQXWLGDELGRELOLRWLVDN EODJLSULWLVDN LERMHYUOREU]RKODSHSRJRGQR]DRWLVDNQDVWDNOX !RVWDYOMDWUDJLQDKUDSDYLPSRGORJDPD !]DRWLVNHQDVDOYHWDPDERMDVDPRVDMHGQHVWUDQH
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
5(1(6$16$ 9,62.2* 7,6.$ ! SODVWLþQHWLVNRYQHIRUPHPRJXQDSUDYLWLQHNROLNRPLOLMXQD RWLVDNDSULMHQHJRãWRVHSRWURãH !=DRWLVNHQDSODVWLþQLPYUHüLFDPDIROLMDPDVWDNOX 3ODVWRWLSLMD!SURFHVL]UDGHWLVNRYQLKIRUPLRGJXPH /HWWHUVHW ! QD]LYD VH MRã L VXKL RIIVHW LQGLUHNWQD WHKQLND WLVND ! RGYLMD VH X] SRPRü SULMHQRVQRJYDOMND !]RYHVHLVXKLRIIVHW]DWRMHUQHPDYRGH !]DJUXSQHWLVNRYLQHNXWLMH]DMDMD± XJODYQRPMHGQRERMQHODN !WLVNRYQDIRUPDMHRGSODVWLþQLKPDWHULMDOD 3/2â1,7,6$. 2))6(71, 7,6$. !LQGLUHNWQDWHKQLNDWLVND !SORãQDWLVNRYQDIRUPD !þHVWDXSRWUHEDYLãHRG !EU]LQDURWDFLMH!± RWLVDNDXVDWX !WLVDNQDEDODPDSRWUHEQLVXNYDOLWHWQLSDSLUL !RPRJXüXMHYLãHERMQXUHSURGXNFLMXYUORNYDOLWHWQX !SUYRVHQDWLVNRYQRMIRUPLMHGQLPYDOMNRPQDQRVLYRGDDSRWRPVHQDQRVLERMD !VXãHQMHSDSLUDRGYRGH,1)5$&59(1,0=5$.$0$
/,72*5$)6.,7,6$. !.DPHQRWLVDN !WLVDNSRPRüX/,72*5$)6.2*.$0(1$QDQRãHQMHPPDVQHNUHGHDSRWRP YRGH !L]WRJDVHUD]YLR2IIVHWQLWLVDNSUHWHþD2IIVHWWLVND !þHVWRJDNRULVWHXPMHWQLFL !GDMHGRRWLVDND ! NDNR VH X SURãORVWL þXYDOD YMHUQRVWRWLVND! QD SDSLUELVPRRWLVQXOLRULJLQDOV NDPHQDLSUHQLMHOLELWDMRWLVDNQDGUXJLNDPHQ .5202/,72*5$),-$ !X]XSRWUHEXYLãHERMD
69-(7/27,6$. ! QD VWDNOHQRM SORþL GHEOMLQH FP NRMD MH RVORMHQD IRWRRVMHWOMLYRP åHODWLQRPNRMXRVYLMHWOLPR 6ODELMHRVYLMHWOMHQDPMHVWD VX2/(2)2%1$ QHSULYODþHERMX DMDþHRVYLMHWOMHQDPMHVWD VX2/(2),/1$ SULYODþHERMX ±!WDNRGRELYDPR35,9,'9,â(%2-1(5(352'8.&,-( YLãHWRQVNLRWLVDNDOLQHSUDYLNDRNRG%$.527,6.$ !XSRWUHEDXXPMHWQLþNRMUHSURGXNFLML !GDMHGRRWLVDND ',/,727,6$. !VDWLVNRYQHIRUPHVHGLUHNWQRRWLVNXMHQDSRGORJX !QHPDþHVWXXSRWUHEXSULMHVHNRULVWLR]DWLVNDQMHQRYLQD !WLVNRYQDIRUPDMHXQHJDWLYX
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
'8%2.,7,6$.
!]DYLãHWRQVNXUHSURGXNFLMXUD]OLþLWQDQRVERMHQDSRYUãLQX !XRVWDOLPWLSRYLPDWLVNDYLãHWRQVNDUHSURGXNFLMDVHGRELYDSRPRüX5$67(5$ !GLUHNWQDWHKQLNDX]SRPRü5$.(/$VNLGDYLãDNERMH
%$.527,6$. !WLVNRYQDIRUPDMHRGEDNUD !]DGRELYDQMHSUDYHNODVLþQHYLãHWRQVNHUHSURGXNFLMH
ý(/,ý1, 7,6$. ! WLVNRYQD IRUPD MH RG þHOLND QDVWDOD MH JUDYLUDQMHP XGXELQD X NRMH QDJXUDPRERMXLQDSUDYLPRRWLVDN
!þHVWRVHXSRWUHEOMDYD5(/-()126735(*$1-(
7(502*5$)6.,7,6$. !VWYDUDQMHSR]LWLYQLKLQHJDWLYQLK]RQDQDSDSLUX
!SUDKQDWHPSHUDWXULEXEULLNUXWLXSHüL]ERJJULMDþD
7,)/2*5$)6.,7,6$. !WLVDN]DVOLMHSFH !UHOMHIQLRWLVDNMHLVSXSþHQXVWURJRNRQWUROLUDQLP]RQDPD !SDSLULPRUDMXELWLSRJRGQL]DSODVWLþQXWUDMQX GHIRUPDFLMXDOLQHVPLMXSXFDWL !RGYLMDVHX]SRPRüSUHJDQMDLOLþHOLþQRJWLVND
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
3523861,7,6$.
6,727,6$. !ERMDSUROD]LNUR]WLVNRYQXIRUPX ! PUHåLFD VH SUHPD]XMHIRWRRVMHWOMLYLP VORMHPVWDYOMDVH ILOP L RVYLMHWOLJGMHLPD ERMHPUHåLFDüHVHRSUDWLQHVWDWL
!ERMDVHQDQDãDXYHOLNRPVORMXPRåHVHRVMHWLWLJGMHERMHLPDDJGMHMHQHPD !GDQDVVHþHVWRXSRWUHEOMDYD !ODJDQDMHLMHGQRVWDYQDL]UDGDWLVNRYQLKIRUPL !]DRWLVNHQDGUYXVWDNOXSODVWLFLPHWDOXWHNVWLOX 267$/(9567(7,6.$ .6(52*5$)6., (/(.75267$7,ý., 7,6$. ! UDGL QD SULQFLSX IRWRNRSLUQRJ VWURMD IRWRNRSLMDVHSULMHUDGLODQDSRVHEQRPIRWRRVMHWOMLYRPSDSLUX !QDSR]LWLYQDPMHVWDQDLRQL]LUDQRPSDSLUXSULYODþLVHSUDãDNX]SRPRüJULMDþD VHSUDãDNRVXãLLSDSLUL]OD]LL]VWURMDNDRIRWRNRSLMD YUVWHSULQWHUD ODVHUVNLSULQWHU SULQWHUVWRQHURP ODVHUVNLP SXWHP L]EMHJDYDPR RSWLþNL GLR RSW GLR RPRJXüDYD SUROD] VYMHWORVWL NUR] RSWLþNXSUL]PX 35,17(5,VXIRWRNRSLUQLVWURMHYLEH]RSWLþNRJGLMHODDOLVDHOHNWURQLþNLPGLMHORP 75$16)(57,6$. !XSRWUHEDXRWLVNLYDQMXWNDQLQD ! ERMDVH RWLVNXMHVD WLVNRYQHIRUPHQDSDSLUD]DWLPSRPRüX]DJULMDQRJYDOMND QDQHNXWNDQLQXERMDVH]DSHþHQDWNDQLQX !ERMHVHQHPRJXRSUDWLVDWNDQLQH !LQGLUHNWQLWLVDN !ELORNRMDWHKQLNDQDQDãDQMDERMHQDSDSLU
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
7$03217,6$. !QDREOLPSRYUãLQDPDRORYNHXSDOMDþLSLQJSRQJORSWLFH
6/,-(3,7,6$. !QDSULQFLSXSUHJDQMDSRYUãLQHQHPDERMH !XSRWUHEDQDNRULFDPDNQMLJDNRULFHPRUDMXELWLRGWNDQLQH 7,6.$56.,6752-(9, 3RGMHODSUHPDQDþLQXUDGD
3/2ý$23/2ý8 !WLVNRYQDIRUPDMHXREOLNXSORþHDSRGORJDLVWRX REOLNXSORþH !QDMVWDULMLVWURMHYL 3/2ý$± 9$/-$. !YDOMDNURWLUD
9$/-$.± 9$/-$. 3RGMHODSRREOLNXSDSLUDQDNRMLVHWLVND
3RGMHODSUHPDQDþLQXUDGD
QDDUNH QDEDOH
5XþQHSUHãH UXþQLVWURMHYL 3ROXDXWRPDWVNHVWURMHYH UXþQRXODJDQMH 3RWSXQR± DXWRPDWVNHVWURMHYH
3RGMHODSRPRJXüQRVWLRWLVNLYDQMDXERMDPD
-HGQRERMQL 9LãHERMQL GYRWURLþHWYHURERMQL
+592-(),/,329,û ,6(0(67$5
35('$9$1-$,=.2/(*,-$ 892'8*5$),ý.87(+12/2*,-8
3RGMHODQDPRJXüQRVWLRWLVNLYDQMD -HGQRVWUDQRRWLVNLYDQMH
2ERVWUDQRRWLVNLYDQMH
'$1$6 !SORþDRSORþXQD]DNORSQRPSULQFLSXXNQMLJRWLVNX
7,6$.1$%$/8 !]DWLVNDQMHQRYLQDSRPRüXDJUHJDWDQRYLQVNHURWDFLMH %$.527,61(527$&,-( !WLVNRYQDIRUPDMHXEDNUX]DWLVNDQMHQRYLQD ýHWYHURERMQDURWDFLMD !ERMHXURWDFLML
7,6.$56., 6752- ! ]D 7,6$. 35(*$1-( UHOMHI 180(5,5$1-( ]D WLVNDQMH YULMHGQRVQLFDþHNRYD 3(5)25,5$1-( EXãHQMHUXSLFDQDNDUWDPD]DNRQFHUWHGDVH PRJX RWNLQXWL GRUDGQL SRVWXSDN /$.,5$1-( ID]D]DYUãDYDQMD SURL]YRGD XOMHSãDYDQMH GRUDGD 6$9,-$1-( 5(=$1-( QDSRWUHEDQIRUPDW 27,6.,9$1-( ERMHQDSDSLU±!NODVLþQL WLVDN