32/,7(&+1,.$ %,$à2672&.

$
:<'=,$à(/(.75<&=1<
.$7('5$$8720$7<.,,(/(.7521,.,

5HJXODWRU6,3$57'5

.DWHGUD$XWRPDW\NLL(OHNWURQLNL
3ROLWHFKQLND%LDáRVWRFND

%,$à<672.
 5HJXODWRU6,3$57'5 ILUP\ 6LHPHQVMHVWPLNURSURFHVRURZ\PDSDUDWRZ\P
XU]G]HQLHP DXWRPDW\NL REVáXJXMF\P  OXE  XNáDG\ UHJXODFML 0R*H SUDFRZDü MDNR
DXWRQRPLF]Q\ UHJXODWRU 3,' OXE MDNR HOHPHQW ]áR*RQHJR V\VWHPX ZLHORREZRGRZHJR OXE
NRPSXWHURZHJR ''& 63&  'DQH F\IURZH GRW\F]FH VWDQX DSDUDWX L SU]HWZDU]DQ\FK
V\JQDáyZ PRJ E\ü SU]HV\áDQH ]D SRPRF LQWHUIHMVX V]HUHJRZHJR 3URJUDP UHDOL]XMH
DOJRU\WP3,'ZNLONXZDULDQWDFK*áyZQHZHMFLDLZ\MFLDV DQDORJRZH6\JQDá\ELQDUQH
PDM ]QDF]HQLH SRPRFQLF]H ] Z\MWNLHP Z\Mü GR UHJXODFML NURNRZHM L GZXSRáR*HQLRZHM
&]RáRZ\ SDQHO RSHUDWRUVNL ]DZLHUD ZVND(QLNL F\IURZH L DQDORJRZH SU]HáF]QLN
>SUDFD DXWRPDW\F]QDSUDFD U F]QD@ SU]\FLVNL >]ZL NV]DQLD]PQLHMV]DQLD@ LWS :VND(QLNL
DQDORJRZHPDM SRVWDüOLQLMHNGLRGRZ\FK]HVWDZLRQ\FK]GLRGZLHFF\FK/('

.RQILJXUDFMD UHJXODWRUD VSURZDG]D VL GR Z\ERUX ZDULDQWX DOJRU\WPX 3,'

LRSFMLMHJRZ\NRQDQLD5HJXODWRU'5XPR*OLZLDUHDOL]DFM QVWXNáDGyZUHJXODFML
 VWDáRZDUWRFLRZDUHJXODFMD3,'
 UHJXODFMDVWRVXQNX
 UHJXODFMDQDG*QD]]HZQ WU]Q ZLHONRFL ]DGDQ
 VWHURZDQLHQDGU] GQH''&OXE63&
 UHJXODFMDNDVNDGRZDOXENDVNDGRZDUHJXODFMDVWRVXQNX
 VWHURZDQLHVHOHNF\MQH
5HJXODWRUSRVLDGDWDN*HPR*OLZRüVDPRQDVWUDMDQLDLDGDSWDFML

3RGVWDZRZHGDQHWHFKQLF]QHUHJXODWRUD V QDVW SXMFH

x =DVLODQLH$& SU]HáF]DOQH  9a9ar
GR+]
x :HMFLDDQDORJRZH$( GR$( ,]RORZDQHGR9
 3UGRZH
6WDQGDUG GRP$
=DNUHVUHJXODFMLGRP$
2SRUQRü ZHMFLRZD :
0D[QDSL FLHZVSyOQH GR9
 1DSL FLRZH
=DNUHVQDSL FLD GRP9OXEGR9
2SRUQRü ZHMFLRZD !N:


x :\MFLDDQDORJRZH$$ GR$$ 1LHL]RORZDQH
=DNUHVSUGXZ\MFLRZHJR GRP$
1DSL FLHREFL*HQLD GR9
x :HMFLDELQDUQH 1LHL]RORZDQH
3R]LRPV\JQDáX d9
3R]LRPV\JQDáX t9
6WDW\F]Q\SR]LRPQLV]F]F\ “9
x :\MFLDELQDUQH 1LHL]RORZDQH
3R]LRPV\JQDáX d9
3R]LRPV\JQDáX GR9
3UGREFL*HQLDdP$

0LQLPDOQD ZHUVMD UHJXODWRUD 6LSDUW '5 ]DZLHUD  ZHMFLD L  Z\MFLD

DQDORJRZH RUD]  ZHMFLD L  Z\Mü ELQDUQ\FK :HMFLD DQDORJRZH $( GR $( PRJ E\ü
SU]HáF]DQHQDUy*QHVWDQGDUG\V\JQDáyZ]ZRUDPL]QDMGXMF\PLVL QDSá\FLHJáyZQHM
0RGXá\RSFMRQDOQH UR]V]HU]DMFHPR*OLZRFLDSDUDWXZNáDGDVL ]W\áXREXGRZ\
Z RGSRZLHGQLH JQLD]GD U\V  3U]\SRU]GNRZDQLH JQLD]G RUD] XNáDG ZHMü L Z\Mü MHVW
RNUHORQ\ SU]H] RSURJUDPRZDQLH 5HJXODWRU PR*H E\ü X]XSHáQLRQ\ R QDVW SXMFH PRGXá\
GRGDWNRZH
 ZHMFLDSUGRZHR]DNUHVLHGRP$
 ZHMFLDQDSL FLRZHR]DNUHVDFKGRP9OXEGR9
 ZHMFLDUH]\VWDQF\MQHR]DNUHVLH:
 ZHMFLDF]XMQLNDUH]\VWDQF\MQHJR3WáF]RQHJROLQL GZX WUyM OXEF]WHURSU]HZRGRZ
 ZHMFLDWHUPRSDU\
 ZHMFLDELQDUQH
 Z\MFLDELQDUQH
 LQWHUIHMVNRPXQLNDFMLV]HUHJRZHM352),%86'3OXE5656

'RVW SQH Z ODERUDWRULXP UHJXODWRU\ PDM XVWDZLRQH QDVW SXMFH URG]DMH

]DNUHVyZ $( $( MDNR ZHMFLD QDSL FLRZH 9 $( MDNR ZHMFLH SUGRZH ,  P$ 
3RQDGWRV Z\SRVD*RQHZPRGXáLQWHUIHMVXV]HUHJRZHJR5656 6(6 
'R SRGáF]HQLD V\JQDáyZ SURFHVRZ\FK GR UHJXODWRUD VáX* ZNáDGDQH EORNL ]DFLVNRZH
] ]DFLVNDPL UXERZ\PL QS JQLD]GR SRU U\V L U\V  :HMFLD DQDORJRZH $( GR $(


V WR EH]SRWHQFMDáRZH SDV\ZQH  ZHMFLD R PD[ QDSL FLX ZVSyOQ\P  9 3U]\NáDGRZR
ZHMFLH$(MHVWSRGáF]RQHGR]DFLVNyZ:\MFLD$$$$RUD]%(L%$V WR
SRWHQFMDáRZH DNW\ZQH  ZHMFLDZ\MFLD Z VWRVXQNX GR PDV\ 0  :\MFLD SU]HáF]DMFH
UHJXODWRUDNURNRZHJR6V QDVWDáHSRGáF]RQH]QVWZ\MFLDPL%$
5HJXODWRU6± , '\Z%$ ]DFLVN L'\Z%$ ]DFLVN
5HJXODWRU6± ,, '\Z%$ ]DFLVN  L'\Z%$ ]DFLVN

6W\NX]LHPLDMF\VSU *\QRZ\
*QLD]GR
*QLD]GR
*QLD]GR Sá\WDJáyZQD
*QLD]GR
*QLD]GR
*QLD]GR ,QWHUIHMV56
352),%86'3
UXEDX]LHPLDMFD
6]\QD',1
3U]HáF]QLNQDSL ü]DVLODQLD
:W\N]DVLODQLD
%ORN]DVLODQLD

5\V:LGRN]W\áXJQLD]GDL]áF]D

$QDORJRZHV\JQDá\ZHMFLRZH ZUHJXODWRU]H'5PRJ E\üSRGGDQHILOWUDFML

L RSHUDFML SLHUZLDVWNRZDQLD OXE OLQHDU\]DFML U\V  )LOWUDFMD XVXZD ]DNáyFHQLD
V]\ENR]PLHQQH SLHUZLDVWNRZDQLX V SRGGDZDQH V\JQDá\ ] F]XMQLNyZ SU]HSá\ZX
D OLQHDU\]DFML V\JQDá\ ] WHUPRSDU OXE LQQ\FK F]XMQLNyZ ] LVWRWQLH QLHOLQLRZ\PL
FKDUDNWHU\VW\NDPL VWDW\F]Q\PL 'R SU]HWZDU]DQLD ZHMü DQDORJRZ\FK VáX*\ NRQILJXURZDQ\
XNáDG W\ONR JG\ 6   Z VNáDG NWyUHJR PR*H ZFKRG]Lü NLONDQDFLH EORNyZ IXQNF\MQ\FK
6 WR EORNL DU\WPHW\F]QH QS GRGDZDQLH PQR*HQLH G]LHOHQLH  IXQNFMH DSURNV\PXMFH
Z\ELHUDNLPDNVLPXPLPLQLPXP


 5\V6FKHPDWEORNRZ\UHJXODWRUD6LSDUW'5

3á\W F]RáRZ UHJXODWRUD SRND]DQR QD U\VXQNX  &]RáRZ\ SDQHO RSHUDWRUVNL
UHJXODWRUD ]DZLHUD HOHPHQW\ ZL]XDOQH RUD] NODZLV]H (OHPHQWDPL ZL]XDOQ\PL V ZVND(QLNL
F\IURZHOLQLMNLGLRGRZHRUD]SRMHG\QF]H/('\
:VND(QLNL F\IURZH SUH]HQWXM ZLHONRü ]DGDQ 63: VHWSRLQW  ZLHONRü UHJXORZDQ
39; SURFHV YDULDEOH  RUD] Z\MFLH UHJXODWRUD UHSUH]HQWXMFH Z XNáDG]LH UHJXODFML
VWHURZDQLH 287< RXWSXW  63 39 RUD] 287 V SRGDZDQH Z SURFHQWDFK FDáHJR ]DNUHVX
2E\GZLHOLQLMNLPDM SR /('yZLZVND]XM 63L39]GRNáDGQRFL 


3DU\/('yZ $$L$$DODUPXM ZZ\SDGNXSU]HNURF]HQLDRNUHORQ\FKSR]LRPyZ
SU]H] EáG UHJXODFML ZLHONRü UHJXORZDQ OXE Z\MFLH /(' & ZLHFL Z UD]LH SU]HUZ\
ZNRPXQLNDFMLSU]\VWHURZDQLXQDGU] GQ\PD/('67SRGF]DVVDPRQDVWUDMDQLD
%RF]QDSDUDNODZLV]\WUyMNWQ\FK VáX*\GRXVWDZLDQLDZLHONRFL]DGDQHM63:GROQD± GR
XVWDZLDQLD Z\MFLD 287< *yUQ\ NODZLV] SU]HáF]D PL G]\ ZHZQ WU]Q D ]HZQ WU]Q
ZLHONRFL ]DGDQ .ODZLV] ]H ]QDNLHP U NL MHVW SU]HáF]QLNLHP 0DQXDO$XWRPDWLF
U F]QLHDXWRPDW\ND DNODZLV]SRQL*HMQLHJRSU]HáF]QLNLHPZ\ERUXNDQDáXUHJXODFML

5\V3á\WDF]RáRZDUHJXODWRUD6LSDUW'5

 /(']DSDORQ\JG\DSDUDWSUDFXMH]ZHZQ WU]Q ZDUWRFL ]DGDQ

 3U]\FLVNGR]PLDQ\ZDUWRFL]DGDQHM ZHZQ WU]QD]HZQ WU]QD LSU]\FLVN´(;,7´
]SR]LRPXNRQILJXURZDQLD
 /('V\JQDOL]DF\MQ\SU]HUZ\ZNRPXQLNDFMLSU]\VWHURZDQLXQDGU] GQ\PL/('
´(;,7´SRGF]DVNRQILJXUDFML
 /('V\JQDOL]DF\MQ\WUZDQLDSURFHVXDGDSWDFML

/(' \V\JQDOL]DFMLDODUPRZHM$$$$



 3U]\FLVNLGRSU]HVWDZLDQLDZHZQ WU]QHMZDUWRFL]DGDQHM
 /('V\JQDOL]DF\MQ\SUDF\U F]QHM
 3U]\FLVNGR]PLDQ\URG]DMXSUDF\$XWR0DQ DXWRPDW\NDU F]QLH LSU]\FLVN
´(17(5´SRGF]DVNRQILJXUDFML
 /('V\JQDOL]DF\MQ\SUDF\]]HZQ WU]Q\PV\JQDáHP\L/('´(17(5´SRGF]DV
NRQILJXUDFML
 /('V\JQDOL]DF\MQ\Z\ERUXNDQDáXUHJXODFML NDQDá,
 /(' V\JQDOL]DF\MQ\Z\ERUXNDQDáXUHJXODFML NDQDá,,
 3U]\FLVNZ\ERUXNDQDáXUHJXODFMLLSU]\FLVNZHMFLDQDSR]LRPZ\ERUX
 3U]\FLVNL GR XVWDZLDQLD V\JQDáX VWHUXMFHJR Z\MFLD UHJXODWRUD  Z WU\ELH
VWHURZDQLDU F]QHJR
 :\ZLHWODF]F\IURZ\ZDUWRFLVWHUXMFHM
 /(' \V\JQDOL]DF\MQHZ\MüELQDUQ\FKZUHJXODWRU]H6
 :\ZLHWODF]F\IURZ\ZDUWRFLU]HF]\ZLVWHM[
 :VND(QLNDQDORJRZ\ZDUWRFLU]HF]\ZLVWHM[
 :VND(QLNDQDORJRZ\ZDUWRFL]DGDQHMZ
 :\ZLHWODF]F\IURZ\ZDUWRFL]DGDQHMZ

3URJUDPRZDQLHUHJXODWRUD'5 SROHJD QD SU]HFKRG]HQLX VHNZHQFMLVWDQyZ

L Z\ELHUDQLX SR*GDQHM RSFML SDUDPHWUyZ SRSU]H] GHNODUDFM VWDQyZ SU]HáF]QLNyZ
NRQILJXUDF\MQ\FK 6[[ : GRNXPHQWDFML WHFKQLF]QHM V RSLVDQH IXQNFMH SU]HáF]QLNyZ
SURJUDPRZ\FK 66 NWyU\PL SURJUDPXMH VL VWUXNWXU L SDUDPHWU\ UHJXODWRUD
1D SU]\NáDG GOD 6  RWU]\PXMHP\ VWUXNWXU SRND]DQ QD U\V -HVW WR UHJXODWRU
VWDáRZDUWRFLRZ\]GZRPDQLH]DOH*Q\PLZDUWRFLDPL]DGDQ\PLOXEMHGQU F]QLHQDVWDZLDQ
ZL ZDUWRFL ]DGDQ JG\ SR]RVWDZLP\ QDVWDZ\ IDEU\F]QH 6   ZHZQ WU]Q\ V\JQDá
VWHUXMF\ ,QW  6   V\JQDáJRWRZRFLNRPSXWHUD&% SDWU]7DEHOD :VWUXNWXU]H
WHM 6  PDP\ PR*OLZRüGRGDQLDQDZHMFLXUHJXODWRUD ZLHONRFLSRPRFQLF]\FK[L[
RUD]GRSURZDG]HQLDV\JQDáX]DNáyFDMFHJR]GRZ\MFLDUHJXODWRUD
3R ]DáF]HQLX ]DVLODQLD UHJXODWRU UHDOL]XMH SRSU]HGQLR ]DSURJUDPRZDQ VWUXNWXU 
-H*HOL XU]G]HQLH MHVW VNRQILJXURZDQH MDNR UHJXODWRU QDOH*\ QDW\FKPLDVW SR SLHUZV]\P
SRGDQLXQDSL FLDSU]HáF]\üWU\ESUDF\UHJXODWRUDQDU F]Q\]PLHQLüZDUWRü\QDZ\PDJDQ
DQDVW SQLHGRSLHURZSURZDG]LüWU\EDXWRPDW\F]Q\


 :\ZLHWODF]F\IURZ\ /LQLMNDGLRGRZD

=DGDMQLN

5\V6WUXNWXUDUHJXODWRUD6LSDUW'5GOD6 

1LHNWyUHR]QDF]HQLDQDU\V
 Z± ZLHONRü]DGDQD63:
 [± ZLHONRüUHJXORZDQD ZDUWRüU]HF]\ZLVWD 39;
 \± ZLHONRüVWHUXMFD Z\MFLHUHJXODWRUD 287<
 \+± U F]QHXVWDZLDQLHV\JQDáXVWHUXMFHJR
 ]± ZLHONRü]DNáyFDMFD
 FFF± VWDáH
 [[± ZLHONRFLSRPRFQLF]H
 W6± F]DVSU]HVWDZLDQLDZDUWRFL]DGDQHM SDWU]SDUDPHWU\RIIOLQH± 7DEHOD

5yZQDQLDDOJRU\WPXUHJXODWRUD3,' ]DVWRVRZDQHZUHJXODWRU]H'5V QDVW SXMFH

x 5HJXODWRU3
\D
\D r .S ˜ [G  \R OXE r .S
[G
x 5HJXODWRU3,

³ [G ˜ GW
 \D 
W
\D r .S [G   \R OXE r .S  
7Q  [G MZ7Q


x &]áRQUy*QLF]NXMF\'
\D MZ7Y
r .S
[G 7Y
  MZ
YY
2]QDF]HQLDL]DNUHV\QDVWDZDSDUDWXV QDVW SXMFH
 .S± Z]PRFQLHQLHSURSRUFMRQDOQH
 7Q± F]DVFDáNRZDQLD ]GZRMHQLD V
 7Y± VWDáDF]DVRZDUy*QLF]NRZDQLD2))V
 YY± ZVSyáF]\QQLNF]áRQXUy*QLF]NXMFHJR
 [G± XFK\EUHJXODFML

3URFHVNRQILJXUDFMLLSDUDPHWU\]DFMLUHJXODWRUD'5 SU]HSURZDG]DQ\
MHVW]SU]HGQLHMSá\W\UHJXODWRUD1DOH*\
x SU]HáF]\ü HOHPHQW\ REVáXJL L ZVND(QLNL ]SR]LRPXREVáXJL QD SR]LRP Z\ERUX U\V
QDFLVQü L SU]\WU]\PDü SU]H] RNRáR  VHNXQG NODZLV]   'RSLHUR WHUD] NRU]\VWDMF
] SU]\FLVNyZ     PR*QD Z\EUDü OLVW\ SDUDPHWUyZ OLVW SU]HáF]QLNyZ VWUXNWXU
OXEIXQNFMHXUXFKDPLDQLDUHJXODWRUD
RQ3D± SDUDPHWU\RQOLQH 7DEHOD
R)3$± SDUDPHWU\RIIOLQH 7DEHOD
6WU6± SU]HáF]QLNLVWUXNWXU 7DEHOD
$36W± SRZUyWGRQDVWDZIDEU\F]Q\FK
3$6W± SDUDPHWU\UHJXODFML
$G$3± DGDSWDFMD Z\ZLHWODQHW\ONRJG\6z
)G()± GHILQLRZDQLHIXQNFML Z\ZLHWODQHW\ONRJG\6 
)FRQ± áF]HQLHIXQNFML Z\ZLHWODQHW\ONRJG\6 
)SRV± SR]\FMDIXQNFML Z\ZLHWODQHW\ONRJG\6 
&$(± PRGXá81, Z\ZLHWODQHW\ONRJG\6!
&$(± PRGXá81, Z\ZLHWODQHW\ONRJG\6!
x 3R NROHMQHM]PLDQLH QDSR]LRP NRQILJXUDFML SU]\FLVN   PR*QD Z\ZLHWODü L ]PLHQLDü
SDUDPHWU\Z\EUDQ\FKOLVWLXUXFKDPLDüIXQNFMH1D]ZDSDUDPHWUXOXEQXPHUSU]HáF]QLND
VWUXNWXU MHVW SRND]\ZDQ\ QD Z\ZLHWODF]X   ]D ]ZL]DQD ] QL ZDUWRü QD
Z\ZLHWODF]X   /LVW SDUDPHWUyZ OXE SU]HáF]QLNyZ NRQILJXUDF\MQ\FK PR*QD
SU]HJOGDü NRU]\VWDMF ] SU]\FLVNyZ     'R ]PLDQ\ ZDUWRFL DNWXDOQLH
Z\EUDQHJRSDUDPHWUXOXESU]HáF]QLNDVWUXNWXUVáX*SU]\FLVNL    


x $E\SRZUyFLüGRSR]LRPXREVáXJL SURFHVXQDOH*\GZXNURWQLHQDFLVQüSU]\FLVN  

5\V.RQILJXUDFMDLSDUDPHWU\]DFMDUHJXODWRUD6LSDUW'5

'RNáDGQ\RSLVQDWHPDW]PLDQSR]LRPyZRUD]Z\ERUXSDUDPHWUyZNRQILJXUDF\MQ\FK
PR*QD ]QDOH(ü Z LQVWUXNFML SURGXFHQWD UHJXODWRUD '5 3RQL*HM ]RVWDQ SU]HGVWDZLRQH
Z\EUDQH OLVW\ SDUDPHWUyZ RUD] SU]HáF]QLNyZ VWUXNWXU L LFK ZDUWRFL ]PLHQQ\FK
NRQILJXUDF\MQ\FK


 RQ3$± SDUDPHWU\RQOLQH

=DZDUWRü 3DUDPHWU\NWyUH VWDQRZL R SU]HELHJX SURFHVX L PRJ E\ü]PLHQLDQH Z

F]DVLHSUDF\DXWRPDW\F]QHMUHJXODWRUD RQOLQH 
2GG]LDá\ZDQLH ]PLHQLDQ\FK SDUDPHWUyZ QD SU]HELHJ SURFHVX PR*QD
REVHUZRZDüQDZVND(QLNDFK

.URN 3RVW SRZDQLH

:HMFLHGR  :FLVQüSU]\FLVN  QDRNRáRVHNXQGGRPRPHQWXD* 36
SR]LRPXRQ3$
]DF]QLH PLJDü SXFLü SU]\FLVN  ZVND]DQLH RQ3D SR]LRP
Z\ERUX 
 [ZFLVQüSU]\FLVN  SR]LRPNRQILJXUDFML 

=PLDQD  =D SRPRF SU]\FLVNyZ   OXE  QDOH*\ Z\EUDüQD]Z

SDUDPHWUyZ
SDUDPHWUXSRND]\ZDQ QDZ\ZLHWODF]XF\IURZ\P  
 =D SRPRF SU]\FLVNyZ  OXE  ]PLHQLü ZDUWRü
SDUDPHWUXZLGRF]QHJRQDZ\ZLHWODF]XF\IURZ\P  
 3RZWyU]\ü NURNL  L  D* GR QDVWDZLHQLD ZV]\VWNLFK
Z\PDJDQ\FKSDUDPHWUyZ

:\MFLHGR  [ZFLVQüSU]\FLVN  SR]LRPZ\ERUX 

SR]LRPXREVáXJL
 [ZFLVQüSU]\FLVN  SR]LRPREVáXJLSURFHVX 


7DEHOD:\EUDQHSDUDPHWU\RQOLQH

:\ZLHWODF] 1DVWDZD -HG =QDF]HQLHSDUDPHWUX

F\IURZ\ IDEU\F]QD QRV
WND
\ [ Z
1DVWDZD
Z\ZLHWODQLH
PLQ PD[
W), R))   V 6WDáDF]DVRZDILOWUXXFK\EX[G,
YY,     :VSyáF]\QQLNF]áRQXUy*QLF]NXMFHJR
F3,     :]PRFQLHQLHSURSRUFMRQDOQH
WQ,    V &]DV]GZRMHQLD
WY, R))  R)) V &]DVZ\SU]HG]HQLD
$+,     3UyJ]DG]LDáDQLD[G,
<, $XWR  $XWR  3XQNWSUDF\5HJXODWRU3
<$,     3RF]WHN ]DNUHVX V\JQDáX Z\MFLRZHJR
UHJXODWRUD <(!<$
<(,     .RQLHF ]DNUHVX V\JQDáX Z\MFLRZHJR
UHJXODWRUD <(!<$
W),, R))   V 6WDáDF]DVRZDILOWUXXFK\EX[G,,
YY,,     :VSyáF]\QQLNF]áRQXUy*QLF]NXMFHJR
F3,,     :]PRFQLHQLHSURSRUFMRQDOQH
WQ,,    V &]DV]GZRMHQLD
WY,, R))  R)) V &]DVZ\SU]HG]HQLD
$+,,     3UyJ]DG]LDáDQLD[G,,
<,, $XWR  $XWR  3XQNWSUDF\5HJXODWRU3
:DUWRüU]HF]\ZLVWD[

<$,,     3RF]WHN ]DNUHVX V\JQDáX Z\MFLRZHJR

UHJXODWRUD <(!<$
<(,,     .RQLHF ]DNUHVX V\JQDáX Z\MFLRZHJR
UHJXODWRUD <(!<$
'U    V &]DVRGZLH*DQLDZVND]D
W< R))  R)) V &]DVSU]HVWDZLDQLD
W$    PV &]DVSU]HUZ\PL G]\LPSXOVDPL
W(    PV &]DVWUZDQLDLPSXOVX
W<,, R))  R)) V &]DVSU]HVWDZLDQLD  5HJXODWRU,,
W$,,    PV &]DVSU]HUZ\PL G]\LPSXOVDPL
W(,,    PV &]DVWUZDQLDLPSXOVX JG\6 
7) R))   V 6WDáDF]DVRZDILOWURZDQLD$(
p p p p p p
W)E R))   V 6WDáDF]DVRZDILOWURZDQLD$(E
F     6WDáDPXOWLSOLNDW\ZQD
F     6WDáDPXOWLSOLNDW\ZQD
F     6WDáDDGG\W\ZQD
F     6WDáDPXOWLSOLNDW\ZQD
F     6WDáDDGG\W\ZQD
F     6WDáDPXOWLSOLNDW\ZQD
F     6WDáDPXOWLSOLNDW\ZQD
F     6WDáDDGG\W\ZQD
F     6WDáDPXOWLSOLNDW\ZQD


 R)3$± SDUDPHWU\RIIOLQH

=DZDUWRü 3DUDPHWU\ NWyUH XVWDODM SRGVWDZRZH IXQNFMH WDNLH MDN ZVND]DQLD

ZDUWRFLJUDQLF]QHZDUWRFLEH]SLHF]HVWZDLWG']LDáDM RQHGRSLHURSR
SRZURFLHGRSR]LRPXREVáXJL

.URN 3RVW SRZDQLH

:HMFLHGR  :FLVQüSU]\FLVN  QDRNRáRVHNXQGGRPRPHQWXD* 36
SR]LRPXR)3$ ]DF]QLH PLJDü SXFLü SU]\FLVN  ZVND]DQLH RQ3D SR]LRP
Z\ERUX 
 .LONDNURWQLH ZFLVQü SU]\FLVN  OXE  GR PRPHQWX D*
]RVWDQLHZ\ZLHWORQH´R)3$´ SR]LRPZ\ERUX 
 :FLVQü L SU]H] RN  V SU]\WU]\PDü SU]\FLVN  SR]LRP
NRQILJXUDFML 
5HJXODWRU MHVW WHUD] ]DEORNRZDQ\ XWU]\P\ZDQD MHVW RVWDWQLD
ZDUWRüV\JQDáXZ\MFLRZHJR\

=PLDQD  =D SRPRF SU]\FLVNyZ  OXE  QDOH*\ Z\EUDüQD]Z

SDUDPHWUyZ SDUDPHWUXSRND]\ZDQ QDZ\ZLHWODF]XF\IURZ\P  
 =D SRPRF SU]\FLVNyZ  OXE  ]PLHQLü ZDUWRü
SDUDPHWUXZLGRF]QHJRQDZ\ZLHWODF]XF\IURZ\P  
 3RZWyU]\ü NURNL  L  D* GR QDVWDZLHQLD ZV]\VWNLFK
Z\PDJDQ\FKSDUDPHWUyZ

:\MFLHGR  [ZFLVQüSU]\FLVN  SR]LRPZ\ERUX 

SR]LRPXREVáXJL
 [ZFLVQüSU]\FLVN  SR]LRPREVáXJLSURFHVX 


7DEHOD:\EUDQHSDUDPHWU\RIIOLQH

:\ZLHWODF] 1DVWDZD -HG =QDF]HQLHSDUDPHWUX

F\IURZ\ IDEU\F]QD QRV
\ [ Z WND
1DVWDZD
Z\ZLHWODQLH
PLQ PD[
G3,     3RáR*HQLH SU]HFLQND G]LHVL WQHJR QD
Z\ZLHWODF]X,
G$,     :DUWRü SRF]WNRZD ]DNUHVX
Z\ZLHWODF]D,
G(,     :DUWRü NRFRZD ]DNUHVX
Z\ZLHWODF]D,
G3,,     3RáR*HQLH SU]HFLQND G]LHVL WQHJR QD
Z\ZLHWODF]X,,
G$,,     :DUWRü SRF]WNRZD ]DNUHVX
Z\ZLHWODF]D,,
G(,,     :DUWRü NRFRZD ]DNUHVX
Z\ZLHWODF]D,,
3R]LRP\ZLHONRFLDODUPRZ\FK
$     $ODUP
$     $ODUP
$     $ODUP
$     $ODUP
+     +LVWHUH]D± DODUPLDODUP
+     +LVWHUH]D± DODUPLDODUP 
6$     3RF]WHN]DNUHVXZDUWRFL]DGDQHM
6(     .RQLHF]DNUHVXZDUWRFL]DGDQHM
&LHPQ\

6+     %H]SLHF]QDZDUWRü]DGDQD

W6 R))  R)) PLQ &]DVSU]HVWDZLDQLDZDUWRFL]DGDQHM
Y$     3RF]WNRZ\ZVSyáF]\QQLNVWRVXQNX
Y(     .RFRZ\ZVSyáF]\QQLNVWRVXQNX
<6     %H]SLHF]QD ZDUWRü V\JQDáX
Z\MFLRZHJRUHJXODWRUD
<     =DNUHV ]PLDQ V\JQDáX Z\MFLRZHJR
UHJXODWRUD\
<     =DNUHV ]PLDQ V\JQDáX Z\MFLRZHJR
UHJXODWRUD\
5HJXODWRU,, JG\6 
6$,,     3RF]WHN]DNUHVXZDUWRFL]DGDQHM
6(,,     .RQLHF]DNUHVXZDUWRFL]DGDQHM
5HJXODWRU,, JG\6 
W6,, R))  R)) PLQ &]DVSU]HVWDZLDQLDZDUWRFL]DGDQHM
<6,,     %H]SLHF]QD ZDUWRü V\JQDáX
Z\MFLRZHJRUHJXODWRUD
<     =DNUHV ]PLDQ V\JQDáX Z\MFLRZHJR
UHJXODWRUD\
<     =DNUHV ]PLDQ V\JQDáX Z\MFLRZHJR
UHJXODWRUD\


 6WU6± SU]HáF]QLNLVWUXNWXU

=DZDUWRü 3URJUDPRZHSU]HáF]QLNLXVWDODMFHVWUXNWXU SU]\U]GX UHJXODWRUD 

.URN 3RVW SRZDQLH

:HMFLHGR  :FLVQüSU]\FLVN  QDRNRáRVHNXQGGRPRPHQWXD* 36
SR]LRPX6WU6
]DF]QLH PLJDü SXFLü SU]\FLVN  ZVND]DQLH RQ3D SR]LRP
Z\ERUX 
 .LONDNURWQLH ZFLVQü SU]\FLVN  OXE  GR PRPHQWX D*
]RVWDQLHZ\ZLHWORQH´6WU6´ SR]LRPZ\ERUX 
 :FLVQü L SU]H] RN  V SU]\WU]\PDü SU]\FLVN  SR]LRP
NRQILJXUDFML 
5HJXODWRU MHVW WHUD] ]DEORNRZDQ\ XWU]\P\ZDQD MHVW RVWDWQLD
ZDUWRüV\JQDáXZ\MFLRZHJR\

=PLDQD  =DSRPRF SU]\FLVNyZ  OXE  QDOH*\Z\EUDüQXPHU\

XVWDZLH
SU]HáF]QLNyZ SU]HáF]QLNyZVWUXNWXUSRND]\ZDQHQDZ\ZLHWODF]XF\IURZ\P
VWUXNWXU  
 =D SRPRF SU]\FLVNyZ  OXE  ]PLHQLü SRáR*HQLH
SU]HáF]QLND VWUXNWXU ZLGRF]QHJR QD Z\ZLHWODF]X F\IURZ\P
 
 3RZWyU]\ü NURNL  L  D* GR QDVWDZLHQLD ZV]\VWNLFK
Z\PDJDQ\FKSU]HáF]QLNyZVWUXNWXU

:\MFLHGR  [ZFLVQüSU]\FLVN  SR]LRPZ\ERUX 

SR]LRPXREVáXJL
 [ZFLVQüSU]\FLVN  SR]LRPREVáXJLSURFHVX 


 7DEHOD:\EUDQHSU]HáF]QLNLVWUXNWXU6WU6
>@RGSRZLDGDXVWDZLHQLRPIDEU\F]Q\P
3U]HáF]QLN 3RáR*HQLH )XQNFMD
VWUXNWXU
6 7\SUHJXODWRUD
>@ 5HJXODFMDVWDáRZDUWRFLRZD± GZDQLH]DOH*QH(UyGáDZDUWRFL]DGDQHM
 5HJXODFMDVWDáRZDUWRFLRZD± GZD]DOH*QH(UyGáDZDUWRFL]DGDQHM
 5HJXODWRU''&]HVWDá ZDUWRFL ]DGDQ
3RGVWDZRZHVWUXNWXU\

 5HJXODWRUQDG*Q\]SU]HáF]DQLHPZDUWRFL]DGDQHMZHZQ]HZQ
 5HJXODWRUVWRVXQNX
 6WHURZDQLHNDVNDGRZH
 .DVNDGRZ\UHJXODWRUVWRVXQNX
 3DUDUHJXODWRUyZ]VHOHNFM QDPD[\
 3DUDUHJXODWRUyZ]VHOHNFM QDPLQ\
 6WDF\MNDSRPLDURZD
 5HJXODFMDVWDáRZDUWRFLRZD± MHGQR(UyGáRZLHONRFL]DGDQHM
 5HJXODWRUQDG*Q\EH]SU]HáF]DQLDZDUWRFL]DGDQHMZHZQ]HZQ
 'ZDQLH]DOH*QHUHJXODWRU\
6 6WUXNWXUDZ\MFLD
>@ .± Z\MFLHFLJáH
 6± Z\MFLHWUyMSRáR*HQLRZH]ZHZQ WU]Q\PV\JQDáHPVSU] *HQLD
 6± Z\MFLHWUyMSRáR*HQLRZH]]HZQ WU]Q\PV\JQDáHPVSU] *HQLD
6 :\EyUF] VWRWOLZRFLVLHFLRZHM
>@ +]
 +]
6 3RáF]HQLHV\JQDáXZHMFLRZHJR
>@ %H]SU]HWZDU]DQLD
 =SU]HWZDU]DQLHP
6 6\JQDáZHMFLRZ\$(
>@  P$EH]PRQLWRURZDQLD
  P$]PRQLWRURZDQLHP
  P$EH]PRQLWRURZDQLD
  P$]PRQLWRURZDQLHP
:HMFLDDQDORJRZH

6 6\JQDáZHMFLRZ\$(
>@  P$EH]PRQLWRURZDQLD
  P$]PRQLWRURZDQLHP
  P$EH]PRQLWRURZDQLD
  P$]PRQLWRURZDQLHP
6 6\JQDáZHMFLRZ\$(
>@  P$EH]PRQLWRURZDQLD
  P$]PRQLWRURZDQLHP
  P$EH]PRQLWRURZDQLD
  P$]PRQLWRURZDQLHP
6 3LHUZLDVWNRZDQLH$(
>@ QLH
 WDN
6 3LHUZLDVWNRZDQLH$(
>@ QLH
 WDN
6 3LHUZLDVWNRZDQLH$(
>@ QLH
 WDN


 3U]HáF]QLN 3RáR*HQLH )XQNFMD
VWUXNWXU
6 3U]\SRU]GNRZDQLH)(GR$(± $(E
 
:HMFLDDQDORJRZH

>@ $($
W\ONRJG\6 

6 3U]\SRU]GNRZDQLH)(GR$(± $(

 
>@ $($
6 3U]\SRU]GNRZDQLH)(GR$(± $(
 
>@ $($

:HMFLDELQDUQH
3U]\SRU]GNRZDQLHV\JQDáyZVWHUXMF\FKGRZHMüELQDUQ\FK

6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 3U]\
&% +H 1 6L E/6 E/36 3, 3,, 3$8 'Z 'Z '\ '\ \E/ \E/ SRU]G
E/6 E/36 NRZDQLH
>@               +LJK
    >@ >@ >@ >@ >@ >@ >@ >@ >@ >@ >@ /RZ
               %(
 >@              %(
  >@             %(
   >@            %(

&%± V\JQDáJRWRZRFLNRPSXWHUD
1± QDG*DQLHV\JQDáXZ\MFLD\ \Q
6L± EH]SLHF]QDZDUWRüV\JQDáXVWHUXMFHJR
E/36± EORNRZDQLHSDUDPHWU\]DFMDVWUXNWXU\]DFMD

3U]HáF]QLN 3RáR*HQLH )XQNFMD

VWUXNWXU
6 6\JQDáVWHUXMF\JRWRZRFLNRPSXWHUD&%
>@ 6WDW\F]Q\EH]SRWZLHUG]HQLD
 6WDW\F]Q\]SRWZLHUG]HQLHP
:HMFLD

 '\QDPLF]Q\MDNRLPSXOV
ELQDUQH

6 6\JQDáVWHUXMF\1
>@ 6WDW\F]Q\
 '\QDPLF]Q\MDNRLPSXOV
6 %ORNRZDQLHSU]HáF]DQLDZDUWRFL]DGDQHMZHZQ]HZQ
>@ 7\ONRZHZQ WU]QD
 7\ONR]HZQ WU]QD
 %UDNEORNDG\
3U]HáF]DQLHZDUWRFL]DGDQHM

6 OHG]HQLHV\JQDáX[SU]\+1 ''& 6L

>@ 1LH
 7DN
6 :DUWRü]DGDQDZSU]\SDGNXDZDULLNRPSXWHUD
>@ 2VWDWQLDZL RVWDWQLDZSU]\6 
 =GDQDZDUWRüEH]SLHF]QD6+
6 1DG*DQLHV\JQDáXZL]DDNWXDOQ ZDUWRFL ]DGDQ
>@ 7DN
 1LH
6 'UyGáRZHZQ WU]QHMZLHONRFL]DGDQHM
>@ :DUWRü]DGDQDEH]Z]JO GQD:($
 :DUWRü]DGDQDSU]\URVWRZD:('


 3U]HáF]QLN 3RáR*HQLH )XQNFMD
VWUXNWXU
6 .LHUXQHNG]LDáDQLDUHJXODWRUD,Z]JO GHP[G,
>@ 1RUPDOQ\ F3!
 2GZUyFRQ\ F3 
6 6\JQDáZHMFLRZ\XNáDGX 6\JQDá] UHJ,
Uy*QLF]NXMFHJR F]áRQX' UHJ,
>@ [G, \
 [, \
 .LHUXQHNG]LDáDQLDSU]HFLZQ\GR[ F]áRQ' ])(
 .LHUXQHNG]LDáDQLD]JRGQ\][ F]áRQ' ])(
6 .LHUXQHNG]LDáDQLDUHJXODWRUD,,Z]JO GHP[G,,
>@ 1RUPDOQ\ F3!
$OJRU\WPUHJXODFML

 2GZUyFRQ\ F3
6 6\JQDáZHMFLRZ\XNáDGX 6\JQDá] UHJ,,
Uy*QLF]NXMFHJR F]áRQX' UHJ,,
>@ [G,, \
 [,, \
 .LHUXQHNG]LDáDQLDSU]HFLZQ\GR[ F]áRQ' ])(
 .LHUXQHNG]LDáDQLD]JRGQ\][ F]áRQ' ])(
6 :\EyUDGDSWDFML
>@ %UDNDGDSWDFML
 2GSRZLHG( QDVNRNEH]SU]HUHJXORZDQLD
 2GSRZLHG( QDVNRN]SU]HUHJXORZDQLHP]RSW\PDOQ\PWáXPLHQLHP
6 3DUDPHWU\VWHURZDQLD
>@ %H]
 5HJXODWRU, ]DPLDVWXVWDZLDQLHSDUDPHWUyZ,
 5HJXODWRU,, ]DPLDVWXVWDZLDQLHSDUDPHWUyZ,,
6 3ULRU\WHWV\JQDáyZ1 ''& OXE+
>@ 1 ''&
3U]HáF]DQLH

 +
6 'UyGáR]HZQ WU]Q\FKZLHONRFLQDVWDZLDMF\FK
Z\Mü

>@ %H]Z]JO GQDZLHONRüQDVWDZLDMFD<1

 3U]\URVWRZDZLHONRüQDVWDZLDMFD<1'
6 6SRVyEX*\FLDZ\ZLHWODF]D
>@ 1RUPDOQ\\$Q \
:\ZLHW

 2GZUyFRQ\\$Q \
ODF]\

6 6\JQDáZ\MFLRZ\$$
>@ GR P$
 GR P$
:\MFLDDQDORJRZH

6 6\JQDáZ\MFLRZ\ $$

>@ GR P$
 GR P$
6 6\JQDáZ\MFLRZ\$$
>@ GR P$
 GR P$


3U]\SRU]GNRZDQLHV\JQDáyZUHJXODWRUDGRZ\MüDQDORJRZ\FK

6 6 6 3U]\SRU]GNRZDQLH

$$ $$ $$
 >@ >@ 
>@   \
   \
   \
   $($
   $($
   $($
   )(
   )(
   )(
   [G,
    [G,
   [,
   Z,

:\MFLDELQDUQH
3U]\SRU]GNRZDQLHV\JQDáyZELQDUQ\FKGRZ\MüELQDUQ\FK

6 6 6 6 6 6 6 6 6 6 3U]\SRU]G
5% 5& + 1 $ $ $ $ 08) ,QW, NRZDQLH
      >@ >@ >@ >@ EUDN
>@          %$
 >@         %$
  >@        %$
   >@       %$
    >@      %$
     >@     %$
          %$
          %$

5% ± UHJXODWRUQLH]QDMGXMHVL ZWU\ELHJRWRZRFLREOLF]H
5& ± UHJXODWRUQLH]QDMGXMHVL ZWU\ELHREOLF]H
+± UHJXODWRUZWU\ELHSUDF\U F]QHM
$± $± ZDUWRFLJUDQLF]QH
08)± DZDULDQDGDMQLND
,QW,± ZHZQ WU]Q\V\JQDáVWHUXMF\

3U]\SRU]GNRZDQLHV\JQDOL]DFMLZDUWRFLJUDQLF]Q\FK$$GRV\JQDáyZUHJXODWRUD

6 6 :HMFLH

$ $
>@ >@ [G,
  [,
  [Y
  ZY
  [G,
  [,
  [Y
  ZY
  \
  \
  \


 3U]HáF]QLN 3RáR*HQLH )XQNFMD
VWUXNWXU
6 8VWDZLHQLHV\JQDOL]DWRUDZDUWRFLJUDQLF]Q\FK$$
>@ $PD[$PLQ
 $PLQ$PLQ
6\JQDOL]DWRUZDUWRFLJUDQLF]Q\FK

 $PD[$PD[
 $PLQ$PD[
6 8VWDZLHQLHV\JQDOL]DWRUDZDUWRFLJUDQLF]Q\FK$$
>@ $PD[$PLQ
 $PLQ$PLQ
 $PD[$PD[
 $PLQ$PD[
6 8VWDZLHQLHLZVND]\ZDQLHZDUWRFLJUDQLF]Q\FK$± $
:\ZLHWODQLHQDSR]LRPLHREVáXJL 8VWDZLHQLHQDSR]LRPLHREVáXJL
SURFHVX SURFHVX
>@ QLH QLH
 WDN QLH
 WDN WDN
6 5HVWDUWSRSRZURFLHQDSL FLD]DVLODMFHJR
>@ 2VWDWQLWU\ESUDF\RVWDWQLDZRVWDWQLD\
SRQRZQHJR

 3UDFDU F]QDZHZQ WU]QDRVWDWQLDZ

:DUXQNL

]DáF]HQLD

6 2SW\F]QHV\JQDOL]RZDQLHSRZURWXQDSL FLDVLHFLRZHJR

>@ %H]PLJDQLDZ\ZLHWODF]D[
 =PLJDQLHPZ\ZLHWODF]D[
6 7UDQVPLVMDGDQ\FK
 3U]HV\áDQLHZV]\VWNLHZDUWRFL
2GELyUQLF
>@ 3U]HV\áDQLHZV]\VWNLHZDUWRFL
2GELyUSDUDPHWU\VWUXNWXU\
 3U]HV\áDQLHZV]\VWNLHZDUWRFL
2GELyUSDUDPHWU\VWUXNWXU\ZLHONRFLSURFHVRZHUHMHVWUVWDWXVyZ
6 6]\ENRüWUDQVPLVMLGDQ\FK
>@ ELWV
 ELWV
 ELWV
 ELWV
 ELWV
 ELWV
6 3DU]\VWRüSRSU]HF]QD
>@ 3DU]\VWD
àF]HV]HUHJRZH

 1LHSDU]\VWD
6 3DU]\VWRüZ]GáX*QD
>@ %UDN
 3R(7;
 3U]HG(7;
6 3DU]\VWRüZ]GáX*QD
>@ QRUPDOQD
 RGZURWQD
6 1XPHUVWDFML
>@ 
 
p p
 
6 &]DVQDG]RUXV\JQDáX&%(6
>@ %H]
 V
 V
p p
 V


 $36W± SRZUyWGRQDVWDZIDEU\F]Q\FK

.URN 3RVW SRZDQLH

:\NRQDQLH  :FLVQüSU]\FLVN  QDRNRáRVHNXQGGRPRPHQWXD* 36
IXQNFML$36W
]DF]QLH PLJDü SXFLü SU]\FLVN  ZVND]DQLH RQ3D SR]LRP
Z\ERUX 
 .LONDNURWQLH ZFLVQü SU]\FLVN  OXE  GR PRPHQWX D*
]RVWDQLHZ\ZLHWORQH´$36W´ SR]LRPZ\ERUX 
 :FLVQüLSU]H]RNVSU]\WU]\PDüSU]\FLVN  D* XND*HVL
´QR´ SR]LRPNRQILJXUDFML 
5HJXODWRU MHVW WHUD] ]DEORNRZDQ\ XWU]\P\ZDQD MHVW RVWDWQLD
ZDUWRüV\JQDáXZ\MFLRZHJR\
  [ ZFLVQü SU]\FLVN  GR PRPHQWX D* XND*H VL ´\HV´
SR]LRPNRQILJXUDFML 
 1D RNRáR  VHNXQG ZFLVQü SU]\FLVN  D* XND*H VL 6WU6
SR]LRPZ\ERUX 
 [ZFLVQüSU]\FLVN  SR]LRPREVáXJLSURFHVX 
:V]\VWNLHSDUDPHWU\LSU]HáF]QLNLVWUXNWXU]QDMGXM VL WHUD]Z
XVWDZLHQLXIDEU\F]Q\P
5HJXODWRUQDVWDZLRQ\MHVWQDSUDF U F]Q


3U]\NáDG]DVWRVRZDQLDDSDUDWX6,3$57'5MDNRUHJXODWRUDSU]HSá\ZX

5\V6FKHPDWEORNRZ\REZRGXVWHURZDQLD

.RQILJXUDFM L SDUDPHWU\]DFM UHJXODWRUD UR]SRF]\QDP\ RG XVWDZLH IDEU\F]Q\FK

$36W  : Z\QLNX VSURZDG]HQLD UHJXODWRUD GR WHJR VWDQX SDWU] Z\NRQDQLH IXQNFML $36W 
X]\VNXMHP\UHJXODWRUVWDáRZDUWRFLRZ\ 6  ]Z\MFLHPFLJá\P6WUXNWXU UHJXODWRUDWHJR
W\SXSRND]DQRMX* QDU\V
:SURZDG]DP\Z\áF]QLHQDVW SXMFH]PLDQ\XVWDZLH IDEU\F]Q\FKUHJXODWRUD

3U]HáF]QLNVWUXNWXU6WU6 ± ]PLDQ\NRQILJXUDF\MQH
3U]HáF]QLN :DUWRü =QDF]HQLH 8ZDJL
6  $(GRP$ )DEU\F]QLHXVWDZLRQ\MHVW]DNUHV
P$
6  $$GRP$ )DEU\F]QLHXVWDZLRQ\MHVW]DNUHV
P$
.RQWUROHUSRáR*HQLDSRVLDGD
ZHMFLHSUGRZHP$

3DUDPHWU\R)3$ ± XVWDZLHQLDSDUDPHWUyZRIIOLQH
3DUDPHWU :DUWRü =QDF]HQLH 8ZDJL
G3, 3RáR*HQLH SU]HFLQND G]LHVL WQHJR 1DOH*\]ZUyFLüXZDJ QD
QDZ\ZLHWODF]X ZáDFLZ\GREyU]DNUHVX
G'$, :DUWRü SRF]WNRZD ]DNUHVX Z\ZLHWODF]D:SU]HG]LDOH
Z\ZLHWODF]D SRND]\ZDQ\FKZDUWRFLSRZLQQD
G(, :DUWRü NRFRZD ]DNUHVX ]PLHFLüVL QDMEDUG]LHMLVWRWQD
Z\ZLHWODF]D LQIRUPDF\MQLHF] üZDUWRFL
XVWDZLHQLHZ\PDJDQHMZDUWRFL


3DUDPHWU\RQ3D± XVWDZLHQLDSDUDPHWUyZRQOLQH
3DUDPHWU :DUWRü =QDF]HQLH 8ZDJL
F3, :]PRFQLHQLHSURSRUFMRQDOQH 3R QDVWDZLHQLX IDEU\F]Q\P
'5 SUDFXMH MDNR UHJXODWRU
VWDáRZDUWRFLRZ\ 3, F]áRQ
Uy*QLF]NXMF\ 'MHVWZ\áF]RQ\ 
WQ, &]DV]GZRMHQLD
=H Z]JO GyZ EH]SLHF]HVWZD
Z]PRFQLHQLHSURSRUFMRQDOQH
.SRUD]F]DVFDáNRZDQLD7QV
XVWDZLRQHQDZDUWRFLQLH
NU\W\F]QH
XVWDZLHQLHZ\PDJDQHMZDUWRFL

5\V6FKHPDWSRáF]H

= U\V Z\QLND *H V\JQDá ] SU]HWZRUQLND SRPLDURZHJR SRáF]RQ\ MHVW ] ZHMFLHP

DQDORJRZ\P $( ]DFLVNL    UHJXODWRUD '5 6\JQDá SUGRZ\ ] Z\MFLD $$
UHJXODWRUD ]DFLVN VWHUXMHSUDF NRQWUROHUDSRáR*HQLD6,3$5736