Sie sind auf Seite 1von 30

5 6 0LNDQRYLþ

6DGUçDM
261291,32-029,,67$1'$5' 
6WDQGDUGXSURMHNWRYDQMXED]DSRGDWDND 
(17,7(7,,9(=(0(8 1-,0$ 
9H]D 
9H]DQ Q 
9H]DQQ 
5HNXU]LYQDYH]D 
3ULPHUSRYH]DQRVWLHQWLWHWDMHGQHED]HSRGDWDND 
892'806$&&(66 
2EMHNWL06$FFHVVD 
279$5$1-(ED]HL]06$FFHVVD 
'DWDEDVH:L]DUG 
1DSUYLSRJOHG
'DWDEDVH:LQGRZ
6LVWHPPHQLMD
7$%(/$ ,1-(1$25*$1,=$&,-$ 
7DEHODSROMH]DSLV 
$WULEXWGRPHQ LUHODFLMD 
.UHLUDQMHWDEHOD:L]DUGRP
,QGH[LUDQMHLNOMX HYL 
26129(835$9/-$1-$7$%(/$0$ 
.UHLUDQMHWDEHOD 
7DEOH  :L]DUG 
'L]DMQWDEHOH
/RRNXS:L]DUG
,PHQRYDQMHREMHNDWD 
6LJXUQRVWED]HLEULVDQMHREMHNDWDL 
1250$/,=$&,-$%$=(32'$7$.$ 
3UDYLOR(OLPLQLVDQMHJUXSDSRGDWDNDNRMHVHSRQDYOMDMX 
3UDYLOR(OLPLQDFLMDUHGXGDQWQLKSRGDWDND
3UDYLOR(OLPLQLVDQMHNRORQDNRMHQH]DYLVHRGSULPDUQRJNOMX D 
3UDYLOR,]RODFLMDQH]DYLVQLKYLåHVWUXNLKUHODFLMD
3UDYLOR,]RODFLMD]DYLVQLKYLåHVWUXNLKUHODFLMD
5(/$&,21,02'(/
9H]DLUHODFLMD
5HODFLMHWLSDQL
5HNXU]LYQDYH]D 
3UREOHPLSULGHILQLVDQMXUHODFLMH 
5HIHUHQFLMDOQLLQWHJULWHW
835$9/-$1-(83,7,0$
.UHLUDQMHXSLWD
'L]DMQXSLWD
26129(64/D 
äWDMHWR64/"
1DUHGED6(/(&7)520
.ODX]XOD25'(5%<
.ODX]XOD:+(5(
64/IXQNFLMH]DDJUHJDFLMX
.ODX]XOH',67,1&7L',67,1&752:
.ODX]XOH723QL723Q3(5&(17
.ODX]XOD*5283%<+$9,1*
7LSRYL64/NODX]XOH-2,1
81,21XSLWL 
8QDNUVQLXSLWLNODX]XORP75$16)2503,927
)250( 
.UHLUDQMHIRUPH 
'L]DMQLUDQMHIRUPH 
.RQWUROHLWLSRYLNRQWUROD
6HNFLMHIRUPH
6XEIRUP SRGIRUPD 
3URJUDPLUDQMHIRUPHL
,=9(ä7$-,  
.UHLUDQMHL]YHåWDMD 
'L]DMQL]YHåWDMD
3DJH6HWXS
,=5$'$67$1'$5'1(%$=(32'$7$.$  
'2'$7$.  
)$4V )UHTXHQWO\$VNHG4XHVWLRQV 
63(&,),.$&,-(=$06$FFHVV
7$67(56.(35(ÿ,&(
3UHVYHJD
GREURGRåOLXVYHWODNRJLL]QDGVYHJD]DQLPOMLYRJRVWYDUHQMDSURJUDPHUVNLKLGHMD6YDNLSURJUDP]DKWHYDREUDGXSRGD
WDNDSDNUHQLPREDåRGWRJD² %$=(32'$7$.$ LQDX LPRWRQDQDMEROMLQD LQ
.XUV06$FFHVV²  2VQRYH XSUDYOMDQMDUHODFLRQLPED]DPD SRGDWDND MHRVPLåOMHQNDRMHGDQREOLNXODVNDXRYXNRP
SOHNVQXPDWHULMXDOLQDODNåLQD LQ
'DELPRJDRGDSUDWLNXUVQDHILNDVDQQD LQRGSROD]QLNDVH]DKWHYDGDLPDR]ELOMQRLVNXVWYRXREUDGLWHNVWD 06:RUG 
NDRLXREUDGLWDEHOD 06([FHO DSRKDDQMHRYRJNXUVDVHVDYHWXMH
± NRULVQLFLPDUD]YLMHQLKDSOLNDFLMDSRG06$FFHVVRP
MHUþHQDX LWLVWDQGDUGXNRULåþHQMX06$FFHVV ED]DSRGDWDNDLLQIRUPDFLRQLKVLVWHPD
± SURJUDPHULPDNRMLçHOHGDXVYRMHEXGXþHSURMHNWHXNOMX HED]HSRGDWDNDMHUþHQDX LWLGDNYDOLWHWQRXSUDYOMDMX
RQLPREMHNWLPDNRMLVXLQDM]QD DMQLML]DNYDOLWHWQXED]XSRGDWDND WDEHOHLXSLWL
± RQLPDNRMLçHOHGDVHSURIHVLRQDOQREDYH06$FFHVVRP
MHUþHQDX LWLNDNRVHMHGQRVWDYQR PRJXGL]DMQLUDWLREUDVFLLL]YHåWDMLDHGXNDFLMXPRJXQDVWDYLWLNUR]YLåHNXUVH
YH06$FFHVVD
8WRNXWUDMDQMDNXUVDSROD]QLFLELWUHEDORGDRYODGDMXRVQRYQLPWHKQLNDPDNRULåþHQMD06$FFHVVDDOLLNUHLUDQMDMHGQRV
WDYQLKUHODFLRQLKED]DSRGDWDND3ULUDGXSROD]QLFLPRJXRGDEUDWLMHGQXRGYHU]LMD06$FFHVVDYHU]LMDL]SDNHWD06
2IILFH  3URIHVVLRQDO (GLWLRQ LOL YHU]LMD0LFURVRIW2IILFH  3UHPLXP .UR] WHPH NXUVDREUDXMHVHUHODFLRQL
PRGHOED]DSRGDWDNDåWR]QD LGDþHVHL]X DYDWLREMHNWLED]HLYH]HL]PHXREMHNDWD UHODFLMH 
5DGLODNåHJUD]XPHYDQMDWHPDWLNH.XUVMHSRGHOMHQQDJUXSHWHPD$ 2VQRYQLSRMPRYLSULQFLSLLVWDQGDUGUHODFLRQLKED
]DSRGDWDND JGHþHELWLSULND]DQR QHNROLNR SULPHUD HGXNDWLYQLKLSRVORYQLKED]DSRGDWDND  % ]DWLPPDORWHRULMH & 
UDGQRRNUXçHQMH06$FFHVVDRUJDQL]DFLMDWDEHODQMLKRYRNUHLUDQMHLGL]DMQLUDQMH ' XSLWL 4XHULHV L64/( RVQRYH
NUHLUDQMDREUD]DFD )RUPV LL]YHåWDMD 5HSRUWV 
.DNRVXQDMYDçQLMLREMHNWLED]HSRGDWDNDWDEHOH 7DEOHV LXSLWL 4XHULHV RGQMLKRYRJNYDOLWHWQRJNUHLUDQMD]DYLVHVYLGUX
JLREMHNWLXED]LSDþHPRWDNRLPLWHçLåWHQDåHJUDGDQDRYRP.XUVXEDFLWLEDåQDRYHWHPH'L]DMQREUD]DFD )RUPV L
L]YHåWDMD 5HSRUWV X06$FFHVVXWUDçLPQRJRYLåHYUHPHQDSDþHVHQD.XUVXUDGLWLVDPRRVQRYHGL]DMQDRYLKREMHNDWD
DGHWDOMQDREUDGDRYLKWHPDMHSUHGYLHQDQD06$FFHVV  
=DåWR]DSURMHNWRYDQMHED]DSRGDWDNDNRULVWLPR EDå06$FFHVV"3RUHG PQRJLKUD]ORJDYUHGLSRPHQXWLMHGQRVWDYQRVW
UDGDLODNRþXRVWYDUHQMD]DPLåOMHQRJ VWDQGDUGQR:LQGRZV JUDIL NRRNUXçHQMHODNRGRVWXSDQVRIWYHUPRJXþQRVWNRULåþH
QMDVWDULMLKPRGHODED]DSRGDWDNDUDGLQMHJRYRJGDOMHJUD]YRMD
7RNRP NXUVDSUHGYLHQMHLSUDNWL QLUDGXRNYLUXNRJþHPR]DMHGQL NLNUHLUDWLED]XSRGDWDND.DGURYLLNUR] QMHQUD]YRM
X LWLMHGQXSRMHGQXWHPXGRNþHPRXSLWHVDYODGDWLNUR]XUDHQHSULPHUHXED]L0DJD]DVDXQHWLPSRGDFLPD'DELVWH
VDJOHGDOLVYHDVSHNWHSULPHWLOLUD]OLNHLRWNULOLJUHåNHPQRJLSULPHULþHELWLSULND]DQLXQHLVSUDYOMHQRP VLURYRP REOLNX
åWRMHQDUR LWLSRJRGQR]DSURYRFLUDQMHJUHåDNDLLOLNRULJRYDQMHSULPHUD
2GSRORYLQHNXUVDSDVYHGRSRVOHGQMHJWHUPLQDYDåþH]DGDWDNELWLGDQDRVQRYXMHGQRJMHGQRVWDYQRJ åHPDWVNLSULND
]DQRJ UHODFLRQRJPRGHODNUHLUDWHED]XSRGDWDNDSRVYRMLPLGHMDPDLSUHPDVYRMLPSRWUHEDPDX HPXþHWHLPDWLSXQX
SRGUåNXSUHGDYD D1DNUDMX.XUVD9Då] DGDWDNþHELWLGDXQRVRPHNVSHULPHQWDOQLKSRGDWDNDSUH]HQWLUDWHNROHJDPDX
JUXSL² 9DåX ED]XSRGDWDNDSDGD]DMHGQL NLVDJOHGDPRPRJXþHSXWHYHQMHQRJGDOMHJUD]YRMD
2EODVW SURMHNWRYDQMDUHODFLRQLKED]DSRGDWDNDUD]YRMDSOLNDFLMDLLQIRUPDFLRQLKVLVWHPDSRG06$FFHVVRPJGHMHSRW
UHEQRåLUH]QDQMHDOLLLVNXVWYRXUDGXVHL]X DYDQDYLåLPNXUVHYLPDLWR
06$FFHVV   2VQRYQHWHKQLNHUD]YRMDDSOLNDFLMD
JGH VHREUDXMHRSWLPL]DFLMDED]DSRGDWDNDGL]DMQIRUPLLL]YHåWDMDL
06$FFHVV   5D]YRM,QIRUPDFLRQLK6LVWHPD
JGHVHSROD]QLFLREX DYDMX]DSRVORYHSURMHNWRYDQMDUD]YRMDLRGUçDYDQMD,6D
3R]DYUåHWNXRYD  L  VWHSHQDHGXNDFLMHLX]YDåHSHUPDQHQWQR]DODJDQMH ELþHWHVSRVREQLGDL]YUåLWHVYH]DGDWNHX
REODVWLNRQNUHWQHSULPHQH06$FFHVVDXSURMHNWRYDQMXSRVORYQLKED]DSRGDWDND
6YLSRWUHEQLSULPHULNRMLVXRYGHSRPHQXWLPRJXVHSUHX]HWLRGDXWRUD0LNDF#%LWV<XQHWLOL

$ X W R U
5 60LNDQRYLþ

 261291, 32-029,,67$1'$5'
3RGDWDN  QRVLODFUHDOQHVOLNHVWYDUQRVWLNRMLGDMHRSLVQHNRJ LQMHQL QRJVWDQMD çXWEHRFHR)&DU
'XåDQLWG  7RMHXVWYDUL LQMHQLFD RQHNRPVHJPHQWXUHDOQRJVYHWDNRMXWUHED XYDWLXHOHNWURQVNRPREOLNXQDGXçL
YUHPHQVNLSHULRGLNRMDLPD]QD HQMH]DNRULVQLNHED]HSRGDWDND
,QIRUPDFLMD ² REUDHQLSRGDFLSRYH]DQLKJUXSDSRGDWDNDLOLSRGDWDNNRMLSURåLUXMHQLYR]QDQMDRGQRVQRVPDQMXMHHQ
WURSLMXVLVWHPD QHRGUHHQRVW =DLQIRUPDFLMXMHELWQRGDEXGHMDVQDWD QDLSUDYRYUHPHQD7DNRELUH HQLFD'DQDVMH
QDåD ILUPD RVWYDULODSURPHWXL]QRVX RGVD]DUDGRPRGELODLQIRUPDFLMDDNRQDVREDYHåWDYDRQH HPåWR
QLVPR]QDOL
%D]DSRGDWDND  NROHNFLMDSRYH]DQLKSRGDWDNDVDYLåHVWUXNRPQDPHQRP7RMHVNXSSRGDWDNDNRMLVHRGQRVHQDMHGQX
WHPX LOLQDPHQX0RçGDMHODNåHVKYDWLWLED]XSRGDWDNDNDRVNODGLåWHRSåWHQDPHQH]DVPHåWDMLREUDGXELORNRMHYUVWHL
Q
IRUPDFLMDSUHPDYDåRMçHOML1DSULPHUXED]XSRGDWDNDPRçHWHVPHåWDWLLPHQDL
DGUHVH7DNRHELVWHPRJOLGDVNODGLåWLWHSRGDWNHRYDåRMYLGHRWHFLIRQRWHFL]DOL
KDPDLSRUXGçELQDPDYDåHJSULYDWQRJSUHGX]HþDNDRLVYLKREOLNDHYLGHQWLUDQMDL .25,61,&,
SULND]LYDQMDSRGDWDNDRSRVORYDQMX
%D]DSRGDWDNDMHYLåHRGVDPLKSRGDWDND2QDVDGUçLREMHNWHNRMLþHYDPSRPRþL
SULXSUDYOMDQMXSRGDFLPDNDRåWRVXREUDVFL ]DXQRVLOLDçXULUDQMHSRGDWDND LL] 
YHåWDML ]D SULND] LLOL åWDPSDQMH SUREUDQLK JUXSD SRGDWDND X RGJRYDUDMXþHP
REOLNX NDRLMHGQDLOLYLåHWDEHODXNRMHVNODGLåWLWHSRGDWNHNRMLVX]QD DMQL]DYDV
6LVWHPED]HSRGDWDND ² MHFHOLQDNRMX LQH
x VDPDED]DSRGDWDND
NRMDPRçHSUHGVWDYOMDWLMHGQXGDWRWHNXGRNMHWRXNRPSOHNVQLMLP
PRGHOLPDQDM HåþHKLMHUDUKLMVNLLVWUXNWXUQRRUJDQL]RYDQVLVWHPYLåH
SRYH]DQLKGDWRWHND
x VLVWHP]DXSUDYOMDQMHED]RPSRGDWDND
VLVWHP]DXSUDYOMDQMHED]RP
'DWDEDVH0DQDJHPHQW6\VWHP '%06 L
SRGDWDND '%06
x NRULVQLFLED]HSRGDWDND
1DVOLFLGHVQRMHSUHGVWDYOMHQRSåWLPRGHOVLVWH PD
06$FFHVV MHNRPSOHNVDQVNXSYLåH]DYLVQLKDODWD]DNUHLUDQMHLUD]YRMED]DSRGD
WDND SD MH WHåNR UHþL GD MH WRWHN MHGDQSURJUDP DOL VHXVYDNRPVOX DMX PRçH
VYUVWDWLXNDWHJRULMXYLVRNRUD]YLMHQLK'%06UD]YRMQLKDODWD SURJUDPD 
ED]DSRGDWDND
'%06MHMHGDQVORçHQVRIWYHUVNLDODWNRMLWUHEDGDRPRJXþL
x 6NODGLåWHQMH SRGDWDNDVDPLQLPDOQRPUHGXGDQVRP SRQDYOMDQMHLVWLKSRGDWDND LQMLKRYXFHQWUDOL]DFLMX LPH
VHSRVWLçHMHGQRVWDYQDLHILNDVQDRUJDQL]DFLMDSRGDWDND
x .RULåþHQMH ]DMHGQL NLKSRGDWDNDRGVWUDQHVYLKRYODåþHQLKNRULVQLNDNDRLSRGHOXNRULVQLNDVLVWHPDQDJUXSH
SUHPDSUDYLPDSULVWXSD
x /RJL NXLIL]L NXQH]DYLVQRVWSURJUDPD RGSRGDWDND%H] RE]LUDåWRVHSRGDFLIL]L NLSDPWHSRSUDYLOX
VDPRMHGQRPXMHGLQVWYHQRMIL]L NRMRUJDQL]DFLMLVYDNLNRULVQLNGRELMDVYRMXVRSVWYHQXORJL NXVOLNX ORJL ND
VWUXNWXUD SRGDWDNDNDNYDPXQDMYLåHRGJRYDUD
x -HGQRVWDYQRNRULåþHQMH ED]HSRGDWDNDSUHNRJUDIL NRJLQWHUIHMVDEOLVNRJNRULVQLNX LPHVHNUDMQMLNRULVQLFL
ODNåHXNOMX XMXXUD]YRMLQIRUPDFLRQRJVLVWHPD ,6 SDWLPHQMHJRYRNRULåþHQMHXJODYQRPQHSUHGVWDYOMDQLND
NDYSUREOHP/LFLPDNRMDX HVWYXMXXUD]YRMXRYDNYRJVLVWHPD]QD DMQRVHSRYHþDYDSURGXNWLYQRVWRGQRVQR
UH]XOWDWLVHSRVWLçX]DUHODWLYQRNUDWNRYUHPH
x 1DMUDFLRQDOQLMHLVNRULåþHQMH ]DX]HWRJSURVWRUDQDVSROMQRMPHPRULMVNRMMHGLQLFL
,QIRUPDFLRQLVLVWHP  MHYLVRNRXUHHQLVNXSPHWRGDSURFHVDLRSHUDFLMD]DSULNXSOMDQMH XYDQMHREUDGXSUHQRåHQMH
LGLVWULEXFLMXSRGDWDNDXRNYLUXMHGQHRUJDQL]DFLMHXNOMX XMXþLLRSUHPXNRMDVHXWHVYUKHNRULVWLLOMXGHNRMLVHWLPDNWLY
QRVWLPD EDYH .DR SULPHUL PRJX SRVOXçLWL LQIRUPDFLRQL VLVWHPL SRVORYQLK EDQDND L VYLK YHþLK WUJRYLQVNLK SUHGX]H þD
VSROMQRWUJRYLQVNLKSUHGX]HþDSURMHNWQLKELURDDYLRNRPSDQLMDLVOL QR

06$FFHVV  2VQRYHXSUDYOMDQMDUHODFLRQLPED]DPDSRGDWDND 
ZZZ,QWHU%(67FR\X

2SåWDDUKLWHNWXUD VLVWHPD ]DXSUDYOMDQMHED]RPSRGDWDNDNRMDRPRJXþXMHRVWYDULYDQMHQDYHGHQLKFLOMHYDVDVWRMLVHL]WUL


QLYRD
,QWHUQLIL]L NLQLYR GHILQLåH QD LQQDNRMLVXSRGDFLIL]L NLRUJDQL]RYDQLQDVSROMQLPPHPRULMVNLPMH
GLQLFDPD GLVNRYLPD 
.RQFHSWXDOQLQLYR GHILQLåHRSåWXORJL NXVWUXNWXUXED]HSRGDWDNDVYHSRGDWNHXPRGHOXLQMLKRYHOR
JL NH RGQRVH YH]H  WUHED GD RPRJXþL XSUDYOMDQMH SRGDFLPD NDR ]DMHGQL NLP
UHVXUVRPXVLVWHPXED]HSRGDWDND
(NVWHUQLQLYR NRULVQL NL QDQMHPXVHGHILQLåHORJL NDVWUXNWXUDSRGDWDNDSRJRGQD]DVSHFLIL QH
]DKWHYHRGQRVQRSURJUDPH
,DNRVXWDEHOHSULPDUQLL]YRULSRGDWDNDNRULVQLFLED]HSRGDWDNDQHPDMXGLUHNWDQSULVWXSRYLPREMHNWLPDYHþREUDGLSR
GDWDNDSULVWXSDMXSUHNRRGUHHQLKREUD]DFDLOLIRUPXODUD )RUPV ]DXQRVLDçXULUDQMHSRGDWDNDNRMLVHQDOD]HXED]DPD
NRMHPRJXGDSUHGVWDYOMDMXDSOLNDFLMHSRG$FFHVVRP*UDIL NHPRJXþQRVWLUDGDSUXçDRSHUDWLYQLVLVWHP:LQGRZVDQD
]LYDPRMHJUDIL NLNRULVQL NLLQWHUIHMV *8, 

1DVOLFLSUHGVWDYOMHQMHMHGDQSULPHUREUDVFD )RUP XJUDIL NRPLQWHUIHMVXDNRMLVHNRULVWL]DDçXULUDQMHSRGDWDNDRRW


SUHPQLFDPDLQMLKRYLPVWDYNDPD
.RULVQLFLLRVREOMHNRMHX HVWYXMHXSURMHNWRYDQMXLUD]YRMXED]HPRçHVHSRGHOLWLXQHNROLNRJUXSD
,]YUåLRFL SURMHNWDQWLED]HSRGDWDNDDGPLQLVWUDWRUED]HSRGDWDNDVLVWHPDQDOLWL DULDSOL
NDWLYQL SURJUDPHUL NDR L QHNROLNR OLFD DQJDçRYDQLK RG VWUDQH LQYHVWLWRUD L
NUDMQMLKNRULVQLNDVLVWHPD
3RGUåND SURMHNWDQWL L SURJUDPHUL '%06D LQçHQMHUL X UD]YRMX ]DGXçHQL ]D VRIWYHUVNH
DODWHLRVREOMH]DGXçHQR]DUD]YRMVRIWYHUDNRMHREXKYDWDVLVWHPED]HSRGDWDND
KDUGYHUDL
.UDMQMLNRULVQLFL VWDOQL SRYUHPHQL LVOX DMQL NRULVQLFL VDUD]OL LWLPVWHSHQRPLVNXVWYDLSULRULWH
WRPXSULVWXSXSRGDFLPD

 261291,32-029,,67$1'$5'
5 60LNDQRYLþ

6WDQGDUGXSURMHNWRYDQMXED]DSRGDWDND
'DELED]DSRGDWDNDELODVPDWUDQDVWDQGDUGQRPPRUDGDLVSXQMDYDQDMPDQMHVOHGHþHXVORYH
x GDVHWHNVWXDOQLSRGDFLXQRVHSUHPDNRGQLPVWUDQDPDLOL <8WDVWDWXUDODWLQL QDLOL
þLULOL QD ]DQDåUHJLRQ NRMHQHSUDYHUD]OLNXL]PHXYHOLNLKLPDOLKVORYD
x GDVH]DIRUPDWLVSLVDVYLK QXPHUL NLKYDOXWQLKGDWXPVNLKYUHPHQVNLK« SRGDWDNDRVODQMDQDSR
GHåDYDQMDQDQLYRX26D X5HJLRQDO6HWWLQJV LLOLNRULVQL NLPRSFLMDPDXDSOLNDFLML D XSRWSXQRVWL
PRUDGDRGJRYDUDNRULVQLNX
x GDVH]DYHOL LQXSROMDXWDEHODPDX]LPDMXUDFLRQDOQHGXçLQHSUHPDRSVHJXLYHOL LQLVDPRJSRGDWNDX
WRPSROMX
x GDLPDPUHçQXRULMHQWDFLMX]DåWLþHQUHODFLRQLPRGHOL]DKWHYDQLUHIHUHQFLMDOQLLQWHJULWHW
x GDLPDQHNLREOLNVWDQGDUGQRJVLVWHPDPHQLMD
x GDVHODNRDGPLQLVWULUDPRçHGDOMHUD]YLMDWLLLPDSHULRGNRULåþHQMDGXçLRGMHGQRJSRVORYQRJSHULRGD
XJODYQRPLOLPHVHFL 
x GDSRLVWHNXWHVWSHULRGDQH]DYLVLRGDXWRUDRGQRVQRGDMHPRçHDGPLQLVWULUDWLOLFHREX HQR]DWDNYH
SRVORYHXILUPLNRULVQLND
x GDNRULVQLNXSUXçDQDUDVSRODJDQMHVLVWHPSRPRþLDUKLYLUDQMHUH]HUYQHNRSLMH
x GDMHXUDHQDSRSURMHNWQRMGRNXPHQWDFLML XVOX DMX,6D LGDVXVYHL]PHQHXPRGHOXED]H GRNX
PHQWRYDQH
3RåWRYDQMHVWDQGDUGDXUD]YRMX ED]HSRGDWDNDMHRGL]X]HWQRJ]QD DMDDRQRåWRELELORGRYROMQRGDYDVXVPHULNDWRP
FLOMXMH
x MHGQRVWDYQRVWNRULåþHQMDLODNåDLPSOHPHQWDFLMD
x RODNåDQHQDNQDGQHL]PHQHLXVNODLYDQMHSR]DKWHYXLSRWUHEDPDNRULVQLND
x EH]EHGQRVWSRGDWDNDLYHOLNLXWLFDMNRULVQLNDQDREOLN IRUPDW QMLKRYRJSULND]D
x WRWDOQDNRULVQL NDRULMHQWDFLMDåWR]QD LGDNRULVQLNED]HSRGDWDNDRGJRYRUHQDVYDSLWDQMDRNRULåþH
QMXGRELMDRGVDPHED]H DSOLNDFLMH 

1HNROLNRVWDQGDUGQLKED]DSRGDWDND DSOLNDFLMD þHWHYLGHWLXSUH]HQWDFLMLQDSUYRPSUHGDYDQMX

06$FFHVV  2VQRYHXSUDYOMDQMDUHODFLRQLPED]DPDSRGDWDND 
ZZZ,QWHU%(67FR\X

 (17,7(7,,9(=(0(81-,0$
(QWLWHWMHHOHPHQWRNRPHVHPHPRULåXLQIRUPDFLMH7RMHHOHPHQWNRMLSRVWRMLLNRMLVHPRçHUD]OLNRYDWLRGRVWDOLKHOHPH
QDWD(QWLWHWSUHGVWDYOMDELORåWDR HPXVHPRJXPHPRULVDWLRSLVQHLQIRUPDFLMHåWRMHXVWDQMXGDSRVWRMLQH]DYLVQRLåWR
PRçHELWLMHGQR]QD QRRGUHHQR(QWLWHWPRçHELWL$87202%,/DQMHJRYLDWULEXWLPDUNDWLSERMDJRGLQDSURL]YRGQMH
LVO3RGDFLXRNYLUXED]HQLVXUDVSRUHHQLKDRWL QRQHJRVXJUXSLVDQLSRHQWLWHWLPDåWR]QD LGDVYDNLHQWLWHWVDVRERP
QRVLRGUHHQXYUVWXSRGDWDND
-HGQDED]DVHPRçHVDVWRMDWLRGMHGQRJLOLYLåHHQWLWHWD,]PHXHQWLWHWDPRJXSRVWRMDWLRGUHHQHYH]HNRMHVXLOXVWURYDQH
XVOHGHþLPSULPHULPDLPRJXELWLVOHGHþLKREOLND

9H]D
MHQDMSURVWLMLREOLNYH]HD]DSULPHUVHPRçHX]HWLYH]D58.292',L]PHXHQWLWHWD58.292',/$&L6(.725JGH
VH YLGL GD MHGDQ UXNRYRGLODF PRçH UXNRYRGLWL VDPR MHGQLP 9(=$

VHNWRURP DOLLREUDWQR MHGDQVHNWRULPDVDPRMHGQRJUXNR


YRGLRFD 58.292',/$&
5$'1,.  
6(.725
58.292',

58.292',/$&
5$'1,. 58.292', 6(.725

5
5 6
5
5 6

5
6
5

9H]DQ Q
MHQDM HåþLWLSYH]HDGDOLMHYH]DQLOLQ]DYLVLRGWRJDXNRPVPHUXMHSRVPDWUDPR=DSULPHURYRJWLSDYH]HVHP
R
çHX]HWLYH]D6(.725=$32ä/-$9$5$'1,.$JGHVXHQWLWHWL6(.725L5$'1,.XYH]LQMHUXMHGQRPVHNWRUXPRçH
ELWL]DSRVOHQRYLåH UDGQLND
9(=$1 9(=$1

6(.725  1 1 
=$32â/-$9$ 5$'1,. 5$'1,. 5$',B8 6(.725

6(.725 =$32â/-$9$ 5$'1,.


5$'1,. 5$',B8 6(.725

5 5
5 5 6
5 5
5 6
5
5
5 6
5
5

3RVPDWUDMXþLRYXLVWXYH]XXVXSURWQRPVPHUXPRçHPRXR LWLYH]X5$'1,.5$',B86(.725XJGHYLåHUDGQLNDPRçH
UDGLWLXMHGQRPVHNWRUX

 (17,7(7,,9(=(0(81-,0$
5 60LNDQRYLþ

9H]DQQ
MHYH]D YLåHSUHPDYLåH NRMDVHXPRGHOLPDYUOR HVWRMDYOMD 9(=$11
9(=$10

DRQRåWRMH]DQMXVSHFLIL QRMHGD WDNYDNDNYDMHVWH QHPR


çH GD VH GLUHNWQR LPSOHPHQWLUD X UHODFLRQRP PRGHOX ED]H 1
1
1
0
SRGDWDNDMHUELGRYHODGRQHPRJXþQRVWLVWURJHGHILQLFLMH
5$'1,. 5$',B1$ 352-(.$7

3UREOHPYH]HQQL]PHXGYDHQWLWHWDVHSUHYD]LOD]LUD]ELMD 5$'1,. 5$',B1$ 352-(.$7


QMHP RYH YH]H QD GYH YH]H WLSD Q SD VH WDNR SULND]DQD
YH]D 5$'1,.352-(.$7 QQ  GHOL QD GYH YH]H 352-( 5
.$73B5 Q  L 3B55$'1,. Q  JGH MH 3B5 QRYL HQWLWHW 5 3

WDEHODXED]L NRMLREH]EHXMHVWURJXNRQWUROXPRGHOD 5
3
5

5 3
5

5HNXU]LYQDYH]D
MRåMHGDQSUREOHPDWL DQWLSYH]HDVUHþHVHXVLWXDFLMDPDNDGD VHL]PHXGYD LOLYLåH HQWLWHWDSRMDYLYH]DQSUHPDMH 
GQRP SDUX DWULEXWDDLOLQSUHPD GUXJRPSDUX.DRSULPHU 5(.85=,91$9(=$
PRçHPRX]HWLYH]X5$'1,.58.292',/$&
32'5(ç(1
-HGDQ UDGQLN VH X WDEHOL5$'1,&,PRçH SRMDYLWL VDPR MHGQRP

GRN VH NRG L]ERUD QDG]RUQLND UXNRYRGLRFD  X WDEHOL
58.292',2&,MHGDQUDGQLNRSHWPRçHSRMDYLWLVDPRMHGQRPSD 5$'1,. 1$'=25
VHXR DYDYH]DDOLSRåWRMHMHGDQUXNRYRGLODFQDGUHHQYHþHP
EURMXUDGQLNDMDVQRMHGDSRVWRMLLYH]D58.292',2&,5$'1,&, 
Q2EMHGLQMDYDMXþLRYHGYHYH]HXMHGQXUHODFLMX SURL]OD]LGD 1$'5(ç(1
MHRQDWLSDQQ
2YDM WLS YH]H MH X ED]L SRGDWDND PRJXþH RVWYDULWL DOL VH PRGHO WHåNR PRçHRGUçDYDWLSDVHVDYHWXMHQMHQRREDYH]QR
HOLPLQLVDQMHWMUD]ELMDQMHQDYLåHHQWLWHWDVDYH]DPDQ

06$FFHVV  2VQRYHXSUDYOMDQMDUHODFLRQLPED]DPDSRGDWDND 
ZZZ,QWHU%(67FR\X

3ULPHUSRYH]DQRVWLHQWLWHWDMHGQHED]HSRGDWDND
1D VOHGHþRM VOLFL VX SUHGVWDYOMHQL HQWLWHWL ED]H SRGDWDND%LEOLRV ELEOLRVPGE  L YH]H PHX QMLPD 1D :HE DGUHVL
KWWSZZZLQWHUEHVWFR\XVRXUFHDFFHVV PRçHWH SUHX]HWL X =,3 IRUPDWX  QHNH RG SULPHUD ED]D SRGDWDND NRML VX X
VNULSWDPDL]ORçHQLWHVW SLWDQMDGRGDWNHLQGH[SRMPRYDLVOL QRLOLVHREUDWLWHDXWRUXQD0LNDF#%LWV<XQHW
(QWLWHWLXRYRMED]LVX1DVORYL$XWRUL,]GDYDFL1DVORYB.H\ZRUGV1DVORYB$XWRU/LFDL9UVWH1DVORYD

1DVOLFLVHYLGLGDVHL]GDYD XWDEHOL,='$9$&, PRçHQDþLVDPRMHGQRP DXWDEHOL1$6/29,YLåHSXWD1DVORYPRçH


LPDWLMHGQRJL]GDYD DDMHGDQL]GDYD VHPRçHQDþLXYLåHQDVORYDSDMHYH]D1$6/29,,='$9$&,SUHNRSROMD DWULEX
WD ,]GDYDF,'WLSDQ f 
9H]D 1$6/29,$8725, MHWLSD QQ QDLVWRPQDVORYXVHPRçHQDþL YLåHDXWRUDDVDPDXWRU PRçHX HVWYRYDWLQDYLåH
QDVORYD SDMHGRGDWQRPWDEHORP1$6/29,B$8725,REH]EHHQRQMHQRUD]ELMDQMHQDGYHYH]HWLSDQ

 (17,7(7,,9(=(0(81-,0$
5 60LNDQRYLþ

 892'806$&&(66
2EMHNWL06$FFHVVD
06$FFHVVVSDGDXJUXSXSURJUDPD]DXSUDYOMDQMHED]DPDSRGDWDND '%06 'DWDEDVH0DQDJHPHQW6\VWHP .DRåWRL
VDPR LPH NDçHRYLDODWLVHNRULVWHXSURMHNWRYDQMXUD]YRMXLNRULåþHQMXED]DSRGDWDND3RGDFLNRMLVHREUDXMXPRJX
SUDNWL QRELWLVYHåWRMH]DNRULVQLNDED]HSRGDWDNDSULURGQRLSRWUHEQR
x ,PHQDLDGUHVH x 3RVORYQLNRQWDNWLNXSFLSUHGYLDQMDSURGDMH
x ,QIRUPDFLMHR]DSRVOHQLPDLVDUDGQLFLPD x 3RGDFLRNUHWDQMLPDLVWDQMLPD]DOLKDPD
x )DNWXUHXSODWHNQMLJRYRGVWYR x 3ODQRYLUH]HUYDFLMHSURMHNWLLWG
35,0(53RJOHGDWLNDNRVXSRGDFLRUJDQL]RYDQLXGHPRED]L0$*$=$ PDJD]DPGEXDUKLYLPDJD]D]LS LOLQHNXRGED
]DNRMHVWHGRELOLX]LQVWDODFLMX06$FFHVVD
-HGQDED]DSRGDWDNDX06$FFHVVXPRçHGDVDGUçLVOHGHþHYUVWHREMHNDWD
7DEHOD 7DEOH MHRVQRYQLWLSREMHNWDXED]LLSUHGVWDYOMDMXGLUHNWDQ SULPDUQL L]YRUSRGDWDND8WDEHODPDVHSR
RVPLåOMHQLPSULQFLSLPDLYH]DPD XYDMXSRGDFLNRMLPDUDVSRODçHNRULVQLNLRQHVXSUYLREMHNWLNRMHWUH 
ED NUHLUDWL 3RGDFL X WDEHOLVX VPHåWHQL X SROMD NRORQH HQJ)LHOGV  D VYD GHILQLVDQD SROMD LQH VORJ
]DSLVUHGHQJ5HFRUG .YDOLWHWED]HSRGDWDNDL,6DOHçLXNYDOLWHWQRMRUJDQL]DFLMLSRGDWDNDXWDEHODPD
ED]HNDRLQMLKRYLPGREULPYH]DPD UHODFLRQRPPRGHOX 
8SLW 4XHU\  MH WLS REMHNWD]DSRVWDYOMDQMHSLWDQMDRSRGDFLPD L]WDEHOD LOLGUXJLKXSLWD  DXFLOMXQMLKRYRJ
DçXULUDQMDNUR]REUDVFHLOLSUHJOHGDNUR]L]YHåWDMH QDHNUDQXLOLåWDPSD X SDVHPRJXGHILQLVDWLNDRSR
VUHGQL L]YRUL SRGDWDND 1D SULPHU XSLWL PRJX GD GDMX LQIRUPDFLMH RGJRYRUH QD SLWDQMD  NDR åWRVX
NROLNRNXSDFDMHL]1RYRJ6DGDNRMDVXQMLKRYDLPHQDLEURMHYLWHOHIRQDVWRPUD]OLNRPåWRYDåQDOR
JRGDYDFJRYRULVUSVNLDXSLW MH]LNRP64/8SLWLVHPRJXNRULVWLWL]DVSDMDQMH HQJOM RLQ NRORQDL]YLåH
UHODFLMDPDSRYH]DQLK WDEHOD-HGDQXSLWELPRJDRQDSULPHUGDVSRMLWDEHOHNXSDFDSRUXGçELQDVWD
YNL SRUXGçELQD L SURL]YRGD GD EL RGJRYRULR QDSLWDQMHNRMLNXSFLVXQDUX LOLNRMHSURL]YRGHLNRMDMH
YUHGQRVWQMLKRYLKSRUXGçELQD8SLWLVXWDNRHNRULVQLSULOLNRPL]PHQHEULVDQMDLOLXQRåHQMDYHOLNHNR
OL LQH SRGDWDND X MHGQRP SUROD]X 6YDNL NRULVQLN06 $FFHVVDELWUHEDORGDJDEDUWROLNR SR]QDMHGD
PRçHEH]SUREOHPDL]QMHJRYHED]HL]YXþLSRWUHEQHSRGDWNHLWRRQDNRNDNRPX]DGDNROHJDLOLQDOR
JRGDYDF6YDNLGDOMLUDGXXSUDYOMDQMXED]RPVH]DVQLYDQDNUHLUDQMXREMHNDWD IRUPHLL]YHåWDML NRMLQH
PRJXEH]XSLWDLOLWDEHODSDVHQMLKRYRNUHLUDQMHPRçH]QDWQRXEU]DWLVDPR SRGXVORYRPGDVXL]YRUL
SRGDWDND WDEHOHLXSLWL GREURNUHLUDQL
2EUD]DF )RUP RPRJXþDYDXQRVLSULND]LYDQMHSRGDWDNDXSULNODGQRPIRUPDWXNRMLOL LQDåWDPSDQHREUDVFHX
NRMLPDWUHEDSRSXQLWLSUD]QDPHVWD9DåL REUDVFLPRJXELWLMHGQRVWDYQLLOLSULOL QRVORçHQL VDJUDILNRP
OLQLMDPDPRJXþQRVWLPDDXWRPDWVNRJSUHWUDçLYDQMDNRMHXQRVSRGDWDND LQHEU]LPLODNLP2EUDVFLPR
JX GD VDGUçH L GUXJH REUDVFH QD]YDQHSRGREUDVFLHQJOVXEIRUPV åWRRPRJXþXMHLVWRYUHPHQLXQRV
SRGDWDNDXYLåHWDEHOD
,]YHåWDM 5HSRUWV GDMHL]YDQUHGQHPRJXþQRVWLSUHJOHGDLåWDPSDQMDSRGDWDND.DRLREUDVFLL]YHåWDMLPRJXGD
EXGXMHGQRVWDYQLDOLLYHRPDNRPSOHNVQL3ULPHULL]YHåWDMDVXVSLVNRYLKURQRORåNLSUHJOHGSRVORYDQMD
FLUNXODUQD SLVPD QDOHSQLFH VD DGUHVDPD L IDNWXUH ,]YHåWDML VH ]D SRGDWNH REUDþDMX WDEHODPD DOL MRå
HåþHXSLWLPDDQMLKRYRVQRYQL]DGDWDNMHGDWHSRGDWNHSUHGVWDYHXREOLNXNRMLMHODN]DSUHJOHGUD]XP
OMLY LJGHVHPRJXEU]RXR LWLJUHåNH1DSULPHUL]YHåWDMHPVHPRçHGRELWLSURGDMDSRPHVWLPDEURM
SRUXGçELQDXQHNRPSHULRGXLGUXJHLQIRUPDFLMHNRMHVHNRULVWH]DGRQRåHQMHYDçQLKSRVORYQLKRGOXND
3ULPHULQHNROLNRL]YHåWDMDVXSULND]DQLNUR]RYD VNULSWD QDVORERGQLPSURVWRULPD 
3DJHV LOL'DWD$FFHVV3DJHV :HEVWUDQLFH]DSULVWXSSRGDFLPD RPRJXþXMXNUHLUDQMHVORçHQLKREUD]DFDQDLQ
WUDQHWX NRPSDQLMH NRML VX SRYH]DQL V SRGDFLPD X YDåRM PUHçL ÿDN L QRYDMOLMD PRçH GD NUHLUD :HE
VWUDQLFHVDXYHN DçXUQLPSRGDFLPD+LSHUYH]HLYDPD LGUXJLPD RPRJXþDYDMXSULVWXSSRGDFLPDNRMH
VWHREMDYLOLQD:HEX LNRMHVXGUXJLREMDYLOL LWRXIRUPDWXKLSHUWHNVWXDOQLKYH]DGLUHNWQRL]YDåLK06
$FFHVV REUD]DFD0QRJLVPDWUDMXGDSRVDRREMDYOMLYDQMDSRGDWDNDQD:HEXWUHEDGDEXGHSUHSXåWHQLV
NOMX LYR DGPLQLVWUDWRUX :HE ORNDFLMH :HEPDVWHUX 06 $FFHVV  MH QHSRELWDQ GRND] GD WR QLMH
WD QR$ODWND'DWD$FFHVV3DJHV YRGLYDVNUR]SRVWXSDNL]UDGHREUDVFDLQMHJRYRJSRYH]LYDQMDVSRGD
FLPDXL]DEUDQLPREMHNWLPDED]H SRGDWDNDD]DWLPJHQHULVDQH+70/VWUDQHåDOMHQDYDåX:HEORNDFLMX
0DNUR 0DFUR MHQL]06$FFHVV NRPDQGLDNRULVWLVHXVOX DMHYLPDNDGDQHNROLNRNRPDQGL RGUHHQLPUHGRV
OHGRP WUHEDSR]YDWLQDYLåHPHVWDX06$FFHVV DSOLNDFLML XJODYQRPL]IRUPH .DGDSRNUHQHWHPDNUR
06$FFHVV  2VQRYHXSUDYOMDQMDUHODFLRQLPED]DPDSRGDWDND 
ZZZ,QWHU%(67FR\X

06$FFHVV L]YUåDYDVYHQDUHGEHPDNURDXUHGRVOHGXXNRPVXDNFLMHQDYHGHQH%H]SLVDQMDSURJUDP
VNRJ NRGD PRçHWH GHILQLVDWL PDNURH NRML DXWRPDWVNL RWYDUDMX REUDVFH ]D ED]X SRGDWDND åWDPSDMX
QDOHSQLFHVDDGUHVDPDREUDXMXSRUXGçELQHLGUXJR0DNURLRODNåDYDMXVDVWDYOMDQMHVNXSRYDWDEHODXSL
WDREUD]DFDLL]YHåWDMDXNRPSOHWQHDSOLNDFLMHNRMHPRçHGDNRULVWLELORNR DNLDNR]QDPDORLOLQH]QD
QLåWDRVDPRP06$FFHVVX0DNURLVHL]EHJDYDMXXSURIHVLRQDOQLP06$FFHVV DSOLNDFLMDPDMHUVHRQL
QHPRJXNRPSDMOLUDWLSDQHGDMXPRJXþQRVWLNUHLUDQMDDSOLNDFLMH
0RGXO 0RGXOH NDRLPDNURRPRJXþDYDDXWRPDWL]DFLMX DOLPQRJRQDSUHGQLMXMHUVHXQMHPXNDRUD]YRMQD
SODWIRUPD NRULVWL9%$XREOLNXSURFHGXUDWLSD6XE L)XQFWLRQNRMHVXQDUDVSRODJDQMXFHORPSURMHNWX
=DUD]OLNXRGPDNURDPRGXOLRPRJXþDYDMXSUHFL]QLMXNRQWUROXQDGSUHGX]HWLPDNFLMDPDL]DKWHYDMXLV 
NXVWYRXSURJUDPLUDQMXX9%$ 9LVXDO%DVLFIRU$SSOLFDWLRQV DDNRX]PHPRXRE]LUGDIRUPHLL]YHåWDML
LPDMX WDNRH PRGXO N{GDMDVQR MH GD 9%$SUHGVWDYOMDRVQRYQXSURJUDPHUVNXUD]YRMQXSODWIRUPX ]D
06$FFHVV1DRYRPNXUVXVHQHþHPREDYLWLWHPDPDYH]DQLP]D9%$
.DNR VX WDEHOH L]YRUL SRGDWDND WDNR06 $FFHVVIDMO SUHGVWDYOMD ED]X X VOX DMX GD LPD WDEHOH GRN VH X06 $FFHVV
DSOLNDFLMDPD XJODYQRP QDOD]H RVWDOL REMHNWL D YH]D VD WDEHODPD VH XVSRVWDYOMD/LQNRP .RQFHSFLMD RGYDMDQMD ED]H L
DSOLNDFLMH VH REDYH]QR SULPHQMXMH X SURIHVLRQDOQLP SURMHNWLPD D åWD VYH WUHED XUDGLWL L NDNYH VH SUHGQRVWL RYRJ
RGYDMDQMD UDGLþHPRQDYLåHPNXUVX06$FFHVV  

279$5$1-(ED]HL]06$FFHVVD
3RNUHWDQMHP 06 $FFHVVD QSU QD 6WDUW3URJUDPV0LFURVRIW$FFHVV
GRELþHWHGLMDORJNDRQDVOLFLLSRQXHQHVOHGHþHRSFLMHXOD]D
x &UHDWHD1HZ'DWDEDVH8VLQJ
NUHLUDQMHQRYHED]HNRULVWHþL
 %ODQN'DWDEDVH
SUD]QXED]X
 'DWDEDVH:L]DUG
DXWRPDWVNRJHQHULVDQMHED]H
x 2SHQDQ([LVWLQJ'DWDEDVH
RWYDUDQMHSRVWRMHþHED]HSRGDWDND 

'DWDEDVH:L]DUG
'DWDEDVH :L]DUG SRPDçH SR HWQLFLPD GDQDODNåL QD LQXXXUDGQD
ED]DPD LYLGHQHNROLNR SULPHUDDSOLNDFLMD2YLP VHNUHLUDFHODED]D]D
QHNROLNR PLQXWD D SRQXHQR MH YLåH WLSRYD ED]D SRGDWDND DGUHVDUL
SRUXGçELQHYRHQMHLQYHQWDUDYLGHRWHNHIRQRWHNH 3RVOH RGDEUDQH
YDULMDQWH RGOX XMHPR VHRL]ERUX WDEHODLSROMDXWDEHODPDXNOMX HQMXSUREQLKSRGDWDNDL]JOHGXDSOLNDFLMHL]YHåWDMDL
QD]LYXDSOLNDFLMH 6OHGLDXWRPDWVNL SURFHVNUHLUDQMDREMHNDWDLSRVOHNUDþHJYUHPHQD ED]DMHQDUDVSRODJDQMXNDRMHG
QRVWDYQDDSOLNDFLMDNRMDMHMHGQRVWDYQDDOLYUORNRULVQD]DX HQMHSULQFLSDUDGDX06$FFHVVX
,DNRSUHGVWDYOMDGREDUQD LQGDVHYLGLNDNRPRJXL]JOHGDWLDSOLNDFLMHSRG06$FFHVVRPRYDMQD LQLSDNQHþHWHPQRJR
NRULVWLWLNRGNUHLUDQMDVYRMHED]HLDSOLNDFLMH-HGDQRGUD]ORJDMHLQMHJRYRSUDYLORGDVHLPHQDSROMDXWDEHO
DPD NRMLVH
GDOMHSUHQRVHQDVYHRVWDOHREMHNWH LPHQXMXQDHQJOHVNRPMH]LNX
ÿDUREQMDFLXNUHLUDQMXVYLKGUXJLKREMHNDWDRVLPWDEHODVLJXUQRþHYDPPQRJR]QD LWLX06$FFHVVSDLKRGVUFDSUH
SRUX XMHPR D QDUR LWR þHPR LK NRULVWLWL NRG NUHLUDQMD IRUPL REUD]DFD  L L]YHåWDMD 8 WRNX UDGD X 06 $FFHVVX
SUHSRUX XMH VH åWR YLåH NRQVXOWRYDQMD SULPHUD JRWRYLK ED]D NRMH0LFURVRIW LVSRUX XMH X] LQVWDODFLRQX YHU]LMX SDNHWD
1ZLQG2UGHUV6ROXWLRQV 

1DSUYLSRJOHG
5DGQLSUR]RU06$FFHVV ED]H 'DWDEDVH:LQGRZ VDGUçL&RPPDQG%DU SUHNRNRMHJVHRWYDUDMXNDUWLFHçHOMHQLKWLSRYD
REMHNDWD NDRLVYRM7RROEDUVDQHNROLNRQDM HåþLKNRPDQGL8VDPRPYUKXRYRJSUR]RUD QDVORYQDWUDND QDOD]LVHLPH
ED]HNRMDVHREUDXMH
6LVWHPPHQLMDLSDOHWDDODWNLX06$FFHVVXIXQNFLRQLåHQDVOL DQQD LQNDRLRVWDOLPSURJUDPLPD0LFURVRIW2IILFHDGRN
VHVYHRVWDORVPDWUDUDGQRPSRYUåLQRPXNRMRMVHUD]YLMDLUDGL06 $FFHVV DSOLNDFLMD1DVDPRPGQX06$FFHVV SUR]RUD
VPHåWHQDMHVWDWXVQDOLQLMD 6WDWXVEDU SUHNR NRMHVHNRULVQLNXSURVOHXMXGRGDWQHLQIRUPDFLMHRWHNXþHPREMHNWXLLQ
IRUPDFLMHNRMHVHRGQRVHQDWDVWHUH,QVHUW1XP/RFN&DSV/RFN6FUROO/RFN

 892'806$&&(66
5 60LNDQRYLþ

'DWDEDVH:LQGRZ
3RRWYDUDQMXQHNH06$FFHVV ED]HSRGDWDNDQDHNUDQXVHSRMDYOMXMH'DWDEDVH:LQGRZ 2QRPRJXþXMHL]ERUMHGQRJRG
åHVW VHGDP WLSRYDREMHNDWD DNWLYQHED]HSRGDWDNDNDRLUHçLP P{G UDGDXQMLPD
2SHQ  RWYDUDQMHSRVWRMHþHJ
'HVLJQ  UHGL]DMQLUDQMHSRVWRMHþHJRGQRVQR
1HZ  NUHLUDQMHQRYRJREMHNWD 
.RGL]YHåWDMDRSFLMD2SHQ MH]DPHQMHQDRGJRYDUDMXþRPRSFLMRP3UHYLHZ NRMRPVHRQRWYDUD]DSRJOHG DNRGPDNURDL
PRGXODRSFLMRP5XQ NRMRPVHRQSRNUHþH 

'HVQLPNOLNRPQDREMHNDWPRçHWHGRELWLVYHPRGXVHUDGDVDGDWLPREMHNWRPSDRYDMQD LQWUHEDPDNVLPDOQRNRULVWLWL
NRGRWYDUDQMDREMHNDWD]DELORNDNYXREUDGX1HWUHED]DQHPDULWLQLLN RQLFHQD7RROEDUXDSRVHEQRXVLWXDFLMLNDGDWUH
EDSUHþLL]MHGQRJXGUXJXPRGXVREUDGHREMHNWDD'DWDEDVH:LQGRZ VHQLMHYLGOMLY7RROEDU GDMHMRåMHGQXSUHGQRVW²
SUHNRLNRQLFHPRçHWHXYHNSUHþLXSUHWSRVWDYOMHQL VXSURWDQ PRGXV QSUL]2SHQ X'HVLJQ UHçLPUDGD 1DSUHWKRGQLP
VOLNDPDMHSULND]DQ'DWDEDVH:LQGRZ X06$FFHVV L06$FFHVV 

6LVWHPPHQLMD
)LOH PHQLRVLPVWDQGDUGQLKVWDYNLNDRNRGVYLK:LQGRZV DSOLNDFLMDVDGUçLLVWDYNH
x *HW ([WHUQDO'DWD RPRJXþXMHXYR] ,PSRUW LOLSRYH]LYDQMH /LQN7DEOHV WDEHODL]GUXJH06$F
FHVV ED]HLOLQHNRJGUXJRJNRPSDWLELOQRJL]YRUD SRGDWDND.RULVWHþLLVWLGLMDORJPRçHVHXYHVWLL
ELORNRMLREMHNDWL]GUXJH06$FFHVV ED]H/LQNRPSRYH]DQD06$FFHVV WDEHODQHPRçHVHRWYD
UDWLX GL]DMQ PRGX X WRP P{GX MRM VHPRçHSULVWXSLWLVDPRRWYDUDQMHPPDWL QHED]H RQHX
NRMRMVHWDEHODQDOD]L 
x 6DYH$V([SRUW RPRJXþDYD XYDQMHQHNRJRG06$FFHVV REMHNDWDSRGGUXJLPLPHQRPXWHNX
þRMLOLGUXJRMED]LNDRLXREOLNXWDEHOHXIRUPDWXGUXJHDSOLNDFLMH
x 'DWDEDVHSURSHUWLHV MHVSLVDNVYRMVWDYD06$FFHVV ED]HSRGDWDND0RçHGDVDGUçLLQIRUPDFLMHR
DXWRUXQD]LYXSUHGPHWXNOMX QLPUH LPDDSOLNDFLMHVWDWLVWLNHLVSLVDNREMHNDWDXED]LNDRLPR
JXþQRVWNUHLUDQMDNRULVQL NLGHILQLVDQLK &XVWRP VYRMVWDYDED]H
(GLW PHQLVDGUçLVWDQGDUGQHVWDYNH]DSRNUHWDQMHNRPDQGLDçXULUDQMD &XW&RS\3DVWH 8QGR'HOHWH5HQDPH 
]DUDGVDREMHNWLPDL]ED]HNDRLPRJXþQRVWNUHLUDQMDSUH LFH 6KRUWFXWD QDGDWLREMHNDW=DVYHRYHDODWH
QDUDVSRODJDQMXVXLRGJRYDUDMXþHVWDYNH3RS8S PHQLMDNRMLGRELMDWHGHVQLPNOLNRPQDREMHNDWSDLKNRULV 
WLWH ]D EUçL L NYDOLWHWQLML UDG MHU MH06$FFHVVNDRL26 :LQGRZV SUHGVWDYOMDREMHNWQRRULMHQWLVDQRUDGQR
RNUXçHQMH
9LHZ PHQLVDGUçLVWDYNHL]ERUD WLSD REMHNWDXGDWDEDVH SUR]RUXRGUHLYDQMH WLSD LNRQDLQMLKRYUDVSRUHGNDRL
SUHJOHGVYRMVWDYD 3URSHUWLHV REMHNWDLSURJUDPVNRJNRGDREMHNWD IRUPHLPRGXOL 3UHNRVWDYNH7RROEDUV
RPRJXþHQMHSULVWXSNRULVQL NRPSRGHåDYDQMXVLVWHPDPHQLMDLSDOHWDDODWD
,QVHUW PHQLVDGUçLRSFLMH]DNUHLUDQMHQRYRJREMHNWDXED]LNDRLDXWRPDWVNRJHQHULVDQMHIRUPHLOLL]YHåWDMDQDRV
QRYXVHOHNWRYDQHWDEHOHLOLXSLWD NDRL]YRUDSRGDWDND 

06$FFHVV  2VQRYHXSUDYOMDQMDUHODFLRQLPED]DPDSRGDWDND 
ZZZ,QWHU%(67FR\X

7RROV MHGDOHNRQDM]QD DMQLMLPHQLDXVYRPSUYRPGHOXVDGUçLSR]QDWH0LFURVRIW2IILFH DODWH6SHOOLQJ L$XWR&RU


UHFW 6SHOOLQJ L]YUåDYD SUDYRSLVQX SURYHUX WHNVWD ]D VUSVNL MH SRWUHEQRLQVWDOLUDWLSRVHEDQGRGDWDN  GRN
$XWR&RUUHFW DXWRPDWVNLLVSUDYOMDQHNHNDUDNWHULVWL QHJUHåNH SRçHOML .RULåþHQMH$XWR&RUUHFWDMHVOL QRQD
QLYRX FHORJ 0LFURVRIW 2IILFHD SD JD RYGH QHþHPR SRVHEQR QDJODåDYDWL'DWDEDVH 8WLOLWLHVVHNFLMD RYRJ
PHQLMDQXGLPRJXþQRVWNRQYHUWRYDQMD &RQYHUW IDMODL]UDQLMLKYHU]LMD06 $FFHVVDXIDMOQRYRJIRUPDWDD
XYHU]LML06$FFHVV ED]DVHPRçHNRQYHUWRYDWLLXIDMOVWDULMHJIRUPDWD ]D06$FFHVV  PDGDQH
IXQNFLRQLåH NRUHNWQRXVOX DMX DSOLNDFLMH LSDN SUHGVWDYOMDDODWRGL]X]HWQRJ]QD DMD&RPSDFW REH]EHXMH
VDçLPDQMH ED]H NDRLRSUDYNH IDMODSRVOHQHUHJXODUQLKL]OD]DND L]DSOLNDFLMH 5HSDLU 6DçLPDQMH VHPRçH
XSRUHGLWLVDGHIUDJPHQWDFLMRPGLVNDVWLPGDVHRGQRVLQD06$FFHVVIDMO5DGLVHRVOHGHþHPXWRNXUDGD
QDGL]DMQXED]HNDRLXVOX DMHYLPDYHþLK]DKYDWDQDEULVDQMXLGRGDYDQMXVORJRYDREULVDQLREMHNWLL]D]LYD
MXIUDJPHQWDFLMXIDMOD VDPLPWLPRQQHSRWUHEQR]DX]LPDYLåHSURVWRUDQDGLVNX WHJDVDçLPDQMHVYRGLQD
RSWLPDOQX YHOL LQX 2YR VH SUHSRUX XMHNRGYHOLNLKL]PHQDXIDMOX5HSDLU VHDXWRPDWVNL VWDUWXMH DNR06
$FFHVV RWNULMHGDQHåWRQLMHXUHGXSULOLNRPRWYDUDQMDED]HGRNMHXYHU]LML06$FFHVV RYDMDODWLQWH 
JULVDQ X]&RPSDFW $NR VH ED]D SRQDåD QHSUHGYLGOMLYRRYDM DODW VH XYHN PRçH VWDUWRYDWL L PDQXHOQR L]
PHQLMDDGDMHGREUHUH]XOWDWHVDPRXVOX DMXGREURJUHODFLRQRJPRGHOD VDåWRPDQMHSURSXVWDXRSWLPL]D
FLML LXNOMX HQRJUHIHUHQFLMDOQRJLQWHJULWHWDXåWRYHþHPEURMXUHODFLMD
:LQGRZ PHQLVDGUçLVWDYNH]DDUDQçLUDQMHSUR]RUDQDHNUDQX REMHNWLNRMLVHREUDXMX 
+HOS PHQLLPDXREL DMHQHDODWH]DSRPRþ

 892'806$&&(66
5 60LNDQRYLþ

 7$%(/$,1-(1$25*$1,=$&,-$
7DEHOD SROMH]DSLV
'DELREUDGDLQIRUPDFLMDXRNYLUXQHNHDSOLNDFLMH XQDåHPVOX DMX06$FFHVV ELODPRJXþDPRUDPRMHSUHWKRGQRUDV
ODQLWLQDSRGDWNHNRMHþHPR]DWLPVPHVWLWLXQHNXWDEHOXNRMDVDGUçLUHGRYHLNRORQH
7DEHOD VDGUçLSRGDWNHRRGUHHQRPVXEMHNWX1DSULPHUED]DSRGDWDNDPRçHGDVDGUçLMHGQXWDEHOXVDSR
GDFLPD R NXSFLPD QMLKRYD LPHQD DGUHVH WHOHIRQH  GUXJX WDEHOX]D SURL]YRGH L QHNX WUHþX ]D
SRUXGçELQH
3ROMH SUHGVWDYOMDMHGLQL QLSRGDWDN NDRåWRMHLPHRVREHLOLQD]LYXOLFHSRåWDQVNLEURMLOLQD]LYSURL]YRGD
3ROMHVHREL QRSRMDYOMXMHNDRMHGQDNRORQDXWDEHOL
=DSLV VD LQMDYDMXVYLSRGDFLSRMHGLQD QHVWDYNHWDEHOHNDRåWRVXVYLSRGDFLRMHGQRPNXSFXL]WDEHOHNX
SDFDLOLRMHGQRPSURL]YRGXL]WDEHOHSURL]YRGD=DSLVVHXYL]XHOQRSUHGVWDYOMDNDRUHG=DSLVLVH
HVWRQD]LYDMXVORJRYLPDLOLUHNRUGLPD 5HFRUGV LOLQWRUNDPDJGHMHQEURMSROMDXVORJX

$WULEXWGRPHQLUHODFLMD
$WULEXW HOHPHQWLQIRUPDFLMHNRMLPMHMHGQR]QD QRXUHHQDYUVWDVYRMVWYD
'RPHQ VNXSVYLKYUVWDYUHGQRVWLNRMHRGUHHQLDWULEXWPRçHSULPLWL
5HODFLMD VNXSXUHHQLKQWRUNL
5HODFLMDLPDVOHGHþDVYRMVWYD
x åHPDUHODFLMHQHVDGUçLGYDMHGQDNDQD]LYDDWULEXWD
x UHGRVOHGNRORQDXUHODFLMLQLMHELWDQ
x UHODFLMDQHVDGUçLGYHMHGQDNHQWRUNH
x UHGRVOHGQWRUNLXUHODFLMLQLMHELWDQ
6WHSHQUHODFLMH EURMXUHHQLKQWRUNL
5HODFLRQDåHPD NRQD DQVNXSQD]LYDDWULEXWD]DMHGQRVDVNXSRPRJUDQL HQMD

.UHLUDQMHWDEHOD:L]DUGRP
06$FFHVVSRUHGPRJXþQRVWLNUHLUDQMDED]HSRGDWDND:L]DUGRP DUREQMDN SUXçDQDUDVSRODJDQMHL:L]DUG ]DNUHLUD
QMH WLSVNLK WDEHOD SRGDWDND 8 ID]L VDYODGDYDQMD L LVWUDçLYDQMD X REODVWL SURMHNWRYDQMD ED]D SRGDWDND VLJXUQR MH GD þH
NRULåþHQMHRYRJDODWDGRSULQHWLEUçHPXR DYDQMX PRJXþQRVWL06$FFHVVDOLVHXSURIHVLRQDOQRPUDGXQDPHþHSRWUHED
]DNUHLUDQMHPVRSVWYHQLKWLSVNLKWDEHOD
7R]QD LGDþHWHVHXVYRPGDOMHPUDGXX06$FFHVVXVYHYLåHRVODQMDWLQDVRSVWYHQHVQDJHDPDQMHQDDXWRPDWL] PH
EDUNRGXSUDYOMDQMDWDEHODPD LXSLWLPDÿDUREQMDFLNRGL]UDGHIRUPLLL]YHåWDMDVXQH]DRELOD]QLQDVYLPQLYRLPDSR]QD
YDQMD06$FFHVV

,QGH[LUDQMHLNOMX HYL
,QGH[LUDQMHP VHRPRJXþDYDGDVHXGDOMHPNRULåþHQMXWDEHOHNDRL]YRUDSRGDWDNDPRçHEUçHVRUWLUDWLSUHWUDçLYDWLLRE
UDLYDWL X VYDNRP GUXJRP REOLNX ² SR SROMX SRGDWDND NRMH MH LQGHNVLUDQR ,QGHNVLUDQMH VH SUHSRUX XMH ]D SROMD
QXPHUL NLKSRGDWDND LWRVDPRXVLWXDFLMDPDNDGDVHQDGQMLPDSODQLUDQHNLREOLNSUHWUDçLYDQMD8NOMX LYDQMHLQGHNVLUD
QMDSRSROMXSRGDWND PRçHGRYHVWLGR]QDWQRJXYHþDQMDIDMODED]HSRGDWDNDDGHåDYDVHREL QRNRGWDEHODNRMHLPDMX
YHOLNLEURMVORJRYDSRGDWDND XGHVHWLQDPDKLOMDGDLYLåH 
,VNOMX LYDQMHLQGHNVLUDQMDPRçHSURX]URNRYDWLVSRURG]LYXSLWDNRGNRMLKMHSULPHQMHQQHNLRGREOLNDVRUWLUDQMDLNDVNDG
QRJ JUXSLVDQMD SD MH QD SURJUDPHUX GD RGDEHUH SUDYLQD LQXNRQNUHWQRPVOX DMX .DGD MHSRGDWRP SROMXXNOMX HQ
SULPDUQLNOMX ² XSGDWHSRGDWDNDMHQHåWRVSRULMLDOLVH]DWRVYDNLXSLWSRRYRPSROMXGUDVWL QRXEU]DYD
2YGHRGSUHVXGQRJ]QD DMDPRçHELWLLVNXVWYRNROHJDSDLKXVYDNRPVOX DMXVDVOXåDMWH
.DUGLQDOQRVW  EURMQWRUNLLOLVORJRYD SUHGVWDYOMHQLSRNRORQDPD MHGQHUHODFLMH LOLWDEHOH 

06$FFHVV  2VQRYHXSUDYOMDQMDUHODFLRQLPED]DPDSRGDWDND 
ZZZ,QWHU%(67FR\X

3ROMH SULPDUQRJNOMX D  2YRSROMHMHGQR]QD QRLGHQWLILNXMHVYDNL]DSLVXWDEHOL1DRVQRYXVDGUçDMDRYRJSROMDPRçH


VHWD QRRGUHGLWLRNRP]DSLVXVHUDGL,]WRJDVOHGLGDMHSULPDUQLNOMX XVWYDULDWULEXWQHNHWDEHOH UHODFLMH NRMLLGHQWLIL
NXMHMHGDQVORJ QWRUNX LQD]LYDVHMRåNOMX HPUHODFLMH
3URVW NOMX  NDGDXMHGQRMWDEHOLSRVWRMLSROMHNRMHXSRWSXQRVWLPRçHRGUHGLWLMHGLQVWYHQRVWVORJDRQGDVHWDNDYNOMX
QD]LYDSURVWLP
(QWLWHW5$'1,.VDGUçLDWULEXWH5DGQLN,'3UH]LPH,PH=DQLPDQMHL0%
5$'1,&,
5DGQLN,' 3UH]LPH ,PH =DQLPDQMH 0%
 3HWURYLþ 3HWDU QRYLQDU 
 6WRMDQRYLþ $OHNVDQGDU HOHNWURWHKQL DU 
 6ODYNRYLþ 6YHWODQD SUHYRGLODF 
 7RSRODF æLYRWLMH SURIHVRU 
 6WRMDQRYLþ $OHNVDQGDU JHRGHWD 
2YGHVHYLGLNDNRSROMHSULPDUQRJNOMX D 5DGQLN,' MHGQR]QD QRRGUHXMHVORJ]DPLVOLPRGDMHNRORQD]DQLPDQMHXQH
NRPXSLWXL]RVWDYOMHQD8WRPVOX DMXQDED]LYUHGQRVWLSROMD5DGQLN,' PRçHPR]DNOMX LWLRNRP6WRMDQRYLþ$OHNVDQGUX
VHUDGLWMNRMHMHQMHJRYR]DQLPDQMHRGQRVQRGDOLMHXSLWDQMX6WRMDQRYLþ$OHNVDQGDU HOHNWURWHKQL DULOLQHNRGUXJLVD
LVWLPLPHQRPLSUH]LPHQRPNRMHSR]DQLPDQMXJHRGHWD
6ORçHQNOMX  .DGDVHMHGLQVWYHQRVWVORJDQHPRçHXSRWSXQRVWLRGUHGLWLSUHNRMHGQRJSROMDWDGDVHPRUDNRULVWLWLVOR
çHQSULPDUQLNOMX $NRXWDEHOL5$'1,&,LPDPRVDPRSROMD3UH]LPHL,PHWDGDELVPRPRUDOLXYHVWLLSROMH6UH GQMH6ORYR
MHUNDRåWRYLGLPR3UH]LPHL,PH QHPRJXXSRWSXQRVWLRGUHGLWLMH GLQVWYHQRVWVORJD MHUVHPRJXSRMDYLWLGYDUDGQLNDVD
LVWLPLPHQRPLSUH]LPHQRP  7DGD SULPDUQLNOMX LQH]DMHGQR3UH]LPH,PH L6UHGQMH6ORYRåWRSUHGVWDYOMDVORçHQLSUL
PHUQLNOMX MHUJD LQLYLåHSROMD
1DSULPHUDNRUHODFLML5$'1,&,GRGDPRDWULEXW0% PDWL QLEURM WDGDMHLRYDMDWULEXWNDQGLGDW]DNOMX RGQRVQRSR
PRþX QMHJD VH WDNRH PRçH RGUHGLWL MHGLQVWYHQRVW QWRUNH 2EL QR VH X RYDNYLP VLWXDFLMDPD MHGDQ DWULEXW ELUD ]D
SULPDUQLNOMX DRVWDOLQHL]DEUDQLNDQGLGDWLVHQD]LYDMXDOWHUQDWLYQLPNOMX HYLPD
6SROMQLNOMX  3RUHG SULPDUQRJNOMX DUHODFLMDPRçHLPDWLLVSROMQLNOMX 2 HPXVH]DSUDYRUDGL"3RQHNDGVHGHåDYD
GDMHGQDUHODFLMDQHPRçHHJ]LVWLUDWLEH]GUXJHQDSULPHUVWDYNDIDNWXUHQHPRçHGDSRVWRMLEH]IDNWXUH5HFLPRG DUHODFL
MD)$.785(LPDRYDMREOLN
)DNWXUH %URM)DNWXUH'DWXP3DUWQHU 
%URM)DNWXUH MHSULPDUQLNOMX MHURGUHXMHMHGLQVWYHQRVWVORJD)DNWXUD LPD VYRMHVWDYNHSDL]WRJD SURL]LOD]LGDUHODFLMD
)DNWXUH6WDYNHLPDRYDNDYREOLN
)DNWXUH6WDYNH %URM)DNWXUH%URM6WDYNH$UWLNDO-HGLQLFD0HUH.ROL LQD 
.DNRVWDYNDELORNRMHIDNWXUHQHPRçHGDSRVWRMLEH]IDNWXUHNRMRMSULSDGDWDNRQLUHODFLMD)DNWXUH6WDYNH QHPRçHGDHJ
]LVWLUDEH]UHODFLMH)DNWXUH2YHGYHUHODFLMHSRYH]DQHVXSUHNRNOMX D%URM)DNWXUH NRMLMH]DMHGQL NL]DREH UHODFLMH1D
RVQRYXQMHJDVH]QDNRMDVWDYNDSULSDGDNRMRMIDNWXUL=DWRVHNDçHGDXRYRPVOX DMXUHODFLMD)DNWXUH6WDYNH QDVOHXMH
DWULEXW%URM)DNWXUHRGUHODFLMH)DNWXUH LRQMH]DUHODFLMX%URM)DNWXUH  VSROMQLNOMX 6SROMQLNOMX VOXçL]DXVSRVWDYOMDQMHUH
ODFLMDL]PHXWDEHODXUHODFLRQLPED]DPDSRGDWDND

9(æ%$ .UHLUDMWHWDEHOX.83&, 1D]LY/LFH$GUHVD0HVWR7HOHIRQ 6ORçHQNOMX LQHSROMD1D]LYL0HVWRMHUVHXLV WRP


PHVWX JUDGX QHVPHSRMDYLWLNXSDFVDLVWLPQD]LYRPILUPHDOLVHGR]YROMDYDGDLVWDILUPDSRVWRMLVDLVWLPLPH
QRPXYLåHPHVWD

 7$%(/$,1-(1$25*$1,=$&,-$
5 60LNDQRYLþ

 26129(835$9/-$1-$7$%(/$0$
7DEHODSUHGVWDYOMDNROHNFLMXSRGDWDNDRGUHHQHWHPDWLNHLSULPDUQLL]YRUSRGDWDND]DED]X6DVWRMLVHL]VORJRYD UHGRYD
HQJUHFRUG LSROMD ILHOGV  2QDMHRVQRYQLREMHNDWED]HSRGDWDND3RGDFLNRMLPDVHIL]L NLPDQLSXOLåHMHGLQRSRVWRMHX
WDEHODPDGRNVXRVWDOLREMHNWLED]HVDPRQD LQGDVHSRGDFLL]ED]HL]DEUDQLSRQHNRPNULWHULMXPXVRUWLUDQLLJUXSLVDQL
SRSRWUHEL SULNDçXQDRGUHHQLQD LQ=DWRMHNUHLUDQMHLGHILQLVDQMHNDUDNWHULVWLNDWDEHODNDRLXVSRVWDYOMDQMHUHODFLMD
L]PHXQMLKMHGDQRGQDMYDçQLMLK]DGDWDNDSULOLNRPSURMHNWRYDQMDED]HSRGDWDND

1LMHQHRSKRGQRGDVYLSRGDFLNRMHSODQLUDWHGDYRGLWHXED]LSRGDWDNDEXGXXMHGQRMWDEHOL2EUDGRPSRVWRMHþLKXYHN
VHPRJXVUD XQDWLSRWUHEQLSRGDFL LGRELWLLQIRUPDFLMH DUD]YUVWDYDQMHPSRWDEHODPDPRçHWHSRVWLþLYHþHHIHNWHXIXQN
FLRQDOQRVWLLODNRPRGUçDYDQMXWDEHODDVDPLPWLPLED]HSRGDWDND

.UHLUDQMHWDEHOD
3R HWQLNRUDN]DNUHLUDQMHWDEHOHMHNRPDQGD1HZ XGDWDEDVH SUR]RUX NDGDMHDNWLYQDNDUWLFD7DEOHV 2YLPVHRWYDUDGL
MDORJNRMLQXGLSHWQD LQDXNUHLUDQMXWDEHOHLWR
'DWDVKHHW9LHZ RPRJXþDYDGLUHNWQRXQRåHQMHSRGDWDND XWDEHOXSUL HPXSURJUDPVDPRGUHXMHWLSSROMD
,PH SROMDVHGDMHRSFLMRP5HQDPH&ROXPQ L]PHQLMDNRMLVHGRELMDGHVQLPNOLNRPQDQDVORY
NRORQH2YDMQD LQVHNRULVWLXGYDVOX DMDLWRD NDGDMRåQLMHSR]QDWDVWUXNWXUDWDEHOHLE ND
GD MH SRWUHEQR XEDFLWL NRSLUDQH SRGDWNH L] QHNRJ GUXJRJ SURJUDPD QSU06 ([FHO  06
$FFHVV þHVYLPSROMLPD GDWLLPHQDNDR)LHOG)LHOG«DQDRVQRYXVDGUçDMDXQHWLKSRSR
OMLPD SRNXåDWLGDRGUHGLQHNDVYRMVWYDSROMDNDRåWRMHPDNVLPDOQDGXçLQDLIRUPDWSRGDWND
2YGHVHSRGUD]XPHYDGDVXVYDSROMDWHNVWXDOQRJ IRUPDWDLRSFLRQRXQHWHGXçLQHXVDPRP
06$FFHVVX2YDMSULVWXSXNUHLUDQMXWDEHOHWUHEDL]EHJDYDWLMHUVHQMLPHVNRURQLåWDQHGHIL
QLåH
'HVLJQ9LHZ YRGL X VWDQGDUGQR NUHLUDQMH WDEHOH GHWDOMQLP L]ERURP VYRMVWDYD SROMD SRGDWDND NDR åWRVX
LPHQDSROMDWLSSRGDWDNDLYHOL LQDSROMDRGUHLYDQMHSULPDUQRJNOMX DLQGHNVLUDQMHJUDQL 
QLKXVORYD]DXQRVSRGDWDNDLVOL QR3R]QDYDQMHRYRJSULVWXSDMHQDMYHþHJ]QD DMDDXMHGQR
MHWRQDMNRPSOHNVQLMLQDM HåþLLQDMGHWDOMQLMLSULVWXS
7DEOH:L]DUG SUHSXåWDIRUPLUDQMHWDEHOD:L]DUGXNRMLWR LQLSR]LYDMXþLVHQDELEOLRWHNXYHþIRUPLUDQLKWD
EHOD2YDPRJXþQRVWMHNRULVQDNDGDçHOLPRGDNUHLUDPRQHNHPDQMHYLåHVWDQGDUGQHREMHNWH
NDRåWRVXDGUHVDULSRGVHWQLFLUD XQLL]YHåWDMLIDNWXUHHYLGHQFLMHWURåNRYDLVO2YDMSULVWXSMH
NRULVWDQXX HQMXLVDYODGDYDQMXWDMQL06$FFHVVDDOLMHQMHJRYQHGRVWDWDNXWRPHåWRQXGL
PQRJRWRJDDYLQDM HåþHQHPRçHWHGDSURQDHWHEDåRQRåWRYDPWUHED
,PSRUW7DEOH GDMHPRJXþQRVW XYR]D WDEHOHL]QHNRJGUXJRJL]YRUD SRGDWDND NRMLMHNUHLUDQSUHPD QHNRP
RGVWDQGDUGD]DGDWRWHNHLED]HSRGDWDND0RçHELWLUH R06$FFHVV ED]LDOLLPQRJRGUXJLK
RUJDQL]RYDQLKWDEHODNUHLUDQLKSURJUDPLPDNDRåWRVX06([FHOG%$6(&OLSHU)R[3UR«
NDRLIDMORYHWHNVWXDOQRJIRUPDWDJGHMH]DSRGHOXQDNRORQH SROMD SRWUHEQRGHILQLVDWLåLULQX
VYDNHNRORQHSRMHGLQD QR7UHED LPDWLQDXPXGDVHQDRYDMQD LQVWYDUDNRSLMDLPSRUWRYDQH
06$FFHVV  2VQRYHXSUDYOMDQMDUHODFLRQLPED]DPDSRGDWDND 
ZZZ,QWHU%(67FR\X

WDEHOHSDVHXVOX DMXUDGDXORNDOQRMPUHçLLOL,6XPRçHGHVLWLGHFHQWUDOL]DFLMD UDVLSDQMH SR


GDWDND RGQRVQR SRQDYOMDQMHLVWLKSRGDWDND QDYLåHPHVWDåWR]DRGUçDYDQMHWDNYRJ VLVWH PD
PRçHELWLIDWDOQR
/LQN7DEOH GDMHPRJXþQRVWSRYH]LYDQMDVDWDEHORP REL QRYLåHQMLK L]GUXJH06$FFHVV ED]H UHWNRND
GD VH NRULVWL QHNL GUXJL IRUPDW ED]H  SUL HPX WDEHOD RVWDMH XPDWL QRM ED]L D OLQNRP VH
RPRJXþXMHYH]DQDQMXXFLOMXSUHJOHGDLDçXULUDQMDSRGDWDND8RYRMVLWXDFLMLSULVWXSGL]DMQX
WDEHOHQLMHPRJXþL]ED]HNRMDLPDOLQNQDGDWXWDEHOXYHþVDPRL]PDWL QH L]YRUQH ED]H'L
]DMQXWDEHOHVHQHPRçHSULVWXSLWLGRNVHVYLDNWLYQLOLQNRYLQDRGQRVQXWDEHOXQHLV NOMX HåWR
]QD LGDSUL GL]DMQXWDEHOHQLNR NUR]PUHçX QHPRçHGDMHDçXULUD.DNR PUHçQHDSOLNDFLMH
XJODYQRPUDGHQDYLåHWDEHOHLYLåHED]DXRYRMVLWXDFLMLMHSRWUHEQRXSXWLWLNRULVQLNHGDSULY
UHPHQRQHRWYDUDMXSRGDWNH NRMLVHQDOD]H XRYRMWDEHOL MHUþHELWLXSR]RUHQLGDWRWUHQXWQR
QLMHL]YRGOMLYR DSRVOHL]YUåHQLKLVSUDYDNDXGL]DMQX² QDVWDYOMDMXVDXREL DMHQLPUDGRP8MH
GQRRYRSUHGVWDYOMDLMHGLQXVLWXDFLMXXNRMRMNRULVQLNED]HSRGDWDNDNUR]UD XQDUVNXPUHçX
VPHGDEXGHRPHWDQXQMHQRPNRULåþHQMX0QRJLþHYDPSUL]QDWLGDEH]/LQNDQHPDQLPUH
çQHRULMHQWDFLMHED]HSRGDWDNDLGDMHWRWHNNDPHQWHPHOMDF]DGREDULQIRUPDFLRQLVLV WHP
8NRPSOHNVQLMLPED]DPD SRGDWDND VHREDYH]QRSUDNWLNXMHGDQLVYHSRWUHEQHWDEHOHQHEXGXXRGQRVQRMED]LMHU06
$FFHVV RPRJXþDYDQMLKRYRSRYH]LYDQMH /LQN NUR]ED]H2YRMHRGNOMX QRJ]QD DMD]DSURMHNWRYDQMHDSOLNDFLMD]DNR
ULåþHQMHXORNDOQRMPUHçLLOLLQIRUPDFLRQRPVLVWHPX2GUçDYDQMHLUD]YRMRYDNYLKVLVWHPDMHPQRJRODNåH]DSURJUDPHUDD
NRULVQLNXGDMHPRJXþQRVWNRQWLQXLUDQRJUDGDEH]RE]LUDQD]DKYDWHQDDGPLQLVWULUDQMX

7DEOH :L]DUG
VHNRULVWLXID]LX HQMDSDELELORGREURGDRYGHSULNDçHPRQMHJRYRNRULåþHQMH.RPHUFLMDOQH SRVORYQH ED]HSRGDWDND
NRMH VHHNVSORDWLåXLSRQDGDQPRUDMXVHR]ELOMQLMHSURMHNWRYDWLSDSULOLNRPNUHLUDQMDWDEHOHXQMLPDQHþHWHPRþL D
QLçHOHWL GDNRULVWLWH:L]DUGH7DEHOHLXSLWLVXWR
OLNR]QD DMQLREMHNWLED]HSRGDWDNDGDWUDçHYLåH
SRåWRYDQMDYUHPHQDL]QDQMDRGSXNRJ:L]DUG
D MHU VHNRULåþHQMHPUDVSRORçLYLKDXWRPDWL]DPD
SURJUDPHURWXXMHRGVYRJDGHOD
8SUYRPGLMDORJX7DEOH :L]DUGDL]DEHULWHWLSWD
EHOH SRVORYQD LOL SHUVRQDOQD  ]DWLP QHNX RG
SUHGORçHQLK WDEHOD SROMD L] L]DEUDQH WDEHOH L 
NUHLUDOLVWHOLVWXSROMDYDåHQRYHWDEHOH SRVOHGQMD
OLVWD  D SUHNR NRPDQGQRJ WDVWHUD 5HQDPH )L
HOGPRçHWHSURPHQLWLLPHL]DEUDQLKSROMD

8 GUXJRP GLMDORJX7DEOH :L]DUG YDP QXGL GD


XQHVHWHLPH WDEHOHL RSFLRQR GHNODULåHWHSROMH
SULPDUQRJNOMX D

 26129(835$9/-$1-$7$%(/$0$
5 60LNDQRYLþ

8WUHþHPGLMDORJX7DEOH :L]DUGDPRçHWHSUHJOHGDWLUHODFLMHNUHLUDQHWDEHOHVDGUXJLPWDEHODPD XED]LDSRWRPSUHNR


WDVWHUD5HODWLRQVKLSV HYHQWXDOQR PRçHWH]DGDWLSDUDPHWUHQHNHRGUHODFLMD NDRXSULND]DQRP HWYUWRPGLMDORJX 

8 SHWRP GLMDORJX VH PRçHWH RGOX LWL QD NRML


QD LQþHWHRWYRULWLNUHLUDQXWDEHOX
 X'HVLJQ9LHZ P{GX
 'DWDVKHHW9LHZ P{GXLOL
 GR]YROLWL06$FFHVVXGDNUHLUDLIRUPX
REUD]DF ]DXQRVSRGDWDNDRYHWDEHOH
VDPRXYHU]LML 
1DVOL DQQD LQVHNRULVWHLVYLRVWDOL:L]DUGL
4XHU\:L]DUG)RUP:L]DUG5HSRUW:L]DUG

'L]DMQWDEHOH
1D LQQDNRMLVHQDM HåþHGL]DMQLUDMXWDEHOHMH'HVLJQ9LHZ7XMHRPRJXþHQGHWDOMDQRSLVLGHILQLFLMDVYDNRJSROMDQRYH
WDEHOHNDRLNDVQLMHPRGLILNDFLMHSRVWRMHþHWDEHOH8JRUQMHPSDQHOXRWYRUHQRJSUR]RUDXSLVXMHVH
)LHOG1DPH LPHSROMDNRMLPVHGHILQLåHLPHDWULEXWDXWDEHOL,]PQRJLKUD]ORJD NRMHRYGHQHþHPRSRPLQMD
WL SRåWXMWHVOHGHþDSUDYLODNRG]DGDYDQMDLPHQDSROMD
D NRULVWLWHåWRNUDþHLPHX]NRPELQRYDQMHYHOLNLKLPDOLKVORYD
E QHNRULVWLWHVSHFLMDOQH]QDNHRVLPB
F QHNRULVWLWH<8VORYD
,DNRLEH]RYLKSUDYLODVYHPRçHGDIXQNFLRQLåHXORNDOQRPRNUXçHQMX YDå06$FFHVV LYDå3&LYD
åD ORNDOQD PUHçD  LSDN NRG GLVWULEXFLMH SXEOLNRYDQMD  ED]H SRGDWDND LOL QMHQRJ SRYH]LYDQMD VD
QHNRPDSOLNDFLMRPXUD]YRMX QSUSRG9LVXDO%DVLFRPLOLRSHUDWLYQLVLVWHP81,; PRçHWHLPDWLJUG
QLK SUREOHPD ,VWDSUDYLODWUHED NRULVWLWLLNRGLPHQRYDQMDIDMODED]HLVYLKREMHNDWDXED]L2YRQH
WUHEDPHåDWLVDXQRVRPSRGDWDNDLNRPHQWDUDJGHVHPRçHNRULVWLWLELORNRMHSLVPRLOLMH]LN RPRJX
þHQRSHUDWLYQLPVLVWHPRP 
'DWD7\SH WLSSRGDWNDNRMLVH XYDXWRPSROMXMHQDMYDçQLMHVYRMVWYRSROMDSDPXSRVYHWLWHYHOLNXSDçQMX
2YGHMHYDçQRåWRYLåHL]EHJDYDWL7H[W WLSMHUVHQMHJRYLPNRULåþHQMHPQDMPDQMHåWHGLSURVWRUD
ED]DJXELQDSHUIRUPDQVDPD ]DX]HþHEU]LQDUDGDNRULVQL NDRULMHQWDFLMD« 3RQHNDGDQLVDP
NRULVQLNWRQHþHSULPHWLWLGRNQHYLGLLGUXJXVLWXDFLMX3ULPHU]DRYRPRçHELWLSRåWDQVNLEURM
PHVWDNRMLWUHEDREDYH]QRGHILQLVDWLNDREURM 1XPEHU DQHNDRWHNVW 7H[W 
'HVFULSWLRQ WHNVWXDOQL RSLVSRGDWND GXçLQHGRNDUDNWHUDDQMHJRYRXSLVLYDQMHVHVDYHWXMHMHUVHRQX
WRNXUDGDNRULVQLNDQDGDWRPSROMXSRGDWNDLVSLVXMHXVWDWXVQRMOLQLMXLNRULVQLNXSUXçDGRGDWQH
LQIRUPDFLMHRWRPSROMX
06$FFHVV SRGUçDYDVOHGHþHWLSRYHSRGDWDND 'DWD7\SH DXGRGDWNXVXGDWLLRSVH]L]DQXPHUL NHWLSRYH
7H[W WHNVW VORYD EURMHYLLVYLVSHFLMDOQL]QDFL VDNRMLPVHQHYUåHUD XQVNH RSHUDFLMH DGXçLQHGR
NDUDNWHUD

06$FFHVV  2VQRYHXSUDYOMDQMDUHODFLRQLPED]DPDSRGDWDND 
ZZZ,QWHU%(67FR\X

0HPR GXJD DNWHNVW VORYDEURMHYLLVYLVSHFLMDOQL]QDFL GXçLQHGRNDUDNWHUD2YDNDYWLSWHN


VWXDOQRJ SRGDWND QH PRçH XþL X QHNR VRUWLUDQMHSUHWUDçLYDQMHLOLJUXSLVDQMHåWRWUHED LPDWLX
YLGX
1XPEHU EURMHYL NRML VH XSRWUHEOMDYDMX X DULWPHWL NLP L]UD]LPD D YHOL LQD SROMD )LHOG 6L]H  ]DYLVL RG
SRGWLSDNRMLPRçHELWL%\WH,QWHJHU/RQJ,QWHJHU6LQJOH'RXEOH5HSOLFDWLRQ,''DWH7LPH
&XUUHQF\$XWR1XPEHU NRMLPRçHELWL/RQJ,QWHJHU LOL5HSOLFDWLRQ ,' RSVHJD LOL <HV1R
2/( 2EMHFW 2EMHNDWNDR06:RUG GRNXPHQW06([FHO WDEHOD]YXNJUDILNRQVOLNDSRYH]DQMH /LQNHG LOL
XJUDHQ HPEHGGHG X06$FFHVV WDEHOX
/RRNXS :L]DUG GDMH PRJXþQRVW GD VH NUHLUDMX SROMD NRMD RPRJXþDYDMX L]ERU YUHGQRVWL L] GUXJH WDEHOH LOL L]
RJUDQL HQH  OLVWH YUHGQRVWL XSRWUHERP JUDIL NLKNRQWUROD&RPER%R[ LOL/LVW%R[,]ERURP RYH
VWDYNHVWDUWXMHVH/RRNXS:L]DUGNRMLPVHGHILQLåHYUVWDL]YRUDQD LQSRSXQMDYDQMDLEURMSROMD
=ERJ]QD DMDL/RRNXS:L]DUGDRQMHPXþHELWLUH LXQDVWDYNX
8]DYLVQRVWLRGL]ERUDWLSDSRGDWNDXGRQMHPSDQHOX'HVLJQ9LHZ SUR]RUDSULND]XMHVHGRGDWQDOLVWDVYRMVWDYDVYUVWDQLKX
GYHJUXSH NDUWLFH *HQHUDO L/RRNXS
*(1(5$/ NDUWLFDVDGUçLOLVWXRSåWLKVYRMVWDYDSROMD
)LHOG6L]H MHYHOL LQDSROMDSRGUD]XPHYDQLWLSLGXçLQDVHSRGHåDYDRSFLMDPDX06$FFHVVX1DM HåþHMH
WRNDUDNWHUD]DWHNVWD/RQJ,QWHJHU ]DEURMHYH
'HFLPDO 3ODFHV MHVYRMVWYRVSHFLIL QR]DQXPHUL NHSRGDWNHLRGUHXMHEURMFLIDUDL]DGHFLPDOQHWD NH
)RUPDW GHILQLåHSRVHEDQL]JOHGWHNVWXDOQRJSROMDGRNMH]DEURMHYHSUHGORçHQRQHNROLNRVWDQGDUGQLKWL
SRYD *HQHUDO 1XPEHU &XUUHQF\ )L[HG 6WDQGDUG 3HUFHQW 6FLHQWLILF  NDR L ]D'DWH7LPH
*HQHUDO /RQJ 0HGLXP 6KRUW 2YLIRUPDWLXYHOLNRMPHUL]DYLVHRGSRGHåDYDQMDX5HJL
RQDO 6HWWLQJV VHUYLVX&RQWURO 3DQHOD SD MH SUDYL WUHQXWDN GD X WRP VHUYLVX VYH SRGHVLWH QD
IRUPDWHLVSLVDSRGDWDNDXQDåHPUHJLRQXLWR
 1XPEHUVDGHFLPDOQLP]DUH]RPLWD NRPNDRVHSDUDWRUD]DJUXSHDWD ND]DUH]]DVHSDUDWRU
OLVWH
 &XUUHQF\VLPERO]DYDOXWXSRGHVLWHQDGLQDRVWDORNDRL]D1XPEHU
 7LPH++PPVVL]DVHSDUDWRUGYRWD NX
 'DWHGGPP\\\\EH]WD NHQDNUDMXLWD NX]DVHSDUDWRU
,QSXW 0DVN GHILQLåHPDVNX]DXQRVSRGDWDNDNRMXNRULVQLNPRUDLVSRåWRYDWLSULOLNRPXQRVDSRGDWNDDNR
ULVQDMHXVOX DMHYLPDXQRVDEURMDWHOHIRQDEURMDSRåWHPDWL QRJEURMDLVO
&DSWLRQ SRSRWUHELGHILQLåHQDVORYSROMD2YDMWHNVWþHELWLXED HQSULNUHLUDQMXJUDIL NRXSUDYOMD NHNRQ
WUROHXQHNRMIRUPL NRMDSULND]XMHSRGDWNHL]RYHWDEHOH8NROLNRVHRYGHQHXQHVHQLåWDX]LPD
VH YHþSRVWDYOMHQR LPH SROMDX)LHOG 1DPHSDVHQMHJRYXQRVVDYHWXMH XVOX DMHYLPD NDGDD
DNRQHEXGHXQHWRSRGUD]XPHYDVHGDLPDYUHGQRVWNDRLLPHSROMD )LHOG1DPH 
'HIDXOW 9DOXH SUHGVWDYOMDYUHGQRVWNRMDþHVHDXWRPDWVNLXSLVDWLXSROMHSULSRSXQMDYDQMXQRYRJ]DSLVD
9DOLGDWLRQ 5XOH MHL]UD]NRMLGHILQLåH]DKWHYHNRMHPRUDGDLVSXQLXQHWLSRGDWDN2EL QRVXXVORYLYH]DQL]DEUR
MHYQX YUHGQRVW L RSVHJ NRPH GDWL SRGDWDN SULSDGD D PRçHVHUHåLWLLSLWDQMHGDOLMHSRGDWDN
XRSåWHXQHWMHUDNRQLMHXQHWLPDSUREOHPDWL QXYUHGQRVW1XOO
9DOLGDWLRQ 7H[W MHWHNVWSRUXNHNRMDVHSRMDYOMXMHXNROLNRXVORY9DOLGDWLRQ5XOH QLMH]DGRYROMHQ.UHLUDQMHPSRW
SXQHYDOLGDFLMHL]EHJDYDMXVHNRPHQWDULNRMHNRULVQLNGRELMDQDHQJOHVNRP
5HTXLUHG RGUHXMHGDOLMHXWRPSROMXXQRVSRGDWNDREDYH]DQ <HV LOLQH 1R 
$OORZ
=HUR /HQJWK MHVYRMVWYRVSHFLIL QR]DWHNVWXDOQHSRGDWNHLRGUHXMHGDOLMHGR]YROMHQRSRVWRMDQMHVWULQJDQXOWH
GXçLQH  XSROMX
,QGH[HG MH VYRMVWYR NRMLP VH XNOMX XMH LQGHNVLUDQMH QD RGUHHQR SROMH XFLOMXL]EHJDYDQMDGXSOLFLUDQMD
SRGDWDNDLEUçHJSUHWUDçLYDQMDLOLVRUWLUDQMDSRVSHFLILFLUDQRPSROMX(IHNDWLQGHNVLUDQMDVHPRçH
VDJOHGDWLWHNNRGUDGDYHOLNLKWDEHOD SDUKLOMDGDVORJRYD LED]DSRGDWDNDVDYLåHRYDNYLKWDEH
ODDSRQXHQHVXWULRSFLMH
 SROMHQLMHLQGHNVLUDQR 1R 
 SROMHMHLQGHNVLUDQRDGXSOLNDWLYUHGQRVWLVXGR]YROMHQL <HV'XSOLFDWHV2. LOL
 SROMHLQGHNVLUDQRDOLGXSOLNDWLQLVXGR]YROMHQL <HV1R'XSOLFDWHV 
.RGSROMDNRMHSUHGVWDYOMDSULPDUQLNOMX PRUDELWLRGDEUDQR <HV1R'XSOLFDWHV 
8QLFRGH
&RPSUHVLRQ RPRJXþDYDVPDQMHQMHSURVWRUDNRMLþHELWL]DX]HW8QLFRGH7H[WRP2YRVYRMVWYRMHRPRJXþHQR
X YHU]LML 06 $FFHVV  D L] UD]ORJD åWR8QLFRGH 7H[W ]DX]LPD GYRVWUXNR YHþL PHPRULMVNL
SURVWRU ]QDN]DX]LPDDQHELW DNDR$6&,,7H[W 

 26129(835$9/-$1-$7$%(/$0$
5 60LNDQRYLþ

/22.83 NDUWLFDVDGUçLVYRMVWYDXVOX DMXGDVHSRGDWDNDXWHNXþHPSROMXELUDL]OLVWHYUHGQRVWL6YH]DSR LQMHL]ERURP


WLSD NRQWUROHNRMDSULND]XMHOLVWXUDVSRORçLYLKYUHGQRVWLWDNRGDX]DYLVQRVWLRGYUVWHSRGDWDNDNRMHSROMH XYDPRçHELWL
7H[W %R[ QLMH/RRNXS SROMH &RPER%R[L/LVW%R[ VWDQGDUGQR NDRL&KHFN%R[ ]D<HV1R WLSSRGDWDND  06$FFHVV
RPRJXþDYDGDVHRYGHGHWDOMQLMHRGUHGLL]YRUSRGDWDND]DRGQRVQRSROMHPDGDMH/RRNXS:L]DUG LSDN]DSR HWDNMHG
QRVWDYQLML

/RRNXS:L]DUG
SUHGVWDYOMDVNRURLGHDODQQD LQGDLQLFLUDWHSUYXUHODFLMXSRYH]XMXþLGYDSROMDL]PHXGYHWDEHOHXYDåRMED]LDOLREDYH]
QRLVSRåWXMWHVOHGHþXSURFHGXUX
 NUHLUDMWHL]YRUQXWDEHOXNRMDREDYH]QRWUHEDGDVDGUçLSULPDUQLNOMX VD$XWR1XPEHU LOL1XPEHU WLSRPSRGDWND
LEDUMRåMHGQRSROMH REL QRWHNVWXDOQRLPDOHGXçLQH 
 X L]YRUQX WDEHOX=DQLPDQMD =DQLPDQMD,' =DQLPDQMH  XQHVLWHQHNROLNR WHNVWXDOQLKSRGDWDND QSUSUDYQLN
HNRQRPLVWDQRYLQDUSURIHVRULSHNDU
 NUHLUDMWHQRYXWDEHOX5DGQLFL 3UH]LPH,PH=DQLPDQMH SD]DMHGQRSROMHSRGDWND =DQLPDQMH LVNRULVWLWH/RR
NXS:L]DUG L]DGDMWH]DL]YRUSRGDWDNDOLVWH² SUHWKRGQRNUHLUDQXWDEHOX REDSROMD 
 DNRMHSRWUHEQR]DGDMWHGUXJRLPH]DSROMHNRMHVWHNUHLUDOLD]DWLPVD XYDMWHWDEHOX GL]DMQ 
 RWYRULWHLVWXWDEHOX]DDçXULUDQMHSDXQHVLWHQHNROLNRVORJRYDSRGDWDND
8R LWHGDþHVH$XWR1XPEHU XMHGQRLNOMX VDPVDNULWLSDþHWHXNRULåþHQMXSROMDVDYH]RPQDGUXJXWDEHOXYLGHWLVDPR
WHNVWXDOQL SULND] DXSROMHSRGDWND þHELWLXSLVDQDQXPHUL NDYUHGQRVW RGJRYDUDMXþH VWDYNHNRMXRGDEHUHWHL]OLV WH3UL
WRP WDEHOXL]YRUDSRGDWDND]DOLVWXPRçHWHDçXULUDWLåWRþHVHRGUDçDYDWLLQDVWDYNHXOLVWL8VOX DMXGDYDPRYRQHXVSH
SUHRVWDMHGDVDPLSRGHVLWHSDUDPHWUHXNDUWLFL/22.83

,PHQRYDQMHREMHNDWD
,PHQDREMHNDWD IDMOED]HSRGDWDNDREMHNWLXED]LLSROMDXWDEHODPD MHQDMEROMH]DGDYDWLSULPHQMXMXþLVOHGHþDSUDYLOD
 NRPELQRYDWL9HOLND0DODVORYDEH]RGYDMDQMDQDYLåHUH LLEH]VSHFLMDOQLK]QDNRYD
 9(/,.,0VORYLPDLPHQRYDWLRQHYDçQLMHREMHNWH PDGDVXåWLQVNHUD]OLNHQHPDDOLVHEUçHXR DYDMXXVOX DMX
YHþHJEURMDREMHNDWD 
 SULPHQLWLLPHQRYDQMHREOLND
B,0(B
 NDGDREMHNDWWUHEDSRVWDYLWLNDRSUYL XQL]X VSHFLMDOQLREMHNDWRG]QD
DMD]DSURMHNWRYDQMHED]HLOLDSOLNDFLMH
 SULPHQLWLLPHQRYDQMHREOLND
,PHB6XE
 NDGDRGQRVQLREMHNDW WDEHODIRUPD SUHGVWDYOMDSRGREMHNDW
 REMHNWHSODQLUDQH]DXNODQMDQMH EULVDQMH LPHQRYDWLVDSUHILNVRPXREOLNX
]]],0(
MHUþHVHQDþLQDNUDMX
OLVWHREMHNDWD DNRMHL]DEUDQXREL DMHQSULND]REMHNDWDSRLPHQX %\1DPH 
 L]EHþLNUHLUDQMHWDEHOHLXSLWDVDLVWLPLPHQRPMHUPRçHGRþLGRJUHåNHSULOLNRPSR]LYDQMD 06$FFHVV LWD
EHOXLXSLWVPDWUDL]YRURPSRGDWDND MHGQDNRJSULRULWHWD SDVHSUDNWLNXMHLPHQRYDQMHXSLWDX]SUHILNV
TU\

NDRQSU
TU\$UWLNOL
0DGDVHSUHILNVLNRULVWHLNRGLPHQRYDQMDVYLKGUXJLKREMHNDWD WDEIUPUSWPRGLVO
L
QR NRGLPHQRYDQMDXSLWDWRQLMHRGVDPRIRUPDOQRJYHþRGVXåWLQVNRJ]QD DMD]DNRUHNWDQUDGED]H

6LJXUQRVWED]HLEULVDQMHREMHNDWDL
.DGD]DSR LQMHWHQRYLSURMHNDW VDYUDGQDQRYRMED]LLOLDSOLNDFLML QDMSUHVHRGOX LWH]DNUHLUDQMHQRYRJIROGHUD XRNYLUX
YDåH]DåWLþHQHORNDFLMH D]DWLPXQMHPXNUHLUDMWHXREL DMHQHIROGHUH NDRQSU'2&V%DFNXS2OG7UDVK 
06$FFHVV ED]DSRGDWDND SUHGVWDYOMDMHGDQIDMOD SDVHODNR PRçHGHVLWLGDMHSRVOHYLåHPHVH QRJUDGDLREULåHWHNDR
REL DQ IDMO 3RVHEQR WUHED GD L]EHJDYDWH EULVDQMH EH] SUHEDFLYDQMD X5HF\FOH %LQ YDåHJ :LQGRZVD ELOR SUHNR
6KLIW!'HOHWH!LOLSRGHåDYDQMHP5HF\FOH%LQ QDRYXQHVUHWQXRSFLMXSDDNRED]XLREULåHWH ]QDWHGDMHXNRUSL
,QWHUHVDQWQD MHL LQMHQLFD GDVHIDMO ED]HSRGDWDND PQRJRODNåHEULåH SUHNR:LQGRZV([SORUHUD RGPQRJLKREMHNDWD
VDPH ED]H SUHNR06$FFHVVD DGDELREH]EHGLOLED]XRGEULVDQMDL]:LQGRZV([SORUHUD NRMHELPRJDRGDREDYLVOX
DMQL NRULVQLN YDåHJ UD XQDUD  QDEDYLWH QHNL RG SURJUDPD ]D ]DåWLWX SULVWXSD IROGHULPD LOL LVNRULVWLWH PRJXþQRVWL
RSHUDWLYQRJVLVWHPDXREODVWLSHUVRQDOL]DFLMH 3DVVZRUGV8VHUV6DYH6RXUFHLVOL QR 
3RåWRREMHNWLREULVDQLL]ED]HQHPRJXELWLYUDþHQLWRQDPHþHSRWUHEXGDVHSULOLNRPXNODQMDQMDQHSRWUHEQRJREMHN WDD
XFLOMXVLJXUQLMHJUDGDSULPHQHQHNDSUDYLOD2QRåWRMHQDMYDçQLMH REUDWLWHSDçQMXQDVYDNXSRUXNXNRMRPYDV06$F
FHVV XSR]RUDYDGDþHREMHNDWELWLL]EULVDQ
-HGQRRG]ODWQLKSUDYLODMHGDREMHNWXGRGHOLWHQHNRLPHNRMHþHYDVDVRFLUDWLGDMHWDMREMHNDWSODQLUDQ]DEULVDQMHDOLJD
QHWUHEDEULVDWLGRNJRGVHQHXYHULWHGDVYHXPRGHOXED]HIXQNFLRQLåHNRUHNWQR3ULOLNRPSURPHQHLPHQDREMHNWDWUHED
YRGLWL UD XQDLRREMHNWLPD VDNRMLPD MHSUHLPHQRYDQLREMHNDWXYH]LNDRQDSULPHU WDEHOHXUHODFLMLXJQMHçGHQLXSLWL
SRGREUDVFL 6XEIRUP6XEUHSRUW 

06$FFHVV  2VQRYHXSUDYOMDQMDUHODFLRQLPED]DPDSRGDWDND 
ZZZ,QWHU%(67FR\X

'UXJLQD LQMHGDVYHQHSRWUHEQHREMHNWHSUHEDFLWHXGUXJXED]X &RS\3DVWH SDDNRYDPQHNLRGVWDULKREMHNDWD LOL


QHNL QMHJRYGHR ]DWUHED ]QDWHGDJDPRçHWHQDþLQDVLJXUQRPPHVWX2YRMHQDYLNDPQRJLKSURIHVLRQDODFDDRQRR
HPXWUHEDGDYRGLWHUD XQDMHGDVYDNLRGSURMHNDWDLPDMHGQXRYDNYXED]X9DçQRMHGUçDWLVHLSUDYLODNRGLPHQRYDQMD
RYDNYLK 5HF\FOH ED]DGDQHGRHWHXVLWXDFLMXGDQH]QDWHNRMDRGED]DMHRQDSUDYD
ÿDNMHLUHGRVOHGEULVDQMDREMHNDWDQHNDGDRGYDçQRVWLSDVHEH]RSDVQLPVPDWUDEULVDQMHVORJDSRGDWDND NRULVQL NLSULV
WXS  2YR EULVDQMH VH PRçH SRYUDWLWL SUHNR3DVWH DNR MH ]D EULVDQMH NRULåþHQD DNFLMD&XW DOL VH QL X WRP VOX DMX QH
JDUDQWXMHLVWRYHWQRVWEULVDQLKVORJRYD VOX DMSROMDWLSD$XWR1XPEHU 
2VWDODEULVDQMDVXXQDGOHçQRVWLDGPLQLVWUDWRUDED]HJGHWUHEDYRGLWLUD XQDGDVHEULVDQMHPREMHNDWDEULåXLVYLSRGDFL
NRMHRQL XYDMXDEULVDQMHREDYOMDWLUHGRP
 SROMHXWDEHOL 'HVLJQ9LHZ  SROMHSULPDUQRJNOMX D 'HVLJQ9LHZ
 UHODFLMDL]PHXGYHWDEHOH 5HODWLRQVKLSV  WDEHOD 'DWDEDVH:LQGRZ
%ULVDQMHIRUPLLL]YHåWDMDQLMHQLL]GDOHNDWDNRRSDVQRMHUVH]DQMLKRYRNUHLUDQMHPRJXNRULVWLWLDUREQMDFLDNRML]DKWHYD
MXSRVWRMDQMHL]YRUDSRGDWDND WDEHOHLXSLWL %ULVDQMHXSLWDLOLPRGXOD SURFHGXUDNDRQMLKRYLKGHORYD PRçHSUHGVWDYOMDWL
SUREOHP]DRQHNRMLQHPDMXLVNXVWYDXQMLKRYRPNUHLUDQMXDRQRåWRMHXRYRPVOX DMXYDçQRMHGDPRGHOED]H WDEHOHL
UHODFLRQLPRGHO QHPRçHELWLQDUXåHQSDVHEULVDQMHVPDWUDEH]RSDVQLP

 26129(835$9/-$1-$7$%(/$0$
5 60LNDQRYLþ

6$9(7 3ROMD SRGDWDNDNRMDVHPRJXGRELWLREUDGRP L]UD XQDYDQMHP SRGDWDNDL]SRVWRMHþLKSROMD QHWUHEDNUHLUDWL


7DNR QSUXWDEHOL6WDYND $UWLNDO.RPDGD&HQD QHWUHEDNUHLUDWLSROMH9UHGQRVWMHUVHRQRPRçHXYHNGRELWL
SURL]YRGRPSROMD.RPDGDL&HQD,]UD XQDWDSROMDGRYRGHGRSUREOHPDUHGXGDQVHLVXYLåQRJQDNQDGQRJDçX
ULUDQMD
1DVOHGHþLPVOLNDPD GDWMHSULPHUGL]DMQLUDQMDWDEHODJGHVHPRJXSUHSR]QDWL]QD HQMDDWULEXWDLL]JOHGLWDEHODXGL]DMQ
PRGX

9(æ%$.UHLUDMWHED]X.$'529,LXQMRMWDEHOH5DGQLFL
=DQLPDQMD6HNWRUL3ODWH3URMHNWLL3B5

06$FFHVV  2VQRYHXSUDYOMDQMDUHODFLRQLPED]DPDSRGDWDND 
ZZZ,QWHU%(67FR\X

 1250$/,=$&,-$%$=(32'$7$.$
2YRMHSURFHVSRGHåDYDQMDVWUXNWXUHED]HSRGDWDNDNDNRELQMHQHSHUIRUPDQVHELOHSREROMåDQHNDNRXSULVWXSXSRGDFL
PDWDNR L X SRJOHGX LQWHJULWHWD L EU]LQH SURFHVLUDQMD VUHþH VH L SRG QD]LYRP NUHLUDQMHUHODFLMDQRUPDOL]DFLMRP 6 YD
SUDYLODQRUPDOL]DFLMHSRGDWDND XQHNRMED]LQHPRUDMXVHREDYH]QRSULPHQLWLDOLXNRPSOHNVQLMLPLSURIHVLRQDOQLPED
]DPDSRGDWDNDWHåNRLKMHL]EHþL
6YDNRRGQDYHGHQLKSUDYLODSRGUD]XPHYDSUDYLODQLçHJUHGD2YDSUDYLODELWUHEDORGDSUHSR]QDWHXNUHLUDQMXED]H .DG
URYL 

3UDYLOR(OLPLQLVDQMHJUXSDSRGDWDNDNRMHVHSRQDYOMDMX
3UYRSUDYLORQRUPDOL]DFLMHED]HSRGDWDNDVDVWRMLVHXWRPHGDPRUDWHQDSUDYLWLRGYRMHQXWDEHOX]DVYDNLVHWNRORQDNRMH
VXXUHODFLMLSDVYDNRMWDEHOLGDWHSULPDUQLNOMX =D ED]HSRGDWDNDNRMHSRåWXMXRYRSUDYLORVHNDçHGDVXXSUYRMQRUPDO
QRMIRUPL
'DNOHDNR XWDEHOLLPDWHQL]SROMD VOL QRJLPHQD XNORQLWHRYXSRQDYOMDMXþXJUXSXWDNRåWRþHWHNUHLUDWLQRYXWDEHOX]D
SRQDYOMDMXþHSRGDWNHLSRYHçLWHMHUHODFLMRPVDNOMX QLPSROMHPL]SUYHWDEHOH
35,0(5$NRWDEHOX3/$7( 5DGQLN,',PH0HVHF6HNWRU5XNRYRGLODF/' 
VYHGHPRQD3/$7( 5DGQLN,'0HVHF6HNWRU/' L]EHþLþHPRSRQDYOMDQMHJUXSDSRGDWDND5DGQLN,'L
,PHNDRL6HNWRUL5XNRYRGLODF

3UDYLOR(OLPLQDFLMDUHGXGDQWQLKSRGDWDND
5HGXGDQWQLPSRGDFLPDVHVPDWUDMXRQLSRGDFLNRMLVXQHSRWUHEQRVPHåWHQLQDYLåHPHVWDXED]LSRGDWDND'UXJRSUDYL
OR QRUPDOL]DFLMH ED]D SRGDWDND NDçH GD DNR SROMH VDPR GHOLPL QR ]DYLVL RG YLåHYUHGQRVQRJ NOMX D SUHPHVWLWHJD X
GUXJX SRVHEQX WDEHOX
'DNOH QHPRMWH VPHåWDWLLVWHSRGDWNH QDGYHUD]OL LWHORNDFLMH WDEHOH 2YRPRçHYRGLWLXJUHåNH DçXULUDQMDLOLEULVDQMD
$NRVXHNYLYDOHQWQLHOHPHQWLSRGDWDNDXQHVHQLXGYDSROMDXNORQLWHGUXJLHOHPHQWSRGDWDNDNUHLUDMWHQRYXWDEHOXVDRG
QRVQLPHOHPHQWRPLSUDWHþLPNOMX QLPSROMHPD]DWLPVPHVWLWHNOMX QRSROMHNDRUHODFLMXSUHPDORNDFLMLNRMDMHVDGUçDOD
REDREMHNWD'UXJLPUH LPDDNRLPDWHSRWUHEXGDSUHPHVWLWHGYDSROMDGDELVWHVWYDUQRLGHQWLILNRYDOLVORJDOLVDPRMHG
QRRGSROMDL]WHWDEHOHNRMHMHQHRSKRGQR]DL]YUåDYDQMHSUHJOHGDWDEHOHSRWUHEQD9DPMHQRYDWDEHOD=DED]HSRGDWDND
NRMH]DGRYROMDYDMXRYRSUDYLORVHNDçHGDVXXGUXJRMQRUPDOQRMIRUPL
8ED]L.DGURYL XWDEHOX3ODWHUDGQLNVHQHXQRVL VYRMLPLPHQRPYHþLGHQWLILNDFLMRPSUHNR QMLKRYRJ,'EURMD 5DGQL
N,' 1DRYDMQD LQVHPHPRULMVNLSURVWRU]DED]XXYHOLNRVPDQMXMHRGUçDYDQMHED]HVHRODNåDYDDEU]LQDRSHUDFLMDQDG
WDEHODPDSRYHþDYD
35,0(5$NRWDEHOX3/$7( 5DGQLN,'0HVHF6HNWRU5XNRYRGLODF/' VYHGHPRQD
3/$7( 5DGQLN,'0HVHF6HNWRU,'/' DSRGDWDNRWRPHNRMH5XNRYRGLODFVHNWRUDGHILQLåHPRXW D
EHOL6(.725, 6HNWRU,'6HNWRU5XNRYRGLODF WDGDþHWDEHOD3/$7(ELWLXGUXJRMQRUPDOQRMIRUPL

3UDYLOR(OLPLQLVDQMHNRORQDNRMHQH]DYLVHRGSULPDUQRJNOMXD
3ROMH NRMHQLMHXGLUHNWQRMYH]LVDLQGHNVQLPNOMX HPWDEHOHELWUHEDORGDEXGHSUHQHWRXGUXJXWDEHOX8MHGQRMWDEHOL
SRGDWDND ELWUHEDORGDEXGXVPHåWHQLVDPR HOHPHQWLSRGDWDND NRMLVXXGLUHNWQRMUHODFLMLVDSULPDUQLPNOMX HPWDEHOH
2YRSUDYLORVHQDM HåþHRGQRVLQDL]YHGHQHSRGDWNHLOLGUXJDL] UD XQDYDQMD
'DNOHDNRLPDWHHOHPHQWHSRGDWDNDNRMLQLVXXGLUHNWQRMUHODFLMLVDSULPDUQLPNOMX HPWDEHOHRYHHOHPHQWHELWUHEDORGD
SUHEDFLWHXQMLKRYHVRSVWYHQHWDEHOH
'UXJLPUH LPDDNRNRORQDWDEHOHVWYDUQRQHWUHEDGDEXGHXWRMWDEHOLRQDMHYHURYDWQRQHRSKRGQDXQHNRMGUXJRMWD
EHOL=DED]HSRGDWDNDNRMHVOHGHRYRSUDYLORVHNDçHGDVXXWUHþRMQRUPDOQRMIRUPL
35,0(5$NRWDEHOX3/$7( 5DGQLN,'0HVHF6HNWRU/' VYHGHPRQD
3/$7( 5DGQLN,'0HVHF/' DSRGDWDNRWRPHXNRPMHVHNWRUXUDGQLN
XQHVHPRXWDEHOX5$'1,&,LPDþHPR5$'1,&, 5DGQLN,',PH3UH]LPH0%6HNWRU
'RNSUYDWULSUDYLODQRUPDOL]DFLMHXNOMX XMXHOLPLQDFLMXSRQDYOMDMXþLKUDGXGDQWQLKLOLUHOHYDQWQLKSROMDSRGDWDNDSUHRVWD
OD GYD SUDYLODXNOMX XMX L]RODFLMX YLåHVWUXNLK UHODFLMD X FLOMX SREROMåDQMD RSåWHJ LQWHJULWHWD SRGDWDND 3UYD WUL SUDYLOD VX

 1250$/,=$&,-$%$=(32'$7$.$
5 60LNDQRYLþ

REL QRVYHåWRWUHEDGDLVSRåWXMHWHGDELVWHGRåOLGRGREURGL]DMQLUDQHED]HSRGDWDNDPHXWLPXVOX DMXNRPSOHNVQLMLK


PRGHODMHQHRSKRGQRVOHGLWLLVOHGHþDSUDYLODDGHWDOMQRVHREUDXMXQDYLåHPNXUVX 06$FFHVV  

3UDYLOR,]RODFLMDQH]DYLVQLKYLåHVWUXNLKUHODFLMD
1HPRçHSRVWRMDWLWDEHODNRMDVDGUçLGYHLOLYLåHQLOLQQUHODFLMDNRMHQLVXXGLUHNWQRMYH]L2YRSUDYLORVHNRULVWL
]DSR
EROMåDQMHUHODFLRQRJPRGHODED]HSRGDWDNDNDGDRQVDGUçLYLåHRGMHGQHQUHODFLMH
'UXJLPUH LPDXNROLNRMHSRGDWDNYDçDQDOLQLMHXGLUHNWQRMUHODFLMLVDGUXJLPHOHPHQWLPDVORJDPRUDþHWHGDSUHQHVH WH
RYHSRGDWNHXQRYXWDEHOX=DED]HSRGDWDNDNRMHVOHGHRYRSUDYLORNDçHVHGDVXX HWYUWRMQRUPDOQRMIRUPL

3UDYLOR,]RODFLMD]DYLVQLKYLåHVWUXNLKUHODFLMD
3HWR SUDYLOR QRUPDOL]DFLMH SRGDWDND NDçH GD MH QHRSKRGQR GD L]ROXMHWH QH]DYLVQHYLåHVWUXNHUHODFLMHXED]LSRGDWDND
2YRSUDYLORVHNRULVWL]DSREROMåDQMHUHODFLRQRJPRGHODED]HSRGDWDNDNDGDRQVDGUçLYLåHRGMH GQHQQUHODFLMH
'DNOHDNRLPDWHSUDYLODNRMD]DKWHYDMXYLåHVWUXNHUHIHUHQFHSUHPDLVWRPSROMXLOLVHWXSROMDL]ROXMWHWRSROMHXGUXJXWDEH 
OX L NUHLUDMWH MHGQX LOL YLåH WDEHOD ]D SRYH]LYDQMH NRMD þH VDGUçDWL ]DKWHYDQH UHIHUHQFH YH]H  D LVWRYUHPHQR ]DGUçDWL
LQWHJULWHWED]HSRGDWDND
'UXJLPUH LPDDNRQHNROLNRVORçHQLKUHODFLMDSRVWRMLX9DåRM ED]LSRGDWDNDWUHEDGDL]GYRMLWHVYDNXRGWLKUHODFLMDXQML
KRYXVRSVWYHQXWDEHOX=DED]HSRGDWDNDNRMHVOHGHRYRSUDYLORNDçHVHGDVXXSHWRMQRUPDOQRMIRUPL
9(æ%$ 2WYRULWH06([FHO IDMO URED[OV SDSUHPDSRGDFLPD NRORQDPDXSUYRPUDGQRPOLVWX NUHLUDMWHSRW
UHEQHWDEHOHXYDåRMED]L UREDPGE VWLPGDED]DEXGHQRUPDOL]RYDQDSULPHQRPSUDYLODL

06$FFHVV  2VQRYHXSUDYOMDQMDUHODFLRQLPED]DPDSRGDWDND 
ZZZ,QWHU%(67FR\X

 5(/$&,21,02'(/
,]ERURP5HODWLRQVKLSV VD7RROEDUD'DWDEDVH RWYDUDVHSUR]RUXNRPHVHGHILQLåHUHODFLRQLPRGHO YH]HSROMDL]PHXWD
EHOD ,]GLMDORJD6KRZ7DEOH NRMLVHGRELMDVD7RROEDUD ELUDMXVHWDEHOHLXSLWLNRMLX HVWYXMX XUHODFLMDPD9LåHVWUXNR
ELUDQMHREMHNDWDYUåLVHX]SRPRþWDVWHUD6KLIW.DGDVHWDEHOHQDXQDSDQHOXRGJRYDUDMXþHUHODFLMHVHNUHLUDMXSUHQR
VRPSROMDNRMHSRYH]XMXGYDREMHNWDRGMHGQRJGRGUXJRJ6SXåWDQMHPQDRGJRYDUDMXþHSROMHXGUXJRMWDEHOLQDSDQHOX
SRMDYOMXMHVHGLMDORJXNRPHVHELUDWLSLRVRELQHYH]H06$FFHVV þHDXWRPDWVNLSUHSR]QDWL VXJHULVDWL YH]X1 2QH
7R0DQ\ LOL 2QH7R2QH 2VWDMHMRåGDVHRGUHGLGDOLWUHEDXNOMX LWLUHIHUHQFLMDOQLLQWHJULWHWLXRNYLUXQMHJDGDOLWUH
EDSRVWDYLWLRSFLMH]DNDVNDGQREULVDQMHLLOLNDVNDGQRDçXULUDQMHVDGUçDMDWDEHOD2VWDOHWLSRYLYH]DPRJXVHGHILQLVDWLX
-RLQ7\SH

9H]DLUHODFLMD
9(=$ MHL]UD]]DOLQLMXNRMDVSDMDGYDSROMDXGYHWDEHOH7DEHOHVHGDNOHYH]XMXSUHNRSROMDSRGDWDNDDYH]DPRçHELWLL
YLåHVWUXND SUHNRYLåHSROMD  9LåHVWUXNHUHODFLMHPRJXXWLFDWLQDSRYH
þDQMH EURMD UHGXGDQWQLK SRQRYOMHQLK  SRGDWDND X ED]L NDR L QD
QHPRJXþQRVW RVWYDUHQMD UHIHUHQFLMDOQRJ LQWHJULWHWD GDWH UHODFLMH SDLK
WUHEDL]EHJDYDWL
$NRYH]DL]PHXGYHWDEHOHQHPDR]QDNXWLSD L’ WR]QD LGDMHYH
]DWHNLQLFLUDQD
5(/$&,-$ SUHGVWDYOMDMHGQRVWUXNX LOLYLåHVWUXNXYH]XL]PHXGYHWD
EHOH SUHNR QMLKRYLK SROMD 6YH YH]H L]PHX GYH WDEHOHPRUDMX GD VH
XNODSDMXXMHGDQWLSUHODFLMH QQ åWR]QD LGDVHXMHGQRMUHOD
FLML QH PRJX XNOMX LWL YH]H UD]OL LWLK WLSRYD 5HODFLMD VH VPDWUD
GHILQLVDQRP XVSRVWDYOMHQRP WHNSRXNOMX HQMXUHIHUHQFLMDOQRJLQWHJUL
WHWD GLMDORJ5HODWLRQVKLSV LWLSDUHODFLMH GLMDORJ-RLQ3URSHUWLHV 06$FFHVV SUHSR]QDMH WLSUHODFLMHSDVHXRYDMGLMDORJ
XOD]LGDELVHWLSUHODFLMHHYHQWXDOQRSURPHQLR QDM HåþHNRGXSLWD 

5HODFLMHWLSDQL
5HODFLMDWLSDQ LOLQ MHQDM HåþLWLSUHODFLMHDOLELVHVORERGQRPRJORLUHþLGDVHGREDUUHODFLRQLPRGHO]DVQLYDVD
PRQDRYRPWLSXUHODFLMHL]PHXWDEHOD
5HODFLMDWLSD MHUHLWLSMHUGDMHPRJXþQRVWGDVHREHWDEHOH NRMHVXXRYRMUHODFLML VPHVWHXMHGQX8VOXDMHYLPD
NDGDXMHGQXWDEHOXWUHEDVPHVWLWLYHOLNLEURMSROMD DWULEXWLMHGQRJHQWLWHWD RQGDVH]ERJSUHJOHGQRVWLUHODFLRQRJPRGHOD
LQMHJRYRJODNåHJRGUçDYDQMDSROMDJUXSLåXXYLåHWDEHODDL]PHXGHILQLåHUHODFLMD.DRSULPHU]DRYRVHPRçHX]H
WL QHNL NRPSOHNVDQ HQWLWHW NDR åWRMHDYLRQ JGHVHRQPRUDSRGHOLWLQDJUXSHDWULEXWD PRWRUSXWQL NLSURVWRUNDELQD
SRVDGHWHUHWQLSURVWRU SDWUHEDNUHLUDWLWDEHOHSUHPDRYLPHQWLWHWLPDDVYHQMLKSRYH]DWLSRMHGQRPSROMX DWULEXWX 
NRMLHJ]LVWLUDXVYLPD QSU$YLRQ,' 

5HNXU]LYQDYH]D
5HNXU]LYQRPYH]DPDVHQD]LYDMXFLNOL QHYH]HL]PHXGYHLOLYLåHWDEHOD2YRMHVOX DMNDGDELVHSUDþHQMHPVPHUDQL]D
YH]DXVPHUXVWUHOLFD Q IRUPLUDRNUXçQLWRN
8VOX DMX GYHWDEHOHRYDNYDUHODFLMDVHPRçHLQLFLUDWLDOLMHXNOMX L
YDQMH UHIHUHQFLMDOQRJ LQWHJULWHWD PRJXþH VDPR X VOX DMX NDGD VH
RYDYH]D ]DVQLYDQDUHODFLML=DSULPHUVHPRçHX]HWLUHODFLMDL] 
PHX WDEHOD 5$'1,&, 5DGQLN,' 3UH]LPH ,PH 6HNWRU,'  L
6(.725, 6HNWRU,' 6HNWRU5XNRYRGLODF JGHELWUHEDORRYHWDEHOH
YH]DWLMHGQRPYH]RPQDGUXJRPQ
'UXJLVOX DMNDGDUHNXU]LYQXYH]X WUHEDRVWYDULWLL]PHXYLåHWDEHOD
QSU WUL WDEHOH 5$'1,&, 6(.725, 58.292',2&,  MH PRJXþH
RVWYDULWLDOLVHQDPHþHSUREOHPRGUçDYDQMDUHIHUHQFLMDOQRJLQWHJUL
WHWD X VOX DMHYLPD NDVNDGQLK SRSUDYDND L EULVDQMD 9UOR ODNR VH
PRçHGRþLXVLWXDFLMXGDVHEULVDQMHP VDPR MHGQRJVORJDXMHGQRM
WDEHOLL]YUåL QHSRWUHEQR  EULVDQMHYHOLNRJEURMDVORJRYDXGUXJHGYHWDEHOH'UXJLSUREOHPRYHYH]HMHVOX DMREDYH]

 5(/$&,21,02'(/
5 60LNDQRYLþ

QRJSRGDWNDNRMLVHQHPRçHXSLVDWLMHUQHSRVWRMLXL]YRUQRMWDEHOLDNRMLQDLVWLWDMQDLQQHPRçHGDVHXSLåH]ERJQH
GRVWDWNDL]YRUQRJSRGDWNDXWUHþRMWDEHOL
5HNXU]LYQDYH]DVHPRçHRVWYDULWLDOLMHWUHEDL]EHJDYDWL]ERJQHPRJXþQRVWLRVWYDULYDQMDLVSUDYQHUHODFLMHRGQRVQRQMH
QRJWHåNRJRGUçDYDQMD
1$320(1$ $NRVHXNDçHSRWUHEDGDVHSURPHQLSULP DUQLNOMX XWDEHOLNRMDYHþX HVWYXMHXUHODFLMDPDSUHWR
JDPRUDMXVHXNLQXWLVYHQMHQHYH]HVDRVWDOLPWDEHODPD%ULVDQMHWDEHODL]5HODWLRQVKLSV SDQHODVD
UHODFLMDPD QH]QD LGDVXL]EULVDQHLQMHQHYH]HYHþMHRQDVDPRVDNULYHQDXFLOMXEROMHSUHJOHG
QRVWL5HODFLMHRVWDMX DNLNDGDMHWDEHODL]EULVDQDVDSDQHODWHLKWUHEDEULVDWLMHGQXSRMHGQXGRN
VHYH]DEULåH² EULVDQMHPYHNWRUDNRMLJUDIL NLSRYH]XMHWDEHOHX5HODWLRQVKLSV
3ULPHUQHåWRVORçHQLMHJUHODFLRQRJPRGHOD
9(æ%$,]PHXWDEHODX ED]L.DGURYLXYHVWLUHODFLMHNDRQDVOLFL

06$FFHVV  2VQRYHXSUDYOMDQMDUHODFLRQLPED]DPDSRGDWDND 
ZZZ,QWHU%(67FR\X

3UREOHPLSULGHILQLVDQMXUHODFLMH
5HODFLMDVHQHPRçHXNOMX LWLMHUQLMHXQDSUHG]DGRYROMHQUHIHUHQFLMDOQLLQWHJULWHWåWRVHMDYOMDXVOX DMXNDGDREUDXMHPR
GHO VDYHþSRVWRMHþLPSRGDFLPDSDUHIHUHQWQRSROMH GHVWLQDFLMDLOLL]YRUDQDOD]LVHQDVWUDQLJGHMHLVWUHOLFD QHVDGUçL
SRGDWDNNRMLMHXSLVDQX]DYLVQR /RRNXS SROMH VDGUXJHVWUDQHYH]H 
5HIHUHQWQRSROMHQLMHSULPDUQLNOMX QLWLMHLQGHNVLUDQRNDR1R'XSOLFDWHV

5HIHUHQFLMDOQLLQWHJULWHW
5HIHUHQFLMDOQLLQWHJULWHW 5HIHUHQWLDO,QWHJULW\  5, VHXRGUHHQRMUHODFLMLPRçHDOLLQHPRUDXNOMX LWL6YDNDUHODFLMDXNR
MRM5,QLMHXNOMX HQSUHGVWDYOMDSRWHQFLMDOQXRSDVQRVW]DR XYD
QMH LVSUDYQRVWLUDGDED]H$NR XUHODFLML5,QLMHXNOMX HQWDGD
VHVYLPRJXþLVOX DMHYLHYHQWXDOQRJXJURçDYDQMDLQWHJULWHWDED
]HPRUDMXSURJUDPLUDWLåWRMHGDOHNRWHçHRGXNOMX LYDQMD5,=D
VYHJUHåNHLQDVWDOHSUREOHPHXJURçDYDQMD5,XVOX DMHYD
RGJRYRUQRVW MHQDDGPLQLVWUDWRUXED]HSRGDWDNDGRNVHWHN]D
 PRJHRNULYLWL UD XQDU06$FFHVVORNDOQD PUHçDQDSD
MDQMHHOHQHUJLMRPLGUXJLIDNWRUL

3UREOHPLVDLQWHJULWHWRPDçXULUDQMD
,QWHJULWHWNDVNDGQRJDçXULUDQMDWUHEDXNOMX LWLXVLWXDFLMLNDGDMHDçXULUDQMHL]YRUQRJSRGDWNDNRULVQLNXRPRJXþHQR8ED]L
.DGURYLRYDVLWXDFLMDVHPRçHQDPHWQXWLNDGDSROMH5DGQLN,'XWDEHOL5DGQLFLQHELELORWLSD$XWR1XPEHU9UHGQRVWX
SROMX5DGQLN,'MHL]YRUQL UHIHUHQWQL SRGDWDN]DPQRJHWDEHOHXED]LSDDNRELVHQMHJRYDYUHGQRVWPHQMDODWUHEDOREL
QDLVWLQD LQLVSUDYLWL XSGDWH LVYDSROMDNRMDLPDMXWXYUHGQRVW'DNOHDNRELVH5DGQLN,'XWDEHOL5DGQLFLLVSUDYLRVD
QDWRELWUHEDORGDVHXUDGLLXWDEHODPD 3ODWHL3B5 DNDNREURMWDEHODPRçHELWL]QDWQRYHþLEROMHMHRYDMSRVDR
SUHSXVWLWLNDVNDGQRPDçXULUDQMX06$FFHVVD8VOX DMXYHþLK]DKYDWDQDNDVNDGQRPDçXULUDQMXSUHWKRGQRWUHEDNUHLUDWL
UH]HUYQXNRSLMXLOLVHSRX]GDWLXQHSUHNLGQRQDSDMDQMHHOHNWUL QRPHQHUJLMRPSUHNRVROLGQRJ836D
$NRVHNDVNDGQRLOLPDQXHOQRDçXULUDQMHQHREDYLXSRWSXQRVWLLQDNYDOLWHWDQQD LQGRþLþHGRVLWXDFLMHSULYLGQRJQHSRV
WRMDQMDSRGDWDND3RUHG WRJDåWRSRGDWDNDQHPDWDPRJGHELLKR HNLYDOLRQLVHPRJXSRMDYLWLWDPRJGHLKQLVOX DMQRQH
ELR HNLYDOLSDVHRYRVPDWUDQDMYHþRPPRJXþRPJUHåNRPXRGUçDYDQMXED]DSRGDWDNDÿDNQLEULVDQMHSRGDWDNDQLMH
WDNRRSDVQRMHUVHEDU]QDGDLKQHPDGRNVHXRYRPVOX DMXMDYOMDLSUREOHPQMLKRYRJQHNRQWUROLVDQRJSRMDYOMLYDQMD
QDSRJUHåQLPPHVWLPD

3UREOHPLVDLQWHJULWHWRPEULVDQMD
,QWHJULWHWNDVNDGQRJEULVDQMDVH]DKWHYDXVOX DMXGDVHL]YRUQLSRGDWDNQHLVSUDYOMDYHþEULåHMHUXVOX DMXGDVHEULåHL]
YRUQLSRGDWDNDPRUDMXVHEULVDWLLVORJRYLXGUXJLPWDEHODPD LMDSROMDVHUHIHUHQFLUDMXQDEULVDQRSROMH QDM HåþHVORJ 
3UHWSRVWDYLPRGDL]WDEHOH5DGQLFLREULåHPRMHGQRJ UDGQLNDWDGDELVHPRUDOLEULVDWLVORJRYLWDEHOD3ODWHL3B5XNRMLPD
VHRQSRPLQMH'DNOHSRVOHEULVDQMDUDGQLNDVDSRGDWNRP5DGQLN,' PRUDMXVHEULVDWLLVYLVORJRYLL]3ODWHL3B5XN R
MLPD MH 5DGQLN,'  8 VXSURWQRP EL GRåOR GR VLWXDFLMH GD SROMD L VORJRYL VD UHIHUHQFRP RVWDQX EH] L]YRUD D WLPH L
QHXSRWUHEOMLYL2YDNYDSROMDVHPRJXXR LWLSRWRPHåWRXPHVWRR HNLYDQRJWHNVWDVDGUçHVDPREURM LVSUREDWLXED]L.D
GURYL 

5HåHQMHQRUPDOL]DFLMRP
3ULPHQRPQDYHGHQLKSUDYLODQRUPDOL]DFLMHWUHEDL]EHþLELORNDNDYREOLNUHGXGDQVH SRQDYOMDQMDSRGDWDNDQDYLåHPHVWD
XED]L DOLLSUDYLOQRRGDEUDWLSROMDSULPDUQRJNOMX D6DYHWXMHVHXQRVEDUSRSHWVORJRYDXVYDNXL]YRUQXWDEHOXLEDU
DNXWDEHOXVDUHIHUHQFRPQDL]YRUQXMHUVHRYLPWHVWLUDQMHPSUDNWL QRXR DYDMXQD LQMHQHJUHåNHXGL]DMQXWDEHODL
UHODFLRQRPPRGHOX%D]H XNRMLPD MHSULPHQMHQDQRUPDOL]DFLMDLXVYLPUHODFLMDPD XNOMX HQUHIHUHQFLMDOQLLQWHJULWHWVX
]QDWQRPDQMHDQMLKRYUDGEUçLLVLJXUQLML$NRVHED]DNRULVWLXYLåHNRULVQL NRPRNUXçHQMXQDYHGHQDSUDYLODQLVXGRYROM
QDSDMHSRWUHEQRSULPHQLWLSRWSXQXRSWLPL]DFLMXPRGHODLUDGQRJRNUXçHQMD VHUYHU UD XQDUSDUDPHWULORNDOQHPUHçH
-HW(QJLQH2'%&LOL6 4/ VHUYHU åWRVHREUDXMHQDYLåLPNXUVHYLPD
9(æ%$1DRYRPWHUPLQXSROD]QLFL WUHEDGDL]ORçHUHODFLRQLPRGHOED]HSRGDWDNDNRMXX]LPDMXNDRVYRM]DGDWDN
DSUHGDYD WUHEDGDLPVXJHULåHHYHQWXDOQHNRUHNFLMH

 5(/$&,21,02'(/

Das könnte Ihnen auch gefallen