33+:2ELW:LWROG2EHU32=1$18/*586=.

2:$
7(/)$;
 ::::2%,7&203/

3RGVWDZ\WHRUHW\F]QH
%XGRZDVLOQLNDNURNRZHJR]DVDGDG]LDáDQLD
&RWRMHVWVLOQLNNURNRZ\
6LOQLN NURNRZ\ MHVW XU]G]HQLHP HOHNWURPHFKDQLF]Q\P NWyUH SU]HNV]WDáFD LPSXOV\ HOHNWU\F]QH Z G\VNUHWQH UXFK\ PHFKDQLF]QH 2 VLOQLND
NURNRZHJRREUDFDVL
RQLHZLHONLHSU]\URVW\NWDSRGZSá\ZHPLPSXOVyZHOHNWU\F]Q\FKSRGDZDQ\FKZRGSRZLHGQLHMNROHMQRFL2EURW\VLOQLND
V ]ZL]DQH EH]SRUHGQLR ] SRGDZDQ\PL LPSXOVDPL QD NLOND VSRVREyZ  .LHUXQHN REURWyZ RVL MHVW FLOH ]ZL]DQ\ ] VHNZHQFM SRGDZDQ\FK
LPSXOVyZSU
GNRüREURWyZ]DOH*\RGF]
VWRWOLZRFLW\FKLPSXOVyZDNWREURWXRGLFKLORFL

=DOHW\LZDG\VLOQLNyZNURNRZ\FK
=DOHW\
 .WREURWXVLOQLNDMHVWSURSRUFMRQDOQ\GRLORFLLPSXOVyZZHMFLRZ\FK
 6LOQLNSUDFXMH]SHáQ\PPRPHQWHPZVWDQLHVSRF]\QNXRLOHX]ZRMHQLDV]DVLODQH
 3UHF\]\MQHSR]\FMRQRZDQLHLSRZWDU]DOQRüUXFKXGREUHVLOQLNLNURNRZHPDMGRNáDGQRüRNNURNXLEáGWHQQLHNXPXOXMHVL

]NURNXQDNURN
 0R*OLZRüEDUG]RV]\ENLHJRUR]ELHJXKDPRZDQLDL]PLDQ\NLHUXQNX
 1LH]DZRGQH  ]H Z]JO
GX QD EUDN V]F]RWHN )\ZRWQRü VLOQLND ]DOH*\ ]DWHP
W\ONRRG*\ZRWQRFLáR*\VN
 =DOH*QRü REURWyZ VLOQLND RG G\VNUHWQ\FK LPSXOVyZ XPR*OLZLD VWHURZDQLH Z
S
WOLRWZDUWHMSU]H]FRVLOQLNNURNRZ\MHVWáDWZLHMV]\LWDV]\ZVWHURZDQLX
 0R*OLZRü RVLJQL
FLD EDUG]R QLVNLFK SU
GNRFL V\QFKURQLF]Q\FK REURWyZ ]
REFL*HQLHPXPRFRZDQ\PEH]SRUHGQLRQDRVL
 6]HURNL]DNUHVSU
GNRFLREURWRZ\FKX]\VNLZDQ\G]L
NLWHPX*HSU
GNRüMHVW
SURSRUFMRQDOQDGRF]
VWRWOLZRFLLPSXOVyZZHMFLRZ\FK

:DG\
 5H]RQDQVHPHFKDQLF]QHSRMDZLDMFHVL
SU]\QLHZáDFLZ\PVWHURZDQLX
 7UXGQRFLSU]\SUDF\]EDUG]RGX*\PLSU
GNRFLDPL

-HGQ]QDMEDUG]LHM]QDF]F\FK]DOHWVLOQLNDNURNRZHJRMHVWPR*OLZRüGRNáDGQHJR
VWHURZDQLD Z S
WOL RWZDUWHM 3UDFD Z S
WOL RWZDUWHM R]QDF]D *H QLH SRWU]HED VSU]
*HQLD
]ZURWQHJR  LQIRUPDFML R SRáR*HQLX 7DNLH VWHURZDQLH HOLPLQXMH SRWU]HE
 VWRVRZDQLD
NRV]WRZQ\FK XU]G]H VSU]
*HQLD ]ZURWQHJR WDNLFK MDN HQNRGHU\ RSWRHOHNWURQLF]QH
3R]\FM
]QDMGXMHVL
]OLF]DMFLPSXOV\ZHMFLRZH

5RG]DMHVLOQLNyZNURNRZ\FK

3RGVWDZRZHURG]DMHVLOQLNyZNURNRZ\FKWR
 6LOQLNLR]PLHQQHMUHOXNWDQFML 5\V  3U]HNUyM SRSU]HF]Q\ VLOQLND R
 6LOQLNL]PDJQHVHPWUZDá\P ]PLHQQHMUHOXNWDQFML95
 6LOQLNLK\EU\GRZH
6LOQLNR]PLHQQHMUHOXNWDQFML95RGDQJ9DULDEOH5HOXFWDQFH
7HQW\SVLOQLNDE\áSU]H]GáXJLF]DVEDUG]RSRSXODUQ\-HVWRQFK\EDQDMSURVWV]\]HVWUXNWXUDOQHJRSXQNWXZLG]HQLD5\VXQHN5\V
SU]HGVWDZLDSU]HNUyMW\SRZHJRVLOQLND]H]PLHQQUHOXNWDQFM
6LOQLN WDNL VNáDGD VL
 ] URWRUD R ZLHOX ]
EDFK Z\NRQDQHJR ] PL
NNLHM VWDOL L
X]ZRMRQHJR VWRMDQD .LHG\ X]ZRMHQLD VWRMDQD V ]DVLODQH SUGHP VWDá\P ELHJXQ\
QDPDJQHVRZXM VL
 5XFK SRMDZLD VL
 QD VNXWHN SU]\FLJDQLD ]
EyZ URWRUD SU]H]
]DVLODQHELHJXQ\VWRMDQD
6LOQLN]PDJQHVHPWUZDá\P30RGDQJ3HUPDQHQW0DJQHW
6LOQLNL ] PDJQHVHP WUZDá\P F]
VWR ]ZDQH VLOQLNDPL NXENRZ\PL V WDQLH
FKDUDNWHU\]XMVL
QLVNUR]G]LHOF]RFLRW\SRZ\FKZDUWRFLDFKNWDƒƒ
NURNyZQDREUyW-DNQD]ZDZVND]XMHVLOQLNL]PDJQHVHPWUZDá\PPDMZVZHM
VWUXNWXU]H PDJQHV\  WUZDáH ,QDF]HM QL* Z VLOQLNDFK R ]PLHQQHM UHOXNWDQFML URWRU QLH
SRVLDGD ]
EyZ OHF] MHVW QDPDJQHVRZDQ\ QDSU]HPLHQQLH ELHJXQDPL 1 L 6 WDN L*
ELHJXQ\WHVXV\WXRZDQHZOLQLLSURVWHMUyZQROHJáHMGRRVLURWRUD1DPDJQHVRZDQH
ELHJXQ\ URWRUD ZSá\ZDM QD ]ZL
NV]HQLH LQGXNFML PDJQHW\F]QHM GODWHJR VLOQLNL ] 
PDJQHVHP WUZDá\P Z SRUyZQDQLX ] VLOQLNDPL R ]PLHQQHM UHOXNWDQFML PDM OHSV]
FKDUDNWHU\VW\N
PRPHQWRZ 5\V  =DVDGD G]LDáDQLD VLOQLND WDUF]RZHJR
SURGXNRZDQHJRSU]H]3RUWHVFDS
6LOQLNK\EU\GRZ\+%RGDQJ+\%ULG
6LOQLN K\EU\GRZ\ MHVW EDUG]LHM NRV]WRZQ\ QL* VLOQLN ] PDJQHVHP WUZDá\P DOH PD
OHSV]HSDUDPHWU\MHOLFKRG]LRUR]G]LHOF]RüPRPHQWLV]\ENRü7\SRZHNW\VLOQLNDK\EU\GRZHJRPLHV]F]VL
Z]DNUHVLHƒƒ
NURNyZQDREUyW6LOQLNK\EU\GRZ\áF]\ZVRELH]DOHW\VLOQLND]H]PLHQQUHOXNWDQFMLVLOQLND]PDJQHVHPWUZDá\P5RWRUPDZLHOH]
EyZ
MDN Z VLOQLNDFK 95 L SRVLDGD RVLRZR QDPDJQHVRZDQH PDJQHV\ XPLHV]F]RQH NRQFHQWU\F]QLH ZRNyá RVL =
E\ URWRUD ]DSHZQLDM OHSV] GURJ

SU]HSá\ZRZLPDJQHW\F]QHPXFRGDOHMSROHSV]DFKDUDNWHU\VW\NLPRPHQWXVSRF]\QNRZHJRLG\QDPLF]QHJRZSRUyZQDQLX]VLOQLNDPL95L30
'ZDQDMF]
FLHMX*\ZDQHW\S\VLOQLNyZNURNRZ\FKWRVLOQLNL]PDJQHVHPWUZDá\PLK\EU\GRZH-HOLSURMHNWDQWQLHMHVWSHZLHQNWyU\VLOQLNE
G]LH
QDMOHSV]\ZMHJRDSOLNDFMLQDMOHSLHMVSUyERZDü]DVWRVRZDüQDMSLHUZVLOQLN]PDJQHVHPWUZDá\PJG\*MHVWRQ]Z\NOHNLONDNURWQLHWDV]\-HOLQLH
E\üPR*HOHSV]\RND*HVL
VLOQLNK\EU\GRZ\,VWQLHMMHV]F]HLQQHW\S\VLOQLNyZNURNRZ\FK-HGQ\P]QLFKMHVWVLOQLNWDUF]RZ\5RWRUWDNLHJR
VLOQLNDPDNV]WDáWG\VNX]QDQLHVLRQ\PLQDPDJQHVDPL]PHWDOL]LHPU]DGNLFKU\V5\V6LOQLNWDUF]RZ\PDSHZQH]DOHW\WDNLHMDNEDUG]R

6.2.   :::6,/1,.,3/



33+:2ELW:LWROG2EHU32=1$18/*586=.2:$
7(/)$;
 ::::2%,7&203/

PDáD EH]ZáDGQRü L RSW\PDOQ\ REZyG PDJQHW\F]Q\ EH] Z]DMHPQHJR ZSá\ZX X]ZRMH VWRMDQD : SHZQ\FK ]DVWRVRZDQLDFK FHFK\ WH V
QLH]E
GQH

0RFVLOQLND
3R]LRP\ PRF\ VLOQLNyZ VWHURZDQ\FK SU]\ SRPRF\ XNáDGyZ VFDORQ\FK PLHV]F]VL

]Z\NOH Z ]DNUHVLH RG SRQL*HM  : GOD EDUG]R PDá\FK VLOQLNyZ GR    : GOD
ZL
NV]\FK 'DQH GRVWDUF]DQH SU]H] SURGXFHQWyZ U]DGNR ]DZLHUDM PDNV\PDOQ\
SR]LRPZ\G]LHODQHMPRF\F]\FKDUDNWHU\VW\N
FLHSOQ0R*HP\MHMHGQDNZ\]QDF]\ü
] ]DOH*QRFL 3 , ˜ 8  1D SU]\NáDG JG\ VLOQLN MHVW ]DVLODQ\ QDSL
FLHP  9 SU]\
SUG]LH  $ QD ID]
 Z\G]LHOD VL
 QD QLP PRF  : SU]\ ]DVLODQLX REX ID]
1RUPDOQSUDNW\NMHVWHNVSORDWRZDQLHVLOQLNDNURNRZHJRSU]\SR]LRPLHZ\G]LHODQLD
PRF\SU]\NWyU\PWHPSHUDWXUDREXGRZ\VLOQLNDRVLJDƒ&ZL
FHMQL*WHPSHUDWXUD
RWRF]HQLD Z VSRNRMQ\P SRZLHWU]X -HOL ]DWHP VLOQLN PR*H E\ü ]DPRQWRZDQ\ QD
UDGLDWRU]H PR*QD ]ZL
NV]\ü GRSXV]F]DOQ\ SR]LRP Z\G]LHODQHM PRF\ :D*QH MHVW
DE\ VLOQLN E\á ]DSURMHNWRZDQ\ GR SUDF\ L SUDFRZDá SU]\ PDNV\PDOQ\P Z\G]LHODQLX
PRF\SRWRE\E\áRQZ\GDMQ\]SXQNWXZLG]HQLDUR]PLDUXPRF\Z\MFLRZHMLNRV]WX

.LHG\X*\ZDüVLOQLNDNURNRZHJR
8*\FLH VLOQLND NURNRZHJR PR*H E\ü WUDIQ\P Z\ERUHP NLHG\ W\ONR Z\PDJDQ\ MHVW
NRQWURORZDQ\ UXFK 0RJ E\ü RQH X*\WH WDP JG]LH WU]HED VWHURZDü NWHP
SU
GNRFL SR]\FM OXE V\QFKURQL]PHP = SRZRGX ZF]HQLHM Z\PLHQLRQ\FK ]DOHW
VLOQLNL NURNRZH ]QDOD]á\ ZLHOH ]DVWRVRZD QS Z GUXNDUNDFK SORWHUDFK VSU]
FLH
ELXURZ\P QDS
GDFK G\VNyZ VSU]
FLH PHG\F]Q\P IDNVDFK QDS
G]LH 
SU]HP\VáRZ\P L ZLHOX LQQ\FK 0R*QD MH ]DVWRVRZDü UyZQLH* ]DPLDVW QDS
GX ] 5\V3U]HNUyMSRSU]HF]Q\VLOQLNDK\EU\GRZHJR
VLOQLNLHPSUGXVWDáHJRLSU]HNáDGQLEH]VWHURZDQLDSR]\FMSRGDMFW\ONRLPSXOV\
RRGSRZLHGQLHMF]
VWRWOLZRFL

2EUDFDMFHVL
SROHPDJQHW\F]QH
.LHG\ X]ZRMHQLH ID]\ VLOQLND NURNRZHJR MHVW ]DVLORQH SUGHP Z VWRMDQLH SRZVWDMH LQGXNFMD PDJQHW\F]QD -HM NLHUXQHN MHVW RNUHORQ\ UHJXá
SUDZHMGáRQL

5\VXQHN 5\V  SRND]XMH LQGXNFM
 PDJQHW\F]Q NWyUD SRMDZLD VL
 JG\ SU]H] X]ZRMHQLH ID]\ %Sá\QLHSUGZ]D]QDF]RQ\PNLHUXQNX5RWRU
XVWDZLDVL
ZWHG\WDNE\RSyUPDJQHW\F]Q\E\áMDNQDMPQLHMV]\:QDV]\PSU]\SDGNXURWRUREUyFLáE\VL
]JRGQLH]UXFKHPZVND]yZHN]HJDUD
WDNE\MHJRSRáXGQLRZ\ELHJXQ6]EOL*\áVL
GRSyáQRFQHJRELHJXQDVWRMDQD%ZSR]\FMLDELHJXQSyáQRFQ\1GRSRáXGQLRZHJRELHJXQD
VWRMDQD%ZSR]\FML:LGDüWHUD]*HDE\URWRUREUDFDáVL
WU]HED]DVLODüX]ZRMHQLDWDNDE\Z\ZRáDüREUDFDMFHVL
SROHPDJQHW\F]QH5RWRU
E
G]LHSRG*Dá]DW\PSROHP]DVSUDZSU]\FLJDQLDPDJQHW\F]QHJR


*HQHURZDQLHPRPHQWX
0RPHQWZ\WZDU]DQ\SU]H]VLOQLNNURNRZ\]DOH*\RGNLONXZVSyáF]\QQLNyZ
 :LHONRFLNURNX
 3UGXZX]ZRMHQLDFK
 5RG]DMXSUDF\
: VLOQLNX NURNRZ\P PRPHQW SRZVWDMH QD VNXWHN Z]DMHPQHJR SU]HVXQL
FLD LQGXNFML PDJQHW\F]QHM URWRUD L VWRMDQD 6WRMDQ MHVW Z\NRQDQ\ ]
PDWHULDáX R Z\VRNLHM SU]HQLNDOQRFL PDJQHW\F]QHM NWyUHM REHFQRü SRZRGXMH *H
LQGXNFMD PDJQHW\F]QD MHVW Z ZL
NV]RFL RJUDQLF]RQD GR GURJL RNUHORQHM VWUXNWXU
VWRMDQD Z WHQ VDP VSRVyE Z MDNL REHFQRü SUGX Z REZRG]LH HOHNWU\F]Q\P MHVW
RJUDQLF]RQDGRSU]HZRGQLND'REU]HMHVWZL
FE\LQGXNFMDPDJQHW\F]QDE\áDZL
NV]D
SU]\ ELHJXQDFK VWRMDQD :\MFLRZ\ PRPHQW Z\WZDU]DQ\ SU]H] VLOQLN MHVW
SURSRUFMRQDOQ\GRLQGXNFMLPDJQHW\F]QHMZ\ZRáDQHMSU]HSá\ZHPSUGXZX]ZRMHQLX

3RGVWDZRZ\]ZL]HNGHILQLXMF\ZLHONRüLQGXNFMLPDJQHW\F]QHMZ\UD*DVL
Z]RUHP
Q˜O
+ 
O
JG]LH

QLORü]ZRMyZ
,QDW
*HQLHSUGX
+QDW
*HQLHSRODPDJQHW\F]QHJR
OGáXJRüGURJLLQGXNFMLPDJQHW\F]QHM

=DOH*QRü WD SRND]XMH *H ZLHONRü LQGXNFML PDJQHW\F]QHM D ZL
F L PRPHQW V
SURSRUFMRQDOQH GR LORFL ]ZRMyZ QDW
*HQLD SUGX D RGZURWQLH SURSRUFMRQDOQH GR
GáXJRü GURJL LQGXNFML PDJQHW\F]QHM  = WHM SRGVWDZRZHM ]DOH*QRFL ZLGDü *H VLOQLNL
NURNRZH R WHM VDPHM ZLHONRFL PRJ PLHü EDUG]R Uy*QH PRPHQW\ Z\MFLRZH Z
]DOH*QRFLRGSDUDPHWUyZX]ZRMHQLD

)D]\ELHJXQ\LNW\NURNX
5\V  =DVDGD G]LDáDQLD VLOQLND NXENRZHJR ]
=Z\NOH VLOQLNL NURNRZH PDM GZLH ID]\ FKRü VSRW\ND VL
 WDN*H WUyM L SL
FLRID]RZH PDJQHVDPLWUZDá\PL
6LOQLNELSRODUQ\RGZyFKID]DFKPDMHGQRX]ZRMHQLHQDID]
QDWRPLDVWXQLSRODUQ\PD

6.2.   :::6,/1,.,3/



33+:2ELW:LWROG2EHU32=1$18/*586=.2:$
7(/)$;
 ::::2%,7&203/

MHGQRX]ZRMHQLH]RGF]HSHPSRURGNX&]DVDPLVLOQLNXQLSRODUQ\MHVWQD]\ZDQ\F]WHURID]RZ\PFKRüPDW\ONRGZLHID]\,VWQLHMWDN*HVLOQLNL
SRVLDGDMFHSRGZDX]ZRMHQLDQDID]
0RJRQHSUDFRZDü]DUyZQRZWU\ELHELSRODUQ\PMDNLXQLSRODUQ\P

%LHJXQ PR*H E\ü ]GHILQLRZDQ\ MDNR MHGHQ ] REV]DUyZ QDPDJQHVRZDQHJR
FLDáD JG]LH MHVW VNRQFHQWURZDQH QDW
*HQLH SROD PDJQHW\F]QHJR =DUyZQR
URWRUMDNLVWRMDQVLOQLNDNURNRZHJRSRVLDGDMGZDELHJXQ\5\VXQHN5\V
SU]HGVWDZLD XSURV]F]RQ\ REUD] GZXID]RZHJR VLOQLND NURNRZHJR R GZyFK
ELHJXQDFKMHGQHMSDU]HELHJXQyZZURWRU]H:U]HF]\ZLVWRFLZVWUXNWXU]H
URWRUD MDN L VWRMDQD MHVW GRGDZDQ\FK NLONDQDFLH ELHJXQyZ Z FHOX
]ZL
NV]HQLD OLF]E\ NURNyZQDREUyWVLOQLNDLQQ\PLVáRZ\ZFHOXRVLJQL
FLD
PQLHMV]HMZDUWRFLNWDNURNXSHáQHJR6LOQLNNURNRZ\]PDJQHVHPWUZDá\P
]DZLHUDUyZQOLF]E
SDUELHJXQyZZURWRU]HLZVWRMDQLH
=Z\NOHVLOQLN30PDSDUELHJXQyZQDWRPLDVWVWRMDQPDSDUELHJXQyZ
QDID]
6LOQLNK\EU\GRZ\SRVLDGDX]
ELRQ\URWRUSRG]LHORQ\QDGZLHF]
FL
PL
G]\ NWyU\PL ]QDMGXMH VL
 PDJQHV WUZDá\ 3RáRZD ]
EyZ VWDMH VL
 ZWHG\
ELHJXQDPLSRáXGQLRZ\PLDGUXJDSRáRZDSyáQRFQ\PL/LF]EDSDUELHJXQyZ
MHVW UyZQD OLF]ELH ]
EyZ QD SRáRZLH URWRUD 6WRMDQ VLOQLND K\EU\GRZHJR PD
UyZQLH*]
E\DE\]ZL
NV]\üOLF]E
UyZQRZD*Q\FKELHJXQyZZSRUyZQDQLX
] JáyZQ\PL ELHJXQDPL QD NWyUH V QDZLQL
WH X]ZRMHQLD PQLHMV]\ UR]PLDU
ELHJXQD OLF]ED UyZQRZD*Q\FK ELHJXQyZ  UR]PLDU ]
ED =Z\NOH GOD
VLOQLNyZRNFLHNURNXƒX*\ZDQHVF]WHU\ELHJXQ\JáyZQHDGODW\FKR
NWDFKƒLƒRVLHP 
3RQL*V]\Z]yUSU]HGVWDZLD]DOH*QRüRNUHODMFNWSHáQHJRNURNXVLOQLND 5\V  'URJD LQGXNFML PDJQHW\F]QHM Z GZXELHJXQRZ\P
NURNRZHJR RG OLF]E\ ELHJXQyZ URWRUD OLF]E\ UyZQRZD*Q\FK ELHJXQyZ VLOQLNX NURNRZ\P ] SU]HVXQL
FLHP SRPL
G]\ VWRMDQHP D
VWRMDQDLOLF]E\ID] URWRUHP
 
.WNURNX 
Q) ˜ ) Q
JG]LH
Q)OLF]EDUyZQRZD*Q\FKELHJXQyZQDID]
UyZQDOLF]ELHELHJXQyZURWRUD
)OLF]EDID]
QFDáNRZLWDOLF]EDELHJXQyZGODZV]\VWNLFKID]UD]HP

-HOL UR]PLDU\ ]
EyZ URWRUD L VWRMDQD V Uy*QH ]DOH*QRü WD VWDMH VL
 EDUG]LHM
VNRPSOLNRZDQD

5RG]DMHVWHURZDQLDVLOQLNyZNURNRZ\FK
1DMSRZV]HFKQLHMV]HURG]DMHVWHURZDQLDWR
 )DORZHZáF]RQDMHGQDID]D
 3HáQRNURNRZHZáF]RQHGZLHID]\
 3yáNURNRZHZáF]RQDUD]MHGQDUD]GZLHID]\
 0LNURNURNRZHSá\QQD]PLDQDSUGXVLOQLND
3RGVWDZRZD Uy*QLFD PL
G]\ WU]HPD SLHUZV]\PL URG]DMDPL VWHURZDQLD D
PLNURNURNRZ\P MHVW WDND *H QLH Z\PDJDM RQH X*\FLD VSHFMDOQ\FK XNáDGyZ
HQHUJRHOHNWURQLF]Q\FKDMHG\QLHNLONXWUDQ]\VWRUyZNOXF]XMF\FK

.ODV\F]QHWU\E\SUDF\VLOQLNDNURNRZHJR
'ODSRQL*V]\FKUR]ZD*DQDMáDWZLHMMHVWRGZRá\ZDüVL
GRU\VXQNX5\V
:VWHURZDQLXIDORZ\PZGDQ\PPRPHQFLH]DVLODQDMHVWW\ONRMHGQDID]D6WRMDQ
MHVW ]DVLODQ\ ]JRGQLH ] VHNZHQFM $ o % o $ o %  D NURNL URWRUD ] SR]\FML
 o  o  o   'OD VLOQLNyZ R X]ZRMHQLDFK XQLSRODUQ\FK L ELSRODUQ\FK SU]\
W\FK VDP\FK SDUDPHWUDFK X]ZRMHQLD WDNL VSRVyE ]DVLODQLD Z\ZRáXMH WH VDPH
SRáR*HQLDPHFKDQLF]QH
:DG WDNLHJR VSRVREX VWHURZDQLD MHVW WR *H VLOQLNL R X]ZRMHQLDFK XQLSRODUQ\FK
Z\NRU]\VWXM W\ONR  D R X]ZRMHQLDFK ELSRODUQ\FK   FDáNRZLWHJR
X]ZRMHQLDVLOQLNDZGDQHMFKZLOL2]QDF]DWR*HQLHX]\VNXMHVL
PDNV\PDOQHJR
PRPHQWXZ\MFLRZHJRVLOQLND
: VWHURZDQLX SHáQRNURNRZ\P Z ND*GHM FKZLOL V ]DVLODQH GZLH ID]\ 6WRMDQ MHVW
]DVLODQ\ ]JRGQLH ] VHNZHQFM $% o $% o $% o $%  D NURNL URWRUD ] SR]\FML
 o  o  o  :\QLNLHPVWHURZDQLDSHáQRNURNRZHJRVWDNLHVDPHUXFK\MDN
SU]\ VWHURZDQLX ] MHGQID]ZáF]RQDOHSR]\FMDURWRUDMHVWSU]HVXQL
WDRSyá
SHáQHJR NURNX 0RPHQW Z\MFLRZ\ VLOQLND R X]ZRMHQLDFK XQLSRODUQ\FK MHVW
PQLHMV]\ QL* Z VLOQLNX ELSRODUQ\P GOD VLOQLNyZ R W\FK VDP\FK SDUDPHWUDFK
X]ZRMH JG\* VLOQLN XQLSRODUQ\ Z\NRU]\VWXMH W\ONR  X]ZRMHQLDSRGF]DVJG\
ELSRODUQ\FDáH
6WHURZDQLH SyáNURNRZH MHVW NRPELQDFM  VWHURZDQLD IDORZHJR L SHáQRNURNRZHJR 
&RGUXJLNURN]DVLODQDMHVWW\ONRMHGQDID]DDZSR]RVWDá\FKNURNDFKGZLHID]\
6WRMDQ MHVW ]DVLODQ\ ]JRGQLH ] VHNZHQFM 5\V  6LOQLNL NURNRZH R X]ZRMHQLX XQLSRODUQ\P L
ELSRODUQ\P
$% o % o $% o $ o $% o % o $% o $  D NURNL URWRUD ] SR]\FML
 o  o  o  o  o  o  o   :\QLNLHP WHJR V  REURW\ URWRUD  UyZQH
SRáRZLHW\FK]HVWHURZDQLD]MHGQOXEGZLHPDID]DPLZáF]RQ\PL6WHURZDQLHSyáNURNRZHPR*H]UHGXNRZDüHIHNWUH]RQDQVXPHFKDQLF]QHJR
6.2.   :::6,/1,.,3/


33+:2ELW:LWROG2EHU32=1$18/*586=.2:$
7(/)$;
 ::::2%,7&203/

NWyU\ XMDZQLD VL
 VLOQLH Z GZyFK SRSU]HGQLFK URG]DMDFK VWHURZDQLD : VWHURZDQLX PLNURNURNRZ\P SUG\ Z X]ZRMHQLDFK ]PLHQLDM VL
 Sá\QQLH
UR]ELMDMFZWHQVSRVyESHáQ\NURNQDZLHOHPQLHMV]\FKNURF]NyZ:L
FHMLQIRUPDFMLQDWHQWHPDWPR*QD]QDOH(üZQDVW
SQ\PUR]G]LDOH

&]\PMHVWSUDFDPLNURNURNRZD"
3UDFD ] PLNURNURNLHP SROHJD QD REUDFDQLX SROHP PDJQHW\F]Q\P VWRMDQD Z VSRVyE EDUG]LHM Sá\QQ\ QL* Z VWHURZDQLX SHáQR L SyáNURNRZ\P
3RZRGXMH WR PQLHMV]H GUJDQLD L XPR*OLZLD EH]V]XPRZH SRUXV]DQLH VL
 VLOQLND GR SR]LRPX F]
VWRWOLZRFL  +] ']L
NL SUDF\ ] PLNURNURNLHP
PR*OLZHMHVWX]\VNDQLHPQLHMV]\FKNURNyZLGRNáDGQLHMV]HJRSR]\FMRQRZDQLD
,VWQLHMH ZLHOH Uy*Q\FK W\SyZ PLNURNURNX  R SRG]LDOH RG  GR  SHáQHJR NURNX OXE MHV]F]H PQLHMV]\P 7HRUHW\F]QLH PR*OLZH MHVW X*\FLH
QLHFDáNRZLWHJRSRG]LDáXNURNXDOHMHVWWRF]
VWRQLHSUDNW\F]QH
6LOQLN  NURNRZ\ MHVW VLOQLNLHP V\QFKURQLF]Q\P 2]QDF]D WR *H VWDELOQH SRáR*HQLH ]DWU]\PDQLD URWRUD MHVW ]V\QFKURQL]RZDQH ]  SROHP
PDJQHW\F]Q\PVWRMDQD2EURW\URWRUDX]\VNXMHVL
SU]H]REUDFDQLHSRODURWRUSRG*DGRQRZHJRSRáR*HQLDVWDELOQHJR0RPHQW0Z\WZDU]DQ\
SU]H]VLOQLNMHVWIXQNFMPRPHQWXVSRF]\QNRZHJR0VLRGOHJáRFLSRPL
G]\SROHPPDJQHW\F]Q\PVWRMDQDDSR]\FMURWRUD4U
0 0 V ˜ VLQ4V  4U  
JG]LH
4VL4UVZ\UD*RQHZVWRSQLDFKHOHNWU\F]Q\FK
=DOH*QRüPL
G]\NWDPLPHFKDQLF]Q\PLLHOHNWU\F]Q\PLGDQDMHVWZ]RUHP
Q
4HO 4 
 PHFK
JG]LHQR]QDF]DLORüNURNyZQDREUyW
.LHG\ VLOQLN NURNRZ\ MHVW VWHURZDQ\ Z VSRVyE SHáQR OXE SyáNURNRZ\ SROH PDJQHW\F]QH VWRMDQD REUDFD VL
 R RGSRZLHGQLR  L  VWRSQL
HOHNWU\F]Q\FKQDND*G\NURNVLOQLND=SRZ\*V]HJRZ]RUXZ\QLND*HZVLOQLNXSRZVWDMHPRPHQWSXOVXMF\SDWU]U\VNWyU\UyZQLH*SRND]XMH
ZDKDQLDSU
GNRFLZ\ZRáDQHZDKDQLDPLPRPHQWX']LHMHVL
WDNGODWHJR*H4V4UQLHMHVWVWDáHZF]DVLH]HZ]JO
GXQDQLHFLJáH]PLDQ\4V
:\WZDU]DQLH PRPHQWX REUDFDMFHJR VL
 R  L  VWRSQL MHVW SURVWH JG\* SRWU]HEQH V W\ONR GZD SR]LRP\ SUGX ,RQ RUD]  0R*QD MH áDWZR
X]\VNDü ]D SRPRF GRZROQHJR VWHURZQLND 'OD GDQHJR NLHUXQNX REURWyZ SROD PDJQHW\F]QHJR VWRMDQD SR]LRP\ SUGyZ RGSRZLDGDMFH WHPX
NLHUXQNRZLPR*QDREOLF]\ü]QDVW
SXMF\FKZ]RUyZ
,$ , PD[ ˜ VLQ4V 
,$ , PD[ ˜ FRV4V 

8*\ZDMFUy*Q\FKZDUWRFL,RQ RUD]ZREXX]ZRMHQLDFKPR*HP\X]\VNDüUy*Q\FKNRPELQDFMLSUGyZZX]ZRMHQLDFK7RGDMHQDPSR]\FML
SU]\NWyU\FKZáF]RQDMHVWMHGQDEG(GZLHID]\RGSRZLDGDMF\FKNLHUXQNRPLQGXNFMLPDJQHW\F]QHMRGGRVWRSQLHOHNWU\F]Q\FKSDWU]
U\V
5\VD
-HOLSRVLDGDP\VWHURZQLNNWyU\PR*HZ\WZRU]\üGRZROQ\SUGQDSR]LRPLHRGGRSUGXQRPLQDOQHJRPR*OLZHMHVWZWHG\Z\WZRU]HQLH
REUDFDMFHJRVL
SRODPDJQHW\F]QHJRRGRZROQHMRULHQWDFMLU\V
5\VED]DWHPZ\EUDQLHGRZROQHJRNWDHOHNWU\F]QHJRNURNXQSOXESHáQHJRNURNXF]\OLRGSRZLHGQLROXE
VWRSQL HOHNWU\F]Q\FK 2SUyF] ]PLDQ\ NLHUXQNX SROD PDJQHW\F]QHJR
PR*QDUyZQLH*]PLHQLDüMHJRQDW
*HQLH

=H Z]RUX QD UR]ZLMDQ\ PRPHQW VLOQLND ZLGDü *H URWRU E
G]LH SRUXV]Dá
VL
 ]DF]QLH JáDGV]\P UXFKHP SU]\ QLVNLFK F]
VWRWOLZRFLDFK SRQLHZD*
SROH PDJQHW\F]QH VWRMDQD NWyUH RNUHOD VWDELOQ SR]\FM
 URWRUD
SRUXV]D VL
 EDUG]LHM Sá\QQLH Z SRUyZQDQLX ]H VWHURZDQLHP SHáQR  L
SyáNURNRZ\PSDWU]U\VRGV\áDF]D
3U]\ F]
VWRWOLZRFLDFK GZX  WU]\NURWQLH ZL
NV]\FK QL* F]
VWRWOLZRü
ZáDVQD XNáDGX SUDFD PLNURNURNRZD PD QLHZLHONL ZSá\Z QD GUJDQLD
URWRUD Z SRUyZQDQLX GR SHáQHJR NURNX 3RZRGHP WHJR MHVW ILOWUXMF\
FKDUDNWHU EH]ZáDGQRFL URWRUD L REFL*HQLD 6\VWHP WDNL PD FHFK\ ILOWUX
GROQRSU]HSXVWRZHJR

5\V.LHUXQNLLQGXNFMLPDJQHW\F]QHM
D SU]\SUDF\SHáQRLSyáNURNRZHM
E ESU]\SUDF\PLNURNURNRZHMGáXJRFLZHNWRUyZVSURSRUFMRQDOQHGRPRPHQWX
'ODF]HJRPLNURNURN"
:ZLHOX]DVWRVRZDQLDFKSUDFDPLNURNURNRZDSR]ZDOD]ZL
NV]\üHIHNW\ZQRüV\VWHPXDWDN*H]PQLHMV]\üMHJR]áR*RQRüLNRV]WZSRUyZQDQLX
]SUDFSHáQRLSyáNURNRZ0LNURNURNPR*HE\üX*\W\ZFHOXUR]ZL]DQLDSUREOHPyZ]UH]RQDQVDPLDWDN*HZFHOX]ZL
NV]HQLDGRNáDGQRFLL
UR]G]LHOF]RFL

&]
VWRWOLZRFLSUDF\LUH]RQDQVRZH
&]
VWRWOLZRü ZáDVQD I V\VWHPX ] VLOQLNLHP NURNRZ\P MHVW RNUHORQD SU]H] PRPHQW\ EH]ZáDGQRFL URWRUD L REFL*HQLD
,& , 5  , 2 > NJ ˜ P  @ PRPHQWVSRF]\QNRZ\ 0 6 > 1 ˜ P@ ZUD]]PHWRGVWHURZDQLDLSR]LRPDPLSUGXRUD]RGLORüNURNyZQD
REUyWQ

 Q0 6
I 
S ,&
-HOLZVSyáF]\QQLNWáXPLHQLDV\VWHPXMHVWPDá\LVWQLHMHU\]\NRXWUDW\NURNyZNLHG\VLOQLNSUDFXMHSU]\F]
VWRWOLZRFLUH]RQDQVRZHMOXEEOLVNRQLHM
=DOH*QLH RG W\SX VLOQLND L FDáNRZLWHJR PRPHQWX EH]ZáDGQRFL RUD] ZVSyáF]\QQLND WáXPLHQLD SUREOHP\ WH PRJ UyZQLH* SRMDZLü VL
 Z SREOL*X
FDáNRZLW\FKZLHORNURWQRFLLXáDPNyZF]
VWRWOLZRFLI
6.2.   :::6,/1,.,3/


33+:2ELW:LWROG2EHU32=1$18/*586=.2:$
7(/)$;
 ::::2%,7&203/

I I I
       I    I    I  LWG
  

=Z\NOHMHGQDNXZLGDF]QLDMVL
EDUG]LHMSU]\F]
VWRWOLZRFLDFKEOLVNLFKI
.LHG\X*\ZDVL
VWHURZQLNDEH]PLNURNURNXJáyZQ\PSRZRGHPZ\VW
SRZDQLDUH]RQDQVyZMHVWWR*HSROHPDJQHW\F]QHVWRMDQDREUDFDVL
R
QLHFLJáHZDUWRFLNWDHOHNWU\F]QHJRƒGODSHáQHJRLƒGODSyáNURNX:\ZRáXMHWRSXOVXMFHGRVWDUF]DQLHHQHUJLLGRURWRUDNWyU\]DF]\QD
ZSDGDüZUH]RQDQV(QHUJLDZ]EXG]DMFDSU]HND]\ZDQDURWRURZLSRGF]DVMHGQHJRNURNXMHVWZQDMJRUV]\PSU]\SDGNXSU]\EUDNXREFL*HQLD
UyZQD
 0V
Q
  FRV4H  
JG]LH4HNWMHGQHJRNURNXHOHNWU\F]QHJRƒGODSHáQHJRLƒGOD
SyáNURNX

:LGDüWX*HSUDFDSyáNURNRZDZSRUyZQDQLX]SHáQRNURNRZRJUDQLF]D
HQHUJL
Z]EXG]DMFUH]RQDQVGR-HOLUR]SDWUXMHP\PLNURNURNR
SRG]LDOHSR]RVWDMHW\ONRHQHUJLLSU]\SHáQ\PNURNXU\V5\V

=GDZDáRE\ VL
 *H SU]H] ]DVWRVRZDQLH VWHURZDQLD PLNURNURNRZHJR
PR*QD]PQLHMV]\üZLHONRüHQHUJLLZ]EXG]DMFHMGR]HUD1LHVWHW\MHVW
WR SUDZGD W\ONR Z RGQLHVLHQLX GR LGHDOQHJR VLOQLND NURNRZHJR  Z
U]HF]\ZLVWRFL MHVW MHV]F]H NLOND LQQ\FK (UyGHá UH]RQDQVX 0LPR
ZV]\VWNRMHGQDN]DVWRVRZDQLHPLNURNURNXSROHSV]D]DFKRZDQLHXNáDGX
QDS
GRZHJR Z SUDZLH ZV]\VWNLFK ]DVWRVRZDQLDFK D Z ZLHOX
SU]\SDGNDFKGDMHZ\VWDUF]DMFUHGXNFM
]DNáyFHLZLEUDFML
PR*H E\ü ] áDWZRFL SRFKáRQL
WD SU]H] ZHZQ
WU]QH WDUFLH Z VLOQLNX
1LHSRZVWDMZWHG\*DGQHGUJDQLDDQLVLOQLNQLHZ\ELHJDZGDQHMFKZLOL
SR]D VZRMH SR*GDQH SRáR*HQLH U\V 5\V  2GFK\OHQLH NROHMQ\FK
SR]\FML PLNURNURNRZ\FK URWRUD RG OLQLL SURVWHM ]DOH*\ ZWHG\ RG X*\FLD
QLHVNRPSHQVRZDQ\FKSU]HELHJyZZHMFLRZ\FKVLQXVFRVLQXV 

5R]V]HU]DQLH ]DNUHVX G\QDPLF]QHJR Z NLHUXQNX 5\V  :]JO
GQD HQHUJLD Z]EXG]DMFD MDNR IXQNFMD GáXJRFL NURNX
HOHNWU\F]QHJR
QLVNLFKF]
VWRWOLZRFL
.LHG\ VWHUXMHP\ VLOQLNLHP SU]\ QLVNLFK F]
VWRWOLZRFLDFK ] SHáQ\P
NURNLHPOXESyáNURNLHPUXFKVWDMHVL
QLHFLJá\LFKDUDNWHU\]XMHVL
GX*\PSR]LRPHP]DNáyFHLGUJD0D
WR PLHMVFH SU]\ F]
VWRWOLZRFLDFK SRQL*HM QDWXUDOQHM F]
VWRWOLZRFL XNáDGX : WDNLP SU]\SDGNX PLNURNURN
SR]ZDOD Z áDWZ\ L EH]SLHF]Q\ VSRVyE UR]V]HU]\ü ]DNUHV F]
VWRWOLZRFL Z Gyá GR  +] =Z\NOH MHVW ZWHG\
NRQLHF]QH]DVWRVRZDQLHSRG]LDáXNURNRZHJRZL
NV]HJRQL*SHáQHJRNURNX3U]\WDNLPPDá\PNURNX
HQHUJLD SU]HND]DQD URWRURZL SU]\ MHGQ\P NURNX HOHNWU\F]Q\P Z\QRVL W\ONR   HQHUJLL SHáQHJR NURNX L
MHVWPDáD

(OHNWURQLF]QDÄSU]HNáDGQLD´
: SHZQ\FK ]DVWRVRZDQLDFK JG]LH Z\PDJDQH V PDáH Z]JO
GQH SU]HPLHV]F]HQLD DOER Z\VRND UR]G]LHOF]Rü VLOQLN
NURNRZ\VWHURZDQ\PLNURNURNRZRPR*H]DVWSLüSU]HNáDGQL
PHFKDQLF]Q:ZLHOX]DVWRVRZDQLDFKMHVWWRF]
VWROHSV]HL
PQLHM VNRPSOLNRZDQH UR]ZL]DQLH  QDZHW MHOL Z\PDJD X*\FLD ZL
NV]HJR VLOQLND : WDNLP SU]\SDGNX DE\ RVLJQü
QDMOHSV]HUH]XOWDW\QDOH*\XZD*QLHGREUDüW\SVLOQLNDRUD]]DSHZQLüRGSRZLHGQLHSU]HELHJLZHMFLRZHVLQXVFRVLQXV

=ZL
NV]RQDGRNáDGQRüNURNyZ
3UDFD PLNURNURNRZD PR*H E\ü WDN*H X*\WD Z FHOX UR]V]HU]HQLD GRNáDGQRFL SR]\FMRQRZDQLD VLOQLND
NURNRZHJRSU]\SUDF\SHáQROXESyáNURNRZHMSR]DZLHONRüSU]HZLG]LDQSU]H]SURGXFHQWD0LDQRZLFLHZ 
SU]\SDGNXSUDF\SHáQRNURNRZHMOXESyáNURNRZHMSR]\FMHRVLVLOQLNDZNROHMQ\FKNURNDFKPRJVL
Uy*QLüRG
5\V  3R]\FMD URWRUD MDNR
RF]HNLZDQ\FK 0DMF PR*OLZRü SRPLDUX W\FK RGFK\áHN PR*QD PRG\ILNXMF QLHFR ZDUWRFL SUGyZ Z
IXQNFMDWU\EXSUDF\
X]ZRMHQLDFK ZSURZDG]Lü NRUHNW
 U\V 5\V  7D WHFKQLND PR*H E\ü X*\WHF]QD Z ]DVWRVRZDQLDFK
JG]LHGX*URO
RGJU\ZDNU\WHULXPGRNáDGQRFL


5\V  D 3R]\FMH URWRUD L ZHNWRUD LQGXNFML PDJQHW\F]QHM SU]\ SHáQ\P NURNX  VWDQ Z\MFLRZ\ E SR]\FMH URWRUD L ZHNWRUD LQGXNFML SR
ZSURZDG]HQLXNRUHNW\

6.2.   :::6,/1,.,3/



33+:2ELW:LWROG2EHU32=1$18/*586=.2:$
7(/)$;
 ::::2%,7&203/

=áR*RQRüV\VWHPX
&KRFLD*XNáDGHOHNWURQLF]Q\VáX*F\GRSUDF\]PLNURNURNLHPMHVWEDUG]LHM]áR*RQ\QL*ZSU]\SDGNXSHáQHJRF]\SyáNURNXFDáNRZLWD]áR*RQRü
V\VWHPXZUD]]VLOQLNLHPSU]HNáDGQLLHOHPHQWDPLSU]HQRV]HQLDQDS
GXMHVWPQLHMV]DZL*HVL
]DWHP]PQLHMV]\PLNRV]WDPL=DVWRVRZDQLH
SUDF\PLNURNURNRZHMPR*HZSá\QüQDXSURV]F]HQLHSU]HNáDGQLLPHFKDQL]PyZWáXPLF\FKGUJDQLDXáDWZLDWH*Z\EyUVLOQLND
: ]DVWRVRZDQLDFK ] PLNURNURNLHP RSDUW\FK QD PLNURNRQWUROHUDFK PR*QD ]DVWSLü ]HZQ
WU]QH XNáDG\ PRGXODFML V]HURNRFL LPSXOVX D WDN*H
SU]HWZRUQLNLF\IURZRDQDORJRZHZHZQ
WU]Q\PLHOHPHQWDPLPLNURNRQWUROHUDLZ\SRVD*\üJRZRGSRZLHGQLHRSURJUDPRZDQLH0R*OLZHMHVWZWHG\
RVLJQL
FLH WDN QLVNLHJR SR]LRPX NRV]WX XU]G]HQLD *H VWDMH VL
 RQ SRUyZQ\ZDOQ\ GR NRV]WX WUDG\F\MQHJR VWHURZQLND SUDFXMFHJR ] SHáQ\P L
SyáNURNLHP
&RZSá\ZDQDMDNRüPLNURNURNX
7HRUHW\F]QLHSUDFD]PLNURNURNLHPMHVWSURVWDLUR]ZL]XMHZV]HONLHSUREOHP\]UH]RQDQVHPLGUJDQLDPL:U]HF]\ZLVWRFLMHGQDNZLHOHUy*Q\FK
]MDZLVNRJUDQLF]DPR*OLZRFLWDNLHJRV\VWHPX-HGQH]QLFKV]ZL]DQH]VWHURZQLNLHPLQQH]VLOQLNLHP

'RNáDGQRüNURNyZ
=Z\NOH SURGXFHQW SRGDMH GRNáDGQRü NURNX Z GDQ\FK GRW\F]F\FK VLOQLND 0R*H RQD E\ü EH]Z]JO
GQD QS rƒ OXE Z]JO
GQD QS r
SHáQHJR NURNX ]Z\NOH MHGQDN SRGDZDQD MHVW Z RGQLHVLHQLX GR WU\EX ] RELHPD ID]DPL ZáF]RQ\PL VWHURZDQLH SHáQRNURNRZH 1LH PyZL VL

QDWRPLDVWRW\PMDN]DFKRZXMHVL
VLOQLNSU]\SUDF\]PLNURNURNLHP
2SW\PDOL]RZDQLHEXGRZ\VLOQLNDSRGNWHPGRNáDGQRFLLZLHONRFLPRPHQWXVSRF]\QNRZHJRSU]\SUDF\]SHáQ\PNURNLHPZSá\ZDXMHPQLHQD
GRNáDGQRüSR]\FMRQRZDQLDSU]\SUDF\]PLNURNURNLHP3RQL*V]\SU]\NáDGSRND]XMHMHGHQ]ZD*QLHMV]\FKHIHNWyZ
5R]ZD*P\ SURMHNW Z\NRU]\VWXMF\ SRG]LDá NURNRZ\  ] VLOQLNLHP R SHáQ\P NURNX ƒ 7HRUHW\F]QLH MHGQHPX PLNURNURNRZL RGSRZLDGD


R   QDWRPLDVW GOD WHJR W\SX VLOQLND SRZV]HFKQD MHVW GRNáDGQRü U]
GX rƒ 2]QDF]D WR *H MHOL SR]\FMD ED]RZD VLOQLND MHVW


VNDOLEURZDQDZ]JO
GHPORVRZRZ\EUDQHMSR]\FML]GZLHPDID]DPLZáF]RQ\PLNWyUDPR*HVL
]QDMGRZDüZ]DNUHVLHrƒZ]JO
GHPWHRUHW\F]QLH
SRSUDZQHMSR]\FMLED]RZHMWRPDNV\PDOQDRGFK\áNDURWRUDQDLQQHMSR]\FML]GZLHPDID]DPLZáF]RQ\PLZ\QLHVLH    PLNURNURNyZRG


SR]\FML WHRUHW\F]QHM )DNW WHQ SRZLQLHQ E\ü XZ]JO
GQLRQ\ NLHG\ SURMHNWXMH VL
 V\VWHP PLNURNURNRZ\ Z\PDJDMF\ GX*HM GRNáDGQRFL
SR]\FMRQRZDQLD

=JRGQRü]SU]HELHJDPLVLQXVFRVLQXV
:L
NV]RüVLOQLNyZQLHSUDFXMH]JRGQLH]SU]HELHJDPLVLQXVFRVLQXVVLOQLNSUDFXMF\LGHDOQLH]SU]HELHJDPLSUGyZVLQXVFRVLQXVREUDFDVL
]H
VWDá SU
GNRFL *áyZQLH ]H Z]JO
GX QD QLHUyZQRPLHUQ V]HURNRü L SRZLHU]FKQL
 V]F]HOLQ\ SRZLHWU]QHM RUD] KLVWHUH]
 PDJQHW\F]Q
]DFKRZDQLH VL
 ZHNWRUD LQGXNFML PDJQHW\F]QHM D ]DWHP L SR]\FML VSRF]\QNRZHM RUD] PRPHQWX VSRF]\QNRZHJR URWRUD RGELHJD RG LGHDOQHJR
2GFK\OHQLDWHV]DOH*QHRGNV]WDáW\]
EyZURWRUDLVWRMDQDRUD]RGPDWHULDáXX*\WHJRGRNRQVWUXNFMLUG]HQLD
1LHNWyUH VLOQLNL V RSW\PDOL]RZDQH SRG NWHP GRNáDGQRFL L ZLHONRFL PRPHQWX VSRF]\QNRZHJR SU]\ SUDF\ ] SHáQ\P NURNLHP 8]\VNXMH VL
 WR
NV]WDáWXMF ]
E\ Z WHQ VSRVyE E\ QD SR]\FMDFK ] GZLHPD ID]DPL ZáF]RQ\PL LQGXNFMD PDJQHW\F]QD E\áD V]F]HJyOQLH GX*D =H Z]JO
GX QD
ZLHONLHRGFK\OHQLDRGSUDF\]JRGQHM]SU]HELHJDPLVLQXVFRVLQXVZDSOLNDFMDFKPLNURNURNRZ\FKWDNLFKVLOQLNyZSRZLQQRVL
XQLNDü,QQ\PLVáRZ\
LPSUDFDVLOQLNDSU]\SU]HELHJDFKSUGyZVLQXVFRVLQXVMHVWEOL*V]DLGHDOQHMW\PEDUG]LHMQDGDMHVL
RQGRPLNURNURNX
2GFK\OHQLD R NWyU\FK E\áD Z\*HM PRZD PRJ E\ü SRG]LHORQH QD GZLH NDWHJRULH RGFK\OHQLD DPSOLWXG\ ZHNWRUD LQGXNFML PDJQHW\F]QHM PDMFH
ZSá\ZQDPRPHQWVSRF]\QNRZ\LNLHUXQNXWHJRZHNWRUDPDMFHZSá\ZQDSR]\FM
VSRF]\QNRZSU]\SUDF\]PLNURNURNLHP

1LHGRNáDGQRüSR]\FMLSU]\SUDF\]PLNURNURNLHP
3R]\FMHVSRF]\QNRZHZSUDF\]PLNURNURNLHPVHIHNWHP]DVLODQLDX]ZRMHSU]HELHJDPLVLQXVLFRVLQXV5y*QLFDSRPL
G]\PL
G]\WHRUHW\F]Q
D U]HF]\ZLVW SR]\FM VSRF]\QNRZ ]ZDQD MHVW QLHGRNáDGQRFL SR]\FML VSRF]\QNRZHM -HVW RQD ]GHILQLRZDQD MDNR UHGQLH RGFK\OHQLH
PLNURNURNRZHMSR]\FMLVSRF]\QNRZHMRGSR]\FMLWHRUHW\F]QHMZREU
ELHSHáQHJRREURWXJG\
X]ZRMHQLDVLOQLND]DVLODQHVSUGDPLRSU]HELHJDFKVLQXVFRVLQXV1LHGRNáDGQRüSR]\FML
VSRF]\QNRZHM MHVW UHGQL ZDUWRFL Z SU]HG]LDOH FDáHJR REURWX FR R]QDF]D *H QLH MHVW
RQDIXQNFMQLHGRNáDGQRFLSU]\SUDF\SHáQRNURNRZHM$E\X]\VNDüFDáNRZLW\EáGSR]\FML
QDOH*\GRGDüRELHQLHGRNáDGQRFL
6NXWNLHP QLHGRNáDGQRFL SR]\FML VSRF]\QNRZHM MHVW WR *H MHOL VLOQLN MHVW ]DVLODQ\
QLHVNRPSHQVRZDQ\PLSU]HELHJDPLVLQXVFRVLQXVSU
GNRüVLOQLND]PLHQLDVL
OXELQDF]HM
PyZLF ]PLHQLD VL
 GáXJRü PLNURNURNX 3U]\ SRG]LDOH NURNRZ\P  PLNURNURNL R
GáXJRFL RG  GR  ZDUWRFL QRPLQDOQHM V QRUPDOQH : V\VWHPDFK SUDFXMF\FK ]
PLNURNURNLHP]MDZLVNRWRMHVWQDMF]
VWV]SU]\F]\QUH]RQDQVyZ

1LHGRNáDGQRü PRPHQWX VSRF]\QNRZHJR SU]\ SUDF\ ]
PLNURNURNLHP
:LHONRüLQGXNFMLPDJQHW\F]QHMUyZQLH*Uy*QLVL
RGZDUWRFLWHRUHW\F]QHMNLHG\]DVLODP\
VLOQLN SU]HELHJDPL PLNURNURNRZ\PL 6WG ZáDQLH ELHU]H VL
 QLHGRNáDGQRü PRPHQWX
VSRF]\QNRZHJR:DUWRüQRPLQDOQDPRPHQWXVSRF]\QNRZHJRWHRUHW\F]QLHQLH]DOH*\RG
NLHUXQNXLQGXNFMLPDJQHW\F]QHMNLHG\VLOQLNMHVW]DVLODQ\SU]HELHJDPLVLQXVFRVLQXV
7HRUHW\F]QLHPRPHQWVSRF]\QNRZ\Z\UD*DVL
Z]RUHP
 
06 N L $  L% 
-HOL L$ L L% V ZDUWRFLDPL FKZLORZ\PL SUGyZ Z REX ID]DFK VLOQLND WR PRPHQW VSRF]\QNRZ\ 06 MHVW QLH]DOH*Q\ RG NLHUXQNX LQGXNFML
PDJQHW\F]QHM:LHONRüQLHGRNáDGQRFLPRPHQWXVSRF]\QNRZHJRMHVWIXQNFMJHRPHWULL]
EyZVWRMDQDLURWRUDLZDKDVL
ZJUDQLFDFKRGGR
ZDUWRFLQRPLQDOQHMSU]\ZáF]RQ\FKREXID]DFK
:L
NV]Rü VLOQLNyZ MHVW RSW\PDOL]RZDQD SRG NWHP QDMZL
NV]HJR PRPHQWX VSRF]\QNRZHJR SU]\ VWHURZDQLX SHáQRNURNRZ\P ] RELHPD ID]DPL
ZáF]RQ\PL1LHGRNáDGQRüPRPHQWXVSRF]\QNRZHJRSU]\SUDF\PLNURNURNRZHMMHVWZDUWRFLUHGQLZV]\VWNLFKRGFK\áHNZREU
ELHSHáQHJR
REURWXLQLHSRZLQQDE\üP\ORQD]SRGDZDQ\PSU]H]SURGXFHQWDZ]JO
GQ\PEá
GHPPRPHQWXSU]\VWHURZDQLXSHáQRNURNRZ\P]GZRPDID]DPL
ZáF]RQ\PL .LHG\ VLOQLN NURNRZ\ MHVW ]DWU]\P\ZDQ\ Z SR]\FMDFK Z NWyU\FK SU]H] RELH ID]\ Sá\QLH WHQ VDP SUG ZDUWRü PRPHQWX

6.2.   :::6,/1,.,3/



33+:2ELW:LWROG2EHU32=1$18/*586=.2:$
7(/)$;
 ::::2%,7&203/

VSRF]\QNRZHJR ZDKD VL
 R r ZDUWRFL QRPLQDOQHM 7H ZDKDQLD V ]DOH*QH RG WROHUDQFML HOHPHQWyZ PHFKDQLF]Q\FK VLOQLND L QLH PLDáDE\
PLHMVFDZSU]\SDGNXMHJRLGHDOQHMJHRPHWULL
+LVWHUH]D
+LVWHUH]D SR]\FML VSRF]\QNRZ\FK VLOQLND NURNRZHJR MHVW Z\ZRáDQD JáyZQLH SU]H] KLVWHUH]
 PDJQHW\F]Q DOH UyZQLH* F]
FLRZR SU]H] WDUFLH
áR*\VNURWRUDàDWZRM]DXZD*\üREVHUZXMFSR]\FM
URWRUDSU]\REURWDFK]JRGQ\FKLSU]HFLZQ\FKGRUXFKXZVND]yZHN]HJDUD
:LHONRüLQGXNFML%ZV]F]HOLQLHSRZLHWU]QHMMHVWWHRUHW\F]QLHSURSRUFMRQDOQDGROLF]E\]ZRMyZX]ZRMHQLDQLSUGXSá\QFHJRSU]H]X]ZRMHQLH,
% +P 
JG]LH P R]QDF]D SU]HQLNDOQRü PDJQHW\F]Q
RURGND D +  ZDUWRü QDW
*HQLD SROD
PDJQHW\F]QHJRRNUHORQZ]RUHP

Q, PQ,
+ WDNZL
F % 
O O
3RQLHZD* Z ZL
NV]RFL RURGNLHP Z NWyU\P
UR]FKRG]L VL
 SROH PDJQHW\F]QH MHVW UG]H
ZáDQLH MHJR SU]HQLNDOQRü PDJQHW\F]QD  E
G]LH
GHF\GRZDáD R ZLHONRFL LQGXNFML PDJQHW\F]QHM Z
V]F]HOLQLHSRZLHWU]QHM
5G]H MHVW Z\NRQDQ\ ] PDWHULDáX
IHUURPDJQHW\F]QHJR L ] SRZRGX LVWQLHQLD Z
IHUURPDJQHW\NDFK KLVWHUH]\ PDJQHW\F]QHM
 ]DOH*QRü
SUDZG]LZD
SRZ\*V]D QLH MHVW FDáNRZLFLH
:DUWRü FKZLORZHM LQGXNFML
PDJQHW\F]QHM MHVW IXQNFM FKZLORZHJR QDW
*HQLD
SROD PDJQHW\F]QHJR L MHJR ZDUWRFL SRSU]HGQLHM
: ]DVWRVRZDQLDFK JG]LH OLF]\ VL
 GRNáDGQRü
SR]\FMRQRZDQLDNRQLHF]QHMHVWF]DVHP]DVWRVRZDQLHÄUXFKXQDGPLDURZHJR´DE\VNRPSHQVRZDüEáGSR]\FMRQRZDQLDZ\QLNDMF\]REHFQRFL
KLVWHUH]\.LHG\PDP\GRF]\QLHQLD]SUDFPLNURNURNRZ]Z\VRNUR]G]LHOF]RFLEáGZ\QLNDMF\]KLVWHUH]\PR*HNLONDNURWQLHSU]HZ\*V]Dü
GáXJRü PLNURNURNX 3U]\ REOLF]DQLX FDáNRZLWHM QLHGRNáDGQRFL SR]\FMRQRZDQLD VLOQLND NURNRZHJR ZDUWR ZLHG]LHü F]\ SURGXFHQW SRGDMF GDQH
GRW\F]FHGRNáDGQRFLZVSRPLQDWDN*HRKLVWHUH]LH







6.2.   :::6,/1,.,3/