3URIGU$QWH0LKDQRYLü

*UDÿHYLQVNRDUKLWHNWRQVNLIDNXOWHW6YHXþLOLãWDX6SOLWX





6867$9.216758.&,-$

%,-(/,67523





35,58ý1,.=$
352-(.7,5$1-(,,=92ç(1-(














6SOLWWUDYDQM

 
6$'5ä$-
  3526/29        
  '(./$5$&,-$352,=92'$     
  7(0(/-1,32'$&,2%,-(/20675238    
  126,9267*5(',&$%,-(/2*67523$    
  0,1,0$/1$7(+1,ý.$692-679$0$7(5,-$/$  
  261291(8387(=$,=92Ĉ(1-(     
  352-(.7,5$1-(%,-(/2*67523$   
  ',-(/29,%,-(/2*67523$      
   *UHGLFD        
   6WURSQLEORN       
   /HåDMQLFD        
   3RSUHþQLLX]GXåQLSUHVMHFL     
   3RVHEQHYUVWHELMHORJVWURSD     
  *(20(75,-6.(5(/$&,-(,32/2ä$-1,1$&57,   
   5DYQHSORþDVWHNRQVWUXNFLMH     
   .RVHNURYQHNRQVWUXNFLMH      
   6WXELãWD        
  '(7$/-,35,0,-(1(%,-(/2*67523$    
   *ODYQLYLMHQDF       
   6SRUHGQLYLMHQDF       
   3RSUHþQRUHEUR       
   6SRMJUHGLFDL]GYDVPMHUD     
   .RQWLQXLWHWQDGRVORQFLPD     
   1RVDþLXSORþL       
   1RVDþLLVSRGSORþH      
   2VORQQDþHOLþQHNRQVWUXNFLMH     
   'HWDOMLVWXELãWD       
   'HWDOMLNURYQLKNRQVWUXNFLMD     
   3RVHEQLGHWDOMLSULUHNRQVWUXNFLMDPDLGRJUDGQMDPD  
   3URGXOMHQMHLQDVWDYOMDQMHNUDWNLKJUHGLFD   
  0(+$1,ý.$273251267,67$%,/1267    
   6DPRVWDOQHJUHGLFHLVWURSQLEORNRYL    
   %LMHOLVWURSQDNRQPRQWLUDQMD     
   %LMHOLVWURSL]ORåHQXVSUDYQRPRSWHUHüHQMX   
   %LMHOLVWURSL]ORåHQKRUL]RWDOQRPRSWHUHüHQMX   
   %LMHOLVWURSXRYLVQRVWLRGSRWUHVQLK]RQD    
   'HIRUPDELOQRVWNRQVWUXNFLMHELMHOLVWURS    
   7HKQLþNLSURSLVLLQRUPH      
  ,=92ç(1-(.216758.&,-(%,-(/,67523  
  35,-(92=,32',=$1-(*5(',&$,675231,+%/2.29$  
  32'83,5$1-(,1$'9,â(1-(     
  3267$9/-$1-(%,-(/2*67523$     
8./$1-$1-(%,-(/2*67523$    
/,7(5$785$       


 3526/29

3ULUXþQLNNRMLLPDWHSUHGVRERPLPD]DGDüXQDUDFLRQDODQQDFLQXSR]QDWLYDVVDVXVWDYRPNRQVWUXNFLMD
SRMHGQRVWDYMHQRQD]YDQLKELMHOLVWURSSDWHQWQRSULMDYOMHQSRGQD]LYRPVDPRQRVLYLODNREHWRQVNL]LGDQLVWURSV
FLOMHP EU]RJ SULVWXSDSURMHNWLUDQMX LL]YRÿHQMX2VWYDUHQMHSRVWDYOMHQH]DGDüHSUHG DXWRUD MHSRVWDYLOREURMQH
GLOHPHMHUVHUD]LQHREMDãQMHQMDNRMHVXGDQHXSULUXþQLNXNUHüXRG]DQDWVNLKLQIRUPDFLMDGRYLVRNRVWUXþQLK
6WRJDVHþLWDWHOMXPROMDYDGDXYDåLRYXþLQMHQLFXSULOLNRPXSRUDEHRYRJSULUXþQLND
8 SUYD GYD SRJODYOMD SULUXFQLND GDQD MH RSüD LQIRUPDFLMD R RVQRYQRM NRQVWUXNFLML ELMHOL VWURS V
WHPHOMQLPWHKQLþNLPSRGDFLPDSRNRMLPDVHNRQVWUXNFLMDSUHSR]DQMHLNRQWUROLUDSRNRMLPDVHPRUDSURL]YRGLWL
LXJUDÿLYDWLãWRMHLQDüHREYH]DSUHPDWUHQXWQRYDåHüLPWHKQLþNLPQRUPDPD
8QDWRü þLQMHQLFL ãWR MH ELMHOL VWURS X QHNLP LQDþLFDPD SRVWDR WLSVND NRQVWUXNFLMD SURMHNWDQW MH
REYH]DWDQ FMHOLQX NRQVWUXNFLMH REUDGLWL L SULND]DWL X VYRP SURMHNWX 7LP SULMH ãWR MH PRJXüH WROLNR LQDþLFD
SULPLMHQH GD VLJXUQD JUDGQMD QLMH PRJXüD EH] LQåHQMHUVNRJ YRÿHQMD QDURþLWR X ID]L SURMHNWLUDQMD 'DNOH
NRQDþQXLSXQXRGJRYRUQRVW]DNRQVWUXNFLMXSUHX]LPDMXSURMHNWDQWLUHYLGHQWEH]RE]LUDQDSRVWRMDQMHSDWHQWDL
þLQMHQLFHGDVHUDGLRYLVRNRSUHGJRWRYOMHQRMNRQVWUXNFLML
8WUHüHPSRJODYOMXGDQLVXELWQLSRGDFLSRWUHEQLSURMHNWDQWLPD]DSURMHNWLUDQMHNRQVWUXNFLMDL]VXVWDYD
ELMHOLVWURSNDNRRQLKNRMHSULSDGDMXXYMHWQRUHþHQRWLSVNRPGLMHOXWDNRLGLMHOXRQLKNRMHVHQHPRåHQD]YDWL
WLSVNLP9HüQDNRQXSR]QDYDQMDWLSVNRJGLMHODLVNXVQLNRULVQLNYUORüHEU]RSULPLMHWLWLGDMHSRQDþHOXELMHORJ
VWURSD PRJXüH ULMHãLWL YUOR YHOLNL EURM NRQVWUXNFLMD L NRQVWUXNWLYQLK GHWDOMD NRML VH MDYOMDMX X L]JUDGQML NXüD
]JUDGDKDODJRVSRGDUVNLKLVOLþQLKJUDGQML8L]ERUXNRQVWUXNFLMDLGHWDOMDGDQLVXQDMXþHVWDOLMLVOXþDMHYL
=DSRþLQMH VH V RVQRYQLP JHRPHWULMVNLP SRGDFLPD L GLVSR]LFLMVNLP QDFUWLPD QD UDYQLP PHÿXNDWQLP
NRQVWUXNFLMDPD1DVWDYOMDVHVNRVLPNURYQLPNRQVWUXNFLMDPDWHQDNUDMXSULND]XMHFLMHOLQL]GHWDOMDYH]DQX]
PHÿXNDWQH L NURYQH NRQVWUXNFLMH L QMLKRYH GHWDOMH 1D NUDMX MH GDQ SULND] RVQRYQLK SURUDþXQD PHKDQLþNH
RWSRUQRVWLLVWDELOQRVWL
8 þHWYUWRP SRJODYOMX SULND]DQD VX RVQRYQD SUDYLOD ]D L]YRÿHQMH WLSVNH NRQVWUXNFLMH ELMHORJ VWURSD
3ULGUåDYDQMH MH QHRSKRGQR NDNR EL VH XVSMHãQR GRYUãLOD JUDGQMD 8QDWRþ GREURP SURMHNWX NYDOLWHWQLP
SUHGJRWRYOMHQLP HOHPHQWLPD EH] SUDYLOQH XJUDGQMH L GREUR L]YHGHQLK GHWDOMD QHPD XVSMHãQRJ ]DYUãHWND 3UL
WRPHRVRELWXYDåQRVWLPDMXSRãWLYDQMDSUDYLODQDGYLãHQMDLSRGXSLUDQMD

3RVHEQX]DKYDOX]DQHVHELþQXWHKQLþNXLVWUXþQXSRPRüSULL]UDGLRYRJSULUXþQLNDL]UDåDYDPJRVSRGLQX
GU %RULVX 7URJUOLüX GLSO LQJ JUDÿ  =DKYDOQRVW  ]D PQRJH SUDNWLþQH L VWUXþQH VSR]QDMH GXJXMHP JRVSRGLQX
9ODGLPLUX 0LKDQRYLüX X] NRMHJ VDP LVNXãDR L QDXþLR PQRJH GHWDOMH X UD]UDGL NRQFHSFLMH RYRJ VXVWDYD
NRQVWUXNFLMD1DNUDMXYHOLNX]DKYDOQRVW]UDåDYDPUHFHQ]HQWXSURIGU3DYOX0DURYLüX]DVYHVUGQXSRGUãNXL
VWUXþQHVDYMHWHWLMHNRPODERUDWRULMVNLKLVSLWLYDQMDSURWRWLSDWHSRVHELFHWLMHNRPL]UDGHRYRJSULUXþQLND

      $XWRU


 
 23,6352,=92'$

'HNODUDFLMDSURL]YRGDSUHGVWDYOMDGRNXPHQWDFLMXNRMDVHLVSRUXþXMHX]SRMHGLQHSUHGJRWRYOMHQHSURL]YRGHL
SRPDåHNRULVQLNXSULEDYLWLSUYHQDMYDåQLMHLQIRUPDFLMHRNRQVWUXNFLMLNRMXPRåHVDJUDGLWL2VRELWRMHYDåQRãWR
VDGUåLRVQRYQDXSXWVWYD]DL]YRÿHQMH6DGUåDMGHNODUDFLMHSURL]YRGDGDQMHXQDVWDYNX


 7(0(/-1,32'$&,2%,-(/206752389,6,1(FP



1$0-(1$352,=92'$ 3525$ý81%,-(/2*67523$
6OXåL]DJUDGQMXPHÿXNDWQLKNRQVWUXNFLMDUDYQLKL %LMHOLVWURSMHXWHPHOMHQQDKUYDWVNRPSDWHQWX3$
NRVLKNURYQLKSORþDVWXELãWDQDGVWUHãQLFDL RG  OLSQMD  L]XPLWHOMD SURIGU $QWH 0LKDQRYLFD
JRVSRGDUVNLKJUDGQML 7LSVNL SURMHNW L SURUDþXQ ELMHORJ VWURSD L]UDGLR MH
 *UDGHYLQVNLIDNXOWHW6YHXFLOLãDX6SOLWX9RGLWHOMSURMHNWD
',0(1=,-(%,-(/2*67523$ ELRMHSURIGU$QWH0LKDQRYLü
%LMHOLVWURSVHJUDGLRGJUHGLFDOHåDMQLFDVWURSQRJEORND 
SRSUHþQLK UHEDUD L WDQNRVORMQRJ PRUWD 'HNODULUDQL ELMHOL ,63,7,9$1-(*5(',&$
VWURS VH L]YRGL X GHEOMLQL RG  FP D UDVSRQL QD NRMHVH 3URL]YRGQL SRJRQ SUHGJRWRYOMHQLK EHWRQVNLK HOHPHQDWD
PRJX SRVWDYLWL VHåX GR  QD VWURSX L GR  P QD NRMLVHSURL]YRGH]DSRWUHEHRGUHÿHQRJJUDGLOLãWDXVNODGX
NRVLPNURYRYLPD3RVHEQHYUVWHELMHORJVWURSDSURL]YRGH V SURMHNWRP EHWRQVNH NRQVWUXNFLMH LOL SR SRVHEQRM
VH]DUDVSRQHGRLYLãHPHWDUD QDUXGåEL LQYHVWLWRUD RGQRVQR L]YRÿDþD UDGRYD VH
 SRGUD]XPMHYD SRG JUDGLOLãWHP 7HKQLþNL SURSLV ]D
675231,%/2. EHWRQVNHNRQVWUXNFLMHþO*UHGLFHNDRSUHGJRWRYOMHQL
6WURSQL EORN MH L]UDÿHQ RG ODNRJ SRUREHWRQD PDUNH EHWRQVNL HOHPHQWLVH VYUVWDYDMXX NDWHJRULMXLVSLWLYDQMD
<721* ]DSUHPLQVNH PDVH RG  NJP *ODYQH WH VH LVSLWXMX X]RUFL L] SURL]YRGQMH SUHPD XWYUÿHQRP
GLPHQ]LMH VWURSQRJ EORND VX  FP D GLPHQ]LMH SODQX LVSLWLYDQMD SXWD JRGLãQMH RG VWUDQH RYODãWHQH
NDQDOD]DQDOLMHJDQMHVXãLULQDPPYLVLQDPP SUDYQH RVREH =DNRQ R JUDÿHYQLP SURL]YRGLPD 11
 
126,9267%,-(/2*67523$ ,VSLWLYDQMH VH YUãL SRNXVQLP RSWHUHüHQMHP GR VORPD
8 GRYUãHQRP VWDQMX QRVLYD NRQVWUXNFLMD ELMHORJ VWURSD JUHGLFH,VSLWXMXVHJUHGLFHVYLMHWORJUDVSRQDP
IXQNFLRQLUD NDR URãWLOM3RGDFLRQRVLYRVWLJRWRYRJVWURSD 
XWDEHOL7DSRGDFL]DSURUDþXQVNXQRVLYRVWXWDEHOL7 ,63,7,9$1-(%,-(/2*67523$
 ,VSLWLYDQMH VYLK ID]D VODJDQMD WH NRQDFQRJ VWDQMD VWURSD
0212/,7,=$&,-$%,-(/2*67523$ L]YUãLR MH /DERUDWRULM ]D NRQVWUXNFLMH L PDWHULMDOH
%LMHOLVWURSVHJUDGLRGJUHGLFDOHåDMQLFDLVWURSQRJEORND *UDGHYLQVNRJIDNXOWHWD6YHXFLOLãWDX6SOLWXXSHULRGXRG
*UHGLFHVXWDNRSURL]YHGHQHGDVHVWURSJUDGLEH]LNDNYH    ,VSLWLYDQMH MH YUãHQR X ODERUDWRULMVNLP
RSODWH  EH] LOL V PLQLPDOQLP SRGXSLUDQMHP 1DNRQ XYMHWLPDWHXSULURGQLPXYMHWLPDQDJRWRYLPJUDÿHYLQDPD
SRVWDYOMDQMDJUHGLFDOHåDMQLFDLVSXQHLDUPDWXUHSRSUHþQLK 9RGLWHOMLVSLWLYDQMDELRMHSURIGU3DYDR0DURYLF
UHEDUD PLNUR EHWRQRP QXOWD IUDNFLMD DJUHJDWD SOXV 6WURS NDR FMHORYLWD NRQVWUXNFLMD YHü MH LVSLWDQ YLãH SXWD
FHPHQW VH SRSXQMDYDMX X]GXåQD L SRSUHþQD UHEUD  NDR SURWRWLS UDSRQD  P *UDÿHYLQVNL IDNXOWHW
SULEOLåQR  OLWDUDP VWURSD 3RWRP VH FLMHOD SRYUãLQD 6YHXþLOLãWDX6SOLWXJ0QDJUDÿHYLQDPDX
VWURSD ]DOLMH ULMHWNLPWDQNRVORMQLP <WRQJPRUWRP GRELMH GYD QDYUDWD UDVSRQL  L  P *UDÿHYLQVNL IDNXOWHWD
VH SULOLNRP NXSQMH EORNLVSXQH NDNR EL VH SRSXQLOH 6YHXþLOLãWD X 6SOLWX  L  J 0   QD
VOMXEQLFHPHÿXEORNRYLPD JUDÿHYLQL UDVSRQ  P 7YUWND 3URNLRQ 6SOLW  J
6WURS MH GMHORPLþQR QRVLY LVWRJ WUHQD SR ]DYUãHWNX '
PRQROLWL]DFLMHRNR N1PNRULVQRJ WHUHWD QDNRQ 5DVSRQL L RSWHUHüHQMD NRML EL VH SRMDYLOL SUYL SXW L ELOL
VDWD QRVLYRVW MH  NRQDþQH D FMHORNXSQD QRVLYRVW VH L]YDQGRVDGDLVSLWDQLKSRGOLMHåXSRNXVQLPLVSLWLYDQMLPD
RVWYDUXMHQDNRQGDQD 
$NR VH UDEL SRGXSLUDQMH X QHGRVWDWNX VDPRQRVLYLK
JUHGLFD SRGXSLUH VH VDPR X VUHGLQL UDVSRQD 3RWSRUH VH
PRJXXNORQLWLVDWDQDNRQPRQROLWL]DFLMHVWURSD





 
&UWHå8RELþDMHQLSRSUHþQLSUHVMHFLWLSRYDJUHGLFD



&UWHå6KHPDWVNLSULND]SURL]YRGQRJQDGYLãHQMDJUHGLFH



&UWHå3RSUHþQLSUHVMHNVWURSDVSRMHGLQDþQLPLXGYRMHQLPJUHGLFDPD




&UWHå6ODJDQMHELMHORJVWURSD


 
126,9267*5(',&$%,-(/2*67523$


5$'1$126,9267*27292*67523$8325$%12237(5(û(1-(

8WDEHOL7MHSULND]DQRXNXSQRXSRUDEQRRSWHUHüHQMHQHIDNWRULUDQREH]YODVWLWHWHåLQHN1PNRMHPRåH
QRVLWLELMHOLVWURSYLVLQHFPXNRMHVSDGDåEXNDVORMHYLSRGDSUHJUDGQL]LGRYLLNRULVQRRSWHUHFHQMHN1P

7DEHOD7

8NXSQRXSRUDEQRRSWHUHüHQMHEH]YODVWLWHWHåLQHN1P
'2'$71$ 69,-(7/,5$6321P
$50$785$8
*5(',&,         
    QH QH QH QH QH QH
‘‘    QH QH QH QH QH
‘‘    QH QH QH QH
‘‘    QH QH QH
‘‘‘    QH QH
‘‘‘    QH
‘‘‘   

8GYRMHQHJUHGLFHLPDMXGYRVWUXNRYHüXQRVLYRVW 


6/2012*5$1,ý12237(5(û(1-(*27292*67523$
8WDEHOL7MHSULND]DQRXNXSQRVORPQRJUDQLþQRRSWHUHüHQMHNRMHPRåHQRVLWLELMHOLVWURSYLVLQHFP
TX N1P

7DEHOD7

8NXSQRUDþXQVNRRSWHUHüHQMHTXN1P
'2'$71$ 69,-(7/,5$6321P
$50$785$8
*5(',&,        
  
‘‘   
‘‘    
‘‘     
‘‘‘     
‘‘‘     
‘‘‘     

8GYRMHQHJUHGLFHLPDMXGYRVWUXNRYHüXQRVLYRVW 




0,1,0$/1$7(+1,ý.$692-679$8325$%/-(1,+0$7(5,-$/$

*UHGLFH
=DYDUHQLUHãHWNDVWLDUPDUXUQLQRVDþL5$1VXSURL]YHGHQLL]þHOLNDNODVH%$'RGDWQDDUPDWXUD
MHWDNRÿHU%$%HWRQGRQMHJSRMDVDJUHGLFHLOHåDMQLFHOLYHQLPLNUREHWRQFHPHQWQXOWDIUDNFLMDMH
NODVH & 7ROHUDQFLMH SRVWDYOMDQMD DUPDWXUH / JGMH MH /  GXOMLQD QD NRMRM VH PMHUL WROHUDQFLMD
0HÿXVREQD VYMHWOD XGDOMHQRVW ãLSNL SR YLVLQL X WODþQRP SRMDVX PRUD ELWL PDQMD RG   SURPMHUD
XSRUDEOMHQLK ãLSNL .DNYRüD YDURYD 5 QRVDþD  GRYROMQD L] VWDQGDUGQH WYRUQLFNH SURL]YRGQMH 1H
XSRWUHEOMDYDWL 5 QRVDþH MDNR ]DKUÿDOLK YDURYD 1RVDþL NRG NRMLK VWLVNDQMHP SXFD YLãH RG MHGQRJ YDUD
YDURYDQLVX]DXSRUDEX3XNQXWHYDURYHSRQRYR]DYDULWL7ROHUDQFLMDGLPHQ]LMDSRSUHFQRJSUHVMHNDGRQMHJ
SRMDVDPP
%HWRQ]DPRQROLWL]DFLMXX]GXåQLKLSRSUHþQLKJUHGLFDOLYHQLPLNUREHWRQFHPHQWQXOWDIUDNFLMD
WUHEDELWLNODVH&
6DVWDYQD JUDGLYD RG NRMLK VH EHWRQ SURL]YRGL LOL PX VH SUL SURL]YRGQML GRGDMX PRUDMX LVSXQMDYDWL
]DKWMHYH QRUPL QD NRMH XSXüXMH QRUPD +51 (1  L ]DKWMHYH SUHPD 7HKQLþNRP SURSLVX ]D EHWRQVNH
NRQVWUXNFLMH

/DNREHWRQVNLVWURSQLEORN
6WURSQLEORNMHL]UDÿHQRGODNRJSRUREHWRQDWUJRYDþNHPDUNH<WRQJSURL]YHGHQXVNODGXVQRUPRP
+51 (1  L +51 (1 $ 6SDGD X JUXSX SURL]YRGD  1PPWP L LPD
NYDOLWHWXSURL]YRGD,UD]UHGD=DSUHPLQVNDPDVDPXMHNJP
.DNYRüD VH GRND]XMH GRNXPHQWRP GREDYOMDþD VWURSQLK LVSXQD &HUWLILNDW WYRUQLþNH NRQWUROH
SURL]YRGQMHEU
7ROHUDQFLMHJODYQLKGLPHQ]LMDVWURSQRJEORNDPPWROHUDQFLMH]DVMHND]DQDOLMHJDQMHPP

261291(8387(=$,=92ç(1-(

8ID]LVXKHPRQWDåH
$NR LPD SRGXSLUDQMD L]YHVWL JD SR VUHGLQL UDVSRQD -HGDQ PHWDOQL SRGXSLUDþ PRåH QRVLWL  P
VWURSD1HVPLMHVHJD]LWLQDOHåDMQLFH1HVPLMHVHJD]LWLQDJUHGLFHYHüVDPRQDVWURSQLEORN6WURSQLEORN
QHRSWHUHüLYDWLVLORPYHüRPRGN1NRPDGX2SUH]QRVHRGQRVLWLSUHPDRSWHUHüLYDQMXEORNRYLPDþLMDMH
ãLULQD SLOMHQMHP VPDQMHQD %ORNRYH VH VPLMH XGDUDWL VDPR JXPHQLP þHNLüHP 1H VNDNDWL QLWL WUþDWL SR
EORNRYLPD 2ãWHüHQH EORNRYH QH XJUDÿLYDWL YHü LK SLOMHQMHP UDELWL ]D ]DYUãHWNH 1H RSWHUHüLYDWL MHGQX
JUHGLFXVYLãHRGMHGQLPþRYMHNRP+RGDQMHMHSUHSRUXþOMLYRUXERPEORNRYD9RåQMDODJDQLKNROLFDPRJXüD
MHVDPRSUHNRGDVDND

8ID]LVYMHåHPRQROLWL]DFLMH
*ODYQLFLOMSXQMHQMDJUHGLFDLUHEDUDMH]DãWLWDDUPDWXUHEHWRQRP3ULMHSRSXQHJUHGLFHOLFDEORNRYD
WUHEDQDWRSLWLYRGRP6ORMPRUWDPRåHVHL]YRGLWLRGPDKQDNRPSRSXQHJUHGLFDSUHWKRGQREORNRYHQDWRSLWL
YRGRP LOL QDNQDGQR 2UJDQL]LUDWL UDG WDNR GD VH QH KRGD SR GLMHOX NRQVWUXNFLMH X NRMRM MH EHWRQ X ID]L
VWYUGQMDYDQMD 8NORQLWL VYD RSWHUHüHQMD V JUHGLFD NRMH VX SRSXQMHQH EHWRQRP =D WRSOLK GDQD VWURS WUHED
QMHJRYDWL SROLMHYDQMHP YRGRP EDUHP  VDWD 3UL QLVNLP WHPSHUDWXUDPD Û& L QLåH QH L]YRGLWL
PRQROLWL]DFLMXQLWLSRVWDYOMDQMHWDQNRJVORMDPRUWD

*RWRYVWURS
5D]QDRVODQMDQMD]DUDGQDYLãLPNDWRYLPDLOLNURYXREDYLWLWDNRGDQDMHGDQEORNGMHOXMHVLODGR
N1



 352-(.7,5$1-(%,-(/2*67523$

',-(/29,%,-(/2*67523$

%LMHOLVWURSVHVDVWRMLRGVOLMHGHüLKSUHGJRWRYOMHQLKGLMHORYDJUHGLFDOHåDMQLFDLVWURSQLKEORNRYDWH
PRQROLWQLK GLMHORYD SRSXW JODYQRJ UHEUD SRSUHþQRJ UHEUD PLNUREHWRQD L WDQNRVORMQRJ PRUWD 8] WR X
NRQVWUXNFLMXVHXJUDÿXMHQL]SRVHEQLKGLMHORYDQDPMHVWLPDGRGLUDVWURSDVYLMHQFLPDVWXSRYLPDLRVWDOLP
QRVDþLPD

*UHGLFD

*UHGLFDMHSUHGJRWRYOMHQLGLRL]NRMHJXSRVWXSNXGRJRWRYOMHQMDNRQVWUXNFLMHQDVWDMHJODYQRUHEUR
RELþQRXGYRMHQRWURVWUXNRLOLQL]QRVDþDUD]OLþLWHQDPLMHQHNDRãWRVXQRVDþLXSORþLLOLQRVDþLLVSRGSORþH
*UHGLFXMHPRJXüHRVODQMDWLQDSRMDVQLFXDOLLQDJRUQMLþYRUSUYLLOL]DGQML

5$1

QDGYLãHQMH

! OVYLMHWOLUDVSRQ !


&UWHå3RJOHGQDJUHGLFX









&UWHå3UHVMHNJUHGLFHELMHORJVWURSD
6WURSQLEORN

6WURSQL EORN MH SUHGJRWRYOMHQL ODNREHWRQVNL GLR ]DSUHPLQVNH PDVH RNR  NJP 3RVWDYOMD VH
L]PHÿXJUHGLFDWHVOXåLNDRVNHOD]DKRGDQMHDQDNRQ]DOLMHYDQMDUHEDUDLGRJRWRYOMHQMDVORMDWDQNRJPRUWD
VOXåH NDR NRQDþQD NRQVWUXNFLMD 3RSUHþQLQ L X]GXåQLP SLOMHQMHP GLPHQ]LMH EORND VH PRJX SULODJRGLWL L
PDQMLPUDVSRQLPD.RGX]GXåQRJSLOMHQMDSRWUHEDQMHRSUH]MHUVHVPDQMXMHQRVLYRVWEORND







 


&UWHå6WURSQLEORN


/HåDMQLFD

/HåDMQLFDMHSUHGJRWRYOMHQLGLRNRMLVOXåLNDRRSODWDSRSUHþQRJUHEUD2ELþQRVHSRVWDYOMDQDNRQ
EORNRYD
3UL QRUPDOQRM ãLULQLUHEUDVHSRVWDYOMDMXMHGQRVWUXNRDSRSRWUHELVHPRJXSRVWDYLWLGYRVWUXNRWURVWUXNRL
YLãHVWUXNR $UPDWXUD OHåDMQLFH MH GRYROMQD ]D SRWUHEH PRQWLUDQMD =D IXQNFLMX SRSUHþQRJ UHEUD GRGDMH VH
]DVHEQDDUPDWXUD




&UWHå/HåDMQLFD
 
3RSUHþQLLX]GXåQLSUHVMHFL





  





    





&UWHå%LMHOLVWURSVWDQGDUGQHYLVLQHSRSUHþQLSUHVMHN




 [ 

 
&UWHå8]GXåQLSUHVMHNLSRSUHþQDUHEUD




3RVHEQHYUVWHELMHORJVWURSD

3RVHEQH VX YUVWH ELMHORJ VWURSD RQH NRG NRMLK VH SRMDYOMXMX QHRELþQR YHOLND RSWHUHüHQMD YHOLNL
UDVSRQL LOL MHGQR L GUXJR LVWRGREQR 5MHãHQMH ]DGDüH MH RVWYDUHQR GRGDWQRP SORþRP L] PLNUR EHWRQD LOL
SRYLãHQMHPELMHORJVWURSDX]GYRVORMQHVWURSQHEORNRYH.RGL]YHGEHGRGDWQHSORþHXSRWUHVQLPSRGUXþMLPD
SRWUHEQRMHGRYROMQRPNROLþLQRPDUPDWXUHRVLJXUDWLGXNWLOQRVWFMHOLQHXSRSUHþQRPVPMHUX




0,.52%(721 PUHåDVWDDUPDWXUD%

!

  

  

=,'1,%/2. 0,.52%(721





  



&UWHå3RVHEQLELMHOLVWURSRYLYHüLKYLVLQDUDVSRQDLQRVLYRVWL




*(20(75,-6.(5(/$&,-(,32/2ä$-1,1$&57,

3XQL RVQL UD]PDN JUHGLFD ELMHORJ VWURSD L]QRVL  FP D QRPLQDOQD GHEOMLQD NRQVWUXNFLMH  FP
%ORNRYL ELMHORJ VWURSD PRJX VH SLOMHQMHP VNUDWLWL L WDNR QD NUDMHYLPD SULODJRGLWL XYMHWLPD ELOR NRMH
JHRPHWULMH3ULXSRUDELVNDUDüHQRJVWURSQRJEORNDQDMPDQMDRVQDXGDOMHQRVWJUHGLFDPRåHELWLFP,VSRG
RYH JUDQLFH SROMH VH SXQL MRã MHGQRP JUHGLFRP LOL VH QDSURVWR LVSRG SULYHåH GDVND NDR RSODWD SURãLUHQRJ
UHEUD
5D]PDNLãLULQDSRSUHþQLKUHEDUDSULODJRÿDYDMXVHFLMHORPEURMXEORNRYDWHXYMHWLPDQRVLYRVWLLSRWUHVQLP
]RQDPD 0RJXüL RVQL UD]PDFL SRSUHþQRJ UHEUD GHEOMLQH  FP VX      
      FP 'RPLQLUDMXüL UD]PDN MH  FP 8 YLVRNLP SRWUHVQLP
]RQDPDD*•UD]PDNMHFPLOLPDQML
3RSUHþQD UHEUD SUHPD SRWUHEL PRJX ELWL L ãLUD   L  FP 6OXþDM MH WR NDG VH X QMLPD åHOL IRUPLUDWL
NRQNUHWDQQRVDþVQRVLYRVWLYHüRPRGRQH]DXRELþDMHQDUHEUD
0RJXüH MH VSDMDQMH JUHGLFD L] GYD VPMHUD SRPRüX 8 VLGDUD X EHWRQX LOL SRPRüX ]DYDULYDQMD LOL MHGQRJ L
GUXJRJ 8RSüH VSDMDQMD ELMHORJ VWURSD V RVWDOLP NRQVWUXNFLMDPD LOL PHÿXVREQR ]DKYDOQR MH UDGLWL
]DYDULYDQMHPVOLMHGHüLRSüDQDþHODNRQVWUXLUDQMDL]DYDULYDQMDþHOLþQLKNRQVWUXNFLMD

5DYQHSORþDVWHNRQVWUXNFLMH

3URMHNWLUDMX VH WDNR GD VH JUHGLFH SRVWDYOMDMX X VPMHUX QDMNUDüLK UDVSRQD 8SXWQR MH ]DSRþLQMDWL V
JUHGLFRP X]  VDP SRSUHþQL ]LG SUL þHPX MH SRYROMQLMH DNR VH JUHGLFD GMHORPLþQR EDUHP  FP RVORQL
SRMDVQLFRP QD ]LG 3UHPGD MH PRJXüH L]YRGLWL SROMD RVQRJ UD]PDND PDQMHJ RG  FP VYDNR WDNYR SROMH
QHXVSRUHGLYRMHVNXSOMHRGRQRJJGMHQHPDUH]DQMDEORNRYD
2WYRUH X NRQVWUXNFLML NRML VX ãLUL RG  FP WUHED RSDVLYDWL MHGQRVWUXNRP LOL GYRVWUXNRP JUHGLFRP SR
UXERYLPD8GUXJRPVPMHUXQDMSULNODGQLMHMH]DRNUHQXWLJUHGLFHWHSRQRYRREXMPLWLRWYRU
1RVDþLUDVSRQDPDQMLKRGPQDNRMHELVHWUHEDORRVORQLWLQHNHRGJUHGLFDPRJXVHIRUPLUDWLSURãLUHQLP
SRSUHþQLP UHEURP 2YL QRVDþL PRJX ELWL JUHGQL DOL L NRQ]ROQL 3RGXSLUDQMH RYDNYLK PMHVWD PRUD WUDMDWL
QDMPDQMHVHGDPGDQD
.RQ]ROQLLVWDFLQDMHILNDVQLMHVHUHDOL]LUDMXNRQWLQXLUDQLPSURGXOMHQMHPXQXWUDãQMLKJUHGLFDYLGMHWLFUWHå
$NRVHVPMHUXQXWUDãQMLKJUHGLFDQHSRGXGDUDVDVPMHURPNRQ]ROHWDGDVHGLRJUHGLFDX]RVORQDFNRQ]ROH
L]EDFLNDNRELVHJUHGLFHNRQ]ROHSUHVHGODOHSUHNRRVORQFDQDXQXWUDãQMLUDVSRQ8QXWUDãQMLRVORQDFNRQ]ROH
WYRULQRVDþIRUPLUDQRGXGYRMHQLKJUHGLFD
.RQ]ROH MH PRJXüH L]YHVWL MHGQRVWDYQLP XSXFDYDQMHP WDNR GD RG RVORQFD SUHPD YDQL NRQ]ROX IRUPLUD
JUHGLFD VD GRYROMQLP VLGURP X JRUQMHP SRMDVX 6LGUR VH GRYROMQR GXERNR XYODþL RNRPLWR QD XQXWUDãQMH
JUHGLFH V WLP GD VH EDã QD WRP PMHVWX IRUPLUD SRSUHþQR UHEUR GRYROMQH GXOMLQH 5XERYL NRQ]ROD V þHRQH
VWUDQHXYLMHNVH]DYUãDYDMXSRSUHþQLPUHEURP%RþQHVWUDQHNRQ]RODNDRLVYHUXERYHXQXWUDãQMLKRWYRUDX]
JUHGLFH]DYUãDYDMXVHSURãLUHQRPJUHGLFRPWDNRGDVHX]UXEQXJUHGLFXSRVWDYLGDVND

.DGDVHSRMDYLUDVSRQYHüLRGPGHIRUPDELOQRVWELMHORJVWURSDLPDOLPLWNRMHJVHLVNOMXþXMH
WDNRGDVHXGYRMLVYDNDWUHüDLOLVYDNDþHWYUWDJUHGLFD8WRPVOXþDMXXGYRMHQHJUHGLFHIRUPLUDMXSRYROMQR
GHIRUPDELOQH  QRVDþH NRML SULGUåDYDMX RVWDOH X] ]QDWQR URãWLOMQR GMHORYDQMH SRSUHþQLK UHEDUD L RVWDOLK
JUHGLFD

8QHGRVWDNXGRYROMQRJEURMD]LGRYDDVPRJXüQRãüXSRVWDYOMDQMD$%VWXSRYDUDFLRQDOQRMHQDVWXS
RVORQLWLQRVDþHXELMHORPVWURSXNRMLVOXåHNDRRVORQFLJUHGLFD2YDPRJXüQRVWGDMHUDFLRQDOQRNRULãWHQMH
SURVWRUDLGRGLPHQ]LMD[PDNRMHQHJGMHRNRVUHGLQHGRSXãWHQRSRVWDYLWL$%VWXS












 



&UWHå0HÿXNDWQDSORþDVRWYRULPDLNRQ]RODPD




.RVHNURYQHNRQVWUXNFLMH

6OLþQR UDYQLP NRQVWUXNFLMDPD L NRVH VH SURMHNWLUDMX WDNR GD VH JUHGLFH SRVWDYOMDMX X VPMHUX
QDMNUDüLK UDVSRQD *UHGLFH PRJX ELWL SRVWDYOMHQH X VPMHUX QDJLED NURYQH SORKH DOL L RNRPLWR QD QMX
RGQRVQR SRG ELOR NRMLP NXWRP QD SORKL ,]X]HWDN SUHGVWDYOMDMX NURYRYL L]UD]LWR YHOLNLK QDJLED SUHNR 
VWXSQMHYD.DNRMHSRND]DQRXGHWDOMLPDXELMHORPVWURSXVHMHGQRVWDYQRREOLNXMXVOMHPHQDJUHEHQLXYDOH
LVWDFLVWUHKDNURYQLRWYRULLVYMHWODUQLFL=ERJPDQMLKRSWHUHüHQMDQRVLYRVWNRQVWUXNFLMHMHODNãHRVLJXUDWLQD
NRVLPNURYRYLPD1RVLYLVXVWDYNURYRYDMHPHÿXWLP]ERJPQRJLK]DKWMHYDVORåHQLMLLNRPSOLFLUDQLMLLVWRJD
VNXSOML ]D SURMHNWLUDQMH L]UDGEX SUHGJRWRYOMHQLK GLMHORYD NDR L ]D VDPR L]YRÿHQMH QD OLFX PMHVWD 3UL
SURMHNWLUDQMXNRVLKNURYRYDYDOMDLPDWLQDXPXGDELMHOLVWURSRPRJXüXMHMHGQRJGDQDQMHJRYRXNODQMDQMHL
QDGRJUDGQMXLSRQRYQXXSRUDEX



&UWHå9LãHVWUHãQLNURY


6WXELãWD

.RQVWUXNFLMH VWXELãWD X WHKQLFL ELMHORJ VWURSD VOLMHGH QDþHOD SURMHNWLUDQMD NRVLK L UDYQLK SORþD 8
RGPRULãWD VWXELãWD SRVWDYOMDMX VH JUHGLFH NRMH SULKYDüDMX NRVH SORþH NUDNRYD VWXELãWD 1DNRQ ]DOMHYDQMD
JODYQLKLSRSUHþQLKUHEDUDQDNRVHSORþHVHSRVWDYOMDMXJD]LãWDLVSLOMHQDL]ODNREHWRQVNLKEORNRYD*D]LãWD
VHSRVWDYOMDMXXWDQNRVORMQLPRUW3ULYUHPHQRVHXþYUãüXMXVGYDþDYOD5XERYHJD]LãWDWUHED]DWXSLWLNDNREL
VHL]EMHJORQMLKRYRUXQMHQMH,]UDGDSUDYRNXWQLKVWXELãWDMHUHODWLYQRMHGQRVWDYQDPDGDVORåHQLMDRGL]UDGH
UDYQHSORþHMHUGLPH]LMHVWXELãWDXYLMHNSRGUD]XPLMHYDMXSLOMHQMHEORNRYDSRVWDYOMHQLKXNRQVWUXNFLMX
8QDþHOXMHPRJXüDL]UDGDL]DYRMLWLKVWXELãWD7DGDMHQXåQR]DYDULYDQMHJUHGLFDQDVUHGLãQMLVWXS6KHPD
SRVWDYOMDQMD JUHGLFD L OHåDMQLFD SULND]DQD MH QD FUWHåX  8 RYRP SULPMHUX GROD]QD L SROD]QD VWXED V
RGPRULãWDQDOD]HVHXLVWRMUDYQLQL$NRVHQHWUDåLLVWDUDYQLQDNRQVWUXNFLMDVWXELãWDVHSRMHGQRVWDYQMXMH












&UWHå3UHVMHNLWORFUWNRQVWUXNFLMHGYRNUDNRJVWXELãWD












'(7$/-,35,0,-(1(%,-(/2*67523$

3ULND]DQMHVDPRPDQMLRGQRVQRNDUDNWHULVWLþQLGLRGHWDOMDNRMLVHSRMDYOMXMXX]NRQVWUXNFLMXELMHORJ
VWURSD

*ODYQLYLMHQDF

*ODYQLPYLMHQFHPQD]YDQMHRQDMNRMLLGHRNRPLWRQDVPMHUJUHGLFDRGQRVQRJODYQLKUHEDUD,QDþLFD
PX MH SULND]DQD QD FUWHåX  1DURþLWR MH YDåQR GD GLR LOL VYH ãLSNH YLMHFD SUROD]H L]D þYRURYD 5$1
QRVDþDþLMDMHQRVLYRVWQDUDYQRVDþXYDQDWLMHNRPUH]DQMDDUPDWXUH3RYUãLQHEHWRQDLDUPDWXUHXSUHVMHNX
YLMHQFDPRUDMXELWLRGDEUDQHWDNRGDEXGXVDPH]DVHEHGXNWLOQH



PLQFP

]LG


&UWHå3UHVMHNNUR]JODYQHYLMHQFH

6SRUHGQLYLMHQDF

6SRUHGQLPYLMHQFHPXYMHWQRUHþHQRQD]YDQMHRQDMYLMHQDFNRMLLGHSDUDOHOHQRVJODYQLPUHEULPD
,QDþLFHVXPXSULND]DQHQDFUWHåX1DURþLWRMHYDåQRGDVHDUPDWXUDSRSUHþQRJUHEUDNYDOLWHWQRXVLGULX
VSRUHGQL YLMHQDF , RYGMH YULMHGL SUHWKRGQL QDSXWDN R RGQRVX EHWRQD L DUPDXWUH X SUHVMHNX YLMHQFD 8
SRNXVQLPLVSLWLYDQMLPDQDJUDYLWDFLMVNRRSWHUHüHQMHQDMORãLMHUH]XOWDWHSRND]XMHXGYRVWUXþHQLYLMHQDF
    



]LG





 ]LG


&UWHå3UHVMHNNUR]VSRUHGQHYLMHQFH

3RSUHþQRUHEUR

3RSUHþQRUHEURMHSRVHEQRYDåDQNRQVWUXNWLYQLHOHPHQWMHUXMHGQDþDYDSURJLEHLQRVLYRVWJODYQLK
UHEDUD NDGD VX QHMHGQDNR RSWHUHüHQL JUDYLWDFLMVNLP RSWHUHüHQMLPD SRYH]XMH NRQVWUXNFLMX X KRUL]RQWDOQX
FMHOLQXLSUHQRVLX]GXåQHLSRVPLþQHVLOHRGRSWHUHüHQMDXUDYQLQLVWURSDDX]WRSRSRWUHELSURãLUHQMHP
SRVWDMH UDFLRQDODQ QRVDþ X SRSUHþQRP VPMHUX SORþH 6WRJD MH ELWQR GD UD]PDN SRSUHþQLK UHEDUD QH EXGH
SUHYHOLN3UHWKRGQRSUHSRUXþHQLUD]PDFLSRND]DOLVXGMHORWYRUQRVWWLMHNRPSRNXVQLKRSWHUHüHQMD


 





 
&UWHå3UHVMHNNUR]SRSUHþQDUHEUD


6SRMJUHGLFDL]GYDVPMHUD

'HWDOM NRML SRND]XMH JRWRYR QHSUHJOHGQH PRJXüQRVWL XSRUDEH ELMHORJ VWURSD XSUDYR MH RYDM NRML
RPRJXüXMHVSRMJUHGLFDL]GYDVPMHUD3ULWRPHRGPDKYDOMDND]DWLGDWLVPMHURYLPRJXELWLSRGNXWHYLPD
 VWXSQMHYD .DNR MH SULND]DQR QD FUWHåX  ELWQD VDVWDYQLFD VSRMD MH 8 VLGUR NRMH QDNRQ
RWYUGQMDYDQMD PLNUR EHWRQD NRQDþQR RVLJXUDYD X]GXåQR L SRSUHþQR SRVPLþQR SRYH]LYDQMH DNR MH
SRWSRPRJQXWR ]DYDULYDQMHP XWROLNR EROMH =XE QD NUDMX SRSUHþQH JUHGLFH LPD VDPR IXQNFLMX RVLJXUDQMD
WRþQH JHRPHWULMH DOL QH L QRVLYRVWL WLMHNRP JUDGQMH LOL NDVQLMH þHVWR MH SRWUHEQR GD MH ]ERJ YHOLNRJ
RSWHUHüHQMDJODYQRUHEURGYRVWUXNRLOLYLãHVWUXNR







&UWHå3UHVMHNVSRMDJUHGLFDL]GYDVPMHUD

.RQWLQXLWHWQDGRVORQFLPD

$NRJUHGLFHVDPHSRVHELQLVXQDþLQMHQHGDNRQWLQXLUDQRSUROD]HSUHNRRVORQFDSRPRüXGHWDOMDQD
FUWHåX  PRJXüH MH SRVWLüL SXQL NRQWLQXLWHW 3UHPGD ]D VDPX QRVLYRVW NRQWLQXLWHW þHVWR L QHüH ELWL
QHRSKRGDQXYLMHNMHNRULVWDQ]DXPDQMHQMHSURJLEDLSRYHüDQMHNUXWRVWLNRQVWUXNFLMH.DGDMHSRWUHEQDYHüD
ãLULQDYLMHQFDWDGDJDVHSRPRüXOHåDMQLFDPRåHSURãLWLWL8NROLNRVHSULPLMHQL]DYDULYDQMHQDVWDYDNDãLSNL
WDGDVHNRQWLQXLWHWPRåHLVNRULVWLWLLSULVDPRPPRQWLUDQMX


 



&UWHå3RWSXQLNRQWLQXLWHWQDRVORQFX


1RVDþLXSORþL

1RVDþLPDXSORþLQD]LYDMXVHNRQVWUXNWLYQLHOHPHQWLQDVWDOLSRQDþHOXVSRMDGYLMHLOLYLãHJUHGLFD
%LORGDVHJUHGLFHL]YRGHNDRSUHGJRWRYOMHQHELORGDLKVHSUDNWLþNLL]YRGLQDOLFXPMHVWD]DMHGQRVFLMHOLP
QRVDþHP6YUKDLPMHSULPLWLJUHGLFHL]GUXJRJVPMHUDLYUORþHVWRVPDQMLWLJODYQLUDVSRQ8YLVQLRGFP
UDFLRQDOQLVXGRUDVSRQDRGFFDP2YHOLþLQLUDVSRQDLRSWHUHüHQMDRYLVLQMLKRYDãLULQD.ULWLþDQSRGDWDN
MH PRJXüQRVW SULMHQRVD SRSUHþQLK VLOD 3ULMHQRV PRPHQDWD L GHIRUPDELOQRVW VH ODNãH UMHãDYDMX 3UHPD
SRWUHEL L]UDþXQD XEDþHQL 5$1 QRVDþL PRJX ELWL SRVWDYOMHQL L REUQXWR LOL PMHãRYLWR SUL þHPX QLMH QXåQR
GXSOLUDQMH5$1QRVDþD0RQROLWQDLQDþLFDMHSULND]DQDQDFUWHåX






&UWHå3UHVMHNPRQROLWQRJQRVDþDXSORþL
 

1RVDþLLVSRGSORþH

.DGDYLVLQDQRVDþDXSORþLQLMHGRYROMQDUDEHVHQRVDþLLVSRGSORþH7HPHOMQLGLRþLQLMHGQDLOLYLãH
SUHGJRWRYOMHQLKJUHGLFDNRMLPDMHVDVWUDQHSRVWDYOMHQDRSODWD1DMPDQMDXNXSQDYLVLQDQRVDþDMH 
FPDQDMPDQMDãLULQDFPYLGMHWLFUWHå3RYHüDQMHYLVLQHMHVORERGQRGRNVHSURãLUHQMHGRJDÿDNDR
YLãHNUDWQLN ãLULQH JUHGLFH 3UHPD SRWUHEL XYLMHN VXNODGQR L]UDþXQX SRYH]LYDQMH VH YUãL VWUHPHQLPD NRMD
KYDWDMXJRUQMHþYRURYH5$1QRVDþD$NRMHSRVPLþQRQDSUH]DQMHSUHYHOLNRSULNODGQRMHXEDFLWLMHGDQLOL
YLãH REUQXWLK 5$1 QRVDþD SUL þHPX GQR XEDþHQRJ 5$1 QRVDþD PRUD ELWL EDUHP  FP LVSRG YUKD 5$1
QRVDþDNRMLIRUPLUDMXJUHGLFX




&UWHå3UHVMHNQRVDþDLVSRGSORþH


2VORQQDþHOLþQHNRQVWUXNFLMH

3RVHEQR UDFLRQDOQR MH VODJDQMH ELMHORJ VWURSD QD þHOLþQH QRVDþH 0RJXüQRVW ]DYDULYDQMD ELOR
JRUQMHJ ELOR GRQMHJ SRMDVD JUHGLFD ELMHORJ VWUSRSD ]D þHOLþQH QRVDþH GDMH YHOLNX ãLULQX SULPLMHQH
.RPELQLUDQMH ELMHORJ VWURSD L PHWDOQLK NRQVWUXNFLMD XRSüH GDMH HILNDVQX NRQVWUXNFLMX ]ERJ PDOH
]DSUHPLQVNHPDVHELMHORJVWURSD8RVWDORPLVDPELMHOLVWURSXYHOLNHIXQNFLRQLUDNDRPHWDOQDNRQVWUXNFLMD
1HNLRGPRJXüLKQDþLQDRVORQDQDþHOLþQHNRQVWUXNFLMHSULND]DQHVXQDFUWHåLPD2VQRYQRQDþHOR
NRMHSULRYRPVSRMXWUHEDSRãWLYDWLMHGDVHODNREHWRQVNLEORNRYLGRYROMQRXGDOMHRGþHOLþQLKSURILODEDUHP
FP]ERJPRJXüLKDJUHVLYQLKGMHORYDQMDXSRVHEQLPYODåQLPXYMHWLPD

!



 &UWHå,]UDYQLRVORQQDþHOLþQHQRVDþH



&UWHå3RVUHGQLRVORQQDþHOLþQHQRVDþH




&UWHå8SXãWHQLRVORQQDþHOLþQHQRVDþ


'HWDOMLVWXELãWD

*ODYQL GHWDOM X VODJDQMX VWXELãWD MH PMHVWR RVORQD JUHGLFD NUDNRYD QD JUHGLFH RGPRULãWD LOL
PHÿXNDWD8WXVYUKXUDELVH]DVHEQDXQXWUDãQMDãLSNDJRUQMHJSRMDVDRELþQRI$NRVHNUDNVWXELãWDQH
åHOLSRGXSLUDWLWDGDMHãLSNDNRQWLQXLUDQDLOLMHVDPRX]UXEQLGLRDOLQRVLYR]DYDUHQD]DJRUQMLSRMDVãLSND
VHSURGXåXMHQDVYDNXVWUDQXNDRVLGUR1DOLFXPMHVWDMXVHVDYLMD]DSRWUHEDQNXW3ULGUåDQMH]DSRSUHþQH
JUHGLFH PRåH ELWL L ]DYDUHQR ãWR MH QDURþLWR SRWUHEQR ]ERJ RGUåDQMD WRþQH JHRPHWULMH 'HWDOML JRUQMHJ L
GRQMHJVSRMDSULND]DQLVXQDFUWHåLPDL3LOMHQMHEORNRYDQDSRWUHEQHPMHUHSUHGVWDYOMDUHODWLYQR
GXJSRVWXSDNVWRJDVHPRåHGLRSURVWRUDLVSXQLWLPLNUREHWRQRP

 

RYLVQRRQDJLEXVWXELãWD


&UWHå'HWDOMJRUQMHJVSRMDNUDND






RYLVQRRQDJLEXVWXELãWD

 
&UWHå'HWDOMGRQMHJVSRMDNUDND


'HWDOMLNURYQLKNRQVWUXNFLMD

8] SUHWKRGQR SULND]DQH GHWDOMH QD NURYQLP NRQVWUXNFLMDPD ]ERJ VSHFLILþQH JHRPHWULMH MDYOMD VH
FLMHOLQL]QRYLKRGNRMLKVXVDPRQHNLSULND]DQLXQDVWDYNX

6WDQGDUQLNURYQLYLMHQDF
6WDQGDUGQLNURYQLYLMHQDFQDVWDMHNDGDVHJUHGLFHNURYQHNRQVWUXNFLMHSUHEDFHSUHNRJRWRYRJ]LGD
3ULWRPHVHNRQVWUXNFLMDGRYUãDYDUXEQLFRPLOLSRSUHþQLPUHEURP$%]LGQLYLMHQDFL]YRGLVHXQXWDUNURYQH
NRQVWUXNFLMH ELMHORJ VWURSD 7URNXWQL SURVWRU L]PHÿX NURYQH NRQVWUXNFLMH L YUKD UDYQRJ ]LGD SRSXQMD VH
PLNUR EHWRQRP LOL LVSLOMHQLP XPHWNRP RG ODNRJ EHWRQD 3UL SURMHNWLUDQMX WUHED SD]LWL GD NRG L]YRÿHQMD
SUHYHOLNLQDJLEQHELGRYHRGRNOL]DQMDJUHGLFDLVWURSDXID]LPRQWDåH8WRPVOXþDMXVYDNDJUHGLFDPRUD
ELWLNYDOLWHWQRSULGUåDQDQDVOMHPHQXLOLSRGXSUWDSRUHGNURYQRJUDVSRQD


=,'





&UWHå6WDQGDUGQLNURYQLYLMHQDF


 
6OMHPHVYLGOMLYRPVOMHPHQMDþRP

6OMHPH NURYQH NRQVWUXNFLMH MHGQRVWDYQR MH L]YHVWL RVODQMDQMHP JUHGLFD QD VOMHPHQMDþX RGQRVQR
VOMHPHQXJUHGXWDNRGDVHRQHVORERGQRSRVWDYHVYRMRPSRMDVQLFRPQDSRMDVQLFXVOMHPHQHJUHGH1DUDYQR
GD SUHWKRGQR VOMHPHQMDþD PRUD ELWL VLJXUQR RVORQMHQD L SR SRWUHEL SRGXSUWD 9DåQR MH SUL L]YRÿHQMX QD
PMHVWXRVORQDSRVWDYLWLQHãWRPRUWDNDNRELVHXEODåLODNRQFHQWUDFLMDQDSUH]DQMDNRMDWXQDVWDMH1DNRQWRJD
VH XEDFXMX GRGDWQH ãLSNH NRMH SRSUHþQR YH]XMX JUHGLFH *RUQMH ãLSNH PRUDMX VH GREUR YH]DWL ]D JRUQMH
SRMDVHYH JUHGLFD SUHSRUXþOMLYR ODJDQR ]DYDULWL NDNR EL VH JUHGLFH RVLJXUDOH RG NOL]DQMD 1D NUDMX VH
SRVWDYOMDMXX]GXåQHãLSNH$%VOMHPHQRJYLMHQFD



&UWHå6OMHPHVYLGOMLYRPVOMHPHQMDþRP

6OMHPHVDVNULYHQRPVOMHPHQMDþRP

6NULYDQMH VOMHPHQMDþH X RGQRVX QD SUHWKRGQR UMHãHQMH XYMHWXMH SRWUHEX ]D L]YHGERP  ]XED L SR
PRJXüQRVWLQRVDQDNUDMXJUHGLFD$%VOMHPHQLYLMHQDFVDGLPDQHãWRPDQMXYLVLQX




 
&UWHå6OMHPHVDVNULYHQRPVOMHPHQMDþRP


 
6OMHPHEH]VOMHPHQMDþH
6OMHPHEH]VOMHPHQMDþHL]YRGLVHX]SRPRüGUYHQRJLOLVOLþQRJRVQRFDNRMLVHSRVWDYLXVOMHPHQX
1DQMHJDVHVORåHJUHGLFHMHGQDSUHPDGUXJRMLPHÿXVREQRSRYHåX6MHGQRPLOLGYLMHOHåDMQLFHIRUPLUDVH
GRQMD RSODWD ]D $% NURYQL YLMHQDF 3RQHNDGD GUYHQD LOL VOLþQD SRWSRUD PRåH SRVOXåLWL NDR RSODWD $%
NURYQRJYLMHQFDNRMLWDGDEXGHUDYDQVGRQMHVWUDQH











&UWHå6OMHPHEH]VOMHPHQMDþH


 
6OMHPHVDVOMHPHQLPQRVDþHP
8 SULOLNDPD NDGD VH JUHGLFH RVODQMDMX X VOMHPHQX D VOMHPH LPD YHOLNL UDVSRQ WDGD VH SRWUHEQD
QRVLYRVWPRåHRVLJXUDWLL]YRÿHQMHPQRVDþDLVSRGVOMHPHQD
,QDþLFDQRVDþDVNODVLþQLP$%UMHãHQMHPSULND]DQMHQDFUWHåX

 




&UWHå6OMHPHVNODVLþQLPVOMHPHQLPQRVDþHP






*UHEHQ
.RQVWUXNFLMDJUHEHQDXQDþHOXVHUMHãDYDNDRLNRQVWUXNFLMDVOMHPHQDX]QDSXWDNGDJUHGLFHL]GYD
VPMHUDYLãHQLVXQDLVWRPSUDYFX,SDNVHNDRPRJXüQRVWMRãMDYOMDUMHãHQMHVGYLMHJUHGLFHXJUHEHQXSUHPD
FUWHåX  VYDND X VYRMRM UDYQLQL NURYQH SORKH ãWR RODNãDYD XSLODYDQMH L SRVWDYOMDQMH VWURSQLK EORNRYD
$NR VH SUDYFL JUHGLFD L] GYD VPMHUD QLWL QH VMHNX QDG JUHEHQRP WDGD VH SRYH]LYDQMH SRSUHþQLK JUHGLFD
RVWYDUXMHSRPRüX8VLGUD













&UWHå*UHEHQVGYLMHJUHGLFH


 8



&UWHå*UHEHQVMHGQRPJUHGLFRP




 

8YDOD
.RQVWUXNFLMD XYDOH X QDþHOX VH UMHãDYD NDR L NRQVWUXNFLMD JUHEHQD 5MHãHQMH XYDOH V GYLMH JUHGLFH
SULND]DQRMHQDFUWHåXDUMHãHQMHVMHGQRPJUHGLFRPQDFUWHåX






&UWHå8YDODVGYLMHJUHGLFH





&UWHå8YDODVMHGQRPJUHGLFRP



3RVHEQLGHWDOMLSULUHNRQVWUXNFLMDPDLGRJUDGQMDPD

2VODQMDQMHXSXFDYDQMHP

ýHVWSURMHNWQL]DKWMHYMHXEDFLYDQMHRGQRVQRXSXFDYDQMHELMHORJVWURSDL]PHÿXSRVWRMHüLK]LGRYD
.DGVXWL]LGRYLNYDOLWHWQLSULPMHULFH$%EHWRQVNLLOLNDPHQLWDGDVHJUHGLFHPRJXSRVWDYLWLYMHãDQMHPR
JRUQMLþYRUYLGMHWLFUWHåNRMLVHRVODQMDQDXQDSULMHGSULSUHPOMHQRVLGURXJUDÿHQRX]LG=ERJUD]ORJD
VLJXUQRVWL XYLMHN VH SRVWDYOMD L UH]HUYQR VLGUR 1DMVLJXUQLMH MH JRUQML þYRU JUHGLFH ]DYDULWL ]D VLGUR L WLPH
NYDOLWHWQRRVLJXUDWLSRWUHEQXJHRPHWULMX2EYH]DWQRMHQDWDNYRMNRQVWUXNFLMLX]VDPL]LGIRUPLUDWLSRSUHþQR
UHEURQRUPDOQRLOLSURãLUHQR







&UWHå2VODQMDQMHJUHGLFDQD]LGQDVLGUD



2VODQMDQMHXNRSDYDQMHPRVORQFD

8PHWDQMHNRQVWUXNFLMHPHÿXSRVWRMHüH]LGRYHXRELþDMHQRVHUMHãDYDXNRSDYDQMHPRVORQDFDJUHGLFD
.RGWRJDMHRYLVQRRNRQNUHWQLPXYMHWLPDþHVWRSRWUHEQRRVLJXUDWLYH]LYDQMH]LGD]DJUHGLFHãWRVHREDYOMD
ãLUHQMHP RVORQFD X REOLNX ODVWLQD UHSD 8NRSDYDQMH PRUD ELWL WDNR L]YHGHQR GD VH JUHGLFD PRåH XQLMHWL
RELþQRQDMHGQRPNUDMXUXSDPRUDELWLGXEOMD1DNRQL]UDGHXNRSDFHPHQWLPPRUWRPVHSULSUHPDSUHFL]QD
OHåLãWDJUHGLFD9HOLþLQDRVORQDPRåHELWLFPLOLYLãH3RWRPVHX]VDPL]LGIRUPLUDYLMHQDFSUHPDFUWHåX
DNRSUHWKRGQRQLMHXVDPRP]LGXSULSUHPOMHQNDQDO]DYLMHQDF




PLQFP





&UWHå2VODQMDQMHXNRSDYDQMHPRVORQFD



,]YRÿHQMHELMHORJVWURSDNUR]LSRYUKGUYHQHNRQVWUXNFLMH

.RG UHNRQVWUXNFLMH SRVWRMHüLK JUDGQML XRELþDMHQ MH ]DKWMHY ]D SRVWDYOMDQMH NRQVWUXNFLMH ELMHORJ
VWURSD L]QDG SRVWRMHüH NRQVWUXNFLMH LOL GMHORPLþQLP XPHWDQMHP X GUYHQX NRQVWUXNFLMX .RG SRVWDYOMDQMD
L]QDGSRVWRMHüHGUYHQHNRQVWUXNFLMHJUHGLFHELMHORJVWURSDVHPRJXSRGXSULMHWLL]UH]DQLPNRPDGLPD\WRQJ
EORNDQDGUYHQXNRQVWUXNFLMH]DYULMHPHGRNVHVWURSQHPRQROLWL]LUD1DNRQWRJDRYDSRWSRUDVH]GURELL
QHVWDMHGRGLUVGUYHQRPNRQVWUXNFLMRP8NROLNRVHELMHOLVWURSPRUDSRVWDYLWLXYLVLQLGUYHQHNRQVWUXNFLMH
WDGDVHSULPMHQMXMHUMHãHQMHSULND]DQRQDFUWHåXLOLQMHPXVOLþQR1DþHOQRX]VYDNXGUYHQXJUHGXGROD]H
SR GYLMH JUHGLFH ELMHORJ VWURSD RG QMH RGYRMHQH SROLVWLUHQRP NDR RSODWRP ]D PLNUR EHWRQ DOL L ]YXþQRP
L]RODFLMRP,]QDGGUYHQHJUHGHQDSROLVWLUHQVHSRVWDYOMDPLQLPDOQDDUPDWXUQDPUHåDLVORMEHWRQDGHEOMLQH
FFD  FP 8 RYRP UMHãHQMX DUPDWXUD SRSUHþQLK UHEDUD QDWDYOMD VH VDPR L]QDG GUYHQLK JUHGD 3ULYUHPHQR
SULGUåDQMHJUHGLFDREDYOMDVHYMHãDQMHPRGUHYHQHJUHGHSUHNRSRGPHWDþDRGNRGDPD\WRQJEORNRYD









&UWHå8PHWDQMHELMRJVWURSDXSRVWRMHüXGUYHQXNRQVWUXNFLMX
 


3URGXOMHQMHLQDVWDYOMDQMHNUDWNLKJUHGLFD

9UORVHþHVWRSULJUDGQMLMDYOMDVOXþDMGDMHQHNDJUHGLFDSUHNUDWND8WRPVOXþDMXJUHGLFXVHPRåH
SURGXOMLWL3URGXOMHQMHVHREDYOMDWDNRGDVHL]MHGQHãLSNHILOLPPVDYLMHVSRQD8REOLNDWDNRGDVH
PRåH XJXUDWL X 5$1 QRVDþ JUHGLFH 6SRQD VH VD 5$1 QRVDþHP PRåH ]DYDULWL L SR SRWUHEL ]DYDULYDQMHP
IRUPLUDWLSUDYXUHãHWNX6DGDVHGRGDQLGLR8VSRQHPRåHRVORQLWLQD]LGSRPRüXNRPDGDOHåDMQLFH8RYRP
VOXþDMX QLMH SRWUHEQR SRVHEQR SRGXSLUDQMH NUDMD JUHGLFH 'UXJD PRJXüQRVW VH VDVWRML X WRPH GD VSRQD 8
REOLND D QLWL VWUHPHQD QH ]DYDUXMX YHü VH VORERGQH SRVWDYH D JUHGLFD QD VYRP NUDMX SRGXSUH 6LGUHQMH L
SRYH]LYDQMHREDYLWLüHVDPPLNUREHWRQ3RGXSLUDQMHJUHGLFHWUDMHQDMPDQMHWMHGDQGDQD


 

&UWHå3URGXOMHQMHNUDWNHJUHGLFH



3RQHNDGDVHL]QHSUHGYLÿHQLKUD]ORJDL]GYLMHJUHGLFHVDVWDYOMDQMHPPRåHQDSUDYLWLMHGQXJUHGLFX
3RVWXSDN VH VYRGL QD WR GD VH NUDMHYL NRML VH åHOH VDVWDYLWL RþLVWH RG EHWRQD X GRQMHP SRMDVX L SULSXVWH
]DYDULYDQMX DUPDWXUQLK ãLSNL X GRQMHP L JRUQMHP SRMDVX 3R SRWUHEL VH PRåH XJUDGLWL GRGDWQD DUPDWXUD X
JRUQMRM]RQLWHGRGDWQDDUPDWXUDXGRQMRM]RQLDOLVDGDVDPRL]QDGEHWRQDSRMDVQLFH



&UWHå1DVWDYOMDQMHNUDWNHJUHGLFH



0(+$1,ý.$273251267,67$%,/1267

0HKDQLþNX RWSRUQRVW ELMHORJ VWURSD SUDWL VH SUHPD ID]DPD L]JUDGQMH 8 SUYRM ID]L SUDWH VH
VDPRVWDOQHJUHGLFHLVDPRVWDOQLEORNRYLL]ORåHQLXVSUDYQRPRSWHUHüHQMX
8GUXJRMID]LSUDWLVHFMHORYLWDNRQVWUXNFLMDQHSRVUHGQRQDNRQRWSXãWDQMDSRGXSRUDXNRMRMMRãQLMH
DNWLYLUDQDSXQDQRVLYRVWDOLQLVXQD]RþQDQLSXQDUDGQDRSWHUHüHQMD
8 WUHüRM SRVOMHGQMRM ID]L SUDWL VH NRQVWUXNFLMD X SXQRM QRVLYRVWL L RSWHUHüHQMLPD L WR XVSUDYQLPLRQLPDX
UDYQLQLNRQVWUXNFLMHXYMHWRYDQDSULMHVYHJDYMHWURPLSRWUHVRP

6DPRVWDOQHJUHGLFHLVWURSQLEORNRYL

D6DPRVWDOQHJUHGLFH
9UVWHJUHGLFDVWDQGDUGQHYLVLQHNRMHVHQDMþHãüHMDYOMDMXXSUDNWLþQRPUDGXSULND]DQHVXQMLKRYLP
SRSUHþQLPSUHVMHFLPD




&UWHå8RELþDMHQLSRSUHþQLSUHVMHFLJUHGLFD

1RVLYRVW VDPRVWDOQH JUHGLFH RELþQR MH XYMHWRYDQD QRVLYRãüX WODþQRJ SRMDVD X VUHGLQL JUHGQRJ
UDVSRQDWHQRVLYRVWLGLMDJRQDOQLKãWDSRYDQDPMHVWLPDQDMYHüLKSRSUHþQLKVLOD
2SüLSRVWXSDNGRND]DQRVLYRVWLLVWDELOQRVWLGDQMHXQDVWDYNX
.DR RSWHUHüHQMH QD JUHGLFL VH QDOD]L PUWYL WHUHW GLMHORYD ELMHORJ VWURSD L åLYL WHUHW þRYMHND NRML L]YRGL
PRQROLWL]DFLMX0UWYLWHUHWMHMHGQROLNRUDVSRUHÿHQDåLYLWHUHWVHQDOD]LQDSURL]YROMQRPPMHVWX



&UWHå3RSUHþQLSUHVMHFLJUHGLFD



5DþXQVNDQRVLYRVWSUHVMHNDXQXWDUQMLUHDNWLYQLPRPHQWLUDþXQVNDSRSUHþQDVLODLPDMXYULMHGQRVWL 

TX u O  ) X u O TX u O
0 VG   9VG  ) X 
  


'RND]QRVLYRVWLLVWDELOQRVWLJUHGLFH

6WDELOQRVWDUPDWXUQLKãLSNLXVUHGLQLWODþQRJSRMDVD

=DWODþQHãLSNHVWLVQXWLK5$1QRVDþDLJRUQMHXQXWUDãQMHãLSNHGXOMLQDL]YLMDQMDMHGQDNDMHFP
RGQRVQR XGDOMHQRVWL L]PHÿX GYD þYRUD 2YDM UH]XOWDW MH SRWYUÿHQ QD YUOR YHOLNRP EURMX PHKDQLþNLK L
QXPHULþNLKSRNXVD,]YLMDQMHMHPRJXüHXELORNRMRMUDYQLQL'YLMHLOLYLãHãLSNLL]PHÿXVXVMHGQLKþYRURYD
GMHOXMXVDPRVWDOQRVWLPGDRWND]LYDQMHPQDMWDQMHãLSNHQDVWXSDRWND]LYDQMHRVWDOLKãLSNLXVQRSX
'RND]QRVLYRVWLVHSURYRGLSUHPD F SRVWXSNX

1RVLYRVWWODþQRJHOHPHQWDSULND]DQQDUD]LQLVLODL]QRVL
 1 VG d 1 E  5G F u 1 F  5G  
JGMHMH
0 VG
 1 VG  QDSDGQDWODþQDVLODXSRMHGLQRMãLSNL
Ku
 1E5G±UDþXQVNDRWSRUQRVWWODþQRJHOHPHQWDQDL]YLMDQMH
$ u I\
 1 F  5G ±UDþXQVNDWODþQDRWSRUQRVWSRSUHþQRJSUHVMHND
J 0R

'XOMLQDL]YLMDQMD
 OL PP

9LWNRVWHOHPHQWD
OL
 O 
L
 O  u H 

§  ·
 H ¨ ¸ 
¨ I ¸
© \ ¹
6YHGHQDYLWNRVW
 O
 O 
O
)DNWRUUHGXNFLMHQRUPDOQHVLOHR]QDþDYDPRVD F DRYLVLRVYHGHQRMYLWNRVWLLLãüLWDYDVHL](XURSVNLKOLQLMD
L]YLMDQMD=DRYDMVOXþDMX]LPDVHOLQLMDL]YLMDQMDF

6WDELOQRVWDUPDWXUQLKãLSNLNRVQLND

'RND]QRVLYRVWLVHSURYRGLWDNRÿHUSUHPD F SRVWXSNX

1RVLYRVWWODþQRJHOHPHQWDSULND]DQQDUD]LQLVLODL]QRVL
 1 VG d 1 E  5G F u 1 F  5G  
JGMHMH
9 VG
u FRV D
 1 VG   QDSDGQDWODþQDVLODXSRMHGLQRMãLSNL

 1E5G±UDþXQVNDRWSRUQRVWWODþQRJHOHPHQWDQDL]YLMDQMH
$ u I\
 1 F  5G ±UDþXQVNDWODþQDRWSRUQRVWSRSUHþQRJSUHVMHND
J 0R
'XOMLQDL]YLMDQMD
 OL FRVD PP


.RQNUHWDQSULPMHUJUHGLFHRVQRYQRJWLSD

5DVSRQO PDUPDWXUD[5$1

$QDOL]DRSWHUHüHQMD

9ODVWLWDWHåLQD
xSRMDVQLFDJUHGLFH [[ N1P

xWLMHORJUHGLFH [[ N1P

xDUPDWXUDJUHGLFH 5$1 N1P

xXGLRSRSUHþQRJUHEUD [[[ N1P

xVWURSQLEORN<WRQJNJP [[[[ N1P

xWDQNRVORMQLPRUWVDGUåDQMHXLVSXQL J N1P

 N1P
    
3RNUHWQRRSWHUHüHQMH) N1QDSURL]YROMQRPPMHVWX

5DþXQVNRRSWHUHüHQMH  TX [ N1P

     )X [ N1
5DþXQVNLPRPHQWVDYLMDQMD
 u    u 
 0 VG   N1P 
 
5DþXQVNDSRSUHþQDVLOD
 u 
9VG     N1 


6WDELOQRVWDUPDWXUQLKãLSNLXVUHGLQLWODþQRJSRMDVD
 
0 VG  
1 VG  N1 
Ku  u 
 u 
1 F  5G 1 SO  5G    N1 
 

OL PPL PP
OL 
O  
L 
 
§  · §  ·
H ¨ ¸ ¨ ¸  
¨ I ¸ ©  ¹
© \ ¹
O  u H  
 O 
 O  Ÿ F  
O 
 
1 E 5G F u 1 F  5G  u   N1 

 1 VG  N1  1 E 5G  N1 Ÿ ]DGRYROMDYD 



6WDELOQRVWDUPDWXUQLKãLSNLNRVQLND
  
9 VG
u FRV D
  u FRV  
1 VG  N1 
 
 u 
1 F  5G 1 SO  5G    N1 
 

 OL FRVD PPL PP

OL 
O  
L 
 
§  · §  ·
H ¨ ¸ ¨ ¸  
¨ I ¸ ©  ¹
© \ ¹
O  u H  
 O 
 O  Ÿ F  
O 

1 E 5G F u 1 F  5G  u   N1 

 1 VG  N1  1 E 5G  N1 Ÿ ]DGRYROMDYD 


E'RND]QRVLYRVWLVWURSQRJEORND

6WURSQLEORNXID]LVXKHPRQWDåHPRUD]DGRYROMLWLQRVLYRVW]DVYDRSWHUHüHQMDNRMDVHPRJXMDYLWL
2þHNXMHPRVOLMHGHüDRSWHUHüHQMD
xYODVWLWDWHåLQDEORND*
xRSWHUHüHQMHVWRSDORPUDGQLNDNRMLPRQWLUDVWURSDXUXNDPDMRãGUåLWHUHWL]QRVDRGN1

8NXSQR RSWHUHüHQMH þRYMHND V WHUHWRP NRMLP UXNXMH L]QRVL   N1  2SWHUHüHQMH LPD GLQDPLþNL
NDUDNWHUSDPXMHGLQDPLþNLNRHILFLMHQWWUHQXWQRQDQHVHQRRSWHUHüHQMH
8ID]LPRNUHPRQWDåHSRMDYOMXMHVHMRãRSWHUHüHQMHVORMHPFHPHQWQRJQDPD]DJ N1P
6WURSQLEORNLPDGLPHQ]LMH[[FPVD]DUH]LPD]DOHåDMHYH[FPPDVDPXMHNJ
       
$QDOL]DRSWHUHüHQMD
     
xYODVWLWDWHåLQD  N1P

xWDQNRVORMQLPRUW [ N1P

 J N1P

       
xåLYLWHUHW )X N1

5DþXQVNRRSWHUHüHQMH  TX [ N1P

     )X [ N1
      
*UDQLþQLPRPHQWVDYLMDQMD
X  u    u 
 0 PD[   N1P 
 
*UDQLþQDSRSUHþQDVLOD
X  u 
4PD[    N1 

 
 3RWUHEQDYODþQDLWODþQDþYUVWRüDQDVDYLMDQMH
 u 
I]  03D   03D 
 u  
 3RWUHEQDSRVPLþQDþYUVWRüDX]RVORQDF
 u 
W  03D   03D 
 u 
 3RWUHEQDSRVPLþQDþYUVWRüDQDGRVORQFHP±RGUH]

W  03D   03D 
 u 



%LMHOLVWURSQDNRQPRQWLUDQMD

'DQ QDNRQ PRQROLWL]DFLMH NDGD MH FHPHQW ]DYUãLR JODYQLQX YH]LYDQMD D EHWRQ GRELR VNURPQX
þYUVWRüXQRVLYRVWNRQVWUXNFLMHELWQRVHSRYHüDOD7DNDYEHWRQGRYROMDQMHGDRVLJXUDWODþQXVWDELOQRVWVYLK
ãLSNLNDNRSRMDVQLKWDNRLãLSNLLVSXQH8RYRPVWDQMXXSXQRMQRVLYRVWLMHþHOLþQLGLRNRQVWUXNFLMHNRMHJVH
PRåH SURYMHULWL .RG JUHGLFH RVQRYQRJ WLSD RQ MH  NRQDþQH D NRG MDþH DUPLUDQLK JUHGLFD QRVLYRVW MH
YHüD RG  =ERJ UHODWLYQR PDORJ PRGXOD HODVWLþQRVWL EHWRQDXRYRMID]LGHIRUPDELOQRVWVWURSDMHELWQR
YHüDQHJRQDNRQGDQD1RVLYRVWVWURSQLKEORNRYDMHGQDNDMHRQRMXVXKRPVWDQMXPRQWDåH
3R]QDYDMXüLGREURSURFHVRSWHUHüLYDQMDJRWRYRMHVLJXUQRGDVHGRVWLJQXWDQRVLYRVWQHüHLVNRULVWLWL9ODVWLWD
WHåLQDMHRNRNRQDþQRJQHIDNWRULUDQRJRSWHUHüHQMDRGQRVQRRNRNRQDþQRJIDNWRULUDQRJ6WRJD
SRWSRUHELMHORJVWURSDDNRMHSRWUHEQRPRJXELWLXNORQMHQH
2SUH]DQ WUHED ELWL MHGLQR NRG SRGXSLUDQMD QRYH JRUQMH PHÿXNDWQH NRQVWUXNFLMH DNR VH RQD QHSRVUHGQR
L]YRGL QD SULPMHU VOLMHGHüL GDQ 6YL SRVHEQL VSRMHYL JUHGLFD PHÿXVREQR QRVDþD X SORþL L LVSRG SORþH
PRUDMXELWLWUHWLUDQLNDRLRVWDOH$%NRQVWUXNFLMHGDNOHSRGXSUWHEDUHPQHNROLNRGDQDYLãH
1DNRQ VHGDP GDQD QRVLYRVW VH SRYHüDYD QD  NRG JUHGLFH RVQRYQRJ WLSD L  NRG MDþH DUPLUDQLK
JUHGLFD1RVLYRVWVWURSQLKEORNRYDXRYRMID]LL]QRVLSULEOLåQRNRQDþQH
3XQXQRVLYRVWLGHIRUPDELOQRVWNRQVWUXNFLMDNDRLVYDNDDUPLUDQREHWRQVNDGRVWLåHQDNRQGDQD

%LMHOLVWURSL]ORåHQXVSUDYQRPRSWHUHüHQMX

1RVLYRVW VH ]DVQLYD QD QRVLYRVWL DUPDWXUH L PLNUR EHWRQD 8 QRVLYRVW ELMHORJ VWURSD VDYLMDQMHP L
SRVPLNRPRGJUDYLWDFLMVNLKRSWHUHüHQMDQHXNOMXþXMHVHODNLEHWRQVWURSQLKEORNRYDQLWLWDQNRVORMQLPRUW
3UL SURUDþXQX SURJLEOMLYRVWL NRML VH UHGRYLWR L]UDÿXMH ]D UD]LQX UDGQRJ RSWHUHüHQMD SRWUHEQR MH XNOMXþLWL
XWMHFDMODNRJEHWRQDLWDQNRVORMQRJPRUWD2YDM]KWMHYSRGXSLUXUH]XOWDWLPMHUHQMDSURJLEDWLMHNRPQHNROLNR
QH]DYLVQLK SRNXVQLK LVSLWLYDQMD 3ULPMHULFH VDPR JRUQML VORM PRUWD GHEOMLQH  FP QD RVQRM XGDOMHQRVWL
JUHGLFDRGFPGDMHSRYUãLQXRG[ FPãWRMHYLãHRGSRYUãLQHWODþQH]RQHEHWRQDXJODYQRP
UHEUX NRMD L]QRVL [  FP 'HEOMLQD RG  FP RVWDYDUXMHVHL]ERJSHQHWULUDQMDWDQNRVORMQRJPRUWDX
þHOLMHODNREHWRQVNRJEORND7RQDMEROMHSRWYUÿXMHNROLþLQDPRUWDNRMDVHWURãLSRPVWURSQHSRYUãLQH
3RVOMHGLFDRSWHUHüHQMDQDVWURSXELWüHJUDQLþQLPRPHQWL0XLJUDQLþQHQDSDGQHVLOH4XWDGDGLPH]LRQLUDQMH
LPDVOLMHGHüLWLMHN

5DþXQVNDQRVLYRVWSUHVMHNDSRJUHGLFL
TX u O 
 0 VG u  

 5DþXQVNDSRSUHþQDVLODSRJUHGLFL
TX u O
9VG u  

8NXSQDSRWUHEQDYODþQDDUPDWXUD
0 VG
$V 
G u I \G
3RWUHEQDGRGDWQDYODþQDDUPDWXUD
$GRG $V  $D 
$D SRYUãLQDDUPDWXUH5QRVDþD‘ FP

8NXSQDSRWUHEQDWODþQDDUPDWXUD
0 VG
 1E
$V  G 
I \G
3RWUHEQDGRGDWQDWODþQDDUPDWXUD
$GRG $V   $D  
$D  SRYUãLQDDUPDWXUH5QRVDþD‘ FP


1RVLYRVWWODþQH]RQHEHWRQVNRJSUHVMHND

3RYUãLQDEHWRQVNRJGLMHOD[FP
5DþXQVNDþYUVWRüDEHWRQDIFG  03D

 1E [[[ N1JUHGLFL

1RVLYRVWGLMDJRQDODLEHWRQVNRJSUHVMHNDQDSRSUHþQXVLOX

'LMDJRQDOH‘%
5DþXQVNDþYUVWRüDþHOLNDI\G  03D
3RYUãLQDEHWRQVNRJSUHVMHND[FP
3RVPLþQDþYUVWRüDEHWRQD W 5 03D

5DþXQVNDQRVLYRVWQDSRSUHþQXVLOX
   S
 9 5G  u  u    u  u  u   N1  JUHGLFL 


 95G!9VG

3ULPMHUGLPHQ]LRQLUDQMDJUHGLFDPHÿXNDWQHNRQVWUXNFLMH

$QDOL]DRSWHUHüHQMD
6WDOQRRSWHUHüHQMH
xåEXND  N1P
xYODVWLWDWHåLQD  N1P
xDFHVWULK  N1P
xVORMHYLSRGD  N1P
xSUHJUDGQL]LGRYL  N1P
   J N1P
 .RULVQRRSWHUHüHQMH  S N1P
     
 5DþXQVNRRSWHUHüHQMH TX [[ N1P

5DVSRQO P[5$1
 u  
0 VG u   N1P 

 u 
9VG u   N1 ¢  N1 9 5G Ÿ ]DGRYROMDYD

 u 
$V  FP  
 u 
 $GRG $V  $D     Ÿ ]DGRYROMDYD
$D SRYUãLQDDUPDWXUH5QRVDþD‘ FP
 u 
 
$V    FP  

$GRG $V   $D      Ÿ ]DGRYROMDYD
$D  SRYUãLQDDUPDWXUH5QRVDþD‘ FP

.RVQLFLX]XRELþDMHQRRSWHUHüHQMH]DGRYROMDYDMXQRVLYRVWGRUDVSRQDRGP6WRJDSULMHQRVSRSUHþQLK
VLODQLMHQDNULWLþQRPSXWXGLPHQ]LRQLUDQMDELMHORJVWURSDXNRQDþQRMID]LXSRUDEH


 
',0(1=,21,5$1-(*5(',&$0(Ĉ8.$71(.216758.&,-(

3275(%1$8.831$ 2'$%5$1$'2'$71$
5$ý816., 67$/12 .25,612 5$ý816.2 5$ý816., 5$ý816.$ 
'2'$71$$50$785$$ GRG
$50$785$$ 6 FP 8  $50$785$8*5(',&,
5$6321 237(5(û(1-( 237(5(û(1-( 237(5(û(1-( 020(17 3236,/$ FP 8*5(',&,%
7,3 *5(',&,% %
*5(',&(
0VG 9VG
/P JN1P   TN1P   TXN1P GRQMD]RQD JRUQMD]RQD GRQMD]RQD JRUQMD]RQD GRQMD]RQD JRUQMD]RQD
N1PJUHGLFL N1JUHGLFL

            
            
           ‘ ‘
           ‘ ‘
           ‘ ‘
           ‘ ‘
           ‘ ‘
           ‘ ‘‘

7DEHOD7
23,6,=5$=$86783&,0$ 237(5(û(1-(
 5$ý816.,5$6321126$ý$ 6WDOQRRSWHUHüHQMH
 5$ý816.2237(5(û(1-(T X  J T åEXND N1P 

 5$ý816.,020(176$9,-$1-$0VG T X  /   ELMHOLVWURS N1P 
 5$ý816.$3235(ý1$6,/$9VG TX /  DFHVWULK N1P 
 8.831$3275(%1$$50$785$8'21-2-=21,$ V 0VG  RVWDOLVORMHYLSRGD N1P 
 8.831$3275(%1$$50$785$8*251-2-=21,$ V 0VG  SUHJUDGQL]LGRYL N1P 
 3275(%1$'2'$71$$50$785$8'21-2-=21,$ GRG    8NXSQR N1P 
 3275(%1$'2'$71$$50$785$8*251-2-=21,$ GRG   .RULVQRRSWHUHüHQMH N1P 


 3ULPMHUGLPHQ]LRQLUDQMDJUHGLFDNURYQHNRQVWUXNFLMH

.RG GLPHQ]LRQLUDQMD JUHGLFD NURYQH NRQVWUXNFLMH SRVHEQX SDåQMX WUHED REUDWLWL QD RSWHUHüHQMH
VQLMHJRP3UYRWUHEDXWYUGLWLQDNRMHPVHSRGUXþMXRSWHUHüHQMDVQLMHJRPREMHNWQDOD]LDRQGDLQDGPRUVNX
YLVLQXORNDFLMHREMHNWD1DWHPHOMXWLKSRGDWDNDSRWUHEQRMHRGDEUDWLRGJRYDUDMXüHRSWHUHüHQMHVQLMHJRP
8 QDVWDYNX MH SULPMHU GLPHQ]LRQLUDQMD JUHGLFD NURYQH NRQVWUXNFLMH ]D SULREDOQR SRGUXþMH 'DOPDFLMH
SRGUXþMH'RSWHUHüHQMDVQLMHJRPQDGPRUVNHYLVLQHGRPL]DSRGUXþMH=DJUHEDLRNROLFHSRGUXþMH$
RSWHUHüHQMDVQLMHJRPQDGPRUVNHYLVLQHGRP

$QDOL]DRSWHUHüHQMD
6WDOQRRSWHUHüHQMH
xFULMHSVOHWYDPD  N1P
xYODVWLWDWHåLQD  N1P
xåEXND  N1P
   J N1P
 
 .RULVQRSURPMHQMLYRRSWHUHüHQMH N N1P

 3URPMHQMLYRRSWHUHüHQMHYMHWDUZ N1P 
 3URPMHQMLYRRSWHUHüHQMHVQLMHJSULREDOMH V N1P
 3URPMHQMLYRRSWHUHüHQMHVQLMHJ=DJUHE V N1P

'LPHQ]LRQLUDQMHJUHGLFDNURYQHNRQVWUXNFLMH]DSULREDOQRSRGUXþMH'DOPDFLMHPDORRSWHUHüHQMH
VQLMHJRP
     
 5DþXQVNRRSWHUHüHQMH 

TX JZ[V [[[[ N1P


5DVSRQO P[5$1

 u 
0 VG u   N1P 

 u 
9VG u   N1 ¢  N1 9 5G Ÿ ]DGRYROMDYD

 u 
$V  FP  
 u 
 $GRG $V  $D     Ÿ ]DGRYROMDYD
$D SRYUãLQDDUPDWXUH5QRVDþD‘ FP
 u 
 
$V    FP  

$GRG $V   $D      Ÿ ]DGRYROMDYD

$D  SRYUãLQDDUPDWXUH5QRVDþD‘ FP



'LPHQ]LRQLUDQMHJUHGLFDNURYQHNRQVWUXNFLMH]DSRGUXþMH=DJUHEDLRNROLFH]QDþDMQRRSWHUHüHQMH
VQLMHJRP
     
 5DþXQVNRRSWHUHüHQMH 

TX JV[Z [[[[ N1P


5DVSRQO P[5$1

 u  
0 VG u   N1P 

 u 
9VG u   N1 ¢  N1 9 5G Ÿ ]DGRYROMDYD

 u 
$V  FP  
 u 
 $GRG $V  $D     Ÿ ]DGRYROMDYD
$D SRYUãLQDDUPDWXUH5QRVDþD‘ FP
 u 
 
$V    FP  

$GRG $V   $D      Ÿ ]DGRYROMDYD

$D  SRYUãLQDDUPDWXUH5QRVDþD‘ FP




 
',0(1=,21,5$1-(*5(',&$.5291(.216758.&,-(32'58ý-('237(5(û(1-$61,-(*201$'0256.$9,6,1$'2P
'$/0$&,-$
3275(%1$8.831$ 2'$%5$1$'2'$71$
5$ý816., 67$/12 3520-(1-,92 5$ý816.2 5$ý816., 5$ý816.$ '2'$71$$50$785$$ GRG
$50$785$$ 6 FP8 
$50$785$8*5(',&,
5$6321 237(5(û(1-( 237(5(û(1-( 237(5(û(1-( 020(17 3236,/$ FP 8*5(',&,%
7,3 *5(',&,% %
*5(',&(
0VG 9VG
/P JN1P   ZN1P   VN1P   TXN1P GRQMD]RQD JRUQMD]RQD GRQMD]RQD JRUQMD]RQD GRQMD]RQD JRUQMD]RQD
N1PJUHGLFL N1JUHGLFL

             
             
            ‘ ‘
            ‘ ‘
            ‘ ‘
            ‘ ‘
            ‘ ‘
            ‘ ‘‘

23,6,=5$=$86783&,0$ 237(5(û(1-(
 5$ý816.,5$6321126$ý$ 6WDOQRRSWHUHüHQMH

7DEHOD7
 5$ý816.2237(5(û(1-(T X  J Z  V FULMHSVOHWYDPD N1P 

 5$ý816.,020(176$9,-$1-$0VG T X  /   ELMHOLVWURS N1P 
 5$ý816.$3235(ý1$6,/$9VG T X  /  åEXND N1P 
 8.831$3275(%1$$50$785$8'21-2-=21,$ V 0VG  8NXSQR N1P 
 8.831$3275(%1$$50$785$8*251-2-=21,$ V 0VG  3URPMHQMLYRRSWHUHüHQMHYMHWDU N1P 
 3275(%1$'2'$71$$50$785$8'21-2-=21,$ GRG    3URPMHQMLYRRSWHUHüHQMHVQLMHJ N1P 
 3275(%1$'2'$71$$50$785$8*251-2-=21,$ GRG   .RULVQRSURPMHQMLYRRSWHUHüHQMH N1P 


 
',0(1=,21,5$1-(*5(',&$.5291(.216758.&,-(32'58ý-($237(5(û(1-$61,-(*201$'0256.$9,6,1$'2P
=$*5(%,2.2/,&$
3275(%1$8.831$ 2'$%5$1$'2'$71$
5$ý816., 67$/12 3520-(1-,92 5$ý816.2 5$ý816., 5$ý816.$ '2'$71$$50$785$$ GRG
$50$785$$ 6 FP8 
$50$785$8*5(',&,
7,3 5$6321 237(5(û(1-( 237(5(û(1-( 237(5(û(1-( 020(17 3236,/$ FP 8*5(',&,%
*5(',&,% %
*5(',&(
0VG 9VG
/P JN1P   ZN1P   VN1P   TXN1P GRQMD]RQD JRUQMD]RQD GRQMD]RQD JRUQMD]RQD GRQMD]RQD JRUQMD]RQD
N1PJUHGLFL N1JUHGLFL
             
             
            ‘ ‘
            ‘ ‘
            ‘ ‘
            ‘ ‘
            ‘ ‘
            ‘ ‘‘

23,6,=5$=$86783&,0$ 237(5(û(1-(
 5$ý816.,5$6321126$ý$ 6WDOQRRSWHUHüHQMH
 5$ý816.2237(5(û(1-(T X  J V  Z FULMHSVOHWYDPD N1P 
 5$ý816.,020(176$9,-$1-$0VG T X  /    ELMHOLVWURS N1P 
 5$ý816.$3235(ý1$6,/$9VG T X  /  åEXND N1P 

7DEHOD7
 8.831$3275(%1$$50$785$8'21-2-=21,$ V 0VG  8NXSQR N1P 
 8.831$3275(%1$$50$785$8*251-2-=21,$ V 0VG  3URPMHQMLYRRSWHUHüHQMHYMHWDU N1P 
 3275(%1$'2'$71$$50$785$8'21-2-=21,$ GRG    3URPMHQMLYRRSWHUHüHQMHVQLMHJ N1P 
 3275(%1$'2'$71$$50$785$8*251-2-=21,$ GRG   .RULVQRSURPMHQMLYRRSWHUHüHQMH N1P 


'LPHQ]LRQLUDQMHSULMHSXVWD

.RGGLPHQ]LRQLUDQMDNRQ]RODVWYDULVHPLMHQMXXWROLNRãWRMHWODþQLSRMDVGROMHJGMHLPDYLãHEHWRQD
L YLãH DUPDWXUH 5$1 QRVDþD 3DåQMX WUHED SRVYHWLWL JRUQMHP YODþQRP SRMDVX L QMHJRYRP VLGUHQMX X
XQXWUDãQMRVWNRQVWUXNFLMH/LPLW]DUDVSRQNRQ]ROHXJODYQRPüHELWLSURJLEOMLYRVWQMHQRJNUDMD


3ULPMHUGLPHQ]LRQLUDQMDJUHGLFHVSUHSXVWRP

O O

&UWHå6KHPDRSWHUHüHQMD

O P
O P
J N1P
S N1P
S N1P

,NRPELQDFLMDRSWHUHüHQMD
TX  u J   u S  u    u   N1  P  
TX   u J  u   N1  P  

TX  u O
0 SROMH  N1P 


TX u O
0 OHåDM  N1P 

,,NRPELQDFLMDRSWHUHüHQMD
TX  u J  u   N1  P  
TX   u J   S  u    u   N1  P  

TX  u O
0 SROMH  N1P 


TX u O
0 OHåDM  N1P 


,,,NRPELQDFLMDRSWHUHüHQMD
TX  u J   u S  u    u   N1  P  
TX   u J   S  u    u   N1  P  

TX  u O
0 SROMH  N1P 


TX u O
0 OHåDM  N1P 

¾ 0MHURGDYQDMH,,,NRPELQDFLMDRSWHUHüHQMD





8NXSQDSRWUHEQDDUPDWXUDXSROMX
 u 
$SROMH  FP 
 u 
 $G  SROMH $ SROMH  $D     FP  Ÿ RGDEUDQR‘

8NXSQDSRWUHEQDDUPDWXUDQDOHåDMX
 u 
$OHåDM  FP  
 u 
 $G OHåDM $OHåDM  $D      FP  Ÿ RGDEUDQR‘‘


1RVLYRVWVWURSQRJEORND

6WURSQLEORN\WRQJXID]LXSRUDEHPRUD]DGRYROMLWLQRVLYRVW]DVYDRSWHUHüHQMDNRMDVHPRJXMDYLWL
%LWQD MH UD]OLND X IXQNFLRQLUDQMX VWURSQRJ EORND LPD OL X WUHQXWNX RSWHUHüHQMD ELMHOL VWURS SRVWDYOMHQH
VORMHYHELORHVWULKDL]UDYQRELORSOLYDMXüHJSRGD'DNOHMHOLRSWHUHüHQMHJRUQMLKGLMHORYDPRJXüHL]UDYQR
QDEORNLOLSRVUHGQRSUHNRVORMHYDSRGD
3ULL]UDYQRPRSWHUHüHQMXGDNOHEH]VORMHYDMDYOMDVH
  YODVWLWDWHåLQDEORNDJ  N1P

  NRQFHQWULUDQDVLOD) [N1
%ORNMHQDRVORQFLPDXNOMHãWHQXJUHGLFHVWRJDMH]EURMVORPQLKPRPHQDWDQDUXEXLVUHGLQLUDVSRQDMHGQDN
  0S [[[[[[ 01P
RGWRJDDSVRUELUDYODVWLWDWHåLQD
 u  
  0 JX  N1P 

SUHRVWDMH]DNRQFHQWULUDQXVLOX
  0 )X 0 S  0 JX     N1P 
ãWRRGJRYDUDJUDQLþQRMVLOLRG
0 )X u   u 
  )X  N1 
O 
RGQRVQRGRSXãWHQRM
  )  N1  LOL[ N1P
3UL SRVUHGRP RSWHUHüHQMX GDNOH VD VORMHYLPD MDYOMD VH YODVWLWD WHåLQD EORND L WHåLQD VORMHYD NDR
UDVSRGLMHOMHQRRSWHUHüHQMH1DNRQRGELMDQMDPRPHQDWDYODVWLWHWHåLQHSUHRVWDMH]DRVWDOHVORMHYH
  0 TX  N1P 
ãWRRGJRYDUDUDVSRGLMHOMHQRPRSWHUHüHQMXRG
0 TX u   u   u 
  TX 
 N1  P
LOL  N1  P  
O   
.ULWHULMQRVLYRVWLRþLWRüHELWLRGUH]EORNDQHSRVUHGQRX]JUHGLFX
*UDQLþQDQRVLYRVWQDWHPHOMXUH]XOWDWDLVSLWLYDQMDL]QRVL
  4R [[ 01
ãWRRGJRYDUDJUDQLþQRPUDVSRGLMHOMHQRPRSWHUHüHQMXRG
4R u 
 TR N1P¶

RGQRVQRGRSXãWHQRPRSWHUHüHQMXRG
  T  N1P
 LOL[ N1P

=DNOMXþXMHVHGDüHEORN]DGRYROMLWLVYLPSRVUHGQRPQDQHVHQLPRSWHUHüHQMLPDNDRLQHSRVUHGQLP
UDVSRGLMHOMHQRJNDUDNWHUD-HGLQXSR]RUQRVWWUHEDSRVYHWLWLL]UDYQLPNRQFHQWULUDQLPVLODPDL]QRVDYHüHJRG
 N1 SR EORNX ,VSRG RYDNYLKRSWHUHüHQMDWUHEDSRVWDYLWLSRPHWDþQDSULPMHUGDVNXDNRVHUDGLRID]L
PRQWDåH9UORPDODLVNRULVWLYRVWQRVLYRVWLEORNRYDYDåQDMHL]ERJL]EMHJDYDQMDXWMHFDMDSX]DQMDNRMDELVH
PRJODSRMDYLWLNRGSURVMHþQRLVNRULãWHQHQRVLYRVWLODNREHWRQVNLKEORNRYD

8WMHFDMSUHJUDGQLK]LGRYDL]UDYQRSRVWDYOMHQLKQDEORNRYHELMHORJVWURSD
=LGRYLNRMLSUHOD]HSUHNRSRSUHþQRJUHEUDLOLEORNDNRMLMHX]SRSUHþQRUHEURWURVWUDQRVXRVORQMHQL
LQHSUHGVWDYOMDMX]DSUDYRNRQFHWULUDQRRSWHUHüHQMHQDEORNRYH7RPRJXSUHGVWDYOMDWLVDPR]LGRYLGXOMLQH
PDQMH RG [  P 3UHPD SUHWKRGQRM DQDOL]L GR]YROMHQD WHåLQD WRJD ]LGD NDGD MH SRVWDYOMHQ QD
QDMQHSRYROMQLMHPPMHVWXL]QRVLODEL
  J [ N1P

ãWR RGJRYDUD EHWRQVNRP ]LGX GHEOMLQH  FP L YLVLQH  P =DNOMXþXMH VH GD üH EORNRYL L EH] XWMHFDMD
PHÿXVREQRJWUHQMDXVOMXEQLFDPDSUHX]HWLRSWHUHüHQMHJRWRYRVYLKSUHJUDGQLK]LGRYD
3RMDYLOLVHLSDNVOXþDMSUHNRUDþHQMDQRVLYRVWLMHGQRVWDYQRVHXVWURSXEDFLORNDOQRSRSUHþQRUHEUR
*UDQLþQD QRVLYRVW JUHGQRJ ELMHORJ VWURSD ]D SRMHGLQH YUVWH JUHGLFD L UDVSRQD SULND]DQD MH QDUHGQLP
GLMDJUDPRP

%LMHOLVWURSL]ORåHQKRUL]RQWDOQRPRSWHUHüHQMX

2SWHUHüHQMHELMHORJVWURSDXQMHJRYRMUDYQLQLQDVWDMHNRGYRGRUDYQLKLGLMHORPNRVLKNRQVWUXNFLMD
]ERJKRUL]RQWDOQLKRSWHUHüHQMDQDJUDÿHYLQXSRSXWVLODSRWUHVDLYMHWUDHNVSOR]LMDLSRJRQVNLKVWURMHYDGDNOH
XJODYQRPRGNUDWNRWUDMQLKRSWHUHüHQMD.RGNRVLKNRQVWUXNFLMDGRRSWHUHüLYDQMDXUDYQLQLGROD]LLRGVWDOQLK
L åLYLK WHUHWD ]ERJ VDPRJ SRORåDMD NRQVWUXNFLMH 0HÿX QDEURMDQLP RSWHUHüHQMLPD QDMVQDåQLMH MH SRWUHVQR
RSWHUHüHQMH NRG NRMHJD UD]LQXRSWHUHüHQMDPRUDPRSUHWSRVWDYLWLWDNRYLVRNRGDGROD]LGRSODVWLILNDFLMVNLK
HIHNDWDGDNOHGRJXELWNDHQHUJLMH]ERJGXNWLOQRVWLNRQVWUXFLMHQDELORNRMDGMHORYDQMD


.UXWRVWELMHORJVWURSDXVYRMRMUDYQLQL

 3UHPD +51 (19  UHEUDVWL VWURSRYL V LVSXQRP EH] WODþQH SORþH PRJX VH
SURUDþXQDYDWLNDRSRQHSORþHDNRNRQWLQXLUDQDDUPDWXUDSRSUHþQLKUHEDUDSUROD]LNUR]JUHGLFH0DNVLPDOQD
XGDOMHQRVWSRSUHþQLKUHEDUDMHRGUHÿHQDXRYLVQRVWLRRVQRPUD]PDNXLGXOMLQLJUHGLFDWHGHEOMLQLSORþH
8 SUDYLOX VH SRSUHþPD UHEUD SRVWDYOMDMX QD UD]PDNX  FP RYLVQR R SRWUHVQRM ]RQL D X SRVHEQLP
XYMHWLPD YLVRNH VHL]PLþNH RWSRUQRVWL LOL L] GUXJLK UD]ORJD NRMH X]URNXMX KRUL]RQWDOQH VLOH VPDQMXMH VH
XGDOMHQRVWSRSUHþQLKUHEDUDGRJUDQLþQLKFPDDUPDWXUDVHPRåHSRYHüDWLGRNRQDþQLK‘SRUHEUX

'HIRUPDELOQRVWNRQVWUXNFLMHELMHOLVWURS

3URJLELNRQVWUXNFLMHELMHOLVWURSPRJXVHSURPDWUDWLXXYMHWLPDLGHDOQLKUXEQLKXYMHWDXNRMLPD
VXJUHGHELMHORJVWURSDLGHODQLP]JORERYLPDSULþYUãüHQHQDPMHVWLPDRVODQMDQMDLXVWYDUQLPXYMHWLPD
JGMHVH]ERJSRVWRMDQMD5$1QRVDþDLQMLKRYRJSRYH]LYDQMDVYLMHQFLPDXSUDYRãLSNH5$1QRVDþDXSLQMXX
YLMHQFH5H]XOWDWLPMHUHQMDQDL]YHGHQLPJUDGQMDPDSRND]XMXGMHORPLþQRXSLQMDQMHJUHGLFDELMHORJVWURSDX
YLMHQFHJUDÿHYLQH2YRXSLQMDQMHSRND]XMHQHãWRYHüXQRVLYRVWRGSURUDþXQVNHãWRVHPRåHL]DQHPDULWLMHU
MHQDVWUDQLVLJXUQRVWL0HÿXWLPWR]QDþDMQRXPDQMXMHSURJLEHQDUD]LQLUDGQRJRSWHUHüHQMDJRWRYR]D
8YMHWLGMHORPLþQRJXSLQMDQMDRVWYDUXMXVHDNRDUPDWXUDJUHGLFHLPDVDþXYDQSRVOMHGQMLJRUQMLLGRQMLþYRU
]DWLPDNRVHXYLMHQDFXYODþLQDMPDQMHFP]DWLPDNRNUR]SRVOMHGQMDRNQDDUPDWXUQRJNRVWXUDJUHGLFH
SUROD]LEDUHPMHGQDãLSNDI5$WHDNRYLMHQDFL]LGRYLQDGQMLPLPDMXWHåLQXYHüXRGWHåLQHELMHORJ
VWURSDLOLMHYLMHQDFDUPDWXURPXVLGUHQX]LGRYHLOLQRVDþHLVSRGQMHJD


3URUDþXQVNDNRQWURODGHIRUPDELOQRVWLJUHGLFD

0RPHQWLQHUFLMHKRPRJHQRJEHWRQVNRJSUHVMHNDXVYRMHQ,SUHVMHN[FP
EK    u 
,E  \W u $   u   u   u    P  
 

0RPHQWLQHUFLMHDUPDWXUHGRQMH]RQH‘

K   S §  ·
, G] $D u u D u u¨ ¸ u  u   P  
  ©  ¹

0RPHQWLQHUFLMHDUPDWXUHJRUQMH]RQH‘

K   S §  ·
, J] $D  u u D  u u¨ ¸ u  u   P  
  ©  ¹
(þ  *3D
D |
(E  *3D
8NXSQLPRPHQWLQHUFLMHEHWRQVNRJSUHVMHNDLRVQRYQHDUPDWXUH

, ,E,G],J] [P

'RGDWQLPRPHQWLQHUFLMHXVOLMHGGRGDWQHDUPDWXUHXGRQMRMLJRUQMRM]RQLJUHGLFH

§G ·
,G D u  $GG]  $GJ]  u ¨ ¸ RYLVLRWLSXJUHGLFH
©¹

8NXSQLPRPHQWLQHUFLMH

,X ,E,G],J],G±RYLVLRWLSXJUHGLFH

3URJLEXVOLMHGVWDOQRJRSWHUHüHQMDJ
 JO 
 u
IJ  
 u , X
3URJLEXVOLMHGSURPMHQMLYRJRSWHUHüHQMDT
 u  TO 
 u
I  T  
 u , X

3URL]YRGQRQDGYLãHQMH

ª § O · º

'K «  ¨¨  ¸¸ » u  
«¬ © ¹ »
¼
8NXSQLSURJLE
I I J  I  T  'K  PP 

'RSXãWHQLSURJLE
IGRS O 

3UHJOHGSURJLEDJUHGLFDSRGUDþXQVNLPRSWHUHüHQMHPRYLVQRRQMLKRYRMGXOMLQLGDWMHWDEHODUQR


 
 
.21752/$'()250$%,/1267,*5(',&$*5(',&$0(Ĉ8.$71(.216758.&,-(J N1P T N1P

7,3 / , $ GJ] $ GG] ,G ,X IJ ǻK ǻ KI J I T I I GRS

*5(',&(
P P FP FP P P PP PP PP PP PP PP
            
  (   ( (      
  (   ( (      
  (   ( (      
  (   ( (      
  (   ( (      
  (   ( (      
  (   ( (      

23,6,=5$=$86783&,0$
 5$ý816.,5$6321126$ý$
 020(17,1(5&,-(+202*(12*%(7216.2*35(6-(.$,261291($50$785(
 3295â,1$'2'$71($50$785(8*251-2-=21,
 3295â,1$'2'$71($50$785(8'21-2-=21,

7DEHOD7
 '2'$71,020(17,1(5&,-(86/,-(''2'$71($50$785(*251-(,'21-(=21(
 8.831,020(17,1(5&,-(
 352*,%86/,-('67$/12*237(5(û(1-$
 352,=92'121$'9,â(1-(
 352*,%86/,-('32.5(712*237(5(û(1-$
 8.831,352*,%
 '238â7(1,352*,%/


 
  
.21752/$'()250$%,/1267,*5(',&$*5(',&$.5291(.216758.&,-(J N1P V N1P Z N1P

7,3 / , $ GJ] $ GG] ,G ,X IJ ǻK ǻ KI J I T I I GRS

*5(',&(
P P FP FP P P PP PP PP PP PP PP
            
  (   ( (      
  (   ( (      
  (   ( (      
  (   ( (      
  (   ( (      
  (   ( (      
  (   ( (      

23,6,=5$=$86783&,0$
 5$ý816.,5$6321126$ý$
 020(17,1(5&,-(+202*(12*%(7216.2*35(6-(.$,261291($50$785(
 3295â,1$'2'$71($50$785(8*251-2-=21,
 3295â,1$'2'$71($50$785(8'21-2-=21,

7DEHOD7
 '2'$71,020(17,1(5&,-(86/,-(''2'$71($50$785(*251-(,'21-(=21(
 8.831,020(17,1(5&,-(
 352*,%86/,-('67$/12*237(5(û(1-$
 352,=92'121$'9,â(1-(
 352*,%86/,-('32.5(712*237(5(û(1-$
 8.831,352*,%
 '238â7(1,352*,%/


 
  
.21752/$'()250$%,/1267,*5(',&$*5(',&$.5291(.216758.&,-(J N1P V N1P Z N1P

7,3 / , $ GJ] $ GG] ,G ,X IJ ǻK ǻ KI J I T I I GRS

*5(',&(
P P FP FP P P PP PP PP PP PP PP
            
  (   ( (      
  (   ( (      
  (   ( (      
  (   ( (      
  (   ( (      
  (   ( (      
  (   ( (      

23,6,=5$=$86783&,0$
 5$ý816.,5$6321126$ý$
 020(17,1(5&,-(+202*(12*%(7216.2*35(6-(.$,261291($50$785(
 3295â,1$'2'$71($50$785(8*251-2-=21,
 3295â,1$'2'$71($50$785(8'21-2-=21,
 '2'$71,020(17,1(5&,-(86/,-(''2'$71($50$785(*251-(,'21-(=21(

7DEHOD7
 8.831,020(17,1(5&,-(
 352*,%86/,-('67$/12*237(5(û(1-$
 352,=92'121$'9,â(1-(
 352*,%86/,-('32.5(712*237(5(û(1-$
 8.831,352*,%
 '238â7(1,352*,%/


7HKQLþNLSURSLVLLQRUPH

 7HKQLþNLSURSLV]DEHWRQVNHNRQVWUXNFLMH11L,2SüHRGUHGEH
 7HKQLþNLSURSLV]DEHWRQVNHNRQVWUXNFLMH11L,,,*UDÿHYQLSURL]YRGL]DEHWRQVNH
NRQVWUXNFLMH
 7HKQLþNLSURSLV]DEHWRQVNHNRQVWUXNFLMH11L,93URMHNWLUDQMHEHWRQVNLK
NRQVWUXNFLMD
 7HKQLþNLSURSLV]DEHWRQVNHNRQVWUXNFLMH11L3ULORJ$%HWRQ
 7HKQLþNLSURSLV]DEHWRQVNHNRQVWUXNFLMH11L3ULORJ*3UHGJRWRYOMHQLEHWRQVNL
HOHPHQWL
 7HKQLþNLSURSLV]DEHWRQVNHNRQVWUXNFLMH11L3ULORJ,3URMHNWLUDQMHEHWRQVNLK
NRQVWUXNFLMDXVNODGXVD+UYDWVNLP1RUPDPD
 =DNRQRJUDÿHYQLPSURL]YRGLPD11,2SüHRGUHGEH
 =DNRQRJUDÿHYQLPSURL]YRGLPD11,,,2FMHQMLYDQMHVXNODGQRVWL
 +51(19(XURNRG2VQRYHSURMHNWLUDQMDLGMHORYDQMDQDNRQVWUXNFLMHGLR2VQRYH
SURMHNWLUDQMD
 +51(19(XURNRG2VQRYHSURMHNWLUDQMDLGMHORYDQMDQDNRQVWUXNFLMHGLR'MHORYDQMD
QDNRQVWUXNFLMH
 +51(19(XURNRG3URMHNWLUDQMHEHWRQVNLKNRQVWUXNFLMDGLR2SüDSUDYLODL
SUDYLOD]D]JUDGH
 +51(19(XURNRG3URMHNWLUDQMHEHWRQVNLKNRQVWUXNFLMDGLR2SüDSUDYLOD±
3UHGJRWRYOMHQLEHWRQVNLHOHPHQWLLNRQVWUXNFLMH
 +51(19(XURNRG3URMHNWLUDQMHNRQVWUXNFLMDRWSRUQLKQDSRWUHVGLR2SüD
SUDYLOD±3RWUHVQDGMHORYDQMDLRSüL]DKWMHYL]DNRQVWUXNFLMH
 +51(19(XURNRG3URMHNWLUDQMHNRQVWUXNFLMDRWSRUQLKQDSRWUHVGLR2SüD
SUDYLOD±2SüDSUDYLOD]D]JUDGH
 +51(19(XURNRG3URMHNWLUDQMHNRQVWUXNFLMDRWSRUQLKQDSRWUHVGLR2SüD
SUDYLOD±3RVHEQDSUDYLOD]DUD]QDJUDGLYDLHOHPHQWH
 +51(16SHFLILNDFLMD]D]LGQHHOHPHQWHGLR=LGQLHOHPHQWLRGSRUDVWRJEHWRQD
 +51(1$6SHFLILNDFLMD]D]LGQHHOHPHQWHGLR=LGQLHOHPHQWLRGSRUDVWRJEHWRQD
 +51(16SHFLILNDFLMDPRUWD]D]LÿHGLR0RUW]D]LÿH



 ,=92Ĉ(1-(.216758.&,-(%,-(/,67523

35,-(92=,32',=$1-(*5(',&$,675231,+%/2.29$

,]UDGXJUHGLFDSUDNWLþQRMHRUJDQL]LUDWLQDVDPRPHJUDGLOLãWXþLPSRYUãLQDNRMDVHSUHNULYDELMHOLP
VWURSRPSUHOD]LPRYDNDYQDþLQSUL]YRGQMHSRVWDMHUDFLRQDODQMHUVXNDOXSL]DSURL]YRGQMXJUHGLFDL
OHåDMQLFDSUHQRVLYL3UHSRUXþDVHJUHGLFHSUHYR]LWLLSRGL]DWLQDJUDÿHYLQXNRGNRMLKMHEHWRQSRMDVQLFHVWDU
EDUHP  GDQD 8 WRP VOXþDMX QHPD SRVHEQLK RJUDQLþHQMD X SULMHYR]X L SRGL]DQMX QR X] XYMHW GD VH
RSHUDFLMHL]YRGHWDNRGDQHPDNOL]DQMDEHWRQDJUHGLFHSRWUYGLPSRYUãLQDPD
,]UD]LWRVYMHåHJUHGLFHVWDUHMHGDQGRVHGDPGDQDPRUDMXVHXWRYDUDWLXNDPLRQHLSRGL]DWLPLQLGL]DOLFDPD
WDNRGDQHPDGRGLUDEHWRQDVDPHWDOQLPGLMHORYLPDNDPLRQDLGL]DOLFDLVNHOD3ULMHYR]VHRGYLMDWDNRGDVH
SUYL UHG JUHGLFD SRVWDYOMD QD GUYHQH SRGPHWDþH SRWRP QD SUYL UHG JUHGLFD GUYHQL SRGPHWDþL L RSHW UHG
JUHGLFD
6WURSQL EORNRYL VHSUHYR]HXSDOHWQRPSDNLUDQMXãWREOLåHGRVDPRJJUDGLOLãWD1LMHSUHSRUXþOMLYR
RWYDUDWL SRNULYNX SDOHWD VYH GR WUHQXWND XSRUDEH EORNRYD $NR SULOLNH GRSXãWDMX QDMEROMH MH þLWDYH SDOHWH
SRGLüL DXWRGL]DOLFRP LOL JUDGLOLãQRP GL]DOLFRP ãWR EOLåH PMHVWX NRQVWUXNFLMH NRMX VH L]YRGL .DG VX X
XSRUDEL PDOH HOHNWULþQH GL]DOLFH SRWUHEQR MH IRUPLUDWL NRUSX X NRMX SULNODGQR VWDMH EDUHP  VWURSQLK
EORNRYD
.DGVHUDELJUDGLOLãQDGL]DOLFDUDFLRQDOQRMHGRQRVLWLJUHGLFHGL]DOLFRPQDPMHVWRSRVWDYOMDQMDLWR
SR MHGQX LOL YLãH JUHGLFD 8PMHãQLP SRGXSLUDQMHP X VXKRSRVWDYOMHQLKEORNRYDEXGXüHJELMHORJVWURSDQD
RGUHÿHQRPPMHVWXPRåHVHIRUPLUDWLPMHVWRQDNRMHVHSRVWDYOMDSDOHWDDL]QMHVHGDOMHMHGQRVWDYQRSXQH
VWURSQLEORNRYL
3ULSRGL]DQMXVWURSQLKEORNRYDYDOMDLPDWLQDXPXGDVHRQLPRJXSXQLWLVJRUQMHVWUDQHDOLLVGRQMHVWUDQH
EXGXüHNRQVWUXNFLMH

32'83,5$1-(,1$'9,â(1-(

3RWUHED]DSRGXSLUDQMHP
3RGXSLUDQMH L QDGYLãHQMH X XVNRM VX YH]L 8 RVQRYL SRGXSLUDQMH DNR JD LPD PRUD RVLJXUDWL
NRQVWUXNFLMLQRVLYRVWLVWDELOQRVWXID]LPRQWLUDQMD1DGYLãHQMHRVLJXUDYDSUDYLODQREOLNJRWRYHNRQVWUXNFLMH
NDR EL ]DYUãQD REUDGD V GRQMH VWUDQH ELOD ãWR MHGQRVWDYQLMD 3RVOMHGQML ]DKWMHY PRåH ELWL PMHURGDYDQ L ]D
SRGXSLUDQMH3RGXSLUDQMHMHGDNOHXXVNRMYH]LVQDGYLãHQMHPDMHGQRLGUXJRXXVNRMVXVYH]LVQDþLQRP
SURL]YRGQMHJUHGLFD

*UHGLFHSURL]YHGHQHVPLQLPDOQRPDUPDWXURPLGRYROMQLPUDGLMXVRP]DNULYOMHQRVWLQDGYLãHQMLPD
0LQLPDOQX DUPDWXUX JUHGLFH þLQH VDPR GYD 5HãHWNDVWD $UPDWXUQD 1RVDþD 5$1 3RWUHEQD
VDPRQRVLYRVWJUHGLFHVHSRVWLåHXOMHWQRPUD]GREOMXQDNRQVDWLDX]LPVNRPQDNRQVDWDRG]DYUãHWND
EHWRQLUDQMDSRMDVQLFH
=DJUHGLFHDUPLUDQHVGYD5$1QRVDþDPPGRYROMDQUDGLMXV]NULYOMHQRVWLMHUP
5DVSRQGRNRMHJDQLMHSRWUHEQRSRGXSLUDQMHL]QRVLP

*UHGLFHSURL]YHGHQHVGRGDWQRPDUPDWXURPLGRYROMQLPUDGLMXVRP]DNULYOMHQRVWLQDGYLãHQMLPD
3RWSXQR DNWLYLUDQMH GRGDWQH DUPDWXUH X VDPRQRVLYRVWL JUHGLFD PRJXüH MH ]D ãLSNH SRVWDYOMHQH X
SRMDVQLFL DNR MH VWDURVW EHWRQD QDMPDQMH  GDQD WH ]D XQXWUDãQMH ãLSNH JRUQMHJ SRMDVD VWLVQXWH 5$1
QRVDþLPD9DQMVNHãLSNHJRUQMHJSRMDVDQLMHPRJXüHDNWLYLUDWLXVDPRQRVLYRVWLSULOLNRPPRQWDåH
5DGLMXVU PGRYROMDQMH]DUDVSRQGRP
5DGLMXV]DNULYOMHQRVWLU PGRYROMDQMH]DUDVSRQP
3RWUHEQDGRGDWQDDUPDWXUDX]5$1MHI5$JRUHLGROMH
5DGLMXV]DNULYOMHQRVWLU GRYROMDQMH]DUDVSRQRGP

*UHGLFHSURL]YHGHQHVQHGRYROMQLPUDGLMXVRP]DNULYOMHQRVWLPLQLPDOQLPQDGYLãHQMLPD
0LQLPDOQRQDGYLãHQMHQDVWDMHX]UDGLMXV]DNULYOMHQRVWLU 6DPRQRVLYRVWMHPRJXüDVDPRGR
P3UHNRWRJDUDVSRQDSRWUHEQRMHSRGXSLUDQMHEH]RE]LUDQDNROLþLQXXJUDÿHQHDUPDWXUH1DVLOQRSRVWL]DQMH
QDGYLãHQMDSRGL]DQMHPJUHGLFDXVUHGLQLUDVSRQDQHPDNRQVWUXNWLYQRJXþLQNDLQLMHSULKYDWOMLYR




3RVWDYOMDQMHGMHODWQLKSRGXSRUD

'MHODWQLP SRWSRUDPD VPDWUDMX VH RQH NRMH VX QXåQH ]ERJ QRVLYRVWL VXVWDYD X ID]L PRQWDåH
3RQHNDGD QDLPH GLR SRWSRUD PRåH ELWL SRVWDYOMHQ X] VDPH RVORQFH LOL QD NUDMHYLPD NRQ]ROD NDNR EL VH
RVLJXUDODVDYUãHQDJHRPHWULMD
'MHODWQHSRGXSRUHMHSUDNWLþQRSRVWDYLWLQDNRQãWRVHRVQRYQHJUHGLFHUDVSRUHGHQDVYRMDPMHVWD5D]PDN
PHÿXQMLPDRVLJXUDYDVHMHGQLPUHGRPEORNRYDLOLOHåDMQLFDPD3UDNWLþQLMHMHWRUDGLWLVUHGRPEORNRYDMHU
RQLPRJXSRVOXåLWLL]DKRGDQMH3RGXSRUHVHSRVWDYOMDMXLVWRGREQRVGUYHQLPQDJODYQLPJUHGDPD3RGXSRUH
VHSRGLåXNOLQRYLPDGRNQDJODYQHJUHGHQHGRWDNQXVYDNXJUHGLFX
$NR VH SRWSRUH SRVWDYOMDMX QD SUHWKRGQR L]YHGHQL ELMHOL VWURS WDGD VH LVSRG SRWSRUH RGQRVQR NOLQRYD
SRVWDYOMDGDVNDLOLVOLþQRNDNRELVHRVODQMDQMHRGYLMDORQDYLãHRGMHGQRPVWURSQRPEORNX

*XVWRüDSRGXSRUD

'MHODWQH SRWSRUH ]D JUHGQL VXVWDY SRVWDYOMDMX VH X VUHGQMRM FUWL LOL EOL]X VUHGQMH FUWH 0HWDOQL
SRGXSLUDþLLGUYHQHJUHGHRELþQRQRVHYLãHRGN1ãWR]QDþLGDPRJXQRVLWLFFDPELMHORJVWURSDXID]L
PRQWDåH6WRJDMHLQDUDVSRQRGPGRYROMQRSRWSRUHSRVWDYOMDWLVYDNLKPGDNOHSULEOLåQRXVUHGLQL
%XGXüLSRORYLFXWHUHWDSUHX]LPDMX]LGRYLGUXJXSRORYLFXSUHX]LPDMXSRWSRUH6WRJDMHSULEOLåDQSRWUHEDQ
EURMSRGXSLUDþDMHGQDNSRYUãLQLELMHORJVWURSDSRGLMHOMHQVGR

3RGXSLUDQMHNRQ]ROD

3RGXSLUDQMHNRQ]RODRVMHWOMLYLMLMH]DGDWDNRGSRGXSLUDQMDJUHGQLKUDVSRQD2QRRYLVLRWRPHLPDOL
NRQ]RODNRULMHQSURWXUDVSRQL]JUHGLFHLOLVDPRL]DUPDWXUQLKãLSNL.RQ]ROHVNRULMHQRPL]JUHGLFDQLMH
SRWUHEQRSRGXSLUDWLDOLMHSUDNWLþQRSRUDYQDWLLPNUDMUDVSRQD]ERJWRþQRVWLJRWRYHNRQVWUXNFLMH.RQ]ROH
EH]NRULMHQDSRWUHEQRMHSRGXSLUDWLLQDVORERGQRPNUDMXLOLX]VDPLNUDM

3RGXSLUDQMHVSRMHYDJUHGLFD

3RGXSLUDQMH VSRMHYD JUHGLFD PHÿXVREQR LOL JUHGLFD L QRVDþD X SORþL SRVHEQR MH RVMHWOMLYR PMHVWR
2QRELWQRRYLVLRWRPHMHVXOLVSRMHYL]DYDUHQLLOLQLVX
$NR VSRMHYL QLVX ]DYDUHQL WDGD VSRUHGQD JUHGLFD VYDNRJ VSRMD PRUD ELWL SRGXSUWD QD PMHVWX VSRMD 2YD
SRGXSRUDPRUDRVWDWLEDUHPVHGDPGDQD3RGXSLUDQMHJODYQHLOLJODYQLKJUHGLFDRYLVLRNRQNUHWQRMVLWXDFLML
QDJUDÿHYLQL
$NR VX VSRMHYL ]DYDUHQL WDGD VSRUHGQX JUHGLFX QLMH SRWUHEQR SRGXSLUDWL D SRGXSLUDQMH JODYQH RGQRVQR
JODYQLKJUHGLFDRYLVLRNRQNUHWQRMVLWXDFLML7UDMDQMHSRGXSLUDQMDWDNRÿHURYLVLRNRQNUHWQRMVLWXDFLML



3267$9/-$1-(%,-(/2*67523$

3RVWDYOMDQMHLSLOMHQMHEORNRYD
3RVWXSDNPRQWLUDQMDEORNDXVWURSPRUDVHRGYLMDWLSUHPDVOLMHGHüHP
%ORNRYLVHPRQWLUDMXWDNRGDGMHODWQLNVWRMLQDSUHWKRGQRSRVWDYOMHQLPEORNRYLPD1LNDNRQHVPLMHVWDMDWL
QDJUHGLFDPDLOLOHåDMQLFDPD
1DMHGDQEORNQHVPLMHVWDWLYLãHRGMHGQRJþRYMHND3UHSRUXþDVHVWDMDWLX]UXERYHEORNDDSRPRJXüQRVWL
JD]LWLQDVDVWDYQLFHGYDEORND
$NRVHL]JHRPHWULMVNLKUD]ORJDEORNPRUDVX]LWLVDFPQDPDQMHWDGDPXXWRPRPMHUXRSDGDLQRVLYRVW
LWDMVHEORNPRUDL]EMHJDYDWLSULKRGDQMX
.UHWDQMH SR VXKR PRQWLUDQLP LVSXQDPD PRUD ELWL PLUQR EH] SRVNDNLYDQMD 3UL SRVWDYOMDQMX EORND D L
NDVQLMH EORN VH PRåH XGDUDWL VDPR JXPHQLP þHNLüHP 3ULMHQRV YHüLK WHUHWD LOL YRåQMD NROLFLPD PRUD VH
RGYLMDWLSRPRüXGDVDNDNRMHVHSRVWDYOMDMXSUHNREORNRYD
3ULUXþQLPDWHULMDOL]DUDGEORNRYHPRUWVYMHåLEHWRQQHVPLMXVHJRPLODWLQDMHGQRPPMHVWX
1DMRVMHWOMLYLMD ID]D MH RQD X NRMRM VH SRVWDYOMDMX EHWRQ L UHEUD WDQNRVORMQL PRUW WH HYHQWXDOQR FHPHQWQL
QDPD]

3RVWDYOMDQMHSRSUHþQLKUHEDUD
3RVWDYOMDQMHSRSUHþQLKUHEDUDYUãLVHQDNRQSRVWDYOMDQMDJUHGLFDOHåDMQLFDLEORNRYD3RVWDYOMDQMHVH
VDVWRML RG XYODþHQMD JRUQMH L GRQMH ãLSNH SRSUHþQRJ UHEUD 'RQMD ãLSND VH SRVWDYOMD QHSRVUHGQR L]QDG
EHWRQVNRJWLMHODOHåDMQLFH*RUQMDãLSNDVHPRåHSRVWDYOMDWLQDGYDQDþLQDLWRLVSRGDUPDWXUHJRUQMH
]RQH JUHGLFH SUL þHPX VH ãLSND YH]XMH åLFRP ]D WX DUPDWXUX  GD VH DUPDWXUD SRVWDYL L]QDG DUPDWXUH
JRUQMH]RQHJUHGLFH'UXJLVOXþDMVHUDELXSULOLNDPDNDGDMHXJRUQMRM]RQLJUHGLFDYHOLNDNROLþLQDDUPDWXUH
2VRELWR SDåOMLY YDOMD ELWL NRG SRVWDYOMDQMD DUPDWXUH NRMD VHQDVWDYOMD]ERJRGOXNHNDNRXYODþLWLDUPDWXUX
NRMD VH QDVWDYOMD 6YDNDYH]DSRSUHþQRJUHEUDXUXEQLYLMHQDFPRUD]DYUãLWLNRPDGRPDUPDWXUH8REOLND
WDNRGDVHREXKYDWLYLMHQDFLQDVWDYHJRUQMDLGRQMDãLSNDSRSUHþQRJUHEUD

3RVWDYOMDQMHYLMHQDFD
9LMHQFH ELMHORJ VWURSD SRVWDYOMDMX VH L]QDG ]LGRYD 3DåQMX WUHED REUDWLWL QD WR GD VH VYD SRSUHþQD
UHEUDVLGUHXYLMHQFH1DURþLWXSR]RUQRVWWUHEDREUDWLWLQDWRGDVHQDXJORYLPDSORþHRVLJXUDSRYH]LYDQMH
DUPDWXUH L] GYD VPMHUD V SRWUHEQLPVLGUHQMLPD.DGDMHELMHOLVWURS]DYUãQDRGQRVQRNURYQDNRQVWUXNFLMD
WDGD VH ]DYUãHFL DUPDWXUH VWXSRYD RGQRVQR XVSUDYQLK VHUNODåD PRUDMX VDYLQXWL L VLGULWL X YLMHQFH ELMHORJ
VWURSD

,]YRÿHQMHUXERYDNRQ]RODLNURYQLKVWUHKD
,]YRÿHQMH UXERYD NRQ]ROD L NURYQLK VWUHKD RVMHWOMLYR MH ]ERJ VDPH WRþQRVWL NRMX WUHED SRVWLüL
5HGRYLWRMHSRWUHEQRSRGXSULMHWLWDMUXELL]UDYQDWLJDLOLX]QMHJDSRVWDYLWLGRYROMQRNUXWXGDVNXLX]QMX
SULVLOLWLUXERYHJUHGLFDQDUDYQDQMH

,]UDGDLXJUDGQMDPLNUREHWRQDXJODYQDLSRSUHþQDUHEUD
8JUDGQMDPLNUREHWRQDPRUDSRVWLüLRVQRYQLFLOMGDGREURSRSXQLSURVWRUHRNRDUPDWXUH]ERJQMHQH
]DãWLWH 6WRJD MH QDMEROMH SURL]YHVWL PLNUR EHWRQ X YROXPQRP RPMHUX  GLMHOD SLMHVND IUDNFLMH  PP L
MHGQRJGLMHODFHPHQWD.ROLþLQDFHPHQWDMHSULEOLåQRNJP.ROLþLQDYRGHPRUDELWLWROLNDGHVHEHWRQ
VDPUDVSRUHÿXMHNDGVHL]OLMHXNDQDOHELMHORJVWURSD3UHYHOLNLYRGRFHPHQWQLIDNWRURPMHUYRGHLFHPHQWD
QH WUHED ]DEULQMDYDWL MHU ODNL \WRQJ EHWRQ YUOR EU]R SRSLMH SUHNRPMHUQX NROLþLQX YRGH 2YDM HIHNDW MH
SRåHOMDQ MHU GLMHORP FHPHQWQR POLMHNR SURGLUH X ODNL EHWRQ L MRã YLãH ãLUL ]DãWLWQL RPRWDþ RNR DUPDWXUQLK
ãLSNL
3RVHEQR QD NRVLP SORKDPD WUHED ELWL SDåOMLY L QHãWR VPDQMLWL NROLþLQX YRGH NDNR VH PLNUR EHWRQ QH EL
L]OLMHYDRL]QDJQXWLKNDQDODELMHORJVWURSD6DPRL]OLMHYDQMHPLNUREHWRQDQDMEROMHMHQDPMHVWLPDNULåDQMD
JUHGLFDLOHåDMQLFD
3RUDYQDYDQMHPLNUREHWRQDXNDQDOLPDYUãLWLWHNQDNRQãWRODNLEHWRQXSLMHYLãDNYRGHXEHWRQXFFDVDWD
QDNRQL]OLMHYDQMD


,]UDGDLXJUDGQMDWDQNRVORMQRJPRUWD
7DQNRVORMQL PRUW MH SRVHEQR YDåDQ VDVWDYQL GLR ELMHORJ VWURSD 3RVWDYOMD JD VH QDMUDQLMHMHGDQVDW
QDNRQ XJUDGQMH PLNUR EHWRQD GR MHGQRJ LOL YLãH GDQD 3UHGXJR þHNDQMH QLMH SRåHOMQR MHU VH QDG EORNRYH L
QMLKRYH VSRMHYH VSXãWD SUOMDYãWLQD 0RUW VH QDþLQL ULMHWNLP NDR PMHãDYLQD <WRQJ PRUWD FHPHQWD L YRGH
'RGDWDNFHPHQWDVHNUHüHRNR]LPLLQHãWRPDQMHOMHWL0MHãDYLQDPRUDELWLULMHWNDWROLNRGDVHVDPD
UD]OLMHYDSRSRYUãLQL1DQRVLJDVHVORERGQLPL]OLMHYDQMHP5DYQDQMHQLMHQXåQRDNRJDVHUDGLRQGDVHWR
PRåHREDYLWLPHWORP.DGVHUDGLRNURYQRMNRQVWUXNFLMLWDGDJDVHPRåHEODJRSRUDYQDWLGOHWHURP-HGQDRG
RVQRYQLK IXQNFLMD WDQNRVORMQRJ PRUWD MH SRSXQMDYDQMH VOMXEQLFD PHÿX EORNRYLPD 6WRJD PDVQRüD PRUWD
QHPDQHNXSRVHEQXVYUKX
.YDOLWHWQRSRVWDYOMHQLWDQNRVORMQLPRUWNRQVWUXNFLMXþLQLYRGRQHSURSXVQRP

,]UDGDåEXNHQDELMHORPVWURSX
äEXNDQDELMHORPVWURSXXQDþHOXVHL]YRGLVHNDRLQDVYDNRPGUXJRP\WRQJ]LGX7ULVXUDFLRQDOQD
QDþLQD L]YRÿHQMD ]DYUãQRJ VORMD RGQRVQR åEXNH 3UYL QDþLQ MH L]UDGD LPSUHJQDFLMH D SRWRP VH SRVWDYOMD
MHGQRVORMQDYDSQHQRJLSVDQDåEXNDGHEOMLQHPP1DQRVLVHVWURMQRLOLUXþQR=ERJXNOMHãWHQMDEORNRYD
JUHGLFDPDLSRSUHþQLPUHEULPDQHPDRSDVQRVWLRGSXFDQMDåEXNHQDGRGLULPDGYDMXUD]OLþLWLKPDWHULMDOD8
SUYLKWULGRþHWLULWMHGQDQDåEXFLVHSULPMHüXMHUD]OLNDXERML]ERJUD]OLþLWHEU]LQHVXãHQMD'UXJLQDþLQMH
L]UDGD JOHW PDVH X GYD WDQND VORMD 8 SUYRP VORMX MH PRJXüH VWDYLWL XRELþDMHQH PUHåLFH 3RGORJD ]D
SRVWDYOMDQHSUYRJVORMDJOHWPDVHPRUDELWLþLVWDLGREURQDYODåHQD'HEOMLQDJOHWDQRJVORMDPRUDELWLEDUHP
PP
7UHüLQDþLQL]UDGH]DYUãQRJVORMDMHXSRUDEDWDQNRVORMQRJPRUWDNDRJOHWPDVH6DVWDYWDQNRVORMQRJPRUWD
PRUDELWLLVWLRQDMNRMLMHLQDJRUQMRMVWUDQLVWURSD3RGORJDPRUDELWLGREURQDYODåHQD

3RNURYLQDELMHORPVWURSX
3RNURYL QD NRQVWUXNFLML ELMHOL VWURS ELWQR VH UD]OLNXMX RG XRELþDMHQLK MHU MH ELMHOL VWURS YHOLNLP
GLMHORPWRSOLQVNDL]RODFLMDLSDUQDEUDQD
1DMMHGQRVWDYQLMLNRVLNURYLPDL]QDGELMHORJVWURSDSRVWDYOMHQXKLGURL]RODFLMXQDGQMXSRVWDYOMHQHOHWYH]D
FULMHSDL]PHÿXOHWYLSRVWDYLWLSUHRVWDOLGLRWRSOLQVNHL]RODFLMH8YLMHNSUHPDSRGDFLPDL]SURMHNWD
/HWYHVHXNRQVWUXNFLMXSULþYUãüXMXþDYOLPDSULþHPXMHPRJXüHþDYODQMHXEHWRQVNLGLRJUHGLFDþHOLþQLP
þDYOLPD LOL þDYODQMH DOXPLQLMVNLP þDYOLPD X ODNREHWRQVNLVWURSQLEORN3ULOLNRPXGDUDQMDþDYDODWUHEDELWL
RSUH]DQ GD VH EORNRYL QH SUHORPH LOL RãWHWH 3UHSRUXþD VH OHWYX V GRQMH VWUDQH QD PMHVWLPD JGMH VX þDYOL
ORNDOQR]DãWLWLRGSURGRUDYRGH$OWHUQDWLYQRVHPRåHVGRQMHVWUDQH]DãWLWLþLWDYDOHWYD
1HãWR UDVNRãQLML NRVL NURY MH RQDM NRG NRMHJD VH QDG ELMHOL VWURS SRVWDYH OHWYH D PHÿX QMLK SUHRVWDOL GLR
WRSOLQVNH L]RODFLMH 3RWRP VH SRVWDYOMD IROLMD NDR KLGURL]RODFLMD XYLMHN SDURSURSXVQD WH QD QMX OHWYH L]
GUXJRJVPMHUDNDRQRVDþLFULMHSD

1DUDYQLPNURYRYLPDL]QDGELMHORJVWURSDSRVWDYOMDVHELWXPHQVNDWUDNDVXORãNRPRGDOXIROLMD
PPãWRSUHGVWDYOMDKLGURL]RODFLMXLSDUQXEUDQX1DNRQWRJDSRVWDYOMDVHSUHRVWDODWRSOLQVNDL]RODFLMD
L]QDGQMHIROLMDDSRWRP$%HVWULK



8./$1-$1-(%,-(/2*67523$

3RVHEQR VYRMVWYR ELMHORJ VWURSD MH PRJXüQRVW QMHJRYH GHPRQWDåH RGQRVQR XNODQMDQMD V WLP GD VH
VDþXYD YLãH RG    YULMHGQRVWL QMHJRYLK GLMHORYD ]DSRQRYQXXSRUDEX3RWUHED]DXNODQMDQMHPPRåHVH
SRMDYLWL SULOLNRP QDGRJUDGQMH NXüH RGQRVQR ]JUDGH NRMD LPD UDYQL LOL NRVL NURY LOL SULOLNRP UXãHQMD
GRWUDMDOLK]JUDGD
'HPRQWLUDQMHELMHORJVWURSD]DSRþLQMHXNODQMDQMHPVORMHYDNRMLVXQDGQMLPWDNRGDJDVHVJRUQMH
VWUDQH RþLVWL GR JROH NRQVWUXNFLMH 6NLGDQMH ]DSRþLQMH WDNR GD VH XNORQL MHGQDQ UHGD EORNRYD L SRSUHþQLK
UHEDUDRELþQRSUYLUHGX]UXE8WRPUHGXVORPLVHMHGDQRELþQRSUYLEORN2GQDVWDORJRWYRUDX]ODJDQR
XGDUDQMH V GRQMH VWUDQH SRPRüX NOLQRYD L SR QDþHOX SROXJH JXOL VH VOLMHGHüL EORN GR PMHVWD SUYRJ
SRSUHþQRJ UHEUD 3RSUHþQR UHEUR VH XNODQMD ãWHPDQMHP EHWRQD L]QDG OHåDMQLFH L SUHVLMHFDQMHP QMHJRYLK
DUPDWXUQLK ãLSNL 3RWRP VH SRVWXSDN QDVWDYOMD GR NUDMD RGJRYDUDMXüHJ UHGD 2VORERÿHQD JUHGLFD VH SR
QDþHOX SROXJH EODJR UD]PDNQH RG EORNRYD VOLMHGHüHJ UHGD L SRQDYOMD SRVWXSDN XNODQMDQMD NDR NRG SUYRJ
RGQRVQRSUHWKRGQRJUHGD
2VORERÿHQRM JUHGLFL VH XNORQL RGãWHPD EHWRQ L]QDG SRMDVQLFH þLPH MH RQD SULSUDYQD ]D VNLGDQMH åEXNX
NRMDVHHYHQWXDOQRQDOD]LODVGRQMHVWUDQHNRQVWUXNFLMHQLMHQHRSKRGQRXNODQMDWLXNROLNRVDPDRGVHEHQH
RWSDGQH
-DNR RãWHüHQH VWURSQH EORNRYH QD RVORFLPD QH VPLMH VH SRQRYQR XSRUDELWL 2ãWHüHQH EHWRQVNH GLMHORYH
SRMDVQLFDLOLOHåDMQLFDPRåHVH]DNUSDWLNYDOLWHWQLPFHPHQWQLPPRUWRPX]GRGDWDN61YH]HLOL<WRQJPRUWD

































 /,7(5$785$

' 'DQROLü33RNXVQDLVSLWLYDQMDNRQVWUXNFLMHELMHOLVWURSQDJUDGQML,QHVWJUDGQMH3ULNR%ODWR&X
2PLãX7YUWND3URNLRQ6SOLW
( (1(&3URMHNWLUDQMHþHOLþQLKNRQVWUXNFLMD
+ +51(19(XURNRG2VQRYHSURMHNWLUDQMDLGMHORYDQMDQDNRQVWUXNFLMHGLR2VQRYH
SURMHNWLUDQMD
+ +51(19(XURNRG2VQRYHSURMHNWLUDQMDLGMHORYDQMDQDNRQVWUXNFLMHGLR'MHORYDQMD
QDNRQVWUXNFLMH
+ +51(19(XURNRG3URMHNWLUDQMHEHWRQVNLKNRQVWUXNFLMDGLR2SüDSUDYLODL
SUDYLOD]D]JUDGH
+ +51(19(XURNRG3URMHNWLUDQMHEHWRQVNLKNRQVWUXNFLMDGLR2SüDSUDYLOD±
3UHGJRWRYOMHQLEHWRQVNLHOHPHQWLLNRQVWUXNFLMH
+ +51(19(XURNRG3URMHNWLUDQMHNRQVWUXNFLMDRWSRUQLKQDSRWUHVGLR2SüD
SUDYLOD±3RWUHVQDGMHORYDQMDLRSüL]DKWMHYL]DNRQVWUXNFLMH
+ +51(19(XURNRG3URMHNWLUDQMHNRQVWUXNFLMDRWSRUQLKQDSRWUHVGLR2SüD
SUDYLOD±2SüDSUDYLOD]D]JUDGH
+ +51(19(XURNRG3URMHNWLUDQMHNRQVWUXNFLMDRWSRUQLKQDSRWUHVGLR2SüD
SUDYLOD±3RVHEQDSUDYLOD]DUD]QDJUDGLYDLHOHPHQWH
+ +51(16SHFLILNDFLMD]D]LGQHHOHPHQWHGLR=LGQLHOHPHQWLRGSRUDVWRJEHWRQD
+ +51(1$6SHFLILNDFLMD]D]LGQHHOHPHQWHGLR=LGQLHOHPHQWLRGSRUDVWRJEHWRQD
+ +51(16SHFLILNDFLMDPRUWD]D]LÿHGLR0RUW]D]LÿH
00DURYLü3%LMHOLVWURSSRNXVQDLVSLWLYDQMD*UDÿHYLQVNLIDNXOWHW6YHXþLOLãWDX6SOLWX6SOLW
00DURYLü  3 3RNXVQD LVSLWLYDQMD NRQVWUXNFLMH ELMHOL VWURS QD JUDGQML .RQGDN // 0HWNRYLü
 *UDÿHYLQVNLIDNXOWHW6YHXþLOLãWDX6SOLWX6SOLW
00LKDQRYLü $ 6WDELOQRVW NRQVWUXNFLMD 'UXãWYR KUYDWVNLK JUDÿHYLQVNLK NRQVWUXNWRUD  VWU
 =DJUHE
00LKDQRYLü$L=5DN3RWSXQRDUPLUDQHODNREHWRQVNHNRQVWUXNFLMH*UDÿHYLQVNLIDNXOWHW6YHXþLOLãWD
X6SOLWXVWU6SOLW
00LKDQRYLü$%LMHOLVWURSWLSVNLSURMHNW*UDÿHYLQVNLIDNXOWHW6YHXþLOLãWDX6SOLWX6SOLW
0 0DURYLü 3 L $ 0LKDQRYLü 7(03 .RPSMXWRUVNL SURJUDP ]D YUHPHQVNL WRSOLQVNL RGJRYRU
UDYQLQVNLKNRQVWUXNFLMD*UDÿHYLQVNLIDNXOWHW6YHXþLOLãWDX6SOLWX
00LKDQRYLü$6DPRQRVLYLODNREHWRQVNL]LGDQLVWURSSDWHQWQDSULMDYD3$'UåDYQL]DYRG]D
LQWHOHNWXDOQRYODVQLãWYR=DJUHE
7 7HKQLþNLSURSLV]DEHWRQVNHNRQVWUXNFLMH11L,2SüHRGUHGEH
7 7HKQLþNLSURSLV]DEHWRQVNHNRQVWUXNFLMH11L,,,*UDÿHYQLSURL]YRGL]DEHWRQVNH
NRQVWUXNFLMH
7 7HKQLþNLSURSLV]DEHWRQVNHNRQVWUXNFLMH11L,93URMHNWLUDQMHEHWRQVNLK
NRQVWUXNFLMD
7 7HKQLþNLSURSLV]DEHWRQVNHNRQVWUXNFLMH11L3ULORJ$%HWRQ
7 7HKQLþNLSURSLV]DEHWRQVNHNRQVWUXNFLMH11L3ULORJ*3UHGJRWRYOMHQLEHWRQVNL
HOHPHQWL
7 7HKQLþNLSURSLV]DEHWRQVNHNRQVWUXNFLMH11L3ULORJ,3URMHNWLUDQMHEHWRQVNLK
NRQVWUXNFLMDXVNODGXVD+UYDWVNLP1RUPDPD
7 7HKQLþNLSURSLV]DþHOLþQHNRQVWUXNFLMH11
= =DNRQRJUDÿHYQLPSURL]YRGLPD11,2SüHRGUHGEH
= =DNRQRJUDÿHYQLPSURL]YRGLPD11,,,2FMHQMLYDQMHVXNODGQRVWL