3UROMHÁH QD 9RONVZDJHQ QDÃLQ .DNR ELVWH ELOL VLJXUQL GD MH YD DXWRPRELO VSUHPDQ ]D GROD]DN SUROMHÈD L WRSOLMLK GDQD SRVMHWLWH VYRM RYOD WHQL 9RONVZDJHQ VHUYLV L LVNRULVWLWH SUROMHWQH DNFLMVNH FLMHQH 9RONVZDJHQ RULJLQDOQH GRGDWQH RSUHPH L 9RONVZDJHQ RULJLQDOQLK GLMHORYD %RJDWD SRQXGD JXPD DOXPLQLMVNLK QDSODWDND QDYLJDFLMVNLK L EOXHWRRWK XUHÒDMD L RVWDOLK VLWQLFD NRMH ÈH XÊLQLWL VUHWQLP YDV L YD DXWRPRELO
PR D V =D QX
NX
ZZZ YRONVZDJHQ FRP KU
3UHJOHG YR]LOD ]D VDPR NXQX
9RONVZDJHQ VHUYLV 'D EL 9D 9RONVZDJHQ RVWDR 9RONVZDJHQ
/MHWQH JXPH ]DPLMHQLWH ]LPVNX RE 6LJXUQRVW SULMH VYHJD *XPH VX MHGDQ RG SUHVXGQLK IDNWRUD ]D VLJXUQRVW X YR QML MHU RVWYDUXMX NRQWDNW L]PHÒX DXWRPRELOD L FHVWH %LWQR MH GD WLMHNRP FLMHOH JRGLQH YR]LOR LPD RGJRYDUDMXÈH LVSUDYQH JXPH MHU VH RQH WUR H XVOLMHG WUHQMD V SRGORJRP 1HSUDYLOQL WODN X JXPDPD MHGDQ MH RG QDMÊH ÈLK X]URND R WHÈHQMD =DWR MH ELWQR UHGRYLWR JD NRQWUROLUDWL SRVHEQR SULMH GX LK SXWRYDQMD 1DJOR XEU]DYDQMH LOL NRÊHQMH WDNRÒHU VNUDÈXMH LYRWQL YLMHN JXPD ,VSUDYQH JXPH ]QDÊDMQR SULGRQRVH XGREQRVWL L VLJXUQRVWL X YR QML VNUDÈXMX SXW NRÊHQMD QD PRNURP L VXKRP NROQLNX VPDQMXMX SRWUR QMX JRULYD RPRJXÈXMX VLJXUQR ]DGU DYDQMH VPMHUD YR QMH QD PRNURP NROQLNX =D YDV VPR SRVHEQR L]GYRMLOL NYDOLWHWQH JXPH SR L]X]HWQR SRYROMQLP FLMHQDPD WH EHVSODWQX ]DPMHQX NRMD XNOMXÊXMH PRQWD X L EDODQVLUDQMH
6LJXUQR GR VOMHGHÈH ]LPH
+RWHO ]D JXPH
35('1267, YL H SURVWRUD X YD HP GRPX RGQRVQR JDUD L QDMEROMD QMHJD L SUDYLOQR VNODGL WHQMH JXPD ÊL ÈHQMH JXPD SUHPD YD RM HOML NRPSOHWQD EULJD ]D JXPH L VYH SR SRYROMQLP FLMHQDPD
%HVSODWQD PRQWD D L EDODQVLUDQMH =D JXPH LOL NRPSOHWH NRWDÊD NXSOMHQH WLMHNRP 3UROMHWQH DNFLMH X YD HP RYOD WHQRP 9RONVZDJHQ VHUYLVX YU LPR EHVSODWQX ]DPMHQX L EDODQVLUDQMH
NQ
5 7 7/ 675((7 -(7
NQ
5 7 7/ 675((7 -(7
NQ
5 + 7/ 63257 -(7
NQ
5 9 7/ 63257 -(7
NQ
5 9 7/ 63257 -(7
NQ
5 + 7/ 63257 -(7
NQ
5 9 7/ 63257 -(7
NQ
5 7 ;/ 675((7 -(7
NQ
5 9 7/ 63257 -(7
NQ
=5 : 7/ ;/ )5 63257 -(7
NQ
=5 : ;/ )5 63257 -(7
NQ
=5 : )5 63257 -(7
NQ
=5 : 7/ ;/ )5 63257 -(7
NQ
5 9 63257 -(7
NQ
5 9 ;/ )5 63257 -(7
NQ
5 & 5 9$1-(7
NQ
5 & 5 9$1-(7
NQ
EXÁX OMHWQRP 5 7 7/ &20)257 /,)(
NQ
5 7 7/ &RQWL(FR&RQWDFW
NQ
5 7 7/ &20)257 /,)(
NQ
5 7 7/ &RQWL(FR&RQWDFW
NQ
5 7 7/ &20)257 /,)(
NQ
5 7 7/ &RQWL(FR&RQWDFW
NQ
5 7 7/ &20)257 /,)(
NQ
5 + 7/ &RQWL(FR&RQWDFW
NQ
5 9 7/ 63((' /,)(
NQ
5 + 7/ &RQWL3UHPLXP&RQWDFW
NQ
5 + 7/ &20)257 /,)(
NQ
5 + 7/ &RQWL3UHPLXP&RQWDFW
NQ
5 7 7/ &20)257 /,)(
NQ
5 9 7/ &RQWL3UHPLXP&RQWDFW
NQ
5 9 7/ 63((' /,)(
NQ
5 + 7/ &RQWL3UHPLXP&RQWDFW
NQ
5 9 7/ 63((' /,)(
NQ
5 + 7/ &RQWL(FR&RQWDFW
NQ
5 + 7/ 63((' /,)(
NQ
5 + 7/ &RQWL3UHPLXP&RQWDFW
NQ
5 9 7/ 63((' /,)(
NQ
5 9 7/ &RQWL3UHPLXP&RQWDFW
NQ
5 7 7/ ;/ &20)257 /,)(
NQ
5 7 7/ 5) 9DQFR&RQWDFW
NQ
5 9 7/ 63((' /,)(
NQ
5 9 7/ &RQWL3UHPLXP&RQWDFW
NQ
5 + 7/ ;/ 63((' /,)(
NQ
5 9 7/ )5 &RQWL6SRUW&RQWDFW
NQ
=5 : 7/ 63((' /,)(
NQ
5 9 7/ &RQWL3UHPLXP&RQWDFW
NQ
5 : 7/ ;/ &RQWL3UHPLXP&RQWDFW
NQ
=5 : 7/ )5 63((' /,)(
NQ
=5 : 7/ )5 63((' /,)(
NQ
=5 < 7/ )5 &RQWL6SRUW&RQWDFW
NQ
=5 : 7/ ;/ )5 63((' /,)(
NQ
5 : 7/ )5 &RQWL6SRUW&RQWDFW &6
NQ
5 : 7/ ;/ )5 &RQWL6SRUW&RQWDFW
NQ
=5 < 7/ )5 &RQWL6SRUW&RQWDFW
NQ
=5 < 7/ ;/ )5 &RQWL6SRUW&RQWDFW
NQ
5 : ;/ )5 &RQWL6SRUW&RQWDFW &6
NQ
3ULOLNRP RGDELUD YD QR MH L]DEUDWL JXPH DGHNYDWQLK GLPHQ]LMD L LQGHNVD EU]LQH 2EUDWLWH VH ]D VDYMHW QD HP VWUXÊQRP RVREOMX 9D RYOD WHQL 9RONVZDJHQ VHUYLV
5 & 5 7/ 9DQFR
NQ
5 7 5) 9DQFR&RQWDFW
NQ
5 & 5 7/ 9DQFR
NQ
5 & + 7/ 9DQFR&RQWDFW
NQ
5 & 5 7/ 9DQFR
NQ
5 + 7/ ; &217$&7
NQ
5 9 7/ )5 ; &217$&7
NQ
5 9 ;/ )5 ; &217$&7 1
NQ
5 < ;/ &URVV&RQWDFW 8+3 1
NQ
5 < )5 ;/ &URVV&RQWDFW 8+3
NQ
5 < ;/ )5 [ 6SRUW&RQWDFW 1
NQ
5 < ;/ )5 [ 6SRUW&RQWDFW 1
NQ
5 < ;/ )5 &URVV&RQWDFW 8+3
NQ
=5 7/ ;/ )5 &URVV&RQWDFW 8+3
NQ
5 < ;/ &URVV&RQWDFW 8+3 1
NQ
$OXPLQLMVNL QDSODWFL ,VND LWH VYRM VSRUWVNL GXK
$OXPLQLMVNL QDSODWFL RVLP DWUDNWLYQRJ L]JOHGD GRMPLW ÈH YDV L IXQNFLRQDOQR ÈX 6PDQMHQMH PDVH NRMD GRSULQRVL PDQMRM SRWUR QML JRULYD WH NRPIRU X YR QML VDPR VX GYD DUJXPHQWD NRMD JRYRUH X SULORJ DOXPLQLMVNLK QDSODWDND 8 ERJDWRP L]ERUX QDSODWDND L GLPHQ]LMD NRMH YDP SR SRYROMQLP FLMHQDPD QXGLPR WLMHNRP 3UROMHWQH DNFLMH VLJXUQR ÈHWH SURQDÈL QH WR WR RGJRYDUD YD HP NDUDNWHUX L DXWRPRELOX
25,*,1$/
$OXPLQLMVNL QDSODWDN 6LPD 6D VYRMLK NUDNRYD DOXPLQLMVNL QDSODWDN 6LPD VQD QR LVWLÊH VSRUWVNL NDUDNWHU YD HJ DXWRPRELOD 1DSODWDN MH WHVWLUDQ SUHPD VWURJLP NULWHULMLPD 9RONVZDJHQ JUXSH JDUDQWLUDMXÈL YLVRN VWXSDQM VLJXUQRVWL IXQNFLRQDOQRVWL L NYDOLWHWH
3ROR ¯ [ 3ROR RG
¯ [ *ROI 9 *ROI 9, *ROI 3OXV &DGG\ RG -HWWD 7RXUDQ ¯ [ *ROI 9 *ROI 9, *ROI 3OXV &DGG\ RG -HWWD 7RXUDQ ¯ [ 6FLURFFR 3DVVDW && ¯ [
$76 7ZLVWHU
NQ .$7 %5 4 & =
1RYL LQRYDWLYQL GL]DMQ L]UDÒHQ RG NYDOLWHWQLK PDWHULMDOD NRML NRPELQLUDMX PDQMX WH LQX VLJXUQRVW L GXJRYMHÊQRVW
NQ .$7 %5 5 $ =
NQ .$7 %5 7 $ =
NQ
µ
NQ
µ
NQ
.$7 %5 7 & =
NQ
$=: =HQLW
.$7 %5 . =
%5,//,$17 65(%51$ 25,*,1$/
$OXPLQLMVNL QDSODWDN
¯ 6\HQLW 3ROR RG
NQ .$7 %5 5 =
µ
NQ
µ
NQ
µ
NQ
µ
NQ
NRPSOHW NRPDGD
7RUEH ]D JXPH 25,*,1$/
$OXPLQLMVNL QDSODWDN
¯ 7RSDV *ROI 9,
,]X]HWQR MH YD QR SUDYLOQR SRKUDQLWL JXPH GR VOMHGHÈH XSRWUHEH MHU VH WDNR SURGX XMH QMLKRYD WUDMQRVW 0MHVWR QD NRMHP VH JXPH VNODGL WH PRUD ELWL KODGQR PUDÊQR L VXKR
NQ
NQ
.$7 %5 . =
.$7 %5
6LVWHPDWVNL SUHJOHG YR]LOD
5& 0DWUL[
%
%
µ
NQ
µ
NQ
µ
NQ
µ
NQ
µ
NQ
µ
NQ
µ
NQ
µ
NQ
µ
NQ
%HVSODWQD SURYMHUD VWDQMD DNXPXODWRUD
3UHJOHG YR]LOD ]D VDPR NXQX =LPVNL WH NL XYMHWL QD FHVWL VQLMHJ OHG VRO QLVNH WHPSHUDWXUH PRJX RVWDYLWL WUDJD L QD YD HP DXWRPRELOX ,VNRULVWLWH ]DWR WUDGLFLRQDOQL SUROMHWQL SUHJOHG YR]LOD L SRVMHWLWH VYRM RYOD WHQL 9RONVZDJHQ VHUYLV 3URYMHULWH GD OL MH YD DXWRPRELO X WRS IRUPL
3RSLV SURYMHUD SURYMHUD VLJQDOL]DFLMH SURYMHUD XUHÒDMD ]D SUDQMH VWDNDOD XNOM SRGH HQRVW POD]QLFD
SURYMHUD PHWOLFD EULVDÊD SURYMHUD VWDQMD SURILOD L WODND X JXPDPD
PR D V =D QX
NX
SURYMHUD VLVWHPVNLK WHNXÈLQD UDVKODGQD WHN WHN ]D VWDNOD WHN ]D NRÊQLFH GDWXP ]DGQMH ]DPMHQH NRÊLRQH WHN
SURYMHUD UD]LQH XOMD SURYMHUD DNXPXODWRUD
2ULJLQDOQL 9RONVZDJHQ
DNXPXODWRU
9RGHÈD WHKQRORJLMD L YHOLND VQDJD RVLJXUDYDMX VYDNRP YR]LOX SHUIHNWQX RSVNUEX HQHUJLMH X VYDNR JRGL QMH GRED 6QD QL RULJLQDOQL DNXPXODWRU NRML X VYLP 9RONVZDJHQ YR]LOLPD VSDGD X VHULMVNX RSUHPX PR HWH RGVDG NDR GRGDWQX RSUHPX QDUXÊLWL ]D SXQR VWDULMH PRGHOH 2ULJLQDOQL DNXPXODWRU V WHKQRORJLMRP RORYR NDOFLM UDVSROD H EURMQLP SUHGQRVWLPD X RGQRVX QD NRQYHQFLRQDOQH DNXPXODWRUH VQD QR SRNUHWDQMH KODGQRJ PRWRUD V MDPVWYRP VWDUWD QD WHPSHUDWXUDPD GR R & SRWSXQR SRX]GDQL V PDOLP RSVHJRP RGU DYDQMD XVOLMHG VPDQMHQMD SRWUR QMH YRGH QDGPRÈQL JOHGH NRPIRUD SRX]GDQRVWL L SULMH VYHJD YLMHNRP WUDMDQMD PR H VH NRULVWLWL RGPDK SR LVSRUXFL QDSXQMHQ
SURYMHUD YMHWUREUDQVNRJ VWDNOD SURYMHUD NOLQDVWRJ UHPHQD SURYMHUD LVSX QRJ VXVWDYD
6758-$ (/(.7521,.$
32'92=-(
02725
UHIOHNWLUDMXÈL SUVOXN
$.808/$725
SURYMHUD REDYH]QH RSUHPH SUYD SRPRÈ NRPSOHW DUXOMD
1DMÊH ÈL NYDURYL QD DXWRPRELOX $&( $XWR &OXE (XURSH
2ULJLQDOQL 9RONVZDJHQ DNXPXODWRU
9$57$ %OXH '\QDPLF
NQ
NQ
9 $K
9 $K
2YOD WHQL 9RONVZDJHQ VHUYLV ([SUHVV VHUYLV 6YDNL 9RONVZDJHQ MH RULJLQDO .RG YDV MH X QDMEROMLP UXNDPD 3RGUD]XPLMHYD VH GD L PL GRSULQRVLPR WRPH GD RVWDQH RULJLQDO 6WDOQR XVDYU DYDQMH QD LK YUKXQVNL HGXFLUDQLK GMHODWQLND NRUL WHQMH 9RONVZDJHQ RULJLQDOQLK GLMHORYD WH VSHFLMDOQLK DODWD L GLMDJQRVWLÊNLK XUHÒDMD RVLJXUDYDMX QDMYHÈX PRJXÈX NYDOLWHWX X QD HP 9RONVZDJHQ VHUYLVX
6DPR NRG QDV VYD MDPVWYD SURL]YRËDÃD RVWDMX YD HÁD 7DNR VH SULPMHULFH VD VYDNLP VHUYLVRP NRML SUHPD SURSLVX SURL]YRÒDÊD REDYOMDWH X QD HP RYOD WHQRP 9RONVZDJHQ VHUYLVX SURGX XMH 9RONVZDJHQ PRELOQR MDPVWYR
.YDOLWHWD MH ]EURM PQRJLK GLMHORYD 9RONVZDJHQ RULJLQDOQL GLMHORYL QDVWDMX WLMHNRP UD]YRMD YD HJ 9RONVZDJHQ YR]LOD VYL GLMHORYL VX PHÒXVREQR XVNODÒHQL L SRVHEQR SULODJRÒHQL ]D YD H YR]LOR $NR VH X QHNRM PRGHOVNRM OLQLML SURYRGH SREROM DQMD RQD VH WDNRÒHU SUHQRVH L QD 9RONVZDJHQ RULJLQDOQH GLMHORYH 9R]LOD SRSUDYOMHQD 9RONVZDJHQ RULJLQDOQLP GLMHORYLPD SR VYRMLP NDUDNWHULVWLNDPD RGJRYDUDMX QRYRP YR]LOX
2VLJXUDMWH GXJRYMHÃQRVW VYRJ PRWRUD
2ULJLQDOQH 9RONVZDJHQ
NRÃLRQH REORJH .RÊQLFH LPDMX WH DN ]DGDWDN 0RUDMX UDGLWL EHVSULMHNRUQR QH VPLMX JRUMHWL VORPLWL VH LOL L]YLWL WH VH QH VPLMX SRNLGDWL LOL VOLMHSLWL 7DNRÒHU QH VPLMX L]JXELWL QD YULMHGQRVWL WUHQMD ,VSRG PLQLPDOQH GHEOMLQH RG PP NRÊLRQH REORJH JXEH VYRM RSWLPDOQL NRÊLRQL XÊLQDN L SRWUHEQD MH ]DPMHQD REORJD 9D 9RONVZDJHQ VHUYLVQL VDYMHWQLN SURYMHULW ÈH NRÊLRQH REORJH YD HJ YR]LOD X VNORSX NRQWUROQRJ VHUYLVD
35('1-, .203/(7 0RGHO
3ROR .6 N:
0RGHOVND JRGLQD
3ROR .6 N:
0RGHOVND JRGLQD
3ROR .6 N:
0RGHOVND JRGLQD
&DGG\ 6', .6
=GUDY LYRW
0RGHOVND JRGLQD
7UDQVSRUWHU 7', 0RGHOVND JRGLQD
8 PRWRUX YD HJ YR]LOD ]D YULMHPH UDGD SUHYODGDYDMX YLVRNH WHPSHUDWXUH L YLVRNL WODNRYL 0RWRUQD XOMD &DVWURO SURL]YHGHQD VX SR VWURJLP 9RONVZDJHQ VSHFLILNDFLMDPD NDNR EL PRWRU YD HJ YR]LOD LPDR QDMEROMX ]D WLWX L SRGPD]LYDQMH X VYLP XYMHWLPD UDGD
=DWUD LWH RG VYRJ VHUYLVQRJ VDYMHWQLND QDMEROMH ]D YD PRWRU XOMH &DVWURO
1RYD FLMHQD
NQ
NQ
675$ 1-, .203/(7 3ROR .6 N:
.$7 %5 $.
NQ
0RGHOVND JRGLQD
.$7 %5 $. ;
NQ
.$7 %5 $. 4 %
NQ
NQ
NQ
NQ
.$7 %5 $. 4 &
NQ
NQ
7UDQVSRUWHU 7', 0RGHOVND JRGLQD
.$7 %5 $. 0 )
.$7 %5 $. +0 $
NQ
NQ
NQ
NQ
.$7 %5 $. ' $
QDYHGHQH FLMHQH YULMHGH X] XYMHW GD MH L]YDÒHQL GLR L] YD HJ YR]LOD 9RONVZDJHQ RULJLQDOQL GLR WH GD LVWL XVWXSDWH 9RONVZDJHQ VHUYLVX
2ULJLQDOQL 9RONVZDJHQ
NRÃLRQL GLVN 35('1-, .20
3ROR .6 N:
&DGG\ 6', .6
7UDQVSRUWHU 7',
NQ
NQ
NQ
NQ
NQ
0RGHOVND JRGLQD
.$7 %5 $. 1 &
9RONVZDJHQ SUHSRUXÃXMH
6WDUD FLMHQD
NQ
0RGHOVND JRGLQD
.$7 %5 $. 1 '
0RGHOVND JRGLQD
.$7 %5 $. ' &
'D EL YD 9RONVZDJHQ RVWDR 9RONVZDJHQ 9RONVZDJHQ
VWUD QML LVSX QL ORQDF
2ULJLQDOQD 9RONVZDJHQ
SXPSD ]D YRGX
LURNL VSHNWDU XÃLQNRYLWRVWL 9RONVZDJHQ RULJLQDOQL LVSX QL ORQFL SRND]XMX L]YDQUHGQD DNXVWLÊND SULJX LYDÊND VYRMVWYD L SRGXSLUX RSWLPDOQL XÊLQDN PRWRUD %XGXÈL GD VX VYH NRPSRQHQWH YR]LOD RG PRWRUD GR VWUD QMHJ LVSX QRJ ORQFD QD QDMEROML PRJXÈL QDÊLQ XVNODÒHQH FMHORNXSQL LVSX QL VXVWDY PDNVLPDOQR MH RSWLPL]LUDQ .RQDÊQR SULPMHQD YUOR YULMHGQLK PDWHULMDOD MDPÊL GXJL YLMHN WUDMDQMD NRPSOHWQRJ LVSX QRJ VXVWDYD 0RGHO
0RG JRG
6WDUD FLMHQD
1RYD FLMHQD
3ROR .6 N:
.$7 %5 $. ' ;
3ROR .6 N:
.$7 %5 $. 1 *
3ROR .6 N:
.$7 %5 $. 4 $4
3ROR 6', .6 N:
.$7 %5 $. 4 %'
3ROR .6 N:
.$7 %5 $. 4 -
*ROI 6', .6 N:
.$7 %5 $. - '$
*ROI 7', .6 N:
.$7 %5 $. - &4
*ROI 7', .6 N:
.$7 %5 $. - &4
3DVVDW 7', .6 N:
.$7 %5 $. % %%
3DVVDW 7', .6 N:
.$7 %5 $. % $1
&DGG\ 6', N:
.$7 %5 $. . %
7UDQVSRUWHU 7', .$7 %5 $. %%
Y
NQ
NQ
NQ
NQ
NQ
NQ
NQ
NQ
NQ
NQ
NQ
NQ
NQ
NQ
NQ NQ
3ROR .6 N:
NQ
NQ
NQ
NQ
NQ
NQ
NQ
NQ
.$7 %5 $. &; $. ';
3ROR .6 N:
.$7 %5 $. /;
NQ NQ
3ROR 6', .6 N:
.$7 %5 $. -;
*ROI 7', .6 N:
*ROI 7', .6 N:
3DVVDW 7', .6 N:
3DVVDW 7', .6 N:
.$7 %5 $. -;
*ROI 6', .6 N:
&DGG\ 6', N:
.$7 %5 $. $;
NQ NQ
7UDQVSRUWHU 7',
.$7 %5 $. &;
NQ NQ QDYHGHQH FLMHQH YULMHGH X] XYMHW GD MH L]YDÒHQL GLR L] YD HJ YR]LOD 9RONVZDJHQ RULJLQDOQL GLR WH GD LVWL XVWXSDWH 9RONVZDJHQ VHUYLVX
2ULJLQDOQL 9RONVZDJHQ
SUHGQML RYMHV 3DVVDW 7', .6 N:
0RGHOVND JRGLQD
8SUDYOMDÊND VSRQD SUHGQMHJ RYMHVD
9RGHÈD VSRQD SUHGQMHJ RYMHVD
.$7 %5 $. ( $ LOL $. ( $ LOL $. ( $ LOL $. ( $
.$7 %5 $. ( $* LOL $. ( $*
NQ NQ
NQ NQ
2YOD WHQL 9RONVZDJHQ VHUYLV -HGQRVWDYDQ ]DGDWDN ]D 9RONVZDJHQ RULJLQDOQH GLMHORYH
2ULJLQDOQL 9RONVZDJHQ
DPRUWL]HU
35('1-, NRP
0RGHO
3ROR .6 N:
0RGHOVND JRGLQD
0RGHOVND JRGLQD
1RYD FLMHQD
NQ
NQ
3ROR .6 N:
0RGHOVND JRGLQD
.$7 %5 $. 1 (
NQ
NQ NQ
NQ
&DGG\ 6', .6 N:
.$7 %5 $. % $%
3DVVDW 7', .6 N:
0RGHOVND JRGLQD
NQ
0RGHOVND JRGLQD
.$7 %5 $. . $
NQ
NQ NQ
.$7 %5 $. % $%
&DGG\ 6', .6 N:
NQ
0RGHOVND JRGLQD
NQ
7UDQVSRUWHU 7', 0RGHOVND JRGLQD
.$7 %5 $. 1
.$7 %5 $. . *
7UDQVSRUWHU 7',
NQ
0RGHOVND JRGLQD
NQ
NQ NQ
.$7 %5 $. ' &
2ULJLQDOQL 9RONVZDJHQ
2ULJLQDOQR 9RONVZDJHQ
YMHWUREUDQVNR VWDNOR
OH DM SUHGQMHJ NRWDÃD
6WDUD FLMHQD
.$7 %5 $. 1 .
3DVVDW 7', .6 N:
3ROR .6 N:
3ROR .6 N:
3ROR 6', .6 N:
675$ 1-, NRP
9MHWUREUDQVNR VWDNOR WUHED X VYDNRP WUHQXWNX RPRJXÈDYDWL EHVSULMHNRUQX YLGOMLYRVW SD L X HNVWUHPQLP XYMHWLPD QD FHVWL VPDQMHQD YLGOMLYRVW XVOLMHG PDJOH NL H VQLMHJD 2 WHÈHQR YMHWUREUDQVNR VWDNOR SUHGVWDYOMD RSDVQRVW L ]D YDV L ]D RVWDOH VXGLRQLNH X SURPHWX
.$7 %5 $. 5 (
NQ NQ
3ROR .6 N:
0RGHO
6WDUD FLMHQD
1RYD FLMHQD
NQ
NQ
.$7 %5 $. 1
*ROI 7', .6 N:
*ROI 7', .6 N:
*ROI 6', .6 N:
3ROR .6 N:
0RGHOVND JRGLQD .$7 %5 $. 1 $&
3ROR .6 N:
3ROR 6', .6 N:
.$7 %5 $. -
&DGG\ 6', N:
NQ
3ROR .6 N:
NQ
0RGHOVND JRGLQD .$7 %5 $. 4 0
.$7 %5 $. %
NQ NQ
3DVVDW 7', .6 N:
*ROI 6', .6 N:
NQ
NQ
NQ
NQ
0RGHOVND JRGLQD .$7 %5 $. -
*ROI 7', .6 N:
0RGHOVND JRGLQD .$7 %5 $. - $(
.$7 %5 $. %
NQ NQ
3DVVDW 7', .6 N:
NQ
NQ
0RGHOVND JRGLQD .$7 %5 $. - $(
3DVVDW 7', .6 N:
NQ
NQ
0RGHOVND JRGLQD .$7 %5 $. % 6
.$7 %5 $. $
NQ NQ
7UDQVSRUWHU 7',
*ROI 7', .6 N:
.$7 %5 $. '
NQ NQ
3DVVDW 7', .6 N:
NQ
NQ
0RGHOVND JRGLQD .$7 %5 $. % 6
&DGG\ 6', .6 N:
NQ
NQ
0RGHOVND JRGLQD .$7 %5 $. . $'
7UDQVSRUWHU 7', 0RGHOVND JRGLQD .$7 %5 $. ' 3
NQ
NQ
'D EL YD 9RONVZDJHQ RVWDR 9RONVZDJHQ ([SUHVV VHUYLV
2ULJLQDOQL 9RONVZDJHQ VHW ]D ]DPMHQX
]XSÃDVWRJ UHPHQD
6DGU L QDWH]DÊ UHPHQD ]DNUHWQX UHPHQLFX L ]XSÊDVWL UHPHQ 0RGHO
3ROR .6 N:
6WDUD FLMHQD
1RYD FLMHQD
NQ
NQ
0RGHOVND JRGLQD .$7 %5 $. (
3ROR 6', .6 N:
NQ
NQ
0RGHOVND JRGLQD
.$7 %5 $. 0 L $. 1 L $. 0 L $. / '
*ROI 7', .6 N:
NQ
NQ
NQ
NQ
NQ
NQ
NQ
NQ
NQ
NQ
NQ
NQ
NQ
NQ
0RGHOVND JRGLQD .$7 %5 $. $
*ROI 7', .6 N:
0RGHOVND JRGLQD .$7 %5 $. $
0RGHOVND JRGLQD .$7 %5 $. (
0RGHOVND JRGLQD .$7 %5 $. $
&DGG\ 6', .6 0RGHOVND JRGLQD .$7 %5 $. (
7UDQVSRUWHU 7', 0RGHOVND JRGLQD .$7 %5 $. 4
0RGHOVND JRGLQD .$7 %5 $. $
. $ 6 9,6$
0RGHOVND JRGLQD .$7 %5 $. $
3DVVDW 7', .6 N:
58
(5
3DVVDW 7', .6 N:
3ROR
.6 N:
3 35( 2
*ROI 6', .6 N:
NQ
NQ
2ULJLQDOQL 9RONVZDJHQ
VHW VSRMNH
6SRMND ]DSUDYR VSRMQL VXVWDY MH NRPSRQHQWD NRMD VH SULPMHQMXMH ]D VWDOQR LOL SRYUHPHQR SRYH]LYDQMH ]DNUHWQLK GLMHORYD =DGDWDN MH SUHQR HQMH URWDFLRQLK JLEDQMD L ]DNUHWQRJ PRPHQWD 1D QMX GMHOXMX YLEUDFLMH SULWLVDN L YUXÈLQD WUHQMD VWRJD MH VSRMND MHGDQ RG QDMMDÊH RSWHUHÈHQLK HOHPHQDWD X SRJRQVNRP VXVWDYX 0RGHO
3ROR .6 N:
6WDUD FLMHQD
1RYD FLMHQD
NQ
NQ
6HW VDGU L SRWLVQX SORÊX ODPHOX SRWLVQL OH DM
0RGHOVND JRGLQD .$7 %5 $. %;
3ROR .6 N:
NQ
NQ
0RGHOVND JRGLQD .$7 %5 $. & '; $. & ; $. 7 %
3ROR 6', .6 N:
NQ
NQ
0RGHOVND JRGLQD .$7 %5 $. ; $. 5; $. 7 &
3ROR .6 N:
NQ
NQ
0RGHOVND JRGLQD .$7 %5 $. ' $; $. ' $; $. 7 &
*ROI 7', .6 N:
NQ
NQ
0RGHOVND JRGLQD .$7 %5 $. %; %H] SRWLVQRJ OH DMD
NQ
NQ
0RGHOVND JRGLQD .$7 %5 $. /; $. %; $. *
NQ
0RGHOVND JRGLQD .$7 %5 $. $; $. 1; $. %
3DVVDW 7', .6 N:
NQ
NQ
.6 N:
0RGHOVND JRGLQD .$7 %5 $. '; $. &; $. $ 0
58
. $ 6 9,6$
NQ
*ROI 7',
(5
3DVVDW 7', .6 N:
3 35( 2
*ROI 6', .6 N:
0RGHOVND JRGLQD .$7 %5 $. (;
&DGG\ 6', .6
NQ
NQ
0RGHOVND JRGLQD .$7 %5 $. 7; $. 0; $. *
7UDQVSRUWHU 7',
NQ
NQ
NQ
NQ
0RGHOVND JRGLQD .$7 %5 $. %;
QDYHGHQH FLMHQH YULMHGH X] XYMHW GD MH L]YDÒHQL GLR L] YD HJ YR]LOD 9RONVZDJHQ RULJLQDOQL GLR WH GD LVWL XVWXSDWH 9RONVZDJHQ VHUYLVX
(VWHWLND L IXQNFLRQDOQRVW X VSRUWVNR *ROI 9,
3UHGQML VSRMOHU
.URYQL VSRMOHU
NQ
NQ
.$7 %5 . *58
.$7 %5 . *58
3ROR RG
1DVWDYFL SUDJRYD
3UHGQML VSRMOHU
.URYQL VSRMOHU
6WUD QML VSRMOHU
NQ
NQ
NQ
NQ
.$7 %5 5 *58
.$7 %5 5 *58
.$7 %5 5 *58
.$7 %5 5 *58
6SRUWVNH SDSXÃLFH
%OHQGD DXVSXKD
1DSUDYOMHQH VX RG YLVRNRNYDOLWHWQRJ EUX HQRJ DOXPLQLMD L REOR HQH JXPRP UDGL EROMHJ NRQWDNWD
'XSOL LVSXK OLMHYR SURPMHUD [ PP *ROI 9, 7LJXDQ 6FLURFFR
NQ
NQ
.$7 %5 . .
.$7 %5 $
RP GXKX 2VORERGLWH VYRMX GLYOMX VWUDQX 6 DHURGLQDPLÊQLP SURL]YRGLPD L] OLQLMH 9RONVZDJHQ RULJLQDOQH GRGDWQH RSUHPH GRGDMWH VYRP 9RONVZDJHQ X WHPSHUDPHQWQRVW L VSRQWDQRVW -HU L YL VWH WDNYL
/(' VWRS VYMHWOR 6LJXUDQ QDÊLQ GD EXGHWH XRÊOMLYL /(' VWRS VYMHWOD MDVQR VLJQDOL]LUDMX RVWDOLP VXGLRQLFLPD X SURPHWX NDGD NRÊLWH SRYHÈDYDMXÈL WDNR YD X VLJXUQRVW X SURPHWX 6 HOHJDQWQLP FUQLP GL]DMQRP VMDMQR VH XNODSDMX X YD DXWRPRELO GDMXÈL PX GR]X IXWXUL]PD
6WUD QML VSRMOHU
1DVWDYFL SUDJRYD
NQ
NQ
.$7 %5 . *58 . $ *58
.$7 %5 . *58
*ROI 9 3DVVDW RG 7LJXDQ
NQ .$7 %5
3UHGQMD VYMHWOD V /(' GQHYQLP VYMHWOLPD 3UHGQRVWL /(' WHKQRORJLMH X RGQRVX QD XRELÊDMHQH DUXOMH VX X PDORM SRWUR QML HQHUJLMH PDORP YUHPHQX UHDNFLMH PDORM SRWUHEL ]D SURVWRURP WH GX HP YLMHNX WUDMDQMD
*ROI 9 -HWWD RG
NQ .$7 %5
.URPLUDQD OHWYLFD SRNORSFD SUWOMD QLND
6WHSHQLFH SUDJRYD VHW NRP
6RORGLHVHO
'HWDOML L]UDÒHQL RG NURPD YD HP DXWRPRELOX GDMX GRGLU HOHJDQFLMH L HNVOX]LYQRVWL
9L]XDOQR XSHÊDWOMLYH GRSULQRVH GRGDWQRP NRPIRUX YD HJ DXWRPRELOD RPRJXÈDYDMXÈL ODN L SULVWXS NURYQRM NXWLML L VO
0RQWLUD VH QD RWYRU UH]HUYRDUD L RQHPRJX ÈDYD WRÊHQMH EHQ]LQD X DXWRPRELOH VD GLHVHOVNLP PRWRURP
*ROI 9, 3DVVDW && 7LJXDQ 3ROR RG
7LJXDQ
-HGQRVWDYQD XJUDGQMD
NQ
NQ
NQ
.$7 %5 1 0
.$7 %5
8GREQR SXWRYDQMH GR RGUHGL WD 25,*,1$/
%RJDWD NROHNFLMD 9RONVZDJHQ RULJLQDOQH GRGDWQH RSUHPH L YUKXQVNLK PDUNL NRMH SUHSRUXÊXMH SURL]YRÒDÊ ]DVLJXUQR ÈH VDYU HQR SULVWDMDWL YD HP 9RONVZDJHQ YR]LOX L RPRJXÈLWL YDP GD SXWXMHWH VLJXUQR L XGREQR 1D 9RONVZDJHQRYLP RULJLQDOQLP QRVDÊLPD L X YUKXQVNLP NURYQLP NXWLMDPD RGQRVQR QD QRVDÊLPD ]D ELFLNO YD D RSUHPD L]QLPQR MH GREUR L VLJXUQR VPMH WHQD 9L H QH PRUDWH EULQXWL GD OL ÈHWH LPDWL GRYROMQR PMHVWD ]D VYH VWDUL NRMH VWH SODQLUDOL SRQLMHWL QD SXW
2VQRYQL NURYQL QRVDÃ )UD\
2ULJLQDOQL 9RONVZDJHQ 2VQRYQL NURYQL QRVDÃ
3ROR RG
NQ
$HURGLQDPLÊQR REOLNRYDQL DOXPLQLMVNL SURILO YUKXQVNH NYDOLWHWH WHVWLUDQ X FLW\ FUDVK SRVWXSNX 6WDELOQD RVQRYD ]D VYH RVWDOH QDGRJUDGQMH QRVDÊ ]D ELFLNOH NURYQD NXWLMD
NQ
.$7 %5
.$7 %5 .
*ROI 9 *ROI 9,
2VQRYQL NURYQL QRVDÃ 7KXOH L 0RQW %ODQF
7+8/( ª(/,ª1,
3ROR RG GR
.$7 %5 4 $
NQ
3DVVDW RG
.$7 %5 &
NQ
7LJXDQ
.$7 %5 1
NQ
-HWWD RG
.$7 %5 .0
NQ
7RXDUHJ FUQL
.$7 %5 / $
NQ
NQ 9(¨ 2'
$/80,1,-6., ]D YR]LOD V X]GX QLP NURYQLP QRVDÊLPD
7+8/( 9(¨ 2'
NQ
0217 %/$1& 9(¨ 2'
NQ
0217 %/$1& ª(/,ª1,
NQ 9(¨ 2'
/LWDUD NJ [ [ FP /LWDUD NJ [ [ FP
.URYQD NXWLMD 7KXOH 2FHDQ
.URYQD NXWLMD .DPHL +XVN\
0MHVWD QLNDG GRYROMQR 6SUHPDWH VH QD SXW L YD SUWOMD QLN QLMH GRYROMQR SURVWUDQ ]D VYH VWYDUL NRMH SODQLUDWH SRQLMHWL 5MH HQMH MH NURYQD NXWLMD NRMD RVLJXUDYD GRGDWQL SUWOMD QL SURVWRU .XWLMH VX L]UDÒHQH RG NYDOLWHWQLK PDWHULMDOD L YUKXQVNLK DHURGLQDPLÊNLK VYRMVWDYD
.URYQH NXWLMH V DHURGLQDPLÊNLP REOLNRP UHGXFLUDMX RWSRU ]UDND L QD WDM QDÊLQ VPDQMXMX EXNX SULOLNRP YR QMH 0RQWD D MH YUOR MHGQRVWDYQD QD RVQRYQH NURYQH QRVDÊH
NQ .$7 %5 .
6LVWHP ]D EU]R PRQWLUDQMH (DV\ 6QDS SRMHGQRVWDYOMXMH LQVWDODFLMX QD QRVDÊH
NQ
$OXPLQLMVNL QRVDÃ ]D ELFLNOH 0217 %/$1& 6&277
NQ
0UH LFD ]D SUWOMD QLN 2VLJXUDMWH L XÊYUVWLWH VDGU DM SUWOMD QLND NDNR EL YD D SUWOMDJD RVWDOD QD PMHVWX =D YR]LOD VD WYRUQLÊNL XJUDÒHQLP NRSÊDPD X SUWOMD QLNX
*ROI 9 *ROI 9, *ROI 3OXV 3ROR 7LJXDQ
$NR VWH OMXELWHOM YR QMH ELFLNRP ELOR DPDWHUVNL LOL SURIHVLRQDOQR QRVDÊL ]D ELFLNOH VX QHL]RVWDYDQ GLR RSUHPH YD HJ DXWRPRELOD -HGQRVWDYQL ]D PRQWD X QD RVQRYQH NURYQH QRVDÊH RPRJXÈDYDMX YDP GD QD SXW SRYHGHWH L VYRM ELFLNO VLJXUQR L HOHJDQWQR
NQ .$7 %5 1
¤HOLÃQL QRVDÃ ]D ELFLNOH 0217 %/$1& &/$66,&
NQ *XPHQL WHSLK ]D SUWOMD QLN )OHNVLELODQ V GLMDPDQWQRP WHNVWXURP NRMD VSUMHÊDYD NOL]DQMH VDYU HQR SUDWL NRQWXUX SUWOMD QLND 8]GLJQXWL UXERYL VSULMHÊDYDMX WHNXÈLQX GD VH UD]OLMH SR SUWOMD QLNX
¤HOLÃQL QRVDÃ ]D ELFLNOH 7+8/( )5((5,'(
1LMH ]D YR]LOD VD 6\QFUR VD SRYL HQLP GQRP VD ]RQVNRP NOLPRP
3ROR *ROI ,9 *ROI 9 *ROI 9, 3DVVDW 3DVVDW YDU 7LJXDQ 7RXDUHJ &DGG\ /LIH
NQ
NQ
$OXPLQLMVNL QRVDÃ ]D ELFLNOH 7+8/( 3525,'( 0RGHUDQ L IXQNFLRQDODQ GL]DMQ 1RYL VDPRSRGH DYDMXÈL GU DÊ UDPH ELFLNOD RPRJXÈXMH MHGQRVWDYQR PRQWLUDQMH L VNLGDQMH ELFLNOD VD NURYD DXWRPRELOD
8PHWDN V SUHWLQFLPD 6DVWRML VH RG SD OMLYR GL]DMQLUDQLK SUHWLQDFD X NRMH PR HWH RGOR LWL VYH RQH VLWQLFH NRMH ULMHWNR NRULVWLWH 1LMH ]D YR]LOD VD UH]HUYQLP NRWDÊHP 0RWLRQ
NQ
3DVVDW RG 3DVVDW &&
NQ .$7 %5 &
.RPXQLNDFLMD QDYLJDFLMD ]DEDYD 9RONVZDJHQ 7RXFK DGDSWHU 7HOHIRQLUDQMH X DXWRPRELOX WLMHNRP YR QMH SRVWDMH SUDYL X LWDN V QRYLP %OXHWRRWK 7RXFK DGDSWHURP YUKXQVNH 9RONVZDJHQ NYDOLWHWH =DKYDOMXMXÈL %OXHWRRWK WHKQRORJLML QH PRUDWH YDGLWL PRELWHO MHU SR]LYLPD PR HWH XSUDYOMDWL SXWHP %OXHWRRWK 7RXFK DGDSWHUD L QMHJRYRJ ]DVORQD X ERML RVMHWOMLYRJ QD GRGLU 7)7 HNUDQ X ERML µ *ODVRYQR ELUDQMH EURMD L] LPHQLND
NQ .$7 %5 & 7$
6DPR ]D YR]LOD VD /2: KDQGV IUHH SULSUHPRP 8SLWDWL YD HJ RYOD WHQRJ 9RONVZDJHQ VHUYLVHUD
0DOL DGDSWHU ]D X LYDQMH X RPLOMHQRM JOD]EL
L3RG $GDSWHU -HGQRVWDYQR SRYH]LYDQMH YD HJ L3RG XUHÒDMD V DXWR UDGLR QDYLJDFLMVNLP VXVWDYRP )XQNFLMH VH NRQWUROLUDMX SUHNR DXWR VXVWDYD
]D UDGLRXUHÒDMH 5 5&' 516
NQ .$7 %5 . $
L3RG L3KRQH ,QWHUIDFH
'9' 520 ]D QDYLJDFLMX ,VWRÃQD (XURSD Y
=D UDGLRXUHÒDMH V 0LQL ,62 XWLÊQLFRP
NQ
1DMQRYLMH MR GHWDOMQLMH NDUWH ]D DXWR QDYLJDFLMVNH VXVWDYH 516 L 516
.$7 %5
=D UDGLRXUHÒDMH V 4XDGORF XWLÊQLFRP
NQ
NQ
.$7 %5
.$7 %5 7 1
.RPSOHWDQ VXVWDY ]D PRELOQR WHOHIRQLUDQMH L SRYH]LYDQMH PS XUHËDMD
3DUURW 0.L 1DSUHGDQ VXVWDY V µ 7)7 HNUDQRP X ERML SRYH]XMH PRELWHO L3KRQH L VOLÊQH XUHÒDMH V DXGLR VXVWDYRP X YD HP DXWRPRELOX *ODVRYQH NRPDQGH L GDOMLQVNL XSUDYOMDÊ SRYHÈDYDMX NRPIRU SULOLNRP WHOHIRQLUDQMD WLMHNRP YR QMH
NQ
3DUURW &. /&'
3DUURW 0LQLNLW 6OLP
*ODVRYQR ELUDQMH HOMHQRJ EURMD SULND] GROD]QRJ SR]LYD LPHQLND L VO QD ]DVORQX XUHÒDMD
.RPSDNWQLK GLPHQ]LMD MHGQRVWDYQD LQVWDODFLMD QD VMHQLOR ]D VXQFH
NQ
NQ
QDGRKYDW UXNH 8 WHGLWH YULMHPH L VDÃXYDMWH LYFH
-HGQRVWDYQLMH QH PR H HOLWH QDMEU H LOL QDMMHIWLQLMH GRÁL GR FLOMD 2GDEHULWH VDPL 1 YL (XURSH
NQ
7)7 HNUDQ X ERML YLVRNRJ NRQWUDVWD 1RYR HOHJDQWQR WDQNR NXÈL WH ,QVWDOLUDQD GHWDOMQD NDUWD (XURSH *ODVRYQR QDYRÒHQMH QD KUYDWVNRP MH]LNX
1 YL (XURSH $GULD 5RXWH
7)7 HNUDQ X ERML YLVRNRJ NRQWUDVWD
NQ
,QVWDOLUDQD GHWDOMQD NDUWD (XURSH
$GULD 5RXWH NDUWD
NQ
,QVWDOLUDQD $GULD5RXWH NDUWD *ODVRYQR QDYRÒHQMH QD KUYDWVNRP MH]LNX
.DUWD VDGU L GHWDOMQX FHVWRYQX PUH X +UYDWVNH 6ORYHQLMH %RVQH L +HUFHJRYLQH 0DNHGRQLMH $OEDQLMH L RVQRYQX FHVWRYQX PUH X 6UELMH &UQH *RUH L .RVRYD .DUWD VDGU L NP SURPHWQLFD L 32, WRÊDND ED]D SRGDWDND SXWQLNX NRULVQLK DGUHVD
'9' SOD\HU
3RQHVLWH ]DEDYX VD VRERP 3XWXMHWH NDR VXSXWQLN 9DQL MH QRÈ L QHPD VH WR YLGMHWL 'RVDGQR YDP MH 5MH HQMH MH SULMHQRVQL '9' SOD\HU NRML VH MHGQRVWDQR PRQWLUD QD QDVORQ VMHGDOD L SUX D VDWH L VDWH GREUH ]DEDYH 1D NUDMX ]D WR EL X LYDR VDPR YR]DÊ"
7)7 HNUDQ X ERML µ
1H[W%DVH '9' 6'9
NQ
1H[W%DVH &OLFN
NQ
'9' 69&' 9&' &' 03 -3(* 'LY; '9' 5 '9' 5: &' 5 &' 5: 0RJXÈQRVW JOHGDQMD SXWHP SXQMLYLK $$ EDWHULMD $QWL VKRFN VXVWDY 86% XOD] GDOMLQVNL XSUDYOMDÊ 8] XUHÒDM GROD]L L GU DÊ ]D DXWR $9 NDEHO DGDSWHU
7)7 HNUDQ X ERML µ NRQWUDVW 9UKXQVNL GL]DMQ 'ROE\ 'LJLWDO 86% XOD]
=D QDMPODËH SXWQLNH
%ULJD ]D QDMPODËH SXWQLNH
'MHÃMH VMHGDOLFH
.DNR ELVWH VYX SD QMX SRVYHWLOL YR QML YD QR MH GD ]QDWH GD VX YD L QDMPODÒL SXWQLFL VLJXUQR L XGREQR VPMH WHQL %URMQD WHVWLUDQMD SRND]DOD VX GD VX ,62),; GMHÊMH VMHGDOLFH QDMVLJXUQLML VLVWHP QD WU L WX ]D QDMPODÒH SXWQLNH 6YH 9RONVZDJHQ GMHÊMH VMHGDOLFH QDSUDYOMHQH VX RG NYDOLWHWQLK PDWHULMDOD SR VWURJLP NULWH ULMLPD NYDOLWHWH L VLJXUQRVWL RVLJXUDYDMXÈL YD HP QDMPOD ÒHP SXWQLNX XJRGDQ L VLJXUDQ SXW 2SXVWLWH VH L X LYDMWH X SXWRYDQMX
,62 ),; '82 NJ
%REV\ * SOXV NJ
%REV\ * NJ
*7, '(6,*1
NQ
NQ
NQ
.$7 %5 9 %
.$7 %5
.$7 %5 .9
=D WLWD VMHGDOD VD SUHWLQFLPD 0QR WYR NRULVQLK SUHWLQDFD ]D RGODJDQMH VLWQLFD -HGQRVWDYQD LQVWDODFLMD QD QDVORQ VMHGDOD
'MHÃMD NDSD 9: 0RWRUVSRUW
NQ .$7 %5 .9
9RONVZDJHQ MXQLRU 6FRRWHU *7, 8 GXKX VODYQRJ *7, PRGHOD QDVWDR MH L RYDM SUHGLYDQ GMHÊML VNXWHU
NQ
NQ
.$7 %5 9 &;+
.$7 %5 .
=D XGREQRVW X YR QML
9MH DOLFD
1DVORQ ]D UXNX
7HPSRPDW
1HND YD D RGMHÈD RVWDQH XUHGQD L QDNRQ GXJRJ SXWD -HGQRVWDYQD PRQWD D QD QDVORQ VMHGDOD
-HGQRP NDGD SUREDWH QDVORQ ]D UXNX YL H QHÈHWH HOMHWL SXWRYDWL EH] QMHJD
3RGHVLWH VYRMX SXWQX EU]LQX MHGQRVWDYQLP SULWLVNRP QD WLSNX 6LVWHP PHPRULUD L RGU DYD HOMHQX EU]LQX RPRJXÈDYDMXÈL YDP XJRGQLMX YR QMX SRJRWRYR QD GX LP SXWRYDQMLPD
*ROI 9,
NQ
NQ
.$7 %5 9
.$7 %5 . 9
*ROI 9 *ROI 3OXV &DGG\ RG 7RXUDQ -HWWD RG QLMH ]D YR]LOD VD PXOWLIXQNFLMVNLP SULND]RP
*ROI 9 .$7 %5 . 1 NQ
NQ .$7 %5 . $ .
2ULJLQDOQL UROR ]D VXQFH WLWL 9DV RG VXQÊHYLK ]UDND ]DGU DYDMXÈL YLGOMLYRVW L]QXWUD EH] XJUR DYDQMD VLJXUQRVWL X SURPHWX 6WUD QML
%RÊQL
*ROI 9
NQ
NQ
*ROI 9, 7LJXDQ
NQ
NQ 32./21 7,71,. =$ 681&(
3XWQL KODGQMDN / 3UDNWLÊDQ SULMHQRVQL KODGQMDN LGHDODQ ]D RVYMH HQMH WLMHNRP OMHWQLK YUXÈLQD -HGQRVWDYQR VSDMDQMH QD SRVWRMHÈX DXWR XWLÊQLFX X YR]LOX 9 'RYROMQR YLVRN ]D VPMH WDM ERFD RG /
7HNVWLOQL WHSLVL (/(*$17 3/86 NRPSOHW NRP
,]UDÒHQL RG NYDOLWHWQLK PDWHULMDOD L GRVWXSQL X QHNROLNR ERMD RPRJXÈDYDMX YDP GD RERJDWLWH XQXWUD QMRVW VYRJD DXWRPRELOD YODVWLWLP VWLORP
NQ
NQ
.$7 %5
9(¨ 2'
,QWHOLJHQWDQ QDÃLQ SDUNLUDQMD
6HQ]RUL ]D SDUNLUDQMH VWUD QML NRP
2ODN DQR SDUNLUDQMH X JUDGVNRM JX YL SRPRÈX VHQ]RUD NRML YDV ]YXÊQLP VLJQDOLPD REDYMH WDYDMX R XGDOMHQRVWL GR ]DSUHNH *ROI 9 *ROI 3OXV 7RXUDQ -HWWD 3DVVDW RG 3DVVDW YDU RG 3DVVDW && 7LJXDQ &DGG\ RG 6FLURFFR 3ROR RG
NQ .$7 %5 . % & 5 %
9RONVZDJHQ OLIHVW\OH 9: 86% VWLFN *% 86%
1DMMHGQRVWDYQLML QDÊLQ ]D SUHQR HQMH YD LK GLJLWDOQLK SRGDWDND 3UDNWLÊQL NRPSDNWQL 86% VWLFN GROD]L X REOLNX SUHSR]QDWOMLYLK 9RONVZDJHQ PRGHOD 7 L %XED X FUYHQRM L SODYRM ERML 8 NRPSOHWX GROD]L SURGX QL NDEHO L ]D WLWQL SRNORSDF NDGD VWLFN QLMH X XSRWUHEL
NQ .$7 %5
9: 7RUEH 0RWRUVSRUW .ROHNFLMD WRUEL 9: 0RWRUVSRUW QXGL ]D VYH X]UDVWH GRYROMQR PMHVWD ]D VYH RQH VWYDUL NRMH VX YDP QHRSKRGQH ELOR GD VH UDGL R ODSWRSX NQMLJDPD LOL RSUHPL ]D WUHQLQJ L UXÊQLFLPD , QDUDYQR VYH VX L]UDÒHQH RG YUKXQVNLK PDWHULMDOD GRSDGOMLYRJ GL]DMQD 6 QMLPD QHÈHWH SURÈL QH]DPLMHÈHQR
0LQL UXNVDN [ [ FP
NQ .$7 %5 &9
NQ
5XNVDN [ [ FP SRJRGDQ ]D ODSWRS µ µ
7RUED QD UDPH [ [ FP SRJRGDQ ]D ODSWRS µ µ
3RMDVQD WRUELFD [ [ FP 'RYROMQR PMHVWD ]D RVREQH VWYDUL
6SRUWVND WRUED [ [ FP NJ ,GHDOQD ]D ILWQHVV LOL WUHQLQJ
.$7 %5 &9
NQ .$7 %5 .0
NQ .$7 %5 &9
NQ .$7 %5 &9
=D WLWD RG WXÃH
3UROMHWQL NRPSOHW ]D QMHJX
)ROLMD QDSUDYOMHQD RG PP GHEHORJ PDWHULMDOD WLWL YD DXWRPRELO RG WXÊH
VUHGVWYR ]D QMHJX FRFNSLWD PO VUHGVWYR ]D XNODQMDQMH LQVHNDWD PO VUHGVWYR ]D ÊL ÈHQMH QDSODWDND PO NUSLFD ]D ÊL ÈHQMH ÊHWND ]D QDSODWNH VSX YD
NQ
NQ
9(¨ 2'
.$7 %5 $$
5XNDYLFH ]D ÃL ÁHQMH NRP X SDNHWX
,GHDOQH ]D MHGQRVWDYQR L EU]R RGU DYDQMH 5XNDYLFH ]D ÊL ÈHQMH FRFNSLWD
5XNDYLFH ]D ÊL ÈHQMH VWDNOD
NQ .$7 %5 %
NQ .$7 %5 $
9: 2GMHÁD 0RWRUVSRUW &DVXDO NROHNFLMD 9: 0RWRUVSRUW QDPLMHQMHQD MH VYLPD NRML FLMHQH NYDOLWHWX 9RONVZDJHQ PDUNH L X LYDMX X DNWLYQRVWLPD QD RWYRUHQRP 'RVWXSQR X GYLMH ERMH ELMHORM L SODYRM L YL H YHOLÊLQD
NQ
.L QD MDNQD XQLVH[ 6 0 / ;/ ;;/
.$7 %5 .9
NQ
-DNQD HQVND
9: .DSD 0RWRUVSRUW 'RVWXSQH X SODYRM L ELMHORM
6 0 / ;/
NQ
.$7 %5 .9 :
NQ
-DNQD PX ND 6 0 / ;/ ;;/
.$7 %5 .9 .9
3ROR PDMLFD HQVND 3/$9$ %,-(/$ 0 / ;/ ;;/
3ROR PDMLFD PX ND 3/$9$ %,-(/$ 0 / ;/ ;;/
.$7 %5 .9
NQ .$7 %5 .9
.$7 %5 .9 :
NQ .$7 %5 .9
.$7 %5 .9 :
,QGH[ YHOLÊLQD $ 6 % 0 & / ' ;/ ( ;;/ ) ;;;/
.RIHU 9: [ [ FP
WRUED ]D ODSWRS [ [ FP
NQ .$7 %5 &
9UKXQVND NR]PHWLND ]D YUKXQVNL SURL]YRG
9RONVZDJHQ NR]PHWLND 25,*,1$/
6UHGVWYR ]D ÃL ÁHQMH XQXWUD QMRVWL PO
9L HQDPMHQVNR VUHGVWYR ÊLVWL SODVWLNX VMHGDOD WHNVWLOQH L SODVWLÊQH WHSLKH LQVWUXPHQWH RJOHGDOD L SODWQHQH NURYRYH FDEULR QHXWUDOL]LUD QDNXSLQH QLNRWLQD L GMHOXMH DQWLEDNWHULMVNL
6UHGVWYR ]D ÃL ÁHQMH QDSODWDND PO 1MHJXMH QDSODWNH RGVWUDQMXMH SUOMDY WLQX RG NRÊQLFD
6UHGVWYR ]D QMHJX NR H PO 3URGX XMH YLMHN L REQDYOMD NR X
6UHGVWYR ]D QMHJX NRNSLWD PO 'MHOXMH DQWLVWDWLÊNL
.RQFHQWUDW ]D SUDQMH VWDNDOD PO 8ÊLQNRYLWR ÊLVWL EH] DJUHVLYQRJ GMHORYDQMD
DPSRQ V YRVNRP PO ªLVWL L NRQ]HUYLUD
6UHGVWYR ]D XNODQMDQMH LQVHNDWD PO 5LMH LWH VH QHSR HOMQLK VXSXWQLND
6UHGVWYR ]D ÃL ÁHQMH NR H PO
NQ .$7 %5 9 $
NQ .$7 %5 9 $
NQ .$7 %5 9 $
NQ .$7 %5 9 $
NQ .$7 %5 9 $
NQ .$7 %5 9 $
NQ .$7 %5 9 $
NQ .$7 %5 9 $
0RELOQR MDPVWYR $NR ]RYHWH L] LQR]HPVWYD ELUDMWH
5HGRYQL VHUYLV QD NP 9: *ROI 9 7', .6 N: PRWRU %.& 0RG JRG
&LMHQD UHGRYQRJ VHUYLVD XNOMXÊXMH VYH UDGRYH L 9RONVZDJHQ RULJLQDOQH GLMHORYH SURSLVDQH RG VWUDQH SURL]YRÒDÊD X SODQX RGU DYDQMD YD HJ YR]LOD PRWRUQR XOMH &DVWURO SUHPD 9RONVZDJHQ QRUPL NDR L 9RONVZDJHQ PRELOQR MDPVWYR SURSLVDQ ]D VHUYLVQL LQWHUYDO RG NP 1HREYH]XMXÈD SUHSRUXÊHQD FLMHQD YULMHGL GR RSR]LYD 1DYHGHQD FLMHQD RGQRVL VH QD QDMÊH ÈH YUVWH QDYHGHQRJ PRGHOD =D WRÊQX FLMHQX PROLPR UDVSLWDMWH VH NRG YD HJ RYOD WHQRJ 9RONVZDJHQ VHUYLVD
NQ
3UHGQRVWL RYOD WHQRJ VHUYLVD 2YOD WHQL VHUYLV MHU YL HOLWH NYDOLWHWX QD L VWUXÊQMDFL QDMEROMH SR]QDMX 9D H YR]LOR RYOD WHQL VHUYLV LPD VSHFLMDOQH DODWH ]D 9D H YR]LOR UHGRYLWLP RGU DYDQMHP YR]LOD ]DGU DYDWH VLJXUQRVW L SRX]GDQRVW 9D HJ YR]LOD 9D H YR]LOR X RYOD WHQRP VHUYLVX QDMEROMH ]DGU DYD YULMHGQRVW X RYOD WHQRP VHUYLVX ]DGU DYDWH SUDYR QD MDPVWYR PRELOQR MDPVWYR EULJD ]D RNROL RYOD WHQL VHUYLV ]EULQMDYD RWSDG
JRGLQH EH] EULJH JRGLQH MDPVWYD EH] LNDNYLK LVNOMXÃHQMD 2YDNYLP REOLNRP MDPVWYD RYOD WHQL 9RONVZDJHQ WUJRYFL QD KUYDWVNRP WU L WX VYRMLP NXSFLPD QRYLK YR]LOD RVLJXUDYDMX JRGLQH MDPVWYD EH] LNDNYLK LVNOMXÊHQMD X RGQRVX QD GYRJRGL QMH WYRUQLÊNR MDPVWYR
2G VYD 9RONVZDJHQ YR]LOD SURGDQD NRG RYOD WHQRJ 9RONVZDJHQ WUJRYFD X +UYDWVNRM LPDMX JRGLQH MDPVWYD
0L YMHUXMHPR X QD SURL]YRG
9RONVZDJHQ MDPVWYR YULMHGL JRGLQH LOL ]D NLORPHWUD X GR NP V WLPH GD QHPD RJUDQLÊHQMD NLORPHWUD H ]D SUYH GYLMH JRGLQH
$NFLMD WUDMH RG GR 'REURGR OL X VYRM RYOD WHQL 9RONVZDJHQ VHUYLV 2YOD WHQL 9RONVZDJHQ VHUYLV
Vaš ovlašteni servis:
2ULJLQDO MH Slavonska avenija 10 RULJLQDO www.porscheinterauto.hr Porsche Zagreb
6YH QDYHGHQH FLMHQH VX QHREYH]XMXÈH SUHSRUXÊHQH V XNOMXÊHQLP 3'9 RP &LMHQH QH XNOMXÊXMX XJUDGQMX RVLP DNR QLMH SRVHEQR LVWDNQXWR 2JUDÒXMHPR VH RG ELOR NDNYLK WLVNDUVNLK SRJUH DND 6YH VOLNH VX VLPEROLÊQH WH QH PRUDMX RGJRYDUDWL SRQXÒHQRP SURL]YRGX .RPSOHWQD SRQXGD L] NDWDORJD YULMHGL GR NUDMD DNFLMH LOL GR LVWHND ]DOLKD
9RONVZDJHQ SUHSRUXÊXMH