Y UD]UHGX GHYHWOHWQH RVQRYQH 達ROH
3UHGORJ OHWQH WHPDWVNH SULSUDYH ]D SRXN
VNORS 32*2925 VNORS 1(85$'1$ ,1 85$'1$ 7(5 =$6(%1$ ,1 -$91$ %(6(',/$ VNORS 23,6 .5$-$ ,1 '5ä$9( VNORS 23,6 1$5$91(*$ 32-$9$ VNORS 23,6 ä,9/-(1-$ 26(%( VNORS 23,6 ä,9/-(1-$ /-8', 9 62'2%1267, VNORS 35,329('29$/12 %(6(',/2 VNORS ý$623,612 3252ý,/2 VNORS -$91$ 2%9(67,/$
6/29(1âý,1$ =$ 96$.'$1 ,1 96$. '$1
1HYHQND 'UXVDQ\ 1DQD &DMKHQ 'UDJLFD .DSNR 0DUWLQD .ULåDM 2UWDU 0DUMD %HãWHU 7XUN
XU RG XU
'(/2 = 1(80(712671,0, %(6(',/,
*RYRUMHQMH 8SRUDEOMDMR SULGREOMHQR ]QDQMH ± VRGHOXMHMR Y SRJDMDOQHP SRJRYRUX LQ XSRãWHYDMR QDþHOD XVSHãQHJD SRJDMDQMD 3UHVRMDMR RGLJUDQH SRJDMDOQH SRJRYRUH LQ XWHPHOMXMHMR VYRMR SUHVRMR
%UDQMH 5D]YLMDMR VWUDWHJLMH ]D ]QDMGHQMH Y 6ORYDUMX VORYHQVNHJD NQMLÃ¥QHJD MH]LND 5DELMR 6ORYDU VORYHQVNHJD NQMLÃ¥QHJD MH]LND
/RþXMHMR NQMLåQL MH]LN RG QHNQMLåQHJD 3UHSR]QDYDMR RNROLãþLQH ]D UDER NQMLåQHJD MH]LND LQ QMHJRYR YORJR 3UHSR]QDYDMR RNROLãþLQH ]D UDER REHK UD]OLþLF NQMLåQHJD MH]LND WM ]ERUQHJD MH]LND LQ NQMLåQHJD SRJRYRUQHJD MH]LND
)81.&,21$/1, 3RVOXãDQMH 3RVOXãDMR JOHGDMR SRJDMDOQL SRJRYRU 3RPQLMR SRGDWNH 3UHSR]QDYDMR XGHOHåHQFH SRJRYRUD QMHJRYR WHPR LQ ELVWYHQH SRGDWNH 5D]XPHMR SRJDMDOVND L]KRGLãþD VRJRYRUFHY LQ SRWHN SRJDMDQMD 9UHGQRWLMR UDYQDQMH XGHOHåHQFHY SRJDMDQMD 3UHSR]QDYDMR ]QDþLOQRVWL SRJDMDOQHJD SRJRYRUD
&,/-,
3R]QDMR LQ XSRUDEOMDMR 6ORYDU VORYHQVNHJD NQMLÃ¥QHJD MH]LND
,=2%5$ä(9$/1, 2E PHWDMH]LNRYQL UD]þOHPEL SRVOXãDQLK EHVHGLO VSR]QDYDMR NQMLåQL LQ QHNQMLåQL MH]LN WHU ORþXMHMR PHG QMLPD
3UREOHPVNL SRXN
6RGHORYDOQR XþHQMH
6NXSLQVNR GHOR GHOR Y GYRMLFDK ± VRGHORYDQMH Y SRJDMDOQHP SRJRYRUX
)URQWDOQR GHOR ± JOHGDQMH SRVOXãDQMH SRVQHWND
','$.7,ý1, 35,6723,
'HOQR SUHYHUMDQMH LQ RFHQMHYDQMH
UDEH 66.-
'HOQR SUHYHUMDQMH XEHVHGLOMHQMD QHEHVHGQLK VSRURþLO
*HRJUDILMD
'HOQR LQ FHORVWQR SUHYHUMDQMH UD]XPHYDQMD SRVOXãDQHJD JOHGDQHJD SRJDMDOQHJD SRJRYRUD
,]ELUQL SUHGPHWL 9]JRMD ]D PHGLMH 5HWRULND 7XULVWLþQD Y]JRMD
2GGHOþQD VNXSQRVW
0('35('0(7 1( 329(=$9(
3UHYHUMDQMH SUHG]QDQMD
35(9(5-$1-( 2&(1-(9$1-(
WHPDWVNL VNORS 32*2925 &LOMQD WHPD 32*$-$/1, 32*2925 .1-,ä1, ,1 1(.1-,ä1, -(=,. 6/29$5 6/29(16.(*$ .1-,ä1(*$ -(=,.$ 1DVORY HQRWH '$ %2 92/. 6,7 ,1 .2=$ &(/$
ý$6
3RVOXãDQMH 3RVOXãDMR JOHGDMR SRVQHWH SRJRYRUH 3RPQLMR SRGDWNH 3UHSR]QDYDMR XGHOHåHQFH SRJRYRURY 3UHSR]QDYDMR ELVWYHQH SRGDWNH L] SRVQHWLK SRJRYRURY 3UHSR]QDYDMR YUVWH SRJRYRURY
%UDQMH %HUHMR QHXUDGQR LQ XUDGQR ]DVHEQR SLVPR QHXUDGQR LQ XUDGQR WHU MDYQR YDELOR XUDGQR RSUDYLþLOR 3UHSR]QDYDMR RNROLãþLQH VSRURþDQMD VSRURþHYDOþHY QDPHQ WHPR EHVHGLOD LQ ELVWYHQH SRGDWNH 3UHSR]QDYDMR SUDJPDWLþQH LQ MH]LNRYQH ]QDþLOQRVWL QHXUDGQHJD LQ XUDGQHJD SLVPD ]DVHEQHJD LQ MDYQHJD WHU XUDGQHJD LQ QHXUDGQHJD YDELOD XUDGQHJD RSUDYLþLOD 5DELMR QDVORYQLNRP XVWUH]QH QDJRYRUH RJRYRUH LQ SR]GUDYH Y ]DVHEQLK SLVPLK 3UHSR]QDYDMR UD]OLþQR REOLNRYDQRVW LQ VHVWDYLQH QHXUDGQHJD LQ XUDGQHJD SLVPD WHU XUDGQHJD RSUDYLþLOD 3UHSR]QDYDMR WHPHOMQH VHVWDYLQH YDELOD 3UHVRMDMR UD]XPOMLYRVW ]DRNURåHQRVW YDELOD LQ RSUDYLþLOD 3UHSR]QDYDMR ]DSRYUVWMH VHVWDYLQ YDELOD 3UHSR]QDYDMR YUVWH RSUDYLþLO 'RSROQMXMHMR XUDGQR RSUDYLþLOR
)81.&,21$/1,
&,/-,
8YUVWLMR EHVHGH PHG YSUDãDOQH LQ VYRMLOQH WHU SRYUDWQR VYRMLOQL ]DLPHN LQ XWHPHOMLMR VYRMR RGORþLWHY
9 EHVHGLOLK SUHSR]QDYDMR QDYHGHQH SRMPH LQ MLK SRLPHQXMHMR ] XVWUH]QLPL MH]LNRVORYQLPL L]UD]L
2E PHWDMH]LNRYQL LQ VORYQLþQL UD]þOHPEL VSR]QDYDMR MH]LNRVORYQH SRMPH LQ L]UD]H ]DQMH ± YSUDãDOQL ]DLPHN ± VYRMLOQL LQ SRYUDWQL VYRMLOQL ]DLPHN
,=2%5$ä(9$/1, 2E PHWDMH]LNRYQL UD]þOHPEL ]DSLVDQLK EHVHGLO VSR]QDYDMR MH]LNRVORYQH SRMPH LQ L]UD]H ]DQMH ± QHXUDGQR LQ XUDGQR EHVHGLOR ± ]DVHEQR LQ MDYQR EHVHGLOR
3UREOHPVNL SRXN
'HOR Y GYRMLFDK
'HOR Y VNXSLQDK
6RGHORYDOQR XþHQMH
,QGLYLGXDOQR GHOR ± VDPRVWRMQR UHãHYDQMH QDORJ
'HOQR LQ FHORVWQR SUHYHUMDQMH LQ RFHQMHYDQMH ]QDQMD R REUDYQDYDQLK ]DLPNLK
'HOQR SUHYHUMDQMH LQ RFHQMHYDQMH
UD]XPHYDQMD LQ UD]þOHQMHYDQMD ]DSLVDQHJD LQ SRVOXãDQHJD JOHGDQHJD EHVHGLOD
)URQWDOQR GHOR ± JOHGDQMH SRVOXãDQMH SRVQHWND ,QGLYLGXDOQR GHOR ± WLKR EUDQMH
35(9(5-$1-( 2&(1-(9$1-(
','$.7,ý1, 35,6723,
,]ELUQL SUHGPHWL 9]JRMD ]D PHGLMH 5HWRULND 5DþXQDOQLãWYR âROVNR QRYLQDUVWYR
'UÃ¥DYOMDQVND Y]JRMD LQ HWLND
*HRJUDILMD
2GGHOþQD VNXSRVW
0('35('0(7 1( 329(=$9(
WHPDWVNL VNORS 1(85$'1$ ,1 85$'1$ 7(5 =$6(%1$ ,1 -$91$ %(6(',/$ &LOMQD WHPD 1(85$'12 ,1 85$'12 =$6(%12 3,602 1(85$'12 ,1 85$'12 7(5 -$912 9$%,/2 85$'12 235$9,ý,/2 935$â$/1, 692-,/1, ,1 3295$712 692-,/1, =$,0., 1DVORYL HQRW 32â7$5 -( .$- 32â7( =$0(" 1$- *5(0 $/, 1(" 2+ 7$ *5,3$
ý$6
1DYHGHQLP VNXSLQDP EHVHG GRORþLMR RVQRYQH REOLNRVORYQH NDWHJRULMH
7YRULMR YSUDãDOQH SRYHGL 3UHSR]QDYDMR YORJR YSUDãDOQLK ]DLPNRY 5DELMR YSUDãDOQH ]DLPNH 6NODQMDMR VDPRVWDOQLãNH LQ SULGHYQLãNH YSUDãDOQH ]DLPNH 3UHSR]QDYDMR LQ RGSUDYOMDMR QDSDþQH REOLNH VDPRVWDOQLãNLK YSUDãDOQLK ]DLPNRY LQ VDPRVWDOQLNRY
3UHSR]QDYDMR LQ UD]XPHMR SRLPHQRYDOQR YORJR VYRMLOQLK ]DLPNRY LQ SRYUDWQHJD VYRMLOQHJD ]DLPND 3UHSR]QDYDMR VYRMLOQH ]DLPNH 3UHSR]QDYDMR QDQDãDOQLFH VYRMLOQLK ]DLPNRY L] RNROLãþLQ VSRURþDQMD DOL L] VREHVHGLOD 5DELMR RNROLãþLQDP XVWUH]HQ VYRMLOQL ]DLPHN ]D SRVDPLþQHJD QDVORYQLND 5DELMR VYRMLOQL ]DLPHN LQ SRYUDWQL VYRMLOQL ]DLPHN Y SRYHGL VNODQMDQMH VYRMLOQLK ]DLPNRY
,=2%5$ä(9$/1, 5DELMR VWURNRYQD L]UD]D YSUDãDOQL ]DLPHN LQ VYRMLOQL ]DLPHN
)81.&,21$/1, 3LVDQMH 3LãHMR XUDGQR SLVPR LQ XUDGQR YDELOR ] UDþXQDOQLNRP WHU XUDGQR RSUDYLþLOR
&,/-, ','$.7,ý1, 35,6723,
35(9(5-$1-( 2&(1-(9$1-(
0('35('0(7 1( 329(=$9(
ý$6
3RVOXãDQMH JOHGDQMH 8SRUDEOMDMR ]QDQMH L] JHRJUDILMH LQ GUXJLK YLURY 3RVOXãDMR JOHGDMR SRVQHWHN 3RPQLMR ELVWYHQH SRGDWNH 'RSROQMXMHMR VYRMH UHãLWYH 3RY]HPDMR RVQRYQH ]QDþLOQRVWL RSLVD GUåDYH /RþXMHMR NQMLåQR EHVHGLOR RG QDUHþQHJD
)81.&,21$/1, %UDQMH %HUHMR SUHGVWDYLWHY LQ RSLV NUDMD 5D]XPHMR EHVHGLOR =QDMGHMR VH QD JUDILþQLK SRQD]RULWYDK QSU QD ]HPOMHYLGX þDVRYQHP WUDNX 8SRUDEOMDMR SULURþQLNH 'RSROQMXMHMR PLVHOQL Y]RUHF 3ULPHUMDMR PLVHOQH Y]RUFH 3UHSR]QDYDMR JODJROH QMLKRYH þDVRYQH REOLNH LQ YORJH SUHWHNOLND Y EHVHGLOX 3RY]HPDMR ]QDþLOQRVWL RSLVD LQ SUHGVWDYLWYH NUDMD 1DSRYHGXMHMR WHPR EHVHGLOD LQ NOMXþQH EHVHGH %HUHMR QHSRSROQR QHXPHWQRVWQR EHVHGLOR 3UHVRMDMR SUDYLOQRVWL VYRMH QDSRYHGL 8SRUDEOMDMR ]QDQMH R ]QDþLOQRVWLK GDQLK EHVHGLOQLK YUVW
1DYHGHQLP VNXSLQDP EHVHG GRORþLMR RVQRYQH REOLNRVORYQH NDWHJRULMH
8YUVWLMR EHVHGH PHG VDPRVWDOQLNH LQ XWHPHOMLMR VYRMR RGORþLWHY
9 EHVHGLOLK SUHSR]QDYDMR QDYHGHQH SRMPH LQ MLK SRLPHQXMHMR ] XVWUH]QLPL MH]LNRVORYQLPL L]UD]L
,=2%5$ä(9$/1, 2E PHWDMH]LNRYQL LQ VORYQLþQL UD]þOHPEL VSR]QDYDMR MH]LNRVORYQH SRMPH LQ L]UD]H ]DQMH ± PRãND VNODQMDWHY ± åHQVND VNODQMDWHY ± QDYDGQD LQ SRVHEQD VUHGQMD VNOQMDWHY ± ]D]QDPRYDQD LQ QH]D]QDPRYDQD EHVHGD
'HOR Y GYRMLFDK
'HOR Y VNXSLQDK
8þHQMH ] RGNULYDQMHP
6RGHORYDOQR XþHQMH
,QGLYLGXDOQR GHOR ± XVWQR LQ SLVQR RSLVRYDQMH NUDMHY GUåDY
)URQWDOQR GHOR ± SRVOXãDQMH JOHGDQMH SRVQHWHJD EHVHGLOD
,QGLYLGXDOQR GHOR ± WLKR EUDQMH VDPRVWRMQR UHãHYDQMH QDORJ
','$.7,ý1, 35,6723,
'HOQR LQ FHORVWQR SUHYHUMDQMH LQ RFHQMHYDQMH
'HOQR LQ FHORVWQR SUHYHUMDQMH LQ RFHQMHYDQMH SLVDQMD LQ DOL XVWQH SUHGVWDYLWYH REUDYQDYDQLK YUVW EHVHGLO
'HOQR LQ FHORVWQR SUHYHUMDQMH LQ RFHQMHYDQMH
UD]XPHYDQMD RSLVD R] SUHGVWDYLWYH NUDMD LQ RSLVD GUÃ¥DYH
3UHYHUMDQMH SUHG]QDQMD
35(9(5-$1-( 2&(1-(9$1-(
,]ELUQL SUHGPHW 7XULVWLþQD Y]JRMD
2GGHOþQD VNXSQRVW
*ODVEHQD Y]JRMD
=JRGRYLQD
*HRJUDILMD
0('35('0(7 1( 329(=$9(
ý$6
WHPDWVNL VNORS 23,6 .5$-$ ,1 '5ä$9( &LOMQD WHPD 23,6 ,1 35('67$9,7(9 .5$-$ 23,6 '5ä$9( 6$0267$/1,â.( 6./$1-$79( 02â.( 6./$1-$79( ,1 02â.$ 6./$1-$7(9 ä(16.( 6./$1-$79( ,1 ä(16.$ 6./$1-$7(9 65('1-( 6./$1-$79( 1$9$'1$ ,1 326(%1$ 65('1-$ 6./$1-$7(9 6/2*2912 =$=1$029$1( ,1 1(=$=1$029$1( %(6('( 1DVORYL HQRW 9$6 = 5,0/-$1, ,1 .52), &$1.$5-(9 52-671, .5$- 02- '20 -( 78', 02-$ '5ä$9$
*RYRUMHQMH 2EQDYOMDMR EHVHGLOR RE PLVHOQHP Y]RUFX 1DþUWXMHMR JRYRUQL QDVWRS *RYRUQR QDVWRSDMR 3UHVRMDMR WUGLWYH EHVHGLOD LQ JRYRUQH QDVWRSH 8SRUDEOMDMR SULURþQLNH 2EQDYOMDMR SRVQHWR EHVHGLOR SUHWYDUMDMR SUHJOHGQLFR Y EHVHGLOR 2SLVXMHMR SROMXEQR L]EUDQR GUåDYR 3RQD]DUMDMR LQ RSLVXMHMR SROMXEQR L]EUDQR QDUHþMH
3R]QDMR YORJR RNROLãþLQ SUL L]ELUL EHVHGH 3UHSR]QDMR VORJRYQR ]D]QDPRYDQH EHVHGH LQ GRORþDMR QMLP XVWUH]QH RNROLãþLQH 1DGRPHãþDMR VORJRYQR ]D]QDPRYDQH EHVHGH ] QH]D]QDPRYDQLPL 8SRãWHYDMR RNROLãþLQH SUL L]ELUL GDQH EHVHGH
8WUMXMHMR SUDYRSLV 3UHSR]QDYDMR VSRO VDPRVWDOQLNRY 3UDYLOQR VNODQMDMR W L NULWLþQH VDPRVWDOQLNH WM VDPRVWDOQLNH V SRVHEQRVWPL Y NRQþQLFL DOL RVQRYL
3LVDQMH 2EQDYOMDMR EHVHGLOD RE PLVHOQHP Y]RUFX 7YRULMR PLVHOQL Y]RUHF 'RSROQMXMHMR EHVHGLOR V VHVWDYLQDPL SUHGVWDYLWYH NUDMD R] V VHVWDYLQDPL RSLVD NUDMD 8SRUDEOMDMR SULURþQLNH
)81.&,21$/1,
5D]XPHMR VWURNRYQH L]UD]H VORJRYQR ]D]QDPRYDQD EHVHGD VORJRYQR QH]D]QDPRYDQD EHVHGD
5DELMR VWURNRYQH L]UD]H RVQRYD NRQþQLFD VNODQMDWHY
'RORþDMR VNODQMDWYH VDPRVWDOQLNRP
3R]QDMR PHULOD ]D GRORþDQMH VDPRVWDOQLãNLK VNODQMDWHY
,=2%5$ä(9$/1, 3UREOHPVNR XþHQMH
','$.7,ý1, 35,6723,
'HOQR SUHYHUMDQMH ]QDQMD R UDEL SUDYRSLVD
]QDQMD R VDPRVWDOQLãNLK VNODQMDWYDK
35(9(5-$1-( 2&(1-(9$1-(
0('35('0(7 1( 329(=$9(
ý$6
3LVDQMH 2EQDYOMDMR RSLV QDUDYQHJD SRMDYD RE PLVHOQHP Y]RUFX 7YRULMR RSLV L]EUDQHJD QDUDYQHJD SRMDYD ,ãþHMR SRGDWNH SR SULURþQLNLK LQ GUXJLK YLULK 3UHVRMDMR SLVQD EHVHGLOD VRãROFHY WHU XWHPHOMXMHMR VYRMH PQHQMH
*RYRUMHQMH 8SRUDEOMDMR ]QDQMH L] JHRJUDILMH ]JRGRYLQH LQ GUXJLK YLURY WHU L] VYRMLK SRWRYDOQLK L]NXãHQM 9UHGQRWLMR LQ GRSROQMXMHMR SUHG]QDQMH R GDQL WHPL 7YRULMR RSLV L]EUDQHJD QDUDYQHJD SRMDYD ,ãþHMR SRGDWNH SR SULURþQLNLK LQ GUXJLK YLULK *RYRUQR QDVWRSDMR 3UHVRMDMR XVWQD EHVHGLOD VRãROFHY WHU XWHPHOMXMHMR VYRMH PQHQMH
3RVOXãDQMH 3RVOXãDMR JOHGDMR RSLV QDUDYQHJD SRMDYD 5D]XPHMR SRVOXãDQR JOHGDQR EHVHGLOR WM SUHSR]QDMR WHPR NOMXþQH EHVHGH LQ ELVWYHQH SRGDWNH 3RY]HPDMR YVHELQR EHVHGLOD ] PLVHOQLP Y]RUFHP 3RY]HPDMR ]QDþLOQRVWL RSLVD QDUDYQHJD SRMDYD
)81.&,21$/1, %UDQMH %HUHMR RSLV QDUDYQHJD SRMDYD 5D]XPHMR SUHEUDQR EHVHGLOR WM SUHSR]QDMR WHPR NOMXþQH EHVHGH LQ ELVWYHQH SRGDWNH
&,/-,
'HOR Y VNXSLQDK 6RGHORYDOQR XþHQMH
5DELMR VWURNRYQL L]UD] ND]DOQL ]DLPHN
'HOR Y GYRMLFDK
3UREOHPVNR XþHQMH
,QGLYLGXDOQR GHOR ± EUDQMH EHVHGLOD LQ VDPRVWRMQR UHãHYDQMH QDORJ
)URQWDOQR GHOR ± SRVOXãDQMH JOHGDQMH SRVQHWHJD EHVHGLOD
','$.7,ý1, 35,6723,
3UHSR]QDYDMR SRLPHQRYDOQR YORJR ND]DOQLK ]DLPNRY
8YUVWLMR EHVHGH PHG ND]DOQH ]DLPNH LQ XWHPHOMLMR VYRMR RGORþLWHY
9 EHVHGLOLK SUHSR]QDYDMR QDYHGHQL SRMHP LQ JD SRLPHQXMHMR ] XVWUH]QLP MH]LNRVORYQLP L]UD]RP
,=2%5$ä(9$/1, 2E PHWDMH]LNRYQL LQ VORYQLþQL UD]þOHPEL VSR]QDYDMR MH]LNRVORYQL SRMHP LQ L]UD] ]DQM ± ND]DOQL ]DLPHN
WHPDWVNL VNORS 23,6 1$5$91(*$ 32-$9$ &LOMQD WHPD 23,6 1$5$91(*$ 32-$9$ .$=$/1, =$,0., 1DVORY HQRWH 32' 3295â-(0 ,1 1$ 1(%8
'HOQR SUHYHUMDQMH ]QDQMD R ND]DOQLK ]DLPNLK
&HORVWQR SUHYHUMDQMH LQ RFHQMHYDQMH
JRYRUQHJD QDVWRSD ± RSLVD QDUDYQHJD SRMDYD
&HORVWQR SUHYHUMDQMH LQ RFHQMHYDQMH
UD]XPHYDQMD SUHEUDQHJD SRVOXãDQHJD EHVHGLOD
1DUDYRVORYMH
3UHYHUMDQMH SUHG]QDQMD
,]ELUQL SUHGPHWL $VWURQRPLMD 2NROMVND Y]JRMD
*HRJUDILMD
0('35('0(7 1( 329(=$9(
35(9(5-$1-( 2&(1-(9$1-(
ý$6
5DELMR ND]DOQH ]DLPNH 6NODQMDMR ND]DOQH ]DLPNH
)81.&,21$/1,
&,/-, ,=2%5$ä(9$/1,
','$.7,ý1, 35,6723,
35(9(5-$1-( 2&(1-(9$1-(
0('35('0(7 1( 329(=$9(
ý$6
*RYRUMHQMH 5D]ODJDMR SRPHQ GDQLK EHVHG EHVHGQLK ]YH]
3LVDQMH ,ãþHMR SRGDWNH R åLYOMHQMX SROMXEQR L]EUDQH RVHEH SR þDVRSLVLK UHYLMDK PHGPUHåMX 2SLãHMR SROMXEQR L]EUDQR RVHER
%UDQMH %HUHMR RSLV åLYOMHQMD RVHEH 5D]XPHMR SUHEUDQR EHVHGLOR =QDMGHMR VH Y EHVHGLOX 3UHSR]QDMR SRGDWNH L] EHVHGLOD 3RY]HPDMR ]QDþLOQRVWL RSLVD åLYOMHQMD RVHEH
)81.&,21$/1,
&,/-,
WHPDWVNL VNORS 23,6 ä,9/-(1-$ 26(%( &LOMQD WHPD 23,6 ä,9/-(1-$ =1$1( 26(%( 1DVORYL HQRW 2' =25( '2 05$.$ ,=2%5$ä(9$/1,
,QGLYLGXDOQR GHOR ± RSLVRYDQMH åLYOMHQMD RVHEH
,QGLYLGXDOQR GHOR ± EUDQMH
','$.7,ý1, 35,6723,
&HORVWQR SUHYHUMDQMH LQ RFHQMHYDQMH SLVDQMD REUDYQDYDQH JD RSLVD
&HORVWQR SUHYHUMDQMH LQ RFHQMHYDQMH
UD]XPHYDQMD SUHEUDQHJD RSLVD
35(9(5-$1-( 2&(1-(9$1-(
âSRUWQD Y]JRMD
0('35('0(7 1( 329(=$9(
ý$6
5DELMR R]LUDOQD ]DLPND NGRU LQ NDU 5DELMR R]LUDOQD ]DLPND NL LQ NDWHUL 5DELMR R]LUDOQH ]DLPNH ]D RSLVRYDQMH VYRMLQH ODVWQLQH
3LVDQMH 7YRULMR RSLV åLYOMHQMD OMXGL Y VRGREQRVWL ,ãþHMR SRGDWNH SR SULURþQLNLK LQ GUXJLK YLULK 3UHVRMDMR SLVQD EHVHGLOD VRãROFHY GRSROQMXMHMR EHVHGLOD LQ RGSUDYOMDMR QDSDNH
*RYRUMHQMH 7YRULMR RSLV åLYOMHQMD OMXGL Y VRGREQRVWL ,ãþHMR SRGDWNH SR SULURþQLNLK LQ GUXJLK YLULK *RYRUQR QDVWRSDMR 3UHVRMDMR JRYRUQH QDVWRSH VRãROFHY WHU XWHPHOMXMHMR VYRMH PQHQMH 6RGHOXMHMR SUL WYRUMHQMX UD]UHGQHJD RSLVD VRGREQHJD åLYOMHQMD 6ORYHQFHY
)81.&,21$/1, %UDQMH 8SRUDEOMDMR ]QDQMH L] JHRJUDILMH LQ GUXJLK YLURY %HUHMR RSLV åLYOMHQMD OMXGL Y VRGREQRVWL 5D]XPHMR SUHEUDQR EHVHGLOR WM SUHSR]QDYDMR WHPR NOMXþQH EHVHGH LQ ELVWYHQH SRGDWNH =QDMGHMR VH Y EHVHGLOX 3RY]HPDMR ]QDþLOQRVWL RSLVD åLYOMHQMD OMXGL Y VRGREQRVWL
&,/-,
5DELMR VWURNRYQL L]UD] R]LUDOQL ]DLPHN
3UHSR]QDYDMR SRPHQVNR LQ REOLNRYQR SRYH]DQRVW R]LUDOQLK ]DLPNRY ] YSUDãDOQLPL ]DLPNL
3UHSR]QDYDMR YORJR R]LUDOQLK ]DLPNRY
8YUVWLMR EHVHGH PHG R]LUDOQH ]DLPNH LQ XWHPHOMLMR VYRMR RGORþLWHY
9 EHVHGLOLK SUHSR]QDYDMR QDYHGHQL SRMHP LQ JD SRLPHQXMHMR ] XVWUH]QLP MH]LNRVORYQLP L]UD]RP
,=2%5$ä(9$/1, 2E PHWDMH]LNRYQL LQ VORYQLþQL UD]þOHPEL VSR]QDYDMR MH]LNRVORYQL SRMHP LQ L]UD] ]DQM ± R]LUDOQL ]DLPHN
WHPDWVNL VNORS 23,6 ä,9/-(1-$ /-8', 9 62'2%1267, &LOMQD WHPD 23,6 ä,9/-(1-$ '2/2ý(1( 6.83,1( /-8', 2=,5$/1, =$,0., 1DVORY HQRWH 9 '(ä(/, 9=+$-$-2ý(*$ 621&$
3UREOHPVNR XþHQMH
6RGHORYDOQR XþHQMH
,QGLYLGXDOQR GHOR ± VDPRVWRMQR UHãHYDQMH QDORJ
,QGLYLGXDOQR GHOR ± EUDQMH EHVHGLOD
','$.7,ý1, 35,6723,
'HOQR LQ FHORVWQR SUHYHUMDQMH LQ RFHQMHYDQMH
YHGHQMD R R]LUDOQLK ]DLPNLK
'HOQR LQ FHORVWQR SUHYHUMDQMH LQ RFHQMHYDQMH
UD]XPHYDQMD RSLVD
3UHYHUMDQMH SUHG]QDQMD
35(9(5-$1-( 2&(1-(9$1-(
,]ELUQL SUHGPHWL (WQRORJLMD 'UÃ¥DYOMDQVND NXOWXUD 9DUVWYD LQ HWLND
'UÃ¥DYOMDQVND Y]JRMD LQ HWLND
*HRJUDILMD
=JRGRYLQD
0('35('0(7 1( 329(=$9(
ý$6
*RYRUMHQMH 8VWQR REQDYOMDMR EHVHGLOR RE PLVHOQHP Y]RUFX *RYRUQR QDVWRSDMR
6NXSLQVNR GHOR
,QGLYLGXDOQR GHOR ± SLVDQMH SULSRYHGRYDO QHJD EHVHGLOD
,QGLYLGXDOQR GHOR ± EUDQMH VDPRVWRMQR UHãHYDQMH QDORJ
)URQWDOQR GHOR ± SRVOXãDQMH JOHGDQMH YLGHRSRVQHWND
)URQWDOQR GHOR ± 8þLWHOMHY XYRG Y QRYR XþQR VQRY
','$.7,ý1, 35,6723,
'HOR Y GYRMLFDK 3UHSR]QDMR YORJR JODJROVNLK QDNORQVNLK REOLN 6RGHORYDOQR XþHQMH 5D]XPHMR LQ UDELMR VWURNRYQH L]UD]H SRYHGQL 3UREOHPVNL YHOHOQL LQ SRJRMQL QDNORQ SRXN R] SRYHGQLN YHOHOQLN SRJRMQLN 8þHQMH ]
3UHSR]QDYDMR JODJROH Y EHVHGLOX LQ GRORþDMR QMLKRYH REOLNRYQH ODVWQRVWL
9 EHVHGLOX SUHSR]QDYDMR QDYHGHQH SRMPH LQ MLK SRLPHQXMHMR ] XVWUH]QLPL MH]LNRVORYQLPL L]UD]L XYUVWLMR EHVHGH PHG SUHGORJH LQ XWHPHOMLMR VYRMR RGORþLWHY
%HUHMR LQ UD]XPHMR QDYRGLOD ]D GHOR 6SR]QDMR UD]QH QDþLQH L]UHNDQMD QDYRGLOD ]D GHOR 3ULPHUMDMR LQ SUHVRMDMR EHVHGLOD
3RVOXãDQMH JOHGDQMH 3RVOXãDMR JOHGDMR SRVQHWR SULSRYHGRYDOQR EHVHGLOR 3UHSR]QDYDMR RNROLãþLQH QDVWDQND EHVHGLOD VSRURþHYDOþHY QDPHQ LQ WHPR EHVHGLOD 9UHGQRWLMR SRVQHWR EHVHGLO LQ XWHPHOMXMHMR VYRMH PQHQMH 3UHSR]QDMR YUVWR SRVQHWHJD EHVHGLOD 3UHSR]QDMR þDVRYQR SRYH]DQRVW GHMDQM SULND]DQHJD GRJRGND 3UHVRMDMR UHVQLþQRVW WUGLWHY R SRVQHWHP EHVHGLOX 3RY]HPDMR ]QDþLOQRVWL GDQH EHVHGLOQH YUVWH 2SD]XMHMR LQ SUHSR]QDYDMR YORJR VHVWDYQLK GHORY SULSRYHGRYDOQHJD EHVHGLOD
,=2%5$ä(9$/1, 2E PHWDMH]LNRYQL LQ VORYLþQL UD]þOHPEL VSR]QDYDMR MH]LNRVORYQH SRMPH LQ L]UD]H ]DQMH ± SRYHGQL YHOHOQL LQ SRJRMQL QDNORQ ± VWDOQD EHVHGQD ]YH]D ± SUHGORJ
)81.&,21$/1, %UDQMH 8SRUDEOMDMR ]QDQMH XþHQMH L] XþEHQLND %HUHMR EHVHGLOR L] XþEHQLND 3UHSR]QDYDMR RNROLãþLQH QDVWDQND EHVHGLOD 5D]XPHMR EHVHGLOR SUHSR]QDYDMR WHPR WHU ELVWYHQH LQ UHVQLþQH SRGDWNH ª%HUHMR© ]HPOMHYLG 3UHSR]QDYDMR ]DSRYUVWMH GRJRGNRY
&,/-,
'HOQR LQ FHORVWQR SUHYHUMDQMH LQ RFHQMHYDQMH
]QDQMD R JODJROX
'HOQR LQ FHORVWQR SUHYHUMDQMH LQ RFHQMHYDQMH SLVDQMD SULSRYHGRYDO QHJD EHVHGLOD
&HORVWQR SUHYHUMDQMH LQ RFHQMHYDQMH
EUDQMD LQ UD]XPHYDQMD SULSRYHGRYDO QHJD EHVHGLOD
3UHYHUMDQMH SUHG]QDQMD
35(9(5-$1-( 2&(1-(9$1-(
'UÃ¥DYOMDQVND Y]JRMD LQ HWLND
1DUDYRVORYMH
*HRJUDILMD
=JRGRYLQD
0('35('0(7 1( 329(=$9(
WHPDWVNL VNORS 35,329('29$/12 %(6(',/2 &LOMQD WHPD 35,329('29$/12 %(6(',/2 */$*2/ ± */$*2/6., 1$./21 67$/1( %(6('1( =9(=( 35('/2* 1DVORYL HQRW =*2'29,1$ 1$6 8ý, %5(= '(/$ 1, -(/$ 65&( 0, -( 3$'/2 9 +/$ý(
ý$6
5D]XPHMR LQ UDELMR VWURNRYQL L]UD] SUHGORJ 5D]XPHMR VWURNRYQL L]UD] VWDOQD EHVHGQD ]YH]D LQ SROMXGQL L]UD] SUHJRYRU
8SRUDEOMDMR 6ORYDU VORYHQVNHJD NQMLåQHJD MH]LND LQ 6ORYHQVNL HWLPRORãNL VORYDU
8WUMXMHMR ORþHYDQMH Y]URND RG QDPHQD WHU Y]URND QDPHQD RG SRVOHGLFH 8WUMXMHMR L]UDåDQMH Y]URþQHJD LQ QDPHUQHJD UD]PHUMD QD RED QDþLQD WM ] YH]QLNRP LQ V SUHGORJRP
1DþUWXMHMR VYRMH GHOR ± UD]YUãþDMR ID]H VSRURþDQMD 1DSLãHMR SULSRYHGRYDOQR EHVHGLOR ± XGHMDQLMR ID]H VSRURþDQMD 3UHSR]QDMR SRPHQ VWDOQLK EHVHGQLK ]YH] /RþXMHMR GREHVHGQL LQ SUHQHVHQL GHMDQVNL SRPHQ VWDOQLK EHVHGQLK ]YH] 3UHSR]QDMR VWDOQH EHVHGQH ]YH]H Y EHVHGLOX 1DGRPHãþDMR EHVHGH V VRSRPHQVNLPL VWDOQLPL EHVHGQLPL ]YH]DPL 5D]XPHMR SUHJRYRUH 'RSROQMXMHMR SUHJRYRUH 5DELMR SUHJRYRUH Y XVWUH]QLK RNROLãþLQDK
3RLPHQXMHMR GHMDQMD ] XVWUH]QLPL JODJROL 5DELMR JODJROVNH RVHEQH LQ þDVRYQH REOLNH 3LãHMR ]DQLNDQH JODJROH 7YRULMR QHVHGDQMLãNH JODJROVNH REOLNH 5DELMR JODJROVNH QDNORQVNH REOLNH 3LãHMR QDYRGLOD ]D GHOR 2GSUDYOMDMR VYRMH QDSDNH
,=2%5$ä(9$/1, 3UHSR]QDYDMR SRLPHQRYDOQR YORJR SUHGORJRY
)81.&,21$/1, 3LVDQMH 'RSROQLMR PLVHOQL Y]RUHF ] ELVWYHQLPL SRGDWNL 3RVWDYOMDMR YSUDãDQMD R SUHEUDQHP EHVHGLOX
&,/-, RGNULYDQMHP
','$.7,ý1, 35,6723,
35(9(5-$1-( 2&(1-(9$1-(
0('35('0(7 1( 329(=$9(
ý$6
)81.&,21$/1, 5DELMR SUHGORJH 5DELMR SUHGORJH LQ VDPRVWDOQLNH RE QMLK Y SUDYLOQL VNORQVNL REOLNL
&,/-, ,=2%5$ä(9$/1,
','$.7,ý1, 35,6723,
35(9(5-$1-( 2&(1-(9$1-(
0('35('0(7 1( 329(=$9(
ý$6
3RVOXãDQMH JOHGDQMH 3RVOXãDMR JOHGDMR SRVQHWR SRURþLOR 3UHSR]QDYDMR RNROLãþLQH QDVWDQND SRVQHWHJD SRURþLOD LQ QMHJRYH WHPH 3UHSR]QDYDMR VHVWDYLQH SRVQHWHJD SRURþLOD 'RORþDMR EHVHGLOQH YUVWH XSRUDEOMDMR ]QDQMH R ]QDþLOQRVWLK SXEOLFLVWLþQHJD SRURþLOD 3UHSR]QDYDMR ]DSRYUVWMH GHMDQM SUHGVWDYOMHQHJD GRJRGND 3UHVRMDMR WUGLWYH R SUHEUDQHP EHVHGLOX
%UDQMH %HUHMR þDVRSLVQR SRURþLOR 3UHSR]QDYDMR RNROLãþLQH QDVWDQND LQ L]LGD þDVRSLVQHJD SRURþLOD 3UHSR]QDYDMR WHPR SUHEUDQHJD EHVHGLOD 3UHSR]QDYDMR VHVWDYLQH þDVRSLVQHJD SRURþLOD 3UHSR]QDYDMR ]DSRYUVWMH GHMDQM SUHGVWDYOMHQHJD GRJRGND 3RY]HPDMR ]QDþLOQRVWL þDVRSLVQHJD SRURþLOD 8SRUDEOMDMR ]QDQMH R þDVRSLVQL QRYLFL LQ SUHSR]QDYDMR UD]ORþHYDOQH ODVWQRVWL þDVRSLVQHJD SRURþLOD 3UHVRMDMR WUGLWYH R SUHEUDQHP EHVHGLOX =QDMGHMR VH Y EHVHGLOX
)81.&,21$/1,
&,/-,
5D]XPHMR LQ UDELMR VWURNRYQH L]UD]H ãWHYQLN JODYQL ãWHYQLN LQ YUVWLOQL ãWHYQLN
9 EHVHGLOX SUHSR]QDYDMR QDYHGHQH SRMPH LQ MLK SRLPHQXMHMR ] XVWUH]QLPL MH]LNRVORYQLPL L]UD]L XYUVWLMR EHVHGH PHG ãWHYQLNH LQ XWHPHOMLMR VYRMR RGORþLWHY
2E PHWDMH]LNRYQL LQ VORYQLþQL UD]þOHPEL VSR]QDYDMR QDVOHGQMH MH]LNRVORYQH SRMPH LQ L]UD]H ]DQMH ± JODYQL LQ YUVWLOQL ãWHYQLN ± VWDYHN HQR LQ GYRVWDYþQD SRYHG ± VWDYþQL þOHQ RVHEHN SRYHGHN SUHGPHW SULVORYQR GRORþLOR
,=2%5$ä(9$/1,
6RGHORYDOQR XþHQMH
)URQWDOQR GHOR ± SRVOXãDQMH JOHGDQMH YLGHRSRVQHWND
,QGLYLGXDOQR GHOR ± VDPRVWRMQR UHãHYDQMH QDORJ
)URQWDOQR GHOR ± XþLWHOMHY XYRG Y QRYR XþQR VQRY
','$.7,ý1, 35,6723,
WHPDWVNL VNORS ý$623,612 3252ý,/2 &LOMQD WHPD 3252ý,/2 2 $.78$/1(0 =$1,0,9(0 '2*2'.8 â7(91,. 329(' ,1 67$9(. 6(67$9,1( 67$9.$ ± 67$9ý1, ý/(1, 1DVORYD HQRW =*2',/2 6( -( 9 0$5,%258 .$- 3$ 6( -( =*2',/2 9 ä(/(=1,.,+"
&HORVWQR SUHYHUMDQMH LQ RFHQMHYDQMH
]QDQMD R VWDYNX LQ VWDYþQLK þOHQLK
&HORVWQR SUHYHUMDQMH EUDQMD LQ SRVOXãDQMD JOHGDQMD WHU UD]XPHYDQMD SRURþLOD
3UHYHUMDQMH SLVDQMD LQ XSRYHGRYDQMD SUHJOHGQLF R] PLVHOQLK Y]RUFHY
3UHYHUMDQMH SUHG]QDQMD
35(9(5-$1-( 2&(1-(9$1-(
,]ELUQL SUHGPHWL 9]JRMD ]D PHGLMH (WQRORJLMD âROVNR QRYLQDUVWYR 2NROMVND Y]JRMD 'UåDYOMDQVND NXOWXUD
7HKQLNDLQ WHKQRORJLMD
1DUDYRVORYMH
=JRGRYLQD
0('35('0(7 1( 329(=$9(
ý$6
6SR]QDYDMR LQ X]DYHãþDMR PHULOD ]D GRORþDQMH SRYHGQH LQ VWDYþQH VHVWDYH EHVHGLOD
,=2%5$ä(9$/1, 6SR]QDYDMR ]QDþLOQRVWL SRYHGL LQ VWDYND
6SR]QDYDMR LQ X]DYHãþDMR
6SR]QDYDMR LQ X]DYHãþDMR PHULOD ]D GRORþDQMH VWDYþQLK þOHQRY WM YSUDãDOQLFH ]DQMH
5D]XPHMR LQ SR]QDMR YORJR GHORY VWDYND R] VWDYþQLK þOHQRY
2SD]XMHMR LQ SUHSR]QDYDMR IXQNFLMVNH GHOH VWDYND R] VWDYþQLK þOHQRY
5D]XPHMR LQ UDELMR VWURNRYQH L]UD]H SRYHG LQ VWDYHN HQRVWDYþQD LQ YHþVWDYþQD SRYHG
3LãHMR JODYQH LQ YUVWLOQH ãWHYQLNH ] EHVHGR LQ ãWHYLONR 6SR]QDYDMR LQ X]DYHãþDMR 5DELMR JODYQH ãWHYQLNH LQ L]UD]H ]D QMLPL Y SRYHGL VWUDWHJLMR GRORþDQMD VWDYþQH VHVWDYH SRYHGL 6NODGDMR EHVHGH Y SRYHGL ,]UDåDMR ORJLþQR UD]PHUMH Y YHþVWDYþQL SRYHGL
3LVDQMH 3LãHMR þDVRSLVQR SRURþLOR
*RYRUMHQMH 2SLVXMHMR SULSRPRþNH ]D L]GHORYDQMH þLSN L]EUDQHJD VORYHQVNHJD OMXGVNHJD RELþDMD R] SULUHGLWYH
)81.&,21$/1,
&,/-, ','$.7,ý1, 35,6723,
35(9(5-$1-( 2&(1-(9$1-(
0('35('0(7 1( 329(=$9(
ý$6
)81.&,21$/1,
&,/-,
'RORþDMR VWDYþQH þOHQH
5D]XPHMR LQ UDELMR VWURNRYQH L]UD]H VWDYþQL þOHQ SRYHGHN RVHEHN SUHGPHW SULVORYQR GRORþLOR
,=2%5$ä(9$/1, VWUDWHJLMR GRORþDQMD VWDYþQLK þOHQRY
','$.7,ý1, 35,6723,
35(9(5-$1-( 2&(1-(9$1-(
0('35('0(7 1( 329(=$9(
ý$6
'RORþDMR VWDYþQH þOHQH LQ XWHPHOMLMR VYRMR RGORþLWHY 1DYHGHMR JODYQH VWDYþQH
3LVDQMH
3R]QDMR YSUDãDOQLFH ]D VWDYþQH þOHQH
3R]QDMR YORJR VWDYþQLK þOHQRY
9 EHVHGLOX SUHSR]QDYDMR QDYHGHQH SRMPH LQ MLK SRLPHQXMHMR ] XVWUH]QLPL MH]LNRVORYQLPL L]UD]L
,=2%5$ä(9$/1, 2E PHWDMH]LNRYQL LQ VORYQLþQL UD]þOHPEL VSR]QDYDMR XWUMXMHMR MH]LNRVORYQH SRMPH LQ L]UD]H ]DQMH ± VWDYþQL þOHQ ± SRYHGHN RVHEHN SUHGPHW SULVORYQR GRORþLOR NUDMD SULVORYQR GRORþLOR þDVD SULVORYQR GRORþLOR QDþLQD SULVORYQR GRORþLOR Y]URND
*RYRUMHQMH $QNHWLUDMR VRãROFH %HVHGQR SUHGVWDYLMR UH]XOWDWH DQNHWH
%UDQMH %HUHMR MDYQD REYHVWLOD NXOWXUQL VSRUHG WHOHWHNVW WHNPRYDOQL VSRUHG QD UD]QH QDþLQH V SUHOHWRP VHOHNWLYQR LQ SRGUREQR =QDMGHMR VH Y EHVHGLOX 3RY]HPDMR VHVWDYR MDYQHJD REYHVWLOD NXOWXUQHJD VSRUHGD 8SRUDEOMDMR ]QDQMH ± SUHSR]QDYDMR WRYUVWQD EHVHGLOD Y PQRåLþQLK REþLOLK 5D]XPHMR SUHY]HWH EHVHGH L] NXOWXUQHJD VSRUHGD /RþXMHMR REYHVWLOR RG YDELOD ª%HUHMR© QHEHVHGQR SUHGVWDYLWHY UH]XOWDWRY DQNHWH 1DYH]XMHMR VH QD VYRMH L]NXãQMH ] LVNDQMHP SRGDWNRY QD WHOHWHNVWX PHGPUHåMX LGU WHU V ãSRUWQLK WHNPRYDQM ,ãþHMR SRGDWNH QD WHOHWHNVWX LQ Y WHNPRYDOQHP VSRUHGX 8SRUDEOMDMR ]QDQMH Y YVDNGDQMHP åLYOMHQMX 6NOHSDMR R RNROLãþLQDK QDVWDQND EHVHGLOD 6NOHSDMR R QDPHQX WYRUFD EHVHGLOD 5D]XPHMR VWURNRYQH L]UD]H ]D SUYLQH ãSRUWQHJD WHNPRYDQMD
)81.&,21$/1,
&,/-,
'HOR Y GYRMLFDK VNXSLQDK
3UREOHPVNR XþHQMH
6RGHORYDOQR XþHQMH
,QGLYLGXDOQR GHOR ± VDPRVWRMQR UHãHYDQMH QDORJ
,QGLYLGXDOQR GHOR ± EUDQMH MDYQLK REYHVWLO
','$.7,ý1, 35,6723,
'HOQR LQ FHORVWQR SUHYHUMDQMH LQ RFHQMHYDQMH
]QDQMD R VWDYþQLK þOHQLK
'HOQR LQ FHORVWQR SUHYHUMDQMH LQ RFHQMHYDQMH
UD]XPHYDQMD QDSLVDQHJD EHVHGLOD
*HRJUDILMD
3UHYHUMDQMH SUHG]QDQMD
,]ELUQL SUHGPHWL 9]JRMD ]D PHGLMH *OHGDOLãNL NOXE âROVNR QRYLQDUVWYR
2GGHOþQD VNXSQRVW
7HKQLND LQ WHKQRORJLMD
âSRUWQD Y]JRMD
0('35('0(7 1( 329(=$9(
35(9(5-$1-( 2&(1-(9$1-(
WHPDWVNL VNORS -$91$ 2%9(67,/$ &LOMQD WHPD .8/7851, 6325(' 7(/(7(.67 7(.029$/1, 6325(' 67$9ý1, ý/(1, 329('(. 26(%(. 35('0(7 35,6/2912 '2/2ý,/2 1DVORYL HQRW 1$0(672 .,1$ ,1 7(/(9,=,-( '(6.$02 32 7(/(9,=,-, 7(ý(0 6.$ý(0 7(.08-(0
ý$6
5D]XPHMR LQ UDELMR VWURNRYQH L]UD]H VWDYþQL þOHQ SRYHGHN RVHEHN SUHGPHW SULVORYQR GRORþLOR NUDMD SULVORYQR GRORþLOR þDVD SULVORYQR GRORþLOR QDþLQD SULVORYQR GRORþLOR Y]URND
3R]QDMR UD]QH YUVWH SUHGPHWRY LQ UD]QH YUVWH SULVORYQLK GRORþLO
3R]QDMR ]QDþLOQH REOLNH SRYHGND LQ RVHEND
,=2%5$ä(9$/1, þOHQH
','$.7,ý1, 35,6723,
35(9(5-$1-( 2&(1-(9$1-(
0('35('0(7 1( 329(=$9(
' .DSNR LGU 6ORYHQãþLQD ]D YVDNGDQ LQ YVDN GDQ 3ULURþQLN ]D XþLWHOMH /MXEOMDQD =DORåED 5RNXV
3UHGPHWQD NXULNXODUQD NRPLVLMD ]D VORYHQãþLQR 8þQL QDþUW 3URJUDP RVQRYQRãROVNHJD L]REUDåHYDQMD 6ORYHQãþLQD /MXEOMDQD =DYRG ]D ãROVWYR
9,5,
5DELMR SUDYLOQH REOLNH VDPRVWDOQLND Y SUHGPHWX
)81.&,21$/1, $QNHWLUDMR VRãROFH 1HEHVHGQR SUHGVWDYLMR UH]XOWDWH DQNHWH
&,/-,
ý$6