$ 1 1 $ / ( 6
8 1 , 9 ( 5 6 , 7$7 , 6 0 $ 5 , $ ( & 8 5 , ( 6 . à 2 ' 2 : 6 . $ /8%/,1±32/21,$ 92/;/9,, 6(&7,2+ 8QLZHUV\WHW0DULL&XULH6NáRGRZVNLHMZ/XEOLQLH=DNáDG5\QNyZ)LQDQVRZ\FK $11$.$635=$.&=(/(-'HWHUPLQDQW\LQZHVW\FMLSU]HGVLĊELRUVWZ
7KHGHWHUPLQDQWVRIFRUSRUDWHLQYHVWPHQWV 6áRZDNOXF]RZHLQZHVW\FMHU\QNLUR]ZLMDMąFHVLĊ .H\ZRUGVLQYHVWPHQWVHPHUJLQJPDUNHWV :VWĊS ,QZHVW\FMHVąMHGQą]SRGVWDZRZ\FK]PLHQQ\FKDQDOL]RZDQ\FK]DUyZQRQDSR]LR PLHPDNURMDNLPLNURHNRQRPLF]Q\P,FK]QDF]HQLHZXMĊFLX]DJUHJRZDQ\PZLąĪH VLĊ ] RGG]LDá\ZDQLHP L QD SRS\W ELHĪąFHJR RNUHVX L ± SRĞUHGQLR ± QD áąF]Qą SRGDĪ Z RNUHVDFK SU]\V]á\FK 3RSU]H] LQZHVW\FMH GR JRVSRGDUNL ZSURZDG]DQ\ MHVW SRVWĊS WHFKQLF]Q\3RQDGWRLQZHVW\FMHXZDĪDVLĊ]DSRGVWDZRZą]PLHQQąRGSRZLHG]LDOQą]D ]QDF]QąF]ĊĞüÀXNWXDFML3.%ZUDPDFKF\NOXNRQLXQNWXUDOQHJR: XMĊFLX PLNURHNRQRPLF]Q\P LQZHVW\FMH VWDQRZLą SRGVWDZRZ\ ZDUXQHN Z]URVWX ZDUWRĞFLLUR]ZRMXSU]HGVLĊELRUVWZSU]H]FRQDOHĪ\UR]XPLHüFDáRĞüSR]\W\ZQ\FK]PLDQ ZSU]HGVLĊELRUVWZLHWDNZXMĊFLXLORĞFLRZ\PQS]ZLĊNV]HQLHPDMąWNXWUZDáHJRNDSLWD áyZZáDVQ\FKZLHONRĞFLSURGXNFMLMDNLMDNRĞFLRZ\PQSSRSUDZDHIHNW\ZQRĞFLJR VSRGDURZDQLDSRGQLHVLHQLHNZDOL¿NDFMLSUDFRZQLNyZSROHSV]HQLHMDNRĞFLSURGXNWyZ &HOHPQLQLHMV]HJRDUW\NXáXMHVWV\QWHW\F]QHSU]HGVWDZLHQLHGHWHUPLQDQWLQZHVW\FML SU]HGVLĊELRUVWZRUD]LFKZHU\¿NDFMDQDSRGVWDZLHSU]HJOąGXEDGDĔHPSLU\F]Q\FKGOD NUDMyZUR]ZLMDMąF\FKVLĊ +7RZDUQLFND6WUDWHJLDLQZHVW\F\MQDSU]HGVLĊELRUVWZD:\GDZQLFWZR$NDGHPLL(NRQRPLF]QHMLP 2VNDUD/DQJHJRZH:URFáDZLX:URFáDZV
UMCS
$11$.$635=$.&=(/(-,VWRWDLURG]DMHLQZHVW\FMLSU]HGVLĊELRUVWZ ,QZHVW\FMHWRZ\GDWNLNDSLWDáXQDSRZLĊNV]DQLHVNáDGRZ\FKPDMąWNXU]HF]RZHJR L¿QDQVRZHJRNWyUHPDMą]DSHZQLüRF]HNLZDQ\GRFKyG]LFKXĪ\WNRZDQLDVSU]HGDĪ\ OXEZ\QDMPX:DQDOL]DFK*86SRMĊFLHLQZHVW\FMLMHVWWUDNWRZDQHZĊ]LHMMDNRQDNáD G\LQZHVW\F\MQHLR]QDF]DQDNáDG\¿QDQVRZHOXEU]HF]RZHSRQRV]RQHFHOHPVWZRU]H QLDQRZ\FKĞURGNyZWUZDá\FKOXEXOHSV]HQLDSU]HEXGRZDUR]EXGRZDUHNRQVWUXNFMD PRGHUQL]DFMDLVWQLHMąF\FKRELHNWyZPDMąWNXWUZDáHJRLQDNáDG\QDW]ZSLHUZV]HZ\ SRVDĪHQLHLQZHVW\FML &HFKDPLFKDUDNWHU\VW\F]Q\PLLQZHVW\FMLSU]HGVLĊELRUVWZLGHF\GXMąF\PLRLFKLVWR FLHVąUHODW\ZQLHGáXJLRNUHV]DPURĪHQLDĞURGNyZ¿QDQVRZ\FKD]DWHPLVWRVXQNRZR GáXJLF]DVGRPRPHQWXRVLąJQLĊFLDSRWHQFMDOQ\FKNRU]\ĞFLZLHONRĞüSRQRV]RQ\FKQD NáDGyZSU]HNUDF]DMąFDSR]LRPZ\QLNDMąF\]G]LDáDOQRĞFLRSHUDF\MQHMSU]HGVLĊELRUVWZD ]UHJXá\GXĪ\ZSá\ZUH]XOWDWyZLQZHVW\FMLQDHIHNW\ZQRĞüLNRQNXUHQF\MQRĞüSRGPLR WyZRUD]U\]\NRWRZDU]\V]ąFHLQZHVW\FML ,QZHVW\FMHSU]HGVLĊELRUVWZPRJąGRW\F]\üU]HF]RZ\FKVNáDGQLNyZPDMąWNXWUZD áHJR DNW\ZyZ ¿QDQVRZ\FK Z V]F]HJyOQRĞFL DNFML XG]LDáyZ Z LQQ\FK SRGPLRWDFK REOLJDFMLRUD]V]HURNRUR]XPLDQ\FKDNW\ZyZQLHPDWHULDOQ\FKG]LDáDOQRĞFLEDGDZF]R UR]ZRMRZHMNV]WDáFHQLDSUDFRZQLNyZPDUNHWLQJXSU]HGVLĊELRUVWZDVIHU\VRFMDOQHM %LRUąFSRZ\ĪV]HSRGXZDJĊZ\UyĪQLDVLĊLQZHVW\FMHU]HF]RZH¿QDQVRZHLQLHPDWH ULDOQH
,QZHVW\FMH U]HF]RZH RGJU\ZDMą SRGVWDZRZą UROĊ ZH Z]URĞFLH ZHZQĊWU]Q\P SU]HGVLĊELRUVWZD PRJą SRSUDZLü MHJR SR]\FMĊ NRQNXUHQF\MQą OXE ]ZLĊNV]\ü XG]LDá ZU\QNX,QZHVW\FMH¿QDQVRZHSR]ZDODMąQDZ\NRU]\VWDQLHZROQ\FKĞURGNyZ¿QDQ VRZ\FKFHOHPX]\VNDQLDGRGDWNRZHJRGRFKRGXZV\WXDFMLEUDNXUHDOL]DFMLLQZHVW\FML U]HF]RZ\FK:SU]HGVLĊELRUVWZDFKQLH¿QDQVRZ\FKQLHSRZLQQ\E\üMHGQDNWUDNWRZDQH SULRU\WHWRZR Z VWRVXQNX GR LQZHVW\FML U]HF]RZ\FK ,QZHVW\FMH ¿QDQVRZH PRJą VWD QRZLüVSRVyESRGSRU]ąGNRZDQLDLQQHJRSU]HGVLĊELRUVWZD8ZDĪDVLĊMHGQDNĪHIX]MH LSU]HMĊFLDQLHVąW\SRZ\PLLQZHVW\FMDPL¿QDQVRZ\PLJG\ĪPDMąUyZQLHĪFHFK\LQZH VW\FMLU]HF]RZ\FK1DE\FLHLQQHJRSRGPLRWXRGE\ZDVLĊSRSU]H]]DNXSDNFMLLQZHVW\ FMD¿QDQVRZDDOHFHOWHMWUDQVDNFMLZ\NUDF]DSR]D]\VNNDSLWDáRZ\LGRW\F]\SRSUDZ\ HIHNW\ZQRĞFLSURZDG]RQHMG]LDáDOQRĞFLFHFKDLQZHVW\FMLU]HF]RZHM
3 .DUSXĞ UHG =DU]ąG]DQLH ¿QDQVDPL SU]HGVLĊELRUVWZ :\GDZQLFWZR 8QLZHUV\WHWX 0DULL &XULH 6NáRGRZVNLHM/XEOLQV 5RF]QLN6WDW\VW\F]Q\5]HF]\SRVSROLWHM3ROVNLHM*86:DUV]DZDV -5yĪDĔVNL,QZHVW\FMHL¿QDQVHSU]HGVLĊELRUVWZD>Z@-.RUWDQUHG3RGVWDZ\HNRQRPLNLL]DU]ąG]DQLD SU]HGVLĊELRUVWZHP&+%HFN:DUV]DZDV 3RU-5yĪDĔVNLUHG,QZHVW\FMHU]HF]RZHLNDSLWDáRZH'L¿Q:DUV]DZDV$0LFKDODN )LQDQVRZDQLHLQZHVW\FMLZWHRULLLSUDNW\FH:\GDZQLFWZR1DXNRZH3:1:DUV]DZDV -5yĪDĔVNLUHGRSFLWV
,GHP ,QZHVW\FMH U]HF]RZH Z SURFHVDFK UR]ZRMRZ\FK SU]HGVLĊELRUVWZ :\GDZQLFWZR 8QLZHUV\WHWX àyG]NLHJRàyGĨV
,ELGHPV-5yĪDĔVNLUHGRSFLWV
'(7(50,1$17<,1:(67<&-,35=('6,ĉ%,2567: &]\QQLNLZDUXQNXMąFHGHF\]MHLQZHVW\F\MQHSU]HGVLĊELRUVWZ :LHONRĞüLQZHVW\FMLU]HF]RZ\FKUHDOL]RZDQ\FKSU]H]SU]HGVLĊELRUVWZDSR]RVWDMHSRG ZSá\ZHP]DUyZQRF]\QQLNyZZHZQĊWU]Q\FKMDNLW\FK]ZLą]DQ\FK]RWRF]HQLHPSU]HG VLĊELRUVWZDWDEHOD'HWHUPLQDQW\WHZSHZQ\P]DNUHVLHVąXMPRZDQHZIRUPXáRZDQ\FK JáyZQLHQDSR]LRPLHPDNURHNRQRPLF]Q\PPRGHODFKLQZHVW\FMLZV]F]HJyOQRĞFLPRGHOX DNFHOHUDWRUDQHRNODV\F]Q\PT7RELQDF]\UyĪQ\FKRGPLDQDFKPRGHOLFDVKÀRZ 7DEHOD'HWHUPLQDQW\LQZHVW\FMLU]HF]RZ\FK &]\QQLNL]HZQĊWU]QH &]\QQLNLZHZQĊWU]QH
SRS\W QD GREUD L XVáXJL SU]HGVLĊELRUVWZD URSRS\W QD GREUD L XVáXJL SU]HGVLĊELRUVWZD UR G]DMSRMHPQRĞüU\QNX RJyOQDV\WXDFMDJRVSRGDUF]DNUDMXNOLPDWLQRJyOQDV\WXDFMDJRVSRGDUF]DNUDMXNOLPDWLQ ZHVW\F\MQ\ ]DVRE\ZJRVSRGDUFHQDURGRZHMZW\PQDWX]DVRE\ZJRVSRGDUFHQDURGRZHMZW\PQDWX UDOQHáąF]QLH]PRĪOLZRĞFLąLFKSU]HWZRU]HQLD LZ\NRU]\VWDQLDZSURGXNFML UR]ZLą]DQLD V\VWHPRZH ¿QDQVRZH HNRQRUR]ZLą]DQLD V\VWHPRZH ¿QDQVRZH HNRQR PLF]QHLQVW\WXFMRQDOQH VWDELOL]DFMDVSRáHF]QRSROLW\F]QD
SROLW\ND SDĔVWZD ¿VNDOQD PRQHWDUQD NXUVX ZDOXWRZHJR UHJXODFMH SUDZQH G]LDáDOQRĞFL LQZHVW\F\MQHM WZRU]HQLH VSHFMDOQ\FK VWUHI HNRQRPLF]Q\FK ]DVDG\ DPRUW\]DFML PDMąWNX WUZDáHJRLQVWUXPHQW\FHOQH
REHFQDLSRWHQFMDOQDNRQNXUHQFMDSRGDĪGyEU LXVáXJ
VWRSLHĔ RWZDUWRĞFL JRVSRGDUNL PLQ KDQGHO ]DJUDQLF]Q\ SU]HSá\Z NDSLWDáX ¿QDQVRZHJR L F]\QQLND OXG]NLHJR XG]LDá NUDMX Z UyĪQ\FK XNáDGDFKPLĊG]\QDURGRZ\FK
EDULHU\QSLPSRUWRZDHQHUJHW\F]QD LQQHQSUR]ZyMNRPSXWHU\]DFMLLMHJRZSá\Z
QD ED]\ L V\VWHP\ LQIRUPDW\F]QH ± MDNRĞü LFHQDLQIRUPDFML
ZLHONRĞü PRELOQRĞü SURGXNW\ZQRĞü L ]\ VNRZQRĞü]DVREyZZáDVQ\FKSU]HGVLĊELRUVWZD PRĪOLZRĞü SR]\VNDQLD ]DVREyZ FHOHP ]DVSR
NRMHQLDSRWU]HESU]HGVLĊELRUVWZD
RUJDQL]DFMD L V\VWHP ]DU]ąG]DQLD NXOWXUD RUJDQL]DF\MQD PLQ ZLHG]D L XPLHMĊWQRĞü ZVSyáG]LDáDQLD ] LQQ\PL SRGPLRWDPL RUD] SURZDG]HQLHQHJRFMDFML DGDSWDFMD SU]HGVLĊELRUVWZD GR Z\VRNLHM ]PLHQQRĞFLRWRF]HQLD LQQH QS ]GROQRĞü L VNáRQQRĞü GR LQZHVWRZD QLDZROQHĞURGNL¿QDQVRZH ħUyGáRRSUDFRZDQLHZáDVQHQDSRGVWDZLH+7RZDUQLFND6WUDWHJLDLQZHVW\F\MQDSU]HGVLĊELRUVWZD :\GDZQLFWZR$NDGHPLL(NRQRPLF]QHMLP2VNDUD/DQJHJRZH:URFáDZLX:URFáDZV± ,QZHVW\FMHU]HF]RZHLNDSLWDáRZH-5yĪDĔVNLUHG'L¿Q:DUV]DZDV±$=DFKRURZVND5\]\NR G]LDáDOQRĞFLLQZHVW\F\MQHMSU]HGVLĊELRUVWZ3ROVNLH:\GDZQLFWZR(NRQRPLF]QH:DUV]DZDV 6SRĞUyG F]\QQLNyZ ]HZQĊWU]Q\FK ]ZáDV]F]D Z SU]\SDGNX LQZHVW\FML UR]ZRMR Z\FK QDMLVWRWQLHMV]H ]QDF]HQLH PD ZLHONRĞü VSRG]LHZDQHJR SRS\WX NRV]W NDSLWDáX REFHJR GRVWĊSQRĞü IXQGXV]\ ]HZQĊWU]Q\FK RUD] RGG]LDáXMąFD QD Z\ĪHM Z\PLHQLRQH GZDF]\QQLNLSROLW\NDSDĔVWZDZVIHU]HSRGDWNRZHMVWDZNLSRGDWNyZPRĪOLZRĞüZ\ NRU]\VWDQLD SU]\VSLHV]RQHM DPRUW\]DFML DNW\ZyZ WUZDá\FK XOJL L GRWDFMH LQZHVW\F\M 6]HU]HM ]RE QS$ .DVSU]DN&]HOHM *LHáGRZ\ U\QHN DNFML D JRVSRGDUND ± XMĊFLH IXQNF\MQH 'L¿Q :DUV]DZDV±
$11$.$635=$.&=(/(-QHNV]WDáWRZDQLHSUDZDZG]LHG]LQLHLQZHVW\FMLRUD]SROLW\NDSDĔVWZDZ]DNUHVLHVWyS SURFHQWRZ\FK L NXUVX ZDOXWRZHJR :LHONRĞü RF]HNLZDQHJR SRS\WX PRĪH E\ü SU]\ W\PV]DFRZDQDQDSRGVWDZLHSURJQR]3.%:Sá\ZVWySSURFHQWRZ\FKQDLQZHVW\FMH RGE\ZDVLĊJáyZQLHSRSU]H]GHWHUPLQRZDQLHSR]LRPXNRV]WXNDSLWDáXLQDRJyá]DOHĪ QRĞüPLĊG]\SR]LRPHPVWySSURFHQWRZ\FKDLQZHVW\FMDPLMHVWQHJDW\ZQD3RGREQLH QHJDW\ZQLHZSá\ZDLQÀDFMDNWyUDPRĪHE\üWUDNWRZDQDMDNR]PLHQQDZ\UDĪDMąFDSR ]LRPQLHSHZQRĞFLZJRVSRGDUFHQLHVWDELOQHFHQ\R]QDF]DMąJRUV]ąMDNRĞüLQIRUPDF\M QąV\VWHPXFHQRZHJRQLHVSU]\MDMąFąHIHNW\ZQHMDORNDFMLDNW\ZyZ 1DMZDĪQLHMV]HF]\QQLNLZHZQĊWU]QHZSá\ZDMąFHQDSRGHMPRZDQLHSU]H]SU]HGVLĊ ELRUVWZR LQZHVW\FML U]HF]RZ\FK WR VWRSLHĔ Z\NRU]\VWDQLD VZRLFK ]GROQRĞFL Z\WZyU F]\FK RUD] ]XĪ\FLD ¿]\F]QHJR L HNRQRPLF]QHJR SRVLDGDQ\FK VNáDGQLNyZ PDMąWNX VNáRQQRĞüPHQDGĪHUyZGRUHDOL]DFMLLQZHVW\FMLVNáRQQRĞüGRU\]\NDNZHVWLDZáDVQHM NDULHU\]DZRGRZHMLPRĪOLZRĞFL¿QDQVRZH¿UP\PLQNRQG\FMDHNRQRPLF]QR¿QDQ VRZD]GROQRĞüDNXPXODF\MQDLZLDU\JRGQRĞüNUHG\WRZDSU]HGVLĊELRUVWZD
:DUWR SU]\ W\P ]D]QDF]\ü LĪ QD RJyá SU]HGVLĊELRUVWZD XVWDODMąFHOH LSU]HVáDQNL LQZHVW\F\MQHQDHWDSLHIRUPXáRZDQLDSRGVWDZRZHMVWUDWHJLLSU]HGVLĊELRUVWZD5HDOL ]RZDQHLQZHVW\FMHZ\QLNDMą]SU]\MĊWHMSROLW\NLLQZHVW\F\MQHM1DHWDSLHMHMZ\]QDF]D QLD RNUHĞODQH Vą Z XMĊFLX KLHUDUFKLF]Q\P SRWU]HE\ LQZHVW\F\MQH ]H ZVND]DQLHP LFK SU]\F]\QRUD]FHOyZSRZLą]DQ\FK]FHODPLVWUDWHJLF]Q\PL¿UP\RUD]ZDULDQW\VWUDWH JLLLQZHVW\F\MQ\FKUR]ZRMRZ\FKOXESDV\ZQ\FKNWyUHZ]DVDG]LHVWDQRZLąRGELFLH ZSá\ZXF]\QQLNyZZHZQĊWU]Q\FKL]HZQĊWU]Q\FK3RGVWDZRZHSU]\F]\Q\D]DUD]HP SRWHQFMDOQHFHOHUHDOL]DFMLLQZHVW\FMLWRZ]URVWZDUWRĞFLSU]HGVLĊELRUVWZDMHJRUHVWUXN WXU\]DFMDZW\PUHGXNFMD]DWUXGQLHQLDDXWRPDW\]DFMDSURGXNFMLRSDQRZDQLHQRZHJR VHJPHQWXU\QNXZ]JOĊG\RFKURQ\ĞURGRZLVNDRUD]SU]HVáDQNL]ZLą]DQH]RVLąJDQ\PL Z\QLNDPL ¿QDQVRZ\PL L UHDOL]RZDQą SURGXNFMą QS SRSUDZD Z\QLNX ¿QDQVRZHJR ]PLDQDSUR¿OXG\ZHUV\¿NDFMDSURGXNFMLSRSUDZDMHMMDNRĞFLRUD]REQLĪNDNRV]WyZ
3U]HJOąGEDGDĔHPSLU\F]Q\FK
%DGDQLD ] ]DNUHVX GHWHUPLQDQW LQZHVW\FML PRĪQD SRG]LHOLü QD GZLH JUXS\ Z]D OHĪQRĞFLRG]DNUHVXSU]HGPLRWRZHJREDGDĔ3LHUZV]HZ\NRU]\VWXMąDQDOL]\PDNURHNR -5yĪDĔVNL,QZHVW\FMHU]HF]RZH«V ,ELGHPV±(2VWURZVND5\]\NRSURMHNWyZLQZHVW\F\MQ\FK3ROVNLH:\GDZQLFWZR(NRQRPLF] QH:DUV]DZDV ,VWRWDVWUDWHJLLSU]HGVLĊELRUVWZDVSURZDG]DVLĊGRRNUHĞOHQLDMHJRSR]\FMLZ]JOĊGHPRWRF]HQLDVIRUPXáR ZDQLDLVWRWQ\FKFHOyZLVSRVREyZLFKRVLąJDQLDJRVSRGDURZDQLD]DVREDPLSU]HGVLĊELRUVWZD]JRGQLHXVWDORQ\PL FHODPLGRNRQ\ZDQLDZ\ERUyZLSRGHMPRZDQLDGHF\]MLVWUDWHJLF]Q\FK+7RZDUQLFNDRSFLWV ,ELGHPV±±:DVSHNFLHSRGHMPRZDQLDGHF\]MLLQZHVW\F\MQ\FK]ZUDFDVLĊUyZQLHĪXZDJĊ QD ]QDF]HQLH EXGĪHWRZDQLD NDSLWDáRZHJR MDNR QDU]ĊG]LD ZVSRPDJDMąFHJR WHQ SURFHV =RE ' 0LáDV]HZLF] =DU]ąG]DQLHLQZHVW\FMDPLU]HF]RZ\PLZSU]HGVLĊELRUVWZLH>Z@=DU]ąG]DQLH¿QDQVDPLFHOH±RUJDQL]DFMD± QDU]ĊG]LDW'=DU]HFNLUHG)XQGDFMD5R]ZRMX5DFKXQNRZRĞFLZ3ROVFH:DUV]DZDV
3RU+7RZDUQLFNDRSFLWV±
'(7(50,1$17<,1:(67<&-,35=('6,ĉ%,2567:
QRPLF]Q\FKV]HUHJyZF]DVRZ\FKGODMHGQHJROXEZLĊNV]HMOLF]E\NUDMyZGUXJLHQDWR PLDVWVWRVXMąSRGHMĞFLHPLNURHNRQRPLF]QHLED]XMąQDGDQ\FK]SR]LRPX¿UP
1D SRGVWDZLH DQDOL]\ F]\QQLNyZ PDNURHNRQRPLF]Q\FK NWyUH SRWHQFMDOQLH PRJą RGG]LDá\ZDüQDG]LDáDOQRĞüLQZHVW\F\MQąQDED]LHGDQ\FK]$UJHQW\Q\]ODW± VWZLHUG]RQRĪHZNUyWNLPRNUHVLHQDMLVWRWQLHMV]HVą]PLHQQHSRS\WRZHRUD]WHPRJąFH Z\ZRá\ZDüÄV]RNL´Z]DNUHVLHRVLąJDQ\FKVWyS]ZURWXWMNXUVZDOXWRZ\OLEHUDOL]DFMD KDQGOX2V]DFRZDQ\ZVSyáF]\QQLNHODVW\F]QRĞFLVWRS\LQZHVW\FMLZ]JOĊGHP3.%Z\ QLyVáDZ]JOĊGHPNXUVXZDOXWRZHJR=DREVHUZRZDQRUyZQLHĪZ\VWĊSR ZDQLHHIHNWXZ\SLHUDQLDLQZHVW\FMLSU\ZDWQ\FKSU]H]SXEOLF]QHFURZGLQJRXWHIIHFW ]ZLĊNV]HQLHLQZHVW\FMLSXEOLF]Q\FKRUHGXNXMHLQZHVW\FMHSU\ZDWQHRDOH GRW\F]\RQW\ONRNUyWNLHJRRNUHVX:GáXJLPF]DVLHSRGVWDZRZ\PLF]\QQLNDPLGHF\ GXMąF\PL R DNXPXODFML NDSLWDáX MHVW GREU]H UR]ZLQLĊW\ U\QHN ¿QDQVRZ\ NUHG\WRZ\ RUD]SHUVSHNW\Z\VWDELOQRĞFL¿QDQVRZHMWXRNUHĞODQHQDSRGVWDZLHSR]LRPX]DGáXĪHQLD ]DJUDQLF]QHJR
3RGREQH Z\QLNL RVLąJQLĊWR GOD %UD]\OLL Z DQDOL]DFK ED]XMąF\FK QD GDQ\FK ] ODW ±6WZLHUG]RQRĪHZNUyWNLPRNUHVLHLQZHVW\FMHSU\ZDWQHSR]RVWDMąJáyZQLH SRGZSá\ZHPSRS\WX3.%ZVSyáF]\QQLNHODVW\F]QRĞFLNWyUHWRRGG]LDá\ZD QLH]PQLHMV]DVLĊZUD]]Z\GáXĪDQLHPKRU\]RQWXF]DVRZHJRZVSyáF]\QQLNHODVW\F]QR ĞFLGODGáXJLHJRRNUHVXZ\QLyVá:GáXJLPRNUHVLHLVWRWQ\MHVWQDWRPLDVWUHDO Q\NXUVZDOXWRZ\RUD]SR]LRPUR]ZRMXV\VWHPX¿QDQVRZHJRRNUHĞODQ\QDSRGVWDZLH ZLHONRĞFLNUHG\WyZXG]LHORQ\FKVHNWRURZLSU\ZDWQHPX 'OD*UHFMLQDSRGVWDZLHGDQ\FK]ODW±VWZLHUG]RQRĪHF]\QQLNDPLRQDM ZLĊNV]\PZSá\ZLHVąZ\WZDU]DQHHIHNW\RUD]]\VNRZQRĞü2GSRZLHGQLHZVSyáF]\Q QLNL HODVW\F]QRĞFL LQZHVW\FML Z]JOĊGHP W\FK ]PLHQQ\FK Z\QLRVá\ RUD] =DREVHUZRZDQR UyZQLHĪ LĪ LQZHVW\FMH Vą SUDZLH QLHHODVW\F]QH Z]JOĊGHP VWyS SUR FHQWRZ\FKPRGHORZRWUDNWRZDQ\FKMDNRSRGVWDZRZDGHWHUPLQDQWDLQZHVW\FMLZVSyá F]\QQLNHODVW\F]QRĞFLQDSR]LRPLH± 1DSRGVWDZLHDQDOL]\NUDMyZ$PHU\NLàDFLĔVNLHMZRNUHVLH±RGQRWR ZDQRVWDW\VW\F]QLHLVWRWQ\QHJDW\ZQ\]ZLą]HNSRPLĊG]\LQZHVW\FMDPLDPLDUDPLQLH VWDELOQRĞFLLQLHSHZQRĞFLJRVSRGDUF]HMPLQ]PLHQQRĞFLąNXUVyZZDOXWRZ\FKLQÀDFMą ]PLHQQRĞFLą]DJUDQLF]Q\FKSU]HSá\ZyZNDSLWDáXEH]XZ]JOĊGQLDQLDEH]SRĞUHGQLFKLQ ZHVW\FML]DJUDQLF]Q\FK6WZLHUG]RQRĪH]PLDQ\ZGRVWĊSQRĞFLNDSLWDáX]DJUDQLF] QHJR OXE JZDáWRZQH RGZUyFHQLH NLHUXQNX QHWWR SU]HSá\ZyZ NDSLWDáX ]DJUDQLF]QHJR RGG]LDáXMąQDLQZHVW\FMHEH]SRĞUHGQLRSU]H]NDQDá¿QDQVRZDQLDRUD]SRĞUHGQLRSU]H] 3$FRVWD$/R]D6KRUW$QG/RQJ5XQ'HWHUPLQDQWVRI3ULYDWH,QYHVWPHQWLQ$UJHQWLQD´-RXUQDORI $SSOLHG(FRQRPLFV´YRO9,,,QRV±
05LEHLUR-7H[HLUD$QiOLVLVHFRQRPpWULFRGHODLQYHUVLyQSULYDGDHQ%UDVLO³5HYLVWDGHOD&(3$/´ QRF\W]D3$FRVWD$/R]DRSFLWV±
3* 0LFKDHOLGHV$ 5REROL 7KH GHWHUPLQDQWV RI LQYHVWPHQW DFWLYLW\ LQ *UHHFH ±¶$HJDQ :RUNLQJ3DSHUVV±
*0RJXLOODQVN\,QYHVWPHQWDQG¿QDQFLDOYRODWLOLW\LQ/DWLQ$PHULFD³&(3$/5HYLHZ´1 V±
$11$.$635=$.&=(/(-]ZLĊNV]HQLH QLHSHZQRĞFL =PQLHMV]RQD GRVWĊSQRĞü ĞURGNyZ ¿QDQVRZ\FK GOD GXĪ\FK SU]HGVLĊELRUVWZPRĪHERZLHPR]QDF]DüVNLHURZDQLHLFKSRWU]HENDSLWDáRZ\FKZNLH UXQNXNUDMRZHJRV\VWHPX¿QDQVRZHJRJG]LH]NROHLZW\FKZDUXQNDFKZ\VWĊSRZDáE\ QDFLVNQDMDNRĞü¿QDQVRZDQ\FKSURMHNWyZLSUDZGRSRGREQLHRJUDQLF]HQLH¿QDQVRZD QLDSURMHNWyZPDá\FKLĞUHGQLFKSU]HGVLĊELRUVWZ=HVW\PRZDQHJRPRGHOXGODEDGDQ\FK NUDMyZZ\QLNDĪH]PLDQDNLHUXQNXQHWWRSU]HSá\ZyZNDSLWDáX]DJUDQLF]QHJRRZDUWR ĞFL3.%VNXWNXMHREQLĪHQLHPVWRS\LQZHVW\FMLRSU]H]NDQDá¿QDQVRZDQLD DMHĞOLGRGDWNRZRZLąĪHVLĊ]HZ]URVWHP]PLHQQRĞFLW\FKSU]HSá\ZyZWRSU]\F]\QLDVLĊ GRGDOV]HJRVSDGNXVWRS\LQZHVW\FMLR 1DSRGVWDZLHEDGDĔSDQHORZ\FKSU]HSURZDG]RQ\FK]Z\NRU]\VWDQLHPGDQ\FK]D UyZQR]SR]LRPXPDNURMDNLPLNURHNRQRPLF]QHJR]ODW±SRFKRG]ąF\FK ] NUDMyZ UR]ZLMDMąF\FK VLĊ Z W\P ] 3ROVNL VWZLHUG]RQR ĪH ELHĪąF\ SR]LRP LQ ZHVW\FMLZDNW\ZDWUZDáHSU]HGVLĊELRUVWZMHVWVWDW\VW\F]QLHLVWRWQ\LGRGDWQLR]DOHĪQ\ RGLQZHVW\FMLUHDOL]RZDQ\FKZURNXXELHJá\PLZVSyáF]\QQLNDT7RELQDDQHJDW\ZQLH RGZROQ\FKSU]HSá\ZyZSLHQLĊĪQ\FKUHQWRZQRĞFLRUD]ZLHONRĞFL¿UP\FRVXJHUXMH LĪZLĊNV]H¿UP\PQLHMLQZHVWXMąZDNW\ZDWUZDáH,VWRWQ\PF]\QQLNLHPSR]\W\ZQLH ZSá\ZDMąF\PQDLQZHVW\FMHMHVWUyZQLHĪUR]ZyMNUDMRZHJRU\QNXREOLJDFMLDOHMXĪUR] ZyMVHNWRUDEDQNRZHJRF]\U\QNXDNFMLQLHVWDQRZLVWDW\VW\F]QLHLVWRWQHMGHWHUPLQDQW\ LQZHVW\FML:DUWRSU]\W\P]DXZDĪ\üĪHVSRĞUyGUR]SDWU\ZDQ\FK]PLHQQ\FKPDNUR HNRQRPLF]Q\FK MHG\QLH ZSá\Z 3.% SHU FDSLWD E\á VWDW\VW\F]QLH LVWRWQ\ QHJDW\ZQ\ LEOLVNL]HUDD]DUyZQRNXUVZDOXWRZ\MDNLVWRS\SURFHQWRZHSR]RVWDZDá\QLHLVWRWQH 6SRĞUyGZ\PLHQLRQ\FKF]\QQLNyZQDMVLOQLHMQDLQZHVW\FMHRGG]LDá\ZDáZVSyáF]\QQLN T7RELQDQDVWĊSQLHGRVWĊSQHFDVKÀRZRUD]SU]HV]áHLQZHVW\FMH 3RGREQHGRZ\ĪHMZ\PLHQLRQ\FKGHWHUPLQDQW\LQZHVW\FMLZ\UyĪQLRQRQDSRGVWD ZLHEDGDQLDSU]HSURZDG]RQHJR]Z\NRU]\VWDQLHPGDQ\FK]SU]HGVLĊELRUVWZSRFKRG]ą F\FK]&KLOH%UD]\OLLL0HNV\NX]ODW±5yZQLHĪWX]DREVHUZRZDQRGRGDWQLą ]DOHĪQRĞüSRPLĊG]\UHDOL]RZDQ\PLLQZHVW\FMDPLZGDQ\PRNUHVLHDLFKZDUWRĞFLą]ODW XELHJá\FK3U]HFLZQLHMHGQDNGRSRZ\ĪV]\FKZ\QLNyZVWZLHUG]RQRĪH¿UP\RZ\ĪV]HM ZDUWRĞFLZVNDĨQLND52$LT7RELQDF]\OLEDUG]LHM]\VNRZQHLRGXĪ\FKPRĪOLZRĞFLDFK Z]URVWXLQZHVWXMąZLĊFHM'RGDWNRZRRGQRWRZDQRXMHPQą]DOHĪQRĞüSRPLĊG]\SR]LR PHPLQZHVW\FMLDSU]HV]á\PSR]LRPHPGĨZLJQL¿QDQVRZHM5HODFMDWDE\áDVLOQLHMV]D GOD¿UPRPDá\FKSHUVSHNW\ZDFKZ]URVWXL]UHODW\ZQLHGXĪąLORĞFLąGáXJRWHUPLQRZ\FK DNW\ZyZFRQDRJyáMHVWGRGDWQLR]ZLą]DQH]Z\NRU]\VW\ZDQLHPGáXJRWHUPLQRZHJR ¿QDQVRZDQLD =DQDOL]QDSR]LRPLHPLNURHNRQRPLF]Q\PZ\QLNDUyZQLHĪĪHLQZHVW\FMHVąZUDĪ OLZH QD GRVWĊSQRĞü ZHZQĊWU]Q\FK ĨUyGHá ¿QDQVRZDQLD V]F]HJyOQLH LQZHVW\FMH ¿UP
,ELGHPV *$%RNSLQ-02QXPDK$QHPSLULFDODQDO\VLVRIWKHGHWHUPLQDQWVRIFRUSRUDWHLQYHVWPHQWGHFL VLRQVHYLGHQFHIURPHPHUJLQJPDUNHW¿UPV³,QWHUQDWLRQDO5HVHDUFK-RXUQDORI)LQDQFHDQG(FRQRPLFV´ LVVXHV± 9)HUQDQGH]7KH'ULYLQJ)DFWRUVRI)LUP,QYHVWPHQW/DWLQ$PHULFDQ(YLGHQFH³(PHUJLQJ0DUNHWV )LQDQFH 7UDGH´YROLVVXHV±
UMCS
'(7(50,1$17<,1:(67<&-,35=('6,ĉ%,2567:
Z]URVWRZ\FKRZ\VRNLPSR]LRPLHGHSUHFMDFMLPDMąWNXLGXĪHM]PLHQQRĞFLZ\QLNyZ ¿QDQVRZ\FK6DPRWHPSRZ]URVWX¿UP\RUD]VWRSDGHSUHFMDFMLVąUyZQLHĪGRGDWQLPL GHWHUPLQDQWDPLLQZHVW\FML
%DGDQLD HPSLU\F]QH SROVNLFK SU]HGVLĊELRUVWZ Z RNUHVLH ± SR]ZDODMą QDWRPLDVWVWZLHUG]LüĪHSRGVWDZRZH]QDF]HQLHGODJRWRZRĞFLLQZHVW\F\MQHMSU]HGVLĊ ELRUVWZPDMąNZHVWLH¿QDQVRZHV\WXDFMDHNRQRPLF]QR¿QDQVRZDLSROLW\ND¿QDQVRZD SU]HGVLĊELRUVWZDZDUXQNLSR]\VNDQLDĞURGNyZ¿QDQVRZ\FKRUD]ZDUXQNLU\QNRZH
= DQDOL] VSyáHN QRWRZDQ\FK QD *3: Z :DUV]DZLH ] RNUHVX ± PRĪQD ]DĞZ\FLąJQąüZQLRVHNĪHGHF\]MHLQZHVW\F\MQHSU]HGVLĊELRUVWZVąSRGHMPRZDQLHQD SRGVWDZLHGDQ\FKIXQGDPHQWDOQ\FKDQLHZ\FHQ\U\QNRZHM6WZLHUG]RQRUyZQLHĪLĪ GODLQZHVW\FMLSU]HGVLĊELRUVWZZLĊNV]H]QDF]HQLHPDPHFKDQL]PRSLVDQ\WHRULąDNFH OHUDWRUDF]\OLF]\QQLNLSRS\WRZHQLĪPRGHODPLFDVKÀRZL]ZLą]DQą]QLPLNZHVWLą RJUDQLF]HĔ¿QDQVRZ\FK =DNRĔF]HQLH 3U]\WRF]RQHZ\QLNLEDGDĔHPSLU\F]Q\FKVXJHUXMąĪHQDMZDĪQLHMV]\PLF]\QQLNDPL GODUHDOL]DFMLLQZHVW\FMLZNUDMDFKUR]ZLMDMąF\FKVLĊVąVWDQNRQLXQNWXU\JRVSRGDUF]HM PLDU\QLHSHZQRĞFLLU\]\NDRUD]SR]LRPUR]ZRMXV]HURNRUR]XPLDQHJRU\QNX¿QDQVRZH JR:REHFQ\FKZDUXQNDFKUHODW\ZQLHGXĪHMQLHSHZQRĞFLLU\]\NDZ\QLNDMąFHJRFKR FLDĪE\]H]PLHQQRĞFLQDU\QNDFK¿QDQVRZ\FK]ZLą]DQHM]W]ZNU\]\VHP]DGáXĪHQLDZ\ GDMHVLĊĪHFHOHPZVSLHUDQLDLQZHVW\FMLSU]HGVLĊELRUVWZQDFLVNSRZLQLHQE\üSRáRĪRQ\QD F]\QQLNLVW\PXOXMąFHNRQLXQNWXUĊJRVSRGDUF]ąRUD]UR]ZyMV\VWHPX¿QDQVRZHJRDSU]H] WRQD]ZLĊNV]HQLHGRVWĊSQRĞFLĞURGNyZGR¿QDQVRZDQLDLQZHVW\FML %LEOLRJUD¿D $EHO$%-&(EHUO\4WKHRU\ZLWKRXWDGMXVWPHQWFRVWVDQGFDVKÀRZHIIHFWVZLWKRXW¿QDQFLQJFRQ VWUDLQWV³0HHWLQJ3DSHUVIURP6RFLHW\IRU(FRQRPLF'\QDPLFV´QR $FRVWD3$/R]D6KRUW$QG/RQJ5XQ'HWHUPLQDQWVRI3ULYDWH,QYHVWPHQWLQ$UJHQWLQD³-RXUQDORI$S SOLHG(FRQRPLFV´YRO9,,,QR %RNSLQ*$-02QXPDK$QHPSLULFDODQDO\VLVRIWKHGHWHUPLQDQWVRIFRUSRUDWHLQYHVWPHQWGHFLVLRQV HYLGHQFHIURPHPHUJLQJPDUNHW¿UPV³,QWHUQDWLRQDO5HVHDUFK-RXUQDORI)LQDQFHDQG(FRQRPLFV´ LVVXH
)HUQDQGH]9 7KH 'ULYLQJ )DFWRUV RI )LUP ,QYHVWPHQW /DWLQ $PHULFDQ (YLGHQFH ³(PHUJLQJ 0DUNHWV )LQDQFH 7UDGH´YROLVVXH $%$EHO-&(EHUO\4WKHRU\ZLWKRXWDGMXVWPHQWFRVWVDQGFDVKÀRZHIIHFWVZLWKRXW¿QDQFLQJFRQFRQ VWUDLQWV³0HHWLQJ3DSHUVIURP6RFLHW\IRU(FRQRPLF'\QDPLFV´QR 10R\HQ63ODWLNDQRY,QYHVWPHQWVDQG)LUP&KDUDFWHULVWLFVKWWSVZZZHXUR¿GDLRUJ3ODWLNDQRY SGI -5yĪDĔVNL,QZHVW\FMHU]HF]RZH«V± $.DVSU]DN&]HOHMRSFLWV±
UMCS
$11$.$635=$.&=(/(- $11$.$635=$.&=(/(- .DUSXĞ$11$.$635=$.&=(/(-3$11$.$635=$.&=(/(-UHG$11$.$635=$.&=(/(-=DU]ąG]DQLH$11$.$635=$.&=(/(-¿QDQVDPL$11$.$635=$.&=(/(-SU]HGVLĊ$11$.$635=$.&=(/(-ELRUVWZ$11$.$635=$.&=(/(-:\GDZQLFWZR$11$.$635=$.&=(/(-8QLZHUV\WHWX$11$.$635=$.&=(/(-0DULL$11$.$635=$.&=(/(-&XULH6NáR GRZVNLHM/XEOLQ .DVSU]DN&]HOHM$*LHáGRZ\U\QHNDNFMLDJRVSRGDUND±XMĊFLHIXQNF\MQH'L¿Q:DUV]DZD 0LFKDHOLGHV3*$5REROL7KHGHWHUPLQDQWVRILQYHVWPHQWDFWLYLW\LQ*UHHFH±¶$HJDQ:RUNLQJ 3DSHUVWDNĪHMDNR3*0LFKDHOLGHV$5REROL7KHGHWHUPLQDQWVRILQYHVWPHQWDFWLYLW\LQ*UHHFH ±¶³-RXUQDORI7UDQVSRUWDQG6KLSSLQJ´LVVXH 0LFKDODN$)LQDQVRZDQLHLQZHVW\FMLZWHRULLLSUDNW\FH:\GDZQLFWZR1DXNRZH3:1:DUV]DZD 0LáDV]HZLF]'=DU]ąG]DQLHLQZHVW\FMDPLU]HF]RZ\PLZSU]HGVLĊELRUVWZLH>Z@'=DU]HFNLUHG=D U]ąG]DQLH¿QDQVDPLFHOH±RUJDQL]DFMD±QDU]ĊG]LDW)XQGDFMD5R]ZRMX5DFKXQNRZRĞFLZ3ROVFH :DUV]DZD 0RJXLOODQVN\*,QYHVWPHQWDQG¿QDQFLDOYRODWLOLW\LQ/DWLQ$PHULFD³&(3$/5HYLHZ´1 0R\HQ163ODWLNDQRY,QYHVWPHQWVDQG)LUP&KDUDFWHULVWLFVKWWSVZZZHXUR¿GDLRUJ3ODWLNDQRYSGI 2VWURZVND(5\]\NRSURMHNWyZLQZHVW\F\MQ\FK3ROVNLH:\GDZQLFWZR(NRQRPLF]QH:DUV]DZD 5yĪDĔVNL-,QZHVW\FMHL¿QDQVHSU]HGVLĊELRUVWZD>Z@-.RUWDQUHG3RGVWDZ\HNRQRPLNLL]DU]ąG]DQLD SU]HGVLĊELRUVWZHP&+%HFN:DUV]DZD 5yĪDĔVNL-,QZHVW\FMHU]HF]RZHZSURFHVDFKUR]ZRMRZ\FKSU]HGVLĊELRUVWZ:\GDZQLFWZR8QLZHUV\WHWX àyG]NLHJRàyGĨ 5yĪDĔVNL-UHG,QZHVW\FMHU]HF]RZHLNDSLWDáRZH'L¿Q:DUV]DZD
7RZDUQLFND + 6WUDWHJLD LQZHVW\F\MQD SU]HGVLĊELRUVWZD :\GDZQLFWZR $NDGHPLL (NRQRPLF]QHM LP 2VNDUD/DQJHJRZH:URFáDZLX:URFáDZ =DFKRURZVND$5\]\NRG]LDáDOQRĞFLLQZHVW\F\MQHMSU]HGVLĊELRUVWZ3ROVNLH:\GDZQLFWZR(NRQRPLF]QH :DUV]DZD 7KHGHWHUPLQDQWVRIFRUSRUDWHLQYHVWPHQWV 7KHDUWLFOHSURYLGHVDEULHIUHYLHZRILQWHUQDODQGH[WHUQDOIDFWRUVWKDWGHWHUPLQHFRUSRUDWHLQYHVWPHQW 7KHUHVXOWVRIHPSLULFDOUHVHDUFKHVRQLQYHVWPHQWGHWHUPLQDQWVDUHTXRWHG7KH\VXJJHVWWKDWWKHNH\IDFWRUVIRU LQYHVWPHQWJHQHUDOO\VSHDNLQJDUHFRQQHFWHGZLWKDQHFRQRPLFFRQGLWLRQXQFHUWDLQW\DQGULVNDQGWKHOHYHO RI¿QDQFLDOGHYHORSPHQW