02'(/2:$1,(,1ĩ<1,(56.,( ,661;
V*OLZLFH
6<17(=$6758.785$/1$0(&+$1,=0Ï:5Ï:12/(*à<&+
.
5<67<1$5
20$1,$.:\G]LDá$UFKLWHNWXU\3ROLWHFKQLND.UDNRZVND
HPDLONU\VW\QDURPDQLDN#JPDLOFRP
6WUHV]F]HQLH 6\QWH]Ċ VWUXNWXUDOQą PHFKDQL]PyZ UyZQROHJá\FK
SU]HSURZDG]RQRZ\NRU]\VWXMąFáDĔFXFK\NLQHPDW\F]QHR]HURZHMOLF]ELHVWRSQL
VZRERG\7ZRU]HQLHWDNLFKáDĔFXFKyZSU]HSURZDG]RQRZWU]HFKHWDSDFK
Z\]QDF]RQR áDĔFXFK\ NLQHPDW\F]QH ]EXGRZDQH Z\áąF]QLH ] RJQLZ
GZXáąF]Q\FK]HVSRá\NLQHPDW\F]QHNODV\,,
GRNRQDQRV\QWH]\áDĔFXFKyZNLQHPDW\F]Q\FKJUXS\]HURZHM
SU]HSURZDG]RQRV\QWH]ĊáDĔFXFKyZNLQHPDW\F]Q\FKSR]RVWDá\FKJUXS
: EDGDQLDFK Z\NRU]\VWDQR ]DSLV áDĔFXFKyZ NLQHPDW\F]Q\FK Z SRVWDFL
VFKHPDWX Z NWyU\P QLH XPLHV]F]RQR NODV SDU NLQHPDW\F]Q\FK 3RGDQR MH
ZSRVWDFL HW\NLHW RERN VFKHPDWX 6\QWH]Ċ áDĔFXFKyZ NLQHPDW\F]Q\FK JUXS\
]HURZHMSU]HSURZDG]RQRZ\NRU]\VWXMąFGZLHPHWRG\R]QDF]RQHSU]H]0L0
-HĪHOL áDĔFXFK NLQHPDW\F]Q\ JUXS\ ]HURZHM ]áRĪRQ\ MHVW ]Q RJQLZ L S SDU
NLQHPDW\F]Q\FK WR HW\NLHW\ Z NROHMQ\FK JUXSDFK X]\VNXMH VLĊ SRSU]H]
]ZLĊNV]HQLH R MHGHQ NODV\ Z S Q SDUDFK NLQHPDW\F]Q\FK SU]\ SU]HMĞFLX GR
NROHMQHMJUXS\
6\QWH]ĊPHFKDQL]PyZOELHĪQ\FKSU]HSURZDG]RQRSU]\XĪ\FLXPHWRG0L0
3U]\MPXMąF SHZQH RJUDQLF]HQLD GRW\F]ąFH EXGRZ\ PHFKDQL]PyZ
UyZQROHJá\FK Z\JHQHURZDQR ZV]\VWNLH WHRUHW\F]QLH PRĪOLZH ]ELRU\ W\FK
PHFKDQL]PyZ
:67ĉ3
3UDFD QLQLHMV]D WR NRQW\QXDFMD EDGDĔ GRW\F]ąF\FK V\QWH]\ VWUXNWXUDOQHM áDĔFXFKyZ NLQHPDW\F]Q\FK >@ 3UH]HQWRZDQH Z SRSU]HGQLFK RSUDFRZDQLDFK Z\QLNL GRSUDFRZDQR
LXV]F]HJyáRZLRQR 3XQNWHP Z\MĞFLD Z V\QWH]LH VWUXNWXUDOQHM PHFKDQL]PyZ Vą áDĔFXFK\
NLQHPDW\F]QH R ]HURZHM OLF]ELH VWRSQL VZRERG\ ,FK V\QWH]Ċ SU]HSURZDG]RQR Z WU]HFK
HWDSDFK
Z\]QDF]RQRáDĔFXFK\NLQHPDW\F]QH]EXGRZDQHZ\áąF]QLH]RJQLZGZXáąF]Q\FK]HVSRá\
NLQHPDW\F]QHNODV\,,
GRNRQDQRV\QWH]\áDĔFXFKyZNLQHPDW\F]Q\FKJUXS\]HURZHM
SU]HSURZDG]RQRV\QWH]ĊáDĔFXFKyZNLQHPDW\F]Q\FKSR]RVWDá\FKJUXS
:WDEOLF\SU]HGVWDZLRQRZV]\VWNLH]HVSRá\NLQHPDW\F]QHNODV\,,ZNWyU\FKZ\NRU]\VWDQR
XSURV]F]RQ\VSRVyE]DSLVXLFKVWUXNWXU\.ODV\SDUNLQHPDW\F]Q\FKZSRVWDFLHW\NLHWSRGDQR
RERNVFKHPDWX']LĊNLSU]HGVWDZLRQHPXXSURV]F]HQLXPRĪQD]DQRWRZDüZLHOHáDĔFXFKyZ
NLQHPDW\F]Q\FKZSRV]F]HJyOQ\FKJUXSDFKEH]NRQLHF]QRĞFLZLHORNURWQHJRSRZLHODQLDWHJR
VDPHJRVFKHPDWX
.520$1,$.
7DEHOD=HVSRá\NLQHPDW\F]QHNODV\,,SRV]F]HJyOQ\FKJUXS
Q 6FKHPDW *UXSD
, ,, ,,, ,9
6\QWH]ĊáDĔFXFKyZNLQHPDW\F]Q\FKJUXS\]HURZHMSU]HSURZDG]RQRZ\NRU]\VWXMąFPHWRG\
ZNWyU\FKQDOHĪ\
0=DPLHQLü RJQLZR NáąF]QH QD NáąF]QH L SRáąF]\ü JR ] áDĔFXFKHP NLQHPDW\F]Q\P
SRSU]H]SDUĊNLQHPDW\F]Qą]HZQĊWU]Qą
0=DPLHQLüRJQLZRNáąF]QHQDNáąF]QHLGRGDüGZDRJQLZDGZXáąF]QHRUD]WU]\SDU\
NLQHPDW\F]QHZV]\VWNLHNODV\F]ZDUWHM333OXEGZLHNODV\SLąWHMLMHGQąNODV\GUXJLHM
333OXESRMHGQHMNODV\SLąWHMF]ZDUWHMLWU]HFLHM333
-HĪHOLáDĔFXFKNLQHPDW\F]Q\JUXS\]HURZHM]áRĪRQ\MHVW]QRJQLZLSSDUNLQHPDW\F]Q\FKWR
HW\NLHW\ZNROHMQ\FKJUXSDFKX]\VNXMHVLĊSRSU]H]]ZLĊNV]HQLHRMHGHQNODV\ZSQSDUDFK
NLQHPDW\F]Q\FKSU]\SU]HMĞFLXGRNROHMQHMJUXS\
1D U\V SU]HGVWDZLRQR SU]\NáDG áDĔFXFKD NLQHPDW\F]QHJR NWyUHJR VFKHPDW PRĪQD
RWU]\PDüSU]\XĪ\FLXPHWRG\0-HGQDNGODZ\]QDF]HQLDSHáQHJR]ERUXHW\NLHWNRQLHF]Q\P
MHVWXĪ\FLHRE\GZXPHWRG
6FKHPDW *UXSD
, ,, ,,,
5\V&]WHURRJQLZRZ\áDĔFXFKNLQHPDW\F]Q\JUXS\]HURZHM
6<17(=$6758.785$/1$0(&+$1,=0Ï:5Ï:12/(*à<&+
6\QWH]ĊVWUXNWXUDOQąPHFKDQL]PyZROLF]ELHVWRSQLUXFKOLZRĞFLUyZQHMOSU]HSURZDG]RQR
Z\NRU]\VWXMąFPHWRG\ZNWyU\FKQDOHĪ\
0 'RáąF]\ü GR áDĔFXFKD NLQHPDW\F]QHJR R ]HURZHM OLF]ELH VWRSQL VZRERG\ O RJQLZ
QDSĊG]DMąF\FK ] SDUDPL NLQHPDW\F]Q\PL 3 3RZVWDá\ áDĔFXFK NLQHPDW\F]Q\ QDOHĪ\
SRáąF]\ü]MHGQ\PRJQLZHPSRGVWDZąSRSU]H]SDU\NLQHPDW\F]QH]HZQĊWU]QH
0 3RáąF]\ü áDĔFXFK NLQHPDW\F]Q\ R ]HURZHM OLF]ELH VWRSQL VZRERG\ ] MHGQ\P RJQLZHP
SRGVWDZą SRSU]H] SDU\ NLQHPDW\F]QH ]HZQĊWU]QH L ]PQLHMV]\ü R MHGHQ NODVĊ O SDU
NLQHPDW\F]Q\FK
0HWRGD0WRXRJyOQLHQLH]DVDG\WZRU]HQLDPHFKDQL]PyZVIRUPXáRZDQHMGODPHFKDQL]PyZ
SáDVNLFKSRGDQąSU]H]/:$VVXUD=ELRU\PHFKDQL]PyZRWU]\PDQHSU]\XĪ\FLXRE\GZX
PHWRG QLH Vą LGHQW\F]QH QLH Vą WHĪ UR]G]LHOQH GODWHJR GOD X]\VNDQLD ZV]\VWNLFK
PHFKDQL]PyZ NRQLHF]Q\P MHVW ]DVWRVRZDQLH RE\GZX PHWRG 3U]\NáDGRZR áDĔFXFKD
NLQHPDW\F]QHJRPHFKDQL]PXUyZQROHJáHJR]DPLHV]F]RQHJRZWDEHOL SR]EQLHPRĪQD
RWU]\PDüVWRVXMąFPHWRGĊ01DWRPLDVWVWRVXMąFPHWRGĊ0QLHX]\VNXMHVLĊZV]\VWNLFK
HW\NLHWNWyUHPRJąE\üSU]\SLVDQHSRV]F]HJyOQ\PVFKHPDWRP
7DEHODàDĔFXFK\NLQHPDW\F]QHPHFKDQL]PyZUyZQROHJá\FKJUXS\
RMHGQ\PVWRSQLXUXFKOLZRĞFLRWU]\PDQHSU]\XĪ\FLXPHWRG0L0
/S àDĔFXFKNLQHPDW\F]Q\R]HURZHM
OLF]ELHVWRSQLVZRERG\ àDĔFXFK\NLQHPDW\F]QHPHFKDQL]PyZ
UyZQROHJá\FK
6<17(=$6758.785$/1$0(&+$1,=0Ï:5Ï:12/(*à<&+
0HFKDQL]P\ UyZQROHJáH WR PHFKDQL]P\ Z NWyU\FK RJQLZR ELHUQH SODWIRUPD HIHNWRU SRáąF]RQHMHVW]SRGVWDZąSRSU]H]áDĔFXFK\NLQHPDW\F]QHJDáĊ]LHNRĔF]\Q\
:SURZDG]RQR QDVWĊSXMąFH RJUDQLF]HQLD GRW\F]ąFH EXGRZ\ UR]SDWU\ZDQ\FK
PHFKDQL]PyZ
OLF]EDVWRSQLUXFKOLZRĞFLMHVWUyZQDOLF]ELHJDáĊ]L
0HFKDQL]P SáDVNL PRĪH E\ü XWZRU]RQ\ SRSU]H] GRáąF]HQLH ]HVSRáX NLQHPDW\F]QHJR OXE ]HVSRáyZ
NLQHPDW\F]Q\FK GR RJQLZD OXE RJQLZ QDSĊG]DMąFHJR SRGVWDZ\ OXE LQQHJR LVWQLHMąFHJR MXĪ PHFKDQL]PX
QLĪV]HMNODV\
0
0
0
0 D E
.520$1,$.
SODWIRUP\WZRU]ąRJQLZDWUyMáąF]QHF]WHURáąF]QHSLĊFLRáąF]QHV]HĞFLRáąF]QH
JDáĊ]LH]EXGRZDQHVąZ\áąF]QLH]RJQLZGZXáąF]Q\FKPDNV\PDOQLHWU]HFK
SDU\NLQHPDW\F]QHVąNODV333
àDĔFXFK\NLQHPDW\F]QHPHFKDQL]PyZUyZQROHJá\FKPRĪQDZ\]QDF]\üSU]\XĪ\FLXPHWRG
0 L 0 WDN MDN WR SU]HGVWDZLRQR Z WDEHOL 3UREOHPHP SU]\ V\QWH]LH W\FK áDĔFXFKyZ
NLQHPDW\F]Q\FK QLH Vą LFK VFKHPDW\ OHF] ]ELRU\ HW\NLHW GODWHJR SU]HGVWDZLRQH PHWRG\
GRW\F]ąWZRU]HQLDHW\NLHW=DSURSRQRZDQRNLONDDOWHUQDW\ZQ\FKVSRVREyZSRVWĊSRZDQLD
: SLHUZV]HM NROHMQRĞFL GRNRQDQR V\QWH]\ PHFKDQL]PyZ R SODWIRUPLH WUyMáąF]QHM
:\]QDF]RQRGZDQDMSURVWV]HáDĔFXFK\NLQHPDW\F]QHPHFKDQL]PyZJUXS\ROLF]ELHVWRSQL
UXFKOLZRĞFLUyZQHMWDESR]3U]\WZRU]HQLXW\FKáDĔFXFKyZ]DUyZQRZPHWRG]LH
0 MDN L 0 QDOHĪ\ áDĔFXFK NLQHPDW\F]Q\ R ]HURZHM OLF]ELH VWRSQL VZRERG\ SRáąF]\ü
SRSU]H]SDU\NLQHPDW\F]QH]HZQĊWU]QH]MHGQ\PRJQLZHPSRGVWDZą'ODáDĔFXFKyZW\FK
Z\WáXV]F]RQR SLHUZV]ą HW\NLHWĊ NWyUD RGJU\ZD NOXF]RZą UROĊ SU]\ WZRU]HQLX HW\NLHW
ZLQQ\FK JUXSDFK GOD NROHMQ\FK VWRSQL UXFKOLZRĞFL 3U]HPLHV]F]DMąF VLĊ Z WDEHOL HW\NLHW
ZSR]LRPLH QDOHĪ\ ]ZLĊNV]\ü R MHGHQ GZD UD]\ NODVĊ SDU NLQHPDW\F]Q\FK SU]\ SU]HMĞFLX
]MHGQHM NROXPQ\ GR GUXJLHM X]\VNXMąF W\P VSRVREHP SLHUZV]H HW\NLHW\ Z NROHMQ\FK
JUXSDFK 1DWRPLDVW SU]HPLHV]F]DMąF VLĊ Z WDEHOL HW\NLHW Z SLRQLH QDOHĪ\ SU]\ SU]HMĞFLX
]ZLHUV]DGRZLHUV]D]PQLHMV]\üGZDUD]\NODVĊSDUNLQHPDW\F]Q\FKZ\]QDF]DMąFHW\NLHW\
GOD:¶ OXEWU]\UD]\RNUHĞODMąFHW\NLHW\GOD:¶ -HĪHOLZ\]QDF]RQD]RVWDQLHSLHUZV]D
HW\NLHWD Z NDĪG\P ]ELRU]H WR NROHMQH áDWZR Z\]QDF]\ü ]ZLĊNV]DMąF OLF]EĊ SDU
NLQHPDW\F]Q\FK3NDĪGRUD]RZRRGZLHNRV]WHPMHGQHMSDU\NLQHPDW\F]QHM3LMHGQHM3
'OD Z\]QDF]HQLD ]ELRUyZ HW\NLHW GOD NROHMQ\FK PHFKDQL]PyZ R SODWIRUPLH WUyMáąF]QHM
Z\NRU]\VWDQRQDVWĊSXMąFHZáDĞFLZRĞFL]ZLą]DQH]OLF]EąRJQLZUXFKRP\FKQU
MHĪHOLQUMHVWOLF]EąQLHSDU]\VWąWRSLHUZV]DHW\NLHWDZJUXSLHGOD:¶ ]DZLHUD]DZV]H
MHGQąSDUĊNLQHPDW\F]Qą33R]RVWDáHSDU\NLQHPDW\F]QHVąNODV3L3'ODNROHMQ\FKOLF]E
QLHSDU]\VW\FKQU QDVWĊSXMH ]ZLĊNV]DQLH OLF]E\ SDU NLQHPDW\F]Q\FK 3 R WU]\ 3RQLHZDĪ GOD
QU OLF]EDS ZLHF GOD NROHMQ\FK OLF]E QLHSDU]\VW\FKQU X]\VNXMH VLĊ
RGSRZLHGQLRS /LF]EDSDUNLQHPDW\F]Q\FK3Z\]QDF]RQDMHVW]]DOHĪQRĞFLS S
±S±S
MHĪHOL OLF]EDQU MHVW OLF]Eą SDU]\VWą WR SLHUZV]D HW\NLHWD Z JUXSLH GOD :¶ ]DZLHUD
Z\áąF]QLH SDU\ NLQHPDW\F]QH 3 L 3 /LF]ED S ]ZLĊNV]D VLĊ NDĪGRUD]RZR R WU]\ GOD
NROHMQ\FKOLF]ESDU]\VW\FK'ODQU OLF]EDS ZLĊFGODNROHMQ\FKOLF]ESDU]\VW\FKQU
RWU]\PXMHVLĊRGSRZLHGQLRS /LF]EDSZ\]QDF]DQDMHVW]]DOHĪQRĞFLS S±S
àDĔFXFK\ NLQHPDW\F]QH PHFKDQL]PyZ R SODWIRUPDFK F]WHUR SLĊFLR V]HĞFLRáąF]Q\FK
PRĪQD]EXGRZDüDQDORJLF]QLHMDNPHFKDQL]P\RSODWIRUPLHWUyMáąF]QHM6\QWH]ĊPRĪQDWHĪ
SU]HSURZDG]LüLQDF]HMZ\NRU]\VWXMąFXWZRU]RQHMXĪáDĔFXFK\NLQHPDW\F]QHPHFKDQL]PyZ
RSODWIRUPLH WUyMáąF]QHM : WDEHOL ]HVWDZLRQR SU]\NáDG\ áDĔFXFKyZ NLQHPDW\F]Q\FK
PHFKDQL]PyZ UyZQROHJá\FK JUXS\ ]HURZHM R ]HURZHM OLF]ELH VWRSQL UXFKOLZRĞFL
SRJUXSRZDQ\FKSRSLĊüSR]\FMLRGG]LHODMHSRJUXELRQDOLQLD:NDĪG\P]HVWDZLHZ\VWĊSXMą
áDĔFXFK\NLQHPDW\F]QHPHFKDQL]PyZRSODWIRUPDFKEĊGąF\FKRJQLZDPLGZXWUyMF]WHUR
SLĊFLR L V]HĞFLRáąF]Q\PL : SLHUZV]HM JUXSLH áDĔFXFKyZ WDE SR]y Z\VWĊSXMą GZLH
HW\NLHW\ 3LHUZV]D ] QLFK ]DZLHUD SR MHGQHM SDU]H NLQHPDW\F]QHM 3 L 3 SR]RVWDáH SDU\
NLQHPDW\F]QH 3 Z\VWĊSXMą Z OLF]ELH S ± .ROHMQD JUXSD áDĔFXFKyZ NLQHPDW\F]Q\FK
PHFKDQL]PyZWDESR]]DZLHUDWU]\SDU\NLQHPDW\F]QH3RUD]SDU\NLQHPDW\F]QH
3ZOLF]ELHS±$QDORJLF]QH]DOHĪQRĞFLZ\VWĊSXMąZNROHMQ\FKJUXSDFKáDĔFXFKyZRUD]
GRW\F]ąNROHMQ\FKHW\NLHWGUXJLHMWU]HFLHM5yĪQDPRĪHE\üOLF]EDHW\NLHW]HZ]JOĊGXQD
UyĪQąGODSRV]F]HJyOQ\FKSU]\SDGNyZOLF]EĊSDUNLQHPDW\F]Q\FKS.DĪGRUD]RZHSU]HMĞFLH
]áDĔFXFKDNLQHPDW\F]QHJRPHFKDQL]PXRNáąF]QHMSODWIRUPLHGRáDĔFXFKDRSODWIRUPLHN
6<17(=$6758.785$/1$0(&+$1,=0Ï:5Ï:12/(*à<&+
± áąF]QHM WR ]ZLĊNV]HQLH S R GZD (OHPHQWHP áąF]ąF\P SRV]F]HJyOQH áDĔFXFK\
NLQHPDW\F]QHMHVW]DOHĪQRĞüPLĊG]\OLF]EąRJQLZUXFKRP\FKQUDOLF]EąSDUNLQHPDW\F]Q\FK
S'ODSLHUZV]\FKSLĊFLXSR]\FMLS QU±GODNROHMQ\FKSLĊFLXSR]yS QU±
7DEHODàDĔFXFK\NLQHPDW\F]QHPHFKDQL]PyZUyZQROHJá\FKRSODWIRUPLHWUyMáąF]QHM
/SQU S àDĔFXFK\NLQHPDW\F]QHPHFKDQL]PyZUyZQROHJá\FK
:¶ *U *U, *U,, *U,,, *U,9
:¶ *U *U, *U,, *U,,, *U,9
:¶ *U *U, *U,, *U,,, *U,9
D E
F
D E
.520$1,$. 7DEHODàDĔFXFK\NLQHPDW\F]QHPHFKDQL]PyZUyZQROHJá\FKJUXS\]HURZHM
R]HURZHMOLF]ELHVWRSQLUXFKOLZRĞFL
/S
QU
S
QUS
6FKHPDW
(W\NLHW\
/S
QU
S
QUS
6FKHPDW
(W\NLHW\
'OD Z\]QDF]HQLD ZV]\VWNLFK áDĔFXFKyZ NLQHPDW\F]Q\FK PHFKDQL]PyZ UyZQROHJá\FK
SRV]F]HJyOQ\FK JUXS R RNUHĞORQHM ELHĪQRĞFL ]DGDQHM OLF]ELH RJQLZ UXFKRP\FKQU L SDU
NLQHPDW\F]Q\FK S NRQLHF]QH MHVW Z\JHQHURZDQLH Z SLHUZV]HM NROHMQRĞFL áDĔFXFKyZ
NLQHPDW\F]Q\FK PHFKDQL]PyZ R ]HURZHM OLF]ELH VWRSQL UXFKOLZRĞFL 1D W\P HWDSLH
QDMWUXGQLHMV]\P ]DGDQLHP MHVW Z\]QDF]HQLH SLHUZV]HM HW\NLHW\ 0RĪQD GR WHJR FHOX
Z\NRU]\VWDü GDQH ]HEUDQH Z WDEHOL Z NWyUHM ]DOHĪQLH RG OLF]E\ RJQLZ UXFKRP\FKQU L
OLF]E\SDUNLQHPDW\F]Q\FKSSRGDQRZDUWRĞFLQU±SSSSGODSLHUZV]HMHW\NLHW\
6<17(=$6758.785$/1$0(&+$1,=0Ï:5Ï:12/(*à<&+
7DEHOD'DQHGRW\F]ąFHSLHUZV]HMHW\NLHW\áDĔFXFKyZNLQHPDW\F]Q\FK
PHFKDQL]PyZUyZQROHJá\FKJUXS\GOD:¶
QU S QU±S S S S
:\NRU]\VWXMąF GDQH ] WDEHOL Z\]QDF]RQR SLHUZV]ą HW\NLHWĊ áDĔFXFKD NLQHPDW\F]QHJR
PHFKDQL]PX R SODWIRUPLH F]WHURáąF]QHM VFKHPDW SU]HGVWDZLRQR QD U\V 'ODQU S
HW\NLHWDWDZ\WáXV]F]RQDQDU\VD]DZLHUDG]LHZLĊüSDUNLQHPDW\F]Q\FKNODV\SLąWHMLWU]\
NODV\ WU]HFLHM .ROHMQH HW\NLHW\ GOD :¶ Z\]QDF]RQR ]ZLĊNV]DMąF OLF]EĊ SDU
NLQHPDW\F]Q\FK NODV\ F]ZDUWHM R GZLH NRV]WHP MHGQHM SDU\ NLQHPDW\F]QHM NODV\ SLąWHM L
MHGQHMSDU\NLQHPDW\F]QHMNODV\WU]HFLHM(W\NLHW\GOD:¶ RNUHĞORQR]PQLHMV]DMąFRMHGHQ
F]WHU\UD]\NODVĊSDUNLQHPDW\F]Q\FK
.520$1,$.
D E
:¶
:¶
556656
635386
836358
536388
388688
38888
5\VàDĔFXFKNLQHPDW\F]Q\PHFKDQL]PXRSODWIRUPLHF]WHURáąF]QHMJUXS\]HURZHM
]HW\NLHWDPLGOD:¶ L:¶ DPRGHOPHFKDQL]PX556656E
: U]HF]\ZLVW\FK UR]ZLą]DQLDFK PHFKDQL]PyZ UyZQROHJá\FK Z\NRU]\VW\ZDQH Vą SDU\
NLQHPDW\F]QH SU]HVXZQH 3 REURWRZH 5 NXOLVWH 6 F\OLQGU\F]QH & RUD] SDU\
NLQHPDW\F]QH áDĔFXFKRZH 8 >@ 3RG QD]Zą SDUD NLQHPDW\F]QD áDĔFXFKRZD NU\MH VLĊ
]UyĪQLFRZDQ\ ]ELyU áDĔFXFKyZ NLQHPDW\F]Q\FK Z NWyU\FK Z\VWĊSXMą ]DUyZQR SDU\
NLQHPDW\F]QH REURWRZH MDN L SU]HVXZQH Z UyĪQ\ VSRVyE ]H VREą SRáąF]RQH >@ :
QDMEDUG]LHMUR]SRZV]HFKQLRQ\PVSRVRELH]DSLVXEXGRZ\PHFKDQL]PyZUyZQROHJá\FKSRGDMH
VLĊ OLF]EĊ JDáĊ]L RUD] Z\VWĊSXMąFH Z QLFK SDU\ NLQHPDW\F]QH > @ 'OD PHFKDQL]PX
UyZQROHJáHJR ] U\VD SU]HGVWDZLRQR SHZQH SURSR]\FMH UR]ZLą]DQLD PHFKDQL]PX Z WHM
NRQZHQFML ]DSLVX 3U]\NáDGRZR ]DSLV 556656 R]QDF]D PHFKDQL]P UyZQROHJá\ R
F]WHUHFK JDáĊ]LDFK
WU]HFK ]DZLHUDMąF\FK SDU\ NLQHPDW\F]QH GZLH REURWRZH MHGQą VIHU\F]Qą
MHGQHM JDáĊ]L ]DZLHUDMąFHM SDU\ NLQHPDW\F]QH VIHU\F]Qą REURWRZą VIHU\F]Qą
2WU]\PDQH WHRUHW\F]QH UR]ZLą]DQLD PHFKDQL]PyZ SODWIRUPRZ\FK ]ZHU\ILNRZDQR
Z\NRQXMąF LFK PRGHOH ' 3U]\NáDG PRGHOX PHFKDQL]PX 556656 SU]HGVWDZLRQR QD
U\VE
=$.2ē&=(1,(
3U]\ XĪ\FLX SU]HGVWDZLRQ\FK Z RSUDFRZDQLX PHWRG V\QWH]\ PHFKDQL]PyZ UyZQROHJá\FK PRĪQDX]\VNDüPHFKDQL]PGRZROQHMJUXS\RGRZROQHMOLF]ELHVWRSQLUXFKOLZRĞFL2WU]\PDQH
PHFKDQL]P\ WR WHRUHW\F]QD SRGVWDZD UR]ZLą]DĔ U]HF]\ZLVW\FK .ROHMQ\P HWDSHP MHVW
RNUHĞOHQLH NV]WDáWX L Z\PLDUyZ SRV]F]HJyOQ\FK RJQLZ L SDU NLQHPDW\F]Q\FK RUD]
]EXGRZDQLHPRGHOLPHFKDQL]PyZ6ąRQHQDVWĊSQLHEDGDQHSRGNąWHPNLQHPDW\NLVWDW\NL
RUD] G\QDPLNL :V]HFKVWURQQH EDGDQLD PRGHOL ZLUWXDOQ\FK Vą SRGVWDZą U]HF]\ZLVW\FK
UHDOL]DFMLZ\EUDQ\FKPHFKDQL]PyZVSHáQLDMąF\FKQDU]XFRQHSU]H]NRQVWUXNWRUDZDUXQNL
/,7(5$785$
*DR) /L: =KDR;-LQ==KDR +1HZ NLQHPDWLFVWUXFWXUHVIRU DQG
'2)SDUDOOHOPDQLSXODWRUGHVLJQV³0HFKDQLVPDQG0DFKLQH7KHRU\´9RO
S
*URQRZLF] $ 0LOOHU 6 0HFKDQL]P\ PHWRG\ WZRU]HQLD ]ELRUyZ UR]ZLą]DĔ
DOWHUQDW\ZQ\FK NDWDORJ VFKHPDWyZ VWUXNWXUDOQ\FK L NLQHPDW\F]Q\FK :URFáDZ 3RO
:URFá
/X<6KL<+X%.LQHPDWLFDQDO\VLVRIWZRQRYHO838,DQG838,,3.0V
³5RERWLFVDQG$XWRQRPRXV6\VWHPV´9ROS±
6<17(=$6758.785$/1$0(&+$1,=0Ï:5Ï:12/(*à<&+
1DZUDWLO * 1HZ SHUIRUPDQFH LQGLFHV IRU GRI 836 DQG GRW 535 SDUDOOHO
PDQLSXODWRUV³0HFKDQLVPDQG0DFKLQH7KHRU\´9ROS±
5RPDQLDN.1RZHPHWRG\V\QWH]\VWUXNWXUDOQHMáDĔFXFKyZNLQHPDW\F]Q\FKR]HURZHM
OLF]ELHVWRSQLVZRERG\Ä0RGHORZDQLH,QĪ\QLHUVNLH´QUWV±
6758&785$/6<17+(6,62)3$5$//(/0(&+$1,606
6XPPDU\3DUDOOHOPHFKDQLVPSDUDOOHOPDQLSXODWRULVDPHFKDQLVPZKLFKWKHLU SDVVLYH OLQN SODWIRUP HIIHFWRU LV FRQQHFWHG WR WKH EDVH YLD NLQHPDWLF FKDLQV
EUDQFKHVOLPEV3DUDOOHOPHFKDQLVPVDUHVXEMHFWWRWKHIROORZLQJFRQVWUDLQWV
WKH QXPEHU RI WKH GHJUHHV RI PRELOLW\ PXVW EH HTXDO WR WKH QXPEHU RI
EUDQFKHV
SODWIRUPVIRUPWKHOLQNDJHVWKUHHIRXUILYHDQGVL[MRLQWOLQNV
EUDQFKHVFRQVLVWRIWZRDQGWKUHHMRLQWOLQNVH[FOXVLYHO\
WKHFODVVHVRINLQHPDWLFSDLUVDUH333
7KHQRWDWLRQRINLQHPDWLFFKDLQVLVXVHGLQWKHIRUPRIVFKHPDWLFGLDJUDPVWKDW
GRQRWSURYLGHWKHFODVVRINLQHPDWLFSDLUV7KH\DUHJLYHQLQWKHIRUPRIODEHOV
QH[WWRWKHGLDJUDP$OOVHWVRIODEHOVWKDWDUHWKHRUHWLFDOO\SRVVLEOHLQSDUWLFXODU
JURXSV DUH JHQHUDWHG DQG VR DUH WKH SRWHQWLDO VROXWLRQV RI EUDQFKHV LQ SDUDOOHO
PHFKDQLVPV