(6) /2: 64 (1/$56( ',6+:$6+(5 +8 0262*$7*3 /9 75$8.8 0$=*Â-$0Â 0$Ģì1$ /7 ,1'$3/29Ø 8'+=,0(7 35 35'25,0 +$6=1/$7, 7087$7 /,(72Ģ$1$6 ,16758.&,-$ 1$8'2-,02 ,16758.
VVV DKDBSQNKTW BNL 3É50%$-7-$ 7É '+É1$ 3É5 6,*85,1É 8'+É=,0(7 3É5 6,*85,1É 3É56+.5,0 , 352'8.7,7 3$1(/, , .
2'0(/ 7É '+É1$ 3É5 6,*85,1É 3sUSDUD LQVWDOLPLW GKH SsUGRULPLW Ws SDMLVMHV OH[RQL PH NXMGHV XGKs]LPHW H RIUXDUD 3URGKXHVL QXN sVKWs SsUJMHJMsV QsVH VKNDNWRKHQ OsQGLPH GKH GsPH QJD LQVWDOLPL GKH SsUGRULPL L SDVDNWs *MLWKPRQs PEDMLQL XGKs]LPHW EDVKNs PH SDMLVMHQ SsU W LX UHIHUXDU Qs Ws DUGKPHQ 6LJXULD H SsUJMLWKVKPH .
VVV DKDBSQNKTW BNL 6LJXULD H IsPLMsYH GKH SHUVRQDYH PH SUREOHPH .
2'0(/ 0RV YHQGRVQL SURGXNWH Ws QGH]VKPH RVH VHQGH Ws ODJXUD PH SURGXNWH Ws QGH]VKPH EUHQGD SUDQs RVH PEL SDMLVMH 6KsUELPL 3$5$/$-0É5,0 7HQVLRQ L UUH]LNVKsP 7XEL L K\UMHV Vs XMLW ND QMs PEsVKWMHOOsVH Ws MDVKWPH WUDQVSDUHQWH 1sVH WXEL sVKWs L GsPWXDU XML Qs WXE HUUsVRKHW 1sVH ]RUUD H K\UMHV Vs XMLW GsPWRKHW KLTQL PHQMsKHUs VSLQsQ QJD SUL]D HOHNWULNH .
VVV DKDBSQNKTW BNL 3É56+.5,0 , 352'8.7,7 2 1 3 12 11 10 3MHVD H VLSsUPH .UDKX VSsUNDWsV L VLSsUP .UDKX VSsUNDWsV L SRVKWsP )LOWUDW 3OODND H VSHFLILNLPHYH .XWLD H NULSsV 7XEL L DMULW 9 8 7 6 5 4 .XWLD H VKSsODUsVLW .XWLD H GHWHUJMHQWLW .RVKL L WDNsPHYH .RVKL L SRVKWsP .
2'0(/ 3$1(/, , .21752//,7 1 2 6 7UHJXHVL L QGH]MHV ILNMHV 6KsQXHVL L SURJUDPLW 7UHJXHVLW %XWRQL L VKW\UMHV Vs SURJUDPLW 3 5 4 %XWRQL L QLVMHV dHOsVL L SURJUDPHYH 7UHJXHVLW 7UHJXHVL 3sUVKNULPL )D]D H ODUMHV 1GL]HW NXU ID]D H ODUMHV sVKWs Qs IXQNVLRQLP )D]D H WKDUMHV 1GL]HW NXU ID]D H WKDUMHV sVKWs Qs IXQNVLRQLP 7UHJXHVL L SsUIXQGLPLW 7UHJXHVL L NULSsV .\ WUHJXHV sVKWs JMLWKPRQs L ILNXU NXU SURJUDPL sVKWs Qs IXQNVLRQLP 7UHJXHVL L VKSsODUsVLW .
VVV DKDBSQNKTW BNL 352*5$0(7 3URJUDPL 1LYHOL L QGRWMHV /ORML L QJDUNHVsV 2SVLRQHW 1GRWMH QRUPDOH (Qs SUHM IDMDQFH GKH WDNsPH 3DUDODUMH /DUMH PH & 6KSsODUMH 7KDUMH 1GRWMH H PDGKH (Qs SUHM IDMDQFH WDNsPH WHQ[ KHUH GKH WLJDQs 3DUDODUMH /DUMH PH & 6KSsODUMH 7KDUMH 1GRWMH QRUPDOH (Qs SUHM IDMDQFH GKH WDNsPH 3DUDODUMH /DUMH PH & 6KSsODUMH 7KDUMH 1GRWMH H VDSR EsUs (Qs SUHM IDMDQFH GKH WDNsPH /DUMH PH & RVH & 6KSsODUM
2'0(/ LQIR WHVW#GLVKZDVKHU SURGXFWLRQ FRP ,QIRUPDFLRQ SsU LQVWLWXWHW WHVWXHVH 6KNUXDQL QXPULQ H SURGXNWLW 31& Ts QGRGKHW WH HWLNHWD H VSHFLILNLPHYH 3sU oGR LQIRUPDFLRQ Ws QHYRMVKsP SsU NU\HUMHQ H WHVWHYH GsUJRQL QMs HPDLO Qs DGUHVsQ 3É53$5$ 3É5'25,0,7 7É 3$5É 6LJXURKXQL Ts QLYHOL L DNWXDO L ]EXWsVLW Ws XMLW Ws SsUNRMs PH IRUWsVLQs H XMLW QJD XMsVMHOOsVL 1sVH MR SsUVKWDWQL QLYHOLQ H ]EXWsVLW Ws XMLW 0EXVKQL NXWLQs H NULSsV 0EXVKQL NXWLQs H VKSsODUsVLW +DSHQL UXELQHWLQ H XMLW
VVV DKDBSQNKTW BNL )RUWsVLD H XMLW =EXWsVL L XMLW "HKĤRHLH H O@Q@B@JST@Q MF@ E@AQHJ@ ,NR OĤQCNQMH JQHOĤ MĤ JĤSĤ MHUDK &DNWLPL L QLYHOLW Ws ]EXWsVLW Ws XMLW 6LJXURKXQL Ts VKsQXHVL L SURJUDPLW Qs oHOsV Ws MHWs Qs QMs YLMs PH WUHJXHVLQ H QGH]MHV ILNMHV 6KW\SQL GKH PEDQL 'HOD\ 1s Ws QMsMWsQ NRKs UURWXOORQL oHOsVLQ Qs GUHMWLP NXQGsURUDU GHULVD VKsQXHVL L SURJUDPLW Ws MHWs Qs QMs YLMs PH SURJUDPLQ H SDUs /sVKRMHQL 'HOD\ NXU WUHJXHVL L QLVMHV GKH WUHJXHVL L QGH]MHV
2'0(/ 0EXVKMD H NXWLVs Vs VKSsODUsVLW A D .
VVV DKDBSQNKTW BNL B A 30 D 20 C .8-'(6 3sUGRUQL YHWsP GHWHUJMHQWs VSHFLILNs SsU HQsODUsVH 6KW\SQL EXWRQLQ H OLULPLW % SsU Ws KDSXU NDSDNXQ & 9HQGRVHQL GHWHUJMHQWLQ SOXKXU RVH PH WDEOHWD Qs GKRPs]sQ $ 1sVH SURJUDPL ND ID]s SDUDODUMHMH YHQGRVQL QMs VDVL Ws YRJsO GHWHUJMHQWL Qs GKRPs]sQ ' 0E\OOQL NDSDNXQ 6LJXURQL Ts EXWRQL L OLULPLW Ws QJHFs Qs SR]LFLRQ 3sUGRULPL L WDEOHWDYH GHWHUJMHQWH Ws NRPELQXDUD .
2'0(/ 5URWXOORQL oHOsVLQ GHULVD VKsQXHVL L SURJUDPLW Ws MHWs Qs QMs YLMs PH SURJUDPLQ Ts GsVKLURQL Ws FDNWRQL 7UHJXHVL L QGH]MHV ILNMHV QGL]HW 7UHJXHVL L QLVMHV ILOORQ Ws SXOVRMs 6KW\SQL 6WDUW 3URJUDPL ILOORQ GKH WUHJXHVL L ID]sV Qs SsUGRULP TsQGURQ L QGH]XU 7UHJXHVL L QGH]MHV ILNMHV GKH WUHJXHVL L QLVMHV MDQs QGH]XU 1LVMD H QMs SURJUDPL PH VKW\UMH SURJUDPL &DNWRQL SURJUDPLQ 6KW\SQL 'HOD\ SsU Ws VKW\Us ILOOLPLQ H SURJUDPLW PH RUs 7UHJXHVL L VKW\UMHV Vs SURJUDPLW QGL]HW 6KW
VVV DKDBSQNKTW BNL +LTQL XVKTLPHW H PEHWXUD QJD HQsW =EXWLQL XVKTLPHW H GMHJXUD Ws PEHWXUD PEL DUWLNXM )XWLQL HQsW H WKHOOD ILO[KDQsW JRWDW GKH WHQ[KHUHW PH SMHVsQ H KDSXU Ws GUHMWXDU SsU SRVKWs 6LJXURKXQL Ts WDNsPHW GKH HQsW Ws PRV QJMLWHQ EDVKNs /XJsW SsU]LHMLQL EDVKNs PH WDNsPHW H WMHUD 6LJXURKXQL Ts JRWDW Ws PRV SUHNLQ QMsUD WMHWUsQ 9HQGRVQL DUWLNXMW H YHJMsO Qs NRVKLQ H WDNsPHYH 9HQGRVQL DUWLNXMW H OHKWs Qs NRVKLQ H VLSsUP 6LJXURKXQL Ts DUWLNXMW Ws PRV OsYL]LQ 6LJXURKX
2'0(/ 6LJXURKXQL Ts QXN ND PEHWMH XVKTLPHVK RVH GKHX EUHQGD RVH SsUUHWK SMHVsYH DQsVRUH Ws GHNDQWXHVLW 9HQGRVHQL SsUVsUL ILOWULQ H VKHVKWs $ 6LJXURKXQL Ts Ws YHQGRVHW Qs PsQ\Us Ws VDNWs VLSDV XGKs]XHVYH .
VVV DKDBSQNKTW BNL 3UREOHPL GKH NRGL L DODUPLW =JMLGKMD H PXQGVKPH 1XN PXQG WD DNWLYL]RQL SDMLVMHQ 6LJXURKXQL Ts VSLQD Ws MHWs IXWXU Qs SUL]s 6LJXURKXQL Ts NXWLD H VLJXUHVDYH Ws PRV NHWs QGRQMs VLJXUHVs Ws SULVKXU 3URJUDPL QXN ILOORQ 6LJXURKXQL Ts GHUD H SDMLVMHV Ws MHWs H PE\O OXU 6KW\SQL 6WDUW 1sVH sVKWs FDNWXDU VKW\UMD H SURJUDPLW DQXORQL FLOsVLPLQ RVH SULVQL VD Ws SsUIXQGRMs QXPsULPL PEUDSVKW 3DMLVMD ND ILOOXDU SURFHGXUsQ SsU ULQJDUNLPLQ H UH]LQsV EUHQGD ]EXWsVLW Ws XMLW .
2'0(/ 5H]XOWDWHW H ODUMHV GKH Ws WKDUMHV QXN MDQs Ws NsQDTVKPH 3UREOHPL =JMLGKMD H PXQGVKPH .
VVV DKDBSQNKTW BNL dÉ6+7-( 4É /,'+(1 0( $0%,(17,1 5LFLNORQL PDWHULDOHW PH VLPEROLQ 9HQGRVHQL DPEDOD]KLQ WH NRQWHMQHUsW H ULFLNOLPLW QsVH ND 1GLKPRQL Qs PEURMWMHQ H PMHGLVLW GKH VKsQGHWLW Ws QMHUs]YH GKH Qs ULFLNOLPLQ H PEHWMHYH Ws SDMLVMHYH HOHNWULNH GKH HOHNWURQLNH 0RV KLGKQL SDMLVMHW H VKsQXDUD PH VLPEROLQ H PEHWXULQDYH VKWsSLDNH .
, &8 1 7$57$/20 %,=7216È*, ,1)250È&,Ï. %,=7216È*, 87$6Ë7È62. 7(50e./(Ë5È6 .(=(/ė3$1(/ 352*5$02.
VVV DKDBSQNKTW BNL %,=7216È*, ,1)250È&,Ï.
, &8 1 *\HUPHNHN pV IRJ\DWpNNDO pOĘ V]HPpO\HN EL]WRQViJD $ NpV]OpNHW D J\HUPHNHN FVDN pYQpO LGĘVHEE pV FV|NNHQW IL]LNDL pUWHOPL YDJ\ PHQWiOLV NpSHVVpJĦ LOOHWYH PHJIHOHOĘ WDSDV]WDODWRN pV LVPHUHWHN KtMiQ OpYĘ V]HPpO\HN FVDN IHOJ\HOHWWHO YDJ\ D NpV]OpN EL]WRQViJRV KDV]QiODWiUD YRQDWNR]y PHJIHOHOĘ WiMpNR]WDWiV HVHWpQ KDV]QiOKDWMiN 1H KDJ\MD KRJ\ J\HUPHNHN MiWVV]DQDN D NpV]OpNNHO 0LQGHQ PRVyV]HUW WDUWVRQ WiYRO D J\HUPHNHNWĘO $ J\HUPHNHNHW pV NHGYHQF Ki]LiOODWRNDW WDUWVD WiYRO
VVV DKDBSQNKTW BNL 9t]KiOy]DWUD FVDWODNR]WDWiV hJ\HOMHQ DUUD KRJ\ QH RNR]]RQ VpUOpVW D Yt]FV|YHNQHN 0LHOĘWW ~M YDJ\ KRVV]DEE LGĘ yWD QHP KDV]QiOW FV|YHNKH] FVDWODNR]WDWMD D NpV]OpNHW DGGLJ IRO\DVVD D YL]HW DPtJ D] WHOMHVHQ NL QHP WLV]WXO $ NpV]OpN HOVĘ KDV]QiODWD HOĘWW HOOHQĘUL]]H KRJ\ QLQFV H V]LYiUJiV $ EHIRO\yFVĘ EL]WRQViJL V]HOHSSHO YDODPLQW GXSOD EHYRQDWWDO HOOiWRWW EHOVĘ YH]HWpNNHO UHQGHONH]LN 1H LJ\RQ D NpV]OpNEHQ OpYĘ Yt]EĘO pV QH MiWVV]RQ YHOH $] HGpQ
, &8 1 7(50e./(Ë5È6 2 1 3 12 11 .
VVV DKDBSQNKTW BNL .(=(/ė3$1(/ 1 2 6 %H NLNDSFVROW iOODSRW YLVV]DMHO]Ę 3URJUDPMHO|OĘ 9LVV]DMHO]ĘN .
, &8 1 352*5$02. 3URJUDP 6]HQQ\H]HWWVpJ PpUWpNH 7|OWHW WtSXVD 3URJUDP V]DNDV]RN .
VVV DKDBSQNKTW BNL 3URJUDP 9t] O (QHUJLDIRJ\DV]WiV N:K ,GĘWDUWDP SHUF UİY MXNLđR@ ġR GňLġQRġJKDSD @ GđKłY@SH EDRYŘKSRġF HMF@CNYđR@H @ ETMJBHłJ ġR @Y DCġMXDJ LDMMXHRġFD LłCNRİSG@SI@ @Y ġQSġJDJDS LQIR WHVW#GLVKZDVKHU SURGXFWLRQ FRP 7iMpNR]WDWiV D EHYL]VJiOy LQWp]HWHN V]iPiUD -HJ\H]]H IHO D] DGDWWiEOiQ WDOiOKDWy WHUPpNV]iPRW 31& $ EHYL]VJiOiV HOYpJ]pVpKH] V]NVpJHV |VV]HV LQIRUPiFLy PHJV]HU]pVpKH] NOGM|Q HJ\ H PDLOW D N|YHWNH]Ę FtPUH $= (/6ė +$6=1È/$7 (/ė77 (OOH
, &8 1 9t]NHPpQ\VpJ 9t]OiJ\tWy &XđQH ADđKKİSđR $YDM @ RYHMSDM MD G@RYMđKINM RłS $ Yt]OiJ\tWy V]LQWMpQHN EHiOOtWiVD (OOHQĘUL]]H KRJ\ D JRPERQ OpYĘ SURJUDPMHO|OĘ D %H .
VVV DKDBSQNKTW BNL 9t] pV Vy MXWKDW NL D W|OWpV VRUiQ D VyWDUWiO\EyO .
, &8 1 $ PRVRJDWyV]HU KDV]QiODWD D A B ÈOOtWVD D Yt]OiJ\tWyW D OHJDODFVRQ\DEE V]LQWUH ÈOOtWVD D] |EOtWĘV]HU DGDJROyW D OHJDODFVRQ\DEE pUWpNUH 30 +D EHIHMH]L D NRPELQiOW PRVRJDWyV]HU WDEOHWWiN KDV]QiODWiW D N|YHWNH]Ę OpSpVHNHW YpJH]]H HO NO|QiOOy PRVRJDWyV]HU |EOtWĘV]HU pV UHJHQHUiOy Vy KDV]QiODWiQDN PHJNH]GpVH HOĘWW 20 C B A 30 D 20 C ),*<(/0(=7(7e6 &VDN PRVRJDWyJpSKH] NpV]OW VSHFLiOLV PRVRJDWyV]HUW KDV]QiOMRQ 1\RPMD PHJ D NLROGy JRPERW % D IHGpO & IHOQ\LWiViKR] 7
VVV DKDBSQNKTW BNL $ SURJUDPYiODV]WiV ]HPPyG EHiOOtWiVD $MWyQ\LWiV D NpV]OpN PĦN|GpVH DODWW $PLNRU D EH NL YLVV]DMHO]Ę YLOiJtW pV D 6WDUW YLVV]DMHO]Ę YLOORJQL NH]G D NpV]OpN SURJUDPYiODV]WiV ]HPPyGEDQ YDQ +D NLQ\LWMD D] DMWyW HJ\ SURJUDP IXWiVD N|]EHQ D NpV]OpN OHiOO $PLNRU LVPpW EHFVXNMD D] DMWyW D YLVV]DV]iPOiOiV D PHJV]DNtWiVL SRQWWyO IRO\WDWyGLN $ NpV]OpN EHNDSFVROiVNRU iOWDOiEDQ SURJUDPYiODV]WiV ]HPPyGEDQ YDQ +D D]RQEDQ PpJVHP H] W|UWpQLN D SURJUDPYiODV]WiV ]HPPyGRW D] DOiEEL
, &8 1 $ PRVRJDWyV]HU PDUDGYiQ\RN HGpQ\HNHQ YDOy OHUDNyGiViQDN PHJDNDGiO\R]iViUD KRVV]~ SURJUDPRNQiO KDV]QiOMD D WDEOHWWiNDW 1H KDV]QiOMRQ D V]NVpJHVQpO W|EE PRVRJDWyV]HUW 7RYiEEL LQIRUPiFLyNpUW ROYDVVD HO D PRVRJDWyV]HU FVRPDJROiViQ WDOiOKDWy ~WPXWDWiVRNDW $ NRVDUDN PHJW|OWpVH &VDN PRVRJDWyJpSEH WHKHWĘ GDUDERN PRVRJDWiViUD KDV]QiOMD D NpV]OpNHW 1H WHJ\HQ IiEyO V]DUXEyO DOXPtQLXPEyO yQEyO pV Up]EĘO NpV]OW GDUDERNDW D NpV]OpNEH 1H KHO\H]]HQ D NpV]OpNEH YL]HW IHOV]tYy GDUD
VVV DKDBSQNKTW BNL +~]]D NL D & V]ĦUĘW D % V]ĦUĘEĘO 9HJ\H NL D ODSRV V]ĦUĘW $ 6]HUHOMH YLVV]D D V]ĦUĘNHW % pV & 7HJ\H YLVV]D D V]ĦUĘW % D ODSRV V]ĦUĘEH $ $] yUDPXWDWy MiUiViYDO PHJHJ\H]Ę LUiQ\EDQ IRUJDVVD DPtJ QHP U|J]O 9t]]HO WLV]WtWVD PHJ D V]ĦUĘNHW ),*<(/0(=7(7e6 $ V]ĦUĘN KHO\WHOHQ SR]tFLyMD QHP NLHOpJtWĘ PRVRJDWiVL HUHGPpQ\W RNR] pV D NpV]OpNHW LV NiURVtWMD $ V]yUyNDURN WLV]WtWiVD 1H V]HUHOMH NL D V]yUyNDURNDW +D D V]yUyNDURN IXUDWDL HOW|PĘGQpQHN D V]HQ
, &8 1 +,%$(/+È5Ë7È6 $PHQQ\LEHQ D NpV]OpN QHP LQGXO HO YDJ\ PĦN|GpV N|]EHQ OHiOO PLHOĘWW D PiUNDV]HUYL]KH] IRUGXO J\Ę]ĘGM|Q PHJ DUUyO KRJ\ VDMiW PDJD NpSHV H D KLED HOKiUtWiViUD D WiEOi]DWEDQ WDOiOKDWy LQIRUPiFLyN VHJtWVpJpYHO $ PHJKLEiVRGiVW EL]RQ\RV KLEiN HVHWpQ D YpJH MHO]ĘIpQ\ UHQGV]HUHV LGĘN|]|QNpQW W|UWpQĘ IHOYLOODQiVD MHO]L 0HJKLEiVRGiV pV ULDV]WiVL NyG /HKHWVpJHV PHJROGiV 1HP OHKHW EHNDSFVROQL D NpV]Op NHW $ SURJUDP QHP LQGXO HO $ NpV]OpN QHP W|OW EH YL]HW
VVV DKDBSQNKTW BNL $ PRVRJDWiV pV D V]iUtWiV HUHGPpQ\H QHP NLHOpJtWĘ -HOHQVpJ /HKHWVpJHV PHJROGiV )HKpUHV FVtNRN YDJ\ NpNHV UpWHJ OiWKDWy D SRKDUDNRQ pV HGpQ\HNHQ 7~O QDJ\ YROW D] DGDJROW |EOtWĘV]HU PHQQ\LVpJH ÈOOtWVD DODFVRQ\DEE KHO\ ]HWEH D] |EOtWĘV]HU IRUGtWyNDUW 7~O VRN YROW D PRVRJDWyV]HU 6]HQQ\H]ĘGpVHN pV FVHSSQ\RPRN YDQ QDN D SRKDUDNRQ pV HGpQ\HNHQ 1HP HOHJHQGĘ D] DGDJROW |EOtWĘV]HU PHQQ\LVpJH ÈOOtWVD PDJDVDEE KHO\ ]HWEH D] |EOtWĘV]HU IRUGtWyNDUW /HKHW KRJ\ D] |EOtWĘ
, &8 1 QH GREMD D Ki]WDUWiVL KXOODGpN N|]p -XWWDVVD HO D NpV]OpNHW D KHO\L ~MUDKDV]QRVtWy WHOHSUH YDJ\ OpSMHQ NDSFVRODWED D KXOODGpNNH]HOpVpUW IHOHOĘV KLYDWDOODO
VVV DKDBSQNKTW BNL 6$7856 '52âƮ%$6 ,1)250Ɩ&,-$ '52âƮ%$6 125Ɩ'Ʈ-80, ,(5Ʈ&(6 $35$.
+ 35($û4 '52âƮ%$6 ,1)250Ɩ&,-$ 3LUPV LHUƯFHV X]VWƗGƯãDQDV XQ OLHWRãDQDV UnjSƯJL L]ODVLHW SLHYLHQRWRV QRUƗGƯMXPXV 5DåRWƗMV QHDWELOG SDU ERMƗMXPLHP NR UDGƯMXVL LHUƯFHV QHSDUHL]D X]VWƗGƯãDQD YDL OLHWRãDQD 6DJODEƗMLHW ãRV QRUƗGƯMXPXV LHUƯFHV WXYXPƗ WXUSPƗNƗP X]]LƼƗP 9LVSƗUƯJL GURãƯEDV QRUƗGƯMXPL ,HUƯFH SDUHG]ƝWD L]PDQWRãDQDL PƗMVDLPQLHFƯEƗ XQ OƯG]ƯJLHP PƝUƷLHP SLHPƝUDP ± ODXNX PƗMƗV GDUELQLHNX YLUWXYHV ]RQƗV YHLNDORV ELURMRV XQ FLWƗV GDUED YLHWƗV ± YLHVX OLHWRãDQDL
VVV DKDBSQNKTW BNL %ƝUQX XQ QHVSƝMƯJX FLOYƝNX GURãƯED âR LHUƯFL GUƯNVW L]PDQWRW EƝUQL QR JDGX YHFXPD XQ FLOYƝNL DU LHUREHåRWƗP IL]LVNƗP VHQVRUƗP YDL JDUƯJƗP VSƝMƗP YDL SLHUHG]HV XQ ]LQƗãDQX WUnjNXPX DWELOGƯJƗV SHUVRQDV X]UDXG]ƯEƗ YDL MD WLH LU DSPƗFƯWL SDU LHUƯFHV GURãX OLHWRãDQX XQ L]SURW SRWHQFLƗORV ULVNXV 1HƺDXMLHW EƝUQLHP URWDƺƗWLHV DU LHUƯFL *ODEƗMLHW YLVXV PD]JƗãDQDV OƯG]HNƺXV EƝUQLHP QHSLHHMDPƗV YLHWƗV 1HƺDXMLHW EƝUQLHP XQ PƗMG]ƯYQLHNLHP DWUDVWLHV LHUƯFHV GXUYMX WXYXPƗ MD
+ 35($û4 WUDXNLHP YDU EnjW PD]JƗãDQDV OƯG]HNOLV 3URJUDPPDV L]SLOGHV ODLNƗ DWYHURW LHUƯFHV GXUYLV SD WƗP YDU L]SOnjVW NDUVWV WYDLNV 1HLHYLHWRMLHW LHUƯFƝ QHWXULHW WƗV WXYXPƗ YDL X] WƗV YLHJOL X]OLHVPRMRãDV YLHODV YDL DU YLHJOL X]OLHVPRMRãƗP YLHOƗP SLHVnjFLQƗWXV SULHNãPHWXV $SNRSH %5Ʈ',1Ɩ-806 %ƯVWDPV VSULHJXPV NjGHQV LHSOnjGHV FDXUXOHL LU FDXUVSƯGƯJV ƗUƝMDLV DSãXYXPV -D ãƺnjWHQH LU ERMƗWD njGHQV ãƺnjWHQƝ NƺnjVW WXPãV -D njGHQV LHSOnjGHV ãƺnjWHQH LU ERMƗWD QHNDYƝMRWLHV DWYLHQRMLHW NRQWDNWGDNã
VVV DKDBSQNKTW BNL ,(5Ʈ&(6 $35$.
+ 35($û4 9$'Ʈ%$6 3$1(/,6 1 2 3 6 ,HVOƝJãDQDV L]VOƝJãDQDV WDXVWLƼD LQGLNDWRUV 3URJUDPPX DS]ƯPƝMXPL ,QGLNDWRUL 5 4 $WOLNWƗ VWDUWD WDXVWLƼã ,HVOƝJãDQDV WDXVWLƼã 3URJUDPPX L]YƝOHV SƗUVOƝJV ,QGLNDWRUL ,QGLNDWRUV $SUDNVWV 0D]JƗãDQDV IƗ]H ,HGHJDV PD]JƗãDQDV IƗ]HV GDUEƯEDV ODLNƗ äƗYƝãDQDV IƗ]H ,HGHJDV åƗYƝãDQDV IƗ]HV GDUEƯEDV ODLNƗ 3URJUDPPDV EHLJX LQGLNDWRUV 6SHFLDOL]ƝWƗV VƗOV LQGLNDWRUV 3URJUDPPDV GDUEƯEDV ODLNƗ WDV YLHQPƝU LU L]VOƝJWV 6NDORãDQDV OƯG]HNƺD LQGLNDWRUV 3URJUD
VVV DKDBSQNKTW BNL 352*5$00$6 3URJUDPPD 1HWƯUƯEDV SDNƗSH ,HOƗGHV YHLGV 3URJUDPPDV IƗ]HV ,HVSƝMDV 0ƝUFƝãDQD 0D]JƗãDQD & 6NDORãDQD äƗYƝãDQD 0ƝUFƝãDQD 0D]JƗãDQD & 6NDORãDQD äƗYƝãDQD 0ƝUFƝãDQD 0D]JƗãDQD & 6NDORãDQD äƗYƝãDQD 9LGƝML QHWƯUL 7UDXNL XQ JDOGD SLHGHUXPL ƹRWL QHWƯUL 7UDXNL JDOGD SLHGHUXPL NDWOL XQ SDQQDV 9LGƝML QHWƯUL 7UDXNL XQ JDOGD SLHGHUXPL 1HSLHNDOWXãL QH WƯUXPL 7UDXNL XQ JDOGD SLHGHUXPL
+ 35($û4 LQIR WHVW#GLVKZDVKHU SURGXFWLRQ FRP ,QIRUPƗFLMD SƗUEDXGHV LHVWƗGƝP 3LHUDNVWLHW L]VWUƗGƗMXPD QXPXUX 31& NDV QRUƗGƯWV X] GDWX SOƗNVQƯWHV /DL VDƼHPWX YLVX QHSLHFLHãDPR LQIRUPƗFLMX SDU SƗUEDXåX HIHNWLYLWƗWL VnjWLHW H SDVWX X] 3,506 3,50Ɩ6 /,(72â$1$6 5(,=(6 3ƗUOLHFLQLHWLHV YDL LHVWDWƯWDLV njGHQV PƯNVWLQƗWƗMD OƯPHQLV DWELOVW njGHQV FLHWƯEDV SDNƗSHL -D WƗ QDY QRUHJXOƝMLHW njGHQV PƯNVWLQƗWƗMD OƯPHQL 8]SLOGLHW VSHFLDOL]ƝWƗV VƗOV WYHUWQL 3LHSLOGLHW VNDORãDQDV OƯG]HNƺD GR]DWRUX
VVV DKDBSQNKTW BNL NjGHQV FLHWƯED NjGHQV PƯNVWL QƗWƗMV 1řOMĴB@R HDRS@SĴITLH ù@Iĕ KĴLDMĴ MDKHDSNIHDS RĕKH .
+ 35($û4 .
VVV DKDBSQNKTW BNL B A 30 WUDXNX PD]JƗãDQDV VƗOV OLHWRãDQDV YHLFLHW ãƯV GDUEƯEDV D 20 C 8=0$1Ʈ%8 /LHWRMLHW WLNDL WUDXNX PD]JƗMDPƗP PDãƯQƗP SDUHG]ƝWX PD]JƗãDQDV OƯG]HNOL 3LHVSLHGLHW DWEORƷƝãDQDV WDXVWLƼX % ODL DWYƝUWX YƗNX & ,HYLHWRMLHW PD]JƗãDQDV OƯG]HNƺD SXOYHUL YDL WDEOHWHV QRGDOƯMXPƗ $ -D PD]JƗãDQDV SURJUDPPDL SDUHG]ƝWD SULHNãPD]JƗãDQDV IƗ]H LHSLOGLHW QHOLHOX GDXG]XPX PD]JƗãDQDV OƯG]HNƺD QRGDOƯMXPƗ ' $L]YHULHW YƗNX 3ƗUOLHFLQLHWLHV YDL EORƷƝãDQDV WDXVWLƼã QRILNVƝMDV
+ 35($û4 3URJUDPPDV DNWLYL]ƝãDQD 3LHVSLHGLHW LHVOƝJãDQDV L]VOƝJãDQDV WDXVWLƼX ODL LHVOƝJWX LHUƯFL $L]YHULHW LHUƯFHV GXUYLV 3DJULH]LHW SURJUDPPX SƗUVOƝJX OƯG] SURJUDPPX UƗGƯWƗMV VDNUƯW DU SURJUDPPX NR YƝODWLHV LHVWDWƯW ,HGHJVLHV LHVOƝJãDQDV L]VOƝJãDQDV LQGLNDWRUV 6WDUWD LQGLNDWRUV VƗN PLUJRW 1RVSLHGLHW 6WDUW 3URJUDPPD VƗNDV XQ GLVSOHMƗ LU UHG]DPV DNWLYL]ƝWƗV IƗ]HV LQGLNDWRUV 'HJ LHVOƝJãDQDV L]VOƝJãDQDV LQGLNDWRUV XQ VWDUWD LQGLNDWRUV LHUƯFHV GDUEƯED DWVƗNDV QR WƗV YLHWDV NXU
VVV DKDBSQNKTW BNL $WPLHNãƷƝMLHW ƝGLHQD DWOLHNDV NDV SLHOLSXãDV SLH SULHNãPHWLHP ,HYLHWRMLHW SULHNãPHWXV SLHPƝUDP WDVHV JOƗ]HV XQ SDQQDV DU DWYHUL X] OHMX 3ƗUOLHFLQLHWLHV YDL JDOGD SLHGHUXPL XQ WUDXNL QHVDVNDUDV .
+ 35($û4 3ƗUOLHFLQLHWLHV ND QRVWƗGLQƗWƗMƗ YDL DS WƗ PDOƗP QDY ƝGLHQD DWOLHNX XQ QHWƯUXPX ,HYLHWRMLHW DWSDNDƺ SODNDQR ILOWUX $ 3ƗUOLHFLQLHWLHV ND WDV LU SDUHL]L QRYLHWRWV ]HP DEƗP YDGƯNOƗP 8=0$1Ʈ%8 1HSDUHL]D ILOWUX SR]ƯFLMD YDU L]UDLVƯW VOLNWXV PD]JƗãDQDV UH]XOWƗWXV XQ LHUƯFHV ERMƗMXPXV ,]VPLG]LQƗWƗMX WƯUƯãDQD 1HQRƼHPLHW L]VPLG]LQƗWƗMXV -D L]VPLG]LQƗWƗMX DWYHUHV LU QRVSURVWRWDV L]WƯULHW WƗV L]PDQWRMRW WLHYX DVX SULHNãPHWX ƖUSXVHV WƯUƯãDQD 6DOLHFLHW DWSDNDƺ ILOWUXV
VVV DKDBSQNKTW BNL 3UREOƝPD XQ EUƯGLQƗMXPD NRGV ,HVSƝMDPDLV ULVLQƗMXPV 3URJUDPPD QHDNWLYL]ƝMDV ,HUƯFH QHSLHSLOGƗV DU njGHQL %HLJX LQGLNDWRUV PLUJR YLHQX UHL]L DU SƗUWUDXNXPX 6WDUW LQGLNDWRUV PLUJR QHSƗU WUDXNWL ,HUƯFH QHL]VnjNQƝ njGHQL %HLJX LQGLNDWRUV PLUJR UHL]HV DU SƗUWUDXNXPLHP 6WDUW LQGLNDWRUV PLUJR QHSƗU WUDXNWL $NWLYL]ƝMXVLHV LHUƯFH SUHW njGHQV QR SOnjGƝP %HLJX LQGLNDWRUV PLUJR UHL]HV DU SƗUWUDXNXPLHP 6WDUW LQGLNDWRUV PLUJR QHSƗU WUDXNWL
+ 35($û4 3UREOƝPD ,HVSƝMDPDLV ULVLQƗMXPV 7UDXNL LU VODSML 3URJUDPPDL QDY åƗYƝãDQDV IƗ]HV YDL åƗYƝãDQDV IƗ]HL LU ]HPD WHPSHUDWnjUD 6NDORãDQDV OƯG]HNƺD GR]DWRUV LU WXNãV ,HPHVOV YDU EnjW VNDORãDQDV OƯG]HNƺD NYDOLWƗWH &LWXV LHVSƝMDPRV FƝORƼXV VNDWLHW VDGDƺƗ 1RGHUƯJL LHWHLNXPL XQ SDGRPL 7(+1,6.
VVV DKDBSQNKTW BNL 785,1<6 6$8*26 ,1)250$&,-$ 6$8*26 ,16758.&,-$ *$0,1,2 $35$â<0$6 9$/'<02 6.
+($345(Ċ 6$8*26 ,1)250$&,-$ 3ULHã ƳUHQJGDPL LU QDXGRGDPL ãƳ SULHWDLVą DWLGåLDL SHUVNDLW\NLWH SDWHLNWą LQVWUXNFLMą *DPLQWRMDV QHDWVDNR Xå VXåDORMLPXV LU åDOą SDWLUWą GơO QHWLQNDPR SULHWDLVR ƳUHQJLPR LU QDXGRMLPR 9LVDGD ODLN\NLWH ãLą LQVWUXNFLMą ãDOLD SULHWDLVR NDG JDOơWXPơWH MD SDVLQDXGRWL YơOLDX %HQGULHML VDXJRV UHLNDODYLPDL âLV SULHWDLVDV VNLUWDV WLN QDXGRMLPXL QDPǐ njN\MH MƳ JDOLPD QDXGRWL SDY\]GåLXL ± NDLPR VRG\ERVH GDUEXRWRMǐ YDOJRPXRVLXRVH SDY\]GåLXL S
VVV DKDBSQNKTW BNL 9DLNǐ LU SDåHLGåLDPǐ åPRQLǐ VDXJD âƳ SULHWDLVą JDOLPD QDXGRWL YDLNDPV QXR PHWǐ DPåLDXV LU DVPHQLPV WXULQWLHPV SVLFKLQLǐ MXWLPLQLǐ DUED SURWLQLǐ QHJDOLǐ DUED SDWLUWLHV EHL åLQLǐ WUnjNXPR MHLJX MLH \UD SULåLnjULPL DUED LQVWUXNWXRMDPL NDLS VDXJLDL QDXGRWL ãƳ SULHWDLVą LU VXSUDQWD DWLWLQNDPXV SDYRMXV 1HOHLVNLWH YDLNDPV åDLVWL ãLXR SULHWDLVX 9LVDV SORYLPR SULHPRQHV ODLN\NLWH YDLNDPV QHSDVLHNLDPRMH YLHWRMH 1HOHLVNLWH YDLNDPV LU QDPLQLDPV J\YnjQDPV EnjWL ãDOLD NDL SUL
+($345(Ċ ,ã SULHWDLVR JDOL LãVLYHUåWL NDUãWL JDUDL MHLJX DWLGDU\VLWH GXUHOHV YHLNLDQW SURJUDPDL âDOLD SULHWDLVR Ƴ SULHWDLVą DUED DQW MR QHGơNLWH GHJLǐ SURGXNWǐ DUED GHJLDLV SURGXNWDLV VXGUơNLQWǐ GDLNWǐ $SWDUQDYLPDV Ʋ63Ơ-,0$6 3DYRMLQJD ƳWDPSD 9DQGHQV ƳOHLGLPR åDUQD WXUL LãRULQƳ SHUPDWRPą DSYDONDOą -HLJX åDUQD \UD SDåHLVWD YDQGXR åDUQRMH SDWDPVơMD -HLJX SDåHLVWD YDQGHQV ƳYDGR åDUQD QHGHOVGDPL LãWUDXNLWH NLãWXNą Lã HOHNWURV WLQNOR OL]GR 'ơO YDQGHQV ƳYDGR åDUQRV SDNHLWLPR NUHLSN
VVV DKDBSQNKTW BNL *$0,1,2 $35$â<0$6 2 1 3 12 11 10 9 8 9LUãXV 9LGXULQLV SXUNãWXYDV $SDWLQLV SXUNãWXYDV )LOWUDL 7HFKQLQLǐ GXRPHQǐ SORNãWHOơ 'UXVNRV WDOS\NOD 2UR DQJD 7 6 5 4 6NDODYLPR SULHPRQơV GDO\WXYDV 3ORYLPR SULHPRQLǐ GDO\WXYDV 6WDOR ƳUDQNLǐ NUHSã\V $SDWLQLV NUHSã\V 9LUãXWLQLV NUHSã\V
+($345(Ċ 9$/'<02 6.
VVV DKDBSQNKTW BNL 352*5$026 3URJUDPD 1HãYDUXPR ODLSV QLV ƲNURYRV WLSDV 3URJUDPRV ID]ơV 9LGXWLQLãNDL VX WHSWL ,QGDL EHL VWDOR ƳUDQNLDL 3LUPLQLV SORYLPDV 3ORYLPDV & 6NDODYLPDL 'åLRYLQLPDV /DEDL QHãYDUnjV ,QGDL VWDOR ƳUDQ NLDL SXRGDL LU NHSWXYơV 3LUPLQLV SORYLPDV 3ORYLPDV & 6NDODYLPDL 'åLRYLQLPDV 9LGXWLQLãNDL VX WHSWL ,QGDL EHL VWDOR ƳUDQNLDL 3LUPLQLV SORYLPDV 3ORYLPDV & 6NDODYLPDL 'åLRYLQLPDV 3DULQNW\V
+($345(Ċ LQIR WHVW#GLVKZDVKHU SURGXFWLRQ FRP ,QIRUPDFLMD SDWLNURV ƳVWDLJRPV 8åUDã\NLWH JDPLQLR QXPHUƳ 31& NXULV \UD DQW WHFKQLQLǐ GXRPHQǐ SORNãWHOơV 'ơO YLVRV UHLNLDPRV LQIRUPDFLMRV DSLH EDQG\Pǐ DWOLNLPą UDã\NLWH HO åLQXWĊ DGUHVX 35,(â 1$8'2'$0, 3,50Ą.
VVV DKDBSQNKTW BNL 9DQGHQV NLHWXPDV 9DQGHQV PLQ NãWLNOLV &@LXJKNR MTNRS@S@ -DM@TCNJHSD CQTRJNR DR@MS ŎH@L KXFHTH .
+($345(Ċ .
VVV DKDBSQNKTW BNL B A 30 LQGDSORYơV GUXVNą DWOLNLWH ãLXRV YHLNVPXV D 20 C 3(563Ơ-,0$6 1DXGRNLWH WLN VSHFLDOLDL LQGDSORYơPV VNLUWą SORYLNOƳ 3DVSDXVNLWH DWODLVYLQLPR P\JWXNą % NDG DWLGDU\WXPơWH GDQJWHOƳ & 3ULSLONLWH SORYLNOLR PLOWHOLǐ DUED ƳGơNLWH WDEOHWĊ Ƴ VN\ULǐ $ -HL SORYLPR SURJUDPRMH \UD SLUPLQLR SORYLPR ID]ơ ƳSLONLWH PDåą NLHNƳ SORYLNOLR Ƴ VN\UHOƳ ' 8åGDU\NLWH GDQJWƳ ƲVLWLNLQNLWH NDG DWODLVYLQLPR P\JWXNDV XåVLILNVXRWǐ VDYR YLHWRMH .
+($345(Ċ 3URJUDPRV SDOHLGLPDV 1RUơGDPL VXDNW\YLQWL SULHWDLVą VSDXVNLWH ƳMXQJLPR LãMXQJLPR P\JWXNą 8åGDU\NLWH SULHWDLVR GXUHOHV 6XNLWH UDQNHQơOĊ NRO SURJUDPRV å\PHNOLV EXV VXO\JLXRWDV VX QRULPD QXVWDW\WL SURJUDPD 8åVLGHJV ƳMXQJLPR LãMXQJLPR LQGLNDWRULXV 3UDGơV PLUNVơWL SDOHLGLPR LQGLNDWRULXV 3DVSDXVNLWH 6WDUW .
VVV DKDBSQNKTW BNL 7XãþLDYLGXULXV GDLNWXV SY] SXRGHOLXV VWLNOLQHV LU NHSWXYHV GơNLWH DSYHUVWXV åHP\Q 3DVLUnjSLQNLWH NDG VWDOR ƳUDQNLDL LU LQGDL QHVXOLSWǐ âDXNãWXV VXPDLã\NLWH VX NLWDLV VWDOR ƳUDQNLDLV 3DVLUnjSLQNLWH NDG VWLNOLQơV QHVLOLHVWǐ VX NLWRPLV VWLNOLQơPLV 0DåXV GDLNWXV VXGơNLWH Ƴ VWDOR ƳUDQNLǐ NUHSãHOƳ /HQJYXV GDLNWXV GơNLWH Ƴ YLUãXWLQƳ NUHSãƳ 3DVLUnjSLQNLWH NDG ãLH GDLNWDL QHVODQNLRWǐ 3ULHã SDOHLVGDPL SURJUDPą SDVLUnjSLQNLWH NDG SXUNãWXYR DONnjQơ JDOơWǐ ODLVYDL MXGơWL
+($345(Ċ ƲVLWLNLQNLWH DU QơUD PDLVWR OLNXþLǐ DU QHãYDUXPǐ DQW DU DSOLQN ULQNWXYơV NUDãWą 9ơO ƳGơNLWH SORNãþLą ILOWUą $ ƲVLWLNLQNLWH DU MLV WDLV\NOLQJDL ƳGơWDV SR NUHLSWXYDLV 3(563Ơ-,0$6 'ơO QHWLQNDPRV ILOWUǐ SDGơWLHV SORYLPR UH]XOWDWDL JDOL EnjWL EORJL LU JDOL EnjWL SDåHLVWDV SULHWDLVDV 3XUNãWXYǐ YDO\PDV 1HQXLPNLWH SXUNãWXYR DONnjQLǐ 8åVLNLPãXV SXUNãWXYR DONnjQLǐ VN\OXWơPV QHãYDUXPǐ OLNXþLXV SDãDOLQNLWH SORQX VPDLOLX GDLNWX 9DO\PDV Lã LãRUơV 1XYDO\NLWH SULHWDLVą GUơJQD
VVV DKDBSQNKTW BNL 3UREOHPD LU ƳVSơMLPR NRGDV *DOLPDV VSUHQGLPDV 1HJDOLPD ƳMXQJWL SULHWDLVR 3URJUDPD QHSDVLOHLGåLD Ʋ SULHWDLVą QHSDWHQND YDQGXR 3URWDUSLDLV NDUWą VXPLUNVL SD EDLJRV LQGLNDWRULXV 1XRODW PLUNVL LQGLNDWRULXV 6WDUW ,ã SULHWDLVR QHLãOHLGåLDPDV YDQGXR 3URWDUSLDLV NDUWXV VXPLUNVL SD EDLJRV LQGLNDWRULXV 1XRODW PLUNVL LQGLNDWRULXV 6WDUW 9HLNLD DSVDXJRV QXR YDQGHQV QXWH NơMLPR ƳWDLVDV 3URWDUSLDLV NDUWXV VXPLUNVL SD EDLJRV LQGLNDWR
+($345(Ċ 3UREOHPD *DOLPDV VSUHQGLPDV 'ơPơV LU LãGåLnjYĊ YDQGHQV ODãDL DQW VWLNOL QLǐ LU LQGǐ 7LHNLDPD SHU PDåDL VNDODYLPR SULH PRQơV 1XVWDW\NLWH VNDODYLPR SULH PRQơV SDVLULQNLPR UDQNHQơOĊ Ƴ GL GHVQĊ SDGơWƳ 7DLS JDOL DWVLWLNWL GơO VNDODYLPR SULH PRQơV NRN\EơV 'UơJQL LQGDL 3URJUDPD QHWXUL GåLRYLQLPR ID]ơV DUED WXUL GåLRYLQLPR ID]Ċ PDåD WHPSHUD WnjUD 7XãþLDV VNDODYLPR SULHPRQơV GDO\WX YDV 7DLS JDOL DWVLWLNWL GơO VNDODYLPR SULH PRQơV NRN\EơV $SLH NLWDV JDOLPDV SULHåDVWLV VND
VVV DKDBSQNKTW BNL RGNO
