5R]SRU] G]HQLH
0LQLVWUD)LQDQVyZ
] GQLDOLVWRSDGDU
Z VSUDZLHV]F]HJyOQ\FK]DVDGUDFKXQNRZR FLGODQLHNWyU\FKMHGQRVWHNQLHE G F\FKVSyáNDPL
KDQGORZ\PLQLHSURZDG] F\FKG]LDáDOQR FLJRVSRGDUF]HM
']81USR]
1DSRGVWDZLHDUWSNWXVWDZ\]GQLDZU]H QLDURUDFKXQNRZR FL']81U
SR]]U1USR]1USR]1USR]1USR]1U
SR]L1USR]L1USR]]U1USR]1USR]1U
SR]L1USR]]U1USR]L1USR]]U1USR]1U
SR]L1USR]RUD]]U1USR]L1USR]]DU] G]DVL FR
QDVW SXMH
3U]HSLV\UR]SRU] G]HQLDVWRVXMHVL GRQLHNWyU\FKMHGQRVWHNQLHE G F\FKVSyáNDPLKDQGORZ\PL
MH HOLQLHSURZDG] G]LDáDOQR FLJRVSRGDUF]HMDZV]F]HJyOQR FLGR
VWRZDU]\V]H
SDUWLLSROLW\F]Q\FK
]ZL ]NyZ]DZRGRZ\FK
RUJDQL]DFMLSUDFRGDZFyZ
L]EJRVSRGDUF]\FK
IXQGDFML
RUJDQL]DFMLGREURF]\QQR FLLRSLHNLVSRáHF]QHM
SU]HGVWDZLFLHOVWZSU]HGVL ELRUFyZ]DJUDQLF]Q\FK
3U]HSLVyZ UR]SRU] G]HQLD QLH VWRVXMH VL GR NR FLHOQ\FK RVyE SUDZQ\FK QLH SURZDG] F\FK
G]LDáDOQR FL JRVSRGDUF]HM .R FLHOQH RVRE\ SUDZQH SURZDG] UDFKXQNRZR ü ZHGáXJ ]DVDG
RNUH ORQ\FKSU]H]ZHZQ WU]QHSU]HSLV\NR FLHOQHGRW\F] FHW\FKMHGQRVWHN
,OHNURüZUR]SRU] G]HQLXMHVWPRZDR
XVWDZLH R UDFKXQNRZR FL UR]XPLH VL SU]H] WR XVWDZ ] GQLD ZU]H QLD U
R UDFKXQNRZR FL
MHGQRVWFH UR]XPLH VL SU]H] WR MHGQRVWNL Z\PLHQLRQH Z XVW XWZRU]RQH LSURZDG] FH
G]LDáDOQR ü QD SRGVWDZLH SU]HSLVyZ SUDZD SROVNLHJR PDM FH VLHG]LE
QD WHU\WRULXP
5]HF]\SRVSROLWHM3ROVNLHM
G]LDáDOQR FL VWDWXWRZHM UR]XPLH VL SU]H] WR G]LDáDOQR ü MHGQRVWNL QLH PDM F FKDUDNWHUX
G]LDáDOQR FLJRVSRGDUF]HMRNUH ORQ SU]HSLVDPLSUDZDLMHMVWDWXWHP
IXQGXV]X VWDWXWRZ\P UR]XPLH VL SU]H] WR IXQGXV] SRGVWDZRZ\ MHGQRVWNL WZRU]RQ\ QD
SRGVWDZLHSU]HSLVyZSUDZDLVWDWXWXMHGQRVWNLSU]H]QDF]RQ\QDILQDQVRZDQLHMHMG]LDáDOQR FL
VWDWXWRZHM
-HGQRVWNL R NWyU\FK PRZD Z XVW SURZDG] NVL JL UDFKXQNRZH VWRVXM F RGSRZLHGQLH
SU]HSLV\XVWDZ\RUDFKXQNRZR FL]XZ]JO GQLHQLHPSU]HSLVyZXVW
'R SU]\FKRGyZ MHGQRVWNL ]DOLF]D VL RWU]\PDQH URGNL SLHQL QH L LQQH DNW\ZD ILQDQVRZH ]H
UyGHáRNUH ORQ\FKRGU EQ\PLSU]HSLVDPLSUDZDLVWDWXWHPZW\PRWU]\PDQHVNáDGNLVWDWXWRZH
QLHRGSáDWQLH RWU]\PDQH VNáDGQLNL PDM WNX D WDN H NZRW\ QDOH QH ]H VSU]HGD \ VNáDGQLNyZ
PDM WNX RUD] SU]\FKRG\ ILQDQVRZH GRWDFMH LVXEZHQFMH D Z SU]HGVWDZLFLHOVWZDFK
SU]HGVL ELRUFyZ ]DJUDQLF]Q\FK WDN H URGNL SLHQL QH RWU]\PDQH RG SU]HGVL ELRUF\
]DJUDQLF]QHJR]SU]H]QDF]HQLHPQDVILQDQVRZDQLHNRV]WyZG]LDáDOQR FLSU]HGVWDZLFLHOVWZD
'RNRV]WyZG]LDáDOQR FLMHGQRVWNL]DOLF]DVL NRV]W\]ZL ]DQH]UHDOL]DFM ]DGD VWDWXWRZ\FKZ
W\PWDN H ZLDGF]HQLDRNUH ORQHVWDWXWHP=DNRV]W\XZD D VL UyZQLH NRV]W\DGPLQLVWUDF\MQH
MHGQRVWNLDZV]F]HJyOQR FLZ\QDJURG]HQLDRUD]XEH]SLHF]HQLDVSRáHF]QHLLQQH ZLDGF]HQLDQD
U]HF]SUDFRZQLNyZLLQQ\FKRVyE RGSLV\DPRUW\]DF\MQHOXEXPRU]HQLRZH URGNyZWUZDá\FKRUD]
ZDUWR FL QLHPDWHULDOQ\FK L SUDZQ\FK ]X \FLH PDWHULDáyZ L HQHUJLL XVáXJL REFH RUD] SR]RVWDáH
NRV]W\RFKDUDNWHU]HDGPLQLVWUDF\MQ\P
5y QLFDSRPL G]\SU]\FKRGDPLDNRV]WDPLRNWyU\FKPRZDZXVWLXVWDORQDZUDFKXQNX
Z\QLNyZ ]ZL NV]D SR ]DWZLHUG]HQLX URF]QHJR VSUDZR]GDQLD ILQDQVRZHJR RGSRZLHGQLR
SU]\FKRG\ OXE NRV]W\ Z QDVW SQ\P URNX REURWRZ\P Uy QLF GRGDWQL PR QD ]DOLF]\ü QD
]ZL NV]HQLHIXQGXV]XVWDWXWRZHJR
-HGQRVWND PR H ]UH]\JQRZDü ]H VWRVRZDQLD ]DVDG\ RVWUR QR FL RNUH ORQHM Z XVWDZLH R
UDFKXQNRZR FL
.LHURZQLNMHGQRVWNLXVWDODLDNWXDOL]XMHGRNXPHQWDFM RSLVXM F Z M ]\NXSROVNLPSU]\M WH]DVDG\
SROLW\N UDFKXQNRZR FL
-HGQRVWNL R NWyU\FK PRZD Z XVW VSRU] G]DM URF]QH VSUDZR]GDQLH ILQDQVRZH QD G]LH
NR F] F\URNREURWRZ\RUD]QDND G\LQQ\G]LH ELODQVRZ\
6SUDZR]GDQLHILQDQVRZHRNWyU\PPRZDZXVWVNáDGDVL ]
ELODQVX
UDFKXQNXZ\QLNyZ
LQIRUPDFMLGRGDWNRZHM
: ELODQVLH Z\ND]XMH VL VWDQ\ DNW\ZyZ L SDV\ZyZ QD G]LH ]DPNQL FLD NVL J UDFKXQNRZ\FK
SRSU]HGQLHJR L ELH FHJR URNX REURWRZHJR SRGDQH Z NROHMQR FL LZVSRVyE RNUH ORQ\ Z
]Dá F]QLNXQUGRUR]SRU] G]HQLD
:UDFKXQNXZ\QLNyZZ\ND]XMHVL RGG]LHOQLHSU]\FKRG\LNRV]W\RUD]]\VNLLVWUDW\]DSRSU]HGQL
L ELH F\ URN REURWRZ\ SRGDQH Z NROHMQR FL L Z VSRVyE RNUH ORQ\ Z]Dá F]QLNX QU GR
UR]SRU] G]HQLD
3R]\FMHELODQVXRUD]UDFKXQNXZ\QLNyZPRJ E\üZ\ND]\ZDQH]HV]F]HJyáRZR FL ZL NV] QL
RNUH ORQDZ]Dá F]QLNDFKQULGRUR]SRU] G]HQLDVWRVRZQLHGRSRWU]HELZLHONR FLMHGQRVWNL
,QIRUPDFMD GRGDWNRZD SRZLQQD ]DZLHUDü QLH REM WH ELODQVHP RUD] UDFKXQNLHP Z\QLNyZ
LQIRUPDFMHLZ\MD QLHQLDQLH]E GQHGRRFHQ\JRVSRGDUNLILQDQVRZHMMHGQRVWNLDZV]F]HJyOQR FL
REMD QLHQLDVWRVRZDQ\FKPHWRGZ\FHQ\DNW\ZyZLSDV\ZyZRUD]SU]\F]\QHZHQWXDOQ\FKLFK
]PLDQZVWRVXQNXGRURNXSRSU]HGQLHJR
X]XSHáQLDM FHGDQHRDNW\ZDFKLSDV\ZDFK
LQIRUPDFMH R VWUXNWXU]H ]UHDOL]RZDQ\FK SU]\FKRGyZ ]H ZVND]DQLHP LFK UyGHá Z W\P
SU]\FKRGyZRNUH ORQ\FKVWDWXWHP
LQIRUPDFMHRVWUXNWXU]HNRV]WyZVWDQRZL F\FK ZLDGF]HQLDSLHQL QHLQLHSLHQL QHRNUH ORQH
VWDWXWHPRUD]RVWUXNWXU]HNRV]WyZDGPLQLVWUDF\MQ\FK
GDQHR UyGáDFK]ZL NV]HQLDLVSRVRELHZ\NRU]\VWDQLDIXQGXV]XVWDWXWRZHJR
GDQH GRW\F] FH XG]LHORQ\FK JZDUDQFML SRU F]H L LQQ\FK ]RERZL ]D ]ZL ]DQ\FK
] G]LDáDOQR FL VWDWXWRZ
LQIRUPDFMHRWHQGHQFMDFK]PLDQZSU]\FKRGDFKLNRV]WDFKRUD]VNáDGQLNDFKPDM WNXL UyGáDFK
LFKILQDQVRZDQLD
-H HOL MHGQRVWND SRGHMPLH G]LDáDOQR ü JRVSRGDUF] Z FL JX URNX REURWRZHJR ZyZF]DV ]GQLHP
SRGM FLD WHM G]LDáDOQR FL VWRVXMH SU]HSLV\ XVWDZ\ R UDFKXQNRZR FL RGQRV] FH VL GR MHGQRVWHN
SURZDG] F\FKG]LDáDOQR ü JRVSRGDUF]
7UDFL PRF UR]SRU] G]HQLH 0LQLVWUD )LQDQVyZ ] GQLD VLHUSQLD U Z VSUDZLH V]F]HJyOQ\FK
]DVDGUDFKXQNRZR FLGODQLHNWyU\FKMHGQRVWHNQLHSURZDG] F\FKG]LDáDOQR FLJRVSRGDUF]HM']8
1USR]L]U1USR]
5R]SRU] G]HQLHPD]DVWRVRZDQLHSRUD]SLHUZV]\GRVSUDZR]GD ILQDQVRZ\FKVSRU] G]RQ\FK]DURN
REURWRZ\UR]SRF]\QDM F\VL Z U
5R]SRU] G]HQLHZFKRG]LZ \FLH]GQLHPVW\F]QLDU
0LQLVWHU)LQDQVyZ0%HOND
=Dá F]QLNLGR
UR]SRU] G]HQLD
0LQLVWUD)LQDQVyZ]GQLD
OLVWRSDGDU
SR]
=Dá F]QLNQU
%LODQV
: ELODQVLHZ\ND]XMHVL QDVW SXM FHLQIRUPDFMHRVWDQLHDNW\ZyZLSDV\ZyZQDG]LH ]DPNQL FLD
NVL J UDFKXQNRZ\FKSRSU]HGQLHJRLELH FHJRURNXREURWRZHJR
$NW\ZD
$$NW\ZDWUZDáH
,:DUWR FLQLHPDWHULDOQHLSUDZQH
,,5]HF]RZHDNW\ZDWUZDáH
,,,1DOH QR FLGáXJRWHUPLQRZH
,9,QZHVW\FMHGáXJRWHUPLQRZH
9'áXJRWHUPLRQRZHUR]OLF]HQLDPL G]\RNUHVRZH
%$NW\ZDREURWRZH
,=DSDV\U]HF]RZ\FKDNW\ZyZREURWRZ\FK
,,1DOH QR FLNUyWNRWHUPLRQRZH
,,,,QZHVW\FMHNUyWNRWHUPLQRZH
URGNLSLHQL QH
3R]RVWDáHDNW\ZDILQDQVRZH
&.UyWNRWHUPLQRZHUR]OLF]HQLDPL G]\RNUHVRZH
6XPDDNW\ZyZ
3DV\ZD
$)XQGXV]HZáDVQH
,)XQGXV]VWDWXWRZ\
,,)XQGXV]]DNWXDOL]DFMLZ\FHQ\
,,,:\QLNILQDQVRZ\QHWWR]DURNREURWRZ\
1DGZ\ NDSU]\FKRGyZQDGNRV]WDPLZLHONR ü GRGDWQLD
1DGZ\ NDNRV]WyZQDGSU]\FKRGDPLZLHONR ü XMHPQD
%=RERZL ]DQLDLUH]HUZ\QD]RERZL ]DQLD
,=RERZL ]DQLDGáXJRWHUPLQRZH]W\WXáXNUHG\WyZLSR \F]HN
,,=RERZL ]DQLDNUyWNRWHUPLQRZHLIXQGXV]HVSHFMDOQH
.UHG\W\LSR \F]NL
,QQH]RERZL ]DQLD
)XQGXV]HVSHFMDOQH
,,,5H]HUZ\QD]RERZL ]DQLD
,95R]OLF]HQLDPL G]\RNUHVRZH
5R]OLF]HQLDPL G]\RNUHVRZHSU]\FKRGyZ
,QQHUR]OLF]HQLDPL G]\RNUHVRZH
6XPDSDV\ZyZ
=Dá F]QLNQU
5DFKXQHNZ\QLNyZ
: UDFKXQNXZ\QLNyZZ\ND]XMHVL SU]\FKRG\L]\VNLRUD]NRV]W\LVWUDW\]DSRSU]HGQLLELH F\URN
REURWRZ\
$3U]\FKRG\]G]LDáDOQR FLVWDWXWRZHM
,6NáDGNLEUXWWRRNUH ORQHVWDWXWHP
,,,QQHSU]\FKRG\RNUH ORQHVWDWXWHP
%.RV]W\UHDOL]DFML]DGD VWDWXWRZ\FK
&:\QLNILQDQVRZ\QDG]LDáDOQR FLVWDWXWRZHMZLHONR ü GRGDWQLDOXEXMHPQD$%
'.RV]W\DGPLQLVWUDF\MQH
=X \FLHPDWHULDáyZLHQHUJLL
8VáXJLREFH
3RGDWNLLRSáDW\
:\QDJURG]HQLDRUD]XEH]SLHF]HQLDVSRáHF]QHLLQQH ZLDGF]HQLD
$PRUW\]DFMD
3R]RVWDáH
(3R]RVWDáHSU]\FKRG\QLHZ\PLHQLRQHZSR]$L*
)3R]RVWDáHNRV]W\QLHZ\PLHQLRQHZSR]%'L+
*3U]\FKRG\ILQDQVRZH
+.RV]W\ILQDQVRZH
,:\QLNILQDQVRZ\EUXWWRQDFDáRNV]WDáFLHG]LDáDOQR FLZLHONR ü
GRGDWQLDOXEXMHPQD&'()*+
-=\VNLLVWUDW\QDG]Z\F]DMQH
,=\VNLQDG]Z\F]DMQHZLHONR ü GRGDWQLD
,,6WUDW\QDG]Z\F]DMQHZLHONR ü XMHPQD
.:\QLNILQDQVRZ\RJyáHP,-
,5y QLFD]ZL NV]DM FDNRV]W\URNXQDVW SQHJRZLHONR ü XMHPQD
,,5y QLFD]ZL NV]DM FDSU]\FKRG\URNXQDVW SQHJRZLHONR ü GRGDWQLD