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XVYRMLWLULMHþL ]DLPHQRYDQMH SULSDGQRVWL PMHVWXNUDMX ]HPOMLQDURGX  SURãLULWL UMHþQLN ULMHþLPDNRMH RSLVXMXL]JOHGL L]UDåDYDMX RVRELQHOMXGL VWYDULLSRMDYD





NRPSDUDWLYL VXSHUODWLY SULGMHYD   7(0$9ULMHPH±SURPMHQH±NRQWLQXLWHW  2SHUDWLYQLFLOMHYLLUD]UDGDRSHUDWLYQLKFLOMHYD XWYUGLWL]QDþDMNHL]MDYQLKXSLWQLKLXVNOLþQLKUHþHQLFD XVYRMLWLRVQRYQDSUDYLODLQWHUSXQNFLMH SUDYRJRYRU SUDYRSLV JUDPDWLND OHNVLNRORJLMD SUDYLOQR XVYRMLWL XWYUGLWLRGQRV UD]XPMHWL L]JRYDUDWL UHþHQLþQH ULMHþLUHþHQLFD WHPHOMQLOHNVLN LL]NRQWHNVWD JODVRYH ]QDNRYHL LVND]LVSRM KUYDWVNRJD RVQRYQD ULMHþLXUHþHQLFL RGUHGLWL ]QDþHQMH VWDQGDUGQRJ SUDYLOD VURþQRVW QHSR]QDWLK MH]LND LQWHUSXQNFLMH XSUDYOMDQMH ULMHþL  WRþNDXSLWQLN SULGUXåLYDQMH   XVNOLþQLN  VODJDQMHV XVYRMLWLULMHþL  EURMHYLPD  ]DLPHQRYDQMH   YUHPHQVNRJ SUHSR]QDWLL WUDMDQMD RSULPMHULWL L]MDYQHXSLWQHL NDOHQGDUVDWL GLMHORYLGDQD XVNOLþQH JRGLãQMDGRED UHþHQLFH IL]LþNR  XWYUGLWL]QDQMH YULMHPH  RUHþHQLFL UHþHQLFDNDR SULRSüDMQD MHGLQLFD SRãLOMDWHOML SULPDWHOMSRUXNH   7(0$.XOWXUDLGUXãWYR  2SHUDWLYQLFLOMHYLLUD]UDGDRSHUDWLYQLKFLOMHYD RGUHGLWLVDPRVWDOQHþODQRYHUHþHQLþQRJXVWURMVWYD UD]OLNRYDWLMHGQRVWDYQHLVORåHQHUHþHQLFH XWYUGLWLMHGQR]QDþQRVWLYLãH]QDþQRVWOHNVHPD  SUDYRJRYRU

SUDYRSLV

JUDPDWLND

OHNVLNRORJLMD

RVWYDULYDWL UHþHQLþQX LQWRQDFLMX

SLVDWL SUDYRSLVQR RELOMHåHQH ULMHþLL VLQWDJPH

XWYUGLWL VDPRVWDOQH þODQRYH XVWURMVWYD UHþHQLFH

SURãLULWL OHNVLNULMHþLPD ]DL]ULFDQMH RELþDMD RGLMHYDQMH





 XRþLWLPMHVWR ]DUH]DX VORåHQRM UHþHQLFL

 UD]OLNRYDWL MHGQRVWDYQHL VORåHQHUHþHQLFH 

SUHKUDQD MH]LFLQDþLQ åLYRWD XPMHWQRVWL NXOWXUD

   7(0$6XYUHPHQRGUXãWYR  2SHUDWLYQLFLOMHYLLUD]UDGDRSHUDWLYQLKFLOMHYD XWYUGLWLRVQRYQDSUDYLODUHGDULMHþLXUHþHQLFLUHþHQLþQLQDJODVDNLLQWRQDFLMX SRQDYOMDWLLXWYUÿLYDWLRVQRYQDSUDYRSLVQDSUDYLOD SUHSR]QDWLSUHQHVHQR]QDþHQMHULMHþL SUDYRJRYRU

SUDYRSLV

JUDPDWLND

OHNVLNRORJLMD

SUDYLOQR L]JRYDUDWL JODVRYH KUYDWVNRJD VWDQGDUGQRJ MH]LND    

XSR]QDWL UHþHQLþQH ]QDNRYHL RVQRYQD SUDYLOD LQWHUSXQNFLMH WRþNDXSLWQLN XVNOLþQLN 

XWYUGLWLRGQRV ULMHþLUHþHQLFD LVND]LVSRM ULMHþLXUHþHQLFL VURþQRVW XSUDYOMDQMH SULGUXåLYDQMH VODJDQMHV EURMHYLPD   SUHSR]QDWLL RSULPMHULWL L]MDYQHXSLWQHL XVNOLþQH UHþHQLFH  XWYUGLWL]QDQMH RUHþHQLFL UHþHQLFDNDR SULRSüDMQD MHGLQLFD SRãLOMDWHOML SULPDWHOM SRUXNHQDPMHUD SRUXNH

UD]XPMHWL WHPHOMQLOHNVLN LL]NRQWHNVWD RGUHGLWL ]QDþHQMH QHSR]QDWLK ULMHþL  XVYRMLWLULMHþL ]DLPHQRYDQMH YUHPHQVNRJ WUDMDQMD NDOHQGDUVDWL GLMHORYLGDQD JRGLãQMDGRED IL]LþNR YULMHPH 

   7(0$-HGDQVYLMHW]DVYH±JOREDOQDSRYH]DQRVWLPHÿXRYLVQRVW  2SHUDWLYQLFLOMHYLLUD]UDGDRSHUDWLYQLKFLOMHYD UD]OLNRYDWLYUVWHULMHþL UD]OLNRYDWLVLQRQLPHDQWRQLPHKRPRQLPH UDãþODQLWLWHNVWRYHUD]OLþLWLKIXQNFLRQDOQLKVWLORYD





SUDYRJRYRU XYMHåEDYDWL SUDYLODQ L]JRYRU JODVRYD JODVRYQLK VNXSLQDULMHþL VLQWDJPDL UHþHQLFD KUYDWVNRJD VWDQGDUGQRJD MH]LND

SUDYRSLV SUDYLOQR SLVDWLULMHþL KUYDWVNRJD MH]LNDDNWLYQR XVYRMHQHQD UD]LQL]QDQMD

JUDPDWLND UD]OLNRYDWL YUVWHULMHþL

OHNVLNRORJLMD UD]OLNRYDWL VLQRQLPH DQWRQLPH KRPRQLPH  RSULPMHULWL IXQNFLRQDOQX UDVORMHQRVW OHNVLND  SRQRYLWLL XWYUGLWLOHNVLN SULPMHUHQ]D UD]LQX

  .QMLåHYQRVW  2SHUDWLYQLFLOMHYL  5D]YLMDWLSR]LWLYDQRGQRVSUHPDKUYDWVNRPMH]LNXLNQMLåHYQRVWLSRWLFDWLNXOWXUXþLWDQMD L HVWHWVNRJ GRåLYOMDYDQMD VWHüL SRþHWQD ]QDQMD R KUYDWVNRM NQMLåHYQRVWL SUHSR]QDYDWL RVQRYQHHOHPHQWHSRH]LMHSUR]HLGUDPHQDSULPMHULPDKUYDWVNHNQMLåHYQRVWL  7HPD7RVDPMD 5D]UDGDRSHUDWLYQLKFLOMHYD  UD]YLMDWLLQWHUHV]DþLWDQMHLXåLWDNXþLWDQMX RGUHGLWLWHPXSMHVPH SUHSR]QDWLOLUVNHSMHVPHSUHPDYUVWLOMXEDYQHSHM]DåQHGRPROMXEQH  LVND]DWLYODVWLWHRVMHüDMH±RVREQLLGHQWLWHW   7HPD8þHQMH±UDG±VORERGQRYULMHPH 5D]UDGDRSHUDWLYQLKFLOMHYD  QDRGDEUDQLPSMHVQLþNLPSULPMHULPDSUHSR]QDWLVWLKRYHVODJDQMHVWLKRYDXVWURIH ULWDP ULWPLþNHHOHPHQWHSRH]LMHXVSRUHGLWLVJOD]EHQLPSULPMHULPD XWYUGLWLSRYH]DQRVWMH]LNDLNQMLåHYQRVWLVDVXYUHPHQLPPHGLMLPDWHSUHSR]QDWLYUVWH PHGLMDLQMLKRYXXORJXXVXYUHPHQRPåLYRWXSRYH]DQRVWLVNXVWDYDXþHQMDLåLYRWQLK VLWXDFLMD    7HPD/MXGLXSURVWRUX 5D]UDGDRSHUDWLYQLKFLOMHYD  SUHSR]QDWLSULþXEDMNXEDVQXQDRGDEUDQLPWHNVWRYLPDKUYDWVNHNQMLåHYQRVWLL]





LVNXVWYDXþHQLNDLQDQRYLPSULPMHULPD SUHSULþDWLSULþX   7HPD9ULMHPH±SURPMHQH±YULMHPHNRQWLQXLWHW 5D]UDGDRSHUDWLYQLKFLOMHYD  XSR]QDWLOLNRYHXSUR]QRPWHNVWXUD]OLNRYDWLSR]LWLYQHLQHJDWLYQHOLNRYHXVSRVWDYLWL RGQRVGREULKLORãLKOLNRYD SUHSULþDWLSULþXLDUJXPHQWLUDWLYUHPHQVNLWLMHNLVNXVWYRPLSULPMHULPDL] NQMLåHYQRVWLLåLYRWDYULMHPHSURPMHQH     7HPD.XOWXUDLGUXãWYR 5D]UDGDRSHUDWLYQLKFLOMHYD  UD]OLNRYDWLGLMDORJLPRQRORJ SUHSR]QDWLGUDPVNHYUVWH XSR]QDWL]QDþDMNHLJURND]D VDPRVWDOQRGUDPDWL]LUDWLUD]OLþLWHåLYRWQHVLWXDFLMHQDWHPXNXOWXUDLGUXãWYR   7HPD6XYUHPHQRGUXãWYR 5D]UDGDRSHUDWLYQLKFLOMHYD  þLWDWLLUDãþODQLWLVWULSRYHWHPDWLNDLVWUXNWXUDVWULSD LPHQRYDWLSULMHQRVQLNHSRUXNDPHGLMH XMDYQRPLRVREQRPåLYRWX ILOPWHOHYL]LMDUDGLRYLGHRWLVDNUDþXQDOR XWYUGLWLSRYH]DQRVWNQMLåHYQRVWLLVXYUHPHQLKPHGLMD   7HPD-HGDQVYLMHW]DVYH±JOREDOQDSRYH]DQRVWLPHÿXRYLVQRVW 5D]UDGDRSHUDWLYQLKFLOMHYD  QDRGDEUDQLPSULPMHULPDUD]OLNRYDWLSMHVQLþNLSUR]QLLGUDPVNLWHNVW SUHSR]QDWL]DMHGQLþNHWHPHXKUYDWVNRMNQMLåHYQRVWLLNQMLåHYQRVWL]HPOMHERUDYND XSR]QDWLSRãWRYDWLLUD]YLMDWLYODVWLWLQDFLRQDOQLLNXOWXUQLLGHQWLWHWXGMHOLPDKUYDWVNH NQMLåHYQRVWL 

&LOMHYLQDVWDYHNQMLåHYQRVWLNRMLVHRGQRVHQDWHRULMXNQMLåHYQRVWLRVWYDUXMXVHX VXRGQRVXVQDVWDYRPNQMLåHYQRVWLXUHGRYQRPSURJUDPX]HPOMHERUDYND   35,-('/2*.1-,ä(91,+7(.6729$   /XNR3DOMHWDN-HåLü8ERGHåLü6XQFRNUHW1RYRVWL.LãD0DþNDLJODVRYLU 6XQþDQDâNULQMDULü3UROMHüH-HVHQL6XQFH'YDVPLMHKD7ULVQMHåQHSDKXOMLFH9MHWDU





=ODWD.RODULü.LãXU5LMHþL6QMHåQDSDKXOMD 'REULãD&HVDULü3RþHWDNSUROMHüDâWRVXVDQMDOHåLYRWLQMH7LKRRWLKRJRYRULPLMHVHQ 1DGD,YHOMLü0RNULNORNDQ3URPHWQDSULþD6NDNDRQLFDVWDURJKUDVWD 6WDQLVODY)HPHQLü1DNULYLRNDSXåLU,JUDMPRVHLJUDMPRVH %ODQND'RYMDN0DWNRYLü3ULþDSUHNRWHOHIRQD *ULJRU9LWH]=HOHQDãNROD%URMDOLFD=PDM7LKDSMHVPD =YRQLPLU%DORJ3UDYLWDWD3ULMDWHOMXLQYDOLGVNLPNROLFLPD2ORYND1HüXOMXWLWL PDPX.XSRYDQMHYUHPHQD 6WMHSDQ-DNãHYDF5D]JRYRUQDåDOX0DVODþDNãDOMHGMHFXXVYLMHW.RNRWLþHNâWRVHWR ]ELOR7UHãQMD 3DMR.DQLåDM+UYDWVNDGRPRYLQD=DSODNDRVDPKUYDWVNL.XüDâWRVYHVWDQHX WHOHYL]RU 0LUR*DYUDQ6HVWUH%UDW 5LNDUG.DWDOLQLü-HUHWRY+UYDWVNLPRUQDU 1HYHQND9LGHN*GMHVWDQXMXSULþH 9HVQD3DUXQ0LãLJXãWHU.LãDXãXPL =YRQLPLU*ROREýHPXVOXåHURGLWHOMLýHPXVOXåLPMDâNROH 6DQMD3LOLü5DVWUHVHQLWDWD.LãD2MHGHQMXLYROMHQMX0RMDPDPD 5DWNR=YUNR1RJRPHWXEDUL'RP*UJDýYDUDN+RüX]QDWL 0LODQ7DULWDã'RPRYLQDQLMHPDOD3LVDQLFD 9LãQMD6WDKXOMDN=YRQþLüL6QMHåQLDQÿHR 7LQ.ROXPELü=YLMH]GHXVQX'DQLVY1LNROH%RåLüQDQRü 9ODGLPLU1D]RUäHOMH]QLFDĈDþH 0ODGHQ.XãHF9RGD3MHVPDVDWD1DMEROMLGMHþDNQDVYLMHWX ,*ROHã2SHWUDVXSDSLUL *XVWDY.UNOHF%DVQD'YDGHOILQD 9HUD=HPXQLü6YHWDYHþHU8VNUVQLJRVW3LVDQLFH 0LOLYRM0DWRãHF8PLãOMHQL%DMNDGYDGHVHWLRVPRJVWROMHüD %RåLGDU3URVHQMDN7ULGMHþDND%UDWLVHVWUD1RYDF 0LURVODY'ROHQHF'UDYVNL5RGELQD =ODWQDMDEXNDKUYDWVNDQDURGQDEDMND 1DGD=LGDU%RJDGL1MLKDOMNH0DWHPDWLþNL]DGDFL 3HWDU3UHUDGRYLü1RüQDSMHVPLFD )7XãHN3ULMDWHOMLFH %RåLüQDSMHVPDQDURGQD -0LODNRYLü7ULERMH ,1RYDþNL0MHVHFLGDULYDMX 'UDJXWLQ7DGLMDQRYLü'DVDPMDXþLWHOMLFD $QWR*DUGDã3OHVSDKXOMLFDLJURND]   35,-('/2*/(.7,5( /XNR3DOMHWDN0LãHYLLPDþNHQDJODYDþNH ,YDQD%UOLü0DåXUDQLüýXGQRYDWH]JRGHãHJUWD+ODSLüDDXGLRNDVHWDILOP 6XQþDQDâNULQMDULü.DNYDMHWROMXEDYELOD6âNULQMDULüL10DFROLü.DNRVDQMDMX VWYDUL 0DWR/RYUDN9ODNXVQLMHJX =YRQLPLU%DORJ0DOHSULþHRYHOLNLPVORYLPD 5DWNR=YUNR*UJDýYDUDN 



3DMR.DQLåDM'XEUDYND.RODQRYLü+UYDWVNDGRPRYLQD *XVWDY.UNOHF7HOHJUDIVNHEDVQH =ODWD.RODULü.LãXU.ULVWDOQL]YRQþLüLLJURND]  äHOMND+RUYDW9XNHOMD6DQMD3ULELü6OLNRSULþH 1DGD,YHOMLü%RåLüQDSULþD%DORQLMDGDVFHQVNDLJUD  1DGD=LGDU%RJDGL6UHWDQFYUþDN  35,-('/2*1(.1-,ä(91,+7(.6729$ 7RPLVODYĈXULü6WRQDMOMHSãLKOHJHQGLL]KUYDWVNHSRYLMHVWL =%DGRYLQDF,%UDOLü0.DPHQDURYLü=0LNXOLü23LãNRULü3ULURGQH ]QDPHQLWRVWL+UYDWVNH  

1DVWDYQLFLLXþHQLFLQDWHPHOMXSULMHGORJDRGDELUXNQMLåHYQHLQHNQMLåHYQH WHNVWRYHLOHNWLUXXVNODGXVQDþHORPSULPMHUHQRVWLMH]LþQRP]QDQMXLåLYRWQRMGREL XþHQLNDUD]OLþLWLPQDVWDYQLPVLWXDFLMDPDLXYMHWLPDL]YRÿHQMDQDVWDYHKUYDWVNRJD MH]LNDXLQR]HPVWYX    23(5$7,91,&,/-(9,=$+59$76.,-(=,.,.1-,ä(91267± '58*$5$=,1$   8WYUGLWL ]QDQMH R KUYDWVNRP VWDQGDUGQRP MH]LNX L QMHJRYX XSRUDEX X UD]OLþLWLP NRPXQLNDFLMVNLP VLWXDFLMDPD 2VYLMHVWLWL UD]OLNX L]PHÿX VWDQGDUGQRJD MH]LND L QHVWDQGDUGQRJD LGLRPD 5D]YLMDWL JRYRUHQMH L SLVDQMH NDR LQWHUSHUVRQDOQH GMHODWQRVWL ýLWDWLVUD]XPLMHYDQMHPLLQWHUSUHWLUDWLNQMLåHYQHLQHNQMLåHYQHWHNVWRYH  .RPXQLNDFLMVNDRVSRVREOMHQRVW   7(0$7RVDPMDRVREQLLGHQWLWHW   2SHUDWLYQLFLOMHYLLUD]UDGDRSHUDWLYQLKFLOMHYD UD]YLMDWLNXOWXUXVOXãDQMDJRYRUHQMDþLWDQMDLSLVDQMD SULPLMHQLWLGLUHNWQHLHNVSUHVLYQHJRYRUQHþLQRYHXRVREQRPSUHGVWDYOMDQMXL SUHGVWDYOMDQMXGUXJLK VOXãDQMH JRYRUHQMH þLWDQMH SLVDQMH UD]YLMDWLNXOWXUX SULPLMHQLWL þLWDWLLUD]XPMHWL SLVPHQRL]UD]LWL VOXãDQMDUD]OLþLWLK GLUHNWQHJRYRUQH WHNVWRYHUD]OLþLWLK SRGDWNHRVHEL YUVWDWHNVWRYD þLQRYHSULMHGORJ IXQNFLRQDOQLK RELWHOML  VDYMHW]DKYDOD VWLORYD SULMDWHOMLPDRGQRVL NXOWXUDDNWLYQRJ PROED  PHÿXþODQRYLPD VOXãDQMD  XQHNQMLåHYQLP RELWHOMLRELWHOMVNR VXJRYRUQLND SULPLMHQLWL WHNVWRYLPDQSU VWDEOR  SUHGVWDYOMDQMH HNVSUHVLYQH XORPFLL]XGåEHQLND  GUXJLK JRYRUQHþLQRYHX ]HPOMRSLVD LVWUDåLWL RSLVDWLVYRML]JOHG 



VOXãDQMH  SUHSR]QDWL JODVRYQHSURPMHQH XKUYDWVNRPHMH]LNX

JRYRUHQMH RVREQRP SUHGVWDYOMDQMX L]UD]LWLRVMHüDMH GRåLYOMDMH UDVSRORåHQMD XWMHFDMSRH]LMHL JOD]EH LVWDMDOLãWD  RSULPMHULWL UD]OLþLWHYUVWH RSKRÿHQMDOMXGLQD KUYDWVNRPMH]LNXL MH]LNX]HPOMH ERUDYND  SUHSULþDYDWL RELWHOMVNDVMHüDQMD NDRSRYLMHVQH L]YRUH

þLWDQMH SRGDWNHR=DJUHEX ]DYLþDMQRPJUDGX PMHVWXVHOX L 5HSXEOLFL+UYDWVNRM QSUXVSRUHGLWL PMHVQDRELOMHåMD  NXOWXUQDL SRYLMHVQDEDãWLQD SURþLWDWL MHGQRVWDYQLWHNVWR ]DYLþDMQRPJUDGX  þLWDWLRGDEUDQH SULPMHUHKUYDWVNRJD SMHVQLãWYD UD]OLNRYDWL SMHVQLþNHYUVWH  NUDVQRVORY SMHVDPDSRL]ERUX XþHQLNDOLUVNH SMHVPHLQWLPQHL GRPROMXEQH WHPDWLNH 

SLVDQMH DXWRSRUWUHW  VOLþQRVWLLUD]OLNHV GUXJLPD  SLVPHQR SUHGVWDYLWL 5HSXEOLNX+UYDWVNX  RSLVDWLVLPEROH 5HSXEOLNH+UYDWVNH  QDSLVDWLWHNVWR =DJUHEXNDR JODYQRPJUDGX 5HSXEOLNH+UYDWVNH

  7(0$8þHQMH±UDG±VORERGQRYULMHPH  2SHUDWLYQLFLOMHYLLUD]UDGDRSHUDWLYQLKFLOMHYD SULPLMHQLWLUD]OLþLWHYUVWHSLVDQMD SUDYLOQRSLVDWLSUDYRSLVQRRELOMHåHQHULMHþL VOXãDQMH

JRYRUHQMH

þLWDQMH

SLVDQMH

XWYUGLWLYDåQRVW VOXãDQMDXSULPMHQL UD]OLþLWLKYUVWD GLNWDWD  VOXãDWLVWDQGDUGQL L]JRYRUJODVRYD L]YRUQLKJRYRUQLND KUYDWVNRJDMH]LND  VOXãDQMHVWDULMLK WHNVWRYDSRYLMHVQL GRNXPHQWL   VOXãDWLKUYDWVNX ãDQVRQX

LVWUDåLWLSULPMHQX PHGLMDX VYDNRGQHYQRP åLYRWXLXãNROL XVPHQRL]ODJDQMH XþHQLND   REUD]ORåLWLXORJX WHOHYL]LMHILOPD UDþXQDOD L]UDåDYDQMHP RVREQLKLVNXVWDYD  RSLVDWLXORJX JOD]EHX VXYUHPHQLP

LVWUDåLWLXOLWHUDWXUL SULPMHQXPHGLMDX VYDNRGQHYQRP åLYRWXLXãNROL  þLWDWLRGDEUDQH SULPMHUHKUYDWVNRJD SMHVQLãWYD  

SULPLMHQLWL SURGXNWLYQLWLS SLVDQMDREUDGD WHPHUD]OLþLWLP YUVWDPDSLVDQMD SLVPRRSLVLYDQMH SULSRYLMHGDQMH SRUXND PRMUDGQLGDQSXW RGNXüHGRãNROH DNWLYQRVWLX VORERGQRYULMHPH XþHQMH]QDQMH REUD]RYDQMH   SULND]UD]JRYRUDV





PHGLMLPD 

GUXJLPþODQRYLPD RELWHOMLQDWHPX VORERGQRYULMHPH

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SLVDQMH

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SUDYRSLV

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