32’5 &=1,. 352*5$02:$1,$ - asimo.pl · 6whurzqlnlsurjudprzdoqhvhull);: 0,768%,6+, 2vwu]h hqldgrw\f] fhrsurjudprzdqld 2]qdf]dhohphqwrsurjudprzdqld nwyu\pxvle\üx \zdq\]hv]f]hjyoq

$'9$1&('$1'(9(5$'9$1&,1*0,768%,6+,(/(&75,&

67(52:1,.,352*5$02:$/1(0(/6(&)

32'5 &=1,.352*5$02:$1,$67(52:1,.:352*5$02:$/1

6WHURZQLNLSURJUDPRZDOQHVHULL);

0,768%,6+, :


3RGU F]QLNSURJUDPRZDQLD

1XPHUSRGU F]QLND -


: 0,768%,6+,


0,768%,6+, :

3U]HSLV\GRW\F] FHEH]SLHF]H VWZDX \WNRZQLNDLRFKURQ\VWHURZQLNDSURJUDPRZDOQHJR3/&7HQSRGU F]QLNGRVWDUF]DLQIRUPDFMLGRW\F] F\FKX \ZDQLDVWHURZQLNyZ]URG]LQ\);=RVWDQDSLVDQ\GODZ\V]NRORQHJRLNRPSHWHQWQHJRSHUVRQHOX2NUH OHQLHWDNLHMRVRE\OXERVyEMHVWQDVW SXM FHD .D G\LQ \QLHUNWyU\MHVWRGSRZLHG]LDOQ\]DSODQRZDQLHSURMHNWRZDQLHLNRQVWUXNFM

Z\SRVD HQLDDXWRPDW\NLX \ZDM FSURGXNWXVWRZDU]\V]RQHJR]W\PSRGU F]QLNLHPSRZLQLHQE\NRPSHWHQWQ\Z\V]NRORQ\LZ\NZDOLILNRZDQ\Z]DNUHVLHORNDOQ\FKLSD VWZRZ\FKVWDQGDUGyZZ\PDJDQ\FKDE\VSHQLDW URO ,Q \QLHURZLHFLSRZLQQLE\ZSHQL ZLDGRPLZV]HONLFKDVSHNWyZEH]SLHF]H VWZDFRGRVSU] WXDXWRPDW\F]QHJR

E .D G\LQ \QLHUHNVSORDWDFMLLVHUZLVXPXVLE\NRPSHWHQWQ\V]NRORQ\LZ\NZDOLILNRZDQ\Z]DNUHVLHORNDOQ\FKLSD VWZRZ\FKVWDQGDUGyZDE\Z\NRQ\ZDW SUDF ,Q \QLHURZLHFLSRZLQQLE\WDN HZ\V]NROHQLZ]DNUHVLHX \ZDQLDLNRQVHUZDFMLNRPSOHWQHJRSURGXNWX2]QDF]DWR]QDMRPR FDHM]D F]RQHMGRNXPHQWDFMLZ\ HMZ\PLHQLRQHJRSURGXNWX&DDNRQVHUZDFMDSRZLQQDE\SU]HSURZDG]DQD]JRGQLH]]DR RQ\PLSURFHGXUDPLEH]SLHF]H VWZD

F :V]\VF\RSHUDWRU]\NRPSOHWQHJRVSU] WXSRZLQQLE\Z\V]NROHQLZ]DNUHVLHX \WNRZDQLDSURGXNWXZVSRVyEEH]SLHF]Q\LVNRRUG\QRZDQ\VWRVRZQLHGRSURFHGXUEH]SLHF]H VWZD2SHUDWRU]\SRZLQQLE\WDN H]D]QDMRPLHQL]FD GRNXPHQWDFM NWyUDMHVW]ZL ]DQD]G]LDDQLHPFDHJRVSU] WX

8ZDJDWHUPLQFD\VSU] WRGQRVLVL GRWU]\F] FLRZRVNRQVWUXRZDQHJRXU] G]HQLDNWyUH]DZLHUDOXENRU]\VWD]SURGXNWX]ZL ]DQHJR]W\PSRGU F]QLNLHP

8ZDJLRV\PERODFKX \W\FKZW\PSRGU F]QLNX

:LHORNURWQLHZW\PSRGU F]QLNX]RVWDQ X \WHSHZQHV\PEROHGR]D]QDF]HQLDW\FKLQIRUPDFMLNWyUHZ]DPLHU]HQLXPDMD]DSHZQLRVRELVWHEH]SLHF]H VWZRX \WNRZQLNDLRFKURQLLQWHJUDOQR Z\SRVD HQLD.LHG\NROZLHN]RVWDQLHQDSRWNDQ\NWyU\ ]QDVW SXM F\FKV\PEROL]ZL ]DQD]QLPQRWDWNDPXVLE\SU]HF]\WDQDL]UR]XPLDQD.D G\]X \ZDQ\FKV\PEROL]RVWDQLHWHUD]SU]HGVWDZLRQ\ZUD]]NUyWNLPREMD QLHQLHPMHJR]QDF]HQLD

2VWU]H HQLDGRW\F] FHVSU] WX

2]QDF]D HZVND]DQH]DJUR HQLHVSRZRGXMHIL]\F]QHXV]NRG]HQLDLXWUDWZD FLZR FL

2]QDF]D]HZVND]DQH]DJUR HQLHPR HVSRZRGRZDIL]\F]QHXV]NRG]HQLDLXWUDWZD FLZR FL

2]QDF]DSXQNWRV]F]HJyOQ\P]QDF]HQLXOXE]RVWDQLHV]F]HJyRZRREMD QLRQ\


: 0,768%,6+,

2VWU]H HQLDGRW\F] FHRSURJUDPRZDQLD

2]QDF]DHOHPHQWRSURJUDPRZDQLDNWyU\PXVLE\X \ZDQ\]HV]F]HJyOQRVWUR QR FL

2]QDF]DLQIRUPDFM VNRMDU]RQD]HOHPHQWHPRSURJUDPRZDQLDNWyUHMX \WNRZQLNSRZLQLHQE\ ZLDGRP

2]QDF]DSXQNWRV]F]HJyOQ\P]QDF]HQLXOXE]RVWDQLHV]F]HJyRZRREMD QLRQ\


0,768%,6+, L

6SLVWUH FL

:SURZDG]HQLH 3U]HJO G &]\PMHVWVWHURZQLNSURJUDPRZDOQ\ &RMHVWSRWU]HEQHGRSURJUDPRZDQLD3/&" 1XPHU\ZHUVML&38 :HUVMH&38);1 :HUVMH&38);L);& 6SHFMDOQHZ\PRJLGRW\F] FHZ\SRVD HQLDSURJUDPRZHJR :HUVMD&38);OXESy QLHMV]DL);& :V]\VWNLHZHUVMH&38);1

3RGVWDZRZHLQVWUXNFMHSURJUDPX &]\PMHVWSURJUDP" =DU\VSRGVWDZRZ\FKXU] G]H X \ZDQ\FKZSURJUDPRZDQLX -DNF]\WDVFKHPDWGUDELQNRZ\" ,QVWUXNFMH/2$'L/2$',QYHUVH ,QVWUXNFMD287 2GPLDQ\WLPHUyZLOLF]QLNy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

3URJUDPRZDQLH67/ &]\PMHVW67/6)&L,(&F] " -DNG]LDD67/" .D G\NURNMHVWSURJUDPHP -DN]DF] L]DNR F]\SURJUDP67/" =DJQLH G RQHSURJUDP\67/ $NW\ZRZDQLHQRZ\FKVWDQyZ =DWU]\P\ZDQLHSURJUDPX67/ 3U]HFKRG]HQLHSRPL G]\NURNDPL67/ 8 \FLHLQVWUXNFML6(7GRVWHURZDQLDFHZN ]QDF]QLNDVWDQX67/ 8 \FLHLQVWUXNFML287GRVWHURZDQLDFHZN ]QDF]QLNDVWDQX67/ 5HJX\LWHFKQLNLSLVDQLDSURJUDPyZ67/ 3RGVWDZRZHXZDJLGRW\F] FH]DFKRZDQLDVL SURJUDPyZ67/ 6WHURZDQLHNURNXSRMHG\QF]\PV\JQDHP 2JUDQLF]HQLDQLHNWyU\FKLQVWUXNFMLX \ZDQ\FK]67/ 5R]JD ]LHQLDZ\ERUXZSURJUDPLH67/ 5R]JD ]LHQLDUyZQROHJHZSURJUDPLH67/ 2JyOQH]DVDG\UHDOL]DFMLSRSUDZQ\FKUR]JD ]LH 67/ 2JyOQH]DOHFHQLDGRW\F] FHVWRVRZDQLDRSURJUDPRZDQLD);3&6$7(( 3U]\NDG\SURJUDPRZDQLD 3URVW\SU]HS\Z67/


LL 0,768%,6+,

3U]\NDGRZ\SURJUDPUR]JD ]LHQLDZ\ERUX =DDZDQVRZDQHX \FLH67/

&KDUDNWHU\VW\NDXU] G]H :HM FLD :\M FLD =QDF]QLNL0 2JyOQHLQIRUPDFMHGRW\F] FHSU]HND QLNyZSRPRFQLF]\FK 3U]HND QLNLSRPRFQLF]H]SRGWU]\PDQLHP]DWU]DVNRZH =QDF]QLNLV\VWHPRZH =QDF]QLNLSRMHG\QF]HJRLPSXOVX =QDF]QLNLVWDQX6 2JyOQ\VWDQ]QDF]QLNyZ =QDF]QLNLVWDQX]SRGWU]\PDQLHP]DWU]DVNRZH =QDF]QLNLNURNX67/ =QDF]QLNLZVND QLNRZRGLDJQRVW\F]QH (W\NLHW\VNRNyZ (W\NLHW\SU]HUZD 3U]HUZDQLDRGZHM 3U]HUZDQLDRGWLPHUyZ %ORNRZDQLHSRV]F]HJyOQ\FKSU]HUZD 3U]HUZDQLDRGOLF]QLNyZ 6WDD. 6WDD+ 7LPHU\ =DVDGDG]LDDQLDWLPHUD 7LPHU\RSU]H F]DQHMUR]G]LHOF]R FL 7LPHU\]SDPL FL 7LPHU\Z\NRU]\VW\ZDQHZSU]HUZDQLDFKLSRGSURJUDPDFK&$// 'RNDGQR WLPHUD /LF]QLNL /LF]QLNLELWRZHGRGDM FH]Z\NHL]DWU]DVNRZH /LF]QLNLELWRZHGZXNLHUXQNRZH]Z\NHL]DWU]DVNRZH /LF]QLNLV]\ENLH 3RGVWDZRZHRSHUDFMHQDOLF]QLNXV]\ENLP 'RVW SQR OLF]QLNyZV]\ENLFKZSURJUDPRZDOQ\FKVWHURZQLNDFK););6L);1 'RVW SQR OLF]QLNyZV]\ENLFKZSURJUDPRZDOQ\FKVWHURZQLNDFK);L);& 'RVW SQR OLF]QLNyZV]\ENLFKZSURJUDPRZDOQ\FKVWHURZQLNDFK);1 /LF]QLNLMHGQRID]RZHXUXFKDPLDQHL]HURZDQHSURJUDPRZR&& /LF]QLNLMHGQRID]RZH]XUXFKDPLDQLHPL]HURZDQLHPVSU] WRZ\P&& /LF]QLNLGZXID]RZHGZXNLHUXQNRZH&& /LF]QLNL$%ID]RZH&& 5HMHVWU\GDQ\FK 5HMHVWU\RJyOQHJRSU]H]QDF]HQLD 5HMHVWU\]SRGWU]\PDQLHP]DWU]DVNRZH 5HMHVWU\GLDJQRVW\F]QH 5HMHVWU\SOLNRZH 5HMHVWU\XVWDZLDQH]HZQ WU]QLH 5HMHVWU\LQGHNVRZH 0RG\ILNRZDQLHVWDHM 1LHZD FLZHX \FLHPRG\ILNDWRUyZ 8 \FLHZLHORNURWQHUHMHVWUyZLQGHNVRZ\FK %LW\6RZD]DSLV%&'L]DSLVV]HVQDVWNRZ\ 8U] G]HQLDELWRZHSRMHG\QF]HLJUXSRZH 8U] G]HQLDVRZRZH ,QWHUSUHWDFMDGDQ\FKVRZRZ\FK 8]XSHQLHQLHGR =DSLV]PLHQQRSU]HFLQNRZ\LV]HVQDVWNRZ\ =DSLVQDXNRZ\ )RUPDW]PLHQQRSU]HFLQNRZ\ =HVWDZLHQLHQRWDFMLQDXNRZHMLOLF]E]PLHQQRSU]HFLQNRZ\FK


0,768%,6+, LLL

,QVWUXNFMHVSHFMDOQH 6WHURZDQLHSU]HELHJLHPSURJUDPXIXQNFMH &-)1& &$//)1& 65(7)1& ,5(7(,',)1& )(1')1& :'7)1& )251(;7)1& ,QVWUXNFMHSU]HVDQLDLSRUyZQDQLDIXQNFMH &03)1& =&3)1& 029)1& 6029)1& &0/)1& %029)1& )029)1& ;&+)1& %&')1& %,1)1&

2SHUDFMHDU\WPHW\F]QHLORJLF]QHIXQNFMH $'')1& 68%)1& 08/)1& ',9)1& ,1&)1& '(&)1& :$1')1& :25)1& :;25)1& 1(*)1&

5RWDFMHLSU]HVXQL FLDIXQNFMH 525)1& 52/)1& 5&5)1& 5&/)1& 6)75)1& 6)7/)1& :6)5)1& :6)/)1& 6):5)1& 6)5')1&

2SHUDFMHQDGDQ\FKIXQNFMH =567)1& '(&2)1& (1&2)1& 680)1& %21)1& 0($1)1& $16)1& $15)1& 645)1& )/7)1&

6]\ENLHSU]HWZDU]DQLHIXQNFMH 5())1& 5()))1& 075)1& +6&6)1& +6&5)1& +6=)1& $/7)1& 3/6


LY 0,768%,6+,

8U] G]HQLDGLDJQRVW\F]QH 6WDWXV3/&00L'' 8U] G]HQLD]HJDUD00L'' =QDF]QLNLRSHUDF\MQH 7U\ESURJUDPRZ\3/&00L'' =QDF]QLNL67/00L'' =QDF]QLNLSU]HUZD 00L'' 8U] G]HQLDGHWHNFMLE GyZ00L'' 8U] G]HQLDRSHUDFML F] F\FK00L'' 8U] G]HQLDSRPRFQLF]H00L'' 8U] G]HQLDDGDSWHUDNRPXQLNDF\MQHJRW]Q$'3$'300L'' =QDF]QLNLWDEHOLSRUyZQD +6=00L'' 8U] G]HQLDSRPRFQLF]H00 5HMHVWU\LQGHNVRZH'GR' 6WHURZDQLHOLF]QLNDJyUDGy00L'' 6WHURZDQLHV]\ENLHJROLF]QLND00L'' 7DEHODNRGyZE GyZ

&]DV\Z\NRQDQLDLKLHUDUFKLDLQVWUXNFML ,QVWUXNFMHSRGVWDZRZH ,QVWUXNFMHVSHFMDOQH +LHUDUFKLF]QHSRZL ]DQLDLQVWUXNFMLSRGVWDZRZ\FK 3U]HWZDU]DQLHZVDGRZH 3RGVXPRZDQLHSU]\G]LDXSDPL FLXU] G]H 2JUDQLF]HQLDZX \FLXLQVWUXNFML ,QVWUXNFMHNWyUHPRJ E\X \ZDQHW\ONRUD]ZJyZQ\PREV]DU]HSURJUDPX ,QVWUXNFMHNWyUHQLHV RGSRZLHGQLHGRVWRVRZDQLD]MHGQRVWNDPLZHM FLRZ\PL9$&

6SHF\ILNDFMDXU] G]H VWHURZQLND 6SHF\ILNDFMDXU] G]H );L);6 6SHF\ILNDFMDXU] G]H );1 6SHF\ILNDFMDXU] G]H );ZHUVMD&38GR 6SHF\ILNDFMDXU] G]H );ZHUVMD&38RGLZV]\VWNLH);& 6SHF\ILNDFMDXU] G]H );1

6\VWHPDGUHVRZDQLDXU] G]H $GUHVRZDQLHPRGXyZUR]V]HU]H 8 \FLHPRGXX);(,GRREVXJLVSHFMDOQ\FKEORNyZIXQNFMRQDOQ\FKVHULL) 8 \FLHPRGXX);(,GRREVXJL)1317 8 \FLHPRGXX);(,GRREVXJL)$ 8 \FLHPRGXX);(,GRREVXJL)50 8 \FLHPRGXX);(,GRREVXJL)*0 $GDSWHU\SR F]H UyZQROHJ\FK);$3: )XQNFMH]HJDUDF]DVXU]HF]\ZLVWHJR 8VWDZLDQLH]HJDUDF]DVXU]HF]\ZLVWHJR

:VND]yZNLWHFKQLF]QH :VND]yZNL]DDZDQVRZDQHJRSURJUDPRZDQLD 8 \WNRZQLF\MHGQRVWHN);]DVLODQ\FKSU GHPVWD\P :\NRU]\VWDQLH]QDF]QLNyZ5816723 .RQILJXUDFMDSU]\FLVNX5816723 =GDOQHVWHURZDQLH5816723 7U\EVWDHJRF]DVXSU]HELHJXSURJUDPX =DPLDQDVWDQyZ212)) 6WRVRZDQLHXU] G]H ]SRGWU]\PDQLHPZFHOXRVL JQL FLDPDNV\PDOQHMVSUDZQR FL ,QGHNVRZDQLHSU]\Z\ ZLHWODQLXZLHOXZDUWR FLGDQ\FK &]\WDQLHLREUyENDGDQ\FK]QDVWDZQLNyZF\IURZ\FK 3RPLDU\LPSXOVyZRZ\VRNLHMF] VWRWOLZR FL


0,768%,6+, Y

3RPLDULPSXOVX]Z\NRU]\VWDQLHPWLPHUDPV 3RPLDULPSXOVX]Z\NRU]\VWDQLHPWLPHUDPV :\NRU]\VWDQLH]QDF]QLND]DNR F]HQLDZ\NRQ\ZDQLDRSHUDFML0 7ZRU]HQLHLQVWUXNFML075GHILQLRZDQHMSU]H]X \WNRZQLND 3U]\NDGRZDDSOLNDFMDV\VWHPXZ\NRU]\VWXM FD67/L,67 :\NRU]\VWDQLHLQVWUXNFML3:0GRVWHURZDQLDVLOQLNLHP 7HFKQLNLSURJUDPRZDQLD3,' 8VWDZLHQLHSDUDPHWUyZSRF] WNRZ\FK3,' 8WU]\P\ZDQLH09Z]DGDQ\P]DNUHVLH =PLDQDVWHURZDQLDU F]QDDXWRPDW\F]QD :\NRU]\VWDQLHV\JQDyZDODUPRZ\FK3,' ,QQHZVND]yZNLSURJUDPRZDQLD3,' 'RGDWNRZHIXQNFMH3,' 6WHURZDQLH]DNUHVHPZDUWR FLZ\M FLRZHM 2SHUDFMDVDPRGRVWUDMDQLD

,QGHNV

7DEHOD]QDNyZ$6&,, /LVWDLQVWUXNFMLVSHFMDOQ\FK


YL 0,768%,6+,

6WHURZQLNLSURJUDPRZDOQHVHULL); :SURZDG]HQLH

0,768%,6+,

:SURZDG]HQLH

3RGVWDZRZHLQVWUXNFMHSURJUDPX

3URJUDPRZDQLH67/

&KDUDNWHU\VW\NDXU] G]H

,QVWUXNFMHVSHFMDOQH

8U] G]HQLDGLDJQRVW\F]QH

&]DV\Z\NRQDQLDLKLHUDUFKLDLQVWUXNFML

6SHF\ILNDFMDXU] G]H VWHURZQLND

6\VWHPDGUHVRZDQLDXU] G]H

:VND]yZNLWHFKQLF]QH

,QGHNV


0,768%,6+,

6SLVWUH FL

:SURZDG]HQLH 3U]HJO G &]\PMHVWVWHURZQLNSURJUDPRZDOQ\ &RMHVWSRWU]HEQHGRSURJUDPRZDQLD3/&" 1XPHU\ZHUVML&38 :HUVMH&38);1 :HUVMH&38);L);& 6SHFMDOQHZ\PRJLGRW\F] FHZ\SRVD HQLDSURJUDPRZHJR :HUVMD&38);OXESy QLHMV]DL);& :V]\VWNLHZHUVMH&38);1


0,768%,6+,

:SURZDG]HQLH );6 );1 ); );& );1

3U]HJO G

&HOSRGU F]QLND3RGU F]QLN WHQ ]DZLHUD V]F]HJy\ GRW\F] FH ZV]\VWNLFK DVSHNWyZ G]LDDQLD LSURJUDPRZDQLD VWHURZQLNyZ SURJUDPRZDOQ\FK ); );& );1 );6 L ); ,QIRUPDFMLGRW\F] F\FK VSU] WX L LQVWDODFML VWHURZQLND QDOH \ V]XND ZH ZD FLZ\P SRGU F]QLNXGRVWDUF]RQ\PZUD]]PRGXHP

-DNNRU]\VWD]WHJRSRGU F]QLND"3RGU F]QLN WHQ RPDZLD ZV]\VWNLH IXQNFMH FDHM URG]LQ\ VWHURZQLNyZ SURJUDPRZDOQ\FKURG]LQ\ ); = WHJR SRZRGX GR RGSRZLHGQLFK UR]G]LDyZ ]RVWD\ ]D F]RQH SRQL V]HV\PEROHZVND]XM FHNWyU\FKVWHURZQLNyZGDQDVHNFMDGRW\F]\

);6 );1 ); );& );1=DFLHQLRZDQH SROH ZVND]XMH QD RPDZLDQ\W\SVWHURZQLND

);6 ZV]\VWNLHVWHURZQLNL);L);6);1 ZV]\VWNLHVWHURZQLNL);1); ZV]\VWNLHVWHURZQLNL);L);ZHUVMD&38OXEZF]H QLHMV]H);& ZV]\VWNLHVWHURZQLNL);L);ZHUVMD&38OXESy QLHMV]H

ZV]\VWNLHVWHURZQLNL);&SDWU]VWURQD);1 ZV]\VWNLHVWHURZQLNL);1

);6 );1 ); );& );1-H HOL SROH MHVW ]DFLHQLRZDQH Z SRRZLHMDN QD U\V ] OHZHM R]QDF]D WR H QLHZV]\VWNLH IXQNFMH RSLVDQH Z GDQ\PUR]G]LDOH GRW\F] WHJR VWHURZQLND 7HNVWREMD QLDGDOV]HV]F]HJy\DOERZ WHN FLHSRMDZLDM VL QLH]DOH QHRGQR QLNL

-H HOL SU]\ W\WXOH UR]G]LDX EUDN MHVW ZZ V\PEROL QDOH \ SU]\M H VHNFMD WD GRW\F]\ZV]\VWNLFKW\SyZVWHURZQLNyZFK\ED HE G]LHWRZ\UD QLHQDSLVDQH

5RG]LQD);2JyOQ\ WHUPLQ NWyU\ MHVW F] VWR X \ZDQ\ GR RSLVDQLD ZV]\VWNLFK VWHURZQLNyZ EH]VSHF\ILNRZDQLDLQG\ZLGXDOQ\FKW\SyZOXEQD]ZPRGHOL

1XPHU\ZHUVML&38LZVSRPDJDQLHSURJUDPRZH-DNR H0LWVXELVKLXQRZRF]H QLDND G\PRGHOUy QHZHUVMHPDM Uy QHPR OLZR FL V]F]HJy\GRW\F] FHQXPHUyZZHUVMLLLFKPR OLZR FL]QDMGXM VL ZUR]G]LDOH V]F]HJy\ GRW\F] FH ]HZQ WU]QHJR SURJUDPRZDQLD ND GHJR PRGHOX ]QDMGXM VL Z

UR]G]LDOH


0,768%,6+,

&]\PMHVWVWHURZQLN );6 );1 ); );& );13URJUDPRZDOQ\"

6WHURZQLN SURJUDPRZDOQ\ VWHURZQLN R SURJUDPRZDOQHM ORJLFH DQJ SURJUDPPDEOH ORJLFFRQWUROOHU 3/& WR XU] G]HQLH NWyUH PR H E\ ]DSURJUDPRZDQH SU]H] X \WNRZQLND GRSU]\M FLD VHNZHQFML ]GDU]H =GDU]HQLD WH V Z\]ZDODQH SU]H] ]HZQ WU]QH ERG FHZSURZDG]DQHQDZHM FLDVWHURZQLNDLRGELHUDQHSU]H]3/&,FKG]LDDQLHPR HE\RSy QLRQHQD VNXWHN ZSURZDG]RQ\FK RSy QLHQLH F]DVRZ\FK DOER ]OLF]DQLD ]HZQ WU]Q\FK OXEZHZQ WU]Q\FK ]GDU]H 6WHURZQLN SURJUDPRZDOQ\ E G]LH Z\NRQ\ZD S WO ZHZQ WU] ]GHILQLRZDQHJR SU]H] X \WNRZQLND SURJUDPX Z RF]HNLZDQLX QD V\JQD ZHM FLRZ\ OXEJHQHURZDV\JQDZ\M FLRZ\ZRNUH ORQ\PSURJUDPRZRF]DVLH

8ZDJDGRW\F] FDWHUPLQRORJLL7HUPLQ VWHURZQLNSURJUDPRZDOQ\ MHVWRJyOQLHX \ZDQ\GRRNUH OHQLDZV]\VWNLFKHOHPHQWyZWZRU] F\FKV\VWHPVWHUXM F\SRGZVSyOQ\PPLDQHP&]DVDPLX \ZDVL WHUPLQXVWHURZQLNRSURJUDPRZDOQHM ORJLFH 3/& QD RNUH OHQLH WHJR VDPHJR V\VWHPX VWHUXM FHJR .RQVWUXNFMDVWHURZQLNDPR H E\ UR]G]LHORQD QD SRV]F]HJyOQH F] FL 7HQ HOHPHQW JG]LH SURJUDP MHVWDGRZDQ\ SU]HFKRZ\ZDQ\ L Z\NRQ\ZDQ\ MHVW ]QDQ\ MDNR *yZQD -HGQRVWND 3U]HWZDU]DQLD038 ,QQH F] VWR X \ZDQH WHUPLQ\ QD RNUH OHQLH WHJR HOHPHQWX WR MHGQRVWND JyZQDVWHURZQLNSURFHVRUOXE&387HUPLQ&38MHVWWURFK P\O F\SRQLHZD REHFQLHEDUG]LHM]DDZDQVRZDQHSURGXNW\PRJ ]DZLHUDORNDOQH&38*yZQH&38DOEREDUG]LHMSRSUDZQLH038]DU] G]DW\PLORNDOQ\PL&38SRSU]H]VLHNRPXQLNDF\MQ DOERPDJLVWUDO

&RMHVWSRWU]HEQHGRSURJUDPRZDQLD );6 );1 ); );& );1

3/&"'R ]DSURJUDPRZDQLD VWHURZQLNyZ URG]LQ\0LWVXELVKL ); GRVW SQH V Uy QRURGQH QDU] G]LD.D GH] W\FKQDU] G]LPR HX \ZD LQVWUXNFML LPDGRVW SGRXU] G]H Z\PLHQLRQ\FKZ W\PSRGU F]QLNXGODRNUH ORQHJRVWHURZQLND


0,768%,6+,

1XPHU\ZHUVML&38 );6 );1 ); );& );1

0LWVXELVKLSU]H]FD\F]DVXQRZRF]H QLD L UR]V]HU]DPR OLZR FLVZRLFKSURGXNWyZ=HZ]JO GX QD QDWXU VWHURZQLNyZ SURJUDPRZDOQ\FK NWyUHPRJ E\ XZD DQH ]DNRPSXWHU\ SU]HP\VRZH SRMDZLDM VL F]DVDPL ]PLDQ\ ZHZQ WU] JyZQ\FK &38DQJ &HQWUDO 3URFHVVRU 8QLW =PLDQ\ WH V WDNLH MDNLFK GR ZLDGF]\OL X \WNRZQLF\

ELXURZ\FKLGRPRZ\FKNRPSXWHUyZSRZ\PLDQLHSURFHVRUDQDOHSV]\3RQL V]HOLVW\]DZLHUDMZHUVMH &38 NWyUH XOHJ\ XQRZRF]H QLHQLX OXE GR NWyU\FK ]RVWD\ GRGDQH QRZH IXQNFMH LPR OLZR FL

:HUVMH&38);1

&38ZHUVMD =RVWD\GRGDQHQDVW SXM FHPR OLZR FL3URJUDPRZH VWHURZDQLH GOD SURWRNRX NRPXQLNDFML QU L QU SRSU]H] );1$'3VLH1

&38ZHUVMD =RVWD\GRGDQHQDVW SXM FHPR OLZR FL3URJUDPRZH VWHURZDQLH GOD NRPXQLNDFML Z\NRU]\VWXM FHM );1$'3 VLHSHHUWRSHHU11

:HUVMH&38);L);&

&38ZHUVMD =RVWD\GRGDQHQDVW SXM FHLQVWUXNFMH$6&,)1&&&')1&)7/)1&+(; )1&56 )1&6(5 )1&6257 )1&645 )1&1DVW SXM FHLQVWUXNFMH]RVWD\XQRZRF]H QLRQH(,)1&%029)1&+6&6)1&3/6


0,768%,6+,

6SHFMDOQHZ\PRJLGRW\F] FHZ\SRVD HQLDSURJUDPRZHJR

:HUVMD&38);OXESy QLHMV]DL);&);6 );1 ); );& );1

1DU] G]LD SURJUDPXM FH SUDFXM FH Z VWDU\FK V\VWHPDFK SURJUDPRZDQLD QLH V ZVWDQLH Z\NRU]\VWD QRZ\FK PR OLZR FL GRGDQ\FK GR &38 RG ZHUVML LGRVW SQ\FK ZH ZV]\VWNLFK MHGQRVWNDFK ); & 3RPLPR WHJR SURJUDPRZDQLHQLHNWyU\FK VWDQGDUGRZ\FK LQVWUXNFML VSHFMDOQ\FK Z SR F]HQLX ]H VSHFMDOQ\PL

]QDF]QLNDPL0PR HE\WDNVDPRHIHNW\ZQHMDNQRZHLQVWUXNFMH3RQL V]HWDEHOHSRND]XM NWyUD ZHUVMD RSURJUDPRZDQLD SHU\IHU\MQHJR E G]LH SUDFRZD EH]SR UHGQLR ]H ZV]\VWNLPLQRZ\PL PR OLZR FLDPL D NWyUH ZHUVMH RSURJUDPRZDQLD SHU\IHU\MQHJR Z\PDJDM X \FLD]PRG\ILNRZDQ\FKLQVWUXNFML

7DEHODXU] G]H ]HZQ WU]Q\FK:HUVMDRSURJUDPRZDQLDNWyUH

2SLV 1XPHUPRGHOX Z\PDJDX \FLD]QDF]QLND0

SURJUDPXMHZV]\VWNLHLQVWUXNFMHEH]SR UHGQLR

3URJUDPDWRUSRGU F]Q\++3

);3( 9 RG9

.DVHWD++3 );30);$( 9 RG9);3&6$7(.,7 9 RG9

1DU] G]LDSURJUDPXM FH);$*33(.,7 9 RG9);'8( 9 RG9);'8( 9 RG9

-HGQRVWNLGRVW SXGRGDQ\FK

,QQHMHGQRVWNL'8 RG9

.RPELQDFMHLVWQLHM F\FKLQVWUXNFMLL]QDF]QLNyZ0GRQD ODGRZDQLDRNUH ORQ\FKLQVWUXNFML,VWQLHM FHLQVWUXNFMH); X \ZDQHGRQD ODGRZDQLDLQVWUXNFML

0QHPRQLN 1XPHU)1& PRG\ILNXMH,QVWUXNFMD

QD ODGRZDQD0QHPRQLN 1XPHU)1&

029 0 SLHUZLDVWHNNZ 645 029 0 ]PSU]HFLQHN )/7 5$03 0 Z\V]XNLZGDQHM 6(5 5$03 0 LQVWUXNFMD56 56 )029 0 +H[QD$6&,, $6&, )029 0 $6&,,QD+H[ +(; )029 0 .RQWURODVXP &&'

3U]\NDGX \FLD7HQ IRUPDW MHVW Z\PDJDQ\ GOD SRSUDZQHJR G]LDDQLDLQVWUXNFML %H]SR UHGQLR SU]HG ]PRG\ILNRZDQLHP LQVWUXNFMLX \WNRZQLN PXVL ]DSURJUDPRZD LQVWUXNFM QD ODGXM F ]H]PRG\ILNRZDQ\P]QDF]QLNLHP0LQVWUXNFM 6(7


0,768%,6+,

8 \FLHQRZ\FKHW\NLHWSU]HUZD

.RPELQDFMHLVWQLHM F\FKLQVWUXNFMLL]QDF]QLNyZ0GRQD ODGRZDQLDRSHUDFMLHW\NLHWSU]HUZD

,VWQLHM F\]QDF]QLNX \ZDQ\GR]DPLDQ\GDQHMHW\NLHW\SU]HUZDQLD

(W\NLHWDSU]HUZDQLD

0 ,0 ,0 ,0 ,0 ,

$E\SURJUDPRZDQRZHHW\NLHW\SU]HUZD ,SU]H],GODLQVWUXNFML+6&6)1&SRVXJXM FVL VWDUV]\PZ\SRVD HQLHPSURJUDPRZ\PQDOH \]DPLHQLQDVW SXM FHVSHFMDOQHNRG\0QDRGSRZLHGQLZVND QLNSU]HUZD 3DWU]WDEHODSRSUDZHMVWURQLH 0 ,

8 \FLH0]LQVWUXNFM %029

=HVWDU\PRSURJUDPRZDQLHPLXU] G]HQLDPLSHU\IHU\MQ\PLUHMHVWU\SOLNRZHQLHPRJE\X \WHMDNRXU] G]HQLHGRFHORZHZLQVWUXNFML%029)1&$E\SU]HVDGDQHLQVWUXNFM%029GRUHMHVWUyZSOLNRZ\FKX \ZDM FVWDUHJRZ\SRVD HQLDQDOH \XVWDZL]QDF]QLN07R SU]H F]D SDUDPHWU\ UyGD L SU]H]QDF]HQLD W]Q H UyGR MHVW WUDNWRZDQH MDNRSU]H]QDF]HQLHDSU]H]QDF]HQLHVWDMHVL UyGHP

8ZDJDRJyOQD

-H HOL X \ZDQH MHVW ]DNWXDOL]RZDQH RSURJUDPRZDQLH OXE XU] G]HQLD SHU\IHU\MQH WRQLHQDOH \NRU]\VWD]WHFKQLNRPyZLRQ\FKZW\PG]LDOHSRQLHZD QRUPDOQHRSHUDFMH]RVWDQRPyZLRQHZNROHMQ\FKVHNFMDFK

:V]\VWNLHZHUVMH&38);1 );6 );1 ); );& );1

:SURZDG]HQLH QRZHM ZHUVML &38 ]DSHZQLD X \WNRZQLNRZL ); ZLHOH QRZ\FKXU] G]H LLQVWUXNFML$E\Z\NRU]\VWDSHQHPR OLZR FLMHGQRVWHN);1X \WNRZQLNPXVL]DNWXDOL]RZDSRVLDGDQHVWDUV]HQDU] G]LDVSU] WRZHLSURJUDPRZH3RPLPRWRZZ\QLNXNRPSDW\ELOQR FLZGy);1QLHPDSRWU]HE\DNWXDOL]RZDQLD

LVWQLHM F\FKQDU] G]LSURJUDPRZ\FKGRZ\NRU]\VWDQLD]MHGQRVWNDPL);1ZREHFIXQNFMRQDOQHMUyZQRZD QR FL]MHGQRVWN &38ZZHUVML

7DEHODXU] G]H ]HZQ WU]Q\FK

2SLV 1XPHUPRGHOX:HUVMDRSURJUDPRZDQLDZVSRPDJDM FHJR);1

3URJUDPDWRUSRGU F]Q\++3 );3( RG9.DVHWD++3 );30);$( RG9

);'8( RG9);'8( W\ONRGODXU] G]H ););'8( RG9);'8( RG9);'8(6 W\ONRGODXU] G]H ););'87.(6 RG9

-HGQRVWNLGRVW SXGRGDQ\FK

);'87.6( RG9


0,768%,6+,

1RWDWNL

6WHURZQLNLSURJUDPRZDOQHVHULL); 3RGVWDZRZHLQVWUXNFMHSURJUDPX

0,768%,6+,

:SURZDG]HQLH


3URJUDPRZDQLH67/


,QVWUXNFMHVSHFMDOQH





:VND]yZNLWHFKQLF]QH

,QGHNV


0,768%,6+,

6SLVWUH FL

3RGVWDZRZHLQVWUXNFMHSURJUDPX &]\PMHVWSURJUDP" =DU\VSRGVWDZRZ\FKXU] G]H X \ZDQ\FKZSURJUDPRZDQLX -DNF]\WDVFKHPDWGUDELQNRZ\" ,QVWUXNFMH/2$'L/2$',QYHUVH ,QVWUXNFMD287 2GPLDQ\WLPHUyZLOLF]QLNy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


0,768%,6+,


&]\PMHVWSURJUDP"

3URJUDPMHVWVHUL SR F]RQ\FKLQVWUXNFMLQDSLVDQ\FKZM ]\NXNWyU\MHVW]UR]XPLD\SU]H]3/&,VWQLHM WU]\VSRVRE\SU]HGVWDZLHQLDSURJUDPX OLVWD LQVWUXNFML VFKHPDWGUDELQNRZ\ L VFKHPDWEORNRZ\ 6)&67/ 1LH ZV]\VWNLH QDU] G]LD SURJUDPRZDQLD PRJ SUDFRZD ZH ZV]\VWNLFKIRUPDWDFK SURJUDPRZDQLD 2JyOQLH U F]QH SDQHOH SURJUDPDWRU\ SUDFXM W\ONR Z IRUPDFLHLQVWUXNFML QDWRPLDVW ZL NV]R JUDILF]Q\FK SURJUDPyZ QDU] G]LRZ\FK DNFHSWXMH ]DUyZQRLQVWUXNFMH MDN L VFKHPDW\ GUDELQNRZH 6SHFMDOLVW\F]QH RSURJUDPRZDQLH SR]ZDOD UyZQLH QDVNRU]\VWDQLH]6)&67/

=DU\VSRGVWDZRZ\FKXU] G]H X \ZDQ\FKZSURJUDPRZDQLX,VWQLHMH V]H SRGVWDZRZ\FK SURJUDPRZDOQ\FK XU] G]H .D GH ] QLFK FKDUDNWHU\]XMH VLRGPLHQQ\P VSRVREHP X \ZDQLD : FHOX V]\ENLHM L DWZHM LGHQW\ILNDFML ND GHPX XU] G]HQLXSU]\SRU] GNRZDQRMHGQROLWHURZHR]QDF]HQLH

;LGHQW\ILNXMHZV]\VWNLHEH]SR UHGQLHIL]\F]QHZHM FLDGR3/&


0,768%,6+,

-DNF]\WDVFKHPDWGUDELQNRZ\"

6FKHPDW GUDELQNRZ\ MHVW FL OH SRZL ]DQ\ ]H VFKHPDWHP REZRGyZ VWHURZDQLD QDSU]HND QLNDFK:\VW SXM ZQLP]DUyZQRVW\NLMDNLFHZNLNWyUHPRJ E\SRZL ]DQH]HVREZUy Q\FKNRQILJXUDFMDFK-HGQDNSRGVWDZRZH]DVDG\SR]RVWDM WDNLHVDPH&HZNDSU]HND QLNDSU]HND QLNVWHUXMHEH]SR UHGQLRZ\M FLHP3/&JG\MHVWXU] G]HQLHP


0,768%,6+,

,QVWUXNFMH/2$' );6 );1 ); );& );1L/2$',QYHUVH

0QHPRQLN )XQNFMD )RUPDW 8U] G]HQLD.URNL

SURJUDPX/'/RD'

,QLFMXM FDRSHUDFMDORJLF]QDW\SVW\NX12QRUPDOQLHUR]ZDUW\

;


0,768%,6+,

,QVWUXNFMD287 );6 );1 ); );& );1


SURJUDPX2872XW

.R FRZDRSHUDFMDORJLF]QDVWHURZDQLHFHZN


0,768%,6+,

'ZXNURWQHX \FLHFHZNLWHJRVDPHJRXU] G]HQLDSU]HND QLND1D RJy E GHP MHVW GZXNURWQH X \FLH FHZNL WHJRVDPHJR XU] G]HQLD :LHORNURWQH X \FLH FHZHNZ\M FLRZ\FK WHJR VDPHJR XU] G]HQLD PR HVSRZRGRZD HZ\QLNRSHUDFMLSURJUDPXVWDQLHVLQLHSU]HZLG\ZDOQ\ : SU]\NDG]LH RERN SRND]DQD]RVWDD V\WXDFMD GZXNURWQHJR X \FLD FHZNL V WXGZDZ\M FLD


0,768%,6+,

,QVWUXNFMH$1'L$1',19(56( );6 );1 ); );& );1


SURJUDPX$1'$1'

SR F]HQLHV]HUHJRZHVW\NyZ12QRUPDOQLHRWZDUW\FK

;


0,768%,6+,

,QVWUXNFMD25L25,19(56( );6 );1 ); );& );1


SURJUDPX2525

SR F]HQLHUyZQROHJHVW\NyZ12QRUPDOQLHRWZDUW\FK

;


0,768%,6+,

);6 );1 ); );& );1,QVWUXNFMD/2$'38/6(/2$'75$,/,1*38/6(


SURJUDPX/'3/RD'3XOVH

,QLFMXM FDRSHUDFMDORJLF]QDQDUDVWDM FH]ERF]HLPSXOVX

;


0,768%,6+,

);6 );1 ); );& );1,QVWUXNFMD$1'38/6($1'75$,/,1*38/6(


SURJUDPX$13$1G3XOVH

SR F]HQLHV]HUHJRZHQDUDVWDM F\FK]ERF]\LPSXOVyZ

;


0,768%,6+,

);6 );1 ); );& );1,QVWUXNFMD2538/6(2575$,/,1*38/6(


SURJUDPX253253XOVH

SR F]HQLHUyZQROHJHQDUDVWDM F\FK]ERF]\LPSXOVyZ

;


0,768%,6+,

,QVWUXNFMD25%/2&. );6 );1 ); );& );1


SURJUDPX25%25%ORFN

SR F]HQLHUyZQROHJHREZRGyZZLHORVW\NRZ\FK

EUDN

3U]\NDGSURJUDPX

1DMZD QLHMV]HLQIRUPDFMHGR]DSDPL WDQLD ,QVWUXNFMD25%MHVWLQVWUXNFM QLH]DOH Q LQLHMHVWNRMDU]RQD] DGQ\PXU] G]HQLHP 1DOH \ X \ZD LQVWUXNFML 25% GR UyZQROHJHJR F]HQLD REZRGyZ ZLHORVW\NRZ\FK

]Z\NOH EORNL REZRGyZ V]HUHJRZ\FK UyZQROHJOH ] SRSU]HG]DM F\P XNDGHP %ORNREZRGXV]HUHJRZHJRWRWDNLZNWyU\PSR F]RQHV V]HUHJRZRFRQDMPQLHMGZDVW\NLDOHZNWyU\PX \WDMHVWLQVWUXNFMD$1%

'R]DGHNODURZDQLDVW\NXSRF] WNRZHJREORNXREZRGXX \ZDVL LQVWUXNFML/'OXE/',3R VNRPSOHWRZDQLX EORNX QDOH \ SR F]\ JR UyZQROHJOH ] SRSU]HGQLP EORNLHPX \ZDM FLQVWUXNFML25%

2JUDQLF]HQLDSU]HWZDU]DQLDZVDGRZHJR 8 \ZDM F LQVWUXNFML 25% Z SU]HWZDU]DQLX ZVDGRZ\P VXPRZDQLH ZV]\VWNLFKEORNyZ RGE\ZD VL SR LFK ]GHILQLRZDQLX QDOH \ XSHZQL VL H QLH ZL FHM QL LQVWUXNFML/'L/',MHVWX \W\FKGRGHILQLFMLEORNyZSURJUDPXSR F]RQ\FKUyZQROHJOH

1LHSU]HVWU]HJDQLHWHJRSURZDG]LGRE GXSURJUDPX]REDF]SUDZ\Z\GUXNSURJUDPX

2JUDQLF]HQLDSU]HWZDU]DQLDVHNZHQF\MQHJR 1LHPDRJUDQLF]H Z LOR FL UyZQROHJ\FKREZRGyZSU]\X \FLX LQVWUXNFML25%ZSURFHVLHSU]HWZDU]DQLDVHNZHQF\MQHJR]REDF]OHZ\Z\GUXNSURJUDPX


0,768%,6+,

,QVWUXNFMD$1'%/2&. );6 );1 ); );& );1


SURJUDPX$1%$1G%ORFN

SR F]HQLHV]HUHJRZHREZRGyZZLHORVW\NRZ\FK

EUDN

3U]\NDGSURJUDPX

1DMZD QLHMV]HLQIRUPDFMHGR]DSDPL WDQLD ,QVWUXNFMD$1%MHVWLQVWUXNFM QLH]DOH Q LQLHMHVWNRMDU]RQD] DGQ\PXU] G]HQLHP ,QVWUXNFML$1%QDOH \X \ZDGRSR F]HQLDREZRGyZZLHORVW\NRZ\FK ]Z\NOHEORNyZ

REZRGyZ UyZQROHJ\FK %ORNL REZRGyZ UyZQROHJ\FK WR WDNLH Z NWyU\FK MHGHQ ] QLFK]DZLHUD FR QDMPQLHM GZD V]HUHJRZR SR F]RQH VW\NL OXE WH Z NWyU\FK X \WD MHVWLQVWUXNFMD25%

'R]DGHNODURZDQLDVW\NXSRF] WNRZHJREORNXREZRGXX \ZDVL LQVWUXNFML/'OXE/',3R VNRPSOHWRZDQLX EORNX QDOH \ SR F]\ JR V]HUHJRZR ] SRSU]HGQLP EORNLHPX \ZDM FLQVWUXNFML$1%

2JUDQLF]HQLDSU]HWZDU]DQLDZVDGRZHJR 8 \ZDM F LQVWUXNFML$1%ZSU]HWZDU]DQLXZVDGRZ\PQDOH \XSHZQL VL H QLHZL FHMQL LQVWUXNFML/'L/',MHVWX \W\FKGRGHILQLFMLEORNyZSURJUDPXSR F]RQ\FK

UyZQROHJOH 1LHSU]HVWU]HJDQLH WHJR SURZDG]L GR E GX SURJUDPX ]REDF] Z\MD QLHQLHLQVWUXNFML25%ZSURJUDPLH

2JUDQLF]HQLDSU]HWZDU]DQLDVHNZHQF\MQHJR ,QVWUXNFMD$1%PR HE\X \WD]DZV]HJG\NRQLHF]QHMHVWV]HUHJRZHSR F]HQLHNLONX REZRGyZ UyZQROHJ\FK GR SRSU]HG]DM F\FK MH EORNyZ ]REDF] Z\GUXNSURJUDPX


0,768%,6+,

,QVWUXNFMH03605'L033 );6 );1 ); );& );1


SURJUDPX0363RLQW6WRUH

]DSDPL WXMHELH F\Z\QLNZHZQ WU]Q\FKRSHUDFML3/&

EUDN

05'5HDG

RGF]\WXMHELH F\Z\QLNZHZQ WU]Q\FKRSHUDFML3/&

EUDN

0333R3

RGWZDU]DLXVXZDELH F\Z\QLNZHZQ WU]Q\FKRSHUDFML3/&

EUDN

1DMZD QLHMV]HLQIRUPDFMHGR]DSDPL WDQLD ,QVWUXNFMH WH V X \ZDQH GR F]HQLD FHZNL Z\M FLRZHM ] OHZ VWURQ VW\NX %H] W\FK

LQVWUXNFMLSR F]HQLHPR HE\Z\NRQDQHW\ONR]SUDZ VWURQ RVWDWQLHJRVW\NX ,QVWUXNFMD036SU]HFKRZXMHZDUWR ORJLF]Q VWDQ SXQNWX SR F]HQLD REZRGX GUDELQNL L

GODWHJRJD FHZNLPR HSU]\ZRDW ZDUWR Sy QLHM ,QVWUXNFMD05'RGF]\WXMHSRSU]HGQLR]DSDPL WDQ ZDUWR ORJLF]Q SXQNWXSU]\ F]HQLDZ

FHOXGR F]HQLDQRZHMJD ]L ,QVWUXNFMD033 RGWZDU]D L XVXZD ]DSDPL WDQ ZDUWR ORJLF]Q SXQNWX SU]\ F]HQLD 3R

SLHUZV]HGR F]DQDVW SQ\VW\NDQDVW SQLHXVXZDSXQNW]SDPL FLW\PF]DVRZHM .D GHMLQVWUXNFML036PXVLRGSRZLDGDLQVWUXNFMD033 2VWDWQLVW\NOXEREZyGFHZNLPXVL F]\VL ]LQVWUXNFM 033 1DND G\PHWDSLHSURJUDPXOLF]EDDNW\ZQ\FKSDU036033QLHPR HE\ZL NV]DQL

8 \FLH03605'L033 3RGF]DV SLVDQLD SURJUDPX Z IRUPDFLH GUDELQNRZ\P QDU] G]LD SURJUDPRZHDXWRPDW\F]QLH GRGDM ZV]\VWNLH LQVWUXNFMH 036 05' L 033 Z F]DVLH NRQZHUVML

SURJUDPX,QVWUXNFMHWHV ZLGRF]QHSRGF]DVSU]HJO GDQLDZ\JHQHURZDQHJRSURJUDPX 3RGF]DV SLVDQLD SURJUDPX Z IRUPDFLH LQVWUXNFML X \WNRZQLN PXVL VDP ]DGED R

ZSURZDG]HQLHZRGSRZLHGQLHPLHMVFDLQVWUXNFML03605'L033


0,768%,6+,

3U]\NDG\SURJUDPyZ


0,768%,6+,

);6 );1 ); );& );1,QVWUXNFMD0$67(5&21752/L0$67(5&21752/5(6(7


SURJUDPX0&0DVWHU&RQWURO

]D]QDF]DSRF] WHNEORNXVWHUXM FHJRPDVWHU


0,768%,6+,

3U]\NDGSURJUDPX]]DJQLH G RQLQVWUXNFM 0&

3R]LRP1OLQLD%DNW\ZXMHVL JG\;MHVWZVWDQLH21

3R]LRP1OLQLD&DNW\ZXMHVL JG\;L;V ZVWDQLH21

3R]LRP1OLQLD'DNW\ZXMHVL JG\;;L;VZVWDQLH21

3R]LRP1LQVWUXNFMD0&51RGWZDU]DOLQL &-H OL0&5Z\]HUXMHSR]LRP1ZWHG\DNW\ZQDE G]LHOLQLD$SRQLHZD ZV]\VWNLHSR]LRP\SRQL HMSR]LRPXE G Z\]HURZDQH

3R]LRP10&51RGWZDU]DOLQL %

6WDQLQLFMXM F\0&51RGWZDU]DOLQLHLQLFMXM F $:\M FLH


0,768%,6+,

,QVWUXNFMD6(7L5(6(7 );6 );1 ); );& );1


SURJUDPX6(76(7

XVWDZLDELWXU] G]HQLDZVWDQ21


0,768%,6+,

);6 );1 ); );& );1,QVWUXNFMD7,0(5&2817(5287L5(6(7


SURJUDPX

287287

VWHURZDQLHFHZN WLPHUDOXEOLF]QLND

7&

OLF]QLNLELWRZHLQQH

5675H6H7

]HUXMHVW\NLLELH FHZDUWR FLWLPHUDLOLF]QLND

;


0,768%,6+,

6WDQGDUGRZHOLF]QLNLELWRZH

/LF]QLNELWRZ\&OLF]\ZJyU OXEZGy]JRGQLH]XVWDZLHQLHP0ZVWDQ212)):SU]\NDG]LHSURJUDPXSRND]DQ\PQDSRSU]HGQLHMVWURQLH&MHVWX \W\GR]OLF]DQLDOLF]E\F\NOL2))!21QDZHM FLX;6W\N Z\M FLD MHVW XVWDZLDQ\ OXE ]HURZDQ\ Z ]DOH QR FL RG NLHUXQNX OLF]HQLD GR PRPHQWXRVL JQL FLDZDUWR FLUyZQHMZW\PSU]\NDG]LH]DZDUWR FLUHMHVWUyZGDQ\FK''GROLF]QLNDELWRZHJRSRWU]HEQDMHVWELWRZDGDQD6W\NZ\M FLDMHVW]HURZDQ\LELH FDZDUWR OLF]QLNDMHVWZ\]HURZDQDGRNLHG\ZHM FLH;]QDMGXMHVL ZVWDQLH21

/LF]QLNLELWRZH :L FHMV]F]HJyyZQDWHQWHPDWQDVWURQLH

/LF]QLNLV]\ENLH/LF]QLNLV]\ENLHPDM Z\ELHUDQ\NLHUXQHN]OLF]DQLD.LHUXQNLV Z\ELHUDQHSU]H]VWHURZDQLHRGSRZLHGQLPLVSHFMDOQ\PL]QDF]QLNDPL0:SU]\NDG]LHSRND]DQ\PRERNOLF]QLNG]LDDZQDVW SXM F\VSRVyENLHG\;MHVWZVWDQLH21UR]SRF]\QDVL OLF]HQLHZGy.LHG\;MHVWZVWDQLH2))UR]SRF]\QDVL OLF]HQLHZJyU :SU]\NDG]LHVW\NL OLF]QLND&DDD L MHJRELH FDZDUWR V Z\]HURZDQHNLHG\; MHVWZVWDQLH21 .LHG\ ; MHVW Z VWDQLH 21 VWHURZDQ\OLF]QLN MHVWZ F]RQ\7R]QDF]\ HE G]LHRQZVWDQLH UR]SRF] ]OLF]DQLH ]ZL ]DQ\FK ] QLPV\JQDyZ ZHM FLRZ\FK QLH E G]LH WR ; OLF]QLNL V]\ENLH PDM SU]\SLVDQH VSHFMDOQHV\JQD\ZHM FLRZH]REDF]VWURQ

'RVW SQR XU] G]H 1LH ZV]\VWNLH RSLVDQH WXWDM XU] G]HQLD V GRVW SQH ZH ZV]\VWNLFK VWHURZQLNDFK=DNUHV\DNW\ZQ\FKXU] G]H PRJ VL Uy QLQDUy Q\FK3/&3U]HGX \FLHPQDOH \VSUDZG]LVSHF\ILNDFM W\FKXU] G]H QDZ\EUDQ\P3/&

:L FHM LQIRUPDFML QD WHPDW V]\ENLFK OLF]QLNyZ ]DZLHUD VWURQD =REDF] WH UR]G]LD ]DNUHV\XU] G]H 3/&


0,768%,6+,

,PSXOV\QDUDVWDM FHLRSDGDM FH );6 );1 ); );& );1


SURJUDPX3/63X/6H

QDUDVWDM FH]ERF]HLPSXOVX


0,768%,6+,

,QVWUXNFMD,19(56( );6 );1 ); );& );1


SURJUDPX,19,QYHUVH

RGZUDFDELH F\Z\QLNZHZQ WU]Q\FKRSHUDFML3/&

EUDN

3U]\NDGSURJUDPX

1DMZD QLHMV]HLQIRUPDFMHGR]DSDPL WDQLD ,QVWUXNFMD ,19 X \ZDQD MHVW GR ]PLDQ\ RGZUyFHQLD VWDQX ORJLF]QHJR RNUH ORQHJR

SXQNWXVLHFLGUDELQNRZHM 8 \FLHMHVWLGHQW\F]QHMDNGODLQVWUXNFML$1'L$1,]REDF]ZF]H QLHM

=DVWRVRZDQLDGOD,197HM LQVWUXNFML QDOH \ X \ZD Z FHOX V]\ENLHM ]PLDQ\ ZDUWR FL ORJLF]QHM ]R RQHJRREZRGX ,QVWUXNFMD WD MHVW WDN H SU]\GDWQD UD]HP ] LQVWUXNFMDPL LPSXOVRZ\PL /'3/')$13LWG


0,768%,6+,

,QVWUXNFMD1223(5$7,21 );6 );1 ); );& );1


SURJUDPX1231R23HUDWLRQ

EUDNRSHUDFMLOXENURN]HURZ\ EUDN EUDN

1DMZD QLHMV]HLQIRUPDFMHGR]DSDPL WDQLD 8PLHV]F]DQLH LQVWUXNFML123ZHZQ WU]SURJUDPXPLQLPDOL]XMH]DNUHVSUDF]ZL ]DQ\FK

]H]PLDQ OXEHG\FM SURJUDPX ,VWQLHMHPR OLZR ]PLDQ\G]LDDQLDREZRGXSRSU]H]]DPLDQ ]DVWRVRZDQ\FK LQVWUXNFML

QDLQVWUXNFMH123 =DPLDQDLQVWUXNFML/'/',$1%OXE25%QDLQVWUXNFM 123]PLHQL]QDF] FRREZyG]

GX \PSUDZGRSRGRELH VWZHPSRMDZL VL E G\SURJUDPX 3R Z\]HURZDQLX SURJUDPX ZV]\VWNLH MHJR LQVWUXNFMH ]RVWDQ ]DVW SLRQH LQVWUXNFMDPL

123


0,768%,6+,

,QVWUXNFMD(1' );6 );1 ); );& );1


SURJUDPX(1'(1'

Z\PXV]D]DNR F]HQLHELH FHJRSU]HELHJXSURJUDPX

EUDN

1DMZD QLHMV]HLQIRUPDFMHGR]DSDPL WDQLD 8PLHV]F]HQLHLQVWUXNFML(1'ZSURJUDPLHZ\PXV]D]DNR F]HQLHELH FHJRSU]HELHJXL

DNWXDOL]DFM SURFHVyZQDZ\M FLDFKLZHM FLDFK 8PLHV]F]HQLH LQVWUXNFML (1' ZHZQ WU] SURJUDPX ZVSRPDJD Z\V]XNLZDQLH E GyZ Z

SURJUDPLH SRQLHZD VHNFMD SR LQVWUXNFML (1' MHVW Z\ F]RQD L L]RORZDQD ] REV]DUXNWyU\ MHVWZ\NRQ\ZDQ\1DOH \SDPL WDRXVXQL FLX LQVWUXNFML(1']EORNyZNWyUH MX]RVWD\VSUDZG]RQH

.LHG\Z\NRQ\ZDQD MHVW LQVWUXNFMD(1' WLPHUZDWFKGRJDVWHURZQLND MHVWDXWRPDW\F]QLHRG ZLH DQ\

3U]HELHJSURJUDPX 3U]HELHJ SURJUDPX MHVW MHGQRNURWQ\P Z\NRQDQLHP ]DDGRZDQHJR SURJUDPX RG MHJR

SRF] WNX GR NR FD 'RW\F]\ WR DNWXDOL]DFML ZV]\VWNLFK ZHM Z\M L WLPHUD ZDWFKGRJD&]DV WUZDQLD WDNLHJRSURFHVX]ZDQ\ MHVWF]DVHPSU]HELHJXF]DVHPVNDQRZDQLD=DOH \RQ RG GXJR FL L ]R RQR FL SURJUDPX 1DW\FKPLDVW SR XNR F]HQLX MHGQHJR SU]HELHJXSURJUDPXXUXFKDPLDQ\MHVWQDVW SQ\&D\SURFHVRGE\ZDVL F\NOLF]QLH$NWXDOL]DFMDZHM RGE\ZDVL QDSRF] WNXND GHJRSU]HELHJXZ\M FLDQDWRPLDVWDNWXDOL]RZDQHV QDNR FXSU]HELHJX


0,768%,6+,

1RWDWNL

6WHURZQLNLSURJUDPRZDOQHVHULL); 3URJUDPRZDQLH67/

0,768%,6+,

:SURZDG]HQLH


3URJUDPRZDQLH67/


,QVWUXNFMHVSHFMDOQH





:VND]yZNLWHFKQLF]QH

,QGHNV


0,768%,6+,

6SLVWUH FL

3URJUDPRZDQLH67/ &]\PMHVW67/6)&L,(&F] " -DNG]LDD67/" .D G\NURNMHVWSURJUDPHP -DN]DF] L]DNR F]\SURJUDP67/" =DJQLH G RQHSURJUDP\67/ $NW\ZRZDQLHQRZ\FKVWDQyZ =DWU]\P\ZDQLHSURJUDPX67/ 3U]HFKRG]HQLHSRPL G]\NURNDPL67/ 8 \FLHLQVWUXNFML6(7GRVWHURZDQLDFHZN ]QDF]QLNDVWDQX67/ 8 \FLHLQVWUXNFML287GRVWHURZDQLDFHZN ]QDF]QLNDVWDQX67/ 5HJX\LWHFKQLNLSLVDQLDSURJUDPyZ67/ 3RGVWDZRZHXZDJLGRW\F] FH]DFKRZDQLDVL SURJUDPyZ67/ 6WHURZDQLHNURNXSRMHG\QF]\PV\JQDHP 2JUDQLF]HQLDQLHNWyU\FKLQVWUXNFMLX \ZDQ\FK]67/ 5R]JD ]LHQLDZ\ERUXZSURJUDPLH67/ 5R]JD ]LHQLDUyZQROHJHZSURJUDPLH67/ 2JyOQH]DVDG\UHDOL]DFMLSRSUDZQ\FKUR]JD ]LH 67/ 2JyOQH]DOHFHQLDGRW\F] FHVWRVRZDQLDRSURJUDPRZDQLD);3&6$7(( 3U]\NDG\SURJUDPRZDQLD 3URVW\SU]HS\Z67/ 3U]\NDGRZ\SURJUDPUR]JD ]LHQLDZ\ERUX =DDZDQVRZDQHX \FLH67/


0,768%,6+,

3URJUDPRZDQLH67/ );6 );1 ); );& );1

5R]G]LD WHQ Uy QL VL RG UHV]W\ WHJR SRGU F]QLND SRQLHZD ]RVWD RSUDFRZDQ\ Z IRUPLHZ\NDGX 3URJUDPRZDQLH 67/6)& SRPLPR WHJR H VWRVRZDQH RG ZLHOX ODW ZFL MHVW OHSU]HGVWDZLDQHL OHUR]XPLDQH0\Z0LWVXELVKLFKFLHOLE\ P\Z\NRU]\VWDRND]M LVSUyERZDQDSUDZL WR QLHGRSDWU]HQLH SRQLHZD XZD DP\ H SURJUDPRZDQLH 67/6)& VWDMH VL WDNZD QHMDNSURJUDPRZDQLHGUDELQNRZH

&]\PMHVW67/6)&L,(&F] "3RQL V]H Z\MD QLHQLH MHVW EDUG]R VNUyWRZH OHF] ]RVWDR RSUDFRZDQH Z FHOX V]\ENLHJR]HVWDZLHQLDUy QLFLSRGRELH VWZSRPL G]\67/6)&L,(&F]:RVWDWQLFKODWDFKSURJUDPRZDQLH6)&6HTXHQWLDO)XQFWLRQ&KDUW Z F]DM FZWRSRGREQHVW\OH MDN *UDIFHW L )XQNWLRQSODQ ]GRE\R ZLHON SRSXODUQR Z (XURSLH L ]DSRF] WNRZDRWZRU]HQLHQRUP\,(&F]6WDQGDUG,(&]RVWDRSUDFRZDQ\ZFHOXRWU]\PDQLDSU]HQR QHJRM ]\NDSURJUDPRZDQLD&KRG]LR R WR HE\ SURJUDP QDSLVDQ\ Z VWDQGDUGDFK ,(& GOD SURJUDPRZDOQHJRVWHURZQLND MHGQHJR SURGXFHQWD PyJ E\ DWZR SU]HQLHVLRQ\ SU]HWZRU]RQ\ QD 3/& LQQHJRSURGXFHQWD3URJUDPRZDQLH 67/ Z\NRU]\VWXMH MHGQ ] SRGVWDZRZ\FK LQVWUXNFML SURJUDPRZDQLD R WDNLHMVDPHM QD]ZLH 67/ GRVW SQ\FK GODZV]\VWNLFK VWHURZQLNyZ URG]LQ\ ); 6NUyW 67/ R]QDF]D67HS/DGGHUSURJUDPPLQJ3URJUDPRZDQLH67/ MHVW DWZHGR ]UR]XPLHQLD L VWDQRZL MHGQ ]QDMSRW QLHMV]\FKPR OLZ\FK WHFKQLN SURJUDPRZDQLD VWHURZQLNyZ .OXF] GR67/ OH \ Z MHJRPR OLZR FLDFKSR]ZDODM F\FKSURJUDPL FLHQDWZRU]HQLHSURJUDPXNWyU\SU]HS\ZD LG]LDDSUDZLHWDNVDPRMDN6)&1LHMHVWWRG]LHHPSU]\SDGNXSRQLHZD WDWHFKQLNDSURJUDPRZDQLD]RVWDD VSHFMDOQLH UR]ZLQL WD Z FHOX X]\VNDQLD V\VWHPX DWZHJR GR PRQLWRURZDQLD LSURJUDPRZDQLD-HGQ ]NOXF]RZ\FKUy QLFV\VWHPXSURJUDPRZDQLD67/SURSDJRZDQHJRSU]H]0LWVXELVKLMHVWWR HPR HRQZSURZDG]RQ\GRVWHURZQLNDSURJUDPRZDOQHJRZIRUPDWDFK6 QLPL

, /LVWDLQVWUXNFMLV\VWHPZSURZDG]DQLDVRZQ\PQHPRWHFKQLF]Q\,, 6FKHPDW GUDELQNRZ\ JUDILF]QD PHWRGD NRQVWUXNFML SURJUDPX X \ZDM FD V\PEROLNL

ORJLNLSU]HND QLNRZHM,,, 6FKHPDW6)&V\VWHPZSURZDG]DQLDRSDUW\QDVLHFLG]LDD 67/SRGREQ\GR6)&

3U]\NDG\W\FKPHWRGSURJUDPRZDQLDPR QD]REDF]\QDVWURQLH

8ZDJDRJyOQD,(&6WHURZQLNLSURJUDPRZDOQHF] M ]\NSURJUDPRZDQLD3RZ\ V]\VWDQGDUGMHVWWHFKQLF]QLHLGHQW\F]Q\](XUR1RUP (1


0,768%,6+,

-DNG]LDD67/"-DNZVSRPQLDQRSRSU]HGQLR67/MHVWV\VWHPHPNWyU\SR]ZDODX \WNRZQLNRZLQDSLVDSURJUDPIXQNFMRQXM F\ZVSRVyESUDZLH LGHQW\F]Q\ MDNVLHG]LDD PR QD WR]REDF]\QDGLDJUDPLHRERN0RFQ VWURQ 67/MHVWWRH SR]ZDOD RUJDQL]RZD GX H SURJUDP\ Z PQLHMV]HF] FL NWyU\PL DWZLHM ]DU] G]D .D G ] W\FK F] FLPR QD WUDNWRZD MDNR VWDQ OXE NURN HE\ RGUy QLVWDQ\ ND G\ ] QLFK RSDWU]RQ\ MHVW XQLNDWRZ\PQXPHUHP LGHQW\ILNDF\MQ\P 1XPHU\ WH Z]L WH V ]H]QDF]QLNyZVWDQX]REDF]VWURQ

.D G\NURNMHVWSURJUDPHP.D G\VWDQMHVWFDNRZLFLHL]RORZDQ\RGLQQ\FKVWDQyZZHZQ WU]FDHJRSURJUDPX.D G\VWDQMHVW RGG]LHOQ\PSURJUDPHPDX \WNRZQLN VNDGD MH SR WR E\PRJ\Z\NRQD VZRMH ]DGDQLH2]QDF]DWR HVWDQ\PRJ E\SRQRZQLHX \ZDQHZLHOHUD]\LZUy Q\FKXNDGDFK6NUDFDWRF]DVSURJUDPRZDQLDRUD]]PQLHMV]DOLF]E SRSHQLRQ\FKE GyZ

6SRMU]HQLHGRZHZQ WU]67/1DSLHUZV]\U]XWRNDSURJUDP67/Z\JO GDWDNMDNE\E\SRGVWDZRZ VLHFL G]LDD $OHDE\GRZLHG]LHVL FRVL QDSUDZG G]LHMHVWDQ67/PXVLE\XPLHV]F]RQ\SRGPLNURVNRSHP3RGF]DVGRNDGQHJREDGDQLDSRMHG\QF]HJRVWDQXPR QDSRGJO GDSRGSURJUDP= Z\M WNLHP LQVWUXNFML 67/ PR QD QDW\FKPLDVW VSRVWU]HF H SRGSURJUDP 67/ Z\JO GDGRNDGQLHMDN]Z\NHSURJUDPRZDQLH ,QVWUXNFMD67/ MHVWSRND]DQD MDNRSRJUXELRQ\

V\PEROVW\NXQRUPDOQLHUR]ZDUWHJR3URJUDPRZDQLH ]D LQVWUXNFM 67/ MHVW W\ONRZWHG\ DNW\ZQH JG\ VNRMDU]RQD FHZND MHVWDNW\ZQDRGSRZLHGQLVWDQMHVWDNW\ZQ\

:DUXQHNSU]HM FLDMHVWUyZQLH ]DSLVDQ\SU]\X \FLXVWDQGDUGRZHJRSURJUDPRZDQLD

2PyZLHQLH WR SRND]XMH H 67/ MHVW U]HF]\ZL FLHPHWRG VHNZHQFMRQRZDQLD VHULL ]GDU]H DOER MDNZVSRPQLDQRZF]H QLHM F]HQLDUD]HPZLHOXPD\FKSURJUDPyZ


0,768%,6+,

.RPELQDFMDSURJUDPX6)&]HVFKHPDWHPGUDELQNRZ\P&]DVDPLSURJUDP\67/E G SRND]DQHQDZ\GUXNXMDNRNRPELQDFMD]DUyZQRVLHFLG]LDD MDNLZHZQ WU]QHJRSRGSURJUDPXQDSU]\NDG]LHRERN

,GHQW\ILNDFMDVWDQyZVW\NyZ8 \ZDQDMHVWQDVW SXM FDNRQZHQFMDVW\NQRUPDOQLHUR]ZDUW\lVW\NQRUPDOQLH]ZDUW\

=DPLHQQLH X \ZD VL LGHQW\ILNDWRUyZ D L E GODR]QDF]HQLD VWDQyZ RGSRZLHGQLR QRUPDOQLHUR]ZDUW\FK L QRUPDOQLH ]ZDUW\FK OXE NUHVNL QDGR]QDF]HQLHPVW\NXQRUPDOQLH]ZDUWHJRQS;

-DN]DF] L]DNR F]\SURJUDP67/"3U]HG UR]SRF] FLHP MDNLHJRNROZLHN ]R RQHJR SURJUDPRZDQLD QDOH \Z\MD QL SRGVWDZ\ MDN]DF] LFRZD QLHMV]HMDN]DNR F]\SURJUDP67/

=DJQLH G RQHSURJUDP\67/3URJUDP67/ QLHPXVL ]XSHQLH ]DVW SRZD SURJUDPXZVWDQGDUGRZHM ORJLFH GUDELQNRZHM : JUXQFLH U]HF]\PRJRE\ E\ WR EDUG]R WUXGQH =DPLDVW WHJR PDH DOERQDZHWGX HVHNFMHSURJUDPX67/PRJ E\ZSURZDG]RQHZ GRZROQ\P SXQNFLH SURJUDPX 3R XNR F]HQLX ]DGDQLD67/ VWHURZDQLH PXVL ZUyFL GR SU]HWZDU]DQLD LQVWUXNFMLVWDQGDUGRZHJR SURJUDPX D GRZ\VW SLHQLD QDVW SQHJREORNXSURJUDPX67/'ODWHJR WDNZD QD MHVW LGHQW\ILNDFMDSRF] WNXLNR FDSURJUDPX67/

$NW\ZRZDQLHQRZ\FKVWDQyZ-DN MHVW X \ZDQ\ L VWHURZDQ\ SURJUDP SR Z\EUDQLX NURNX 67/" $E\ NURN 67/ E\ DNW\ZQ\VNRMDU]RQD FHZND VWDQX PXVL E\ Z VWDQLH 21 6W G ZL F DE\ XUXFKRPL VHNZHQFM 67/Z\VWDUF]\XVWDZLRGSRZLHGQLVWDQZ21,VWQLHMHZLHOH Uy Q\FKPHWRG XVWDZLDQLD VWDQX QSFHZNL VWDQyZ LQLFMXM F\FKPRJ E\ LPSXOVRZDQHXVWDZLDQH LQVWUXNFM 6(7 OXE LQVWUXNFM 287-HGQDN H Z M ]\NX SURJUDPRZDQLD 67/SURSRQRZDQHJR SU]H] 0LWVXELVKL FHZND 67/XVWDZLDQDLQVWUXNFM 6(7PDLQQH]QDF]HQLHQL WDNWyUDMHVW]DZDUWDZLQVWUXNFML287

8ZDJD'ODQRUPDOQ\FKRSHUDFML67/]DOHFDVL Z\ELHUDQLHVWDQyZ]DSRPRF LQVWUXNFML6(7'RXDNW\ZQLHQLDNURNX67/VWDQMHJRFHZNLMHVWXVWDZLDQ\LQVWUXNFM 6(7ZVWDQ21


0,768%,6+,

.URNLLQLFMXM FH'OD SURJUDPX 67/ NWyU\ PD E\ DNW\ZRZDQ\ SRZ F]HQLX ]DVLODQLD VWHURZQLND PR QD X \ XNDGXZ\]ZDODM FHJR SRND]DQHJR QD U\VXQNX RERN W]QZ\NRU]\VWXM FHJR ]QDF]QLN 0 GR VWHURZDQLDXVWDZLHQLDVWDQXSRF] WNRZHJR.URN 67/ XUXFKDPLDQ\ Z WHQ VSRVyE F] VWR MHVWQD]\ZDQ\ NURNLHP LQLFMXM F\P 3RGREQLH NURNDNW\ZRZDQ\ SU]HG MDN NROZLHN VHNZHQFM 67/ MHVWWDN HQD]\ZDQ\NURNLHPLQLFMXM F\P

=DWU]\P\ZDQLHSURJUDPX67/3R XUXFKRPLHQLX SURJUDPX 67/ &38 VWHURZQLND E G]LH SU]HWZDU]D ZV]\VWNLH NROHMQHLQVWUXNFMH MDNR F] FL WHJR SURJUDPX 2]QDF]D WR H JG\ UR]SRF]QLH VL GUXJL SU]HELHJSURJUDPXQRUPDOQH LQVWUXNFMHQD MHJRSRF] WNX V WUDNWRZDQH MDNE\E\\ F] FL SURJUDPX67/-HVWWRE GQHLVSRZRGXMHE GSURJUDPXRUD]Z\ F]HQLHRSHUDFMLVWHURZQLND3URJUDP67/PXVL]ZUyFLVWHURZDQLHGRGUDELQNLSR]DNR F]HQLXRSHUDFML67/7R]QDF]\ HRVWDWQLNURNZSURJUDPLH67/PXVLE\ZMDNL VSRVyE]LGHQW\ILNRZDQ\

3RZUyWGRGUDELQNL2VL JD VL WR SRSU]H] XPLHV]F]HQLH LQVWUXNFML 5(7DOER 5(7851 MDNR RVWDWQLHM LQVWUXNFML Z RVWDWQLPNURNX EORNX SURJUDPX 67/ ,QVWUXNFMD WD ]ZUDFDVWHURZDQLHGRVFKHPDWXGUDELQNRZHJR

8ZDJD ,QVWUXNFMD 5(7 PR H E\ X \WD GR RGG]LHOHQLD SURJUDPyZ 67/ RGVWDQGDUGRZ\FK VHNFML VFKHPDWX GUDELQNRZHJR ,QVWUXNFMD 5(7 MHVW X \ZDQD GR]D]QDF]HQLDNR FDNRPSOHWQHJRSURJUDPX67/


0,768%,6+,

3U]HFKRG]HQLHSRPL G]\NURNDPL67/$E\ XDNW\ZQL NURN 67/ X \WNRZQLN PXVL QDMSLHUZ Z\VWHURZD FHZN ]QDF]QLND VWDQX:VND]DQR MX H VSRVREHP XUXFKRPLHQLD SURJUDPX 67/ MHVW XVWDZLHQLH FHZNL W]QZ\VWHURZDQLH ]QDF]QLND VWDQX LQLFMXM FHJR:VSRPQLDQR WH H X \ZDQLH LQVWUXNFML287GRZ\VWHURZDQLD FHZNL ]QDF]QLND VWDQXPD LQQH ]QDF]HQLH RG LQVWUXNFML 6(7 5y QLFH WH E GWHUD]Z\MD QLRQH

8 \FLHLQVWUXNFML6(7GRVWHURZDQLDFHZN ]QDF]QLNDVWDQX67/ ,QVWUXNFMD6(7MHVWX \WDGRVWHURZDQLDFHZN VWDQX67/DE\XDNW\ZQLNURN*G\ELH F\

NURN67/XDNW\ZQLDQDVW SXM F\SRQLPGUXJLNURNFHZND UyGRZHJR]QDF]QLNDVWDQXMHVW]HURZDQD 6W G SRPLPR WHJR H LQVWUXNFMD 6(7 X \ZDQD MHVW W\ONR GR DNW\ZRZDQLDELH FHJR VWDQX DXWRPDW\F]QLH QDVW SXMH ]HURZDQLH VWDQX SRSU]HGQLHJR -HGQDN MH HOLVWDQ 67/ MHVW VWHURZDQ\ SU]H] VHUL LQVWUXNFMLVFKHPDWX GUDELQNRZHJR W]Q QLH MHVWSRSU]HG]RQ\ VWDQHP 67/ ZWHG\ RERZL ]XMVWDQGDUGRZH UHJX\ SURJUDPRZDQLD :SU]\NDG]LHRERN6QLHMHVW]HURZDQHQDZHWZWHG\ JG\6 OXE6 ]RVWD\Z\VWHURZDQH&R ZL FHM MH HOL 6 MHVW Z VWDQLH 2)) 6UyZQLH SU]HVWDQLH G]LDD 7DN VL G]LHMHSRQLHZD 6QLH ]RVWDR X \WH MDNR ]QDF]QLNVWDQX 67/ 3LHUZV]D LQVWUXNFMD Z\ZRXM FD]QDF]QLN6MHVWVWDQGDUGRZ LQVWUXNFM /'LQLHMHVWLQVWUXNFM 67/

8ZDJD -H HOL X \WNRZQLN FKFH Z\PXVL ]HURZDQLH NURNX 67/ PR H WR ]URELX \ZDM F567DOER=567)1&

,QVWUXNFMD 6(7 MHVW X \ZDQD GR Z\VWHURZDQLD Z\VW SXM FHJR SR QLHM NURNX 67/ NWyU\]Z\NOHPDZL NV]\QXPHU]QDF]QLNDVWDQXQL NURNELH F\

,QVWUXNFMD 6(7 MHVW X \ZDQD GR Z\VWHURZDQLD VWDQyZ 67/ NWyUH SRMDZLDM VL ZHZQ WU]SURJUDPX67/ W]Q LQVWUXNFMD6(7QLH MHVWX \ZDQDGRDNW\ZRZDQLDVWDQX NWyU\SRMDZLDVL ZGUXJLHMRGG]LHOQHMVLHFLG]LDD


0,768%,6+,

8 \FLHLQVWUXNFML287GRVWHURZDQLDFHZN ]QDF]QLNDVWDQX67/8 \FLH WHM LQVWUXNFMLPD WH VDPH FHFK\ RSHUDF\MQH MDN X \FLH LQVWUXNFML 6(7 -HGQDN LVWQLHMHMHGQDEDUG]RZD QDIXQNFMDZNWyUHM6(7QLHMHVWX \ZDQD'RW\F]\WRRGOHJ\FKVNRNyZ

,QVWUXNFMD 287 VX \ GR WZRU]HQLD S WOL LVNRNyZ-H HOL X \WNRZQLN FKFH Z\NRQD VNRN Z W\SURJUDPX W]Q ZUyFL GR VWDQX NWyU\ MX ]RVWDSU]HWZRU]RQ\ PXVL X \ LQVWUXNFML 287 ]RGSRZLHGQLPQXPHUHPVWDQX67/8 \WNRZQLNPR HWH Z\NRQDGX \VNRNZSU]yGSU]HVNDNXM FFD VHNFM 67/

,QVWUXNFMD287VX \GRZ\NRQ\ZDQLDRGOHJ\FKVNRNyZ,QVWUXNFMD 287 SRZLQQD E\ UyZQLH X \WD JG\Z\PDJD VL DE\ VWDQ ] MHGQHJR SURJUDPXSU]H F]\ VWDQ Z LQQ\P RGG]LHOQ\P SURJUDPLH67/

8ZDJD 3RPLPR WHJR H MHVW PR OLZD UHDOL]DFMD S WOL L VNRNyZ ] Z\NRU]\VWDQLHPLQVWUXNFML 6(7 GR SUH]HQWDFML SURJUDPX 67/ Z IRUPDFLH 6)& Z\PDJD VL X \FLD

LQVWUXNFML287


0,768%,6+,

5HJX\LWHFKQLNLSLVDQLDSURJUDPyZ67/0R QD DWZR ]DXZD \ H MHVW ZLHOH ]DOHW X \ZDQLD VW\OX SURJUDPRZDQLD 67/ DOH LVWQLHMHNLONDSXQNWyZ]NWyU\FKX \WNRZQLNPXVL]GDZDVRELHVSUDZ SLV] FSRGSURJUDP\67/6RQHZ\V]F]HJyOQLRQHZWHMVHNFML

3RGVWDZRZHXZDJLGRW\F] FH]DFKRZDQLDVL SURJUDPyZ67/ .LHG\ VWDQ 67/ ]RVWDQLH XDNW\ZQLRQ\ MHJR SURJUDP MHVW SU]HWZDU]DQ\ GRPRPHQWX JG\

Z\]ZRORQ\ ]RVWDQLH QDVW SQ\ NURN 3URJUDP PR H ]DZLHUD ZV]\VWNLH HOHPHQW\ L FHFK\VWDQGDUGRZHJRSURJUDPRZDQLDGUDELQNRZHJR MDN LQVWUXNFMH/'$1'25287567LWGRUD]LQVWUXNFMHVSHFMDOQH

3LV] FSRGSURJUDPVWDQX67/SLHUZV]DSLRQRZDOLQLDED]RZDSRLQVWUXNFML67/PR HE\WUDNWRZDQDZSRGREQ\VSRVyEMDNOHZDOLQLDED]RZDZSURJUDPLHGUDELQNRZ\P.D G\ NURN 67/ WZRU]\ VZRM ZDVQ OLQLED]RZ W]Q H X \WNRZQLN QLH PR H X \LQVWUXNFML 036 EH]SR UHGQLR ]D LQVWUXNFM 67/]REDF] F]\OL SU]HG LQVWUXNFM 036 PXVLZ\VW SLFRQDMPQLHMMHGHQSRMHG\QF]\VW\N

8ZDJD EH]SR UHGQLR SR LQVWUXNFML 67/]H]ZDOD VL QD X \FLH FHZNL Z\M FLRZHM DQDZHWLQVWUXNFMLVSHFMDOQHM

: QRUPDOQ\P SURJUDPRZDQLX X \FLH SRGZyMQHMFHZNL QLH MHVW DNFHSWRZDOQ WHFKQLN -HGQDN ZRGG]LHOQ\FKEORNDFKSURJUDPX67/]H]ZDODVL QDSRZWyUQHX \FLHFHZNL7DNVL G]LHMHSRQLHZD X \WNRZQLN PR H Z\NRU]\VWD XQLNDWRZ FHFK67/ L]ROXM F ZV]\VWNLH NURNL 67/ ] Z\M WNLHP DNW\ZQ\FKNURNyZ67/2]QDF]D WR HZSUDNW\FHQLHZ\VW SLNRQIOLNWSRGZyMQHM FHZNL 3U]\NDG RERN SRND]XMH ]QDF]QLN 0X \W\GZDUD]\ZMHGQ\PSURJUDPLH67/

2VWU]H HQLH 7D VDPD FHZND QLH SRZLQQD E\SURJUDPRZDQDZNURNDFKNWyUHE G DNW\ZQHZW\PVDP\P F]DVLH SRQLHZD SURZDG]L WR GR WDNLFKVDP\FKUH]XOWDWyZMDNZSU]\SDGNXSRGZyMQHMFHZNL


0,768%,6+,

.LHG\ NURN 67/ SU]HND]XMH VWHURZDQLH GR QDVW SQHJR NURNX Z\VW SXMH SU]HG]LDF]DVXMHGHQSU]HELHJVNDQSRGF]DVNWyUHJRREDNURNLV DNW\ZQH0R HZ\VW SLSUREOHP SRGZyMQ\FK FHZHN V]F]HJyOQLH GRW\F]\ WRWLPHUyZ

: WDNLP SU]\SDGNX QDOH \ ]ZUyFL XZDJ QD WR E\ RSHUDFMDWLPHUD]RVWDDXNR F]RQDSRGF]DVDNW\ZQR FLNURNX67/-H OLWLPHUMHVWQLHSU]HUZDQLHX \ZDQ\ZQDVW SXM F\FKSRVRELHNURNDFK ZWHG\ PR OLZH MHVW H FHZND WLPHUD QLJG\ QLH MHVWGHDNW\ZRZDQD LVW\NL WLPHUDQLHE G Z\]HURZDQHFRSURZDG]LGRZDGOLZHJRG]LDDQLDWLPHUD3U]\NDGRERNSRND]XMH]HX \FLHWLPHUD7.LHG\VWHURZDQLHSU]HFKRG]L ]6GR67QLH MHVWZ\]HURZDQ\ SRQLHZDMHJRFHZNDMHVWZVWDQLH21UyZQLH ZQRZ\PNURNX

8ZDJD$E\]DSHZQLSRSUDZQHG]LDDQLHW\FKVDP\FKWLPHUyZ QLH SRZLQQ\ E\ RQH X \ZDQH ZQDVW SXM F\FKSRVRELHNURNDFK67/3DPL WDM F R WHM SURVWHM ]DVDG]LH X]\VND VL SHZQR H ND G\ WLPHU E G]LH

SRSUDZQLHZ\]HURZDQ\SU]HGMHJRQDVW SQ RSHUDFM

-DN MX ZVSRPQLDQR SRGF]DV WUDQVIHUX SRPL G]\NURNDPLWHGZDNROHMQHNURNLE G MHGQRF]H QLHDNW\ZQHGODMHGQHJRSU]HELHJXSURJUDPXVNDQX2]QDF]DWR HMH HOLX \WNRZQLNPDGZDZ\M FLD]DZDUWH

ZQDVW SXM F\FKSRVRELHNURNDFKNWyUHQLHPRJ E\MHGQRF]H QLHDNW\ZQH PXV] RQH E\ EORNRZDQH 'REU\P WHJR SU]\NDGHPE G]LH VWHURZDQLH V\JQDyZ Z\ELHUDM F\FK NLHUXQHN REURWyZVLOQLNyZ:SU]\NDG]LH RERN SRND]DQH MHVW MDNZ\M FLD


0,768%,6+,

6WHURZDQLHNURNXSRMHG\QF]\PV\JQDHP3U]HM FLH SRPL G]\ DNW\ZQ\PL NURNDPL 67/ PR H E\ VWHURZDQH SRMHG\QF]\P V\JQDHP0R QDWHJRGRNRQDSU]\SRPRF\GZyFKPHWRG

0HWRGDX \FLH]QDF]QLNyZEORNDG\ );6 );1 ); );& );1:SU]\NDG]LH W\PQDOH \]DSURJUDPRZDRGG]LHOQHXU] G]HQLDEORNXM FHDV\JQDVWHUXM F\PXVLW\ONRZ\WZRU]\LPSXOV21=DEH]SLHF]DWRSU]HGFL J\PSU]H F]DQLHPVWDQyZ67/3URJUDPZ\NRU]\VWXM F\W PHWRG SRND]XMHSRQL V]\SU]\NDG 3RSRGDQLXLPSXOVXQD06MHVWDNW\ZQH ']LDDQLH ]QDF]QLND 0 ]DEH]SLHF]D SU]HG FL J\P

G]LDDQLHP VHNZHQFML SRQLHZD PLPR H 0 MHVW ZVWDQLH21WUDQVIHUZ\PDJD HE\0E\RZVWDQLH21D0ZVWDQLH2))

3RMHGQ\PSU]HELHJX]QDF]QLNLPSXOVRZDQ\0L]QDF]QLNEORNDG\0V ]HURZDQH

3R QDVW SQ\P LPSXOVLH QD 0 NURN 67/ SU]HQLHVLH ZSRGREQ\ VSRVyE VWHURZDQLH SURJUDPX ] 6 GRQDVW SQHJR NURNX 7\P UD]HP X \ZDM F 0 MDNR]QDF]QLND EORNDG\ SRQLHZD X \FLH SRGZyMQHM FHZNL ZQDVW SXM F\FKSRVRELHNURNDFKQLHMHVWGR]ZRORQH

3RZRGHP X \FLD ]QDF]QLNyZ EORNDG\ MHVW RNUHVSRWZLHUG]HQLDZF]DVLHNWyUHJRREDVWDQ\X \WHZSU]HQLHVLHQLXVWHURZDQLDSURJUDPXV ZVWDQLH21GODMHGQHJRSU]HELHJXSURJUDPX%H]WHMEORNDG\E\RE\PR OLZHQDW\FKPLDVWRZHSU]HVNRF]HQLHZV]\VWNLFKVWDQyZ67/]DMHGQ\P]DPDFKHP

0HWRGDVSHFMDOQH]QDF]QLNL );6 );1 ); );& );1SRMHG\QF]HJRLPSXOVX

3U]\ X \FLX VW\NyZ LPSXOVRZ\FK /'3 /') $13 LWS L RNUH ORQHJR ]DNUHVX ]QDF]QLNyZ00 VWHURZQLN SURJUDPRZDOQ\ );1 RVL JD WDNL VDP UH]XOWDW MDNPHWRGD 7DVSHFMDOQDFHFKDW\FKXU] G]H ]DEH]SLHF]DSU]HGVZRERGQ\PSU]HELHJLHPVWDQyZSRQLHZDW\ONRSLHUZV]HSRMDZLHQLHVL LQVWUXNFML/'3E G]LHDNW\ZQH3U]\NDGSRQL HMSRND]XMHSRWU]HEQHLQVWUXNFMH =Dy P\ H6MHVWMX DNW\ZQH .LHG\ ; XDNW\ZQLD 0 WR ] NROHL

XDNW\ZQLD LQVWUXNFM /'3 0 Z VWDQLH6LSU]HELHJSU]HFKRG]LGR6

,QVWUXNFMD /'3 0 ]DZDUWD Z F] FLSU]HM FLD 6 QLH Z\NRQXMH VL SRQLHZDMHVW WRGUXJLHSRMDZLHQLHVL 0ZVW\NXLPSXOVRZ\P

.LHG\ ; SRQRZQLH DNW\ZXMH 0LQVWUXNFMD /'3 Z 6 MHVW SLHUZV]\PSRMDZLHQLHP VL SRQLHZD 6 MHVW WHUD]QLHDNW\ZQH 6WHURZDQLH SU]HFKRG]L GRQDVW SQHJRNURNXZWHQVDPVSRVyE


0,768%,6+,

2JUDQLF]HQLDQLHNWyU\FKLQVWUXNFMLX \ZDQ\FK]67/&KRFLD 67/PR H SUDFRZD ]ZL NV]R FL LQVWUXNFML SRGVWDZRZ\FK L VSHFMDOQ\FK MHVW NLONDZ\M WNyZ3RGVWDZRZ UHJX MHVW WR H67/ L IRUPDW0&0&5QLHPRJ E\ F]RQH ,QQHRJUDQLF]HQLDLQVWUXNFMLSRGDQRZWDEHOLSRQL HM

,QVWUXNFMHSRGVWDZRZH

6WDQRSHUDF\MQ\/'/',$1'$1,2525,

1232876(75673/63/)

$1%25%03605'033

0&0&5

VWDQ\LQLFMXM FHLRJyOQH

SU]HWZDU]DQLHZ\M FLD

VWDQ\UR]JD ]LDM FHL F] FH SU]HQR

V]HQLH

2JUDQLF]HQLDGRW\F] FHX \FLDLQVWUXNFMLVSHFMDOQ\FK :L NV]R LQVWUXNFMLVSHFMDOQ\FKPR HE\X \WDZSURJUDPDFK67/7U]HEDW\ONR]ZUyFL

XZDJ ZMDNLVSRVyE67/ L]ROXMHND G\QLHDNW\ZQ\NURN=DOHFDVL E\RSHUDFMH LQVWUXNFMLVSHFMDOQ\FKE\\]DNR F]RQH]DQLPDNW\ZQ\NURN67/SU]HQLHVLHVWHURZDQLHGRQDVW SQHJRNURNX,QQHRJUDQLF]HQLD 6WUXNWXU\)251(;7QLHPRJ ]DZLHUDEORNyZSURJUDPX67/ 3RGSURJUDP\LSU]HUZDQLDQLHPRJ ]DZLHUDEORNyZSURJUDPX67/ %ORNLSURJUDPyZ67/QLHPRJ E\XPLHV]F]DQHSRLQVWUXNFML)(1' ,QVWUXNFMH )251(;7 V GR]ZRORQH Z SURJUDPLH 67/ ] ]DJQLH G HQLHP GR

SR]LRPyZ

:L FHMV]F]HJyyZZWDEHODFKQDVWURQDFK

8 \ZDQLHRSHUDFMLVNRNyZ]67/&KRFLD PR OLZH MHVW X \ZDQLH RSHUDFML VNRNX LQVWUXNFMD &- ZHZQ WU] SURJUDPX67/ ZSURZDG]D WR GRGDWNRZH L F] VWR QLHSRWU]HEQH NRPSOLNDFMH SU]HELHJX

SURJUDPX'OD]DSHZQLHQLD DWZHMREVXJL LV]\ENLHJRZ\NU\ZDQLDE GyZ]DOHFDVL XQLNDQLHXPLHV]F]DQLDLQVWUXNFMLVNRNXZSURJUDPDFK67/


0,768%,6+,

5R]JD ]LHQLDZ\ERUX );6 );1 ); );& );1ZSURJUDPLH67/

'R WHM SRU\ PR QD E\R V G]L H 67/ MHVW W\ONR SURVW\P M ]\NLHP VLHFL G]LDD -HGQ ]XQLNDWRZ\FK FHFK 67/ MHVW PR OLZR WZRU]HQLD SURJUDPyZ NWyUH PRJ SUDFRZD Z NLONXWU\EDFK RSHUDF\MQ\FK 1D SU]\NDG QLHNWyUH PDV]\Q\ Z\PDJDM Z\ERUX WU\EX U F]QHJR OXEDXWRPDW\F]QHJR LQQH ]D PRJ SRWU]HERZD ]GROQR FL GR Z\ERUX RSHUDFML OXE SURFHVyZZ\WZDU]DQLD$%&OXE'67/XPR OLZLDWRSRSU]H]ZLHORNURWQHUR]JD ]LHQLDSURJUDPXUR]SRF]\QDM FHVL Z MHGQ\PVWDQLH67/.D GHUR]JD ]LHQLH MHVWZWHG\SURJUDPRZDQH MDNRLQG\ZLGXDOQ\ WU\E SUDF\ L SRQLHZD QLH SRZLQQR E\ LQQ\FK DNW\ZQ\FK WU\EyZ Z\EyU JD ]LSURJUDPX PXVL VL Z]DMHPQLH Z\NOXF]D 7HQ W\S NRQVWUXNFML SURJUDPX ]ZDQ\ MHVWVHOHNW\ZQ\P SURJUDPRZDQLHP JD ]LRZ\P 3RQL HM SRND]DQR SU]\NDG SURJUDPX MHVW WRW\ONRSRGSURJUDP67/GODVWDQX6QDOH \]DXZD \ HND GDJD MHVWXVWDZLDQDSU]H]LQQ\VW\N

.RQVWUXNFMD UR]JD ]LHQLD Z\ERUX VWZDU]DM FD PR OLZR ]PLDQ\ SU]HS\ZX SURJUDPX MHVWEDUG]RSU]\GDWQDDOHMHMX \WHF]QR MHV]F]HEDUG]LHMZ]UDVWDG]L NLPR OLZR FLSRQRZQHJR F]HQLD]ELRUXLQG\ZLGXDOQ\FKJD ]L

7HQW\SNRQVWUXNFMLSURJUDPX67/QD]\ZDVL F]HQLHPSLHUZV]HJRVWDQXSRQLHZD SLHUZV]\VWDQ QD SU]\NDG]LH 6 6 OXE 6 NWyU\ ]DNR F]\ VZRM RSHUDFM VSRZRGXMH H VWDQSR F]HQLD6]DNW\ZL]XMHVL 1DOH \]DXZD \MDNND G\]NR FRZ\FKVWDQyZ67/Uy Q\FKJD ]LSURJUDPRZ\FKZ\ZRXMHWHQVDP F] F\VWDQ67/


0,768%,6+,

2JUDQLF]HQLHOLF]E\JD ]L2JyOQH XZDJL QD WHPDW SURJUDPRZDQLD UR]JD ]LH Z\ERUX 67/ ]QDMGXM VL QDVWURQLH

8ZDJLQDWHPDWRSURJUDPRZDQLD);3&6$7(( 2JyOQH XZDJL QD WHPDW URGNyZ RVWUR QR FL SU]\ Z\NRU]\VW\ZDQLX RSURJUDPRZDQLD );

3&6$7((]QDMGXM VL QDVWURQLH

5R]JD ]LHQLDUyZQROHJH );6 );1 ); );& );1ZSURJUDPLH67/

:SRSU]HGQLHM WHFKQLFH UR]JD ]LH PR QDE\R]REDF]\ MDNSRMHG\QF]\SU]HS\ZPyJE\Z\EUDQ\ ] JUXS\ 3RQL HM SU]HGVWDZLRQR PHWRG RSLVXM F MDN JUXSD LQG\ZLGXDOQ\FKSU]HS\ZyZ PR H E\ MHGQRF]H QLH UyZQROHJOH DNW\ZL]RZDQD $SOLNDFMH PRJ REVXJLZDDXWRPDW\VSU]HGDM FHNWyUHPXV] Z\NRQ\ZDNLOND]DGD MHGQRF]H QLHQSJRWRZDZRG GRGDZDUy QHVNDGQLNLVPDNRZHNDZDKHUEDWDPOHNRFXNLHU LWS:SU]\NDG]LHSRQL HMNLHG\VWDQ6 MHVWDNW\ZQ\ L;QDVW SQLH]RVWDQLHSU]H F]RQ\ZVWDQ21VWDQ66 L6SU]HMG ZVWDQ21MDNRQDVW SQ\VWDQ6W GWH WU]\RGG]LHOQHLQG\ZLGXDOQHUR]JD ]LHQLD]RVWDQ XUXFKRPLRQH]SRMHG\QF]HJRSXQNWX7D WHFKQLNDSURJUDPRZDQLDF] VWR MHVW ]ZDQDWHFKQLN JD ]L UyZQROHJ\FK HE\ E\R WR Z\UD QLH ZLGD UR]JD ]LHQLH UyZQROHJH MHVW]D]QDF]RQHGZLHPDSR]LRP\PLUyZQROHJ\PLOLQLDPL


0,768%,6+,

.LHG\]RVWDQLHXDNW\ZQLRQDJUXSDUR]JD ]LRQ\FKSU]HS\ZyZX \WNRZQLNPDGRZ\ERUXGZLHPHWRG\D 7HQ SU]HS\Z NWyU\ ]DNR F]\ VL QDMV]\EFLHM XDNW\ZQL IXQNFM F] F F]HQLH

SLHUZV]HJRVWDQXRSLVDQ ZSRSU]HGQLHMVHNFML

OXE

E 3U]HS\Z67/QLHE G]LHNRQW\QXRZDQ\GRSyNLZV]\VWNLHJD ]LHSU]HS\ZXQLHXNR F]VZRMHJRG]LDDQLD

7RQRVLQD]Z F]HQLDZLHORNURWQ\FKVWDQyZ F]HQLHUyZQROHJH

3RQL HMZ\MD QLHQLH F]HQLDZLHORNURWQ\FKVWDQyZ:SRQL V]\PSU]\NDG]LHVWDQ\66L6PXV] E\DNW\ZQH3U]HJO GDM FOLVW LQVWUXNFMLPR QD ]DXZD \ H ND G\ ]H VWDQyZ RVWDWQLFK VWDQyZSU]HG F]HQLHPPD VZRMHZDVQHLQVWUXNFMHRSHUDF\MQRSU]HWZDU]DM FHDOH]RVWD\UyZQLH GR F]RQHGRGDWNRZHLQVWUXNFMH67/ZSRGREQ\ VSRVyE MDNSRGVWDZRZH LQVWUXNFMH$1'=DQLP]RVWDQLH XDNW\ZQLRQ\ VWDQ6PXV] E\DNW\ZQHZDUXQNLSU]HM FLDWUDQ]\FML:W\PSU]\NDG]LHV WR;;;*G\VMX VSHQLRQH ZV]\VWNLH ZDUXQNL GRW\F] FH VWDQyZ L ZHM VWDQ F] F\ WX 6 PR H E\XVWDZLRQ\ZVWDQ217DN MDNZRJyOQ\PSU]\SDGNXZV]\VWNLHVWDQ\X \ZDQHZSURFHGXU]HXVWDZLDQLDV ]HURZDQHDXWRPDW\F]QLH

3RQLHZD ZL FHMQL MHGHQVWDQMHVWUyZQRF]H QLH F]RQ\]QDVW SQ\PLVWDQDPLF]DVDPLMHVWWRRSLV\ZDQHMDNR F]HQLHUyZQROHJH]D]QDF]DVL WRSR]LRP\PLUyZQROHJ\PLOLQLDPL

2JUDQLF]HQLDGRW\F] FHOLF]E\JD ]L]REDF]VWURQD

8ZDJLGRW\F] FHX \ZDQLDRSURJUDPRZDQLD);3&6$7(( 2JyOQH XZDJL QD WHPDW URGNyZ RVWUR QR FL SU]\ Z\NRU]\VW\ZDQLX RSURJUDPRZDQLD );

3&6$7((]QDMGXM VL QDVWURQLH


0,768%,6+,

2JyOQH]DVDG\UHDOL]DFMLSRSUDZQ\FKUR]JD ]LH 67/'ODND GHJRSXQNWXUR]JD ]LHQLDPR QD]DSURJUDPRZDGRQDVW SQ\FKUR]JD ]LH 1LHPDDGQ\FK RJUDQLF]H GRW\F] F\FK OLF]E\ VWDQyZ ]DZDUW\FK Z SRMHG\QF]\P SU]HS\ZLH 67/6W GLVWQLHMHPR OLZR UR]JD ]LHQLDSRMHG\QF]HJRVWDQXLQLFMXM FHJRQDSU]HS\ZyZNWyUH]NROHL PR QD UR]JD ]L QD QDVW SQ\FK SU]HS\ZyZ LWG -H HOL SURJUDP VWHURZQLND MHVWF]\WDQ\SLVDQ\ SU]\ X \FLX OLVW\ LQVWUXNFML OXE VFKHPDWX GUDELQNRZHJR SRZ\ V]H UHJX\ VGR]ZRORQH -HGQDN H X \WNRZQLF\ SDNLHWX );3&6$7(( NWyU]\ NRU]\VWDM ] FHFKSURJUDPRZDQLD 67/ V RJUDQLF]HQL QDVW SQ\PL UHVWU\NFMDPL XQLHPR OLZLDM F\PLDXWRPDW\F]Q NRQZHUVM SURJUDPX67/ZL FHMV]F]HJyyZQDVWURQLH

8 \ZDM F JD ]L Uy QH W\S\ UR]JD ]LHQLD F]HQLD QLH PRJ E\ PLHV]DQH Z W\P VDP\PSXQNFLH UR]JD ]LHQLD (OHPHQW\ R]QDF]RQH

V ZDUXQNDPL WUDQVIHUX NWyUH QLH VGRSXV]F]DOQH

=DOHFDVL QDVW SXM FH NRQILJXUDFMHPRG\ILNDFMHJD ]L


0,768%,6+,

'DOV]HSROHFDQH]PLDQ\SURJUDPX

2JyOQH]DOHFHQLDGRW\F] FH );6 );1 ); );& );1VWRVRZDQLDRSURJUDPRZDQLD);3&6$7((2SURJUDPRZDQLHWRXPR OLZLDSURJUDPRZDQLHVLHFLG]LDD 6)&-HGQ ]FHFKWHMPR OLZR FLMHVWWR HPR HRQRF]\WDLNRQZHUWRZDLVWQLHM FHSURJUDP\67/]SRZURWHPGRSU]HS\ZyZ6)&QDZHWMH HOLRQHQLHE\\QLJG\SLHUZRWQLHSURJUDPRZDQHSU]\X \FLXSDNLHWX);3&6$7(( 3U]\ DXWRPDW\F]Q\P JHQHURZDQLX SU]HS\ZX 6)& SRZLQQ\ E\ Z]L WH SRG XZDJQDVW SXM FHUHJX\LSXQNW\ 3U]HS\Z67/SRZLQLHQE\LQLFMRZDQ\MHGQ\P]H]QDF]QLNyZVWDQX]]DNUHVX66 :\EyU OXE GR F]HQLH JD ]L SRZLQQR E\ SLVDQH VHNZHQF\MQLH ]DF]\QDM F RG OHZHM GR

SUDZHM %\R WR SRND]DQH QD VWURQLH W]Q GOD UR]JD ]LHQLD Z\ERUX 6 E\RZ\VSHF\ILNRZDQH SU]HG 6 NWyUH E\R VSHF\ILNRZDQH SU]HG 6 6WDQ\ GR F]RQH E\\]DSURJUDPRZDQHZSRGREQ\VSRVyE6SRSU]HG]DR6NWyUHSRSU]HG]DR6

&DNRZLWD OLF]ED UR]JD ]LH NWyUH PRJ E\ ]DSURJUDPRZDQH Z WU\ELH SURJUDPRZDQLD67/ MHVW RJUDQLF]RQD GR REZRGyZ QD MHGHQ SU]HS\Z 67/ .D G\ SXQNW JD ]L MHVWRJUDQLF]RQ\ GR UR]JD ]LH 7R R]QDF]D H SXQNW\ SR UR]JD ]LH VSHQLDMZF]H QLHMV]H RJUDQLF]HQLH 7H RJUDQLF]HQLD ZSURZDG]RQR SR WR E\ X \WNRZQLN ]DZV]HPyJZLG]LHGLDJUDPSU]HS\ZyZ67/QDNRPSXWHU]H]RSURJUDPRZDQLHP);3&6$7((LNLHG\]DLVWQLHMHSRWU]HEDPyJJRSU]HMU]\ FLHZ\GUXNRZD


0,768%,6+,

3U]\NDG\SURJUDPRZDQLD );6 );1 ); );& );1

3URVW\SU]HS\Z67/

7HQ SURVW\ SU]\NDG MHVW F] FL SURJUDPX SyDXWRPDW\F]QHJR DGRZDQLDUR]DGRZDQLDWUDQVSRUWHUyZ UXG\ 3U]\NDGRZ\ SURJUDP ]DZLHUD ZEXGRZDQ SURFHGXU LQLFMXM F Z\NRQ\ZDQ W\ONR SRGF]DV Z F]DQLD ]DVLODQLD 3& 2VL JQL WR WR Z\NRU]\VWXM F VSHFMDOQ\]QDF]QLN0$NW\ZXMH RQ LQVWUXNFM =RQH 5H6H7 LQVWUXNFMDVSHFMDOQD =567 )1& NWyUD ]HUXMH ZV]\VWNLHRSHUDF\MQHVWDQ\67/3U]\NDGRERNSRND]XMHX \FLHLQVWUXNFML0=5673U]\FLVN;SUDFXMHMDNRSU]\FLVNVWDUWRZ\L MDNRSU]\FLVNZ\ELHUDM F\WU\ESUDF\6WDQ6MHVWLQLFMRZDQ\ LQVWUXNFM =567 6\VWHP F]HND QD SRGDQLH V\JQDyZ QD ZHM FLD ; L ; LQLHDNW\ZQR Z\M FLD


0,768%,6+,

7DPRWZLHUDVZRMHGROQHNODS\


0,768%,6+,

3U]\NDGRZ\SURJUDPUR]JD ]LHQLDZ\ERUX1DVW SXM F\SU]\NDGRSLVXMHDXWRPDWVRUWXM F\$XWRPDWZ\ELHUDNXONLR \VNRZH]SRMHPQLNDUyGRZHJRLVRUWXMHMHZGZyFKRGG]LHOQ\FKSRMHPQLNDFKXZ]JO GQLDM FLFKUR]PLDU

6HNZHQFMD]GDU]H RGZ F]HQLD]DVLODQLDMHVWQDVW SXM FD UDPL Z\ELHUDM FHMHVWSU]HVXZDQHGRVZRMHJRSXQNWX]HURZHJRSRQDFL QL FLXSU]\FLVNX

VWDUWX;3RRVL JQL FLXSXQNWX]HURZHJR]DSDODVL ODPSND


0,768%,6+,

3HQ\GLDJUDPSU]HS\ZX67/


0,768%,6+,

=DDZDQVRZDQHX \FLH67/

3URJUDPRZDQLH67/PR HE\ UR]V]HU]RQHSU]\X \FLX LQVWUXNFML VSHFMDOQHM LQLFMXM FHM VWDQ ,67 )1& .LHG\ X \ZDQD MHVW LQVWUXNFMD ,67 SU]\SRU] GNRZDQLH ]QDF]QLNyZ QDVW SXMHDXWRPDW\F]QLH ,QVWUXNFMD ,67GRVWDUF]DSURJUDPL FLHPHWRGGR WZRU]HQLDSURJUDPyZRZLHOXWU\EDFK'RVW SQHWU\E\WRD DXWRPDW\F]Q\

SRMHG\QF]\NURN SRMHG\QF]\F\NO SUDFDFL JD

E U F]Q\ VWHURZDQLHSU]H]RSHUDWRUD SRZUyWGRVWDQXSRF] WNRZHJR

:L FHMV]F]HJyyZQDWHPDWWHMLQVWUXNFMLQDVWURQLH

6WHURZQLNLSURJUDPRZDOQHVHULL); &KDUDNWHU\VW\NDXU] G]H

0,768%,6+,

:SURZDG]HQLH


3URJUDPRZDQLH67/


,QVWUXNFMHVSHFMDOQH





:VND]yZNLWHFKQLF]QH

,QGHNV


0,768%,6+,

6SLVWUH FL &KDUDNWHU\VW\NDXU] G]H :HM FLD :\M FLD =QDF]QLNL0 2JyOQHLQIRUPDFMHGRW\F] FHSU]HND QLNyZSRPRFQLF]\FK 3U]HND QLNLSRPRFQLF]H]SRGWU]\PDQLHP]DWU]DVNRZH =QDF]QLNLV\VWHPRZH =QDF]QLNLSRMHG\QF]HJRLPSXOVX =QDF]QLNLVWDQX6 2JyOQ\VWDQ]QDF]QLNyZ =QDF]QLNLVWDQX]SRGWU]\PDQLHP]DWU]DVNRZH =QDF]QLNLNURNX67/ =QDF]QLNLZVND QLNRZRGLDJQRVW\F]QH (W\NLHW\VNRNyZ (W\NLHW\SU]HUZD 3U]HUZDQLDRGZHM 3U]HUZDQLDRGWLPHUyZ %ORNRZDQLHSRV]F]HJyOQ\FKSU]HUZD 3U]HUZDQLDRGOLF]QLNyZ 6WDD. 6WDD+ 7LPHU\ =DVDGDG]LDDQLDWLPHUD 7LPHU\RSU]H F]DQHMUR]G]LHOF]R FL 7LPHU\]SDPL FL 7LPHU\Z\NRU]\VW\ZDQHZSU]HUZDQLDFKLSRGSURJUDPDFK&$// 'RNDGQR WLPHUD /LF]QLNL /LF]QLNLELWRZHGRGDM FH]Z\NHL]DWU]DVNRZH /LF]QLNLELWRZHGZXNLHUXQNRZH]Z\NHL]DWU]DVNRZH /LF]QLNLV]\ENLH 3RGVWDZRZHRSHUDFMHQDOLF]QLNXV]\ENLP 'RVW SQR OLF]QLNyZV]\ENLFKZSURJUDPRZDOQ\FKVWHURZQLNDFK););6L);1 'RVW SQR OLF]QLNyZV]\ENLFKZSURJUDPRZDOQ\FKVWHURZQLNDFK);L);& 'RVW SQR OLF]QLNyZV]\ENLFKZSURJUDPRZDOQ\FKVWHURZQLNDFK);1 /LF]QLNLMHGQRID]RZHXUXFKDPLDQHL]HURZDQHSU]H]SURJUDPX \WNRZQLND&& /LF]QLNLMHGQRID]RZH]XUXFKDPLDQLHPL]HURZDQLHPVSU] WRZ\P&& /LF]QLNLGZXID]RZHGZXNLHUXQNRZH&& /LF]QLNL$%ID]RZH&& 5HMHVWU\GDQ\FK 5HMHVWU\RJyOQHJRSU]H]QDF]HQLD 5HMHVWU\]SRGWU]\PDQLHP]DWU]DVNRZH 5HMHVWU\GLDJQRVW\F]QH 5HMHVWU\SOLNRZH 5HMHVWU\XVWDZLDQH]HZQ WU]QLH 5HMHVWU\LQGHNVRZH 0RG\ILNRZDQLHVWDHM 1LHZD FLZHX \FLHPRG\ILNDWRUyZ 8 \FLHZLHORNURWQHUHMHVWUyZLQGHNVRZ\FK %LW\6RZD]DSLV%&'L]DSLVV]HVQDVWNRZ\ 8U] G]HQLDELWRZHSRMHG\QF]HLJUXSRZH 8U] G]HQLDVRZRZH ,QWHUSUHWDFMDGDQ\FKVRZRZ\FK 8]XSHQLHQLHGR =DSLV]PLHQQRSU]HFLQNRZ\LV]HVQDVWNRZ\ =DSLVQDXNRZ\ )RUPDW]PLHQQRSU]HFLQNRZ\ =HVWDZLHQLHQRWDFMLQDXNRZHMLOLF]E]PLHQQRSU]HFLQNRZ\FK


0,768%,6+,

&KDUDNWHU\VW\NDXU] G]H );6 );1 ); );& );1

:HM FLD0QHPRQLNXU] G]HQLD;,QSXW=DVWRVRZDQLHUHSUH]HQWXMHIL]\F]QHZHM FLDVWHURZQLNDSURJUDPRZDOQHJR2]QDF]HQLH,3

,QS;ZHM FLH6W\NZHM FLRZ\

'RVW SQHIRUP\ W\ONRVW\NLQRUPDOQLHUR]ZDUWHLQRUPDOQLH]ZDUWH]REDF]SU]\NDG]DVWRVRZDQLD

1XPHURZDQLHXU] G]H yVHPNRZHW]Q;GR;;GR;LWG'DOV]H]DVWRVRZDQLDEUDN3U]\NDGX \FLDXU] G]HQLD

'RVW SQHXU] G]HQLD ]REDF]SXQNWLQIRUPDF\MQ\QDVWURQLH:\M FLDOXERGSRZLHGQLHWDEHOHZ\EUDQ\FKVWHURZQLNyZZUR]G]LDOH

6]F]HJy\GRW\F] FHNRQILJXUDFML ]REDF]UR]G]LD

6WHURZQLNLSURJUDPRZDOQHVHULL);&KDUDNWHU\VW\NDXU] G]H

0,768%,6+,

:\M FLD );6 );1 ); );& );1

0QHPRQLNXU] G]HQLD


0,768%,6+,

=QDF]QLNL0 );6 );1 ); );& );1

0QHPRQLNXU] G]HQLD00DUNHU=DVWRVRZDQLHZHZQ WU]Q\]QDF]QLNVWDQXSU]HND QLNSRPRFQLF]\VWHURZQLNDSURJUDPRZDOQHJR2]QDF]HQLH]QDF]QLNFHZNDSU]HND QLNVW\NIODJD

'RVW SQHIRUP\VW\NLQRUPDOQLHUR]ZDUWHLQRUPDOQLH]ZDUWHRUD]FHZNLZ\M FLRZH]REDF]SU]\NDG]DVWRVRZDQLD

1XPHURZDQLHXU] G]H G]LHVL WQHW]Q0GR00GR0'DOV]H]DVWRVRZDQLD

]QDF]QLNL]SRGWU]\PDQLHP]DWU]DVNRZHVWURQD]QDF]QLNLGLDJQRVW\F]QHVWURQD

3U]\NDGX \FLDXU] G]HQLD

2JyOQHLQIRUPDFMHGRW\F] FHSU]HND QLNyZSRPRFQLF]\FK:VWHURZQLNXSURJUDPRZDOQ\PGRVW SQDMHVWSHZQDOLF]EDSU]HND QLNyZSRPRFQLF]\FK&HZNLW\FKSU]HND QLNyZV VWHURZDQHVW\NDPLXU] G]H Z3/&GHILQLRZDQ\PLSU]H]SURJUDPZWDNLVDPVSRVyEMDNSU]HND QLNLZ\M FLRZH:V]\VWNLH SU]HND QLNL SRPRFQLF]H PDM QLHRJUDQLF]RQ OLF]E SURJUDPRZ\FK VW\NyZQRUPDOQLHUR]ZDUW\FKLQRUPDOQLH]ZDUW\FKNWyUHPRJ E\X \ZDQHZSURJUDPLHVWHURZQLND1DOH \]DXZD \ HVW\NL WHQLHPRJ EH]SR UHGQLRVWHURZD]HZQ WU]Q\PREFL HQLHP'RWHJRFHOXVX SU]HND QLNLZ\M FLRZH

'RVW SQHXU] G]HQLD 3U]HGVWDZLRQH V RQH Z SXQNFLH LQIRUPDF\MQ\P QD VWURQLH 3U]HND QLNLSRPRFQLF]H ] SRGWU]\PDQLHP]DWU]DVNRZH RUD]Z WDEHODFKGODZ\EUDQ\FK3/&ZUR]G]LDOH


0,768%,6+,

3U]HND QLNLSRPRFQLF]H]SRGWU]\PDQLHP]DWU]DVNRZH-H OLQDVW SL]DQLN]DVLODQLDSRGF]DVSUDF\3/&ZV]\VWNLHSU]HND QLNLZ\M FLRZHLSU]HND QLNLRJyOQHJR VWRVRZDQLD SU]HMG Z VWDQ 2)) VWDQ Z\ F]HQLD :V]\VWNLH WH SU]HND QLNLSR]RVWDQ ZVWDQLH2)) ]Z\M WNLHP W\FK NWy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

'RVW SQHXU] G]HQLD

6WHURZQLN3/& );6

);1

); );&

);1

3U]HND QLNLSRPRFQLF]H

0

0

0

0

0

3U]HND QLNLSRPRFQLF]H]SRGWU]\PDQLHP]DWU]DVNRZH

0

0

0

0

0

5D]HPGRVW SQ\FK

:L FHM LQIRUPDFML GRW\F] F\FK GRVW SQR FL XU] G]H Z NRQNUHWQ\FK W\SDFK VWHURZQLND ZUR]G]LDOH ,QIRUPDFMH QD WHPDW GRVW SQR FL XU] G]H SU]\ X \FLX VWHURZQLND );Z\SRVD RQHJRZ);$:$3QDVWURQLH

2EFL HQLD]HZQ WU]QH 3U]HND QLNLV Z\SRVD RQHZQLHRJUDQLF]RQ OLF]E VW\NyZQRUPDOQLHUR]ZDUW\FKLQRUPDOQLH ]ZDUW\FK6 RQHGRVW SQHZ FD\PSURJUDPLH3/&6W\NL WH QLHPRJEH]SR UHGQLRVWHURZDREFL HQLHP]HZQ WU]Q\P:V]\VWNLHREFL HQLD]HZQ WU]QHSRZLQQ\E\VWHURZDQHSU]\X \FLXEH]SR UHGQLFKZ\M


0,768%,6+,

=QDF]QLNLV\VWHPRZH6WHURZQLNSURJUDPRZDOQ\PDSHZQ OLF]E VSHFMDOQ\FKSU]HND QLNyZSRPRFQLF]\FK NWyU\FKVWDQ GHILQLRZDQ\ MHVW SU]H] RSURJUDPRZDQLH V\VWHPRZH VWHURZQLND 3U]HND QLNL WH ]ZDQH]QDF]QLNDPL V\VWHPRZ\PL PDM QXPHU\ RG 0 3HQL RQH VSHF\ILF]QH IXQNFMH L VSRG]LHORQHQDGZLHQDVW SXM FHJUXS\D]QDF]QLNLW\ONRGRRGF]\WX

&HZNLW\FKSU]HND QLNyZV DXWRPDW\F]QLHVWHURZDQHSU]H]SURJUDPV\VWHPRZ\3/&7\ONRVW\NLW\FKSU]HND QLNyZPRJ E\X \ZDQHZSURJUDPLHX \WNRZQLND

3U]\NDG\ 0PRQLWRUVWDQX581MHVWZVWDQLH21SRGF]DVG]LDDQLDSURJUDPX0LPSXOVSRF] WNRZ\JHQHURZDQ\QDW\FKPLDVWSRVWDUFLH3/&0LPSXOV\]HJDURZHPV

E]QDF]QLNLGR]DSLVXLRGF]\WXVWHUXM FHFHZNDPLVSHFMDOQ\FKSU]HND QLNyZSRPRFQLF]\FK 3/&Z\NRQXMHRNUH ORQH]JyU\VSHFMDOQHRSHUDFMHSRGF]DVVWHURZDQLDW\FKSU]HND QLNyZZSURJUDPLH

X \WNRZQLND3U]\NDG\ 0ZV]\VWNLHVWDQ\Z\M FLRZHV ]DFKRZDQHNLHG\RSHUDFMH3/&V

]DWU]\PDQH0ZV]\VWNLHZ\M FLDV ]DEORNRZDQH03/&SUDFXMHZVWD\PSU]HELHJXSURJUDPX

'RVW SQHXU] G]HQLD 1LH ZV]\VWNLH 3/& X \ZDM WHQ VDP ]DNUHVX OLF]E L ]QDF]HQLH RSHUDF\MQHV\VWHPRZ\FK SU]HND QLNyZ SRPRFQLF]\FK 3U]HG X \FLHP XU] G]HQLD QDOH \VSUDZG]L MHJR GRVW SQR L IXQNFM 6SHF\ILNDFMD ]DNUHVyZ L ]QDF]H Z 3/& VRPyZLRQHZUR]G]LDOH

=QDF]QLNLSRMHG\QF]HJRLPSXOVX );6

);1

); );&

);1

=QDF]QLNL0]]DNUHVX00PDM VSHFMDOQH]QDF]HQLHNLHG\V X \ZDQH]HVW\NDPLLPSXOVRZ\PL /'3 /') LWG 7DNLH X \FLH W\FK ]QDF]QLNyZ SRZRGXMH H W\ONR SLHUZV]DLQVWUXNFMDVW\NXLPSXOVRZHJR]QDMGXM FDVL ]DFHZN WHJRSU]HND QLNDMHVWDNW\ZRZDQD

8VWDZLHQLH;ZVWDQ21SRZRGXMHXVWDZLHQLH0ZVWDQ21 6W\NLV VW\NDPLLPSXOVRZ\PLLDNW\ZXM VL

QDF]DVMHGQHJRSU]HELHJXSURJUDPX

6W\NMHVWQRUPDOQ\PVW\NLHP/'LDNW\ZXMHVLSRGF]DVJG\0MHVWZVWDQLH21

8VWDZLHQLH;ZVWDQ21SRZRGXMHXVWDZLHQLH0ZVWDQ21 6W\NMHVWVW\NLHPLPSXOVRZ\PLDNW\ZXMHVL QD

F]DVMHGQHJRSU]HELHJXSURJUDPX 6W\NLLV VW\NDPLLPSXOVRZ\PLWHJRVDPHJR

XU] G]HQLD0FRVW\N6W\NMX G]LDDWDNZL FVW\NLLQLHG]LDDM

6W\NMHVWQRUPDOQ\PVW\NLHP/'LDNW\ZXMHVLSRGF]DVJG\0MHVWZVWDQLH21


0,768%,6+,

=QDF]QLNLVWDQX6 );6 );1 ); );& );1

0QHPRQLNXU] G]HQLD66WDWXV0DUNHU=DVWRVRZDQLHZHZQ WU]Q\]QDF]QLNVWDQXVWHURZQLNDSURJUDPRZDOQHJR2]QDF]HQLHVWDQFHZNDSU]HND QLNVW\NIODJD

6FHZNDSU]HND QLNVW\NIODJDNURN67/FHZNDSU]HND QLNVW\NIODJD]QDF]QLNZVND QLNRZ\

'RVW SQHIRUP\ VW\NLQRUPDOQLHUR]ZDUWHLQRUPDOQLH]ZDUWHRUD]FHZNLZ\M FLRZH]REDF]SU]\NDG]DVWRVRZDQLD

1XPHURZDQLHXU] G]H G]LHVL WQHW]Q6GR66GR6

'DOV]H]DVWRVRZDQLD]QDF]QLNLVWDQX]REDF]VWURQD]QDF]QLNLVWDQX]SRGWU]\PDQLHP]DWU]DVNRZHVWURQD]QDF]QLNLNURNX67/]REDF]VWURQD]QDF]QLNLZVND QLNRZH]REDF]VWURQD


2JyOQ\VWDQ]QDF]QLNyZ:VWHURZQLNXSURJUDPRZDOQ\PX \ZDQDMHVWSHZQDOLF]EDSU]HND QLNyZSRPRFQLF]\FK&HZNLW\FKSU]HND QLNyZV VWHURZDQHVW\NDPLXU] G]H Z3/&ZWDNLVDPVSRVyE MDNSU]HND QLNLZ\M FLRZHV VWHURZDQHZSURJUDPLH:V]\VWNLH SU]HND QLNL SRPRFQLF]H PDM GRZROQ OLF]E SURJUDPRZ\FK VW\NyZ QRUPDOQLHUR]ZDUW\FK L QRUPDOQLH ]ZDUW\FK NWyUHPRJ E\ X \ZDQH Z SURJUDPLH X \WNRZ\P 1DOH \]DXZD \ H WH VW\NL QLH PRJ EH]SR UHGQLR VWHURZD ]HZQ WU]Q\P REFL HQLHP 'R WHJRFHOXVX SU]HND QLNLZ\M FLRZH

'RVW SQHXU] G]HQLD 3U]HGVWDZLRQHV RQHZSXQNFLHLQIRUPDF\MQ\PQDVWURQLH3U]HND QLNLVWDQX]SRGWU]\PDQLHP]DWU]DVNRZHRUD]ZWDEHODFKGODZ\EUDQ\FK3/&ZUR]G]LDOH


0,768%,6+,

=QDF]QLNLVWDQX]SRGWU]\PDQLHP]DWU]DVNRZH

-H OLQDVW SL]DQLN]DVLODQLDSRGF]DVSUDF\3/&ZV]\VWNLHSU]HND QLNLZ\M FLRZHLSU]HND QLNLRJyOQHJR VWRVRZDQLD SU]HMG Z VWDQ 2)) VWDQ Z\ F]HQLD :V]\VWNLH WH SU]HND QLNLSR]RVWDQ ZVWDQLH2)) ]Z\M WNLHP W\FK NWyUHV UHDNW\ZRZDQHSRZ]QRZLHQLX G]LDDQLDVWHURZQLND 8U] G]HQLD WH RNUH OD VL MDNR ]DWU]DVNRZH OXE ] SRGWU]\PDQLHP 6WDQ MHVWSRGWU]\P\ZDQ\ SU]H] EDWHUL OXE SDPL ((3520ZEXGRZDQ Z3/& 3U]HND QLNL VWDQX ]SRGWU]\PDQLHP]DWU]DVNRZH G]LDDM Z SRGREQ\ VSRVyE MDN SRPRFQLF]H SU]HND QLNL ]SRGWU]\PDQLHP]DWU]DVNRZHRSLVDQHQDVWURQLH

'RVW SQHXU] G]HQLD

6WHURZQLN3/& );6

);1

); );&

);1

3U]HND QLNLSRPRFQLF]H

6

EUDN

63U]HND QLNLSRPRFQLF]H]SRGWU]\PDQLHP]DWU]DVNRZH

EUDN

6

6

5D]HPGRVW SQ\FK

'DOV]HLQIRUPDFMHGRW\F] FHGRVW SQR FLXU] G]H GODSRV]F]HJyOQ\FK3/&]QDMGXM VL ZUR]G]LDOH

2EFL HQLD]HZQ WU]QH 3U]HND QLNL VWDQX V Z\SRVD RQH Z QLHRJUDQLF]RQ OLF]E VW\NyZ QRUPDOQLHUR]ZDUW\FK L QRUPDOQLH ]ZDUW\FK 6 RQH DWZR GRVW SQH Z FD\P SURJUDPLH 3/&6W\NL WH QLH PRJ EH]SR UHGQLR VWHURZD REFL HQLHP ]HZQ WU]Q\P :V]\VWNLHREFL HQLD]HZQ WU]QHSRZLQQ\E\VWHURZDQHSU]\X \FLXEH]SR UHGQLFKZ\M


0,768%,6+,

=QDF]QLNLNURNX67/

=QDF]QLNL6V EDUG]RZD Q\PLXU] G]HQLDPLSRGF]DVSURJUDPRZDQLDVWHURZDQLDSURFHVHPNURNSRNURNX6 RQHX \ZDQHZNRPELQDFML]SRGVWDZRZ LQVWUXNFM 67/.LHG\X \ZDQHV ZV]\VWNLHVSRVRE\SURJUDPRZDQLD67/QLHNWyUHVWDQ\PDMSUHGHILQLRZDQ RSHUDFM .URNR]QDF]RQ\QDVFKHPDFLHRERNQD]\ZDVL VWDQHPLQLFMXM F\P:V]\VWNLHLQQHNURNLVWDQXV QDVW SQLHX \ZDQHGREXGRZDQLDSHQHJRVFKHPDWXIXQNFML67/1DOH \SDPL WD HFKRFLD SR]RVWDHNURNLVWDQXV X \ZDQHZIRUPDFLH67/ZFL ]DFKRZXM VZyMRJyOQ\OXE]DWU]DVNRZ\VWDQ=DNUHVGRVW SQR FLXU] G]H MHVWSRGDQ\ZWDEHOLSXQNWXSRSU]HGQLHJR

3U]\SRU] GNRZDQHVWDQ\ *G\Z\NRQ\ZDQD MHVW LQVWUXNFMD VSHFMDOQD ,67 ,QLWLDO6WDWH)1& QDVW SXM FHXU] G]HQLD VWDQX V DXWRPDW\F]QLH SU]\SLV\ZDQ\PL RSHUDFMDPL NWyUH QLHPRJ E\]PLHQLDQHSU]H]SURJUDPX \WNRZQLND

6 VWDQLQLFMXM F\U F]QHJRVWHURZDQLD6 VWDQLQLFMXM F\SRZURWXGR]HUD6 VWDQLQLFMXM F\VWHURZDQLDDXWRPDW\F]QHJR66 SU]\G]LHORQHGODWZRU]HQLDVHNZHQFMLSURJUDPXSRZURWXGR]HUD

0RQLWRURZDQLHSURJUDPyZ67/ $E\ PRQLWRURZD G\QDPLF]QLH DNW\ZQH VWDQ\ Z SURJUDPLH 67/ VSHFMDOQ\SU]HND QLNSRPRFQLF]\0PXVLE\ZVWDQLH21

3URJUDPRZDQLH67/6)& :L FHM LQIRUPDFML QD WHPDW VSRVREX SURJUDPRZDQLD 67/6)& ]QDMGXMH VL ZUR]G]LDOH

,QVWUXNFMD,67 2SLVLQVWUXNFML,67]QDMGXMHVL QDVWURQLH


0,768%,6+,

=QDF]QLNLZVND QLNRZRGLDJQRVW\F]QH );6

);1

); );&

);1

1LHNWyUH ]QDF]QLNL VWDQX PRJ E\ X \WH MDNR Z\M FLD GOD GLDJQRVW\NL ]HZQ WU]QHM G]LDDQLDSURJUDPXVWHURZQLND]ZDQHDQQXQFLDWRUIODJVMH OLX \WRQLHNWyU\FKLQVWUXNFMLVSHFMDOQ\FK7HLQVWUXNFMHWR

LQVWUXNFMD$16)1& $1XQFLDWRU6HW]REDF]VWURQDLQVWUXNFMD$15)1&$1XQFLDWRU5HVHW]REDF]VWURQD

3RGF]DVX \ZDQLDIXQNFMLDQQXQFLDWRUD]QDF]QLNLNRQWURORZDQHJRVWDQXV Z]DNUHVLH66 SXQNWyZ3U]\ ]DSURJUDPRZDQLX ]HZQ WU]QHJR XNDGX GLDJQRVW\NL MDN SRND]DQRSRQL HM L PRQLWRURZDQLX VSHFMDOQHJR UHMHVWUX GDQ\FK ' ZVND]\ZDQ\ E G]LH Z QLFKQDMQL V]\DNW\ZRZDQ\VWDQ]]DNUHVXDQQXQFLDWRU.D GHPX] W\FKVWDQyZPR HE\SU]\SLVDQ\E G OXEZDUXQHNE GX.LHG\SRMDZLVL E GSU]\SLVDQ\VWDQMHVWXVWDZLRQ\QD21-H OLSRMDZLVL MHGQRF]H QLHZL FHME GyZZ\ ZLHWODQ\MHVW QDMQL V]\ QXPHU E GX 3R XVXQL FLX SU]\F]\Q\ ZVND]DQHJR E GX ZVND]\ZDQ\ MHVWQDVW SQ\ E G R QDMQL V]\P QXPHU]H 7R R]QDF]D H SU]\F]\Q\ E GyZ R QDMZ\ V]\FKSULRU\WHWDFK ZVND]\ZDQH Z V\VWHPLH GLDJQRVW\F]Q\P SRZLQQ\ PLH SU]\G]LHORQH VWDQ\ QDQDMQL V]\FKQXPHUDFK]DNUHVXDQQXQFLDWRUD:V]\VWNLH]QDF]QLNLVWDQXX \ZDQHZIXQNFMLDQQXQFLDWRUDZFKRG] Z]DNUHVUHMHVWUyZVWDQX]SRGWU]\PDQLHP]DWU]DVNRZ\FK0RQLWRURZDQLHMHVWXPR OLZLRQHSU]H]Z\VWHURZDQLHVSHFMDOQHJRSU]HND QLNDSRPRFQLF]HJR0ZVWDQ21=QDF]QLN6MHVWDNW\ZRZDQ\MH HOLZHM FLH;QLHMHVWZ\VWHURZDQHZSU]HFL JXVSRW\PMDNZ\M FLH


0,768%,6+,

(W\NLHW\VNRNyZ );6 );1 ); );& );1

0QHPRQLN33RLQWHU=DVWRVRZDQLHVWHURZDQLHSU]HELHJLHPSURJUDPX2]QDF]HQLH(W\NLHWD

(W\NLHWDSURJUDPX3

'RVW SQHIRUP\HW\NLHWDSRMDZLDVL SROHZHMVWURQLHOLQLL]DVLODM FHMED]RZHMJG\SURJUDPMHVWSU]HJO GDQ\ZWU\ELHGUDELQNRZ\P1XPHUDFMDHW\NLHWG]LHVL WQDW]Q3333=DVWRVRZDQLD PR HE\X \ZDQD]LQVWUXNFMDPLVNRNXZDUXQNRZHJR&-)1&

]REDF]VWURQDLHOHPHQWQDSU]\NDG]LH] LQVWUXNFMDPLZ\ZRDQLD SRGSURJUDPyZ &$//)1& QLHGRVW SQDZVWHURZQLNDFK);L);1]REDF]VWURQDLHOHPHQWQDSU]\NDG]LH


'RVW SQHXU] G]HQLD VWHURZQLNL SURJUDPRZDOQH );6 );1 L ); PDM HW\NLHW\ GRVW SQH Z]DNUHVLH33 VWHURZQLNL SURJUDPRZDOQH );& L );1 PDM HW\NLHW GRVW SQ\FK Z

]DNUHVLH33

6NRNQDNRQLHFSURJUDPX : F]DVLH X \ZDQLD LQVWUXNFML VNRNX ZDUXQNRZHJR &- )1& PR QD SU]HVNRF]\

DXWRPDW\F]QLH QD NRQLHF SURJUDPX X \ZDM F HW\NLHW\ 3 Z LQVWUXNFML &- 1LH MHVWZ\PDJDQHSU]\SLVDQLHHW\NLHW\3GRLQVWUXNFML(1'

'RVW SQR HW\NLHW 6]F]HJyRZH LQIRUPDFMH R GRVW SQR FL HW\NLHW GOD SRV]F]HJyOQ\FK VWHURZQLNyZPR QD]QDOH ZUR]G]LDOH


0,768%,6+,

(W\NLHW\SU]HUZD );6 );1 ); );& );1

0QHPRQLNXU] G]HQLD,,QWHUUXSW=DVWRVRZDQLHPLHMVFHSRF] WNXSURJUDPXREVXJLSU]HUZDQLD2]QDF]HQLH3U]HUZDQLH

3U]HUZDQLHV]\ENLH,

'RVW SQH IRUP\ HW\NLHWD SRMDZLD VL SR OHZHM VWURQLH OHZHM OLQLL ]DVLODM FHM ED]RZHM JG\SURJUDPMHVWSU]HJO GDQ\ZWU\ELHGUDELQNRZ\P]REDF]QDSU]\NDG]LH1XPHURZDQLHHW\NLHWVSHFMDOQ\V\VWHPQXPHURZDQLDRSDUW\QDX \W\PZHM FLXSU]HUZDQLDLPHWRG]LHZ\]ZDODQLDSU]HUZDQLD'DOV]H]DVWRVRZDQLD SU]HUZDQLDRGZHM FLD]REDF]VWURQD

SU]HUZDQLDRGWLPHUD]REDF]VWURQDPDVNRZDQLHSU]HUZD ]REDF]VWURQDSU]HUZDQLDRGOLF]QLND]REDF]VWURQD


'RGDWNRZHLQVWUXNFMHVSHFMDOQH SU]HUZDQLD V JHQHURZDQH SU]H]XU] G]HQLDSU]HU\ZDM FHZVND QLNSU]HUZDQLD L Uy QHX \FLH WU]HFKGHG\NRZDQ\FKVSHFMDOQ\FKLQVWUXNFMLSU]HUZD ,5(7)1&SRZUyW]SU]HUZDQLD]REDF]VWURQD (,)1&]H]ZROHQLHQDSU]HUZDQLH]REDF]VWURQD ',)1&]DEURQLHQLHSU]HUZDQLD]REDF]VWURQD

3R]LRP\]DJQLH G HQLD 3RGF]DV REVXJL SU]HUZDQLD ZV]\VWNLH LQQH SU]HUZDQLD V ]DEURQLRQH $E\ XPR OLZL

]DJQLH G RQH SU]HUZDQLD Z SURJUDPLH REVXJL SU]HUZDQLD QDOH \ X \ LQVWUXNFML (,',3U]HUZDQLDPRJ E\]DJQLH G RQHQDGZyFKSR]LRPDFK

3R]\FMDHW\NLHW\ (W\NLHW\SU]HUZD PRJ E\X \WHW\ONRSRLQVWUXNFML)(1')1&


0,768%,6+,

3U]HUZDQLDRGZHM

,GHQW\ILNDFMDQXPHUXZVND QLNDSU]HUZDQLD

,qq

SU]HUZDQLHZ\]ZRORQHSU]\RSDGDM F\P]ERF]XV\JQDXZHM FLRZHJRSU]HUZDQLHZ\]ZRORQHSU]\QDUDVWDM F\P]ERF]XV\JQDXZHM FLRZHJR

1XPHUZHM FLDND G\QXPHUZHM FLDPR HE\X \W\W\ONRUD]);6L);1PDM SXQNW\ORNRZDQHQD;;,QQHMHGQRVWNLPDM SXQNWyZORNRZDQHQD;;

3U]\NDG,6HNZHQFMD LQVWUXNFML XPLHV]F]RQD SR HW\NLHFLH R]QDF]RQHM SU]H] ZVND QLN , MHVWZ\NRQ\ZDQD SR QDUDVWDM F\P ]ERF]X V\JQDX QD ZHM FLX ; 3URJUDP ZUDFD ] REVXJLSU]HUZDQLDSRQDSRWNDQLXLQVWUXNFML,5(7

5HJX\X \FLD'ODG]LDDQLDSU]HUZD PXV] E\VSHQLRQHQDVW SXM FHZDUXQNLHW\NLHW\SU]HUZD QLHPRJ PLHW\FKVDP\FKQXPHUyZQDSR]\FMLVHWHNW]Q,L

,QLHV GR]ZRORQHZHM FLDX \ZDQHGRSU]HUZD QLHPRJ SRNU\ZDVL ]ZHM FLDPLMX SU]\SLVDQ\PLGRLQQ\FKV]\ENLFKLQVWUXNFMLZSURJUDPLHX \WNRZQLND

3U]HUZDQLDRGWLPHUyZ );6

);1

); );&

);1


,qqq

PVSU]HUZDQLHMHVWDNW\ZRZDQHNLHG\XS\QLHRNUH ORQ\F]DVRSy QLHQLD

QXPHUWLPHUDSU]HUZDQLDRGGR

3U]\NDG,6HNZHQFMD LQVWUXNFML XPLHV]F]RQD SR HW\NLHFLH R]QDF]RQHM SU]H] ZVND QLN , MHVWZ\NRQ\ZDQDFRPV3URJUDPZUDFD]REVXJLSU]HUZDQLDSRQDSRWNDQLXLQVWUXNFML,5(7

5HJX\X \FLD 'ODG]LDDQLDSU]HUZD PXV] E\VSHQLRQHQDVW SXM FHSXQNW\ HW\NLHW\SU]HUZD QLHPRJ PLHW\FKVDP\FKQXPHUyZQDSR]\FMLVHWHNW]Q,L,QLHV GR]ZRORQH


0,768%,6+,

%ORNRZDQLHSRV]F]HJyOQ\FKSU]HUZD3RV]F]HJyOQH SU]HUZDQLDPRJ E\ EORNRZDQH F]DVRZR OXE QD VWDH SRSU]H] XVWDZLHQLH ZVWDQ21 SU]\SLVDQ\FK VSHFMDOQ\FK SRPRFQLF]\FK SU]HND QLNyZ00 2GSRZLHGQLHSU]HND QLNL V R]QDF]RQH Z WDEHODFK XU] G]H Z UR]G]LDOH 'OD ZV]\VWNLFK W\SyZ 3/&SU]HND QLNLHPSRF] WNRZ\PMHVW0EORNXM F\SU]HUZDQLH,qq

6WHURZDQLHVSHFMDOQ\FKSU]HND QLNyZSRPRFQLF]\FK 1LJG\ QLH QDOH \ VWHURZD SU]HND QLNLHP EH] XSU]HGQLHJR VSUDZG]HQLD MHJRIXQNFML1LHZHZV]\VWNLFK3/&LFKIXQNFMDMHVWWDNDVDPD

%ORNRZDQLHSU]HUZD RGV]\ENLHJROLF]QLND 7H SU]HUZDQLD PRJ E\ EORNRZDQH W\ONR MDNR SRMHG\QF]D JUXSD SRSU]H] XVWDZLHQLD

]QDF]QLND0ZVWDQ21:L FHMV]F]HJyyZQDWHPDWSU]HUZD RGOLF]QLNDZQDVW SQHMVHNFML

3U]HUZDQLDRGOLF]QLNyZ );6

);1

); );&

);1


,qQXPHUSU]HUZDQLDOLF]QLNRZHJR]]DNUHVXRGGR3U]HUZDQLDOLF]QLNRZHPRJE\ ZSURZDG]RQH MDNR XU] G]HQLD Z\M FLRZH GOD LQVWUXNFML +6&6 )1& $E\]DEORNRZDSU]HUZDQLDRGOLF]QLND]QDF]QLN0PXVLE\ZVWDQLH21

3U]\NDG6HNZHQFMD LQVWUXNFML XPLHV]F]RQD SR HW\NLHFLHR]QDF]RQHM , MHVW Z\NRQ\ZDQD NLHG\ OLF]QLN &RVL JQLHXVWDZLRQ\OLPLW.SU]HGVWDZLRQ\ZSU]\NDG]LHLQVWUXNFML+6&6

8ZDJLGRGDWNRZH :L FHMV]F]HJyyZQDWHPDWLQVWUXNFMLVSHFMDOQHM+6&6)1&QDVWURQLH


0,768%,6+,

6WDD. );6 );1 ); );& );1

0QHPRQLNXU] G]HQLD.=DVWRVRZDQLHR]QDF]HQLHVWDHMSRGDQHMZV\VWHPLHG]LHVL WQ\P2]QDF]HQLH6WDD

.ZDUWR VWDD

.

'RVW SQHIRUP\ ZDUWR QXPHU\F]QDGODGDQ\FKELWRZ\FKZ\ELHUDQD]]DNUHVXGRGOD GDQ\FK ELWRZ\FK Z\ELHUDQD ] ]DNUHVX GR

1XPHURZDQLHXU] G]H EUDN6WDD.VX \GRZSURZDG]HQLDGDQ\FKGRLQVWUXNFML1LHPDRJUDQLF]H QDX \ZDQLHVWDHM.ZSURJUDPLH

'DOV]H X \FLH 6WDD . PR H E\ X \ZDQD ] WLPHUDPL OLF]QLNDPL RUD] ] LQVWUXNFMDPLVSHFMDOQ\PL

3U]\NDGRZHX \FLHSDWU]SU]\NDG]S

6WDD+ );6 );1 ); );& );1

0QHPRQLNXU] G]HQLD+=DVWRVRZDQLHR]QDF]HQLHVWDHMSRGDQHMZV\VWHPLHV]HVQDVWNRZ\P2]QDF]HQLH6WDD

+ZDUWR VWDD+(;ZDUWR VWDD+

'RVW SQHIRUP\ ZDUWR DOIDQXPHU\F]QDW]Q$)SRGVWDZDGODGDQ\FKELWRZ\FKZ\ELHUDQD]]DNUHVXGR))))GODGDQ\FKELWRZ\FKZ\ELHUDQD]]DNUHVXGR))))))))

1XPHURZDQLHXU] G]H EUDN6WDD+VX \GRZSURZDG]HQLDGDQ\FKGRLQVWUXNFML1LHPDRJUDQLF]H QDX \ZDQLHVWDHM+ZSURJUDPLH

'DOV]HX \FLH6WDD+PR HE\X \ZDQD]LQVWUXNFMDPLVSHFMDOQ\PL

3U]\NDGRZHX \FLHEUDN


0,768%,6+,

7LPHU\ );6 );1 ); );& );1

0QHPRQLNXU] G]HQLD7=DVWRVRZDQLHZSURZDG]DQLHRSy QLH F]DVRZ\FK2]QDF]HQLH7LPHU\SU]HND QLNF]DVRZ\

7

'RVW SQHIRUP\ SREXG]DQ\SU]HND QLNFHZNDXVWDZLDZHZQ WU]QHSURJUDPRZHVW\NL3/&GRVW SQHV VW\NLQRUPDOQLHUR]ZDUWHLQRUPDOQLH]ZDUWH6 PR OLZHUy QHUR]G]LHOF]R FLWLPHUyZPVDOHLFKGRVW SQR LLOR MHVWUy QDQDUy Q\P3/&'RVW SQHV UyZQLH QDVW SXM FHRGPLDQ\SU]H F]DQHUR]G]LHOF]R FLWLPHUD]REDF]VWURQDWLPHU\]SDPL FL ]REDF]VWURQDWLPHU\X \ZDQHZSU]HUZDQLDFKLSRGSURJUDPDFK&$//]REDF]VWURQD

1XPHURZDQLHXU] G]H G]LHVL WQHW]Q77L77

'DOV]HX \FLHEUDN

3U]\NDGRZHX \FLHXU] G]HQLD

'RVW SQHXU] G]HQLD

5R]G]LHOF]R WLPHUD

);6

);1

); );&

);1

PV

7

7

7

PV

7

7

7

PV EUDN

7EUDN

PV]SDPL FL

EUDN EUDN

7PV

]SDPL FLEUDN EUDN

7

WLPHU\RSU]H F]DQHMUR]G]LHOF]R FLZ\EUDQH]JyZQHJR]DNUHVXWLPHUyZPV]REDF]VWURQD

'RNDGQR WLPHUD ]REDF]VWURQD


0,768%,6+,

=DVDGDG]LDDQLDWLPHUD=DVDGDG]LDDQLDWLPHUDRSLHUDVL QD]OLF]DQLXV\VWHPRZ\FKLPSXOVyZ]HJDURZ\FKPV6W\NZ\M FLRZ\WLPHUD MHVWDNW\ZRZDQ\JG\ OLF]ED]OLF]RQ\FK LPSXOVyZRVL JQLH]DGDQZDUWR .&DNRZLWHRSy QLHQLHOXERGPLHU]RQ\F]DVGODF\NOXRSHUDFMLWLPHUDMHVWREOLF]DQ\SRSU]H]PQR HQLHZDUWR FLVWDHM.SU]H]UR]G]LHOF]R WLPHUDW]Q

WLPHUPV]XVWDZLRQ ZDUWR FL SU]H F]DVW\NZ\M FLRZ\SR

PVV V

:DUWR ]DGDQD WLPHUDPR HE\SRGDQDEH]SR UHGQLRSU]\X \FLXVWDHM. OXESR UHGQLRSU]\X \FLXGDQHM]DSDPL WDQHMZUHMHVWU]HQS''ODSRGDQLDSR UHGQLHJR]Z\NOHX \ZDQHV UHMHVWU\ GDQ\FK ] SRGWU]\PDQLHP]DWU]DVNRZH WR ]DSHZQLD SU]HFKRZDQLH GDQ\FK ZSU]\SDGNX]DQLNX]DVLODQLD-H OLMHGQDNEDWHULDSRGWU]\PXM FDE G]LHZ\F]HUSDQDPR HGRM GRE GQHJRG]LDDQLDWLPHUD

7LPHU\RSU]H F]DQHMUR]G]LHOF]R FL );6

);1

); );&

);1

: QLHNWyU\FK VWHURZQLNDFK VWHUXM F VSHFMDOQ\P SU]HND QLNLHP SRPRFQLF]\P PR QDUHGHILQLRZDSUDZLHSRRZ WLPHUyZPVGRUR]G]LHOF]R FLPV1DVW SXM FH3/&LWLPHU\SRGOHJDM WHPXW\SRZLVHOHNFML

););

6XVWDZLDM F0ZVWDQ21]PLHQLDVL UR]G]LHOF]R WLPHUyZ77

V]WXNLQDPV );

1 XVWDZLDM F 0 Z VWDQ 21 ]PLHQLD VL UR]G]LHOF]R WLPHUyZ 77

V]WXNQDPV

:\EyUUR]G]LHOF]R FLWLPHUD1DOH \ VSUDZG]L UR]G]LHOF]R WLPHUD SU]HG MHJR X \FLHP 1LH ZV]\VWNLH 3/&SU]\SRU] GNRZXM W VDP UR]G]LHOF]R GRWHJRVDPHJRQXPHUXWLPHUD


0,768%,6+,

7LPHU\]SDPL FL );6

);1

); );&

);1

7LPHU ] SDPL FL PD PR OLZR ]DSDPL WDQLD ELH FHJR VWDQX ]OLF]HQLD SR ]DQLNX V\JQDXSREXG]DM FHJR3RSRQRZQ\PMHJRSRMDZLHQLXVL WLPHUNRQW\QXXMH]OLF]DQLHRG]DSDPL WDQHMZDUWR FL 3RQLHZD WLPHU ] SDPL FL QLH MHVW ]HURZDQ\ SR ]DQLNX V\JQDX SREXG]DM FHJRQDOH \WR]HURZDQLHZ\PXVL3RQL V]\SU]\NDGLOXVWUXMHWDN V\WXDFM

7LPHU\Z\NRU]\VW\ZDQHZSU]HUZDQLDFKLSRGSURJUDPDFK&$// ]REDF]VWURQD

'RVW SQR XU] G]H ]REDF]WDEHO LQIRUPDF\MQ QDVWURQLH


0,768%,6+,

7LPHU\Z\NRU]\VW\ZDQHZSU]HUZDQLDFK );6

);1

); );&

);1

LSRGSURJUDPDFK&$//

-H HOLWLPHU\77L77V X \ZDQHZSRGSURJUDPDFK&$//OXEZSURJUDPDFKREVXJL SU]HUZD ]OLF]DQLH MHVW DNWXDOL]RZDQH Z WUDNFLH Z\NRQ\ZDQLD LQVWUXNFML (1' 6W\NZ\M FLRZ\ MHVWDNW\ZRZDQ\NLHG\Z\NRQ\ZDQD MHVW LQVWUXNFMD287WLPHUD OXE LQVWUXNFMD(1'SRRVL JQL FLXSU]H]WLPHU]DGDQHMZDUWR FLRSy QLHQLD,QQH WLPHU\QL Z\V]F]HJyOQLRQHSRZ\ HMQLHPRJ IXQNFMRQRZDSRSUDZQLHZRPDZLDQ\FKZDUXQNDFK.LHG\ WLPHU SU]HUZDQLRZ\ R UR]G]LHOF]R FL PV MHVW X \ZDQ\ Z SURJUDPLH REVXJLSU]HUZDQLDOXEZSRGSURJUDPLH&$//WRMHJRVW\NZ\M FLRZ\MHVWDNW\ZRZDQ\SRZ\NRQDQLXSLHUZV]HM LQVWUXNFML 287 GOD WHJR WLPHUD SR RVL JQL FLX SU]H] QLHJR ]DGDQHM ZDUWR FLRSy QLHQLD'RNDGQR WLPHUD1DGRNDGQR WLPHUDPR HPLHZS\ZNRQILJXUDFMDSURJUDPX7R]QDF]\ MH HOL VW\N WLPHUDMHVW X \W\ SU]HG SU]\SLVDQ PX FHZN ZWHG\ GRNDGQR WLPHUD MHVW ]UHGXNRZDQD1DVW SXM FHIRUPX\SRGDM PDNV\PDOQHLPLQLPDOQHE G\GODWDNLHMV\WXDFML-HGQDN H UHGQLRF]HNLZDQ\E GZ\QRVLRNRR

F]DVSU]HELHJXSURJUDPX

3U]\SDGHN6W\NWLPHUDSRMDZLDVL ]DFHZN WLPHUD

0DNV\PDOQ\E GF]DVSU]HELHJXSURJUDPXVWDDF]DVRZDILOWUX

ZHM FLRZHJR0LQLPDOQ\E G

VWDDF]DVRZDILOWUXZHM FLRZHJRUR]G]LHOF]R WLPHUD

3U]\SDGHN6W\NWLPHUDSRMDZLDVL SU]HGFHZN WLPHUD

0DNV\PDOQ\E GF]DVSU]HELHJXSURJUDPXVWDDF]DVRZDILOWUX

ZHM FLRZHJR0LQLPDOQ\E G

VWDDF]DVRZDILOWUXZHM FLRZHJRUR]G]LHOF]R WLPHUD

'RNDGQR WLPHUDZHZQ WU]QHJR)DNW\F]QDGRNDGQR HOHPHQWyZF]DVRZ\FKZVSU] FLH3/&Z\QRVL LPSXOVyZ QD PLOLRQ LPSXOVyZ W]Q MH HOL WLPHU PV MHVW X \ZDQ\ GRRGPLHU]HQLD F]DVX MHGQHM GRE\ ]UHDOL]XMH SRPLDU ] GRNDGQR FL V QD JRG]

V7LPHU]OLF]\ZSU]\EOL HQLXLPSXOVyZ


0,768%,6+,

/LF]QLNL );6 );1 ); );& );1

0QHPRQLNXU] G]HQLD&=DVWRVRZDQLH]OLF]DQLH]GDU]H ]HZQ WU]Q\FKLZHZQ WU]Q\FK2]QDF]HQLH/LF]QLNL

&

'RVW SQHIRUP\ 3REXG]DQDLPSXOVRZRFHZNDOLF]QLNDXVWDZLDZHZQ WU]QHSURJUDPRZHVW\NL3/&GRVW SQHV VW\NLQRUPDOQLHUR]ZDUWHLQRUPDOQLH]ZDUWH5RG]DMHOLF]QLNyZOLF]QLNL]Z\NH]DWU]DVNRZHELWRZHGRGDM FH]REDF]VWURQDOLF]QLNL ]Z\NH]DWU]DVNRZH ELWRZH GZXNLHUXQNRZH ]REDF] VWURQD GRVW SQR LVSRVyEX \FLDMHVW]DOH Q\RGURG]DMXVWHURZQLNDVSUDZG]LSU]HGX \FLHP

1XPHURZDQLHXU] G]H G]LHVL WQHW]Q&&&&

'DOV]HX \FLHEUDN

3U]\NDG]DVWRVRZDQLD

'RVW SQHXU] G]HQLD

5R]G]LHOF]R OLF]QLND

);6

);1

); );&

);1

/LF]QLNELWRZ\GRGDM F\

&

&

&

/LF]QLNELWRZ\GRGDM F\

]DWU]DVNRZ\

&

&

&

/LF]QLNELWRZ\GZXNLHUXQNRZ\

EUDN EUDN

&/LF]QLNELWRZ\GZXNLHUXQNRZ\]DWU]DVNRZ\

EUDN EUDN

&

/LF]QLNLV]\ENLH ]REDF]VWURQD

8VWDZLDQLH]DNUHVyZGODOLF]QLNyZ OLF]QLNLELWRZHGR OLF]QLNLELWRZHGR


0,768%,6+,

/LF]QLNLELWRZHGRGDM FH]Z\NHL]DWU]DVNRZH

%LH FD ZDUWR OLF]QLND UR QLH ]D ND G\P UD]HPNLHG\ FHZND & MHVW SREXG]RQD ]PLDQ ]H VWDQX2))QDVWDQ21]DSRPRF ;6W\NZ\M FLRZ\MHVWDNW\ZRZDQ\NLHG\FHZND MHVWXVWDZLRQDZVWDQ21]D UD]HP ]REDF] GLDJUDP 3RWHP ZDUWR OLF]QLND SR]RVWDMH QLH]PLHQLRQD QLH]DOH QLH RG]PLDQ QD ZHM FLX ; : SU]\NDG]LH ELH FDZDUWR OLF]QLND MHVWZ\]HURZDQDZ F]DVLH G]LDDQLDLQVWUXNFML 567 SRSU]H] XVWDZLHQLH ; Z VWDQ 216W\N Z\M FLRZ\


0,768%,6+,

/LF]QLNLELWRZHGZXNLHUXQNRZH );6

);1

); );&

);1

]Z\NHL]DWU]DVNRZH

/LF]QLNSRND]DQ\QDSU]\NDG]LHSRQL HMDNW\ZXMHVL SRZ\VWHURZDQLXMHJRFHZNL&3U]\ND GHM ]PLDQLH QD ZHM FLX ; ] 2)) QD 21 ELH FD ZDUWR ]OLF]DQLH & MHVWLQNUHPHQWRZDQH

6W\N OLF]QLND & MHVW DNW\ZRZDQ\ VW\N 12 SU]HMG]LH Z VWDQ 21 NLHG\ ELH FD ZDUWR ]PLHQL VL ] QD -HGQDN MH HOL ZDUWR OLF]QLNDPDOHMH ] GR VW\N OLF]QLNDGH]DNW\ZXMHVL %LH FDZDUWR OLF]QLND UR QLH OXEPDOHMHQLH]DOH QLHRGVWDQX MHJRVW\NyZZ\M FLRZ\FK 212)) -H OL OLF]QLN ]OLF]\ SRZ\ HM ZDUWR ELH FDDXWRPDW\F]QLH ]PLHQL VL QD 3RGREQLH MH OL OLF]QLN ]OLF]\ SRQL HM ZDUWR ELH FD ]PLHQL VL QD 3U]HSHQLHQLH OLF]QLND QLH]PLHQLD VWDQX MHJR VW\NX 7HQ W\S VSRVREX OLF]HQLD MHVW FKDUDNWHU\VW\F]Q\ GOD OLF]QLNyZF\NOLF]Q\FK :DUWR ELH FD DNW\ZQHJR OLF]QLND PR H E\ Z\]HURZDQD SU]H] Z\PXV]RQHUHVHWRZDQLHFHZNLOLF]QLNDZSU]\NDGRZ\PSURJUDPLHSU]H]SU]H F]HQLHZHM FLD;ZVWDQ21FRSRZRGXMHZ\NRQDQLHLQVWUXNFML567.LHUXQHN ]OLF]DQLD MHVW SU]\SRU] GNRZDQ\ VSHFMDOQ\P SRPRFQLF]\P SU]HND QLNRP 00

/LF]QLNL]SRGWU]\PDQLHP]DWU]DVNRZH /LF]QLNL]SRGWU]\PDQLHP]DWU]DVNRZHV ZVWDQLHSU]HFKRZDVZyMVWDWXVQDZHWSR Z\ F]HQLX ]DVLODQLD VWHURZQLND 2]QDF]D WR H SR Z F]HQLX ]DVLODQLD OLF]QLNL

]DWU]DVNRZHPRJ QDW\FKPLDVWZ]QRZLG]LDDQLHRGVWDQXSU]HGZ\ F]HQLHP]DVLODQLD

'RVW SQHXU] G]HQLD ]REDF]WDEHO LQIRUPDF\MQ QDVWURQLH

:\EyUNLHUXQNX]OLF]DQLD -H OL 0 GOD & MHVW Z VWDQLH 21 OLF]QLN OLF]\ Z Gy OLF]QLN RGHMPXM F\

2GSRZLHGQLRMH OL0MHVWZVWDQLH2))OLF]QLNOLF]\ZJyU OLF]QLNGRGDM F\


0,768%,6+,

/LF]QLNLV]\ENLH );6 );1 ); );& );1

0QHPRQLNXU] G]HQLD&=DVWRVRZDQLH]OLF]DQLHLPSXOVyZ]HZQ WU]Q\FKRGX HMF] VWRWOLZR FL2]QDF]HQLH/LF]QLNL

&/LF]QLNLV]\ENLH/LF]QLNLID]RZH

'RVW SQHIRUP\ 3REXG]DQDLPSXOVRZRFHZNDXVWDZLDZHZQ WU]QHSURJUDPRZHVW\NL3/&GRVW SQHV VW\NLQRUPDOQLHUR]ZDUWHLQRUPDOQLH]ZDUWH'RVW SQHV Uy QHRGPLDQ\V]\ENLFK OLF]QLNyZDOH LFK OLF]ED L IXQNFMHVUy QHZUy Q\FKVWHURZQLNDFK6SUDZG QDVW SXM FHVHNFMHSRGN WHPGRVW SQR FLXU] G]HQLD

););

6L);

1]REDF]VWURQD

););&);

1]REDF]VWURQD

1DVW SXM FHVHNFMHRGQRV] VL GRW\SyZOLF]QLNyZ OLF]QLNLID]RZHXUXFKDPLDQHL]HURZDQHSU]H]X \WNRZQLND]REDF]

VWURQD OLF]QLNL ID]RZH ] SU]\G]LHORQ\P XUXFKDPLDQLHP L ]HURZDQLHP

]REDF]VWURQD OLF]QLNLID]RZHGZXNLHUXQNRZH]REDF]VWURQD OLF]QLNL$%ID]RZH]REDF]VWURQD

1XPHURZDQLHXU] G]H G]LHVL WQHW]Q&&

'DOV]HX \FLHEUDN

3U]\NDGX \FLDXU] G]HQLD SU]\NDG\X \FLDGRVW SQ\FKIRUP]QDMGXM VL ZRGSRZLHGQLFKVHNFMDFK

3RGVWDZRZHRSHUDFMHOLF]QLNyZV]\ENLFK ]REDF]VWURQD


0,768%,6+,

3RGVWDZRZHRSHUDFMHQDOLF]QLNXV]\ENLP

3RPLPR H OLF]QLNL&& V]WXNV OLF]QLNDPLV]\ENLPLZV]\VWNLHNRU]\VWDM ] W\FKVDP\FKZHM 'ODWHJRMH HOLZHM FLHMHVWMX X \ZDQHSU]H]V]\ENLOLF]QLNQLHPR HE\X \WHSU]H] DGQHLQQHV]\ENLHOLF]QLNLDQLGRLQQHJRFHOXQSMDNRZHM FLHSU]HUZDQLD:\EyUV]\ENLFKOLF]QLNyZQLHMHVWGRZROQ\MHVWRQEH]SR UHGQLR]DOH Q\RGW\SXZ\PDJDQHJROLF]QLNDLRGGRVW SQR FLZHM 'RVW SQHW\S\OLF]QLNyZD ID]RZ\]XUXFKDPLDQLHPL]HURZDQLHPSURJUDPRZ\P&&E ID]RZ\]XUXFKDPLDQLHPL]HURZDQLHPVSU] WRZ\P&&F ID]RZ\GZXNLHUXQNRZ\&&G $%ID]RZ\&&1DOH \]DXZD \ HZV]\VWNLHWHOLF]QLNLV ELWRZH/LF]QLNLV]\ENLHG]LDDM QD]DVDG]LHSU]HUZD 7R]QDF]\ HV Z\]ZDODQH]GDU]HQLDPL LVQLH]DOH QHRGF]DVXF\NOX&HZNDZ\EUDQHJROLF]QLNDSRZLQQDE\VWHURZDQDZVSRVyEFL J\GOD]D]QDF]HQLD H DGHQLQQ\V]\ENLSURFHVQLHPR HMHGQRF]H QLHNRU]\VWD]WHJROLF]QLNDL]ZL ]DQ\FK]QLPZHM

3U]\NDG.LHG\ ; MHVW Z VWDQLH 21 Z\EUDQ\ MHVW V]\ENLOLF]QLN & /LF]QLNRZL & SU]\SRU] GN

Documents

32’5 &=1,. 352*5$02:$1,$ - asimo.pl · 6whurzqlnlsurjudprzdoqhvhull);: 0,768%,6+, 2vwu]h hqldgrw\f] fhrsurjudprzdqld 2]qdf]dhohphqwrsurjudprzdqld nwyu\pxvle\üx \zdq\]hv]f]hjyoq