Post on 13-Sep-2020
1,66$1�085$12
�����B085$12$8*��3��B1/�LQGG���� �������������
�
,1+28'
/22.���)((/67</(���
$&&(662,5(6
.2(76:(5.'(6,*1� �
,17(5,(85217:(53� ��
$&&(662,5(6� ��
./(85(1�(1�%(./(',1*(1� ��
08/7,)81&7,21(/(�5 ,-�
,1)250$7,(� ��
'<1$0,6&+(�'(7$,/6�
9(5%(7(5'(�02725�
:(1'%$$5+(,'� �
(1�67$%,/,7( ,7� �
9(,/,*+(,'�(1�%(9(,/,* ,1*� �
5(63216,()�:(**('5$*� �
$8',2��1$9,*$7,(�(1�
&20081,&$7,(� �
23%(5*58,07(�(1�
9((/= ,-',*+(,'� �
7(&+12/2*,(���
35(67$7,(6
�
�����B085$12$8*��3��B1/�LQGG��� �������������
�
1,66$1�,1752'8&((57�'(�085$12
$//(6�,1�((1
1,66$1�085$12
085$12�,6�'(�25,*,1(/(�1,66$1�&526629(5��
*(Î163,5((5'�'225�((1�$1'(5(�0$1,(5�9$1�
'(1.(1��:$$5%,-�((1�(/(*$17(�67,-/�:25'7�
*(&20%,1((5'�0(7�((1�*(:$$*'�217:(53�(1�
((1�61(/�5($&7,(9(502*(1�0(7�
21:$$56&+,-1/,-.(�/8;(��=2'$7�8�23�((1�
9(5),-1'(��67,08/(5(1'(�(1�9((/=,-',*(�
0$1,(5�9$1�+(7�/(9(1�.817�*(1,(7(1�
0HHU�LQIRUPDWLH�RS�ZZZ�QLVVDQ�QO�PXUDQR
�
�����B085$12$8*��3��B1/�LQGG���� �������������
�
/22.���)((/
�����B085$12$8*��3��B1/�LQGG���� �������������
�
%(5(,'�8�9225�23�((1�9/,(*(1'(�67$57�
6/$1.��6(168((/��.5$&+7,*��'H�085$12�
LV�HHQ�JHERUHQ�OHLGHU�HQ�YHUNHQW�RQUHJHOPDWLJ�WHUUHLQ�PHW��
HHQ�RQZHHUVWDDQEDUH�NUDFKW�HQ�LQVWLQFWLHYH�HOHJDQWLH�.2(76:(5.'(6,*1
�
�����B085$12$8*��3��B1/�LQGG��� �������������
�
/22.���)((/
�����B085$12$8*��3��B1/�LQGG���� �������������
�
.2(76:(5.'(6,*1
'85)$1'(56�7(�=,-1�
�
�����B085$12$8*��3��B1/�LQGG���� �������������
�
/22.� �)((/
675$$7.8167�*((1�675$$70(8%,/$,5�
�����B085$12$8*��3��B1/�LQGG���� �������������
�
.2(76:(5.'(6,*1
�
�����B085$12$8*��3��B1/�LQGG���� �������������
/22.���)((/
*2('(�:(*/,**,1*(1�62(3(/(�%(:(*,1*(1�
�����B085$12$8*��3��B1/�LQGG����� �������������
.2(76:(5.'(6,*1
�
�����B085$12$8*��3��B1/�LQGG����� �������������
�
/22.���)((/
�
�����B085$12$8*��3��B1/�LQGG���� �������������
�
.2(76:(5.'(6,*1
*$�'(�675$7(1�,1',(�8�9225+((1�+$'�*(0('(1
'(�085$12�3$67�=,&+�$$1��:$$5�(1�+2(�8�22.�5,-'7��
0HW�]LMQ�VQHOKHLGVJHYRHOLJH�VWXXUEHNUDFKWLJLQJ�ZRUGHQ�VFKHUSH�ERFKWHQ�HHQ�ßXLWMH��
YDQ�HHQ�FHQW��(Q�]LMQ�QLHXZH�RSKDQJLQJ�HOLPLQHHUW�UROQHLJLQJHQ�RP�]HOIV�UXZH��
ZHJHQ�WH�ODWHQ�DDQYRHOHQ�DOV�DVIDOW��
�����B085$12$8*��3��B1/�LQGG����� �������������
�
/22.���)((/
+2(�:((7�'(�085$12:$7�8�:,/7"
((1�:$50�:(/.20�'2(7�((1�0(16�*2('��
$OV�X�GH�SRUWLHU�YDQ�085$12�RQWJUHQGHOW�ZRUGW�X�PHW�HHQ�ZDUPH�
DPEHUNOHXULJH�JORHG�YHUZHONRPG�LQ�KHW�LQWHULHXU�LQ�ORXQJHVWLMO�
�����B085$12$8*��3��B1/�LQGG����� �������������
�
,17(5,(85217:(53
�
�����B085$12$8*��3��B1/�LQGG���� �������������
�
,167$33(12)�,1&+(&.(1"
+(7�,6�((1�$872��0$$5�+(7�=28�=2�((1�+27(/�.811(1�=,-1��
'H�DOXPLQLXP�OHGHUHQ�HQ�FKURPHQ�VWULSV�HQ�KHW�JURWH�WZHHGHOLJH�VFKXLIGDN�JHYHQ�
085$12�HHQ�HLJHQWLMGVH�HQ�OX[H�XLWVWUDOLQJ��(Q�KHW�PRRLVWH�LV�GDW�X�RS�UHLV�NXQW�JDDQ�
]RQGHU�RRLW�XLW�WH�KRHYHQ�FKHFNHQ�
/22.���)((/
�����B085$12$8*��3��B1/�LQGG����� �������������
�
,17(5,(85217:(53
�
�����B085$12$8*��3��B1/�LQGG����� �������������
7(&+12/2*,(���35(67$7,(6
�����B085$12$8*��3��B1/�LQGG����� �������������
�
08/7,)81&7,21(/(�5,-�,1)250$7,(
9225.(856%(+$1'(/,1*��085$12�EHKDQGHOW�GH�
EHVWXXUGHU�DOV�HHQ�9,3��'H�FRFNSLW�YDQ�GH�DXWR�ZRUGW�
JHNHQPHUNW�GRRU�]RUJYXOGLJ�JHVWLNW�OHHU�PDVVLHI�DOXPLQLXP�
HQ�VWRHUH�PHWDOOLF�KLJKOLJKWV��
0DDN�FRQWDFW�HQ��'�PHWHUV�HQ�tWHOOHUV�OLFKWHQ�RS��
$OV�X�GDDUQD�GH�PRWRU�VWDUW�ZRUGHQ�GH�URQGH�PHWHUV�
RPJHYHQ�GRRU�HHQ�ZDUPH�RUDQMH�JORHG��
2RN�GH�EHGLHQLQJVNQRSSHQ�VWHPPHQ�WRW�WHYUHGHQKHLG��
0HW�DOOHV�ZDW�X�PDDU�QRGLJ�KHHIW�ELM�GH�KDQG���
,QFOXVLHI�EHNHUKRXGHUV�LQ�YHUVFKLOOHQGH�PDWHQ�KDQGLJH�
RSEHUJUXLPWHV�HQ�]HOIV�HHQ�]RQQHEULOKRXGHU�ERYHQ�XZ�KRRIG�
:,-�:,//(1�9$1�+(7�$//('$$*6(�,(76�%,-=21'(56�0$.(1���
'$$520�.817�8�'(�02725�67$57(1�0(7�((1�.123��=21'(5�6/(87(/��
+(7�,167580(17(13$1((/�.207�727�/(9(1�0(7�/,&+7�(1�./(85���
'(�%(',(1,1*6.1233(1�=,-1�23�*(%58,.695,(1'(/,-.(�:,-=(�
217:253(1�(1�*(3/$$767��%29(1',(1�=,(1�=(�(5�022,�8,7�(1�92(/(1�
=(�35(77,*�$$1��((1�((1928',*(�(1�7(*(/,-.(57,-'�63(&,$/(�(59$5,1*�
'(�6/,00,*+(,'=,7�+(0�,1�'(�((1928'�
�
�����B085$12$8*��3��B1/�LQGG����� �������������
�
7(&+12/2*,(� �35(67$7,(6
022,(*('$&+7(1
0(7�=,-1�8,7*(6352.(1�:(/9,1*(1�.207�'(�
085$12�7(*(/,-.�6/$1.�(1�*(63,(5'�9225�'(�
'$*��=,-1�*($9$1&((5'(�352-(&7,(.23/$03(1��
+(7�(1250(�=211('$.�(1�'(�*(%(,7(/'(�
$&+7(5/,&+7(1�/,-.(1�9(5%21'(1�'225�((1�
*('85)'(��.5$&+7,*(�/,-1��',(�'(�085$12�((1�
*5$&,(8=(�(1�(/(*$17(�67,-/�*(()7�
�
�����B085$12$8*��3��B1/�LQGG��� � �������������
�
'<1$0,6&+(�'(7$,/6
*2('�=,&+7��
(ONH�SURMHFWRUNRSODPS�
]RUJW�HUYRRU�GDW�HHQ�JURRW�
JHELHG�NUDFKWLJ�HQ�JRHG�
YHUOLFKW�ZRUGW��+LHUYRRU�
ZRUGW�JHEUXLN�JHPDDNW�YDQ�
HHQ�HQNHOH�UHßHFWRU�HQ�HHQ�
]XLQLJH�%L�;HQRQ�ODPS�
((1�81,(.�'(6,*1��
+HW�JHEDODQFHHUGH�HQ�
G\QDPLVFKH�XLWHUOLMN�YDQ�
085$12�LV�RQWVWDDQ�
GRRUGDW�JURWH�RSSHUYODNNHQ�
]LMQ�DIJHZLVVHOG�PHW�
JHGXUIGH�DIJHURQGH�KRHNHQ��
'H�JURWH�ZLHOHQ�GLH�RQGHU�
DOOH�YLHU�GH�KRHNHQ�YDQGDDQ�
NRPHQ�]RUJHQ�HUYRRU�GDW�
085$12�VWHYLJ�HQ�VWDELHO�
RS�GH�ZHJ�VWDDW�
*2('�/,&+7��
+HW�DFKWHUOLFKW�KHHIW�URQGH�
YRUPHQ�HQ�EXLJW�]LFK�RYHU�
GH�]LM��HQ�DFKWHUNDQW�YDQ�GH�
085$12��'LW�LV�QLHW�DOOHHQ�
RPGDW�KHW�HU�PRRL�XLW]LHW��
]XLQLJH�/('�ODPSMHV�]RUJHQ�
HUYRRU�GDW�GH�YHUOLFKWLQJ�
RRN�]HHU�JRHG�]LFKWEDDU�LV��
=HOIV�YDQDI�HHQ�JURWH�DIVWDQG�
�
�����B085$12$8*��3��B1/�LQGG��� � ������������
��
7(&+12/2*,(� �35(67$7,(6
5(&+7'225�5,-'(1�,6�1,(7�=2�02(,/,-.��
'DW�ZDV�RQV�GRHO�PHW�085$12��
ZH�ZLOGHQ�GDW�KLM�LQ�DOOH�PRJHOLMNH�VLWXDWLHV�JRHG�
EHVWXXUEDDU�]RX�]LMQ��+HW�VWXUHQ�JDDW�GDDURP�ELM�KHW�
SDUNHUHQ�UHODWLHI�OLFKW�PDDU�ZRUGW�]ZDDUGHU�
QDDUPDWH�X�KDUGHU�ULMGW��'H�QLHXZH�;�7URQLF�&97�
DFFHOHUHHUW�LQ�ÆÆQ�YORHLHQGH�EHZHJLQJ��+HW�
UHPSHGDDO�WUDSW�RRN�]ZDDUGHU�QDDUPDWH�GH�VQHOKHLG�
WRHQHHPW��+HW�UHVXOWDDW"�8�YRHOW�]LFK�ÆÆQ�PHW�GH�
DXWR�HQ�X�EHQW�RQWVSDQQHQ�
�;��,17(//,*(1&(��$//�02'(��[��UHGW�]LFK�XLW�
GH�PRHLOLMNVWH�VLWXDWLHV�GRRU�QD�WH�GHQNHQ��9RRU�HON�
DI]RQGHUOLMN�ZLHO�PHHW�KLM�GH�JULS�RS�GH�ZHJ��'DDUQD�
GULMIW�KLM�HON�ZLHO�SUHFLHV�]R�DDQ�DOV�QRGLJ��:DDU�X�
KHW�VWXXU�QDDUWRH�GUDDLW�LV�GH�ULFKWLQJ�GLH�X�RS�JDDW�
LQ�DOOH�VLWXDWLHV�
%(1=,1(
����/,7(5�9�
s�0D[��YHUPRJHQ������S.
s�0D[���$�7��DDQGULMYLQJ���
���1P�#���WU�PLQ
s�&�97&�&RQWLQXDO�9DOYH�7LPLQJ
s�1,&6�1LVVDQ�9DULDEOH�,QGXFWLRQ�&RQWURO�6\VWHHP
s�;�WURQLF�&97��&RQWLQXH�YDULDEOH�WUDQVPLVVLH�
s�$//�02'(��[��6<67((0
',(6(/
���/,7(5
s�0D[��YHUPRJHQ����S.
s�0D[��DDQGULMYLQJ����1P�#��WU�PLQ
s�*HFRELQHHUG�YHUEUXLN�� �/�NP
s�*HFRPELQHHUGH�&2��XLWVWRRW���J�NP
s�$//�02'(��[��6<67((0
1,66$1�085$12�35(67$7,(6
�
�����B085$12$8*��3��B1/�LQGG��� ������������
��
9(5%(7(5'(�02725
*(1,(7(19$1�(/.(�6(&21'(�
085$12�*(()7�=(/)9(57528:(1��
'225�'(�+2*(�=,7326,7,(�9$1�'(�
%(67885'(5�,6�+(7�=,&+7�683(5,(85��
7(5:,-/�'(�$872�:(1'%$$5�(1�
67$%,(/�,6�$/6�((1�6('$1�
�
�����B085$12$8*��3��B1/�LQGG��� � ������������
��
:$7�,6�(5�=2�),-1�$$1�((1�678**(�
&$55266(5,("�2)�$$1�((1�%(7(5(�
*(/8,'6$%62537,("�%(,'(1�=25*(1�
(59225�'$7�8�*((1�/$67�+(%7�9$1�
75,//,1*(1��+(7�*(/8,'�9$1�
$872%$1'(1�(1�'(�:,1'��
=2�=,-1�8�(1�8:�3$66$*,(56�$$1�+(7�
(,1'�9$1�'(�5,7�12*�+(/(0$$/�)5,6�
.$/07(��5867(1�*(1,(7(1�
7(&+12/2*,(� �35(67$7,(6
�
�����B085$12$8*��3��B1/�LQGG��� � ������������
��
:(1'%$$5+(,'�(1�67$%,/,7(,7
(1�(5�,6�12*�0((5�'RRU�GH�PHHU�GDQ�
� �YHUVFKLOOHQGH�VFKHPDpV�PHW�VQHOKHGHQ�HQ�WRHUHQWDOOHQ�
GLH�LQ�KHW�JHKHXJHQ�YDQ�085$12�]LMQ�RSJHVODJHQ�NLHVW�GH�
;�WURQLF�&97�DXWRPDWLVFKH�WUDQVPLVVLH�YRRU�HONH�ZHJ�GH�
MXLVWH�FRPELQDWLH��085$12�VFKDNHOW�HQ�DFFHOHUHHUW�
PRHLWHORRV�HQ�RPGDW�GH�DXWR�KLHUGRRU�]XLQLJHU�ULMGW�NRPW�X�
PHW�GH]HOIGH�KRHYHHOKHLG�EUDQGVWRI�HHQ�VWXN�YHUGHU�
:(1'%$$5�%,-�/$*(�61(/+('(1��67$%,(/�%,-�
+2*(�61(/+('(1�'H�VWXXUEHNUDFKWLJLQJ�LV�KHW�VWHUNVW�
ELM�ODJH�VQHOKHGHQ�HQ�ZRUGW�]ZDNNHU�QDDUPDWH�XZ�VQHOKHLG�
WRHQHHPW��'DDUPHH�EHZHHJW�X�]LFK�PRHLWHORRV�GRRU�GH�VWDG�
HQ�ZLVVHOW�X�HHQYRXGLJ�HQ�QHWMHV�YDQ�EDDQ�
67,/7(�23�(/.�1,9($8�=HOIV�GH�RQGHUNDQW�YDQ�
085$12�LV�DHURG\QDPLVFK�YRUPJHJHYHQ��'RRU�GH�
OXFKWVWURPLQJ�RQGHU�GH�YORHU�WH�YHUEHWHUHQ�ZRUGW�QLHW�DOOHHQ�
EUDQGVWRI�EHVSDDUG�PDDU�RRN�ZRUGW�GH�VWDELOLWHLW�YHUEHWHUG�
HQ�KHW�JHOXLG�JHUHGXFHHUG�
�
�����B085$12$8*��3��B1/�LQGG��� ������������
��
7(&+12/2*,(� �35(67$7,(6
(/.(�%2&+7�'(�%$$6�0HW�(63��(OHNWURQLVFK�VWDELOLWHLW�
SURJUDPPD��HHQ�EHODQJULMN�RQGHUGHHO�YDQ�KHW�$//}02'(�
�[��V\VWHHP�KRHIW�X�QLHW�EDQJ�WH�]LMQ�YRRU�PRHLOLMNH�ERFKWHQ��
+HW�V\VWHHP�]RUJW�HUYRRU���PHW�GH�JHÌQWHJUHHUGH���ZLHO�
DDQGULMYLQJ�$%6�HQ�VHQVRUHQ�GLH�LQ�YHUELQGLQJ�VWDDQ�PHW�DOOH�
YLWDOH�GHOHQ�YDQ�085$12���GDW�GH�VWXXULQULFKWLQJ�NDQ�
LQVSHOHQ�RS�ZDW�HU�RS�GH�ZHJ�JHEHXUW�
'(�$//�02'(��;��$$165,-9,1*�9$1�'(�085$12�,6�22.�((1�:$$5'(92//(�
9(,/,*+(,'69225=,(1,1*��&(175$$/�67$$7�'(�02*(/,-.+(,'�20�+(7�.233(/�()),&,Ê17�
(1�1$$5�(/.�:,(/�$)=21'(5/,-.�7(�9(5'(/(1�(63�=25*7�9225�'(�5(63216,9,7(,7�(1�
+(7�'<1$0,60(�'$7�'(�$//�02'(��;��$$1'5,-9,1*�((1�$$1=,(1/,-.(�
7(&+12/2*,6&+(�922563521*�*(()7�9225�((1�237,0$$/�:(**('5$*�
$//�02'(��;� $%6�HQ�6(1625(1 =21'(5�$%6
0(7�$%6
�
�����B085$12$8*��3��B1/�LQGG��� � �������������
��
9(,/,*+(,'�(1�%(6&+(50,1*
$//(6�:$78�12',*�+(%7
672(5�(1�=$&+7�'RRU�KHW�VWHUNH�VWDDO�KHHIW�085$12�HHQ�XLW]RQGHUOLMN�VWHYLJH�EXLWHQNDQW��$DQ�GH�ELQQHQNDQW�]RUJW�KHW�
$GYDQFHG�$LUEDJ�6\VWHP�HUYRRU�GDW�HHQ�HYHQWXHOH�ERWVLQJ�ZRUGW�RSJHYDQJHQ�GRRU�PHHUGHUH�DLUEDJV��=HOIV�GH�DXWRJRUGHOV�]LMQ�]R�
RQWZRUSHQ�GDW�]H�FRPIRUWDEHO�]LMQ�]RQGHU�GDW�GH�YHLOLJKHLG�HURS�DFKWHUXLW�JDDW��
9(,/,*(5�5(00(1�%UDNH�$VVLVW�PHUNW�KHW�DOV�HU�HHQ�QRRGVWRS�ZRUGW�JHPDDNW�HQ�]RUJW�HU�GLUHFW�YRRU�GDW�HU�PD[LPDDO�JHUHPG�
ZRUGW��'H�(%'��(OHNWURQLVFKH�UHPNUDFKWYHUGHOHU��]RUJW�HUYRRU�GDW�HU�YRRU�HQ�DFKWHU�JHUHPG�ZRUGW�DIKDQNHOLMN�YDQ�KRH�KHW�JHZLFKW�
RYHU�085$12�YHUGHHOG�LV��$%6�YRRUNRPW�GDW�GH�ZLHOHQ�RS�VORW�JDDQ�ZDDUGRRU�X�NXQW�EOLMYHQ�VWXUHQ�HQ�QLHW�VOLSW��
�����B085$12$8*��3��B1/�LQGG��� � �������������
��
7(&+12/2*,(� �35(67$7,(6
1(7�$/6�7+8,6�23�'(�%$1.0$$5�0(7�((1�022,(5�8,7=,&+7
.$1�'(�085$12�12*�%(7(5�=,77(1�'$1�8:�62)$�7+8,6"�'(�=(7(/6�=,77(1�1(7�=2�
=$&+7�$/6�8:�/(81672(/�(1�=,-1�$//(0$$/�$)=21'(5/,-.�7(�9(567(//(1��8�
:25'7�20*(9(1�'225�1$7885/,-.�/,&+7�(1�'(�/8&+7�:25'7�92257'85(1'�
9(5)5,67�23�'(�7(03(5$7885�',(�8�:(167�
*(0$..(/,-.�$'(0+$/(1�(HQ�H[WUD�XLWODDW�YRRU�GH�DXWRPDWLVFKH�DLUFRQGLWLRQLQJ�EHWHNHQW�GDW�GH�GRRU�X�
JHZHQVWH�WHPSHUDWXXU�VQHOOHU�EHUHLNW�ZRUGW�]RQGHU�GDW�HU�HHQ�NRXGH�ZLQG�GRRU�GH�DXWR�ZDDLW��=R�NULMJW�X�PHHU�
OXFKW�GLH�VWLO�HQ�JHOLMNPDWLJ�GRRU�GH�DXWR�YHUGHHOG�ZRUGW��
6/,00(�728&+�8�NXQW�GH�PRWRU�DDQ��HQ�XLW]HWWHQ�PHW�VOHFKWV�HHQ�DDQUDNLQJ�YDQ�XZ�YLQJHU��2RN�NXQW�X�GH�
EHVWXXUGHUVVWRHO�KHW�VWXXUZLHO�HQ�GH�VSLHJHOV�SHUIHFW�DIVWHOOHQ�GRRU�VLPSHOZHJ�GH�NQRSSHQ�RS�XZ�VOHXWHOKDQJHU�
RI�RS�GH�SRUWLHU�DDQ�GH�EHVWXXUGHUVNDQW�WH�JHEUXLNHQ�
s�0HW�EHKXOS�YDQ�VSUDDNKHUNHQQLQJ�NXQW�X�GH�
QDYLJDWLH��HQ�%OXHWRRWKV\VWHPHQ�EHGLHQHQ�
s�'H�JHVFKHLGHQ�NOLPDDWUHJHOLQJ�PDDNW�YHUVFKLOOHQGH�
LQVWHOOLQJHQ�YRRU�EHVWXXUGHU�HQ�SDVVDJLHUV�PRJHOLMN�
s�%RRUGFRPSXWHU�PHW�GLYHUVH�IXQFWLHV��]RDOV�ZHHUJDYH�
YDQ�GH�UHVWHUHQGH�KRHYHHOKHLG�EUDQGVWRI�HQ�
ZDDUVFKXZLQJ�ELM�JODGKHLG��
s�%HGLHQLQJVNQRSSHQ�RS�KHW�VWXXU�YRRU�FUXLVHFRQWURO��DXGLR��QDYLJDWLH�HQ�%OXHWRRWK��WHOHIRRQ�
0((5�7(&+12/2*,(�',(�+(7�/(9(1�0$..(/,-.(5�0$$.7
�
�����B085$12$8*��3��B1/�LQGG��� � �������������
��
5(63216,()�:(**('5$*
�����B085$12$8*��3��B1/�LQGG��� � �������������
�
7(&+12/2*,(� �35(67$7,(6
92258,7�.,-.(1�'H�VDWHOOLHWQDYLJDWLH�EHJHOHLGW�X�GRRU�
PHHU�GDQ�� �ODQGHQ�PHW�RQGHUVWHXQLQJ�LQ�]HYHQ�WDOHQ���
+HW�V\VWHHP�LV�JHPDNNHOLMN�WH�EHGLHQHQ�PHW�EHKXOS�YDQ�HHQ�
PXOWLIXQFWLRQHOH�VFKDNHODDUV�EHGLHQLQJ�YLD�XZ�VWXXUZLHO�HQ�
HHQ�WRXFK�VFUHHQ�GLVSOD\��1,66$1�&211(&7�35(0,80�LV�
XLWJHUXVW�PHW�HHQ����WRXFK�VFUHHQ�DDQVOXLWLQJ�YRRU�XZ�KDUGH�
VFKLMI�HQ�XZ�PX]LHN�PDVVDRSVODJ��0HW�HHQ�VSOLW�VFUHHQ�
ZHHUJDYH�KHHIW�X�]RZHO�GH�NDDUW�DOV�GH�ZHJ�LQ�EHHOG��
+LHUGRRU�]LHW�X�JHPDNNHOLMN�ZHONH�EDDQ�X�GLHQW�WH�QHPHQ�RI�
ZDDU�X�ELMYRRUEHHOG�HHQ�GUDDL�PRHW�PDNHQ�
=8,9(5�*(/8,'�+HW�JHDYDQFHHUGH�DXGLR�V\VWHHP�ELHGW�X�
GH�PRJHOLMNKHLG�GH�YROJHQGH�EHVWDQGVIRUPDWHQ�DI�WH�VSHOHQ��
R�D��&'��03���HQ�:0$��0HW�%OXHWRRWK�YHUELQGLQJ�NXQW�X�
XZ�PRELHOH�WHOHIRRQERHN�LQ�KHW�V\VWHHP�RSVODDQ�ZDDUGRRU�X�
RQGHUZHJ�DOWLMG�KDQGV�IUHH�EHOW�
*(()�8�+(/(0$$/�29(5�0HW�KHW�%RVH�DXGLRV\VWHHP�
JDDW�X�KHOHPDDO�RS�LQ�GH�JHOXLGHQ�GLH�XLW�GH�HOI�]RUJYXOGLJ�
JHSRVLWLRQHHUGH�VSHDNHUV�YDQ�KL�NZDOLWHLW�NRPHQ�
$&+7(58,7�.,-.(1�=HW�GH�YHUVQHOOLQJ�LQ�]LMQ�DFKWHUXLW�HQ�
GH����PRQLWRU�WRRQW�GLUHFW�KHW�]LFKW�DFKWHU�X��8�]LHW�WHYHQV�
KRH�EUHHG�085$12�LV�WHQ�RS]LFKWH�YDQ�GH�GRRU�X�JHNR]HQ�
SDUNHHUSOHN�HQ�XZ�XLWHLQGHOLMNH�SRVLWLH�DOV�X�LQ�GH]H�OLMQ�
GRRUULMGW��'H�WZHHGH�FDPHUD�KRXGW�ERYHQGLHQ�GH�VWRHS�DDQ�
GH�SDVVDJLHUVNDQW�LQ�EHHOG�
�
�����B085$12$8*��3��B1/�LQGG����� �������������
�
$8',2�1$9,*$7,(�&20081,&$7,(
'(�:(5(/'/,*7�$$1�8:�92(7(1�
'(�$8',2��(1�1$9,*$7,(6<67(0(1�9$1�085$12�=,-1�8,7*(%5(,'�(1�
*($9$1&((5'�0$$5�:(/�((1928',*�7(�%(',(1(1��'(�&(175$/(�
%(6785,1*�(1�$1'(5(�%(',(1,1*6.1233(1�=25*(1�(59225�'$7�8�
,178Î7,()�(1�((1928',*�'(�-8,67(�.(8=(�0$$.7��9225�8�+(7�:((7�
%(',(17�8�'(�.1233(1�=21'(5�(5%,-�1$�7(�'(1.(1�
�����B085$12$8*��3��B1/�LQGG����� �������������
��
7(&+12/2*,(� �35(67$7,(6
�����B085$12$8*��3��B1/�LQGG���� �������������
��
23%(5*58,07(
085$12�9(5$1'(57�%,11(1�(1.(/(�
6(&21'(1�(1�0(7�0,1,0$/(�,163$11,1*�9$1�
((1�&20)257$%(/(�3(5621(1$872�,1�((1�
35$.7,6&+(�/$$'%$.�
((1�+(/3(1'(�+$1'9225�$/6�8�8:�+$1'(1�92/�+(%7�
*((1�*('2(�0((5�]HOIV�QLHW�DOV�X�XZ�KDQGHQ�YRO�KHEW��
0HW�HHQ�GUXN�RS�GH�NQRS��RS�GH�VOHXWHOKDQJHU�RI�DDQ�GH�
ELQQHQNDQW�RS�KHW�GDVKERDUG��ZRUGW�GH�DFKWHUNOHS�
DXWRPDWLVFK�RSHQ��HQ�GLFKWJHPDDNW��'H�DFKWHUNOHS�LV�
YRRU]LHQ�YDQ�HHQ�EHYHLOLJLQJ�ZDDUGRRU�HU�JHHQ�YLQJHUV�
WXVVHQ�GH�SRUWLHU�NRPHQ�RI�EDJDJH�NQHO�NRPW�WH�]LWWHQ���
0HW�EHKXOS�YDQ�GH�KHQGHOV�DDQ�EHLGH�NDQWHQ�YDQ�GH�
EDJDJHUXLPWH�NDQ�GH�� �� �GHHOEDUH�DFKWHUEDQN�ZRUGHQ�
LQJHNODSW�HQ�RYHUHLQG�ZRUGHQ�JH]HW�
0(7�((1�6,03(/(�'58.�RS�GH]H�NQRS�DDQ�GH�NDQW�
YDQ�GH�EHVWXXUGHU�NXQQHQ�GH�VWRHOHQ�DFKWHULQ�HOHNWULVFK�LQ�
KRRJWH�ZRUGHQ�YHUVWHOG�
�
�����B085$12$8*��3��B1/�LQGG����� �������������
�
� �
�
� �
��
$& & ( 6 6 2 , 5 ( 6
67</(� �$&&(662,5(6
���9HORXUV�WH[WLHO�YORHUPDWWHQVHW���]ZDUW��VHW�YDQ���
��9HORXUV�WH[WLHO�YORHUPDWWHQVHW���EHLJH��VHW�YDQ���
���5XEEHUHQ�YORHUPDWWHQVHW��VHW�YDQ���
���'ZDUVGUDJHU�HQ�YHUVFKXLIEDUH�VNL��VQRZERDUGGUDJHU
���(DV\�0HGLD�3OD\HU�'9'�NLW
���,QVWDSOLMVWHQ���YRRU
��6W\OLQJ�SODDW���DFKWHU
�����B085$12$8*��3��B1/�LQGG����� ������������
�
�
�
��
0$$.�'(�085$12�727�'(�8:(
$&&(662,5(6
���� pp�OLFKWPHWDOHQ�ZLHOHQ
���&KURPHQ�VSLHJHONDSSHQ
����596�VLGH�EDUV���PHW�LQVWDSYHUOLFKWLQJ
����6W\OLQJ�SODDW���9ÐÐU
/$67,*�7(�9(5%(7(5(1((1928',*�8,7�7(�%5(,'(1�
0$$.�9$1�8:�085$12�35(&,(6�:$7�8�:,/7��0(7�21=(�8,7*(%5(,'(�
$&&(662,5(&2//(&7,(�:25'7�8:�$872�1(7�=2�)81&7,21((/��
&20)257$%(/�2)�67,-/92/�=2$/6�8�'$7�:,/7��',7�=,-1�6/(&+76�((1�
3$$5�68**(67,(6�
�
�����B085$12$8*��3��B1/�LQGG���� ������������
��
./(85(1
%HLJH���&$%0HWDOOLF
3UHFLVLRQ�*UH\���.��0HWDOOLF
+DSWLF�%OXH���5$40HWDOOLF
%ULOOLDQW�:KLWH�4$%0HWDOOLF
6LOYHU���.�0HWDOOLF
%ODFN���.+�6ROLG
0HUORW���$;�0HWDOOLF
.,(6�8:�18$1&(
. / ( 8 5 ( 1
´$QWL�VFUDWFK�3DLQWμ�LV�OHWWHUOLMN�
HHQ�EULOMDQW�LGHH��'RRU�HHQ�
VSHFLDOH�HODVWLVFKH�KDUV�LQ�GH�
GRRU]LFKWLJH�WRSODDJ�WH�
YHUZHUNHQ�KHUVWHOW�GH�ODN�]LFK�
DOV�HU�VOLMWDJH�RSWUHHGW�QD�
DXWRZDVEHXUWHQ�RI�DOV�HU�
VSUDNH�LV�YDQ�DQGHUH�
RSSHUYODNNLJH�NUDVVHQ��%LQQHQ�
PD[LPDDO�HHQ�ZHHN�JODQVW�XZ�
085$12�RS�PDJLVFKH�ZLM]H�
ZHHU�QHW�]R�PRRL�DOV�YRRUKHHQ��
�����B085$12$8*��3��B1/�LQGG����� ������������
$
'
&
%
&$% s s
.� s s
5$4 s s
4$% s s
.�� s s
.+� s s
$;� s s
8 , 7 9 2 ( 5 , 1 * ( 1=(7�'(�7221
./(85(1�%(./(',1*(1
$)0(7,1*(1
=:$57�/((5� %(,*(�/((5�
$�7RWDOH�OHQJWH������ �PP
%�7RWDOH�EUHHGWH�������PP
&�7RWDOH�KRRJWH����� �PP
'�:LHOEDVLV��������PP
%(./(',1*
&$5266(5,(./(85(1
%HLJH�t�0HWDOOLF
3UHFLVLRQ�*UH\�t�0HWDOOLF
+DSWLF�%OXH�t�0HWDOOLF
%ULOOLDQW�:KLWH�t�0HWDOOLF
6LOYHU�t�0HWDOOLF
%ODFN�t�6ROLG
0HUORW�t�0HWDOOLF
=ZDUW�/HHU� %HLJH�/HHU�
�=LWYODN�HQ�OHXQLQJ
�����B085$12$8*��3��B1/�LQGG����� ������������
��
$//(6�29(5�1,66$1
�����B085$12$8*��3��B1/�LQGG����� ������������
%,-�1,66$1�%5(1*7�8��
+(7�%(67(�,1�216�1$$5�
%29(1��
8�SULNNHOW�RQ]H�YHUEHHOGLQJ��8�WDUW�RQV�
YHUQXIW��8� LQVSLUHHUW�RQV�RP�GH�UHJHOV�
WH� YHUDQGHUHQ� HQ� WH� LQQRYHUHQ�� (Q� ELM�
1LVVDQ� LV� LQQRYDWLH� PHHU� GDQ� WRHYRH�
JLQJHQ�HQ�XLWEUHLGLQJHQ��:H�WDVWHQ�GH�
JUHQ]HQ�DI�RP�KHW�VWDWXV�TXR�RSQLHXZ�
XLW� WH� YLQGHQ�� :H� RQWZLNNHOHQ� RQYHU�
ZDFKWH�RSORVVLQJHQ�RP�XZ�ZLOGVWH�HQ�
PHHVW�SUDJPDWLVFKH�ZHQVHQ� LQ� WH�YXO�
OHQ�� %LM� 1LVVDQ� RQWZHUSHQ� ZH� DXWR·V��
DFFHVVRLUHV�HQ�VHUYLFHV�GLH�EUHNHQ�PHW�
GH�WUDGLWLH�HQ�PDNHQ�ZH�KHW�SUDNWLVFKH�
RSZLQGHQG� HQ� KHW� RSZLQGHQGH� SUDN�
WLVFK�RP�X�GDJ�QD�GDJ�QRJ�PHHU�ULMSOH�
]LHU�WH�YHU]HNHUHQ�
'(�1,66$1��
085$12�%,('7�8
��-$$5�2)���������.0�*$5$17,(
��-$$5�$17,&25526,(*$5$17,(
�
�����B085$12$8*��3��B1/�LQGG����� ������������
6+,)7B��
% H ] R H N � R Q ] H � Z H E V L W H � R S � � Z Z Z � Q L V V D Q � Q O � P X U D Q R�
'HDOHUVWHPSHO�
$OOHV�ZHUG�LQ�KHW�ZHUN�JHVWHOG�RP�HUYRRU�WH�]RUJHQ�GDW�GH�LQKRXG�YDQ�GH]H�SXEOLFDWLH�FRUUHFW�ZDV�RS�KHW�PRPHQW�YDQ�GUXN���$XJXVWXV������'H]H�EURFKXUH�ZHUG�RSJHVWHOG�DDQ�GH�KDQG�YDQ�SURWRW\SHV�GLH�RS�DXWRVDORQV�ZHUGHQ�JHWRRQG��*H]LHQ�KHW�
EHOHLG�YDQ�YRRUWGXUHQGH�YHUEHWHULQJ�YDQ�GH�SURGXFWHQ�EHKRXGW�1LVVDQ�,QWHUQDWLRQDO�]LFK�KHW�UHFKW�YRRU�RP�GH�VSHFLILFDWLHV�HQ�GH�YRHUWXLJHQ�LQ�GH]H�SXEOLFDWLH�RS�HON�PRPHQW�WH�ZLM]LJHQ��'H�1LVVDQ�GHDOHUV�]XOOHQ�]R�VQHO�PRJHOLMN�RS�GH�KRRJWH�ZRUGHQ�
JHEUDFKW�YDQ�GHUJHOLMNH�ZLM]LJLQJHQ��*HOLHYH�XZ�SODDWVHOLMNH�1LVVDQ�GHDOHU�WH�UDDGSOHJHQ�YRRU�GH�UHFHQWVWH�LQIRUPDWLH��'RRU�GH�EHSHUNLQJHQ�YDQ�KHW�JHEUXLNWH�GUXNSURFHV�NXQQHQ�GH�NOHXUHQ�LQ�GH]H�EURFKXUH�OLFKWMHV�DIZLMNHQ�YDQ�GH�ZHUNHOLMNH�NOHXUHQ�YDQ�
ODN�HQ�LQWHULHXUPDWHULDOHQ��$OOH�UHFKWHQ�YRRUEHKRXGHQ��'H�JHKHOH�RI�JHGHHOWHOLMNH�UHSURGXFWLH�YDQ�GH]H�EURFKXUH�LV�YHUERGHQ�]RQGHU�GH�VFKULIWHOLMNH�WRHVWHPPLQJ�YDQ�1LVVDQ�,QWHUQDWLRQDO�
'H]H� EURFKXUH� LV� JHGUXNW� RS� FKORRUYULM� SDSLHU� �� 085$120<�� �� ����� ²� *HGUXNW� LQ� GH� (8��
*HFUHsHUG� GRRU� 1(:�%%'2�� )UDQNULMN� ²� 7HO��� ���� �� �� �� ��� ��� HQ� JHSURGXFHHUG� GRRU� (�*5$3+,&6?)5$1&(�� )UDQFH� ²� 7HO��� ���� �� ��� �� �� ���
WKH�ZD\�\RX�PRYH
�
�
�
�����B085$12$8*��3��B1/�LQGG����� ������������