835$9/-$ý., 35272.2/, 6103

1. 835$9/-$ý., 35272.2/, 6103 SURWRNRO 6103 LOL 6LPSOH 1HWZRUN 0DQDJHPHQW 3URWRFRO MH VWDQGDUGQL SURWRNRO XSUDYOMDQMD PUHåRP 73 ,3 JUXSH SURWRNROD 8 UDþXQDOVNRM PUHåL YUVWH LQWHUQHWD WM PUHåL NRMD VH RVQLYD QD NRULãWHQMX SURWRNROD ,3 ]D L]YR HQMH XVOXJH XSUDYOMDQMD PUHåRP NRULVWL VH XSUDYR DSOLNDFLMVNL SURWRNRO 6103 7DM SURWRNRO MH ]DPLãOMHQ NDR GLR VXVWDYD ]D XSUDYOMDQMH PUHåRP 526(B %/$.B VDVWDYOMHQRJ RG VOLMHGHüLK HOHPHQDWD •Ã MHGQH LOL YLãH XSUDYOMDþNLK VWDQLFD QD NRMLPD VH L]YRGH XSUDYOMDþNH DSOLNDFLMH •Ã MHGQRJ LOL YLãH XSUDYOMDQLK þYRURYD QD NRMLPD VH L]YRGH XSUDYOMDþNL DJHQWL •Ã XSUDYOMDþNLK LQIRUPDFLMD •Ã SURWRNROD 6103 SR NRMHP VH SUHQRVH XSUDYOMDþNH LQIRUPDFLMH L]PH X XSUDYOMDþNLK DSOLNDFLMD L DJHQDWD .DR XSUDYOMDþNL SURWRNRO 6103 MH SURMHNWLUDQ X] QDPMHUX PLQLPDOQRJ RSWHUHüHQMD XSUDYOMDQRJ þYRUD ãWR MH SRVWLJQXWR SUHNR GYD RVQRYQD ]DKWMHYD QD SRQDãDQMH DJHQWD 6NXS RSHUDFLMD NRMH DJHQW REDYOMD MH PDOL SRMHGLQH RSHUDFLMH QLVX VORåHQH RWXGD GROD]L SULGMHY MHGQRVWDYDQ X LPHQX SURWRNROD

2. $JHQW MH XVNR SULODJR HQ XSUDYR ELWQLP VYRMVWYLPD XSUDYOMDQRJ þYRUD L XSUDYOMDQLK HOHPHQDWD QD QMHPX 0RGHO XSUDYOMDQMD 6103 SURWRNROD PRåH VH SRGLMHOLWL X WUL GLMHOD •Ã LQIRUPDFLMVNL PRGHO QDþLQ JUDGQMH 6103 ED]H XSUDYOMDQLK YHOLþLQD 0,%

3. •Ã RSHUDFLMVNL PRGHO QDþLQ XSRWUHEH LQIRUPDFLMDPD X DJHQWLPD

4. •Ã DGPLQLVWUDWLYQL PRGHO QDþLQ XVSRVWDYH L RGUåDYDQMD YH]H XSUDYOMDþ DJHQW

5. 8SUDYOMDþNH LQIRUPDFLMH L]PMHQMXMX VH L]PH X DJHQWD L XSUDYOMDþD SXWHP 6103 VMHGQLFH 6NXS XSUDYOMDQLK REMHNDWD NRML VX SRGUåDQL X QHNRP DJHQWX QD]LYD VH ED]D XSUDYOMDþNLK LQIRUPDFLMD LOL 0,% DJHQWD 6NXS VURGQLK XSUDYOMDQLK REMHNDWD NRML þLQH MHGQX FMHOLQX RSLVXMH VH GRNXPHQWRP NRML VH QD]LYD PRGXO ED]H XSUDYOMDþNLK LQIRUPDFLMD HQJO 0,% PRGXOH

6. -HGDQ DJHQW PRåH SRGUåDYDWL MHGDQ LOL YLãH 0,% PRGXOD 0,% PRGXOH PRåH VH UD]YUVWDWL X WUL JUXSH

7. •Ã VWDQGDUGQL RSLVXMX REMHNWH NRML PRUDMX ELWL SRGUåDQL X VYDNRP DJHQWX

8. •Ã HNVSHULPHQWDOQL RSLVXMX REMHNWH X þHVWR NRULãWHQLP VWDQGDUGQLP PUHåQLP XUH DMLPD NRML PH XWLP QH PRUDMX QXåQR ELWL SRGUåDQL X DJHQWX MHGQRJ WDNYRJ XUH DMD

9. •Ã SULYDWQL RSLVXMX REMHNWH GHILQLUDQH RG VWUDQH SULYDWQLK RUJDQL]DFLMD ]ERJ XSRWUHEH X DJHQWLPD L]UD HQLP RG VWUDQH WLK RUJDQL]DFLMD

10. *ODYQL ]DGDWDN 0,% PRGXOD MH GHILQLUDQMH VLQWDNVH L VHPDQWLNH ]D YULMHGQRVWL NRMH XSUDYOMDQL REMHNWL PRJX SRSULPLWL 2SLV XSUDYOMDQLK REMHNDWD X 0,% PRGXOLPD GHILQLUD VH X IRUPDOQRP MH]LNX UD]YLMHQRP L] $61 MH]LND HQJO $EVWUDFW 6QWD[ 1RWDWLRQ 2QH

11. SUHX]HWRJ ,62 26, PRGHOD 526(B /(,1B 8 ED]L XSUDYOMDþNLK LQIRUPDFLMD X DJHQWX VPMHãWHQL VX RGUH HQL SULPMHUFL LOL LQVWDQFH

12. REMHNDWD HQJO REMHFW LQVWDQFHV

13. NRMH WDM DJHQW SRGUåDYD 8 WHUPLQRORJLML 6103 SURWRNROD WH LQVWDQFH QD]LYDMX VH 0,% YDULMDEOH 7UHED LPDWL QD XPX GD VX YDULMDEOH X DJHQWX VDPR RQH YDåQH ]D IXQNFLMX XUH DMD 0RåH VH MHGQRVWDYQLMH UHüL GD VX 0,% YDULMDEOH ORJLþNL 6103 PRGHO QDG]LUDQRJ XUH DMD ,PHQRYDQMH XSUDYOMDQRJ REMHNWD ]QDþL GRGMHOMLYDQMH MHGLQVWYHQH R]QDNH WRP REMHNWX 7DNYD R]QDND QD]LYD VH LGHQWLILNDWRU REMHNWD HQJO REMHFW LGHQWLILHU 2,'

14. 6YL XSUDYOMDQL REMHNWL EH] RE]LUD QD QMLKRYR ]QDþHQMH R]QDþDYDMX VH SUHPD LVWLP SUDYLOLPD L X VNODGX SUHPD SULSDGQRP YODVQLãWYX ,GHQWLILNDWRU REMHNWD þLQL QL] QHQHJDWLYQLK FLMHOLK EURMHYD NRML VH GRELYD RELODVNRP NUR] VWDEOHQX VWUXNWXUX ,] VYDNRJ þYRUD PRJX VH JUDQDWL QRYL SRGUH HQL þYRURYL RGQRV RWDFVLQ

15. 6YDNRP þYRUX RVLP NRULMHQD

16. SULGUXåHQ MH QHQHJDWLYQL FLMHOL EURM L WHNVWXDOQR LPH GHVNULSWRU HQJO WH[WXDO QDPH GHVFULSWRU

17. ýYRURYLPD NRML VX SRGUH HQL LVWRP þYRUX PRUDMX ELWL SULGUXåHQL PH XVREQR UD]OLþLWL EURMHYL L GHVNULSWRUL GD EL VH VDþXYDOD MHGLQVWYHQRVW R]QDþLYDQMD REMHNDWD

18. 3UHPD 6103 SUDYLOLPD QDYHGHQD VWDEOHQD VWUXNWXUD NRULVWL VH ]D RUJDQL]DFLMX L LPHQRYDQMH XSUDYOMDQLK REMHNDWD 6YDNRP XSUDYOMDQRP REMHNWX GRGLMHOMHQ MH MHGDQ þYRU SULSDGQL GHVNULSWRU L EURMþDQL SRGLGHQWLILNDWRU þLPH VH VYDNL XSUDYOMDQL REMHNW MHGLQVWYHQR R]QDþXMH 6WDEOR XSUDYOMDQLK REMHNDWD QD]LYDPR VWDEOR ED]H XSUDYOMDþNLK LQIRUPDFLMD LOL 0,% VWDEOR HQJO 0,% WUHH

19. 0,% PRGXOL VOXåH ]D RSLV XSUDYOMDQLK REMHNDWD ,VWR WDNR 0,% PRGXOL RGUH XMX NDNR MH L]JUD HQR 0,% VWDEOR WM UDVSRUHG XSUDYOMDQLK REMHNDWD L QMLKRY RGQRV RWDF VLQ 6YDNL þYRU 0,% VWDEOD LPD DGPLQLVWUDWLYQRJ YODVQLND NRML XSUDYOMD L]JUDGQMRP SRGVWDEOD SRGUH HQRJ WRP þYRUX 9ODVQLN GRGMHOMXMH GHVNULSWRUH L SRGLGHQWLILNDWRUH þYRURYD X VYRP SRGVWDEOX 7DNR HU PRåH QHNRPH SRYMHULWL XSUDYOMDQMH QDG QHNLP RG VYRMLK þYRURYD HQJO GHOHJDWLRQ RI DXWKRULW

20. 7DEOLFD 9ODVQLFL SRMHGLQLK SRGVWDEDOD 2EMHNW 9ODVQLãWYR QD REMHNWLPD FFLWW

21. ,77 LVR

22. ,62,( MRLQWLVRFFLWW

23. ,62,( L ,77 GLUHFWRU

24. ,$1$ ,QWHUQHW $VLJQHG 1XPEHUV $XWKRULW

25. PJPW

26. ,$1$ H[SHULPHQWDO

27. ,$1$ SULYDWH

28. ,$1$ HQWHUSULVHV

29. ,$1$ FDUQHW

30. $51HW 8 WDEOLFL QDYHGHQL VX YODVQLFL þYRURYD D RVQRYQD JUD D VWDEOD MH GDQD QD VOLFL 9LGOMLYR MH GD SUHYODGDYDMX PH XQDURGQH RUJDQL]DFLMH QR L GUXJH RUJDQL]DFLMH PRJX GRELWL þYRU SRGUH HQ þYRUX HQWHUSULVHV

31. NDR ãWR WR VOXþDM ]D FDUQHW

32. þYRUD 8QXWDU MHGQRJ 0,% PRGXOD VYL GHVNULSWRUL REMHNDWD PRUDMX ELWL PH XVREQR UD]OLþLWL 7R QH PRUD ELWL LVSXQMHQR ]D UD]OLþLWH 0,% PRGXOH 'HVNULSWRUL REMHNDWD NRULVWH VH X OMXGVNRM NRPXQLNDFLML NDGD MH RELþQR MDVQR R NRMHP VH 0,% PRGXOX UDGL 8 NRPXQLFLUDQMX DJHQWD L XSUDYOMDþD XYLMHN VH NRULVWH VDPR LGHQWLILNDWRUL REMHNDWD NRML VX SRWSXQR MHGQR]QDþQL L GHILQLUDMX X SRWSXQRVWL VLQWDNVX L VHPDQWLNX REMHNWD

33. NRULMHQ

34. FFLWW

35. LVR

36. MRLQWLVRFFLWW

37. VWDQGDUG

38. UHJLVWUDWLRQDXWKRULW

39. PHPEHUERG

40. LGHQWLILHGRUJDQL]DWLRQ

41. GRG

42. LQWHUQHW

43. GLUHFWRU

44. PJPW

45. H[SHULPHQWDO

46. SULYDWH

47. VHFXULW

48. VQPS9

49. PLE

50. HQWHUSULVHV

51. FDUQHW

52. XQL[$JHQW

53. 6OLND 2VQRYQR 0,% VWDEOR 0,% YDULMDEOH VX LQVWDQFH REMHNDWD L] 0,% VWDEOD 8 0,% VWDEOX SRVWRMH L REMHNWL NRML QHPDMX QLNDNYX YULMHGQRVW RQL VDPR VOXåH ]D SRYH]LYDQMH YLãH VURGQLK REMHNDWD X MHGDQ VNXS 9LãH WDNYLK VNXSQLK REMHNDWD PRåH VH GDOMH SRYH]LYDWL X QRYL VNXS 7R RPRJXüDYD KLMHUDUKLMVNR RUJDQL]LUDQMH RQLK NUDMQMLK REMHNDWD NRML QRVH YULMHGQRVW 3RVHEQD YUVWD WDNYH RUJDQL]DFLMH REMHNDWD MH WDEOLþQD RUJDQL]DFLMD .RULVWL VH ]D RUJDQL]DFLMX SRGDWDND R QL]X REMHNDWD NRML VYL LPDMX LVWL QL] VYRMVWDYD 2ELþQR VH X]LPD GD SRGDFL R MHGQRP HQWLWHWX þLQH MHGDQ UHGDN WDEOLFH GRN VYDNL VWXSDF X UHWNX SUHGVWDYOMD MHGQR VYRMVWYR HQWLWHWD 5D]XPOMLYR MH GD VYDND WDNYD WDEOLFD PRUD LPDWL EDUHP MHGDQ VWXSDF 7DNR HU MHGDQ LOL YLãH VWXSDFD X WDEOLFL VOXåH NDR NOMXþ LOL LQGHNV NRML MHGLQVWYHQR RGUH XMH UHWNH

54. ‡ h i yr r ‡ … ’ p ‚ yˆ € 6 p ‚ yˆ € 7 p ‚ yˆ € 8 h h i i p p H D 7 Ã ‚ i wr x ‡ H D 7 Ã ‰ h … vwh i yh FROXPQ $ FROXPQ % FROXPQ D E F D E F 6OLND 2UJDQL]DFLMD WDEOLþQLK 0,% YDULMDEOL X 0,% VWDEOX 7DEOLþQL SRGDFL RUJDQL]LUDQL VX QD VOLMHGHüL QDþLQ VYDNL HOHPHQW WDEOLFH þLQL MHGQX 0,% YDULMDEOX 6YH YDULMDEOH XQXWDU MHGQRJ VWXSFD VNXSOMHQH VX NDR LQVWDQFH MHGQRJ VWXSþDQRJ REMHNWD HQJO FROXPQDU REMHFW

55. 6YL VWXSþDQL REMHNWL MHGQH WDEOLFH SRGUH HQL VX MHGQRP UHGQRP REMHNWX HQJO URZ REMHFW

56. D RQ RSHW WDEOLþQRP REMHNWX HQJO WDEXODU REMHFW

57. NRML SUHGVWDYOMD FLMHOX WDEOLFX 6DPR VWXSþDQL REMHNWL LPDMX VYRMH LQVWDQFH NRMH VX VWYDUQH 0,% YDULMDEOH L WR SR MHGQX LQVWDQFX ]D VYDNL SRVWRMHüL UHGDN WDEOLFH GRN UHGQL REMHNW L WDEOLþQL REMHNW LPDMX XORJX RUJDQL]DFLMH VWXSþDQLK REMHNDWD WH RSLVXMX QHNH SDUDPHWUH FLMHOH WDEOLþQH VWUXNWXUH 6OLND

58. 2YDNYD WDEOLþQD VWUXNWXUD QD]LYD VH SULYLGQD WDEOLFD HQJO FRQFHSWXDO WDEOH

59. EXGXüL GD QH SRVWRML 0,% YDULMDEOD NRMH VDGUåL FLMHOX WDEOLFX YHü VDPR 0,% YDULMDEOH ]D YULMHGQRVWL SRMHGLQLK VWXSDFD

60. 6WXSþDQL REMHNWL LPDMX WROLNR LQVWDQFL NROLNR WUHQXWDþQR LPD UHGDND X WDEOLFL 'D EL VH LQVWDQFH PRJOH UD]OLNRYDWL VYDND LQVWDQFD QHNRJ REMHNWD PRUD LPDWL VYRM LGHQWLILNDWRU HQJO LQVWDQFH LGHQWLILHU ,,'

61. NRML VH GRELMH WDNR GD VH YULMHGQRVW LQGHNVQRJ REMHNWD ]D WDM SULSDGQL UHGDN WDEOLFH SUHWYRUL X QL] QHQHJDWLYQLK FMHOREURMQLK YULMHGQRVWL 7D SUHWYRUED RGUH HQD MH ]D VYDNX PRJXüX VLQWDNVX LQGHNVQRJ REMHNWD ,QVWDQFH VNDODUQLK REMHNDWD NRML QLVX RUJDQL]LUDQL X WDEOLFH LPDMX VYRM LGHQWLILNDWRU EURM NRML VH QH PRUD XYLMHN QDYRGLWL

62. ,QVWDQFH VWXSþDQLK REMHNDWD WM VWXSþDQH 0,% YDULMDEOH

63. XQHVHQH VX NDR þYRURYL SRGUH HQL SULSDGQLP VWXSþDQLP REMHNWLPD SD VH 0,% VWDEOR SURãLUXMH þYRURYLPD NRML RGJRYDUDMX LQVWDQFDPD REMHNDWD X VWDEOX 7DNR SURãLUHQR VWDEOR QD]LYDPR VWDEOR LQVWDQFL HQJO LQVWDQFH WUHH

64. 3RMPRYL VWDEOR LQVWDQFL L 0,% VWDEOR VH X SUDNVL PLMHãDMX MHU VH RELþQR L] NRQWHNVWD YLGL R þHPX VH WRþQR UDGL 6YDNL þYRU X 0,% VWDEOX LPD VYRM MHGLQVWYHQL 2,' LGHQWLILNDWRU REMHNWD

65. 7DNR MH L ]D þYRURYH X VWDEOX LQVWDQFL ]D NRMH VH 2,' WYRUL WDNR GD VH LGHQWLILNDWRU LQVWDQFH QDGRGD QD 2,' QMRM QDGUH HQRJ REMHNWD 2ED WD LGHQWLILNDWRUD VX QL]RYL QHQHJDWLYQLK FLMHOLK EURMHYD SD VH QMLKRYLP VSDMDQMHP RSHW VH GRELMH WDNDY QL] NRML VH WDNR HU ]DSLVXMH X WRþNDVWRP ]DSLVX HQJO GRWWHG QRWDWLRQ

66. 9ULMHGL IRUPXOD 2,' 0,% REMHNWD ,,' 2,' LQVWDQFH 0,% REMHNWD 7DNDY PHKDQL]DP R]QDþDYDQMD LQVWDQFL REMHNDWD RPRJXüXMH MHGQRVWDYDQ SRVWXSDN GRKYDWD YULMHGQRVWL L] DJHQWD ELOR YDULMDEOX SR YDULMDEOX ELOR NRPDQGRP ]D RELOD]DN VWDEOD LQVWDQFL 526(B ãWR MH L]X]HWQR YDåQR ]D XSUDYOMDþNH SURFHVH 8SUDYOMDþNL VXVWDY ED]LUDQ QD 6103 SURWRNROX NRULVWL NRPXQLNDFLMX DJHQW XSUDYOMDþ LOL XSUDYOMDþXSUDYOMDþ QD]YDQX 6103 VMHGQLFD ]D SULMHQRV SRGDWDND R VWDQMX VXVWDYD L ]D SRGHãDYDQMH SDUDPHWDUD VXVWDYD 3RGUXþMD XSUDYOMDQMD VX X 6103 ]DVQRYDQLP VXVWDYLPD SRGLMHOMHQD SR 0,% JUXSDPD NRMH DJHQWL VDGUåH 8NUDWNR NDåHPR GD DJHQW LPD VSRVREQRVW XSUDYOMDQMD RGUH HQLK 0,% YDULMDEOL W]Y VUHGVWYD DJHQWD HQJO REMHFW UHVRXUFHV

67. =D VYDNL ELWQL PUHåQL HQWLWHW SURWRNROVNL VORM X 73,3 SURWRNROVNRP VORJX GHILQLUDQ MH 0,% PRGXO SD SUHPD WRPH SRVWRML SRGMHOD XSUDYOMDQMD QD

68. •Ã XSUDYOMDQMH YH]DPD ZLUH PDQDJHPHQW

69. •Ã XSUDYOMDQMH ORNDOQLP PUHåDPD /$1 PDQDJHPHQW

70. •Ã XSUDYOMDQMH JOREDOQLP PUHåDPD :$1 PDQDJHPHQW

71. •Ã XSUDYOMDQMH UDþXQDORP KRVW PDQDJHPHQW

72. •Ã XSUDYOMDQMH UDþXQDOQLP XVOXJDPD VHUYLFH PDQDJHPHQW

73. •Ã XSUDYOMDQMH DSOLNDFLMDPD DSSOLFDWLRQ PDQDJHPHQW

74. •Ã XSUDYOMDQMH 6103 DJHQWRP DJHQW PDQDJHPHQW

75. •Ã XSUDYOMDQMH 6103 XSUDYOMDþHP PDQDJHU PDQDJHPHQW

76. 2YD ³SRGUXþMD XSUDYOMDQMD´ QH WUHED PLMHãDWL V SULMH GHILQLUDQLP SRGUXþMLPD XSUDYOMDQMD PUHåH 5DGL VH R VNXSLQDPD VURGQLK 0,% YDULMDEOL ãWR VH MRã QD]LYD L SRJOHGRP HQJO PDQDJHU YLHZ

77. 8SUDYOMDQMH YH]DPD REXKYDüD XSUDYOMDQMH REMHNWLPD GR XNOMXþLYR VORMD PUHåQRJ VXþHOMD 8NUDWNR WR ]QDþL XSUDYOMDQMH VYLP REMHNWLPD NRML VX QHRSKRGQL GD EL GYD PUHåQD VXþHOMD QD QLYRX ,3 SURWRNROD PRJOD PH XVREQR NRPXQLFLUDWL 7R VX REMHNWL NRML GHILQLUDMX ,3 VORM PHGLMH WUDQVSRUWD WH UD]QD YH]DQMD DGUHVD L XSUDYOMDþNLK L NRQWUROQLK VWUXNWXUD 0,% YDULMDEOH NRMH VH SUL WRPH SUDWH XOD]H X 0,%,, JUXSX $6(B 526(B /2*B 0,%,, JUXSD VH VDVWML L] •Ã LQWHUIDFH JURXS RSLVXMH SRQDãDQMH PUHåQRJ ,3 VXþHOMD

78. •Ã $GGHVV WUDQVODWLRQ JURXS GHILQLUD YH]DQMH DGUHVH QLåHJ VORMD SURWRNROD QD ,3 DGUHVH PUHåQRJ VXþHOMD

79. •Ã ,3 JURXS RSLVXMH SRQDãDQMH ,3 SURWRNROVNRJ VORMD

80. •Ã ,03 JURXS RSLVXMH VWDQMH ,03 NRQWUROQRJ SURWRNROD

81. •Ã ,3 IRUZDUGLQJ WDEOH RSLVXMH SROLWLNX SUHXVPMHUDYDQMD SDNHWD QD PUHåL

82. .DR RVQRYQL FLOM XSUDYOMDQMD QD QLYRX YH]D PRåH VH GHILQLUDWL VWDQMH PUHåQRJ VXþHOMD L SURPHW RSWHUHüHQMH LI/RDG

83. VXþHOMD WH VWDQMH YH]D ,DNR VH L]UDYQR QH PRåH NRULVWLWL X RYRP SRGUXþMX XSUDYOMDQMD YDåDQ MH ,03 SURWRNRO NRML RPRJXüXMH WHVWLUDQMH RVQRYQH LVSUDYQRVWL L SRYH]DQRVWL PUHåH

84. 8] RYH VWDQGDUGQH JUXSH YDULMDEOL L] 0,%,, SRVWRMH L JUXSH YDULMDEOL L] SULYDWQLK 0,% JUXSD SRMHGLQLK SURL]YR DþD 7H JUXSH GDMX GRGDWQH REMHNWH NRML VH RVODQMDMX QD 0,%,, REMHNWH L SURãLUXMX PRJXüQRVWL NRQWUROH 'REDU SULPMHU ]D WDNDY QDþLQ UDGD MH JUXSD OLIWDEOH L] SULYDWQRJ ,62 0,% NRMD SUHGVWDYOMD SURãLUHQMH VWDQGDUGQH WDEOLFH LIWDEOH L] 0,%,, ,62B ,62B 'HILQLUDQMH XSUDYOMDQMD ORNDOQRP PUHåRP HQJO /$1 /RFDO $UHD 1HWZRUN

85. RYLVL R GHILQLFLML SRMPD /$1 3RVWRML ³SURVWRUQD´ L ³SURWRNROVND³ GHILQLFLMD ORNDOQH PUHåH =D XSUDYOMDQMH MH SULPMHUHQLMD SURWRNROVND GHILQLFLMD NRMD NDåH GD MH ORNDOQD PUHåD VYDND PUHåD NRMD ]D VYRMH IXQNFLRQLUDQMH NRULVWL 0$ SRGVORM 73 ,3 SURWRNROVNRJ VORJD ãWR VH PRåH GHILQLUDWL NDR PUHåD X NRMRM VH QH NRULVWH XVPMHULYDþNL SURWRNROL 5D]YRM WHKQRORJLMD HQNDSVXODFLMD SURWRNROD L SRMDYD $70 VX QDUXãLOL L RYX GHILQLFLMX /$1 XSUDYOMDQMH XNOMXþXMH PHGLD VORM 0$ PRVWRYH HQJO 0$EULGJH

86. SRMDþDOD HQJO SKVLFDO ODHU UHSHDWHU

87. WH IL]LþNH MHGLQLFH ]D SRYH]LYDQMH QD PUHåX HQJO 0$8 0HGLXP $WWDFKPHQW 8QLW

88. 8 RYR SRGUXþMH XSUDYOMDQMD XOD]H JUXSH 0,% YDULMDEOL •Ã (WKHUOLNH /$1V JURXS 0,% JUXSH

89. •Ã UHSHDWHUV JURXS UHSHDWHUV 0,% JUXSH

90. •Ã 0$8 JURXS 0$8 0,% JUXSH

91. •Ã %ULGJH JURXS 0$8 0,% JUXSH

92. 8SUDYOMDQMH JOREDOQLP PUHåDPD HQJO :LGH $UHD 1HWZRUN :$1 PDQDJHPHQW

93. MHVW QDMYDåQLML VHJPHQW XSUDYOMDQMD LQWHUQHW PUHåD 7R MH NRQWUROD IXQNFLRQLUDQMD YH]D NRMD PUHåH YHåX X MHGQX FMHOLQX LQWHUQHW

94. 'HILQLFLMD JOREDOQH PUHåH NDåH GD VH UDGL R JHRJUDIVNL UDVSURVWUDQMHQRM PUHåL NRMD ]D SRYH]LYDQMH VYRMLK GLMHORYD NRULVWL WHKQLNX SRGMHOH X SRGPUHåH HQJO VXEQHWZRUNLQJ IDFLOLW

95. 200B 8 RVQRYL WR MH XSUDYOMDQMH L]QDMPOMHQLP OLQLMDPD LOL SULVWXSRP QD QHNX MDYQX PUHåX ãWR VX GYD RVQRYQD QDþLQD JUDGQMH LWHUQHW PUHåD

96. 8 XSUDYOMDQMX JOREDOQRP PUHåRP VXGMHOXMX JUXSH 0,% YDULMDEOL L] •Ã LQWHUIDFH JURXS ,3 VXþHOMD L] 0,%,,

97. •Ã '6 0,% RSLV RSUHPH VWDQGDUGD '6 LOL ( ]D (YURSX

98. •Ã '6 0,% RSLV RSUHPH VWDQGDUGD '6 LOL ( ]D (YURSX

99. •Ã $70 0,% X VOXþDMX GD VH NRULVWL $70 WHKQRORJLMD

100. 2YR SRGUXþMH MH X VWDOQLP SURPMHQDPD ]ERJ UDVWD EURMD PUHåD L SRMDYH QRYLK VWDQGDUGD 8SUDYOMDQMH QD RYRP QLYRX ]QDþL SUDüHQMH VWDQMD YH]H WH VWDWLVWLNH SURPHWD NUR] YH]X 9DåDQ GLR MH WDNR HU L XJUD HQD GLMDJQRVWLþND SRGUãND X QHNLP RG XUH DMD L VWDQGDUGD NRML VH NRULVWH 8SUDYOMDQMH UDþXQDORP MH UHODWLYQR QRYR X 6103 XSUDYOMDQMX 5DþXQDOR VH X RYRP VOXþDMX UD]PDWUD NDR VNXS UDþXQDOVNLK YHOLþLQD VNORSRYOMD L SURJUDPVNH SRGUãNH 6YDNL RG WLK HQWLWHWD RSLVDQ MH NUR] QHNH RG 0,% JUXSD *ODYQD JUXSD NRMD VXGMHOXMH X XSUDYOMDQMX MH +2675(6285(6 0,% NRMD RSLVXMH HOHPHQWH UDþXQDOD 3RVWRMH L GRGDWQH 0,% JUXSH SRMHGLQLK SURL]YR DþD ]D QMLKRYH VSHFLILþQH YHOLþLQH 681B 6WDQGDUGQR MH GD VH UDþXQDOR X 6103 VYLMHWX SURPDWUD NDR NRPXQLNDFLMVNL XUH DM 6WDQGDUGQL DJHQW ]D UDþXQDOR SRGUåDYD NRPXQLNDFLMVNH REMHNWH DOL YHOLþLQH YH]DQH X] UDþXQDOR QH SRGUåDYD 7R MH W]Y 0,%,, DJHQW 6DPR QHNL DJHQWL SRGUåDYDMX +267 0,% D QD VWDQGDUGL]DFLML VH MRã UDGL ,DNR MH XSUDYOMDQMH UDþXQDORP SXWHP 6103 PRJXüH L]JOHGD GD üH QD WRP SRGUXþMX SUHYODGDWL SULYDWQL SURGXNWL SRMHGLQLK SURL]YR DþD 8SUDYOMDQMH UDþXQDOQLP XVOXJDPD ]QDþL NRQWUROX SRMHGLQRJ VHUYLVD NRMH UDþXQDOR SUXåD 7DNYD GHILQLFLMD MH YUOR ãLURND L RQD REXKYDüD UDVSRQ RG XSUDYOMDQMD VHUYLVRP GLMHOMHQMD GLVNRYD QSU 1)6 SD GR VHUYLVD WLSD )73 L HOHNWURQLþNH SRãWH 2VLP WLK RVQRYQLK NRPXQLNDFLMVNLK XVOXJD SRVWRML L PRJXüQRVW XSUDYOMDQMD ED]DPD SRGDWDND +773 XVOXåLWHOMLPD L GUXJLP XVOXåLWHOMLPD =D 73,3 SURWRNROVNL VWRJ UDGL VH XSUDYOMDQMX REMHNWLPD NRML VX UHOHYDQWQL ]D SURWRNROH X DSOLNDFLMVNRP VORMX 2VQRYQD LGHMD XSUDYOMDQMD DSOLNDFLMRP MHVW NRQWUROD SRQDãDQMD DSOLNDFLMH WH NRQWUROD NDNR DSOLNDFLMD NRULVWL PUHåQH XVOXJH 5DGL VH R XSUDYOMDQMX V •Ã REMHNWLPD NRML VX VSHFLILþQL ]D DSOLNDFLMX QSU NDNR HOHNWURQLþND SRãWD PDQLSXOLUD D SRUXNDPD •Ã NRQFHSWLPD ]DMHGQLþNLP ]D VYH DSOLNDFLMH QSU NDNR VH DGUHVLUDMX RVWDOL HQWLWHWL X PUHåL YDåQL ]D DSOLNDFLMX WH •Ã NDNR DSOLNDFLMD NRULVWL QLåH VORMHYH SURWRNROD

101. 8 RYR SRGUXþMH XOD]H JUXSH 0,% YDULMDEOL L] 0,%,, NRMH RSLVXMX 8'3 L 73 SURWRNROH WH 1HWZRUN 6HUYLFH 0RQLWRULQJ 0,% JUXSD 8] QMLK WX VH QDOD]H L 0,% JUXSH VSHFLILþQH ]D RGUH HQH SURWRNROH LOL VHUYLVH NDR ãWR MH XSUDYOMDQMH ::: XVOXJRP 3,2B HOHNWURQLþNRP SRãWRP )73 XVOXJRP $55B L VO 9DåQR MH QDSRPHQXWL L LGHQW JUXSX NRMD GDMH YODVQLND SRMHGLQH 73 NRQHNFLMH ãWR MH L]X]HWQR YDåQR ]D XSUDYOMDQMH VLJXUQRãüX 526(B 8SUDYOMDQMH L QDG]RU 6103 DJHQWD SURPDWUD 6103 DJHQW NDR SURFHV þLMX HILNDVQRVW L SRQDãDQMH WUHED PMHULWL L QDG]LUDWL 8] WR SRVWRML PRJXüQRVW ³SURJUDPLUDQMD´ 6103 DJHQWD SUHQRãHQMHP RGJRYRUQRVWL *2/'B *2/'B *2/'B *2/'B *2/'B ,DNR MH WHãNR SRYXüL þYUVWX JUDQLFX L]PH X DJHQWD L XSUDYOMDþD X VOXþDMX LQWHOLJHQWQLK DJHQDWD LSDN VH SR ORJLFL SULPMHQH SURWRNROD 6103 PRåH X]HWL GD MH XSUDYOMDQMH DJHQWD GHOHJDFLMRP RGJRYRUQRVWL SRVWXSDN NRML RGJRYDUD XSUDYOMDQMX XSUDYOMDþD QLåHJ QLYRD D QH DJHQWD PLQLPDOQH RGJRYRUQRVWL 7DNR VH ]D SRQDãDQMH DJHQWD UD]PDWUDMX VDPR QHNH JUXSH 0,% YDULMDEOL 7R VX •Ã VVWHP JURXS GHILQLUD RVQRYQH SRGDWNH R DJHQWX L NRMH XVOXJH WDM DJHQW ]QD SUXåDWL

102. •Ã VQPS25 JURXS GHILQLUD ]D GRGDWQH REMHNWH NRMH XVOXJH DJHQWL ]QDMX SUXåDWL

103. •Ã VQPS JURXS GDMH SULND] UDGD 6103 SURWRNROD QD DJHQWX SURPHW JUHãNH L GUXJH UHOHYDQWQH 0,% YDULMDEOH

104. •Ã DJHQW PXOWLSOH[LQJ JURXS GDMH YH]DQMH YLãH SRGDJHQDWD X MHGDQ JOREDOQL DJHQW

105. 2VQRYQL FLOM QDG]RUD 6103 DJHQWD MH SUDüHQMH VWDQMD DJHQWD 7R VH VYRGL QD SUDüHQMH XNXSQRJ EURMD ]DKWMHYD NRMH DJHQW SULPD NROLNR WLK ]DKWMHYD QH PRåH REUDGLWL WH NROLNR L]QLPDND HQJO WUDS

106. DJHQW JHQHULUD NRG DEQRUPDOQLK VLWXDFLMD 8] RYR SUDüHQMH SRQDãDQMD SRVWRMH L RGUH HQH 0,% YDULMDEOH NRMH LPDMX VYUKX VLQNURQL]DFLMH XSUDYOMDþD NRML VLPXOWDQR SRNXãDYDMX NRQWDNWLUDWL DJHQW SURFHV 2YDNYH YDULMDEOH LPDMX ]QDþHQMH NRG RSHUDFLMD SRVWDYOMDQMD YULMHGQRVWL JGMH VH PRUD þXYDWL NRQ]LVWHQFLMD L DWRPDUQRVW 7R VX SURYMHUL L SRYHüDM HQJO WHVWDQGLQFUHPHQW

107. 0,% YDULMDEOH

108. 1D QLYRX 6103 SURWRNROD XSUDYOMDQMH XSUDYOMDþNLP SURFHVRP VWURJR MH YH]DQR X SRVWXSNH UDVSRGMHOH XSUDYOMDþNH IXQNFLMH PH X YLãH XSUDYOMDþNLK SURFHVD =D UD]OLNX RG NODVLþQRJ XSUDYOMDþNRJ SURFHVD XSUDYOMLYL XSUDYOMDþ HQJO SURJUDPPDEOH PDQDJHU PLGGOH OHYHO PDQDJHU 0/0 VXEPDQDJHU

109. MH X VWDQMX GLQDPLþNL SULPDWL GHILQLFLMH QRYLK YHOLþLQD NRMH VX X QMHJRYRM RGJRYRUQRVWL 7DNDY SRVWXSDN MH XSUDYOMDQMH GHOHJLUDQMHP RGJRYRUQRVWL LOL SULPMHQD HODVWLþQLK XSUDYOMDþNLK SURFHVD *2/'B *2/'B *2/'B *2/'B *2/'B 8SUDYOMDQMH GHOHJDFLMRP RGJRYRUQRVWL SRGUD]XPLMHYD X RNUXåHQMX 6103 SURWRNROD •Ã GD SDPHWQL DJHQW L SRGXSUDYOMDþL PRJX L]YRGLWL XSUDYOMDþNH NRPDQGQH SURJUDPH PDQDJHPHQW VFULSWV

110. QDSLVDQH X XSUDYOMDþNRP MH]LNX HQJO 06/ 0DQDJHPHQW 6FULSWLQJ /DQJXDJH +8*+B 6+2B

111. •Ã GD XSUDYOMDþ YLãH UD]LQH ãDOMH NRPDQGH XSUDYOMDþX QLåH UD]LQH LOL DJHQWX

112. NRML SXWHP WLK NRPDQGL GLQDPLþNL SRYHüDYD IXQNFLRQDOQRVW HQJO UHPRWH HYDOXDWLRQ DQG HODVWLF H[SDQVLRQ

113. •Ã GD GHOHJLUDQH NRPDQGH UDGH QH]DYLVQR RG XSUDYOMDþD NRML LK MH GHOHJLUDR •Ã GD XSUDYOMDþ SUDWL VDPR UH]XOWDWH GHOHJLUDQLK NRPDQGL 2VLP RYLK ]DKWMHYD SRVWRMH L GRGDWQL NRML REXKYDüDMX VLQNURQL]DFLMX SDUDOHOQRVW UDGD X DJHQWX L X XSUDYOMDþX LVWRYUHPHQRVW SULVWXSD ORNDOQLP YDULMDEODPD VWUDWHJLMX SRGMHOH RGJRYRUQRVWL WH SURWRNRO GHOHJLUDQMD RGJRYRUQRVWL

114. SURWRNRO GHOHJLUDQMD XVOXåLWHOM ]D NOLMHQW ]D GHOHJLUDQMH SURFHGXUH GHOHJLUDQMH UDGQD PHPRULMD DNWLYQH VNULSWH SDUDOHQR L]YR HQMH VFULWSL XSUDYOMDþNL DJHQW PLE XSUDYOMDþNL XVOXåLWHOM XSUDYOMDþNL SURWRNRO 6OLND 3ULND] JUD H SURFHVD NRML MH L XSUDYOMDþ L DJHQW =D 6103 SURWRNRO SRGXSUDYOMDþ LPD GYRVWUXNX XORJX LPD IXQNFLRQDOQRVW XSUDYOMDþD L IXQNFLRQDOQRVW DJHQWD 6+2B 6OLND

115. 6WUDQD DJHQWD VOXåL ]D SULPDQMH ]DKWMHYD RG GUXJLK XSUDYOMDþD L SUHQRãHQMH RGJRYRUQRVWL D XSUDYOMDþND VWUDQD VH EULQH ]D LVSXQMDYDQMH ]DKWMHYD SULPOMHQLK NRPDQGL 3RVWRML YLãH RVWYDUHQMD DODWD ]D LQWHUSUHWLUDQL 6103 +8*+B 526(B 1HNH RG QMLK XSUDYR VWURJR VOLMHGH 6103 GRN GUXJH GR]YROMDYDMX XSUDEX LQWHUSUHWLUDQRJ MH]LND RSüH QDPMHQH NDR ãWR MH 7/ /,63 LOL 3(5/ 8 XSUDYOMDQMX XSUDYOMDþHP VXGMHOXMX REMHNWL L] QHNROLNR PRJXüLK 0,% JUXSD NRML SRGUåDYDMX 6103Y SURWRNRO 7R VX JUXSH •Ã 0/0 0,% 0LGGOH /HYHO 0DQDJHU 0,% RSLVXMH NRPXQLNDFLMX XSUDYOMDþ SRGXSUDYOMDþ GHOHJLUDQMHP NRPDGL

116. •Ã 78%6 0,% YHU]LMD 0/0 0,%D UD]YLMHQD QD 7XELQJHQVNRP VYHXþLOLãWX

117. •Ã 00 0,% 0DQDJHU RI WKH 0DQJHUV 0,% XSUDYOMDþ XSUDYOMDþD

118. •Ã 5021 0,% 5HPRWH 0RQLWRULQJ 0,% RSLVXMH VDPRVWDOQL XUH DM ]D SUDüHQMH XGDOMHQH PUHåH

119. 3UL XSUDYOMDQMX XSUDYOMDþHP SRWUHEQR MH RVLP GHOHJLUDQMD RGUH HQLK NRPDQGL SRVWLüL L VLJXUQRVW WH SRX]GDQRVW X VOXþDMX GD YLãH XSUDYOMDþNLK HQWLWHWD VXGMHOXMH X SURFHVX XSUDYOMDQMD 6YH WH IXQNFLMH XJUD HQH VX X QDYHGHQH 0,% JUXSH ,03 SURWRNRO 2VQRYQL XSUDYOMDþNL SURWRNRO LQWHUQHW PUHåD MH ,03 ,QWHUQHW RQWURO 0HVVDJH 3URWRFRO 200B 8 RVQRYL WR MH VNXS SRUXND ]D LVSLWLYDQMH VWDQMD SRYH]DQRVWL PUHåH L L]YMHãWDYDQMD R JUHãNDPD =D VYRMH IXQNFLRQLUDQMH ,03 GLUHNWQR NRULVWL ,3 SURWRNRO ]D XVOXJX NRPXQLNDFLMH 6OLND

120. ,03 VH NRULVWL SXWHP DODWD NRML LVSLWXMX SRYH]DQRVW PUHåH SLQJ

121. WH DODWD NRML LVSLWXMX SXW NUR] PUHåX WUDFHURXWH

122. 2VLP RYLK IXQNFLMD ,03 VOXåL ]D RVQRYQR GRJRYDUDQMH XVPMHULYDþD WH PRåH SRVOXåLWL ]D SURFMHQX SURSXVQRVWL PUHåH SULPMHQD 6073 )73 7(/1(7 +773 1)6 6013 SUHGRþDYDQMH ;'5 VMHGQLFD 53 SULMHQRV 73 8'3 PUHåD ,3 ,03 ORJLþND YH]D (KWHUQHW 7RNHQ ULQJ IL]LþND YH]D 6OLND ,03 SURWRNRO X SURWRNROVNRP VORJX 73,3 7UDGLFLRQDOQR VH UDVSRORåLYRVW þYRUD PMHUL SUR]LYDQMHP þYRUD SXWHP ,03 SURWRNROD /(,1B 6DP SURWRNRO MH RVWYDUHQ WDNR GD þLQL ãWR PDQMH RSWHUHüHQMH QD VXVWDY DOL LSDN PRåH L]D]YDWL SUREOHPH ]ERJ YLVRNRJ SULRULWHWD NRML QMHJRYH SRUXNH LPDMX SUL SURODVNX NUR] VSRMQH þYRURYH 1D QRYLMLP PUHåDPD NRMH XNOMXþXMX $70 200B VXVWDYH SULVWXS GR þYRUD QH PRåH VH HILNDVQR SUDWLWL SXWHP ,03 SURWRNROD YHü WUHED NRULVWLWL GUXJH PHWRGH RVQRYDQH QD $70 VWDQGDUGLPD

123. 6DP ,03 SURWRNRO LPD YODVWLWX JUXSX YDULMDEOL X 0,%,, NRMD SUDWL QMHJRYR SRQDãDQMH QD þYRUX D X QHNLP SULYDWQLP 0,% JUXSDPD SRVWRMH L YDULMDEOH SXWHP NRMLK VH PRJX ,03 SURWRNRORP SUR]LYDWL GUXJL VXVMHGQL þYRURYL ,62B W]Y ,03 SUR[ SRVWXSDN

124. 1DG]RU UDþXQDOQH PUHåH SXWHP ,03 SURWRNROD UDGL VH X RVQRYL QD GYD QDþLQD •Ã SUDüHQMHP SURSXVQRVWL YH]H GR þYRUD •Ã PMHUHQMHP YUHPHQD RG]LYD þYRUD 3UDüHQMH SURSXVQRVWL VH WDNR HU PRåH REDYOMDWL 635$ SURWRNRORP -HGQRVWDYQLMH MH L PDQMH ]DKWMHYQR SUDüHQMH SXWHP ,03 SURWRNROD 3RVWXSDN VH ]DVQLYD QD PMHUHQMX EURMD SDNHWD NRML XVSLMX YUDWLWL RG SUR]LYDQRJ þYRUD 8RELþDMHQR MH GD VH ãDOMH SDNHWD GXOMLQH RNWHWD X MHGQRP SRNXãDMX X] ]DGDQR YULMHPH L]PH X SRNXãDMD RG V WH SRQDYOMDQMD 7DNYD VRQGD GDMH SULOLþQR GREDU SUHJOHG YH]H 7R MH XMHGQR L VWDQGDUGQL QDþLQ UDGD SLQJ NRPDQGH 0MHUHQMH YUHPHQD RG]LYD MH MHGQRVWDYQLML SRVWXSDN NRML PDQMH RSWHUHüXMH VXVWDY RG SUHWKRGQH PHWRGH QR PDQMH WRþDQ 9ULMHPH RG]LYD GDMH YUHPHQVNX NDUDNWHULVWLNX YH]H SUL þHPX MH QDMYDåQLML SDUDPHWDU SURPMHQD YUHPHQD RG]LYD VYH GRN MH RG]LY X GR]YROMHQRP SRGUXþMX =D VWYDUQR SUDüHQMH SRQDãDQMD VXVWDYD SRWUHER MH SURYRGLWL RED QDþLQD PMHUHQMD 5DGL VH R WRPH GD VH GRJD DML RWNULYDMX XSUDYR QD RGQRVX SURSXVQRVWL L YUHPHQD RG]LYD

835$9/-$ý., 35272.2/, 6103

Recomendados

Recomendados

Mais conteúdo relacionado

Mais procurados

Mais procurados (18)

Semelhante a 835$9/-$ý., 35272.2/, 6103

Semelhante a 835$9/-$ý., 35272.2/, 6103 (20)

Mais de Damir Delija

Mais de Damir Delija (20)

835$9/-$ý., 35272.2/, 6103