,QVWDODFMD MHGQRVWNL ]HZQ WU]QHM
A
UXED 0 ´
B 3á\WD SRGVWDZ\
C 1DMGáX V]\ PR OLZ\
D 2GSRZLHWU]QLN
E 2VDG]Lü Já ERNR Z SRGáR X
6:
6:
500
0LQ
500
0LQ
154,5
809
,QVWDODFMD UXU F]\QQLND FK RGQLF]HJR
URGNL RVWUR QR FL Z SU]\SDGNX XU] G]H NWyUH
Z\NRU]\VWXM F]\QQLN FK RGQLF]\ 5$
3XQNW ]DZLHUD GRGDWNRZH QLHZ\PLHQLRQH QL HM URGNL RVWUR QR FL GRW\-
F] FH X \ZDQLD MHGQRVWHN ]HZQ WU]Q\FK ] F]\QQLNLHP FK RGQLF]\P 5$
-DNR ROHM FK RGQLF]\ GR VPDURZDQLD UXU NLHOLFKRZDQ\FK SRZLQLHQ E\ X \-
ZDQ\ ROHM HVWURZ\ ROHM HWHURZ\ OXE ROHM DONLOREHQ]HQRZ\ PD D LOR
: SU]\SDGNX EH]V]ZRZ\FK UXU PLHG]LDQ\FK OXE ]H VWRSyZ PLHG]L GR
F]HQLD UXU F]\QQLND FK RGQLF]HJR QDOH \ X \ZD VWRSX PLHG]L ] IRVIRUHP
& 1DOH \ X \ UXU F]\QQLND FK RGQLF]HJR R JUXER FL SRGDQHM Z WDEHOL
SRQL HM 8SHZQL VL H UXU\ V ZHZQ WU] F]\VWH L QLH ]DZLHUDM
V]NRGOLZ\FK ]DQLHF]\V]F]H WDNLFK MDN ]ZL ]NL VLDUNL XWOHQLDF]H ]DEUXG]H-
QLD OXE S\
3RGF]DV OXWRZDQLD UXU ]DZV]H QDOH \ VWRVRZD OXWRZDQLH QLHXWOHQLDM FH
DE\ ]DSRELHF XV]NRG]HQLX VSU
140
B
6:
6:
600
0LQ
154,5
0LQ
5\V
DUNL
PP
8SHZQLü VL H XU] G]HQLH MHVW XPLHV]F]RQH QD VROLGQ\P UyZQ\P SRGáR X
FKURQL F\P SU]HG SRZVWDZDQLHP RGJáRVX NOHNRWDQLD SRGF]DV SUDF\ U\V
6SHF\¿NDFMH IXQGDPHQWyZ!
UXED IXQGDPHQWRZD
*UXER ü ZDUVWZ\ EHWRQX
'áXJR ü UXE\
=GROQR ü SU]HQLHVLHQLD REFL
6SUDZG]Lü F]\ UXE\ IXQGDPHQWRZH V ZNU FRQH QD Já ERNR ü PP RG
VSRGX SRGVWDZ\
0RFQR SU]\NU FLü Sá\W SRGVWDZ\ XU] G]HQLD GR VROLGQHJR SRGáR D ]D SRPRF
UXE IXQGDPHQWRZ\FK 0
,QVWDODFMD MHGQRVWNL ]HZQ WU]QHM
1LH ]DVáDQLDü RWZRUX ZHQW\ODF\MQHJR : SU]\SDGNX ]DVáRQL FLD RWZRUX GRMG]LH
GR ]DNáyFH Z SUDF\ XU] G]HQLD L PR H RQR XOHF XV]NRG]HQLX
: UD]LH NRQLHF]QR FL Z\NRQDQLD GRGDWNRZHJR ]DPRFRZDQLD XU] G]HQLD
RSUyF] SRGVWDZ\ XU] G]HQLD QDOH \ Z\NRU]\VWDü RWZRU\ PRQWD RZH ]QDMGXM FH
VL Z MHJR W\OQHM F]
X \ü ZNU WyZ VDPRJZLQWXM F\FK ¡ î PP OXE PQLHMV]\FK
2VWU]H HQLH
8U] G]HQLH QDOH \ ]DPRQWRZD QD NRQVWUXNFML NWyUD EH]SLHF]QLH Z\WU]\-
PD MHJR FL
DU : SU]\SDGNX PRQWD X QD QLHVWDELOQHM NRQVWUXNFML XU] -
G]HQLH PR H VSD
REUD HQLD FLD D
8U] G]HQLH QDOH \ ]DLQVWDORZD ]JRGQLH ] LQVWUXNFM FHOHP ]PLQLPDOL]R-
ZDQLD U\]\ND SRZVWDQLD XV]NRG]H
WDMIXQHP OXE VLOQ\P ZLDWUHP 1LHSUDZLG RZR ]DLQVWDORZDQH XU] G]HQLH
PR H VSD
] Z\VRNR FL L VSRZRGRZD V]NRG\ PDWHULDOQH L OXE REUD HQLD
FLD D
600
175
175
950
2VWU]H HQLH
'R QDSH QLDQLD SU]HZRGyZ F]\QQLND SRGF]DV LQVWDODFML ]PLDQ\ PLHMVFD LQVWD-
ODFML OXE VHUZLVRZDQLD MHGQRVWNL ]HZQ WU]QHM QDOH \ VWRVRZD MHG\QLH RNUH-
ORQ\ F]\QQLN FK RGQLF]\ 5$ 1LH QDOH \ PLHV]D JR ] LQQ\P F]\QQLNLHP
FK RGQLF]\P DQL GRSXV]F]D GR SR]RVWDZDQLD SRZLHWU]D Z SU]HZRGDFK
=PLHV]DQLH F]\QQLND ] SRZLHWU]HP PR H VSRZRGRZD QLHSUDZLG RZH Z\VR-
NLH FL QLHQLH Z XN DG]LH FK RGQLF]\P L GRSURZDG]L GR Z\EXFKX E G LQQ\FK
-
]DJUR H
=DVWRVRZDQLH F]\QQLND LQQHJR RG RNUH ORQHJR GOD WHJR XN DGX VSRZRGXMH
XV]NRG]HQLD PHFKDQLF]QH DZDUL XN DGX OXE XV]NRG]HQLH MHGQRVWNL : QDM-
DGQ\FK
JRUV]\P SU]\SDGNX PR H WR GRSURZDG]L GR SRZD QHJR QDUXV]HQLD EH]SLH-
F]H VWZD SURGXNWX
UHGQLFD UXU\ PP [ [ [ [ [ [ [ [
*UXER ü PP
1LH X \ZD UXU FLH V]\FK QL SRGDQH SRZ\ HM
-H OL UHGQLFD Z\QRVL PP OXE ZL FHM QDOH \ ]DVWRVRZD UXU\ +
OXE +
0
PP
PP
HQLD
NJ
FL GR SU]\PRFRZDQLD SU]HZRGyZ LWS 'R PRQWD X QDOH \
] Z\VRNR FL L VSRZRGRZD V]NRG\ PDWHULDOQH L OXE
VSRZRGRZDQ\FK WU] VLHQLHP ]LHPL