Professional Documents
Culture Documents
G2LQDNKYDQDSXLVWND
$D\DVDPDDMDVD2Q7O DQ\D8MDUVD,
NRVDD2MDQ\DVDR
JDD\Da,PD0a
$DR0%D8%DXYDVYDWVDLYDWX
YDVYDWVDLYDWXYDDURU1R \D0%DJDDRGR
GRYDV\D4D,PDLK
DV\D4D,PDLK
L4D\DDR\DDRQDSCFDDRG\DDW?
VYDDKD
\DDW?VYDDKD
VYDDKD
D8QDRKPDR0@SQDLN\DDSDODQDNUUKDK2D8
DX-DVDRK,SDDRSCD1DKPDGXL.\DDR0NRN<7KUDDD8
DRUDPDKDQDDRMDK2&D\DDKX$DVD%D,VTDDQD
VD5<7,N,YDVWXYDVWXPDR0W8KDRUKDK2LYD4\DPDDQD
WRUDK,4DUWR4\DDQDKPDPDD0JDWRWRU,G\DD
>6YDUKPDDU,EDXL:NDR(DR<]PDDJDSUFDODD
VDYDU[DNVDPDVDMDJDDNDSCD1DVDEDGX.DR0NDRG8UNUQDRYDDODD
VDEDVDX.DR0NDGDDDSUPDR6YDUK2YDDRVDYDY\DDSN$D2UVDEDNDR@SQD
NUQDRYDDODDK2VDYD(DR<]$D2UJDCK1DNUQDR\DDRJ\D6DXZVYDS
LGY\DJDX1DDR0VDR\DX#DSUPDGRYDNDKPD4\DDQDNUWRK20MDDRKPDDU,
EDXLZ\DDR0NDR@DPDPDDJDPDR0SCRLUWNUR0
*D\DWUL0DQWUD
2PEKXUEKXYDKVZDKWDWVYLWXUYDUHQ\DP
EKDUJRGHYDV\DGKLPDKLGKL\R\RQDK
SUDFKRGD\DW
7RRQHKXPHXWSDQQNL\DSDDODQNDUUDKDKDLWRR
7XMKVHKHHSDDWHSUDDQKXPGXNKL\RQNHNDVWKWD
KDUWDWRR
7HUDPDKDQWHMKDLFKKD\DKXDVDEKLVWKDQ
6ULVKWLNLYDVWXYDVWXPHLQWXKRUDKDKDLYLG\DPDQ
7HUDKLGKDUWHGK\DQKXPPDDQJWHWHULGD\D
,VKZDUKDPDULEXGGKLNRVKUHWWKPDDUJDSDUFKDOD
2K*RG7KRXDUWWKH*LYHURI/LIH
5HPRYHURISDLQDQGVRUURZ
7KH%HVWRZHURIKDSSLQHVV
2K&UHDWRURIWKH8QLYHUVH
0D\ZHUHFHLYHWK\VXSUHPHVLQGHVWUR\LQJOLJKW
0D\7KRXJXLGHRXULQWHOOHFWLQWKHULJKWGLUHFWLRQ
$WKDDJQLKRWUDPDQWUD
$FKDPDQD0DQWUDV
2PDPULWRSDVWDUDQDPDVLVZDDKDD
2PDPULWDDSLGKDDQDPDVLVZDDKDD
2PVDW\DP\DVKDKVKUHHU
PD\LVKUHHKVKUD\DWDDPVZDDKDD
$QJDVSDUVKDPDQWUDV
$TD$LJQDKDRaPDQaD
PDQaD
MDODVDR$DFDPDQDNUQDRNRPDQa
$DR0$PD5WDRSVWU1DPDLVDVYDDKD
VWU1DPDLVDVYDDKD
$DR0$PD55WDLS4DDQDPDLVD
DLS4DDQDPDLVDVYDDKD
VYDDKD
VYDDKD
$DR0VD\D0\D6D(D,PD
L\D(D,(D\DWD0VYDDKD
\D6D(D,PDL\D(D,(D\DWD0
VYDDKD
MDODVDR$JD0VS6D
VS6DNUQDR
NUQDRNRPDQa
PDQa
EDD\DR0KDTDPDR0SDQD,ODRNUQD,FDRLOD.RPDQaDR0NDRS=NUGDLKQDRKDTD
N,$JD0XOD,VDR&XHR0
$DR0YDD C?PD$DV\DR
PD$DV\DR?_VWX
_VWX>VDPDQaVDR
PDX.NDVS6DNUR0
$DR0QDVDDRPDR0SCD1DDR_VW8X>VDPDQaVDR
QDDLVDNDNRGDRQDDR%DDJD
$DR0$[1DDRPDRFD[DX
FD[DXUVWX>VDVDR
RGDRQDDR0$D.R0
$DR0N1D
\DDRPDR(DDR
(DDRaPDVWX>VDVDR
GDRQDDR0NDQD
N1D\DDR
$DR0EDDK?
YDDRPDREDODPDVWX
EDODPDVWX>VDVDR
GDRQDDR0%DXMDDH0
EDDK?YDDR
$DR0`YDDRPDPDPD$DR
$DRMDDR_VWX>VDVDR
GDRQDDR0MD0*DDH00
$DR0$LU<7DLQDPDR_ ?JDDLQDWQD8
JDDLQDWQD8VWQYDDPDR0VDKVDQWX
>VDVDRVDDUR6DU,USUMDODNDPDDMDQDNUR0
7DNHDOLWWOHZDWHULQWKHOHIWSDOPDQGZHWWKHWLSVRIWKH
WZRPLGGOHILQJHUVRIWKHULJKWKDQGDQGWRXFKWKH
GLIIHUHQWSDUWVRIWKHERG\ZLWKWKHPDV\RXUHFLWHWKH
IROORZLQJPDQWUDV
2PYDDQJPDDDV\HCVWXOLSV
2PQDVRUPHSUDDQRCVWXQRVWULOV
2PDNVKQRUPHFKDNVKXUDVWXH\HV
2PNDUQD\RUPHVKURWUDPDVWXHDUV
2PEDDKZRUPHEDODPDVWXDUPV
2PRRUZRUPDRMRCVWXWKLJKV
2PDULVKWDDQLPH
QJDDQL
7DQRRVWDQZDDPHVDKDVDQWXDOORYHU
E=
RM /UTIU L]N)N=XNVLNOXN H8
YNVD IR
RNIXQVROIRUTQ=TIMUNXKLMNOTR$
N
N
Q+NQ]D U8XYNOTR$$
YNVD IJM[+N=OHRU=UN[]V+NZU/WNULIUMVGYNOKUa$
OQNNNMLC)NRKD_NHTUVHNDG/H6QVRNJIRNNIRNVH$$
,VKZDU6WXWL3UDUWKQD8SDVDQD0DQWUD
2P9LVKZDDQLGHYDVDYLWDUGXULWDDQLSDUDDVXYD
<DGEKDGUDPWDQQDDDVXYD
2P+LUDQ\DJDUEKDKVDPDYDUWDWDDJUHEKRRWDV\D
YNVD NYN5HQNF\QN/IR
RPLNOUVL]I
NND/QVRN$
/1NNHCUD /HC5TG/H6QVRNJIRNNIRNVH$$
YNVDL]NNUNVIXIHNUNVHIJ5R6GEQ]NWNW[UNVF+NZR$
YNVD VXN]N6[]NLCI)NRKSNVX/R/UNI+NUDVXXNG$
YNVD L]WNLUVX5RQVUN88NVIR
RNWNUNIXLIMUNF+NZR$
YNVDOXNVFDNTW=IXUNOIRNNUNNNHNIXRVQ+NTRXNIXIR
RN$
YNVD Y;XVXOTL)NNMNVY/HNXaIR
RNIXQVRRTXNIX
EIUE=
RM /UTIUL]N)N=XNVLNOXNHD N
E=
NVY/I`LQ
SUTTLQG/H6QVRNJIRNNIRNVH$$
NVY8UIM^NVMWONVIRHNXG/H6QVRNJIRNNIRNVH$$
5GNHN/UVWTJTH/U8XNVY/UTRD/NHLUNVMKNNHa$$
QVRNYHCUHNX
NNXN/UCUKVNNH8X6M8U$$
IR`NX$
TNV/H7WTJTMNNHVXNV+NZI%NDUVXHPI'UDIRNVH$$
MDDWDKSDWLUHNDDDVHHW
6DGDDGKDDUDSULWKLYHHPG\DDPXWHPDDPNDVPDL
GHYDD\DKDYLVKDDYLGKHPD
2P<DDDWPDGDDEDODGDD\DV\DYLVKZD
XSDDVDWHSUDVKLVKDP\DV\DGHYDDK
<DV\DFKKDD\DDCPULWDP\DV\DPULW\XKNDVPDL
GHYDD\DKDYLVKDDYLGKHPD
2P<DKSUDDQDWRQLPLVKDWRPDKLWZDLNDLGUDDMDD
MDJDWREDEKRRZD<DHHVKHDV\DGZLSDGDVK
FKDWXVKSDGDKNDVPDLGHYDD\DKDYLVKDDYLGKHPD
2P<HQDG\DXUXJUDDSULWKLYHHFKDGULGKDD\HQD
VZDKVWDEKLWDP\HQDQDDNDK<RDQWDULNVKHUDMDVR
YLPDDQDKNDVPDLGHYDD\DKDYLVKDDYLGKHPD
2P3UDMDDSDWHQDWZDGHWDDQ\DQ\RYLVKZDD
MDDWDDQLSDULWDDEDEKRRZD
<DWNDDPDDVWHMXKXPDVWDQQRDVWXYD\DPV\DDPD
SDWUD\HHQDDP
2P6DQREDQGKXUMDQLWDDVDYLGKDDWDDGKDDPDDQL
YHGDEKXZDQDDQLYLVKZDD<DWUDGHYDDDPULWDP
DDQDVKDDQDDVWULWHH\HGKDDPDQDGK\DLUD\DQWD
2P$JQHQD\DVXSDWKDDUDD\HDVPDDQYLVKZDDQL
GHYDYD\XQDDQLYLGZDDQ
<X\RGK\DVPDMMXKXUDDQDPHQREKRR\LVKWKDDQWR
QDPDXNWLPYLGKHPD
(QGRI,VKZDU6WXWL3UDUWKQD8SDVDQD0DQWUD
G,SNMDODDQDRNDPDQa
NDPDQa
$DR@PD?PD?%D8
%D8%DXYDVYD
YDVYD
YDVYD
\D NX1'PDR$LJQDVTDDLSWNUQDRNDPDQa
NDPDQa
$DR@PD?PD?%D8
%D8%DDXYDVYD9D
DVYD9D2LUYD%D8
UYD%D8PQDDS5LTDYD,YDYDLUP1DD
TDYD,YDYDLUP1DD
WV\DDVWRS5LTDLYDGRYD\DMDLQDS5<]R_LJQDPDQQDDGPDQQDD9D\DDG4DR
$LJQDSCG,3WNUQDRNDPDQa
$DR@PD?PD?@G?
@G?EDXEDX4\DVYDDJQDRSCLWMDDJD5LKYDLPD<7DS8WRVD0
VD0VD5MDRTDDPD\D0FD
@G
FD
$LVPDQVD4DVTDR$4\DXDULVPDQD?
LYD6YDRGRYDD\DMDPDDQD6FDVD,GW
DD\DMDPDDQD6FDVD,GW
DULVPDQD?LYD6YDR
*D5WN,W,QDVDLPD4DD\DR0U.QDRNRPDQa
PDQa
$DR@PD?PD?$\DQW>4PD$DPDDMDDWYDR
$\DQW>4PD$DPDDMDDWYDRGVWRQDR4\DV
\DVYDYDZ
YDYDZ
VYDFDRZYD4D
YDYDZVYDFDR
YD4D
\DFDDVPDDQD?
SCMD\DDS6DXL%DEDC
PDYDFD
PDYDFDVDRVDRQDDQQDD9RQDVDPDR4D\DVYDDKD
\DFDDVPDDQD?SC
PDYDFD
D\DVYDDKD
>GPDJQD\DRMDDWYDRGVDRo>G0QDPDPD
QDPDPD
$DR@PD?PD?VDLPD4DDLJQD0
VDLPD4DDLJQD0GXYDV\DW*D5W2EDDR4D\DWDLWLTDPD?
4D\DWDLWLTDPD?$DLVPDQD?
$DLVPDQD?KY\DD
KY\DD
4D\DWDLWLTDPD
$DLVPDQD
MDXKDRWQD$DR0VDXVDLPDZD\D6DDRLFD<DR*D5W0W,YDC0MDXKDRWQD$JQD\DR
MDDWYDRGVDRVYDDKD>GPDJQD\DRMD
MDDWYDR
DWYDRGVDR>GQQDPDPD
>GQQDPDPD
$DR@PD?PD?WQYDDVDLPDLG?
%DUL ?JDUDR
JDUDR*D5WRQDYDZ
\DDPDLVD
WQYDDVDLPDLG?%DUL
DYDZ\DDPDLVD
\DDPDLVD
ED5KF&DRFDD\DLYD<]\DVYDDKD>GPDJQDR_L ?JDUVDR
JDUVDR>G0QDPDPD
QDPDPD
)LUHLJQLWLRQPDQWUD
2PEKRRUEKXZDKVZDK
3ODFHILUHLQ+DZDQNXQG
2PEKRRUEKXZDKVZDUG\DXULYDEKRRPQDD
SULWKLYHHYDYDULPQDD7DV\DDVWRSULWKLYLGHYD
\DMDQLSULVKWKH
JQLPDQQDDGDPDQQDDG\DD\DD
GDGKH
)DQQLQJWKHILUHLIQHFHVVDU\FDXVLQJLWWR
ULVH
2PXGEXGK\DVZDDJQHSUDWLMDDJULKLWZDP
LVKWDDSRRUWHVDPVULMHWKDDPD\DQFKD$VPLQW
VDGKDVWKHDGK\XWWDUDVPLQYLVKZHGHZDD\DMD
PDDQDVKFKDVHHGDWD
3ODFLQJRIILUHVWLFNV
2PD\DQWDLGKPDDDWPDDMDDWDYHGDVWHQH
GK\DVZDYDUGKDVZDFKHGGKDYDUGKD\DFKDDV
PDDQSUDMD\DDSDVKXEKLUEUDKPDYDUFKDVH
QDDQQDDG\HQDVDPHGKD\DVZDDKDD,GDP
DJQD\HMDDWDYHGDVHLGDQQDPDPD
2PVDPLGKDDJQLPGXZDV\DWDJKULWDLUERGKD\D
WDDWLWKLP$DVPLQKDY\DDMXKRWDQDVZDDKDD
,GDPDJQD\HLGDQQDPDPD2P6XVDPLG
GKDD\DVKRFKLVKHJKULWDPWHHYUDPMXKRWDQD
$JQD\HMDDWDYHGDVHVZDDKDD,GDPDJQD\H
MDDWDYHGDVHLGDQQDPDPD
2P7DQWZDDVDPLGEKLUDQJLURJKULWHQDYDUGKD
\DDPDVL%ULKDFKFKKRFKDD\DYLVKWK\D
VZDDKDD,GDPDJUOD\HDQJLUDVHLGDQQDPDPD
3$1&+$*+5,7$$+87,)LYH*KHH2EODWLRQV
2PD\DQWDLGKPDDDWPDDMDDWDYHGDVWHQH
$DR@PD?PD?$0
$0\DW>4PD$DPDDMDDWYDRGVWRQDR4\DVYDYDZ
VYDFDRZYD4D
YD4D
\D
\DVYDYDZVYDFDR
YD4D\D
GK\DVZDYDUGKDVZDFKHGGKDYDUGKD\DFKDDV
FDDVPDDQD?
SCMD\DDS6DXL%DEDC
PDYDFD
PDYDFDVDRVDRQDDQQDD9RQDDVDPDR
VDPDR4D\DVYDDKD>GPDJQD\DR
FDDVPDDQD?SC
PDYDFD
PDDQSUDMD\DDSDVKXEKLU%UDKPDYDUFKDVH
MDDWYDRGVDRo>G0QDPDPD
QDPDPD
QDDQQDDG\HQDVDPHGKD\DVZDDKDD,GDP
DJQD\HMDDWDYHGDVHLGDQQDPDPD
-$/$6,1&+$1$
MDODo
MDODoSCVDRFDQDNRPDQa
PDQa
2PDGLWHCQXPDQ\DVZD6SULQNOHLQ(DVW
$DR@PD?PD?$LGWR
$LGWR_QDXPDQ\DVYD
DQ\DVYD
>VDPDQaVDR
S8YDPDR0
$DR@PD?PD?$QDX
$QDXPDWR_QDXPDQ\DVYD>VDVDRSL6FDPDPDR0 2PDQXPDWHCQXPDQ\DVZD:HVW
2PVDUDVZDW\DQXPDQ\DVZD1RUWK
$DR@PD?PD?VDUVYD\DQDX
VDUVYD\DQDXPDQ\DVYD>VDVDR
DQ\DVYD @DUPDR0
6SULQNOHLQDOOIRXUGLUHFWLRQV
$D2Uo>VDPDQaVDRYDRG,NRFDDUDR0$DRUMDODL&'NDYDR0
2PGHYDVDYLWDKSUDVXYD\DM\DPSUDVXYD\DM\D
$DR@PD?PD?GR
GRYDVDLYDWSCVDXYD\D 0SCVDXYD\D SLW0%DJDD\DLGY\DDR
SDWLPEKDJDD\D
JDQ4DYD
JDQ4DYDNR
NRWS8S8NRW0QDSXQDDWXYDDFDVSLWYDD
YDDFDVSLWYDDFD0FD0QDVYDGWX
'LY\RJDQGKDUZDKNHWDSRRKNHWDQQDKSXQDDWX
YDDFKDVSDWLUYDDFKDQQDKVZDGDWX
)RXU*KHH2EODWLRQV
FDDU*D,N,$DKXLW\DD
W\DD
0DNHREODWLRQRQWRWKHILUHWRWKH1RUWK
>VDPDQaVDRYDRG,NR@DU%DDJDPDR0MDODW,KX>VDLPD4DDSU$DKXLWGRYDR0
2PDJQD\HVZDDKDD,GDPDJQD\HLGDQQDPDPD
QD,FDRLOD.RPDQaVDR*D5WN,SD0FD$DKXLWGRYDR0
$DR@PD?PD?$JQD\DR
$JQD\DRVYDDKD>GPDJQD\DRo>G0QDPDPD
QDPDPD
>VDPDQaVDRYDRG,NRGL[D1D%DDJDPDR0MDODW,KX>VDLPD4DDSU$DKXLWGRYDR0
$DR@PD?PD?VDDR
VDDRPDD\DVYDDKD>G0VDDRPDD\Do
QDPDPD
DD\Do>G0QDPDPD
>QDGDRPDQaDR0VDR\D NX1'NRPD4\DPDR0GDR$DKXLWGRYDR0
$DR@PD?PD?SCMDDSW\DRVYDDKD>G0SCMDDSW\DRo>G0QDPDPD
QDPDPD
$DR@PD?PD?>QGC
>QGCD\DVYDDKD>G0>QGCD\Do
\Do>G0QDPDPD
QDPDPD
2EODWLRQWRWKH6RXWK
2PVRPDD\DVZDDKDD,GDPVRPDD\DLGDQQD
PDPD
&HQWHU
2PSUDMDDSDWD\HVZDDKDD,GDPSUDMDDSDWD\H
LGDQQDPDPD
2PLQGUDD\DVZDDKDD,GDPLQGUDD\DLGDQQD
PDPD
G2LQDN$LJQDKDR
QDN$LJQDKDRaN,SC4DDQD$DKXLW\DD0
SCDWNDOD,QD$DKXLWNRPDQa
PDQa
>QDPDQaDR0VDR*D5WNRVDDTDVDDTDVDDPDJDC,$DLG$Q\DKDRPDGCY\DDR0N,%D,
$DKXLW\DD0GR0
$DR@PD?PD?VD8
VD8\DDRM\DDR
M\DDRLWM\DDRLWVD8
LWVD8\DDVYDDKD
VYDDKD
VYDDKD
$DR@PD?PD?VD8
VD8\DDRYDFDDR
YDFDDRM\DDR
M\DDRLWYD
VYDDKD
WYDFD
FDFDVYDDKD
VYDDKD
$DR@PD?PD?M\DDR
M\DDRLWVD8\DDVD8
VD8\DDRM\DDR
M\DDRLWVYDDKD
WVYDDKD
$DR@PD?PD?VDMD8
VDMD8GRYDRYDRQDVDLYDaDVDMD8<DVDRQGCYD\DDMDX<DD1DVD8\DDRYDR
YDRWX
VYDDKD
VYDDKD
VDD\D0NDOD,QD$DKXLWNRPDQa
PDQa
$DR@PD?PD?$LJQDM\DDR
$LJQDM\DDRLWM\DDR
LWM\DDRLWULJQDVYDDKD
LWULJQDVYDDKD
LWULJQDVYDDKD
$DR@PD?PD?$LJQ
$LJQDYDFDDR
DYDFDDRM\DDR
M\DDRLWWYDF
YDFDVYDDKD
DVYDDKD
$LJQ
DYD
YDF
DVYDDKD
>VDW,VDURPDQaNDRPDQDPDR@FFDDU1DNUNR$DKXLWGRYDR0
$DR@PD?PD?$LJQDM\DDR
$LJQDM\DDRLWM\DDR
LWM\DDRLWULJQDVYDDKD
LWULJQDVYDDKD
LWULJQDVYDDKD
$DR@PD?PD?VDMD8
VDMD8GRYDRYDRQDVDLYDaDVDMDXUDa?
Da?\DR\DRQGCYD\DDMDX<DD1DDR$LJQDYDRWXWX
VYDDKD
VYDDKD
35$'+$$1$+20$
3ULQFLSDO6DFULILFHUHODWLQJWRWKHSXUSRVHRIWKH
+DYDQ
0RUQLQJ*KHH6DDPDJUHH2EODWLRQV
2PVRRU\RM\RWLUM\RWLKVRRU\DKVZDDKDD
2PVRRU\RYDUFKRM\RWLUYDUFKDKVZDDKDD
2PM\RWLKVRRU\DKVRRU\RM\RWLKVZDDKDD
2PVDMRRUGHYHQDVDYLWUDDVDMRRUXVKDVHQGUD
YDW\DD
-XVKDDQDKVRRU\RYHWXVZDDKDD
(YHQLQJ*KHH6DDPDJUHH2EODWLRQV
2PDJQLUM\RWLUM\RWLUDJQLKVZDDKDD
2PDJQLUYDUFKRM\RWLUYDUFKDKVZDDKDD
7KLVLVVLOHQWPDQWUD
2PDJQLUM\RWLUM\RWLUDJQLKVZDDKDD
2PVDMRRUGHYHQDVDYLWUDDVDMRRUDDWU\HQGUD
YDW\DD-XVKDDQRDJQLUYHWXVZDDKDD
SCDWNDOD,QD$DKXLWNR6DR<DVDPDDQDPDQa
DVDPDDQDPDQa
$DR@PD?PD?%D8
%D8UJQD\DRSCD1DD\DVYDDKD>GPDJQD\DRSCD1DD\Do
1DD\Do>G0QDPDPD
QDPDPD
$DR@PD?PD?%DX
%DXYDYDD
\DYDR_SDQDD\DVYDDKD>G0YDD\DYDR_SDQDD\Do
DYDD\DYDR
SDQDD\Do>G0QDPDPD
QDPDPD
$DR@PD?PD?VYDUDLG\DD\DY\DDQDD\DVYDDKD>GPDDLG\DD\DY\DDQDD\D
VYDUDLG\DD\DY\DDQDD\DVYDDKD>GPDDLG\DD\DY\DDQDD\Do
VYDUDLG\DD\DY\DDQDD\DVYDDKD>GPDDLG
\DD\DY\DDQDD\Do>G0QD
PDPD
PDPD
$DR@PD?PD?%D8
%D8%DXYDVYDULJQDYDD\YDDLG\DR
YDVYDULJQDYDD\YDDLG\DR%\DSCD1DDSDQDY\DDQDR%\DVYDDKD
\DVYDDKD
>GPDLJQDYDD\YDDLG\DR%\DSCD1DDSDQDY\DDQDR%\Do
\Do>G0QDPDPD
QDPDPD
D
$DR@PD?PD?$DSDR
$DSDRM\DDRW,UVDDR_PD5W0EDC
PD%D8%DXYDVYDUDR
YDVYDUDR0VYDDKD
VYDDKD
$DR@PD?PD?\DD0
\DD0PDR4DD0GRYDJD1DDLSWU6FDDRSDVDWRW\DDPDDPD9PDR4D\DD_JQDR
PDR4DDLYDQD0NXVYDDKD
VYDDKD
$DR@PD?PD?LYD6YDDLQDGR
LYD6YDDLQDGRYDVDLYDWGXLUWDLQDSUDVDX
LUWDLQDSUDVDXYD\DG?
%DGC0WQQD$D
D\DG?%DGC
VDXYDVYDDKD
DVYDDKD
$DR@PD?PD?$JQDR
$JQDRQD\DVDXSTDDUD\D$VPDDQD?
LYD6YDDLQDGRYDYD\DXQDDLQD
TDDUD\D$VPDDQD?LYD6YDDLQDGR
LYD:DQD
LYD:DQD
D
\DX\DDR4\DVPDMMDXKXUD1DPDRQDDR%D8L\D<]D0WRQDPD@L#WLYD4DRPDVYDDKD
DVYDDKD
5HPDLQLQJPDQWUDVRIPRUQLQJ2EODWLRQV
2PEKRRUDJQD\HSUDDQDD\DVZDDKDD,GDP
DJQD\HSUDDQDD\DLGDQQDPDPD
2PEKXZDUZDD\DYHCSDDQDD\DVZDDKDD,GDP
ZDD\DYHCSDDQDD\DLGDQQDPDPD
2PVZDUDDGLW\DD\DY\DDQDD\DVZDDKDD,GDP
DDGLW\DD\DY\DDQDD\DLGDQQDPDPD
2PEKRRUEKXZDKVZDUDJQLYDD\YDDGLW\H
EK\DKSUDDQDDSDDQDY\DDQHEK\DKVZDDKDD
,GDPDJQLYDD\YDDGLW\HEK\DKSUDDQDDSDDQD
Y\DDQHEK\DKLGDQQDPDPD
2PDDSRM\RWHHUDVRCPULWDPEUDKPDEKRRU
EKXZDKVZDURPVZDDKDD
2P\DDPPHGKDDPGHYDJDQDDKSLWDUDVKFKR
SDDVDWH7D\DDPDDPDG\DPHGKD\DDJQH
PHGKDDYLQDPNXUXVZDDKDD
2PYLVKZDDQLGHYDVDYLWDUGXULWDDQLSDUDDVXYD
\DGEKDGUDPWDQQDDDVXYDVZDDKDD
2PDJQHQD\DVXSDWKDDUDD\HDVPDDQ
YLVKZDDQLGHYDYD\XQDDQLYLGZDDQ<X\RG\DV
PDMMXKXUDDQDPHQREKRR\LVKWKDDQWRQDPD
XNWLPYLGKHPDVZDDKDD
2PWDWFKDNVKXUGHYKLWDPSXUDVWDFKKXNUD
PXFKFKDUDW3DVK\HPVKDUDGDVKDWDPMHHYHP
VKDUDGDVKDWDPVKUDQX\DDPVKDUDGVKDWDP
SUDEUDYDDPVKDUDGVKDWDPDGHHQDV\DDP
VKDUDGDVKDWDPEKRR\DVFKDVKDUDGDVKDWDDW
2P2*RGHYHU\WKLQJLQWKLVZRUOGLVNQRZQWR<RX<RX
$DR@PD?PD?WFFD[DXGRYDLKW0
S6\DRPD6DUG6DW0
YDYDLKW0SXUVWDF&XPDXFFDUW?
FDUW?S6\DR
MD,YDRPD6DUG6DW0(DX1DX\DDPD6DUG6DW0SCEDCYDDPD6DUG6DWPDG,QDD
V\DDPD6DUG6DW0%D8\D6FD6DUG6DWDW?
D6FD6DUG6DWDW?
KRVDYDY\DDSNVDYD VDYDDQW\DDPD,GRYDR6YDUMDDR4DDLPDNLYD:DQD?$\DQW
DUHWKHIULHQGRIWKHOHDUQHG<RXZHUHSUHVHQWHYHQ
EHIRUHWKHFUHDWLRQRIWKHXQLYHUVH<RXDUH$XVSLFLRXV
DQG6XSUHPH0D\ZHEHDEOHWRVHHIRURQHKXQGUHG
\HDUV0D\ZHEHDEOHWROLYHIRURQHKXQGUHG\HDUV0D\
ZHEHDEOHWRKHDUDQGVLJQ<RXJORU\IRURQHKXQGUHG
\HDUV0D\ZHEHDEOHWROLYHIUHHO\ZLWKRXWEHLQJD
EXUGHQRQDQ\RQH0D\ZHEHDEOHWRVHHKHDUOLYHDQG
VLQJ<RXUJORU\IUHHO\IRUPRUHWKDQRQHKXQGUHG\HDUV
(DZD$D2USCRPDVDRJDG?JDG?KDRNU$DSN,@SDVDQDDNUWDK2@VD@SDVDN
ND$DSKUSCNDUVDRNO\DD1DNUWRK20KRLYD DQDVYDSbSUPDGRYD$DS
$SQD,N5SDVDRPDRU,$DPDDPDR0SCN7KDR$DR$SQDRG\DPDR0K,$DSNDRVDD2
YD<DDR0WNGR.WDUK8$DSNRSCLW(DZDWTDDLYD6YDDVDU.WRKXH$DSNR
VD0NRWDR0NDRVDXQDWDUK80$DSN,PDLKPDDND@SGR6DVDEDNDRNUWDUK8KR
SUPDLSWD$DSN,N5SDVDRPD20N%D,%D,G,QDoK,QDYDDGLUGCQDKDR`0EDLON
VDYDGDVYDVTDVDPSQQDWTDD$DQDQGPDR0K,UK8
QD,FDRLOD.RPD5\DX0MD\DPDQaNDRW,QDEDDUGDRKUD\DR0
$DR@PD?PD?a?\D0\D\D0EDN0\DMDDPDKRVDXJDLQ4D0SXL<7YD4D
QDPD?@YDD
@YDDNLPDYD
NLPDYD
<7YD4D
4DQDPD?
QDPD
@YDD
EDQ4DQDDQPD5\DDRPDX[D,\DPDD_PD5
[D,\DPDD_PD5DDD
DDD
KRW,QDDR0ODDRNDR0NRSDODNUDRJDDR0NRQDD6DN$D2USD2<D1DGRQDRYDDODRSUPDDPDQD?
MD2VDRSNDKX$DIOD$SQDR'0]ODVDR&87MDDWDK2YD2VDRPDX-DRPD5\DX$D2UUDRJD
VDR&X D>\DRWTDDMD,YDQDUVDSCGDQDN,LMDH
5HFLWHWKHIROORZLQJ0ULW\XQMD\DPDQWUDWKUHHWLPHV
2PWUL\DPEDNDP\DMDPDKHVXJDQGKLP
SXVKWLYDUGKDQDP8UYDUXNPLY
EDQKDQDQPULW\RUPXNVKHH\DPDDDPULWDW
2WKHFUHDWRURIXQLYHUVHGLVSHOOHURIPLVHULHVDQG
VXVWDLQHURIWKHZRUOG0D\ZHFURVVKHRFHDQRIOLIH
LQDVWURQJERDWRINQRZOHGJHGHYRWLRQDQGJUHDW
KHDOWKDQGODYHWKHF\FOHRIGHDWKDQGLOOQHVVMXVWOLNH
DULSHIUXLWOHDYHVWKHWUHH
LVYD<7N5WKDRPDDKXLW
W
QD,FDRNRPD0aVDRFDDYDOD\DDLPD]D>N,$DKXLWGRYDR0
$DR@PD?PD?\DGV\DNPD
1DDR_\DU,LUFD0\D:DQ\D8QDLPDKDNUPD?
$LJDC<7W?
\DGV\DNPD1DDR
DLPDKDNUPD?$LJDC
7W?
LVYD<7N5L:9DVDY
:9DVDYD0D0 LVYD<70VDXKXWPD?PD?NUDRWXPDR$JQD\DRLVYD<7N5WR
VDXKXWKXWRVDY
NDPDQDD0D0VDPDZ
L\DaRVDYDD
QQD
VDYD0DS0 CD\DL6FDDDKXLWQDD0NDPDQD
VDPDZL\DaR
VDYDD
YDDQQD
NDPDDQVDPDZ
\DVYDDKD>GPDJQD\DR
NDPDDQVDPDZ\DVYDDKD
\D
VYDDKD>GPDJQD\DRLVYD<7N5WR>G0QDPDPD
QDPDPD
EDLODYD26YDGRYD\D
D\D
$DR@PD?PD?$JQD\DR
$JQD\DRVYDDKD
VYDDKD
$DR@PD?PD?VDDR
VDDRPDD\DVYDDKD
DD\DVYDDKD
$DR@PD?PD?$JQD,<DDR
$JQD,<DDRPDD%\DD0VYDDKD
VYDDKD
$DR@PD?PD?LYD6YDR
LYD6YDR%\DDRGRYDDRR%\DVYDDKD
\DVYDDKD
$DR@PD?PD?4DQYDQWU\DR
4DQYDQWU\DRVYDDKD
VYDDKD
$DR@PD?PD?NX
NXK?YD2YD2VYDDKD
VYDDKD
$DR@PD?PD?$QDX
$QDXPD\D2VYDDKD
VYDDKD
$DR@PD?PD?3C
3CDMDDSW\DRVYDDKD
VYDDKD
$DR@PD?PD?VDK9DYDDS5
VDK9DYDDS5LTDYD,%\DD0VYDDKD
VDK
VYDDKD
$DR@PD?PD?LVYD<7N5
LVYD<7N5WRVYDDKD
VYDDKD
$EDW,QDEDDUJDD\Da,PDQaVDR$DKXLWGRYDR0
$DR@PD?PD?%D8
%D8%DXYDVYDWVDLYDWX
YDVYDWVDLYDWXYDYDYDURUR1\D0%DJDDRGR
GRYDV\D4D,PDLK
DV\D4D,PDLK
L4D\DDR\DDRQDSCFDDRG\DDW?
VYDDKD
\DDW?VYDDKD
>VDPDQaVDRW,QDEDDU*D,VDRS81DKXLWNUR0
$DR@PD?PD?VDYD
VDYD0YD2S81DD0VYDDKD
VDYD
VYDDKD
>LW$LJQDKDRaPDQaD
PDQaD
6ZLVKWNULW+RPDKXWL
2IIHULQJRIULFHRUVZHHW
2P\DGDV\DNDUPDQRDW\DUHHFKDP\DGZDQXHQ
PLKDNDUDPDJULVKWDWVZLVKWDNULGYLG\DWVHUYD
VZLVKWDPVXKXWDPNDURWXPH$JQD\HVZLVKWDNULWH
VXKXWDKXWHVDUYDSUD\DVKLWDKXWLQDPNDPDQDP
VDPDUGZD\LWUHVDUZDQQDKNDPDQWDVDPDUGZD\
VZDKD,GDPDJQD\HVZLVKWDNULWHLGDQQDPDPD
%DOLYDLVKYD'HY<DJ\D
2PDJQD\HVYDKD
2PVRPDD\DVYDKD
2PDJQLVKRPDEK\DPVYDKD
2PYLVKYHGK\RGHYHEK\DVYDKD
2PGKDQYDQWDU\HVYDKD
2PNXKYDLVYDKD
2PDQXPDW\DLVYDKD
2PSUDMDSDWD\HVYDKD
2PVDKDG\DYDSULWKLYLEK\DPVYDKD
2PVYLVKWDNUDWHVYDKD
7KUHHREODWLRQVZLWK*KHHDQG6DDPDJUHH
2PEKRRUEKXZDKVZDK7DWVDYLWXUYDUHQ\DP
EKDUJRGHYDV\DGKHHPDKL'KL\R\RQDKSUDFKR
GD\DDWVZDDKDD
2IIHUJKHHWKUHHWLPHVZLWKWKLVPDQWUD
2PVDUYDPYDLSRRUQDPVZDDKDD
(QGRI$JQLKRWUD0DQWUDV
S81DDDDK8KL8 WNREDDG
EDDG
$DR@PD?PD?WR
WRMDDR_LVDWRMDDRPDL\D4DRLK
K
$DR@PD?PD?YD,\D
YD,\DPDLVDYD,\
PDLVDYD,\D0D0 PDL\D4DRLK
YD,\D
PDLVDYD,\
K
$DR@PD?PD?EDODPDLVDEDOD0
EDODPDLVDEDOD0PDL\D4DRLK
K
$DR@PD?PD?$DR
$DRMDDR_V\DDRMDDRPDL\D4DRLK
K
$DR@PD?PD?PDQ\DULVDPDQ\DX
PDQ\DULVDPDQ\DX0PDL\D4DRLK
K
$DR@PD?PD?VDKDR
VDKDR_LVDVDKDRPDL\D4DRLK
K
6DDLQWSD]PDQa
6DDLQWSD]PDQa
$DR@PD?PD?9D2
9D26DDLQWUQWLU[D6DDLQWS5LTDYD,6DDLQWUDS
6DDLQWUDR<D4D\D6DDLQWYDQDV
LYD6YDRGRYDD6DDLQWEDC
PD
PD
D4D\D6DDLQW YDQDVSW\D6DDLQW
YDQDVSW\D6DDLQW
SW\D6DDLQWLYD6YDR
LYD
6DDLQWVDYD
6DDLQWVDYD06DDLQW6DDLQWURYD6DDLQWVDDPDD6DDLQWURL4D
4D
$DR@PD?PD?6DDLQW6DDLQW6DDLQW
6DDLQW6DDLQW6DDLQW
6DDLQW6DDLQW6DDLQW
$DR@PD?PD?$VDDDRPDDVDG?
JDPD\D
PDDVDG?JDPD\D
JDPD\D
DPDVDDRPDDM\DDRLDJD
DJDPD\D
PD\D
PD\D
PD5\DDRPDD0_PD5D0JDPD\D
JDPD\D
VDYDR%DYDQWX
%DYDQWXVDXL.QDDVDYDRVDQWX
VDQWXLQDUDPD\DD
LQDUDPD\DD
VDYDR%DGC
%DGCDL1DS6\DQWXPDDNL6FDG?
GX.%DDJD?
%DYDRW?
PDDNL6FDG?GX
.%DDJD?%DYDR
KR>6DVDEDVDX.,KDR0NDR>QDDKDRGX.DU,
VDEDKDRLQDUDRJD%DJDYDQD4DQD4DDQ\DNR%D0'DU,
VDED%DGC%DDYDGR.R0VDQPDDJDNRSLTDNKDR0
GXL.\DDQDDNDR>KDRYDRVD5L<7PDR03CDD1D4DDU,
$IWHUSRRUQDKRRWL
2PWHMRDVLWHMRPD\LGKHKL
2PYHHU\DPDVLYHHU\DPPD\LGKHKL
2PEDODPDVLEDODPPD\LGKHKL
2PRMRDVLRMRPD\LGKHKL
2PPDQ\DUDVLPDQ\XPPDKLGKHKL
2PVDKRDVLVDKRPD\LGKHKL
6KDQWLSDWK0DQWUD
2PGK\RVKDQWLUDQWDULNVKDPVKDQWLKSULWKLYL
VKDQWLUDSDKVKDQWLURVKDGKD\DKVKDQWLK
YDQDVSDWD\DKVKDQWLUYLVKYHGHYDKVKDQWLU
EUDKPDVKDQWLKVDUYDPVKDQWLKVKDQWLUHYDVKDQWL
VDPDVKDQWLUHGKL2PVKDQWLVKDQWLVKDQWL
2PDVDWRPDVDGJDPD\D
7DPDVRPDM\RWLUJDPD\D
0LUW\RUXPDPDPULWDPJDPD\D
6DUYHEKDYDQWXVXNKLQDK
6DUYHVDQWXQLUDDPD\DDK
6DUYHEKDGUDDQLSDVK\DQWX
0DDNDVKFKLGGXNKDEKDDJEKDYHW
+H\HHVKVDEVXNKHHKRNRHHQDKRGXNKDDUHH
VDEKRQLURJEKDJDYDQGKDQGKDDQ\DNHEKDQGDDUL
VDEEKDGUDEKDDYGHNKHVDQPDDUJNHSDWKLNKR
GXNKL\DDQDNRLKRZHVULVKWLPHSUDDQGKDDUHH
YDPDRYDPDDWDFDLSWDYDPDRYD
D
YDPDRYDEDQ4DX6FDVD.DYDPDRYD
D
YDPDRYDLYD9DGCLYD1DD0YDPDRYD
D
YDPDRYDVDYD
YDVDYD00 PDPDGRYDGRYD
YDVDYD
D
LQDPQDPD0aNDW,QDEDDU@FFDDU1DNUR0
WQPDRPDQDL6DYDVD0NOSPD?
$VWX
OSPD?$VWX
PDRUDPDQD6DX%DVD0NOSDR0YDDODDKDR
7YDPHYPDDWDDFKDSLWDDWYDPHYD
7YDPHYDEDQGKXVKFKDVDNKDDWYDPHYD
7YDPHYDYLGK\DDGUDYLQDPWYDPHYD
7YDPHYDVDUYDPPXPGHYDGHYD
5HFLWHWKHIROORZLQJPDQWUDWKUHHWLPHV
7DQPHPDQDVKLYVDQNDOSDPDVWX
0D\P\PLQGEHIXOORIJRRGWKRXJKWV
\D SCDTDTDQDD
QDD
QDD
\D SSC%DDRKPDDUR%DDYD@MMDYDODN,LMD\DR
&DR'GR0YDR&ODNS7NDRPDDQDLVDNEDODG,LMD\DR
YDRGN,EDDRODR0"FDDH0VD\DNDR4DDU1DNUR0
K<DPDR0KDRPDJQDVDDUR6DDRNVDDJDUVDRWUR0
$6YDPDR4DDLGNUFDD\DR0\D SU@SNDUNDR
4DPDPD\DDGDFDODDNUODD%DGR0VD0VDDUNDR
LQD\D(DZD%DL!VDR\D DLGKPDNUWRUKR0
UDRJDS,L'WLYD6YDNRVDQWDSVDEDKUWRUKR0
%DDYDQDDLPD7MDD\DRPDQDVDRSDS$\DDFDDUN,
NDPDQDD\DR0S81DKDRYDR0\D VDRQDUQDDUN,
ODD%DNDU,KDRKYDQDKUMD,YD4DDU,NRLOD\DR
YDD\DXMDODVDYDaKDR06DX%DJDQ4DNDR4DDU1DLN\DR
VYDDTD%DDYDLPD7RKPDDUDSCRPDSTDLYDVWDUKDR
>GQQDPDPD
NDVDDTDNSC\DRNPDR0Y\DYDKDUKDR
KDTDMDDR'-DXND\DRPDVWNYDQGQDDKPDNUUKR
QDDTDN1DDSN1DD$DSN,VDEDSUUKR
<DM\D3UD\HU
<DM\DURRSSUDEKRKDPDDUHEKDDYDXMMZDONHHML\H
&KKRUGHYHFKKDONDSDWNRPDDQVLNEDOGHHML\H
9HGDNHHEROHQULFKDD\HVDW\DNRGKDDUDQNDUH
+DUVKPHKRPDJQVDDUHVKKRNVDDJDUVHWDUH
$VKYDPHGKDDGLNUDFKDD\H\DMQDSDUXSNDDUNR
'KDUPPDU\DDGDDFKDODDNDUODDEKDGHVDQVDDUNR
1LW\DVKUDGGKDDEKDNWLVH\DMQDDGLKDPNDUWHUDKH
5RJSHHULWYLVKYDNHVDQWDDSVDEKDUWHUDKH
%KDDYDQDDPLWMDDYHPDQVHSDDSDW\DDFKDDUNHH
.DDPDQDD\HSRRUQDKRYH\DMQDVHQDUQDDUNHH
/DDEKDNDDULKRKDYDQKDUMHHYDGKDDUHHNHOL\H
9DD\XMDLVDUYDWUDKRVKXEKJDQGKNRGKDDUDQNL\H
6YDDUWKDEKDDYPLWHKDPDDUDDSUHPSDWKYLVWDDUKR
,GDQQDPDPDNDDVDDUWKDNSUDW\HNPHY\DYKDDUKR
+DDWKMRUMKXNDD\HPDVWDNYDQGDQDDKDPNDUUDKH
1DDWKNDUXQDDURRSNDUXQDDDDSNHHVDESDUUDKH
%DMDQD
%DMDQD
>WQD,6D#W,KPDR0GRQDDGDWDPDQDNDLYD6YDDVDNPDMDDRUKDRQDD
KPDFDODR0QDRNUVWRSRKPDVDR%D8ODNU%D,NDR>%D8ODKDRQDD
>WQD,6D#W,KPDR0
KUWUIMDXOPDK2EDREDVD,K2VDKPDDVDKPDDVDDKU$DGPD,K2
SDSNDEDDR-DED=WDK,MDDHMDDQDRN2VDR\DR4DUW,TDPD,K2
EDDR-DPDPDWDNDW8\DR@]DODRWRU,UFDQDDND\DR$QWKDRQDD
KPDFDODR0QDRNUVWRSRKPDVDR%D8ODNU%D,NDR>%D8ODKDRQDD
>WQD,6D#W,KPDR0
G8U$ DQDNRKDR$Q4DRURW8KPDR0 DQDN,UD26DQD,GR
KUEDXUD>VDREDFDWRUKR0KPDLMDWQD,%D,GR%DOD,LMD0GJD,GR
ED2UKDRQDDLNVD,NDLNVD,VDR%DDYDQDDPDQDPDR0EDGODRN,KDRQDD
KPDFDODR0QDRNUVWRSRKPDVDR%D8ODNU%D,NDR>%D8ODKDRQDD
>WQD,6D#W,KPDR0
KPDQDDVDDRFDR0KPDR#\DDLPDODDK2KPD\DRVDDRFDR0LN\DD#\DDK2$S1D
I8OD.XL6D\DDR0NREDD7R0VD%D,NDRVDEDNDMD,YDQDK,EDQDMDDHPD4DXEDQD
$SQD,N1DDNDR$EDW8EDKDGRNUGRSDYDQDKU>NPDQDNDNDRQDD
KPDFDODR0QDRNUVWRSRKPDVDR%D8ODNU%D,NDR>%D8ODKDRQDD
>WQD,6D#W,KPDR0
%KDMDQ
,WQL6KDNWL+XPH'H1D'DDWDD
0DQNDD9LVK9DDV.DP=RDU+R1DD
+XP&KDOHQ1HN5DVWH3H+XPVH
%KRRONDU%KHH.RL%KRRO+R1DD
,WQL6KDNWL
+DU7DUDI=XOP+DL%HEDVHH+DL
6HKPD6HKPD6DD+DU$DGPHH+DL
3DDS.DD%RMK%DGKWDD+HH-DD\H
-DDQH.DLVH<H'KDUWHH7KXPPHH+DL
%RMK0DPWD.DD7X<H8WKDD/H
7HUHH5DFKDQDD.D<H$QW+R1DD
+XP&KDOHQ1HN5DVWH3H+XPVH
,WQL6KDNWL
'RRU$J\DDQ.H+R$QGKHUH
7X+XPH1*\DDQ.HH5DXVKQHH'H
+DU%XUDD\HH6H%DFKNH5DKH1+XP
-LWQHH%KHH'H%KDOHH=LQGDJHH'H
%DLU+R1DD.LVLNDD.LVLVH
%KDDYDQDD0DQ0H1%DGOH.HH+R1DD
+XP&KDOHQ1HN5DVWH3H+XPVH
,WQL6KDNWL
+XP1D6RFKH1+XPH1.\DD0LODD+DL
+XP<H6RFKH1.L\DD.\DD+DL$USDQ
3KRRO.KXVKL\R1.H%DDWH16DEKHH.R
6DENDD-HHYDQ+HH%DQ-DD\H0DGKXEDQ
$SQHH.DUXQDD.RDE7X%DKDD'H
.DUDGH3DDYDQ+DU,N0DQ.DD.RQDD
+XP&KDOHQ1HN5DVWH3H+XPVH
,WQL6KDNWL
$DR@PD?PD?VWX
VWXWDPD\DDYDUGDYDRGPDDWDSCFDDRG\DQWD0SDYDPDDQD,L:MDDQDDPD
SDYDPDDQD,L:MDDQDDPD??
$D\DXSCD1D0SCMDD0S6DX0N,LW
YDDYCDMDW
N,LW0GCLYD1D0EDC
DYDFD
DYDFDVD0VD0P0GGYDDYC
ECD
DODDRNPD?PD?
$DR@PD?PD?$%D\D0
$%D\D0LPDaDG%D\DPDLPDaDG%D\D0 DWDG%D\D0SUDR[DDW?
DDW?
$%D\D0QD#WP%D\D0LGYDDQDVDYDD
$D6DDPDPDLPDa0%DYDQWX
LGYDDQDVDYDD$D6DDPDPDLPDa0
$DR@PD?PD?\DMMDDJDC
\DMMDDJDCWDRG8UPDXG2LWG2YD0WGXVDX3WV\DWTD2
WV\DWTD2YD2LW
W
G8U ?JDPD0
JDPD0M\DDRLW<DD0M\DDRLWURN0WQPDRPDQDL6DYDVD0NOSPDVWX
$DR@PD?PD?S8
S81DDPDGS8
PDGS81DDLPDG0
LPDG0S81DDDDS8
S81DDPDXPDXGF\DWR
S81DDV\DS8
V\DS81DDPDDGD\DS8
PDDGD\DS81DDPDRPDRYDDYDL6D<\DWR
$DR@PD?PD?$QQDSWR
$QQDSWR_QQDV\DQDDRGRDQDPD,YDV\D6DXL<PD1D
<PD1D
3CD3CDGDWDU0WDLU<D_`M0DQDDR
QDDR4DRLKL:SGR
KL:SGRFDWX<SGR
$DR@PD?PD?VYDLVWQD>QGC
VYDLVWQD>QGCDRYD5Z(DYDDVYDLVWQDS8<DDLYD6YDYDRGD
D
VYDLVWQDVWD[\DDR$LU<7QDR
$LU<7QDRLPDVYDLVWQDDRED5KVSLWG
4DDWX
VSLWG4DDWX
2PVWXWDPD\DDYDUGDYHGPDDWD
SUDFKRGD\DQWDPSDDYPDQLGYLMDDQDDP
$D\XSUDDQDPSUDMDDPSDVKXPNHHUWLPGUYLQDP
EUDKDPYDUFKDVDPPDKH\DPGDWYDYUDMDW
EUDKDPORNDP
2PDEKD\DPPLWUDGDEKD\DPDPLWUDGDEKD\DP
J\DWDGDEKD\DPSURNVKDW
$EKD\DPQDNWDPDEK\DPGLYDQDDVDUYDDP
DDVKDPDPPLWUDPEKDYDQWX
2P\DMMDDJUDWRGRRUDPXGDLWLGDLYDPWDGX
VXSWDV\DWDWKDLYDLWL'RRUDQJDPDPM\RWLVKDP
M\RWLUHNDPWDQPHPDQDVKLYVDQNDODSDPDVWX
2PSXUQDPDGDKSXUQDPLGDPSRRUQDDW
SRRUQDPXGGDFK\DWH
3XUQDV\DSXUDPDDGD\DSXUQDPHYDD
YDVKLVK\DWH
2PDQQDSDWHDQQDV\DQRGHKLDQDPHHZDV\D
VKXVKPLQDK
3UDSUHGDDWDDUDPWDDULVKDRRUMDQQRGKHKL
GZLSDGHFKDWXVKSDGH
2PVYDVWLQDLQGURYULGKVKUDYDDVYDVWLQDD
SRRVKDYLVKYDYHGD6YDVWLQDVWDDNVKU\RDULVKW
QHPLVYDVWLQREULKDVSDWLGDUGKDWX
$DR@PD?PD?VDKQDDYDYDWX
VDKQDDYDYDWXVDKQDD20%DXQD#WXVDKYD,\\
VDKYD,\\D0D0 NUYDDYDK2
WRMDLVYDQDDYD4D,WPDVWXPPDDLYDL:<DDYDK2
DDLYDL:<DDYDK2
2PVDKQDYDYDWX6DKQDXEKXQDNWX6DK
YHHU\DPNDUYDDYDKDL7HMDVYLQDDYGKHHWWDPDVWX
0DDYLGYDVKDYDKDL
$D6D,
YDDGPDQa
$D6D,YDDGPDQa
YDDGPDQa
$DR@PD?PD?VD\DDVDQWX
VD\DDVDQWX\DMDPDDQDV\DND
\DMDPDDQDV\DNDPDD
PDD
PDD
$DR@PD?PD?6DX
6DX%DDVDQWX\DMDPDDQDV\DNDPDD
\DMDPDDQDV\DNDPDD
$DR@PD?PD?L6DYDDVDQWX
L6DYDDVDQWX\DMDPDDQDV\DNDPDD
\DMDPDDQDV\DNDPDD
$DR@PD?PD?VDD2
VDD2%DDJ\DPDVWX$DR@PD?PD?6DX
6DX%D0%DYDWX
$DR@PD?PD?VYDLVW$DR
VYDLVW$DR@PD?PD?VYDLVW$DR
VYDLVW$DR@PD?PD?VYDLVW
VYDLVW
VYDLVW
VYDLVW
KR>6YDUKPD$DSVDR3CDDTDQDDNUUKRK20LN\DMDPDDQDSLUYDDUN,
VDED6DX%DNDPDQDD\DR0VD\DKDR0NO\DD1DNDU,KDR0$D2UVDIODKDR0KR
3CD%DDR$DSNO\DD1DNUDRNO\DD1DNUDRNO\DD1DNUDR
KREDDLODNRYDPD?
MD,YDRPD?D?6DUG6DWPD?
6DUG6DWPD?YDZ
YDZPDLW$D\DX
PDLW$D\DX<PDLW
YDPD?MD,YDR
6DUG6DWPD
YDZ
WRMDLVYDQD,YDFD
LVYDQD,JDX1DYDW,4D,PDLW%D8\DD
DLVYDQD,YDFDLVYDQD,JDX
DD
KREDDLODNYDPD?
MD,YDRPD?D?6DUG6DWPD?
6DUG6DWPD?YDZ
YDZPDDQD$D\DX
PDDQD$D\DX<PDDQD
EDDLODNYDPD?MD,YDR
6DUG6DWPD
YDZ
WRMDVYD,YDFD
VYD,JDX1DYDDQD4D,PDDQD%D8\DD
DVYD,YDFDVYD,JDX
DD
KREDDODN$TDYDDEDDLODNRWXPD@QQDLW3CDD3WNUWRKXHVDD2YD<D
WNMD,LYDWUKDRWTDDWXPD$D\DX<PDDQDWRMDVYD,YDFDVYD,\D6DVYD,
$D2U4DQDYDDQDEDQDRUKDRWXPKDUDVDGDNO\DD1DKDR
$DVKHHUZDDGPDQWUD
2PVDW\DKVDQWX\DMDPDQV\DNDPDK
2PVKXEKDKVDQWX\DMDPDQV\DNDPDK
2PVKLYDVDQWX\DMDPDQV\DNDPDK
2PVDXEKDJD\DPDVWXRPVKXEKDPEKDYDWX
2PVYDVWLRPVYDVWLRPVYDVWL
2*RG:HDUHSUD\LQJWR\RXWKDWWKHZLVHGHVLUHV
RIWKHKRVWIDPLO\EHWUXWKIXORVSLFLRXVDQG
EHQHYROHQW2*RG3URYLGHZHOIDUHSURYLGHZHOIDUH
SURYLGHZHOIDUH
+HEDDOLNHWYDPMHHYHPVKDUDGDVKDWDP
YDUGKPDWLDD\XVKPDWLWHMDVYLQLYDUFKDVYLQL
JXQYDWLGKHHPDWLEKRR\D
+HEDDODNWYDPMHHYHPVKDUDGDVKDWDP
YDUGKPDQDD\XVKPDDQWHMDVYLYDUFKDVYL
JXQYDDQGKHHPDQEKRR\D
'HDUVRQGDXJKWHUPD\\RXJURZ OLYHDORQJ
KHDOWK\OLIHRIRYHU\HDUVIXOORIYLWDOLW\SRZHUIXO
SHUVRQDOLW\JRRGTXDOLWLHVDQGZLVGRP0D\\RXOHDG
DJORULRXVOLYLQJ
$DUW,%DMDQD
$DUW,%DMDQD
$DRPD?MD\DMDJDG,6DKURVYDDPD,MD\DMDJDG,6DKUR
%D!MDQDDR0NRVD0N7[D1DPDR0G8UNUR
MDDR4\DDYDRIODSDYDRGX.LYDQDVDRPDQDND
VDX.VDPSLD*DU$DYDRN<7LPD7RWQDND
PDDWLSWDWXPDPDRUR6DU1DJDK8PD20LNVDN,
WXPDLEDQD$D2UQDG8MDD$DVDN0LMDVDN,
WXPDS8U1DSUPDDPDDWXPD$QW\DDPD,
3DDUECD
PDSUPDR6YDUWXPDVDEDNRVYDDPD,
WXPDN1DDNRVDDJDUWXPDSDODQDNWD
PD20VDRYDNWXPDVYDDPD,N5SDNUDR%DDD
WXPDKDRHN$JDDRFDUVDEDNR3CDD1DSLW
LNVDLYDL4DLPDOD80G\DDPD\DWXPDNDRPD20NXPDLW
G,QDEDQ4DXGX.KDDWXPDU[DNPDRUR
N1DDKVWED=D$DR6DU1DS'DWRUR
LYD<D\DLYDNDULPD7D$DRSDSKUDRGRYDD
(DZD%DL!ED=D$DRVDQWQDN,VDRYDD
WQDPDQD4DQDVDEDNX&K2WRUD
WRUDWX-DNDR$S1D#\DDODDJDRPDRUD
6\DDPDVDXQGUMD,N,$DUW,MDDRNDR>QDUJDDYDR
NKWL6DYDDQDQGVYDDPD,PDQDYDDLQ&WIODSDYDR
MD\DMDJDG,6DKURVYDDPD,MD\DMDJDG,6DKUR
%D!MDQDDR0NRVD0N7[D1DPDR0G8UNUR
$$57((%+$-$1
2PMDLMDJGHHVKKDUHVYDDPHHMDLMDJGHHVKKDUH
%KDNWMDQRNHVDQNDWNVKDQPHGRRUNDUH
-RGK\DDYHSKDOSDDYHGXNKYLQVKHPDQNDD
6XNKVDPSDWLJKDUDDYHNDVKWPLWHWDQNDD
0DDWSLWDDWXPPHUHVKDUDQJDKRRNLVNHH
7XPQELQRXUQDGRRMDDDDVNDURRMLVNHH
7XPSRRUDQSDUDPDDWPDDWXPDQWDU\DDPHH
3DDUEUDKPDSDUDPHVKYDUWXPVDENHVYDDPHH
7XPNDUXQDDNHVDDJDUWXPSDDODQNDUWDD
0DLQVHYDNWXPVZDPLNULSDDNDUREKDUWDD
7XPKRHNDJRFKDUVDENHSUDDQSDWL
.LVYLGKLPLORRGD\DDPDLWXPNR0DLNXPWHH
'HHQEDQGKXGXNKKDUWDDWXPUDNVKDNPHUH
.DUXQDDKDVWEDUKDDRVKDUDQSDUDDWHUH
9LVKDLYLNDDUPLWDDRSDDSKDURGHYDD
6KUDGGKDDEKDNWLEDUKDDRVDQWDQNHHVHYDD
7DQPDQGKDQVDENXFKFKKKDLWHUD
7HUDWXMKNRDUSDQN\DODDJHPHUD
6K\DPVXQGDUMLNLDDUWLMRNRLQDUJDDYH
.DKDWVKLYDQDQGVZDPLPDQYDQFKKLWIDOSDDYH
-DLMDJGHHVKKDUHVYDDPHHMDLMDJGHHVKKDUH
%KDNWMDQRNHVDQNDWNVKDQPHGRRUNDUH
>VDSXLVWNDN,3CDLWYDPDDLVDNKYDQDNRLODHVDPSNNUR0
6DDR%DDPDRKWD
K<DPD20G,UDD
VD0#ODQDNDD
)RUDIUHHFRS\RIWKLVERRNOHWRULQIRPDWLRQ
UHJDUGLQJPRQWKO\KDZDQSOHDVHFRQWDFW
6KREKD0HKWD
+DUVK0HQGLUDWWD
&RPSLOHGE\
K<D
YD4DQDPD2
QDPD20G,UDD
K<DYD4D
YD4D
,UDD
+DUVK9DUGKDQ0HQGLUDWWD