Professional Documents
Culture Documents
ZbirkaZadataka Sa WWW Download-Knjiga Info PDF
ZbirkaZadataka Sa WWW Download-Knjiga Info PDF
69(8,/,7(8=$*5(%8
)$.8/7(76752-$5679$,%52'2*5$'1-(
0DULRDYDU
=%,5.$5,-((1,+,63,71,+
=$'$7$.$,=0(+$1,.()/8,'$,
=DJUHEWUDYDQM
,,
,,,
3UHGJRYRU
6DGUDM RYH ]ELUNH LQH ULMHHQL ]DGDFL V QXPHULNRJ GLMHOD LVSLWD L] NROHJLMD 0HKDQLND )OXLGD , RGUDQLK X
L JRGLQL 2YD ]ELUND QLMH ]DPLOMHQD NDR HGXNDFLMVND ]ELUND ]DGDWDND X RYRM ]ELUFL QHPD
ODNLK LOXVWUDFLMVNLK SULPMHUD GHWDOMQLK REMDQMHQMD WH RVQRYD WHRULMH YH NDR SRPR VWXGHQWLPD SUL SULSUHPDQMX
LVSLWD 1DGDP VH GD H LP RYDM PDWHULMDO SRPRL GD VH VWXGHQWL WR NYDOLWHWQLMH SULSUHPH ]D LVSLW L GD JD XVSMHQR
SRORH
2YDMPDWHULMDOQLMHSUHJOHGDQOHNWRULUDQQLWLUHFHQ]LUDQSDNDRWDNDYYMHURMDWQRVDGULQHNHSRJUHNHQDNRMLPD
VH LWDRFLPD XQDSULMHG LVSULDYDP 2E]LURP GD SRVWRML SRWUHED ]D RYDNYLP PDWHULMDORP D SRVWXSDN LVSUDYOMDQMD L
REMDYOMLYDQMDMHVSRULPXNRWUSDQ]ELUNDHVHREMDYLWLQDZHEVWUDQLFDPDXRYDNYRPREOLNX=ELUNDMH]DSLVDQDX
3') IRUPDWX WH MH ]D QMHQR LWDQMH SRWUHEDQ RGJRYDUDMXL VRIWZDUH $FUREDW UHDGHU 6YH LWDRFH NRML VX SURQDOL
SRJUHNXLOLLPDMXQHNXVXJHVWLMXQDVDGUDMRYH]ELUNHPROLPGDPLWRMDYHQDHPDLODGUHVXPDULRVDYDU#IVEKU
=ELUND WH QHNL GUXJL PDWHULMDOL ELW H REMDYOMHQL QD ZHE VWUDQLFDPD .DWHGUH ]D 0HKDQLNX IOXLGD
KWWSZZZIVEKUK\GUR
2YD]ELUNDQDVWDODMHNRPELQDFLMRPUD]OLLWLKVRIWYHUVNLKDODWD:RUG0DWK7\SH0DWK&DG'3')FUHDWRU
NRMLVXQLVXXSRWSXQRVWLNRPSDWLELOQLDQHNHPDWHPDWLNHVLPEROHUD]OLLWRLQWHUSUHWLUDMX:RUGRYDJUNDVORYDM
LT0DWKFDG]DSLVXMHILTD0DWK7\SH I L- 0DWK7\SHRYXR]QDNX]DPDVHQLSURWRN P QHPRJXHMH]DSLVDWLX
0DWK&DGXLWG=ERJWRJDVXQDVWDOHQHNHPDQMHJUHNHNRMHVHQDGDPGDXXVSMHWLRWNORQLWL
=DJUHEWUDYDQM $XWRU
,9
6DGUDM
6DGUDM ,9
3RSLVR]QDND9,,,
'LPHQ]LMVNDDQDOL]D
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
+LGURVWDWLND
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
5HODWLYQRPLURYDQMH
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
9
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
%HUQRXOOLMHYDMHGQDGED
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VWMHFDQMH
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
&MHYRYRG
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
.ROLLQDJLEDQMD
9,
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,]HQWURSVNRVWUXMDQMH
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
5RWLUDMXDVWUXMQDFLMHY
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
,VSLW]DGDWDN
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
9,,
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
,VSLWRGUDQ
3ULORJ7DEOLFDL]HQWURSVNRJVWUXMDQMD
3ULORJ0RRG\HYGLMDJUDP
9,,,
3RSLVR]QDND
)L]LNDOQDYHOLLQD 2]QDND 'LPHQ]LMD -HGLQLFD X 6,
VXVWDYX
SRYULQD $6 / P
EU]LQD]YXND F /7 PV
SURPMHU 'G / P
VLOD ) 0/7 1
JUDYLWDFLMD J /7 PV
WHLQVNLSURWRN * 0/7 1V
'LPHQ]LMVNDDQDOL]D
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
'LPHQ]LMVNDDQDOL]D
,VSLW]DGDWDN
%U]LQDWRQMHQMDYQHNRJWLMHODXIOXLGXRYLVLRJUDYLWDFLMLJYROXPHQXWLMHOD9JXVWRLWLMHODUJXVWRLIOXLGDU
WHRYLVNR]QRVWLIOXLGDP3ULPMHQRPSWHRUHPDRGUHGLWHRSLREOLN]DYLVQRVWLEU]LQHYRGSUHRVWDOLKYHOLLQD
9HOLLQD 6LPERO 'LPHQ]LMD
9ROXPHQWLMHOD 9 /
*UDYLWDFLMD J /7
*XVWRDWLMHOD U 0/
%U]LQDWRQMHQMD Y /7
*XVWRDIOXLGD U 0/
9LVNR]QRVW P 0/7
%URMYHOLLQDQ GLPHQ]LMDN EURM3LSDUDPHWDUDQN
=DGLPHQ]LRQRQH]DYLVQHYHOLLQHRGDELUHVHVNXS9JLU
9 J U
[ \ ]
/ /7 0/
[ \
]
0 /7
0 ] ]
/ [ \ ] [
7 \ \
.DNRMHUMHHQMHRYRJVNXSDWULYLMDOQR]DNOMXXMHVHGDMHVNXSGLPHQ]LRQRQH]DYLVDQ
Y 9 J U
[ \ ]
S
/7 / /7 0/
[ \
]
S 0 /7
0 ] ]
/ [ \ ] [
7 \ \
Y
S
J9
P 9 J U
[ \ ]
S
0/7 / /7 0/
[ \
]
S 0 /7
0 ] ]
/ [ \ ] [
7 \ \
P
S
U J9
U
S
U
)XQNFLRQDOQD]DYLVQRVWEU]LQHWRQMHQMDYRGSUHRVWDOLKYHOLLQD
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
'LPHQ]LMVNDDQDOL]D
P U
Y J 9 I S S J9 I
U J9 U
,VSLW]DGDWDN
6LOD RWSRUD 5 JLEDQMD WLMHOD X YLVNR]QRP VWODLYRP IOXLGX ]DYLVLR RG GXOMLQH WLMHOD / JXVWRH IOXLGD U
GLQDPLNR NRHILFLMHQWD YLVNR]QRVWL P YROXPHQVNRJ PRGXOD HODVWLQRVWL . L EU]LQH JLEDQMD WLMHOD 8 3ULPMHQRP 3L
WHRUHPDRGUHGLWHRSLREOLN]DYLVQRVWLVLOHRWSRUD5RGSUHRVWDOLKYHOLLQD=DGLPHQ]LRQRQH]DYLVDQVNXSX]PLWHU
8L/
9HOLLQD 6LPERO 'LPHQ]LMD
'XOMLQDWLMHOD / /
%U]LQD 8 /7
*XVWRD U 0/
6LODRWSRUD 5 0/7
9LVNR]QRVW P 0/7
9ROPRGXOHODVWLQRVWL . 0/7
%URMYHOLLQDQ GLPHQ]LMDN EURM3LSDUDPHWDUDQN
=DGLPHQ]LRQRQH]DYLVQHYHOLLQHRGDELUHVHVNXS/8LU
/ 8 U
[ \ ]
/7 0/
\ ]
/
[
0 /7
0 ] ]
/ [ \ ] [
7 \ \
.DNRMHUMHHQMHRYRJVNXSDWULYLMDOQR]DNOMXXMHVHGDMHVNXSGLPHQ]LRQRQH]DYLVDQ
5 / 8 U
[ \ ]
S
0/7 / /7 0/
\
[ ]
S 0 /7
0 ] ]
/ [ \ ] [
7 \ \
5
S
U8 /
P / 8 U
[ \ ]
S
0/7 / /7 0/
\
[ ]
S 0 /7
0 ] ]
/ [ \ ] [
7 \ \
P
S
U /8
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
'LPHQ]LMVNDDQDOL]D
. / 8 U
[ \ ]
S
0/7 / /7 0/
\
[ ]
S 0 /7
0 ] ]
/ [ \ ] [
7 \ \
.
S
U8
)XQNFLRQDOQD]DYLVQRVWVLOHRWSRUD5RGSUHRVWDOLKYHOLLQD
P .
5 U8 / I S S U8 / I
'Y U U8
,VSLW]DGDWDN
8VOLMHG URWDFLMH FLOLQGUD RNR YODVWLWH RVL NXWQRP EU]LQRP Z GROD]L GR SUHWYRUEH GLMHOD PHKDQLNH HQHUJLMH X
WRSOLQXNDRSRVOMHGLFDWUHQMD$NREU]LQDSUHWYRUEHPHKDQLNHHQHUJLMHXWRSOLQX 4 ]DYLVLRGYLVNR]QRVWLIOXLGDP
SURPMHUDFLOLQGUD'GXOMLQHFLOLQGUD/LNXWQHEU]LQHURWDFLMHZRGUHGLWHSULPMHQRPGLPHQ]LRQHDQDOL]HNROLNRHVH
SXWDSRYHDWLLOLVPDQMLWLEU]LQDSUHWYRUEHPHKDQLNHHQHUJLMHXWRSOLQXDNRVHNXWQDEU]LQDURWDFLMHSRYHDGYD
SXWDX]RVWDOHQHSURPLMHQMHQHSDUDPHWUH
9HOLLQD 6LPERO 'LPHQ]LMD
3URPMHUFLOLQGUD ' /
.XWQDEU]LQDURWDFLMH Z 7
9LVNR]QRVW P 0/7
'XOMLQDFLOLQGUD / /
%U]LQD SUHWYRUEH PHKDQLNH 4 0/7
HQHUJLMHXWRSOLQVNX
%URMYHOLLQDQ GLPHQ]LMDN EURM3LSDUDPHWDUDQN
=DGLPHQ]LRQRQH]DYLVQHYHOLLQHRGDELUHVHVNXS'ZLP
Z ' P
[ \ ]
7 / 0/ 7
[ \ ]
0 /7
0 ] ]
/ \ ] \
7 [] [
.DNRMHUMHHQMHRYRJVNXSDWULYLMDOQR]DNOMXXMHVHGDMHVNXSGLPHQ]LRQRQH]DYLVDQ
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
'LPHQ]LMVNDDQDOL]D
4 Z ' P
[ \ ]
S
0/7 7 / 0/ 7
[ \ ]
S 0 /7
0 ] ]
/ \ ] \
7 [ ] [
4
S
Z 'P
/
S
'
%H]GLPHQ]LMVNL3LSDUDPHWDUPRUDRVWDWLNRQVWDQWDQSDDNRVHNXWQDEU]LQDURWDFLMHSRYHDGYDSXWDX]RVWDOH
QHSURPLMHQMHQHSDUDPHWUHEU]LQDSUHWYRUEHPHKDQLNHHQHUJLMHXWRSOLQXSRYHDWLHVHHWLULSXWD
S FRQVW
4 4
S
Z ' P Z ' P
4
Z
4 Z
,VSLW]DGDWDN
8]SUHWSRVWDYNXGDNRGPDOHEU]LQHYWRQMHQMDWLMHODXPLUXMXHPIOXLGDWDEU]LQDQH]DYLVLRGJXVWRHIOXLGD
YH ]DYLVL RG WHLQH * WLMHOD QMHJRYH NDUDNWHULVWLQH OLQHDUQH GLPHQ]LMH / WH NRHILFLMHQWD GLQDPLNH YLVNR]QRVWL P
IOXLGD $NR MH L]PMHUHQR GD NXJOLFD SURPMHUD ' PP WRQH EU]LQRP Y FPPLQ X YRGL NRHILFLMHQWD
GLQDPLNHYLVNR]QRVWLP 3DVRGUHGLWHNRMRPEU]LQRPYHWRQXWLNXJOLFDSURPMHUD' PPQDLQMHQDL]
LVWRJPDWHULMDODNDRLNXJOLFDSURPMHUD'XXOMXNRHILFLMHQWDGLQDPLNHYLVNR]QRVWLP 3DV
9HOLLQD 6LPERO 'LPHQ]LMD
%U]LQDWRQMHQMD Y /7
7HLQDWLMHOD * 0/7
3URPMHUNXJOLFH ' /
9LVNR]QRVWIOXLGD P 0/7
$NR ]D GLPHQ]LRQR QH]DYLVDQ VNXS YHOLLQD RGDEHUHPR * ' P PRUDPR SURYMHULWL GD OL VX RYH YHOLLQH
GLPHQ]LRQRQH]DYLVQH
0 / 7 ' P *
[ \ ]
/ 0/ 7 0/7 0 / 7
\ ]
[
0 \ ] ]
/ [ \ ] [
7 ] \ \
.DNRMHUMHHQMHRYRJVNXSDWULYLMDOQR]DNOMXXMHVHGDMHVNXSGLPHQ]LRQRQH]DYLVDQ
%URMYHOLLQDQ DEURMGLPHQ]LRQRQH]DYLVQLKYHOLLQDN ]QDLGDSRVWRMLQN 3LSDUDPHWDU
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
'LPHQ]LMVNDDQDOL]D
S Y ' P *
[ \ ]
S /7 / 0/ 7 0/7 0 / 7 \ ]
[
0 \ ] ]
/ [ \ ] [
7 \ ] \
S
Y'P
*
=DYULMHGQRVWL]DGDQHXWHNVWX]DGDWND
,VSLW]DGDWDN
V 'RPHW WRSRYVNRJ ]UQD V RYLVL R SRHWQRM EU]LQL
J
]UQD Y NXWX WRSRYVNH FLMHYL D YLVLQD EUGD K L
D JUDYLWDFLML J 3ULPMHQR GLPHQ]LRQH DQDOL]H RGUHGLWH
EH]GLPHQ]LMVNH S SDUDPHWUH WH QD LWH ]DYLVQRVW WLK
K EH]GLPHQ]LMVNLK SDUDPHWDUD )S S SRPRX
MHGQDGEHNRVRJKLFD
9HOLLQD 6LPERO 'LPHQ]LMD
9LVLQDEUGD + /
*UDYLWDFLMD * /7
%U]LQD]UQD Y /7
'RPHW]UQD V /
.XWFLMHYL D
S D S VK
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
'LPHQ]LMVNDDQDOL]D
[ \
S Y J K
/ 7 /7 [ / \
0 / 7
/[\ [ Y
7[ \ S
J K
,]MHGQDGEHNRVRJKLFDVOLMHGL
J
Y FRV D W K Y VLQ D W
[ ] W
V
W J V
Y FRV D K V WDQ D
Y FRV D
3DMHIXQNFLRQDOQD]DYLVQRVWSDUDPHWDUD
V J K V
WDQ D
K K Y FRV D
S
) S S S S WDQ S
S FRV S
,VSLW]DGDWDN
7ODN S QD NUDMX KRUL]RQWDOQH FLMHYL NUR] NRMX IOXLG VWUXML X ODPLQDUQRP UHLPX VWUXMDQMD RYLVL R WODNX QD
SRHWNXFLMHYLSWDQJHQFLMDOQRPQDSUH]DQMXQDVWMHQFLFLMHYLWZSURPMHUXFLMHYL'WHGXOMLQLFLMHYL/3ULPMHQRP
GLPHQ]LRQHDQDOL]HRGUHGLWH]DYLVQRVWWODNDSRGSUHRVWDOLKYHOLLQD
9HOLLQD 6LPERO 'LPHQ]LMD
7ODN S 0/7
7DQJHQFLMDOQRQDSUH]DQMH WZ 0/7
'XOMLQLFLMHYL / /
7ODN S 0/7
3URPMHUXFLMHYL ' /
$NR]DGLPHQ]LRQRQH]DYLVDQVNXSRGDEHUHPRWODNSLSURPMHUFLMHYL'RGQ YHOLLQDPRJXHMHQDLQLWLQ
N 3LSDUDPHWUD
S WZ /
S S S
S S '
)L]LNDOQD]DYLVQRVWPRHVHSULND]DWLSRPRXVOMHGHHJL]UD]D
) S S S
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
'LPHQ]LMVNDDQDOL]D
LOLS ) S S
WZ /
S S)
S '
,VSLW]DGDWDN
%ULQNPDQRY EURM 1% HVWR NRULWHQ SUL DQDOL]L VWUXMDQMD RUJDQVNLK IOXLGD MH RGQRV GLVLSDFLMH L WRSOLQVNH
SURYRGOMLYRVWLXIOXLGX%URMMH%H]GLPHQ]LMVNLSDUDPHWDUQDVWDRNRPELQDFLMRPGLQDPLNRJNRHILFLMHQWDYLVNR]QRVWL
P EU]LQH Y WRSOLQVNH YRGOMLYRVWL O L WHPSHUDWXUH IOXLGD 7 2GUHGLWH %ULQNPDQRY EURM SRG SUHWSRVWDYNRP GD MH
XWMHFDMYLVNR]QRVWLOLQHDUDQ
9HOLLQD 6LPERO 'LPHQ]LMD
'LQDPLNLNRHILFLMHQWYLVNR]QRVWL P 0/7
%U]LQD Y /7
7RSOLQVNDYRGOMLYRVW O 0/7T
7HPSHUDWXUDIOXLGD 7 T
1% P Y [ O \7 ]
0/ 7 /7 0/7 T
[ \
0 /7
T ]
0 \
/ [ \
7 [ \
T \ ]
5MHDYDQMHPVXVWDYDL]UDXQDYDMXVHHNVSRQHQWLX%ULQNPDQRYXEURMX[ \ L] .RQDQLL]JOHG
EH]GLPHQ]LVNRJ%ULQNPDQRYRJEURMDMH
P Y
1%
O7
,VSLW]DGDWDN
3ULPMHQRP GLPHQ]LMVNH DQDOL]H RGUHGLWH IXQNFLRQDOQX ]DYLVQRVWYHOLLQHNDSOMLFH GQDL]OD]XL]VSUHMVDSQLFH
DNR MH SR]QDWR GD YHOLLQD NDSOMLFH RYLVL R SURPMHUX VDSQLFH ' EU]LQL Y X VDSQLFL WH VYRMVWYLPD IOXLGD JXVWRL U
YLVNR]QRVWLPLNRHILFLMHQWXSRYULQVNHQDSHWRVWLV
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
'LPHQ]LMVNDDQDOL]D
9HOLLQD 6LPERO 'LPHQ]LMD
3URPMHUVDSQLFH ' /
%U]LQD Y /7
*XVWRD U 0/
3URPMHUNDSOMLFH G /
9LVNR]QRVW P 0/7
3RYULQVNDQDSHWRVW V 07
%URMYHOLLQDQ GLPHQ]LMDN EURM3LSDUDPHWDUDQN
=DGLPHQ]LRQRQH]DYLVQHYHOLLQHRGDELUHVHVNXS'YLU
' Y U
[ \ ]
/7 0/
\ ]
/
[
0 /7
0 ] ]
/ [ \ ] [
7 \ \
.DNRMHUMHHQMHRYRJVNXSDWULYLMDOQR]DNOMXXMHVHGDMHVNXSGLPHQ]LRQRQH]DYLVDQ
G
S
'
P ' Y U
[ \ ]
S
0/7 / /7 0/
[ \ ]
S 0 /7
0 ] ]
/ [ \ ] [
7 \ \
P
S
'Y U
R ' Y U
[ \ ]
S
07 / /7 0/
[ \ ]
S 0 /7
0 ] ]
/ [ \ ] [
7 \ \
R
S
'Y U
IXQNFLRQDOQD]DYLVQRVWSURPMHUDNDSOMLFHGRGSUHRVWDOLKYHOLLQD
P V
G ' I S S ' I
'Y U 'Y U
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
'LPHQ]LMVNDDQDOL]D
,VSLW]DGDWDN
2GUHGLWHIXQNFLRQDOQX]DYLVQRVWSRWUHEQHSRJRQVNHVLOH)SRWSXQRSRWRSOMHQRJWRUSHGD6LOD]DYLVLRGGXOMLQH
WRUSHGD/SURPMHUDWRUSHGD'EU]LQHWRUSHGDYGLQDPLNRJNRHILFLMHQWDYLVNR]QRVWLIOXLGDPWHJXVWRHIOXLGDU
9HOLLQD 6LPERO 'LPHQ]LMD
'XOMLQDWRUSHGD / /
%U]LQD Y /7
*XVWRD U 0/
3URPMHUWRUSHGD ' /
9LVNR]QRVW P 0/7
3RJRQVNDVLOD ) 0/7
%URMYHOLLQDQ GLPHQ]LMDN EURM3LSDUDPHWDUDQN
=DGLPHQ]LRQRQH]DYLVQHYHOLLQHRGDELUHVHVNXS/YLU
/ Y U
[ \ ]
/7 0/
\ ]
/
[
0 /7
0 ] ]
/ [ \ ] [
7 \ \
.DNRMHUMHHQMHRYRJVNXSDWULYLMDOQR]DNOMXXMHVHGDMHVNXSGLPHQ]LRQRQH]DYLVDQ
'
S
/
P / Y U
[ \ ]
S
0/7 / /7 0/
[ \ ]
S 0 /7
0 ] ]
/ [ \ ] [
7 \ \
P
S
/Y U
) / Y U
[ \ ]
S
0/7 / /7 0/
[ \ ]
S 0 /7
0 ] ]
/ [ \ ] [
7 \ \
)
S
/Y U
)XQNFLRQDOQD]DYLVQRVWSRJRQVNHVLOH)RGSUHRVWDOLKYHOLLQD
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
'LPHQ]LMVNDDQDOL]D
' P
) / Y U I S S / Y U I
/ 'Y U
,VSLW]DGDWDN
5DYQD SORD MH SRWSXQR SRWRSOMHQD X IOXLG NRML MH X
VWDFLRQDUQDUQRP UDYQLQVNRP YLVNR]QRP VWUXMDQMX SUHPD VOLFL 2GUHGLWH
SULPMHQRP GLPHQ]LMVNH DQDOL]H IXQNFLRQDOQX ]DYLVQRVW VLOH RWSRUD )
UDYQH SORH RG EU]LQH IOXLGD Y JXVWRH IOXLGD U YLVNR]QRVWL P UD]OLNH
WODNRYDLVSUHGLL]DSORH'S SSWHLULQHSORHD Y D
S S
9HOLLQD 6LPERO 'LPHQ]LMD
5D]OLNDWODND 'S 0/7
%U]LQD Y /7
*XVWRD U 0/
LULQDSORH D /
3RJRQVNDVLOD ) 0/7
9LVNR]QRVW P 0/7
%URMYHOLLQDQ GLPHQ]LMDN EURM3LSDUDPHWDUDQN
=DGLPHQ]LRQRQH]DYLVQHYHOLLQHRGDELUHVHVNXSDYLU
D Y U
[ \ ]
/7 0/
\ ]
/
[
0 /7
0 ] ]
/ [ \ ] [
7 \ \
.DNRMHUMHHQMHRYRJVNXSDWULYLMDOQR]DNOMXXMHVHGDMHVNXSGLPHQ]LRQRQH]DYLVDQ
S 'S D [ Y \ U ]
0/7 / /7 0/
[ \ ]
S 0 /7
0 ] ]
/ [ \ ] [
7 \ \
'S
S
U Y
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
'LPHQ]LMVNDDQDOL]D
) D Y U
[ \ ]
S
0/7 / /7 0/
[ \ ]
S 0 /7
0 ] ]
/ [ \ ] [
7 \ \
)
S
DY U
P D Y U
[ \ ]
S
0/7 / /7 0/
[ \ ]
S 0 /7
0 ] ]
/ [ \ ] [
7 \ \
P
S
DY U
)XQNFLRQDOQD]DYLVQRVWVLOHRWSRUD)RGSUHRVWDOLKYHOLLQD
'S P
) D Y U I S S DY U I
Y U DY U
,VSLW]DGDWDN
2GUHGLWHIXQNFLRQDOQX]DYLVQRVWLEU]LQHLUHQMDWODQRJSRUHPHDMDFEU]LQDSXOVDNUR]DUWHULMHRGSURPMHUD
DUWHULMH ' GHEOMLQH VWMHQNH NUYQH LOH K JXVWRH NUYL U <RXQJRYD PRGXOD HODVWLQRVWL ( WH YROXPHQVNRJ PRGXOD
HODVWLQRVWLNUYL.
9HOLLQD 6LPERO 'LPHQ]LMD
3URPMHUDUWHULMH ' /
%U]LQDSXOVD F /7
*XVWRDNUYL U 0/
'HEOMLQDVWLMHQNH K /
<RXQJRYPRGXOHODVWLQRVWL ( 0/7
9ROXPHQVNLPRGXOHODVWLQRVWL . 0/7
%URMYHOLLQDQ EURMGLPHQ]LMDN EURM3LSDUDPHWDUDQN
=DGLPHQ]LRQRQH]DYLVQHYHOLLQHRGDELUHVHVNXS'(LU
' ( U
[ \ ]
0/ 7 0/
\ ]
/
[
0 /7
0 \ ] ]
/ [ \ ] [
7 \ \
.DNRMHUMHHQMHRYRJVNXSDWULYLMDOQR]DNOMXXMHVHGDMHVNXSGLPHQ]LRQRQH]DYLVDQ
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
'LPHQ]LMVNDDQDOL]D
S K '
F ' ( U
[ \ ]
S
/7 / 0/7 0/
[ \ ]
S 0 /7
0 \] ]
/ [ \ ] [
7 \ \
F
S
(U
. ' ( U
[ \ ]
S
.
S
(
)XQNFLRQDOQD]DYLVQRVWEU]LQHLUHQMDWODQRJSRUHPHDMDFRGSUHRVWDOLKYHOLLQD
K .
F ( U I S S (U I
' (
,VSLW]DGDWDN
6LOD RWSRUD 5 JLEDQMD WLMHOD X YLVNR]QRP VWODLYRP IOXLGX ]DYLVL RG GXOMLQH WLMHOD / JXVWRH IOXLGD U
GLQDPLNRJ NRHILFLMHQWD YLVNR]QRVWL P YROXPHQVNRJ PRGXODHODVWLQRVWL.LEU]LQHJLEDQMDWLMHOD83ULPMHQRP3L
WHRUHPDRGUHGLWHRSLREOLN]DYLVQRVWLRWSRUD5RGSUHRVWDOLKYHOLLQD=DGLPHQ]LRQRQH]DYLVQLVNXSX]PLWHU8L
/
9HOLLQD 6LPERO 'LPHQ]LMD
'XOMLQDWLMHOD / /
%U]LQD 8 /7
*XVWRD U 0/
6LODRWSRUD 5 0/7
9LVNR]QRVW P 0/7
9ROPRGXOHODVWLQRVWL . 0/7
%URMYHOLLQDQ GLPHQ]LMDN EURM3LSDUDPHWDUDQN
=DGLPHQ]LRQRQH]DYLVQHYHOLLQHRGDELUHVHVNXS/8LU
/ 8 U
[ \ ]
/7 0/
\ ]
/
[
0 /7
0 ] ]
/ [ \ ] [
7 \ \
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
'LPHQ]LMVNDDQDOL]D
.DNRMHUMHHQMHRYRJVNXSDWULYLMDOQR]DNOMXXMHVHGDMHVNXSGLPHQ]LRQRQH]DYLVDQ
5 / 8 U
[ \ ]
S
0/7 / /7 0/
[ \ ]
S 0 /7
0 ] ]
/ [ \ ] [
7 \ \
5
S
U8 /
P / 8 U
[ \ ]
S
0/7 / /7 0/
[ \ ]
S 0 /7
0 ] ]
/ [ \ ] [
7 \ \
P
S
U /8
. / 8 U
[ \ ]
S
0/7 / /7 0/
[ \ ]
S 0 /7
0 ] ]
/ [ \ ] [
7 \ \
.
S
U8
)XQNFLRQDOQD]DYLVQRVWVLOHRWSRUD5RGSUHRVWDOLKYHOLLQD
P .
5 U8 / I S S U8 / I
'Y U U8
,VSLW]DGDWDN
3URPMHUGNDSOMLFHIOXLGDQDVWDRXVSUHMVDSQLFLRYLVLRSURPMHUXVDSQLFH'EU]LQLIOXLGDXVDSQLFLYJXVWRL
IOXLGD U GLQDPLNRP NRHILFLMHQWX YLVNR]QRVWL P WH NRHILFLMHQWX SRYULQVNH QDSHWRVWL V 3ULPMHQRP GLPHQ]LMVNH
DQDOL]HRGUHGL]DYLVQRVWSURPMHUDGNDSOMLFHRGSUHRVWDOLKSDUDPHWDUD
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
'LPHQ]LMVNDDQDOL]D
9HOLLQD 6LPERO 'LPHQ]LMD
3URPMHUNDSOMLFH G /
3URPMHUVDSQLFH ' /
%U]LQD Y /7
*XVWRD U 0/
.RHISRYULQVNHQDSHWRVWL V 07
9LVNR]QRVW P 0/7
%URMYHOLLQDQ GLPHQ]LMDN EURM3LSDUDPHWDUDQN
=DGLPHQ]LRQRQH]DYLVQHYHOLLQHRGDELUHVHVNXS'YLU
' Y U
[ \ ]
/7 0/
\ ]
/
[
0 /7
0 ] ]
/ [ \ ] [
7 \ \
.DNRMHUMHHQMHRYRJVNXSDWULYLMDOQR]DNOMXXMHVHGDMHVNXSGLPHQ]LRQRQH]DYLVDQ
V ' Y U
[ \ ]
S
07 / /7 0/
[ \ ]
S 0 /7
0 ] ]
/ [ \ ] [
7 \ \
V
S
U Y '
P ' Y U
[ \ ]
S
0/7 / /7 0/
[ \ ]
S 0 /7
0 ] ]
/ [ \ ] [
7 \ \
P
S
U 'Y
G
S
'
)XQNFLRQDOQD]DYLVQRVWSURPMHUDNDSOMLFHGRGSUHRVWDOLKYHOLLQD
V P
G ' I S S 'I
UY ' 'Y U
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
'LPHQ]LMVNDDQDOL]D
,VSLW]DGDWDN
%U]LQD Y WDORHQMD NXJOLFD RYLVL R SURPMHUX ' NXJOLFH JXVWRL NXJOLFH UN JXVWRL IOXLGD U JUDYLWDFLML J WH
YLVNR]QRVWLIOXLGDP3ULPMHQRPGLPHQ]LMVNHDQDOL]HRGUHGLWH]DYLVQRVWEU]LQHWDORHQMDRGSUHRVWDOLKYHOLLQD
9HOLLQD 6LPERO 'LPHQ]LMD
3URPMHUNXJOLFH ' /
*XVWRDNXJOLFH UN 0/
%U]LQD Y /7
*XVWRDIOXLGD U 0/
*UDYLWDFLML J /7
9LVNR]QRVW P 0/7
%URMYHOLLQDQ GLPHQ]LMDN EURM3LSDUDPHWDUDQN
=DGLPHQ]LRQRQH]DYLVQHYHOLLQHRGDELUHVHVNXS'JLU
' J U
[ \ ]
/7 0/
\ ]
/
[
0 /7
0 ] ]
/ [ \ ] [
7 \ \
.DNRMHUMHHQMHRYRJVNXSDWULYLMDOQR]DNOMXXMHVHGDMHVNXSGLPHQ]LRQRQH]DYLVDQ
Y ' J U
[ \ ]
S
/7 / /7 0/
[ \ ]
S 0 /7
0 ] ]
/ [ \ ] [
7 \ \
Y
S
J'
P ' J U
[ \ ]
S
0/7 / /7 0/
[ \ ]
S 0 /7
0 ] ]
/ [ \ ] [
7 \ \
P
S
U ' J'
UN
S
U
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
'LPHQ]LMVNDDQDOL]D
)XQNFLRQDOQD]DYLVQRVWEU]LQHWDORHQMDYRGSUHRVWDOLKYHOLLQD
P U
Y J' I S S J' I N
' U J' U
,VSLW]DGDWDN
%U]LQDEURGDYRYLVLRSURPMHUX'SURSHOHUDNXWQRMEU]LQLYUWQMHZSURSHOHUDLJUDYLWDFLMLJ3ULPMHQRPGLPHQ]LRQH
DQDOL]HRGUHGLWH]DYLVQRVWEU]LQHYRGSUHRVWDOLKSDUDPHWDUD$NRMHQDPRGHOXSHWSXWDPDQMLKGLPHQ]LMDSULNXWQRM
EU]LQL YUWQMH SURSHOHUD Z V L]PMHUHQD EU]LQD EURGD Y PV RGUHGLWH EU]LQX EURGD L NXWQX EU]LQX YUWQMH
SURSHOHUDQDSURWRWLSX
9HOLLQD 6LPERO 'LPHQ]LMD
3URPMHUSURSHOHUD ' /
*UDYLWDFLMD J /7
%U]LQDEURGD Y /7
%U]LQDYUWQMH Z 7
=DEH]GLPHQ]LRQDOQRQH]DYLVDQVNXSX]LPDMXVHSURPMHU'LJUDYLWDFLMDJ
' J
[ \
/
[
/7 \
0 /7
/ [ \ [
7 \ \
.DNRMHUMHHQMHRYRJVNXSDWULYLMDOQR]DNOMXXMHVHGDMHVNXSGLPHQ]LRQRQH]DYLVDQ
Y ' J
[ \
S
/7 / /7
[ \
S 0 /7
/ [ \ [
7 \ \
Y
S
J'
Z ' J
[ \
S
7 / /7
[ \
S 0 /7
/ [ \ [
7 \ \
'
S Z
J
3ULPMHQRPGLPHQ]LRQHDQDOL]HPRHVHL]UD]LWL]DYLVQRVWEURGDSRPRXL]UD]D
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
'LPHQ]LMVNDDQDOL]D
Y ' '
3
I 3
J '
I Z
J
Y J ' I Z
J
'D EL SRMDYH ELOH VOLQH RGJRYDUDMXL 3 SDUDPHWUL QD PRGHOX L SURWRWLSX PRUDMX LPDWL MHGQDNH YULMHGQRVWL ,] WRJ
XYMHWDUDXQDMXVHEU]LQDEURGDLNXWQDEU]LQXYUWQMHSURSHOHUDQDSURWRWLSX
Y Y ' P
3 Y Y Y Y
J ' J ' ' V
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
+LGURVWDWLND
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
,VSLW]DGDWDN
2GUHGLWH PDVX XWHJD NRMD MH SRWUHEQD GD EL EUDQD MHGLQLQH
LULQHPDVHP NJXOHLWHQDXWRFL$RVWDODXUDYQRWHQRP EUDQD
J
SRORDMX=DGDQRMH/ PO PD PK P
U NJPD
/ XWHJ
SD
PJ
O
D K
$
D
/
PJ SD 6LOD KLGURVWDWVNRJ WODND
O MH RNRPLWD QD SRYULQX L GMHOXMH LVSRG WHLWD SRYULQH 1D VOLFL MH
D SULND]DQ YUOR HVW VOXDM NDGD VH SRYULQD SURWHH GR VORERGQH QLYR
K K SRYULQHGXELQDXVPMHUXSRYULQH\=DWDNYHVOXDMHYHKYDWLWHVLOH
$ \%
)K ,[[ \
SRPDNQXWRMH]DHVWLQXGXELQH '\ RGQRVQRVLOD
D \F $ \
\%
GMHOXMHQDGYLMHWUHLQHGXELQH
K K
)K U J % )K u 1
VLQ D
,]UDYQRWHHPRPHQDWDRNRWRNH$VXPDPRPHQDWDMHGQDNDMHQXOLPRJXHMHL]UDXQDWLWUDHQXPDVXXWHJD
K K
P J O )K VLQ D )K FRV D D P J / FRV D D
X
WDQ D
P J O VLQ D )K K )K D VLQ D FRV D
PX PX NJ
J VLQ D / FRV D D
,VSLW]DGDWDN
2GUHGLWH WODN S NRML H YODGDWL XQXWDU FLOLQGULQH SRVXGH
L]UD HQHRGDOXPLQLMDJXVWRHU$ NJPDNRMHXWUHQXWNXSULMH J
XUDQMDQMD X YRGX JXVWRH U NJP SRVXGD ELOD LVSXQMHQD
'
]UDNRP QD DWPRVIHUVNRP WODNX SD EDUD 3UHWSRVWDYLWH
L]RWHUPQXNRPSUHVLMX]UDNDXQXWDUSRVXGHWH]DQHPDULWHWHLQX]UDND K S +
=DGDQRMH+ PK FP' FPG FP G
U
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
PJ
J
'
K \ )S0 S +
G
[ 3UHWODNXQXWDU]YRQDUDXQDPRL]MHGQDGEHPDQRPHWUD
)K S 0 U J \
U
,] XYMHWD SOLYDQMD VXPD VLOD X YHUWLNDOQRP VPMHUX MHGQDND MH
QXOL
G S ' G
' S G S
P J U J \ U J \ [ S U $ J +
' U$ '
\ \ [ + K
U
G G
,]XYMHWDL]RWHUPQHNRPSUHVLMHVOLMHGLUHODFLMD
S DK S D U J \ K [
5MHHQMHP RYLK GYDMX MHGQDGEL SR QHSR]QDQLFDPD [ L \ GROD]L VH GR UMHHQMD 1DNRQ VUH LYDQMD VLVWHP
MHGQDGELSRSULPDREOLN
\ G U$ G
[ K U J \ [ + K
S D U J \ '
U
'
8YR HQMHPSRPRQLKYDULMDEOL
G
U$ G
$ % + K $ % P
U
' '
\
[ K $ [ %
SD [ K
\ SD
U J
U J
$ [ %
SD SD
$ [ % $ K [ % K & % $ K $ [ & [ % K
U J U J
5MHHQMHPNYDGUDWQHMHGQDGEHL]UDXQDYDVHUMHHQMH
& & $ % K
$
u
[ [ P
& & $ % K
$
SDVHXVYDMDIL]LNDOQRUMHHQMH
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
[ u P
G U$ G
\ [ + K \ P
U
' '
S U J \ SD S u 3D
,VSLW]DGDWDN
2GUHGLWH VLOX NRMRP MH SRWUHEQR SULGUDYDWL YDOMNDVWL ]DWYDUD SD J
MHGLQLQHLULQH]JOREQRXYUHQXWRFL$SUHPDVOLFL=DGDQRMH+
P5 PK PU NJP
+
$ K
U 5
)
8QXWDUYDOMNDVYHGLIHUHQFLMDOQHVLOHWODNDG)GMHOXMXXVPMHUXWODND
WMRNRPLWRQDGLIHUHQFLMDOQXSRYULQXG$SDSUROD]HNUR]FHQWDUYDOMND
.DNR QLWL MHGQD GLIHUHQFLMDOQD VLOD G) QH UDGL ]D ELOR NRML NXWX M
PRPHQW V FHQWURP YDOMND QLWL UH]XOWDQWQD VLOH QH VPLMH UDGLWL PRPHQW V FHQWURP
YDOMND WM UH]XOWDQWD SUROD]L NUR] FHQWDU YDOMND 3UHPD WRPH NRPSRQHQWH VLOH G)
KLGURVWDWVNRJWODNDLPDMXKYDWLWHXFHQWUXYDOMND G$
M
SD J ) 5 )K )9 5
) )Y
+
$ )Y K 5DGL ODNHJ UDXQDQMD YHUWLNDOQH NRPSRQHQWH VLOH SRYULQX
YDOMNDGLMHOLPRXHWLULVHNFLMH$%%&&'L'(
U 5 )K
)
% &
$ '
(
9HUWLNDOQDNRPSRQHQWDVLOHQDVHNFLMX%&MHGQDNDMHXPQRNXSUHWODNDLSURMHNFLMHSRYULQH
) %& S 0 $ ]%& U J + K $ ]%& U J 9 %&
9HUWLNDOQDNRPSRQHQWDVLOHQDRVWDOHVHNFLMHMHGQDNDMHWHLQLIOXLGDL]PH XSRYULQHLVORERGQHSRYULQH
% &
% & ' D K '
$ 5
'
( (
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
K
D DFRV
D GHJ
5
S 5
S
D VLQ D + 5 5
) % U J + 5 5 ) u 1
,VSLW]DGDWDN
2GUHGLWH WODN X QHSRNUHWQRM SULNOMXQRM FLMHYL DNR MH PDVD
SRNUHWQRJ FLOLQGUD PS NJ =DQHPDULWH XWMHFDMH WUHQMD L EU]LQH SULNOMXQD
JLEDQMD SRNUHWQRJ FLOLQGUD WH SUHWSRVWDYLWH VDYUHQR EUWYOMHQMH FLMHY G
SRPLQL
=DGDQRMHS EDUDG PPG PPG FPG
FLOLQGDU
FPG FPG FP
PJ G
G
SRPLQL G QHSRPLQL
G FLOLQGDU FLOLQGDU
G
G
G
)
GRYRGXOMD
SRGWODNRPS
)
PS J S
G S
S
G S
S
SG S PSJ
S EDU
G S
,VSLW]DGDWDN
2GUHGLWH SUHWODN S0 SRWUHEDQ ]D RWYDUDQMH VLJXUQRVQRJ
YHQWLODSUHPDVOLFLDNRMHVLODXRSUX]L) 10DVDNXJOLFHPN
J=DGDQRMHG FP5 FPD
SD ' J
5
D 5
D
U
G D
S0
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
,]UDYQRWHHVLODXYHUWLNDOQRPVPMHUXVLODSUHWODNDSRWUHEQD]DRWYDUDQMHVLJXUQRVQRJYHQWLODQDVOLFLMHGQDND
MH]EURMXWHLQHNXJOLFHLVLOHXRSUX]L
P N J ) S 0 U S
,]JHRPHWULMVNLKRGQRVD
U 5 VLQ D U P
3UHWODNXVSUHPQLNXMHGQDNMH
PN J )
S0 S0 u 3D
U S
,VSLW]DGDWDN $
2GUHGLWHKRUL]RQWDOQXVLOX)SRWUHEQX]DGUDQMHSUHJUDGH2$ J
SD
MHGLQLQH LULQH SUHPD VOLFL 3UHJUDGD MH ]JOREQR YH]DQDXWRNL2 )
SD
=DGDQRMH+ P5 P/ PU NJP /
+
5
J 2 U
SD
SD )
/
K
)Y K 3UHJUDGX2$
)K SRWUHEQR MH SRGLMHOLWL X GYD VHJPHQWD SUYL UDYQD SORD D GUXJL
+
HWYUWSODWDYDOMND6LODKLGURVWDWVNRJWODNDQDHWYUWSODWDYDOMND
)K
5 SUROD]L NUR] VUHGLWH YDOMND MHU VYDND GLIHUHQFLMDOQD VLOD QD SODW
2 YDOMND SUROD]L VUHGLWHP YDOMND SD L UH]XOWDQWQD VLOD SUROD]L
VUHGLWHPGHWDOMQLMHREMDQMHQMHX]]DGDWDN
+RUL]RQWDOQHNRPSRQHQWHVLOHKLGURVWDWVNRJWODNDUDXQDPRSUHPDL]UD]LPD
+ 5 5
)K U J + 5 % )K U J + 5 %
,]VXPHPRPHQDWDRNRWRNH2UDXQDPRVLOX)SRWUHEQX]DSULGUDYDQMHSUHJUDGH
+5
) / 5 )K 5 )K 5
) + 5 5 ) 5
K K
)
) u 1
/ 5
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
,VSLW]DGDWDN
2GUHGLWH PDNVLPDOQX PDVX SRQWRQD NRML VH PRH J
SRGLJQXWL QD REDOX YLVLQH F P D GD QH GR H GR K
SD /
SUHOLMHYDQMD YRGH JXVWRH U NJP SUHNR ]DGQMHJ
UXEDSRQWRQD=DGDQRMH% PLULQDSRQWRQD/ P
K P F
SRQWRQ
U
/ K
,] JHRPHWULMVNLK RGQRVD SRWUHEQR MH RGUHGLWL NXW QDJLED
PSRQWJ D F
SRQWRQDDWHGXOMLQXXUDQMDQMD[
K
[
)
)
F / VLQ D K FRV D
K / FRV D F K FRV D F /
K F K / / F /
K /
D DFRV D GHJ
K F K / / F /
K / D GHJ
K K
WDQ D [ [ P
[ WDQ D
6LOHKLGURVWDWVNRJWODNDQDXURQMHQLGLRSRQWRQDMHGQDNHVX
K FRV D [ VLQ D
) U J K % ) U J [ %
) 1 ) u 1
+YDWLWDKLGURVWDWVNLKVLODMHQDGYLMHWUHLQHGXELQHGHWDOMQLMHREMDQMHQMHX]]DGDWDNSDMHVXPD
PRPHQDWDRNRWRNHGRGLUDSRQWRQDVREDORPMHGQDNDQXOL
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
K [ / K
) ) / PSRQW J FRV D VLQ D
) K ) / ) [
PSRQW PSRQW NJ
J / FRV D K VLQ D
,VSLW]DGDWDN
2GUHGLWH PDVX YDOMND MHGLQLQH LULQH SUHPD VOLFL ]JOREQR YH]DQRJ X WRFL $ GD EL YDOMDN ELR X UDYQRWHL
=DGDQRMHU NJP5 P
J
S0
6ORERGQD QLYR SRYULQD S SD QDOD]L VH GHVQR RG YDOMND 5
.DNRMHQLYRIOXLGDOLMHYRRGYDOMNDYLLRGVORERGQRQLYRSRYULQH
]DNOMXXMH VH GD X VSUHPQLNX YODGD SRGWODN WH JD UDXQDPR L] $
MHGQDGEHPDQRPHWUDSUHPDL]UD]X SD
U
S0 U J 5 S0 EDU
1DVOLFLVXSULND]DQHVLOHNRMHGMHOXMXQDYDOMDNQDJRUQMXSRORYLFXYDOMND]HOHQRQD
VOLFL GMHOXMH VLOD NRQVWDQWQRJ SRWODND QD GRQMX HWYUWLQX YDOMND SODYR QD VOLFL GMHOXMX )
YHUWLNDOQDLKRUL]RQWDOQDVLODKLGURVWDWVNRJWODNDWHXVUHGLWXYDOMNDGMHOXMHVLODWHLQH
5
PYJ
5 5 S
$
) S 0 5 % )K U J 5 % )X U J 5 %
)K
,VSLW]DGDWDN
2GUHGLWHPDVXYDOMNDPYDOMNDMHGLQLQHLULQHDNRMHYLVLQDK
SD K YDOMND NRMD VH QDOD]L L]QDG SRYULQH YRGH K P 9DOMDN
SURPMHUD' FPLVSXQMHQMHGRMHGQHWUHLQHYROXPHQDYRGRP
J
' JXVWRHU NJP
U
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
SD K
3RWUHEQR MH L]UDXQDWL YROXPHQ YDOMND NRML VH QDOD]L L]QDG D
YRGH,]JHRPHWULMVNLKRGQRVDVOLMHGHUHODFLMH J
'K '
U
' K
'
K
'
FRV D D DFRV
D GHJ
'
9ROXPHQYDOMNDL]QDGYRGHLXNXSQHYROXPHQYDOMDNDUDXQDMXVHSUHPDL]UD]LPD
'
D VLQ D %
9N 9N P
S
9 ' % 9 P
,]XYMHWDSOLYDQMDYDOMNDVXPDVLODXYHUWLNDOQRPVPMHUXPRUDELWLMHGQDNDQXOLVLODX]JRQDLVLODWHLQHYDOMNDL
YRGHXQMHPXVXXUDYQRWHL
9
PYDOMND J U J U J 9 9N
PYDOMND
U 9 9N PYDOMND NJ
J
,VSLW]DGDWDN SD
.XJODSURPMHUD5 PLPDVHPNXJOH NJ
]DWYDUD SUROD] L]PH X GYD UH]HUYRDUD SUHPD VOLFL +
.ROLNL PRUD ELWL SURPMHU G RWYRUD GD EL NXJOLFD K
5 U
]DSOLYDODNDGDXGUXJRPUH]HUYRDUXYLVLQDKGRVHJQH
UD]LQX K P =DGDQR MH + P U
NJP G
U
6LODKLGURVWDWVNRJWODNDQDNXJOXUDXQDVHSDUFLMDOQR]DSRYULQH66L6
6
6
6
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
6XPDVLODXYHUWLNDOQRPVPMHUXMHGQDNDMHQXOL
5 S G S
J PNXJOH U J U J + K
PNXJOH
5
G G P
+ K U S + K
,VSLW]DGDWDN
2GUHGLWHSURPMHUEDORQD'PDVHP NJLVSXQMHQRJWRSOLP]UDNRP5
-NJ.WHPSHUDWXUHW &GDELPRJDRQRVLWLWHUHWPDVHPWHUHW NJ WD
JXVWRDWHUHWDU NJP=DGDQRMHSD EDUDWD & '
J
SD SD
W
SODPHQLN
'DELEDORQOHEGLRVXPDVLODXYHUWLNDOQRPVPMHUXPRUDELWLMHGQDNDQXOL
WHUHW
) X]JRQ ) ]UDN ) WHUHW
9ROXPHQWHUHWDWHJXVWRD]UDNDUDXQDVHL]L]UD]D
PWHUHW
9WHUHW 9WHUHW P 7 . 7D .
U
SD
SD
UD UD NJ P U U NJ P
5 7D 5 7
8YUWHQRXMHGQDGEXUDYQRWHHVLOD
U D 9WHUHW P PWHUHW
9EDORQ 9EDORQ u P
U D U
5 S 9EDORQ
9EDORQ 5 5 P
S
,VSLW]DGDWDN J
2GUHGLWH PDVX P SRNORSFD REOLND SODWD VWRFD DNR UD]OLND '
QLYRD YRGH JXVWRH U NJP L]QRVL [ FP
3UHWSRVWDYLWH GD MH SRNORSDF X WUHQXWNX SRODJDQMD QD UD]LQX YRGH SD
+
ELR SRWSXQR LVSXQMHQ ]UDNRP SUL DWPRVIHUVNRP WODNX SD
EDUDWHGDMHQDNRQWRJD]UDNL]RWHUPQRVWODHQ=DGDQRMH' [
P+ P U
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
5 J
S \ U
K +
D
K
[ ,]JHRPHWULMVNLKRGQRVDSUHPDVOLFLVOLMHGHUHODFLMH
U U
5 + +U \ 5 5 [ 5 + + U
K \ K
U K 5 [ + + U K 5
8YMHWL]RWHUPQHNRPSUHVLMH]UDNDXQXWDUSRNORSDFDL]UDHQMHVOLMHGHRPUHODFLMRP
S D 9 S D U J [ 9 S D 5 S +
SD U J[ USK SD 5
SD U J[U
SD
U 5 U P
S D U J [
,]JHRPHWULMVNLKRGQRVDVOLMHGL
5 [
U U \ U U P
+
9ROXPHQ9NRMLVHQDOD]LL]QDGSRNORSFDWDPQRSODYRRERMHQPRHVHL]UDXQDWLSUHPDL]UD]LPD
9 U S [ U S K U S K 9 P
6XPDVLODXYHUWLNDOQRPVPMHUXMHMHGQDNDQXOL
PS J U J [ U S U J 9
PS U [ U S U 9 PS u NJ
,VSLW]DGDWDN
J
2GUHGLWHPDVXP LSRORDMDWHUHWDDNRVHSRQWRQPDVH
W
/
P NJQDJQH]DNXWD =DGDQRMH+ PK
S
D WHUHW
FP / P % P LULQD SRQWRQD RNRPLWR QD
VOLNXU NJP K S D
D
+
U
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
/
D WHUHW
9ROXPHQ SRQWRQD NRML VH QDOD]L LVSRG SRYULQH YRGH
2 K SRGLMHOMHQMHXYROXPHQH9 L9
9 D
+ 9
/ /
/ WDQ D / %
9 9 P 9 / % + K 9 P
0DVXWHUHWDUDXQDPRL]XYMHWDGDMHVXPDVLODXYHUWLNDOQRPVPMHUXMHGQDND
) ]
J 9 9
PW PS PW PS U 9 U 9 PW u NJ
3RORDMWHUHWDUDXQDPRL]XYMHWDGDMHVXPDPRPHQDWDRNRWRNH2MHGQDND
0 ]
/ +
0S PS J FRV D VLQ D
/ K
0 U J 9 FRV D VLQ D
/ + K VLQ D
0 U J 9 FRV D
PW D J FRV D 0S 0 0
7HUHWVHQDOD]LQDXGDOMHQRVWLDRGWRNH2
0S 0 0
D D P
PW J FRV D
,VSLW]DGDWDN
SD J 2GUHGLWHVLOX)SRWUHEQX]DRWYDUDQMHSRNORSFDSUHPDVOLFL]JOREQRYH]DQRJX
$3RNORSDFMHREOLNDMHGQDNRNUDQRJWURNXWDYLVLQHK PLED]HD P
+ $ =DGDQRMH+ PD U NJP
D
D
U
) K 3RWUHEQR MH RGUHGLWL VLOX )K QD WURNXWDVWX UDYQX SRYULQX ,] JHRPHWULMH MH
SR]QDWR GD MHWHLWHWURNXWDQDWUHLQLYLVLQHSDMHRQGDVLODKLGURVWDWVNRJWODND)K
MHGQDND
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
K D K
)K U J + VLQ D
6LODKLGURVWDWVNRJWODND)KQHPDKYDWLWHXWHLWXYHLPDSRPDNLVSRGWHLWD
D K
'K
+ K D K
VLQ D
6XPDPRPHQWDRNRWRH$MHGQDNDMHQXOL
D K
K D K K
) K U J + VLQ D
+ K D K
VLQ D
1DNRQVUH LYDQMDJRUQMHJL]UD]DVLOD)SRWUHEQD]DRWYDUDQMHSRNORSFDMHGQDNDMH
) K VLQ D + U J D K ) 1
,VSLW]DGDWDN
8 KRUL]RQWDOQR SRVWDYOMHQRP NUXQRP FLOLQGUX MHGLQLQH
SD
J SORD D
LULQH LVSXQMHQRJ YRGRP U NJP SRVWDYOMHQD MH
SUDYRNXWQD SORD MHGLQLQH LULQH 3UL NRMHP NXWX D VH KYDWLWH
KLGURVWDWVNH VLOH QD JRUQMX SRYULQX SORH QDOD]L QD QDMYHRM
U 5
GXELQL L SUL NRMHP NXWX D VLOD KLGURVWDWVNRJ WODND QD JRUQMX
SRYULQX SORH SRSULPD PDNVLPDOQX YULMHGQRVW =DGDQR MH 5
P
5
'XOMLQD GLMHOD SORH NRML MH XURQMHQ X YRGX RYLVL R NXWX D D U D
PRJXHJDMHL]UDXQDWLL]SUDYRNXWQRJWURNXWD
O D 5 FRV D OD
'XELQD KYDWLWD VLOH KLGURVWDWVNRJ WODND QDOD]L VH QD GYLMH
WUHLQHGXOMLQHSORHGHWDOMQLMHREMDQMHQMHX]]DGDWDN
5
\ D O VLQ D \ D VLQ D FRV D
0LQLPDOQDYULMHGQRVWGXELQHKYDWLWDUDXQDVHL]L]UD]D
S
G
\ D 5 FRV D 5 VLQ D
D
GD S
6LODKLGURVWDWVNRJWODNDUDXQDVHL]L]UD]D
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
5
) D U J O \
) D U J
VLQ D FRV D
0DNVLPDOQDYULMHGQRVWVLOHKLGURVWDWVNRJWODND
G
) D
U J 5 FRV D FRV D
U J 5 VLQ D VLQ D
GD
U J 5 FRV D U J 5 FRVD U J 5 VLQ D FRV D
U J 5 FRV D U J 5 FRVD
S
D DVLQ D GHJ
DVLQ
2LWRMHMHGLQRYULMHGQRVWD UHDOQRUMHHQMH
,VSLW]DGDWDN
J
SD 7URNXWDVWL SRNORSDF $2% XOHLWHQ MH L RNUHWOMLY RNR EULGD
2% SUHPD VOLFL 6LOD ) GMHOXMH V KYDWLWHP X WRFL $ X VPMHUX
D RNRPLWRP QD SRNORSDF .ROLND MH YHOLLQD VLOH ) SRWUHEQD ]D
+
2 ) U GUDQMH SRNORSFD X UDYQRWHQRP SRORDMX =DGDQR MH U
$ NJP+ PD P/ P
/
%
[ $
2
G]
3UDYDF G[
0RPHQWGLIHUHQFLMDOQHVLOHG)QDGLIHUHQFLMDOQXSRYULQXG[G]MHGQDNMH //[D %
G0 G) [ S G] G[ [ U J + ] G[ G] [
0RPHQW VLOH)RNRRVL2%MHGQDNMHPRPHQWXVLOHKLGURVWDWVNRJWODNDNRML
VHL]UDXQDYDLQWHJULUDQMHPWODNDSRSRYULQL ]
0 ) D U J + ] [ G[ G ]
/ [ D
D /
D + D / D / [
) U J [ / D [ G[
) U J + ] [ G ] G[ D
D D
) D U J / / + ) u 1
=DGDWDN MH PRJXH ULMHLWL L QD GUXJDLML QDLQ 0RPHQW VLOH ) RNR RVL 2% PRUD ELWL MHGQDN PRPHQWX VLOH
KLGURVWDWVNRJWODND)KNRMDGMHOXMHXKYDWLWXVLOHKLGURVWDWVNRJWODND6LODKLGURVWDWVNRJWODNDVHUDXQDL]L]UD]D
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
/ / D
U J +
)K )K u 1
3RODUQLPRPHQWLQHUFLMHWURNXWDVWHSRYULQH2$%RNRWRNH2UDXQDVHL]L]UD]D
/ [
D /
D
,[] [ ] G ] G[ ,[] / D
3ULPMHQR6WHLQHURYRJSUDYLODUDXQDVHSRODUQLPRPHQWRNRWHLWDWURNXWDVWHSRYULQH2$%
D / / D
,PQ ,[] ,PQ / D / D ,PQ / D ,PQ P
+YDWLWHVLOHKLGURVWDWVNRJWODNDUDXQDVHL]L]UD]D
,PQ
K
+ / / D K P
0RPHQWVLOH)RNRRVL2%PRUDELWLMHGQDNPRPHQWXVLOHKLGURVWDWVNRJWODND
) D ) K
K K
) D )K
D
K )
) u 1
D
,VSLW]DGDWDN
2GUHGLWH VLOX YHOLLQX VPMHU L KYDWLWH QD SROXNXJODVWL ]DWYDUD SD J
SUHPDVOLFL=DGDQRMH5 P+ PU NJPD
D U
+ 5
D D
)XX
)K
6LODQDSROXNXJODVWL]DWYDUDPRHVH]DPLMHQLWLVDGYLMHVLOHVLORPKLGURVWDWVNRJWODND)KQDUDYQXSRYULQXL
X]JRQVNRPVLORPQDSRORYLQXNXJOH)XSUHPDVOLFL
6LODKLGURVWDWVNRJWODND)KQDUDYQXSRYULQXL]QRVL
) K U J + 5 S
8]JRQVNDVLODQDSRORYLQXNXJOH)X
)X 5 S J U
+RUL]RQWDOQDNRPSRQHQWDUH]XOWDQWQHVLOHL]QRVL
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
U J + 5 S VLQ D
)[ )[ u 1
9HUWLNDOQDNRPSRQHQWDUH]XOWDQWQHVLOHL]QRVL
U J + 5 S FRV D
)] 5 S J U )] u 1
5H]XOWDQWQDVLODLNXWGMHORYDQMDUDXQDMXVHSUHPDL]UD]LPD
) )[ )] ) u 1
)]
E DWDQ E GHJ
)[
5H]XOWDQWQDVLODSUROD]LNUR]VUHGLWHNXJOH1LWLMHGQDGLIHUHQFLMDOQDVLODQDSRYULQLSRNORSFDQHLQLPRPHQW
XRGQRVXQDVUHGLWHNXJOHSDWDNRQLWLUH]XOWDQWQDVLODQHVPLMHLQLWLPRPHQWVVUHGLWHP'HWDOMQLMHREMDQMHQMHX]
]DGDWDN
,VSLW]DGDWDN
2GUHGLWHJXVWRXPDWHULMDODURGNRMHJDMHQDSUDYOMHQD
SROXFLOLQGULQDJUHGDMHGLQLQHGXLQHDNRMHJUHGDQDJQXWDX
RGQRVXQDSRYULQXYRGHJXVWRHU NJP]DNXWD
WH]JOREQRYH]DQDXWRFL$
J
SD
D $
J
U 5
SD
5 E 5
U $
I D
U
)
*
U
1DSROXFLOLQGULQXJUHGXGMHOXMXVLODX]JRQDLVLODWHLQH
) 5 FRV D * 5 FRV D E VLQ D
6LODWHLQHMHGQDNDMHWHLQLSROXFLOLQGUDLGMHOXMHXWHLWXSROXNUXJDE 5SDVLODX]JRQDMHGQDNDMHWHLQL
LVWLVQXWRJIOXLGDNUXQRJRGVMHNDDGMHOXMHXWHLWXLVWLVQXWRJYROXPHQD
5 5S
5
U J I VLQ I 5 FRV D U J VLQ D 5 FRV D
S
6UH LYDQMHPL]UD]DL]UDXQDYDVHJXVWRDJUHGH
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
U J 5 FRV D I U J 5 FRV D VLQ I
I VLQ I
U U U FRV D
J 5 VLQ D J 5 S FRV D VLQ D S FRV D
U NJ P
,VSLW]DGDWDN
'YDFLOLQGULQDVSUHPQLNDSUHPDVOLFLSRYH]DQDVXFMHYRYRGRP SD J
VXJUD HQLPYHQWLORP8VLWXDFLMLSUHPDVOLFLYHQWLOMH]DWYRUHQDGHVQL
MHVSUHPQLNSRWSXQRLVSXQMHQ]UDNRPSRGDSVROXWQLPWODNRPS
EDU 2GUHGLWH YLVLQX K GR NRMH H VH GHVQL VSUHPQLN LVSXQLWL YRGRP '
DNR VH YHQWLO RWYRUL 3UHWSRVWDYLWH L]RWHUPQR VWODLYDQMH ]UDND X + +
GHVQRPVSUHPQLNX=DGDQRMHSD PEDU' P'
P+ P+ PU NJP K
U
'
SD
J
'
+ S + -HGQDGEDPDQRPHWUD]DVOXDMNDGDMHYHQWLORWYRUHQWHVHGHVQL
K VSUHPQLNLVSXQLRYRGRP
K
U
S D U J K S U J K
' -HGQDGED NRQWLQXLWHWD NROLLQD YRGH NRMD MH LVWHNOD L] OLMHYRJ
VSUHPQLNDMHGQDNDMHNROLLQLYRGHNRMDMHXWHNODXGHVQLVSUHPQLN
' S ' S
+ K K
-HGQDGEDL]RWHUPQHNRPSUHVLMHXQXWDUGHVQRJVSUHPQLNDK
S + S + K
5MHHQMHPRYRJVXVWDYDL]UDXQDYDVHYLVLQDK IOXLGDXQXWDUGHVQRJVSUHPQLND
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
+ '
S S K + K
+ K '
SD ' +
+ K S K
U J '
U J + K
SD + '
+ S K
U J U J + K '
' SD ' SD S
K
+ + K + +
' U J ' U J
'
SD ' SD S
D E + + F + +
'
U J ' U J
E E D F
D P
D K E K F K K
E E D F
D
)L]LNDOQRUHDOQRUMHHQMHMHK P
,VSLW]DGDWDN
J
$
.RFND VWUDQLFH D P L JXVWRH U NJP
D K K
[ \ D[ ] D \
WDQ D VLQ D VLQ D
9ROXPHQL99L9UDXQDMXVHSUHPDL]UD]LPD
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
]
9 D 9 D 9 D \
8GDOMHQRVWLWHLWDWLKYROXPHQDRGWRNH$
D
[ VLQ D FRV D
[ [ ] FRV D D VLQ D
[ [ \ FRV D D VLQ D
,]VXPHVLODLVXPHPRPHQDWDL]UDXQDYDVHUHDNFLMDX$
)] U J 9 U J 9 9
0 U J 9 [ U J 9 [ U J 9 [
)] 1 0 1 P
,VSLW]DGDWDN J
E
2GUHGLWH YLVLQX + NRG NRMH H VH RWYRULWL NXJODVWL ]DWYDUD
]JOREQR XYUHQ X WRFL $ =DQHPDULWH PDVH SROXJD =DGDQRMH5 SD
PG FPD PE PF PP NJU F
NJP
+ D
PJ
5
G
E
U
F
5H]XOWDQWQDVLODQDNXJODVWL]DWYDUDSUHPDVOLFLPRHVHUDVWDYLWLQD
)K] GYLMH NRPSRQHQWH KRUL]RQWDOQX L YHUWLNDOQX 5H]XOWDQWQD VLOD SUROD]L
D
PJ NUR]WHLWHNXJOHGHWDOMQLMHREMDQMHQMHX]]DGDWDN,]VOLNH
5 MH YLGOMLYR GD YHUWLNDOQD NRPSRQHQWD VLOH QH LQL QLNDNDY PRPHQW VD
G ]JORERP YH VDPR KRUL]RQWDOQD $NR SRVWDYLPR MHGQDGEH ]D
)K[ KRUL]RQWDOQX NRPSRQHQWX VLOH KLGURVWDWVNRJ WODND L VXPX PRPHQDWD RNR
]JORED
G S
)K[ U J + )K[ D P J E
5MHDYDQMHPRYRJVXVWDYDMHGQDGELPRJXHMHL]UDXQDWLYLVLQXYRGH+
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
E
P J
D
+ + P
U J G S
,VSLW]DGDWDN
2GUHGLWH PDVX PS SROXNXJODVWH SRVXGH NRMD MH XURQMHQD GR
J GXELQH K P 8QXWDU SROXNXJODVWH SRVXGH SOLYD NXJOD
SURPMHUD U P SUHPD VOLFL =DQHPDULWH GHEOMLQX VWMHQNH
SD
SROXNXJODVWHSRVXGH=DGDQRMH5 FPU NJP
5 UJ9Y
K
U U
PJ
K
S05S
8YMHW ]DGDWND GD XQXWDU SROXNXJODVWH SRVXGH SOLYD NXJOD SRWSXQR MH
QHYDDQ MHU NXJOD QLMH X GRWLFDMX V SRVXGRP 6XPD VLOD NRMH GMHOXMX QD
SROXNXJODVWXSRVXGXPRUDELWLXUDYQRWHL
S 0 5 S P S J U J 9 Y
.RULVWHLMHGQDGEXPDQRPHWUDSUHWODNS0XIOXLGXMH
9
S 0 U J K 9Y
9
-HGQDGEDUDYQRWHHSUHOD]LXREOLN
U J K 5 S P S J U J 9 Y
2GQRVQR
PS U J K 5 S U J 9 Y U J 9
,]JHRPHWULMVNLKL]UD]DYROXPHQ9MHGQDNMH
9 5 S 9 9 S + 5 + + 5K
9 5 S S + 5 +
0DVDSRNORSFDMHGQDNDMH
PS
U 5 S S + 5 +
U S 5 + 5 +
8YUWDYDQMHP+ 5KWHVUH LYDQMHPL]UD]D
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
PS
U S 5 5 K 5 5 K
U S K 5 K
8YUWDYDQMHPQXPHULNLKYULMHGQRVWLGRELYDVHWUDHQDPDVDSRNORSFD
PS NJ
,VSLW]DGDWDN
2GUHGLWH VLOX ) SRWUHEQX GD EL VH NYDGUDWQD JUHGD MHGLQLQH
GXOMLQH]JOREQRXYUHQDXWRNL2GUDODXUDYQRWHL=DGDQRMHD J S0 "
PU NJP
2
D
SD
)
U
D D
)K
2
D E
)
E D VLQ GHJ
E P
)K D =DGDWDN MH PRJXH ULMHLWL NDR SUREOHP WUL VLOH KLGURVWDWVNRJ
)K WODND QD WUL UDYQH SRYULQH 2LWR MH GD VX KLGURVWDWVNH VLOH )K L )K
MHGQDNH SR L]QRVX WH LPDMX LVWL NUDN V RE]LURP QD ]JORE 2 VDPR
UD]OLLWXRULMHQWDFLMXSDVHPRPHQWLWHGYLMHVLOHSRQLWDYDMX6LODKLGURVWDWVNRJWODND)KUDXQDVHL]L]UD]D
E
)K U J D % )K 1
3RWRMHJUHGDXUDYQRWHLSRWUHEQRMHGDMHVXPDPRPHQDWDRNR]JORED2MHGQDNDQXOL
D
) D )K ) ) K ) 1
2LWRMHGDMHRULMHQWDFLMDVLOH)VXSURWQRJVPMHUDQHJRMH]DGDQDXWHNVWX]DGDWNDQDVOLFL
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
,VSLW]DGDWDN
E F
2GUHGLWH YLVLQX + VWXSFD YRGH NRG NRMHJ H GRL GR
RWYDUDQMD SROXNXJODVWRJ SRNORSFD SROXPMHUD 5 FP H $
3UHWSRVWDYLWH GD VX VYH SROXJH ]DQHPDULYH WHLQH D GD MH G
XWHJSURPMHUDG FPL]UD HQRGPDWHULMDODJXVWRHUXWHJD D J SD
NJP=DGDQRMHU NJPD PE
PF PH P
+ U
5
V|
6LOHIOXLGDQDSRNORSDFWHVLODWHLQHXWHJDUDXQDMXVH
L]L]UD]D
)K[ U J + 5 S E F
5 S
)K] U J H $
)K] 1 G
D J SD
G S
)P U XWHJD J
)P 1 )P
0RPHQWVYLKVLODRNRWRNH$MHGQDNMHQXOL + U
5
)K[ D )K] E F 5 )P F
)K E )
] K] F )K] 5 )P F
U J + 5 S
D
) K] E )K] F )K] 5 )P F
+ + P
DU J5S
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
,VSLW]DGDWDN
2GUHGLWH XGDOMHQRVW F XWHJD SURPMHUD G FP E F
L]UD HQRJRGPDWHULMDODJXVWRHUXWHJD NJPRG
]JORED$NRGNRMHJHGRLGRRWYDUDQMDSROXNXJODVWRJ
H S $
SRNORSFD SROXPMHUD 5 FP SUHPD VOLFL G D
3UHWSRVWDYLWHGDYLVLQD+VWXSFDYRGH+ FPWHGD D J
VXVYHSROXJH]DQHPDULYHWHLQH=DGDQRMHU
NJPD PE PF PH P
+ U
5
V|
)P
6LOH IOXLGD QD SRNORSDF X]JRQVND VLOD XWHJD WH VLOD E F
WHLQHXWHJDUDXQDMXVHL]L]UD]D
H SD $
G
D J
G S )X
)K[ U J + 5 S )P U XWHJD J
+ U
5
5 S S G
)K] U J )X U J K K
)K[
)K]
0RPHQWVYLKVLODRNRWRNH$MHGQDNMHQXOL
)K[ D )K] E F 5 )P )X F
5 S
G S
S G
U J K K F
U J + 5 S D U J E F 5 U XWHJD J
,]PRPHQWQHMHGQDGEHODNRVHL]UDXQDYDXGDOMHQRVWF
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
,VSLW]DGDWDN
2GUHGLWH VLOX ) SRWUHEQX ]D SULGUDYDQMH SRNORSFD )
MHGLQLQHLULQHSUHPDVOLFL]JOREQRXYUHQLPXWRFL
$ =DGDQR MH D P E P 5 P U
E J
NJPD K P SD
)
5 U
D K
E
D
)Y
$
D
I
6LODQDSRNORSDFPRHVHUDVWDYLWLXGYLMHVLOHVLODQDUDYQLSRNORSDF)K
)K WHX]JRQVNDVLOD)Y
$ N
K K 5 S
)K U J % )Y U J %
VLQ D
+YDWLWDVLODQDOD]HVHQD
K 5
N I
VLQ D S
5MHDYDQMHPVXPHPRPHQDWDRNRWRH$GRELYDVHUMHHQMH
)K N )Y I VLQ D )Y D FRV D ) D E
)K N )Y I VLQ D )Y D FRV D
)
D E
) u 1
,VSLW]DGDWDN
2GUHGLWH JXVWRX U NRFNDVWRJ XWHJD GD EL SRNORSDF
MHGLQLQHLULQHSUHPDVOLFL]JOREQRXYUHQXWRFL$ELR
XUDYQRWHL=DGDQRMHU NJPD FPE J
SD
FPF FP+ FPK FPD
D K
D
F
UJD +
\ SUHJUDGD E
U
\ $
)] [
UJDK
9RGD NRMD VH QDOD]L L]PH X SUHJUDGH L VORERGQH QLYR SRYULQH
]DX]LPDREOLNWURNXWDYLVLQH[LED]H\
)[ +
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
[
[ +E \
WDQ D
+RUL]RQWDOQDLYHUWLNDOQDNRPSRQHQWDVLOHUDXQDMXVHSUHPDL]UD]X
+ [ \
)[ U J +% )] U J %
)[ u 1 )] 1
6XPDPRPHQDWDRNRWRNH$MHGQDNDMHQXOL
) [
+
) ]
\
U J D U J D K F FRV D
*XVWRDXWHJDUDXQDVHL]L]UD]D
U
)[ + )] \ F FRV D U J D K
F FRV D J D
U u NJ P
,VSLW]DGDWDN
2GUHGLWH PDVX YDOMND MHGLQLQH GXOMLQH GD EL RWYRU
SD
VSUHPQLNDSUHPDVOLFLRVWDR]DWYRUHQ=DGDQRMH' P+ J
PK PD U NJP
'
+
U
SD
J
'
+
U [
K
D D
E \
K
D
1DMSULMHGHILQLUDPRQHNHMHGQRVWDYQHJHRPHWULMVNHYHOLLQH
S ' 5
E D 5 T SE \ \ P [ 5 FRV D [ P
E
WDQ
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
+RUL]RQWDOQXNRPSRQHQWXVLOHUDXQDPRL]L]UD]D
J
[
U J + K \
)[ [ % )[ u 1 '
[
T
3RYULQXYDOMNDVWRJVHJPHQWDXWDSRYULQDUDXQDVHSUHPDL]UD]X
5 T VLQ T
$VHJPHQWD $VHJPHQWD P
3RYULQDWUDSH]D]HOHQDSRYULQDUDXQDVHSUHPDL]UD]X
[
$WUDSH]D 5 5 VLQ D + K \ $WUDSH]D P
)
]
'
9HUWLNDOQDNRPSRQHQWDVLOHMHGQDNDMH ) [
U J $VHJPHQWD $WUDSH]D %
)] )] u 1 D [
PJ
VLQ D ) )[ FRV D
P J ) 5 VLQ D ) 5 FRV D P
]
P u NJ
] [
VLQ D J
,VSLW]DGDWDN
2GUHGLWHXGDOMHQRVW+JRUQMHJUXEDNRFNHOHGDVWUDQLFHD PPJXVWRDOHGD
SD
U/ NJPRGGQDRNUXJOHDHSURPMHUD' PP8DLVHQDOD]LGO&RFD
J
FROHJXVWRHU NJP
D S D
J
U
+ D K
,] XYMHWD SOLYDQMD NRFNH OHGD WHLQD
D '
U / J D U J D K K U / K P
U
,]XYMHWDMHGQDNRVWLYROXPHQDXNXSQLYROXPHQMHGQDNMHYROXPHQXOHGDSOXVYROXPHQ&RFDFROH
' S
9 DK
+ 9 D K + + P
'S
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
9LVLQDJRUQMHJUXEDOHGDXGDOMHQDMHRGGQD
+ + D K + P
,VSLW]DGDWDN
SD
RWYDUDQMDSUHJUDGHMHGLQLQHLULQH]JOREQRYH]DQHXWRFL$
=DQHPDULWH WHLQX SUHJUDGH =DGDQR MH U NJP /
P+ PK PD + U /
K
D
[
S D
) J
/
5DGLODNHJ]DSLVLYDQMDXYRGLPRYDULMDEOH
+ U
/ VLQ D / FRV D
) K )
D E
) D
D P E P
[
)
6LOHQDSUHJUDGXUDXQDPRSUHPDL]UD]LPD
) U J E + K % ) U J + % ) U J K %
6LOH ) L ) MHGQDNH VX SR L]QRVX WHLQD YRGH XQXWDU UDILUDQRJ YROXPHQD DOL VXSURWQLK VPMHURYD SD VH
SRQLWDYDMX
6XPDPRPHQDWDRNRWRNH$MHGQDNDMHQXOL
E + K
) [ FRV D ) [ VLQ D ) [ VLQ D
7UDHQDXGDOMHQRVW[UDXQDVHSUHPDL]UD]X
) E ) + ) K
[
) FRVD ) VLQ D ) VLQ D [ P
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
,VSLW]DGDWDN
J
2GUHGLWH JXVWRX U NYDGUDWQH JUHGH MHGLQLQH LULQH GD S D
ELJUHGD]JOREQRYH]DQDXWRFL$ELODXUDYQRWHL=DGDQRMH
+ PK D PD U NJP
U
+ D
K
U D
) / $
N/
K /
K )
/ \ '
K
/
N
' '
K
+ \ '
'
E K
D
D =DGDWDN UMHDYDPR NDR
) / D SUREOHP HWLUL VLOH QD UDYQX
N '\ / '\ ' SRYULQX
/
$
) '
N '
S
E D
K D + D
\' \/ \' P \/ P
VLQ D VLQ E
D % D %
'\' '\/ '\' P '\/ P
\' D % \/ D %
D D
K ' K VLQ D K / + VLQ E K ' P K / P
)' U J K ' D % )/ U J K / D % )' u 1 )/ u 1
D D
N ' '\' N / '\/ N ' P N / P
K' K' K / K /
)' U J % )/ U J % )' 1 )/ u 1
FRV D FRV E
K ' K /
N ' N / N ' P N / P
FRV D FRV E
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
7HLQXNRFNHUDXQDVHSUHPDL]UD]LPD
S D
FRV
* U J D % N D N P
6XPDPRPHQDWDVYLKVLODRNRWRNH$PRUDELWLMHGQDNDQXOL
D
* N )/ N / )/ N / )' N ' )' N '
SD
U J D % N )/ N / )/ N / )' N ' )' N '
*
)/ N / )/ N / )' N ' )' N '
U
J D % N
U u NJ P
,VSLW]DGDWDN
2GUHGLWH UHDNFLMX X WRFL $ VLOX L PRPHQW ]D VLWXDFLMX SUHPD VOLFL SUHJUDGD SD
J
=DQHPDULWH WHLQX SUHJUDGH MHGLQLQH LULQH =DGDQR MH D P E
PU NJP
D D
E
$ D
D
D ) D S
] 0
E E U
$ D ) ]
D
) ) [
[
E
+RUL]RQWDOQH L YHUWLNDOQH NRPSRQHQWH VLOH QD SUHJUDGX UDXQDMX VH
SUHPDL]UD]LPD
)] U J E % )] u 1
)] U J D % )] 1
)[ U J E D % )[ u 1
E
)[ U J E % )[ u 1
)]$ )] )] )]$ u 1
)[$ )[ )[ )[$ u 1
0RPHQWWLKVLODRNRWRNH$UDXQDVHSUHPDL]UD]X
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
D E E D
)[ D )] )] E
0$ )[ 0$ u 1 P
,VSLW]DGDWDN
)
2WYRUQDGQXSRVXGHXNRPHVHQDOD]LXOMHJXVWRHU NJP J
]DWYRUHQ MH NRQXVQLP HSRP LMH VX GLPHQ]LMH ' PP G
PP D PP G PP 1LYR XOMD L]QDG HSD MH E PP
G
=DQHPDUXMXLWHLQXHSDLWUHQMHXQMHJRYLPYRGLOLFDPDRGUHGLWLVLOX) S0
SRWUHEQX]DSRGL]DQMHHSD=DGDQRMHS N3D 0
U E
) '
)
D
G
6LOD)MHGQDNDMHWODNXNRMLYODGDQDSRYULQLHSDSRPQRHQLPVSRYULQRPQDNRMRMGMHOXMH
) G S
G S0 U J E
) 1
6LOD)MHGQDNDMHX]JRQXWLMHODQDVWDOLPRGX]LPDQMHPYDOMNDRGNUQMHJVWRFDQDVOLFLXWR
G
) U J ' G ' G D S ) 1
8NXSQDVLODMHGQDNDMH
)] ) ) )] 1
,VSLW]DGDWDN
2GUHGLWH VLOX ) X UXLFL SUL XVLVQRP L WODQRP UHLPX SD
UDGDMHGQRVWDYQHSXPSHSUHPDVOLFL=DGDQRMHD FPE ) E D
FP+ PK PG FP' P5
P U NJPJXVWRD YRGH UN + U
NJPJXVWRDNXJOLFH G 5
'
J
5 K
3RVWDYOMDMXL VXPX VLOD ]D JRUQMX NXJOLFX WODQL UHLP SD
UDGD GMHOXMX VLOH WHLQH NXJOLFH X]JRQD NXJOLFH KLGURVWDWVNRJ
WODNDXJRUQMHPUH]HUYRDUXWHWODNDRVWYDUHQRJSXWHPVWDSD
U '
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
' S ' S
U J + U N J 5 S U J 5 S S 0
L]RYRJL]UD]DPRJXHMHL]UDXQDWLSUHWODNLVSRGVWDSDSDRQGDLVLOXQDUXLFL
S0
J
U +'
U N 5 U 5
S0
u 3D
'
G S D
) D E S0 D ) S 0 G S ) 1
D E
$QDORJQRSRVWDYOMDMXLVXPXVLOD]DGRQMXNXJOLFXXVLVQLUHLPUDGDGMHOXMXVLOHWHLQHNXJOLFHX]JRQDNXJOLFH
KLGURVWDWVNRJWODNDXRVWYDUHQRJSXWHPVWDSD
' S
U J K S0
U N J 5 S U J 5 S
S0
J
' U K U 5
N
U 5
S0
u 3D
'
G S D
) D E S0 D ) S 0 G S ) 1
D E
J
,VSLW]DGDWDN SD OHG
8 NRFNDVWRM SRVXGL VWUDQLFH D P QDSXQMHQH YRGRP JXVWRH U
NJPGRYLVLQH+ PSOLYDNRPDGOHGDJXVWRHU/ NJP
U/
8QXWDUOHGDYROXPHQD9/ GPVHQDOD]LHOLQDNXJOLFDYROXPHQD9.
FPJXVWRHU. NJP2GUHGLWH]DNROLNRHVHSURPLMHQLWLQLYRYRGH+ NXJOLFD
+
NDGDVHOHGRWRSL
U
D
3RWUHEQR MH SRVWDYLWL XYMHW SOLYDQMD OHGD WM 'D MH WHLQD OHGD L HOLQH
NXJOLFDMHGQDNDVLOLX]JRQDRGQRVQRWHLQLLVWLVQXWHWHNXLQH
U / J 9/ U . J 9. U J 9/ 9.
U / 9/ U . 9. U 9.
9/ 9/ P
U
,]XYMHWDSOLYDQMDODNRVHL]UDXQDYDYROXPHQOHGD9/NRMLVHQDOD]LLVSRGSRYULQHYRGH3RWUHEQRMHSRVWDYLWL
LXYMHWWRSOMHQMDOHGDWMPDVDOHGDMHMHGQDNDPDVLYRGHQDVWDOHWRSOMHQMHPOHGD9ROXPHQRWRSOMHQRJOHGD9/UDXQD
VHL]L]UD]D
U / 9/
U / 9/ U 9/ 9/ 9/ P
U
.ROLLQDYRGHNRMDVHQDOD]LODXSRVXGLSULMHWRSOMHQMDOHGDSOXVNROLLQDYRGHQDVWDODWRSOMHQMHPOHGDMHGQDND
NROLLQLYRGHXSRVXGLQDNRQWRSOMHQMDOHGD,]WRJXYMHWDPRJXHMHL]UDXQDWLSURPMHQXQLYRDYRGHXSRVXGL
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
D + '+ 9.
D + 9/ 9. 9/
9/ 9/
'+ '+ u P
D
,VSLW]DGDWDN
SD J %URGGXOMLQH/ PLULQHD PPDVHPE WRQDSUHJUD HQMH
E VWULYHUWLNDOQHSUHJUDGHSUHPDVOLFL$NRVHQDGQXVUHGQMHSUHJUDGHSRMDYL
RWYRUSURPMHUDG FPEURGSRLQMHWRQXWL2GUHGLWHGXELQXKGRNRMHH
SRWRQXWLEURGYULMHPHWGDSRWRQHQDWXGXELQX]DE DWHPDNVLPDOQX
+ K
LULQX VUHGQMHJ VSUHPQLND E SUL NRMRM H EURG MR XYLMHN RVWDWL SORYDQ
3UHWSRVWDYLWHNYD]LVWDFLRQDUQRVWUXMDQMHQHYLVNR]QRJIOXLGD=DGDQRMH+
G PU NJP
D
'XELQDKWRQMHQMDEURGDUDXQDVHL]XYMHWDSOLYDQMDWMGDMHWHLQDEURGD
MHGQDNDX]JRQXOLMHYHLGHVQHNRPRUH
PE S
PE J U J / D E K K K P E D J
U / D E
,]XYMHWDSOLYDQMDPRJXHMHL]UDXQDWLLSRHWQLJD]GXELQXKEURGDSULMH ] ']
QHJRMHQDVWDODSXNRWLQDSURPMHUDG + K
PE 'K
PE J U J / D K K K P G
U / D
D
8QXWDU VSUHPQLND XVOLMHG XWMHFDQMD YRGH NUR] RWYRU SURPMHUD G GROD]L GR
SRYLHQMD UD]LQH ]D '] JOHGDMXL UHODWLYQR X RGQRVX QD SRVXGX PH XWLP
GQR SRVXGH SRWRQH ]D 'K 3RYHDQMH PDVH NRMD VH QDOD]L XQXWDU SRVXGH
SRYHDYDLX]JRQVNXVLOXRGQRVQRSRYHDQMHGXELQHSRWRQXD2GQRV']L'KRGUH XMHPRL]XYMHWDSOLYDQMD
D K K E D K E
U J / D K U J / K ] E U J / D K ] 'K ']
E ED
D
E /
W
E D
G] W E /
D
K
W u V
G S ]
D E G S J
J K
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
0DNVLPDOQXLULQXSUHJUDGHEPRJXHMHL]UDXQDWLL]XYMHWDGDEURGPDNVLPDOQRVPLMHXWRQXWLGRJRUQMHJUXED+
PE U / D +
PE J U J / D E + E E P
U / +
,VSLW]DGDWDN
7DQNRVWMHQDYDOMNDVWDEDYDSRWSXQRMHLVSXQMHQDYRGRPJXVWRHU NJPGR
J YLVLQH+ PSUHPDVOLFL=ERJSRYHDQMDNUXWRVWLVWMHQNHSRWUHEQRMHXJUDGLWLWUL
S
RMDDQMD2GUHGLWHSRORDMHRMDDQMD[ [ L[ WDNRGDMHVYDNRRMDDQMHRSWHUHHQR
D
[ MHGQDNRPVLORP
U
[
+ J
S D
[
1D GLR SODWD GLIHUHQFLMDOQH LULQH GU U [
K
3RWUHEQR MH RGUHGLWL LULQH K L K SRMDVHYD QD NRMH GMHOXMH WUHLQD
RGQRVQRGYLMHWUHLQHGLIHUHQFLMDOQHVLOHG) K
G) K
G) K G) K G) K
K + G) K +
G) K U J K GU U J + GU K K P
K + G) K
G) K G) K U J K GU U J + GU K + K P
3RORDMRMDDQMD[ RGUH XMHVHL]XYMHWDGDVLODKLGURVWDWVNRJWODNDQDSRMDVK LPDKYDWLWHQDGXELQL[
[ K [ P
1DVOLDQQDLQPRHVHRGUHGLWLSRORDMRMDDQMD[ L]XYMHWDGDVLODKLGURVWDWVNRJWODNDQDSRMDVK K LPDKYDWLWH
QDGXELQL[ [
K K
[F K
,[[
K K GU K K
[ [ [F [F [F P [ P
[F K K GU [F K K GU [F
.RQDQRSRORDMRMDDQMD[ PRHVHRGUHGLWLL]XYMHWDGDVLODKLGURVWDWVNRJWODNDQDSRMDV+K LPDKYDWLWHQD
GXELQL[ [ [
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
+ K
[F K
,[[
+ K GU + K
[ [ [ [F [F [F P [ P
[F + K GU [F + K GU [F
'R LGHQWLQRJ UMHHQMD PRJOR VH GRL L] XYMHWD GD MH PRPHQW KLGURVWDWVNH VLOH RNR JRUQMHJUXEDSRVXGHQDSRMDVX
LULQHK MHGQDNPRPHQWLPDVLODQDSRMDVXK LSRMDVXK K
G) K K G) K G) K
[ [ [ [ K [ [ P
6OLQR VH NRULVWL XYMHW GD MH PRPHQW XNXSQH KLGURVWDWVNH VLOH RNR JRUQMHJ UXED SRVXGH MHGQDN PRPHQWLPD VLOD QD
SRMDVXK SRMDVXK K LSRMDVX+K
+ G) K G) K G) K
G) K [ [ [ [ [ [ [ + [ [ [ P
,VSLW]DGDWDN
+LGUDXOLNL DPRUWL]HU SULND]DQ MH QD VOLFL X QHRSWHUHHQRP
VWDQMX ,]UDXQDMWH PDVH P NOLSD L VLOX RSWHUHHQMD ) DNR VX
N )
]DGDQLSRPDFL[ PPSRPDNSRGGMHORYDQMDWHLQHNOLSDL
J
[ PP SRPDN XVOLMHG GMHORYDQMD WHLQH NOLSD L VLOH )
S D
.RGVDVWDYOMDQMDDPRUWL]HUDNOLSWDPDQ]DHSLRWYRUSURPMHUDG
S \ XDPRUWL]HUXVHQDOD]LYROXPHQ9 QDDWPRVIHUVNRPWODNX
0 G
[ \
+ ' S
9 + / 9 P
[ U /
' ,]MHGQDNRVWLYROXPHQDPRJXHMHL]UDXQDWLSRGL]DQMHUD]LQH\
L\
G S ' G G
[ \ S \ [ \ PP
' G
G S ' G G
[ \ S \ [ \ PP
' G
9ROXPHQVWODHQRJ]UDNDXQXWDUDPRUWL]HUDQDNRQNRPSUHVLMHVDPRXVOLMHGWHLQHNOLSDMHGQDNMH
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
G S ' G
9 9 + / \ S 9 P
,]XYMHWD]DGDWNDRL]RWHUPQRMNRPSUHVLML]UDNDPRJXHMHL]UDXQDWLSUHWODNXQXWDUDPRUWL]HUD
9
S0 SD 9 S D 9 S0 SD
9
SD S0 EDU
,]XYMHWDUDYQRWHHVLODQDNOLSPRJXHMHL]UDXQDWLPDVXNOLSD
G S G S
PN J U J [ \ S0 PN U J [ \ S0 PN NJ
J
9ROXPHQVWODHQRJ]UDNDXQXWDUDPRUWL]HUDQDNRQNRPSUHVLMHXVOLMHGWHLQHNOLSDLRSWHUHHQMDVLORP)MHGQDNMH
G S ' G
9 9 + / \ S 9 P
,]XYMHWD]DGDWNDRL]RWHUPQRMNRPSUHVLML]UDNDPRJXHMHL]UDXQDWLSUHWODNXQXWDUDPRUWL]HUD
9
S0 SD 9 S D 9 S0 SD
9
SD S0 EDU
,]XYMHWDUDYQRWHHVLODQDNOLSPRJXHMHL]UDXQDWLVLOXRSWHUHHQMD
G S G S
U J [ \ S0 U J [ \ S0
) PN J ) PN J ) u 1
,VSLW]DGDWDN
2GUHGLWH PDNVLPDOQX WHLQX * NRMX PRH SRGL]DWL GL]DOLFD SUHPD
VOLFL =DQHPDULWH WHLQH GL]DOLFH L SRQWRQD WH QDJLQMDQMH SRQWRQD
G J
WLMHNRPRSWHUHHQMD=DGDQRMHD PE PK P/
PLULQDSRQWRQDRNRPLWRQDVOLNXF PG PP7 WU E P7
NJP 3ULSURUDXQXSRWUHEQRMHX]HWLXRE]LUSORYQRVWGL]DOLFH
NDRLRSDVQRVWRGSUHYUWDQMD SD F
F
* K
G J D
D U
E JP7
F
F 3RWUHEQR MH SURYMHULWL SUHYUWDQMH GL]DOLFH 6XPD PRPHQDWD RNR
UJ9 UJ9 OLMHYRJSRQWRQDPRUDELWLMHGQDNDQXOL
* K
F D F D
* G P 7 J E U J 9 F D
D D
$NR SRVWDYLPR XYMHW SOLYDQMD WM WHLQD WHUHWD L XWHJD PRUD ELWL
MHGQDNDVXPLX]JRQVNLKVLODSORYDND
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
* P 7 J U J 9 9
7UHD MHGQDGED SRWUHEQD ]D UMHDYDQMH VXVWDYD MH GD OLMHYL SORYDN PRUD SOLYDWL VPLMH ELWL SRWRSOMHQ QDMYLH GR
GXELQHK
9 D / K
5MHDYDQMHPRYHWULMHGQDGEHSRQHSR]QDQLFDPD*9L9GROD]LVHGRUMHHQMD
* P7 J U J D / K 9
*
U J D / K 9 P7 J
F D F D
U J D / K 9 P7 J G P7 J E U J 9 F D
9
U D/KG U D/KF U D /K P7G P7E
9 P
U G F D
*
U J D / K 9 P7 J *
u 1
,VSLW]DGDWDN
2GUHGLWH PDNVLPDOQX YLVLQX K UD]LQH IOXLGD JXVWRH U
SD NJPGDQHGR HGRSUHYUWDQMDGUYHQHSUHJUDGHMHGLQLQHLULQH
J ]JOREQRYH]DQHXWRFL$=DGDQRMH/ PU' NJPG
FPGHEOMLQDGUYHQHSUHJUDGH
/
U
K
U' /
*
$ K /
)K
K
D
$
1DGUYHQXSUHJUDGXGMHOXMXVLODWHLQH*SUHJUDGHLKLGURVWDWVNDVLOD)K
* U ' J / G % * 1
K K
)K U J %
VLQ D
'DQHGR HGRSUHYUWDQMDJUHGHVXPDPRPHQDWDRNRWRNH$PRUDELWLMHGQDNDQXOL
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
/ K / K K K
* FRV D )K U ' J / G % FRV D U J %
VLQ D VLQ D VLQ D
K
U'
U ' / G FRV D / G FRV D VLQ D
U K
VLQ D
U
0DNVLPXPYLVLQHKRGUH XMHVHWDNRGDSUYXGHULYDFLMXL]MHGQDDYDPRVQXORP
U' U'
G
K
G
/ G FRV D VLQ D
/ G FRV D VLQ D VLQ D
GD GD U U
D DWDQ D GHJ D GHJ
DWDQ
U'
/ G FRV D VLQ D
K K P
U
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
+LGURVWDWLND
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
5HODWLYQRPLURYDQMH
5HODWLYQRPLURYDQMH
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
5HODWLYQRPLURYDQMH
,VSLW]DGDWDN
8FLOLQGULQRMSRVXGLSURPMHUD' PLVSXQMHQRJYRGRPJXVWRH
J SD
U NJPGRYLVLQH+ PSOLYDGUYHQLYDOMDNSURPMHUDG
FP YLVLQH / FP JXVWRH GUYHWD U NJP 2GUHGLWH
U XGDOMHQRVWDED]HGUYHQRJYDOMNDRGGQDFLOLQGULQHSRVXGHQDNRQWR
G / SRVXGX]DURWLUDPRNXWQRPEU]LQRPZ UDGV
+
D U
'
3RWUHEQR MH L]UDXQDWL YROXPHQ 9 IOXLGD X SRVXGL 3UHWKRGQR MH
SRWUHEQR SRVWDYLWL XYMHW SOLYDQMD GUYHQRJ YDOMND WM GD MH VLOD X]JRQD
Z MHGQDNDVLOLWHLQH
U
G /
O
U
G S G S / U
U J / U J O O O P
U
3RPRX GXELQH WRQMHQMD O GUYHQRJ YDOMND UDXQD VH YROXPHQ
J
IOXLGDXSRVXGL
' S G S G
9 + O 9 P E
K
F
1DNRQ URWDFLMH NRQVWDQWQRP NXWQRP EU]LQRP SRYULQD IOXLGD
IRUPLUDVORERGQXQLYRSRYULQXXREOLNXURWDFLRQRJSDUDERORLGD U
D
Z G '
K K u P
J
Z
Z '
E E P
J
3UHPDXYMHWXSOLYDQMDGUYHQRJYDOMNDXIOXLGXNRMLURWLUDNRQVWDQWQRPNXWQRPEU]LQRPVLODX]JRQDLVLODWHLQH
VXMHGQDNH
G S
G S
K U / U K
U J / U J F F F P
U
9ROXPHQIOXLGDXSRVXGLSULMHLSRVOLMHURWDFLMHMHMHGQDNSDVHL]WRJXYMHWDUDXQDXGDOMHQRVWDGQDSRVXGHRG
GRQMHJUXEDGUYHQRJYDOMND
' S ' G ' G
9 D S F K S E K
D 9 F K G F G K E G E
' S
'
' '
D P
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
5HODWLYQRPLURYDQMH
,VSLW]DGDWDN
8FLOLQGULQRMSRVXGLSURPMHUD' PLYLVLQH+
Z J PQDOD]HVHGYDIOXLGDUD]OLLWHJXVWRH3RVXGDMH
LVSXQMHQD YRGRP JXVWRH U NJP GR YLVLQH K
K U
Z J
K U
SD
$ +
' $
5
$
5 +
,]XYMHWDMHGQDNRVWLYROXPHQDYRGHLXOMDSULMHL U +
SRVOLMHURWDFLMHVOLMHGHUHODFLMH U
E $
9 K K 5 S 5
5
+
S E
9
K 5 S 5
5
+ S
,]XYMHWDGDVORERGQDSRYULQDQDNRQURWDFLMHSRSULPDREOLNURWDFLRQRJSDUDERORLGDVOLMHGHUHODFLMH
+ E
Z 5
J
E
Z 5
J
+
Z
J
5 5
+ E
Z 5
J
E
Z 5
J
+
Z
J
5 5
5MHDYDQMHPRYRJVXVWDYDMHGQDGELSRQHSR]QDQLFDPD+L+
+ +
K K 5
J K 5
J
Z Z
K K
+ Z 5 + P
J
K
+ Z 5 + P
J
L]UDXQDYDVHSUHWODNXWRFL$
U + + U + J
S 0$ S 0$ u 3D
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
5HODWLYQRPLURYDQMH
,VSLW]DGDWDN
2GUHGLWH VLOX QD SRNORSDF FLOLQGULQH SRVXGH SUHPD
G VOLFLNRMDMHSULMHURWDFLMDELODLVSXQMHQDYRGRPJXVWRHU
SD NJP GR YLVLQH K FP 1DNRQ URWDFLMH X SRVXGL
RVWDQHSRORYLFDSUYRELWQRJYROXPHQDYRGH=DGDQRMH'
FPG FP+ FP
J
+
U K
'
Z \
U
SD
5
J
+
3UHPD XYMHWX ]DGDWND SRORYLFD IOXLGD NRML VH QDOD]LR X U
SRVXGL SULMH URWDFLMH MHGQDN MH YROXPHQX NRML VH QDOD]L ]D U
YULMHPHURWDFLMH
[
5 S K
+ S 5 U
+ S U U
Z
6ORERGQDSRYULQDSRSULPDREOLNURWDFLRQRJSDUDERORLGDSDYULMHGHUHODFLMH
[
Z U
+[
Z U
+
Z U U
U U
J +
J J J Z
8YUWHQMHPRYLKL]UD]DXMHGQDGEXMHGQDNRVWLYROXPHQDPRJXHMHL]UDXQDWLEU]LQXNXWQHURWDFLMHZ
5 K
+ 5 U
J +
Z
J +
Z Z V
5 K + 5 + U
6LODQDSRNORSDFMHGQDNDMHWHLQLIOXLGDL]PH XSRNORSFDLVORERGQHSRYULQHQDVOLFLRERMDQRXWR
) U J 9
U J \ S 5 U
\
Z 5 U
J
Z 5 U
)
U J S 5 U
) 1
J
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
5HODWLYQRPLURYDQMH
,VSLW]DGDWDN
8 SROXNXJODVWRM SRVXGL LVSXQMHQRM YRGRP JXVWRH U NJP
SOLYD YDOMDN PDVH PYDOMND NJ .ROLNR L]QRVL XGDOMHQRVW D L]PH X GQD
SD SRVXGHLYDOMNDNDGDVHSRVXGD]DURWLUDNRQVWDQWQRPNXWQRPEU]LQRPZ
J V=DGDQRMH5 PU PK P
U
K SD J
5
[ K U K
D U
U K
5 \
D
,]XYMHWDSOLYDQMDSULMHQHJRMHSRVXGD]DURWLUDQDPRJXHMH
L]UDXQDWLXGDOMHQRVWDYDOMNDRGGQDSRVXGH
PYDOMND
D 5 D P
PYDOMND J U J 9X U J U S 5 D
U U S
1DNRQWRVHSRVXGD]DURWLUDVORERGQDSRYULQDSRSULPDREOLNURWDFLRQRJSDUDERORLGDSDVHYLVLQHKLKPRJX
L]UDXQDWLL]MHGQDGEHVORERGQHSRYULQH
Z U Z 5
K K K P K P
J J
,]XYMHWDSOLYDQMDQDNRQWRMHSRVXGD]DURWLUDQDPRJXHMHL]UDXQDWLXGDOMHQRVW\SUHPDVOLFL
K K
PYDOMND J U J U S \ U J U S 5 D \ 5D \ P
,]MHGQDNRVWLYROXPHQDIOXLGDSULMHLQDNRQURWDFLMHVOLMHGHUHODFLMH
K K
5 S 5 S
[ 5 S U S \
9IOXLGD U S 5 D
K
[ [ P
,]JHRPHWULMVNLKRGQRVDPRJXHMHL]UDXQDWLXGDOMHQRVWDYDOMNDRGGQDURWLUDMXHSRVXGH
D 5 [ K \ D P
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
5HODWLYQRPLURYDQMH
,VSLW]DGDWDN
2GUHGLWH WODN X WRFL $ QD YDQMVNRP SODWX
SD
FLOLQGULQH SRVXGH SUHPD VOLFL NDGD VH ]DURWLUD G J
NRQVWDQWQRPNXWQRPEU]LQRPZ UDGV=DGDQRMH'
FPG FP+ FPK FPU NJP
SD
G +
K
'
+
$ U
K
K '
Z
$ K U
'
5 5 P
5
Z
E G
U U P
3RYULQDYRGHQDNRQURWDFLMH]DX]PHREOLNURWDFLRQRJSDUDERORLGDGHILQLUDQRJMHGQDGERP
Z U U
+ K K + Z K P
J J
8VOLMHGURWDFLMHGLRYRGHVHSUHOMHYDL]XQXWUDQMHXYDQMVNXSRVXGX
U S K K U S + K
9SUHOMHYD 9SUHOMHYD u P
'LRYRGHNRMLVHSUHOMHYDXGUXJXSRVXGX]DX]LPDREOLNURWDFLRQRJSDUDERORLGDYROXPHQD
9 SUHOMHYD
K 5 5 S
-HGQDGEDURWDFLRQRJSDUDERORLGD]DIOXLGXYDQMVNRMSRVXGLJODVL
E
Z 5
E K
Z 5
J J
5MHDYDQMHPRYHWULMHGQDGEHSRQHSR]QDQLFDPDEK5GRELYDVHUMHHQMH
Z 5 K
Z 5
K
Z 5 5
K J
5
5
J J J Z
K J Z
9SUHOMHYD K S K J S 9SUHOMHYD K u P
Z
J S
3RPRXYLVLQHKYRGHXYDQMVNRPVSUHPQLNXMHGQRVWDYQRMHL]UDXQDWLWODNXWRFL$
S$ U J K S$ NJ P V
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
5HODWLYQRPLURYDQMH
,VSLW]DGDWDN
2GUHGLWH VLOX ) QD SUHJUDGX NROLFD $% MHGLQLQH LULQH NRMD VH
J SD D
XEU]DYDMXXGHVQRNRQVWDQWQRPDNFHOHUDFLMRPD PV=DGDQRMH+
$ PK P/ PU NJP
U J SD D
K +
[
/ % / U
I
+
J
D
[
D
1DNRQWRQDVWXSLMHGQROLNRXEU]DQRJLEDQMHDNFHOHUDFLMRP \ / /
DGLRIOXLGDSUHOLMHVHSUHNRSUHJUDGH$%XGHVQLGLRVSUHPQLND
SUHPD VOLFL 3R]QDYDMXL DNFHOHUDFLMX D PRJXH MH L]UDXQDWL QDJLE YRGH X NROLFLPD QDNRQ WR QDVWXSL MHGQROLNR
XEU]DQRJLEDQMH
J J / D
WDQ D [ / [ P
D D [ J
3RHWQL YROXPHQ YRGH X NROLFLPD QDNRQ WR QDVWXSL JLEDQMH UDVSRUHGLR VH GLMHORP X GHVQL D GLMHORP X OLMHYL
VSUHPQLNSUHOLRVHSUHNRSUHJUDGH$%
/ K [ + [ / 9 / K +
/ D
9SUHOMHYD
[ /
\
/
SUHOMHYD
J
2GDWOHMHMHGQRVWDYQRL]UDXQDWLYLVLQX\IOXLGDXGUXJRPVSUHPQLNX
D
\ K + / [ \ P
J
3R]QDMXLYLVLQHIOXLGDXREDVSUHPQLNDVLODQDSUHJUDGX$%UDXQDVHSUHPDL]UD]X
+ \
) U J U J ) u NJ V
,VSLW]DGDWDN
G SD G 7UL FMHYLFH SURPMHUD G PP G PP L G PP
G
LVSXQMHQHVXWHNXLQRPJXVWRHU NJPGRYLVLQHK FP
2GUHGLWHYLVLQHKK LKQDNRQWRFMHYLFH]DURWLUDPRNRQVWDQWQRP
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
5HODWLYQRPLURYDQMH
G G SD G
6ORERGQD SRYULQD IOXLGD X URWDFLML MHGQROLNRP NXWQRP
EU]LQRP ]DX]LPD REOLN URWDFLRQRJ SDUDERORLGD ,] MHGQDGEH
URWDFLRQRJSDUDERORLGDRGUH XMXVHYLVLQHIOXLGDXFMHYLFDPD 5 5 J
[
[ K
K
Z 5
[ [ P K
J K
Z
Z 5
[ [ P
J
.ROLLQDIOXLGDXFMHYLFDPDSULMHLSRVOLMHURWDFLMHPRUDELWLLVWD
K [
G S
K [
G S
K
G S
K G G G
S
,]RYHMHGQDGEHYLVLQDYRGHXVUHGQMRMFMHYLFLL]QRVL
K
G [ G [ K G K G K G
K P
G
G G
9LVLQHIOXLGDXSUHRVWDODGYLMHFMHYLFH
K K [ K P K K [ K P
,VSLW]DGDWDN F F F
2GUHGLWH PDNVLPDOQX GR]YROMHQX DNFHOHUDFLMX J
NRMRP NROLFD PRJX XEU]DYDWL D GD QH GR H GR
SUHOLMHYDQMDSUHNRUXEDNROLFD
F
F
D
F F F
[
D
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
5HODWLYQRPLURYDQMH
[
9 F
.DNRVXRYDGYDYROXPHQDLGHQWLQDODNRMHL]UDXQDWLYLVLQXWURNXWD[
[
F F [ F
.XWQDJLEDSRYULQLMHGQDNMHNXWXL]PH XMHGLQLQHPDVHQHVLOHLJUDYLWDFLMH
D [
WDQ D WDQ D
J F [
,]RYLKL]UD]DODNRVHPRHL]UDXQDWLDNFHOHUDFLMDNROLFD
F
D
D J D PV
J F
F
,VSLW]DGDWDN
3RNORSDFQDFLOLQGULQRMSRVXGLXPLURYDQMXSUHPD
VOLFL SULGUDYD VH SRGWODNRP S0 EDU X SRVXGL
J S 5
0
3ULNRMRMNXWQRMEU]LQLURWDFLMHZHVHSRNORSDFRWYRULWL
=DGDQR MH + P + P 5 P U
+ NJP
U
+
Z
5
S
J 0
+
+
SRVOLMHURWDFLMH
U
5 S + +
5 S +
6ORERGQD SRYULQD XQXWDU SRVXGH SRSULPD REOLN
URWDFLRQRJSDUDERORLGD Z
Z 5 Z 5
+ +
J J
8YUWHQMHPXMHGQDGEXYROXPHQD]UDNDVOLMHGHL]UD]L
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
5HODWLYQRPLURYDQMH
Z 5
5 S + +
5 S
J
5 + + J Z
5 + + J
5 +
Z
J Z
6LODQDSRNORSDFMHGQDNDMHVLOLNRQVWDQWQRJWODNDQDFLMHOLSRNORSDFWHWHLQLYROXPHQDIOXLGDL]PH XSRYULQHL
VORERGQHSRYULQHQDVOLFLFUYHQR
)
S 0 5 S
+ + 5 5 U J S
Z 5 Z 5 + + J
5 5 + + J U J S
)
S 0 5 S
J J
Z Z
J
Z
5 5 + +
S 0 5 S U S
Z
,]RYHMHGQDGEHNXWQDEU]LQDURWDFLMHZMHGQDNDMH
S 0
Z J + +
5 U
Z V
,VSLW]DGDWDN
$
J 2GUHGLWH VLOX QD VWUDQMX VWUDQX $% NROLFD REOLND MHGQDNRVWUDQLQH
SUL]PHVWUDQLFHE PSUHPDVOLFLDNRNROLFDMHGLQLQHLULQHXEU]DYDMX
X] NRVLQX NRQVWDQWQRP DNFHOHUDFLMRP D PV =DGDQR MH K P
YLVLQDIOXLGDXNROLFLPDXVWDQMXPLURYDQMDQDUDYQRMSRGOR]LD U
U D NJP
K
%
D
I
I J
M
,] WURNXWD XEU]DQMD SUHPD VOLFL SULPMHQRPVLQXVQRJSRXND
PRHVHL]UDXQDWLNXWQDJLEDSRYULQH D
D
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
5HODWLYQRPLURYDQMH
J D
S D I VLQ I
VLQ
J D
FRV D I VLQ I
Y
J D
FRVD FRVI VLQ D VLQ I VLQ I
F
J
D K
FRV D FRV I VLQ D
VLQ I E
FRV D
I DWDQ D
J D VLQ D I
,]MHGQDNRVWLYROXPHQDSULMHLQDNRQDNFHOHUDFLMHVOLMHGHUHODFLMH
\
E
Y Y YK [ Y
[
Y F Y E
F E
Y E Y I
[
J D
F Y
9
[ \ Y Y
9 Y
9
WDQ E WDQ J Y
9 Y Y
9
WDQ E WDQ J
WDQ E WDQ J
,]JHRPHWULMVNLKRGQRVDVOLMHGL [
Y
[ [ E [ J
VLQ J E
[ ' H I
[ P [ P [
I
& D
3RWUHEQR MH QDL SUHWODN X WRFL & NRMD VH QDOD]L QD [ ,]
JHRPHWULMHVOLMHGL
SJD
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
5HODWLYQRPLURYDQMH
[ [ S D J
&' FRV J H I FRV
3UHWODNMHSRVOMHGLFDGMHORYDQMDMHGLQLQLKPDVHQLKVLODJUDYLWDFLMHLLQHUFLMH
[ [ [ S [
S 0& S 0' U J I U D FRV J U J H U J I U D FRV J FRV D J D FRV J
U J
2GQRVQRVLODMHMHGQDND
[ [
VLQ D J D FRV J [ %
) U J ) u 1
,VSLW]DGDWDN
+
* 2GUHGLWH DNFHOHUDFLMX D SR VPMHUX L YHOLLQL NRFNDVWRJ
VSUHPQLNDSUHPDVOLFLLVSXQMHQRJIOXLGRPJXVWRHU NJP
( ) DNRVX]DGDQHUD]OLNHWODNRYDQDSURVWRUQLPGLMDJRQDODPD=DGDQRMH
] J 'S$* EDU'S%+ EDU'S&( EDUE P
\
[ -HGQDGEHPDQRPHWUDL]PH XWRDND$L*%L+WH&L(
'
& S $ U E D[ U E D ] J U E D \ S*
E
S % U E D[ U E D ] J U E D \ S+
$ %
S & U E D[ U E D ] J U E D \ S(
8YUWHQMHPUD]OLNHWODNRYDGRELYDVHVXVWDYMHGQDGEL
'S $* U E D [ U E D] J U E D \
'S %+ U E D [ U E D ] J U E D \
'S &( U E D[ U E D ] J U E D \
5MHHQMHPVXVWDYDMHGQDGELGRELYDVH
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
5HODWLYQRPLURYDQMH
'S $* U E D[ U E D ] J 'S%+
'S $* U E J 'S &(
D] D] PV
U E
'S $* U E D ] U E J 'S %+
D[
U E D[ PV
'S &( U E D [ U E D] U E J
D\ D\ PV
U E
,VSLW]DGDWDN
+
* 2GUHGLWHSRORDMYHUWLNDOQHRVLRNRNRMHNRFNDVWLVSUHPQLN
Z SUHPD VOLFL URWLUD NRQVWDQWQRP NXWQRP EU]LQRP Z UDGV
( ) 6SUHPQLNMHLVSXQMHQIOXLGRPJXVWRHU NJP=DGDQR
J MH'S$& 3D'S%' 3DE P
'
&
] \ [
\
$NRSUHWSRVWDYLPRGDXWRNLSURGRUDRVURWDFLMHLNYDGUDWD
$ [ % $%&'YODGDWODNSWODNRYHXWRNDPD$%&L'UDXQDPRL]
L]UD]D
[ \
Z Z
E [ E \
S2 U S$ S2 U S&
Z Z
E [ \ [ E \
S2 U S% S2 U S'
,]RYLKMHGQDGELODNRVHUDXQDUD]OLNDWODNRYDQDGLMDJRQDODPD$&L%'
S2 U Z
S2 U
Z
[ \
E [ E \
S$ S&
Z
Z
E [ \ S 2 U [ E \
S2 U S% S'
5MHDYDQMHPRYRJVXVWDYDMHGQDGELGROD]LPRGRUMHHQMD
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
5HODWLYQRPLURYDQMH
U Z E U Z E [ U Z E \ S $ S&
U Z E [ U Z E \ S% S'
U Z E [ U Z E \ 'S%'
U Z E
U Z E
U Z E \ 'S%' U Z E \
'S $&
U Z E
\
U Z E 'S %' 'S $&
[
U Z E \ 'S%'
U Z E U Z E
[ P
\ P
,VSLW]DGDWDN
2GUHGLWH VLOX ) QD SUHJUDGX NROLFD $% NRMD VH XEU]DYDMX XGHVQR / /
NRQVWDQWQRPDNFHOHUDFLMRPD PV=DGDQRMH+ PK P
/ PU NJP
%
/
+ K
+ [ U
I
J
/
$
+[
D D
\
$
6ORERGQDQLYRSRYULQDMHRNRPLWDQDUH]XOWDQWQXPDVHQXVLOXI
,] JHRPHWULMVNLK RGQRVD VD WURNXW PDVHQLK VLOD L WURNXW VORERGQH
SRYULQHLJHRPHWULMHNROLFDVOLMHGHL]UD]L
D [ D /
WDQ D WDQ D [ [ P
J / J
,]JHRPHWULMVNLKRGQRVDUDXQDPRYROXPHQYRGHXQXWDUGHVQHSUHJUDGHSULMHLSRVOLMHXEU]DYDQMDNROLFD
[ / %
9 K / % 9 P 9 + / % 9 P
9ROXPHQYRGHNRMLVHSUHOLRL]GHVQHXOLMHYXSUHJUDGXUDXQDVHSRPRXL]UD]
/ [ % /
9 9 9 9 P 9 \ %
9LVLQD\IOXLGDXOLMHYRMSUHJUDGLUDXQDVHSUHPD
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
5HODWLYQRPLURYDQMH
9 [
\ \ P
/ %
6LODQDSUHJUDGXL]QRVL
+ \
)5 U J % )5 u 1
,VSLW]DGDWDN
SD 5 9HUWLNDOQL VWRDF YLVLQH + FP L SROXPMHUD ED]H 5
FPLVSXQMHQYRGRPJXVWRHU NJPURWLUDNXWQRPEU]LQRP
Z 2GUHGLWH GR NRMH YLVLQH K MH VWRDF ELR LVSXQMHQ YRGRP SULMH
URWDFLMHDNRWLMHNRPURWDFLMHVORERGQDSRYULQDWDQJLUDSODWVWRFD
Z QDYLVLQL+SUHPDVOLFL
+
SD 5
J +
5
6ORERGQD SRYULQD LPD Z +
K REOLN URWDFLRQRJ SDUDERORLGD
U ]DGDQRJMHGQDGERP J +
Z U
] K
J U E
1DJLESRYULQHMHGQDNGRELYDVHGHULYLUDQMHPMHGQDGEHSRYULQH
G] Z U
GU J
8WRFL] +RGQRVQRU 5QDJLESRYULQHMHGQDNMHQDJLEXSODWDVWRFD
Z 5 +
J 5
7RND ] + RGQRVQR U 5 QDOD]L VH QD URWDFLRQRP SDUDERORLGX SD ]D QMX YULMHGL MHGQDGED SRYULQH
URWDFLRQRJSDUDERORLGD] ZUJ
Z 5 +
E
J
JGMHMHEXGDOMHQRVWWMHPHQDSDUDEROHRGYUKDVWRFD.RULVWHLSUHWKRGQHGYLMHMHGQDGEHQHSRVUHGQRVOLMHGLE
+,]MHGQDGEHQDJLEDSRYULQHL]UDXQDYDVHNXWQDEU]LQDZ
J +
Z Z V
5
-HGQDGEDURWDFLRQRJSDUDERORLGD]DQDMYLXWRNX] +U 5LE +
Z 5 + J +
5 5 P
J Z
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
5HODWLYQRPLURYDQMH
9ROXPHQIOXLGDXURWDFLMLMHGQDNMH
9 5 +S 5 + S 9 u P
,]VOLQRVWLWURNXWDXVWDQMXPLURYDQMD
U 5 5 K
U
K + +
9ROXPHQXVWDQMXPLURYDQMDUDXQDVHL]L]UD]D
5 K
9 +
9 U K S 9 K S K K P
+
5 S
,VSLW]DGDWDN
J SD 2GUHGLWH YLVLQX K SRGL]DQMD NUXQRJ SRNORSDFD QDNRQ WR VH SRVXGD L
IOXLG]DURWLUDMXNRQVWDQWQRPNXWQRPEU]LQRPZ V=DGDQRMH'
+
K FPG FP+ FPU NJP
Z
G +
J S D
' K
+
E
0DVXSRNORSFDPRJXHMHL]UDXQDWLL]L]UD]DGRNSRVXGDPLUXMH
Z
G
' G ' G
P J U J + S P U + S P NJ
'
.DGD VH IOXLG ]DURWLUD NRQVWDQWQRP NXWQRP EU]LQRP VORERGQD
SRYULQD]DX]PHREOLNURWDFLRQRJSDUDERORLGDSDMHYLVLQH+L+PRJXHMHL]UDXQDWLL]MHGQDGEL
Z G Z '
+ + + P + P
J J
L]MHGQDGEHUDYQRWHHVLODXYHUWLNDOQRPVPMHUXVOLMHGLMHGQDGED
' G ' G
P J U J S + E U J S + +
L]RYHMHGQDGEHPRJXHMHL]UDXQDWLYHOLLQXE
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
5HODWLYQRPLURYDQMH
' G ' G
P U S E U S + +
+ + P
E E P
U ' G S
L]MHGQDNRVWLYROXPHQDSULMHLSRVOLMHURWDFLMHVOLMHGLUHODFLMD
G S ' G S G S
+ 9 9 K S E +
L]RYRJL]UD]DL]UDXQDYDVHYLVLQDSRGL]DQMDSRNORSFDK
+ E +
K G K P
'
,VSLW]DGDWDN
SD 3RVXGD REOLND VWRFD URWLUD RNR YHUWLNDOQH RVL NRQVWDQWQRP NXWQRP EU]LQRP Z
PDOL
RWYRU
2GUHGLWH NXWQX EU]LQX Z WDNR GD EL VLOD QD YLMNH $ ELOD WUL SXWD YHD RG VLOH X
VOXDMXNDGDSRVXGDQHURWLUD=DGDQRMHU NJP5 P+ P
J
+
U
Z
$ 5 $ SD
PDOL
RWYRU
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
5HODWLYQRPLURYDQMH
)6 )5
5 S +
5 S +
5 S
Z 5
J +
5MHDYDQMHPSUHWKRGQHMHGQDGEHVHL]UDXQDYDNXWQDEU]LQDURWDFLMH PDOL SD
RWYRU
+ J
Z Z UJ9
5 V J
U +
Z
$ 5 $
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
%HUQRXOOLMHYDMHGQDGED
%HUQRXOOLMHYDMHGQDGED
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
%HUQRXOOLMHYDMHGQDGED
,VSLW]DGDWDN
S D
,]UDXQDMWHSURWRN4NUR]FLMHYSUHPDVOLFLX]
SUHWSRVWDYNX GD MH NRHILFLMHQW SURWRND &G
K
J =DGDQRMH' PPG PPK FP
U
K FP K FP U NJP U
K NJP
K
4
'
G
U
%HUQRXOOLMHYDMHGQDGEDL]PH XSUHVMHNDSURPMHUD'9HQWXULMHYHFLMHYLLSUHVMHNDSURPMHUDG
S Y S Y
U J J U J J
3RPRXMHGQDGEHNRQWLQXLWHWDEU]LQHPRHPRL]UD]LWLNDR
4 4
Y Y
' S G S
-HGQDGEHPDQRPHWUD
S S D U J K U J K S SD U J K
5MHDYDMXLRYDMVLVWHPMHGQDGELPRJXHMHL]UDXQDWLSURWRNNUR]9HQWXULMHYXFLMHY
S D U J K U J K 4
S D U J K 4
U J U J
' S J G S J
U
K K K S J
4
U P
4
V
G '
P
4VW &G 4 4VW
V
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
%HUQRXOOLMHYDMHGQDGED
,VSLW]DGDWDN
2GUHGLWH YULMHPH SRWUHEQR GD VH FLOLQGULQD NDSD PDVH P NJ VSXVWL QD N
SD J VWXS SURPMHUD ' FP =DQHPDULWH WUHQMH L]PH X NDSH L VWXSD WH SUHWSRVWDYLWH
VDYUHQREUWYOMHQMH=DGDQRMHG PPF + FPU NJP G
G
+
' 6XPD VLOD NRMH GMHOXMX QD FLOLQGULQX NDSX PRUD ELWL MHGQDND QXOL 6LOD WHLQL
MHGQDNDMHWODNXNRMLGMHOXMHLVSRGNDSHSRPQRHQRMVSRYULQRP
' G
PN J S0 S
PN J
S0 S0 EDU
' GS
%HUQRXOOLMHYDMHGQDGEDRGWRNHLVSRGNDSHGRRWYRUDSURPMHUDGWHMHGQDGEDNRQWLQXLWHWD
S0 Y Y
' S
G S S0 Y
G
Y Y
U J J J U J J
'
S0 P
Y Y
G V
U
'
7LMHNRPYUHPHQDNRQVWDQWQDMHUDYQRWHDVLODSDMHNRQVWDQWQDEU]LQDLVWMHFDQMDIOXLGDNUR]RWYRUSURPMHUDGL
SURWRN4
' S G S
9 4 W + F G Y W
+'
W W u V
F G Y G
,VSLW]DGDWDN
,]DNUPHQRJ]UFDODDPFDSULYUHQMHYHQWXULPHWDUGDELFUSLRYRGX
JXVWRHU NJPL]DPFD2GUHGLWHPLQLPDOQXEU]LQXDPFDNRG
J NRMH ]DSRLQMH FUSHQMH YRGH SUD]QD SULNOMXQD FLMHY WH PLQLPDOQX EU]LQX
K NRGNRMHMHFUSHQMHMRXYLMHNPRJXHSXQDSULNOMXQDFLMHY=DGDQRMHK
SD K PK PK P' FPG FP
K
' =D RGUH LYDQMH PLQLPDOQH EU]LQH DPFD NRG NRMH ]DSRLQMH FUSHQMH
U
G YRGHSUD]QDSULNOMXQDFLMHYSRWUHEQRMHSRVWDYLWL%HUQRXOOLMHYXMHGQDGEX
LMHGQDGEXNRQWLQXLWHWDRGXOD]DXYHQWXULPHWDUSDGRJUODYHQWXULPHWUD
' S
G S S 0 Y S 0 Y
Y Y
U J J U J J
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
%HUQRXOOLMHYDMHGQDGED
.DNRVHYHQWXULPHWDUQDOD]LXKRPRJHQRPVWUXMDQMXIOXLGDWODNQDXOD]XPRHVHUDXQDWLSRPRXMHGQDGEH
PDQRPHWUD
S 0 U J K S 0 u 3D
3RGWODNJUODYHQWXULPHWUDNRMLMHSRWUHEDQGD]DSRLQMHFUSHQMHYRGHSUD]QDSULNOMXQDFLMHYPRUDVDYODGDWL
YLVLQXYRGHQRJVWXSFDRGYRGHXDPFXGRYUKDVLIRQD
S 0
U J K K K S 0 u 3D
U J K Y
U J K K K Y
'
U J J U J J G
J K K P
Y Y
'
V
G
0LQLPDOQXEU]LQXDPFDNRGNRMHMHFUSHQMHMRXYLMHNPRJXHSXQDSULNOMXQDFLMHYPRJXHMHL]UDXQDWLL]
LVWRJ VXVWDYD MHGQDGEL %HUQRXOOLMHYX MHGQDGED L MHGQDGED NRQWLQXLWHWD RG XOD]D X YHQWXULPHWDU SD GR JUOD
YHQWXULPHWUD3ULPLQLPDOQRMEU]LQLDPFDFUSOMHQMHYRGHL]DPFDMH]DQHPDULYRRGQRVQREU]LQDIOXLGDXVLIRQXMH
SULEOLQRMHGQDNDQXOLSD]DVLIRQPRHPRSRVWDYLWLMHGQDGEXPDQRPHWUD
S 0 U J K K
5MHDYDQMHP VXVWDYD MHGQDGEL L]UDXQDYD VH PLQLPDOQD EU]LQH DPFD %HUQRXOOLMHYX MHGQDGED MHGQDGED
NRQWLQXLWHWDRGXOD]DXYHQWXULPHWDUSDGRJUODYHQWXULPHWUDLMHGQDGEXPDQRPHWUD
U J K Y
U J K K Y
'
J K P
Y Y
U J J U J J G '
V
G
,VSLW]DGDWDN
G 2GUHGLWH YLVLQH K K L K XQXWDU VSUHPQLND SUHPD VOLFL NRMH VH
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
%HUQRXOOLMHYDMHGQDGED
G S G S G S
4 Y Y Y
2GDWOHMHPRJXHL]UDXQDWLLSULSDGDMXHEU]LQH
4 4 4
Y Y Y
G S G S G S
P P P
Y Y Y
V V V
3RWUHEQRMHSRVWDYLWLWUL%HUQRXOOLMHYHMHGQDGEHLWRRGOLMHYHGRVUHGQMHQLYRSRYULQHXVSUHPQLNXRGVUHGQMH
GR SUHOMHYD IOXLGD NUR] RWYRU SURPMHUD G WH RG VORERGQH QLYR SRYULQH GR L]OD]QRJ POD]D L] SRVXGH 8 RE]LU MH
SRWUHEQRX]HWLLORNDOQLJXELWDNXODVNDXYHOLNLVSUHPQLNSUROD]DNIOXLGDNUR]RWYRUSURPMHUDG
30 Y 30 Y Y
K K K K K
U J J U J J J
,]]DGQMH%HUQRXOOLMHYHMHGQDGEHVOLMHGL
Y
K K P
J
.RPELQLUDQMHPSUYHLGUXJH%HUQRXOOLMHYHMHGQDGEHVOLMHGL
Y Y
K K K P
J J
3RPRX MHGQDGEH L]RWHUPQH NRPSUHVLMH S9 FRQVW 0RJXH MH L]UDXQDWL SUHWODN L YLVLQX QLYRD IOXLGD X
VUHGQMHP VSUHPQLNX 1D SRHWNX SXQMHQMD VUHGQMHJ VSUHPQLND X QMHPX VH QDOD]L ]UDN QD DWPRVIHUVNRP WODNX 7HN
NDGDVHSRGL]DQMHPQLYRDYRGHXVUHGQMHPVSUHPQLNX]DHSLRWYRUSURPMHUDGGROD]LGRL]RWHUPQHNRPSUHVLMH
G Y S0
SD + K S0 SD + K K K
J U J
=DL]UDXQDYDQMHSUHWODNDS0SRWUHEQRMHULMHLWLNYDGUDWQXMHGQDGEX
G Y
D S D + K U J D U J + K
J
D S 0 SD D S0 S 0 D S D S 0 D S D D
D
SD
D D SD S D D
u
S0 S0 EDU
D
SD D D S D S D D
2LWRMHGDMHGQRUMHHQMHQLMHIL]LNDOQRSDVHXVYDMDS0 EDU$WUDHQDYLVLQDKMHGQDNDMH
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
%HUQRXOOLMHYDMHGQDGED
Y S0
K K K P
J U J
,VSLW]DGDWDN
D D D 2GUHGLWH VPMHU VWUXMDQMD L SURWRN NRML H VH XVSRVWDYLWL
L]PH XWULUH]HUYRDUDMHGLQLQHLULQH]DVLWXDFLMHSUHPDVOLFLDL
SD E3UHWSRVWDYLWHGDVHYLVLQHQLYRDXUH]HUYRDULPDQHPLMHQMDNDGD
J VHXVSRVWDYLVWDFLRQDUQRVWUXMDQMH=DGDQRMHK PK
S PK PG PPS0 EDUDPVWDS NJD P
P 0
K
U NJP
U K
G K G
G 6WUXMDQMH H VH XVSRVWDYLWL RG PMHVWD V QDMYHRP
6OLNDD
D D D SLH]RPHWULMVNRP YLVLQRP SUHPD VYLP RVWDOLP PMHVWLPD LMD MH
S D
YLVLQDPDQMD
J K S K K S P
S
P 0
K
PVWDS J
U K K S K K S P
G K G
D % U J
S 0
K S
K S P K
G 6OLNDE U J
=D VOXDM SULND]DQ QD VOLFL D SUHPD SL]RPHWDUVNLP YLVLQDPD PRH VH ]DNOMXLWL GD H VWUXMDQMH QDVWXSLWL RG
GHVQRJUH]HUYRDUDSUHPDVUHGQMHPLSUHPDOLMHYRP8SUHVWUXMQRMFLMHYLL]PH XOLMHYRJLVUHGQMHJUH]HUYRDUDIOXLGH
VWUXMDWLRGOLMHYRJSUHPDVUHGQMHPUH]HUYRDUX3URWRNHLEU]LQHPRHVHL]UDXQDWLSUHPDVOLMHGHLPL]UD]LPD
Y
J K S K S Y
J K S K S Y
J K S K S
P P P
Y Y Y
V V V
G S G S G S
4 Y 4 Y 4 Y
P P P
4 u 4 u 4 u
V V V
=D]DGDWDNSULND]DQQDVOLFLESLH]RPHWDUVNHYLVLQHVXLVWHNDRLXVOXDMXDSDHVHVWUXMDQMHXVSRVWDYLWLRG
GHVQRJUH]HUYRDUDSUHPDOLMHYRPLVUHGQMHP
Y
J K S K S Y
J K S K S
P P
Y Y
V V
G S G S
4 Y 4 Y
P P
4 u 4 u
V V
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
%HUQRXOOLMHYDMHGQDGED
,VSLW]DGDWDN
2GUHGLWH UD]OLNX [ QLYRD YRGH JXVWRH U NJP X
UH]HUYRDULPD QDNRQ WR VH XVSRVWDYL VWDFLRQDUQR VWUXMDQMH 8
SRHWQRP WUHQXWNX RED UH]HUYRDUD VX ELOD SUD]QD 3UHWSRVWDYLWH
SD 4 S
J
0
VWUXMDQMHLGHDOQRJIOXLGDWHL]RWHUPQXNRPSUHVLMX]UDNDXGHVQRP
[ + UH]HUYRDUX=DGDQRMH' FPG FP4 OV+ PK
PS EDUD
D
U
G
K
' '
-HGQDGEDNRQWLQXLWHWD
' S ' S G S ' S
4 Y Y 4 Y Y
%HUQRXOOLMHYD MHGQDGED RG SRYULQH OLMHYRJ VSUHPQLND GR L]OD]QRJ POD]D GHVQRJ VSUHPQLND X]HW MH X RE]LU
JXELWDNSULVWUXMDQMXL]OLMHYRJXGHVQLVSUHPQLN
Y Y Y '
J K
K Y
J J J
G
'
G
%HUQRXOOLMHYDMHGQDGEDRGSRYULQHOLMHYRJVSUHPQLNDGRL]OD]QRJPOD]DOLMHYRJVSUHPQLND
Y
K Y J K
J
5MHDYDQMHP RYRJ VXVWDYD MHGQDGEL %HUQRXOOLMHYDMHGQDGEHLMHGQDGEDNRQWLQXLWHWDPRJXHMHL]UDXQDWL
YLVLQXIOXLGDXOLMHYRPVSUHPQLNX
' S
' S
' S J K ' S
4 Y Y J K
'
G
' S J K ' S ' S
4 J K J K
'
'
G G
4
K K P
' S J
'
G
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
%HUQRXOOLMHYDMHGQDGED
%U]LQHQDVYLPSUHVMHFLPDL]UDXQDYDMXVHSUHPDL]UD]LPD
J K '
Y J K Y Y Y
' G
G
P P P
Y Y Y
V V V
$NR VD [ R]QDLPR UD]OLNX YLVLQD OLMHYRJ L GHVQRJ VSUHPQLND %HUQRXOOLMHYD MHGQDGED RG OLMHYRJ GR GHVQRJ
VSUHPQLNDL]JOHGD
S0 Y U Y
[ 30 U J [
U J J
8YMHWL]RWHUPQHNRPSUHVLMHXQXWDUGHVQRJVSUHPQLNDGDQMHL]UD]RP
SD+ K SD
S0 + K [
U Y
SD+ K SD U J [ + K [
U J [ U J K S D U J + U Y [ S D K U Y + U Y K S D K
D U J E U J K S D U J + U Y F SD K U Y + U Y K S D K
D [ E [ F
E E D F
D
P
[ [ [ P
E E D F
D
U Y
S0 U J [ S0 u 3D
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
%HUQRXOOLMHYDMHGQDGED
,VSLW]DGDWDN
2GUHGLWH YLVLQX K QLYRD X VSUHPQLNX NRML H VH
4
SD XVSRVWDYLWLXVWDFLRQDUQRPUHLPXVWUXMDQMD3UHWSRVWDYLWH
K VWUXMDQMH QHYLVNR]QRJ IOXLGD =DGDQR MH 4
J P V+ P' PG P
' ,]YLHJXQLLUH]HUYRDUVWUXMLIOXLGEU]LQRP
+
G Y J K
G
1DL]OD]XL]FLMHYLSURPMHUDGSUHPD7RUULFHOOLMHYRM
IRUPXOLEU]LQDL]QRVL
Y J K +
-HGQDGEDNRQWLQXLWHWD]DVLVWHPSUHPDVOLFLJODVL
G S ' S
Y Y 4
2GQRVQRDNRVHXYUVWHL]UD]L]DEU]LQX
J K G S J K + ' S 4
.YDGULUDQMHPOLMHYHLGHVQHVWUDQH
4
J K G S J K J + ' S
4 J K G S J K G S J K J + ' ' S J K ' S J +
$NRVHL]UD]VUHGLWHNYDGULUDOLMHYDLGHVQDVUDQD
4 K G ' K ' +
K G K + '
S J
K P
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
%HUQRXOOLMHYDMHGQDGED
2GNRMLKMHUMHHQMHK PUHDOQR'UXJRUMHHQMHQH]DGRYROMDYDMHGQDGEXNRQWLQXLWHWD
,VSLW]DGDWDN
'
9RGHQLVDWNOHSVLGUDSUHPDVOLFLVOXL]DPMHUHQMHYUHPHQD2GUHGLWH
SURPMHU G JUOD NOHSVLGUH GD EL VH JRUQMD SRYULQD NDSOMHYLQH VSXWDOD
NRQVWDQWQRP EU]LQRP Y PPV 3UHWSRVWDYLWH VWUXMDQMH LGHDOQRJ IOXLGD
WH GD MH JRUQML VSUHPQLN QD SRHWNX LVWMHFDQMD ELR LVSXQMHQ GR YLVLQH +
=DGDQRMH' FP+ FP J +
G
8 SRHWQRP WUHQXWNX NDGD MH JRUQML VSUHPQLN SRWSXQR SXQ EU]LQX
UDXQDPRSUHPD7RUULFHOOLHYRMIRUPXOL
YJ J +
.ROLLQD IOXLGD QDVWDOD VPDQMHQMHP JRUQMH UD]LQD IOXLGD MHGQDND MH
SURWRNXNUR]JUORNOHSVLGUH
' S G S G S ' S
4 Y 4 YJ YJ Y
3URPMHUJUODNOHSVLGUHMHGQDNMH
Y
G ' G u P
J +
,VSLW]DGDWDN
SD 2GUHGLWH SURPMHU G FMHYRYRGD SUHPD VOLFL GD EL
QLYR X VSUHPQLNX RVWDR QD LVWRM YLVLQL 3UHWSRVWDYLWH
G J QHYLVNR]QR VWUXMDQMH IOXLGD 3UHWSRVWDYLWH NRQVWDQWQX
+ YLVLQXXVSUHPQLNX=DGDQRMH+ P+
+
P+ P' PP' PP
SD
+
6SUHPQLN 6SUHPQLN
3RPRX 7RUULFHOOLMHYH MHGQDGEH PRJXH MH
' ' L]UDXQDWLEU]LQHNUR]VYHWULFLMHYL
Y J + Y PV
Y J + Y PV
J + +
Y Y PV
$NRMHYLVLQDIOXLGDXVSUHPQLNXNRQVWDQWQDNROLLQDIOXLGDNRMLXOD]LXVSUHPQLNMHGQDNDMHNROLLQLIOXLGD
NRMLL]OD]LL]VSUHPQLND3RPRXMHGQDGEHNRQWLQXLWHWDODNRMHL]UDXQDWLSURPMHUFMHYRYRGDG
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
%HUQRXOOLMHYDMHGQDGED
G S ' S ' S
Y Y Y
G
Y
Y Y ' Y '
G P
,VSLW]DGDWDN
SD 2GUHGLWHNROLLQXIOXLGDXVSUHPQLFLPDLQDNRQ
SUDQMHQMDNRFNDVWRJVSUHPQLNDVWUDQLFHD PNUR]RWYRU
J
SURPMHUDG FPQDGQXVSUHPQLNDSUHPDVOLFLWHGDMHQD
D SRHWNX VSUHPQLN ELR SRWSXQR LVSXQMHQ IOXLGRP
G 3UHWSRVWDYLWHQHYLVNR]QRVWUXMDQMHIOXLGD=DGDQRMHE
PF P
S E
D
F F F ,] MHGQDGEL ]D NRVL KLWDF PRJXH MH SURUDXQDWL
PLQLPDOQX EU]LQX NRMD MH SRWUHEQD GD EL IOXLG XOD]LR X
VSUHPQLN%U]LQHNRMHVXYHHRGWHSUHEDFXMXIOXLGSUHNR
VYDWULVSUHPQLND
J J F
E W F Y W E
Y
Y F E J Y PV
E
%U]LQDYQDRWYRUXXYMHWRYDQDMHSR%HUQRXOOLMHYRMMHGQDGELYLVLQRPKIOXLGDXVSUHPQLNX
Y
K K P
J
0DNVLPDOQDEU]LQDVNRMRPSUHPDNRVRPKLWFXIOXLGSRJD DVSUHPQLN
J J F
E W F Y W E
Y
Y
Y F E J Y PV K K P
E J
0DNVLPDOQDEU]LQDVNRMRPSUHPDNRVRPKLWFXIOXLGSRJD DVSUHPQLN
J J F
E W F Y W E
Y
Y
Y F E J Y PV K K P
E J
.ROLLQDIOXLGDNRMDMHSUHOHWLODSUHNRREDVSUHPQLN]ERJSUHYHOLNHEU]LQHLVWMHFDQMDUDXQDVHSUHPD
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
%HUQRXOOLMHYDMHGQDGED
D D K
9 9 P
.ROLLQHIOXLGDNRMHVXSUHWRHQDXVSUHPQLNDLUDXQDMXVHL]L]UD]D
D K K
9 9 P
D K K
9 9 P
9 D K 9 P
4
,VSLW]DGDWDN G
SD J
2GUHGLWH SURWRN 4 ]D VLVWHP SUHPD VOLFL
4 '
G 4
S J
D
'
G
K U +
Y &
K +
'
'
+ / G
G Y K
/ G Y ' G
Y
Y Y
'
4
.RULVWHL7RUULFHOOLMHYXIRUPXOX
Y J +/ Y J + Y J +'
.RULVWHLMHGQDGEXNRQWLQXLWHWD]DVYDNLVSUHPQLNL]YRGHVHL]UD]L
4 Y Y& Y/ G S Y' ' S
4 Y Y Y Y & G S
G S G S ' S G S
Y/ Y Y' Y
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
%HUQRXOOLMHYDMHGQDGED
,]MHGQDGEHNRQWLQXLWHWD]DOLMHYLLGHVQLVSUHPQLNXPRJXHMHL]UDXQDWLYLVLQHIOXLGDXWLPVSUHPQLFLPD
' S G S
J + +/ J +/ J + +' J +'
+ +' ' +
+/
' G
SURWRN4L]QRVL
G S ' S
4 Y Y & Y/
Y'
4 P V
,VSLW]DGDWDN
4 J
2GUHGLWH SURPMHUH ' L ' RWYRUD L]PH X
VSUHPQLNDSUHPDVOLFLGDELSURWRNL]VYDWULVSUHPQLND
ELR LVWL 3UHWSRVWDYLWH QHYLVNR]QR VWDFLRQDUQR VWUXMDQMH
IOXLGD=DGDQRMH4 OVG PPG PP
K G PP
K
K
G ' ' G
G
4 4 4
Y Y Y
G S
G S G S
3RVWDYOMDQMHP%HUQRXOOLMHYHMHGQDGEHRGSRYULQHVSUHPQLNDGRL]OD]QRJRWYRUDL]UDXQDYDMXVHYLVLQHIOXLGD
XVSUHPQLNX
Y Y Y
K K K
J J J
3RVWDYOMHQMHP%HUQRXOOLMHYHMHGQDGEHL]PH XOLMHYRJLVUHGQMHJVSUHPQLNDX]LPDMXLXRE]LUJXELWDNXODVNDX
YHOLNLVSUHPQLNL]UDXQDYDVHEU]LQDVWUXMDQMDL]PH XVSUHPQLND
Y P
K K Y J K K Y
J V
.UR]RWYRUL]PH XOLMHYRJLVUHGQMHJVSUHPQLNDSURWHHGYLMHWUHLQHXOD]QRJSURWRND
' S
Y 4
SDMHYHOLLQDRWYRUD
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
%HUQRXOOLMHYDMHGQDGED
4
' ' P
Y S
3RVWDYOMHQMHP%HUQRXOOLMHYHMHGQDGEHL]PH XVUHGQMHJLGHVQRJVSUHPQLNDX]LPDMXLXRE]LUJXELWDNXODVNDX
YHOLNLVSUHPQLNL]UDXQDYDVHEU]LQDVWUXMDQMDL]PH XVSUHPQLND
Y P
K K Y J K K Y
J V
.UR]RWYRUL]PH XVUHGQMHJLGHVQRJRWYRUDSURWHHWUHLQDXOD]QRJSURWRNDSDMHYHOLLQDRWYRUD
' S 4
Y 4 ' ' P
Y S
,VSLW]DGDWDN
2GUHGLWH YLVLQH KKLKXQXWDUVSUHPQLNDSUHPDVOLFLNRMH
G VH XVSRVWDYH SUL VWDFLRQDUQRP VWUXMDQMX SURWRNRP 4 OV
J
3UHWSRVWDYLWH L]RWHUPQX NRPSUHVLMX ]UDND X VUHGQMHP VSUHPQLNX
S0
=DGDQRMHSD EDU+ PU NJPK PK
Y J K Y J K
3RWUHEQRMHSRVWDYLWLGYLMH%HUQRXOOLMHYHMHGQDGEHLWRRGOLMHYHGRVUHGQMHQLYRSRYULQHXVSUHPQLNXWHRG
VUHGQMH GR GHVQH QLYR SRYULQH X VSUHPQLNX 8 RE]LU MH SRWUHEQR X]HWL L ORNDOQL JXELWDN XODVND X YHOLNL VSUHPQLN
SUROD]DNIOXLGDNUR]RWYRUSURPMHUDG
S0 Y S0 Y
K K K K
U J J U J J
5MHDYDQMHPRYLKGYDMXMHGQDGELVOLMHGL
Y
K K K K K K K
J
3ULPMHQRPMHGQDGEHNRQWLQXLWHWDPRJXHMHL]UDXQDWLWUDHQHYLVLQH
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
%HUQRXOOLMHYDMHGQDGED
4 J K J K GS 4 GS
J K J K 4 J K
G S
4
K K P K K K P
J G S
8YUWDYDQMHPRYLKUMHHQMDX%HUQRXOOLMHYXMHGQDGEXPRJXHMHRGUHGLWLSUHWODNXVUHGQMHPVSUHPQLNX
S0 Y S0
K K K K K S0 U J K K
U J J UJ
3RPRX MHGQDGEH L]RWHUPQH NRPSUHVLMH S9 FRQVW 0RJXH MH L]UDXQDWL YLVLQX QLYRD IOXLGD X VUHGQMHP
VSUHPQLNX
G G
S D + K S0 S D + K S D + K U J K K SD + K
=DL]UDXQDYDQMHYLVLQHKSRWUHEQRMHULMHLWLNYDGUDWQXMHGQDGEX
G
S D + K
U J K K SD U J K U J + + S D + U J K
G
[ S D U J K U J + \ + S D + U J K S D + K
U J K [ K \
[ [ U J \
U J
K K P
U J [ [ U J \
2LWRMHGDMHGQRUMHHQMHQLMHIL]LNDOQRSDVHXVYDMDK P
,VSLW]DGDWDN
2GUHGLWHSURPMHQXYLVLQH[QLYRDIOXLGDXJRUQMHPVSUHPQLNXDNRQDL]OD]QLRWYRU
J JRUQMHJ VSUHPQLND SULYUVWL GLIX]RU SUHPD VOLFL 3UHWSRVWDYLWH VWUXMDQMH LGHDOQRJ
[ SD
IOXLGD=DGDQRMH+ PG FP' FPK PU NJP
G U K
,] 7RUULFHOOLMHYH MHGQDGEH X VOXDMX EH] GLIX]RUD PRJXH MH L]UDXQDWL EU]LQX
VWUXMDQMDQDL]OD]QRPRWYRUXSURPMHUDG
P
' Y J K Y
+ V
,]MHGQDGEHNRQWLQXLWHWDUDXQDVHSURWRNNUR]VLVWHP
G
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
%HUQRXOOLMHYDMHGQDGED
G S P
4 Y 4 u
V
8 VOXDMX VWUXMDQMD V GLIX]RURP SRVWDYOMD VH %HUQRXOOLMHYD MHGQDGED RG SRYULQH JRUQMHJ GR SRYULQH GRQMHJ
VSUHPQLND
V
Y 4
+[
J
' S J
4
[ + [ P
' S J
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
,VWMHFDQMH
,VWMHFDQMH
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
,VWMHFDQMH
,VSLW]DGDWDN
&LOLQGULQD SRVXGD SUHPD VOLFL LPD QD GQX L SODWX GYD MHGQDND
RWYRUD VYDNL SRYULQH $ PP NRHILFLMHQWD SURWRND &G
S
,]UDXQDMWHYULMHPHSRWUHEQRGDVHVORERGQDSRYULQDVSXVWL]DYLVLQXK D
J
L WR D DNR VH SRVXGD SUD]QL VDPR NUR] RWYRU QD SODWX E DNR VH
SRVXGD SUD]QL VDPR NUR] RWYRU QD GQX 3UHWSRVWDYLWH NYD]LVWDFLRQDUQR K
LVWMHFDQMHIOXLGD=DGDQRMH+ FP' FPK FP & G
+
$
$
,]MHGQDGEHNRQWLQXLWHWDNROLLQDIOXLGDNRMDMHLVWHNODNUR]RWYRU & G
MHGQDND MH VPDQMHQMX YROXPHQD XQXWDU SRVXGH %U]LQX QD L]OD]QRP '
SUHVMHNX UDXQDPR L] 7RUULFHOOLMHYH MHGQDGEH =D VOXDM RWYRUD QD
SODWXSRVXGHYULMHPHSUDQMHQMDUDXQDPRSUHPDL]UD]LPD,VKRGLWHNRRUGLQDWQRJVXVWDYDSRWUHEQRMHSRVWDYLWLX
YLVLQLRWYRUDNUR]NRMLLVWMHHIOXLG
4 GW $ ] G]
&G $ J ] GW $ ] G]
K $ ] K
' S G ]
'W W W G]
&G $ J ] &G $ J ]
K
'W ' S 'W u V
&G $ J
=DVOXDMRWYRUDQDGQXSRVXGHYULMHPHSUDQMHQMDUDXQDPRSUHPDL]UD]LPD
+ $ ] +
' S G ]
'W G]
G
& $ J ]
&G $ J ]
+
'W ' S 'W u V
&G $ J
,VSLW]DGDWDN
J 2GUHGLWH YULMHPH SRWUHEQR GD VH UD]LQD X RED
S D
NXJODVWD VSUHPQLND L]MHGQDL 8 SRHWQRP WUHQXWNX
OLMHYL VSUHPQLN MH ELR SRWSXQR SXQ D GHVQL SRWSXQR
5 SD
5 SUD]DQ 3UHWSRVWDYLWH NYD]LVWDFLRQDUQR VWUXMDQMH
LGHDOQRJ IOXLGD WH SRWSXQR LVSXQMHQX SUHOMHYQX FLMHY X
SRHWQRPWUHQXWNX=DGDQRMH5 PG P
G
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
,VWMHFDQMH
$NR SUHWSRVWDYLWH NYD]LVWDFLRQDUQR VWUXMDQMH U J
LGHDOQRJ IOXLGD RQGD EU]LQX LVWMHFDQMD PRHPR S D
RGUHGLWLL]%HUQRXOOLMHYHMHGQDGEHSRWUHEQRMHX]HWL $]
X RE]LU ORNDOQL JXELWDN XODVND X YHOLNL VSUHPQLN D ] SD
5
EU]LQHXQXWDUVSUHPQLND]DQHPDULWL 5
]
Y
] Y J ]
J
G
3RYULQX$]IOXLGDXQXWDUVSUHPQLNDPRJXHMH
L]UDXQDWLL]SUDYRNXWQRJWURNXWD
$ ] U S U 5 ]
.ROLLQDIOXLGDNRMDLVWMHHL]NXJODVWRJVSUHPQLNDMHGQDNDMHVPDQMHQMXPDVHXQXWDUVSUHPQLND
4 GW $ ] G] Y $ GW
U S G] J ]
G S
GW 5 ]SG]
,QWHJULUDQMHP]DGDQHMHGQDGEHGROD]LVHGRUMHHQMD
5
5 ] J 5 5
W G] W W V
G J ] J G
,VSLW]DGDWDN
'
2GUHGLWH YULMHPH SRWUHEQR ]D SUDQMHQMH OLMHYND
WUDNWXUD SUHPD VOLFL 3UHWSRVWDYLWH NYD]LVWDFLRQDUQR
VWUXMDQMH QHYLVNR]QRJ IOXLGD =DQHPDULWH YULMHPH SRWUHEQR
+ GDVHLVSUD]QLFMHYLFDSURPMHUDG=DGDQRMH' FPG
J FP+ FPK FP
'
G K U
+
*XELWDNIOXLGDXQXWDUOLMHYNDMHGQDNMHSURWRNXXMHGLQLFLYUHPHQD
]
G S K
J ] GW U S G] G
,]VOLQRVWLWURNXWDODNRMHRGUHGLWLRYLVQRVWUDGLMXVDURUD]LQLIOXLGD]
' G ] K G
U
+
RGQRVQR
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
,VWMHFDQMH
+ K
+ K ' G ] K G
U S +
W G] S
]
J S G
W
G]
K
]
J S G
K
5DGLODNHJUMHDYDQMHXYRGHVHSRPRQHYDULMDEOH
(
' G G + ' K G K % ] & S
% & ( +K W G]
+ + ]
J S G
K
5MHDYDQMHPLQWHJUDODGRELYDVHL]UD]
W
( % ( & & % ( S
K % K & & % K S
J S G
W V
,VSLW]DGDWDN
SD 2GUHGLWH YULMHPH PMHUHQR RG RWYDUDQMD YHQWLOD SRWUHEQR GD VH
QDSXQL SRVXGD SUHPD VOLFL 3UHWSRVWDYLWH NYD]LVWDFLRQDUQR VWUXMDQMH
QHYLVNR]QRJIOXLGD8SURUDXQXMHSRWUHEQRX]HWLXRE]LUGHEOMLQXFLMHYL
J G=DGDQRMHK P FRQVWG PPK FPK FP'
K
FP
G
SRVXGD
YHQWLO K
SD %U]LQD VWUXMDQMD X WUHQXWNX RWYDUDQMD YHQWLOD UDXQD VH L]
K 7RUULFHOOLMHYHMHGQDGEH
'
Y J K
9ULMHPHSRWUHEQRGDVHQDSXQLSRVXGDGRYLVLQHKUDXQDVHL]L]UD]D
S
9 ' K 9 P
' S 9
9 Y W W W V
YGS
%U]LQDLVWMHFDQMDQDNRQYUHPHQDWVHPLMHQMDNDNRVHPLMHQMDYLVLQDXSRVXGL
G S ' G G S
$ ] G] Y ] GW S G] J K ] GW
5MHDYDQMHPRYLKL]UD]DPRHVHL]UDXQDWLYULMHPHSRWUHEQRGDVHSRVXGDQDSXQLGRYUKD
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
,VWMHFDQMH
KK
' G
W G]
G
J K ]
' G J K J K J K J K
W
G
J J
8NXSQRYULMHPHSXQMHQMDMHGQDNRMH
W V W W W W V
,VSLW]DGDWDN
2GUHGLWH YULMHPH SRWUHEQR GD VH SRWSXQR LVSUD]QL FLOLQGULQD SRVXGD
G
SURPMHUD ' FP X NRMRM SOLYD YDOMDN SURPMHUD G FP SUHPD VOLFL
J S 3UHWSRVWDYLWHQHYLVNR]QRVWUXMDQMHIOXLGD=DGDQRMHG PP+ P
D
K FP
K
+ '
.ROLLQD IOXLGD NRMD LVFXUL NUR] RWYRU QD GQX SRVXGH MHGQDN MH
VPDQMHQMXYROXPHQDIOXLGDXQXWDUSRVXGH
G
$ ] G]
4 GW $ ] G] GW
G S
J ]
.DNRMHGXELQDSOLYDQMDKNRQVWDQWQD]ERJXYMHWDSOLYDQMDSRWUHEQRMH]DGDWDNSURPDWUDWLXGYDGLMHOD3UYLGRN
YDOMDNVORERGQRSOLYDWHGUXJLNDGDYDOMDNQDVMHGQHQDGQRSRVXGH
K
$ $
W G] G]
G S J ] G S J
]
+ K
' ' G
W + K K
G J G J
W u V
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
,VWMHFDQMH
,VSLW]DGDWDN
SD
2GUHGLWHYULMHPHWSUDQMHQMDFLOLQGULQRJVSUHPQLNDSURPMHUD'
FPDNRMHRLWDQMHQDPDQRPHWUXL]QRVLK ]]MHYLVLQDYRGH
' X VSUHPQLNX L QD PLMHQMD VH WLMHNRP SUDQMHQMD VSUHPQLND
J 3UHWSRVWDYLWHNYD]LVWDFLRQDUQRVWUXMDQMHIOXLGD=DGDQRMH+ PG
PP U NJP U NJP / | F NRHILFLMHQW
U +
F
NRQWUDNFLMHPOD]D
G
/
,] 7RUULFHOOLMHYH MHGQDGEH EU]LQD IOXLGD QD RWYRUX SURPMHUD G
UDXQDVHL]L]UD]D
SD
K Y F Y J ]
U
%HUQRXOOLMHYDMHGQDGEDRGRWYRUDQDVSUHPQLNXGR]DXVWDYQHWRNHQDXOD]XXPDQRPHWDU
S 0 S 0
Y
FY ]
U J J U J
-HGQDGEDPDQRPHWUD
S U J \ U J K U J K U J \ U J ] SD S 0
U J ] U U J K
5MHDYDQMHPRYLKL]UD]DL]UDXQDYDVHNRHILFLMHQWVPDQMHQMDEU]LQHL]L]UD]D
FY ] U J
U J ] U U J K
U ] U U K
FY
U]
FY
9ULMHPHSRWUHEQRGDELIOXLGLVWHNDRL]SRVXGHUDXQDVHSRPRXMHGQDGEH
'
W G] W +' W V
FY G J
+
] F G
Y
J
,VSLW]DGDWDN
2GUHGLWH YULMHPH W SUDQMHQMD SUDYRNXWQRJ VSUHPQLND SRWSXQR SD J
]DWYRUHQRJ SUHPD DWPRVIHUL MHGLQLQH LULQH SUHPD VOLFL 3RWUHEQR MH
L]UDXQDWLLYULMHPHSUDQMHQMDRGXQHFLMHYL=DGDQRMH' PG +
FPD PE P+ P&G K P
D '
G
K
&G E
.YD]LVWDFLRQDUQR LVWMHFDQMH IOXLGD L] VSUHPQLND VD VORERGQRP
SRYULQRPNRQVWDQWQRPVSURPMHQRPYLVLQHUDXQDVHSUHPDL]UD]X
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
,VWMHFDQMH
$
W
] ]
& G G S J
9ULMHPHLVWMHFDQMDIOXLGDL]RGXQHFLMHYLMH
'S
W + K K W V
&G G S J
.DGD VH UD]LQD IOXLGD X RGXQRM FLMHYL VSXVWLOD GR UD]LQH K IOXLG VWUXML NRQVWDQWQRP EU]LQRP NRMD VH PRH
L]UDXQDWLL]%HUQRXOOLMHYHMHGQDGEHRGGQDSULNOMXQHFLMHYLNRMHVHQDOD]LQDYLVLQLKGRRWYRUDQDVSUHPQLNX
Y
K Y J K Y PV
J
9ULMHPHSRWUHEQRVHUD]LQDIOXLGDXVSUHPQLNXVSXVWLQDYLVLQXKUDXQDVHL]L]UD]D
9 > D K E %@
W W W u V
4 GS
&G J K
9ULMHPHSRWUHEQRVHUD]LQDIOXLGDXVSUHPQLNXVSXVWLVDYLVLQHKGRQXOHUDXQDVHL]L]UD]DL]UD]L]DLVWMHFDQMH
IOXLGDL]VSUHPQLNDVORERGQDSRYULQDMHSRQRYRL]ORHQDDWPRVIHUVNRPWODNX
E %
K
W W u V
&G G S J
8NXSQRYULMHPHSUDQMHQMD
W W W W W u V
,VSLW]DGDWDN
' 2GUHGLWH YULMHPH W SUDQMHQMD VSUHPQLND REOLND URWDFLRQRJ SDUDERORLGD SUHPD VOLFL
3UHWSRVWDYLWH NYD]LVWDFLRQDUQR YLVNR]QR VWUXMDQMH IOXLGD WH GD MH NRHILFLMHQW WUHQMD O
NRQVWDQWDQLGDL]QRVLO =DGDQRMH+ P/ P.Y G P'
P
+
'
J U]
G 3RWUHEQRMHSRVWDYLWL%HUQRXOOLMHYXMHGQDGEX]DNYD]LVWDFLRQDUQR
/ ]
YLVNR]QRVWUXMDQMHIOXLGDRGVORERGQHSRYULQHGRYHQWLODQDNUDMX
FMHYRYRGD ]
.Y J
G
J
/ Y G
] O . Y
Y ]
O / . /
G J G Y
.Y
G
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
,VWMHFDQMH
3RVXGD MH REOLND URWDFLRQRJ SDUDERORLGD SD YULMHGL L]UD] ] / DU .RQVWDQWX D RGUH XMHPR SRPRX UXEQLK
XYMHWD
' ' +
]DUXEQLXYMHW ] /+ U VOLMHGL + D D
'
3DMHRYLVQRVWVORERGQHSRYULQH$]RYLVLQL]GDQDL]UD]RP
]/ ]/
$ ] U S S S '
D +
,] MHGQDGEH NRQWLQXLWHWD RLWR MH GD MH NROLLQD IOXLGD NRMD MH LVWHNOD L] FMHYRYRGD MHGQDND VPDQMHQMX YROXPHQD
XQXWDUSRVXGH
G S
Y GW $ ] G]
XYUWDYDQMHPL]UD]D]DEU]LQXLVORERGQXSRYULQXVOLMHGLL]UD]
J G S ]/
] GW S ' G]
/
O . +
Y
G
UMHDYDQMHPGLIHUHQFLMDOQHMHGQDGEHL]UDXQDYDVHYULMHPHSUDQMHQMDVSUHPQLNDW
' O / . '
O / .
G Y ]/ G Y
+ /
GW
G] .
W .
]/
G]
+ G J ]
+ G J ]
/
W . + / . + / / / . W u V
,VSLW]DGDWDN
2GUHGLWH YULMHPH W SRWUHEQR GD SRVXGD PDVH PS NJ J SD
SURPMHUD ' P SRWSXQR SRWRQH 3UHWSRVWDYLWH GD MH X
SRHWQRPWUHQXWNXXSRVXGLELR]UDNQDDWPRVIHUVNRPWODNX
WHGDVH]UDNL]RWHUPQRNRPSULPLUDRSULWHPSHUDWXUL7 G
. 9ULMHPH SRWUHEQR ]D NRPSUHVLMX ]UDND XQXWDU SRVXGH
]DQHPDULWH =DQHPDULWH XWMHFDM GHEOMLQH VWMHQNH SRVXGH WH +
'
SUHWSRVWDYLWH VWDFLRQDUQR L]HQWURSVNR VWUXMDQMH NUR] RWYRU
SURPMHUDG PP=DGDQRMHU NJP+ P
]UDNN 5 -NJ.SD EDU
U
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
,VWMHFDQMH
J SD
[ G
K ,]XYMHWDSORYQRVWLWHLQDSRVXGHMHGQDNDMHVLOLWODNDLVSRG
7 S +
K 0
' SRVXGHPRJXHMHL]UDXQDWLSUHWODNLVSRGSRVXGHNDRLGXELQXK
PS J
' S
PS J S 0 S 0 S 0 EDU
U
' S
S 0
K K P
U J
,] SUHWSRVWDYNH GD MH X SRHWQRP WUHQXWNX X SRVXGL ELOR ]UDN QD DWPRVIHUVNRP WODNX WH GD VH ]UDN L]RWHUPQR
NRPSULPLUDRSULWHPSHUDWXUL7 PRJXHMHL]UDXQDWLYLVLQXKNRPSULPLUDQRJ]UDNDXSRVXGL
' S
' S
SD +
SD + SD S0 K K K P
SD S0
,]RGQRVDWODNDXSRVXGLLDWPRVIHUVNRJWODNDX]SRPRWDEOLFD]DL]HQWURSVNRVWUXMDQMHPRJXHMHRGUHGLWL0DFKRY
EURMXL]OD]QRPPOD]X
SD 7
0 7
7 7 .
SD S0 7
3RPRXMHGQDGEHVWDQMDSOLQDRGUH XMHVHJXVWRDIOXLGDXSRVXGLLL]OD]QRPPOD]X
SD NJ S D S 0 NJ
U U U U
5 7 P
5 7 P
0DVHQLSURWRNNUR]RWYRUSURPMHUDGL]UDXQDYDVHSUHPDL]UD]X
G S NJ
T PDVHQL U 0 N 5 7 TPDVHQL
V
9LVLQX[]DNROLNRSRVXGDPRUDSRWRQXWLUDXQDPRL]L]UD]D
[ K K [ P
0DVX ]UDND NRML VH QDOD]L XQXWDU WRJD YROXPHQD PRUD LVWUXMLWL NUR] RWYRU SURPMHUD G GD EL SRVXGD SRWRQXOD
UDXQDPRSUHPDL]UD]X
' S
P ]UDND U [
9ULMHPHSRWRQXDUDXQDPRL]L]UD]D
P]UDND
W W V
T PDVHQL
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
&MHYRYRG
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
,VSLW]DGDWDN
DNXPXODFLMVNL =D GREDYX YRGH JXVWRH NJP L] MH]HUD GR
J DNXPXODFLMVNRJUH]HUYRDUDVPMHWHQRJQDYLVLQLK PNRULVWL
VSUHPQLN S D
2GUHGLWH ]D NROLNR H VH SRYHDWL SURWRN DNR VH X] SRVWRMHL
K SXPSD ' SXPSX SULNOMXL SXPSD LVWLK NDUDNWHULVWLND D VHULMVNL E
SDUDOHOQR&MHYRYRGMHXQXWUDQMHJSURPMHUD' P
SD
MH]HUR 'DELVHL]UDXQDRSURWRN4SRWUHEQRMHSRVWDYLWL%HUQRXOOLMHYX
MHGQDGEXRGMH]HUDGRDNXPXODFLMVNRJVSUHPQLND
4
K3 K . 8.
' S J
.DGDXYUVWLPRNDUDNWHULVWLNXSXPSHSUREOHPVHVYRGLQDUMHDYDQMHNYDGUDWQHMHGQDGEH
4 V V
D E 4 F 4 K .8. D P E F
' S J P P
D K E 4 F . 8. 4
' S J
.DNRNYDGUDWQDMHGQDGEDLPDGYDUMHHQMDXVYDMDVHIL]LNDOQRUHDOQRSR]LWLYQR5MHHQMH
P
4
u V
8 VOXDMX VHULMVNRJ VSDMDQMD SXPSL GYLMH SXPSH X QL]X X]LPD VH X %HUQRXOOLMHYRM MHGQDGEL YLVLQD GREDYH
VYDNHRGSXPSL
4 4
K3 K .8. D E 4 F 4 K . 8.
' S J ' S J
5MHHQMHPNYDGUDWQHMHGQDGEHGRELYDVHSURWRNXVOXDMXVHULMVNRJVSRMDSXPSL
D K E 4V F .8.
4 P
V 4V
' S J V
$QDORJQR NRG SDUDOHOQRJ VSRMD SXPSL SROD SURWRND LGH NUR] MHGQX JUDQX D SROD NUR] GUXJX ]D SURWRN NUR]
SXPSXX]LPDVHVDPRSRORYLFDL]YRUQRJSURWRND
4S 4S 4 S
D E F K . 8.
' S J
5MHHQMHPNYDGUDWQHMHGQDGEHL]UDXQDYDVHSURWRNNRGSDUDOHOQRVSRMHQLKSXPSL
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
P
4S
u V
RGQRVQRUD]OLNDSURWRNDMHGQDNDMH
'4V u '4V u
'4S u u '4S u
,VSLW]DGDWDN
2GUHGLWH NROLNL MH PLQLPDOQL SUHWODN X VLVWHPX
$ SUHPDVOLFLXNROLNRMHL]PMHUHQPDNVLPDOQLSUHWODNX
S
K
D
VLVWHPXS0 EDUD=DGDQRMHU NJPQ
SD + P V + P K P K P /$
8/ 9
N
/ #
'
8 VLVWHPX SUHPD VOLFL PDNVLPDOQL SUHWODN QDOD]L VH X WRFL QHSRVUHGQR L]D SXPSH SD VH %HUQRXOOLMHYD
MHGQDGEDSRVWDYOMDRGWRNHGRSRYULQHYHOLNRJVSUHPQLNDXNRMHJVHSUHSXPSDYDYRGD
S0 Y / XN Y
K + O . Y
U J J ' J
,]RYHMHGQDGEHPRJXHMHL]UDXQDWLEU]LQXVWUXMDQMDXFLMHYLY
S0
K +
U J
Y J
/ XN
O .Y
'
3RHWQHSUHWSRVWDYNH]DNRHILFLMHQWWUHQMDOGDQHVXL]UD]LPD
O N ' 5H
O
O N '
O
OQ N
'
5H
,WHUDWLYQLPUDXQDQMHPGROD]LVHGRYULMHGQRVWLEU]LQHY
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
S0
K +
U J P Y '
Y J Y 5Q O O N ' 5Q
/XN V Q
O .Y
' 5Q u
O
S0
K +
U J P Y '
Y J Y 5Q O O N ' 5Q
/XN V Q
O .Y
' 5Q u
O
S0
K +
U J P Y '
Y J Y 5Q O O N ' 5Q
/XN V Q
O .Y
' 5Q u
O
0LQLPDOQLSUHWODNXVLVWHPXUDXQDVHSRVWDYOMDQMHP%HUQRXOOLMHYHMHGQDGEHL]PH XWRNHLWRNH$
S0 Y S 0 /$ Y
K + K O .Y
U J J U J ' J
S 0 S0 Y U O /$ Y U .Y K U J + U J K U J S 0 u 3D
'
,VSLW]DGDWDN
5HYHU]LELOQL DJUHJDW X SXPSQRP SRJRQX SUHSXPSDYD YRGX L]
MH]HUD X DNXPXODFLMVNL VSUHPQLN WH MH X WXUELQVNRP UDGX SUL J DNXPXODFLMVNL
VSUHPQLN SD
VSXWDQMX YRGH L] DNXPXODFLMVNRJ VSUHPQLND X MH]HUR $JUHJDW LPD
NDUDNWHULVWLNX ]DGDQX MHGQDGERP ^K$`P >^4`PV@
2GUHGLWH VQDJH UHYHU]LELOQRJ DJUHJDWD NDGD UDGL X WXUELQVNRP L
SXPSQRP SRJRQX .ROLNL MH VWXSDQM GMHORYDQMD SRVWURMHQMD" UHYHU]LELOQL
=DQHPDULWH VYH ORNDOQH JXELWNH L]X]HY JXELWND XODVND X YHOLNL + DJUHJDW '
VSUHPQLN=DGDQRMH+ P' P/ NPXNXSQDGXOMLQD
FMHYRYRGD N PP YLVLQD KUDSDYRVWL FMHYRYRGD U
NJPQ PV
SD
.DUDNWHULVWLNDDJUHJDWDGDQDMHL]UD]RP MH]HUR
V
K$ D E 4 D P E
P
.DGDDJUHJDWUDGLXSXPSQRPSRJRQX%HUQRXOOLMHYDMHGQDGEDRGMH]HUDGRDNXPXODFLMVNRJVSUHPQLNDGDQDMH
L]UD]RP
/ 4 / 4
+ O + O
KS D E 4
' ' S J ' ' S J
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
,WHUDWLYQLPSRVWXSNRPUDXQDPRSURWRN4]DSXPSQLSRJRQ
O
O N '
O
D+
4 P 4
O / 4 5Q 5Q u
' E V ' S Q
' S J
P
O O N ' 5Q O 4
V
9LVLQDGREDYHDJUHJDWDXSXPSQRPSRJRQXL]QRVL
KS D E 4 KS P
.DGDDJUHJDWUDGLXWXUELQVNRPSRJRQX%HUQRXOOLMHYDMHGQDGEDRGDNXPXODFLMVNRJVSUHPQLNDGRMH]HUD
+ K7 O / 4 + D E 4
O / 4
' '
' S J ' S J
,WHUDWLYQLPSRVWXSNRPUDXQDPRSURWRN4]DWXUELQVNLSRJRQNRHILFLMHQWWUHQMDOX]LPDPR]DSUYLLWHUDFLMVNL
NRUDNLGHQWLDQNRHILFLMHQWXWUHQMD]DSXPSQLSRJRQ
+D P 4
4 4 5Q 5Q u
O / V ' S Q
' E
' S J O O N ' 5Q O 4
P
V
1HWRSDGWXUELQVNRJDJUHJDWDMHGQDNMH
K7 D E 4 K7 P
6WXSDQMGMHORYDQMDDJUHJDWDMHGQDNMH
U J + 4S U J K 7 47 K7
K3 K7 K K 7K S K K
U J K S 4S U J + 47 KS
,VSLW]DGDWDN
.OLPDWL]DFLMRQLYRGSUDYRNXWQRJSRSUHQRJSUHVMHNDD[E [FP
]ERJ UHNRQVWUXNFLMH SURVWRULMH SRWUHEQR MH ]DPLMHQLWL NOLPDWL]DFLRQLP YRGRP
SUDYRNXWQRJ SRSUHQRJ SUHVMHND LMD YLVLQD QLMH YHD RG E FP 2GUHGL
E LULQXNOLPDWL]DFLRQRJYRGDNRMDRVLJXUDYDMHGQDNLSDGWODNDSRMHGLQLFLGXOMLQL
SUL LVWRP SURWRNX 3UHWSRVWDYLWH VWUXMDQMH X UHLPX SRWSXQH WXUEXOHQFLMH
=DGDQRMHN PPYLVLQDKUDSDYRVWL
D
3RSUHQLSUHVMHFLNOLPDWL]DFLMVNRJYRGDQLVXNUXQLSDMHSRWUHEQRXYHVWLHNYLYDOHQWQLSURPMHU
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
$ D E D E
'HN 'HN
2 DE D E
3UHPDXYMHWX]DGDWNDSDGWODNDXNOLPDWL]DFLMVNRPYRGXPRUDELWLMHGQDNXREDVOXDMD
'S / 4 / 4
O O
UJ 'HN D E J
'HN D E J
DE D E
O O
D E D E
D E D E
,]RYRJL]UD]DPRJXHMHL]UDXQDWLLULQXNOLPDWL]DFLMVNRJYRGD
D E O D E
D
E O D E
,WHUDFLMVNLSRVWXSDN]DSRLQMHPRSUHWSRVWDYNRPD D
D E
D D 'HN
D E
O
O N 'HN
O
O N 'HN
,WHUDFLMVNLPSRVWXSNRPGROD]LPRGRLULQHNOLPDWL]DFLMVNRJYRGDD
O D E D E
D
D E
E
O D E
D P 'HN
D E
O
O N 'HN
O D E D E
D
D E
E
O D E
D P 'HN
D E
O
O N 'HN
O D E D E
D
D E
E
O D E
D P 'HN
D E
O
O N 'HN
O D E D E
D
D E
E
O D E
D P 'HN
D E
O
O N 'HN
D E O D E
D D P
E O D E
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
,VSLW]DGDWDN
J QDVHOMH =D SRWUHEH RSVNUEH YRGRP QDVHOMD L]JUD HQ MH
FMHYRYRGRGYXHQLKFLMHYLXNXSQHGXOMLQH/8. NP
3XPSD GREDYOMD OV YRGH JXVWRH U NJP
NLQHPDWLNRJNRHILFLMHQWDYLVNR]QRVWLQ PV
QDVHOMX NRMH VH QDOD]L QD YLVLQL K P L]QDG UD]LQH
+ ' MH]HUD WH RVWYDUXMH WRWDOQL SUHWODN YRGH X QDVHOMX S0
/ 8.
EDUD 1DNRQ GHVHWRJRGLQMH HNVSORDWDFLMH SRWUHEH ]D
YRGRP VX VH SRYHDOH SD MH SRWUHEQR GREDYLWL YLH
MH]HUR YRGH X] LVWL WRWDOQL SUHWODN 8VOLMHG NRUR]LMH YLVLQD
SD SXPSD KUDSDYRVWLVHSRYHDODQDN PP2GUHGLWHNROLNR
4
5Q
' S Q
O
O N ' 5Q O
0RGLILFLUDQD%HUQRXOOLMHYDMHGQDGED]DVOXDMVWUXMDQMDQDSRHWNXHNVSORDWDFLMH
S0 /8. Y S0 /8. 4
K S + O + O K S P
U J ' J U J ' ' S J
0RGLILFLUDQD%HUQRXOOLMHYDMHGQDGED]DVOXDMVWUXMDQMDQDNRQGHVHWJRGLQMHHNVSORDWDFLMH
4
4 4 N PP 5Q
' S Q
O
O N ' 5Q O
S0 /8. 4
K S + O KS P
U J ' ' S J
3RYHDQMHSRWUHEQHVQDJHUDXQDPRSUHPD
3 U J KS 4 3 u : 3 U J KS 4 3 u :
3
K K
3
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
,VSLW]DGDWDN
=D SRWUHEH RSVNUEH YRGRP QDVHOMD L]JUD HQ MH
J QDVHOMH FMHYRYRGRGYXHQLKFLMHYLXNXSQHGXOMLQH/ 8.
HNVSORDWDFLMHSRWUHEH]DYRGRPVXVHSRYHDOHSDMH
MH]HUR SRWUHEQR GREDYLWL YLH YRGH X] LVWL WRWDOQL
SD SXPSD
SUHWODN =ERJ JXELWDND YRGH FLMHYL VX V XQXWUDQMH
VWUDQH SODVWLILFLUDQH VORMHP GHEOMLQH PP
SRYULQVNHKUDSDYRVWLPP2GUHGLWHNROLNRSXWD
VH SRYHDOD SRWUHEQD VQDJD ]D WUDQVSRUW YRGH 3UL
SURUDXQXORNDOQHJXELWNH]DQHPDULWH
.RHILFLMHQWWUHQMDOQDSRHWNXHNVSORDWDFLMHUDXQDPRSUHPDL]UD]LPD
4
5Q
' S Q
O
O N ' 5Q O
0RGLILFLUDQD%HUQRXOOLMHYDMHGQDGED]DVOXDMVWUXMDQMDQDSRHWNXHNVSORDWDFLMH
S0 /8. Y S0 /8. 4
K S + O + O K S P
U J ' J U J ' ' S J
0RGLILFLUDQD %HUQRXOOLMHYD MHGQDGED ]D VOXDM VWUXMDQMD QDNRQ GYDGHVHWRJRGLQMH HNVSORDWDFLMH L VPDQMHQMD
XQXWUDQMHJSURPMHUDFLMHYL]ERJSODVWLILFLUDQMD
4
4 4 N PP ' PP 5Q
' S Q
O
O N ' 5Q O
S0 /8. 4
K S + O K S P
U J ' ' S J
3RYHDQMHSRWUHEQHVQDJHUDXQDPRSUHPD
3 U J KS 4 3 u : 3 U J KS 4 3 u :
3
K K
3
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
,VSLW]DGDWDN
SD ,]PMHUHQMHSURWRNNUR]FMHYRYRGQLVLVWHPSUHPDVOLFLRG4
PV2GUHGLWHYLVLQXSMHDQHKUDSDYRVWL=DGDQR
J
MH+ P/ P' PU NJP.
UQ . .
'
=DL]UDXQDYDQMHSMHDQHKUDSDYRVWLXFLMHYLSRWUHEQRMHSRVWDYLWL%HUQRXOOLMHYXMHGQDGEX
+ . . O / 4
' ' S J
,]RYHMHGQDGEHPRJXHMHL]UDXQDWLNRHILFLMHQWWUHQMDO
+ ' S J '
O . . O
/
4
5H\QROGVRYEURM]DGDQMHL]UD]RP
4
5H 5H u
' S Q
.RHILFLMHQWWUHQMDO]DGDQMHL]UD]RP6ZDPHHL-DQH
O
OQ N
'
5H
,]WRJL]UD]DPRJXHMHL]UDXQDWLYLVLQXSMHDQHKUDSDYRVWLN
O
N ' H
5H
.RULMHQGDMHGYDUMHHQMDSR]LWLYQRLQHJDWLYQRXYUWDYDQMHPSR]LWLYQRJUMHHQMDQHGDMHIL]LNDOQRUMHHQMH
N u P
GRNVHXYUWHQMHPQHJDWLYQRJUMHHQMDNRULMHQDGRELYDIL]LNDOQRUHDOQRUMHHQMH
N u P
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
SD
,VSLW]DGDWDN
2GUHGLWH YLVLQX K YRGH X VSUHPQLNX DNR X
SD
VSUHPQLN XWMHH XNXSQRJ SURWRND NUR] VLVWHP J
.RHILFLMHQWORNDOQRJJXELWNDVYLKYHQWLODQDVOLFL. 9
VYHOLQLMVNHJXELWNH]DQHPDULWHNDRLJXELWNHXUDYL U
3URPMHUVYLKFMHYRYRGDL]QRVL' P=DGDQRMH ' K K
PK PU NJP
.9
.9 K
SD
,] XYMHWD ]DGDWND X VSUHPQLN XWMHH .9 K
XNXSQRJ SURWRND NUR] VLVWHP L MHGQDGEH
NRQWLQXLWHWD PRJXH MH XVSRVWDYLWL VOLMHGHH RGQRVH
PH XSURWRFLPD
4 4 4 4 4 4 4
Y Y Y Y Y Y Y
=DL]UDXQDYDQMHYLVLQHKSRWUHEQRMHSRVWDYLWL%HUQRXOOLMHYHMHGQDGEHLWRRGQDMYLHJVSUHPQLNDGRVUHGQMHJ
VSUHPQLNDWHRGQDMYLHJVSUHPQLNDGRQDMQLHJVSUHPQLND
Y
Y
Y
Y
K K . Y
J
.Y
J
K K . Y
J
.Y J
Y
Y
Y
Y
K K . Y
J
.Y
J
K K . Y
J
.Y J
5MHHQMHPRYRJVXVWDYDRGGYLMHMHGQDGEHVGYLMHQHSR]QDQLFHL]UDXQDYDVHWUDHQDYLVLQDIOXLGDXVUHGQMHP
VSUHPQLNX
J K K P
Y Y
.Y .Y V
Y Y
K
K . Y .Y K P
J J
,VSLW]DGDWDN
2GUHGLWH RGQRV SURPMHUD 'G GD EL ORNDOQL JXELFL ]D
SD J RWYRUL]PH XGYDVSUHPQLNDSUHPDVOLFLELOLPLQLPDOQL6YH
OLQLMVNHJXELWNH]DQHPDULWHDRGORNDOQLKJXELWDNDX]PLWHX
K
UD]PDWUDQMH JXELWDN XODVND X YHOLNL VSUHPQLN L JXELWDN
QDJORJSURLUHQMD
'
G
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
%HUQRXOOLMHYD MHGQDGED L]PH X GYD VSUHPQLND VDGUDYD JXELWDN QDJORJ SURLUHQMD L JXELWDN XODVND X YHOLNL
VSUHPQLN
Y Y
K . 13
J J
-HGQDGEDNRQWLQXLWHWDLL]UD]]DNRHILFLMHQWRWSRUDQDJORJSURLUHQMD
4 4 $
Y Y .13
' S
G S
$
8YUWHQRX%HUQRXOOLMHYXMHGQDGEX
$ 4 4
G 4
4
K
$ G S J
' G S J
' S J ' S J
4
G
G
K
S J ' ' G '
4
K
G'
S J G '
0LQLPXPYLVLQHGRELYDVHGDVHSUYDGHULYDFLMDYLVLQHL]MHGQDLVQXORP
G 4
G
K
G' G' S J G
G ' '
G 4
K
G'
S J G ' '
' G
' G
,VSLW]DGDWDN
W W 8QXWDU]DWLWQHFLMHYLYDQMVNRJSURPMHUD' PSRWUHEQRMH
SRVWDYLWLWULRGQRVQRHWLULFLMHYLSUHPDVOLFLGLPHQ]LRQLUDQHWDNRGD
' ' VHGRWLX2GUHGLWHRGQRVSURWRND]DLVWLSDGWODNDSRMHGLQLFLGXOMLQHX
REDVOXDMD3UHWSRVWDYLWHGDVXVYHVWMHQNHFLMHYLGHEOMLQHW FP
WHSUHWSRVWDYLWHVWUXMDQMHXODPLQDUQRPUHLPX
W
W
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
W
W
' ' UW
\
W
D [
D
UW
,]JHRPHWULMVNLKRGQRVDSUHPDVOLFLVOLMHGL
D GHJ U W
[
FRV D
U W 5 FRV D W W FRV D
5 [ U W U W U U P
FRV D FRVD
U W
D GHJ \ U W
FRV D 5 \ U W
FRV D
U W
U
5 FRV D W W FRV D
U P
FRVD
3DGWODNDSRMHGLQLFLGXOMLQH]DELORNRMXXQXWUDQMXFLMHYL]UDXQDYDVHL]%HUQRXOOLMHYHMHGQDGEHLL]UD]D]D
NRHILFLMHQWRWSRUDO]DODPLQDUQRVWUXMDQMHSUHPDXYMHWX]DGDWND
/ Y G S Q / 4 / G S Q
'K O Q 4 O
G J 4 G G S J S J G
5H 4
,]MHGQDNRVWLSDGDWODND]DREDVOXDMDUDXQDMXVHRGQRVLSDUFLMDOQLKSURWRNDNUR]FLMHYL
/ / 4 U
Q 4 Q 4
S
J U S
J U 4 U
8NXSQLRGQRVSURWRND2MHGQDNMH
4 U
2 2
4 U
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
,VSLW]DGDWDN
J SD
2GUHGLWHSURPMHU'FLMHYLL]XYMHWDGDVH
UD]LQD + YRGH U NJPQ
PV XQXWDU VSUHPQLND QD PLMHQMD
=DGDQRMH+ P+ P+ P'
+ P' PN PPKUDSDYRVW
VYLKFLMHYL/ P/ P/ P
+
+
/ N
/ N
'
'
' =DSURUDXQNRHILFLMHQWDOLQLMVNRJWUHQMDO
NRULWHQMHL]UD]
/ N
O N ' 5H
OQ N
'
5H
$NRVHSRVWDYHGYLMH%HUQRXOOLMHYHMHGQDGEH]DYLVNR]QRVWUXMDQMHSUYDRGVSUHPQLNDOLMHYLVSUHPQLNGR
VSUHPQLNDGRQMLVSUHPQLNDGUXJDRGVSUHPQLNDGHVQLVSUHPQLNGRVSUHPQLND
/ Y / Y
+ + O ' J + + O ' J
,]%HUQRXOOLMHYLKMHGQDGELPRJXVHRGUHGLWLEU]LQHVWUXMDQMDXIXQNFLMLRVWDOLKYDULMDEOL
J + + J + +
Y Y
/ /
O ' O '
%U]LQHVWUXMDQMDRYLVHRNRHILFLMHQWXOLQLMVNRJWUHQMDNRMLRYLVLRUHODWLYQRMKUDSDYRVWLLR5H\QROGVRYRPEURMX
.DNR5H\QROGVRYEURMRYLVLREU]LQLSRWUHEQRMHSURYHVWLLWHUDFLMVNLSRVWXSDN,WHUDFLMXSRLQMHPRL]UD]RP
J + +
Y Y PV
/
O '
1DNRQWRJDSURUDXQDYDPRYULMHGQRVW5H\QROGVRYDEURMD
Y '
5H 5H u
Q
6SRGDFLPDL]SUYHLWHUDFLMHSURUDXQDYDPRSRQRYRNRHILFLMHQWOLQLMVNRJWUHQMDYU]LQXL5H\QROGVRYEURM
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
O O N ' 5H O
J + + Y '
Y Y PV 5H 5H u
/ Q
O '
8QDUHGQRPLWHUDFLRQRPNRUDNXGRELYDMXVHUMHHQMD
J + +
O N ' 5H
O Y O Y PV
/
O '
2YDUMHHQMDVHPDORUD]OLNXMXRGUMHHQMDSUHWKRGQRJLWHUDFLMVNRJNRUDNDSDLKVHPRHXVYRMLWLNDR
WRQD,GHQWLDQSRVWXSDNSURYRGLPRL]DEU]LQXY
J + + Y '
Y 5H O O N ' 5H
/ Q
O '
O
Y PV 5H u
,WHUDFLRQLPSRVWXSNRPVHL]UDXQDYDWRQLMHUMHHQMDNDNRVOLMHGL
Y PV 5H u O
Y PV 5H u O
O
Y PV 5H u
Y PV 5H u O
3RPRX%HUQRXOOLMHYHMHGQDGEHRGSRYULQHUH]HUYRDUDGRL]OD]DL]FMHYRYRGDLL]MHGQDGEHNRQWLQXLWHWD
NROLLQD YRGH NRMD XOD]L X VSUHPQLN MHGQDND MH NROLLQL YRGH NRMD L]OD]L L] VSUHPQLND PRJXH MH RGUHGLWL
SURPMHUL]OD]QRJFMHYRYRGD
/ Y ' S ' S ' S
+ O ' J Y Y Y
.DNR MH RYDM VLVWHP MHGQDGEL QLMH HNVSOLFLWH UMHLY SRWUHEQR JD MH ULMHLWL LWHUDWLYQLP SRVWXSNRP ,WUHUDWLYQL
SRVWXSDNSRLQMHPRSUHWSRVWDYNRP
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
J +
Y Y
Y
/ ' ' ' Y PV
Y Y
O ' ' P
7HQDVWDYOMDPRLWHUDFLMVNLSRVWXSDN
J +
Y Y
Y
/ ' ' ' Y PV
Y Y
O ' ' P
1DUHGQHLWHUDFLMHSREROMDYDMXUMHHQMH
Y PV
' P
Y PV
' P
.DRWRQRUMHHQMHXVYDMDVH' P
,VSLW]DGDWDN
8 QRUPDOQRP UHLPX UDGD FMHYRYRGRP / WUDQVSRUWLUD VH QDVHOMX SUHPD VOLFL 4 PV YRGH U
NJP Q PVSULWRWDOQRPSUHWODNXXQDVHOMXS0 EDUD3UHWSRVWDYLWHGDMHSRWURQMDYRGHNRQVWDQWQD
VYLKVDWDLGDVHVDWL]DSRJRQSXPSHNRULVWLHOHNWULQDHQHUJLMDVWDQGDUGQHFLMHQHDVDWLHOHNWULQDHQHUJLMD
NRMD MH MHIWLQLMD 2GUHGLWH XWHGX X XNROLNR EL VH QDVHOMH VDWL RSVNUEOMLYDOR FMHYRYRGRP / L]
DNXPXODFLMVNRJUH]HUYRDUDLVNOMXHQDSXPSDDVDWLMHIWLQLMDWDULIDHOHQHUJLMHSXPSDLVWRYUHPHQRFMHYRYRGRP
/RSVNUEOMXMHQDVHOMHLFMHYRYRGRP/SXQLDNXPXODFLMX=DGDQRMH+ P/ NP/ NP/
NP ' P SURPMHU VYLK FMHYRYRGD N PP KUDSDYRVW VYLK FLMHYL S0 EDUD WRWDOQL SUHWODN X
QDVHOMX=DQHPDULWHVYHORNDOQHJXELWNHNDRLJXELWNHLVSUHGSXPSH.ROLNLHELWLWRWDOQLSUHWODNXQDVHOMXNDGDVH
QDVHOMHRSVNUEOMXMHVDPRL]DNXPXODFLMVNRJUH]HUYRDUD
J /'N
+
QDVHOMH
/'N
S D SXPSD /'N
3RWUHEQR MH L]UDXQDWL YLVLQX GREDYH L VQDJX SXPSH ]D VWDQGDUGQLUHLPUDGD%HUQRXOOLMHYDMHGQDGED]DWDM
VOXDMVWUXMDQMDGDQDMHL]UD]RP
/ 4 S0
K S O
' ' S J U J
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
=DL]UDXQDYDQMHYLVLQHGREDYHSXPSHSRWUHEQRMHL]UDXQDWLNRHILFLMHQWWUHQMDO%U]LQXVWUXMDQMDXFMHYRYRGX
L5H\QROGVRYEURMVHUDXQDMXSUHPDL]UD]LPD
4 Y '
Y Y PV 5H 5H u
Q
' S
.RHILFLMHQWWUHQMDOVHUDXQDL]L]UD]D
O N ' 5H O O N ' 5H O
OQ N
'
5H
=DL]UDXQDWHSRGDWNHYLVLQDGREDYHSXPSHL]QRVL
K S P
%HUQRXOOLMHYDMHGQDGED]DVOXDMSXPSDQMDIOXLGDXDNXPXODFLMVNLVSUHPQLNDVGYRVWUXNLPSURWRNRP]DVDWL
UDGDPRUDVHRVLJXUDWLNROLLQDYRGH]DVDWLSRWURQMH
O O N ' 5H O
/ 4
K S O + KS P
' ' S J
8WHGDVHL]UDXQDYDL]RPMHUDXORHQLKVQDJDSRPQRHQLKVUHODWLYQRPFLMHQRP
K S 4
K K
K S 4
7RWDOQLWODNVHL]UDXQDYDL]%HUQRXOOLMHYHMHGQDGEH
/ 4 S0
+ O O O
' ' S J U J
/ 4
S0 U J + O S0 EDU
' ' S J
/ 4
S0 U J KS O
' ' S J S0 EDU
,]UMHHQMDMHYLGOMLYRGDHXWHGDL]QRVLWLLGDHWRWDOQLSUHWODNXQDVHOMXELWLYHLRGWUDHQRJ
EDUDWLMHNRPVDWLLEDUDWLMHNRPVDWL
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
,VSLW]DGDWDN
SD
J 2GUHGLWH PDNVLPDOQL GRPHW / POD]D YRGH U
+ NJPQ PV.UDMFLMHYLSRVWDYOMHQ
MH KRUL]RQWDOQR QD YLVLQL [ 6YH ORNDOQH JXELWNH
]DQHPDULWH 5DGL MHGQRVWDYQLMHJ SURUDXQD
UQ / N
[ SUHWSRVWDYLWH VWUXMDQMH X UHLPX SRWSXQH WXUEXOHQFLMH
=DGDQRMH' P/ PN PPYLVLQD
' / KUDSDYRVWLFLMHYLK P+ P
K
3ROD]QH MHGQDGEH ]D UDXQDQMH PDNVLPDOQRJ GRPHWD POD]D YRGH VX MHGQDGED NRVRJ KLFD L %HUQRXOOLMHYD
MHGQDGED
J J /
Y W / K[ W K[
Y
+ [ O / Y
' J
(OLPLQDFLMRPEU]LQHYL]YRGLVHL]UD]
K [ Y J + [ K [ J + [ K [
/R / I [
J / /
J O J O
' '
7UDHLPDNVLPXPIXQNFLMHI[L]UDXQDYDVHUMHHQMH
G J
I [ > + [ K [ @
/
J O
G[
'
+K
+K [ [ [ P
,]%HUQRXOOLMHYHMHGQDGEHPRJXHMHLWHUDFLMVNLPSRVWXSNRPL]UDXQDWLEU]LQXQDL]OD]XL]FLMHYL
+[ O / Y Y
J + [
' J O /
'
.RHILFLMHQWOLQLMVNRJWUHQMDOUDXQDVHSUHPDL]UD]X
O N ' 5H O O N ' O
OQ N
'
5H
8]DVWRSQLPLWHUDFLMDPDSREROMDYDPRWRQRVWL]UDXQDEU]LQHYQDL]OD]XL]FLMHYL
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
Y '
Y PV 5Q O O N ' 5Q
Q
+[ O / Y Y
J + [
' J O /
'
Y '
Y PV 5Q O O N ' 5Q
Q
+[ O / Y Y
J + [
' J O /
'
Y PV
,]MHGQDGEHKRUL]RQWDOQRJKLFDRGUH XMHVHGRPHWPOD]D
J /
K[ / Y J K [ / P
Y
J
,VSLW]DGDWDN
FLOLQGDU .ROLNDMHVLOD)SRWUHEQD]DSRWLVNLYDQMDVWDSDXQXWDULQMHNFLMH
LJOD EU]LQRPY PPV+LSRGHUPDOQDLJODLPDXQXWDUQMLSURPMHUG
G Y PPWHMHGXJD/ PP*XVWRDMHIOXLGDXQXWDULQMHNFLMHU
' )
UP NJP WH YLVNR]QRVW P 3DV 3UHWSRVWDYLWH GD QHPD
FXUHQMD IOXLGD L]PH X VWDSD L FLOLQGUD LQMHNFLMH WH ]DQHPDULWH VYH
ORNDOQH JXELWNH SUL VWUXMDQMX IOXLGD XQXWDU LQMHNFLMH 8 UD]PDWUDQMH
/ D MHSRWUHEQRX]HWLOLQLMVNHJXELWNHXQXWDUFLOLQGUDLLJOH=DGDQRMHD
PP' PP
%U]LQXVWUXMDQMDIOXLGDNUR]KLSRGHUPDOQXLJOXPRJXHMHL]UDXQDWLL]MHGQDGEHNRQWLQXLWHWD
' S G S '
Y Y Y Y Y PV
G
=D L]UDXQDWH EU]LQH VWUXMDQMD SRWUHEQR MH XWYUGLWL UHLPH VWUXMDQMD NDR L NRHILFLMHQWH OLQLMVNRJ WUHQMD XQXWDU
FLOLQGUDWHXQXWDULJOH
Y ' U Y G U
5Q 5Q 5Q 5Q u
P P
O O O O
5Q 5Q
.DNR VX RED 5H\QROGVRYD EURMD ]QDWQR LVSRG RLWR VH UDGL R ODPLQDUQRP VWUXMDQMX 'D EL L]UDXQDOL
SUHWODNS0QDHOXNOLSDSRWUHEQRMHSRVWDYLWL%HUQRXOOLMHYXMHGQDGEXRGHODNOLSDGRNUDMDLJOH
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
S0 Y Y G D Y
O O
U J J J / ' J
Y Y Y G D Y
S0 O O U J S0 EDU
J J J / ' J
6LOX)SRWUHEQX]DLVWLVNLYDQMHIOXLGDLLQMHNFLMHUDXQDVHL]L]UD]D
' S
) S0 ) 1
,VSLW]DGDWDN
J
+
G
SD
K 2GUHGLWH UDGQX WRNX SXPSH YLVLQX GREDYH L
SURWRNGDELYLVLQDPOD]DYRGHU NJP
UP P 3DV YRGRVNRND ELOD + P
=DGDQR MH .. .9 .V ORNDOQL
JXELWDN VDSQLFH L]UDHQ X] YHX EU]LQX / P
' XNXSQDGXOMLQDVYLKFLMHYL' PSURPMHUVYLK
FLMHYL 3UHWSRVWDYLWH GD VX VYH FLMHYL L] WUJRYDNRJ
..
.. .9 .9 HOLND=DGDQRMHG P
,]YLVLQHPOD]DSRPRX7RUULFHOOLMHYHIRUPXOHPRJXHMHRGUHGLWLEU]LQXPOD]DQDL]OD]L]VDSQLFH
Y J +
3RPRXMHGQDGEHNRQWLQXLWHWDPRJXHMHRGUHGLWLEU]LQXXFMHYRYRGQRPVXVWDYX
G
Y Y
'
3RPRXEU]LQHYPRJXHMHL]UDXQDWL5H\QROGVRYEURMXFLMHYLDRQGDLNRHILFLMHQWOLQLMVNRJWUHQMDO]DFLMHYL
RGWUJRYDNRJHOLNDX]LPDVHGDMHYLVLQDKUDSDYRVWLN PP
Y ' U
5Q O O
P
OQ N
'
5Q
8SRWUHERP%HUQRXOOLMHYHMHGQDGEHPRJXHMHL]UDXQDWLYLVLQXGREDYHSXPSHK
K O / . . Y . Y
. 9 6
' J J
K P
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
3URWRNNUR]SXPSXMHNRQVWDQWDQL]DGDQMHEU]LQRPY
G S
4 Y 4 P V
,VSLW]DGDWDN
D
2GUHGLWH UDGQX WRNX SXPSH YLVLQX GREDYH L
K SURWRNGDELGRPHWSUHOMHYDVODSDPOD]DYRGHU
NJPP 3DVELRD PWHGD
J EL GHEOMLQD K POD]D MHGLQLQH LULQH ELOD K FP
+
=DGDQR MH .. .9 / P XNXSQD
SD GXOMLQD VYLK FLMHYL ' P SURPMHU VYLK FLMHYL
3UHWSRVWDYLWH GD VX VYH FLMHYL L] WUJRYDNRJ HOLND
3UHWSRVWDYLWH XQLIRUPQL SURILO EU]LQH QD SUHOMHYX
UP =DGDQRMH+ P
'
..
.. .9 .9
%U]LQXYRGHQDSUHOMHYXPRJXHMHRGUHGLWLL]MHGQDGEHNRVRJKLFD
J D J D
+ W W +
Y[ Y[
Y[ D + J Y[ PV
+
%U]LQXYRGHXQXWDUFMHYRYRGDPRJXHMHRGUHGLWLL]MHGQDGEHNRQWLQXLWHWD
K %
Y Y[ Y PV
' S
=D SR]QDWX EU]LQX VWUXMDQMD XQXWDU FMHYRYRGD PRJXH MH L]UDXQDWL 5H\QROGVRY EURM WH NRHILFLMHQW WUHQMD
OLQLMVNRJJXELWNDO
Y ' U
5Q O O
P
OQ N
'
5Q
3RVWDYOMDQMHP%HUQRXOOLMHYHMHGQDGEHL]PH XSUYRJLGUXJRJVSUHPQLND
K O / . .
Y
+
. 9
' J
L]UDXQDYDVHYLVLQDGREDYHSXPSHWHSURWRNNUR]FMHYRYRG
' S
K P 4 Y 4 P V
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
,VSLW]DGDWDN
SD 2GUHGLWH SURWRN 4 NUR] VLVWHP SUHPD VOLFL
DNR MH SDG WODND NUR] WXUELQL S7 EDU
=DGDQR MH + P + P U
QU J NJP Q PV ' PP N
PP/ P/ P
'/N +
SD
+
WXUELQ '/N
%HUQRXOOLMHYDMHGQDGEDRGSRYULQHOLMHYRJGRSRYULQHGHVQRJVSUHPQLND
S7 / / Y / / 4
+ + O + O
U J ' J ' ' S J
,]RYHMHGQDGEHSURWRN4MHGQDNMH
S7
+ + ' S J
4
U J
/ /
O
'
=DSUYXLWHUDFLMXSUHWSRVWDYOMDPR
O
,WHUDWLYQLPSRVWXSNRPL]UDXQDYDVHSURWRN4
S7
+ + ' S J
4
U J 4 P V
5Q
4
5Q u
/ / ' S Q
O
' O O N ' 5Q O
S7
+ + ' S J
4
U J 4 P V
5Q
4
5Q u
/ / ' S Q
O
' O O N ' 5Q O
8VYDMDVHSURWRNRG4 OLWV
,VSLW]DGDWDN
SD 3XPSDYLVLQHGREDYHKS PRVWYDUXMHSURWRNRG
J 4 OVNUR]VLVWHPSUHPDVOLFL2GUHGLWH]DNROLNRH
VH SRYHDWL SURWRN NUR] VLVWHP DNR XJUDGLPR SXPSX
+ YLVLQH GREDYH KS P X] QHSURPLMHQMHQH RVWDOH
/ YHOLLQH =DGDQR MH ' P SURPMHU FMHYRYRGD N
UQ PPYLVLQDKUDSDYRVWLFMHYRYRGD/ P+
. .
PU NJPP 3DV
'
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
%HUQRXOOLMHYDMHGQDGED]DVOXDMSXPSHRGKS PHWUDYLVLQHGREDYHRGGHVQRJGROLMHYRJVSUHPQLND
/ 4
KS O . +
' ' S J
.RHILFLMHQWWUHQMDOUDXQDVHL]L]UD]D
4
O N ' 5H
N
OQ '
5H
4 U
5Q 5Q u O O N ' 5Q O
' S P
6XPDNRHILFLMHQDWDORNDOQLKJXELWDNDXFMHYRYRGXUDXQDVHL]%HUQRXOOLMHYHMHGQDGEH
4
K
S O / +
' S J ' S J
. . u
4
%HUQRXOOLMHYDMHGQDGED]DVOXDMSXPSHYLVLQHGREDYHKS PHWUD
/ 4
K S
O . +
' ' S J
3URWRN4VHL]UDXQDYDLWHUDWLYQLPSRVWXSNRP
' S J KS +
4 4 u P V
/
O .
'
4 U
5Q 5Q u O O N ' 5Q O
' S P
' S J KS +
4 4 u P V
/
O .
'
,VSLW]DGDWDN
S D
GLIX]RU G
K
U
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
%HUQRXOOLMHYDMHGQDGEDXVOXDMXEH]GLIX]RUDVDPRL]OD]QLJXELWDN
4
KK7
G S J
,]RYRJL]UD]DPRJXHMHL]UDXQDWLSURWRNNUR]VLVWHP
K K7
4 G S J 4 P V
J
%HUQRXOOLMHYDMHGQDGEDXVOXDMXVGLIX]RURPJXELWDNXGLIX]RUXLL]OD]QLJXELWDN
4
G 4
KK7
G S J G G S J
3URWRNXVOXDMXVWUXMDQMDVGLIX]RURPL]UDXQDYDVHSUHPDL]UD]X
K K7
4 4 P V
G
G
G S J
G S J
3RYHDQMHVWXSQMDGMHORYDQMDL]QRVL
U J K 7 4
K K
U J K 7 4
,VSLW]DGDWDN SD
2GUHGLWHYLVLQXK YRGHXVSUHPQLNXDNRXVSUHPQLN
O
O
N
OQ '
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
,]%HUQRXOOLMHYHMHGQDGEHPRJXHMHL]UDXQDWLSURWRN
K K S J '
4 4 P V
/ /
O . Y
'
3RPRXRYHYULMHGQRVWLSURWRNDL]UDXQDYDPR5H\QROGVRYEURMWHQDYLNRHILFLMHQWWUHQMD
4
5Q O O 5Q u
' S Q
OQ N
'
5Q
1RYDYULMHGQRVWSURWRNDUDXQDQDVDQRYLPNRHILFLMHQWRPWUHQMD
K K S J '
4 4 P V
/ /
O . Y
'
'DOMQMLLWHUDWLYQLSRVWXSDNMHQHSRWUHEDQMHUELVHYULMHGQRVWSURWRNDVDPRQH]QDWQRSURPLMHQLOD%HUQRXOOLMHYD
MHGQDGEDRGVSUHPQLNDGRUDYDQMDFLMHYL
/ 4 S0
K O . Y
' S J ' U J
2GDWOHMHWRWDOQLSLH]RPHDUVNLSUHWODNS0 S0UDYDQMD UJKUDYDQMDXUDYDQMXFLMHYL
4
4
4
S0 K O / . Y U J S0 EDU
S J ' S J ' S J '
3RPRXMHGQDGEHPDQRPHWUDPRJXHMHRGUHGLWLYLVLQXYRGHXVSUHPQLNX
S0
K K P
U J
,VSLW]DGDWDN
'YD VSUHPQLND SUHPD VOLFL VSRMHQD VX
FMHYRYRGRP NYDGUDWQRJ SRSUHQRJ SUHVMHND D SD
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
D
'HN 'HN D
D
+ O / Y Y
4
+ O / 4
' J D
HN D
J D
0RGLILFLUDQD%HUQRXOOLMHYDMHGQDGED]DVOXDMVWUXMDQMDNUR]FLMHYNUXQRJSRSUHQRJSUHVMHND
+ O / Y Y
4
+ O / 4
' J '
' S J ' S
,]MHGQDDYDQMHPMHGQDGELSRYLVLQL+LVUH LYDQMHPL]UDXQDVHSURPMHUFLMHYL'
O / '
O / 4 O / 4 ' D
' J ' S D J D O / DS
=DSRHWDNLWHUDWLYQRJSRVWXSNDSUHWSRVWDYOMDVH
' D O O O O O
OQ N
'
5Q
3URPMHU'XSUYRMLWHUDFLMLL]QRVL
O / '
' D ' P
O / DS
DXGUXJRM
O / '
' D ' P
O / D S
XVYDMDVHGDMHSURPMHUFMHYRYRGD' PP
,VSLW]DGDWDN
2GUHGLWH NROLNR SXWD VH VPDQML SURWRN NUR] FLMHY RNUXJORJ SUHVMHND X] LVWL
SDGWODNDSRMHGLQLQRMGXOMLQLFLMHYLDNRVHFLMHYSUHJUDGLYHUWLNDOQRPVWMHQNRP
' 3UHWSRVWDYLWH ODPLQDUQR VWUXMDQMH WH EHVNRQDQR WDQNX SUHJUDGX 6WUXMDQMH VH
RGYLMDXREDSUHJUD HQDGLMHODFLMHYL
V| 3DGWODNDXFLMHYLEH]SUHJUDGHMHGQDNMHSDGXWODNDXFLMHYLVSUHJUDGRP
/ Y / Y
O O
' J ' HN J
=DODPLQDUQRVWUXMDQMHNRHILFLMHQWWUHQMDOUDXQDVHL]L]UD]D
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
Q Q
O O O
5Q Y ' Y 'HN
(NYLYDOHQWQLSURPMHUUDXQDVHSUHPDL]UD]X
' S
S
'HN 'HN '
' S
S '
$NRL]UD]H]DNRHILFLMHQWWUHQMDLHNYLYDOHQWQLSURPMHUXYUVWLPRXL]UD]]DSDGWODNDGRELYDVHL]UD]
Y Y
Q / Y Q / Y
Y ' ' J Y 'HN 'HN J ' 'HN
%U]LQH VWUXMDQMD X FLMHYL WH EU]LQD VWUXMDQMD X SUHJUD HQRM FLMHYL UDXQDMX VH SUHPD IRUPXODPD X FLMHYL V
SUHJUDGRPXMHGQRMSRORYLFLFLMHYLXVSRVWDYOMDVHSRORYLQLSURWRN
4 4
Y Y
' S ' S
8YUWDYDQMHWLKL]UD]DYRGLGRNRQDQRJUMHHQMD
4 4
Y Y '
S
' S 4 4
'
'HN
'
'HN
'S 'S'HN
4 'S
4 S
4 S
' S '
S 4 S
S
2 2
S
,VSLW]DGDWDN
QDVHOMH
J
=D SRWUHEH RSVNUEH YRGRP QDVHOMD L]JUD HQ MH
FMHYRYRGSURPMHUD' PPRGYXHQLKFLMHYLXNXSQH
GXOMLQH/8. NP3XPSDGREDYOMDOVYRGHJXVWRH
U NJP NLQHPDWLNRJ NRHILFLMHQWD YLVNR]QRVWL Q
+ ' /8. PV QDVHOMX NRMH VH QDOD]L QD YLVLQL + P
L]QDG UD]LQH MH]HUD WH RVWYDUXMH WRWDOQL SUHWODN YRGH X
QDVHOMXS0 EDUD1DNRQGYDGHVHWRJRGLQMHHNVSORDWDFLMH
MH]HUR SRWUHEH ]D YRGRP VX VH SRYHDOH SD MH SRWUHEQR GREDYLWL
SD SXPSD
YLH YRGH X] LVWL WRWDOQL SUHWODN 2GUHGLWH SURPMHU G
QRYRJFMHYRYRGDNRMLHVHSRVWDYLWLXPMHVWRSRVWRMHHJD
]DGRYROMDYD SRYHDQH SRWUHEH ]D YRGRP V SRVWRMHRP
SXPSRP 3UL SURUDXQX ORNDOQH JXELWNH ]DQHPDULWH WH
SUHWSRVWDYLWHGDMHYLVLQDKUDSDYRVWLNQRYRJFMHYRYRGDN
PP
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
%HUQRXOOLMHYDMHGQDGED]DVWDULFMHYRYRGSULMHUHNRQVWUXNFLMH
S0
/ Y
KS O +
' J U J
=D]DGDQHXYMHWH]DGDWNDODNRVHL]UDXQDNRHILFLMHQWWUHQMDDRQGDLYLVLQDGREDYHSXPSH
4
5Q 5Q u O O N ' 5Q O
' S Q
S0
4 / Y
Y KS O + KS P
' S
' J U J
8 VOXDMX UHNRQVWUXNFLMH FMHYRYRGD WUHED X]HWL SRVWRMHX SXPSX LVWD YLVLQD GREDYH D SRWUHEQR MH SURWRN
SRYHDWL]D
4
4 4 N PP 5Q O O N ' 5Q O
' S Q
%HUQRXOOLMHYDMHGQDGED]DFMHYRYRGQDNRQUHNRQVWUXNFLMHJODVL
/ 4 S0
KS O +
G G S J U J
3RWUHEQLSURPMHUGFMHYRYRGDUDXQDVHL]L]UD]D
/ 4
G O G P
S0 S J
KS +
U J
,WHUDWLYQLPSRVWXSNRPSREROMDYDPRUMHHQMH
4
5Q O O N G 5Q O
G S Q
/ 4
G O
S0 G P
KS + S J
U J
,VSLW]DGDWDN
I D I
=D SRWUHEH QDYRGQMDYDQMD SRWUHEQR MH
GREDYOMDWL4 PVRWYRUHQLPNDQDORPXREOLNX
SD
WUDSH]DSUHPDVOLFL2GUHGLWHQDJLENDQDODDDNRMH
K YLVLQD YRGH X NDQDOX K P 3UHWSRVWDYLWH
4 J VWUXMDQMH X UHLPX SRWSXQH WXUEXOHQFLMH WH GD MH
NDQDO L]JUD HQ RG EHWRQD YLVLQH KUDSDYRVWL N
3RSUHQLSUHVMHNNDQDOD PP=DGDQRMHI D P
D
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
%HUQRXOOLMHYDMHGQDGED]DQDJQXWLNDQDO
Y / Y Y 4
/ VLQ D O VLQ D O
J 'HN J J 'HN J $
(NYLYDOHQWQLSURPMHUUDXQDPRSUHNRSRYULQHSRSUHQRJSUHVMHNDLRSODNDQRJRSVHJD
K $
$ D K WDQ I K 2 D
'HN
FRV I 2
=D]DGDQXYLVLQXKUDSDYRVWLLVWUXMDQMHXUHLPXSRWSXQHWXUEXOHQFLMHSRPRXL]UD]D6ZDPHHL-DQHUDXQDVH
NRHILFLMHQWWUHQMD
O
1DJLENDQDOD]D]DGDQHSRGDWNHL]QRVL
4
D DVLQ O D GHJ
'HN
J $
,VSLW]DGDWDN
.RPSHQ]DFLRQD
J SRVXGD 2GUHGLWHPLQLPDOQLSRWUHEQLSUHWODNS0X
SD S0
NRPSHQ]DFLRQRMSRVXGLNRMLRVLJXUDYDGDNOLS
VWDS ' VDYODGDYD VLOX ) 1 SUL EU]LQL JLEDQMD
G
Ka
NOLSD Y PPPLQ 6YH ORNDOQH JXELWNH
Y ]DQHPDULWH=DGDRMH' PPG PP
/ P U NJP P 3DV
/ XOMH
,]SRWUHEQHVLOH)QDVWDSXL]UDXQDYDVHSUHWODNXFLOLQGUXSURPMHUD'
)
S 0 S0 EDU
' S
,]MHGQDGEHNRQWLQXLWHWDRGUH XMHVHEU]LQDVWUXMDQMDXFLMHYL
' S G S '
Y Y Y Y Y PV
G
=DL]UDXQDWXEU]LQXVWUXMDQMDXFLMHYLRGUH XMHVH5H\QROGVRYEURMWHNRHILFLMHQWWUHQMD
Y G U
5Q 5Q O O
P 5Q
.RHILFLMHQWJXELWNDQDJORJSURLUHQMDSULXOD]XXFLOLQGDUUDXQDVHSUHPDL]UD]X
G
. 13
'
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
L]%HUQRXOOLMHYHMHGQDGEDPRJXHMHL]UDXQDWLWODNXNRPSH]DFLVNRMNRPRUL
S0 Y S 0 Y / Y
O .13
U J J U J J G J
Y
S 0 Y
Y / Y
S0 O .13 U J
J U J J J G J
S0 EDU
$NR]DODPLQDUQRVWUXMDQMHX]PHPRXRE]LUNRHILFLMHQWLVSUDYNDNLQHWLNHHQHUJLMH
D
D Y S0 D Y
Y
/ Y
S0
O .13 U J
J U J J J G J
S0 EDU
,VSLW]DGDWDN
SD 2GUHGLWH UD]OLNX QLYRD + IOXLGD X DNXPXODFLMVNRP MH]HUX L
NRPSHQ]DFLRQRM NRPRUL DNR MH QHWR SDG X WXUELQL K P
J W
PPK P
' K
$NR SRVWDYLPR %HUQRXOOLMHYX MHGQDGEX RG NRPSHQ]DFLRQH
/ SRVXGHGRL]OD]DL]FMHYRYRGD
/ Y
/ KKW O ' J
0RJXHMHL]UDXQDWLEU]LQXXFMHYRYRGX
O N ' 5H
O
O N '
O
OQ N
'
5H
' K K
Y J
' O / W
Y PV
' O / J '
,WHUDFLMVNLPSRVWXSNRPSREROMDYDPRUMHHQMH
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
' Y
O N ' 5Q
5Q 5Q u O O
Q
' K K
Y J
' O / W
Y PV
' O / J '
' Y
O N ' 5Q
5Q 5Q u O O
Q
' K K
Y J
' O / W
Y PV
'
O / J '
%U]LQXXSUYRPFMHYRYRGXL]UDXQDYDPRL]MHGQDGEHNRQWLQXLWHWD
'
' S ' S Y Y Y PV
Y Y
'
3RVWDYOMHQMHP%HUQRXOOLMHYHMHGQDGEHL]PH XDNXPXODFLMVNRJMH]HUDLNRPSHQ]DFLRQHNRPRUH
/ Y
+ O
' J
,]UDXQDYDVHUD]OLNDQLYRDIOXLGD+
' Y
O N ' 5Q
5Q 5Q u O O
Q
/ Y
+ O ' J + P
,VSLW]DGDWDN
2GUHGLWHYULMHPHWSRWUHEQRGDVHSRSLMHGO&RFDFROHJXVWRHU S 0
MH S0 3D SRWODN QD YUKX VODPNH XVLVQL NUDM VODPNH VH QDOD]L XYLMHN
QHSRVUHGQRX]GQRDH
/
U G
9LVLQD + &RFD &ROH X DL UDXQD VH L] ]DGDQRJ YROXPHQD IOXLGD L REOLND
DH
9 '
+ + P
' S
.ROLLQD IOXLGDNRMLLVWHHL]DHNUR]VODPNXXMHGLQLFLYUHPHQDMHGQDNDMHYROXPHQX]DNROLNRVHVPDQMLOD
NROLLQDIOXLGDXDL
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
G S
Y GW $ ] G]
3ULPMHQRP %HUQRXOOLMHYH MHGQDGEH RG SRYULQH IOXLGD X DL SD GR XVLVQRJ NUDMD VODPNH RGUH XMH VH EU]LQD
VWUXMDQMDIOXLGD
S 0 U J ] / S 0
Y /
] / O Y
U J J G
U O
/
G
8YUWHQMHPXJRUQMXMHGQDGEXGRELYDVHL]UD]
U J ] / S 0 G S ' S
GW G]
/
U O
G
6UH LYDQMHPL]UD]DLSRVWDYOMDQMDJUDQLFDLQWHJUDFLMHSXQDDDSUD]QDDD
/ /
' U O ' U O
+
G G] G
GW W G]
U J ] / S0 U J ] / S 0
G G
5MHHQMHPLQWHJUDODGRELYDVHYULMHPHSUDQMHQMDDH
/
U O U J + U J / S0
G U J / S0 W V
W '
G
U J U J
,VSLW]DGDWDN
' S J *
* J S 0 S 0 S 0 EDU
' S
5H\QROGVRYEURMLNRHILFLMHQWWUHQMDUDXQDMXVHSUHPDL]UD]LPD
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
U 4
5Q 5Q O O
G S P 5Q
%HUQRXOOLMHYDMHGQDGEDNDGDVHDNXPXODWRUSXQL
S 0 S 0
Y Y /
O
U J J U J J G
,]RYHMHGQDGEHX]SULPMHQXL]UD]D]DSURWRNL]UDXQDYDVHWODNQDXOD]XXFMHYRYRG
4 U /
S 0 S0 O S0 EDU
G S
G
%HUQRXOOLMHYDMHGQDGEDXVOXDMXSUDQMHQMDDNXPXODWRUD
S 0 S 0
Y /
O
U J U J J G
,]RYHMHGQDGEHX]SULPMHQXL]UD]D]DSURWRNL]UDXQDYDVHWODNQDL]OD]XL]FMHYRYRGD
4 U /
S 0 S0 O S 0 EDU
G S
G
6WXSDQMGMHORYDQMDDNXPXODWRUDUDXQDVHL]RPMHUDGRELYHQHLXORHQHVQDJH
S 0 4
K K
S 0 4
,VSLW]DGDWDN
SD
2GUHGLWH NRHILFLMHQW ORNDOQRJ JXELWND YHQWLOD .Y ]D J
VOXDM VWDFLRQDUQRJ VWUXMDQMD IOXLGD SUHPD VOLFL =DGDQR UP '
MH+ PK P/ P' PN .N
K .
PPD P. .N Q PVU
NJP '
.Y
D
/
SD
%HUQRXOOLMHYDMHGQDGED]DGHVQLVSUHPQLN UP +
'N
Y / J +
+ O Y
J '
O
/
'
-HGLQD QHSR]QDQLFD MH NRHILFLMHQW WUHQMD O ]D SRHWDN LWHUDFLMH SUHWSRVWDYOMDPR VWUXMDQMH X SRGUXMX SRWSXQH
WXUEXOHQFLMHSDNRHILFLMHQWRYLVLVDPRRUHODWLYQRMKUDSDYRVWL
O
=DWDNRGRELYHQLNRHILFLMHQWWUHQMDOL]UDXQDYDVHEU]LQD
Y PV
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
,WHUDWLYQLPSRVWXSNRPSREROMDYDVHUMHHQMH
5Q u O Y PV
5Q u O Y PV
5Q u O Y PV
.DNR MH SUHPD XYMHWX ]DGDWND VWUXMDQMH VWDFLRQDUQR NROLLQD IOXLGD NRML XOD]L X VSUHPQLN MHGQDND MH NROLLQL
IOXLGD NRML L]OD]L L] VSUHPQLND QHPD DNXPXODFLMH ,] MHGQDNRVWL SURWRND ]DNOMXXMHPR GD VX L EU]LQH X RED
FMHYRYRGDLVWHMHUVXLSURPMHULFMHYRYRGDLVWL
%HUQRXOOLMHYDMHGQDGED]DJRUQMLFMHYRYRG
Y
Y J K
K
J
. .N .Y .Y
. . N .Y
Y
,VSLW]DGDWDN
J G
K 9RGDU NJPP 3DVSUHOMHYDVHVLIRQRP
SD
L] MHGQRJ MH]HUD ]D QDYRGQMDYDQMH X GUXJR SUHPD VOLFL NUR]
FLMHYSURPMHUDG PP8NXSQDGXOMLQDFLMHYLMH/ P
DYLVLQDKUDSDYRVWLMHN PP/RNDOQLJXELWDNXNROMHQX
UP .N 2GUHGLWHSURWRNYRGHNUR]FLMHY=DGDQRMHK
P
%HUQRXOOLMHYDMHGQDGEDRGYLHJSUHPDQLHPDNXPXODFLMVNRPVSUHPQLNX
K . O / Y
N
G J
8 SUYRP LWHUDWLYQRP SRVWXSNX NRULVWLPR NRHILFLMHQW WUHQMD O UDXQDQ ]D ]DGDQX UHODWLYQX KUDSDYRVW NG L
SRGUXMHSRWSXQHWXUEXOHQFLMH
G S J
O O N G 5Q O 4 K 4 u P V
. O /
N
G
5Q
4 U
5Q u
G S P
,WHUDWLYQLPSRVWXSNRPSREROMDYDPRUMHHQMH
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
G S J
O O N G 5Q O 4 K 4 u P V
. O /
N
G
5Q
4 U
5Q u
G S P
G S J
O O N G 5Q O 4 K 4 u P V
. O /
N
G
5Q
4 U
5Q u
G S P
,VSLW]DGDWDN
S D
J 2GUHGLWH NRHILFLMHQW RWSRUD YHQWLOD . SUL NRPH H Y
G P N PP VYH WUL FLMHYL VX LVWH GXOMLQH
UQ SURPMHUDLYLVLQHKUDSDYRVWLK PS EDUU 0
K NJPQ PV
/GN
.
Y
=D RGUH LYDQMH VPMHUD VWUXMDQMD IOXLGD GD OL IOXLG XOD]L LOL L]OD]L L] OLMHYRJ VSUHPQLND SUHWSRVWDYOMD VH GD L]
GHVQRJ VSUHPQLND IOXLG L]OD]L SURWRNRP 4 D GD L] OLMHYRJ VSUHPQLND QDPD SURWRND 3RVWDYOMDQMHP %HUQRXOOLMHYH
MHGQDGEHL]PH XWDGYDVSUHPQLND
4
5Q 5Q u
G S Q
O N ' 5H O O N G 5Q O
N
OQ '
5H
S0 / 4
KI O KI P
U J G G S J
RLWR MH GD VPR GRELOL QHJDWLYQX YLVLQX K EL WUHEDR ELWL MHGQDN QXOL SD H SUHPDWRPHL]OLMHYRJVSUHPQLND
I
IOXLGLVWMHFDWL3RVWDYOMDPR%HUQRXOOLMHYHMHGQDGEHRGOLMHYRJLGHVQRJVSUHPQLNDGRGRQMHJVSUHPQLNDWHMHGQDGEX
NRQWLQXLWHWD
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
S0 / 4 / 4
K O O .Y
U J G G S J G G S J
/ 4 / 4
K O O .Y
G G S J G G S J
4 4 4
2GX]LPDQMHP%HUQRXOOLMHYLKMHGQDGEL
S0
/ 4 / 4
O O
U J
G G S J G G S J
6UH LYDQMHPL]UD]DLXYUWDYDQMHPMHGQDGEHNRQWLQXLWHWD
S0 G S J
O 4 O 4
U J /
S0 G S J
O 4 O 4 4
U J /
S
S0 G O 4 O 4 O 4 4 O 4
U /
3RWUHEQRMHULMHLWLNYDGUDWQXMHGQDGEXGDELGRELOLSURWRN
S
D O O E O 4 F O 4 S0 G
U /
D 4 E 4 F
F P
4 4 u
E V
=DRYXSRHWQXLWHUDFLMXSUHWSRVWDYOMDVHGDVXVYLNRHILFLMHQWLWUHQMDOMHGQDNLSDVHNYDGUDWQDMHGQDGEDVYRGL
QDOLQHDUQX6RYDNRGRELYHQLPUMHHQMHP]DSRLQMHVHLWHUDWLYQLSRVWXSDN
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
4 4 4
5Q 5Q u 5Q 5Q u
G S Q G S Q
O O N G 5Q O O O N G 5Q O
S
D O O E O 4 F O 4 S0 G
U /
D 4 E 4 F
E E D F P
4 4
D V
E E D F P
4 4 u
D V
3UYRUMHHQMHQLMHIL]LNDOQRMHUMHSURWRNYHLQDJRWRMHL]OD]QLSURWRNSDXVYDMDPRGUXJRUMHHQMH
8GUXJRPLWHUDFLMVNRPNRUDNXUMHHQMHVHSREROMDYD
4 4 4
5Q 5Q u 5Q 5Q u
G S Q G S Q
O O N G 5Q O O O N G 5Q O
S
D O O E O 4 F O 4 S0 G
U /
E E D F P
4 4 u
D V
.DNR VH RYD GYD UMHHQMD YUOR PDOR UD]OLNXMX QHSRWUHEQR MH GDOMH LWHULUDWL 9H UDXQDPR NRHILFLMHQW JXELWND
YHQWLODL]%HUQRXOOLMHYHMHGQDGEH
S0 / 4 / 4
K O O .Y
U J G G S J G G S J
4
O N G 5Q
5Q 5Q u O O
G S Q
.Y
S0 G S K U J G S O / 4 U 4 U O / 4 U G
.Y
4 U G
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
,VSLW]DGDWDN
S D
2GUHGLWHUDGQXWRNXSXPSHYLVLQXGREDYHKS
L SURWRN 4S ]D VLWXDFLMX SUHPD VOLFL .DUDNWHULVWLND
SXPSH ]DGDQD MH VOMHGHLP L]UD]RP
J
SD
+
^K `
S P
^4`P V *XELWDN QD XOD]X X
/
FMHYRYRG]DQHPDULWH=DGDQRMH+ P/ P
' . ' PN PPKUDSDYRVWFLMHYL.Y U
UP
Y
NJPP 3DV
SXPSD
3RVWDYOMDVH%HUQRXOOLMHYDMHGQDGEDL]PH XOLMHYRJLGHVQRJUH]HUYRDUDWHXYUWDYDPRL]UD]]DYLVLQXGREDYH
SXPSH
/ 4 / 4
+ .Y O + .Y O
K3 D E 4
' ' S J ' ' S J
,]RYRJL]UD]DL]UDXQDYDVHSURWRN4
D+
4
. O / E
Y
' ' S J
=D SUHYL LWHUDFLMVNL NRUDN SUHWSRVWDYOMD VH VWUXMDQMH X UHLPX SRWSXQH WXUEXOHQFLMH SD MH PRJXH L]UDXQDWL
NRHILFLMHQWWUHQMD
O N ' 5H O O N ' 5Q O
OQ N
'
5H
SURWRNUDXQDPRLWHUDFLMVNLPSRVWXSNRP
D+ P 4 U
4 4 u 5Q 5Q u
. O / V ' S P
Y E
' ' S J
O O N ' 5Q O
D+ P 4 U
4 4 u 5Q 5Q u
. O / E V ' S P
Y
' ' S J
O O N ' 5Q O
D+ P 4 U
4 4 u 5Q 5Q u
. O / E V ' S P
Y
' ' S J
O O N ' 5Q O
DYLVLQDGREDYHMHGQDNDMH
KS D E 4 KS P
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
,VSLW]DGDWDN
,] UH]HUYRDUD V NRQVWDQWQLP QLYRRP YLVLQH + P
SD
LVWMHH YRGD JXVWRH U NJP YLVNR]QRVWL P
J
3DV NUR] KRUL]RQWDOQX FLMHY RG WUJRYDNRJ HOLND 2GUHGLWH
+ L]OD]QL SURPMHU FLMHYL ' GD VH XVSRVWDYL SURWRN 4
/
/
S D
=DRGUH LYDQMHL]OD]QRJSURPMHUDFLMHYL' SRWUHEQRMH
JXELWNHXNOMXXMXLLJXELWNHQDJORJSURLUHQMD
/ Y / Y
'
+ . O .13 O .13
' J ' J
'
/
4 4
+ . O
'
. 13 ' O /
' S J
' S J
7HMHL]OD]QLSURPMHUFLMHYL'
O / '
'
+ S J /
. O . 13
4 ' '
=DLWHUDWLYQRUMHDYDQMHRYRJL]UD]SRWUHEQRMHXYHVWLSRHWQHSUHWSRVWDYNH=DSRHWQXLWHUDFLMXSUHWSRVWDYOMD
VHGDMH' '=DFLMHYRGWUJRYDNRJHOLNDXVYDMDVHUHODWLYQDKUDSDYRVWN PP
13
4 U 4 U
5Q 5Q O O N ' 5Q O O O N ' 5Q O
' S P ' S P
,WHUDWLYQLPSRVWXSNRPL]UDXQDYDVHL]OD]QLSURPMHUFLMHYL
O / '
'
+ S J /
. O .13 ' P
4 ' '
5Q
4 U
O O N ' 5Q O .13 ' .13
' S P '
O / '
'
+ S J /
. O .13 ' P
4 ' '
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
,VSLW]DGDWDN
1D UDGQRP VWROX WHLQH * N1 QDOD]L VH SUHGPHW
V SD
WHLQH * 1 NRML VH REUD XMH VNLGDQMHP VWUXJRWLQD
VLORP 5 N1 6WRO V REUDWNRP NUHH VH NRQVWDQWQRP UP K
EU]LQRP Y PV SUHNR NOL]QH SRYULQH NRHILFLMHQWD J
WUHQMD P SRNUHWDQL SRPRX KLGUDXOLNRJ VLVWHPD
7
Y Y Y Y
4 Y
' S
Y
G S
4 Y
'
' S
Y
G S
' ' ' P P
Y Y Y Y Y Y
G
G
V V
=D SR]QDWH EU]LQH VWUXMDQMD PRJXH MH L]UDXQDWL 5H\QROGVRYH EURMHYH WH NRHILFLMHQWH WUHQMD O ODPLQDUQL VOXDM
VWUXMDQMD
U Y G U Y G
5Q 5Q 5Q 5Q
P P
O O O O
5Q 5Q
$NRSRVWDYLPR%HUQRXOOLMHYXMHGQDGEXRGVWDSDGRVORERGQHSRYULQHPRJXHMHL]UDXQDWLSUHWODNXGHVQRMNRPRUL
S 0 Y / Y
/ K O
U J J G J
/ Y
Y
U J / K O
S 0 J J S0 u 3D
G
3RVWDYOMDQMHPUDYQRWHHVLOD]DVWDSPRJXHMHL]UDXQDWLSUHWODNXOLMHYRMNRPRUL
)V * * P 7 5 S0
' S
S 0
'
' S
V
S 0
P 7 *V P 7 * 5 S0S'
S 0 S '
S 0 u 3D
' S
$NR SRVWDYLPR %HUQRXOOLMHYX MHGQDGEX NUR] FLMHOL VLVWHP RG OLMHYH GR GHVQH NRPRUH X]LPDMXL X RE]LU L JXELWNH
XODVNDXYHOLNLVSUHPQLNJRUQMLYHOLNLVSUHPQLNLGHVQDNRPRUDPRJXHMHL]UDXQDWLYLVLQXGREDYHSXPSH
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
S 0 Y S 0 Y / Y / Y
KS O
J O J
U J J U J J G G
S 0 Y
/ Y
/ Y
S 0 Y
KS
O
O
U J J G J G J U J J
KS P SS U J K S SS u 3D
3URWRNLVQDJDSXPSHUDXQDVHL]L]UD]D
G S P
4S Y 4S u 3S U J K S 4S 3S :
V
,VSLW]DGDWDN
.OLPDWL]DFLMVNLYRGSUDYRNXWQRJSRSUHQRJSUHVMHNDD[E [FP
]ERJ UHNRQVWUXNFLMH SURVWRULMH SRWUHEQR MH ]DPLMHQLWL NOLPDWL]DFLMVNLP
YRGRPSUDYRNXWQRJSRSUHQRJSUHVMHNDLMDYLVLQDQLMHYHDRGE E
FP2GUHGLLULQXNOLPDWL]DFLMVNRJYRGDNRMDRVLJXUDYDMHGQDNLSDGWODND
SR MHGLQLFL GXOMLQL SUL LVWRP SURWRNX 3UHWSRVWDYLWH VWUXMDQMH X UHLPX
SRWSXQHWXUEXOHQFLMH=DGDQRMHN PPYLVLQDKUDSDYRVWL
D
3RSUHQL SUHVMHN NOLPDWL]DFLMVNRJ YRGD MH SUDYRNXWDQ SD MH SRWUHEQR
XYHVWLHNYLYDOHQWDQSURPMHU
D E D E
'H 'H P 'H
D E D E
3DGWODND]DREDVOXDMDSRMHGLQLFLGXOMLQHPRUDELWLLVWL
/ 4 / 4
O O
'H D E J 'H D E J
DE D E
O O
D E D E D E D E
2GQRVQRLULQXNOLPDWL]DFLMVNRJYRGDUDXQDPRL]L]UD]D
D E D E O
D
D E E
O
3RHWQHSUHWSRVWDYNH]DSURUDXQVX
O
I N 'H
O O D D
,WHUDFLRQRSREROMDYDPRUMHHQMH
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
D E D E
D
D E
O
O
D P 'H
D E
D E
O
I N 'H
E
D E D E
D
D E
O
O
D P 'H
D E
D E
O
I N 'H
E
D E D E
D
D E
O
O
D P 'H
D E
D E
O
I N 'H
E
D E D E
D
D E
O
O
D P 'H
D E
D E
O
I N 'H
E
LGXLPLWHUDFLRQLPNRUDNRPL]UDXQDYDVHLULQDNDQDODD PLGDOMQMLPLWHUDFLRQLPNRUDFLPDSREROMDYDVH
UMHHQMHVDPRXHWYUWRMGHFLPDOL
,VSLW]DGDWDN
SD 2GUHGLWH YLVLQX + ]D VLVWHP SUHPD VOLFL DNR
J MHSURWRNNUR]FLMHY/GYDSXWDYHLRGSURWRND
NUR] FLMHY / 3UHWSRVWDYLWH NRQVWDQWDQ
NRHILFLMHQWWUHQMDOXVYLPFLMHYLPDO
=DGDQRMH+ P' PP/
+
P' PP/ P' PP/
+ PU NJPQ PV
/
/
'
'
=D RGUH LYDQMH YLVLQH + SRWUHEQR MH SRVWDYLWL
' GYLMH %HUQRXOOLMHYH MHGQDGEH L WR RG OLMHYRJ
VSUHPQLNDGRL]OD]DL]FLMHYLSURPMHUD'WHRG
GHVQRJ VSUHPQLND GR L]OD]D L] FLMHYL SURPMHUD
/ '
/ Y / Y / Y / Y
+ O O + O O
' J ' J ' J ' J
-HGQDGEDNRQWLQXLWHWD]DVLVWHPSUHPDVOLFL
4 4 4 4 4 4 4
8NROLNRMHGQDGEXNRQWLQXLWHWDXYUVWLPRX%HUQRXOOLMHYHMHGQDGEH
/ 4 / 4 / 4
/ 4
+ O O + O O
' ' S J ' ' S J ' ' S J ' ' S J
,]SUYH%HUQRXOOLMHYHMHGQDGEHPRJXHMHL]UDXQDWLSURWRN4NUR]FLMHYSURPMHUD'
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
/
O
O / '
+ 4
'
S
J '
S
J
+
4
/ P
4 u
O V
/ '
O
'
S J '
S J
8YUWHQMHPSURWRND4XGUXJX%HUQRXOOLMHYXMHGQDGEXL]UDXQDYDVHUD]LQDIOXLGDXGUXJRPVSUHPQLNX
/ 4
/ 4
+ O O + P
' ' S J ' ' S J
,VSLW]DGDWDN
9RGD JXVWRH U NJP VH SUHWDH L] YLHJ X QLL
SD J VSUHPQLNNUR]SUDYRNXWQLEHWRQVNLNDQDOLULQHE P
GXOMLQH/ PSURWRNRP4 OV2GUHGLWHYLVLQXK
YRGHXNDQDOX6YHORNDOQHJXELWNH]DQHPDULWH=DGDQRMH
UQ .DQDO K + PQ PVYLVNR]QRVWYRGHN PP
YLVLQDKUDSDYRVWL]DEHWRQ
/ +
E
S D 3RWUHEQR MH XYHVWL HNYLYDOHQWQL SURPMHU MHU NDQDO LPD
SUDYRNXWQL SRSUHQL SUHVMHN =D SUYX LWHUDFLMX
SUHWSRVWDYOMDPR GD MH YLVLQD YRGH X NDQDOX MHGQDND LULQL
NDQDOD
$ E K
'HN 'HN
2 K E
%HUQRXOOLMHYHMHGQDGEDL]PH XYLHJLQLHJVSUHPQLND
+ O / Y O / 4 O / K E 4
' HN J ' HN J E K E K J E K
=DWDNRL]UDXQDWLHNYLYDOHQWQLSURPMHUSUHWSRVWDYNDK EUDXQDPR5H\QROGVRYEURMLNRHILFLMHQWWUHQMD
O N ' 5H 4
5Q
OQ N 'HN S Q
'
5H
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
4
+ E K O / K E
J E K
,WHUDWLYQLPSRVWXSNRPGROD]LPRGRUMHHQMD
4
K E K O / K E
K P
J E +
'HN P 5Q u O
4
K E K O / K E
K P
J E +
'HN P 5Q u O
4
K E K O / K E
K P
J E +
,VSLW]DGDWDN
2GUHGLWHSURPMHU'GLPQMDNDSUHPDVOLFLSRWUHEDQGDVHRVWYDULSURWRN4
PVYUXLKGLPQLKSOLQRYDYLVNR]QRVWLP 3DV3UHWSRVWDYLWHGDMHWODN
QD L]OD]X L] GLPQMDND MHGQDN RNROLQRP WODNX L GD MH WODN X ORLWX MHGQDN J
RNROLQRPWODNXXSR]RUHQMHSRWUHEQRMHX]HWLXRE]LUUD]OLNXDWPRVIHUVNRJWODND
/
L]PH XYUKDGLPQMDNDLORLWD=DQHPDULWHVYHORNDOQHJXELWNH=DGDQRMH/
P N PP YLVLQD KUDSDYRVWL XQXWDU GLPQMDND SD EDU DWPRVIHUVNL '
WODNQDYLVLQLORLWDUD NJPU' NJP UDGLODNHJSURUDXQD
SUHWSRVWDYLWHNRQVWDQWQXJXVWRXRNROLQRJ]UDNDLGLPQLKSOLQRYD
K|
SD
3UHPD XYMHWLPD ]DGDWND SRWUHEQR MH X]HWL X RE]LU UD]OLNX DWPRVIHUVNRJ WODND L]PH X YUKD GLPQMDND L ORLWD
$WPRVIHUVNLWODNSD'QDYLVLQLYUKDGLPQMDNDUDXQDVHL]MHGQDGEHPDQRPHWUD
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
&MHYRYRG
SRWUHEQRMHSUHWSRVWDYLWLSURPMHUGLPQMDND']DSRHWDNLWHUDWLYQRJSRVWXSND3UHWSRVWDYOMDPR' P
4 U '
5Q 5Q u O' O N ' 5Q O'
' S P
=DWDNRL]UDXQDWLNRHILFLMHQWWUHQMDOLSUHWSRVWDYOMHQLSURPMHU'SURPMHUGLPQMDNDUDXQDVHSUHPDL]UD]X
P
4 U '
' O'/ ' ' P
SD SD' U 'J/S
5MHHQMHVHSREROMDYDLWHUDWLYQLPSRVWXSNRPNDNRVOLMHGL
4 U '
5Q 5Q u O' O N ' 5Q O' u
' S P
4 U '
' O'/ ' ' P
SD SD' U 'J/S
4 U '
5Q 5Q u O' O N ' 5Q O' u
' S P
4 U '
' O'/ ' ' P
SD SD' U 'J/S
4 U '
5Q 5Q u O' O N ' 5Q O' u
' S P
4 U '
' O'/ ' ' P
SD SD' U 'J/S
.DRNRQDQRUMHHQMHXVYDMDVHSURPMHUGLPQMDND' P
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
.ROLLQDJLEDQMD
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
,VSLW]DGDWDN
.ROLNLPPRPHQWRP0WUHEDSULGUDYDWLFLMHYSUHPDVOLFLGDVHQHSRQH SD
RNUHWDWL3UHWSRVWDYLWHVWUXMDQMHQHYLVNR]QRJIOXLGD=DGDQRMH+
PU NJP' PP5 PD E J
U
+
'
%U]LQD VWUXMDQMD QD L]OD]QLP SUHVMHFLPD ODNR VH UDXQD SUHPD
7RUULFHOOLMHYRMMHGQDGEL
P
Y J + Y
V 5 D
,PSXOVQHIXQNFLMDQDL]OD]QLPSUHVMHFLPDMHGQDNHVX
E 0
' S
, U Y , 1
0RPHQWSRWUHEDQVSUHDYDQMHRNUHWDQMDFLMHYLMHGQDNMHPRPHQWLPDLPSXOVQLKIXQNFLMD
,VSLW]DGDWDN
S D .ROLND VLOD ) L PRPHQW 0 VYH WUL NRPSRQHQWH VLOH L PRPHQWD
RSWHUHXMH VSRM FLMHYL L UH]HUYRDUD WRND $ 3UHWSRVWDYLWH VWUXMDQMH
J QHYLVNR]QRJIOXLGD=DGDQRMH+ PU NJP' PP5
U PD E G K P
$ +
' ,FRVG
K
G # \
5 D [
5 E
D \
,
E
[
%U]LQXVWUXMDQMDQDREDL]OD]DL]FLMHYLUDXQDVHSUHPD7RUULFHOOLMHYRMIRUPXOL
P
Y J + Y
V
,]MHGQDGEHNRQWLQXLWHWDUDXQDVHEU]LQDXWRFL$
' S ' S ' S P
Y$ Y Y Y$ Y Y$
V
,]%HUQRXOOLMHYHMHGQDGEHRGWRNH$GRL]OD]DL]FLMHYLPRJXHMHL]UDXQDWLSUHWODNXWRFL$
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
S 0$
U J
Y$
J
Y
J
S 0$
Y Y$ U
S 0$ u 3D
,PSXOVQDIXQNFLMD,QDL]OD]XL]FLMHYLWHLPSXOVQDIXQNFLMDXWRFL$UDXQDMXVHSUHPDL]UD]LPD
, U Y
' S
, 1 ,$ S0$ U Y$ 'S
,$ 1
2SWHUHHQMHVSRMDFLMHYLLUH]HUYRDUDWRND$UDXQDVHSUHPDL]UD]LPD
0[ )\ K 0[ 1 P
0\ , VLQ G 5 )[ K 0\ 1 P
0] , FRV G VLQ D 5 , VLQ E 5 0] 1 P
,VSLW]DGDWDN
)OXLGSUROD]LNUR]ILOWDUSURWRNRP4 PK
SUL HPX MH SDG WODND NUR] ILOWDU 'S EDUD '
2GUHGLWH UH]XOWDQWQX VLOX ) IOXLGD QD ILOWDU DNR MH J
SUHWODN QD XOD]X X ILOWDU S0 EDUD D XQXWUDQML
YROXPHQILOWUD9 O=DGDQRMH' PP'
S0
PPU NJP
4
'
9
U
%U]LQXVWUXMDQMDQDXOD]QRPLL]OD]QRPSUHVMHNX
L]ILOWUDUDXQDPRL]MHGQDGEHNRQWLQXLWHWD
4 P 4 P
Y Y Y Y
' S
V
' S V ,
7ODNQDL]OD]QRPSUHVMHNXILOWUDUDXQDVHL]L]UD]D
S 0 S 0 'S S 0 u 3D ,
6LOXQDILOWDUUDXQDPRL]MHGQDGEHNROLLQHJLEDQMD
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
' S
, S0 U Y
, u 1
' S
, S0 U Y
, u 1
)[ , )] , U J 9 )] u 1
)]
)5 )[ )] )5 u 1 D DWDQ D GHJ
)[
,VSLW]DGDWDN
2GUHGLWH VLOX POD]D YRGH YDWURJDVQRJ PUND QD
D
NURYLWH NXH SUHPD VOLFL 3UHWSRVWDYLWH VWUXMDQMH J
QHYLVNR]QRJIOXLGD=DGDQRMHK PD PD
SURWRNNUR]POD]QLFXYDWURJDVQHFLMHYL4 OVU E
NJPE
D K
Y
,
[
Y ,
J
Y
]
D
I
)
D
,
,] MHGQDGEH NRVRJ KLFD RGUH XMHPR EU]LQX QD L]OD] L] YDWURJDVQRJ
PUND
J
Y FRV D W Y VLQ D W
D W K
D D J D J D
W Y VLQ D
K D WDQ D K
Y FRV D Y FRV D Y FRV D Y FRV D
J D J D P
D WDQ D K Y Y
Y FRV D D WDQ D K FRVD V
9ULMHPHSRWUHEQRGDYRGDSUHYDOLSXWRGPUNDGRNURYDUDXQDVHL]L]UD]D
D
W W V
Y FRV D
8WUHQXWNXVXGDUDVNURYRPNRPSRQHQWHEU]LQHYRGHL]QRVH
P P
Y[ Y FRV D Y] Y VLQ D J W Y[ Y]
V V
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
6PMHUEU]LQHYRGHXWUHQXWNXVXGDUDVNURYRPUDXQDVHL]L]UD]D
Y]
J DWDQ J GHJ
Y[
3UHPDXYMHWLPD]DGDWNDVWUXMDQMHMHQHYLVNR]QRSDPRHSRVWRMDWLVDPVLODRNRPLWDQDSRYULQXNURYDSUHPD
VOLFL.XWL]PH XEU]LQHLVLOHUDXQDVHSUHPDL]UD]LPD
S S
I E J I E J I GHJ
U 4 Y[ Y] FRV I
) ) 1
,VSLW]DGDWDN
2GUHGLWH SUHWODN S0 SUL NRMHP VH RWYDUD VLJXUQRVQL YHQWLO
SUHPDVOLFLPDVHP JWHSUHWODNS0SULNRMHPVHVLJXUQRVQL
YHQWLO]DWYDUD=DGDQRMHG FP' FPG FPU J
NJP G G
S D
'
G
S S
0 VSUHPQLN
0
G S
S 0 P J
P J
S 0 S 0 u 3D
G S
8 VOXDMX NDGD MH YHQWLO RWYRUHQ XVSRVWDYOMD VH VWUXMDQMH SD SRWUHEQH YHOLLQH UDXQDPR SRPRX MHGQDGEH
NRQWLQXLWHWD%HUQRXOOLMHYHMHGQDGEHLMHGQDGEHNROLLQHJLEDQMD
S 0 Y Y G S
U J
J J
Y
Y
G S
P J , S0 U Y G S
S 0 Y Y G
Y G
S 0 U Y U
U J J J G G
Y G G S
P J U
G
%U]LQXUDXQDPRL]L]UD]D
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
PJ P G
P
Y Y Y Y Y
G V G
V
G S U
G
3UHWODNXVSUHPQLNXUDXQDPRL]%HUQRXOOLMHYHMHGQDGEH
U Y
S0 Y S 0 S 0 3D
U J J
,VSLW]DGDWDN
2GUHGLWHUH]XOWDQWQXVLOX)IOXLGDQDOXN$%FMHYRYRGDGXOMLQH/
PSURPMHUD' PPSUHPDVOLFLSULSURWRNX4 OVLSUHWODNXS0% 4 J
EDU X SUHVMHNX % 3UHWSRVWDYLWH NYD]LVWDFLRQDUQR LVWMHFDQMH IOXLGD
=DGDQRMHU NJP+ P
$
+
S0%
,$ '
$
%
S0% +
'
'D EL RGUHGLOL VLOX ) QD OXN $% SRWUHEQR MH SR]QDYDWL WODNRYH L
,% EU]LQH QD SUHVMHFLPD $ L % 3RWUHEQR MH SRVWDYLWL %HUQRXOOLMHYX
% MHGQDGEXLMHGQDGEXNRQWLQXLWHWD
UJ9
S 0$ Y
S 0% Y
+ S 0$ S0% U J + S 0$ EDU
U J J U J J
4 P
Y Y
' S
V
,PSXOVQHIXQNFLMHQDSUHVMHFLPD$L%VHUDXQDMXL]L]UD]D
,$ S0$ U Y
' S
,% S0% U Y
' S
,$ 1 ,% u 1
9ROXPHQIOXLGDXOXNX$%MHGQDNMH
' S
9$% / 9$% P
6LODQDOXN$%UDXQDVHL]MHGQDGEHNROLLQHJLEDQMD
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
)[ ,% )[ u 1 )] ,$ U J 9$% )] u 1
)]
) )[ )] ) u 1 D DWDQ D GHJ
)[
,VSLW]DGDWDN
'YD POD]D YRGH GUH X UDYQRWHL NRFNX PDVH P ]JOREQR
YH]DQDXWRFL22GUHGLWHPDVXNRFNHDNRMHNRFNDQDJQXWD]D
D
D 3UHWSRVWDYLWH QHYLVNR]QR VWUXMDQMH D PDVH POD]RYD D
]DQHPDULWH=DGDQRMHU NJPY PVG P J
D
,]JHRPHWULMHMHRLWR
2
S
I D I GHJ Y
Y D
D
D D FRV I
N N G G
FRV I VLQ I
D D
D J D
J
M
D D
N
M 2 2
) N
)
D
Y Y
D
G
M G
.DNRMHULMHRQHYLVNR]QRPVWUXMDQMHQHPRJXHMHSUHQLMHWLWDQJHQFLMDOQXNRPSRQHQWXVLOHQDSRYULQX3UHPDWRPH
VLOD)L)PRUDMXELWLRNRPLWHQDSRYULQHSUHPDVOLNDPD,PSXOVQHIXQNFLMHGLMHODPOD]DQDNRQVXGDUDVNRFNRP
QLNDNR QH VXGMHOXMX X QRUPDOQRM NRPSRQHQWL VLOH QDOD]H VH X UDYQLQL RNRPLWRM QD VLOX ,PSXOVQD IXQNFLMD POD]D
MHGQDNDMH
G S
, U Y , 1
6LOH)L)MHGQDNHVX
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
0DVXNRFNHRGUH XMHPRL]XYMHWDGDMHVXPDPRPHQWDRNRWRNH2MHGQDNDQXOL
D
PN J FRV D ) N ) N
D D D FRV I
PN J FRV D , FRV I , VLQ I
FRV I VLQ I
,
PN FRV I PN NJ
J FRV D
,VSLW]DGDWDN
2GUHGLWH VLOX QD MHGQX ORSDWLFX X UHHWFL MHGLQLQH
LULQH NRMD VNUHH VWUXMDQMH ]UDND ]D NXW D
3UHWSRVWDYLWHVWUXMDQMHQHYLVNR]QRJIOXLGD=DGDQRMHY
PVS0 EDUDU NJPW PP Y
W
S
, Y W
)S D
S D
Y ,
,] MHGQDGEH NRQWLQXLWHWD PRJXH MH L]UDXQDWL
EU]LQXY
D Y W Y D Y W Y W VLQ D
Y P
Y Y
VLQ D V
,]%HUQRXOOLMHYHMHGQDGEHPRJXHMHL]UDXQDWLSUHWODNS0
S 0 Y S 0 Y
U J J U J J
S 0 S 0 Y U Y U S 0 EDU
,PSXOVQHIXQNFLMHNDRLVLOD)SSUHWODNDS0UDXQDMXVHL]L]UD]D
, S0 U Y W%
, u 1
, S0 U Y WVLQD %
, u 1
)S S 0 W FRV D % )S 1
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
6LOHQDORSDWLFXUDXQDPRL]L]UD]D
) )[ )\ ) 1
)\
I DWDQ I GHJ
)[
,VSLW]DGDWDN
2GUHGLWH SUHWODN X VSUHPQLNX X NRML XWMHH IOXLG SURWRNRP 4
PVGDELVLODQDQDJORSURLUHQMHELODMHGQDNDQXOL6YHOLQLMVNH S0
JXELWNH ]DQHPDULWH D RG ORNDOQLK JXELWDND X]PLWH X UD]PDWUDQMH J
JXELWDNXODVNDXYHOLNLVSUHPQLNLJXELWDNQDJORJSURLUHQMD=DGDQR
MHG P' PK PU NJP
K
4 '
G
%HUQRXOOLMHYDMHGQDGEDRGXOD]QHFLMHYLGRSRYULQHVSUHPQLND U
SRGWODNRP
S 0 Y S 0 Y Y
K . 13
U J J U J J J
%HUQRXOOLMHYDMHGQDGEDRGXOD]QHFLMHYLGRWRNHQHSRVUHGQRL]DQDJORJSURLUHQMD
S 0 Y S 0 Y Y
. 13
U J J U J J J
,]RYHGYLMHMHGQDGEHVOLMHGLUHODFLMD
S 0 U J K S 0
-HGQDGEDNRQWLQXLWHWDLL]UD]]DNRHILFLMHQWJXELWNDQDJORJSURLUHQMD
4 4 $
Y Y .13
' S
G S
$
, ,
8YUWHQRX%HUQRXOOLMHYXMHGQDGEX
S 0 4
S 0 G 4
4
U J U J
G S J ' G S J ' S J
4 U
G G
4 U G
G
S 0 S 0 U J K S 0
G S ' ' G S ' '
-HGQDGEDNROLLQHJLEDQMD]DQDJORSURLUHQMHXYMHW]DGDWNDMHGDVLOD)PRUDELWLMHGQDNDQXOL
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
) , , S 0 U Y
G S S 0 U Y
'S
4 U G
G
4 G S
4 ' S
U J K S 0 U U J K S 0 U
G S ' S
G S ' '
4 U
S 0 U U J K 4 S0 EDU
' S
G S '
,VSLW]DGDWDN
2GUHGLWHNXWJL]XYMHWDGDVLODIOXLGDJXVWRHU NJP
QDUDYQXSORXEXGHPDNVLPDOQD3UHWSRVWDYLWHVWUXMDQMHLGHDOQRJ \ Y Y
IOXLGD=DQHPDULWHXWMHFDMVXGDUDPOD]DXVUHGLQLSORH=DGDQRMH G
G
Y PVG PY PVG PD E E
D
J
[
,PSXOVQHIXQNFLMHPOD]RYDYRGHUDXQDMXVHL]L]UD]D \
, ,
G Y
G
G S Y E
, U Y , 1 D ) [
,
G S J
, U Y , 1
,
3UHPD XYMHWX ]DGDWND SUHWSRVWDYOMD VH VWUXMDQMH QHYLVNR]QRJ IOXLGD SD VH QD SORX QH PRH SUHQLMHWL VLOD X
VPMHUXNRRUGLQDWH[6LOD)PRUDELWLRNRPLWDQDSORX-HGQDGEDNROLLQHJLEDQMDGDQDMHL]UD]RP
) , VLQ D J , VLQ E J
0DNVLPXPVLOHWUDLVHGDVHSUYDGHULYDFLMDVLOH)SRNXWXJL]MHGQDLVQXORP
G
GJ
)
G
GJ
,VLQD J ,VLQE J , FRV D J , FRV E J
, FRV D , FRV E
J DWDQ J GHJ
, VLQ D , VLQ E
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
,VSLW]DGDWDN
1D YHOLNL VSUHPQLN SUHPD VOLFL SULNOMXHQR MH NROMHQR V
POD]QLFRP 1HSRVUHGQR SULMH NROMHQD XJUD HQ MH PDQRPHWDU NRML S0
SUL ]DWYRUHQRM POD]QLFL SRND]XMH SUHWODN S0 EDU D NDGD VH
POD]QLFD RWYRUL SUHWODN SDGQH QD S0 EDU 8] SUHWSRVWDYNX
QHYLVNR]QRJ VWUXMDQMD RGUHGLWH NROLND MH WDGD VLOD QD NROMHQR L
POD]QLFX =DGDQR MH ' PPU NJPD K J
P9ROXPHQYRGHXNROMHQXLPOD]QLFL9 GP
S0 G
' D
K
,]XYMHWDGDPDQRPHWDUSRND]XMHSUHWODNS0 EDU]D]DWYRUHQXPOD]QLFXPRJXHMHRGUHGLWLWRWDOQLSUHWODN
X VSUHPQLNX WRWDOQL SUHWODN XNOMXXMH L YLVLQX YRGH X VSUHPQLNX NRML MH MHGQDN S0 EDU 3RPRX
%HUQRXOOLMHYHMHGQDGEHRGVSUHPQLNDGRXOD]DXPOD]QLFXPRJXHMHRGUHGLWLEU]LQXQDXOD]XXPOD]QLFX
S 0 S 0 Y
S0 S0
Y Y PV
U J U J J U
3RPRX %HUQRXOOLMHYH MHGQDGEH RG VSUHPQLND GR L]OD]D L] POD]QLFH PRJXH MH RGUHGLWL EU]LQX QD L]OD]X L]
POD]QLFH
S 0 Y
S0 K U J
K Y Y PV
U J J U
,]MHGQDGEHNRQWLQXLWHWDPRJXHMHRGUHGLWLL]OD]QLSURPMHUPOD]QLFH
Y
' S G S
Y Y G ' G P
Y
,
] G
,PSXOVQHIXQNFLMHLVLOHUDXQDPRL]L]UD]D D
K '
, S0 U Y 'S
, u NJ PV
,
[
,
U Y
G S
, u NJ PV
)[ , , FRV D )[ u NJ PV
)] U J 9 , VLQ D )] NJ PV
)]
)5 )[ )] )5 u NJ PV E DWDQ ) E
[ S
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
,VSLW]DGDWDN
SD EUDQD
,
.RQWUROQL
'D EL L]UDXQDOL LPSXOVQH IXQNFLMH SRWUHEQR MH RGUHGLWL
YROXPHQ
EU]LQXLVSUHGEUDQHLEU]LQXQDSUHOMHYX,]NRVRJKLFDUDXQDPR
EU]LQXQDSUHOMHYXEUDQH
W J /
Y W / J K K K K K K
Y
/ K K K J
Y Y PV
K K K
%U]LQDLVSUHGEUDQHUDXQDVHL]MHGQDGEHNRQWLQXLWHWD
K
Y K K
Y K Y Y Y PV
K K
6LODQDEUDQXMHGLQLQHLULQH%L]QRVL
K K
U Y K K %
, U J , u 1
K
, U J U Y K % , 1
) , , ) u 1
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
,VSLW]DGDWDN
J 2GUHGLWHNRMRPVLORP)WUHEDRSWHUHWLWLNOLSSURPMHUDG FP
S D
GDELVHVSXWDREU]LQRPY PVXFLOLQGUXSURPMHUD' FP
G LVSXQMHQRJ YRGRP JXVWRH U NJP 3UHWSRVWDYLWH VWUXMDQMH
LGHDOQRJ IOXLGD 8SXWD NRRUGLQDWQL VXVWDY SRVWDYLWH UHODWLYQR X
RGQRVXQDNOLS
) Y
Y
,
U
' \
[
Y
-HGQDGEDNRQWLQXLWHWDSRVWDYOMHQD]DNRRUGLQDWQLVXVWDYNRMLVHJLEDVDVWDSRP
,
' GS
' S
Y Y
,]MHGQDGEHNRQWLQXLWHWDRGUH XMHVHL]OD]QDEU]LQD
'
Y Y Y PV
'
G
,]%HUQRXOOLMHYHMHGQDGEHRGUH XMHVHSUHWODNQDSRYULQLFLOLQGUD
S 0
Y
Y
S 0
Y
Y
U S 0 EDU
U J J J
6LODQDHORVWDSDMHGQDNDMHUD]OLFLLPSXOVQLKIXQNFLMD
'S U Y '
) S0 U Y
G S
) 1
,VSLW]DGDWDN
S
,]PH X GYD YHOLND DNXPXODFLMVND MH]HUD XJUD HQD MH
D
K
PK PG PG PU NJP
G K
GLIX]RU
K
U
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
$NRSRVWDYLPR%HUQRXOOLMHYXMHGQDGEXL]PH XJRUQMHJLGRQMHJVSUHPQLNDPRJXHMHL]UDXQDWLSURWRNNUR]
WXUELQX
4 Y 4
K K7
Y K K7 4 G S J 4 P V
G S J
G S J J
%U]LQHQDXOD]XLL]OD]XL]GLIX]RUDUDXQDMXVHL]MHGQDGEHNRQWLQXLWHWD
4 Y 4
K K7
Y K K7 4 G S J 4 P V
G S J
G S J J
3RVWDYOMDQMHP%HUQRXOOLMHYLKMHGQDGELGRXOD]DLL]OD]DL]GLIX]RUDPRJXHMHL]UDXQDWLWODNRYHQDXOD]QRPL
L]OD]QRPSUHVMHNXGLIX]RUD
S 0 Y
K K 7 K
U J J
Y
S 0 K K7 K U J S 0 EDU
J
S 0 Y
K K 7 K K
U J J
Y
S 0 K K7 K K U J S 0 EDU
J
3R]QDMXLEU]LQHLWODNRYHQDXOD]QLPLL]OD]QLPSUHVMHFLPDGLIX]RUDPRJXHMHL]UDXQDWLLPSXOVQHIXQNFLMH
,
G S
,
S 0 U Y
, u 1
9
9 K
K
,
S 0 U Y
G
S
, u 1
,
6LODKLGURVWDWVNRJWODNDVYDQMVNHVWUDQHGLIX]RUDMHGQDNDMHWHLQLYRGHNRMD]DX]LPDSURVWRUL]PH XGLIX]RUDL
VORERGQHSRYULQH6LOXXVOLMHGJLEDQMDIOXLGDPRHVHL]UDXQDWLSRPRXLPSXOVQLKIXQNFLMD
)YDQMVNL U J 9 )XQXWUDQML , , U J 9
8NXSQDVLODQDGLIX]RUGRELMHVH]EUDMDQMHPRYLKGYDMXVLOD
G S G S
, , U K K
) )YDQMVNL )XQXWDUQML ) K J ) u 1
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
,VSLW]DGDWDN
SD J
2GUHGLWHYLVLQXRWYRUDKGDELVLODNRMDSULGUDYDSUHJUDGQXVWMHQNX )
]JOREQR YH]DQX X WRFL $ ELOD PDNVLPDOQD WH RGUHGLWH L]QRV VLOH
3UHWSRVWDYLWH VWUXMDQMH QHYLVNR]QRJ IOXLGD =DGDQR MH + P G U +
PU NJPE P G
SD J
) K
E
U +
G Y[ $
,
\ ,]QRVNRPSRQHQWHEU]LQHY VHL]UDXQDYDL]7RUULFHOOLMHYHIRUPXOH
[
K
Y[ J + K
E
3RPRXMHGQDGEL]DNRVLKLWDF
$
J E J E
\ W W \
Y[ J + K
6XPDPRPHQDWDRNRWRNH$PRUDELWLMHGQDNDQXOL
) K + , FRV D K \
$NRXYUVWLPRYULMHGQRVWLPSXOVQHIXQNFLMH
) K + , FRV D K \
) K + U Y 4 FRV D K \
) K + U Y[ 4 K \
,]YRGLVHMHGQDGED]DVLOX)KXIXQNFLMLRGYLVLQHK
G S
J E
) K + U J + K K
J + K
) K
K + K E S G U J
+
0DNVLPXPIXQNFLMH)KGRELYDVHL]L]UD]D
G
) K + K S G U J
GK +
2GQRVQRYLVLQDK]DNRMXMHVLOD)KPDNVLPDOQD
+
K K P
) K
K + K E S G U J
) K 1
+
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
,VSLW]DGDWDN
=D ]DXVWDYOMDQMH NROLFD PDVH PN NJ NRMD VH X J
SRHWQRP WUHQXWNX NUHX EU]LQRP Y NPK NRULVWL VH
ORSDWLFDMHGLQLQHLULQH2GUHGLWHGXOMLQXSXWDSRWUHEQRJGDEL D
Y
NROLFDXVSRULODQDSRODSUYRELWQHEU]LQHDNRVHORSDWLFDSUHPD
VOLFLXURQLGRGXELQHD FP3UHWSRVWDYLWHNYD]LVWDFLRQDUQR
VWUXMDQMH QHYLVNR]QRJ IOXLGD 8SXWD 3UHWSRVWDYLWH GD VH K
NRRUGLQDWQLVXVWDYJLED]DMHGQRVNROLFLPD=DGDQRMHD
U NJP
D
3UHPDGUXJRP1HZWRQRYRP]DNRQX
G
P N Y )
GW
$NRXYUVWLPR]DVLOXNRHQMDLPSXOVQHIXQNFLMH J ,
Y
G D
PN Y )
, , FRV D YNROLFD
GW
G
U Y D E FRV D
K
PN Y
GW
5DGLODNHJ]DSLVDXYRGLPRNRQVWDQWX&,QWHJULUDQMHP Y D ,
VHL]YRGHL]UD]L
FRV D GY GY
& D E U & Y & GW & W &
PN GW Y
Y
.RQVWDQWX&RGUH XMHPRL]XYMHWDGDMHXWUHQXWNXW EU]LQDELODY Y
Y Y &
& W & & & Y
%U]LQDNROLFDXIXQNFLMLYUHPHQDGDQDMHL]UD]RP
Y
Y Y
& W
& W Y
Y
,]RYRJL]UD]DODNRVHGRELMHYULMHPHNRHQMDNDGDEU]LQDY YSRVWLJQHSRORYLFXSUYRELWQHYULMHGQRVWL
Y Y
W W V
& Y W & Y
,QWHJULUDQMHPL]UD]D]DEU]LQXEU]LQDMHGHULYDFLMDSXWDSRYUHPHQXGRELMHVHSXWNRHQMD
G Y OQ & W Y
[ Y [ [ P
GW & Y W &
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
,VSLW]DGDWDN
2GUHGLWH VLOX IOXLGD QD UDYQX SORX MHGLQLQH
LULQHSUHPDVOLFLDNRDPDFYXHSORXEU]LQRPY DPDF SD
PV .ROLND MH SRWUHEQD VQDJD" 3UHWSRVWDYLWH
VWUXMDQMH LGHDOQRJ IOXLGD WH ]DQHPDULWH XWMHFDM D
Y
JUDYLWDFLMH=DGDQRMHU NJPK PP
K
D
U
,
DPDF 5 SD
.RQWUROQL YROXPHQ R]QDHQ MH QD VOLFL FUYHQRP
D LVFUWNDQRP OLQLMRP ,PSXOVQD IXQNFMD UDXQD VH SUHPD
L]UD]X
, K
, U Y K %
Y
U 6LODXKRUL]RQWDOQRPVPMHUXMHGQDNDMH
)[ , , FRV D )[ 1
.DNRMHXYMHWRP]DGDWNDSUHWSRVWDYOMHQRVWUXMDQMHQHYLVNR]QRJIOXLGDVLOD5PRUDELWLRNRPLWDQDSORXQHPD
WUHQMDSDQDPDQLVLOHXVPMHUXSORH
)[
5 5 1
VLQ D
6QDJDSRWUHEQD]DYXXSORHMHGQDNDMH
3 )[ Y 3 :
,VSLW]DGDWDN
D D D
2GUHGLWH VLOX QD VSRMQLFX UDYX NRMD VSDMD VYD WUL SD
UH]HUYRDUD 3UHWSRVWDYLWH VWUXMDQMH QHYLVNR]QRJ IOXLGD WH J
]DQHPDULWH WHLQX YRGH X VSRMQLFL 3UHWSRVWDYLWH GD VH YLVLQH S0
P
QLYRD X UH]HUYRDULPD MHGLQLQH LULQH QH PLMHQMD NDGD VH K
XVSRVWDYLVWDFLRQDUQRVWUXMDQMH=DGDQRMHK PK U
PK PG PPS0 EDUDP NJD P K
G K G
U NJP
#
G
G
=DRGUH LYDQMHVPMHURYDVWUXMDQMDXVLVWHPXSRWUHEQRMHRGUHGLWLSLH]RPHWDUVNHYLVLQHXWULVSUHPQLND
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
K S K KS P
P
K S K KS P
U D %
S0
K S K KS P
U J
=ERJ QDMYHH SLH]RPHWDUVNH YLVLQH RLWR MH GD IOXLG VWUXML L] GHVQRJ VSUHPQLND X SUHRVWDOD GYD VSUHPQLND
3RPRXSLH]RPHWDUVNLKYLVLQD7RUULFHOOLMHYHIRUPXOHLMHGQDGEHNRQWLQXLWHWDPRJXHMHL]UDXQDWLEU]LQHXUDYL
J K S KS
Y Y PV
J K S KS
Y Y PV
Y Y Y Y PV
3RPRX%HUQRXOOLMHYHMHGQDGEHPRJXHMHL]UDXQDWLWODNRYHQDSULNOMXQLPSULUXEQLFDPDUDYH
Y
S 0 U J K S U S 0 EDU
Y Y
S 0 S 0 U U S 0 EDU
Y Y
S 0 S 0 U U S 0 EDU
6LODQDUDYXMHGQDNDMH]EURMXVYHWULLPSXOVQHIXQNFLMHNRMHVXRULMHQWLUDQHSUHPDXQXWUDQMRVWLUDYH
)] S0 U Y G S S0 U Y G S S0 U Y G S
)] 1
SD
,VSLW]DGDWDN J
2GUHGLWH KRUL]RQWDOQX VLOX QD FMHYRYRG SUHPD
VOLFL .UDM FLMHYL SRVWDYOMHQ KRUL]RQWDOQR QD YLVLQL [ +
RGUHGLWH L] XYMHWD GD MH GRPHW / POD]D YRGH U
NJPPDNVLPDODQ 3UHWSRVWDYLWH VWUXMDQMH UQ / N
QHYLVNR]QRJIOXLGD=DGDQRMH' P/ P [
K P+ P
' /
K
$NRSRVWDYLPRMHGQDGEH]DNRVLKLWDF
J J /
Y W / K[ W K[
Y
L%HUQRXOOLMHYXMHGQDGEX
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
Y
+ [
J
L]YRGLVHXGDOMHQRVW/XIXQNFLMLYLVLQH[
K [ Y J + [ K [
/R /
J J
J + [ K [
I [
J
7UDHLHNVWUHPIXQNFLMHI[L]UDXQDYDVHYLVLQD[]DNRMX/LPDHNVWUHP
I [ + K + [ [ K [
G
I [ + K [
G[
[ + K [ P
=DWDNRL]UDXQDWXYLVLQX[SRPRX%HUQRXOOLMHYHMHGQDGEHL]UDXQDYDVHEU]LQDVWUXMDQMDXFLMHYL
Y
+[ Y J + [ Y PV
J
=ERJMHGQROLNRVWLSURILODFLMHYLEU]LQDMHXVYLPSUHVMHFLPDLVWD%HUQRXOOLMHYDMHGQDGEDRGSRHWNDGRNUDMD
FLMHYLJODVL
S 0
Y Y
[ S0 U J [ S0 EDU
U J J J
3R]QDMXLWODNQDXOD]XFLMHYODNRMHL]UDXQDWLLVLOXQDFLMHYL]UD]OLNHLPSXOVQLKIXQNFLMDQDXOD]XLL]OD]XL]
FLMHYL
) S 0 U Y
' S
U Y
' S
) 1
,VSLW]DGDWDN
0OD] YRGH JXVWRH U NJP VWUXMX NUR]
JXPLFD
$ FMHYLFX $ SURPMHUD G PP L XGDUD X JXPLFX
]DWYDUDDYRGHXYRGRNRWOLX3RGL]DQMHPUD]LQHYRGHX
YRGRNRWOLX SRGLH VH L SORYDN NRML SUHNR SROXMD
G ]DQHPDULYH WHLQH VDYODGDYD VLOX POD]D YRGH ) L
SD SULEOLDYD JXPLFX RWYRUX FMHYLFH 3UHWSRVWDYLWH
K VWDFLRQDUQRVWUXMDQMHLGHDOQRJIOXLGDWHMHGQROLNHSURILOH
J
EU]LQD 2GUHGLWH NROLNR SXWD MH VLOD SRWUHEQD ]D
5 ]DWYDUDQMH RWYRUH FMHYLFH YHD RG VLOH SRWUHEQH ]D
SD SORYDN 2 GUDQMH JXPLFH X ]DWYRUHQRP VWDQMX DNR MH WRWDOQL
SUHWODNYRGRYRGDS0 EDUD=DGDQRMHK FP/
/
FP5 FP
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
1HSRVUHGQR SULMH ]DWYDUDQMD FMHYLFH VLOX )[$ UDXQDPR SRPRX MHGQDGEH
NROLLQHJLEDQMDLLPSXOVQLKIXQNFLMD ,
G S
)[$ , )[$ U Y )[$ ,
,]%HUQRXOOLMHYHMHGQDGEHRGWRNHVWRWDOQLPSUHWODNRPGRWRNHQHSRVUHGQR
QDL]OD]XL]FMHYLFHPRJXHMHRGUHGLWLEU]LQX
S 0 Y S 0
Y ,
U J J U
8VOXDMXSRWSXQRJ]DWYDUDQMDQDJXPLFXGMHOXMHVDPRVLODSUHWODND
G S
) [% S 0
2PMHUWLKGYDMXVLODMHGQDNMH
G S
S0 G S
)[$
U Y )[$
U )[$
U
)[% G S
)[% G S
)[%
S0 S0
,VSLW]DGDWDN
E 8 KRUL]RQWDOQRM UDYQLQL QDOD]L VH GYRNUDND UDYD
SUHPD VOLFL 2GUHGLWH VLOX IOXLGD QD UDYX DNR MH VLOD
POD]D QD UDYQX SORX ) 1 3UHWSRVWDYLWH
SD )
' QHYLVNR]QRVWUXMDQMHIOXLGD=DGDQRMH' PPU
NJPD E J
'
J E
E
)
SD
D
'
, UY'S
, ,
J
E
, 6LOD ) MHGQDND MH LPSXOVQRM IXQNFLML , ,] MHGQDGEH NROLLQH
D
JLEDQMD]DUDYQXSORXPRJXHMHL]UDXQDWLEU]LQXVWUXMDQMDY
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
' S
) U Y Y U S ) Y PV
U ' S
3RPRX GYLMH %HUQRXOOLMHYH MHGQDGEH L MHGQDGEH NRQWLQXLWHWD PRJXH MH L]UDXQDWL VYH EU]LQH L WODNRYH
SRWUHEQH]DL]UDXQDYDQMHVLOHQDUDYX
S 0 Y Y S0 Y Y
Y Y
U J J J U J J J
' S ' S ' S
Y Y Y Y Y Y Y PV
Y Y
S 0 U J S 0 EDU
J J
L]MHGQDGEHNROLLQHJLEDQMD]DUDYXPRJXHMHL]UDXQDWLVLOX)
, S0 U Y 'S
,
U Y
' S
,
U Y
' S
)\
) )[ )\ ) u 1 I DWDQ I GHJ
)[
,VSLW]DGDWDN
2GUHGLWHIXQNFLRQDOQX]DYLVQRVWVLOH)POD]DYRGHQDSORXRGNXWDD
QDJLED SORH 3UHWSRVWDYLWH QHYLVNR]QR VWUXMDQMH IOXLGD WH VWUXMDQMH X G
KRUL]RQWDOQRMUDYQLQL=DGDQRMHG PPG PPY PVY
PVU NJPJXVWRDIOXLGD
Y
,
) \
D
D \
I [
[ Y D
, D
G
,PSXOVQHIXQNFLMHRULMHQWLUDQHVXSUHPDXQXWUDDSRL]QRVXMHGQDNHVX
G S G S
, U Y , U Y
, 1 , 1
,]XYMHWDQHYLVNR]QRJVWUXMDQMDIOXLGDVOLMHGLGDMHVLOD)RNRPLWDQDSORXWHSRL]QRVXMHGQDND
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
S
) , VLQ D , FRV D I D
)[ ) VLQ D
)\ ) FRV D
,VSLW]DGDWDN
2GUHGLWHVLOXQDMHGQXORSDWLFXXUHHWFLMHGLQLQHLULQH
NRMD VNUHH VWUXMDQMH ]UDND ]D NXW D 3UHWSRVWDYLWH
VWUXMDQMH QHYLVNR]QRJ IOXLGD =DGDQR MH Y PV S0
EDUDU NJPW PP Y
W
S
, Y W
D
)S
S D
Y ,
D
,]MHGQDGEHNRQWLQXLWHWDPRJXHMHL]UDXQDWLEU]LQXY
Y
Y W VLQ D
Y W Y D Y W Y Y PV
VLQ D
L]%HUQRXOOLMHYHMHGQDGEHPRJXHMHL]UDXQDWLSUHWODNS0
S 0 Y S 0 Y
U J J U J J
S 0 S 0 Y U Y U S0 EDU
,PSXOVQHIXQNFLMHNDRLVLOD)SSUHWODNDS0UDXQDMXVHL]L]UD]D
, S0 U Y W%
, u 1
, S0 U Y WVLQD %
, 1
)S S 0 W FRV D % )S 1
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
6LOHQDORSDWLFXUDXQDPRL]L]UD]D
) )[ )\ ) 1
)\
I DWDQ I GHJ
)[
,VSLW]DGDWDN
2GUHGLWHNRMRPVLORP)WUHEDRSWHUHWLWLNOLSSURPMHUDG FP
J SD GDELVHVSXWDREU]LQRPY PVXFLOLQGUXSURPMHUD' FP
LVSXQMHQRJ YRGRP JXVWRH U NJP 3UHWSRVWDYLWH VWUXMDQMH
G
LGHDOQRJ IOXLGD 8SXWD NRRUGLQDWQL VXVWDY SRVWDYLWH UHODWLYQR X
RGQRVXQDNOLS
Y
) Y
,
\
U
' [
Y
-HGQDGEDNRQWLQXLWHWDSRVWDYOMHQD]DNRRUGLQDWQLVXVWDYNRMLVHJLEDVDVWDSRP ,
' S ' GS
Y Y
,]MHGQDGEHNRQWLQXLWHWDRGUH XMHVHL]OD]QDEU]LQD
'
Y Y Y PV
' G
,]%HUQRXOOLMHYHMHGQDGEHRGUH XMHVHSUHWODNQDSRYULQLFLOLQGUD
S 0
Y
Y
S 0
Y
Y
U S 0 EDU
U J J J
6LODQDHORVWDSDMHGQDNDMHUD]OLFLLPSXOVQLKIXQNFLMD
'S U Y '
) S0 U Y
G S
) 1
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
G
,VSLW]DGDWDN
2GUHGLWH VLOX ) QD NROMHQR X KRUL]RQWDOQRM UDYQLQL
SUHPD VOLFL 3UL L]UDGL ]DGDWND SRWUHEQR MH ]DQHPDULWL VYH Y
U
JXELWNH WUHQMD D X]HWL X RE]LU NRHILFLMHQWH LVSUDYND NROLLQH
YPD[ 5
JLEDQMDLNLQHWLNHHQHUJLMH3URILOEU]LQHXFLMHYL]DGDQMHQD
VOLFL=DGDQRMHS EDU4 OV' FPG
0
FPU NJPP 3DV Y U
YPD[ 5
4 '
=D SDUDEROLQL SURILO QD XOD]X X NROMHQR UDXQDPR
VUHGQMX EU]LQX WH NRHILFLMHQWH LVSUDYND NROLLQH JLEDQMD L
NLQHWLNHHQHUJLMHSUHPDL]UD]LPD
5
5
U
4 Y U S GU 4 Y
PD[ U S GU 4 YPD[ 5 S
5
YVU 5 S YPD[ 5 S YVU YPD[
D Y G$
YVU $
E Y G$
YVU $
5
5
D Y U S GU E Y U S GU
YVU 5 S YVU 5 S
5
5
U
U
D YPD[ U S GU E YPD[ U S GU
YVU 5 S 5 YVU 5 S 5
D YPD[
YVU
E YPD[
YVU
D
E
=DHNVSRQHQFLMDOQLSURILOQDL]OD]XL]NROMHQDUDXQDPRVUHGQMXEU]LQXWHNRHILFLMHQWHLVSUDYNDNROLLQHJLEDQMD
LNLQHWLNHHQHUJLMHSUHPDL]UD]LPD
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
5
5 U
YPD[ U S GU
4 Y U S GU 4 4 5 YPD[ S
5
YVU 5 S 5 YPD[ S YVU YPD[
5
5
D Y U S GU E Y U S GU
YVU 5 S YVU 5 S
5
5
U U
D YPD[ U S GU E YPD[ U S GU
YVU 5 S
5 YVU 5 S
5
D YPD[ E YPD[
Y VU
Y VU
D YPD[ E YPD[
YPD[ YPD[
D E
8SRWUHERP %HUQRXOOLMHYH MHGQDGEH UDXQDPR WODN QD NUDMX NROMHQD D SULPMHQRP MHGQDGEH NROLLQH JLEDQMD
VLOHQDNROMHQR
D D E E
S0 S 0
4 4
D D
U J U J
' S J G S J
S0 4
4
S 0 D D U J S0 EDU
U J
'
S
J
G
S
J
4 ' S
4 G S
)[ S
0 U E
)\ S
0 U E
' S G S
)[ 1 )\ 1
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
,VSLW]DGDWDN
2GUHGLWH KRUL]RQWDOQX VLOX ) QD EUDQX SUHPD VOLFL SD
J
3RVWDYOMDQMHP%HUQRXOOLMHYHMHGQDGEHL]PH XWRDNDLVSUHGLL]DEUDQH
Y Y
+ K
J J
WHX]XSRWUHEXMHGQDGEHNRQWLQXLWHWD
4 4
Y / + Y / K 4 Y Y
/ + / K
PRJXHMHL]UDXQDWLSURWRN4NUR]EUDQXWHEU]LQHVWUXMDQMD
4 4 J + K
+ K 4 / 4 P V
J / +
J / K
K +
4 4
Y Y Y PV Y PV
/ + / K
3RVWDYOMDQMHPLPSXOVQLKIXQNFLMDL]UDXQDYDVHVLODQDEUDQX
,
,
, U J + U Y / + , U J K U Y / K
, u 1 , u 1
)[ , , )[ u 1
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
,VSLW]DGDWDN
' 2GUHGLWH DNVLMDOQX VLOX QD YHQWLODWRU NRML XEDFXMH VYMHL ]UDN
JXVWRH U NJP SURWRNRP 4 PV X SURVWRULMX
3UHWSRVWDYLWHQHYLVNR]QRVWUXMDQMHIOXLGD=DGDQRMH' PPS0
3DSUHWODNXSURVWRULML
S0
SD J
%U]LQDVWUXMDQMDNUR]YHQWLODWRUL]UDXQDYDVHL]L]UD]D
4
Y Y PV
' S
3RVWDYOMDQMHP %HUQRXOOLMHYH MHGQDGEH RG WRNH L]YDQ SURVWRULMH NUR] FMHYRYRG GR WRNH XQXWDU SURVWRULMH
L]UDXQDYDVHYLVLQDGREDYHYHQWLODWRUD
S 0 S 0
Y Y
KY KY KY P
U J J U J J
3RVWDYOMDQMHP %HUQRXOOLMHYH MHGQDGEH RG WRNH QHSRVUHGQR SULMH YHQWLODWRUD GR WRNH XQXWDU SURVWRULMH
L]UDXQDYDVHWODNLVSUHGYHQWLODWRUD
S 0 S 0
Y Y
KY S 0 S 0 U J K Y S 0 u EDU
U J J U J J
3RVWDYOMDQMHP %HUQRXOOLMHYH MHGQDGEH RG WRNH QHSRVUHGQR SULMH YHQWLODWRUD GR WRNH QHSRVUHGQR L]D
YHQWLODWRUDL]UDXQDYDVHWODNL]DYHQWLODWRUD
S0 S 0
Y Y S 0 S 0 U J K Y S 0 u EDU
KY
U J J U J J
3RVWDYOMDQMHPMHGQDGEHNROLLQHJLEDQMDL]UDXQDYDVHDNVLMDOQDVLODQDYHQWLODWRU
) S0 U Y 'S S
0
U Y 'S ) 1
,VSLW]DGDWDN
2GUHGLWH VLOX ) QD UDYX SUHPD VOLFL 3UHWSRVWDYLWH J
QHYLVNR]QR VWUXMDQMH IOXLGD =DGDQR MH K P K SD
P K P K P K P ' PP U
U
SURPMHU VYLK FMHYRYRGD U NJP 9 OLW U
YROXPHQYRGHXUDYL U
K K
K K
8 VOXDMX QHYLVNR]QRJ VWUXMDQMD IOXLG VWUXML RG
G
PMHVWD V QDMYHRP SLH]RPHWDUVNRP YLVLQRP SUHPD K
PMHVWLPD V QLRP SLH]RPHWDUVNRP YLVLQRP ,]
7RUULFHOOLMHYHMHGQDGEHUDXQDPREU]LQHVWUXMDQMD
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
Y J K K Y J K K Y J K K
,]MHGQDGEHNRQWLQXLWHWDUDXQDPREU]LQXVWUXMDQMDXNUDMQMHOLMHYRMFLMHYL
' S ' S ' S ' S
Y Y Y Y Y Y Y Y
Y PV Y PV Y PV Y PV
,]%HUQRXOOLMHYHMHGQDGEHUDXQDPRWODNQDSULUXEQLFLNUDMQMHOLMHYHFLMHYL
Y
S 0 Y
K K S 0 K K U J
J U J J
$QDORJQRUDXQDPRLRVWDOHWODNRYHQHVPLMHVH]DERUDYLWLL]OD]QLJXELWDN
Y S 0 Y
K K
J U J J
S 0 K K U J S 0 K K U J S 0 K K U J
,PSXOVQHIXQNFLMHUDXQDMXVHL]L]UD]D
, S0 U Y 'S
, S0 U Y 'S
, S0 U Y 'S
, S0 U Y 'S
6LODQDUDYXMHGQDNDMH
) U J 9 , , , , ) 1
,VSLW]DGDWDN
'
5 2GUHGLWH VLOX ) QD OLMHYDN SUHPD VOLFL 3UHWSRVWDYLWH VWDFLRQDUQR
SD QHYLVNR]QR VWUXMDQMH IOXLGD WH ]DQHPDULWH WHLQX OLMHYND =DGDQR MH 4
K
OLWV' PG P+ FP5 FPK#U
NJP
U
J +
,]L]UD]D]DSURWRNRGUH XMHVHEU]LQDQDYUKXOLMHYND
G 'S 4
4 Y Y Y PV
'S
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
8 VWDFLRQDUQRP VWUXMDQMX NROLLQD IOXLGD NRMD XOD]L X OLMHYDN PRUD ELWL MHGQDND NROLLQL IOXLGD NRMD L]OD]L L]
OLMHYND
4
Y Y PV
G S
%HUQRXOOLMHYDMHGQDGEDRGSRYULQHQDYUKXOLMHYNDGRGQDOLMHYND
Y
K K P
J
,]JHRPHWULMVNHVOLQRVWLWURNXWDVOLMHGL
K + K
U 5 U P
U 5 +
,PSXOVQHIXQNFLMHLWHLQDIOXLGDXOLMHYNXUDXQDMXVHSUHPDL]UD]LPD
' S G S K U S
, U Y , U Y * U J
6LODQDOLMHYDNMHGQDNDMH
) * , , ) 1
,VSLW]DGDWDN
2GUHGLWH SRPDN VWRFD [ DNR MH EU]LQD VWUXMDQMD Y PV NUR] FLMHY [
SURPMHUD ' P SUHPD VOLFL 3UHWSRVWDYLWH QHYLVNR]QR VWUXMDQMH IOXLGD F
XQLIRUPQHSURILOHEU]LQHQDVYLPSUHVMHFLPDWHNRQVWDQWDQWODNXSUHVMHNX G
8WMHFDMJUDYLWDFLMH]DQHPDULWH=DGDQRMHG PF 1PNUXWRVW
RSUXJHU NJPJXVWRDIOXLGD
,]MHGQDGEHNRQWLQXLWHWDUDXQDVHEU]LQDQDSUHVMHNX
' S ' GS '
Y Y Y Y Y PV Y
' G
'
,]%HUQRXOOLMHYHMHGQDGEHPRJXHMHL]UDXQDWLUD]OLNXWODNRYDQDSUHVMHNXL
S Y S Y
U J J U J J
'S S S 'S
U
Y Y
'S EDU
6LODQDNRQXVMHGQDNDMHUD]OLFLLPSXOVQLKIXQNFLMD
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
' S
' G
' S
) U Y U Y S 'S
'
) S U Y
'S S U Y
G S
S
G S
'S
' GS 'S
) U Y U Y 'S ) 1
3RPDNVHUDXQDL]L]UD]D
)
[ [ P
F
,VSLW]DGDWDN
' 2GUHGLWH )\ NRPSRQHQWX VLOH QD UDYX NRMD VH QDOD]L X
KRUL]RQWDOQRMUDYQLQLSUHPDVOLFLDNRMH)[NRPSRQHQWDVLOHMHGQDND
D E ' QXOL=DGDQRMH4 OVU NJPD E G
PP' PP
\
[
3RWUHEQR MH SRVWDYLWL %HUQRXOOLMHYH MHGQDGEH MHGQDGEX
G
NRQWLQXLWHWD L MHGQDGEX NROLLQH JLEDQMD [ NRPSRQHQWX GD EL
L]UDXQDOLWODNRYHLEU]LQHQDVYLPSUHVMHFLPD
SD
4
S 0/ Y/ Y S 0' Y' Y G S ' S ' S
Y Y/ Y/
U J J J U J J J
,/ VLQ D ,' VLQ E S0/ U Y/ 'S VLQD S0' U Y' 'S VLQE
'RELYHQMHVXVWDYRHWLULMHGQDGEHVHWLULQHSR]QDQLFHNRMLMHSRWUHEQRULMHLWL
G
Y
4
Y' Y
G
Y/ S 0/
U
Y Y/
S 0'
U
Y Y
Y/
G S ' '
U Y Y U Y ' S VLQ D U Y Y G Y U Y G Y ' S VLQ E
/ /
/ /
' '
MHGQDGEXNROLLQHJLEDQMD[NRPSRQHQWDSRWUHEQRMHVUHGLWLLULMHLWL
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
U Y Y U Y VLQ D
U G
/ / Y Y Y /
VLQ E
'
VLQ D G
Y
Y/ VLQE
Y Y
Y/
'
2LWRMHSRWUHEQRULMHLWLNYDGUDWQXMHGQDGEX
D
Y
Y/ VLQ
VLQ E
' Y '
Y G Y G Y/ ' Y/ '
VLQ D VLQ D
D ' ' E Y G ' F ' Y Y ' Y G
VLQ E VLQ E
E E D F P
D Y/ E Y / F Y/ Y/
D V
'UXJR UMHHQMH NYDGUDWQH MHGQDGEH QH GDMH IL]LNDOQR UMHHQMH 3RWUHEQL WODNRYL L EU]LQH L]UDXQDYDMX VH L]
L]UD]D
G
Y' Y
G
Y/ S 0/
U
Y Y/
S 0'
U
Y Y
Y/
' '
P
Y' S 0/ u 3D S 0' u 3D
V
9HUWLNDOQXNRPSRQHQWXVLOHUDXQDPRL]L]UD]DNDRMHKRUL]RQWDOQDNRPSRQHQWDSUHPDXYMHWX]DGDWNDMHGQDND
QXOLWRMHXMHGQRLXNXSQDVLOD
, U Y
G S
,/ S0/ U Y/ 'S
,' S0' U Y' 'S
,VSLW]DGDWDN Y [
2GUHGLWH VLOX ) POD]D YRGH QD SORX SUHPD VOLFL 3UHWSRVWDYLWH E
QHYLVNR]QRVWUXMDQMHIOXLGD=DGDQRMH[ P] PG P
D E U NJP G
]
J SD
D
,]MHGQDGEHNRVRJKLFDPRJXHMHRGUHGLWLEU]LQXQDL]OD]XL]POD]QLFH
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
[
[ [
Y FRV E W
W Y FRV E
Y
]
J J [
W Y VLQ E W [ WDQ E J
] ]
Y FRV E D
D
J [ P [
Y Y W W V
] [ WDQ E FRV E V Y FRV E
,]MHGQDGEHNRVRJKLFDPRJXHMHL]UDXQDWLEU]LQXQHSRVUHGQRLVSUHGSORHNDRLNXWPOD]DYRGHQHSRVUHGQR
LVSUHGSORH
P P
Y[ Y FRV E Y] Y VLQ E J W Y[ Y]
V V
Y] P
J DWDQ J GHJ Y Y[ Y ] Y
Y[ V
=ERJQHSRVWRMDQMDWUHQMDVWUXMDQMHLGHDOQRJIOXLGDQHPDQLNRPSRQHQWHVWUXMDQMDXVPMHUXSORHYHSRVWRML
VDPRNRPSRQHQWDVLOHRNRPLWDQDSORX
G S
4 Y ) U Y 4 VLQ D J ) 1
,VSLW]DGDWDN
)OXLGSUROD]LNUR]ILOWDUSURWRNRP4 PKSULHPX
MHSDGWODNDNUR]ILOWDU'S EDUD2GUHGLWHUH]XOWDQWQX '
J
VLOX)IOXLGDQDILOWDUDNRMHSUHWODNQDXOD]XXILOWDUS0
EDUDDXQXWUDQMLYROXPHQILOWUD9 O=DGDQRMH
' PP' PPU NJP
S0
4
'
9
,
U
' '
, 'D EL VH L]UDXQDOD VLOD QD ILOWDU SRWUHEQR MH L]UDXQDWL WODNRYH L
UJ9
EU]LQHQDSUHVMHFLPDL
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
4 4
Y Y
' S ' S
P P
Y Y
V V
S 0 S 0 'S S 0 u 3D
=DNRQWUROQLYROXPHQSUHPDVOLFLUDXQDMXVHLPSXOVQHIXQNFLMHWHNRPSRQHQWHVLOHSUHPDVOMHGHLPL]UD]LPD
, S0 U Y 'S
)[ , )[ u 1
' S
, S0 U Y
)] , U J 9 )] u 1
)]
)5 )[ )] )5 u 1 D DWDQ D GHJ
)[
,VSLW]DGDWDN
'YD POD]D YRGH GUH X UDYQRWHL NRFNX PDVH P ]JOREQR
YH]DQD X WRFL 2 2GUHGLWH PDVX NRFNHDNRMHNRFNDQDJQXWD
D
]DD 3UHWSRVWDYLWHQHYLVNR]QRVWUXMDQMHDPDVHPOD]RYD D
]DQHPDULWH=DGDQRMHU NJPY PVG P J
D
,]JHRPHWULMHMHRLWR
2
S
I D I GHJ Y
Y D
D
D D FRV I
N N G G
FRV I VLQ I
D D
D J D
J
M
D D
N
M 2 2
) N
)
D
Y Y
D
G
M G
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
.DNRMHULMHRQHYLVNR]QRPVWUXMDQMHQHPRJXHMHSUHQLMHWLWDQJHQFLMDOQXNRPSRQHQWXVLOHQDSRYULQX3UHPDWRPH
VLOD) L) PRUDMXELWLRNRPLWHQDSRYULQHSUHPDVOLNDPD,PSXOVQHIXQNFLMHGLMHODPOD]DQDNRQVXGDUDVNRFNRP
QLNDNR QH VXGMHOXMX X QRUPDOQRM NRPSRQHQWL VLOH QDOD]H VH X UDYQLQL RNRPLWRM QD VLOX ,PSXOVQD IXQNFLMD POD]D
MHGQDNDMH
G S
, U Y , 1
6LOH) L) MHGQDNHVX
D
PN J FRV D ) N ) N
D D D FRV I
PN J FRV D , FRV I , VLQ I
FRV I VLQ I
,
PN FRV I PN NJ
J FRV D
,VSLW]DGDWDN
6LOD RWSRUD SURILOD DYLRQVNRJ NULOD MHGLQLQH LULQH PMHUL VH X
]UDQRPWXQHOXLULQHE P2GUHGLWHVLOXQDSURILODNRVXQD
E SUHVMHFLPDLVQLPOMHQLSURILOLEU]LQHSUHPDVOLFL3UHWSRVWDYLWH
NRQVWDQWDQ WODN QD VYDNRP YHUWLNDOQRP SUHVMHNX =DGDR MH U
Y NJPS0 EDUY PV
S0 E
3URILOEU]LQHQDL]OD]QRPEULGXSURILODDYLRQVNRJNULOD]DGDQMHL]UD]RP
\
Y \ Y
E
,] MHGQDGEH NRQWLQXLWHWD PRJXH MH L]UDXQDWL EU]LQX Y ]ERJ VLPHWULQRVWL X UD]PDWUDQMH MH X]HWD VDPR JRUQMD
SRORYLFDVOLNH
E
E Y \ % G \
Y % Y E % E Y % Y Y
E
.DNR VX SURILOL EU]LQD QD L]OD]QRP EULGX NULOD UD]OLLWL RG SUDYRNXWQLK SRWUHEQR MH X UD]PDWUDQMH X]HWL X RE]LU L
NRHILFLMHQWHLVSUDYNDNROLLQHJLEDQMDLNLQHWLNHHQHUJLMHVUHGQMDEU]LQDQDL]OD]QRPSUHVMHNXMHGQDNDMHYVUHG Y
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
D Y G$ E Y G$
YVU $
YVU $
E E
Y \ % G \ Y \ % G \
D E
E E E E
Y % Y %
D
E
3RPRX%HUQRXOOLMHYHMHGQDGEHPRJXHMHL]UDXQDWLSUHWODNQDL]OD]QRPEULGXNULODNRGSRVWDYOMDQMDMHGQDGEH
SRWUHEQRMHX]HWLXRE]LUYVUHG Y
S 0
U J
Y
J
S 0
U J
D Y
J
S 0 S 0
U
Y D Y
S0 EDU
,]MHGQDGEHNROLLQHJLEDQMDSRPRXLPSXOVQLKIXQNFLMDPRJXHMHL]UDXQDWLVLOXQDNULOR
)[ , , )[ S 0
U Y E % S0 E U Y E %
)[ 1
,VSLW]DGDWDN
2GUHGLWHEU]LQXYNROLFDSRJRQMHQLKPOD]RPYRGHSURPMHUDG
PP3UHWSRVWDYLWHGDVHRWSRU]UDNDUDXQDSUHPDL]UD]X)'
J
&'U]Y$ WH SUHWSRVWDYLWH VWUXMDQMH LGHDOQRJ IOXLGD =DGDQR MH
Y PVD &' $ PU NJPU] D
Y G
NJP Y
3ULUMHHQMXRYRJ]DGDWNDSRWUHEQRMHXYHVWLSRPLQLNRRUGLQDWQLVXVWDYNRMLVHJLEDVDNROLFLPDEU]LQRPY5HODWLYQD
EU]LQDZQDVWUXMDYDQMDIOXLGDQDORSDWLFXMHGQDNDMHZ YY,]MHGQDGEHUDYQRWHHVLODVLODRWSRUDMHGQDNDMHVLOL
GRELYHQRML]MHGQDGEHNROLLQHJLEDQMDXUHODWLYQRPVXVWDYX
U]
G S
, , FRV D FRV D
)' &' Y $ ) U Z
U]
G S
U Y R Y FRV D
&' Y $
5MHHQMHPRYHNYDGUDWQHMHGQDGEHGRELYDVHWUDHQDEU]LQDNROLFDY
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
G S U]
G S
G S
FRV D U &' $ Y Y U FRV D Y FRV D U Y
U]
G S G S G S
FRV D U &' FRV D FRV D U Y
D $ E Y U F
E
E D F
D P
DY EY F Y Y
E V
E D F
D
8VYDMDVHIL]LNDOQRUHDOQRUMHHQMHY PV
,VSLW]DGDWDN
2GUHGLWH VLOX QD UDYX SUHPD VOLFL 3UHWSRVWDYLWH VWUXMDQMH SD
' S G S G P
Y
Y Y
Y Y Y
Y
V
'
3RPRX%HUQRXOOLMHYHMHGQDGEHUDXQDVHSUHWODNQDXOD]QRMSRYULQLXUDYX
S 0 Y U
+ S 0 U J+ Y S 0 EDU
U J J
,PSXOVQHIXQNFLMHUDXQDPRL]L]UD]D
, U Y
G S
, U Y
G S
, S 0 U Y
' S
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
6LODQDUDYXUDXQDVHL]MHGQDGEHNROLLQHJLEDQMD '
, G
,
, , , FRV D
)[ )[ 1
)] , VLQ D U J 9 )] 1 K D
,
G
)5 )[ )] )5 1
)]
E DWDQ E GHJ
)[
,VSLW]DGDWDN
2GUHGLWH VLOX ) NRMD SULGUDYD SORX PDVH P NJ SORFH
) ,
/ K PJ ,
D G
' +
$
D ,
/
D
$ '
1DSORXVOMHGHHVLOHVLODWHLQHSORHPJVLOD)WHVLOHPOD]D
YRGH SUHGVWDYOMHQH LPSXOVQLP IXQNFLMDPD , GR , %U]LQH
, D ,
POD]DYRGHUDXQDVHL]7RULFHOO\HYHMHGQDGEH
P P
Y J K Y Y J + Y
V V
,PSXOVQHIXQNFLMHVHUDXQDMXSUHPDL]UD]LPD
G S ' S
, U Y , U Y , 1 , u 1
'DELSORDELODXUDYQRWHLVXPDPRPHQDWDRNRWRNH$PRUDELWLMHGQDNDQXOL,PSXOVQHIXQNFLMH, GR, QHLQH
PRPHQWRNRWRNH$
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
.ROLLQDJLEDQMD
/
) / PSORFH J FRV D , + K , D
/
PSORFH J FRV D , + K , D
) ) 1
/
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
,]HQWURSVNRVWUXMDQMH
,]HQWURSVNRVWUXMDQMH
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
,]HQWURSVNRVWUXMDQMH
,VSLW]DGDWDN
3UL L]HQWURSVNRP LVWMHFDQMX ]UDND 5 -NJ. L]
VSUHPQLNDNUR]NRQYHUJHQWQXVDSQLFXSURPMHUD' PPL]PMHUHQMH
PDVHQLSURWRNTPDVHQL NJV2GUHGLWHWODNLWHPSHUDWXUXXVSUHPQLNX
DNRMHWHPSHUDWXUDL]OD]QRJPOD]D- &DWODNS EDU
S-
S-
' *XVWRDIOXLGDXL]OD]QRPPOD]XUDXQDVHL]MHGQDGEHVWDQMDSOLQD
S S NJ
5 7 U U
U 5 7 P
%U]LQDIOXLGDXL]OD]QRPPOD]XUDXQDVHL]MHGQDGEH]DPDVHQLSURWRN
' S
T PDVHQL P
T PDVHQL U Y Y Y
U ' S
V
7HPSHUDWXUDIOXLGDXVSUHPQLNXXVWDQMXPLURYDQMDUDXQDVHL]%HUQRXOOLMHYHMHGQDGEH
S Y
S N Y
N
N
5 7 7
7 .
N U N 5 U N
*XVWRDIOXLGDXVSUHPQLNXUDXQDVHSRPRXMHGQDGEHL]HQWURSH
N N
U 7 7 NJ
U U U
7 7
U
P
7ODNIOXLGDXVSUHPQLNXUDXQDVHL]MHGQDGEHVWDQMDSOLQD
S U 5 7 S EDU
,VSLW]DGDWDN
SD G ,]UDXQDM SURPMHU ' SUDYLOQR SURLUHQH VDSQLFH WODN X
POD]X MHGQDN MH WODNX RNROLQH NRMD RVLJXUDYD SRWLVQX VLOX
G S7 SURWXJUDGQHUDNHWHRG) 1DNRMH]DGDQWODNXNRPRUL
L]JDUDQMDS EDUDDWHPSHUDWXUDL]JDUDQMD7 .
3OLQRYH L]JDUDQMD VPDWUDMWH VDYUHQLP SOLQRP X
L]HQWURSVNRPVWUXMDQMX5 -NJ. =DGDQRMHSD EDUD
,]MHGQDGEHVWDQMDSOLQDPRJXHMHL]UDXQDWLJXVWRXIOXLGDXNRPRULVDJRULMHYDQMD
S S NJ
5 7 U U
U 5 7 P
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
,]HQWURSVNRVWUXMDQMH
3RPRXMHGQDGEHL]HQWURSHL]UDXQDYDVHJXVWRDIOXLGDXL]OD]QRPPOD]X
N
S SD SD NJ
U U U
N N
U U S P
,]%HUQRXOOLMHYHMHGQDGEH]DL]HQWURSVNRVWUXMDQMHL]UDXQDYDVHEU]LQDXL]OD]QRPPOD]X
N S N SD Y N S SD P
Y Y
N U N U N U U V
3RPRXMHGQDGEHNROLLQHJLEDQMDUDXQDPRL]OD]QLSURPMHUVDSQLFH
' S )
) U Y ' ' PP
U Y S
,VSLW]DGDWDN
.UR]NRQYHUJHQWQRGLYHUJHQWQXVDSQLFX]UDN5 -NJ.
L]HQWURSVNL LVWMHH X DWPRVIHUX PDVHQLP SURWRNRP TPDVHQL
' NJP $NR X VSUHPQLNX YODGD WODN S EDUD RGUHGLWH SURPMHU '
S L]OD]QRJSUHVMHNDSUDYLOQRSURLUHQHVDSQLFH=DGDQRMHSD PEDU
' ' PP
SD
.RG SUDYLOQR SURLUHQH VDSQLFH WODN RNROLQH MHGQDN MH WODNX X POD]X ,] RGQRVD WODNRYD L] WDEOLFD ]D L]HQWURSVNR
VWUXMDQMHPRJXHMHRGUHGLWL0DFKRYEURMXL]OD]QRPSUHVMHNX
SD
\ \ 0
S
.DNRMH0DFKRYEURMYHLRGMHGDQVWUXMDQMHMHQDG]YXQRSDMHQDMXLSUHVMHNNULWLDQSUHVMHN,]WDEOLFD]D
L]HQWURSVNRVWUXMDQMH]D0 RGQRVSRYULQHMH$$NULW
' S
$ $ u P
' S
$ ' S $ ' P
S
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
,]HQWURSVNRVWUXMDQMH
,VSLW]DGDWDN
.UR]NRQYHUJHQWQRGLYHUJHQWQXVDSQLFX]UDN5 -NJ.
LVWMHHXDWPRVIHUX2GUHGLWHPDVHQLSURWRNNUR]SUDYLOQRSURLUHQXVDSQLFX
7 SUHPDVOLFL=DGDQRMH' PPS EDUDSD EDUD7 .
'
S
'
SD
,] RGQRVD WODNRYD SDS RLWR MH GD MH VWUXMDQMH QDG]YXQR SD X QDMXHP SUHVMHNX YODGDMX
NULWLQLXYMHWL,]WDEOLFD]DL]HQWURSVNRVWUXMDQMH]D0 ODNRMHL]UDXQDWLNULWLQLWODNLWHPSHUDWXUX
S NU S S NU EDU
7NU 7
7NU .
,]MHGQDGEHVWDQMDSOLQDL]UDXQDYDVHJXVWRDIOXLGD
SNU
U NU U NU NJ P
5 7NU
0DVHQLSURWRNNUR]NRQYHUJHQWQRGLYHUJHQWQXVDSQLFXUDXQDVHL]L]UD]D
' S
T PDVHQL U NU F 5 7NU TPDVHQL NJ V
,VSLW]DGDWDN
=UDN 5 -NJ. L]HQWURSVNL VWUXML L] YHOLNRJ VSUHPQLND X NRMHP YODGD WODN S EDU NUR]
YDNXXP NRQYHUJHQWQR GLYHUJHQWQX VDSQLFX SURPMHUD '
S
' SXPSD PP X ]UDQL WXQHO SURPMHUD ' PP
' SD 2GUHGLWHWODNSL0DFKRYEURMNDGDIOXLGX]UDQRP
S
WXQHOX VWUXML SRG]YXQR .ROLNL WODN S PRUDPR
' SRVWLL YDNXXP SXPSRP GD EL X ]UDQRP WXQHOX
VWUXMDQMH SUHOR X QDG]YXQR L NROLNL MH 0DFKRY
' EURM=DGDQRMHSD EDU' PP
2GQRVWODNDXVSUHPQLNXLWODNDXL]OD]QRPPOD]XDNRMHVDSQLFDSUDYLOQRSURLUHQD
SDS
,]WDEOLFD]DL]HQWURSVNRVWUXMDQMH0 L$ $NU SDMHRGDWOHNULWLDQSUHVMHN$NU $
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
,]HQWURSVNRVWUXMDQMH
$$NU 'S$NU
,]WDEOLFD]DL]HQWURSVNRVWUXMDQMHRGQRVSRYULQD$$NU PRHVHQDLQDGYDPMHVWDLWR
=DSRG]YXQRVWUXMDQMH
0 SS S EDU
=DQDG]YXQRVWUXMDQMH
0 SS S EDU
,VSLW]DGDWDN
2GUHGLWH L]OD]QL SURPMHU ' SUDYLOQR SURLUHQH NRQYHUJHQWQR
GLYHUJHQWQHVDSQLFHNUR]NRMXL]HQWURSVNLVWUXML]UDN5 -NJ.
G =DGDQRMHS EDUSD EDU7 .G
'
PP
S7
SD
,]RGQRVDWODNRYDXVSUHPQLNXLDWPRVIHUVNRJWODND
SD
S
0RJXHMHL]WDEOLFD]DL]HQWURSVNRVWUXMDQMHRGUHGLWL0DFKRYEURMQDL]OD]QRPSUHVMHNXNRGSUDYLOQRSURLUHQH
VDSQLFH0 =DWDM0DFKRYEURMRGQRVSRYULQHL]OD]QRJSUHVMHNDLNULWLQRJSUHVMHNDL]QRVL
S
$NU G $ $NU $ u P
,]OD]QLSURPMHUSUDYLOQRSURLUHQHVDSQLFH'L]QRVL
' S $
$ ' ' P
S
,VSLW]DGDWDN
=UDN 5 -NJ. LVWLH L] UH]HUYRDUD X DWPRVIHUX NUR] NRQYHUJHQWQR GLYHUJHQWQX VDSQLFX 8
QDMXHP SUHVMHNX VDSQLFH G PP ]UDN VWUXML EU]LQRP ]YXND 3UHWODN X UH]HUYRDUX L]QRVL S0 EDUD D
WHPSHUDWXUDW &3RWUHEQRMHL]UDXQDWLPDVHQLSURWRNTPDVHQLNUR]VDSQLFXNDRLL]OD]QLSURPMHU'SRGXYMHWRP
GDWODNQDL]OD]XL]VDSQLFHL]QRVLSD EDUDWPRVIHUVNLWODN
,]RGQRVDWODNRYDXUH]HUYRDUXLL]OD]QRJWODNDSUHPDWDEOLFDPD]DL]HQWURSVNRVWUXMDQMHPRJXHMH]DNOMXLWL
GDMHVWUXMDQMHQDG]YXQR
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
,]HQWURSVNRVWUXMDQMH
SD
0
S
8WRPVOXDMXXQDMXHPSUHVMHNXVWUXMDQMHMHNULWLQRRGQRVQRIOXLGVWUXMLEU]LQRP]YXND
S 7 U $
0
S 7 U $NU
,]RGQRVD]DNULWLQLSUHVMHNUDXQDVHVWDQMHQDNULWLQRPSUHVMHNX
7 7
7 . Y N 5 7 Y PV
S S
5 7 U U NJ P
U 5 7
U U
U NJ P
0DVHQLSURWRNUDXQDVHL]L]UD]D
G S
T PDVHQL U Y TPDVHQL NJ V
,]WDEOLFD]DL]HQWURSVNRVWUXMDQMH]D0 NRMLYODGDXL]OD]QRPSUHVMHNXUDXQDVHL]OD]QDSRYULQD
$
G S
$ $ u P
$NU
$
G G P
S
,VSLW]DGDWDN
=UDN5 -NJ. L]HQWURSVNLVWUXMLSUDYLOQRSURLUHQX
G NRQYHUJHQWQR GLYHUJHQWQX VDSQLFX WODN X L]OD]QRP POD]X MHGQDN MH
'
DWPRVIHUVNRPWODNX2GUHGLWHPDVHQLSURWRNLL]OD]QLSURPMHU'DNRMH
S7 SURPMHUJUODG PPDEU]LQDXL]OD]QRPPOD]X0 0DFK=DGDQR
MHSD EDU7 .
SD
,]WDEOLFD]DL]HQWURSVNRVWUXMDQMH]D0 RLWDYDMXVHRGQRVLYHOLLQD
S 7 U $
0
S 7 U $NU
.ULWLQLSUHVMHNQDMXL]DGDQMHSURPMHURPGSDMHPRJXHL]UDXQDWLLL]OD]QLSURPMHU'
'L] S G S
$L] $NU 'L] G 'L] P
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
,]HQWURSVNRVWUXMDQMH
)L]LNDOQHYHOLLQHQDL]OD]QRPSUHVMHNXUDXQDMXVHSUHPDL]UD]LPD
SD SD SD NJ
S 7L] 7
5 7L] U L] U L]
U L] 5 7L] P
0DVHQLSURWRNUDXQDVHL]L]UD]D
'L] S NJ
T PDVHQL U L] YL] $L] U L] 0 N 5 7L] TPDVHQL
V
,VSLW]DGDWDN
,]UDXQDM SURPMHU ' SUDYLOQR SURLUHQH VDSQLFH WODN X
POD]X MHGQDN MH WODNX RNROLQH NRMD RVLJXUDYD SRWLVQX VLOX S D
G
SURWXJUDGQHUDNHWHRG) 1DNRMH]DGDQWODNXNRPRUL S7
L]JDUDQMDS EDUDDWHPSHUDWXUDL]JDUDQMD7 . G
S S NJ
5 7 U U
U 5 7 P
3RPRXMHGQDGEHL]HQWURSHL]UDXQDYDVHJXVWRDIOXLGDXL]OD]QRPPOD]X
N
S SD SD NJ
U U U
N N
U U S P
,]%HUQRXOOLMHYHMHGQDGEH]DL]HQWURSVNRVWUXMDQMHL]UDXQDYDVHEU]LQDXL]OD]QRPPOD]X
N S N SD Y N S SD P
Y Y
N U N U N U U V
3RPRXMHGQDGEHNROLLQHJLEDQMDUDXQDPRL]OD]QLSURPMHUVDSQLFH
' S )
) U Y ' ' PP
U Y S
,VSLW]DGDWDN
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
,]HQWURSVNRVWUXMDQMH
=UDN5 -NJ. L]HQWURSVNLVWUXMLNUR]NRQYHUJHQWQXVDSQLFXX
DWPRVIHUX2GUHGLWHPDVHQLSURWRNTPDVHQLDNRMHL]OD]QLSURPMHUVDSQLFHG
PP=DGDQRMHS EDU7 .S EDU
D
G
S7 3URYMHURP RGQRVD WODNRYD XQXWDU L L]YDQ VSUHPQLND ]DNOMXXMHPR GD MH
VWUXMDQMHXJUOXNRQYHUJHQWQHVDSQLFHNULWLQR
SD SD S
S S
,]WDEOLFD]DL]HQWURSVNRVWUXMDQMHRLWDYDVHUHGDN]D0
S U 7
0
S U 7
*XVWRDIOXLGDXVSUHPQLNXUDXQDVHL]MHGQDGEHVWDQMDSOLQD
S NJ
U U
5 7 P
6WDQMHIOXLGDQDL]OD]QRPSUHVMHNXUDXQDVHL]L]UD]D
NJ
U U U 7 7 7 .
P
0DVHQLSURWRNUDXQDVHSUHPD
G S G S NJ
T PDVHQL U Y T PDVHQL U N 5 7 T PDVHQL
V
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
5RWLUDMXDVWUXMQDFLMHY
5RWLUDMXDVWUXMQDFLMHY
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
5RWLUDMXDVWUXMQDFLMHY
,VSLW]DGDWDN
8] SUHWSRVWDYNX QHYLVNR]QRJ VWUXMDQMD RGUHGLWH NXWQX EU]LQX Z
VORERGQR URWLUDMXH FLMHYL SUHPD VOLFL 7UHQMH X OHDMX VH ]DQHPDUXMH
=DGDQRMHS0 EDUD+ FP/ FP5 FPG PPU 302
NJP
J
U
/ +
5
Y G
Z
X
D
5
/
,]JHRPHWULMVNRJRGQRVDFLMHYLSUHPDVOLFL
/
D DVLQ D GHJ
5
=ERJXYMHWDVORERGQRURWLUDMXHFLMHYLWURNXWEU]LQHMHSUDYRNXWQLWURNXWSDVOLMHGLUHODFLMD
Z5 X Z VLQ D
%HUQRXOOLMHYDMHGQDGED]DVORERGQRURWLUDMXXFLMHYSUHPDVOLFL
S0
J +
VLQ D
S 0
+
Z X
Z Z
U J Z
P
U J J J FRV D V
.XWQDEU]LQDVORERGQRURWLUDMXHFLMHYLL]QRVL
Z
VLQ D
Z Z V
5
,VSLW]DGDWDN
2GUHGLWH NXW E GYDMX L]OD]QLK NUDNRYD URWLUDMXH HWYHURNUDNH FLMHYL SUHPD SD
VOLFLGDELRQDVORERGQRURWLUDODNXWQRPEU]LQRPZ UDGV=DGDQRMH5
FP5 FPG PP' PP+ P
J
U
Y Z Y +
Z X
X G SD Z '
E
E G Z
5
G SD
5
E
E G
5
3RVWDYOMDQMHP %HUQRXOOLMHYH MHGQDGEH ]D URWLUDMXX VWUXMQX FLMHY RG
VORERGQH SRYULQH GR VYDNRJ RG L]OD]D L] HWYHURNUDNH URWLUDMXH FLMHYL
PRJXHMHL]UDXQDWLUHODWLYQHEU]LQHQDL]OD]LPDL]FLMHYL
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
5RWLUDMXDVWUXMQDFLMHY
X Z 5 X Z 5
Z X P
+ Z J + X Z
J V
Z X P
+ Z J + X Z
J V
3UHPD XYMHWX ]DGDWND HWYHURNUDND UDYD URWLUD NDR VORERGQR URWLUDMXD FLMHY 7R SRGUD]XPLMHYD GD VH VQDJD
QLWL QH GRGDMH QLWL QH RGX]LPD WM GD MHGDQ NUDN FLMHYL UDGL X SXPSQRP D GUXJL X WXUELQVNRP UHLPX UDGD 6QDJD
GRELYHQDQDWXUELQVNRPNUDMXFLMHYLSRWURLVHQDSXPSQRP
3S 3W U J X YT 4
U J X YT 4
J J
G S G S
U X YT Z U X YT Z X YT Z X YT Z
QDVOLFLVXQDFUWDQLSXPSQLLWXUELQVNLNUDMFLMHYLVSULSDGDMXLPWURNXWLPDEU]LQD,]MHGQRVWDYQHJHRPHWULMVNH
DQDOL]HWURNXWDEU]LQDVOLMHGL
X Z VLQ E X Z
X Z
E DVLQ
X Z X Z E GHJ
X Z
,VSLW]DGDWDN
E
U 2GUHGLWHGRPHW5POD]DSROMHYDDWUDYHNRMLVHRNUHHNXWQRP
G EU]LQRP Z UDGV EH] WUHQMD X OHDMHYLPD =DGDQR MH U
FPE + P
Z 3ROMHYDWUDYHUDGLNDRVORERGQRURWLUDMXDFLMHYXYMHWGDQHPD
E WUHQMDXOHDMLPDSDMHL]OD]QLWURNXWEU]LQDSUDYRNXWDQ
Y
5 + X
E
Z
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
5RWLUDMXDVWUXMQDFLMHY
2ERGQXEU]LQXXLDSVROXWQXEULQXYUDXQDPRL]L]UD]D
X Z U X PV
X WDQ E
Y Y PV
'RPHWPOD]DUDXQDPRL]KRUL]RQWDOQRJKLFD
J
5U Y W + W
5 Y J + U 5 P
J
,VSLW]DGDWDN E
2GUHGLWHNRQVWDQWQXNXWQXEU]LQLYUWQMHZURWLUDMXHFLMHYLSUHPD
VOLFLQDNRMXGMHOXMHYDQMVNLPRPHQW0 1PDNRMHSURWRNNUR]
FLMHY 4 OPLQ 2GUHGLWH NXWQX EU]LQX YUWQMH FLMHYL DNR VH FLMHY 5
VORERGQR RNUHH X] LVWH RVWDOH XYMHWH =DGDQR MH 5 P ' '
PPU NJPE Z
0
5HODWLYQDEU]LQDVWUXMDQMDZEU]LQDVWUXMDQMDNUR]FLMHYUDXQDVH
SUHPDL]UD]X
4 Z Y
Z
E
' S
X
9LVLQDGREDYHSXPSHMHGQDNDMH 5
'
Z
KS X Y T
J 0
2ERGQD NRPSRQHQWD DSVROXWQH EU]LQH YT UDXQD VH L] L]UD]D ]D YDQMVNL
PRPHQW0
U J Z 5 YT 4
3 U J K S 4 J 0
0 YT YT PV
Z Z Z U 4 5
2ERGQDEU]LQDXUDXQDVHL]WURNXWDEU]LQD
X Z FRV E YT Z FRV E
YT X X PV
.XWQDEU]LQDYUWQMHFLMHYLL]QRVL
X Z
Z Z V 1 1 V
5 S
8VOXDMXVORERGQRURWLUDMXHFLMHYL
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
5RWLUDMXDVWUXMQDFLMHY
X Z
Z FRV E
X Z Z V 1 1 V
5 S
,VSLW]DGDWDN
2GUHGLWHNXWQXEU]LQXURWDFLMHZVORERGQRURWLUDMXHFLMHYLSUHPDVOLFL
=DGDQRMH+ P' PG P5 PS0 EDUU
NJP 302
J
U
Z Y +
Y
G
X Z X
G
5
6QDJD UD]YLMDQD QD SXPSQRM VWUDQL MHGQDND MH VQD]L UD]YLMHQRM QD
WXUELQVNRMVWUDQL
U J KS 4 U J K S 4 '
G S ' S
X YT Z X YT Z
2ERGQHEU]LQHX LXVXMHGQDNHRE]LURPGDVHQDOD]HQDLVWRPUDGLMXVX
%HUQRXOOLMHYDMHGQDGED]DURWLUDMXXVWUXMQXFLMHYSRVWDYOMHQDGRSUHVMHNDL
S 0
Z X
+
U J J
.DNRVXRERGQHEU]LQHX LXMHGQDNHL]%HUQRXOOLMHYHMHGQDGEH]DURWLUDMXXVWUXMQXFLMHY]DNOMXXMHPRGDVX
LUHODWLYQHEU]LQHZMHGQDNH
X X
Z Z
1DNRQVUH LYDQMDMHGQDGEDMHGQDNRVWLVQDJDL]JOHGD
Y T G Y T '
$NRXYUVWLPRL]WURNXWDEU]LQDRGQRVH
Y T XZ Y T ZX
,]YRGLVHL]UD]
X Z G Z X '
G '
X Z
G '
8YUWHQMHPJRUQMHJL]UD]DX%HUQRXOOLMHYXMHGQDGEX]DURWLUDMXXFLMHY
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
5RWLUDMXDVWUXMQDFLMHY
G '
Z Z
G '
S 0 S 0
Z X
+ +
U J J U J J
1DNRQVUH LYDQMDL]UDXQDYDVHUMHHQMH
G ' S0 + U J
Z Z PV
G ' U
G '
X Z X PV
G '
X
Z Z V
5
,VSLW]DGDWDN
D
2GUHGLWHSURWRN4NUR]SROMHYDWUDYHSUHPDVOLFLDNRVH]D SD
SRJRQSROMHYDDNRULVWLXWHJPDVHPX NJ]DQHPDULWHWUHQMHX +
OHDMHYLPD2GUHGLWHWRWDOQLSUHWODNXFMHYRYRGQRMPUHLQDNRMX S0WRW
MH SROMHYD SULNOMXHQ DNR MH NXWQD EU]LQD YUWQMH SROMHYDD J
PX
NRQVWDQWQD L L]QRVL Z UDGV 3UHWSRVWDYLWH VWUXMDQMH
LGHDOQRJIOXLGD=DGDQRMHG PP+a5 FP5
FPU NJPD
G
Z 5
,] WURNXWD EU]LQD RLWR MH GD MH
RERGQD NRPSRQHQWD DSVROXWQH EU]LQH 5
MHGQDNDRERGQRMEU]LQL
Y X
Y T X
0RPHQWSRWUHEDQ]DRNUHWDQMHSROMHYDDWUDYHMHGQDNMHPRPHQWXWHLQHXWHJD
U J + 4
P X J 5
Z
9LVLQDGREDYHSROMHYDDWUDYHMHGQDNDMH
X
+ Y T X
J J
3URWRNNUR]REDNUDNDSROMHYDDMHGQDNMH
G S
4 Z
-HGQDGEDMHGQDNRVWLPRPHQDWDJODVL
U J + 4
U X 4
U Z5 4
P X J 5
Z Z Z
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
5RWLUDMXDVWUXMQDFLMHY
,]RYHMHGQDGEHODNRMHL]UD]LWLSURWRN
Z 5
4 PX J 4 u P V
U Z 5
5HODWLYQDLRERGQDEU]LQDUDXQDMXVHL]L]UD]D
4
Z X Z 5 Z PV X PV
G S
7RWDOQLSUHWODNXFMHYRYRGQRPVLVWHPXUDXQDVHL]%HUQRXOOLMHYHMHGQDGEH]DURWLUDMXXVWUXMQXFLMHY
S 0WRW
Z X
S 0WRW
Z X U
S 0WRW EDU
U J J
,VSLW]DGDWDN
2GUHGLWH NXWQX EU]LQX YUWQMH Z VORERGQR URWLUDMXH FLMHYL SUHPD VOLFL
3UHWSRVWDYLWHVWUXMDQMHQHYLVNR]QRJIOXLGD=DGDQRMH+ PU SD
U J K S 4 U J K S 4
' S ' S
X YT Z X YT Z
Y T Y
X
.DNRVHLMHGDQLGUXJLNUDMFLMHYLQDOD]HQDLVWRPUDGLMXVXRERGQH
EU]LQHVXMHGQDNH8]MHGQDNHRERGQHEU]LQHL]%HUQRXOOLMHYHMHGQDGEH ' ZFRVJ
5 D
]D URWLUDMXX VWUXMQX FLMHY VOLMHGL GD VX L UHODWLYQH EU]LQH MHGQDNH 3D VH
JRUQMDMHGQDGEDVYRGLQDREOLN
E
Z X
X X X Z Z Z
Y
Y T
YT YT
,]WURNXWDEU]LQDVOLMHGLUHODFLMD
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
5RWLUDMXDVWUXMQDFLMHY
%HUQRXOOLMHYDMHGQDGED]DURWLUDMXXVWUXMQXFLMHY
Z Z VLQ D FRV J VLQ E
+
Z X
+
J J
,]RYHMHGQDGEHODNRVHGRELMHUHODWLYQDEU]LQDWHRERGQDEU]LQD
J +
Z Z Z PV
X
Z Z V
5
,VSLW]DGDWDN
2GUHGLWHGRPHWPOD]D5SROMHYDDWUDYHNRMLMHSULNOMXHQ E
QD YRGRYRGQX PUHX WRWDOQRJ SUHWODND S0 EDUD U
=DQHPDULWHWUHQMHXOHDMHYLPD=DGDQRMH+ PU G
FPG PPD E U NJP
Z
E
,] XYMHWD VORERGQR URWLUDMXH FLMHYL QHPD WUHQMD X
OHDMHYLPDL]OD]QLWURNXWEU]LQDMHSUDYRNXWDQ
D
X Z FRV E
5 +
%HUQRXOOLMHYDMHGQDGED]DURWLUDMXXVWUXMQXFLMHY
S0
Z X
+
U J J Z
8YUWHQMHP SUHWKRGQRJ L]UD]D X %HUQRXOOLMHYX MHGQDGEXL]UDXQDYDVHUHODWLYQD X
EU]LQD E
S 0 Y
J +
U
Z Z PV
FRV E
,]WURNXWDEU]LQDVOLMHGL
Z VLQ E
Y Y PV
'RPHWPOD]DUDXQDVHL]MHGQDGEH]DNRVLKLWDF+RUL]RQWDOQDNRPSRQHQWDEU]LQH]DGDQDMHL]UD]RP
/
W Y FRV D / W
Y FRV D
9HUWLNDOQDNRPSRQHQWDEU]LQH]DGDQDMHL]UD]RP
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
5RWLUDMXDVWUXMQDFLMHY
W
+ W Y VLQ D J
6XSVWLWXFLMRPYUHPHQDWGRELYDVHL]UD]
/
/ Y FRV D
Y VLQ D J +
Y FRV D
/ /
VLQ D J +
FRV D YFRVD
.YDGUDWQDMHGQDGEDGDMHGYDUMHHQMD]D/
/
Y FRV D
VLQ D
VLQ D Y J + / P
J FRV D Y FRV D
/
Y FRV D
VLQ D
VLQ D Y J + / P
J FRV D Y FRV D
8VYDMDVHSR]LWLYQRUMHHQMH
5 / U 5 P
,VSLW]DGDWDN
2GUHGLWH NXW E GYDMX L]OD]QLK NUDNRYD URWLUDMXH HWYHURNUDNH FLMHYL SUHPD
SD
VOLFLGDELRQDVORERGQRURWLUDODNXWQRPEU]LQRPZ UDGV=DGDQRMH5
FP5 FPG PP' PP+ P
J
Y U
Y Z +
Z X
X G SD Z '
E
E G Z
5
5 G SD
E
E
G 5
3RVWDYOMDQMHP %HUQRXOOLMHYH MHGQDGEH ]D URWLUDMXX VWUXMQX FLMHY RG
VORERGQH SRYULQH GR VYDNRJ RG L]OD]D L] HWYHURNUDNH URWLUDMXH FLMHYL
PRJXHMHL]UDXQDWLUHODWLYQHEU]LQHQDL]OD]LPDL]FLMHYL
Z X
Z Z 5
Z X
Z Z 5
+ +
J J J J
P P
Z J + Z 5 Z Z J + Z 5 Z
V V
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
5RWLUDMXDVWUXMQDFLMHY
3UHPD XYMHWX ]DGDWND HWYHURNUDND UDYD URWLUD NDR VORERGQR URWLUDMXD FLMHY 7R SRGUD]XPLMHYD GD VH VQDJD
QLWL QH GRGDMH QLWL QH RGX]LPD WM GD MHGDQ NUDN FLMHYL UDGL X SXPSQRP D GUXJL X WXUELQVNRP UHLPX UDGD 6QDJD
GRELYHQDQDWXUELQVNRPNUDMXFLMHYLSRWURLVHQDSXPSQRP
U 4 J + U 4 J +
QDVOLFLVXQDFUWDQLSXPSQLLWXUELQVNLNUDMFLMHYLVSULSDGDMXLPWURNXWLPDEU]LQD,]MHGQRVWDYQHJHRPHWULMVNH
DQDOL]HWURNXWDEU]LQDVOLMHGL
P
X Z 5 X YT X
V
P
X Z 5 X ZT Z VLQ E X
V
8YUWHQMHPRYLKL]UD]DXMHGQDGEXMHGQDNRVWLVQDJDSXPSHLWXUELQHL]UDXQDYDVHWUDHQLNXWE
G S G S
Z
YT X Z
YT X Z X X
Z Z VLQ E X X
E DVLQ
Z X Z X E GHJ
Z X
,VSLW]DGDWDN SD
2GUHGLWH VQDJX SUHGDQX JHQHUDWRUX 3 DNR MH NXWQD EU]LQX YUWQMH J
U
SULPLWLYQHWXUELQHSUHPDVOLFLZ V=DGDQRMH+ PG
P5 PE U NJP +
'
%HUQRXOOLMHYD MHGQDGED ]D URWLUDMXX FLMHY RG VORERGQH SRYULQH
VSUHPQLNDGRL]OD]DL]SULPLWLYQHWXUELQH
Z
SD
Z X
JHQHUDWRU
+ Z J + X
J E
P 5
G
J + 5 Z
Z Z E
V
,]WURNXWDEU]LQDQDL]OD]XL]WXUELQHRLWRMH YT E
Y G
YT Z FRV E X X Z
E
8YUWHQMHPXMHGQDGEX]DVQDJXWXUELQH
G S G S
3 U J KS 4 U J YT X Z
U Z FRV E X X Z
J
U Z FRV E Z 5 Z 5 Z G S
3 3 N:
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
3ULORJ,VSLWQLURNRYL
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
8 FLOLQGULQRM SRVXGL SURPMHUD ' P LVSXQMHQRJ YRGRP JXVWRH U NJP GR YLVLQH + P
SOLYD GUYHQL YDOMDN SURPMHUD G FP YLVLQH/ FPJXVWRHGUYHWDU NJP2GUHGLWHXGDOMHQRVW
FLOLQGULQHSRVXGHQDNRQWRSRVXGX]DURWLUDPRNXWQRPEU]LQRPZ UDGV
2GUHGLWHPDVXXWHJDNRMDMHSRWUHEQDGDELEUDQDMHGLQLQHLULQHPDVHP NJXOHLWHQDXWRFL$RVWDODX
UDYQRWHQRPSRORDMX=DGDQRMH/ PO PD PK PD
=D GREDYX YRGH JXVWRH NJP L] MH]HUD GR DNXPXODFLMVNRJ UH]HUYRDUD VPMHWHQRJ QD YLVLQL K P
NRULVWLVHSXPSDVOMHGHHNDUDNWHULVWLNH^KS`P ^4`PV^4`PV6YLORNDOQLJXELFLXNOMXXMXL
L JXELWDN XODVND X YHOLNL VSUHPQLN L]QRVH .8. D OLQLMVNH JXELWNH ]DQHPDULWH 2GUHGLWH ]D NROLNR H VH
SRYHDWLSURWRNDNRVHX]SRVWRMHLSXPSXSULNOMXLSXPSDLVWLKNDUDNWHULVWLNDDVHULMVNLESDUDOHOQR&MHYRYRG
MHXQXWUDQMHJSURPMHUD' P
.ROLNLP PRPHQWRP 0 WUHED SULGUDYDWL FLMHY SUHPD VOLFL GD VH QH SRQH RNUHWDWL 3UHWSRVWDYLWH
VWUXMDQMHQHYLVNR]QRJIOXLGD=DGDQRMH+ PU NJP' PP5 PD E
%U]LQDWRQMHQMDYQHNRJWLMHODXIOXLGXRYLVLRJUDYLWDFLMLJYROXPHQXWLMHOD9JXVWRLWLMHODUJXVWRLIOXLGDU
WHRYLVNR]QRVWLIOXLGDP3ULPMHQRPSWHRUHPDRGUHGLWHRSLREOLN]DYLVQRVWLEU]LQHYRGSUHRVWDOLKYHOLLQD
EUDQD
J SD J
U / XWHJ
G /
PJ SD
O
+ D K
D U
' $
D
Z
=DGDWDN=DGDWDN
J DNXPXODFLMVNL
SD SD
VSUHPQLN
J
U
K SXPSD ' +
'
SD
5 D
MH]HUR
E 0
=DGDWDN=DGDWDN
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
8FLOLQGULQRMSRVXGLSURPMHUD' PLYLVLQH+ PQDOD]HVHGYDIOXLGDUD]OLLWHJXVWRH3RVXGDMH
LVSXQMHQDYRGRPJXVWRHU NJPGRYLVLQHK PWHXOMHPJXVWRHU NJPGRYLVLQHK
P2GUHGLWHSUHWODNXWRFL$QDNRQWRSRVXGX]DURWLUDPRNXWQRPEU]LQRPZ UDGV
2GUHGLWHWODNSNRMLHYODGDWLXQXWDUFLOLQGULQHSRVXGHL]UD HQHRGDOXPLQLMDJXVWRHU$ NJPDNRMH
XWUHQXWNXSULMHXUDQMDQMDXYRGXJXVWRHU NJPSRVXGDELODLVSXQMHQD]UDNRPQDDWPRVIHUVNRPWODNXSD
EDUD3UHWSRVWDYLWHL]RWHUPQXNRPSUHVLMX]UDNDXQXWDUSRVXGHWH]DQHPDULWHWHLQX]UDND=DGDQRMH+
PK FP' FPG FP
2GUHGLWHNROLNLMHPLQLPDOQLSUHWODNXVLVWHPXSUHPDVOLFLXNROLNRMHL]PMHUHQPDNVLPDOQLSUHWODNXVLVWHPXS
EDUD=DGDQRMHU NJPQ PV+ PK PK P/ P' PP/XN
PN PPKUDSDYRVWFLMHYL.8/ .9
.ROLND VLOD ) L PRPHQW 0 VYH WUL NRPSRQHQWH VLOH L PRPHQWD RSWHUHXMH VSRM FLMHYL L UH]HUYRDUD WRND $
3UHWSRVWDYLWHVWUXMDQMHQHYLVNR]QRJIOXLGD=DGDQRMH+ PU NJP' PP5 PD
E G K P
8]SUHWSRVWDYNXQHYLVNR]QRJVWUXMDQMDRGUHGLWHNXWQXEU]LQXZVORERGQRURWLUDMXHFLMHYLSUHPDVOLFL7UHQMDX
OHDMXVH]DQHPDUXMH=DGDQRMHS0 EDUD+ FP/ FP5 FPG PPU NJP
Z J J
SD '
+ S
' K +
G
K U
U
K U
$
=DGDWDN=DGDWDN
$
SD
K
SD +
K /$
N 302
/# '
=DGDWDN J
SD U
+
J
G
U +
$
'
K
G # 5
/
5 D \
E
=DGDWDN=DGDWDN
[
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
2GUHGLWHVLOXQDSRNORSDFFLOLQGULQHSRVXGHSUHPDVOLFLNRMDMHSULMHURWDFLMDELODLVSXQMHQDYRGRPJXVWRHU
NJPGRYLVLQHK FP1DNRQURWDFLMHXSRVXGLRVWDQHSRORYLFDSUYRELWQRJYROXPHQDYRGH=DGDQRMH
' FPG FP+ FP
2GUHGLWHVLOXNRMRPMHSRWUHEQRSULGUDYDWLYDOMNDVWL]DWYDUDMHGLQLQHLULQH]JOREQRXYUHQXWRFL$SUHPD
VOLFL=DGDQRMH+ P5 PK PU NJP
5HYHU]LELOQL DJUHJDW X SXPSQRP SRJRQX SUHSXPSDYD YRGX L] MH]HUD X DNXPXODFLMVNL VSUHPQLN WH MH X
WXUELQVNRP UDGX SUL VSXWDQMX YRGH L] DNXPXODFLMVNRJ VSUHPQLND X MH]HUR $JUHJDW LPD NDUDNWHULVWLNX ]DGDQX
MHGQDGERP ^K$`P >^4`PV@ 2GUHGLWH VQDJH UHYHU]LELOQRJ DJUHJDWD NDGD UDGL X WXUELQVNRP L
SXPSQRP SRJRQX .ROLNL MH VWXSDQM GMHORYDQMD SRVWURMHQMD" =DQHPDULWH VYH ORNDOQH JXELWNH L]X]HY JXELWND
XODVNDXYHOLNLVSUHPQLN=DGDQRMH+ P' P/ NPXNXSQDGXOMLQDFMHYRYRGDN PP
YLVLQDKUDSDYRVWLFMHYRYRGDU NJPQ PV
)OXLG SUROD]L NUR] ILOWDU SURWRNRP 4 PK SUL HPX MH SDG WODND NUR] ILOWDU 'S EDUD 2GUHGLWH
UH]XOWDQWQXVLOX)IOXLGDQDILOWDUDNRMHSUHWODNQDXOD]XXILOWDUS0 EDUDDXQXWUDQMLYROXPHQILOWUD9
O=DGDQRMH' PP' PPU NJP
,]UDXQDMWHSURWRN4NUR]FLMHYSUHPDVOLFLX]SUHWSRVWDYNXGDMHNRHILFLMHQWSURWRND&G =DGDQRMH'
PPG PPK FPK FPK FPU NJPU NJP
SD J
G
SD
+
$ K
J +
U K
U 5
)
'
Z
=DGDWDN
DNXPXODFLMVNL =DGDWDN
J
VSUHPQLN SD
J '
UHYHU]LELOQL
+ DJUHJDW ' S0
4
'
SD 9
U
MH]HUR
=DGDWDN =DGDWDN
SD
K J
U
K
K
=DGDWDN
4
'
G
U
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
2GUHGLWH YULMHPH SRWUHEQR GD VH FLOLQGULQD NDSD PDVH P NJ VSXVWL QD VWXS SURPMHUD ' FP
=DQHPDULWHWUHQMHL]PH XNDSHLVWXSDWHSUHWSRVWDYLWHVDYUHQREUWYOMHQMH=DGDQRMHG PPFG +
FPU NJP
2GUHGLWH WODN X QHSRNUHWQRM SULNOMXQRM FLMHYL DNR MH PDVD SRNUHWQRJ FLOLQGUD P NJ =DQHPDULWH XWMHFDMH
WUHQMDLEU]LQHJLEDQMDSRNUHWQRJFLOLQGUDWHSUHWSRVWDYLWHVDYUHQREUWYOMHQMH=DGDQRMHS EDUDG PP
G PPG FPG FPG FPG FP
.OLPDWL]DFLMRQLYRGSUDYRNXWQRJSRSUHQRJSUHVMHNDD[E [FP]ERJUHNRQVWUXNFLMHSURVWRULMHSRWUHEQR
MH ]DPLMHQLWL NOLPDWL]DFLRQLP YRGRP SUDYRNXWQRJ SRSUHQRJ SUHVMHND LMD YLVLQD QLMH YHD RG E FP
2GUHGL LULQX NOLPDWL]DFLRQRJ YRGD NRMD RVLJXUDYD MHGQDNL SDG WODND SR MHGLQLFL GXOMLQL SUL LVWRP SURWRNX
3UHWSRVWDYLWHVWUXMDQMHXUHLPXSRWSXQHWXUEXOHQFLMH=DGDQRMHN PPYLVLQDKUDSDYRVWL
2GUHGLWH VLOX POD]D YRGH YDWURJDVQRJ PUND QD NURYLWH NXH SUHPDVOLFL3UHWSRVWDYLWHVWUXMDQMHQHYLVNR]QRJ
IOXLGD=DGDQRMHK PD PD SURWRNNUR]POD]QLFXYDWURJDVQHFLMHYL4 OVU
NJPE
3ULL]HQWURSVNRPLVWMHFDQMX]UDND 5 -NJ.L]VSUHPQLNDNUR]NRQYHUJHQWQXVDSQLFXSURPMHUD'
PPL]PMHUHQMHPDVHQLSURWRN P NJV2GUHGLWHWODNLWHPSHUDWXUXXVSUHPQLNXDNRMHWHPSHUDWXUD
L]OD]QRJPOD]D- &DWODNS EDU
SULNOMXQD
SD J FLMHY G
SRPLQL
FLOLQGDU
G
+ G
G
'
G QHSRPLQL
FLOLQGDU
G
G
=DGDWDN GRYRGXOMD
SRGWODNRPS
=DGDWDN
E D
J
E
D
D K
=DGDWDN
=DGDWDN
S-
S-
'
=DGDWDN
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
2GUHGLWHSUHWODNS0SRWUHEDQ]DRWYDUDQMHVLJXUQRVQRJYHQWLODSUHPDVOLFLDNRMHVLODXRSUX]L) 10DVD
NXJOLFHP J=DGDQRMHG FP5 FPD
2GUHGLWHKRUL]RQWDOQXVLOX)SRWUHEQX]DGUDQMHSUHJUDGH2$MHGLQLQHLULQHSUHPDVOLFL3UHJUDGDMH]JOREQR
YH]DQDXWRNL2=DGDQRMH+ P5 P/ PU NJP
=DSRWUHEHRSVNUEHYRGRPQDVHOMDL]JUD HQMHFMHYRYRGRGYXHQLKFLMHYLXNXSQHGXOMLQH/8. NP3XPSD
GREDYOMDOVYRGHJXVWRHU NJPNLQHPDWLNRJNRHILFLMHQWDYLVNR]QRVWLQ PVQDVHOMX
NRMH VH QDOD]L QD YLVLQL K P L]QDG UD]LQH MH]HUD WH RVWYDUXMH WRWDOQL SUHWODN YRGH X QDVHOMX S0 EDUD
1DNRQGHVHWRJRGLQMHHNVSORDWDFLMHSRWUHEH]DYRGRPVXVHSRYHDOHSDMHSRWUHEQRGREDYLWLYLHYRGHX]
LVWL WRWDOQL SUHWODN 8VOLMHG NRUR]LMH YLVLQD KUDSDYRVWL VH SRYHDOD QD N PP 2GUHGLWH NROLNR SXWD VH
SRYHDODSRWUHEQDVQDJD]DWUDQVSRUWYRGH3ULSURUDXQXORNDOQHJXELWNH]DQHPDULWH=DGDQRMH' PP
2GUHGLWHSUHWODNS0SULNRMHPVHRWYDUDVLJXUQRVQLYHQWLOSUHPDVOLFLPDVHP JWHSUHWODNS0SULNRMHPVH
VLJXUQRVQLYHQWLO]DWYDUD=DGDQRMHG FP' FPG FPU NJP
2GUHGLWH NXW E GYDMX L]OD]QLK NUDNRYD URWLUDMXH HWYHURNUDNH FLMHYL SUHPD VOLFL GD EL RQD VORERGQR URWLUDOD
NXWQRPEU]LQRPZ UDGV=DGDQRMH5 FP5 FPG PP' PP+ P
J
SD
SD )
/
SD ' J
+
5
5
2 U
D
=DGDWDN
G
WODNXVSUHPQLNXS0
=DGDWDN
G SD G J
J QDVHOMH
'
G
S0S0VSUHPQLN
+ ' /8.
SD
MH]HUR
S SXPSD
=DGDWDN =DGDWDN
D
J
U
+
'
Z
5 G SD
E
E G
5
=DGDWDN
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
,]D NUPHQRJ ]UFDOD DPFD SULYUHQ MH YHQWXULPDWDU GD EL FUSLR YRGX JXVWRH U NJP L] DPFD
2GUHGLWHPLQLPDOQXEU]LQXDPFDNRGNRMH]DSRLQMHFUSHQMHYRGHSUD]QDSULNOMXQDFLMHYWHPLQLPDOQXEU]LQX
NRGNRMHMHFUSHQMHMRXYLMHNPRJXHSXQDSULNOMXQDFLMHY=DGDQRMHK PK PK P
' FPG FP
2GUHGLWH PDNVLPDOQX PDVX SRQWRQD NRML VH PRH SRGLJQXWL QD REDOX YLVLQH F P D GD QH GR H GR
SUHOLMHYDQMDYRGHJXVWRHU NJP SUHNR]DGQMHJUXEDSRQWRQD=DGDQRMH% PLULQDSRQWRQD
/ PK P
=D SRWUHEH RSVNUEH YRGRP QDVHOMD L]JUD HQ MH FMHYRYRG RG YXHQLK FLMHYL XNXSQH GXOMLQH / NP L
XQXWUDQMHJ SURPMHUD ' PP 3XPSD GREDYOMD OV YRGH JXVWRH U NJP NLQHPDWLNRJ
NRHILFLMHQWD YLVNR]QRVWL Q P V QDVHOMX NRMH VH QDOD]L QD YLVLQL + P L]QDG UD]LQH MH]HUD WH
RVWYDUXMHWRWDOQLSUHWODNYRGHXQDVHOMXS EDUD1DNRQGYDGHVHWRJRGLQMHHNVSORDWDFLMHSRWUHEH]DYRGRPVX
VH SRYHDOH SD MH SRWUHEQR GREDYLWL YLH YRGH X] LVWL WRWDOQL SUHWODN =ERJ JXELWDND YRGH FLMHYL VX V
XQXWUDQMH VWUDQH SODVWLILFLUDQH VORMHP GHEOMLQH PP SRYULQVNH KUDSDYRVWL PP 2GUHGLWH NROLNR SXWDVH
SRYHDODSRWUHEQDVQDJD]DWUDQVSRUWYRGH3ULSURUDXQXORNDOQHJXELWNH]DQHPDULWH
2GUHGLWHUH]XOWDQWQXVLOX)IOXLGDQDOXN$%FMHYRYRGDGXOMLQH/ PSURPMHUDG PPSUHPDVOLFLSUL
SURWRNX 4 OV L SUHWODNX S EDU X SUHVMHNX % 3UHWSRVWDYLWH NYD]LVWDFLRQDUQR LVWMHFDQMH IOXLGD
=DGDQRMHU NJP + P
&LOLQGULQD SRVXGD SUHPD VOLFL LPD QD GQX L SODWX GYD MHGQDND RWYRUD VYDNL SRYULQH $ PP
NRHILFLMHQWDSURWRND& ,]UDXQDMWHYULMHPHSRWUHEQRGDVHVORERGQDSRYULQDVSXVWL]DYLVLQXKLWRD
DNRVHSRVXGDSUD]QLVDPRNUR]RWYRUQDSODWXEDNRVHSRVXGDSUD]QLVDPRNUR]RWYRUQDGQX3UHWSRVWDYLWH
NYD]LVWDFLRQDUQRLVWMHFDQMHIOXLGD=DGDQRMH+ FP' FPK FP
J
J / K
SD
K
SD K F
SRQWRQ
K U
'
U
G
=DGDWDN
4 J
J
=DGDWDN QDVHOMH $
+
S0%
'
+ ' /8. %
MH]HUR
SD SXPSD
=DGDWDN
SD
J
K
&G
=DGDWDN
+
$
$
&G
=DGDWDN
'
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
2GUHGLWHYLVLQHK K LK XQXWDUVSUHPQLNDSUHPDVOLFLNRMHVHXVSRVWDYHSULVWDFLRQDUQRPVWUXMDQMXSURWRNRP
4 OV3UHWSRVWDYLWHL]RWHUPQXNRPSUHVLMX]UDNDXVUHGQMHPVSUHPQLNX=DGDQRMHS EDU+
PU NJP K PK PG PG PPG PPG PP
2GUHGLWH PDVX YDOMND MHGLQLQH LULQH SUHPD VOLFL ]JOREQR YH]DQRJ X WRFL $ GD EL YDOMDN ELR X UDYQRWHL
=DGDQRMHU NJP 5 P
,]PMHUHQMHSURWRNNUR]FMHYRYRGQLVLVWHPSUHPDVOLFLRG4 P V2GUHGLWHYLVLQXSMHDQHKUDSDYRVWL
=DGDQRMH+ P/ P' PU NJP . . Q P V
'YDPOD]DYRGHGUHXUDYQRWHLNRFNXPDVHP]JOREQRYH]DQDXWRFL22GUHGLWHPDVXNRFNHDNRMHNRFND
QDJQXWD]DD 3UHWSRVWDYLWHQHYLVNR]QRVWUXMDQMHDPDVHPOD]RYD]DQHPDULWH=DGDQRMHU NJP
Y PVG P
,]UDXQDM SURPMHU ' SUDYLOQR SURLUHQH VDSQLFH WODN X POD]XMHGQDNMHWODNXRNROLQHNRMDRVLJXUDYDSRWLVQX
VLOX SURWXJUDGQH UDNHWH RG ) 1 DNR MH ]DGDQ WODN X NRPRUL L]JDUDQMD S EDUD D WHPSHUDWXUD
L]JDUDQMD7 .3OLQRYHL]JDUDQMDVPDWUDMWHVDYUHQLPSOLQRPXL]HQWURSVNRPVWUXMDQMX5 -NJ.
=DGDQRMHS EDUD
G
J
J
S S0
+ 5
G
K K
K $
G SD
U U
K K
G
=DGDWDN =DGDWDN
D
D J
SD
J D
+
/ 2
UQ . .
Y Y
D D
'
G G
=DGDWDN =DGDWDN
SD G
G S7
=DGDWDN
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
2GUHGLWHVPMHUVWUXMDQMDLSURWRNNRMLHVHXVSRVWDYLWLL]PH XWULUH]HUYRDUDMHGLQLQHLULQH]DVLWXDFLMHSUHPD
VOLFL D L E 3UHWSRVWDYLWH GD VH YLVLQH QLYRD X UH]HUYRDULPD QH PLMHQMD NDGD VH XVSRVWDYL VWDFLRQDUQR VWUXMDQMH
=DGDQRMHK PK PK PG PPS EDUDP NJD PU NJP
2GUHGLWHPDVXYDOMNDPMHGLQLQHLULQHDNRMHYLVLQDKYDOMNDNRMDVHQDOD]LL]QDGSRYULQHYRGHK P
9DOMDNSURPMHUDG FPLVSXQMHQMHGRMHGQHWUHLQHYROXPHQDYRGRPJXVWRHU NJP
2GUHGLWH YLVLQX K YRGH X VSUHPQLNX DNR X VSUHPQLN XWMHH XNXSQRJ SURWRND NUR] VLVWHP .RHILFLMHQW
ORNDOQRJJXELWNDVYLKYHQWLODQDVOLFL. VYHOLQLMVNHJXELWNH]DQHPDULWHNDRLJXELWNHXUDYL3URPMHUVYLK
FMHYRYRGDL]QRVL' P=DGDQRMHK PK PU NJP
2GUHGLWH VLOX QD MHGQX ORSDWLFX X UHHWFL MHGLQLQH LULQH NRMD VNUHH VWUXMDQMH ]UDND ]D NXW D
3UHWSRVWDYLWHVWUXMDQMHQHYLVNR]QRJIOXLGD=DGDQRMHY PVS EDUDU NJP W PP
6LODRWSRUD5JLEDQMDWLMHODXYLVNR]QRPVWODLYRPIOXLGX]DYLVLRRGGXOMLQHWLMHOD/JXVWRHIOXLGDUGLQDPLNR
NRHILFLMHQWDYLVNR]QRVWLPYROXPHQVNRJPRGXODHODVWLQRVWL.LEU]LQHJLEDQMDWLMHOD83ULPMHQRP3LWHRUHPD
RGUHGLWHRSLREOLN]DYLVQRVWLVLOHRWSRUD5RGSUHRVWDOLKYHOLLQD=DGLPHQ]LRQDOQRQH]DYLVDQVNXSX]PLWHU8
L/
D D D D D D
SD SD
J J
S0 S0
P P
K K
U U
K K
G K G G K G
=DGDWDND G G
=DGDWDNE
SD
SD K SD
J J
'
U U
' K
.9
.9 K
SD
=DGDWDN
.9 K
=DGDWDN
Y
W
=DGDWDN
S
D
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
8SROXNXJODVWRMSRVXGLLVSXQMHQRMYRGRPJXVWRHU NJP SOLYDYDOMDNPDVHP NJ.ROLNRL]QRVL
XGDOMHQRVW D L]PH X GQD SRVXGH L YDOMND NDGD VH SRVXGD ]DURWLUD NRQVWDQWQRP NXWQRP EU]LQRP Z V
=DGDQRMH5 PU PK P
.XJODSURPMHUD5 PLPDVHP NJ]DWYDUDSUROD]L]PH XGYDUH]HUYRDUDSUHPDVOLFL.ROLNLPRUDELWL
SURPMHUGRWYRUDGDELNXJOLFD]DSOLYDODNDGDXGUXJRPUH]HUYRDUXYLVLQDKGRVHJQHUD]LQXK P=DGDQRMH
+ PU NJP
2GUHGLWHRGQRVSURPMHUD'GGDELORNDOQLJXELFL]DRWYRUL]PH XGYDVSUHPQLNDSUHPDVOLFLELOLPLQLPDOQL
6YHOLQLMVNHJXELWNH]DQHPDULWHDRGORNDOQLKJXELWDNDX]PLWHXUD]PDWUDQMHJXELWDNXODVNDXYHOLNLVSUHPQLNL
JXELWDNQDJORJSURLUHQMD
2GUHGLWH SUHWODN X VSUHPQLNX X NRML XWMHH IOXLG SURWRNRP 4 P V GD EL VLOD QD QDJOR SURLUHQMH ELOD
MHGQDND QXOL 6YH OLQLMVNH JXELWNH ]DQHPDULWH D RG ORNDOQLK JXELWDND X]PLWH X UD]PDWUDQMH JXELWDN XODVND X
YHOLNLVSUHPQLNLJXELWDNQDJORJSURLUHQMD=DGDQRMHG P' PK PU NJP
2GUHGLWHSURPMHUEDORQD'PDVHP NJLVSXQMHQRJWRSOLP]UDNRP5 -NJ.WHPSHUDWXUHW
&GDELPRJDRQRVLWLWHUHWPDVHP NJJXVWRDWHUHWDU NJP =DGDQRMHS EDUDW
&
J
SD
SD
J
U +
K
K 5 U
5 G
U U
D
=DGDWDN =DGDWDN
SD J
S0
K
J
K
G '
4 '
G
U
=DGDWDN =DGDWDN
WD
'
J
SD SD
W
=DGDWDN SODPHQLN
WHUHW
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
2GUHGLWH UD]OLNX [ QLYRD YRGH JXVWRH U NJP X UH]HUYRDULPD QDNRQ WR VH XVSRVWDYL VWDFLRQDUQR
VWUXMDQMH 8 SRHWQRP WUHQXWNX RED UH]HUYRDUD VX ELOD SUD]QD 3UHWSRVWDYLWH VWUXMDQMH LGHDOQRJ IOXLGD WH
L]RWHUPQXNRPSUHVLMX]UDNDXGHVQRPUH]HUYRDUX=DGDQRMH' FPG FP4 OV+ PK P
S EDUD
2GUHGLWHPDVXPSRNORSFDREOLNDSODWDVWRFDDNRUD]OLNDQLYRDYRGHJXVWRHU NJP L]QRVL[
FP 3UHWSRVWDYLWH GD MH SRNORSDF X WUHQXWNX SRODJDQMD QD UD]LQX YRGH ELR SRWSXQR LVSXQMHQ ]UDNRP SUL
DWPRVIHUVNRPWODNXS EDUDWHGDMHQDNRQWRJD]UDNL]RWHUPQRVWODHQ=DGDQRMH' P+ P
8QXWDU]DWLWQHFLMHYLYDQMVNRJSURPMHUD' PSRWUHEQRMHSRVWDYLWLWULRGQRVQRHWLULFLMHYLSUHPDVOLFL
GLPHQ]LRQLUDQH WDNR GD VH GRWLX 2GUHGLWH RGQRV SURWRND ]D LVWL SDG WODND SR MHGLQLFL GXOMLQH X RED VOXDMD
3UHWSRVWDYLWHGDVXVYHVWMHQNHFLMHYLGHEOMLQHV FPWHSUHWSRVWDYLWHVWUXMDQMHXODPLQDUQRPUHLPX
2GUHGLWHNXWJL]XYMHWDGDVLODIOXLGDJXVWRHU NJP QDUDYQXSORXEXGHPDNVLPDOQD3UHWSRVWDYLWH
VWUXMDQMHLGHDOQRJIOXLGD=DQHPDULWHXWMHFDMVXGDUDPOD]DXVUHGLQLSORH=DGDQRMHY PVG PY
PVG PD E
8VOLMHG URWDFLMH FLOLQGUD RNR YODVWLWH RVL NXWQRP EU]LQRP Z GROD]L GR SUHWYRUEH GLMHOD PHKDQLNH HQHUJLMH X
WRSOLQXNDRSRVOMHGLFDWUHQMD$NREU]LQDSUHWYRUEHPHKDQLNHHQHUJLMHXWRSOLQX 4 ]DYLVLRGYLVNR]QRVWLIOXLGD
P SURPMHUD FLOLQGUD ' GXOMLQH FLOLQGUD / LNXWQHEU]LQHURWDFLMH ZRGUHGLWHSULPMHQRPGLPHQ]LRQDOQHDQDOL]H
NROLNR H VH SXWD SRYHDWL LOL VPDQMLWL EU]LQD SUHWYRUEH PHKDQLNH HQHUJLMH X WRSOLQX DNR VH NXWQD EU]LQD
URWDFLMHSRYHDGYDSXWDX]RVWDOHQHSURPLMHQMHQHSDUDPHWUH
J
SD 4 '
S0
J
[ + SD
+
U
[
G U
K
' '
=DGDWDN =DGDWDN
\ Y
Y
G
G
E
V V D
' '
J
[
V
V
=DGDWDN =DGDWDN
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
2GUHGLWHWODNXWRFL$QDYDQMVNRPSODWXFLOLQGULQHSRVXGHSUHPDVOLFLNDGDVH]DURWLUDNRQVWDQWQRPNXWQRP
EU]LQRPZ UDGV=DGDQRMH' FPG FP+ FPK FPU NJP
2GUHGLWHPDVXPLSRORDMDWHUHWDDNRVHSRQWRQPDVHP NJQDJQH]DNXWD =DGDQRMH+
PK FP/ P% PLULQDSRQWRQDRNRPLWRQDVOLNXU NJP
2GUHGLWH SURPMHU ' FLMHYL L] XYMHWD GD VH UD]LQD + YRGH U NJP Q P V XQXWDU
VSUHPQLNDQDPLMHQMD=DGDQRMH+ P+ P+ P' P' PN PP
KUDSDYRVWVYLKFLMHYL/ P/ P/ P
1D YHOLNL VSUHPQLN SUHPD VOLFL SULNOMXHQR MH NROMHQR V POD]QLFRP 1HSRVUHGQR SULMH NROMHQD XJUD HQ MH
PDQRPHWDUNRMLSUL]DWYRUHQRMPOD]QLFLSRND]XMHSUHWODNS EDUDNDGDVHPOD]QLFDRWYRULSUHWODNSDGQH
QD S EDU 8] SUHWSRVWDYNX QHYLVNR]QRJ VWUXMDQMD RGUHGLWH NROLND MH WDGD VLOD QD NROMHQR L POD]QLFX
=DGDQRMH' PPU NJP D K P9ROXPHQYRGHXNROMHQXLPOD]QLFL9 GP
8]SUHWSRVWDYNXGDNRGPDOHEU]LQHYWRQMHQMDWLMHODXPLUXMXHPIOXLGDWDEU]LQDQH]DYLVLRGJXVWRHIOXLGD
YH]DYLVLRGWHLQH*WLMHODQMHJRYHNDUDNWHULVWLQHOLQHDUQHGLPHQ]LMH/WHNRHILFLMHQWDGLQDPLNHYLVNR]QRVWL
PIOXLGD$NRMHL]PMHUHQRGDNXJOLFDSURPMHUD' PPWRQHEU]LQRPY FPPLQXYRGLNRHILFLMHQWD
GLQDPLNH YLVNR]QRVWL P 3DV RGUHGLWH NRMRP EU]LQRP Y H WRQXWL NXJOLFD SURPMHUD ' PP
QDLQMHQDL]LVWRJPDWHULMDODNDRLNXJOLFDSURPMHUD'XXOMXNRHILFLMHQWDGLQDPLNHYLVNR]QRVWLP 3DV
SD
G J
J
/
D WHUHW
+
K SD
K
'
D
+
U U
$
=DGDWDN Z =DGDWDN
J SD
+
S0
+
+ /N J
/N
'
' G
S0
' D
' K
/N
=DGDWDN =DGDWDN
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
2GUHGLWHVLOX)QDSUHJUDGXNROLFD $% MHGLQLQHLULQHNRMDVHXEU]DYDMXXGHVQRNRQVWDQWQRPDNFHOHUDFLMRPD
PV=DGDQRMH+ PK P/ PU NJP
2GUHGLWH VLOX ) SRWUHEQX ]D RWYDUDQMH SRNORSFD SUHPD VOLFL ]JOREQR YH]DQRJ X $ 3RNORSDF MH REOLND
MHGQDNRNUDQRJWURNXWDYLVLQHK PLED]HD P=DGDQRMH+ PD U NJP
8 QRUPDOQRP UHLPX UDGD FMHYRYRGRP / WUDQVSRUWLUD VH QDVHOMX SUHPD VOLFL 4 P V YRGH U
NJP Q P V SUL WRWDOQRP SUHWODNX X QDVHOMX S EDUD 3UHWSRVWDYLWH GD MH SRWURQMD YRGH
NRQVWDQWQD VYLK VDWD L GD VH VDWL ]D SRJRQ SXPSH NRULVWL HOHNWULQD HQHUJLMD VWDQGDUGQH FLMHQH D VDWL
HOHNWULQD HQHUJLMD NRMD MH MHIWLQLMD 2GUHGLWH XWHGX X XNROLNR EL VH QDVHOMH VDWL RSVNUEOMLYDOR
FMHYRYRGRP / L] DNXPXODFLMVNRJ UH]HUYRDUD LVNOMXHQD SXPSD D VDWL MHIWLQLMD WDULID HO HQHUJLMH SXPSD
LVWRYUHPHQRFMHYRYRGRP/ RSVNUEOMXMHQDVHOMHLFMHYRYRGRP/ SXQLDNXPXODFLMX=DGDQRMH+ P/
NP/ NP/ NP' PSURPMHUVYLKFMHYRYRGDN PPKUDSDYRVWVYLKFLMHYLS
EDUDWRWDOQLSUHWODNXQDVHOMX=DQHPDULWHVYHORNDOQHJXELWNHNDRLJXELWNHLVSUHGSXPSH.ROLNLHELWL
WRWDOQLSUHWODNXQDVHOMXNDGDVHQDVHOMHRSVNUEOMXMHVDPRL]DNXPXODFLMVNRJUH]HUYRDUD
2GUHGLWH KRUL]RQWDOQX VLOX QD EUDQX MHGLQLQH LULQH SUHPD VOLFL 3UHWSRVWDYLWH VWUXMDQMH LGHDOQRJ IOXLGD WH
XQLIRUPQHSURILOHEU]LQDGRYROMQRGDOHNRRGEUDQHLQDSUHOMHYX=DGDQRMHK PK PK P
K P/ PU NJP
2GUHGLWHGRPHW5POD]DSROMHYDDWUDYHNRMLVHRNUHHNXWQRPEU]LQRPZ UDGVEH]WUHQMDXOHDMHYLPD
=DGDQRMHU FPE + P
J SD D
SD J
$
+ $
D
U D
K + U
) K
/ % /
=DGDWDN =DGDWDN
J /'N
+ QDVHOMH
/'N
SD SXPSD /'N
E
=DGDWDN U
G
SD EUDQD
K J
U Z
/ K E
K
K 5 +
=DGDWDN =DGDWDN
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
7ULFMHYLFHSURPMHUDG PPG PPLG PPLVSXQMHQHVXWHNXLQRPJXVWRHU NJP GR
YLVLQHK FP2GUHGLWHYLVLQHK K LK QDNRQWRFMHYLFH]DURWLUDPRNRQVWDQWQRPNXWQRPEU]LQRP Z
UDGV=DGDQRMH5 FP5 FP
8 KRUL]RQWDOQR SRVWDYOMHQRP NUXQRP FLOLQGUX MHGLQLQH LULQH LVSXQMHQRJ YRGRP U NJP
SRVWDYOMHQD MH SUDYRNXWQD SORD MHGLQLQH LULQH 3UL NRMHP NXWX D VH KYDWLWH KLGURVWDWVNH VLOH QD JRUQMX
SRYULQX SORH QDOD]L QD QDMYHRM GXELQL L SUL NRMHP NXWX D VLOD KLGURVWDWNRJ WODND QD JRUQMX SRYULQX SORH
SRSULPDPDNVLPDOQXYULMHGQRVW=DGDQRMH5 P
2GUHGLWH PDNVLPDOQL GRPHW / POD]D YRGH U NJP Q P V .UDM FLMHYL SRVWDYOMHQ MH
KRUL]RQWDOQRQDYLVLQL[6YHORNDOQHJXELWNH]DQHPDULWH5DGLMHGQRVWDYQLMHJSURUDXQDSUHWSRVWDYLWHVWUXMDQMHX
UHLPXSRWSXQHWXUEXOHQFLMH=DGDQRMH' P/ PN PPYLVLQDKUDSDYRVWLFLMHYLK
P+ P
2GUHGLWHNRMRPVLORP)WUHEDRSWHUHWLWLNOLSSURPMHUDG FPGDELVHVSXWDREU]LQRPY PVXFLOLQGUX
SURPMHUD' FPLVSXQMHQRJYRGRPJXVWRHU NJP 3UHWSRVWDYLWHVWUXMDQMHLGHDOQRJIOXLGD8SXWD
NRRUGLQDWQLVXVWDYSRVWDYLWHUHODWLYQRXRGQRVXQDNOLS
.UR] NRQYHUJHQWQR GLYHUJHQWQX VDSQLFX ]UDN 5 -NJ. L]HQWURSVNL LVWMHH X DWPRVIHUX
PDVHQLP SURWRNRP P NJP $NR X VSUHPQLNX YODGD WODN S EDUD RGUHGLWH SURPMHU ' L]OD]QRJ
SUHVMHNDSUDYLOQRSURLUHQHVDSQLFH=DGDQRMHS PEDU' PP
G G SD G SD
J SORD D
5 5 J U 5
K
K
K
K
Z
=DGDWDN J =DGDWDN
SD SD
G
J
+
) Y
UQ / N
[
U
' / '
K
=DGDWDN =DGDWDN
'
S
'
SD
=DGDWDN
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
2GUHGLWHYULMHPHSRWUHEQRGDVHUD]LQDXREDNXJODVWDVSUHPQLNDL]MHGQDL8SRHWQRPWUHQXWNXOLMHYLVSUHPQLN
MHELRSRWSXQRSXQDGHVQLSRWSXQRSUD]DQ3UHWSRVWDYLWHNYD]LVWDFLRQDUQRVWUXMDQMHLGHDOQRJIOXLGDWHSRWSXQR
LVSXQMHQXSUHOMHYQXFLMHYXSRHWQRPWUHQXWNX=DGDQRMH5 PG P
7URNXWDVWLSRNORSDF$2%XOHLWHQMHLRNUHWOMLYRNREULGD2%SUHPDVOLFL6LOD)GMHOXMHVKYDWLWHPXWRFL$X
VPMHUXRNRPLWRPQDSRNORSDF.ROLNDMHYHOLLQDVLOH)SRWUHEQD]DGUDQMHSRNORSFDXUDYQRWHQRPSRORDMX
=DGDQRMHU NJP + PD P/ P
.ROLND MH VLOD ) SRWUHEQD ]D SRWLVNLYDQMD VWDSD XQXWDU LQMHNFLMH EU]LQRP Y PPV +LSRGHUPDOQDLJODLPD
XQXWDUQML SURPMHU G PP WH MH GXJD / PP *XVWRD MH IOXLGD XQXWDU LQMHNFLMH U NJP WH
YLVNR]QRVWP 3DV3UHWSRVWDYLWHGDQHPDFXUHQMDIOXLGDL]PH XVWDSDLFLOLQGUDLQMHNFLMHWH]DQHPDULWH
VYHORNDOQHJXELWNHSULVWUXMDQMXIOXLGDXQXWDULQMHNFLMH8UD]PDWUDQMHMHSRWUHEQRX]HWLOLQLMVNHJXELWNHXQXWDU
FLOLQGUDLLJOH=DGDQRMHD PP' PP
,]PH X GYD YHOLND DNXPXODFLMVND MH]HUD XJUD HQD MH EUDQD V WXUELQRP =ERJ SRYHDQMD VWXSQMD GMHORYDQMD
WXUELQH LVSRG QMH MH PRQWLUDQ GLIX]RU 2GUHGLWH VLOX QD GLIX]RU DNR MH L]PMHUHQ QHWR SDG WXUELQH K P
3UHWSRVWDYLWHVWUXMDQMHQHYLVNR]QRJIOXLGDLMHGQROLNHSURILOHEU]LQDSRVYLPSUHVMHFLPD=DGDQRMHK P
K PK PK PK PG PG PU NJP
.UR] NRQYHUJHQWQR GLYHUJHQWQX VDSQLFX ]UDN 5 -NJ. LVWMHH X DWPRVIHUX 2GUHGLWH PDVHQL
SURWRNNUR]SUDYLOQRSURLUHQXVDSQLFXSUHPDVOLFL=DGDQRMH' PPS EDUDS EDUD7
.
J J
SD
SD
D
5 SD 5 +
$ 2 ) U
/
%
G
=DGDWDN =DGDWDN
SD
FLOLQGDU J
LJOD
G Y K
K
' ) G
UP
/ D K
G K
GLIX]RU K
=DGDWDN
U
7 ' =DGDWDN
S
'
SD
=DGDWDN
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
2GUHGLWH YLVLQX K QLYRD X VSUHPQLNX NRML H VH XVSRVWDYLWL X VWDFLRQDUQRP UHLPX VWUXMDQMD 3UHWSRVWDYLWH
VWUXMDQMHQHYLVNR]QRJIOXLGD=DGDQRMH4 P V+ P' PG P
2GUHGLWHVLOXYHOLLQXVPMHULKYDWLWHQDSROXNXJODVWL]DWYDUDSUHPDVOLFL=DGDQRMH5 P+ PU
NJP D
2GUHGLWHUDGQXWRNXSXPSHYLVLQXGREDYHLSURWRNGDELYLVLQDPOD]DYRGHU NJP P
3DVYRGRVNRNDELOD+ P=DGDQRMH. . . ORNDOQLJXELWDNVDSQLFHL]UDHQX]YHX
EU]LQX/ PXNXSQDGXOMLQDVYLKFLMHYL' PSURPMHUVYLKFLMHYL3UHWSRVWDYLWHGDVXVYHFLMHYLL]
WUJRYDNRJHOLND=DGDQRMHG P
2GUHGLWHYLVLQXRWYRUDKGDELVLODNRMDSULGUDYDSUHJUDGQXVWMHQNX]JOREQRYH]DQXXWRFL$ELODPDNVLPDOQD
WHRGUHGLWHL]QRVVLOH3UHWSRVWDYLWHVWUXMDQMHQHYLVNR]QRJIOXLGD=DGDQRMH+ PG PU
NJP E P
'RPHW WRSRYVNRJ ]UQD V RYLVL R SRHWQRM EU]LQL ]UQD Y NXWX WRSRYVNH FLMHYL D YLVLQD EUGD K L JUDYLWDFLML J
3ULPMHQRP GLPHQ]LVNH DQDOL]H RGUHGLWH EH]GLPHQ]LVNH S SDUDPHWUH WH QD LWH ]DYLVQRVW WLK EH]GLPHQ]LVNH
SDUDPHWDUD)S S SRPRXMHGQDGEHNRVRJKLFD
4 SD
SD J
K
J
D U
=DGDWDN + 5
' +
G
G
=DGDWDN
J SD J
+
)
G
SD
K U +
G
UP
K
' E
..
.. .9 .9 $
=DGDWDN =DGDWDN
V
J
D
K
=DGDWDN
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
2GUHGLWHPDNVLPDOQXGR]YROMHQXDNFHOHUDFLMXNRMRPNROLFDPRJXXEU]DYDWLDGDQHGR HGRSUHOLMHYDQMDSUHNR
UXEDNROLFD
2GUHGLWH JXVWRX PDWHULMDOD U RG NRMHJD MH QDSUDYOMHQD SROXFLOLQGULQD JUHGD MHGLQLQH GXLQH DNR MH JUHGD
QDJQXWDXRGQRVXQDSRYULQXYRGHJXVWRHU NJP ]DNXWD WH]JOREQRYH]DQDXWRFL$
2GUHGLWHUDGQXWRNXSXPSHYLVLQXGREDYHLSURWRNGDELGRPHWSUHOMHYDVODSDPOD]DYRGHU NJP
P 3DVELRD PWHGDELGHEOMLQDKPOD]DMHGLQLQHLULQHELODK FP=DGDQRMH.
. / PXNXSQDGXOMLQDVYLKFLMHYL' PSURPMHUVYLKFLMHYL3UHWSRVWDYLWHGDVXVYHFLMHYLL]
WUJRYDNRJHOLND3UHWSRVWDYLWHXQLIRUPQLSURILOEU]LQHQDSUHOMHYX=DGDQRMH+ P
=D]DXVWDYOMDQMHNROLFDPDVHP NJNRMDVHXSRHWQRPWUHQXWNXNUHXEU]LQRPY NPKNRULVWLVH
ORSDWLFDMHGLQLQHLULQH2GUHGLWHGXOMLQXSXWDSRWUHEQRJGDELNROLFDXVSRULODQDSRODSUYRELWQHEU]LQHDNRVH
ORSDWLFD SUHPD VOLFL XURQL GR GXELQH D FP 3UHWSRVWDYLWH NYD]LVWDFLRQDUQR VWUXMDQMH QHYLVNR]QRJ IOXLGD
8SXWD3UHWSRVWDYLWHGDVHNRRUGLQDWQLVXVWDYJLED]DMHGQRVNROLFLPD=DGDQRMHD U NJP
=UDN 5 -NJ. L]HQWURSVNL VWUXML L] YHOLNRJ VSUHPQLND X NRMHP YODGD WODN S EDU NUR]
NRQYHUJHQWQRGLYHUJHQWQXVDSQLFXSURPMHUD' PPX]UDQLWXQHOSURPMHUD' PP2GUHGLWHWODNS
L0DFKRYEURMNDGDIOXLGX]UDQRPWXQHOXVWUXMLSRG]YXQR.ROLNLWODNS PRUDPRSRVWLLYDNXPSXPSRPGD
ELX]UDQRPWXQHOXVWUXMDQMHSUHORXQDG]YXQRLNROLNLMH0DFKRYEURM=DGDQRMHS EDU'
PP
F F F J
J SD
D $
F 5
U
F
U
D
=DGDWDN D =DGDWDN
K
J
+ J
SD
D
Y
UP K
' D
..
.. .9 .9
=DGDWDN =DGDWDN
YDNXP S
' SXPSD
' SD
S
'
=DGDWDN
'
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
3RNORSDFQDFLOLQGULQRMSRVXGLXPLURYDQMXSUHPDVOLFLSULGUDYDVHSRGWODNRPS EDUXSRVXGL3UL
NRMRM NXWQRM EU]LQL URWDFLMH Z H VH SRNORSDF RWYRULWL =DGDQR MH + P + P5 PU
NJP
'YDFLOLQGULQDVSUHPQLNDSUHPDVOLFLSRYH]DQDVXFMHYRYRGRPVXJUD HQLPYHQWLORP8VLWXDFLMLSUHPDVOLFL
YHQWLOMH]DWYRUHQDGHVQLMHVSUHPQLNSRWSXQRLVSXQMHQ]UDNRPSRGDSVROXWQLPWODNRPS EDU2GUHGLWH
YLVLQXK GRNRMHHVHGHVQLVSUHPQLNLVSXQLWLYRGRPDNRVHYHQWLORWYRUL3UHWSRVWDYLWHL]RWHUPQRVWODLYDQMH
]UDNDXGHVQRPVSUHPQLNX=DGDQRMHS PEDU' P' P+ P+ PU
NJP
2GUHGLWHSURWRN4NUR]VLVWHPSUHPDVOLFLDNRMHSDGWODNDNUR]WXUELQLS EDU=DGDQRMH+ P+
PU NJP Q P V' PPN PP/ P/ P
2GUHGLWH VLOX IOXLGD QD UDYQX SORX MHGLQLQH LULQH SUHPD VOLFL DNR DPDF YXH SORX EU]LQRP Y PV
.ROLNDMHSRWUHEQDVQDJD"3UHWSRVWDYLWHVWUXMDQMHLGHDOQRJIOXLGDWH]DQHPDULWHXWMHFDMJUDYLWDFLMH=DGDQRMHU
NJP K PPD
2GUHGLWHNRQVWDQWQXNXWQXEU]LQLYUWQMHZURWLUDMXHFLMHYLSUHPDVOLFLQDNRMXGMHOXMHYDQMVNLPRPHQW0
1PDNRMHSURWRNNUR]FLMHY4 OPLQ2GUHGLWHNXWQXEU]LQXYUWQMHFLMHYLDNRVHFLMHYVORERGQRRNUHHX]
LVWHRVWDOHXYMHWH=DGDQRMH5 P' PPU NJP E
SD J
J S0 5
'
+ +
+
K
U U
+
'
Z =DGDWDN =DGDWDN
SD
J
QU
'/N +
SD
+
WXUELQ
'/N
=DGDWDN
E
DPDF SD
D
Y 5
'
K
Z
U 0
=DGDWDN =DGDWDN
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
2GUHGLWHYULMHPHSRWUHEQR]DSUDQMHQMHOLMHYNDWUDNWXUDSUHPDVOLFL3UHWSRVWDYLWHNYD]LVWDFLRQDUQRVWUXMDQMH
QHYLVNR]QRJIOXLGD=DQHPDULWHYULMHPHSRWUHEQRGDVHLVSUD]QLFMHYLFDSURPMHUDG=DGDQRMH' FPG
FP+ FPK FP
.RFND VWUDQLFH D P L JXVWRH U NJP GMHORPLQR MH XURQMHQD X YRGX JXVWRH U
NJP SUHPDVOLFL2GUHGLWHUHDNFLMXXWRFL$VLOXLPRPHQW=DGDQRMHD K FP
3XPSDYLVLQHGREDYHK PRVWYDUXMHSURWRNRG4 OVNUR]VLVWHPSUHPDVOLFL2GUHGLWH]DNROLNRHVH
SRYHDWLSURWRNNUR]VLVWHPDNRXJUDGLPRSXPSXYLVLQHGREDYHK PX]QHSURPLMHQMHQHRVWDOHYHOLLQH
=DGDQRMH' PSURPMHUFMHYRYRGDN PPYLVLQDKUDSDYRVWLFMHYRYRGD/ P+ P
U NJP P 3DV
2GUHGLWH VLOX QD VSRMQLFX UDYX NRMD VSDMD VYD WUL UH]HUYRDUD 3UHWSRVWDYLWH VWUXMDQMH QHYLVNR]QRJ IOXLGD WH
]DQHPDULWH WHLQX YRGH X VSRMQLFL 3UHWSRVWDYLWH GD VH YLVLQH QLYRD X UH]HUYRDULPD MHGLQLQH LULQH QH PLMHQMD
NDGDVHXVSRVWDYLVWDFLRQDUQRVWUXMDQMH=DGDQRMHK PK PK PG PPS EDUD
P NJD PU NJP
2GUHGLWHNXWQXEU]LQXURWDFLMHZVORERGQRURWLUDMXHFLMHYLSUHPDVOLFL=DGDQRMH+ P' PG
P5 PS EDUU NJP J
'
$
+ K
D
J
U
G K
=DGDWDN =DGDWDN
D D D
SD SD
J J
S0
+ P
/ K
U K
UQ . . G
G K
#
'
=DGDWDN
G
302
=DGDWDN
J
U
+
G
=DGDWDN
5 G
'
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
2GUHGLWHVLOXQDVWUDQMXVWUDQX$%NROLFDREOLNDMHGQDNRVWUDQLQHSUL]PHVWUDQLFHE PSUHPDVOLFLDNR
NROLFD MHGLQLQH LULQH XEU]DYDMX X] NRVLQX NRQVWDQWQRP DNFHOHUDFLMRP D PV =DGDQR MH K P
YLVLQDIOXLGDXNROLFLPDXVWDQMXPLURYDQMDQDUDYQRMSRGOR]LD U NJP
2GUHGLWHYLVLQX+NRGNRMHHVHRWYRULWLNXJODVWL]DWYDUD]JOREQRXYUHQXWRFL$=DQHPDULWHPDVHSROXJD
=DGDQRMH5 PG FPD PE PF PP NJU NJP
,]PH X GYD YHOLND DNXPXODFLMVND MH]HUD XJUD HQD MH EUDQD V WXUELQRP =ERJ SRYHDQMD VWXSQMD GMHORYDQMD
WXUELQHLVSRGQMHMHPRQWLUDQGLIX]RU2GUHGLWHSRYHDQMHVWXSQMDGMHORYDQMDDNRMHQHWRSDGWXUELQHK P
3UHWSRVWDYLWHMHGQROLNHSURILOHEU]LQDSRVYLPSUHVMHFLPDWHGDMHORNDOQLJXELWDNXGLIX]RUXMHGQDNJXELWND
QDJORJSURLUHQMD=DGDQRMHK PK PK PK PK PG PG PU
NJP Q P V
2GUHGLWH KRUL]RQWDOQX VLOX QD FMHYRYRG SUHPD VOLFL .UDM FLMHYL SRVWDYOMHQ KRUL]RQWDOQR QD YLVLQL [ RGUHGLWH L]
XYMHWD GD MH GRPHW / POD]D YRGH U NJP PDNVLPDODQ 3UHWSRVWDYLWH VWUXMDQMH QHYLVNR]QRJ IOXLGD
=DGDQRMH' P/ PK P+ P
9RGHQLVDWNOHSVLGUDSUHPDVOLFLVOXL]DPMHUHQMHYUHPHQD2GUHGLWHSURPMHUGJUODNOHSVLGUHGDELVHJRUQMD
SRYULQDNDSOMHYLQHVSXWDODNRQVWDQWQRPEU]LQRPY PPV3UHWSRVWDYLWHVWUXMDQMHLGHDOQRJIOXLGDWHGDMH
JRUQMLVSUHPQLNQDSRHWNXLVWMHFDQMDELRLVSXQMHQGRYLVLQH+=DGDQRMH' FP+ FP
J
$ $ E
J
SD
SD F
=DGDWDN
U D +
K D
PJ
% 5
D G
U
=DGDWDN
SD
J
K
K
G =DGDWDN
K
'
G K
GLIX]RU K
U
SD J +
J
+ G
UQ N /
[
' /
=DGDWDN # K =DGDWDN
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
7ODNS QDNUDMXKRUL]RQWDOQHFLMHYLNUR]NRMXIOXLGVWUXMLXODPLQDUQRPUHLPXVWUXMDQMDRYLVLRWODNXQDSRHWNX
FLMHYL S WDQJHQFLMDOQRP QDSUH]DQMX QD VWMHQFL FLMHYL W SURPMHUX FLMHYL ' WH GXOMLQL FLMHYL / 3ULPMHQRP
GLPHQ]LRQHDQDOL]HRGUHGLWH]DYLVQRVWWODNDS RGSUHRVWDOLKYHOLLQD
2GUHGLWHPDVXP SROXNXJODVWHSRVXGHNRMDMHXURQMHQDGRGXELQHK P8QXWDUSROXNXJODVWHSRVXGHSOLYD
NXJODSURPMHUDU PSUHPDVOLFL=DQHPDULWHGHEOMLQXVWMHQNHSROXNXJODVWHSRVXGH=DGDQRMH5 FP
U NJP
2GUHGLWHYLVLQXK YRGHXVSUHPQLNXDNRXVSUHPQLNQHXWMHHQLWLLVWMHHYRGDU NJP Q
P V .RHILFLMHQW ORNDOQRJ JXELWND VYLK YHQWLOD QD VOLFL . =DQHPDULWH JXELWNH X UDYL 3URPMHU VYLK
FMHYRYRGDL]QRVL' P=DGDQRMHK PK P/ P/ P/ PN PP
YLVLQDKUDSDYRVWLVYLKFMHYRYRGD
0OD]YRGHJXVWRHU NJP VWUXMXNUR]FMHYLFX$SURPMHUDG PPLXGDUDXJXPLFX]DWYDUDDYRGHX
YRGRNRWOLX 3RGL]DQMHP UD]LQH YRGH X YRGRNRWOLX SRGLH VH L SORYDN NRML SUHNR SROXMD ]DQHPDULYH WHLQH
VDYODGDYD VLOX POD]D YRGH ) L SULEOLDYD JXPLFX RWYRUX FMHYLFH 3UHWSRVWDYLWH VWDFLRQDUQR VWUXMDQMH LGHDOQRJ
IOXLGDWHMHGQROLNHSURILOHEU]LQD2GUHGLWHNROLNRSXWDMHVLODSRWUHEQD]D]DWYDUDQMHRWYRUHFMHYLFHYHDRGVLOH
SRWUHEQH]DGUDQMHJXPLFHX]DWYRUHQRPVWDQMXDNRMHWRWDOQLSUHWODNYRGRYRGDS EDUD=DGDQRMHK
FP/ FP5 FP
2GUHGLWH SURWRN 4 NUR] SROMHYD WUDYH SUHPD VOLFL DNR VH ]D SRJRQ SROMHYDD NRULVWL XWHJ PDVH P NJ
]DQHPDULWHWUHQMHXODDMHYLPD2GUHGLWHWRWDOQLSUHWODNXFMHYRYRGQRMPUHLQDNRMXMHSROMHYDSULNOMXHQDNR
MH NXWQD EU]LQD YUWQMH SROMHYDD NRQVWDQWQD L L]QRVL Z UDGV 3UHWSRVWDYLWH VWUXMDQMH LGHDOQRJ IOXLGD
=DGDQRMHG PP+a5 FP5 FPU NJP D
J SD
SD
UQ SD
5 J
K
U U
/
' K
.9
.9 K
/
SD
=DGDWDN .9 K
=DGDWDN
$
JXPLFD /
D
G
SD SD
K +
J S0WRW
5 J
PX
SD SORYDN 2
/
=DGDWDN
G
5
=DGDWDN
5
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
2GUHGLWH SURPMHU G FMHYRYRGD SUHPD VOLFL GD EL QLYR X VSUHPQLNX RVWDR QD LVWRM YLVLQL 3UHWSRVWDYLWH
QHYLVNR]QRVWUXMDQMHIOXLGD3UHWSRVWDYLWHNRQVWDQWQXYLVLQXXVSUHPQLNX=DGDQRMH+ P+ P
+ P' PP' PP
2GUHGLWH VLOX ) SRWUHEQX GD EL VH NYDGUDWQD JUHGD MHGLQLQH GXOMLQH ]JOREQR XYUHQD X WRNL 2 GUDOD X
UDYQRWHL=DGDQRMHD PU NJP
'YDVSUHPQLNDSUHPDVOLFLVSRMHQDVXFMHYRYRGRPNYDGUDWQRJSRSUHQRJSUHVMHNDD FPXNXSQHGXOMLQH
/ P &LMHY NYDGUDWQRJ SRSUHQRJ SUHVMHND SRWUHEQR MH ]DPLMHQLWL RNUXJORP FLMHYL SURPMHUD G NRMD
RVWYDUXMH LVWH UDGQH XYMHWH LVWL SURWRNX 4 L LVWX UD]OLNX YLVLQD + 3UHWSRVWDYLWH VWUXMDQMH X SRGUXMX SRWSXQH
WXUEXOHQFLMHWHYLVLQXKUDSDYRVWLN PP
8KRUL]RQWDOQRMUDYQLQLQDOD]LVHGYRNUDNDUDYDSUHPDVOLFL2GUHGLWHVLOXIOXLGDQDUDYXDNRMHVLODPOD]DQD
UDYQXSORX) 13UHWSRVWDYLWHQHYLVNR]QRVWUXMDQMHIOXLGD=DGDQRMH' PPU NJP D
E J
2GUHGLWH YULMHPH PMHUHQR RG RWYDUDQMD YHQWLOD SRWUHEQR GD VH QDSXQL SRVXGD SUHPD VOLFL 3UHWSRVWDYLWH
NYD]LVWDFLRQDUQRVWUXMDQMHQHYLVNR]QRJIOXLGD8SURUDXQXMHSRWUHEQRX]HWLXRE]LUGHEOMLQXFLMHYLG=DGDQR
MHK P FRQVWG PPK FPK FP' FP
SD S0
J
G J
+ 2
+
D
SD
SD )
+
6SUHPQLN 6SUHPQLN U
D
' '
=DGDWDN
SD =DGDWDN
J
+
/ =DGDWDN
UQ
D E
SD
)
SD '
'
J
K
J
E
G SD
SRVXGD
D
YHQWLO K
=DGDWDN '
SD
K
' =DGDWDN
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
2GUHGLWHDNFHOHUDFLMXDSRVPMHUXLYHOLLQLNRFNDVWRJVSUHPQLNDSUHPDVOLFLLVSXQMHQRJIOXLGRPJXVWRHU
NJP DNRVX]DGDQHUD]OLNHWODNRYDQDSURVWRUQLPGLMDJRQDODPD=DGDQRMH'S EDU'S
EDU'S EDUE P
2GUHGLWH YLVLQX + VWXSFD YRGH NRG NRMHJ H GRLGRRWYDUDQMDSROXNXJODVWRJSRNORSFDSROXPMHUD5 FP
3UHWSRVWDYLWHGDVXVYHSROXJH]DQHPDULYHWHLQHDGDMHXWHJSURPMHUDG FPL]UD HQRGPDWHULMDODJXVWRH
U NJP =DGDQRMHU NJP D PE PF PH P
2GUHGLWHNROLNRSXWDVHVPDQMLSURWRNNUR]FLMHYRNUXJORJSUHVMHNDX]LVWLSDGWODNDSRMHGLQLQRMGXOMLQLFLMHYL
DNR VH FLMHY SUHJUDGL YHUWLNDOQRP VWMHQNRP 3UHWSRVWDYLWH ODPLQDUQR VWUXMDQMH WH EHVNRQDQR WDQNX SUHJUDGX
6WUXMDQMHVHRGYLMDXREDSUHJUD HQDGLMHODFLMHYL
2GUHGLWH IXQNFLRQDOQX ]DYLVQRVW VLOH )POD]DYRGHQDSORXRGNXWDDQDJLEDSORH3UHWSRVWDYLWHQHYLVNR]QR
VWUXMDQMHIOXLGDWHVWUXMDQMHXKRUL]RQWDOQRMUDYQLQL=DGDQRMHG PPG PPY PVY
PVU NJP JXVWRDIOXLGD
2GUHGLWHL]OD]QLSURPMHU'SUDYLOQRSURLUHQHNRQYHUJHQWQRGLYHUJHQWQHVDSQLFHNUR]NRMXL]HQWURSVNLVWUXML
]UDN5 -NJ. =DGDQRMHS EDUS EDU7 .G PP
+ E F
*
H $
( ) G
D J SD
] J
\
[
+ U
' 5
&
E
$ %
V|
=DGDWDN
=DGDWDN
'
G
=DGDWDN
V| Y
\
G [
'
Y D
S7 G
=DGDWDN
SD
=DGDWDN
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
2GUHGLWH SRORDM YHUWLNDOQH RVL X RGQRVX QD LVKRGLWH $ RNR NRMH NRFNDVWL VSUHPQLN SUHPD VOLFL URWLUD
NRQVWDQWQRPNXWQRPEU]LQRPZ UDGV6SUHPQLNMHLVSXQMHQIOXLGRPJXVWRHU NJP =DGDQRMH
'S 3D'S 3DE P
2GUHGLWHXGDOMHQRVWFXWHJDSURPMHUDG FPL]UD HQRJRGPDWHULMDODJXVWRHU NJP RG]JORED
$ NRG NRMHJ H GRLGRRWYDUDQMDSROXNXJODVWRJSRNORSFDSROXPMHUD5 FPSUHPDVOLFL3UHWSRVWDYLWHGD
YLVLQD+VWXSFDYRGH+ FPWHGDVXVYHSROXJH]DQHPDULYHWHLQH=DGDQRMHU NJPD P
E PF PH P
=DSRWUHEHRSVNUEHYRGRPQDVHOMDL]JUD HQMHFMHYRYRGSURPMHUD' PPRGYXHQLKFLMHYLXNXSQHGXOMLQH
/ NP3XPSDGREDYOMDOVYRGHJXVWRHU NJP NLQHPDWLNRJNRHILFLMHQWDYLVNR]QRVWLQ
P VQDVHOMXNRMHVHQDOD]LQDYLVLQL+ PL]QDGUD]LQHMH]HUDWHRVWYDUXMHWRWDOQLSUHWODNYRGHX
QDVHOMX S EDUD 1DNRQ GYDGHVHWRJRGLQMH HNVSORDWDFLMH SRWUHEH ]D YRGRP VX VH SRYHDOH SD MH SRWUHEQR
GREDYLWLYLHYRGHX]LVWLWRWDOQLSUHWODN2GUHGLWHSURPMHUGQRYRJFMHYRYRGDNRMLHVHSRVWDYLWLXPMHVWR
SRVWRMHHJ D ]DGRYROMDYD SRYHDQH SRWUHEH ]D YRGRPVSRVWRMHRPSXPSRP3ULSURUDXQXORNDOQHJXELWNH
]DQHPDULWHWHSUHWSRVWDYLWHGDMHYLVLQDKUDSDYRVWLNQRYRJFMHYRYRGDN PP
2GUHGLWH VLOX QD MHGQX ORSDWLFX X UHHWFL MHGLQLQH LULQH NRMD VNUHH VWUXMDQMH ]UDND ]D NXW D
3UHWSRVWDYLWHVWUXMDQMHQHYLVNR]QRJIOXLGD=DGDQRMHY PVS EDUDU NJP W PP
%ULQNPDQRY EURM 1 HVWR NRULWHQ SUL DQDOL]L VWUXMDQMD RUJDQVNLK IOXLGD MH RGQRV GLVLSDFLMH L WRSOLQVNH
SURYRGOMLYRVWL X IOXLGX %URM MH EH]GLPHQ]LVNL SDUDPHWDU QDVWDR NRPELQDFLMRP GLQDPLNRJ NRHILFLMHQWD
YLVNR]QRVWL P EU]LQH Y WRSOLQVNH YRGOMLYRVWL O L WHPSHUDWXUH IOXLGD 7 2GUHGLWH %ULQNPDQRY EURM SRG
SUHWSRVWDYNRPGDMHXWMHFDMYLVNR]QRVWLOLQHDUDQ
+ E F
*
Z
H S $
) G
( D
D
J J
+ U
' 5
&
] \ [
\
$ [ %
V|
=DGDWDN
QDVHOMH
J
=DGDWDN
+ ' /8.
Y
W
MH]HUR
SD SXPSD
S
=DGDWDN
D
=DGDWDN
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
2GUHGLWH NROLLQX IOXLGD X VSUHPQLFLPD L QDNRQSUDQMHQMDNRFNDVWRJVSUHPQLNDVWUDQLFHD PNUR]
RWYRU SURPMHUD G FP QD GQX VSUHPQLND SUHPD VOLFL 3UHWSRVWDYLWH QHYLVNR]QR VWUXMDQMH IOXLGD WH GD MH
VSUHPQLNQDSRHWNXELRSRWSXQRLVSXQMHQIOXLGRP=DGDQRMHE PF P
2GUHGLWHVLOX)SRWUHEQX]DSULGUDYDQMHSRNORSFDMHGLQLQHLULQHSUHPDVOLFL]JOREQRXYUHQLPXWRFL$
=DGDQRMHD PE P5 PU NJP D K P
=DSRWUHEHQDYRGQMDYDQMDSRWUHEQRMHGREDYOMDWL4 PVRWYRUHQLPNDQDORPXREOLNXWUDSH]DSUHPDVOLFL
2GUHGLWH QDJLE NDQDOD D DNR MH YLVLQD YRGH X NDQDOX K P 3UHWSRVWDYLWH VWUXMDQMH X UHLPX SRWSXQH
WXUEXOHQFLMHWHGDMHNDQDOL]JUD HQRGEHWRQDYLVLQHKUDSDYRVWLN PP=DGDQRMHM D P
2GUHGLWHNRMRPVLORP)WUHEDRSWHUHWLWLNOLSSURPMHUDG FPGDELVHVSXWDREU]LQRPY PVXFLOLQGUX
SURPMHUD' FPLVSXQMHQRJYRGRPJXVWRHU NJP 3UHWSRVWDYLWHVWUXMDQMHLGHDOQRJIOXLGD8SXWD
NRRUGLQDWQLVXVWDYSRVWDYLWHUHODWLYQRXRGQRVXQDNOLS
2GUHGLWH VLOX ) QD SUHJUDGX NROLFD $% NRMD VH XEU]DYDMX XGHVQR NRQVWDQWQRP DNFHOHUDFLMRP D PV
=DGDQRMH+ PK P/ PU NJP % PLULQDNROLFD
SD )
J
E
D J
G SD
SD 5
E U
D K
F F F
=DGDWDN D
$
=DGDWDN
M D M
J SD
G
SD
4 K
J
) Y
3RSUHQLSUHVMHNNDQDOD
U
D '
=DGDWDN
/ / =DGDWDN
%
+ K
U =DGDWDN
$
D
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
2GUHGLWHYULMHPHSRWUHEQRGDVHSRWSXQRLVSUD]QLFLOLQGULQDSRVXGDSURPMHUD' FPXNRMRMSOLYDYDOMDN
SURPMHUDG FPSUHPDVOLFL3UHWSRVWDYLWHQHYLVNR]QRVWUXMDQMHIOXLGD=DGDQRMHG PP+ PK
FP
2GUHGLWHJXVWRXU NRFNDVWRJXWHJDGDELSRNORSDFMHGLQLQHLULQHSUHPDVOLFL]JOREQRXYUHQXWRFL$ELR
XUDYQRWHL=DGDQRMHU NJP D FPE FPF FP+ FPK FPD
2GUHGLWHPLQLPDOQLSRWUHEQLSUHWODNS XNRPSHQ]DFLRQRMSRVXGLNRMLRVLJXUDYDGDNOLSVDYODGDYDVLOX) 1
SULEU]LQLJLEDQMDNOLSDY PPPLQ6YHORNDOQHJXELWNH]DQHPDULWH=DGDRMH' PPG PP/
PU NJP P 3DVXOMH
2GUHGLWHVLOX)IOXLGDQDNROMHQRXKRUL]RQWDOQRMUDYQLQLSUHPDVOLFL3ULL]UDGL]DGDWNDSRWUHEQRMH]DQHPDULWL
VYHJXELWNHWUHQMDDX]HWLXRE]LUNRHILFLMHQWHLVSUDYNDNROLLQHJLEDQMDLNLQHWLNHHQHUJLMH3URILOEU]LQHXFLMHYL
]DGDQMHQDVOLFL=DGDQRMHS EDU4 OV' FPG FPU NJP P 3DV
3ULPMHQRP GLPHQ]LMVNH DQDOL]H RGUHGLWH IXQNFLRQDOQX ]DYLVQRVW YHOLLQH NDSOMLFH G QD L]OD]X L] VSUHM VDSQLFH
DNRMHSR]QDWRGDYHOLLQDNDSOMLFHRYLVLRSURPMHUXVDSQLFH'EU]LQLYXVDSQLFLWHVYRMVWYLPDIOXLGDJXVWRLU
YLVNR]QRVWLPLNRHILFLMHQWXSRYULQVNHQDSHWRVWLV
G J
J SD
SD U
K D K
F D
+ ' +
SUHJUDGD E U
$
=DGDWDN G
=DGDWDN
.RPSHQ]DFLRQD
J SRVXGD G
SD S0
VWDS '
Ka
G Y U
Y
YPD[ 5
/
Y U
=DGDWDN
YPD[ 5 =DGDWDN
4 '
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
2GUHGLWHYULMHPHWSUDQMHQMDFLOLQGULQRJVSUHPQLNDSURPMHUD' FPDNRMHRLWDQMHQDPDQRPHWUXL]QRVL
K ] ] MH YLVLQD YRGH X VSUHPQLNX L QD PLMHQMD VH WLMHNRP SUDQMHQMD VSUHPQLND 3UHWSRVWDYLWH
NYD]LVWDFLRQDUQRVWUXMDQMHIOXLGD=DGDQRMH+ PG PPU NJPU NJP/|FF
NRHILFLMHQWNRQWUDNFLMHPOD]D
2GUHGLWHPDVXYDOMNDMHGLQLQHGXOMLQHGDELRWYRUVSUHPQLNDSUHPDVOLFLRVWDR]DWYRUHQ=DGDQRMH' P
+ PK PD U NJP
2GUHGLWHUD]OLNXQLYRD+IOXLGDXDNXPXODFLMVNRPMH]HUXLNRPSHQ]DFLRQRMNRPRULDNRMHQHWRSDGXWXUELQLKW
P=DQHPDULWHORNDOQHJXELWNH=DGDQRMH' P' PU NJPQ PV/
P/ PN N PPK P
2GUHGLWHKRUL]RQWDOQXVLOX)QDEUDQXSUHPDVOLFLLULQDEUDQHRNRPLWRQDUDYQLQXVOLNH/ P3UHWSRVWDYLWH
QHYLVNR]QR VWUXMDQMH IOXLGD WH XQLIRUPQH SURILOH EU]LQH GRYROMQR GDOHNR LVSUHG L L]D EUDQH =DGDQR MH U
NJP+ PK PK FPG P' P
2GUHGLWHNXWQXEU]LQXYUWQMHZVORERGQRURWLUDMXHFLMHYLSUHPDVOLFL3UHWSRVWDYLWHVWUXMDQMHQHYLVNR]QRJIOXLGD
=DGDQRMH+ PU NJP' PP5 PD E J
SD
SD J
'
+
U
' J
U +
G K
/ D
=DGDWDN
=DGDWDN
SD
K
U SD
J
SD U
J
+ G
QU +
' '
K
K
' K
/ SD
=DGDWDN
/ J
U
+
=DGDWDN
J
=DGDWDN
5 '
D
E
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
2GUHGLWH IXQNFLRQDOQX ]DYLVQRVW SRWUHEQH SRJRQVNH VLOH ) SRWSXQR SRWRSOMHQRJ WRUSHGD R GXOMLQL WRUSHGD /
SURPMHUXWRUSHGD'EU]LQLWRUSHGDYGLQDPLNRJNRHILFLMHQWXYLVNR]QRVWLIOXLGDPWHJXVWRLIOXLGDU
2GUHGLWHXGDOMHQRVW+JRUQMHJUXEDNRFNHOHGDD PPU/ NJPRGGQDRNUXJOHDHSURPMHUD'
PP8DLVHQDOD]LGO&RFD&ROHJXVWRHU NJP
2GUHGLWHYULMHPHWSRWUHEQRGDVHSRSLMHGO&RFD&ROHJXVWRHU NJP NRMDVHQDOD]LXRNUXJORMDL
SURPMHUD ' PP EH] OHGD L] SUHWKRGQRJ ]DGDWND NUR] VODPNX SURPMHUD G PP GXOMLQH / FP
3UHWSRVWDYLWH NYD]LVWDFLRQDUQR VWUXMDQMH YLVNR]QRJ IOXLGD 5DGL MHGQRVWDYQLMHJ SURUDXQD SUHWSRVWDYLWH GD MH
NRHILFLMHQWWUHQMDONRQVWDQWDQLGDL]QRVLO =DGDQRMHS0 3DSRWODNQDYUKXVODPNHXVLVQL
NUDMVODPNHVHQDOD]LXYLMHNQHSRVUHGQRX]GQRDH
2GUHGLWH DNVLMDOQX VLOX QD YHQWLODWRU NRML XEDFXMH VYMHL]UDNJXVWRHU NJPSURWRNRP4 PVX
SURVWRULMX3UHWSRVWDYLWHQHYLVNR]QRVWUXMDQMHIOXLGD=DGDQRMH' PPS0 3DSUHWODNXSURVWRULML
2GUHGLWHGRPHWPOD]D5SROMHYDDWUDYHNRMLMHSULNOMXHQQDYRGRYRGQXPUHXWRWDOQRJSUHWODNDS0 EDUD
=DQHPDULWHWUHQMHXOHDMHYLPD=DGDQRMH+ PU FPG PPD E U NJP
S0
SD
J
U/ SD
J
D
U
/
U G
+
'
'
=DGDWDN
=DGDWDN
' E
U
G
S0 Z
SD J
E
D D
5 +
=DGDWDN
=DGDWDN
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
5DYQD SORD MH SRWSXQR SRWRSOMHQD X IOXLG NRML MH X VWDFLRQDUQDUQRP UDYQLQVNRP YLVNR]QRP VWUXMDQMX SUHPD
VOLFL2GUHGLWHSULPMHQRPGLPHQ]LMVNHDQDOL]HIXQNFLRQDOQX]DYLVQRVWVLOHRWSRUD)UDYQHSORHRGEU]LQHIOXLGD
YJXVWRHIOXLGDUYLVNR]QRVWLPUD]OLNHWODNRYDLVSUHGLL]DSORH'S SSWHLULQHSORHD
2GUHGLWH PLQLPDOQX XGDOMHQRVW [ NRG NRMH QHH GRL GR RWYDUDQMD SUHJUDGH MHGLQLQH LULQH ]JOREQR YH]DQH X
WRFL$=DQHPDULWHWHLQXSUHJUDGH=DGDQRMHU NJP/ P+ PK PD
+LGUDXOLNLDNXPXODWRUSUHPDVOLFLSXQLVHNUR]FMHYRYRGXNXSQHGXOMLQH/ PSURPMHUDG PWH
YLVLQHKUDSDYRVWLN PP2GUHGLWHSUHWODNS0NRMLMHSRWUHEDQGDELVHDNXPXODWRUSXQLRSURWRNRP4
OLWVWHSUHWODNS0NRMLVHSRVWLHNDGDVHDNXPXODWRUSUD]QLLVWLPSURWRNRP2GUHGLWHVWXSDQMGMHORYDQMD
DNXPXODWRUD=DGDQRMH' PP* WPDVDWHUHWD]DMHGQRVFLOLQGURPDNXPXODWRUDU NJPP
3DV XOMH 8SR]RUHQMH SUHWODFL S0 L S0 YODGDMX QD LVWRP PMHVWX NDNR MH R]QDHQR QD VOLFL VDPR MH
VPMHUVWUXMDQMDIOXLGDUD]OLLW
2GUHGLWHVLOX)QDUDYXSUHPDVOLFL3UHWSRVWDYLWHQHYLVNR]QRVWUXMDQMHIOXLGD=DGDQRMHK PK P
K PK PK P' PPSURPMHUVYLKFMHYRYRGDU NJP9 OLWYROXPHQ
YRGHXUDYL
=UDN 5 -NJ. LVWMHH L] UH]HUYRDUD X DWPRVIHUX NUR] NRQYHUJHQWQR GLYHUJHQWQX VDSQLFX 8
QDMXHP SUHVMHNX VDSQLFH G PP]UDNVWUXMLEU]LQRP]YXND3UHWODNXUH]HUYRDUXL]QRVLS0 EDUDD
WHPSHUDWXUD W & 3RWUHEQR MH L]UDXQDWL PDVHQL SURWRN P NUR] VDSQLFX NDR L L]OD]QL SURPMHU ' SRG
XYMHWRPGDWODNQDL]OD]XL]VDSQLFHL]QRVLSD EDUDWPRVIHUVNLWODN
SD
J
Y D
+ U /
S S $ K
D
[
=DGDWDN
=DGDWDN
J J
DNXPXODWRU SD
' U
U
U
U
K
K
/ K
K
S0 G
K
S0 G
=DGDWDN
=DGDWDN
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
9HUWLNDOQLVWRDFYLVLQH+ FPLSROXPMHUDED]H5 FPLVSXQMHQYRGRPJXVWRHU NJPURWLUD
NXWQRPEU]LQRPZ2GUHGLWHGRNRMHYLVLQHKMHVWRDFELRLVSXQMHQYRGRPSULMHURWDFLMHDNRWLMHNRPURWDFLMH
VORERGQDSRYULQDWDQJLUDSODWVWRFDQDYLVLQL+SUHPDVOLFL
2GUHGLWH JXVWRX U NYDGUDWQH JUHGH MHGLQLQH LULQH GD EL JUHGD ]JOREQR YH]DQD X WRFL $ ELOD X UDYQRWHL
=DGDQRMH+ PK D PD U NJP
2GUHGLWHNRHILFLMHQWORNDOQRJJXELWNDYHQWLOD.Y]DVOXDMVWDFLRQDUQRJVWUXMDQMDIOXLGDSUHPDVOLFL=DGDQRMH+
PK P/ P' PN PPD P. .N Q PVU
NJP
2GUHGLWHVLOX)QDOLMHYDNSUHPDVOLFL3UHWSRVWDYLWHVWDFLRQDUQRQHYLVNR]QRVWUXMDQMHIOXLGDWH]DQHPDULWHWHLQX
OLMHYND=DGDQRMH4 OV' PG P+ FP5 FPK#U NJP
2GUHGLWH YULMHPH W SUDQMHQMD SUDYRNXWQRJ VSUHPQLND SRWSXQR ]DWYRUHQRJ SUHPD DWPRVIHUL MHGLQLQH LULQH
SUHPDVOLFL3RWUHEQRMHL]UDXQDWLLYULMHPHSUDQMHQMDRGXQHFLMHYL=DGDQRMH' PG FPD
PE P+ P&G K P J
SD
SD 5
Z U
+ U
+ D
K
J + U D
K $
SD =DGDWDN
U
J
=DGDWDN UP '
K . .N
=DGDWDN
'
' .Y
5 D
SD /
K
+ SD
UP
U 'N
J + J
SD
G +
D '
G
=DGDWDN K
&G E
=DGDWDN
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
2GUHGLWHSURWRN4]DVLVWHPSUHPDVOLFL3UHWSRVWDYLWHVWDFLRQDUQRVWUXMDQMHQHYLVNR]QRJIOXLGD=DGDQRMH'
PG P+ PK PK PU NJP
2GUHGLWHUHDNFLMXXWRFL$VLOXLPRPHQW]DVLWXDFLMXSUHPDVOLFL=DQHPDULWHWHLQXSUHJUDGHMHGLQLQHLULQH
=DGDQRMHD PE PU NJP
9RGD U NJP P 3DV SUHOMHYD VH VLIRQRP L] MHGQRJ MH]HUD ]D QDYRGQMDYDQMH X GUXJR SUHPD
VOLFLNUR]FLMHYSURPMHUDG PP8NXSQDGXOMLQDFLMHYLMH/ PDYLVLQDKUDSDYRVWLMHN PP
/RNDOQLJXELWDNXNROMHQX.N 2GUHGLWHSURWRNYRGHNUR]FLMHY=DGDQRMHK P
2GUHGLWH SRPDN VWRFD [ DNR MH EU]LQD VWUXMDQMD Y PV NUR] FLMHY SURPMHUD ' P SUHPD VOLFL
3UHWSRVWDYLWH QHYLVNR]QR VWUXMDQMH IOXLGD XQLIRUPQH SURILOH EU]LQH QD VYLP SUHVMHFLPD WH NRQVWDQWDQ WODN X
SUHVMHNX8WMHFDMJUDYLWDFLMH]DQHPDULWH=DGDQRMHG PF 1PNUXWRVWRSUXJHU
NJPJXVWRDIOXLGD
2GUHGLWH]DYLVQRVWLEU]LQHLUHQMDWODQRJSRUHPHDMDFEU]LQDSXOVDNUR]DUWHULMHXIXQNFLMLSURPMHUDDUWHULMH
' GHEOMLQH VWMHQNH NUYQH LOH V JXVWRH NUYL U <RXQJRYD PRGXOD HODVWLQRVWL ( WH YROXPHQVNRJ PRGXOD
HODVWLQRVWLNUYL.
4
G SUHJUDGD SD J
SD J
'
D D
G
K U +
K E
$ D
G '
D
G K G G S0
E U
'
4 =DGDWDN
=DGDWDN
[
.N F
J G
.N K G
SD
UP
=DGDWDN Y
'
=DGDWDN
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
2GUHGLWH SURPMHUH ' L ' RWYRUD L]PH X VSUHPQLND SUHPD VOLFL GD EL SURWRN L] VYD WUL VSUHPQLND ELR LVWL
3UHWSRVWDYLWHQHYLVNR]QRVWDFLRQDUQRVWUXMDQMHIOXLGD=DGDQRMH4 OVG PPG PPG
PP
2WYRU QD GQX SRVXGH X NRPH VH QDOD]L XOMH JXVWRH U NJP ]DWYRUHQ MH NRQXVQLP HSRP LMH VX
GLPHQ]LMH ' PP G PP D PP G PP 1LYR XOMD L]QDG HSD MH E PP
=DQHPDUXMXLWHLQXHSDLWUHQMHXQMHJRYLPYRGLOLFDPDRGUHGLWLVLOX)SRWUHEQX]DSRGL]DQMHHSD=DGDQRMH
S0 N3D
2GUHGLWHNRHILFLMHQWRWSRUDYHQWLOD.YSULNRPHHSURWRNXJUDQLVYHQWLORPELWL4 OV=DGDQRMH/ PG
PN PPVYHWULFLMHYLVXLVWHGXOMLQHSURPMHUDLYLVLQHKUDSDYRVWLK PS0 EDUU
NJPQ PV
2GUHGLWH)\NRPSRQHQWXVLOHQDUDYXNRMDVHQDOD]LXKRUL]RQWDOQRMUDYQLQLSUHPDVOLFLDNRMH)[NRPSRQHQWD
VLOHMHGQDNDQXOL=DGDQRMH4 OVU NJPD E G PP' PP
6LODRWSRUD5JLEDQMDWLMHODXYLVNR]QRPVWODLYRPIOXLGX]DYLVLRGGXOMLQHWLMHOD/JXVWRHIOXLGDUGLQDPLNRJ
NRHILFLMHQWDYLVNR]QRVWLPYROXPHQVNRJPRGXODHODVWLQRVWL.LEU]LQHJLEDQMDWLMHOD83ULPMHQRP3LWHRUHPD
RGUHGLWHRSLREOLN]DYLVQRVWLRWSRUD5RGSUHRVWDOLKYHOLLQD=DGLPHQ]LRQRQH]DYLVQLVNXSX]PLWHU8L/
)
J
4 J
S0 G
U ' E
K
K
K
G ' ' G D
G
G
=DGDWDN
=DGDWDN
SD '
J
S0 E '
D
\
UQ
[
K
/GN
.Y G
SD
4
=DGDWDN
=DGDWDN
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
2GUHGLWH YLVLQX K SRGL]DQMD NUXQRJ SRNORSDFD QDNRQ WR VH SRVXGD L IOXLG ]DURWLUDMX NRQVWDQWQRP NXWQRP
EU]LQRPZ V=DGDQRMH' FPG FP+ FPU NJP
2GUHGLWHVLOX)XUXLFLSULXVLVQRPLWODQRPUHLPXUDGDMHGQRVWDYQHSXPSHSUHPDVOLFL=DGDQRMHD
FPE FP+ PK PG FP' P5 PU NJPJXVWRDYRGHUN
NJPJXVWRDNXJOLFH
2GUHGLWH UDGQX WRNX SXPSH YLVLQX GREDYH KS L SURWRN 4S ]D VLWXDFLMX SUHPD VOLFL .DUDNWHULVWLND SXPSH
]DGDQDMHVOMHGHLPL]UD]RP ^K `
S P
^4`P V *XELWDNQDXOD]XXFMHYRYRG]DQHPDULWH=DGDQRMH
J SD
+ + U
K G 5
Z
'
J
G 5 K
S D
' U '
=DGDWDN =DGDWDN
S [
Y
D
E
S +
J
D G
/
]
J S
'
D
UP .
Y
D
SXPSD
=DGDWDN
=DGDWDN
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
2GUHGLWHYLVLQHKKLKXQXWDUVSUHPQLNDSUHPDVOLFLNRMHVHXVSRVWDYHSULVWDFLRQDUQRPVWUXMDQMXSURWRNRP
4 OV3UHWSRVWDYLWHL]RWHUPQXNRPSUHVLMX]UDNDXVUHGQMHPVSUHPQLNX=DGDQRMHSD EDU+ P
U NJPK PK PG PP
8NRFNDVWRMSRVXGLVWUDQLFHD PQDSXQMHQHYRGRPJXVWRHU NJPGRYLVLQH+SOLYDNRPDGOHGD
JXVWRHU/ NJP8QXWDUOHGDYROXPHQD9/ GPVHQDOD]LHOLQDNXJOLFDYROXPHQD9. FP
JXVWRHU. NJP2GUHGLWH]DNROLNRHVHSURPLMHQLWLQLYRYRGH+NDGDVHOHGRWRSL
]UH]HUYRDUDVNRQVWDQWQLPQLYRRPYLVLQH+ PLVWMHHYRGDJXVWRHU NJPYLVNR]QRVWLP
3DVNUR]KRUL]RQWDOQXFLMHYRGWUJRYDNRJHOLND2GUHGLWHL]OD]QLSURPMHUFLMHYL'GDVHXVSRVWDYLSURWRN4
PV=DGDQRMH/ P/ P' PP.
)OXLG SUROD]L NUR] ILOWDU SURWRNRP 4 PK SUL HPX MH SDG WODND NUR] ILOWDU 'S EDUD 2GUHGLWH
UH]XOWDQWQXVLOX)IOXLGDQDILOWDUDNRMHSUHWODNQDXOD]XXILOWDUS0 EDUDDXQXWUDQMLYROXPHQILOWUD9
O=DGDQRMH' PP' PPU NJP
=UDN5 -NJ. L]HQWURSVNLVWUXMLSUDYLOQRSURLUHQXNRQYHUJHQWQRGLYHUJHQWQXVDSQLFXWODNX
L]OD]QRPPOD]XMHGQDNMHDWPRVIHUVNRPWODNX2GUHGLWHPDVHQLSURWRNLL]OD]QLSURPMHU'DNRMHSURPMHUJUODG
PPDEU]LQDXL]OD]QRPPOD]X0 0DFK=DGDQRMHSD EDU7 .
OHG J
J S D
S 0
U /
+ NXJOLFD
K K +
G K
U
G D
U K
K
G
G
=DGDWDN
=DGDWDN
S D
J
G '
+
UP S 7
/
/
S D
S
D
. '
'
=DGDWDN =DGDWDN
J '
S 0
4
'
=DGDWDN
9
U
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
2GUHGLWH YULMHPH W SUDQMHQMD VSUHPQLND REOLND URWDFLRQRJ SDUDERORLGD SUHPD VOLFL 3UHWSRVWDYLWH
NYD]LVWDFLRQDUQRYLVNR]QRVWUXMDQMHIOXLGDWHGDMHNRHILFLMHQWWUHQMDONRQVWDQWDQLGDL]QRVLO =DGDQRMH
+ P/ P.Y G P' P
%URGGXOMLQH/ PLULQHD PPDVHWRQDSUHJUD HQMHVWULYHUWLNDOQHSUHJUDGHSUHPDVOLFL$NR
VHQDGQXVUHGQMHSUHJUDGHSRMDYLRWYRUSURPMHUDG FPEURGSRLQMHWRQXWL2GUHGLWHGXELQXKGRNRMHH
SRWRQXWLEURGYULMHPHWGDSRWRQHQDWXGXELQX]DE DWHPDNVLPDOQXLULQXVUHGQMHJVSUHPQLNDESULNRMRM
HEURGMRXYLMHNRVWDWLSORYDQ3UHWSRVWDYLWHNYD]LVWDFLRQDUQRVWUXMDQMHQHYLVNR]QRJIOXLGD=DGDQRMH+
PU NJP
1DUDGQRPVWROXWHLQH*V N1QDOD]LVHSUHGPHWWHLQH* 1NRMLVHREUD XMHVNLGDQMHPVWUXJRWLQD
VLORP5 N16WROVREUDWNRPNUHHVHNRQVWDQWQRPEU]LQRPY PVSUHNRNOL]QHSRYULQHNRHILFLMHQWD
WUHQMD P7 SRNUHWDQLSRPRXKLGUDXOLNRJVLVWHPDSUHPDVOLFL2GUHGLWHKLGUDXOLNHNDUDNWHULVWLNHSXPSH
SURWRN 4 YLVLQX GREDYH + WH VQDJX 3 DNR VH SUHWSRVWDYOMD GD ORNDOQL RWSRUL LQH OLQLMVNLK JXELWDND
=DGDQRMH/ PG FP' FP' FPU NJPP 3DVK P
'YDPOD]DYRGHGUHXUDYQRWHLNRFNXPDVHP]JOREQRYH]DQDXWRFL22GUHGLWHPDVXNRFNHDNRMHNRFND
QDJQXWD]DD 3UHWSRVWDYLWHQHYLVNR]QRVWUXMDQMHDPDVHPOD]RYD]DQHPDULWH=DGDQRMHU NJP
Y PVG P
2GUHGLWH NXW E GYDMX L]OD]QLK NUDNRYD URWLUDMXH HWYHURNUDNH FLMHYL SUHPD VOLFL GD EL RQD VORERGQR URWLUDOD
NXWQRPEU]LQRPZ UDGV=DGDQRMH5 FP5 FPG PP' PP+ P
S J
D
E S D
+ K UP K
J
G G / G 5
Y *
D
'
' *
P
V
7
=DGDWDN
=DGDWDN
' SD
D J
D J
+ U
+
J '
D
G
/ 2 Z
. 5 G SD
G
Y
E
Y Y
D D
E G
5
=DGDWDN G G
=DGDWDN =DGDWDN
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
%U]LQD Y WDORHQMD NXJOLFD RYLVL R SURPMHUX ' NXJOLFH JXVWRL NXJOLFH U JXVWRL IOXLGD U JUDYLWDFLML J WH
YLVNR]QRVWLIOXLGDP3ULPMHQRPGLPHQ]LMVNHDQDOL]HRGUHGLWH]DYLVQRVWEU]LQHWDORHQMDRGSUHRVWDOLKYHOLLQD
7DQNRVWLMHQDYDOMNDVWDEDYDSRWSXQRMHLVSXQMHQDYRGRPJXVWRHU NJP GRYLVLQH+ PSUHPD
VOLFL=ERJSRYHDQMDNUXWRVWLVWLMHQNHSRWUHEQRMHXJUDGLWLWULRMDDQMD2GUHGLWHSRORDMHRMDDQMD[ [ L[ WDNR
GDMHVYDNRRMDDQMHRSWHUHHQRMHGQDNRPVLORP
.OLPDWL]DFLMVNLYRGSUDYRNXWQRJSRSUHQRJSUHVMHNDD[E [FP]ERJUHNRQVWUXNFLMHSURVWRULMHSRWUHEQR
MH ]DPLMHQLWL NOLPDWL]DFLMVNLP YRGRP SUDYRNXWQRJ SRSUHQRJ SUHVMHND LMD YLVLQD QLMH YHD RG E FP
2GUHGL LULQX NOLPDWL]DFLMVNRJ YRGD NRMD RVLJXUDYD MHGQDNL SDG WODND SR MHGLQLFL GXOMLQL SUL LVWRP SURWRNX
3UHWSRVWDYLWHVWUXMDQMHXUHLPXSRWSXQHWXUEXOHQFLMH=DGDQRMHN PPYLVLQDKUDSDYRVWL
6LODRWSRUDSURILODDYLRQVNRJNULODMHGLQLQHLULQHPMHULVHX]UDQRPWXQHOXLULQHE P2GUHGLWHVLOXQD
SURILO DNR VX QD SUHVMHFLPD L VQLPOMHQL SURILOL EU]LQH SUHPD VOLFL 3UHWSRVWDYLWH NRQVWDQWDQ WODN QD VYDNRP
YHUWLNDOQRPSUHVMHNX=DGDRMHU NJP S EDUY PV
2GUHGLWHYULMHPHWSRWUHEQRGDSRVXGDPDVHP NJSURPMHUD' PSRWSXQRSRWRQH3UHWSRVWDYLWH
GD MH X SRHWQRP WUHQXWNX X SRVXGL ELR ]UDN QD DWPRVIHUVNRP WODNX WH GD VH ]UDN L]RWHUPQRNRPSULPLUDRSUL
WHPSHUDWXUL 7 . 9ULMHPH SRWUHEQR ]D NRPSUHVLMX ]UDND XQXWDU SRVXGH ]DQHPDULWH =DQHPDULWH XWMHFDM
GHEOMLQHVWMHQNHSRVXGHWHSUHWSRVWDYLWHVWDFLRQDUQRL]HQWURSVNRVWUXMDQMHNUR]RWYRUSURPMHUDG PP=DGDQR
MHU NJP + P]UDNN 5 -NJ.SD EDU
J
S D
U [
[ +
E
[
D
=DGDWDN =DGDWDN
J S D
G
E
+
'
Y
S E
0 U
=DGDWDN =DGDWDN
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
3RVXGDREOLNDVWRFDURWLUDRNRYHUWLNDOQHRVLNRQVWDQWQRPNXWQRPEU]LQRPZ2GUHGLWHNXWQXEU]LQXZWDNRGD
ELVLODQDYLMNH$ELODWULSXWDYHDRGVLOHXVOXDMXNDGDSRVXGDQHURWLUD=DGDQRMHU NJP5
P+ P
+LGUDXOLNLDPRUWL]HUSULND]DQQDVOLFLMHXQHRSWHUHHQRPVWDQMX,]UDXQDMWHPDVHP NOLSDLVLOXRSWHUHHQMD)
DNR VX ]DGDQL SRPDFL [ PP SRPDN SRG GMHORYDQMD WHLQH NOLSD L [ PP SRPDN XVOMHG
GMHORYDQMD WHLQH NOLSD L VLOH ) =DQHPDULWH WUHQMD L]PH X NOLSD L YRGLOLFD 3UHWSRVWDYLWH L]RWHUPQX SURPMHQX
VWDQMD]UDNDXQXWDUDPRUWL]HUDWHVDYUHQREUWYOMHQHL]PH XDPRUWL]HUDLNOLSD=DGDQRMH+ PP'
PPG PPSD EDU/ PPYLVLQDYRGHJXVWRHU NJP XSRHWQRPSRORDMXNDGD
MHDPRUWL]HUUDVWDYOMHQ
2GUHGLWH YLVLQX + ]D VLVWHPSUHPDVOLFLDNRMHSURWRNNUR]FLMHY/ GYDSXWDYHLRGSURWRNDNUR]FLMHY/
3UHWSRVWDYLWHNRQVWDQWDQNRHILFLMHQWWUHQMDOXVYLPFLMHYLPDO =DGDQRMH+ P' PP/
P' PP/ P' PP/ PU NJP Q P V
2GUHGLWHEU]LQXYNROLFDSRJRQMHQLKPOD]RPYRGHSURPMHUDG PP3UHWSRVWDYLWHGDVHRWSRU]UDNDUDXQD
SUHPDL]UD]X) & UY $WHSUHWSRVWDYLWHVWUXMDQMHLGHDOQRJIOXLGD=DGDQRMHY PVD &
$ P U NJP U NJP
,]UDXQDM SURPMHU ' SUDYLOQR SURLUHQH VDSQLFH WODN X POD]XMHGQDNMHWODNXRNROLQHNRMDRVLJXUDYDSRWLVQX
VLOX SURWXJUDGQH UDNHWH RG ) 1 DNR MH ]DGDQ WODN X NRPRUL L]JDUDQMD S EDUD D WHPSHUDWXUD
L]JDUDQMD7 .3OLQRYHL]JDUDQMDVPDWUDMWHVDYUHQLPSOLQRPXL]HQWURSVNRPVWUXMDQMX5 -NJ.
=DGDQRMHS EDUD
PDOL S D
RWYRU )
J
S
J
D
+
U G S 0
[
Z
+
[
U /
J S D
=DGDWDN
J
+ D
Y G
Y
+
/
/
'
'
=DGDWDN
'
S G
=DGDWDN /
D
G S 7
=DGDWDN
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
2GUHGLWHSURPMHQXYLVLQH[QLYRDIOXLGDXJRUQMHPVSUHPQLNXDNRQDL]OD]QLRWYRUJRUQMHJVSUHPQLNDSULYUVWL
GLIX]RUSUHPDVOLFL3UHWSRVWDYLWHVWUXMDQMHLGHDOQRJIOXLGD=DGDQRMH+ PG FP' FPK
PU NJP
2GUHGLWHPDNVLPDOQXWHLQX*NRMXPRHSRGL]DWLGL]DOLFDSUHPDVOLFL=DQHPDULWHWHLQHGL]DOLFHLSRQWRQDWH
QDJLQMDQMH SRQWRQD WLMHNRP RSWHUHHQMD =DGDQR MH D P E P K P / P LULQD SRQWRQD
RNRPLWRQDVOLNXF PG PP WU NJP 3ULSURUDXQXSRWUHEQRMHX]HWLXRE]LUSORYQRVW
GL]DOLFHNDRLRSDVQRVWRGSUHYUWDQMD
9RGDJXVWRHU NJP VHSUHWDHL]YLHJXQLLVSUHPQLNNUR]SUDYRNXWQLEHWRQVNLNDQDOLULQHE
P GXOMLQH / P SURWRNRP 4 OV 2GUHGLWH YLVLQX K YRGH X NDQDOX 6YHORNDOQHJXELWNH]DQHPDULWH
=DGDQRMH+ PQ P VYLVNR]QRVWYRGHN PPYLVLQDKUDSDYRVWL]DEHWRQ
2GUHGLWHVLOXQDUDYXSUHPDVOLFL3UHWSRVWDYLWHVWUXMDQMHQHYLVNR]QRJIOXLGDJXVWRHU NJP =DGDQRMH
' FPG FPD + PK P9 P YROXPHQYRGHXQXWDUUDYH
=UDN 5 -NJ. L]HQWURSVNL VWUXML NUR] NRQYHUJHQWQX VDSQLFX X DWPRVIHUX 2GUHGLWH PDVHQL
DNRMHL]OD]QLSURPMHUVDSQLFHG PP=DGDQRMHS EDU7 .S EDU
SURWRN P
J
G J
[ S D
E P 7
G U K F
F
* K
'
+ D U D
G
=DGDWDN
S D
=DGDWDN
S D J
J
+
UQ .DQDO K
'
+ G
/
E
K D
S D
G
=DGDWDN
G
S 7
=DGDWDN
S
D
=DGDWDN
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ,VSLWQLURNRYL
,VSLWRGUDQ
%U]LQD EURGD Y RYLVL R SURPMHUX ' SURSHOHUD NXWQRM EU]LQL YUWQMH Z SURSHOHUD L JUDYLWDFLML J 3ULPMHQRP
GLPHQ]LRQH DQDOL]H RGUHGLWH ]DYLVQRVW EU]LQH Y RG SUHRVWDOLK SDUDPHWDUD $NR MH QD PRGHOX SHW SXWD PDQMLK
GLPHQ]LMDSULNXWQRMEU]LQLYUWQMHSURSHOHUDZ V L]PMHUHQDEU]LQDEURGDY PVRGUHGLWHEU]LQXEURGDL
NXWQXEU]LQXYUWQMHSURSHOHUDQDSURWRWLSX
2GUHGLWHPDNVLPDOQXYLVLQXKUD]LQHIOXLGDJXVWRHU NJP GDQHGR HGRSUHYUWDQMDGUYHQHSUHJUDGH
MHGLQLQH LULQH ]JOREQRYH]DQHXWRFL$=DGDQRMH/ PU NJP G FPGHEOMLQDGUYHQH
SUHJUDGH
2GUHGLWH SURPMHU ' GLPQMDND SUHPD VOLFL SRWUHEDQ GD VH RVWYDUL SURWRN 4 P V YUXLK GLPQLK SOLQRYD
YLVNR]QRVWLP 3DV3UHWSRVWDYLWHGDMHWODNQDL]OD]XL]GLPQMDNDMHGQDNRNROLQRPWODNXLGDMHWODNX
ORLWX MHGQDN RNROLQRP WODNX XSR]RUHQMH SRWUHEQR MH X]HWL X RE]LU UD]OLNX DWPRVIHUVNRJ WODND L]PH X YUKD
GLPQMDNDLORLWD=DQHPDULWHVYHORNDOQHJXELWNH=DGDQRMH/ PN PPYLVLQDKUDSDYRVWLXQXWDU
GLPQMDNDS EDUDWPRVIHUVNLWODNQDYLVLQLORLWDU NJP U NJP UDGLODNHJ
SURUDXQDSUHWSRVWDYLWHNRQVWDQWQXJXVWRXRNROLQRJ]UDNDLGLPQLKSOLQRYD
2GUHGLWH VLOX ) NRMD SULGUDYD SORX PDVH P NJ ]JOREQR SULYUHQX XWRNL$3UHWSRVWDYLWQHYLVNR]QR
VWUXMDQMHIOXLGDWH]DQHPDULWHWHLQXPOD]DYRGH=DGDQRMH/ P+ PK PD P'
PG FPD U NJP
2GUHGLWH VQDJX SUHGDQX JHQHUDWRUX 3 DNR MH NXWQD EU]LQX YUWQMH SULPLWLYQH WXUELQH SUHPD VOLFL Z V
=DGDQRMH+ PG P5 PE U NJP
J
S D
J /
/ '
U
K
U
'
K|
$
S
D
=DGDWDN
S
=DGDWDN
S J U J
D
) +
U '
K
G
+ WXUELQD
Z
SD
JHQHUDWRU
/
D
E
$ '
5
G
D E
=DGDWDN
E
=DGDWDN G
E
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ7DEOLFDL]HQWURSVNRJVWUXMDQMD
3ULORJ7DEOLFDL]HQWURSVNRJVWUXMDQMD
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ7DEOLFDL]HQWURSVNRJVWUXMDQMD
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ7DEOLFDL]HQWURSVNRJVWUXMDQMD
7DEOLFD]DL]HQWURSVNRVWUXMDQMHN 7DEOLFD]DL]HQWURSVNRVWUXMDQMHN
0SS77UU$$NU 0SS77UU$$NU
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ7DEOLFDL]HQWURSVNRJVWUXMDQMD
7DEOLFD]DL]HQWURSVNRVWUXMDQMHN 7DEOLFD]DL]HQWURSVNRVWUXMDQMHN
0SS77UU$$NU 0SS77UU$$NU
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ7DEOLFDL]HQWURSVNRJVWUXMDQMD
7DEOLFD]DL]HQWURSVNRVWUXMDQMHN 7DEOLFD]DL]HQWURSVNRVWUXMDQMHN
0SS77UU$$NU 0SS77UU$$NU
(
(
(
(
(
(
((
((
((
((
(((
(((
(((
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ0RRG\HYGLMDJUDP
3ULORJ0RRG\HYGLMDJUDP
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ0RRG\HYGLMDJU
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,
3ULORJ0RRG\HYGLMDJUDP
=ELUNDULMHHQLK]DGDWDNDL]0HKDQLNHIOXLGD,