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Karlo Šoštarić MOC MISLI PDF
Karlo Šoštarić MOC MISLI PDF
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Karlo Šoštarić MOC MISLI PDF
Karlo Šoštarić MOC MISLI PDF
Uploaded by
kajandriCopyright:
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Karlo otari
Mo misli
Svi imamo isto nebo - moda su ponekad obzorja
razliita. Ako je pisana rije most izmeu ljudi,
ako je ovjek ovjeku most, a ne otok, ako je poezija
bolest due, ako je ljubav bolest srca, ako je
stvaralatvo bolest uma, tada su sakupljene misli
i oko petsto savjeta, razvrstani u pojmove, apel
svim ljudima dobre volje, tada je i biser bolest
koljke. Moda e ova knjiga pridonijeti
prepoznavanju istinskih vrednote, a tada je samo
korak da shvatimo kako smo nuno upueni jedni
na druge, da se pribliimo jedni drugima - izmeu
nas postoji vie slinosti nego suprotnosti...
ISBN: 953-98297-1-2
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VPMHUXUHGXNFLMHQDSHWRVWL RYMHNQDGVRERPQHPRHLPDWLQLWDJRUHRGGUXJRJDRYMHND
RYMHNMHLYRWLQMDVWDGD RYMHNPRHSXQRSRGQLMHWLDNRSRGQRVLVDPRJDVHEH
RYMHNNRMLLGHSRSUDYOMDWLGUXJHJXELWDNRVYRMHYULMHPHDNRQH]DSRQH SURWLYUMHLWL
NRGVHEH RYMHNPRUDELWLVDPVDVRERPLVWRYMHWDQ RQQLNDGDQHVPLMHVHEL
RYMHNPRUDELWLVDPVDVRERPLVWRYMHWDQ RQQLNDGDQHVPLMHVHEL NRGVHEH
SURWLYUMHLWL RYMHNNRMLLGHSRSUDYOMDWLGUXJHJXELWDNRVYRMHYULMHPHDNRQH]DSRQH
RYMHNPRHSXQRSRGQLMHWLDNRSRGQRVLVDPRJDVHEH RYMHNMHLYRWLQMDVWDGD
RYMHNQDGVRERPQHPRHLPDWLQLWDJRUHRGGUXJRJDRYMHND VPMHUXUHGXNFLMHQDSHWRVWL
RYMHNQHSR]QDVDPRJDVHEHMHUMHVHELSUHEOL]X RYMHNMHVXVWDYHQHUJLMDNRMLGMHOXMHXVNODGXVQDHORPSRWNUMHSOMLYDQMDLX
RYMHNQLMHQLWDGUXJDQHJRQMHJRYQDFUW SRVWRMLVDPRXRQRMPMHULXNRMRM RYMHNMHSROLWLNDLYRWLQMD
VHUD]YLMD RYMHNMHRQRWRRGVHEHLQLXNXSQRVWVYRMLKLQD
RYMHNSUHNR7LSRVWDMH RYMHNMHRQRWRLQLDQHRQRWRPLVOL LOLMHRQRWRQHPLVOL
RYMHNUDVWHVDVYRMLPVYUKDPD RYMHNMHQDMYLHELH]DRYMHND
RYMHNVDPVHEHQDMPDQMHSR]QDMH RYMHNMHPLVDRQRELH
RYMHNVHPRHXVSHWLQDYUKDOLSRHWDNSXWDMHXYLMHNQDGQX RYMHNMHRYMHNXVYHWLQMD
RYMHNWUHEDRGVHEHVWYRULWLRYMHNDDQHGDEXGHWXDVSXYD RYMHNMHELHNRMHVHQHXNODSD
RYMHNX]DOXGSXQRSULDNDNRELRGELR GUXJLRGVYHJDXMHVDPRQH PQRJRXPMHVWRGDLPDPQRJR
RYMHNDNRMLPHUD]XPLMHQLNDGDQHPRJXL]JXELWL LQLVHGDVPRVYHGDOMHRGWRJDGDLVWLQVNROMXGVNRELHEXGHRQDMNRMLMHVW
RYMHNDXLVWLQXXSR]QDWHNSRVOLMH SUHGYLGMHWL
'DQDV]QDPRGDMHVYDNLMHRYMHNXELWLMHGDQMHGLQLLQH]DPMHQMLY VKHPRPQLRSLPSODQRPUDFLRQDOQRGRNUDMDSURQLNQXWLLVFUSLWLLOL
VXGELQX1MHJRYMHLQGLYLGXDOQLRSVWDQDNL]X]HWDNNRMLVHQHGDQLNDNYRP
RYMHNMHELHPRJXQRVWLVORERGHLRVREQHRGJRYRUQRVWL]DYODVWLWX
RYMHNMHELHPRJXQRVWLVORERGHLRVREQHRGJRYRUQRVWL]DYODVWLWX
VXGELQX1MHJRYMHLQGLYLGXDOQLRSVWDQDNL]X]HWDNNRMLVHQHGDQLNDNYRP
VKHPRPQLRSLPSODQRPUDFLRQDOQRGRNUDMDSURQLNQXWLLVFUSLWLLOL 'DQDV]QDPRGDMHVYDNLMHRYMHNXELWLMHGDQMHGLQLLQH]DPMHQMLY
SUHGYLGMHWL RYMHNDXLVWLQXXSR]QDWHNSRVOLMH
LQLVHGDVPRVYHGDOMHRGWRJDGDLVWLQVNROMXGVNRELHEXGHRQDMNRMLMHVW RYMHNDNRMLPHUD]XPLMHQLNDGDQHPRJXL]JXELWL
PQRJRXPMHVWRGDLPDPQRJR RYMHNX]DOXGSXQRSULDNDNRELRGELR GUXJLRGVYHJDXMHVDPRQH
RYMHNMHELHNRMHVHQHXNODSD RYMHNWUHEDRGVHEHVWYRULWLRYMHNDDQHGDEXGHWXDVSXYD
RYMHNMHRYMHNXVYHWLQMD RYMHNVHPRHXVSHWLQDYUKDOLSRHWDNSXWDMHXYLMHNQDGQX
RYMHNMHPLVDRQRELH RYMHNVDPVHEHQDMPDQMHSR]QDMH
RYMHNMHQDMYLHELH]DRYMHND RYMHNUDVWHVDVYRMLPVYUKDPD
RYMHNMHRQRWRLQLDQHRQRWRPLVOL LOLMHRQRWRQHPLVOL RYMHNSUHNR7LSRVWDMH
RYMHNMHRQRWRRGVHEHLQLXNXSQRVWVYRMLKLQD VHUD]YLMD
RYMHNMHSROLWLNDLYRWLQMD RYMHNQLMHQLWDGUXJDQHJRQMHJRYQDFUW SRVWRMLVDPRXRQRMPMHULXNRMRM
RYMHNMHVXVWDYHQHUJLMDNRMLGMHOXMHXVNODGXVQDHORPSRWNUMHSOMLYDQMDLX RYMHNQHSR]QDVDPRJDVHEHMHUMHVHELSUHEOL]X
VPMHUXUHGXNFLMHQDSHWRVWL RYMHNQDGVRERPQHPRHLPDWLQLWDJRUHRGGUXJRJDRYMHND
RYMHNMHLYRWLQMDVWDGD RYMHNPRHSXQRSRGQLMHWLDNRSRGQRVLVDPRJDVHEH
RYMHNNRMLLGHSRSUDYOMDWLGUXJHJXELWDNRVYRMHYULMHPHDNRQH]DSRQH SURWLYUMHLWL
NRGVHEH RYMHNPRUDELWLVDPVDVRERPLVWRYMHWDQ RQQLNDGDQHVPLMHVHEL
RYMHNPRUDELWLVDPVDVRERPLVWRYMHWDQ RQQLNDGDQHVPLMHVHEL NRGVHEH
SURWLYUMHLWL RYMHNNRMLLGHSRSUDYOMDWLGUXJHJXELWDNRVYRMHYULMHPHDNRQH]DSRQH
RYMHNPRHSXQRSRGQLMHWLDNRSRGQRVLVDPRJDVHEH RYMHNMHLYRWLQMDVWDGD
RYMHNQDGVRERPQHPRHLPDWLQLWDJRUHRGGUXJRJDRYMHND VPMHUXUHGXNFLMHQDSHWRVWL
RYMHNQHSR]QDVDPRJDVHEHMHUMHVHELSUHEOL]X RYMHNMHVXVWDYHQHUJLMDNRMLGMHOXMHXVNODGXVQDHORPSRWNUMHSOMLYDQMDLX
RYMHNQLMHQLWDGUXJDQHJRQMHJRYQDFUW SRVWRMLVDPRXRQRMPMHULXNRMRM RYMHNMHSROLWLNDLYRWLQMD
VHUD]YLMD RYMHNMHRQRWRRGVHEHLQLXNXSQRVWVYRMLKLQD
RYMHNSUHNR7LSRVWDMH RYMHNMHRQRWRLQLDQHRQRWRPLVOL LOLMHRQRWRQHPLVOL
RYMHNUDVWHVDVYRMLPVYUKDPD RYMHNMHQDMYLHELH]DRYMHND
RYMHNVDPVHEHQDMPDQMHSR]QDMH RYMHNMHPLVDRQRELH
RYMHNVHPRHXVSHWLQDYUKDOLSRHWDNSXWDMHXYLMHNQDGQX RYMHNMHRYMHNXVYHWLQMD
RYMHNWUHEDRGVHEHVWYRULWLRYMHNDDQHGDEXGHWXDVSXYD RYMHNMHELHNRMHVHQHXNODSD
RYMHNX]DOXGSXQRSULDNDNRELRGELR GUXJLRGVYHJDXMHVDPRQH PQRJRXPMHVWRGDLPDPQRJR
RYMHNDNRMLPHUD]XPLMHQLNDGDQHPRJXL]JXELWL LQLVHGDVPRVYHGDOMHRGWRJDGDLVWLQVNROMXGVNRELHEXGHRQDMNRMLMHVW
RYMHNDXLVWLQXXSR]QDWHNSRVOLMH SUHGYLGMHWL
'DQDV]QDPRGDMHVYDNLMHRYMHNXELWLMHGDQMHGLQLLQH]DPMHQMLY VKHPRPQLRSLPSODQRPUDFLRQDOQRGRNUDMDSURQLNQXWLLVFUSLWLLOL
VXGELQX1MHJRYMHLQGLYLGXDOQLRSVWDQDNL]X]HWDNNRMLVHQHGDQLNDNYRP
RYMHNMHELHPRJXQRVWLVORERGHLRVREQHRGJRYRUQRVWL]DYODVWLWX
.DGRYMHNXSHULSUVWXQHNRJDQHNDVHVMHWLGDVXHWLULSUHRVWDODSUVWD
RYMHNQHLYLVDPRRGVYRMHJNUXKD XSHUHQDXQMHJD
1DMRSDVQLMLOMXGVNLRUJDQMHJODYD*RVSRGRVNUDWLPR=DJODYX .DGRYMHN]DYULWHNMH]DSRHRLNDGSUHVWDQH]EXQMHQMHNDRLXYLMHN
p*ODYDVHPRHUD]ELWLLNRGRWYRUHQLKYUDWD 1DVWDMHRYMHNNRMLHSRODNRSRSUDYLWLSULURGXLSRELMHGLWLXVHELEUHPHQD
VYRMHGDYQHSURORVWL9HOLNMHPXDQQMHJRYSXWDOLYHQHJGMHVYLX
JODYDJODGNUYOLFHQDVOMHHRNR QMHJRYH]RUH2GOD]HERJRYLLXYLKRULPDLEOMHVFLPDSULVWLHRYMHN
EXGXQRVWL
27,-(/8
1HWUHEDXRSHJOHGDWLQHJRYLGMHWLXWRPHOHLLWDYDWDMQDRYMHND
1HPDGDQDVQLHJQDVYLMHWXQLHJWRVHWLHRYMHNDGDQLMHL]REOLHQR
=DRRYMHNQHPDEXGXQRVWL 1LMHOLMDVQRGDRYMHNQLMHQLWDREYH]DQSUHPDRQRPXRGNRJDPRHVYH
8GDQDQMHPYUHPHQVNRPRE]RUMXLYLKLEULGQLRYMHN WUDLWL"
7ROLNRVPRPLPDORRQRWRELVPRKWMHOLGDEXGHPR 2GVYLKUXHYLQDRYMHNRYXMHQDMWHHJOHGDWL
RYMHNXRQGDVHSR]QDMXLQMHJRYHQDMEROMHVWUDQH 2QRWRMHYHOLNRXRYMHNDWRMHGDMHRQPRVWDQHRWRN
WRQLMHXRYMHNXQHHQLL]YDQDXLXQMHJD7HNNDGVH]QDQDMJRUHR 3LWDQMHMH MHOLRYMHNSR]QDMHRYMHND1DMYHHMHSLWDQMH MHOLRYMHN
WRMHRYMHNXQHL]PMHUQRVWL" SR]QDMHVHEH
6YDNLMHRYMHNXELWLMHGDQMHGLQLLQH]DPMHQMLY 3RVWDWLRYMHNMHXPLMHH
6YDNLMHRYMHNSRQRU 3URWLYVHEHQLWNRQLMHMDN
6WXGLMRYMHDQVWYDMH]DSUDYRRYMHN 6MHWLVHGDVLRYMHND]DUMHWRPDORELWLRYMHN"
6MHWLVHGDVLRYMHND]DUMHWRPDORELWLRYMHN" 6WXGLMRYMHDQVWYDMH]DSUDYRRYMHN
3URWLYVHEHQLWNRQLMHMDN 6YDNLMHRYMHNSRQRU
3RVWDWLRYMHNMHXPLMHH 6YDNLMHRYMHNXELWLMHGDQMHGLQLLQH]DPMHQMLY
SR]QDMHVHEH WRMHRYMHNXQHL]PMHUQRVWL"
3LWDQMHMH MHOLRYMHNSR]QDMHRYMHND1DMYHHMHSLWDQMH MHOLRYMHN WRQLMHXRYMHNXQHHQLL]YDQDXLXQMHJD7HNNDGVH]QDQDMJRUHR
2QRWRMHYHOLNRXRYMHNDWRMHGDMHRQPRVWDQHRWRN RYMHNXRQGDVHSR]QDMXLQMHJRYHQDMEROMHVWUDQH
2GVYLKUXHYLQDRYMHNRYXMHQDMWHHJOHGDWL 7ROLNRVPRPLPDORRQRWRELVPRKWMHOLGDEXGHPR
WUDLWL" 8GDQDQMHPYUHPHQVNRPRE]RUMXLYLKLEULGQLRYMHN
1LMHOLMDVQRGDRYMHNQLMHQLWDREYH]DQSUHPDRQRPXRGNRJDPRHVYH =DRRYMHNQHPDEXGXQRVWL
1HPDGDQDVQLHJQDVYLMHWXQLHJWRVHWLHRYMHNDGDQLMHL]REOLHQR
1HWUHEDXRSHJOHGDWLQHJRYLGMHWLXWRPHOHLLWDYDWDMQDRYMHND
27,-(/8
EXGXQRVWL
QMHJRYH]RUH2GOD]HERJRYLLXYLKRULPDLEOMHVFLPDSULVWLHRYMHN JODYDJODGNUYOLFHQDVOMHHRNR
VYRMHGDYQHSURORVWL9HOLNMHPXDQQMHJRYSXWDOLYHQHJGMHVYLX
1DVWDMHRYMHNNRMLHSRODNRSRSUDYLWLSULURGXLSRELMHGLWLXVHELEUHPHQD p*ODYDVHPRHUD]ELWLLNRGRWYRUHQLKYUDWD
.DGRYMHN]DYULWHNMH]DSRHRLNDGSUHVWDQH]EXQMHQMHNDRLXYLMHN 1DMRSDVQLMLOMXGVNLRUJDQMHJODYD*RVSRGRVNUDWLPR=DJODYX
XSHUHQDXQMHJD RYMHNQHLYLVDPRRGVYRMHJNUXKD
.DGRYMHNXSHULSUVWXQHNRJDQHNDVHVMHWLGDVXHWLULSUHRVWDODSUVWD
.DGRYMHNXSHULSUVWXQHNRJDQHNDVHVMHWLGDVXHWLULSUHRVWDODSUVWD
RYMHNQHLYLVDPRRGVYRMHJNUXKD XSHUHQDXQMHJD
1DMRSDVQLMLOMXGVNLRUJDQMHJODYD*RVSRGRVNUDWLPR=DJODYX .DGRYMHN]DYULWHNMH]DSRHRLNDGSUHVWDQH]EXQMHQMHNDRLXYLMHN
p*ODYDVHPRHUD]ELWLLNRGRWYRUHQLKYUDWD 1DVWDMHRYMHNNRMLHSRODNRSRSUDYLWLSULURGXLSRELMHGLWLXVHELEUHPHQD
VYRMHGDYQHSURORVWL9HOLNMHPXDQQMHJRYSXWDOLYHQHJGMHVYLX
JODYDJODGNUYOLFHQDVOMHHRNR QMHJRYH]RUH2GOD]HERJRYLLXYLKRULPDLEOMHVFLPDSULVWLHRYMHN
EXGXQRVWL
27,-(/8
1HWUHEDXRSHJOHGDWLQHJRYLGMHWLXWRPHOHLLWDYDWDMQDRYMHND
1HPDGDQDVQLHJQDVYLMHWXQLHJWRVHWLHRYMHNDGDQLMHL]REOLHQR
=DRRYMHNQHPDEXGXQRVWL 1LMHOLMDVQRGDRYMHNQLMHQLWDREYH]DQSUHPDRQRPXRGNRJDPRHVYH
8GDQDQMHPYUHPHQVNRPRE]RUMXLYLKLEULGQLRYMHN WUDLWL"
7ROLNRVPRPLPDORRQRWRELVPRKWMHOLGDEXGHPR 2GVYLKUXHYLQDRYMHNRYXMHQDMWHHJOHGDWL
RYMHNXRQGDVHSR]QDMXLQMHJRYHQDMEROMHVWUDQH 2QRWRMHYHOLNRXRYMHNDWRMHGDMHRQPRVWDQHRWRN
WRQLMHXRYMHNXQHHQLL]YDQDXLXQMHJD7HNNDGVH]QDQDMJRUHR 3LWDQMHMH MHOLRYMHNSR]QDMHRYMHND1DMYHHMHSLWDQMH MHOLRYMHN
WRMHRYMHNXQHL]PMHUQRVWL" SR]QDMHVHEH
6YDNLMHRYMHNXELWLMHGDQMHGLQLLQH]DPMHQMLY 3RVWDWLRYMHNMHXPLMHH
6YDNLMHRYMHNSRQRU 3URWLYVHEHQLWNRQLMHMDN
6WXGLMRYMHDQVWYDMH]DSUDYRRYMHN 6MHWLVHGDVLRYMHND]DUMHWRPDORELWLRYMHN"
6MHWLVHGDVLRYMHND]DUMHWRPDORELWLRYMHN" 6WXGLMRYMHDQVWYDMH]DSUDYRRYMHN
3URWLYVHEHQLWNRQLMHMDN 6YDNLMHRYMHNSRQRU
3RVWDWLRYMHNMHXPLMHH 6YDNLMHRYMHNXELWLMHGDQMHGLQLLQH]DPMHQMLY
SR]QDMHVHEH WRMHRYMHNXQHL]PMHUQRVWL"
3LWDQMHMH MHOLRYMHNSR]QDMHRYMHND1DMYHHMHSLWDQMH MHOLRYMHN WRQLMHXRYMHNXQHHQLL]YDQDXLXQMHJD7HNNDGVH]QDQDMJRUHR
2QRWRMHYHOLNRXRYMHNDWRMHGDMHRQPRVWDQHRWRN RYMHNXRQGDVHSR]QDMXLQMHJRYHQDMEROMHVWUDQH
2GVYLKUXHYLQDRYMHNRYXMHQDMWHHJOHGDWL 7ROLNRVPRPLPDORRQRWRELVPRKWMHOLGDEXGHPR
WUDLWL" 8GDQDQMHPYUHPHQVNRPRE]RUMXLYLKLEULGQLRYMHN
1LMHOLMDVQRGDRYMHNQLMHQLWDREYH]DQSUHPDRQRPXRGNRJDPRHVYH =DRRYMHNQHPDEXGXQRVWL
1HPDGDQDVQLHJQDVYLMHWXQLHJWRVHWLHRYMHNDGDQLMHL]REOLHQR
1HWUHEDXRSHJOHGDWLQHJRYLGMHWLXWRPHOHLLWDYDWDMQDRYMHND
27,-(/8
EXGXQRVWL
QMHJRYH]RUH2GOD]HERJRYLLXYLKRULPDLEOMHVFLPDSULVWLHRYMHN JODYDJODGNUYOLFHQDVOMHHRNR
VYRMHGDYQHSURORVWL9HOLNMHPXDQQMHJRYSXWDOLYHQHJGMHVYLX
1DVWDMHRYMHNNRMLHSRODNRSRSUDYLWLSULURGXLSRELMHGLWLXVHELEUHPHQD p*ODYDVHPRHUD]ELWLLNRGRWYRUHQLKYUDWD
.DGRYMHN]DYULWHNMH]DSRHRLNDGSUHVWDQH]EXQMHQMHNDRLXYLMHN 1DMRSDVQLMLOMXGVNLRUJDQMHJODYD*RVSRGRVNUDWLPR=DJODYX
XSHUHQDXQMHJD RYMHNQHLYLVDPRRGVYRMHJNUXKD
.DGRYMHNXSHULSUVWXQHNRJDQHNDVHVMHWLGDVXHWLULSUHRVWDODSUVWD
'HEHOLOMXGLLYHNUDH$OL]DWRGXHMHGX
'XKMHSRGORDQLVWRP]DNRQXNDRLWLMHOR REDVHPRJXRGUDWLVDPR
SRPRXNRQWLQXLUDQRJKUDQMHQMD VYLPDVYHSURELWDQRQLWLMHVYDNRPHVYHSRYROML
p'RNVLLYNXDMQDUDYVYRMXYLGLWRMRWHWLLWRMRMXVNUDWL-HUQLMH
*ODGMHQDMEROMHSUHGMHOR
7HNROLFXPHXPDVNDPD
*ODGOMXGLXUD]QLPGLMHORYLPDVYLMHWDXYMHWRYDQDMHWLPHGDPQRJLRGQDV
X]LPDMXSXQRYLHQHJRWRLPWUHED 1DOLFXVYDNRJRYMHNDLVSLVDQDMHQMHJRYDSRYLMHVW
*ODGVHPRHULMHLWLDNRSRPRJQHPRVLURPDQLPQDURGLPDGDVDPLVHEL 1DMUDILQLUDQLMDPDVNDMHJROROLFH
SRPRJQX*ODGQLRYMHHSULPLVHNQMLJH RQDMHRUXMH p/LFHMH]DSLVQLNNDUDNWHUD
*ODGDQQLWDQHSUH]LUH 2VWDMX]QRMLVX]HNUYVXQDPYHSRSLOL
+UDEULMLMHSUD]DQWUEXKQHJRSXQDJODYD .UYMHVDVYLPSRVHEDQVRN
.DGMHNUXKDLWXJDMHODND p.UYMHJXDRGYRGH
.DGDMHGHSORGRYHVMHWLVHRQRJDNRMLMHVDGLRVWDEOR 8PMHUHQREURNGREDUVDQ
0LVOLQDJODGXYULMHPHRELOMDLQDVLURPDWYRLRVNXGQRVWXGDQHERJDWVWYD ]DUD]LHOXGDFVHQHGDSUHYDULWL
7HNGROD]LVMHORPDOLMRHHVSRVWRP7HNLPDWRVYRMVWYRGDXYLMHN
1HLYLRYMHNVDPRRNUXKX
7DPRJGMHJODGSRLQMH]DYUDYDUD]XP
1HNDWLVHWLMHORXPRULVDPRQHNDVHVUFHWYRMHUDGXMH
6YHVXJOMLYHMHVWLYHDQHNHVDPRMHGDQSXW
1LWNRQHPRHELWLSDPHWDQDNRPXMHSUD]DQHOXGDF
3RORYLFDOMXGLQDVYLMHWXJODGXMHGUXJDSRORYLFDGULGLMHWX
2QRWROMXGHLVWDVUFDSUHPDUDWRMHXSUYRPUHGXSLWDQMHNUXKD1HGDVH
QHPRHDOLMHQHSULMDWQRLYMHWLRGPLORVWL QHPRHDOLMHQHSULMDWQRLYMHWLRGPLORVWL
2QRWROMXGHLVWDVUFDSUHPDUDWRMHXSUYRPUHGXSLWDQMHNUXKD1HGDVH
3RORYLFDOMXGLQDVYLMHWXJODGXMHGUXJDSRORYLFDGULGLMHWX
1LWNRQHPRHELWLSDPHWDQDNRPXMHSUD]DQHOXGDF
6YHVXJOMLYHMHVWLYHDQHNHVDPRMHGDQSXW
1HNDWLVHWLMHORXPRULVDPRQHNDVHVUFHWYRMHUDGXMH
7DPRJGMHJODGSRLQMH]DYUDYDUD]XP
1HLYLRYMHNVDPRRNUXKX
7HNGROD]LVMHORPDOLMRHHVSRVWRP7HNLPDWRVYRMVWYRGDXYLMHN
]DUD]LHOXGDFVHQHGDSUHYDULWL 0LVOLQDJODGXYULMHPHRELOMDLQDVLURPDWYRLRVNXGQRVWXGDQHERJDWVWYD
8PMHUHQREURNGREDUVDQ .DGDMHGHSORGRYHVMHWLVHRQRJDNRMLMHVDGLRVWDEOR
p.UYMHJXDRGYRGH .DGMHNUXKDLWXJDMHODND
.UYMHVDVYLPSRVHEDQVRN +UDEULMLMHSUD]DQWUEXKQHJRSXQDJODYD
2VWDMX]QRMLVX]HNUYVXQDPYHSRSLOL *ODGDQQLWDQHSUH]LUH
p/LFHMH]DSLVQLNNDUDNWHUD SRPRJQX*ODGQLRYMHHSULPLVHNQMLJH RQDMHRUXMH
1DMUDILQLUDQLMDPDVNDMHJROROLFH *ODGVHPRHULMHLWLDNRSRPRJQHPRVLURPDQLPQDURGLPDGDVDPLVHEL
1DOLFXVYDNRJRYMHNDLVSLVDQDMHQMHJRYDSRYLMHVW X]LPDMXSXQRYLHQHJRWRLPWUHED
*ODGOMXGLXUD]QLPGLMHORYLPDVYLMHWDXYMHWRYDQDMHWLPHGDPQRJLRGQDV
7HNROLFXPHXPDVNDPD
*ODGMHQDMEROMHSUHGMHOR
p'RNVLLYNXDMQDUDYVYRMXYLGLWRMRWHWLLWRMRMXVNUDWL-HUQLMH
VYLPDVYHSURELWDQRQLWLMHVYDNRPHVYHSRYROML SRPRXNRQWLQXLUDQRJKUDQMHQMD
'XKMHSRGORDQLVWRP]DNRQXNDRLWLMHOR REDVHPRJXRGUDWLVDPR
'HEHOLOMXGLLYHNUDH$OL]DWRGXHMHGX
'HEHOLOMXGLLYHNUDH$OL]DWRGXHMHGX
'XKMHSRGORDQLVWRP]DNRQXNDRLWLMHOR REDVHPRJXRGUDWLVDPR
SRPRXNRQWLQXLUDQRJKUDQMHQMD VYLPDVYHSURELWDQRQLWLMHVYDNRPHVYHSRYROML
p'RNVLLYNXDMQDUDYVYRMXYLGLWRMRWHWLLWRMRMXVNUDWL-HUQLMH
*ODGMHQDMEROMHSUHGMHOR
7HNROLFXPHXPDVNDPD
*ODGOMXGLXUD]QLPGLMHORYLPDVYLMHWDXYMHWRYDQDMHWLPHGDPQRJLRGQDV
X]LPDMXSXQRYLHQHJRWRLPWUHED 1DOLFXVYDNRJRYMHNDLVSLVDQDMHQMHJRYDSRYLMHVW
*ODGVHPRHULMHLWLDNRSRPRJQHPRVLURPDQLPQDURGLPDGDVDPLVHEL 1DMUDILQLUDQLMDPDVNDMHJROROLFH
SRPRJQX*ODGQLRYMHHSULPLVHNQMLJH RQDMHRUXMH p/LFHMH]DSLVQLNNDUDNWHUD
*ODGDQQLWDQHSUH]LUH 2VWDMX]QRMLVX]HNUYVXQDPYHSRSLOL
+UDEULMLMHSUD]DQWUEXKQHJRSXQDJODYD .UYMHVDVYLPSRVHEDQVRN
.DGMHNUXKDLWXJDMHODND p.UYMHJXDRGYRGH
.DGDMHGHSORGRYHVMHWLVHRQRJDNRMLMHVDGLRVWDEOR 8PMHUHQREURNGREDUVDQ
0LVOLQDJODGXYULMHPHRELOMDLQDVLURPDWYRLRVNXGQRVWXGDQHERJDWVWYD ]DUD]LHOXGDFVHQHGDSUHYDULWL
7HNGROD]LVMHORPDOLMRHHVSRVWRP7HNLPDWRVYRMVWYRGDXYLMHN
1HLYLRYMHNVDPRRNUXKX
7DPRJGMHJODGSRLQMH]DYUDYDUD]XP
1HNDWLVHWLMHORXPRULVDPRQHNDVHVUFHWYRMHUDGXMH
6YHVXJOMLYHMHVWLYHDQHNHVDPRMHGDQSXW
1LWNRQHPRHELWLSDPHWDQDNRPXMHSUD]DQHOXGDF
3RORYLFDOMXGLQDVYLMHWXJODGXMHGUXJDSRORYLFDGULGLMHWX
2QRWROMXGHLVWDVUFDSUHPDUDWRMHXSUYRPUHGXSLWDQMHNUXKD1HGDVH
QHPRHDOLMHQHSULMDWQRLYMHWLRGPLORVWL QHPRHDOLMHQHSULMDWQRLYMHWLRGPLORVWL
2QRWROMXGHLVWDVUFDSUHPDUDWRMHXSUYRPUHGXSLWDQMHNUXKD1HGDVH
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1LWNRQHPRHELWLSDPHWDQDNRPXMHSUD]DQHOXGDF
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1LWNRVHQHEULQHNDNRELGREURLYLRYHNDNRGXJR 6YDNLWUHQXWDNXLYRWXMHNRUDNSUHPDVPUWL6YHWRRYMHNLPDGDWH]D
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VSUDPSRMHGLQLKRVREDLVNOMXLYRSRWRPHGDOLVQHNLPVLPSDWL]LUDMXLOLQH 6WDURSDGDYUHPHQDVHPLMHQMDMXDQRYLLYRWFYDWHL]UXHYLQD
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6WUDKRSRWRYDQMHSUHPDLYRWXQDMYLDMHLQVWDQFD2QRWRRGUHGLLPDVYRM VYLPDUJXPHQWLPD]GUDYHSDPHWLXVSUNRVMRXYLMHNJDMHQHNRSRYMHUHQMH
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6WDULVHGUHREUD]DFDYHRWUFDQLKLEDQDOQLK0HXWLPPUWYLRNDPHQMHQL 'XOMLQDGDQDQHLQLVWDURVWDVQRP
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6WDUMHVDPRRQDMWNRQHPDYLHHOMHGDQHWRQDXL QDYXNDRMHSODKWXSUHNR X]URNHGDVHUD]XPLMHXGREURSR]QDWDSLWDQMDLVQMLPDXLQNRYLWREDUDWD
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6LMHGHVXNRVHSUHNUDVQDNUXQD 2VWDUMHWL]QDLGDRYMHNSRLQMHYLGMHWL
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3RVOLMHRQLKYUORPODGLKQDMVHELQLMLVXRQLYHRPDVWDUL 6DPRQHNLOMXGL]QDMXELWLVWDUL
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0XGURVWVWDURVWLMHSUHWHQRXVSRVREQRVWLGDREQDYOMDXWYUHQHLLVSUDYQH OLFDLNDRGDMHPUWDY
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6WDULVHGUHREUD]DFDYHRWUFDQLKLEDQDOQLK0HXWLPPUWYLRNDPHQMHQL 'XOMLQDGDQDQHLQLVWDURVWDVQRP
6WDULOMXGLQHPDMXSRWRYDQMDSUHPDGUXJLPDRQLVXXSR]QDOLLYRW -HGQDMHRGQDMYHLK]DODVWDURVWLWRYLHQHPDSRYMHUHQMDXVHEH
6WDULOMXGLPRJXELWLRSDVQLMHULPQLMHVWDORGREXGXQRVWL -HGQDRGWHRULMDVWDUHQMDGULGDMHSRYHDQDNROLLQDNDOFLMDXVWDQLFL
RVQRYQLX]URNGHJHQHUDWLYQLKSURPMHQDLNRQDQHVPUWLVWDQLFH
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OLFDLNDRGDMHPUWDY 0XGURVWVWDURVWLMHSUHWHQRXVSRVREQRVWLGDREQDYOMDXWYUHQHLLVSUDYQH
6WDUMHVDPRRQDMWNRQHPDYLHHOMHGDQHWRQDXL QDYXNDRMHSODKWXSUHNR X]URNHGDVHUD]XPLMHXGREURSR]QDWDSLWDQMDLVQMLPDXLQNRYLWREDUDWD
VWDU 1DVXSURWUDVSUDYOMDNRPDUXPODGHLVWDULMLVXDVWRKOHSQL
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6LMHGHVXNRVHSUHNUDVQDNUXQD 2VWDUMHWL]QDLGDRYMHNSRLQMHYLGMHWL
6DPRQHNLOMXGL]QDMXELWLVWDUL 3RVOLMHRQLKYUORPODGLKQDMVHELQLMLVXRQLYHRPDVWDUL
6DVWDURXGROD]LLVNXVWYR 3UHGQRVWVWDUHQMDMHXWRPHGDRYMHNSRVWDQHRWSRUDQQDPUQMXXYUHGH
NOHYHWDQMHDSULMHPOMLYLMLQDOMXEDYLGREURKRWQRVW NOHYHWDQMHDSULMHPOMLYLMLQDOMXEDYLGREURKRWQRVW
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3RVOLMHRQLKYUORPODGLKQDMVHELQLMLVXRQLYHRPDVWDUL 6DPRQHNLOMXGL]QDMXELWLVWDUL
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6WDULMLOMXGLXSUDYLOX
x SRWDMQRFLMHQHOMXGHNRMLVXXVWDQMXYLGMHWLLUHLLVWLQX
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x RELQRVHSURWLYHQRYRWDULMDPDMHUVXLPVHQD]RULGXJRWUDMQRP QHSRVOXQLKQDWDMQDLQWRLVWLXVWDOQRVWVWDELOQRVWLQHSURPMHQMLYRVWLGHMD
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6WDULOMXGLSUHYLH]DPMHUDMXSUHGXJRUD]PLOMDMXSUHPDORULVNLUDMXSUHEU]R 6WYDUDODNLQHPLULWUDHQMHQRYRJSUDYDVXVXSURWQRVWHWDEOLUDQRJ
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XVSMHKRP XYUXMHVYHREXKYDWQDELURNUDWL]DFLMDLQGXVWULMVNRJGUXWYD
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6WDURVWMHQHNDGDELODSULYLOHJLMDERJDWLMLKVORMHYDGUXWYD SULGUXXMHRNROQRVWWRVHPODGHSRSULURGLVWYDULQDMWHHPLULVDVLWXDFLMRP
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6 NRMLKMHHOMD]DQRYLPMDDRGSRWUHEH]DVLJXUQRX7RPHVHVGUXJHVWUDQH
PODGHLGDVXYLHODNRRVORERGHVYRMPRUDOQLNRGHNV1DYLGLNXMHQRYLMDN GUXJLVPLVDRSRVWRMHHJD1XQRMHGDRQGROD]LXVXNREVPODGHLNRG
VXNREWRHVHGRJRGLWLXEXGXQRVWL" VYDNRJDWNRUHPHWLQMHJRYPLUWRMHVWWNRQDRYDMLOLRQDMQDLQWUDLQHNL
8VWDURVWLXORJXJUDRVMHDMVLJXUQRVWLXLYRWXSDVWDULMDRVREDXVWDMHSURWLY
6WDULPRNDGDQDVVMHDQMHSRLQMHUDGRYDWLDVWDULVPRNDGDQDVRQREROL
WRMHRYMHNVWDULMLWRSRVWDMHVOLQLMLVHEL
6WDUMHWLMHORDQDYLNDNRMX]DSRVOHQRYMHNQHPRHQLVWHL
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6WDURVWMHGLYQDVWYDUDNRQLVWH]DERUDYLOLWR]QDL]DSRHWL 6WDURVWVPDWUDWLSDGRPMHGQDNRMHQHGROLQRNDRLGDVHXPODGRVWLYLGLVDPR
6WDURVWMHQDSRUQD QDMYLH]DPODHNRMLVQMRPLPDMXSRVOD 6WDURVWQHXYDRGJOXSRVWL
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6WDURVWMHRVPDWUDQLFD 6WDURVWMHQHL]OMHLYDEROHVW
6WDURVWQHXYDRGJOXSRVWL 6WDURVWMHQDSRUQD QDMYLH]DPODHNRMLVQMRPLPDMXSRVOD
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6WDULPRNDGDQDVVMHDQMHSRLQMHUDGRYDWLDVWDULVPRNDGDQDVRQREROL
8VWDURVWLXORJXJUDRVMHDMVLJXUQRVWLXLYRWXSDVWDULMDRVREDXVWDMHSURWLY
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GUXJLVPLVDRSRVWRMHHJD1XQRMHGDRQGROD]LXVXNREVPODGHLNRG PODGHLGDVXYLHODNRRVORERGHVYRMPRUDOQLNRGHNV1DYLGLNXMHQRYLMDN
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UXWLQVNRJSURJUDPLUDQMDRSHJSRRVWYDUHQMDLHNVSORDWDFLMHNRMXQDPHHL
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NRMHXREUDQLVYRMLKNXOWXUQLKREUD]DFDYUHSURSDJDQGXLLQGRNWULQDFLMX SUDNVRPXVWDOLOL
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QDNRMLPDVHSRVWRMHLVXVWDY]DVQLYD'RNMHDYDQJDUGQDNXOWXUD
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x SRWDMQRFLMHQHOMXGHNRMLVXXVWDQMXYLGMHWLLUHLLVWLQX
6WDULMLOMXGLXSUDYLOX
6WDULMLOMXGLXSUDYLOX
x SRWDMQRFLMHQHOMXGHNRMLVXXVWDQMXYLGMHWLLUHLLVWLQX
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x RELQRVHSURWLYHQRYRWDULMDPDMHUVXLPVHQD]RULGXJRWUDMQRP QHSRVOXQLKQDWDMQDLQWRLVWLXVWDOQRVWVWDELOQRVWLQHSURPMHQMLYRVWLGHMD
SUDNVRPXVWDOLOL NRMHXREUDQLVYRMLKNXOWXUQLKREUD]DFDYUHSURSDJDQGXLLQGRNWULQDFLMX
x HVWRQDVLOQRXWXYOMXMXGLVFLSOLQX1MLKVHSRQHNDGPRUDPRERMDWL GROD]HVQRYLPSRWUHEDPDDXVPMHUHQHVXSURWLYSRVWRMHLKNRQVWHODFLMD
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6WDULOMXGLSUHYLH]DPMHUDMXSUHGXJRUD]PLOMDMXSUHPDORULVNLUDMXSUHEU]R 6WYDUDODNLQHPLULWUDHQMHQRYRJSUDYDVXVXSURWQRVWHWDEOLUDQRJ
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XVSMHKRP XYUXMHVYHREXKYDWQDELURNUDWL]DFLMDLQGXVWULMVNRJGUXWYD
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WDURVWMHQHNDGDELODSULYLOHJLMDERJDWLMLKVORMHYDGUXWYD
6 SULGUXXMHRNROQRVWWRVHPODGHSRSULURGLVWYDULQDMWHHPLULVDVLWXDFLMRP
6WDULMDJHQHUDFLMDLPDVYRMHXKRGDQHQRUPHLQMLKRYDVWDURVWQHGR]YROMDYD NRMLKMHHOMD]DQRYLPMDDRGSRWUHEH]DVLJXUQRX7RPHVHVGUXJHVWUDQH
PODGHLGDVXYLHODNRRVORERGHVYRMPRUDOQLNRGHNV1DYLGLNXMHQRYLMDN GUXJLVPLVDRSRVWRMHHJD1XQRMHGDRQGROD]LXVXNREVPODGHLNRG
VXNREWRHVHGRJRGLWLXEXGXQRVWL" VYDNRJDWNRUHPHWLQMHJRYPLUWRMHVWWNRQDRYDMLOLRQDMQDLQWUDLQHNL
8VWDURVWLXORJXJUDRVMHDMVLJXUQRVWLXLYRWXSDVWDULMDRVREDXVWDMHSURWLY
6WDULPRNDGDQDVVMHDQMHSRLQMHUDGRYDWLDVWDULVPRNDGDQDVRQREROL
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6WDUMHWLMHORDQDYLNDNRMX]DSRVOHQRYMHNQHPRHQLVWHL
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6WDURVWMHGLYQDVWYDUDNRQLVWH]DERUDYLOLWR]QDL]DSRHWL 6WDURVWVPDWUDWLSDGRPMHGQDNRMHQHGROLQRNDRLGDVHXPODGRVWLYLGLVDPR
6WDURVWMHQDSRUQD QDMYLH]DPODHNRMLVQMRPLPDMXSRVOD 6WDURVWQHXYDRGJOXSRVWL
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6WDURVWQHXYDRGJOXSRVWL 6WDURVWMHQDSRUQD QDMYLH]DPODHNRMLVQMRPLPDMXSRVOD
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6WDULPRNDGDQDVVMHDQMHSRLQMHUDGRYDWLDVWDULVPRNDGDQDVRQREROL
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GUXJLVPLVDRSRVWRMHHJD1XQRMHGDRQGROD]LXVXNREVPODGHLNRG PODGHLGDVXYLHODNRRVORERGHVYRMPRUDOQLNRGHNV1DYLGLNXMHQRYLMDN
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UXWLQVNRJSURJUDPLUDQMDRSHJSRRVWYDUHQMDLHNVSORDWDFLMHNRMXQDPHHL
XYUXMHVYHREXKYDWQDELURNUDWL]DFLMDLQGXVWULMVNRJGUXWYD XVSMHKRP
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NRMHXREUDQLVYRMLKNXOWXUQLKREUD]DFDYUHSURSDJDQGXLLQGRNWULQDFLMX SUDNVRPXVWDOLOL
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QDNRMLPDVHSRVWRMHLVXVWDY]DVQLYD'RNMHDYDQJDUGQDNXOWXUD
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x SRWDMQRFLMHQHOMXGHNRMLVXXVWDQMXYLGMHWLLUHLLVWLQX
6WDULMLOMXGLXSUDYLOX
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=DKYDOMXMXLVHNVXELWHPR]GUDYLMLVUHWQLMLPXGULMLLNUHDWLYQLML GUDYOMDQH
=DPQRJHVHNVSUHGVWDYOMDQDGRPMHVWDN]DVPLVDRLYRWD 8VWDURVWLQHPDOMHSHXWMHKHRGRQHDNRMHRYMHNVQDJXVYRMHPODGRVWLXQLR
ELDRVLPWUHQXWQR XGMHODNRMDQHVWDUH8VWDURVWLVHRYMHNSULMHVYHJDSRNDMH]DJULMHKHNRMH
6HNVXDOQLDNWEH]OMXEDYLQLNDGQHSUHPRXMHSURYDOLMXL]PHXGYDOMXGVND QLMHQDSUDYLR
WHQMDGDVHSRYULMHGLLOLDNUD]RULWHOMXEDY p8VYDNXLYRWQXGREXOD]LPRNDRSRHWQLFLLVWRJDQDPXWRPHQHGRVWDMH
SRGVWLFDWL WMHVNREDRVDPOMHQRVWLHOMDGDVHRVYRMLLOLEXGHRVYRMHQWDWLQD LVNXVWYD
RVORERHQMHRGEROQHQDSHWRVWL0HXWLPVHNVXDOQXHOMXPRHLVWRWDNR pLQLVHGDVHVHNVXDOQDHOMDODNRVSDMDVDVYDNRPMDNRPHPRFLMRPD
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6HNVXRSHQLMHNRPSOLFLUDQDNRQDVXPMHVWRNRPSOHNVDYRGHSRWUHEH SRLVWRYMHXMHVLGHMRPOMXEDYLRQLVHODNRGDGX]DYHVWLQD]DNOMXDNGDVH
PHXVREQRYROHDNRVHHOHIL]LNL
6HNVMHNUHPHQQDNRMHPXSRNXDYDPR]DSDOLWLYDWUXOMXEDYL
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6DPRMHLVWLQVNDOMXEDYSRWSXQDSULHPXMHHURWVNRVMHGLQMHQHLVSXQMHQR SRVWL]DYDQMHGRPLQDFLMH7DPRJGMHYODGDOMXEDYQHPDYROMH]DPR
6HNVXDOQDVORERGDQHGRYRGLGRVHNVXDOQHSRKOHSH (URWLNDMHSUHEURLYDQMHSUHSUHND1DML]D]RYQLMDLQDMSRSXODUQLMDSUHSUHNDMH
5D]ORJ]DRFUQMLYDQMHVHNVDQLMHVHNVVDPYHVODPDQMHOMXGVNHYROMH PRUDO
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3ULVLOQDHUHNFLMDQLMHPRJXD'RUDGRVWLXVHNVXGROD]LMHGLQRDNRMHIL]LND VWYDUL%OLVNRVWVGUXJLPSRVWDMHXYMHWRPYODVWLWHVUHH
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VWYDUL%OLVNRVWVGUXJLPSRVWDMHXYMHWRPYODVWLWHVUHH 3ULVLOQDHUHNFLMDQLMHPRJXD'RUDGRVWLXVHNVXGROD]LMHGLQRDNRMHIL]LND
.DRPHXOMXGVNLRGQRVVHNVXDOQRVWOMXGH]EOLDYDNDRELDDQHVDPRNDR LQWLPQRVWLVWRGREQRLOMXEDYQD
(URWLNDMHVRFLMDOL]LUDQDVHNVXDOQRVW 3UYRLMHGLQRQDHORVHNVXDOQHHWLNHJODVL WXLWHOMMHXYLMHNXNULYX
PRUDO 5D]ORJ]DRFUQMLYDQMHVHNVDQLMHVHNVVDPYHVODPDQMHOMXGVNHYROMH
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SRVWL]DYDQMHGRPLQDFLMH7DPRJGMHYODGDOMXEDYQHPDYROMH]DPR 6DPRMHLVWLQVNDOMXEDYSRWSXQDSULHPXMHHURWVNRVMHGLQMHQHLVSXQMHQR
(URVMHYHOLNLGHPRQDOMXEDYMHMHGQDYUVWDSULYMHVNDHURVDLOLVUHGVWYR]D QMHQRX
6HNVMHNUHPHQQDNRMHPXSRNXDYDPR]DSDOLWLYDWUXOMXEDYL
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SRLVWRYMHXMHVLGHMRPOMXEDYLRQLVHODNRGDGX]DYHVWLQD]DNOMXDNGDVH 6HNVXRSHQLMHNRPSOLFLUDQDNRQDVXPMHVWRNRPSOHNVDYRGHSRWUHEH
OMXEDYMHVDPRMHGQDRGHPRFLMD%XGXLGDYHLQDOMXGLVHNVXDOQXHOMX 6HNVXDOQDHOMDWHL]DVWDSDQMHPDQLNDNRQLMHVDPRVHNVXDOQLDSHWLW
pLQLVHGDVHVHNVXDOQDHOMDODNRVSDMDVDVYDNRPMDNRPHPRFLMRPD RVORERHQMHRGEROQHQDSHWRVWL0HXWLPVHNVXDOQXHOMXPRHLVWRWDNR
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GUDYOMDQH =DKYDOMXMXLVHNVXELWHPR]GUDYLMLVUHWQLMLPXGULMLLNUHDWLYQLML
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UHSHWLWLYQDNXOWXUDUHSUHVLYQDMHUOMXGHSUHWYDUDXSRGDQLNHVOXEHQLNH
=DKYDOMXMXLVHNVXELWHPR]GUDYLMLVUHWQLMLPXGULMLLNUHDWLYQLML GUDYOMDQH
=DPQRJHVHNVSUHGVWDYOMDQDGRPMHVWDN]DVPLVDRLYRWD 8VWDURVWLQHPDOMHSHXWMHKHRGRQHDNRMHRYMHNVQDJXVYRMHPODGRVWLXQLR
ELDRVLPWUHQXWQR XGMHODNRMDQHVWDUH8VWDURVWLVHRYMHNSULMHVYHJDSRNDMH]DJULMHKHNRMH
6HNVXDOQLDNWEH]OMXEDYLQLNDGQHSUHPRXMHSURYDOLMXL]PHXGYDOMXGVND QLMHQDSUDYLR
WHQMDGDVHSRYULMHGLLOLDNUD]RULWHOMXEDY p8VYDNXLYRWQXGREXOD]LPRNDRSRHWQLFLLVWRJDQDPXWRPHQHGRVWDMH
SRGVWLFDWL WMHVNREDRVDPOMHQRVWLHOMDGDVHRVYRMLLOLEXGHRVYRMHQWDWLQD LVNXVWYD
RVORERHQMHRGEROQHQDSHWRVWL0HXWLPVHNVXDOQXHOMXPRHLVWRWDNR pLQLVHGDVHVHNVXDOQDHOMDODNRVSDMDVDVYDNRPMDNRPHPRFLMRPD
6HNVXDOQDHOMDWHL]DVWDSDQMHPDQLNDNRQLMHVDPRVHNVXDOQLDSHWLW OMXEDYMHVDPRMHGQDRGHPRFLMD%XGXLGDYHLQDOMXGLVHNVXDOQXHOMX
6HNVXRSHQLMHNRPSOLFLUDQDNRQDVXPMHVWRNRPSOHNVDYRGHSRWUHEH SRLVWRYMHXMHVLGHMRPOMXEDYLRQLVHODNRGDGX]DYHVWLQD]DNOMXDNGDVH
PHXVREQRYROHDNRVHHOHIL]LNL
6HNVMHNUHPHQQDNRMHPXSRNXDYDPR]DSDOLWLYDWUXOMXEDYL
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6DPRMHLVWLQVNDOMXEDYSRWSXQDSULHPXMHHURWVNRVMHGLQMHQHLVSXQMHQR SRVWL]DYDQMHGRPLQDFLMH7DPRJGMHYODGDOMXEDYQHPDYROMH]DPR
6HNVXDOQDVORERGDQHGRYRGLGRVHNVXDOQHSRKOHSH (URWLNDMHSUHEURLYDQMHSUHSUHND1DML]D]RYQLMDLQDMSRSXODUQLMDSUHSUHNDMH
5D]ORJ]DRFUQMLYDQMHVHNVDQLMHVHNVVDPYHVODPDQMHOMXGVNHYROMH PRUDO
3UYRLMHGLQRQDHORVHNVXDOQHHWLNHJODVL WXLWHOMMHXYLMHNXNULYX (URWLNDMHVRFLMDOL]LUDQDVHNVXDOQRVW
LQWLPQRVWLVWRGREQRLOMXEDYQD .DRPHXOMXGVNLRGQRVVHNVXDOQRVWOMXGH]EOLDYDNDRELDDQHVDPRNDR
3ULVLOQDHUHNFLMDQLMHPRJXD'RUDGRVWLXVHNVXGROD]LMHGLQRDNRMHIL]LND VWYDUL%OLVNRVWVGUXJLPSRVWDMHXYMHWRPYODVWLWHVUHH
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VWYDUL%OLVNRVWVGUXJLPSRVWDMHXYMHWRPYODVWLWHVUHH 3ULVLOQDHUHNFLMDQLMHPRJXD'RUDGRVWLXVHNVXGROD]LMHGLQRDNRMHIL]LND
.DRPHXOMXGVNLRGQRVVHNVXDOQRVWOMXGH]EOLDYDNDRELDDQHVDPRNDR LQWLPQRVWLVWRGREQRLOMXEDYQD
(URWLNDMHVRFLMDOL]LUDQDVHNVXDOQRVW 3UYRLMHGLQRQDHORVHNVXDOQHHWLNHJODVL WXLWHOMMHXYLMHNXNULYX
PRUDO 5D]ORJ]DRFUQMLYDQMHVHNVDQLMHVHNVVDPYHVODPDQMHOMXGVNHYROMH
(URWLNDMHSUHEURLYDQMHSUHSUHND1DML]D]RYQLMDLQDMSRSXODUQLMDSUHSUHNDMH 6HNVXDOQDVORERGDQHGRYRGLGRVHNVXDOQHSRKOHSH
SRVWL]DYDQMHGRPLQDFLMH7DPRJGMHYODGDOMXEDYQHPDYROMH]DPR 6DPRMHLVWLQVNDOMXEDYSRWSXQDSULHPXMHHURWVNRVMHGLQMHQHLVSXQMHQR
(URVMHYHOLNLGHPRQDOMXEDYMHMHGQDYUVWDSULYMHVNDHURVDLOLVUHGVWYR]D QMHQRX
6HNVMHNUHPHQQDNRMHPXSRNXDYDPR]DSDOLWLYDWUXOMXEDYL
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SRLVWRYMHXMHVLGHMRPOMXEDYLRQLVHODNRGDGX]DYHVWLQD]DNOMXDNGDVH 6HNVXRSHQLMHNRPSOLFLUDQDNRQDVXPMHVWRNRPSOHNVDYRGHSRWUHEH
OMXEDYMHVDPRMHGQDRGHPRFLMD%XGXLGDYHLQDOMXGLVHNVXDOQXHOMX 6HNVXDOQDHOMDWHL]DVWDSDQMHPDQLNDNRQLMHVDPRVHNVXDOQLDSHWLW
pLQLVHGDVHVHNVXDOQDHOMDODNRVSDMDVDVYDNRPMDNRPHPRFLMRPD RVORERHQMHRGEROQHQDSHWRVWL0HXWLPVHNVXDOQXHOMXPRHLVWRWDNR
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QLMHQDSUDYLR 6HNVXDOQLDNWEH]OMXEDYLQLNDGQHSUHPRXMHSURYDOLMXL]PHXGYDOMXGVND
XGMHODNRMDQHVWDUH8VWDURVWLVHRYMHNSULMHVYHJDSRNDMH]DJULMHKHNRMH ELDRVLPWUHQXWQR
8VWDURVWLQHPDOMHSHXWMHKHRGRQHDNRMHRYMHNVQDJXVYRMHPODGRVWLXQLR =DPQRJHVHNVSUHGVWDYOMDQDGRPMHVWDN]DVPLVDRLYRWD
GUDYOMDQH =DKYDOMXMXLVHNVXELWHPR]GUDYLMLVUHWQLMLPXGULMLLNUHDWLYQLML
UHSHWLWLYQDNXOWXUDUHSUHVLYQDMHUOMXGHSUHWYDUDXSRGDQLNHVOXEHQLNH
oRYMHNMHMHGLQROMXGVNRELHNRMH]QDGDHXPULMHWL=DWRPOMLYDQMHRYH
VSR]QDMHMHGLQDMHOMXGVNDGUDPD GDQDVWDYLVYRMHFLNOXVH
RYMHNMHWDNRSUROD]DQGDDNLWDPRJGMHMHSRWSXQRQDLVWXVVYRMLP 6PUWMHPLUSRPLVDRQDVPUWUHPHWLVYDNLPLU6PUWMHQHXVSMHKPHWDEROL]PD
RSVWDQNRPWDPRJGMHRQRVWDYOMDMHGLQLSUDYLXWLVDNRVYRMHPVWYDUQRP 6PUWMHLVSUD]QDVWYDU
SULVXVWYX XVMHDQMXLXGXLVYRMLKPLOLKLGUDJLKHWRDNVHLWDPRPRUD
XJDVLWLLH]QXWLLWRMRWDNREU]R SUHGQRVWLLYL
6WUDKRGVPUWLJRULMHRGQMHVDPH6PUWLGHGYDNRUDND]DWRERP,VNRULVWL
'RVDGDMHRYMHNPRUDRLYMHWLVPLVOLPDRVYRMRMVLJXUQRMRVREQRMVPUWL$ 6PUWGROD]LVDPRMHGQRPQRRVMHDPRMHXVYDNRPWUHQXWNXVYRJLYRWD
VDGDVHPRUDMRSRPLULWLLVPLVOLPDRPRJXRMSURSDVWLLWDYRJ
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XYLMHNQHNDNRGUDJ XRVMHDQMXDVPUWMHJXELWDNRVMHDMD6PUWVHGDNOHQHWLHQLLYLKQL
3ULYLNDYDMVHQDVKYDDQMHGDQDVVHVPUWQLWDQHWLHMHUMHVYHGREURLORH
.DNROLMHXGQRYDWDVLWXDFLMDQDVVPUWQLND6YDWNRMHRYGMHXNUDWNRP
SRVMHWX1H]QD]DWRDOLNDGLNDGYMHUXMHGDWRRVMHD6JOHGLWD 3RPLVDRQDVPUW]DJOXSOMXMH
VYDNRGQHYQRJLYRWDEH]GXEOMHJUD]PLOMDQMD]QDVHSDN RYMHNMHWX]D 2VPUWLNDNRMHJRUNDSRPLVDRQDWH
GUXJHOMXGH8SUYRPUHGX]DRQHRGLMHJRVPMHKDLGREURELWLSRWSXQR]DYLVL 2QMHPXVXVYHUHNOLPLQXWRPXWQMH
QMHJRYDYODVWLWDVUHDDRQGDL]DPQRJHQHSR]QDWHVLMRPQDVVXGELQRP
SRYH]XMHYODVWLWDSXSDQDYUSFDVXRVMHDQMD6YDNRJGDQDWDNREH]EURMSXWD 1HERMVHVPUWL
SRPLVOLPQDWRNDNRPRMYDQMVNLLXQXWDUQMLLYRWSRLYDQDUDGXVDGDQMLKL MHYHLGLR QHVYMHVQR
YHXPUOLKOMXGLGDVHPRUDPQDSUHJQXWLLGDYDWLLVWRPPMHURPNDNRVDP /MXGVNLMHLYRWSRSXWOHGHQMDNDYLGLPRVDPRPDQMLGLRVYMHVQRJDVNULYHQ
SULPDRLNDNRMRSULPDP DMRPXPDQMHWUHEDGDSRGQMLPDSRLYD
1HNROLNRVDPRJUXGD]HPOMHSRWUHEQRMHRYMHNXQHYLHQDQMLPDGDXLYD 1HNROLNRVDPRJUXGD]HPOMHSRWUHEQRMHRYMHNXQHYLHQDQMLPDGDXLYD
DMRPXPDQMHWUHEDGDSRGQMLPDSRLYD SULPDRLNDNRMRSULPDP
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MHYHLGLR QHVYMHVQR SRPLVOLPQDWRNDNRPRMYDQMVNLLXQXWDUQMLLYRWSRLYDQDUDGXVDGDQMLKL
1HERMVHVPUWL SRYH]XMHYODVWLWDSXSDQDYUSFDVXRVMHDQMD6YDNRJGDQDWDNREH]EURMSXWD
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2QMHPXVXVYHUHNOLPLQXWRPXWQMH GUXJHOMXGH8SUYRPUHGX]DRQHRGLMHJRVPMHKDLGREURELWLSRWSXQR]DYLVL
2VPUWLNDNRMHJRUNDSRPLVDRQDWH VYDNRGQHYQRJLYRWDEH]GXEOMHJUD]PLOMDQMD]QDVHSDN RYMHNMHWX]D
3RPLVDRQDVPUW]DJOXSOMXMH SRVMHWX1H]QD]DWRDOLNDGLNDGYMHUXMHGDWRRVMHD6JOHGLWD
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3ULYLNDYDMVHQDVKYDDQMHGDQDVVHVPUWQLWDQHWLHMHUMHVYHGREURLORH
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PUWYLKMHUVHQDSUYHQHRGQRVLDRQLKGUXJLKYLHQHPD .DGRYMHNRVMHDGDELEOLQMHJPRJODXGDULWLNDSWDMPXMHNDQGLGDWVPUWL
3XQDVXJUREOMDQH]DPMHQMLYLK RYMHDQVWYD
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6PUWGROD]LVDPRMHGQRPQRRVMHDPRMHXVYDNRPWUHQXWNXVYRJLYRWD 'RVDGDMHRYMHNPRUDRLYMHWLVPLVOLPDRVYRMRMVLJXUQRMRVREQRMVPUWL$
6WUDKRGVPUWLJRULMHRGQMHVDPH6PUWLGHGYDNRUDND]DWRERP,VNRULVWL
SUHGQRVWLLYL XJDVLWLLH]QXWLLWRMRWDNREU]R
SULVXVWYX XVMHDQMXLXGXLVYRMLKPLOLKLGUDJLKHWRDNVHLWDPRPRUD
6PUWMHLVSUD]QDVWYDU RSVWDQNRPWDPRJGMHRQRVWDYOMDMHGLQLSUDYLXWLVDNRVYRMHPVWYDUQRP
6PUWMHPLUSRPLVDRQDVPUWUHPHWLVYDNLPLU6PUWMHQHXVSMHKPHWDEROL]PD RYMHNMHWDNRSUROD]DQGDDNLWDPRJGMHMHSRWSXQRQDLVWXVVYRMLP
GDQDVWDYLVYRMHFLNOXVH VSR]QDMHMHGLQDMHOMXGVNDGUDPD
oRYMHNMHMHGLQROMXGVNRELHNRMH]QDGDHXPULMHWL=DWRPOMLYDQMHRYH
oRYMHNMHMHGLQROMXGVNRELHNRMH]QDGDHXPULMHWL=DWRPOMLYDQMHRYH
VSR]QDMHMHGLQDMHOMXGVNDGUDPD GDQDVWDYLVYRMHFLNOXVH
RYMHNMHWDNRSUROD]DQGDDNLWDPRJGMHMHSRWSXQRQDLVWXVVYRMLP 6PUWMHPLUSRPLVDRQDVPUWUHPHWLVYDNLPLU6PUWMHQHXVSMHKPHWDEROL]PD
RSVWDQNRPWDPRJGMHRQRVWDYOMDMHGLQLSUDYLXWLVDNRVYRMHPVWYDUQRP 6PUWMHLVSUD]QDVWYDU
SULVXVWYX XVMHDQMXLXGXLVYRMLKPLOLKLGUDJLKHWRDNVHLWDPRPRUD
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6WUDKRGVPUWLJRULMHRGQMHVDPH6PUWLGHGYDNRUDND]DWRERP,VNRULVWL
'RVDGDMHRYMHNPRUDRLYMHWLVPLVOLPDRVYRMRMVLJXUQRMRVREQRMVPUWL$ 6PUWGROD]LVDPRMHGQRPQRRVMHDPRMHXVYDNRPWUHQXWNXVYRJLYRWD
VDGDVHPRUDMRSRPLULWLLVPLVOLPDRPRJXRMSURSDVWLLWDYRJ
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XYLMHNQHNDNRGUDJ XRVMHDQMXDVPUWMHJXELWDNRVMHDMD6PUWVHGDNOHQHWLHQLLYLKQL
3ULYLNDYDMVHQDVKYDDQMHGDQDVVHVPUWQLWDQHWLHMHUMHVYHGREURLORH
.DNROLMHXGQRYDWDVLWXDFLMDQDVVPUWQLND6YDWNRMHRYGMHXNUDWNRP
SRVMHWX1H]QD]DWRDOLNDGLNDGYMHUXMHGDWRRVMHD6JOHGLWD 3RPLVDRQDVPUW]DJOXSOMXMH
VYDNRGQHYQRJLYRWDEH]GXEOMHJUD]PLOMDQMD]QDVHSDN RYMHNMHWX]D 2VPUWLNDNRMHJRUNDSRPLVDRQDWH
GUXJHOMXGH8SUYRPUHGX]DRQHRGLMHJRVPMHKDLGREURELWLSRWSXQR]DYLVL 2QMHPXVXVYHUHNOLPLQXWRPXWQMH
QMHJRYDYODVWLWDVUHDDRQGDL]DPQRJHQHSR]QDWHVLMRPQDVVXGELQRP
SRYH]XMHYODVWLWDSXSDQDYUSFDVXRVMHDQMD6YDNRJGDQDWDNREH]EURMSXWD 1HERMVHVPUWL
SRPLVOLPQDWRNDNRPRMYDQMVNLLXQXWDUQMLLYRWSRLYDQDUDGXVDGDQMLKL MHYHLGLR QHVYMHVQR
YHXPUOLKOMXGLGDVHPRUDPQDSUHJQXWLLGDYDWLLVWRPPMHURPNDNRVDP /MXGVNLMHLYRWSRSXWOHGHQMDNDYLGLPRVDPRPDQMLGLRVYMHVQRJDVNULYHQ
SULPDRLNDNRMRSULPDP DMRPXPDQMHWUHEDGDSRGQMLPDSRLYD
1HNROLNRVDPRJUXGD]HPOMHSRWUHEQRMHRYMHNXQHYLHQDQMLPDGDXLYD 1HNROLNRVDPRJUXGD]HPOMHSRWUHEQRMHRYMHNXQHYLHQDQMLPDGDXLYD
DMRPXPDQMHWUHEDGDSRGQMLPDSRLYD SULPDRLNDNRMRSULPDP
/MXGVNLMHLYRWSRSXWOHGHQMDNDYLGLPRVDPRPDQMLGLRVYMHVQRJDVNULYHQ YHXPUOLKOMXGLGDVHPRUDPQDSUHJQXWLLGDYDWLLVWRPPMHURPNDNRVDP
MHYHLGLR QHVYMHVQR SRPLVOLPQDWRNDNRPRMYDQMVNLLXQXWDUQMLLYRWSRLYDQDUDGXVDGDQMLKL
1HERMVHVPUWL SRYH]XMHYODVWLWDSXSDQDYUSFDVXRVMHDQMD6YDNRJGDQDWDNREH]EURMSXWD
QMHJRYDYODVWLWDVUHDDRQGDL]DPQRJHQHSR]QDWHVLMRPQDVVXGELQRP
2QMHPXVXVYHUHNOLPLQXWRPXWQMH GUXJHOMXGH8SUYRPUHGX]DRQHRGLMHJRVPMHKDLGREURELWLSRWSXQR]DYLVL
2VPUWLNDNRMHJRUNDSRPLVDRQDWH VYDNRGQHYQRJLYRWDEH]GXEOMHJUD]PLOMDQMD]QDVHSDN RYMHNMHWX]D
3RPLVDRQDVPUW]DJOXSOMXMH SRVMHWX1H]QD]DWRDOLNDGLNDGYMHUXMHGDWRRVMHD6JOHGLWD
.DNROLMHXGQRYDWDVLWXDFLMDQDVVPUWQLND6YDWNRMHRYGMHXNUDWNRP
3ULYLNDYDMVHQDVKYDDQMHGDQDVVHVPUWQLWDQHWLHMHUMHVYHGREURLORH
XRVMHDQMXDVPUWMHJXELWDNRVMHDMD6PUWVHGDNOHQHWLHQLLYLKQL XYLMHNQHNDNRGUDJ
PUWYLKMHUVHQDSUYHQHRGQRVLDRQLKGUXJLKYLHQHPD .DGRYMHNRVMHDGDELEOLQMHJPRJODXGDULWLNDSWDMPXMHNDQGLGDWVPUWL
3XQDVXJUREOMDQH]DPMHQMLYLK RYMHDQVWYD
VDGDVHPRUDMRSRPLULWLLVPLVOLPDRPRJXRMSURSDVWLLWDYRJ
6PUWGROD]LVDPRMHGQRPQRRVMHDPRMHXVYDNRPWUHQXWNXVYRJLYRWD 'RVDGDMHRYMHNPRUDRLYMHWLVPLVOLPDRVYRMRMVLJXUQRMRVREQRMVPUWL$
6WUDKRGVPUWLJRULMHRGQMHVDPH6PUWLGHGYDNRUDND]DWRERP,VNRULVWL
SUHGQRVWLLYL XJDVLWLLH]QXWLLWRMRWDNREU]R
SULVXVWYX XVMHDQMXLXGXLVYRMLKPLOLKLGUDJLKHWRDNVHLWDPRPRUD
6PUWMHLVSUD]QDVWYDU RSVWDQNRPWDPRJGMHRQRVWDYOMDMHGLQLSUDYLXWLVDNRVYRMHPVWYDUQRP
6PUWMHPLUSRPLVDRQDVPUWUHPHWLVYDNLPLU6PUWMHQHXVSMHKPHWDEROL]PD RYMHNMHWDNRSUROD]DQGDDNLWDPRJGMHMHSRWSXQRQDLVWXVVYRMLP
GDQDVWDYLVYRMHFLNOXVH VSR]QDMHMHGLQDMHOMXGVNDGUDPD
oRYMHNMHMHGLQROMXGVNRELHNRMH]QDGDHXPULMHWL=DWRPOMLYDQMHRYH
6PUWMHSUHPDQDPDRNUHQXWDVWUDQDRQRJMHGLQVWYDLMDVHGUXJDVWUDQD
XPMHWQRVW1DWRPYMHURYDQMXWHPHOMLVHGREDUGLRQMH]LQHVQDJH QD]LYDXVNUVQXH
0HGLFLQDMH]DRQRJDNRMLMHSRWUHEXMHWDMQDJRWRYRVDUROLMDPDSRYH]DQD 6PUWMHVDQEH]VQRYD
/LMHQLNPRHSRPRLNRGEROHVWLDOLQHPRHSRSUDYLWLQHLMXVXGELQX 6PUWMH]DGQMLUD]ORJ
HNDRQLFX 6WUDKRGVPUWLMHQHUD]XPDQ
6YLVPRPLNDQGLGDWLVPUWL
/LMHQLFLQDPSUDWDMXVYDNLQDLQLYOMHQMDNRMLQDVGRYRGLXQMLKRYX
p-DGDQRYMHNMHRQDMNRMLMHRYLVDQRSRPRLOLMHQLND
6YLVPRVHPLURGLOLVNOLFDPDVPUWLNRMHVHKUDQHQHNLPXQXWDUQMLP]ORP
5DQDNRMDVHNULMHVSRURLWHNR]DFMHOMXMH
7DMQDRYMHMHJLYRWDQLMHXWRPHGDVDPRLYLYHXWRPH]DWRLYL
NRULVWLRQRPHNRMLMHOLMHL
6YDNDEROHVWLPDVPLVOD$NRQHNRULVWLRQRPHNRMLRGQMHEROXMHRQGD 7HQMD]DVPUXMHXURHQDRYMHNX
p%ROHVWQDNRQMXGROD]LDQDSXXRGOD]L 7NRVHERMLVPUWLSURSXVWLRMHLYRW8PLUDQMHMHJDHQMHVYMHWLOMNHXRVYLWD
QHJDHQMHVXQFD
WRELVYHRYMHNGDR]DVYRMH]GUDYOMH
VYDNHEROHVWLWXJXMHPRLEULQHPRVHELOLELVPREHVNUDMQRVUHWQL
.DGDELVHVYRP]GUDYOMXPRJOLUDGRYDWLVDPRXSRODWROLNRNROLNR]ERJ
%2/(67,='5$9/-(
UD]XPOMLYHQDMDYH
VXPRJOHSDGDWLXVWDQMH]DQHVHQRVWLLSULWRPHGDYDOHXGQHLWHNR ]GUDYOMHEROHVWOLMHQLNGLMDJQR]DSVLKRDQDOL]DOLMHNRYLQRUPDOQRVW
YHOLNXDVW0RQLSURURFLX*UNRML5LPXNRULVWLOLVXVHUHGRYQLFDPDNRMH GLMHWD
MHQHNDG]QDLORGDMHGXHYQDEROHVWERMHQDGDKQXHWRMHSUHGVWDYOMDOR
GXHYQHVPHWQMHQHNLPREOLNRPRSVMHGQXWRVWLGREULPLOL]OLPERJRYLPD7R RYMHNMHRGXYLMHNELRGXHYQREROHVWDQ0QRJHYMHUHLGUXWYDVPDWUDOHVX
p
pRYMHNMHRGXYLMHNELRGXHYQREROHVWDQ0QRJHYMHUHLGUXWYDVPDWUDOHVX GXHYQHVPHWQMHQHNLPREOLNRPRSVMHGQXWRVWLGREULPLOL]OLPERJRYLPD7R
MHQHNDG]QDLORGDMHGXHYQDEROHVWERMHQDGDKQXHWRMHSUHGVWDYOMDOR
GLMHWD YHOLNXDVW0RQLSURURFLX*UNRML5LPXNRULVWLOLVXVHUHGRYQLFDPDNRMH
]GUDYOMHEROHVWOLMHQLNGLMDJQR]DSVLKRDQDOL]DOLMHNRYLQRUPDOQRVW VXPRJOHSDGDWLXVWDQMH]DQHVHQRVWLLSULWRPHGDYDOHXGQHLWHNR
UD]XPOMLYHQDMDYH
%2/(67,='5$9/-(
.DGDELVHVYRP]GUDYOMXPRJOLUDGRYDWLVDPRXSRODWROLNRNROLNR]ERJ
VYDNHEROHVWLWXJXMHPRLEULQHPRVHELOLELVPREHVNUDMQRVUHWQL
WRELVYHRYMHNGDR]DVYRMH]GUDYOMH
QHJDHQMHVXQFD
7NRVHERMLVPUWLSURSXVWLRMHLYRW8PLUDQMHMHJDHQMHVYMHWLOMNHXRVYLWD p%ROHVWQDNRQMXGROD]LDQDSXXRGOD]L
7HQMD]DVPUXMHXURHQDRYMHNX 6YDNDEROHVWLPDVPLVOD$NRQHNRULVWLRQRPHNRMLRGQMHEROXMHRQGD
NRULVWLRQRPHNRMLMHOLMHL
7DMQDRYMHMHJLYRWDQLMHXWRPHGDVDPRLYLYHXWRPH]DWRLYL
5DQDNRMDVHNULMHVSRURLWHNR]DFMHOMXMH
6YLVPRVHPLURGLOLVNOLFDPDVPUWLNRMHVHKUDQHQHNLPXQXWDUQMLP]ORP
p-DGDQRYMHNMHRQDMNRMLMHRYLVDQRSRPRLOLMHQLND
/LMHQLFLQDPSUDWDMXVYDNLQDLQLYOMHQMDNRMLQDVGRYRGLXQMLKRYX
YLVPRPLNDQGLGDWLVPUWL
6
6WUDKRGVPUWLMHQHUD]XPDQ HNDRQLFX
6PUWMH]DGQMLUD]ORJ /LMHQLNPRHSRPRLNRGEROHVWLDOLQHPRHSRSUDYLWLQHLMXVXGELQX
6PUWMHVDQEH]VQRYD 0HGLFLQDMH]DRQRJDNRMLMHSRWUHEXMHWDMQDJRWRYRVDUROLMDPDSRYH]DQD
QD]LYDXVNUVQXH XPMHWQRVW1DWRPYMHURYDQMXWHPHOMLVHGREDUGLRQMH]LQHVQDJH
6PUWMHSUHPDQDPDRNUHQXWDVWUDQDRQRJMHGLQVWYDLMDVHGUXJDVWUDQD
6PUWMHSUHPDQDPDRNUHQXWDVWUDQDRQRJMHGLQVWYDLMDVHGUXJDVWUDQD
XPMHWQRVW1DWRPYMHURYDQMXWHPHOMLVHGREDUGLRQMH]LQHVQDJH QD]LYDXVNUVQXH
0HGLFLQDMH]DRQRJDNRMLMHSRWUHEXMHWDMQDJRWRYRVDUROLMDPDSRYH]DQD 6PUWMHVDQEH]VQRYD
/LMHQLNPRHSRPRLNRGEROHVWLDOLQHPRHSRSUDYLWLQHLMXVXGELQX 6PUWMH]DGQMLUD]ORJ
HNDRQLFX 6WUDKRGVPUWLMHQHUD]XPDQ
6YLVPRPLNDQGLGDWLVPUWL
/LMHQLFLQDPSUDWDMXVYDNLQDLQLYOMHQMDNRMLQDVGRYRGLXQMLKRYX
p-DGDQRYMHNMHRQDMNRMLMHRYLVDQRSRPRLOLMHQLND
6YLVPRVHPLURGLOLVNOLFDPDVPUWLNRMHVHKUDQHQHNLPXQXWDUQMLP]ORP
5DQDNRMDVHNULMHVSRURLWHNR]DFMHOMXMH
7DMQDRYMHMHJLYRWDQLMHXWRPHGDVDPRLYLYHXWRPH]DWRLYL
NRULVWLRQRPHNRMLMHOLMHL
6YDNDEROHVWLPDVPLVOD$NRQHNRULVWLRQRPHNRMLRGQMHEROXMHRQGD 7HQMD]DVPUXMHXURHQDRYMHNX
p%ROHVWQDNRQMXGROD]LDQDSXXRGOD]L 7NRVHERMLVPUWLSURSXVWLRMHLYRW8PLUDQMHMHJDHQMHVYMHWLOMNHXRVYLWD
QHJDHQMHVXQFD
WRELVYHRYMHNGDR]DVYRMH]GUDYOMH
VYDNHEROHVWLWXJXMHPRLEULQHPRVHELOLELVPREHVNUDMQRVUHWQL
.DGDELVHVYRP]GUDYOMXPRJOLUDGRYDWLVDPRXSRODWROLNRNROLNR]ERJ
%2/(67,='5$9/-(
UD]XPOMLYHQDMDYH
VXPRJOHSDGDWLXVWDQMH]DQHVHQRVWLLSULWRPHGDYDOHXGQHLWHNR ]GUDYOMHEROHVWOLMHQLNGLMDJQR]DSVLKRDQDOL]DOLMHNRYLQRUPDOQRVW
YHOLNXDVW0RQLSURURFLX*UNRML5LPXNRULVWLOLVXVHUHGRYQLFDPDNRMH GLMHWD
MHQHNDG]QDLORGDMHGXHYQDEROHVWERMHQDGDKQXHWRMHSUHGVWDYOMDOR
GXHYQHVPHWQMHQHNLPREOLNRPRSVMHGQXWRVWLGREULPLOL]OLPERJRYLPD7R RYMHNMHRGXYLMHNELRGXHYQREROHVWDQ0QRJHYMHUHLGUXWYDVPDWUDOHVX
p
pRYMHNMHRGXYLMHNELRGXHYQREROHVWDQ0QRJHYMHUHLGUXWYDVPDWUDOHVX GXHYQHVPHWQMHQHNLPREOLNRPRSVMHGQXWRVWLGREULPLOL]OLPERJRYLPD7R
MHQHNDG]QDLORGDMHGXHYQDEROHVWERMHQDGDKQXHWRMHSUHGVWDYOMDOR
GLMHWD YHOLNXDVW0RQLSURURFLX*UNRML5LPXNRULVWLOLVXVHUHGRYQLFDPDNRMH
]GUDYOMHEROHVWOLMHQLNGLMDJQR]DSVLKRDQDOL]DOLMHNRYLQRUPDOQRVW VXPRJOHSDGDWLXVWDQMH]DQHVHQRVWLLSULWRPHGDYDOHXGQHLWHNR
UD]XPOMLYHQDMDYH
%2/(67,='5$9/-(
.DGDELVHVYRP]GUDYOMXPRJOLUDGRYDWLVDPRXSRODWROLNRNROLNR]ERJ
VYDNHEROHVWLWXJXMHPRLEULQHPRVHELOLELVPREHVNUDMQRVUHWQL
WRELVYHRYMHNGDR]DVYRMH]GUDYOMH
QHJDHQMHVXQFD
7NRVHERMLVPUWLSURSXVWLRMHLYRW8PLUDQMHMHJDHQMHVYMHWLOMNHXRVYLWD p%ROHVWQDNRQMXGROD]LDQDSXXRGOD]L
7HQMD]DVPUXMHXURHQDRYMHNX 6YDNDEROHVWLPDVPLVOD$NRQHNRULVWLRQRPHNRMLRGQMHEROXMHRQGD
NRULVWLRQRPHNRMLMHOLMHL
7DMQDRYMHMHJLYRWDQLMHXWRPHGDVDPRLYLYHXWRPH]DWRLYL
5DQDNRMDVHNULMHVSRURLWHNR]DFMHOMXMH
6YLVPRVHPLURGLOLVNOLFDPDVPUWLNRMHVHKUDQHQHNLPXQXWDUQMLP]ORP
p-DGDQRYMHNMHRQDMNRMLMHRYLVDQRSRPRLOLMHQLND
/LMHQLFLQDPSUDWDMXVYDNLQDLQLYOMHQMDNRMLQDVGRYRGLXQMLKRYX
YLVPRPLNDQGLGDWLVPUWL
6
6WUDKRGVPUWLMHQHUD]XPDQ HNDRQLFX
6PUWMH]DGQMLUD]ORJ /LMHQLNPRHSRPRLNRGEROHVWLDOLQHPRHSRSUDYLWLQHLMXVXGELQX
6PUWMHVDQEH]VQRYD 0HGLFLQDMH]DRQRJDNRMLMHSRWUHEXMHWDMQDJRWRYRVDUROLMDPDSRYH]DQD
QD]LYDXVNUVQXH XPMHWQRVW1DWRPYMHURYDQMXWHPHOMLVHGREDUGLRQMH]LQHVQDJH
6PUWMHSUHPDQDPDRNUHQXWDVWUDQDRQRJMHGLQVWYDLMDVHGUXJDVWUDQD
ULGHVHWLQHOLMHLPHGLFLQDDVHGDPGHVHWLQDGLMHWD
7
p-HGQDRGQDMUDVSURVWUDQMHQLMLKEROHVWLMHGLMDJQR]D MXGLVXVDPRGMHFDYHHJUDVWD
/
p3VLKRDQDOL]DMHRQDEROHVWLMRPVHWHUDSLMRPVPDWUD3VLKRDQDOL]D RYMHN HVWR]DPMHQMXMXXORJHNDGVXQHVLJXUQLLOLNDGLKMHVWUDK
SRVOLMHQHVKYDDVYRMHSUREOHPHEROMHDOL]QD]DWR )DQWD]LMDMH]DGMHFXRUXHNRMLPVHKYDWDMXXNRWDFVPQRJLPWHNRDPD
p/LMHNRYLVXVSRULMLQHJR]OD RPRJXXMHQDPGDNDVQLMHSRGQHVHPRRDMDYDQMH
7NRMHQDNUDMXQRUPDODQRNRQDV" 'RNVPRPODGLVYRMHGXHMDDPRQDGRP VQDJDNRMXWDNRVWMHHPR
6YLVPRPLSRPDORXGDUHQL LGX
'MHFXLVDWRYHQHVPLMHPRVWDOQRQDYLMDWL3RQHNDGLKWUHEDSXVWLWLGD
o'DQNDGD]DSRLQMHYHLQDGLMHWDMHVXWUD
SXQROMHWQL
QHRVMHWOMLYLPSUHPDVYLPUDGRVWLPDVLWLVXVYLMHWDSULMHQHJRWRSRVWDQX
'MHFLVHGDMHSUHYLHVXYLHUDQR2QDVX]DVLHQD]DEDYDPDXLQMHQL
22%,7(/-,
'MHFDWRVXQDLVXWUDQMLVXFL
GMHFDRELWHOMRWDFURGLWHOMLHQDPDMND 'MHFDVXQDGHNRMHVHJXEHLVWUDKRYLNRMLKVHQLNDGDQHPRHRVORERGLWL
RYMHNRYLQDMVWURLVXFLVXQMHJRYDGMHFD
p 'MHFDVXRYMHNRYDNULOD
'LMHWHNRMHMRQHPDVPLVOD]DUHGSDWL]ERJRSVMHGQXWRVWLRGUDVOLK]DUHGRP QMLPD$ULMHWNRLPSUDWDMXDNRXRSH
'MHFDLEXGDOHQH]QDMXODJDWL 'MHFDSUYRYROHVYRMHURGLWHOMH1DNRQQHNRJYUHPHQDGRQRVHVYRMVXGR
'MHFDNRMDVHQHYROHSRVWDMXRGUDVOLNRMLQHYROH'MHFDQDOD]HVYHX VDVWRMDWLXWRPXGDLPMHGREURQD]HPOMLLGDLVSXQHVYRMLYRW
QLHPXDOMXGLQLWDXVYHPX 'MHFDQLVXURHQD]ERJWRJDGDPLEXGHPRVUHWQL1DDVHUDGRVWWUHED
'MHFDQLVXURHQD]ERJWRJDGDPLEXGHPRVUHWQL1DDVHUDGRVWWUHED QLHPXDOMXGLQLWDXVYHPX
VDVWRMDWLXWRPXGDLPMHGREURQD]HPOMLLGDLVSXQHVYRMLYRW 'MHFDNRMDVHQHYROHSRVWDMXRGUDVOLNRMLQHYROH'MHFDQDOD]HVYHX
'MHFDSUYRYROHVYRMHURGLWHOMH1DNRQQHNRJYUHPHQDGRQRVHVYRMVXGR 'MHFDLEXGDOHQH]QDMXODJDWL
QMLPD$ULMHWNRLPSUDWDMXDNRXRSH 'LMHWHNRMHMRQHPDVPLVOD]DUHGSDWL]ERJRSVMHGQXWRVWLRGUDVOLK]DUHGRP
MHFDVXRYMHNRYDNULOD
' pRYMHNRYLQDMVWURLVXFLVXQMHJRYDGMHFD
'MHFDVXQDGHNRMHVHJXEHLVWUDKRYLNRMLKVHQLNDGDQHPRHRVORERGLWL GMHFDRELWHOMRWDFURGLWHOMLHQDPDMND
'MHFDWRVXQDLVXWUDQMLVXFL
22%,7(/-,
'MHFLVHGDMHSUHYLHVXYLHUDQR2QDVX]DVLHQD]DEDYDPDXLQMHQL
QHRVMHWOMLYLPSUHPDVYLPUDGRVWLPDVLWLVXVYLMHWDSULMHQHJRWRSRVWDQX
SXQROMHWQL
o'DQNDGD]DSRLQMHYHLQDGLMHWDMHVXWUD
'MHFXLVDWRYHQHVPLMHPRVWDOQRQDYLMDWL3RQHNDGLKWUHEDSXVWLWLGD
LGX 6YLVPRPLSRPDORXGDUHQL
'RNVPRPODGLVYRMHGXHMDDPRQDGRP VQDJDNRMXWDNRVWMHHPR 7NRMHQDNUDMXQRUPDODQRNRQDV"
RPRJXXMHQDPGDNDVQLMHSRGQHVHPRRDMDYDQMH p/LMHNRYLVXVSRULMLQHJR]OD
)DQWD]LMDMH]DGMHFXRUXHNRMLPVHKYDWDMXXNRWDFVPQRJLPWHNRDPD SRVOLMHQHVKYDDVYRMHSUREOHPHEROMHDOL]QD]DWR
HVWR]DPMHQMXMXXORJHNDGVXQHVLJXUQLLOLNDGLKMHVWUDK p3VLKRDQDOL]DMHRQDEROHVWLMRPVHWHUDSLMRPVPDWUD3VLKRDQDOL]D RYMHN
/MXGLVXVDPRGMHFDYHHJUDVWD p-HGQDRGQDMUDVSURVWUDQMHQLMLKEROHVWLMHGLMDJQR]D
7ULGHVHWLQHOLMHLPHGLFLQDDVHGDPGHVHWLQDGLMHWD
7ULGHVHWLQHOLMHLPHGLFLQDDVHGDPGHVHWLQDGLMHWD
-HGQDRGQDMUDVSURVWUDQMHQLMLKEROHVWLMHGLMDJQR]D
p MXGLVXVDPRGMHFDYHHJUDVWD
/
p3VLKRDQDOL]DMHRQDEROHVWLMRPVHWHUDSLMRPVPDWUD3VLKRDQDOL]D RYMHN HVWR]DPMHQMXMXXORJHNDGVXQHVLJXUQLLOLNDGLKMHVWUDK
SRVOLMHQHVKYDDVYRMHSUREOHPHEROMHDOL]QD]DWR )DQWD]LMDMH]DGMHFXRUXHNRMLPVHKYDWDMXXNRWDFVPQRJLPWHNRDPD
p/LMHNRYLVXVSRULMLQHJR]OD RPRJXXMHQDPGDNDVQLMHSRGQHVHPRRDMDYDQMH
7NRMHQDNUDMXQRUPDODQRNRQDV" 'RNVPRPODGLVYRMHGXHMDDPRQDGRP VQDJDNRMXWDNRVWMHHPR
6YLVPRPLSRPDORXGDUHQL LGX
'MHFXLVDWRYHQHVPLMHPRVWDOQRQDYLMDWL3RQHNDGLKWUHEDSXVWLWLGD
o'DQNDGD]DSRLQMHYHLQDGLMHWDMHVXWUD
SXQROMHWQL
QHRVMHWOMLYLPSUHPDVYLPUDGRVWLPDVLWLVXVYLMHWDSULMHQHJRWRSRVWDQX
'MHFLVHGDMHSUHYLHVXYLHUDQR2QDVX]DVLHQD]DEDYDPDXLQMHQL
22%,7(/-,
'MHFDWRVXQDLVXWUDQMLVXFL
GMHFDRELWHOMRWDFURGLWHOMLHQDPDMND 'MHFDVXQDGHNRMHVHJXEHLVWUDKRYLNRMLKVHQLNDGDQHPRHRVORERGLWL
RYMHNRYLQDMVWURLVXFLVXQMHJRYDGMHFD
p 'MHFDVXRYMHNRYDNULOD
'LMHWHNRMHMRQHPDVPLVOD]DUHGSDWL]ERJRSVMHGQXWRVWLRGUDVOLK]DUHGRP QMLPD$ULMHWNRLPSUDWDMXDNRXRSH
'MHFDLEXGDOHQH]QDMXODJDWL 'MHFDSUYRYROHVYRMHURGLWHOMH1DNRQQHNRJYUHPHQDGRQRVHVYRMVXGR
'MHFDNRMDVHQHYROHSRVWDMXRGUDVOLNRMLQHYROH'MHFDQDOD]HVYHX VDVWRMDWLXWRPXGDLPMHGREURQD]HPOMLLGDLVSXQHVYRMLYRW
QLHPXDOMXGLQLWDXVYHPX 'MHFDQLVXURHQD]ERJWRJDGDPLEXGHPRVUHWQL1DDVHUDGRVWWUHED
'MHFDQLVXURHQD]ERJWRJDGDPLEXGHPRVUHWQL1DDVHUDGRVWWUHED QLHPXDOMXGLQLWDXVYHPX
VDVWRMDWLXWRPXGDLPMHGREURQD]HPOMLLGDLVSXQHVYRMLYRW 'MHFDNRMDVHQHYROHSRVWDMXRGUDVOLNRMLQHYROH'MHFDQDOD]HVYHX
'MHFDSUYRYROHVYRMHURGLWHOMH1DNRQQHNRJYUHPHQDGRQRVHVYRMVXGR 'MHFDLEXGDOHQH]QDMXODJDWL
QMLPD$ULMHWNRLPSUDWDMXDNRXRSH 'LMHWHNRMHMRQHPDVPLVOD]DUHGSDWL]ERJRSVMHGQXWRVWLRGUDVOLK]DUHGRP
'MHFDVXRYMHNRYDNULOD pRYMHNRYLQDMVWURLVXFLVXQMHJRYDGMHFD
'MHFDVXQDGHNRMHVHJXEHLVWUDKRYLNRMLKVHQLNDGDQHPRHRVORERGLWL GMHFDRELWHOMRWDFURGLWHOMLHQDPDMND
'MHFDWRVXQDLVXWUDQMLVXFL
22%,7(/-,
'MHFLVHGDMHSUHYLHVXYLHUDQR2QDVX]DVLHQD]DEDYDPDXLQMHQL
QHRVMHWOMLYLPSUHPDVYLPUDGRVWLPDVLWLVXVYLMHWDSULMHQHJRWRSRVWDQX
SXQROMHWQL
o'DQNDGD]DSRLQMHYHLQDGLMHWDMHVXWUD
'MHFXLVDWRYHQHVPLMHPRVWDOQRQDYLMDWL3RQHNDGLKWUHEDSXVWLWLGD
LGX 6YLVPRPLSRPDORXGDUHQL
'RNVPRPODGLVYRMHGXHMDDPRQDGRP VQDJDNRMXWDNRVWMHHPR 7NRMHQDNUDMXQRUPDODQRNRQDV"
RPRJXXMHQDPGDNDVQLMHSRGQHVHPRRDMDYDQMH p/LMHNRYLVXVSRULMLQHJR]OD
)DQWD]LMDMH]DGMHFXRUXHNRMLPVHKYDWDMXXNRWDFVPQRJLPWHNRDPD SRVOLMHQHVKYDDVYRMHSUREOHPHEROMHDOL]QD]DWR
HVWR]DPMHQMXMXXORJHNDGVXQHVLJXUQLLOLNDGLKMHVWUDK p3VLKRDQDOL]DMHRQDEROHVWLMRPVHWHUDSLMRPVPDWUD3VLKRDQDOL]D RYMHN
/MXGLVXVDPRGMHFDYHHJUDVWD p-HGQDRGQDMUDVSURVWUDQMHQLMLKEROHVWLMHGLMDJQR]D
7ULGHVHWLQHOLMHLPHGLFLQDDVHGDPGHVHWLQDGLMHWD
0LVOLPGDVHQDDPODGHXNRODPD]DJOXSOMXMH7DPRQHXMXLQHYLGH
WRNRGPODGHLGMHOXMHNDRRNUXWQRVWRELQRMHLVNUHQRVW QLWDVWYDUQRJD
SRNXDYDVSULMHLWL6DPRYMHEDPVDPRNULWLNX" 0ODGHMHQDGDGUDYH
WRKRH"RYMHNNRMLWXHVYRMHGLMHWHNDHGUXJRPHNRMLJDXWRPH 0ODGHMHRGXHYOMHQDNDGDMRMQHWNRNDHGDVHVYLMHWPRHXLQLWLOLMHSLPL
QRYRJD SUDYHGQLP1RWRMHLOX]LMD7NRPODGHLNDHGDVWYDULGULSRGNRQWURORP
]JD]LWLNXNFD$OLVYLSURIHVRULRYRJVYLMHWD]DMHGQRQHPRJXVWYRULWL YDUDMX1LWNRQHPRHGUDWLSRGNRQWURORPGUXJHOMXGHLQMLKRYHHOMH
6DPRRQDMWNRRGUDVWHDRVWDQHGLMHWHMHRYMHN6YDNRPDORGLMHWHPRH 0ODGHMHXQDWRVYRMRMGUVNRVWLVUDPHOMLYLMDDVWDULOMXGLXQDWRVYRP
6GMHWLQMVWYRPSXQLPOMXEDYLSRODVHLYRWDPRHSUHLYMHWLKODGQLVYLMHW GRVWRMDQVWYXGUVNLMLQHJRWRVHPLVOL
5D]XPGMHFHJXLPRWHUHWRPQHSRWUHEQRJ]QDQMD 0ODGLPLVOHGDMHVYDNDDQDUKLMDYHSRVHELGREUD
3UYRWRVHNRGGLMHWHL]JXELMHGREURUDVSRORHQMH 0ODGLQHPDMX]DGDXSUDYGDWLQDVVYRMHSUHWKRGQLNHYHSURELWLVHL
RVORERGLWLVHVYHJDVWDURJDOLMHQRJDRPHWDMXHJD
RGQRVLWLSUHPDLYRWQLP]DGDDPD
3RQDLQXLJUHGMHWHWDPRHPRQDVOXWLWLNDNRHVHNDRRGUDVODRVRED 0ODGRVWMHQHWRMDNRYULMHGQRVDPRWRRYMHNQH]QDNDGDMHPODG
2GJRMLWLGLMHWHMHMHGQRVWDYQR7HNRMHVDPRYROMHWLWDMUH]XOWDW 0ODGRVWMHSLMDQVWYREH]YLQD
GRELORQDYUHPHQX 0ODGRVWVHQHRVYUHQDSRVOMHGLFH XWRPHMHQMH]LQDSUHGQRVW
2GJRMGMHFHMH]DQLPDQMHXNRMHPWUHED]QDWLL]JXELWLYULMHPHNDNRELVH 0ODGRVWHOLGDMRMVH]DSRYLMHGDNDNRELLPDODPRJXQRVWGDVHQH
RGSULMHWQMHLQDGDNRMHVHQHLVSXQHGRYHHUL SRNRUDYD
1LMHGDQSDPHWDQRYMHNQLMHHOLRELWLPODL1LWDQDGMHFXQHGMHOXMHVODELMH 0XGURVWPODGRVWLMHSULMHVYHJDXVSRVREQRVWLGDL]UD]LQRYHSUREOHPHL
1HSRVWRMLSUREOHPDWLQRGLMHWHYHVDPRSUREOHPDWLQLURGLWHOML SUHREOLNXMHSRVWRMHHPRGHOHYMHURYDQMDLQWHOLJHQWQRPGRPLOMDWRX
1DMYHLRYMHNRVWDMHXYLMHNGLMHWH 1DMYHLRYMHNRVWDMHXYLMHNGLMHWH
SUHREOLNXMHSRVWRMHHPRGHOHYMHURYDQMDLQWHOLJHQWQRPGRPLOMDWRX 1HSRVWRMLSUREOHPDWLQRGLMHWHYHVDPRSUREOHPDWLQLURGLWHOML
0XGURVWPODGRVWLMHSULMHVYHJDXVSRVREQRVWLGDL]UD]LQRYHSUREOHPHL 1LMHGDQSDPHWDQRYMHNQLMHHOLRELWLPODL1LWDQDGMHFXQHGMHOXMHVODELMH
SRNRUDYD RGSULMHWQMHLQDGDNRMHVHQHLVSXQHGRYHHUL
0ODGRVWHOLGDMRMVH]DSRYLMHGDNDNRELLPDODPRJXQRVWGDVHQH 2GJRMGMHFHMH]DQLPDQMHXNRMHPWUHED]QDWLL]JXELWLYULMHPHNDNRELVH
0ODGRVWVHQHRVYUHQDSRVOMHGLFH XWRPHMHQMH]LQDSUHGQRVW GRELORQDYUHPHQX
0ODGRVWMHSLMDQVWYREH]YLQD 2GJRMLWLGLMHWHMHMHGQRVWDYQR7HNRMHVDPRYROMHWLWDMUH]XOWDW
0ODGRVWMHQHWRMDNRYULMHGQRVDPRWRRYMHNQH]QDNDGDMHPODG 3RQDLQXLJUHGMHWHWDPRHPRQDVOXWLWLNDNRHVHNDRRGUDVODRVRED
RGQRVLWLSUHPDLYRWQLP]DGDDPD
RVORERGLWLVHVYHJDVWDURJDOLMHQRJDRPHWDMXHJD
0ODGLQHPDMX]DGDXSUDYGDWLQDVVYRMHSUHWKRGQLNHYHSURELWLVHL 3UYRWRVHNRGGLMHWHL]JXELMHGREURUDVSRORHQMH
0ODGLPLVOHGDMHVYDNDDQDUKLMDYHSRVHELGREUD 5D]XPGMHFHJXLPRWHUHWRPQHSRWUHEQRJ]QDQMD
GRVWRMDQVWYXGUVNLMLQHJRWRVHPLVOL 6GMHWLQMVWYRPSXQLPOMXEDYLSRODVHLYRWDPRHSUHLYMHWLKODGQLVYLMHW
0ODGHMHXQDWRVYRMRMGUVNRVWLVUDPHOMLYLMDDVWDULOMXGLXQDWRVYRP 6DPRRQDMWNRRGUDVWHDRVWDQHGLMHWHMHRYMHN6YDNRPDORGLMHWHPRH
YDUDMX1LWNRQHPRHGUDWLSRGNRQWURORPGUXJHOMXGHLQMLKRYHHOMH ]JD]LWLNXNFD$OLVYLSURIHVRULRYRJVYLMHWD]DMHGQRQHPRJXVWYRULWL
SUDYHGQLP1RWRMHLOX]LMD7NRPODGHLNDHGDVWYDULGULSRGNRQWURORP QRYRJD
0ODGHMHRGXHYOMHQDNDGDMRMQHWNRNDHGDVHVYLMHWPRHXLQLWLOLMHSLPL WRKRH"RYMHNNRMLWXHVYRMHGLMHWHNDHGUXJRPHNRMLJDXWRPH
0ODGHMHQDGDGUDYH SRNXDYDVSULMHLWL6DPRYMHEDPVDPRNULWLNX"
QLWDVWYDUQRJD WRNRGPODGHLGMHOXMHNDRRNUXWQRVWRELQRMHLVNUHQRVW
0LVOLPGDVHQDDPODGHXNRODPD]DJOXSOMXMH7DPRQHXMXLQHYLGH
0LVOLPGDVHQDDPODGHXNRODPD]DJOXSOMXMH7DPRQHXMXLQHYLGH
WRNRGPODGHLGMHOXMHNDRRNUXWQRVWRELQRMHLVNUHQRVW QLWDVWYDUQRJD
SRNXDYDVSULMHLWL6DPRYMHEDPVDPRNULWLNX" 0ODGHMHQDGDGUDYH
WRKRH"RYMHNNRMLWXHVYRMHGLMHWHNDHGUXJRPHNRMLJDXWRPH 0ODGHMHRGXHYOMHQDNDGDMRMQHWNRNDHGDVHVYLMHWPRHXLQLWLOLMHSLPL
QRYRJD SUDYHGQLP1RWRMHLOX]LMD7NRPODGHLNDHGDVWYDULGULSRGNRQWURORP
]JD]LWLNXNFD$OLVYLSURIHVRULRYRJVYLMHWD]DMHGQRQHPRJXVWYRULWL YDUDMX1LWNRQHPRHGUDWLSRGNRQWURORPGUXJHOMXGHLQMLKRYHHOMH
6DPRRQDMWNRRGUDVWHDRVWDQHGLMHWHMHRYMHN6YDNRPDORGLMHWHPRH 0ODGHMHXQDWRVYRMRMGUVNRVWLVUDPHOMLYLMDDVWDULOMXGLXQDWRVYRP
6GMHWLQMVWYRPSXQLPOMXEDYLSRODVHLYRWDPRHSUHLYMHWLKODGQLVYLMHW GRVWRMDQVWYXGUVNLMLQHJRWRVHPLVOL
5D]XPGMHFHJXLPRWHUHWRPQHSRWUHEQRJ]QDQMD 0ODGLPLVOHGDMHVYDNDDQDUKLMDYHSRVHELGREUD
3UYRWRVHNRGGLMHWHL]JXELMHGREURUDVSRORHQMH 0ODGLQHPDMX]DGDXSUDYGDWLQDVVYRMHSUHWKRGQLNHYHSURELWLVHL
RVORERGLWLVHVYHJDVWDURJDOLMHQRJDRPHWDMXHJD
RGQRVLWLSUHPDLYRWQLP]DGDDPD
3RQDLQXLJUHGMHWHWDPRHPRQDVOXWLWLNDNRHVHNDRRGUDVODRVRED 0ODGRVWMHQHWRMDNRYULMHGQRVDPRWRRYMHNQH]QDNDGDMHPODG
2GJRMLWLGLMHWHMHMHGQRVWDYQR7HNRMHVDPRYROMHWLWDMUH]XOWDW 0ODGRVWMHSLMDQVWYREH]YLQD
GRELORQDYUHPHQX 0ODGRVWVHQHRVYUHQDSRVOMHGLFH XWRPHMHQMH]LQDSUHGQRVW
2GJRMGMHFHMH]DQLPDQMHXNRMHPWUHED]QDWLL]JXELWLYULMHPHNDNRELVH 0ODGRVWHOLGDMRMVH]DSRYLMHGDNDNRELLPDODPRJXQRVWGDVHQH
RGSULMHWQMHLQDGDNRMHVHQHLVSXQHGRYHHUL SRNRUDYD
1LMHGDQSDPHWDQRYMHNQLMHHOLRELWLPODL1LWDQDGMHFXQHGMHOXMHVODELMH 0XGURVWPODGRVWLMHSULMHVYHJDXVSRVREQRVWLGDL]UD]LQRYHSUREOHPHL
1HSRVWRMLSUREOHPDWLQRGLMHWHYHVDPRSUREOHPDWLQLURGLWHOML SUHREOLNXMHSRVWRMHHPRGHOHYMHURYDQMDLQWHOLJHQWQRPGRPLOMDWRX
1DMYHLRYMHNRVWDMHXYLMHNGLMHWH 1DMYHLRYMHNRVWDMHXYLMHNGLMHWH
SUHREOLNXMHSRVWRMHHPRGHOHYMHURYDQMDLQWHOLJHQWQRPGRPLOMDWRX 1HSRVWRMLSUREOHPDWLQRGLMHWHYHVDPRSUREOHPDWLQLURGLWHOML
0XGURVWPODGRVWLMHSULMHVYHJDXVSRVREQRVWLGDL]UD]LQRYHSUREOHPHL 1LMHGDQSDPHWDQRYMHNQLMHHOLRELWLPODL1LWDQDGMHFXQHGMHOXMHVODELMH
SRNRUDYD RGSULMHWQMHLQDGDNRMHVHQHLVSXQHGRYHHUL
0ODGRVWHOLGDMRMVH]DSRYLMHGDNDNRELLPDODPRJXQRVWGDVHQH 2GJRMGMHFHMH]DQLPDQMHXNRMHPWUHED]QDWLL]JXELWLYULMHPHNDNRELVH
0ODGRVWVHQHRVYUHQDSRVOMHGLFH XWRPHMHQMH]LQDSUHGQRVW GRELORQDYUHPHQX
0ODGRVWMHSLMDQVWYREH]YLQD 2GJRMLWLGLMHWHMHMHGQRVWDYQR7HNRMHVDPRYROMHWLWDMUH]XOWDW
0ODGRVWMHQHWRMDNRYULMHGQRVDPRWRRYMHNQH]QDNDGDMHPODG 3RQDLQXLJUHGMHWHWDPRHPRQDVOXWLWLNDNRHVHNDRRGUDVODRVRED
RGQRVLWLSUHPDLYRWQLP]DGDDPD
RVORERGLWLVHVYHJDVWDURJDOLMHQRJDRPHWDMXHJD
0ODGLQHPDMX]DGDXSUDYGDWLQDVVYRMHSUHWKRGQLNHYHSURELWLVHL 3UYRWRVHNRGGLMHWHL]JXELMHGREURUDVSRORHQMH
0ODGLPLVOHGDMHVYDNDDQDUKLMDYHSRVHELGREUD 5D]XPGMHFHJXLPRWHUHWRPQHSRWUHEQRJ]QDQMD
GRVWRMDQVWYXGUVNLMLQHJRWRVHPLVOL 6GMHWLQMVWYRPSXQLPOMXEDYLSRODVHLYRWDPRHSUHLYMHWLKODGQLVYLMHW
0ODGHMHXQDWRVYRMRMGUVNRVWLVUDPHOMLYLMDDVWDULOMXGLXQDWRVYRP 6DPRRQDMWNRRGUDVWHDRVWDQHGLMHWHMHRYMHN6YDNRPDORGLMHWHPRH
YDUDMX1LWNRQHPRHGUDWLSRGNRQWURORPGUXJHOMXGHLQMLKRYHHOMH ]JD]LWLNXNFD$OLVYLSURIHVRULRYRJVYLMHWD]DMHGQRQHPRJXVWYRULWL
SUDYHGQLP1RWRMHLOX]LMD7NRPODGHLNDHGDVWYDULGULSRGNRQWURORP QRYRJD
0ODGHMHRGXHYOMHQDNDGDMRMQHWNRNDHGDVHVYLMHWPRHXLQLWLOLMHSLPL WRKRH"RYMHNNRMLWXHVYRMHGLMHWHNDHGUXJRPHNRMLJDXWRPH
0ODGHMHQDGDGUDYH SRNXDYDVSULMHLWL6DPRYMHEDPVDPRNULWLNX"
QLWDVWYDUQRJD WRNRGPODGHLGMHOXMHNDRRNUXWQRVWRELQRMHLVNUHQRVW
0LVOLPGDVHQDDPODGHXNRODPD]DJOXSOMXMH7DPRQHXMXLQHYLGH
7HNNDGDRYMHN]QDNDNYDVXPXXQXDGPRHSURFLMHQLWLMHOLVYRMXGMHFX
GREURRGJRMLR7NRDNQLNDRGLMHWHQLMHELRVDYUHQWHNRHSRVWDWLVDYUHQ
RYMHN VHEL
7NRGMHFLQHWRREHDLJUXGDULOLSDNLEXQHNDVHWRJDGULNDR]DNOHWYH PXNXSROLWLNX0QRJLPMHHQDPDGUDJLVDPR]UFDORXNRPVHGLYHVDPH
VHQWLPHQWDOQD6WYDUQDRSDVQRVWHQVNHSROLWLNHMHWRLPDSUHYLHOMXEDYL]D
9HOLNLEURMGDQDQMHGMHFHVXVLURDGVURGLWHOMLPD 0QRJLVXPLVOLOLGDMHSROLWLNDHQDVDPRSDFLILFLVWLNDLOLKXPDQLWDUQDLOL
=DPDORMHGLMHWHYDQLMDSRVOMHGLFDQHNRJLQDQHJRPRUDOQDRVXGD MHGRVWDVDPRH
p2ELWHOMXNRMRMYODGDMXVNODGQLPHXVREQLRGQRVLNRMDVHRVQLYDQDOMXEDYL 0QRJHVHHQHXGDMXMHULPMHGRVWDVDPRH,PQRJHVHHQHUDVWDMXMHULP
SRYMHUHQMXLUD]XPLMHYDQMXXMHGQRMHLQDMSRJRGQLMDVUHGLQD]DUD]YRM 0DMNDMHJHQLMGMHWHWD
RVQRYQLKRVRELQDOLQRVWLNRMHHGMHWHWXRPRJXLWLGDVHODNHXNORSLXLUX
GUXWYHQXVUHGLQX3UDYLOQRRUJDQL]LUDQLYRWXSRURGLFLRVQRYDMHXVSMHQRJ .RGHQHMHVUFHVYHDNLJODYD
RGJRMD .DNRGDUD]XPLMHPRYR XELWLVH]ERJMHGQHHQH"$JGMHVXRVWDOH"
2GVYLKYHOLNLKRJUDQLHQMDLRNYLUQLKXYMHWDNRMLVWYDUDMXSRH]LMXL HLPQHWNRSUHNLQXWLNRQRSDF
UD]QROLNRVWLYRWDQDMELWQLMDLQDMYDQLMDMHRELWHOM .DGHQDLOLPXNDUDFX]LPDMXVWDULMXRVREX]ERJQRYFDYMHDMXVHXQDGLGD
6DVYLPVHXNORSLWLXRELWHOM]QDLQHVWDWL -HGQRMHVDPRQD]HPOMLOMHSHLEROMHRGHQH PDMND
8LPHRELWHOMLUDGHVHQDMYHHSRGORVWL2QDQDPGDMHPDVRYQDRSUDYGDQMD RQDJXELDUDRQWDOHQW
p6YDWNRPRUDMHGQRPXLQLWLNRUDNNRMLJDGLMHOLRGRFD *RYRULOLHQDORHROMXEDYLSUH]LUHOLNQMLHYQLNMDYQRPQLMHQMH]QDNMHGD
p$NRXUODPXNDUDFRQMHGLQDPLDQ$NRXUODHQDRQDMHKLVWHULQD LVWLQH
'RNPXNDUFLHOHGDLVWLQDEXGHQDQMLKRYRMVWUDQLHQHHOHELWLQDVWUDQL
RYMHNVHHQLGDELVHSRYXNDRL]VYLMHWDDHQDGDELXQMHJDXOD
RYMHNVHHQLGDELVHSRYXNDRL]VYLMHWDDHQDGDELXQMHJDXOD
'RNPXNDUFLHOHGDLVWLQDEXGHQDQMLKRYRMVWUDQLHQHHOHELWLQDVWUDQL
LVWLQH p$NRXUODPXNDUDFRQMHGLQDPLDQ$NRXUODHQDRQDMHKLVWHULQD
*RYRULOLHQDORHROMXEDYLSUH]LUHOLNQMLHYQLNMDYQRPQLMHQMH]QDNMHGD p6YDWNRPRUDMHGQRPXLQLWLNRUDNNRMLJDGLMHOLRGRFD
RQDJXELDUDRQWDOHQW 8LPHRELWHOMLUDGHVHQDMYHHSRGORVWL2QDQDPGDMHPDVRYQDRSUDYGDQMD
-HGQRMHVDPRQD]HPOMLOMHSHLEROMHRGHQH PDMND 6DVYLPVHXNORSLWLXRELWHOM]QDLQHVWDWL
.DGHQDLOLPXNDUDFX]LPDMXVWDULMXRVREX]ERJQRYFDYMHDMXVHXQDGLGD UD]QROLNRVWLYRWDQDMELWQLMDLQDMYDQLMDMHRELWHOM
HLPQHWNRSUHNLQXWLNRQRSDF 2GVYLKYHOLNLKRJUDQLHQMDLRNYLUQLKXYMHWDNRMLVWYDUDMXSRH]LMXL
.DNRGDUD]XPLMHPRYR XELWLVH]ERJMHGQHHQH"$JGMHVXRVWDOH" RGJRMD
.RGHQHMHVUFHVYHDNLJODYD GUXWYHQXVUHGLQX3UDYLOQRRUJDQL]LUDQLYRWXSRURGLFLRVQRYDMHXVSMHQRJ
RVQRYQLKRVRELQDOLQRVWLNRMHHGMHWHWXRPRJXLWLGDVHODNHXNORSLXLUX
0DMNDMHJHQLMGMHWHWD SRYMHUHQMXLUD]XPLMHYDQMXXMHGQRMHLQDMSRJRGQLMDVUHGLQD]DUD]YRM
0QRJHVHHQHXGDMXMHULPMHGRVWDVDPRH,PQRJHVHHQHUDVWDMXMHULP p2ELWHOMXNRMRMYODGDMXVNODGQLPHXVREQLRGQRVLNRMDVHRVQLYDQDOMXEDYL
MHGRVWDVDPRH =DPDORMHGLMHWHYDQLMDSRVOMHGLFDQHNRJLQDQHJRPRUDOQDRVXGD
0QRJLVXPLVOLOLGDMHSROLWLNDHQDVDPRSDFLILFLVWLNDLOLKXPDQLWDUQDLOL 9HOLNLEURMGDQDQMHGMHFHVXVLURDGVURGLWHOMLPD
VHQWLPHQWDOQD6WYDUQDRSDVQRVWHQVNHSROLWLNHMHWRLPDSUHYLHOMXEDYL]D
PXNXSROLWLNX0QRJLPMHHQDPDGUDJLVDPR]UFDORXNRPVHGLYHVDPH 7NRGMHFLQHWRREHDLJUXGDULOLSDNLEXQHNDVHWRJDGULNDR]DNOHWYH
VHEL RYMHN
GREURRGJRMLR7NRDNQLNDRGLMHWHQLMHELRVDYUHQWHNRHSRVWDWLVDYUHQ
7HNNDGDRYMHN]QDNDNYDVXPXXQXDGPRHSURFLMHQLWLMHOLVYRMXGMHFX
7HNNDGDRYMHN]QDNDNYDVXPXXQXDGPRHSURFLMHQLWLMHOLVYRMXGMHFX
GREURRGJRMLR7NRDNQLNDRGLMHWHQLMHELRVDYUHQWHNRHSRVWDWLVDYUHQ
RYMHN VHEL
7NRGMHFLQHWRREHDLJUXGDULOLSDNLEXQHNDVHWRJDGULNDR]DNOHWYH PXNXSROLWLNX0QRJLPMHHQDPDGUDJLVDPR]UFDORXNRPVHGLYHVDPH
VHQWLPHQWDOQD6WYDUQDRSDVQRVWHQVNHSROLWLNHMHWRLPDSUHYLHOMXEDYL]D
9HOLNLEURMGDQDQMHGMHFHVXVLURDGVURGLWHOMLPD 0QRJLVXPLVOLOLGDMHSROLWLNDHQDVDPRSDFLILFLVWLNDLOLKXPDQLWDUQDLOL
=DPDORMHGLMHWHYDQLMDSRVOMHGLFDQHNRJLQDQHJRPRUDOQDRVXGD MHGRVWDVDPRH
p2ELWHOMXNRMRMYODGDMXVNODGQLPHXVREQLRGQRVLNRMDVHRVQLYDQDOMXEDYL 0QRJHVHHQHXGDMXMHULPMHGRVWDVDPRH,PQRJHVHHQHUDVWDMXMHULP
SRYMHUHQMXLUD]XPLMHYDQMXXMHGQRMHLQDMSRJRGQLMDVUHGLQD]DUD]YRM 0DMNDMHJHQLMGMHWHWD
RVQRYQLKRVRELQDOLQRVWLNRMHHGMHWHWXRPRJXLWLGDVHODNHXNORSLXLUX
GUXWYHQXVUHGLQX3UDYLOQRRUJDQL]LUDQLYRWXSRURGLFLRVQRYDMHXVSMHQRJ .RGHQHMHVUFHVYHDNLJODYD
RGJRMD .DNRGDUD]XPLMHPRYR XELWLVH]ERJMHGQHHQH"$JGMHVXRVWDOH"
2GVYLKYHOLNLKRJUDQLHQMDLRNYLUQLKXYMHWDNRMLVWYDUDMXSRH]LMXL HLPQHWNRSUHNLQXWLNRQRSDF
UD]QROLNRVWLYRWDQDMELWQLMDLQDMYDQLMDMHRELWHOM .DGHQDLOLPXNDUDFX]LPDMXVWDULMXRVREX]ERJQRYFDYMHDMXVHXQDGLGD
6DVYLPVHXNORSLWLXRELWHOM]QDLQHVWDWL -HGQRMHVDPRQD]HPOMLOMHSHLEROMHRGHQH PDMND
8LPHRELWHOMLUDGHVHQDMYHHSRGORVWL2QDQDPGDMHPDVRYQDRSUDYGDQMD RQDJXELDUDRQWDOHQW
p6YDWNRPRUDMHGQRPXLQLWLNRUDNNRMLJDGLMHOLRGRFD *RYRULOLHQDORHROMXEDYLSUH]LUHOLNQMLHYQLNMDYQRPQLMHQMH]QDNMHGD
p$NRXUODPXNDUDFRQMHGLQDPLDQ$NRXUODHQDRQDMHKLVWHULQD LVWLQH
'RNPXNDUFLHOHGDLVWLQDEXGHQDQMLKRYRMVWUDQLHQHHOHELWLQDVWUDQL
RYMHNVHHQLGDELVHSRYXNDRL]VYLMHWDDHQDGDELXQMHJDXOD
RYMHNVHHQLGDELVHSRYXNDRL]VYLMHWDDHQDGDELXQMHJDXOD
'RNPXNDUFLHOHGDLVWLQDEXGHQDQMLKRYRMVWUDQLHQHHOHELWLQDVWUDQL
LVWLQH p$NRXUODPXNDUDFRQMHGLQDPLDQ$NRXUODHQDRQDMHKLVWHULQD
*RYRULOLHQDORHROMXEDYLSUH]LUHOLNQMLHYQLNMDYQRPQLMHQMH]QDNMHGD p6YDWNRPRUDMHGQRPXLQLWLNRUDNNRMLJDGLMHOLRGRFD
RQDJXELDUDRQWDOHQW 8LPHRELWHOMLUDGHVHQDMYHHSRGORVWL2QDQDPGDMHPDVRYQDRSUDYGDQMD
-HGQRMHVDPRQD]HPOMLOMHSHLEROMHRGHQH PDMND 6DVYLPVHXNORSLWLXRELWHOM]QDLQHVWDWL
.DGHQDLOLPXNDUDFX]LPDMXVWDULMXRVREX]ERJQRYFDYMHDMXVHXQDGLGD UD]QROLNRVWLYRWDQDMELWQLMDLQDMYDQLMDMHRELWHOM
HLPQHWNRSUHNLQXWLNRQRSDF 2GVYLKYHOLNLKRJUDQLHQMDLRNYLUQLKXYMHWDNRMLVWYDUDMXSRH]LMXL
.DNRGDUD]XPLMHPRYR XELWLVH]ERJMHGQHHQH"$JGMHVXRVWDOH" RGJRMD
.RGHQHMHVUFHVYHDNLJODYD GUXWYHQXVUHGLQX3UDYLOQRRUJDQL]LUDQLYRWXSRURGLFLRVQRYDMHXVSMHQRJ
RVQRYQLKRVRELQDOLQRVWLNRMHHGMHWHWXRPRJXLWLGDVHODNHXNORSLXLUX
0DMNDMHJHQLMGMHWHWD SRYMHUHQMXLUD]XPLMHYDQMXXMHGQRMHLQDMSRJRGQLMDVUHGLQD]DUD]YRM
0QRJHVHHQHXGDMXMHULPMHGRVWDVDPRH,PQRJHVHHQHUDVWDMXMHULP p2ELWHOMXNRMRMYODGDMXVNODGQLPHXVREQLRGQRVLNRMDVHRVQLYDQDOMXEDYL
MHGRVWDVDPRH =DPDORMHGLMHWHYDQLMDSRVOMHGLFDQHNRJLQDQHJRPRUDOQDRVXGD
0QRJLVXPLVOLOLGDMHSROLWLNDHQDVDPRSDFLILFLVWLNDLOLKXPDQLWDUQDLOL 9HOLNLEURMGDQDQMHGMHFHVXVLURDGVURGLWHOMLPD
VHQWLPHQWDOQD6WYDUQDRSDVQRVWHQVNHSROLWLNHMHWRLPDSUHYLHOMXEDYL]D
PXNXSROLWLNX0QRJLPMHHQDPDGUDJLVDPR]UFDORXNRPVHGLYHVDPH 7NRGMHFLQHWRREHDLJUXGDULOLSDNLEXQHNDVHWRJDGULNDR]DNOHWYH
VHEL RYMHN
GREURRGJRMLR7NRDNQLNDRGLMHWHQLMHELRVDYUHQWHNRHSRVWDWLVDYUHQ
7HNNDGDRYMHN]QDNDNYDVXPXXQXDGPRHSURFLMHQLWLMHOLVYRMXGMHFX
0RJXHMHXVYDNHHQHQDLQHWRQHRELQRQHWR]DQLPOMLYRWRVHQH
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0XNDUFLPRUDMXLPDWLRNRVHEHHQHXSURWLYQRPQHPLQRYQRSRVWDMX
EDUEDUL
LYRWDQHERLSDNDR 0XNDUFLVWYDUDMX]DNRQHDHQHRELDMH
=DPXNDUFDOMXEDYMHVDPRID]DXUD]YRMXQMHJRYDELD]DHQXMHELW 0XNDUFLVXXWXLPDHQHXVYRMLPVWYDULPDQDMEROMLGLSORPDWL
NDRLPXNDUDF 1DMOMHSLKUDPRYMHDQVWYDMHVUFHMHGQHHQH
1HSUDYLPUD]OLNXL]PHXPXNDUDFDLHQDHQDVHWUHEDRVMHDWLQHRYLVQR
1HSUDYLPUD]OLNXL]PHXPXNDUDFDLHQDHQDVHWUHEDRVMHDWLQHRYLVQR
1DMOMHSLKUDPRYMHDQVWYDMHVUFHMHGQHHQH NDRLPXNDUDF
0XNDUFLVXXWXLPDHQHXVYRMLPVWYDULPDQDMEROMLGLSORPDWL =DPXNDUFDOMXEDYMHVDPRID]DXUD]YRMXQMHJRYDELD]DHQXMHELW
0XNDUFLVWYDUDMX]DNRQHDHQHRELDMH LYRWDQHERLSDNDR
EDUEDUL
0XNDUFLPRUDMXLPDWLRNRVHEHHQHXSURWLYQRPQHPLQRYQRSRVWDMX
0XNDUFLNRML]QDMXVDHQDPDRQLVXLVWLNRML]QDMXNDNRLYMHWLEH]QMLK
SULOLNDPD
0XNDUFLNRMLWYUGHGDVXQHSULNRVQRYHQHJD]GHXNXLODXLXGUXJLP
0XNDUDFYROLPDORLXHVWRHQDPQRJRLULMHWNR
0XNDUDFVHODNRPRHGRNXLWLDHQDVYRMXWDMQXQHRWNULYD
p0XNDUDFNUDOMXMHHQDYODGD
HQVWYHQRVWMHRVRELQDNRMXNRGHQDQDMYLHFLMHQLP
HQHYROHSRELMHHQHDOLLKYDUDMXVSREMHGQLFLPD
HQHYROHNROLNRPRJXPXNDUFLNROLNRKRH
HQHVXOMXEDYQLFH]DPODGHPXHYHSULMDWHOMLFH]D]UHOHEROQLDUNH]DVWDUH
HQHVMHDMX
HQHVHHVWRXGHWRPXNDUFLVYH]DERUDYHDPXNDUFLVHXGHHJDVH
HQHVHHVWRXGHWRPXNDUFLVYH]DERUDYHDPXNDUFLVHXGHHJDVH
HQHVMHDMX
HQHVXOMXEDYQLFH]DPODGHPXHYHSULMDWHOMLFH]D]UHOHEROQLDUNH]DVWDUH
HQHYROHNROLNRPRJXPXNDUFLNROLNRKRH
HQHYROHSRELMHHQHDOLLKYDUDMXVSREMHGQLFLPD
HQVWYHQRVWMHRVRELQDNRMXNRGHQDQDMYLHFLMHQLP
p0XNDUDFNUDOMXMHHQDYODGD
0XNDUDFVHODNRPRHGRNXLWLDHQDVYRMXWDMQXQHRWNULYD
0XNDUDFYROLPDORLXHVWRHQDPQRJRLULMHWNR
0XNDUFLNRMLWYUGHGDVXQHSULNRVQRYHQHJD]GHXNXLODXLXGUXJLP
SULOLNDPD
0XNDUFLNRML]QDMXVDHQDPDRQLVXLVWLNRML]QDMXNDNRLYMHWLEH]QMLK
0XNDUFLPRUDMXLPDWLRNRVHEHHQHXSURWLYQRPQHPLQRYQRSRVWDMX
EDUEDUL
LYRWDQHERLSDNDR 0XNDUFLVWYDUDMX]DNRQHDHQHRELDMH
=DPXNDUFDOMXEDYMHVDPRID]DXUD]YRMXQMHJRYDELD]DHQXMHELW 0XNDUFLVXXWXLPDHQHXVYRMLPVWYDULPDQDMEROMLGLSORPDWL
NDRLPXNDUDF 1DMOMHSLKUDPRYMHDQVWYDMHVUFHMHGQHHQH
1HSUDYLPUD]OLNXL]PHXPXNDUDFDLHQDHQDVHWUHEDRVMHDWLQHRYLVQR
1HSUDYLPUD]OLNXL]PHXPXNDUDFDLHQDHQDVHWUHEDRVMHDWLQHRYLVQR
1DMOMHSLKUDPRYMHDQVWYDMHVUFHMHGQHHQH NDRLPXNDUDF
0XNDUFLVXXWXLPDHQHXVYRMLPVWYDULPDQDMEROMLGLSORPDWL =DPXNDUFDOMXEDYMHVDPRID]DXUD]YRMXQMHJRYDELD]DHQXMHELW
0XNDUFLVWYDUDMX]DNRQHDHQHRELDMH LYRWDQHERLSDNDR
EDUEDUL
0XNDUFLPRUDMXLPDWLRNRVHEHHQHXSURWLYQRPQHPLQRYQRSRVWDMX
0XNDUFLNRML]QDMXVDHQDPDRQLVXLVWLNRML]QDMXNDNRLYMHWLEH]QMLK
SULOLNDPD
0XNDUFLNRMLWYUGHGDVXQHSULNRVQRYHQHJD]GHXNXLODXLXGUXJLP
0XNDUDFYROLPDORLXHVWRHQDPQRJRLULMHWNR
0XNDUDFVHODNRPRHGRNXLWLDHQDVYRMXWDMQXQHRWNULYD
p0XNDUDFNUDOMXMHHQDYODGD
HQVWYHQRVWMHRVRELQDNRMXNRGHQDQDMYLHFLMHQLP
HQHYROHSRELMHHQHDOLLKYDUDMXVSREMHGQLFLPD
HQHYROHNROLNRPRJXPXNDUFLNROLNRKRH
HQHVXOMXEDYQLFH]DPODGHPXHYHSULMDWHOMLFH]D]UHOHEROQLDUNH]DVWDUH
HQHVMHDMX
HQHVHHVWRXGHWRPXNDUFLVYH]DERUDYHDPXNDUFLVHXGHHJDVH
29-(..$2'5879(12%,(
'RPRLHVHOMXGLVYHPLUVNLKPHWD
,XVSRVWDYLWLSXWRYHRGSODQHWDGRSODQHWD
6DPRHMRSUHRVWDWLGDVHXVSRVWDYL
1DMGDOMLSXWRYRJYLMHND
GRYMHNDGRRYMHND
2
8MHYL
8MHYL
2GRYMHNDGRRYMHND
1DMGDOMLSXWRYRJYLMHND
6DPRHMRSUHRVWDWLGDVHXVSRVWDYL
,XVSRVWDYLWLSXWRYHRGSODQHWDGRSODQHWD
'RPRLHVHOMXGLVYHPLUVNLKPHWD
29-(..$2'5879(12%,(
29-(..$2'5879(12%,(
'RPRLHVHOMXGLVYHPLUVNLKPHWD
,XVSRVWDYLWLSXWRYHRGSODQHWDGRSODQHWD
6DPRHMRSUHRVWDWLGDVHXVSRVWDYL
1DMGDOMLSXWRYRJYLMHND
GRYMHNDGRRYMHND
2
8MHYL
8MHYL
2GRYMHNDGRRYMHND
1DMGDOMLSXWRYRJYLMHND
6DPRHMRSUHRVWDWLGDVHXVSRVWDYL
,XVSRVWDYLWLSXWRYHRGSODQHWDGRSODQHWD
'RPRLHVHOMXGLVYHPLUVNLKPHWD
29-(..$2'5879(12%,(
RYMHDQVWYROMXGLPDVDQDURG /MXGHRFMHQMXMSUHPDQMLKRYXXVSMHKXDQHSUHPD]DVOX]L
p$NROMXGHHOLWHSURPLMHQLWLPRUDWHLKYROMHWL MHNDRNREULQXJUL]
NROMXGLQHHOHSRVWDWLUWYDVYRMHYODVWLWHGMHMHSDPHWLPRUDWHXVYLP
$ /MXGHQLMHMHGQRVWDYQRPLMHQMDWL1HSUHSLULVHLQHSULJRYDUDMSULJRYRU
PRQLP]HPOMDPDVYLMHWDQDXLWLGDQHPLVOHQDSRMHGLQHVNXSLQHOMXGLYH SRGQRVHERO
QDRYMHND /DNHVHQDOD]HOMXGLNRMLVHGUDJRYROMQRL]YUJDYDMXVPUWLQHJRNRMLVWUSOMLYR
$NR]QDGDMHMDRYMHNXVYHQH]DGDMPXQLNDGDEROL L]JXELRRGVYRMHOLQRVWL
%XGLPREDUHPWDNRGXJROMXGLGRN]QDQRVWQHRWNULMHGDVPRQHWRGUXJR .ROLNRJRGVDPSXWD]DDRPHXOMXGHXYLMHNVDPRVMHWLRGDVDPSRQHWR
RYMHDQVWYRMHLSDNMRMHGQRPVSDHQR1HXNOMXXMXLUWYH PDOLKVWYDULRQDNYLPDNDNYLMHVX
RYMHDQVWYRMHRGXYLMHNELOROXGRLOLEDUHPQHNRYULMHPH
.RGYHOLNLKVHVWYDULOMXGLSRND]XMXRQDNYLPDNDNRVHRGQMLKRHNXMHDNRG
RYMHDQVWYRMHRGXYLMHNWHLOR]DMHGLQVWYHQLPXUHHQMHP
.RGOMXGLQLWDQLMHQHPRJXHNDNRXGREUXWDNRLX]OX
RYMHDQVWYRQHGRSXWDGDPXVHRGX]PHLMHGQD]DEOXGDNRMDPXMH
.DNRPDOLVYLVLQHJOHGDMXQDYHOLNHNDGDLPVMHGH]DYUDWRP
NRULVQD2QRELYMHURYDORLXEHVPUWQRVWDNRELL]QDORGDMHQHPD .DNRELELORODNRYODGDWLVYLMHWRPGDVHQHVDVWRMLRG
RYMHDQVWYRQLMHWUHEDORSDVWLXVXPQMXGDVXQMHJRYLOXRQRHLVWRGREQRL .DGRYMHDQVWYRQH]QDWRHVXWUDSULKYDDVHRLYOMDYDQMDPUWYLK
QMHJRYL]DJOXSOMLYDL LPEHQLNDQHPDSXQRNRULVWL
RYMHDQVWYRSRMHGLQFDRVXXMHQDVPUWQXND]QXLWLPHLQLJRUL]ORLQRG /MXGLVWRMHQDSUYRPPMHVWX$NRQLVXXGREURPWLPXRGSUHRVWDODGYD
RQRJDNRMLMHSRLQMHQSURWLYQMHJDWDNRWRRQHPRJXXMHSRSUDYDN *RVSRGDUVNXGMHODWQRVWPRHPRVYHVWLQDWULULMHL OMXGLSURL]YRGLGRELW
RYMHNVHPRHPQRJRWRJDRGUHLVDPRQHOMXGL,GRNMHVYHSXQRVXPQMH )LQLOMXGLVXRQLNRMLSRVWDMXSURVWLVDPRXILQRMRNROLQL
VDPRVHOMXGLGUHLQHHGDVHVORPH VDPRVHOMXGLGUHLQHHGDVHVORPH
)LQLOMXGLVXRQLNRMLSRVWDMXSURVWLVDPRXILQRMRNROLQL RYMHNVHPRHPQRJRWRJDRGUHLVDPRQHOMXGL,GRNMHVYHSXQRVXPQMH
*RVSRGDUVNXGMHODWQRVWPRHPRVYHVWLQDWULULMHL OMXGLSURL]YRGLGRELW RQRJDNRMLMHSRLQMHQSURWLYQMHJDWDNRWRRQHPRJXXMHSRSUDYDN
/MXGLVWRMHQDSUYRPPMHVWX$NRQLVXXGREURPWLPXRGSUHRVWDODGYD RYMHDQVWYRSRMHGLQFDRVXXMHQDVPUWQXND]QXLWLPHLQLJRUL]ORLQRG
LPEHQLNDQHPDSXQRNRULVWL QMHJRYL]DJOXSOMLYDL
.DGRYMHDQVWYRQH]QDWRHVXWUDSULKYDDVHRLYOMDYDQMDPUWYLK RYMHDQVWYRQLMHWUHEDORSDVWLXVXPQMXGDVXQMHJRYLOXRQRHLVWRGREQRL
.DNRELELORODNRYODGDWLVYLMHWRPGDVHQHVDVWRMLRG NRULVQD2QRELYMHURYDORLXEHVPUWQRVWDNRELL]QDORGDMHQHPD
.DNRPDOLVYLVLQHJOHGDMXQDYHOLNHNDGDLPVMHGH]DYUDWRP
RYMHDQVWYRQHGRSXWDGDPXVHRGX]PHLMHGQD]DEOXGDNRMDPXMH
.RGOMXGLQLWDQLMHQHPRJXHNDNRXGREUXWDNRLX]OX
RYMHDQVWYRMHRGXYLMHNWHLOR]DMHGLQVWYHQLPXUHHQMHP
.RGYHOLNLKVHVWYDULOMXGLSRND]XMXRQDNYLPDNDNRVHRGQMLKRHNXMHDNRG
RYMHDQVWYRMHRGXYLMHNELOROXGRLOLEDUHPQHNRYULMHPH
PDOLKVWYDULRQDNYLPDNDNYLMHVX RYMHDQVWYRMHLSDNMRMHGQRPVSDHQR1HXNOMXXMXLUWYH
.ROLNRJRGVDPSXWD]DDRPHXOMXGHXYLMHNVDPRVMHWLRGDVDPSRQHWR %XGLPREDUHPWDNRGXJROMXGLGRN]QDQRVWQHRWNULMHGDVPRQHWRGUXJR
L]JXELRRGVYRMHOLQRVWL $NR]QDGDMHMDRYMHNXVYHQH]DGDMPXQLNDGDEROL
/DNHVHQDOD]HOMXGLNRMLVHGUDJRYROMQRL]YUJDYDMXVPUWLQHJRNRMLVWUSOMLYR QDRYMHND
SRGQRVHERO PRQLP]HPOMDPDVYLMHWDQDXLWLGDQHPLVOHQDSRMHGLQHVNXSLQHOMXGLYH
/MXGHQLMHMHGQRVWDYQRPLMHQMDWL1HSUHSLULVHLQHSULJRYDUDMSULJRYRU $NROMXGLQHHOHSRVWDWLUWYDVYRMHYODVWLWHGMHMHSDPHWLPRUDWHXVYLP
MHNDRNREULQXJUL] p$NROMXGHHOLWHSURPLMHQLWLPRUDWHLKYROMHWL
/MXGHRFMHQMXMSUHPDQMLKRYXXVSMHKXDQHSUHPD]DVOX]L RYMHDQVWYROMXGLPDVDQDURG
RYMHDQVWYROMXGLPDVDQDURG /MXGHRFMHQMXMSUHPDQMLKRYXXVSMHKXDQHSUHPD]DVOX]L
$NROMXGHHOLWHSURPLMHQLWLPRUDWHLKYROMHWL
p MHNDRNREULQXJUL]
$NROMXGLQHHOHSRVWDWLUWYDVYRMHYODVWLWHGMHMHSDPHWLPRUDWHXVYLP /MXGHQLMHMHGQRVWDYQRPLMHQMDWL1HSUHSLULVHLQHSULJRYDUDMSULJRYRU
PRQLP]HPOMDPDVYLMHWDQDXLWLGDQHPLVOHQDSRMHGLQHVNXSLQHOMXGLYH SRGQRVHERO
QDRYMHND /DNHVHQDOD]HOMXGLNRMLVHGUDJRYROMQRL]YUJDYDMXVPUWLQHJRNRMLVWUSOMLYR
$NR]QDGDMHMDRYMHNXVYHQH]DGDMPXQLNDGDEROL L]JXELRRGVYRMHOLQRVWL
%XGLPREDUHPWDNRGXJROMXGLGRN]QDQRVWQHRWNULMHGDVPRQHWRGUXJR .ROLNRJRGVDPSXWD]DDRPHXOMXGHXYLMHNVDPRVMHWLRGDVDPSRQHWR
RYMHDQVWYRMHLSDNMRMHGQRPVSDHQR1HXNOMXXMXLUWYH PDOLKVWYDULRQDNYLPDNDNYLMHVX
RYMHDQVWYRMHRGXYLMHNELOROXGRLOLEDUHPQHNRYULMHPH
.RGYHOLNLKVHVWYDULOMXGLSRND]XMXRQDNYLPDNDNRVHRGQMLKRHNXMHDNRG
RYMHDQVWYRMHRGXYLMHNWHLOR]DMHGLQVWYHQLPXUHHQMHP
.RGOMXGLQLWDQLMHQHPRJXHNDNRXGREUXWDNRLX]OX
RYMHDQVWYRQHGRSXWDGDPXVHRGX]PHLMHGQD]DEOXGDNRMDPXMH
.DNRPDOLVYLVLQHJOHGDMXQDYHOLNHNDGDLPVMHGH]DYUDWRP
NRULVQD2QRELYMHURYDORLXEHVPUWQRVWDNRELL]QDORGDMHQHPD .DNRELELORODNRYODGDWLVYLMHWRPGDVHQHVDVWRMLRG
RYMHDQVWYRQLMHWUHEDORSDVWLXVXPQMXGDVXQMHJRYLOXRQRHLVWRGREQRL .DGRYMHDQVWYRQH]QDWRHVXWUDSULKYDDVHRLYOMDYDQMDPUWYLK
QMHJRYL]DJOXSOMLYDL LPEHQLNDQHPDSXQRNRULVWL
RYMHDQVWYRSRMHGLQFDRVXXMHQDVPUWQXND]QXLWLPHLQLJRUL]ORLQRG /MXGLVWRMHQDSUYRPPMHVWX$NRQLVXXGREURPWLPXRGSUHRVWDODGYD
RQRJDNRMLMHSRLQMHQSURWLYQMHJDWDNRWRRQHPRJXXMHSRSUDYDN *RVSRGDUVNXGMHODWQRVWPRHPRVYHVWLQDWULULMHL OMXGLSURL]YRGLGRELW
RYMHNVHPRHPQRJRWRJDRGUHLVDPRQHOMXGL,GRNMHVYHSXQRVXPQMH )LQLOMXGLVXRQLNRMLSRVWDMXSURVWLVDPRXILQRMRNROLQL
VDPRVHOMXGLGUHLQHHGDVHVORPH VDPRVHOMXGLGUHLQHHGDVHVORPH
)LQLOMXGLVXRQLNRMLSRVWDMXSURVWLVDPRXILQRMRNROLQL RYMHNVHPRHPQRJRWRJDRGUHLVDPRQHOMXGL,GRNMHVYHSXQRVXPQMH
*RVSRGDUVNXGMHODWQRVWPRHPRVYHVWLQDWULULMHL OMXGLSURL]YRGLGRELW RQRJDNRMLMHSRLQMHQSURWLYQMHJDWDNRWRRQHPRJXXMHSRSUDYDN
/MXGLVWRMHQDSUYRPPMHVWX$NRQLVXXGREURPWLPXRGSUHRVWDODGYD RYMHDQVWYRSRMHGLQFDRVXXMHQDVPUWQXND]QXLWLPHLQLJRUL]ORLQRG
LPEHQLNDQHPDSXQRNRULVWL QMHJRYL]DJOXSOMLYDL
.DGRYMHDQVWYRQH]QDWRHVXWUDSULKYDDVHRLYOMDYDQMDPUWYLK RYMHDQVWYRQLMHWUHEDORSDVWLXVXPQMXGDVXQMHJRYLOXRQRHLVWRGREQRL
.DNRELELORODNRYODGDWLVYLMHWRPGDVHQHVDVWRMLRG NRULVQD2QRELYMHURYDORLXEHVPUWQRVWDNRELL]QDORGDMHQHPD
.DNRPDOLVYLVLQHJOHGDMXQDYHOLNHNDGDLPVMHGH]DYUDWRP
RYMHDQVWYRQHGRSXWDGDPXVHRGX]PHLMHGQD]DEOXGDNRMDPXMH
.RGOMXGLQLWDQLMHQHPRJXHNDNRXGREUXWDNRLX]OX
RYMHDQVWYRMHRGXYLMHNWHLOR]DMHGLQVWYHQLPXUHHQMHP
.RGYHOLNLKVHVWYDULOMXGLSRND]XMXRQDNYLPDNDNRVHRGQMLKRHNXMHDNRG
RYMHDQVWYRMHRGXYLMHNELOROXGRLOLEDUHPQHNRYULMHPH
PDOLKVWYDULRQDNYLPDNDNYLMHVX RYMHDQVWYRMHLSDNMRMHGQRPVSDHQR1HXNOMXXMXLUWYH
.ROLNRJRGVDPSXWD]DDRPHXOMXGHXYLMHNVDPRVMHWLRGDVDPSRQHWR %XGLPREDUHPWDNRGXJROMXGLGRN]QDQRVWQHRWNULMHGDVPRQHWRGUXJR
L]JXELRRGVYRMHOLQRVWL $NR]QDGDMHMDRYMHNXVYHQH]DGDMPXQLNDGDEROL
/DNHVHQDOD]HOMXGLNRMLVHGUDJRYROMQRL]YUJDYDMXVPUWLQHJRNRMLVWUSOMLYR QDRYMHND
SRGQRVHERO PRQLP]HPOMDPDVYLMHWDQDXLWLGDQHPLVOHQDSRMHGLQHVNXSLQHOMXGLYH
/MXGHQLMHMHGQRVWDYQRPLMHQMDWL1HSUHSLULVHLQHSULJRYDUDMSULJRYRU $NROMXGLQHHOHSRVWDWLUWYDVYRMHYODVWLWHGMHMHSDPHWLPRUDWHXVYLP
MHNDRNREULQXJUL] p$NROMXGHHOLWHSURPLMHQLWLPRUDWHLKYROMHWL
/MXGHRFMHQMXMSUHPDQMLKRYXXVSMHKXDQHSUHPD]DVOX]L RYMHDQVWYROMXGLPDVDQDURG
/MXGLEH]]DKWMHYDVXQHWRVWUDQRMHURQLNRMLQLWDQHWUDHQLWDQLQH
VDPRGRRGUHHQRJVWXSQMD GDMX
/MXGVNDSULURGDLPDVYRMHJUDQLFHRQDMHNDGUDSRGQLMHWLUDGRVWMDGERORYH /MXGLEMHHMHGQLGUXJLPDMHUVHERMHMHGQLGUXJLK
SULMHWQMX /MXGLJOHGDMXUD]OLLWRQDSLWDQMDSRVWRMHOLVWYDUDQDLDSVROXWQDPMHULOD]D
RQLPDNRMLVXGUXNLMLLNRMLLP WRERH PRJXQDQLMHWLWHWX YLGHLKNDR PXGURVW6YDNRGUXWYRLPDRGUHHQDPMHULODRWRPHWRPXVHLQL
SRVOXVXSDUQLFLXSRVWLJQXLPDSURWLYQLFLXSROLWLFL3ULURGQRQHYMHUXMX QRUPDOQLPUD]XPQLPLOLPRUDOQLP7DVHPMHULODPRJXUD]OLNRYDWLRG
/MXGLPDVX]DVDPRRGUHHQMHLPRWLYDFLMXSRWUHEQLQHSULMDWHOML WDNPDFLX PMHULODQHNRJGUXWYD
/MXGLPDVHRGDMHSUHYHOLNDDVWNDGDLKVHXVSRUHXMHVDHWYHURQRFLPD
/MXGLLPDMXMHGQXPDQXNRMDLKVSUHDYDGDGMHOXMX QHRVMHDMX]DWRVX
/MXGLPDQHSRPDHPRDNR]DQMLKLQLPRRQRWRPRJXVDPLXLQLWL VSRVREQL
/MXGLYLHYROHEXGXXNDWDVWURIXQRUWYHNRMHELWUHEDORRGPDKSRGQLMHWL /MXGLNRMLLPDMXKUDEURVWLLNDUDNWHUDGUXJLPVXOMXGLPDXYLMHNQHXJRGQL
HOLSUHYDULWLXYLMHNQDLQHNRJDWNRVHGDSUHYDULWL /MXGLNRMLHOHYULWLXWMHFDMQDGUXJHPRUDMXVHSREULQXWL]DWRGDLKVHQH
/MXGLVXWROLNRSULSURVWLLWROLNRRYLVHRGRMPXWUHQXWNDGDHQHWNRWNRLK PRHSUHHVWRYLGMHWL
/MXGLVXVYHYLHLQGLIHUHQWQLMHGQLSUHPDGUXJLPDLSUHPD]DMHGQLFL /MXGLQHELWROLNRPLVOLWLRWRPHWRLPMHLQLWLNROLNRRWRPHWRMHVX
QHUD]XPQLXGUXJLPD /MXGLQLVXPXGULXRGQRVXQDVYRMHLVNXVWYRYHXRGQRVXQDVYRMX
/MXGLVXVDPRYLHLOLPDQMHUD]XPQLWMUD]XPQLXQHNLPSRJOHGLPDD VSRVREQRVWGDXHL]LVNXVWYD
/MXGLVXURHQLMHGQL]DGUXJHSDLK]DWRSRXLLOLLKSRGQRVL /MXGLRGUHXMXVYRMLGHQWLWHWSRRQRPHWRQLVX
/MXGLVXRGUDVOLGDREUDXQDMXVGXJLPOMXGLPDDOLQHLVSUREOHPLPD /MXGLSUHGVWDYOMDMXOMXGH
/MXGLVXERJRYLX]DPHWNX /MXGLVHGDMXWDNRODNRSUHYDULWL
/MXGLVHVXVUHXDQHSODQLQH /MXGLVHVXVUHXDQHSODQLQH
/MXGLVHGDMXWDNRODNRSUHYDULWL /MXGLVXERJRYLX]DPHWNX
/MXGLSUHGVWDYOMDMXOMXGH /MXGLVXRGUDVOLGDREUDXQDMXVGXJLPOMXGLPDDOLQHLVSUREOHPLPD
/MXGLRGUHXMXVYRMLGHQWLWHWSRRQRPHWRQLVX /MXGLVXURHQLMHGQL]DGUXJHSDLK]DWRSRXLLOLLKSRGQRVL
VSRVREQRVWGDXHL]LVNXVWYD /MXGLVXVDPRYLHLOLPDQMHUD]XPQLWMUD]XPQLXQHNLPSRJOHGLPDD
/MXGLQLVXPXGULXRGQRVXQDVYRMHLVNXVWYRYHXRGQRVXQDVYRMX QHUD]XPQLXGUXJLPD
/MXGLQHELWROLNRPLVOLWLRWRPHWRLPMHLQLWLNROLNRRWRPHWRMHVX /MXGLVXVYHYLHLQGLIHUHQWQLMHGQLSUHPDGUXJLPDLSUHPD]DMHGQLFL
PRHSUHHVWRYLGMHWL /MXGLVXWROLNRSULSURVWLLWROLNRRYLVHRGRMPXWUHQXWNDGDHQHWNRWNRLK
/MXGLNRMLHOHYULWLXWMHFDMQDGUXJHPRUDMXVHSREULQXWL]DWRGDLKVHQH HOLSUHYDULWLXYLMHNQDLQHNRJDWNRVHGDSUHYDULWL
/MXGLNRMLLPDMXKUDEURVWLLNDUDNWHUDGUXJLPVXOMXGLPDXYLMHNQHXJRGQL /MXGLYLHYROHEXGXXNDWDVWURIXQRUWYHNRMHELWUHEDORRGPDKSRGQLMHWL
VSRVREQL /MXGLPDQHSRPDHPRDNR]DQMLKLQLPRRQRWRPRJXVDPLXLQLWL
/MXGLLPDMXMHGQXPDQXNRMDLKVSUHDYDGDGMHOXMX QHRVMHDMX]DWRVX
/MXGLPDVHRGDMHSUHYHOLNDDVWNDGDLKVHXVSRUHXMHVDHWYHURQRFLPD
PMHULODQHNRJGUXWYD /MXGLPDVX]DVDPRRGUHHQMHLPRWLYDFLMXSRWUHEQLQHSULMDWHOML WDNPDFLX
QRUPDOQLPUD]XPQLPLOLPRUDOQLP7DVHPMHULODPRJXUD]OLNRYDWLRG SRVOXVXSDUQLFLXSRVWLJQXLPDSURWLYQLFLXSROLWLFL3ULURGQRQHYMHUXMX
PXGURVW6YDNRGUXWYRLPDRGUHHQDPMHULODRWRPHWRPXVHLQL RQLPDNRMLVXGUXNLMLLNRMLLP WRERH PRJXQDQLMHWLWHWX YLGHLKNDR
/MXGLJOHGDMXUD]OLLWRQDSLWDQMDSRVWRMHOLVWYDUDQDLDSVROXWQDPMHULOD]D SULMHWQMX
/MXGLEMHHMHGQLGUXJLPDMHUVHERMHMHGQLGUXJLK /MXGVNDSULURGDLPDVYRMHJUDQLFHRQDMHNDGUDSRGQLMHWLUDGRVWMDGERORYH
GDMX VDPRGRRGUHHQRJVWXSQMD
/MXGLEH]]DKWMHYDVXQHWRVWUDQRMHURQLNRMLQLWDQHWUDHQLWDQLQH
/MXGLEH]]DKWMHYDVXQHWRVWUDQRMHURQLNRMLQLWDQHWUDHQLWDQLQH
VDPRGRRGUHHQRJVWXSQMD GDMX
/MXGVNDSULURGDLPDVYRMHJUDQLFHRQDMHNDGUDSRGQLMHWLUDGRVWMDGERORYH /MXGLEMHHMHGQLGUXJLPDMHUVHERMHMHGQLGUXJLK
SULMHWQMX /MXGLJOHGDMXUD]OLLWRQDSLWDQMDSRVWRMHOLVWYDUDQDLDSVROXWQDPMHULOD]D
RQLPDNRMLVXGUXNLMLLNRMLLP WRERH PRJXQDQLMHWLWHWX YLGHLKNDR PXGURVW6YDNRGUXWYRLPDRGUHHQDPMHULODRWRPHWRPXVHLQL
SRVOXVXSDUQLFLXSRVWLJQXLPDSURWLYQLFLXSROLWLFL3ULURGQRQHYMHUXMX QRUPDOQLPUD]XPQLPLOLPRUDOQLP7DVHPMHULODPRJXUD]OLNRYDWLRG
/MXGLPDVX]DVDPRRGUHHQMHLPRWLYDFLMXSRWUHEQLQHSULMDWHOML WDNPDFLX PMHULODQHNRJGUXWYD
/MXGLPDVHRGDMHSUHYHOLNDDVWNDGDLKVHXVSRUHXMHVDHWYHURQRFLPD
/MXGLLPDMXMHGQXPDQXNRMDLKVSUHDYDGDGMHOXMX QHRVMHDMX]DWRVX
/MXGLPDQHSRPDHPRDNR]DQMLKLQLPRRQRWRPRJXVDPLXLQLWL VSRVREQL
/MXGLYLHYROHEXGXXNDWDVWURIXQRUWYHNRMHELWUHEDORRGPDKSRGQLMHWL /MXGLNRMLLPDMXKUDEURVWLLNDUDNWHUDGUXJLPVXOMXGLPDXYLMHNQHXJRGQL
HOLSUHYDULWLXYLMHNQDLQHNRJDWNRVHGDSUHYDULWL /MXGLNRMLHOHYULWLXWMHFDMQDGUXJHPRUDMXVHSREULQXWL]DWRGDLKVHQH
/MXGLVXWROLNRSULSURVWLLWROLNRRYLVHRGRMPXWUHQXWNDGDHQHWNRWNRLK PRHSUHHVWRYLGMHWL
/MXGLVXVYHYLHLQGLIHUHQWQLMHGQLSUHPDGUXJLPDLSUHPD]DMHGQLFL /MXGLQHELWROLNRPLVOLWLRWRPHWRLPMHLQLWLNROLNRRWRPHWRMHVX
QHUD]XPQLXGUXJLPD /MXGLQLVXPXGULXRGQRVXQDVYRMHLVNXVWYRYHXRGQRVXQDVYRMX
/MXGLVXVDPRYLHLOLPDQMHUD]XPQLWMUD]XPQLXQHNLPSRJOHGLPDD VSRVREQRVWGDXHL]LVNXVWYD
/MXGLVXURHQLMHGQL]DGUXJHSDLK]DWRSRXLLOLLKSRGQRVL /MXGLRGUHXMXVYRMLGHQWLWHWSRRQRPHWRQLVX
/MXGLVXRGUDVOLGDREUDXQDMXVGXJLPOMXGLPDDOLQHLVSUREOHPLPD /MXGLSUHGVWDYOMDMXOMXGH
/MXGLVXERJRYLX]DPHWNX /MXGLVHGDMXWDNRODNRSUHYDULWL
/MXGLVHVXVUHXDQHSODQLQH /MXGLVHVXVUHXDQHSODQLQH
/MXGLVHGDMXWDNRODNRSUHYDULWL /MXGLVXERJRYLX]DPHWNX
/MXGLSUHGVWDYOMDMXOMXGH /MXGLVXRGUDVOLGDREUDXQDMXVGXJLPOMXGLPDDOLQHLVSUREOHPLPD
/MXGLRGUHXMXVYRMLGHQWLWHWSRRQRPHWRQLVX /MXGLVXURHQLMHGQL]DGUXJHSDLK]DWRSRXLLOLLKSRGQRVL
VSRVREQRVWGDXHL]LVNXVWYD /MXGLVXVDPRYLHLOLPDQMHUD]XPQLWMUD]XPQLXQHNLPSRJOHGLPDD
/MXGLQLVXPXGULXRGQRVXQDVYRMHLVNXVWYRYHXRGQRVXQDVYRMX QHUD]XPQLXGUXJLPD
/MXGLQHELWROLNRPLVOLWLRWRPHWRLPMHLQLWLNROLNRRWRPHWRMHVX /MXGLVXVYHYLHLQGLIHUHQWQLMHGQLSUHPDGUXJLPDLSUHPD]DMHGQLFL
PRHSUHHVWRYLGMHWL /MXGLVXWROLNRSULSURVWLLWROLNRRYLVHRGRMPXWUHQXWNDGDHQHWNRWNRLK
/MXGLNRMLHOHYULWLXWMHFDMQDGUXJHPRUDMXVHSREULQXWL]DWRGDLKVHQH HOLSUHYDULWLXYLMHNQDLQHNRJDWNRVHGDSUHYDULWL
/MXGLNRMLLPDMXKUDEURVWLLNDUDNWHUDGUXJLPVXOMXGLPDXYLMHNQHXJRGQL /MXGLYLHYROHEXGXXNDWDVWURIXQRUWYHNRMHELWUHEDORRGPDKSRGQLMHWL
VSRVREQL /MXGLPDQHSRPDHPRDNR]DQMLKLQLPRRQRWRPRJXVDPLXLQLWL
/MXGLLPDMXMHGQXPDQXNRMDLKVSUHDYDGDGMHOXMX QHRVMHDMX]DWRVX
/MXGLPDVHRGDMHSUHYHOLNDDVWNDGDLKVHXVSRUHXMHVDHWYHURQRFLPD
PMHULODQHNRJGUXWYD /MXGLPDVX]DVDPRRGUHHQMHLPRWLYDFLMXSRWUHEQLQHSULMDWHOML WDNPDFLX
QRUPDOQLPUD]XPQLPLOLPRUDOQLP7DVHPMHULODPRJXUD]OLNRYDWLRG SRVOXVXSDUQLFLXSRVWLJQXLPDSURWLYQLFLXSROLWLFL3ULURGQRQHYMHUXMX
PXGURVW6YDNRGUXWYRLPDRGUHHQDPMHULODRWRPHWRPXVHLQL RQLPDNRMLVXGUXNLMLLNRMLLP WRERH PRJXQDQLMHWLWHWX YLGHLKNDR
/MXGLJOHGDMXUD]OLLWRQDSLWDQMDSRVWRMHOLVWYDUDQDLDSVROXWQDPMHULOD]D SULMHWQMX
/MXGLEMHHMHGQLGUXJLPDMHUVHERMHMHGQLGUXJLK /MXGVNDSULURGDLPDVYRMHJUDQLFHRQDMHNDGUDSRGQLMHWLUDGRVWMDGERORYH
GDMX VDPRGRRGUHHQRJVWXSQMD
/MXGLEH]]DKWMHYDVXQHWRVWUDQRMHURQLNRMLQLWDQHWUDHQLWDQLQH
0HXVREQRVHXSR]QDWL]QDLVSR]QDWLNROLNRVPRMHGQLGUXJLPDVWUDQL
0LVPRQLWD2QRWRWUDLPRMHVYH VXJUDDQVNLRGQRVL
0QRJRWRJDPRHPRSURLWDWLQDOMXGVNRPOLFX MDVQLMHNROLNRMHEXGDODVWRGUXJHVRERPPMHULWL2QRWRPHQDMYLHSHHWR
1DMEROMHVUHGVWYR]DRVOREDDQMHVWUDKDRGOMXGLMHSR]QDYDQMHOMXGL GDVHWDNREOHVDYRMDYQRVUDPRWL'RGXHVYDNLPGDQRPSULPMHXMHPVYH
1LVDPXVWDQMXVKYDWLWLURGOMXGVNLRWNXGPXWDNRPDOR]GUDYDUDVXLYDQMD
1DMEROMLQDLQGDOMXGH]DLQWHUHVLUDPR]DVHEHMHELWL]DLQWHUHVLUDQ]DQMLK
1LMHGRYROMQRJRYRULWLRVWYDUL WUHEDJRYRULWLOMXGLPD
1DMEROMLREQRYLWHOMLNRMHMHVYLMHWLNDGDYLGLRVXRQLNRMLSRLQMXNRGVDPLK
VHEH 1HPDQLMHGQRJVWYRUHQMDNRMHQLMHLURGXVWRERP
1DMYHDNULYLFDOMXGLMHXWRPHWRVHXVYDNRPWUHQXWNXPRJXLQHPRUDMX 1HNLVXOMXGLNDRYRHXSRHWNXVXVODWNLSRVOLMHVHSRNYDUH
RNUHQXWL1DMYHDQHVUHDOMXGL]DSUDYRVHVDVWRMLXWRPHWRVHQRJDPDL RGQMLK
UXNDPDPRUDMXRSLUDWLLRGXSLUDWLRNULNRMLQRVH 1HNLVHOMXGLSUHGGUXJLPDSUDYHWRMHPRJXHPDQMLPDNDNRELRVWDOLYHL
1DPDVXGDQDVYLHQRLNDGDSRWUHEQLUD]XPQLOMXGLOMXGLNRMLYLHQH 1HNLOMXGLHOHXYLMHNEOLVWDWLLDNRQHPDMXSRMPD
YMHUXMXXDUREQXPROMXGVNRJEDMDQMDWRMHVWEUEOMDQMDLOLNDNRGDVH 1HNDWHERJXYD]OLKDGREULKVHVDPXYDM
L]UD]LPUHWRULNHGDNOHWDNYLOMXGLNRMLLPDMXVPLRQRVWLGDEXGXGRVOMHGQLSR
VYDNXFLMHQXNRML]QDMXWRKRH MHVX
1HPRHSRSUDYLWLOMXGHGUXJDLMHQHJRLKGDLKSULNDHRQDNYLPDNDNYL
1DHRYMHDQVWYRQLMHXRSHWDNRPDWHULMDOLVWLNRNDNRVHWRVWDOQRWYUGLX
QHUD]XPQLPQDNODSDQMLPD3UHPDRQRPHNDNRVDPXSR]QDROMXGHMDVQRPL LUXQLKOMXGL
MHGDPHXQMLPDLPDSXQRYLHLGHDOQRJKWLMHQMDQHJRWRGROD]LGR 1HPRHELWLWDNRUDYLKLUXQLKVWDEDODLOLLYRWLQMDNDRWRPRHELWLUDYLK
L]UDDMD UD]ERULRSUH]
1HHPRVHQLNDGGRYROMQRQDXLWLGDVYLOMXGLLYHNDRGDQLWNRQH]QD 1HNXM]ODVYRPEOLQMHPXGRNRQEH]VWUDKDERUDYLNRGWHEHLVDXYDM
1HNXM]ODVYRPEOLQMHPXGRNRQEH]VWUDKDERUDYLNRGWHEHLVDXYDM 1HHPRVHQLNDGGRYROMQRQDXLWLGDVYLOMXGLLYHNDRGDQLWNRQH]QD
UD]ERULRSUH] L]UDDMD
1HPRHELWLWDNRUDYLKLUXQLKVWDEDODLOLLYRWLQMDNDRWRPRHELWLUDYLK MHGDPHXQMLPDLPDSXQRYLHLGHDOQRJKWLMHQMDQHJRWRGROD]LGR
LUXQLKOMXGL QHUD]XPQLPQDNODSDQMLPD3UHPDRQRPHNDNRVDPXSR]QDROMXGHMDVQRPL
1DHRYMHDQVWYRQLMHXRSHWDNRPDWHULMDOLVWLNRNDNRVHWRVWDOQRWYUGLX
1HPRHSRSUDYLWLOMXGHGUXJDLMHQHJRLKGDLKSULNDHRQDNYLPDNDNYL
MHVX VYDNXFLMHQXNRML]QDMXWRKRH
L]UD]LPUHWRULNHGDNOHWDNYLOMXGLNRMLLPDMXVPLRQRVWLGDEXGXGRVOMHGQLSR
1HNDWHERJXYD]OLKDGREULKVHVDPXYDM YMHUXMXXDUREQXPROMXGVNRJEDMDQMDWRMHVWEUEOMDQMDLOLNDNRGDVH
1HNLOMXGLHOHXYLMHNEOLVWDWLLDNRQHPDMXSRMPD 1DPDVXGDQDVYLHQRLNDGDSRWUHEQLUD]XPQLOMXGLOMXGLNRMLYLHQH
1HNLVHOMXGLSUHGGUXJLPDSUDYHWRMHPRJXHPDQMLPDNDNRELRVWDOLYHL UXNDPDPRUDMXRSLUDWLLRGXSLUDWLRNULNRMLQRVH
RGQMLK RNUHQXWL1DMYHDQHVUHDOMXGL]DSUDYRVHVDVWRMLXWRPHWRVHQRJDPDL
1HNLVXOMXGLNDRYRHXSRHWNXVXVODWNLSRVOLMHVHSRNYDUH 1DMYHDNULYLFDOMXGLMHXWRPHWRVHXVYDNRPWUHQXWNXPRJXLQHPRUDMX
1HPDQLMHGQRJVWYRUHQMDNRMHQLMHLURGXVWRERP VHEH
1DMEROMLREQRYLWHOMLNRMHMHVYLMHWLNDGDYLGLRVXRQLNRMLSRLQMXNRGVDPLK
1LMHGRYROMQRJRYRULWLRVWYDUL WUHEDJRYRULWLOMXGLPD
1DMEROMLQDLQGDOMXGH]DLQWHUHVLUDPR]DVHEHMHELWL]DLQWHUHVLUDQ]DQMLK
1LVDPXVWDQMXVKYDWLWLURGOMXGVNLRWNXGPXWDNRPDOR]GUDYDUDVXLYDQMD
GDVHWDNREOHVDYRMDYQRVUDPRWL'RGXHVYDNLPGDQRPSULPMHXMHPVYH 1DMEROMHVUHGVWYR]DRVOREDDQMHVWUDKDRGOMXGLMHSR]QDYDQMHOMXGL
MDVQLMHNROLNRMHEXGDODVWRGUXJHVRERPPMHULWL2QRWRPHQDMYLHSHHWR 0QRJRWRJDPRHPRSURLWDWLQDOMXGVNRPOLFX
VXJUDDQVNLRGQRVL 0LVPRQLWD2QRWRWUDLPRMHVYH
0HXVREQRVHXSR]QDWL]QDLVSR]QDWLNROLNRVPRMHGQLGUXJLPDVWUDQL
0HXVREQRVHXSR]QDWL]QDLVSR]QDWLNROLNRVPRMHGQLGUXJLPDVWUDQL
0LVPRQLWD2QRWRWUDLPRMHVYH VXJUDDQVNLRGQRVL
0QRJRWRJDPRHPRSURLWDWLQDOMXGVNRPOLFX MDVQLMHNROLNRMHEXGDODVWRGUXJHVRERPPMHULWL2QRWRPHQDMYLHSHHWR
1DMEROMHVUHGVWYR]DRVOREDDQMHVWUDKDRGOMXGLMHSR]QDYDQMHOMXGL GDVHWDNREOHVDYRMDYQRVUDPRWL'RGXHVYDNLPGDQRPSULPMHXMHPVYH
1LVDPXVWDQMXVKYDWLWLURGOMXGVNLRWNXGPXWDNRPDOR]GUDYDUDVXLYDQMD
1DMEROMLQDLQGDOMXGH]DLQWHUHVLUDPR]DVHEHMHELWL]DLQWHUHVLUDQ]DQMLK
1LMHGRYROMQRJRYRULWLRVWYDUL WUHEDJRYRULWLOMXGLPD
1DMEROMLREQRYLWHOMLNRMHMHVYLMHWLNDGDYLGLRVXRQLNRMLSRLQMXNRGVDPLK
VHEH 1HPDQLMHGQRJVWYRUHQMDNRMHQLMHLURGXVWRERP
1DMYHDNULYLFDOMXGLMHXWRPHWRVHXVYDNRPWUHQXWNXPRJXLQHPRUDMX 1HNLVXOMXGLNDRYRHXSRHWNXVXVODWNLSRVOLMHVHSRNYDUH
RNUHQXWL1DMYHDQHVUHDOMXGL]DSUDYRVHVDVWRMLXWRPHWRVHQRJDPDL RGQMLK
UXNDPDPRUDMXRSLUDWLLRGXSLUDWLRNULNRMLQRVH 1HNLVHOMXGLSUHGGUXJLPDSUDYHWRMHPRJXHPDQMLPDNDNRELRVWDOLYHL
1DPDVXGDQDVYLHQRLNDGDSRWUHEQLUD]XPQLOMXGLOMXGLNRMLYLHQH 1HNLOMXGLHOHXYLMHNEOLVWDWLLDNRQHPDMXSRMPD
YMHUXMXXDUREQXPROMXGVNRJEDMDQMDWRMHVWEUEOMDQMDLOLNDNRGDVH 1HNDWHERJXYD]OLKDGREULKVHVDPXYDM
L]UD]LPUHWRULNHGDNOHWDNYLOMXGLNRMLLPDMXVPLRQRVWLGDEXGXGRVOMHGQLSR
VYDNXFLMHQXNRML]QDMXWRKRH MHVX
1HPRHSRSUDYLWLOMXGHGUXJDLMHQHJRLKGDLKSULNDHRQDNYLPDNDNYL
1DHRYMHDQVWYRQLMHXRSHWDNRPDWHULMDOLVWLNRNDNRVHWRVWDOQRWYUGLX
QHUD]XPQLPQDNODSDQMLPD3UHPDRQRPHNDNRVDPXSR]QDROMXGHMDVQRPL LUXQLKOMXGL
MHGDPHXQMLPDLPDSXQRYLHLGHDOQRJKWLMHQMDQHJRWRGROD]LGR 1HPRHELWLWDNRUDYLKLUXQLKVWDEDODLOLLYRWLQMDNDRWRPRHELWLUDYLK
L]UDDMD UD]ERULRSUH]
1HHPRVHQLNDGGRYROMQRQDXLWLGDVYLOMXGLLYHNDRGDQLWNRQH]QD 1HNXM]ODVYRPEOLQMHPXGRNRQEH]VWUDKDERUDYLNRGWHEHLVDXYDM
1HNXM]ODVYRPEOLQMHPXGRNRQEH]VWUDKDERUDYLNRGWHEHLVDXYDM 1HHPRVHQLNDGGRYROMQRQDXLWLGDVYLOMXGLLYHNDRGDQLWNRQH]QD
UD]ERULRSUH] L]UDDMD
1HPRHELWLWDNRUDYLKLUXQLKVWDEDODLOLLYRWLQMDNDRWRPRHELWLUDYLK MHGDPHXQMLPDLPDSXQRYLHLGHDOQRJKWLMHQMDQHJRWRGROD]LGR
LUXQLKOMXGL QHUD]XPQLPQDNODSDQMLPD3UHPDRQRPHNDNRVDPXSR]QDROMXGHMDVQRPL
1DHRYMHDQVWYRQLMHXRSHWDNRPDWHULMDOLVWLNRNDNRVHWRVWDOQRWYUGLX
1HPRHSRSUDYLWLOMXGHGUXJDLMHQHJRLKGDLKSULNDHRQDNYLPDNDNYL
MHVX VYDNXFLMHQXNRML]QDMXWRKRH
L]UD]LPUHWRULNHGDNOHWDNYLOMXGLNRMLLPDMXVPLRQRVWLGDEXGXGRVOMHGQLSR
1HNDWHERJXYD]OLKDGREULKVHVDPXYDM YMHUXMXXDUREQXPROMXGVNRJEDMDQMDWRMHVWEUEOMDQMDLOLNDNRGDVH
1HNLOMXGLHOHXYLMHNEOLVWDWLLDNRQHPDMXSRMPD 1DPDVXGDQDVYLHQRLNDGDSRWUHEQLUD]XPQLOMXGLOMXGLNRMLYLHQH
1HNLVHOMXGLSUHGGUXJLPDSUDYHWRMHPRJXHPDQMLPDNDNRELRVWDOLYHL UXNDPDPRUDMXRSLUDWLLRGXSLUDWLRNULNRMLQRVH
RGQMLK RNUHQXWL1DMYHDQHVUHDOMXGL]DSUDYRVHVDVWRMLXWRPHWRVHQRJDPDL
1HNLVXOMXGLNDRYRHXSRHWNXVXVODWNLSRVOLMHVHSRNYDUH 1DMYHDNULYLFDOMXGLMHXWRPHWRVHXVYDNRPWUHQXWNXPRJXLQHPRUDMX
1HPDQLMHGQRJVWYRUHQMDNRMHQLMHLURGXVWRERP VHEH
1DMEROMLREQRYLWHOMLNRMHMHVYLMHWLNDGDYLGLRVXRQLNRMLSRLQMXNRGVDPLK
1LMHGRYROMQRJRYRULWLRVWYDUL WUHEDJRYRULWLOMXGLPD
1DMEROMLQDLQGDOMXGH]DLQWHUHVLUDPR]DVHEHMHELWL]DLQWHUHVLUDQ]DQMLK
1LVDPXVWDQMXVKYDWLWLURGOMXGVNLRWNXGPXWDNRPDOR]GUDYDUDVXLYDQMD
GDVHWDNREOHVDYRMDYQRVUDPRWL'RGXHVYDNLPGDQRPSULPMHXMHPVYH 1DMEROMHVUHGVWYR]DRVOREDDQMHVWUDKDRGOMXGLMHSR]QDYDQMHOMXGL
MDVQLMHNROLNRMHEXGDODVWRGUXJHVRERPPMHULWL2QRWRPHQDMYLHSHHWR 0QRJRWRJDPRHPRSURLWDWLQDOMXGVNRPOLFX
VXJUDDQVNLRGQRVL 0LVPRQLWD2QRWRWUDLPRMHVYH
0HXVREQRVHXSR]QDWL]QDLVSR]QDWLNROLNRVPRMHGQLGUXJLPDVWUDQL
1LWDWROMXGLSURQDOD]HQLMHORH VDPRRQRWRRQLRGWRJDQDSUDYH
QMLPDQDMEROMHRGJRYDUD 2OMXGLPDPLVOLPQDMJRUHSDWDNRLRVHELDMDVHULMHWNRYDUDP
6PHWDOLVXPHPRMLEOLQMLJRGLQDPD'ROD]HLSRVMHXMXRYMHNNDGDWR
2QRWRLYRWLQLYULMHGQLPLYOMHQMDVXVUHWLVXVOMXGLPD
MHGQRPLVWLQVNLLYMHWL
6DPRPDOLEURMOMXGLLYL]DSUDYRXVDGDQMRVWLYHLPDVDPRLPDQDPMHUX 3RH]LMDYMHUDXOMHSRWXYMHUDXOHJHQGXRSWLFLNRMDQDVPRHSUHQLMHWLX
GDOHNHQHSR]QDWH]HPOMHJGMHVXOMXGLVUHWQLLPXGULJGMHVXVYODGDOLVXURYX
SUHPDQMLPD.RGOMXGLWRQLMHVOXDMYHHVWRREUQXWR GLYOMLQXQDUDYLJGMHVXVSR]QDOLWR]QDLRYMHQRVWJGMHSRWXMXPLULPU]H
6DPRNRGLYRWLQMDPRHPRELWLVLJXUQLGDHELWLEROMHWRVPRPLEROML RUXMHJGMHWUDMHRQDMWUHQXWDN]DNRMLELVHYULMHGLORURGLWLL]DNRMLELRYMHN
RVWDMHSUD]DQ SRHOLRGDSRWUDMHXYMHQRVW
6DPRGUXJLOMXGLPRJXLVSXQLWLQDLYRW$NRVPRPXPLMHGLQLVDGUDMRQ 3RQHNDGPRHELWLOMXGLPD]DLVWDGREDUSDLSDNRGQMLKSULPLWLPDOR
EROMLPQH]DXVWDYOMLYRLGHFLMHOLPRMLYRW 3RVWRMHGYLMHRVQRYQHYUVWHSR]QDWLKOMXGL RQLNRMH]QDPRLRQLNRMHEL
PMHVWDQLWLPRHMHGDQDVPLURYDWL RQRMHQHRGROMLYRRGELMD ]DEXGXLPL WUHEDOL]QDWL3RVWRMHOMXGLNRMLVXWDNREH]QDDMQLGDQHPDMXQLORLKQL
SRVOMHGQMHQMHJRYRRGUHHQMH8VDGDQMHPPRMDGXDQHPRHXKYDWLWL GREULKVWUDQD
NRMHPXELPRJORRVWDWL DSVROXWQRJDQHPRJX]DPLVOLWLNDRFLMHORL
6DGDQMHVWDQMHRYMHDQVWYDDSVROXWQRQHPRJX]DPLVOLWLNDRRQRSUL 3RVWRMLHWLULYUVWHOMXGL
UHFLSURFLWHWX3UYRVXOMXGLUDVWDYOMDOLDWRPVDGDDWRPUDVWDYOMDOMXGH x SUYLNDX PRMHMHPRMHDWYRMHMHWYRMHWRVXSURVMHQL
3UHYHOLNLEURMOMXGLQHHOLVKYDWLWLGDVHVWYDUQDNRPXQLNDFLMDWHPHOMLQD x GUXJLNDX PRMHMHWYRMHDWYRMHMHWYRMHWRVXQHXNL
3RWUHEQLMHMHSURXDYDWLOMXGHQHJRNQMLJH x WUHLNDX PRMHMHWYRMHDWYRMHMHPRMHWRVXSRERQLL
3RWLLOMXGHQDYUOLQHPRGDHLKVWYDUQRSURQDLXVHEL x HWYUWLNDX WYRMHMHPRMHDPRMHMHPRMHWRVX]ORWYRUL
3RVWRMHVLJXUQROMXGLNRMLVXVUHWQLWRQLVXVYRMLYODVWLWLYMHURYQLFL 3RVWRMHVLJXUQROMXGLNRMLVXVUHWQLWRQLVXVYRMLYODVWLWLYMHURYQLFL
x HWYUWLNDX WYRMHMHPRMHDPRMHMHPRMHWRVX]ORWYRUL 3RWLLOMXGHQDYUOLQHPRGDHLKVWYDUQRSURQDLXVHEL
x WUHLNDX PRMHMHWYRMHDWYRMHMHPRMHWRVXSRERQLL 3RWUHEQLMHMHSURXDYDWLOMXGHQHJRNQMLJH
x GUXJLNDX PRMHMHWYRMHDWYRMHMHWYRMHWRVXQHXNL 3UHYHOLNLEURMOMXGLQHHOLVKYDWLWLGDVHVWYDUQDNRPXQLNDFLMDWHPHOMLQD
x SUYLNDX PRMHMHPRMHDWYRMHMHWYRMHWRVXSURVMHQL UHFLSURFLWHWX3UYRVXOMXGLUDVWDYOMDOLDWRPVDGDDWRPUDVWDYOMDOMXGH
3RVWRMLHWLULYUVWHOMXGL 6DGDQMHVWDQMHRYMHDQVWYDDSVROXWQRQHPRJX]DPLVOLWLNDRRQRSUL
NRMHPXELPRJORRVWDWL DSVROXWQRJDQHPRJX]DPLVOLWLNDRFLMHORL
GREULKVWUDQD SRVOMHGQMHQMHJRYRRGUHHQMH8VDGDQMHPPRMDGXDQHPRHXKYDWLWL
WUHEDOL]QDWL3RVWRMHOMXGLNRMLVXWDNREH]QDDMQLGDQHPDMXQLORLKQL PMHVWDQLWLPRHMHGDQDVPLURYDWL RQRMHQHRGROMLYRRGELMD ]DEXGXLPL
3RVWRMHGYLMHRVQRYQHYUVWHSR]QDWLKOMXGL RQLNRMH]QDPRLRQLNRMHEL EROMLPQH]DXVWDYOMLYRLGHFLMHOLPRMLYRW
3RQHNDGPRHELWLOMXGLPD]DLVWDGREDUSDLSDNRGQMLKSULPLWLPDOR 6DPRGUXJLOMXGLPRJXLVSXQLWLQDLYRW$NRVPRPXPLMHGLQLVDGUDMRQ
SRHOLRGDSRWUDMHXYMHQRVW RVWDMHSUD]DQ
RUXMHJGMHWUDMHRQDMWUHQXWDN]DNRMLELVHYULMHGLORURGLWLL]DNRMLELRYMHN 6DPRNRGLYRWLQMDPRHPRELWLVLJXUQLGDHELWLEROMHWRVPRPLEROML
GLYOMLQXQDUDYLJGMHVXVSR]QDOLWR]QDLRYMHQRVWJGMHSRWXMXPLULPU]H SUHPDQMLPD.RGOMXGLWRQLMHVOXDMYHHVWRREUQXWR
GDOHNHQHSR]QDWH]HPOMHJGMHVXOMXGLVUHWQLLPXGULJGMHVXVYODGDOLVXURYX
3RH]LMDYMHUDXOMHSRWXYMHUDXOHJHQGXRSWLFLNRMDQDVPRHSUHQLMHWLX 6DPRPDOLEURMOMXGLLYL]DSUDYRXVDGDQMRVWLYHLPDVDPRLPDQDPMHUX
MHGQRPLVWLQVNLLYMHWL
2QRWRLYRWLQLYULMHGQLPLYOMHQMDVXVUHWLVXVOMXGLPD
6PHWDOLVXPHPRMLEOLQMLJRGLQDPD'ROD]HLSRVMHXMXRYMHNNDGDWR
2OMXGLPDPLVOLPQDMJRUHSDWDNRLRVHELDMDVHULMHWNRYDUDP QMLPDQDMEROMHRGJRYDUD
1LWDWROMXGLSURQDOD]HQLMHORH VDPRRQRWRRQLRGWRJDQDSUDYH
1LWDWROMXGLSURQDOD]HQLMHORH VDPRRQRWRRQLRGWRJDQDSUDYH
QMLPDQDMEROMHRGJRYDUD 2OMXGLPDPLVOLPQDMJRUHSDWDNRLRVHELDMDVHULMHWNRYDUDP
6PHWDOLVXPHPRMLEOLQMLJRGLQDPD'ROD]HLSRVMHXMXRYMHNNDGDWR
2QRWRLYRWLQLYULMHGQLPLYOMHQMDVXVUHWLVXVOMXGLPD
MHGQRPLVWLQVNLLYMHWL
6DPRPDOLEURMOMXGLLYL]DSUDYRXVDGDQMRVWLYHLPDVDPRLPDQDPMHUX 3RH]LMDYMHUDXOMHSRWXYMHUDXOHJHQGXRSWLFLNRMDQDVPRHSUHQLMHWLX
GDOHNHQHSR]QDWH]HPOMHJGMHVXOMXGLVUHWQLLPXGULJGMHVXVYODGDOLVXURYX
SUHPDQMLPD.RGOMXGLWRQLMHVOXDMYHHVWRREUQXWR GLYOMLQXQDUDYLJGMHVXVSR]QDOLWR]QDLRYMHQRVWJGMHSRWXMXPLULPU]H
6DPRNRGLYRWLQMDPRHPRELWLVLJXUQLGDHELWLEROMHWRVPRPLEROML RUXMHJGMHWUDMHRQDMWUHQXWDN]DNRMLELVHYULMHGLORURGLWLL]DNRMLELRYMHN
RVWDMHSUD]DQ SRHOLRGDSRWUDMHXYMHQRVW
6DPRGUXJLOMXGLPRJXLVSXQLWLQDLYRW$NRVPRPXPLMHGLQLVDGUDMRQ 3RQHNDGPRHELWLOMXGLPD]DLVWDGREDUSDLSDNRGQMLKSULPLWLPDOR
EROMLPQH]DXVWDYOMLYRLGHFLMHOLPRMLYRW 3RVWRMHGYLMHRVQRYQHYUVWHSR]QDWLKOMXGL RQLNRMH]QDPRLRQLNRMHEL
PMHVWDQLWLPRHMHGDQDVPLURYDWL RQRMHQHRGROMLYRRGELMD ]DEXGXLPL WUHEDOL]QDWL3RVWRMHOMXGLNRMLVXWDNREH]QDDMQLGDQHPDMXQLORLKQL
SRVOMHGQMHQMHJRYRRGUHHQMH8VDGDQMHPPRMDGXDQHPRHXKYDWLWL GREULKVWUDQD
NRMHPXELPRJORRVWDWL DSVROXWQRJDQHPRJX]DPLVOLWLNDRFLMHORL
6DGDQMHVWDQMHRYMHDQVWYDDSVROXWQRQHPRJX]DPLVOLWLNDRRQRSUL 3RVWRMLHWLULYUVWHOMXGL
UHFLSURFLWHWX3UYRVXOMXGLUDVWDYOMDOLDWRPVDGDDWRPUDVWDYOMDOMXGH x SUYLNDX PRMHMHPRMHDWYRMHMHWYRMHWRVXSURVMHQL
3UHYHOLNLEURMOMXGLQHHOLVKYDWLWLGDVHVWYDUQDNRPXQLNDFLMDWHPHOMLQD x GUXJLNDX PRMHMHWYRMHDWYRMHMHWYRMHWRVXQHXNL
3RWUHEQLMHMHSURXDYDWLOMXGHQHJRNQMLJH x WUHLNDX PRMHMHWYRMHDWYRMHMHPRMHWRVXSRERQLL
3RWLLOMXGHQDYUOLQHPRGDHLKVWYDUQRSURQDLXVHEL x HWYUWLNDX WYRMHMHPRMHDPRMHMHPRMHWRVX]ORWYRUL
3RVWRMHVLJXUQROMXGLNRMLVXVUHWQLWRQLVXVYRMLYODVWLWLYMHURYQLFL 3RVWRMHVLJXUQROMXGLNRMLVXVUHWQLWRQLVXVYRMLYODVWLWLYMHURYQLFL
x HWYUWLNDX WYRMHMHPRMHDPRMHMHPRMHWRVX]ORWYRUL 3RWLLOMXGHQDYUOLQHPRGDHLKVWYDUQRSURQDLXVHEL
x WUHLNDX PRMHMHWYRMHDWYRMHMHPRMHWRVXSRERQLL 3RWUHEQLMHMHSURXDYDWLOMXGHQHJRNQMLJH
x GUXJLNDX PRMHMHWYRMHDWYRMHMHWYRMHWRVXQHXNL 3UHYHOLNLEURMOMXGLQHHOLVKYDWLWLGDVHVWYDUQDNRPXQLNDFLMDWHPHOMLQD
x SUYLNDX PRMHMHPRMHDWYRMHMHWYRMHWRVXSURVMHQL UHFLSURFLWHWX3UYRVXOMXGLUDVWDYOMDOLDWRPVDGDDWRPUDVWDYOMDOMXGH
3RVWRMLHWLULYUVWHOMXGL 6DGDQMHVWDQMHRYMHDQVWYDDSVROXWQRQHPRJX]DPLVOLWLNDRRQRSUL
NRMHPXELPRJORRVWDWL DSVROXWQRJDQHPRJX]DPLVOLWLNDRFLMHORL
GREULKVWUDQD SRVOMHGQMHQMHJRYRRGUHHQMH8VDGDQMHPPRMDGXDQHPRHXKYDWLWL
WUHEDOL]QDWL3RVWRMHOMXGLNRMLVXWDNREH]QDDMQLGDQHPDMXQLORLKQL PMHVWDQLWLPRHMHGDQDVPLURYDWL RQRMHQHRGROMLYRRGELMD ]DEXGXLPL
3RVWRMHGYLMHRVQRYQHYUVWHSR]QDWLKOMXGL RQLNRMH]QDPRLRQLNRMHEL EROMLPQH]DXVWDYOMLYRLGHFLMHOLPRMLYRW
3RQHNDGPRHELWLOMXGLPD]DLVWDGREDUSDLSDNRGQMLKSULPLWLPDOR 6DPRGUXJLOMXGLPRJXLVSXQLWLQDLYRW$NRVPRPXPLMHGLQLVDGUDMRQ
SRHOLRGDSRWUDMHXYMHQRVW RVWDMHSUD]DQ
RUXMHJGMHWUDMHRQDMWUHQXWDN]DNRMLELVHYULMHGLORURGLWLL]DNRMLELRYMHN 6DPRNRGLYRWLQMDPRHPRELWLVLJXUQLGDHELWLEROMHWRVPRPLEROML
GLYOMLQXQDUDYLJGMHVXVSR]QDOLWR]QDLRYMHQRVWJGMHSRWXMXPLULPU]H SUHPDQMLPD.RGOMXGLWRQLMHVOXDMYHHVWRREUQXWR
GDOHNHQHSR]QDWH]HPOMHJGMHVXOMXGLVUHWQLLPXGULJGMHVXVYODGDOLVXURYX
3RH]LMDYMHUDXOMHSRWXYMHUDXOHJHQGXRSWLFLNRMDQDVPRHSUHQLMHWLX 6DPRPDOLEURMOMXGLLYL]DSUDYRXVDGDQMRVWLYHLPDVDPRLPDQDPMHUX
MHGQRPLVWLQVNLLYMHWL
2QRWRLYRWLQLYULMHGQLPLYOMHQMDVXVUHWLVXVOMXGLPD
6PHWDOLVXPHPRMLEOLQMLJRGLQDPD'ROD]HLSRVMHXMXRYMHNNDGDWR
2OMXGLPDPLVOLPQDMJRUHSDWDNRLRVHELDMDVHULMHWNRYDUDP QMLPDQDMEROMHRGJRYDUD
1LWDWROMXGLSURQDOD]HQLMHORH VDPRRQRWRRQLRGWRJDQDSUDYH
YLELUDGLMHSUHREUDWLOLGLRVYLMHWDQHJRVDPLVHEH
6
6YLVXOMXGLGRQHNOHVNORQLVPDWUDWLL]RSDHQRVWRQRWRQHUD]XPLMX
6YLVXOMXGLMHGQDNLSRVYRMLPGDURYLPDVDPRXYMHWLLQHUD]OLNX
6YLVXOMXGLVDPRSUDKLSHSHR JUPOMDYLQDQHEHVDXWQMDQDURGDMHRSRPHQDNUDOMHYLPD
6YLVXOMXGLVSUHPQLXLQLWLQHYMHURMDWQRDNRVXXJURHQLQMLKRYLLGHDOL 2GQDMYHHJVYRJVLQDQDURGMHMRYHL3RQHNDGVHXJODVXQDURGDXMH
WROMXGLYLHSODQVNLSRVWXSDMXWRLKVOXDMQRVWHILNDVQLMHPRHSRJRGLWL PRUDOQRJSHDWDLWUDGLFLMH
7NRMHRGOXLRLQLWLGREURQHVPLMHRHNLYDWLGDHPXOMXGL]ERJWRJD 1HPD]HPOMHEH]QDFLRQDOQHRVQRYHEH]L]UD]LWHGXHEH]]DMHGQLNRJ
VNODQMDWLNDPHQMHVSXWDYHPRUDELWLVSUHPDQQDWRGDHPXSRVWDYOMDWL 1DURGMHYHOLNNDGGDMHYHOLNHOMXGH
GRGDWQR 1DURGMHYHLRG$ODKD
8SR]QDMOMXGH=QDOLXRSHNDNRXVWYDULL]JOHGDOLFHWYRMHJEOLQMHJ" 1DGQDURGRPQHLPDVXYHUHQD
9HLQDOMXGLMHORD SDPHWLRWNXFDODSRQR
9HLQDOMXGLQHSR]QDMHVHEHQLWLQH]QD]DVYRMHVNULYHQHPRJXQRVWL .DGDVHQDURGQRVWYHX]GLJODQDUDQJERDQVWYDRQGDMHQDVDWXOMXGVNH
8]URFLWDNYRPRGQRVXSUHPDVHELVDPRPHQDOD]HVH]DRELODHQMXGUXWYHQLK ,]QDGQDURGDMHOMXGVNRVW
QDJUDGDLSUL]QDQMDGUXWYHQLPSUHGUDVXGDPDLGUXWYHQLPVWHUHRWLSLPD
6WRJDPQRJLRGXVWDMXRGSXWDNDNWXDOL]DFLMLPLUHVHVDVXGELQRPL
p'REURMHNDGQDURGSUHGVWDYOMDMXSRMHGLQFLDQHREUDWQR
GR]YROMDYDMXGDSURSDGDQMLKRYWDOHQWLGRPHWL LYLPRXYUHPHQXXNRPOMXGLQH]QDMXWRKRHDOLLQHVYHGDWRGRELMX
9HOHJUDDQLVXOMXGLNRMLVXVHVDVHODSUHVHOLOLXJUDGNDNRELWHNRUDGLOLGD OMXGLPD]DMHGQLFLGUXWYX
VHMHGQRPL]JUDGDPRJXYUDWLWLQDVHOR =DSUDYRPLQHNRULVWLQLWDWRNRULVWLVDPRPHQLYHRQRWRNRULVWLGUXJLP
9HOLNLPOMXGLPDVXGLYULMHPHSURVMHQLPDRNROLQD NRMHQLWDQHNDXMDLKUD]XPLMHP
9LGLPQHNHOMXGHQHJRYRUHPLQLWD1HSUDYHPL]QDNRYH3RUHGRLMX
9LGLPQHNHOMXGHQHJRYRUHPLQLWD1HSUDYHPL]QDNRYH3RUHGRLMX
NRMHQLWDQHNDXMDLKUD]XPLMHP 9HOLNLPOMXGLPDVXGLYULMHPHSURVMHQLPDRNROLQD
=DSUDYRPLQHNRULVWLQLWDWRNRULVWLVDPRPHQLYHRQRWRNRULVWLGUXJLP VHMHGQRPL]JUDGDPRJXYUDWLWLQDVHOR
OMXGLPD]DMHGQLFLGUXWYX 9HOHJUDDQLVXOMXGLNRMLVXVHVDVHODSUHVHOLOLXJUDGNDNRELWHNRUDGLOLGD
LYLPRXYUHPHQXXNRPOMXGLQH]QDMXWRKRHDOLLQHVYHGDWRGRELMX GR]YROMDYDMXGDSURSDGDQMLKRYWDOHQWLGRPHWL
p'REURMHNDGQDURGSUHGVWDYOMDMXSRMHGLQFLDQHREUDWQR
6WRJDPQRJLRGXVWDMXRGSXWDNDNWXDOL]DFLMLPLUHVHVDVXGELQRPL
QDJUDGDLSUL]QDQMDGUXWYHQLPSUHGUDVXGDPDLGUXWYHQLPVWHUHRWLSLPD
,]QDGQDURGDMHOMXGVNRVW 8]URFLWDNYRPRGQRVXSUHPDVHELVDPRPHQDOD]HVH]DRELODHQMXGUXWYHQLK
.DGDVHQDURGQRVWYHX]GLJODQDUDQJERDQVWYDRQGDMHQDVDWXOMXGVNH 9HLQDOMXGLQHSR]QDMHVHEHQLWLQH]QD]DVYRMHVNULYHQHPRJXQRVWL
SDPHWLRWNXFDODSRQR 9HLQDOMXGLMHORD
1DGQDURGRPQHLPDVXYHUHQD 8SR]QDMOMXGH=QDOLXRSHNDNRXVWYDULL]JOHGDOLFHWYRMHJEOLQMHJ"
1DURGMHYHLRG$ODKD GRGDWQR
1DURGMHYHOLNNDGGDMHYHOLNHOMXGH VNODQMDWLNDPHQMHVSXWDYHPRUDELWLVSUHPDQQDWRGDHPXSRVWDYOMDWL
1HPD]HPOMHEH]QDFLRQDOQHRVQRYHEH]L]UD]LWHGXHEH]]DMHGQLNRJ 7NRMHRGOXLRLQLWLGREURQHVPLMHRHNLYDWLGDHPXOMXGL]ERJWRJD
PRUDOQRJSHDWDLWUDGLFLMH WROMXGLYLHSODQVNLSRVWXSDMXWRLKVOXDMQRVWHILNDVQLMHPRHSRJRGLWL
2GQDMYHHJVYRJVLQDQDURGMHMRYHL3RQHNDGVHXJODVXQDURGDXMH 6YLVXOMXGLVSUHPQLXLQLWLQHYMHURMDWQRDNRVXXJURHQLQMLKRYLLGHDOL
JUPOMDYLQDQHEHVDXWQMDQDURGDMHRSRPHQDNUDOMHYLPD 6YLVXOMXGLVDPRSUDKLSHSHR
6YLVXOMXGLMHGQDNLSRVYRMLPGDURYLPDVDPRXYMHWLLQHUD]OLNX
6YLVXOMXGLGRQHNOHVNORQLVPDWUDWLL]RSDHQRVWRQRWRQHUD]XPLMX
6YLELUDGLMHSUHREUDWLOLGLRVYLMHWDQHJRVDPLVHEH
6YLELUDGLMHSUHREUDWLOLGLRVYLMHWDQHJRVDPLVHEH
6YLVXOMXGLGRQHNOHVNORQLVPDWUDWLL]RSDHQRVWRQRWRQHUD]XPLMX
6YLVXOMXGLMHGQDNLSRVYRMLPGDURYLPDVDPRXYMHWLLQHUD]OLNX
6YLVXOMXGLVDPRSUDKLSHSHR JUPOMDYLQDQHEHVDXWQMDQDURGDMHRSRPHQDNUDOMHYLPD
6YLVXOMXGLVSUHPQLXLQLWLQHYMHURMDWQRDNRVXXJURHQLQMLKRYLLGHDOL 2GQDMYHHJVYRJVLQDQDURGMHMRYHL3RQHNDGVHXJODVXQDURGDXMH
WROMXGLYLHSODQVNLSRVWXSDMXWRLKVOXDMQRVWHILNDVQLMHPRHSRJRGLWL PRUDOQRJSHDWDLWUDGLFLMH
7NRMHRGOXLRLQLWLGREURQHVPLMHRHNLYDWLGDHPXOMXGL]ERJWRJD 1HPD]HPOMHEH]QDFLRQDOQHRVQRYHEH]L]UD]LWHGXHEH]]DMHGQLNRJ
VNODQMDWLNDPHQMHVSXWDYHPRUDELWLVSUHPDQQDWRGDHPXSRVWDYOMDWL 1DURGMHYHOLNNDGGDMHYHOLNHOMXGH
GRGDWQR 1DURGMHYHLRG$ODKD
8SR]QDMOMXGH=QDOLXRSHNDNRXVWYDULL]JOHGDOLFHWYRMHJEOLQMHJ" 1DGQDURGRPQHLPDVXYHUHQD
9HLQDOMXGLMHORD SDPHWLRWNXFDODSRQR
9HLQDOMXGLQHSR]QDMHVHEHQLWLQH]QD]DVYRMHVNULYHQHPRJXQRVWL .DGDVHQDURGQRVWYHX]GLJODQDUDQJERDQVWYDRQGDMHQDVDWXOMXGVNH
8]URFLWDNYRPRGQRVXSUHPDVHELVDPRPHQDOD]HVH]DRELODHQMXGUXWYHQLK ,]QDGQDURGDMHOMXGVNRVW
QDJUDGDLSUL]QDQMDGUXWYHQLPSUHGUDVXGDPDLGUXWYHQLPVWHUHRWLSLPD
6WRJDPQRJLRGXVWDMXRGSXWDNDNWXDOL]DFLMLPLUHVHVDVXGELQRPL
p'REURMHNDGQDURGSUHGVWDYOMDMXSRMHGLQFLDQHREUDWQR
GR]YROMDYDMXGDSURSDGDQMLKRYWDOHQWLGRPHWL LYLPRXYUHPHQXXNRPOMXGLQH]QDMXWRKRHDOLLQHVYHGDWRGRELMX
9HOHJUDDQLVXOMXGLNRMLVXVHVDVHODSUHVHOLOLXJUDGNDNRELWHNRUDGLOLGD OMXGLPD]DMHGQLFLGUXWYX
VHMHGQRPL]JUDGDPRJXYUDWLWLQDVHOR =DSUDYRPLQHNRULVWLQLWDWRNRULVWLVDPRPHQLYHRQRWRNRULVWLGUXJLP
9HOLNLPOMXGLPDVXGLYULMHPHSURVMHQLPDRNROLQD NRMHQLWDQHNDXMDLKUD]XPLMHP
9LGLPQHNHOMXGHQHJRYRUHPLQLWD1HSUDYHPL]QDNRYH3RUHGRLMX
9LGLPQHNHOMXGHQHJRYRUHPLQLWD1HSUDYHPL]QDNRYH3RUHGRLMX
NRMHQLWDQHNDXMDLKUD]XPLMHP 9HOLNLPOMXGLPDVXGLYULMHPHSURVMHQLPDRNROLQD
=DSUDYRPLQHNRULVWLQLWDWRNRULVWLVDPRPHQLYHRQRWRNRULVWLGUXJLP VHMHGQRPL]JUDGDPRJXYUDWLWLQDVHOR
OMXGLPD]DMHGQLFLGUXWYX 9HOHJUDDQLVXOMXGLNRMLVXVHVDVHODSUHVHOLOLXJUDGNDNRELWHNRUDGLOLGD
LYLPRXYUHPHQXXNRPOMXGLQH]QDMXWRKRHDOLLQHVYHGDWRGRELMX GR]YROMDYDMXGDSURSDGDQMLKRYWDOHQWLGRPHWL
p'REURMHNDGQDURGSUHGVWDYOMDMXSRMHGLQFLDQHREUDWQR
6WRJDPQRJLRGXVWDMXRGSXWDNDNWXDOL]DFLMLPLUHVHVDVXGELQRPL
QDJUDGDLSUL]QDQMDGUXWYHQLPSUHGUDVXGDPDLGUXWYHQLPVWHUHRWLSLPD
,]QDGQDURGDMHOMXGVNRVW 8]URFLWDNYRPRGQRVXSUHPDVHELVDPRPHQDOD]HVH]DRELODHQMXGUXWYHQLK
.DGDVHQDURGQRVWYHX]GLJODQDUDQJERDQVWYDRQGDMHQDVDWXOMXGVNH 9HLQDOMXGLQHSR]QDMHVHEHQLWLQH]QD]DVYRMHVNULYHQHPRJXQRVWL
SDPHWLRWNXFDODSRQR 9HLQDOMXGLMHORD
1DGQDURGRPQHLPDVXYHUHQD 8SR]QDMOMXGH=QDOLXRSHNDNRXVWYDULL]JOHGDOLFHWYRMHJEOLQMHJ"
1DURGMHYHLRG$ODKD GRGDWQR
1DURGMHYHOLNNDGGDMHYHOLNHOMXGH VNODQMDWLNDPHQMHVSXWDYHPRUDELWLVSUHPDQQDWRGDHPXSRVWDYOMDWL
1HPD]HPOMHEH]QDFLRQDOQHRVQRYHEH]L]UD]LWHGXHEH]]DMHGQLNRJ 7NRMHRGOXLRLQLWLGREURQHVPLMHRHNLYDWLGDHPXOMXGL]ERJWRJD
PRUDOQRJSHDWDLWUDGLFLMH WROMXGLYLHSODQVNLSRVWXSDMXWRLKVOXDMQRVWHILNDVQLMHPRHSRJRGLWL
2GQDMYHHJVYRJVLQDQDURGMHMRYHL3RQHNDGVHXJODVXQDURGDXMH 6YLVXOMXGLVSUHPQLXLQLWLQHYMHURMDWQRDNRVXXJURHQLQMLKRYLLGHDOL
JUPOMDYLQDQHEHVDXWQMDQDURGDMHRSRPHQDNUDOMHYLPD 6YLVXOMXGLVDPRSUDKLSHSHR
6YLVXOMXGLMHGQDNLSRVYRMLPGDURYLPDVDPRXYMHWLLQHUD]OLNX
6YLVXOMXGLGRQHNOHVNORQLVPDWUDWLL]RSDHQRVWRQRWRQHUD]XPLMX
6YLELUDGLMHSUHREUDWLOLGLRVYLMHWDQHJRVDPLVHEH
RPRYLQDURGROMXEOMH
G
LPD p'RPRYLQDQLMHWDPRJGMHVHVWDQXMHYHWDPRJGMHVHYROLLJGMHMHRYMHN
=DPDK]ERJNRMHJOHWLPRWRMHQDYHOLNLSRVMHGRYMHDQVWYDNRMLVYDWNR YROMHQ,QDM]DVOXQLML]DKYDOMXMHGRPRYLQLYLHQHJRRQDQMHPX
2QDMMHXGXELQLGXHYMHUDQNRMLGRPRYLQXYROLNDRWL
'UXWYRL]RELOMD MHGQLLPDMXSUHYLHDGUXJLPDMHVYHJDGRVWD
9HVHVURHQMHPLPDGXJSUHPDGRPRYLQLNRMHJVHRYMHNQLNDGDQHPRH
RVORERGLWLXSRWSXQRVWL
9LLGUXWYHQLXUHDML]JOHGDPLRQDMXRNYLUXNRMHJDQHHELWLJOXSRVWL
oXYDMVHRQLKNRMLPDMHURGROMXEOMH]DQDW
6YDNDGUXWYHQDIXQNFLMDLVWRGREQRMHGUXWYHQDILNFLMD
VOLMHSRVYHGUXJHPRJXQRVWLPRHVHRVMHDWLVLJXUQLPLVQDQLP
VYRMLKL]ERUDGRORSURPLOMDQMHPUD]OLLWLKJOHGLWDLNRMHQHRGEDFXMH GRPGUXWYHQRVWGUXWYRGUXJL
6DPRRQDMSRMHGLQDFVDPRRQDVWUDQNDLOLVDPRRQRGUXWYRNRMHMHGR p1HNDWYRMGRPEXGHVDVWDMDOLWHPXGULK
3RWURDNRGUXWYR]QDLRGUHLVHRGULFDQMD pRYMHNMHRQDNDYNDNYRMHGUXWYRXNRPHVHNUHH
2QDMWNRHOLSRSUDYLWLWUHEDSRHWLRGVHEH %H]GUXWYDLVGUXWYRPOMXGLQLVXQLNDG]DGRYROMQL
SURLUHSURVWRUVYRMHUDVSURVWUDQMHQRVWL 'DQDQMHSVLKLNHLIL]LNHWRUWXUHQDGPDXMXLQDMPDWRYLWLMH%RULMH
.DGDQHNLSRMHGLQFLXGUXWYXVWMHXQHNXSUHGQRVWGRELYDMXPRJXQRVWGD
'UXWYHQRVWOMXGLQH]DVQLYDVHQDOMXEDYLSUHPDGUXWYXQHJRQDVWUDKXRG
L]UDDYDMX XVDPOMHQRVWL
'UXWYRNRMHFLMHQLQHVODJDQMHPRUDSUXLWL]DWLWQHPMHUHRQLPDNRMLJD
'UXWYRELELORQHWRSUHNUDVQRNDGELVHOMXGLLVNUHQR]DQLPDOLMHGQL]D
'UXWYRMHYHLQDSRYH]DQDLQWHUHVLPDNRMLLGXLSURWLYVDYMHVWL GUXJH
'UXWYRMHXYLMHNGLQDPLNDFMHOLQDGYDMXLPEHQLNDHOLWHLPDVH 'UXWYRMHXYLMHNGLQDPLNDFMHOLQDGYDMXLPEHQLNDHOLWHLPDVH
GUXJH 'UXWYRMHYHLQDSRYH]DQDLQWHUHVLPDNRMLLGXLSURWLYVDYMHVWL
'UXWYRELELORQHWRSUHNUDVQRNDGELVHOMXGLLVNUHQR]DQLPDOLMHGQL]D
'UXWYRNRMHFLMHQLQHVODJDQMHPRUDSUXLWL]DWLWQHPMHUHRQLPDNRMLJD
XVDPOMHQRVWL L]UDDYDMX
'UXWYHQRVWOMXGLQH]DVQLYDVHQDOMXEDYLSUHPDGUXWYXQHJRQDVWUDKXRG
.DGDQHNLSRMHGLQFLXGUXWYXVWMHXQHNXSUHGQRVWGRELYDMXPRJXQRVWGD
'DQDQMHSVLKLNHLIL]LNHWRUWXUHQDGPDXMXLQDMPDWRYLWLMH%RULMH SURLUHSURVWRUVYRMHUDVSURVWUDQMHQRVWL
%H]GUXWYDLVGUXWYRPOMXGLQLVXQLNDG]DGRYROMQL 2QDMWNRHOLSRSUDYLWLWUHEDSRHWLRGVHEH
pRYMHNMHRQDNDYNDNYRMHGUXWYRXNRPHVHNUHH 3RWURDNRGUXWYR]QDLRGUHLVHRGULFDQMD
p1HNDWYRMGRPEXGHVDVWDMDOLWHPXGULK DPRRQDMSRMHGLQDFVDPRRQDVWUDQNDLOLVDPRRQRGUXWYRNRMHMHGR
6
GRPGUXWYHQRVWGUXWYRGUXJL VYRMLKL]ERUDGRORSURPLOMDQMHPUD]OLLWLKJOHGLWDLNRMHQHRGEDFXMH
VOLMHSRVYHGUXJHPRJXQRVWLPRHVHRVMHDWLVLJXUQLPLVQDQLP
6YDNDGUXWYHQDIXQNFLMDLVWRGREQRMHGUXWYHQDILNFLMD
oXYDMVHRQLKNRMLPDMHURGROMXEOMH]DQDW
9LLGUXWYHQLXUHDML]JOHGDPLRQDMXRNYLUXNRMHJDQHHELWLJOXSRVWL
RVORERGLWLXSRWSXQRVWL
9HVHVURHQMHPLPDGXJSUHPDGRPRYLQLNRMHJVHRYMHNQLNDGDQHPRH
'UXWYRL]RELOMD MHGQLLPDMXSUHYLHDGUXJLPDMHVYHJDGRVWD
QDMMHXGXELQLGXHYMHUDQNRMLGRPRYLQXYROLNDRWL
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QHSR]QDWHSRMDYHNDRVWYDUQLSUHOMXELQHYMHUDHQHL]DOHDPXX 1XGLVHYDOMDSRNRULWL
QDHODQDJDDQMHQDJRYRUQD]RULQHNRQYHQFLRQDOQRVWQXGD 1XGDQHPD]DNRQD
p8SRYLMHVWLRYMHDQVWYDYLHMHOMXGLXPUOR]DWRWRVXLPDOLQDHODQHJR p1XGDMHLVSUHGUD]XPD
]DWRWRVXLPQDHODQHGRVWDMDOD VWYDULWDNRNDNRRQHGRLVWDL]JOHGDMXDQHNDNRVHSULLQMDMX
.DGDRYMHNNDHGDVHQDHOQRVQHLPVODHWR]QDLGDQHPDQLQDMPDQMX o1H]QDLGDMHQHWNRQHVWYDUDQVDPR]DWRWRSURPDWUDQHNRQYHQFLRQDOQR
QDPMHUXRVWYDULWLWRXSUDNVL1DHODVHPRJXSRVWDYLWLNDRSXWRND]L,OLNDR p/MXGLQLVXQLNDGWDNRGREULLOLWDNRORLNDRQMLKRYLQD]RUL
YMHDOD p.DNRYDWUXXJDVLWLQDJRYDUDQMHP"
1DHORMHVWUDVW]DLVWLQRP QDLPUXNDPD
1HGRVWDWDNQDHODMHVWPR o0LMHGYDQDJDDPRWRMHQD]HPOMLLVPXNRPVSR]QDMHPRLRQRWRMHX
2WNULYDQMHQRYLKQDHODGDNOHQHRPRJXDYDLVWRGREQRL]YRHQMHVYLK UD]ORJXQLMHGDQUD]ORJQHPRHX]GUPDWL
PRJXQRVWLSULPMHQHNDNRSR]LWLYQHWDNRL]ORXSRWUHEH2VLPWRJDYHOLND =DNUDMQMDQDHODQHSRVWRMHUD]OR]LRQRWRQLMH]DVQRYDQRQLQDMHGQRP
GMHODPRJXQDVWDWLVDPRWDGDDNRGRHGRQMLKRYHGLIX]LMHQDLUHPSODQX MRQH]QDLGDRYMHNSULMHWL
3ULQFLSGRWMHUDQGRNUDMDSRVWDMHGRJPD WUDLWLGDVHSRWXMXQHNLGREULRELDML7UDLWLGDVHSRWXMXQHNHQRUPHWR
7NRLPDQDHODVPLMHSRQHNDGMHGQRL]DERUDYLWL8REUDQLQHNLKQDHODWUHED 7NRLPDQDHODVPLMHSRQHNDGMHGQRL]DERUDYLWL8REUDQLQHNLKQDHODWUHED
WUDLWLGDVHSRWXMXQHNLGREULRELDML7UDLWLGDVHSRWXMXQHNHQRUPHWR 3ULQFLSGRWMHUDQGRNUDMDSRVWDMHGRJPD
MRQH]QDLGDRYMHNSULMHWL GMHODPRJXQDVWDWLVDPRWDGDDNRGRHGRQMLKRYHGLIX]LMHQDLUHPSODQX
=DNUDMQMDQDHODQHSRVWRMHUD]OR]LRQRWRQLMH]DVQRYDQRQLQDMHGQRP PRJXQRVWLSULPMHQHNDNRSR]LWLYQHWDNRL]ORXSRWUHEH2VLPWRJDYHOLND
UD]ORJXQLMHGDQUD]ORJQHPRHX]GUPDWL 2WNULYDQMHQRYLKQDHODGDNOHQHRPRJXDYDLVWRGREQRL]YRHQMHVYLK
o0LMHGYDQDJDDPRWRMHQD]HPOMLLVPXNRPVSR]QDMHPRLRQRWRMHX 1HGRVWDWDNQDHODMHVWPR
QDLPUXNDPD 1DHORMHVWUDVW]DLVWLQRP
p.DNRYDWUXXJDVLWLQDJRYDUDQMHP" YMHDOD
p/MXGLQLVXQLNDGWDNRGREULLOLWDNRORLNDRQMLKRYLQD]RUL QDPMHUXRVWYDULWLWRXSUDNVL1DHODVHPRJXSRVWDYLWLNDRSXWRND]L,OLNDR
o1H]QDLGDMHQHWNRQHVWYDUDQVDPR]DWRWRSURPDWUDQHNRQYHQFLRQDOQR .DGDRYMHNNDHGDVHQDHOQRVQHLPVODHWR]QDLGDQHPDQLQDMPDQMX
VWYDULWDNRNDNRRQHGRLVWDL]JOHGDMXDQHNDNRVHSULLQMDMX ]DWRWRVXLPQDHODQHGRVWDMDOD
p1XGDMHLVSUHGUD]XPD p8SRYLMHVWLRYMHDQVWYDYLHMHOMXGLXPUOR]DWRWRVXLPDOLQDHODQHJR
1XGDQHPD]DNRQD QDHODQDJDDQMHQDJRYRUQD]RULQHNRQYHQFLRQDOQRVWQXGD
1XGLVHYDOMDSRNRULWL QHSR]QDWHSRMDYHNDRVWYDUQLSUHOMXELQHYMHUDHQHL]DOHDPXX
REYH]HRGOXNHRGQRVLRGREUDYDQMHRIHQ]LYQRVWRSDVQRVWRVREQRVW
6WYDUQDVORERGDPRUDODSRVOMHGQMLMHSXWYODGDOD]DYULMHPH6SDUWHMHUVXELOH
QMHJRYQDJRQVNLLYRWLVWYDUDODNDVQDJD
1LVLREYH]DQLQLWLQHPRJXH
p GUXJLK1MHJRYDVDYMHVWMHWDNRVQDQRUD]YLMHQDGD]ERJWRJDSRQHNDGWUSH
RYMHNPRUDVDPVWMHLVYRMHSUDYRDNRQHHGDJDVPUYLJRPLODREYH]D
SRJULMHL0RUDOQDSUDYLODMHXVPMHULRSUHPDVHELLQLMHVNORQRSWXLYDQMX
6DYMHVWDQRYMHNVHPRHRGXSULMHWLLVNXHQMXWHVHRVMHDNULYLPNDGD
2GOXNHOHHQDGQXWYRMLKPHQWDOQLKSURFHVD
p
NDNRRQDQLMHXURHQD .DGVHQDHPXQHPRJXRMVLWXDFLMLMDRQGDGRQRVLPRGOXNXGDMHEROMH
3RND]LYDQMHSXWDNRMLPGROD]LPRGRQHNHVSR]QDMHGRYROMQRMHGDGRNDH XLQLWLELORWRQHJRQLWD
VDQ2QRWRVDQMDPR]DMHGQRSRVWDMHVWYDUQRVW 2GOXDQRYMHNHVNOMXHPQD]DYUWDQMDXLQLWLYLHQHJRQHRGOXDQV
2QRRHPXQHPRHPRVDQMDWLQLMHVWYDUQR2QRWRVDQMDPRVDPLRVWDMH LWDYRPNXWLMRP]DDODW
1LWNRQHVDQMDRQRWRJDVHQHWLH 2GOXQRVWXQHVUHLMHXYLMHNSRODSXWDGRVSDVD
VLURPDDQMHRQDMWNRQLNDGDQLMHLPDRVQRYH p'REUHRGQRVHSRVWLHQDMEUHDNRVHJUDGLNDRGDLKYHLPD
1HPRMPLVOLWLGDVLVLURPDDQ]DWRWRWLVHQLVXRVWYDULOLVQRYL XLVWLQX p1HPRMPLVDPRRGREUDYDWLPLVOLVYRMRPJODYRP
VD]ULMHYDQMD p2IHQ]LYQRVWGDDJUHVLYQRVWQH
2IHQ]LYQRVWXYDDYDVXSDUQLND
GDVDVWDYLPRGRJRGRYWLQHL]VQRYD6QRYLVHUD]YLMDMX]DYULMHPH
1HPRHVHRHNLYDWLGDYHLPDPRVOLNXXSDPHQMXNRMDELQDPRPRJXLOD
o0RGDHWHNRXRLWLRSDVQRVWRVLPDNRQLVLRVREQRRWHHQ
]DRNUXHQ
0LVPRJUDDRGNRMHVHSUDYHVQRYLLQDPDOLLYRWQDPMHVQRP p6YLMHWXVYRMRMLYRMVWYDUQRVWLMHFDUVWYROMXGVNHRVREQRVWLDQHUD]XPD
NRMLPDNROLNRJRGRQELRNRULVWDQLSDNQLMHVDPRYMHN
YUOHWQLKSODQLQDGRQMLKGROD]L"
p*GMHVX]ODWQHSWLFHOMXGVNLKVQRYDSUHNRNRMLKVHWREH]EURMQLKPRUDL SUDNVDSULOLNHVMHQDVQRYLVWDYVWLGVXGELQD
p'DQHPDVMHQHWNRELPXELRSUDWLODF"
p3UDNVDMHSRVOMHGQMLNULWHULMLVWLQH
p1HRSWXXMSULOLNHNDGVLVDPX]URNRPVYRMHEROL
UDNVDPRUDELWLJUDHQDQDGREURMWHRULML
3
8YLGRGYRMHQRGSUDNVHRVWDMHQHGMHORWYRUDQ
8SUDNVLMHVWDOQL]DGDWDNRQDMNRMLVHVWDOQRQHREDYOMD
8SUDNVLMHVWDOQL]DGDWDNRQDMNRMLVHVWDOQRQHREDYOMD
8YLGRGYRMHQRGSUDNVHRVWDMHQHGMHORWYRUDQ
3UDNVDPRUDELWLJUDHQDQDGREURMWHRULML
p1HRSWXXMSULOLNHNDGVLVDPX]URNRPVYRMHEROL
p3UDNVDMHSRVOMHGQMLNULWHULMLVWLQH
p'DQHPDVMHQHWNRELPXELRSUDWLODF"
SUDNVDSULOLNHVMHQDVQRYLVWDYVWLGVXGELQD p*GMHVX]ODWQHSWLFHOMXGVNLKVQRYDSUHNRNRMLKVHWREH]EURMQLKPRUDL
YUOHWQLKSODQLQDGRQMLKGROD]L"
NRMLPDNROLNRJRGRQELRNRULVWDQLSDNQLMHVDPRYMHN
p6YLMHWXVYRMRMLYRMVWYDUQRVWLMHFDUVWYROMXGVNHRVREQRVWLDQHUD]XPD 0LVPRJUDDRGNRMHVHSUDYHVQRYLLQDPDOLLYRWQDPMHVQRP
]DRNUXHQ
o0RGDHWHNRXRLWLRSDVQRVWRVLPDNRQLVLRVREQRRWHHQ
1HPRHVHRHNLYDWLGDYHLPDPRVOLNXXSDPHQMXNRMDELQDPRPRJXLOD
GDVDVWDYLPRGRJRGRYWLQHL]VQRYD6QRYLVHUD]YLMDMX]DYULMHPH
2IHQ]LYQRVWXYDDYDVXSDUQLND
p2IHQ]LYQRVWGDDJUHVLYQRVWQH VD]ULMHYDQMD
p1HPRMPLVDPRRGREUDYDWLPLVOLVYRMRPJODYRP 1HPRMPLVOLWLGDVLVLURPDDQ]DWRWRWLVHQLVXRVWYDULOLVQRYL XLVWLQX
p'REUHRGQRVHSRVWLHQDMEUHDNRVHJUDGLNDRGDLKYHLPD VLURPDDQMHRQDMWNRQLNDGDQLMHLPDRVQRYH
2GOXQRVWXQHVUHLMHXYLMHNSRODSXWDGRVSDVD 1LWNRQHVDQMDRQRWRJDVHQHWLH
LWDYRPNXWLMRP]DDODW 2QRRHPXQHPRHPRVDQMDWLQLMHVWYDUQR2QRWRVDQMDPRVDPLRVWDMH
2GOXDQRYMHNHVNOMXHPQD]DYUWDQMDXLQLWLYLHQHJRQHRGOXDQV VDQ2QRWRVDQMDPR]DMHGQRSRVWDMHVWYDUQRVW
XLQLWLELORWRQHJRQLWD 3RND]LYDQMHSXWDNRMLPGROD]LPRGRQHNHVSR]QDMHGRYROMQRMHGDGRNDH
.DGVHQDHPXQHPRJXRMVLWXDFLMLMDRQGDGRQRVLPRGOXNXGDMHEROMH NDNRRQDQLMHXURHQD
p2GOXNHOHHQDGQXWYRMLKPHQWDOQLKSURFHVD
2GOXNHOHHQDGQXWYRMLKPHQWDOQLKSURFHVD
p
NDNRRQDQLMHXURHQD .DGVHQDHPXQHPRJXRMVLWXDFLMLMDRQGDGRQRVLPRGOXNXGDMHEROMH
3RND]LYDQMHSXWDNRMLPGROD]LPRGRQHNHVSR]QDMHGRYROMQRMHGDGRNDH XLQLWLELORWRQHJRQLWD
VDQ2QRWRVDQMDPR]DMHGQRSRVWDMHVWYDUQRVW 2GOXDQRYMHNHVNOMXHPQD]DYUWDQMDXLQLWLYLHQHJRQHRGOXDQV
2QRRHPXQHPRHPRVDQMDWLQLMHVWYDUQR2QRWRVDQMDPRVDPLRVWDMH LWDYRPNXWLMRP]DDODW
1LWNRQHVDQMDRQRWRJDVHQHWLH 2GOXQRVWXQHVUHLMHXYLMHNSRODSXWDGRVSDVD
VLURPDDQMHRQDMWNRQLNDGDQLMHLPDRVQRYH p'REUHRGQRVHSRVWLHQDMEUHDNRVHJUDGLNDRGDLKYHLPD
1HPRMPLVOLWLGDVLVLURPDDQ]DWRWRWLVHQLVXRVWYDULOLVQRYL XLVWLQX p1HPRMPLVDPRRGREUDYDWLPLVOLVYRMRPJODYRP
VD]ULMHYDQMD p2IHQ]LYQRVWGDDJUHVLYQRVWQH
2IHQ]LYQRVWXYDDYDVXSDUQLND
GDVDVWDYLPRGRJRGRYWLQHL]VQRYD6QRYLVHUD]YLMDMX]DYULMHPH
1HPRHVHRHNLYDWLGDYHLPDPRVOLNXXSDPHQMXNRMDELQDPRPRJXLOD
o0RGDHWHNRXRLWLRSDVQRVWRVLPDNRQLVLRVREQRRWHHQ
]DRNUXHQ
0LVPRJUDDRGNRMHVHSUDYHVQRYLLQDPDOLLYRWQDPMHVQRP p6YLMHWXVYRMRMLYRMVWYDUQRVWLMHFDUVWYROMXGVNHRVREQRVWLDQHUD]XPD
NRMLPDNROLNRJRGRQELRNRULVWDQLSDNQLMHVDPRYMHN
YUOHWQLKSODQLQDGRQMLKGROD]L"
p*GMHVX]ODWQHSWLFHOMXGVNLKVQRYDSUHNRNRMLKVHWREH]EURMQLKPRUDL SUDNVDSULOLNHVMHQDVQRYLVWDYVWLGVXGELQD
p'DQHPDVMHQHWNRELPXELRSUDWLODF"
3UDNVDMHSRVOMHGQMLNULWHULMLVWLQH
p
p1HRSWXXMSULOLNHNDGVLVDPX]URNRPVYRMHEROL
3UDNVDPRUDELWLJUDHQDQDGREURMWHRULML
8YLGRGYRMHQRGSUDNVHRVWDMHQHGMHORWYRUDQ
8SUDNVLMHVWDOQL]DGDWDNRQDMNRMLVHVWDOQRQHREDYOMD
8SUDNVLMHVWDOQL]DGDWDNRQDMNRMLVHVWDOQRQHREDYOMD
8YLGRGYRMHQRGSUDNVHRVWDMHQHGMHORWYRUDQ
3UDNVDPRUDELWLJUDHQDQDGREURMWHRULML
p1HRSWXXMSULOLNHNDGVLVDPX]URNRPVYRMHEROL
p3UDNVDMHSRVOMHGQMLNULWHULMLVWLQH
p'DQHPDVMHQHWNRELPXELRSUDWLODF"
SUDNVDSULOLNHVMHQDVQRYLVWDYVWLGVXGELQD p*GMHVX]ODWQHSWLFHOMXGVNLKVQRYDSUHNRNRMLKVHWREH]EURMQLKPRUDL
YUOHWQLKSODQLQDGRQMLKGROD]L"
NRMLPDNROLNRJRGRQELRNRULVWDQLSDNQLMHVDPRYMHN
p6YLMHWXVYRMRMLYRMVWYDUQRVWLMHFDUVWYROMXGVNHRVREQRVWLDQHUD]XPD 0LVPRJUDDRGNRMHVHSUDYHVQRYLLQDPDOLLYRWQDPMHVQRP
]DRNUXHQ
o0RGDHWHNRXRLWLRSDVQRVWRVLPDNRQLVLRVREQRRWHHQ
1HPRHVHRHNLYDWLGDYHLPDPRVOLNXXSDPHQMXNRMDELQDPRPRJXLOD
GDVDVWDYLPRGRJRGRYWLQHL]VQRYD6QRYLVHUD]YLMDMX]DYULMHPH
2IHQ]LYQRVWXYDDYDVXSDUQLND
p2IHQ]LYQRVWGDDJUHVLYQRVWQH VD]ULMHYDQMD
p1HPRMPLVDPRRGREUDYDWLPLVOLVYRMRPJODYRP 1HPRMPLVOLWLGDVLVLURPDDQ]DWRWRWLVHQLVXRVWYDULOLVQRYL XLVWLQX
p'REUHRGQRVHSRVWLHQDMEUHDNRVHJUDGLNDRGDLKYHLPD VLURPDDQMHRQDMWNRQLNDGDQLMHLPDRVQRYH
2GOXQRVWXQHVUHLMHXYLMHNSRODSXWDGRVSDVD 1LWNRQHVDQMDRQRWRJDVHQHWLH
LWDYRPNXWLMRP]DDODW 2QRRHPXQHPRHPRVDQMDWLQLMHVWYDUQR2QRWRVDQMDPRVDPLRVWDMH
2GOXDQRYMHNHVNOMXHPQD]DYUWDQMDXLQLWLYLHQHJRQHRGOXDQV VDQ2QRWRVDQMDPR]DMHGQRSRVWDMHVWYDUQRVW
XLQLWLELORWRQHJRQLWD 3RND]LYDQMHSXWDNRMLPGROD]LPRGRQHNHVSR]QDMHGRYROMQRMHGDGRNDH
.DGVHQDHPXQHPRJXRMVLWXDFLMLMDRQGDGRQRVLPRGOXNXGDMHEROMH NDNRRQDQLMHXURHQD
p2GOXNHOHHQDGQXWYRMLKPHQWDOQLKSURFHVD
6DQMHSXSDQDYUSFDVNRMRPMHLQGLYLGXDSRYH]DQDVDVYHPLURP
6DQMHVOLNDVPUWL GDL]EMHJQHLOLSREMHJQHRGDYHU]LYQLKSRGUDDMDRNROLQHLOLLGDYHU]LYQH
6DQMH]DRYMHNDLVWRNDRLQDYLMDQMH]DVDW
QHSURL]OD]LL]QMHJRYHYROMHGDEXGHVORERGDQYHRQDSUHGVWDYOMDWHQGHQFLMX
QDHVWUDQHEH]QDG]RUDLOLXVPMHUDYDQMDRYMHNRYDERUED]DRVORERHQMH
6DQQDGRNQDXMHVXNREHVYMHVWL LREDYOMDQDXWRPDWVNLSXWHPQLLKPRGDQLKVUHGLWDWHEH]VYMHVQLKRGOXNDV
6QRYLVXVWYDUQRVWLNRMHQHHOH]DYULWLDVWYDUQRVWLVXVQRYLNRMLVX]DYULOL QDXEXGXQRVW9HOLNLGLRVYDNLGDQMLKDNWLYQRVWLQDHJLYRWDXYMHWRYDQMH
GUXWYHQDLNXOWXUQDRNROLQDVYHWRREOLNXMHQDNDUDNWHUWHXPQRJRHPXL
6YRMHHPRVQRYHPRLRVWYDULWWHNNDGDVHRGOXLPRSUREXGLWL *HQHWVNRQDVOMHHREDMXURGLWHOMDLRGJRMNRMLVPRSULPLOLSDLQDDSRVHEQD
WRVHQHPRHVDQMDWLQHVDGUDYDVWYDUQRVW8]DOXGVHERMLPRVQRYD SRVWRML1DDMHOLQRVWXPQRJRHPXXQDPDYHXQDSULMHGRGUHHQD
QDMJRULVDQQLMHQLWDXXVSRUHGELVDLYRWRP VYDWHRULMDJRYRULSURWLYVORERGQHYROMHVYDLVNXVWYDSRND]XMHGDRQD
VPDWUDMXGDRYMHNSRVMHGXMHSRVHEQDVYRMVWYRKWLMHQMHLOLYROMX0HXWLP
p6WDYVHRVODQMDQDQDMPDQMDPRJXDVD]QDQMDLVNXVWYRQDHORLDIHNWH RGOXLYDQMDLRGJRYRUQR]DVYRMHSRVWXSNHGUXJLQHGLMHOHWDNYRPLOMHQMDL
6WDYLUDVSRORHQMHQLVXXYLMHNSURGXNWLWYRMHYROMH3ULPMHU]DWRMHPDVRYQD RYMHNQLMHVYMHVQRELHVDVORERGQRPYROMRPPRJXQRXVORERGQRJ
VXJHVWLMD p$NRMDWHQHXLQLPWNRH$NRWRQHXLQLPRGPDKNDGX"
6WDYRPR]QDDYDPRSVLKLNHVDGUDMHXVPMHUHQHFLOMX1DLQD]RULSRVWDMX p'RND]XMDOLDNRWYUGLPRUDLGRND]DWL
XQLIRUPLUDQL9HLQDVWDYRYDMHVYMHVQRLOLQHVYMHVQRVDJUDHQDQDQHNRM DUPMHQHVYMHVQRREHDQMH
VHQWHQFL
DUP QDLQNDNRRYMHNNDHGDDGDPXQLMHSRVWDYOMHQRRGUHHQRSLWDQMH
o1HERMVHQHXWHSRVWLGMHWL
pDUPMHQHYLGOMLYGLROMHSRWHEH]NRMHJQLWNRQHPRHELWL]DLVWDOLMHS
p,OLVWYDUDMVYRMXVXGELQXLOLHMHGRELWLJRWRYX
DUPWYUGQMDYROMD]DGDD
2VXGELQLQHJRYRUHQLNDGRQLNRMLPDMHGREUR
2VXGELQLQHJRYRUHQLNDGRQLNRMLPDMHGREUR
DUPWYUGQMDYROMD]DGDD
p,OLVWYDUDMVYRMXVXGELQXLOLHMHGRELWLJRWRYX
pDUPMHQHYLGOMLYGLROMHSRWHEH]NRMHJQLWNRQHPRHELWL]DLVWDOLMHS
o1HERMVHQHXWHSRVWLGMHWL
DUP QDLQNDNRRYMHNNDHGDDGDPXQLMHSRVWDYOMHQRRGUHHQRSLWDQMH
VHQWHQFL
DUPMHQHVYMHVQRREHDQMH XQLIRUPLUDQL9HLQDVWDYRYDMHVYMHVQRLOLQHVYMHVQRVDJUDHQDQDQHNRM
p'RND]XMDOLDNRWYUGLPRUDLGRND]DWL 6WDYRPR]QDDYDPRSVLKLNHVDGUDMHXVPMHUHQHFLOMX1DLQD]RULSRVWDMX
p$NRMDWHQHXLQLPWNRH$NRWRQHXLQLPRGPDKNDGX" VXJHVWLMD
RYMHNQLMHVYMHVQRELHVDVORERGQRPYROMRPPRJXQRXVORERGQRJ 6WDYLUDVSRORHQMHQLVXXYLMHNSURGXNWLWYRMHYROMH3ULPMHU]DWRMHPDVRYQD
RGOXLYDQMDLRGJRYRUQR]DVYRMHSRVWXSNHGUXJLQHGLMHOHWDNYRPLOMHQMDL p6WDYVHRVODQMDQDQDMPDQMDPRJXDVD]QDQMDLVNXVWYRQDHORLDIHNWH
VPDWUDMXGDRYMHNSRVMHGXMHSRVHEQDVYRMVWYRKWLMHQMHLOLYROMX0HXWLP
VYDWHRULMDJRYRULSURWLYVORERGQHYROMHVYDLVNXVWYDSRND]XMHGDRQD QDMJRULVDQQLMHQLWDXXVSRUHGELVDLYRWRP
SRVWRML1DDMHOLQRVWXPQRJRHPXXQDPDYHXQDSULMHGRGUHHQD WRVHQHPRHVDQMDWLQHVDGUDYDVWYDUQRVW8]DOXGVHERMLPRVQRYD
*HQHWVNRQDVOMHHREDMXURGLWHOMDLRGJRMNRMLVPRSULPLOLSDLQDDSRVHEQD 6YRMHHPRVQRYHPRLRVWYDULWWHNNDGDVHRGOXLPRSUREXGLWL
GUXWYHQDLNXOWXUQDRNROLQDVYHWRREOLNXMHQDNDUDNWHUWHXPQRJRHPXL
QDXEXGXQRVW9HOLNLGLRVYDNLGDQMLKDNWLYQRVWLQDHJLYRWDXYMHWRYDQMH 6QRYLVXVWYDUQRVWLNRMHQHHOH]DYULWLDVWYDUQRVWLVXVQRYLNRMLVX]DYULOL
LREDYOMDQDXWRPDWVNLSXWHPQLLKPRGDQLKVUHGLWDWHEH]VYMHVQLKRGOXNDV 6DQQDGRNQDXMHVXNREHVYMHVWL
QDHVWUDQHEH]QDG]RUDLOLXVPMHUDYDQMDRYMHNRYDERUED]DRVORERHQMH
QHSURL]OD]LL]QMHJRYHYROMHGDEXGHVORERGDQYHRQDSUHGVWDYOMDWHQGHQFLMX
6DQMH]DRYMHNDLVWRNDRLQDYLMDQMH]DVDW
GDL]EMHJQHLOLSREMHJQHRGDYHU]LYQLKSRGUDDMDRNROLQHLOLLGDYHU]LYQH 6DQMHVOLNDVPUWL
6DQMHSXSDQDYUSFDVNRMRPMHLQGLYLGXDSRYH]DQDVDVYHPLURP
6DQMHSXSDQDYUSFDVNRMRPMHLQGLYLGXDSRYH]DQDVDVYHPLURP
6DQMHVOLNDVPUWL GDL]EMHJQHLOLSREMHJQHRGDYHU]LYQLKSRGUDDMDRNROLQHLOLLGDYHU]LYQH
6DQMH]DRYMHNDLVWRNDRLQDYLMDQMH]DVDW
QHSURL]OD]LL]QMHJRYHYROMHGDEXGHVORERGDQYHRQDSUHGVWDYOMDWHQGHQFLMX
QDHVWUDQHEH]QDG]RUDLOLXVPMHUDYDQMDRYMHNRYDERUED]DRVORERHQMH
6DQQDGRNQDXMHVXNREHVYMHVWL LREDYOMDQDXWRPDWVNLSXWHPQLLKPRGDQLKVUHGLWDWHEH]VYMHVQLKRGOXNDV
6QRYLVXVWYDUQRVWLNRMHQHHOH]DYULWLDVWYDUQRVWLVXVQRYLNRMLVX]DYULOL QDXEXGXQRVW9HOLNLGLRVYDNLGDQMLKDNWLYQRVWLQDHJLYRWDXYMHWRYDQMH
GUXWYHQDLNXOWXUQDRNROLQDVYHWRREOLNXMHQDNDUDNWHUWHXPQRJRHPXL
6YRMHHPRVQRYHPRLRVWYDULWWHNNDGDVHRGOXLPRSUREXGLWL *HQHWVNRQDVOMHHREDMXURGLWHOMDLRGJRMNRMLVPRSULPLOLSDLQDDSRVHEQD
WRVHQHPRHVDQMDWLQHVDGUDYDVWYDUQRVW8]DOXGVHERMLPRVQRYD SRVWRML1DDMHOLQRVWXPQRJRHPXXQDPDYHXQDSULMHGRGUHHQD
QDMJRULVDQQLMHQLWDXXVSRUHGELVDLYRWRP VYDWHRULMDJRYRULSURWLYVORERGQHYROMHVYDLVNXVWYDSRND]XMHGDRQD
VPDWUDMXGDRYMHNSRVMHGXMHSRVHEQDVYRMVWYRKWLMHQMHLOLYROMX0HXWLP
p6WDYVHRVODQMDQDQDMPDQMDPRJXDVD]QDQMDLVNXVWYRQDHORLDIHNWH RGOXLYDQMDLRGJRYRUQR]DVYRMHSRVWXSNHGUXJLQHGLMHOHWDNYRPLOMHQMDL
6WDYLUDVSRORHQMHQLVXXYLMHNSURGXNWLWYRMHYROMH3ULPMHU]DWRMHPDVRYQD RYMHNQLMHVYMHVQRELHVDVORERGQRPYROMRPPRJXQRXVORERGQRJ
VXJHVWLMD p$NRMDWHQHXLQLPWNRH$NRWRQHXLQLPRGPDKNDGX"
6WDYRPR]QDDYDPRSVLKLNHVDGUDMHXVPMHUHQHFLOMX1DLQD]RULSRVWDMX p'RND]XMDOLDNRWYUGLPRUDLGRND]DWL
XQLIRUPLUDQL9HLQDVWDYRYDMHVYMHVQRLOLQHVYMHVQRVDJUDHQDQDQHNRM DUPMHQHVYMHVQRREHDQMH
VHQWHQFL
DUP QDLQNDNRRYMHNNDHGDDGDPXQLMHSRVWDYOMHQRRGUHHQRSLWDQMH
o1HERMVHQHXWHSRVWLGMHWL
pDUPMHQHYLGOMLYGLROMHSRWHEH]NRMHJQLWNRQHPRHELWL]DLVWDOLMHS
p,OLVWYDUDMVYRMXVXGELQXLOLHMHGRELWLJRWRYX
DUPWYUGQMDYROMD]DGDD
2VXGELQLQHJRYRUHQLNDGRQLNRMLPDMHGREUR
2VXGELQLQHJRYRUHQLNDGRQLNRMLPDMHGREUR
DUPWYUGQMDYROMD]DGDD
p,OLVWYDUDMVYRMXVXGELQXLOLHMHGRELWLJRWRYX
DUPMHQHYLGOMLYGLROMHSRWHEH]NRMHJQLWNRQHPRHELWL]DLVWDOLMHS
p
o1HERMVHQHXWHSRVWLGMHWL
DUP QDLQNDNRRYMHNNDHGDDGDPXQLMHSRVWDYOMHQRRGUHHQRSLWDQMH
VHQWHQFL
DUPMHQHVYMHVQRREHDQMH XQLIRUPLUDQL9HLQDVWDYRYDMHVYMHVQRLOLQHVYMHVQRVDJUDHQDQDQHNRM
p'RND]XMDOLDNRWYUGLPRUDLGRND]DWL 6WDYRPR]QDDYDPRSVLKLNHVDGUDMHXVPMHUHQHFLOMX1DLQD]RULSRVWDMX
p$NRMDWHQHXLQLPWNRH$NRWRQHXLQLPRGPDKNDGX" VXJHVWLMD
RYMHNQLMHVYMHVQRELHVDVORERGQRPYROMRPPRJXQRXVORERGQRJ 6WDYLUDVSRORHQMHQLVXXYLMHNSURGXNWLWYRMHYROMH3ULPMHU]DWRMHPDVRYQD
RGOXLYDQMDLRGJRYRUQR]DVYRMHSRVWXSNHGUXJLQHGLMHOHWDNYRPLOMHQMDL p6WDYVHRVODQMDQDQDMPDQMDPRJXDVD]QDQMDLVNXVWYRQDHORLDIHNWH
VPDWUDMXGDRYMHNSRVMHGXMHSRVHEQDVYRMVWYRKWLMHQMHLOLYROMX0HXWLP
VYDWHRULMDJRYRULSURWLYVORERGQHYROMHVYDLVNXVWYDSRND]XMHGDRQD QDMJRULVDQQLMHQLWDXXVSRUHGELVDLYRWRP
SRVWRML1DDMHOLQRVWXPQRJRHPXXQDPDYHXQDSULMHGRGUHHQD WRVHQHPRHVDQMDWLQHVDGUDYDVWYDUQRVW8]DOXGVHERMLPRVQRYD
*HQHWVNRQDVOMHHREDMXURGLWHOMDLRGJRMNRMLVPRSULPLOLSDLQDDSRVHEQD 6YRMHHPRVQRYHPRLRVWYDULWWHNNDGDVHRGOXLPRSUREXGLWL
GUXWYHQDLNXOWXUQDRNROLQDVYHWRREOLNXMHQDNDUDNWHUWHXPQRJRHPXL
QDXEXGXQRVW9HOLNLGLRVYDNLGDQMLKDNWLYQRVWLQDHJLYRWDXYMHWRYDQMH 6QRYLVXVWYDUQRVWLNRMHQHHOH]DYULWLDVWYDUQRVWLVXVQRYLNRMLVX]DYULOL
LREDYOMDQDXWRPDWVNLSXWHPQLLKPRGDQLKVUHGLWDWHEH]VYMHVQLKRGOXNDV 6DQQDGRNQDXMHVXNREHVYMHVWL
QDHVWUDQHEH]QDG]RUDLOLXVPMHUDYDQMDRYMHNRYDERUED]DRVORERHQMH
QHSURL]OD]LL]QMHJRYHYROMHGDEXGHVORERGDQYHRQDSUHGVWDYOMDWHQGHQFLMX
6DQMH]DRYMHNDLVWRNDRLQDYLMDQMH]DVDW
GDL]EMHJQHLOLSREMHJQHRGDYHU]LYQLKSRGUDDMDRNROLQHLOLLGDYHU]LYQH 6DQMHVOLNDVPUWL
6DQMHSXSDQDYUSFDVNRMRPMHLQGLYLGXDSRYH]DQDVDVYHPLURP
RNROLQH%RUEDSURWLYYODGDRUJDQL]LUDQLKUHOLJLMDHNRQRPVNLKVXVWDYD
6YDNRJGDQDSRQHVLNRWDULFX]HPOMHQDMHGQRPMHVWRLVDJUDGLWHSODQLQX IRUPDOQRJRGJRMDLREUD]RYDQMDURGLWHOMDLLGHRORJLMDXVWYDULMHERUEDSURWLY
DYHU]LYQHRNROLQHLNRQWUROLUDQMDRYMHNDWDNYRPRNROLQRP
6YDNLMHYHOLNLXVSMHKWULMXPIXSRUQRVWL
RYMHNVYHPRHVDPRDNRKRH
SHQMHPR
6YDNLMHSRHWDNODJDQDQDSRVOMHGQMHVHVWHSHQLFHQDMWHHLYUORULMHWNR RYMHNDQMHJRYDYROMDLQLYHOLNLPLPDOLP
6QDJXYROMHVODELKQD]LYDPRVYRMHJODYRVW YUVWRPYROMRPVYHVHPRHSRVWLL
6QDJDQHSURL]OD]LL]WMHOHVQLKVSRVREQRVWL2QDSRWMHHRGQHVORPOMLYHYROMH 'REUDYROMDMHYUHGQLMDRGVYDNRJXVSMHKD
3XWRGWLVXXPLOMDSRLQMHSUYLPNRUDNRP 'REUDYROMDVDLQMDYDSULMHNRSRWUHEDQXYMHWVDPHGRVWRMQRVWLGDRYMHN
EXGHVUHWDQ
3UHPDPRMHPPLOMHQMXHQHUJLMDMHSUYDLMHGLQDOMXGVNDYUOLQD
*GMHSRVWRMLYROMDSRVWRMLLSXW
VQDJHQMHJRYHYROMH
3UDYDMHRYMHNRYDYULMHGQRVWQH]DYLVLRGVQDJHQMHJRYDUD]XPDYHRG +WMHWLXWRPHMHLVWDXPMHWQRVW
3RUD]QRMHNDGXLYRWXSRMHGLQFDSULMHNORQHGXKQHJRWLMHOR .DGLPDYROMHLPDLQDLQD
2QRWRMH]DYROMXWRSORWDWRMH]DVD]QDQMHVYMHWORVW .DRWRVHQHNROLNRPLOLJUDPDLVWRJDGUDJRFMHQDUDGLXPDGRELYD
QDMVORHQLMRPPHKDQLNRPLNHPLMVNRPSUHUDGRPVWRWLQDWRQDVLURYHUXGH
2GMHGQHLVNUHQDVWDMXSRDULQDVYHVWUDQH WDNRVHSRVOLMHRJURPQRJQDSRUQRJVWYDUDODNRJOLWHUDUQRJUDGDNULVWDOL]LUDMX
WDMQDNRMDMHXQMHPX LVWHPLVOLLIRUPXODFLMH
]QDRSRQRYLWLVOLNXVYRMHJYODVWLWRJLYRWDRPRJXLYLGDRGMHNQHMDORYD 1DMYDQLMLNRWDMHYROMD
LVWLQVNRVWYDUDQMHEH]WDMQH$NRVYLSRUD]LMHGQDNRRGMHNXMXVWYDUDODFMH
1HPDWDMQHXOMXGVNRPVWYDUDQMX9ROMDSUDYLRYRXGR1RLSDNQHSRVWRML 1HSRVWRMHNUDGOMLYFLYROMH
1HSRVWRMHNUDGOMLYFLYROMH 1HPDWDMQHXOMXGVNRPVWYDUDQMX9ROMDSUDYLRYRXGR1RLSDNQHSRVWRML
LVWLQVNRVWYDUDQMHEH]WDMQH$NRVYLSRUD]LMHGQDNRRGMHNXMXVWYDUDODFMH
1DMYDQLMLNRWDMHYROMD ]QDRSRQRYLWLVOLNXVYRMHJYODVWLWRJLYRWDRPRJXLYLGDRGMHNQHMDORYD
LVWHPLVOLLIRUPXODFLMH WDMQDNRMDMHXQMHPX
WDNRVHSRVOLMHRJURPQRJQDSRUQRJVWYDUDODNRJOLWHUDUQRJUDGDNULVWDOL]LUDMX 2GMHGQHLVNUHQDVWDMXSRDULQDVYHVWUDQH
QDMVORHQLMRPPHKDQLNRPLNHPLMVNRPSUHUDGRPVWRWLQDWRQDVLURYHUXGH
.DRWRVHQHNROLNRPLOLJUDPDLVWRJDGUDJRFMHQDUDGLXPDGRELYD 2QRWRMH]DYROMXWRSORWDWRMH]DVD]QDQMHVYMHWORVW
.DGLPDYROMHLPDLQDLQD 3RUD]QRMHNDGXLYRWXSRMHGLQFDSULMHNORQHGXKQHJRWLMHOR
+WMHWLXWRPHMHLVWDXPMHWQRVW 3UDYDMHRYMHNRYDYULMHGQRVWQH]DYLVLRGVQDJHQMHJRYDUD]XPDYHRG
VQDJHQMHJRYHYROMH
*GMHSRVWRMLYROMDSRVWRMLLSXW
3UHPDPRMHPPLOMHQMXHQHUJLMDMHSUYDLMHGLQDOMXGVNDYUOLQD
EXGHVUHWDQ
'REUDYROMDVDLQMDYDSULMHNRSRWUHEDQXYMHWVDPHGRVWRMQRVWLGDRYMHN 3XWRGWLVXXPLOMDSRLQMHSUYLPNRUDNRP
'REUDYROMDMHYUHGQLMDRGVYDNRJXVSMHKD 6QDJDQHSURL]OD]LL]WMHOHVQLKVSRVREQRVWL2QDSRWMHHRGQHVORPOMLYHYROMH
YUVWRPYROMRPVYHVHPRHSRVWLL 6QDJXYROMHVODELKQD]LYDPRVYRMHJODYRVW
RYMHNDQMHJRYDYROMDLQLYHOLNLPLPDOLP 6YDNLMHSRHWDNODJDQDQDSRVOMHGQMHVHVWHSHQLFHQDMWHHLYUORULMHWNR
SHQMHPR
RYMHNVYHPRHVDPRDNRKRH
6YDNLMHYHOLNLXVSMHKWULMXPIXSRUQRVWL
DYHU]LYQHRNROLQHLNRQWUROLUDQMDRYMHNDWDNYRPRNROLQRP
IRUPDOQRJRGJRMDLREUD]RYDQMDURGLWHOMDLLGHRORJLMDXVWYDULMHERUEDSURWLY 6YDNRJGDQDSRQHVLNRWDULFX]HPOMHQDMHGQRPMHVWRLVDJUDGLWHSODQLQX
RNROLQH%RUEDSURWLYYODGDRUJDQL]LUDQLKUHOLJLMDHNRQRPVNLKVXVWDYD
RNROLQH%RUEDSURWLYYODGDRUJDQL]LUDQLKUHOLJLMDHNRQRPVNLKVXVWDYD
6YDNRJGDQDSRQHVLNRWDULFX]HPOMHQDMHGQRPMHVWRLVDJUDGLWHSODQLQX IRUPDOQRJRGJRMDLREUD]RYDQMDURGLWHOMDLLGHRORJLMDXVWYDULMHERUEDSURWLY
DYHU]LYQHRNROLQHLNRQWUROLUDQMDRYMHNDWDNYRPRNROLQRP
6YDNLMHYHOLNLXVSMHKWULMXPIXSRUQRVWL
RYMHNVYHPRHVDPRDNRKRH
SHQMHPR
6YDNLMHSRHWDNODJDQDQDSRVOMHGQMHVHVWHSHQLFHQDMWHHLYUORULMHWNR RYMHNDQMHJRYDYROMDLQLYHOLNLPLPDOLP
6QDJXYROMHVODELKQD]LYDPRVYRMHJODYRVW YUVWRPYROMRPVYHVHPRHSRVWLL
6QDJDQHSURL]OD]LL]WMHOHVQLKVSRVREQRVWL2QDSRWMHHRGQHVORPOMLYHYROMH 'REUDYROMDMHYUHGQLMDRGVYDNRJXVSMHKD
3XWRGWLVXXPLOMDSRLQMHSUYLPNRUDNRP 'REUDYROMDVDLQMDYDSULMHNRSRWUHEDQXYMHWVDPHGRVWRMQRVWLGDRYMHN
EXGHVUHWDQ
3UHPDPRMHPPLOMHQMXHQHUJLMDMHSUYDLMHGLQDOMXGVNDYUOLQD
*GMHSRVWRMLYROMDSRVWRMLLSXW
VQDJHQMHJRYHYROMH
3UDYDMHRYMHNRYDYULMHGQRVWQH]DYLVLRGVQDJHQMHJRYDUD]XPDYHRG +WMHWLXWRPHMHLVWDXPMHWQRVW
3RUD]QRMHNDGXLYRWXSRMHGLQFDSULMHNORQHGXKQHJRWLMHOR .DGLPDYROMHLPDLQDLQD
2QRWRMH]DYROMXWRSORWDWRMH]DVD]QDQMHVYMHWORVW .DRWRVHQHNROLNRPLOLJUDPDLVWRJDGUDJRFMHQDUDGLXPDGRELYD
QDMVORHQLMRPPHKDQLNRPLNHPLMVNRPSUHUDGRPVWRWLQDWRQDVLURYHUXGH
2GMHGQHLVNUHQDVWDMXSRDULQDVYHVWUDQH WDNRVHSRVOLMHRJURPQRJQDSRUQRJVWYDUDODNRJOLWHUDUQRJUDGDNULVWDOL]LUDMX
WDMQDNRMDMHXQMHPX LVWHPLVOLLIRUPXODFLMH
]QDRSRQRYLWLVOLNXVYRMHJYODVWLWRJLYRWDRPRJXLYLGDRGMHNQHMDORYD 1DMYDQLMLNRWDMHYROMD
LVWLQVNRVWYDUDQMHEH]WDMQH$NRVYLSRUD]LMHGQDNRRGMHNXMXVWYDUDODFMH
1HPDWDMQHXOMXGVNRPVWYDUDQMX9ROMDSUDYLRYRXGR1RLSDNQHSRVWRML 1HSRVWRMHNUDGOMLYFLYROMH
1HSRVWRMHNUDGOMLYFLYROMH 1HPDWDMQHXOMXGVNRPVWYDUDQMX9ROMDSUDYLRYRXGR1RLSDNQHSRVWRML
LVWLQVNRVWYDUDQMHEH]WDMQH$NRVYLSRUD]LMHGQDNRRGMHNXMXVWYDUDODFMH
1DMYDQLMLNRWDMHYROMD ]QDRSRQRYLWLVOLNXVYRMHJYODVWLWRJLYRWDRPRJXLYLGDRGMHNQHMDORYD
LVWHPLVOLLIRUPXODFLMH WDMQDNRMDMHXQMHPX
WDNRVHSRVOLMHRJURPQRJQDSRUQRJVWYDUDODNRJOLWHUDUQRJUDGDNULVWDOL]LUDMX 2GMHGQHLVNUHQDVWDMXSRDULQDVYHVWUDQH
QDMVORHQLMRPPHKDQLNRPLNHPLMVNRPSUHUDGRPVWRWLQDWRQDVLURYHUXGH
.DRWRVHQHNROLNRPLOLJUDPDLVWRJDGUDJRFMHQDUDGLXPDGRELYD 2QRWRMH]DYROMXWRSORWDWRMH]DVD]QDQMHVYMHWORVW
.DGLPDYROMHLPDLQDLQD 3RUD]QRMHNDGXLYRWXSRMHGLQFDSULMHNORQHGXKQHJRWLMHOR
+WMHWLXWRPHMHLVWDXPMHWQRVW 3UDYDMHRYMHNRYDYULMHGQRVWQH]DYLVLRGVQDJHQMHJRYDUD]XPDYHRG
VQDJHQMHJRYHYROMH
*GMHSRVWRMLYROMDSRVWRMLLSXW
3UHPDPRMHPPLOMHQMXHQHUJLMDMHSUYDLMHGLQDOMXGVNDYUOLQD
EXGHVUHWDQ
'REUDYROMDVDLQMDYDSULMHNRSRWUHEDQXYMHWVDPHGRVWRMQRVWLGDRYMHN 3XWRGWLVXXPLOMDSRLQMHSUYLPNRUDNRP
'REUDYROMDMHYUHGQLMDRGVYDNRJXVSMHKD 6QDJDQHSURL]OD]LL]WMHOHVQLKVSRVREQRVWL2QDSRWMHHRGQHVORPOMLYHYROMH
YUVWRPYROMRPVYHVHPRHSRVWLL 6QDJXYROMHVODELKQD]LYDPRVYRMHJODYRVW
RYMHNDQMHJRYDYROMDLQLYHOLNLPLPDOLP 6YDNLMHSRHWDNODJDQDQDSRVOMHGQMHVHVWHSHQLFHQDMWHHLYUORULMHWNR
SHQMHPR
RYMHNVYHPRHVDPRDNRKRH
6YDNLMHYHOLNLXVSMHKWULMXPIXSRUQRVWL
DYHU]LYQHRNROLQHLNRQWUROLUDQMDRYMHNDWDNYRPRNROLQRP
IRUPDOQRJRGJRMDLREUD]RYDQMDURGLWHOMDLLGHRORJLMDXVWYDULMHERUEDSURWLY 6YDNRJGDQDSRQHVLNRWDULFX]HPOMHQDMHGQRPMHVWRLVDJUDGLWHSODQLQX
RNROLQH%RUEDSURWLYYODGDRUJDQL]LUDQLKUHOLJLMDHNRQRPVNLKVXVWDYD
YDWNRLPDVYRMXYROMX
6
6YLPRHPRNRULVWLWLVYRMXSVLKXLVYRMHWLMHORNDNRELVPRSRVWLJOLRQRWR
HOLPRQRSUYLMHXYMHWGDEULQRRGDEHUHPRVYRMHFLOMHYHLVKYDWLPRFLMHQX
NRMRPHPRSODWLWLXVSMHKRYMHNRYDMHYROMDPRQDSDLDNRQHPRH
SRPDLEUGDPQRJHMRMVHVWYDULYDQMVNRJVYLMHWDQHPRJXRGXSULMHWL
7DMQDMHPRLXVDPRMYROML
7HNRMHXOLWLSDPHWRQRPHNRMLQHPDYROMHDOLMRMHWHHXOLWLYROMXRQRPH
NRMLQHPDSDPHWL ]DGXLRYHOLNLP]DGDFLPD
7NRVHRVMHDSUHYHOLNLPREDYLWLQHNXPDOX]DGDXSUHPDOHQMHGDELVH
7HDNMHSRHWDNSRQDMHHGHVHWSXWDNRULVQLMLRGODNRJSRHWND
VOXERYDQMH
7NRKRHPRHWNRQHHPRUD 6YDND]DGDDNRMXRYMHNPRHLPDWLXRNYLUX]DMHGQLFH]DSUDYRMH
8VYDNXMHQDNDQXXVDHQNRPDGLUDGRVWLVYRMVWYHQHELLPDEH]NRMHYROML QHSRVWRML
QHUDVWXNULOD p3RMDP]DGDHMHELWDQVDVWDYQLGLRRYMHNRYRJELWNDMHURYMHNEH]]DGDH
9ODVWVHLVWLQDPRHSUHQLMHWLDOLQHLYROMD .DNRMHPRJDR".DNRMHVPLR".DNRMH]QDR"
9ROMDMHQDSUHGDNLQWHOHNWD SURWLYVORERGQHYROMHPHXWLPVYDLVNXVWYDSRND]XMHGDRQDSRVWRML
9ROMDMHVWYDUMDNLKHOMDVWYDUVODELK pRYMHNSRVMHGXMHSRVHEQRVYRMVWYRYROMX0HXWLPVYDWHRULMDJRYRUL
9ROMDMHWDNRMDSRNUHHVYMHWRYHRQDMHQDMYLLREOLNPHQWDOQHHQHUJLMH 9ROMDVHSURVWLUHLUHQHJRUD]XPSDMH]DWRX]URNSRJUHDND
9ROMDMHWHQMDJGMHMHL]YMHVQRQHVDPRRQR]DLPVHWHLQHJRMHL]YMHVQR 9ROMDSURWMHHNUR]OMXGVNRKWLMHQMHLQDSODYOMXMHJDNDR1LOSXVWLQMX
LWRGDHVHWRPRLSRVWLL 9ROMDRVOREDD
9ROMDRVOREDD LWRGDHVHWRPRLSRVWLL
9ROMDSURWMHHNUR]OMXGVNRKWLMHQMHLQDSODYOMXMHJDNDR1LOSXVWLQMX 9ROMDMHWHQMDJGMHMHL]YMHVQRQHVDPRRQR]DLPVHWHLQHJRMHL]YMHVQR
9ROMDVHSURVWLUHLUHQHJRUD]XPSDMH]DWRX]URNSRJUHDND 9ROMDMHWDNRMDSRNUHHVYMHWRYHRQDMHQDMYLLREOLNPHQWDOQHHQHUJLMH
pRYMHNSRVMHGXMHSRVHEQRVYRMVWYRYROMX0HXWLPVYDWHRULMDJRYRUL 9ROMDMHVWYDUMDNLKHOMDVWYDUVODELK
SURWLYVORERGQHYROMHPHXWLPVYDLVNXVWYDSRND]XMHGDRQDSRVWRML 9ROMDMHQDSUHGDNLQWHOHNWD
.DNRMHPRJDR".DNRMHVPLR".DNRMH]QDR" 9ODVWVHLVWLQDPRHSUHQLMHWLDOLQHLYROMD
p3RMDP]DGDHMHELWDQVDVWDYQLGLRRYMHNRYRJELWNDMHURYMHNEH]]DGDH QHUDVWXNULOD
QHSRVWRML 8VYDNXMHQDNDQXXVDHQNRPDGLUDGRVWLVYRMVWYHQHELLPDEH]NRMHYROML
6YDND]DGDDNRMXRYMHNPRHLPDWLXRNYLUX]DMHGQLFH]DSUDYRMH 7NRKRHPRHWNRQHHPRUD
VOXERYDQMH
7HDNMHSRHWDNSRQDMHHGHVHWSXWDNRULVQLMLRGODNRJSRHWND
7NRVHRVMHDSUHYHOLNLPREDYLWLQHNXPDOX]DGDXSUHPDOHQMHGDELVH
]DGXLRYHOLNLP]DGDFLPD NRMLQHPDSDPHWL
7HNRMHXOLWLSDPHWRQRPHNRMLQHPDYROMHDOLMRMHWHHXOLWLYROMXRQRPH
7DMQDMHPRLXVDPRMYROML
SRPDLEUGDPQRJHMRMVHVWYDULYDQMVNRJVYLMHWDQHPRJXRGXSULMHWL
NRMRPHPRSODWLWLXVSMHKRYMHNRYDMHYROMDPRQDSDLDNRQHPRH
HOLPRQRSUYLMHXYMHWGDEULQRRGDEHUHPRVYRMHFLOMHYHLVKYDWLPRFLMHQX
6YLPRHPRNRULVWLWLVYRMXSVLKXLVYRMHWLMHORNDNRELVPRSRVWLJOLRQRWR
6YDWNRLPDVYRMXYROMX
6YDWNRLPDVYRMXYROMX
YLPRHPRNRULVWLWLVYRMXSVLKXLVYRMHWLMHORNDNRELVPRSRVWLJOLRQRWR
6
HOLPRQRSUYLMHXYMHWGDEULQRRGDEHUHPRVYRMHFLOMHYHLVKYDWLPRFLMHQX
NRMRPHPRSODWLWLXVSMHKRYMHNRYDMHYROMDPRQDSDLDNRQHPRH
SRPDLEUGDPQRJHMRMVHVWYDULYDQMVNRJVYLMHWDQHPRJXRGXSULMHWL
7DMQDMHPRLXVDPRMYROML
7HNRMHXOLWLSDPHWRQRPHNRMLQHPDYROMHDOLMRMHWHHXOLWLYROMXRQRPH
NRMLQHPDSDPHWL ]DGXLRYHOLNLP]DGDFLPD
7NRVHRVMHDSUHYHOLNLPREDYLWLQHNXPDOX]DGDXSUHPDOHQMHGDELVH
7HDNMHSRHWDNSRQDMHHGHVHWSXWDNRULVQLMLRGODNRJSRHWND
VOXERYDQMH
7NRKRHPRHWNRQHHPRUD 6YDND]DGDDNRMXRYMHNPRHLPDWLXRNYLUX]DMHGQLFH]DSUDYRMH
8VYDNXMHQDNDQXXVDHQNRPDGLUDGRVWLVYRMVWYHQHELLPDEH]NRMHYROML QHSRVWRML
QHUDVWXNULOD p3RMDP]DGDHMHELWDQVDVWDYQLGLRRYMHNRYRJELWNDMHURYMHNEH]]DGDH
9ODVWVHLVWLQDPRHSUHQLMHWLDOLQHLYROMD .DNRMHPRJDR".DNRMHVPLR".DNRMH]QDR"
9ROMDMHQDSUHGDNLQWHOHNWD SURWLYVORERGQHYROMHPHXWLPVYDLVNXVWYDSRND]XMHGDRQDSRVWRML
9ROMDMHVWYDUMDNLKHOMDVWYDUVODELK pRYMHNSRVMHGXMHSRVHEQRVYRMVWYRYROMX0HXWLPVYDWHRULMDJRYRUL
9ROMDMHWDNRMDSRNUHHVYMHWRYHRQDMHQDMYLLREOLNPHQWDOQHHQHUJLMH 9ROMDVHSURVWLUHLUHQHJRUD]XPSDMH]DWRX]URNSRJUHDND
9ROMDMHWHQMDJGMHMHL]YMHVQRQHVDPRRQR]DLPVHWHLQHJRMHL]YMHVQR 9ROMDSURWMHHNUR]OMXGVNRKWLMHQMHLQDSODYOMXMHJDNDR1LOSXVWLQMX
LWRGDHVHWRPRLSRVWLL 9ROMDRVOREDD
9ROMDRVOREDD LWRGDHVHWRPRLSRVWLL
9ROMDSURWMHHNUR]OMXGVNRKWLMHQMHLQDSODYOMXMHJDNDR1LOSXVWLQMX 9ROMDMHWHQMDJGMHMHL]YMHVQRQHVDPRRQR]DLPVHWHLQHJRMHL]YMHVQR
9ROMDVHSURVWLUHLUHQHJRUD]XPSDMH]DWRX]URNSRJUHDND 9ROMDMHWDNRMDSRNUHHVYMHWRYHRQDMHQDMYLLREOLNPHQWDOQHHQHUJLMH
pRYMHNSRVMHGXMHSRVHEQRVYRMVWYRYROMX0HXWLPVYDWHRULMDJRYRUL 9ROMDMHVWYDUMDNLKHOMDVWYDUVODELK
SURWLYVORERGQHYROMHPHXWLPVYDLVNXVWYDSRND]XMHGDRQDSRVWRML 9ROMDMHQDSUHGDNLQWHOHNWD
.DNRMHPRJDR".DNRMHVPLR".DNRMH]QDR" 9ODVWVHLVWLQDPRHSUHQLMHWLDOLQHLYROMD
p3RMDP]DGDHMHELWDQVDVWDYQLGLRRYMHNRYRJELWNDMHURYMHNEH]]DGDH QHUDVWXNULOD
QHSRVWRML 8VYDNXMHQDNDQXXVDHQNRPDGLUDGRVWLVYRMVWYHQHELLPDEH]NRMHYROML
6YDND]DGDDNRMXRYMHNPRHLPDWLXRNYLUX]DMHGQLFH]DSUDYRMH 7NRKRHPRHWNRQHHPRUD
VOXERYDQMH
7HDNMHSRHWDNSRQDMHHGHVHWSXWDNRULVQLMLRGODNRJSRHWND
7NRVHRVMHDSUHYHOLNLPREDYLWLQHNXPDOX]DGDXSUHPDOHQMHGDELVH
]DGXLRYHOLNLP]DGDFLPD NRMLQHPDSDPHWL
7HNRMHXOLWLSDPHWRQRPHNRMLQHPDYROMHDOLMRMHWHHXOLWLYROMXRQRPH
7DMQDMHPRLXVDPRMYROML
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.216758.7,91267,'(6758.7,91267 %RJRYLSRPDXUDGQLPD
%OMHVQL DQHNDGUXJLJUPH
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$NRLYLVDPR]DVYRMUDGLOLVDPR]DVYRMXRELWHOMGRVDGDQVLLUDQMLY
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$NRWRUDGLUD]ERULWRUDGLLSD]LQDVYUHWDN
$NRQHHWLVHELWNRHWLLDNRQHVDGDDNDGD"
$NRVLXQHHPXPDMVWRUPRHSRQHNDGEH]WHWH]DERUDYLWLSUDYLOD
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QMRPHVHEDYLQHVPLMHUDXQDWLQDQDNORQRVWVYRMLKVXYUHPHQLND $NRVLVSRVREDQQHRHNXMNUHDWLYDQSRVDR
$NRQHWRSUHNRYROMHUDGLQLWDQLMHWDNRODNRGDQHELELORWHNR $NRVLSDOMLYQDNUDMXNDRQDSRHWNXVSULMHLWHQHXVSMHK
$NRQHWRHOLWRMHPRJXHRVWYDULWLDQLWDQHSRGX]LPDUDDRWURY $NRVHEDYLVDPRVLWQLFDPDQLNDGDQHHRVWYDULWLYHOLNDGMHOD
$NRUDGQHEXGHOMXGLPD]DQLPOMLYLL]YRUUDGRVWLLERJDWVWYDQLNDNYD $NRVDPQHJRULQHPRHGUXJHXSDOLWL
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$NRUDGLQHWRNRULVQRQDNUDMXLPDSUDYRGDVHWLPHLSRKYDOL $NRUDGLQHWRNRULVQRQDNUDMXLPDSUDYRGDVHWLPHLSRKYDOL
$NRUDGLSUDYRQHEULQLVH]DULMHL]OLK LQGXVWULMDUD]RQRGHQHHUDVWMHUDWLVLYXLGRVDGQXGRNROLFX
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$NRVLSDOMLYQDNUDMXNDRQDSRHWNXVSULMHLWHQHXVSMHK $NRQHWRSUHNRYROMHUDGLQLWDQLMHWDNRODNRGDQHELELORWHNR
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$NRVLXQHHPXPDMVWRUPRHSRQHNDGEH]WHWH]DERUDYLWLSUDYLOD
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$NRLYLVDPR]DVYRMUDGLOLVDPR]DVYRMXRELWHOMGRVDGDQVLLUDQMLY
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$NRQHWRSUHNRYROMHUDGLQLWDQLMHWDNRODNRGDQHELELORWHNR $NRVLSDOMLYQDNUDMXNDRQDSRHWNXVSULMHLWHQHXVSMHK
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$NRUDGLSUDYRQHEULQLVH]DULMHL]OLK LQGXVWULMDUD]RQRGHQHHUDVWMHUDWLVLYXLGRVDGQXGRNROLFX
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$NRVLSDOMLYQDNUDMXNDRQDSRHWNXVSULMHLWHQHXVSMHK $NRQHWRSUHNRYROMHUDGLQLWDQLMHWDNRODNRGDQHELELORWHNR
$NRVLVSRVREDQQHRHNXMNUHDWLYDQSRVDR QMRPHVHEDYLQHVPLMHUDXQDWLQDQDNORQRVWVYRMLKVXYUHPHQLND
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QRWRVWHUD]PLOMDOL
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MHGQRVWDYQRLRLWRMDVQRYLGOMLYRVYLPDGUXJLPD HVWRELVPRVHVUDPLOLQDLKQDMOMHSLKGMHODNDGDELVYLMHW]QDRVYHSREXGH
1DNRQWREH]XVSMHQRLVFUSLVYHPRJXQRVWLRVWDWHMHGQRUMHHQMH L]NRMLKVXSURL]DOL
QDFMHOLQX]QDQRVWLOHLXWRPHWRQLVXLPDOLNROHJD 'MHODVXRYMHNXSRGXNDLXWMHKD'MHODWQRVWMHSUDYLXLWDNLYRWDVDPD
LLQYHQWLYQLPR]JRYLSRSXW/HRQDUGRYDQLVXXVSMHOLL]YULWLQLNDNDYXWMHFDM QMHJRYDELW
RGUHHQXVWUXNXDUD]ORJ]ERJHJDQHL]PMHUQLSORGQLLYRWQLLPDJLQDWLYQL 'MHORYDWLMDYQRQDRYLPQDLPPMHVWLPD EH]RE]LUDGDOLVHWR]RYHVDERULOL
LVNRULWDYDQMDQMHJRYH]DPLVOLDVWRWLQHGDEL]DYULOLSURJUDPLUDQMH]DQHNX NRMHXUHGQLWYRLOLNRMDVWUDQND QLMHGRND]SUHWMHUDQHSDPHWLRYMHND
1DMHGQRJL]XPLWHOMDSRWUHEQDVXGHVHWRULFDNRMLUD]PLOMDMXRQDLQX L]JUL]X]DSUOMDMXSRSOMXMXLXQLWH
0QRJRWRJDMHUXQRGRNVHUDGLDOLVHUDGXMHPRNDGMHGRYUHQR 'MHORYDWL]QDLXVPMHULWLVXGELQX
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.DPHQDNRMLVHYDOMDQHKYDWDVHPDKRYLQD RGUHXMHWYRMXYULMHGQRVW6DPRXVYRMLPGMHOLPDPRHRYMHNRWNULWLVHEH
6YRMLPGMHOLPDRYMHNVOLNDVHEH
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VUFLPDSRMHGLQDFD ,PDOHVWYDULUDGLNDRLYHOLNHXWLRRQRPHWRQDPMHUDYDUDGLWLSDWHQLWNR
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,]YDQDNFLMHPLVPRL]YDQGUXWYD ,RQRWRQLVLXLQLRLPDQHNL]QDDM
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,RQRWRQLVLXLQLRLPDQHNL]QDDM ,]YDQDNFLMHPLVPRL]YDQGUXWYD
QHHVSULMHLWL -HGLQRWRRYMHNPRHVSDVLWLMHVXUDGQMDDSXWNDVXUDGQML]DSRLQMHX
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'RYUHQLVXSRVORYLXJRGQL .DGDELOMXGLVDPREMHVRPXQRUDGLOLSROXGMHOLELLVWRWDNRNDRLGDQLWDQH
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6YRMLPGMHOLPDRYMHNVOLNDVHEH
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'MHOXMLQSUHWKRGLLQMHQLFL7YRMHGMHORYDQMHLVDPRWYRMHGMHORYDQMH .ROLNRVWYDULVPDWUDPRQHPRJXLPSULMHQHJRWRLKXUDGLPR"
'MHORYDWL]QDLXVPMHULWLVXGELQX 0QRJRWRJDMHUXQRGRNVHUDGLDOLVHUDGXMHPRNDGMHGRYUHQR
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NRMHXUHGQLWYRLOLNRMDVWUDQND QLMHGRND]SUHWMHUDQHSDPHWLRYMHND LVNRULWDYDQMDQMHJRYH]DPLVOLDVWRWLQHGDEL]DYULOLSURJUDPLUDQMH]DQHNX
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QMHJRYDELW LLQYHQWLYQLPR]JRYLSRSXW/HRQDUGRYDQLVXXVSMHOLL]YULWLQLNDNDYXWMHFDM
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L]NRMLKVXSURL]DOL 1DNRQWREH]XVSMHQRLVFUSLVYHPRJXQRVWLRVWDWHMHGQRUMHHQMH
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%URMRQLKNRMLVYRMLPUDGRP]DGRYROMDYDMXVYHSRWUHEHOMXGLPQRJRMHPDQML
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QRWRVWHUD]PLOMDOL
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MHGQRVWDYQRLRLWRMDVQRYLGOMLYRVYLPDGUXJLPD HVWRELVPRVHVUDPLOLQDLKQDMOMHSLKGMHODNDGDELVYLMHW]QDRVYHSREXGH
1DNRQWREH]XVSMHQRLVFUSLVYHPRJXQRVWLRVWDWHMHGQRUMHHQMH L]NRMLKVXSURL]DOL
QDFMHOLQX]QDQRVWLOHLXWRPHWRQLVXLPDOLNROHJD 'MHODVXRYMHNXSRGXNDLXWMHKD'MHODWQRVWMHSUDYLXLWDNLYRWDVDPD
LLQYHQWLYQLPR]JRYLSRSXW/HRQDUGRYDQLVXXVSMHOLL]YULWLQLNDNDYXWMHFDM QMHJRYDELW
RGUHHQXVWUXNXDUD]ORJ]ERJHJDQHL]PMHUQLSORGQLLYRWQLLPDJLQDWLYQL 'MHORYDWLMDYQRQDRYLPQDLPPMHVWLPD EH]RE]LUDGDOLVHWR]RYHVDERULOL
LVNRULWDYDQMDQMHJRYH]DPLVOLDVWRWLQHGDEL]DYULOLSURJUDPLUDQMH]DQHNX NRMHXUHGQLWYRLOLNRMDVWUDQND QLMHGRND]SUHWMHUDQHSDPHWLRYMHND
1DMHGQRJL]XPLWHOMDSRWUHEQDVXGHVHWRULFDNRMLUD]PLOMDMXRQDLQX L]JUL]X]DSUOMDMXSRSOMXMXLXQLWH
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.DPHQDNRMLVHYDOMDQHKYDWDVHPDKRYLQD RGUHXMHWYRMXYULMHGQRVW6DPRXVYRMLPGMHOLPDPRHRYMHNRWNULWLVHEH
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.DGDELOMXGLVDPREMHVRPXQRUDGLOLSROXGMHOLELLVWRWDNRNDRLGDQLWDQH 'RYUHQLVXSRVORYLXJRGQL
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HNLVXVWYDUDRFLXNDVQLMHPLYRWXELOLSVLKRQHXURWLDUL'DQDV]QDPRGDVH
1
NDRX]URNSVLKLNLPSRUHPHDMLPDQDMYLHMDYOMDODNDRSRVOMHGLFDQDSRUQRJ QHSRVWRMDQMHVWUDKDRGVPUWLLGU
UDGDLVWYDUDQMD VDPRNRQWUROHVNORQRVWDSVWUDNWQRVWLGRPLQDQWQRVW]DQLPDQMH]DQHSR]QDWR
HWLNDVWDELOQRVWHPRFLRQDOQRVWSRWUHED]DVDPRGRYROMQRVWLYLVRNVWXSDQM
'RNMHRELQRPRYMHNXQMHJRYDVD]QDMQDPRVYMHWLOMNDNRMDPXRVYMHWOMDYD L]UDDYDQMDUD]PLOMDQMHRILOR]RIVNLPSUREOHPLPDYLVRNDUD]LQDDVSLUDFLMH
SXWJHQLMDOQRPMHRQDVXQFHNRMHPXRWYDUDVYLMHW2QRWRMH]DYROMX NDUDNWHUDXUDYQRWHHQRVWQH]DYLVQRVWJRYRUQDIOXHQWQRVWODNRD
WRSORWDWRMH]DVD]QDQMHVYMHWORVW .DUDNWHULVWLNHJHQLMDOQRVWLVX XVWUDMQRVWLQWHOHNWXDOQDDNWLYQRVWYUVWRD
*HQLMMHVDPRYHOLNDERO NUHSRVWRE]LURPQDVYHYHXPRLQWHUYHQFLMHXIXQNFLMDPDPR]JD"
*HQLMRWNULYDSLWDQMH7DOHQWGDMHRGJRYRU*HQLMSRND]XMHSXWWDOHQWWDMSXW -HOLUHDODQRSWLPL]DPGDHOMXGLXVNRURPRLXOMHNDUQLNXSLWLJHQLMDOQRVWLOL
VOLMHGL *HQLMLQHSURL]OD]HMHGQLL]GUXJRJDJHQLMLVXMHGDQRGGUXJRJDQH]DYLVQL
*HQLMVHVDVWRMLRGMHGDQSRVWRLQVSLUDFLMHLGHYHGHVHWGHYHWSRVWR *HQLMHVWRMLEOLHOXGLOXQHJRRYMHNSURVMHQHLQWHOLJHQFLMH
WUDQVSLUDFLMH
*HQLMDOQRVWMHPDUOMLYRVW
*HQLMDODQRYMHNMHRQDMWNRLPDRL]DRQRWRPXMHSRGQRJDPD
*HQLMDOQRVWMHKUDEURVW]DVDPRJDVHEH
*HQLMDOQRVWMHKUDEURVW]DVDPRJDVHEH
*HQLMDODQRYMHNMHRQDMWNRLPDRL]DRQRWRPXMHSRGQRJDPD
*HQLMDOQRVWMHPDUOMLYRVW
WUDQVSLUDFLMH
*HQLMHVWRMLEOLHOXGLOXQHJRRYMHNSURVMHQHLQWHOLJHQFLMH *HQLMVHVDVWRMLRGMHGDQSRVWRLQVSLUDFLMHLGHYHGHVHWGHYHWSRVWR
*HQLMLQHSURL]OD]HMHGQLL]GUXJRJDJHQLMLVXMHGDQRGGUXJRJDQH]DYLVQL VOLMHGL
-HOLUHDODQRSWLPL]DPGDHOMXGLXVNRURPRLXOMHNDUQLNXSLWLJHQLMDOQRVWLOL *HQLMRWNULYDSLWDQMH7DOHQWGDMHRGJRYRU*HQLMSRND]XMHSXWWDOHQWWDMSXW
NUHSRVWRE]LURPQDVYHYHXPRLQWHUYHQFLMHXIXQNFLMDPDPR]JD" *HQLMMHVDPRYHOLNDERO
.DUDNWHULVWLNHJHQLMDOQRVWLVX XVWUDMQRVWLQWHOHNWXDOQDDNWLYQRVWYUVWRD WRSORWDWRMH]DVD]QDQMHVYMHWORVW
NDUDNWHUDXUDYQRWHHQRVWQH]DYLVQRVWJRYRUQDIOXHQWQRVWODNRD SXWJHQLMDOQRPMHRQDVXQFHNRMHPXRWYDUDVYLMHW2QRWRMH]DYROMX
L]UDDYDQMDUD]PLOMDQMHRILOR]RIVNLPSUREOHPLPDYLVRNDUD]LQDDVSLUDFLMH RNMHRELQRPRYMHNXQMHJRYDVD]QDMQDPRVYMHWLOMNDNRMDPXRVYMHWOMDYD
'
HWLNDVWDELOQRVWHPRFLRQDOQRVWSRWUHED]DVDPRGRYROMQRVWLYLVRNVWXSDQM
VDPRNRQWUROHVNORQRVWDSVWUDNWQRVWLGRPLQDQWQRVW]DQLPDQMH]DQHSR]QDWR UDGDLVWYDUDQMD
QHSRVWRMDQMHVWUDKDRGVPUWLLGU NDRX]URNSVLKLNLPSRUHPHDMLPDQDMYLHMDYOMDODNDRSRVOMHGLFDQDSRUQRJ
1HNLVXVWYDUDRFLXNDVQLMHPLYRWXELOLSVLKRQHXURWLDUL'DQDV]QDPRGDVH
0DWHPDWLNLJHQLMLXJODYQRPQHPDMXYHOLNLNYRFLMHQWLQWHOLJHQFLMHNDRWRMH
WRVOXDMNRGPX]LNLKLOLNRYQLKVWYDUDODFD GXHYQDEROHVWGRLVWDSRMDYLODSRSXVWLOHVXVWYDUDODNHVSRVREQRVWL
PRHPRNRQVWDWLUDWLGDQLMHGDQJHQLMQLMHELRGXHYQREROHVWDQ DNRVH
0LVHGDQDVQHPRHPRQDXGLWLJHQLMDOQRVWLDUKLWHNWDDOLGXEOMLP EURMDRQLKNRMLQHSRND]XMX]QDNRYHEROHVWL6SRWSXQRPVLJXUQRX
SURPLOMDQMHPGROD]LPRGR]DNOMXNDGDMHWDLVOLQHWYRUHYLQHQHUDFLRQDOQL 3HOPDQNRMLMHVPDWUDRGDMHEURMEROHVQLKJHQLMDQHXVSRUHGLYRPDQMLRG
SRGXKYDWLNRMHVXSURX]URLOHVPUWWLVXHOMXGHGDELMHGDQQHUD]XPDQ /HRQDUGDQLSRWRQHELVPRPRJOL]DPLVOLWL6OLQRJMHVWDMDOLWDLSVLKRORJ
WLUDQLQLQVDPLOLQDMHHXGUXWYXQHGXQRUWYRYDQLKRVREDGRELR YHOLNHWDOHQWHLSDNVHPRHRSLVDWLVDPRNDRQDM]GUDYLMHOMXGH/XGRJD
1DVXSURWPLOMHQMXGDVXYHOLNLGXKRYLQHNDNRQDUXEXEROHVQLKVWDQMD
DVXSURWPLOMHQMXGDVXYHOLNLGXKRYLQHNDNRQDUXEXEROHVQLKVWDQMD
1
YHOLNHWDOHQWHLSDNVHPRHRSLVDWLVDPRNDRQDM]GUDYLMHOMXGH/XGRJD WLUDQLQLQVDPLOLQDMHHXGUXWYXQHGXQRUWYRYDQLKRVREDGRELR
/HRQDUGDQLSRWRQHELVPRPRJOL]DPLVOLWL6OLQRJMHVWDMDOLWDLSVLKRORJ SRGXKYDWLNRMHVXSURX]URLOHVPUWWLVXHOMXGHGDELMHGDQQHUD]XPDQ
3HOPDQNRMLMHVPDWUDRGDMHEURMEROHVQLKJHQLMDQHXVSRUHGLYRPDQMLRG SURPLOMDQMHPGROD]LPRGR]DNOMXNDGDMHWDLVOLQHWYRUHYLQHQHUDFLRQDOQL
EURMDRQLKNRMLQHSRND]XMX]QDNRYHEROHVWL6SRWSXQRPVLJXUQRX 0LVHGDQDVQHPRHPRQDXGLWLJHQLMDOQRVWLDUKLWHNWDDOLGXEOMLP
PRHPRNRQVWDWLUDWLGDQLMHGDQJHQLMQLMHELRGXHYQREROHVWDQ DNRVH
GXHYQDEROHVWGRLVWDSRMDYLODSRSXVWLOHVXVWYDUDODNHVSRVREQRVWL WRVOXDMNRGPX]LNLKLOLNRYQLKVWYDUDODFD
0DWHPDWLNLJHQLMLXJODYQRPQHPDMXYHOLNLNYRFLMHQWLQWHOLJHQFLMHNDRWRMH
HNLVXVWYDUDRFLXNDVQLMHPLYRWXELOLSVLKRQHXURWLDUL'DQDV]QDPRGDVH
1
NDRX]URNSVLKLNLPSRUHPHDMLPDQDMYLHMDYOMDODNDRSRVOMHGLFDQDSRUQRJ QHSRVWRMDQMHVWUDKDRGVPUWLLGU
UDGDLVWYDUDQMD VDPRNRQWUROHVNORQRVWDSVWUDNWQRVWLGRPLQDQWQRVW]DQLPDQMH]DQHSR]QDWR
HWLNDVWDELOQRVWHPRFLRQDOQRVWSRWUHED]DVDPRGRYROMQRVWLYLVRNVWXSDQM
'RNMHRELQRPRYMHNXQMHJRYDVD]QDMQDPRVYMHWLOMNDNRMDPXRVYMHWOMDYD L]UDDYDQMDUD]PLOMDQMHRILOR]RIVNLPSUREOHPLPDYLVRNDUD]LQDDVSLUDFLMH
SXWJHQLMDOQRPMHRQDVXQFHNRMHPXRWYDUDVYLMHW2QRWRMH]DYROMX NDUDNWHUDXUDYQRWHHQRVWQH]DYLVQRVWJRYRUQDIOXHQWQRVWODNRD
WRSORWDWRMH]DVD]QDQMHVYMHWORVW .DUDNWHULVWLNHJHQLMDOQRVWLVX XVWUDMQRVWLQWHOHNWXDOQDDNWLYQRVWYUVWRD
*HQLMMHVDPRYHOLNDERO NUHSRVWRE]LURPQDVYHYHXPRLQWHUYHQFLMHXIXQNFLMDPDPR]JD"
*HQLMRWNULYDSLWDQMH7DOHQWGDMHRGJRYRU*HQLMSRND]XMHSXWWDOHQWWDMSXW -HOLUHDODQRSWLPL]DPGDHOMXGLXVNRURPRLXOMHNDUQLNXSLWLJHQLMDOQRVWLOL
VOLMHGL *HQLMLQHSURL]OD]HMHGQLL]GUXJRJDJHQLMLVXMHGDQRGGUXJRJDQH]DYLVQL
*HQLMVHVDVWRMLRGMHGDQSRVWRLQVSLUDFLMHLGHYHGHVHWGHYHWSRVWR *HQLMHVWRMLEOLHOXGLOXQHJRRYMHNSURVMHQHLQWHOLJHQFLMH
WUDQVSLUDFLMH
*HQLMDOQRVWMHPDUOMLYRVW
*HQLMDODQRYMHNMHRQDMWNRLPDRL]DRQRWRPXMHSRGQRJDPD
*HQLMDOQRVWMHKUDEURVW]DVDPRJDVHEH
*HQLMDOQRVWMHKUDEURVW]DVDPRJDVHEH
*HQLMDODQRYMHNMHRQDMWNRLPDRL]DRQRWRPXMHSRGQRJDPD
*HQLMDOQRVWMHPDUOMLYRVW
WUDQVSLUDFLMH
*HQLMHVWRMLEOLHOXGLOXQHJRRYMHNSURVMHQHLQWHOLJHQFLMH *HQLMVHVDVWRMLRGMHGDQSRVWRLQVSLUDFLMHLGHYHGHVHWGHYHWSRVWR
*HQLMLQHSURL]OD]HMHGQLL]GUXJRJDJHQLMLVXMHGDQRGGUXJRJDQH]DYLVQL VOLMHGL
-HOLUHDODQRSWLPL]DPGDHOMXGLXVNRURPRLXOMHNDUQLNXSLWLJHQLMDOQRVWLOL *HQLMRWNULYDSLWDQMH7DOHQWGDMHRGJRYRU*HQLMSRND]XMHSXWWDOHQWWDMSXW
NUHSRVWRE]LURPQDVYHYHXPRLQWHUYHQFLMHXIXQNFLMDPDPR]JD" *HQLMMHVDPRYHOLNDERO
.DUDNWHULVWLNHJHQLMDOQRVWLVX XVWUDMQRVWLQWHOHNWXDOQDDNWLYQRVWYUVWRD WRSORWDWRMH]DVD]QDQMHVYMHWORVW
NDUDNWHUDXUDYQRWHHQRVWQH]DYLVQRVWJRYRUQDIOXHQWQRVWODNRD SXWJHQLMDOQRPMHRQDVXQFHNRMHPXRWYDUDVYLMHW2QRWRMH]DYROMX
L]UDDYDQMDUD]PLOMDQMHRILOR]RIVNLPSUREOHPLPDYLVRNDUD]LQDDVSLUDFLMH RNMHRELQRPRYMHNXQMHJRYDVD]QDMQDPRVYMHWLOMNDNRMDPXRVYMHWOMDYD
'
HWLNDVWDELOQRVWHPRFLRQDOQRVWSRWUHED]DVDPRGRYROMQRVWLYLVRNVWXSDQM
VDPRNRQWUROHVNORQRVWDSVWUDNWQRVWLGRPLQDQWQRVW]DQLPDQMH]DQHSR]QDWR UDGDLVWYDUDQMD
QHSRVWRMDQMHVWUDKDRGVPUWLLGU NDRX]URNSVLKLNLPSRUHPHDMLPDQDMYLHMDYOMDODNDRSRVOMHGLFDQDSRUQRJ
1HNLVXVWYDUDRFLXNDVQLMHPLYRWXELOLSVLKRQHXURWLDUL'DQDV]QDPRGDVH
0DWHPDWLNLJHQLMLXJODYQRPQHPDMXYHOLNLNYRFLMHQWLQWHOLJHQFLMHNDRWRMH
WRVOXDMNRGPX]LNLKLOLNRYQLKVWYDUDODFD GXHYQDEROHVWGRLVWDSRMDYLODSRSXVWLOHVXVWYDUDODNHVSRVREQRVWL
PRHPRNRQVWDWLUDWLGDQLMHGDQJHQLMQLMHELRGXHYQREROHVWDQ DNRVH
0LVHGDQDVQHPRHPRQDXGLWLJHQLMDOQRVWLDUKLWHNWDDOLGXEOMLP EURMDRQLKNRMLQHSRND]XMX]QDNRYHEROHVWL6SRWSXQRPVLJXUQRX
SURPLOMDQMHPGROD]LPRGR]DNOMXNDGDMHWDLVOLQHWYRUHYLQHQHUDFLRQDOQL 3HOPDQNRMLMHVPDWUDRGDMHEURMEROHVQLKJHQLMDQHXVSRUHGLYRPDQMLRG
SRGXKYDWLNRMHVXSURX]URLOHVPUWWLVXHOMXGHGDELMHGDQQHUD]XPDQ /HRQDUGDQLSRWRQHELVPRPRJOL]DPLVOLWL6OLQRJMHVWDMDOLWDLSVLKRORJ
WLUDQLQLQVDPLOLQDMHHXGUXWYXQHGXQRUWYRYDQLKRVREDGRELR YHOLNHWDOHQWHLSDNVHPRHRSLVDWLVDPRNDRQDM]GUDYLMHOMXGH/XGRJD
1DVXSURWPLOMHQMXGDVXYHOLNLGXKRYLQHNDNRQDUXEXEROHVQLKVWDQMD
]DVOXDQRWSUDDMQDQHNLLPDJLQDUQLVYLMHW3RYLMHVWFLYLOL]DFLMHMHSUHSXQD
p1LMHYDQRWRKXOMDPLVOLYDQRMHWRUDGL SULPMHUDQHUDFLRQDOQLKSRNXVDNRMLWUDMXGRGDQDQMHJGDQD
L]GUOMLYRVW 2EDYOMDWLODNRRPRQRWRMHGUXJLPDWHNRXWRPHMHWDOHQWXLQLWLRQRWR
KXOMHLGHMHLQLFLMDWLYDLQVSLUDFLMDLQWHOLJHQFLMDLVNXVWYRL]D]RY MHWDOHQWXQHPRJXHXWRPHMHJHQLMDOQRVW
3RGJHQLMDOQRXSRGUD]XPLMHYDPRVWYDUDODNXGXKRYQDVQDJXQDMYLL
EROMHRGWHEHVDPRJD VWXSDQMXPQHQDGDUHQRVWLYHOHXPQRVW
p.ORQLVHJUXERVWLSUHPDQDMEOLLPD7YRMLWHEOLQMLLRQDNRSR]QDMX
3RQHNDGVPRVNORQLQHNULWLNLSURFMHQMLYDWLGRPHWHQHNLKYHOLNLKOMXGL=ERJ
8YLMHNVHQDNRQMHGQRJJHQLMDPLVOLORGDMHQHPRJXHGDOMH VYRMLKVSRVREQRVWLJHQLMMDHRVMHDVODERVWLLQHSUDYGXGUXWYDWHMH
VDLQMDYDMXNRPSDNWQXVNXSLQX SRGYUJQXWHPRWLYQRMREUDQLLUDVWUJDQRVWL2ELQLOMXGLHVWRJOHGDMXQD
9HOLNDQLVXQDMHHL]ROLUDQLLXVDPOMHQLXRGQRVXQDPDMVWRUHNRML JHQLMHNDRQDOXDNHVYHGRNUH]XOWDWLQMLKRYDUDGDQHSRVWDQXRLWL
9HOLNDQMHEOL]XOXGLOXWDQNHVXJUDQLFHWRLKGLMHOH 0R]DNJHQLMDVHQLXHPXQHUD]OLNXMHRGPR]JDRVWDOLKOMXGLDNQLWLRG
GHELOD
8PQRVXQH]DYLVQLMHGLQRJOXSDQLLJHQLML
5D]OLNDL]PHXJHQLMDOQRVWLLJOXSRVWLMHWRJHQLMDOQRVWLPDJUDQLFH
RNUQMHQD
NULYLSXWLQDMYHLVWDULILOR]RIL SRJULMHLRMHLVDPDOLQMLKRYDVODYDQLMHELOD 6DPDSULURGDMHXLWHOMSUDYRJJHQLMD
.DNRYULMHPHGDOMHRGPLH]DEOXGHXWLXDNQDRWNULHLVWLQH=DOLVXQD 6WYDUDODNHVQDJHNRGRVREDNRMHSDWHRGSVLKLNHQHVUHHQRVWLMDNRQDJOR
VXRGXYLMHNSUHPDJHQLMLPDRVMHDOLVWUDKRSRWRYDQMH XVDKQX9DQ*RJKMHELRJHQLMHXVSUNRVVYRPOXGLOXDQH]ERJQMHJD
8VWDURPVXYLMHNXJHQLMDOQRVWOMXGLRELQRSRYH]LYDOLVERDQVWYLPDOMXGL 6YDNRRSUHGMHOMHQMHJHQLMDWDNRMHWLMHVQRSRYH]DQRVSRVHEQRPNXOWXUQRP
VWXGLUDQMDYHLVYRMJHQLMNRMLLPSRND]XMHSXW RNROLQRPGDMHUDVSUDYOMDQMHRSRMHGLQFXL]YDQYUHPHQDLSURVWRUDSRWSXQR
6YHXLOLWHLPDWRYHLXJOHGWRYLHVWXGHQDWDQHVOLMHGLVDPRSODQ DUWLILFLMHOQR
DUWLILFLMHOQR 6YHXLOLWHLPDWRYHLXJOHGWRYLHVWXGHQDWDQHVOLMHGLVDPRSODQ
RNROLQRPGDMHUDVSUDYOMDQMHRSRMHGLQFXL]YDQYUHPHQDLSURVWRUDSRWSXQR VWXGLUDQMDYHLVYRMJHQLMNRMLLPSRND]XMHSXW
6YDNRRSUHGMHOMHQMHJHQLMDWDNRMHWLMHVQRSRYH]DQRVSRVHEQRPNXOWXUQRP 8VWDURPVXYLMHNXJHQLMDOQRVWOMXGLRELQRSRYH]LYDOLVERDQVWYLPDOMXGL
XVDKQX9DQ*RJKMHELRJHQLMHXVSUNRVVYRPOXGLOXDQH]ERJQMHJD VXRGXYLMHNSUHPDJHQLMLPDRVMHDOLVWUDKRSRWRYDQMH
6WYDUDODNHVQDJHNRGRVREDNRMHSDWHRGSVLKLNHQHVUHHQRVWLMDNRQDJOR .DNRYULMHPHGDOMHRGPLH]DEOXGHXWLXDNQDRWNULHLVWLQH=DOLVXQD
6DPDSULURGDMHXLWHOMSUDYRJJHQLMD NULYLSXWLQDMYHLVWDULILOR]RIL SRJULMHLRMHLVDPDOLQMLKRYDVODYDQLMHELOD
RNUQMHQD
5D]OLNDL]PHXJHQLMDOQRVWLLJOXSRVWLMHWRJHQLMDOQRVWLPDJUDQLFH
8PQRVXQH]DYLVQLMHGLQRJOXSDQLLJHQLML
GHELOD
0R]DNJHQLMDVHQLXHPXQHUD]OLNXMHRGPR]JDRVWDOLKOMXGLDNQLWLRG 9HOLNDQMHEOL]XOXGLOXWDQNHVXJUDQLFHWRLKGLMHOH
JHQLMHNDRQDOXDNHVYHGRNUH]XOWDWLQMLKRYDUDGDQHSRVWDQXRLWL 9HOLNDQLVXQDMHHL]ROLUDQLLXVDPOMHQLXRGQRVXQDPDMVWRUHNRML
SRGYUJQXWHPRWLYQRMREUDQLLUDVWUJDQRVWL2ELQLOMXGLHVWRJOHGDMXQD VDLQMDYDMXNRPSDNWQXVNXSLQX
VYRMLKVSRVREQRVWLJHQLMMDHRVMHDVODERVWLLQHSUDYGXGUXWYDWHMH 8YLMHNVHQDNRQMHGQRJJHQLMDPLVOLORGDMHQHPRJXHGDOMH
3RQHNDGVPRVNORQLQHNULWLNLSURFMHQMLYDWLGRPHWHQHNLKYHOLNLKOMXGL=ERJ
p.ORQLVHJUXERVWLSUHPDQDMEOLLPD7YRMLWHEOLQMLLRQDNRSR]QDMX
VWXSDQMXPQHQDGDUHQRVWLYHOHXPQRVW EROMHRGWHEHVDPRJD
3RGJHQLMDOQRXSRGUD]XPLMHYDPRVWYDUDODNXGXKRYQDVQDJXQDMYLL
MHWDOHQWXQHPRJXHXWRPHMHJHQLMDOQRVW KXOMHLGHMHLQLFLMDWLYDLQVSLUDFLMDLQWHOLJHQFLMDLVNXVWYRL]D]RY
2EDYOMDWLODNRRPRQRWRMHGUXJLPDWHNRXWRPHMHWDOHQWXLQLWLRQRWR L]GUOMLYRVW
SULPMHUDQHUDFLRQDOQLKSRNXVDNRMLWUDMXGRGDQDQMHJGDQD p1LMHYDQRWRKXOMDPLVOLYDQRMHWRUDGL
]DVOXDQRWSUDDMQDQHNLLPDJLQDUQLVYLMHW3RYLMHVWFLYLOL]DFLMHMHSUHSXQD
]DVOXDQRWSUDDMQDQHNLLPDJLQDUQLVYLMHW3RYLMHVWFLYLOL]DFLMHMHSUHSXQD
p1LMHYDQRWRKXOMDPLVOLYDQRMHWRUDGL SULPMHUDQHUDFLRQDOQLKSRNXVDNRMLWUDMXGRGDQDQMHJGDQD
L]GUOMLYRVW 2EDYOMDWLODNRRPRQRWRMHGUXJLPDWHNRXWRPHMHWDOHQWXLQLWLRQRWR
KXOMHLGHMHLQLFLMDWLYDLQVSLUDFLMDLQWHOLJHQFLMDLVNXVWYRL]D]RY MHWDOHQWXQHPRJXHXWRPHMHJHQLMDOQRVW
3RGJHQLMDOQRXSRGUD]XPLMHYDPRVWYDUDODNXGXKRYQDVQDJXQDMYLL
EROMHRGWHEHVDPRJD VWXSDQMXPQHQDGDUHQRVWLYHOHXPQRVW
p.ORQLVHJUXERVWLSUHPDQDMEOLLPD7YRMLWHEOLQMLLRQDNRSR]QDMX
3RQHNDGVPRVNORQLQHNULWLNLSURFMHQMLYDWLGRPHWHQHNLKYHOLNLKOMXGL=ERJ
8YLMHNVHQDNRQMHGQRJJHQLMDPLVOLORGDMHQHPRJXHGDOMH VYRMLKVSRVREQRVWLJHQLMMDHRVMHDVODERVWLLQHSUDYGXGUXWYDWHMH
VDLQMDYDMXNRPSDNWQXVNXSLQX SRGYUJQXWHPRWLYQRMREUDQLLUDVWUJDQRVWL2ELQLOMXGLHVWRJOHGDMXQD
9HOLNDQLVXQDMHHL]ROLUDQLLXVDPOMHQLXRGQRVXQDPDMVWRUHNRML JHQLMHNDRQDOXDNHVYHGRNUH]XOWDWLQMLKRYDUDGDQHSRVWDQXRLWL
9HOLNDQMHEOL]XOXGLOXWDQNHVXJUDQLFHWRLKGLMHOH 0R]DNJHQLMDVHQLXHPXQHUD]OLNXMHRGPR]JDRVWDOLKOMXGLDNQLWLRG
GHELOD
8PQRVXQH]DYLVQLMHGLQRJOXSDQLLJHQLML
5D]OLNDL]PHXJHQLMDOQRVWLLJOXSRVWLMHWRJHQLMDOQRVWLPDJUDQLFH
RNUQMHQD
NULYLSXWLQDMYHLVWDULILOR]RIL SRJULMHLRMHLVDPDOLQMLKRYDVODYDQLMHELOD 6DPDSULURGDMHXLWHOMSUDYRJJHQLMD
.DNRYULMHPHGDOMHRGPLH]DEOXGHXWLXDNQDRWNULHLVWLQH=DOLVXQD 6WYDUDODNHVQDJHNRGRVREDNRMHSDWHRGSVLKLNHQHVUHHQRVWLMDNRQDJOR
VXRGXYLMHNSUHPDJHQLMLPDRVMHDOLVWUDKRSRWRYDQMH XVDKQX9DQ*RJKMHELRJHQLMHXVSUNRVVYRPOXGLOXDQH]ERJQMHJD
8VWDURPVXYLMHNXJHQLMDOQRVWOMXGLRELQRSRYH]LYDOLVERDQVWYLPDOMXGL 6YDNRRSUHGMHOMHQMHJHQLMDWDNRMHWLMHVQRSRYH]DQRVSRVHEQRPNXOWXUQRP
VWXGLUDQMDYHLVYRMJHQLMNRMLLPSRND]XMHSXW RNROLQRPGDMHUDVSUDYOMDQMHRSRMHGLQFXL]YDQYUHPHQDLSURVWRUDSRWSXQR
6YHXLOLWHLPDWRYHLXJOHGWRYLHVWXGHQDWDQHVOLMHGLVDPRSODQ DUWLILFLMHOQR
DUWLILFLMHOQR 6YHXLOLWHLPDWRYHLXJOHGWRYLHVWXGHQDWDQHVOLMHGLVDPRSODQ
RNROLQRPGDMHUDVSUDYOMDQMHRSRMHGLQFXL]YDQYUHPHQDLSURVWRUDSRWSXQR VWXGLUDQMDYHLVYRMJHQLMNRMLLPSRND]XMHSXW
6YDNRRSUHGMHOMHQMHJHQLMDWDNRMHWLMHVQRSRYH]DQRVSRVHEQRPNXOWXUQRP 8VWDURPVXYLMHNXJHQLMDOQRVWOMXGLRELQRSRYH]LYDOLVERDQVWYLPDOMXGL
XVDKQX9DQ*RJKMHELRJHQLMHXVSUNRVVYRPOXGLOXDQH]ERJQMHJD VXRGXYLMHNSUHPDJHQLMLPDRVMHDOLVWUDKRSRWRYDQMH
6WYDUDODNHVQDJHNRGRVREDNRMHSDWHRGSVLKLNHQHVUHHQRVWLMDNRQDJOR .DNRYULMHPHGDOMHRGPLH]DEOXGHXWLXDNQDRWNULHLVWLQH=DOLVXQD
6DPDSULURGDMHXLWHOMSUDYRJJHQLMD NULYLSXWLQDMYHLVWDULILOR]RIL SRJULMHLRMHLVDPDOLQMLKRYDVODYDQLMHELOD
RNUQMHQD
5D]OLNDL]PHXJHQLMDOQRVWLLJOXSRVWLMHWRJHQLMDOQRVWLPDJUDQLFH
8PQRVXQH]DYLVQLMHGLQRJOXSDQLLJHQLML
GHELOD
0R]DNJHQLMDVHQLXHPXQHUD]OLNXMHRGPR]JDRVWDOLKOMXGLDNQLWLRG 9HOLNDQMHEOL]XOXGLOXWDQNHVXJUDQLFHWRLKGLMHOH
JHQLMHNDRQDOXDNHVYHGRNUH]XOWDWLQMLKRYDUDGDQHSRVWDQXRLWL 9HOLNDQLVXQDMHHL]ROLUDQLLXVDPOMHQLXRGQRVXQDPDMVWRUHNRML
SRGYUJQXWHPRWLYQRMREUDQLLUDVWUJDQRVWL2ELQLOMXGLHVWRJOHGDMXQD VDLQMDYDMXNRPSDNWQXVNXSLQX
VYRMLKVSRVREQRVWLJHQLMMDHRVMHDVODERVWLLQHSUDYGXGUXWYDWHMH 8YLMHNVHQDNRQMHGQRJJHQLMDPLVOLORGDMHQHPRJXHGDOMH
3RQHNDGVPRVNORQLQHNULWLNLSURFMHQMLYDWLGRPHWHQHNLKYHOLNLKOMXGL=ERJ
p.ORQLVHJUXERVWLSUHPDQDMEOLLPD7YRMLWHEOLQMLLRQDNRSR]QDMX
VWXSDQMXPQHQDGDUHQRVWLYHOHXPQRVW EROMHRGWHEHVDPRJD
3RGJHQLMDOQRXSRGUD]XPLMHYDPRVWYDUDODNXGXKRYQDVQDJXQDMYLL
MHWDOHQWXQHPRJXHXWRPHMHJHQLMDOQRVW KXOMHLGHMHLQLFLMDWLYDLQVSLUDFLMDLQWHOLJHQFLMDLVNXVWYRL]D]RY
2EDYOMDWLODNRRPRQRWRMHGUXJLPDWHNRXWRPHMHWDOHQWXLQLWLRQRWR L]GUOMLYRVW
SULPMHUDQHUDFLRQDOQLKSRNXVDNRMLWUDMXGRGDQDQMHJGDQD p1LMHYDQRWRKXOMDPLVOLYDQRMHWRUDGL
]DVOXDQRWSUDDMQDQHNLLPDJLQDUQLVYLMHW3RYLMHVWFLYLOL]DFLMHMHSUHSXQD
,JUDMVHVLGHMDPD
p
FMHQMXMLGHMHSUHPDIXQNFLRQDOQRVWLQHSUHPDL]YRUX
2 VWXSQMDXUD]XPLMHYDQMDMHGQRPULMHMXSRJOHGXQDVYLMHW$NRPHWRGRORJLMX
0HWRGHWUDHQMDLGHMDUD]UDGLOLVXPQRJLDXWRUL]DYLVQRRSULVWXSXLVNXVWYR
DGDVD]ULMHYULMHPH]DQHNXLGHMXRQGDVHRQDSRMDYOMXMHVYXGD
. WUDQVIRUPDFLMRP
1LVPRGRUDVOLQRYLPLGHMDPDGDQDPL]PLXQDPQHNHVSR]QDMH]ERJHJD XYHDQMHPVPDQMLYDQMHP]DPMHQRPSUHXUHHQMHPWHSUHRNUHWDQMHP
VHMDYOMDRVMHDMEHVSRPRQRVWLGUXJLVPDWUDMXGDVHLGHMHQDOD]HXVYLPD .DNRVHJHQHULUDMXLGHMH GUXJRPXSRWUHERPDGDSWDFLMRPPRGLILNDFLMRP
QDPDLSUHGVWDYOMDMXPRUDOQHHQHUJLMH RVWYDUHQMDQHPRHQLWNRRGUHGLWL
,DNRGMHORYDQMHLGHMHSRLYDQDQMH]LQRPQHVYMHVQRPVDGUDMXDXSLWQRMHGD .DNRPRHELWLYHOLNDSURYDOLMDNRMDQXQRRVWDMHL]PHXLGHMHLQMH]LQD
DSHOLUDQDRGUHHQHQDJRQVNHVDGUDMHSURL]YRGQMDLGHMDSUHGRGELVYLMHVWL QHRVQRYDQRVW
SULMHVYHJDVHQHSRVUHGQRSUHSOHHVPDWHULMDOQRPGMHODWQRXLPDWHULMDOQLP .DGMHRYMHN]DOMXEOMHQXQHNXLGHMXYUORJDMHWHNRXYMHULWLXQMH]LQX
RGQRVRPOMXGLMH]LNRPVWYDUQRJLYRWD7DSURL]YRGQMDLGHMDYULMHGLL]D
RVWDODSRGUXMDGXKRYQLKGRVWLJQXDNDRWRVXMH]LNJRYRUXPMHWQRVW UD]YLMDWL
]QDQRVWSROLWLND]DNRQPRUDOUHOLJLMDLJUHLGU PRMLKLGHMDSUYRELWQRMHSULSDGDODGUXJLPOMXGLPDNRMLVHQLVXWUXGLOLGDOMHLK
-DVDPGREUDVSXYDMHUXSLMDPLGHMHLLQLPLKXSRWUHEOMLYLPD9HLQD
,GHMDNRMDQLMHRSDVQDXRSHQH]DVOXXMHGDVHQD]LYDLGHMRP
HOHNWURQVNHUD]PMHQHREDYLMHVWL
,GHMHL]UDDYDPR LQMHQMHPLQHLQMHQMHPSLVPRPLJRYRURP GRNXPHQDWDRELQRMRXYLMHNSLVDQLKQDSDSLULPDDOLVHVYHYLHNRULVWH
,GHMHQLVXOHSWLULRQHVXUH]XOWDWWHNRJUDGD,GHMHSUHREOLNXMXVYLMHWDQH UHDOL]LUDWL5D]PMHQDWLKREDYLMHVWLMHGDQDVQDUD]LQLSLVDQLKLFUWDQLK
QMHQDPHKDQLNDSRVWLJQXD GRNRULWHQMDSRVWRMLQHRYLVQRRVWDQMXUDGRYD%H]LGHMHQHELVHPRJORQLWD
,GHMHVXVUHGVWYR]DSUHREUD]EXVYLMHWDDQHXNUDVLQLWDQLMHXQRVQLMHRG ,QIRUPDFLMDXSURL]YRGQRPODQFXRGSUYHLGHMHVYHGRUHDOL]DFLMHXSUDNVLL
MHGQHGREUHLGHMH DGDSWLUDQHLULJLGQHXNRHQHVWURJHRVREH
,GHMHYMHURYDQMDLSRQDDQMDDXWHQWLQLKRVREDXYLMHNHQDLOD]LWLQDRWSRUX GUXWYXPDNROLNRELOHRSUDYGDQHLUDFLRQDOQHMHURQHXQRVHQHPLUXGREUR
GUXWYXPDNROLNRELOHRSUDYGDQHLUDFLRQDOQHMHURQHXQRVHQHPLUXGREUR ,GHMHYMHURYDQMDLSRQDDQMDDXWHQWLQLKRVREDXYLMHNHQDLOD]LWLQDRWSRUX
DGDSWLUDQHLULJLGQHXNRHQHVWURJHRVREH MHGQHGREUHLGHMH
,QIRUPDFLMDXSURL]YRGQRPODQFXRGSUYHLGHMHVYHGRUHDOL]DFLMHXSUDNVLL ,GHMHVXVUHGVWYR]DSUHREUD]EXVYLMHWDDQHXNUDVLQLWDQLMHXQRVQLMHRG
GRNRULWHQMDSRVWRMLQHRYLVQRRVWDQMXUDGRYD%H]LGHMHQHELVHPRJORQLWD QMHQDPHKDQLNDSRVWLJQXD
UHDOL]LUDWL5D]PMHQDWLKREDYLMHVWLMHGDQDVQDUD]LQLSLVDQLKLFUWDQLK ,GHMHQLVXOHSWLULRQHVXUH]XOWDWWHNRJUDGD,GHMHSUHREOLNXMXVYLMHWDQH
GRNXPHQDWDRELQRMRXYLMHNSLVDQLKQDSDSLULPDDOLVHVYHYLHNRULVWH ,GHMHL]UDDYDPR LQMHQMHPLQHLQMHQMHPSLVPRPLJRYRURP
HOHNWURQVNHUD]PMHQHREDYLMHVWL
,GHMDNRMDQLMHRSDVQDXRSHQH]DVOXXMHGDVHQD]LYDLGHMRP
-DVDPGREUDVSXYDMHUXSLMDPLGHMHLLQLPLKXSRWUHEOMLYLPD9HLQD
PRMLKLGHMDSUYRELWQRMHSULSDGDODGUXJLPOMXGLPDNRMLVHQLVXWUXGLOLGDOMHLK ]QDQRVWSROLWLND]DNRQPRUDOUHOLJLMDLJUHLGU
UD]YLMDWL RVWDODSRGUXMDGXKRYQLKGRVWLJQXDNDRWRVXMH]LNJRYRUXPMHWQRVW
RGQRVRPOMXGLMH]LNRPVWYDUQRJLYRWD7DSURL]YRGQMDLGHMDYULMHGLL]D
.DGMHRYMHN]DOMXEOMHQXQHNXLGHMXYUORJDMHWHNRXYMHULWLXQMH]LQX SULMHVYHJDVHQHSRVUHGQRSUHSOHHVPDWHULMDOQRPGMHODWQRXLPDWHULMDOQLP
QHRVQRYDQRVW DSHOLUDQDRGUHHQHQDJRQVNHVDGUDMHSURL]YRGQMDLGHMDSUHGRGELVYLMHVWL
.DNRPRHELWLYHOLNDSURYDOLMDNRMDQXQRRVWDMHL]PHXLGHMHLQMH]LQD ,DNRGMHORYDQMHLGHMHSRLYDQDQMH]LQRPQHVYMHVQRPVDGUDMXDXSLWQRMHGD
RVWYDUHQMDQHPRHQLWNRRGUHGLWL QDPDLSUHGVWDYOMDMXPRUDOQHHQHUJLMH
.DNRVHJHQHULUDMXLGHMH GUXJRPXSRWUHERPDGDSWDFLMRPPRGLILNDFLMRP VHMDYOMDRVMHDMEHVSRPRQRVWLGUXJLVPDWUDMXGDVHLGHMHQDOD]HXVYLPD
XYHDQMHPVPDQMLYDQMHP]DPMHQRPSUHXUHHQMHPWHSUHRNUHWDQMHP 1LVPRGRUDVOLQRYLPLGHMDPDGDQDPL]PLXQDPQHNHVSR]QDMH]ERJHJD
WUDQVIRUPDFLMRP .DGDVD]ULMHYULMHPH]DQHNXLGHMXRQGDVHRQDSRMDYOMXMHVYXGD
0HWRGHWUDHQMDLGHMDUD]UDGLOLVXPQRJLDXWRUL]DYLVQRRSULVWXSXLVNXVWYR
VWXSQMDXUD]XPLMHYDQMDMHGQRPULMHMXSRJOHGXQDVYLMHW$NRPHWRGRORJLMX 2FMHQMXMLGHMHSUHPDIXQNFLRQDOQRVWLQHSUHPDL]YRUX
p,JUDMVHVLGHMDPD
p,JUDMVHVLGHMDPD
2FMHQMXMLGHMHSUHPDIXQNFLRQDOQRVWLQHSUHPDL]YRUX VWXSQMDXUD]XPLMHYDQMDMHGQRPULMHMXSRJOHGXQDVYLMHW$NRPHWRGRORJLMX
0HWRGHWUDHQMDLGHMDUD]UDGLOLVXPQRJLDXWRUL]DYLVQRRSULVWXSXLVNXVWYR
DGDVD]ULMHYULMHPH]DQHNXLGHMXRQGDVHRQDSRMDYOMXMHVYXGD
. WUDQVIRUPDFLMRP
1LVPRGRUDVOLQRYLPLGHMDPDGDQDPL]PLXQDPQHNHVSR]QDMH]ERJHJD XYHDQMHPVPDQMLYDQMHP]DPMHQRPSUHXUHHQMHPWHSUHRNUHWDQMHP
VHMDYOMDRVMHDMEHVSRPRQRVWLGUXJLVPDWUDMXGDVHLGHMHQDOD]HXVYLPD .DNRVHJHQHULUDMXLGHMH GUXJRPXSRWUHERPDGDSWDFLMRPPRGLILNDFLMRP
QDPDLSUHGVWDYOMDMXPRUDOQHHQHUJLMH RVWYDUHQMDQHPRHQLWNRRGUHGLWL
,DNRGMHORYDQMHLGHMHSRLYDQDQMH]LQRPQHVYMHVQRPVDGUDMXDXSLWQRMHGD .DNRPRHELWLYHOLNDSURYDOLMDNRMDQXQRRVWDMHL]PHXLGHMHLQMH]LQD
DSHOLUDQDRGUHHQHQDJRQVNHVDGUDMHSURL]YRGQMDLGHMDSUHGRGELVYLMHVWL QHRVQRYDQRVW
SULMHVYHJDVHQHSRVUHGQRSUHSOHHVPDWHULMDOQRPGMHODWQRXLPDWHULMDOQLP .DGMHRYMHN]DOMXEOMHQXQHNXLGHMXYUORJDMHWHNRXYMHULWLXQMH]LQX
RGQRVRPOMXGLMH]LNRPVWYDUQRJLYRWD7DSURL]YRGQMDLGHMDYULMHGLL]D
RVWDODSRGUXMDGXKRYQLKGRVWLJQXDNDRWRVXMH]LNJRYRUXPMHWQRVW UD]YLMDWL
]QDQRVWSROLWLND]DNRQPRUDOUHOLJLMDLJUHLGU PRMLKLGHMDSUYRELWQRMHSULSDGDODGUXJLPOMXGLPDNRMLVHQLVXWUXGLOLGDOMHLK
-DVDPGREUDVSXYDMHUXSLMDPLGHMHLLQLPLKXSRWUHEOMLYLPD9HLQD
,GHMDNRMDQLMHRSDVQDXRSHQH]DVOXXMHGDVHQD]LYDLGHMRP
HOHNWURQVNHUD]PMHQHREDYLMHVWL
,GHMHL]UDDYDPR LQMHQMHPLQHLQMHQMHPSLVPRPLJRYRURP GRNXPHQDWDRELQRMRXYLMHNSLVDQLKQDSDSLULPDDOLVHVYHYLHNRULVWH
,GHMHQLVXOHSWLULRQHVXUH]XOWDWWHNRJUDGD,GHMHSUHREOLNXMXVYLMHWDQH UHDOL]LUDWL5D]PMHQDWLKREDYLMHVWLMHGDQDVQDUD]LQLSLVDQLKLFUWDQLK
QMHQDPHKDQLNDSRVWLJQXD GRNRULWHQMDSRVWRMLQHRYLVQRRVWDQMXUDGRYD%H]LGHMHQHELVHPRJORQLWD
,GHMHVXVUHGVWYR]DSUHREUD]EXVYLMHWDDQHXNUDVLQLWDQLMHXQRVQLMHRG ,QIRUPDFLMDXSURL]YRGQRPODQFXRGSUYHLGHMHVYHGRUHDOL]DFLMHXSUDNVLL
MHGQHGREUHLGHMH DGDSWLUDQHLULJLGQHXNRHQHVWURJHRVREH
,GHMHYMHURYDQMDLSRQDDQMDDXWHQWLQLKRVREDXYLMHNHQDLOD]LWLQDRWSRUX GUXWYXPDNROLNRELOHRSUDYGDQHLUDFLRQDOQHMHURQHXQRVHQHPLUXGREUR
GUXWYXPDNROLNRELOHRSUDYGDQHLUDFLRQDOQHMHURQHXQRVHQHPLUXGREUR ,GHMHYMHURYDQMDLSRQDDQMDDXWHQWLQLKRVREDXYLMHNHQDLOD]LWLQDRWSRUX
DGDSWLUDQHLULJLGQHXNRHQHVWURJHRVREH MHGQHGREUHLGHMH
,QIRUPDFLMDXSURL]YRGQRPODQFXRGSUYHLGHMHVYHGRUHDOL]DFLMHXSUDNVLL ,GHMHVXVUHGVWYR]DSUHREUD]EXVYLMHWDDQHXNUDVLQLWDQLMHXQRVQLMHRG
GRNRULWHQMDSRVWRMLQHRYLVQRRVWDQMXUDGRYD%H]LGHMHQHELVHPRJORQLWD QMHQDPHKDQLNDSRVWLJQXD
UHDOL]LUDWL5D]PMHQDWLKREDYLMHVWLMHGDQDVQDUD]LQLSLVDQLKLFUWDQLK ,GHMHQLVXOHSWLULRQHVXUH]XOWDWWHNRJUDGD,GHMHSUHREOLNXMXVYLMHWDQH
GRNXPHQDWDRELQRMRXYLMHNSLVDQLKQDSDSLULPDDOLVHVYHYLHNRULVWH ,GHMHL]UDDYDPR LQMHQMHPLQHLQMHQMHPSLVPRPLJRYRURP
HOHNWURQVNHUD]PMHQHREDYLMHVWL
,GHMDNRMDQLMHRSDVQDXRSHQH]DVOXXMHGDVHQD]LYDLGHMRP
-DVDPGREUDVSXYDMHUXSLMDPLGHMHLLQLPLKXSRWUHEOMLYLPD9HLQD
PRMLKLGHMDSUYRELWQRMHSULSDGDODGUXJLPOMXGLPDNRMLVHQLVXWUXGLOLGDOMHLK ]QDQRVWSROLWLND]DNRQPRUDOUHOLJLMDLJUHLGU
UD]YLMDWL RVWDODSRGUXMDGXKRYQLKGRVWLJQXDNDRWRVXMH]LNJRYRUXPMHWQRVW
RGQRVRPOMXGLMH]LNRPVWYDUQRJLYRWD7DSURL]YRGQMDLGHMDYULMHGLL]D
.DGMHRYMHN]DOMXEOMHQXQHNXLGHMXYUORJDMHWHNRXYMHULWLXQMH]LQX SULMHVYHJDVHQHSRVUHGQRSUHSOHHVPDWHULMDOQRPGMHODWQRXLPDWHULMDOQLP
QHRVQRYDQRVW DSHOLUDQDRGUHHQHQDJRQVNHVDGUDMHSURL]YRGQMDLGHMDSUHGRGELVYLMHVWL
.DNRPRHELWLYHOLNDSURYDOLMDNRMDQXQRRVWDMHL]PHXLGHMHLQMH]LQD ,DNRGMHORYDQMHLGHMHSRLYDQDQMH]LQRPQHVYMHVQRPVDGUDMXDXSLWQRMHGD
RVWYDUHQMDQHPRHQLWNRRGUHGLWL QDPDLSUHGVWDYOMDMXPRUDOQHHQHUJLMH
.DNRVHJHQHULUDMXLGHMH GUXJRPXSRWUHERPDGDSWDFLMRPPRGLILNDFLMRP VHMDYOMDRVMHDMEHVSRPRQRVWLGUXJLVPDWUDMXGDVHLGHMHQDOD]HXVYLPD
XYHDQMHPVPDQMLYDQMHP]DPMHQRPSUHXUHHQMHPWHSUHRNUHWDQMHP 1LVPRGRUDVOLQRYLPLGHMDPDGDQDPL]PLXQDPQHNHVSR]QDMH]ERJHJD
WUDQVIRUPDFLMRP .DGDVD]ULMHYULMHPH]DQHNXLGHMXRQGDVHRQDSRMDYOMXMHVYXGD
0HWRGHWUDHQMDLGHMDUD]UDGLOLVXPQRJLDXWRUL]DYLVQRRSULVWXSXLVNXVWYR
VWXSQMDXUD]XPLMHYDQMDMHGQRPULMHMXSRJOHGXQDVYLMHW$NRPHWRGRORJLMX 2FMHQMXMLGHMHSUHPDIXQNFLRQDOQRVWLQHSUHPDL]YRUX
p,JUDMVHVLGHMDPD
VKYDWLPRNDRVNXS]QDQMDGREURHGRLVYDNLSULVWXSNRMLVHPRH
SULPLMHQLWLQDRGUHHQXVUHGLQX DNWLYDQSULVWXSVWYDUDQMHLGHMDSDVLYDQ
MHGQDNRNDRLPDUNVL]DP SULVWXSSULNXSOMDQMHLSUHX]LPDQMHLGHMDLQWHUQRUD]PDWUDQMHL]YMHWDMD
6YHYHOLNHLGHMHSUHWYDUDPRXSRJUHQRVYHSHUYHUWLUDPRNUDQVWYR DQNHWDXSLWDRSLLSR]LYQLQDWMHDMLUD]QLSULMHGOR]LHNVWHUQRVDMPRYL
UD]XPD]RYHPLGHMRP OLWHUDWXUDSURVSHNWLNRQWDNWLVDNXSFLPDVHPLQDULVDYMHWRYDQMDLGUXJR
6YHWRGXKRSDDXVHELLOLWRMHSRVUHGDQSUHGPHWRSDDQMDPLOMHQMDLOL 0ODGRYMHNQHWUHEDDOLWLWRQHPDPLOLMXQHGDUD]YLMHQHNXLGHMX
PLVOHLSUHGYLDMXSUHPDVWYDUDRFLPDLGHMD 5D]PLOMDQMHQHVWRMLPLOLMXQHDUD]PLOMDQMHPVHVWYDUDLGHMD
SURQDLQRYLNOMX]DQRYXVLWXDFLMXLWHNWDGDVHRWYDUDMXSUHPDOMXGLPDNRML 0QRJHLGHMHXPLUXYHXVDPRPQDVWDMDQMXLQHSUHOD]HVWXSDQMSULYLHQMD
RQLVXL]QHQDHQLLL]JXEOMHQL7HNWDGDSRVWDMXVYMHVQLNROLNRMHYDQR ,QNXEDFLMDLSURYMHUDYDQMHPRHVHQDVWDYLWLLXQHNRMGUXJRMRVREL
QRYRPVLWXDFLMRPLOLSUREOHPRPNRMLVHQHPRHUD]ULMHLWLQDVWDULQDLQ 1LLGHMDQLOMXGVNDHQHUJLMDQLYMHWLQDQHPDMXSURPHWQXYULMHGQRVWDNR]D
DGDSWDFLMH$OLRQRJWUHQXWNDNDGDVHSRMHGLQDFLOLJUXSDQDXSUHGMHGQRP QMLPDQHPDSRWUDQMHQDSRVWRMHLPWULQLPXYMHWLPD
SRMHGLQDFQLJUXSDQHRVMHDMXSRWUHEX]DVWYDUDQMHPWMUHPHHQMHPVYRMH
SUREOHPHQDXVWDOMHQQDYLNQXWLVWDQGDUGL]LUDQLLVYDNRPHSR]QDWLQDLQQL 1LWDQLMHWDNRYDQR]DGREUXLGHMXQHJRNDGRQDGRHXSUDYRYULMHPH
6YHGRNSRMHGLQDFLJUXSDPRHUMHDYDWLVYRMHLQGLYLGXDOQHLOLNROHNWLYQH 1LWLMHGQDLGHMDQLMH]DSRGFMHQMLYDQMH
VKYDDPRXSRWSXQRVWL 2QRWRNUHDWLYQXOLQRVWRGYDMDRGSURVMHQLKRVREDVXLGHMH,GHMDMHULMH
QLHJWDMDQVWYHQRJLOLQDWSULURGQRJD1DGDKQXHPHXWLPMRXYLMHNQH JUNRJSRGULMHWODLSUHGVWDYOMDPQRJR]QDDQSRMDP PLVDR]DPLVDR
LVNXVWYDWHLKNDVQLMHSRQRYRUDVWXPDLWLHVWRXORMHGDULSDNXWRPHQHPD SUHGRGEXSRMDPVKYDDQMH,GHMDMHSURL]YRGOMXGVNHVYLMHVWLLUD]XPDQH
UD]XPVNRJLVNXVWYDLRVMHWOMLYRVWLRVREHNRMD]QDVDNXSOMDWLLVDXYDWLVYRMD XYLMHNDUD]XPMHVYRMVWYRYLVRNRRUJDQL]LUDQHPDWHULMHVSHFLILQHVWUXNWXUH
SUHGPHWXVYRMLKLVNXVWDYD7HVQDJHVXQHWRNDRHVWRXOR2QHVXUH]XOWDW LYLKELD
QDGDKQXHPNRMLVHWHPHOMLQDQHHPXWRMHQDOLNQDUD]XPQXOMXEDYSUHPD 1HPDORJLNHPHWRGH]DQRYHLGHMH 6YRMHQD]RUHELKQDMODNHL]UD]LRNDGD
1HPDORJLQRJSXWDNRMLELGRYHRGRRSLK]DNRQD'RQMLKVHGROD]LVDPR ELKUHNDRGDMHXVYDNRPRWNULXQHUD]XPVNLGLRLOLVWYDUDODNRQDGDKQXH
ELKUHNDRGDMHXVYDNRPRWNULXQHUD]XPVNLGLRLOLVWYDUDODNRQDGDKQXH 1HPDORJLQRJSXWDNRMLELGRYHRGRRSLK]DNRQD'RQMLKVHGROD]LVDPR
1HPDORJLNHPHWRGH]DQRYHLGHMH 6YRMHQD]RUHELKQDMODNHL]UD]LRNDGD QDGDKQXHPNRMLVHWHPHOMLQDQHHPXWRMHQDOLNQDUD]XPQXOMXEDYSUHPD
LYLKELD SUHGPHWXVYRMLKLVNXVWDYD7HVQDJHVXQHWRNDRHVWRXOR2QHVXUH]XOWDW
XYLMHNDUD]XPMHVYRMVWYRYLVRNRRUJDQL]LUDQHPDWHULMHVSHFLILQHVWUXNWXUH UD]XPVNRJLVNXVWYDLRVMHWOMLYRVWLRVREHNRMD]QDVDNXSOMDWLLVDXYDWLVYRMD
SUHGRGEXSRMDPVKYDDQMH,GHMDMHSURL]YRGOMXGVNHVYLMHVWLLUD]XPDQH LVNXVWYDWHLKNDVQLMHSRQRYRUDVWXPDLWLHVWRXORMHGDULSDNXWRPHQHPD
JUNRJSRGULMHWODLSUHGVWDYOMDPQRJR]QDDQSRMDP PLVDR]DPLVDR QLHJWDMDQVWYHQRJLOLQDWSULURGQRJD1DGDKQXHPHXWLPMRXYLMHNQH
2QRWRNUHDWLYQXOLQRVWRGYDMDRGSURVMHQLKRVREDVXLGHMH,GHMDMHULMH VKYDDPRXSRWSXQRVWL
1LWLMHGQDLGHMDQLMH]DSRGFMHQMLYDQMH 6YHGRNSRMHGLQDFLJUXSDPRHUMHDYDWLVYRMHLQGLYLGXDOQHLOLNROHNWLYQH
1LWDQLMHWDNRYDQR]DGREUXLGHMXQHJRNDGRQDGRHXSUDYRYULMHPH SUREOHPHQDXVWDOMHQQDYLNQXWLVWDQGDUGL]LUDQLLVYDNRPHSR]QDWLQDLQQL
SRMHGLQDFQLJUXSDQHRVMHDMXSRWUHEX]DVWYDUDQMHPWMUHPHHQMHPVYRMH
QMLPDQHPDSRWUDQMHQDSRVWRMHLPWULQLPXYMHWLPD DGDSWDFLMH$OLRQRJWUHQXWNDNDGDVHSRMHGLQDFLOLJUXSDQDXSUHGMHGQRP
1LLGHMDQLOMXGVNDHQHUJLMDQLYMHWLQDQHPDMXSURPHWQXYULMHGQRVWDNR]D QRYRPVLWXDFLMRPLOLSUREOHPRPNRMLVHQHPRHUD]ULMHLWLQDVWDULQDLQ
,QNXEDFLMDLSURYMHUDYDQMHPRHVHQDVWDYLWLLXQHNRMGUXJRMRVREL RQLVXL]QHQDHQLLL]JXEOMHQL7HNWDGDSRVWDMXVYMHVQLNROLNRMHYDQR
0QRJHLGHMHXPLUXYHXVDPRPQDVWDMDQMXLQHSUHOD]HVWXSDQMSULYLHQMD SURQDLQRYLNOMX]DQRYXVLWXDFLMXLWHNWDGDVHRWYDUDMXSUHPDOMXGLPDNRML
5D]PLOMDQMHQHVWRMLPLOLMXQHDUD]PLOMDQMHPVHVWYDUDLGHMD PLVOHLSUHGYLDMXSUHPDVWYDUDRFLPDLGHMD
0ODGRYMHNQHWUHEDDOLWLWRQHPDPLOLMXQHGDUD]YLMHQHNXLGHMX 6YHWRGXKRSDDXVHELLOLWRMHSRVUHGDQSUHGPHWRSDDQMDPLOMHQMDLOL
OLWHUDWXUDSURVSHNWLNRQWDNWLVDNXSFLPDVHPLQDULVDYMHWRYDQMDLGUXJR UD]XPD]RYHPLGHMRP
DQNHWDXSLWDRSLLSR]LYQLQDWMHDMLUD]QLSULMHGOR]LHNVWHUQRVDMPRYL 6YHYHOLNHLGHMHSUHWYDUDPRXSRJUHQRVYHSHUYHUWLUDPRNUDQVWYR
SULVWXSSULNXSOMDQMHLSUHX]LPDQMHLGHMDLQWHUQRUD]PDWUDQMHL]YMHWDMD MHGQDNRNDRLPDUNVL]DP
SULPLMHQLWLQDRGUHHQXVUHGLQX DNWLYDQSULVWXSVWYDUDQMHLGHMDSDVLYDQ
VKYDWLPRNDRVNXS]QDQMDGREURHGRLVYDNLSULVWXSNRMLVHPRH
VKYDWLPRNDRVNXS]QDQMDGREURHGRLVYDNLSULVWXSNRMLVHPRH
SULPLMHQLWLQDRGUHHQXVUHGLQX DNWLYDQSULVWXSVWYDUDQMHLGHMDSDVLYDQ
MHGQDNRNDRLPDUNVL]DP SULVWXSSULNXSOMDQMHLSUHX]LPDQMHLGHMDLQWHUQRUD]PDWUDQMHL]YMHWDMD
6YHYHOLNHLGHMHSUHWYDUDPRXSRJUHQRVYHSHUYHUWLUDPRNUDQVWYR DQNHWDXSLWDRSLLSR]LYQLQDWMHDMLUD]QLSULMHGOR]LHNVWHUQRVDMPRYL
UD]XPD]RYHPLGHMRP OLWHUDWXUDSURVSHNWLNRQWDNWLVDNXSFLPDVHPLQDULVDYMHWRYDQMDLGUXJR
6YHWRGXKRSDDXVHELLOLWRMHSRVUHGDQSUHGPHWRSDDQMDPLOMHQMDLOL 0ODGRYMHNQHWUHEDDOLWLWRQHPDPLOLMXQHGDUD]YLMHQHNXLGHMX
PLVOHLSUHGYLDMXSUHPDVWYDUDRFLPDLGHMD 5D]PLOMDQMHQHVWRMLPLOLMXQHDUD]PLOMDQMHPVHVWYDUDLGHMD
SURQDLQRYLNOMX]DQRYXVLWXDFLMXLWHNWDGDVHRWYDUDMXSUHPDOMXGLPDNRML 0QRJHLGHMHXPLUXYHXVDPRPQDVWDMDQMXLQHSUHOD]HVWXSDQMSULYLHQMD
RQLVXL]QHQDHQLLL]JXEOMHQL7HNWDGDSRVWDMXVYMHVQLNROLNRMHYDQR ,QNXEDFLMDLSURYMHUDYDQMHPRHVHQDVWDYLWLLXQHNRMGUXJRMRVREL
QRYRPVLWXDFLMRPLOLSUREOHPRPNRMLVHQHPRHUD]ULMHLWLQDVWDULQDLQ 1LLGHMDQLOMXGVNDHQHUJLMDQLYMHWLQDQHPDMXSURPHWQXYULMHGQRVWDNR]D
DGDSWDFLMH$OLRQRJWUHQXWNDNDGDVHSRMHGLQDFLOLJUXSDQDXSUHGMHGQRP QMLPDQHPDSRWUDQMHQDSRVWRMHLPWULQLPXYMHWLPD
SRMHGLQDFQLJUXSDQHRVMHDMXSRWUHEX]DVWYDUDQMHPWMUHPHHQMHPVYRMH
SUREOHPHQDXVWDOMHQQDYLNQXWLVWDQGDUGL]LUDQLLVYDNRPHSR]QDWLQDLQQL 1LWDQLMHWDNRYDQR]DGREUXLGHMXQHJRNDGRQDGRHXSUDYRYULMHPH
6YHGRNSRMHGLQDFLJUXSDPRHUMHDYDWLVYRMHLQGLYLGXDOQHLOLNROHNWLYQH 1LWLMHGQDLGHMDQLMH]DSRGFMHQMLYDQMH
VKYDDPRXSRWSXQRVWL 2QRWRNUHDWLYQXOLQRVWRGYDMDRGSURVMHQLKRVREDVXLGHMH,GHMDMHULMH
QLHJWDMDQVWYHQRJLOLQDWSULURGQRJD1DGDKQXHPHXWLPMRXYLMHNQH JUNRJSRGULMHWODLSUHGVWDYOMDPQRJR]QDDQSRMDP PLVDR]DPLVDR
LVNXVWYDWHLKNDVQLMHSRQRYRUDVWXPDLWLHVWRXORMHGDULSDNXWRPHQHPD SUHGRGEXSRMDPVKYDDQMH,GHMDMHSURL]YRGOMXGVNHVYLMHVWLLUD]XPDQH
UD]XPVNRJLVNXVWYDLRVMHWOMLYRVWLRVREHNRMD]QDVDNXSOMDWLLVDXYDWLVYRMD XYLMHNDUD]XPMHVYRMVWYRYLVRNRRUJDQL]LUDQHPDWHULMHVSHFLILQHVWUXNWXUH
SUHGPHWXVYRMLKLVNXVWDYD7HVQDJHVXQHWRNDRHVWRXOR2QHVXUH]XOWDW LYLKELD
QDGDKQXHPNRMLVHWHPHOMLQDQHHPXWRMHQDOLNQDUD]XPQXOMXEDYSUHPD 1HPDORJLNHPHWRGH]DQRYHLGHMH 6YRMHQD]RUHELKQDMODNHL]UD]LRNDGD
1HPDORJLQRJSXWDNRMLELGRYHRGRRSLK]DNRQD'RQMLKVHGROD]LVDPR ELKUHNDRGDMHXVYDNRPRWNULXQHUD]XPVNLGLRLOLVWYDUDODNRQDGDKQXH
ELKUHNDRGDMHXVYDNRPRWNULXQHUD]XPVNLGLRLOLVWYDUDODNRQDGDKQXH 1HPDORJLQRJSXWDNRMLELGRYHRGRRSLK]DNRQD'RQMLKVHGROD]LVDPR
1HPDORJLNHPHWRGH]DQRYHLGHMH 6YRMHQD]RUHELKQDMODNHL]UD]LRNDGD QDGDKQXHPNRMLVHWHPHOMLQDQHHPXWRMHQDOLNQDUD]XPQXOMXEDYSUHPD
LYLKELD SUHGPHWXVYRMLKLVNXVWDYD7HVQDJHVXQHWRNDRHVWRXOR2QHVXUH]XOWDW
XYLMHNDUD]XPMHVYRMVWYRYLVRNRRUJDQL]LUDQHPDWHULMHVSHFLILQHVWUXNWXUH UD]XPVNRJLVNXVWYDLRVMHWOMLYRVWLRVREHNRMD]QDVDNXSOMDWLLVDXYDWLVYRMD
SUHGRGEXSRMDPVKYDDQMH,GHMDMHSURL]YRGOMXGVNHVYLMHVWLLUD]XPDQH LVNXVWYDWHLKNDVQLMHSRQRYRUDVWXPDLWLHVWRXORMHGDULSDNXWRPHQHPD
JUNRJSRGULMHWODLSUHGVWDYOMDPQRJR]QDDQSRMDP PLVDR]DPLVDR QLHJWDMDQVWYHQRJLOLQDWSULURGQRJD1DGDKQXHPHXWLPMRXYLMHNQH
2QRWRNUHDWLYQXOLQRVWRGYDMDRGSURVMHQLKRVREDVXLGHMH,GHMDMHULMH VKYDDPRXSRWSXQRVWL
1LWLMHGQDLGHMDQLMH]DSRGFMHQMLYDQMH 6YHGRNSRMHGLQDFLJUXSDPRHUMHDYDWLVYRMHLQGLYLGXDOQHLOLNROHNWLYQH
1LWDQLMHWDNRYDQR]DGREUXLGHMXQHJRNDGRQDGRHXSUDYRYULMHPH SUREOHPHQDXVWDOMHQQDYLNQXWLVWDQGDUGL]LUDQLLVYDNRPHSR]QDWLQDLQQL
SRMHGLQDFQLJUXSDQHRVMHDMXSRWUHEX]DVWYDUDQMHPWMUHPHHQMHPVYRMH
QMLPDQHPDSRWUDQMHQDSRVWRMHLPWULQLPXYMHWLPD DGDSWDFLMH$OLRQRJWUHQXWNDNDGDVHSRMHGLQDFLOLJUXSDQDXSUHGMHGQRP
1LLGHMDQLOMXGVNDHQHUJLMDQLYMHWLQDQHPDMXSURPHWQXYULMHGQRVWDNR]D QRYRPVLWXDFLMRPLOLSUREOHPRPNRMLVHQHPRHUD]ULMHLWLQDVWDULQDLQ
,QNXEDFLMDLSURYMHUDYDQMHPRHVHQDVWDYLWLLXQHNRMGUXJRMRVREL RQLVXL]QHQDHQLLL]JXEOMHQL7HNWDGDSRVWDMXVYMHVQLNROLNRMHYDQR
0QRJHLGHMHXPLUXYHXVDPRPQDVWDMDQMXLQHSUHOD]HVWXSDQMSULYLHQMD SURQDLQRYLNOMX]DQRYXVLWXDFLMXLWHNWDGDVHRWYDUDMXSUHPDOMXGLPDNRML
5D]PLOMDQMHQHVWRMLPLOLMXQHDUD]PLOMDQMHPVHVWYDUDLGHMD PLVOHLSUHGYLDMXSUHPDVWYDUDRFLPDLGHMD
0ODGRYMHNQHWUHEDDOLWLWRQHPDPLOLMXQHGDUD]YLMHQHNXLGHMX 6YHWRGXKRSDDXVHELLOLWRMHSRVUHGDQSUHGPHWRSDDQMDPLOMHQMDLOL
OLWHUDWXUDSURVSHNWLNRQWDNWLVDNXSFLPDVHPLQDULVDYMHWRYDQMDLGUXJR UD]XPD]RYHPLGHMRP
DQNHWDXSLWDRSLLSR]LYQLQDWMHDMLUD]QLSULMHGOR]LHNVWHUQRVDMPRYL 6YHYHOLNHLGHMHSUHWYDUDPRXSRJUHQRVYHSHUYHUWLUDPRNUDQVWYR
SULVWXSSULNXSOMDQMHLSUHX]LPDQMHLGHMDLQWHUQRUD]PDWUDQMHL]YMHWDMD MHGQDNRNDRLPDUNVL]DP
SULPLMHQLWLQDRGUHHQXVUHGLQX DNWLYDQSULVWXSVWYDUDQMHLGHMDSDVLYDQ
VKYDWLPRNDRVNXS]QDQMDGREURHGRLVYDNLSULVWXSNRMLVHPRH
UHEDQDUDYQRUD]OLNRYDWLLQMHQLFHRGLGHMH
7
9HOLNDVHQDNDQDGRLPDXSRHWNXNDROXGRVW JRWRYRQDJRQVNR.DGDVSR]QDNDNRELWUHEDORSRVWXSLWLYHVL]DDR
pRYMHNVHQHPRHUD]YLMDWLDNRVDPQHPDLQLFLMDWLYXGMHORYDQMD p3RWXMLVNXVQHDOL,VNXVWYRMHWROLNRSRGVYMHVQRWDNRGDL]JOHGD
5DVSRQOMXGVNHLQLFLMDWLYHGDQDVSRVWDMHRSDVDQNRQNXUHQWVXVWDYXPRLSD VYHQHVKYDWOMLYR
QLMHXGQRGDVHVYDNLSRNXDMVDPRRUJDQL]LUDQMDRJUDQLDYDVXYLQLPL ,QWHOLJHQFLMDMHRQRVYRMVWYRGXKDSRPRXNRMHJDNRQDQRVKYDDPRGDMH
NRPSOLFLUDQLPSURSLVLPDL]DNRQLPD
]DMHGQRVQHSULMDWHOMHP
6PUW]DNUHDWLYQRVWXQXWDUQHNHWYUWNHMHVWDYUXNRYRGLRFDNRMLVYDNRMQRYRM ,QWHOLJHQWQDQHSULMDWHOMVNDOMXEDYSROD]LRGWRJDGDVHPLUPRHRXYDWLVDPR
]DPLVOLDSULRULNDHQHLWDNRJXLLQLFLMDWLYXYHX]DHWNX
p,QWHOLJHQFLMDMHVSRVREQRVWGDVHSULKYDWLVYRMDRNROLQD
=DEXGXHRGUDVORLRGJRYRUQRELHSLWDQMHUD]YLMDQMDLQLFLMDWLYHMHQHRELQR
YDQRMHUSRMDPLQLFLMDWLYHSUHGVWDYOMDVORERGQRGHPRNUDWVNRL]MDQMDYDQMH VXQD]RQLXVYLPOMXGLPDQDUD]LQLVYLMHVWLSUHGVYMHVWLLSRGVYLMHVWL
RVYLPDNWXDOQLPSLWDQMLPDSRVHELFHGUXWYHQRSROLWLNLPLJRVSRGDUVNLP 3RVWRMHHWLULSVLKLNHGMHODWQRVWL PLOMHQMHRVMHDMRVMHWLQDGDKQXHNRML
SUREOHPLPD6WDOQRGMHWHWXJRYRUHQMHQHMHGDQMHRGREOLNDJXHQMD FLOMHPRQRJDWR]DMHGQRSRGX]LPDMX
LQLFLMDWLYH VHEHLWRYHLGLRRQLKNRMLGMHOXMX]DMHGQRVQMLPHLGHQWLILFLUDVDVPLVORPL
p'RLNQDPDVLLQDQDVL]DSRVMHGQL6YHWD,QVSLUDFLMR 8LVWLQXPRWLYLUDVDPRRQDLQVSLUDFLMDWRSROD]LRGSRGX]HWQLNDNRMLVDPD
1DGDKQXHVHVDVWRMLXWRPHGDRYMHNVMHGQH]DUDGQLVWROVYDNLGDQXLVWR x DNLYLGRYLWRVW
YULMHPH x L]YDQUHGQHVLQWHWLNHXVWURMHQRVWL
,QVSLUDFLMDMHNDRERDQVNDPX]DQDGDKQXD1HMDVQLVXSXWRYLQMHQRJ
QDVWDMDQMD
x ODNRVDJOHGDYDQMHFMHOLQH
1DGDKQXHQRVL
x GR]XSRMDDQHMDVQRHLRWULQHRSDDQMD
x GR]XSRMDDQHMDVQRHLRWULQHRSDDQMD
1DGDKQXHQRVL
x ODNRVDJOHGDYDQMHFMHOLQH
QDVWDMDQMD
,QVSLUDFLMDMHNDRERDQVNDPX]DQDGDKQXD1HMDVQLVXSXWRYLQMHQRJ
x L]YDQUHGQHVLQWHWLNHXVWURMHQRVWL YULMHPH
x DNLYLGRYLWRVW 1DGDKQXHVHVDVWRMLXWRPHGDRYMHNVMHGQH]DUDGQLVWROVYDNLGDQXLVWR
8LVWLQXPRWLYLUDVDPRRQDLQVSLUDFLMDWRSROD]LRGSRGX]HWQLNDNRMLVDPD p'RLNQDPDVLLQDQDVL]DSRVMHGQL6YHWD,QVSLUDFLMR
VHEHLWRYHLGLRRQLKNRMLGMHOXMX]DMHGQRVQMLPHLGHQWLILFLUDVDVPLVORPL LQLFLMDWLYH
FLOMHPRQRJDWR]DMHGQRSRGX]LPDMX SUREOHPLPD6WDOQRGMHWHWXJRYRUHQMHQHMHGDQMHRGREOLNDJXHQMD
3RVWRMHHWLULSVLKLNHGMHODWQRVWL PLOMHQMHRVMHDMRVMHWLQDGDKQXHNRML RVYLPDNWXDOQLPSLWDQMLPDSRVHELFHGUXWYHQRSROLWLNLPLJRVSRGDUVNLP
VXQD]RQLXVYLPOMXGLPDQDUD]LQLVYLMHVWLSUHGVYMHVWLLSRGVYLMHVWL YDQRMHUSRMDPLQLFLMDWLYHSUHGVWDYOMDVORERGQRGHPRNUDWVNRL]MDQMDYDQMH
=DEXGXHRGUDVORLRGJRYRUQRELHSLWDQMHUD]YLMDQMDLQLFLMDWLYHMHQHRELQR
p,QWHOLJHQFLMDMHVSRVREQRVWGDVHSULKYDWLVYRMDRNROLQD
]DPLVOLDSULRULNDHQHLWDNRJXLLQLFLMDWLYXYHX]DHWNX
,QWHOLJHQWQDQHSULMDWHOMVNDOMXEDYSROD]LRGWRJDGDVHPLUPRHRXYDWLVDPR 6PUW]DNUHDWLYQRVWXQXWDUQHNHWYUWNHMHVWDYUXNRYRGLRFDNRMLVYDNRMQRYRM
]DMHGQRVQHSULMDWHOMHP
NRPSOLFLUDQLPSURSLVLPDL]DNRQLPD
,QWHOLJHQFLMDMHRQRVYRMVWYRGXKDSRPRXNRMHJDNRQDQRVKYDDPRGDMH QLMHXGQRGDVHVYDNLSRNXDMVDPRRUJDQL]LUDQMDRJUDQLDYDVXYLQLPL
VYHQHVKYDWOMLYR 5DVSRQOMXGVNHLQLFLMDWLYHGDQDVSRVWDMHRSDVDQNRQNXUHQWVXVWDYXPRLSD
p3RWXMLVNXVQHDOL,VNXVWYRMHWROLNRSRGVYMHVQRWDNRGDL]JOHGD pRYMHNVHQHPRHUD]YLMDWLDNRVDPQHPDLQLFLMDWLYXGMHORYDQMD
JRWRYRQDJRQVNR.DGDVSR]QDNDNRELWUHEDORSRVWXSLWLYHVL]DDR 9HOLNDVHQDNDQDGRLPDXSRHWNXNDROXGRVW
7UHEDQDUDYQRUD]OLNRYDWLLQMHQLFHRGLGHMH
7UHEDQDUDYQRUD]OLNRYDWLLQMHQLFHRGLGHMH
HOLNDVHQDNDQDGRLPDXSRHWNXNDROXGRVW
9 JRWRYRQDJRQVNR.DGDVSR]QDNDNRELWUHEDORSRVWXSLWLYHVL]DDR
pRYMHNVHQHPRHUD]YLMDWLDNRVDPQHPDLQLFLMDWLYXGMHORYDQMD p3RWXMLVNXVQHDOL,VNXVWYRMHWROLNRSRGVYMHVQRWDNRGDL]JOHGD
5DVSRQOMXGVNHLQLFLMDWLYHGDQDVSRVWDMHRSDVDQNRQNXUHQWVXVWDYXPRLSD VYHQHVKYDWOMLYR
QLMHXGQRGDVHVYDNLSRNXDMVDPRRUJDQL]LUDQMDRJUDQLDYDVXYLQLPL ,QWHOLJHQFLMDMHRQRVYRMVWYRGXKDSRPRXNRMHJDNRQDQRVKYDDPRGDMH
NRPSOLFLUDQLPSURSLVLPDL]DNRQLPD
]DMHGQRVQHSULMDWHOMHP
6PUW]DNUHDWLYQRVWXQXWDUQHNHWYUWNHMHVWDYUXNRYRGLRFDNRMLVYDNRMQRYRM ,QWHOLJHQWQDQHSULMDWHOMVNDOMXEDYSROD]LRGWRJDGDVHPLUPRHRXYDWLVDPR
]DPLVOLDSULRULNDHQHLWDNRJXLLQLFLMDWLYXYHX]DHWNX
p,QWHOLJHQFLMDMHVSRVREQRVWGDVHSULKYDWLVYRMDRNROLQD
=DEXGXHRGUDVORLRGJRYRUQRELHSLWDQMHUD]YLMDQMDLQLFLMDWLYHMHQHRELQR
YDQRMHUSRMDPLQLFLMDWLYHSUHGVWDYOMDVORERGQRGHPRNUDWVNRL]MDQMDYDQMH VXQD]RQLXVYLPOMXGLPDQDUD]LQLVYLMHVWLSUHGVYMHVWLLSRGVYLMHVWL
RVYLPDNWXDOQLPSLWDQMLPDSRVHELFHGUXWYHQRSROLWLNLPLJRVSRGDUVNLP 3RVWRMHHWLULSVLKLNHGMHODWQRVWL PLOMHQMHRVMHDMRVMHWLQDGDKQXHNRML
SUREOHPLPD6WDOQRGMHWHWXJRYRUHQMHQHMHGDQMHRGREOLNDJXHQMD FLOMHPRQRJDWR]DMHGQRSRGX]LPDMX
LQLFLMDWLYH VHEHLWRYHLGLRRQLKNRMLGMHOXMX]DMHGQRVQMLPHLGHQWLILFLUDVDVPLVORPL
p'RLNQDPDVLLQDQDVL]DSRVMHGQL6YHWD,QVSLUDFLMR 8LVWLQXPRWLYLUDVDPRRQDLQVSLUDFLMDWRSROD]LRGSRGX]HWQLNDNRMLVDPD
1DGDKQXHVHVDVWRMLXWRPHGDRYMHNVMHGQH]DUDGQLVWROVYDNLGDQXLVWR x DNLYLGRYLWRVW
YULMHPH x L]YDQUHGQHVLQWHWLNHXVWURMHQRVWL
,QVSLUDFLMDMHNDRERDQVNDPX]DQDGDKQXD1HMDVQLVXSXWRYLQMHQRJ
QDVWDMDQMD
x ODNRVDJOHGDYDQMHFMHOLQH
1DGDKQXHQRVL
x GR]XSRMDDQHMDVQRHLRWULQHRSDDQMD
x GR]XSRMDDQHMDVQRHLRWULQHRSDDQMD
1DGDKQXHQRVL
x ODNRVDJOHGDYDQMHFMHOLQH
QDVWDMDQMD
,QVSLUDFLMDMHNDRERDQVNDPX]DQDGDKQXD1HMDVQLVXSXWRYLQMHQRJ
x L]YDQUHGQHVLQWHWLNHXVWURMHQRVWL YULMHPH
x DNLYLGRYLWRVW 1DGDKQXHVHVDVWRMLXWRPHGDRYMHNVMHGQH]DUDGQLVWROVYDNLGDQXLVWR
8LVWLQXPRWLYLUDVDPRRQDLQVSLUDFLMDWRSROD]LRGSRGX]HWQLNDNRMLVDPD p'RLNQDPDVLLQDQDVL]DSRVMHGQL6YHWD,QVSLUDFLMR
VHEHLWRYHLGLRRQLKNRMLGMHOXMX]DMHGQRVQMLPHLGHQWLILFLUDVDVPLVORPL LQLFLMDWLYH
FLOMHPRQRJDWR]DMHGQRSRGX]LPDMX SUREOHPLPD6WDOQRGMHWHWXJRYRUHQMHQHMHGDQMHRGREOLNDJXHQMD
3RVWRMHHWLULSVLKLNHGMHODWQRVWL PLOMHQMHRVMHDMRVMHWLQDGDKQXHNRML RVYLPDNWXDOQLPSLWDQMLPDSRVHELFHGUXWYHQRSROLWLNLPLJRVSRGDUVNLP
VXQD]RQLXVYLPOMXGLPDQDUD]LQLVYLMHVWLSUHGVYMHVWLLSRGVYLMHVWL YDQRMHUSRMDPLQLFLMDWLYHSUHGVWDYOMDVORERGQRGHPRNUDWVNRL]MDQMDYDQMH
=DEXGXHRGUDVORLRGJRYRUQRELHSLWDQMHUD]YLMDQMDLQLFLMDWLYHMHQHRELQR
p,QWHOLJHQFLMDMHVSRVREQRVWGDVHSULKYDWLVYRMDRNROLQD
]DPLVOLDSULRULNDHQHLWDNRJXLLQLFLMDWLYXYHX]DHWNX
,QWHOLJHQWQDQHSULMDWHOMVNDOMXEDYSROD]LRGWRJDGDVHPLUPRHRXYDWLVDPR 6PUW]DNUHDWLYQRVWXQXWDUQHNHWYUWNHMHVWDYUXNRYRGLRFDNRMLVYDNRMQRYRM
]DMHGQRVQHSULMDWHOMHP
NRPSOLFLUDQLPSURSLVLPDL]DNRQLPD
,QWHOLJHQFLMDMHRQRVYRMVWYRGXKDSRPRXNRMHJDNRQDQRVKYDDPRGDMH QLMHXGQRGDVHVYDNLSRNXDMVDPRRUJDQL]LUDQMDRJUDQLDYDVXYLQLPL
VYHQHVKYDWOMLYR 5DVSRQOMXGVNHLQLFLMDWLYHGDQDVSRVWDMHRSDVDQNRQNXUHQWVXVWDYXPRLSD
p3RWXMLVNXVQHDOL,VNXVWYRMHWROLNRSRGVYMHVQRWDNRGDL]JOHGD pRYMHNVHQHPRHUD]YLMDWLDNRVDPQHPDLQLFLMDWLYXGMHORYDQMD
JRWRYRQDJRQVNR.DGDVSR]QDNDNRELWUHEDORSRVWXSLWLYHVL]DDR 9HOLNDVHQDNDQDGRLPDXSRHWNXNDROXGRVW
7UHEDQDUDYQRUD]OLNRYDWLLQMHQLFHRGLGHMH
SUHGXERNRXJRGLQHGDELPRJDRLWDXLQLWL9ODVWLWRLVNXVWYRNDRL]YRU
LQIRUPDFLMDEXGXLGDVHQDOD]LXNDRWLQRPVWDQMXRELQRQLMH
VXQDHYODVWLWH QDMSRX]GDQLMHYUHOR7HNRMHXVHELPDNDNRERJDWXQXWUDQMLLYRWLPDPR
2VRELQDMHGXERNLKPLVOLGDL]JOHGDMXWDNRMHGQRVWDYQHGDQDPVHLQLNDRGD QDLVYXSRWUHEQXJUDX]DREUDGXQHNHWHPHLMHGQRVWDYQRUHHQR
2GELMDPGDPLVYHEXGHMDVQR SRMHGLQDFXUHODWLYQRNUDWNRPYUHPHQXPDORWRJDVDPGRLYOMDYDYHVH
p1LWDQLMHWHHQHJRGXERNHPLVOLL]UD]LWLWDNRGDLKVYDWNRPRHUD]XPMHWL RELQRNRULVWLWXLPLVNXVWYRPLVSR]QDMDPD=QDQMHWUHEDVWMHFDWLJGMHJRG
VHRQRQDOD]LOR
MDVQRDMHGQRVWDYQRVWNDULMHUDNUDDNULPLQDOFLNUDWNRD %ROMHMHJUDPLVNXVWYDQHJRWRYDUWHRULMD
p,]GUOMLYRVWMHSOHPHQLWLMDRGVQDJH ,VNXVWYDVHQHQDVOMHXMXVYDWNRLKPRUDVDPSURL
SDLSRFLMHQXYODVWLWRJLYRWD ,VNXVWYRMHQDMEROMLVDYMHWQLNDOLQMHJRYLVDYMHWLXYLMHNGROD]HSUHNDVQR
ELWLRERUHQRLQHWRWRMHRVXHQRNDR]OLNRYDNDSRMDYDWUHEDVHXNORQLWL ,VNXVWYRMHQDMEROMLXLWHOMDOLMHNRODULQDYLVRND
p6YHWRL]D]RYGRQRVLWUHEDL]YULWLGRNUDMD1HWRWRMHQHRGULYRWUHED
,VNXVWYRMHQD]LYNRMLOMXGLGDMXVYRMLP]DEOXGDPD
,VNXVWYRMHL]UDYQRRYLVQRRXQLWHQRMRSUHPL
,VNXVWYRMH]EURMQDLKUD]RDUHQMD
9HOLNLXPMHWQLNVLQWHWL]LUDLWDYRLVNXVWYR
,VNXVWYRQHPDHWLNHYULMHGQRVWL2QRMHVDPRLPHNRMLPVXOMXGLQD]YDOL
6NXSDMHPXGURVWNRMDVHSODDLVNXVWYRP VYRMHJUHNH
WDNYHQHSULKYDWL ,VNXVWYRQLMHRQRWRVHRYMHNXGRJDD,VNXVWYRMHRQRWRXLQLPRRG
3RWYUHQRPLMHLVNXVWYRGDEH]QDGQLKVLWXDFLMDJRWRYRQHPDDNRLKVHNDR RQRJDWRQDPVHGRJDD
NRULWHQLK ,VNXVWYRSUYRELWQR]QDLORHLVNXVWYR
QDXLGDLKQHPRUDVNXSLWLPQRJR1HPDQHNRULVQLKLVNXVWDYDYHVDPRQH
0XGDUQLMHRQDMWNRVNXSLPQRJRLVNXVWDYDYHRQDMWNRL]PDORLVNXVWDYD 0XGDUQLMHRQDMWNRVNXSLPQRJRLVNXVWDYDYHRQDMWNRL]PDORLVNXVWDYD
QDXLGDLKQHPRUDVNXSLWLPQRJR1HPDQHNRULVQLKLVNXVWDYDYHVDPRQH
,VNXVWYRSUYRELWQR]QDLORHLVNXVWYR NRULWHQLK
RQRJDWRQDPVHGRJDD 3RWYUHQRPLMHLVNXVWYRGDEH]QDGQLKVLWXDFLMDJRWRYRQHPDDNRLKVHNDR
,VNXVWYRQLMHRQRWRVHRYMHNXGRJDD,VNXVWYRMHRQRWRXLQLPRRG WDNYHQHSULKYDWL
VYRMHJUHNH 6NXSDMHPXGURVWNRMDVHSODDLVNXVWYRP
,VNXVWYRQHPDHWLNHYULMHGQRVWL2QRMHVDPRLPHNRMLPVXOMXGLQD]YDOL
9HOLNLXPMHWQLNVLQWHWL]LUDLWDYRLVNXVWYR
,VNXVWYRMH]EURMQDLKUD]RDUHQMD
,VNXVWYRMHL]UDYQRRYLVQRRXQLWHQRMRSUHPL
,VNXVWYRMHQD]LYNRMLOMXGLGDMXVYRMLP]DEOXGDPD
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0DWDMHXJRGQLMDRGVWYDUQRVWL
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0DWDMHQHWRWRQHNLOMXGLQHPRJXQL]DPLVOLWL QHSURGXNWLYQHLQHVWYDUDODNHLVWHULOQHRVREHNRMHLYHVDPR]DVYRMH
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p.ORQLVHGHVWUXNWLYQLKRVRED3RGWLPSRMPRPSRGUD]XPLMHYDPR 0DWDMHRQDXPMHWQRVWNRMDPLVOLPDGDMHWLMHOR0DWDMHRQRVWYDUDODNRX
RYMHNXRQRRELOMHNRMHLQLOMHSRWXLYRWD
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0DWDMHXJRGQLMDRGVWYDUQRVWL
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0DWDWMHLOMXGHUDGLRQRJDWRQHPRJXELWLDKXPRUUDGLRQRJDWR]DLVWD
o/RHPHWRGHLQHGDLGREUHNQMLJHLGREULXLWHOMLSRVWDMXEHVNRULVQL MHVX
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LVNXHQMLPDHVWRPRUDMXVHELWXPDLWLLYRWQDQDLQNRMLLPMHUD]XPOMLY YLGRNUXJDJGMHQLWDOMXGVNRQHPRHELWLWXH
ELQDXLOLVYHLELOLSULKYDHQL'DELVHPRJOLXKYDWLWLXNRWDFVQRYLP 1HNHVXUHOLJLMHPQRJRR]ELOMQLMHSRYH]DOHPDWXVJULMHKRPL]DEUDQLOH
SUHGRGEHRGMHORYDQMXVYRMHRNROLQH%RMHVHVWYDULNRMHQHSR]QDMXDUDGL NRULWHQMHVOLNDNDRVUHGVWYR]DWRYDQMHDWRVXLGDQDV0RGDMHWR
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)DQWD]LMRPGLMHWHSUHYRGL]DPUHQRVWLVYLMHWDRGUDVOLKXL]UD]HNRMHUD]XPLMH SRWDNODRSDVQXRKRORVWGXKD,]DVYHJDVHQDOD]LRXVWYDULVWUDKSUHG
6YDNDL]PLOMRWLQDLPDL]YMHVQXYULMHGQRVW]DGLMHWHNRMHMXMHL]PLVOLOR QDYRGQLPRSDVQRVWLPDPDWRYLWLKLVWYDUDODNLKQHXPMHUHQRVWL
DOWHUQDWLYH6UHWQLNQLNDGQHPDWDPDWDVDPRRQDMNRMLQLMH]DGRYROMDQ 2QRWRMHVDGDGRND]DQRELORMHMHGQRP]DPLOMHQR
XPRYD]QDQRVWLLWHKQLNHPDWLQHHXVSMHWLVDJOHGDWLQRYHLUHDOQH 3RPRXPDWHGRSLUHVHGDOHNRSUHNRGRVHJDYODVWLWLKXOD
UHNRQVWUXNFLMHQHSRVWDQHSUHRNXSDFLMDSDPDNDULGMHORPLQDQDMEROMLK
XNRULMHQMHQDXVDPRPQDHPPLOMHQMX6YHGRNSUREOHPGUXWYHQH 3ULURGDMHPRQVWUXR]QRQHSUDYHGQD1HSRVWRML]DPMHQD]DWDOHQW0DUOMLYRVW
0DWDMHRVQRYQLNUHDWLYQLHOHPHQWX]QDQRVWLLXPMHWQRVWLPDWDMH LNUHSRVWQLWDQHNRULVWH
6DPRPDWRYLWDRVRED]QDGDVXLGHMHPHQWDOQHHQHUJLMH 6DPRPDWRYLWDRVRED]QDGDVXLGHMHPHQWDOQHHQHUJLMH
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0
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UHNRQVWUXNFLMHQHSRVWDQHSUHRNXSDFLMDSDPDNDULGMHORPLQDQDMEROMLK
3RPRXPDWHGRSLUHVHGDOHNRSUHNRGRVHJDYODVWLWLKXOD XPRYD]QDQRVWLLWHKQLNHPDWLQHHXVSMHWLVDJOHGDWLQRYHLUHDOQH
2QRWRMHVDGDGRND]DQRELORMHMHGQRP]DPLOMHQR DOWHUQDWLYH6UHWQLNQLNDGQHPDWDPDWDVDPRRQDMNRMLQLMH]DGRYROMDQ
QDYRGQLPRSDVQRVWLPDPDWRYLWLKLVWYDUDODNLKQHXPMHUHQRVWL 6YDNDL]PLOMRWLQDLPDL]YMHVQXYULMHGQRVW]DGLMHWHNRMHMXMHL]PLVOLOR
SRWDNODRSDVQXRKRORVWGXKD,]DVYHJDVHQDOD]LRXVWYDULVWUDKSUHG )DQWD]LMRPGLMHWHSUHYRGL]DPUHQRVWLVYLMHWDRGUDVOLKXL]UD]HNRMHUD]XPLMH
XNRULMHQMHQRXVXPQMLGDMHPDWDLVNOMXLYRERMHSUDYRLGDELNRGRYMHND 8VYLMHWXXNRMHPVXRGUDVOLGRPDLGMHFDVXWXLQFLWHLPDMXSRVYXGDNULYH
NRULWHQMHVOLNDNDRVUHGVWYR]DWRYDQMHDWRVXLGDQDV0RGDMHWR SUHGRGEHRGMHORYDQMXVYRMHRNROLQH%RMHVHVWYDULNRMHQHSR]QDMXDUDGL
1HNHVXUHOLJLMHPQRJRR]ELOMQLMHSRYH]DOHPDWXVJULMHKRPL]DEUDQLOH ELQDXLOLVYHLELOLSULKYDHQL'DELVHPRJOLXKYDWLWLXNRWDFVQRYLP
YLGRNUXJDJGMHQLWDOMXGVNRQHPRHELWLWXH LVNXHQMLPDHVWRPRUDMXVHELWXPDLWLLYRWQDQDLQNRMLLPMHUD]XPOMLY
0DWRPVHGRSLUHGDOHNRSUHNRGRVHJDYODVWLWLKXODLX]GLHGRRQRJ 6YDNLYHOLNLQDSUHGDNX]QDQRVWLSRWMHHRGQRYHVPMHORVWLLPDJLQDFLMH
MHVX o/RHPHWRGHLQHGDLGREUHNQMLJHLGREULXLWHOMLSRVWDMXEHVNRULVQL
0DWDWMHLOMXGHUDGLRQRJDWRQHPRJXELWLDKXPRUUDGLRQRJDWR]DLVWD
QDSDGQDVLOMHQHQDVLOMHRNUXWQRVWRWNULH
0DWDMHXJRGQLMDRGVWYDUQRVWL
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RYMHNXRQRRELOMHNRMHLQLOMHSRWXLYRWD
0DWDMHRQDXPMHWQRVWNRMDPLVOLPDGDMHWLMHOR0DWDMHRQRVWYDUDODNRX p.ORQLVHGHVWUXNWLYQLKRVRED3RGWLPSRMPRPSRGUD]XPLMHYDPR
0DWDMHQHWRWRQHNLOMXGLQHPRJXQL]DPLVOLWL QHSURGXNWLYQHLQHVWYDUDODNHLVWHULOQHRVREHNRMHLYHVDPR]DVYRMH
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]DGRYROMVWYRLXJRGX1MLKRYMHLYRWLVSXQMHQDSDWLMRPEH]QDGQRXL
EHVPLVOHQRX
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.ORQLVHQDVLOMD=ELMHQRVWSRJRGXMHUDVWXDJUHVLMH
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-HGLQLQDLQGDVHRGUHNQHPRQDVLOMDVXSUD]QHYRMDUQH1DVLOMHMHRGNRULVWL LODYRVWLSURQLFOMLYRVWVXSURPDWUDLQHOMXGVNHLJUHXNRMRMDSVXUGQDGDL
VDPRRQLPDNRMLQHPDMXWRL]JXELWL
p1LNDGDQHRGROLMHYDMQDSDVWL SURYMHULVYHL]DGULWRMHGREUR
1DVLOMHMH]DLVWDXURGXVDVWUDKRP1LNDGDVHQDVLOMHPQHSRVWLHQHQDVLOMH
7DPRJGMHVHPRUDELUDWLL]PHXNXNDYLOXNDLQDVLOMDMDVDP]DQDVLOMH QDNUDMXVHGROD]LJUHNRP
RGJRYRU5MHHQMHSUREOHPDPLMHQMDQDUDYSUREOHPD'RVYLKYHOLNLKRWNULD
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.XNDYLOXNLQHQDVLOMHQHLGX]DMHGQR 8QXWDUVYDNRJNUXSQRJSUREOHPDQDOD]LVHPDOLSUREOHPNRMLVHERULGD
p1LWDQLMHNRULVQRWRMHRNUXWQR2NUXWQRVWMHXLYDQMHXSDWQMDPD SUREOHPD
PXHQRJD2NUXWQRVWX]QHPLUDYDJOXSRVWREHVKUDEUXMH $NRSUREOHPL]LVNXMHEURMQHVDVWDQNHQDNUDMXVDVWDQFLSRVWDMXYDQLMLRG
7NRMHWROLNRREUD]RYDQGDVYRMHSUHGQRVWLQDVSUDPGUXJLKSRQHNDGQH 1DQHSR]QDWDSLWDQMDVOLMHGLQHUD]XPOMLYRGJRYRU
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SUREOHP
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GRHNDQDVXYHOLNLPVPLMHKRP
VYHVWUDQRVWVSRVREQRVWLVWYDUDODWYRWUDJXVSMHK
p$NRQHPDVPHWQMHQHWNRHWLYHSULVNUELWL SUHSUHNHSUREOHPSURYMHUDYDQMHSURQLFOMLYRVWVDYUHQVWYR
2E]LURPQDSUHSUHNHQDMNUDDFUWDL]PHXGYLMHWRNHPRHELWLLVNULYOMHQD
2E]LURPQDSUHSUHNHQDMNUDDFUWDL]PHXGYLMHWRNHPRHELWLLVNULYOMHQD
SUHSUHNHSUREOHPSURYMHUDYDQMHSURQLFOMLYRVWVDYUHQVWYR p$NRQHPDVPHWQMHQHWNRHWLYHSULVNUELWL
VYHVWUDQRVWVSRVREQRVWLVWYDUDODWYRWUDJXVSMHK
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p1LMHSUREOHPXWRPHNDGQHYLGLUMHHQMH3UREOHPMHNDGQHYLGL o6YDNLVXSWLODQYLFMH]OREQRRWNULHDPQRJDYHOLNDRWNULD]QDQRVWL
SUREOHP
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$NRSUREOHPL]LVNXMHEURMQHVDVWDQNHQDNUDMXVDVWDQFLSRVWDMXYDQLMLRG PXHQRJD2NUXWQRVWX]QHPLUDYDJOXSRVWREHVKUDEUXMH
SUREOHPD p1LWDQLMHNRULVQRWRMHRNUXWQR2NUXWQRVWMHXLYDQMHXSDWQMDPD
8QXWDUVYDNRJNUXSQRJSUREOHPDQDOD]LVHPDOLSUREOHPNRMLVHERULGD .XNDYLOXNLQHQDVLOMHQHLGX]DMHGQR
L]DHYDQ.DGUDGLQDUMHHQMXQHNRJSUREOHPDXYLMHNSRPDHDNR]QD o,]YUDYDQMHQHQDVLOMD]DKWLMHYDSXQRYLHKUDEURVWLQHJRWRMHERUDFLPD
RGJRYRU5MHHQMHSUREOHPDPLMHQMDQDUDYSUREOHPD'RVYLKYHOLNLKRWNULD
QDNUDMXVHGROD]LJUHNRP 7DPRJGMHVHPRUDELUDWLL]PHXNXNDYLOXNDLQDVLOMDMDVDP]DQDVLOMH
1DVLOMHMH]DLVWDXURGXVDVWUDKRP1LNDGDVHQDVLOMHPQHSRVWLHQHQDVLOMH
p1LNDGDQHRGROLMHYDMQDSDVWL SURYMHULVYHL]DGULWRMHGREUR
VDPRRQLPDNRMLQHPDMXWRL]JXELWL
LODYRVWLSURQLFOMLYRVWVXSURPDWUDLQHOMXGVNHLJUHXNRMRMDSVXUGQDGDL -HGLQLQDLQGDVHRGUHNQHPRQDVLOMDVXSUD]QHYRMDUQH1DVLOMHMHRGNRULVWL
VPUWL]PMHQMXMXVYRMHUHSOLNH
.ORQLVHQDVLOMD=ELMHQRVWSRJRGXMHUDVWXDJUHVLMH
p1HWHLVDYUHQVWYXFLOMPRHSRVWDWLMDORY'RNGRWMHUDLL]JODGL
UHHQLFHMHGDQHVYHPLUSDVWLXUXHYLQH LYRWLQMDQLNDGQHHSURWLYRYMHNDSURWLYRYMHNDLGHVDPRRYMHN
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]DGRYROMVWYRLXJRGX1MLKRYMHLYRWLVSXQMHQDSDWLMRPEH]QDGQRXL
EHVPLVOHQRX
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p1HWHLVDYUHQVWYXFLOMPRHSRVWDWLMDORY'RNGRWMHUDLL]JODGL
.ORQLVHQDVLOMD=ELMHQRVWSRJRGXMHUDVWXDJUHVLMH
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VDPRRQLPDNRMLQHPDMXWRL]JXELWL
p1LNDGDQHRGROLMHYDMQDSDVWL SURYMHULVYHL]DGULWRMHGREUR
1DVLOMHMH]DLVWDXURGXVDVWUDKRP1LNDGDVHQDVLOMHPQHSRVWLHQHQDVLOMH
7DPRJGMHVHPRUDELUDWLL]PHXNXNDYLOXNDLQDVLOMDMDVDP]DQDVLOMH QDNUDMXVHGROD]LJUHNRP
RGJRYRU5MHHQMHSUREOHPDPLMHQMDQDUDYSUREOHPD'RVYLKYHOLNLKRWNULD
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.XNDYLOXNLQHQDVLOMHQHLGX]DMHGQR 8QXWDUVYDNRJNUXSQRJSUREOHPDQDOD]LVHPDOLSUREOHPNRMLVHERULGD
p1LWDQLMHNRULVQRWRMHRNUXWQR2NUXWQRVWMHXLYDQMHXSDWQMDPD SUREOHPD
PXHQRJD2NUXWQRVWX]QHPLUDYDJOXSRVWREHVKUDEUXMH $NRSUREOHPL]LVNXMHEURMQHVDVWDQNHQDNUDMXVDVWDQFLSRVWDMXYDQLMLRG
7NRMHWROLNRREUD]RYDQGDVYRMHSUHGQRVWLQDVSUDPGUXJLKSRQHNDGQH 1DQHSR]QDWDSLWDQMDVOLMHGLQHUD]XPOMLYRGJRYRU
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SUREOHP
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GRHNDQDVXYHOLNLPVPLMHKRP
VYHVWUDQRVWVSRVREQRVWLVWYDUDODWYRWUDJXVSMHK
p$NRQHPDVPHWQMHQHWNRHWLYHSULVNUELWL SUHSUHNHSUREOHPSURYMHUDYDQMHSURQLFOMLYRVWVDYUHQVWYR
2E]LURPQDSUHSUHNHQDMNUDDFUWDL]PHXGYLMHWRNHPRHELWLLVNULYOMHQD
2E]LURPQDSUHSUHNHQDMNUDDFUWDL]PHXGYLMHWRNHPRHELWLLVNULYOMHQD
SUHSUHNHSUREOHPSURYMHUDYDQMHSURQLFOMLYRVWVDYUHQVWYR p$NRQHPDVPHWQMHQHWNRHWLYHSULVNUELWL
VYHVWUDQRVWVSRVREQRVWLVWYDUDODWYRWUDJXVSMHK
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p1LMHSUREOHPXWRPHNDGQHYLGLUMHHQMH3UREOHPMHNDGQHYLGL o6YDNLVXSWLODQYLFMH]OREQRRWNULHDPQRJDYHOLNDRWNULD]QDQRVWL
SUREOHP
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1DQHSR]QDWDSLWDQMDVOLMHGLQHUD]XPOMLYRGJRYRU 7NRMHWROLNRREUD]RYDQGDVYRMHSUHGQRVWLQDVSUDPGUXJLKSRQHNDGQH
$NRSUREOHPL]LVNXMHEURMQHVDVWDQNHQDNUDMXVDVWDQFLSRVWDMXYDQLMLRG PXHQRJD2NUXWQRVWX]QHPLUDYDJOXSRVWREHVKUDEUXMH
SUREOHPD p1LWDQLMHNRULVQRWRMHRNUXWQR2NUXWQRVWMHXLYDQMHXSDWQMDPD
8QXWDUVYDNRJNUXSQRJSUREOHPDQDOD]LVHPDOLSUREOHPNRMLVHERULGD .XNDYLOXNLQHQDVLOMHQHLGX]DMHGQR
L]DHYDQ.DGUDGLQDUMHHQMXQHNRJSUREOHPDXYLMHNSRPDHDNR]QD o,]YUDYDQMHQHQDVLOMD]DKWLMHYDSXQRYLHKUDEURVWLQHJRWRMHERUDFLPD
RGJRYRU5MHHQMHSUREOHPDPLMHQMDQDUDYSUREOHPD'RVYLKYHOLNLKRWNULD
QDNUDMXVHGROD]LJUHNRP 7DPRJGMHVHPRUDELUDWLL]PHXNXNDYLOXNDLQDVLOMDMDVDP]DQDVLOMH
1DVLOMHMH]DLVWDXURGXVDVWUDKRP1LNDGDVHQDVLOMHPQHSRVWLHQHQDVLOMH
p1LNDGDQHRGROLMHYDMQDSDVWL SURYMHULVYHL]DGULWRMHGREUR
VDPRRQLPDNRMLQHPDMXWRL]JXELWL
LODYRVWLSURQLFOMLYRVWVXSURPDWUDLQHOMXGVNHLJUHXNRMRMDSVXUGQDGDL -HGLQLQDLQGDVHRGUHNQHPRQDVLOMDVXSUD]QHYRMDUQH1DVLOMHMHRGNRULVWL
VPUWL]PMHQMXMXVYRMHUHSOLNH
.ORQLVHQDVLOMD=ELMHQRVWSRJRGXMHUDVWXDJUHVLMH
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UHHQLFHMHGDQHVYHPLUSDVWLXUXHYLQH LYRWLQMDQLNDGQHHSURWLYRYMHNDSURWLYRYMHNDLGHVDPRRYMHN
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RYMHND p3URQDLVYRMHVSRVREQRVWL
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RGXVWDQL x DNREU]R]DPMHXMHDNRLPDIOXHQWQRVWLGHMDLVWYDUDQRYH
PX]LNXNLQHVWHWNXLOLVRFLMDOQXLQWHOLJHQFLMX7LWRPRH6$08VWDQLLOL RULJLQDOQHLGHMH
PHWDNRJQLFLMXHPRFLRQDOQXORJLQRPDWHPDWLNXYHUEDOQXSURVWRUQX x DNRLPDVOLNXRVDPRPHVHELLXQXWDUQMXPRWLYDFLMX
VHELGDWLWHVSRVREQRVWLXJDVQX0RGDSRVMHGXMHPHWDPHPRULMXL
UXNRYRGLWHOMWDGDVLYLHVWUXNRQDGDUHQLURHQ]DVWYDUDODWYR1HGR]YROL x DNRNRULVWLVLPEROH
WDGDVLVDPRHILNDVDQSURGXNWLYDQRUJDQL]DWRUDPRHELWLLGREDU x DNRODNRNRQ]XPLUDQRYR]QDQMH
WRVUHLVXGELQLLOLVOXDMX WDGDSRVMHGXMHVDPRSRX]GDQMHLNRPSHWHQWQRVW x DNRSODQLUDLIOHNVLELODQVLXPLMHQMDQMXSODQD
SRVWLJDRVYRMRVMHDMLGHQWLWHWDLQHRYLVQRVWLLRGJRYRUQRVWLDQHSULSLVXMH
EHVNRPSURPLVQLK WDGDEU]RQDSUHGXMHXVYDNRPQRYRPSRGUXMX WDGDVL x DNRSRND]XMHSRWSXQXSUHGDQRVWVYDNRM]DGDL
WDGDXWHELSRVWRMHMDVQL]QDFLLVLJQDOLVSRVREQRVWLWRSRWKUDEULKL x DNRSUHSR]QDMHVYRMHLQWHOHNWXDOQRWMHOHVQRLGUXWYHQR
x DNR]DPMHXMHELWQHSRMDYHLRGQRVH x DNRSURYMHUDYDLNRQWUROLUD
x DNRNRULVWLXYLGDQDORJLMHLPHWDIRUH x DNRVH]DQHWR]DQHVHHQWX]LMDVWDLQHLPHIDVFLQLUDQ
x DNRVLVHOHNWLYDQQDELWQHSRGDWNHVWYDUDVYRMXYODVWLWXED]X]QDQMD x DNRVH]DQLPD]DQRYDSRGUXMDLSRYH]XMHLKPHXVREQRL
UD]PLOMDGLYHUJHQWQR UD]PLOMDGLYHUJHQWQR
x DNRVH]DQLPD]DQRYDSRGUXMDLSRYH]XMHLKPHXVREQRL x DNRVLVHOHNWLYDQQDELWQHSRGDWNHVWYDUDVYRMXYODVWLWXED]X]QDQMD
x DNRVH]DQHWR]DQHVHHQWX]LMDVWDLQHLPHIDVFLQLUDQ x DNRNRULVWLXYLGDQDORJLMHLPHWDIRUH
x DNRSURYMHUDYDLNRQWUROLUD x DNR]DPMHXMHELWQHSRMDYHLRGQRVH
x DNRSUHSR]QDMHVYRMHLQWHOHNWXDOQRWMHOHVQRLGUXWYHQR WDGDXWHELSRVWRMHMDVQL]QDFLLVLJQDOLVSRVREQRVWLWRSRWKUDEULKL
x DNRSRND]XMHSRWSXQXSUHGDQRVWVYDNRM]DGDL EHVNRPSURPLVQLK WDGDEU]RQDSUHGXMHXVYDNRPQRYRPSRGUXMX WDGDVL
SRVWLJDRVYRMRVMHDMLGHQWLWHWDLQHRYLVQRVWLLRGJRYRUQRVWLDQHSULSLVXMH
x DNRSODQLUDLIOHNVLELODQVLXPLMHQMDQMXSODQD WRVUHLVXGELQLLOLVOXDMX WDGDSRVMHGXMHVDPRSRX]GDQMHLNRPSHWHQWQRVW
x DNRODNRNRQ]XPLUDQRYR]QDQMH WDGDVLVDPRHILNDVDQSURGXNWLYDQRUJDQL]DWRUDPRHELWLLGREDU
x DNRNRULVWLVLPEROH UXNRYRGLWHOMWDGDVLYLHVWUXNRQDGDUHQLURHQ]DVWYDUDODWYR1HGR]YROL
VHELGDWLWHVSRVREQRVWLXJDVQX0RGDSRVMHGXMHPHWDPHPRULMXL
x DNRLPDVOLNXRVDPRPHVHELLXQXWDUQMXPRWLYDFLMX PHWDNRJQLFLMXHPRFLRQDOQXORJLQRPDWHPDWLNXYHUEDOQXSURVWRUQX
RULJLQDOQHLGHMH PX]LNXNLQHVWHWNXLOLVRFLMDOQXLQWHOLJHQFLMX7LWRPRH6$08VWDQLLOL
x DNREU]R]DPMHXMHDNRLPDIOXHQWQRVWLGHMDLVWYDUDQRYH RGXVWDQL
x DNREU]RXVYDMDQRYHSRMPRYH p7LVDPL]DELUHVDPVWYDUDODNLNDRXPMHWQLNL]QDOD]LLSRVWDYOMD
LVNXVWYLPD YULMHGQRVWL
x DNREU]RVKYDDSUREOHPHLQHSUHVWDQRVHRERJDXMHQRYLP $NRKRHVDGLWL]DYMHQRVWVDGLXGXERNHEH]JUDQLQHVSRVREQRVWL
p3URQDLVYRMHVSRVREQRVWL RYMHND
VYHVWUDQRVW %XGLJRVSRGDUDQHUREVYRMLKVSRVREQRVWL
-HGDQRGJODYQLKPRPHQDWDSUDYRJDLQWHOHNWXDOQRJDL]REUDHQMDMHVW
-HGDQRGJODYQLKPRPHQDWDSUDYRJDLQWHOHNWXDOQRJDL]REUDHQMDMHVW
%XGLJRVSRGDUDQHUREVYRMLKVSRVREQRVWL VYHVWUDQRVW
RYMHND p3URQDLVYRMHVSRVREQRVWL
$NRKRHVDGLWL]DYMHQRVWVDGLXGXERNHEH]JUDQLQHVSRVREQRVWL x DNREU]RVKYDDSUREOHPHLQHSUHVWDQRVHRERJDXMHQRYLP
YULMHGQRVWL LVNXVWYLPD
p7LVDPL]DELUHVDPVWYDUDODNLNDRXPMHWQLNL]QDOD]LLSRVWDYOMD x DNREU]RXVYDMDQRYHSRMPRYH
RGXVWDQL x DNREU]R]DPMHXMHDNRLPDIOXHQWQRVWLGHMDLVWYDUDQRYH
PX]LNXNLQHVWHWNXLOLVRFLMDOQXLQWHOLJHQFLMX7LWRPRH6$08VWDQLLOL RULJLQDOQHLGHMH
PHWDNRJQLFLMXHPRFLRQDOQXORJLQRPDWHPDWLNXYHUEDOQXSURVWRUQX x DNRLPDVOLNXRVDPRPHVHELLXQXWDUQMXPRWLYDFLMX
VHELGDWLWHVSRVREQRVWLXJDVQX0RGDSRVMHGXMHPHWDPHPRULMXL
UXNRYRGLWHOMWDGDVLYLHVWUXNRQDGDUHQLURHQ]DVWYDUDODWYR1HGR]YROL x DNRNRULVWLVLPEROH
WDGDVLVDPRHILNDVDQSURGXNWLYDQRUJDQL]DWRUDPRHELWLLGREDU x DNRODNRNRQ]XPLUDQRYR]QDQMH
WRVUHLVXGELQLLOLVOXDMX WDGDSRVMHGXMHVDPRSRX]GDQMHLNRPSHWHQWQRVW x DNRSODQLUDLIOHNVLELODQVLXPLMHQMDQMXSODQD
SRVWLJDRVYRMRVMHDMLGHQWLWHWDLQHRYLVQRVWLLRGJRYRUQRVWLDQHSULSLVXMH
EHVNRPSURPLVQLK WDGDEU]RQDSUHGXMHXVYDNRPQRYRPSRGUXMX WDGDVL x DNRSRND]XMHSRWSXQXSUHGDQRVWVYDNRM]DGDL
WDGDXWHELSRVWRMHMDVQL]QDFLLVLJQDOLVSRVREQRVWLWRSRWKUDEULKL x DNRSUHSR]QDMHVYRMHLQWHOHNWXDOQRWMHOHVQRLGUXWYHQR
x DNR]DPMHXMHELWQHSRMDYHLRGQRVH x DNRSURYMHUDYDLNRQWUROLUD
x DNRNRULVWLXYLGDQDORJLMHLPHWDIRUH x DNRVH]DQHWR]DQHVHHQWX]LMDVWDLQHLPHIDVFLQLUDQ
x DNRVLVHOHNWLYDQQDELWQHSRGDWNHVWYDUDVYRMXYODVWLWXED]X]QDQMD x DNRVH]DQLPD]DQRYDSRGUXMDLSRYH]XMHLKPHXVREQRL
UD]PLOMDGLYHUJHQWQR UD]PLOMDGLYHUJHQWQR
x DNRVH]DQLPD]DQRYDSRGUXMDLSRYH]XMHLKPHXVREQRL x DNRVLVHOHNWLYDQQDELWQHSRGDWNHVWYDUDVYRMXYODVWLWXED]X]QDQMD
x DNRVH]DQHWR]DQHVHHQWX]LMDVWDLQHLPHIDVFLQLUDQ x DNRNRULVWLXYLGDQDORJLMHLPHWDIRUH
x DNRSURYMHUDYDLNRQWUROLUD x DNR]DPMHXMHELWQHSRMDYHLRGQRVH
x DNRSUHSR]QDMHVYRMHLQWHOHNWXDOQRWMHOHVQRLGUXWYHQR WDGDXWHELSRVWRMHMDVQL]QDFLLVLJQDOLVSRVREQRVWLWRSRWKUDEULKL
x DNRSRND]XMHSRWSXQXSUHGDQRVWVYDNRM]DGDL EHVNRPSURPLVQLK WDGDEU]RQDSUHGXMHXVYDNRPQRYRPSRGUXMX WDGDVL
SRVWLJDRVYRMRVMHDMLGHQWLWHWDLQHRYLVQRVWLLRGJRYRUQRVWLDQHSULSLVXMH
x DNRSODQLUDLIOHNVLELODQVLXPLMHQMDQMXSODQD WRVUHLVXGELQLLOLVOXDMX WDGDSRVMHGXMHVDPRSRX]GDQMHLNRPSHWHQWQRVW
x DNRODNRNRQ]XPLUDQRYR]QDQMH WDGDVLVDPRHILNDVDQSURGXNWLYDQRUJDQL]DWRUDPRHELWLLGREDU
x DNRNRULVWLVLPEROH UXNRYRGLWHOMWDGDVLYLHVWUXNRQDGDUHQLURHQ]DVWYDUDODWYR1HGR]YROL
VHELGDWLWHVSRVREQRVWLXJDVQX0RGDSRVMHGXMHPHWDPHPRULMXL
x DNRLPDVOLNXRVDPRPHVHELLXQXWDUQMXPRWLYDFLMX PHWDNRJQLFLMXHPRFLRQDOQXORJLQRPDWHPDWLNXYHUEDOQXSURVWRUQX
RULJLQDOQHLGHMH PX]LNXNLQHVWHWNXLOLVRFLMDOQXLQWHOLJHQFLMX7LWRPRH6$08VWDQLLOL
x DNREU]R]DPMHXMHDNRLPDIOXHQWQRVWLGHMDLVWYDUDQRYH RGXVWDQL
x DNREU]RXVYDMDQRYHSRMPRYH p7LVDPL]DELUHVDPVWYDUDODNLNDRXPMHWQLNL]QDOD]LLSRVWDYOMD
LVNXVWYLPD YULMHGQRVWL
x DNREU]RVKYDDSUREOHPHLQHSUHVWDQRVHRERJDXMHQRYLP $NRKRHVDGLWL]DYMHQRVWVDGLXGXERNHEH]JUDQLQHVSRVREQRVWL
p3URQDLVYRMHVSRVREQRVWL RYMHND
VYHVWUDQRVW %XGLJRVSRGDUDQHUREVYRMLKVSRVREQRVWL
-HGDQRGJODYQLKPRPHQDWDSUDYRJDLQWHOHNWXDOQRJDL]REUDHQMDMHVW
XGLNUHDWLYDQVWYDUDM
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VXGELQL 1LWDQLMHWDNRQHSUHGYLGLYRL]DLVWDWDNRVWDELOQRNDRNDRVMHU]DQMHJD
1LVLVWYDUDRFDNRGREUR]DSRQHQHJRDNRQDYULMHPH]DYUL
1HNLVPDWUDMXGDMHVWYDUDODWYRSURQDODHQMHUHGDXQHUHGX
6YMHVQLPLWUDMQLPRGOXLYDQMHPRVYRMHPGMHORYDQMXRVWYDUXMHVYRMX
VWYDUDODNXSUHGRGUHHQRVW DUWLNXOLUDQLPREOLFLPD
$ULVWRWHORYHSUHWSRVWDYNHRVWYDUDODWYXWHPHOMLOHVXVHQDHWLULVXSURWQRVWL
XGMHWLSRWLVNLYDWLVQLYDWLPLVOLWLRVMHDWLMHGQRPULMHMXL]UDDYDWLX
KODGQRJYUXHJYODQRJLVXKRJ2QMHYMHURYDRGDVXWHVXSURWQRVWLX VQRYHRVMHDMHLOLVWYDUDODNHVSRVREQRVWLWHGDVDPRSRMHGLQDFPRH
QHSUHVWDQRPVWDQMXQHUDYQRWHHLGDVHQHSUHVWDQRSRNXDYDMXXVNODGLWL VNXSLQHQHSRVMHGXMXQLNDNYH]DMHGQLNH]QDDMNHQDJRQHVPHWQMHSRXGH
'DQDVPRHPRJRYRULWLRUDVSRORHQMLPDSULPMHULFHRVWUDKX PRJODRVWYDULWLEH]VQDQHGUXWYHQHNRKH]LMHGUXJLVXPLOMHQMDGDVRFLMDOQH
'RNMHGQLVPDWUDMXGDVHXOMXGVNRMSRYLMHVWLQLWLMHGQDMHGLQDLGHMDQLMH
%LWLNUHDWLYDQ]QDLL]UDDYDWLVYRMHVSRVREQRVWLWDOHQWHERJDWVWYRVYRMH
SULURGQHQDGDUHQRVWLNRMHJLPDQHQWQRLPDVYDNROMXGVNRELH SRWHQFLMDOHLRNUHQXWLVHWHKQRORJLMDPDEXGXQRVWLVLORYLWRQDSUHGXMX
RYMHNELKWLRLVXYLHPQRJR 2QELYDOMGDKWLR6YH1DSURVWRVYH GDEXGH
'LQDPLQDLLQYHQWLYQDGUXWYDNRMDVXXVSMHODXSUHJQXWLVWYDUDODNH
ERJLOLJHQLMHLOLYLHRGWRJDMHUELKWLRXOMHSDWLLGRWMHUDWLRQRWRMHPDMND ]DQLPOMLYLP
SULURGDSRQMHJRYXQDLQXJOHGDQMDSURSXVWLODLOL]DQHPDULODRYMHNELKWLR RYMHNYLHFLMHQLVORERGQRYULMHPHQHJRUDGVDPRRQGDDNRJDRVMHD
ELWLQHQDVLURYQHJRQDEODJLSOHPHQLWQDLQ1DWRYMHN'DEXGHQRYL
LPHQRYDWHOMSUHNUVWLWHOMLGRQRVLWHOMSORDEXGLWHOMXVWURMLWHOMLSUHXVWURMLWHOM VDPRJ
MHGQRPULMHMX 6WYDUDODF RYMHNVYRMLPVWYDUDODWYRPWUDQVFHQGHQWLUDYHVWYRUHQRXNOMXXMXLLVHEH
RYMHNMHLQWHJULUDQLLVWYDUDODNRELH6WYDUDODWYRMHLVNOMXLYROMXGVNR RYMHNSRVWDMHNUHDWLYDQNDGRWNULMHQRYRMHGLQVWYRXUD]QROLNRVWLSULURGH
RELOMHMH RELOMHMH
RYMHNSRVWDMHNUHDWLYDQNDGRWNULMHQRYRMHGLQVWYRXUD]QROLNRVWLSULURGH RYMHNMHLQWHJULUDQLLVWYDUDODNRELH6WYDUDODWYRMHLVNOMXLYROMXGVNR
RYMHNVYRMLPVWYDUDODWYRPWUDQVFHQGHQWLUDYHVWYRUHQRXNOMXXMXLLVHEH MHGQRPULMHMX 6WYDUDODF
VDPRJ LPHQRYDWHOMSUHNUVWLWHOMLGRQRVLWHOMSORDEXGLWHOMXVWURMLWHOMLSUHXVWURMLWHOM
ELWLQHQDVLURYQHJRQDEODJLSOHPHQLWQDLQ1DWRYMHN'DEXGHQRYL
RYMHNYLHFLMHQLVORERGQRYULMHPHQHJRUDGVDPRRQGDDNRJDRVMHD SULURGDSRQMHJRYXQDLQXJOHGDQMDSURSXVWLODLOL]DQHPDULODRYMHNELKWLR
]DQLPOMLYLP ERJLOLJHQLMHLOLYLHRGWRJDMHUELKWLRXOMHSDWLLGRWMHUDWLRQRWRMHPDMND
'LQDPLQDLLQYHQWLYQDGUXWYDNRMDVXXVSMHODXSUHJQXWLVWYDUDODNH RYMHNELKWLRLVXYLHPQRJR 2QELYDOMGDKWLR6YH1DSURVWRVYH GDEXGH
SRWHQFLMDOHLRNUHQXWLVHWHKQRORJLMDPDEXGXQRVWLVLORYLWRQDSUHGXMX SULURGQHQDGDUHQRVWLNRMHJLPDQHQWQRLPDVYDNROMXGVNRELH
%LWLNUHDWLYDQ]QDLL]UDDYDWLVYRMHVSRVREQRVWLWDOHQWHERJDWVWYRVYRMH
'RNMHGQLVPDWUDMXGDVHXOMXGVNRMSRYLMHVWLQLWLMHGQDMHGLQDLGHMDQLMH
PRJODRVWYDULWLEH]VQDQHGUXWYHQHNRKH]LMHGUXJLVXPLOMHQMDGDVRFLMDOQH 'DQDVPRHPRJRYRULWLRUDVSRORHQMLPDSULPMHULFHRVWUDKX
VNXSLQHQHSRVMHGXMXQLNDNYH]DMHGQLNH]QDDMNHQDJRQHVPHWQMHSRXGH QHSUHVWDQRPVWDQMXQHUDYQRWHHLGDVHQHSUHVWDQRSRNXDYDMXXVNODGLWL
VQRYHRVMHDMHLOLVWYDUDODNHVSRVREQRVWLWHGDVDPRSRMHGLQDFPRH KODGQRJYUXHJYODQRJLVXKRJ2QMHYMHURYDRGDVXWHVXSURWQRVWLX
XGMHWLSRWLVNLYDWLVQLYDWLPLVOLWLRVMHDWLMHGQRPULMHMXL]UDDYDWLX
$ULVWRWHORYHSUHWSRVWDYNHRVWYDUDODWYXWHPHOMLOHVXVHQDHWLULVXSURWQRVWL
DUWLNXOLUDQLPREOLFLPD VWYDUDODNXSUHGRGUHHQRVW
6YMHVQLPLWUDMQLPRGOXLYDQMHPRVYRMHPGMHORYDQMXRVWYDUXMHVYRMX
1HNLVPDWUDMXGDMHVWYDUDODWYRSURQDODHQMHUHGDXQHUHGX
1LVLVWYDUDRFDNRGREUR]DSRQHQHJRDNRQDYULMHPH]DYUL
1LWDQLMHWDNRQHSUHGYLGLYRL]DLVWDWDNRVWDELOQRNDRNDRVMHU]DQMHJD VXGELQL
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%XGLNUHDWLYDQVWYDUDM
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1HNLVPDWUDMXGDMHVWYDUDODWYRSURQDODHQMHUHGDXQHUHGX
6YMHVQLPLWUDMQLPRGOXLYDQMHPRVYRMHPGMHORYDQMXRVWYDUXMHVYRMX
VWYDUDODNXSUHGRGUHHQRVW DUWLNXOLUDQLPREOLFLPD
$ULVWRWHORYHSUHWSRVWDYNHRVWYDUDODWYXWHPHOMLOHVXVHQDHWLULVXSURWQRVWL
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KODGQRJYUXHJYODQRJLVXKRJ2QMHYMHURYDRGDVXWHVXSURWQRVWLX VQRYHRVMHDMHLOLVWYDUDODNHVSRVREQRVWLWHGDVDPRSRMHGLQDFPRH
QHSUHVWDQRPVWDQMXQHUDYQRWHHLGDVHQHSUHVWDQRSRNXDYDMXXVNODGLWL VNXSLQHQHSRVMHGXMXQLNDNYH]DMHGQLNH]QDDMNHQDJRQHVPHWQMHSRXGH
'DQDVPRHPRJRYRULWLRUDVSRORHQMLPDSULPMHULFHRVWUDKX PRJODRVWYDULWLEH]VQDQHGUXWYHQHNRKH]LMHGUXJLVXPLOMHQMDGDVRFLMDOQH
'RNMHGQLVPDWUDMXGDVHXOMXGVNRMSRYLMHVWLQLWLMHGQDMHGLQDLGHMDQLMH
%LWLNUHDWLYDQ]QDLL]UDDYDWLVYRMHVSRVREQRVWLWDOHQWHERJDWVWYRVYRMH
SULURGQHQDGDUHQRVWLNRMHJLPDQHQWQRLPDVYDNROMXGVNRELH SRWHQFLMDOHLRNUHQXWLVHWHKQRORJLMDPDEXGXQRVWLVLORYLWRQDSUHGXMX
RYMHNELKWLRLVXYLHPQRJR 2QELYDOMGDKWLR6YH1DSURVWRVYH GDEXGH
'LQDPLQDLLQYHQWLYQDGUXWYDNRMDVXXVSMHODXSUHJQXWLVWYDUDODNH
ERJLOLJHQLMHLOLYLHRGWRJDMHUELKWLRXOMHSDWLLGRWMHUDWLRQRWRMHPDMND ]DQLPOMLYLP
SULURGDSRQMHJRYXQDLQXJOHGDQMDSURSXVWLODLOL]DQHPDULODRYMHNELKWLR RYMHNYLHFLMHQLVORERGQRYULMHPHQHJRUDGVDPRRQGDDNRJDRVMHD
ELWLQHQDVLURYQHJRQDEODJLSOHPHQLWQDLQ1DWRYMHN'DEXGHQRYL
LPHQRYDWHOMSUHNUVWLWHOMLGRQRVLWHOMSORDEXGLWHOMXVWURMLWHOMLSUHXVWURMLWHOM VDPRJ
MHGQRPULMHMX 6WYDUDODF RYMHNVYRMLPVWYDUDODWYRPWUDQVFHQGHQWLUDYHVWYRUHQRXNOMXXMXLLVHEH
RYMHNMHLQWHJULUDQLLVWYDUDODNRELH6WYDUDODWYRMHLVNOMXLYROMXGVNR RYMHNSRVWDMHNUHDWLYDQNDGRWNULMHQRYRMHGLQVWYRXUD]QROLNRVWLSULURGH
RELOMHMH RELOMHMH
RYMHNSRVWDMHNUHDWLYDQNDGRWNULMHQRYRMHGLQVWYRXUD]QROLNRVWLSULURGH RYMHNMHLQWHJULUDQLLVWYDUDODNRELH6WYDUDODWYRMHLVNOMXLYROMXGVNR
RYMHNVYRMLPVWYDUDODWYRPWUDQVFHQGHQWLUDYHVWYRUHQRXNOMXXMXLLVHEH MHGQRPULMHMX 6WYDUDODF
VDPRJ LPHQRYDWHOMSUHNUVWLWHOMLGRQRVLWHOMSORDEXGLWHOMXVWURMLWHOMLSUHXVWURMLWHOM
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RYMHNYLHFLMHQLVORERGQRYULMHPHQHJRUDGVDPRRQGDDNRJDRVMHD SULURGDSRQMHJRYXQDLQXJOHGDQMDSURSXVWLODLOL]DQHPDULODRYMHNELKWLR
]DQLPOMLYLP ERJLOLJHQLMHLOLYLHRGWRJDMHUELKWLRXOMHSDWLLGRWMHUDWLRQRWRMHPDMND
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SRWHQFLMDOHLRNUHQXWLVHWHKQRORJLMDPDEXGXQRVWLVLORYLWRQDSUHGXMX SULURGQHQDGDUHQRVWLNRMHJLPDQHQWQRLPDVYDNROMXGVNRELH
%LWLNUHDWLYDQ]QDLL]UDDYDWLVYRMHVSRVREQRVWLWDOHQWHERJDWVWYRVYRMH
'RNMHGQLVPDWUDMXGDVHXOMXGVNRMSRYLMHVWLQLWLMHGQDMHGLQDLGHMDQLMH
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VNXSLQHQHSRVMHGXMXQLNDNYH]DMHGQLNH]QDDMNHQDJRQHVPHWQMHSRXGH QHSUHVWDQRPVWDQMXQHUDYQRWHHLGDVHQHSUHVWDQRSRNXDYDMXXVNODGLWL
VQRYHRVMHDMHLOLVWYDUDODNHVSRVREQRVWLWHGDVDPRSRMHGLQDFPRH KODGQRJYUXHJYODQRJLVXKRJ2QMHYMHURYDRGDVXWHVXSURWQRVWLX
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6YMHVQLPLWUDMQLPRGOXLYDQMHPRVYRMHPGMHORYDQMXRVWYDUXMHVYRMX
1HNLVPDWUDMXGDMHVWYDUDODWYRSURQDODHQMHUHGDXQHUHGX
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1LWDQLMHWDNRQHSUHGYLGLYRL]DLVWDWDNRVWDELOQRNDRNDRVMHU]DQMHJD VXGELQL
QRYRVWLVWYDUDODWYRVXQHUDVSR]QDWOMLYHVYHGRNVHQHSRMDYHL]UHGD 'RNVWYDUDGYDSXWDLYL6WYDUDWLWR]QDLGDWLQHNLREOLNVYRMRM
%XGLNUHDWLYDQVWYDUDM
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PRJXQRVWLELWLXQLWHQHXPMHWQRVWYRUHQLPQHVWDLFDPDORH
QLNDGDQHL]EDFHL]NRORWHLQH]UHOLMDOLQRVWRGXPMHWQLND" UDVSRGLMHOMHQRJRELOMDVYHGRNWULQLVXVWDYMRMHGQRPQHEXGHSRWNRSDQ
XPLMHDXELORWRNRMHJYDUOMLYDVUHDLOLRGQRVLOMXGLXQMHJRYRMRNROLQL VYRMLPYODVWLWLPNUDMQRVWLPDXPQRDYDQMHPODQLKSRWUHEDLOLHLKX
SLWDMX 'DOLMHRYMHNNRMLQLWDQHULVNLUDNRMLMHVWDOQRQDRSUH]XGDVHQH SURSLVQRVWHULOL]LUDQRPREOLNXLIULUDQH]DJRWRYXXSRWUHEXSUHX]HWL
.UHDWLYQDMHRVREDVNORQDUL]LQLPSRGXKYDWLPD1HNLVH]QDQVWYHQLFLLSDN VDPRGRYROMQDPHJDPDLQDHOLPLQLUDMXLWDNRVYDNXPRJXQRVWUD]YRMD
'XKPRHVWYDUDWLGMHODVDPRNUR]WHPSHUDPHQW
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UMHHQMDQHXQRVHQLWDVYRJD SR]DNRMHODNRPRJXL]JOHGDWLL]YMHWDHQH,VWLQVNHLQWXLFLMHREDVMDYDMX
QHL]QDQVWYHQLFLPDNRMLRWNULYDMXLVWLQXRQDNYXNDNYDRQDMHVWWH]DWRX VDPRGR]UHOHL]UDHQH6DYMHVWL
-RXHVKYDDQMHSUL]QDMHVWYDUDODWYRVDPRL]XPLWHOMLPDLXPMHWQLFLPDDOL *GMHJRGRYMHNLYLVYXGDSRND]XMHVYRMXGXKRYLWRVWLVQDODOMLYRVW
VHELOLFHNDGDQHELLPDODSUHGVRERPL]ERUVYRJ]DGDWNDLGRVOMHGQRJDUDGD 1MHJRYDMHSORGDSVLKDVWYRULODXPMHWQLNDGMHODGLYQH]JUDGHYHOLNDGMHOD
-HGQDYLDGXDVWURSRWDQDXSRQRUHQDHVYDNLGDQMRVWLRDMDODELLQDUXLOD SXQDPDWRYLWRVWLL]QDQMDSRHRMHVSUHVDLYDQMHPVUFDRWNULRSHQLFLOLQ
ODVHUVNH]UDNHRVWYDULRSXWRYDQMHQD0MHVHFVDVWDYLRVORHQHUDXQDUVNH
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]ERJNRMHJFLMHQLLVDPLYRW
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VDPRRQDNRMDXSXXMHRYMHNDQDNRULVWDQLVPLVOHQUDGQDUDGNRMLRQYROL
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VSR]QDML XPMHWQLNVDYUHQLMLWRVXQMHJRYHQHVYMHVQHWHQGHQFLMHLWUHQGRYLYLH
6WYDUDODFHYROXLUDLGHMHSUHPDYULMHGQRVWLQHSRVWDWXVXWNRLKMHL]QLR QHXURWLNHVLPSWRPHWRMHQHNRXPMHWQLNRGMHORVORHQLMHLWRMHQHNL
2EDYOMDL]ERULXQDSUHHQMHLVNOMXLYRQDWHPHOMXVSRVREQRVWLLUH]XOWDWD YLHNDRWXH8PMHWQLNDGMHODLXPMHWQLNRVWYDUDODWYRSUHGVWDYOMDMXMDYQH
UDGD LVSDGDQDMEROMHNDNR]QDLHVWRVHVXSURWVWDYOMDDXWRUXNDRQHRYLVQRWD
6WYDUDODFLPDVYRMDYODVWLWDSUDYLOD 6WYDUDODNDVLODQHNRJDXWRUDQHVOXDQDDORVWXYLMHNQMHJRYXYROMX GMHOR
6WYDUDODFLVSLWXMHOLMHSRLOLYULMHGQRXSULURGLLXPMHWQRVWLWHLVWUDXMH FLMHQLWLGREURWXRGVSRVREQRVWL
RVQRYQHSUHGXYMHWHLNULWHULMHSURVXLYDQMDVWYDUDQMDLGRLYOMDYDQMDWH 6WYDUDODFWUHEDXVYRMLPWHQMDPDNDRLXVYRMLPRVMHDMLPDXYLMHNYLH
LVWUDXMHVNXSQDYLNDYODGDQMDVPRUDOQHWRNHJOHGLWD
RSWLPDOQRUD]YLMDWLEH]NRULWHQMDQDVLOMDLLVNRULWDYDQMDGUXJLKOMXGL
6WYDUDODFMHGUXWYHQLEXQWRYQLNLERUDF]DGRVWRMDQVWYRLSRVMHGXMHVSR]QDMX EH]XYMHWQXSRGORQRVWLSRNRUQRVW2QPRHLPRUDVYRMHPRJXQRVWL
NDRRGUD]REMHNWLYQLKRGQRVDVYLMHVWNDRYLLREOLNSULURGQRJSRVWRMDQMD RGYDQRVW]DVUHXLSREMHGXQDGVXGELQRPDQHWUSOMHQMHKUDEURVWL
1MHPXVHPRHVYHRGX]HWLRVLPSUDYDGDVORERGQRPLVOLDMHGLQRMHPXGDU
RYMHNVORERGDQ6ORERGDXNXVPRGDHVWHWVNLNULWHULMLDQDURLWRSRMDP
6WYDUDODFVYRMLYRWXUHXMHSODQVNLXPQRLDNWLYQRDQDMYHHYUOLQHVPDWUD
VWYDUDQMDQLVXNRQVWDQWHWHVHWDNRLSUHGRGEDRVORERGLVWYDUDQMDLL]UD]D SURPMHQH6WYDUDODNDOLQRVWPLVOLRVYLMHWXNDRRVOLFLNRMXWUHEDPLMHQMDWL
WUDMQRPLMHQMD 6WYDUDODFVPDWUDGDMHVYLMHW]UHR]DSURPMHQXDVHEHLQVWUXPHQWRPWH
6WYDUDODFPRHLPRUDVYRMHPRJXQRVWLRSWLPDOQRUD]YLMDWLEH]NRULWHQMD 6WYDUDODFVHEHGRLYOMDYDNDRUD]OLLWRJ
QDVLOMDLLVNRULWDYDQMDGUXJLKOMXGL
SULKYDDPRWXDPLOMHQMD
6WYDUDODFQHSUL]QDMHDXWRULWHWVXPQMDRYHVD]QDWLPLVWLQDPDQHSULGUXXMH DUJXPHQWQHNRJDXWRULWHWDVXSURWVWDYLQDSUHWNXPLVOLWHGDQHNULWLNL
VHPLOMHQMXGUXJLKLRGXSLUHVHRSRQDDQMX1HVPLMHVHGRJRGLWLGDVH VHPLOMHQMXGUXJLKLRGXSLUHVHRSRQDDQMX1HVPLMHVHGRJRGLWLGDVH
DUJXPHQWQHNRJDXWRULWHWDVXSURWVWDYLQDSUHWNXPLVOLWHGDQHNULWLNL 6WYDUDODFQHSUL]QDMHDXWRULWHWVXPQMDRYHVD]QDWLPLVWLQDPDQHSULGUXXMH
SULKYDDPRWXDPLOMHQMD
QDVLOMDLLVNRULWDYDQMDGUXJLKOMXGL
6WYDUDODFVHEHGRLYOMDYDNDRUD]OLLWRJ 6WYDUDODFPRHLPRUDVYRMHPRJXQRVWLRSWLPDOQRUD]YLMDWLEH]NRULWHQMD
6WYDUDODFVPDWUDGDMHVYLMHW]UHR]DSURPMHQXDVHEHLQVWUXPHQWRPWH WUDMQRPLMHQMD
SURPMHQH6WYDUDODNDOLQRVWPLVOLRVYLMHWXNDRRVOLFLNRMXWUHEDPLMHQMDWL VWYDUDQMDQLVXNRQVWDQWHWHVHWDNRLSUHGRGEDRVORERGLVWYDUDQMDLL]UD]D
6WYDUDODFVYRMLYRWXUHXMHSODQVNLXPQRLDNWLYQRDQDMYHHYUOLQHVPDWUD
RYMHNVORERGDQ6ORERGDXNXVPRGDHVWHWVNLNULWHULMLDQDURLWRSRMDP
1MHPXVHPRHVYHRGX]HWLRVLPSUDYDGDVORERGQRPLVOLDMHGLQRMHPXGDU
RGYDQRVW]DVUHXLSREMHGXQDGVXGELQRPDQHWUSOMHQMHKUDEURVWL NDRRGUD]REMHNWLYQLKRGQRVDVYLMHVWNDRYLLREOLNSULURGQRJSRVWRMDQMD
EH]XYMHWQXSRGORQRVWLSRNRUQRVW2QPRHLPRUDVYRMHPRJXQRVWL 6WYDUDODFMHGUXWYHQLEXQWRYQLNLERUDF]DGRVWRMDQVWYRLSRVMHGXMHVSR]QDMX
RSWLPDOQRUD]YLMDWLEH]NRULWHQMDQDVLOMDLLVNRULWDYDQMDGUXJLKOMXGL
LVWUDXMHVNXSQDYLNDYODGDQMDVPRUDOQHWRNHJOHGLWD
6WYDUDODFWUHEDXVYRMLPWHQMDPDNDRLXVYRMLPRVMHDMLPDXYLMHNYLH RVQRYQHSUHGXYMHWHLNULWHULMHSURVXLYDQMDVWYDUDQMDLGRLYOMDYDQMDWH
FLMHQLWLGREURWXRGVSRVREQRVWL 6WYDUDODFLVSLWXMHOLMHSRLOLYULMHGQRXSULURGLLXPMHWQRVWLWHLVWUDXMH
6WYDUDODNDVLODQHNRJDXWRUDQHVOXDQDDORVWXYLMHNQMHJRYXYROMX GMHOR 6WYDUDODFLPDVYRMDYODVWLWDSUDYLOD
LVSDGDQDMEROMHNDNR]QDLHVWRVHVXSURWVWDYOMDDXWRUXNDRQHRYLVQRWD UDGD
YLHNDRWXH8PMHWQLNDGMHODLXPMHWQLNRVWYDUDODWYRSUHGVWDYOMDMXMDYQH 2EDYOMDL]ERULXQDSUHHQMHLVNOMXLYRQDWHPHOMXVSRVREQRVWLLUH]XOWDWD
QHXURWLNHVLPSWRPHWRMHQHNRXPMHWQLNRGMHORVORHQLMHLWRMHQHNL 6WYDUDODFHYROXLUDLGHMHSUHPDYULMHGQRVWLQHSRVWDWXVXWNRLKMHL]QLR
XPMHWQLNVDYUHQLMLWRVXQMHJRYHQHVYMHVQHWHQGHQFLMHLWUHQGRYLYLH VSR]QDML
SUHUXHQLL]DPDVNLUDQLML VYRMXVSR]QDMQXVWYDUQRVWLQHSUL]QDMHQLNDNYHSULQFLSLMHOQHJUDQLFHOMXGVNRM
6WYDUDODFGMHOXMXLQDSULURGXPLMHQMDLVHEHVDPRJDPLMHQMDLRERJDXMH
6WYDUDODNLDVSHNWRYMHNDREXKYDDLQRYDWLYQRVWLLQYHQFLMX7HVH
RVRELWRVWLRLWXMXSULMHVYHJDNUR] L]XPLWHOMVWYR]QDQRVW ]QDQVWYHQD
QHSUDYHGQRJLVWLQLWRJLODQRJ RWNULD WHKQLNXDUKLWHNWXUXVOLNDUVWYRNQMLHYQRVWND]DOLWHLJOXPX
RWYRUHQLPSUREOHPRPGREUDL]ODOLMHSRJLUXQRJSUDYHGQRJL JOD]EXILOR]RILMXLGUXJHYLGRYHFLYLOL]DFLMHLNXOWXUH
SLWDQMHOMXGVNRJPRUDODGDNOHSRVYHORJLQRSLWDQMHOMXGVNRJDVWDYDSUHG
6WYDUDODWYRMHGDSDUDIUD]LUDPR.UOHXSLWDQMHOMXGVNHYROMHSUHPDWRPHL 6WYDUDODNLUDGMHGRND]DQDJHQHULNDVXWLQDRYMHNDDNWUDDQMDVHEH
UDVFYDWRYMHNRYLKPRJXQRVWLLPRLRYMHNSRGUHXMHLJUXQMHQLKVLOD
RYMHNDVDPRJ VYRMRMYODVWLWRMPRLWNRVHYLHQHUDGXMHWRPHGDRGRQRJDWRPRH
6WYDUDODWYRMHLYRWQLVWDYNRMHPMHJODYQLSUHGPHWXQDSUHHQMHLUD]YLMDQMH L]JUDGLWLLWDYVYLMHWGDEXGHWYRUDFVYLMHWDQHJRVDPRWRPHGDLGDOMHOXWD
6WYDUDODWYRMHYHOLNLSRGYLJDSRGYLJWUDLUWYH QDRNRORRQDNDYNDNDYMHQDGWLPMHGXKL]UHNDRVYRMHSURNOHWVWYR
SRVHELMHUOHLXQXWDUVWUDKDSULVLOHLRWXHQMD 6WYDUDODNLUDGXYHOLNRMPMHULSUHWSRVWDYOMDPQRJDRGULFDQMDQDSRUQD
6WYDUDODWYRMHUDGQDWHUDSLMD]DUD]OLNXRGRELQRJUDGDNRMLQLMHYUOLQDVDPD LVWUDLYDQMDXHQMHSURYMHUDYDQMHLYLVRNXUD]LQXVWUSOMHQMD2GSUYRELWQH
SURLUXMHLRGYUHPHQDGRYUHPHQDUXLJUDQLFHNRQYHQFLMD ]DPLVOLLSUHWSRVWDYNHGRNRQDQRJREMDYOMHQRJGMHODLOLSURWRWLSDGXJMHL
6WYDUDODWYRMHSURFHVXNRMHPWHQMD]DQRYLPLRVREQLPPDORSRPDOR LVFUSOMXMXLSXWUDDQMDLQWHOHNWXDOQRJSURGXNWD7DNDYUDGWUDLLWDYR
QRUPX OMXGVNRELHLQWHQ]LYQXSR]RUQRVWGXERNXNRQFHQWUDFLMXLLURNXNXOWXUX
6WYDUDODWYRMHRGUD]GXKRYQHVXSHULRUQRVWLEH]REYH]LYDQMDQDELORNDNYX 1LMHVOXDMQRGDVWRJDNDHPRGDVWYDUDODWYRVSDGDPHXQDMX]YLHQLMH
SR]LYHLMH]UQFHVSR]QDMHRERJDXMXLWDYVYLMHWVDGDQMHLEXGXH
6WYDUDODWYRMHNUHDWLYQLLQSUHWYDUDQMDRGUD]DXL]UD] JHQHUDFLMH
SXEOLNXVYLHUD]XPLMHYDQMD 6WYDUDODNRMHGMHORNULWLNDLNRUHNWXUDLYRWDSRNXDMGDVHLYRWRVORERGL
EH]L]UDDMQXPDVNXLQDVWRMLGDQHJGMHL]DQMHXGDOHNRMEXGXQRVWL]DPLVOL QMHJRYHEH]REOLQRVWLGDPXVHGDGHMDVQLMLPDGDQHLSRWSXQLMLREOLN9H
SUHGQHSUDYHGQRPUDYQRGXQRPLHVWRQHSULMDWHOMVNRPMDYQRX2Q]XULX WLVXOMHLPDVWYDUDODFRVMHDGDQHVWRMLSUHGSULMDWHOMVNLPPHFHQRPQHJR
WLVXOMHLPDVWYDUDODFRVMHDGDQHVWRMLSUHGSULMDWHOMVNLPPHFHQRPQHJR SUHGQHSUDYHGQRPUDYQRGXQRPLHVWRQHSULMDWHOMVNRPMDYQRX2Q]XULX
QMHJRYHEH]REOLQRVWLGDPXVHGDGHMDVQLMLPDGDQHLSRWSXQLMLREOLN9H EH]L]UDDMQXPDVNXLQDVWRMLGDQHJGMHL]DQMHXGDOHNRMEXGXQRVWL]DPLVOL
6WYDUDODNRMHGMHORNULWLNDLNRUHNWXUDLYRWDSRNXDMGDVHLYRWRVORERGL SXEOLNXVYLHUD]XPLMHYDQMD
JHQHUDFLMH 6WYDUDODWYRMHNUHDWLYQLLQSUHWYDUDQMDRGUD]DXL]UD]
SR]LYHLMH]UQFHVSR]QDMHRERJDXMXLWDYVYLMHWVDGDQMHLEXGXH
1LMHVOXDMQRGDVWRJDNDHPRGDVWYDUDODWYRVSDGDPHXQDMX]YLHQLMH 6WYDUDODWYRMHRGUD]GXKRYQHVXSHULRUQRVWLEH]REYH]LYDQMDQDELORNDNYX
OMXGVNRELHLQWHQ]LYQXSR]RUQRVWGXERNXNRQFHQWUDFLMXLLURNXNXOWXUX QRUPX
LVFUSOMXMXLSXWUDDQMDLQWHOHNWXDOQRJSURGXNWD7DNDYUDGWUDLLWDYR 6WYDUDODWYRMHSURFHVXNRMHPWHQMD]DQRYLPLRVREQLPPDORSRPDOR
]DPLVOLLSUHWSRVWDYNHGRNRQDQRJREMDYOMHQRJGMHODLOLSURWRWLSDGXJMHL SURLUXMHLRGYUHPHQDGRYUHPHQDUXLJUDQLFHNRQYHQFLMD
LVWUDLYDQMDXHQMHSURYMHUDYDQMHLYLVRNXUD]LQXVWUSOMHQMD2GSUYRELWQH 6WYDUDODWYRMHUDGQDWHUDSLMD]DUD]OLNXRGRELQRJUDGDNRMLQLMHYUOLQDVDPD
6WYDUDODNLUDGXYHOLNRMPMHULSUHWSRVWDYOMDPQRJDRGULFDQMDQDSRUQD SRVHELMHUOHLXQXWDUVWUDKDSULVLOHLRWXHQMD
QDRNRORRQDNDYNDNDYMHQDGWLPMHGXKL]UHNDRVYRMHSURNOHWVWYR 6WYDUDODWYRMHYHOLNLSRGYLJDSRGYLJWUDLUWYH
L]JUDGLWLLWDYVYLMHWGDEXGHWYRUDFVYLMHWDQHJRVDPRWRPHGDLGDOMHOXWD 6WYDUDODWYRMHLYRWQLVWDYNRMHPMHJODYQLSUHGPHWXQDSUHHQMHLUD]YLMDQMH
VYRMRMYODVWLWRMPRLWNRVHYLHQHUDGXMHWRPHGDRGRQRJDWRPRH RYMHNDVDPRJ
UDVFYDWRYMHNRYLKPRJXQRVWLLPRLRYMHNSRGUHXMHLJUXQMHQLKVLOD
6WYDUDODNLUDGMHGRND]DQDJHQHULNDVXWLQDRYMHNDDNWUDDQMDVHEH 6WYDUDODWYRMHGDSDUDIUD]LUDPR.UOHXSLWDQMHOMXGVNHYROMHSUHPDWRPHL
SLWDQMHOMXGVNRJPRUDODGDNOHSRVYHORJLQRSLWDQMHOMXGVNRJDVWDYDSUHG
JOD]EXILOR]RILMXLGUXJHYLGRYHFLYLOL]DFLMHLNXOWXUH RWYRUHQLPSUREOHPRPGREUDL]ODOLMHSRJLUXQRJSUDYHGQRJL
RWNULD WHKQLNXDUKLWHNWXUXVOLNDUVWYRNQMLHYQRVWND]DOLWHLJOXPX QHSUDYHGQRJLVWLQLWRJLODQRJ
RVRELWRVWLRLWXMXSULMHVYHJDNUR] L]XPLWHOMVWYR]QDQRVW ]QDQVWYHQD
6WYDUDODNLDVSHNWRYMHNDREXKYDDLQRYDWLYQRVWLLQYHQFLMX7HVH
6WYDUDODNLDVSHNWRYMHNDREXKYDDLQRYDWLYQRVWLLQYHQFLMX7HVH
RVRELWRVWLRLWXMXSULMHVYHJDNUR] L]XPLWHOMVWYR]QDQRVW ]QDQVWYHQD
QHSUDYHGQRJLVWLQLWRJLODQRJ RWNULD WHKQLNXDUKLWHNWXUXVOLNDUVWYRNQMLHYQRVWND]DOLWHLJOXPX
RWYRUHQLPSUREOHPRPGREUDL]ODOLMHSRJLUXQRJSUDYHGQRJL JOD]EXILOR]RILMXLGUXJHYLGRYHFLYLOL]DFLMHLNXOWXUH
SLWDQMHOMXGVNRJPRUDODGDNOHSRVYHORJLQRSLWDQMHOMXGVNRJDVWDYDSUHG
6WYDUDODWYRMHGDSDUDIUD]LUDPR.UOHXSLWDQMHOMXGVNHYROMHSUHPDWRPHL 6WYDUDODNLUDGMHGRND]DQDJHQHULNDVXWLQDRYMHNDDNWUDDQMDVHEH
UDVFYDWRYMHNRYLKPRJXQRVWLLPRLRYMHNSRGUHXMHLJUXQMHQLKVLOD
RYMHNDVDPRJ VYRMRMYODVWLWRMPRLWNRVHYLHQHUDGXMHWRPHGDRGRQRJDWRPRH
6WYDUDODWYRMHLYRWQLVWDYNRMHPMHJODYQLSUHGPHWXQDSUHHQMHLUD]YLMDQMH L]JUDGLWLLWDYVYLMHWGDEXGHWYRUDFVYLMHWDQHJRVDPRWRPHGDLGDOMHOXWD
6WYDUDODWYRMHYHOLNLSRGYLJDSRGYLJWUDLUWYH QDRNRORRQDNDYNDNDYMHQDGWLPMHGXKL]UHNDRVYRMHSURNOHWVWYR
SRVHELMHUOHLXQXWDUVWUDKDSULVLOHLRWXHQMD 6WYDUDODNLUDGXYHOLNRMPMHULSUHWSRVWDYOMDPQRJDRGULFDQMDQDSRUQD
6WYDUDODWYRMHUDGQDWHUDSLMD]DUD]OLNXRGRELQRJUDGDNRMLQLMHYUOLQDVDPD LVWUDLYDQMDXHQMHSURYMHUDYDQMHLYLVRNXUD]LQXVWUSOMHQMD2GSUYRELWQH
SURLUXMHLRGYUHPHQDGRYUHPHQDUXLJUDQLFHNRQYHQFLMD ]DPLVOLLSUHWSRVWDYNHGRNRQDQRJREMDYOMHQRJGMHODLOLSURWRWLSDGXJMHL
6WYDUDODWYRMHSURFHVXNRMHPWHQMD]DQRYLPLRVREQLPPDORSRPDOR LVFUSOMXMXLSXWUDDQMDLQWHOHNWXDOQRJSURGXNWD7DNDYUDGWUDLLWDYR
QRUPX OMXGVNRELHLQWHQ]LYQXSR]RUQRVWGXERNXNRQFHQWUDFLMXLLURNXNXOWXUX
6WYDUDODWYRMHRGUD]GXKRYQHVXSHULRUQRVWLEH]REYH]LYDQMDQDELORNDNYX 1LMHVOXDMQRGDVWRJDNDHPRGDVWYDUDODWYRVSDGDPHXQDMX]YLHQLMH
SR]LYHLMH]UQFHVSR]QDMHRERJDXMXLWDYVYLMHWVDGDQMHLEXGXH
6WYDUDODWYRMHNUHDWLYQLLQSUHWYDUDQMDRGUD]DXL]UD] JHQHUDFLMH
SXEOLNXVYLHUD]XPLMHYDQMD 6WYDUDODNRMHGMHORNULWLNDLNRUHNWXUDLYRWDSRNXDMGDVHLYRWRVORERGL
EH]L]UDDMQXPDVNXLQDVWRMLGDQHJGMHL]DQMHXGDOHNRMEXGXQRVWL]DPLVOL QMHJRYHEH]REOLQRVWLGDPXVHGDGHMDVQLMLPDGDQHLSRWSXQLMLREOLN9H
SUHGQHSUDYHGQRPUDYQRGXQRPLHVWRQHSULMDWHOMVNRPMDYQRX2Q]XULX WLVXOMHLPDVWYDUDODFRVMHDGDQHVWRMLSUHGSULMDWHOMVNLPPHFHQRPQHJR
WLVXOMHLPDVWYDUDODFRVMHDGDQHVWRMLSUHGSULMDWHOMVNLPPHFHQRPQHJR SUHGQHSUDYHGQRPUDYQRGXQRPLHVWRQHSULMDWHOMVNRPMDYQRX2Q]XULX
QMHJRYHEH]REOLQRVWLGDPXVHGDGHMDVQLMLPDGDQHLSRWSXQLMLREOLN9H EH]L]UDDMQXPDVNXLQDVWRMLGDQHJGMHL]DQMHXGDOHNRMEXGXQRVWL]DPLVOL
6WYDUDODNRMHGMHORNULWLNDLNRUHNWXUDLYRWDSRNXDMGDVHLYRWRVORERGL SXEOLNXVYLHUD]XPLMHYDQMD
JHQHUDFLMH 6WYDUDODWYRMHNUHDWLYQLLQSUHWYDUDQMDRGUD]DXL]UD]
SR]LYHLMH]UQFHVSR]QDMHRERJDXMXLWDYVYLMHWVDGDQMHLEXGXH
1LMHVOXDMQRGDVWRJDNDHPRGDVWYDUDODWYRVSDGDPHXQDMX]YLHQLMH 6WYDUDODWYRMHRGUD]GXKRYQHVXSHULRUQRVWLEH]REYH]LYDQMDQDELORNDNYX
OMXGVNRELHLQWHQ]LYQXSR]RUQRVWGXERNXNRQFHQWUDFLMXLLURNXNXOWXUX QRUPX
LVFUSOMXMXLSXWUDDQMDLQWHOHNWXDOQRJSURGXNWD7DNDYUDGWUDLLWDYR 6WYDUDODWYRMHSURFHVXNRMHPWHQMD]DQRYLPLRVREQLPPDORSRPDOR
]DPLVOLLSUHWSRVWDYNHGRNRQDQRJREMDYOMHQRJGMHODLOLSURWRWLSDGXJMHL SURLUXMHLRGYUHPHQDGRYUHPHQDUXLJUDQLFHNRQYHQFLMD
LVWUDLYDQMDXHQMHSURYMHUDYDQMHLYLVRNXUD]LQXVWUSOMHQMD2GSUYRELWQH 6WYDUDODWYRMHUDGQDWHUDSLMD]DUD]OLNXRGRELQRJUDGDNRMLQLMHYUOLQDVDPD
6WYDUDODNLUDGXYHOLNRMPMHULSUHWSRVWDYOMDPQRJDRGULFDQMDQDSRUQD SRVHELMHUOHLXQXWDUVWUDKDSULVLOHLRWXHQMD
QDRNRORRQDNDYNDNDYMHQDGWLPMHGXKL]UHNDRVYRMHSURNOHWVWYR 6WYDUDODWYRMHYHOLNLSRGYLJDSRGYLJWUDLUWYH
L]JUDGLWLLWDYVYLMHWGDEXGHWYRUDFVYLMHWDQHJRVDPRWRPHGDLGDOMHOXWD 6WYDUDODWYRMHLYRWQLVWDYNRMHPMHJODYQLSUHGPHWXQDSUHHQMHLUD]YLMDQMH
VYRMRMYODVWLWRMPRLWNRVHYLHQHUDGXMHWRPHGDRGRQRJDWRPRH RYMHNDVDPRJ
UDVFYDWRYMHNRYLKPRJXQRVWLLPRLRYMHNSRGUHXMHLJUXQMHQLKVLOD
6WYDUDODNLUDGMHGRND]DQDJHQHULNDVXWLQDRYMHNDDNWUDDQMDVHEH 6WYDUDODWYRMHGDSDUDIUD]LUDPR.UOHXSLWDQMHOMXGVNHYROMHSUHPDWRPHL
SLWDQMHOMXGVNRJPRUDODGDNOHSRVYHORJLQRSLWDQMHOMXGVNRJDVWDYDSUHG
JOD]EXILOR]RILMXLGUXJHYLGRYHFLYLOL]DFLMHLNXOWXUH RWYRUHQLPSUREOHPRPGREUDL]ODOLMHSRJLUXQRJSUDYHGQRJL
RWNULD WHKQLNXDUKLWHNWXUXVOLNDUVWYRNQMLHYQRVWND]DOLWHLJOXPX QHSUDYHGQRJLVWLQLWRJLODQRJ
RVRELWRVWLRLWXMXSULMHVYHJDNUR] L]XPLWHOMVWYR]QDQRVW ]QDQVWYHQD
6WYDUDODNLDVSHNWRYMHNDREXKYDDLQRYDWLYQRVWLLQYHQFLMX7HVH
6WYDUDODWYRNRGQDURGDNDRLNRGGMHWHWDLGMHODWQDRYMHNDL]YLUHL]
WMHVNREH
7NRQHWUDLXVNRURYLHQHHELWLWUDHQ
6WYDUDODWYRQHRVWDYOMDLVNOMXLYRSORGRYHXVDPOMHQLNLKVDQMDULMDQHJR
SR]LWLYQXPXGURVW]DPQRJDSRNROMHQMD2QRGUXJHSRNUHHQDDNWLYQRVWLQD
VWYDUDODNXSUHGRGUHHQRVW
REQRYXQDSURPLOMDQMHQDSRNUHWPDQXDOQXYMHWLQXLUXNRYDQMH
6YMHVQLPLWUDMQLPRGOXLYDQMHPRVYRMHPGMHORYDQMXRYMHNRVWYDUXMHVYRMX
SRMPRYLPD 6YDWNRMHSR]YDQGDQDRYRPVYLMHWXQHWRGRYUL
6WYDUDODWYRQLMHQLGHVQRQLOLMHYRYHXYLMHNXVUHGLQL ULMHL
GUXJHVWUDQH8PQLUDGVWYDUDQMDLGHMHMHVWVWYDUDODNLDNWXSXQRPVPLVOX
6WYDUDODWYRSUHWSRVWDYOMDNUHWDQMHQDSULMHGXQHL]YMHVQR1RNDNRVYDNL WDOHQWDVMHGQHVWUDQHLSRVWRMHLKXYMHWDL]UDDMQLKVUHGVWDYDLNRQYHQFLMDV
QRYLNRUDNVDGULRSDVQRVWRGQHXVSMHKDWRMHMHGDQRGUD]ORJD]DWRVHOMXGL 6YDNLMHVWYDUDODNLXVSMHKUH]XOWDWERUEHL]PHXKWMHQMDLVWYDUDODNRJ
ERMHVORERGH
WROHUDQWQD
6WYDUDODWYRUD]YLMDLQWHJUDWLYQHVSRVREQRVWLOMXGLSUYHQVWYHQRQMLKRYXP RGVXWQRVWVWUDKDRGQHXVSMHKDLSRJUHDNDRWYRUHQD]DQRYDLVNXVWYDL
SREXXMHSURGXNWLYQXDNWLYQRVWNRMDMHSRGXGDUQDVOMXEDYOMXSUHPDLYRWX RVRED]QDWLHOMQDLQWHOHNWXDOQRUD]LJUDQDVLJXUQDXVHEHVSUHPQDQDUL]LNL
NDRQHLPELRORNLGDQLP EOLQMHSULGRQRVLSRMHGLQFXLOLDNLWDYRPRYMHDQVWYX.UHDWLYQDMH
6WYDUDQMHWUHEDELWLSURL]YRGSOD]PDWRUVNHVQDJHGXKDDQHSDVLYQR VWYRULQHWRQRYRRULJLQDOQRHVWHWVNRMHGQRVWDYQR QHWRWRRSOHPHQMXMH
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SURVWUDQVWYDELORELGREURNDGELJDSRYLMHVWQDYHODQDUD]PLOMDQMHR WROLNRUDGR]QDORVWL]DLVWUDLYDQMHVYRMHSURORVWLDQLWROLNXEULJXGDELVHVYL
8YULMHPHNDGDVHRYMHNSULSUHPDGDELVHRWLVQXRVRYHSODQHWHXVYHPLUVND WLWUDJRYLLVDXYDOL1RELORNDNRELORQLNDGQLMHNDRXSUDYRVDGDNDGD
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WROLNDSRWUHEDGDSDPHQMHRVLJXUDRYMHDQVWYXGDRQRGXKRYQRSULVYRML
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VYRMXNUHDWLYQXVWYDUQRVW.DGVDYMHVWQHELELODWDNRXNRULMHQMHQDX
VYRMHJDSRVOD8PRGHUQRPUDGQRPSURFHVXLQRYQLNDUDGQLNDQDWHNXRM
RYDNYRPUD]PLOMDQMXRSURFHVXVYRJYODVWLWRJQDVWDMDQMDPQRJLL]XPLNRMH
SURGXNWLYQLUDG]DUDGXNRMHPXMDSODQLUDPSURL]YRGLPLYLGLPUH]XOWDW
SR]GUDYOMDPRNDRSREMHGHLQDSUHGRYDQMDQHELELOLGUXJRGRQHNRQWUROLUDQD
PDWHULMDORPNRMLSUHGVWDYOMDVYLMHWL]YDQQMH0HXWLPWRYULMHGLVDPR]D
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8VYDNRMYUVWLVWYDUDODNHDNWLYQRVWLNUHDWLYQDVHOLQRVWVMHGLQMXMHV
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VYRMLP]DPLVOLPDDWLPHLGMHOLPDRGSURVMHQLK7DMHWHPDQD]RQDMR NRMRPVH]QDQMHPRHSRVWLLSUDYLORNRMHMHGXKSURSLVDRGDELWR]QDQMH
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8VYDNRGQHYQRPLYRWXQDLOD]LPRQDOMXGHNRMLNUHDWLYQRVWSRLVWRYMHXMXV ]DSUDYRXGYRVWUXHQDVYLMHVW
LQJHQLR]QRVWLOLL]XPLWHOMVNLGXKLPXGURVW 8PMHWQLNDGMHODLXPMHWQLNRVWYDUDODWYRSUHGVWDYOMDMXMDYQHQHXURWLNH
8VWYDUDODWYXRYMHNRVWYDUXMHMHGLQVWYRELRORNLKLGXKRYQLKVQDJD VLPSWRPHWRMHQHNRXPMHWQLNRGMHORVORHQLMHLWRMHQHNLXPMHWQLN
VDYUHQLMLWRVXQMHJRYHQHVYMHVQHWHQGHQFLMHLWUHQGRYLYLHSUHUXHQLL
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8QDVQDNUHDWLYQLPSRVORYLPDUDGHVWDUHRVREHEH]LGHMDLHPRWLYQLKQDERMD
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9HWLVXOMHLPDVWYDUDODFRVMHDGDQHVWRMLSUHGSULMDWHOMVNLPPHFHQRP
QHJRSUHGQHSUDYHGQRPUDYQRGXQRPLHVWRQHSULMDWHOMVNRPMDYQRX2Q OMXGLPDORJUDVWDDPELYDOHQWQLXVYRMLPRGQRVLPDSUHPDGUXJLPRVREDPDL
]XULXEH]L]UDDMQXPDVNXLQDVWRMLGDQHJGMHL]DQMHXGDOHNRMEXGXQRVWL .DNYLVXELOLIDQDWLFLYHOLNLYRMVNRYRH1DSROHRQ+LWOHU0XVROLQL"%LOLVX
]DPLVOLSXEOLNXVYLHUD]XPLMHYDQMD
DOLQHPDVPLMHKD
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PDQLIHVWLUDVHXPRMRMXQXWUDQMRVWLHOMDHQMDQHQLNDNYDSXWDHQMD
DSVROXWQR]DKWLMHYDQMHEROMHJDVYLMHWD8PRMRMXQXWUDQMRVWLQHRGROMLYR )DQDWL]DPVHVDVWRMLRGXGYRVWUXDYDQMDQDSRUDNDGDMHFLOMYH]DERUDYOMHQ
]YXL 1HPRJXHMHGDWDNRWUHEDRVWDWL VYHWRPRUDRPRUDSRVWDWL XQXWDUQMHQHGRXPLFH
GUXJDLMHLEROMH p)DQDWL]DPPRHPRSURQDLVDPRNRGRQLKNRMLSRNXDYDMXSULNULWL
9HOLNLMHPLVOLODFRYMHNNRMLJOHGDQDVYLMHWLURPRWYRUHQLPRLPDL XWRSLMDXWYDUH]DEOXGD]DNOHWYH
SR]RUQRSUDWLQDSUHGDN]QDQRVWLNDRLQMHJRYHSRVOMHGLFHQDLQWHOHNWXDOQRP IDQDWL]DPJDWDQMHLOX]LMHOHJHQGHPLWRELDMSUHGUDVXGHWUDGLFLMD
JRVSRGDUVNRPLGUXWYHQRPSODQX=DVWYDUDRFDMHQXGDSULMHVYHJDMHGQR
VORERGQRRGVWRMDQMHUD]PDNRGVWYDULVYMHLQDGXKDXSXHQDQDVWURJRVWL 2=$%/8'$0$
LVWRX
LYDQDJRQVNDVLODGROD]LVDPRVRQHVWUDQHQHVYMHVQRJ'DELQHNRELH
SRVWDORVWYDUDODNRPRUDVHRVORERGLWLVSRQDVYMHVQRJDMHUVYMHVQRMRMVDPR QHNLRGUHHQLXVSMHKYMHURMDWQRHJDLGRVWLL
VWDYOMDQDSXWSUHSUHNH 7HLXVSMHKXDOLQHSRGVYDNXFLMHQX.DGKRHSRWRSRWRSRVWLL
o6DPRWXLPWUDJRPPRHQDSULMHGVYRMLPQDWUDJ 3RWUHEQRWLMHGYDGHVHWJRGLQDGDELSRVWLJDRXVSMHKSUHNRQRL
7YRMXVSMHK]DYLVLRGHPRFLRQDOQHUDYQRWHHYROMHPRWLYDFLMHUD]LQH
p 1HJRYRULRVYRPXVSMHKXSUHGRVRERPNRMDQLMHXVSMHOD
DVSLUDFLMHLLQWHOHNWXDOQH]UHORVWL VWDELOQRVWLLQWHUHVLUDQMDKXPDQH XVPMHUHQRVWLVWDYRYDLXYMHUHQMDUHDOQRVWLXRFMHQMLYDQMXVHEHLGUXJLKLVO
XVPMHUHQRVWLVWDYRYDLXYMHUHQMDUHDOQRVWLXRFMHQMLYDQMXVHEHLGUXJLKLVO DVSLUDFLMHLLQWHOHNWXDOQH]UHORVWL VWDELOQRVWLLQWHUHVLUDQMDKXPDQH
1HJRYRULRVYRPXVSMHKXSUHGRVRERPNRMDQLMHXVSMHOD p7YRMXVSMHK]DYLVLRGHPRFLRQDOQHUDYQRWHHYROMHPRWLYDFLMHUD]LQH
3RWUHEQRWLMHGYDGHVHWJRGLQDGDELSRVWLJDRXVSMHKSUHNRQRL o6DPRWXLPWUDJRPPRHQDSULMHGVYRMLPQDWUDJ
7HLXVSMHKXDOLQHSRGVYDNXFLMHQX.DGKRHSRWRSRWRSRVWLL VWDYOMDQDSXWSUHSUHNH
QHNLRGUHHQLXVSMHKYMHURMDWQRHJDLGRVWLL SRVWDORVWYDUDODNRPRUDVHRVORERGLWLVSRQDVYMHVQRJDMHUVYMHVQRMRMVDPR
LYDQDJRQVNDVLODGROD]LVDPRVRQHVWUDQHQHVYMHVQRJ'DELQHNRELH
LVWRX
2=$%/8'$0$ VORERGQRRGVWRMDQMHUD]PDNRGVWYDULVYMHLQDGXKDXSXHQDQDVWURJRVWL
JRVSRGDUVNRPLGUXWYHQRPSODQX=DVWYDUDRFDMHQXGDSULMHVYHJDMHGQR
IDQDWL]DPJDWDQMHLOX]LMHOHJHQGHPLWRELDMSUHGUDVXGHWUDGLFLMD SR]RUQRSUDWLQDSUHGDN]QDQRVWLNDRLQMHJRYHSRVOMHGLFHQDLQWHOHNWXDOQRP
XWRSLMDXWYDUH]DEOXGD]DNOHWYH 9HOLNLMHPLVOLODFRYMHNNRMLJOHGDQDVYLMHWLURPRWYRUHQLPRLPDL
p)DQDWL]DPPRHPRSURQDLVDPRNRGRQLKNRMLSRNXDYDMXSULNULWL GUXJDLMHLEROMH
XQXWDUQMHQHGRXPLFH ]YXL 1HPRJXHMHGDWDNRWUHEDRVWDWL VYHWRPRUDRPRUDSRVWDWL
)DQDWL]DPVHVDVWRMLRGXGYRVWUXDYDQMDQDSRUDNDGDMHFLOMYH]DERUDYOMHQ DSVROXWQR]DKWLMHYDQMHEROMHJDVYLMHWD8PRMRMXQXWUDQMRVWLQHRGROMLYR
PDQLIHVWLUDVHXPRMRMXQXWUDQMRVWLHOMDHQMDQHQLNDNYDSXWDHQMD
*GMHYODGDIDQDWL]DPQHPDYHVHOMD(YHQWXDOQRVDPRSURVWDEXNDFLQL]PD 9HXVDPRPHSURPDWUDQMXVYLMHWDNDNDYRQMHVWEH]RE]LUDQD]DSRYLMHG
DOLQHPDVPLMHKD
]DPLVOLSXEOLNXVYLHUD]XPLMHYDQMD
.DNYLVXELOLIDQDWLFLYHOLNLYRMVNRYRH1DSROHRQ+LWOHU0XVROLQL"%LOLVX ]XULXEH]L]UDDMQXPDVNXLQDVWRMLGDQHJGMHL]DQMHXGDOHNRMEXGXQRVWL
OMXGLPDORJUDVWDDPELYDOHQWQLXVYRMLPRGQRVLPDSUHPDGUXJLPRVREDPDL QHJRSUHGQHSUDYHGQRPUDYQRGXQRPLHVWRQHSULMDWHOMVNRPMDYQRX2Q
9HWLVXOMHLPDVWYDUDODFRVMHDGDQHVWRMLSUHGSULMDWHOMVNLPPHFHQRP
9HWLVXOMHLPDVWYDUDODFRVMHDGDQHVWRMLSUHGSULMDWHOMVNLPPHFHQRP
QHJRSUHGQHSUDYHGQRPUDYQRGXQRPLHVWRQHSULMDWHOMVNRPMDYQRX2Q OMXGLPDORJUDVWDDPELYDOHQWQLXVYRMLPRGQRVLPDSUHPDGUXJLPRVREDPDL
]XULXEH]L]UDDMQXPDVNXLQDVWRMLGDQHJGMHL]DQMHXGDOHNRMEXGXQRVWL .DNYLVXELOLIDQDWLFLYHOLNLYRMVNRYRH1DSROHRQ+LWOHU0XVROLQL"%LOLVX
]DPLVOLSXEOLNXVYLHUD]XPLMHYDQMD
DOLQHPDVPLMHKD
9HXVDPRPHSURPDWUDQMXVYLMHWDNDNDYRQMHVWEH]RE]LUDQD]DSRYLMHG *GMHYODGDIDQDWL]DPQHPDYHVHOMD(YHQWXDOQRVDPRSURVWDEXNDFLQL]PD
PDQLIHVWLUDVHXPRMRMXQXWUDQMRVWLHOMDHQMDQHQLNDNYDSXWDHQMD
DSVROXWQR]DKWLMHYDQMHEROMHJDVYLMHWD8PRMRMXQXWUDQMRVWLQHRGROMLYR )DQDWL]DPVHVDVWRMLRGXGYRVWUXDYDQMDQDSRUDNDGDMHFLOMYH]DERUDYOMHQ
]YXL 1HPRJXHMHGDWDNRWUHEDRVWDWL VYHWRPRUDRPRUDSRVWDWL XQXWDUQMHQHGRXPLFH
GUXJDLMHLEROMH p)DQDWL]DPPRHPRSURQDLVDPRNRGRQLKNRMLSRNXDYDMXSULNULWL
9HOLNLMHPLVOLODFRYMHNNRMLJOHGDQDVYLMHWLURPRWYRUHQLPRLPDL XWRSLMDXWYDUH]DEOXGD]DNOHWYH
SR]RUQRSUDWLQDSUHGDN]QDQRVWLNDRLQMHJRYHSRVOMHGLFHQDLQWHOHNWXDOQRP IDQDWL]DPJDWDQMHLOX]LMHOHJHQGHPLWRELDMSUHGUDVXGHWUDGLFLMD
JRVSRGDUVNRPLGUXWYHQRPSODQX=DVWYDUDRFDMHQXGDSULMHVYHJDMHGQR
VORERGQRRGVWRMDQMHUD]PDNRGVWYDULVYMHLQDGXKDXSXHQDQDVWURJRVWL 2=$%/8'$0$
LVWRX
LYDQDJRQVNDVLODGROD]LVDPRVRQHVWUDQHQHVYMHVQRJ'DELQHNRELH
SRVWDORVWYDUDODNRPRUDVHRVORERGLWLVSRQDVYMHVQRJDMHUVYMHVQRMRMVDPR QHNLRGUHHQLXVSMHKYMHURMDWQRHJDLGRVWLL
VWDYOMDQDSXWSUHSUHNH 7HLXVSMHKXDOLQHSRGVYDNXFLMHQX.DGKRHSRWRSRWRSRVWLL
o6DPRWXLPWUDJRPPRHQDSULMHGVYRMLPQDWUDJ 3RWUHEQRWLMHGYDGHVHWJRGLQDGDELSRVWLJDRXVSMHKSUHNRQRL
7YRMXVSMHK]DYLVLRGHPRFLRQDOQHUDYQRWHHYROMHPRWLYDFLMHUD]LQH
p 1HJRYRULRVYRPXVSMHKXSUHGRVRERPNRMDQLMHXVSMHOD
DVSLUDFLMHLLQWHOHNWXDOQH]UHORVWL VWDELOQRVWLLQWHUHVLUDQMDKXPDQH XVPMHUHQRVWLVWDYRYDLXYMHUHQMDUHDOQRVWLXRFMHQMLYDQMXVHEHLGUXJLKLVO
XVPMHUHQRVWLVWDYRYDLXYMHUHQMDUHDOQRVWLXRFMHQMLYDQMXVHEHLGUXJLKLVO DVSLUDFLMHLLQWHOHNWXDOQH]UHORVWL VWDELOQRVWLLQWHUHVLUDQMDKXPDQH
1HJRYRULRVYRPXVSMHKXSUHGRVRERPNRMDQLMHXVSMHOD p7YRMXVSMHK]DYLVLRGHPRFLRQDOQHUDYQRWHHYROMHPRWLYDFLMHUD]LQH
3RWUHEQRWLMHGYDGHVHWJRGLQDGDELSRVWLJDRXVSMHKSUHNRQRL o6DPRWXLPWUDJRPPRHQDSULMHGVYRMLPQDWUDJ
7HLXVSMHKXDOLQHSRGVYDNXFLMHQX.DGKRHSRWRSRWRSRVWLL VWDYOMDQDSXWSUHSUHNH
QHNLRGUHHQLXVSMHKYMHURMDWQRHJDLGRVWLL SRVWDORVWYDUDODNRPRUDVHRVORERGLWLVSRQDVYMHVQRJDMHUVYMHVQRMRMVDPR
LYDQDJRQVNDVLODGROD]LVDPRVRQHVWUDQHQHVYMHVQRJ'DELQHNRELH
LVWRX
2=$%/8'$0$ VORERGQRRGVWRMDQMHUD]PDNRGVWYDULVYMHLQDGXKDXSXHQDQDVWURJRVWL
JRVSRGDUVNRPLGUXWYHQRPSODQX=DVWYDUDRFDMHQXGDSULMHVYHJDMHGQR
IDQDWL]DPJDWDQMHLOX]LMHOHJHQGHPLWRELDMSUHGUDVXGHWUDGLFLMD SR]RUQRSUDWLQDSUHGDN]QDQRVWLNDRLQMHJRYHSRVOMHGLFHQDLQWHOHNWXDOQRP
XWRSLMDXWYDUH]DEOXGD]DNOHWYH 9HOLNLMHPLVOLODFRYMHNNRMLJOHGDQDVYLMHWLURPRWYRUHQLPRLPDL
p)DQDWL]DPPRHPRSURQDLVDPRNRGRQLKNRMLSRNXDYDMXSULNULWL GUXJDLMHLEROMH
XQXWDUQMHQHGRXPLFH ]YXL 1HPRJXHMHGDWDNRWUHEDRVWDWL VYHWRPRUDRPRUDSRVWDWL
)DQDWL]DPVHVDVWRMLRGXGYRVWUXDYDQMDQDSRUDNDGDMHFLOMYH]DERUDYOMHQ DSVROXWQR]DKWLMHYDQMHEROMHJDVYLMHWD8PRMRMXQXWUDQMRVWLQHRGROMLYR
PDQLIHVWLUDVHXPRMRMXQXWUDQMRVWLHOMDHQMDQHQLNDNYDSXWDHQMD
*GMHYODGDIDQDWL]DPQHPDYHVHOMD(YHQWXDOQRVDPRSURVWDEXNDFLQL]PD 9HXVDPRPHSURPDWUDQMXVYLMHWDNDNDYRQMHVWEH]RE]LUDQD]DSRYLMHG
DOLQHPDVPLMHKD
]DPLVOLSXEOLNXVYLHUD]XPLMHYDQMD
.DNYLVXELOLIDQDWLFLYHOLNLYRMVNRYRH1DSROHRQ+LWOHU0XVROLQL"%LOLVX ]XULXEH]L]UDDMQXPDVNXLQDVWRMLGDQHJGMHL]DQMHXGDOHNRMEXGXQRVWL
OMXGLPDORJUDVWDDPELYDOHQWQLXVYRMLPRGQRVLPDSUHPDGUXJLPRVREDPDL QHJRSUHGQHSUDYHGQRPUDYQRGXQRPLHVWRQHSULMDWHOMVNRPMDYQRX2Q
9HWLVXOMHLPDVWYDUDODFRVMHDGDQHVWRMLSUHGSULMDWHOMVNLPPHFHQRP
LGHMDPD EH]RE]LUQLSUHPDVXGELQLVYRMLKYODVWLWLKPUWYLKYRMQLNDD
VDGLVWLNLVXVHQDVODLYDOLPXNDPDLSRNROMLPDQHGXQLK
%LWLVORERGDQRGSUHGUDVXGDSUYLMHXYMHWOMXEDYLSUHPDEOLQMHPX
GIDQDWL]PDGREDUEDUVWYDVDPRMHMHGDQNRUDN5DVSUDYOMDWLVIDQDWLFLPD
2
SURWLY]DWYRUD ]QDLYXLNRQRSDFVSURWLYQLNRPPRPDGLNRMDMHVYRMNUDMNRQRSFD
$UJXPHQWLNRULVWHSURWLYSUHGUDVXGDMHGQDNRPDORNDRLRNRODGQLNHNVL ]DYH]DOD]DGHEHORVWDEOR
pRYMHNWUHEDLYMHWL]GUDYVQDDQLSRWSXQRVORERGDQRGVYLKSUHGUDVXGD WRMHPDQMHSUD]QRYMHUMDWRMHPDQMHIDQDWL]PDDWRMHPDQMHIDQDWL]PDWR
pWROMXGLQD]LYDMXFLYLOL]DFLMRPMHVWVWDQMHVDGDQMLKRELDMD MHPDQMHQHVUHD
6WDULVXVHPLWRYLLVFUSMHOL 8SURORVWLDOLLVDGDQMRVWLDJUHVLYQLPVXOMXGLPDQHNHVXOXGHLGHMHELOH
QDVXG XYLMHNPQRJRYDQLMHRGOMXGVNLKLYRWDNRMHQLVXWHGMHOL
6YDNLPLWRWNULYDWRVHQHJGMHLQHNRPH]ELORDWDVHLVWLQDQHPRHVWDYLWL 8YMHUHQMDVXSURWQDVXYUHPHQLFLPDQLVXELODXYLMHNGREURGROD7DNDYVH
RGQRVXGXERNRMPMHUL]DGUDRGRGDQDVLWRPRGDDNXMRJRUHPREOLNX
1DMEROMLSULPMHU]DWRVXUD]OLLWLIDQDWL]PLYMHUVNLLSROLWLNL6SDOMLYDQMH
0LWRYLVXVWYRUHQLGDLKPDWDRLYOMDYD
p0LWRYLSRQHNDGQRVHXVHELYLHRSDVQRVWLQHJRVWYDUQRVW NQMLJDUHSUHVLMD]DEUDQDLWDQMDXQRHQMDLWLVNDQMDVWYRULODVXQHVDPR
p/HJHQGHVXODLVDXUHRORP FHQ]XUXYHLDXWRFHQ]XUX7HPHWRGHXQLMHWHVXLX]DNRQNDRNULYLQR
GMHOR1HNHNQMLJHL]D]LYDMXPDOHUDWRYHLXFMHQHSULPMHULFH6RWRQVNL
1DMEROMLOLMHNSURWLYLOX]LMDSRJOHGMHXRJOHGDOR VWLKRYL
6YHPRHRSURVWLWLRVLPRGVXWQRVWLQRGREURMHGDQHWNRLPDLOX]LMD QDQVWYHQLFLVPDWUDMXGDIDQDWLFLQLVXOXDFLXSVLKLMDWULMVNRPVPLVOX.RG
=
RGRJURPQRJ]QDDMD IDQDWLNDVHQMLKRYHILNVQHLGHMHL]DEOXGHPRJXHVWRREMDVQLWLDNRVH
p3URPLVOLRLOX]LML2QRWRQD]LYDPRLOX]LMRPPRGDMHGXHYQDLQMHQLWRVW SRWDQNRSURXLQMLKRYRGJRMLRNROLQD
p*DWDQMHLSURULFDQMHVYHLVSUD]QRVWL p*DWDQMHLSURULFDQMHVYHLVSUD]QRVWL
SRWDQNRSURXLQMLKRYRGJRMLRNROLQD p3URPLVOLRLOX]LML2QRWRQD]LYDPRLOX]LMRPPRGDMHGXHYQDLQMHQLWRVW
IDQDWLNDVHQMLKRYHILNVQHLGHMHL]DEOXGHPRJXHVWRREMDVQLWLDNRVH RGRJURPQRJ]QDDMD
=QDQVWYHQLFLVPDWUDMXGDIDQDWLFLQLVXOXDFLXSVLKLMDWULMVNRPVPLVOX.RG 6YHPRHRSURVWLWLRVLPRGVXWQRVWLQRGREURMHGDQHWNRLPDLOX]LMD
VWLKRYL 1DMEROMLOLMHNSURWLYLOX]LMDSRJOHGMHXRJOHGDOR
GMHOR1HNHNQMLJHL]D]LYDMXPDOHUDWRYHLXFMHQHSULPMHULFH6RWRQVNL
FHQ]XUXYHLDXWRFHQ]XUX7HPHWRGHXQLMHWHVXLX]DNRQNDRNULYLQR p/HJHQGHVXODLVDXUHRORP
NQMLJDUHSUHVLMD]DEUDQDLWDQMDXQRHQMDLWLVNDQMDVWYRULODVXQHVDPR p0LWRYLSRQHNDGQRVHXVHELYLHRSDVQRVWLQHJRVWYDUQRVW
0LWRYLVXVWYRUHQLGDLKPDWDRLYOMDYD
1DMEROMLSULPMHU]DWRVXUD]OLLWLIDQDWL]PLYMHUVNLLSROLWLNL6SDOMLYDQMH
RGQRVXGXERNRMPMHUL]DGUDRGRGDQDVLWRPRGDDNXMRJRUHPREOLNX
8YMHUHQMDVXSURWQDVXYUHPHQLFLPDQLVXELODXYLMHNGREURGROD7DNDYVH 6YDNLPLWRWNULYDWRVHQHJGMHLQHNRPH]ELORDWDVHLVWLQDQHPRHVWDYLWL
XYLMHNPQRJRYDQLMHRGOMXGVNLKLYRWDNRMHQLVXWHGMHOL QDVXG
8SURORVWLDOLLVDGDQMRVWLDJUHVLYQLPVXOMXGLPDQHNHVXOXGHLGHMHELOH 6WDULVXVHPLWRYLLVFUSMHOL
MHPDQMHQHVUHD pWROMXGLQD]LYDMXFLYLOL]DFLMRPMHVWVWDQMHVDGDQMLKRELDMD
WRMHPDQMHSUD]QRYMHUMDWRMHPDQMHIDQDWL]PDDWRMHPDQMHIDQDWL]PDWR pRYMHNWUHEDLYMHWL]GUDYVQDDQLSRWSXQRVORERGDQRGVYLKSUHGUDVXGD
]DYH]DOD]DGHEHORVWDEOR $UJXPHQWLNRULVWHSURWLYSUHGUDVXGDMHGQDNRPDORNDRLRNRODGQLNHNVL
]QDLYXLNRQRSDFVSURWLYQLNRPPRPDGLNRMDMHVYRMNUDMNRQRSFD SURWLY]DWYRUD
2GIDQDWL]PDGREDUEDUVWYDVDPRMHMHGDQNRUDN5DVSUDYOMDWLVIDQDWLFLPD
%LWLVORERGDQRGSUHGUDVXGDSUYLMHXYMHWOMXEDYLSUHPDEOLQMHPX
VDGLVWLNLVXVHQDVODLYDOLPXNDPDLSRNROMLPDQHGXQLK
LGHMDPD EH]RE]LUQLSUHPDVXGELQLVYRMLKYODVWLWLKPUWYLKYRMQLNDD
LGHMDPD EH]RE]LUQLSUHPDVXGELQLVYRMLKYODVWLWLKPUWYLKYRMQLNDD
VDGLVWLNLVXVHQDVODLYDOLPXNDPDLSRNROMLPDQHGXQLK
%LWLVORERGDQRGSUHGUDVXGDSUYLMHXYMHWOMXEDYLSUHPDEOLQMHPX
GIDQDWL]PDGREDUEDUVWYDVDPRMHMHGDQNRUDN5DVSUDYOMDWLVIDQDWLFLPD
2
SURWLY]DWYRUD ]QDLYXLNRQRSDFVSURWLYQLNRPPRPDGLNRMDMHVYRMNUDMNRQRSFD
$UJXPHQWLNRULVWHSURWLYSUHGUDVXGDMHGQDNRPDORNDRLRNRODGQLNHNVL ]DYH]DOD]DGHEHORVWDEOR
pRYMHNWUHEDLYMHWL]GUDYVQDDQLSRWSXQRVORERGDQRGVYLKSUHGUDVXGD WRMHPDQMHSUD]QRYMHUMDWRMHPDQMHIDQDWL]PDDWRMHPDQMHIDQDWL]PDWR
pWROMXGLQD]LYDMXFLYLOL]DFLMRPMHVWVWDQMHVDGDQMLKRELDMD MHPDQMHQHVUHD
6WDULVXVHPLWRYLLVFUSMHOL 8SURORVWLDOLLVDGDQMRVWLDJUHVLYQLPVXOMXGLPDQHNHVXOXGHLGHMHELOH
QDVXG XYLMHNPQRJRYDQLMHRGOMXGVNLKLYRWDNRMHQLVXWHGMHOL
6YDNLPLWRWNULYDWRVHQHJGMHLQHNRPH]ELORDWDVHLVWLQDQHPRHVWDYLWL 8YMHUHQMDVXSURWQDVXYUHPHQLFLPDQLVXELODXYLMHNGREURGROD7DNDYVH
RGQRVXGXERNRMPMHUL]DGUDRGRGDQDVLWRPRGDDNXMRJRUHPREOLNX
1DMEROMLSULPMHU]DWRVXUD]OLLWLIDQDWL]PLYMHUVNLLSROLWLNL6SDOMLYDQMH
0LWRYLVXVWYRUHQLGDLKPDWDRLYOMDYD
p0LWRYLSRQHNDGQRVHXVHELYLHRSDVQRVWLQHJRVWYDUQRVW NQMLJDUHSUHVLMD]DEUDQDLWDQMDXQRHQMDLWLVNDQMDVWYRULODVXQHVDPR
p/HJHQGHVXODLVDXUHRORP FHQ]XUXYHLDXWRFHQ]XUX7HPHWRGHXQLMHWHVXLX]DNRQNDRNULYLQR
GMHOR1HNHNQMLJHL]D]LYDMXPDOHUDWRYHLXFMHQHSULPMHULFH6RWRQVNL
1DMEROMLOLMHNSURWLYLOX]LMDSRJOHGMHXRJOHGDOR VWLKRYL
6YHPRHRSURVWLWLRVLPRGVXWQRVWLQRGREURMHGDQHWNRLPDLOX]LMD QDQVWYHQLFLVPDWUDMXGDIDQDWLFLQLVXOXDFLXSVLKLMDWULMVNRPVPLVOX.RG
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RGRJURPQRJ]QDDMD IDQDWLNDVHQMLKRYHILNVQHLGHMHL]DEOXGHPRJXHVWRREMDVQLWLDNRVH
p3URPLVOLRLOX]LML2QRWRQD]LYDPRLOX]LMRPPRGDMHGXHYQDLQMHQLWRVW SRWDQNRSURXLQMLKRYRGJRMLRNROLQD
p*DWDQMHLSURULFDQMHVYHLVSUD]QRVWL p*DWDQMHLSURULFDQMHVYHLVSUD]QRVWL
SRWDQNRSURXLQMLKRYRGJRMLRNROLQD p3URPLVOLRLOX]LML2QRWRQD]LYDPRLOX]LMRPPRGDMHGXHYQDLQMHQLWRVW
IDQDWLNDVHQMLKRYHILNVQHLGHMHL]DEOXGHPRJXHVWRREMDVQLWLDNRVH RGRJURPQRJ]QDDMD
=QDQVWYHQLFLVPDWUDMXGDIDQDWLFLQLVXOXDFLXSVLKLMDWULMVNRPVPLVOX.RG 6YHPRHRSURVWLWLRVLPRGVXWQRVWLQRGREURMHGDQHWNRLPDLOX]LMD
VWLKRYL 1DMEROMLOLMHNSURWLYLOX]LMDSRJOHGMHXRJOHGDOR
GMHOR1HNHNQMLJHL]D]LYDMXPDOHUDWRYHLXFMHQHSULPMHULFH6RWRQVNL
FHQ]XUXYHLDXWRFHQ]XUX7HPHWRGHXQLMHWHVXLX]DNRQNDRNULYLQR p/HJHQGHVXODLVDXUHRORP
NQMLJDUHSUHVLMD]DEUDQDLWDQMDXQRHQMDLWLVNDQMDVWYRULODVXQHVDPR p0LWRYLSRQHNDGQRVHXVHELYLHRSDVQRVWLQHJRVWYDUQRVW
0LWRYLVXVWYRUHQLGDLKPDWDRLYOMDYD
1DMEROMLSULPMHU]DWRVXUD]OLLWLIDQDWL]PLYMHUVNLLSROLWLNL6SDOMLYDQMH
RGQRVXGXERNRMPMHUL]DGUDRGRGDQDVLWRPRGDDNXMRJRUHPREOLNX
8YMHUHQMDVXSURWQDVXYUHPHQLFLPDQLVXELODXYLMHNGREURGROD7DNDYVH 6YDNLPLWRWNULYDWRVHQHJGMHLQHNRPH]ELORDWDVHLVWLQDQHPRHVWDYLWL
XYLMHNPQRJRYDQLMHRGOMXGVNLKLYRWDNRMHQLVXWHGMHOL QDVXG
8SURORVWLDOLLVDGDQMRVWLDJUHVLYQLPVXOMXGLPDQHNHVXOXGHLGHMHELOH 6WDULVXVHPLWRYLLVFUSMHOL
MHPDQMHQHVUHD pWROMXGLQD]LYDMXFLYLOL]DFLMRPMHVWVWDQMHVDGDQMLKRELDMD
WRMHPDQMHSUD]QRYMHUMDWRMHPDQMHIDQDWL]PDDWRMHPDQMHIDQDWL]PDWR pRYMHNWUHEDLYMHWL]GUDYVQDDQLSRWSXQRVORERGDQRGVYLKSUHGUDVXGD
]DYH]DOD]DGHEHORVWDEOR $UJXPHQWLNRULVWHSURWLYSUHGUDVXGDMHGQDNRPDORNDRLRNRODGQLNHNVL
]QDLYXLNRQRSDFVSURWLYQLNRPPRPDGLNRMDMHVYRMNUDMNRQRSFD SURWLY]DWYRUD
2GIDQDWL]PDGREDUEDUVWYDVDPRMHMHGDQNRUDN5DVSUDYOMDWLVIDQDWLFLPD
%LWLVORERGDQRGSUHGUDVXGDSUYLMHXYMHWOMXEDYLSUHPDEOLQMHPX
VDGLVWLNLVXVHQDVODLYDOLPXNDPDLSRNROMLPDQHGXQLK
LGHMDPD EH]RE]LUQLSUHPDVXGELQLVYRMLKYODVWLWLKPUWYLKYRMQLNDD
%RUED]DVORERGXRYMHNDLQLMHQLWDGUXJRQHJRERUED]DRVORERHQMHRG
SUHGUDVXGD
*ODYQLVXX]URFLSUHGUDVXGD RSRQDDQMHQDYLNDLVNORQRVW SRVHEQLPVNORQRVWLPDVLJXUQRVHQHELPRJORRGUDWL
YODVWLWH6YDNRRSUHGMHOMHQMHNRMHELRYLVLORRQDLPSUHGUDVXGDPDLOL
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NRMRMMHODNHUD]ELWLDWRPQHJRSUHGUDVXGX
UD]OLLWLP
1DLVXVXGRYLSXQLSUHGUDVXGDMHULYLPRXGUXWYXNRMHSRLYDQD 8NRULMHQXSUHGUDVXGDVXQHVLJXUQRVWSRWLWHQRVWLVWUDKSUHGQHLP
VWXSRYLPDSULYDWQRJYODVQLWYDSURILWDLVLOH6WMHFDWLSRVMHGRYDWLLVWYDUDWL
SURILWVXVYHWDLQHRWXLYDSUDYDSRMHGLQFDXLQGXVWULMVNRPGUXWYXEH] 7NRYMHUXMHGDFUSLL]XGLFUSLSRYUHPHQRL]PXWQRJL]YRUDSUHGUDVXGH
RE]LUDRGDNOHGRYODVQLWYRSRWMHH3LWDQMHMHPHXWLPNDNRLYMHWLEH] 6YLOMXGLLPDMXVYRMXVODEXVWUDQXVYRMHSUHGUDVXGH
VWMHFDQMDLNDNYRJSRVMHGRYDQMD 6XGMHPRJXHRERULWLDOLQHLSUHGUDVXGX
1LNDGQLMHNDVQRQDSXVWLWLSUHGUDVXGH NRQIOLNWH
2VORERGLVHSUHGUDVXGDLSUD]QRYMHUMD 3UHGUDVXGHVHXJODYDPDOMXGLMDYOMDMXNDRUHDNFLMHQDXQXWUDQMHLYDQMVNH
3UHGUDVXGDL]YLUHL]RVREQLKQHGRVWDWDNDWHNUXWRJRGJRMDDRGUDYDVHX QHWUSHOMLYRVWSUHPDVODELPD
SUHWMHUDQRPSRWRYDQMXDXWRULWHWXLQHSULMDWHOMVWYDSUHPDVYLPDNRMLVX XNODQMDRSDVQRVW1DVWDMHWUDMDQRVMHDMQHVLJXUQRVWLWRVHRGUDYDNDR
GUXJDLMLLVODELMLSD]DWRLLGHDOQLNULYFL]DVYH ]ERJVWUDKDRGND]QH3RVOMHGLFDMHGDWDNDYRYMHNQHUD]UMHDYDVXPQMHLQH
3UHGUDVXGDMHGLMHWHQH]QDQMD 7DNYDLQGLYLGXDVXPQMDVDVWUDKRPMHUMHQHVLJXUQDLLPDVXSURWQHSRJOHGH
PRLSRORDMWHGDVXUD]XPLXYMHUDYDQMHPDQMHYULMHGQLRGXSRWUHEHVLOH
3UHGUDVXGDMHXQDSULMHGGRQRHQVXGNRMLQDNRQVDVYLPVXSURWQLKLVNXVWDYD DXWRULWDUDQRGJRMXFMHSOMXMHYHUDQRXGMHWHWXXYMHUHQMHGDVXYDQLMHGLQR
QLVPRXVWDQMXL]PLMHQLWL RVRELWRHOMXGLNRMLVXELOLRGJDMDQLVWURJR SUDYLOLPDWHXJURDYDMXQMLKRYRVMHDM]DUHGLLVSUDYQRVW.UXWL]DWLUDODNLL
SUHWMHUDQRXYDDYDWLXJOHGQHRVREHLSULPDWLVYHWRVPDWUDMXQMLKRYLP SRMHGLQFLPDLVNXSLQDPDNRMHVHQHSRQDDMXXVNODGXVSULKYDHQLP
VWDYRYLPDLYUHGQRWDPD1HNULWLQRHVHRGQRVLWLSUHPDRVREDPDNRMH LPDMXPR6YLMHWLPVHLQLGLYOMLLRSDVDQ=DWRVXQHWUSHOMLYLSUHPD
LPDMXPR6YLMHWLPVHLQLGLYOMLLRSDVDQ=DWRVXQHWUSHOMLYLSUHPD VWDYRYLPDLYUHGQRWDPD1HNULWLQRHVHRGQRVLWLSUHPDRVREDPDNRMH
SRMHGLQFLPDLVNXSLQDPDNRMHVHQHSRQDDMXXVNODGXVSULKYDHQLP SUHWMHUDQRXYDDYDWLXJOHGQHRVREHLSULPDWLVYHWRVPDWUDMXQMLKRYLP
SUDYLOLPDWHXJURDYDMXQMLKRYRVMHDM]DUHGLLVSUDYQRVW.UXWL]DWLUDODNLL QLVPRXVWDQMXL]PLMHQLWL RVRELWRHOMXGLNRMLVXELOLRGJDMDQLVWURJR
DXWRULWDUDQRGJRMXFMHSOMXMHYHUDQRXGMHWHWXXYMHUHQMHGDVXYDQLMHGLQR 3UHGUDVXGDMHXQDSULMHGGRQRHQVXGNRMLQDNRQVDVYLPVXSURWQLKLVNXVWDYD
PRLSRORDMWHGDVXUD]XPLXYMHUDYDQMHPDQMHYULMHGQLRGXSRWUHEHVLOH
7DNYDLQGLYLGXDVXPQMDVDVWUDKRPMHUMHQHVLJXUQDLLPDVXSURWQHSRJOHGH 3UHGUDVXGDMHGLMHWHQH]QDQMD
]ERJVWUDKDRGND]QH3RVOMHGLFDMHGDWDNDYRYMHNQHUD]UMHDYDVXPQMHLQH GUXJDLMLLVODELMLSD]DWRLLGHDOQLNULYFL]DVYH
XNODQMDRSDVQRVW1DVWDMHWUDMDQRVMHDMQHVLJXUQRVWLWRVHRGUDYDNDR SUHWMHUDQRPSRWRYDQMXDXWRULWHWXLQHSULMDWHOMVWYDSUHPDVYLPDNRMLVX
QHWUSHOMLYRVWSUHPDVODELPD 3UHGUDVXGDL]YLUHL]RVREQLKQHGRVWDWDNDWHNUXWRJRGJRMDDRGUDYDVHX
3UHGUDVXGHVHXJODYDPDOMXGLMDYOMDMXNDRUHDNFLMHQDXQXWUDQMHLYDQMVNH 2VORERGLVHSUHGUDVXGDLSUD]QRYMHUMD
NRQIOLNWH 1LNDGQLMHNDVQRQDSXVWLWLSUHGUDVXGH
6XGMHPRJXHRERULWLDOLQHLSUHGUDVXGX VWMHFDQMDLNDNYRJSRVMHGRYDQMD
6YLOMXGLLPDMXVYRMXVODEXVWUDQXVYRMHSUHGUDVXGH RE]LUDRGDNOHGRYODVQLWYRSRWMHH3LWDQMHMHPHXWLPNDNRLYMHWLEH]
7NRYMHUXMHGDFUSLL]XGLFUSLSRYUHPHQRL]PXWQRJL]YRUDSUHGUDVXGH SURILWVXVYHWDLQHRWXLYDSUDYDSRMHGLQFDXLQGXVWULMVNRPGUXWYXEH]
VWXSRYLPDSULYDWQRJYODVQLWYDSURILWDLVLOH6WMHFDWLSRVMHGRYDWLLVWYDUDWL
8NRULMHQXSUHGUDVXGDVXQHVLJXUQRVWSRWLWHQRVWLVWUDKSUHGQHLP 1DLVXVXGRYLSXQLSUHGUDVXGDMHULYLPRXGUXWYXNRMHSRLYDQD
UD]OLLWLP
NRMRMMHODNHUD]ELWLDWRPQHJRSUHGUDVXGX
9HLQDOMXGLPQRJRODNHVKYDDQHGRVWDWNHGUXJLKOMXGLQHJROLVYRMH ,PDOMXGLNRMLVXSUHJOXSLDNL]DSUHGUDVXGX.DNYDOLMHWRDORVQDHSRKDX
YODVWLWH6YDNRRSUHGMHOMHQMHNRMHELRYLVLORRQDLPSUHGUDVXGDPDLOL
SRVHEQLPVNORQRVWLPDVLJXUQRVHQHELPRJORRGUDWL *ODYQLVXX]URFLSUHGUDVXGD RSRQDDQMHQDYLNDLVNORQRVW
SUHGUDVXGD
%RUED]DVORERGXRYMHNDLQLMHQLWDGUXJRQHJRERUED]DRVORERHQMHRG
%RUED]DVORERGXRYMHNDLQLMHQLWDGUXJRQHJRERUED]DRVORERHQMHRG
SUHGUDVXGD
*ODYQLVXX]URFLSUHGUDVXGD RSRQDDQMHQDYLNDLVNORQRVW SRVHEQLPVNORQRVWLPDVLJXUQRVHQHELPRJORRGUDWL
YODVWLWH6YDNRRSUHGMHOMHQMHNRMHELRYLVLORRQDLPSUHGUDVXGDPDLOL
,PDOMXGLNRMLVXSUHJOXSLDNL]DSUHGUDVXGX.DNYDOLMHWRDORVQDHSRKDX 9HLQDOMXGLPQRJRODNHVKYDDQHGRVWDWNHGUXJLKOMXGLQHJROLVYRMH
NRMRMMHODNHUD]ELWLDWRPQHJRSUHGUDVXGX
UD]OLLWLP
1DLVXVXGRYLSXQLSUHGUDVXGDMHULYLPRXGUXWYXNRMHSRLYDQD 8NRULMHQXSUHGUDVXGDVXQHVLJXUQRVWSRWLWHQRVWLVWUDKSUHGQHLP
VWXSRYLPDSULYDWQRJYODVQLWYDSURILWDLVLOH6WMHFDWLSRVMHGRYDWLLVWYDUDWL
SURILWVXVYHWDLQHRWXLYDSUDYDSRMHGLQFDXLQGXVWULMVNRPGUXWYXEH] 7NRYMHUXMHGDFUSLL]XGLFUSLSRYUHPHQRL]PXWQRJL]YRUDSUHGUDVXGH
RE]LUDRGDNOHGRYODVQLWYRSRWMHH3LWDQMHMHPHXWLPNDNRLYMHWLEH] 6YLOMXGLLPDMXVYRMXVODEXVWUDQXVYRMHSUHGUDVXGH
VWMHFDQMDLNDNYRJSRVMHGRYDQMD 6XGMHPRJXHRERULWLDOLQHLSUHGUDVXGX
1LNDGQLMHNDVQRQDSXVWLWLSUHGUDVXGH NRQIOLNWH
2VORERGLVHSUHGUDVXGDLSUD]QRYMHUMD 3UHGUDVXGHVHXJODYDPDOMXGLMDYOMDMXNDRUHDNFLMHQDXQXWUDQMHLYDQMVNH
3UHGUDVXGDL]YLUHL]RVREQLKQHGRVWDWDNDWHNUXWRJRGJRMDDRGUDYDVHX QHWUSHOMLYRVWSUHPDVODELPD
SUHWMHUDQRPSRWRYDQMXDXWRULWHWXLQHSULMDWHOMVWYDSUHPDVYLPDNRMLVX XNODQMDRSDVQRVW1DVWDMHWUDMDQRVMHDMQHVLJXUQRVWLWRVHRGUDYDNDR
GUXJDLMLLVODELMLSD]DWRLLGHDOQLNULYFL]DVYH ]ERJVWUDKDRGND]QH3RVOMHGLFDMHGDWDNDYRYMHNQHUD]UMHDYDVXPQMHLQH
3UHGUDVXGDMHGLMHWHQH]QDQMD 7DNYDLQGLYLGXDVXPQMDVDVWUDKRPMHUMHQHVLJXUQDLLPDVXSURWQHSRJOHGH
PRLSRORDMWHGDVXUD]XPLXYMHUDYDQMHPDQMHYULMHGQLRGXSRWUHEHVLOH
3UHGUDVXGDMHXQDSULMHGGRQRHQVXGNRMLQDNRQVDVYLPVXSURWQLKLVNXVWDYD DXWRULWDUDQRGJRMXFMHSOMXMHYHUDQRXGMHWHWXXYMHUHQMHGDVXYDQLMHGLQR
QLVPRXVWDQMXL]PLMHQLWL RVRELWRHOMXGLNRMLVXELOLRGJDMDQLVWURJR SUDYLOLPDWHXJURDYDMXQMLKRYRVMHDM]DUHGLLVSUDYQRVW.UXWL]DWLUDODNLL
SUHWMHUDQRXYDDYDWLXJOHGQHRVREHLSULPDWLVYHWRVPDWUDMXQMLKRYLP SRMHGLQFLPDLVNXSLQDPDNRMHVHQHSRQDDMXXVNODGXVSULKYDHQLP
VWDYRYLPDLYUHGQRWDPD1HNULWLQRHVHRGQRVLWLSUHPDRVREDPDNRMH LPDMXPR6YLMHWLPVHLQLGLYOMLLRSDVDQ=DWRVXQHWUSHOMLYLSUHPD
LPDMXPR6YLMHWLPVHLQLGLYOMLLRSDVDQ=DWRVXQHWUSHOMLYLSUHPD VWDYRYLPDLYUHGQRWDPD1HNULWLQRHVHRGQRVLWLSUHPDRVREDPDNRMH
SRMHGLQFLPDLVNXSLQDPDNRMHVHQHSRQDDMXXVNODGXVSULKYDHQLP SUHWMHUDQRXYDDYDWLXJOHGQHRVREHLSULPDWLVYHWRVPDWUDMXQMLKRYLP
SUDYLOLPDWHXJURDYDMXQMLKRYRVMHDM]DUHGLLVSUDYQRVW.UXWL]DWLUDODNLL QLVPRXVWDQMXL]PLMHQLWL RVRELWRHOMXGLNRMLVXELOLRGJDMDQLVWURJR
DXWRULWDUDQRGJRMXFMHSOMXMHYHUDQRXGMHWHWXXYMHUHQMHGDVXYDQLMHGLQR 3UHGUDVXGDMHXQDSULMHGGRQRHQVXGNRMLQDNRQVDVYLPVXSURWQLKLVNXVWDYD
PRLSRORDMWHGDVXUD]XPLXYMHUDYDQMHPDQMHYULMHGQLRGXSRWUHEHVLOH
7DNYDLQGLYLGXDVXPQMDVDVWUDKRPMHUMHQHVLJXUQDLLPDVXSURWQHSRJOHGH 3UHGUDVXGDMHGLMHWHQH]QDQMD
]ERJVWUDKDRGND]QH3RVOMHGLFDMHGDWDNDYRYMHNQHUD]UMHDYDVXPQMHLQH GUXJDLMLLVODELMLSD]DWRLLGHDOQLNULYFL]DVYH
XNODQMDRSDVQRVW1DVWDMHWUDMDQRVMHDMQHVLJXUQRVWLWRVHRGUDYDNDR SUHWMHUDQRPSRWRYDQMXDXWRULWHWXLQHSULMDWHOMVWYDSUHPDVYLPDNRMLVX
QHWUSHOMLYRVWSUHPDVODELPD 3UHGUDVXGDL]YLUHL]RVREQLKQHGRVWDWDNDWHNUXWRJRGJRMDDRGUDYDVHX
3UHGUDVXGHVHXJODYDPDOMXGLMDYOMDMXNDRUHDNFLMHQDXQXWUDQMHLYDQMVNH 2VORERGLVHSUHGUDVXGDLSUD]QRYMHUMD
NRQIOLNWH 1LNDGQLMHNDVQRQDSXVWLWLSUHGUDVXGH
6XGMHPRJXHRERULWLDOLQHLSUHGUDVXGX VWMHFDQMDLNDNYRJSRVMHGRYDQMD
6YLOMXGLLPDMXVYRMXVODEXVWUDQXVYRMHSUHGUDVXGH RE]LUDRGDNOHGRYODVQLWYRSRWMHH3LWDQMHMHPHXWLPNDNRLYMHWLEH]
7NRYMHUXMHGDFUSLL]XGLFUSLSRYUHPHQRL]PXWQRJL]YRUDSUHGUDVXGH SURILWVXVYHWDLQHRWXLYDSUDYDSRMHGLQFDXLQGXVWULMVNRPGUXWYXEH]
VWXSRYLPDSULYDWQRJYODVQLWYDSURILWDLVLOH6WMHFDWLSRVMHGRYDWLLVWYDUDWL
8NRULMHQXSUHGUDVXGDVXQHVLJXUQRVWSRWLWHQRVWLVWUDKSUHGQHLP 1DLVXVXGRYLSXQLSUHGUDVXGDMHULYLPRXGUXWYXNRMHSRLYDQD
UD]OLLWLP
NRMRMMHODNHUD]ELWLDWRPQHJRSUHGUDVXGX
9HLQDOMXGLPQRJRODNHVKYDDQHGRVWDWNHGUXJLKOMXGLQHJROLVYRMH ,PDOMXGLNRMLVXSUHJOXSLDNL]DSUHGUDVXGX.DNYDOLMHWRDORVQDHSRKDX
YODVWLWH6YDNRRSUHGMHOMHQMHNRMHELRYLVLORRQDLPSUHGUDVXGDPDLOL
SRVHEQLPVNORQRVWLPDVLJXUQRVHQHELPRJORRGUDWL *ODYQLVXX]URFLSUHGUDVXGD RSRQDDQMHQDYLNDLVNORQRVW
SUHGUDVXGD
%RUED]DVORERGXRYMHNDLQLMHQLWDGUXJRQHJRERUED]DRVORERHQMHRG
.RULVWQHOHLXRSRQDDQMXYHWXPDHQMXWUDGLFLMH
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QRPHWNRHVWRXND]XMHQHSURPLOMHQRSRWRYDQMHSUHPDVWDULP]DNRQLPD
2 GXKRYQHOLMHQRVWL
2QDMWNRPLVOLGDMHL]GLJQXWL]QDGVLWXDFLMHHVWRXVWYDUQRVWLVWRMLVDVWUDQH 7UDGLFLMDMHQDVLOQLQDVWDYDN]DYUHQHSULH7UDGLFLMDMHSRWSRUDQMPRL
UDVXLYDQMD
2QDMWNRMHX]DEOXGLXVWULQRP]DPMHQMXMHLVWLQXLVQDJXNRMHPXQHGRVWDMX
7UDGLFLMDMHSURLUHQMHL]ERUQRJSUDYD7UDGLFLMD]QDLJODVRYDWL]D
2GVYLK]DPLVOLYLK]DEOXGDXYLMHNMHQDMODNHRERULWLLVWLQX QDMQHSR]QDWLMXRGVYLKNODVDQDHSUHWNH7UDGLFLMDMHGHPRNUDFLMDPUWYLK
1LQDMWHH]DEOXGHQLVXX]DOXGQH RQHVYHVOXHSURLDYDQMXLVWLQH 7UDGLFLMDMHVDXYDQLQDSUHGDNQDSUHGDNMHQDVWDYDNWUDGLFLMH
SULYLGNDRLOX]LMDUD]XPD 7UDGLFLMDQLMHXYDQMHSHSHODYHUDVSLULYDQMHSODPHQD
1DVXSURWLVWLQLVWRML]DEOXGDNDRLOX]LMDXPD QDVXSURWUHDOQRVWQDOD]LVH
7UDGLFLMHVXNDRNDPHQRNRYUDWD
QHNHVWYDUL
1DMHDLQDMRSDVQLMD]DEOXGDMHPLVOLWLGDXYLMHNMHGLQRPLSULPMHXMHPR 9HOLNDMHLNRQ]HUYDWLYQDPRWUDGLFLMHQDVYLPLGHRORNLPSRGUXMLPD
QHPDPR p'DQDVMHGYDGDMHQHWRUHDOLVWLQLMHQHJRXWRSLMD
0RGHUQDMH]DEOXGDGDRGJRMHPQHNRPGUXJRPHPRHPRGDWLRQRWRPL o8WYDUHVXGDOHL]JRYRU]DQHNHRGQDMSUHLKWHPDOMXGVNLKUD]PLOMDQMD
.RMDMHWUDJLQD]DEOXGDXPULMHWL]DQHNXVWYDUXPMHVWR]DQMXLYMHWL p%H]XYMHWDLRJUDQLHQMDLVSRYLMHGDPSRX]GDQRVWXPLOMHQMXLGMHORYDQMX
QHPDGHILQLWLYQRJXNODQMDQMDVSR]QDWLK]DEOXGD GREUR]QDMXLGDSULWRPQHXELWLSRWHHQ]DEOXGDLSURWXUMHMD
-HGLQRVUHGVWYR]DL]EMHJDYDQMH]DEOXGHMH]QDQMH.DGQHPDNRQDQRJUHGD HVWRYLHNRULVWLLWDQMHGREURSLVDQLK]DEOXGDQHJRORHEH]OLQRL]UDHQLK
RYMHN LVWLQD
=DEOXGDELVHPRJODGHILQLUDWLNDRQHSRWSXQDLVWLQD,]DVYDNH]DEOXGHVWRML 1HPD]DEOXGDNRMHVXEH]RSDVQHEXGXLGDVYDND]DEOXGDQRVLXVHELRWURY
1HPD]DEOXGDNRMHVXEH]RSDVQHEXGXLGDVYDND]DEOXGDQRVLXVHELRWURY =DEOXGDELVHPRJODGHILQLUDWLNDRQHSRWSXQDLVWLQD,]DVYDNH]DEOXGHVWRML
LVWLQD RYMHN
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9UOLQDMHPRUDOQDVQDJDXREDYOMDQMXVYRMHGXQRVWLNRMDQLNDGQHWUHED
1HPRHELWLVODYHJGMHQHPDYUOLQH
XSRWULMHEL
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PDQDPD 1HPDVSDVDEH]YUOLQHQLYUOLQHEH]UDGD
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3UYDMHYUOLQDELWLEH]PDQH
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XSRWULMHEL
1HPRHELWLVODYHJGMHQHPDYUOLQH
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9
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9
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RVWDWL
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o1HSODLQHOMXWLVHQHJRVKYDDM 1HPRMWHPHPROLP9DVSRJUHQRVKYDWLWLNDHPRXEODDYDMXHLP
1HPRMWHPHPROLP9DVSRJUHQRVKYDWLWLNDHPRXEODDYDMXHLP o1HSODLQHOMXWLVHQHJRVKYDDM
SULPLMHWLPRGDMHGUXJLSRHRWRQRVKYDDWL
YDUDVDYMHVWWR PRGD QHLQL
7NRPLVOLGDMHVYHVKYDWLRYLHQHILOR]RILUD7UXGLRVDPVHXVUGQRGDVH p%XGLVDYMHVWDQ7YRMDMHVDYMHVWVMHGLWHPRUDOQLKSREXGD$NRWHXP
OMXGVNRPGMHORYDQMXQHVPLMHPGDJDQHRSODNXMHPLGDJDQHSUH]LUHP
QHJRGDJDVKYDWLP
SRELMHGLWLVDPRJVHEH"
pWRMHRVYDMDQMHQDMYLLKYUKXQDFDXSRUHHQMXVRYMHNRPNRMLMHXVSLR
p1LWDRYMHNXQLMHVLJXUQR
6NURPQLPRJXELWLVDPRRQLOMXGLNRMLSRVMHGXMXGRYROMQRVDPRVYLMHVWL
6LJXUQRMHMHUMHQHPRJXH
YODVWLWL]DYUHWDNLYRWDDOLVYHWRRYMHNLPDGDWH]DVYRMLYRW
7NRPRHVDVYLPVLJXUQRUHLGDHGRHNDWLMXWUR" QD]QDLYDQMHSUHGPHWDLSRVWXSNDVLPEROLPD RYMHNSUHGRXMHVPUWNDRVYRM
8VYDNRPVXLYRPELXGXERNRXVDHQHIL]LRORNHSRWUHEH VDVLJXUQRX VSRVREQRVWSDPHQMDSURORVWLVSRVREQRVWSUHGRLYDQMDEXGXQRVWLL
OMXEDYOMXL]DVDPRVWYDUHQMHP,]UD]LWLVYRMXRVREQRVWLXWYUGLWLVYRMYODVWLWL pRYMHNSRVMHGXMHVDPRVYLMHVWLVYLMHVWRVHELNDR]DVHEQRPELX
UD]YRMPRJXVDPRRQLSRMHGLQFLNRMLVXSRGPLULOLVYHVYRMHSRWUHEH 6YHWRQDPVHQHVYLDQDGUXJLPDPRHQDPSRPRLSULVDPRVSR]QDML
p%XGLVNURPDQDOLXYDMVHVNURPQLK7LQHVOXWLVNDNYLPRQL p6SR]QDWLGUXJHMHPXGUR6SR]QDWLVHEHVDPDMHSURVYMHWOMHQMH
JDQXWOMLYLPSRQRVRPWHWRHVYRMHVODERVWL
GUXJH
,QDMVNURPQLMLRYMHNRVHELLPDEROMHPLOMHQMHQHJRQMHJRYQDMEROML o%H]SRWSXQRJVDPRUD]XPLMHYDQMDQLNDGDQHHPRQDXLWLLVWLQVNLUD]XPMHWL
SULMDWHOM
]DKYDOQRVW]UHORVW
0HXNRULVQLPYUOLQDPDSULVDPRPYUKXVWRMLVNURPQRVW VQDJDVROLGDUQRVWVSUHWQRVWXHQMHXVSRUHLYDQMHXYMHUDYDQMH
RQHNDGMHQHVNURPQRQHJRYRULWLRVHEL
3 VDPRVYLMHVWVDPRVYODGDYDQMHVDYMHVWVKYDDQMHVLJXUQRVWVNURPQRVW
VDPRSRX]GDQMHVDPRSURXDYDQMHVDPRUD]XPLMHYDQMHVDPRVSR]QDMD
VDPRELWQRVWVDPRNULWLNDVDPRSREMHLYDQMHVDPRSRWRYDQMH
VDPRELWQRVWVDPRNULWLNDVDPRSREMHLYDQMHVDPRSRWRYDQMH
VDPRSRX]GDQMHVDPRSURXDYDQMHVDPRUD]XPLMHYDQMHVDPRVSR]QDMD
VDPRVYLMHVWVDPRVYODGDYDQMHVDYMHVWVKYDDQMHVLJXUQRVWVNURPQRVW 3RQHNDGMHQHVNURPQRQHJRYRULWLRVHEL
VQDJDVROLGDUQRVWVSUHWQRVWXHQMHXVSRUHLYDQMHXYMHUDYDQMH 0HXNRULVQLPYUOLQDPDSULVDPRPYUKXVWRMLVNURPQRVW
]DKYDOQRVW]UHORVW
SULMDWHOM
o%H]SRWSXQRJVDPRUD]XPLMHYDQMDQLNDGDQHHPRQDXLWLLVWLQVNLUD]XPMHWL ,QDMVNURPQLMLRYMHNRVHELLPDEROMHPLOMHQMHQHJRQMHJRYQDMEROML
GUXJH
JDQXWOMLYLPSRQRVRPWHWRHVYRMHVODERVWL
p6SR]QDWLGUXJHMHPXGUR6SR]QDWLVHEHVDPDMHSURVYMHWOMHQMH p%XGLVNURPDQDOLXYDMVHVNURPQLK7LQHVOXWLVNDNYLPRQL
6YHWRQDPVHQHVYLDQDGUXJLPDPRHQDPSRPRLSULVDPRVSR]QDML UD]YRMPRJXVDPRRQLSRMHGLQFLNRMLVXSRGPLULOLVYHVYRMHSRWUHEH
pRYMHNSRVMHGXMHVDPRVYLMHVWLVYLMHVWRVHELNDR]DVHEQRPELX OMXEDYOMXL]DVDPRVWYDUHQMHP,]UD]LWLVYRMXRVREQRVWLXWYUGLWLVYRMYODVWLWL
VSRVREQRVWSDPHQMDSURORVWLVSRVREQRVWSUHGRLYDQMDEXGXQRVWLL 8VYDNRPVXLYRPELXGXERNRXVDHQHIL]LRORNHSRWUHEH VDVLJXUQRX
QD]QDLYDQMHSUHGPHWDLSRVWXSNDVLPEROLPD RYMHNSUHGRXMHVPUWNDRVYRM 7NRPRHVDVYLPVLJXUQRUHLGDHGRHNDWLMXWUR"
YODVWLWL]DYUHWDNLYRWDDOLVYHWRRYMHNLPDGDWH]DVYRMLYRW
6LJXUQRMHMHUMHQHPRJXH
6NURPQLPRJXELWLVDPRRQLOMXGLNRMLSRVMHGXMXGRYROMQRVDPRVYLMHVWL
p1LWDRYMHNXQLMHVLJXUQR
pWRMHRVYDMDQMHQDMYLLKYUKXQDFDXSRUHHQMXVRYMHNRPNRMLMHXVSLR
SRELMHGLWLVDPRJVHEH"
QHJRGDJDVKYDWLP
OMXGVNRPGMHORYDQMXQHVPLMHPGDJDQHRSODNXMHPLGDJDQHSUH]LUHP
p%XGLVDYMHVWDQ7YRMDMHVDYMHVWVMHGLWHPRUDOQLKSREXGD$NRWHXP 7NRPLVOLGDMHVYHVKYDWLRYLHQHILOR]RILUD7UXGLRVDPVHXVUGQRGDVH
YDUDVDYMHVWWR PRGD QHLQL
SULPLMHWLPRGDMHGUXJLSRHRWRQRVKYDDWL
o1HSODLQHOMXWLVHQHJRVKYDDM 1HPRMWHPHPROLP9DVSRJUHQRVKYDWLWLNDHPRXEODDYDMXHLP
1HPRMWHPHPROLP9DVSRJUHQRVKYDWLWLNDHPRXEODDYDMXHLP o1HSODLQHOMXWLVHQHJRVKYDDM
SULPLMHWLPRGDMHGUXJLSRHRWRQRVKYDDWL
YDUDVDYMHVWWR PRGD QHLQL
7NRPLVOLGDMHVYHVKYDWLRYLHQHILOR]RILUD7UXGLRVDPVHXVUGQRGDVH p%XGLVDYMHVWDQ7YRMDMHVDYMHVWVMHGLWHPRUDOQLKSREXGD$NRWHXP
OMXGVNRPGMHORYDQMXQHVPLMHPGDJDQHRSODNXMHPLGDJDQHSUH]LUHP
QHJRGDJDVKYDWLP
SRELMHGLWLVDPRJVHEH"
pWRMHRVYDMDQMHQDMYLLKYUKXQDFDXSRUHHQMXVRYMHNRPNRMLMHXVSLR
p1LWDRYMHNXQLMHVLJXUQR
6NURPQLPRJXELWLVDPRRQLOMXGLNRMLSRVMHGXMXGRYROMQRVDPRVYLMHVWL
6LJXUQRMHMHUMHQHPRJXH
YODVWLWL]DYUHWDNLYRWDDOLVYHWRRYMHNLPDGDWH]DVYRMLYRW
7NRPRHVDVYLPVLJXUQRUHLGDHGRHNDWLMXWUR" QD]QDLYDQMHSUHGPHWDLSRVWXSNDVLPEROLPD RYMHNSUHGRXMHVPUWNDRVYRM
8VYDNRPVXLYRPELXGXERNRXVDHQHIL]LRORNHSRWUHEH VDVLJXUQRX VSRVREQRVWSDPHQMDSURORVWLVSRVREQRVWSUHGRLYDQMDEXGXQRVWLL
OMXEDYOMXL]DVDPRVWYDUHQMHP,]UD]LWLVYRMXRVREQRVWLXWYUGLWLVYRMYODVWLWL pRYMHNSRVMHGXMHVDPRVYLMHVWLVYLMHVWRVHELNDR]DVHEQRPELX
UD]YRMPRJXVDPRRQLSRMHGLQFLNRMLVXSRGPLULOLVYHVYRMHSRWUHEH 6YHWRQDPVHQHVYLDQDGUXJLPDPRHQDPSRPRLSULVDPRVSR]QDML
p%XGLVNURPDQDOLXYDMVHVNURPQLK7LQHVOXWLVNDNYLPRQL p6SR]QDWLGUXJHMHPXGUR6SR]QDWLVHEHVDPDMHSURVYMHWOMHQMH
JDQXWOMLYLPSRQRVRPWHWRHVYRMHVODERVWL
GUXJH
,QDMVNURPQLMLRYMHNRVHELLPDEROMHPLOMHQMHQHJRQMHJRYQDMEROML o%H]SRWSXQRJVDPRUD]XPLMHYDQMDQLNDGDQHHPRQDXLWLLVWLQVNLUD]XPMHWL
SULMDWHOM
]DKYDOQRVW]UHORVW
0HXNRULVQLPYUOLQDPDSULVDPRPYUKXVWRMLVNURPQRVW VQDJDVROLGDUQRVWVSUHWQRVWXHQMHXVSRUHLYDQMHXYMHUDYDQMH
RQHNDGMHQHVNURPQRQHJRYRULWLRVHEL
3 VDPRVYLMHVWVDPRVYODGDYDQMHVDYMHVWVKYDDQMHVLJXUQRVWVNURPQRVW
VDPRSRX]GDQMHVDPRSURXDYDQMHVDPRUD]XPLMHYDQMHVDPRVSR]QDMD
VDPRELWQRVWVDPRNULWLNDVDPRSREMHLYDQMHVDPRSRWRYDQMH
6DPRMHPDOLEURMOMXGLGRYROMQRVNURPDQNDNRELSRGQLRGDLKVHLVSUDYQR
SURFLMHQL
2QLNRML]QDMXGREURMHGDVHVMHWHRQLNRMHQH]QDMXQHNDXH
6NURPDQRYMHNPRHGRELWLVYHGRELWLDRKROLFDVYHL]JXELWL MHUVNURPQRVW
QDVWDYLXLWLMHPODGELRRQGYDGHVHWLOLRVDPGHVHWJRGLQD XYLMHNQDLOD]LQDYHOLNRGXQRVWDRKRORVWQD]DYLVW
2QDMWNRSUHVWDQHXLWLMHVWDUELRRQGYDGHVHWLOLRVDPGHVHWJRGLQD2QDMWNR
6NURPDQMHXYLMHNYHGDUDXVUFXRKRORJDRYMHNDMH]DYLVWLJQMHY
1LVLVHQDXHQURGLR
6NURPQRVWMHRVRELQDNRMDSRWMHHRGVYLMHVWLRYODVWLWRMPRL
JODYRP
1H]JRGQRMHNRGXHQMDWRVD]QDQMHPUDVWHLGDVNDNRMXLPDPRSUHG 6NURPQRVWMHSRHWDNUD]XPD
'DQDQMLGDQXHQLNMHMXHUDQMHJGDQD 6NURPQRVWMHYUOLQDPODNRQMD8RYMHNDQLMHQLWDNUKNLMHRGQMHJRYH
VNURPQRVWLLGREURQDPMHUQRVWL
$NRHOLQHWRQDXLWLQLNDGDQLVLQH]DSRVOHQ
6NURPQRVWOMXGHSRQHNDGGRYRGLGRYUKRYDQDNRMHLKGUVNRVWQLNDGDQHEL
p$NRQLWDQH]QDPRUDVYHPXYMHURYDWL X]GLJOD
p9UKXQDFMHVSUHWQRVWLXWRPHGDMH]QDPRVDNULWL 6NURPQRVWQLMHSRGFMHQMLYDQMHQDVVDPLKYHSRWRYDQMHGUXJLK6NURPQD
XYMHWGDVHELORNRMLSRMHGLQDFRVWYDUL RVREDMHSXQDSRWRYDQMD
6YLOMXGLWUHEDMXSRPRL]DYLVHMHGQLRGGUXJLK/MXGVNDMHVROLGDUQRVWQXDQ 6YLYHOLNLOMXGLVXVNURPQL
SUREXGLWLLPRWLYLUDWL p%ODJRRQRPHWNRMHPDORMDLPHXVODELPD7RPMDHPSRPDJDWHVYL
VORERGXGUXJLK VROLGDUQRVWVHQHPRHQDUHLYDWLDOLMXMHSRWUHEQR VODELLGDEXGHMRMDL
p6ROLGDUQRVWMHVYMHVQDVSUHPQRVWRJUDQLDYDQMHPYODVWLWHVORERGHSURLULWL
1HWUXGLVHRNRRQRJWRMHL]QDGWYRMHVQDJHMHULRQRHPXVXWHXLOL
LYLLPDMXGRYROMQRVQDJHGDRGVLMHNXVYRMXVQDJH YHMHSUHJROHPR]DXPOMXGVNL6ODERVWMHVQDJHWRYMHUXMHMHGLQRXVQDJX
6YLMHVWRVQD]LSRYHDYDQDXVQDJX 6YLMHVWRVQD]LSRYHDYDQDXVQDJX
YHMHSUHJROHPR]DXPOMXGVNL6ODERVWMHVQDJHWRYMHUXMHMHGLQRXVQDJX LYLLPDMXGRYROMQRVQDJHGDRGVLMHNXVYRMXVQDJH
1HWUXGLVHRNRRQRJWRMHL]QDGWYRMHVQDJHMHULRQRHPXVXWHXLOL
p6ROLGDUQRVWMHVYMHVQDVSUHPQRVWRJUDQLDYDQMHPYODVWLWHVORERGHSURLULWL
VODELLGDEXGHMRMDL VORERGXGUXJLK VROLGDUQRVWVHQHPRHQDUHLYDWLDOLMXMHSRWUHEQR
p%ODJRRQRPHWNRMHPDORMDLPHXVODELPD7RPMDHPSRPDJDWHVYL SUREXGLWLLPRWLYLUDWL
6YLYHOLNLOMXGLVXVNURPQL 6YLOMXGLWUHEDMXSRPRL]DYLVHMHGQLRGGUXJLK/MXGVNDMHVROLGDUQRVWQXDQ
RVREDMHSXQDSRWRYDQMD XYMHWGDVHELORNRMLSRMHGLQDFRVWYDUL
6NURPQRVWQLMHSRGFMHQMLYDQMHQDVVDPLKYHSRWRYDQMHGUXJLK6NURPQD p9UKXQDFMHVSUHWQRVWLXWRPHGDMH]QDPRVDNULWL
X]GLJOD p$NRQLWDQH]QDPRUDVYHPXYMHURYDWL
6NURPQRVWOMXGHSRQHNDGGRYRGLGRYUKRYDQDNRMHLKGUVNRVWQLNDGDQHEL
$NRHOLQHWRQDXLWLQLNDGDQLVLQH]DSRVOHQ
VNURPQRVWLLGREURQDPMHUQRVWL
6NURPQRVWMHYUOLQDPODNRQMD8RYMHNDQLMHQLWDNUKNLMHRGQMHJRYH 'DQDQMLGDQXHQLNMHMXHUDQMHJGDQD
6NURPQRVWMHSRHWDNUD]XPD 1H]JRGQRMHNRGXHQMDWRVD]QDQMHPUDVWHLGDVNDNRMXLPDPRSUHG
JODYRP
6NURPQRVWMHRVRELQDNRMDSRWMHHRGVYLMHVWLRYODVWLWRMPRL
1LVLVHQDXHQURGLR
6NURPDQMHXYLMHNYHGDUDXVUFXRKRORJDRYMHNDMH]DYLVWLJQMHY
2QDMWNRSUHVWDQHXLWLMHVWDUELRRQGYDGHVHWLOLRVDPGHVHWJRGLQD2QDMWNR
XYLMHNQDLOD]LQDYHOLNRGXQRVWDRKRORVWQD]DYLVW QDVWDYLXLWLMHPODGELRRQGYDGHVHWLOLRVDPGHVHWJRGLQD
6NURPDQRYMHNPRHGRELWLVYHGRELWLDRKROLFDVYHL]JXELWL MHUVNURPQRVW
2QLNRML]QDMXGREURMHGDVHVMHWHRQLNRMHQH]QDMXQHNDXH
SURFLMHQL
6DPRMHPDOLEURMOMXGLGRYROMQRVNURPDQNDNRELSRGQLRGDLKVHLVSUDYQR
6DPRMHPDOLEURMOMXGLGRYROMQRVNURPDQNDNRELSRGQLRGDLKVHLVSUDYQR
SURFLMHQL
2QLNRML]QDMXGREURMHGDVHVMHWHRQLNRMHQH]QDMXQHNDXH
6NURPDQRYMHNPRHGRELWLVYHGRELWLDRKROLFDVYHL]JXELWL MHUVNURPQRVW
QDVWDYLXLWLMHPODGELRRQGYDGHVHWLOLRVDPGHVHWJRGLQD XYLMHNQDLOD]LQDYHOLNRGXQRVWDRKRORVWQD]DYLVW
2QDMWNRSUHVWDQHXLWLMHVWDUELRRQGYDGHVHWLOLRVDPGHVHWJRGLQD2QDMWNR
6NURPDQMHXYLMHNYHGDUDXVUFXRKRORJDRYMHNDMH]DYLVWLJQMHY
1LVLVHQDXHQURGLR
6NURPQRVWMHRVRELQDNRMDSRWMHHRGVYLMHVWLRYODVWLWRMPRL
JODYRP
1H]JRGQRMHNRGXHQMDWRVD]QDQMHPUDVWHLGDVNDNRMXLPDPRSUHG 6NURPQRVWMHSRHWDNUD]XPD
'DQDQMLGDQXHQLNMHMXHUDQMHJGDQD 6NURPQRVWMHYUOLQDPODNRQMD8RYMHNDQLMHQLWDNUKNLMHRGQMHJRYH
VNURPQRVWLLGREURQDPMHUQRVWL
$NRHOLQHWRQDXLWLQLNDGDQLVLQH]DSRVOHQ
6NURPQRVWOMXGHSRQHNDGGRYRGLGRYUKRYDQDNRMHLKGUVNRVWQLNDGDQHEL
p$NRQLWDQH]QDPRUDVYHPXYMHURYDWL X]GLJOD
p9UKXQDFMHVSUHWQRVWLXWRPHGDMH]QDPRVDNULWL 6NURPQRVWQLMHSRGFMHQMLYDQMHQDVVDPLKYHSRWRYDQMHGUXJLK6NURPQD
XYMHWGDVHELORNRMLSRMHGLQDFRVWYDUL RVREDMHSXQDSRWRYDQMD
6YLOMXGLWUHEDMXSRPRL]DYLVHMHGQLRGGUXJLK/MXGVNDMHVROLGDUQRVWQXDQ 6YLYHOLNLOMXGLVXVNURPQL
SUREXGLWLLPRWLYLUDWL p%ODJRRQRPHWNRMHPDORMDLPHXVODELPD7RPMDHPSRPDJDWHVYL
VORERGXGUXJLK VROLGDUQRVWVHQHPRHQDUHLYDWLDOLMXMHSRWUHEQR VODELLGDEXGHMRMDL
p6ROLGDUQRVWMHVYMHVQDVSUHPQRVWRJUDQLDYDQMHPYODVWLWHVORERGHSURLULWL
1HWUXGLVHRNRRQRJWRMHL]QDGWYRMHVQDJHMHULRQRHPXVXWHXLOL
LYLLPDMXGRYROMQRVQDJHGDRGVLMHNXVYRMXVQDJH YHMHSUHJROHPR]DXPOMXGVNL6ODERVWMHVQDJHWRYMHUXMHMHGLQRXVQDJX
6YLMHVWRVQD]LSRYHDYDQDXVQDJX 6YLMHVWRVQD]LSRYHDYDQDXVQDJX
YHMHSUHJROHPR]DXPOMXGVNL6ODERVWMHVQDJHWRYMHUXMHMHGLQRXVQDJX LYLLPDMXGRYROMQRVQDJHGDRGVLMHNXVYRMXVQDJH
1HWUXGLVHRNRRQRJWRMHL]QDGWYRMHVQDJHMHULRQRHPXVXWHXLOL
p6ROLGDUQRVWMHVYMHVQDVSUHPQRVWRJUDQLDYDQMHPYODVWLWHVORERGHSURLULWL
VODELLGDEXGHMRMDL VORERGXGUXJLK VROLGDUQRVWVHQHPRHQDUHLYDWLDOLMXMHSRWUHEQR
p%ODJRRQRPHWNRMHPDORMDLPHXVODELPD7RPMDHPSRPDJDWHVYL SUREXGLWLLPRWLYLUDWL
6YLYHOLNLOMXGLVXVNURPQL 6YLOMXGLWUHEDMXSRPRL]DYLVHMHGQLRGGUXJLK/MXGVNDMHVROLGDUQRVWQXDQ
RVREDMHSXQDSRWRYDQMD XYMHWGDVHELORNRMLSRMHGLQDFRVWYDUL
6NURPQRVWQLMHSRGFMHQMLYDQMHQDVVDPLKYHSRWRYDQMHGUXJLK6NURPQD p9UKXQDFMHVSUHWQRVWLXWRPHGDMH]QDPRVDNULWL
X]GLJOD p$NRQLWDQH]QDPRUDVYHPXYMHURYDWL
6NURPQRVWOMXGHSRQHNDGGRYRGLGRYUKRYDQDNRMHLKGUVNRVWQLNDGDQHEL
$NRHOLQHWRQDXLWLQLNDGDQLVLQH]DSRVOHQ
VNURPQRVWLLGREURQDPMHUQRVWL
6NURPQRVWMHYUOLQDPODNRQMD8RYMHNDQLMHQLWDNUKNLMHRGQMHJRYH 'DQDQMLGDQXHQLNMHMXHUDQMHJGDQD
6NURPQRVWMHSRHWDNUD]XPD 1H]JRGQRMHNRGXHQMDWRVD]QDQMHPUDVWHLGDVNDNRMXLPDPRSUHG
JODYRP
6NURPQRVWMHRVRELQDNRMDSRWMHHRGVYLMHVWLRYODVWLWRMPRL
1LVLVHQDXHQURGLR
6NURPDQMHXYLMHNYHGDUDXVUFXRKRORJDRYMHNDMH]DYLVWLJQMHY
2QDMWNRSUHVWDQHXLWLMHVWDUELRRQGYDGHVHWLOLRVDPGHVHWJRGLQD2QDMWNR
XYLMHNQDLOD]LQDYHOLNRGXQRVWDRKRORVWQD]DYLVW QDVWDYLXLWLMHPODGELRRQGYDGHVHWLOLRVDPGHVHWJRGLQD
6NURPDQRYMHNPRHGRELWLVYHGRELWLDRKROLFDVYHL]JXELWL MHUVNURPQRVW
2QLNRML]QDMXGREURMHGDVHVMHWHRQLNRMHQH]QDMXQHNDXH
SURFLMHQL
6DPRMHPDOLEURMOMXGLGRYROMQRVNURPDQNDNRELSRGQLRGDLKVHLVSUDYQR
3RHWDNVYDNRJXHQMDMHSURPDWUDQMHDFLOMMDVDQSRMDP
3RGXLGUXJH VSRVREQRVWL
3UDYDMHQDVWDYDRJUDQLHQDVDPRQDRQHNRML]DLVWDHOHQHWRQDXLWL RVWDOR
8VYRMLPWHQMDPDNDRLXVYRMLPRVMHDMLPDXYLMHNYLHFLMHQLGREURWXRG
MHVDPRWMHUDQMHVWRNH 8VYHPXWRUDGLPMHUXVDXYDWL]QDM
6YHVHPRHQDXLWLDNLYUOLQD 8RQRWRYMHUXMHWRLSRVWRML
6YLOMXGLSRSULURGLWHH]QDQMX 8QHYROMLVXWLSULMDWHOMLYHOLNDSRWSRUD
7LRVWDMHPODGGRNMRPRHXLWLLSRGQLMHWLSULJRYRU 8QHYROMLQHSODLQHJRWUDLOLMHN
7RWR]QDMHNDSOMLFDWRWRQH]QDMHPRUH LWDYLYRW
7ROLNR]QDNROLNRXSDPHWLLPD
8LVWRMPMHULXNRMRMKRHSULPDWLPRUDGDYDWLHOLOLLWDYRVUFHGDM
7UHEDVYLPOMXGLPDUHLGDVXGREULNDNRELVHWRJDVMHWLOL
VHEHRWNULYDVHEHRWNULYDQDVRERMHRWNULYDRYMHND
8LQXOMXEDYLXGDYDQMXVHEHXLQXSURGLUDQMDXGUXJXRVREXSURQDOD]L
7UHEDWRYLHRSUDWDWLDL]OLNX]DWRHODNRQDL
7YRMLPGREULPPLVOLPDWUHEDPDORULMHL
7UHEDWDNRLYMHWLNDNRELPRJDRVDPVHEHSRWRYDWL
7YRMHVUFHQLMHNROMHQRGDELVHPRJORVDYLWL
7UHEDXLWLGRNVLLY
SUHYODGDYDLQDVQDQRMYROMLGDXYLMHNUDGLVGREULPUXNXSRGUXNX
7UHEDLYMHWLWDNRGDELVYDNLSURLYOMHQGDQL]JOHGDRQRY 7YRMVHRSWLPL]DPQHRVQLYDQDQLMHNDQMX]ODQHJRQDYHGURMYMHULGDGREUR
7XDQHELWLDNREXGHVDP RLJOHGQRSULSDGDJHRPHWULMLQHSULURGLLOLLYRWX
7YRMNDUDNWHUMHWYRMDVXGELQD 7YRMSXWLGHXNUXJXLOLSRHOLSVLLOLSRVSLUDOLVDPRQHUDYQRMHUUDYQR
7YRMSXWLGHXNUXJXLOLSRHOLSVLLOLSRVSLUDOLVDPRQHUDYQRMHUUDYQR 7YRMNDUDNWHUMHWYRMDVXGELQD
RLJOHGQRSULSDGDJHRPHWULMLQHSULURGLLOLLYRWX 7XDQHELWLDNREXGHVDP
7YRMVHRSWLPL]DPQHRVQLYDQDQLMHNDQMX]ODQHJRQDYHGURMYMHULGDGREUR 7UHEDLYMHWLWDNRGDELVYDNLSURLYOMHQGDQL]JOHGDRQRY
SUHYODGDYDLQDVQDQRMYROMLGDXYLMHNUDGLVGREULPUXNXSRGUXNX
7UHEDXLWLGRNVLLY
7YRMHVUFHQLMHNROMHQRGDELVHPRJORVDYLWL
7UHEDWDNRLYMHWLNDNRELPRJDRVDPVHEHSRWRYDWL
7YRMLPGREULPPLVOLPDWUHEDPDORULMHL
7UHEDWRYLHRSUDWDWLDL]OLNX]DWRHODNRQDL
8LQXOMXEDYLXGDYDQMXVHEHXLQXSURGLUDQMDXGUXJXRVREXSURQDOD]L
VHEHRWNULYDVHEHRWNULYDQDVRERMHRWNULYDRYMHND
7UHEDVYLPOMXGLPDUHLGDVXGREULNDNRELVHWRJDVMHWLOL
8LVWRMPMHULXNRMRMKRHSULPDWLPRUDGDYDWLHOLOLLWDYRVUFHGDM
7ROLNR]QDNROLNRXSDPHWLLPD
LWDYLYRW 7RWR]QDMHNDSOMLFDWRWRQH]QDMHPRUH
8QHYROMLQHSODLQHJRWUDLOLMHN 7LRVWDMHPODGGRNMRPRHXLWLLSRGQLMHWLSULJRYRU
8QHYROMLVXWLSULMDWHOMLYHOLNDSRWSRUD 6YLOMXGLSRSULURGLWHH]QDQMX
8RQRWRYMHUXMHWRLSRVWRML 6YHVHPRHQDXLWLDNLYUOLQD
8VYHPXWRUDGLPMHUXVDXYDWL]QDM MHVDPRWMHUDQMHVWRNH
8VYRMLPWHQMDPDNDRLXVYRMLPRVMHDMLPDXYLMHNYLHFLMHQLGREURWXRG
3UDYDMHQDVWDYDRJUDQLHQDVDPRQDRQHNRML]DLVWDHOHQHWRQDXLWL RVWDOR
VSRVREQRVWL 3RGXLGUXJH
3RHWDNVYDNRJXHQMDMHSURPDWUDQMHDFLOMMDVDQSRMDP
3RHWDNVYDNRJXHQMDMHSURPDWUDQMHDFLOMMDVDQSRMDP
3RGXLGUXJH VSRVREQRVWL
3UDYDMHQDVWDYDRJUDQLHQDVDPRQDRQHNRML]DLVWDHOHQHWRQDXLWL RVWDOR
8VYRMLPWHQMDPDNDRLXVYRMLPRVMHDMLPDXYLMHNYLHFLMHQLGREURWXRG
MHVDPRWMHUDQMHVWRNH 8VYHPXWRUDGLPMHUXVDXYDWL]QDM
6YHVHPRHQDXLWLDNLYUOLQD 8RQRWRYMHUXMHWRLSRVWRML
6YLOMXGLSRSULURGLWHH]QDQMX 8QHYROMLVXWLSULMDWHOMLYHOLNDSRWSRUD
7LRVWDMHPODGGRNMRPRHXLWLLSRGQLMHWLSULJRYRU 8QHYROMLQHSODLQHJRWUDLOLMHN
7RWR]QDMHNDSOMLFDWRWRQH]QDMHPRUH LWDYLYRW
7ROLNR]QDNROLNRXSDPHWLLPD
8LVWRMPMHULXNRMRMKRHSULPDWLPRUDGDYDWLHOLOLLWDYRVUFHGDM
7UHEDVYLPOMXGLPDUHLGDVXGREULNDNRELVHWRJDVMHWLOL
VHEHRWNULYDVHEHRWNULYDQDVRERMHRWNULYDRYMHND
8LQXOMXEDYLXGDYDQMXVHEHXLQXSURGLUDQMDXGUXJXRVREXSURQDOD]L
7UHEDWRYLHRSUDWDWLDL]OLNX]DWRHODNRQDL
7YRMLPGREULPPLVOLPDWUHEDPDORULMHL
7UHEDWDNRLYMHWLNDNRELPRJDRVDPVHEHSRWRYDWL
7YRMHVUFHQLMHNROMHQRGDELVHPRJORVDYLWL
7UHEDXLWLGRNVLLY
SUHYODGDYDLQDVQDQRMYROMLGDXYLMHNUDGLVGREULPUXNXSRGUXNX
7UHEDLYMHWLWDNRGDELVYDNLSURLYOMHQGDQL]JOHGDRQRY 7YRMVHRSWLPL]DPQHRVQLYDQDQLMHNDQMX]ODQHJRQDYHGURMYMHULGDGREUR
7XDQHELWLDNREXGHVDP RLJOHGQRSULSDGDJHRPHWULMLQHSULURGLLOLLYRWX
7YRMNDUDNWHUMHWYRMDVXGELQD 7YRMSXWLGHXNUXJXLOLSRHOLSVLLOLSRVSLUDOLVDPRQHUDYQRMHUUDYQR
7YRMSXWLGHXNUXJXLOLSRHOLSVLLOLSRVSLUDOLVDPRQHUDYQRMHUUDYQR 7YRMNDUDNWHUMHWYRMDVXGELQD
RLJOHGQRSULSDGDJHRPHWULMLQHSULURGLLOLLYRWX 7XDQHELWLDNREXGHVDP
7YRMVHRSWLPL]DPQHRVQLYDQDQLMHNDQMX]ODQHJRQDYHGURMYMHULGDGREUR 7UHEDLYMHWLWDNRGDELVYDNLSURLYOMHQGDQL]JOHGDRQRY
SUHYODGDYDLQDVQDQRMYROMLGDXYLMHNUDGLVGREULPUXNXSRGUXNX
7UHEDXLWLGRNVLLY
7YRMHVUFHQLMHNROMHQRGDELVHPRJORVDYLWL
7UHEDWDNRLYMHWLNDNRELPRJDRVDPVHEHSRWRYDWL
7YRMLPGREULPPLVOLPDWUHEDPDORULMHL
7UHEDWRYLHRSUDWDWLDL]OLNX]DWRHODNRQDL
8LQXOMXEDYLXGDYDQMXVHEHXLQXSURGLUDQMDXGUXJXRVREXSURQDOD]L
VHEHRWNULYDVHEHRWNULYDQDVRERMHRWNULYDRYMHND
7UHEDVYLPOMXGLPDUHLGDVXGREULNDNRELVHWRJDVMHWLOL
8LVWRMPMHULXNRMRMKRHSULPDWLPRUDGDYDWLHOLOLLWDYRVUFHGDM
7ROLNR]QDNROLNRXSDPHWLLPD
LWDYLYRW 7RWR]QDMHNDSOMLFDWRWRQH]QDMHPRUH
8QHYROMLQHSODLQHJRWUDLOLMHN 7LRVWDMHPODGGRNMRPRHXLWLLSRGQLMHWLSULJRYRU
8QHYROMLVXWLSULMDWHOMLYHOLNDSRWSRUD 6YLOMXGLSRSULURGLWHH]QDQMX
8RQRWRYMHUXMHWRLSRVWRML 6YHVHPRHQDXLWLDNLYUOLQD
8VYHPXWRUDGLPMHUXVDXYDWL]QDM MHVDPRWMHUDQMHVWRNH
8VYRMLPWHQMDPDNDRLXVYRMLPRVMHDMLPDXYLMHNYLHFLMHQLGREURWXRG
3UDYDMHQDVWDYDRJUDQLHQDVDPRQDRQHNRML]DLVWDHOHQHWRQDXLWL RVWDOR
VSRVREQRVWL 3RGXLGUXJH
3RHWDNVYDNRJXHQMDMHSURPDWUDQMHDFLOMMDVDQSRMDP
WHELMHMHGQDVLODNRMDWHMHQDSUDYLODRULMDHPXSULURGLDWRMHWYRM
8
XP8PWLMHVWYRULRXYVWYRLPDWXRVMHDQMH]DOMHSRWXLSRQRV
DGREURGMHORWUHEDYUHPHQD
= 8WHELPRUDJRUMHWLRQRWRHOL]DSDOLWLXGUXJLPD
9UHPHQDVHPLMHQMDMXLWLVHPLMHQMDXQMLPD 8WHELSRVWRMHYODVWLWDSUDYLOD
9ROMDVDPRWYRMDWHYROMDLQLYHOLNLP 8LQLOLQHWR]DWRVLVLJXUDQGDHQDLLQDVYDLMHRGREUDYDQMH
NDUDNWHUDYHMHQMH]LQL]UD] QHNRPHVHWRQHHVYLGMHWL
9ROMDQLMHDSVWUDNWQDVQDJDNRMXWLSRVMHGXMHRGYRMHQRRGQMHQD 8SR]QDMVYRMHGXHYQHVSRVREQRVWLVYRMHGRPHWH6KYDDQMHWYRMLK
9ROLOLLYRW"2QGDQHPRMWUDWLWLYULMHPHMHUMHRGQMHJDVDVWDYOMHQLYRW PRJXQRVWLMHVWOLMHNSURWLYVNHSWLFL]PDLQHDNWLYQRVWL
NRMHQLVLWUDLR 8SUDYRRQDNRNDNRWYRMH]QDQMHUDVWHWDNRVHWYRMDYMHUDVPDQMXMH
9RDRGNRMHJ]DWUDLSRPRQHHWRXRLWLDOLWLXSUROD]XGDMHVDYMHWH 8VSMHKXWYRMHPLYRWXQHRYLVLRWRPHGDGRELMHGREUHNDUWHQHJRR
9RGLUDXQDRHPXVHJRYRULDPDQMHRWRPHWNRJRYRUL WRPHGD]QDGREURRGLJUDWLVDVODELPNDUWDPD
LVYRMLPDLWXLPD 8VXGLVH WRMHFLMHQDQDSUHWND
9MHUXMDOLQHYMHUXMULMHLPDQLVYRMLPDQLWXLPD YMHUXMVDPRGMHOLPD 8WURLGRYROMQRYUHPHQD]DSURYMHUDYDQMHSRWUHEHLSRWUHEDHQHVWDWL
9MHUXMVHEL 8YLMHNHVHUDGRYDWLQDYHHUDNRNRULVQRLVNRULVWLGDQ
9MHUXM SRQHNDG LVNXVQRPH,VNXVWYRMHXLWHOMVYHJD 8YLMHNQHWRQDHQD]DGQMHPPMHVWXQDNRMHPVLWUDLR
9HVDPRPXQRSURELMDQMHNDYUKRYLPDGRYROMQRMHGDLVSXQLWYRMHVUFH 8YLMHNVXPQMDMXSRGUHHQRJDNRMLQLNDGQH]DPMHUDVYRP
8LYDMGRNPRHWRWLNRULVWLJOHGDWLNDGDQHVPLMHXLYDWL" SUHWSRVWDYOMHQRP
GDRQRWRRGQMLKWUDLQLMHWHNRNROLNRVHLQL 8YMHULOMXGHGDHEH]PQRJRWUXGDPRLLVSUDYLWLVYRMHJUHNH3RNDLLP
8YMHULOMXGHGDHEH]PQRJRWUXGDPRLLVSUDYLWLVYRMHJUHNH3RNDLLP GDRQRWRRGQMLKWUDLQLMHWHNRNROLNRVHLQL
SUHWSRVWDYOMHQRP 8LYDMGRNPRHWRWLNRULVWLJOHGDWLNDGDQHVPLMHXLYDWL"
8YLMHNVXPQMDMXSRGUHHQRJDNRMLQLNDGQH]DPMHUDVYRP 9HVDPRPXQRSURELMDQMHNDYUKRYLPDGRYROMQRMHGDLVSXQLWYRMHVUFH
8YLMHNQHWRQDHQD]DGQMHPPMHVWXQDNRMHPVLWUDLR 9MHUXM SRQHNDG LVNXVQRPH,VNXVWYRMHXLWHOMVYHJD
8YLMHNHVHUDGRYDWLQDYHHUDNRNRULVQRLVNRULVWLGDQ 9MHUXMVHEL
8WURLGRYROMQRYUHPHQD]DSURYMHUDYDQMHSRWUHEHLSRWUHEDHQHVWDWL 9MHUXMDOLQHYMHUXMULMHLPDQLVYRMLPDQLWXLPD YMHUXMVDPRGMHOLPD
8VXGLVH WRMHFLMHQDQDSUHWND LVYRMLPDLWXLPD
WRPHGD]QDGREURRGLJUDWLVDVODELPNDUWDPD 9RGLUDXQDRHPXVHJRYRULDPDQMHRWRPHWNRJRYRUL
8VSMHKXWYRMHPLYRWXQHRYLVLRWRPHGDGRELMHGREUHNDUWHQHJRR 9RDRGNRMHJ]DWUDLSRPRQHHWRXRLWLDOLWLXSUROD]XGDMHVDYMHWH
8SUDYRRQDNRNDNRWYRMH]QDQMHUDVWHWDNRVHWYRMDYMHUDVPDQMXMH NRMHQLVLWUDLR
PRJXQRVWLMHVWOLMHNSURWLYVNHSWLFL]PDLQHDNWLYQRVWL 9ROLOLLYRW"2QGDQHPRMWUDWLWLYULMHPHMHUMHRGQMHJDVDVWDYOMHQLYRW
8SR]QDMVYRMHGXHYQHVSRVREQRVWLVYRMHGRPHWH6KYDDQMHWYRMLK 9ROMDQLMHDSVWUDNWQDVQDJDNRMXWLSRVMHGXMHRGYRMHQRRGQMHQD
QHNRPHVHWRQHHVYLGMHWL NDUDNWHUDYHMHQMH]LQL]UD]
8LQLOLQHWR]DWRVLVLJXUDQGDHQDLLQDVYDLMHRGREUDYDQMH 9ROMDVDPRWYRMDWHYROMDLQLYHOLNLP
8WHELSRVWRMHYODVWLWDSUDYLOD 9UHPHQDVHPLMHQMDMXLWLVHPLMHQMDXQMLPD
8WHELPRUDJRUMHWLRQRWRHOL]DSDOLWLXGUXJLPD =DGREURGMHORWUHEDYUHPHQD
XP8PWLMHVWYRULRXYVWYRLPDWXRVMHDQMH]DOMHSRWXLSRQRV
8WHELMHMHGQDVLODNRMDWHMHQDSUDYLODRULMDHPXSULURGLDWRMHWYRM
WHELMHMHGQDVLODNRMDWHMHQDSUDYLODRULMDHPXSULURGLDWRMHWYRM
8
XP8PWLMHVWYRULRXYVWYRLPDWXRVMHDQMH]DOMHSRWXLSRQRV
DGREURGMHORWUHEDYUHPHQD
= 8WHELPRUDJRUMHWLRQRWRHOL]DSDOLWLXGUXJLPD
9UHPHQDVHPLMHQMDMXLWLVHPLMHQMDXQMLPD 8WHELSRVWRMHYODVWLWDSUDYLOD
9ROMDVDPRWYRMDWHYROMDLQLYHOLNLP 8LQLOLQHWR]DWRVLVLJXUDQGDHQDLLQDVYDLMHRGREUDYDQMH
NDUDNWHUDYHMHQMH]LQL]UD] QHNRPHVHWRQHHVYLGMHWL
9ROMDQLMHDSVWUDNWQDVQDJDNRMXWLSRVMHGXMHRGYRMHQRRGQMHQD 8SR]QDMVYRMHGXHYQHVSRVREQRVWLVYRMHGRPHWH6KYDDQMHWYRMLK
9ROLOLLYRW"2QGDQHPRMWUDWLWLYULMHPHMHUMHRGQMHJDVDVWDYOMHQLYRW PRJXQRVWLMHVWOLMHNSURWLYVNHSWLFL]PDLQHDNWLYQRVWL
NRMHQLVLWUDLR 8SUDYRRQDNRNDNRWYRMH]QDQMHUDVWHWDNRVHWYRMDYMHUDVPDQMXMH
9RDRGNRMHJ]DWUDLSRPRQHHWRXRLWLDOLWLXSUROD]XGDMHVDYMHWH 8VSMHKXWYRMHPLYRWXQHRYLVLRWRPHGDGRELMHGREUHNDUWHQHJRR
9RGLUDXQDRHPXVHJRYRULDPDQMHRWRPHWNRJRYRUL WRPHGD]QDGREURRGLJUDWLVDVODELPNDUWDPD
LVYRMLPDLWXLPD 8VXGLVH WRMHFLMHQDQDSUHWND
9MHUXMDOLQHYMHUXMULMHLPDQLVYRMLPDQLWXLPD YMHUXMVDPRGMHOLPD 8WURLGRYROMQRYUHPHQD]DSURYMHUDYDQMHSRWUHEHLSRWUHEDHQHVWDWL
9MHUXMVHEL 8YLMHNHVHUDGRYDWLQDYHHUDNRNRULVQRLVNRULVWLGDQ
9MHUXM SRQHNDG LVNXVQRPH,VNXVWYRMHXLWHOMVYHJD 8YLMHNQHWRQDHQD]DGQMHPPMHVWXQDNRMHPVLWUDLR
9HVDPRPXQRSURELMDQMHNDYUKRYLPDGRYROMQRMHGDLVSXQLWYRMHVUFH 8YLMHNVXPQMDMXSRGUHHQRJDNRMLQLNDGQH]DPMHUDVYRP
8LYDMGRNPRHWRWLNRULVWLJOHGDWLNDGDQHVPLMHXLYDWL" SUHWSRVWDYOMHQRP
GDRQRWRRGQMLKWUDLQLMHWHNRNROLNRVHLQL 8YMHULOMXGHGDHEH]PQRJRWUXGDPRLLVSUDYLWLVYRMHJUHNH3RNDLLP
8YMHULOMXGHGDHEH]PQRJRWUXGDPRLLVSUDYLWLVYRMHJUHNH3RNDLLP GDRQRWRRGQMLKWUDLQLMHWHNRNROLNRVHLQL
SUHWSRVWDYOMHQRP 8LYDMGRNPRHWRWLNRULVWLJOHGDWLNDGDQHVPLMHXLYDWL"
8YLMHNVXPQMDMXSRGUHHQRJDNRMLQLNDGQH]DPMHUDVYRP 9HVDPRPXQRSURELMDQMHNDYUKRYLPDGRYROMQRMHGDLVSXQLWYRMHVUFH
8YLMHNQHWRQDHQD]DGQMHPPMHVWXQDNRMHPVLWUDLR 9MHUXM SRQHNDG LVNXVQRPH,VNXVWYRMHXLWHOMVYHJD
8YLMHNHVHUDGRYDWLQDYHHUDNRNRULVQRLVNRULVWLGDQ 9MHUXMVHEL
8WURLGRYROMQRYUHPHQD]DSURYMHUDYDQMHSRWUHEHLSRWUHEDHQHVWDWL 9MHUXMDOLQHYMHUXMULMHLPDQLVYRMLPDQLWXLPD YMHUXMVDPRGMHOLPD
8VXGLVH WRMHFLMHQDQDSUHWND LVYRMLPDLWXLPD
WRPHGD]QDGREURRGLJUDWLVDVODELPNDUWDPD 9RGLUDXQDRHPXVHJRYRULDPDQMHRWRPHWNRJRYRUL
8VSMHKXWYRMHPLYRWXQHRYLVLRWRPHGDGRELMHGREUHNDUWHQHJRR 9RDRGNRMHJ]DWUDLSRPRQHHWRXRLWLDOLWLXSUROD]XGDMHVDYMHWH
8SUDYRRQDNRNDNRWYRMH]QDQMHUDVWHWDNRVHWYRMDYMHUDVPDQMXMH NRMHQLVLWUDLR
PRJXQRVWLMHVWOLMHNSURWLYVNHSWLFL]PDLQHDNWLYQRVWL 9ROLOLLYRW"2QGDQHPRMWUDWLWLYULMHPHMHUMHRGQMHJDVDVWDYOMHQLYRW
8SR]QDMVYRMHGXHYQHVSRVREQRVWLVYRMHGRPHWH6KYDDQMHWYRMLK 9ROMDQLMHDSVWUDNWQDVQDJDNRMXWLSRVMHGXMHRGYRMHQRRGQMHQD
QHNRPHVHWRQHHVYLGMHWL NDUDNWHUDYHMHQMH]LQL]UD]
8LQLOLQHWR]DWRVLVLJXUDQGDHQDLLQDVYDLMHRGREUDYDQMH 9ROMDVDPRWYRMDWHYROMDLQLYHOLNLP
8WHELSRVWRMHYODVWLWDSUDYLOD 9UHPHQDVHPLMHQMDMXLWLVHPLMHQMDXQMLPD
8WHELPRUDJRUMHWLRQRWRHOL]DSDOLWLXGUXJLPD =DGREURGMHORWUHEDYUHPHQD
XP8PWLMHVWYRULRXYVWYRLPDWXRVMHDQMH]DOMHSRWXLSRQRV
8WHELMHMHGQDVLODNRMDWHMHQDSUDYLODRULMDHPXSULURGLDWRMHWYRM
DSLVXMSLVDQDMHULMHWUDMQLMDRGSDPHQMD
=
8HQMHMHNDRYHVODQMHX]VWUXMXLPRYMHNVWDQHELYDYUDHQ
p SUD]QRYMHUMHLVDPRVXGYDGREURLQLWHOMD UDGLXP
8HQMHMHVMHPH]QDQMDD]QDQMHVMHPHVUHH0XGULXHQDWXLPDEXGDOD
MHSRURNRVWYDULYDWLJXELWDN6DPRVXGYDL]YRUDOMXGVNLKSRURND OLMHQRVWL
QDYODVWLWLPJUHNDPD
3RPLOMHQMXVRFLMDOLVWDRVWYDULYDQMHGRELWLMHSRURN-DPHXWLPVPDWUDPGD
RYMHNRVWDMHPODGVYHGRNMRPRHXLWLSULKYDDWLQRYHQDYLNHLSRGQLMHWL
pHVWRVHVDPR]DWRQHRGDMHPRMHGQRPMHGLQRPSRURNXWRLKLPDPRSXQR
SURWLYOMHQMH L]JRYRU
RYMHNWUHEDXLWL6DPRYRORYLWUHEDMX PDQHSRURFLDSVXUGEDQDOQRVWHNVKLELFLRQL]DPHWLNHWDIMDNDIUD]D
8LQDWXLPXVSMHVLPDNDRLQDWXLPSRJUHNDPD 20$1$0$
8L7LSRVMHGXMHVLVWHPHRUJDQL]LUDQRJ]QDQMDVSR]QDMDLYMHWLQD7L
VWYDUDYODVWLWXPUHXSRGXKYDWD8SDPWL ]QDQRVWMHVXVWDYVSR]QDMD
/MXGVNRVH]QDQMHXGYRVWUXXMHVYDNLKSHWGRVHGDPJRGLQD =UHRMHRQDMNRMLVDPVHELYLHQHQDVMHGD
p
o 1H VPLMHPRVHXVSRUHLYDWLVGUXJLPD =DQLWDQLVPRWDNR]DKYDOQLNDR]D]DKYDOQRVW
p2QDMNRMLWHQHPRHXYMHULWLQDVWRMLWH]DSDQMLWL =DKYDOQRVWMHXGQRYDWDELOMND LPMHRYMHNHOLSULVLOLWLQDUDVWRQDVHVXL
p+YDODPUWYLKPUWYDMHNDRGDLKQHPD =DKYDOQRVWMHODNDRGSHUD
.DGDXLYDVODWNLSORGWUHEDRELVHVD]DKYDOQRXVMHWLWLLRQRJDWNRMH 1H]DKYDOQRVWQHREHVKUDEUXMHGREURLQVWYRDOLVOXLNDRL]YRUHJRL]PX
]DVDGLRYRNX
1H]DKYDOQRVWMHSRPDQMNDQMHNXOWXUH
/DNHMHYUDWLWLXYUHGXQHJRGREURLQVWYRMHUVH]DKYDOQRVWVPDWUDWHUHWRPD
RVYHWDNRULX 1DMEUH]DVWDULMHYD]DKYDOQRVW
1DMEUH]DVWDULMHYD]DKYDOQRVW RVYHWDNRULX
/DNHMHYUDWLWLXYUHGXQHJRGREURLQVWYRMHUVH]DKYDOQRVWVPDWUDWHUHWRPD
1H]DKYDOQRVWMHSRPDQMNDQMHNXOWXUH
]DVDGLRYRNX
1H]DKYDOQRVWQHREHVKUDEUXMHGREURLQVWYRDOLVOXLNDRL]YRUHJRL]PX .DGDXLYDVODWNLSORGWUHEDRELVHVD]DKYDOQRXVMHWLWLLRQRJDWNRMH
=DKYDOQRVWMHODNDRGSHUD p+YDODPUWYLKPUWYDMHNDRGDLKQHPD
=DKYDOQRVWMHXGQRYDWDELOMND LPMHRYMHNHOLSULVLOLWLQDUDVWRQDVHVXL p2QDMNRMLWHQHPRHXYMHULWLQDVWRMLWH]DSDQMLWL
=DQLWDQLVPRWDNR]DKYDOQLNDR]D]DKYDOQRVW o 1H VPLMHPRVHXVSRUHLYDWLVGUXJLPD
p=UHRMHRQDMNRMLVDPVHELYLHQHQDVMHGD /MXGVNRVH]QDQMHXGYRVWUXXMHVYDNLKSHWGRVHGDPJRGLQD
VWYDUDYODVWLWXPUHXSRGXKYDWD8SDPWL ]QDQRVWMHVXVWDYVSR]QDMD
8L7LSRVMHGXMHVLVWHPHRUJDQL]LUDQRJ]QDQMDVSR]QDMDLYMHWLQD7L
20$1$0$ 8LQDWXLPXVSMHVLPDNDRLQDWXLPSRJUHNDPD
PDQHSRURFLDSVXUGEDQDOQRVWHNVKLELFLRQL]DPHWLNHWDIMDNDIUD]D RYMHNWUHEDXLWL6DPRYRORYLWUHEDMX
L]JRYRU SURWLYOMHQMH
pHVWRVHVDPR]DWRQHRGDMHPRMHGQRPMHGLQRPSRURNXWRLKLPDPRSXQR
RYMHNRVWDMHPODGVYHGRNMRPRHXLWLSULKYDDWLQRYHQDYLNHLSRGQLMHWL
RPLOMHQMXVRFLMDOLVWDRVWYDULYDQMHGRELWLMHSRURN-DPHXWLPVPDWUDPGD
3
QDYODVWLWLPJUHNDPD
MHSRURNRVWYDULYDWLJXELWDN6DPRVXGYDL]YRUDOMXGVNLKSRURND OLMHQRVWL
8HQMHMHVMHPH]QDQMDD]QDQMHVMHPHVUHH0XGULXHQDWXLPDEXGDOD
SUD]QRYMHUMHLVDPRVXGYDGREURLQLWHOMD UDGLXP p8HQMHMHNDRYHVODQMHX]VWUXMXLPRYMHNVWDQHELYDYUDHQ
=DSLVXMSLVDQDMHULMHWUDMQLMDRGSDPHQMD
=DSLVXMSLVDQDMHULMHWUDMQLMDRGSDPHQMD
p8HQMHMHNDRYHVODQMHX]VWUXMXLPRYMHNVWDQHELYDYUDHQ SUD]QRYMHUMHLVDPRVXGYDGREURLQLWHOMD UDGLXP
8HQMHMHVMHPH]QDQMDD]QDQMHVMHPHVUHH0XGULXHQDWXLPDEXGDOD
MHSRURNRVWYDULYDWLJXELWDN6DPRVXGYDL]YRUDOMXGVNLKSRURND OLMHQRVWL
QDYODVWLWLPJUHNDPD
3RPLOMHQMXVRFLMDOLVWDRVWYDULYDQMHGRELWLMHSRURN-DPHXWLPVPDWUDPGD
RYMHNRVWDMHPODGVYHGRNMRPRHXLWLSULKYDDWLQRYHQDYLNHLSRGQLMHWL
pHVWRVHVDPR]DWRQHRGDMHPRMHGQRPMHGLQRPSRURNXWRLKLPDPRSXQR
SURWLYOMHQMH L]JRYRU
RYMHNWUHEDXLWL6DPRYRORYLWUHEDMX PDQHSRURFLDSVXUGEDQDOQRVWHNVKLELFLRQL]DPHWLNHWDIMDNDIUD]D
8LQDWXLPXVSMHVLPDNDRLQDWXLPSRJUHNDPD 20$1$0$
8L7LSRVMHGXMHVLVWHPHRUJDQL]LUDQRJ]QDQMDVSR]QDMDLYMHWLQD7L
VWYDUDYODVWLWXPUHXSRGXKYDWD8SDPWL ]QDQRVWMHVXVWDYVSR]QDMD
/MXGVNRVH]QDQMHXGYRVWUXXMHVYDNLKSHWGRVHGDPJRGLQD =UHRMHRQDMNRMLVDPVHELYLHQHQDVMHGD
p
o 1H VPLMHPRVHXVSRUHLYDWLVGUXJLPD =DQLWDQLVPRWDNR]DKYDOQLNDR]D]DKYDOQRVW
p2QDMNRMLWHQHPRHXYMHULWLQDVWRMLWH]DSDQMLWL =DKYDOQRVWMHXGQRYDWDELOMND LPMHRYMHNHOLSULVLOLWLQDUDVWRQDVHVXL
p+YDODPUWYLKPUWYDMHNDRGDLKQHPD =DKYDOQRVWMHODNDRGSHUD
.DGDXLYDVODWNLSORGWUHEDRELVHVD]DKYDOQRXVMHWLWLLRQRJDWNRMH 1H]DKYDOQRVWQHREHVKUDEUXMHGREURLQVWYRDOLVOXLNDRL]YRUHJRL]PX
]DVDGLRYRNX
1H]DKYDOQRVWMHSRPDQMNDQMHNXOWXUH
/DNHMHYUDWLWLXYUHGXQHJRGREURLQVWYRMHUVH]DKYDOQRVWVPDWUDWHUHWRPD
RVYHWDNRULX 1DMEUH]DVWDULMHYD]DKYDOQRVW
1DMEUH]DVWDULMHYD]DKYDOQRVW RVYHWDNRULX
/DNHMHYUDWLWLXYUHGXQHJRGREURLQVWYRMHUVH]DKYDOQRVWVPDWUDWHUHWRPD
1H]DKYDOQRVWMHSRPDQMNDQMHNXOWXUH
]DVDGLRYRNX
1H]DKYDOQRVWQHREHVKUDEUXMHGREURLQVWYRDOLVOXLNDRL]YRUHJRL]PX .DGDXLYDVODWNLSORGWUHEDRELVHVD]DKYDOQRXVMHWLWLLRQRJDWNRMH
=DKYDOQRVWMHODNDRGSHUD p+YDODPUWYLKPUWYDMHNDRGDLKQHPD
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.ROLNR]QDPRRRGQRVLPDWLMHODLGXKD"WRWLMHORJXELGXDGRELYD OMXGVNRMGXL
3RGVYLMHVWLPDGYDOLFD XQMRMMHVQDJDNRMDPRHQDHWLQDXSDPHWDOLRQD
DSVWUDNWQLPLGHMDPD=DWRQMHQRUMHHQMHLPDHVWRREOLNGXHYQHVOLNH
MHLL]YRUVWYDUDODNLKPLVOL
3URXDYDQMHVQRYDMHMDVQRSRND]DORGDSRGVYLMHVWPLVOLXVOLNDPDDQHX
3UDYDVQDQDL]GUDYDSVLKDPRHVKYDWLWLYHOLNHLPDOHVWYDUL
FLOMHYDNRMLPDSRMHGLQDFWHLLNRMLXVPMHUDYDMXQMHJRYGDOMQMLLYRWQLWRN
LYRWDDQMLPHVHR]QDDYDVYHIXQNFLMHYODVWLWRJMDXVYDMDQMHRGUHHQLK
3URSULXPSUHGVWDYOMD]DPMHQX]DUDQLMHHVWRXSRWUHEOMDYDQL]UD]GXDLOLVWLO 'XKMHQHGRKYDWQLHQWLWHWDQMHJRYRGMHORYDQMHQLMHVDVYLPRJUDQLHQRQD
SRGUXMHXPR]JX
3URNOHWVWYRORLKSULOLNDMHGDLGXDSRVWDQHORD
3URNOHWVWYRORLKSULOLNDMHGDLGXDSRVWDQHORD
SRGUXMHXPR]JX
'XKMHQHGRKYDWQLHQWLWHWDQMHJRYRGMHORYDQMHQLMHVDVYLPRJUDQLHQRQD 3URSULXPSUHGVWDYOMD]DPMHQX]DUDQLMHHVWRXSRWUHEOMDYDQL]UD]GXDLOLVWLO
LYRWDDQMLPHVHR]QDDYDVYHIXQNFLMHYODVWLWRJMDXVYDMDQMHRGUHHQLK
FLOMHYDNRMLPDSRMHGLQDFWHLLNRMLXVPMHUDYDMXQMHJRYGDOMQMLLYRWQLWRN
3UDYDVQDQDL]GUDYDSVLKDPRHVKYDWLWLYHOLNHLPDOHVWYDUL
3URXDYDQMHVQRYDMHMDVQRSRND]DORGDSRGVYLMHVWPLVOLXVOLNDPDDQHX
MHLL]YRUVWYDUDODNLKPLVOL
DSVWUDNWQLPLGHMDPD=DWRQMHQRUMHHQMHLPDHVWRREOLNGXHYQHVOLNH
3RGVYLMHVWLPDGYDOLFD XQMRMMHVQDJDNRMDPRHQDHWLQDXSDPHWDOLRQD
OMXGVNRMGXL .ROLNR]QDPRRRGQRVLPDWLMHODLGXKD"WRWLMHORJXELGXDGRELYD
SULODJRGLORXYMHWLPDXPMHVWRPLMHQMDWLXYMHWHNDNRELLKVHSULODJRGLOR (QHUJLMDVWUDVWLSRNUHHLGXX
6DVYDNRPYHOLNRPPLVOLNRMXQDXLRVOREDDSRMHGDQGRWDGXVHELMHGDQ
2YRMHVWUDQRSRJUHQLPRGHUQLQDXN PLMHQMDWLOMXGVNXGXXNDNRELMXVH
WRELWLQMHJRYQDMYHLXVSMHKQMHJRYRNRQDQRGRVWLJQXH VSXWDQLGXK
6UHWQDMHVDPRGXDNRMDYROL
HRYMHNSRVWLLSRWSXQRUD]XPLMHYDQMHVYRJYODVWLWRJPR]JDLGXKDGDH
PQRJLYMHUXMXGDQHPRHELWLQLNDGDRVYRMHQ6LJXUQRMHDNRGRHGDNDGD
QDSODQLQXQDNRMXVHHOHSRSHWL$OLYUKMHVNULYHQXYMHQLPREODFLPDL 6YDNLNRPDGLOMXGVNHGXHVSRPHQLNMHSRYLMHVWLQDURGDXNRMHPVHRYD
SRGQRMXSODQLQH2QLVWRMHQDLVWLQLNRMLVXQDSUDYLOLQDSRGQRMXLJOHGDMX GXDURGLOD
2QLNRMLVHQDGDMXULMHLWLSUREOHPQHXURIL]LRORJLMHGXKDVXNDROMXGLQD 7LMHODEH]SVLKHVXNDRNLSRYLQDMDYQRPWUJX
2GXRPRMDEHVPUWQRPLYRWXWLQHWHLYHSROMHPRJXHJWLLVFUSL 7LMHORLGXDQLVXGYLMHVXSVWDQFHYHMHGQD2QHLQHRYMHNDNRMLVDPVHEH
1H]QDLUD]YHVHOLWLGXX]QDLSURGDWLMH XSR]QDMHQDUD]OLLWQDLQ7LMHORMHSUHYRGLWHOMGXHXYLGOMLYR7NRPLVOLGD
MHQHWNRYLHWRQHPRHSRVWDWL7NRRGOMXGL]QDRYMHNRYHWDMQHRVLP
RYMHMHJDGXKDNRMLMHXQMHPX"
SRVWRMDQMXGXH
1DSODQXHNVSHULPHQWDOQLK]QDQRVWLRLWRVHQHPRH]DKWLMHYDWLGRND]R
/MXGVNDMHGXDQHGRVHQD
MXGVNDMHGXDQHGRVHQD
/
1DSODQXHNVSHULPHQWDOQLK]QDQRVWLRLWRVHQHPRH]DKWLMHYDWLGRND]R
SRVWRMDQMXGXH
RYMHMHJDGXKDNRMLMHXQMHPX"
MHQHWNRYLHWRQHPRHSRVWDWL7NRRGOMXGL]QDRYMHNRYHWDMQHRVLP
XSR]QDMHQDUD]OLLWQDLQ7LMHORMHSUHYRGLWHOMGXHXYLGOMLYR7NRPLVOLGD 1H]QDLUD]YHVHOLWLGXX]QDLSURGDWLMH
7LMHORLGXDQLVXGYLMHVXSVWDQFHYHMHGQD2QHLQHRYMHNDNRMLVDPVHEH 2GXRPRMDEHVPUWQRPLYRWXWLQHWHLYHSROMHPRJXHJWLLVFUSL
7LMHODEH]SVLKHVXNDRNLSRYLQDMDYQRPWUJX 2QLNRMLVHQDGDMXULMHLWLSUREOHPQHXURIL]LRORJLMHGXKDVXNDROMXGLQD
GXDURGLOD SRGQRMXSODQLQH2QLVWRMHQDLVWLQLNRMLVXQDSUDYLOLQDSRGQRMXLJOHGDMX
6YDNLNRPDGLOMXGVNHGXHVSRPHQLNMHSRYLMHVWLQDURGDXNRMHPVHRYD QDSODQLQXQDNRMXVHHOHSRSHWL$OLYUKMHVNULYHQXYMHQLPREODFLPDL
PQRJLYMHUXMXGDQHPRHELWLQLNDGDRVYRMHQ6LJXUQRMHDNRGRHGDNDGD
HRYMHNSRVWLLSRWSXQRUD]XPLMHYDQMHVYRJYODVWLWRJPR]JDLGXKDGDH
6UHWQDMHVDPRGXDNRMDYROL
VSXWDQLGXK WRELWLQMHJRYQDMYHLXVSMHKQMHJRYRNRQDQRGRVWLJQXH
2YRMHVWUDQRSRJUHQLPRGHUQLQDXN PLMHQMDWLOMXGVNXGXXNDNRELMXVH
6DVYDNRPYHOLNRPPLVOLNRMXQDXLRVOREDDSRMHGDQGRWDGXVHELMHGDQ
(QHUJLMDVWUDVWLSRNUHHLGXX SULODJRGLORXYMHWLPDXPMHVWRPLMHQMDWLXYMHWHNDNRELLKVHSULODJRGLOR
.ROLNR]QDPRRRGQRVLPDWLMHODLGXKD"WRWLMHORJXELGXDGRELYD OMXGVNRMGXL
3RGVYLMHVWLPDGYDOLFD XQMRMMHVQDJDNRMDPRHQDHWLQDXSDPHWDOLRQD
DSVWUDNWQLPLGHMDPD=DWRQMHQRUMHHQMHLPDHVWRREOLNGXHYQHVOLNH
MHLL]YRUVWYDUDODNLKPLVOL
3URXDYDQMHVQRYDMHMDVQRSRND]DORGDSRGVYLMHVWPLVOLXVOLNDPDDQHX
3UDYDVQDQDL]GUDYDSVLKDPRHVKYDWLWLYHOLNHLPDOHVWYDUL
FLOMHYDNRMLPDSRMHGLQDFWHLLNRMLXVPMHUDYDMXQMHJRYGDOMQMLLYRWQLWRN
LYRWDDQMLPHVHR]QDDYDVYHIXQNFLMHYODVWLWRJMDXVYDMDQMHRGUHHQLK
3URSULXPSUHGVWDYOMD]DPMHQX]DUDQLMHHVWRXSRWUHEOMDYDQL]UD]GXDLOLVWLO 'XKMHQHGRKYDWQLHQWLWHWDQMHJRYRGMHORYDQMHQLMHVDVYLPRJUDQLHQRQD
SRGUXMHXPR]JX
3URNOHWVWYRORLKSULOLNDMHGDLGXDSRVWDQHORD
3URNOHWVWYRORLKSULOLNDMHGDLGXDSRVWDQHORD
SRGUXMHXPR]JX
'XKMHQHGRKYDWQLHQWLWHWDQMHJRYRGMHORYDQMHQLMHVDVYLPRJUDQLHQRQD 3URSULXPSUHGVWDYOMD]DPMHQX]DUDQLMHHVWRXSRWUHEOMDYDQL]UD]GXDLOLVWLO
LYRWDDQMLPHVHR]QDDYDVYHIXQNFLMHYODVWLWRJMDXVYDMDQMHRGUHHQLK
FLOMHYDNRMLPDSRMHGLQDFWHLLNRMLXVPMHUDYDMXQMHJRYGDOMQMLLYRWQLWRN
3UDYDVQDQDL]GUDYDSVLKDPRHVKYDWLWLYHOLNHLPDOHVWYDUL
3URXDYDQMHVQRYDMHMDVQRSRND]DORGDSRGVYLMHVWPLVOLXVOLNDPDDQHX
MHLL]YRUVWYDUDODNLKPLVOL
DSVWUDNWQLPLGHMDPD=DWRQMHQRUMHHQMHLPDHVWRREOLNGXHYQHVOLNH
3RGVYLMHVWLPDGYDOLFD XQMRMMHVQDJDNRMDPRHQDHWLQDXSDPHWDOLRQD
OMXGVNRMGXL .ROLNR]QDPRRRGQRVLPDWLMHODLGXKD"WRWLMHORJXELGXDGRELYD
SULODJRGLORXYMHWLPDXPMHVWRPLMHQMDWLXYMHWHNDNRELLKVHSULODJRGLOR (QHUJLMDVWUDVWLSRNUHHLGXX
6DVYDNRPYHOLNRPPLVOLNRMXQDXLRVOREDDSRMHGDQGRWDGXVHELMHGDQ
2YRMHVWUDQRSRJUHQLPRGHUQLQDXN PLMHQMDWLOMXGVNXGXXNDNRELMXVH
WRELWLQMHJRYQDMYHLXVSMHKQMHJRYRNRQDQRGRVWLJQXH VSXWDQLGXK
6UHWQDMHVDPRGXDNRMDYROL
HRYMHNSRVWLLSRWSXQRUD]XPLMHYDQMHVYRJYODVWLWRJPR]JDLGXKDGDH
PQRJLYMHUXMXGDQHPRHELWLQLNDGDRVYRMHQ6LJXUQRMHDNRGRHGDNDGD
QDSODQLQXQDNRMXVHHOHSRSHWL$OLYUKMHVNULYHQXYMHQLPREODFLPDL 6YDNLNRPDGLOMXGVNHGXHVSRPHQLNMHSRYLMHVWLQDURGDXNRMHPVHRYD
SRGQRMXSODQLQH2QLVWRMHQDLVWLQLNRMLVXQDSUDYLOLQDSRGQRMXLJOHGDMX GXDURGLOD
2QLNRMLVHQDGDMXULMHLWLSUREOHPQHXURIL]LRORJLMHGXKDVXNDROMXGLQD 7LMHODEH]SVLKHVXNDRNLSRYLQDMDYQRPWUJX
2GXRPRMDEHVPUWQRPLYRWXWLQHWHLYHSROMHPRJXHJWLLVFUSL 7LMHORLGXDQLVXGYLMHVXSVWDQFHYHMHGQD2QHLQHRYMHNDNRMLVDPVHEH
1H]QDLUD]YHVHOLWLGXX]QDLSURGDWLMH XSR]QDMHQDUD]OLLWQDLQ7LMHORMHSUHYRGLWHOMGXHXYLGOMLYR7NRPLVOLGD
MHQHWNRYLHWRQHPRHSRVWDWL7NRRGOMXGL]QDRYMHNRYHWDMQHRVLP
RYMHMHJDGXKDNRMLMHXQMHPX"
SRVWRMDQMXGXH
1DSODQXHNVSHULPHQWDOQLK]QDQRVWLRLWRVHQHPRH]DKWLMHYDWLGRND]R
/MXGVNDMHGXDQHGRVHQD
HOLNHGXHWLKRSDWH
9
LYRWLGXDQHSRMDYOMXMXVHXDWRPVNRMIL]LFLLQHPRJXVHL]YHVWLQLL] GRLYOMDMDVDPRH'DSURX]URHWDMNRQIRUPL]DPGLNWDWRUVNLVLVWHPLVH
MHGQRJSULURGQRJ]DNRQD RELDMHRGLMHORLGHMHVJUXSRPMDVDPVSDHQ VSDHQRG]DVWUDXMXHJ
p$NRGUXJRQHSUHRVWDMHEXGLLVNUHQ
DNRQHPDRVMHDMDLOLPLVOLSRNRMLPDVHUD]OLNXMHPRGRVWDOLKDNRXVNODGLP
8JUXSL-DLH]DYD]ERJWHQMHSULSDGDQMDJRPLOL$NRVDPSRSXWRVWDOLK
p8WHELVXVNXSOMHQDWROLNDLVNXVWYDVNLQLYHRGXH7NRGDQDVVDVYLP
VLJXUQRQLMHQHXURWLDU"3URQDLLYRWQLL]YRULVYRMXLQGLYLGXDOQRVWVDPR
7UDLRVDPVDPRVYRMHYODVWLWR-D
VUHGLWHVYRMHOLQRVWL.DRVYMHVQDOLQRVWWLVLVDPRYROMQLLVMHDNL] ]DFLOM
NROHNWLYQHSVLKH 6DVRERP]DSRHWLDOLNRGVHEHQH]DYULWLNRGVHEHSRHWLDOLQHLPDWLVHEH
p3UL]QDMPRGDVPRVSUHPQLQDVYDNRL]QHQDHQMHVDPRWRQDV 3UYLUD]JRYRU]QDL L]DLL]QDHJ-DLSRNXFDWLQDYUDWDQDHJ7L
VYDNRGQHYQHVWYDULL]QHQDGHSRSXWNDWDVWURID 3LWDQMHMHGDOLPLRVREQRSRVWRMLPR
WRVHYLHEXGHRGULFDRVYRMHJDWRHYHDLLVWLQLWLMDELWLWYRMDOMXEDY 1DHVWYDUQRSRVWRMDQMHQHRGUHXMHQLWNR
8QDMUDQLMHPGMHWLQMVWYXQMHJRYRMDVHVODERUD]YLOR GLMHWHVHMRXYLMHN QDGPDLWLVH
RVMHDLVWRYMHWQRVPDMNRPLQHPDRGYRMHQRVWLGRNMHVPDMNRP1MHJRY /DNHMHSURELWLVHGR0DUVDQHJRGRVDPRJDVHEH1DMEROMLSXWGRVHEHWRMH
RVMHDMXVDPOMHQRVWLXNODQMDIL]LNDQD]RQRVWPDMNH
VNXHQ
-DMHVUHGLWHQDHJNRRUGLQDWQRJVXVWDYD7UHEDELWLR]QDHQQLWLFRP /DNRMHUHL RVYUQLVHQDVHEH1RWRLXLQLWLMHYHWHHMHUMHSURVWRU
-HGLQLUD]ORJ]DWRVHXYLMHNPLVOLQDYODVWLWR-DMHVWWRWRVQDLP-DPRUDPR .RGPQRJLKOMXGLMHEH]REUD]OXNYHLWRNDGDNDXMD
LYMHWLSXQRGXHQHJRVELORNLPGUXJLP
GRLVWDLGRJRGL
-HGQDRGQDMRGDEUDQLMLKXYUHGDMHUHLPLDPLVOLWLMD .DNRMHWRODNRUHL SURQDLVDPRJDVHEH$NDNRVHSUHSODLPRNDGDVHWR
.DNRMHWRODNRUHL SURQDLVDPRJDVHEH$NDNRVHSUHSODLPRNDGDVHWR -HGQDRGQDMRGDEUDQLMLKXYUHGDMHUHLPLDPLVOLWLMD
GRLVWDLGRJRGL
LYMHWLSXQRGXHQHJRVELORNLPGUXJLP
.RGPQRJLKOMXGLMHEH]REUD]OXNYHLWRNDGDNDXMD -HGLQLUD]ORJ]DWRVHXYLMHNPLVOLQDYODVWLWR-DMHVWWRWRVQDLP-DPRUDPR
/DNRMHUHL RVYUQLVHQDVHEH1RWRLXLQLWLMHYHWHHMHUMHSURVWRU -DMHVUHGLWHQDHJNRRUGLQDWQRJVXVWDYD7UHEDELWLR]QDHQQLWLFRP
VNXHQ
RVMHDMXVDPOMHQRVWLXNODQMDIL]LNDQD]RQRVWPDMNH
/DNHMHSURELWLVHGR0DUVDQHJRGRVDPRJDVHEH1DMEROMLSXWGRVHEHWRMH RVMHDLVWRYMHWQRVPDMNRPLQHPDRGYRMHQRVWLGRNMHVPDMNRP1MHJRY
QDGPDLWLVH 8QDMUDQLMHPGMHWLQMVWYXQMHJRYRMDVHVODERUD]YLOR GLMHWHVHMRXYLMHN
1DHVWYDUQRSRVWRMDQMHQHRGUHXMHQLWNR WRVHYLHEXGHRGULFDRVYRMHJDWRHYHDLLVWLQLWLMDELWLWYRMDOMXEDY
3LWDQMHMHGDOLPLRVREQRSRVWRMLPR VYDNRGQHYQHVWYDULL]QHQDGHSRSXWNDWDVWURID
3UYLUD]JRYRU]QDL L]DLL]QDHJ-DLSRNXFDWLQDYUDWDQDHJ7L p3UL]QDMPRGDVPRVSUHPQLQDVYDNRL]QHQDHQMHVDPRWRQDV
6DVRERP]DSRHWLDOLNRGVHEHQH]DYULWLNRGVHEHSRHWLDOLQHLPDWLVHEH NROHNWLYQHSVLKH
]DFLOM VUHGLWHVYRMHOLQRVWL.DRVYMHVQDOLQRVWWLVLVDPRYROMQLLVMHDNL]
7UDLRVDPVDPRVYRMHYODVWLWR-D
VLJXUQRQLMHQHXURWLDU"3URQDLLYRWQLL]YRULVYRMXLQGLYLGXDOQRVWVDPR
p8WHELVXVNXSOMHQDWROLNDLVNXVWYDVNLQLYHRGXH7NRGDQDVVDVYLP
8JUXSL-DLH]DYD]ERJWHQMHSULSDGDQMDJRPLOL$NRVDPSRSXWRVWDOLK
DNRQHPDRVMHDMDLOLPLVOLSRNRMLPDVHUD]OLNXMHPRGRVWDOLKDNRXVNODGLP
p$NRGUXJRQHSUHRVWDMHEXGLLVNUHQ
RELDMHRGLMHORLGHMHVJUXSRPMDVDPVSDHQ VSDHQRG]DVWUDXMXHJ MHGQRJSULURGQRJ]DNRQD
GRLYOMDMDVDPRH'DSURX]URHWDMNRQIRUPL]DPGLNWDWRUVNLVLVWHPLVH LYRWLGXDQHSRMDYOMXMXVHXDWRPVNRMIL]LFLLQHPRJXVHL]YHVWLQLL]
9HOLNHGXHWLKRSDWH
9HOLNHGXHWLKRSDWH
LYRWLGXDQHSRMDYOMXMXVHXDWRPVNRMIL]LFLLQHPRJXVHL]YHVWLQLL] GRLYOMDMDVDPRH'DSURX]URHWDMNRQIRUPL]DPGLNWDWRUVNLVLVWHPLVH
MHGQRJSULURGQRJ]DNRQD RELDMHRGLMHORLGHMHVJUXSRPMDVDPVSDHQ VSDHQRG]DVWUDXMXHJ
p$NRGUXJRQHSUHRVWDMHEXGLLVNUHQ
DNRQHPDRVMHDMDLOLPLVOLSRNRMLPDVHUD]OLNXMHPRGRVWDOLKDNRXVNODGLP
8JUXSL-DLH]DYD]ERJWHQMHSULSDGDQMDJRPLOL$NRVDPSRSXWRVWDOLK
p8WHELVXVNXSOMHQDWROLNDLVNXVWYDVNLQLYHRGXH7NRGDQDVVDVYLP
VLJXUQRQLMHQHXURWLDU"3URQDLLYRWQLL]YRULVYRMXLQGLYLGXDOQRVWVDPR
7UDLRVDPVDPRVYRMHYODVWLWR-D
VUHGLWHVYRMHOLQRVWL.DRVYMHVQDOLQRVWWLVLVDPRYROMQLLVMHDNL] ]DFLOM
NROHNWLYQHSVLKH 6DVRERP]DSRHWLDOLNRGVHEHQH]DYULWLNRGVHEHSRHWLDOLQHLPDWLVHEH
p3UL]QDMPRGDVPRVSUHPQLQDVYDNRL]QHQDHQMHVDPRWRQDV 3UYLUD]JRYRU]QDL L]DLL]QDHJ-DLSRNXFDWLQDYUDWDQDHJ7L
VYDNRGQHYQHVWYDULL]QHQDGHSRSXWNDWDVWURID 3LWDQMHMHGDOLPLRVREQRSRVWRMLPR
WRVHYLHEXGHRGULFDRVYRMHJDWRHYHDLLVWLQLWLMDELWLWYRMDOMXEDY 1DHVWYDUQRSRVWRMDQMHQHRGUHXMHQLWNR
8QDMUDQLMHPGMHWLQMVWYXQMHJRYRMDVHVODERUD]YLOR GLMHWHVHMRXYLMHN QDGPDLWLVH
RVMHDLVWRYMHWQRVPDMNRPLQHPDRGYRMHQRVWLGRNMHVPDMNRP1MHJRY /DNHMHSURELWLVHGR0DUVDQHJRGRVDPRJDVHEH1DMEROMLSXWGRVHEHWRMH
RVMHDMXVDPOMHQRVWLXNODQMDIL]LNDQD]RQRVWPDMNH
VNXHQ
-DMHVUHGLWHQDHJNRRUGLQDWQRJVXVWDYD7UHEDELWLR]QDHQQLWLFRP /DNRMHUHL RVYUQLVHQDVHEH1RWRLXLQLWLMHYHWHHMHUMHSURVWRU
-HGLQLUD]ORJ]DWRVHXYLMHNPLVOLQDYODVWLWR-DMHVWWRWRVQDLP-DPRUDPR .RGPQRJLKOMXGLMHEH]REUD]OXNYHLWRNDGDNDXMD
LYMHWLSXQRGXHQHJRVELORNLPGUXJLP
GRLVWDLGRJRGL
-HGQDRGQDMRGDEUDQLMLKXYUHGDMHUHLPLDPLVOLWLMD .DNRMHWRODNRUHL SURQDLVDPRJDVHEH$NDNRVHSUHSODLPRNDGDVHWR
.DNRMHWRODNRUHL SURQDLVDPRJDVHEH$NDNRVHSUHSODLPRNDGDVHWR -HGQDRGQDMRGDEUDQLMLKXYUHGDMHUHLPLDPLVOLWLMD
GRLVWDLGRJRGL
LYMHWLSXQRGXHQHJRVELORNLPGUXJLP
.RGPQRJLKOMXGLMHEH]REUD]OXNYHLWRNDGDNDXMD -HGLQLUD]ORJ]DWRVHXYLMHNPLVOLQDYODVWLWR-DMHVWWRWRVQDLP-DPRUDPR
/DNRMHUHL RVYUQLVHQDVHEH1RWRLXLQLWLMHYHWHHMHUMHSURVWRU -DMHVUHGLWHQDHJNRRUGLQDWQRJVXVWDYD7UHEDELWLR]QDHQQLWLFRP
VNXHQ
RVMHDMXVDPOMHQRVWLXNODQMDIL]LNDQD]RQRVWPDMNH
/DNHMHSURELWLVHGR0DUVDQHJRGRVDPRJDVHEH1DMEROMLSXWGRVHEHWRMH RVMHDLVWRYMHWQRVPDMNRPLQHPDRGYRMHQRVWLGRNMHVPDMNRP1MHJRY
QDGPDLWLVH 8QDMUDQLMHPGMHWLQMVWYXQMHJRYRMDVHVODERUD]YLOR GLMHWHVHMRXYLMHN
1DHVWYDUQRSRVWRMDQMHQHRGUHXMHQLWNR WRVHYLHEXGHRGULFDRVYRMHJDWRHYHDLLVWLQLWLMDELWLWYRMDOMXEDY
3LWDQMHMHGDOLPLRVREQRSRVWRMLPR VYDNRGQHYQHVWYDULL]QHQDGHSRSXWNDWDVWURID
3UYLUD]JRYRU]QDL L]DLL]QDHJ-DLSRNXFDWLQDYUDWDQDHJ7L p3UL]QDMPRGDVPRVSUHPQLQDVYDNRL]QHQDHQMHVDPRWRQDV
6DVRERP]DSRHWLDOLNRGVHEHQH]DYULWLNRGVHEHSRHWLDOLQHLPDWLVHEH NROHNWLYQHSVLKH
]DFLOM VUHGLWHVYRMHOLQRVWL.DRVYMHVQDOLQRVWWLVLVDPRYROMQLLVMHDNL]
7UDLRVDPVDPRVYRMHYODVWLWR-D
VLJXUQRQLMHQHXURWLDU"3URQDLLYRWQLL]YRULVYRMXLQGLYLGXDOQRVWVDPR
p8WHELVXVNXSOMHQDWROLNDLVNXVWYDVNLQLYHRGXH7NRGDQDVVDVYLP
8JUXSL-DLH]DYD]ERJWHQMHSULSDGDQMDJRPLOL$NRVDPSRSXWRVWDOLK
DNRQHPDRVMHDMDLOLPLVOLSRNRMLPDVHUD]OLNXMHPRGRVWDOLKDNRXVNODGLP
p$NRGUXJRQHSUHRVWDMHEXGLLVNUHQ
RELDMHRGLMHORLGHMHVJUXSRPMDVDPVSDHQ VSDHQRG]DVWUDXMXHJ MHGQRJSULURGQRJ]DNRQD
GRLYOMDMDVDPRH'DSURX]URHWDMNRQIRUPL]DPGLNWDWRUVNLVLVWHPLVH LYRWLGXDQHSRMDYOMXMXVHXDWRPVNRMIL]LFLLQHPRJXVHL]YHVWLQLL]
9HOLNHGXHWLKRSDWH
NRULVWH]DVWUDLYDQMHPLWHURURPDGHPRNUDWVNH]HPOMHVXJHVWLMRPL
SURSDJDQGRP
VYRMVWYDNRMDSRMHGLQDQRQHPRUDMXLPDWL
p&MHOLQDQDGLOD]LSXNL]EURMGLMHORYD8]HWH]DMHGQRVWYDULSRSULPDMX 9UHEDQMDWXLKQD]OREQLKRLMXQDMYLHVXQDPVPHWDOD]DRLWRYDQMHQDHJD
SUDYRJD-DNRMHLQLQDXXQXWUDQMXVORERGX%ROMHOLVXQDVLQGLVNUHWQL
FMHOLQDGLMDOHNWLNDILOR]RILMDORJLND]QDQRVWVOXDM SRJOHGLVYLKRQLKNRMLVXVDUDGR]QDORXLGUVNRX]XULOLSLOMLOLXQDX
GXXQHGR]YROMDYDMXLMRMQLMHGQRJDQHRSDHQDQHSURPRWUHQDQHSURXHQD
7DNROLNRLPDVWYDUL]DNRMLPDQHH]QHP SRNUHWD6DSLQMDODQDVMHXYLMHNWDLQGLVNUHWQDNRQWUROD
6YLRQLNRMLQHSULURGQR]DQHLPH]QXHVWRL]JXEHLRQRWRSRVMHGXMX
WMHVNREDREYH]H
H]QXOL
1DNRQFXMHELWQRVDPRWRVPRXLQLOLLNDNRVPRLYMHOLDQH]DLPVPR /MXGLVXWMHVNREQLEH]SULQFLSDLOLYMHUHLRVMHDMXGDQHPDMXFLOMDRVLP
p
QDMEOLH MHGQRJ GDLGXQDSULMHG
.ROLNRJRGRYMHNH]QH]DGDOMLQRP XYLMHNPXVHSRGQRVJXUQHRQR p2EYH]HQDVWDMXWDNRGDVHQDYULMHPHQHNDHQH
DPELYDOHQWQRVWLOLSRGYRMHQRVWEODJRQDNORQRVWDVWRKOHSOMHHQMD
p*GMHMHHQMDWXVYHFYDWHJGMHMHSRVMHGWXVYHOHLXSUDLQL
6ODYRKOHSDQMHRYMHNXYLMHNUDY
pLWDYVHQDLYRWNUHHL]PHXRQRJDWRKRHPRLRQRJDWRPRUDPR
1LMHVYHDVQRWRMHGRSXWHQR
'YLMHSRWSXQRVXSURWQHVWYDULYROLPRSRGMHGQDNR QDYLNXLQRYR
HVWLWRYMHNWHNQDNRQFXPLVOLQDVHEH
3DUDGRNVMHOMXGVNRJSRVWRMDQMDGDRYMHNLVWRGREQRWHL]DEOLVNRXL
pDVWRKOHSOMHMHPQRJHOMXGHSULVLOLORGDEXGXQHLVNUHQL QH]DYLVQRXSRVHEQRX
JRUH 8RYMHNXMHWUDMDQVXNREL]PHXVWUDVWYHQRJ]DQRVDLKODGQRJUD]XPD
p8QHSULMDWHOMVNRMVHDWPRVIHULPRHLYMHWL QHGRVWDWDNEODJRQDNORQRVWLMH
p8QHSULMDWHOMVNRMVHDWPRVIHULPRHLYMHWL QHGRVWDWDNEODJRQDNORQRVWLMH
8RYMHNXMHWUDMDQVXNREL]PHXVWUDVWYHQRJ]DQRVDLKODGQRJUD]XPD JRUH
QH]DYLVQRXSRVHEQRX pDVWRKOHSOMHMHPQRJHOMXGHSULVLOLORGDEXGXQHLVNUHQL
3DUDGRNVMHOMXGVNRJSRVWRMDQMDGDRYMHNLVWRGREQRWHL]DEOLVNRXL
HVWLWRYMHNWHNQDNRQFXPLVOLQDVHEH
'YLMHSRWSXQRVXSURWQHVWYDULYROLPRSRGMHGQDNR QDYLNXLQRYR
1LMHVYHDVQRWRMHGRSXWHQR
pLWDYVHQDLYRWNUHHL]PHXRQRJDWRKRHPRLRQRJDWRPRUDPR
6ODYRKOHSDQMHRYMHNXYLMHNUDY
p*GMHMHHQMDWXVYHFYDWHJGMHMHSRVMHGWXVYHOHLXSUDLQL
DPELYDOHQWQRVWLOLSRGYRMHQRVWEODJRQDNORQRVWDVWRKOHSOMHHQMD
p2EYH]HQDVWDMXWDNRGDVHQDYULMHPHQHNDHQH .ROLNRJRGRYMHNH]QH]DGDOMLQRP XYLMHNPXVHSRGQRVJXUQHRQR
MHGQRJ GDLGXQDSULMHG QDMEOLH
p/MXGLVXWMHVNREQLEH]SULQFLSDLOLYMHUHLRVMHDMXGDQHPDMXFLOMDRVLP 1DNRQFXMHELWQRVDPRWRVPRXLQLOLLNDNRVPRLYMHOLDQH]DLPVPR
H]QXOL
WMHVNREDREYH]H
6YLRQLNRMLQHSULURGQR]DQHLPH]QXHVWRL]JXEHLRQRWRSRVMHGXMX
SRNUHWD6DSLQMDODQDVMHXYLMHNWDLQGLVNUHWQDNRQWUROD DNROLNRLPDVWYDUL]DNRMLPDQHH]QHP
7
GXXQHGR]YROMDYDMXLMRMQLMHGQRJDQHRSDHQDQHSURPRWUHQDQHSURXHQD
SRJOHGLVYLKRQLKNRMLVXVDUDGR]QDORXLGUVNRX]XULOLSLOMLOLXQDX FMHOLQDGLMDOHNWLNDILOR]RILMDORJLND]QDQRVWVOXDM
SUDYRJD-DNRMHLQLQDXXQXWUDQMXVORERGX%ROMHOLVXQDVLQGLVNUHWQL
9UHEDQMDWXLKQD]OREQLKRLMXQDMYLHVXQDPVPHWDOD]DRLWRYDQMHQDHJD p&MHOLQDQDGLOD]LSXNL]EURMGLMHORYD8]HWH]DMHGQRVWYDULSRSULPDMX
VYRMVWYDNRMDSRMHGLQDQRQHPRUDMXLPDWL
SURSDJDQGRP
NRULVWH]DVWUDLYDQMHPLWHURURPDGHPRNUDWVNH]HPOMHVXJHVWLMRPL
NRULVWH]DVWUDLYDQMHPLWHURURPDGHPRNUDWVNH]HPOMHVXJHVWLMRPL
SURSDJDQGRP
VYRMVWYDNRMDSRMHGLQDQRQHPRUDMXLPDWL
p&MHOLQDQDGLOD]LSXNL]EURMGLMHORYD8]HWH]DMHGQRVWYDULSRSULPDMX 9UHEDQMDWXLKQD]OREQLKRLMXQDMYLHVXQDPVPHWDOD]DRLWRYDQMHQDHJD
SUDYRJD-DNRMHLQLQDXXQXWUDQMXVORERGX%ROMHOLVXQDVLQGLVNUHWQL
FMHOLQDGLMDOHNWLNDILOR]RILMDORJLND]QDQRVWVOXDM SRJOHGLVYLKRQLKNRMLVXVDUDGR]QDORXLGUVNRX]XULOLSLOMLOLXQDX
GXXQHGR]YROMDYDMXLMRMQLMHGQRJDQHRSDHQDQHSURPRWUHQDQHSURXHQD
7DNROLNRLPDVWYDUL]DNRMLPDQHH]QHP SRNUHWD6DSLQMDODQDVMHXYLMHNWDLQGLVNUHWQDNRQWUROD
6YLRQLNRMLQHSULURGQR]DQHLPH]QXHVWRL]JXEHLRQRWRSRVMHGXMX
WMHVNREDREYH]H
H]QXOL
1DNRQFXMHELWQRVDPRWRVPRXLQLOLLNDNRVPRLYMHOLDQH]DLPVPR /MXGLVXWMHVNREQLEH]SULQFLSDLOLYMHUHLRVMHDMXGDQHPDMXFLOMDRVLP
p
QDMEOLH MHGQRJ GDLGXQDSULMHG
.ROLNRJRGRYMHNH]QH]DGDOMLQRP XYLMHNPXVHSRGQRVJXUQHRQR p2EYH]HQDVWDMXWDNRGDVHQDYULMHPHQHNDHQH
DPELYDOHQWQRVWLOLSRGYRMHQRVWEODJRQDNORQRVWDVWRKOHSOMHHQMD
p*GMHMHHQMDWXVYHFYDWHJGMHMHSRVMHGWXVYHOHLXSUDLQL
6ODYRKOHSDQMHRYMHNXYLMHNUDY
pLWDYVHQDLYRWNUHHL]PHXRQRJDWRKRHPRLRQRJDWRPRUDPR
1LMHVYHDVQRWRMHGRSXWHQR
'YLMHSRWSXQRVXSURWQHVWYDULYROLPRSRGMHGQDNR QDYLNXLQRYR
HVWLWRYMHNWHNQDNRQFXPLVOLQDVHEH
3DUDGRNVMHOMXGVNRJSRVWRMDQMDGDRYMHNLVWRGREQRWHL]DEOLVNRXL
pDVWRKOHSOMHMHPQRJHOMXGHSULVLOLORGDEXGXQHLVNUHQL QH]DYLVQRXSRVHEQRX
JRUH 8RYMHNXMHWUDMDQVXNREL]PHXVWUDVWYHQRJ]DQRVDLKODGQRJUD]XPD
p8QHSULMDWHOMVNRMVHDWPRVIHULPRHLYMHWL QHGRVWDWDNEODJRQDNORQRVWLMH
p8QHSULMDWHOMVNRMVHDWPRVIHULPRHLYMHWL QHGRVWDWDNEODJRQDNORQRVWLMH
8RYMHNXMHWUDMDQVXNREL]PHXVWUDVWYHQRJ]DQRVDLKODGQRJUD]XPD JRUH
QH]DYLVQRXSRVHEQRX pDVWRKOHSOMHMHPQRJHOMXGHSULVLOLORGDEXGXQHLVNUHQL
3DUDGRNVMHOMXGVNRJSRVWRMDQMDGDRYMHNLVWRGREQRWHL]DEOLVNRXL
HVWLWRYMHNWHNQDNRQFXPLVOLQDVHEH
'YLMHSRWSXQRVXSURWQHVWYDULYROLPRSRGMHGQDNR QDYLNXLQRYR
1LMHVYHDVQRWRMHGRSXWHQR
pLWDYVHQDLYRWNUHHL]PHXRQRJDWRKRHPRLRQRJDWRPRUDPR
6ODYRKOHSDQMHRYMHNXYLMHNUDY
p*GMHMHHQMDWXVYHFYDWHJGMHMHSRVMHGWXVYHOHLXSUDLQL
DPELYDOHQWQRVWLOLSRGYRMHQRVWEODJRQDNORQRVWDVWRKOHSOMHHQMD
p2EYH]HQDVWDMXWDNRGDVHQDYULMHPHQHNDHQH .ROLNRJRGRYMHNH]QH]DGDOMLQRP XYLMHNPXVHSRGQRVJXUQHRQR
MHGQRJ GDLGXQDSULMHG QDMEOLH
p/MXGLVXWMHVNREQLEH]SULQFLSDLOLYMHUHLRVMHDMXGDQHPDMXFLOMDRVLP 1DNRQFXMHELWQRVDPRWRVPRXLQLOLLNDNRVPRLYMHOLDQH]DLPVPR
H]QXOL
WMHVNREDREYH]H
6YLRQLNRMLQHSULURGQR]DQHLPH]QXHVWRL]JXEHLRQRWRSRVMHGXMX
SRNUHWD6DSLQMDODQDVMHXYLMHNWDLQGLVNUHWQDNRQWUROD DNROLNRLPDVWYDUL]DNRMLPDQHH]QHP
7
GXXQHGR]YROMDYDMXLMRMQLMHGQRJDQHRSDHQDQHSURPRWUHQDQHSURXHQD
SRJOHGLVYLKRQLKNRMLVXVDUDGR]QDORXLGUVNRX]XULOLSLOMLOLXQDX FMHOLQDGLMDOHNWLNDILOR]RILMDORJLND]QDQRVWVOXDM
SUDYRJD-DNRMHLQLQDXXQXWUDQMXVORERGX%ROMHOLVXQDVLQGLVNUHWQL
9UHEDQMDWXLKQD]OREQLKRLMXQDMYLHVXQDPVPHWDOD]DRLWRYDQMHQDHJD p&MHOLQDQDGLOD]LSXNL]EURMGLMHORYD8]HWH]DMHGQRVWYDULSRSULPDMX
VYRMVWYDNRMDSRMHGLQDQRQHPRUDMXLPDWL
SURSDJDQGRP
NRULVWH]DVWUDLYDQMHPLWHURURPDGHPRNUDWVNH]HPOMHVXJHVWLMRPL
'LMDOHNWLNDMHXPLMHH LOLWULN GDVHX]GYLMHVWUDQHL]PLVOLVWYDUNRMXLPD
o
p)LOR]RILMDSUXDPRJXQRVWGDVHGUXLVDPVDVRERP.DGELVOXDRPDVX ,]YRUILOR]RILMHOHLXGLYOMHQMXXGYRMELXVYLMHVWLRL]JXEOMHQRVWL8VYDNRP
QHELSRVWDRILOR]RI +UDEURVW]DLVWLQXYMHUDXPR'XKDMHVXSUYLXYMHWLILOR]RILMH
)LOR]RILUDMWR]QDLGDOMXEL]QDQMH *ODYQDMHVWYDUQDVWDMXHILOR]RILMHRWNULYDQMHSULURGH
'DELELRGRVWRMDQSRWRYDQMDILOR]RIWUHEDSURSRYLMHGDWLSULPMHURP )LOR]RILUDWL]QDLVXPQMDWL
DOLMHNUR]LWDYXSRYLMHVWQDHYUVWHPHX]QDPHQLWLPILOR]RILPDELOR
' VYDNLVHRGJRYRUSRQRYRSUHWYDUDXQRYRSLWDQMH
YLHRQLKNRMLVXELOLSURJDQMDQL]ERJVYRMLKLGHMDLOLRQLKNRMLVXLYMHOL )LOR]RILMD]QDL ELWLQDSXWX1MHQDVXSLWDQMDELWQLMDRGQMHQLKRGJRYRUDD
PLUQR"LQLVHGDMHRQRSUYREOLHLVWLQL,XUD]YLMHQLPGUXWYLPDGDQDVLPD SUHREUDDYD
PQRJRVOXDMHYDSURJRQDLSUHVLMHQDLQWHOHNWXDOFHNRMLQLVXSRYROMLHOLWQLP LVWRYUHPHQRSRGVMHDNRMHPHEXGLNRMHPHGRYRGLNVHELVDPRPNRMHPH
DXWRULWDUQLPVQDJDPDGUXWYD )LOR]RILMD]DKWMHYDGUXJDLMHPLOMHQMHPLOMHQMHNRMHPHXVSR]QDML
)LOR]RILVXVYLMHWVDPRUD]OLLWRWXPDLOL ELWQRMHPHXWLPGDJDVH SLWDQMHLVSR]QDMD
SURPLMHQL )LOR]RILMDVHMDYOMDXHQMHPGLYOMHQMHPXGLYOMHQMHP,]GLYOMHQMDSURL]OD]L
)LOR]RIL]DUD]OLNXRGXYULMHHQRJPLOMHQMDQLVXYDWURJDVFLNRMLJDVHJRUXH )LOR]RILMDQLMH VDPR XULMHLPDYHXGMHOLPD
SUREOHPHYHVDPLSRGPHXSRDUH QDMYLLREOLNDSVROXWQRJGXKD
)LOR]RILMDEH]HWLNHMHEHVPLVDR)LOR]RIVNDHWLNDQHPRHELWLGUXJDLMDQHJR UH]XOWDWUDGDSRMHGLQDQLKLVWUDLYDQMDJHQHUDFLMDPLVOLODFD)LOR]RILMDMH
XQLYHU]DOQD3RVYRMHPSODPHQXILOR]RILMDMHVURHQDVXPMHWQRX0RGD )LOR]RILMDMHLVWUDLYDQMH2QDQLMHSURL]YRGLQGLYLGXDOQRJVWYDUDQMDQHJR
HILOR]RILMDLVDVYLPXWRQXWLXYHOLNXEXGXXXPMHWQRVWPRGDHL]LJDUD RVQRYHVYRJELWND
SODQXWLQRYLVYMHWRYL GDQDVVDXYDMPRVYHPRVWRYH )LOR]RILMDMHRYMHNVDPNRMLSRVWDMHSUREOHPRPVDPVHELLWUDLUD]ORJHL
)LOR]RILMDMHRYMHNVDPNRMLSRVWDMHSUREOHPRPVDPVHELLWUDLUD]ORJHL SODQXWLQRYLVYMHWRYL GDQDVVDXYDMPRVYHPRVWRYH
RVQRYHVYRJELWND HILOR]RILMDLVDVYLPXWRQXWLXYHOLNXEXGXXXPMHWQRVWPRGDHL]LJDUD
)LOR]RILMDMHLVWUDLYDQMH2QDQLMHSURL]YRGLQGLYLGXDOQRJVWYDUDQMDQHJR XQLYHU]DOQD3RVYRMHPSODPHQXILOR]RILMDMHVURHQDVXPMHWQRX0RGD
UH]XOWDWUDGDSRMHGLQDQLKLVWUDLYDQMDJHQHUDFLMDPLVOLODFD)LOR]RILMDMH )LOR]RILMDEH]HWLNHMHEHVPLVDR)LOR]RIVNDHWLNDQHPRHELWLGUXJDLMDQHJR
QDMYLLREOLNDSVROXWQRJGXKD SUREOHPHYHVDPLSRGPHXSRDUH
)LOR]RILMDQLMH VDPR XULMHLPDYHXGMHOLPD )LOR]RIL]DUD]OLNXRGXYULMHHQRJPLOMHQMDQLVXYDWURJDVFLNRMLJDVHJRUXH
)LOR]RILMDVHMDYOMDXHQMHPGLYOMHQMHPXGLYOMHQMHP,]GLYOMHQMDSURL]OD]L SURPLMHQL
SLWDQMHLVSR]QDMD )LOR]RILVXVYLMHWVDPRUD]OLLWRWXPDLOL ELWQRMHPHXWLPGDJDVH
)LOR]RILMD]DKWMHYDGUXJDLMHPLOMHQMHPLOMHQMHNRMHPHXVSR]QDML DXWRULWDUQLPVQDJDPDGUXWYD
LVWRYUHPHQRSRGVMHDNRMHPHEXGLNRMHPHGRYRGLNVHELVDPRPNRMHPH PQRJRVOXDMHYDSURJRQDLSUHVLMHQDLQWHOHNWXDOFHNRMLQLVXSRYROMLHOLWQLP
SUHREUDDYD PLUQR"LQLVHGDMHRQRSUYREOLHLVWLQL,XUD]YLMHQLPGUXWYLPDGDQDVLPD
)LOR]RILMD]QDL ELWLQDSXWX1MHQDVXSLWDQMDELWQLMDRGQMHQLKRGJRYRUDD YLHRQLKNRMLVXELOLSURJDQMDQL]ERJVYRMLKLGHMDLOLRQLKNRMLVXLYMHOL
VYDNLVHRGJRYRUSRQRYRSUHWYDUDXQRYRSLWDQMH 'DOLMHNUR]LWDYXSRYLMHVWQDHYUVWHPHX]QDPHQLWLPILOR]RILPDELOR
)LOR]RILUDWL]QDLVXPQMDWL 'DELELRGRVWRMDQSRWRYDQMDILOR]RIWUHEDSURSRYLMHGDWLSULPMHURP
*ODYQDMHVWYDUQDVWDMXHILOR]RILMHRWNULYDQMHSULURGH )LOR]RILUDMWR]QDLGDOMXEL]QDQMH
+UDEURVW]DLVWLQXYMHUDXPR'XKDMHVXSUYLXYMHWLILOR]RILMH QHELSRVWDRILOR]RI
,]YRUILOR]RILMHOHLXGLYOMHQMXXGYRMELXVYLMHVWLRL]JXEOMHQRVWL8VYDNRP p)LOR]RILMDSUXDPRJXQRVWGDVHGUXLVDPVDVRERP.DGELVOXDRPDVX
o'LMDOHNWLNDMHXPLMHH LOLWULN GDVHX]GYLMHVWUDQHL]PLVOLVWYDUNRMXLPD
'LMDOHNWLNDMHXPLMHH LOLWULN GDVHX]GYLMHVWUDQHL]PLVOLVWYDUNRMXLPD
o
p)LOR]RILMDSUXDPRJXQRVWGDVHGUXLVDPVDVRERP.DGELVOXDRPDVX ,]YRUILOR]RILMHOHLXGLYOMHQMXXGYRMELXVYLMHVWLRL]JXEOMHQRVWL8VYDNRP
QHELSRVWDRILOR]RI +UDEURVW]DLVWLQXYMHUDXPR'XKDMHVXSUYLXYMHWLILOR]RILMH
)LOR]RILUDMWR]QDLGDOMXEL]QDQMH *ODYQDMHVWYDUQDVWDMXHILOR]RILMHRWNULYDQMHSULURGH
'DELELRGRVWRMDQSRWRYDQMDILOR]RIWUHEDSURSRYLMHGDWLSULPMHURP )LOR]RILUDWL]QDLVXPQMDWL
DOLMHNUR]LWDYXSRYLMHVWQDHYUVWHPHX]QDPHQLWLPILOR]RILPDELOR
' VYDNLVHRGJRYRUSRQRYRSUHWYDUDXQRYRSLWDQMH
YLHRQLKNRMLVXELOLSURJDQMDQL]ERJVYRMLKLGHMDLOLRQLKNRMLVXLYMHOL )LOR]RILMD]QDL ELWLQDSXWX1MHQDVXSLWDQMDELWQLMDRGQMHQLKRGJRYRUDD
PLUQR"LQLVHGDMHRQRSUYREOLHLVWLQL,XUD]YLMHQLPGUXWYLPDGDQDVLPD SUHREUDDYD
PQRJRVOXDMHYDSURJRQDLSUHVLMHQDLQWHOHNWXDOFHNRMLQLVXSRYROMLHOLWQLP LVWRYUHPHQRSRGVMHDNRMHPHEXGLNRMHPHGRYRGLNVHELVDPRPNRMHPH
DXWRULWDUQLPVQDJDPDGUXWYD )LOR]RILMD]DKWMHYDGUXJDLMHPLOMHQMHPLOMHQMHNRMHPHXVSR]QDML
)LOR]RILVXVYLMHWVDPRUD]OLLWRWXPDLOL ELWQRMHPHXWLPGDJDVH SLWDQMHLVSR]QDMD
SURPLMHQL )LOR]RILMDVHMDYOMDXHQMHPGLYOMHQMHPXGLYOMHQMHP,]GLYOMHQMDSURL]OD]L
)LOR]RIL]DUD]OLNXRGXYULMHHQRJPLOMHQMDQLVXYDWURJDVFLNRMLJDVHJRUXH )LOR]RILMDQLMH VDPR XULMHLPDYHXGMHOLPD
SUREOHPHYHVDPLSRGPHXSRDUH QDMYLLREOLNDSVROXWQRJGXKD
)LOR]RILMDEH]HWLNHMHEHVPLVDR)LOR]RIVNDHWLNDQHPRHELWLGUXJDLMDQHJR UH]XOWDWUDGDSRMHGLQDQLKLVWUDLYDQMDJHQHUDFLMDPLVOLODFD)LOR]RILMDMH
XQLYHU]DOQD3RVYRMHPSODPHQXILOR]RILMDMHVURHQDVXPMHWQRX0RGD )LOR]RILMDMHLVWUDLYDQMH2QDQLMHSURL]YRGLQGLYLGXDOQRJVWYDUDQMDQHJR
HILOR]RILMDLVDVYLPXWRQXWLXYHOLNXEXGXXXPMHWQRVWPRGDHL]LJDUD RVQRYHVYRJELWND
SODQXWLQRYLVYMHWRYL GDQDVVDXYDMPRVYHPRVWRYH )LOR]RILMDMHRYMHNVDPNRMLSRVWDMHSUREOHPRPVDPVHELLWUDLUD]ORJHL
)LOR]RILMDMHRYMHNVDPNRMLSRVWDMHSUREOHPRPVDPVHELLWUDLUD]ORJHL SODQXWLQRYLVYMHWRYL GDQDVVDXYDMPRVYHPRVWRYH
RVQRYHVYRJELWND HILOR]RILMDLVDVYLPXWRQXWLXYHOLNXEXGXXXPMHWQRVWPRGDHL]LJDUD
)LOR]RILMDMHLVWUDLYDQMH2QDQLMHSURL]YRGLQGLYLGXDOQRJVWYDUDQMDQHJR XQLYHU]DOQD3RVYRMHPSODPHQXILOR]RILMDMHVURHQDVXPMHWQRX0RGD
UH]XOWDWUDGDSRMHGLQDQLKLVWUDLYDQMDJHQHUDFLMDPLVOLODFD)LOR]RILMDMH )LOR]RILMDEH]HWLNHMHEHVPLVDR)LOR]RIVNDHWLNDQHPRHELWLGUXJDLMDQHJR
QDMYLLREOLNDSVROXWQRJGXKD SUREOHPHYHVDPLSRGPHXSRDUH
)LOR]RILMDQLMH VDPR XULMHLPDYHXGMHOLPD )LOR]RIL]DUD]OLNXRGXYULMHHQRJPLOMHQMDQLVXYDWURJDVFLNRMLJDVHJRUXH
)LOR]RILMDVHMDYOMDXHQMHPGLYOMHQMHPXGLYOMHQMHP,]GLYOMHQMDSURL]OD]L SURPLMHQL
SLWDQMHLVSR]QDMD )LOR]RILVXVYLMHWVDPRUD]OLLWRWXPDLOL ELWQRMHPHXWLPGDJDVH
)LOR]RILMD]DKWMHYDGUXJDLMHPLOMHQMHPLOMHQMHNRMHPHXVSR]QDML DXWRULWDUQLPVQDJDPDGUXWYD
LVWRYUHPHQRSRGVMHDNRMHPHEXGLNRMHPHGRYRGLNVHELVDPRPNRMHPH PQRJRVOXDMHYDSURJRQDLSUHVLMHQDLQWHOHNWXDOFHNRMLQLVXSRYROMLHOLWQLP
SUHREUDDYD PLUQR"LQLVHGDMHRQRSUYREOLHLVWLQL,XUD]YLMHQLPGUXWYLPDGDQDVLPD
)LOR]RILMD]QDL ELWLQDSXWX1MHQDVXSLWDQMDELWQLMDRGQMHQLKRGJRYRUDD YLHRQLKNRMLVXELOLSURJDQMDQL]ERJVYRMLKLGHMDLOLRQLKNRMLVXLYMHOL
VYDNLVHRGJRYRUSRQRYRSUHWYDUDXQRYRSLWDQMH 'DOLMHNUR]LWDYXSRYLMHVWQDHYUVWHPHX]QDPHQLWLPILOR]RILPDELOR
)LOR]RILUDWL]QDLVXPQMDWL 'DELELRGRVWRMDQSRWRYDQMDILOR]RIWUHEDSURSRYLMHGDWLSULPMHURP
*ODYQDMHVWYDUQDVWDMXHILOR]RILMHRWNULYDQMHSULURGH )LOR]RILUDMWR]QDLGDOMXEL]QDQMH
+UDEURVW]DLVWLQXYMHUDXPR'XKDMHVXSUYLXYMHWLILOR]RILMH QHELSRVWDRILOR]RI
,]YRUILOR]RILMHOHLXGLYOMHQMXXGYRMELXVYLMHVWLRL]JXEOMHQRVWL8VYDNRP p)LOR]RILMDSUXDPRJXQRVWGDVHGUXLVDPVDVRERP.DGELVOXDRPDVX
o'LMDOHNWLNDMHXPLMHH LOLWULN GDVHX]GYLMHVWUDQHL]PLVOLVWYDUNRMXLPD
VOXDMXRQR]DSRLQMHSRWUHVHQRXWRVSRSDGDRYMHNDLXYLMHNL]
=D3ODWRQDMHILOR]RILMDELODX]VYXQMHQXGXELQXWHNSOHPHQLWDLJUD ]EXQMHQRVWLWUDLL]OD]XNDNYXFLOMX
-HGQDRGMHGLQRVPLVDRQLKILOR]RIVNLKSR]LFLMDMHUHYROW2QMHYMHLWR
VXRDYDQMHRYMHNDLQMHJRYHYODVWLWHWDPH2QVWDYOMDSRQRYQRVYLMHWX
VSRVREQRVWPLOMHQMD
SLWDQMHXVYDNRPRGQMHJRYLKWUHQXWDND
9MHURYDWLXILOR]RILMX]QDLQHGR]YROLWLVWUDKXGDQDELORNRMLQDLQ]DJXL
.RULMHQILOR]RILMHQDVWXSDWDPRJGMHVHOMXGLEXGH)LOR]RILMDGDQDVWRMH
9MHULMHVDPRVYHWRLVWLQLWRILOR]RILMLMHVDPRLVWLQLWRVYHWR
QLVXQLNDNYLSUREOHPL SLVPREXGXQRVWLNRMDVHGXHQDUXEXEH]GDQD
/MXGLLYHVDPRXVQXMHGLQRILOR]RIQDVWRMLGDEXGHEXGDQ
ODQDQHJREHVPLVOHQD,]DWRQLMHXGQRYDWRWRQDMGXEOMLSUREOHPL]DSUDYR
9HLQDVWDMDOLWDLSLWDQMDNRMDVXELOLQDSLVDQRILOR]RIVNLPVWYDULPDQLVX
0RJXVDVYLPSRX]GDQRUHLGDMHQDDSROLWLNDHNRQRPLMDQDD
SROLWRORJLMDVRFLRORJLMDLILOR]RILMDDQWLWHKQLNLRULMHQWLUDQD,]UHGRYDSROLW
7NRVXRQGDLVWLQLWLILOR]RIL"2QLNRMLYROHVYMHWORLVWLQH
ELWDNPRUDRVHUD]RDUDWL7UHEDORMHSURQDLSXWSRYUDWNDNILOR]RILML HNRQRPLVWDSROLWRORJDVRFLRORJDLILOR]RIDPLQHPDPRQLMHGDQUDGNRMLEL
7NRMHX]QDQRVWLWUDLRRVQRYXVYRJLYRWDYRGVWYR]DVYRMHSRVWXSNHVDP SRNXDRDQDOL]LUDWLVWXSDQMQDHJUD]YRMDVJOHGLWDSURL]YRGQLKVQDJDRG
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VXEMHNWLYQHVSR]QDMHREMHNWLYQR]QDQMHLLQWHUSHUVRQDOQR]QDQMH 3VLKRORJLMDHSURJXWDWLILOR]RILMX
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WRMHXVWYDUL]QDQRVW"%DYOMHQMH]QDQRVWLQDOLNMHVDVWDYOMDQMXPR]DLND
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VHPQRJLPDGDQDVSRYUDWDNXNDPHQRGREDLLQLRSUDYRPLGLORPHYROXFLMD
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RQDSRVWDMHJXELVYRMVPLVDR =QDQRVWMHSRSLVVYLKLVWLQD
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QHLGHQDWUDNH8WRMLGHMQRMSRUHPHWQMLLVXWRQXGLHVHVXYUHPHQD UDVWYDUDMXXQMH]LQHHOHPHQWHPDGDRQLQLVXQLQDMPDQMHVOLQLYRGL
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VHPQRJLPDGDQDVSRYUDWDNXNDPHQRGREDLLQLRSUDYRPLGLORPHYROXFLMD
MHSRGLJDRGRRVYDMDDVYHPLUDGRQLRMHVDVRERPL'DPRNORYPD$NREL
PDNLMDYHOL]PD.DGPRGXKDWUQHLYRWSDGQHQDQLHUD]LQH5DGNRMLQDV =QDQRVWVDPD]DVHEHQHPRHULMHLWLSULMHSRUQDSLWDQMDVXYUHPHQH
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SUD]QRYMHUMDELODMH]QDQRVWVYMHWLRQLNSURJUHVD9LGMHOLVPRKXOMHLOXDNHQD
QDMYHXX]GDQLFXMHGQXRGSRVOMHGQMLKQDGD"6WROMHLPDQDVLOMDL =QDQRVWVOXLVDPRWRPHGDQDPSUHGRLNDNRMHJROHPRQDHQH]QDQMH
DWRPLVWLNX,RVXXMXLGDQDVSUHUDQR]QDQRVWQHSRNDSDPROLPRGDLQDX =QDQRVWGREURVKYDHQDLVFMHOMXMHRYMHNDRGQMHJRYDSRQRVD MHUPX
9LGHLWXNUYQLNXXORJX]QDQRVWLPQRJLVXXVWUREDFLOLNOHWYXQDPRGHUQX SRND]XMHJUDQLFH
9HOLNDWUDJHGLMD]QDQRVWLSRELMDQMHOLMHSHKLSRWH]HWXQRPLQMHQLFRP =QDQRVWNDNRVHLQLQLMHSR]LYVDPRQHNLPDQHNHOLMHSHRULJLQDOQHL
VYHREXKYDWQDVOLND VYMHHPLVOLQDOD]HVHXPQRJLPD7UHEDVHVDPRVMHWLWLNROLNRVX]D]QDQRVW
WUXGXNRMLPVHVODJDQMHPPDOLKNDPHQLDQDNUDMXGRELYDMHGQDYHOLNDL GDOLODLFL=QDQRVWMHRWYRUHQDLOLELWUHEDODELWL]DVYHNULWLNH RQDNDRWR
WRMHXVWYDUL]QDQRVW"%DYOMHQMH]QDQRVWLQDOLNMHVDVWDYOMDQMXPR]DLND
WRMHXVWYDUL]QDQRVW"%DYOMHQMH]QDQRVWLQDOLNMHVDVWDYOMDQMXPR]DLND
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VYMHHPLVOLQDOD]HVHXPQRJLPD7UHEDVHVDPRVMHWLWLNROLNRVX]D]QDQRVW VYHREXKYDWQDVOLND
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SRND]XMHJUDQLFH 9LGHLWXNUYQLNXXORJX]QDQRVWLPQRJLVXXVWUREDFLOLNOHWYXQDPRGHUQX
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MHSRGLJDRGRRVYDMDDVYHPLUDGRQLRMHVDVRERPL'DPRNORYPD$NREL
VHPQRJLPDGDQDVSRYUDWDNXNDPHQRGREDLLQLRSUDYRPLGLORPHYROXFLMD
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]DNRUDLOLVYLMHWOLPPDJLVWUDODPDEXGXQRVWL
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QHLGHQDWUDNH8WRMLGHMQRMSRUHPHWQMLLVXWRQXGLHVHVXYUHPHQD UDVWYDUDMXXQMH]LQHHOHPHQWHPDGDRQLQLVXQLQDMPDQMHVOLQLYRGL
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MHSRGLJDRGRRVYDMDDVYHPLUDGRQLRMHVDVRERPL'DPRNORYPD$NREL
PDNLMDYHOL]PD.DGPRGXKDWUQHLYRWSDGQHQDQLHUD]LQH5DGNRMLQDV =QDQRVWVDPD]DVHEHQHPRHULMHLWLSULMHSRUQDSLWDQMDVXYUHPHQH
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DWRPLVWLNX,RVXXMXLGDQDVSUHUDQR]QDQRVWQHSRNDSDPROLPRGDLQDX =QDQRVWGREURVKYDHQDLVFMHOMXMHRYMHNDRGQMHJRYDSRQRVD MHUPX
9LGHLWXNUYQLNXXORJX]QDQRVWLPQRJLVXXVWUREDFLOLNOHWYXQDPRGHUQX SRND]XMHJUDQLFH
9HOLNDWUDJHGLMD]QDQRVWLSRELMDQMHOLMHSHKLSRWH]HWXQRPLQMHQLFRP =QDQRVWNDNRVHLQLQLMHSR]LYVDPRQHNLPDQHNHOLMHSHRULJLQDOQHL
VYHREXKYDWQDVOLND VYMHHPLVOLQDOD]HVHXPQRJLPD7UHEDVHVDPRVMHWLWLNROLNRVX]D]QDQRVW
WUXGXNRMLPVHVODJDQMHPPDOLKNDPHQLDQDNUDMXGRELYDMHGQDYHOLNDL GDOLODLFL=QDQRVWMHRWYRUHQDLOLELWUHEDODELWL]DVYHNULWLNH RQDNDRWR
WRMHXVWYDUL]QDQRVW"%DYOMHQMH]QDQRVWLQDOLNMHVDVWDYOMDQMXPR]DLND
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LPDQHQWQRLPDVYDNROMXGVNRELH%XGLOXFLGDQ7DNDYRYMHNQLMHLVSUHG
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= 9MHUXMHPGDVYDNLRYMHNSUHGVWDYOMDRYMHDQVWYR9MHUXMHPXXVDYULYRVW
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RYMHN QL MHVYMHVWDQVYRMLKVNULYHQLKSRWHQFLMDOD8SUDYRQDWHPHOMXRQRJD
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RYMHDQVWYRPRHXVUHLWLLOLXQLWLWL RYMHNQHPDJUDQLFHNRMXQHPRHSULMHL
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SDGRYHUHQHVDQVXLGHNDGHQFLMX2QQHVDPRGDSRVWRMLQHJRMHLVYMHVWDQ
GREURWDGRPHWLGUXWYRGXQRVW QDWRWRMHRYMHDQVWYRLPDORQDVYRMHPGUXJRPUD]YRMQRPSXWXXVSRQHL
pRYMHNSRVWDMHEROMLDNRVH]QDLVNUHQRGLYLWLGREURWL RYMHNMHXVYRMRMELWLUDFLRQDOQRELHGDNOHUD]XPQRPXGUREH]RE]LUD
'REDURYMHNMHQDMERJDWLMLLQDMVUHWQLML'REDURYMHNXYLMHNRVWDMHSRHWQLN SODVWLQRVWL
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WRMHJRUDVLWXDFLMDWRVHEROMHGRND]XMHGREDURYMHN
pRYMHNMHELHQHL]PMHUQLKPRJXQRVWLLQHL]PMHUQHSURPMHQMLYRVWLL
SODVWLQRVWL 'REDURYMHNMHQDMERJDWLMLLQDMVUHWQLML'REDURYMHNXYLMHNRVWDMHSRHWQLN
RYMHNMHXVYRMRMELWLUDFLRQDOQRELHGDNOHUD]XPQRPXGUREH]RE]LUD
pRYMHNSRVWDMHEROMLDNRVH]QDLVNUHQRGLYLWLGREURWL
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SDGRYHUHQHVDQVXLGHNDGHQFLMX2QQHVDPRGDSRVWRMLQHJRMHLVYMHVWDQ
VYRJDSRVWRMDQMDLQDVWRMLGDVYRMHSRVWRMDQMHL]PLMHQLGDRVWDYOMDWUDJRYH o6OXDMMHQXQRVWNRMDQDVMHL]QHQDGLOD
RYMHNPRUDELWLMDNRVSRVREDQNDNRELSULPLMHWLRNROLNRPDORPRH =QDQVWYHQLNQLNDGQLWDQHGRND]XMH2QVDPRSRNXDYDXWYUGLWLLQMHQLFH
RYMHNQHPDJUDQLFHNRMXQHPRHSULMHL RYMHDQVWYRPRHXVUHLWLLOLXQLWLWL
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RYMHN QL MHVYMHVWDQVYRMLKVNULYHQLKSRWHQFLMDOD8SUDYRQDWHPHOMXRQRJD
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9MHUXMHPGDVYDNLRYMHNSUHGVWDYOMDRYMHDQVWYR9MHUXMHPXXVDYULYRVW =QDQVWYHQDNXOWXUDSUHOD]LLVDPHSROLWLNHJUDQLFHUD]QLKQDURGDLXVSUNRV
RYMHNDRYDXVDYULYRVW]QDLGDRYMHNPRHGRNXLWLVYRMFLOMQRWRQH
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GUXJRJD=QDQRVWLVHVDPHGYRMDNRXQLWDYDMX LULQRPXNRMXXOD]HL
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=
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MHSR]QDWRSRLYDQDLQMHQLFDPDNRMHQHULMHWNRGROD]HL]RULJLQDOQLKL
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LPDQHQWQRLPDVYDNROMXGVNRELH%XGLOXFLGDQ7DNDYRYMHNQLMHLVSUHG
GUXJRJD=QDQRVWLVHVDPHGYRMDNRXQLWDYDMX LULQRPXNRMXXOD]HL
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= 9MHUXMHPGDVYDNLRYMHNSUHGVWDYOMDRYMHDQVWYR9MHUXMHPXXVDYULYRVW
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RYMHN QL MHVYMHVWDQVYRMLKVNULYHQLKSRWHQFLMDOD8SUDYRQDWHPHOMXRQRJD
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1HL]XPOMXMHVHQRYLVLVWHPVYLMHWDDNRVWH]DGRYROMQLRQLPWRVXYDPGUXJL 3RGRVWD]DGRYROMVWDYDVDVWRMLVHXWRPHGDLKVHVD]DGRYROMVWYRPRGULHPR
LVSULDOLRWRPHNDNRVYLMHWIXQNFLRQLUD 1LVNLVWXSDQM]DGRYROMVWYDQHHELWLSRWLFDMDQ]DSURPMHQX
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1LVNLVWXSDQM]DGRYROMVWYDQHHELWLSRWLFDMDQ]DSURPMHQX LVSULDOLRWRPHNDNRVYLMHWIXQNFLRQLUD
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3 1HL]XPOMXMHVHQRYLVLVWHPVYLMHWDDNRVWH]DGRYROMQLRQLPWRVXYDPGUXJL
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6YLPL]QDPRYLHRGRQRJD]DWR]QDPRGDRWRPX]QDPR .DGELVPRSRVXPQMDOLXVYHWR]QDPRWRELELORVODERXPQRVDPRXERMVWYR
6DPRVHQH]QDOLFDVWLGLULMHLQH]QDP .DGDEL]QDQMHRGODJDOLSRSROLFDPDXYLGXSDSLUDRQRELVHXGDOMDYDORRG
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GUXJLVYUL
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1LWNRQHPRHVYH]QDWL 0DOROMXGLPDOR]QD
1LMH]QDQMH]QDQMH]QDWLYHMH]QDQMH]QDQMHGDWL 0QRJL]QDMXPQRJRQLWNRVYH
1LMHWROLNRYDQRWRVHPRHL]QDQHJRGDVHWRLVWRKRHLXVXXMH 0QRJR]QDWL]QDLRVWDULWLSULMHYUHPHQD
WUHEDWDNRHU]QDWLUDGLWL1LMHGRYROMQR]QDWLPRUDVHLSULPMHQMLYDWL 0RUDVHPQRJRVWXGLUDWLGDELVH]QDORPDOR
1LMHGRYROMQRVDPR]QDWLUDGLWL WUHEDWDNRHULUDGLWL1LMHGRYROMQRUDGLWL 1HYDOMDQLVYH]QDWL
1LMHGRYROMQRLPDWL]GUDYUD]XP WUHEDJD]QDWLSULPLMHQLWL 1LMHGRSXWHQRVYH]QDWLLQHYDOMDQLVYH]QDWL
1LMHGRYROMQRGDVWHNQH]QDQMHWUHEDJDXSRWULMHELWL 1LMHGRYROMQRGDVWHNQH]QDQMHWUHEDJDXSRWULMHELWL
1LMHGRSXWHQRVYH]QDWLLQHYDOMDQLVYH]QDWL 1LMHGRYROMQRLPDWL]GUDYUD]XP WUHEDJD]QDWLSULPLMHQLWL
1HYDOMDQLVYH]QDWL 1LMHGRYROMQRVDPR]QDWLUDGLWL WUHEDWDNRHULUDGLWL1LMHGRYROMQRUDGLWL
0RUDVHPQRJRVWXGLUDWLGDELVH]QDORPDOR WUHEDWDNRHU]QDWLUDGLWL1LMHGRYROMQR]QDWLPRUDVHLSULPMHQMLYDWL
0QRJR]QDWL]QDLRVWDULWLSULMHYUHPHQD 1LMHWROLNRYDQRWRVHPRHL]QDQHJRGDVHWRLVWRKRHLXVXXMH
0QRJL]QDMXPQRJRQLWNRVYH 1LMH]QDQMH]QDQMH]QDWLYHMH]QDQMH]QDQMHGDWL
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GUXJLVYUL
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WRYLH]QDWRVLMDLXVYRPL]ERUX
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-HGDQRYMHNQHPRHVYH]QDWLDOLVYDWNRPRUDLPDWLQHWRWRUD]XPLMH
WRYLH]QDWRVLMDLXVYRPL]ERUX
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6DPRVHQH]QDOLFDVWLGLULMHLQH]QDP .DGDEL]QDQMHRGODJDOLSRSROLFDPDXYLGXSDSLUDRQRELVHXGDOMDYDORRG
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1RYR]QDQMHSRVWDMH]DVWDUMHOR]ERJVWDOQLKSURPMHQD .DNDYMHWDMLYRWXNRPHPRJXLPDWLPLUDMHGLQRDNRRGEDFLP]QDQMHL
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GUXJLVYUL
1LWNRQHSRND]XMHVYRMHQH]QDQMHNDRRQDMWNRSRLQMHJRYRULWLSULMHQHJR .ROLNR]QDWROLNRYULMHGL
1LWNRQHPRHVYH]QDWL 0DOROMXGLPDOR]QD
1LMH]QDQMH]QDQMH]QDWLYHMH]QDQMH]QDQMHGDWL 0QRJL]QDMXPQRJRQLWNRVYH
1LMHWROLNRYDQRWRVHPRHL]QDQHJRGDVHWRLVWRKRHLXVXXMH 0QRJR]QDWL]QDLRVWDULWLSULMHYUHPHQD
WUHEDWDNRHU]QDWLUDGLWL1LMHGRYROMQR]QDWLPRUDVHLSULPMHQMLYDWL 0RUDVHPQRJRVWXGLUDWLGDELVH]QDORPDOR
1LMHGRYROMQRVDPR]QDWLUDGLWL WUHEDWDNRHULUDGLWL1LMHGRYROMQRUDGLWL 1HYDOMDQLVYH]QDWL
1LMHGRYROMQRLPDWL]GUDYUD]XP WUHEDJD]QDWLSULPLMHQLWL 1LMHGRSXWHQRVYH]QDWLLQHYDOMDQLVYH]QDWL
1LMHGRYROMQRGDVWHNQH]QDQMHWUHEDJDXSRWULMHELWL 1LMHGRYROMQRGDVWHNQH]QDQMHWUHEDJDXSRWULMHELWL
1LMHGRSXWHQRVYH]QDWLLQHYDOMDQLVYH]QDWL 1LMHGRYROMQRLPDWL]GUDYUD]XP WUHEDJD]QDWLSULPLMHQLWL
1HYDOMDQLVYH]QDWL 1LMHGRYROMQRVDPR]QDWLUDGLWL WUHEDWDNRHULUDGLWL1LMHGRYROMQRUDGLWL
0RUDVHPQRJRVWXGLUDWLGDELVH]QDORPDOR WUHEDWDNRHU]QDWLUDGLWL1LMHGRYROMQR]QDWLPRUDVHLSULPMHQMLYDWL
0QRJR]QDWL]QDLRVWDULWLSULMHYUHPHQD 1LMHWROLNRYDQRWRVHPRHL]QDQHJRGDVHWRLVWRKRHLXVXXMH
0QRJL]QDMXPQRJRQLWNRVYH 1LMH]QDQMH]QDQMH]QDWLYHMH]QDQMH]QDQMHGDWL
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GUXJLVYUL
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QDVEU]LQRPVYMHWORVWL 3ULJQLXKRVYRMHLXMULMHLPRMHXVSUDYLVYRMHVUFH]QDQMX
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.DGELVPRSRVXPQMDOLXVYHWR]QDPRWRELELORVODERXPQRVDPRXERMVWYR 6YLPL]QDPRYLHRGRQRJD]DWR]QDPRGDRWRPX]QDPR
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WRYLH]QDWRVLMDLXVYRPL]ERUX
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7NRHOLELWLRVORERHQVYLKEULJDQHNDVHRNDQL]QDQRVWL
7UHEDXLWLSXQRGDELVH]QDORPDOR
7DNYDMHVXGELQDQH]QDOLFD VYHMHRQRQDWSULURGQRHPXQH]QDPRX]URND
8VWYDULPD]QDQMDQHPRHSRVWRMDWLXYMHUHQMD
SRVWDMHEHVNRQDQR
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9HOLNLFLOMREUD]RYDQMDQLMH]QDQMHQHJRDNFLMD 2GQRVL]PHXLYRWQHGRELLQH]QDQMD NDNYDPXMHPDWHPDWLNDNULYXOMD"
9LHVHYROLRQRRHPXVH]QD QHSULMDWHOM
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=QDQMHLYROMDREUDQDVXQDMEROMD 1LWDQLMHVNXSOMHRGEHVSXDQH]QDQMD
=QDQMHLPDJUDQLFDGRNQH]QDQMHLKQHPD 1H]QDQMHMHXYLMHNVSUHPQRGDVHVDPRVHELGLYL
=QDQMHMHEODJRKUDQDGXHPR 1H]QDQMHMHQHVYMHVQREODHQVWYR
=QDQMHMHRUXHDQHFLOM 1H]QDQMHMHEOLHLVWLQLQHJRSUHGUDVXGD
=QDQMHMHYUOLQDNRMDXMHGLQMDYDGYLMHQDMOMHSHOMXGVNHRVRELQH SUDYHGQRVWL 1H]QDOLFXMHQHPRJXHXYMHULWLGRND]LPD
PR 1H]QDOLFDQLMHVDPREDODVWQHJRLRSDVQRVW]DGUXWYHQLEURG
=QDQMHPRHPRQDXLWLRGGUXJLKPXGURVWLPRUDPRQDXLWLVDPLVHEH 1H]QDOLFDQHHQLWLQDPXNDPDSUL]QDWL
=QDQMHQDVWDMHRG]UQFDVYDNRGQHYQRJLVNXVWYDLLQLRYMHNDVORERGQLPL p%LWLVYMHVWDQVYRJQH]QDQMDYHOLNMHNRUDNN]QDQMX
YHOLNLP
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RNROLQX
RNROLQX
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=QDQMHQHVPDQMXMHYULMHGQRVW
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1H]QDOLFDQHHQLWLQDPXNDPDSUL]QDWL =QDQMHPRHPRQDXLWLRGGUXJLKPXGURVWLPRUDPRQDXLWLVDPLVHEH
1H]QDOLFDQLMHVDPREDODVWQHJRLRSDVQRVW]DGUXWYHQLEURG PR
1H]QDOLFXMHQHPRJXHXYMHULWLGRND]LPD =QDQMHMHYUOLQDNRMDXMHGLQMDYDGYLMHQDMOMHSHOMXGVNHRVRELQH SUDYHGQRVWL
1H]QDQMHMHEOLHLVWLQLQHJRSUHGUDVXGD =QDQMHMHRUXHDQHFLOM
1H]QDQMHMHQHVYMHVQREODHQVWYR =QDQMHMHEODJRKUDQDGXHPR
1H]QDQMHMHXYLMHNVSUHPQRGDVHVDPRVHELGLYL =QDQMHLPDJUDQLFDGRNQH]QDQMHLKQHPD
1LWDQLMHVNXSOMHRGEHVSXDQH]QDQMD =QDQMHLYROMDREUDQDVXQDMEROMD
1LWDQLMHWDNRRSDVQRNDRSULMDWHOMQH]QDOLFD YLHELYULMHGLRSDPHWDQ =DSUDYRVH]QDVDPRRQGDNDGDVHQH]QD6D]QDQMHPUDVWHLVXPQMD
QHSULMDWHOM 9LHVHYROLRQRRHPXVH]QD
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8VSUNRVSRUDVWX]QDQMDNULYXOMDQDJORUDVWHVDLYRWQRPGREL QH]QDQMH
SRVWDMHEHVNRQDQR
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7DNYDMHVXGELQDQH]QDOLFD VYHMHRQRQDWSULURGQRHPXQH]QDPRX]URND
7UHEDXLWLSXQRGDELVH]QDORPDOR
7NRHOLELWLRVORERHQVYLKEULJDQHNDVHRNDQL]QDQRVWL
7NRHOLELWLRVORERHQVYLKEULJDQHNDVHRNDQL]QDQRVWL
7UHEDXLWLSXQRGDELVH]QDORPDOR
7DNYDMHVXGELQDQH]QDOLFD VYHMHRQRQDWSULURGQRHPXQH]QDPRX]URND
8VWYDULPD]QDQMDQHPRHSRVWRMDWLXYMHUHQMD
SRVWDMHEHVNRQDQR
8VSUNRVSRUDVWX]QDQMDNULYXOMDQDJORUDVWHVDLYRWQRPGREL QH]QDQMH
9HOLNLFLOMREUD]RYDQMDQLMH]QDQMHQHJRDNFLMD 2GQRVL]PHXLYRWQHGRELLQH]QDQMD NDNYDPXMHPDWHPDWLNDNULYXOMD"
9LHVHYROLRQRRHPXVH]QD QHSULMDWHOM
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=QDQMHLYROMDREUDQDVXQDMEROMD 1LWDQLMHVNXSOMHRGEHVSXDQH]QDQMD
=QDQMHLPDJUDQLFDGRNQH]QDQMHLKQHPD 1H]QDQMHMHXYLMHNVSUHPQRGDVHVDPRVHELGLYL
=QDQMHMHEODJRKUDQDGXHPR 1H]QDQMHMHQHVYMHVQREODHQVWYR
=QDQMHMHRUXHDQHFLOM 1H]QDQMHMHEOLHLVWLQLQHJRSUHGUDVXGD
=QDQMHMHYUOLQDNRMDXMHGLQMDYDGYLMHQDMOMHSHOMXGVNHRVRELQH SUDYHGQRVWL 1H]QDOLFXMHQHPRJXHXYMHULWLGRND]LPD
PR 1H]QDOLFDQLMHVDPREDODVWQHJRLRSDVQRVW]DGUXWYHQLEURG
=QDQMHPRHPRQDXLWLRGGUXJLKPXGURVWLPRUDPRQDXLWLVDPLVHEH 1H]QDOLFDQHHQLWLQDPXNDPDSUL]QDWL
=QDQMHQDVWDMHRG]UQFDVYDNRGQHYQRJLVNXVWYDLLQLRYMHNDVORERGQLPL p%LWLVYMHVWDQVYRJQH]QDQMDYHOLNMHNRUDNN]QDQMX
YHOLNLP
LYRWEH]]QDQMDMHJRWRYDVPUW
=QDQMHQHVPDQMXMHYULMHGQRVW
=QDWLDQHKWMHWLLVWRMHWRLPRLDQH]QDWL
=QDQMHQH]DKWMHYDYHOLNHNROLLQHSULURGQLKUHVXUVDLOLHQHUJLMHLQH]DJDXMH
RNROLQX
RNROLQX
=QDQMHQH]DKWMHYDYHOLNHNROLLQHSULURGQLKUHVXUVDLOLHQHUJLMHLQH]DJDXMH
=QDWLDQHKWMHWLLVWRMHWRLPRLDQH]QDWL
=QDQMHQHVPDQMXMHYULMHGQRVW
LYRWEH]]QDQMDMHJRWRYDVPUW
YHOLNLP
p%LWLVYMHVWDQVYRJQH]QDQMDYHOLNMHNRUDNN]QDQMX =QDQMHQDVWDMHRG]UQFDVYDNRGQHYQRJLVNXVWYDLLQLRYMHNDVORERGQLPL
1H]QDOLFDQHHQLWLQDPXNDPDSUL]QDWL =QDQMHPRHPRQDXLWLRGGUXJLKPXGURVWLPRUDPRQDXLWLVDPLVHEH
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1HERMHOMXGLPDNDRSURWXWHX]DVYHQDSRUQHVWYDULXLYRWXGDORWULVWYDUL WRGULPGDVHQHGDSR]QDYDWLHVWLEH]SR]QDYDQMDFLHORVWLNDNRJRGQL
SR]QDYDWLFLHORVWLQHSR]QDYDMXSRMHGLQHHVWL1LWDQLMHEH]XPQRNDRUHL
p1DQHEXDQHRQLMHJODYQLOLN GDVWYDUVDPDVHEHSR]QDMH1HVWDQRVWSULYLGQRVWLXYLMHNQDPUD]XP
REPDQMXMHWHQLWDQHPRHXYUVWLWLRJUDQLHQRELHL]PHXGYLMH
EHVNUDMQRVWLNRMHJDGUHLL]PLXPXLQLPLVHGDVQLYDQMHULLYRWMHVDQ
6YHPLUMHNUXJNRMHPMHVUHGLWHSRVYXGDDSHULIHULMDQLJGMH
p0RJXOLNRPSDVRPGXKDSURQDLIRUPXOXVYHPLUD" VDPRQHWDNRQHVWDODQ1DUDYQRGDVHX]GDPRGDVPRVSRVREQLMLGRVUHGLWD
VWYDULGRVHLQHJRLPRSVHJREXKYDWLWL6YHVX]QDQRVWLQHL]PMHUQHJOHGH
NDPR RSVHJDQMLKRYDLVSLWLYDQMD MHUWNRGYRMLQDQDSULPMHUGDJHRPHWULMDMR
2VQRYQDVLWXDFLMDRYMHNDMHGDVHQDOD]LPRXVYLMHWXDGDQH]QDPR RGDNOHL QHEURMHQLKSLWDQMDUMHLWLLPD"2VYHPXWRVHWUHED]QDWLWUHEDLSLVDWL1H
YUORWLKR WUDLPRYHMHGQRL]YMHVWQRVWLXVWDOQRVWL9MHQDVDPRPMHQDMHVW
.DGDELOMXGLSULDOLVDPRRRQRPWRUD]XPLMXLVKYDDMXQDVYLMHWXELELOR 6YLMHWMHGREURUD]YLMHQPHXQDURGQLVXVWDYQRLXQDMEROMHPVOXDMXWHN
8VYLMHWXVHXYLMHNODNHXMHMHNDQHJRRGJRYRU YUORSULPLWLYQDPHXQDURGQD]DMHGQLFD
7NRHOLGDVYLMHWRVWDQHRQDNDYNDNDYMHQHHOLGDVYLMHWRVWDQH 6YLMHWMHLVSXQMHQELMHGRPSDWQMDPDEROHVWLPDPRUDOQLPUDQDPDL
6YLMHWRPXRSHQHYODGDORJRVQHJRNDRV SULVLODPD
6YLMHWVHPRHVKYDWLWLNDRQHEURMHQRPQRWYRSRUXND 6YLMHWMHLVWLQVNDNRODMHUVHWXVYHXLVDPRSRVHEL
6YLMHWVHGDYLXNUHWHQVNLPUD]PMHULPD 6YLMHWMHOXGQLFDSHUYHU]QLKSXQERMLKVQRERYD
6YLMHWQLMHNRPSOHNVVWYDULQHJRNRPSOHNVSURFHVD 6YLMHWMHRJOHGDORXNRPVYDWNRYLGLVYRMXGXX6YLMHWMHRQDSUDYDNRODMHU
VHWXVYHXLVDPRSRVHEL
6YLMHWMHRYRMJODYLGUXNLMLQHJRXRVWDOLPOMXGVNLPJODYDPD
6YLMHWMHRYRMJODYLGUXNLMLQHJRXRVWDOLPOMXGVNLPJODYDPD
VHWXVYHXLVDPRSRVHEL
6YLMHWMHRJOHGDORXNRPVYDWNRYLGLVYRMXGXX6YLMHWMHRQDSUDYDNRODMHU 6YLMHWQLMHNRPSOHNVVWYDULQHJRNRPSOHNVSURFHVD
6YLMHWMHOXGQLFDSHUYHU]QLKSXQERMLKVQRERYD 6YLMHWVHGDYLXNUHWHQVNLPUD]PMHULPD
6YLMHWMHLVWLQVNDNRODMHUVHWXVYHXLVDPRSRVHEL 6YLMHWVHPRHVKYDWLWLNDRQHEURMHQRPQRWYRSRUXND
SULVLODPD 6YLMHWRPXRSHQHYODGDORJRVQHJRNDRV
6YLMHWMHLVSXQMHQELMHGRPSDWQMDPDEROHVWLPDPRUDOQLPUDQDPDL 7NRHOLGDVYLMHWRVWDQHRQDNDYNDNDYMHQHHOLGDVYLMHWRVWDQH
YUORSULPLWLYQDPHXQDURGQD]DMHGQLFD 8VYLMHWXVHXYLMHNODNHXMHMHNDQHJRRGJRYRU
6YLMHWMHGREURUD]YLMHQPHXQDURGQLVXVWDYQRLXQDMEROMHPVOXDMXWHN .DGDELOMXGLSULDOLVDPRRRQRPWRUD]XPLMXLVKYDDMXQDVYLMHWXELELOR
WUDLPRYHMHGQRL]YMHVWQRVWLXVWDOQRVWL9MHQDVDPRPMHQDMHVW YUORWLKR
QHEURMHQLKSLWDQMDUMHLWLLPD"2VYHPXWRVHWUHED]QDWLWUHEDLSLVDWL1H 2VQRYQDVLWXDFLMDRYMHNDMHGDVHQDOD]LPRXVYLMHWXDGDQH]QDPR RGDNOHL
RSVHJDQMLKRYDLVSLWLYDQMD MHUWNRGYRMLQDQDSULPMHUGDJHRPHWULMDMR NDPR
VWYDULGRVHLQHJRLPRSVHJREXKYDWLWL6YHVX]QDQRVWLQHL]PMHUQHJOHGH
VDPRQHWDNRQHVWDODQ1DUDYQRGDVHX]GDPRGDVPRVSRVREQLMLGRVUHGLWD p0RJXOLNRPSDVRPGXKDSURQDLIRUPXOXVYHPLUD"
6YHPLUMHNUXJNRMHPMHVUHGLWHSRVYXGDDSHULIHULMDQLJGMH
EHVNUDMQRVWLNRMHJDGUHLL]PLXPXLQLPLVHGDVQLYDQMHULLYRWMHVDQ
REPDQMXMHWHQLWDQHPRHXYUVWLWLRJUDQLHQRELHL]PHXGYLMH
GDVWYDUVDPDVHEHSR]QDMH1HVWDQRVWSULYLGQRVWLXYLMHNQDPUD]XP p1DQHEXDQHRQLMHJODYQLOLN
SR]QDYDWLFLHORVWLQHSR]QDYDMXSRMHGLQHHVWL1LWDQLMHEH]XPQRNDRUHL
WRGULPGDVHQHGDSR]QDYDWLHVWLEH]SR]QDYDQMDFLHORVWLNDNRJRGQL 1HERMHOMXGLPDNDRSURWXWHX]DVYHQDSRUQHVWYDULXLYRWXGDORWULVWYDUL
QDUDYQRPQH]DPMHWOMLYRPNRMDLKLQDMXGDOMHQLMHLQDMUD]OLLWLMHVNXSDYHH QDGXVDQLVPLMHK
SRPDJDMXHSRVUHGQHLQHSRVUHGQHWHPHXVRERPVSRMHQHVSRQRP
SRPDJDMXHSRVUHGQHLQHSRVUHGQHWHPHXVRERPVSRMHQHVSRQRP
QDGXVDQLVPLMHK QDUDYQRPQH]DPMHWOMLYRPNRMDLKLQDMXGDOMHQLMHLQDMUD]OLLWLMHVNXSDYHH
1HERMHOMXGLPDNDRSURWXWHX]DVYHQDSRUQHVWYDULXLYRWXGDORWULVWYDUL WRGULPGDVHQHGDSR]QDYDWLHVWLEH]SR]QDYDQMDFLHORVWLNDNRJRGQL
SR]QDYDWLFLHORVWLQHSR]QDYDMXSRMHGLQHHVWL1LWDQLMHEH]XPQRNDRUHL
p1DQHEXDQHRQLMHJODYQLOLN GDVWYDUVDPDVHEHSR]QDMH1HVWDQRVWSULYLGQRVWLXYLMHNQDPUD]XP
REPDQMXMHWHQLWDQHPRHXYUVWLWLRJUDQLHQRELHL]PHXGYLMH
EHVNUDMQRVWLNRMHJDGUHLL]PLXPXLQLPLVHGDVQLYDQMHULLYRWMHVDQ
6YHPLUMHNUXJNRMHPMHVUHGLWHSRVYXGDDSHULIHULMDQLJGMH
p0RJXOLNRPSDVRPGXKDSURQDLIRUPXOXVYHPLUD" VDPRQHWDNRQHVWDODQ1DUDYQRGDVHX]GDPRGDVPRVSRVREQLMLGRVUHGLWD
VWYDULGRVHLQHJRLPRSVHJREXKYDWLWL6YHVX]QDQRVWLQHL]PMHUQHJOHGH
NDPR RSVHJDQMLKRYDLVSLWLYDQMD MHUWNRGYRMLQDQDSULPMHUGDJHRPHWULMDMR
2VQRYQDVLWXDFLMDRYMHNDMHGDVHQDOD]LPRXVYLMHWXDGDQH]QDPR RGDNOHL QHEURMHQLKSLWDQMDUMHLWLLPD"2VYHPXWRVHWUHED]QDWLWUHEDLSLVDWL1H
YUORWLKR WUDLPRYHMHGQRL]YMHVWQRVWLXVWDOQRVWL9MHQDVDPRPMHQDMHVW
.DGDELOMXGLSULDOLVDPRRRQRPWRUD]XPLMXLVKYDDMXQDVYLMHWXELELOR 6YLMHWMHGREURUD]YLMHQPHXQDURGQLVXVWDYQRLXQDMEROMHPVOXDMXWHN
8VYLMHWXVHXYLMHNODNHXMHMHNDQHJRRGJRYRU YUORSULPLWLYQDPHXQDURGQD]DMHGQLFD
7NRHOLGDVYLMHWRVWDQHRQDNDYNDNDYMHQHHOLGDVYLMHWRVWDQH 6YLMHWMHLVSXQMHQELMHGRPSDWQMDPDEROHVWLPDPRUDOQLPUDQDPDL
6YLMHWRPXRSHQHYODGDORJRVQHJRNDRV SULVLODPD
6YLMHWVHPRHVKYDWLWLNDRQHEURMHQRPQRWYRSRUXND 6YLMHWMHLVWLQVNDNRODMHUVHWXVYHXLVDPRSRVHEL
6YLMHWVHGDYLXNUHWHQVNLPUD]PMHULPD 6YLMHWMHOXGQLFDSHUYHU]QLKSXQERMLKVQRERYD
6YLMHWQLMHNRPSOHNVVWYDULQHJRNRPSOHNVSURFHVD 6YLMHWMHRJOHGDORXNRPVYDWNRYLGLVYRMXGXX6YLMHWMHRQDSUDYDNRODMHU
VHWXVYHXLVDPRSRVHEL
6YLMHWMHRYRMJODYLGUXNLMLQHJRXRVWDOLPOMXGVNLPJODYDPD
6YLMHWMHRYRMJODYLGUXNLMLQHJRXRVWDOLPOMXGVNLPJODYDPD
VHWXVYHXLVDPRSRVHEL
6YLMHWMHRJOHGDORXNRPVYDWNRYLGLVYRMXGXX6YLMHWMHRQDSUDYDNRODMHU 6YLMHWQLMHNRPSOHNVVWYDULQHJRNRPSOHNVSURFHVD
6YLMHWMHOXGQLFDSHUYHU]QLKSXQERMLKVQRERYD 6YLMHWVHGDYLXNUHWHQVNLPUD]PMHULPD
6YLMHWMHLVWLQVNDNRODMHUVHWXVYHXLVDPRSRVHEL 6YLMHWVHPRHVKYDWLWLNDRQHEURMHQRPQRWYRSRUXND
SULVLODPD 6YLMHWRPXRSHQHYODGDORJRVQHJRNDRV
6YLMHWMHLVSXQMHQELMHGRPSDWQMDPDEROHVWLPDPRUDOQLPUDQDPDL 7NRHOLGDVYLMHWRVWDQHRQDNDYNDNDYMHQHHOLGDVYLMHWRVWDQH
YUORSULPLWLYQDPHXQDURGQD]DMHGQLFD 8VYLMHWXVHXYLMHNODNHXMHMHNDQHJRRGJRYRU
6YLMHWMHGREURUD]YLMHQPHXQDURGQLVXVWDYQRLXQDMEROMHPVOXDMXWHN .DGDELOMXGLSULDOLVDPRRRQRPWRUD]XPLMXLVKYDDMXQDVYLMHWXELELOR
WUDLPRYHMHGQRL]YMHVWQRVWLXVWDOQRVWL9MHQDVDPRPMHQDMHVW YUORWLKR
QHEURMHQLKSLWDQMDUMHLWLLPD"2VYHPXWRVHWUHED]QDWLWUHEDLSLVDWL1H 2VQRYQDVLWXDFLMDRYMHNDMHGDVHQDOD]LPRXVYLMHWXDGDQH]QDPR RGDNOHL
RSVHJDQMLKRYDLVSLWLYDQMD MHUWNRGYRMLQDQDSULPMHUGDJHRPHWULMDMR NDPR
VWYDULGRVHLQHJRLPRSVHJREXKYDWLWL6YHVX]QDQRVWLQHL]PMHUQHJOHGH
VDPRQHWDNRQHVWDODQ1DUDYQRGDVHX]GDPRGDVPRVSRVREQLMLGRVUHGLWD p0RJXOLNRPSDVRPGXKDSURQDLIRUPXOXVYHPLUD"
6YHPLUMHNUXJNRMHPMHVUHGLWHSRVYXGDDSHULIHULMDQLJGMH
EHVNUDMQRVWLNRMHJDGUHLL]PLXPXLQLPLVHGDVQLYDQMHULLYRWMHVDQ
REPDQMXMHWHQLWDQHPRHXYUVWLWLRJUDQLHQRELHL]PHXGYLMH
GDVWYDUVDPDVHEHSR]QDMH1HVWDQRVWSULYLGQRVWLXYLMHNQDPUD]XP p1DQHEXDQHRQLMHJODYQLOLN
SR]QDYDWLFLHORVWLQHSR]QDYDMXSRMHGLQHHVWL1LWDQLMHEH]XPQRNDRUHL
WRGULPGDVHQHGDSR]QDYDWLHVWLEH]SR]QDYDQMDFLHORVWLNDNRJRGQL 1HERMHOMXGLPDNDRSURWXWHX]DVYHQDSRUQHVWYDULXLYRWXGDORWULVWYDUL
QDUDYQRPQH]DPMHWOMLYRPNRMDLKLQDMXGDOMHQLMHLQDMUD]OLLWLMHVNXSDYHH QDGXVDQLVPLMHK
SRPDJDMXHSRVUHGQHLQHSRVUHGQHWHPHXVRERPVSRMHQHVSRQRP
1HERQDPVHLQLOLMHSLPMHUSRVWRMHUXQHVWYDUL'REURQDPVHLQLGREULP
MHUSRVWRML]OR
JRULODPDLEDUEDULPD
p'DOMLQDNRMDRNXXPDQMXMHSUHGPHWHSRYHDYDLKPLVOLPD 3ULURGDMHVOLMHSDMHUNDGEL]QDODWRUDGL]DWRELRYMHNELRRNUXHQ
o3URYLQFLMDQLMHSRGUXMHYHVWDQMH ELQDPSRND]DODGDMHVDPRVOLND
p,WLVLGLRSULURGH 3ULURGDMHVDYUHQDNDNRELQDPSRND]DODGDMHVOLNDERMDDQHGRVWDWNHNDNR
1HPRHHNDWLPLORVWRGSULURGHX]HWLMHRGQMHWYRMMH]DGDWDN
3ULURGDMHPDOLP]DGRYROMQD
3ULURGDMHL]MHGQDHQDV%RJRP
3ULURGDQHLQLVNRNRYH3URPDWUDMSULURGXSRYRGLVH]DQMRP
3ULURGDMHEHVNRQDQRGLMHOMHQ%RJ
3ULURGDWLMHRVLJXUDODGYLMHVWYDUL MHGQXGDQDQMRMVMHGLLGUXJXGDV
QMRPPLVOL2GWDGDRYMHNRYXVSMHKLOLQHXVSMHKRYLVLRWRPHNRMXYLHUDEL
3ULURGDLQLVWYDULQDQDMMHGQRVWDYQLMLQDLQ
2QRWRRGX]LPDMHGQRPSULURGDGDMHGUXJRP
8RYMHNXHYROXFLMDSRVWDMHVYMHVQDVDPDVHEH7HNVWRPVYLMHXLQDVWDMH ]DNOMXLWLGDSRVWRMHMRVWYDULNRMHQLVPRVSR]QDOL
NDRSUDYRLGXQRVWPRJXQRVWGDYDQMDVPLVOD ]DRYMHNDQDVWDMHVYLMHW 1DWHPHOMXVYDNRJ]DNRQDSULURGHNRMLVHRLWXMHSURPDWUDXPRHVH
YULMHGQRVWLLWHUHWRGJRYRUQRVWLQHVDPR]DYODVWLWLURGYH]DXNXSQR
RUJDQVNRGRJDDQMHXXNXSQRPSRGUXMXQMHJRYHRSDVQRQDUDVOHPRL.DR 0LVPRGLRXQLYHU]DOQHSULURGHWHVHSRNRUDYDPRQMHQXUHGX
LXHYROXFLMLRUJDQVNRJVYLMHWDLXHYROXFLMLVSR]QDMHQDVWYDUDODNLQDLQ 'REURMHWRMHSUHPDSULURGL
GMHOXMXVOXDML]DNRQL
$NRVHSULURGDSURWLYLX]DOXGDQMHWUXG
LYDELDXOD]HXUH]RQDQFXVDVYRMRPRNROLQRP 3ULURGDVHEULQH]DYUVWXDQH]DSRMHGLQFD
3ULURGQH]DNRQLWRVWLVXVWDWLVWLNHLVWLQH6NXSRVHSODDWULMXPIQDG SULURGRP
SULURGRP 3ULURGQH]DNRQLWRVWLVXVWDWLVWLNHLVWLQH6NXSRVHSODDWULMXPIQDG
3ULURGDVHEULQH]DYUVWXDQH]DSRMHGLQFD LYDELDXOD]HXUH]RQDQFXVDVYRMRPRNROLQRP
$NRVHSULURGDSURWLYLX]DOXGDQMHWUXG
GMHOXMXVOXDML]DNRQL
'REURMHWRMHSUHPDSULURGL LXHYROXFLMLRUJDQVNRJVYLMHWDLXHYROXFLMLVSR]QDMHQDVWYDUDODNLQDLQ
0LVPRGLRXQLYHU]DOQHSULURGHWHVHSRNRUDYDPRQMHQXUHGX RUJDQVNRGRJDDQMHXXNXSQRPSRGUXMXQMHJRYHRSDVQRQDUDVOHPRL.DR
YULMHGQRVWLLWHUHWRGJRYRUQRVWLQHVDPR]DYODVWLWLURGYH]DXNXSQR
1DWHPHOMXVYDNRJ]DNRQDSULURGHNRMLVHRLWXMHSURPDWUDXPRHVH NDRSUDYRLGXQRVWPRJXQRVWGDYDQMDVPLVOD ]DRYMHNDQDVWDMHVYLMHW
]DNOMXLWLGDSRVWRMHMRVWYDULNRMHQLVPRVSR]QDOL 8RYMHNXHYROXFLMDSRVWDMHVYMHVQDVDPDVHEH7HNVWRPVYLMHXLQDVWDMH
2QRWRRGX]LPDMHGQRPSULURGDGDMHGUXJRP
3ULURGDLQLVWYDULQDQDMMHGQRVWDYQLMLQDLQ
QMRPPLVOL2GWDGDRYMHNRYXVSMHKLOLQHXVSMHKRYLVLRWRPHNRMXYLHUDEL
3ULURGDWLMHRVLJXUDODGYLMHVWYDUL MHGQXGDQDQMRMVMHGLLGUXJXGDV
3ULURGDMHEHVNRQDQRGLMHOMHQ%RJ
3ULURGDQHLQLVNRNRYH3URPDWUDMSULURGXSRYRGLVH]DQMRP
3ULURGDMHL]MHGQDHQDV%RJRP
3ULURGDMHPDOLP]DGRYROMQD
1HPRHHNDWLPLORVWRGSULURGHX]HWLMHRGQMHWYRMMH]DGDWDN
3ULURGDMHVDYUHQDNDNRELQDPSRND]DODGDMHVOLNDERMDDQHGRVWDWNHNDNR p,WLVLGLRSULURGH
ELQDPSRND]DODGDMHVDPRVOLND o3URYLQFLMDQLMHSRGUXMHYHVWDQMH
3ULURGDMHVOLMHSDMHUNDGEL]QDODWRUDGL]DWRELRYMHNELRRNUXHQ p'DOMLQDNRMDRNXXPDQMXMHSUHGPHWHSRYHDYDLKPLVOLPD
JRULODPDLEDUEDULPD
MHUSRVWRML]OR
1HERQDPVHLQLOLMHSLPMHUSRVWRMHUXQHVWYDUL'REURQDPVHLQLGREULP
1HERQDPVHLQLOLMHSLPMHUSRVWRMHUXQHVWYDUL'REURQDPVHLQLGREULP
MHUSRVWRML]OR
JRULODPDLEDUEDULPD
p'DOMLQDNRMDRNXXPDQMXMHSUHGPHWHSRYHDYDLKPLVOLPD 3ULURGDMHVOLMHSDMHUNDGEL]QDODWRUDGL]DWRELRYMHNELRRNUXHQ
o3URYLQFLMDQLMHSRGUXMHYHVWDQMH ELQDPSRND]DODGDMHVDPRVOLND
p,WLVLGLRSULURGH 3ULURGDMHVDYUHQDNDNRELQDPSRND]DODGDMHVOLNDERMDDQHGRVWDWNHNDNR
1HPRHHNDWLPLORVWRGSULURGHX]HWLMHRGQMHWYRMMH]DGDWDN
3ULURGDMHPDOLP]DGRYROMQD
3ULURGDMHL]MHGQDHQDV%RJRP
3ULURGDQHLQLVNRNRYH3URPDWUDMSULURGXSRYRGLVH]DQMRP
3ULURGDMHEHVNRQDQRGLMHOMHQ%RJ
3ULURGDWLMHRVLJXUDODGYLMHVWYDUL MHGQXGDQDQMRMVMHGLLGUXJXGDV
QMRPPLVOL2GWDGDRYMHNRYXVSMHKLOLQHXVSMHKRYLVLRWRPHNRMXYLHUDEL
3ULURGDLQLVWYDULQDQDMMHGQRVWDYQLMLQDLQ
2QRWRRGX]LPDMHGQRPSULURGDGDMHGUXJRP
8RYMHNXHYROXFLMDSRVWDMHVYMHVQDVDPDVHEH7HNVWRPVYLMHXLQDVWDMH ]DNOMXLWLGDSRVWRMHMRVWYDULNRMHQLVPRVSR]QDOL
NDRSUDYRLGXQRVWPRJXQRVWGDYDQMDVPLVOD ]DRYMHNDQDVWDMHVYLMHW 1DWHPHOMXVYDNRJ]DNRQDSULURGHNRMLVHRLWXMHSURPDWUDXPRHVH
YULMHGQRVWLLWHUHWRGJRYRUQRVWLQHVDPR]DYODVWLWLURGYH]DXNXSQR
RUJDQVNRGRJDDQMHXXNXSQRPSRGUXMXQMHJRYHRSDVQRQDUDVOHPRL.DR 0LVPRGLRXQLYHU]DOQHSULURGHWHVHSRNRUDYDPRQMHQXUHGX
LXHYROXFLMLRUJDQVNRJVYLMHWDLXHYROXFLMLVSR]QDMHQDVWYDUDODNLQDLQ 'REURMHWRMHSUHPDSULURGL
GMHOXMXVOXDML]DNRQL
$NRVHSULURGDSURWLYLX]DOXGDQMHWUXG
LYDELDXOD]HXUH]RQDQFXVDVYRMRPRNROLQRP 3ULURGDVHEULQH]DYUVWXDQH]DSRMHGLQFD
3ULURGQH]DNRQLWRVWLVXVWDWLVWLNHLVWLQH6NXSRVHSODDWULMXPIQDG SULURGRP
SULURGRP 3ULURGQH]DNRQLWRVWLVXVWDWLVWLNHLVWLQH6NXSRVHSODDWULMXPIQDG
3ULURGDVHEULQH]DYUVWXDQH]DSRMHGLQFD LYDELDXOD]HXUH]RQDQFXVDVYRMRPRNROLQRP
$NRVHSULURGDSURWLYLX]DOXGDQMHWUXG
GMHOXMXVOXDML]DNRQL
'REURMHWRMHSUHPDSULURGL LXHYROXFLMLRUJDQVNRJVYLMHWDLXHYROXFLMLVSR]QDMHQDVWYDUDODNLQDLQ
0LVPRGLRXQLYHU]DOQHSULURGHWHVHSRNRUDYDPRQMHQXUHGX RUJDQVNRGRJDDQMHXXNXSQRPSRGUXMXQMHJRYHRSDVQRQDUDVOHPRL.DR
YULMHGQRVWLLWHUHWRGJRYRUQRVWLQHVDPR]DYODVWLWLURGYH]DXNXSQR
1DWHPHOMXVYDNRJ]DNRQDSULURGHNRMLVHRLWXMHSURPDWUDXPRHVH NDRSUDYRLGXQRVWPRJXQRVWGDYDQMDVPLVOD ]DRYMHNDQDVWDMHVYLMHW
]DNOMXLWLGDSRVWRMHMRVWYDULNRMHQLVPRVSR]QDOL 8RYMHNXHYROXFLMDSRVWDMHVYMHVQDVDPDVHEH7HNVWRPVYLMHXLQDVWDMH
2QRWRRGX]LPDMHGQRPSULURGDGDMHGUXJRP
3ULURGDLQLVWYDULQDQDMMHGQRVWDYQLMLQDLQ
QMRPPLVOL2GWDGDRYMHNRYXVSMHKLOLQHXVSMHKRYLVLRWRPHNRMXYLHUDEL
3ULURGDWLMHRVLJXUDODGYLMHVWYDUL MHGQXGDQDQMRMVMHGLLGUXJXGDV
3ULURGDMHEHVNRQDQRGLMHOMHQ%RJ
3ULURGDQHLQLVNRNRYH3URPDWUDMSULURGXSRYRGLVH]DQMRP
3ULURGDMHL]MHGQDHQDV%RJRP
3ULURGDMHPDOLP]DGRYROMQD
1HPRHHNDWLPLORVWRGSULURGHX]HWLMHRGQMHWYRMMH]DGDWDN
3ULURGDMHVDYUHQDNDNRELQDPSRND]DODGDMHVOLNDERMDDQHGRVWDWNHNDNR p,WLVLGLRSULURGH
ELQDPSRND]DODGDMHVDPRVOLND o3URYLQFLMDQLMHSRGUXMHYHVWDQMH
3ULURGDMHVOLMHSDMHUNDGEL]QDODWRUDGL]DWRELRYMHNELRRNUXHQ p'DOMLQDNRMDRNXXPDQMXMHSUHGPHWHSRYHDYDLKPLVOLPD
JRULODPDLEDUEDULPD
MHUSRVWRML]OR
1HERQDPVHLQLOLMHSLPMHUSRVWRMHUXQHVWYDUL'REURQDPVHLQLGREULP
ULURGDMHXQDMPDQMLPVWYDULPDQDMYHOLDQVWYHQLMD
3
3ULURGDQLMH%RJMHURQDQHQDODHGREURQHJRVDPRUHSURGXNWLYQR
XVSMHQR'DNOHHWLNHLPRUDOLWHWDWXQHPDDOLMH]DWRYDQRGDOMXGLQH
VUHGVWYR]DQHVYMHVQRL]UDDYDQMHVHNVXDOQLKLDJUHVLYQLKPLVOL
SRGXSLUDMXVXYUHPHQLUDVL]DPLVHNVL]DP
XGLGXKRYLWDOLX]RVMHDMPMHUH+XPRUHVWRPRHSRVOXLWLNDR
%
3ULURGDVHYROLRNUXLWLWDMQDPD
p%UDQLVHVPLVORP]DKXPRU
3ULURGDVHDFDSUHGSUD]QLQRP
2=%,/-122'8+29,7267,
3ULURGDXGUXXMHMHGQDNH
XQLWHQMH'UXJH1RLQHDUNHQHHELWL 6YHWRSRGUD]XPLMHYDPRSRGSULURGRPMHYHOLNDVQLPNDWUDWLQLFH
6YLVPRPLSXWQLFLQDEURGX=HPOMDWH]DWRQHVPLMHPRGRSXVWLWLQMHJRYR WRSULURGDGDMHQLWNRQHPRHX]HWL
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MHUVYHSRWMHXRGMHGQHVXQHYH]UDNH
PLUX
5HOLJLMDMHXVYRMLPSRHFLPDLPDOD]DGDWDNGDRXYDLYRWXVYLPQMHJRYLP 5HOLJLMH]ERJLGHRORNLKUD]OLNDSUHGVWDYOMDMXVWDOQXSULMHWQMXJOREDOQRP
REOLFLPDQMHJRYRQDVWDYOMDQMHLWDMQHULWXDODSRYH]DQLKVDLYRWRPLVPUX
UDDQMHPLXVNUVQXHP2QDMHRLWRELODGLRGMHORYDQMDHQHLQLVHYHRPD 5HOLJLMHVXRGUD]OMXGVNHELMHGH XWRPHMHQDGDVYHQMLKRYDLVWLQDLVQDJD
YMHURMDWQLPGDVXNXOWRPERJLQMDUXNRYRGLOHXJODYQRPHQHDNDNRL 5HOLJLMHVXPRQWDQHNXH]DMDGQLNH
QD]RQRVWVYHHQLNDQLMHELODLVNOMXHQD0QRJREURMQLPLWRYLQLVXPDQMH 5HOLJLMHVXL]UD]YMHQHLQHUD]RULYHPHWDIL]LNHSRWUHEHOMXGVNHSULURGH
VWYDUQLRGDUWHIDNDWDLOLLVNRSLQDNDRWRVXNRVWXULRUXDLOLRUXMD6DPRVX
SURQLFOMLYLOMXGLXVWDQMXL]QMLKVD]QDWLYLHQHJRWRWRSRQHNDGJRYRUH
5HOLJLMHVXHVWRGMHFDQH]QDQMDNRMLVYRMXPDMNXQHQDGLYHGXJR
PDWHULMDOQLGRND]L 5HOLJLMDX]MH]LNVXVUHGLQMH]QDDMNHFLYLOL]DFLMH
5HOLJLMDMHX]GDKQDSDHQRJVWYRUHQMDXGVYLMHWDEH]VUFDWHXPEH]XPQLK NRMHUHDOQRVWGRQRVL
SULOLND2QDMHRSLMXPQDURGD 5HOLJLMDVOXLVDPRGDRODNDPDVDPDGDVHSRPLUHVPQRJLPIUXVWUDFLMDPD
5HOLJLMDMH]DVODERXPQLNH 5HOLJLMDRWNULYDVYLMHWSUHPDVYHWRM]DPLVOLQMHJRYDWYRUFD
5HOLJLMDNRMDEH]UD]PLOMDQMDUD]XPXQDMDYOMXMHUDWQHHGXJRYUHPHQD 5HOLJLMDQHPRHQLNDGSDVWLQLHQHJRNDGMHX]GLJQXGRGUDYQHUHOLJLMH
PRLRSVWDWLSURWLYQMHJD YHVHORJVUFDDQHSRGSULVLORP
5HOLJLMDNRMDRYMHNDLQLWPXUQLPMHSRJUHQD MHURQD%RJXPRUDVORLWL 5HOLJLMDNRMDRYMHNDLQLWPXUQLPMHSRJUHQD MHURQD%RJXPRUDVORLWL
YHVHORJVUFDDQHSRGSULVLORP PRLRSVWDWLSURWLYQMHJD
5HOLJLMDQHPRHQLNDGSDVWLQLHQHJRNDGMHX]GLJQXGRGUDYQHUHOLJLMH 5HOLJLMDNRMDEH]UD]PLOMDQMDUD]XPXQDMDYOMXMHUDWQHHGXJRYUHPHQD
5HOLJLMDRWNULYDVYLMHWSUHPDVYHWRM]DPLVOLQMHJRYDWYRUFD 5HOLJLMDMH]DVODERXPQLNH
5HOLJLMDVOXLVDPRGDRODNDPDVDPDGDVHSRPLUHVPQRJLPIUXVWUDFLMDPD SULOLND2QDMHRSLMXPQDURGD
NRMHUHDOQRVWGRQRVL 5HOLJLMDMHX]GDKQDSDHQRJVWYRUHQMDXGVYLMHWDEH]VUFDWHXPEH]XPQLK
5HOLJLMDX]MH]LNVXVUHGLQMH]QDDMNHFLYLOL]DFLMH PDWHULMDOQLGRND]L
5HOLJLMHVXHVWRGMHFDQH]QDQMDNRMLVYRMXPDMNXQHQDGLYHGXJR
SURQLFOMLYLOMXGLXVWDQMXL]QMLKVD]QDWLYLHQHJRWRWRSRQHNDGJRYRUH
VWYDUQLRGDUWHIDNDWDLOLLVNRSLQDNDRWRVXNRVWXULRUXDLOLRUXMD6DPRVX
5HOLJLMHVXL]UD]YMHQHLQHUD]RULYHPHWDIL]LNHSRWUHEHOMXGVNHSULURGH QD]RQRVWVYHHQLNDQLMHELODLVNOMXHQD0QRJREURMQLPLWRYLQLVXPDQMH
5HOLJLMHVXPRQWDQHNXH]DMDGQLNH YMHURMDWQLPGDVXNXOWRPERJLQMDUXNRYRGLOHXJODYQRPHQHDNDNRL
5HOLJLMHVXRGUD]OMXGVNHELMHGH XWRPHMHQDGDVYHQMLKRYDLVWLQDLVQDJD UDDQMHPLXVNUVQXHP2QDMHRLWRELODGLRGMHORYDQMDHQHLQLVHYHRPD
REOLFLPDQMHJRYRQDVWDYOMDQMHLWDMQHULWXDODSRYH]DQLKVDLYRWRPLVPUX
5HOLJLMH]ERJLGHRORNLKUD]OLNDSUHGVWDYOMDMXVWDOQXSULMHWQMXJOREDOQRP 5HOLJLMDMHXVYRMLPSRHFLPDLPDOD]DGDWDNGDRXYDLYRWXVYLPQMHJRYLP
PLUX
MHUVYHSRWMHXRGMHGQHVXQHYH]UDNH
5HOLJLMLVHSULSLVXMHGMHORYDQMHQDUNRWLNDVSRVREQRJGDGRQHVHXWMHKX 5HOLJLMDMHSUL]PDVDVHGDPERMDDVYDNDUHOLJLMDPRHL]DEUDWLVYRMXERMX
RYMHNXXQMHJRYRMQHPRLLEHVSRPRQRVWL7HUHOLJLR]QHLGHMHNRMHVH
REMDYOMXMXNDRXHQMHQLVXSRVOMHGLFDLVNXVWYDQLWLNRQDQLUH]XOWDWPLOMHQMD 5HOLJLMDMHRGJRYRUQD]DSRYHDQMHSUHGUDVXGD
RQHVXLOX]LMHLVSXQMHQMDQDMVWDULMLKQDMQHRELQLMLKLQDMSUHLKHOMD 5HOLJLMDMHREOLNQHXUR]H
RYMHDQVWYD
YMHUDMHQXVSURGXNWVWUDKDDVWUDKYRGLXRNUXWQRVW
5HOLJLMDMHQDVWDODL]QH]QDQMDLVWUDKDSUHGELMHVQLPSULURGQLPSRMDYDPD
HOLJLR]QDPLVDRMHQDVOMHGQLFDSULPLWLYQHPLVOL
5
9MHUDLVLODVHPHXVREQRLVNOMXXMX 5XVNLQMHPLVOLRGDMHPQRJRYMHUDDOLGDMHVDPRMHGDQPRUDO
9MHUDLQHYLQRVWUDVWXMRVDPRQDVWDEOXGMHWLQMVWYD DOLQHWUDMX 6DPRVHQHSR]QDWRPRHRERDYDWL JGMHQHPDWDMQHQHPDQLYMHUH
UD]XPLMHYDQMHUHDOQRVWLL]DVXVWDYDPLVOL 6YDNLMHRYMHNXL]YMHVQLPWUHQXFLPDUDYDQQHNRPERJX
VHQLMHPRUDODQDPDGRJRGLWL3VLKRDQDOLWLNLSULVWXSUHOLJLMLXSUDYOMHQMHQD 6YDNLYODGDUNRMLXVYRPUDGXWUDLSRPRYMHUHMHRELDQVODEL$VODEL
L]D]RYNRMLPVYODGDYDMXLJDMDDPRVHEHDQHNDRQHSUDYHGQDND]QDNRMD QLMHGRVWRMDQGDEXGHQDHOXGUDYH
9MHUDLKUDEURVWVXSRWUHEQLGDVHWHNRHXGDUFLLQHVUHHLYRWDVKYDWHNDR
WRQDVMHRGYHORGRERMQRJSROMDYMHUDLOL]DSUDYRVNHSVD"
7DPRJGMHMHYMHUDJRVSRGDUWDPRMHUD]XPVOXJDLMDMHGXQRVWGDXWL
NDRLOXVWUDFLMDDXWRULWDUQHVDYMHVWL
9HLQDUHOLJLR]QLKLSROLWLNLKVXVWDYDXSRYLMHVWLRYMHNDPRJODELSRVOXLWL
7DPRJGMHYMHUDYDLRGOXQRPSROXJRPVYMHWVNHSRYLMHVWLPRUDNRQDQR
8PMHWQRVW]QDQRVWLUHOLJLMDWULVXUD]OLLWDL]UD]D]DMHGQHLVWHLVWLQH ]DYULWLXLVWRPPLVWLFL]PX
PLOMHQMDDNRVHSRMDYHQHNLQRYLMDNLUD]OR]L 7HPHOMUHOLJLMHMHRVMHDM]DYLVQRVWL
8LYRWXLVWYDUDODWYXQHRSKRGQDMHYMHUDXYL]LMXKLSRWH]XDOLLSURPMHQD
7HRORJLMDMHDUREQDVYMHWLOMNDSULYLHQMD1HSRWLHPEHVPUWQRVWGXHDOLMH
YMHWLFDPDLVSDOMLYDODLKQDORPDDPD LQHSRWYUXMHP QHYLGLPUD]ORJD]DWRELXQMXYMHURYDR DOLQH]QDPQLWR
8VUHGQMRYMHNRYQRM(XURSLMHFUNYDGXHYQHEROHVQLNHSURJODDYDOD NDNRELKMHPRJDRRVSRULWL0RMMH]DGDWDNGDVYRMXHQMXSULXLPQD
8SUYLKVWRJRGLQDNUDQVNXUHOLJLMXSULJUOLODMHVDPRQDMQLDUXOMD UDVSRODJDQMHLQMHQLFDPDDQHGDLQMHQLFHXVNODXMHPVDVYRMLPHOMDPD
3RNORQLVHSUHGQHNRPLQMHQLFRPNDRPDORGLMHWHEXGLVSUHPDQQDSXVWLWL
7NRYMHUXMHGDMHNUDQLQ]DWRWRLGHXFUNYXYDUDVH VYDNRDSULRUQRPLOMHQMH
7NRVSRURYMHUXMHSRND]XMH]UHRXP 7NRLPD]QDQRVWLXPMHWQRVWLPDLUHOLJLMX 7NRQHPDQMLKGYLMHWDMLPD
UHOLJLMX UHOLJLMX
7NRLPD]QDQRVWLXPMHWQRVWLPDLUHOLJLMX 7NRQHPDQMLKGYLMHWDMLPD 7NRVSRURYMHUXMHSRND]XMH]UHRXP
VYDNRDSULRUQRPLOMHQMH 7NRYMHUXMHGDMHNUDQLQ]DWRWRLGHXFUNYXYDUDVH
3RNORQLVHSUHGQHNRPLQMHQLFRPNDRPDORGLMHWHEXGLVSUHPDQQDSXVWLWL
UDVSRODJDQMHLQMHQLFDPDDQHGDLQMHQLFHXVNODXMHPVDVYRMLPHOMDPD 8SUYLKVWRJRGLQDNUDQVNXUHOLJLMXSULJUOLODMHVDPRQDMQLDUXOMD
NDNRELKMHPRJDRRVSRULWL0RMMH]DGDWDNGDVYRMXHQMXSULXLPQD 8VUHGQMRYMHNRYQRM(XURSLMHFUNYDGXHYQHEROHVQLNHSURJODDYDOD
LQHSRWYUXMHP QHYLGLPUD]ORJD]DWRELXQMXYMHURYDR DOLQH]QDPQLWR YMHWLFDPDLVSDOMLYDODLKQDORPDDPD
7HRORJLMDMHDUREQDVYMHWLOMNDSULYLHQMD1HSRWLHPEHVPUWQRVWGXHDOLMH
8LYRWXLVWYDUDODWYXQHRSKRGQDMHYMHUDXYL]LMXKLSRWH]XDOLLSURPMHQD
7HPHOMUHOLJLMHMHRVMHDM]DYLVQRVWL PLOMHQMDDNRVHSRMDYHQHNLQRYLMDNLUD]OR]L
]DYULWLXLVWRPPLVWLFL]PX 8PMHWQRVW]QDQRVWLUHOLJLMDWULVXUD]OLLWDL]UD]D]DMHGQHLVWHLVWLQH
7DPRJGMHYMHUDYDLRGOXQRPSROXJRPVYMHWVNHSRYLMHVWLPRUDNRQDQR
9HLQDUHOLJLR]QLKLSROLWLNLKVXVWDYDXSRYLMHVWLRYMHNDPRJODELSRVOXLWL
NDRLOXVWUDFLMDDXWRULWDUQHVDYMHVWL
7DPRJGMHMHYMHUDJRVSRGDUWDPRMHUD]XPVOXJDLMDMHGXQRVWGDXWL
WRQDVMHRGYHORGRERMQRJSROMDYMHUDLOL]DSUDYRVNHSVD"
9MHUDLKUDEURVWVXSRWUHEQLGDVHWHNRHXGDUFLLQHVUHHLYRWDVKYDWHNDR
QLMHGRVWRMDQGDEXGHQDHOXGUDYH L]D]RYNRMLPVYODGDYDMXLJDMDDPRVHEHDQHNDRQHSUDYHGQDND]QDNRMD
6YDNLYODGDUNRMLXVYRPUDGXWUDLSRPRYMHUHMHRELDQVODEL$VODEL VHQLMHPRUDODQDPDGRJRGLWL3VLKRDQDOLWLNLSULVWXSUHOLJLMLXSUDYOMHQMHQD
6YDNLMHRYMHNXL]YMHVQLPWUHQXFLPDUDYDQQHNRPERJX UD]XPLMHYDQMHUHDOQRVWLL]DVXVWDYDPLVOL
6DPRVHQHSR]QDWRPRHRERDYDWL JGMHQHPDWDMQHQHPDQLYMHUH 9MHUDLQHYLQRVWUDVWXMRVDPRQDVWDEOXGMHWLQMVWYD DOLQHWUDMX
5XVNLQMHPLVOLRGDMHPQRJRYMHUDDOLGDMHVDPRMHGDQPRUDO 9MHUDLVLODVHPHXVREQRLVNOMXXMX
5HOLJLR]QDPLVDRMHQDVOMHGQLFDSULPLWLYQHPLVOL
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5
9MHUDLVLODVHPHXVREQRLVNOMXXMX 5XVNLQMHPLVOLRGDMHPQRJRYMHUDDOLGDMHVDPRMHGDQPRUDO
9MHUDLQHYLQRVWUDVWXMRVDPRQDVWDEOXGMHWLQMVWYD DOLQHWUDMX 6DPRVHQHSR]QDWRPRHRERDYDWL JGMHQHPDWDMQHQHPDQLYMHUH
UD]XPLMHYDQMHUHDOQRVWLL]DVXVWDYDPLVOL 6YDNLMHRYMHNXL]YMHVQLPWUHQXFLPDUDYDQQHNRPERJX
VHQLMHPRUDODQDPDGRJRGLWL3VLKRDQDOLWLNLSULVWXSUHOLJLMLXSUDYOMHQMHQD 6YDNLYODGDUNRMLXVYRPUDGXWUDLSRPRYMHUHMHRELDQVODEL$VODEL
L]D]RYNRMLPVYODGDYDMXLJDMDDPRVHEHDQHNDRQHSUDYHGQDND]QDNRMD QLMHGRVWRMDQGDEXGHQDHOXGUDYH
9MHUDLKUDEURVWVXSRWUHEQLGDVHWHNRHXGDUFLLQHVUHHLYRWDVKYDWHNDR
WRQDVMHRGYHORGRERMQRJSROMDYMHUDLOL]DSUDYRVNHSVD"
7DPRJGMHMHYMHUDJRVSRGDUWDPRMHUD]XPVOXJDLMDMHGXQRVWGDXWL
NDRLOXVWUDFLMDDXWRULWDUQHVDYMHVWL
9HLQDUHOLJLR]QLKLSROLWLNLKVXVWDYDXSRYLMHVWLRYMHNDPRJODELSRVOXLWL
7DPRJGMHYMHUDYDLRGOXQRPSROXJRPVYMHWVNHSRYLMHVWLPRUDNRQDQR
8PMHWQRVW]QDQRVWLUHOLJLMDWULVXUD]OLLWDL]UD]D]DMHGQHLVWHLVWLQH ]DYULWLXLVWRPPLVWLFL]PX
PLOMHQMDDNRVHSRMDYHQHNLQRYLMDNLUD]OR]L 7HPHOMUHOLJLMHMHRVMHDM]DYLVQRVWL
8LYRWXLVWYDUDODWYXQHRSKRGQDMHYMHUDXYL]LMXKLSRWH]XDOLLSURPMHQD
7HRORJLMDMHDUREQDVYMHWLOMNDSULYLHQMD1HSRWLHPEHVPUWQRVWGXHDOLMH
YMHWLFDPDLVSDOMLYDODLKQDORPDDPD LQHSRWYUXMHP QHYLGLPUD]ORJD]DWRELXQMXYMHURYDR DOLQH]QDPQLWR
8VUHGQMRYMHNRYQRM(XURSLMHFUNYDGXHYQHEROHVQLNHSURJODDYDOD NDNRELKMHPRJDRRVSRULWL0RMMH]DGDWDNGDVYRMXHQMXSULXLPQD
8SUYLKVWRJRGLQDNUDQVNXUHOLJLMXSULJUOLODMHVDPRQDMQLDUXOMD UDVSRODJDQMHLQMHQLFDPDDQHGDLQMHQLFHXVNODXMHPVDVYRMLPHOMDPD
3RNORQLVHSUHGQHNRPLQMHQLFRPNDRPDORGLMHWHEXGLVSUHPDQQDSXVWLWL
7NRYMHUXMHGDMHNUDQLQ]DWRWRLGHXFUNYXYDUDVH VYDNRDSULRUQRPLOMHQMH
7NRVSRURYMHUXMHSRND]XMH]UHRXP 7NRLPD]QDQRVWLXPMHWQRVWLPDLUHOLJLMX 7NRQHPDQMLKGYLMHWDMLPD
UHOLJLMX UHOLJLMX
7NRLPD]QDQRVWLXPMHWQRVWLPDLUHOLJLMX 7NRQHPDQMLKGYLMHWDMLPD 7NRVSRURYMHUXMHSRND]XMH]UHRXP
VYDNRDSULRUQRPLOMHQMH 7NRYMHUXMHGDMHNUDQLQ]DWRWRLGHXFUNYXYDUDVH
3RNORQLVHSUHGQHNRPLQMHQLFRPNDRPDORGLMHWHEXGLVSUHPDQQDSXVWLWL
UDVSRODJDQMHLQMHQLFDPDDQHGDLQMHQLFHXVNODXMHPVDVYRMLPHOMDPD 8SUYLKVWRJRGLQDNUDQVNXUHOLJLMXSULJUOLODMHVDPRQDMQLDUXOMD
NDNRELKMHPRJDRRVSRULWL0RMMH]DGDWDNGDVYRMXHQMXSULXLPQD 8VUHGQMRYMHNRYQRM(XURSLMHFUNYDGXHYQHEROHVQLNHSURJODDYDOD
LQHSRWYUXMHP QHYLGLPUD]ORJD]DWRELXQMXYMHURYDR DOLQH]QDPQLWR YMHWLFDPDLVSDOMLYDODLKQDORPDDPD
7HRORJLMDMHDUREQDVYMHWLOMNDSULYLHQMD1HSRWLHPEHVPUWQRVWGXHDOLMH
8LYRWXLVWYDUDODWYXQHRSKRGQDMHYMHUDXYL]LMXKLSRWH]XDOLLSURPMHQD
7HPHOMUHOLJLMHMHRVMHDM]DYLVQRVWL PLOMHQMDDNRVHSRMDYHQHNLQRYLMDNLUD]OR]L
]DYULWLXLVWRPPLVWLFL]PX 8PMHWQRVW]QDQRVWLUHOLJLMDWULVXUD]OLLWDL]UD]D]DMHGQHLVWHLVWLQH
7DPRJGMHYMHUDYDLRGOXQRPSROXJRPVYMHWVNHSRYLMHVWLPRUDNRQDQR
9HLQDUHOLJLR]QLKLSROLWLNLKVXVWDYDXSRYLMHVWLRYMHNDPRJODELSRVOXLWL
NDRLOXVWUDFLMDDXWRULWDUQHVDYMHVWL
7DPRJGMHMHYMHUDJRVSRGDUWDPRMHUD]XPVOXJDLMDMHGXQRVWGDXWL
WRQDVMHRGYHORGRERMQRJSROMDYMHUDLOL]DSUDYRVNHSVD"
9MHUDLKUDEURVWVXSRWUHEQLGDVHWHNRHXGDUFLLQHVUHHLYRWDVKYDWHNDR
QLMHGRVWRMDQGDEXGHQDHOXGUDYH L]D]RYNRMLPVYODGDYDMXLJDMDDPRVHEHDQHNDRQHSUDYHGQDND]QDNRMD
6YDNLYODGDUNRMLXVYRPUDGXWUDLSRPRYMHUHMHRELDQVODEL$VODEL VHQLMHPRUDODQDPDGRJRGLWL3VLKRDQDOLWLNLSULVWXSUHOLJLMLXSUDYOMHQMHQD
6YDNLMHRYMHNXL]YMHVQLPWUHQXFLPDUDYDQQHNRPERJX UD]XPLMHYDQMHUHDOQRVWLL]DVXVWDYDPLVOL
6DPRVHQHSR]QDWRPRHRERDYDWL JGMHQHPDWDMQHQHPDQLYMHUH 9MHUDLQHYLQRVWUDVWXMRVDPRQDVWDEOXGMHWLQMVWYD DOLQHWUDMX
5XVNLQMHPLVOLRGDMHPQRJRYMHUDDOLGDMHVDPRMHGDQPRUDO 9MHUDLVLODVHPHXVREQRLVNOMXXMX
5HOLJLR]QDPLVDRMHQDVOMHGQLFDSULPLWLYQHPLVOL
9MHUDMHL]YMHVQRVWEH]GRND]D9MHUDMHMH]HURLVWRHNRMHVHVWDOQR
SRYHDYDDNRMHVHKUDQLL]YRULPDNRMLL]YLUXVRQHVWUDQHVYLMHVWL6YLPL REHDYDWRMHMHGDQRGXYMHWDOMXGVNRJSRVWRMDQMD
]QDPRYLHRGRQRJD]DWR]QDPRGD]QDPR RYMHNNDRWRMHLVWDNQXRPRHRGUHGLWLVSRPRXQMHJRYHVSRVREQRVWLGD
9MHUDMHQXVSURGXNWVWUDKDDVWUDKYRGLXRNUXWQRVW 9MHUDXVHEHMHXYMHWQDHVSRVREQRVWLGDQHWRREHDPRDEXGXLGDVH
9MHUDMHSREMHGDWHRORJLMHQDGOMXGVNRPVODERX.DHWHGDQDURGSRVWDMH QHYMHURMDWQRJD
VYHPDQMHLPDQMHSRERDQ7RMH]ELOMDQHXJRGQRMHUNRPHHPRVHRQGD 9MHUDVHPRHNUDWNRGHILQLUDWLNDRQHORJLQRYMHURYDQMHXGRJDDM
UXJDWL"$NRPHQLRGJRYDUDGDXQHWRYMHUXMHPWRMRQLMHGRND]GDWRQHWR QMLPDMHGDELVYLMHWOLOHSRWUHEDQPUDN
GRLVWDLSRVWRML RQDGUDYQLPPMHUDPDXYHGHLOLXYUVWL QDGDOMHGDVXYMHUHNDRNULMHVQLFH
9MHUDMHVWDQMHXNRMHPRYMHNSDVLYQRHNDQDRVWYDUHQMHVYRMHQDGH 9MHUDVHNDRLOMXEDYQHGDQDPHWQXWL6WRJDLMHVWX]DOXGDQVYDNLWUXGGDVH
9MHUDMHVXSURWQRRGVLJXUQRVWLRQDMHHQLJPDSDUDGRNVLDSVXUG9MHUVNDVH 9MHUDSUHPMHWDEUGDDVXPQMDVHSHQMHSRQMLPD
LVWLQDPRHVKYDWLWLXPRP PHQ
9MHUDPRWLYLUDLSRNUHHOMXGH'REDMHXNRMHPUHYLWDOL]DFLMDUHOLJLMHX 9MHUDSUDYLRGOMXGLVMDMQHEXGDOH:KDWH[FHOOHQWIRROVUHOLJLRQPDNHVRI
YHOLNRPGLMHOXVYLMHWDGRGDWQRSRMDYDPDNXOWXUQHUD]OLNH8MH]JULVYLK 9MHUDQLMHRSLMXP]DQDURGQHJRYLWDPLQ]DVODEH
UHOLJLMDQDOD]LVHSUD]QRYMHUMHPLWRYLLUDFLRQDOQRVWLLULWXDOL9MHUVNHVNXSLQH
SUXDMXPDOHGUXWYHQH]DMHGQLFHX]DPMHQX]DL]JXEOMHQRPXUEDQL]DFLMRP VYLMHWD$OLLVWRGREQRGDQDVMHQHGRVWDWDNYMHUHL]UD]GXERNH]EUNHLRDMD
9MHUVNHVNXSLQH]DGRYROMDYDMXGUXWYHQHSRWUHEHNRMHGUDYQHELURNUDFLMH 9MHUDQLMHMHGDQRGSRMPRYDNRMLSULVWDMXXLQWHOHNWXDOQXNOLPXGDQDQMHJ
QLVXSRNULOH PHGLFLQVNHEROQLNHYUWLLLNROHQMHJDVWDULMLKSUYDSRPR DNWLYQRVWLPD,]X]HWDN]HPOMHXWUDQ]LFLMLREQDYOMDMXYMHUVNHRELDMH
QDNRQSULURGQLKLGUXJLKNDWDVWURIDVRFLMDOQDVNUELSRPRXYUHPHQLPD L]UDDYDUHOLJLMVNDXYMHUHQMDSRWXMHYMHUVNHRELDMHLVXGMHOXMHXYMHUVNLP
JRVSRGDUVNHRVNXGLFH =DQMHJDXPXVOLPDQVNLPRLPDVX]DSDGQD UD]OLNDNRMDPRHSRVWRMDWLPHXOMXGLPD6YHPDQMLEURM(XURSOMDQD
QHUHOLJLR]QRVWLQHPRUDOYHD]ODRG]DSDGQRJNUDQVWYDNRMHLKMHVWYRULOR OMXGVNHSRYLMHVWLSRND]DODVXGDYMHUDQLMHPDODUD]OLNDYHPRGDQDMGXEOMD
5DWRYLQDUD]GMHOQLFDPDL]ELMDMXL]PHXQDURGDUD]OLLWLKUHOLJLMD7LVXOMHD 5DWRYLQDUD]GMHOQLFDPDL]ELMDMXL]PHXQDURGDUD]OLLWLKUHOLJLMD7LVXOMHD
OMXGVNHSRYLMHVWLSRND]DODVXGDYMHUDQLMHPDODUD]OLNDYHPRGDQDMGXEOMD QHUHOLJLR]QRVWLQHPRUDOYHD]ODRG]DSDGQRJNUDQVWYDNRMHLKMHVWYRULOR
UD]OLNDNRMDPRHSRVWRMDWLPHXOMXGLPD6YHPDQMLEURM(XURSOMDQD JRVSRGDUVNHRVNXGLFH =DQMHJDXPXVOLPDQVNLPRLPDVX]DSDGQD
L]UDDYDUHOLJLMVNDXYMHUHQMDSRWXMHYMHUVNHRELDMHLVXGMHOXMHXYMHUVNLP QDNRQSULURGQLKLGUXJLKNDWDVWURIDVRFLMDOQDVNUELSRPRXYUHPHQLPD
DNWLYQRVWLPD,]X]HWDN]HPOMHXWUDQ]LFLMLREQDYOMDMXYMHUVNHRELDMH QLVXSRNULOH PHGLFLQVNHEROQLNHYUWLLLNROHQMHJDVWDULMLKSUYDSRPR
9MHUDQLMHMHGDQRGSRMPRYDNRMLSULVWDMXXLQWHOHNWXDOQXNOLPXGDQDQMHJ 9MHUVNHVNXSLQH]DGRYROMDYDMXGUXWYHQHSRWUHEHNRMHGUDYQHELURNUDFLMH
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XYUHGOMLYDNRPLQRVWOMXGVNRJSURWXUMHMDLH]QXWLNDRELMHGQRSULYLHQMH
%RJQLMHXVLOLQHJRXLVWLQL -DYMHUXMHPSRSXWGMHWHWDGDHVHSDWQMHL]OLMHLWLLQHVWDWLGDHVYD
%RJSUHGVWDYOMDMHGDQRGPQRJLKSRHWVNLKL]UD]DQDMYLHYULMHGQRVWL ERJWRQHPRHSURPLMHQLWL
KXPDQL]PDDQHVWYDUQRVWSRVHEL ,QLWDQHQHVWDMHSULMHQHJRWRGUXJRXPUH,]QLWDQHQDVWDMHQHWR QLNDNDY
%RJVHQHNDUWD 'DQHPD%RJDWUHEDORELJDL]PLVOLWL
%RJ"2QDMYHOLNLOXGLNRMLMRXYLMHNYMHUXMHXOMXGH RYMHN]DSUDYRHOLELWL%RJ
%RJDQLWNRQLNDGDQLMHYLGLR RYMHNMHXLJULQDMYLHQDOLN%RJX
%RJRYLQHSR]QDMXVDPLORVWL RYMHNMHL]PLVOLRERJDDVDGDNOHLSUHGQMLPVWROMHLPD
%RJRYLXLYDMXXOMXGVNRPPHVX6YMHHSHHQRERJRYLPDMHQDMPLOLMD RYMHNMHL]PLVOLRERJDMHGLQR]DWRGDVHQHELXELR
SHHQND
ERJDNROLNRXGHVD
RYMHNHLPRGEDFLXGRRGPDKRGEDFLWLLERJDMHURYMHNQHWUDLWROLNR RYMHNHLPRGEDFLXGRRGPDKRGEDFLWLLERJDMHURYMHNQHWUDLWROLNR
ERJDNROLNRXGHVD
SHHQND
RYMHNMHL]PLVOLRERJDMHGLQR]DWRGDVHQHELXELR %RJRYLXLYDMXXOMXGVNRPPHVX6YMHHSHHQRERJRYLPDMHQDMPLOLMD
RYMHNMHL]PLVOLRERJDDVDGDNOHLSUHGQMLPVWROMHLPD %RJRYLQHSR]QDMXVDPLORVWL
RYMHNMHXLJULQDMYLHQDOLN%RJX %RJDQLWNRQLNDGDQLMHYLGLR
RYMHN]DSUDYRHOLELWL%RJ %RJ"2QDMYHOLNLOXGLNRMLMRXYLMHNYMHUXMHXOMXGH
'DQHPD%RJDWUHEDORELJDL]PLVOLWL %RJVHQHNDUWD
,QLWDQHQHVWDMHSULMHQHJRWRGUXJRXPUH,]QLWDQHQDVWDMHQHWR QLNDNDY KXPDQL]PDDQHVWYDUQRVWSRVHEL
ERJWRQHPRHSURPLMHQLWL %RJSUHGVWDYOMDMHGDQRGPQRJLKSRHWVNLKL]UD]DQDMYLHYULMHGQRVWL
-DYMHUXMHPSRSXWGMHWHWDGDHVHSDWQMHL]OLMHLWLLQHVWDWLGDHVYD %RJQLMHXVLOLQHJRXLVWLQL
XYUHGOMLYDNRPLQRVWOMXGVNRJSURWXUMHMDLH]QXWLNDRELMHGQRSULYLHQMH
NDRRJDYQDL]PLOMRWLQDQHPRQRJXPDLGDHVHQDNUDMXXVYMHWVNRP %RJQLMHVWYRULRVPUWQLWLVHUDGXMHSURSDVWLLYLK
ILQDOXXWUHQXWNXYMHQRJVNODGDGHVLWLLSRMDYLWLQHWRWROLNRGUDJRFMHQRWR %RJQLMHPRJDRELWLQDVYDNRPPMHVWXSDMH]DWRVWYRULRPDMNH
HGRWHLVYLPVUFLPDWRHXQLWLWLVYDQHJRGRYDQMDLVNXSLWLVYH]ORLQH %RJPLVOLXJHQLMLPDVQLYDXSMHVQLFLPDLVSDYDXRVWDOLPOMXGLPD
OMXGVNHVYXNUYWRMHRQLSUROLH
%RJMHXVUFLPDRQLKNRMLJDWUDH
-HGDQRGSXWRYDGDVHXSR]QD%RJMHVWGDJDVHSRUHNQH
RGXVWDRRGGDOMQMLKHNVSHULPHQDWD
-HGQRPSRNDMQLNXYLHVHUDGXMXQDQHEHVLPDQHJRGHVHWRULFLSUDYHGQLND %RJMHVWYRULRRYMHNDMHUMHELRUD]RDUDQPDMPXQRP1DNRQWRJDMH
DGERJDQHELELORRQGDELJDWUHEDORL]PLVOLWL
. YLGLPR
%RJMHQDOLNQDYMHWDUWRSUROD]LSRVYXGDJDRVMHDPRDQLJGMHJDQH
%RJMHQDOLNQDYMHWDUWRSUROD]LSRVYXGDJDRVMHDPRDQLJGMHJDQH
YLGLPR .DGERJDQHELELORRQGDELJDWUHEDORL]PLVOLWL
%RJMHVWYRULRRYMHNDMHUMHELRUD]RDUDQPDMPXQRP1DNRQWRJDMH -HGQRPSRNDMQLNXYLHVHUDGXMXQDQHEHVLPDQHJRGHVHWRULFLSUDYHGQLND
RGXVWDRRGGDOMQMLKHNVSHULPHQDWD
-HGDQRGSXWRYDGDVHXSR]QD%RJMHVWGDJDVHSRUHNQH
%RJMHXVUFLPDRQLKNRMLJDWUDH
OMXGVNHVYXNUYWRMHRQLSUROLH
%RJPLVOLXJHQLMLPDVQLYDXSMHVQLFLPDLVSDYDXRVWDOLPOMXGLPD HGRWHLVYLPVUFLPDWRHXQLWLWLVYDQHJRGRYDQMDLVNXSLWLVYH]ORLQH
%RJQLMHPRJDRELWLQDVYDNRPPMHVWXSDMH]DWRVWYRULRPDMNH ILQDOXXWUHQXWNXYMHQRJVNODGDGHVLWLLSRMDYLWLQHWRWROLNRGUDJRFMHQRWR
%RJQLMHVWYRULRVPUWQLWLVHUDGXMHSURSDVWLLYLK NDRRJDYQDL]PLOMRWLQDQHPRQRJXPDLGDHVHQDNUDMXXVYMHWVNRP
XYUHGOMLYDNRPLQRVWOMXGVNRJSURWXUMHMDLH]QXWLNDRELMHGQRSULYLHQMH
%RJQLMHXVLOLQHJRXLVWLQL -DYMHUXMHPSRSXWGMHWHWDGDHVHSDWQMHL]OLMHLWLLQHVWDWLGDHVYD
%RJSUHGVWDYOMDMHGDQRGPQRJLKSRHWVNLKL]UD]DQDMYLHYULMHGQRVWL ERJWRQHPRHSURPLMHQLWL
KXPDQL]PDDQHVWYDUQRVWSRVHEL ,QLWDQHQHVWDMHSULMHQHJRWRGUXJRXPUH,]QLWDQHQDVWDMHQHWR QLNDNDY
%RJVHQHNDUWD 'DQHPD%RJDWUHEDORELJDL]PLVOLWL
%RJ"2QDMYHOLNLOXGLNRMLMRXYLMHNYMHUXMHXOMXGH RYMHN]DSUDYRHOLELWL%RJ
%RJDQLWNRQLNDGDQLMHYLGLR RYMHNMHXLJULQDMYLHQDOLN%RJX
%RJRYLQHSR]QDMXVDPLORVWL RYMHNMHL]PLVOLRERJDDVDGDNOHLSUHGQMLPVWROMHLPD
%RJRYLXLYDMXXOMXGVNRPPHVX6YMHHSHHQRERJRYLPDMHQDMPLOLMD RYMHNMHL]PLVOLRERJDMHGLQR]DWRGDVHQHELXELR
SHHQND
ERJDNROLNRXGHVD
RYMHNHLPRGEDFLXGRRGPDKRGEDFLWLLERJDMHURYMHNQHWUDLWROLNR RYMHNHLPRGEDFLXGRRGPDKRGEDFLWLLERJDMHURYMHNQHWUDLWROLNR
ERJDNROLNRXGHVD
SHHQND
RYMHNMHL]PLVOLRERJDMHGLQR]DWRGDVHQHELXELR %RJRYLXLYDMXXOMXGVNRPPHVX6YMHHSHHQRERJRYLPDMHQDMPLOLMD
RYMHNMHL]PLVOLRERJDDVDGDNOHLSUHGQMLPVWROMHLPD %RJRYLQHSR]QDMXVDPLORVWL
RYMHNMHXLJULQDMYLHQDOLN%RJX %RJDQLWNRQLNDGDQLMHYLGLR
RYMHN]DSUDYRHOLELWL%RJ %RJ"2QDMYHOLNLOXGLNRMLMRXYLMHNYMHUXMHXOMXGH
'DQHPD%RJDWUHEDORELJDL]PLVOLWL %RJVHQHNDUWD
,QLWDQHQHVWDMHSULMHQHJRWRGUXJRXPUH,]QLWDQHQDVWDMHQHWR QLNDNDY KXPDQL]PDDQHVWYDUQRVWSRVHEL
ERJWRQHPRHSURPLMHQLWL %RJSUHGVWDYOMDMHGDQRGPQRJLKSRHWVNLKL]UD]DQDMYLHYULMHGQRVWL
-DYMHUXMHPSRSXWGMHWHWDGDHVHSDWQMHL]OLMHLWLLQHVWDWLGDHVYD %RJQLMHXVLOLQHJRXLVWLQL
XYUHGOMLYDNRPLQRVWOMXGVNRJSURWXUMHMDLH]QXWLNDRELMHGQRSULYLHQMH
NDRRJDYQDL]PLOMRWLQDQHPRQRJXPDLGDHVHQDNUDMXXVYMHWVNRP %RJQLMHVWYRULRVPUWQLWLVHUDGXMHSURSDVWLLYLK
ILQDOXXWUHQXWNXYMHQRJVNODGDGHVLWLLSRMDYLWLQHWRWROLNRGUDJRFMHQRWR %RJQLMHPRJDRELWLQDVYDNRPPMHVWXSDMH]DWRVWYRULRPDMNH
HGRWHLVYLPVUFLPDWRHXQLWLWLVYDQHJRGRYDQMDLVNXSLWLVYH]ORLQH %RJPLVOLXJHQLMLPDVQLYDXSMHVQLFLPDLVSDYDXRVWDOLPOMXGLPD
OMXGVNHVYXNUYWRMHRQLSUROLH
%RJMHXVUFLPDRQLKNRMLJDWUDH
-HGDQRGSXWRYDGDVHXSR]QD%RJMHVWGDJDVHSRUHNQH
RGXVWDRRGGDOMQMLKHNVSHULPHQDWD
-HGQRPSRNDMQLNXYLHVHUDGXMXQDQHEHVLPDQHJRGHVHWRULFLSUDYHGQLND %RJMHVWYRULRRYMHNDMHUMHELRUD]RDUDQPDMPXQRP1DNRQWRJDMH
DGERJDQHELELORRQGDELJDWUHEDORL]PLVOLWL
. YLGLPR
%RJMHQDOLNQDYMHWDUWRSUROD]LSRVYXGDJDRVMHDPRDQLJGMHJDQH
.DGRYMHNVDPRSRPLVOLQDNROLNRMHRYMHNGDYMHULNROLNRMHX]DOXG
XWURLRNRMHNDNYHVQDJHQDWXPDWXLWRYHWLVXHJRGLQD
.DGDQHPDERJDWDGDQHPDQLQDWSULURGQRJVPLVODLYRWD
=DQLPOMLYRMHNDNYHVXVYHERJRYHOMXGLL]PLVOLOL
9MHUDXERJRYHMHL]PLOMRWLQDPXGUHGUDYQHYMHWLQH
1HNODQMDWLVHFHUHPRQLMDOQRRILFLMHOQLPERJRYLPD]QDLQHSRWRYDWL
8YLMHNSULURGDVWYDUDL]MHGQRJRSHWGUXJR ]HPDOMVNHDXWRULWHWHD]HPDOMVNLDXWRULWHWLQLVXVDPRERJRYLL]QDGERJRYD
7NRGHILQLUD%RJDYHMHDWHLVW YLHRGWRJDRQLVXXSUDYOMDMXL]DLVWDNREQRVXGELQRPOMXGVNRPQHNDYUVWD
WR]JUDEHERJRYLQHPRJXYRORYL VDVYLPQDLYQRJPHKDQL]PD]DRSVMHQXSURVWRWH
WRYLH]QDPRRQRPWRERJQLMHWRYLH]QDPRERJX 1HSRVWRMLQLWDWRQHSULSDGDERJX
6YLERJRYLLYUDJRYLNRMLVXLNDGDELOLVYLVXXQDPD 1H]QDPWRELKXUDGLRVRQLPNRMLMHSUYLL]PLVOLRERJD REMHVLRELKJDQD
6YDWNRPRUDSURQDLERJDXVDPRPVHEL SUYXMDVLNX
6WUDKMHVWYRULRERJRYH 1LMHGDQRYMHNQHPRHQDLQLWLERJDVHELVOLQD
6UFHRVMHDERJDDQHUD]XP 1RYDPLVDRXELMDVWDUHERJRYH
XVWDWLXGXLRYMHND 2ERJRYLPDQLWDQH]QDP QLWLGDLKLPDQLWLGDLKQHPD
SURJUDPLUDQRERJNRMLHJDVSDVLWLQHHELWLGHXVH[PDFKLQD RQHRSHW
6DPRXMHGQRPRHPRELWLVLJXUQL DNRHRYMHDQVWYRL]EMHLYH 3R]LWLYQD]QDQRVWPRUDXJODYLWLGDERJRYLPLMHQMDMXSRVWRMELQXSXWXMXL]
UDVHXUDVXL]QDURGDXQDURG1DERJRYLPDVHYUHSODJLMDWL%RJRYLVH
6DPRRYMHNPRHVMHGLQLWRQRERMHLRQRYUDMH SRVXXMXGDMXQDRWSODWX3RVWRMLVHOLGEDERJRYDLVQMRPXVYH]L
3UDYLERJPRQLERJWRMHERJPLVOL SRQDYOMDQMHNRODLVXVWDYD$SULWRPDFLQLVXXYLMHN]DKYDOQLVYRMLP
XLWHOMLPDWHGRGDQDQMHJGDQDSURYRGHSUDNVXGDLKSUHXXMX
XLWHOMLPDWHGRGDQDQMHJGDQDSURYRGHSUDNVXGDLKSUHXXMX
SRQDYOMDQMHNRODLVXVWDYD$SULWRPDFLQLVXXYLMHN]DKYDOQLVYRMLP 3UDYLERJPRQLERJWRMHERJPLVOL
SRVXXMXGDMXQDRWSODWX3RVWRMLVHOLGEDERJRYDLVQMRPXVYH]L 6DPRRYMHNPRHVMHGLQLWRQRERMHLRQRYUDMH
UDVHXUDVXL]QDURGDXQDURG1DERJRYLPDVHYUHSODJLMDWL%RJRYLVH
3R]LWLYQD]QDQRVWPRUDXJODYLWLGDERJRYLPLMHQMDMXSRVWRMELQXSXWXMXL] 6DPRXMHGQRPRHPRELWLVLJXUQL DNRHRYMHDQVWYRL]EMHLYH
SURJUDPLUDQRERJNRMLHJDVSDVLWLQHHELWLGHXVH[PDFKLQD RQHRSHW
2ERJRYLPDQLWDQH]QDP QLWLGDLKLPDQLWLGDLKQHPD XVWDWLXGXLRYMHND
1RYDPLVDRXELMDVWDUHERJRYH 6UFHRVMHDERJDDQHUD]XP
1LMHGDQRYMHNQHPRHQDLQLWLERJDVHELVOLQD 6WUDKMHVWYRULRERJRYH
SUYXMDVLNX 6YDWNRPRUDSURQDLERJDXVDPRPVHEL
1H]QDPWRELKXUDGLRVRQLPNRMLMHSUYLL]PLVOLRERJD REMHVLRELKJDQD 6YLERJRYLLYUDJRYLNRMLVXLNDGDELOLVYLVXXQDPD
1HSRVWRMLQLWDWRQHSULSDGDERJX WRYLH]QDPRRQRPWRERJQLMHWRYLH]QDPRERJX
VDVYLPQDLYQRJPHKDQL]PD]DRSVMHQXSURVWRWH WR]JUDEHERJRYLQHPRJXYRORYL
YLHRGWRJDRQLVXXSUDYOMDMXL]DLVWDNREQRVXGELQRPOMXGVNRPQHNDYUVWD 7NRGHILQLUD%RJDYHMHDWHLVW
]HPDOMVNHDXWRULWHWHD]HPDOMVNLDXWRULWHWLQLVXVDPRERJRYLL]QDGERJRYD 8YLMHNSULURGDVWYDUDL]MHGQRJRSHWGUXJR
1HNODQMDWLVHFHUHPRQLMDOQRRILFLMHOQLPERJRYLPD]QDLQHSRWRYDWL
9MHUDXERJRYHMHL]PLOMRWLQDPXGUHGUDYQHYMHWLQH
DQLPOMLYRMHNDNYHVXVYHERJRYHOMXGLL]PLVOLOL
=
.DGDQHPDERJDWDGDQHPDQLQDWSULURGQRJVPLVODLYRWD
XWURLRNRMHNDNYHVQDJHQDWXPDWXLWRYHWLVXHJRGLQD
.DGRYMHNVDPRSRPLVOLQDNROLNRMHRYMHNGDYMHULNROLNRMHX]DOXG
.DGRYMHNVDPRSRPLVOLQDNROLNRMHRYMHNGDYMHULNROLNRMHX]DOXG
XWURLRNRMHNDNYHVQDJHQDWXPDWXLWRYHWLVXHJRGLQD
.DGDQHPDERJDWDGDQHPDQLQDWSULURGQRJVPLVODLYRWD
=DQLPOMLYRMHNDNYHVXVYHERJRYHOMXGLL]PLVOLOL
9MHUDXERJRYHMHL]PLOMRWLQDPXGUHGUDYQHYMHWLQH
1HNODQMDWLVHFHUHPRQLMDOQRRILFLMHOQLPERJRYLPD]QDLQHSRWRYDWL
8YLMHNSULURGDVWYDUDL]MHGQRJRSHWGUXJR ]HPDOMVNHDXWRULWHWHD]HPDOMVNLDXWRULWHWLQLVXVDPRERJRYLL]QDGERJRYD
7NRGHILQLUD%RJDYHMHDWHLVW YLHRGWRJDRQLVXXSUDYOMDMXL]DLVWDNREQRVXGELQRPOMXGVNRPQHNDYUVWD
WR]JUDEHERJRYLQHPRJXYRORYL VDVYLPQDLYQRJPHKDQL]PD]DRSVMHQXSURVWRWH
WRYLH]QDPRRQRPWRERJQLMHWRYLH]QDPRERJX 1HSRVWRMLQLWDWRQHSULSDGDERJX
6YLERJRYLLYUDJRYLNRMLVXLNDGDELOLVYLVXXQDPD 1H]QDPWRELKXUDGLRVRQLPNRMLMHSUYLL]PLVOLRERJD REMHVLRELKJDQD
6YDWNRPRUDSURQDLERJDXVDPRPVHEL SUYXMDVLNX
6WUDKMHVWYRULRERJRYH 1LMHGDQRYMHNQHPRHQDLQLWLERJDVHELVOLQD
6UFHRVMHDERJDDQHUD]XP 1RYDPLVDRXELMDVWDUHERJRYH
XVWDWLXGXLRYMHND 2ERJRYLPDQLWDQH]QDP QLWLGDLKLPDQLWLGDLKQHPD
SURJUDPLUDQRERJNRMLHJDVSDVLWLQHHELWLGHXVH[PDFKLQD RQHRSHW
6DPRXMHGQRPRHPRELWLVLJXUQL DNRHRYMHDQVWYRL]EMHLYH 3R]LWLYQD]QDQRVWPRUDXJODYLWLGDERJRYLPLMHQMDMXSRVWRMELQXSXWXMXL]
UDVHXUDVXL]QDURGDXQDURG1DERJRYLPDVHYUHSODJLMDWL%RJRYLVH
6DPRRYMHNPRHVMHGLQLWRQRERMHLRQRYUDMH SRVXXMXGDMXQDRWSODWX3RVWRMLVHOLGEDERJRYDLVQMRPXVYH]L
3UDYLERJPRQLERJWRMHERJPLVOL SRQDYOMDQMHNRODLVXVWDYD$SULWRPDFLQLVXXYLMHN]DKYDOQLVYRMLP
XLWHOMLPDWHGRGDQDQMHJGDQDSURYRGHSUDNVXGDLKSUHXXMX
XLWHOMLPDWHGRGDQDQMHJGDQDSURYRGHSUDNVXGDLKSUHXXMX
SRQDYOMDQMHNRODLVXVWDYD$SULWRPDFLQLVXXYLMHN]DKYDOQLVYRMLP 3UDYLERJPRQLERJWRMHERJPLVOL
SRVXXMXGDMXQDRWSODWX3RVWRMLVHOLGEDERJRYDLVQMRPXVYH]L 6DPRRYMHNPRHVMHGLQLWRQRERMHLRQRYUDMH
UDVHXUDVXL]QDURGDXQDURG1DERJRYLPDVHYUHSODJLMDWL%RJRYLVH
3R]LWLYQD]QDQRVWPRUDXJODYLWLGDERJRYLPLMHQMDMXSRVWRMELQXSXWXMXL] 6DPRXMHGQRPRHPRELWLVLJXUQL DNRHRYMHDQVWYRL]EMHLYH
SURJUDPLUDQRERJNRMLHJDVSDVLWLQHHELWLGHXVH[PDFKLQD RQHRSHW
2ERJRYLPDQLWDQH]QDP QLWLGDLKLPDQLWLGDLKQHPD XVWDWLXGXLRYMHND
1RYDPLVDRXELMDVWDUHERJRYH 6UFHRVMHDERJDDQHUD]XP
1LMHGDQRYMHNQHPRHQDLQLWLERJDVHELVOLQD 6WUDKMHVWYRULRERJRYH
SUYXMDVLNX 6YDWNRPRUDSURQDLERJDXVDPRPVHEL
1H]QDPWRELKXUDGLRVRQLPNRMLMHSUYLL]PLVOLRERJD REMHVLRELKJDQD 6YLERJRYLLYUDJRYLNRMLVXLNDGDELOLVYLVXXQDPD
1HSRVWRMLQLWDWRQHSULSDGDERJX WRYLH]QDPRRQRPWRERJQLMHWRYLH]QDPRERJX
VDVYLPQDLYQRJPHKDQL]PD]DRSVMHQXSURVWRWH WR]JUDEHERJRYLQHPRJXYRORYL
YLHRGWRJDRQLVXXSUDYOMDMXL]DLVWDNREQRVXGELQRPOMXGVNRPQHNDYUVWD 7NRGHILQLUD%RJDYHMHDWHLVW
]HPDOMVNHDXWRULWHWHD]HPDOMVNLDXWRULWHWLQLVXVDPRERJRYLL]QDGERJRYD 8YLMHNSULURGDVWYDUDL]MHGQRJRSHWGUXJR
1HNODQMDWLVHFHUHPRQLMDOQRRILFLMHOQLPERJRYLPD]QDLQHSRWRYDWL
9MHUDXERJRYHMHL]PLOMRWLQDPXGUHGUDYQHYMHWLQH
=DQLPOMLYRMHNDNYHVXVYHERJRYHOMXGLL]PLVOLOL
.DGDQHPDERJDWDGDQHPDQLQDWSULURGQRJVPLVODLYRWD
XWURLRNRMHNDNYHVQDJHQDWXPDWXLWRYHWLVXHJRGLQD
.DGRYMHNVDPRSRPLVOLQDNROLNRMHRYMHNGDYMHULNROLNRMHX]DOXG
=DWRWRQLVXXVYRMHPRVREQRPUD]GREOMXSUHYODGDOLLQIDQWLOQXID]X
YMHURYDQMHXERJD]DYHLQXMHOMXGLYMHUDXRFDNRMLSRPDHGMHWLQMDLOX]LMD
pRYMHNQHWUDLWROLNR%RJDNROLNRXGR
SURQDL
p$NRSRVWRMLQDLQGDVHRGORLYDQDRGOXNDGREUDHJDELURNUDFLMDXYLMHN
XGRMHQDMPLOLMHGLMHWHYMHUH
UDGLNDOQRVWYODGDYODGDYLQDYODVWYRD]ORLQND]QDVPUWQDND]QD
XGRPRHELWLVDPRGRVDGDQHSR]QDWDSULURGQDLQMHQLFD1HUDDYMHUX KLMHUDUKLMDSROLFLMDSXULWDQFLVWUDQNDWLWXOHYRMVNDVORERGDURERYL
XGRQHJRYMHUDXGR PDUNVL]DPPDWHULMDOL]DPQDFLMDQDFLRQDOL]DPSROLWLNDSROLWLDU
1HYMHUXMXXGDRVORQLVHQDQMLK NRDOLFLMDNRORQL]DFLMDNRPXQL]DPNRQIHUHQFLMDNRQYHQFLMHNUDOMHYL
6MHQHMRXYLMHNQLVXXGD ELURNUDFLMDFHQ]XUDMHGQDNRVWHOLWDGLSORPDFLMDLGROLLLGHRORJLMH
9HOLNRQHXQLWLYRXGRMHVWOMXGVNDYMHUDXXGR 232/,7,&,
p-HGLQRVUHGVWYRSURWLYSUD]QRYMHUMDMH]QDQRVW3UD]QRYMHUMHMHXGQDVWYDU
-RQLVDPVUHRRYMHNDNRMLMHYUDWLRVYRMXPMHVHQXSODX
3UD]QRYMHUMHXNRMHPVPRRGUDVOLQHJXELVYRMXPRQDGQDPDDNQLRQGD GREDWRYDQMDVSLOMVNRJPHGYMHGD
NDGDJDSUHSR]QDMHPR8VYDNRPSUD]QRYMHUMXPXGUDFLVOLMHGHEXGDOH o8(XURSLMHSRMDYDYUDHYDLYMHURYDQMHXPRQDGQDUDYQLKVLOD]DSRHODX
=DSUDYRVHSUD]QRYMHUMHVDPRVOXLSRJUHQLPVUHGVWYRPNDNREL]DGRYROMLOR p2PUDHQHVXPLGXJHSURSRYLMHGL
LVWLQLWXSRWUHEX 3DNDRMHVYLMHWXNRMHPVHQLNDGDQHSUDWD3DNDRWRVXGUXJL
=XUHDJRPLODSULKYDDSRKOHSQRLEH]LVSLWLYDQMDVYHWRJRGLSUD]QRYMHUMXL p3DNDRMHSRSORHQGREULPQDPMHUDPD
LULXHQMH
5DMVHRELQRWHNRQGDRWNULMHNDRUDMNDGDVPRL]QMHJDRWMHUDQL
pRYMHNUDYQRGXQRSUROD]LSRNUDMRWYRUHQRJUDMVNRJYUWDDWXDQSRVWDMH
WHNNDGDMH]DWYRUHQ WHNNDGDMH]DWYRUHQ
pRYMHNUDYQRGXQRSUROD]LSRNUDMRWYRUHQRJUDMVNRJYUWDDWXDQSRVWDMH
5DMVHRELQRWHNRQGDRWNULMHNDRUDMNDGDVPRL]QMHJDRWMHUDQL
LULXHQMH
p3DNDRMHSRSORHQGREULPQDPMHUDPD =XUHDJRPLODSULKYDDSRKOHSQRLEH]LVSLWLYDQMDVYHWRJRGLSUD]QRYMHUMXL
3DNDRMHVYLMHWXNRMHPVHQLNDGDQHSUDWD3DNDRWRVXGUXJL LVWLQLWXSRWUHEX
p2PUDHQHVXPLGXJHSURSRYLMHGL =DSUDYRVHSUD]QRYMHUMHVDPRVOXLSRJUHQLPVUHGVWYRPNDNREL]DGRYROMLOR
o8(XURSLMHSRMDYDYUDHYDLYMHURYDQMHXPRQDGQDUDYQLKVLOD]DSRHODX NDGDJDSUHSR]QDMHPR8VYDNRPSUD]QRYMHUMXPXGUDFLVOLMHGHEXGDOH
GREDWRYDQMDVSLOMVNRJPHGYMHGD 3UD]QRYMHUMHXNRMHPVPRRGUDVOLQHJXELVYRMXPRQDGQDPDDNQLRQGD
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6ORERGQLVWHDNRYDPMHVDYMHVWLVWD
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6ORERGDMHSUDYRQDOMXGVNLSRQRV
6ORHQRVWPHXOMXGVNLKRGQRVDLRYMHNRYDQHVLJXUQRVWXVYLMHWXSRVHEQR
6ORERGDMHPRJXQRVWLQLWLRQRWRVPLMHELWLSRSUDYX
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6ORERGDMHMHGLQRPRJXDXSRGUXMXVYLMHVWL ULMHXLPHPLOLMXQDLPLOLMXQDNRMLYLHQHPRJXJRYRULWLMHULPMHWR
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6PLVDRMHOMXGVNHSRYLMHVWLXVSRVWDYOMDQMHFDUVWYDVORERGHKXPDQXP GD QHSRVWDMDQMDXJQMHWDYDQMD2QDMHVORERGD=$VORERGD]DSRVWDMDQMH
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6YDNLMHRYMHNURHQVORERGDQDSRVYXGDMHXRNRYLPD 9MHUXMHPGDMHJODYQLRYMHNRY]DGDWDNSRYHDYDWLJUDQLFHVORERGHMDDWL
6YDWNRLPDSUDYRQDLYRWVORERGXLRVREQXVLJXUQRVWLQLWNRQHVPLMHELWL YHQDQMHQXSRHWNX
SRGYUJQXWPXHQMXRNUXWQRPQHOMXGVNRPLOLSRQLDYDMXHPSRVWXSNX VYD 8VSRVWDYOMDQMHFDUVWYDVORERGHVPLVDRMHOMXGVNHSRYLMHVWLNRMLMHSULVXWDQ
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SULVMHWLWL 8 JRGLQLREDYOMHQRMHXFLMHORPVYLMHWX VPDNQXHRG WRMVHSRWUHELGXERNRXNRULMHQLODWRWDOLWDUQDQDSDVW
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GYDGHVHWLSUYRJVWROMHD 8SRYLMHVWLOMXGVNRJURGDVWDODQMHVXNREVORERGHLVLJXUQRVWL/MXGLVXHVWR
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6 VORERGQRM]DMHGQLFLJUDQLFDXEHVNRQDQRP
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7NRVORERGXQHPDXNUYLWNRQHRVMHDWRMHVORERGDWDMMHQLNDGDQHH
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0RHOLLXQHVORERGQXGUXWYXRYMHNELWLVORERGDQLREUDWQR",PDOL
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7 PRJXQRVWL]ERUDLOLVDPRRGUHHQMHRGUHHQMHVYRMHSULURGHLSRYLMHVWLLOL"
WDNRQHVORERGQLPNDRVLURPDWYR7RWDOQLMHRYMHNVORERGDQSRMHGLQDFX WRMHVORERGD"-HOLVORERGDRGVXWQRVWSUHSUHNDLOLVSR]QDMDQXQRVWLLOL
VORERGQRM]DMHGQLFLJUDQLFDXEHVNRQDQRP 6YLMHWQLNDGDQLMHLPDRGREURGHILQLUDQXULMHVORERGD
SRYLMHVWLOMXGVNRJURGDVWDODQMHVXNREVORERGHLVLJXUQRVWL/MXGLVXHVWR
8 GYDGHVHWLSUYRJVWROMHD
VSUHPQLUWYRYDWLVORERGXLOLQHNHVORERGH]DVLJXUQRVWLOLYLHVLJXUQRVWL X WRJD X1DURGQRMUHSXEOLFL.LQL$VYHVHWRGRJDDQDSUDJX
WRMVHSRWUHELGXERNRXNRULMHQLODWRWDOLWDUQDQDSDVW SULVMHWLWL 8 JRGLQLREDYOMHQRMHXFLMHORPVYLMHWX VPDNQXHRG
8VORERGQRMGUDYLVYDNRPHMHGRSXWHQRPLVOLWLWRKRHLJRYRULWLWRKRH OMXGVNDELDUDDMXVHVORERGQDLMHGQDNDXGRVWRMDQVWYXLSUDYLPD9DOMDVH
8VSRVWDYOMDQMHFDUVWYDVORERGHVPLVDRMHOMXGVNHSRYLMHVWLNRMLMHSULVXWDQ SRGYUJQXWPXHQMXRNUXWQRPQHOMXGVNRPLOLSRQLDYDMXHPSRVWXSNX VYD
YHQDQMHQXSRHWNX 6YDWNRLPDSUDYRQDLYRWVORERGXLRVREQXVLJXUQRVWLQLWNRQHVPLMHELWL
9MHUXMHPGDMHJODYQLRYMHNRY]DGDWDNSRYHDYDWLJUDQLFHVORERGHMDDWL 6YDNLMHRYMHNURHQVORERGDQDSRVYXGDMHXRNRYLPD
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WHKQRORJLMD 6PLVDRUD]YRMDLQDSUHWNDSUHGVWDYOMDVWDOQRSRPLFDQMHJUDQLFDQXQRJL
9MHUXMHPXVORERGXXRYMHNRYRSUDYRGDEXGHVYRM6ORERGDMHYLHRG RYMHNEXGHRYMHNRYMHNX
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LOMXGH RSWXXMXXXWQMX
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RSWXXMXXXWQMX LOMXGH
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6PLVDRMHOMXGVNHSRYLMHVWLXVSRVWDYOMDQMHFDUVWYDVORERGHKXPDQXP GD QHSRVWDMDQMDXJQMHWDYDQMD2QDMHVORERGD=$VORERGD]DSRVWDMDQMH
RYMHNEXGHRYMHNRYMHNX 9MHUXMHPXVORERGXXRYMHNRYRSUDYRGDEXGHVYRM6ORERGDMHYLHRG
6PLVDRUD]YRMDLQDSUHWNDSUHGVWDYOMDVWDOQRSRPLFDQMHJUDQLFDQXQRJL WHKQRORJLMD
LUHQMHSURVWRUDVORERGH XYMHWHNRMLVOXHRYMHNXWRMH]DGDWDNXVPLVOXUD]YLMDQMDVYLKSR]LWLYQLK
6YDNLMHRYMHNURHQVORERGDQDSRVYXGDMHXRNRYLPD 9MHUXMHPGDMHJODYQLRYMHNRY]DGDWDNSRYHDYDWLJUDQLFHVORERGHMDDWL
6YDWNRLPDSUDYRQDLYRWVORERGXLRVREQXVLJXUQRVWLQLWNRQHVPLMHELWL YHQDQMHQXSRHWNX
SRGYUJQXWPXHQMXRNUXWQRPQHOMXGVNRPLOLSRQLDYDMXHPSRVWXSNX VYD 8VSRVWDYOMDQMHFDUVWYDVORERGHVPLVDRMHOMXGVNHSRYLMHVWLNRMLMHSULVXWDQ
OMXGVNDELDUDDMXVHVORERGQDLMHGQDNDXGRVWRMDQVWYXLSUDYLPD9DOMDVH 8VORERGQRMGUDYLVYDNRPHMHGRSXWHQRPLVOLWLWRKRHLJRYRULWLWRKRH
SULVMHWLWL 8 JRGLQLREDYOMHQRMHXFLMHORPVYLMHWX VPDNQXHRG WRMVHSRWUHELGXERNRXNRULMHQLODWRWDOLWDUQDQDSDVW
WRJD X1DURGQRMUHSXEOLFL.LQL$VYHVHWRGRJDDQDSUDJX VSUHPQLUWYRYDWLVORERGXLOLQHNHVORERGH]DVLJXUQRVWLOLYLHVLJXUQRVWL X
GYDGHVHWLSUYRJVWROMHD 8SRYLMHVWLOMXGVNRJURGDVWDODQMHVXNREVORERGHLVLJXUQRVWL/MXGLVXHVWR
YLMHWQLNDGDQLMHLPDRGREURGHILQLUDQXULMHVORERGD
6 VORERGQRM]DMHGQLFLJUDQLFDXEHVNRQDQRP
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PRJXQRVWL]ERUDLOLVDPRRGUHHQMHRGUHHQMHVYRMHSULURGHLSRYLMHVWLLOL" 7ROLNRMHOLMHSLKULMHLUHHQRRVORERGLDOLQLWDQDVYLMHWXRYMHNDQHLQL
0RHOLLXQHVORERGQXGUXWYXRYMHNELWLVORERGDQLREUDWQR",PDOL
VORERGHEH]RGJRYRUQRVWL VWHL
7NRVORERGXQHPDXNUYLWNRQHRVMHDWRMHVORERGDWDMMHQLNDGDQHH
7NRVORERGXQHPDXNUYLWNRQHRVMHDWRMHVORERGDWDMMHQLNDGDQHH
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0RHOLLXQHVORERGQXGUXWYXRYMHNELWLVORERGDQLREUDWQR",PDOL
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7 PRJXQRVWL]ERUDLOLVDPRRGUHHQMHRGUHHQMHVYRMHSULURGHLSRYLMHVWLLOL"
WDNRQHVORERGQLPNDRVLURPDWYR7RWDOQLMHRYMHNVORERGDQSRMHGLQDFX WRMHVORERGD"-HOLVORERGDRGVXWQRVWSUHSUHNDLOLVSR]QDMDQXQRVWLLOL
VORERGQRM]DMHGQLFLJUDQLFDXEHVNRQDQRP 6YLMHWQLNDGDQLMHLPDRGREURGHILQLUDQXULMHVORERGD
SRYLMHVWLOMXGVNRJURGDVWDODQMHVXNREVORERGHLVLJXUQRVWL/MXGLVXHVWR
8 GYDGHVHWLSUYRJVWROMHD
VSUHPQLUWYRYDWLVORERGXLOLQHNHVORERGH]DVLJXUQRVWLOLYLHVLJXUQRVWL X WRJD X1DURGQRMUHSXEOLFL.LQL$VYHVHWRGRJDDQDSUDJX
WRMVHSRWUHELGXERNRXNRULMHQLODWRWDOLWDUQDQDSDVW SULVMHWLWL 8 JRGLQLREDYOMHQRMHXFLMHORPVYLMHWX VPDNQXHRG
8VORERGQRMGUDYLVYDNRPHMHGRSXWHQRPLVOLWLWRKRHLJRYRULWLWRKRH OMXGVNDELDUDDMXVHVORERGQDLMHGQDNDXGRVWRMDQVWYXLSUDYLPD9DOMDVH
8VSRVWDYOMDQMHFDUVWYDVORERGHVPLVDRMHOMXGVNHSRYLMHVWLNRMLMHSULVXWDQ SRGYUJQXWPXHQMXRNUXWQRPQHOMXGVNRPLOLSRQLDYDMXHPSRVWXSNX VYD
YHQDQMHQXSRHWNX 6YDWNRLPDSUDYRQDLYRWVORERGXLRVREQXVLJXUQRVWLQLWNRQHVPLMHELWL
9MHUXMHPGDMHJODYQLRYMHNRY]DGDWDNSRYHDYDWLJUDQLFHVORERGHMDDWL 6YDNLMHRYMHNURHQVORERGDQDSRVYXGDMHXRNRYLPD
XYMHWHNRMLVOXHRYMHNXWRMH]DGDWDNXVPLVOXUD]YLMDQMDVYLKSR]LWLYQLK LUHQMHSURVWRUDVORERGH
WHKQRORJLMD 6PLVDRUD]YRMDLQDSUHWNDSUHGVWDYOMDVWDOQRSRPLFDQMHJUDQLFDQXQRJL
9MHUXMHPXVORERGXXRYMHNRYRSUDYRGDEXGHVYRM6ORERGDMHYLHRG RYMHNEXGHRYMHNRYMHNX
QHSRVWDMDQMDXJQMHWDYDQMD2QDMHVORERGD=$VORERGD]DSRVWDMDQMH 6PLVDRMHOMXGVNHSRYLMHVWLXVSRVWDYOMDQMHFDUVWYDVORERGHKXPDQXP GD
QH]DYLVQLKVORERGD]DELWLPQRJRDQHLPDWLPQRJRLOLXSRWUHEOMDYDWLVWYDUL
LOMXGH RSWXXMXXXWQMX
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DORHVUFHVORERGDQHPD]QDHQMD
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2QDMNRMLYODGDXYLMHNPRUDSD]LWLQD]DMHGQLNRGREURYLHQHJRQDVYRMH =DEUDQMLYDWLELXGDVORERGQRPLVOLLVORERGQRVHL]UDDYDLVWRMHWRLYH]DWL
PXRLDWUDLWLRGQMHJDGD]QDNXGDLGHLWRUDGL
SURWXULMHLYL
2XYDQMHSRVWRMHHJVWDQMDLGREURXSUDYOMDQMHSRVWDMXQHL]EMHQR =DUMHSURORVWQXQLMDRGEXGXQRVWL"1XQRVWLVNOMXXMHVORERGX
SULVWDQND 3UL]QDMHP VORERGDQVDP
1LMHGDQRYMHNQLMHGRYROMQRGREDUGDYODGDGUXJLPRYMHNRPEH]QMHJRYRJ p3URGDMDGMHFHMHSUYLSORGRLQVNRJSUDYDLPRQRJDPLMH
1HSRELWQRMHSUDYLOR YODGDUDNRMLLVDPQLMHPXGDUQHPRJXHMHVDYMHWRYDWL 5RERYHVXQHNDGDQD]LYDOLOMXGVNRPVWRNRPLJDMLOLVXLK]DUDVSORGNDRL
1HSURSDGDPRMHUQHPDPRYODGHQHJRMHUQHPDPRRSR]LFLMH VDPXVWRNX
1DG]LUDWLWUHEDYODGDMXHDQHRQHNRMLPDVHYODGD 5RERYLVHEH]YRHQHPRJXSREXQLWLDOLMHURSVWYRORDNROD]DYRGVWYR
0RUDGDMHYHOLNXLWDNELWLQDYODVWLNDGMHVHWROLNROMXGLHOLGRHNDWL 5RSVWYRQLMHSUDYQRQHJRGXKRYQRVWDQMH
0LVOLYODGDMXHNODVHXVYDNRMVXHSRKLYODGDMXHPLVOL 6ORERGQLL]ERUJRVSRGDUDQHHXNLQXWLJRVSRGDUHLOLURERYH
SULPMHULQHVHELQRVWLLSUDYGH 6UHWQLURERYLVXQDMHLQHSULMDWHOMLVORERGH
0HXRGOLNDPDNRMLPDYODGDULVWMHXQDNORQRVWQDURGDQDSUYRPVXPMHVWX 8SUDYRRQRWRVPRQDMYLHSULHOMNLYDOLLQLQDVQDNRQFXURERYLPD
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.DNRELQHNLPRJOLYODGDWLGXJRYUHPHQDLEH]XYMHWQRPRUDLKVHYRGLWL
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*GMHMHYODGDYLQDWDPRMHLQHXJRGD.DGDELVYLKWMHOLELWLSUYDYLROLQD
*GMHMHYODGDYLQDWDPRMHLQHXJRGD.DGDELVYLKWMHOLELWLSUYDYLROLQD
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.DNRELQHNLPRJOLYODGDWLGXJRYUHPHQDLEH]XYMHWQRPRUDLKVHYRGLWL
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p%LWYODGDYLQHMHVWXXPLMHXGDVHEXGHSRWHQ ODJDQRPUXNRPLQDVWRMDWLGDWRPDQMHRVMHWHVYRMXRYLVQRVW
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8SUDYRRQRWRVPRQDMYLHSULHOMNLYDOLLQLQDVQDNRQFXURERYLPD 0HXRGOLNDPDNRMLPDYODGDULVWMHXQDNORQRVWQDURGDQDSUYRPVXPMHVWX
6UHWQLURERYLVXQDMHLQHSULMDWHOMLVORERGH SULPMHULQHVHELQRVWLLSUDYGH
6ORERGQLL]ERUJRVSRGDUDQHHXNLQXWLJRVSRGDUHLOLURERYH 0LVOLYODGDMXHNODVHXVYDNRMVXHSRKLYODGDMXHPLVOL
5RSVWYRQLMHSUDYQRQHJRGXKRYQRVWDQMH 0RUDGDMHYHOLNXLWDNELWLQDYODVWLNDGMHVHWROLNROMXGLHOLGRHNDWL
5RERYLVHEH]YRHQHPRJXSREXQLWLDOLMHURSVWYRORDNROD]DYRGVWYR 1DG]LUDWLWUHEDYODGDMXHDQHRQHNRMLPDVHYODGD
VDPXVWRNX 1HSURSDGDPRMHUQHPDPRYODGHQHJRMHUQHPDPRRSR]LFLMH
5RERYHVXQHNDGDQD]LYDOLOMXGVNRPVWRNRPLJDMLOLVXLK]DUDVSORGNDRL 1HSRELWQRMHSUDYLOR YODGDUDNRMLLVDPQLMHPXGDUQHPRJXHMHVDYMHWRYDWL
p3URGDMDGMHFHMHSUYLSORGRLQVNRJSUDYDLPRQRJDPLMH 1LMHGDQRYMHNQLMHGRYROMQRGREDUGDYODGDGUXJLPRYMHNRPEH]QMHJRYRJ
3UL]QDMHP VORERGDQVDP SULVWDQND
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SURWXULMHLYL
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=DEUDQMLYDWLELXGDVORERGQRPLVOLLVORERGQRVHL]UDDYDLVWRMHWRLYH]DWL 2QDMNRMLYODGDXYLMHNPRUDSD]LWLQD]DMHGQLNRGREURYLHQHJRQDVYRMH
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PXRLDWUDLWLRGQMHJDGD]QDNXGDLGHLWRUDGL
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2XYDQMHSRVWRMHHJVWDQMDLGREURXSUDYOMDQMHSRVWDMXQHL]EMHQR =DUMHSURORVWQXQLMDRGEXGXQRVWL"1XQRVWLVNOMXXMHVORERGX
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1HSRELWQRMHSUDYLOR YODGDUDNRMLLVDPQLMHPXGDUQHPRJXHMHVDYMHWRYDWL 5RERYHVXQHNDGDQD]LYDOLOMXGVNRPVWRNRPLJDMLOLVXLK]DUDVSORGNDRL
1HSURSDGDPRMHUQHPDPRYODGHQHJRMHUQHPDPRRSR]LFLMH VDPXVWRNX
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0RUDGDMHYHOLNXLWDNELWLQDYODVWLNDGMHVHWROLNROMXGLHOLGRHNDWL 5RSVWYRQLMHSUDYQRQHJRGXKRYQRVWDQMH
0LVOLYODGDMXHNODVHXVYDNRMVXHSRKLYODGDMXHPLVOL 6ORERGQLL]ERUJRVSRGDUDQHHXNLQXWLJRVSRGDUHLOLURERYH
SULPMHULQHVHELQRVWLLSUDYGH 6UHWQLURERYLVXQDMHLQHSULMDWHOMLVORERGH
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.RMDMHYODGDQDMEROMD"2QDNRMDQDVXLGDYODGDPRVDPLVRERP o%LWLUDGLNDO]QDLVWYDUXKYDWLWL]DNRULMHQ
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.DNRELQHNLPRJOLYODGDWLGXJRYUHPHQDLEH]XYMHWQRPRUDLKVHYRGLWL
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*GMHMHYODGDYLQDWDPRMHLQHXJRGD.DGDELVYLKWMHOLELWLSUYDYLROLQD
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p%LWYODGDYLQHMHVWXXPLMHXGDVHEXGHSRWHQ ODJDQRPUXNRPLQDVWRMDWLGDWRPDQMHRVMHWHVYRMXRYLVQRVW
o%LWLUDGLNDO]QDLVWYDUXKYDWLWL]DNRULMHQ .RMDMHYODGDQDMEROMD"2QDNRMDQDVXLGDYODGDPRVDPLVRERP
8SUDYRRQRWRVPRQDMYLHSULHOMNLYDOLLQLQDVQDNRQFXURERYLPD 0HXRGOLNDPDNRMLPDYODGDULVWMHXQDNORQRVWQDURGDQDSUYRPVXPMHVWX
6UHWQLURERYLVXQDMHLQHSULMDWHOMLVORERGH SULPMHULQHVHELQRVWLLSUDYGH
6ORERGQLL]ERUJRVSRGDUDQHHXNLQXWLJRVSRGDUHLOLURERYH 0LVOLYODGDMXHNODVHXVYDNRMVXHSRKLYODGDMXHPLVOL
5RSVWYRQLMHSUDYQRQHJRGXKRYQRVWDQMH 0RUDGDMHYHOLNXLWDNELWLQDYODVWLNDGMHVHWROLNROMXGLHOLGRHNDWL
5RERYLVHEH]YRHQHPRJXSREXQLWLDOLMHURSVWYRORDNROD]DYRGVWYR 1DG]LUDWLWUHEDYODGDMXHDQHRQHNRMLPDVHYODGD
VDPXVWRNX 1HSURSDGDPRMHUQHPDPRYODGHQHJRMHUQHPDPRRSR]LFLMH
5RERYHVXQHNDGDQD]LYDOLOMXGVNRPVWRNRPLJDMLOLVXLK]DUDVSORGNDRL 1HSRELWQRMHSUDYLOR YODGDUDNRMLLVDPQLMHPXGDUQHPRJXHMHVDYMHWRYDWL
p3URGDMDGMHFHMHSUYLSORGRLQVNRJSUDYDLPRQRJDPLMH 1LMHGDQRYMHNQLMHGRYROMQRGREDUGDYODGDGUXJLPRYMHNRPEH]QMHJRYRJ
3UL]QDMHP VORERGDQVDP SULVWDQND
=DUMHSURORVWQXQLMDRGEXGXQRVWL"1XQRVWLVNOMXXMHVORERGX 2XYDQMHSRVWRMHHJVWDQMDLGREURXSUDYOMDQMHSRVWDMXQHL]EMHQR
SURWXULMHLYL
PXRLDWUDLWLRGQMHJDGD]QDNXGDLGHLWRUDGL
=DEUDQMLYDWLELXGDVORERGQRPLVOLLVORERGQRVHL]UDDYDLVWRMHWRLYH]DWL 2QDMNRMLYODGDXYLMHNPRUDSD]LWLQD]DMHGQLNRGREURYLHQHJRQDVYRMH
=DORHVUFHVORERGDQHPD]QDHQMD
2QRWRVYDNLRYMHN]QDMHVWLQMHQLFDGDUD]YLWDNQDHJVYLMHWDRGUHXMH
ERUED]DSUHYODVW/MXGLVXJRQMHQLSRKOHSRP]DYODVWLRWLPDWHVH]D DORVQR-HOLYUOLQDVOLMHSRYMHURYDQMHYODVWLPD"
VYMHWVNRH]ORPDNDUWRLELRXSDOMDRSHNDWDVWURIH VDPLPDVHEL
2VYRMLWLMHODNHQHJRYODGDWL =QDDMNDMHYHOLNLKOMXGLGDGUXJLPDSRVWDYOMDMXPQRJRPDQMH]DKWMHYHQHJR
3RJODYDUVHWUHEDUDYQDWLSRQDURGXDQHREUDWQR 9ODVWVHNXQHXQDURGQDURGNXQHYODVW
3RVOLMHVDPROMXEOMDRGVYLKMHOMXGVNLKVWUDVWLQDMVQDQLMDLQDMVXURYLMD
SULKYDWLWLSURPMHQHXVYRPSRQDDQMX
YODVWROMXEOMH
9ODGHVYRMVWYHQHVHELSRGFMHQMXMXVYRMHQDURGH NDGQDVWXSLNUL]DOMXGLH
9ODGDWL]QDLXPMHWLSUHGYLDWL
3RVWRMHOMXGLNRMLVHXYLMHNRVMHDMXQDSDGQXWLPDNDGDQHWNRNDHVYRMH
PLOMHQMH XQDSHWRVWL
9ODGDWLMHXPLMHHVWYDUDQMDSUREOHPDDVQMLKRYLPVHUMHHQMLPDQDURGGUL
3RVWRMLFHPHQWLUDQDVLODYODGDMXLKQDGPRQLKLVLODSRWODHQLKNRMLVHSURWLY
WRJDEXQH
9ODGDMXHLGHMHMHGQRJYUHPHQDXYLMHNVXELOHLGHMHYODGDMXHNODVH
SRJOHGXGRGDQDVQLMHQLWDL]PLMHQLOR
6ODERPRHYODGDWLYHOLNLPDRQDMNRMLQHPRHVKYDWLWLPDOH PDWHULMDOQLKGMHODNRMHVXXWMHORYOMLYDOHQMLKRYHYULMHGQRVWL 8WRPVH
6WUDQHVXPDVHDNRLKYRGHORHYRH 9ODGDMXHJHQHUDFLMHQLVXQLNDGDLPDOHJODYQXXORJXXRVWYDULYDQMX
6YDLMDYODVWGRQHNLKJUDQLFD UHOLJLMRP
MHSRGORLODVHELVYRMRPHNRQRPVNRPLSROLWLNRPPRLWUDGLFLMRPL
6YDNDYODVWSRVWDYOMD]DNRQH]DVYRMXNRULVW 9ODGDMXDNODVDXYLMHNMHEXGQRSD]LODQDPLOMHQMHVYRMLKXHQMDND2QDLK
WRMHYHDYODVWWRMHVWUDQLMDQMHQDXSRWUHED GLNWDWRUL
8QDWRJODVQLPIUD]DPDRGHPRNUDFLMLQDYODVWXJODYQRPGROD]HQRYL 8QDWRJODVQLPIUD]DPDRGHPRNUDFLMLQDYODVWXJODYQRPGROD]HQRYL
GLNWDWRUL WRMHYHDYODVWWRMHVWUDQLMDQMHQDXSRWUHED
ODGDMXDNODVDXYLMHNMHEXGQRSD]LODQDPLOMHQMHVYRMLKXHQMDND2QDLK
9 6YDNDYODVWSRVWDYOMD]DNRQH]DVYRMXNRULVW
MHSRGORLODVHELVYRMRPHNRQRPVNRPLSROLWLNRPPRLWUDGLFLMRPL
UHOLJLMRP 6YDLMDYODVWGRQHNLKJUDQLFD
9ODGDMXHJHQHUDFLMHQLVXQLNDGDLPDOHJODYQXXORJXXRVWYDULYDQMX 6WUDQHVXPDVHDNRLKYRGHORHYRH
PDWHULMDOQLKGMHODNRMHVXXWMHORYOMLYDOHQMLKRYHYULMHGQRVWL 8WRPVH 6ODERPRHYODGDWLYHOLNLPDRQDMNRMLQHPRHVKYDWLWLPDOH
SRJOHGXGRGDQDVQLMHQLWDL]PLMHQLOR
9ODGDMXHLGHMHMHGQRJYUHPHQDXYLMHNVXELOHLGHMHYODGDMXHNODVH
WRJDEXQH
3RVWRMLFHPHQWLUDQDVLODYODGDMXLKQDGPRQLKLVLODSRWODHQLKNRMLVHSURWLY
9ODGDWLMHXPLMHHVWYDUDQMDSUREOHPDDVQMLKRYLPVHUMHHQMLPDQDURGGUL
XQDSHWRVWL PLOMHQMH
3RVWRMHOMXGLNRMLVHXYLMHNRVMHDMXQDSDGQXWLPDNDGDQHWNRNDHVYRMH
9ODGDWL]QDLXPMHWLSUHGYLDWL
9ODGHVYRMVWYHQHVHELSRGFMHQMXMXVYRMHQDURGH NDGQDVWXSLNUL]DOMXGLH
YODVWROMXEOMH
SULKYDWLWLSURPMHQHXVYRPSRQDDQMX
3RVOLMHVDPROMXEOMDRGVYLKMHOMXGVNLKVWUDVWLQDMVQDQLMDLQDMVXURYLMD
9ODVWVHNXQHXQDURGQDURGNXQHYODVW 3RJODYDUVHWUHEDUDYQDWLSRQDURGXDQHREUDWQR
=QDDMNDMHYHOLNLKOMXGLGDGUXJLPDSRVWDYOMDMXPQRJRPDQMH]DKWMHYHQHJR 2VYRMLWLMHODNHQHJRYODGDWL
VDPLPDVHEL VYMHWVNRH]ORPDNDUWRLELRXSDOMDRSHNDWDVWURIH
DORVQR-HOLYUOLQDVOLMHSRYMHURYDQMHYODVWLPD" ERUED]DSUHYODVW/MXGLVXJRQMHQLSRKOHSRP]DYODVWLRWLPDWHVH]D
2QRWRVYDNLRYMHN]QDMHVWLQMHQLFDGDUD]YLWDNQDHJVYLMHWDRGUHXMH
2QRWRVYDNLRYMHN]QDMHVWLQMHQLFDGDUD]YLWDNQDHJVYLMHWDRGUHXMH
ERUED]DSUHYODVW/MXGLVXJRQMHQLSRKOHSRP]DYODVWLRWLPDWHVH]D DORVQR-HOLYUOLQDVOLMHSRYMHURYDQMHYODVWLPD"
VYMHWVNRH]ORPDNDUWRLELRXSDOMDRSHNDWDVWURIH VDPLPDVHEL
2VYRMLWLMHODNHQHJRYODGDWL =QDDMNDMHYHOLNLKOMXGLGDGUXJLPDSRVWDYOMDMXPQRJRPDQMH]DKWMHYHQHJR
3RJODYDUVHWUHEDUDYQDWLSRQDURGXDQHREUDWQR 9ODVWVHNXQHXQDURGQDURGNXQHYODVW
3RVOLMHVDPROMXEOMDRGVYLKMHOMXGVNLKVWUDVWLQDMVQDQLMDLQDMVXURYLMD
SULKYDWLWLSURPMHQHXVYRPSRQDDQMX
YODVWROMXEOMH
9ODGHVYRMVWYHQHVHELSRGFMHQMXMXVYRMHQDURGH NDGQDVWXSLNUL]DOMXGLH
9ODGDWL]QDLXPMHWLSUHGYLDWL
3RVWRMHOMXGLNRMLVHXYLMHNRVMHDMXQDSDGQXWLPDNDGDQHWNRNDHVYRMH
PLOMHQMH XQDSHWRVWL
9ODGDWLMHXPLMHHVWYDUDQMDSUREOHPDDVQMLKRYLPVHUMHHQMLPDQDURGGUL
3RVWRMLFHPHQWLUDQDVLODYODGDMXLKQDGPRQLKLVLODSRWODHQLKNRMLVHSURWLY
WRJDEXQH
9ODGDMXHLGHMHMHGQRJYUHPHQDXYLMHNVXELOHLGHMHYODGDMXHNODVH
SRJOHGXGRGDQDVQLMHQLWDL]PLMHQLOR
6ODERPRHYODGDWLYHOLNLPDRQDMNRMLQHPRHVKYDWLWLPDOH PDWHULMDOQLKGMHODNRMHVXXWMHORYOMLYDOHQMLKRYHYULMHGQRVWL 8WRPVH
6WUDQHVXPDVHDNRLKYRGHORHYRH 9ODGDMXHJHQHUDFLMHQLVXQLNDGDLPDOHJODYQXXORJXXRVWYDULYDQMX
6YDLMDYODVWGRQHNLKJUDQLFD UHOLJLMRP
MHSRGORLODVHELVYRMRPHNRQRPVNRPLSROLWLNRPPRLWUDGLFLMRPL
6YDNDYODVWSRVWDYOMD]DNRQH]DVYRMXNRULVW 9ODGDMXDNODVDXYLMHNMHEXGQRSD]LODQDPLOMHQMHVYRMLKXHQMDND2QDLK
WRMHYHDYODVWWRMHVWUDQLMDQMHQDXSRWUHED GLNWDWRUL
8QDWRJODVQLPIUD]DPDRGHPRNUDFLMLQDYODVWXJODYQRPGROD]HQRYL 8QDWRJODVQLPIUD]DPDRGHPRNUDFLMLQDYODVWXJODYQRPGROD]HQRYL
GLNWDWRUL WRMHYHDYODVWWRMHVWUDQLMDQMHQDXSRWUHED
ODGDMXDNODVDXYLMHNMHEXGQRSD]LODQDPLOMHQMHVYRMLKXHQMDND2QDLK
9 6YDNDYODVWSRVWDYOMD]DNRQH]DVYRMXNRULVW
MHSRGORLODVHELVYRMRPHNRQRPVNRPLSROLWLNRPPRLWUDGLFLMRPL
UHOLJLMRP 6YDLMDYODVWGRQHNLKJUDQLFD
9ODGDMXHJHQHUDFLMHQLVXQLNDGDLPDOHJODYQXXORJXXRVWYDULYDQMX 6WUDQHVXPDVHDNRLKYRGHORHYRH
PDWHULMDOQLKGMHODNRMHVXXWMHORYOMLYDOHQMLKRYHYULMHGQRVWL 8WRPVH 6ODERPRHYODGDWLYHOLNLPDRQDMNRMLQHPRHVKYDWLWLPDOH
SRJOHGXGRGDQDVQLMHQLWDL]PLMHQLOR
9ODGDMXHLGHMHMHGQRJYUHPHQDXYLMHNVXELOHLGHMHYODGDMXHNODVH
WRJDEXQH
3RVWRMLFHPHQWLUDQDVLODYODGDMXLKQDGPRQLKLVLODSRWODHQLKNRMLVHSURWLY
9ODGDWLMHXPLMHHVWYDUDQMDSUREOHPDDVQMLKRYLPVHUMHHQMLPDQDURGGUL
XQDSHWRVWL PLOMHQMH
3RVWRMHOMXGLNRMLVHXYLMHNRVMHDMXQDSDGQXWLPDNDGDQHWNRNDHVYRMH
9ODGDWL]QDLXPMHWLSUHGYLDWL
9ODGHVYRMVWYHQHVHELSRGFMHQMXMXVYRMHQDURGH NDGQDVWXSLNUL]DOMXGLH
YODVWROMXEOMH
SULKYDWLWLSURPMHQHXVYRPSRQDDQMX
3RVOLMHVDPROMXEOMDRGVYLKMHOMXGVNLKVWUDVWLQDMVQDQLMDLQDMVXURYLMD
9ODVWVHNXQHXQDURGQDURGNXQHYODVW 3RJODYDUVHWUHEDUDYQDWLSRQDURGXDQHREUDWQR
=QDDMNDMHYHOLNLKOMXGLGDGUXJLPDSRVWDYOMDMXPQRJRPDQMH]DKWMHYHQHJR 2VYRMLWLMHODNHQHJRYODGDWL
VDPLPDVHEL VYMHWVNRH]ORPDNDUWRLELRXSDOMDRSHNDWDVWURIH
DORVQR-HOLYUOLQDVOLMHSRYMHURYDQMHYODVWLPD" ERUED]DSUHYODVW/MXGLVXJRQMHQLSRKOHSRP]DYODVWLRWLPDWHVH]D
2QRWRVYDNLRYMHN]QDMHVWLQMHQLFDGDUD]YLWDNQDHJVYLMHWDRGUHXMH
p.DGJRGVLVWHPSRVWDQHSRWSXQRGHILQLUDQQHNLSURNOHWLYRDRWNULMHQHWR
XSUDYOMD=QDVHWNRXSUDYOMD WRGRNLQHVLVWHPLOLJDSURLULWDNRGDVHYLHQHPRHSUHSR]QDWL
9RDQH]QDRQSRXDYD2QDMNRML]QDLQL2QDMNRMLQH]QDSRXDYDWL .DGMHYRLGRVDGQRDNDGWRQLMH"VPHWD]DSRVOHQLPVDPR]DWRMHUYROL
]DGUHVYRMQRYDF GUXWYR2QVHQH]QDGRVDLYDWLVDPYHWLPH]DJDXMHLGUXJH
9RDQHWXJXMHRQNUYDUL=DQMHJDMHQHPRUDOQRGR]YROLWLQDLYLQDPDGD 8REYH]HYRDQHVSDGDVDPRVDYMHVQRL]YUDYDQMH]DSRYMHGQHPRLYHL
9RDQHWHLERJDWVWYXVYHGRNPRHLYMHWLXGREQRLLPDWLVYHWRSRHOL SUDYRGREQRSRYODHQMHVSRORDMD
SRGRQMDNH 9HOLNLYRHOMXGVNHUDVHMHVXRQLNRMLVXSUREXGLOLRYMHNDL]QMHJRYD
9RDQHVSDYDRQNRQWHPSOLUD1HSULMDWHOMMHXYLMHNEXGDQVYLLPDMX GULMHPHD
9RDQHLWDQRYLQHRQVHLQIRUPLUD 9RDEDQDOQHVWYDULUMHDYDRGPDKYDQHVWYDULQLNDG
SRGDQLNHDQHVXSDUQLNH6DPRHSRGUHHQLUDGLWLSRVDRMHGQLGUXJLPD 9RDXYDQRYFHNRGVHEHQRYDFNYDULOMXGH
9RDQDVWDMHVDPRDNRYHSRVWRMHVOMHGEHQLFL9RDQDVWRMLXPQRLWL 9RDLPDSULURGQRMHGDGRELYD
9RDQDMJODVQLMHYLHRQXYLMHNGRELYDULMH 9RDLPDYODVWSULURGQRMHGDRGUHXMHSUDYLOD
9RDPRH]DXWLWLMHGLQRDNRPXVHRGUHHMH]LNDOLQLWRQLMHVLJXUQR 9RDMHEHVNUYDQNDNRWRGDRQGDNUYDUL"
VWDMDOLWHVYRMLKSRGDQLNDSURJODDYDPLVWLILNDFLMRP 9RDMHHOHPHQWDUQDQHSRJRGD
9RDNRMLQHWRQHUD]XPLMHRVLPVYRMLKSUD]QLKXYMHUHQMDVYDNRR]ELOMQR 9RDMHJUR]QDVOLNDQH]DSRVOHQRVWL]DSRVOHQLK
9RDNRMLQHPRHXYMHULWLQDVWRML]EXQLWL 9RDMHNDRGLRGDLQIRUPDFLMHSULPDVDPRXMHGQRPVPMHUXDNRMHXRSH
9RDMHXYLMHNXSUDYX UDVSRORHQ
VLWQHSRJUHNHGRNVUOMDXJROHPX]DEOXGX 9RDMHQHWNRNRPHEHVNUDMQRWUHEDMXGUXJL9RDMHRVREDNRMDL]EMHJDYD
9RDMHQHWNRNRPHEHVNUDMQRWUHEDMXGUXJL9RDMHRVREDNRMDL]EMHJDYD VLWQHSRJUHNHGRNVUOMDXJROHPX]DEOXGX
UDVSRORHQ 9RDMHXYLMHNXSUDYX
9RDMHNDRGLRGDLQIRUPDFLMHSULPDVDPRXMHGQRPVPMHUXDNRMHXRSH 9RDNRMLQHPRHXYMHULWLQDVWRML]EXQLWL
9RDMHJUR]QDVOLNDQH]DSRVOHQRVWL]DSRVOHQLK 9RDNRMLQHWRQHUD]XPLMHRVLPVYRMLKSUD]QLKXYMHUHQMDVYDNRR]ELOMQR
9RDMHHOHPHQWDUQDQHSRJRGD VWDMDOLWHVYRMLKSRGDQLNDSURJODDYDPLVWLILNDFLMRP
9RDMHEHVNUYDQNDNRWRGDRQGDNUYDUL" 9RDPRH]DXWLWLMHGLQRDNRPXVHRGUHHMH]LNDOLQLWRQLMHVLJXUQR
9RDLPDYODVWSULURGQRMHGDRGUHXMHSUDYLOD 9RDQDMJODVQLMHYLHRQXYLMHNGRELYDULMH
9RDLPDSULURGQRMHGDGRELYD 9RDQDVWDMHVDPRDNRYHSRVWRMHVOMHGEHQLFL9RDQDVWRMLXPQRLWL
9RDXYDQRYFHNRGVHEHQRYDFNYDULOMXGH SRGDQLNHDQHVXSDUQLNH6DPRHSRGUHHQLUDGLWLSRVDRMHGQLGUXJLPD
9RDEDQDOQHVWYDULUMHDYDRGPDKYDQHVWYDULQLNDG 9RDQHLWDQRYLQHRQVHLQIRUPLUD
GULMHPHD 9RDQHVSDYDRQNRQWHPSOLUD1HSULMDWHOMMHXYLMHNEXGDQVYLLPDMX
9HOLNLYRHOMXGVNHUDVHMHVXRQLNRMLVXSUREXGLOLRYMHNDL]QMHJRYD SRGRQMDNH
SUDYRGREQRSRYODHQMHVSRORDMD 9RDQHWHLERJDWVWYXVYHGRNPRHLYMHWLXGREQRLLPDWLVYHWRSRHOL
8REYH]HYRDQHVSDGDVDPRVDYMHVQRL]YUDYDQMH]DSRYMHGQHPRLYHL 9RDQHWXJXMHRQNUYDUL=DQMHJDMHQHPRUDOQRGR]YROLWLQDLYLQDPDGD
GUXWYR2QVHQH]QDGRVDLYDWLVDPYHWLPH]DJDXMHLGUXJH ]DGUHVYRMQRYDF
.DGMHYRLGRVDGQRDNDGWRQLMH"VPHWD]DSRVOHQLPVDPR]DWRMHUYROL 9RDQH]QDRQSRXDYD2QDMNRML]QDLQL2QDMNRMLQH]QDSRXDYDWL
WRGRNLQHVLVWHPLOLJDSURLULWDNRGDVHYLHQHPRHSUHSR]QDWL XSUDYOMD=QDVHWNRXSUDYOMD
p.DGJRGVLVWHPSRVWDQHSRWSXQRGHILQLUDQQHNLSURNOHWLYRDRWNULMHQHWR
p.DGJRGVLVWHPSRVWDQHSRWSXQRGHILQLUDQQHNLSURNOHWLYRDRWNULMHQHWR
XSUDYOMD=QDVHWNRXSUDYOMD WRGRNLQHVLVWHPLOLJDSURLULWDNRGDVHYLHQHPRHSUHSR]QDWL
9RDQH]QDRQSRXDYD2QDMNRML]QDLQL2QDMNRMLQH]QDSRXDYDWL .DGMHYRLGRVDGQRDNDGWRQLMH"VPHWD]DSRVOHQLPVDPR]DWRMHUYROL
]DGUHVYRMQRYDF GUXWYR2QVHQH]QDGRVDLYDWLVDPYHWLPH]DJDXMHLGUXJH
9RDQHWXJXMHRQNUYDUL=DQMHJDMHQHPRUDOQRGR]YROLWLQDLYLQDPDGD 8REYH]HYRDQHVSDGDVDPRVDYMHVQRL]YUDYDQMH]DSRYMHGQHPRLYHL
9RDQHWHLERJDWVWYXVYHGRNPRHLYMHWLXGREQRLLPDWLVYHWRSRHOL SUDYRGREQRSRYODHQMHVSRORDMD
SRGRQMDNH 9HOLNLYRHOMXGVNHUDVHMHVXRQLNRMLVXSUREXGLOLRYMHNDL]QMHJRYD
9RDQHVSDYDRQNRQWHPSOLUD1HSULMDWHOMMHXYLMHNEXGDQVYLLPDMX GULMHPHD
9RDQHLWDQRYLQHRQVHLQIRUPLUD 9RDEDQDOQHVWYDULUMHDYDRGPDKYDQHVWYDULQLNDG
SRGDQLNHDQHVXSDUQLNH6DPRHSRGUHHQLUDGLWLSRVDRMHGQLGUXJLPD 9RDXYDQRYFHNRGVHEHQRYDFNYDULOMXGH
9RDQDVWDMHVDPRDNRYHSRVWRMHVOMHGEHQLFL9RDQDVWRMLXPQRLWL 9RDLPDSULURGQRMHGDGRELYD
9RDQDMJODVQLMHYLHRQXYLMHNGRELYDULMH 9RDLPDYODVWSULURGQRMHGDRGUHXMHSUDYLOD
9RDPRH]DXWLWLMHGLQRDNRPXVHRGUHHMH]LNDOLQLWRQLMHVLJXUQR 9RDMHEHVNUYDQNDNRWRGDRQGDNUYDUL"
VWDMDOLWHVYRMLKSRGDQLNDSURJODDYDPLVWLILNDFLMRP 9RDMHHOHPHQWDUQDQHSRJRGD
9RDNRMLQHWRQHUD]XPLMHRVLPVYRMLKSUD]QLKXYMHUHQMDVYDNRR]ELOMQR 9RDMHJUR]QDVOLNDQH]DSRVOHQRVWL]DSRVOHQLK
9RDNRMLQHPRHXYMHULWLQDVWRML]EXQLWL 9RDMHNDRGLRGDLQIRUPDFLMHSULPDVDPRXMHGQRPVPMHUXDNRMHXRSH
9RDMHXYLMHNXSUDYX UDVSRORHQ
VLWQHSRJUHNHGRNVUOMDXJROHPX]DEOXGX 9RDMHQHWNRNRPHEHVNUDMQRWUHEDMXGUXJL9RDMHRVREDNRMDL]EMHJDYD
9RDMHQHWNRNRPHEHVNUDMQRWUHEDMXGUXJL9RDMHRVREDNRMDL]EMHJDYD VLWQHSRJUHNHGRNVUOMDXJROHPX]DEOXGX
UDVSRORHQ 9RDMHXYLMHNXSUDYX
9RDMHNDRGLRGDLQIRUPDFLMHSULPDVDPRXMHGQRPVPMHUXDNRMHXRSH 9RDNRMLQHPRHXYMHULWLQDVWRML]EXQLWL
9RDMHJUR]QDVOLNDQH]DSRVOHQRVWL]DSRVOHQLK 9RDNRMLQHWRQHUD]XPLMHRVLPVYRMLKSUD]QLKXYMHUHQMDVYDNRR]ELOMQR
9RDMHHOHPHQWDUQDQHSRJRGD VWDMDOLWHVYRMLKSRGDQLNDSURJODDYDPLVWLILNDFLMRP
9RDMHEHVNUYDQNDNRWRGDRQGDNUYDUL" 9RDPRH]DXWLWLMHGLQRDNRPXVHRGUHHMH]LNDOLQLWRQLMHVLJXUQR
9RDLPDYODVWSULURGQRMHGDRGUHXMHSUDYLOD 9RDQDMJODVQLMHYLHRQXYLMHNGRELYDULMH
9RDLPDSULURGQRMHGDGRELYD 9RDQDVWDMHVDPRDNRYHSRVWRMHVOMHGEHQLFL9RDQDVWRMLXPQRLWL
9RDXYDQRYFHNRGVHEHQRYDFNYDULOMXGH SRGDQLNHDQHVXSDUQLNH6DPRHSRGUHHQLUDGLWLSRVDRMHGQLGUXJLPD
9RDEDQDOQHVWYDULUMHDYDRGPDKYDQHVWYDULQLNDG 9RDQHLWDQRYLQHRQVHLQIRUPLUD
GULMHPHD 9RDQHVSDYDRQNRQWHPSOLUD1HSULMDWHOMMHXYLMHNEXGDQVYLLPDMX
9HOLNLYRHOMXGVNHUDVHMHVXRQLNRMLVXSUREXGLOLRYMHNDL]QMHJRYD SRGRQMDNH
SUDYRGREQRSRYODHQMHVSRORDMD 9RDQHWHLERJDWVWYXVYHGRNPRHLYMHWLXGREQRLLPDWLVYHWRSRHOL
8REYH]HYRDQHVSDGDVDPRVDYMHVQRL]YUDYDQMH]DSRYMHGQHPRLYHL 9RDQHWXJXMHRQNUYDUL=DQMHJDMHQHPRUDOQRGR]YROLWLQDLYLQDPDGD
GUXWYR2QVHQH]QDGRVDLYDWLVDPYHWLPH]DJDXMHLGUXJH ]DGUHVYRMQRYDF
.DGMHYRLGRVDGQRDNDGWRQLMH"VPHWD]DSRVOHQLPVDPR]DWRMHUYROL 9RDQH]QDRQSRXDYD2QDMNRML]QDLQL2QDMNRMLQH]QDSRXDYDWL
WRGRNLQHVLVWHPLOLJDSURLULWDNRGDVHYLHQHPRHSUHSR]QDWL XSUDYOMD=QDVHWNRXSUDYOMD
p.DGJRGVLVWHPSRVWDQHSRWSXQRGHILQLUDQQHNLSURNOHWLYRDRWNULMHQHWR
9RDQHHSRVWXSLWLUD]XPQRDNDNRLVFUSLVYHGUXJHPRJXQRVWL$NR
GUXJDLMHQHLGHRQGDLGHSRWHQR PDORPRUJHQ
QDLQ
9RDQHPDYUHPHQD]DWHPHOMLWXUDVSUDYXDOLVH]DWRKYDWD]DQHNXRIXFDQX 9RLQRMHSULURGQRSUDYRGDMHGQRVWDYQHVWYDULNRPSOLFLUDQDQDMJRULPRJXL
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1RYDFMHQRYLREOLNURSVWYD
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1RYDFNRMLVHSRVMHGXMHVUHGVWYRMH]DVORERGXDRQDM]DNRMLPVHMXUL 1RYDFNRMLVHSRVMHGXMHVUHGVWYRMH]DVORERGXDRQDM]DNRMLPVHMXUL
VUHGVWYRMH]DURSVWYR
1RYDFMHQRYLREOLNURSVWYD
1RYDFPRHXLQLRYMHNDKUDEULPLVDPRSRX]GDQLP
1RYDFMHNRULMHQ]OD
1RYDFQHVPUGL
1RYDFMHLSDNQRYDF1DMYHLQDMMDLLQDMVDYUHQLMLJRVSRGDUQDVYLMHWX
1RYDFVWYDUDQHNXYUVWXJDQJUHQR]QHRWXSMHORVWL
1RYDFLOLKYDVXJODYQDVUHGVWYD]DJXHQMHRSHVORERGH
1RYDFYODGDVYLMHWRPSRSXWKDOXFLQDFLMH
NRMHQHYROH
1RYDFGDNDNRVDPSRVHELQLWDQHYULMHGL-HGLQDMHQMHJRYDYULMHGQRVWX QHPDMX]DNXSRYLQXVWYDULNRMHQHWUHEDMXNDNRELWLPHLPSRQLUDOLOMXGLPD
DVXNDGVHRGQMHJDGLMHOLPR -HGLQRWRVHPRHUDGLWLEH]QRYFDVXGXJRYL0QRJLOMXGLNRULVWHQRYDFNRML
3RVWRMLVDPRMHGQDGUXWYHQDNODVDNRMDYLHRGERJDWLKPLVOLQDQRYDFDWR UDXQ
VXVLURPDQL 'REUHVXQDPMHUHHNRYLNRMHQHWNRL]GDQDEDQNXNRGNRMHQHPDRWYRUHQ
6SRVREQRVWNRMDMHYHLQLOMXGLQDMELWQLMDMHVWVSRVREQRVWSODDQMD HPXQRYDFXUXFLEH]XPQRM"
6YDNRJRVSRGDUVWYRSRLYDQDNUHGLWQRPVXVWDYXWRMHVWQDSRJUHQRM %RJYODGDQDQHEXDQRYDFQD]HPOML
SUHWSRVWDYFLGDHGUXJLYUDWLWLSRVXHQQRYDF
6YHWRQDP]DLVWDNRULVWLPRHVHGRELWL]DPDORQRYDFD6DPRRQRWRQDP WUHQXWNXNDGDSRQHNLD]DKWLMHYDWHGDPXJDYUDWLWH
QHWUHEDVWRMLSXQR %DQNDUMHRYMHNNRMLHYDPSRVXGLWLVYRMNLREUDQGRNVXQFHVMDDXRQRP
6YLMHWVHELQRVWLLIRUPDOQLKULWXDODVWYRULRMHQRYDFNRMLMHRYMHNXRWXHQR $NRHOLXSR]QDWLYULMHGQRVWQRYFDSRNXDMJDSRVXGLWL
ELHQMHJRYDUDGDLQMHJRYDSRVWRMDQMDLWRWXHELHQMLPHYODGDDRQPXVH SVD
PROL $NRVHLVSUDYQRSRQDDWHSUHPDQRYFXWUDWH]DYDPDSRSXWSRVOXQRJ
$NRSRVWRMLGRYROMQRQRYDFDVYUHWDNMHRELQRVUHWDQ
$NRSRVWRMLGRYROMQRQRYDFDVYUHWDNMHRELQRVUHWDQ
$NRVHLVSUDYQRSRQDDWHSUHPDQRYFXWUDWH]DYDPDSRSXWSRVOXQRJ PROL
SVD ELHQMHJRYDUDGDLQMHJRYDSRVWRMDQMDLWRWXHELHQMLPHYODGDDRQPXVH
$NRHOLXSR]QDWLYULMHGQRVWQRYFDSRNXDMJDSRVXGLWL 6YLMHWVHELQRVWLLIRUPDOQLKULWXDODVWYRULRMHQRYDFNRMLMHRYMHNXRWXHQR
%DQNDUMHRYMHNNRMLHYDPSRVXGLWLVYRMNLREUDQGRNVXQFHVMDDXRQRP QHWUHEDVWRMLSXQR
WUHQXWNXNDGDSRQHNLD]DKWLMHYDWHGDPXJDYUDWLWH 6YHWRQDP]DLVWDNRULVWLPRHVHGRELWL]DPDORQRYDFD6DPRRQRWRQDP
SUHWSRVWDYFLGDHGUXJLYUDWLWLSRVXHQQRYDF
%RJYODGDQDQHEXDQRYDFQD]HPOML 6YDNRJRVSRGDUVWYRSRLYDQDNUHGLWQRPVXVWDYXWRMHVWQDSRJUHQRM
HPXQRYDFXUXFLEH]XPQRM" 6SRVREQRVWNRMDMHYHLQLOMXGLQDMELWQLMDMHVWVSRVREQRVWSODDQMD
'REUHVXQDPMHUHHNRYLNRMHQHWNRL]GDQDEDQNXNRGNRMHQHPDRWYRUHQ VXVLURPDQL
UDXQ 3RVWRMLVDPRMHGQDGUXWYHQDNODVDNRMDYLHRGERJDWLKPLVOLQDQRYDFDWR
-HGLQRWRVHPRHUDGLWLEH]QRYFDVXGXJRYL0QRJLOMXGLNRULVWHQRYDFNRML DVXNDGVHRGQMHJDGLMHOLPR
QHPDMX]DNXSRYLQXVWYDULNRMHQHWUHEDMXNDNRELWLPHLPSRQLUDOLOMXGLPD 1RYDFGDNDNRVDPSRVHELQLWDQHYULMHGL-HGLQDMHQMHJRYDYULMHGQRVWX
NRMHQHYROH
1RYDFYODGDVYLMHWRPSRSXWKDOXFLQDFLMH
1RYDFLOLKYDVXJODYQDVUHGVWYD]DJXHQMHRSHVORERGH
1RYDFVWYDUDQHNXYUVWXJDQJUHQR]QHRWXSMHORVWL
1RYDFMHLSDNQRYDF1DMYHLQDMMDLLQDMVDYUHQLMLJRVSRGDUQDVYLMHWX
1RYDFQHVPUGL
1RYDFMHNRULMHQ]OD
1RYDFPRHXLQLRYMHNDKUDEULPLVDPRSRX]GDQLP
1RYDFMHQRYLREOLNURSVWYD
VUHGVWYRMH]DURSVWYR
1RYDFNRMLVHSRVMHGXMHVUHGVWYRMH]DVORERGXDRQDM]DNRMLPVHMXUL 1RYDFNRMLVHSRVMHGXMHVUHGVWYRMH]DVORERGXDRQDM]DNRMLPVHMXUL
VUHGVWYRMH]DURSVWYR
1RYDFMHQRYLREOLNURSVWYD
1RYDFPRHXLQLRYMHNDKUDEULPLVDPRSRX]GDQLP
1RYDFMHNRULMHQ]OD
1RYDFQHVPUGL
1RYDFMHLSDNQRYDF1DMYHLQDMMDLLQDMVDYUHQLMLJRVSRGDUQDVYLMHWX
1RYDFVWYDUDQHNXYUVWXJDQJUHQR]QHRWXSMHORVWL
1RYDFLOLKYDVXJODYQDVUHGVWYD]DJXHQMHRSHVORERGH
1RYDFYODGDVYLMHWRPSRSXWKDOXFLQDFLMH
NRMHQHYROH
1RYDFGDNDNRVDPSRVHELQLWDQHYULMHGL-HGLQDMHQMHJRYDYULMHGQRVWX QHPDMX]DNXSRYLQXVWYDULNRMHQHWUHEDMXNDNRELWLPHLPSRQLUDOLOMXGLPD
DVXNDGVHRGQMHJDGLMHOLPR -HGLQRWRVHPRHUDGLWLEH]QRYFDVXGXJRYL0QRJLOMXGLNRULVWHQRYDFNRML
3RVWRMLVDPRMHGQDGUXWYHQDNODVDNRMDYLHRGERJDWLKPLVOLQDQRYDFDWR UDXQ
VXVLURPDQL 'REUHVXQDPMHUHHNRYLNRMHQHWNRL]GDQDEDQNXNRGNRMHQHPDRWYRUHQ
6SRVREQRVWNRMDMHYHLQLOMXGLQDMELWQLMDMHVWVSRVREQRVWSODDQMD HPXQRYDFXUXFLEH]XPQRM"
6YDNRJRVSRGDUVWYRSRLYDQDNUHGLWQRPVXVWDYXWRMHVWQDSRJUHQRM %RJYODGDQDQHEXDQRYDFQD]HPOML
SUHWSRVWDYFLGDHGUXJLYUDWLWLSRVXHQQRYDF
6YHWRQDP]DLVWDNRULVWLPRHVHGRELWL]DPDORQRYDFD6DPRRQRWRQDP WUHQXWNXNDGDSRQHNLD]DKWLMHYDWHGDPXJDYUDWLWH
QHWUHEDVWRMLSXQR %DQNDUMHRYMHNNRMLHYDPSRVXGLWLVYRMNLREUDQGRNVXQFHVMDDXRQRP
6YLMHWVHELQRVWLLIRUPDOQLKULWXDODVWYRULRMHQRYDFNRMLMHRYMHNXRWXHQR $NRHOLXSR]QDWLYULMHGQRVWQRYFDSRNXDMJDSRVXGLWL
ELHQMHJRYDUDGDLQMHJRYDSRVWRMDQMDLWRWXHELHQMLPHYODGDDRQPXVH SVD
PROL $NRVHLVSUDYQRSRQDDWHSUHPDQRYFXWUDWH]DYDPDSRSXWSRVOXQRJ
$NRSRVWRMLGRYROMQRQRYDFDVYUHWDNMHRELQRVUHWDQ
NRQRYFHOMXELQLNDGLKGRVWDQHPD
7
=DQRYDFMHLERJDPRJXHNXSLWL=DQRYFHPVHQHVPLMHWUDWL7UHEDPXLL
o6DYSRVMHGMHSRVXHQRGVXGELQH XVXVUHW
NRMDVHXSUDYLOXQHPRHEUDQLWL =DSRVOHQLNXMHSODDWRMHGRPDRMLYRWLQMLKUDQD
p$NRMHYLHRGMHGQHRVREHRGJRYRUQR]DSRJUHNXWUDLWHVHRQDQHYLQD
RYMHNDQLWDQHLQLVYDGOMLYLMLPRGVSR]QDMHGDLPDGRYROMQRQRYFD]D
p6YDNRLPDSODQNRMLQHSDOL GREURJRGYMHWQLND
p8YLMHNMHSDUWQHUWDMNRMLJULMHL o=DRVLJXUDQMDMHYDQRGDMHVWUDKRGWHWHYHLRGYMHURMDWQRVWLGDHWHWD
6YHWRSRLQMHORH]DYUDYDMRORLMH QDVWDWL
6YHLGHQDRSDNRRGMHGQRP p$NRQHWRPRHSRLQDRSDNRSRLHQDRSDNR$NRSRVWRMLPRJXQRVWGD
YLHVWYDULSRHQDRSDNRSRLHQDRSDNRRQDNRMDHSURX]URLWLQDMYHX
WHWX%H]RE]LUDWRSRORQDRSDNRYMHURMDWQRHVHEDWRLQLWLLVSUDYQLP
3ULMHLOLNDVQLMHPRUDVH]ELWLQDMJRULPRJXLVWLFDMRNROQRVWL
UH]XOWDWDUDGD .DGVHJUHNDRWNULMHD]DWLPLVSUDYLXVWDQRYLWHVHGDMH]DSUDYRQD
SRORDMDVYHVYRMHYULMHPHSURYRGLQDVDVWDQFLPDLXSRWSLVLYDQMXWXLK SRHWNXVYHELORWRQR1DNRQWRVHLVSRVWDYLGDMHLVSUDYNDELODSRJUHQD
3RVWRMLWHQGHQFLMDGDRVREDNRMDVHODNWRYLPDGRJXUDODGRXWMHFDMQRJ ELWHQHPRJXHL]YRUQXYHOLLQXYUDWLWLXMHGQDGEX%H]RE]LUDNDNDYELR
UDGXLRQLNRMLUDGH GRELYHQLUH]XOWDWXYLMHNHVHQHWNRQDLVSUHPDQGDJDSRJUHQR
3RVWRMHWULYUVWHOMXGL RQLNRMLWLKRVMHGHLQHUDGHQLWDRQLNRMLJRYRUHR LQWHUSUHWLUDNULYRWYRULLOLYMHUXMHGDMHGRELYHQSUHPDQMHJRYRMRPLOMHQRM
WHRULML
3RVDRMHYLHRGQRYFD3RVDRNRMLGRQRVLVDPRQRYDFQLMHGREDUSRVDR
.DGJRGNRMDPHKDQLNDQDSUDYD]DNDHWRHVHGRJRGLWLXQDMQHSRYROMQLMH
QHJDWLYQHUH]XOWDWHXRVWDORPNDRLSR]LWLYQDRHNLYDQMD PRJXHYULMHPH
1DSUDYLWLSRVDRXPLUXMHVWGRELWDNYUHPHQD1HJDWLYQDRHNLYDQMDGDMX
0ROL%RMLEODJRVORY]DVYRMSRVDRDOLQHPRM]DKWLMHYDWLLGDJDRQXLQL
0ROL%RMLEODJRVORY]DVYRMSRVDRDOLQHPRM]DKWLMHYDWLLGDJDRQXLQL
1DSUDYLWLSRVDRXPLUXMHVWGRELWDNYUHPHQD1HJDWLYQDRHNLYDQMDGDMX
PRJXHYULMHPH QHJDWLYQHUH]XOWDWHXRVWDORPNDRLSR]LWLYQDRHNLYDQMD
.DGJRGNRMDPHKDQLNDQDSUDYD]DNDHWRHVHGRJRGLWLXQDMQHSRYROMQLMH
3RVDRMHYLHRGQRYFD3RVDRNRMLGRQRVLVDPRQRYDFQLMHGREDUSRVDR
WHRULML
LQWHUSUHWLUDNULYRWYRULLOLYMHUXMHGDMHGRELYHQSUHPDQMHJRYRMRPLOMHQRM 3RVWRMHWULYUVWHOMXGL RQLNRMLWLKRVMHGHLQHUDGHQLWDRQLNRMLJRYRUHR
GRELYHQLUH]XOWDWXYLMHNHVHQHWNRQDLVSUHPDQGDJDSRJUHQR UDGXLRQLNRMLUDGH
ELWHQHPRJXHL]YRUQXYHOLLQXYUDWLWLXMHGQDGEX%H]RE]LUDNDNDYELR 3RVWRMLWHQGHQFLMDGDRVREDNRMDVHODNWRYLPDGRJXUDODGRXWMHFDMQRJ
SRHWNXVYHELORWRQR1DNRQWRVHLVSRVWDYLGDMHLVSUDYNDELODSRJUHQD SRORDMDVYHVYRMHYULMHPHSURYRGLQDVDVWDQFLPDLXSRWSLVLYDQMXWXLK
.DGVHJUHNDRWNULMHD]DWLPLVSUDYLXVWDQRYLWHVHGDMH]DSUDYRQD UH]XOWDWDUDGD
3ULMHLOLNDVQLMHPRUDVH]ELWLQDMJRULPRJXLVWLFDMRNROQRVWL
WHWX%H]RE]LUDWRSRORQDRSDNRYMHURMDWQRHVHEDWRLQLWLLVSUDYQLP
YLHVWYDULSRHQDRSDNRSRLHQDRSDNRRQDNRMDHSURX]URLWLQDMYHX
p$NRQHWRPRHSRLQDRSDNRSRLHQDRSDNR$NRSRVWRMLPRJXQRVWGD 6YHLGHQDRSDNRRGMHGQRP
QDVWDWL 6YHWRSRLQMHORH]DYUDYDMRORLMH
o=DRVLJXUDQMDMHYDQRGDMHVWUDKRGWHWHYHLRGYMHURMDWQRVWLGDHWHWD p8YLMHNMHSDUWQHUWDMNRMLJULMHL
GREURJRGYMHWQLND p6YDNRLPDSODQNRMLQHSDOL
RYMHNDQLWDQHLQLVYDGOMLYLMLPRGVSR]QDMHGDLPDGRYROMQRQRYFD]D
p$NRMHYLHRGMHGQHRVREHRGJRYRUQR]DSRJUHNXWUDLWHVHRQDQHYLQD
=DSRVOHQLNXMHSODDWRMHGRPDRMLYRWLQMLKUDQD NRMDVHXSUDYLOXQHPRHEUDQLWL
XVXVUHW o6DYSRVMHGMHSRVXHQRGVXGELQH
=DQRYDFMHLERJDPRJXHNXSLWL=DQRYFHPVHQHVPLMHWUDWL7UHEDPXLL
7NRQRYFHOMXELQLNDGLKGRVWDQHPD
NRQRYFHOMXELQLNDGLKGRVWDQHPD
7
=DQRYDFMHLERJDPRJXHNXSLWL=DQRYFHPVHQHVPLMHWUDWL7UHEDPXLL
o6DYSRVMHGMHSRVXHQRGVXGELQH XVXVUHW
NRMDVHXSUDYLOXQHPRHEUDQLWL =DSRVOHQLNXMHSODDWRMHGRPDRMLYRWLQMLKUDQD
p$NRMHYLHRGMHGQHRVREHRGJRYRUQR]DSRJUHNXWUDLWHVHRQDQHYLQD
RYMHNDQLWDQHLQLVYDGOMLYLMLPRGVSR]QDMHGDLPDGRYROMQRQRYFD]D
p6YDNRLPDSODQNRMLQHSDOL GREURJRGYMHWQLND
p8YLMHNMHSDUWQHUWDMNRMLJULMHL o=DRVLJXUDQMDMHYDQRGDMHVWUDKRGWHWHYHLRGYMHURMDWQRVWLGDHWHWD
6YHWRSRLQMHORH]DYUDYDMRORLMH QDVWDWL
6YHLGHQDRSDNRRGMHGQRP p$NRQHWRPRHSRLQDRSDNRSRLHQDRSDNR$NRSRVWRMLPRJXQRVWGD
YLHVWYDULSRHQDRSDNRSRLHQDRSDNRRQDNRMDHSURX]URLWLQDMYHX
WHWX%H]RE]LUDWRSRORQDRSDNRYMHURMDWQRHVHEDWRLQLWLLVSUDYQLP
3ULMHLOLNDVQLMHPRUDVH]ELWLQDMJRULPRJXLVWLFDMRNROQRVWL
UH]XOWDWDUDGD .DGVHJUHNDRWNULMHD]DWLPLVSUDYLXVWDQRYLWHVHGDMH]DSUDYRQD
SRORDMDVYHVYRMHYULMHPHSURYRGLQDVDVWDQFLPDLXSRWSLVLYDQMXWXLK SRHWNXVYHELORWRQR1DNRQWRVHLVSRVWDYLGDMHLVSUDYNDELODSRJUHQD
3RVWRMLWHQGHQFLMDGDRVREDNRMDVHODNWRYLPDGRJXUDODGRXWMHFDMQRJ ELWHQHPRJXHL]YRUQXYHOLLQXYUDWLWLXMHGQDGEX%H]RE]LUDNDNDYELR
UDGXLRQLNRMLUDGH GRELYHQLUH]XOWDWXYLMHNHVHQHWNRQDLVSUHPDQGDJDSRJUHQR
3RVWRMHWULYUVWHOMXGL RQLNRMLWLKRVMHGHLQHUDGHQLWDRQLNRMLJRYRUHR LQWHUSUHWLUDNULYRWYRULLOLYMHUXMHGDMHGRELYHQSUHPDQMHJRYRMRPLOMHQRM
WHRULML
3RVDRMHYLHRGQRYFD3RVDRNRMLGRQRVLVDPRQRYDFQLMHGREDUSRVDR
.DGJRGNRMDPHKDQLNDQDSUDYD]DNDHWRHVHGRJRGLWLXQDMQHSRYROMQLMH
QHJDWLYQHUH]XOWDWHXRVWDORPNDRLSR]LWLYQDRHNLYDQMD PRJXHYULMHPH
1DSUDYLWLSRVDRXPLUXMHVWGRELWDNYUHPHQD1HJDWLYQDRHNLYDQMDGDMX
0ROL%RMLEODJRVORY]DVYRMSRVDRDOLQHPRM]DKWLMHYDWLLGDJDRQXLQL
0ROL%RMLEODJRVORY]DVYRMSRVDRDOLQHPRM]DKWLMHYDWLLGDJDRQXLQL
1DSUDYLWLSRVDRXPLUXMHVWGRELWDNYUHPHQD1HJDWLYQDRHNLYDQMDGDMX
PRJXHYULMHPH QHJDWLYQHUH]XOWDWHXRVWDORPNDRLSR]LWLYQDRHNLYDQMD
.DGJRGNRMDPHKDQLNDQDSUDYD]DNDHWRHVHGRJRGLWLXQDMQHSRYROMQLMH
3RVDRMHYLHRGQRYFD3RVDRNRMLGRQRVLVDPRQRYDFQLMHGREDUSRVDR
WHRULML
LQWHUSUHWLUDNULYRWYRULLOLYMHUXMHGDMHGRELYHQSUHPDQMHJRYRMRPLOMHQRM 3RVWRMHWULYUVWHOMXGL RQLNRMLWLKRVMHGHLQHUDGHQLWDRQLNRMLJRYRUHR
GRELYHQLUH]XOWDWXYLMHNHVHQHWNRQDLVSUHPDQGDJDSRJUHQR UDGXLRQLNRMLUDGH
ELWHQHPRJXHL]YRUQXYHOLLQXYUDWLWLXMHGQDGEX%H]RE]LUDNDNDYELR 3RVWRMLWHQGHQFLMDGDRVREDNRMDVHODNWRYLPDGRJXUDODGRXWMHFDMQRJ
SRHWNXVYHELORWRQR1DNRQWRVHLVSRVWDYLGDMHLVSUDYNDELODSRJUHQD SRORDMDVYHVYRMHYULMHPHSURYRGLQDVDVWDQFLPDLXSRWSLVLYDQMXWXLK
.DGVHJUHNDRWNULMHD]DWLPLVSUDYLXVWDQRYLWHVHGDMH]DSUDYRQD UH]XOWDWDUDGD
3ULMHLOLNDVQLMHPRUDVH]ELWLQDMJRULPRJXLVWLFDMRNROQRVWL
WHWX%H]RE]LUDWRSRORQDRSDNRYMHURMDWQRHVHEDWRLQLWLLVSUDYQLP
YLHVWYDULSRHQDRSDNRSRLHQDRSDNRRQDNRMDHSURX]URLWLQDMYHX
p$NRQHWRPRHSRLQDRSDNRSRLHQDRSDNR$NRSRVWRMLPRJXQRVWGD 6YHLGHQDRSDNRRGMHGQRP
QDVWDWL 6YHWRSRLQMHORH]DYUDYDMRORLMH
o=DRVLJXUDQMDMHYDQRGDMHVWUDKRGWHWHYHLRGYMHURMDWQRVWLGDHWHWD p8YLMHNMHSDUWQHUWDMNRMLJULMHL
GREURJRGYMHWQLND p6YDNRLPDSODQNRMLQHSDOL
RYMHNDQLWDQHLQLVYDGOMLYLMLPRGVSR]QDMHGDLPDGRYROMQRQRYFD]D
p$NRMHYLHRGMHGQHRVREHRGJRYRUQR]DSRJUHNXWUDLWHVHRQDQHYLQD
=DSRVOHQLNXMHSODDWRMHGRPDRMLYRWLQMLKUDQD NRMDVHXSUDYLOXQHPRHEUDQLWL
XVXVUHW o6DYSRVMHGMHSRVXHQRGVXGELQH
=DQRYDFMHLERJDPRJXHNXSLWL=DQRYFHPVHQHVPLMHWUDWL7UHEDPXLL
7NRQRYFHOMXELQLNDGLKGRVWDQHPD
1DMYDQLMLSURL]YRGVYDNHWULQHSULYUHGHMHSRWURD
p
1HVSRUQRMHGDLYLPRQDUDXQQHUD]YLMHQLKQDURGDGDQDDSUHYHOLND 7UJRYLQDMHNRODYDUDQMD
SRWURQMDVPDQMXMHQMLKRYHPRJXQRVWLSRWURQMHMHUVHRQROLNRNROLNRPL UJRYLQDFLYLOL]LUDDOLLNYDULQDURGH
7
]DKWLMHYDPR]DVHEHQHPRHXLQLWLUDVSRORLYLP]DVYH
p7UJRYFLVYHJVYLMHWDSULSDGDMXLVWRMUHOLJLML
p$NRMHPDORXODJDQMHGXHMHYULMHPHSURL]YRGQMHPDQMLMHEURM]DSRVOHQLK
LPDOLMHSURILW DNRMHYHHXODJDQMHNUDHMHYULMHPHSURL]YRGQMHDSURILW VSRVREQRVWLVYRMLKVXUDGQLND
]DGRYROMDYD DNRMHVX]QDWQDXODJDQMDSRWUHEQRMHNUDWNRYULMHPMHMHGLQLFL p6SRVREQRVWHIDSUHSR]QDMHVHSRQMHJRYRMVSRVREQRVWLGDSUHSR]QD
SURL]YRGDDSURILWMHYLVRN LOLNDVWXWMPRQRSROL]LUDMXVYRMXNRPSHWHQFLMXLL]QMHVWYRUHL]YRUPRL
.DGSURILWSRVWDQHJODYQLFLOMDQHRSHGREUROMXGLRQGDVXRWYRUHQDYUDWD SULPMHUSRVWRMDWLNLUXU]L3RWUHEQRMHVDPRVSULMHLWLGDVHQHXGUXHXNODVX
L]UDEOMLYDQMXLVRFLMDOQRMQHSUDYGL o1HPDPQLWDSURWLYVWUXQMDND2QLHXYLMHNSRVWRMDWL8YLMHNHQD
p'REDUSURSDJDQGLVWPRHXYMHULWLLSRPRXLVWLQH p-DRYGMHVDPRVOXEXMHPDOLQHPLVOLP
o.DGDSURSDGQHNXDYHOLNDDWRSRJDDSXQRRELQLKOMXGL 3ULKYDDMUL]LNDOLYRGLUDXQDRVYRMLPPRJXQRVWLPDLSULOLNDPD
p8VYDNRPSURUDXQXVYDNDJUHNDNRMDVHPRHSRWNUDVWLWRHLXLQLWL SRQHWRSDWQMH
6YDNDJUHNDPDXNRMHPSURUDXQXYRGLWHNQDMYHRMWHWL 1LWDVHXLYRWXQHSRVWLHEH]QDSRUDVPMHORVWLGDVHSUHX]PHUL]LNLHVWR
p$OLPDNDNYHELOHWHWHSRYH]DQHVWHKQLNLPQDSUHWNRPUD]YRMVHQHPRH 1LWNRQLNDGDQLMHSRVWLJDRQHWRYHOLNRDGDVHQLMHL]ORLRUL]LNX
]DXVWDYLWL L]EDFHL]NRORWHLQH]UHOLMDOLQRVWRGXPMHWQLND"
5D]YRMSUHWSRVWDYOMDVXSVWLWXFLMXOMXGVNLKPLLDL]QRMDVURERWLPDLVLYRP XELORWRNRMHJYDUOMLYDVUHDLOLRGQRVLOMXGLXQMHJRYRMRNROLQLQLNDGDQH
PDWHULMRPRVWYDUHQXNUR]DGDSWLUDQXWHKQRORJLMX p-HOLMHRYMHNNRMLQLWDQHULVNLUDNRMLMHVWDOQRQDRSUH]XGDVHQHXPLMHD
o3UHLFDMHQDMYHDXGDOMHQRVWL]PHXGYLMXWRDND o5HNODPDMHXPLMHHGDVHQDQLDQLJODYDDSRJRGLQRYDUND
o5HNODPDMHXPLMHHGDVHQDQLDQLJODYDDSRJRGLQRYDUND o3UHLFDMHQDMYHDXGDOMHQRVWL]PHXGYLMXWRDND
p-HOLMHRYMHNNRMLQLWDQHULVNLUDNRMLMHVWDOQRQDRSUH]XGDVHQHXPLMHD PDWHULMRPRVWYDUHQXNUR]DGDSWLUDQXWHKQRORJLMX
XELORWRNRMHJYDUOMLYDVUHDLOLRGQRVLOMXGLXQMHJRYRMRNROLQLQLNDGDQH 5D]YRMSUHWSRVWDYOMDVXSVWLWXFLMXOMXGVNLKPLLDL]QRMDVURERWLPDLVLYRP
L]EDFHL]NRORWHLQH]UHOLMDOLQRVWRGXPMHWQLND" ]DXVWDYLWL
1LWNRQLNDGDQLMHSRVWLJDRQHWRYHOLNRDGDVHQLMHL]ORLRUL]LNX p$OLPDNDNYHELOHWHWHSRYH]DQHVWHKQLNLPQDSUHWNRPUD]YRMVHQHPRH
1LWDVHXLYRWXQHSRVWLHEH]QDSRUDVPMHORVWLGDVHSUHX]PHUL]LNLHVWR 6YDNDJUHNDPDXNRMHPSURUDXQXYRGLWHNQDMYHRMWHWL
SRQHWRSDWQMH p8VYDNRPSURUDXQXVYDNDJUHNDNRMDVHPRHSRWNUDVWLWRHLXLQLWL
3ULKYDDMUL]LNDOLYRGLUDXQDRVYRMLPPRJXQRVWLPDLSULOLNDPD o.DGDSURSDGQHNXDYHOLNDDWRSRJDDSXQRRELQLKOMXGL
p-DRYGMHVDPRVOXEXMHPDOLQHPLVOLP p'REDUSURSDJDQGLVWPRHXYMHULWLLSRPRXLVWLQH
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ULYLOHJLMLVYLKYUVWDVXJUREVORERGHLSUDYHGQRVWL
3
SXDQVWYD 3RVOMHGLFDQMHJRYDQMHPUQMHMHPDVRYQLQDUFL]DPLSULYLOHJLMDQHUD]YLMHQLKL
SRGUXMXVRFLRHNRQRPVNLKUHIRUPLDNRHOLVRFLMDOQREODJRVWDQMHVYRMHJ QHGRYROMQRSRWYUHQLKNXOWXUD'RYROMQRVHVDPRVMHWLWLNROLNRVXNQMLJD
'UDYDNRMDHOL]GUDYRGUXWYRPRUDXORLWLSXQRYLHUDGLNDOQLKPMHUDX SURLWDOLWDNRYLGXKRYLYRHWLMHNRPVYRJUDGQRJLLYRWQRJYLMHND
$NRVXNQMLQLFHSUD]QHD]DWYRULSXQLWRLKSRYH]XMH"
p
'UDYDMHL]YDQUHGQDPMHUDSURWLYNDRVD'UDYDMHSRMDYOMLYDQMH%RJD
.RGYHLQH]DWYRUDQHYLGHVHUHHWNH6YDNRXWRLWHSURORVWLMHVW]DWYRU
SUHYLHVNUEHRVHELVDPLPD'UDYDMHL]XPNRMDFLMHSDGUXWYRQDNODVH
7NRVHHOLRVLJXUDWLSURWLYVYHJDGRSULQRVLLUHQMX]DWYRUD
p'UDYDELVHSUYHQVWYHQRWUHEDODVNUELWLRVLURPDQLPD%RJDWLVHQDDORVW
=DSURFMHQXGUDYHWUHEDYLGMHWLQMH]LQH]DWYRUHL]QXWUD
GXQRVW
]QDDMQLPSRGUXMLPDYULMHGHVORERGQDYODVWLWDRGJRYRUQRVWLGUXWYHQD
'HPRNUDWVNDVYLMHVWJUDDQDXVSLMHYDVDPRXGUXWYXXNRPQDVYLP =DNRQMDHJDMHQDMYHHEH]DNRQMH
NDRLQDMMDHP GHPRNUDFLMDGUDYDGXPDQGLNWDWXUDWLUDQLMDRSR]LFLMD
'HPRNUDFLMDRQDNRNDNRMHMDYLGLPPRUDQDMVODELMHP]DMDPLWLLVWHSULOLNH WRWDOLWDUL]DPFHQWUDOL]DFLMDSUHVLMHVLODWHURUDXWRULWDUQRVW
UD]ERULWRVWLGDQLMHGQXRGQMLKQHNRULVWL
'HPRNUDFLMDSRLYDQDWULQDHOD QDVORERGLVDYMHVWLQDVORERGLJRYRUDLQD p$NRSUHGVWDYQLFLRYHGUDYHQDSUDYHQHWRJOXSRLPHNDRQMHQJUDDQLQ
QHXELWLSRJRHQWR]QDLGDQHLYLPXGHPRNUDWLQRMGUDYL
'HPRNUDFLMDQLMHSLWDQMHVYUVLVKRGQRVWLYHPRUDOD
LPQHWNRRGUDYQLPSRVORYLPDNDH WRVHWRPHQHWLH"PRHPR
'HPRNUDFLMDMHXPLMHHGDVHQDURGVYHDQRYDUDXLPHQDURGD RHNLYDWLGDVHGUDYLVSUHPD]OR'HPRNUDFLMDLQH]DYLVQRVWSUHGVWDYOMDMX
]DVOXLOL NRPSOHPHQWDUQHLQHRGYRMLYHVWYDUQRVWL L]JXELWLSUYX]QDLORELL]JXELWL
'HPRNUDFLMDMHSRVWXSDNNRMLMDPLGDVHQDPDQHYODGDEROMHQHJRWRVPR GUXJLLREUQXWR
UHYQDYODGD 'HPRNUDFLMDMHSRKOHSDSRMHGLQFDNRMXQDG]LUHGUXWYRQRQHEDSUHYLH
'HPRNUDFLMDMHSRKOHSDSRMHGLQFDNRMXQDG]LUHGUXWYRQRQHEDSUHYLH UHYQDYODGD
GUXJLLREUQXWR 'HPRNUDFLMDMHSRVWXSDNNRMLMDPLGDVHQDPDQHYODGDEROMHQHJRWRVPR
NRPSOHPHQWDUQHLQHRGYRMLYHVWYDUQRVWL L]JXELWLSUYX]QDLORELL]JXELWL ]DVOXLOL
RHNLYDWLGDVHGUDYLVSUHPD]OR'HPRNUDFLMDLQH]DYLVQRVWSUHGVWDYOMDMX 'HPRNUDFLMDMHXPLMHHGDVHQDURGVYHDQRYDUDXLPHQDURGD
LPQHWNRRGUDYQLPSRVORYLPDNDH WRVHWRPHQHWLH"PRHPR
'HPRNUDFLMDQLMHSLWDQMHVYUVLVKRGQRVWLYHPRUDOD
QHXELWLSRJRHQWR]QDLGDQHLYLPXGHPRNUDWLQRMGUDYL
p$NRSUHGVWDYQLFLRYHGUDYHQDSUDYHQHWRJOXSRLPHNDRQMHQJUDDQLQ 'HPRNUDFLMDSRLYDQDWULQDHOD QDVORERGLVDYMHVWLQDVORERGLJRYRUDLQD
UD]ERULWRVWLGDQLMHGQXRGQMLKQHNRULVWL
WRWDOLWDUL]DPFHQWUDOL]DFLMDSUHVLMHVLODWHURUDXWRULWDUQRVW 'HPRNUDFLMDRQDNRNDNRMHMDYLGLPPRUDQDMVODELMHP]DMDPLWLLVWHSULOLNH
GHPRNUDFLMDGUDYDGXPDQGLNWDWXUDWLUDQLMDRSR]LFLMD NDRLQDMMDHP
DNRQMDHJDMHQDMYHHEH]DNRQMH
= 'HPRNUDWVNDVYLMHVWJUDDQDXVSLMHYDVDPRXGUXWYXXNRPQDVYLP
]QDDMQLPSRGUXMLPDYULMHGHVORERGQDYODVWLWDRGJRYRUQRVWLGUXWYHQD
GXQRVW
=DSURFMHQXGUDYHWUHEDYLGMHWLQMH]LQH]DWYRUHL]QXWUD
p'UDYDELVHSUYHQVWYHQRWUHEDODVNUELWLRVLURPDQLPD%RJDWLVHQDDORVW
7NRVHHOLRVLJXUDWLSURWLYVYHJDGRSULQRVLLUHQMX]DWYRUD
SUHYLHVNUEHRVHELVDPLPD'UDYDMHL]XPNRMDFLMHSDGUXWYRQDNODVH
.RGYHLQH]DWYRUDQHYLGHVHUHHWNH6YDNRXWRLWHSURORVWLMHVW]DWYRU
'UDYDMHL]YDQUHGQDPMHUDSURWLYNDRVD'UDYDMHSRMDYOMLYDQMH%RJD
p$NRVXNQMLQLFHSUD]QHD]DWYRULSXQLWRLKSRYH]XMH"
SURLWDOLWDNRYLGXKRYLYRHWLMHNRPVYRJUDGQRJLLYRWQRJYLMHND 'UDYDNRMDHOL]GUDYRGUXWYRPRUDXORLWLSXQRYLHUDGLNDOQLKPMHUDX
QHGRYROMQRSRWYUHQLKNXOWXUD'RYROMQRVHVDPRVMHWLWLNROLNRVXNQMLJD SRGUXMXVRFLRHNRQRPVNLKUHIRUPLDNRHOLVRFLMDOQREODJRVWDQMHVYRMHJ
3RVOMHGLFDQMHJRYDQMHPUQMHMHPDVRYQLQDUFL]DPLSULYLOHJLMDQHUD]YLMHQLKL SXDQVWYD
3ULYLOHJLMLVYLKYUVWDVXJUREVORERGHLSUDYHGQRVWL
ULYLOHJLMLVYLKYUVWDVXJUREVORERGHLSUDYHGQRVWL
3
SXDQVWYD 3RVOMHGLFDQMHJRYDQMHPUQMHMHPDVRYQLQDUFL]DPLSULYLOHJLMDQHUD]YLMHQLKL
SRGUXMXVRFLRHNRQRPVNLKUHIRUPLDNRHOLVRFLMDOQREODJRVWDQMHVYRMHJ QHGRYROMQRSRWYUHQLKNXOWXUD'RYROMQRVHVDPRVMHWLWLNROLNRVXNQMLJD
'UDYDNRMDHOL]GUDYRGUXWYRPRUDXORLWLSXQRYLHUDGLNDOQLKPMHUDX SURLWDOLWDNRYLGXKRYLYRHWLMHNRPVYRJUDGQRJLLYRWQRJYLMHND
p$NRVXNQMLQLFHSUD]QHD]DWYRULSXQLWRLKSRYH]XMH"
'UDYDMHL]YDQUHGQDPMHUDSURWLYNDRVD'UDYDMHSRMDYOMLYDQMH%RJD
.RGYHLQH]DWYRUDQHYLGHVHUHHWNH6YDNRXWRLWHSURORVWLMHVW]DWYRU
SUHYLHVNUEHRVHELVDPLPD'UDYDMHL]XPNRMDFLMHSDGUXWYRQDNODVH
7NRVHHOLRVLJXUDWLSURWLYVYHJDGRSULQRVLLUHQMX]DWYRUD
p'UDYDELVHSUYHQVWYHQRWUHEDODVNUELWLRVLURPDQLPD%RJDWLVHQDDORVW
=DSURFMHQXGUDYHWUHEDYLGMHWLQMH]LQH]DWYRUHL]QXWUD
GXQRVW
]QDDMQLPSRGUXMLPDYULMHGHVORERGQDYODVWLWDRGJRYRUQRVWLGUXWYHQD
'HPRNUDWVNDVYLMHVWJUDDQDXVSLMHYDVDPRXGUXWYXXNRPQDVYLP =DNRQMDHJDMHQDMYHHEH]DNRQMH
NDRLQDMMDHP GHPRNUDFLMDGUDYDGXPDQGLNWDWXUDWLUDQLMDRSR]LFLMD
'HPRNUDFLMDRQDNRNDNRMHMDYLGLPPRUDQDMVODELMHP]DMDPLWLLVWHSULOLNH WRWDOLWDUL]DPFHQWUDOL]DFLMDSUHVLMHVLODWHURUDXWRULWDUQRVW
UD]ERULWRVWLGDQLMHGQXRGQMLKQHNRULVWL
'HPRNUDFLMDSRLYDQDWULQDHOD QDVORERGLVDYMHVWLQDVORERGLJRYRUDLQD p$NRSUHGVWDYQLFLRYHGUDYHQDSUDYHQHWRJOXSRLPHNDRQMHQJUDDQLQ
QHXELWLSRJRHQWR]QDLGDQHLYLPXGHPRNUDWLQRMGUDYL
'HPRNUDFLMDQLMHSLWDQMHVYUVLVKRGQRVWLYHPRUDOD
LPQHWNRRGUDYQLPSRVORYLPDNDH WRVHWRPHQHWLH"PRHPR
'HPRNUDFLMDMHXPLMHHGDVHQDURGVYHDQRYDUDXLPHQDURGD RHNLYDWLGDVHGUDYLVSUHPD]OR'HPRNUDFLMDLQH]DYLVQRVWSUHGVWDYOMDMX
]DVOXLOL NRPSOHPHQWDUQHLQHRGYRMLYHVWYDUQRVWL L]JXELWLSUYX]QDLORELL]JXELWL
'HPRNUDFLMDMHSRVWXSDNNRMLMDPLGDVHQDPDQHYODGDEROMHQHJRWRVPR GUXJLLREUQXWR
UHYQDYODGD 'HPRNUDFLMDMHSRKOHSDSRMHGLQFDNRMXQDG]LUHGUXWYRQRQHEDSUHYLH
'HPRNUDFLMDMHSRKOHSDSRMHGLQFDNRMXQDG]LUHGUXWYRQRQHEDSUHYLH UHYQDYODGD
GUXJLLREUQXWR 'HPRNUDFLMDMHSRVWXSDNNRMLMDPLGDVHQDPDQHYODGDEROMHQHJRWRVPR
NRPSOHPHQWDUQHLQHRGYRMLYHVWYDUQRVWL L]JXELWLSUYX]QDLORELL]JXELWL ]DVOXLOL
RHNLYDWLGDVHGUDYLVSUHPD]OR'HPRNUDFLMDLQH]DYLVQRVWSUHGVWDYOMDMX 'HPRNUDFLMDMHXPLMHHGDVHQDURGVYHDQRYDUDXLPHQDURGD
LPQHWNRRGUDYQLPSRVORYLPDNDH WRVHWRPHQHWLH"PRHPR
'HPRNUDFLMDQLMHSLWDQMHVYUVLVKRGQRVWLYHPRUDOD
QHXELWLSRJRHQWR]QDLGDQHLYLPXGHPRNUDWLQRMGUDYL
p$NRSUHGVWDYQLFLRYHGUDYHQDSUDYHQHWRJOXSRLPHNDRQMHQJUDDQLQ 'HPRNUDFLMDSRLYDQDWULQDHOD QDVORERGLVDYMHVWLQDVORERGLJRYRUDLQD
UD]ERULWRVWLGDQLMHGQXRGQMLKQHNRULVWL
WRWDOLWDUL]DPFHQWUDOL]DFLMDSUHVLMHVLODWHURUDXWRULWDUQRVW 'HPRNUDFLMDRQDNRNDNRMHMDYLGLPPRUDQDMVODELMHP]DMDPLWLLVWHSULOLNH
GHPRNUDFLMDGUDYDGXPDQGLNWDWXUDWLUDQLMDRSR]LFLMD NDRLQDMMDHP
DNRQMDHJDMHQDMYHHEH]DNRQMH
= 'HPRNUDWVNDVYLMHVWJUDDQDXVSLMHYDVDPRXGUXWYXXNRPQDVYLP
]QDDMQLPSRGUXMLPDYULMHGHVORERGQDYODVWLWDRGJRYRUQRVWLGUXWYHQD
GXQRVW
=DSURFMHQXGUDYHWUHEDYLGMHWLQMH]LQH]DWYRUHL]QXWUD
p'UDYDELVHSUYHQVWYHQRWUHEDODVNUELWLRVLURPDQLPD%RJDWLVHQDDORVW
7NRVHHOLRVLJXUDWLSURWLYVYHJDGRSULQRVLLUHQMX]DWYRUD
SUHYLHVNUEHRVHELVDPLPD'UDYDMHL]XPNRMDFLMHSDGUXWYRQDNODVH
.RGYHLQH]DWYRUDQHYLGHVHUHHWNH6YDNRXWRLWHSURORVWLMHVW]DWYRU
'UDYDMHL]YDQUHGQDPMHUDSURWLYNDRVD'UDYDMHSRMDYOMLYDQMH%RJD
p$NRVXNQMLQLFHSUD]QHD]DWYRULSXQLWRLKSRYH]XMH"
SURLWDOLWDNRYLGXKRYLYRHWLMHNRPVYRJUDGQRJLLYRWQRJYLMHND 'UDYDNRMDHOL]GUDYRGUXWYRPRUDXORLWLSXQRYLHUDGLNDOQLKPMHUDX
QHGRYROMQRSRWYUHQLKNXOWXUD'RYROMQRVHVDPRVMHWLWLNROLNRVXNQMLJD SRGUXMXVRFLRHNRQRPVNLKUHIRUPLDNRHOLVRFLMDOQREODJRVWDQMHVYRMHJ
3RVOMHGLFDQMHJRYDQMHPUQMHMHPDVRYQLQDUFL]DPLSULYLOHJLMDQHUD]YLMHQLKL SXDQVWYD
3ULYLOHJLMLVYLKYUVWDVXJUREVORERGHLSUDYHGQRVWL
'UDYDQLNDGDQLMHXUHHQMH]DVQRYDQRVDPRQDNRULVWLSURILWXLSURELWNX
1D]UFDOXYUHPHQDRQDVHREOLNXMHSRSXWOHGHQRJFYLMHWDQDSUR]RUVNRP VDPRGRSDGQRVWL2QGDNOHGRLVWDSUHGVWDYOMDYHLQX
RNQXLWRMHGQDNRQHSURUDXQDWRMHGQDNRSUROD]QR8QDJRPLODQRMPRL 7LUDQLQMHVPMHVDNXNDYLOXNDRJUDQLHQRVWLVDPRYROMHQHRGJRYRUQRVWLL
NRMXQD]LYDPRGUDYRPXWMHORYOMXMXVHSREXGHQDNXOWXUXDQDVWDMX p*GMH]DYUDYD]DNRQSRLQMHWLUDQLMD
PHXVREQLPGMHORYDQMHPVQDJDQDMUD]OLLWLMHJSRGULMHWOD7DX]UDVODELOMND
GUDYDUD]ORJVYRJSRVWRMDQMDNDVQLMHWUDLXVHELVDPRM OMXGVNRVHPRUDVQDLNDNRELRSVWDOR
8NRMHPJRGVPMHUXJOHGDOL VYXJGMHGRLYOMDYDPRGLNWDWXUXVWYDUL$RQR
'UDYQLFLREMHPDQRJDPDYUVWROHEGHL]QDGLQMHQLFD
VHELQRVHVYRMXGLNWDWXUX
-DYQLLYRWGUDYDVRJUDQLHQRPVORERGRPXSUDYRMH]DWRWDNRVNURPDQ 0QRJLPLVOHGDVXVORERGQLMHUPRJXUDGLWLWRHOHDQHSULPMHXMXGDX
WDNRMDGDQWDNRVKHPDWL]LUDQWDNRQHSORGDQMHULVNOMXLYDQMHPGHPRNUDFLMH
]DWYDUDLYHL]YRUHXPQRJERJDWVWYDLQDSUHWND p'LNWDWXUDMHGUDYDXNRMRMVHVYLERMHMHGQRJDLMHGDQVYLK
.DNRMHVORERGDSUHGXYMHW]DGHPRNUDFLMXWDNRYLHGHPRNUDFLMHWHNVWYDUD o%ROMHMHWLVXXGXPDQDL]YDQNXHQHJRMHGDQXNXL
SURVWRUXNRMHPVHVORERGDPRHSUDNWLFLUDWL YLHQHHPRLRWMHUDWLVNRUPLOD
1DMEROMDRGVYLKGHPRNUDFLMDMHGHPRNUDFLMDVPUW6RFLMDOL]DPEH] 7NRXORLPYUHPHQLPDGUDYXSULPDXVYRMEURGXGREULPMHYUHPHQLPD
GHPRNUDFLMHMHEHVPLVOHQWHQHPRHIXQNFLRQLUDWL6RFLMDOL]DPLVORERGDVH XNLGDGHPRNUDFLMXVORERGH
LVNOMXXMXSRGHILQLFLML 7NRQDHORYHLQHHOLXNLQXWLL]DPLMHQLWLJDYODGDYLQRPDSVROXWQHLVWLQHWDM
6UHWDQWUHQXWDNGHPRNUDFLMH NDGDVHYODGDPRUDSRNRULWLGREURMYROML VKYDDWLGHPRNUDFLMX
QDURGD NRQ]HUYLUD]DEUDQDPDSUHVWDMHELWLGHPRNUDWVNRSULMHQHJRWRSRQH
6WRSRVWRWQDGHPRNUDFLMD QLWNRQLMHWDNREH]QDDMDQGDQHELPRJDR 6YDNRGHPRNUDWVNRGUXWYRNRMHVYRMHNRQIOLNWHQHUMHDYDYHLK
QDNRGLWLQHNRPGUXJRPH ]DKRGLELWLSRVWDYOMHQLQDSUYRPLOLGUXJRPNDWX
6XRGOXLYDQMHGDMHRGDEUDQLPODQRYLPD]DSRVOHQLNRJYLMHDSUDYRGD VXUDXMXNRGRGDELUDMHODXNDQWLQLLGDPRJXL]UD]LWLVYRMHHOMHKRHOL
VXUDXMXNRGRGDELUDMHODXNDQWLQLLGDPRJXL]UD]LWLVYRMHHOMHKRHOL 6XRGOXLYDQMHGDMHRGDEUDQLPODQRYLPD]DSRVOHQLNRJYLMHDSUDYRGD
]DKRGLELWLSRVWDYOMHQLQDSUYRPLOLGUXJRPNDWX QDNRGLWLQHNRPGUXJRPH
6YDNRGHPRNUDWVNRGUXWYRNRMHVYRMHNRQIOLNWHQHUMHDYDYHLK 6WRSRVWRWQDGHPRNUDFLMD QLWNRQLMHWDNREH]QDDMDQGDQHELPRJDR
NRQ]HUYLUD]DEUDQDPDSUHVWDMHELWLGHPRNUDWVNRSULMHQHJRWRSRQH QDURGD
VKYDDWLGHPRNUDFLMX 6UHWDQWUHQXWDNGHPRNUDFLMH NDGDVHYODGDPRUDSRNRULWLGREURMYROML
7NRQDHORYHLQHHOLXNLQXWLL]DPLMHQLWLJDYODGDYLQRPDSVROXWQHLVWLQHWDM LVNOMXXMXSRGHILQLFLML
XNLGDGHPRNUDFLMXVORERGH GHPRNUDFLMHMHEHVPLVOHQWHQHPRHIXQNFLRQLUDWL6RFLMDOL]DPLVORERGDVH
7NRXORLPYUHPHQLPDGUDYXSULPDXVYRMEURGXGREULPMHYUHPHQLPD 1DMEROMDRGVYLKGHPRNUDFLMDMHGHPRNUDFLMDVPUW6RFLMDOL]DPEH]
YLHQHHPRLRWMHUDWLVNRUPLOD SURVWRUXNRMHPVHVORERGDPRHSUDNWLFLUDWL
o%ROMHMHWLVXXGXPDQDL]YDQNXHQHJRMHGDQXNXL .DNRMHVORERGDSUHGXYMHW]DGHPRNUDFLMXWDNRYLHGHPRNUDFLMHWHNVWYDUD
p'LNWDWXUDMHGUDYDXNRMRMVHVYLERMHMHGQRJDLMHGDQVYLK ]DWYDUDLYHL]YRUHXPQRJERJDWVWYDLQDSUHWND
WDNRMDGDQWDNRVKHPDWL]LUDQWDNRQHSORGDQMHULVNOMXLYDQMHPGHPRNUDFLMH
0QRJLPLVOHGDVXVORERGQLMHUPRJXUDGLWLWRHOHDQHSULPMHXMXGDX -DYQLLYRWGUDYDVRJUDQLHQRPVORERGRPXSUDYRMH]DWRWDNRVNURPDQ
VHELQRVHVYRMXGLNWDWXUX
'UDYQLFLREMHPDQRJDPDYUVWROHEGHL]QDGLQMHQLFD
8NRMHPJRGVPMHUXJOHGDOL VYXJGMHGRLYOMDYDPRGLNWDWXUXVWYDUL$RQR
OMXGVNRVHPRUDVQDLNDNRELRSVWDOR GUDYDUD]ORJVYRJSRVWRMDQMDNDVQLMHWUDLXVHELVDPRM
PHXVREQLPGMHORYDQMHPVQDJDQDMUD]OLLWLMHJSRGULMHWOD7DX]UDVODELOMND
p*GMH]DYUDYD]DNRQSRLQMHWLUDQLMD NRMXQD]LYDPRGUDYRPXWMHORYOMXMXVHSREXGHQDNXOWXUXDQDVWDMX
7LUDQLQMHVPMHVDNXNDYLOXNDRJUDQLHQRVWLVDPRYROMHQHRGJRYRUQRVWLL RNQXLWRMHGQDNRQHSURUDXQDWRMHGQDNRSUROD]QR8QDJRPLODQRMPRL
VDPRGRSDGQRVWL2QGDNOHGRLVWDSUHGVWDYOMDYHLQX 1D]UFDOXYUHPHQDRQDVHREOLNXMHSRSXWOHGHQRJFYLMHWDQDSUR]RUVNRP
'UDYDQLNDGDQLMHXUHHQMH]DVQRYDQRVDPRQDNRULVWLSURILWXLSURELWNX
'UDYDQLNDGDQLMHXUHHQMH]DVQRYDQRVDPRQDNRULVWLSURILWXLSURELWNX
1D]UFDOXYUHPHQDRQDVHREOLNXMHSRSXWOHGHQRJFYLMHWDQDSUR]RUVNRP VDPRGRSDGQRVWL2QGDNOHGRLVWDSUHGVWDYOMDYHLQX
RNQXLWRMHGQDNRQHSURUDXQDWRMHGQDNRSUROD]QR8QDJRPLODQRMPRL 7LUDQLQMHVPMHVDNXNDYLOXNDRJUDQLHQRVWLVDPRYROMHQHRGJRYRUQRVWLL
NRMXQD]LYDPRGUDYRPXWMHORYOMXMXVHSREXGHQDNXOWXUXDQDVWDMX p*GMH]DYUDYD]DNRQSRLQMHWLUDQLMD
PHXVREQLPGMHORYDQMHPVQDJDQDMUD]OLLWLMHJSRGULMHWOD7DX]UDVODELOMND
GUDYDUD]ORJVYRJSRVWRMDQMDNDVQLMHWUDLXVHELVDPRM OMXGVNRVHPRUDVQDLNDNRELRSVWDOR
8NRMHPJRGVPMHUXJOHGDOL VYXJGMHGRLYOMDYDPRGLNWDWXUXVWYDUL$RQR
'UDYQLFLREMHPDQRJDPDYUVWROHEGHL]QDGLQMHQLFD
VHELQRVHVYRMXGLNWDWXUX
-DYQLLYRWGUDYDVRJUDQLHQRPVORERGRPXSUDYRMH]DWRWDNRVNURPDQ 0QRJLPLVOHGDVXVORERGQLMHUPRJXUDGLWLWRHOHDQHSULPMHXMXGDX
WDNRMDGDQWDNRVKHPDWL]LUDQWDNRQHSORGDQMHULVNOMXLYDQMHPGHPRNUDFLMH
]DWYDUDLYHL]YRUHXPQRJERJDWVWYDLQDSUHWND p'LNWDWXUDMHGUDYDXNRMRMVHVYLERMHMHGQRJDLMHGDQVYLK
.DNRMHVORERGDSUHGXYMHW]DGHPRNUDFLMXWDNRYLHGHPRNUDFLMHWHNVWYDUD o%ROMHMHWLVXXGXPDQDL]YDQNXHQHJRMHGDQXNXL
SURVWRUXNRMHPVHVORERGDPRHSUDNWLFLUDWL YLHQHHPRLRWMHUDWLVNRUPLOD
1DMEROMDRGVYLKGHPRNUDFLMDMHGHPRNUDFLMDVPUW6RFLMDOL]DPEH] 7NRXORLPYUHPHQLPDGUDYXSULPDXVYRMEURGXGREULPMHYUHPHQLPD
GHPRNUDFLMHMHEHVPLVOHQWHQHPRHIXQNFLRQLUDWL6RFLMDOL]DPLVORERGDVH XNLGDGHPRNUDFLMXVORERGH
LVNOMXXMXSRGHILQLFLML 7NRQDHORYHLQHHOLXNLQXWLL]DPLMHQLWLJDYODGDYLQRPDSVROXWQHLVWLQHWDM
6UHWDQWUHQXWDNGHPRNUDFLMH NDGDVHYODGDPRUDSRNRULWLGREURMYROML VKYDDWLGHPRNUDFLMX
QDURGD NRQ]HUYLUD]DEUDQDPDSUHVWDMHELWLGHPRNUDWVNRSULMHQHJRWRSRQH
6WRSRVWRWQDGHPRNUDFLMD QLWNRQLMHWDNREH]QDDMDQGDQHELPRJDR 6YDNRGHPRNUDWVNRGUXWYRNRMHVYRMHNRQIOLNWHQHUMHDYDYHLK
QDNRGLWLQHNRPGUXJRPH ]DKRGLELWLSRVWDYOMHQLQDSUYRPLOLGUXJRPNDWX
6XRGOXLYDQMHGDMHRGDEUDQLPODQRYLPD]DSRVOHQLNRJYLMHDSUDYRGD VXUDXMXNRGRGDELUDMHODXNDQWLQLLGDPRJXL]UD]LWLVYRMHHOMHKRHOL
VXUDXMXNRGRGDELUDMHODXNDQWLQLLGDPRJXL]UD]LWLVYRMHHOMHKRHOL 6XRGOXLYDQMHGDMHRGDEUDQLPODQRYLPD]DSRVOHQLNRJYLMHDSUDYRGD
]DKRGLELWLSRVWDYOMHQLQDSUYRPLOLGUXJRPNDWX QDNRGLWLQHNRPGUXJRPH
6YDNRGHPRNUDWVNRGUXWYRNRMHVYRMHNRQIOLNWHQHUMHDYDYHLK 6WRSRVWRWQDGHPRNUDFLMD QLWNRQLMHWDNREH]QDDMDQGDQHELPRJDR
NRQ]HUYLUD]DEUDQDPDSUHVWDMHELWLGHPRNUDWVNRSULMHQHJRWRSRQH QDURGD
VKYDDWLGHPRNUDFLMX 6UHWDQWUHQXWDNGHPRNUDFLMH NDGDVHYODGDPRUDSRNRULWLGREURMYROML
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LYRWD .ULYLFDLOLQHGXQRVWLWDYRJQDURGDQHSRVWRML.ULYQMDNDRLQHGXQRVWQLVX
.D]QDVHPRHXNLQXWLNULYQMDMHWUDMQD
.DNRSRYLMHVWQDL]PMHQFHL]D]LYDJUR]XLVPLMHK
3RYLMHVWQHVWYDUDMXSXDQLPHFLLJHQHUDOLYHPDVH .QMLHYQDSRYLMHVWMHSUDQMHQRJXVWDUFLPD
3RYLMHVWQHSR]QDMH]DGQMXULMH 0RGDELVHPRJORUHLGDMHNQMLHYQRVWQDMYMHURGRVWRMQLMDLQDMSRX]GDQLMD
3RYLMHVWQDVRSHQLWRVDPRREDYMHWDYDWRMHWRORDYODGDYLQD SRYLMHVWQDURGD
3RYLMHVWQDV QH XLPXGURVWL 0XHQMHNODQMHORPDH7RMHSRYLMHVW3RYLMHVWMHNRVWXUQLFD1HWUXGLWHVH
GDXYLMHNGDLVSLWDWHRYXSURORVWQRLLNUYL6YMHWORWUHEDWUDLWLX
3RYLMHVWMH]ELUNDLQMHQLFDNRMHVXVHPRJOHL]EMHL EXGXQRVWL
3RYLMHVWMHVYMHWORLVWLQH 1HNLOMXGLVPDWUDMXGDPDKDQMHVSRYLMHVQLPSUDYRPHVWRVOXLXJQMHWDYDQMX
3RYLMHVWMHVDPRSRSLV]ORLQDLQHVUHD GUXJLKQDURGD
OMXGVNLKUXNX 2VYMHWVNRMSRYLMHVWLVYHVHPRHUHLVYHWRPRHQDSDPHWSDVWLL
3RYLMHVWMHSXQDVDEODVQLKPRUDRGNRMLKVXQHNHSULURGQHDQHNHGMHOR QDMSHUYHU]QLMHPXPXDOLVDPRMHGQRQH GDMHUD]XPQD
PDQLSXODFLMH 3RYLMHVWRYMHDQVWYDWRMHMHGQDYHOLNDWUDJHGLMDXNRMRMVXQDMYHLMXQDFL
VHSUHGVWDYOMDFUQXNQMLJXREPDQMLYDQMDODNDMVWYDRYLQL]PDLLGHRORNH VYLMHVWLVDYMHVWSUDYGDL]DNRQLWRVWSOHPHQLWRVWLOMXEDY
3RYLMHVWMHRQRWRSRYMHVQLDULQDSUDYH1HRVSRUQRKLVWRULRJUDILMDVDPD]D 3RYLMHVWMHGLMDOHNWLNDERUEDL]PHXLGHRORJLMHLLGHMHLVWLQHL]PHXHOMHGD
3RYLMHVWMHQDMRSDVQLMLSURL]YRGWRJDMHVWYRULODNHPLMDLQWHOHNWD VYRMLYRWL]PLMHQLPRLWURPRVWLWRJDLYRWD
VXPQMDRQDRVDNDXMHRQHEXGXH]DNRMHVHSULERMDYDP 3RYLMHVWMHGRLVWDPDORYLHRGSRSLVD]ORLQDOXGRVWLLQHVUHDOMXGVNRJ
3RYLMHVWMHNDWDVWURID2QDMHNULYRWYRULODYHOLNDQHSURORVWLRNRMLPDVH URGD
GRJPLMHSURORVW]ERJRP 3RYLMHVWMHGRND]DODGDRWSRUYMHUVNLKSROLWLNLKYRDQLMHPRJD]DXVWDYLWL
SUREOHPLPD1DVUHXGREDLQNYL]LFLMHMH]DQDPDDWH]DRQHGRGLUOMLYRVWL QRYHSRJOHGHQDSRULMHNORLYRWDQD]HPOMLLOLRQHNLPGUXJLPVRFLRORNLP
QRYHSRJOHGHQDSRULMHNORLYRWDQD]HPOMLLOLRQHNLPGUXJLPVRFLRORNLP SUREOHPLPD1DVUHXGREDLQNYL]LFLMHMH]DQDPDDWH]DRQHGRGLUOMLYRVWL
3RYLMHVWMHGRND]DODGDRWSRUYMHUVNLKSROLWLNLKYRDQLMHPRJD]DXVWDYLWL GRJPLMHSURORVW]ERJRP
URGD 3RYLMHVWMHNDWDVWURID2QDMHNULYRWYRULODYHOLNDQHSURORVWLRNRMLPDVH
3RYLMHVWMHGRLVWDPDORYLHRGSRSLVD]ORLQDOXGRVWLLQHVUHDOMXGVNRJ VXPQMDRQDRVDNDXMHRQHEXGXH]DNRMHVHSULERMDYDP
VYRMLYRWL]PLMHQLPRLWURPRVWLWRJDLYRWD 3RYLMHVWMHQDMRSDVQLMLSURL]YRGWRJDMHVWYRULODNHPLMDLQWHOHNWD
3RYLMHVWMHGLMDOHNWLNDERUEDL]PHXLGHRORJLMHLLGHMHLVWLQHL]PHXHOMHGD 3RYLMHVWMHRQRWRSRYMHVQLDULQDSUDYH1HRVSRUQRKLVWRULRJUDILMDVDPD]D
VYLMHVWLVDYMHVWSUDYGDL]DNRQLWRVWSOHPHQLWRVWLOMXEDY VHSUHGVWDYOMDFUQXNQMLJXREPDQMLYDQMDODNDMVWYDRYLQL]PDLLGHRORNH
3RYLMHVWRYMHDQVWYDWRMHMHGQDYHOLNDWUDJHGLMDXNRMRMVXQDMYHLMXQDFL PDQLSXODFLMH
QDMSHUYHU]QLMHPXPXDOLVDPRMHGQRQH GDMHUD]XPQD 3RYLMHVWMHSXQDVDEODVQLKPRUDRGNRMLKVXQHNHSULURGQHDQHNHGMHOR
2VYMHWVNRMSRYLMHVWLVYHVHPRHUHLVYHWRPRHQDSDPHWSDVWLL OMXGVNLKUXNX
GUXJLKQDURGD 3RYLMHVWMHVDPRSRSLV]ORLQDLQHVUHD
1HNLOMXGLVPDWUDMXGDPDKDQMHVSRYLMHVQLPSUDYRPHVWRVOXLXJQMHWDYDQMX 3RYLMHVWMHVYMHWORLVWLQH
EXGXQRVWL 3RYLMHVWMH]ELUNDLQMHQLFDNRMHVXVHPRJOHL]EMHL
GDXYLMHNGDLVSLWDWHRYXSURORVWQRLLNUYL6YMHWORWUHEDWUDLWLX
0XHQMHNODQMHORPDH7RMHSRYLMHVW3RYLMHVWMHNRVWXUQLFD1HWUXGLWHVH 3RYLMHVWQDV QH XLPXGURVWL
SRYLMHVWQDURGD 3RYLMHVWQDVRSHQLWRVDPRREDYMHWDYDWRMHWRORDYODGDYLQD
0RGDELVHPRJORUHLGDMHNQMLHYQRVWQDMYMHURGRVWRMQLMDLQDMSRX]GDQLMD 3RYLMHVWQHSR]QDMH]DGQMXULMH
.QMLHYQDSRYLMHVWMHSUDQMHQRJXVWDUFLPD 3RYLMHVWQHVWYDUDMXSXDQLPHFLLJHQHUDOLYHPDVH
.DNRSRYLMHVWQDL]PMHQFHL]D]LYDJUR]XLVPLMHK
.DNRSRYLMHVWQDL]PMHQFHL]D]LYDJUR]XLVPLMHK
3RYLMHVWQHVWYDUDMXSXDQLPHFLLJHQHUDOLYHPDVH .QMLHYQDSRYLMHVWMHSUDQMHQRJXVWDUFLPD
3RYLMHVWQHSR]QDMH]DGQMXULMH 0RGDELVHPRJORUHLGDMHNQMLHYQRVWQDMYMHURGRVWRMQLMDLQDMSRX]GDQLMD
3RYLMHVWQDVRSHQLWRVDPRREDYMHWDYDWRMHWRORDYODGDYLQD SRYLMHVWQDURGD
3RYLMHVWQDV QH XLPXGURVWL 0XHQMHNODQMHORPDH7RMHSRYLMHVW3RYLMHVWMHNRVWXUQLFD1HWUXGLWHVH
GDXYLMHNGDLVSLWDWHRYXSURORVWQRLLNUYL6YMHWORWUHEDWUDLWLX
3RYLMHVWMH]ELUNDLQMHQLFDNRMHVXVHPRJOHL]EMHL EXGXQRVWL
3RYLMHVWMHVYMHWORLVWLQH 1HNLOMXGLVPDWUDMXGDPDKDQMHVSRYLMHVQLPSUDYRPHVWRVOXLXJQMHWDYDQMX
3RYLMHVWMHVDPRSRSLV]ORLQDLQHVUHD GUXJLKQDURGD
OMXGVNLKUXNX 2VYMHWVNRMSRYLMHVWLVYHVHPRHUHLVYHWRPRHQDSDPHWSDVWLL
3RYLMHVWMHSXQDVDEODVQLKPRUDRGNRMLKVXQHNHSULURGQHDQHNHGMHOR QDMSHUYHU]QLMHPXPXDOLVDPRMHGQRQH GDMHUD]XPQD
PDQLSXODFLMH 3RYLMHVWRYMHDQVWYDWRMHMHGQDYHOLNDWUDJHGLMDXNRMRMVXQDMYHLMXQDFL
VHSUHGVWDYOMDFUQXNQMLJXREPDQMLYDQMDODNDMVWYDRYLQL]PDLLGHRORNH VYLMHVWLVDYMHVWSUDYGDL]DNRQLWRVWSOHPHQLWRVWLOMXEDY
3RYLMHVWMHRQRWRSRYMHVQLDULQDSUDYH1HRVSRUQRKLVWRULRJUDILMDVDPD]D 3RYLMHVWMHGLMDOHNWLNDERUEDL]PHXLGHRORJLMHLLGHMHLVWLQHL]PHXHOMHGD
3RYLMHVWMHQDMRSDVQLMLSURL]YRGWRJDMHVWYRULODNHPLMDLQWHOHNWD VYRMLYRWL]PLMHQLPRLWURPRVWLWRJDLYRWD
VXPQMDRQDRVDNDXMHRQHEXGXH]DNRMHVHSULERMDYDP 3RYLMHVWMHGRLVWDPDORYLHRGSRSLVD]ORLQDOXGRVWLLQHVUHDOMXGVNRJ
3RYLMHVWMHNDWDVWURID2QDMHNULYRWYRULODYHOLNDQHSURORVWLRNRMLPDVH URGD
GRJPLMHSURORVW]ERJRP 3RYLMHVWMHGRND]DODGDRWSRUYMHUVNLKSROLWLNLKYRDQLMHPRJD]DXVWDYLWL
SUREOHPLPD1DVUHXGREDLQNYL]LFLMHMH]DQDPDDWH]DRQHGRGLUOMLYRVWL QRYHSRJOHGHQDSRULMHNORLYRWDQD]HPOMLLOLRQHNLPGUXJLPVRFLRORNLP
QRYHSRJOHGHQDSRULMHNORLYRWDQD]HPOMLLOLRQHNLPGUXJLPVRFLRORNLP SUREOHPLPD1DVUHXGREDLQNYL]LFLMHMH]DQDPDDWH]DRQHGRGLUOMLYRVWL
3RYLMHVWMHGRND]DODGDRWSRUYMHUVNLKSROLWLNLKYRDQLMHPRJD]DXVWDYLWL GRJPLMHSURORVW]ERJRP
URGD 3RYLMHVWMHNDWDVWURID2QDMHNULYRWYRULODYHOLNDQHSURORVWLRNRMLPDVH
3RYLMHVWMHGRLVWDPDORYLHRGSRSLVD]ORLQDOXGRVWLLQHVUHDOMXGVNRJ VXPQMDRQDRVDNDXMHRQHEXGXH]DNRMHVHSULERMDYDP
VYRMLYRWL]PLMHQLPRLWURPRVWLWRJDLYRWD 3RYLMHVWMHQDMRSDVQLMLSURL]YRGWRJDMHVWYRULODNHPLMDLQWHOHNWD
3RYLMHVWMHGLMDOHNWLNDERUEDL]PHXLGHRORJLMHLLGHMHLVWLQHL]PHXHOMHGD 3RYLMHVWMHRQRWRSRYMHVQLDULQDSUDYH1HRVSRUQRKLVWRULRJUDILMDVDPD]D
VYLMHVWLVDYMHVWSUDYGDL]DNRQLWRVWSOHPHQLWRVWLOMXEDY VHSUHGVWDYOMDFUQXNQMLJXREPDQMLYDQMDODNDMVWYDRYLQL]PDLLGHRORNH
3RYLMHVWRYMHDQVWYDWRMHMHGQDYHOLNDWUDJHGLMDXNRMRMVXQDMYHLMXQDFL PDQLSXODFLMH
QDMSHUYHU]QLMHPXPXDOLVDPRMHGQRQH GDMHUD]XPQD 3RYLMHVWMHSXQDVDEODVQLKPRUDRGNRMLKVXQHNHSULURGQHDQHNHGMHOR
2VYMHWVNRMSRYLMHVWLVYHVHPRHUHLVYHWRPRHQDSDPHWSDVWLL OMXGVNLKUXNX
GUXJLKQDURGD 3RYLMHVWMHVDPRSRSLV]ORLQDLQHVUHD
1HNLOMXGLVPDWUDMXGDPDKDQMHVSRYLMHVQLPSUDYRPHVWRVOXLXJQMHWDYDQMX 3RYLMHVWMHVYMHWORLVWLQH
EXGXQRVWL 3RYLMHVWMH]ELUNDLQMHQLFDNRMHVXVHPRJOHL]EMHL
GDXYLMHNGDLVSLWDWHRYXSURORVWQRLLNUYL6YMHWORWUHEDWUDLWLX
0XHQMHNODQMHORPDH7RMHSRYLMHVW3RYLMHVWMHNRVWXUQLFD1HWUXGLWHVH 3RYLMHVWQDV QH XLPXGURVWL
SRYLMHVWQDURGD 3RYLMHVWQDVRSHQLWRVDPRREDYMHWDYDWRMHWRORDYODGDYLQD
0RGDELVHPRJORUHLGDMHNQMLHYQRVWQDMYMHURGRVWRMQLMDLQDMSRX]GDQLMD 3RYLMHVWQHSR]QDMH]DGQMXULMH
.QMLHYQDSRYLMHVWMHSUDQMHQRJXVWDUFLPD 3RYLMHVWQHVWYDUDMXSXDQLPHFLLJHQHUDOLYHPDVH
.DNRSRYLMHVWQDL]PMHQFHL]D]LYDJUR]XLVPLMHK
3RYLMHVWQLMHKHJHORYVNRQDVWDMDQMH RQDVHQHPRHXVSRUHGLWLVULMHNRPNRMD
SUHGVRERPQRVLGRJDDMHLQMLKRYHRVWDWNHLVWRPEU]LQRPLLVWLPVPMHURP MHGLQVWYHQHLYRWLQMH GUXWYHQRJRVDPOMHQLND
2QRWRQD]LYDPRSRYLMHXVDVWRMLVHEDXUD]QROLNRVWLVWUXMDQMD -HGLQLVPLVDR]DNXOWXUXMHVWLVSXQMHQMHRYMHNDNDRYUORSRVHEQHLQDGDUHQH
3RYLMHVWQLMHQLWDGUXJRQHVOLNDRVYDMDQMDL]UDEOMLYDQMDQDVLOMDL RYMHNSRGQRVLEH]WHWHVDPRRGUHHQXPMHUXNXOWXUH
SRGUHLYDQMD
RFHPLPDWHURP
3RYLMHVWQLMHQLWDGUXJRQHJRMDGQRRJOHGDORQDLKYODVWLWLKEULJD PRH]DPLVOLWLNDRLRYMHNNRMLELVDPVHEHVWYRULRNRMLELELRVDPVHEL
3RYLMHVWVHSRSXWNDNYRJLGLRWDPHKDQLNLSRQDYOMD pRYMHNNRMLELPRJDRLYMHWLVDPEH]WXHOMXGVNHNXOWXUHWDNRVHPXQR
3RYLMHVWVORERGHMHVWSRYLMHVWSURWXUMHMD o6YDNLQHNXOWXUDQRYMHNMHNDULNDWXUDVDPRJDVHEH
3RYLMHVWVYLMHWDMHQDSUHGRYDQMHXVYLMHVWLRVORERGL 2.8/785,
3RYLMHVWVYLMHWDMHVDPRELRJUDILMDYHOLNLKOMXGL
3RYMHVQLDUMHXQDWUDJRNUHQXWSURURN3RYMHVQLDULVXUDNRYLPHX
DNDGHPLFLPD2QLXQDWUDNHLGXQDSULMHG ]HFNDGSURWULOLYDGRP
SODQHWXWDNRERJDWLPREOLFLPDLYRWDELRMHMHGYD]QDWQLMLQRWRJDRVWDYOMD
3RYMHVQLDUL]QDMXNROLNRVHMXQDNLKGMHODWHPHOMLQDQHGRVWDWNXDOWHUQDWLYD JODYQRJD]DGDWND7UDJWRJDMHWRVWYRUHQMHPRJORRVWDYLWLQDGMHYLDQVNRP
6WRJDSRYLMHVQDLVWLQDQDQHNLQDLQVOLLREODFLPDNRMLVHWHNXGDOMLQL LMDHSOHPHQLWDRVWYDUHQMDLXDVQHJUR]RWHELWLSUHGPHWRPQDHJD
REOLNXMX =DGDDMHSRYLMHVWLGDSULNDHSRMDYOMLYDQMHWRMHVWSRVWHSHQRVWYDUDQMHELD
6YMHWVNDMHSRYLMHVWEHVFLOMQROXWDQMHQL]SRUD]DLUD]RDUHQMD 8LVNXVWYRSRYLMHVWLVSDGDL]DERUDYQRVWQDVSUDPLVNXVWYD
6YMHWVNDMHSRYLMHVW]ELURQRJDWRVHPRJORVSULMHLWL VNXHQRVWVYRJYUHPHQDQHNDVWXGLUDSRYLMHVW
7DPRJGMHSUHVWDMHSRYLMHVWSRLQMXOHJHQGH 7NRHOLSURVXGLWLVNXHQRVWVYRMHGRPRYLQHQHNDSXWXMH7NRHOLSURVXGLWL
7NRHOLSURVXGLWLVNXHQRVWVYRMHGRPRYLQHQHNDSXWXMH7NRHOLSURVXGLWL 7DPRJGMHSUHVWDMHSRYLMHVWSRLQMXOHJHQGH
VNXHQRVWVYRJYUHPHQDQHNDVWXGLUDSRYLMHVW 6YMHWVNDMHSRYLMHVW]ELURQRJDWRVHPRJORVSULMHLWL
8LVNXVWYRSRYLMHVWLVSDGDL]DERUDYQRVWQDVSUDPLVNXVWYD 6YMHWVNDMHSRYLMHVWEHVFLOMQROXWDQMHQL]SRUD]DLUD]RDUHQMD
=DGDDMHSRYLMHVWLGDSULNDHSRMDYOMLYDQMHWRMHVWSRVWHSHQRVWYDUDQMHELD REOLNXMX
LMDHSOHPHQLWDRVWYDUHQMDLXDVQHJUR]RWHELWLSUHGPHWRPQDHJD 6WRJDSRYLMHVQDLVWLQDQDQHNLQDLQVOLLREODFLPDNRMLVHWHNXGDOMLQL
JODYQRJD]DGDWND7UDJWRJDMHWRVWYRUHQMHPRJORRVWDYLWLQDGMHYLDQVNRP 3RYMHVQLDUL]QDMXNROLNRVHMXQDNLKGMHODWHPHOMLQDQHGRVWDWNXDOWHUQDWLYD
SODQHWXWDNRERJDWLPREOLFLPDLYRWDELRMHMHGYD]QDWQLMLQRWRJDRVWDYOMD
]HFNDGSURWULOLYDGRP DNDGHPLFLPD2QLXQDWUDNHLGXQDSULMHG
3RYMHVQLDUMHXQDWUDJRNUHQXWSURURN3RYMHVQLDULVXUDNRYLPHX
3RYLMHVWVYLMHWDMHVDPRELRJUDILMDYHOLNLKOMXGL
.8/785,
2 3RYLMHVWVYLMHWDMHQDSUHGRYDQMHXVYLMHVWLRVORERGL
o6YDNLQHNXOWXUDQRYMHNMHNDULNDWXUDVDPRJDVHEH 3RYLMHVWVORERGHMHVWSRYLMHVWSURWXUMHMD
pRYMHNNRMLELPRJDRLYMHWLVDPEH]WXHOMXGVNHNXOWXUHWDNRVHPXQR 3RYLMHVWVHSRSXWNDNYRJLGLRWDPHKDQLNLSRQDYOMD
PRH]DPLVOLWLNDRLRYMHNNRMLELVDPVHEHVWYRULRNRMLELELRVDPVHEL 3RYLMHVWQLMHQLWDGUXJRQHJRMDGQRRJOHGDORQDLKYODVWLWLKEULJD
RFHPLPDWHURP
SRGUHLYDQMD
RYMHNSRGQRVLEH]WHWHVDPRRGUHHQXPMHUXNXOWXUH
3RYLMHVWQLMHQLWDGUXJRQHVOLNDRVYDMDQMDL]UDEOMLYDQMDQDVLOMDL
-HGLQLVPLVDR]DNXOWXUXMHVWLVSXQMHQMHRYMHNDNDRYUORSRVHEQHLQDGDUHQH 2QRWRQD]LYDPRSRYLMHXVDVWRMLVHEDXUD]QROLNRVWLVWUXMDQMD
MHGLQVWYHQHLYRWLQMH GUXWYHQRJRVDPOMHQLND SUHGVRERPQRVLGRJDDMHLQMLKRYHRVWDWNHLVWRPEU]LQRPLLVWLPVPMHURP
3RYLMHVWQLMHKHJHORYVNRQDVWDMDQMH RQDVHQHPRHXVSRUHGLWLVULMHNRPNRMD
3RYLMHVWQLMHKHJHORYVNRQDVWDMDQMH RQDVHQHPRHXVSRUHGLWLVULMHNRPNRMD
SUHGVRERPQRVLGRJDDMHLQMLKRYHRVWDWNHLVWRPEU]LQRPLLVWLPVPMHURP MHGLQVWYHQHLYRWLQMH GUXWYHQRJRVDPOMHQLND
2QRWRQD]LYDPRSRYLMHXVDVWRMLVHEDXUD]QROLNRVWLVWUXMDQMD -HGLQLVPLVDR]DNXOWXUXMHVWLVSXQMHQMHRYMHNDNDRYUORSRVHEQHLQDGDUHQH
3RYLMHVWQLMHQLWDGUXJRQHVOLNDRVYDMDQMDL]UDEOMLYDQMDQDVLOMDL RYMHNSRGQRVLEH]WHWHVDPRRGUHHQXPMHUXNXOWXUH
SRGUHLYDQMD
RFHPLPDWHURP
3RYLMHVWQLMHQLWDGUXJRQHJRMDGQRRJOHGDORQDLKYODVWLWLKEULJD PRH]DPLVOLWLNDRLRYMHNNRMLELVDPVHEHVWYRULRNRMLELELRVDPVHEL
3RYLMHVWVHSRSXWNDNYRJLGLRWDPHKDQLNLSRQDYOMD pRYMHNNRMLELPRJDRLYMHWLVDPEH]WXHOMXGVNHNXOWXUHWDNRVHPXQR
3RYLMHVWVORERGHMHVWSRYLMHVWSURWXUMHMD o6YDNLQHNXOWXUDQRYMHNMHNDULNDWXUDVDPRJDVHEH
3RYLMHVWVYLMHWDMHQDSUHGRYDQMHXVYLMHVWLRVORERGL 2.8/785,
3RYLMHVWVYLMHWDMHVDPRELRJUDILMDYHOLNLKOMXGL
3RYMHVQLDUMHXQDWUDJRNUHQXWSURURN3RYMHVQLDULVXUDNRYLPHX
DNDGHPLFLPD2QLXQDWUDNHLGXQDSULMHG ]HFNDGSURWULOLYDGRP
SODQHWXWDNRERJDWLPREOLFLPDLYRWDELRMHMHGYD]QDWQLMLQRWRJDRVWDYOMD
3RYMHVQLDUL]QDMXNROLNRVHMXQDNLKGMHODWHPHOMLQDQHGRVWDWNXDOWHUQDWLYD JODYQRJD]DGDWND7UDJWRJDMHWRVWYRUHQMHPRJORRVWDYLWLQDGMHYLDQVNRP
6WRJDSRYLMHVQDLVWLQDQDQHNLQDLQVOLLREODFLPDNRMLVHWHNXGDOMLQL LMDHSOHPHQLWDRVWYDUHQMDLXDVQHJUR]RWHELWLSUHGPHWRPQDHJD
REOLNXMX =DGDDMHSRYLMHVWLGDSULNDHSRMDYOMLYDQMHWRMHVWSRVWHSHQRVWYDUDQMHELD
6YMHWVNDMHSRYLMHVWEHVFLOMQROXWDQMHQL]SRUD]DLUD]RDUHQMD 8LVNXVWYRSRYLMHVWLVSDGDL]DERUDYQRVWQDVSUDPLVNXVWYD
6YMHWVNDMHSRYLMHVW]ELURQRJDWRVHPRJORVSULMHLWL VNXHQRVWVYRJYUHPHQDQHNDVWXGLUDSRYLMHVW
7DPRJGMHSUHVWDMHSRYLMHVWSRLQMXOHJHQGH 7NRHOLSURVXGLWLVNXHQRVWVYRMHGRPRYLQHQHNDSXWXMH7NRHOLSURVXGLWL
7NRHOLSURVXGLWLVNXHQRVWVYRMHGRPRYLQHQHNDSXWXMH7NRHOLSURVXGLWL 7DPRJGMHSUHVWDMHSRYLMHVWSRLQMXOHJHQGH
VNXHQRVWVYRJYUHPHQDQHNDVWXGLUDSRYLMHVW 6YMHWVNDMHSRYLMHVW]ELURQRJDWRVHPRJORVSULMHLWL
8LVNXVWYRSRYLMHVWLVSDGDL]DERUDYQRVWQDVSUDPLVNXVWYD 6YMHWVNDMHSRYLMHVWEHVFLOMQROXWDQMHQL]SRUD]DLUD]RDUHQMD
=DGDDMHSRYLMHVWLGDSULNDHSRMDYOMLYDQMHWRMHVWSRVWHSHQRVWYDUDQMHELD REOLNXMX
LMDHSOHPHQLWDRVWYDUHQMDLXDVQHJUR]RWHELWLSUHGPHWRPQDHJD 6WRJDSRYLMHVQDLVWLQDQDQHNLQDLQVOLLREODFLPDNRMLVHWHNXGDOMLQL
JODYQRJD]DGDWND7UDJWRJDMHWRVWYRUHQMHPRJORRVWDYLWLQDGMHYLDQVNRP 3RYMHVQLDUL]QDMXNROLNRVHMXQDNLKGMHODWHPHOMLQDQHGRVWDWNXDOWHUQDWLYD
SODQHWXWDNRERJDWLPREOLFLPDLYRWDELRMHMHGYD]QDWQLMLQRWRJDRVWDYOMD
]HFNDGSURWULOLYDGRP DNDGHPLFLPD2QLXQDWUDNHLGXQDSULMHG
3RYMHVQLDUMHXQDWUDJRNUHQXWSURURN3RYMHVQLDULVXUDNRYLPHX
3RYLMHVWVYLMHWDMHVDPRELRJUDILMDYHOLNLKOMXGL
.8/785,
2 3RYLMHVWVYLMHWDMHQDSUHGRYDQMHXVYLMHVWLRVORERGL
o6YDNLQHNXOWXUDQRYMHNMHNDULNDWXUDVDPRJDVHEH 3RYLMHVWVORERGHMHVWSRYLMHVWSURWXUMHMD
pRYMHNNRMLELPRJDRLYMHWLVDPEH]WXHOMXGVNHNXOWXUHWDNRVHPXQR 3RYLMHVWVHSRSXWNDNYRJLGLRWDPHKDQLNLSRQDYOMD
PRH]DPLVOLWLNDRLRYMHNNRMLELVDPVHEHVWYRULRNRMLELELRVDPVHEL 3RYLMHVWQLMHQLWDGUXJRQHJRMDGQRRJOHGDORQDLKYODVWLWLKEULJD
RFHPLPDWHURP
SRGUHLYDQMD
RYMHNSRGQRVLEH]WHWHVDPRRGUHHQXPMHUXNXOWXUH 3RYLMHVWQLMHQLWDGUXJRQHVOLNDRVYDMDQMDL]UDEOMLYDQMDQDVLOMDL
-HGLQLVPLVDR]DNXOWXUXMHVWLVSXQMHQMHRYMHNDNDRYUORSRVHEQHLQDGDUHQH 2QRWRQD]LYDPRSRYLMHXVDVWRMLVHEDXUD]QROLNRVWLVWUXMDQMD
MHGLQVWYHQHLYRWLQMH GUXWYHQRJRVDPOMHQLND SUHGVRERPQRVLGRJDDMHLQMLKRYHRVWDWNHLVWRPEU]LQRPLLVWLPVPMHURP
3RYLMHVWQLMHKHJHORYVNRQDVWDMDQMH RQDVHQHPRHXVSRUHGLWLVULMHNRPNRMD
.DGQHNDNXOWXUDLVFUSL]HPOMDQHVRNRYHWUHEDMHPLMHQMDWL
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p'REURPSLVFX QH WUHEDRGYMHWQLND .XOWXUHVHQLNDGDQHUD]YLMDMXDNXPXODFLMRPWUDGLFLRQDOQLKYULMHGQRVWL
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8VSRQMHNXOWXUHSRODJDQSDGVWUP
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LYDNXOWXUDREXKYDDVDYLYRW6YHWRLYRWVWYDUDUDGLLYRWDWRMH NXOWXUD
8VSRQMHNXOWXUHSRODJDQSDGVWUP
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JOHGLWH2VLPWRJDSRVWRMHLLGHRORNLSLVFLLOLRSHUDWHULVXVWDYDSD YMHURYDQMHLWUDGLFLMD8NUDWNRWRMHNOMXSRPRXNRMHJDVHPRJXRWYRULWL
]QDNRP2QMHYMHLWLQH]DGRYROMQLNYMHQLRSRUEHQMDN 8SLWQRMHWDNYR YUDWDVYLMHVWLMHGQRJQDURGDLQMHJRYLKLQVWLWXFLMD
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p'REURPSLVFX QH WUHEDRGYMHWQLND .XOWXUHVHQLNDGDQHUD]YLMDMXDNXPXODFLMRPWUDGLFLRQDOQLKYULMHGQRVWL
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2.1-,(91267, 8WYRUHYLQLVDPHNXOWXUHLPDVWUDQLKSXNRWLQD
8VSRQMHNXOWXUHSRODJDQSDGVWUP
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LYDNXOWXUDREXKYDDVDYLYRW6YHWRLYRWVWYDUDUDGLLYRWDWRMH NXOWXUD
8VSRQMHNXOWXUHSRODJDQSDGVWUP
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8QDMEROMHPVOXDMXMHNXOWXUDXSXWD]DKDUPRQL]LUDQMHQDLKSRWUHED
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.XOWXUD]DKWLMHYDGDVHOMHSRWDXGUXLVLVWLQRP .DGDSLVFXSRQHVWDQHGDKDUHHQLFHQHHSRVWDWLNUDHYHGXH
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3LVDFQLMHVWURM]DSURL]YRGQMX]DQLPOMLYLKSULD RQMHLYRYMHNNRMLRVMHD
SDWQMHEOLQMLKNDRVYRMXSDWQMXSUREOHPHGUXJLKOMXGLNDRVYRMRVREQL
SUREOHP 7DNRMHMHGQRVWDYQRQDSLVDWLVYRMHXVSRPHQHDNRVHQHPDGREURSDPHQMH
7HRUHWVNLSLVDFGREUHNQMLJHWUHEDRELRVWDWLDQRQLPDQMHUGLYOMHQMHSULSDGD YUHPHQDLSURVWRUDLH]DYD
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9HLQDSLVDFDVWYDUDMXULMHLDOLQHLPLVOL HOHNWURQLNHVDPRJXQRXGDVHVDXYDMXVOLNHL]YXFLGDVHSUHQHVXX
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SLVDWLVDYUHQRLVWRWDNRNDRWRPRHPLVOLWLLVSUDYQRXQXWDUMHGQRJ 3LVDQMHMHNQMLJDMHGLQR]ORGMHORJGMHVHSRLQLWHOMWUXGLRVWDYLWLWUDJRYH
NRQYHQFLRQDOQRJVLVWHPDDSLVDWLYHRPDVODER WUHQXWNXRQRWRVHQDSLHQHNDMHQDPLMHQMHQRGDOMLQLEXGXQRVWL
2ORYRMHXVYLMHWXL]PLMHQLORYLHVWYDULQHJR]ODWRDXVODJDUVNRPVDQGXNX 2QRWRVHXVPHQRL]UHNQHPRUDELWLSRVYHHQRVDGDQMRVWLMHGQRP
YLHQHJRXSXFL YLHQHJRXSXFL
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WUHQXWNXRQRWRVHQDSLHQHNDMHQDPLMHQMHQRGDOMLQLEXGXQRVWL NRQYHQFLRQDOQRJVLVWHPDDSLVDWLYHRPDVODER
3LVDQMHMHNQMLJDMHGLQR]ORGMHORJGMHVHSRLQLWHOMWUXGLRVWDYLWLWUDJRYH SLVDWLVDYUHQRLVWRWDNRNDRWRPRHPLVOLWLLVSUDYQRXQXWDUMHGQRJ
3LVDQMHVHSRQHNDG]ORXSRWUHEOMDYDXIXQNFLMLSURSDJDQGHDXFLOMXUD]DUDQMD .DGDQHELKSLVDRMRELKYLHSRYUHLYDRGUXJH0RHQHWNRPLVOLWLNULYRD
NULWLNRJPLOMHQMD RQRVOXL]DVWYDUDQMHREUD]DFDSRGUHLYDQMDXPDL 'REUDVHNQMLJDSLHL]VUFD
QDLQDQMLKRYRJWUDMQRJXVSDYOMLYDQMD]DJOXSOMLYDQMDLVWYDUDQMDRYLVQRVWLWH RYMHNXMHODNHSLVDWLOLMHSRQHJRVHL]UDDYDWLWRQR
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VYDNHLQGLYLGXHVHQDJRPLODYDXNROHNWLYQXPHPRULMX6DSRMDYRP
HOHNWURQLNHVDPRJXQRXGDVHVDXYDMXVOLNHL]YXFLGDVHSUHQHVXX 9HLQDSLVDFDVWYDUDMXULMHLDOLQHLPLVOL
LVWRPWUHQXWNXQDELORNRMXWRNX]HPDOMVNHNXJOHVYDNRRJUDQLHQMH GMHOXDQHSLVFX
YUHPHQDLSURVWRUDLH]DYD 7HRUHWVNLSLVDFGREUHNQMLJHWUHEDRELRVWDWLDQRQLPDQMHUGLYOMHQMHSULSDGD
7DNRMHMHGQRVWDYQRQDSLVDWLVYRMHXVSRPHQHDNRVHQHPDGREURSDPHQMH SUREOHP
SDWQMHEOLQMLKNDRVYRMXSDWQMXSUREOHPHGUXJLKOMXGLNDRVYRMRVREQL
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3LVDFQLMHVWURM]DSURL]YRGQMX]DQLPOMLYLKSULD RQMHLYRYMHNNRMLRVMHD
SDWQMHEOLQMLKNDRVYRMXSDWQMXSUREOHPHGUXJLKOMXGLNDRVYRMRVREQL
SUREOHP 7DNRMHMHGQRVWDYQRQDSLVDWLVYRMHXVSRPHQHDNRVHQHPDGREURSDPHQMH
7HRUHWVNLSLVDFGREUHNQMLJHWUHEDRELRVWDWLDQRQLPDQMHUGLYOMHQMHSULSDGD YUHPHQDLSURVWRUDLH]DYD
GMHOXDQHSLVFX LVWRPWUHQXWNXQDELORNRMXWRNX]HPDOMVNHNXJOHVYDNRRJUDQLHQMH
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VYDNHLQGLYLGXHVHQDJRPLODYDXNROHNWLYQXPHPRULMX6DSRMDYRP
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RYMHNXMHODNHSLVDWLOLMHSRQHJRVHL]UDDYDWLWRQR QDLQDQMLKRYRJWUDMQRJXVSDYOMLYDQMD]DJOXSOMLYDQMDLVWYDUDQMDRYLVQRVWLWH
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SLVDWLVDYUHQRLVWRWDNRNDRWRPRHPLVOLWLLVSUDYQRXQXWDUMHGQRJ 3LVDQMHMHNQMLJDMHGLQR]ORGMHORJGMHVHSRLQLWHOMWUXGLRVWDYLWLWUDJRYH
NRQYHQFLRQDOQRJVLVWHPDDSLVDWLYHRPDVODER WUHQXWNXRQRWRVHQDSLHQHNDMHQDPLMHQMHQRGDOMLQLEXGXQRVWL
2ORYRMHXVYLMHWXL]PLMHQLORYLHVWYDULQHJR]ODWRDXVODJDUVNRPVDQGXNX 2QRWRVHXVPHQRL]UHNQHPRUDELWLSRVYHHQRVDGDQMRVWLMHGQRP
YLHQHJRXSXFL YLHQHJRXSXFL
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WUHQXWNXRQRWRVHQDSLHQHNDMHQDPLMHQMHQRGDOMLQLEXGXQRVWL NRQYHQFLRQDOQRJVLVWHPDDSLVDWLYHRPDVODER
3LVDQMHMHNQMLJDMHGLQR]ORGMHORJGMHVHSRLQLWHOMWUXGLRVWDYLWLWUDJRYH SLVDWLVDYUHQRLVWRWDNRNDRWRPRHPLVOLWLLVSUDYQRXQXWDUMHGQRJ
3LVDQMHVHSRQHNDG]ORXSRWUHEOMDYDXIXQNFLMLSURSDJDQGHDXFLOMXUD]DUDQMD .DGDQHELKSLVDRMRELKYLHSRYUHLYDRGUXJH0RHQHWNRPLVOLWLNULYRD
NULWLNRJPLOMHQMD RQRVOXL]DVWYDUDQMHREUD]DFDSRGUHLYDQMDXPDL 'REUDVHNQMLJDSLHL]VUFD
QDLQDQMLKRYRJWUDMQRJXVSDYOMLYDQMD]DJOXSOMLYDQMDLVWYDUDQMDRYLVQRVWLWH RYMHNXMHODNHSLVDWLOLMHSRQHJRVHL]UDDYDWLWRQR
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VYDNHLQGLYLGXHVHQDJRPLODYDXNROHNWLYQXPHPRULMX6DSRMDYRP
HOHNWURQLNHVDPRJXQRXGDVHVDXYDMXVOLNHL]YXFLGDVHSUHQHVXX 9HLQDSLVDFDVWYDUDMXULMHLDOLQHLPLVOL
LVWRPWUHQXWNXQDELORNRMXWRNX]HPDOMVNHNXJOHVYDNRRJUDQLHQMH GMHOXDQHSLVFX
YUHPHQDLSURVWRUDLH]DYD 7HRUHWVNLSLVDFGREUHNQMLJHWUHEDRELRVWDWLDQRQLPDQMHUGLYOMHQMHSULSDGD
7DNRMHMHGQRVWDYQRQDSLVDWLVYRMHXVSRPHQHDNRVHQHPDGREURSDPHQMH SUREOHP
SDWQMHEOLQMLKNDRVYRMXSDWQMXSUREOHPHGUXJLKOMXGLNDRVYRMRVREQL
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3MHVQLNDGMHODVWYDUDMXPDJLQLSURVWRUXNRMHPVHVSDMDLQDHQHVSRMLYRD p$QJDLUDQNQMLHYQLNYMHUXMHGDMHOLWHUDWXUDLVWLQLWRXWRLWHDNRWDNR
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3MHVQLFLPDMHWRWDGRSXWHQR ,VWLQLWLNQMLHYQLFLVXJULQMDVDYMHVWLRYMHDQVWYD
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RVREQRLQDGRVREQRXLVWLPDK2QRWRJDLQLSRVHEQLPMHVWL]YRUQRVWL QHJRYRUHRVYRMLPRVMHDMLPDRQLVXEH]ULMHL
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8PMHWQLNRGMHORNDRSUHGPHWQLMHYMHQR$OLXPMHWQLFLHVWR]DERUDYOMDMX 8PMHWQLNQHRWNULYDRQVWYDUD
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2YRSURLPDQMHSRNUHHMHGDQRGQDMYDQLMLKHVWHWLNLKSUREOHPD8RVWDORP GDURYLWRVWQLMHXL]UDYQRPRGQRVXQLVQMHJRYRPEROHXQLVQMHJRYLP
QLWDQLMHQHNRULVQLMHRGRYLKUD]GYDMDQMDSRPHWRGLLSUHGPHWX]DRQRJDNRML OXGLODLOLSULPLWLYQRJVNORSD8PMHWQLNPRHELWLLEROHVWDQDOLQMHJRYD
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RYMHNVHELSRVWDYOMDGDELVKYDWLRLYROLR2QHVHX]DMDPQRSURLPDMXLLVWD
WMHVNREDLK]EXQMXMH VYRJYUHPHQDYHXEXGXH
8PMHWQLNMHXYLMHNXSRWSXQRVWLELRLQWHJULUDQXGUXWYRDOLQHXGUXWYR
8PMHWQLNRMHGMHORVRFLMDOQRGMHORXVDPOMHQDRYMHND
8PMHWQLNMHVOXJDULMHL
8PMHWQLNRMHRQRGMHORXNRMHPUXNDJODYDLVUFHLGX]DMHGQR
8PMHWQLNMHSURURNQDGDKQXWQHEHVNLPERDQVNLPSRUXNDPD
8PMHWQLNMHSRVWDRXRYRPVYLMHWXVODELQHVLJXUDQ
8PMHWQLNMHSRVWDRXRYRPVYLMHWXVODELQHVLJXUDQ
8PMHWQLNMHSURURNQDGDKQXWQHEHVNLPERDQVNLPSRUXNDPD
8PMHWQLNRMHRQRGMHORXNRMHPUXNDJODYDLVUFHLGX]DMHGQR
8PMHWQLNMHVOXJDULMHL
8PMHWQLNRMHGMHORVRFLMDOQRGMHORXVDPOMHQDRYMHND
8PMHWQLNMHXYLMHNXSRWSXQRVWLELRLQWHJULUDQXGUXWYRDOLQHXGUXWYR
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GDURYLWRVWQLMHXL]UDYQRPRGQRVXQLVQMHJRYRPEROHXQLVQMHJRYLP 2YRSURLPDQMHSRNUHHMHGDQRGQDMYDQLMLKHVWHWLNLKSUREOHPD8RVWDORP
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8PMHWQLNQHRWNULYDRQVWYDUD 8PMHWQLNRGMHORNDRSUHGPHWQLMHYMHQR$OLXPMHWQLFLHVWR]DERUDYOMDMX
8PMHWQLNQLMH]DGRYROMDQVYRMLPLYRWRP=DGRYROMQLOMXGLQDYRGQRQDMHH VSRQWDQRVWERUEDSURWLYNRQYHQFLMDDQHHOMDGDQHWRQHEXGHUD]XPOMLYR
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8PMHWQRVWLPDIXQNFLMXNDWDU]HRQDRVOREDD
8PMHWQLNRGMHORMHREOLNLVDGUDMLVSRYLMHGLREPDQDLJUDLSRUXNDRQRMH
8PMHWQRVWLVSLUHVGXHSUDLQXVYDNRGQHYLFH8PMHWQRVWMHGHVQDUXND
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UHOMHILSXQDSODVWLNDXNRVWLNUHPHQXLSHHQRM]HPOMLVSLOMVNRVOLNDUVWYRVD
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8PMHWQRVWMHRWYRUHQDLOLSULNULYHQDSURSDJDQGD
8PMHWQRVWMHVUHGVWYRNRMLPVHSULVYDMDMXVWYDULVYLMHWDELORPLORPELOR
8PMHWQRVWMHSRQRYQRUDDQMH
8PMHWQRVWMHVORHQRMHGQRVWDYQD
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8PMHWQRVWMHVDYMHVWRYMHDQVWYD
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8PMHWQRVWMHSRVUHGQLFDQHL]UHFLYRJD 8PMHWQRVWMHSRVUHGQLFDQHL]UHFLYRJD
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8PMHWQRVWMHVDYMHVWRYMHDQVWYD
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8PMHWQRVWMHVORHQRMHGQRVWDYQD
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8PMHWQRVWMHVUHGVWYRNRMLPVHSULVYDMDMXVWYDULVYLMHWDELORPLORPELOR
8PMHWQRVWMHRWYRUHQDLOLSULNULYHQDSURSDJDQGD
8PMHWQRVWMHRVMHDQMHOMXGVNRJXMHGLQMHQRVSUHGRVMHDMHPERDQVNRJ VLORPNROVNLSULPMHU]DWRVXVSLOMVNHVOLNDULMHVWDULMHJNDPHQRJGREDX
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QDMGDOMXSURORVW=DQMHJDQHPD]DMHGQLFHLOLGUXWYHQHIRUPDFLMHXSRYLMHVWL
8PMHWQRVWMHRQRWRQHPRHVYDWNR HSRKHXFLYLOL]DFLMLNRMDQLMHRVWDYLODVSRPHQDLWUDJDVYRMHXPMHWQLNH
8PMHWQRVWMHOMXERPRUQDRQDHOLGDMRMRYMHNSRWSXQRSULSDGD DNWLYQRVWLLVWYDUDODNRJQDGDKQXDNLSDUVWYRVOLNDUVWYRFUWHLJUDYXUH
UHOMHILSXQDSODVWLNDXNRVWLNUHPHQXLSHHQRM]HPOMLVSLOMVNRVOLNDUVWYRVD
8PMHWQRVWMHNULWLNDVWYDUQRVWL VFHQDPDORYDUDWRYDQMDLFHUHPRQLMD$OLRQLVWRGREQRVPDWUD .DG
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8PMHWQRVWMHMHGLQRR]ELOMQRQDRYRPVYLMHWX$XPMHWQLNMHMHGLQLRYMHN QDQHSRVUHGQRPRSDDQMXLQDRVMHDQMXRQDSULSDGDVIHULHPRWLYQRVWLD
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8PMHWQRVWMHRWYRUHQDLOLSULNULYHQDSURSDJDQGD
8PMHWQRVWMHVUHGVWYRNRMLPVHSULVYDMDMXVWYDULVYLMHWDELORPLORPELOR
8PMHWQRVWMHSRQRYQRUDDQMH
8PMHWQRVWMHVORHQRMHGQRVWDYQD
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8PMHWQRVWMHVDYMHVWRYMHDQVWYD
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8PMHWQRVWMHSRVUHGQLFDQHL]UHFLYRJD 8PMHWQRVWMHSRVUHGQLFDQHL]UHFLYRJD
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8PMHWQRVWMHVDYMHVWRYMHDQVWYD
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8PMHWQRVWMHVORHQRMHGQRVWDYQD
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8PMHWQRVWMHRWYRUHQDLOLSULNULYHQDSURSDJDQGD
8PMHWQRVWMHRVMHDQMHOMXGVNRJXMHGLQMHQRVSUHGRVMHDMHPERDQVNRJ VLORPNROVNLSULPMHU]DWRVXVSLOMVNHVOLNDULMHVWDULMHJNDPHQRJGREDX
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8PMHWQRVWMHRQRWRQHPRHVYDWNR HSRKHXFLYLOL]DFLMLNRMDQLMHRVWDYLODVSRPHQDLWUDJDVYRMHXPMHWQLNH
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8PMHWQRVWMHXYLMHNKWMHODGDVHVYLGLDQDMHHGDL]DEDYOMD
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8PMHWQRVWMH]DYUQLREOLNVD]QDQMD XPMHWDQGYRVPLVOHQQHVSRQWDQQDLQL]UDDYDQMD1RUPDOQLOMXGLULMHWNRNDG
8PMHWQRVWQDPGDMHSXQLNXFDMQDHJYUHPHQDLEXGXQRVWVDVYLP 8PMHWQRVW]DFLMHORQLMHPDWHULQMLMH]LNRYMHDQVWYD2QDMHWRYLHQDGDVYH
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8PMHWQRVWQHRSRQDDRQDWXPDL2QDWUDLLGHMXNRMDMHVNULYHQDX 8PMHWQRVWSRWLHL]WUDJDQMD]DOMHSRWRP
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8PMHWQRVWQHSULND]XMHYLGOMLYRYHLQLVWYDULYLGOMLYLPD
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8PMHWQRVWQHPDGRPRYLQH 8PMHWQRVWQHSRWMHHL]PUDQRJNULODGXHQHJRL]VDPRJDNWDUDDQMDRG
8PMHWQRVWQLMHNUXKDOLMHYLQRLYRWD VLPEROX
8PMHWQRVWSRWLHL]WUDJDQMD]DOMHSRWRP 8PMHWQRVWQHRSRQDDRQDWXPDL2QDWUDLLGHMXNRMDMHVNULYHQDX
8PMHWQRVWXNRMRMLPDLYRWDQHSULND]XMHSURORVW RQDMHQDVWDYOMD VWUDYDPDSDWQMDPDXVMHNOLQDPDQDGDPDLPRJXQRVWLPD
8PMHWQRVW]DFLMHORQLMHPDWHULQMLMH]LNRYMHDQVWYD2QDMHWRYLHQDGDVYH 8PMHWQRVWQDPGDMHSXQLNXFDMQDHJYUHPHQDLEXGXQRVWVDVYLP
XPMHWDQGYRVPLVOHQQHVSRQWDQQDLQL]UDDYDQMD1RUPDOQLOMXGLULMHWNRNDG 8PMHWQRVWMH]DYUQLREOLNVD]QDQMD
RVMHDMXVNORQRVWGDVHSRVOXHXPMHWQRX0RGDMHSLVDWLSMHVPHLOLVOLNDWL
VOLNHUDGLWXHJ]DGRYROMVWYDLOLUDGLRGUDYDQMDVYRMHJDLYRWDSRVYH
8PMHWQRVWMHXYLMHNKWMHODGDVHVYLGLDQDMHHGDL]DEDYOMD
QHGXQDWRYLH]DVOXQDDNWLYQRVWDOLEDYLWLVHWDNYLPVWYDULPDL]SXNH XPMHWQRVWQDVWDMHLXNRPHVHRVWYDUXMH
QDYLNHLOLVWUDVWLWRMHXGQDVWUDVW=DWRGDVHRYMHNSRQDDNDRGDMHLYRW VDPRJPLMHQMDLXYMHWHXPMHWQRVWLXRSHPVPLVOXXVPLVOXPHGLMDXNRPH
GUXNLMLQHJRWRQDL]JOHGMHVW" L]UDDMQDVUHGVWYD7HKQLNDPLMHQMDMXLVYLMHWRNRRYMHNDSDLRYMHND
8PMHWQRVWDWRYULMHGLL]DVWYDUDODWYRXFMHOLQLQHRELDQMHLXGHVDQ RGNRYLQH1DRYDMQDLQWHKQLNDLWHKQLNLL]XPLGLUHNWQRXQDSUHXMX
SRVDR WDNYDVYLUDODSRVWDODGUYHQDIODXWDDYRORYVNLVHURJSUHWYRULRXLQVWUXPHQW
VYLUDOH]DGUDRYHRPDGXJRX]UHODWLYQRPDOHL]PMHQHVDPRWRMHNDVQLMH
9HOLNDXPMHWQLNDGMHODVDPRVX]DWRYHOLNDWRVXGRVWXSQDLUD]XPOMLYD SUDKLVWRULMLRYMHNQDLQLRVYLUDOXRGXSOMHEDPEXVRYHWUVWLNHRYDMVHREOLN
VYLPD PX]LFLVHRQRRLWXMHQDL]YDQUHGQRSORGRQRVDQQDLQ.DGDMHMRX
9UORHVWRSURPDWUDPRMHGQRJVWYDUDRFDNDRQL]L]GYRMHQLKRYMHDQVWDYD SRVOMHGQMHJSUDNWLQRWHKQLNRJ]QDHQMDRWNULDLL]XPD]DXPMHWQRVWX
%UNDPRWDGDXPMHWQLNDLNQMLHYQLND'XERNDPLVDRMHXVWDOQRPSRVWRMDQMX SRGUXMDQDVSR]QDMQRPLQDSUDNWLQRWHKQLNRPWRVHWLHRYRJ
RQDSUHX]LPDLVNXVWYRLYRWDLSRQMHPXVHREOLNXMH LQWHOLJHQFLMD]QDQRVWMHRGXYLMHNLULODLNULODSXWRYHXPMHWQRVWLLWRQDGYD
RWNULHSRWUHEQDLQWXLFLMDNDRWRMH]DXPMHWQLNRVWYDUDQMHSRWUHEQD
RWNULHSRWUHEQDLQWXLFLMDNDRWRMH]DXPMHWQLNRVWYDUDQMHSRWUHEQD
LQWHOLJHQFLMD]QDQRVWMHRGXYLMHNLULODLNULODSXWRYHXPMHWQRVWLLWRQDGYD RQDSUHX]LPDLVNXVWYRLYRWDLSRQMHPXVHREOLNXMH
SRGUXMDQDVSR]QDMQRPLQDSUDNWLQRWHKQLNRPWRVHWLHRYRJ %UNDPRWDGDXPMHWQLNDLNQMLHYQLND'XERNDPLVDRMHXVWDOQRPSRVWRMDQMX
SRVOMHGQMHJSUDNWLQRWHKQLNRJ]QDHQMDRWNULDLL]XPD]DXPMHWQRVWX 9UORHVWRSURPDWUDPRMHGQRJVWYDUDRFDNDRQL]L]GYRMHQLKRYMHDQVWDYD
PX]LFLVHRQRRLWXMHQDL]YDQUHGQRSORGRQRVDQQDLQ.DGDMHMRX VYLPD
SUDKLVWRULMLRYMHNQDLQLRVYLUDOXRGXSOMHEDPEXVRYHWUVWLNHRYDMVHREOLN 9HOLNDXPMHWQLNDGMHODVDPRVX]DWRYHOLNDWRVXGRVWXSQDLUD]XPOMLYD
VYLUDOH]DGUDRYHRPDGXJRX]UHODWLYQRPDOHL]PMHQHVDPRWRMHNDVQLMH
WDNYDVYLUDODSRVWDODGUYHQDIODXWDDYRORYVNLVHURJSUHWYRULRXLQVWUXPHQW SRVDR
RGNRYLQH1DRYDMQDLQWHKQLNDLWHKQLNLL]XPLGLUHNWQRXQDSUHXMX 8PMHWQRVWDWRYULMHGLL]DVWYDUDODWYRXFMHOLQLQHRELDQMHLXGHVDQ
L]UDDMQDVUHGVWYD7HKQLNDPLMHQMDMXLVYLMHWRNRRYMHNDSDLRYMHND GUXNLMLQHJRWRQDL]JOHGMHVW"
VDPRJPLMHQMDLXYMHWHXPMHWQRVWLXRSHPVPLVOXXVPLVOXPHGLMDXNRPH QDYLNHLOLVWUDVWLWRMHXGQDVWUDVW=DWRGDVHRYMHNSRQDDNDRGDMHLYRW
XPMHWQRVWQDVWDMHLXNRPHVHRVWYDUXMH QHGXQDWRYLH]DVOXQDDNWLYQRVWDOLEDYLWLVHWDNYLPVWYDULPDL]SXNH
8PMHWQRVWMHXYLMHNKWMHODGDVHVYLGLDQDMHHGDL]DEDYOMD
VOLNHUDGLWXHJ]DGRYROMVWYDLOLUDGLRGUDYDQMDVYRMHJDLYRWDSRVYH
RVMHDMXVNORQRVWGDVHSRVOXHXPMHWQRX0RGDMHSLVDWLSMHVPHLOLVOLNDWL
8PMHWQRVWMH]DYUQLREOLNVD]QDQMD XPMHWDQGYRVPLVOHQQHVSRQWDQQDLQL]UDDYDQMD1RUPDOQLOMXGLULMHWNRNDG
8PMHWQRVWQDPGDMHSXQLNXFDMQDHJYUHPHQDLEXGXQRVWVDVYLP 8PMHWQRVW]DFLMHORQLMHPDWHULQMLMH]LNRYMHDQVWYD2QDMHWRYLHQDGDVYH
VWUDYDPDSDWQMDPDXVMHNOLQDPDQDGDPDLPRJXQRVWLPD 8PMHWQRVWXNRMRMLPDLYRWDQHSULND]XMHSURORVW RQDMHQDVWDYOMD
8PMHWQRVWQHRSRQDDRQDWXPDL2QDWUDLLGHMXNRMDMHVNULYHQDX 8PMHWQRVWSRWLHL]WUDJDQMD]DOMHSRWRP
VLPEROX 8PMHWQRVWQLMHNUXKDOLMHYLQRLYRWD
8PMHWQRVWQHSRWMHHL]PUDQRJNULODGXHQHJRL]VDPRJDNWDUDDQMDRG 8PMHWQRVWQHPDGRPRYLQH
ID]HWHSDQMDGRID]HDUWLNXOLUDQMD
8PMHWQRVWQHSULND]XMHYLGOMLYRYHLQLVWYDULYLGOMLYLPD
8PMHWQRVWQHSULND]XMHYLGOMLYRYHLQLVWYDULYLGOMLYLPD
ID]HWHSDQMDGRID]HDUWLNXOLUDQMD
8PMHWQRVWQHPDGRPRYLQH 8PMHWQRVWQHSRWMHHL]PUDQRJNULODGXHQHJRL]VDPRJDNWDUDDQMDRG
8PMHWQRVWQLMHNUXKDOLMHYLQRLYRWD VLPEROX
8PMHWQRVWSRWLHL]WUDJDQMD]DOMHSRWRP 8PMHWQRVWQHRSRQDDRQDWXPDL2QDWUDLLGHMXNRMDMHVNULYHQDX
8PMHWQRVWXNRMRMLPDLYRWDQHSULND]XMHSURORVW RQDMHQDVWDYOMD VWUDYDPDSDWQMDPDXVMHNOLQDPDQDGDPDLPRJXQRVWLPD
8PMHWQRVW]DFLMHORQLMHPDWHULQMLMH]LNRYMHDQVWYD2QDMHWRYLHQDGDVYH 8PMHWQRVWQDPGDMHSXQLNXFDMQDHJYUHPHQDLEXGXQRVWVDVYLP
XPMHWDQGYRVPLVOHQQHVSRQWDQQDLQL]UDDYDQMD1RUPDOQLOMXGLULMHWNRNDG 8PMHWQRVWMH]DYUQLREOLNVD]QDQMD
RVMHDMXVNORQRVWGDVHSRVOXHXPMHWQRX0RGDMHSLVDWLSMHVPHLOLVOLNDWL
VOLNHUDGLWXHJ]DGRYROMVWYDLOLUDGLRGUDYDQMDVYRMHJDLYRWDSRVYH
8PMHWQRVWMHXYLMHNKWMHODGDVHVYLGLDQDMHHGDL]DEDYOMD
QHGXQDWRYLH]DVOXQDDNWLYQRVWDOLEDYLWLVHWDNYLPVWYDULPDL]SXNH XPMHWQRVWQDVWDMHLXNRPHVHRVWYDUXMH
QDYLNHLOLVWUDVWLWRMHXGQDVWUDVW=DWRGDVHRYMHNSRQDDNDRGDMHLYRW VDPRJPLMHQMDLXYMHWHXPMHWQRVWLXRSHPVPLVOXXVPLVOXPHGLMDXNRPH
GUXNLMLQHJRWRQDL]JOHGMHVW" L]UDDMQDVUHGVWYD7HKQLNDPLMHQMDMXLVYLMHWRNRRYMHNDSDLRYMHND
8PMHWQRVWDWRYULMHGLL]DVWYDUDODWYRXFMHOLQLQHRELDQMHLXGHVDQ RGNRYLQH1DRYDMQDLQWHKQLNDLWHKQLNLL]XPLGLUHNWQRXQDSUHXMX
SRVDR WDNYDVYLUDODSRVWDODGUYHQDIODXWDDYRORYVNLVHURJSUHWYRULRXLQVWUXPHQW
VYLUDOH]DGUDRYHRPDGXJRX]UHODWLYQRPDOHL]PMHQHVDPRWRMHNDVQLMH
9HOLNDXPMHWQLNDGMHODVDPRVX]DWRYHOLNDWRVXGRVWXSQDLUD]XPOMLYD SUDKLVWRULMLRYMHNQDLQLRVYLUDOXRGXSOMHEDPEXVRYHWUVWLNHRYDMVHREOLN
VYLPD PX]LFLVHRQRRLWXMHQDL]YDQUHGQRSORGRQRVDQQDLQ.DGDMHMRX
9UORHVWRSURPDWUDPRMHGQRJVWYDUDRFDNDRQL]L]GYRMHQLKRYMHDQVWDYD SRVOMHGQMHJSUDNWLQRWHKQLNRJ]QDHQMDRWNULDLL]XPD]DXPMHWQRVWX
%UNDPRWDGDXPMHWQLNDLNQMLHYQLND'XERNDPLVDRMHXVWDOQRPSRVWRMDQMX SRGUXMDQDVSR]QDMQRPLQDSUDNWLQRWHKQLNRPWRVHWLHRYRJ
RQDSUHX]LPDLVNXVWYRLYRWDLSRQMHPXVHREOLNXMH LQWHOLJHQFLMD]QDQRVWMHRGXYLMHNLULODLNULODSXWRYHXPMHWQRVWLLWRQDGYD
RWNULHSRWUHEQDLQWXLFLMDNDRWRMH]DXPMHWQLNRVWYDUDQMHSRWUHEQD
p8PLMHHQDVWDMHNDGL]PQRJLKSURPDWUDQMDLLVNXVWYXQDVWDMHMHGDQRSL
o.RPLDUMHRYMHNNRMLRVLPVDPRJDVHEHQLWDQHVKYDDR]ELOMQR VXGRLVWRYUVQRP
2JOD]ELVHPRHJRYRULWLVDPRVRYMHNRPNRMLMHVSR]QDRVPLVDRVYLMHWD 8PLMHHQLNDGQHXPLUH
RGUHHQDJUDQLFDPD 8PLMHHMHQHWRL]RVWDYLWL
0HXXPMHWQRVWLPDPX]LNDMHQDMERDQVWYHQLMDMHUMHRGVYLKQMLKQDMPDQMH 8PLMHHMHNDGDRYMHNQHWRQHPRHMHUDNRWRPRHRQGDYLHQLMH
VYMHWOD XPLMHH
*OD]EDSRLYDQDVNODGXL]PHXQHEDL]HPOMHQDVXJODVMXL]PHXWPLQHL p.D]DOLWHMHPRUDOQDNRODQDURGD
VUHGVWDYDPDJLMH .D]DOLWHMHRJOHGDORLYRWD
SUHWSRYLMHVQLPYUHPHQLPDELODDUROLMDMHGQRRGGUHYQLKLSUL]QDWLK .D]DOLWHVHQHVPLMHVXGLWLSRWRPHGDOL]DGRYROMDYDQDYLNHVYRMHSXEOLNH
SOMHVNDQMHXGDUDQMHWDNWDQRJRPXGDUDQMHGUYFLPD JOD]EDMHX YHSRWRPHGDOLLKPRHSURPLMHQLWL
*OD]EDSRLYDQDQDGPRQRVWLQDGVOLMHSLPVOXDMHP3RHYLVULWPRP
p*OXPDFLGHXWULVDWDGRNUDMDEH]L]OD]QRJSXWD]DNRMLMHRYMHNXL]
*OD]EDMHQHVYMHVQDILOR]RILMD JOHGDOLWDSRWUHEDQFLMHOLMHGDQLYRWGDELJDQDDR
*OD]EDMHOLUVNDSDXLQDL]PHXVUFDLPR]JD *OXPDFELRQGDWUHEDRLPDWLQHWR]DUHLNDGDQMHJRYDXORJDQLWDQH
*OD]EDMHNXSHOMGXH SUHGYLDUHL
*OD]EDMHMH]LNRVMHDMDLVWUDVWLNDRWRMHJRYRUMH]LNXPD *OXPDFQDVMHQDXLR QHPDJUDQLFHL]PHXL]JOHGDWLLELWL
*GMHSUHVWDMHJRYRUSRLQMHPX]LND ,VWLQLWJOXPDFWMHUDQMHQHRJUDQLHQRPHOMRPGDVHVWDOQRSUHWYDUDXGUXJH
*OD]EDMHYHHRLWRYDQMHRGVYLKPXGURVWLLILOR]RILMH OMXGHNDNRELQDNRQFXXGUXJLPDRWNULRVHEH
p*OD]EDL]UDDYDRQRWRVHQHPRHUHLDRHPXVHQHPRHXWMHWL p.DEDUHMHNDRLJLFD QHPRHVH]DSDOLWLDNRQHSRVWRMLSRYULQD]DWUHQMH
p.DEDUHMHNDRLJLFD QHPRHVH]DSDOLWLDNRQHSRVWRMLSRYULQD]DWUHQMH p*OD]EDL]UDDYDRQRWRVHQHPRHUHLDRHPXVHQHPRHXWMHWL
OMXGHNDNRELQDNRQFXXGUXJLPDRWNULRVHEH *OD]EDMHYHHRLWRYDQMHRGVYLKPXGURVWLLILOR]RILMH
,VWLQLWJOXPDFWMHUDQMHQHRJUDQLHQRPHOMRPGDVHVWDOQRSUHWYDUDXGUXJH *GMHSUHVWDMHJRYRUSRLQMHPX]LND
*OXPDFQDVMHQDXLR QHPDJUDQLFHL]PHXL]JOHGDWLLELWL *OD]EDMHMH]LNRVMHDMDLVWUDVWLNDRWRMHJRYRUMH]LNXPD
SUHGYLDUHL *OD]EDMHNXSHOMGXH
*OXPDFELRQGDWUHEDRLPDWLQHWR]DUHLNDGDQMHJRYDXORJDQLWDQH *OD]EDMHOLUVNDSDXLQDL]PHXVUFDLPR]JD
JOHGDOLWDSRWUHEDQFLMHOLMHGDQLYRWGDELJDQDDR *OD]EDMHQHVYMHVQDILOR]RILMD
p*OXPDFLGHXWULVDWDGRNUDMDEH]L]OD]QRJSXWD]DNRMLMHRYMHNXL]
*OD]EDSRLYDQDQDGPRQRVWLQDGVOLMHSLPVOXDMHP3RHYLVULWPRP
YHSRWRPHGDOLLKPRHSURPLMHQLWL SOMHVNDQMHXGDUDQMHWDNWDQRJRPXGDUDQMHGUYFLPD JOD]EDMHX
.D]DOLWHVHQHVPLMHVXGLWLSRWRPHGDOL]DGRYROMDYDQDYLNHVYRMHSXEOLNH SUHWSRYLMHVQLPYUHPHQLPDELODDUROLMDMHGQRRGGUHYQLKLSUL]QDWLK
.D]DOLWHMHRJOHGDORLYRWD VUHGVWDYDPDJLMH
p.D]DOLWHMHPRUDOQDNRODQDURGD *OD]EDSRLYDQDVNODGXL]PHXQHEDL]HPOMHQDVXJODVMXL]PHXWPLQHL
XPLMHH VYMHWOD
8PLMHHMHNDGDRYMHNQHWRQHPRHMHUDNRWRPRHRQGDYLHQLMH 0HXXPMHWQRVWLPDPX]LNDMHQDMERDQVWYHQLMDMHUMHRGVYLKQMLKQDMPDQMH
8PLMHHMHQHWRL]RVWDYLWL RGUHHQDJUDQLFDPD
8PLMHHQLNDGQHXPLUH 2JOD]ELVHPRHJRYRULWLVDPRVRYMHNRPNRMLMHVSR]QDRVPLVDRVYLMHWD
VXGRLVWRYUVQRP .RPLDUMHRYMHNNRMLRVLPVDPRJDVHEHQLWDQHVKYDDR]ELOMQR
o
p8PLMHHQDVWDMHNDGL]PQRJLKSURPDWUDQMDLLVNXVWYXQDVWDMHMHGDQRSL
p8PLMHHQDVWDMHNDGL]PQRJLKSURPDWUDQMDLLVNXVWYXQDVWDMHMHGDQRSL
o.RPLDUMHRYMHNNRMLRVLPVDPRJDVHEHQLWDQHVKYDDR]ELOMQR VXGRLVWRYUVQRP
2JOD]ELVHPRHJRYRULWLVDPRVRYMHNRPNRMLMHVSR]QDRVPLVDRVYLMHWD 8PLMHHQLNDGQHXPLUH
RGUHHQDJUDQLFDPD 8PLMHHMHQHWRL]RVWDYLWL
0HXXPMHWQRVWLPDPX]LNDMHQDMERDQVWYHQLMDMHUMHRGVYLKQMLKQDMPDQMH 8PLMHHMHNDGDRYMHNQHWRQHPRHMHUDNRWRPRHRQGDYLHQLMH
VYMHWOD XPLMHH
*OD]EDSRLYDQDVNODGXL]PHXQHEDL]HPOMHQDVXJODVMXL]PHXWPLQHL p.D]DOLWHMHPRUDOQDNRODQDURGD
VUHGVWDYDPDJLMH .D]DOLWHMHRJOHGDORLYRWD
SUHWSRYLMHVQLPYUHPHQLPDELODDUROLMDMHGQRRGGUHYQLKLSUL]QDWLK .D]DOLWHVHQHVPLMHVXGLWLSRWRPHGDOL]DGRYROMDYDQDYLNHVYRMHSXEOLNH
SOMHVNDQMHXGDUDQMHWDNWDQRJRPXGDUDQMHGUYFLPD JOD]EDMHX YHSRWRPHGDOLLKPRHSURPLMHQLWL
*OD]EDSRLYDQDQDGPRQRVWLQDGVOLMHSLPVOXDMHP3RHYLVULWPRP
p*OXPDFLGHXWULVDWDGRNUDMDEH]L]OD]QRJSXWD]DNRMLMHRYMHNXL]
*OD]EDMHQHVYMHVQDILOR]RILMD JOHGDOLWDSRWUHEDQFLMHOLMHGDQLYRWGDELJDQDDR
*OD]EDMHOLUVNDSDXLQDL]PHXVUFDLPR]JD *OXPDFELRQGDWUHEDRLPDWLQHWR]DUHLNDGDQMHJRYDXORJDQLWDQH
*OD]EDMHNXSHOMGXH SUHGYLDUHL
*OD]EDMHMH]LNRVMHDMDLVWUDVWLNDRWRMHJRYRUMH]LNXPD *OXPDFQDVMHQDXLR QHPDJUDQLFHL]PHXL]JOHGDWLLELWL
*GMHSUHVWDMHJRYRUSRLQMHPX]LND ,VWLQLWJOXPDFWMHUDQMHQHRJUDQLHQRPHOMRPGDVHVWDOQRSUHWYDUDXGUXJH
*OD]EDMHYHHRLWRYDQMHRGVYLKPXGURVWLLILOR]RILMH OMXGHNDNRELQDNRQFXXGUXJLPDRWNULRVHEH
p*OD]EDL]UDDYDRQRWRVHQHPRHUHLDRHPXVHQHPRHXWMHWL p.DEDUHMHNDRLJLFD QHPRHVH]DSDOLWLDNRQHSRVWRMLSRYULQD]DWUHQMH
p.DEDUHMHNDRLJLFD QHPRHVH]DSDOLWLDNRQHSRVWRMLSRYULQD]DWUHQMH p*OD]EDL]UDDYDRQRWRVHQHPRHUHLDRHPXVHQHPRHXWMHWL
OMXGHNDNRELQDNRQFXXGUXJLPDRWNULRVHEH *OD]EDMHYHHRLWRYDQMHRGVYLKPXGURVWLLILOR]RILMH
,VWLQLWJOXPDFWMHUDQMHQHRJUDQLHQRPHOMRPGDVHVWDOQRSUHWYDUDXGUXJH *GMHSUHVWDMHJRYRUSRLQMHPX]LND
*OXPDFQDVMHQDXLR QHPDJUDQLFHL]PHXL]JOHGDWLLELWL *OD]EDMHMH]LNRVMHDMDLVWUDVWLNDRWRMHJRYRUMH]LNXPD
SUHGYLDUHL *OD]EDMHNXSHOMGXH
*OXPDFELRQGDWUHEDRLPDWLQHWR]DUHLNDGDQMHJRYDXORJDQLWDQH *OD]EDMHOLUVNDSDXLQDL]PHXVUFDLPR]JD
JOHGDOLWDSRWUHEDQFLMHOLMHGDQLYRWGDELJDQDDR *OD]EDMHQHVYMHVQDILOR]RILMD
p*OXPDFLGHXWULVDWDGRNUDMDEH]L]OD]QRJSXWD]DNRMLMHRYMHNXL]
*OD]EDSRLYDQDQDGPRQRVWLQDGVOLMHSLPVOXDMHP3RHYLVULWPRP
YHSRWRPHGDOLLKPRHSURPLMHQLWL SOMHVNDQMHXGDUDQMHWDNWDQRJRPXGDUDQMHGUYFLPD JOD]EDMHX
.D]DOLWHVHQHVPLMHVXGLWLSRWRPHGDOL]DGRYROMDYDQDYLNHVYRMHSXEOLNH SUHWSRYLMHVQLPYUHPHQLPDELODDUROLMDMHGQRRGGUHYQLKLSUL]QDWLK
.D]DOLWHMHRJOHGDORLYRWD VUHGVWDYDPDJLMH
p.D]DOLWHMHPRUDOQDNRODQDURGD *OD]EDSRLYDQDVNODGXL]PHXQHEDL]HPOMHQDVXJODVMXL]PHXWPLQHL
XPLMHH VYMHWOD
8PLMHHMHNDGDRYMHNQHWRQHPRHMHUDNRWRPRHRQGDYLHQLMH 0HXXPMHWQRVWLPDPX]LNDMHQDMERDQVWYHQLMDMHUMHRGVYLKQMLKQDMPDQMH
8PLMHHMHQHWRL]RVWDYLWL RGUHHQDJUDQLFDPD
8PLMHHQLNDGQHXPLUH 2JOD]ELVHPRHJRYRULWLVDPRVRYMHNRPNRMLMHVSR]QDRVPLVDRVYLMHWD
VXGRLVWRYUVQRP o.RPLDUMHRYMHNNRMLRVLPVDPRJDVHEHQLWDQHVKYDDR]ELOMQR
p8PLMHHQDVWDMHNDGL]PQRJLKSURPDWUDQMDLLVNXVWYXQDVWDMHMHGDQRSL
p'REDUXNXVMHYUORMHGQRVWDYDQ RGVYHJDVHWUHEDX]HWLVDPRQDMEROMH
-HGLQLXNXVNRMLRYMHND]DLVWDPRH]DGRYROMLWLMHQMHJRYYODVWLWL QDXHLWG
p%LWLXLWHOMWRQH]QDLVMHLNDRQDSDQMXWYUGQMDPDQLGDYDWLOHNFLMHGDVH
3RPDQMNDQMHMHXNXVDSRPDQMNDQMHSDPHWL
,]JUDXMVYRMXNXVLPDXNXVDNRML]DVOXXMXEDWLQH
REUD]RYDQMHRGJRMSRGXDYDQMHQDVWDYDLWDQMH
p6OLNDXSUYRPUHGXPRUDELWLVYHDQRVW]DRL 22%5$=29$1-8
6OLNDUNRMLQHVXPQMDXVYRMXVSRVREQRVWPDORSRVWLH
6OLNDUVWYRMHQLMHPRSMHVQLWYRDSMHVQLWYRVOLNDUVWYRNRMHJRYRUL VUMHGQDNRVWL
6OLNDMHQLMHPDSMHVPD o6YDNRXQLIRUPLUDQMHRVDNDXMHWNLYROMXGVNLKPRJXQRVWLLWLPHXQLWDYD
MHGQRVWDYQLPULMHLPDQHREUQXWR
6WLO]DPHQHSUHGVWDYOMDVSRVREQRVWL]UDDYDQMDNRPSOLFLUDQLKVWYDUL
202', 6WLOMHIL]LRQRPLMDGXKD
PRGDWUHQGVWLOXQLIRUPLUDQMH
3UDYHULMHLQDSUDYLPPMHVWLPDWRLQLSUDYXGHILQLFLMXVWLOD
6WLO]QDLXSUYRPUHGXQLWDVXYLQRLVYHELWQR
p0RGDMHXQLIRUPDFLYLOD
p6WLOMHRGMHDPLVOL
RGDMHUHJHQHUDFLMDSRPRXSURPMHQH
0
WRPRGHUQRNROLNR]ERJWRJDWRGRQRVLRGUHHQHSUHGQRVWL
2GPRGHVHQHPRHSREMHL-HUDNLNDGDMHPRGDL]YDQPRGHRQGDMHWR o2QRWRMHXWUHQGXQHSURQDOD]LVYRMHSULVWDHWROLNR]ERJLQMHQLFHWRMH
RSHWPRGD
0RGDYLHVDNULYDJUGREXQHJRRWNULYDOMHSRWX
WRVLYLHQDUD]LQLRYRJRGLQMHPRGHWRVLYLHX]DRVWDWNXQDPRGX
VOMHGHHJRGLQH
VOMHGHHJRGLQH
WRVLYLHQDUD]LQLRYRJRGLQMHPRGHWRVLYLHX]DRVWDWNXQDPRGX
0RGDYLHVDNULYDJUGREXQHJRRWNULYDOMHSRWX
RSHWPRGD
o2QRWRMHXWUHQGXQHSURQDOD]LVYRMHSULVWDHWROLNR]ERJLQMHQLFHWRMH 2GPRGHVHQHPRHSREMHL-HUDNLNDGDMHPRGDL]YDQPRGHRQGDMHWR
WRPRGHUQRNROLNR]ERJWRJDWRGRQRVLRGUHHQHSUHGQRVWL
0RGDMHUHJHQHUDFLMDSRPRXSURPMHQH
p6WLOMHRGMHDPLVOL
p0RGDMHXQLIRUPDFLYLOD
6WLO]QDLXSUYRPUHGXQLWDVXYLQRLVYHELWQR
3UDYHULMHLQDSUDYLPPMHVWLPDWRLQLSUDYXGHILQLFLMXVWLOD
PRGDWUHQGVWLOXQLIRUPLUDQMH
6WLOMHIL]LRQRPLMDGXKD 202',
6WLO]DPHQHSUHGVWDYOMDVSRVREQRVWL]UDDYDQMDNRPSOLFLUDQLKVWYDUL
MHGQRVWDYQLPULMHLPDQHREUQXWR
o6YDNRXQLIRUPLUDQMHRVDNDXMHWNLYROMXGVNLKPRJXQRVWLLWLPHXQLWDYD 6OLNDMHQLMHPDSMHVPD
VUMHGQDNRVWL 6OLNDUVWYRMHQLMHPRSMHVQLWYRDSMHVQLWYRVOLNDUVWYRNRMHJRYRUL
6OLNDUNRMLQHVXPQMDXVYRMXVSRVREQRVWPDORSRVWLH
22%5$=29$1-8 p6OLNDXSUYRPUHGXPRUDELWLVYHDQRVW]DRL
REUD]RYDQMHRGJRMSRGXDYDQMHQDVWDYDLWDQMH
,]JUDXMVYRMXNXVLPDXNXVDNRML]DVOXXMXEDWLQH
3RPDQMNDQMHMHXNXVDSRPDQMNDQMHSDPHWL
p%LWLXLWHOMWRQH]QDLVMHLNDRQDSDQMXWYUGQMDPDQLGDYDWLOHNFLMHGDVH
QDXHLWG -HGLQLXNXVNRMLRYMHND]DLVWDPRH]DGRYROMLWLMHQMHJRYYODVWLWL
'REDUXNXVMHYUORMHGQRVWDYDQ RGVYHJDVHWUHEDX]HWLVDPRQDMEROMH
p
p'REDUXNXVMHYUORMHGQRVWDYDQ RGVYHJDVHWUHEDX]HWLVDPRQDMEROMH
-HGLQLXNXVNRMLRYMHND]DLVWDPRH]DGRYROMLWLMHQMHJRYYODVWLWL QDXHLWG
p%LWLXLWHOMWRQH]QDLVMHLNDRQDSDQMXWYUGQMDPDQLGDYDWLOHNFLMHGDVH
3RPDQMNDQMHMHXNXVDSRPDQMNDQMHSDPHWL
,]JUDXMVYRMXNXVLPDXNXVDNRML]DVOXXMXEDWLQH
REUD]RYDQMHRGJRMSRGXDYDQMHQDVWDYDLWDQMH
p6OLNDXSUYRPUHGXPRUDELWLVYHDQRVW]DRL 22%5$=29$1-8
6OLNDUNRMLQHVXPQMDXVYRMXVSRVREQRVWPDORSRVWLH
6OLNDUVWYRMHQLMHPRSMHVQLWYRDSMHVQLWYRVOLNDUVWYRNRMHJRYRUL VUMHGQDNRVWL
6OLNDMHQLMHPDSMHVPD o6YDNRXQLIRUPLUDQMHRVDNDXMHWNLYROMXGVNLKPRJXQRVWLLWLPHXQLWDYD
MHGQRVWDYQLPULMHLPDQHREUQXWR
6WLO]DPHQHSUHGVWDYOMDVSRVREQRVWL]UDDYDQMDNRPSOLFLUDQLKVWYDUL
202', 6WLOMHIL]LRQRPLMDGXKD
PRGDWUHQGVWLOXQLIRUPLUDQMH
3UDYHULMHLQDSUDYLPPMHVWLPDWRLQLSUDYXGHILQLFLMXVWLOD
6WLO]QDLXSUYRPUHGXQLWDVXYLQRLVYHELWQR
0RGDMHXQLIRUPDFLYLOD
p
p6WLOMHRGMHDPLVOL
0RGDMHUHJHQHUDFLMDSRPRXSURPMHQH
WRPRGHUQRNROLNR]ERJWRJDWRGRQRVLRGUHHQHSUHGQRVWL
2GPRGHVHQHPRHSREMHL-HUDNLNDGDMHPRGDL]YDQPRGHRQGDMHWR o2QRWRMHXWUHQGXQHSURQDOD]LVYRMHSULVWDHWROLNR]ERJLQMHQLFHWRMH
RSHWPRGD
0RGDYLHVDNULYDJUGREXQHJRRWNULYDOMHSRWX
WRVLYLHQDUD]LQLRYRJRGLQMHPRGHWRVLYLHX]DRVWDWNXQDPRGX
VOMHGHHJRGLQH
VOMHGHHJRGLQH
WRVLYLHQDUD]LQLRYRJRGLQMHPRGHWRVLYLHX]DRVWDWNXQDPRGX
0RGDYLHVDNULYDJUGREXQHJRRWNULYDOMHSRWX
RSHWPRGD
o2QRWRMHXWUHQGXQHSURQDOD]LVYRMHSULVWDHWROLNR]ERJLQMHQLFHWRMH 2GPRGHVHQHPRHSREMHL-HUDNLNDGDMHPRGDL]YDQPRGHRQGDMHWR
WRPRGHUQRNROLNR]ERJWRJDWRGRQRVLRGUHHQHSUHGQRVWL
0RGDMHUHJHQHUDFLMDSRPRXSURPMHQH
p6WLOMHRGMHDPLVOL
p0RGDMHXQLIRUPDFLYLOD
6WLO]QDLXSUYRPUHGXQLWDVXYLQRLVYHELWQR
3UDYHULMHLQDSUDYLPPMHVWLPDWRLQLSUDYXGHILQLFLMXVWLOD
PRGDWUHQGVWLOXQLIRUPLUDQMH
6WLOMHIL]LRQRPLMDGXKD 202',
6WLO]DPHQHSUHGVWDYOMDVSRVREQRVWL]UDDYDQMDNRPSOLFLUDQLKVWYDUL
MHGQRVWDYQLPULMHLPDQHREUQXWR
o6YDNRXQLIRUPLUDQMHRVDNDXMHWNLYROMXGVNLKPRJXQRVWLLWLPHXQLWDYD 6OLNDMHQLMHPDSMHVPD
VUMHGQDNRVWL 6OLNDUVWYRMHQLMHPRSMHVQLWYRDSMHVQLWYRVOLNDUVWYRNRMHJRYRUL
6OLNDUNRMLQHVXPQMDXVYRMXVSRVREQRVWPDORSRVWLH
22%5$=29$1-8 p6OLNDXSUYRPUHGXPRUDELWLVYHDQRVW]DRL
REUD]RYDQMHRGJRMSRGXDYDQMHQDVWDYDLWDQMH
,]JUDXMVYRMXNXVLPDXNXVDNRML]DVOXXMXEDWLQH
3RPDQMNDQMHMHXNXVDSRPDQMNDQMHSDPHWL
p%LWLXLWHOMWRQH]QDLVMHLNDRQDSDQMXWYUGQMDPDQLGDYDWLOHNFLMHGDVH
QDXHLWG -HGLQLXNXVNRMLRYMHND]DLVWDPRH]DGRYROMLWLMHQMHJRYYODVWLWL
'REDUXNXVMHYUORMHGQRVWDYDQ RGVYHJDVHWUHEDX]HWLVDPRQDMEROMH
p
%LWLXLWHOMWR]QDL]DLVWDELWLXHQLN8HQMHSRLQMHNDGDWLXLWHOMXXL
LVSUDYQRRGJRMLWLDNRVXXLWHOMLSULMHWRJDLVSUDYQRRGJRMHQL RGXHQLNDNDGDVHWLVPMHVWLXRQRWRMHRQUD]XPLRSULKYDWLQDLQQD
1HPRHVHGRYROMQRUDQRXND]DWLQDLQMHQLFXGDVHGMHFDVDPRRQGDPRJX NRMLMHRQUD]XPLRNDGDVHSUHWYDUDNDRGDSRODHLVSLWRVWDYOMDMXLVYRP
VXJRYRUQLNXGDVHXYMHULGDWL]QDVYRMXOHNFLMX WDNDYMHXYRGLWHNRQGD
NDNYLMHVX OLFHPMHUVWYRQLMHVYHWDGXQRVWURGLWHOMD PRHSULVWXSLWLNDNYXGUXJRPSLWDQMX
1DMEROMHRGJRMHQDGMHFDVXRQDNRMDVXQDXLODYLGMHWLURGLWHOMHRQDNYLPD
%ROMHMHELWLSURVMDNQHJRQHREUD]RYDQ
1DSULPMHULPDVHXLPR
LQLVHGDMHYHLQDOMXGLPDQMHQHREUD]RYDQDYHMHSRJUHQRREUD]RYDQD
0ODGLQDXHRQRWRVXVWDULMLSMHYDOL LOLSROXREUD]RYDQD
VDPRSRND]XMHGDNRGRGJRMDVYRMHGMHFHQLVXELOLMDNRXVSMHQL 'DQDVMHREUD]RYDQMHDSVROXWQDQXQRVWXVYLP]YDQMLPD3ROLWLNDSURIHVLMD
.DGDGMHGRYLLEDNHVPDWUDMXGDVHPRUDMXXPLMHDWLXRGJRMXQXDGLWR QHSUHGVWDYOMDL]QLPNXRGWRJSUDYLOD
-RQLVDPVUHRRYMHNDRGNRMHJVHQHELPRJORQHWRQDXLWL 'DQDVVPRXVLWXDFLMLNDGDRSDGDEURMVWXGHQDWDQDWHKQLNLPIDNXOWHWLPD
VYLMHW 3LWDPRVH ]DWR"8REUD]RYQLVHVXVWDYXYXNODUHOLJLMDQDUDXQWHKQLNRJ
FMHOLQDVYLMHWDSRVWDMHXL]YMHVQRPVPLVOXWROLNRYHOLNNROLNRMHYHOLNL RGJRMD7DNYDMHSROLWLNDVYRMHYUVQLVDOWRPRUWDOHVGXJRJRGLQMLP
]QDQMDDSUHPDORQDSURLUHQMHPLVOLLVUFDRYMHNXLMLPVHPLVOLPDRJOHGD SRVOMHGLFDPD3ULVMHWLPRVH /H%RQMHVPDWUDRGDMHQDVWDYDPQRJRYLH
*ODYQDPDQDPRGHUQRJREUD]RYDQMDMHWRVHSUHYLHVYRGLQDVNXSOMDQMH WHWQDQHJROLNRULVQDLDNRRYMHNDQHLQLQLVUHWQLMLPQLPRUDOQLMLPX
]DVWXSOMHQ RGHOHPHQDWDSULREOLNRYDQMXVXGLRQLNDNXOWXUQRJLYRWD QDVWDYXMHWHNRGLUDWLNDRQHNDGDXFUNYHQHGRJPH.ULPLQDOQRVWUDVWHV
QDPLMHQMHQRVDPRPDORPEURMXOMXGLRQRMHVDPRMHGDQ LWRQHXYLMHN JHQHUDOL]DFLMRPQDVWDYH6XYUHPHQLVHRGJRMSUHWYDUDXQHSULMDWHOMHGUXWYD
QLVNRPLOMHQMHRGUXJLPD)RUPDOQRMHNRORYDQMHRGXYLMHNELOR MHULYLPRX]DEOXGLGDVHLQWHOLJHQFLMDUD]YLMDXHQMHPQDL]XVWLWDYLK
'REDUVHRGJRMVDVWRMLXWRPHGDVHVNULYDYLVRNRPLOMHQMHRVDPRPHVHELL NQMLJD6YDNLLQNODQMDQMDQHSRJUHLYRVWLXLWHOMLPDLQLQDVPDQMLPDL
VODELMLPD0MHVWRGDSULSUDYOMDOMXGH]DLYRWSULSUDYOMDLKNROD]DMDYQH
LQLFLMDWLYH0RHOLVHWRSULPLMHQLWLQDQDVXVWDY" VOXEHXNRMLPDVHPRHXVSMHWLEH]LNDNYHVDPRVWDOQRVWLLYODVWLWH
VOXEHXNRMLPDVHPRHXVSMHWLEH]LNDNYHVDPRVWDOQRVWLLYODVWLWH LQLFLMDWLYH0RHOLVHWRSULPLMHQLWLQDQDVXVWDY"
VODELMLPD0MHVWRGDSULSUDYOMDOMXGH]DLYRWSULSUDYOMDLKNROD]DMDYQH
NQMLJD6YDNLLQNODQMDQMDQHSRJUHLYRVWLXLWHOMLPDLQLQDVPDQMLPDL 'REDUVHRGJRMVDVWRMLXWRPHGDVHVNULYDYLVRNRPLOMHQMHRVDPRPHVHELL
MHULYLPRX]DEOXGLGDVHLQWHOLJHQFLMDUD]YLMDXHQMHPQDL]XVWLWDYLK QLVNRPLOMHQMHRGUXJLPD)RUPDOQRMHNRORYDQMHRGXYLMHNELOR
JHQHUDOL]DFLMRPQDVWDYH6XYUHPHQLVHRGJRMSUHWYDUDXQHSULMDWHOMHGUXWYD QDPLMHQMHQRVDPRPDORPEURMXOMXGLRQRMHVDPRMHGDQ LWRQHXYLMHN
QDVWDYXMHWHNRGLUDWLNDRQHNDGDXFUNYHQHGRJPH.ULPLQDOQRVWUDVWHV ]DVWXSOMHQ RGHOHPHQDWDSULREOLNRYDQMXVXGLRQLNDNXOWXUQRJLYRWD
WHWQDQHJROLNRULVQDLDNRRYMHNDQHLQLQLVUHWQLMLPQLPRUDOQLMLPX *ODYQDPDQDPRGHUQRJREUD]RYDQMDMHWRVHSUHYLHVYRGLQDVNXSOMDQMH
SRVOMHGLFDPD3ULVMHWLPRVH /H%RQMHVPDWUDRGDMHQDVWDYDPQRJRYLH ]QDQMDDSUHPDORQDSURLUHQMHPLVOLLVUFDRYMHNXLMLPVHPLVOLPDRJOHGD
RGJRMD7DNYDMHSROLWLNDVYRMHYUVQLVDOWRPRUWDOHVGXJRJRGLQMLP FMHOLQDVYLMHWDSRVWDMHXL]YMHVQRPVPLVOXWROLNRYHOLNNROLNRMHYHOLNL
3LWDPRVH ]DWR"8REUD]RYQLVHVXVWDYXYXNODUHOLJLMDQDUDXQWHKQLNRJ VYLMHW
'DQDVVPRXVLWXDFLMLNDGDRSDGDEURMVWXGHQDWDQDWHKQLNLPIDNXOWHWLPD -RQLVDPVUHRRYMHNDRGNRMHJVHQHELPRJORQHWRQDXLWL
QHSUHGVWDYOMDL]QLPNXRGWRJSUDYLOD .DGDGMHGRYLLEDNHVPDWUDMXGDVHPRUDMXXPLMHDWLXRGJRMXQXDGLWR
'DQDVMHREUD]RYDQMHDSVROXWQDQXQRVWXVYLP]YDQMLPD3ROLWLNDSURIHVLMD VDPRSRND]XMHGDNRGRGJRMDVYRMHGMHFHQLVXELOLMDNRXVSMHQL
LOLSROXREUD]RYDQD 0ODGLQDXHRQRWRVXVWDULMLSMHYDOL
LQLVHGDMHYHLQDOMXGLPDQMHQHREUD]RYDQDYHMHSRJUHQRREUD]RYDQD
1DSULPMHULPDVHXLPR
%ROMHMHELWLSURVMDNQHJRQHREUD]RYDQ
1DMEROMHRGJRMHQDGMHFDVXRQDNRMDVXQDXLODYLGMHWLURGLWHOMHRQDNYLPD
PRHSULVWXSLWLNDNYXGUXJRPSLWDQMX NDNYLMHVX OLFHPMHUVWYRQLMHVYHWDGXQRVWURGLWHOMD
VXJRYRUQLNXGDVHXYMHULGDWL]QDVYRMXOHNFLMX WDNDYMHXYRGLWHNRQGD
NRMLMHRQUD]XPLRNDGDVHSUHWYDUDNDRGDSRODHLVSLWRVWDYOMDMXLVYRP 1HPRHVHGRYROMQRUDQRXND]DWLQDLQMHQLFXGDVHGMHFDVDPRRQGDPRJX
RGXHQLNDNDGDVHWLVPMHVWLXRQRWRMHRQUD]XPLRSULKYDWLQDLQQD LVSUDYQRRGJRMLWLDNRVXXLWHOMLSULMHWRJDLVSUDYQRRGJRMHQL
%LWLXLWHOMWR]QDL]DLVWDELWLXHQLN8HQMHSRLQMHNDGDWLXLWHOMXXL
%LWLXLWHOMWR]QDL]DLVWDELWLXHQLN8HQMHSRLQMHNDGDWLXLWHOMXXL
LVSUDYQRRGJRMLWLDNRVXXLWHOMLSULMHWRJDLVSUDYQRRGJRMHQL RGXHQLNDNDGDVHWLVPMHVWLXRQRWRMHRQUD]XPLRSULKYDWLQDLQQD
1HPRHVHGRYROMQRUDQRXND]DWLQDLQMHQLFXGDVHGMHFDVDPRRQGDPRJX NRMLMHRQUD]XPLRNDGDVHSUHWYDUDNDRGDSRODHLVSLWRVWDYOMDMXLVYRP
VXJRYRUQLNXGDVHXYMHULGDWL]QDVYRMXOHNFLMX WDNDYMHXYRGLWHNRQGD
NDNYLMHVX OLFHPMHUVWYRQLMHVYHWDGXQRVWURGLWHOMD PRHSULVWXSLWLNDNYXGUXJRPSLWDQMX
1DMEROMHRGJRMHQDGMHFDVXRQDNRMDVXQDXLODYLGMHWLURGLWHOMHRQDNYLPD
%ROMHMHELWLSURVMDNQHJRQHREUD]RYDQ
1DSULPMHULPDVHXLPR
LQLVHGDMHYHLQDOMXGLPDQMHQHREUD]RYDQDYHMHSRJUHQRREUD]RYDQD
0ODGLQDXHRQRWRVXVWDULMLSMHYDOL LOLSROXREUD]RYDQD
VDPRSRND]XMHGDNRGRGJRMDVYRMHGMHFHQLVXELOLMDNRXVSMHQL 'DQDVMHREUD]RYDQMHDSVROXWQDQXQRVWXVYLP]YDQMLPD3ROLWLNDSURIHVLMD
.DGDGMHGRYLLEDNHVPDWUDMXGDVHPRUDMXXPLMHDWLXRGJRMXQXDGLWR QHSUHGVWDYOMDL]QLPNXRGWRJSUDYLOD
-RQLVDPVUHRRYMHNDRGNRMHJVHQHELPRJORQHWRQDXLWL 'DQDVVPRXVLWXDFLMLNDGDRSDGDEURMVWXGHQDWDQDWHKQLNLPIDNXOWHWLPD
VYLMHW 3LWDPRVH ]DWR"8REUD]RYQLVHVXVWDYXYXNODUHOLJLMDQDUDXQWHKQLNRJ
FMHOLQDVYLMHWDSRVWDMHXL]YMHVQRPVPLVOXWROLNRYHOLNNROLNRMHYHOLNL RGJRMD7DNYDMHSROLWLNDVYRMHYUVQLVDOWRPRUWDOHVGXJRJRGLQMLP
]QDQMDDSUHPDORQDSURLUHQMHPLVOLLVUFDRYMHNXLMLPVHPLVOLPDRJOHGD SRVOMHGLFDPD3ULVMHWLPRVH /H%RQMHVPDWUDRGDMHQDVWDYDPQRJRYLH
*ODYQDPDQDPRGHUQRJREUD]RYDQMDMHWRVHSUHYLHVYRGLQDVNXSOMDQMH WHWQDQHJROLNRULVQDLDNRRYMHNDQHLQLQLVUHWQLMLPQLPRUDOQLMLPX
]DVWXSOMHQ RGHOHPHQDWDSULREOLNRYDQMXVXGLRQLNDNXOWXUQRJLYRWD QDVWDYXMHWHNRGLUDWLNDRQHNDGDXFUNYHQHGRJPH.ULPLQDOQRVWUDVWHV
QDPLMHQMHQRVDPRPDORPEURMXOMXGLRQRMHVDPRMHGDQ LWRQHXYLMHN JHQHUDOL]DFLMRPQDVWDYH6XYUHPHQLVHRGJRMSUHWYDUDXQHSULMDWHOMHGUXWYD
QLVNRPLOMHQMHRGUXJLPD)RUPDOQRMHNRORYDQMHRGXYLMHNELOR MHULYLPRX]DEOXGLGDVHLQWHOLJHQFLMDUD]YLMDXHQMHPQDL]XVWLWDYLK
'REDUVHRGJRMVDVWRMLXWRPHGDVHVNULYDYLVRNRPLOMHQMHRVDPRPHVHELL NQMLJD6YDNLLQNODQMDQMDQHSRJUHLYRVWLXLWHOMLPDLQLQDVPDQMLPDL
VODELMLPD0MHVWRGDSULSUDYOMDOMXGH]DLYRWSULSUDYOMDLKNROD]DMDYQH
LQLFLMDWLYH0RHOLVHWRSULPLMHQLWLQDQDVXVWDY" VOXEHXNRMLPDVHPRHXVSMHWLEH]LNDNYHVDPRVWDOQRVWLLYODVWLWH
VOXEHXNRMLPDVHPRHXVSMHWLEH]LNDNYHVDPRVWDOQRVWLLYODVWLWH LQLFLMDWLYH0RHOLVHWRSULPLMHQLWLQDQDVXVWDY"
VODELMLPD0MHVWRGDSULSUDYOMDOMXGH]DLYRWSULSUDYOMDLKNROD]DMDYQH
NQMLJD6YDNLLQNODQMDQMDQHSRJUHLYRVWLXLWHOMLPDLQLQDVPDQMLPDL 'REDUVHRGJRMVDVWRMLXWRPHGDVHVNULYDYLVRNRPLOMHQMHRVDPRPHVHELL
MHULYLPRX]DEOXGLGDVHLQWHOLJHQFLMDUD]YLMDXHQMHPQDL]XVWLWDYLK QLVNRPLOMHQMHRGUXJLPD)RUPDOQRMHNRORYDQMHRGXYLMHNELOR
JHQHUDOL]DFLMRPQDVWDYH6XYUHPHQLVHRGJRMSUHWYDUDXQHSULMDWHOMHGUXWYD QDPLMHQMHQRVDPRPDORPEURMXOMXGLRQRMHVDPRMHGDQ LWRQHXYLMHN
QDVWDYXMHWHNRGLUDWLNDRQHNDGDXFUNYHQHGRJPH.ULPLQDOQRVWUDVWHV ]DVWXSOMHQ RGHOHPHQDWDSULREOLNRYDQMXVXGLRQLNDNXOWXUQRJLYRWD
WHWQDQHJROLNRULVQDLDNRRYMHNDQHLQLQLVUHWQLMLPQLPRUDOQLMLPX *ODYQDPDQDPRGHUQRJREUD]RYDQMDMHWRVHSUHYLHVYRGLQDVNXSOMDQMH
SRVOMHGLFDPD3ULVMHWLPRVH /H%RQMHVPDWUDRGDMHQDVWDYDPQRJRYLH ]QDQMDDSUHPDORQDSURLUHQMHPLVOLLVUFDRYMHNXLMLPVHPLVOLPDRJOHGD
RGJRMD7DNYDMHSROLWLNDVYRMHYUVQLVDOWRPRUWDOHVGXJRJRGLQMLP FMHOLQDVYLMHWDSRVWDMHXL]YMHVQRPVPLVOXWROLNRYHOLNNROLNRMHYHOLNL
3LWDPRVH ]DWR"8REUD]RYQLVHVXVWDYXYXNODUHOLJLMDQDUDXQWHKQLNRJ VYLMHW
'DQDVVPRXVLWXDFLMLNDGDRSDGDEURMVWXGHQDWDQDWHKQLNLPIDNXOWHWLPD -RQLVDPVUHRRYMHNDRGNRMHJVHQHELPRJORQHWRQDXLWL
QHSUHGVWDYOMDL]QLPNXRGWRJSUDYLOD .DGDGMHGRYLLEDNHVPDWUDMXGDVHPRUDMXXPLMHDWLXRGJRMXQXDGLWR
'DQDVMHREUD]RYDQMHDSVROXWQDQXQRVWXVYLP]YDQMLPD3ROLWLNDSURIHVLMD VDPRSRND]XMHGDNRGRGJRMDVYRMHGMHFHQLVXELOLMDNRXVSMHQL
LOLSROXREUD]RYDQD 0ODGLQDXHRQRWRVXVWDULMLSMHYDOL
LQLVHGDMHYHLQDOMXGLPDQMHQHREUD]RYDQDYHMHSRJUHQRREUD]RYDQD
1DSULPMHULPDVHXLPR
%ROMHMHELWLSURVMDNQHJRQHREUD]RYDQ
1DMEROMHRGJRMHQDGMHFDVXRQDNRMDVXQDXLODYLGMHWLURGLWHOMHRQDNYLPD
PRHSULVWXSLWLNDNYXGUXJRPSLWDQMX NDNYLMHVX OLFHPMHUVWYRQLMHVYHWDGXQRVWURGLWHOMD
VXJRYRUQLNXGDVHXYMHULGDWL]QDVYRMXOHNFLMX WDNDYMHXYRGLWHNRQGD
NRMLMHRQUD]XPLRNDGDVHSUHWYDUDNDRGDSRODHLVSLWRVWDYOMDMXLVYRP 1HPRHVHGRYROMQRUDQRXND]DWLQDLQMHQLFXGDVHGMHFDVDPRRQGDPRJX
RGXHQLNDNDGDVHWLVPMHVWLXRQRWRMHRQUD]XPLRSULKYDWLQDLQQD LVSUDYQRRGJRMLWLDNRVXXLWHOMLSULMHWRJDLVSUDYQRRGJRMHQL
%LWLXLWHOMWR]QDL]DLVWDELWLXHQLN8HQMHSRLQMHNDGDWLXLWHOMXXL
1HNLURGLWHOMLLNROHSRNXDYDMXGMHFXQDXLWLSRWSXQRMSRVOXQRVWLSRNXDM
NRMLPRUDSURL]YHVWLLOLUREDLOLEXQWRYQLND
RGQRVLPD2YRGUXJRELUD]YLMDORXEXGXRMOLQRVWLVHUYLOQRVW
1HPDQLHJDWRELELORYUHGQLMHSURXLWLRGSULURGH QHNXSRVORYQXLOLGMHODWQXIXQNFLMXIXQNFLRQLUDWLXVORHQLPGUXWYHQLP
1HPDVXPQMHGDMH]DUD]YRMPRUDODPQRJRYDQLMLRGJRMRGQDVOMHD VWYDUQRVWLLRVMHDMSUDYHGQRVWLEH]HJDELELORL]X]HWQRWHNRSUHX]HWL
GXKDSUHPDQRYLPLGHMDPDLVHELVDPRPSRYMHUHQMDXGUXJHSULKYDDQMH
1LMHYDQRXHQMHQHJRGMHOR VWMHFDQMHQDYLNDXYDDYDQMDGUXJLKRVREDWROHUDQFLMDRVQRYX]DRWYRUHQRVW
2EUD]RYDQMHMHQHWRSUHNUDVQRDOLVHWUHEDVYUHPHQDQDYULMHPHSRGVMHWLWL GHPRNUDWVNRDQHDXWRULWDUQRNRPXQLFLUDQMH3UYRRPRJXXMHPODGRMRVREL
GDVHVWYDULNRMH]DLVWDWUHED]QDWLQHSRGXDYDMX 8RGJRMXELORNRGNXHLSXWHPRGJRMQRREUD]RYQRJVXVWDYDSRWUHEQRMH
2EUD]RYDQMHMHRQRWRYHLQDGRELYDPQRJLSURVOMHXMXDPDOLEURMLPD WRVLEOLHNROLWRVLGDOMHRGERJD2GJRMMHQDMEROMHQDVOMHGVWYR
2EUD]RYDQMHMHSURFHVXPQRJSUHUDLYDQMDLGXHYQRJVDYODGDYDQMDLYRWQH RGJDMDWLGRSRVOMHGQMHJGDQD
VWYDUQRVWLXQDPDLL]YDQQDVWHREOLNRYDQMHLRULMHQWDFLMDVSRVREQRVWLGDVH 6WLGOMLYDFQHPRHXLWLQLQHVWUSOMLYDFSRGXDYDWL6YDNLVHRYMHNWUHED
WDMSURFHVSRNUHQHLRNRQD SURL]YHVWLXYMHUHQMDXPMHVWRUD]PLOMDQMD
2GJRMMHGLYQDVWYDUDOLVHRYMHNSRQHNDGPRUDVMHWLWLGDVHQLWDRGRQRJD 6ORERGQRSRVWDYOMDQMHSLWDQMDRQHPRJXDYDVHWDNRGXJRGRNMHFLOMRGJRMD
WRMH]DLVWDYULMHGQRQHPRHSRXLWL 3UDYLODQRGJRMVDVWRMLVHXWRPHGDL]YXHL]VYDNRJDRQRWRMHQDMEROMH
2GJRMMHRUJDQL]LUDQDREUDQDRGUDVOLKRGPODGHL2GJRMUD]YLMDVSRVREQRVWL 3RVWDWHVWDULVWRPRQGDNDGDWHYLHQLMHPRJXHRGJDMDWL
DOLLKQHVWYDUD
NUHDWLYQHOLQRVWL
2GJRMVKYDDQMDLUD]XPXWMHXQDRVMHWOMLYRVWSUHPDGRVDLYDQMX RGL]QLPQRJ]QDDMD]DIRUPLUDQMHNUHDWLYQLKGRVH]DGMHWHWDNDREXGXH
2GJRMLWHOMVHUDDLVWRNDRLXPMHWQLN SUHPDQHNLPDXWRULPDRGJRMQR]GUDYVWYHQRNUHDWLYQRUD]GREOMHVYDNDNRVX
2GJRYDUDMXDLVKUDQDVRFLMDOQDVLJXUQRVWLSVLKRORNDKDUPRQLMDXRELWHOML GMHWHWDLGUXWYD WHSUHGNROVNRLNROVNRRGJRMQRREUD]RYQRUD]GREOMHD
NRMDMHELODLRVWDODQDMSULURGQLMLVRFLMDOQLLHPRFLRQDOQLSRVUHGQLNL]PHX NRMDMHELODLRVWDODQDMSULURGQLMLVRFLMDOQLLHPRFLRQDOQLSRVUHGQLNL]PHX
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RYLQX 1DMJRUHVPHHQDVWRMLV79HNUDQDLVWLVQXWLRELQRVPHH
$NRVHHOLRVWDYLWLSLDWULMH]QLPRLPDSRJOHGDMSLMDQFD
p SURJUDPH
'REDMHEHVPLVOHQRJEXOMHQMDXDJUHVLYQH]DJOXSOMXMXHLWULYLMDOQH79
$ONRKRONRQ]HUYLUDVYHRVLPGRVWRMDQVWYDLWDMQL$ONRKROUD]UMHXMHMH]LNDOL
QHUMHDYDSUREOHPH QHJRGDWRSRVWDQHLQXGRP"
]DKWLMHYDWLQHVDPRGDMHGDQGDQEXGHVORERGDQRGWHOHYL]LMVNRJSURJUDPD
$ONRKROVXDYDRE]RUQDYHOLLQXSRGPHWDD]DSLYR pDVWL]X]HWQLPHPLVLMDPDDOLPRHPROLSUHGYLGMHWLYULMHPHNDGHVH
3LMNDGDVLVUHWDQQLNDGDQHPRMSLWLDNRVLQHVUHWDQ p*UDPSULPMHQHYULMHGLWRQXDSVWUDNFLMH
8YLMHNSRVWRMLODNLQDLQGDVHWRL]UDGL
8YLMHNSRVWRMLODNLQDLQGDVHWRL]UDGL
*UDPSULPMHQHYULMHGLWRQXDSVWUDNFLMH
p 3LMNDGDVLVUHWDQQLNDGDQHPRMSLWLDNRVLQHVUHWDQ
pDVWL]X]HWQLPHPLVLMDPDDOLPRHPROLSUHGYLGMHWLYULMHPHNDGHVH $ONRKROVXDYDRE]RUQDYHOLLQXSRGPHWDD]DSLYR
]DKWLMHYDWLQHVDPRGDMHGDQGDQEXGHVORERGDQRGWHOHYL]LMVNRJSURJUDPD
QHJRGDWRSRVWDQHLQXGRP" QHUMHDYDSUREOHPH
$ONRKRONRQ]HUYLUDVYHRVLPGRVWRMDQVWYDLWDMQL$ONRKROUD]UMHXMHMH]LNDOL
'REDMHEHVPLVOHQRJEXOMHQMDXDJUHVLYQH]DJOXSOMXMXHLWULYLMDOQH79
SURJUDPH p$NRVHHOLRVWDYLWLSLDWULMH]QLPRLPDSRJOHGDMSLMDQFD
1DMJRUHVPHHQDVWRMLV79HNUDQDLVWLVQXWLRELQRVPHH RYLQX
3RVWRMLRSUDYGDQVWUDKRGEDUEDUVNHEXGXQRVWLXNRMRMHWHOHYL]LMDSOHV
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SULMHQHJRWRLGXXNUHYHW
=DKYDOMXMXLWHOHYL]LMLSRVWRMLIHQRPHQGDVHEH]EURMOMXGLQDYHHUSUREXGL
3XNDMHLVWLQDGDVPRPLVQDLPWHOHYL]RULPDLPODQMDFLPDXGDOMHQLMLRG
VWYDUQRJLYRWDQHJRGRPRURFLX$IULFL
MHJRWRYRLVWRWROLNRYDQDNDRL]XPWLVND
8WMHFDMWHOHYL]LMHQDQDXNXOWXUXXSUDYRMHQHRSLVLY8L]YMHVQRPVPLVOXRQD
7HOHYL]LMDMHL]XPOMHQD]DWRGDELLQHSLVPHQLLPDOLUD]ORJDQRVLWLQDRDOH
SUREOHPLPDLGRVWLJQXLPDNRGQDVLXVYLMHWX
7HOHYL]LMDMHSRVWDODJRVWNRMLRGVYLKGUXJLKJRVWLMX]DKWLMHYDGDPXVH NDNRQDV]DVLSDMXLQIRUPDFLMHR QH ELWQLPGRJDDMLPDSRMDYDPD
SRGUHGHLOLQHGROD]H VWUDQLFHQDNLRVNXSRUHGNRMHJVYDNRGQHYQRJSUROD]LPRGDELVPRVKYDWLOL
7HOHYL]LMDSUHWYDUDGRPXSURVWRU]DSUHGVWDYHRELWHOMXSXEOLNXDYHHUQML QDVLOMX'RYROMQRMHGDXNOMXLPRUDGLRWHOHYL]RUGDSRJOHGDPRQDVORYH
UD]JRYRUEUDQLKGUXJRYDXIDUVX2QDYMHURMDWQROMXGLPDQHHGRQLMHWL LQIRUPDFLMVNRMJODGLGDQDVX]SRPRWHOHYL]LMHJRYRULPRRLQIRUPDFLMVNRP
WROLNRNXOWXUHNROLNRHMHXLVWLPDKXQLWLWL RWYRUHQHSULMHWQMHDRQHQLVXEH]D]OHQH1HNDGDVPRJRYRULOLR
NDRL]DPNHQMHJRYXXGHVQXL]JUDHQRVWLRUJDQL]DFLMXNDRLQMHJRYH
8OMXGVNRMMHSULURGLGDRWNULYDVYLMHWRNRVHEHGDRSDDQMHJRYXOMHSRWX 8OMXGVNRMMHSULURGLGDRWNULYDVYLMHWRNRVHEHGDRSDDQMHJRYXOMHSRWX
NDRL]DPNHQMHJRYXXGHVQXL]JUDHQRVWLRUJDQL]DFLMXNDRLQMHJRYH
RWYRUHQHSULMHWQMHDRQHQLVXEH]D]OHQH1HNDGDVPRJRYRULOLR WROLNRNXOWXUHNROLNRHMHXLVWLPDKXQLWLWL
LQIRUPDFLMVNRMJODGLGDQDVX]SRPRWHOHYL]LMHJRYRULPRRLQIRUPDFLMVNRP UD]JRYRUEUDQLKGUXJRYDXIDUVX2QDYMHURMDWQROMXGLPDQHHGRQLMHWL
QDVLOMX'RYROMQRMHGDXNOMXLPRUDGLRWHOHYL]RUGDSRJOHGDPRQDVORYH 7HOHYL]LMDSUHWYDUDGRPXSURVWRU]DSUHGVWDYHRELWHOMXSXEOLNXDYHHUQML
VWUDQLFHQDNLRVNXSRUHGNRMHJVYDNRGQHYQRJSUROD]LPRGDELVPRVKYDWLOL SRGUHGHLOLQHGROD]H
NDNRQDV]DVLSDMXLQIRUPDFLMHR QH ELWQLPGRJDDMLPDSRMDYDPD 7HOHYL]LMDMHSRVWDODJRVWNRMLRGVYLKGUXJLKJRVWLMX]DKWLMHYDGDPXVH
SUREOHPLPDLGRVWLJQXLPDNRGQDVLXVYLMHWX
7HOHYL]LMDMHL]XPOMHQD]DWRGDELLQHSLVPHQLLPDOLUD]ORJDQRVLWLQDRDOH
8WMHFDMWHOHYL]LMHQDQDXNXOWXUXXSUDYRMHQHRSLVLY8L]YMHVQRPVPLVOXRQD
MHJRWRYRLVWRWROLNRYDQDNDRL]XPWLVND
VWYDUQRJLYRWDQHJRGRPRURFLX$IULFL
3XNDMHLVWLQDGDVPRPLVQDLPWHOHYL]RULPDLPODQMDFLPDXGDOMHQLMLRG
=DKYDOMXMXLWHOHYL]LMLSRVWRMLIHQRPHQGDVHEH]EURMOMXGLQDYHHUSUREXGL
SULMHQHJRWRLGXXNUHYHW
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3RVWRMLRSUDYGDQVWUDKRGEDUEDUVNHEXGXQRVWLXNRMRMHWHOHYL]LMDSOHV
RYLQX 1DMJRUHVPHHQDVWRMLV79HNUDQDLVWLVQXWLRELQRVPHH
$NRVHHOLRVWDYLWLSLDWULMH]QLPRLPDSRJOHGDMSLMDQFD
p SURJUDPH
'REDMHEHVPLVOHQRJEXOMHQMDXDJUHVLYQH]DJOXSOMXMXHLWULYLMDOQH79
$ONRKRONRQ]HUYLUDVYHRVLPGRVWRMDQVWYDLWDMQL$ONRKROUD]UMHXMHMH]LNDOL
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]DKWLMHYDWLQHVDPRGDMHGDQGDQEXGHVORERGDQRGWHOHYL]LMVNRJSURJUDPD
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3LMNDGDVLVUHWDQQLNDGDQHPRMSLWLDNRVLQHVUHWDQ p*UDPSULPMHQHYULMHGLWRQXDSVWUDNFLMH
8YLMHNSRVWRMLODNLQDLQGDVHWRL]UDGL
3URWLYYLQDQDYRGHVHVDPR]ODGMHODQDNRMDRQRQDYHGHVDPRRQRQDYRGLL
QDVWRWLQXGREULKGMHODNRMDVHQHVD]QDMX
6YLMHWMHSXQOMXGLNRMLSURSRYLMHGDMXYRGXDSLMXYLQR
6YRMHSULMDWHOMHLRQRWRMHLYH]LVOMXEDYLPRUDVHSRJOHGDWLXYLQX QLWDQH
YULMHGLWRVHQHPRHSRJOHGDWLWDNR
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RYMHNMHLHSUNDRL]EODWD]ODWRDVDGDWDEHVSUHGPHWQDNRYLQDYODGD
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=ODWRVHXYDWULNXDDGREULOMXGLXQHYROML
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RYMHNMHLHSUNDRL]EODWD]ODWRDVDGDWDEHVSUHGPHWQDNRYLQDYODGD
ELVHJUDELOL]DDNXEODWD1LMHVYHWRVMD]ODWR$OLLQHVMDVYHWRMH]ODWR
p*GMHJRYRUL]ODWRQLMHGDQJRYRUQHYDOMD'DMH]HPOMDVYDRG]ODWDOMXGL
R]ODWX
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6YLMHWMHSXQOMXGLNRMLSURSRYLMHGDMXYRGXDSLMXYLQR
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3URWLYYLQDQDYRGHVHVDPR]ODGMHODQDNRMDRQRQDYHGHVDPRRQRQDYRGLL
3URWLYYLQDQDYRGHVHVDPR]ODGMHODQDNRMDRQRQDYHGHVDPRRQRQDYRGLL
QDVWRWLQXGREULKGMHODNRMDVHQHVD]QDMX
6YLMHWMHSXQOMXGLNRMLSURSRYLMHGDMXYRGXDSLMXYLQR
6YRMHSULMDWHOMHLRQRWRMHLYH]LVOMXEDYLPRUDVHSRJOHGDWLXYLQX QLWDQH
YULMHGLWRVHQHPRHSRJOHGDWLWDNR
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RYMHNMHLHSUNDRL]EODWD]ODWRDVDGDWDEHVSUHGPHWQDNRYLQDYODGD
QMHJRYLPQD]RULPDLXYMHUHQMLPD
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=ODWRVHXYDWULNXDDGREULOMXGLXQHYROML
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RYMHNMHLHSUNDRL]EODWD]ODWRDVDGDWDEHVSUHGPHWQDNRYLQDYODGD
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p*GMHJRYRUL]ODWRQLMHGDQJRYRUQHYDOMD'DMH]HPOMDVYDRG]ODWDOMXGL
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6YLMHWMHSXQOMXGLNRMLSURSRYLMHGDMXYRGXDSLMXYLQR
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3URWLYYLQDQDYRGHVHVDPR]ODGMHODQDNRMDRQRQDYHGHVDPRRQRQDYRGLL
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p ]DXVWDYOMDMXXNRUH
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RYMHNMHEH]QDGQRVDPRVLPXNROLNRQHSRPDHGUXJRPH
$OWUXL]DPYHOLNLKOMXGLSRLYDQDVNURPQRVWL
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]YDOLERJRPLOLYMHURPXERJDDGDQDMH]RYXYMHURPXRYMHDQVWYRYMHURP PLVDRQLRYMHN
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RYMHNMHEH]QDGQRVDPRVLPXNROLNRQHSRPDHGUXJRPH
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p ]DXVWDYOMDMXXNRUH
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6DPRGREURWDYRGLNLVWLQL 1LMHGRYROMQRGDVLVDPRGREDUQDURLWRXRYRYULMHPH7UHEDXLQLWLL
6DPRDNRVLGREDU]DQHWRRQGDQLSRGULMHWORQLMHYDQR RVWDOHWDNYLPD
5D]XPDQMHDOWUXL]DPYUHGQLMLRGEH]XPQRJVDPRUWYRYDQMD 1LMHGRYROMQRSR]QDYDWLGREURDNRVHXMHGQRQHSULYRGLXGMHOR
3RMDPGREUDQDOD]LVHL]QDG]DNRQD 1LMHWHNRELWLGREDU WHNRMHELWLSUDYHGDQ
1LNRPHQLMHRGYLHGREUR 1LNDGQLMHNDVQRGDSRVWDQHPRGREUL
1LNDGQLMHNDVQRGDSRVWDQHPRGREUL 1LNRPHQLMHRGYLHGREUR
1LMHWHNRELWLGREDU WHNRMHELWLSUDYHGDQ 3RMDPGREUDQDOD]LVHL]QDG]DNRQD
1LMHGRYROMQRSR]QDYDWLGREURDNRVHXMHGQRQHSULYRGLXGMHOR 5D]XPDQMHDOWUXL]DPYUHGQLMLRGEH]XPQRJVDPRUWYRYDQMD
RVWDOHWDNYLPD 6DPRDNRVLGREDU]DQHWRRQGDQLSRGULMHWORQLMHYDQR
1LMHGRYROMQRGDVLVDPRGREDUQDURLWRXRYRYULMHPH7UHEDXLQLWLL 6DPRGREURWDYRGLNLVWLQL
1HPRMNXGLWLQDNRQGDULYDQMD 6YDVYRMDGREUDQRVLVDVRERP
1DLQQDNRMLVHGDMHELWQLMLMHRGRQRJDWRVHGDMH 6YDNLMHSRMHGLQDFSRVYRMRMSULURGLGREDUDQH]DR
SRQL]LWLRYMHND 6YDNRJMXWUDQRYLQHQDPXOLFHGREDFXMXYLMHVWLRUDWXRXERMVWYLPDL
/LMHSRMHWDPRSRNORQLWLJGMHQLWNRQHPROL$OLLGDULYDQMHPPRHRYMHN ]ORLQLPDSROLWLNROXGLORSUHSODYOMXMHQDHPLVOLDOLRRQRGREURPWRVH
.RULVW]DVYHYDQLMDMHRGVHELQRVWL ]ELYDXWLLQLULMHWNRNDGVD]QDMHPRQHWR$XSUDYRELWRELORSULMHSRWUHEQR
XYUHPHQLPDNDNYRMHQDHMHUVYDNLPRUDOQLLQVYRMLPSULPMHURPSRVWDMH
EROMLDNRVH]QDLVNUHQRGLYLWLGREURWL
.DGDVHQHPRHXLQLWLGREURGRVWDMHGDVHQHXLQL]OR
6YHHGREURGRLXVYRMHYULMHPH
-HGQRMHGLQRHYRWLYULMHGLYLHQHJRGHVHWQHNDWLQHERSRPRJQH
6YHGREUHVWYDULVXMDNRMHIWLQH VYHORHVXMDNRVNXSH
'REURWDGXHYQRVWVDPLORVWSUYDMHOMXGVNDYUOLQD
6YHGREUHVXYHSREUDOL
'REURXGQRVWLPDVYRMHJUDQLFHSRWRPHVHUD]OLNXMHRGGREURWH
6YHLPDVYRMHOLFHLQDOLMH8GREURPLPDORHJXORHPGREURJ
'REURLQVWYRVHLVND]XMHVYHVHOMHP
6YHMHGREURVDPRQHSRVYXGVDPRQHXYLMHNVDPRQH]DVYH
'REURLQVWYRMHMHGLQREODJRNRMHVHSRYHDYDVGLMHOMHQMHP
'REURLQVWYDVHQHQDPHX
REURLQVWYDVHQHQDPHX
'
'REURLQVWYRMHMHGLQREODJRNRMHVHSRYHDYDVGLMHOMHQMHP
YHMHGREURVDPRQHSRVYXGVDPRQHXYLMHNVDPRQH]DVYH
6
'REURLQVWYRVHLVND]XMHVYHVHOMHP
6YHLPDVYRMHOLFHLQDOLMH8GREURPLPDORHJXORHPGREURJ
'REURXGQRVWLPDVYRMHJUDQLFHSRWRPHVHUD]OLNXMHRGGREURWH
6YHGREUHVXYHSREUDOL
'REURWDGXHYQRVWVDPLORVWSUYDMHOMXGVNDYUOLQD
6YHGREUHVWYDULVXMDNRMHIWLQH VYHORHVXMDNRVNXSH
-HGQRMHGLQRHYRWLYULMHGLYLHQHJRGHVHWQHNDWLQHERSRPRJQH
6YHHGREURGRLXVYRMHYULMHPH
.DGDVHQHPRHXLQLWLGREURGRVWDMHGDVHQHXLQL]OR
EROMLDNRVH]QDLVNUHQRGLYLWLGREURWL
XYUHPHQLPDNDNYRMHQDHMHUVYDNLPRUDOQLLQVYRMLPSULPMHURPSRVWDMH
]ELYDXWLLQLULMHWNRNDGVD]QDMHPRQHWR$XSUDYRELWRELORSULMHSRWUHEQR .RULVW]DVYHYDQLMDMHRGVHELQRVWL
]ORLQLPDSROLWLNROXGLORSUHSODYOMXMHQDHPLVOLDOLRRQRGREURPWRVH /LMHSRMHWDPRSRNORQLWLJGMHQLWNRQHPROL$OLLGDULYDQMHPPRHRYMHN
6YDNRJMXWUDQRYLQHQDPXOLFHGREDFXMXYLMHVWLRUDWXRXERMVWYLPDL SRQL]LWLRYMHND
6YDNLMHSRMHGLQDFSRVYRMRMSULURGLGREDUDQH]DR 1DLQQDNRMLVHGDMHELWQLMLMHRGRQRJDWRVHGDMH
6YDVYRMDGREUDQRVLVDVRERP 1HPRMNXGLWLQDNRQGDULYDQMD
6DPRGREURWDYRGLNLVWLQL 1LMHGRYROMQRGDVLVDPRGREDUQDURLWRXRYRYULMHPH7UHEDXLQLWLL
6DPRDNRVLGREDU]DQHWRRQGDQLSRGULMHWORQLMHYDQR RVWDOHWDNYLPD
5D]XPDQMHDOWUXL]DPYUHGQLMLRGEH]XPQRJVDPRUWYRYDQMD 1LMHGRYROMQRSR]QDYDWLGREURDNRVHXMHGQRQHSULYRGLXGMHOR
3RMDPGREUDQDOD]LVHL]QDG]DNRQD 1LMHWHNRELWLGREDU WHNRMHELWLSUDYHGDQ
1LNRPHQLMHRGYLHGREUR 1LNDGQLMHNDVQRGDSRVWDQHPRGREUL
1LNDGQLMHNDVQRGDSRVWDQHPRGREUL 1LNRPHQLMHRGYLHGREUR
1LMHWHNRELWLGREDU WHNRMHELWLSUDYHGDQ 3RMDPGREUDQDOD]LVHL]QDG]DNRQD
1LMHGRYROMQRSR]QDYDWLGREURDNRVHXMHGQRQHSULYRGLXGMHOR 5D]XPDQMHDOWUXL]DPYUHGQLMLRGEH]XPQRJVDPRUWYRYDQMD
RVWDOHWDNYLPD 6DPRDNRVLGREDU]DQHWRRQGDQLSRGULMHWORQLMHYDQR
1LMHGRYROMQRGDVLVDPRGREDUQDURLWRXRYRYULMHPH7UHEDXLQLWLL 6DPRGREURWDYRGLNLVWLQL
1HPRMNXGLWLQDNRQGDULYDQMD 6YDVYRMDGREUDQRVLVDVRERP
1DLQQDNRMLVHGDMHELWQLMLMHRGRQRJDWRVHGDMH 6YDNLMHSRMHGLQDFSRVYRMRMSULURGLGREDUDQH]DR
SRQL]LWLRYMHND 6YDNRJMXWUDQRYLQHQDPXOLFHGREDFXMXYLMHVWLRUDWXRXERMVWYLPDL
/LMHSRMHWDPRSRNORQLWLJGMHQLWNRQHPROL$OLLGDULYDQMHPPRHRYMHN ]ORLQLPDSROLWLNROXGLORSUHSODYOMXMHQDHPLVOLDOLRRQRGREURPWRVH
.RULVW]DVYHYDQLMDMHRGVHELQRVWL ]ELYDXWLLQLULMHWNRNDGVD]QDMHPRQHWR$XSUDYRELWRELORSULMHSRWUHEQR
XYUHPHQLPDNDNYRMHQDHMHUVYDNLPRUDOQLLQVYRMLPSULPMHURPSRVWDMH
EROMLDNRVH]QDLVNUHQRGLYLWLGREURWL
.DGDVHQHPRHXLQLWLGREURGRVWDMHGDVHQHXLQL]OR
6YHHGREURGRLXVYRMHYULMHPH
-HGQRMHGLQRHYRWLYULMHGLYLHQHJRGHVHWQHNDWLQHERSRPRJQH
6YHGREUHVWYDULVXMDNRMHIWLQH VYHORHVXMDNRVNXSH
'REURWDGXHYQRVWVDPLORVWSUYDMHOMXGVNDYUOLQD
6YHGREUHVXYHSREUDOL
'REURXGQRVWLPDVYRMHJUDQLFHSRWRPHVHUD]OLNXMHRGGREURWH
6YHLPDVYRMHOLFHLQDOLMH8GREURPLPDORHJXORHPGREURJ
'REURLQVWYRVHLVND]XMHVYHVHOMHP
6YHMHGREURVDPRQHSRVYXGVDPRQHXYLMHNVDPRQH]DVYH
'REURLQVWYRMHMHGLQREODJRNRMHVHSRYHDYDVGLMHOMHQMHP
'REURLQVWYDVHQHQDPHX
YHWRGDUXMHSRVMHGXMH
6
6YHX]YLHQHVWYDULLVWRVXWDNRWHNHNDRWRVXLULMHWNH MREROMHUHHQRVHELQRVWL
6YHYHOLNHDNFLMHLVYHYHOLNHPLVOLLPDMXVPLMHQHSRHWNH 3RWUHEQRMHSRQDMSULMHGDVHRGJRYRUQLOMXGLVDPLRVORERGHVNHSWLFL]PDLOL
7LPHWRGREURWXLULRNRVHEHLVWRGREQRMHXYUXMHLXVHELVDPRPH 3RKOHSDNDRLSRGUHLYDQMH]DJOXSOMXMHOMXGH
7NRSUHVWDQHSRVWDMDWLEROMLSUHVWDRMHELWLGREDU8GREURYMHUXMHVDPRRQR 2YHGYLMHULMHLVXNREQH 0RMHL7YRMH
PDORQMLKNRMLJDLLQH RULMHQWDFLMLEROMHRGVXVWDYDOMXEDYL]DVYRMHEOLQMH
9DOMDQRYMHNLXQDMQH]QDWLMLPVWYDULPDQDVWRMLELWLWREROML VHELQRVWRVWDMHGRPLQDQWQDPRXRYMHNXDVXVWDYVHELQRVWLRGJRYDUDWRM
.DGVH]DSRVWDYOMDGXKRYQDNXOWXUDNXOWXUDXQXWUDQMHJRYMHNDWDGD
9HLQDMHOMXGLVSRVREQLMD]DYHOLNDGMHODQHJR]DGREURLQVWYD9HOLNL
VWYDUDMXYHOLNRGREULWUDMQR SRNUHWMHVXSRKOHSQRVW
-HGLQLNRWDLNRMLSRNUHXSROLWLNXHNRQRPLMXRGQRVQRNRMHRQDVWDYOMDX
9HOLNLVXOMXGLSRQHNDGYHOLNLDNLXPDOLPVWYDULPD
,VXEMHNWLYQRVWMHREOLNHJRL]PD
p1LWNRWHQHHYROMHWLDNREXGHVDPRQDVHEHPLVOLR
,VHELQRVWSRNUHH
RYMHNNRMLYROLMHGLQRVDPRJDVHEHQLWDQHPU]LWROLNRNROLNRGDEXGHVDP
NRMRMSRLYD
RYMHNNRMLVHEHQDVLOQRSUHGVWDYOMDNDRYHOLNDQDSXLHNDRPMHKXUQHNH 1HRYLVLOLQHVHELQRVWROMXGVNRMVDPRVYLMHVWLLQHXURIL]LRORNRMVWUXNWXULQD
LYRWLQMH6YLVPRPL]DSRYLMHVWYUORPDOLD]DYMHQRVWPRGDQXOD
WRPHGDVHRGGUXJLK]DKWLMHYDGDLYHRQDNRNDNRPLWRHOLPR
(JRLVWMHRVREDORHJXNXVDNRMDMHYLH]DLQWHUHVLUDQD]DVHEHQHJR]DPHQH (JRL]DPVHQHVDVWRMLXWRPHGDVHLYRWLYLSUHPDVYRMLPHOMDPDYHX
(JRLVWLDQLYRWGRELYDWRHOLL]EMHL VDPRXLSUD]QLQX (JRL]DPQDMYHDELMHGDMHGQRJVWYRUHQMD
(JRL]DPWUHEDPGUXJRJD]DVHEH]DVYRMXVUHXMHVWVQDJDHURVD HURVD
VSR]QDMDGDVHPRJXXVUHLWLVDPRQDWHPHOMXVUHHGUXJRJDMHPXGURVW VSR]QDMDGDVHPRJXXVUHLWLVDPRQDWHPHOMXVUHHGUXJRJDMHPXGURVW
HURVD (JRL]DPWUHEDPGUXJRJD]DVHEH]DVYRMXVUHXMHVWVQDJDHURVD
(JRL]DPQDMYHDELMHGDMHGQRJVWYRUHQMD (JRLVWLDQLYRWGRELYDWRHOLL]EMHL VDPRXLSUD]QLQX
(JRL]DPVHQHVDVWRMLXWRPHGDVHLYRWLYLSUHPDVYRMLPHOMDPDYHX (JRLVWMHRVREDORHJXNXVDNRMDMHYLH]DLQWHUHVLUDQD]DVHEHQHJR]DPHQH
WRPHGDVHRGGUXJLK]DKWLMHYDGDLYHRQDNRNDNRPLWRHOLPR
LYRWLQMH6YLVPRPL]DSRYLMHVWYUORPDOLD]DYMHQRVWPRGDQXOD
1HRYLVLOLQHVHELQRVWROMXGVNRMVDPRVYLMHVWLLQHXURIL]LRORNRMVWUXNWXULQD RYMHNNRMLVHEHQDVLOQRSUHGVWDYOMDNDRYHOLNDQDSXLHNDRPMHKXUQHNH
NRMRMSRLYD
RYMHNNRMLYROLMHGLQRVDPRJDVHEHQLWDQHPU]LWROLNRNROLNRGDEXGHVDP
,VHELQRVWSRNUHH
p1LWNRWHQHHYROMHWLDNREXGHVDPRQDVHEHPLVOLR
,VXEMHNWLYQRVWMHREOLNHJRL]PD
9HOLNLVXOMXGLSRQHNDGYHOLNLDNLXPDOLPVWYDULPD
-HGLQLNRWDLNRMLSRNUHXSROLWLNXHNRQRPLMXRGQRVQRNRMHRQDVWDYOMDX
SRNUHWMHVXSRKOHSQRVW VWYDUDMXYHOLNRGREULWUDMQR
9HLQDMHOMXGLVSRVREQLMD]DYHOLNDGMHODQHJR]DGREURLQVWYD9HOLNL
.DGVH]DSRVWDYOMDGXKRYQDNXOWXUDNXOWXUDXQXWUDQMHJRYMHNDWDGD
VHELQRVWRVWDMHGRPLQDQWQDPRXRYMHNXDVXVWDYVHELQRVWLRGJRYDUDWRM 9DOMDQRYMHNLXQDMQH]QDWLMLPVWYDULPDQDVWRMLELWLWREROML
RULMHQWDFLMLEROMHRGVXVWDYDOMXEDYL]DVYRMHEOLQMH PDORQMLKNRMLJDLLQH
2YHGYLMHULMHLVXNREQH 0RMHL7YRMH 7NRSUHVWDQHSRVWDMDWLEROMLSUHVWDRMHELWLGREDU8GREURYMHUXMHVDPRRQR
3RKOHSDNDRLSRGUHLYDQMH]DJOXSOMXMHOMXGH 7LPHWRGREURWXLULRNRVHEHLVWRGREQRMHXYUXMHLXVHELVDPRPH
3RWUHEQRMHSRQDMSULMHGDVHRGJRYRUQLOMXGLVDPLRVORERGHVNHSWLFL]PDLOL 6YHYHOLNHDNFLMHLVYHYHOLNHPLVOLLPDMXVPLMHQHSRHWNH
MREROMHUHHQRVHELQRVWL 6YHX]YLHQHVWYDULLVWRVXWDNRWHNHNDRWRVXLULMHWNH
6YHWRGDUXMHSRVMHGXMH
6YHWRGDUXMHSRVMHGXMH
YHX]YLHQHVWYDULLVWRVXWDNRWHNHNDRWRVXLULMHWNH
6 MREROMHUHHQRVHELQRVWL
6YHYHOLNHDNFLMHLVYHYHOLNHPLVOLLPDMXVPLMHQHSRHWNH 3RWUHEQRMHSRQDMSULMHGDVHRGJRYRUQLOMXGLVDPLRVORERGHVNHSWLFL]PDLOL
7LPHWRGREURWXLULRNRVHEHLVWRGREQRMHXYUXMHLXVHELVDPRPH 3RKOHSDNDRLSRGUHLYDQMH]DJOXSOMXMHOMXGH
7NRSUHVWDQHSRVWDMDWLEROMLSUHVWDRMHELWLGREDU8GREURYMHUXMHVDPRRQR 2YHGYLMHULMHLVXNREQH 0RMHL7YRMH
PDORQMLKNRMLJDLLQH RULMHQWDFLMLEROMHRGVXVWDYDOMXEDYL]DVYRMHEOLQMH
9DOMDQRYMHNLXQDMQH]QDWLMLPVWYDULPDQDVWRMLELWLWREROML VHELQRVWRVWDMHGRPLQDQWQDPRXRYMHNXDVXVWDYVHELQRVWLRGJRYDUDWRM
.DGVH]DSRVWDYOMDGXKRYQDNXOWXUDNXOWXUDXQXWUDQMHJRYMHNDWDGD
9HLQDMHOMXGLVSRVREQLMD]DYHOLNDGMHODQHJR]DGREURLQVWYD9HOLNL
VWYDUDMXYHOLNRGREULWUDMQR SRNUHWMHVXSRKOHSQRVW
-HGLQLNRWDLNRMLSRNUHXSROLWLNXHNRQRPLMXRGQRVQRNRMHRQDVWDYOMDX
9HOLNLVXOMXGLSRQHNDGYHOLNLDNLXPDOLPVWYDULPD
,VXEMHNWLYQRVWMHREOLNHJRL]PD
p1LWNRWHQHHYROMHWLDNREXGHVDPRQDVHEHPLVOLR
,VHELQRVWSRNUHH
RYMHNNRMLYROLMHGLQRVDPRJDVHEHQLWDQHPU]LWROLNRNROLNRGDEXGHVDP
NRMRMSRLYD
RYMHNNRMLVHEHQDVLOQRSUHGVWDYOMDNDRYHOLNDQDSXLHNDRPMHKXUQHNH 1HRYLVLOLQHVHELQRVWROMXGVNRMVDPRVYLMHVWLLQHXURIL]LRORNRMVWUXNWXULQD
LYRWLQMH6YLVPRPL]DSRYLMHVWYUORPDOLD]DYMHQRVWPRGDQXOD
WRPHGDVHRGGUXJLK]DKWLMHYDGDLYHRQDNRNDNRPLWRHOLPR
(JRLVWMHRVREDORHJXNXVDNRMDMHYLH]DLQWHUHVLUDQD]DVHEHQHJR]DPHQH (JRL]DPVHQHVDVWRMLXWRPHGDVHLYRWLYLSUHPDVYRMLPHOMDPDYHX
(JRLVWLDQLYRWGRELYDWRHOLL]EMHL VDPRXLSUD]QLQX (JRL]DPQDMYHDELMHGDMHGQRJVWYRUHQMD
(JRL]DPWUHEDPGUXJRJD]DVHEH]DVYRMXVUHXMHVWVQDJDHURVD HURVD
VSR]QDMDGDVHPRJXXVUHLWLVDPRQDWHPHOMXVUHHGUXJRJDMHPXGURVW VSR]QDMDGDVHPRJXXVUHLWLVDPRQDWHPHOMXVUHHGUXJRJDMHPXGURVW
HURVD (JRL]DPWUHEDPGUXJRJD]DVHEH]DVYRMXVUHXMHVWVQDJDHURVD
(JRL]DPQDMYHDELMHGDMHGQRJVWYRUHQMD (JRLVWLDQLYRWGRELYDWRHOLL]EMHL VDPRXLSUD]QLQX
(JRL]DPVHQHVDVWRMLXWRPHGDVHLYRWLYLSUHPDVYRMLPHOMDPDYHX (JRLVWMHRVREDORHJXNXVDNRMDMHYLH]DLQWHUHVLUDQD]DVHEHQHJR]DPHQH
WRPHGDVHRGGUXJLK]DKWLMHYDGDLYHRQDNRNDNRPLWRHOLPR
LYRWLQMH6YLVPRPL]DSRYLMHVWYUORPDOLD]DYMHQRVWPRGDQXOD
1HRYLVLOLQHVHELQRVWROMXGVNRMVDPRVYLMHVWLLQHXURIL]LRORNRMVWUXNWXULQD RYMHNNRMLVHEHQDVLOQRSUHGVWDYOMDNDRYHOLNDQDSXLHNDRPMHKXUQHNH
NRMRMSRLYD
RYMHNNRMLYROLMHGLQRVDPRJDVHEHQLWDQHPU]LWROLNRNROLNRGDEXGHVDP
,VHELQRVWSRNUHH
p1LWNRWHQHHYROMHWLDNREXGHVDPRQDVHEHPLVOLR
,VXEMHNWLYQRVWMHREOLNHJRL]PD
9HOLNLVXOMXGLSRQHNDGYHOLNLDNLXPDOLPVWYDULPD
-HGLQLNRWDLNRMLSRNUHXSROLWLNXHNRQRPLMXRGQRVQRNRMHRQDVWDYOMDX
SRNUHWMHVXSRKOHSQRVW VWYDUDMXYHOLNRGREULWUDMQR
9HLQDMHOMXGLVSRVREQLMD]DYHOLNDGMHODQHJR]DGREURLQVWYD9HOLNL
.DGVH]DSRVWDYOMDGXKRYQDNXOWXUDNXOWXUDXQXWUDQMHJRYMHNDWDGD
VHELQRVWRVWDMHGRPLQDQWQDPRXRYMHNXDVXVWDYVHELQRVWLRGJRYDUDWRM 9DOMDQRYMHNLXQDMQH]QDWLMLPVWYDULPDQDVWRMLELWLWREROML
RULMHQWDFLMLEROMHRGVXVWDYDOMXEDYL]DVYRMHEOLQMH PDORQMLKNRMLJDLLQH
2YHGYLMHULMHLVXNREQH 0RMHL7YRMH 7NRSUHVWDQHSRVWDMDWLEROMLSUHVWDRMHELWLGREDU8GREURYMHUXMHVDPRRQR
3RKOHSDNDRLSRGUHLYDQMH]DJOXSOMXMHOMXGH 7LPHWRGREURWXLULRNRVHEHLVWRGREQRMHXYUXMHLXVHELVDPRPH
3RWUHEQRMHSRQDMSULMHGDVHRGJRYRUQLOMXGLVDPLRVORERGHVNHSWLFL]PDLOL 6YHYHOLNHDNFLMHLVYHYHOLNHPLVOLLPDMXVPLMHQHSRHWNH
MREROMHUHHQRVHELQRVWL 6YHX]YLHQHVWYDULLVWRVXWDNRWHNHNDRWRVXLULMHWNH
6YHWRGDUXMHSRVMHGXMH
3UDYLHJRLVWSULVWDMHDNLQDWRGDGUXJLEXGXVUHWQLDNRMHWR]ERJQMHJD
6DPRXSRUQRVWGRYRGLGRFLOMD 6HELQRVWGRYRGLGR]ORLQD
1HVQDJDYHWUDMDQMHX]YLHQLKRVMHDMDLQLOMXGHYLLPD 6HELQRVWNRMXUDDVXVWDYVWDYOMDYULMHGQRVWRVREQRJXVSMHKDYRDQDYLH
PMHVWRRGGUXWYHQHRGJRYRUQRVWL
SORGQH
WHLQLX]YLHQLP8SRUQRVWMHYUOLQDSRNRMRMVYHGUXJHYUOLQHSRVWDMX 6HELQRVWLJUGHPUVNHOLULMHLRPUDHQDOLSRMPD
p0XGURVWMHXXVWUDMQRVWL QHXVQD]LYHXWUDMDQMXX]YLHQLKRVMHDMDNRMD 6YDNDGMHODWQRVWQDHJGXKDXYLMHNLPDVWDODQLQHL]EMHDQL]YRUXHJRL]PX
o1DMYHLQHSULMDWHOMQDSUHWNDQLMH]DEOXGDYHWURPRVW 9ODVWLWLHJRL]DPURHQLMHRWDFSRGORVWL
YULMHGQRVWL o7NRXVNUDXMHVHELVDELUHGUXJRPH
pNUFDQLWNRQHVDDOLMHYD
VWDSDVHVRQLPNRMLXLYHRVWDMH]DRJUQXWSODWEH]VWYDUQHREUD]RYQH
6DPRSRYUQLSR]QDMXVDPRJDVHEH6YHWRMHVDPRGMHORPLQRVKYDHQRQH
NUWDFQHLQLQLNDGQLWDSUDYRRVLPNDGXPLUH
p3RYUQLYMHUXMXXVUHXSULJRGH-DNLYMHUXMXXX]URNHLSRVOMHGLFH
NUWRVWMHRELOMHMHJOXSDQD
o3OHPHQLWLXPRYLQLWDQHLQHSRORYLQR
NUWRVWMHVLURPDWYRERJDWLK
OMXGL
2QRLPHHOLSULYXLSR]RUQRVWPRUDLPDWLQHNL]QDDM]DLYRWLUDG NUWRVWMHMHGQDNRNDRLUDVLSQLWYRRNUXWQRVWSUHPDVLURPDQLPD
XWRPHSUHWMHULYDWL
p,VND]XMVLWQHSDQMH1HWHGLKYDOH]DQDRNRQHYDQHVLWQLFH$OLQHPRM
p%H]PLVDRQHGLVFLSOLQHQHPDSUDYRJVWYDUDODWYD ',6&,3/,1$,32951267
XSRUQRVWXVWUDMQRVWQDSRUSRVOXQRVWUHVSHNW GLVFLSOLQDLSRYUQRVWGLVFLSOLQDSDQMDSRWSXQRVWSRYUQRVWWURPRVW
GLVFLSOLQDLSRYUQRVWGLVFLSOLQDSDQMDSRWSXQRVWSRYUQRVWWURPRVW XSRUQRVWXVWUDMQRVWQDSRUSRVOXQRVWUHVSHNW
',6&,3/,1$,32951267 p%H]PLVDRQHGLVFLSOLQHQHPDSUDYRJVWYDUDODWYD
p,VND]XMVLWQHSDQMH1HWHGLKYDOH]DQDRNRQHYDQHVLWQLFH$OLQHPRM
XWRPHSUHWMHULYDWL
NUWRVWMHMHGQDNRNDRLUDVLSQLWYRRNUXWQRVWSUHPDVLURPDQLPD 2QRLPHHOLSULYXLSR]RUQRVWPRUDLPDWLQHNL]QDDM]DLYRWLUDG
OMXGL
NUWRVWMHVLURPDWYRERJDWLK
o3OHPHQLWLXPRYLQLWDQHLQHSRORYLQR
NUWRVWMHRELOMHMHJOXSDQD
p3RYUQLYMHUXMXXVUHXSULJRGH-DNLYMHUXMXXX]URNHLSRVOMHGLFH
NUWDFQHLQLQLNDGQLWDSUDYRRVLPNDGXPLUH
6DPRSRYUQLSR]QDMXVDPRJDVHEH6YHWRMHVDPRGMHORPLQRVKYDHQRQH
VWDSDVHVRQLPNRMLXLYHRVWDMH]DRJUQXWSODWEH]VWYDUQHREUD]RYQH
pNUFDQLWNRQHVDDOLMHYD
o7NRXVNUDXMHVHELVDELUHGUXJRPH YULMHGQRVWL
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1HEXGLVLORYLWQDMH]LNXDOLMHQLPOLWDYQDGMHOX VYXVUHXQLMHRQROLNRPRDQNDNRPLVOLGDMH
1HJRYRULQLNDGDORHRQHNRPRYMHNXDNRQLVLVDVYLPVLJXUDQXWR$ MDYQRJPLMHQMDNRMHLQLRQDMVORMEH]VXSVWDQFHLQWHOHNWXDOQRVWLDNRMLQD
DNRVLVDVYLPVLJXUDQXSLWDMVH =DWRWRSULDP" 3RMHGLQDQLLWDWHOMRELQRMHVLURPDQLMLQDULMHLPDDOLMHSDPHWQLMLRGRQRJ
1HRGJRYDUDMSULMHQHJRWRVLXRLQHPLMHDMVHXVUHGJRYRUD 3LXLQDXLWHSLVDWLJRYRUHLJRYRULWL
1HXNDOMDRYMHNDRQRWRQDXVWDXOD]LQHJRRQRWRL]XVWDL]OD]L 3D]LWRJRYRUL
1HYROLPUD]JRYDUDWLVOMXGLPDNRMLVXPRJPLOMHQMD-HGQRYULMHPHMH 2SUH]QDXWQMDVYHWLQMDMHPXGURVWL
]DEDYQRLJUDWLVHVMHNRPDOLVYUHPHQRPWR]DPDUD 2QDMWNRSRVMHGXMHPXGURVWL]QDQMHJRYRULWDGDNDGDVYLRNRQMHJDXWH
1HSRVUHGQDVWYDUQRVWPLVOLMHMH]LN VXHVWRVDPRSURL]YRGLWUHQXWND
1LMHGRVWDJRYRULWLSDPHWQRQHJRMHSRWUHEQRLJRYRULWLQDYULMHPH RE]LUX]LPDPRJXQRVWQMHJRYHSURPMHQHQHNRPGUXJRPSULJRGRP*RYRUL
YMHQHLVWLQH2QWRYLHSROD]LRGWRJDGDMHQMHJRYJRYRUSUROD]DQWHX
1LMHUHHQRQLMH]DSLVDQR REMHNWLYQHLVWLQH8HQLJRYRUQLNQHYMHUXMHGDQMHJRYHULMHLLPDMXVQDJX
LNDGQHVOXDMRQHNRMLORHJRYRUHRGUXJLPDDGREURRWHEL
1 2QDMWNRJRYRUQLNLYMHWRL]ODHLYRGLUD]JRYRUQHLQLWRXYLMHNXVOXEL
1LVXXYLMHNRQLNRMLXWHLPXGUL3RVWRMH]DNOMXDQHNULQMHNRMHVXSUD]QH
2ERJDXMVYRMSRMPRYQLUMHQLN%H]SRMPRYDQHPDDSVWUDNWQRJPLOMHQMD
1HPDGLMDORJDEH]SULYLGQRJQHVSRUD]XPD'LVNXVLMDMHQHPRJXDVQHNLP 1LWNRQLMHVDVYLPREUD]RYDQSULMHQHJRWRQDXLXWMHWL
WNRWYUGLGDQHWUDLLVWLQXQHJRGDMHYHSRVMHGXMH2WNDNRVPRVXGLRQLFL SRGUD]XPLMHYDWL
GLMDORJDPRHPRXWLMHGQLGUXJH7DNRGXJRGRNULMHLQLVXNRQDQR L]JRYRUHQHXYLMHNSRVWRMLPRJXQRVWGDVHRQHPRGDQHPRUDMXWLKR
L]JRYRUHQHXYLMHNSRVWRMLPRJXQRVWGDVHRQHPRGDQHPRUDMXWLKR GLMDORJDPRHPRXWLMHGQLGUXJH7DNRGXJRGRNULMHLQLVXNRQDQR
SRGUD]XPLMHYDWL WNRWYUGLGDQHWUDLLVWLQXQHJRGDMHYHSRVMHGXMH2WNDNRVPRVXGLRQLFL
1LWNRQLMHVDVYLPREUD]RYDQSULMHQHJRWRQDXLXWMHWL 1HPDGLMDORJDEH]SULYLGQRJQHVSRUD]XPD'LVNXVLMDMHQHPRJXDVQHNLP
2ERJDXMVYRMSRMPRYQLUMHQLN%H]SRMPRYDQHPDDSVWUDNWQRJPLOMHQMD
1LVXXYLMHNRQLNRMLXWHLPXGUL3RVWRMH]DNOMXDQHNULQMHNRMHVXSUD]QH
2QDMWNRJRYRUQLNLYMHWRL]ODHLYRGLUD]JRYRUQHLQLWRXYLMHNXVOXEL 1LNDGQHVOXDMRQHNRMLORHJRYRUHRGUXJLPDDGREURRWHEL
REMHNWLYQHLVWLQH8HQLJRYRUQLNQHYMHUXMHGDQMHJRYHULMHLLPDMXVQDJX 1LMHUHHQRQLMH]DSLVDQR
YMHQHLVWLQH2QWRYLHSROD]LRGWRJDGDMHQMHJRYJRYRUSUROD]DQWHX
RE]LUX]LPDPRJXQRVWQMHJRYHSURPMHQHQHNRPGUXJRPSULJRGRP*RYRUL 1LMHGRVWDJRYRULWLSDPHWQRQHJRMHSRWUHEQRLJRYRULWLQDYULMHPH
VXHVWRVDPRSURL]YRGLWUHQXWND 1HSRVUHGQDVWYDUQRVWPLVOLMHMH]LN
2QDMWNRSRVMHGXMHPXGURVWL]QDQMHJRYRULWDGDNDGDVYLRNRQMHJDXWH ]DEDYQRLJUDWLVHVMHNRPDOLVYUHPHQRPWR]DPDUD
2SUH]QDXWQMDVYHWLQMDMHPXGURVWL 1HYROLPUD]JRYDUDWLVOMXGLPDNRMLVXPRJPLOMHQMD-HGQRYULMHPHMH
3D]LWRJRYRUL 1HXNDOMDRYMHNDRQRWRQDXVWDXOD]LQHJRRQRWRL]XVWDL]OD]L
3LXLQDXLWHSLVDWLJRYRUHLJRYRULWL 1HRGJRYDUDMSULMHQHJRWRVLXRLQHPLMHDMVHXVUHGJRYRUD
3RMHGLQDQLLWDWHOMRELQRMHVLURPDQLMLQDULMHLPDDOLMHSDPHWQLMLRGRQRJ DNRVLVDVYLPVLJXUDQXSLWDMVH =DWRWRSULDP"
MDYQRJPLMHQMDNRMHLQLRQDMVORMEH]VXSVWDQFHLQWHOHNWXDOQRVWLDNRMLQD 1HJRYRULQLNDGDORHRQHNRPRYMHNXDNRQLVLVDVYLPVLJXUDQXWR$
VYXVUHXQLMHRQROLNRPRDQNDNRPLVOLGDMH 1HEXGLVLORYLWQDMH]LNXDOLMHQLPOLWDYQDGMHOX
3RVWRMLWROLNRYHOLNLKSUD]QLKULMHLGDELVHXQMLPDPRJOLGUDWLLWDYL
QDURGL
]DVWUDXMXHXWQMHGREULK
1DDVHJHQHUDFLMDQHHWROLNRWXLWL]ERJ]ORGMHOD]OLKOMXGLNROLNR]ERJ
1DMYLHSULSUHPDRGX]LPDMXPLPRMLVSRQWDQLLPSURYL]LUDQLJRYRUL
1DMYLHSULSUHPDRGX]LPDMXPLPRMLVSRQWDQLLPSURYL]LUDQLJRYRUL
1DDVHJHQHUDFLMDQHHWROLNRWXLWL]ERJ]ORGMHOD]OLKOMXGLNROLNR]ERJ
]DVWUDXMXHXWQMHGREULK
QDURGL
3RVWRMLWROLNRYHOLNLKSUD]QLKULMHLGDELVHXQMLPDPRJOLGUDWLLWDYL
1HEXGLVLORYLWQDMH]LNXDOLMHQLPOLWDYQDGMHOX VYXVUHXQLMHRQROLNRPRDQNDNRPLVOLGDMH
1HJRYRULQLNDGDORHRQHNRPRYMHNXDNRQLVLVDVYLPVLJXUDQXWR$ MDYQRJPLMHQMDNRMHLQLRQDMVORMEH]VXSVWDQFHLQWHOHNWXDOQRVWLDNRMLQD
DNRVLVDVYLPVLJXUDQXSLWDMVH =DWRWRSULDP" 3RMHGLQDQLLWDWHOMRELQRMHVLURPDQLMLQDULMHLPDDOLMHSDPHWQLMLRGRQRJ
1HRGJRYDUDMSULMHQHJRWRVLXRLQHPLMHDMVHXVUHGJRYRUD 3LXLQDXLWHSLVDWLJRYRUHLJRYRULWL
1HXNDOMDRYMHNDRQRWRQDXVWDXOD]LQHJRRQRWRL]XVWDL]OD]L 3D]LWRJRYRUL
1HYROLPUD]JRYDUDWLVOMXGLPDNRMLVXPRJPLOMHQMD-HGQRYULMHPHMH 2SUH]QDXWQMDVYHWLQMDMHPXGURVWL
]DEDYQRLJUDWLVHVMHNRPDOLVYUHPHQRPWR]DPDUD 2QDMWNRSRVMHGXMHPXGURVWL]QDQMHJRYRULWDGDNDGDVYLRNRQMHJDXWH
1HSRVUHGQDVWYDUQRVWPLVOLMHMH]LN VXHVWRVDPRSURL]YRGLWUHQXWND
1LMHGRVWDJRYRULWLSDPHWQRQHJRMHSRWUHEQRLJRYRULWLQDYULMHPH RE]LUX]LPDPRJXQRVWQMHJRYHSURPMHQHQHNRPGUXJRPSULJRGRP*RYRUL
YMHQHLVWLQH2QWRYLHSROD]LRGWRJDGDMHQMHJRYJRYRUSUROD]DQWHX
LMHUHHQRQLMH]DSLVDQR
1 REMHNWLYQHLVWLQH8HQLJRYRUQLNQHYMHUXMHGDQMHJRYHULMHLLPDMXVQDJX
1LNDGQHVOXDMRQHNRMLORHJRYRUHRGUXJLPDDGREURRWHEL 2QDMWNRJRYRUQLNLYMHWRL]ODHLYRGLUD]JRYRUQHLQLWRXYLMHNXVOXEL
1LVXXYLMHNRQLNRMLXWHLPXGUL3RVWRMH]DNOMXDQHNULQMHNRMHVXSUD]QH
2ERJDXMVYRMSRMPRYQLUMHQLN%H]SRMPRYDQHPDDSVWUDNWQRJPLOMHQMD
1HPDGLMDORJDEH]SULYLGQRJQHVSRUD]XPD'LVNXVLMDMHQHPRJXDVQHNLP 1LWNRQLMHVDVYLPREUD]RYDQSULMHQHJRWRQDXLXWMHWL
WNRWYUGLGDQHWUDLLVWLQXQHJRGDMHYHSRVMHGXMH2WNDNRVPRVXGLRQLFL SRGUD]XPLMHYDWL
GLMDORJDPRHPRXWLMHGQLGUXJH7DNRGXJRGRNULMHLQLVXNRQDQR L]JRYRUHQHXYLMHNSRVWRMLPRJXQRVWGDVHRQHPRGDQHPRUDMXWLKR
L]JRYRUHQHXYLMHNSRVWRMLPRJXQRVWGDVHRQHPRGDQHPRUDMXWLKR GLMDORJDPRHPRXWLMHGQLGUXJH7DNRGXJRGRNULMHLQLVXNRQDQR
SRGUD]XPLMHYDWL WNRWYUGLGDQHWUDLLVWLQXQHJRGDMHYHSRVMHGXMH2WNDNRVPRVXGLRQLFL
1LWNRQLMHVDVYLPREUD]RYDQSULMHQHJRWRQDXLXWMHWL 1HPDGLMDORJDEH]SULYLGQRJQHVSRUD]XPD'LVNXVLMDMHQHPRJXDVQHNLP
2ERJDXMVYRMSRMPRYQLUMHQLN%H]SRMPRYDQHPDDSVWUDNWQRJPLOMHQMD
1LVXXYLMHNRQLNRMLXWHLPXGUL3RVWRMH]DNOMXDQHNULQMHNRMHVXSUD]QH
2QDMWNRJRYRUQLNLYMHWRL]ODHLYRGLUD]JRYRUQHLQLWRXYLMHNXVOXEL 1LNDGQHVOXDMRQHNRMLORHJRYRUHRGUXJLPDDGREURRWHEL
REMHNWLYQHLVWLQH8HQLJRYRUQLNQHYMHUXMHGDQMHJRYHULMHLLPDMXVQDJX 1LMHUHHQRQLMH]DSLVDQR
YMHQHLVWLQH2QWRYLHSROD]LRGWRJDGDMHQMHJRYJRYRUSUROD]DQWHX
RE]LUX]LPDPRJXQRVWQMHJRYHSURPMHQHQHNRPGUXJRPSULJRGRP*RYRUL 1LMHGRVWDJRYRULWLSDPHWQRQHJRMHSRWUHEQRLJRYRULWLQDYULMHPH
VXHVWRVDPRSURL]YRGLWUHQXWND 1HSRVUHGQDVWYDUQRVWPLVOLMHMH]LN
2QDMWNRSRVMHGXMHPXGURVWL]QDQMHJRYRULWDGDNDGDVYLRNRQMHJDXWH ]DEDYQRLJUDWLVHVMHNRPDOLVYUHPHQRPWR]DPDUD
2SUH]QDXWQMDVYHWLQMDMHPXGURVWL 1HYROLPUD]JRYDUDWLVOMXGLPDNRMLVXPRJPLOMHQMD-HGQRYULMHPHMH
3D]LWRJRYRUL 1HXNDOMDRYMHNDRQRWRQDXVWDXOD]LQHJRRQRWRL]XVWDL]OD]L
3LXLQDXLWHSLVDWLJRYRUHLJRYRULWL 1HRGJRYDUDMSULMHQHJRWRVLXRLQHPLMHDMVHXVUHGJRYRUD
3RMHGLQDQLLWDWHOMRELQRMHVLURPDQLMLQDULMHLPDDOLMHSDPHWQLMLRGRQRJ DNRVLVDVYLPVLJXUDQXSLWDMVH =DWRWRSULDP"
MDYQRJPLMHQMDNRMHLQLRQDMVORMEH]VXSVWDQFHLQWHOHNWXDOQRVWLDNRMLQD 1HJRYRULQLNDGDORHRQHNRPRYMHNXDNRQLVLVDVYLPVLJXUDQXWR$
VYXVUHXQLMHRQROLNRPRDQNDNRPLVOLGDMH 1HEXGLVLORYLWQDMH]LNXDOLMHQLPOLWDYQDGMHOX
3RVWRMLWROLNRYHOLNLKSUD]QLKULMHLGDELVHXQMLPDPRJOLGUDWLLWDYL
QDURGL
]DVWUDXMXHXWQMHGREULK
1DDVHJHQHUDFLMDQHHWROLNRWXLWL]ERJ]ORGMHOD]OLKOMXGLNROLNR]ERJ
1DMYLHSULSUHPDRGX]LPDMXPLPRMLVSRQWDQLLPSURYL]LUDQLJRYRUL
3RWUHEQRMHSULSD]LWLGDQHSRVWDQHPRSUHYLHJRYRUOMLYLLOLSRQHPRPLVOLWL
XWQMDMHLQLVHSUL]QDQMH
GDXVYDNRMSULJRGLPRUDPRQHWRUHL
WRYULMHGHQDMEROMHULMHLNDGDQDPGDMXYDUOMLYXVOLNXRVWYDUQRVWL" 3RWYUGLULMHLLQMHQLFDPD,]DULMHLVOLMHGLLQ
WHGLULMHLEHVSODWQHVX 3URSRYMHGQLNQHNDVWXSLQDSURSRYMHGDRQLFXRWYRULVYRMDXVWDDOLQHNDL
SUHVWDQH
6YHRQRWRMHQHNRGREURUHNDRQLMHWXHYHSULSDGDWHEL
5DQDNRMX]DGDULMHJRUDMHRGUDQH]DGDQHPDHP
6OXDMXRFHDQLPDDJRYRULXNDSOMLFDPD
5D]JRYDUDM UMHLWRVWMHMHGQDRGSULPDUQLKPHQWDOQLKVSRVREQRVWL3RYHDM
VYRMXWROHUDQFLMXQDIUXVWUDFLMXWRMH]QDNPHQWDOQRJ]GUDYOMD3UDYDMH
6DVYDNLPL]XPLUXLPMH]LNRPJDVLVHMHGQDVOLNDRYMHND
6PMHURPXWLLJRYRUL PXNDNDGQHPDGXKD]DJRYRUQLGRYROMQRSDPHWLGDELXWLR
QHRSUDYGDQRQMHPXVHXND]XMHSRYMHUHQMH 5D]PLVOLSULMHQHJRWRHSURJRYRULWLRWNULWHGDLPDPQRJRPDQMH
RGUHHQDVLJXUQRVWLXRSKRHQMXVOMXGLPDLRVRELQHYRH2SUDYGDQRLOL WRJDUHL
DUJXPHQWHQH]UDLVDPRVDPRSRX]GDQMHP1MHPXVHHVWRSULSLVXMHL 5HFLSUYLSXWQHWRWRVHVDPRSRVHELUD]XPLMHLELWHEHVPUWDQ
LYRWQLMHGRYROMDQ2QDMWNRXYMHUOMLYRJRYRULL]QDVSUHWQRL]QRVLWL
6WUDQLMH]LNPRHVHQDXLWLXHVWWMHGDQD]DXHQMHYODVWLWRJMH]LNDFLMHOL 5HFLXYLMHNGD]DVYHRQRWRGUXJLHOHRGWHEHGDELQDNUDMXPRJOL
VHUMHLWRVWVDVWRMLXWRPHGDVHNDHRQRWRMHQDVWYDULLXSUDYRVDPRWR UDGLRRQRWRHOL
5MHLWRVW]QDLPRMHUMHSULYLGQDSDPHW5MHQLNMHSRYLMHVWRYMHND3UDYD 5LMHXWHELMHURERQDNRMDWLL]PDNQHWYRMMHJRVSRGDU
]QDMXYLMHNWRJRYRUL 5LMHLSRNUHXSULPMHULSRYODH]DVRERP
5LMHNDVHXSR]QDSOLYDQMHPDRYMHNXUD]JRYRUX1HJRYRULVYHWR]QDDOL 5LMHLVXDYOLNRMLPDVHSULYUXMXPLVOL
GXEOMHRGQDMPUDQLMHJDSRQRUD 5LMHLVXSRVXGHLVSXQMHQHLVNXVWYRP RQHVSDMDMXOMXGHNDRPRVWRYL
VWYDUDMXLXLVWRYULMHPHL]PHXRYMHNDLRYMHNDQHSUHPRVWLYHYUORHVWR VWYDUDMXLXLVWRYULMHPHL]PHXRYMHNDLRYMHNDQHSUHPRVWLYHYUORHVWR
5LMHLVXSRVXGHLVSXQMHQHLVNXVWYRP RQHVSDMDMXOMXGHNDRPRVWRYL GXEOMHRGQDMPUDQLMHJDSRQRUD
5LMHLVXDYOLNRMLPDVHSULYUXMXPLVOL 5LMHNDVHXSR]QDSOLYDQMHPDRYMHNXUD]JRYRUX1HJRYRULVYHWR]QDDOL
5LMHLSRNUHXSULPMHULSRYODH]DVRERP ]QDMXYLMHNWRJRYRUL
5LMHXWHELMHURERQDNRMDWLL]PDNQHWYRMMHJRVSRGDU 5MHLWRVW]QDLPRMHUMHSULYLGQDSDPHW5MHQLNMHSRYLMHVWRYMHND3UDYD
UDGLRRQRWRHOL VHUMHLWRVWVDVWRMLXWRPHGDVHNDHRQRWRMHQDVWYDULLXSUDYRVDPRWR
5HFLXYLMHNGD]DVYHRQRWRGUXJLHOHRGWHEHGDELQDNUDMXPRJOL 6WUDQLMH]LNPRHVHQDXLWLXHVWWMHGDQD]DXHQMHYODVWLWRJMH]LNDFLMHOL
LYRWQLMHGRYROMDQ2QDMWNRXYMHUOMLYRJRYRULL]QDVSUHWQRL]QRVLWL
5HFLSUYLSXWQHWRWRVHVDPRSRVHELUD]XPLMHLELWHEHVPUWDQ DUJXPHQWHQH]UDLVDPRVDPRSRX]GDQMHP1MHPXVHHVWRSULSLVXMHL
WRJDUHL RGUHHQDVLJXUQRVWLXRSKRHQMXVOMXGLPDLRVRELQHYRH2SUDYGDQRLOL
5D]PLVOLSULMHQHJRWRHSURJRYRULWLRWNULWHGDLPDPQRJRPDQMH QHRSUDYGDQRQMHPXVHXND]XMHSRYMHUHQMH
PXNDNDGQHPDGXKD]DJRYRUQLGRYROMQRSDPHWLGDELXWLR PMHURPXWLLJRYRUL
6
6DVYDNLPL]XPLUXLPMH]LNRPJDVLVHMHGQDVOLNDRYMHND
VYRMXWROHUDQFLMXQDIUXVWUDFLMXWRMH]QDNPHQWDOQRJ]GUDYOMD3UDYDMH
5D]JRYDUDM UMHLWRVWMHMHGQDRGSULPDUQLKPHQWDOQLKVSRVREQRVWL3RYHDM
6OXDMXRFHDQLPDDJRYRULXNDSOMLFDPD
5DQDNRMX]DGDULMHJRUDMHRGUDQH]DGDQHPDHP
6YHRQRWRMHQHNRGREURUHNDRQLMHWXHYHSULSDGDWHEL
SUHVWDQH
3URSRYMHGQLNQHNDVWXSLQDSURSRYMHGDRQLFXRWYRULVYRMDXVWDDOLQHNDL WHGLULMHLEHVSODWQHVX
3RWYUGLULMHLLQMHQLFDPD,]DULMHLVOLMHGLLQ WRYULMHGHQDMEROMHULMHLNDGDQDPGDMXYDUOMLYXVOLNXRVWYDUQRVWL"
GDXVYDNRMSULJRGLPRUDPRQHWRUHL XWQMDMHLQLVHSUL]QDQMH
3RWUHEQRMHSULSD]LWLGDQHSRVWDQHPRSUHYLHJRYRUOMLYLLOLSRQHPRPLVOLWL
3RWUHEQRMHSULSD]LWLGDQHSRVWDQHPRSUHYLHJRYRUOMLYLLOLSRQHPRPLVOLWL
XWQMDMHLQLVHSUL]QDQMH
GDXVYDNRMSULJRGLPRUDPRQHWRUHL
WRYULMHGHQDMEROMHULMHLNDGDQDPGDMXYDUOMLYXVOLNXRVWYDUQRVWL" 3RWYUGLULMHLLQMHQLFDPD,]DULMHLVOLMHGLLQ
WHGLULMHLEHVSODWQHVX 3URSRYMHGQLNQHNDVWXSLQDSURSRYMHGDRQLFXRWYRULVYRMDXVWDDOLQHNDL
SUHVWDQH
6YHRQRWRMHQHNRGREURUHNDRQLMHWXHYHSULSDGDWHEL
5DQDNRMX]DGDULMHJRUDMHRGUDQH]DGDQHPDHP
6OXDMXRFHDQLPDDJRYRULXNDSOMLFDPD
5D]JRYDUDM UMHLWRVWMHMHGQDRGSULPDUQLKPHQWDOQLKVSRVREQRVWL3RYHDM
VYRMXWROHUDQFLMXQDIUXVWUDFLMXWRMH]QDNPHQWDOQRJ]GUDYOMD3UDYDMH
6DVYDNLPL]XPLUXLPMH]LNRPJDVLVHMHGQDVOLNDRYMHND
6PMHURPXWLLJRYRUL PXNDNDGQHPDGXKD]DJRYRUQLGRYROMQRSDPHWLGDELXWLR
QHRSUDYGDQRQMHPXVHXND]XMHSRYMHUHQMH 5D]PLVOLSULMHQHJRWRHSURJRYRULWLRWNULWHGDLPDPQRJRPDQMH
RGUHHQDVLJXUQRVWLXRSKRHQMXVOMXGLPDLRVRELQHYRH2SUDYGDQRLOL WRJDUHL
DUJXPHQWHQH]UDLVDPRVDPRSRX]GDQMHP1MHPXVHHVWRSULSLVXMHL 5HFLSUYLSXWQHWRWRVHVDPRSRVHELUD]XPLMHLELWHEHVPUWDQ
LYRWQLMHGRYROMDQ2QDMWNRXYMHUOMLYRJRYRULL]QDVSUHWQRL]QRVLWL
6WUDQLMH]LNPRHVHQDXLWLXHVWWMHGDQD]DXHQMHYODVWLWRJMH]LNDFLMHOL 5HFLXYLMHNGD]DVYHRQRWRGUXJLHOHRGWHEHGDELQDNUDMXPRJOL
VHUMHLWRVWVDVWRMLXWRPHGDVHNDHRQRWRMHQDVWYDULLXSUDYRVDPRWR UDGLRRQRWRHOL
5MHLWRVW]QDLPRMHUMHSULYLGQDSDPHW5MHQLNMHSRYLMHVWRYMHND3UDYD 5LMHXWHELMHURERQDNRMDWLL]PDNQHWYRMMHJRVSRGDU
]QDMXYLMHNWRJRYRUL 5LMHLSRNUHXSULPMHULSRYODH]DVRERP
5LMHNDVHXSR]QDSOLYDQMHPDRYMHNXUD]JRYRUX1HJRYRULVYHWR]QDDOL 5LMHLVXDYOLNRMLPDVHSULYUXMXPLVOL
GXEOMHRGQDMPUDQLMHJDSRQRUD 5LMHLVXSRVXGHLVSXQMHQHLVNXVWYRP RQHVSDMDMXOMXGHNDRPRVWRYL
VWYDUDMXLXLVWRYULMHPHL]PHXRYMHNDLRYMHNDQHSUHPRVWLYHYUORHVWR VWYDUDMXLXLVWRYULMHPHL]PHXRYMHNDLRYMHNDQHSUHPRVWLYHYUORHVWR
5LMHLVXSRVXGHLVSXQMHQHLVNXVWYRP RQHVSDMDMXOMXGHNDRPRVWRYL GXEOMHRGQDMPUDQLMHJDSRQRUD
5LMHLVXDYOLNRMLPDVHSULYUXMXPLVOL 5LMHNDVHXSR]QDSOLYDQMHPDRYMHNXUD]JRYRUX1HJRYRULVYHWR]QDDOL
5LMHLSRNUHXSULPMHULSRYODH]DVRERP ]QDMXYLMHNWRJRYRUL
5LMHXWHELMHURERQDNRMDWLL]PDNQHWYRMMHJRVSRGDU 5MHLWRVW]QDLPRMHUMHSULYLGQDSDPHW5MHQLNMHSRYLMHVWRYMHND3UDYD
UDGLRRQRWRHOL VHUMHLWRVWVDVWRMLXWRPHGDVHNDHRQRWRMHQDVWYDULLXSUDYRVDPRWR
5HFLXYLMHNGD]DVYHRQRWRGUXJLHOHRGWHEHGDELQDNUDMXPRJOL 6WUDQLMH]LNPRHVHQDXLWLXHVWWMHGDQD]DXHQMHYODVWLWRJMH]LNDFLMHOL
LYRWQLMHGRYROMDQ2QDMWNRXYMHUOMLYRJRYRULL]QDVSUHWQRL]QRVLWL
5HFLSUYLSXWQHWRWRVHVDPRSRVHELUD]XPLMHLELWHEHVPUWDQ DUJXPHQWHQH]UDLVDPRVDPRSRX]GDQMHP1MHPXVHHVWRSULSLVXMHL
WRJDUHL RGUHHQDVLJXUQRVWLXRSKRHQMXVOMXGLPDLRVRELQHYRH2SUDYGDQRLOL
5D]PLVOLSULMHQHJRWRHSURJRYRULWLRWNULWHGDLPDPQRJRPDQMH QHRSUDYGDQRQMHPXVHXND]XMHSRYMHUHQMH
PXNDNDGQHPDGXKD]DJRYRUQLGRYROMQRSDPHWLGDELXWLR PMHURPXWLLJRYRUL
6
6DVYDNLPL]XPLUXLPMH]LNRPJDVLVHMHGQDVOLNDRYMHND
VYRMXWROHUDQFLMXQDIUXVWUDFLMXWRMH]QDNPHQWDOQRJ]GUDYOMD3UDYDMH
5D]JRYDUDM UMHLWRVWMHMHGQDRGSULPDUQLKPHQWDOQLKVSRVREQRVWL3RYHDM
6OXDMXRFHDQLPDDJRYRULXNDSOMLFDPD
5DQDNRMX]DGDULMHJRUDMHRGUDQH]DGDQHPDHP
6YHRQRWRMHQHNRGREURUHNDRQLMHWXHYHSULSDGDWHEL
SUHVWDQH
3URSRYMHGQLNQHNDVWXSLQDSURSRYMHGDRQLFXRWYRULVYRMDXVWDDOLQHNDL WHGLULMHLEHVSODWQHVX
3RWYUGLULMHLLQMHQLFDPD,]DULMHLVOLMHGLLQ WRYULMHGHQDMEROMHULMHLNDGDQDPGDMXYDUOMLYXVOLNXRVWYDUQRVWL"
GDXVYDNRMSULJRGLPRUDPRQHWRUHL XWQMDMHLQLVHSUL]QDQMH
3RWUHEQRMHSULSD]LWLGDQHSRVWDQHPRSUHYLHJRYRUOMLYLLOLSRQHPRPLVOLWL
XWQMDMHL]DULMHLGUXJDPRVYLMHWD
7LVLYLHRYMHNSRVWYDULPDNRMHSUHXXMHQHJRSRRQLPNRMHNDH QDFLMDPDVHSRMDYOMXMXGLYRYLVDPRXWUHQXFLPDNUL]H
8
7NRMH]LNSURLDYDDGDJDSULWRPQHRERJDXMHVODELQMHJRYXVQDJX 3UDYLKHURMLVXRQLNRMLVHERUH]DQDMYLHLGHDOHRYMHDQVWYD
8ODELULQWXGXHULMHMHMHGLQRVYLMHWOR p1HVUHWQDMH]HPOMDNRMDWUHEDMXQDNH
8SRHWNXELMDHULMH VODELL
8KRMHSXWGRVUFD GLYRYLKHURMLMXQDFLKUDEURVWNXNDYLOXNNXNDYLFDWMHVNREDVWUDK
8SUDYRWDPRJGMHQHGRVWDMHSRMDPXSUDYRVHYULMHPHSRMDYLULMH +5$%5267,.8.$9,/8.
9HOLNHVWYDULLPDMXMHGQRJVPUWQRJQHSULMDWHOMD YHOLNHULMHL
9LHMHUQHPDWRUHL
9LHYULMHGLMHGQDGREURXLQMHQDQHJRVWRGREULKULMHL 7NRXWLLQLVHGDSULVWDMHXWQMDQHNDGLWXWQML
9LHYULMHGLXWQMDPXGUDFDQHJRJDODPDEXGDOD$OLRQRVWUDQRQLMHXWQMD VYMHGRDQVWYRXWQMDLYLXNXOL
PXGULKYHJDODPDEXGDOD XWQMDPRHELWLQDMRNUXWQLMDODXWQMDRQHNRMRVRELMHUMHLWR
9ODGDMSUHGPHWRP RNRMHPJRYRUL ULMHLHGROD]LWLVDPHRGVHEH XWQMDMHRGJRYRUQDQHL]UHFLYR
=D]QDQRVWQHSRVWRMLQLWDRHPXELRQDPRUDODXWMHWL XWQMDMHQDMQHSRGQROMLYLMLRGJRYRU
LYDULMHSRXDYD XWQMDMHNRULVQRRUXMH
p,VWLQVNDXWQMDMHLYDSURWXLJUDJRYRUHQMX2QDMHQMH]LQVDVWDYQLGLRNDRL XWQMDMHDUJXPHQWNRMLVHJRWRYRQHPRHSRELWL
GLVDQMH /LMHSRMHVQHNLPPRLXWMHWL
/LMHSRMHVQHNLPPRLXWMHWL GLVDQMH
XWQMDMHDUJXPHQWNRMLVHJRWRYRQHPRHSRELWL p,VWLQVNDXWQMDMHLYDSURWXLJUDJRYRUHQMX2QDMHQMH]LQVDVWDYQLGLRNDRL
XWQMDMHNRULVQRRUXMH LYDULMHSRXDYD
XWQMDMHQDMQHSRGQROMLYLMLRGJRYRU =D]QDQRVWQHSRVWRMLQLWDRHPXELRQDPRUDODXWMHWL
XWQMDMHRGJRYRUQDQHL]UHFLYR 9ODGDMSUHGPHWRP RNRMHPJRYRUL ULMHLHGROD]LWLVDPHRGVHEH
XWQMDPRHELWLQDMRNUXWQLMDODXWQMDRQHNRMRVRELMHUMHLWR PXGULKYHJDODPDEXGDOD
VYMHGRDQVWYRXWQMDLYLXNXOL 9LHYULMHGLXWQMDPXGUDFDQHJRJDODPDEXGDOD$OLRQRVWUDQRQLMHXWQMD
7NRXWLLQLVHGDSULVWDMHXWQMDQHNDGLWXWQML 9LHYULMHGLMHGQDGREURXLQMHQDQHJRVWRGREULKULMHL
9LHMHUQHPDWRUHL
9HOLNHVWYDULLPDMXMHGQRJVPUWQRJQHSULMDWHOMD YHOLNHULMHL
+5$%5267,.8.$9,/8. 8SUDYRWDPRJGMHQHGRVWDMHSRMDPXSUDYRVHYULMHPHSRMDYLULMH
GLYRYLKHURMLMXQDFLKUDEURVWNXNDYLOXNNXNDYLFDWMHVNREDVWUDK 8KRMHSXWGRVUFD
VODELL 8SRHWNXELMDHULMH
1HVUHWQDMH]HPOMDNRMDWUHEDMXQDNH
p 8ODELULQWXGXHULMHMHMHGLQRVYLMHWOR
3UDYLKHURMLVXRQLNRMLVHERUH]DQDMYLHLGHDOHRYMHDQVWYD 7NRMH]LNSURLDYDDGDJDSULWRPQHRERJDXMHVODELQMHJRYXVQDJX
8QDFLMDPDVHSRMDYOMXMXGLYRYLVDPRXWUHQXFLPDNUL]H 7LVLYLHRYMHNSRVWYDULPDNRMHSUHXXMHQHJRSRRQLPNRMHNDH
XWQMDMHL]DULMHLGUXJDPRVYLMHWD
XWQMDMHL]DULMHLGUXJDPRVYLMHWD
LVLYLHRYMHNSRVWYDULPDNRMHSUHXXMHQHJRSRRQLPNRMHNDH
7 QDFLMDPDVHSRMDYOMXMXGLYRYLVDPRXWUHQXFLPDNUL]H
8
7NRMH]LNSURLDYDDGDJDSULWRPQHRERJDXMHVODELQMHJRYXVQDJX 3UDYLKHURMLVXRQLNRMLVHERUH]DQDMYLHLGHDOHRYMHDQVWYD
8ODELULQWXGXHULMHMHMHGLQRVYLMHWOR p1HVUHWQDMH]HPOMDNRMDWUHEDMXQDNH
8SRHWNXELMDHULMH VODELL
8KRMHSXWGRVUFD GLYRYLKHURMLMXQDFLKUDEURVWNXNDYLOXNNXNDYLFDWMHVNREDVWUDK
8SUDYRWDPRJGMHQHGRVWDMHSRMDPXSUDYRVHYULMHPHSRMDYLULMH +5$%5267,.8.$9,/8.
9HOLNHVWYDULLPDMXMHGQRJVPUWQRJQHSULMDWHOMD YHOLNHULMHL
9LHMHUQHPDWRUHL
9LHYULMHGLMHGQDGREURXLQMHQDQHJRVWRGREULKULMHL 7NRXWLLQLVHGDSULVWDMHXWQMDQHNDGLWXWQML
9LHYULMHGLXWQMDPXGUDFDQHJRJDODPDEXGDOD$OLRQRVWUDQRQLMHXWQMD VYMHGRDQVWYRXWQMDLYLXNXOL
PXGULKYHJDODPDEXGDOD XWQMDPRHELWLQDMRNUXWQLMDODXWQMDRQHNRMRVRELMHUMHLWR
9ODGDMSUHGPHWRP RNRMHPJRYRUL ULMHLHGROD]LWLVDPHRGVHEH XWQMDMHRGJRYRUQDQHL]UHFLYR
=D]QDQRVWQHSRVWRMLQLWDRHPXELRQDPRUDODXWMHWL XWQMDMHQDMQHSRGQROMLYLMLRGJRYRU
LYDULMHSRXDYD XWQMDMHNRULVQRRUXMH
p,VWLQVNDXWQMDMHLYDSURWXLJUDJRYRUHQMX2QDMHQMH]LQVDVWDYQLGLRNDRL XWQMDMHDUJXPHQWNRMLVHJRWRYRQHPRHSRELWL
GLVDQMH /LMHSRMHVQHNLPPRLXWMHWL
/LMHSRMHVQHNLPPRLXWMHWL GLVDQMH
XWQMDMHDUJXPHQWNRMLVHJRWRYRQHPRHSRELWL p,VWLQVNDXWQMDMHLYDSURWXLJUDJRYRUHQMX2QDMHQMH]LQVDVWDYQLGLRNDRL
XWQMDMHNRULVQRRUXMH LYDULMHSRXDYD
XWQMDMHQDMQHSRGQROMLYLMLRGJRYRU =D]QDQRVWQHSRVWRMLQLWDRHPXELRQDPRUDODXWMHWL
XWQMDMHRGJRYRUQDQHL]UHFLYR 9ODGDMSUHGPHWRP RNRMHPJRYRUL ULMHLHGROD]LWLVDPHRGVHEH
XWQMDPRHELWLQDMRNUXWQLMDODXWQMDRQHNRMRVRELMHUMHLWR PXGULKYHJDODPDEXGDOD
VYMHGRDQVWYRXWQMDLYLXNXOL 9LHYULMHGLXWQMDPXGUDFDQHJRJDODPDEXGDOD$OLRQRVWUDQRQLMHXWQMD
7NRXWLLQLVHGDSULVWDMHXWQMDQHNDGLWXWQML 9LHYULMHGLMHGQDGREURXLQMHQDQHJRVWRGREULKULMHL
9LHMHUQHPDWRUHL
9HOLNHVWYDULLPDMXMHGQRJVPUWQRJQHSULMDWHOMD YHOLNHULMHL
+5$%5267,.8.$9,/8. 8SUDYRWDPRJGMHQHGRVWDMHSRMDPXSUDYRVHYULMHPHSRMDYLULMH
GLYRYLKHURMLMXQDFLKUDEURVWNXNDYLOXNNXNDYLFDWMHVNREDVWUDK 8KRMHSXWGRVUFD
VODELL 8SRHWNXELMDHULMH
p1HVUHWQDMH]HPOMDNRMDWUHEDMXQDNH 8ODELULQWXGXHULMHMHMHGLQRVYLMHWOR
3UDYLKHURMLVXRQLNRMLVHERUH]DQDMYLHLGHDOHRYMHDQVWYD 7NRMH]LNSURLDYDDGDJDSULWRPQHRERJDXMHVODELQMHJRYXVQDJX
8QDFLMDPDVHSRMDYOMXMXGLYRYLVDPRXWUHQXFLPDNUL]H 7LVLYLHRYMHNSRVWYDULPDNRMHSUHXXMHQHJRSRRQLPNRMHNDH
XWQMDMHL]DULMHLGUXJDPRVYLMHWD
p+UDEULOMXGH+YDOLLQDMPDQMDGRVWLJQXDGUXJLK3RKYDODMHYUMHGQLMD
SRQHNDGLGRGXHYQHLOLWMHOHVQHEROHVWLSDLGRVWYDUDODNLKGMHODWQRVWL" RGSULMHNRUD
LQDPXHQMDLOLKUDEURVWLGRRSVMHGQXWRVWLNRMDWUDMHLWDYRJLYRWDWH %H]KUDEURVWLVDYMHWMHDORVWDQJRVW
WRMH]DSUDYRRQRSVLKLNRVWDQMHVPQRJLPOLFLPDNRMHPRHGRYHVWLGR
*GMHJUDDQVNDKUDEURVWQHPDGRPRYLQHVORERGDQHVHHGDOHNR
6PLRQRVWVHVPDWUDEHGHPRP
+UDEURVWWRMHGRNUDMDVSR]QDQDRGJRYRUQRVW NXNDYLFDMHRYMHNNRMLX
RSDVQLPVLWXDFLMDPDPLVOLQRJDPD
6MHWLVHGDXYLMHNEXGHRGYDDQ
9HQHUDVUHDLVOXDM
2QRWRMHELWQRMHQDDKUDEURVW]DLYOMHQMH6PLRQLPDSRPDX%RJ +UDEURVWMHHVWRQHGRVWDWDNXYLGDGRNVHNXNDYLOXNHVWRWHPHOMLQD
GREULPLQIRUPDFLMDPD
1HX]PLLSUHG]ORPYHPXVHMRKUDEULMHRGXSUL
+UDEURVWMHGREUD8VWUDMQRVWMHEROMD
L]YLGD
1HRWNULYDMXVHQRYLNRQWLQHQWLDNRQHPDKUDEURVWLGDVHVWDUHREDOHL]JXEH +UDEURVWMHRWSDGQLSURL]YRGVWUDKD
1HNORQLGXKRPLDNRWHVQDHQHYROMD,]GULLX]GULVH +UDEURVWMHSRWUHEQDL]DWRGDELRYMHNXRSHPRJDRSRVWRMDWL
SUHJD]LYODN +UDEURVWMHVWYRULODMXQDNH
0XGDULOLKUDEDUPXNDUDFQHHOHLQDWUDQLFHSRYLMHVWLLHNDWLGDJD +UDEURVWVHQHGRND]XMHVDPRDNDPDSRWUHEQDMHLJODYD
KUDEURJSRQDDQMD +UDEURVWVHQHVDVWRMLXWRPHGDMHVOLMHSRSUHYLGLRSDVQRVWYHGDVH
0RJXVDPRRQGDELWLKUDEDUDNRVHQHPRUDPRSULGUDYDWLSURSLVDQRJ SUHEURGLJOHGDMXL
HVWLWRYMHNXYLMHN .DGJRYRUL LOLSLH QHNDWYRMLPULMHLPDWUHEDELWLXVNRDPLVOLPD
/DNHMHELWLMXQDNQHJRHVWLWRYMHN-XQDNVHPRUDELWLVDPRMHGQRPD SURVWUDQR
UD]XPD .DNRELVHQHNDVWYDUSURPLVOLODGRGQDHVWRMHSRWUHEQRYLHKUDEURVWLQHJR
.DNRELVHQHNDVWYDUSURPLVOLODGRGQDHVWRMHSRWUHEQRYLHKUDEURVWLQHJR UD]XPD
SURVWUDQR /DNHMHELWLMXQDNQHJRHVWLWRYMHN-XQDNVHPRUDELWLVDPRMHGQRPD
.DGJRYRUL LOLSLH QHNDWYRMLPULMHLPDWUHEDELWLXVNRDPLVOLPD HVWLWRYMHNXYLMHN
SUHEURGLJOHGDMXL 0RJXVDPRRQGDELWLKUDEDUDNRVHQHPRUDPRSULGUDYDWLSURSLVDQRJ
+UDEURVWVHQHVDVWRMLXWRPHGDMHVOLMHSRSUHYLGLRSDVQRVWYHGDVH KUDEURJSRQDDQMD
+UDEURVWVHQHGRND]XMHVDPRDNDPDSRWUHEQDMHLJODYD 0XGDULOLKUDEDUPXNDUDFQHHOHLQDWUDQLFHSRYLMHVWLLHNDWLGDJD
+UDEURVWMHVWYRULODMXQDNH SUHJD]LYODN
+UDEURVWMHSRWUHEQDL]DWRGDELRYMHNXRSHPRJDRSRVWRMDWL 1HNORQLGXKRPLDNRWHVQDHQHYROMD,]GULLX]GULVH
+UDEURVWMHRWSDGQLSURL]YRGVWUDKD 1HRWNULYDMXVHQRYLNRQWLQHQWLDNRQHPDKUDEURVWLGDVHVWDUHREDOHL]JXEH
L]YLGD
+UDEURVWMHGREUD8VWUDMQRVWMHEROMD
1HX]PLLSUHG]ORPYHPXVHMRKUDEULMHRGXSUL
GREULPLQIRUPDFLMDPD
+UDEURVWMHHVWRQHGRVWDWDNXYLGDGRNVHNXNDYLOXNHVWRWHPHOMLQD 2QRWRMHELWQRMHQDDKUDEURVW]DLYOMHQMH6PLRQLPDSRPDX%RJ
9HQHUDVUHDLVOXDM
6MHWLVHGDXYLMHNEXGHRGYDDQ
RSDVQLPVLWXDFLMDPDPLVOLQRJDPD
+UDEURVWWRMHGRNUDMDVSR]QDQDRGJRYRUQRVW NXNDYLFDMHRYMHNNRMLX
6PLRQRVWVHVPDWUDEHGHPRP
*GMHJUDDQVNDKUDEURVWQHPDGRPRYLQHVORERGDQHVHHGDOHNR
WRMH]DSUDYRRQRSVLKLNRVWDQMHVPQRJLPOLFLPDNRMHPRHGRYHVWLGR
%H]KUDEURVWLVDYMHWMHDORVWDQJRVW LQDPXHQMDLOLKUDEURVWLGRRSVMHGQXWRVWLNRMDWUDMHLWDYRJLYRWDWH
RGSULMHNRUD SRQHNDGLGRGXHYQHLOLWMHOHVQHEROHVWLSDLGRVWYDUDODNLKGMHODWQRVWL"
p+UDEULOMXGH+YDOLLQDMPDQMDGRVWLJQXDGUXJLK3RKYDODMHYUMHGQLMD
p+UDEULOMXGH+YDOLLQDMPDQMDGRVWLJQXDGUXJLK3RKYDODMHYUMHGQLMD
SRQHNDGLGRGXHYQHLOLWMHOHVQHEROHVWLSDLGRVWYDUDODNLKGMHODWQRVWL" RGSULMHNRUD
LQDPXHQMDLOLKUDEURVWLGRRSVMHGQXWRVWLNRMDWUDMHLWDYRJLYRWDWH %H]KUDEURVWLVDYMHWMHDORVWDQJRVW
WRMH]DSUDYRRQRSVLKLNRVWDQMHVPQRJLPOLFLPDNRMHPRHGRYHVWLGR
*GMHJUDDQVNDKUDEURVWQHPDGRPRYLQHVORERGDQHVHHGDOHNR
6PLRQRVWVHVPDWUDEHGHPRP
+UDEURVWWRMHGRNUDMDVSR]QDQDRGJRYRUQRVW NXNDYLFDMHRYMHNNRMLX
RSDVQLPVLWXDFLMDPDPLVOLQRJDPD
6MHWLVHGDXYLMHNEXGHRGYDDQ
9HQHUDVUHDLVOXDM
2QRWRMHELWQRMHQDDKUDEURVW]DLYOMHQMH6PLRQLPDSRPDX%RJ +UDEURVWMHHVWRQHGRVWDWDNXYLGDGRNVHNXNDYLOXNHVWRWHPHOMLQD
GREULPLQIRUPDFLMDPD
1HX]PLLSUHG]ORPYHPXVHMRKUDEULMHRGXSUL
+UDEURVWMHGREUD8VWUDMQRVWMHEROMD
L]YLGD
1HRWNULYDMXVHQRYLNRQWLQHQWLDNRQHPDKUDEURVWLGDVHVWDUHREDOHL]JXEH +UDEURVWMHRWSDGQLSURL]YRGVWUDKD
1HNORQLGXKRPLDNRWHVQDHQHYROMD,]GULLX]GULVH +UDEURVWMHSRWUHEQDL]DWRGDELRYMHNXRSHPRJDRSRVWRMDWL
SUHJD]LYODN +UDEURVWMHVWYRULODMXQDNH
0XGDULOLKUDEDUPXNDUDFQHHOHLQDWUDQLFHSRYLMHVWLLHNDWLGDJD +UDEURVWVHQHGRND]XMHVDPRDNDPDSRWUHEQDMHLJODYD
KUDEURJSRQDDQMD +UDEURVWVHQHVDVWRMLXWRPHGDMHVOLMHSRSUHYLGLRSDVQRVWYHGDVH
0RJXVDPRRQGDELWLKUDEDUDNRVHQHPRUDPRSULGUDYDWLSURSLVDQRJ SUHEURGLJOHGDMXL
HVWLWRYMHNXYLMHN .DGJRYRUL LOLSLH QHNDWYRMLPULMHLPDWUHEDELWLXVNRDPLVOLPD
/DNHMHELWLMXQDNQHJRHVWLWRYMHN-XQDNVHPRUDELWLVDPRMHGQRPD SURVWUDQR
UD]XPD .DNRELVHQHNDVWYDUSURPLVOLODGRGQDHVWRMHSRWUHEQRYLHKUDEURVWLQHJR
.DNRELVHQHNDVWYDUSURPLVOLODGRGQDHVWRMHSRWUHEQRYLHKUDEURVWLQHJR UD]XPD
SURVWUDQR /DNHMHELWLMXQDNQHJRHVWLWRYMHN-XQDNVHPRUDELWLVDPRMHGQRPD
.DGJRYRUL LOLSLH QHNDWYRMLPULMHLPDWUHEDELWLXVNRDPLVOLPD HVWLWRYMHNXYLMHN
SUHEURGLJOHGDMXL 0RJXVDPRRQGDELWLKUDEDUDNRVHQHPRUDPRSULGUDYDWLSURSLVDQRJ
+UDEURVWVHQHVDVWRMLXWRPHGDMHVOLMHSRSUHYLGLRSDVQRVWYHGDVH KUDEURJSRQDDQMD
+UDEURVWVHQHGRND]XMHVDPRDNDPDSRWUHEQDMHLJODYD 0XGDULOLKUDEDUPXNDUDFQHHOHLQDWUDQLFHSRYLMHVWLLHNDWLGDJD
+UDEURVWMHVWYRULODMXQDNH SUHJD]LYODN
+UDEURVWMHSRWUHEQDL]DWRGDELRYMHNXRSHPRJDRSRVWRMDWL 1HNORQLGXKRPLDNRWHVQDHQHYROMD,]GULLX]GULVH
+UDEURVWMHRWSDGQLSURL]YRGVWUDKD 1HRWNULYDMXVHQRYLNRQWLQHQWLDNRQHPDKUDEURVWLGDVHVWDUHREDOHL]JXEH
L]YLGD
+UDEURVWMHGREUD8VWUDMQRVWMHEROMD
1HX]PLLSUHG]ORPYHPXVHMRKUDEULMHRGXSUL
GREULPLQIRUPDFLMDPD
+UDEURVWMHHVWRQHGRVWDWDNXYLGDGRNVHNXNDYLOXNHVWRWHPHOMLQD 2QRWRMHELWQRMHQDDKUDEURVW]DLYOMHQMH6PLRQLPDSRPDX%RJ
9HQHUDVUHDLVOXDM
6MHWLVHGDXYLMHNEXGHRGYDDQ
RSDVQLPVLWXDFLMDPDPLVOLQRJDPD
+UDEURVWWRMHGRNUDMDVSR]QDQDRGJRYRUQRVW NXNDYLFDMHRYMHNNRMLX
6PLRQRVWVHVPDWUDEHGHPRP
*GMHJUDDQVNDKUDEURVWQHPDGRPRYLQHVORERGDQHVHHGDOHNR
WRMH]DSUDYRRQRSVLKLNRVWDQMHVPQRJLPOLFLPDNRMHPRHGRYHVWLGR
%H]KUDEURVWLVDYMHWMHDORVWDQJRVW LQDPXHQMDLOLKUDEURVWLGRRSVMHGQXWRVWLNRMDWUDMHLWDYRJLYRWDWH
RGSULMHNRUD SRQHNDGLGRGXHYQHLOLWMHOHVQHEROHVWLSDLGRVWYDUDODNLKGMHODWQRVWL"
p+UDEULOMXGH+YDOLLQDMPDQMDGRVWLJQXDGUXJLK3RKYDODMHYUMHGQLMD
.XNDYLFDMHRYMHNNRMLXRSDVQLPVLWXDFLMDPDPLVOLQRJDPD
p
.XNDYLFHLSULMHVPUWLPQRJRSXWDPUXDMXQDNVDPRMHGQRPNXDVPUW QHRGUHHQRJD
.XNDYLFDSUDYDNXNDYLFDMHVDPRRQDMWNRVHERMLVYRMLKXVSRPHQD
0DORVWUDKDRGQHHJRGUHHQRJDMHGREUR2QJXLSXQRYHLVWUDKRGQHHJ
REOLNHQMHJRYDSRQDDQMD
.XNDYLOXNMHQDMGMHORWYRUQLMD]DWLWDSURWLYQDSDVWL SUHWMHUDQLLQHUD]XPQLSUHWYDUDMXVHXIRELMHLPRJXRYMHNXRGUHGLWLQHNH
.XNDYLOXNVHQDMUDGLMHSRNULYDPDVNRPRSUH]DLOLRE]LUD QHXVSMHKRPXUDGXLXGUXWYHQRPLYRWX$NDGDVWUDKRYLSRVWDQX
/LMHQRVWLNXNDYLOXNVXJODYQLX]URFL]ERJNRMLKYHOLNLEURMOMXGLXQDWR SUDWHQDMHHPRJXHRSDVQRVWLNRMHVXXJODYQRPSRYH]DQHVXVSMHKRPLOL
WRPXWRLKMHSULURGDGDYQRYHRVORERGLODWXHJYRGVWYDLSDNWLMHNRP .RGRGUDVORJRYMHNDMHQMHJRYDGUXWYHQDXORJDYHXYUHQDVWUDKRYL
LWDYRJLYRWDUDGRRVWDMXQHGRUDVOLLWRMHGUXJLPDWDNRMHGQRVWDYQR QRYLKVWUDKRYDXSLUDQMHPSUVWDXQRYHQHSULMDWHOMH
QDPHWQXWLLPVHNDRVWDUDWHOM7DNRMHOLMHSRELWLQHGRUDVWDR -HGQRVWDYQLPWHKQLNDPDVWYDUDWHVHQRYHNULWLQHVLWXDFLMHL]D]LYDQMHP
1LWDQDVQHLQLNXNDYLNLMLPDLEH]RE]LUQLMLPDRGHOMHGDQDVVYLYROH NRMLVXSRWODHQL
7NRVHSUHGDMHRGQMHJDLGUXJLGLXUXNH ,VWUDKVHPRHRVORERGLWLSULHPXSRVWDMHYLGOMLYRGDVHRQNULMHXRQLPD
1HGLLUXNHRGVHEHWRMHNDRGDLKGLHQDVHEH 'DVXVYLEH]VWUDKDNDNRELVHPRJOR]DEUDQLWL]OR"
p$NRVHQHNRJDERMLWDGDMHWR]DWRWRVLQHNRPHGDRPRQDGVRERP LVWRPLOMHQLNDX]VWDOQRLVND]LYDQMHQDYDQMVNRJLOLXQXWUDQMHJQHSULMDWHOMD
NRULVWHQDMHHPRUDOQRGLVNUHGLWLUDQMHNDQMDYDQMHLXQLWDYDQMH
%RMDWLVHWUHEDRQLKNRMLQHNDXWRPLVOHLNRMLQHPLVOHWRNDX RGUDYDQMDDXWRULWDUQLKYODGDYLQD$XWRULWDUQHYODGHPDQLSXOLUDMXVWUDKRPL
RYMHNPRHRGVWUDKDDNLSDPHWL]JXELWL NRQVWDQWLOMXGVNHSULURGH QH]DRELOD]QDSVLKRORNDWYRUHYLQDXWXPDHQMLPD
RYMHNVHPRGDQDMYLHERMLRQGDNDGDVHVDPVDVRERPQHVODH HJ]LVWHQFLMDOQDSRWUHEDDLVNOMXHQRVWL]QMHL]D]LYDVWUDK6WUDKMHMHGQDRG
RYMHNRYRGQRVSUHPDVYLMHWXRGUHXMXLGYLMHDPELYDOHQWQHRSUHQHWHQMH
GUXWYHQHRUJDQL]DFLMHXYMHWQRUHHQRVXVWDYDMHUWRRVLJXUDYDQMHJRYD
GDEXGHXNOMXHQXGUXWYHQHRGQRVHGDEXGHQMLKRYGLRVMHGQHVWUDQHL
SRQDDQMDLPLOMHQMDVGUXJH3RMHGLQDFVHPRUDRVMHDWLNDRGLRRGUHHQH
GDVDXYDVYRMXLQGLYLGXDOQRVWGDVHQHSRGUHGLGUXWYHQLPREUDVFLPD
GDVDXYDVYRMXLQGLYLGXDOQRVWGDVHQHSRGUHGLGUXWYHQLPREUDVFLPD
SRQDDQMDLPLOMHQMDVGUXJH3RMHGLQDFVHPRUDRVMHDWLNDRGLRRGUHHQH
GDEXGHXNOMXHQXGUXWYHQHRGQRVHGDEXGHQMLKRYGLRVMHGQHVWUDQHL
GUXWYHQHRUJDQL]DFLMHXYMHWQRUHHQRVXVWDYDMHUWRRVLJXUDYDQMHJRYD
RYMHNRYRGQRVSUHPDVYLMHWXRGUHXMXLGYLMHDPELYDOHQWQHRSUHQHWHQMH
HJ]LVWHQFLMDOQDSRWUHEDDLVNOMXHQRVWL]QMHL]D]LYDVWUDK6WUDKMHMHGQDRG RYMHNVHPRGDQDMYLHERMLRQGDNDGDVHVDPVDVRERPQHVODH
NRQVWDQWLOMXGVNHSULURGH QH]DRELOD]QDSVLKRORNDWYRUHYLQDXWXPDHQMLPD RYMHNPRHRGVWUDKDDNLSDPHWL]JXELWL
RGUDYDQMDDXWRULWDUQLKYODGDYLQD$XWRULWDUQHYODGHPDQLSXOLUDMXVWUDKRPL %RMDWLVHWUHEDRQLKNRMLQHNDXWRPLVOHLNRMLQHPLVOHWRNDX
NRULVWHQDMHHPRUDOQRGLVNUHGLWLUDQMHNDQMDYDQMHLXQLWDYDQMH
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,]RVWDYOMDQMHMHQDMSRGOLMDOD-HGQDMHGLQDRLWDODXLWHOMDQMHJRYRP JRYRULLVWLQX/DLVXWDNRSORGQHGDVDPRMHGQD]QDURGLWLWLVXHGUXJLK
WLHQLNXPRHXQLWLWLLWDYRGJRM-HGQDLYRWQDPXGURVWJODVLGDEH] /DDFPRUDLPDWLGREURSDPHQMH/DOMLYFXRELQRQHYMHUXMHPRQLNDGD
LYRWQHODLQHPRHPRLYMHWL /DVHJXWDSXQLPXVWLPDDLVWLQDSLMHNDSSRNDS
-HGLQDVWYDUNRMDVHQHPRHXOMHSDWLDGDSULWRPHQHVWUDGDWRMHLVWLQD /DSURJOHGDXLVWLQLDLVWLQDYLGLXODL
-HGQRVWDYDQMHJRYRULVWLQH /DMHNDRVQMHQDJUXGD WRVHGXHYDOMDWRMHYHD
.DGDELOMXGLL]QHQDGDSUHVWDOLODJDWLELODELWRQMLKRYDQDMYHDL /DMHUHOLJLMDURERYDLJRVSRGDUD,VWLQDMHERJVORERGQDRYMHND
QDMVXGERQRVQLMDUHYROXFLMD QLNRPHYLHQHPRHYMHURYDWL
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.DGDVHGYRMHVYDDMXLVWLQDVHVPLMH .DNRELVHLQDHPRJORODJDWLQHJRGDVHVYMHVQRQHJRYRULLVWLQD"
.DNRRYMHNQHELQHVWDRSRWUHEQLVXOMXGLNRMLQLVXNROHNWLYLUDQLLLVWLQD NRMDQLMHSROLWL]LUDQD
NRMDQLMHSROLWL]LUDQD .DNRRYMHNQHELQHVWDRSRWUHEQLVXOMXGLNRMLQLVXNROHNWLYLUDQLLLVWLQD
.DNRELVHLQDHPRJORODJDWLQHJRGDVHVYMHVQRQHJRYRULLVWLQD" .DGDVHGYRMHVYDDMXLVWLQDVHVPLMH
.D]QD]DODFDQHVDVWRMLVHXWRPHGDPXVHQHYMHUXMHYHXWRPHGDRQ .DGDMHLVWLQDSUHVODEDGDELVHEUDQLODPRUDSULMHLXQDSDG
QLNRPHYLHQHPRHYMHURYDWL QDMVXGERQRVQLMDUHYROXFLMD
/DMHUHOLJLMDURERYDLJRVSRGDUD,VWLQDMHERJVORERGQDRYMHND .DGDELOMXGLL]QHQDGDSUHVWDOLODJDWLELODELWRQMLKRYDQDMYHDL
/DMHNDRVQMHQDJUXGD WRVHGXHYDOMDWRMHYHD -HGQRVWDYDQMHJRYRULVWLQH
/DSURJOHGDXLVWLQLDLVWLQDYLGLXODL -HGLQDVWYDUNRMDVHQHPRHXOMHSDWLDGDSULWRPHQHVWUDGDWRMHLVWLQD
/DVHJXWDSXQLPXVWLPDDLVWLQDSLMHNDSSRNDS LYRWQHODLQHPRHPRLYMHWL
/DDFPRUDLPDWLGREURSDPHQMH/DOMLYFXRELQRQHYMHUXMHPRQLNDGD WLHQLNXPRHXQLWLWLLWDYRGJRM-HGQDLYRWQDPXGURVWJODVLGDEH]
JRYRULLVWLQX/DLVXWDNRSORGQHGDVDPRMHGQD]QDURGLWLWLVXHGUXJLK ,]RVWDYOMDQMHMHQDMSRGOLMDOD-HGQDMHGLQDRLWDODXLWHOMDQMHJRYRP
/MXELLVWLQXDOLSUDWDM]DEOXGX ,VWLQXHWHYUORODNRSUHSR]QDWLSRWRPHWRYDPQHHELWLXJRGQD
/MXGLPDDSRVHELFHGMHFLSRWUHEQDMHLVWLQD%ROMHMHGDLPWLVXXLVWLQD ,VWLQROMXELYRVWMHVUFHPRUDOQRVWL
RVWDQHQHRWNULYHQRQHJRGDLPXVUFHXHLMHGQDMHGLQDOD LQLODELWH]DXYLMHNL]JXEOMHQD
0DOREURMQLPDMHSR]QDWSXWLVWLQH YUDDWLWHHVHLVWLQDXYLMHNL]QRYDPRUDWLERULWLVQMRP$NRWRQHEXGH
0LWUDLPRLVWLQXDOLHOLPRMHQDLVDPRWDPRJGMHQDPRGJRYDUD ,VWLQLMHVXHQRGDVHERULSURWLYODL,VWLQDHSREMHLYDWLDOLHVHODXYLMHN
0LYROLPRLVNUHQRVWVDPRNRGRVREDNRMHQDVYROH,VNUHQRVWRVWDOLK QXQRVWQHJRMHVYDNDXWHPHOMHQDQDGUXJRM
QD]LYDPREH]REUD]OXNRP ,VWLQHVXVOXDMQHQMLKRYDMHVXSURWQRVWPRJXDMHURQHQHQRVHXVHELVYRMX
,VWLQDVHNYDULL]YUWDQMHPLOLSULNULYDQMHP
QRJHVX]DEOXGHQDVWDOHL]LVWLQHNRMHOMXGL]ORXSRWUHEOMDYDMX
0
PRHYLHRGX]HWL 1DMGXEOMHLVWLQHLSDNVHQDMEROMHLWDMXL]PHXUHGDNDLQDMYHLPVHGLMHORP
3REMHGDLVWLQHMHWHNDLPXNRWUSQDDOLMRMVH]DWRNDGMHMHGQRPL]ERULQH QHGDMXQDSLVDWL
2VLJXUDMVLOHDSD]DJXGLLVWLQXVYLPD 1DMJRUDLVWLQDEROMDMHRGQDMVODH]DEOXGH
2QLNRMLQLNDGQHRSR]LYDMXVYRMHULMHLYLHYROHVHEHQHJRLVWLQX 1DMMHGQRVWDYQLMHVXRQHLVWLQHGRNRMLKVHQDMNDVQLMHGROD]L
SRWRYDWLLVHEHLGUXJH 1DMRSDVQLMHQHLVWLQHVXLVWLQHNRMHVXXPMHUHQRLVNULYOMHQH
SR]QDWLQLNDNYHLVWLQHQLXVHELQLRNRVHEHQHJRHGRVOMHGQRSUHVWDWL 1DMSRJXEQLMLVXRQLODFLNRMLNOL]HQDUXEXLVWLQH
2QDMNRMLVDPVHELODHLVOXDODVYRMXGRWMHUDWHGRWOHGDQHHYLH
1DMYHDSRYUHGDGXQRVWLRYMHNDSUHPDVHELVDPRPHMHVWVXSURWQRVW
2GYDQRVWLVWLQHSUYLMHSUHGXYMHWILOR]RIVNRJUD]PLOMDQMD LVWLQROMXEOMX OD
2EMHNWLYQLNULWHULMLLVWLQHVXPHXOMXGVNHDQHQDGOMXGVNHSULURGH 1DMYHLSULMDWHOMLVWLQHMH9ULMHPHQMHQQDMYHLQHSULMDWHOMMHSUHGUDVXGDD
1RSRWRMHLVWLQDELVHUQHEDFDMMHSUHGVYLQMH QMHQVWDOQLSUDWLODFMH3RQL]QRVW
1LWNRWNRMHELRNDQMHQ]ERJODLL]WRJDQLMHQDXLRYROMHWLLVWLQX 1HNROLNRLVWLQDPRUDVHUHLGDELVHPRJORLYMHWL QHNROLNRLKVHPRUD
ODNRYMHUQXSXEOLNXNRMDELVYHPXSRYMHURYDOD SUHXWMHWLL]LVWRJDUD]ORJD
VDJOHGDRLVWLQXXFMHOLQLLGRYROMQRYUHPHQDGDMHSUHSULDQLWLWDNR 1HPDYLHVLJXUQHLVWLQH
1LWDWRQLMHLVWLQLWRQLMHQLYHOLNR1LWNRRGQDVQHPDGRYROMQRGXKDGDEL 1L]QDQMHQLPLOMHQMHQLNDGDQHSRLQMXRGSRWSXQHLVWLQHRQDMHQMLKRY
1LWDQLMHVDVYLPLVWLQLWRDLWRQLMHLVWLQD FLOM
UD]JRYLMHWQR 1LNDNDYORSULPMHUQHPRHELWLWHWDQNDRLYRWQDODPDNDNRXGREQR
1LWDQHPRMPRSULKYDDWLNDRLVWLQLWRRVLPRQRJDWRVSR]QDMHPRMDVQRL RGUDYDODSDNWVDLYRWRP
RGUDYDODSDNWVDLYRWRP 1LWDQHPRMPRSULKYDDWLNDRLVWLQLWRRVLPRQRJDWRVSR]QDMHPRMDVQRL
1LNDNDYORSULPMHUQHPRHELWLWHWDQNDRLYRWQDODPDNDNRXGREQR UD]JRYLMHWQR
FLOM 1LWDQLMHVDVYLPLVWLQLWRDLWRQLMHLVWLQD
1L]QDQMHQLPLOMHQMHQLNDGDQHSRLQMXRGSRWSXQHLVWLQHRQDMHQMLKRY 1LWDWRQLMHLVWLQLWRQLMHQLYHOLNR1LWNRRGQDVQHPDGRYROMQRGXKDGDEL
1HPDYLHVLJXUQHLVWLQH VDJOHGDRLVWLQXXFMHOLQLLGRYROMQRYUHPHQDGDMHSUHSULDQLWLWDNR
SUHXWMHWLL]LVWRJDUD]ORJD ODNRYMHUQXSXEOLNXNRMDELVYHPXSRYMHURYDOD
1HNROLNRLVWLQDPRUDVHUHLGDELVHPRJORLYMHWL QHNROLNRLKVHPRUD 1LWNRWNRMHELRNDQMHQ]ERJODLL]WRJDQLMHQDXLRYROMHWLLVWLQX
QMHQVWDOQLSUDWLODFMH3RQL]QRVW 1RSRWRMHLVWLQDELVHUQHEDFDMMHSUHGVYLQMH
1DMYHLSULMDWHOMLVWLQHMH9ULMHPHQMHQQDMYHLQHSULMDWHOMMHSUHGUDVXGDD 2EMHNWLYQLNULWHULMLLVWLQHVXPHXOMXGVNHDQHQDGOMXGVNHSULURGH
LVWLQROMXEOMX OD 2GYDQRVWLVWLQHSUYLMHSUHGXYMHWILOR]RIVNRJUD]PLOMDQMD
1DMYHDSRYUHGDGXQRVWLRYMHNDSUHPDVHELVDPRPHMHVWVXSURWQRVW
2QDMNRMLVDPVHELODHLVOXDODVYRMXGRWMHUDWHGRWOHGDQHHYLH
1DMSRJXEQLMLVXRQLODFLNRMLNOL]HQDUXEXLVWLQH SR]QDWLQLNDNYHLVWLQHQLXVHELQLRNRVHEHQHJRHGRVOMHGQRSUHVWDWL
1DMRSDVQLMHQHLVWLQHVXLVWLQHNRMHVXXPMHUHQRLVNULYOMHQH SRWRYDWLLVHEHLGUXJH
1DMMHGQRVWDYQLMHVXRQHLVWLQHGRNRMLKVHQDMNDVQLMHGROD]L 2QLNRMLQLNDGQHRSR]LYDMXVYRMHULMHLYLHYROHVHEHQHJRLVWLQX
1DMJRUDLVWLQDEROMDMHRGQDMVODH]DEOXGH 2VLJXUDMVLOHDSD]DJXGLLVWLQXVYLPD
QHGDMXQDSLVDWL 3REMHGDLVWLQHMHWHNDLPXNRWUSQDDOLMRMVH]DWRNDGMHMHGQRPL]ERULQH
1DMGXEOMHLVWLQHLSDNVHQDMEROMHLWDMXL]PHXUHGDNDLQDMYHLPVHGLMHORP PRHYLHRGX]HWL
0QRJHVX]DEOXGHQDVWDOHL]LVWLQHNRMHOMXGL]ORXSRWUHEOMDYDMX
QRJHVX]DEOXGHQDVWDOHL]LVWLQHNRMHOMXGL]ORXSRWUHEOMDYDMX
0
PRHYLHRGX]HWL 1DMGXEOMHLVWLQHLSDNVHQDMEROMHLWDMXL]PHXUHGDNDLQDMYHLPVHGLMHORP
3REMHGDLVWLQHMHWHNDLPXNRWUSQDDOLMRMVH]DWRNDGMHMHGQRPL]ERULQH QHGDMXQDSLVDWL
2VLJXUDMVLOHDSD]DJXGLLVWLQXVYLPD 1DMJRUDLVWLQDEROMDMHRGQDMVODH]DEOXGH
2QLNRMLQLNDGQHRSR]LYDMXVYRMHULMHLYLHYROHVHEHQHJRLVWLQX 1DMMHGQRVWDYQLMHVXRQHLVWLQHGRNRMLKVHQDMNDVQLMHGROD]L
SRWRYDWLLVHEHLGUXJH 1DMRSDVQLMHQHLVWLQHVXLVWLQHNRMHVXXPMHUHQRLVNULYOMHQH
SR]QDWLQLNDNYHLVWLQHQLXVHELQLRNRVHEHQHJRHGRVOMHGQRSUHVWDWL 1DMSRJXEQLMLVXRQLODFLNRMLNOL]HQDUXEXLVWLQH
2QDMNRMLVDPVHELODHLVOXDODVYRMXGRWMHUDWHGRWOHGDQHHYLH
1DMYHDSRYUHGDGXQRVWLRYMHNDSUHPDVHELVDPRPHMHVWVXSURWQRVW
2GYDQRVWLVWLQHSUYLMHSUHGXYMHWILOR]RIVNRJUD]PLOMDQMD LVWLQROMXEOMX OD
2EMHNWLYQLNULWHULMLLVWLQHVXPHXOMXGVNHDQHQDGOMXGVNHSULURGH 1DMYHLSULMDWHOMLVWLQHMH9ULMHPHQMHQQDMYHLQHSULMDWHOMMHSUHGUDVXGDD
1RSRWRMHLVWLQDELVHUQHEDFDMMHSUHGVYLQMH QMHQVWDOQLSUDWLODFMH3RQL]QRVW
1LWNRWNRMHELRNDQMHQ]ERJODLL]WRJDQLMHQDXLRYROMHWLLVWLQX 1HNROLNRLVWLQDPRUDVHUHLGDELVHPRJORLYMHWL QHNROLNRLKVHPRUD
ODNRYMHUQXSXEOLNXNRMDELVYHPXSRYMHURYDOD SUHXWMHWLL]LVWRJDUD]ORJD
VDJOHGDRLVWLQXXFMHOLQLLGRYROMQRYUHPHQDGDMHSUHSULDQLWLWDNR 1HPDYLHVLJXUQHLVWLQH
1LWDWRQLMHLVWLQLWRQLMHQLYHOLNR1LWNRRGQDVQHPDGRYROMQRGXKDGDEL 1L]QDQMHQLPLOMHQMHQLNDGDQHSRLQMXRGSRWSXQHLVWLQHRQDMHQMLKRY
1LWDQLMHVDVYLPLVWLQLWRDLWRQLMHLVWLQD FLOM
UD]JRYLMHWQR 1LNDNDYORSULPMHUQHPRHELWLWHWDQNDRLYRWQDODPDNDNRXGREQR
1LWDQHPRMPRSULKYDDWLNDRLVWLQLWRRVLPRQRJDWRVSR]QDMHPRMDVQRL RGUDYDODSDNWVDLYRWRP
RGUDYDODSDNWVDLYRWRP 1LWDQHPRMPRSULKYDDWLNDRLVWLQLWRRVLPRQRJDWRVSR]QDMHPRMDVQRL
1LNDNDYORSULPMHUQHPRHELWLWHWDQNDRLYRWQDODPDNDNRXGREQR UD]JRYLMHWQR
FLOM 1LWDQLMHVDVYLPLVWLQLWRDLWRQLMHLVWLQD
1L]QDQMHQLPLOMHQMHQLNDGDQHSRLQMXRGSRWSXQHLVWLQHRQDMHQMLKRY 1LWDWRQLMHLVWLQLWRQLMHQLYHOLNR1LWNRRGQDVQHPDGRYROMQRGXKDGDEL
1HPDYLHVLJXUQHLVWLQH VDJOHGDRLVWLQXXFMHOLQLLGRYROMQRYUHPHQDGDMHSUHSULDQLWLWDNR
SUHXWMHWLL]LVWRJDUD]ORJD ODNRYMHUQXSXEOLNXNRMDELVYHPXSRYMHURYDOD
1HNROLNRLVWLQDPRUDVHUHLGDELVHPRJORLYMHWL QHNROLNRLKVHPRUD 1LWNRWNRMHELRNDQMHQ]ERJODLL]WRJDQLMHQDXLRYROMHWLLVWLQX
QMHQVWDOQLSUDWLODFMH3RQL]QRVW 1RSRWRMHLVWLQDELVHUQHEDFDMMHSUHGVYLQMH
1DMYHLSULMDWHOMLVWLQHMH9ULMHPHQMHQQDMYHLQHSULMDWHOMMHSUHGUDVXGDD 2EMHNWLYQLNULWHULMLLVWLQHVXPHXOMXGVNHDQHQDGOMXGVNHSULURGH
LVWLQROMXEOMX OD 2GYDQRVWLVWLQHSUYLMHSUHGXYMHWILOR]RIVNRJUD]PLOMDQMD
1DMYHDSRYUHGDGXQRVWLRYMHNDSUHPDVHELVDPRPHMHVWVXSURWQRVW
2QDMNRMLVDPVHELODHLVOXDODVYRMXGRWMHUDWHGRWOHGDQHHYLH
1DMSRJXEQLMLVXRQLODFLNRMLNOL]HQDUXEXLVWLQH SR]QDWLQLNDNYHLVWLQHQLXVHELQLRNRVHEHQHJRHGRVOMHGQRSUHVWDWL
1DMRSDVQLMHQHLVWLQHVXLVWLQHNRMHVXXPMHUHQRLVNULYOMHQH SRWRYDWLLVHEHLGUXJH
1DMMHGQRVWDYQLMHVXRQHLVWLQHGRNRMLKVHQDMNDVQLMHGROD]L 2QLNRMLQLNDGQHRSR]LYDMXVYRMHULMHLYLHYROHVHEHQHJRLVWLQX
1DMJRUDLVWLQDEROMDMHRGQDMVODH]DEOXGH 2VLJXUDMVLOHDSD]DJXGLLVWLQXVYLPD
QHGDMXQDSLVDWL 3REMHGDLVWLQHMHWHNDLPXNRWUSQDDOLMRMVH]DWRNDGMHMHGQRPL]ERULQH
1DMGXEOMHLVWLQHLSDNVHQDMEROMHLWDMXL]PHXUHGDNDLQDMYHLPVHGLMHORP PRHYLHRGX]HWL
0QRJHVX]DEOXGHQDVWDOHL]LVWLQHNRMHOMXGL]ORXSRWUHEOMDYDMX
3RODLVWLQHQLNDGDQLMHSRORYLFDLWDYH3ROXLVWLQLWRMHRSDVQLMHRGODQRJD
3ROXSUD]QDDDMHGRGXHLSROXSXQDDOLSRODODLQLSRWRQLMHSRODLVWLQH
3RVOMHGQMDMHVYUKD]QDQRVWLLVWLQDSRVOMHGQMDVYUKDXPMHWQRVWLQDSURWLY ]ORLQDF
]DGRYROMVWYR 7NRQH]QDLVWLQXWDMMHVDPREXGDOD$OLWNRMH]QDLQD]LYDMHODLWDMMH
3RVWRMHGYLMHYUVWHLVWLQDLVWLQHXPDLLVWLQHLVNXVWYD,VWLQHVXXPDQXQHL 7NRODHWDMLNUDGH
QMLKRYDMHVXSURWQRVWQHPRJXD LVWLQHVXLVNXVWYDVOXDMQHLQMLKRYDMH PMHVWXODJDOL
VXSURWQRVWPRJXD 7HNRHPRSRYMHURYDWLQHNRPRYMHNXNDGD]QDPRGDELVPRQDQMHJRYX
3RVWRMHLVWLQHXNRMHVYLVXPQMDMXLODLRNRMLPDVYLXWH WRPRHELWLQHPRUDOQRQDSRGOR]LLVWLQH"
3RVWRMLMHGQRRUXMHNRMHMHPQRJRVWUDQLMHRGNOHYHWH WRMHLVWLQD SUHGPHWRP
3UDYDWHQMD]DVSR]QDMRPLVWLQHSRGFMHQMXMHWULMXPIQDGSURWLYQLNRP WRMHLVWLQD"2EMDQMHQMHULMHL LVWLQDMHVNODGVSR]QDMHVQMH]LQLP
3UDYLOLNXNRMHPHJ]LVWLUDLVWLQDPRHELWLVDPRQMH]LQ]QDQVWYHQLVXVWDY 6YHMHWRQRDNLVXSURWQR6DPR 'RGXHDOLQLNDGDQLMHWRQR
3UHGREURMHGDELELORLVWLQLWR 6YDNLVSRUD]XPL]PHXODLLLVWLQHXYLMHNMHQDWHWXLVWLQH
3UYLNRUDNGXKDMHUD]OLNRYDWLRQRWRMHLVWLQLWRRGRQRJWRMHODQR3DLSDN QH]QDPNDNRJOXSDSUHWYDUDVHXLVWLQX
RGWUHQXWNDNDRPLVDRUD]PLOMDRVDPRMVHELRQRWRQDMSULMHRWNULYDWRMH 6YDNDODNRMDVHPRHGRND]DWLSRYMHURGRVWRMQLPVYMHGRFLPDSDELODRQD
SURWXUMHQRVW6WYDULQLVXUD]XPOMLYHVDPHSRVHELQHJRSRSRVOMHGLFDPD 6YDNDMH]DEOXGDWROLNRRSDVQLMDNROLNRXQMRMLPDYLHLVWLQH
NRMHPRHPRL]QMLKL]YXL EURGRORPD
6DPRMHPDOROMXGLGRYROMQRVQDQRGDNDHLVWLQXLGDXMHLVWLQX 6YDNDLVWLQDNRMDQDPVHLQLSRWSXQDSRND]DWHVHQHLVWLQLWDXPRPHQWX
6DPRRQDMRYMHN]DVOXXMHGDJDVOXDPRNRPHULMHLVOXHMHGLQR]DWRGD 6DPRUD]XPPRHRGUHGLWLWRMHLVWLQLWR
ELL]UD]LRPLVDRDPLVDRGDELUHNDRLVWLQX ELL]UD]LRPLVDRDPLVDRGDELUHNDRLVWLQX
6DPRUD]XPPRHRGUHGLWLWRMHLVWLQLWR 6DPRRQDMRYMHN]DVOXXMHGDJDVOXDPRNRPHULMHLVOXHMHGLQR]DWRGD
6YDNDLVWLQDNRMDQDPVHLQLSRWSXQDSRND]DWHVHQHLVWLQLWDXPRPHQWX 6DPRMHPDOROMXGLGRYROMQRVQDQRGDNDHLVWLQXLGDXMHLVWLQX
EURGRORPD NRMHPRHPRL]QMLKL]YXL
6YDNDMH]DEOXGDWROLNRRSDVQLMDNROLNRXQMRMLPDYLHLVWLQH SURWXUMHQRVW6WYDULQLVXUD]XPOMLYHVDPHSRVHELQHJRSRSRVOMHGLFDPD
6YDNDODNRMDVHPRHGRND]DWLSRYMHURGRVWRMQLPVYMHGRFLPDSDELODRQD RGWUHQXWNDNDRPLVDRUD]PLOMDRVDPRMVHELRQRWRQDMSULMHRWNULYDWRMH
QH]QDPNDNRJOXSDSUHWYDUDVHXLVWLQX 3UYLNRUDNGXKDMHUD]OLNRYDWLRQRWRMHLVWLQLWRRGRQRJWRMHODQR3DLSDN
6YDNLVSRUD]XPL]PHXODLLLVWLQHXYLMHNMHQDWHWXLVWLQH 3UHGREURMHGDELELORLVWLQLWR
6YHMHWRQRDNLVXSURWQR6DPR 'RGXHDOLQLNDGDQLMHWRQR 3UDYLOLNXNRMHPHJ]LVWLUDLVWLQDPRHELWLVDPRQMH]LQ]QDQVWYHQLVXVWDY
WRMHLVWLQD"2EMDQMHQMHULMHL LVWLQDMHVNODGVSR]QDMHVQMH]LQLP 3UDYDWHQMD]DVSR]QDMRPLVWLQHSRGFMHQMXMHWULMXPIQDGSURWLYQLNRP
SUHGPHWRP 3RVWRMLMHGQRRUXMHNRMHMHPQRJRVWUDQLMHRGNOHYHWH WRMHLVWLQD
WRPRHELWLQHPRUDOQRQDSRGOR]LLVWLQH" 3RVWRMHLVWLQHXNRMHVYLVXPQMDMXLODLRNRMLPDVYLXWH
7HNRHPRSRYMHURYDWLQHNRPRYMHNXNDGD]QDPRGDELVPRQDQMHJRYX VXSURWQRVWPRJXD
PMHVWXODJDOL QMLKRYDMHVXSURWQRVWQHPRJXD LVWLQHVXLVNXVWYDVOXDMQHLQMLKRYDMH
7NRODHWDMLNUDGH 3RVWRMHGYLMHYUVWHLVWLQDLVWLQHXPDLLVWLQHLVNXVWYD,VWLQHVXXPDQXQHL
7NRQH]QDLVWLQXWDMMHVDPREXGDOD$OLWNRMH]QDLQD]LYDMHODLWDMMH ]DGRYROMVWYR
]ORLQDF 3RVOMHGQMDMHVYUKD]QDQRVWLLVWLQDSRVOMHGQMDVYUKDXPMHWQRVWLQDSURWLY
3ROXSUD]QDDDMHGRGXHLSROXSXQDDOLSRODODLQLSRWRQLMHSRODLVWLQH
3RODLVWLQHQLNDGDQLMHSRORYLFDLWDYH3ROXLVWLQLWRMHRSDVQLMHRGODQRJD
3RODLVWLQHQLNDGDQLMHSRORYLFDLWDYH3ROXLVWLQLWRMHRSDVQLMHRGODQRJD
3ROXSUD]QDDDMHGRGXHLSROXSXQDDOLSRODODLQLSRWRQLMHSRODLVWLQH
3RVOMHGQMDMHVYUKD]QDQRVWLLVWLQDSRVOMHGQMDVYUKDXPMHWQRVWLQDSURWLY ]ORLQDF
]DGRYROMVWYR 7NRQH]QDLVWLQXWDMMHVDPREXGDOD$OLWNRMH]QDLQD]LYDMHODLWDMMH
3RVWRMHGYLMHYUVWHLVWLQDLVWLQHXPDLLVWLQHLVNXVWYD,VWLQHVXXPDQXQHL 7NRODHWDMLNUDGH
QMLKRYDMHVXSURWQRVWQHPRJXD LVWLQHVXLVNXVWYDVOXDMQHLQMLKRYDMH PMHVWXODJDOL
VXSURWQRVWPRJXD 7HNRHPRSRYMHURYDWLQHNRPRYMHNXNDGD]QDPRGDELVPRQDQMHJRYX
3RVWRMHLVWLQHXNRMHVYLVXPQMDMXLODLRNRMLPDVYLXWH WRPRHELWLQHPRUDOQRQDSRGOR]LLVWLQH"
3RVWRMLMHGQRRUXMHNRMHMHPQRJRVWUDQLMHRGNOHYHWH WRMHLVWLQD SUHGPHWRP
3UDYDWHQMD]DVSR]QDMRPLVWLQHSRGFMHQMXMHWULMXPIQDGSURWLYQLNRP WRMHLVWLQD"2EMDQMHQMHULMHL LVWLQDMHVNODGVSR]QDMHVQMH]LQLP
3UDYLOLNXNRMHPHJ]LVWLUDLVWLQDPRHELWLVDPRQMH]LQ]QDQVWYHQLVXVWDY 6YHMHWRQRDNLVXSURWQR6DPR 'RGXHDOLQLNDGDQLMHWRQR
3UHGREURMHGDELELORLVWLQLWR 6YDNLVSRUD]XPL]PHXODLLLVWLQHXYLMHNMHQDWHWXLVWLQH
3UYLNRUDNGXKDMHUD]OLNRYDWLRQRWRMHLVWLQLWRRGRQRJWRMHODQR3DLSDN QH]QDPNDNRJOXSDSUHWYDUDVHXLVWLQX
RGWUHQXWNDNDRPLVDRUD]PLOMDRVDPRMVHELRQRWRQDMSULMHRWNULYDWRMH 6YDNDODNRMDVHPRHGRND]DWLSRYMHURGRVWRMQLPVYMHGRFLPDSDELODRQD
SURWXUMHQRVW6WYDULQLVXUD]XPOMLYHVDPHSRVHELQHJRSRSRVOMHGLFDPD 6YDNDMH]DEOXGDWROLNRRSDVQLMDNROLNRXQMRMLPDYLHLVWLQH
NRMHPRHPRL]QMLKL]YXL EURGRORPD
6DPRMHPDOROMXGLGRYROMQRVQDQRGDNDHLVWLQXLGDXMHLVWLQX 6YDNDLVWLQDNRMDQDPVHLQLSRWSXQDSRND]DWHVHQHLVWLQLWDXPRPHQWX
6DPRRQDMRYMHN]DVOXXMHGDJDVOXDPRNRPHULMHLVOXHMHGLQR]DWRGD 6DPRUD]XPPRHRGUHGLWLWRMHLVWLQLWR
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6DPRUD]XPPRHRGUHGLWLWRMHLVWLQLWR 6DPRRQDMRYMHN]DVOXXMHGDJDVOXDPRNRPHULMHLVOXHMHGLQR]DWRGD
6YDNDLVWLQDNRMDQDPVHLQLSRWSXQDSRND]DWHVHQHLVWLQLWDXPRPHQWX 6DPRMHPDOROMXGLGRYROMQRVQDQRGDNDHLVWLQXLGDXMHLVWLQX
EURGRORPD NRMHPRHPRL]QMLKL]YXL
6YDNDMH]DEOXGDWROLNRRSDVQLMDNROLNRXQMRMLPDYLHLVWLQH SURWXUMHQRVW6WYDULQLVXUD]XPOMLYHVDPHSRVHELQHJRSRSRVOMHGLFDPD
6YDNDODNRMDVHPRHGRND]DWLSRYMHURGRVWRMQLPVYMHGRFLPDSDELODRQD RGWUHQXWNDNDRPLVDRUD]PLOMDRVDPRMVHELRQRWRQDMSULMHRWNULYDWRMH
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6YDNLVSRUD]XPL]PHXODLLLVWLQHXYLMHNMHQDWHWXLVWLQH 3UHGREURMHGDELELORLVWLQLWR
6YHMHWRQRDNLVXSURWQR6DPR 'RGXHDOLQLNDGDQLMHWRQR 3UDYLOLNXNRMHPHJ]LVWLUDLVWLQDPRHELWLVDPRQMH]LQ]QDQVWYHQLVXVWDY
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WRPRHELWLQHPRUDOQRQDSRGOR]LLVWLQH" 3RVWRMHLVWLQHXNRMHVYLVXPQMDMXLODLRNRMLPDVYLXWH
7HNRHPRSRYMHURYDWLQHNRPRYMHNXNDGD]QDPRGDELVPRQDQMHJRYX VXSURWQRVWPRJXD
PMHVWXODJDOL QMLKRYDMHVXSURWQRVWQHPRJXD LVWLQHVXLVNXVWYDVOXDMQHLQMLKRYDMH
7NRODHWDMLNUDGH 3RVWRMHGYLMHYUVWHLVWLQDLVWLQHXPDLLVWLQHLVNXVWYD,VWLQHVXXPDQXQHL
7NRQH]QDLVWLQXWDMMHVDPREXGDOD$OLWNRMH]QDLQD]LYDMHODLWDMMH ]DGRYROMVWYR
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3RODLVWLQHQLNDGDQLMHSRORYLFDLWDYH3ROXLVWLQLWRMHRSDVQLMHRGODQRJD
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7
7NRXYLMHNJRYRULLVWLQXWDMVHELPRHSULXWLWLORHSDPHQMH
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.
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8SURVMHNXVHRWNULMHWHNVYDNDSHWDOD
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6XGHVRPLVWLQRPLSRWUHERPQHPDFMHQMNDQMD
8YMHULPRVHXLVWLQLWRVWLQMHQLFDSULMHQHJRWRVHSULKYDWLPRQMHQLKX]URND
8LYRWXQDPMHLVWLQDGYDSXWNRULVQD XPODGRVWLGDELQDVSRXLODLX
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8JDDQMHVWYDUDSULMDWHOMHLVWLQDPUQMX
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8QLYHU]DOQDYULMHGQRVWNRMXSULGDMHPRLVWLQLJODYQRMHOMXGVNRRWNULH
8JDDQMHVWYDUDSULMDWHOMHLVWLQDPUQMX
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8JDDQMHVWYDUDSULMDWHOMHLVWLQDPUQMX
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7NRVYRMXSRXGXPRH]DGRYROMLWLSDPHWDQMH WNRMH]QDREX]GDWLPXGDU
7DWLQDLVWUDVWLVXJRVSRGDULVYLMHWD
MH 6WUDVWYHQRYMHNQLMHGXHYQRVORERGDQ
7NRHOLSRGXDYDWLLOLQDGQMLPDYODGDWLQHNDSUYRVHEHVYODGDVHEHVDPDL LOX]LMD
]DJRVSRGDULQDGYODVWLWLPVWUDVWLPD SRWMHHRGQHXURWLDUD SRWMHXRGQH]QDQMDLSRSULPDMXREOLNPLWRYDL
8GREDVWUDVWLLVWLQDQDVQDSXWD 6WUDVWLSUHGUDVXGHVWUDKRYDQMDLQHXUR]H 3URXVWMHYMHURYDRGDVYHYHOLNR
8PMHWQRVWSROD]LRGLVWLQHVWUDVWL DNWLYQRVW
8YLMHNHELWLVWUDQLKSRVOMHGLFDNDGQLVNLSRURFLSRNXDMXRSRQDDWLYHOLNH
6WUDVWLHPRFLMHPRUDOQRRVMHDQMHMHVXWRWRPRHPRWLYLUDWLWYRMX
VWUDVWL 6WUDVWLVX]DUD]XPUDNUDQD
p.DGVXRVQRYQHSRWUHEH]DGRYROMHQHR]ELOMQDVUHDQDMYHHJEURMDOMXGL 6WUDVWLVXYHRPDSRJXEQH
]DYLVLRGGYLMXVWYDUL QMLKRYDUDGDLQMLKRYLKOMXGVNLKRGQRVD 6WUDVWLVXVRNRYLGXKDLDNRLKMHSUHYLHRGQMLKRVODELPXGURVW
RYMHNXLMLPVHPLVOLPDRJOHGDFMHOLQDVYLMHWDSRVWDMHXL]YMHVQRPVPLVOX QHSUDYHGQRSULSLVXMHSULPMHULFHWYRUFDGLQDPLWDLOLQXNOHDUQHIX]LMH
WROLNRYHOLNNROLNRMHYHOLNLVYLMHW NUHDWLYQHRVREHQLNDGDQLVXGHVWUXNWLYQHPDGDLPVHWRNDNRVHLQL
p+YDOLVDYDRVREDVYH]QDDOLMHVWHULOQDLQHVSRVREQD]DSURGXNWLYQR LVWLQHLVOLQRDOLLSRKOHSHPUQMHVDGL]PDLGHVWUXNWLYQRVWL,VWLQVNH
PLOMHQMHQHPRHUD]XPMHWLVDPRREQRYLWHOMVNXIXQNFLMX QHNHRGQDMYLLKYUHGQRWDSULPMHULFHLYRWLVORERGXXWUDHQMXOMXEDYL
6WRJDLQLMHXGQRGDMHRYMHNPRGDLQHVYMHVQRHVWRVSUHPDQUWYRYDWL
p/MXGHKYDOLPRMHULKVPDWUDPRWDWLPDDPROLPRNDGLKVPDWUDPRVODELPD
=DYLVWQLMHQLWDGUXJRQHJRPUQMDQDWXXVXSHULRUQRVW 1DMYLLREOLNWDWLQHMHXGQMD]DVODYRP
=DYLVWPLRGX]LPDEOLQMHJDDVUGEDPHQHVDPRJD 6YDWNRSRVMHGXMHXSUDYRWROLNRWDWLQHNROLNRPXQHGRVWDMHUD]XPD
=DYLVWMHYUVWDSRKYDOH 7DWLQDJRYRULRYMHNXRSRDVWLPDVDYMHVWRSUDYGL
=DYLVWMHSUDWLOLFDVODYHLX]QHPLUXMHERJDWVWYR 7DWLQDQDGWDWLQDPDLVYHMHWDWLQD
=DYLVWMHSOLMHVDQGXH 7ROLNRVPRWDWLGDQDPMHELWQRDNLPLOMHQMHOMXGLGRNRMLKQDPQLMHVWDOR
VHSURWLYQMHJRYRUL 8OMXGLPDVHQDOD]LL]GDMQLNNRMLVH]RYHWDWLQDDNRMLRGDMHWDMQRPDNRPX
=DYLVWMHQHPLORVUGQLMDRGPUQMHWRMHLVWLQDYHDWRMHYHDNOHYHWDNRMD VHXODJXMH
=DYLVWLVUGEDVNUDXMXGDQH 9HLQDOMXGLPU]LWDWLQXGUXJLKEH]RE]LUDNROLNRVXVDPLWDWL
=DYLVWLQLRYMHNDPHQWDOQLPERJDOMHP p%XGL]DGRYROMDQL]DYLVWHSXNQXWL=DGRYROMQRPL]GUDYRPVYDNLGDQ
=DYLGQLNVHVXLDNREOLQMHPXGREURLGH RQL]JDUDL]QXWUDLL]YDQD SUD]QLN=DYLVWMHEROEXGDOD
7DNDYMHRYMHN VDPRRQLPDQDMYLH]DYLDNRMLPDQDMYLHGXJXMH %ROMHGDWL]DYLGHQHJRGDWHVDDOLMHYDMX.ORQLVH]DYLVWLVHEHPXLWNR
VUHWQLPD]DYLGL=DYLVWLQLRYMHNDPHQWDOQLPERJDOMHPLQDJUL]DOMXGVNR
PRUDELWLEH]QDDMDQ VUFH
6YDNLQDXVSMHKVWYDUDQDPMHGQRJQHSULMDWHOMD.DNRELELRRPLOMHQRYMHN
.DGQDVRQLNRMLLGX]DQDPDQHPRJXVWLL]DNOLQMXVHGDVPR]DOXWDWL
6HEHPXLWNRVUHWQLPD]DYLGL
/MXGLXYLMHNQDMYLHPU]HRQRHPXQDMYLH]DYLGH
3UHGYHOLNLPD]DYLVWHVWRJPLH
1DD]DYLVWWUDMHXYLMHNGXHRGVUHHRQLKNRMLPDVPR]DYLGQL=DYLVWMH
1HPDQLWDSUDYHGQLMHRG]DYLVWL RGVDPRJ]DHWQLNDL]MHGDLPXLPXGXX QHSRPLUOMLYDRGPUQMH
QHSRPLUOMLYDRGPUQMH 1HPDQLWDSUDYHGQLMHRG]DYLVWL RGVDPRJ]DHWQLNDL]MHGDLPXLPXGXX
1DD]DYLVWWUDMHXYLMHNGXHRGVUHHRQLKNRMLPDVPR]DYLGQL=DYLVWMH
3UHGYHOLNLPD]DYLVWHVWRJPLH
/MXGLXYLMHNQDMYLHPU]HRQRHPXQDMYLH]DYLGH
6HEHPXLWNRVUHWQLPD]DYLGL
.DGQDVRQLNRMLLGX]DQDPDQHPRJXVWLL]DNOLQMXVHGDVPR]DOXWDWL
6YDNLQDXVSMHKVWYDUDQDPMHGQRJQHSULMDWHOMD.DNRELELRRPLOMHQRYMHN
VUFH PRUDELWLEH]QDDMDQ
VUHWQLPD]DYLGL=DYLVWLQLRYMHNDPHQWDOQLPERJDOMHPLQDJUL]DOMXGVNR
%ROMHGDWL]DYLGHQHJRGDWHVDDOLMHYDMX.ORQLVH]DYLVWLVHEHPXLWNR 7DNDYMHRYMHN VDPRRQLPDQDMYLH]DYLDNRMLPDQDMYLHGXJXMH
SUD]QLN=DYLVWMHEROEXGDOD =DYLGQLNVHVXLDNREOLQMHPXGREURLGH RQL]JDUDL]QXWUDLL]YDQD
p%XGL]DGRYROMDQL]DYLVWHSXNQXWL=DGRYROMQRPL]GUDYRPVYDNLGDQ =DYLVWLQLRYMHNDPHQWDOQLPERJDOMHP
9HLQDOMXGLPU]LWDWLQXGUXJLKEH]RE]LUDNROLNRVXVDPLWDWL =DYLVWLVUGEDVNUDXMXGDQH
VHXODJXMH =DYLVWMHQHPLORVUGQLMDRGPUQMHWRMHLVWLQDYHDWRMHYHDNOHYHWDNRMD
8OMXGLPDVHQDOD]LL]GDMQLNNRMLVH]RYHWDWLQDDNRMLRGDMHWDMQRPDNRPX VHSURWLYQMHJRYRUL
7ROLNRVPRWDWLGDQDPMHELWQRDNLPLOMHQMHOMXGLGRNRMLKQDPQLMHVWDOR =DYLVWMHSOLMHVDQGXH
7DWLQDQDGWDWLQDPDLVYHMHWDWLQD =DYLVWMHSUDWLOLFDVODYHLX]QHPLUXMHERJDWVWYR
7DWLQDJRYRULRYMHNXRSRDVWLPDVDYMHVWRSUDYGL =DYLVWMHYUVWDSRKYDOH
6YDWNRSRVMHGXMHXSUDYRWROLNRWDWLQHNROLNRPXQHGRVWDMHUD]XPD =DYLVWPLRGX]LPDEOLQMHJDDVUGEDPHQHVDPRJD
1DMYLLREOLNWDWLQHMHXGQMD]DVODYRP =DYLVWQLMHQLWDGUXJRQHJRPUQMDQDWXXVXSHULRUQRVW
p/MXGHKYDOLPRMHULKVPDWUDPRWDWLPDDPROLPRNDGLKVPDWUDPRVODELPD
p/MXGHKYDOLPRMHULKVPDWUDPRWDWLPDDPROLPRNDGLKVPDWUDPRVODELPD
=DYLVWQLMHQLWDGUXJRQHJRPUQMDQDWXXVXSHULRUQRVW 1DMYLLREOLNWDWLQHMHXGQMD]DVODYRP
=DYLVWPLRGX]LPDEOLQMHJDDVUGEDPHQHVDPRJD 6YDWNRSRVMHGXMHXSUDYRWROLNRWDWLQHNROLNRPXQHGRVWDMHUD]XPD
=DYLVWMHYUVWDSRKYDOH 7DWLQDJRYRULRYMHNXRSRDVWLPDVDYMHVWRSUDYGL
=DYLVWMHSUDWLOLFDVODYHLX]QHPLUXMHERJDWVWYR 7DWLQDQDGWDWLQDPDLVYHMHWDWLQD
=DYLVWMHSOLMHVDQGXH 7ROLNRVPRWDWLGDQDPMHELWQRDNLPLOMHQMHOMXGLGRNRMLKQDPQLMHVWDOR
VHSURWLYQMHJRYRUL 8OMXGLPDVHQDOD]LL]GDMQLNNRMLVH]RYHWDWLQDDNRMLRGDMHWDMQRPDNRPX
=DYLVWMHQHPLORVUGQLMDRGPUQMHWRMHLVWLQDYHDWRMHYHDNOHYHWDNRMD VHXODJXMH
=DYLVWLVUGEDVNUDXMXGDQH 9HLQDOMXGLPU]LWDWLQXGUXJLKEH]RE]LUDNROLNRVXVDPLWDWL
=DYLVWLQLRYMHNDPHQWDOQLPERJDOMHP p%XGL]DGRYROMDQL]DYLVWHSXNQXWL=DGRYROMQRPL]GUDYRPVYDNLGDQ
=DYLGQLNVHVXLDNREOLQMHPXGREURLGH RQL]JDUDL]QXWUDLL]YDQD SUD]QLN=DYLVWMHEROEXGDOD
7DNDYMHRYMHN VDPRRQLPDQDMYLH]DYLDNRMLPDQDMYLHGXJXMH %ROMHGDWL]DYLGHQHJRGDWHVDDOLMHYDMX.ORQLVH]DYLVWLVHEHPXLWNR
VUHWQLPD]DYLGL=DYLVWLQLRYMHNDPHQWDOQLPERJDOMHPLQDJUL]DOMXGVNR
PRUDELWLEH]QDDMDQ VUFH
6YDNLQDXVSMHKVWYDUDQDPMHGQRJQHSULMDWHOMD.DNRELELRRPLOMHQRYMHN
.DGQDVRQLNRMLLGX]DQDPDQHPRJXVWLL]DNOLQMXVHGDVPR]DOXWDWL
6HEHPXLWNRVUHWQLPD]DYLGL
/MXGLXYLMHNQDMYLHPU]HRQRHPXQDMYLH]DYLGH
3UHGYHOLNLPD]DYLVWHVWRJPLH
1DD]DYLVWWUDMHXYLMHNGXHRGVUHHRQLKNRMLPDVPR]DYLGQL=DYLVWMH
1HPDQLWDSUDYHGQLMHRG]DYLVWL RGVDPRJ]DHWQLNDL]MHGDLPXLPXGXX QHSRPLUOMLYDRGPUQMH
QHSRPLUOMLYDRGPUQMH 1HPDQLWDSUDYHGQLMHRG]DYLVWL RGVDPRJ]DHWQLNDL]MHGDLPXLPXGXX
1DD]DYLVWWUDMHXYLMHNGXHRGVUHHRQLKNRMLPDVPR]DYLGQL=DYLVWMH
3UHGYHOLNLPD]DYLVWHVWRJPLH
/MXGLXYLMHNQDMYLHPU]HRQRHPXQDMYLH]DYLGH
6HEHPXLWNRVUHWQLPD]DYLGL
.DGQDVRQLNRMLLGX]DQDPDQHPRJXVWLL]DNOLQMXVHGDVPR]DOXWDWL
6YDNLQDXVSMHKVWYDUDQDPMHGQRJQHSULMDWHOMD.DNRELELRRPLOMHQRYMHN
VUFH PRUDELWLEH]QDDMDQ
VUHWQLPD]DYLGL=DYLVWLQLRYMHNDPHQWDOQLPERJDOMHPLQDJUL]DOMXGVNR
%ROMHGDWL]DYLGHQHJRGDWHVDDOLMHYDMX.ORQLVH]DYLVWLVHEHPXLWNR 7DNDYMHRYMHN VDPRRQLPDQDMYLH]DYLDNRMLPDQDMYLHGXJXMH
SUD]QLN=DYLVWMHEROEXGDOD =DYLGQLNVHVXLDNREOLQMHPXGREURLGH RQL]JDUDL]QXWUDLL]YDQD
p%XGL]DGRYROMDQL]DYLVWHSXNQXWL=DGRYROMQRPL]GUDYRPVYDNLGDQ =DYLVWLQLRYMHNDPHQWDOQLPERJDOMHP
9HLQDOMXGLPU]LWDWLQXGUXJLKEH]RE]LUDNROLNRVXVDPLWDWL =DYLVWLVUGEDVNUDXMXGDQH
VHXODJXMH =DYLVWMHQHPLORVUGQLMDRGPUQMHWRMHLVWLQDYHDWRMHYHDNOHYHWDNRMD
8OMXGLPDVHQDOD]LL]GDMQLNNRMLVH]RYHWDWLQDDNRMLRGDMHWDMQRPDNRPX VHSURWLYQMHJRYRUL
7ROLNRVPRWDWLGDQDPMHELWQRDNLPLOMHQMHOMXGLGRNRMLKQDPQLMHVWDOR =DYLVWMHSOLMHVDQGXH
7DWLQDQDGWDWLQDPDLVYHMHWDWLQD =DYLVWMHSUDWLOLFDVODYHLX]QHPLUXMHERJDWVWYR
7DWLQDJRYRULRYMHNXRSRDVWLPDVDYMHVWRSUDYGL =DYLVWMHYUVWDSRKYDOH
6YDWNRSRVMHGXMHXSUDYRWROLNRWDWLQHNROLNRPXQHGRVWDMHUD]XPD =DYLVWPLRGX]LPDEOLQMHJDDVUGEDPHQHVDPRJD
1DMYLLREOLNWDWLQHMHXGQMD]DVODYRP =DYLVWQLMHQLWDGUXJRQHJRPUQMDQDWXXVXSHULRUQRVW
p/MXGHKYDOLPRMHULKVPDWUDPRWDWLPDDPROLPRNDGLKVPDWUDPRVODELPD
DYLVWSURSDGDRGVYRJ]DPHWND
=
p.ORQLVH]OREHRQDVDPDLVSLMDQDMYHLGLRVYRJDRWURYD DNDJULWLSUHPDQHEXLWXSUHVWDMHVYH
2G]OREHVHQLMHPRJXHEUDQLWL
6WYDUQRVWMH]DNRQ WUSMHWLLXWMHWL1DEH]LPHQD]ORLQVWYDPRHVHVDPR
=DYHLQXOMXGL]OREDMHPDMNDQHYROMD
1HPRMHELW]OD
=OREDVHGMHORPWHNXSRWSXQRVWLREOLNXMH
PRHQDLXUD]PLOMDQMXLML]DKWMHYVDGDSR]QDMHPR
$NRQHPRLPDVYRMHPMHVWRXUDYQRGXQLPSHM]DLPDSRYLMHVWLRQRJDQH
p
oXGQMDLQLGDVYHVWYDULSURFYMHWDMXSRVMHGRYDQMHVYHVWYDULEDFDX
SUDLQX QHPRQDGPRPRPRQLFL
02,1(02
$5/-,9267,/,-(1267
0
p.ORQLVHOLMHQRVWLQMXEU]RVWLHVLURPDWYR 6YRMRPPDUOMLYRXVPLMHVHVYDWNRKYDOLWL
%H]OLMHQRVWLQHPDQDSUHWND%XGXLGDMHRYMHNELRSUHOLMHQYHVODWLL]XPLR p0DUOMLYRVWMHPDMNDGREUHVUHH
MHSDUREURG MHUMHELRSUHOLMHQLLSMHLFHL]XPLRMHDXWRPRELO MHUMHELR
SUHOLMHQQDYHHU]DWYRULWLRLL]XPLRMHWHOHYL]LMX 6QDJDNRMDQHPDFLOMDPDMNDMHOLMHQRVWL
RYMHNMHSRSULURGLOLMHQ /MHQLQDQDOLLVDWXEH]ND]DOMNH VYHMHGQRMHGDOLKRGDLOLVWRML
/LMHQRVWMHQDNRYDQMQDNRMHPVHNXMXVYHPDQH /LMHQRVWMHX]JODYOMHVRWRQH
/LMHQLQDMHVDPVHELQDSXWXRQQDOLLVDWXEH]ND]DOMNH VYHMHGQRMHGDOL /LMHQRVWMHSRHWDNVYDNRJ]OD
KRGDLOLVWRML .RMLMHYHL]ORLQRGJXELWNDYUHPHQD"
.RMLMHYHL]ORLQRGJXELWNDYUHPHQD" KRGDLOLVWRML
/LMHQRVWMHSRHWDNVYDNRJ]OD /LMHQLQDMHVDPVHELQDSXWXRQQDOLLVDWXEH]ND]DOMNH VYHMHGQRMHGDOL
/LMHQRVWMHX]JODYOMHVRWRQH /LMHQRVWMHQDNRYDQMQDNRMHPVHNXMXVYHPDQH
/MHQLQDQDOLLVDWXEH]ND]DOMNH VYHMHGQRMHGDOLKRGDLOLVWRML RYMHNMHSRSULURGLOLMHQ
6QDJDNRMDQHPDFLOMDPDMNDMHOLMHQRVWL SUHOLMHQQDYHHU]DWYRULWLRLL]XPLRMHWHOHYL]LMX
MHSDUREURG MHUMHELRSUHOLMHQLLSMHLFHL]XPLRMHDXWRPRELO MHUMHELR
p0DUOMLYRVWMHPDMNDGREUHVUHH %H]OLMHQRVWLQHPDQDSUHWND%XGXLGDMHRYMHNELRSUHOLMHQYHVODWLL]XPLR
6YRMRPPDUOMLYRXVPLMHVHVYDWNRKYDOLWL p.ORQLVHOLMHQRVWLQMXEU]RVWLHVLURPDWYR
0$5/-,9267,/,-(1267
02,1(02
QHPRQDGPRPRPRQLFL SUDLQX
oXGQMDLQLGDVYHVWYDULSURFYMHWDMXSRVMHGRYDQMHVYHVWYDULEDFDX
p$NRQHPRLPDVYRMHPMHVWRXUDYQRGXQLPSHM]DLPDSRYLMHVWLRQRJDQH
PRHQDLXUD]PLOMDQMXLML]DKWMHYVDGDSR]QDMHPR
=OREDVHGMHORPWHNXSRWSXQRVWLREOLNXMH
1HPRMHELW]OD
=DYHLQXOMXGL]OREDMHPDMNDQHYROMD
6WYDUQRVWMH]DNRQ WUSMHWLLXWMHWL1DEH]LPHQD]ORLQVWYDPRHVHVDPR
2G]OREHVHQLMHPRJXHEUDQLWL
DNDJULWLSUHPDQHEXLWXSUHVWDMHVYH p.ORQLVH]OREHRQDVDPDLVSLMDQDMYHLGLRVYRJDRWURYD
=DYLVWSURSDGDRGVYRJ]DPHWND
=DYLVWSURSDGDRGVYRJ]DPHWND
p.ORQLVH]OREHRQDVDPDLVSLMDQDMYHLGLRVYRJDRWURYD DNDJULWLSUHPDQHEXLWXSUHVWDMHVYH
2G]OREHVHQLMHPRJXHEUDQLWL
6WYDUQRVWMH]DNRQ WUSMHWLLXWMHWL1DEH]LPHQD]ORLQVWYDPRHVHVDPR
=DYHLQXOMXGL]OREDMHPDMNDQHYROMD
1HPRMHELW]OD
=OREDVHGMHORPWHNXSRWSXQRVWLREOLNXMH
PRHQDLXUD]PLOMDQMXLML]DKWMHYVDGDSR]QDMHPR
$NRQHPRLPDVYRMHPMHVWRXUDYQRGXQLPSHM]DLPDSRYLMHVWLRQRJDQH
p
oXGQMDLQLGDVYHVWYDULSURFYMHWDMXSRVMHGRYDQMHVYHVWYDULEDFDX
SUDLQX QHPRQDGPRPRPRQLFL
02,1(02
$5/-,9267,/,-(1267
0
p.ORQLVHOLMHQRVWLQMXEU]RVWLHVLURPDWYR 6YRMRPPDUOMLYRXVPLMHVHVYDWNRKYDOLWL
%H]OLMHQRVWLQHPDQDSUHWND%XGXLGDMHRYMHNELRSUHOLMHQYHVODWLL]XPLR p0DUOMLYRVWMHPDMNDGREUHVUHH
MHSDUREURG MHUMHELRSUHOLMHQLLSMHLFHL]XPLRMHDXWRPRELO MHUMHELR
SUHOLMHQQDYHHU]DWYRULWLRLL]XPLRMHWHOHYL]LMX 6QDJDNRMDQHPDFLOMDPDMNDMHOLMHQRVWL
RYMHNMHSRSULURGLOLMHQ /MHQLQDQDOLLVDWXEH]ND]DOMNH VYHMHGQRMHGDOLKRGDLOLVWRML
/LMHQRVWMHQDNRYDQMQDNRMHPVHNXMXVYHPDQH /LMHQRVWMHX]JODYOMHVRWRQH
/LMHQLQDMHVDPVHELQDSXWXRQQDOLLVDWXEH]ND]DOMNH VYHMHGQRMHGDOL /LMHQRVWMHSRHWDNVYDNRJ]OD
KRGDLOLVWRML .RMLMHYHL]ORLQRGJXELWNDYUHPHQD"
.RMLMHYHL]ORLQRGJXELWNDYUHPHQD" KRGDLOLVWRML
/LMHQRVWMHSRHWDNVYDNRJ]OD /LMHQLQDMHVDPVHELQDSXWXRQQDOLLVDWXEH]ND]DOMNH VYHMHGQRMHGDOL
/LMHQRVWMHX]JODYOMHVRWRQH /LMHQRVWMHQDNRYDQMQDNRMHPVHNXMXVYHPDQH
/MHQLQDQDOLLVDWXEH]ND]DOMNH VYHMHGQRMHGDOLKRGDLOLVWRML RYMHNMHSRSULURGLOLMHQ
6QDJDNRMDQHPDFLOMDPDMNDMHOLMHQRVWL SUHOLMHQQDYHHU]DWYRULWLRLL]XPLRMHWHOHYL]LMX
MHSDUREURG MHUMHELRSUHOLMHQLLSMHLFHL]XPLRMHDXWRPRELO MHUMHELR
p0DUOMLYRVWMHPDMNDGREUHVUHH %H]OLMHQRVWLQHPDQDSUHWND%XGXLGDMHRYMHNELRSUHOLMHQYHVODWLL]XPLR
6YRMRPPDUOMLYRXVPLMHVHVYDWNRKYDOLWL p.ORQLVHOLMHQRVWLQMXEU]RVWLHVLURPDWYR
0$5/-,9267,/,-(1267
02,1(02
QHPRQDGPRPRPRQLFL SUDLQX
oXGQMDLQLGDVYHVWYDULSURFYMHWDMXSRVMHGRYDQMHVYHVWYDULEDFDX
p$NRQHPRLPDVYRMHPMHVWRXUDYQRGXQLPSHM]DLPDSRYLMHVWLRQRJDQH
PRHQDLXUD]PLOMDQMXLML]DKWMHYVDGDSR]QDMHPR
=OREDVHGMHORPWHNXSRWSXQRVWLREOLNXMH
1HPRMHELW]OD
=DYHLQXOMXGL]OREDMHPDMNDQHYROMD
6WYDUQRVWMH]DNRQ WUSMHWLLXWMHWL1DEH]LPHQD]ORLQVWYDPRHVHVDPR
2G]OREHVHQLMHPRJXHEUDQLWL
DNDJULWLSUHPDQHEXLWXSUHVWDMHVYH p.ORQLVH]OREHRQDVDPDLVSLMDQDMYHLGLRVYRJDRWURYD
=DYLVWSURSDGDRGVYRJ]DPHWND
6YDNDMHQDGPRURERYDQMH
o
QHPRHPRVWYRULWLQLMHGQRJRYMHND p.ORQLVHPRQLK1LNDGQLMHSRX]GDQRGUXWYRVPRQLP
1DDMHPRUD]RUQD0RHPRGRGXHRNRQDWLVWYDUDQMHLXELWLVYHOMXGHDOL
1HEXGLSULVWUDQSUHGPRJXQLFLPD
PHKDQLNLDXWRPDW
JHQLMNULMHSRVWLVWLQXVORERGXRGOMXGLLQLUREOMHDRGOMXGVNRJOLND WRVLYUHSULYUHQVXVWDYXPRLWRRWXHQSRVWDMHRGRQLKYLWDOQLK
0RSRSXWNXQHEROHVWLNDGKDUDRNXLVYHWRGLUQHDSRNRUQRVWRWUXMH L]YRUDNRMLVXELOLELWQL]DGDOMQMLRYMHNRYUD]YLWDN
0RWURLRQRJDNRMLMHQHPD 1LNDGQHPRHLPDWLYUVWRSRYMHUHQMHXYODVWSUHYHOLNLKRYODVWL
0RSUHSR]QDMHPRSRXGDUFLPDNRMLPDXGDUD $NRPRLSDGQXVPUYHQDVDNRSRUDVWX]DJXHQDV
0RSRGNRMRPVHOMXGLQDMEROMHRVMHDMXMHPRQDYLNH DNMHLGDQDVQHGRYROMQDVSR]QDMDGDXVOXDMXUDWDVYDNDVWUDQDSUHPD
GRJRYRUXXELMDGMHFXGUXJHVWUDQHDRQLNRMLVXRGJRYRUQLL]QDMXWRHVH
VDYUHQVWYDGROD]LPRVDPRSRPRXOMXEDYL GRJRGLWLRELQRRVWDMXQHNDQMHQL0RLGRODQH]QDQMHLOLSULVLOD",]JOHGDGD
XPMHVWRGDPRELOL]LUDPLVOLSURWLYVLOH0RPRHPRVWHL]QDQMHPDOLGR VXMDHRGPRLOMXEDYLSUHPDYODVWLWRMGMHFL
0RMH]ODQDSLVDRMHMHGDQILOR]RILYUOLQDMHYMHUXMXLSDODXQHVYLMHVW
HVWRMHNRULVQLMHQDSXVWLWLPRQLNHQHJRVHQDQMLKDOLWL
0RMHWDNRSULYODQDQDURLWRDNRMHRYMHNQHPD
,]JOHGDGDMHVXVWDYPRLPDQMHXLQNRYLWGDSRWSRPDHLURNXREUD]RYDQRVW
VHELMH]OD NROLNRGDSXDQVWYRQDLURNR]DJOXSOMXMHDVYRMDQDGPRQDGRVWLJQXD
0RMHOHJLWLPQDVDPRXVOXELUD]XPD6DPRWDNRLPDVPLVOD-HUVDPDSR QDMEROMHLVND]XMHXVWYDUDQMXORPRYDLNDWDVWURIDXSUHYUDWLPDUDWRYLPDL
0RMHGREURSRNULYHQDVODERVW JHQRFLGX
0RLPDRQDMNRMHPPQRWYRYMHUXMH ,]YUDYDQMHPRLMHGLUHNWQDVXSURWQRVWSURQDODHQMXLVWLQH
.DGDUHYROXFLRQDUSUHX]PHPRSUHX]LPDLQMH]LQXQHSUDYHGQRVW -RVHQDMODNHSRGQRVLPR]DNRMXVHQDGDPRGDHPRMHVDPLMHGQRJGDQD
LPDWL LPDWL
-RVHQDMODNHSRGQRVLPR]DNRMXVHQDGDPRGDHPRMHVDPLMHGQRJGDQD .DGDUHYROXFLRQDUSUHX]PHPRSUHX]LPDLQMH]LQXQHSUDYHGQRVW
,]YUDYDQMHPRLMHGLUHNWQDVXSURWQRVWSURQDODHQMXLVWLQH 0RLPDRQDMNRMHPPQRWYRYMHUXMH
JHQRFLGX 0RMHGREURSRNULYHQDVODERVW
QDMEROMHLVND]XMHXVWYDUDQMXORPRYDLNDWDVWURIDXSUHYUDWLPDUDWRYLPDL 0RMHOHJLWLPQDVDPRXVOXELUD]XPD6DPRWDNRLPDVPLVOD-HUVDPDSR
NROLNRGDSXDQVWYRQDLURNR]DJOXSOMXMHDVYRMDQDGPRQDGRVWLJQXD VHELMH]OD
,]JOHGDGDMHVXVWDYPRLPDQMHXLQNRYLWGDSRWSRPDHLURNXREUD]RYDQRVW
0RMHWDNRSULYODQDQDURLWRDNRMHRYMHNQHPD
HVWRMHNRULVQLMHQDSXVWLWLPRQLNHQHJRVHQDQMLKDOLWL
0RMH]ODQDSLVDRMHMHGDQILOR]RILYUOLQDMHYMHUXMXLSDODXQHVYLMHVW
VXMDHRGPRLOMXEDYLSUHPDYODVWLWRMGMHFL XPMHVWRGDPRELOL]LUDPLVOLSURWLYVLOH0RPRHPRVWHL]QDQMHPDOLGR
GRJRGLWLRELQRRVWDMXQHNDQMHQL0RLGRODQH]QDQMHLOLSULVLOD",]JOHGDGD VDYUHQVWYDGROD]LPRVDPRSRPRXOMXEDYL
GRJRYRUXXELMDGMHFXGUXJHVWUDQHDRQLNRMLVXRGJRYRUQLL]QDMXWRHVH
DNMHLGDQDVQHGRYROMQDVSR]QDMDGDXVOXDMXUDWDVYDNDVWUDQDSUHPD 0RSRGNRMRPVHOMXGLQDMEROMHRVMHDMXMHPRQDYLNH
$NRPRLSDGQXVPUYHQDVDNRSRUDVWX]DJXHQDV 0RSUHSR]QDMHPRSRXGDUFLPDNRMLPDXGDUD
1LNDGQHPRHLPDWLYUVWRSRYMHUHQMHXYODVWSUHYHOLNLKRYODVWL 0RWURLRQRJDNRMLMHQHPD
L]YRUDNRMLVXELOLELWQL]DGDOMQMLRYMHNRYUD]YLWDN 0RSRSXWNXQHEROHVWLNDGKDUDRNXLVYHWRGLUQHDSRNRUQRVWRWUXMH
WRVLYUHSULYUHQVXVWDYXPRLWRRWXHQSRVWDMHRGRQLKYLWDOQLK JHQLMNULMHSRVWLVWLQXVORERGXRGOMXGLLQLUREOMHDRGOMXGVNRJOLND
PHKDQLNLDXWRPDW
1HEXGLSULVWUDQSUHGPRJXQLFLPD
1DDMHPRUD]RUQD0RHPRGRGXHRNRQDWLVWYDUDQMHLXELWLVYHOMXGHDOL
p.ORQLVHPRQLK1LNDGQLMHSRX]GDQRGUXWYRVPRQLP QHPRHPRVWYRULWLQLMHGQRJRYMHND
o6YDNDMHQDGPRURERYDQMH
6YDNDMHQDGPRURERYDQMH
o
QHPRHPRVWYRULWLQLMHGQRJRYMHND p.ORQLVHPRQLK1LNDGQLMHSRX]GDQRGUXWYRVPRQLP
1DDMHPRUD]RUQD0RHPRGRGXHRNRQDWLVWYDUDQMHLXELWLVYHOMXGHDOL
1HEXGLSULVWUDQSUHGPRJXQLFLPD
PHKDQLNLDXWRPDW
JHQLMNULMHSRVWLVWLQXVORERGXRGOMXGLLQLUREOMHDRGOMXGVNRJOLND WRVLYUHSULYUHQVXVWDYXPRLWRRWXHQSRVWDMHRGRQLKYLWDOQLK
0RSRSXWNXQHEROHVWLNDGKDUDRNXLVYHWRGLUQHDSRNRUQRVWRWUXMH L]YRUDNRMLVXELOLELWQL]DGDOMQMLRYMHNRYUD]YLWDN
0RWURLRQRJDNRMLMHQHPD 1LNDGQHPRHLPDWLYUVWRSRYMHUHQMHXYODVWSUHYHOLNLKRYODVWL
0RSUHSR]QDMHPRSRXGDUFLPDNRMLPDXGDUD $NRPRLSDGQXVPUYHQDVDNRSRUDVWX]DJXHQDV
0RSRGNRMRPVHOMXGLQDMEROMHRVMHDMXMHPRQDYLNH DNMHLGDQDVQHGRYROMQDVSR]QDMDGDXVOXDMXUDWDVYDNDVWUDQDSUHPD
GRJRYRUXXELMDGMHFXGUXJHVWUDQHDRQLNRMLVXRGJRYRUQLL]QDMXWRHVH
VDYUHQVWYDGROD]LPRVDPRSRPRXOMXEDYL GRJRGLWLRELQRRVWDMXQHNDQMHQL0RLGRODQH]QDQMHLOLSULVLOD",]JOHGDGD
XPMHVWRGDPRELOL]LUDPLVOLSURWLYVLOH0RPRHPRVWHL]QDQMHPDOLGR VXMDHRGPRLOMXEDYLSUHPDYODVWLWRMGMHFL
0RMH]ODQDSLVDRMHMHGDQILOR]RILYUOLQDMHYMHUXMXLSDODXQHVYLMHVW
HVWRMHNRULVQLMHQDSXVWLWLPRQLNHQHJRVHQDQMLKDOLWL
0RMHWDNRSULYODQDQDURLWRDNRMHRYMHNQHPD
,]JOHGDGDMHVXVWDYPRLPDQMHXLQNRYLWGDSRWSRPDHLURNXREUD]RYDQRVW
VHELMH]OD NROLNRGDSXDQVWYRQDLURNR]DJOXSOMXMHDVYRMDQDGPRQDGRVWLJQXD
0RMHOHJLWLPQDVDPRXVOXELUD]XPD6DPRWDNRLPDVPLVOD-HUVDPDSR QDMEROMHLVND]XMHXVWYDUDQMXORPRYDLNDWDVWURIDXSUHYUDWLPDUDWRYLPDL
0RMHGREURSRNULYHQDVODERVW JHQRFLGX
0RLPDRQDMNRMHPPQRWYRYMHUXMH ,]YUDYDQMHPRLMHGLUHNWQDVXSURWQRVWSURQDODHQMXLVWLQH
.DGDUHYROXFLRQDUSUHX]PHPRSUHX]LPDLQMH]LQXQHSUDYHGQRVW -RVHQDMODNHSRGQRVLPR]DNRMXVHQDGDPRGDHPRMHVDPLMHGQRJGDQD
LPDWL LPDWL
-RVHQDMODNHSRGQRVLPR]DNRMXVHQDGDPRGDHPRMHVDPLMHGQRJGDQD .DGDUHYROXFLRQDUSUHX]PHPRSUHX]LPDLQMH]LQXQHSUDYHGQRVW
,]YUDYDQMHPRLMHGLUHNWQDVXSURWQRVWSURQDODHQMXLVWLQH 0RLPDRQDMNRMHPPQRWYRYMHUXMH
JHQRFLGX 0RMHGREURSRNULYHQDVODERVW
QDMEROMHLVND]XMHXVWYDUDQMXORPRYDLNDWDVWURIDXSUHYUDWLPDUDWRYLPDL 0RMHOHJLWLPQDVDPRXVOXELUD]XPD6DPRWDNRLPDVPLVOD-HUVDPDSR
NROLNRGDSXDQVWYRQDLURNR]DJOXSOMXMHDVYRMDQDGPRQDGRVWLJQXD VHELMH]OD
,]JOHGDGDMHVXVWDYPRLPDQMHXLQNRYLWGDSRWSRPDHLURNXREUD]RYDQRVW
0RMHWDNRSULYODQDQDURLWRDNRMHRYMHNQHPD
HVWRMHNRULVQLMHQDSXVWLWLPRQLNHQHJRVHQDQMLKDOLWL
0RMH]ODQDSLVDRMHMHGDQILOR]RILYUOLQDMHYMHUXMXLSDODXQHVYLMHVW
VXMDHRGPRLOMXEDYLSUHPDYODVWLWRMGMHFL XPMHVWRGDPRELOL]LUDPLVOLSURWLYVLOH0RPRHPRVWHL]QDQMHPDOLGR
GRJRGLWLRELQRRVWDMXQHNDQMHQL0RLGRODQH]QDQMHLOLSULVLOD",]JOHGDGD VDYUHQVWYDGROD]LPRVDPRSRPRXOMXEDYL
GRJRYRUXXELMDGMHFXGUXJHVWUDQHDRQLNRMLVXRGJRYRUQLL]QDMXWRHVH
DNMHLGDQDVQHGRYROMQDVSR]QDMDGDXVOXDMXUDWDVYDNDVWUDQDSUHPD 0RSRGNRMRPVHOMXGLQDMEROMHRVMHDMXMHPRQDYLNH
$NRPRLSDGQXVPUYHQDVDNRSRUDVWX]DJXHQDV 0RSUHSR]QDMHPRSRXGDUFLPDNRMLPDXGDUD
1LNDGQHPRHLPDWLYUVWRSRYMHUHQMHXYODVWSUHYHOLNLKRYODVWL 0RWURLRQRJDNRMLMHQHPD
L]YRUDNRMLVXELOLELWQL]DGDOMQMLRYMHNRYUD]YLWDN 0RSRSXWNXQHEROHVWLNDGKDUDRNXLVYHWRGLUQHDSRNRUQRVWRWUXMH
WRVLYUHSULYUHQVXVWDYXPRLWRRWXHQSRVWDMHRGRQLKYLWDOQLK JHQLMNULMHSRVWLVWLQXVORERGXRGOMXGLLQLUREOMHDRGOMXGVNRJOLND
PHKDQLNLDXWRPDW
1HEXGLSULVWUDQSUHGPRJXQLFLPD
1DDMHPRUD]RUQD0RHPRGRGXHRNRQDWLVWYDUDQMHLXELWLVYHOMXGHDOL
p.ORQLVHPRQLK1LNDGQLMHSRX]GDQRGUXWYRVPRQLP QHPRHPRVWYRULWLQLMHGQRJRYMHND
o6YDNDMHQDGPRURERYDQMH
LMHGDQUDVWDQDNQLMHWDNRWHDNNDRUDVWDQDNRGPRL
1
1LWNRQH]QDWRVHXQMHPXVNULYDVYHGRNQHRNXVLPR
8NRMRMPMHULPRVPHWDLVWLQLYLGLVHYHSRWRPHGDX]PRLGHLVWUDK
2GSDPWLYLMHNDMHSR]QDWRGDMHVYDNLRYMHNNRMLXVYRMLPUXNDPDGULPR
VNORQ]ORXSRWULMHELWLMH2QLGHWDNRGDOHNRGRNQHQDLHQDSUHSUHNH
VDGLVWLNL
SRLQMHQRVWDQDLQLGMHORYDQMDVXELOLULJRUR]QLXLQNRYLWLHVWRRWULDNL
2GVYLKX]URNDNRMLGHJUDGLUDMXLGHPRUDOL]LUDMXOMXGHPRMHQDMSRVWRMDQLMD PQRWYRQDLQDGDL]UD]LERUEXDJUHVLMXGRPLQDFLMXRVYDMDQMHL
LQDMDNWLYQLMD 8SRWUHEDPRLXVYDNRPREOLNXELODMHELWFLYLOL]DFLMH JUDGMHSURQDDR
2QDMWNRMHOMXELWHOMPRLVODEMHOMXELWHOMOMHSRWH 7HQMD]DPRQLMHQLWDGUXJRQHJRVXURJDW]DXVSMHQRVWYDUDODWYR
3ROXJDPRLMHYHOLNDNROLLQDQRYFD QHPRGDLKNRQWUROLUD
QHJDWLYQHSRVOMHGLFH]QDQVWYHQRWHKQLNRJRYODGDYDQMDSULURGHNDRLVYRMX
3UDYDYHOLLQDMHSRVMHGRYDWLPRDOLMHQHNRULVWLWL QMH]LQDSUREOHPDWLQRVWRYMHNMHVYHYLHXYLDRQHVDPRSR]LWLYQHQHJRL
3UHPRHVWRELYDXQLWHQDDNRMHOMXGLQHSUL]QDMXLOLQHXLQNRYLWDDNRMHQH WRVHYLHOMXGVNDPRQDGSULURGRPSRYHDYDODSRVWDMDODMHLRLWLMD
SULPMHXMX REX]GDYDWLQMHJRYXVDPRYROMX
6YDNDPRJXQRVWGDQHWNRLOLQHWRSRVWDQHVUHGLWHPRLPRUDL]D]LYDWL WRMHRYMHNQDYLRMUD]LQLWRVXPXSRWUHEQLMHMDHRJUDGHNRMHH
]DEULQXWRVW1RVLRFLPRLDXSUDYRRQLPRJXQDMYLHLQLFLUDWLSURPMHQH RJUDQLHQLK
RELQRVX]DGRYROMQLVWDQMHPVWYDULNRMHLKMHGRYHORQDELORNRMLQDLQQD 6YLMHWELLPDRQHRJUDQLHQHPRJXQRVWLNDGDELPRJDRRJUDQLLWLPR
YLVRNLSRORDMSDQHVDPRGDQHHLPDWLSRWUHEX]DSURPMHQDPD]ERJ
QDYRGQHLOLVWYDUQHSULMHWQMHSURPMHQHPLUDLVLJXUQRVWLQHJRHLPVH SRMHGLQDFD
QDMHHRSLUDWL 6YHMHYHLEURMSRUDVWDPHKDQL]PDSULVLOHLXSOLWDQMDGUDYHXRVREQLLYRW
6YDNLRGQDVVYHGRNVHXQMHPXPLHLYRWPRHLJUDWLXORJXXWRPHGDVH 6YDWNRLPDWROLNRSUDYDNROLNRLPDPRL
L]X]PHL]VXVWDYDPRLSRWYUXMXLVYRMSULPDWNDRRVREDWLKLPLQRP PHQWDOQRJLOLIL]LNRJSRYODHQMD
PHQWDOQRJLOLIL]LNRJSRYODHQMD L]X]PHL]VXVWDYDPRLSRWYUXMXLVYRMSULPDWNDRRVREDWLKLPLQRP
6YDWNRLPDWROLNRSUDYDNROLNRLPDPRL 6YDNLRGQDVVYHGRNVHXQMHPXPLHLYRWPRHLJUDWLXORJXXWRPHGDVH
6YHMHYHLEURMSRUDVWDPHKDQL]PDSULVLOHLXSOLWDQMDGUDYHXRVREQLLYRW QDMHHRSLUDWL
SRMHGLQDFD QDYRGQHLOLVWYDUQHSULMHWQMHSURPMHQHPLUDLVLJXUQRVWLQHJRHLPVH
YLVRNLSRORDMSDQHVDPRGDQHHLPDWLSRWUHEX]DSURPMHQDPD]ERJ
6YLMHWELLPDRQHRJUDQLHQHPRJXQRVWLNDGDELPRJDRRJUDQLLWLPR RELQRVX]DGRYROMQLVWDQMHPVWYDULNRMHLKMHGRYHORQDELORNRMLQDLQQD
RJUDQLHQLK ]DEULQXWRVW1RVLRFLPRLDXSUDYRRQLPRJXQDMYLHLQLFLUDWLSURPMHQH
WRMHRYMHNQDYLRMUD]LQLWRVXPXSRWUHEQLMHMDHRJUDGHNRMHH 6YDNDPRJXQRVWGDQHWNRLOLQHWRSRVWDQHVUHGLWHPRLPRUDL]D]LYDWL
REX]GDYDWLQMHJRYXVDPRYROMX SULPMHXMX
WRVHYLHOMXGVNDPRQDGSULURGRPSRYHDYDODSRVWDMDODMHLRLWLMD 3UHPRHVWRELYDXQLWHQDDNRMHOMXGLQHSUL]QDMXLOLQHXLQNRYLWDDNRMHQH
QMH]LQDSUREOHPDWLQRVWRYMHNMHVYHYLHXYLDRQHVDPRSR]LWLYQHQHJRL 3UDYDYHOLLQDMHSRVMHGRYDWLPRDOLMHQHNRULVWLWL
QHJDWLYQHSRVOMHGLFH]QDQVWYHQRWHKQLNRJRYODGDYDQMDSULURGHNDRLVYRMX
QHPRGDLKNRQWUROLUD 3ROXJDPRLMHYHOLNDNROLLQDQRYFD
7HQMD]DPRQLMHQLWDGUXJRQHJRVXURJDW]DXVSMHQRVWYDUDODWYR 2QDMWNRMHOMXELWHOMPRLVODEMHOMXELWHOMOMHSRWH
8SRWUHEDPRLXVYDNRPREOLNXELODMHELWFLYLOL]DFLMH JUDGMHSURQDDR LQDMDNWLYQLMD
PQRWYRQDLQDGDL]UD]LERUEXDJUHVLMXGRPLQDFLMXRVYDMDQMHL 2GVYLKX]URNDNRMLGHJUDGLUDMXLGHPRUDOL]LUDMXOMXGHPRMHQDMSRVWRMDQLMD
SRLQMHQRVWDQDLQLGMHORYDQMDVXELOLULJRUR]QLXLQNRYLWLHVWRRWULDNL
VDGLVWLNL
VNORQ]ORXSRWULMHELWLMH2QLGHWDNRGDOHNRGRNQHQDLHQDSUHSUHNH
2GSDPWLYLMHNDMHSR]QDWRGDMHVYDNLRYMHNNRMLXVYRMLPUXNDPDGULPR
8NRMRMPMHULPRVPHWDLVWLQLYLGLVHYHSRWRPHGDX]PRLGHLVWUDK
1LWNRQH]QDWRVHXQMHPXVNULYDVYHGRNQHRNXVLPR
1LMHGDQUDVWDQDNQLMHWDNRWHDNNDRUDVWDQDNRGPRL
1LMHGDQUDVWDQDNQLMHWDNRWHDNNDRUDVWDQDNRGPRL
LWNRQH]QDWRVHXQMHPXVNULYDVYHGRNQHRNXVLPR
1
8NRMRMPMHULPRVPHWDLVWLQLYLGLVHYHSRWRPHGDX]PRLGHLVWUDK
2GSDPWLYLMHNDMHSR]QDWRGDMHVYDNLRYMHNNRMLXVYRMLPUXNDPDGULPR
VNORQ]ORXSRWULMHELWLMH2QLGHWDNRGDOHNRGRNQHQDLHQDSUHSUHNH
VDGLVWLNL
SRLQMHQRVWDQDLQLGMHORYDQMDVXELOLULJRUR]QLXLQNRYLWLHVWRRWULDNL
2GVYLKX]URNDNRMLGHJUDGLUDMXLGHPRUDOL]LUDMXOMXGHPRMHQDMSRVWRMDQLMD PQRWYRQDLQDGDL]UD]LERUEXDJUHVLMXGRPLQDFLMXRVYDMDQMHL
LQDMDNWLYQLMD 8SRWUHEDPRLXVYDNRPREOLNXELODMHELWFLYLOL]DFLMH JUDGMHSURQDDR
2QDMWNRMHOMXELWHOMPRLVODEMHOMXELWHOMOMHSRWH 7HQMD]DPRQLMHQLWDGUXJRQHJRVXURJDW]DXVSMHQRVWYDUDODWYR
3ROXJDPRLMHYHOLNDNROLLQDQRYFD QHPRGDLKNRQWUROLUD
QHJDWLYQHSRVOMHGLFH]QDQVWYHQRWHKQLNRJRYODGDYDQMDSULURGHNDRLVYRMX
3UDYDYHOLLQDMHSRVMHGRYDWLPRDOLMHQHNRULVWLWL QMH]LQDSUREOHPDWLQRVWRYMHNMHVYHYLHXYLDRQHVDPRSR]LWLYQHQHJRL
3UHPRHVWRELYDXQLWHQDDNRMHOMXGLQHSUL]QDMXLOLQHXLQNRYLWDDNRMHQH WRVHYLHOMXGVNDPRQDGSULURGRPSRYHDYDODSRVWDMDODMHLRLWLMD
SULPMHXMX REX]GDYDWLQMHJRYXVDPRYROMX
6YDNDPRJXQRVWGDQHWNRLOLQHWRSRVWDQHVUHGLWHPRLPRUDL]D]LYDWL WRMHRYMHNQDYLRMUD]LQLWRVXPXSRWUHEQLMHMDHRJUDGHNRMHH
]DEULQXWRVW1RVLRFLPRLDXSUDYRRQLPRJXQDMYLHLQLFLUDWLSURPMHQH RJUDQLHQLK
RELQRVX]DGRYROMQLVWDQMHPVWYDULNRMHLKMHGRYHORQDELORNRMLQDLQQD 6YLMHWELLPDRQHRJUDQLHQHPRJXQRVWLNDGDELPRJDRRJUDQLLWLPR
YLVRNLSRORDMSDQHVDPRGDQHHLPDWLSRWUHEX]DSURPMHQDPD]ERJ
QDYRGQHLOLVWYDUQHSULMHWQMHSURPMHQHPLUDLVLJXUQRVWLQHJRHLPVH SRMHGLQDFD
QDMHHRSLUDWL 6YHMHYHLEURMSRUDVWDPHKDQL]PDSULVLOHLXSOLWDQMDGUDYHXRVREQLLYRW
6YDNLRGQDVVYHGRNVHXQMHPXPLHLYRWPRHLJUDWLXORJXXWRPHGDVH 6YDWNRLPDWROLNRSUDYDNROLNRLPDPRL
L]X]PHL]VXVWDYDPRLSRWYUXMXLVYRMSULPDWNDRRVREDWLKLPLQRP PHQWDOQRJLOLIL]LNRJSRYODHQMD
PHQWDOQRJLOLIL]LNRJSRYODHQMD L]X]PHL]VXVWDYDPRLSRWYUXMXLVYRMSULPDWNDRRVREDWLKLPLQRP
6YDWNRLPDWROLNRSUDYDNROLNRLPDPRL 6YDNLRGQDVVYHGRNVHXQMHPXPLHLYRWPRHLJUDWLXORJXXWRPHGDVH
6YHMHYHLEURMSRUDVWDPHKDQL]PDSULVLOHLXSOLWDQMDGUDYHXRVREQLLYRW QDMHHRSLUDWL
SRMHGLQDFD QDYRGQHLOLVWYDUQHSULMHWQMHSURPMHQHPLUDLVLJXUQRVWLQHJRHLPVH
YLVRNLSRORDMSDQHVDPRGDQHHLPDWLSRWUHEX]DSURPMHQDPD]ERJ
6YLMHWELLPDRQHRJUDQLHQHPRJXQRVWLNDGDELPRJDRRJUDQLLWLPR RELQRVX]DGRYROMQLVWDQMHPVWYDULNRMHLKMHGRYHORQDELORNRMLQDLQQD
RJUDQLHQLK ]DEULQXWRVW1RVLRFLPRLDXSUDYRRQLPRJXQDMYLHLQLFLUDWLSURPMHQH
WRMHRYMHNQDYLRMUD]LQLWRVXPXSRWUHEQLMHMDHRJUDGHNRMHH 6YDNDPRJXQRVWGDQHWNRLOLQHWRSRVWDQHVUHGLWHPRLPRUDL]D]LYDWL
REX]GDYDWLQMHJRYXVDPRYROMX SULPMHXMX
WRVHYLHOMXGVNDPRQDGSULURGRPSRYHDYDODSRVWDMDODMHLRLWLMD 3UHPRHVWRELYDXQLWHQDDNRMHOMXGLQHSUL]QDMXLOLQHXLQNRYLWDDNRMHQH
QMH]LQDSUREOHPDWLQRVWRYMHNMHVYHYLHXYLDRQHVDPRSR]LWLYQHQHJRL 3UDYDYHOLLQDMHSRVMHGRYDWLPRDOLMHQHNRULVWLWL
QHJDWLYQHSRVOMHGLFH]QDQVWYHQRWHKQLNRJRYODGDYDQMDSULURGHNDRLVYRMX
QHPRGDLKNRQWUROLUD 3ROXJDPRLMHYHOLNDNROLLQDQRYFD
7HQMD]DPRQLMHQLWDGUXJRQHJRVXURJDW]DXVSMHQRVWYDUDODWYR 2QDMWNRMHOMXELWHOMPRLVODEMHOMXELWHOMOMHSRWH
8SRWUHEDPRLXVYDNRPREOLNXELODMHELWFLYLOL]DFLMH JUDGMHSURQDDR LQDMDNWLYQLMD
PQRWYRQDLQDGDL]UD]LERUEXDJUHVLMXGRPLQDFLMXRVYDMDQMHL 2GVYLKX]URNDNRMLGHJUDGLUDMXLGHPRUDOL]LUDMXOMXGHPRMHQDMSRVWRMDQLMD
SRLQMHQRVWDQDLQLGMHORYDQMDVXELOLULJRUR]QLXLQNRYLWLHVWRRWULDNL
VDGLVWLNL
VNORQ]ORXSRWULMHELWLMH2QLGHWDNRGDOHNRGRNQHQDLHQDSUHSUHNH
2GSDPWLYLMHNDMHSR]QDWRGDMHVYDNLRYMHNNRMLXVYRMLPUXNDPDGULPR
8NRMRMPMHULPRVPHWDLVWLQLYLGLVHYHSRWRPHGDX]PRLGHLVWUDK
1LWNRQH]QDWRVHXQMHPXVNULYDVYHGRNQHRNXVLPR
1LMHGDQUDVWDQDNQLMHWDNRWHDNNDRUDVWDQDNRGPRL
XGQMD]DPRLQHPDNRULMHQXVQD]LQHJRXVODERVWL
WH]QDLSR]LWLYQHHPRFLMHDRQHVXSRNUHWDLPLOMHQMD pRYMHNSRVMHGXMHPRLNRMHQDGLOD]HQMHJRYHPRUDOQHQRUPH
,QWHOHNWXDOQDSHUIRUPDQVD XVSMHKGRVWLJQXHUH]XOWDW VWYDUD]DGRYROMVWYR
0LOMHQMHPRWNULYDPRSURFMHQMXMHPRJUDGLPRVXGRYHLSUHGYLDPR 'DQDQMDJRUXDOMXGVND]DGDDQHVDVWRMLVHXL]GUOMLYRVWLSUHGGDOMQMLP
]ORXSRWUHEDPDVXVWDYDPRLQHJRRRGYDMDQMXRGQMHJDLNXOWLYLUDQMXQDLK
0LOMHQMHSRLQMHVXHQMHP VXEMHNWLYQLKUH]HUYLNDRQLNDGSULMH
SRVOMHGQMLRGJRYRU
0LOMHQMHQDVPRHGRYHVWLMHGLQRGRVSR]QDMHGDQDPQHPRHGDWL
SUREOHPDSRMPRYLPDLOLRSLPQDHOLPD 08'5267,/8'267
SUREOHPLOL]DGDWDNNRMLYRGLNDUMHHQMXRGQRVQRSURFHVUMHDYDQMD
0LOMHQMHMHWRNVYLMHVWLLLGHMDVDVLPEROLQLPVDGUDMHPWRJDSURX]URNXMH PLOMHQMHSURPLOMDQMHSURVXGEDSURVXLYDQMHXSRUHLYDQMHPXGURVW
0LOMHQMHMHWHPHOMVYHJD SDPHWUD]XPSDPHWEXGDODJOXSRVWOXGRVWOXDFL
VYRMHYUVQRUMHDYDQMHSUREOHPD p$NRQHPRHXYLMHNELWLSDPHWDQEXGLEDUHPGREDU9DOMDQRYMHNLX
0LOMHQMHMHUHDJLUDQMHQDSRGUDDMHNRMLQLVXQD]RQL6YDNRMHPLOMHQMH QDMQH]QDWLMLPVWYDULPDQDVWRMLELWLWREROML
0LOMHQMHMHRGXDNRGSULWLVNDLYRWDQDVLOMDQHSUDYGHPUDND 'UXJHQHSURVXXMHPRWDNRSRJUHQRNDRVDPHVHEH
,DNRVXVYLLVWRJPLOMHQMDPRJXLSDNELWLXNULYX
0LOMHQMHMHNUDOMLFDVYLMHWDMHUMHJOXSRVWNUDOMLFDEXGDOD
0LVOLWL]QDLNUHWDWLVHSREHVNRQDQRVWL
0LVOLWLWRQLMHYLHVMHGLQLWLXLQLWLEOLVNLPSULYLGXOLNXQHNRJYHOLNRJ
0LVOLWLVORERGQRWR]QDLQHWRYHOLNRDOLPLVOLWLWRQR]QDLMRYLH QDHOD
0LVOLWLMHUD]JRYDUDWLVDVDPLPVRERP 0LVOLWLMHMHGQDRGQDMYHLK]DEDYDOMXGVNHUDVH0LVOLWLMHQDSRUYMHURYDWL
0LVOLWLMHSRURNNRMLVHWHNRPRHL]OLMHLWLDGPLQLVWUDWLYQLPVUHGVWYLPD NRPIRU
NRPIRU 0LVOLWLMHSRURNNRMLVHWHNRPRHL]OLMHLWLDGPLQLVWUDWLYQLPVUHGVWYLPD
0LVOLWLMHMHGQDRGQDMYHLK]DEDYDOMXGVNHUDVH0LVOLWLMHQDSRUYMHURYDWL 0LVOLWLMHUD]JRYDUDWLVDVDPLPVRERP
QDHOD 0LVOLWLVORERGQRWR]QDLQHWRYHOLNRDOLPLVOLWLWRQR]QDLMRYLH
0LVOLWLWRQLMHYLHVMHGLQLWLXLQLWLEOLVNLPSULYLGXOLNXQHNRJYHOLNRJ
0LVOLWL]QDLNUHWDWLVHSREHVNRQDQRVWL
0LOMHQMHMHNUDOMLFDVYLMHWDMHUMHJOXSRVWNUDOMLFDEXGDOD
,DNRVXVYLLVWRJPLOMHQMDPRJXLSDNELWLXNULYX
'UXJHQHSURVXXMHPRWDNRSRJUHQRNDRVDPHVHEH 0LOMHQMHMHRGXDNRGSULWLVNDLYRWDQDVLOMDQHSUDYGHPUDND
QDMQH]QDWLMLPVWYDULPDQDVWRMLELWLWREROML 0LOMHQMHMHUHDJLUDQMHQDSRGUDDMHNRMLQLVXQD]RQL6YDNRMHPLOMHQMH
p$NRQHPRHXYLMHNELWLSDPHWDQEXGLEDUHPGREDU9DOMDQRYMHNLX VYRMHYUVQRUMHDYDQMHSUREOHPD
SDPHWUD]XPSDPHWEXGDODJOXSRVWOXGRVWOXDFL 0LOMHQMHMHWHPHOMVYHJD
PLOMHQMHSURPLOMDQMHSURVXGEDSURVXLYDQMHXSRUHLYDQMHPXGURVW 0LOMHQMHMHWRNVYLMHVWLLLGHMDVDVLPEROLQLPVDGUDMHPWRJDSURX]URNXMH
SUREOHPLOL]DGDWDNNRMLYRGLNDUMHHQMXRGQRVQRSURFHVUMHDYDQMD
08'5267,/8'267 SUREOHPDSRMPRYLPDLOLRSLPQDHOLPD
0LOMHQMHQDVPRHGRYHVWLMHGLQRGRVSR]QDMHGDQDPQHPRHGDWL
SRVOMHGQMLRGJRYRU
VXEMHNWLYQLKUH]HUYLNDRQLNDGSULMH 0LOMHQMHSRLQMHVXHQMHP
]ORXSRWUHEDPDVXVWDYDPRLQHJRRRGYDMDQMXRGQMHJDLNXOWLYLUDQMXQDLK
'DQDQMDJRUXDOMXGVND]DGDDQHVDVWRMLVHXL]GUOMLYRVWLSUHGGDOMQMLP 0LOMHQMHPRWNULYDPRSURFMHQMXMHPRJUDGLPRVXGRYHLSUHGYLDPR
,QWHOHNWXDOQDSHUIRUPDQVD XVSMHKGRVWLJQXHUH]XOWDW VWYDUD]DGRYROMVWYR
pRYMHNSRVMHGXMHPRLNRMHQDGLOD]HQMHJRYHPRUDOQHQRUPH WH]QDLSR]LWLYQHHPRFLMHDRQHVXSRNUHWDLPLOMHQMD
XGQMD]DPRLQHPDNRULMHQXVQD]LQHJRXVODERVWL
XGQMD]DPRLQHPDNRULMHQXVQD]LQHJRXVODERVWL
WH]QDLSR]LWLYQHHPRFLMHDRQHVXSRNUHWDLPLOMHQMD pRYMHNSRVMHGXMHPRLNRMHQDGLOD]HQMHJRYHPRUDOQHQRUPH
,QWHOHNWXDOQDSHUIRUPDQVD XVSMHKGRVWLJQXHUH]XOWDW VWYDUD]DGRYROMVWYR
0LOMHQMHPRWNULYDPRSURFMHQMXMHPRJUDGLPRVXGRYHLSUHGYLDPR 'DQDQMDJRUXDOMXGVND]DGDDQHVDVWRMLVHXL]GUOMLYRVWLSUHGGDOMQMLP
]ORXSRWUHEDPDVXVWDYDPRLQHJRRRGYDMDQMXRGQMHJDLNXOWLYLUDQMXQDLK
0LOMHQMHSRLQMHVXHQMHP VXEMHNWLYQLKUH]HUYLNDRQLNDGSULMH
SRVOMHGQMLRGJRYRU
0LOMHQMHQDVPRHGRYHVWLMHGLQRGRVSR]QDMHGDQDPQHPRHGDWL
SUREOHPDSRMPRYLPDLOLRSLPQDHOLPD 08'5267,/8'267
SUREOHPLOL]DGDWDNNRMLYRGLNDUMHHQMXRGQRVQRSURFHVUMHDYDQMD
0LOMHQMHMHWRNVYLMHVWLLLGHMDVDVLPEROLQLPVDGUDMHPWRJDSURX]URNXMH PLOMHQMHSURPLOMDQMHSURVXGEDSURVXLYDQMHXSRUHLYDQMHPXGURVW
0LOMHQMHMHWHPHOMVYHJD SDPHWUD]XPSDPHWEXGDODJOXSRVWOXGRVWOXDFL
VYRMHYUVQRUMHDYDQMHSUREOHPD p$NRQHPRHXYLMHNELWLSDPHWDQEXGLEDUHPGREDU9DOMDQRYMHNLX
0LOMHQMHMHUHDJLUDQMHQDSRGUDDMHNRMLQLVXQD]RQL6YDNRMHPLOMHQMH QDMQH]QDWLMLPVWYDULPDQDVWRMLELWLWREROML
0LOMHQMHMHRGXDNRGSULWLVNDLYRWDQDVLOMDQHSUDYGHPUDND 'UXJHQHSURVXXMHPRWDNRSRJUHQRNDRVDPHVHEH
,DNRVXVYLLVWRJPLOMHQMDPRJXLSDNELWLXNULYX
0LOMHQMHMHNUDOMLFDVYLMHWDMHUMHJOXSRVWNUDOMLFDEXGDOD
0LVOLWL]QDLNUHWDWLVHSREHVNRQDQRVWL
0LVOLWLWRQLMHYLHVMHGLQLWLXLQLWLEOLVNLPSULYLGXOLNXQHNRJYHOLNRJ
0LVOLWLVORERGQRWR]QDLQHWRYHOLNRDOLPLVOLWLWRQR]QDLMRYLH QDHOD
0LVOLWLMHUD]JRYDUDWLVDVDPLPVRERP 0LVOLWLMHMHGQDRGQDMYHLK]DEDYDOMXGVNHUDVH0LVOLWLMHQDSRUYMHURYDWL
0LVOLWLMHSRURNNRMLVHWHNRPRHL]OLMHLWLDGPLQLVWUDWLYQLPVUHGVWYLPD NRPIRU
NRPIRU 0LVOLWLMHSRURNNRMLVHWHNRPRHL]OLMHLWLDGPLQLVWUDWLYQLPVUHGVWYLPD
0LVOLWLMHMHGQDRGQDMYHLK]DEDYDOMXGVNHUDVH0LVOLWLMHQDSRUYMHURYDWL 0LVOLWLMHUD]JRYDUDWLVDVDPLPVRERP
QDHOD 0LVOLWLVORERGQRWR]QDLQHWRYHOLNRDOLPLVOLWLWRQR]QDLMRYLH
0LVOLWLWRQLMHYLHVMHGLQLWLXLQLWLEOLVNLPSULYLGXOLNXQHNRJYHOLNRJ
0LVOLWL]QDLNUHWDWLVHSREHVNRQDQRVWL
0LOMHQMHMHNUDOMLFDVYLMHWDMHUMHJOXSRVWNUDOMLFDEXGDOD
,DNRVXVYLLVWRJPLOMHQMDPRJXLSDNELWLXNULYX
'UXJHQHSURVXXMHPRWDNRSRJUHQRNDRVDPHVHEH 0LOMHQMHMHRGXDNRGSULWLVNDLYRWDQDVLOMDQHSUDYGHPUDND
QDMQH]QDWLMLPVWYDULPDQDVWRMLELWLWREROML 0LOMHQMHMHUHDJLUDQMHQDSRGUDDMHNRMLQLVXQD]RQL6YDNRMHPLOMHQMH
p$NRQHPRHXYLMHNELWLSDPHWDQEXGLEDUHPGREDU9DOMDQRYMHNLX VYRMHYUVQRUMHDYDQMHSUREOHPD
SDPHWUD]XPSDPHWEXGDODJOXSRVWOXGRVWOXDFL 0LOMHQMHMHWHPHOMVYHJD
PLOMHQMHSURPLOMDQMHSURVXGEDSURVXLYDQMHXSRUHLYDQMHPXGURVW 0LOMHQMHMHWRNVYLMHVWLLLGHMDVDVLPEROLQLPVDGUDMHPWRJDSURX]URNXMH
SUREOHPLOL]DGDWDNNRMLYRGLNDUMHHQMXRGQRVQRSURFHVUMHDYDQMD
08'5267,/8'267 SUREOHPDSRMPRYLPDLOLRSLPQDHOLPD
0LOMHQMHQDVPRHGRYHVWLMHGLQRGRVSR]QDMHGDQDPQHPRHGDWL
SRVOMHGQMLRGJRYRU
VXEMHNWLYQLKUH]HUYLNDRQLNDGSULMH 0LOMHQMHSRLQMHVXHQMHP
]ORXSRWUHEDPDVXVWDYDPRLQHJRRRGYDMDQMXRGQMHJDLNXOWLYLUDQMXQDLK
'DQDQMDJRUXDOMXGVND]DGDDQHVDVWRMLVHXL]GUOMLYRVWLSUHGGDOMQMLP 0LOMHQMHPRWNULYDPRSURFMHQMXMHPRJUDGLPRVXGRYHLSUHGYLDPR
,QWHOHNWXDOQDSHUIRUPDQVD XVSMHKGRVWLJQXHUH]XOWDW VWYDUD]DGRYROMVWYR
pRYMHNSRVMHGXMHPRLNRMHQDGLOD]HQMHJRYHPRUDOQHQRUPH WH]QDLSR]LWLYQHHPRFLMHDRQHVXSRNUHWDLPLOMHQMD
XGQMD]DPRLQHPDNRULMHQXVQD]LQHJRXVODERVWL
0QRJLQHPLVOHQLQDWRGUXJRRVLPQDWRWRGUXJLPLVOHRQMLPD1R
PXGURVWMHNDGDVHVDPRJDVHEHQLRHPQH]DYDUDYD 9ROLPROMXGHNRMLJRYRUHRQRWRPLVOH3RGXYMHWRPGDPLVOHLVWRWRLPL
1DHPMHPLOMHQXVDGUDMPDWHULMD 8LFLPDPLVOLOLMHHVHUDQHVUFD
1HSRVWRMDQMHPLOMHQMDLQLYLH]ODQHJRVYDSRJUHQDPLOMHQMDMHU 8VOLMHGPLVDRQHGLMHWHQDVWXSDGXKRYQLVNRUEXW
HYHQWXDOQRQDMRSDVQLMHPPRHSRPRLGDL]QHQDGDVWHNQHSRJXEQXYHLQX 8WHNLPYUHPHQLPDVXRQLNRMLPLVOHOMXGLGUXJRJDPLOMHQMD
2GUHLVHPLOMHQMD]QDLREMDYLWLGXKRYQLEDQNURW 8OMXGVNRMMHSULURGLUD]XPQRUD]PLOMDWLDQHUD]XPQRGMHORYDWL
3RVWRMHYDQLMHVWYDULQDRYRPVYLMHWXQHJRQDYHVWLOMXGHQDUD]PLOMDQMH QHRVXXMHUDVXLYDWLWDMMHURE
3URPLMHQLWLPLOMHQMHPRHELWLQHSRNROHEOMLYLMHQHJRXVWUDMDWLQDVWDURP 7NRQHHUDVXLYDWLWDMMHIDQDWLN WNRQH]QDUDVXLYDWLWDMMHEXGDOD WNRVH
3URPLOMDQMHQDVPRHGRYHVWLGRVSR]QDMHGDQDPUD]XPQHPRHGDWL ]DEUDQHNDNYHMHVX
SRVOMHGQMLRGJRYRUVYLMHWPLVOLRVWDMHXSDUDGRNVX 7NRMHSUHYLHNRPRWDQGDVDPPLVOLLEXGHVDPVYRMVXGDFXNODSDVHX
3URVXLYDWLRVREH]QDLULVDWLJURWHVNQHVOLNHRQMLPD WRMHQDMEUHQDVYLMHWX"0LVDR
3URVYMHHQRVW 5D]XPQDPXYLMHNSRND]XMHXNRMHPPUDNXLYLPR WRGUXJRPRHELWLX]ORPYUHPHQXQHJRGREUDPLVDR
6DPRRQDMNRMLPLVOLGRLYOMDYDVYRMLYRWLYRWPLPRLOD]LRQRJDNRMLQH 6YHWRMHVPRSRVOMHGLFDMHRQRJDWRVPRPLVOLOL
PLVOL .RULVQRMHLPDWLNRMHPLOMHQMHXSULXYL
6NODGQRVWXPLOMHQMXVWYDUDSULMDWHOMVWYR LVWRWDNRPLVOLWL
6XGLWLORJLQRLVXGLWLLVWLQLWRGYLMHVXUD]OLLWHVWYDUL 6YDWNRLPDSUDYRQDYODVWLWRPLOMHQMHDOLQHPDSUDYRQDWRGDGUXJLPRUDMX
6YDNDMHRSHQLWDL]MDYDNDRHNNRMLVHL]GDQDQHNXEDQNX1MHJRYD GDMHLQIRUPDFLMHLLGHMHSRPRXELORNRMHJVUHGVWYDEH]RE]LUDQDJUDQLFH
YULMHGQRVWRYLVLRWRPHNROLNRLPDSRNULD6YDNRPSULSDGDSUDYRGDLPD VYRMHPLOMHQMHLGDJDL]UDDYD XWRPSUDYXMHVDGUDQRGDWUDLSULPDL
VYRMHPLOMHQMHLGDJDL]UDDYD XWRPSUDYXMHVDGUDQRGDWUDLSULPDL YULMHGQRVWRYLVLRWRPHNROLNRLPDSRNULD6YDNRPSULSDGDSUDYRGDLPD
GDMHLQIRUPDFLMHLLGHMHSRPRXELORNRMHJVUHGVWYDEH]RE]LUDQDJUDQLFH 6YDNDMHRSHQLWDL]MDYDNDRHNNRMLVHL]GDQDQHNXEDQNX1MHJRYD
6YDWNRLPDSUDYRQDYODVWLWRPLOMHQMHDOLQHPDSUDYRQDWRGDGUXJLPRUDMX 6XGLWLORJLQRLVXGLWLLVWLQLWRGYLMHVXUD]OLLWHVWYDUL
LVWRWDNRPLVOLWL 6NODGQRVWXPLOMHQMXVWYDUDSULMDWHOMVWYR
.RULVQRMHLPDWLNRMHPLOMHQMHXSULXYL PLVOL
6YHWRMHVPRSRVOMHGLFDMHRQRJDWRVPRPLVOLOL 6DPRRQDMNRMLPLVOLGRLYOMDYDVYRMLYRWLYRWPLPRLOD]LRQRJDNRMLQH
WRGUXJRPRHELWLX]ORPYUHPHQXQHJRGREUDPLVDR 3URVYMHHQRVW 5D]XPQDPXYLMHNSRND]XMHXNRMHPPUDNXLYLPR
WRMHQDMEUHQDVYLMHWX"0LVDR 3URVXLYDWLRVREH]QDLULVDWLJURWHVNQHVOLNHRQMLPD
7NRMHSUHYLHNRPRWDQGDVDPPLVOLLEXGHVDPVYRMVXGDFXNODSDVHX SRVOMHGQMLRGJRYRUVYLMHWPLVOLRVWDMHXSDUDGRNVX
]DEUDQHNDNYHMHVX 3URPLOMDQMHQDVPRHGRYHVWLGRVSR]QDMHGDQDPUD]XPQHPRHGDWL
7NRQHHUDVXLYDWLWDMMHIDQDWLN WNRQH]QDUDVXLYDWLWDMMHEXGDOD WNRVH 3URPLMHQLWLPLOMHQMHPRHELWLQHSRNROHEOMLYLMHQHJRXVWUDMDWLQDVWDURP
QHRVXXMHUDVXLYDWLWDMMHURE 3RVWRMHYDQLMHVWYDULQDRYRPVYLMHWXQHJRQDYHVWLOMXGHQDUD]PLOMDQMH
8OMXGVNRMMHSULURGLUD]XPQRUD]PLOMDWLDQHUD]XPQRGMHORYDWL 2GUHLVHPLOMHQMD]QDLREMDYLWLGXKRYQLEDQNURW
8WHNLPYUHPHQLPDVXRQLNRMLPLVOHOMXGLGUXJRJDPLOMHQMD HYHQWXDOQRQDMRSDVQLMHPPRHSRPRLGDL]QHQDGDVWHNQHSRJXEQXYHLQX
8VOLMHGPLVDRQHGLMHWHQDVWXSDGXKRYQLVNRUEXW 1HSRVWRMDQMHPLOMHQMDLQLYLH]ODQHJRVYDSRJUHQDPLOMHQMDMHU
8LFLPDPLVOLOLMHHVHUDQHVUFD 1DHPMHPLOMHQXVDGUDMPDWHULMD
9ROLPROMXGHNRMLJRYRUHRQRWRPLVOH3RGXYMHWRPGDPLVOHLVWRWRLPL PXGURVWMHNDGDVHVDPRJDVHEHQLRHPQH]DYDUDYD
0QRJLQHPLVOHQLQDWRGUXJRRVLPQDWRWRGUXJLPLVOHRQMLPD1R
0QRJLQHPLVOHQLQDWRGUXJRRVLPQDWRWRGUXJLPLVOHRQMLPD1R
PXGURVWMHNDGDVHVDPRJDVHEHQLRHPQH]DYDUDYD 9ROLPROMXGHNRMLJRYRUHRQRWRPLVOH3RGXYMHWRPGDPLVOHLVWRWRLPL
1DHPMHPLOMHQXVDGUDMPDWHULMD 8LFLPDPLVOLOLMHHVHUDQHVUFD
1HSRVWRMDQMHPLOMHQMDLQLYLH]ODQHJRVYDSRJUHQDPLOMHQMDMHU 8VOLMHGPLVDRQHGLMHWHQDVWXSDGXKRYQLVNRUEXW
HYHQWXDOQRQDMRSDVQLMHPPRHSRPRLGDL]QHQDGDVWHNQHSRJXEQXYHLQX 8WHNLPYUHPHQLPDVXRQLNRMLPLVOHOMXGLGUXJRJDPLOMHQMD
2GUHLVHPLOMHQMD]QDLREMDYLWLGXKRYQLEDQNURW 8OMXGVNRMMHSULURGLUD]XPQRUD]PLOMDWLDQHUD]XPQRGMHORYDWL
3RVWRMHYDQLMHVWYDULQDRYRPVYLMHWXQHJRQDYHVWLOMXGHQDUD]PLOMDQMH QHRVXXMHUDVXLYDWLWDMMHURE
3URPLMHQLWLPLOMHQMHPRHELWLQHSRNROHEOMLYLMHQHJRXVWUDMDWLQDVWDURP 7NRQHHUDVXLYDWLWDMMHIDQDWLN WNRQH]QDUDVXLYDWLWDMMHEXGDOD WNRVH
3URPLOMDQMHQDVPRHGRYHVWLGRVSR]QDMHGDQDPUD]XPQHPRHGDWL ]DEUDQHNDNYHMHVX
SRVOMHGQMLRGJRYRUVYLMHWPLVOLRVWDMHXSDUDGRNVX 7NRMHSUHYLHNRPRWDQGDVDPPLVOLLEXGHVDPVYRMVXGDFXNODSDVHX
3URVXLYDWLRVREH]QDLULVDWLJURWHVNQHVOLNHRQMLPD WRMHQDMEUHQDVYLMHWX"0LVDR
3URVYMHHQRVW 5D]XPQDPXYLMHNSRND]XMHXNRMHPPUDNXLYLPR WRGUXJRPRHELWLX]ORPYUHPHQXQHJRGREUDPLVDR
6DPRRQDMNRMLPLVOLGRLYOMDYDVYRMLYRWLYRWPLPRLOD]LRQRJDNRMLQH 6YHWRMHVPRSRVOMHGLFDMHRQRJDWRVPRPLVOLOL
PLVOL .RULVQRMHLPDWLNRMHPLOMHQMHXSULXYL
6NODGQRVWXPLOMHQMXVWYDUDSULMDWHOMVWYR LVWRWDNRPLVOLWL
6XGLWLORJLQRLVXGLWLLVWLQLWRGYLMHVXUD]OLLWHVWYDUL 6YDWNRLPDSUDYRQDYODVWLWRPLOMHQMHDOLQHPDSUDYRQDWRGDGUXJLPRUDMX
6YDNDMHRSHQLWDL]MDYDNDRHNNRMLVHL]GDQDQHNXEDQNX1MHJRYD GDMHLQIRUPDFLMHLLGHMHSRPRXELORNRMHJVUHGVWYDEH]RE]LUDQDJUDQLFH
YULMHGQRVWRYLVLRWRPHNROLNRLPDSRNULD6YDNRPSULSDGDSUDYRGDLPD VYRMHPLOMHQMHLGDJDL]UDDYD XWRPSUDYXMHVDGUDQRGDWUDLSULPDL
VYRMHPLOMHQMHLGDJDL]UDDYD XWRPSUDYXMHVDGUDQRGDWUDLSULPDL YULMHGQRVWRYLVLRWRPHNROLNRLPDSRNULD6YDNRPSULSDGDSUDYRGDLPD
GDMHLQIRUPDFLMHLLGHMHSRPRXELORNRMHJVUHGVWYDEH]RE]LUDQDJUDQLFH 6YDNDMHRSHQLWDL]MDYDNDRHNNRMLVHL]GDQDQHNXEDQNX1MHJRYD
6YDWNRLPDSUDYRQDYODVWLWRPLOMHQMHDOLQHPDSUDYRQDWRGDGUXJLPRUDMX 6XGLWLORJLQRLVXGLWLLVWLQLWRGYLMHVXUD]OLLWHVWYDUL
LVWRWDNRPLVOLWL 6NODGQRVWXPLOMHQMXVWYDUDSULMDWHOMVWYR
.RULVQRMHLPDWLNRMHPLOMHQMHXSULXYL PLVOL
6YHWRMHVPRSRVOMHGLFDMHRQRJDWRVPRPLVOLOL 6DPRRQDMNRMLPLVOLGRLYOMDYDVYRMLYRWLYRWPLPRLOD]LRQRJDNRMLQH
WRGUXJRPRHELWLX]ORPYUHPHQXQHJRGREUDPLVDR 3URVYMHHQRVW 5D]XPQDPXYLMHNSRND]XMHXNRMHPPUDNXLYLPR
WRMHQDMEUHQDVYLMHWX"0LVDR 3URVXLYDWLRVREH]QDLULVDWLJURWHVNQHVOLNHRQMLPD
7NRMHSUHYLHNRPRWDQGDVDPPLVOLLEXGHVDPVYRMVXGDFXNODSDVHX SRVOMHGQMLRGJRYRUVYLMHWPLVOLRVWDMHXSDUDGRNVX
]DEUDQHNDNYHMHVX 3URPLOMDQMHQDVPRHGRYHVWLGRVSR]QDMHGDQDPUD]XPQHPRHGDWL
7NRQHHUDVXLYDWLWDMMHIDQDWLN WNRQH]QDUDVXLYDWLWDMMHEXGDOD WNRVH 3URPLMHQLWLPLOMHQMHPRHELWLQHSRNROHEOMLYLMHQHJRXVWUDMDWLQDVWDURP
QHRVXXMHUDVXLYDWLWDMMHURE 3RVWRMHYDQLMHVWYDULQDRYRPVYLMHWXQHJRQDYHVWLOMXGHQDUD]PLOMDQMH
8OMXGVNRMMHSULURGLUD]XPQRUD]PLOMDWLDQHUD]XPQRGMHORYDWL 2GUHLVHPLOMHQMD]QDLREMDYLWLGXKRYQLEDQNURW
8WHNLPYUHPHQLPDVXRQLNRMLPLVOHOMXGLGUXJRJDPLOMHQMD HYHQWXDOQRQDMRSDVQLMHPPRHSRPRLGDL]QHQDGDVWHNQHSRJXEQXYHLQX
8VOLMHGPLVDRQHGLMHWHQDVWXSDGXKRYQLVNRUEXW 1HSRVWRMDQMHPLOMHQMDLQLYLH]ODQHJRVYDSRJUHQDPLOMHQMDMHU
8LFLPDPLVOLOLMHHVHUDQHVUFD 1DHPMHPLOMHQXVDGUDMPDWHULMD
9ROLPROMXGHNRMLJRYRUHRQRWRPLVOH3RGXYMHWRPGDPLVOHLVWRWRLPL PXGURVWMHNDGDVHVDPRJDVHEHQLRHPQH]DYDUDYD
0QRJLQHPLVOHQLQDWRGUXJRRVLPQDWRWRGUXJLPLVOHRQMLPD1R
=DYHOLNHPLVOLWUHEDELWLKHURMLLGHDOLVW
MHUEROMHMHQMXVWMHLQHJRVUHEUR
%ODJRRYMHNXNRMLMHVWHNDRPXGURVWRRYMHNXNRMLMH]DGRELRUD]ERULWRVW o6YDSRUHHQMDKUDPOMX
VYH p$NRGYDRYMHNDRLVWRMVWYDULGRQRVHVXSURWDQVXGPRJXHMHGDVHMHGDQ
%LWLVSUHPDQMHSXQR]QDWLHNDWLMHYLHDOLWHNLVNRULVWLWLSUDYLWUHQXWDNMH RGQMLKYDUD8YMHUHQMHPLMHQMDMXMDNLUD]OR]L6YDUDFLRQDOQDELDNRMD
LVWLQLWRVXGH PRGD PRUDMXQDLVWLQDLQLOLVOLDQSURVXLYDWL
GDVHQLWDQH]QDLQHELWLSRQRVDQ]ERJWRJDWRVHQLWDQH]QD
%LWLPXGDU]QDL QHVWLGMHWLVH]ERJWRJDWRVHQLWDQH]QD QHERMDWLVHWRJD $NRL]X]PHPRSDWQMHEROHVWNDRSXWRND]MH]GUDYD
%LVWUDJODYDMHQDMEROMDGURJD $NRMHVORERGDPRJXQRVWL]ERUDRGDEHULRQRQDMEROMH
SUDYXUHDOQRVWGXH $NRQLMHPRJXHRGEDFLWLRQRWRQHYDOMDWUHEDORELJDEDURGYRMLWLRGRQRJ
$NRHOLVD]QDWLQHWRDSVROXWQRPRUDVHRVORERGLWLWLMHODLSRJOHGDWLX WRYDOMD
VNHSWLFL]PDLQHDNWLYQRVWL $NRSXQRUD]PLOMDXVWDQMXVLLYMHWLXYLHHSRKD
QDPMHXWRPVWDQMXGRVWXSQR6SR]QDMDQDLKPRJXQRVWLMHVWOLMHNSURWLY $NRUD]XPLQLRYMHNDUD]XPJDYRGL
VDPRVXGLWLLSRJDDWLWDGDHPRPRGDQDXLWLGDVH]DGRYROMLPRRQLPHWR
NRMRMMHPMHULVSRVREDQGDGRHGRL]YMHVQRVWLDXNDNYLPVOXDMHYLPDPRH $NRVDP]DVHEHQHPDULHPXVHQDGDRGGUXJLK"
$NRXVSLMHPRSURQDLNROLNRGDOHNRPRHUD]XPSURLULWLVYRMYLGRNUXJX $NRVHEU]RSRYMHUDYDSRVWDMHODNRPLVOHQ
$NRXPRPULMHLWLHOLRQGDRWRPHUD]PLOMDMSRQRL $NRVHRGULHVORERGQRJUD]PLOMDQMD]QDLGDVLREMDYLRGXKRYQL
WUHED EDQNURW
PLOMHQMXEROMDVWDMDOLWDRGWHEH$NRVL]DGRYROMDQVQLLPLPDVYHWRWL $NRVHULMHPXGUDFSULPLMHQLQDRYMHNDNRMLLYLRGRQRJDWRLPDDGDQH
3RNXDMSUHGORLWLGUXJRJVXJRYRUQLNDNRMLLPDSRWYRMHPLVNUHQRP PLVOLQDRQRWRQHPDRQGDVXVYLRYLPXGUDFL
SURYLGQRPL]OLNRPGDQHPDYUHPHQDNDRGDJDGUXJLLPDMXRGYLH
$NRVLQHNXGDSR]YDQDHOLWRRWNORQLWLL]UD]LGRDOMHQMHPDQH $NRVLQHNXGDSR]YDQDHOLWRRWNORQLWLL]UD]LGRDOMHQMHPDQH
SURYLGQRPL]OLNRPGDQHPDYUHPHQDNDRGDJDGUXJLLPDMXRGYLH
PLVOLQDRQRWRQHPDRQGDVXVYLRYLPXGUDFL 3RNXDMSUHGORLWLGUXJRJVXJRYRUQLNDNRMLLPDSRWYRMHPLVNUHQRP
$NRVHULMHPXGUDFSULPLMHQLQDRYMHNDNRMLLYLRGRQRJDWRLPDDGDQH PLOMHQMXEROMDVWDMDOLWDRGWHEH$NRVL]DGRYROMDQVQLLPLPDVYHWRWL
EDQNURW WUHED
$NRVHRGULHVORERGQRJUD]PLOMDQMD]QDLGDVLREMDYLRGXKRYQL $NRXPRPULMHLWLHOLRQGDRWRPHUD]PLOMDMSRQRL
$NRVHEU]RSRYMHUDYDSRVWDMHODNRPLVOHQ $NRXVSLMHPRSURQDLNROLNRGDOHNRPRHUD]XPSURLULWLVYRMYLGRNUXJX
$NRVDP]DVHEHQHPDULHPXVHQDGDRGGUXJLK" NRMRMMHPMHULVSRVREDQGDGRHGRL]YMHVQRVWLDXNDNYLPVOXDMHYLPDPRH
VDPRVXGLWLLSRJDDWLWDGDHPRPRGDQDXLWLGDVH]DGRYROMLPRRQLPHWR
$NRUD]XPLQLRYMHNDUD]XPJDYRGL QDPMHXWRPVWDQMXGRVWXSQR6SR]QDMDQDLKPRJXQRVWLMHVWOLMHNSURWLY
$NRSXQRUD]PLOMDXVWDQMXVLLYMHWLXYLHHSRKD VNHSWLFL]PDLQHDNWLYQRVWL
WRYDOMD $NRHOLVD]QDWLQHWRDSVROXWQRPRUDVHRVORERGLWLWLMHODLSRJOHGDWLX
$NRQLMHPRJXHRGEDFLWLRQRWRQHYDOMDWUHEDORELJDEDURGYRMLWLRGRQRJ SUDYXUHDOQRVWGXH
$NRMHVORERGDPRJXQRVWL]ERUDRGDEHULRQRQDMEROMH %LVWUDJODYDMHQDMEROMDGURJD
$NRL]X]PHPRSDWQMHEROHVWNDRSXWRND]MH]GUDYD %LWLPXGDU]QDL QHVWLGMHWLVH]ERJWRJDWRVHQLWDQH]QD QHERMDWLVHWRJD
GDVHQLWDQH]QDLQHELWLSRQRVDQ]ERJWRJDWRVHQLWDQH]QD
LVWLQLWRVXGH PRGD PRUDMXQDLVWLQDLQLOLVOLDQSURVXLYDWL
RGQMLKYDUD8YMHUHQMHPLMHQMDMXMDNLUD]OR]L6YDUDFLRQDOQDELDNRMD %LWLVSUHPDQMHSXQR]QDWLHNDWLMHYLHDOLWHNLVNRULVWLWLSUDYLWUHQXWDNMH
p$NRGYDRYMHNDRLVWRMVWYDULGRQRVHVXSURWDQVXGPRJXHMHGDVHMHGDQ VYH
o6YDSRUHHQMDKUDPOMX %ODJRRYMHNXNRMLMHVWHNDRPXGURVWRRYMHNXNRMLMH]DGRELRUD]ERULWRVW
MHUEROMHMHQMXVWMHLQHJRVUHEUR
=DYHOLNHPLVOLWUHEDELWLKHURMLLGHDOLVW
=DYHOLNHPLVOLWUHEDELWLKHURMLLGHDOLVW
MHUEROMHMHQMXVWMHLQHJRVUHEUR
%ODJRRYMHNXNRMLMHVWHNDRPXGURVWRRYMHNXNRMLMH]DGRELRUD]ERULWRVW 6YDSRUHHQMDKUDPOMX
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VYH p$NRGYDRYMHNDRLVWRMVWYDULGRQRVHVXSURWDQVXGPRJXHMHGDVHMHGDQ
%LWLVSUHPDQMHSXQR]QDWLHNDWLMHYLHDOLWHNLVNRULVWLWLSUDYLWUHQXWDNMH RGQMLKYDUD8YMHUHQMHPLMHQMDMXMDNLUD]OR]L6YDUDFLRQDOQDELDNRMD
LVWLQLWRVXGH PRGD PRUDMXQDLVWLQDLQLOLVOLDQSURVXLYDWL
GDVHQLWDQH]QDLQHELWLSRQRVDQ]ERJWRJDWRVHQLWDQH]QD
%LWLPXGDU]QDL QHVWLGMHWLVH]ERJWRJDWRVHQLWDQH]QD QHERMDWLVHWRJD $NRL]X]PHPRSDWQMHEROHVWNDRSXWRND]MH]GUDYD
%LVWUDJODYDMHQDMEROMDGURJD $NRMHVORERGDPRJXQRVWL]ERUDRGDEHULRQRQDMEROMH
SUDYXUHDOQRVWGXH $NRQLMHPRJXHRGEDFLWLRQRWRQHYDOMDWUHEDORELJDEDURGYRMLWLRGRQRJ
$NRHOLVD]QDWLQHWRDSVROXWQRPRUDVHRVORERGLWLWLMHODLSRJOHGDWLX WRYDOMD
VNHSWLFL]PDLQHDNWLYQRVWL $NRSXQRUD]PLOMDXVWDQMXVLLYMHWLXYLHHSRKD
QDPMHXWRPVWDQMXGRVWXSQR6SR]QDMDQDLKPRJXQRVWLMHVWOLMHNSURWLY $NRUD]XPLQLRYMHNDUD]XPJDYRGL
VDPRVXGLWLLSRJDDWLWDGDHPRPRGDQDXLWLGDVH]DGRYROMLPRRQLPHWR
NRMRMMHPMHULVSRVREDQGDGRHGRL]YMHVQRVWLDXNDNYLPVOXDMHYLPDPRH $NRVDP]DVHEHQHPDULHPXVHQDGDRGGUXJLK"
$NRXVSLMHPRSURQDLNROLNRGDOHNRPRHUD]XPSURLULWLVYRMYLGRNUXJX $NRVHEU]RSRYMHUDYDSRVWDMHODNRPLVOHQ
$NRXPRPULMHLWLHOLRQGDRWRPHUD]PLOMDMSRQRL $NRVHRGULHVORERGQRJUD]PLOMDQMD]QDLGDVLREMDYLRGXKRYQL
WUHED EDQNURW
PLOMHQMXEROMDVWDMDOLWDRGWHEH$NRVL]DGRYROMDQVQLLPLPDVYHWRWL $NRVHULMHPXGUDFSULPLMHQLQDRYMHNDNRMLLYLRGRQRJDWRLPDDGDQH
3RNXDMSUHGORLWLGUXJRJVXJRYRUQLNDNRMLLPDSRWYRMHPLVNUHQRP PLVOLQDRQRWRQHPDRQGDVXVYLRYLPXGUDFL
SURYLGQRPL]OLNRPGDQHPDYUHPHQDNDRGDJDGUXJLLPDMXRGYLH
$NRVLQHNXGDSR]YDQDHOLWRRWNORQLWLL]UD]LGRDOMHQMHPDQH $NRVLQHNXGDSR]YDQDHOLWRRWNORQLWLL]UD]LGRDOMHQMHPDQH
SURYLGQRPL]OLNRPGDQHPDYUHPHQDNDRGDJDGUXJLLPDMXRGYLH
PLVOLQDRQRWRQHPDRQGDVXVYLRYLPXGUDFL 3RNXDMSUHGORLWLGUXJRJVXJRYRUQLNDNRMLLPDSRWYRMHPLVNUHQRP
$NRVHULMHPXGUDFSULPLMHQLQDRYMHNDNRMLLYLRGRQRJDWRLPDDGDQH PLOMHQMXEROMDVWDMDOLWDRGWHEH$NRVL]DGRYROMDQVQLLPLPDVYHWRWL
EDQNURW WUHED
$NRVHRGULHVORERGQRJUD]PLOMDQMD]QDLGDVLREMDYLRGXKRYQL $NRXPRPULMHLWLHOLRQGDRWRPHUD]PLOMDMSRQRL
$NRVHEU]RSRYMHUDYDSRVWDMHODNRPLVOHQ $NRXVSLMHPRSURQDLNROLNRGDOHNRPRHUD]XPSURLULWLVYRMYLGRNUXJX
$NRVDP]DVHEHQHPDULHPXVHQDGDRGGUXJLK" NRMRMMHPMHULVSRVREDQGDGRHGRL]YMHVQRVWLDXNDNYLPVOXDMHYLPDPRH
VDPRVXGLWLLSRJDDWLWDGDHPRPRGDQDXLWLGDVH]DGRYROMLPRRQLPHWR
$NRUD]XPLQLRYMHNDUD]XPJDYRGL QDPMHXWRPVWDQMXGRVWXSQR6SR]QDMDQDLKPRJXQRVWLMHVWOLMHNSURWLY
$NRSXQRUD]PLOMDXVWDQMXVLLYMHWLXYLHHSRKD VNHSWLFL]PDLQHDNWLYQRVWL
WRYDOMD $NRHOLVD]QDWLQHWRDSVROXWQRPRUDVHRVORERGLWLWLMHODLSRJOHGDWLX
$NRQLMHPRJXHRGEDFLWLRQRWRQHYDOMDWUHEDORELJDEDURGYRMLWLRGRQRJ SUDYXUHDOQRVWGXH
$NRMHVORERGDPRJXQRVWL]ERUDRGDEHULRQRQDMEROMH %LVWUDJODYDMHQDMEROMDGURJD
$NRL]X]PHPRSDWQMHEROHVWNDRSXWRND]MH]GUDYD %LWLPXGDU]QDL QHVWLGMHWLVH]ERJWRJDWRVHQLWDQH]QD QHERMDWLVHWRJD
GDVHQLWDQH]QDLQHELWLSRQRVDQ]ERJWRJDWRVHQLWDQH]QD
LVWLQLWRVXGH PRGD PRUDMXQDLVWLQDLQLOLVOLDQSURVXLYDWL
RGQMLKYDUD8YMHUHQMHPLMHQMDMXMDNLUD]OR]L6YDUDFLRQDOQDELDNRMD %LWLVSUHPDQMHSXQR]QDWLHNDWLMHYLHDOLWHNLVNRULVWLWLSUDYLWUHQXWDNMH
p$NRGYDRYMHNDRLVWRMVWYDULGRQRVHVXSURWDQVXGPRJXHMHGDVHMHGDQ VYH
o6YDSRUHHQMDKUDPOMX %ODJRRYMHNXNRMLMHVWHNDRPXGURVWRRYMHNXNRMLMH]DGRELRUD]ERULWRVW
MHUEROMHMHQMXVWMHLQHJRVUHEUR
=DYHOLNHPLVOLWUHEDELWLKHURMLLGHDOLVW
%ODJRRYMHNXNRMLUD]PLOMDRPXGURVWLLXPXMHUD]ERULWRNRMLXVUFXVYRMHP
SURXDYDQMH]LQHSXWRYHLSRVYHXMHVHXQMH]LQHWDMQH
%ROMHMHELWLEHVSRVOHQQHJRUDGLWLQHNRULVQHSRVORYH ,PDPRVDPRRQRWRQHGULPR
%ROMHMHELWLXJODVWRQHWRQHJRRNUXJORQLWD%ROMHMHPDORUD]XPMHWLQHJR ,PDMVUDQRVWLVOXLWLVHYODVWLWLPUD]XPRP
UD]XPMHWLNULYR ,LUDQRQDVSDYDQMHLUDQRXVWDMDWLLQL]GUDYLPERJDWLPLSDPHWQLP
%ROMHMHQHSULMDWHOMGREURJD ,WRXPUD]XPQLKQHYLGLWRWXVYRMRM]DRVWDORVWLYLGHGMHMDXOD
%ROMHMHRLPDYLGMHWLQHJRGXKRPOXWDWL *UNLVWRLFLVXVPDWUDOLGDVYLPDYODGDORJRVVYMHWVNLXPVWYDUDODNDYDWUD
%ROMHMHSRNOL]QXWLVHQDFHVWLQHJRQDMH]LNX *UDQHSRND]XMXNDNDYMHNRULMHQ
%ROMHMHVOXDWLXNRUPXGUDRYMHNDQHJRVOXDWLKYDORVSMHYOXDND *GMHMHUD]XPDODNRMHGRLGRVSRUD]XPD
%ROMHMHWRUDQLMHVSR]QDWLNROLNRVPRQHSRWUHEQLQDRYRPHVYLMHWX 'UXLVHVPXGULPLSRVWDWHPXGDU
%ROMHMHLYMHWLPDNDULMHGDQGDQNDRODYQHJRVWRWLQXJRGLQDNDRRYFD 'R]YROLVHELSRQHNXHNVFHQWULQRVW
%XGLVDPRVWDODQXRFMHQMLYDQMX NRGSRNXDMDGDL]JOHGDPRRQDNYLPDNDNYLQLVPR
%XGLVDHWDOLYRGLUDXQD GRNQDVWRMLGDEXGHVDHWGDQHSRVWDMH 'RELOLELVPRSXQRYLHNDGDELVHSULND]LYDOLRQDNYLPDNDNYLMHVPRQHJR
QHMDVDQ JRGLQH
%XGLXYMHUOMLY1DMEROMHHQHNRJDSULGRELWL]DWYRMQDXPDNRJDXYMHUL 'DUD]XPGROD]LWHNVJRGLQDPDQHXYLDVHSULMHQHJROLGRXLUD]XPL
GDJDMHEDRQ]DPLVOLRLGDMHRQWDNRUHLQMHJRYDXWRU 'DOLMHQDDSDPHW]DLVWDQHMDVQDIRUPXODVNULYHQRJVPLVOD"
HVWRMHNRULVQLMHSR]QDYDWLPQRJHQHJRPQRJR]QDWL HVWRWLNRULVWLSRJUHQRQDJDDQMHQHJRXRSHQLNDNYRQDJDDQMH
HVWRMHQHVQRVDQRYMHNNRMLMHXYLMHNSDPHWDQ HVWRMHQHVQRVDQRYMHNNRMLMHXYLMHNSDPHWDQ
HVWRWLNRULVWLSRJUHQRQDJDDQMHQHJRXRSHQLNDNYRQDJDDQMH HVWRMHNRULVQLMHSR]QDYDWLPQRJHQHJRPQRJR]QDWL
'DOLMHQDDSDPHW]DLVWDQHMDVQDIRUPXODVNULYHQRJVPLVOD" GDJDMHEDRQ]DPLVOLRLGDMHRQWDNRUHLQMHJRYDXWRU
'DUD]XPGROD]LWHNVJRGLQDPDQHXYLDVHSULMHQHJROLGRXLUD]XPL %XGLXYMHUOMLY1DMEROMHHQHNRJDSULGRELWL]DWYRMQDXPDNRJDXYMHUL
JRGLQH QHMDVDQ
'RELOLELVPRSXQRYLHNDGDELVHSULND]LYDOLRQDNYLPDNDNYLMHVPRQHJR %XGLVDHWDOLYRGLUDXQD GRNQDVWRMLGDEXGHVDHWGDQHSRVWDMH
NRGSRNXDMDGDL]JOHGDPRRQDNYLPDNDNYLQLVPR %XGLVDPRVWDODQXRFMHQMLYDQMX
'R]YROLVHELSRQHNXHNVFHQWULQRVW %ROMHMHLYMHWLPDNDULMHGDQGDQNDRODYQHJRVWRWLQXJRGLQDNDRRYFD
'UXLVHVPXGULPLSRVWDWHPXGDU %ROMHMHWRUDQLMHVSR]QDWLNROLNRVPRQHSRWUHEQLQDRYRPHVYLMHWX
*GMHMHUD]XPDODNRMHGRLGRVSRUD]XPD %ROMHMHVOXDWLXNRUPXGUDRYMHNDQHJRVOXDWLKYDORVSMHYOXDND
*UDQHSRND]XMXNDNDYMHNRULMHQ %ROMHMHSRNOL]QXWLVHQDFHVWLQHJRQDMH]LNX
*UNLVWRLFLVXVPDWUDOLGDVYLPDYODGDORJRVVYMHWVNLXPVWYDUDODNDYDWUD %ROMHMHRLPDYLGMHWLQHJRGXKRPOXWDWL
,WRXPUD]XPQLKQHYLGLWRWXVYRMRM]DRVWDORVWLYLGHGMHMDXOD %ROMHMHQHSULMDWHOMGREURJD
,LUDQRQDVSDYDQMHLUDQRXVWDMDWLLQL]GUDYLPERJDWLPLSDPHWQLP UD]XPMHWLNULYR
,PDMVUDQRVWLVOXLWLVHYODVWLWLPUD]XPRP %ROMHMHELWLXJODVWRQHWRQHJRRNUXJORQLWD%ROMHMHPDORUD]XPMHWLQHJR
, PDPRVDPRRQRWRQHGULPR %ROMHMHELWLEHVSRVOHQQHJRUDGLWLQHNRULVQHSRVORYH
SURXDYDQMH]LQHSXWRYHLSRVYHXMHVHXQMH]LQHWDMQH
%ODJRRYMHNXNRMLUD]PLOMDRPXGURVWLLXPXMHUD]ERULWRNRMLXVUFXVYRMHP
%ODJRRYMHNXNRMLUD]PLOMDRPXGURVWLLXPXMHUD]ERULWRNRMLXVUFXVYRMHP
SURXDYDQMH]LQHSXWRYHLSRVYHXMHVHXQMH]LQHWDMQH
%ROMHMHELWLEHVSRVOHQQHJRUDGLWLQHNRULVQHSRVORYH ,PDPRVDPRRQRWRQHGULPR
%ROMHMHELWLXJODVWRQHWRQHJRRNUXJORQLWD%ROMHMHPDORUD]XPMHWLQHJR ,PDMVUDQRVWLVOXLWLVHYODVWLWLPUD]XPRP
UD]XPMHWLNULYR ,LUDQRQDVSDYDQMHLUDQRXVWDMDWLLQL]GUDYLPERJDWLPLSDPHWQLP
%ROMHMHQHSULMDWHOMGREURJD ,WRXPUD]XPQLKQHYLGLWRWXVYRMRM]DRVWDORVWLYLGHGMHMDXOD
%ROMHMHRLPDYLGMHWLQHJRGXKRPOXWDWL *UNLVWRLFLVXVPDWUDOLGDVYLPDYODGDORJRVVYMHWVNLXPVWYDUDODNDYDWUD
%ROMHMHSRNOL]QXWLVHQDFHVWLQHJRQDMH]LNX *UDQHSRND]XMXNDNDYMHNRULMHQ
%ROMHMHVOXDWLXNRUPXGUDRYMHNDQHJRVOXDWLKYDORVSMHYOXDND *GMHMHUD]XPDODNRMHGRLGRVSRUD]XPD
%ROMHMHWRUDQLMHVSR]QDWLNROLNRVPRQHSRWUHEQLQDRYRPHVYLMHWX 'UXLVHVPXGULPLSRVWDWHPXGDU
%ROMHMHLYMHWLPDNDULMHGDQGDQNDRODYQHJRVWRWLQXJRGLQDNDRRYFD 'R]YROLVHELSRQHNXHNVFHQWULQRVW
%XGLVDPRVWDODQXRFMHQMLYDQMX NRGSRNXDMDGDL]JOHGDPRRQDNYLPDNDNYLQLVPR
%XGLVDHWDOLYRGLUDXQD GRNQDVWRMLGDEXGHVDHWGDQHSRVWDMH 'RELOLELVPRSXQRYLHNDGDELVHSULND]LYDOLRQDNYLPDNDNYLMHVPRQHJR
QHMDVDQ JRGLQH
%XGLXYMHUOMLY1DMEROMHHQHNRJDSULGRELWL]DWYRMQDXPDNRJDXYMHUL 'DUD]XPGROD]LWHNVJRGLQDPDQHXYLDVHSULMHQHJROLGRXLUD]XPL
GDJDMHEDRQ]DPLVOLRLGDMHRQWDNRUHLQMHJRYDXWRU 'DOLMHQDDSDPHW]DLVWDQHMDVQDIRUPXODVNULYHQRJVPLVOD"
HVWRMHNRULVQLMHSR]QDYDWLPQRJHQHJRPQRJR]QDWL HVWRWLNRULVWLSRJUHQRQDJDDQMHQHJRXRSHQLNDNYRQDJDDQMH
HVWRMHQHVQRVDQRYMHNNRMLMHXYLMHNSDPHWDQ HVWRMHQHVQRVDQRYMHNNRMLMHXYLMHNSDPHWDQ
HVWRWLNRULVWLSRJUHQRQDJDDQMHQHJRXRSHQLNDNYRQDJDDQMH HVWRMHNRULVQLMHSR]QDYDWLPQRJHQHJRPQRJR]QDWL
'DOLMHQDDSDPHW]DLVWDQHMDVQDIRUPXODVNULYHQRJVPLVOD" GDJDMHEDRQ]DPLVOLRLGDMHRQWDNRUHLQMHJRYDXWRU
'DUD]XPGROD]LWHNVJRGLQDPDQHXYLDVHSULMHQHJROLGRXLUD]XPL %XGLXYMHUOMLY1DMEROMHHQHNRJDSULGRELWL]DWYRMQDXPDNRJDXYMHUL
JRGLQH QHMDVDQ
'RELOLELVPRSXQRYLHNDGDELVHSULND]LYDOLRQDNYLPDNDNYLMHVPRQHJR %XGLVDHWDOLYRGLUDXQD GRNQDVWRMLGDEXGHVDHWGDQHSRVWDMH
NRGSRNXDMDGDL]JOHGDPRRQDNYLPDNDNYLQLVPR %XGLVDPRVWDODQXRFMHQMLYDQMX
'R]YROLVHELSRQHNXHNVFHQWULQRVW %ROMHMHLYMHWLPDNDULMHGDQGDQNDRODYQHJRVWRWLQXJRGLQDNDRRYFD
'UXLVHVPXGULPLSRVWDWHPXGDU %ROMHMHWRUDQLMHVSR]QDWLNROLNRVPRQHSRWUHEQLQDRYRPHVYLMHWX
*GMHMHUD]XPDODNRMHGRLGRVSRUD]XPD %ROMHMHVOXDWLXNRUPXGUDRYMHNDQHJRVOXDWLKYDORVSMHYOXDND
*UDQHSRND]XMXNDNDYMHNRULMHQ %ROMHMHSRNOL]QXWLVHQDFHVWLQHJRQDMH]LNX
*UNLVWRLFLVXVPDWUDOLGDVYLPDYODGDORJRVVYMHWVNLXPVWYDUDODNDYDWUD %ROMHMHRLPDYLGMHWLQHJRGXKRPOXWDWL
,WRXPUD]XPQLKQHYLGLWRWXVYRMRM]DRVWDORVWLYLGHGMHMDXOD %ROMHMHQHSULMDWHOMGREURJD
,LUDQRQDVSDYDQMHLUDQRXVWDMDWLLQL]GUDYLPERJDWLPLSDPHWQLP UD]XPMHWLNULYR
,PDMVUDQRVWLVOXLWLVHYODVWLWLPUD]XPRP %ROMHMHELWLXJODVWRQHWRQHJRRNUXJORQLWD%ROMHMHPDORUD]XPMHWLQHJR
, PDPRVDPRRQRWRQHGULPR %ROMHMHELWLEHVSRVOHQQHJRUDGLWLQHNRULVQHSRVORYH
SURXDYDQMH]LQHSXWRYHLSRVYHXMHVHXQMH]LQHWDMQH
%ODJRRYMHNXNRMLUD]PLOMDRPXGURVWLLXPXMHUD]ERULWRNRMLXVUFXVYRMHP
- HGQDMHSDPHWGREUDDGYLMHVXEROMH
0XGUDFLL]PLOMDMXQRYHPLVOLEXGDOHLKUDVSURVWUDQMXMX .DGXMHPXGUXULMHSRKYDOLMHLGRGDMGUXJX
ELYDSURVYLMHWOMHQ .DGVLPHXEH]XPQLFLPDSD]LQDYULMHPHDVOMXGLPDPXGULPERUDYL
0XGUDFLYLMHGQRVWDYQRLSULPMHUMHPQRJLPD2QQHHOLVDPVMDWL]DWR EH]VWUDKD
0XGUDF]QDDOLQHGDELEULOMLUDR,PDVDPRSRWRYDQMHDOLQHDURJDQFLMX .DGDVHSRMDYL]DLVWDYHOLNLXPQHGYRMEHQRJDPRHPRSUHSR]QDWLSRWRPX
0XGUDFVYHVYRMHVDVRERPQRVL WRVHVYHEXGDOHXGUXXMXSURWLYQMHJD
YHOLNHSRGXKYDWH=DMHGQRVWDYQRJRYMHNYULMHGLREUQXWR .DNRELPRJOLYROMHWLOHSWLUDPRUDPRYROMHWLLQHNROLNRJXVMHQLFD
0XGUDFVHQHPRHUDVSR]QDWLSRPDOLPVWYDULPDDOLMHVSRVREDQSRGX]LPDWL .DNRELVHXLQLORPRJXHWUHEDXYLMHNQDQRYRSRNXDYDWLQHPRJXH
0XGUDFVHPRHELWLVDPRSRGXYMHWRPGDVHLYLXVYLMHWXSXQRPEXGDOD .DNRELVHEHPRJOLSRVWDYLOLXSUDYLSRORDMGUXJHPRUDPRRVWDYLWLXVMHQL
0XGUDFRQRWRKRHWUDLXVHEL3URVWRYMHNWRWUDLXGUXJLPD .DPRELVPRGRVSMHOLNDGDELVYLUHNOLNDPRELVPRGRVSMHOLDQLWNRQHEL
0XGUDFQLWDQHWYUGLWRQHELGRND]DR RWLDRSRJOHGDWLNDPRELVPRGRVSMHOLDNRELVPRNUHQXOL
0XGDUMHRYMHNVPLUHQ .RJD%RJKRHXQLWLWLRGX]PHPXSDPHW
0RH MHUPRUD .ROLNRPRUDELWLPXGDUGDELXYLMHNELRGREDU"
0R]DNUDGLEROMHDNRJDXNOMXL /XNSRND]XMHVYRMXVQDJXWHNNDGDVHVDYLQH/MXGVNLMHUD]XPSRSXW
QHUDYQD]UFDOD]D]UDNHVWYDULNRMHVYRMXSULURGXPLMHDVSULURGRPVWYDULSD
0R]DNLQLRYMHNDVYHRVWDORVXWULFH LKLVNULYOMXMHLNYDUL
0RJOLELVPRQDLL]OD]DNRLPSRNDHPRYUDWD 0QRJLVXSR]YDQLDOLVDPRQHNLRGDEUDQL
0QRJRPXGURVWLPQRJRMDGD WRYLH]QDQMDWRYLHEROL 0QRJRMHODNHELWLPXGDU]DGUXJHQHJR]DVHEH
0QRJRMHODNHELWLPXGDU]DGUXJHQHJR]DVHEH 0QRJRPXGURVWLPQRJRMDGD WRYLH]QDQMDWRYLHEROL
0QRJLVXSR]YDQLDOLVDPRQHNLRGDEUDQL 0RJOLELVPRQDLL]OD]DNRLPSRNDHPRYUDWD
LKLVNULYOMXMHLNYDUL 0R]DNLQLRYMHNDVYHRVWDORVXWULFH
QHUDYQD]UFDOD]D]UDNHVWYDULNRMHVYRMXSULURGXPLMHDVSULURGRPVWYDULSD
/XNSRND]XMHVYRMXVQDJXWHNNDGDVHVDYLQH/MXGVNLMHUD]XPSRSXW 0R]DNUDGLEROMHDNRJDXNOMXL
.ROLNRPRUDELWLPXGDUGDELXYLMHNELRGREDU" 0RH MHUPRUD
.RJD%RJKRHXQLWLWLRGX]PHPXSDPHW 0XGDUMHRYMHNVPLUHQ
RWLDRSRJOHGDWLNDPRELVPRGRVSMHOLDNRELVPRNUHQXOL 0XGUDFQLWDQHWYUGLWRQHELGRND]DR
.DPRELVPRGRVSMHOLNDGDELVYLUHNOLNDPRELVPRGRVSMHOLDQLWNRQHEL 0XGUDFRQRWRKRHWUDLXVHEL3URVWRYMHNWRWUDLXGUXJLPD
.DNRELVHEHPRJOLSRVWDYLOLXSUDYLSRORDMGUXJHPRUDPRRVWDYLWLXVMHQL 0XGUDFVHPRHELWLVDPRSRGXYMHWRPGDVHLYLXVYLMHWXSXQRPEXGDOD
.DNRELVHXLQLORPRJXHWUHEDXYLMHNQDQRYRSRNXDYDWLQHPRJXH 0XGUDFVHQHPRHUDVSR]QDWLSRPDOLPVWYDULPDDOLMHVSRVREDQSRGX]LPDWL
.DNRELPRJOLYROMHWLOHSWLUDPRUDPRYROMHWLLQHNROLNRJXVMHQLFD YHOLNHSRGXKYDWH=DMHGQRVWDYQRJRYMHNYULMHGLREUQXWR
WRVHVYHEXGDOHXGUXXMXSURWLYQMHJD 0XGUDFVYHVYRMHVDVRERPQRVL
.DGDVHSRMDYL]DLVWDYHOLNLXPQHGYRMEHQRJDPRHPRSUHSR]QDWLSRWRPX 0XGUDF]QDDOLQHGDELEULOMLUDR,PDVDPRSRWRYDQMHDOLQHDURJDQFLMX
EH]VWUDKD 0XGUDFLYLMHGQRVWDYQRLSULPMHUMHPQRJLPD2QQHHOLVDPVMDWL]DWR
.DGVLPHXEH]XPQLFLPDSD]LQDYULMHPHDVOMXGLPDPXGULPERUDYL ELYDSURVYLMHWOMHQ
.DGXMHPXGUXULMHSRKYDOLMHLGRGDMGUXJX 0XGUDFLL]PLOMDMXQRYHPLVOLEXGDOHLKUDVSURVWUDQMXMX
-HGQDMHSDPHWGREUDDGYLMHVXEROMH
- HGQDMHSDPHWGREUDDGYLMHVXEROMH
0XGUDFLL]PLOMDMXQRYHPLVOLEXGDOHLKUDVSURVWUDQMXMX .DGXMHPXGUXULMHSRKYDOLMHLGRGDMGUXJX
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YLGMHWLNDGDVHSULMHVWROMHSRHORNOLPDWL QDVOMHGQR]DRELWHWR]ERJWRJDWRJDMHMHGQRGXQRVWJOXSRVWLVSULMHLODGD
'YRUVNHOXGHVXRGXYLMHNVMHGLOHXSRGQRMXSULMHVWROMD=DWRVXSUYHPRJOH YLGLVWYDUQRVWLGMHOXMHQDWHPHOMXLVWLQH
QLVDPEDSRVYHVLJXUDQ 'RNOHHPRUD]ERMQLFLPDUD]YH]LYDWLVDQGDOH1DLVXHSRYLEH]
'YLMHVXVWYDULEHVNRQDQH VYHPLULOMXGVNDJOXSRVWDOLWRVHVYHPLUDWLH SHUVSHNWLYH-DQHVSDGDPPHXRQHNRMHVXQDYLQXOLVOLMHSDVQDJDJOXSRVWL
RGJRYRUQRVWLQLMHGRVWRMQRRYMHNDQLSUHGYODVWLWRPVDYMHVWL WRMHPDJQHWVNDVQDJDPDVRYQRJ]DPUDHQMDSDPHWL6DGDVHXNODQMDWL
WRMHPDJQHWVNDVQDJDPDVRYQRJ]DPUDHQMDSDPHWL6DGDVHXNODQMDWL RGJRYRUQRVWLQLMHGRVWRMQRRYMHNDQLSUHGYODVWLWRPVDYMHVWL
SHUVSHNWLYH-DQHVSDGDPPHXRQHNRMHVXQDYLQXOLVOLMHSDVQDJDJOXSRVWL 'YLMHVXVWYDULEHVNRQDQH VYHPLULOMXGVNDJOXSRVWDOLWRVHVYHPLUDWLH
'RNOHHPRUD]ERMQLFLPDUD]YH]LYDWLVDQGDOH1DLVXHSRYLEH] QLVDPEDSRVYHVLJXUDQ
YLGLVWYDUQRVWLGMHOXMHQDWHPHOMXLVWLQH 'YRUVNHOXGHVXRGXYLMHNVMHGLOHXSRGQRMXSULMHVWROMD=DWRVXSUYHPRJOH
QDVOMHGQR]DRELWHWR]ERJWRJDWRJDMHMHGQRGXQRVWJOXSRVWLVSULMHLODGD YLGMHWLNDGDVHSULMHVWROMHSRHORNOLPDWL
QHHWRELWL]ERJWRJDWRRYMHNQLMHELRVSRVREDQSRVWDWLOMXGVNLPLOLWRMH *GMHQHPDODLGYRMEHQDMHLLVWLQD
NURQLNDJOXSRVWLL]ORLQD1HVWDQHPROLVYLXRSHPQXNOHDUQRPUD]DUDQMX
'DMHRYMHDQVWYRRGYDMNDGDELORUD]XPQRLPXGURSRYLMHVWQHELELODGXJD *OXSRYMHNPLVOLGDMHPXGDUPXGDURYMHN]QDGDMHJOXS
DNLDNRSHGHVHWPLOLMXQDOMXGLNDHQHWRJOXSRRQRLSDNRVWDMHJOXSRVW *OXSDFLEDWLQHOXGRVWDPXGUHRYMHQDYD]QDQMH
%XGDOHLSDPHWQLMHGQDNRVXQHRSDVQL1DMRSDVQLMLVXSROXOXGLLSROXPXGUL *OXSDQQLMHVSUHPDQQDSURPMHQH]DQMHJDMHVYLMHWWDNDYNDNDYMHVWLQH
WUHEDJDPLMHQMDWL
%XGDODPDQLMHXLWHOMULMHQHJRQHVUHD
*OXSDQYMHUXMHVYDNRMULMHL
GRVWRMDQVWYRPLSR]LYLPD]YDQMLPDLLQRYLPD
]DOMXEOMHQDLQMHQRMHVDPROMXEOMHEH]JUDQLQR*OXSRVWMH]DRJUQXOD *OXSHPLVOLLPDVYDWNRDOLLKPXGUDFSUHXXMH
3RVODQVWYRMHJOXSRVWSRVYRMSULOLFLVYHPLUVNR*OXSRVWMHVDPDXVHEH *OXSLXVWUDQRM]HPOMLSRVMHXMXPX]HMHPXGULJRVWLRQLFH,REUDWQR
*OXSRPHQLERJQHPRHSRPRL
]YLMH]GHJOXSRVWMRQLMHSURSXVWLODGDQHGRSXWXMHQDNUDMVYRJDRGUHHQMD
2GMHGQHJOXSRVWLGRGUXJHSXWHVWRWUDMHVWROMHLPD NDRVYMHWORVWSRJDVOH
%LODGDNOHOMXGVNDJOXSRVWERMHGMHORLOLQHRQDVHJXELXVYRPHGMHORYDQMX *OXSRVWMHGDUSULURGH
VSDOLWLVUFHNRMHXLVWRYULMHPHRQHYHOLDMXHYRFLMHORJSLWDQMD *OXSRVWMHQDMXGQLMDRGVYLKEROHVWL%ROHVQLN]ERJQMHQLNDGDQHSDWL$OL
VYRMLPVWUDVWLPD]QDWLGDOLVHPRHSULKYDWLWLQMLKRYXQXWDUQML]DNRQDWDMMH ]DWRSDWHGUXJL
$SVXUGQRVWMHVWUDVWQDMEROQLMDRGVYLK$OL]QDWLGDOLVHPRHLYMHWLVD
*OXSRVWMHVYHPLUVNDVLODRQDMHMHGLQDNRMDSRVWRMLSRG]YLMH]GDPDRQDLK
SRNUHHL]DWRSULURGDQHPDLQHPRHLPDWLSODQD-HUNDGELWDJOXSRVWELOD
QDVWDODSRSODQXRQGDQLWDQHELELORVOXDMQRDNRQDRYRPVYLMHWXQLWD DOLMHQHPRJXHGUDWLEXGDORPVYHOMXGHLWDYRYULMHPH
QLMHVOXDMQRRQGDVYHVWRMLXX]URQRMYH]L 0RJXHGUDWLEXGDORPVYHOMXGHQHNRYULMHPHLQHNHOMXGHLWDYRYULMHPH
*OXSRVWMHYMHQD /MXGVNDMHJOXSRVWPUDQDVQDJDSRGQDPD
*OXSRVWLSULSDGDLFMHSLGODWYR LVWXJOXSRVWDSDPHWQLXYLMHNQRYH
/MXGLVHQDMRLWLMHUD]OLNXMXSRWRPHWRQHUD]XPQLXYLMHNQDQRYRSRLQH
*OXSRVWLVXQDMEROMLWHPHOM]DEXGXXPXGURVW*RGLQDPDVDPUD]PLOMDRR
JOXSRVWLOMXGVNRMRVMHDMXLPXWQRNDNRL]UD]QLKOMXGVNLKSRVWXSDNDL]ELMD /MXGHWUHEDYROMHWLMHUVXYLHJOXSLQHJR]OL
XGQDPUDQDXQXWUDQMDVQDJDNRMDOMXGHVPHWDVYDNHNUHWQMHNRMDOMXGLPD /XDNDQHSLWDM]DVDYMHW
QLNDNRQHGDSRLYHSRWSXQRLQHSRVUHGQRMHGQDRSDVQDVQDJD]DSUDYRNRMD /XDNRGPDKRGDMHVYRMELMHV
OMXGHWUXMHLUDVWYDUD MDVDPWXVYDNRGQHYQXSRMDYXOMXGVNHJOXSRVWLWXPDLR
NDRSULURGQXVWYDU 2VRYLRVHRYMHNQDVWUDQMHQRJHSURKRGDRMHNDR
/XGRVWQHPDLVSULNH
GYRQRDFDJOXSRVWVHYXH]DQMLPNDRVMHQND*OXSRVWMHVHVWUDPUDND VDPRQDMHGDQQDLQGDVHVQMLPDQHUD]JRYDUD
JOXSRVWELKWMHODGDGYRQRFDSRQRYQRYUDWLQMHJRYLPHWYHURQRQLP /DNRMHUD]DEUDWLGDVHSUHPDJOXSDFLPDLOXDFLPDPRHSRND]LUD]ERULWRVW
URDFLPDXSULURGLJOXSRVWQHGDRYMHNXGDRWSXWXMHQD]YLMH]GHNDRWR .RJDVUHDHOLXQLWLWLXLQLJDOXGLP
PXQLVLODWHDQHGDOHWL JOXSRJ
,ERJRYLVXYRGLOLELWNHVDEXGDODPDX]DOXGQR .ROLNRJRGQHWNRELRSDPHWDQHVWRLSDNQLMHGRYROMQRSDPHWDQGDVKYDWL
,EXGDODUDGLSRVYRPXYMHUHQMX OMXGLGDRGQMHLYLQHJRWRRGQMHVWUDGD
,VPLMHKRGPXGUDFDLQLOXDND
.DGJOXSRVWSRLYDQDGREULPQDPMHUDPDWDG]DEOXGDGDMHYHHPEURMX
,]JOXSDQDQHPRHSURJRYRULWLGRVWRMDQVWYR
-RQLWNRQLMHRWNULROMXGVNRMJOXSRVWLOLMHND
-RQLWNRQLMHRWNULROMXGVNRMJOXSRVWLOLMHND
,]JOXSDQDQHPRHSURJRYRULWLGRVWRMDQVWYR
.DGJOXSRVWSRLYDQDGREULPQDPMHUDPDWDG]DEOXGDGDMHYHHPEURMX
,VPLMHKRGPXGUDFDLQLOXDND
OMXGLGDRGQMHLYLQHJRWRRGQMHVWUDGD ,EXGDODUDGLSRVYRPXYMHUHQMX
.ROLNRJRGQHWNRELRSDPHWDQHVWRLSDNQLMHGRYROMQRSDPHWDQGDVKYDWL ,ERJRYLVXYRGLOLELWNHVDEXGDODPDX]DOXGQR
JOXSRJ PXQLVLODWHDQHGDOHWL
.RJDVUHDHOLXQLWLWLXLQLJDOXGLP URDFLPDXSULURGLJOXSRVWQHGDRYMHNXGDRWSXWXMHQD]YLMH]GHNDRWR
/DNRMHUD]DEUDWLGDVHSUHPDJOXSDFLPDLOXDFLPDPRHSRND]LUD]ERULWRVW JOXSRVWELKWMHODGDGYRQRFDSRQRYQRYUDWLQMHJRYLPHWYHURQRQLP
VDPRQDMHGDQQDLQGDVHVQMLPDQHUD]JRYDUD GYRQRDFDJOXSRVWVHYXH]DQMLPNDRVMHQND*OXSRVWMHVHVWUDPUDND
/XGRVWQHPDLVSULNH
NDRSULURGQXVWYDU 2VRYLRVHRYMHNQDVWUDQMHQRJHSURKRGDRMHNDR
OMXGHWUXMHLUDVWYDUD MDVDPWXVYDNRGQHYQXSRMDYXOMXGVNHJOXSRVWLWXPDLR
/XDNRGPDKRGDMHVYRMELMHV QLNDNRQHGDSRLYHSRWSXQRLQHSRVUHGQRMHGQDRSDVQDVQDJD]DSUDYRNRMD
/XDNDQHSLWDM]DVDYMHW XGQDPUDQDXQXWUDQMDVQDJDNRMDOMXGHVPHWDVYDNHNUHWQMHNRMDOMXGLPD
/MXGHWUHEDYROMHWLMHUVXYLHJOXSLQHJR]OL JOXSRVWLOMXGVNRMRVMHDMXLPXWQRNDNRL]UD]QLKOMXGVNLKSRVWXSDNDL]ELMD
*OXSRVWLVXQDMEROMLWHPHOM]DEXGXXPXGURVW*RGLQDPDVDPUD]PLOMDRR
/MXGLVHQDMRLWLMHUD]OLNXMXSRWRPHWRQHUD]XPQLXYLMHNQDQRYRSRLQH
LVWXJOXSRVWDSDPHWQLXYLMHNQRYH *OXSRVWLSULSDGDLFMHSLGODWYR
/MXGVNDMHJOXSRVWPUDQDVQDJDSRGQDPD *OXSRVWMHYMHQD
0RJXHGUDWLEXGDORPVYHOMXGHQHNRYULMHPHLQHNHOMXGHLWDYRYULMHPH QLMHVOXDMQRRQGDVYHVWRMLXX]URQRMYH]L
DOLMHQHPRJXHGUDWLEXGDORPVYHOMXGHLWDYRYULMHPH QDVWDODSRSODQXRQGDQLWDQHELELORVOXDMQRDNRQDRYRPVYLMHWXQLWD
SRNUHHL]DWRSULURGDQHPDLQHPRHLPDWLSODQD-HUNDGELWDJOXSRVWELOD
*OXSRVWMHVYHPLUVNDVLODRQDMHMHGLQDNRMDSRVWRMLSRG]YLMH]GDPDRQDLK
*OXSRVWMHVYHPLUVNDVLODRQDMHMHGLQDNRMDSRVWRMLSRG]YLMH]GDPDRQDLK
SRNUHHL]DWRSULURGDQHPDLQHPRHLPDWLSODQD-HUNDGELWDJOXSRVWELOD
QDVWDODSRSODQXRQGDQLWDQHELELORVOXDMQRDNRQDRYRPVYLMHWXQLWD DOLMHQHPRJXHGUDWLEXGDORPVYHOMXGHLWDYRYULMHPH
QLMHVOXDMQRRQGDVYHVWRMLXX]URQRMYH]L 0RJXHGUDWLEXGDORPVYHOMXGHQHNRYULMHPHLQHNHOMXGHLWDYRYULMHPH
*OXSRVWMHYMHQD /MXGVNDMHJOXSRVWPUDQDVQDJDSRGQDPD
*OXSRVWLSULSDGDLFMHSLGODWYR LVWXJOXSRVWDSDPHWQLXYLMHNQRYH
/MXGLVHQDMRLWLMHUD]OLNXMXSRWRPHWRQHUD]XPQLXYLMHNQDQRYRSRLQH
*OXSRVWLVXQDMEROMLWHPHOM]DEXGXXPXGURVW*RGLQDPDVDPUD]PLOMDRR
JOXSRVWLOMXGVNRMRVMHDMXLPXWQRNDNRL]UD]QLKOMXGVNLKSRVWXSDNDL]ELMD /MXGHWUHEDYROMHWLMHUVXYLHJOXSLQHJR]OL
XGQDPUDQDXQXWUDQMDVQDJDNRMDOMXGHVPHWDVYDNHNUHWQMHNRMDOMXGLPD /XDNDQHSLWDM]DVDYMHW
QLNDNRQHGDSRLYHSRWSXQRLQHSRVUHGQRMHGQDRSDVQDVQDJD]DSUDYRNRMD /XDNRGPDKRGDMHVYRMELMHV
OMXGHWUXMHLUDVWYDUD MDVDPWXVYDNRGQHYQXSRMDYXOMXGVNHJOXSRVWLWXPDLR
NDRSULURGQXVWYDU 2VRYLRVHRYMHNQDVWUDQMHQRJHSURKRGDRMHNDR
/XGRVWQHPDLVSULNH
GYRQRDFDJOXSRVWVHYXH]DQMLPNDRVMHQND*OXSRVWMHVHVWUDPUDND VDPRQDMHGDQQDLQGDVHVQMLPDQHUD]JRYDUD
JOXSRVWELKWMHODGDGYRQRFDSRQRYQRYUDWLQMHJRYLPHWYHURQRQLP /DNRMHUD]DEUDWLGDVHSUHPDJOXSDFLPDLOXDFLPDPRHSRND]LUD]ERULWRVW
URDFLPDXSULURGLJOXSRVWQHGDRYMHNXGDRWSXWXMHQD]YLMH]GHNDRWR .RJDVUHDHOLXQLWLWLXLQLJDOXGLP
PXQLVLODWHDQHGDOHWL JOXSRJ
,ERJRYLVXYRGLOLELWNHVDEXGDODPDX]DOXGQR .ROLNRJRGQHWNRELRSDPHWDQHVWRLSDNQLMHGRYROMQRSDPHWDQGDVKYDWL
,EXGDODUDGLSRVYRPXYMHUHQMX OMXGLGDRGQMHLYLQHJRWRRGQMHVWUDGD
,VPLMHKRGPXGUDFDLQLOXDND
.DGJOXSRVWSRLYDQDGREULPQDPMHUDPDWDG]DEOXGDGDMHYHHPEURMX
,]JOXSDQDQHPRHSURJRYRULWLGRVWRMDQVWYR
-RQLWNRQLMHRWNULROMXGVNRMJOXSRVWLOLMHND
-RQLWNRQLMHRWNULROMXGVNRMJOXSRVWLOLMHND
,]JOXSDQDQHPRHSURJRYRULWLGRVWRMDQVWYR
.DGJOXSRVWSRLYDQDGREULPQDPMHUDPDWDG]DEOXGDGDMHYHHPEURMX
,VPLMHKRGPXGUDFDLQLOXDND
OMXGLGDRGQMHLYLQHJRWRRGQMHVWUDGD ,EXGDODUDGLSRVYRPXYMHUHQMX
.ROLNRJRGQHWNRELRSDPHWDQHVWRLSDNQLMHGRYROMQRSDPHWDQGDVKYDWL ,ERJRYLVXYRGLOLELWNHVDEXGDODPDX]DOXGQR
JOXSRJ PXQLVLODWHDQHGDOHWL
.RJDVUHDHOLXQLWLWLXLQLJDOXGLP URDFLPDXSULURGLJOXSRVWQHGDRYMHNXGDRWSXWXMHQD]YLMH]GHNDRWR
/DNRMHUD]DEUDWLGDVHSUHPDJOXSDFLPDLOXDFLPDPRHSRND]LUD]ERULWRVW JOXSRVWELKWMHODGDGYRQRFDSRQRYQRYUDWLQMHJRYLPHWYHURQRQLP
VDPRQDMHGDQQDLQGDVHVQMLPDQHUD]JRYDUD GYRQRDFDJOXSRVWVHYXH]DQMLPNDRVMHQND*OXSRVWMHVHVWUDPUDND
/XGRVWQHPDLVSULNH
NDRSULURGQXVWYDU 2VRYLRVHRYMHNQDVWUDQMHQRJHSURKRGDRMHNDR
OMXGHWUXMHLUDVWYDUD MDVDPWXVYDNRGQHYQXSRMDYXOMXGVNHJOXSRVWLWXPDLR
/XDNRGPDKRGDMHVYRMELMHV QLNDNRQHGDSRLYHSRWSXQRLQHSRVUHGQRMHGQDRSDVQDVQDJD]DSUDYRNRMD
/XDNDQHSLWDM]DVDYMHW XGQDPUDQDXQXWUDQMDVQDJDNRMDOMXGHVPHWDVYDNHNUHWQMHNRMDOMXGLPD
/MXGHWUHEDYROMHWLMHUVXYLHJOXSLQHJR]OL JOXSRVWLOMXGVNRMRVMHDMXLPXWQRNDNRL]UD]QLKOMXGVNLKSRVWXSDNDL]ELMD
*OXSRVWLVXQDMEROMLWHPHOM]DEXGXXPXGURVW*RGLQDPDVDPUD]PLOMDRR
/MXGLVHQDMRLWLMHUD]OLNXMXSRWRPHWRQHUD]XPQLXYLMHNQDQRYRSRLQH
LVWXJOXSRVWDSDPHWQLXYLMHNQRYH *OXSRVWLSULSDGDLFMHSLGODWYR
/MXGVNDMHJOXSRVWPUDQDVQDJDSRGQDPD *OXSRVWMHYMHQD
0RJXHGUDWLEXGDORPVYHOMXGHQHNRYULMHPHLQHNHOMXGHLWDYRYULMHPH QLMHVOXDMQRRQGDVYHVWRMLXX]URQRMYH]L
DOLMHQHPRJXHGUDWLEXGDORPVYHOMXGHLWDYRYULMHPH QDVWDODSRSODQXRQGDQLWDQHELELORVOXDMQRDNRQDRYRPVYLMHWXQLWD
SRNUHHL]DWRSULURGDQHPDLQHPRHLPDWLSODQD-HUNDGELWDJOXSRVWELOD
*OXSRVWMHVYHPLUVNDVLODRQDMHMHGLQDNRMDSRVWRMLSRG]YLMH]GDPDRQDLK
1DJOXSRVWLPDVWRMLVYLMHWLEH]QMLKVHPRGDQHELQLWDGHVLOR0L]QDPR
GREULPRELDMLPDRYMHNQDNUDMXRWXSOMXMH]DJOXSOMXMHVHEHLGUXJH WR]QDPR
6DPRJOXSDQEUDQLSRWSXQREH]LGHMQHVWYDULLRGQRVHNRMLQLVXVSRMLYLV 1DGXWRVWLQLRYMHNDOXGLP
RYMHNPRHSUDYLWLJOXSLP2EUDWQRMHYHWHH 1DJDRRYMHNLQLOXGRVWLDUD]ERULWLKSRGQRVL
3UD]QRMMHYUHLWHNRVWDMDWLXVSUDYQR3UHGQRVWSDPHWLMHXWRPHGDVH 1DMILOR]RIVNLMDMHVWUDQDSRYLMHVWLXWRPHWRQDVXSR]QDMHVOMXGVNRP
3UDYRQDJOXSRVWMHGLRJDUDQFLMHVORERGQRJUD]YRMDOLQRVWL JOXSRX
YMHWLQRPLOLJOXSRXGUXJLK 1DMQHVQRVQLMHRVREHVXOMXGLNRMLPLVOHGDVXJHQLMDOQLLHQHNRMHVHEL
3RVWRMHVDPRGYDQDLQDGDVHRYMHNX]GLJQH LOLVYRMRPYODVWLWRP XPLOMDMXGDVXQHRGROMLYH
VYLMHWRP 1DMRSDVQLMDMHJOXSRVWNRMDQLMHRGUD]QHREUD]RYDQMDYHREUD]RYDQMD
3DPHWQLMLSRSXWD%HVPUWQDSRVORYLFDNRMDXWHPHOMXMHYODGDYLQXJOXSRVWL 1DMWHHMHRYMHNXXUD]JRYRUXVJOXSDQLPD*OXSDQLQHHSRMPLWLGDMHVWYDU
2QLNRMLVHSUDYHJOXSLPDRSDVQLMLVXRGRQLKNRMLVXJOXSL R]ELOMQD*OXSDQLQDVGDNDNRQHPRJXSUDWLWLXPLVOLPD
2QDMWNRVHQDYLNDRQDDSVXUGQHVWYDULGREURVHVQDOD]LXQDHPYUHPHQX 1DSUDYLVLVWHPNRMLLEXGDODPRHNRULVWLWLSDHJD QH VDPREXGDODL
2EUD]RYDQMHRQDMNRMLPRHYLGMHWLSDUDOHOH%XGDOHXYLMHNYLGHQHWRQRYR KWMHWLNRULVWLWL
1LWNRQLMHWROLNRVOLMHSNDRRQLNRMLQHHYLGMHWL 1HSRQL]XMVHSUHGEXGDORP
1LWNRQLMHRWNULROMXGVNRMJOXSRVWLOLMHND 1HNLVHOMXGLYLHWUXGHVNULWLVYRMXSDPHWQHJRVYRMXJOXSRVW
WDNROXGRLOLQDLYQRVPLRQGDWRMDYQRLVSRYLMHGD 1HPRJXHMHELORWRXLQLWLRWSRUQLPDQDEXGDOHMHUVXEXGDOHWDNR
1LVXOMXGLWDNRJOXSLGDQHEL]QDOLWRVHVPLMHDWRQHDOLQLWNRRGQDVQLMH LQYHQWLYQH
1H]JRGDOXDNDMHRSRPHQD]DSDPHWQRJD 1HRJUDQLHQMHEURMOXDND
1HRJUDQLHQMHEURMOXDND 1H]JRGDOXDNDMHRSRPHQD]DSDPHWQRJD
LQYHQWLYQH 1LVXOMXGLWDNRJOXSLGDQHEL]QDOLWRVHVPLMHDWRQHDOLQLWNRRGQDVQLMH
1HPRJXHMHELORWRXLQLWLRWSRUQLPDQDEXGDOHMHUVXEXGDOHWDNR WDNROXGRLOLQDLYQRVPLRQGDWRMDYQRLVSRYLMHGD
1HNLVHOMXGLYLHWUXGHVNULWLVYRMXSDPHWQHJRVYRMXJOXSRVW 1LWNRQLMHRWNULROMXGVNRMJOXSRVWLOLMHND
1HSRQL]XMVHSUHGEXGDORP 1LWNRQLMHWROLNRVOLMHSNDRRQLNRMLQHHYLGMHWL
KWMHWLNRULVWLWL 2EUD]RYDQMHRQDMNRMLPRHYLGMHWLSDUDOHOH%XGDOHXYLMHNYLGHQHWRQRYR
1DSUDYLVLVWHPNRMLLEXGDODPRHNRULVWLWLSDHJD QH VDPREXGDODL 2QDMWNRVHQDYLNDRQDDSVXUGQHVWYDULGREURVHVQDOD]LXQDHPYUHPHQX
R]ELOMQD*OXSDQLQDVGDNDNRQHPRJXSUDWLWLXPLVOLPD 2QLNRMLVHSUDYHJOXSLPDRSDVQLMLVXRGRQLKNRMLVXJOXSL
1DMWHHMHRYMHNXXUD]JRYRUXVJOXSDQLPD*OXSDQLQHHSRMPLWLGDMHVWYDU 3DPHWQLMLSRSXWD%HVPUWQDSRVORYLFDNRMDXWHPHOMXMHYODGDYLQXJOXSRVWL
1DMRSDVQLMDMHJOXSRVWNRMDQLMHRGUD]QHREUD]RYDQMDYHREUD]RYDQMD VYLMHWRP
XPLOMDMXGDVXQHRGROMLYH 3RVWRMHVDPRGYDQDLQDGDVHRYMHNX]GLJQH LOLVYRMRPYODVWLWRP
1DMQHVQRVQLMHRVREHVXOMXGLNRMLPLVOHGDVXJHQLMDOQLLHQHNRMHVHEL YMHWLQRPLOLJOXSRXGUXJLK
JOXSRX 3UDYRQDJOXSRVWMHGLRJDUDQFLMHVORERGQRJUD]YRMDOLQRVWL
1DMILOR]RIVNLMDMHVWUDQDSRYLMHVWLXWRPHWRQDVXSR]QDMHVOMXGVNRP 3UD]QRMMHYUHLWHNRVWDMDWLXVSUDYQR3UHGQRVWSDPHWLMHXWRPHGDVH
1DJDRRYMHNLQLOXGRVWLDUD]ERULWLKSRGQRVL RYMHNPRHSUDYLWLJOXSLP2EUDWQRMHYHWHH
1DGXWRVWLQLRYMHNDOXGLP DPRJOXSDQEUDQLSRWSXQREH]LGHMQHVWYDULLRGQRVHNRMLQLVXVSRMLYLV
6
WR]QDPR GREULPRELDMLPDRYMHNQDNUDMXRWXSOMXMH]DJOXSOMXMHVHEHLGUXJH
1DJOXSRVWLPDVWRMLVYLMHWLEH]QMLKVHPRGDQHELQLWDGHVLOR0L]QDPR
1DJOXSRVWLPDVWRMLVYLMHWLEH]QMLKVHPRGDQHELQLWDGHVLOR0L]QDPR
GREULPRELDMLPDRYMHNQDNUDMXRWXSOMXMH]DJOXSOMXMHVHEHLGUXJH WR]QDPR
6DPRJOXSDQEUDQLSRWSXQREH]LGHMQHVWYDULLRGQRVHNRMLQLVXVSRMLYLV 1DGXWRVWLQLRYMHNDOXGLP
RYMHNPRHSUDYLWLJOXSLP2EUDWQRMHYHWHH 1DJDRRYMHNLQLOXGRVWLDUD]ERULWLKSRGQRVL
3UD]QRMMHYUHLWHNRVWDMDWLXVSUDYQR3UHGQRVWSDPHWLMHXWRPHGDVH 1DMILOR]RIVNLMDMHVWUDQDSRYLMHVWLXWRPHWRQDVXSR]QDMHVOMXGVNRP
3UDYRQDJOXSRVWMHGLRJDUDQFLMHVORERGQRJUD]YRMDOLQRVWL JOXSRX
YMHWLQRPLOLJOXSRXGUXJLK 1DMQHVQRVQLMHRVREHVXOMXGLNRMLPLVOHGDVXJHQLMDOQLLHQHNRMHVHEL
3RVWRMHVDPRGYDQDLQDGDVHRYMHNX]GLJQH LOLVYRMRPYODVWLWRP XPLOMDMXGDVXQHRGROMLYH
VYLMHWRP 1DMRSDVQLMDMHJOXSRVWNRMDQLMHRGUD]QHREUD]RYDQMDYHREUD]RYDQMD
3DPHWQLMLSRSXWD%HVPUWQDSRVORYLFDNRMDXWHPHOMXMHYODGDYLQXJOXSRVWL 1DMWHHMHRYMHNXXUD]JRYRUXVJOXSDQLPD*OXSDQLQHHSRMPLWLGDMHVWYDU
2QLNRMLVHSUDYHJOXSLPDRSDVQLMLVXRGRQLKNRMLVXJOXSL R]ELOMQD*OXSDQLQDVGDNDNRQHPRJXSUDWLWLXPLVOLPD
2QDMWNRVHQDYLNDRQDDSVXUGQHVWYDULGREURVHVQDOD]LXQDHPYUHPHQX 1DSUDYLVLVWHPNRMLLEXGDODPRHNRULVWLWLSDHJD QH VDPREXGDODL
2EUD]RYDQMHRQDMNRMLPRHYLGMHWLSDUDOHOH%XGDOHXYLMHNYLGHQHWRQRYR KWMHWLNRULVWLWL
1LWNRQLMHWROLNRVOLMHSNDRRQLNRMLQHHYLGMHWL 1HSRQL]XMVHSUHGEXGDORP
1LWNRQLMHRWNULROMXGVNRMJOXSRVWLOLMHND 1HNLVHOMXGLYLHWUXGHVNULWLVYRMXSDPHWQHJRVYRMXJOXSRVW
WDNROXGRLOLQDLYQRVPLRQGDWRMDYQRLVSRYLMHGD 1HPRJXHMHELORWRXLQLWLRWSRUQLPDQDEXGDOHMHUVXEXGDOHWDNR
1LVXOMXGLWDNRJOXSLGDQHEL]QDOLWRVHVPLMHDWRQHDOLQLWNRRGQDVQLMH LQYHQWLYQH
1H]JRGDOXDNDMHRSRPHQD]DSDPHWQRJD 1HRJUDQLHQMHEURMOXDND
1HRJUDQLHQMHEURMOXDND 1H]JRGDOXDNDMHRSRPHQD]DSDPHWQRJD
LQYHQWLYQH 1LVXOMXGLWDNRJOXSLGDQHEL]QDOLWRVHVPLMHDWRQHDOLQLWNRRGQDVQLMH
1HPRJXHMHELORWRXLQLWLRWSRUQLPDQDEXGDOHMHUVXEXGDOHWDNR WDNROXGRLOLQDLYQRVPLRQGDWRMDYQRLVSRYLMHGD
1HNLVHOMXGLYLHWUXGHVNULWLVYRMXSDPHWQHJRVYRMXJOXSRVW 1LWNRQLMHRWNULROMXGVNRMJOXSRVWLOLMHND
1HSRQL]XMVHSUHGEXGDORP 1LWNRQLMHWROLNRVOLMHSNDRRQLNRMLQHHYLGMHWL
KWMHWLNRULVWLWL 2EUD]RYDQMHRQDMNRMLPRHYLGMHWLSDUDOHOH%XGDOHXYLMHNYLGHQHWRQRYR
1DSUDYLVLVWHPNRMLLEXGDODPRHNRULVWLWLSDHJD QH VDPREXGDODL 2QDMWNRVHQDYLNDRQDDSVXUGQHVWYDULGREURVHVQDOD]LXQDHPYUHPHQX
R]ELOMQD*OXSDQLQDVGDNDNRQHPRJXSUDWLWLXPLVOLPD 2QLNRMLVHSUDYHJOXSLPDRSDVQLMLVXRGRQLKNRMLVXJOXSL
1DMWHHMHRYMHNXXUD]JRYRUXVJOXSDQLPD*OXSDQLQHHSRMPLWLGDMHVWYDU 3DPHWQLMLSRSXWD%HVPUWQDSRVORYLFDNRMDXWHPHOMXMHYODGDYLQXJOXSRVWL
1DMRSDVQLMDMHJOXSRVWNRMDQLMHRGUD]QHREUD]RYDQMDYHREUD]RYDQMD VYLMHWRP
XPLOMDMXGDVXQHRGROMLYH 3RVWRMHVDPRGYDQDLQDGDVHRYMHNX]GLJQH LOLVYRMRPYODVWLWRP
1DMQHVQRVQLMHRVREHVXOMXGLNRMLPLVOHGDVXJHQLMDOQLLHQHNRMHVHEL YMHWLQRPLOLJOXSRXGUXJLK
JOXSRX 3UDYRQDJOXSRVWMHGLRJDUDQFLMHVORERGQRJUD]YRMDOLQRVWL
1DMILOR]RIVNLMDMHVWUDQDSRYLMHVWLXWRPHWRQDVXSR]QDMHVOMXGVNRP 3UD]QRMMHYUHLWHNRVWDMDWLXVSUDYQR3UHGQRVWSDPHWLMHXWRPHGDVH
1DJDRRYMHNLQLOXGRVWLDUD]ERULWLKSRGQRVL RYMHNPRHSUDYLWLJOXSLP2EUDWQRMHYHWHH
1DGXWRVWLQLRYMHNDOXGLP DPRJOXSDQEUDQLSRWSXQREH]LGHMQHVWYDULLRGQRVHNRMLQLVXVSRMLYLV
6
WR]QDPR GREULPRELDMLPDRYMHNQDNUDMXRWXSOMXMH]DJOXSOMXMHVHEHLGUXJH
1DJOXSRVWLPDVWRMLVYLMHWLEH]QMLKVHPRGDQHELQLWDGHVLOR0L]QDPR
6DPRMHEXGDODVDPVDVRERP]DGRYROMDQ
6LURPDQDMHEXGDOD ERJDWDEXGDODMHERJDWD =DRSWLPLVWDLYRWQLMHSUREOHPYHUMHHQMH
6WUHOLFDPDDSVXUGDWUHEDRGX]HWLFLOM 8]EURMPRJDLYRWDVSDGDL]PHXRVWDORJLWRGDQHSRVWRMLEH]L]OD]QRVW
6WXSDQMSRMHGLQLKFLYLOL]DFLMDVWRMLXREUDWQRPRPMHUXVDOMXGVNRPSDPHWL RGVMDMQHEHVNRJVYLMHWOD
6YDNDEXGDOD]QDGHWUDLWLL]OLNH]DYODVWLWHSRJUHNH SRVMHGXMHYHGULLYRWQLRSWLPL]DPLR]QDDYDXVSUDYQXOLQRVW1MHJRYMHXP
6YDWNRPLVOLGDMHQDMYDQLMLQDMEROML VDPROXDNLJOXSDQLPDKUDEURVWLWRL
6WYDUDRFLYLXVNODGXVSULURGRPWR]QDLELWLLXVNODGXVUD]XPRPMHU
UHL 6EH]QDGQRXSRLQMHRSWLPL]DP
6YLVPRPLPDVNHLVYLVPRPL]DNULQNDQLLVYDNLRYMHNRVMHDSRWUHEXGD QHSRGPLWOMLYHOLQRVWL
VNLQHVYRMXPDVNXQDMHGDQWUHQGDUDVNULQNDGDSURJRYRULSRFUWLVYRJ 2SWLPLVWDQLNDGDQHHL]DEUDWLOXGQLFXNDRMHGLQRJGRVWRMQRJVNORQLWD
LQWLPQRJUDVSRORHQMD GDMHWRLVWLQD
WRMHYHDLQWHOLJHQFLMDWRYLHQMH]LQDJOXSRVWPRHNRGLWL 2SWLPLVWJRYRULGDLYLPRXQDMEROMHPPRJXHPVYLMHWXDSHVLPLVWVHERML
WROMXGLQDMUDGLMHQD]LYDMXJOXSLP"3DPHWQHVWYDULNRMHQHVKYDDMX VOXJDHYROXFLMHDXLVWRYULMHPHLQMH]LQPODGHQDNLJRVSRGDU
8LQWHUHVXMHVYDNRJGUXWYDGDVHERULSURWLYJOXSRVWLSURWLYVQDJDNRMH
QMHJRYLXORJXXVYHPLUX2QDMH]HPDOMVND]DOLKDHYROXFLMVNLKPRJXQRVWL
REOLNXMXRVREHNRMLPDVYHWRMHQHSR]QDWRL]JOHGDWDMDQVWYHQRLSULMHWHH
MHL]JOHGDRLUDFLRQDODQLEHVPLVOHQ2QQDPSRND]XMHRYMHNRYRPMHVWRR
RSWLPL]PD2QQDPGDMHQHNXPMHUX]QDHQMDLUDFLRQDOQHQDGHXVYLMHWXNRML
YLGMHWHNROLNRVHJOXSRVWLLNROLNRNXNDYLOXNDSDLDORVWLNDWNDGD
8 1RYDMHYL]LMDWRMHGXJXMHPR]QDQRVWLYL]LMDVWYDUQRJSUHPGDXPMHUHQRJ
VNULYDSRGPDVNRP]GUDYDUD]XPD
NRMLJDJDVL
pLPRSWLPLVWXJOHGDVYMHWORNRMHXRSHQHSRVWRMLSRMDYOMXMHVHSHVLPLVW
237,0,=$0,3(6,0,=$0
237,0,=$0,3(6,0,=$0
pLPRSWLPLVWXJOHGDVYMHWORNRMHXRSHQHSRVWRMLSRMDYOMXMHVHSHVLPLVW
NRMLJDJDVL
VNULYDSRGPDVNRP]GUDYDUD]XPD
1RYDMHYL]LMDWRMHGXJXMHPR]QDQRVWLYL]LMDVWYDUQRJSUHPGDXPMHUHQRJ 8YLGMHWHNROLNRVHJOXSRVWLLNROLNRNXNDYLOXNDSDLDORVWLNDWNDGD
RSWLPL]PD2QQDPGDMHQHNXPMHUX]QDHQMDLUDFLRQDOQHQDGHXVYLMHWXNRML
MHL]JOHGDRLUDFLRQDODQLEHVPLVOHQ2QQDPSRND]XMHRYMHNRYRPMHVWRR
REOLNXMXRVREHNRMLPDVYHWRMHQHSR]QDWRL]JOHGDWDMDQVWYHQRLSULMHWHH
QMHJRYLXORJXXVYHPLUX2QDMH]HPDOMVND]DOLKDHYROXFLMVNLKPRJXQRVWL
8LQWHUHVXMHVYDNRJGUXWYDGDVHERULSURWLYJOXSRVWLSURWLYVQDJDNRMH
VOXJDHYROXFLMHDXLVWRYULMHPHLQMH]LQPODGHQDNLJRVSRGDU WROMXGLQDMUDGLMHQD]LYDMXJOXSLP"3DPHWQHVWYDULNRMHQHVKYDDMX
2SWLPLVWJRYRULGDLYLPRXQDMEROMHPPRJXHPVYLMHWXDSHVLPLVWVHERML WRMHYHDLQWHOLJHQFLMDWRYLHQMH]LQDJOXSRVWPRHNRGLWL
GDMHWRLVWLQD LQWLPQRJUDVSRORHQMD
2SWLPLVWDQLNDGDQHHL]DEUDWLOXGQLFXNDRMHGLQRJGRVWRMQRJVNORQLWD VNLQHVYRMXPDVNXQDMHGDQWUHQGDUDVNULQNDGDSURJRYRULSRFUWLVYRJ
QHSRGPLWOMLYHOLQRVWL 6YLVPRPLPDVNHLVYLVPRPL]DNULQNDQLLVYDNLRYMHNRVMHDSRWUHEXGD
6EH]QDGQRXSRLQMHRSWLPL]DP UHL
6WYDUDRFLYLXVNODGXVSULURGRPWR]QDLELWLLXVNODGXVUD]XPRPMHU
6YDWNRPLVOLGDMHQDMYDQLMLQDMEROML VDPROXDNLJOXSDQLPDKUDEURVWLWRL
SRVMHGXMHYHGULLYRWQLRSWLPL]DPLR]QDDYDXVSUDYQXOLQRVW1MHJRYMHXP 6YDNDEXGDOD]QDGHWUDLWLL]OLNH]DYODVWLWHSRJUHNH
RGVMDMQHEHVNRJVYLMHWOD 6WXSDQMSRMHGLQLKFLYLOL]DFLMDVWRMLXREUDWQRPRPMHUXVDOMXGVNRPSDPHWL
8]EURMPRJDLYRWDVSDGDL]PHXRVWDORJLWRGDQHSRVWRMLEH]L]OD]QRVW 6WUHOLFDPDDSVXUGDWUHEDRGX]HWLFLOM
DRSWLPLVWDLYRWQLMHSUREOHPYHUMHHQMH
= 6LURPDQDMHEXGDOD ERJDWDEXGDODMHERJDWD
6DPRMHEXGDODVDPVDVRERP]DGRYROMDQ
6DPRMHEXGDODVDPVDVRERP]DGRYROMDQ
6LURPDQDMHEXGDOD ERJDWDEXGDODMHERJDWD =DRSWLPLVWDLYRWQLMHSUREOHPYHUMHHQMH
6WUHOLFDPDDSVXUGDWUHEDRGX]HWLFLOM 8]EURMPRJDLYRWDVSDGDL]PHXRVWDORJLWRGDQHSRVWRMLEH]L]OD]QRVW
6WXSDQMSRMHGLQLKFLYLOL]DFLMDVWRMLXREUDWQRPRPMHUXVDOMXGVNRPSDPHWL RGVMDMQHEHVNRJVYLMHWOD
6YDNDEXGDOD]QDGHWUDLWLL]OLNH]DYODVWLWHSRJUHNH SRVMHGXMHYHGULLYRWQLRSWLPL]DPLR]QDDYDXVSUDYQXOLQRVW1MHJRYMHXP
6YDWNRPLVOLGDMHQDMYDQLMLQDMEROML VDPROXDNLJOXSDQLPDKUDEURVWLWRL
6WYDUDRFLYLXVNODGXVSULURGRPWR]QDLELWLLXVNODGXVUD]XPRPMHU
UHL 6EH]QDGQRXSRLQMHRSWLPL]DP
6YLVPRPLPDVNHLVYLVPRPL]DNULQNDQLLVYDNLRYMHNRVMHDSRWUHEXGD QHSRGPLWOMLYHOLQRVWL
VNLQHVYRMXPDVNXQDMHGDQWUHQGDUDVNULQNDGDSURJRYRULSRFUWLVYRJ 2SWLPLVWDQLNDGDQHHL]DEUDWLOXGQLFXNDRMHGLQRJGRVWRMQRJVNORQLWD
LQWLPQRJUDVSRORHQMD GDMHWRLVWLQD
WRMHYHDLQWHOLJHQFLMDWRYLHQMH]LQDJOXSRVWPRHNRGLWL 2SWLPLVWJRYRULGDLYLPRXQDMEROMHPPRJXHPVYLMHWXDSHVLPLVWVHERML
WROMXGLQDMUDGLMHQD]LYDMXJOXSLP"3DPHWQHVWYDULNRMHQHVKYDDMX VOXJDHYROXFLMHDXLVWRYULMHPHLQMH]LQPODGHQDNLJRVSRGDU
8LQWHUHVXMHVYDNRJGUXWYDGDVHERULSURWLYJOXSRVWLSURWLYVQDJDNRMH
QMHJRYLXORJXXVYHPLUX2QDMH]HPDOMVND]DOLKDHYROXFLMVNLKPRJXQRVWL
REOLNXMXRVREHNRMLPDVYHWRMHQHSR]QDWRL]JOHGDWDMDQVWYHQRLSULMHWHH
MHL]JOHGDRLUDFLRQDODQLEHVPLVOHQ2QQDPSRND]XMHRYMHNRYRPMHVWRR
RSWLPL]PD2QQDPGDMHQHNXPMHUX]QDHQMDLUDFLRQDOQHQDGHXVYLMHWXNRML
YLGMHWHNROLNRVHJOXSRVWLLNROLNRNXNDYLOXNDSDLDORVWLNDWNDGD
8 1RYDMHYL]LMDWRMHGXJXMHPR]QDQRVWLYL]LMDVWYDUQRJSUHPGDXPMHUHQRJ
VNULYDSRGPDVNRP]GUDYDUD]XPD
NRMLJDJDVL
pLPRSWLPLVWXJOHGDVYMHWORNRMHXRSHQHSRVWRMLSRMDYOMXMHVHSHVLPLVW
37,0,=$0,3(6,0,=$0
2
237,0,=$0,3(6,0,=$0
pLPRSWLPLVWXJOHGDVYMHWORNRMHXRSHQHSRVWRMLSRMDYOMXMHVHSHVLPLVW
NRMLJDJDVL
VNULYDSRGPDVNRP]GUDYDUD]XPD
1RYDMHYL]LMDWRMHGXJXMHPR]QDQRVWLYL]LMDVWYDUQRJSUHPGDXPMHUHQRJ 8YLGMHWHNROLNRVHJOXSRVWLLNROLNRNXNDYLOXNDSDLDORVWLNDWNDGD
RSWLPL]PD2QQDPGDMHQHNXPMHUX]QDHQMDLUDFLRQDOQHQDGHXVYLMHWXNRML
MHL]JOHGDRLUDFLRQDODQLEHVPLVOHQ2QQDPSRND]XMHRYMHNRYRPMHVWRR
REOLNXMXRVREHNRMLPDVYHWRMHQHSR]QDWRL]JOHGDWDMDQVWYHQRLSULMHWHH
QMHJRYLXORJXXVYHPLUX2QDMH]HPDOMVND]DOLKDHYROXFLMVNLKPRJXQRVWL
8LQWHUHVXMHVYDNRJGUXWYDGDVHERULSURWLYJOXSRVWLSURWLYVQDJDNRMH
VOXJDHYROXFLMHDXLVWRYULMHPHLQMH]LQPODGHQDNLJRVSRGDU WROMXGLQDMUDGLMHQD]LYDMXJOXSLP"3DPHWQHVWYDULNRMHQHVKYDDMX
2SWLPLVWJRYRULGDLYLPRXQDMEROMHPPRJXHPVYLMHWXDSHVLPLVWVHERML WRMHYHDLQWHOLJHQFLMDWRYLHQMH]LQDJOXSRVWPRHNRGLWL
GDMHWRLVWLQD LQWLPQRJUDVSRORHQMD
2SWLPLVWDQLNDGDQHHL]DEUDWLOXGQLFXNDRMHGLQRJGRVWRMQRJVNORQLWD VNLQHVYRMXPDVNXQDMHGDQWUHQGDUDVNULQNDGDSURJRYRULSRFUWLVYRJ
QHSRGPLWOMLYHOLQRVWL 6YLVPRPLPDVNHLVYLVPRPL]DNULQNDQLLVYDNLRYMHNRVMHDSRWUHEXGD
6EH]QDGQRXSRLQMHRSWLPL]DP UHL
6WYDUDRFLYLXVNODGXVSULURGRPWR]QDLELWLLXVNODGXVUD]XPRPMHU
6YDWNRPLVOLGDMHQDMYDQLMLQDMEROML VDPROXDNLJOXSDQLPDKUDEURVWLWRL
SRVMHGXMHYHGULLYRWQLRSWLPL]DPLR]QDDYDXVSUDYQXOLQRVW1MHJRYMHXP 6YDNDEXGDOD]QDGHWUDLWLL]OLNH]DYODVWLWHSRJUHNH
RGVMDMQHEHVNRJVYLMHWOD 6WXSDQMSRMHGLQLKFLYLOL]DFLMDVWRMLXREUDWQRPRPMHUXVDOMXGVNRPSDPHWL
8]EURMPRJDLYRWDVSDGDL]PHXRVWDORJLWRGDQHSRVWRMLEH]L]OD]QRVW 6WUHOLFDPDDSVXUGDWUHEDRGX]HWLFLOM
DRSWLPLVWDLYRWQLMHSUREOHPYHUMHHQMH
= 6LURPDQDMHEXGDOD ERJDWDEXGDODMHERJDWD
DPRMHEXGDODVDPVDVRERP]DGRYROMDQ
6
2SWLPLVWLVXORHREDYLMHWHQL
UD]OLNDPD'MHORMHXYLMHNL]YUJQXWRRSDVQRVWLL]RSDHQMDLNULYRWYRUHQMD p3HVLPL]DPMHGXHYQDEROHVW2QMHJULMHK
8VSMHKSRGXKYDWDMHXYLMHNQDNRFNLYULMHGQRVWLVHVWYDUDMXVSRVWHSHQLP
3HVLPL]DPXELMDXOMXGLPDWHQMXGDVHERUHSURWLYVLURPDWYDQH]QDQMDL
REUD]RYDQMHLUD]YRM WRVXLYRWLVORERGD ]ORLQDLLVXXMHVYDYUHODUDGRVWLXVYLMHWX
6WDWL WRELELODVPUW RSRQDDWL WRMHYHMHGQDYUVWDURSVWYD YODVWLWR
3HVLPLVWMHRYMHNNRMLVHYHVHOLORLPLVNXVWYLPDMHUPXGDMX]DSUDYR
GRVDGLORPDMPXQLUDWLWXHJULPDVH
SRFUWLSRPRGQRJSUHSLVLYDQMDDSLWDPRVHNDNRWRGDOMXGLPDMRXYLMHNQLMH 3HVLPLVWLLPDMXWXSUHGQRVWGDUMHHELYDMXUD]RDUDQL
2SRQDDQMHMHQDMLVNUHQLMLREOLNODVNDQMD3LVDORVHLSLHXJODYQRPLGDQDV 3HVLPLVWLVXLVWLQVNLLYRWQLXPMHWQLFLMHUGRLYOMDYDMXVDPRXJRGQD
XHQMD*UXSDSUHQRVLQDVYRMHODQRYHVYDLVNXVWYDSRWUHEQD]DRSVWDQDN L]QHQDHQMD
VNXSOMDQMDXJUXSHLVWYDUDQMHRGQRVHL]YLUHYMHURMDWQRL]WRJSURFHVD 3HVLPLVWLDQMH]QDNWRVXVYHXWRSLMHQRYLMHJGREDSHVLPLVWLQH
/MXGLVHXHRSRQDDWL RWRMVSRVREQRVWLRYLVLQMLKRYRSVWDQDN1XQRVW 1HPRJXVLSRPRL DSRNDOLSWLDULVWUEXVLPDQLVXXYMHUOMLYL
p/MXGLNUDGXMHGQLGUXJLPDPLVOLLQRYDF HVLPLVW QHPRHELWLJRUH2SWLPLVW PRHPRH
3
NRPSOLPHQDWD
=ERJSODJLMDWDVHQHELWUHEDOLOMXWLWL2QLVXYMHURMDWQRQDMLVNUHQLMLRGVYLK
0HXOMXGLPDLPDSXQRYLHNRSLMDQHJRRULJLQDOD 25,*,1$/1267,2321$$1-(
p)DOVLILNDWVHRGRULJLQDODUD]OLNXMHSRWRPXGDL]JOHGDRULJLQDOQLMH
RULJLQDOQRVWIDOVLILNDWSODJLMDWRSRQDDQMHUXWLQD
2ULJLQDOQRVWVHQHXL
p%XGLRULJLQDODQ$NRYHHOLQHNRJRSRQDDWLRSRQDDMJDXRQRPH
WRMHQDMEROMH2ULJLQDOQRVWVHQHVDVWRMLXWRPHGDNDHWRQLWNRSULMHQLMH
2ULJLQDOQRVWWUHEDFLMHQLWLYLHRGRSVHQRVWL
UHNDRYHXWRPHGDWRQRNDHRQRWRPLVOL UHNDRYHXWRPHGDWRQRNDHRQRWRPLVOL
2ULJLQDOQRVWWUHEDFLMHQLWLYLHRGRSVHQRVWL
WRMHQDMEROMH2ULJLQDOQRVWVHQHVDVWRMLXWRPHGDNDHWRQLWNRSULMHQLMH
p%XGLRULJLQDODQ$NRYHHOLQHNRJRSRQDDWLRSRQDDMJDXRQRPH
2ULJLQDOQRVWVHQHXL
RULJLQDOQRVWIDOVLILNDWSODJLMDWRSRQDDQMHUXWLQD
p)DOVLILNDWVHRGRULJLQDODUD]OLNXMHSRWRPXGDL]JOHGDRULJLQDOQLMH
25,*,1$/1267,2321$$1-( 0HXOMXGLPDLPDSXQRYLHNRSLMDQHJRRULJLQDOD
=ERJSODJLMDWDVHQHELWUHEDOLOMXWLWL2QLVXYMHURMDWQRQDMLVNUHQLMLRGVYLK
NRPSOLPHQDWD
3HVLPLVW QHPRHELWLJRUH2SWLPLVW PRHPRH p/MXGLNUDGXMHGQLGUXJLPDPLVOLLQRYDF
1HPRJXVLSRPRL DSRNDOLSWLDULVWUEXVLPDQLVXXYMHUOMLYL /MXGLVHXHRSRQDDWL RWRMVSRVREQRVWLRYLVLQMLKRYRSVWDQDN1XQRVW
3HVLPLVWLDQMH]QDNWRVXVYHXWRSLMHQRYLMHJGREDSHVLPLVWLQH VNXSOMDQMDXJUXSHLVWYDUDQMHRGQRVHL]YLUHYMHURMDWQRL]WRJSURFHVD
L]QHQDHQMD XHQMD*UXSDSUHQRVLQDVYRMHODQRYHVYDLVNXVWYDSRWUHEQD]DRSVWDQDN
3HVLPLVWLVXLVWLQVNLLYRWQLXPMHWQLFLMHUGRLYOMDYDMXVDPRXJRGQD 2SRQDDQMHMHQDMLVNUHQLMLREOLNODVNDQMD3LVDORVHLSLHXJODYQRPLGDQDV
3HVLPLVWLLPDMXWXSUHGQRVWGDUMHHELYDMXUD]RDUDQL SRFUWLSRPRGQRJSUHSLVLYDQMDDSLWDPRVHNDNRWRGDOMXGLPDMRXYLMHNQLMH
GRVDGLORPDMPXQLUDWLWXHJULPDVH
3HVLPLVWMHRYMHNNRMLVHYHVHOLORLPLVNXVWYLPDMHUPXGDMX]DSUDYR
6WDWL WRELELODVPUW RSRQDDWL WRMHYHMHGQDYUVWDURSVWYD YODVWLWR
]ORLQDLLVXXMHVYDYUHODUDGRVWLXVYLMHWX REUD]RYDQMHLUD]YRM WRVXLYRWLVORERGD
3HVLPL]DPXELMDXOMXGLPDWHQMXGDVHERUHSURWLYVLURPDWYDQH]QDQMDL
VSMHKSRGXKYDWDMHXYLMHNQDNRFNLYULMHGQRVWLVHVWYDUDMXVSRVWHSHQLP
8
p3HVLPL]DPMHGXHYQDEROHVW2QMHJULMHK UD]OLNDPD'MHORMHXYLMHNL]YUJQXWRRSDVQRVWLL]RSDHQMDLNULYRWYRUHQMD
SWLPLVWLVXORHREDYLMHWHQL
2
2SWLPLVWLVXORHREDYLMHWHQL
UD]OLNDPD'MHORMHXYLMHNL]YUJQXWRRSDVQRVWLL]RSDHQMDLNULYRWYRUHQMD p3HVLPL]DPMHGXHYQDEROHVW2QMHJULMHK
8VSMHKSRGXKYDWDMHXYLMHNQDNRFNLYULMHGQRVWLVHVWYDUDMXVSRVWHSHQLP
3HVLPL]DPXELMDXOMXGLPDWHQMXGDVHERUHSURWLYVLURPDWYDQH]QDQMDL
REUD]RYDQMHLUD]YRM WRVXLYRWLVORERGD ]ORLQDLLVXXMHVYDYUHODUDGRVWLXVYLMHWX
6WDWL WRELELODVPUW RSRQDDWL WRMHYHMHGQDYUVWDURSVWYD YODVWLWR
3HVLPLVWMHRYMHNNRMLVHYHVHOLORLPLVNXVWYLPDMHUPXGDMX]DSUDYR
GRVDGLORPDMPXQLUDWLWXHJULPDVH
SRFUWLSRPRGQRJSUHSLVLYDQMDDSLWDPRVHNDNRWRGDOMXGLPDMRXYLMHNQLMH 3HVLPLVWLLPDMXWXSUHGQRVWGDUMHHELYDMXUD]RDUDQL
2SRQDDQMHMHQDMLVNUHQLMLREOLNODVNDQMD3LVDORVHLSLHXJODYQRPLGDQDV 3HVLPLVWLVXLVWLQVNLLYRWQLXPMHWQLFLMHUGRLYOMDYDMXVDPRXJRGQD
XHQMD*UXSDSUHQRVLQDVYRMHODQRYHVYDLVNXVWYDSRWUHEQD]DRSVWDQDN L]QHQDHQMD
VNXSOMDQMDXJUXSHLVWYDUDQMHRGQRVHL]YLUHYMHURMDWQRL]WRJSURFHVD 3HVLPLVWLDQMH]QDNWRVXVYHXWRSLMHQRYLMHJGREDSHVLPLVWLQH
/MXGLVHXHRSRQDDWL RWRMVSRVREQRVWLRYLVLQMLKRYRSVWDQDN1XQRVW HPRJXVLSRPRL DSRNDOLSWLDULVWUEXVLPDQLVXXYMHUOMLYL
1
p/MXGLNUDGXMHGQLGUXJLPDPLVOLLQRYDF 3HVLPLVW QHPRHELWLJRUH2SWLPLVW PRHPRH
NRPSOLPHQDWD
=ERJSODJLMDWDVHQHELWUHEDOLOMXWLWL2QLVXYMHURMDWQRQDMLVNUHQLMLRGVYLK
0HXOMXGLPDLPDSXQRYLHNRSLMDQHJRRULJLQDOD 25,*,1$/1267,2321$$1-(
p)DOVLILNDWVHRGRULJLQDODUD]OLNXMHSRWRPXGDL]JOHGDRULJLQDOQLMH
RULJLQDOQRVWIDOVLILNDWSODJLMDWRSRQDDQMHUXWLQD
2ULJLQDOQRVWVHQHXL
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3RQRVMHGDNOHL]QXWUDSRWHNORSUHPDWRPHLL]UDYQRVDPRSRWRYDQMHD
3RVWRMLPXND]ERJNRMHVPRSRQRVQL
3RVWRMLPXND]ERJNRMHVPRSRQRVQL
3RQRVMHGDNOHL]QXWUDSRWHNORSUHPDWRPHLL]UDYQRVDPRSRWRYDQMHD
WDWLQDQDSURWLYWHQMDGDVHRQRSRVWLJQHL]YDQDWRMHVWQHL]UDYQR XGRGDVHOMXGVNDVDYMHVWL]JXELODNDRPDJOD3DPHWMHXVDPOMHQDSRMDYD
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LWDYRJVYLMHWD7UHEDSULMHVYHJDELWLSUDYHGDQWUHED]DWLP]QDWLWRMH
3RQRVDQRYMHNRGVHEHWUDLQDMEROMHRKRORYMHNVLWRSULSLVXMH WRMHQMHJRYRVMHDMOMXGVNRJSRQRVDNDRWDNYRJDWDMMHMDLRGJOXSRVWL
3ULMHELWUHEDORGDXPUHPRQDQRJDPDQHJRGDLYLPRQDNROMHQLPD 'RSXVWLGUXJRPHGDVDXYDYODVWLWLSRQRV$NRMHQHWRRYMHNDGRVWRMQR
3UL]RUOMXGVNRJSRQRVDMHQHXVSRUHGLY WYUGRJODYRVWL SULVLOMHQRVWDWLGRVOMHGDQVDPRPHVHEL
3RGODFDQDMYLHYULMHDSRQRV p%XGLSRQRVDQ$NRWLQHWNRNDHQHWDGDMHRQ]ERJSRQRVD LOL
p$NRMHX]GUOMLYRVWSRJUHNDUDYQRGXQRVWMH]ORLQ SRQRVVX]GUDQRVWVUDPVUDPHOMLYRVWDSVWLQHQWSUNRVGRVWRMDQVWYR
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6X]GUDYDQMHMHXLYDQMHXVWYDULPDNRMHVHQHPRJXGRELWL
6X]GUDQRVWRVLURPDXMHXSXHQRJ
WRVHYLHVWYDULRYMHNVUDPLWRMHXJOHGQLML YMHEDWL
6UDPHOMLYRVWGDMHGXLSRVHEQXOMHSRWXNRMDVHHVWRRGUDDYDQDLWDYR
9MHEDXYUXMHYMHWLQH6WYDUDODNHVHVSRVREQRVWLPRJXXWYUGLWLL
WLMHOR XSRWUHEOMDYDWDNRVHLWYRMDVSRVREQRVWXQLWLEH]YMHEH
p$SVWLQHQWRYMHNVODEHYROMHNRMLSRGOLMHHLVNXHQMXGDVDPVHELXVNUDWL
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]DGRYROMVWYR
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JUHNHNRULVWH
1HSDGDPRSUHNRVYRMLKJUHDND8YLMHNSDGDPRSUHNRQHSULMDWHOMDNRMLWH
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p$SVWLQHQWRYMHNVODEHYROMHNRMLSRGOLMHHLVNXHQMXGDVDPVHELXVNUDWL
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9MHEDXYUXMHYMHWLQH6WYDUDODNHVHVSRVREQRVWLPRJXXWYUGLWLL
6UDPHOMLYRVWGDMHGXLSRVHEQXOMHSRWXNRMDVHHVWRRGUDDYDQDLWDYR
YMHEDWL WRVHYLHVWYDULRYMHNVUDPLWRMHXJOHGQLML
6X]GUDQRVWRVLURPDXMHXSXHQRJ
6X]GUDYDQMHMHXLYDQMHXVWYDULPDNRMHVHQHPRJXGRELWL
32126,68='5$1267 ,SDNSRVWRMLJUDQLFDJGMHX]GUOMLYRVWSUHVWDMHELWLYUOLQD
SRQRVVX]GUDQRVWVUDPVUDPHOMLYRVWDSVWLQHQWSUNRVGRVWRMDQVWYR p$NRMHX]GUOMLYRVWSRJUHNDUDYQRGXQRVWMH]ORLQ
p%XGLSRQRVDQ$NRWLQHWNRNDHQHWDGDMHRQ]ERJSRQRVD LOL 3RGODFDQDMYLHYULMHDSRQRV
WYUGRJODYRVWL SULVLOMHQRVWDWLGRVOMHGDQVDPRPHVHEL 3UL]RUOMXGVNRJSRQRVDMHQHXVSRUHGLY
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WRMHQMHJRYRVMHDMOMXGVNRJSRQRVDNDRWDNYRJDWDMMHMDLRGJOXSRVWL 3RQRVDQRYMHNRGVHEHWUDLQDMEROMHRKRORYMHNVLWRSULSLVXMH
LWDYRJVYLMHWD7UHEDSULMHVYHJDELWLSUDYHGDQWUHED]DWLP]QDWLWRMH
LVWLQDDOMXGLVXELMHGDSULOLNHXNRMLPDLYHVXQHGRVWRMQHRYMHNDWHQLMH 'RVOMHGQRWRPHLQLWDWLQDRYMHNDJRYRUOMLYLPDSRQRVXWOMLYLP
XGRGDVHOMXGVNDVDYMHVWL]JXELODNDRPDJOD3DPHWMHXVDPOMHQDSRMDYD WDWLQDQDSURWLYWHQMDGDVHRQRSRVWLJQHL]YDQDWRMHVWQHL]UDYQR
3RQRVMHGDNOHL]QXWUDSRWHNORSUHPDWRPHLL]UDYQRVDPRSRWRYDQMHD
3RVWRMLPXND]ERJNRMHVPRSRQRVQL
3RVWRMLPXND]ERJNRMHVPRSRQRVQL
3RQRVMHGDNOHL]QXWUDSRWHNORSUHPDWRPHLL]UDYQRVDPRSRWRYDQMHD
WDWLQDQDSURWLYWHQMDGDVHRQRSRVWLJQHL]YDQDWRMHVWQHL]UDYQR XGRGDVHOMXGVNDVDYMHVWL]JXELODNDRPDJOD3DPHWMHXVDPOMHQDSRMDYD
'RVOMHGQRWRPHLQLWDWLQDRYMHNDJRYRUOMLYLPDSRQRVXWOMLYLP LVWLQDDOMXGLVXELMHGDSULOLNHXNRMLPDLYHVXQHGRVWRMQHRYMHNDWHQLMH
LWDYRJVYLMHWD7UHEDSULMHVYHJDELWLSUDYHGDQWUHED]DWLP]QDWLWRMH
3RQRVDQRYMHNRGVHEHWUDLQDMEROMHRKRORYMHNVLWRSULSLVXMH WRMHQMHJRYRVMHDMOMXGVNRJSRQRVDNDRWDNYRJDWDMMHMDLRGJOXSRVWL
3ULMHELWUHEDORGDXPUHPRQDQRJDPDQHJRGDLYLPRQDNROMHQLPD 'RSXVWLGUXJRPHGDVDXYDYODVWLWLSRQRV$NRMHQHWRRYMHNDGRVWRMQR
3UL]RUOMXGVNRJSRQRVDMHQHXVSRUHGLY WYUGRJODYRVWL SULVLOMHQRVWDWLGRVOMHGDQVDPRPHVHEL
3RGODFDQDMYLHYULMHDSRQRV p%XGLSRQRVDQ$NRWLQHWNRNDHQHWDGDMHRQ]ERJSRQRVD LOL
p$NRMHX]GUOMLYRVWSRJUHNDUDYQRGXQRVWMH]ORLQ SRQRVVX]GUDQRVWVUDPVUDPHOMLYRVWDSVWLQHQWSUNRVGRVWRMDQVWYR
,SDNSRVWRMLJUDQLFDJGMHX]GUOMLYRVWSUHVWDMHELWLYUOLQD 32126,68='5$1267
6X]GUDYDQMHMHXLYDQMHXVWYDULPDNRMHVHQHPRJXGRELWL
6X]GUDQRVWRVLURPDXMHXSXHQRJ
WRVHYLHVWYDULRYMHNVUDPLWRMHXJOHGQLML YMHEDWL
6UDPHOMLYRVWGDMHGXLSRVHEQXOMHSRWXNRMDVHHVWRRGUDDYDQDLWDYR
9MHEDXYUXMHYMHWLQH6WYDUDODNHVHVSRVREQRVWLPRJXXWYUGLWLL
WLMHOR XSRWUHEOMDYDWDNRVHLWYRMDVSRVREQRVWXQLWLEH]YMHEH
p$SVWLQHQWRYMHNVODEHYROMHNRMLSRGOLMHHLVNXHQMXGDVDPVHELXVNUDWL
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]DGRYROMVWYR
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JUHNHNRULVWH
1HSDGDPRSUHNRVYRMLKJUHDND8YLMHNSDGDPRSUHNRQHSULMDWHOMDNRMLWH
p3UNRVMHMHGLQRRUXMHVODELKLMRMHGQDVODERVWYLH
GDSRVMHGXMHGYLMHGXH p'RVWRMDQVWYRRYMHNDSRLYDQDRGDELUX
XYDMSULMDWHOMHLGUHYQHVWD]H$NRLPDSUDYRJSULMDWHOMDPRHUHL 'RVWRMDQVWYRRYMHNDVDVWRMLVHPRGDMHGLQRXQMHJRYRMVSRVREQRVWLGD
RGDELUDQHSULMDWHOMDQHPRHQLNDGDELWLGRYROMQRRSUH]DQ SRWXMHVHEHVDPRJD
HVWRQLMHRYMHNXQLWDQHSULMDWHOMVNLMHQHJRRQVDPVHELRYMHNNRG -HGQRVWDYQLMHMHL]JOHGDWLGRVWRMDQVOXELNRMHRYMHNQHPDQHJRRQLKNRMH
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VYRMLKSULMDWHOMVWDYD 0RGDMHMHGLQRGRVWRMDQVWYRRYMHNDXQMHJRYRMVSRVREQRVWLGDVHPRH
$NRVHL]GLJQHXVXFDVYRMLKSULMDWHOMDPRHODNRSRVWDWLNUYQLNRP FLMHQLWL
$NRSULMDWHOMDSRVWLGL]QDLSULMDWHOMDJXEL 6YODGDYDQMHQDJRQkSRPRXPRUDOQHVQDJHGXKRYQDMHVORERGDD
GDURYDRYHSURGDR GRVWRMDQVWYRR]QDDYDQMHQL]UD]XSRMDYL
$NRSULVYDNRMSULMDWHOMVNRMXVOX]LRGPDKPLVOLQD]DKYDOQRVWRQGDQLVL NRVHGRVDXMHGRVDGDQMHVYLPD
7
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QHELWQRQHSRVWLHQLRQRWRWLMHSRWUHEQR
p$NRH]QH]DEHVNRULVQLPLWUDLVDPRRQRWRMHVXYLQRRELQRL 35(7-(5,9$1-(,327&-(1-,9$1-(
SULMDWHOMVWYRQHSULMDWHOMVWYRL]GDMDSURWLYQLFLVXVMHG p1HSUHWMHUXMXULMHLPD3UHWMHULYDQMDQHGRGDMXQHJRRGX]LPDMXYMHUX
XLVWLQX3UHWMHULYDQMHMHODSRWHQLKOMXGL
35,-$7(/-6792,1(35,-$7(/-6792 LPVHMHGDQRVMHDMSUHXYHOLDQHVWDMHVSRVREQRVWLUDVXLYDQMD
p3RGFMHQMXMHPRRQRWRLPDPRDSUHFMHQMXMHPRRQRWRMHVPR
p3RGFMHQMXMHPRRQRWRLPDPRDSUHFMHQMXMHPRRQRWRMHVPR
LPVHMHGDQRVMHDMSUHXYHOLDQHVWDMHVSRVREQRVWLUDVXLYDQMD 35,-$7(/-6792,1(35,-$7(/-6792
XLVWLQX3UHWMHULYDQMHMHODSRWHQLKOMXGL
p1HSUHWMHUXMXULMHLPD3UHWMHULYDQMDQHGRGDMXQHJRRGX]LPDMXYMHUX SULMDWHOMVWYRQHSULMDWHOMVWYRL]GDMDSURWLYQLFLVXVMHG
5(7-(5,9$1-(,327&-(1-,9$1-(
3 p$NRH]QH]DEHVNRULVQLPLWUDLVDPRRQRWRMHVXYLQRRELQRL
QHELWQRQHSRVWLHQLRQRWRWLMHSRWUHEQR
$NRQHPDQLMHGQRJGREURJSULMDWHOMDQLVLYULMHGDQLYMHWL
7NRVHGRVDXMHGRVDGDQMHVYLPD $NRSULVYDNRMSULMDWHOMVNRMXVOX]LRGPDKPLVOLQD]DKYDOQRVWRQGDQLVL
GRVWRMDQVWYRR]QDDYDQMHQL]UD]XSRMDYL GDURYDRYHSURGDR
6YODGDYDQMHQDJRQkSRPRXPRUDOQHVQDJHGXKRYQDMHVORERGDD $NRSULMDWHOMDSRVWLGL]QDLSULMDWHOMDJXEL
FLMHQLWL $NRVHL]GLJQHXVXFDVYRMLKSULMDWHOMDPRHODNRSRVWDWLNUYQLNRP
0RGDMHMHGLQRGRVWRMDQVWYRRYMHNDXQMHJRYRMVSRVREQRVWLGDVHPRH VYRMLKSULMDWHOMVWDYD
RYMHNL]YUDYD %H]SULMDWHOMDMHLQDMMDLRYMHNQHVLJXUDQ
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SRWXMHVHEHVDPRJD RGDELUDQHSULMDWHOMDQHPRHQLNDGDELWLGRYROMQRRSUH]DQ
'RVWRMDQVWYRRYMHNDVDVWRMLVHPRGDMHGLQRXQMHJRYRMVSRVREQRVWLGD XYDMSULMDWHOMHLGUHYQHVWD]H$NRLPDSUDYRJSULMDWHOMDPRHUHL
p'RVWRMDQVWYRRYMHNDSRLYDQDRGDELUX GDSRVMHGXMHGYLMHGXH
p3UNRVMHMHGLQRRUXMHVODELKLMRMHGQDVODERVWYLH
p3UNRVMHMHGLQRRUXMHVODELKLMRMHGQDVODERVWYLH
GDSRVMHGXMHGYLMHGXH p'RVWRMDQVWYRRYMHNDSRLYDQDRGDELUX
XYDMSULMDWHOMHLGUHYQHVWD]H$NRLPDSUDYRJSULMDWHOMDPRHUHL 'RVWRMDQVWYRRYMHNDVDVWRMLVHPRGDMHGLQRXQMHJRYRMVSRVREQRVWLGD
RGDELUDQHSULMDWHOMDQHPRHQLNDGDELWLGRYROMQRRSUH]DQ SRWXMHVHEHVDPRJD
HVWRQLMHRYMHNXQLWDQHSULMDWHOMVNLMHQHJRRQVDPVHELRYMHNNRG -HGQRVWDYQLMHMHL]JOHGDWLGRVWRMDQVOXELNRMHRYMHNQHPDQHJRRQLKNRMH
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VYRMLKSULMDWHOMVWDYD 0RGDMHMHGLQRGRVWRMDQVWYRRYMHNDXQMHJRYRMVSRVREQRVWLGDVHPRH
$NRVHL]GLJQHXVXFDVYRMLKSULMDWHOMDPRHODNRSRVWDWLNUYQLNRP FLMHQLWL
$NRSULMDWHOMDSRVWLGL]QDLSULMDWHOMDJXEL 6YODGDYDQMHQDJRQkSRPRXPRUDOQHVQDJHGXKRYQDMHVORERGDD
GDURYDRYHSURGDR GRVWRMDQVWYRR]QDDYDQMHQL]UD]XSRMDYL
$NRSULVYDNRMSULMDWHOMVNRMXVOX]LRGPDKPLVOLQD]DKYDOQRVWRQGDQLVL 7NRVHGRVDXMHGRVDGDQMHVYLPD
$NRQHPDQLMHGQRJGREURJSULMDWHOMDQLVLYULMHGDQLYMHWL
QHELWQRQHSRVWLHQLRQRWRWLMHSRWUHEQR
p$NRH]QH]DEHVNRULVQLPLWUDLVDPRRQRWRMHVXYLQRRELQRL 35(7-(5,9$1-(,327&-(1-,9$1-(
SULMDWHOMVWYRQHSULMDWHOMVWYRL]GDMDSURWLYQLFLVXVMHG p1HSUHWMHUXMXULMHLPD3UHWMHULYDQMDQHGRGDMXQHJRRGX]LPDMXYMHUX
XLVWLQX3UHWMHULYDQMHMHODSRWHQLKOMXGL
35,-$7(/-6792,1(35,-$7(/-6792 LPVHMHGDQRVMHDMSUHXYHOLDQHVWDMHVSRVREQRVWLUDVXLYDQMD
3RGFMHQMXMHPRRQRWRLPDPRDSUHFMHQMXMHPRRQRWRMHVPR
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p3RGFMHQMXMHPRRQRWRLPDPRDSUHFMHQMXMHPRRQRWRMHVPR
LPVHMHGDQRVMHDMSUHXYHOLDQHVWDMHVSRVREQRVWLUDVXLYDQMD 35,-$7(/-6792,1(35,-$7(/-6792
XLVWLQX3UHWMHULYDQMHMHODSRWHQLKOMXGL
p1HSUHWMHUXMXULMHLPD3UHWMHULYDQMDQHGRGDMXQHJRRGX]LPDMXYMHUX SULMDWHOMVWYRQHSULMDWHOMVWYRL]GDMDSURWLYQLFLVXVMHG
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3 p$NRH]QH]DEHVNRULVQLPLWUDLVDPRRQRWRMHVXYLQRRELQRL
QHELWQRQHSRVWLHQLRQRWRWLMHSRWUHEQR
$NRQHPDQLMHGQRJGREURJSULMDWHOMDQLVLYULMHGDQLYMHWL
7NRVHGRVDXMHGRVDGDQMHVYLPD $NRSULVYDNRMSULMDWHOMVNRMXVOX]LRGPDKPLVOLQD]DKYDOQRVWRQGDQLVL
GRVWRMDQVWYRR]QDDYDQMHQL]UD]XSRMDYL GDURYDRYHSURGDR
6YODGDYDQMHQDJRQkSRPRXPRUDOQHVQDJHGXKRYQDMHVORERGDD $NRSULMDWHOMDSRVWLGL]QDLSULMDWHOMDJXEL
FLMHQLWL $NRVHL]GLJQHXVXFDVYRMLKSULMDWHOMDPRHODNRSRVWDWLNUYQLNRP
0RGDMHMHGLQRGRVWRMDQVWYRRYMHNDXQMHJRYRMVSRVREQRVWLGDVHPRH VYRMLKSULMDWHOMVWDYD
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SRWXMHVHEHVDPRJD RGDELUDQHSULMDWHOMDQHPRHQLNDGDELWLGRYROMQRRSUH]DQ
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p'RVWRMDQVWYRRYMHNDSRLYDQDRGDELUX GDSRVMHGXMHGYLMHGXH
p3UNRVMHMHGLQRRUXMHVODELKLMRMHGQDVODERVWYLH
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1HHNDMGDSULMDWHOMLXLQHRQRWRELPRJDRWL 3ULMDWHOMVWYRMHDWULEXWVORERGH
1HRGEDFXMVWDURJSULMDWHOMDMHUPXQRYLQHHELWLMHGQDN 3ULMDWHOMVWYDWUHEDMXELWLEHVPUWQDQHSULMDWHOMVWYDVPUWQD
1HSRYMHUDYDMQLSULMDWHOMXQLQHSULMDWHOMX 3ULMDWHOMLVXNUDGOMLYFLYUHPHQD
1HVWYDUDMQHSULMDWHOMDRGRQRJDNRMLQHELELRGRVWRMDQELWLWYRMSULMDWHOM 3ULMDWHOMDXSR]QDPRWHNNDGJDL]JXELPR
1HNDWLDVWWYRJDSULMDWHOMDEXGHPLODNDRWYRMD 3ULMDWHOMDQDVDPRNRULDMDYQRJDKYDOL
1HSULMDWHOMMHQHWRPQRJREDQDOQLMHQHJRWRVHPLVOL'RYROMQRJDMH 3ULMDWHOMWLMHRQDMNRMLXYLMHNRVMHWLNDGDMHSRWUHEDQ
XVWULMHOLWL 3ULMDWHOMMHQDMEROMDLPRYLQDXLYRWX
1HSULMDWHOMLPRJDQHSULMDWHOMDVXPRMLSULMDWHOML 3ULMDWHOMMHNDRGUXJRMD
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QDMYUHGQLMHSRVMHGRYDWLSULMDWHOMVWYD 3ULMDWHOMMHRYMHNNRMLHWLQHVHELQRQDNRGLWL
3UDYDVXSULMDWHOMVWYDYMHQD 3UDYLVHSULMDWHOMXSR]QDMHXQHYROML
3UDYLMHSULMDWHOMEDO]DPLYRWDLQHPRHVHL]PMHULWLQMHJRYDYULMHGQRVW VYLVXQDWYRMRMVWUDQL
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3UDYLSULMDWHOMMHRQDMWNRWHSRGUDYDLNDGQLVLXSUDYX.DGDVLXSUDYX .DNDYMHRYMHNWDNDYPXMHLSULMDWHOM
VYLVXQDWYRMRMVWUDQL 3UDYLMHSULMDWHOMEDO]DPLYRWDLQHPRHVHL]PMHULWLQMHJRYDYULMHGQRVW
3UDYLVHSULMDWHOMXSR]QDMHXQHYROML 3UDYDVXSULMDWHOMVWYDYMHQD
3ULMDWHOMMHRYMHNNRMLHWLQHVHELQRQDNRGLWL QDMYUHGQLMHSRVMHGRYDWLSULMDWHOMVWYD
3ULMDWHOMMHRYMHNNRMLWHYROLLDNRWHSR]QDMHXGQRGXH 2GVYHJDWRPXGURVWSULSUHPD]DEODHQVWYRLWDYDLYRWDNXGLNDPRMH
3ULMDWHOMMHNDRGUXJRMD 1HSULMDWHOMLPRJDQHSULMDWHOMDVXPRMLSULMDWHOML
3ULMDWHOMMHQDMEROMDLPRYLQDXLYRWX XVWULMHOLWL
3ULMDWHOMWLMHRQDMNRMLXYLMHNRVMHWLNDGDMHSRWUHEDQ 1HSULMDWHOMMHQHWRPQRJREDQDOQLMHQHJRWRVHPLVOL'RYROMQRJDMH
3ULMDWHOMDQDVDPRNRULDMDYQRJDKYDOL 1HNDWLDVWWYRJDSULMDWHOMDEXGHPLODNDRWYRMD
3ULMDWHOMDXSR]QDPRWHNNDGJDL]JXELPR 1HVWYDUDMQHSULMDWHOMDRGRQRJDNRMLQHELELRGRVWRMDQELWLWYRMSULMDWHOM
3ULMDWHOMLVXNUDGOMLYFLYUHPHQD 1HSRYMHUDYDMQLSULMDWHOMXQLQHSULMDWHOMX
3ULMDWHOMVWYDWUHEDMXELWLEHVPUWQDQHSULMDWHOMVWYDVPUWQD 1HRGEDFXMVWDURJSULMDWHOMDMHUPXQRYLQHHELWLMHGQDN
3ULMDWHOMVWYRMHDWULEXWVORERGH 1HHNDMGDSULMDWHOMLXLQHRQRWRELPRJDRWL
3ULMDWHOMVWYRMHVDVWDYQLGLROMXGVNHVUHH /DQLSULMDWHOMQDOLLVMHQLNRMDWHVOLMHGLGRNLPDVXQFD
3ULMDWHOMVWYRMHXPLMHHGLVWDQFHNDRWRMHOMXEDYXPLMHHEOL]LQH .DGWHSULMDWHOMPROLRQGDQHPDVXWUD
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'XDVYDNRJUHGDMHYHOLNLNR]DSDSLU
60,5(1267,/-871-$
XSRQDDQMXNRMHMHSRVOMHGLFDWDNYLKRVMHDMD1DMLQWHQ]LYQLMDSVLKRORNR
3RVWRMHYHOLNHUD]OLNHXNYDOLWHWLLMDLQLVUGEHNRMXSRMHGLQDFRVMHDNDRL VPLUHQRVWJQMHYOMXWQMDRJRUHQRVWVUGEDVYDDVWUSOMHQMH
VWUSOMLYRVW
2JRUHQRVWPRHELWLLRSUDYGDQD
p$NRRYMHNPLUQHSURQDHXVHELQHPDVPLVODWUDLWLJDQHJGMHGUXJGMH
1HWUHEDVHERMDWLRQLKNRMLVHVYDDMXYHRQLKNRMLX]PLX
.DGDVLXSUDYXPRHVHELGRSXVWLWLVDXYDWLPLUDNDGDVLXNULYXQH
PRHGRSXVWLWLGDJDL]JXEL9ODVWLWLPLUMHYHOLNDUDVNRLNRMLNRWD
1HSUHSLULVHVRYMHNRPKLWUDMH]LND
p$NRWHMHXYULMHGLRVODELWHGLQMHJDDNROLPRQLMLWHGLVHEH7NR
1HSUHSLULVHRRQRPHWRWHVHQHWLH
1HSUHSLULLQHSUDYGDMVHQLVNLPEH]UD]ORJD GUXJHYULMHDVHEHQH]DWLXMH%XGLVPLUHQ1DMEROMLOLMHN]DVUGEXMH
1HOMXWLVH1HNDWLQHEXGHODJRGQRVUGLWLVH RGJRGD$NRVDYODGDVUGEXSREMHXMHQDMYHHJQHSULMDWHOMD
1DMEROMLOLMHN]DVUGEXMHRGJRGD $NRVHODNRSRVYDDODNRQDHSRYRG
/MXWQMDMHVODEVDYMHWQLN %LWLOMXW]QDLRVYHLYDWLQDVDPRPVHELJUHNXGUXJLK
SUHWYDUDQMDELMHVDXDNFLMX %ROMHMHNRULWLQHJRVHJQMHYLWL
/MXWLJUDDQLMRXYLMHNQLVXUHYROXFLRQDUL/MXWQMDMHQHVSRVREQRVW XYDMVHELMHVDVWUSOMLYDRYMHND
.ORQLVHRJRUHQRVWLDNNDGDMHLRSUDYGDQD 'XHYQRVSRNRMVWYRYHOLDQVWYHQDMHVWYDUDL]DGRYROMVWYRVDPLPVRERP
VDWLUDGD VDPRMRGDWDMGUDJXOMQLMHWDNRORPDQNDRWRMHOLMHSLVNXSRFMHQ
.ORQLVHJQMHYDLOMXWQMH-HGDQVDWOMXWQMHVWRMLWROLNRQDSRUDNDRRVDP .DGVHGYRMHQDLVWRPSRVOXXYLMHNVODXMHGQRMHQHSRWUHEQR$NRVHXYLMHN
.DNRVHRYMHNOMXWLWDNDYMH VYDDMXRERMHVXQHSRWUHEQL
.DGDVHPXGULOMXGLQHELSUHYDULOLEXGDOHELRDMDYDOH .DGDVHPXGULOMXGLQHELSUHYDULOLEXGDOHELRDMDYDOH
VYDDMXRERMHVXQHSRWUHEQL .DNRVHRYMHNOMXWLWDNDYMH
.DGVHGYRMHQDLVWRPSRVOXXYLMHNVODXMHGQRMHQHSRWUHEQR$NRVHXYLMHN .ORQLVHJQMHYDLOMXWQMH-HGDQVDWOMXWQMHVWRMLWROLNRQDSRUDNDRRVDP
VDPRMRGDWDMGUDJXOMQLMHWDNRORPDQNDRWRMHOLMHSLVNXSRFMHQ VDWLUDGD
'XHYQRVSRNRMVWYRYHOLDQVWYHQDMHVWYDUDL]DGRYROMVWYRVDPLPVRERP .ORQLVHRJRUHQRVWLDNNDGDMHLRSUDYGDQD
XYDMVHELMHVDVWUSOMLYDRYMHND /MXWLJUDDQLMRXYLMHNQLVXUHYROXFLRQDUL/MXWQMDMHQHVSRVREQRVW
%ROMHMHNRULWLQHJRVHJQMHYLWL SUHWYDUDQMDELMHVDXDNFLMX
%LWLOMXW]QDLRVYHLYDWLQDVDPRPVHELJUHNXGUXJLK /MXWQMDMHVODEVDYMHWQLN
$NRVHODNRSRVYDDODNRQDHSRYRG 1DMEROMLOLMHN]DVUGEXMHRGJRGD
RGJRGD$NRVDYODGDVUGEXSREMHXMHQDMYHHJQHSULMDWHOMD 1HOMXWLVH1HNDWLQHEXGHODJRGQRVUGLWLVH
GUXJHYULMHDVHEHQH]DWLXMH%XGLVPLUHQ1DMEROMLOLMHN]DVUGEXMH 1HSUHSLULLQHSUDYGDMVHQLVNLPEH]UD]ORJD
1HSUHSLULVHRRQRPHWRWHVHQHWLH
p$NRWHMHXYULMHGLRVODELWHGLQMHJDDNROLPRQLMLWHGLVHEH7NR
1HSUHSLULVHVRYMHNRPKLWUDMH]LND
PRHGRSXVWLWLGDJDL]JXEL9ODVWLWLPLUMHYHOLNDUDVNRLNRMLNRWD
.DGDVLXSUDYXPRHVHELGRSXVWLWLVDXYDWLPLUDNDGDVLXNULYXQH
1HWUHEDVHERMDWLRQLKNRMLVHVYDDMXYHRQLKNRMLX]PLX
p$NRRYMHNPLUQHSURQDHXVHELQHPDVPLVODWUDLWLJDQHJGMHGUXJGMH
2JRUHQRVWPRHELWLLRSUDYGDQD
VWUSOMLYRVW
VPLUHQRVWJQMHYOMXWQMDRJRUHQRVWVUGEDVYDDVWUSOMHQMH RVWRMHYHOLNHUD]OLNHXNYDOLWHWLLMDLQLVUGEHNRMXSRMHGLQDFRVMHDNDRL
3
XSRQDDQMXNRMHMHSRVOMHGLFDWDNYLKRVMHDMD1DMLQWHQ]LYQLMDSVLKRORNR
60,5(1267,/-871-$
60,5(1267,/-871-$
XSRQDDQMXNRMHMHSRVOMHGLFDWDNYLKRVMHDMD1DMLQWHQ]LYQLMDSVLKRORNR
3RVWRMHYHOLNHUD]OLNHXNYDOLWHWLLMDLQLVUGEHNRMXSRMHGLQDFRVMHDNDRL VPLUHQRVWJQMHYOMXWQMDRJRUHQRVWVUGEDVYDDVWUSOMHQMH
VWUSOMLYRVW
2JRUHQRVWPRHELWLLRSUDYGDQD
p$NRRYMHNPLUQHSURQDHXVHELQHPDVPLVODWUDLWLJDQHJGMHGUXJGMH
1HWUHEDVHERMDWLRQLKNRMLVHVYDDMXYHRQLKNRMLX]PLX
.DGDVLXSUDYXPRHVHELGRSXVWLWLVDXYDWLPLUDNDGDVLXNULYXQH
PRHGRSXVWLWLGDJDL]JXEL9ODVWLWLPLUMHYHOLNDUDVNRLNRMLNRWD
1HSUHSLULVHVRYMHNRPKLWUDMH]LND
p$NRWHMHXYULMHGLRVODELWHGLQMHJDDNROLPRQLMLWHGLVHEH7NR
1HSUHSLULVHRRQRPHWRWHVHQHWLH
1HSUHSLULLQHSUDYGDMVHQLVNLPEH]UD]ORJD GUXJHYULMHDVHEHQH]DWLXMH%XGLVPLUHQ1DMEROMLOLMHN]DVUGEXMH
1HOMXWLVH1HNDWLQHEXGHODJRGQRVUGLWLVH RGJRGD$NRVDYODGDVUGEXSREMHXMHQDMYHHJQHSULMDWHOMD
1DMEROMLOLMHN]DVUGEXMHRGJRGD $NRVHODNRSRVYDDODNRQDHSRYRG
/MXWQMDMHVODEVDYMHWQLN %LWLOMXW]QDLRVYHLYDWLQDVDPRPVHELJUHNXGUXJLK
SUHWYDUDQMDELMHVDXDNFLMX %ROMHMHNRULWLQHJRVHJQMHYLWL
/MXWLJUDDQLMRXYLMHNQLVXUHYROXFLRQDUL/MXWQMDMHQHVSRVREQRVW XYDMVHELMHVDVWUSOMLYDRYMHND
.ORQLVHRJRUHQRVWLDNNDGDMHLRSUDYGDQD 'XHYQRVSRNRMVWYRYHOLDQVWYHQDMHVWYDUDL]DGRYROMVWYRVDPLPVRERP
VDWLUDGD VDPRMRGDWDMGUDJXOMQLMHWDNRORPDQNDRWRMHOLMHSLVNXSRFMHQ
.ORQLVHJQMHYDLOMXWQMH-HGDQVDWOMXWQMHVWRMLWROLNRQDSRUDNDRRVDP .DGVHGYRMHQDLVWRPSRVOXXYLMHNVODXMHGQRMHQHSRWUHEQR$NRVHXYLMHN
.DNRVHRYMHNOMXWLWDNDYMH VYDDMXRERMHVXQHSRWUHEQL
.DGDVHPXGULOMXGLQHELSUHYDULOLEXGDOHELRDMDYDOH .DGDVHPXGULOMXGLQHELSUHYDULOLEXGDOHELRDMDYDOH
VYDDMXRERMHVXQHSRWUHEQL .DNRVHRYMHNOMXWLWDNDYMH
.DGVHGYRMHQDLVWRPSRVOXXYLMHNVODXMHGQRMHQHSRWUHEQR$NRVHXYLMHN .ORQLVHJQMHYDLOMXWQMH-HGDQVDWOMXWQMHVWRMLWROLNRQDSRUDNDRRVDP
VDPRMRGDWDMGUDJXOMQLMHWDNRORPDQNDRWRMHOLMHSLVNXSRFMHQ VDWLUDGD
'XHYQRVSRNRMVWYRYHOLDQVWYHQDMHVWYDUDL]DGRYROMVWYRVDPLPVRERP .ORQLVHRJRUHQRVWLDNNDGDMHLRSUDYGDQD
XYDMVHELMHVDVWUSOMLYDRYMHND /MXWLJUDDQLMRXYLMHNQLVXUHYROXFLRQDUL/MXWQMDMHQHVSRVREQRVW
%ROMHMHNRULWLQHJRVHJQMHYLWL SUHWYDUDQMDELMHVDXDNFLMX
%LWLOMXW]QDLRVYHLYDWLQDVDPRPVHELJUHNXGUXJLK /MXWQMDMHVODEVDYMHWQLN
$NRVHODNRSRVYDDODNRQDHSRYRG 1DMEROMLOLMHN]DVUGEXMHRGJRGD
RGJRGD$NRVDYODGDVUGEXSREMHXMHQDMYHHJQHSULMDWHOMD 1HOMXWLVH1HNDWLQHEXGHODJRGQRVUGLWLVH
GUXJHYULMHDVHEHQH]DWLXMH%XGLVPLUHQ1DMEROMLOLMHN]DVUGEXMH 1HSUHSLULLQHSUDYGDMVHQLVNLPEH]UD]ORJD
1HSUHSLULVHRRQRPHWRWHVHQHWLH
p$NRWHMHXYULMHGLRVODELWHGLQMHJDDNROLPRQLMLWHGLVHEH7NR
1HSUHSLULVHVRYMHNRPKLWUDMH]LND
PRHGRSXVWLWLGDJDL]JXEL9ODVWLWLPLUMHYHOLNDUDVNRLNRMLNRWD
.DGDVLXSUDYXPRHVHELGRSXVWLWLVDXYDWLPLUDNDGDVLXNULYXQH
1HWUHEDVHERMDWLRQLKNRMLVHVYDDMXYHRQLKNRMLX]PLX
p$NRRYMHNPLUQHSURQDHXVHELQHPDVPLVODWUDLWLJDQHJGMHGUXJGMH
2JRUHQRVWPRHELWLLRSUDYGDQD
VWUSOMLYRVW
VPLUHQRVWJQMHYOMXWQMDRJRUHQRVWVUGEDVYDDVWUSOMHQMH RVWRMHYHOLNHUD]OLNHXNYDOLWHWLLMDLQLVUGEHNRMXSRMHGLQDFRVMHDNDRL
3
XSRQDDQMXNRMHMHSRVOMHGLFDWDNYLKRVMHDMD1DMLQWHQ]LYQLMDSVLKRORNR
60,5(1267,/-871-$
LVWUDLYDNDWHRULMDRL]YRUXVUGEHLDJUHVLYQRVWLMHIUXVWUDFLMVNRDJUHVLYQD
KLSRWH]D0QRJH]DSUHNHXLYRWXPRJXNRGRYMHNDL]D]YDWLHPRWLYQR
VWDQMHVUGEHDWLPHVSRYHDYDPRJXQRVWGDHXVOLMHGLWLDJUHVLYQR
SRQDDQMH'DOLHXVOLMHGLWLDJUHVLYQRVWLXNDNYRPREOLNXRYLVLRPQRJLP
LVNXVWYLPDL]RNROLQHNRMLHVWRVHXXGMHWLQMVWYR1DYLNHNRMHMHRYMHN
VWHNDRXYULMHPHRGJRMD]QDDMQHRVRELQHNRMHVXVHREOLNRYDOHXJRGLQDPD VHRYMHNQDXLRVWUSOMLYRVWL
IRUPLUDQMDL]ORHQRVWQDVLOQLPX]RULPDNDRWRVXSULPMHULFHQDVLOQL 6WUSOMLYRVWMHVQDJDQDMYLHSRWHQFLMH9HOLNDMHVWUSOMLYRVWSRWUHEQDNDNREL
URGLWHOMLND]QDDNRRYMHNL]UD]LVYRMXPUQMXVYHWRRGOXXMHNDNRH 6WUSOMLYRVWMHSOHPHQLWLMDRGOMHSRWH
RYMHNSRVWXSLWLXWUHQXWNXVUGEH
SULMHOD]
6RYMHNRPJQMHYQLPQH]DPHLVYDH1HNDJQMHYEXGHGDOHNRRGWYRMH VWUSOMLYRVWLGRGRND]DGDVYHPRUDWHWUSMHWLOXSHWYRLPDMHGQRVWDYDQ
GXH 6DPRSURSRYLMHGDMWHVWUSOMLYRVWRQGDMHURSVWYRXVNRURJRWRYR-HURG
6DPRVODELOMXGLVDPRJDVHEHMDNLQRVLXVYRPHVUFXLWDYHQDFLMH p1DRYRPVYLMHWXRYMHNPRUDLOLEU]RXPULMHWLLOLVWUSOMLYRLYMHWL
6UGEDMHRVMHDMNRMLRELQRSUDWLQHSULMDWHOMVNRXQLWDYDMXHLOL =DVXWUDRGJRGLVDPRJQMHY
RVYHWROMXELYRSRQDDQMH
8PRYMHNDXVWHHRGVUGEH
6UGEDMHSRHWDNOXGRVWL
7NRVDYODGDVUGEXSREMHXMHQDMYHHJQHSULMDWHOMD
6UGEDL]JOHGDLPDYLHL]UDDMD2SUDYGDQDMHNDNRNDXSVLKROR]LVUGED
RYMHNDNRPHVXXVUHHQDRVQRYQDOMXGVNDSUDYDDQHUD]XPQDMHVUGED 6YLVPRPLQDMRJRUHQLMLRQGDNDGDEUDQLPRQHYULMHGQRVWLXQDPD
RYMHNDVQHRSUDYGDQLPRVMHDMHPGDMHSURJRYRUL1RUPDOQDMHLSUROD]QD QLNDGDQHHSRVWLLVUHHRQDMNRMLMHWUDLXVPLUHQRVWL
VUGEDNRMXL]D]LYDMXUD]RDUDQMD 6YDNLMHQDSUHGDNSUDHQQHPLURPDEH]QDSUHWNDQHPD]DGRYROMVWYD=DWR
6YDDUDDJOXKRVW 6YDHELGXJRWUDMDOHNDGDELNULYLFDELODVDPRQDMHGQRMVWUDQL
6YDHELGXJRWUDMDOHNDGDELNULYLFDELODVDPRQDMHGQRMVWUDQL 6YDDUDDJOXKRVW
6YDNLMHQDSUHGDNSUDHQQHPLURPDEH]QDSUHWNDQHPD]DGRYROMVWYD=DWR VUGEDNRMXL]D]LYDMXUD]RDUDQMD
QLNDGDQHHSRVWLLVUHHRQDMNRMLMHWUDLXVPLUHQRVWL RYMHNDVQHRSUDYGDQLPRVMHDMHPGDMHSURJRYRUL1RUPDOQDMHLSUROD]QD
6YLVPRPLQDMRJRUHQLMLRQGDNDGDEUDQLPRQHYULMHGQRVWLXQDPD RYMHNDNRPHVXXVUHHQDRVQRYQDOMXGVNDSUDYDDQHUD]XPQDMHVUGED
6UGEDL]JOHGDLPDYLHL]UDDMD2SUDYGDQDMHNDNRNDXSVLKROR]LVUGED
7NRVDYODGDVUGEXSREMHXMHQDMYHHJQHSULMDWHOMD
6UGEDMHSRHWDNOXGRVWL
8PRYMHNDXVWHHRGVUGEH
RVYHWROMXELYRSRQDDQMH
=DVXWUDRGJRGLVDPRJQMHY 6UGEDMHRVMHDMNRMLRELQRSUDWLQHSULMDWHOMVNRXQLWDYDMXHLOL
p1DRYRPVYLMHWXRYMHNPRUDLOLEU]RXPULMHWLLOLVWUSOMLYRLYMHWL 6DPRVODELOMXGLVDPRJDVHEHMDNLQRVLXVYRPHVUFXLWDYHQDFLMH
6DPRSURSRYLMHGDMWHVWUSOMLYRVWRQGDMHURSVWYRXVNRURJRWRYR-HURG GXH
VWUSOMLYRVWLGRGRND]DGDVYHPRUDWHWUSMHWLOXSHWYRLPDMHGQRVWDYDQ 6RYMHNRPJQMHYQLPQH]DPHLVYDH1HNDJQMHYEXGHGDOHNRRGWYRMH
SULMHOD]
RYMHNSRVWXSLWLXWUHQXWNXVUGEH
6WUSOMLYRVWMHSOHPHQLWLMDRGOMHSRWH URGLWHOMLND]QDDNRRYMHNL]UD]LVYRMXPUQMXVYHWRRGOXXMHNDNRH
6WUSOMLYRVWMHVQDJDQDMYLHSRWHQFLMH9HOLNDMHVWUSOMLYRVWSRWUHEQDNDNREL IRUPLUDQMDL]ORHQRVWQDVLOQLPX]RULPDNDRWRVXSULPMHULFHQDVLOQL
VHRYMHNQDXLRVWUSOMLYRVWL VWHNDRXYULMHPHRGJRMD]QDDMQHRVRELQHNRMHVXVHREOLNRYDOHXJRGLQDPD
LVNXVWYLPDL]RNROLQHNRMLHVWRVHXXGMHWLQMVWYR1DYLNHNRMHMHRYMHN
SRQDDQMH'DOLHXVOLMHGLWLDJUHVLYQRVWLXNDNYRPREOLNXRYLVLRPQRJLP
VWDQMHVUGEHDWLPHVSRYHDYDPRJXQRVWGDHXVOLMHGLWLDJUHVLYQR
KLSRWH]D0QRJH]DSUHNHXLYRWXPRJXNRGRYMHNDL]D]YDWLHPRWLYQR
LVWUDLYDNDWHRULMDRL]YRUXVUGEHLDJUHVLYQRVWLMHIUXVWUDFLMVNRDJUHVLYQD
LVWUDLYDNDWHRULMDRL]YRUXVUGEHLDJUHVLYQRVWLMHIUXVWUDFLMVNRDJUHVLYQD
KLSRWH]D0QRJH]DSUHNHXLYRWXPRJXNRGRYMHNDL]D]YDWLHPRWLYQR
VWDQMHVUGEHDWLPHVSRYHDYDPRJXQRVWGDHXVOLMHGLWLDJUHVLYQR
SRQDDQMH'DOLHXVOLMHGLWLDJUHVLYQRVWLXNDNYRPREOLNXRYLVLRPQRJLP
LVNXVWYLPDL]RNROLQHNRMLHVWRVHXXGMHWLQMVWYR1DYLNHNRMHMHRYMHN
VWHNDRXYULMHPHRGJRMD]QDDMQHRVRELQHNRMHVXVHREOLNRYDOHXJRGLQDPD VHRYMHNQDXLRVWUSOMLYRVWL
IRUPLUDQMDL]ORHQRVWQDVLOQLPX]RULPDNDRWRVXSULPMHULFHQDVLOQL 6WUSOMLYRVWMHVQDJDQDMYLHSRWHQFLMH9HOLNDMHVWUSOMLYRVWSRWUHEQDNDNREL
URGLWHOMLND]QDDNRRYMHNL]UD]LVYRMXPUQMXVYHWRRGOXXMHNDNRH 6WUSOMLYRVWMHSOHPHQLWLMDRGOMHSRWH
RYMHNSRVWXSLWLXWUHQXWNXVUGEH
SULMHOD]
6RYMHNRPJQMHYQLPQH]DPHLVYDH1HNDJQMHYEXGHGDOHNRRGWYRMH VWUSOMLYRVWLGRGRND]DGDVYHPRUDWHWUSMHWLOXSHWYRLPDMHGQRVWDYDQ
GXH 6DPRSURSRYLMHGDMWHVWUSOMLYRVWRQGDMHURSVWYRXVNRURJRWRYR-HURG
6DPRVODELOMXGLVDPRJDVHEHMDNLQRVLXVYRPHVUFXLWDYHQDFLMH p1DRYRPVYLMHWXRYMHNPRUDLOLEU]RXPULMHWLLOLVWUSOMLYRLYMHWL
6UGEDMHRVMHDMNRMLRELQRSUDWLQHSULMDWHOMVNRXQLWDYDMXHLOL =DVXWUDRGJRGLVDPRJQMHY
RVYHWROMXELYRSRQDDQMH
8PRYMHNDXVWHHRGVUGEH
6UGEDMHSRHWDNOXGRVWL
7NRVDYODGDVUGEXSREMHXMHQDMYHHJQHSULMDWHOMD
6UGEDL]JOHGDLPDYLHL]UDDMD2SUDYGDQDMHNDNRNDXSVLKROR]LVUGED
RYMHNDNRPHVXXVUHHQDRVQRYQDOMXGVNDSUDYDDQHUD]XPQDMHVUGED 6YLVPRPLQDMRJRUHQLMLRQGDNDGDEUDQLPRQHYULMHGQRVWLXQDPD
RYMHNDVQHRSUDYGDQLPRVMHDMHPGDMHSURJRYRUL1RUPDOQDMHLSUROD]QD QLNDGDQHHSRVWLLVUHHRQDMNRMLMHWUDLXVPLUHQRVWL
VUGEDNRMXL]D]LYDMXUD]RDUDQMD 6YDNLMHQDSUHGDNSUDHQQHPLURPDEH]QDSUHWNDQHPD]DGRYROMVWYD=DWR
6YDDUDDJOXKRVW 6YDHELGXJRWUDMDOHNDGDELNULYLFDELODVDPRQDMHGQRMVWUDQL
6YDHELGXJRWUDMDOHNDGDELNULYLFDELODVDPRQDMHGQRMVWUDQL 6YDDUDDJOXKRVW
6YDNLMHQDSUHGDNSUDHQQHPLURPDEH]QDSUHWNDQHPD]DGRYROMVWYD=DWR VUGEDNRMXL]D]LYDMXUD]RDUDQMD
QLNDGDQHHSRVWLLVUHHRQDMNRMLMHWUDLXVPLUHQRVWL RYMHNDVQHRSUDYGDQLPRVMHDMHPGDMHSURJRYRUL1RUPDOQDMHLSUROD]QD
6YLVPRPLQDMRJRUHQLMLRQGDNDGDEUDQLPRQHYULMHGQRVWLXQDPD RYMHNDNRPHVXXVUHHQDRVQRYQDOMXGVNDSUDYDDQHUD]XPQDMHVUGED
6UGEDL]JOHGDLPDYLHL]UDDMD2SUDYGDQDMHNDNRNDXSVLKROR]LVUGED
7NRVDYODGDVUGEXSREMHXMHQDMYHHJQHSULMDWHOMD
6UGEDMHSRHWDNOXGRVWL
8PRYMHNDXVWHHRGVUGEH
RVYHWROMXELYRSRQDDQMH
=DVXWUDRGJRGLVDPRJQMHY 6UGEDMHRVMHDMNRMLRELQRSUDWLQHSULMDWHOMVNRXQLWDYDMXHLOL
p1DRYRPVYLMHWXRYMHNPRUDLOLEU]RXPULMHWLLOLVWUSOMLYRLYMHWL 6DPRVODELOMXGLVDPRJDVHEHMDNLQRVLXVYRPHVUFXLWDYHQDFLMH
6DPRSURSRYLMHGDMWHVWUSOMLYRVWRQGDMHURSVWYRXVNRURJRWRYR-HURG GXH
VWUSOMLYRVWLGRGRND]DGDVYHPRUDWHWUSMHWLOXSHWYRLPDMHGQRVWDYDQ 6RYMHNRPJQMHYQLPQH]DPHLVYDH1HNDJQMHYEXGHGDOHNRRGWYRMH
SULMHOD]
RYMHNSRVWXSLWLXWUHQXWNXVUGEH
6WUSOMLYRVWMHSOHPHQLWLMDRGOMHSRWH URGLWHOMLND]QDDNRRYMHNL]UD]LVYRMXPUQMXVYHWRRGOXXMHNDNRH
6WUSOMLYRVWMHVQDJDQDMYLHSRWHQFLMH9HOLNDMHVWUSOMLYRVWSRWUHEQDNDNREL IRUPLUDQMDL]ORHQRVWQDVLOQLPX]RULPDNDRWRVXSULPMHULFHQDVLOQL
VHRYMHNQDXLRVWUSOMLYRVWL VWHNDRXYULMHPHRGJRMD]QDDMQHRVRELQHNRMHVXVHREOLNRYDOHXJRGLQDPD
LVNXVWYLPDL]RNROLQHNRMLHVWRVHXXGMHWLQMVWYR1DYLNHNRMHMHRYMHN
SRQDDQMH'DOLHXVOLMHGLWLDJUHVLYQRVWLXNDNYRPREOLNXRYLVLRPQRJLP
VWDQMHVUGEHDWLPHVSRYHDYDPRJXQRVWGDHXVOLMHGLWLDJUHVLYQR
KLSRWH]D0QRJH]DSUHNHXLYRWXPRJXNRGRYMHNDL]D]YDWLHPRWLYQR
LVWUDLYDNDWHRULMDRL]YRUXVUGEHLDJUHVLYQRVWLMHIUXVWUDFLMVNRDJUHVLYQD
65($,1(65($
WUDLWLQLVDPRXQLYUHYX EROQHVUHDQHYROMDQRVWDOJLMDRDMRVDPOMHQRVWSDWQMD
DMWHHMHDNRQHWNRPRUDELWLVDPDQDMOMHSHDNRPRHELWLVDP1HYDOMD
1
.DGDMHRYMHNVDPRQMHQHSRWSXQ PRUDQDLGUXJRJDNDNRELELRVUHWDQ oRYMHNSUHVWDQHELWLPODGNDGDVKYDWLGDL]UHLEROQLWDQHPLMHQMD
RYMHNQHPDSUDYR RYMHNVXGERQRVQRWUDLHOMXNRMDHPXREMDVQLWLNROLNRMHQHVUHWDQ
p
,VWLQDMH ELRVDPSULOLQRVDPDOLRVDPOMHQRVWMRXYLMHNQLMHGRND]GD 'ULPGDHRVWDOHQHYROMHXNRMLPDVHQDOD]LQDSODQHWSLWDQMHDWRPVNRJ
pRYMHNQHPRHLYMHWLSRWSXQRVDP RUXMDEDFLWLXVMHQX
2DMDQMHMHEROVODELD .DGDELREMHVLOLQD]LGVYDWNRELSUXLRUXNX]DVYRMRP
2DMMHKLMHQDNRMDVHKUDQLVWUYLQRPYMHURYDQMD 1DRYRPVYLMHWXSRVWRMHVDPRGYLMHWUDJHGLMH-HGQDMHGDVHQHPRHGRELWL
RQRWRVHHOLDGUXJDMHNDGDVHWRGRELMH
VUHGVWYD
p.DGDVXOMXGLRDMQL]DSURYHGEXVYRMLKFLOMHYDSULPLMHQLWHRDMQD 1DVODLYDWLVHWXLPQHYROMDPDQHOMXGVNDMHQDVODGD
p1RVWDOJLMDMHVSRVREQRVWDOMHQMDWRQLWDYLHQLMHRQDNRNDNRMHSULMHELOR 1HVUHDHVWRSRVWDMHWHRPNDGDMHQHWNREODJRQD]RYHSHKRP
8QHYROMLQDMYLHEROLSULVMHDQMHQDVUHWQHGDQH 1HVUHDMHLVSLWRYMHNRYHSRX]GDQRVWL
8QDHOXMHVYDNDQHVUHDXSUDYRRQROLNRWHND]DNROLNXMHX]PHPR 1HVUHDMHXWRPHGDVYDWNRPLVOLGDMHGUXJLNDRLRQLGDSULWRPSUHYLGLGD
SRVWRMHLSRWHQLOMXGL
7UDJHGLMHGUXJLKXYLMHNVXWDNRRDMQREDQDOQH
1HVUHDXYLMHNGROD]LRGSURWLYQLND
6ODEDWLMHXWMHKDRGWXLKQHYROMD
1HYROMDMHSULJRGD]DKUDEURVW
6QHYROMRPVHERULSDPHXDQHVX]DPD
6QHVUHRPVHPRUDPRXKYDWLWLXNRWDFUXNDPDLQRJDPDQHMH]LNRP
6QHVUHRPVHPRUDPRXKYDWLWLXNRWDFUXNDPDLQRJDPDQHMH]LNRP
6QHYROMRPVHERULSDPHXDQHVX]DPD
1HYROMDMHSULJRGD]DKUDEURVW
6ODEDWLMHXWMHKDRGWXLKQHYROMD
1HVUHDXYLMHNGROD]LRGSURWLYQLND
7UDJHGLMHGUXJLKXYLMHNVXWDNRRDMQREDQDOQH
SRVWRMHLSRWHQLOMXGL
1HVUHDMHXWRPHGDVYDWNRPLVOLGDMHGUXJLNDRLRQLGDSULWRPSUHYLGLGD 8QDHOXMHVYDNDQHVUHDXSUDYRRQROLNRWHND]DNROLNXMHX]PHPR
1HVUHDMHLVSLWRYMHNRYHSRX]GDQRVWL 8QHYROMLQDMYLHEROLSULVMHDQMHQDVUHWQHGDQH
1HVUHDHVWRSRVWDMHWHRPNDGDMHQHWNREODJRQD]RYHSHKRP p1RVWDOJLMDMHVSRVREQRVWDOMHQMDWRQLWDYLHQLMHRQDNRNDNRMHSULMHELOR
1DVODLYDWLVHWXLPQHYROMDPDQHOMXGVNDMHQDVODGD p.DGDVXOMXGLRDMQL]DSURYHGEXVYRMLKFLOMHYDSULPLMHQLWHRDMQD
VUHGVWYD
RQRWRVHHOLDGUXJDMHNDGDVHWRGRELMH
1DRYRPVYLMHWXSRVWRMHVDPRGYLMHWUDJHGLMH-HGQDMHGDVHQHPRHGRELWL 2DMMHKLMHQDNRMDVHKUDQLVWUYLQRPYMHURYDQMD
.DGDELREMHVLOLQD]LGVYDWNRELSUXLRUXNX]DVYRMRP 2DMDQMHMHEROVODELD
RUXMDEDFLWLXVMHQX pRYMHNQHPRHLYMHWLSRWSXQRVDP
'ULPGDHRVWDOHQHYROMHXNRMLPDVHQDOD]LQDSODQHWSLWDQMHDWRPVNRJ ,VWLQDMH ELRVDPSULOLQRVDPDOLRVDPOMHQRVWMRXYLMHNQLMHGRND]GD
pRYMHNVXGERQRVQRWUDLHOMXNRMDHPXREMDVQLWLNROLNRMHQHVUHWDQ RYMHNQHPDSUDYR
oRYMHNSUHVWDQHELWLPODGNDGDVKYDWLGDL]UHLEROQLWDQHPLMHQMD .DGDMHRYMHNVDPRQMHQHSRWSXQ PRUDQDLGUXJRJDNDNRELELRVUHWDQ
1DMWHHMHDNRQHWNRPRUDELWLVDPDQDMOMHSHDNRPRHELWLVDP1HYDOMD
EROQHVUHDQHYROMDQRVWDOJLMDRDMRVDPOMHQRVWSDWQMD WUDLWLQLVDPRXQLYUHYX
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WUDLWLQLVDPRXQLYUHYX EROQHVUHDQHYROMDQRVWDOJLMDRDMRVDPOMHQRVWSDWQMD
DMWHHMHDNRQHWNRPRUDELWLVDPDQDMOMHSHDNRPRHELWLVDP1HYDOMD
1
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RYMHNQHPDSUDYR pRYMHNVXGERQRVQRWUDLHOMXNRMDHPXREMDVQLWLNROLNRMHQHVUHWDQ
,VWLQDMH ELRVDPSULOLQRVDPDOLRVDPOMHQRVWMRXYLMHNQLMHGRND]GD 'ULPGDHRVWDOHQHYROMHXNRMLPDVHQDOD]LQDSODQHWSLWDQMHDWRPVNRJ
pRYMHNQHPRHLYMHWLSRWSXQRVDP RUXMDEDFLWLXVMHQX
2DMDQMHMHEROVODELD .DGDELREMHVLOLQD]LGVYDWNRELSUXLRUXNX]DVYRMRP
2DMMHKLMHQDNRMDVHKUDQLVWUYLQRPYMHURYDQMD 1DRYRPVYLMHWXSRVWRMHVDPRGYLMHWUDJHGLMH-HGQDMHGDVHQHPRHGRELWL
RQRWRVHHOLDGUXJDMHNDGDVHWRGRELMH
VUHGVWYD
p.DGDVXOMXGLRDMQL]DSURYHGEXVYRMLKFLOMHYDSULPLMHQLWHRDMQD 1DVODLYDWLVHWXLPQHYROMDPDQHOMXGVNDMHQDVODGD
p1RVWDOJLMDMHVSRVREQRVWDOMHQMDWRQLWDYLHQLMHRQDNRNDNRMHSULMHELOR 1HVUHDHVWRSRVWDMHWHRPNDGDMHQHWNREODJRQD]RYHSHKRP
8QHYROMLQDMYLHEROLSULVMHDQMHQDVUHWQHGDQH 1HVUHDMHLVSLWRYMHNRYHSRX]GDQRVWL
8QDHOXMHVYDNDQHVUHDXSUDYRRQROLNRWHND]DNROLNXMHX]PHPR 1HVUHDMHXWRPHGDVYDWNRPLVOLGDMHGUXJLNDRLRQLGDSULWRPSUHYLGLGD
SRVWRMHLSRWHQLOMXGL
7UDJHGLMHGUXJLKXYLMHNVXWDNRRDMQREDQDOQH
1HVUHDXYLMHNGROD]LRGSURWLYQLND
6ODEDWLMHXWMHKDRGWXLKQHYROMD
1HYROMDMHSULJRGD]DKUDEURVW
6QHYROMRPVHERULSDPHXDQHVX]DPD
6QHVUHRPVHPRUDPRXKYDWLWLXNRWDFUXNDPDLQRJDPDQHMH]LNRP
6QHVUHRPVHPRUDPRXKYDWLWLXNRWDFUXNDPDLQRJDPDQHMH]LNRP
6QHYROMRPVHERULSDPHXDQHVX]DPD
1HYROMDMHSULJRGD]DKUDEURVW
6ODEDWLMHXWMHKDRGWXLKQHYROMD
1HVUHDXYLMHNGROD]LRGSURWLYQLND
7UDJHGLMHGUXJLKXYLMHNVXWDNRRDMQREDQDOQH
SRVWRMHLSRWHQLOMXGL
1HVUHDMHXWRPHGDVYDWNRPLVOLGDMHGUXJLNDRLRQLGDSULWRPSUHYLGLGD 8QDHOXMHVYDNDQHVUHDXSUDYRRQROLNRWHND]DNROLNXMHX]PHPR
1HVUHDMHLVSLWRYMHNRYHSRX]GDQRVWL 8QHYROMLQDMYLHEROLSULVMHDQMHQDVUHWQHGDQH
1HVUHDHVWRSRVWDMHWHRPNDGDMHQHWNREODJRQD]RYHSHKRP p1RVWDOJLMDMHVSRVREQRVWDOMHQMDWRQLWDYLHQLMHRQDNRNDNRMHSULMHELOR
1DVODLYDWLVHWXLPQHYROMDPDQHOMXGVNDMHQDVODGD p.DGDVXOMXGLRDMQL]DSURYHGEXVYRMLKFLOMHYDSULPLMHQLWHRDMQD
VUHGVWYD
RQRWRVHHOLDGUXJDMHNDGDVHWRGRELMH
1DRYRPVYLMHWXSRVWRMHVDPRGYLMHWUDJHGLMH-HGQDMHGDVHQHPRHGRELWL 2DMMHKLMHQDNRMDVHKUDQLVWUYLQRPYMHURYDQMD
.DGDELREMHVLOLQD]LGVYDWNRELSUXLRUXNX]DVYRMRP 2DMDQMHMHEROVODELD
RUXMDEDFLWLXVMHQX pRYMHNQHPRHLYMHWLSRWSXQRVDP
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pRYMHNVXGERQRVQRWUDLHOMXNRMDHPXREMDVQLWLNROLNRMHQHVUHWDQ RYMHNQHPDSUDYR
oRYMHNSUHVWDQHELWLPODGNDGDVKYDWLGDL]UHLEROQLWDQHPLMHQMD .DGDMHRYMHNVDPRQMHQHSRWSXQ PRUDQDLGUXJRJDNDNRELELRVUHWDQ
1DMWHHMHDNRQHWNRPRUDELWLVDPDQDMOMHSHDNRPRHELWLVDP1HYDOMD
EROQHVUHDQHYROMDQRVWDOJLMDRDMRVDPOMHQRVWSDWQMD WUDLWLQLVDPRXQLYUHYX
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VDPOMHQRVWMHVUDPRWD
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6DPRGDXVSLMHPELWLVDP SRPR]LWHPLGUDJLPUWYLLLYLSULMDWHOML QDURLWR 5DGXMVHLYRWXLYRWMHMHGDQMHGLQVWYHQLQHSRQRYOMLYSRNORQ
YLPUWYL 5DGXMVHRQLPDNRMLVHUDGXMX
6DPRDGRQRVLVYHRVLPNDUDNWHUD GUDJ
6DPRDMHNDGNDWQDMEROMHGUXWYR 1DMOMHSLMHXLWDNLQDMYHDUDGRVWLYRWDRVMHDWLGDVLOMXGLPDSRWUHEDQL
6DPRDUD]YLMDYHOLNHD]DWXSOMXMHRVUHGQMHGXKRYH SRQRYLWL
6YDWNRPRUDRVMHWLWLQHWRRGWHLQHXVDPOMHQRVWLLDNRYHLQDOMXGLPDORWRJD $NRWLMHQHWRSULLQMDYDORUDGRVWSR]GUDYLVH1LNDGDVHYLHQHH
PRHSRGQLMHWLSDVHXVNRURRSHWVNODQMD NXGDJRGLGHRVYMHWOMDYD
7NRVHSUHSXVWLVDPRLWDMMHXVNRURVDP p5DGXMVHWDMQDMHUDGRVWNDRXJDHQDVYLMHD5DGRVWDQMHNDRVXQFH
8YLMHNH]QHP]DRVDPOMHQRXDOLNDGDVDPXYLMHNVDPQDMQHVUHWQLMLRYMHN XLWDNYHGULQDYHVHOMH]OR]ORYROMD
QDVYLMHWX UDGRVWVDPRDVDDOMHQMHVPLMHKVUHDVWUHVVXXWVX]HWXJDXDV
6YHQDHQHGDHGROD]HRGDWOHWRQHPRHPRELWLVDPL WUDJRYLPD]RKL]PD"
LYRWMHYHSRVWDYLRWROLNDSLWDQMDQDNRMDH6DPRDRGJRYRULWLXVYRMRM VDPVHEHGRYRGLXRDMWHGDXYHDYDLXOMHSDYDVYRMHSDWQMH1LVXOLWRVYH
WLLQLLYRWMHQDJRPLODRKLOMDGHXYUHGDLR]OMHGDD6DPRDHXPMHWLGDLK ODNHSRGQRVLQHJRPDNRMDGUXJDLYRWLQMDRQDNQDOD]LOMHSRWXXWRPHGD
L]OLMHLLXEODLVDVYRMLPGDURPOMXEDYLLPLORVWLVX]DXYDVDPRDVYRMD WRPHMHEDXGQR RYMHNVMHGQHVWUDQHLPDYLHSDWQMHVGUXJHVWUDQHMH
RWNXSOMHQD]DVYHQDVSDPDNDUQDVRQDHNDODVDPRPRGDXJUREX ]DSDWQMXDOLPLQLVPRVODELNDRYRORYLQHJRMDNLNDROMXGLQHL]PMHUQD,X
2SURVWLWHQHNHULMHLGHWRQLUDMX SDWQMHHNDMXXLYRWXDOLWNRWRPRH]QDWL0RHELWLGDMHQDDVSRVREQRVW
p*RUHVHXYLMHNYRGLDGROMHVHRELQRSDWL-DQH]QDPNDNRYHPHMR p*RUHVHXYLMHNYRGLDGROMHVHRELQRSDWL-DQH]QDPNDNRYHPHMR
SDWQMHHNDMXXLYRWXDOLWNRWRPRH]QDWL0RHELWLGDMHQDDVSRVREQRVW 2SURVWLWHQHNHULMHLGHWRQLUDMX
]DSDWQMXDOLPLQLVPRVODELNDRYRORYLQHJRMDNLNDROMXGLQHL]PMHUQD,X RWNXSOMHQD]DVYHQDVSDPDNDUQDVRQDHNDODVDPRPRGDXJUREX
WRPHMHEDXGQR RYMHNVMHGQHVWUDQHLPDYLHSDWQMHVGUXJHVWUDQHMH L]OLMHLLXEODLVDVYRMLPGDURPOMXEDYLLPLORVWLVX]DXYDVDPRDVYRMD
ODNHSRGQRVLQHJRPDNRMDGUXJDLYRWLQMDRQDNQDOD]LOMHSRWXXWRPHGD WLLQLLYRWMHQDJRPLODRKLOMDGHXYUHGDLR]OMHGDD6DPRDHXPMHWLGDLK
VDPVHEHGRYRGLXRDMWHGDXYHDYDLXOMHSDYDVYRMHSDWQMH1LVXOLWRVYH LYRWMHYHSRVWDYLRWROLNDSLWDQMDQDNRMDH6DPRDRGJRYRULWLXVYRMRM
WUDJRYLPD]RKL]PD" 6YHQDHQHGDHGROD]HRGDWOHWRQHPRHPRELWLVDPL
UDGRVWVDPRDVDDOMHQMHVPLMHKVUHDVWUHVVXXWVX]HWXJDXDV QDVYLMHWX
XLWDNYHGULQDYHVHOMH]OR]ORYROMD 8YLMHNH]QHP]DRVDPOMHQRXDOLNDGDVDPXYLMHNVDPQDMQHVUHWQLMLRYMHN
p5DGXMVHWDMQDMHUDGRVWNDRXJDHQDVYLMHD5DGRVWDQMHNDRVXQFH 7NRVHSUHSXVWLVDPRLWDMMHXVNRURVDP
NXGDJRGLGHRVYMHWOMDYD PRHSRGQLMHWLSDVHXVNRURRSHWVNODQMD
$NRWLMHQHWRSULLQMDYDORUDGRVWSR]GUDYLVH1LNDGDVHYLHQHH 6YDWNRPRUDRVMHWLWLQHWRRGWHLQHXVDPOMHQRVWLLDNRYHLQDOMXGLPDORWRJD
SRQRYLWL 6DPRDUD]YLMDYHOLNHD]DWXSOMXMHRVUHGQMHGXKRYH
1DMOMHSLMHXLWDNLQDMYHDUDGRVWLYRWDRVMHDWLGDVLOMXGLPDSRWUHEDQL 6DPRDMHNDGNDWQDMEROMHGUXWYR
GUDJ 6DPRDGRQRVLVYHRVLPNDUDNWHUD
5DGXMVHRQLPDNRMLVHUDGXMX YLPUWYL
5DGXMVHLYRWXLYRWMHMHGDQMHGLQVWYHQLQHSRQRYOMLYSRNORQ 6DPRGDXVSLMHPELWLVDP SRPR]LWHPLGUDJLPUWYLLLYLSULMDWHOML QDURLWR
3RGLMHOMHQDUDGRVWMHGYRVWUXNDUDGRVW3UDYDUDGRVWMHR]ELOMQD 2VDPOMHQRVWMHXGHVLVWDNQXWLKGXKRYD
2VDPOMHQRVWMHVUDPRWD
2VDPOMHQRVWMHVUDPRWD
VDPOMHQRVWMHXGHVLVWDNQXWLKGXKRYD
2 3RGLMHOMHQDUDGRVWMHGYRVWUXNDUDGRVW3UDYDUDGRVWMHR]ELOMQD
6DPRGDXVSLMHPELWLVDP SRPR]LWHPLGUDJLPUWYLLLYLSULMDWHOML QDURLWR 5DGXMVHLYRWXLYRWMHMHGDQMHGLQVWYHQLQHSRQRYOMLYSRNORQ
YLPUWYL 5DGXMVHRQLPDNRMLVHUDGXMX
6DPRDGRQRVLVYHRVLPNDUDNWHUD GUDJ
6DPRDMHNDGNDWQDMEROMHGUXWYR 1DMOMHSLMHXLWDNLQDMYHDUDGRVWLYRWDRVMHDWLGDVLOMXGLPDSRWUHEDQL
6DPRDUD]YLMDYHOLNHD]DWXSOMXMHRVUHGQMHGXKRYH SRQRYLWL
6YDWNRPRUDRVMHWLWLQHWRRGWHLQHXVDPOMHQRVWLLDNRYHLQDOMXGLPDORWRJD $NRWLMHQHWRSULLQMDYDORUDGRVWSR]GUDYLVH1LNDGDVHYLHQHH
PRHSRGQLMHWLSDVHXVNRURRSHWVNODQMD NXGDJRGLGHRVYMHWOMDYD
7NRVHSUHSXVWLVDPRLWDMMHXVNRURVDP p5DGXMVHWDMQDMHUDGRVWNDRXJDHQDVYLMHD5DGRVWDQMHNDRVXQFH
8YLMHNH]QHP]DRVDPOMHQRXDOLNDGDVDPXYLMHNVDPQDMQHVUHWQLMLRYMHN XLWDNYHGULQDYHVHOMH]OR]ORYROMD
QDVYLMHWX UDGRVWVDPRDVDDOMHQMHVPLMHKVUHDVWUHVVXXWVX]HWXJDXDV
6YHQDHQHGDHGROD]HRGDWOHWRQHPRHPRELWLVDPL WUDJRYLPD]RKL]PD"
LYRWMHYHSRVWDYLRWROLNDSLWDQMDQDNRMDH6DPRDRGJRYRULWLXVYRMRM VDPVHEHGRYRGLXRDMWHGDXYHDYDLXOMHSDYDVYRMHSDWQMH1LVXOLWRVYH
WLLQLLYRWMHQDJRPLODRKLOMDGHXYUHGDLR]OMHGDD6DPRDHXPMHWLGDLK ODNHSRGQRVLQHJRPDNRMDGUXJDLYRWLQMDRQDNQDOD]LOMHSRWXXWRPHGD
L]OLMHLLXEODLVDVYRMLPGDURPOMXEDYLLPLORVWLVX]DXYDVDPRDVYRMD WRPHMHEDXGQR RYMHNVMHGQHVWUDQHLPDYLHSDWQMHVGUXJHVWUDQHMH
RWNXSOMHQD]DVYHQDVSDPDNDUQDVRQDHNDODVDPRPRGDXJUREX ]DSDWQMXDOLPLQLVPRVODELNDRYRORYLQHJRMDNLNDROMXGLQHL]PMHUQD,X
2SURVWLWHQHNHULMHLGHWRQLUDMX SDWQMHHNDMXXLYRWXDOLWNRWRPRH]QDWL0RHELWLGDMHQDDVSRVREQRVW
p*RUHVHXYLMHNYRGLDGROMHVHRELQRSDWL-DQH]QDPNDNRYHPHMR p*RUHVHXYLMHNYRGLDGROMHVHRELQRSDWL-DQH]QDPNDNRYHPHMR
SDWQMHHNDMXXLYRWXDOLWNRWRPRH]QDWL0RHELWLGDMHQDDVSRVREQRVW 2SURVWLWHQHNHULMHLGHWRQLUDMX
]DSDWQMXDOLPLQLVPRVODELNDRYRORYLQHJRMDNLNDROMXGLQHL]PMHUQD,X RWNXSOMHQD]DVYHQDVSDPDNDUQDVRQDHNDODVDPRPRGDXJUREX
WRPHMHEDXGQR RYMHNVMHGQHVWUDQHLPDYLHSDWQMHVGUXJHVWUDQHMH L]OLMHLLXEODLVDVYRMLPGDURPOMXEDYLLPLORVWLVX]DXYDVDPRDVYRMD
ODNHSRGQRVLQHJRPDNRMDGUXJDLYRWLQMDRQDNQDOD]LOMHSRWXXWRPHGD WLLQLLYRWMHQDJRPLODRKLOMDGHXYUHGDLR]OMHGDD6DPRDHXPMHWLGDLK
VDPVHEHGRYRGLXRDMWHGDXYHDYDLXOMHSDYDVYRMHSDWQMH1LVXOLWRVYH LYRWMHYHSRVWDYLRWROLNDSLWDQMDQDNRMDH6DPRDRGJRYRULWLXVYRMRM
WUDJRYLPD]RKL]PD" 6YHQDHQHGDHGROD]HRGDWOHWRQHPRHPRELWLVDPL
UDGRVWVDPRDVDDOMHQMHVPLMHKVUHDVWUHVVXXWVX]HWXJDXDV QDVYLMHWX
XLWDNYHGULQDYHVHOMH]OR]ORYROMD 8YLMHNH]QHP]DRVDPOMHQRXDOLNDGDVDPXYLMHNVDPQDMQHVUHWQLMLRYMHN
p5DGXMVHWDMQDMHUDGRVWNDRXJDHQDVYLMHD5DGRVWDQMHNDRVXQFH 7NRVHSUHSXVWLVDPRLWDMMHXVNRURVDP
NXGDJRGLGHRVYMHWOMDYD PRHSRGQLMHWLSDVHXVNRURRSHWVNODQMD
$NRWLMHQHWRSULLQMDYDORUDGRVWSR]GUDYLVH1LNDGDVHYLHQHH 6YDWNRPRUDRVMHWLWLQHWRRGWHLQHXVDPOMHQRVWLLDNRYHLQDOMXGLPDORWRJD
SRQRYLWL 6DPRDUD]YLMDYHOLNHD]DWXSOMXMHRVUHGQMHGXKRYH
1DMOMHSLMHXLWDNLQDMYHDUDGRVWLYRWDRVMHDWLGDVLOMXGLPDSRWUHEDQL 6DPRDMHNDGNDWQDMEROMHGUXWYR
GUDJ 6DPRDGRQRVLVYHRVLPNDUDNWHUD
5DGXMVHRQLPDNRMLVHUDGXMX YLPUWYL
5DGXMVHLYRWXLYRWMHMHGDQMHGLQVWYHQLQHSRQRYOMLYSRNORQ 6DPRGDXVSLMHPELWLVDP SRPR]LWHPLGUDJLPUWYLLLYLSULMDWHOML QDURLWR
3RGLMHOMHQDUDGRVWMHGYRVWUXNDUDGRVW3UDYDUDGRVWMHR]ELOMQD 2VDPOMHQRVWMHXGHVLVWDNQXWLKGXKRYD
2VDPOMHQRVWMHVUDPRWD
5DGRVWMHRYMHNRYSULMHOD]RGPDQMHJDYHHPVDYUHQVWYX DORVWMH
VDPRL]VUFD RYMHNRYSULMHOD]RGYHHJDPDQMHPVDYUHQVWYX
VKUYDQLPD1HPRJXHJDMHNXSLWLLVSURVLWLSRVXGLWLLOLXNUDVWLMHUL]YLUH 5DGRVWMHSUDWLODFSURGXNWLYQHGMHODWQRVWL
2QMHRGPRUXPRUQLPDVYMHWORVWPDORGXQLPDVXQFHDORVQLPDLOLMHN
6PLMHDNRERJDXMHRQHNRMLJDSULPDMXDQHRVLURPDXMHRQHNRMLJDGDMX 5DGRVWMHYUOLQD
6PLMHDNMHQDMHOHJDQWQLMLQDLQNDNRVYRMLPSURWLYQLFLPDSRND]DWL]XEH 5DGRVWMHDUNRMLSUDWLELYVWYRYDQMH
6PLMHKMHPMHULORVYDNHVORERGH 6YDNRSRYHDQMHUDGRVWLNRMHPGUXWYRPRHSULGRQLMHWLXLQLWHYLH]D
RGJRMVYRMLKODQRYDQHJRWRVYHSULMHWQMHNDQMDYDQMHPLOLSURSRYLMHGLR
6RQLPDNRMLVHVPLMXQHPRMVHXYLMHNVPLMDWL YUOLQLPRJXXLQLWL
1DVPLMHLVHWRHHDNRVHSUHVWDQHVPLMDWLRVWDWLHVDPRVX]H 7NRVHYHVHOLNDGDMHGUXJLDORVWDQSRVWDMHXJODYQRPQHRPLOMHQ
/XDNVHVPLMHSXQLPJUORPDXPDQVHRYMHNWLKRRVPMHKQH 8QHSRPXHQXUDGRVWYMHUXMHVDPR]DYLGQLN9HGULQLELNDGVHJRGSRMDYL
,]JXEOMHQMHRQDMGDQNDGDVHRYMHNQLMHVPLMDR YDOMDORRWYRULWLSUR]RUHLYUDWD RQDQDPQDLPHQHGROD]LQLNDGXQH]JRGDQ
%RUHELWUHEDOHVDXYDWLVDPRQDHRVPLMHKH DV
$NRVHSUHVWDQHPRVPLMDWLRVWDWLHVDPRVX]H 9HGURMHOLFH]QDNYHVHODVUFD
SULVWRMQDLVWDGRELW 9HVHOMHSURGXXMHGDQHLYRWQH
p$NRRYMHNXQDNUDMXQMHJRYRJLYRWDSUHRVWDQHVPLMHDNWRMHVDVYLP p.DGVLVDPPRGDVLXORHPDPRGDXGREURPGUXWYX
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1DMOMHSDOMXGVNDVODERVWMHVDDOMHQMH6DDOMHQMHVHGRELYDQDSRNORQ]DYLVW
DMJRUDMHVDPRDXGYRMH
1
JD]DVOXXMH
p1LMHGDQRVMHDMRYMHNQHSRGQRVLWDNRWHNRNDRVDDOMHQMHSRJRWRYXDNR p1LMHGDQRVMHDMRYMHNQHSRGQRVLWDNRWHNRNDRVDDOMHQMHSRJRWRYXDNR
JD]DVOXXMH
1DMJRUDMHVDPRDXGYRMH
1DMOMHSDOMXGVNDVODERVWMHVDDOMHQMH6DDOMHQMHVHGRELYDQDSRNORQ]DYLVW
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p.DGVLVDPPRGDVLXORHPDPRGDXGREURPGUXWYX p$NRRYMHNXQDNUDMXQMHJRYRJLYRWDSUHRVWDQHVPLMHDNWRMHVDVYLP
9HVHOMHSURGXXMHGDQHLYRWQH SULVWRMQDLVWDGRELW
9HGURMHOLFH]QDNYHVHODVUFD $NRVHSUHVWDQHPRVPLMDWLRVWDWLHVDPRVX]H
DV %RUHELWUHEDOHVDXYDWLVDPRQDHRVPLMHKH
YDOMDORRWYRULWLSUR]RUHLYUDWD RQDQDPQDLPHQHGROD]LQLNDGXQH]JRGDQ ,]JXEOMHQMHRQDMGDQNDGDVHRYMHNQLMHVPLMDR
8QHSRPXHQXUDGRVWYMHUXMHVDPR]DYLGQLN9HGULQLELNDGVHJRGSRMDYL /XDNVHVPLMHSXQLPJUORPDXPDQVHRYMHNWLKRRVPMHKQH
7NRVHYHVHOLNDGDMHGUXJLDORVWDQSRVWDMHXJODYQRPQHRPLOMHQ 1DVPLMHLVHWRHHDNRVHSUHVWDQHVPLMDWLRVWDWLHVDPRVX]H
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p%ROMLMHXDVDQNUDMQHJRXDVEH]NUDMD
1LWNRQHSODHWDNRJRUNRNDRRQLNRMLXLYRWXQDMUMHHRVMHDMXVDPLORVW
RYMHNEUH]DERUDYOMDEROQHJRUDGRVW
1LMHVDPRGMHORYHMHLEROSXWNDVORERGL
RYMHNNRMHJEROQHRGJDMDRVWDMHXYLMHNGLMHWH
1HWNRGDYQLRGJRYRULPL EROMHSUDVWDUD
0RMHQDMJRUHLVNXVWYRMHGDEROYHLQXOMXGLQHLQLYHOLNLPDQHJRPDOLPD
1HPDYHHEROLRGVMHDQMDQDVUHXXWUHQXWNXELMHGH
1HSUHSXWDMVUFHVYRMHDORVWL
ELVYHSRVWDORGRVDGQR
1HDOL]DRQLPHJDYLHQHPDMHUNDGVHQLWDQHELPLMHQMDORXEU]R 1HXGDOMXMVHRGRQLKNRMLSODXYHVWXQLPDWXJXM
1HXGDOMXMVHRGRQLKNRMLSODXYHVWXQLPDWXJXM 1HDOL]DRQLPHJDYLHQHPDMHUNDGVHQLWDQHELPLMHQMDORXEU]R
ELVYHSRVWDORGRVDGQR
1HSUHSXWDMVUFHVYRMHDORVWL
1HPDYHHEROLRGVMHDQMDQDVUHXXWUHQXWNXELMHGH
0RMHQDMJRUHLVNXVWYRMHGDEROYHLQXOMXGLQHLQLYHOLNLPDQHJRPDOLPD
1HWNRGDYQLRGJRYRULPL EROMHSUDVWDUD
RYMHNNRMHJEROQHRGJDMDRVWDMHXYLMHNGLMHWH
1LMHVDPRGMHORYHMHLEROSXWNDVORERGL
RYMHNEUH]DERUDYOMDEROQHJRUDGRVW
1LWNRQHSODHWDNRJRUNRNDRRQLNRMLXLYRWXQDMUMHHRVMHDMXVDPLORVW
p%ROMLMHXDVDQNUDMQHJRXDVEH]NUDMD
3ODQLMH]QDNVODERVWL
6X]HVXQLMHPDDEHFHGDEROD
3ODXLRL]ERJVX]DQHYLGHMDVQR VPLMXLVHQD]LUXVODER3ODQLMH
YUHGQLMLRGVPLMHKD
p,VX]HVXSODD
3ODLVRQLPWNRSODH
MHWLPHSRJRHQD8WMHKDLVDYMHWVXRVLPWRJDLPDVNDGLVWDQFH
8WMHKDLVDYMHWHVWRVXREUDQDRVREHNRMDQLMHSRJRHQDSDWQMRPRVREHNRMD
6DPRRQDM]DLVWDWXJXMHWNRWXJXMHEH]VYMHGRND
]DWRWRQDVNDNYDJRGVLWQLFDLUDVWXXMH
p6XXWMHGUXWYHQLREOLNQDVUWOMLYRVWL.DNYDJRGVLWQLFDGRQRVLQDPXWMHKX 6X]DPDRYODHQRRNRYLGLQHMDVQR
6WUHVWRVXRNRYLRNRVUFD 6X]HQDVXPODGRVWLLQHMDNLPD
p6WUHVMHYLUXVNRMLQDUDGQLNHSUHQRVHQHVLJXUQLQDYRGHLPSRORDMLPD WRMHWRWRLQLWHRYMHNKRHGDWXJXMHLGDSDWLNDGDJOHGDQHLMXPUDQX
VXGELQXNRMXVDPWMHOHVQRQHELKWLRGDSUHSDWL"3URPDWUDMXLWUDJHGLMX
RYMHNL]WHND]DOLQHLJUHFUSHERODWDMHEROXLWDN1LMHOLWROXGLOR
$NRVUHXHOLVDXYDWLQHJRYRULRQMRM
'DMHVUHDEHVNUDMQDRYMHNELH]QXR]DQHVUHRP VDDOMHQMDGRVWRMQR"
6UHDQLNRPHQHGDVYHSHUMHL]VYRMHJNULOD
7NREL]QDR]DELMHGQLNDGDEROQHPDULMHL"
7NRQH]QDSRGQLMHWLPDOLEROPRUDUDXQDWLVWLPGDHSUHWUSMHWLSXQREROL
1HPDYHHJ]ODRG]OHSDPHWL
8RJRUHQRVWLVNULYHQDWLQMDERO]ERJQDHJQHXVSMHKD 1H]QDMXLJGMH]OROHLQHPRHPRJDQLWLLVWMHUDWL
7NRVHYROLDOLWLXYLMHNHQDLQHWR]DDOMHQMH 1HVPLMHVHLQL]ORGDQDVWDQHGREUR
7XJDHVWRSXWD]QDELWLODQDGRNUDGRVWULMHWNRNDG 1DMJRUH]ORRGNRMHJVYLMHWSDWLQLMHMDLQD]OLKYHVODERVWGREULK
7XJDMHJULMHK 1DMEROMLQDLQGDVHLQLGREURMHVWYUVWDRGOXNDGDVHVX]ELMD]OR
8PRUXWXJHQHYLGHVHQLNDGREDOH 0DQMD]ODRELQRGXOMHWUDMX
8YHOLNRMVXGXLYHOLNHQLMHPHEROL6YHEROLVNUXKRPVXPDQMH .DNRELL]EMHJOLYHD]ODPRUDPRVHVXRLWLVPDQMLPD
=DRQLPWRQDPX]PXQHWUHEDSODNDWLWRMHL]JXEOMHQR]DXYLMHN6DPRRQR GREURJD
WRGDPRSRQHNDGHPRGRELWLQDWUDJ p-DNRELVHPDOR]ODGRJDDORQDVYLMHWXNDGDVH]ORQHELPRJORLQLWLXLPH
DORVWMHSULMHOD]RYMHNDL]YHHJXPDQMHVDYUHQVWYR p9HVHORVWMHSRGQHEOMHSRGNRMLPXVSLMHYDVYHGROLRWURYD
p8LWDNNXSXMVWUSOMLYRX p9HGULQDMHXYLMHNQD]QDNDVORERGH
,DNRMHVYDNLXLWDNSRVHELGREDUQHWUHEDVYHXLWNHKWMHWL =DVYDNLXLWDNSRWUHEQDVXGYDVUFDNRMDVHYROH
,VWLQVNLXLWDNVDVWRMLVHXYHGULQLGXKDLRGVXWQRVWLVWUDKDLPRHJDSRVWLL 8LYDQMHSRYHDYDXLYDQMH
UD]ERULWRXLGDOHNRYLGQRX 8LYDMXDULEH]GDMH]DKWLMHYDRQGDHQMRPHYODGDWL
3UREDXLWNDMHQMHJRYRVMHDQMH3URELUDQMHPRHGMHORYDWLVDPRDNR 8LWDNNRMLVHVXYLHHVWRSRQDYOMDVWYDUDRWXSMHORVW
]DSRLQMHRGR]GR
QHXLYDSRVWDMHQHSRGQROMLY
8LWDNQHPRHELWLFLOMLYRWD8LWDNEH]QHHJYLHJMHSULSURVWDVWYDU7NR 8LWDNQHPRHELWLFLOMLYRWD8LWDNEH]QHHJYLHJMHSULSURVWDVWYDU7NR
QHXLYDSRVWDMHQHSRGQROMLY
]DSRLQMHRGR]GR
8LWDNNRMLVHVXYLHHVWRSRQDYOMDVWYDUDRWXSMHORVW 3UREDXLWNDMHQMHJRYRVMHDQMH3URELUDQMHPRHGMHORYDWLVDPRDNR
8LYDMXDULEH]GDMH]DKWLMHYDRQGDHQMRPHYODGDWL UD]ERULWRXLGDOHNRYLGQRX
8LYDQMHSRYHDYDXLYDQMH ,VWLQVNLXLWDNVDVWRMLVHXYHGULQLGXKDLRGVXWQRVWLVWUDKDLPRHJDSRVWLL
=DVYDNLXLWDNSRWUHEQDVXGYDVUFDNRMDVHYROH ,DNRMHVYDNLXLWDNSRVHELGREDUQHWUHEDVYHXLWNHKWMHWL
p9HGULQDMHXYLMHNQD]QDNDVORERGH p8LWDNNXSXMVWUSOMLYRX
p9HVHORVWMHSRGQHEOMHSRGNRMLPXVSLMHYDVYHGROLRWURYD DORVWMHSULMHOD]RYMHNDL]YHHJXPDQMHVDYUHQVWYR
p-DNRELVHPDOR]ODGRJDDORQDVYLMHWXNDGDVH]ORQHELPRJORLQLWLXLPH WRGDPRSRQHNDGHPRGRELWLQDWUDJ
GREURJD =DRQLPWRQDPX]PXQHWUHEDSODNDWLWRMHL]JXEOMHQR]DXYLMHN6DPRRQR
.DNRELL]EMHJOLYHD]ODPRUDPRVHVXRLWLVPDQMLPD 8YHOLNRMVXGXLYHOLNHQLMHPHEROL6YHEROLVNUXKRPVXPDQMH
0DQMD]ODRELQRGXOMHWUDMX 8PRUXWXJHQHYLGHVHQLNDGREDOH
1DMEROMLQDLQGDVHLQLGREURMHVWYUVWDRGOXNDGDVHVX]ELMD]OR 7XJDMHJULMHK
1DMJRUH]ORRGNRMHJVYLMHWSDWLQLMHMDLQD]OLKYHVODERVWGREULK 7XJDHVWRSXWD]QDELWLODQDGRNUDGRVWULMHWNRNDG
1HVPLMHVHLQL]ORGDQDVWDQHGREUR 7NRVHYROLDOLWLXYLMHNHQDLQHWR]DDOMHQMH
1H]QDMXLJGMH]OROHLQHPRHPRJDQLWLLVWMHUDWL 8RJRUHQRVWLVNULYHQDWLQMDERO]ERJQDHJQHXVSMHKD
HPDYHHJ]ODRG]OHSDPHWL
1
7NRQH]QDSRGQLMHWLPDOLEROPRUDUDXQDWLVWLPGDHSUHWUSMHWLSXQREROL
7NREL]QDR]DELMHGQLNDGDEROQHPDULMHL"
7NREL]QDR]DELMHGQLNDGDEROQHPDULMHL"
7NRQH]QDSRGQLMHWLPDOLEROPRUDUDXQDWLVWLPGDHSUHWUSMHWLSXQREROL
1HPDYHHJ]ODRG]OHSDPHWL
8RJRUHQRVWLVNULYHQDWLQMDERO]ERJQDHJQHXVSMHKD 1H]QDMXLJGMH]OROHLQHPRHPRJDQLWLLVWMHUDWL
7NRVHYROLDOLWLXYLMHNHQDLQHWR]DDOMHQMH 1HVPLMHVHLQL]ORGDQDVWDQHGREUR
7XJDHVWRSXWD]QDELWLODQDGRNUDGRVWULMHWNRNDG 1DMJRUH]ORRGNRMHJVYLMHWSDWLQLMHMDLQD]OLKYHVODERVWGREULK
7XJDMHJULMHK 1DMEROMLQDLQGDVHLQLGREURMHVWYUVWDRGOXNDGDVHVX]ELMD]OR
8PRUXWXJHQHYLGHVHQLNDGREDOH 0DQMD]ODRELQRGXOMHWUDMX
8YHOLNRMVXGXLYHOLNHQLMHPHEROL6YHEROLVNUXKRPVXPDQMH .DNRELL]EMHJOLYHD]ODPRUDPRVHVXRLWLVPDQMLPD
=DRQLPWRQDPX]PXQHWUHEDSODNDWLWRMHL]JXEOMHQR]DXYLMHN6DPRRQR GREURJD
WRGDPRSRQHNDGHPRGRELWLQDWUDJ p-DNRELVHPDOR]ODGRJDDORQDVYLMHWXNDGDVH]ORQHELPRJORLQLWLXLPH
DORVWMHSULMHOD]RYMHNDL]YHHJXPDQMHVDYUHQVWYR p9HVHORVWMHSRGQHEOMHSRGNRMLPXVSLMHYDVYHGROLRWURYD
p8LWDNNXSXMVWUSOMLYRX p9HGULQDMHXYLMHNQD]QDNDVORERGH
,DNRMHVYDNLXLWDNSRVHELGREDUQHWUHEDVYHXLWNHKWMHWL =DVYDNLXLWDNSRWUHEQDVXGYDVUFDNRMDVHYROH
,VWLQVNLXLWDNVDVWRMLVHXYHGULQLGXKDLRGVXWQRVWLVWUDKDLPRHJDSRVWLL 8LYDQMHSRYHDYDXLYDQMH
UD]ERULWRXLGDOHNRYLGQRX 8LYDMXDULEH]GDMH]DKWLMHYDRQGDHQMRPHYODGDWL
3UREDXLWNDMHQMHJRYRVMHDQMH3URELUDQMHPRHGMHORYDWLVDPRDNR 8LWDNNRMLVHVXYLHHVWRSRQDYOMDVWYDUDRWXSMHORVW
]DSRLQMHRGR]GR
QHXLYDSRVWDMHQHSRGQROMLY
8LWDNQHPRHELWLFLOMLYRWD8LWDNEH]QHHJYLHJMHSULSURVWDVWYDU7NR 8LWDNQHPRHELWLFLOMLYRWD8LWDNEH]QHHJYLHJMHSULSURVWDVWYDU7NR
QHXLYDSRVWDMHQHSRGQROMLY
]DSRLQMHRGR]GR
8LWDNNRMLVHVXYLHHVWRSRQDYOMDVWYDUDRWXSMHORVW 3UREDXLWNDMHQMHJRYRVMHDQMH3URELUDQMHPRHGMHORYDWLVDPRDNR
8LYDMXDULEH]GDMH]DKWLMHYDRQGDHQMRPHYODGDWL UD]ERULWRXLGDOHNRYLGQRX
8LYDQMHSRYHDYDXLYDQMH ,VWLQVNLXLWDNVDVWRMLVHXYHGULQLGXKDLRGVXWQRVWLVWUDKDLPRHJDSRVWLL
=DVYDNLXLWDNSRWUHEQDVXGYDVUFDNRMDVHYROH ,DNRMHVYDNLXLWDNSRVHELGREDUQHWUHEDVYHXLWNHKWMHWL
p9HGULQDMHXYLMHNQD]QDNDVORERGH p8LWDNNXSXMVWUSOMLYRX
p9HVHORVWMHSRGQHEOMHSRGNRMLPXVSLMHYDVYHGROLRWURYD DORVWMHSULMHOD]RYMHNDL]YHHJXPDQMHVDYUHQVWYR
p-DNRELVHPDOR]ODGRJDDORQDVYLMHWXNDGDVH]ORQHELPRJORLQLWLXLPH WRGDPRSRQHNDGHPRGRELWLQDWUDJ
GREURJD =DRQLPWRQDPX]PXQHWUHEDSODNDWLWRMHL]JXEOMHQR]DXYLMHN6DPRRQR
.DNRELL]EMHJOLYHD]ODPRUDPRVHVXRLWLVPDQMLPD 8YHOLNRMVXGXLYHOLNHQLMHPHEROL6YHEROLVNUXKRPVXPDQMH
0DQMD]ODRELQRGXOMHWUDMX 8PRUXWXJHQHYLGHVHQLNDGREDOH
1DMEROMLQDLQGDVHLQLGREURMHVWYUVWDRGOXNDGDVHVX]ELMD]OR 7XJDMHJULMHK
1DMJRUH]ORRGNRMHJVYLMHWSDWLQLMHMDLQD]OLKYHVODERVWGREULK 7XJDHVWRSXWD]QDELWLODQDGRNUDGRVWULMHWNRNDG
1HVPLMHVHLQL]ORGDQDVWDQHGREUR 7NRVHYROLDOLWLXYLMHNHQDLQHWR]DDOMHQMH
1H]QDMXLJGMH]OROHLQHPRHPRJDQLWLLVWMHUDWL 8RJRUHQRVWLVNULYHQDWLQMDERO]ERJQDHJQHXVSMHKD
HPDYHHJ]ODRG]OHSDPHWL
1
7NRQH]QDSRGQLMHWLPDOLEROPRUDUDXQDWLVWLPGDHSUHWUSMHWLSXQREROL
NREL]QDR]DELMHGQLNDGDEROQHPDULMHL"
7
LNDGVH]ORQHOLMHL]OLP
1
7NRQHLQL]ORWLPHMRQLMHXLQLRGREUR7NRHOL]ORUDGLWLXYLMHNQDH
p/RLOMXGLNDGVXVUHWQLSRVWDMXQHSRGQROMLYL UD]ORJ
LPDGUXJRPLOMHQMH 8]ORVHYMHUXMHWHNQDNQDGQR
3RQHNDGMH]DEDYQRQHNRJRYMHNDL]QHQDGLWLWLPHGDPXVHQHVOLLLGDVH
=ORGROD]LRGRQRJDWNRQH]QDDXLWLVHQHGD
NRMHVHQDMPDQMHFLMHQL
p2QLOMXGLNRMLPDVHQLNDGDQHSURWXUMHLVXLOLRQLNRMHVHQDMYLHYROLLOLRQL =ORLPDNULODDGREURHSD
SUHGXKLWULWLGUXJHLLPDSULURGQRSUDYRQDWR =ORMHQHGRVWDWDNGREURJD
]DVDPRRGUDQMHPQXQRVXNREOMDYDMX,]VWUDKDVYDWNRRQGDQDVWRML =ORQDMQHSULPMHWQLMHLQDMHHSRWSRPDXEODJLOMXGLWDNRWRVHSUDYHGDJD
p$NRXSULURGQRPVWDQMXGYDRYMHNDHOHLVWXVWYDURQLVHXVYRMHPQDJRQX QLWLYLGHQLWLXMX
YULMHDQMH]DSRYLMHGDQMH =ORQDLOD]LXYDORYLPD
ORMHNDRYDWUDDNRQHRSULRFUQL
=
NRQIOLNWQHVQROMLYRVWQHWROHUDQFLMDWYUGRJODYRVWWROHUDQFLMDXYUHGDL
72/(5$1&,-$,1(612/-,9267 p=ORYROMDMHLVWRWRLWURPRVWRQDLMHVWHMHGQDYUVWDOLMHQRVWLVDPDQDD
SULURGDWRPHQDJLQMH
NR]DNDVQLQMHJDND]QLLYRW
7
%ROMHNDVQRQHJRQLNDGD1DMEROMHMHXSUDYRPWUHQXWNX 721267,.$1-(1-(
EOLQMLPD 7RQRVWMHXOMXGQRVWNUDOMHYD
o
p1HGRSXVWLGDLWNRHNDQDWHEH WRMH]QDNEH]RE]LUQRVWLSUHPD p1HGRSXVWLGDLWNRHNDQDWHEH WRMH]QDNEH]RE]LUQRVWLSUHPD
o7RQRVWMHXOMXGQRVWNUDOMHYD EOLQMLPD
721267,.$1-(1-( %ROMHNDVQRQHJRQLNDGD1DMEROMHMHXSUDYRPWUHQXWNX
7NR]DNDVQLQMHJDND]QLLYRW
SULURGDWRPHQDJLQMH
p=ORYROMDMHLVWRWRLWURPRVWRQDLMHVWHMHGQDYUVWDOLMHQRVWLVDPDQDD 72/(5$1&,-$,1(612/-,9267
NRQIOLNWQHVQROMLYRVWQHWROHUDQFLMDWYUGRJODYRVWWROHUDQFLMDXYUHGDL
=ORMHNDRYDWUDDNRQHRSULRFUQL
=ORQDLOD]LXYDORYLPD YULMHDQMH]DSRYLMHGDQMH
QLWLYLGHQLWLXMX p$NRXSULURGQRPVWDQMXGYDRYMHNDHOHLVWXVWYDURQLVHXVYRMHPQDJRQX
=ORQDMQHSULPMHWQLMHLQDMHHSRWSRPDXEODJLOMXGLWDNRWRVHSUDYHGDJD ]DVDPRRGUDQMHPQXQRVXNREOMDYDMX,]VWUDKDVYDWNRRQGDQDVWRML
=ORMHQHGRVWDWDNGREURJD SUHGXKLWULWLGUXJHLLPDSULURGQRSUDYRQDWR
=ORLPDNULODDGREURHSD p2QLOMXGLNRMLPDVHQLNDGDQHSURWXUMHLVXLOLRQLNRMHVHQDMYLHYROLLOLRQL
NRMHVHQDMPDQMHFLMHQL
=ORGROD]LRGRQRJDWNRQH]QDDXLWLVHQHGD
3RQHNDGMH]DEDYQRQHNRJRYMHNDL]QHQDGLWLWLPHGDPXVHQHVOLLLGDVH
8]ORVHYMHUXMHWHNQDNQDGQR LPDGUXJRPLOMHQMH
UD]ORJ p/RLOMXGLNDGVXVUHWQLSRVWDMXQHSRGQROMLYL
7NRQHLQL]ORWLPHMRQLMHXLQLRGREUR7NRHOL]ORUDGLWLXYLMHNQDH
1LNDGVH]ORQHOLMHL]OLP
LNDGVH]ORQHOLMHL]OLP
1
7NRQHLQL]ORWLPHMRQLMHXLQLRGREUR7NRHOL]ORUDGLWLXYLMHNQDH
p/RLOMXGLNDGVXVUHWQLSRVWDMXQHSRGQROMLYL UD]ORJ
LPDGUXJRPLOMHQMH 8]ORVHYMHUXMHWHNQDNQDGQR
3RQHNDGMH]DEDYQRQHNRJRYMHNDL]QHQDGLWLWLPHGDPXVHQHVOLLLGDVH
=ORGROD]LRGRQRJDWNRQH]QDDXLWLVHQHGD
NRMHVHQDMPDQMHFLMHQL
p2QLOMXGLNRMLPDVHQLNDGDQHSURWXUMHLVXLOLRQLNRMHVHQDMYLHYROLLOLRQL =ORLPDNULODDGREURHSD
SUHGXKLWULWLGUXJHLLPDSULURGQRSUDYRQDWR =ORMHQHGRVWDWDNGREURJD
]DVDPRRGUDQMHPQXQRVXNREOMDYDMX,]VWUDKDVYDWNRRQGDQDVWRML =ORQDMQHSULPMHWQLMHLQDMHHSRWSRPDXEODJLOMXGLWDNRWRVHSUDYHGDJD
p$NRXSULURGQRPVWDQMXGYDRYMHNDHOHLVWXVWYDURQLVHXVYRMHPQDJRQX QLWLYLGHQLWLXMX
YULMHDQMH]DSRYLMHGDQMH =ORQDLOD]LXYDORYLPD
ORMHNDRYDWUDDNRQHRSULRFUQL
=
NRQIOLNWQHVQROMLYRVWQHWROHUDQFLMDWYUGRJODYRVWWROHUDQFLMDXYUHGDL
72/(5$1&,-$,1(612/-,9267 p=ORYROMDMHLVWRWRLWURPRVWRQDLMHVWHMHGQDYUVWDOLMHQRVWLVDPDQDD
SULURGDWRPHQDJLQMH
7NR]DNDVQLQMHJDND]QLLYRW
%ROMHNDVQRQHJRQLNDGD1DMEROMHMHXSUDYRPWUHQXWNX 21267,.$1-(1-(
7
EOLQMLPD o7RQRVWMHXOMXGQRVWNUDOMHYD
p1HGRSXVWLGDLWNRHNDQDWHEH WRMH]QDNEH]RE]LUQRVWLSUHPD p1HGRSXVWLGDLWNRHNDQDWHEH WRMH]QDNEH]RE]LUQRVWLSUHPD
o7RQRVWMHXOMXGQRVWNUDOMHYD EOLQMLPD
721267,.$1-(1-( %ROMHNDVQRQHJRQLNDGD1DMEROMHMHXSUDYRPWUHQXWNX
7NR]DNDVQLQMHJDND]QLLYRW
SULURGDWRPHQDJLQMH
p=ORYROMDMHLVWRWRLWURPRVWRQDLMHVWHMHGQDYUVWDOLMHQRVWLVDPDQDD 72/(5$1&,-$,1(612/-,9267
NRQIOLNWQHVQROMLYRVWQHWROHUDQFLMDWYUGRJODYRVWWROHUDQFLMDXYUHGDL
=ORMHNDRYDWUDDNRQHRSULRFUQL
=ORQDLOD]LXYDORYLPD YULMHDQMH]DSRYLMHGDQMH
QLWLYLGHQLWLXMX p$NRXSULURGQRPVWDQMXGYDRYMHNDHOHLVWXVWYDURQLVHXVYRMHPQDJRQX
=ORQDMQHSULPMHWQLMHLQDMHHSRWSRPDXEODJLOMXGLWDNRWRVHSUDYHGDJD ]DVDPRRGUDQMHPQXQRVXNREOMDYDMX,]VWUDKDVYDWNRRQGDQDVWRML
=ORMHQHGRVWDWDNGREURJD SUHGXKLWULWLGUXJHLLPDSULURGQRSUDYRQDWR
=ORLPDNULODDGREURHSD p2QLOMXGLNRMLPDVHQLNDGDQHSURWXUMHLVXLOLRQLNRMHVHQDMYLHYROLLOLRQL
NRMHVHQDMPDQMHFLMHQL
=ORGROD]LRGRQRJDWNRQH]QDDXLWLVHQHGD
3RQHNDGMH]DEDYQRQHNRJRYMHNDL]QHQDGLWLWLPHGDPXVHQHVOLLLGDVH
8]ORVHYMHUXMHWHNQDNQDGQR LPDGUXJRPLOMHQMH
UD]ORJ p/RLOMXGLNDGVXVUHWQLSRVWDMXQHSRGQROMLYL
7NRQHLQL]ORWLPHMRQLMHXLQLRGREUR7NRHOL]ORUDGLWLXYLMHNQDH
1LNDGVH]ORQHOLMHL]OLP
2WSRUNRMLSRMHGLQDFSUXDSRMHGLQLPWHPDPDXUD]JRYRUXRGQRVQRWHPH
NRMHL]EMHJDYDLQGLNDWLYQHVX]DQMHJRYXSRGVYLMHVWLVDGUHVLPSWRPH 8YDDYDQMHVWXSDQMOMXED]QRJSRWRYDQMDNRMH]DVOXXMHRVREDNRMDELQDP
QHUD]XPLMHYDQMD 7ROHUDQFLMD]QDLRSUDWDWLWXHJUHNH7DNWLQRVW]QDLQHSULPMHLYDWLLK
o9HLQDDQWLVHPLWLVWDNDHSXQRYLHRVHELQHJRRVYRPSURWLYQLNXNRMHJD 7ROHUDQFLMDYHLQH QHPDWHQLWDSURWLYDNRYDPQDSXWVWDQHPUDY
QHSR]QDMX
GUXJLPDGRSXWDSUDYRQDL]UDDYDQMHGUXJDLMHJPLOMHQMD
p1HEXGLWYUGRJODYNDGUD]ORJQLMHGREDU WROHUDQWDQQLMHRQDMNRMLQHPDRVREQRPLOMHQMHYHRQDMNRMLJDLPDL
7YUGRJODYRVWMHQDMMHIWLQLMLVXURJDW]DNDUDNWHU 7ROHUDQFLMDVHHVWREUNDVDQHGRVWDWNRPRVREQRJPLOMHQMD0HXWLP
7YUGRJODYRVWMHR]QDNDJOXSDQDLQDMMHIWLQLMLVXURJDW]DNDUDNWHU XQLWDYDQMDVORERGH
p'DELRYMHNELREODJWROHUDQWDQPXGDULUD]XPDQPRUDUDVSRODJDWL VPDWUDEH]RSDVQRPSULYDWQRPPDQRP1HVPLMHSRVWRMDWLVORERGD
YHOLNRPNROLLQRPYUVWRH 7ROHUDQFLMDQHVPLMHVWDMDWLQDVSUDPQHWROHUDQFLMHXNROLNRVHRYD]DGQMDQH
$NRHOLGDWHGUXJLSRGQRVHSRGQRVLLWLGUXJHDOLQHSUHNRJUDQLFH 7ROHUDQFLMDMHXYLMHN]QDNGDVHYODVWVPDWUDRVLJXUDQRP
PD]RKL]PD SUL]QDWLGDVXGUXJLELOLXSUDYX
%XGLWROHUDQWDQ7ROHULUDMDOLQHSUHNRJUDQLFHPD]RKL]PD 7ROHUDQFLMDMHRQDMQHXJRGDQRVMHDMGDHPRQDNUDMXPRGDLSDNPRUDWL
1DDWROHUDQFLMDMHYLLREOLNKXPDQL]PD 7ROHUDQFLMDMHGRND]QHSRYMHUHQMDSUHPDYODVWLWRPLGHDOX
1H]QDPGDOLQDHJRGLQHXWMHXGDMHVYHPDQMHOMXGLNRMHFLMHQLPRDVYH 6YDNDPHRVREDNRMXVXVUHHPXSRQHHPQDGPDXMH
YLHRQLKNRMHSRGQRVLPR QHWROHUDQFLMH
1LVDPVLJXUDQGDOLMHVQROMLYRVWVDPRSORGUD]XPDLOL]DPRUDYMHURMDWQR 3RQHNLPLVOLGDVXSRVWDOLOLEHUDOQLVDPR]DWRWRVXSURPLMHQLOLVPMHUVYRMH
MHGQRJDLGUXJRJD YROLRQHLGDOMHYROMHWLRQRWRYROLDWHEHHPU]LWL
2VWDYLRQRPHNRMLYROLRQRWRYROLMHUDNRPXNDHQHNDRVWDYLRQRWR 2VWDYLRQRPHNRMLYROLRQRWRYROLMHUDNRPXNDHQHNDRVWDYLRQRWR
YROLRQHLGDOMHYROMHWLRQRWRYROLDWHEHHPU]LWL MHGQRJDLGUXJRJD
3RQHNLPLVOLGDVXSRVWDOLOLEHUDOQLVDPR]DWRWRVXSURPLMHQLOLVPMHUVYRMH 1LVDPVLJXUDQGDOLMHVQROMLYRVWVDPRSORGUD]XPDLOL]DPRUDYMHURMDWQR
QHWROHUDQFLMH YLHRQLKNRMHSRGQRVLPR
6YDNDPHRVREDNRMXVXVUHHPXSRQHHPQDGPDXMH 1H]QDPGDOLQDHJRGLQHXWMHXGDMHVYHPDQMHOMXGLNRMHFLMHQLPRDVYH
7ROHUDQFLMDMHGRND]QHSRYMHUHQMDSUHPDYODVWLWRPLGHDOX 1DDWROHUDQFLMDMHYLLREOLNKXPDQL]PD
7ROHUDQFLMDMHRQDMQHXJRGDQRVMHDMGDHPRQDNUDMXPRGDLSDNPRUDWL %XGLWROHUDQWDQ7ROHULUDMDOLQHSUHNRJUDQLFHPD]RKL]PD
SUL]QDWLGDVXGUXJLELOLXSUDYX PD]RKL]PD
7ROHUDQFLMDMHXYLMHN]QDNGDVHYODVWVPDWUDRVLJXUDQRP $NRHOLGDWHGUXJLSRGQRVHSRGQRVLLWLGUXJHDOLQHSUHNRJUDQLFH
7ROHUDQFLMDQHVPLMHVWDMDWLQDVSUDPQHWROHUDQFLMHXNROLNRVHRYD]DGQMDQH YHOLNRPNROLLQRPYUVWRH
VPDWUDEH]RSDVQRPSULYDWQRPPDQRP1HVPLMHSRVWRMDWLVORERGD p'DELRYMHNELREODJWROHUDQWDQPXGDULUD]XPDQPRUDUDVSRODJDWL
XQLWDYDQMDVORERGH 7YUGRJODYRVWMHR]QDNDJOXSDQDLQDMMHIWLQLMLVXURJDW]DNDUDNWHU
7ROHUDQFLMDVHHVWREUNDVDQHGRVWDWNRPRVREQRJPLOMHQMD0HXWLP 7YUGRJODYRVWMHQDMMHIWLQLMLVXURJDW]DNDUDNWHU
WROHUDQWDQQLMHRQDMNRMLQHPDRVREQRPLOMHQMHYHRQDMNRMLJDLPDL p1HEXGLWYUGRJODYNDGUD]ORJQLMHGREDU
GUXJLPDGRSXWDSUDYRQDL]UDDYDQMHGUXJDLMHJPLOMHQMD
QHSR]QDMX
7ROHUDQFLMDYHLQH QHPDWHQLWDSURWLYDNRYDPQDSXWVWDQHPUDY o9HLQDDQWLVHPLWLVWDNDHSXQRYLHRVHELQHJRRVYRPSURWLYQLNXNRMHJD
7ROHUDQFLMD]QDLRSUDWDWLWXHJUHNH7DNWLQRVW]QDLQHSULPMHLYDWLLK QHUD]XPLMHYDQMD
8YDDYDQMHVWXSDQMOMXED]QRJSRWRYDQMDNRMH]DVOXXMHRVREDNRMDELQDP NRMHL]EMHJDYDLQGLNDWLYQHVX]DQMHJRYXSRGVYLMHVWLVDGUHVLPSWRPH
2WSRUNRMLSRMHGLQDFSUXDSRMHGLQLPWHPDPDXUD]JRYRUXRGQRVQRWHPH
2WSRUNRMLSRMHGLQDFSUXDSRMHGLQLPWHPDPDXUD]JRYRUXRGQRVQRWHPH
NRMHL]EMHJDYDLQGLNDWLYQHVX]DQMHJRYXSRGVYLMHVWLVDGUHVLPSWRPH 8YDDYDQMHVWXSDQMOMXED]QRJSRWRYDQMDNRMH]DVOXXMHRVREDNRMDELQDP
QHUD]XPLMHYDQMD 7ROHUDQFLMD]QDLRSUDWDWLWXHJUHNH7DNWLQRVW]QDLQHSULPMHLYDWLLK
o9HLQDDQWLVHPLWLVWDNDHSXQRYLHRVHELQHJRRVYRPSURWLYQLNXNRMHJD 7ROHUDQFLMDYHLQH QHPDWHQLWDSURWLYDNRYDPQDSXWVWDQHPUDY
QHSR]QDMX
GUXJLPDGRSXWDSUDYRQDL]UDDYDQMHGUXJDLMHJPLOMHQMD
p1HEXGLWYUGRJODYNDGUD]ORJQLMHGREDU WROHUDQWDQQLMHRQDMNRMLQHPDRVREQRPLOMHQMHYHRQDMNRMLJDLPDL
7YUGRJODYRVWMHQDMMHIWLQLMLVXURJDW]DNDUDNWHU 7ROHUDQFLMDVHHVWREUNDVDQHGRVWDWNRPRVREQRJPLOMHQMD0HXWLP
7YUGRJODYRVWMHR]QDNDJOXSDQDLQDMMHIWLQLMLVXURJDW]DNDUDNWHU XQLWDYDQMDVORERGH
p'DELRYMHNELREODJWROHUDQWDQPXGDULUD]XPDQPRUDUDVSRODJDWL VPDWUDEH]RSDVQRPSULYDWQRPPDQRP1HVPLMHSRVWRMDWLVORERGD
YHOLNRPNROLLQRPYUVWRH 7ROHUDQFLMDQHVPLMHVWDMDWLQDVSUDPQHWROHUDQFLMHXNROLNRVHRYD]DGQMDQH
$NRHOLGDWHGUXJLSRGQRVHSRGQRVLLWLGUXJHDOLQHSUHNRJUDQLFH 7ROHUDQFLMDMHXYLMHN]QDNGDVHYODVWVPDWUDRVLJXUDQRP
PD]RKL]PD SUL]QDWLGDVXGUXJLELOLXSUDYX
%XGLWROHUDQWDQ7ROHULUDMDOLQHSUHNRJUDQLFHPD]RKL]PD 7ROHUDQFLMDMHRQDMQHXJRGDQRVMHDMGDHPRQDNUDMXPRGDLSDNPRUDWL
1DDWROHUDQFLMDMHYLLREOLNKXPDQL]PD 7ROHUDQFLMDMHGRND]QHSRYMHUHQMDSUHPDYODVWLWRPLGHDOX
1H]QDPGDOLQDHJRGLQHXWMHXGDMHVYHPDQMHOMXGLNRMHFLMHQLPRDVYH 6YDNDPHRVREDNRMXVXVUHHPXSRQHHPQDGPDXMH
YLHRQLKNRMHSRGQRVLPR QHWROHUDQFLMH
1LVDPVLJXUDQGDOLMHVQROMLYRVWVDPRSORGUD]XPDLOL]DPRUDYMHURMDWQR 3RQHNLPLVOLGDVXSRVWDOLOLEHUDOQLVDPR]DWRWRVXSURPLMHQLOLVPMHUVYRMH
MHGQRJDLGUXJRJD YROLRQHLGDOMHYROMHWLRQRWRYROLDWHEHHPU]LWL
2VWDYLRQRPHNRMLYROLRQRWRYROLMHUDNRPXNDHQHNDRVWDYLRQRWR 2VWDYLRQRPHNRMLYROLRQRWRYROLMHUDNRPXNDHQHNDRVWDYLRQRWR
YROLRQHLGDOMHYROMHWLRQRWRYROLDWHEHHPU]LWL MHGQRJDLGUXJRJD
3RQHNLPLVOLGDVXSRVWDOLOLEHUDOQLVDPR]DWRWRVXSURPLMHQLOLVPMHUVYRMH 1LVDPVLJXUDQGDOLMHVQROMLYRVWVDPRSORGUD]XPDLOL]DPRUDYMHURMDWQR
QHWROHUDQFLMH YLHRQLKNRMHSRGQRVLPR
6YDNDPHRVREDNRMXVXVUHHPXSRQHHPQDGPDXMH 1H]QDPGDOLQDHJRGLQHXWMHXGDMHVYHPDQMHOMXGLNRMHFLMHQLPRDVYH
7ROHUDQFLMDMHGRND]QHSRYMHUHQMDSUHPDYODVWLWRPLGHDOX 1DDWROHUDQFLMDMHYLLREOLNKXPDQL]PD
7ROHUDQFLMDMHRQDMQHXJRGDQRVMHDMGDHPRQDNUDMXPRGDLSDNPRUDWL %XGLWROHUDQWDQ7ROHULUDMDOLQHSUHNRJUDQLFHPD]RKL]PD
SUL]QDWLGDVXGUXJLELOLXSUDYX PD]RKL]PD
7ROHUDQFLMDMHXYLMHN]QDNGDVHYODVWVPDWUDRVLJXUDQRP $NRHOLGDWHGUXJLSRGQRVHSRGQRVLLWLGUXJHDOLQHSUHNRJUDQLFH
7ROHUDQFLMDQHVPLMHVWDMDWLQDVSUDPQHWROHUDQFLMHXNROLNRVHRYD]DGQMDQH YHOLNRPNROLLQRPYUVWRH
VPDWUDEH]RSDVQRPSULYDWQRPPDQRP1HVPLMHSRVWRMDWLVORERGD p'DELRYMHNELREODJWROHUDQWDQPXGDULUD]XPDQPRUDUDVSRODJDWL
XQLWDYDQMDVORERGH 7YUGRJODYRVWMHR]QDNDJOXSDQDLQDMMHIWLQLMLVXURJDW]DNDUDNWHU
7ROHUDQFLMDVHHVWREUNDVDQHGRVWDWNRPRVREQRJPLOMHQMD0HXWLP 7YUGRJODYRVWMHQDMMHIWLQLMLVXURJDW]DNDUDNWHU
WROHUDQWDQQLMHRQDMNRMLQHPDRVREQRPLOMHQMHYHRQDMNRMLJDLPDL p1HEXGLWYUGRJODYNDGUD]ORJQLMHGREDU
GUXJLPDGRSXWDSUDYRQDL]UDDYDQMHGUXJDLMHJPLOMHQMD
QHSR]QDMX
7ROHUDQFLMDYHLQH QHPDWHQLWDSURWLYDNRYDPQDSXWVWDQHPUDY o9HLQDDQWLVHPLWLVWDNDHSXQRYLHRVHELQHJRRVYRPSURWLYQLNXNRMHJD
7ROHUDQFLMD]QDLRSUDWDWLWXHJUHNH7DNWLQRVW]QDLQHSULPMHLYDWLLK QHUD]XPLMHYDQMD
8YDDYDQMHVWXSDQMOMXED]QRJSRWRYDQMDNRMH]DVOXXMHRVREDNRMDELQDP NRMHL]EMHJDYDLQGLNDWLYQHVX]DQMHJRYXSRGVYLMHVWLVDGUHVLPSWRPH
2WSRUNRMLSRMHGLQDFSUXDSRMHGLQLPWHPDPDXUD]JRYRUXRGQRVQRWHPH
PRJODXLQLWLXVOXJXDMRQDVQLMHRGELOD
9LGLRVDPGDOMHMHUVDPVWDMDRQDUDPHQLPDVYRMLKSUHWKRGQLND
=DWYRUHQDVUHGLQDPRUDNRULVWLWLQDVLOMHGDELVHRGUDOD1HWUSHOMLYRVWMH
LQVWUXPHQWWRJQDVLOMD$OLWDNYLVXVWDYLSURSDGDMXSRORJLFLVWYDUL2VRED
NRMDMH]DWYRUHQVXVWDYDWURILUD GUXWYRNRMHMH]DWYRUHQRQXQRVWDJQLUD
]ERJQHGRVWDWNDLQWHUDNFLMHVDGUXJLPSURJUHVLYQLPGUXWYLPD0RQRSRO
MHGQRJXRVQRYLSULPLWLYQRJJOHGLWDQXQRGRYRGLVODEOMHQMXVXVWDYD
p=QDNSDPHWLMHDNROMXGLSUHJRYDUDMXXPMHVWRGDVHERUH
p,YULMHDQMHWUHEDXLWLWRMHOMXED]QLMHWRGXEOMHSRJDD
1HYUDDM]OR]D]ORQLXYUHGX]DXYUHGX
1LWDVHQH]DERUDYOMDVSRULMHRGXYUHGHDQLWDEUHRGGREURLQVWYD
2QDMNRMLVDPVHELODHQDMODNHVHYULMHD
3RVWRMHJUDQLFHXYUHGDPDLQHSUDYGDPD
6DPVHEHYULMHDWNRHOLGUXJRJDYULMHDWL
7NRGUXJHYULMHDVHEHQH]DWLXMH
7NRODNRYULMHDWHNRRSUDWD
8YUHGHVXDUJXPHQWLRQLKNRMLQHUDVSRODXDUJXPHQWLPD
p1HPRM]DSRYLMHGDWLSULMHQHJRQDXLVOXDWL 1HPRM]DSRYLMHGDWLSULMHQHJRQDXLVOXDWL
p
8YUHGHVXDUJXPHQWLRQLKNRMLQHUDVSRODXDUJXPHQWLPD
7NRODNRYULMHDWHNRRSUDWD
7NRGUXJHYULMHDVHEHQH]DWLXMH
6DPVHEHYULMHDWNRHOLGUXJRJDYULMHDWL
3RVWRMHJUDQLFHXYUHGDPDLQHSUDYGDPD
2QDMNRMLVDPVHELODHQDMODNHVHYULMHD
1LWDVHQH]DERUDYOMDVSRULMHRGXYUHGHDQLWDEUHRGGREURLQVWYD
1HYUDDM]OR]D]ORQLXYUHGX]DXYUHGX
p,YULMHDQMHWUHEDXLWLWRMHOMXED]QLMHWRGXEOMHSRJDD
p=QDNSDPHWLMHDNROMXGLSUHJRYDUDMXXPMHVWRGDVHERUH
MHGQRJXRVQRYLSULPLWLYQRJJOHGLWDQXQRGRYRGLVODEOMHQMXVXVWDYD
]ERJQHGRVWDWNDLQWHUDNFLMHVDGUXJLPSURJUHVLYQLPGUXWYLPD0RQRSRO
NRMDMH]DWYRUHQVXVWDYDWURILUD GUXWYRNRMHMH]DWYRUHQRQXQRVWDJQLUD
LQVWUXPHQWWRJQDVLOMD$OLWDNYLVXVWDYLSURSDGDMXSRORJLFLVWYDUL2VRED
=DWYRUHQDVUHGLQDPRUDNRULVWLWLQDVLOMHGDELVHRGUDOD1HWUSHOMLYRVWMH
9LGLRVDPGDOMHMHUVDPVWDMDRQDUDPHQLPDVYRMLKSUHWKRGQLND
PRJODXLQLWLXVOXJXDMRQDVQLMHRGELOD
PRJODXLQLWLXVOXJXDMRQDVQLMHRGELOD
9LGLRVDPGDOMHMHUVDPVWDMDRQDUDPHQLPDVYRMLKSUHWKRGQLND
=DWYRUHQDVUHGLQDPRUDNRULVWLWLQDVLOMHGDELVHRGUDOD1HWUSHOMLYRVWMH
LQVWUXPHQWWRJQDVLOMD$OLWDNYLVXVWDYLSURSDGDMXSRORJLFLVWYDUL2VRED
NRMDMH]DWYRUHQVXVWDYDWURILUD GUXWYRNRMHMH]DWYRUHQRQXQRVWDJQLUD
]ERJQHGRVWDWNDLQWHUDNFLMHVDGUXJLPSURJUHVLYQLPGUXWYLPD0RQRSRO
MHGQRJXRVQRYLSULPLWLYQRJJOHGLWDQXQRGRYRGLVODEOMHQMXVXVWDYD
p=QDNSDPHWLMHDNROMXGLSUHJRYDUDMXXPMHVWRGDVHERUH
p,YULMHDQMHWUHEDXLWLWRMHOMXED]QLMHWRGXEOMHSRJDD
1HYUDDM]OR]D]ORQLXYUHGX]DXYUHGX
1LWDVHQH]DERUDYOMDVSRULMHRGXYUHGHDQLWDEUHRGGREURLQVWYD
2QDMNRMLVDPVHELODHQDMODNHVHYULMHD
3RVWRMHJUDQLFHXYUHGDPDLQHSUDYGDPD
6DPVHEHYULMHDWNRHOLGUXJRJDYULMHDWL
7NRGUXJHYULMHDVHEHQH]DWLXMH
7NRODNRYULMHDWHNRRSUDWD
8YUHGHVXDUJXPHQWLRQLKNRMLQHUDVSRODXDUJXPHQWLPD
p1HPRM]DSRYLMHGDWLSULMHQHJRQDXLVOXDWL 1HPRM]DSRYLMHGDWLSULMHQHJRQDXLVOXDWL
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7NRGUXJHYULMHDVHEHQH]DWLXMH
6DPVHEHYULMHDWNRHOLGUXJRJDYULMHDWL
3RVWRMHJUDQLFHXYUHGDPDLQHSUDYGDPD
2QDMNRMLVDPVHELODHQDMODNHVHYULMHD
1LWDVHQH]DERUDYOMDVSRULMHRGXYUHGHDQLWDEUHRGGREURLQVWYD
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p=QDNSDPHWLMHDNROMXGLSUHJRYDUDMXXPMHVWRGDVHERUH
MHGQRJXRVQRYLSULPLWLYQRJJOHGLWDQXQRGRYRGLVODEOMHQMXVXVWDYD
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LQVWUXPHQWWRJQDVLOMD$OLWDNYLVXVWDYLSURSDGDMXSRORJLFLVWYDUL2VRED
=DWYRUHQDVUHGLQDPRUDNRULVWLWLQDVLOMHGDELVHRGUDOD1HWUSHOMLYRVWMH
9LGLRVDPGDOMHMHUVDPVWDMDRQDUDPHQLPDVYRMLKSUHWKRGQLND
PRJODXLQLWLXVOXJXDMRQDVQLMHRGELOD
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0DNVLPDMHQDMYHHEODJRDNRXSUDYLDV
SDGQHQDSDPHW
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SDGQHQDSDPHW
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SDGQHQDSDPHW
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SDGQHQDSDPHW
0DNVLPDMHQDMYHHEODJRDNRXSUDYLDV
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SRXNHDIRUL]PLL]UHNHNULODWLFHSRVORYLFH
p$NRRGEDFXMHSRXNXSUH]LUHYODVWLWXGXX3RXNHWHYRGHDSULPMHUL
YXNX
p$IRUL]DPMH
x URPDQOLMHQLQH
x QDDPLVDRNRMXXMHPRRGGUXJRJDLVNUDVYRJGREDLSRNXDMGDVH
GUXJDLMHPLVOL
x UDNNRMLL]D]LYDPHWDVWD]HUD]PLOMDQMD
x WRWDODQXWRPVPLVOXWRMHVYHXPMHWQLNRSUHORXILOR]RILMVNRLVYH
ILOR]RILMVNRXXPMHWQLNR
0XGUDL]UHNDQHYULMHGLXXVWLPDOXDNDMHUMXQHND]XMHXSUDYRYULMHPH
6UFHUD]ERULWDRYMHNDUD]PLOMDRL]UHNDPDSDOMLYRMHXKRVDQPXGUDFX
0XDQMHSRVDRVPLOMDWLL]UHNH
p.ULODWLFDMHLGHMDQDSXWXGRIUD]H
WRRVWDMHRGYHOLNLKPLVOLRFDGDQDQMLFH".ULODWLFHVXWUDQMLFH
p3RVORYLFDMHRSHSR]QDWDPXGURVWNRMHVHQLWNRQHSULGUDYD SRVOXSRPRQLFDL]YRUPXGURVWL
3RVORYLFDGROD]LRGUD]XPD2QDMHXUD]JRYRUXNDREDNOMDXPUDNXVYDNRP 3RVORYLFDGROD]LRGUD]XPD2QDMHXUD]JRYRUXNDREDNOMDXPUDNXVYDNRP
SRVOXSRPRQLFDL]YRUPXGURVWL p3RVORYLFDMHRSHSR]QDWDPXGURVWNRMHVHQLWNRQHSULGUDYD
WRRVWDMHRGYHOLNLKPLVOLRFDGDQDQMLFH".ULODWLFHVXWUDQMLFH
p.ULODWLFDMHLGHMDQDSXWXGRIUD]H
0XDQMHSRVDRVPLOMDWLL]UHNH
6UFHUD]ERULWDRYMHNDUD]PLOMDRL]UHNDPDSDOMLYRMHXKRVDQPXGUDFX
0XGUDL]UHNDQHYULMHGLXXVWLPDOXDNDMHUMXQHND]XMHXSUDYRYULMHPH
ILOR]RILMVNRXXPMHWQLNR
x WRWDODQXWRPVPLVOXWRMHVYHXPMHWQLNRSUHORXILOR]RILMVNRLVYH
x UDNNRMLL]D]LYDPHWDVWD]HUD]PLOMDQMD
GUXJDLMHPLVOL
x QDDPLVDRNRMXXMHPRRGGUXJRJDLVNUDVYRJGREDLSRNXDMGDVH
x URPDQOLMHQLQH
p$IRUL]DPMH
YXNX
p$NRRGEDFXMHSRXNXSUH]LUHYODVWLWXGXX3RXNHWHYRGHDSULPMHUL
SRXNHDIRUL]PLL]UHNHNULODWLFHSRVORYLFH
SRXNHDIRUL]PLL]UHNHNULODWLFHSRVORYLFH
p$NRRGEDFXMHSRXNXSUH]LUHYODVWLWXGXX3RXNHWHYRGHDSULPMHUL
YXNX
p$IRUL]DPMH
x URPDQOLMHQLQH
x QDDPLVDRNRMXXMHPRRGGUXJRJDLVNUDVYRJGREDLSRNXDMGDVH
GUXJDLMHPLVOL
x UDNNRMLL]D]LYDPHWDVWD]HUD]PLOMDQMD
x WRWDODQXWRPVPLVOXWRMHVYHXPMHWQLNRSUHORXILOR]RILMVNRLVYH
ILOR]RILMVNRXXPMHWQLNR
0XGUDL]UHNDQHYULMHGLXXVWLPDOXDNDMHUMXQHND]XMHXSUDYRYULMHPH
6UFHUD]ERULWDRYMHNDUD]PLOMDRL]UHNDPDSDOMLYRMHXKRVDQPXGUDFX
0XDQMHSRVDRVPLOMDWLL]UHNH
p.ULODWLFDMHLGHMDQDSXWXGRIUD]H
WRRVWDMHRGYHOLNLKPLVOLRFDGDQDQMLFH".ULODWLFHVXWUDQMLFH
p3RVORYLFDMHRSHSR]QDWDPXGURVWNRMHVHQLWNRQHSULGUDYD SRVOXSRPRQLFDL]YRUPXGURVWL
3RVORYLFDGROD]LRGUD]XPD2QDMHXUD]JRYRUXNDREDNOMDXPUDNXVYDNRP 3RVORYLFDGROD]LRGUD]XPD2QDMHXUD]JRYRUXNDREDNOMDXPUDNXVYDNRP
SRVOXSRPRQLFDL]YRUPXGURVWL p3RVORYLFDMHRSHSR]QDWDPXGURVWNRMHVHQLWNRQHSULGUDYD
WRRVWDMHRGYHOLNLKPLVOLRFDGDQDQMLFH".ULODWLFHVXWUDQMLFH
p.ULODWLFDMHLGHMDQDSXWXGRIUD]H
0XDQMHSRVDRVPLOMDWLL]UHNH
6UFHUD]ERULWDRYMHNDUD]PLOMDRL]UHNDPDSDOMLYRMHXKRVDQPXGUDFX
0XGUDL]UHNDQHYULMHGLXXVWLPDOXDNDMHUMXQHND]XMHXSUDYRYULMHPH
ILOR]RILMVNRXXPMHWQLNR
x WRWDODQXWRPVPLVOXWRMHVYHXPMHWQLNRSUHORXILOR]RILMVNRLVYH
x UDNNRMLL]D]LYDPHWDVWD]HUD]PLOMDQMD
GUXJDLMHPLVOL
x QDDPLVDRNRMXXMHPRRGGUXJRJDLVNUDVYRJGREDLSRNXDMGDVH
x URPDQOLMHQLQH
p$IRUL]DPMH
YXNX
p$NRRGEDFXMHSRXNXSUH]LUHYODVWLWXGXX3RXNHWHYRGHDSULPMHUL
SRXNHDIRUL]PLL]UHNHNULODWLFHSRVORYLFH
3RNXDMPR ]DMHGQLNL GRL GR LVWLQH 7MHLPR VH VSR]QDMRP GD L PDNDU
GLPHQ]LMHSRQLUDQMD 99XHWL
WNLYR QDLK SUHGRGEL UXHL GRVDGDQMH RNYLUH VKYDDQMD GRQRVHL QRYH 32*2925
.UOHD RQDVHMDYOMDNDREULWNDVDEOMDNRMDVNDOSHORPVYRMLKVSR]QDMDUHH
/LMHSD MH PLVDR SRH]LMD X SUR]L NULVWDOQL VWDODJPLW LVNXVWYHQRJ GXKD
SRWSXQHVDPRH1DNUDMXLWDWHOMXMHGREUR PRHVDPL]DEUDWLVYRMHSLVFH LVDQDMHULMHWUDMQLMDRGSDPHQMD
3
EXGXQRVW SURORVW ]D SDPHQMH LWDQMH GREUH NQMLJH RYMHND WLWL RG 2YDNQMLLFDVDGULUL]QLFXPXGURVWL]DQDGROD]HHOMXGHWUHHJWLVXOMHD
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SROLFLMDQHELSD]LOD"0RGDXSRGQDVORY2GXKRYLWRVWL" 7DOPXG]QDQRVWQDURGQDPXGURVWDIRUL]PL ILOR]RIDSMHVQLNDNQMLHYQLND
QLMHGRYROMQRRSUH]DQNRGL]ERUDVYRMLKURGLWHOMDL1HPDWHPLVOLQDNRMX QRYLQDUDXPMHWQLNDJHQLMDOQLKLRELQLKOMXGLL]GDOMQMHLEOLHSURORVWL
XNOMXLWLPLVOL HQHWUHEDGDULYDWLUXDPDGRNQHXYHQX RYMHNQLNDGD 7HSRUXNHVQDQRRGMHNXMXQDSRVHEDQRVHEXMDQVOLNRYLWLGXKRYLW QDLQ
QHUHGD DOL WR QLMH XYLMHN MHGQRVWDYQR 3ULPMHULFH SRG NRMH SRMPRYH RVOLNDYDMXRYMHNDOMXGHVYLMHW]QDQRVWVWYDULSRMDYHLRGQRVH0QRJHRG
3ULOLNRPXUHLYDQMDSRMPRYDLPDRVDPXYLGXGDMHLQDMPDQMLUHGEROMLRG QMLK VHX X GDYQLQX SURKXMDOLK YUHPHQD DOL L GDQDV ]DXXMH QMLKRYD
VYMHLQDQMLKRYDDNWXDOQRVW3RPLVOLRELRYMHNGDWRSLXGDQDQMLQDMEROML
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LEXGXXVYLMHVWQDXVDYMHVWLOLXREUD]LOMX
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SUR]LEH]RE]LUDQDGXLQXWHNVWD SUHUDGDLVORERGQDLQWHUSUHWDFLMDPLVOLLGXQDGXXXUHGQLND1HNDPLEXGH
2EMDYRP RYH NQMLLFH ELWL H ]D QHNH ]QDOFH SLVDQH ULMHL X VYRMRM RVQRYL VFHQDULVWLPD L GUXJLP NUHDWLYQLP RVREDPD ,]ERU VNUDLYDQMD REUDGD
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X]PDQMNDMX RVQRYQH WH]H ]D SULX LOL VX DN QMLKRYL WHNVWRYL EH] MDVQH
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PODGRVWNRMRMHVWRQLWDQLMHVYHWRLNRMDVDPDPRUDMHGQRPVD]UHWLLRVWDUMHWLSRVWDWLNDQRQ]D LOL GXKRYLWH SRUXNH WR MH SMHVQLN KWLR WLPH UHL ,DNR MH YHLQD WHNVWRYD
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,OXVWUDWLYQD MH FLWDWQRVWXVYDMDQMH WXLK WHNVWRYD L NXOWXUQH WUDGLFLMH LOXPLQDWLYQD MH QMLKRYR SUHSLVLYDQMD
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YLH UD]OLLWLK SRMPRYD V YLH]QDQRP SRUXNRP WR SRVHEQR YULMHGL DNR VH GRWMHULYDQMXWXLKPLVOL
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L]NRQWHNVWDNRMHVDPGRLYLRNDRQHWROLMHSRDOLQHLPRMHVDPRSRVHEL1D RQGDNDGDRGUL]QLFHSRNXDYDDQHPRHQDSUDYLWL35$=183/28
QHNDPLEXGHRSURWHQDWDVORERGD7RVHSRVHEQRRGQRVLQDPLVOLL]YDHQH ,]SHUVSHNWLYHLOXVWUDWLYQHFLWDWQRVWLLOXPLQDWLYQDMHFLWDQRVWQLKLOLVWLQDDYODVWLWDNRQVWUXNWLYQD
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6WRJD VDP VNORQ XYMHUHQMX GD MH NRULWHQMH WXLK FLWDWD X FMHORVWL LOL MHGQDNRNRULVQD SUYLVWRJDWRVWYDUDLMDDNXOWXUQLNDQRQDGUXJLVWRJDWRWRPXNDQRQXNDGD
3ULPMHULFHSRVWRMHH5,=1,&(VOXLOHVXPLNDRL]YRUJUDHDQHNDRX]RU RQRNRWDL]DSULMHWLSUHHVWRNRPVHPLRWL]DFLMRPSRND]XMHGDQLMHQLMHGLQLQLYMHDQ
SUHSLVLYDQMD ,OXVWUDWLYQD MH FLWDWQRVWXVYDMDQMH WXLK WHNVWRYD L NXOWXUQH WUDGLFLMH LOXPLQDWLYQD MH QMLKRYR
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LOL GXKRYLWH SRUXNH WR MH SMHVQLN KWLR WLPH UHL ,DNR MH YHLQD WHNVWRYD PODGRVWNRMRMHVWRQLWDQLMHVYHWRLNRMDVDPDPRUDMHGQRPVD]UHWLLRVWDUMHWLSRVWDWLNDQRQ]D
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VWUXQMDNH LOL RVREH NRMH LPDMX VPLVDR ]D YODVWLWH L]ULDMH D SRQHNDG LP
VWUXQMDNH LOL RVREH NRMH LPDMX VPLVDR ]D YODVWLWH L]ULDMH D SRQHNDG LP
X]PDQMNDMX RVQRYQH WH]H ]D SULX LOL VX DN QMLKRYL WHNVWRYL EH] MDVQH
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PODGRVWNRMRMHVWRQLWDQLMHVYHWRLNRMDVDPDPRUDMHGQRPVD]UHWLLRVWDUMHWLSRVWDWLNDQRQ]D LOL GXKRYLWH SRUXNH WR MH SMHVQLN KWLR WLPH UHL ,DNR MH YHLQD WHNVWRYD
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YUOLQH VDPRGRYROMQRVWVDPROMXEOMHVDPRRJUDQLHQMHVDPRVDDOMHQMH
RYUOLQDPD VDPRXERMVWYRVDPRYROMDVLWQLDYRVWVQRERYL
WUDGLFLMDXWRSLMDXWYDUH]DEOXGD]DNOHWYH WDMQRYLWRVWWULYLMDOQRVWXOL]LFDXOMXGQRVW]DGXLYDQMH
IDQDWL]DPJDWDQMHLOX]LMHOHJHQGHPLWRELDMSUHGUDVXGH ]DYDUDYDQMH
R]DEOXGDPD 2=1$1267,
VYHVWUDQRVWVSRVREQRVWLVWYDUDODWYRWUDJXVSMHK
SUHSUHNHSUREOHPSURYMHUDYDQMHSURQLFOMLYRVWVDYUHQVWYR RILOR]RILMLLSVLKRORJLML
QDSDGQDVLOMHQHQDVLOMHRNUXWQRVWRWNULH
QDSDGQDVLOMHQHQDVLOMHRNUXWQRVWRWNULH
RILOR]RILMLLSVLKRORJLML SUHSUHNHSUREOHPSURYMHUDYDQMHSURQLFOMLYRVWVDYUHQVWYR
VYHVWUDQRVWVSRVREQRVWLVWYDUDODWYRWUDJXVSMHK
2=1$1267, R]DEOXGDPD
]DYDUDYDQMH IDQDWL]DPJDWDQMHLOX]LMHOHJHQGHPLWRELDMSUHGUDVXGH
WDMQRYLWRVWWULYLMDOQRVWXOL]LFDXOMXGQRVW]DGXLYDQMH WUDGLFLMDXWRSLMDXWYDUH]DEOXGD]DNOHWYH
VDPRXERMVWYRVDPRYROMDVLWQLDYRVWVQRERYL RYUOLQDPD
VDPRGRYROMQRVWVDPROMXEOMHVDPRRJUDQLHQMHVDPRVDDOMHQMH YUOLQH
SULVOXNLYDQMHSURVMHQRVW DVWGRVOMHGQRVWGXQRVWKXPDQRVWLQGLYLGXDOQRVWLQWHJULWHW
SUHYDUDSUH]LUSULJRYDUDQMHSULMHNRUSULNULYDQMHSULPLWLYL]DP LVNXHQMHOMXED]QRVWOMXGVNRVW
SUHEDFLYDQMHLSULJRYDUDQMHSUHVHGDQSUHVWLSUHWYDUDQMH REHDQMHRE]LURGULFDQMHRSUDWDQMHRSUH]RVMHDMPMHUH
SRGORVWSRKOHSDSROWURQSROXEXGQRVWSRQL]QRVWSRWLVNLYDQMH SOHPHQLWRVWSRSXVWOMLYRVWSRVWLJQXHSRWHQMHSRWRYDQMH
SDVLYQRVWSHGDQWHULMDSOLWNRVWSRGLQMDYDQMHSRGLODHQMH SRYMHUHQMHSUDWDQMHSULSUDYQRVWSULVWRMQRVWSUL]QDQMH
RSWXLYDQMHRVUHGQMRVWRVYHWDRYLVQRVW SURVYMHHQRVW
RJRYDUDQMHRJUDQLHQRVWRKRORVWRNOLMHYDQMHRSRUWXQLVW VDPRELWQRVWVDPRNULWLNDVDPRSREMHLYDQMHVDPRSRWRYDQMH
QHVWUSOMHQMHQRQNRQIRUPL]DP VDPRSRX]GDQMHVDPRSURXDYDQMHVDPRUD]XPLMHYDQMH
QHSRYMHUHQMHQHSURPLOMHQRVWQHUD]ERULWRVWQHUD]XPQRVW VDPRVSR]QDMDVDPRVYLMHVWVDPRVYODGDYDQMHVDYMHVWVKYDDQMH
QDPHWOMLYRVWQDSDVWQDYLNHQHJRGRYDQMHQHPLORVUGQRVW VLJXUQRVWVNURPQRVWVQDJDVROLGDUQRVWVSUHWQRVWXHQMH
PDORGXQRVWPDVNDPD]RKL]DPPL]DQWURSLMDPUQMD XVSRUHLYDQMHXYMHUDYDQMH]DKYDOQRVW]UHORVW
OXWDQMH RPDQDPD
ODNRPRVWODNRYMHUQRVWODVNDQMHOLFHPMHUMHOLFHPMHUOXNDYRVW PDQHSRURFLDSVXUGEDQDOQRVWHNVKLELFLRQL]DPHWLNHWDIMDND
MDGLNRYDQMHNOHYHWDNRPSURPLVNRQIRUPL]DPODNRPLVOHQRVW IUD]DL]JRYRU
IUD]DL]JRYRU MDGLNRYDQMHNOHYHWDNRPSURPLVNRQIRUPL]DPODNRPLVOHQRVW
PDQHSRURFLDSVXUGEDQDOQRVWHNVKLELFLRQL]DPHWLNHWDIMDND ODNRPRVWODNRYMHUQRVWODVNDQMHOLFHPMHUMHOLFHPMHUOXNDYRVW
RPDQDPD OXWDQMH
XVSRUHLYDQMHXYMHUDYDQMH]DKYDOQRVW]UHORVW PDORGXQRVWPDVNDPD]RKL]DPPL]DQWURSLMDPUQMD
VLJXUQRVWVNURPQRVWVQDJDVROLGDUQRVWVSUHWQRVWXHQMH QDPHWOMLYRVWQDSDVWQDYLNHQHJRGRYDQMHQHPLORVUGQRVW
VDPRVSR]QDMDVDPRVYLMHVWVDPRVYODGDYDQMHVDYMHVWVKYDDQMH QHSRYMHUHQMHQHSURPLOMHQRVWQHUD]ERULWRVWQHUD]XPQRVW
VDPRSRX]GDQMHVDPRSURXDYDQMHVDPRUD]XPLMHYDQMH QHVWUSOMHQMHQRQNRQIRUPL]DP
VDPRELWQRVWVDPRNULWLNDVDPRSREMHLYDQMHVDPRSRWRYDQMH RJRYDUDQMHRJUDQLHQRVWRKRORVWRNOLMHYDQMHRSRUWXQLVW
SURVYMHHQRVW RSWXLYDQMHRVUHGQMRVWRVYHWDRYLVQRVW
SRYMHUHQMHSUDWDQMHSULSUDYQRVWSULVWRMQRVWSUL]QDQMH SDVLYQRVWSHGDQWHULMDSOLWNRVWSRGLQMDYDQMHSRGLODHQMH
SOHPHQLWRVWSRSXVWOMLYRVWSRVWLJQXHSRWHQMHSRWRYDQMH SRGORVWSRKOHSDSROWURQSROXEXGQRVWSRQL]QRVWSRWLVNLYDQMH
REHDQMHRE]LURGULFDQMHRSUDWDQMHRSUH]RVMHDMPMHUH SUHEDFLYDQMHLSULJRYDUDQMHSUHVHGDQSUHVWLSUHWYDUDQMH
LVNXHQMHOMXED]QRVWOMXGVNRVW SUHYDUDSUH]LUSULJRYDUDQMHSULMHNRUSULNULYDQMHSULPLWLYL]DP
DVWGRVOMHGQRVWGXQRVWKXPDQRVWLQGLYLGXDOQRVWLQWHJULWHW SULVOXNLYDQMHSURVMHQRVW
YUOLQH VDPRGRYROMQRVWVDPROMXEOMHVDPRRJUDQLHQMHVDPRVDDOMHQMH
RYUOLQDPD VDPRXERMVWYRVDPRYROMDVLWQLDYRVWVQRERYL
WUDGLFLMDXWRSLMDXWYDUH]DEOXGD]DNOHWYH WDMQRYLWRVWWULYLMDOQRVWXOL]LFDXOMXGQRVW]DGXLYDQMH
IDQDWL]DPJDWDQMHLOX]LMHOHJHQGHPLWRELDMSUHGUDVXGH ]DYDUDYDQMH
R]DEOXGDPD 2=1$1267,
VYHVWUDQRVWVSRVREQRVWLVWYDUDODWYRWUDJXVSMHK
SUHSUHNHSUREOHPSURYMHUDYDQMHSURQLFOMLYRVWVDYUHQVWYR RILOR]RILMLLSVLKRORJLML
QDSDGQDVLOMHQHQDVLOMHRNUXWQRVWRWNULH
YUHGQRWHYULMHGQRVQLVXVWDYLREMHNWLYQRVWRGJRYRUQRVW
DNWLYQRVWDSVROXWLDXWRQRPQRVW
DOLMHQDFLMDXGXHQMHGRMPRYLGXDLVNUHQRVWLVNXVWYR
YODGDYLQDYODVWYRD]ORLQND]QDVPUWQDND]QD
L]QHQDHQMHMD
VWUDQNDWLWXOHYRMVNDVORERGDURERYLUDGLNDOQRVWYODGD
WMHVNREDREYH]H
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DPELYDOHQWQRVWLOLSRGYRMHQRVWEODJRQDNORQRVW
NRQYHQFLMHNUDOMHYLPDUNVL]DPPDWHULMDOL]DPQDFLMD
DVWRKOHSOMHHQMD
LGHRORJLMHNRDOLFLMDNRORQL]DFLMDNRPXQL]DPNRQIHUHQFLMD
FMHOLQDGLMDOHNWLNDILOR]RILMDORJLND]QDQRVWVOXDM
ELURNUDFLMDFHQ]XUDMHGQDNRVWHOLWDGLSORPDFLMDLGROLL
GREURWDGRPHWLGUXWYRGXQRVW
RSROLWLFL
HJ]LVWHQFLMDLOX]LMDLPLGLVWUDLYDQMHNRQWUROD SUD]QRYMHUMHUDMSDNDRSURSRYLMHGLYUDHYL
NDUDNWHUOLQRVWQDGDREYH]HRHNLYDQMHRPLOMHQRVWRVMHDML YMHUDLYMHURYDQMHUHOLJLMDDQLPL]DPEH]ERQLNERJXGD
PLORVUHQHVODJDQMHRVMHDMPDQMHYULMHGQRVWLRWXHQRVW RUHOLJLMLLYMHURYDQMX
SRWUHEHQDSUHGRYDQMHQDYLNHQHKXPDQRVWQHXVSMHK
RERDYDQMHREUDQDRGJRYRUQRVWRGPRURGQRVLRNROLQD GXKRYLWRRR]ELOMQRP
RSDVQRVWRULJLQDOQRVW R]ELOMQRRGXKRYLWRVWL
SDGSDPHQMHSODSRQLDYDQMHSRURFLSR]RUQRVWSUDNVD
SRWRPFLSUHFLSUHFMHQMLYDQMHSUHYDUDSULJRYDUDQMHSULMHWQMH SULURGDHYROXFLMDSULODJRDYDQMHSUHLYOMDYDQMHRNROL]HPOMD
SUL]QDQMDSUREOHPSURPLOMDQMHSURPMHQH WUHQXWDNYMHQRVWVYLMHWVYHPLUQHERGDOMLQDSURYLQFLMDWLLQD
SDWQMDSRQDDQMHSUDWDQMHUDQMLYRVWVDPLORVW YULMHPHPLMHQDSURORVWVDGDQMRVWEXGXQRVWJRGLQHWUDMDQMH
VDPRSRYMHUHQMHVUDPRWDVWLGVWUDKRSRWRYDQMH RYUHPHQXLSURVWRUX
WHPSHUDPHQWWUSOMHQMHXJODHQRVWHOMDUWYDXUED ]DEUDQMLYDQMH QH ]DGRYROMVWYR QH ]QDQMH
UDYQRGXQRVWUD]XPVDPRELWQRVWVDPRDVDYUHQRVW XODJLYDQMHXXWNDYDQMHYDQRVW
VLJXUQRVWVORERGDVQDJDVQRYLVWDYVXGELQDVXHQMH VLJXUQRVWVORERGDVQDJDVQRYLVWDYVXGELQDVXHQMH
XODJLYDQMHXXWNDYDQMHYDQRVW UDYQRGXQRVWUD]XPVDPRELWQRVWVDPRDVDYUHQRVW
]DEUDQMLYDQMH QH ]DGRYROMVWYR QH ]QDQMH WHPSHUDPHQWWUSOMHQMHXJODHQRVWHOMDUWYDXUED
RYUHPHQXLSURVWRUX VDPRSRYMHUHQMHVUDPRWDVWLGVWUDKRSRWRYDQMH
YULMHPHPLMHQDSURORVWVDGDQMRVWEXGXQRVWJRGLQHWUDMDQMH SDWQMDSRQDDQMHSUDWDQMHUDQMLYRVWVDPLORVW
WUHQXWDNYMHQRVWVYLMHWVYHPLUQHERGDOMLQDSURYLQFLMDWLLQD SUL]QDQMDSUREOHPSURPLOMDQMHSURPMHQH
SULURGDHYROXFLMDSULODJRDYDQMHSUHLYOMDYDQMHRNROL]HPOMD SRWRPFLSUHFLSUHFMHQMLYDQMHSUHYDUDSULJRYDUDQMHSULMHWQMH
SDGSDPHQMHSODSRQLDYDQMHSRURFLSR]RUQRVWSUDNVD
R]ELOMQRRGXKRYLWRVWL RSDVQRVWRULJLQDOQRVW
GXKRYLWRRR]ELOMQRP RERDYDQMHREUDQDRGJRYRUQRVWRGPRURGQRVLRNROLQD
SRWUHEHQDSUHGRYDQMHQDYLNHQHKXPDQRVWQHXVSMHK
RUHOLJLMLLYMHURYDQMX PLORVUHQHVODJDQMHRVMHDMPDQMHYULMHGQRVWLRWXHQRVW
YMHUDLYMHURYDQMHUHOLJLMDDQLPL]DPEH]ERQLNERJXGD NDUDNWHUOLQRVWQDGDREYH]HRHNLYDQMHRPLOMHQRVWRVMHDML
SUD]QRYMHUMHUDMSDNDRSURSRYLMHGLYUDHYL HJ]LVWHQFLMDLOX]LMDLPLGLVWUDLYDQMHNRQWUROD
RSROLWLFL
GREURWDGRPHWLGUXWYRGXQRVW
ELURNUDFLMDFHQ]XUDMHGQDNRVWHOLWDGLSORPDFLMDLGROLL
FMHOLQDGLMDOHNWLNDILOR]RILMDORJLND]QDQRVWVOXDM
LGHRORJLMHNRDOLFLMDNRORQL]DFLMDNRPXQL]DPNRQIHUHQFLMD
DVWRKOHSOMHHQMD
NRQYHQFLMHNUDOMHYLPDUNVL]DPPDWHULMDOL]DPQDFLMD
DPELYDOHQWQRVWLOLSRGYRMHQRVWEODJRQDNORQRVW
QDFLRQDOL]DPSROLWLNDSROLWLDUKLMHUDUKLMDSROLFLMDSXULWDQFL
WMHVNREDREYH]H
VWUDQNDWLWXOHYRMVNDVORERGDURERYLUDGLNDOQRVWYODGD
L]QHQDHQMHMD
YODGDYLQDYODVWYRD]ORLQND]QDVPUWQDND]QD
DOLMHQDFLMDXGXHQMHGRMPRYLGXDLVNUHQRVWLVNXVWYR
DNWLYQRVWDSVROXWLDXWRQRPQRVW
YUHGQRWHYULMHGQRVQLVXVWDYLREMHNWLYQRVWRGJRYRUQRVW
YUHGQRWHYULMHGQRVQLVXVWDYLREMHNWLYQRVWRGJRYRUQRVW
DNWLYQRVWDSVROXWLDXWRQRPQRVW
DOLMHQDFLMDXGXHQMHGRMPRYLGXDLVNUHQRVWLVNXVWYR
YODGDYLQDYODVWYRD]ORLQND]QDVPUWQDND]QD
L]QHQDHQMHMD
VWUDQNDWLWXOHYRMVNDVORERGDURERYLUDGLNDOQRVWYODGD
WMHVNREDREYH]H
QDFLRQDOL]DPSROLWLNDSROLWLDUKLMHUDUKLMDSROLFLMDSXULWDQFL
DPELYDOHQWQRVWLOLSRGYRMHQRVWEODJRQDNORQRVW
NRQYHQFLMHNUDOMHYLPDUNVL]DPPDWHULMDOL]DPQDFLMD
DVWRKOHSOMHHQMD
LGHRORJLMHNRDOLFLMDNRORQL]DFLMDNRPXQL]DPNRQIHUHQFLMD
FMHOLQDGLMDOHNWLNDILOR]RILMDORJLND]QDQRVWVOXDM
ELURNUDFLMDFHQ]XUDMHGQDNRVWHOLWDGLSORPDFLMDLGROLL
GREURWDGRPHWLGUXWYRGXQRVW
RSROLWLFL
HJ]LVWHQFLMDLOX]LMDLPLGLVWUDLYDQMHNRQWUROD SUD]QRYMHUMHUDMSDNDRSURSRYLMHGLYUDHYL
NDUDNWHUOLQRVWQDGDREYH]HRHNLYDQMHRPLOMHQRVWRVMHDML YMHUDLYMHURYDQMHUHOLJLMDDQLPL]DPEH]ERQLNERJXGD
PLORVUHQHVODJDQMHRVMHDMPDQMHYULMHGQRVWLRWXHQRVW RUHOLJLMLLYMHURYDQMX
SRWUHEHQDSUHGRYDQMHQDYLNHQHKXPDQRVWQHXVSMHK
RERDYDQMHREUDQDRGJRYRUQRVWRGPRURGQRVLRNROLQD GXKRYLWRRR]ELOMQRP
RSDVQRVWRULJLQDOQRVW R]ELOMQRRGXKRYLWRVWL
SDGSDPHQMHSODSRQLDYDQMHSRURFLSR]RUQRVWSUDNVD
SRWRPFLSUHFLSUHFMHQMLYDQMHSUHYDUDSULJRYDUDQMHSULMHWQMH SULURGDHYROXFLMDSULODJRDYDQMHSUHLYOMDYDQMHRNROL]HPOMD
SUL]QDQMDSUREOHPSURPLOMDQMHSURPMHQH WUHQXWDNYMHQRVWVYLMHWVYHPLUQHERGDOMLQDSURYLQFLMDWLLQD
SDWQMDSRQDDQMHSUDWDQMHUDQMLYRVWVDPLORVW YULMHPHPLMHQDSURORVWVDGDQMRVWEXGXQRVWJRGLQHWUDMDQMH
VDPRSRYMHUHQMHVUDPRWDVWLGVWUDKRSRWRYDQMH RYUHPHQXLSURVWRUX
WHPSHUDPHQWWUSOMHQMHXJODHQRVWHOMDUWYDXUED ]DEUDQMLYDQMH QH ]DGRYROMVWYR QH ]QDQMH
UDYQRGXQRVWUD]XPVDPRELWQRVWVDPRDVDYUHQRVW XODJLYDQMHXXWNDYDQMHYDQRVW
VLJXUQRVWVORERGDVQDJDVQRYLVWDYVXGELQDVXHQMH VLJXUQRVWVORERGDVQDJDVQRYLVWDYVXGELQDVXHQMH
XODJLYDQMHXXWNDYDQMHYDQRVW UDYQRGXQRVWUD]XPVDPRELWQRVWVDPRDVDYUHQRVW
]DEUDQMLYDQMH QH ]DGRYROMVWYR QH ]QDQMH WHPSHUDPHQWWUSOMHQMHXJODHQRVWHOMDUWYDXUED
RYUHPHQXLSURVWRUX VDPRSRYMHUHQMHVUDPRWDVWLGVWUDKRSRWRYDQMH
YULMHPHPLMHQDSURORVWVDGDQMRVWEXGXQRVWJRGLQHWUDMDQMH SDWQMDSRQDDQMHSUDWDQMHUDQMLYRVWVDPLORVW
WUHQXWDNYMHQRVWVYLMHWVYHPLUQHERGDOMLQDSURYLQFLMDWLLQD SUL]QDQMDSUREOHPSURPLOMDQMHSURPMHQH
SULURGDHYROXFLMDSULODJRDYDQMHSUHLYOMDYDQMHRNROL]HPOMD SRWRPFLSUHFLSUHFMHQMLYDQMHSUHYDUDSULJRYDUDQMHSULMHWQMH
SDGSDPHQMHSODSRQLDYDQMHSRURFLSR]RUQRVWSUDNVD
R]ELOMQRRGXKRYLWRVWL RSDVQRVWRULJLQDOQRVW
GXKRYLWRRR]ELOMQRP RERDYDQMHREUDQDRGJRYRUQRVWRGPRURGQRVLRNROLQD
SRWUHEHQDSUHGRYDQMHQDYLNHQHKXPDQRVWQHXVSMHK
RUHOLJLMLLYMHURYDQMX PLORVUHQHVODJDQMHRVMHDMPDQMHYULMHGQRVWLRWXHQRVW
YMHUDLYMHURYDQMHUHOLJLMDDQLPL]DPEH]ERQLNERJXGD NDUDNWHUOLQRVWQDGDREYH]HRHNLYDQMHRPLOMHQRVWRVMHDML
SUD]QRYMHUMHUDMSDNDRSURSRYLMHGLYUDHYL HJ]LVWHQFLMDLOX]LMDLPLGLVWUDLYDQMHNRQWUROD
RSROLWLFL
GREURWDGRPHWLGUXWYRGXQRVW
ELURNUDFLMDFHQ]XUDMHGQDNRVWHOLWDGLSORPDFLMDLGROLL
FMHOLQDGLMDOHNWLNDILOR]RILMDORJLND]QDQRVWVOXDM
LGHRORJLMHNRDOLFLMDNRORQL]DFLMDNRPXQL]DPNRQIHUHQFLMD
DVWRKOHSOMHHQMD
NRQYHQFLMHNUDOMHYLPDUNVL]DPPDWHULMDOL]DPQDFLMD
DPELYDOHQWQRVWLOLSRGYRMHQRVWEODJRQDNORQRVW
QDFLRQDOL]DPSROLWLNDSROLWLDUKLMHUDUKLMDSROLFLMDSXULWDQFL
WMHVNREDREYH]H
VWUDQNDWLWXOHYRMVNDVORERGDURERYLUDGLNDOQRVWYODGD
L]QHQDHQMHMD
YODGDYLQDYODVWYRD]ORLQND]QDVPUWQDND]QD
DOLMHQDFLMDXGXHQMHGRMPRYLGXDLVNUHQRVWLVNXVWYR
DNWLYQRVWDSVROXWLDXWRQRPQRVW
YUHGQRWHYULMHGQRVQLVXVWDYLREMHNWLYQRVWRGJRYRUQRVW
RPDWHPDWLFL
L]XPLDXWRPRELOVWURMHYLVWYDULWHOHYL]LMD PDWHPDWLNDEURMVWDWLVWLND
RL]XPLPDLVWYDULPD RJRVSRGDUVWYX
WHKQLNDDUKLWHNWXUDVSRPHQLFL ERJDWVWYRERJDWDVLURPDWYR
RWHKQLFLLDUKLWHNWXUL GXJNRQNXUHQFLMDNUHGLWLNUL]DPDQDJHUQRYDFRVLJXUDQMD
QRJRPHW]DEDYHDQVRQMLHU SRVDRSDUWQHUSODQSRJUHNDSRVMHGSRWURQMDSRWURD
RLJULVSRUWXL]DEDYL SURILWSURSDJDQGDSURSDVWSURUDXQUD]YRMSUHLFDUHNODPD
REUD]RYDQMHRGJRMSRGXDYDQMHQDVWDYDLWDQMH UL]LNVOXEDVWUXQMDFLHIWUJRYLQDWULWHYMHURYQLN
RREUD]RYDQMX YODVQLWYR
PRGDWUHQGVWLOXQLIRUPLUDQMH QDSUHGDNLSDG
RPRGL RLQIRUPDWLFLLQRYLQDUVWYX
VOLNDUVWYR LQIRUPDFLMDSURJUDPQRYLQHQRYLQDUWLVDNYLMHVWL
XPMHWQLNXPLMHHND]DOLWHJOXPDFNDEDUHJOD]EDNRPLDUXNXV
RXPMHWQRVWLND]DOLWXLJOD]EL RSUDYX
L]GDYD SUDYRSUDYGDQHSUDYGD
OLWHUDWXUDNQMLJDSULMHYRGLDXWRELRJUDILMDNULWLDUNULWLND SUDYQLFLSUDYRVXHSDUDJUDISUDYHGQLNSULYLOHJLMD]DWYRU
SLVDFWHNVWSLVDQMHNQMLHYQLNVDWLUDGLOHWDQWSMHVQLNSRH]LMD EH]DNRQMH
RNQMLHYQRVWL GHPRNUDFLMDGUDYDGXPDQGLNWDWXUDWLUDQLMDRSR]LFLMD
RNXOWXUL WRWDOLWDUL]DPFHQWUDOL]DFLMDSUHVLMHVLODWHURUDXWRULWDUQRVW
NULYQMDLQHGXQRVW
RSRYLMHVWL NULYQMDQHGXQRVWQHYLQRVWJULMHKNDMDQMH
SUDYLODLL]X]HFL SUDYLODLL]X]HFL
NULYQMDQHGXQRVWQHYLQRVWJULMHKNDMDQMH RSRYLMHVWL
NULYQMDLQHGXQRVW
WRWDOLWDUL]DPFHQWUDOL]DFLMDSUHVLMHVLODWHURUDXWRULWDUQRVW RNXOWXUL
GHPRNUDFLMDGUDYDGXPDQGLNWDWXUDWLUDQLMDRSR]LFLMD RNQMLHYQRVWL
EH]DNRQMH SLVDFWHNVWSLVDQMHNQMLHYQLNVDWLUDGLOHWDQWSMHVQLNSRH]LMD
SUDYQLFLSUDYRVXHSDUDJUDISUDYHGQLNSULYLOHJLMD]DWYRU OLWHUDWXUDNQMLJDSULMHYRGLDXWRELRJUDILMDNULWLDUNULWLND
SUDYRSUDYGDQHSUDYGD L]GDYD
RSUDYX RXPMHWQRVWLND]DOLWXLJOD]EL
XPMHWQLNXPLMHHND]DOLWHJOXPDFNDEDUHJOD]EDNRPLDUXNXV
LQIRUPDFLMDSURJUDPQRYLQHQRYLQDUWLVDNYLMHVWL VOLNDUVWYR
RLQIRUPDWLFLLQRYLQDUVWYX RPRGL
QDSUHGDNLSDG PRGDWUHQGVWLOXQLIRUPLUDQMH
YODVQLWYR RREUD]RYDQMX
UL]LNVOXEDVWUXQMDFLHIWUJRYLQDWULWHYMHURYQLN REUD]RYDQMHRGJRMSRGXDYDQMHQDVWDYDLWDQMH
SURILWSURSDJDQGDSURSDVWSURUDXQUD]YRMSUHLFDUHNODPD RLJULVSRUWXL]DEDYL
SRVDRSDUWQHUSODQSRJUHNDSRVMHGSRWURQMDSRWURD QRJRPHW]DEDYHDQVRQMLHU
GXJNRQNXUHQFLMDNUHGLWLNUL]DPDQDJHUQRYDFRVLJXUDQMD RWHKQLFLLDUKLWHNWXUL
ERJDWVWYRERJDWDVLURPDWYR WHKQLNDDUKLWHNWXUDVSRPHQLFL
RJRVSRGDUVWYX RL]XPLPDLVWYDULPD
PDWHPDWLNDEURMVWDWLVWLND L]XPLDXWRPRELOVWURMHYLVWYDULWHOHYL]LMD
RPDWHPDWLFL
RPDWHPDWLFL
L]XPLDXWRPRELOVWURMHYLVWYDULWHOHYL]LMD PDWHPDWLNDEURMVWDWLVWLND
RL]XPLPDLVWYDULPD RJRVSRGDUVWYX
WHKQLNDDUKLWHNWXUDVSRPHQLFL ERJDWVWYRERJDWDVLURPDWYR
RWHKQLFLLDUKLWHNWXUL GXJNRQNXUHQFLMDNUHGLWLNUL]DPDQDJHUQRYDFRVLJXUDQMD
QRJRPHW]DEDYHDQVRQMLHU SRVDRSDUWQHUSODQSRJUHNDSRVMHGSRWURQMDSRWURD
RLJULVSRUWXL]DEDYL SURILWSURSDJDQGDSURSDVWSURUDXQUD]YRMSUHLFDUHNODPD
REUD]RYDQMHRGJRMSRGXDYDQMHQDVWDYDLWDQMH UL]LNVOXEDVWUXQMDFLHIWUJRYLQDWULWHYMHURYQLN
RREUD]RYDQMX YODVQLWYR
PRGDWUHQGVWLOXQLIRUPLUDQMH QDSUHGDNLSDG
RPRGL RLQIRUPDWLFLLQRYLQDUVWYX
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JMBG 0410941340028
iro r.: 32710-685-30164
VUKPLAST I.G.
Tel.: + Fax: 01/2888-258
IVANI-GRAD, Savska 103 VUKPLAST I.G.
Vl. Vladimir Kruh-Vuk
Prerada
plastinih masa,
izrada i tisak
Pe. ambalae
reciklaa
vrhunska tehnologija
vrhunska tehnologija
reciklaa
Pe. ambalae
izrada i tisak
plastinih masa,
Prerada
Vl. Vladimir Kruh-Vuk
VUKPLAST I.G. IVANI-GRAD, Savska 103
Tel.: + Fax: 01/2888-258
VUKPLAST I.G. iro r.: 32710-685-30164
JMBG 0410941340028
JMBG 0410941340028
iro r.: 32710-685-30164
VUKPLAST I.G.
Tel.: + Fax: 01/2888-258
IVANI-GRAD, Savska 103 VUKPLAST I.G.
Vl. Vladimir Kruh-Vuk
Prerada
plastinih masa,
izrada i tisak
Pe. ambalae
reciklaa
vrhunska tehnologija
vrhunska tehnologija
reciklaa
Pe. ambalae
izrada i tisak
plastinih masa,
Prerada
Vl. Vladimir Kruh-Vuk
VUKPLAST I.G. IVANI-GRAD, Savska 103
Tel.: + Fax: 01/2888-258
VUKPLAST I.G. iro r.: 32710-685-30164
JMBG 0410941340028
VOLNH
$XJXVW52',1
IRWRJUDILMDDXWRUDQDSROHLQLRPRWD
0LOLFD0$5$9,
,7*=DJUHE
WLVDN WLVDN
,7*=DJUHE
0LOLFD0$5$9,
IRWRJUDILMDDXWRUDQDSROHLQLRPRWD
$XJXVW52',1
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VOLNH
$XJXVW52',1
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0LOLFD0$5$9,
,7*=DJUHE
WLVDN WLVDN
,7*=DJUHE
0LOLFD0$5$9,
IRWRJUDILMDDXWRUDQDSROHLQLRPRWD
$XJXVW52',1
VOLNH
Karlo otari
Mo misli
Svi imamo isto nebo - moda su ponekad obzorja
razliita. Ako je pisana rije most izmeu ljudi,
ako je ovjek ovjeku most, a ne otok, ako je poezija
bolest due, ako je ljubav bolest srca, ako je
stvaralatvo bolest uma, tada su sakupljene misli
i oko petsto savjeta, razvrstani u pojmove, apel
svim ljudima dobre volje, tada je i biser bolest
koljke. Moda e ova knjiga pridonijeti
prepoznavanju istinskih vrednote, a tada je samo
korak da shvatimo kako smo nuno upueni jedni
na druge, da se pribliimo jedni drugima - izmeu
nas postoji vie slinosti nego suprotnosti...
ISBN: 953-98297-1-2
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