Professional Documents
Culture Documents
35('*2925$8725$
2YDNQMLJDMHSUYHQVWYHQRELOD]DPLåOMHQDNDRQDVWDYDNPRMH7UDQVDNFLRQHDQDOL]HX
SVLKRWHUDSLMLDOLMHSLVDQDWDNRGDVHPRçHĆLWDWLLUD]XPHWLVDPDSRVHEL
7HRULMDQHRSKRGQD
]DUDåĆODQMLYDQMHLMDVQRSRLPDQMHLJDUDVDçHWDMHX,GHOX8,,GHOXVXRSLVLSRMHGLQLKLJDUD
1RYLNOLQLĆNLLWHRULMVNLQDOD]LNRML]DMHGQRVDUDQLMLPPRJXGDRODNåDMXXL]YHVQRMPHUL
VKYDWDQMHåWD]QDĆLELWLRVORERćHQRGLJUDQMDÅLJDUDQDOD]HVHX,,,GHOX2QLNRMHRYDWHPD
SRVHEQRLQWHUHVXMHGREURELXĆLQLOLGDSRWUDçHLSUHWKRGQXNQMLJXąLWDODFSUYHNQMLJHQDĄLĄH
.2-8,*58,*5$ä XRYRMGUXJRMSRUHGWHRULMVNLKSURĆLåĄHQMDLQHNHPDQMHL]PHQHXWHUPLQRORJLMLL
(5,.%(51 VWDQRYLåWLPDJUDćHQHQDQRYLPUD]PLåOMDQMLPDåWLYXLNOLQLĆNRPLVNXVWYX
3RWUHED]DRYRPNQMLJRPMDYLODVHSRVOHXĆHVWDOLKWUDçHQMDRGVWXGHQDWDLL]SXEOLNHQD
MDYQLPSUHGDYDQMLPDGDVHVDĆLQLQHåWRNDRLQYHQWDUÅLJDUDLGDVHNDçHQHåWRYLåHRLJUDPD
1DVORYRULJLQDOD NRMHVXSRPLQMDQH]DLOXVWUDFLMXRSåWLKQDĆHODWUDQVDNFLRQHDQDOL]H=DWRGXJXMHP]DKYDOQRVW
(5,&%HUQH WLPVWXGHQWLPDLXRSåWHSXEOLFLDSRVHEQRPQRJLPSDFLMHQWLPDNRMLVXPLVNUHQXOLSDçQMXQD
*$0(63(23/(3/$< QRYHLJUHSRPRJOLGDLKRSLåHPLOLLPHQXMHPąLWDRFDNRJDLQWHUHVXMHåLULRVYUWQD%HUQRYX
%DQGRP+RXVH,QF1HZ<RUN WHRULMXLJDUDNDRLQMHJRYXWUDQVDNFLRQXDQDOL]XXSXĄXMHPRQDNQMLJX-RVLSD%HUJHUD7UHĄL
URGLWHOMXNRMRMVXSULND]DQLLGUXJLQDMYDçQLMLSUDYFLQRYLKJUXSQLKSVLKRWHUDSLMD.QMLJD7UHĄL
35(9(2 URGLWHOML]OD]LXLVWRPNROX3VLKRORåNHELEOLRWHNHÅ1ROLWDSULPUHG
/-8%$672ä,ă
*.ORG6WDMQHUNRMLMHUDQLMHELRGLUHNWRULVWUDçLYDQMDQD6HPLQDULPDVRFLMDOQHSVLKLMDWULMHX
6DQ)UDQFLVNXDVDGDMHQD2GHOMHQMX]DSVLKRORJLMX8QLYHU]LWHWD0LĆLJHQDX(QDUERUX
]DVOXçXMHSRVHEQRSRPLQMDQMHL]GYDUD]ORJD2QMHSUHGX]HRSUYHHNVSHULPHQWHNRMLPDVX
SRWYUćHQLPQRJLRGWHRULMVNLKVWDYRYDRNRMLPDMHRYGHUHĆDUH]XOWDWLPDWLKHNVSHULPHQDWD
]QDWQRMHGRSULQHRLEROMHPUD]XPHYDQMXSULURGHDXWRQRPLMHLEOLVNRVWL
6(0$17,.$
=ERJNRQFL]QRVWLLJUHVXRSLVLYDQHSUYHQVWYHQRVDPXåNRJVWDQRYLåWDDNRQLVXRĆLJOHGQR
çHQVWYHQH7DNRMHJODYQLLJUDĆRELĆQRR]QDĆDYDQVDÅRQDOLEH]SUHGUDVXGDMHUMHLVWD
VLWXDFLMDDNRQLMHGUXNĆLMHQD]QDĆHQRODNRPRJODGDSURćHLVDÅRQDPXWDWLVPXWDQGLV$NR
VHçHQLQDXORJD]QDĆDMQRUD]OLNXMHRGPXåNDUĆHYHSRVHEQRMHREUDćHQD7HUDSHXWMHVOLĆQR
WRPHEH]SUHGUDVXGDR]QDĆDYDQVDÅRQ7UDQVDNFLRQXDQDOL]XLJDUDWUHEDMDVQRUD]OLNRYDWL
RGQDXNHNRMDEU]RUDVWHRGPDWHPDWLĆNHDQDOL]HLJDUDPDGDVXQHNLWHUPLQLNRMLVHRYGH
NRULVWHNDRÅGRELWDNSRVWDOLSUL]QDWLLXPDWHPDWLFL=DGHWDOMQLMLSUHJOHGPDWHPDWLĆNH
WHRULMHLJDUDSRJOHGDWLÅ,JUHLRGOXNH´RG/MXVDL5HMID
8.DUPHOX.DOLIRUQLMDPDMD
%,%/,2*5$),-$
%HUQH(7UDQVDFWORQDO$QDO\VLVLQ3V\FKRWHUDS\*URYH3UHVV,QF1HZ<RUN
/XĆH5' 5DLIID+*DPHV 'HFHVLRQV,JUHL2GOXNH-RKQ:LOH\ 6RQV,QF
1HZ<RUN
3DFLMHQWLPDLVWXGHQWLPDRGNRMLKVDPXYHNXĆLRLMRåXĆLPRLJUDPDLVPLVOXçLYRWD
]DSUL]QDQMHP.DNRVHSRYHĄDYDVORçHQRVWNRPSURPLVDVYDNRSRVWDMHVYHRVREHQLMLXVYRP
892' WUDJDQMX]DSUL]QDQMHPDEDåWHUD]OLNHXQRVHUD]QRYUVQRVWXGUXåWYHQRRSåWHQMHLRGUHćXMX
VXGELQXSRMHGLQDFD
'58ä79(1223ä7(1-(
7HRULMXGUXåWYHQRJRSåWHQMDNRMDMHQHåWRRSåLUQLMHL]ORçHQDXGHOX7UDQVDNFLRQDDQDOL]D )LOPVNRPJOXPFXVYDNHQHGHOMHELĄHSRWUHEQHVWRWLQHSRWYUGDGDSRVWRMLRGDQRQLPQLKL
PRJXĄHMHXNUDWNRSULND]DWLQDVOHGHĄLQDĆLQ6SLF6SLW]MHRWNULRGDGHFDNRMDMHGDQGXçL EH]OLĆQLKRERçDYDODFDGDPXVHNLĆPDQHELRVXåLODGRNMHQHNRPQDXĆQLNX]DRĆXYDQMH
SHULRGSURçLYHEH]QHSRVUHGQHQHJHSRND]XMX]QDNHQHSRYUDWQRJSURSDGDQMDLSRVWDMX IL]LĆNRJLGXåHYQRJ]GUDYOMDGRYROMQRDNRPXVDPRMHGQRPJRGLåQMHSUXçLWDNYXSRWYUGX
QHRWSRUQDQDSUYXEROHVWNRMDQDLćH8VWYDULWR]QDĆLGDRQRåWRRQQD]LYDRVHĄDMQRP NROHJDGRĆLMHJPLåOMHQMDPXMHVWDOR
RVNXGLFRPPRçHLPDWLVPUWRQRVDQLVKRG2YD]DSDçDQMDGRYHODVXGRLGHMHRJODGL]D
GUDçHQMHPLXND]DODQDWRGDVXQDMRPLOMHQLMLREOLFLGUDçHQMDRQLNRMHSUXçDIL]LĆNDEOLVNRVW Å3RWYUćLYDQMHSRVWRMDQMDPRçHPRNRULVWLWLNDRRSåWXR]QDNX]DEOLVNLIL]LĆNLGRGLUNRMLX
åWRODNRPRçHPRSULKYDWLWLLQDRVQRYXVYDNRGQHYQRJLVNXVWYD çLYRWXX]LPDUD]OLĆLWDREOLĆMD1HNLOMXGLGRVORYFHWDSåXEHEXGUXJLMHPLOXMXLOLPD]HGRNMH
QHNLåWLSNDMXLOLOXSNDMXYUKRYLPDSUVWLMX6YLWLGRGLULLPDMXVYRMHJRYRUQHDQDORJLMHWDNRGD
6URGQHSRMDYHPRJXĄHMHSRVPDWUDWLLNRGRGUDVOLKL]ORçHQLKRVNXGLFLGUDçL2JOHGLVX MHPRJXĄHSUHGVND]DWLNDNRĄHVHQHNRRSKRGLWLVDEHERPDNRJDWHNVOXåDPRNDNRUD]JRYDUD
SRND]DOLGDWDNYDRVNXGLFDPRçHGDL]D]RYHWHåNRGXåHYQRREROMHQMHXSUROD]QRMIRUPLLOLX
QDMEROMHPVOXĆDMXSULYUHPHQSVLKLĆNLSRUHPHĄDM,]LVWRULMHMHSR]QDWRGDMHNRGRVRED 8åLUHPVPLVOXÅSRWYUćLYDQMHSRVWRMDQMDPRJXĄHMHXVYDNRGQHYQRPçLYRWXNRULVWLWL
RVXćHQLKGDMHGDQGXçLSHULRGSURYHGXXVDPLFLRGVXVWYRGUXåWYHQLKNRQWDNWDLĆXOQLKGUDçL NDRR]QDNX]DVYDNXUDGQMXNRMDSRGUD]XPHYDSUL]QDQMHQHĆLMHJSULVXVWYD6KRGQRWRPH
LPDORVOLĆQHSRVOHGLFH8VWYDULVDPLFDSUHGVWDYOMDND]QXNRMHVHXçDVDYDMXĆDNL]DWYRUHQLFL MHGQDSRWYUGDPRçHVHNRULVWLWLNDRRVQRYQDMHGLQLFDGUXåWYHQRJGHODQMD5D]PHQDÅSRWYUGH
RJXJODOLQDIL]LĆNHJUXERVWL
SDVHUHGRYQRNRULVWL]DVODPDQMHĆYUVWLKSROLWLĆNLKXYHUHQMD, ĆLQLWUDQVDNFLMXNRMDSUHGVWDYOMDMHGLQLFXGUXåWYHQRJRSåWHQMD
REUQXWRYDçLGDMHĆYUVWDRUJDQL]DFLMDQDMEROMHRUXçMH]DRĆXYDQMHSROLWLĆNLKXYHUHQMD
$NRMHUHĆRWHRULMLLJDUDL]RYRJDVOHGLQDĆHORGDELORNDNYRGUXåWYHQRRSåWHQMHLPDELRORåNX
1DELRORåNRPSODQXRVHĄDMQDLĆXOQDRVNXGLFDYHURYDWQRGRYRGHGRRUJDQVNLKSURPHQDLOLLK SUHGQRVWQDGRGVXVWYRPRSåWHQMD2YRMHHNVSHULPHQWDOQRSRND]DQRQDSDFRYLPDX
EDUSRVSHåXMX$NRUHWLNXODUQLDNWLYLUDMXĄLVLVWHPXPR]JXQLMHGRYROMQRQDGUDçLYDQPRJX L]YDQUHGQLPRJOHGLPD6/LYDMQD/HYLQHJGHMHXWYUćHQRGDGUDçHQMHQHXWLĆHSRYROMQR
XVOHGLWLGHJHQHUDWLYQHSURPHQHXQHUYQLPĄHOLMDPDPDNDULSRVUHGQR VDPRQDIL]LĆNLXPQLLHPRWLYQLUD]YRMMHGLQNHQHJRLQDELRKHPLMVNLVDVWDYPR]JDSDĆDNL
QDRWSRUQRVWRUJDQL]PDQDOHXNHPLMX1DM]QDĆDMQLMLQDOD]RYLKRJOHGDELRMHGDVXLQHçQR
2YRPRçHELWLLVHNXQGDUQLHIHNDWVODEHLVKUDQHNDRåWRLVODEDLVKUDQDPRçHELWLSURL]YRG UXNRYDQMHLGDYDQMHHOHNWURåRNRYDELOLSRGMHGQDNRNRULVQL]DXQDSUHćHQMH]GUDYOMDçLYRWLQMD
DSDWLMHQSUNRGGHFHNRMDSDWHRGPDUD]PD3UHPDWRPHPRJXĄHMH]DPLVOLWLELRORåNLODQDF
NRMLYRGLRGRVHĄDMQHLĆXOQHRVNXGLFHSUHNRDSDWLMHGRGHJHQHUDWLYQLKSURPHQDLVPUWL8 2YDSRWYUGDQDåLKVKYDWDQMDRKUDEUXMHQDVGDVDYLåHSRYHUHQMDXVHEHSULćHPRWHPLVOHGHĄHJ
WRPVPLVOXJODG]DGUDçHQMHPLPD]DELRORåNLRSVWDQDNOMXGVNRJRUJDQL]PDLVWXYUHGQRVWNDRL RGHOMND
JODG]DKUDQRP
6758.785,6$1-(95(0(1$
6WYDUQRJODG]DGUDçHQMHPLGHXSRUHGRVDJODćX]DKUDQRPQHVDPRELRORåNLQHJRL 8]PLPRGDPDçHQMHEHEDNDRLVLPEROLĆNLHNYLYDOHQW]DRGUDVOHSUL]QDQMHLPD]QDĆDMD]D
SVLKRORåNLLGUXåWYHQR,]UD]HNDRåWRVXSRWKUDQMHQRVW]DVLĄHQMHJXUPDQJXUPDQVNL ĆRYHNRYRSVWDQDN2VWDMHSLWDQMHåWDRQGD"3UDNWLĆQRJRYRUHĄLåWDOMXGLPRJXSRVOH
SURELUDĆDVNHWDNXOLQDUVNHYHåWLQHGREDUNXYDUPRJXĄHMHODNRSUHQHWLL]REODVWLLVKUDQHX L]PHQMLYDQMDSR]GUDYDELORGDMHUHĆROHçHUQRPDPHULĆNRPÅ+DMLOLRVORçHQRP
REODVWĆXOQRJRSDçDQMD3UHçGHUDYDQMHLPDVYRMSDQGDQXSUHQDGUDçHQRVWL8REHPDVIHUDPD LVWRĆQMDĆNRPULWXDOXNRMLPRçHGDSRWUDMHVDWLPD",]DJODGL]DGUDçHQMHPLJODGL]D
SRGQRUPDOQLPXVORYLPDNDGDMHVQDEGHYHQRVWGREUDLNDGDMHUD]QRYUVWDQMHORYQLNSULUXFL SUL]QDQMHPGROD]LJODG]DVWUXNWXURP0XNDVYDNRJDGROHVFHQWDMHÅåWDMRMPXUHĄLSRVOH"
L]ERUĄHELWLSRGMDNLPXWLFDMHPOLĆQRJXNXVD0RJXĄQRMHGDXNXVEXGHXPDQMRMLOLYHĄRM ,PQRJLPGUXJLPOMXGLPDNRMLQLVXYLåHDGROHVFHQWLQLåWDQLMHQHSULMDWQLMHRGRQHSUD]QLQHNDG
PHULNRQVWLWXWLYQRRGUHćHQDOLWRMHVSRUHGQR]DWHPXRNRMRMRYGHUDVSUDYOMDPR XGUXåWYXQDVWDQHWLåLQDNDGYUHPHQLMHVWUXNWXULUDQRSDQLNRQHXPHGDVPLVOLQLåWD
]DQLPOMLYLMHåWRELUHNDRQHJRQHåWRXVWLOXÅ=DUYDPVHQHĆLQLGDVX]LGRYLQHåWRPQRJR
=DVRFLMDOQRJSVLKLMDWUD]DQLPOMLYRMHåWDELYDSRVOHRGYDMDQMDRGRMĆHWDRGPDMNHWRNRP ĆHWYUWDVWLYHĆHUDV"9HĆQDPXNDOMXGVNRJELĄDMHNDNRGDVWUXNWXULåHRQHVDWHçLYRWDNRMH
QRUPDOQRJUDåĄHQMD2QRåWRMHGRVDGUHĆHQRPRJXĄHMHVDçHWLXÅL]UHNXÅ$NRWHQHPD]H SURYRGLQDMDYL
GRYROMQRRVXåLĄHWLVHNLĆPD3UHPDWRPHNDGMH]DYUåHQSHULRGWHVQHEOLVNRVWLVDPDMNRP
ĆRYHNXXRVWDWNXçLYRWDRVWDMHGLOHPDRGNRMHPX]DYLVLVXGELQDSDLVDPRSVWDQDN1D 8WRPHJ]LVWHQFLMDOQRPVPLVOXVYUKDVYHXNXSQRJGUXåWYHQRJçLYRWDLMHVWHGDVHOMXGLQDćX
MHGQRMVWUDQLVXVYHRQHGUXåWYHQHSVLKRORåNHLELRORåNHVLOHNRMHVWRMHQDSXWXRGUçDYDQMD MHGQLGUXJLPDSULUXFLXWRPSRVOX
IL]LĆNHEOLVNRVWLXVWLOXPDOHEHEHDQDGUXJRMQHXWDçLYDçXGQMDEDå]DWDNYRPEOLVNRåĄX8
YHĄLQLçLYRWQLKVLWXDFLMDĆRYHNMHSULQXćHQQDNRPSURPLV 2SHUDWLYQXVWUDQXVWUXNWXULVDQMDYUHPHQDPRçHPRQD]YDWLSURJUDPLUDQMHPNRMHRSHWPRçH
ELWLPDWHULMDOQRGUXåWYHQRLSRMHGLQDĆQR1DMRELĆQLMLQDMSRGHVQLMLQDMXGREQLMLLQDMNRULVQLML
2QQDXĆLGDL]OD]LQDNUDMVDVODELMLPĆDNLVDPRVLPEROLĆNLPREOLFLPDPDçHQMDGRNQHGRćH PHWRGVWUXNWXULVDQMDYUHPHQDMHRQRåWRRELĆQRQD]LYDPRUDGDXVWYDULMHSURMHNW]D
GRWOHGDPXSRVDRYUåLLRYODåQRNOLPDQMHJODYRPĆLPHPXQHNRVWDYOMDGR]QDQMDGDJDMH REUDćLYDQMHPDWHULMDODNRMLQDPSUXçDVSROMDåQMLVYHW7DNDYSURMHNWXVWUXĆQRPçDU
SUHSR]QDRLDNRSROD]QDçHć]DIL]LĆNLPGRGLURPLGDOMHRVWDMHQHXWROMHQD JRQX]YDĄHPRGHODQMHMHUMHWHUPLQÅUDGQHGRYROMQRSUHFL]DQ]DSRWUHEHRSåWHWHRULMH
VRFLMDOQHSVLKLMDWULMHELORELWHåNRUD]OLNRYDWLJDRGGUXåWYHQRJRSåWHQMDNRMHELVPRPRJOL
2YDMSURFHVGRODçHQMDGRNRPSURPLVDPRJXĄHMHR]QDĆLWLUD]OLĆLWLPLPHQLPDPHćXNRMLPDMH WDNRćHVPDWUDWLMHGQLPREOLNRPUDGD
LVXEOLPDFLMD$OLELORNDNRGDJDQD]RYHPRLVKRGPXMHLVWLJODG]DGUDçHQMHPMHGQH
EHEHSRVWHSHQRSRVWDMHQHåWRåWRNRGRGUDVORJĆRYHNDQD]LYDPRJODG 0DWHULMDOQRSURJUDPLUDQMHQDVWDMHL]SURPHQDNRMHVUHĄHPRSULREUDćLYDQMXVSROMDåQMH
VWYDUQRVWL2QRQDVRYGH]DQLPDVDPRXNROLNRWHGHODWQRVWLSUXçDMXRNRVQLFX]DÅSRWYUćLYDQMH
SRVWRMDQMDSUL]QDQMHLGUXJHVORçHQLMHIRUPHGUXåWYHQRJRSåWHQMD0DWHULMDOQR
SURJUDPLUDQMHQLMHSULPDUQRGUXåWYHQLSUREOHPRQRMHXVXåWLQL]DVQRYDQRQDREUDGL *ODG]DVWUXNWXURPLPD]DELRORåNLRSVWDQDNLVWXYUHGQRVWNDRLJODG]DGUDçHQMHP*ODG]D
SRGDWDND GUDçHQMHPLJODG]DSUL]QDQMHPL]UDçDYDMXSRWUHEXGDVHL]EHJQHĆXOQRLRVHĄDMQRVNDSDYDQMH
NRMHYRGLELRORåNRPSURSDGDQMX*ODG]DVWUXNWXURPL]UDçDYDSRWUHEXGDVHL]EHJQHGRVDGDD
'HODWQRVWJUDćHQMDEURGD]DYLVLRGQL]DPHUHQMDLSURFHQDYHURYDWQRĄHWHMHVYDNR .MHUNHJRUMHOHSRLVWDNDRNDNYDVYH]ODGRQRVLQHVWUXNWXULVDQRYUHPHąLPRQRSRWUDMGRYROMQR
GUXåWYHQRRSåWHQMHNRMHVHGRJRGLGDELJUDGQMXELORPRJXĄHQDVWDYLWLSRWUHEQRSRWĆLQLWL GXJRGRVDGDSRVWDMHVLQRQLP]DRVHĄDMQRVSDUXåLYDQMHLPRçHLPDWLLVWHSRVOHGLFH
QMLPD
,]GYRMHQDMHGLQNDPRçHGDVWUXNWXULåHYUHPHQDGYDQDĆLQDGHODQMHPLPDåWRP-HGLQND
'UXåWYHQRSURJUDPLUDQMH]DYUåDYDXWUDGLFLRQDOQLPULWXDOQLPLOLSROXULWXDOQLPUD]PHQDPD=D PRçHRVWDWLL]GYRMHQDLXSULVXVWYXGUXJLKNDRåWRYUORGREUR]QDVYDNDXĆLWHOMLFD.DGQHNR
WRMHQDMYDçQLMHPHULORORNDOQDSULKYDWOMLYRVWLOLRQRåWRVHRGRPDĄLORNDRÅOHSRYDVSWDQMH SULSDGDGUXåWYHQRMVNXSLQLRGGYHLOLYLåHRVREDRQGDPXMHSUXçHQRQHNROLNRPRJXĄQRVWL]D
5RGLWHOMLåLURPVYHWDXĆHGHFXNDNRGDVHSULVWRMQRSRQDåDMXåWRĄHUHĄLGD]QDMXLVSUDYQH VWUXNWXULVDQMHYUHPHQD(YRLKSRVWHSHQXVORçHQRVWLULWXDOLUD]RQRGH
ULWXDOHSULVXVUHWDQMXMHOXYUåHQMXQXçGHXGYDUDQMXLRSODNLYDQMXDLVWRWDNRLGD LJUHEOLVNRVWLLGHODQMHNRMHPRçHGDVWYRULRNRVQLFX]DELORNRMXRGRVWDOLKPRJXĄQRVWL
XPHMXGDYRGHRVQRYQHUD]JRYRUHXEDFXMXĄLQDSUDYDPHVWDRJUDQLĆHQMDLSRGVWLFDMH2JUDGH
LSRGVWLFDMLĆLQHRQRåWR]RYHPRWDNWRPLOLGLSORPDWLMRPåWRMHGHORPXQLYHU]DOQRDGHORP &LOMVYDNRJSULSDGQLNDMHGQHVNXSLQHMHVWHGDNUR]UD]PHQXVDRVWDOLPD]DGRYROMLåWRYLåH
ORNDOQR3RGULJLYDQMH]DVWRORPLOLVSDYDQMHVDGRPDĄLFRPPRJXELWLSRORNDOQLPWUDGLFLMDPD VYRMLKSRWUHED6WRMHRQGRVWXSQLMLGUXJLPDYLåHĄHSRWUHEDLVDPPRĄLGD]DGRYROML9HĄL
NRMHVHSUHQRVHRGGDYQLQDLRKUDEULYDQLL]DEUDQMLYDQL6OXĆDMQRPHćXRYLPWUDQVDNFLMDPD GHRSURJUDPLUDQMDQMHJRYRJGUXåWYHQRJSRQDåDQMDMHDXWRPDWL]RYDQ3RåWRMHQHNDRG
SRVWRMLREUQXWDSURSRUFLRQDOQRVWXYLVRNRPVWHSHQX7DNRVHGRJDćDGDRELĆQRXRQLP Å]DGRYROMHQMDNRMDMHPRJXĄHRVWYDULYDWLRYDNYLPSURJUDPLUDQMHPWHåNRUD]D]QDWLNDRQHåWR
]DMHGQLFDPDJGHOMXGL]DVWRORPSRGULJXMXQLMHSUHSRUXĆOMLYRWUDçLWL]DMHGQLĆNLNUHYHWVD åWRVSDGDSRGXRELĆDMHQR]QDĆHQMHÅ]DGRYROMHQMDQDSULPHUVDPRXQLåWDYDMXĄD
çHQVNRPĆHOMDGLGRPDĄLQDDWDPRJGHMHUHGVSDYDWLVDGRPDĄLFRPRELĆQRQLMHPXGUR ]DGRYROMHQMDELORELEROMHGDNRULVWLPRQHNHQHXWUDOQLMHL]UD]HNDRåWRVXÅGRELWDNLOL
SRGULJLYDWL]DVWRORP8RELĆDMHQRMHGD]YDQLĆQLULWXDOLGROD]HSRVOHSROXULWXDOQLKUD]JRYRUD ÅSUHGQRVW
QDRGUHćHQHWHPHNRMHPRçHPRL]GYRMLWLSRGLPHQRPUD]RQRGH
3UHGQRVWLGUXåWYHQRJGRGLUDYUWHVHRNRWHOHVQHLOLGXåHYQHUDYQRWHçH2QHVXSRYH]DQHVD
.DNRVHOMXGLEROMHPHćXVREQRXSR]QDMXVYHYLåHVHXåXQMDYDLQGLYLGXDOQRSURJUDPLUDQMHWH VOHGHĄLPĆLQLRFLPDRSXåWDQMHWHQ]LMHL]EHJDYDQMHåWHWQLKVLWXDFLMDREH]EHćLYDQMH
SRĆLQMXGDVHGRJDćDMXÅLQFLGHQWL2YLLQFLGHQWLQDSRYUåLQLL]JOHGDMXNDRGDVXVOXĆDMQLL ÅSRWYUGDSRVWRMDQMDLRGUçDYDQMHSRVWLJQXWHUDYQRWHçH6YHRYHWHPHGHWDOMQRVX
KDRWLĆQLSDLKWDNRYLGHLRQLNRMLVXXQMLKXNOMXĆHQLDOLSDçOMLYLMHUDåĆODQMDYDQMHRWNULYDGD SURXĆDYDOLLUD]PDWUDOLIL]LROR]LSVLKROR]LLSVLKRDQDOLWLĆDUL3UHYHGHQRQDMH]LNVRFLMDOQH
XQMLPDSRVWRMLWHQGHQFLMDGDVHRGYLMDMXSRRGUHćHQLPNDOXSLPDNRMHQLMHWHåNRUD]YUVWDWLL SVLKLMDWULMHPRJXĄHLKMHIRUPXOLVDWLNDRSULPDUQHXQXWUDåQMHSUHGQRVWLSULPDUQH
R]QDĆLWLLGDMHUHGRVOHGSRWH]DUHJXOLVDQQHSLVDQLPSUDYLOLPDLLQVWUXNFLMDPD2YDSUDYLOD VSROMDåQMHSUHGQRVWLVHNXQGDUQHSUHGQRVWLLHJ]LVWHQFLMDOQHSUHGQRVWL3UYHWUL
RVWDMXODWHQWQDVYHGRNLSULMDWHOMLLQHSULMDWHOMLQHYDUDMXQDNDUWDPDDOLSRVWDMXYLGOMLYDĆLP RGJRYDUDMXRQRPHåWRMH)URMGRSLVDRNDRÅGRELWNHRGEROHVWLLQWHUQLSDUDQR]LĆQLGRELWDN
EXGHSRYXĆHQQHNLQHSURSLVQLSRWH]NRMLL]D]LYDVLPEROLĆQLYHUEDOQLLOLSUDYQLX]YLNÅ)DXO HNVWHUQLSDUDQR]LĆQLGRELWDNLHSLQR]LĆQLGRELWDN,VNXVWYRQDVXĆLGDMHNRULVQLMHL
7DNYHUHJXOLVDQHUHGRVOHGHSRWH]DNRMLVXQDVXSURWUD]RQRGDPDYLåH]DVQRYDQLQD SORGQLMHSURXĆDYDWLGUXåWYHQRRSåWHQMHVDVWDQRYLåWDRVWYDUHQLKSUHGQRVWLQHJRJOHGDWLQD
SRMHGLQDĆQRPQHJRQDGUXåWYHQRPSURJUDPLUDQMXPRJXĄHMHLPHQRYDWLNDRLJUH3RURGLĆQL QMLKNDRQDRGEUDPEHQHRSHUDFLMH3UHVYHJDQDMEROMDRGEUDQDMHXRSåWHQHELWLXNOMXĆHQQLX
çLYRWLçLYRWXEUDNXNDRLçLYRWXRUJDQL]DFLMDPDUD]QLKYUVWDXPHL]JRGLQHXJRGLQXGDVH NDNYRRSåWHQMH$]DWLPSRMDPÅRGEUDQDSRNODSDVHVDPRGHOLPLĆQRVDSUYLPGYHPD
RVODQMDQDYDULMDFLMHMHGQHWHLVWHLJUH YUVWDPDSUHGQRVWLDQMLKRYRVWDWDNLĆLWDYDWUHĄDLĆHWYUWDYUVWDRVWDMXSRWSXQRL]YDQ
WDNYRJSULVWXSDVWYDULPD
5HĄLGDJODYQLQXGUXåWYHQLKDNWLYQRVWLVDĆLQMDYDLJUDQMHLJDUDQH]QDĆLQXçQRGDMHWRYHĄLQRP
LÅ]DEDYQRQLWLGDLJUDĆLQLVXR]ELOMQRDQJDçRYDQLXWLPRGQRVLPD6DMHGQHVWUDQHÅLJUDQMH 2EOLFLGUXåWYHQRJGRGLUDNRMLSUXçDMXQDMYLåH]DGRYROMHQMDELORGDVXXJUDćHQLXRNRVQLFX
UDJELMDLOLGUXJLKVSRUWVNLKÅLJDUDQHPRUDXRSåWHELWL]DEDYQRDLJUDĆLPRJXELWLYHRPD GHODQMDLOLQHVYDNDNRVXLJUHLEOLVNRVWL'XJRWUDMQDEOLVNRVWMHUHWND]YHUNDDLNDGVHQDćH
QDPUJRćHQL6HPWRJDWHLJUHLPDMXQHåWR]DMHGQLĆNRVDNRFNDQMHPLGUXJLPREOLFLPD RQDRVWDMHVWURJRSULYDWQDVWYDU=QDĆDMQRGUXåWYHQRRSåWHQMHQDMĆHåĄHX]LPDREOLĆMHLJUHD
ÅLJUDQMDDWRMHPRJXĄQRVWGDVHL]YUJQXXQHåWRVWYDUQRNUDMQMHR]ELOMQRSRQHNDGLIDWDOQR WRLMHVWHWHPDNRMDQDVQDMYLåHLQWHUHVXMHQDRYRPPHVWX.RJD]DQLPDQHåWRYLåHR
VWUXNWXULVDQMXYUHPHQDQHNDSRJOHGDGHORSLVFDRYHNQMLJHRJUXSQRMGLQDPLFL
6DGUXJHVWUDQHQHNLSLVFLQDSULPHU+XL]LQJDVYUVWDYDMXXÅLJUDQMHLWDNRR]ELOMQHVWYDUL
NDNYHVXOMXGRçGHUVNHJR]EH=DåWRELRQGDELORQHRGJRYRUQRQHXNXVQRLYDUYDUVNLQD]LYDWL %,%/,2*5$),-$
ÅLJUDQMHPLJDUDLWDNYDWUDJLĆQDSRQDåDQMDNDRåWRVXVDPRXELVWYRRGDYDQMHDONRKROXLOL %HUQH(7UDQVDFWLRQDO$QDO\VLVLQ3V\FKRWKHUDS\
GURJLNULPLQDOLOLVKL]RIUHQLMD"6XåWLQVNRVYRMVWYRĆRYHNRYRJLJUDQMDQLMHXWRPHåWRVX (YHUJUHHQ
RVHĄDQMDKDRWLĆQDQHJREDåXWRPHåWRVXXVPHUHQD7RRWNULYDPRNDGGRćHGRSULPHQH 6SLW]5Å+RVSLWDOLVP*HQHVLVRI3V\FKLDWULF&RQGLWLRQVLQ(DUO\&KLOGKRRG
VDQNFLMDSURWLYQHNRJEHVSUDYQRJHPRFLRQDOQRJL]OLYD,JUDQMHPRçHELWLPUWYDĆNLR]ELOMQRSD 3V\FKRDQDO\WLF6WXG\RIWKH&KLOG+RVSLWDOL]DP3RVWDQMH3VLKLMDWULFNH8VORYQRVWL5DQRJ
ĆDNLIDWDOQRDOLGUXåWYHQHVDQNFLMHVXR]ELOMQHWHNNDGVXSUHNUåHQDSUDYLODLJUH 'HWLQVWYD
%HOEHQRLW5HQH'U\*XLOORWLQH6XYD*LOMRWLQD&DSH
5D]RQRGHLLJUHVX]DPHQD]DVWYDUQRçLYOMHQMHXVWYDUQRMEOLVNRVWLVDGUXJLPOMXGLPDL6WRJDQD 6HDWRQ*-6HDUV2Q0\3DVVSRUW+XWFKLQVRQ
QMLKPRçHPRJOHGDWLNDRQDQHNXYUVWXSUHWKRGQLKQDSLSDYDQMDYLåHQHJRVSDMDQMDVDGUXJLP .LQNHDG(:K\7KH\&ROODERUDWHG=DVWR2QL3URSDGDMX/RQJPDQV
OMXGLPD3UDYDEOLVNRVWSRĆLQMHRQGDNDGSRMHGLQDĆQRRELĆQRLQVWLQNWLYQRSURJUDPLUDQMH )UHQFK-'Å7KH5HWLFXODU)RUPDWLRQ6FLHQWLILF$PHULFDQ0D\
SRVWDQHLQWHQ]LYQLMHDGUXåWYHQRXNDOXSOMLYDQMHLSULNULYHQDRJUDQLĆHQMDSRĆQXGDVH Å,]UHNHNRMHRYGHNRULVWLPRQDVWDOHVXYUHPHQRPQDVHDQVDPD6HPLQDUDL]VRFLMDOQH
SRYODĆH%OLVNRVWMHMHGLQLSRWSXQR]DGRYROMDYDMXĄLRGJRYRUQDJODG]DGUDçHQMHPJODG]D SVLKLMDWULMHX6DQ)UDQFLVNX
SUL]QDQMHPLJODG]DVWUXNWXURP$QMHQSURWRWLSMHĆLQOMXEDYQRJLVSXQMHQMD
/HYLQH6Å6WLPXODWLRQ,Q,QIDQF\6WLPXODFLMD.RG,QIDWLOQLK6FLHQWLILF$PHULFDQ
0D\/HYLQH6Å,QIDQWLOH([SHULHQFHDQG5HVLVWDQFHWR3K\VLRORJLFDO
3UYLGHR
6WUHVVVFLHQFH$XJXVW
+XL]LQJD-+RPR/XGHQV5RXWOHGJH
.LHUNHJDDUG6$.LHUNHJDDUG$QWKRORJ\HG5%UHWDOO3ULQFHWRQ8QLYHUVLW\3UHVV
$1$/,=$,*$5$
SSII
)UHXG6Å*HQHUDO5HPDUNVRQ+\VWHULFDO$WWDFNV*HQHUDOQH3ULPHGEH.RG6OXFDMD
6758.7851$$1$/,=$
+LVWHULFQLK1DSDGD6WDQGDUG(GQ,,+RJDUWK3UHVV/RQGRQ)UHXG6$QDO\VLVRID
3RVPDWUDQMHVSRQWDQHGUXåWYHQHDNWLYQRVWLNRMDVHQDMSURGXNWLYQLMHRGYLMDXQHNLPYUVWDPD
&DVHRI+\VWHULD$QDOL]H6OXFDMD+LVWHULMH9,
SVLKRWHUDSHXWVNLKJUXSDRWNULYDGDOMXGLVYUHPHQDQDYUHPHLVSROMDYDMXSULPHWQHSURPHQHX
%HUQH(7KH6WUXFWXUHDQG'\QDPLFVRI2UJDQL]DWLRQVDQG*URXSV6WUXNWXUH,'LQDPLNH
GUçDQMXWHODVWDQRYLåWXJODVXUHĆQLNXLGUXJLPVWUDQDPDSRQDåDQMD7HSURPHQHX
2UJDQL]DFLMD,*UXSD3LWQDP0HGLFDO
SRQDåDQMXĆHVWRVXSUDĄHQHREUWLPDRVHĄDQMD$NRL]GYRMHQRJOHGDPRMHGLQNXRQGDNRGQMH
RGUHćHQLVNXSREOLNDSRQDåDQMDRGJRYDUDMHGQRPVWDQMXXPDDGUXJLVNXSSRYH]DQMH
VDGUXNĆLMLPSVLKLĆNLPVWDYRPĆHVWRXQHVNODGXVDSUYLP2YHSURPHQHLUD]OLNHVWYRULOHVX
LGHMXRHJRVWDQMLPD
8SRWUHEOMDYDMXĄLVWUXĆQXWHUPLQRORJLMXHJRVWDQMHPRJOLELVPRIHQRPHQRORåNLRSLVDWLNDR
XVNODćHQVLVWHPRVHĄDQMDDRSHUDFLRQDOQRNDRVNXSXVNODćHQLKREOLNDSRQDåDQMD*RYRUHĄL
SUDNWLĆQLMHWRMHVLVWHPRVHĄDQMDSUDĄHQRGJRYDUDMXĄLPVNXSRPREOLNDSRQDåDQMD,]JOHGDGD
MHVYDNRPHGRVWXSDQRJUDQLĆHQUHSHUWRDUWDNYLKHJRVWDQMDNRMDQLVXXORJHYHĄSVLKRORåNH
UHDOQRVWL2YDMUHSHUWRDUPRJXĄHMHVYUVWDWLXVOHGHĄHNDWHJRULMHHJRVWDQMDNRMD
SRGVHĄDMXQDVWDQMDURGLWHOMVNLKOLNRYDNRMDVXDXWRQRPQRXVPHUHQDQDREMHNWLYQXSUR
FHQXUHDOQRVWLLNRMDSUHGVWDYOMDMXDUKDLĆQHRVWDWNHWMMRåXYHNDNWLYQDHJRVWDQMD
XĆYUåĄHQDYHĄXUDQRPGHWLQMVWYX6WUXĆQRRYDHJRVWDQMDQD]LYDPRHNVWHURSVLKLĆNLP
QHRSVLKLĆNLPLDUKHRSVLKLĆNLP6YDNRGQHYQLPMH]LNRPSRND]LYDQMDRYLKHJRVWDQMDQD]LYDPR
5RGLWHOM2GUDVOLL'HWH2YLMHGQRVWDYQLL]UD]LVXVDVYLPXSRWUHEOMLYLVHPNDGDMHUHĆRĆLVWR
VWUXĆQLPUDVSUDYDPD
3ROD]LVHGDNOHRGVWDQRYLåWDGDĄHXVYDNRPGDWRPPRPHQWXVYDNDMHGLQNDXMHGQRM
GUXåWYHQRMVNXSLQLSRND]LYDWLHJRVWDQMH5RGLWHOMD2GUDVORJLOL'HWHWDLGDUD]QHMHGLQNHVD
UD]OLĆLWLPVWHSHQRPVSUHPQRVWLPRJXGDSUHVNDĆXL]MHGQRJHJRVWDQMDXGUXJR2YD
]DSDçDQMDGRYHODVXGRRGUHćHQLKGLMDJQRVWLĆNLKWYUGQMLÅ7RMH5RGLWHOMXWHEL]QDĆLÅ7LVL
VDGDXLVWRPGXåHYQRPVWDQMXXNDNYRPMHMHGDQRGWYRMLKURGLWHOMDLOL]DPHQD]DQMLKLPD
RELĆDMGDEXGHLWLUHDJXMHåNDRLRQLVWLPGUçDQMHPWHODJHVWRYLPDUHĆQLNRPRVHĄDQMLPD
LWGÅ7RMH2GUDVOLXWHEL]QDĆLÅ8SUDYRVLREDYLRMHGQXDXWRQRPQXREMHNWLYQXSURFHQX
VLWXDFLMHLEH]SUHGUDVXGDVLIRUPXOLVDRUH]XOWDWHVYRMLKPLVDRQLKSURFHVDSUREOHPHNRMH
]DSDçDåLOL]DNOMXĆNHGRNRMLKVLGRåDRÅ7RMH'HWHXWHEL]QDĆLÅ1DPHUDL]DWYRMHUHDNFLMH
LQDĆLQQDNRMLVLUHDJRYDRLVWLVXNDRåWRVXELOLNDGVLELRPDOL
äWDWRSRGUD]XPHYD"
'DMHVYDNDMHGLQNDLPDODQHNDGURGLWHOMHLOL]DPHQX]DURGLWHOMHLGDQRVLXVHELVNXS
HJRVWDQMDNRMDREQDYOMDMXHJRVWDQMDWLKURGLWHOMDNDNRLKMHRQDRSDçDODDPRJXĄHLKMH
DNWLYLUDWLSRGL]YHVQLPRNROQRVWLPDHNVWHURSVLKLĆNRIXQNFLRQLVDQMH6YDNRGQHYQLP
MH]LNRPÅ6YDNRQRVLXVHELVYRMHURGLWHOMH
'DMHVYDNDMHGLQNDXNOMXĆXMXĄLGHFXXPQR]DRVWDOHLVKL]RIUHQLĆDUHVSRVREQD]D
REMHNWLYQXREUDGXSRGDWDNDDNRVHPRçHDNWLYLUDWLRGJRYDUDMXĄHHJRVWDQMHQHRSVLKLĆNR
IXQNFLRQLVDQMH6YDNRGQHYQRÅ6YDNRLPDMHGQRJ2GUDVORJXVHEL
'DMHVYDNDMHGLQNDQHNDGDELODPODćDQHJRåWRMHVDGDLGDQRVLXVHELXĆYUåĄHQHRVWDWNH,]
UDQLMLKJRGLQDNRMHĄHDNWLYLUDWLSRGL]YHVQLPXVORYLPDDUKHRSVLKLĆNRIXQNFLRQLVDQMH
6YDNRGQHYQR
Å6YDNRQRVLXVHELSRMHGQXGHYRMĆLFXLOLGHĆDND
6DGDMHSUDYLPRPHQDW]DVOLNX$QD]YDQXVWUXNWXUQLGLMDJUDP2YDMGLMDJUDPSUHGVWDYOMD 8'HWHWXSRĆLYDLQWXLFLMDNUHDWLYQRVWQDJRQVSRQWDQRVWLLXçLYDQMH2GUDVOLMHQHRSKRGDQGD
VDVWDQRYLåWDRYGHL]ORçHQRJFHORNXSQXOLĆQRVWELORNRMHMHGLQNH/LĆQRVWVHVDVWRMLRG ELVHSUHçLYHOR2QREUDćXMHSRGDWNHLÅNRPSMXWHULåHYHURYDWQRĄHUD]QLKNRPELQDFLMDL
URGLWHOMVNLKRGUDVOLKLGHĆMLKHJRVWDQMD7DVWDQMDVXMDVQRUD]JUDQLĆHQDMHGQDRGGUXJLKMHU PRJXĄQRVWLåWRMHELWQR]DXVSHåQRL]ODçHQMHQDNUDMVDVSROMDåQMLPVYHWRP,RQWDNRćH
VXYHRPDUD]OLĆLWDLWDNRĆHVWRPHćXVREQRQHXVNODćHQD1HQDYLNQXWRPSRVPDWUDĆXRYD GRçLYOMDYDVYRMHYUVQHXVSRQHLSDGRYH3UHODçHQMHJUDGVNHXOLFHYDQSHåDĆNRJSUHOD]DQD
UD]OLNRYDQMDPRçGDQHL]JOHGDMXMDVQDQDSUYLSRJOHGDOLXEU]RVHSRND]XMHGDVXYUOR SULPHUWUDçLREUDGXVORçHQLKQL]RYDSRGDWDNDRNUHWDQMXDNFLMDVHRGODçHVYHGRNXQXWUDåQML
XSHĆDWOMLYDL]DQLPOMLYDDNRĆRYHNXORçLPDORWUXGDGDVDYODGDVWUXNWXUQXGLMDJQRVWLNX%LOR NRPSMXWHUQHSRNDçHGDSRVWRMLYHOLNDYHURYDWQRĄDEH]EHGQRJVWL]DQMDQDVXSURWQXVWUDQX
EL]JRGQRGDQDGDOMHHJRVWDQMDXYHNR]QDĆDYDPRYHOLNLPSRĆHWQLPVORYRP5RGLWHOM2GUDVOL
L'HWHDNDGDPLVOLPRQDVWYDUQHURGLWHOMHRGUDVOHLOLGHFXGDSLåHPRPDORSRĆHWQRVORYR =DGRYROMHQMDNRMDSUXçDMXXVSHåQDL]UDĆXQDYDQMDRYRJWLSDRPRJXĄDYDMXGHRXVKLĄHQMDNRMD
GRçLYOMDYDPRSULVNLMDQMXOHWHQMXMHGUHQMXLGUXJLPEU]LQVNLPVSRUWRYLPD2GUDVOLLPDMRåL
6OLND%SUHGVWDYOMDSRGHVQXXSURåĄHQXIRUPXVWUXNWXUQRJGLMDJUDPD3UHQHJRåWR ]DGDWDNGDXVPHUDYDDNWLYQRVWL5RGLWHOMDL'HWHWDLGDQHSULVWUDVQRSRVUHGXMHPHćXQMLPD
]DNOMXĆLPRRYXWHPXWUHEDSRPHQXWLLQHNHPRJXĄQHNRPSOLNDFLMH
5RGLWHOMLPDGYHJODYQHIXQNFLMH3UYRRQRPRJXĄXMHĆRYHNXGDEXGHXVSHåDQNDRVWYDUQL
,]UD]ÅGHWLQMDVWRQLNDGQHNRULVWLPRXVWUXNWXUQRMDQDOL]LMHUMHVWHNDRMDNHSUL]YXNH URGLWHOMVYRMRMGHFLĆLPHSRVSHåXMHLRSVWDQDNOMXGVNHYUVWH1MHJRY]QDĆDMQDRYRPSODQX
QHSRçHOMQRVWLNDRGDMHQHåWRVDĆLPWUHEDSUHNLQXWLLOLĆHJDVHWUHEDRWDUDVLWL,]UD] YLGOMLYMHXĆLQMHQLFLGDMHSRVYHPXVXGHĄLRQLPDNRMLVXRVWDOLVLURĆDGXGHWLQMVWYXWHçHGD
ÅGHWLQMHNRULVWLPRSULRSLVLYDQMX'HWHWDDUKDLĆQRJHJRVWDQMDMHUMHQHXWUDOQLML8VWYDUL SRGLçXGHFXQHJRRQLPDNRMLVXLPODGRVWSURçLYHOLXQHRNUQMHQLPSRURGLFDPD'UXJRPQRJH
'HWHMHPQRJRVWUXNRQDMYUHGQLMLGHROLĆQRVWLLPRçHGDSUXçLçLYRWXĆRYHNDRQRåWRLVWYDUQR UHDNFLMHRQDXWRPDWL]XMHLWLPHåWHGLĆRYHNXYUHPHLHQHUJLMX0QRJHVWYDULUDGLPRRQDNR
GHWHGRQRVLSRURGLĆQRPçLYRWXQHRGROMLYRVWXçLWDNLNUHDWLYQRVW.DGMH'HWHXMHGLQNL NDNRUDGLPRVDPR]DWRÅåWRVHWRWDNRUDGL7LPHMH2GUDVOLRVORERćHQREDYH]HGDGRQRVL
VPXåHQRLQH]GUDYRSRVOHGLFHPRJXGDEXGXQH]JRGQHDOLWRQLNDGQLMHL]JXEOMHQVOXĆDM EH]EURMQHWULYLMDOQHRGOXNHSDPRçHVHEHSRVYHWLWLYDçQLMLPVWYDULPDRVWDYOMDMXĄL5RGLWHOMX
UXWLQVNH]DGDWNH
,VWRYDçLL]DL]UD]HÅ]UHRLÅQH]UHR8RYRPVLVWHPXPLåOMHQMDQHSRVWRMLQLåWDQDOLNQD
ÅQH]UHOXRVREX3RVWRMHMHGLQROMXGLXNRMLPD'HWHQHDGHNYDWQRLOLQHSURGXNWLYQRYRGL 3UHPDWRPHVYHWULVWUDQHOLĆQRVWLLPDMXYLVRNXYUHGQRVW]DRSVWDQDNLçLYOMHQMH7HNNDGD
JODYQXUHĆDOLVYDNLRGQMLKLPDNRPSOHWQRJGREURJUDćHQRJ2GUDVORJXVHELNRJDVDPR QHNDRGQMLKSRUHPHWL]GUDYXUDYQRWHçXSRWUHEQDMHDQDOL]DLUHRUJDQL]DFLMD,QDĆHVYDNDRG
WUHEDRWNULWLLDNWLYLUDWL QMLK5RGLWHOM2GUDVOLL'HWH]DVOXçXMHSRGMHGQDNRSRåWRYDQMHLUDYQRSUDYQRPHVWRX
SXQRPLSURGXNWLYQRPçLYRWX
1DVXSURWWRPHW]YÅ]UHOLOMXGLVXRQLNRMLVXVSRVREQLGDGUçH2GUDVORJQDNRPDQGQRP
SRORçDMXYHĄLGHRYUHPHQDLDNRVHLQMLPDNDRLVYLPDGUXJLPDGRJDćDGD'HWHSUHX]PH %,%/,2*5$),-$
YODVWĆHVWRVDX]QHPLUDYDMXĄLPLVKRGLPD 3HQILHOG:Å0HPRU\0HFKDQLVPV$UFKLYHVRI1HXURORJ\ 3V\FKLDWU\
5RGLWHOMVNRHJRVWDQMH 3HQILHOG:DQG-DVSHU+(SLOHSV\DQGWKH)XQFWLRQDO$QDWRP\RIWKH+XPDQ%UDLQ
7UHEDSULPHWLWLGDVH5RGLWHOMSRND]XMHXGYDREOLĆMDGLUHNWQRPLLQGLUHNWQRPNDRDNWLYQR &KXUFKLOO&KDSWHU
HJRVWDQMHLNDRRGUHćHQXWLFDM.DGDMHGLUHNWQRDNWLYQRVWDQMHRQGDRVREDUHDJXMHRQDNR %HUQH(Å7KH3V\FKRG\QDPLFVRI,QWXLWLRQ3V\FKLDWULF4XDUWHUO\
NDNRMHQMHQRWDFLOLPDMNDVWYDUQRUHDJRYDRÅ5DGLåWRLMD
.DGDMHVDPRLQGLUHNWDQXWLFDMRQGDRVREDUHDJXMHRQDNRNDNRVXçHOHOLGDUHDJXMHÅ1HUDGL
åWRLMDQHJRNDNRWLNDçHP8SUYRPVOXĆDMXRVREDSRVWDMHMHGQRRGURGLWHOMDDXGUXJRP
VDPRSULODJRćDYDVHEHQMLKRYLP]DKWHYLPD
7DNRćHVHL'HWHSRND]XMHXGYDREOLĆMDNDRSULODJRćHQRLNDRSULURGQR3ULODJRćHQR'HWH
MHRQRNRMHPHQMDVYRMHSRQDåDQMHSRG5RGLWHOMVNLPXWLFDMHP2QRVHSRQDåDRQDNRNDNRMH
RWDFLOLPDMNDRGQMHJDRĆHNLYDRSRVOXåQRLOLGUVNRQDSULPHU2QRVHSULODJRćDYD
SRYODĆHQMHPXVHEHLOLFPL]GUHQMHP7XMH5RGLWHOMVNLXWLFDMX]URNDSULODJRćHQR'HWH
SRVOHGLFD3ULURGQR'HWHMHVSRQWDQLL]UD]SREXQDLOLVWYDUDODåWYRQDSULPHU5HGRVOHG
GHORYDQMDDONRKRODJRYRULXSULORJVWUXNWXUQHDQDOL]H2ELĆQRDONRKROSUYRUD]YODVWL
5RGLWHOMDWDNRGDMHSULODJRćHQR'HWHRVORERćHQR5RGLWHOMVNRJXWLFDMDLRWNDĆLQMDQMHP
SRVWDMHSULURGQRGHWH5HWNRMHQHRSKRGQR]DXVSHåQXDQDOL]XLJDUDLĄLGDOMHRGRQRJDåWR
VPRGRVDGUHNOLRJUDćLOLĆQRVWL
(JRVWDQMDVSDGDMXXQRUPDOQHIL]LRORåNHSRMDYH/MXGVNLPR]DNMHRUJDQLOLRUJDQL]DWRU
SVLKLĆNRJçLYRWDDQMHJRYLSURL]YRGLVXXUHćHQLLVPHåWHQLXREOLNXHJRVWDQMD8QDOD]LPD
3HQILOGD3HQILHOGLQMHJRYLKVDUDGQLNDSRVWRMHNRQNUHWQLGRND]L]DRYXWH]X3RVWRMHL
GUXJDĆLMLVLVWHPL]DUD]YUVWDYDQMHQDGUXJLPQLYRLPDQDSULPHUĆLQMHQLĆNRSDPĄHQMHDOL
SULURGQXIRUPXVDPRJGRçLYOMDYDQMDSUHGVWDYOMDMXSURPHQOMLYDGXåHYQDVWDQMD6YDNLWLSHJR
VWDQMDLPDVYRMXVRSVWYHQXYLWDOQXYUHGQRVW]DOMXGVNLRUJDQL]DP
75$16$.&,21$$1$/,=$ 2YRMHÅ8NUåWHQDWUDQVDNFLMDWLS,,8VYDNRGQHYQRPçLYRWXÅ=QDåOLJGHVXPLNOMXĆHYL"
-HGLQLFXGUXåWYHQRJRSåWHQMDQD]LYDPRWUDQVDNFLMD.DGVHGYRMHLOLYLåHOMXGLQDćHQDRNXSX PRçHGDL]D]RYHÅäWRQHSD]LåJGHRVWDYOMDåVWYDUL"1LVLYLåHGHWH
SUHLOLNDVQLMHQHNRRGQMLKSURJRYRULĄHLOLQDQHNLGUXJLQDĆLQSRND]DWLGDÅSULPDN]QDQMX
SULVXVWYRGUXJLK7RQD]LYDPRWUDQVDNFLRQDGUDç1HNRGUXJLĄH]DWLPUHĄLLOLXĆLQLWLQHåWRåWR 'LMDJUDPRGQRVDQDVOLFLNRMLSULND]XMHGHYHWPRJXĄLKYHNWRUDGUXåWYHQRJGHORYDQMD
MHXQHNRMYH]LVDWRPGUDçLLWRĄHPRQD]YDWLWUDQVDNFLRQLRGJRYRU-HGQRVWDYQRP L]PHćXLQLFLMDWRUDLSDUWQHUDLPDL]YHVQD]DQLPOMLYDJHRPHWULMVNDWRSRORåNDREHOHçMD
WUDQVDNFLRQRPDQDOL]RPRGUHćXMHPRNRMHHJRVWDQMHMHL]EDFLORWUDQVDNFLRQXGUDçDNRMHMH
X]YUDWLORWUDQVDNFLRQLPRGJRYRURP1DMMHGQRVWDYQLMHWUDQVDNFLMHVXRQHXNRMLPDLGUDçL .RPSOHPHQWDUQHWUDQVDNFLMHPHćXÅSVLKRORåNLUDYQRSUDYQLPRVREDPDSUHGVWDYOMHQHVX
RGJRYRUQDVWDMXL]2GUDVOLKREHMX]DLQWHUHVRYDQLKVWUDQD,QLFLMDWRUSUXçDUXNXNDGQD RGQRVLPD,L
RVQRYXSRGDWDNDNRMLPXVWRMHQDUDVSRODJDQMXSURFHQLGDMHSRWUHEDQVNDOSHO3DUWQHU
SUDYLOQRRFHQMXMH]QDĆHQMHRYRJSRNUHWD]DWLPSURFHQMXMHGLVWDQFXLRGPHUDYDVQDJXSD 3RVWRMHMRåWULNRPSOHPHQWDUQHWUDQVDNFLMHL6YHRVWDOH
SUXçDVNDOSHOGUåNRPQDSUHGWDĆQRRQDNRNDNRJDKLUXUJLRĆHNXMH NRPELQDFLMHIRUPLUDMXXNUåWHQHWUDQVDNFLMHDXYHĄLQLVOXĆDMHYDWRL]JOHGDNDRLXNUåWDQMHQD
GLMDJUDPXQDSULPHUåWRGRYRGLGRVLWXDFLMHXNRMRMGYHRVREHĄXWNHSLOMHMHGQD
6OHGHĄHSRMHGQRVWDYQRVWLVXWUDQVDNFLMH'HWH5RGLWHOM'HWHXJUR]QLFLWUDçLĆDåXYRGHL XGUXJX$NRQLMHGQDRGQMLKQHRGXVWDQHVDREUDĄDMPHćXQMLPDMHJRWRYSUHRVWDMHLP
EULçQDPDMNDPXGRQRVL MHGLQRGDNUHQXVYDNDQDVYRMXVWUDQX8RELĆDMHQRUHåHQMHMHGDMHGQDRGQMLKSRSXVWLL
SUHGX]PHĆLPHRWSRĆLQMHLJUDÅ)UNDLOLåWRMHEROMLSRWH]MHUSRVOHQMHJD
2EHRYHWUDQVDNFLMHVXNRPSOHPHQWDUQHWMRGJRYRUMHSULPHUHQLRĆHNLYDQXVNODGXVD RERMHSUVQXXVPHKLUXNXMXVH
SULURGQLPUHGRPNRMLYODGDX]GUDYLPOMXGVNLPRGQRVLPD3UYDRGQMLKNRMXVPRUD]YUVWDOL
NDRÅ.RPSOHPHQWDUQXWUDQVDNFLMXWLS,SUHGVWDYOMHQDMHQDVOLFL$'UXJD -HGQRVWDYQHNRPSOHPHQWDUQHWUDQVDNFLMHQDMĆHåĄHVHRGLJUDYDMXXSRYUåQLPRGQRVLPDQD
Å.RPSOHPHQWUDQDWUDQVDNFLMDWLS,,SULND]DQDMHQDVOLFL%2ĆLJOHGQRMHPHćXWLPGD SRVOXLOLXGUXåWYXLPRJXODNRELWLSRUHPHĄHQHMHGQRVWDYQLPXNUåWHQLPWUDQVDNFLMDPD8
WUDQVDNFLMHLPDMXVNORQRVWGDVHYH]XMXXODQFHWDNRGDVYDNLRGJRYRUSRVWDMHGUDç]D VWYDULSRYUåDQRGQRVELVPRPRJOLGHILQLVDWLLNDRRQDMNRML]DVWDMHQDQLYRXSURVWLK
VHEH3UYRSUDYLORVDREUDĄDMDPHćXOMXGLPDJODVLGDĄHVDREUDĄDMWHĄLJODWNRVYHGRNVX NRPSOHPHQWDUQLKWUDQVDNFLMD7DNYLRGQRVLQDVWDMXWRNRPDNWLYQRVWLULWXDODLUD]RQRGD
WUDQVDNFLMHNRPSOHPHQWDUQHDGRSXQVNRSUDYLORJODVLGDMHVDREUDĄDMXSULQFLSXPRJXĄH
QDVWDYLWLXEHVNUDMVYHGRNVXWUDQVDNFLMHNRPSOHPHQWDUQH1DRYDSUDYLODQHXWLĆXQLSULURGD 6ORçHQLMHVXVNULYHQHWUDQVDNFLMHRQHXNRMLPDVXDNWLYLUDQDYLåHRGGYDHJRVWDQMD
QLVDGUçDMWUDQVDNFLMDRQD]DYLVHLVNOMXĆLYRRGXVPHUHQRVWLXNOMXĆHQLKYHNWRUD6YHGRNVX LVWRYUHPHQR²LWRMHYUVWDWUDQVDNFLMDNRMDMHXSRGOR]LLJDUD7UJRYDĆNLSXWQLFLVXSRVHEQR
WUDQVDNFLMHNRPSOHPHQWDUQHSRWSXQRMHLUHOHYDQWQRGDOLVXGYRMHOMXGL]DQHWLRJRYDUDQMHP YHVWLXL]YRćHQMXXJDRQLKWUDQVDNFLMDXNRMLPDVXDNWLYLUDQDSRWULHJRVWDQMD
5RGLWHOM5RGLWHOMUHåDYDQMHPQHNRJSUREOHPD2GUDVOL2GUDVOLLOLLJUDQMHP'HWH'HWH
LOL5RGLWHOM'HWH *UXEDOLGUDPDWLĆDQSULPHUSURGDYDĆNHLJUHPRçHPRQDĄLXRYDNYRPUD]JRYRUX
3URGDYDFÅ2YRMHEROMHDOLMHSUHVNXSR]D9DV
2EUQXWRSUDYLORQDODçHGDĄHVDREUDĄDMELWLSUHNLQXWĆLPVHGRJRGLXNUåWHQDWUDQVDNFLMD 0XåWHULMDÅ8]HĄXEDåWR
1DMĆHåĄDXNUåWHQDWUDQVDNFLMDSUHGVWDYOMHQDQDVOLFL$NDRÅ8NUåWHQDWUDQVDNFLMDèWLS,
RGXYHNMHELODJODYQLL]YRUNRPSOLNDFLMDPHćXOMXGLPDELORXEUDNXXOMXEDYLSULMDWHOMVWYXLOL $QDOL]DRYHUHDNFLMHSULND]DQDMHQDVOLFL$3URGDYDFNDR2GUDVOLNRQVWDWXMHGYH
QDSRVOX2YDMWLSWUDQVDNFLMHSUHGVWDYOMDJODYQXEULJXSVLKRWHUDSHXWDDROLĆHQMHXNODVLĆQRM REMHNWLYQHĆLQMHQLFHÅRYRMHEROMHLÅSUHVNXSRMH]D9DV1DUDYQLWRERçQMHJLOLGUXåWYHQRJ
UHDNFLMLWUDQVIHURPXWRNXSVLKRDQDOL]H'UDçMHXUDYQL2GUDVOL2GUDVOLNDRQDSULPHU VDREUDĄDMDRYRMHQDPHQMHQR2GUDVORPPXåWHULMHĆLMLEL2GUDVOLRGJRYRUWUHEDORGDJODVLÅ,
Å0RçGDELWUHEDORPDORGDSURĆHSUNDPR]DåWRWLWROLNRSLMHåXSRVOHGQMHYUHPH"LOLÅ=QDåOL MHGQRLGUXJRMHWDĆQR
JGHVXPLNOMXĆHYL"8REDVOXĆDMDSRVWRMHLRGJRYDUDMXĄLRGJRYRUL2GUDVORJ2GUDVORPH
Å0RçGDELWUHEDOR6WRVHPHQHWLĆHVYDNDNRELKYROHRGDVD]QDPWMÅ7DPRQDVWROX 0HćXWLPQDVNULYHQRPLOLSVLKRORåNRPSODQXYHNWRUMHXSXĄHQRG2GUDVORJMHGQRJSUHYHMDQRJ
SURGDYFDND'HWHWXPXåWHULMH7RQDMEROMHSRWYUćXMHRGJRYRUNRMLGDMH'HWHPXåWHULMHDX
$NRPHćXWLPSDUWQHUEXNQHRQGDQMHJRYLRGJRYRULPRJXGDL]JOHGDMXLRYDNRÅ6WDOQRPL SRGWHNVWXJODVLÅ%H]RE]LUDQDILQDQVLMVNXVWUDQXVWYDULSRND]DĄXWRPXREUDçHQRPWLSXGD
QHåWR]YRFDåLVWLVLPRMRWDF,OLÅ-DVDPXYHNNULYD]DVYH8REDVOXĆDMDLPDPRRGJRYRUH QLVDPQLåWDJRUDRGGUXJLKQMHJRYLKPXåWHULMD7DNYDWUDQVDNFLMDMHNRPSOHPHQWDUQDVDREH
'HWHWD5RGLWHOMXLNDRåWRSRND]XMHWUDQVDNFLRQLGLMDJUDPYHNWRULVXXNUåWHQL.DGVXVWYDUL WDĆNHJOHGLåWDMHUQMHQRGJRYRUELYDSULKYDĄHQRQDNRNDNRMHSULND]DQNDRL]UD]2GUDVOH
WDNR]DSHWOMDQHRQGD2GUDVOLSUREOHPLNDRåWRMHSRMDĆDQRRGDYDQMHSLĄXLOLWUDçHQMH QDPHUHGDQHåWREXGHNXSOMHQR
]DWXUHQLKNOMXĆHYDPRUDMXGDSULĆHNDMXGRNVHYHNWRULQHUD]PUVH7RPRçHSRWUDMDWL
PHVHFLPDXVOXĆDMXSLĄDLOLVYHJDQHNROLNRVHNXQGLNDGDMHUHĆR]DWXUHQLPNOMXĆHYLPD,OL 'YRVWUXNRVNULYHQDWUDQVDNFLMDDNWLYLUDĆHWLULHJRVWDQMDLĆHVWRMHVUHĄHPRXLJUDPD
ĄHLQLFLMDWRUPRUDWLGD]DX]PH5RGLWHOMVNLVWDYGDELELRNRPSOHPHQWDUDQVDSDUWQHURYLP IOHUWRYDQMD
L]QHQDGDDNWLYLUDQLP'HWHWRPLOLĄHSRQRYRELWLDNWLYLUDQSDUWQHURY2GUDVOLGDELELR 6HOMDNÅ+DMGHGD9LSRNDçHPåWDOX
NRPSOHPHQWDUDQVDLQLFLMDWRURYLP2GUDVOLP$NRVHWRNRPUDVSUDYHRSUDQMXVXGRYDSREXQL *RåĄDÅ6DQMDPRåWDODPDMRåRGPDOLKQRJX
NXĄQDSRPRĄQLFDUD]JRYRU2GUDVORJVD2GUDVOLPRVXGRYLPDMH]DYUåHQRVWDMHMHGLQR
QDVWDYDN'HWH5RGLWHOMLOLVWYDUQDUDVSUDYDRMHGQRMGUXJRM2GUDVORMWHPLWMRQMHQRP .DRåWRSRND]XMHVOLND%RYRQDGUXåWYHQRPQLYRXRVWDYOMDXWLVDN2GUDVORJUD]JRYRUDR
GDOMHP]DGUçDYDQMXQDWRPSRVOX åWDODPDDQDSVLKRORåNRPSODQXMH'HĆMLUD]JRYRURVHNVXDOQRP]DĆLNDYDQMX1DSRYUåLQL
GHOXMHNDRGD2GUDVOLYRGLJODYQXUHĆDOLNDRLXYHĄLQLLJDUDLVKRGRGUHćXMH'HWHLXĆHVQLFL
2EUWDQMHÅ8NUåWHQHWUDQVDNFLMHWLS,LOXVWURYDQRMHVOLNRP%7RMHRQDVLWXDFLMDNDGDX XYHNPRJXGDGRçLYHL]QHQDćHQMH
SVLKRDQDOL]LWHUDSHXWUHDJXMHNRQWUDWUDQVIHURPSDFLMHQWL]QHVHQHNRREMHNWLYQR2GUDVOR
]DSDçDQMHDWHUDSHXWXNUVWLYHNWRUHRGJRYDUDMXĄLNDRURGLWHOMNRMLVHREUDĄDVYRPGHWHWX 7UDQVDNFLMHMHGDNOHPRJXĄHSRGHOLWLQDNRPSOHPHQWDUQHLOLXNUåWHQHMHGQRVWDYQHLOL
VNULYHQHDVNULYHQHGDOMHPRçHPRGHOLWLQDXJDRQHLGYRVWUXNH
L]YHVQXNRULVQRVWNDRĆLQRYLYHUH*RYRUHĄLWUDQVDNFLRQRRQLSUHGVWDYOMDMXSRNRUDYDQMH
9(ä7,1(,5,78$/, WUDGLFLRQDOQLP5RGLWHOMVNLP]DKWHYLPDVDFLOMHPRVOREDćDQMDRGNULYLFHLOL]DVOXçLYDQMD
7UDQVDNFLMHVHRELĆQRRGYLMDMXXVHULMDPD2YHVHULMHQLVXVOXĆDMQHYHĄSURJUDPLUDQH QDJUDGH2QLSUXçDMXUHODWLYQREH]EHGDQRKUDEUXMXĄLDSRWURSLĆDQLĆHVWRSULMDWDQPHWRG]D
3URJUDPLUDQMHGROD]LL]QHNRJRGVOHGHĄDWULL]YRUDRG5RGLWHOMD2GUDVORJLOL'HWHWDDDNR VWUXNWXULVDQMHYUHPHQD
KRĄHPRWRLVWRGDNDçHPRPDORRSåWLMHRQGDRGGUXåWYDL]PDWHULMDODLOLL]OLĆQLK
LGLRVLQNUD]LMD3RåWRSRWUHEHSULODJRćDYDQMDQDODçXGD'HWHEXGH]DåWLĄHQRRG5RGLWHOMDLOL =DXYRGXDQDOL]XLJDUD]QDĆDMQLMLVXQH]YDQLĆQLULWXDOLPHćXNRMLPDVXVYDNDNRYUORSRXĆQL
2GUDVORJGRNVHGUXåWYHQDVLWXDFLMDQHSURYHULQDMYHURYDWQLMHMHGDĄH'HĆMHSURJUDPLUDQMH DPHULĆNLULWXDOLSULVXVUHWX
SRVWRMDWLVDPRXVLWXDFLMDPDVWURJRSULYDWQLPLLQWLPQLPXNRMLPDMHYHĄREDYOMHQR $Å+DM=GUDYRGREURMXWUR
SUHWKRGQRSURYHUDYDQMH %Å+DM=GUDYRGREURMXWUR
$Å/HSRYUHPHGDQDV".DNRVWH"
1DMMHGQRVWDYQLMLREOLFLGUXåWYHQRJGHODQMDMHVXYHåWLQHLULWXDOL1HåWRRGWRJDMHXQLYHU]DOQR %Å-HVWHPDGDPLULåHQDNLåX'REURDYL"
QHåWRORNDOQRDOLVYHPRUDGDVHXĆL9HåWLQDMHVHULMDMHGQRVWDYQLKNRPSOHPHQWDUQLK2GUDVOLK $Å3DVYHQDMEROMH2NHM
WUDQVDNFLMDXVPHUHQLKNDRYODGDYDQMXVWYDUQRåĄX6WYDUQRVWWUHEDSRVPDWUDWLVDGYHVWUDQH %Å9LGHĄHPRVH
VWDWLĆNHLGLQDPLĆNH $Å'RYLćHQMD
%Å'RYLćHQMD
6WDWLĆNDVWYDUQRVWREXKYDWDVYHPRJXĄHNRPELQDFLMHPDWHULMHXXQLYHU]XPX$ULWPHWLNXQD -DVQRMHGDRYDNDYUD]JRYRUQLMHQDPHQMHQSUHQRåHQMXLQIRUPDFLMDąDNDNRMHLELORQHĆHJD
SULPHUVDĆLQMDYDMXLVND]LRVWDWLĆNRMVWYDUQRVWL'LQDPLĆNXVWYDUQRVWPRçHPRGHILQLVDWLNDR åWRMHWUHEDORUHĄLWRMHSDçOMLYR]DGUçDQR]DVHEH0RJORELPLVWHU$XELWLSRWUHEQRSHWQDHVW
RQHSRWHQFLMDOH]DLQWHUDNFLMXNRMLSRVWRMHXVYLPHQHUJHWVNLPVLVWHPLPDXXQLYHU]XPX PLQXWDGDRSLåHNDNRPXMHDOLPLVWHU%NRMLPXMHVDPRVOXĆDMQLSR]QDQLNQHPDQDPHUXGD
+HUQLMXQDSULPHURGUHćXMXLVND]LRGLQDPLĆNRMVWYDUQRVWL9HåWLQHVX]DVQRYDQHQDREUDGL SRVYHWLWROLNRYUHPHQDVOXåDQMXQMHJRYHSULĆH2YXVHULMXWUDQVDNFLMDPRçHPRGRVWDWDĆQRGD
SRGDWDNDLSURFHQLYHURYDWQRĄDSRMHGLQLKLVKRGDNRMLVHRGQRVHQDPDWHULMDORGNRJDMH R]QDĆLPRNDRÅULWXDORGRVDPSRWYUGD.DGVX$L%XçXUELRQLVX]DGRYROMQLUD]PHQRP
VDĆLQMHQDVWYDUQRVWLGRVWLçXVRMQDMYLåLVWXSDQMXVWUXĆQLPPHWRGDPDUDGD3LORWLUDQMH VYHJDGYHSRWYUGH+DM+DM$GDVXRQLNRMLPVOXĆDMHPGYRMLFDVWDURPRGQLKLVWRĆQMDĆNLK
DYLRQRPLOLRSHULVDQMHVOHSRJFUHYDVXYHåWLQH3VLKRWHUDSLMDMHYHåWLQDXRQRMPHULXNRMRMMH YHOPRçDWHUDOLELPRçGDLGRĆLWDYLKGYHVWDSRWYUGDULWXDOQRJSR]GUDYOMDQMDSUHQHJRåWR
SRGNRQWURORPWHUDSHXWRYRJ2GUDVORJDQLMHYHåWLQDXNROLNR5RGLWHOMLOL'HWHSUHX]PH SUHćXQDVWYDU]ERJNRMHVXVHQDåOL0HćXWLPĆDNLRYDNRNUDWNLPULWXDORP$L%VXMHGDQ
NRUPLOR3URJUDPLUDQMHYHåWLQHRGUHćHQRMHVDPLPPDWHULMDORPDL]YRGOMLYRMHQDRVQRYX GUXJRPHXVPLVOXWUDQVDNFLRQHDQDOL]HGRSULQHOLEROMHP]GUDYOMXMHUVHEDU]DWUHQXWDN
SURFHQDNRMHYUåLLQLFLMDWRURY2GUDVOL QLMHGQRPHÅNLĆPDQHĄHRVXåLWLSDVX]ERJWRJDMHGDQGUXJRPH]DKYDOQL
'YDNULWHULMXPDVXNRULVQD]DRFHQMLYDQMHYHåWLQD=DMHGQXYHåWLQXNDçHPRGDMHHOHJDQWQR 2YDMULWXDOSRĆLYDQDSDçOMLYLPLQWXLWLYQLPSURUDĆXQLPDVDREHVWUDQH1DWRPVWXSQMX
L]YHGHQDDNRMHLQLFLMDWRUQDQDMEROMLPRJXĄDQQDĆLQLVNRULVWLRSRGDWNHLLVNXVWYRNRMLVXPX QMLKRYRJSR]QDQVWYD]DNOMXĆLOLVXGDGXJXMXMHGDQGUXJRPHWDĆQRSRĆHWLULSRWYUGH
ELOLGRVWXSQLEH]RE]LUDQDPRJXĄQHSUD]QLQHXQMHJRYRMREDYHåWHQRVWL$NRVX5RGLWHOMLOL SRVWRMDQMDSUVYDNRPVXVUHWXSRGXVORYRPGDVXVUHWLQLVXĆHåĄLRGMHGDQSXWGQHYQR$NRRSHW
'HWHXPHåDQLX2GUDVOXREUDGXSRGDWDNDYHåWLQDELYD]DSUOMDQDLGHOXMHPDQMHHOHJDQWQR XVNRURQDOHWHMHGDQQDGUXJRJUHFLPRNUR]SRODVDWDDQHPDMXQLNDNYRJGUXJRJ
8VSHåQRVWQHNHYHåWLQHFHQLPRSUHPDQMHQLPVWYDUQLPUH]XOWDWLPD7DNRLVSDGDGDMH ]DMHGQLĆNRJSRVODSURĄLĄHMHGDQSRUHGGUXJRJQHGDMXĄL]QDNDRGVHEHLOLPRçGDVDPRX]
HOHJDQFLMDSVLKRORåNLDXVSHåQRVWPDWHULMDOQLNULWHULMXP1DMHGQRPWURSVNRPRVWUYXORNDOQL MHGYDSULPHWQRNOLPDQMHJODYRPX]QDNSUHSR]QDYDQMDLOLXQDMEROMXUXNXVDYUORWUDOMDYLP
EROQLĆDUMHSRVWDRSULOLĆQRYHVWXXNODQMDQMXNDWDUDNWD +DM+DM2YDL]UDĆXQDYDQMDQHYDçHVDPRXNUDWNLPLQWHUYDOLPDQHJRWUDMXLSRQHNROLNR
PHVHFL8]PLPRVDGDSULPHUPLVWHU&DLPLVWHU'DNRMLSUROD]HMHGDUSRUHGGUXJRJEDU
2QMH]QDQMHNRMLPMHUDVSRODJDRNRULVWLRVDYLVRNLPVWHSHQRPHOHJDQFLMHDOLSRåWRMH]QDR MHGDQSXWGQHYQRUD]PHQHVYDNLSRMHGQXSRWYUGX+DM+DMLQDVWDYOMDMXVYRMLPSXWHP
PDQMHRGHYURSVNRJOHNDUDVDNRMLPMHUDGLRRQMHELRLPDQMHXVSHåDQ(YURSOMDQLQMHSRĆHR 0LVWHU&RGOD]LQDJRGLåQMLRGPRU2QRJGDQDNDGVHYUDWLRVUHĄHPLVWHU'DNDRLRELĆQR
GDSLMHWHMHQMHJRYDHOHJDQFLMDRSDODDOLXSRĆHWNXQHLQMHJRYDXVSHåQRVW$NDGVXUXNH
SRĆHOHGDPXGUKWHQMHJRYDVLVWHQWJDMHSUHYD]LåDRQHYLåHWHNXHOHJDQFLMLQHJRLX $NRLWRPSULOLNRPPLVWHU'NDçHVDPRÅ+DMLQLåWDYLåH0LVWHU&ĄHVHXYUHGLWLÅQMHJRYD
XVSHåQRVWL,]RYRJSULPHUDPRJXĄHMHYLGHWLGDYHåWLQXSRREDNULWHULMXPDQDMEROMHPRçHGD NLĆPDĄHPDONLFHGDVHVDVXåL3RQMHJRYLPUDĆXQLPDQMLKGYRMLFDVDGDGXJXMXMHGDQ
SURFHQLQHNRNRMHVWUXĆDQ]DWXYHåWLQXHOHJDQFLMXOLĆQLPNRQWDNWRPVDLQLFLMDWRURPD GUXJRPHQHåWRRNRWULGHVHWSRWYUGD0RJXĄHLKMHVDELWLXQHNROLNRWUDQVDNFLMDDNRVXRQH
XVSHåQRVWSUHJOHGRPQMHJRYLKVWYDUQLKUH]XOWDWD GRYROMQRLVSXQMHQHRGXåHYOMHQMHP2QGDELRGJRYDUDMXĄLWHNVWPLVWHU'DL]JOHGDRRWSULOLNH
RYDNRSULĆHPXVYDNXMHGLQLFXÅLQWHQ]LWHWDLOLÅLQWHUHVRYDQMDUDĆXQDPRNDRMHGQXSRWYUGX
6DQDåHJVWDQRYLåWDULWXDOMHNOLåHLUDQDVHULMDMHGQRVWDYQLKNRPSOHPHQWDUQLKWUDQVDNFLMDNRMH 'Å+DMMHGLQLFD
VXSURJUDPLUDOHGUXåWYHQHVQDJHL]YDQXNOMXĆHQLKMHGLQNL1H]YDQLĆQLULWXDOLNDRåWRMH 'Å1HYLćDPYDVQHåWRXSRVOHGQMHYUHPH
RSUDåWDQMHRGGUXåWYDPRJXELWLSUHGPHWåLURNLKORNDOQLKYDULMDFLMDXSRMHGLQRVWLPDDOLVXX 'Å2VWYDUQR".XGDVWHLåOL"
VYRMRMRVQRYQRMIRUPLXYHNLVWL=YDQLĆQLULWXDOLNDRåWRMHNDWROLĆNDPLVDSUXçDMXPQRJRXçL 'Å0DQHPRMWHWRMH]DQLPOMLYR.DNRVWHVHSURYHOL"
L]ERU2EOLNULWXDODMH5RGLWHOMVNLXWYUćHQWUDGLFLMRPDVNRULMLÅURGLWHOMVNLXWLFDMLPRJXLPDWL 'Å3DERJDPLLYLGLYDPVH2GOLĆQRL]JOHGDWHÅ'DOLVXLYDåLLåOLVDYDPD"
VOLĆQHDOLPDQMHVWDELOQHHIHNWXRELĆQRPçLYRWX1HNL]YDQLĆQLULWXDOLRGSRVHEQRJ]QDĆDMD]D 'Å3DUDGXMHPHåWR9DVRSHWYLGLP
LVWRULMXLOLHWQRORJLMXRGYLMDMXVHXGYHID]HID]DXNRMRMVHWUDQVDNFLMHRGLJUDYDMXSRG 'Å'RYLćHQMD
NUXWLP5RGLWHOMVNLPRJUDQLĆHQMLPDLID]DR]QDĆHQDGR]YRORP5RGLWHOMDXNRMRM'HWHLPD
PDQMHYLåHSRWSXQXWUDQVDNFLRQXVORERGXåWRGRYRGLGRSUDYRJRUJLMDQMD 7DNRMHPLVWHU'RGXçLRXNXSQRMHGLQLFD,RQLPLVWHU&]QDMXGDĄHSUHRVWDOHMHGLQLFHODNR
QDGRNQDGLWLVOHGHĄHJGDQDWHMHUDĆXQSUDNWLĆQRWLPHL]PLUHQ.UR]GYDGDQDYUDWLĄHVHQD
0QRJL]YDQLĆQLULWXDOLELOLVXXSRĆHWNXWHåNR]DSUOMDQHDOLSULOLĆQRHOHJDQWQRL]YRćHQH VYRMXUD]PHQXRGGYHSRWYUGH+DM+DM$OLWDGDĄHÅEROMHSR]QDYDWLMHGDQGUXJRJDWM
YHåWLQH7RNRPYUHPHQDJXELOLVXVYDNXYUHGQRVWNDRYHåWLQHPDGDVXLGDOMH]DGUçDYDOL
VYDNLRGQMLK]QDĄHGDVHPRçHRVORQLWLQDRQRJGUXJRJåWRQLMHQHNRULVQRDNRQHNDGSRĆQXGD
VHÅGUXçH
5$=212'(
2EUQXWLVOXĆDMMHWDNRćHYUHGDQQDåHSDçQMH0LVWHU(LPLVWHU)VXXVSRVWDYLOLULWXDORGGYH 5D]RQRGHVHRGYLMDMXXGUXåWYHQLPLYUHPHQVNLPRNYLULPDUD]OLĆLWRJVWHSHQDVORçHQRVWLSD
SRWYUGH+DM+DM-HGQRJGDQDPLVWHU(XPHVWRGDSRVOHWRJDSRćHVYRMLPSXWHP]DVWDMHL VWRJDLELYDMXPDQMHLOLYLåHVORçHQH0HćXWLPDNRNRULVWLPRWUDQVDNFLMXNDRMHGLQLFX
SLWDÅ.DNRVWH"(YRNDNRGDOMHWHĆHUD]JRYRU GUXåWYHQRJRSåWHQMDRQGDPRçHPRL]RGJRYDUDMXĄLKVLWXDFLMDL]GYRMLWLFHOLQXNRMXĄHPR
(Å+DM QD]YDWLMHGQRVWDYQRPUD]RQRGRP7XFHOLQXPRçHPRGHILQLVDWLNDRQL]SROXULWXDOQLK
)Å+DM MHGQRVWDYQLKNRPSOHPHQWDUQLKWUDQVDNFLMDNRMHVXUDVSRUHćHQHRNRLVWRJWHPDWVNRJ
(Å.DNRVWH" SRGUXĆMDDQMLKRYJODYQLFLOMMHGDVWUXNWXULåXRGUHćHQLYUHPHQVNLLQWHUYDO
)=EXQMHQRÅ'REURD9L"
(Å2GOLĆQR/HSRYUHPHGDQDV" 3RĆHWDNLNUDMWRJLQWHUYDODRELĆQRVXQDMDYOMHQLQHNRPYHåWLQRPLOLULWXDORP7UDQVDNFLMHVX
)Å$KD2SUH]QRÅ0DGDPLULåHQDNLåX HODVWLĆQRSURJUDPLUDQHWDNRGDVYDNRRGXĆHVQLNDSRVWLçHPDNVLPDOQLGRELWDNLOLSUHGQRVW
(Å/HSRMHåWRVPRVHRSHWVUHOL WRNRPWRJLQWHUYDOD8NROLNRMHEROMHSULODJRćHQXWROLNRĄHYLåHL]YXĄLL]UD]RQRGH
)Å%DåOHSRæDRPLMHDOLçXULPXELEOLRWHNXXVNRURVH]DWYDUD'RYLćHQMD
(Å'RYLćHQMD 5D]RQRGHVHRELĆQRXSUDçQMDYDMXQD]DEDYDPDÅNDGVHGUXåWYRVNXSLLOLGRNRĆHNXMHPR
SRĆHWDNQHNRJ]YDQLĆQRJVNXSD7RÅĆHNDQMHGDVDVWDQDNSRĆQHLPDLVWXVWUXNWXUXLGLQDPLNX
'RNPLVWHU)çXUQRRGOD]LRQPLVOLXVHELÅäWDPXELRGMHGDQSXW"0RUDGDVHVSUHPDGD NDRLÅ]DEDYH5D]RQRGHPRJXX]HWLIRUPXNRMXELVPRQDMWDĆQLMHR]QDĆLOLNDRÅSULĆDPWL
LVNDPĆLQHåWRRGPHQH*RYRUHĄLWUDQVDNFLRQRWR]QDĆLÅ.DGPLGXJXMHVDPRMHGQXSRWYUGX SULĆXDOLQHWDNRUHWNR]DOD]HLXR]ELOMQLMHYRGHWMGRELMDMXREOLNUDVSUDYH
GDSRVWRMLP]DåWRPLGDMHSHW"
0DVRYQHNRNWHOSDUWLMHIXQNFLRQLåXĆHVWRNDRJDOHULMH]DGHPRQVWULUDQMHUD]QLKYUVWD
-RåMHGQRVWDYQLMXGHPRQVWUDFLMXLVWLQVNLWUDQVDNFLRQHSRVORYQHSULURGHRYLKSURVWLKULWXDOD UD]RQRGD8MHGQRPXJOXSURVWRULMH]YDQLFHGUçHÅ5RGLWHOMVNLVDVWDQDN
XGUXJRPVXVH
NULMHVLWXDFLMDNDGDPLVWHU*NDçHÅ+DMDPLVWHU+SURćHEH]UHFL0LVWHU*ĄHSRPLVOLWL SRVYHWLOLÅ3VLKLMDWULMLWUHĄLMHVOXåDRQLFD]DÅ-HVLELRLOLÅ6WDLVSDGHĆHWYUWLMH]DQHW
ÅäWDPXMHGDQDV"åWR]QDĆLÅ'DRVDPPXMHGQXSRWYUGXDRQPLQLMHQLĆLPX]YUDWLR$NR QDGPHWDQMHPRNRÅąHWLULWRĆNDDELIHMHUH]HUYLVDQ]DçHQHVSUHPQH]DLJUHÅ.XKLQMHLOL
PLVWHU+QDVWDYLRYDNRWHSURåLULWRLQDGUXJHSR]QDQLNHQMHJRYLVXJUDćDQLLPDĄHVLJXUQRR Å*DUGHUREHÅ'QHYQLUHGRYDNYLKRNXSOMDQMDPRçHELWLXGODNXLVWLVDL]PHQMHQLPLPHQLPD
ĆHPXGDSULĆDMX DNWHUDQDGHVHWDNVOLĆQLK]DEDYDXRNROLQLXLVWRYUHPH1DGUXJLKGHVHWDNXGUXJRM
GUXåWYHQRMVUHGLQLRGYLMDĄHVHGUXNĆLMLUHSHUWRDUUD]RQRGD
8JUDQLĆQLPVOXĆDMHYLPDSRQHNDGMHWHåNRUD]OLNRYDWLYHåWLQXRGULWXDOD.RGODLNDSRVWRML
VNORQRVWGDVWUXĆQHYHåWLQHQD]LYDMXULWXDOLPDLDNRVWYDUQRVYHWUDQVDNFLMHPRJXELWL 5D]RQRGHMHPRJXĄHVYUVWDWLQDUD]QHQDĆLQH6SROMDåQMLNULWHULMXPLSRGHOHVXVRFLRORåNLSRO
]DVQRYDQHQDVROLGQRPLVNXVWYXNRMHODLNQHXPHGDFHQL$OLLREUQXWRPRçHELWLWDĆQRGD VWDURVWEUDĆQRVWDQMHNXOWXUQLQLYRUDVDHNRQRPVNLVWDWXV
VWUXĆQMDFLSUDYGDMXULWXDOQHHOHPHQWHNRMLVHOHSHQDQMLKRYHYHåWLQHSRGL]JRYRURPGD
ODLFLQHPDMXQHRSKRGQDSUHG]QDQMDGDLKUD]XPHMX ,ÅąHWLULWRĆNDXSRUHćLYDQMHNRODLÅ.RMHSREHGLRVSRUWVSDGDMXXÅPXåNHUD]JRYRUH
Å6DPRSRVOXJDÅ.XKLQMDLÅ*DUGHUREDSULSDGDMXÅçHQVNLPUD]JRYRULPDÅ-HO·VL]EDULR
$MHGDQRGQDĆLQDNRMLXVWROLĆHQLVWUXĆQMDFLNRULVWHXRGEUDQLRGSULKYDWHQMDXVSHåQLMLKQRYLK QHåWRMHPODGDODĆNDGRNMHSULPLFDQMHVUHGQMLKJRGLQDREHOHçHQRVYHĆHåĄLPSUHEDFLYDQMHP
YHåWLQDMHVWHGDLPVHSRGVPHYDMXNDRULWXDOLPD=DWRPQRJLSURQDOD]DĆLLQRYDWRULSRVWDMX QDÅäWDVLSRVWLJDRXçLYRWX8SULPHUNHRYHYUVWHNRMLVXVYLYDULMDQWHÅODNHNRQYHU]DFLMH
SUHGPHWVSUGQMH VSDGDMXLÅ.DNRWUHEDXUDGLWLQHåWRåWR]JRGQRSRSXQMDYDYUHPHQDNUDĄLPSXWRYDQMLPD
DYLRQRPÅ.ROLNRQHåWRNRåWDMHRPLOMHQDUD]RQRGDSRELIHLPDXNRMH]DOD]LVLWQD
6XåWLQVNRVYRMVWYRNRMHMHVOLĆQRNRGYHåWLQDLULWXDODMHWRåWRVXNOLåHWLUDQL&LPVHSRMDYL EXUçRD]LMDÅ-HO·VLELRQDQHNRPQRVWDOJLĆQRPPHVWXEXUçRDVNDLJUD]DÅSUHNDOMHQH
SUYDWUDQVDNFLMDPRJXĄHMHSUHGYLGHWLLVYHRVWDOHXGDWRMVHULMLNRMHYRGHNDXQDSUHG YXNRYHNDRåWRVXWUJRYDĆNLSXWQLFL
SR]QDWRP]DNOMXĆNXVHPNDGDLVNUVQHQHåWRVSHFLMDOQR5D]OLNDPHćXQMLPDOHçLXL]YRUX
SUHGRGUHćHQMDYHåWLQHSURJUDPLUD2GUDVOLDULWXDOH5RGLWHOM Å3R]QDMHåOLWRJDLWRJD]DXVDPOMHQHGXåHÅäWDLVSDGHRGVWDURJGREURJ'çRDĆHVWR
LJUDMXRQLNRMLPDHNRQRPVNLGREURLGHLRQLNRMLPDQLåWDQHSROD]L]DUXNRPÅ6XWUDGDQ
/MXGLNRMLVHQHVQDOD]HXULWXDOLPDXVSHYDMXSRQHNDGGDLKL]EHJQXL]DPHQHYHåWLQDPD1MLK XMXWURSXFDJODYDLÅ0DUWLQLLPDEROMLQDĆLQVXNDUDNWHULVWLĆQHUD]RQRGHMHGQHSRVHEQH
ĄHWHVUHVWLQDSULPHUPHćXRQLPDNRMLYROHNDGGRćXXJRVWHGDSRPDçXGRPDĄLFLX YUVWHPODGLKDPELFLR]QLKOMXGL
SULSUHPDQMXLOLVHUYLUDQMXKUDQHLSLĄD
6WUXNWXUQRWUDQVDNFLRQDSRGHODMHOLĆQLMD7DNRMHÅ5RGLWHOMVNLVDVWDQDNPRJXĄHLJUDWLQDWUL
QLYRD1DQLYRXRG'HWHWD'HWHWXRQLPDREOLNÅ.DNRL]OD]LåQDNUDMVDQHGRND]DQLP
URGLWHOMLPDREOLNRG2GUDVORJ2GUDVORPĆLVWLÅ5RGLWHOMVNLVDVWDQDNRPLOMHQMHPHćX
QDĆLWDQLPPODGLPPDPLFDPDNRGVWDULMLKOMXGLLPDWHQGHQFLMXGDVHSUHWYRULXGRJPDWVNL
REOLNRG5RGLWHOMD5RGLWHOMXÅ0DOROHWQLĆNHGHOLNYHQFLMH1HNLEUDĆQLSDURYLLJUDMXÅ3RNDçLWL
QMLPDGUDJLSULĆHPXVHçHQDGUçL5RGLWHOMVNLDPXçMHVWDUPDORGHWHÅ0RJXEH]UXNXMH
VOLĆQRWRPHUD]RQRGDRG'HWHWD5RGLWHOMXSRGHVQD]DOMXGHVYLKX]UDVWDSRQHNDG
VUDPHçOMLYRSUHXUHćHQDXÅ1LVDPMDPDMNHPL
-RåXĆHYQLMDMHSVLKRORåNDSRGHODUD]RQRGD,Å5RGLWHOMVNLVDVWDQDNLÅ3VLKLMDWULMXQDSULPHU GHYRMNHLJUDOH*DUGHUREX
DOLVDGDMHPHćXQDPDLMHGDQSLVDFSROLWLĆDUKLUXUJLMDVDP
PRJXĄHMHLJUDWLXQMLKRYLPSURMHNWLYQLPLOLLQWURMHNWLYQLPREOLFLPD$QDOL]DÅ5RGLWHOMVNRJ VLJXUQDGDELQMHPXYLåHSULMDOR0RJXEH]UXNX
GDYR]LPELFLNO=DUQLMHWDNR"
VDVWDQNDXSURMHNWLYQRMIRUPLSULND]DQDQDVOLFL$]DVQRYDQDMHQDVOHGHĄRMIRUPXOLRG
5RGLWHOMD5RGLWHOMX -RåMHGQDYDçQDSUHGQRVWNRMXGRQRVHUD]RQRGHMHSRWYUćLYDQMHXORJHLXĆYUåĄLYDQMHWDĆNH
$Å1HELELORWROLNRSUHVWXSQLNDGDQLMHWROLNRUD]YHGHQLKEUDNRYD JOHGLåWD8ORJDMHQHåWRSRSXW-XQJRYHÅSHUVRQHVDPRåWRMHPDQMHRSRUWXQLVWLĆNDLåWRMH
%Å'DMHVDPRWR&DNQLXGREULPNXĄDPDGHFDYLåHQHGRELMDMXGRPDĄHYDVSLWDQMHNDRSUH GXEOMHXNRUHQMHQDXĆRYHNRYHPDåWDULMH7DNRXÅ5RGLWHOMVNRPVDVWDQNXSURMHNWLYQRJWLSD
Å5RGLWHOMVNLVDVWDQDNLQWURMHNWLYQRJWLSDRGOLNXMXRYDNYHUHSOLNH2GUDVOL2GUDVORP MHGDQXĆHVQLNPRçHGDSUHX]PHXORJXVWURJRJ5RGLWHOMDGUXJLSUDYHGQRJWUHĄLSRSXVWOMLYRJD
&Å,]JOHGDGDPHQLQHGRVWDMHRQRQHåWRåWRPDMNXĆLQLPDMNRP ĆHWYUWLXSRWUHEOMLYRJ6YLGDNOHGRçLYOMDYDMXLGHPRQVWULUDMX5RGLWHOMVNRHJRVWDQMHDOL
'Å1HPDYH]HNROLNRVHWUXGLåQLNDGQHL]UDVWXRQDNYLNDNRELWLYROHODSDWLQHJLQHGD VHVYDNRSULND]XMHXGUXNĆLMRMVYHWORVWL8ORJDVYDNRJXĆHVQLNDELĄHSRWYUćHQDDNRRSVWDQH
OXSDåJODYXRWRPHJGHVLSRJUHåLOD RGQDNRQHQDLćHQLQDNDNYRVXSURWVWDYOMDQMHDNRRMDĆDNUR]VXSURWVWDYOMDQMHLOLDNRQDLćH
QDRGREUDYDQMHRGUHćHQLKYUVWDOMXGLL]UDçHQRSRWYUćLYDQMHPGDSRVWRML
Å3VLKLMDWULMDSURMHNWLYQRJWLSDLPDIRUPXRG2GUDVORJ2GUDVORP
(Å0LVOLPGDMHXSLWDQMXQHNDQHVYHVQDRUDOQDIUXVWUDFLMDNRMDJDWHUDGDVHSRQDåDNDNRVH 3RWYUćLYDQMHXORJHSRMHGLQFDXĆYUåĄXMHQMHJRYRVWDQRYLåWHDWRQD]LYDPRHJ]LVWHQFLMDOQRP
SRQDåD SUHGQRåĄXRGUD]RQRGH6WDQRYLåWHMHMHGQRVWDYQDSUHGLNDWLYQDWYUGQMDNRMDXWLĆHQDVYH
)Å7LVLWDNRGREURVXEOLPLUDRVYRMHDJUHVLYQHWHQGHQFLMH WUDQVDNFLMHMHGLQNHDQDGXçXVWD]XRGUHćXMHLQMHQXVXGELQXSDLVXGELQXQMHQLKSRWRPDND
LVWRWDNR6WDQRYLåWDXPHMXGDEXGXSULOLĆQRNDWHJRULĆQD8RELĆDMHQDVWDQRYLåWDVDNRMLK
6OLND%SULND]XMHÅ3VLKLMDWULMXLQWURMHNWLYQRJWLSDNRMDMHWDNRćHMHGQDUD]RQRGDRG SRMHGLQDFSROD]LQDÅ5RGLWHOMVNLVDVWDQDNSURMHNWLYQRJWLSDPRJXELWLÅ6YDGHFDVX
2GUDVORJ2GUDVORP QHPRJXĄDÅ6YDRVWDODGHFDVXQHPRJXĄDÅ-DGQDGHFDÅ6YXGHFXJQMDYH7RVXVWDQRYLåWD
*Å7DVOLND]DPHQHSUHGVWDYOMDVDPRMHGQXPUOMX L]NRMLKVHUD]YLMDMXXORJHVWURJRJSUDYHGQRJSRSXVWOMLYRJLXSRWUHEOMLYRJURGLWHOMD8VWYDUL
+ÅäWRVHPHQHWLĆHVOLNRPSRNXåDYDPGDRGREURYROMLPVYRJRFD VWDQRYLåWHMHSUYHQVWYHQRL]UDçHQRGXKRYQLPVWDYRPNRMLL]QMHJDL]UDVWDDWDMVWDYREHOHçDYD
VYHWUDQVDNFLMHNRMHSUHGX]LPDRGUHćHQDMHGLQNDXRNYLUXVYRMHXORJH
=DXĆHVQLNHRVLPVWUXNWXULVDQMDYUHPHQDLREH]EHćLYDQMDRERVWUDQRSULKYDWOMLYRJWDSåDQMDSR
UDPHQXUD]RQRGHYUåHMRåLGRGDWQLSRVDRGUXåWYHQHVHOHNFLMH'RNUD]RQRGDWUDMH'HWHX 6WDQRYLåWDMHGLQND]DX]LPDLXĆYUåĄXMHL]QHQDćXMXĄHUDQRXçLYRWXQHJGHRGGUXJHDNRQHL
VYDNRPLJUDĆXSDçOMLYRPRWULQDSRWHQFLMDOQHPRJXĄQRVWLVYLKRVWDOLK3RVOH]DYUåHWNDSDUWLMH SUYHSDGRVHGPHJRGLQHXVYDNRPVOXĆDMXPQRJRSUHQHJRåWRMHĆRYHNGRYROMQRVSRVREDQL
VYDNR]DVHEHELUDLJUDĆHVDNRMLPDELYROLRMRåGDVHLJUDGRNGUXJHRWSLVXMHQH]DYLVQRRG LVNXVDQ]DWDNRR]ELOMQDRSUHGHOMHQMD1LMHWHåNRL]QHĆLMLKVWDQRYLåWDL]YHVWL]DNOMXĆDNRWRPH
WRJDNROLNRVXYHåWLQHLOLSUHGXVUHWOMLYRVWLLVSROMLOLWRNRPUD]RQRGH2GDEUDQLVXRQLNRMLVX NDNYRGHWLQMVWYRPRUDGDMHLPDR$NRPXVHQLNRLQLåWDQHXPHåDĆRYHNSURYRGLRVWDWDN
QDMYHURYDWQLMLNDQGLGDWL]DVORçHQLMHRGQRVHWM]DLJUH2YDMVLVWHPNODVLILNDFLMHPDNROLNR çLYRWDXĆYUåĄXMXĄLVYRMHVWDQRYLåWHLNXEXUHĄLVDVLWXDFLMDPDNRMHXJURçDYDMXWRVWDQRYLåWH
ELRRSUDYGDQLSDNMHGREULPGHORPQHVYHVWDQLLQWXLWLYDQ ELORWDNRåWRLKL]EHJDYDåWRLKRWSLVXMHLOLSDNåWRLKWDNRREUĄHGDRGRSDVQRVWL]D
VWDQRYLåWHSRVWDMXSRWYUGDQMHJRYHRSUDYGDQRVWL-HGDQRGUD]ORJD]ERJNRMLKVXUD]RQRGH
8SRVHEQLPVOXĆDMHYLPD2GUDVOLLVWLVNXMX'HWHL]SURFHVDRGELUD7RMHQDMMDVQLMHYLGOMLYRNRG WDNRNOLåHWLUDQHMHLWDMåWRVOXçHYHRPDNOLåHWLUDQLPVYUKDPD
SURGDYFDRVLJXUDQMDNRMLSRPQRSURXĆDYDNDNRVHRGYLMDMXUD]RQRGHXGUXåWYX'RNRQ
XĆHVWYXMHQMHJRY2GUDVOLL]RåWUDYDQMXK]DPRJXĄQHPXåWHULMHPHćXXĆHVQLFLPDNRMHELYROHR $OLGRELFLNRMHSUXçDMXSRND]XMX]DåWRLPVHOMXGLLSDNWDNRVYRMVNLSUHSXåWDMXL]DåWRELYDMX
GDVUHWQHSRQRYR1MLKRYDVSUHWQRVWLOLGRYLWOMLYRVWXRSåWHQLVXYDçQH]DRYDMVHOHNWLYQL WDNRSULMDWQHNDGXQMLPDXĆHVWYXMXOMXGLVDNRQVWUXNWLYQLPLOLGREURQDPHUQLPVWDQRYLåWLPD
SURFHVQHJRVHNRWLUDNDRLXYHĄLQLVOXĆDMHYDQHåWRVDVYLPVSRUHGQRVOXĆDMQRRYRJDSXWD NRMDçHOHGDXĆYUVWH
WRMHQRYDFRGQNXSRYQDPRĄ
5D]RQRGXQLMHXYHNODNRUD]JUDQLĆLWLRGGHODWQRVWLDçLYDMHLVWLQDGDVXLQMLKRYHNRPELQDFLMH
7UHEDLPDWLXYLGXGDUD]RQRGHNDUDNWHULåHVYRMHYUVQDHNVNOX]LYQRVW1DSULPHUÅPXåNL YUORĆHVWH0QRJHUD]RQRGHNRMHMHPRJXĄHVYXJGHXSUDçQMDYDWLNDRåWRMHÅąHWLULWRĆND
UD]JRYRULLÅçHQVNLUD]JRYRULQLNDGVHQHPHåDMX.DGOMXGH]DQHVHÅ-HVLELRWDPRRQGD VDĆLQMDYDUD]PHQDRQRJDåWRELSVLKROR]LPRJOLGDQD]RYXÅQHGRYUåHQLPUHĆHQLFDPDVD
ĄHLKQHUYLUDWLGRåOMDNNRMLELKWHRGDRWSRĆQHÅ3RåWROXEHQLFHLOLÅ6XWUDGDQXMXWUR2QL YLåHVWUXNLPL]ERURP
NRMLVXRWYRULOLÅ5RGLWHOMVNLVDVWDQDNSURMHNWLYQRJWLSDRSLUDĄHVHXYRćHQMXLQWURMHNWLYQRJ
VWLODYRćHQMDÅ5RGLWHOMVNRJVDVWDQNDPDGDQHWROLNRHQHUJLĆQRNDRåWRVHRSLUXSURPHQLX $Å-DYLåHYROLP)RUG0HUFHGHV
3HçR
QHJR)RUG0HUFHGHV
3HçR
]DWRåWR
REUDWQRPSUDYFX %Å$KD3DGREURDOLMDELKYLåHYROHRGDLPDP)RUG
0HUFHGHV3HçR
QHJR
)RUG
0HUFHGHV3HçR
]ERJWRJDåWR
5D]RQRGHVWYDUDMXRVQRYX]DVNODSDQMHSR]QDQVWDYDNRMDPRJXGDVHUD]YLMXLXSULMDWHOMVWYD
*UXSDçHQDNRMHVYUDĄDMXVYDNRMXWURMHGQDNRGGUXJHQDNDIXX]UD]RQRGXÅ.ULPLQDOQLPXç 2ĆLJOHGQRMHGDXRYDNYRPUD]JRYRUXX]VYXVWHUHRWLSQRVWPRçHGDSURPDNQHLQHNDNRULVQD
ELĄHKODGQHSUHPDQRYRMNRPåLQLFLNRMDELYLåHYROHODÅ1LMHVYHEDåWDNRFUQR$NRRQHWDPDQ LQIRUPDFLMDRNROLPD
VODWNRSULĆDMXNDNRVXLPQHYDOMDOLPXçHYLSULURGQRMHåWRĄHLKLULWLUDWLQHNDQRYDNRMDRGPDK
VYUDWDSURJODVLVYRJVXSUXJD]DGLYQRJXVWYDULSUDYRVDYUåHQVWYRLåWRVHRQDQHĄHGXJR 0RçHPRGDSRPHQHPRMRåQHNROLNRXRELĆDMHQLKUD]RQRGDÅ$WHNMDĆHVWRSUHGVWDYOMDMHGQX
VYUWHWLXWRPGUXåWYX7DNRQDNRNWHOLPDDNRĆRYHNKRĄHGDVHPXYDRGJUXSLFHGRJUXSLFH YDULMDQWXÅ=DUQLMHVWUDåQRÅäWRRQLQHåWRQHXĆLQHXYH]LVDWLPMHRPLOMHQDUD]RQRGD
RQPRUDVHEHGDXNOMXĆXMHXUD]RQRGXNRMDMHXWRNXWDPRJGHGROD]LLOLGDSUREDGDLK GRPDĄLFDNRMHVHXVWHçXGDEXGXHPDQFLSRYDQHÅ2QGDĄHPRPLMHUD]RQRGDRG'HWHWD
REUODWL]DQHåWRVDVYLPQRYR'REUDGRPDĄLFDL]EHJDYDNRQIOLNWQHVLWXDFLMHWDNRåWRSUHX]LPD 'HWHWXÅ$MG
QDćHPRQHåWRGDUDGLPRMHRPLOMHQRPHćXPDOROHWQLPSUHVWXSQLFLPDL
VWYDUXVYRMHUXNHLQXGLDOWHUQDWLYHÅ0LVPRVHEDå]DEDYOMDOL5RGLWHOMVNLPVDVWDQNRP
RGUDVOLPÅVXPQMLYLPWLSRYLPD
SURMHNWLYQRJWLSD,PDWHOLQHNLGUXJLSUHGORJ",OLÅ+DMGHGDYLGLPR'RVDGVWHYL
R]ELOMQLLVKRGLYUORGREURVXSR]QDWLHWQROR]LPD1DMVORçHQLMDLJUDNRMDMHLNDGDSRVWRMDOD
LJUDÅ8OL]LFHRSLVDQDX6WHQGDORYRP3DUPVNRPNDUWH]LMDQVNRPPDQDVWLUXELODMH
PUWYDĆNLR]ELOMQD1DMPUJRGQLMDRGVYLKMHQDUDYQRLJUDÅ5DWD
,*5(
7,3,ą1$,*5$
'(),1,&,-$ ,JUDNRMXVXSUXçQLFLQDMĆHåĄHLJUDMXLPDNRORNYLMDODQQD]LYÅ'DQLMHELORWHEHDPLĄHPRMH
,JUDSUHGVWDYOMDQL]NRPSOHPHQWDUQLKVNULYHQLKWUDQVDNFLMDNRMHVHSULEOLçDYDMXYUOR RYGHNRULVWLWLGDSULNDçHPRRVREHQRVWLLJDUDXRSåWH
RGUHćHQRPSUHGYLGOMLYRPLVKRGX1DSRYUåLQLMHYLGOMLYRGDMHXSLWDQMXVNXSWUDQVDNFLMDNRMH
VHREQDYOMDMXĆHVWRQDLGHQWLĆDQQDĆLQX]SULYLGQXYHURGRVWRMQRVWL]DNRMHVHNULMHSUDYD *ćD%HODçDOLODVHNDNRMRMMHVXSUXJWROLNRRJUDQLĆLRGUXåWYHQHDNWLYQRVWLSDQLMHXVSHODGD
PRWLYDFLMD-HGQRVWDYQLMHUHĆHQRWRMHVHULMDSRWH]DNRMLNULMXXVHEL]DPNXLOLÅåWRV QDXĆLGDLJUDRNUHWQHLJUH=DKYDOMXMXĄLSURPHQDPDXQMHQRPVWDYXGRNRMLKMHGRåORWRNRP
SVLKLMDWULMVNRJOHĆHQMDQMHQVXSUXJMHSRVWDRPDQMHVDPRXYHUHQLSRSXVWOMLYLML3RVOHWRJDMH
,JUHVXMDVQRRGHOMHQHRGYHåWLQDULWXDODLUD]RQRGDSRGYHPDJODYQLPRGOLNDPDXQMLPD JćD%HODVWHNODVORERGXGDSURåLULNUXJVYRMLKDNWLYQRVWL8SLVDODVHXåNROXLJUDQMDLRQGDQD
VHIROLUDLQHNRXYHNXĄDUL9HåWLQHPRJXELWLXVSHåQHULWXDOLHIHNWQLDUD]RQRGHLVSODWLYH VYRMH]DSUHSDåĄHQMHRWNULODGDLPDEROHVWDQVWUDKRGSODWRD]DLJUXSDMHPRUDODGDGLJQH
DOLVXWRSRGHILQLFLMLVYHSRåWHQHWUDQVDNFLMH2QHPRJXGDVDGUçHHOHPHQWHQDGPHWDQMDDOL UXNHRGRYHLGHMH
QHLVXNREDQMLKRYD]DYUåQLFDPRçHELWLVHQ]DFLRQDOQDDOLQLNDGQLMHGUDPDWLĆQD1DVXSURW
WRPHVYDNDLJUDMHXRVQRYLQHSRåWHQDDQMHQLVKRGQHVDPRX]EXGOMLYQHJRLGUDPDWLĆDQ 2YDQHSULMDWQDHSL]RGDEDUDEDUVDMRåQHNLPVOLĆQLPUD]RWNULODMRMMHQHNHYDçQHVWUDQHR
JUDćLQMHQRJEUDND,]PHćXEURMQLKXGYDUDĆDL]DEUDODMHMHGQRJQDPHWOMLYRJ]DPXçD7DNRMH
2VWDMHGDUD]JUDQLĆLPRLJUHRGMHGLQHSUHRVWDOHYUVWHGUXåWYHQRJGHODQMDNRMXMRåQLVPR VHEHGRYHODXSRORçDMGDVHçDOLNDNRELPRJODGDXUDGLVYDåWDVDPRÅGDQLMHELORWHEH0QRJH
UD]PRWULOL5DGQMDMHMHGQRVWDYQDWUDQVDNFLMDLOLQL]WUDQVDNFLMDSUHGX]HWDVDRGUHćHQRP QMHQHSULMDWHOMLFHLPDOHVXWDNRćHQDPHWOMLYHPXçHYHSDNDGELVHQDåOHX]MXWDUQMXNDILFX
QHVNULYHQRPVYUKRP$NRQHNRRWYRUHQRWUDçLSRGUåNXLGRELMHMHRQGDMHWRMHGQRVWDYQD SURYRGLOHVXGRVWDYUHPHQDLJUDMXĄLÅ'DQLMHELORQMHJD
UDGQMD$NRQHNRWUDçLSRGUåNXLNDGMHGRELMHRNUHQHMHQDåWHWXGDYDRFDRQGDMHWRLJUD
1DSRYUåLQLGDNOHLJUDOLĆLQDVNXSUDGQMLDOLSRVOHÅSUHEURMDYDQMDNDUDWDSRVWDMHMDVQRGD .DNRVHPHćXWLPSRND]DORQMHQPXçMRMMHQDVXSURWQMHQLPçDOEDPDXĆLQLRYHOLNXXVOXJX
VXWHUDGQMHELOHXVWYDULPDQHYULQHLVNUHQHPROEHQHJRSRWH]LXLJUL WLPHåWRMRMMH]DEUDQMLYDRMHGQXDNWLYQRVWRGNRMHRQDVWUDKXMHXGXELQLGXåHSDMRMMHWDNR
RPRJXĄLRGDLQHSRVWDQHVYHVQDVYRMLKVWUDKRYD7RMHVYDNDNRELRMHGDQRGUD]ORJD]ERJ
8ÅLJULRVLJXUDQMDQDSULPHULQLFLMDWRUXYHNQH]DYLVQRRGWRJDRĆHPXSULĆDLOLWUDçLLOL NRMLKMHQMHQR'HWHEH]GYRXPOMHQMDL]DEUDORWDNYRJPXçD
REUDćXMHSRWHQLFLMDOQRJNXSFD1MHPXMHXYHNDNR]QDVYRM]DQDWVWDORGRWRJDGDÅVPDçH
çUWYX7RLVWRYDçLL]DLJUXÅSURGDMHQHNUHNQLQDÅLJUXSLGçDPDLGUXJDVOLĆQD]DQLPDQMD $OLLPDLYLåHRGWRJD1MHJRYH]DEUDQHLQMHQHMDGLNRYNHĆHVWRVXGRYRGLOHGRVYDćDWDNRGD
3UHPDWRPHGRNMHDNYL]LWHU]DQHWUD]RQRGDPDRNXSOMHQRJGUXåWYDQDURĆLWRNDGMHUHĆR MHQMLKRYSROQLçLYRWELRR]ELOMQRXJURçHQ$]DUDGVYRJRVHĄDQMDNULYLFHRQMRMMHĆHVWR
YDULMDQWDPDUD]RQRGHÅ6WDVLSRVWLJDRXçLYRWXQMHJRYRVYRMVNRXĆHåĄHXVYLPWUDQVDNFLMDPD GRQRVLRSRNORQHLEH]QHNRJQDURĆLWRJSRYRGDQDUDYQRĆLPMRMMHSUXçLRYLåHVORERGH
PRçHSULNULYDWLVHULMXYHåWLKPDQHYDUDĆLMDVYUKDMHGDLåĆDĆNDMXRGOMXGLRQHSRGDWNHNRMLJD SRNORQHMHSURUHGLRLVPDQMLR9DQEULJH]DGRPDĄLQVWYRLGHFXRQDLPXçLPDOLVXPDOR
SRVORYQRLQWHUHVXMX3RVWRMHGHVHWLQHSRVORYQLKJODVLODSRVYHĄHQLKXQDSUHćLYDQMX ]DMHGQLĆNRJSDVXQMLKRYHVYDćHGRELOHNDUDNWHUYDçQLKGRJDćDMDWRVXELOHUHWNHSULOLNHX
NRPHUFLMDOQLKPDQHYDUDNRMDGHWDOMQRRSLVXMXLVNXVWYDLVWDNQXWLKLJUDĆDLYHOLNLKLJDUDSUL NRMLPDQMLKRYLUD]JRYRULQLVXELOLQDQLYRXåXSOMLKĄDVNDQMD
NRMLPDVHVNODSDMXQHXRELĆDMHQRNUXSQLSRVORYL7UDQVDNFLRQRJOHGDQRWDNYLOLVWRYLVSDGDMX
XVSRUWVNXåWDPSX 8VYDNRPVOXĆDMXEUDĆQLçLYRWMRMMHELRSRWYUGDQHĆHJDåWRMHRGXYHN]DVWXSDODGDVXVYL
PXåNDUFL]OLLVLOHGçLMH,VSRVWDYLORVHNDVQLMHGDMHWDMVWDYSRYH]DQVDQMHQLPPODGDODĆNLP
.DGMHUHĆRXJDRQLPWUDQVDNFLMDPDDWRVXLJUHNRMHVXVYHVQRSODQLUDQHVDYLVRNR PDåWDULMDPDRWRPHNDNRMHQHNR]ORXSRWUHEOMDYDQDVHNVXDOQRPSODQX
SURIHVLRQDOQRPSUHFL]QRåĄXSRGNRQWURORP2GUDVORJGDELELODRVWYDUHQDPDNVLPDOQDGRELW
WHåNRGDĄHELWLSUHYD]LćHQHLJUHÅ9HOLNLKDIHUDNRMHVXFYHWDOHSRĆHWNRPRYRJYHNDLNRMH 2RYRMLJULPRJXĄHMHJRYRULWLLPQRJRDSVWUDNWQLMHLWRQDUD]QHQDĆLQH2ĆHYLGQRMHGDRQD
RGOLNXMHGHWDOMQRSUDNWLĆQRSODQLUDQMHLSVLKRORåNLUDILQPDQ SULSDGDåLUHPSRGUXĆMXGUXåWYHQHGLQDPLNH7HPHOMQDĆLQMHQLFDMHGDVXYHQĆDQMHPJLJćD
%HOLVWHNOLPRJXĄQRVWGDVDREUDĄDMXMHGQRVGUXJLPDWDNYXPRJXĄQRVWPRçHPRQD]YDWL
2YGHQDVPHćXWLPLQWHUHVXMXQHVYHVQHLJUHNRMHLJUDMXQHGXçQLOMXGLXNOMXĆHQLXGYRVWUXNH GUXåWYHQLGRGLU3RåWRRQLNRULVWHWXPRJXĄQRVWQMLKRYRGRPDĄLQVWYRGRELMDNDUDNWHU
WUDQVDNFLMH2QHĆLQHJODYQLVDVWRMDNXWNLYXGUXåWYHQRJçLYRWDåLURPVYHWD3RVYRMRM GUXåWYHQHVNXSLQH]DUD]OLNXRGQHNRJYDJRQDQMXMRUåNHSRG]HPQHçHOMH]QLFHJGHVXOMXGL
GLQDPLĆQRVWLLJUHVHMDVQRUD]OLNXMXRGVWDWLĆQLKVWDYRYDNRMHOMXGL]DX]LPDMXQDRVQRYX QDSULPHUXEOLVNRPSURVWRUQRPGRGLUXDOLLPUHWNRSDGDQDSDPHWGDLVNRULVWHSRVWRMHĄX
VYRMLKSROD]QLKVWDQRYLåWD PRJXĄQRVWWHĆLQHMHGQXVNXSLQXNRMDMHSUHQHGUXåWYHQDQHJRGUXåWYHQD8WLFDMNRML%HOL
LPDMXQDSRQDåDQMHLUHDNFLMHMHGQRGUXJRJĆLQLGUXåWYHQXDNFLMX5D]OLĆLWHQDXĆQHGLVFLSOLQH
8SRWUHEDUHFLÅLJUDQHWUHEDGDQDV]DYHGHQDSRJUHåDQWUDJ.DRåWRMHREMDåQMHQRX LVWUDçLYDĆHRYXGUXåWYHQXDNFLMXL]UD]QLKXJORYD3RåWRQDVRYGHLQWHUHVXMXOLĆQHLVWRULMHL
Å8YRGXRYDUHĆQHSRGUD]XPHYDQXçQR]DEDYQRVWSDĆDNQL]DGRYROMVWYR
PQRJLWUJRYDĆNL SVLKRGLQDPLNDMHGLQNLNRMHVXXNOMXĆHQHRYDMSULVWXSSUHGVWDYOMDMHGQXVWUDQXGUXåWYHQH
SXWQLFLQHYLGHQLåWD]DEDYQRXVYRPSRVOXNDNRMHOHSRSRND]DR$UWXU0LOHUXGUDPL6PUW SVLKLMDWULMHWDMSULVWXSSRGUD]XPHYDLVXGRÅ]GUDYVWYHQRPVWDQMXLJDUDNRMHSURXĆDYDPR
WUJRYDĆNRJSXWQLNDDQHPRUDXRSåWHRVNXGHYDWLXR]ELOMQRVWL8WDNPLFHXUDJELMXVKYDWDPR
GDQDVYUORR]ELOMQRDOLQLåWDR]ELOMQLMHRGWDNYLKWUDQVDNFLRQLKLJDUDNDRåWRVXÅ$ONRKROLĆDU 7RMHGRQHNOHUD]OLĆLWRRGQHXWUDOQRJLPDQMHRSUHGHOMHQRJSROD]LåWDVRFLRORJLMHLOLVRFLMDOQH
LOLÅ)HPNDQMHWUHĄHJVWHSHQD SVLKRORJLMH3VLKLMDWULMD]DGUçDYDSUDYRGDNDçHÅVDPRWUHQXWDNåWRGUXJHQDXNHVHELQH
GR]YROMDYDMX7UDQVDNFLRQDDQDOL]DMHRJUDQDNVRFLMDOQHSVLKLMDWULMHDDQDOL]DLJDUDMH
7RLVWRYDçLL]DUHĆÅLJUDQMHåWRPRçHGDSRVYHGRĆLVYDNRNRMHPDORGXçHÅLJUDRSUDYL SRVHEQDVWUDQDWUDQVDNFLRQHDQDOL]H
ÅWHåNLSRNHULOLNRMHÅLJUDRQDEHU]L0RJXĄQDR]ELOMQRVWLJDUDLLJUDQMDNDRLPRJXĄQL
3UDNWLĆQXDQDOL]XLJDUD]DQLPDMXVSHFLMDOQLVOXĆDMHYLNRMLVHMDYOMDMXXQDURĆLWLPVLWXDFLMDPD
7HRULMVNDDQDOL]DLJDUDSRNXåDYDGDDSVWUDKXMHLXRSåWDYDREHOHçMDUD]OLĆLWLKLJDUDWDNRGDMH 2KUDEUXMXĄXIXQNFLMXMHODNåHLåĆLVWLWLLYLåHMHXVNODGXVDSRWUHEDPDçHQH]DVLJXUQRåĄX=DWR
WHLJUHPRJXĄHSUHSR]QDWLEH]RE]LUDQDQMLKRYWUHQXWQLYHUEDOQLVDGUçDMLNXOWXUQLRNYLU MHLQDMMHGQRVWDYQLMHJOHGDWLQD'1%7NDRQDLJUXĆLMLFLOMMHRKUDEULYDQMH
7HRULMVNDDQDOL]DLJUH 8ORJH.DRåWRMHUDQLMHSULPHĄHQRHJRVWDQMDQLVXXORJHQHJRSRMDYH=DWRHJRVWDQMDL
Å'DQLMHELORWHEHEUDĆQDYDULMDQWDQDSULPHUWUHEDORELGDRWNULMHRSåWDVYRMVWYDRYHLJUH XORJHWUHEDUD]JUDQLĆLWLXSURSLVQRPUHJLVWURYDQMXQHNHLJUH
QDQDĆLQNRMLELRPRJXĄLRGDMHVDLVWRPODNRĄRPSUHSR]QDPRXQHNRPVHOXL]GçXQJOL1RYH
*YLQHMHLXOXNVX]QRPNYDUWX1MXMRUNDELORGDVXSUHGPHWLJUHVYDGEHQDVYHWNRYLQDLOL ,JUHPRçHPRR]QDĆLWLNDRGYRĆODQHWURĆODQHLOLYLåHĆODQH]DYLVQRRGWRJDNROLNRXORJDLPD
ILQDQVLMVNLSUREOHPLXYH]LVDQDEDYNRPåWDSD]DSHFDQMHXQXFLPDLEH]RE]LUDQDWRNROLNRVH 3RQHNDGHJRVWDQMHVYDNRJLJUDĆDRGJRYDUDQMHJRYRMXOR]LDOLSRQHNDGLQH
JUXERLOLVXSWLOQRSRYODĆHSRWH]HXVNODGXVDGR]YROMHQLPVWHSHQRPRWYRUHQRVWLXRGQRVLPD
L]PHćXVXSUXçQLND8ĆHVWDQRVWLJUHXGDWRPGUXåWYXPRçHELWLSUHGPHWLQWHUHVRYDQMD '1%7MHGYRĆODQDLJUDL]DQMXVXSRWUHEQLMHGQDVSXWDQDVXSUXJDLMHGDQQDPHWOMLYLVXSUXJ
VRFLRORJLMHLDQWURSRORJLMH$QDOL]DLJDUDNDRGHRGUXåWYHQHSVLKLMDWULMH]DLQWHUHVRYDQDMH æHQDPRçHGDLJUDVYRMXXORJXELORNDRSURPLåOMHQL2GUDVOLÅ1DMEROMHGDUDGLPSRQMHJRYRP
MHGLQR]DRSLVLYDQMHQHNHLJUHNRMDVHMDYLEH]RE]LUDNROLNRSXWD7RMHNDRUD]OLNDL]PHćX LOLNDRUD]GUDçOMLYR'HWH1DPHWOMLYLPXçPRçHGD]DVWDQHQDQHNRP2GUDVORPHJRVWDQMX
HSLGHPLRORJLMHLLQWHUQHPHGLFLQHSUYX]DQLPDUDåLUHQRVWPDODULMHGRNGUXJDSURXĆDYD Å1DMEROMHMHGDUDGLåSRPRPHLOLGDVNOL]QHXQHNRRG5RGLWHOMVNLKÅ%ROMHELWLELORGD
SRMHGLQDĆQHVOXĆDMHYHPDODULMHNDNRVHMDYHELORXGçXQJOLLOLQDDVIDOWX1MXMRUND UDGLåSRPRPH
=DVDGMHXWHRULMVNRMDQDOL]LLJDUDQDMNRULVQLMDVKHPDNRMXĄHPRQHåWRNDVQLMHRSLVDWL1HPD 'LQDPLND,PDYLåHPRJXĄQRVWL]DGHILQLVDQMHSVLKRGLQDPLĆNLKSRNUHWDĆNLKVQDJDNRMHVWRMHX
VXPQMHGDĄHRQDELWLXVDYUåDYDQDLQRYLPVD]QDQMLPD SR]DGLQLVYDNRJNRQNUHWQRJVOXĆDMDLJUH2ELĆQRMHPHćXWLPPRJXĄQRQDĄLMHGDQ
SVLKRGLQDPLĆNLSRMDPNRMLSUDNWLĆQRMDVQRLVPLVOHQRVDçLPDVXåWLQXVLWXDFLMH7DNR]D'1%7
3UYLNRUDNMHSUHSR]QDYDQMHQL]DPDQHYDUDNRML]DGRYROMDYD]DKWHYHLJUH=DWLPWUHED PRçHPRVORERGQRUHĄLGDGROD]LL]IRELĆQLKL]YRUD
SULNXSOMDWLåWRYLåHX]RUDNDWHLJUH,]GYDMDWL]QDĆDMQHRGOLNHWH]ELUNH1HNDVYRMVWYDYHĄ
LVNDĆXNDRVXåWLQVND7DVYRMVWYDRQGDWUHEDUD]YUVWDYDWLSRR]QDNDPDĆLMDQDPHQDMHGDQH 3ULPHUL3RåWRMHYUORNRULVQRSURXĆDYDWLSRUHNORQHNHLJUHXGHWLQMVWYXLOLQMHQHGHĆMH
EXGXEHVPLVOHQLMHRGRQRJDåWRMHQXçQRQDWUHQXWQRPVWXSQMXQDåHJQH]QDQMD$QDOL]X SURWLYWLSRYHYUHGLSRWUXGLWLVHLRNRWUDJDQMD]DWDNYLPSDQGDQLPDQHNHLJUHGRNVHRQD
PRUDPRL]YRGLWLVDVWDQRYLåWDRQRJDNRLPDSUYLXGDUDFXRYRPVOXĆDMXWRMHJćD%HOD UHJLVWUXMHLRSLVXMH6OXĆDMQRMH'1%7LJUDLVWRWDNRĆHVWDXGHWLQMVWYXNDRLNDVQLMHWHMH
GHĆMDYHU]LMDLVWDNDRLRGUDVODVWLPåWRMHVWYDUQLURGLWHOM]DPHQMHQVXSUXJRPNRMLVSXWDYD
7H]D2YRMHRSåWLSULND]LJUHXNOMXĆXMXĄLLQHSRVUHGQLUHGRVOHGGRJDćDMDGUXåWYHQLQLYRL
SRGDWNHRQMLKRYRMSVLKRORåNRMSR]DGLQLJHQH]LL]QDĆHQMXSVLKRORåNLQLYR8VOXĆDMXÅ'D 7UDQVDNFLRQLPRGHO2YGHL]ODçHPRWUDQVDNFLRQXDQDOL]XWLSLĆQHVLWXDFLMHXNRMRMVHLJUDQHND
QLMHELORWHEHEUDĆQDYDULMDQWDPRçHGDSRVOXçLRQRåWRMHUDQLMHUHĆHQR=ERJNUDWNRĄH LJUDGDMXĄLLGUXåWYHQLLSVLKRORåNLQLYRQDNRMHPVHUD]RWNULYDSULNULYHQDWUDQVDNFLMD8VYRP
RYXLJUXR]QDĆDYDĄHPRXEXGXĄHVD'1%7 QDMGUDPDWLĆQLMHPYLGX'1%7MHQDGUXåWYHQRPSODQXMHGQDLJUD5RGLWHOM'HWH
$QWLWH]D7YUćHQMHGDQHNLQL]ĆLQLLJUXMHSURYL]RUQRVYHGRNQHEXGHHJ]LVWHQFLMDOQR
SRWYUćHQR *%HOLÅ7LRVWDQLNRGNXĄHLVUHGLVWDQ
*ćD%HODÅ'DQLMHELORWHEHPRJODVDPGDL]DćHPPDORGDVHSURYHGHP
3URYHUXREDYOMDPRQDWDMQDĆLQåWRVHRGELMDLJUDQMHLOLXNLGDQDJUDGD,QLFLMDWRULJUHXĆLQLĄH 1DSVLKRORåNRPSODQXVNULYHQLEUDĆQLXJRYRUWRMHRGQRV'HWHWDVD'HWHWRPLVDVYLPGUXJD
RQGDMRåMDĆHQDSRUHGDQDVWDYLLJUX6XRĆHQVDXSRUQLPRGELMDQMHPLOLXVSHåQLP SULĆD
XVNUDĄLYDQMHPQDJUDGHSDåĄHXVWDQMHNRMHQD]LYDPRÅODNLPRĆDMHP²XQHNROLNRVOLĆQR *%HOLÅ7LPRUDåXYHNGDEXGHåRYGHNDGVHMDYUDĄDPNXĄL6SRSDGDPHXçDVRGWRJDGDĄHå
GHSUHVLMLDOLELWQRUD]OLĆLWRRGQMH2YRVWDQMHMHDNXWQLMHLVDGUçLHOHPHQWHQHPRĄQRJEHVDL PHRVWDYLWL
UD]JQHYOMHQRVWL2QRVHPRçHLVSROMLWLQDSULPHUSURYDORPJUĆHYLWRJSODĆD8VLWXDFLML *ćD%HODÅ+RĄXDNRPLSRPRJQHåGDL]EHJQHPQHNHIRELĆQHVLWXDFLMH
XVSHåQHSVLKRWHUDSLMHXVNRURELSRVOHSODĆDQDVWXSLRSHULRGJURKRWQRJVPHMDQMDNDR]QDN
2GUDVORJXYLćDQMDÅ2SHWMHVYHXUHGX7DNRYLGLPRGDMHRĆDMXQDGOHçQRVWL2GUDVORJGRNX *RVSRGLQ*RVSRćD
GHSUHVLMLSRWLåWHQRVWLNRPDQGXMH'HWH Å7LRVWDQLNRGNXĄHÅ'DQLMHELORWHEH
Å6SRSDGDPHXçDVÅ=DåWLWLPH
,VSXQMHQRVWQDGRPRGXåHYOMHQMHPLOLçLYLP]DQLPDQMHP]DVYRMXRNROLQXSUHGVWDYOMD
VXSURWQRVWSRWLåWHQRVWLDVPHKMHVXSURWQRVWRĆDMX=DWRWHUDSHXWVNDDQDOL]DLJDUDPRçHELWL 2YDGYDQLYRDSULND]DQDVXQDVOLFL
YUOR]DEDYQD3URWLYRWURY]DLJUX'1%7MHSRSXVWOMLYRVW'RJRGMHPXçVWURJLJUDPRçHELWL
QDVWDYOMHQD$NRRQXPHVWRÅ'DVHQLVLXVXGLODNDçHÅ6DPRL]YROLIRELMHVDNULYHQHX 3RWH]L3RWH]LXLJULRGJRYDUDMXJUXERX]HYSRNUHWLPDSULULWXDOX.DRLXVYDNRPGUXJRP
SR]DGLQXL]OD]HQDYLGHORLçHQDQHPRçHYLåHGDVHRNRPOMXMHQDQMHJDNDRåWRMHOHSR LJUDQMXLJUDĆLSRVWDMXVYHVSUHWQLMLXYHçEDYDQMHP1HSRWUHEQHSRWH]HĆLVWHL]LJUHLVYHYLåHL
SRND]DRLVOXĆDMJćH%HOH YLåHVYUKXVDELMDMXXVYDNLSRWH]NRMLSUHRVWDMHXLJULÅ/HSDSULMDWHOMVWYDĆHVWRSRĆLYDMXQD
ĆLQMHQLFLGDLJUDĆLMHGDQGUXJRJGRSXQMXMXYLVRNLPVWHSHQRPHNRQRPLĆQRVWLLVDWLVIDNFLMH
=DMDVQRUD]XPHYDQMHMHGQHLJUHWUHED]QDWLLQMHQXDQWLWH]XLXYHULWLVHXQMHQXSUDNWLĆQX WDNRGDXLJUDPDNRMHLJUDMXGRELMDMXPDNVLPDOQXEHUEXX]PLQLPDODQQDSRQ1HNHSRVUHGQH
HILNDVQRVW SRWH]HNRMLVXL]UD]SUHGRVWURçQRVWLLOLSRWUHEH]DNRPSURPLVRPPRJXĄHMHRĆLVWLWLåWR
SUXçDRGQRVXYLVRNVWHSHQHOHJDQFLMH1DSRUXåWHćHQRGRGEUDPEHQLKPDQHYDUDPRJXĄHMH
&LOM3RGRYLPMHGQRVWDYQRWUHEDSRGUD]XPHYDWLRSåWXVYUKXLJUH3RQHNDGLPDYLåH XORçLWLXXNUDVQRUD]JUDQDYDQMHQD]DGRYROMVWYRXĆHVQLNDDSRQHNDGLSRVPDWUDĆD
PRJXĄQRVWL&LOM'1%7PRJXĄHMHIRUPXOLVDWLLOLNDRRKUDEULYDQMHÅ1LMHGDVHMDSODåLPQHJR
PLRQQHGDLOLNDRRSWXçLYDQMHÅ1LMHGDMDQHSRNXåDYDPQHJRPLRQVWDOQRNYDUL
3RVPDWUDĆ]DSDçDGDSRVWRMLPLQLPDODQEURMSRWH]DELWQLK]DRGYLMDQMHLJUHLXQRVLLKX SUHWYDUDQMHXUD]RQRGXÅ'DQLMHELORQMHJDNDGçHQDVSULMDWHOMLFDPDSLMHMXWDUQMXNDILFX-Rå
]DSLVQLNLJUH3RMHGLQLLJUDĆLĄHSUHPDVYRMLPSRWUHEDPDGDURYLWRVWLLOLçHOMDPDQDNLWLWLLOL MHGDQSXWYLGLPRNDNRLJUHPRJXGDEXGXNRULVQHSULL]ERUXSDUWQHUD]DGUXçHQMH1RYD
XPQRçLWLRYHRVQRYQHSRWH]H.RVWXU]DLJUDQMH'1%7ELRELVOHGHĄL VXVHWNDNRMDMHSR]YDQDQDNDIXSR]YDQDMHLGDLJUDÅ'DQLMHELORQMHJD$NREXGH
LJUDODLWRNDNRWUHEDQHĄHSURĄLPQRJRYUHPHQDLELĄHSULPOMHQDPHćXVWDUHSULMDWHOMLFH
8SXWVWYR3RNRUDYDQMHÅ7LRVWDQLNRGNXĄHÅ8UHGX NDRMHGQDRGQMLKVHPXQHNLPVSHFLMDOQLPRNROQRVWLPD$DNRRGELMHGDLJUDL]DX]PH
8SXWVWYR3URWHVWÅ7LRSHWRVWDQLNRGNXĄH'DQLMHELORWHEH PLORVUGDQVWDYSUHPDVYRPVXSUXJXQHĄHGXJRRSVWDWLXWRPGUXåWYX1MHQDVLWXDFLMDELĄHLVWD
NDRLNDGELRGELMDODGDSLMHQDNRNWHOLPDXYHĄLQLVUHGLQDSRVWHSHQRELELODEULVDQDVD
3UHGQRVWL2SåWHSUHGQRVWLQHNHLJUHRGOLNXMXQMHQHVWDELOL]DWRUVNHKRPHRVWDWLĆNHIXQNFLMH VSLVNRYD]YDQLFD
%LRORåNDKRPHRVWD]DVHXQDSUHćXMHWDSåDQMHPSRUDPHQXDSVLKRORåNDVWDELOQRVWMDĆD
SRWYUćLYDQMHPVYRJVWDQRYLåWD.DRåWRMHYHĄUHĆHQRWDSåDQMHVHRVWYDUXMHXUD]QLP 2YLPVPRVWLJOLGRNUDMDDQDOL]HIRUPDOQLKVYRMVWDYD'1%7D'DELVPRGDOMHXåOLXYHåWLQX
YLGRYLPDWDNRGDELRORåNXSUHGQRVWQHNHLJUHPRçHPRVORERGQRRSLVDWLX]SRPRĄĆXOD UDåĆODQMDYDQMDWUHEDORELGDSRJOHGDPRDQDOL]XÅäWRWLQH'DDOLNRMDVHWDNRĆHVWRLJUDQD
GRGLUD GUXåWYHQLPRNXSOMDQMLPDVDVWDQFLPDRGERUDLNRPLVLMDSDLQDVHDQVDPDJUXSQHWHUDSLMH
8ORJDPXçDX'1%7SRGVHĄDQDåOMDJXQDGODQLFRPNRMDLPDVDVYLPUD]OLĆLWHIHNDWRGåDPDUD 1$67$1$.,*$5$
SXQRPåDNRPNRMLSUHGVWDYOMDGLUHNWQXXYUHGXDçHQLQRGJRYRUOLĆLQDULWDQMHSRFHYDQLFLX 6DWDĆNHJOHGLåWDNRMX]DVWXSDPRXRYRMNQML]LSRGL]DQMHGHWHWDWUHEDVPDWUDWLYDVSLWQLP
QDVWXSXEHVD=DWRELRORåNXGRELWRG'1%7L]YODĆLEDåL]UDWRERUQRUD]GUDçOMLYLKUD]PHQD SURFHVRPXNRMHPGHWHXĆLNRMHLJUHGDLJUDLNDNRGDLKL]YRGL'HWHWDNRćHSULPDYHåWLQH
QHSULMDWDQDOLSULYLGQRXVSHåDQQDĆLQ]DRĆXYDMQH]GUDYOMDQHUYQLKWNLYD ULWXDOHLUD]RQRGHNRMHRGJRYDUDMXQMHJRYRPSRORçDMXXORNDOQRMGUXåWYHQRM]DMHGQLFLDOLWR
MHPDQMHYDçQR1MHJRYRSR]QDYDQMHLRYODGDYDQMHYHåWLQDPDULWXDOLPDLUD]RQRGDPD
3RWYUćLYDQMHçHQLQRJVWDQRYLåWDÅ6YLVXPXåNDUFLWLUDQL
SUHGVWDYOMDHJ]LVWHQFLMDOQX RGUHćXMHNDNYHĄHPXPRJXĄQRVWLELWLGRVWXSQHSRGQRUPDOQLPRNROQRVWLPDDLJUHNRMH
SUHGQRVW2YRVWDQRYLåWHMHUHDNFLMDQDXQXWUDåQMXSRWUHEX]DSUHGDMRPNRMDMHXJUDćHQDX LJUDRGUHćXMXNDNRĄHLVNRULVWLWLWHPRJXĄQRVWLLåWDĄH]DQMHJDSURLVWHĄLL]RQLKVLWXDFLMD]D
IRELMHL]ĆHJDPRçHPRYLGHWLGDMHXSRGOR]LVYDNHLJUHVNODGQDNRQVWUXNFLMD6LUD NRMHVHNYDOLILNRYDOR.DRGHORYLQMHJRYRJVFHQDULMDLOLQHVYHVQRJçLYRWQRJSODQDGHWHWRYH
IRUPXODFLMDRYRJVWDQRYLåWDL]JOHGDODELRYDNRÅ'DVDPL]DåODVDPDXJXçYXELODELK RPLOMHQHLJUHRGUHćXMXWDNRćHLQMHJRYXNRQDĆQXVXGELQXRSHWSRGQRUPDOQLPXVORYLPD
SUHSODYOMHQDLVNXåHQMHPGDVHSUHGDPNRGNXĄHVHQHSUHGDMHPVDPDRQPHSULVLOMDYDQD NROLNRĄHPXVHLVSODWLWLEUDNLNDULMHUDSRGNRMLPRNROQRVWLPDĄHGRçLYHWLVPUW
WRåWRGRND]XMHGDVXVYLPXåNDUFLWLUDQL=DWRRYXLJUXRELĆQRLJUDMXçHQHNRMHSDWHRG
RVHĄDQMDQHVWYDUQRVWLåWRSRND]XMHQMLKRYHWHåNRĄHGDSRGRNROQRVWLPDMDNLKLVNXåHQMDRGUçH 'RNVDYHVQLURGLWHOMLSRVYHĄXMXGXçQXSDçQMXXĆHQMXGHWHWDYHåWLQDPDULWXDOLPDL
2GUDVORJQDYODVWL'HWDOMQRUDVYHWOMDYDQMHRYLKPHKDQL]DPDSULSDGDYLåHSVLKRDQDOL]LQHJR UD]RQRGDPDNRMHRGJRYDUDMXXVSXWQLPVWDQLFDPDQDQMHJRYRPçLYRWQRPSXWXLLVWRWDNR
DQDOL]LLJDUD8DQDOL]LLJDUDJODYQDQDåDEULJDMH]DYUåQLUH]XOWDW SDçOMLYRPXELUDMXåNROHLIDNXOWHWHQDNRMLPDĄHQMLKRYHSRGXNHELWLSRGXSUWHLVWRYUHPHQR
VXVNORQLGD]DQHPDUXMXSLWDQMHLJDUDNRMHĆLQHQRVHĄXNRQVWUXNFLMXHPRWLYQHGLQDPLNHX
8QXWUDåQMDSVLKRORåNDSUHGQRVWQHNHLJUHMHQHSRVUHGQRGHMVWYRLJUHQDSVLKLĆNXHNRQRPLMX VYDNRMSRURGLFLLNRMHGHFDXĆHRGSUYLKPHVHFLVYRJçLYRWDNUR]]QDĆDMQHGRçLYOMDMHX
OLELGR VYDNRGQHYQRPçLYRWX6URGQHWHPHVXSUHGPHWUDVSUDYHYHĄKLOMDGDPDJRGLQDDOLQDSULOLĆQR
XRSåWHQLQHVLVWHPDWVNLQDĆLQ3UYHPHWRGLĆQLMHSRNXåDMHSULODçHQMDRYRPSRGUXĆMXVUHĄHPR
8'1%7çHQDXVSHYDGDQHGRçLYLQHXURWLĆQHVWUDKRYHMHUVHQDGUXåWYHQRSULKYDWOMLYQDĆLQ WHNXPRGHUQRMRUWRSVLKLMDWULMVNRMOLWHUDWXULDOLEH]SRMPDLJUHQHPDQLYHĄHåDQVHQDXVSHK
SUHGDODPXçX,VWRYUHPHQRRYDLJUDQDPLUXMHLPD]RKLVWLĆNHSRWUHEHDNRSRVWRMHQHX
VPLVOXVDPRRGULFDQMDQHJRXNODVLĆQRPVPLVOXPD]RKL]PDNDRVHNVXDOQRJX]EXćLYDQMDX 7HRULMHRXQXWUDåQMRMSVLKRGLQDPLFLMHGLQNHQLVXGRVDGXVSHOHGDL]DćXQDNUDMVDSUREOHPRP
RNROQRVWLPDRVNXGLFHSRQLçDYDQMDLWUSOMHQMDEROD6WRĄHUHĄLGDQMXX]EXćXMHWRåWR OMXGVNLKRGQRVD7RVXWUDQVDNFLRQHVLWXDFLMHNRMHWUDçHWHRULMXGUXåWYHQHGLQDPLNHNRMXQLMH
MHQHåWRXVNUDĄHQRLWRåWRMRMVHQHNRQDPHĄH PRJXĄHJUDGLWLVDPRQDSRVPDWUDQMXLQGLYLGXDOQHPRWLYDFLMH
8QXWUDåQMHGUXåWYHQDSUHGQRVWR]QDĆHQDMHQD]LYRPLJUHDNRVHLJUDXLQWLPQRPNUXJX 3RåWRMRåQHPDPQRJR]QDODFDGHĆMHSVLKRORJLMHLGHĆMHSVLKLMDWULMHNRMLVXLVWRWDNRYLĆQLL
MHGLQNH6YRMLPSRNRUDYDQMHPçHQDVWLĆHSULYLOHJLMXGDPRçHGDNDçHÅ'DQLMHELORWHEH7R DQDOL]LLJDUDVLVWHPDVNDSRVPDWUDQMDQDVWDQNDLJDUDMRåXYHNVXUHWNRVW6OHGHĄLGRJDćDM]ELR
MRMSRPDçHGDVWUXNWXULUDYUHPHNRMHSURYRGLVPXçHP8VOXĆDMXJćH%HOHRYDSRWUHED]D VHQDVUHĄXXSULVXVWYXLVNXVQRJWUDQVDNFLRQRJDQDOLWLĆDUD
VWUXNWXURPELODMHSRVHEQRMDND]ERJRGVXVWYDGUXJLK]DMHGQLĆNLKLQWHUHVRYDQMDQDURĆLWRSUH
SRMDYHSRWRPVWYDLNDGDGHFDYHĄRGUDVWX 6HGPRJRGLåQMHJ7HQGçLMD]DEROHRMHVWRPDN]DUXĆNRPSDMH]DPROLRURGLWHOMHGDJDSXVWH
GDQHMHGH5RGLWHOMLVXJDSLWDOLKRĄHOLPDORGDSULOHJQHGRNPXEROQHXPLQH1MHJRYPODćL
8PHćXYUHPHQXLJUDVHLJUDPDQMHLQWHQ]LYQRLUHGHMHUGHFDREDYOMDMXVYRMXRELĆDMHQLSRVDR EUDWWURJRGLåQML0DMNUHNDRMHWDGDPHQHEROLSXSDRĆLJOHGQRVQDPHURPGDRGYRML
VWUXNWXULVDQMDYUHPHQDURGLWHOMLPDSUXçDMXĄLLPLVWRYUHPHQRSULOLNXGDLJUDMXMHGQX PDORURGLWHOMVNHSDçQMHL]DVHEH2WDFJDMHSUYRSRJOHGDRLVSLWLYDĆNLD]DWLPMHUHNDRÅ6WD
SRSXODUQXYDULMDQWX'1%7]DSUHRSWHUHĄHQHGRPDĄLFHąLQMHQLFDåWRVXPODGHGRPDĄLFHX L]YRGLåNDGWLQLMHQLåWD"3RVOHWRJDMH0DMNSUVQXRXVPHKLUHNDR
$PHULFLĆHVWRVWYDUQRSUHRSWHUHĄHQHQHPHQMDQLåWDXDQDOL]LRYHYHU]LMHLJUH ÅäDOLRVDPVH
$QDOL]DLJDUDSRNXåDYDVDPRGDEH]SUHGXEHćHQMDRGJRYRULQDSLWDQMH$NRSULKYDWDPRGDMH 'DVHRYRRGLJUDORXNXĄLQHNLKSRPRGDUD0DMNDELEULçQLURGLWHOMLRGPDKEH]GYRXPOMHQMD
PODGDçHQDRSWHUHĄHQDSRVORPSRNXĄLQDNRMLQDĆLQRQDLVNRULåĄDYDVYRMXRSWHUHĄHQRVWGDEL VSDNRYDOLXNUHYHW,RQGDELELORGRYROMQRGD0DMNRYXLJUXVDURGLWHOMLPDSRQRYLQHNROLNR
GRåODGRQHNHQDNQDGH]DQMX" SXWDSDGDVHRQDXJUDGLXQMHJRYNDUDNWHUNDRåWRWRĆHVWRELYDNDGURGLWHOMLQDVHGDMX
LJUDPDVYRJGHWHWD.DGJRGELRVHWLOROMXERPRUX]ERJSULYLOHJLMDQHNRJVYRJWDNPDFDRQREL
6SROMDåQMHGUXåWYHQDSUHGQRVWR]QDĆHQDMHWLPHNDNRVLWXDFLMDNRULVWLVSROMDåQMHGUXåWYHQH SURJODVLORGDJDQHåWREROLNDNRELLVDPRGRåORGRQHNLKSULYLOHJLMD]DVHEH
NRQWDNWH8VOXĆDMXLJUH'DQLMHELORWHEHXYDULMDQWLREUDĄDQMDçHQHPXçXSRVWRMLLQMHQR
6NULYHQXWUDQVDNFLMXVDĆLQMDYDOLELGUXåWYHQLQLYRÅ1HRVHĄDPVHGREURSVLKRORåNLQLYR MHWDNRNUKNDDVWDQRYLåWDVHMHGYDGUçHGDELLKVYDNRXVNUDĄLYDQMHPRJXĄQRVWLGDLJUDMX
Å0RUDWHLPHQLQHåWRGDWL0DMNXMHPHćXWLPXVNUDĄHQDSULOLNDGDUD]YLMHWDNDY VYRMHLJUHJXUQXORPRçGDXEH]QDGHçQRRĆDMDQMHLOLĆDNLXVWDQMHQDMWHçHSVLKLĆNH
KLSRKRQGULĆDQNDUDNWHU0RçGDĄHVHRQL]YUJQXWLXQHåWRMRåJRUHDOLVDGDQLMHRWRPHUHĆ SRUHPHĄHQRVWL=DWRĄHWDNYLOMXGLYUORRåWURELWLSURWLYVYDNRJSUDYRJNRQWUDSRWH]DNRML
ÅNYDULLJUX7RMHĆHVWRPRJXĄHSULPHWLWLXEUDĆQLPLJUDPDNDGDSRGGHMVWYRP
5HĆMHRWRPHGDMHXRYRPVOXĆDMXLJUDLQVWDWXQDVFHQGLELODSUHNLQXWDRĆHYLPSLWDQMHPL SVLKRWHUDSLMHGRćHGRSREROMåDQMDNRGMHGQRJRGVXSUXçQLNDQSUGRQDSXåWDQMD
GHĆDNRYLPRWYRUHQLPSUL]QDQMHPGDVHåDOLR GHVWUXNWLYQLKLJDUDSDWRL]D]RYHSRYHĄDQHWHåNRĄH]DRQRJGUXJRJXEUDĆQRM]DMHGQLFL
MHUQMHPXVXWHLJUHELOHYUORYDçQH]DRGUçDQMHUDYQRWHçH=ERJVYHJDWRJDDQDOL]DLJDUDWUDçL
2YRMDVQRSRND]XMHGDPDODGHFDGRVWDVYHVQRLRGVYRMHYROMH]DSRGHYDMXLJUH.DVQLMHNDG SULOLĆQXGR]XPXGURVWL
VHLJUHSUHWYRUHXRNDPHQMHQHNRPELQDFLMHGUDçLLRGJRYRUDQMLKRYRSRUHNORRVWDMH
]DJXEOMHQRXGDOMLQDPDYUHPHQDDQMLKRYXVNULYHQXVXåWLQX]DPDJOHGUXåWYHQLRE]LUL'D 1DVUHĄXGRELFLRGEOLVNRVWLVDOMXGLPD²NRMDMHLOLELEDUWUHEDORGDEXGHQDMVDYUåHQLMLREOLN
ELVPRSRVWDOLVYHVQLSRUHNODLVXåWLQHLJDUDSRWUHEQHVXVSHFLMDOQHYHåWLQH]DSRUHNORMHGDQ OMXGVNRJçLYOMHQMDWROLNRVXYHOLNLGDĆDNLMHGQDXUDYQRWHçHQDRVREDDNRQDOHWLQD
RGYLGRYDDQDOLWLĆNHWHUDSLMHD]DVNULYHQXVXåWLQXLJUHSUDYLNRQWUDSRWH]1DJRPLODQR RGJRYDUDMXĄHJSDUWQHUD]DEROMLRGQRVPRçHEH]EHGQRLUDGRVQRGDGLJQHUXNHRGVYRMLK
NOLQLĆNRLVNXVWYRRYHYUVWHMDVQRSRND]XMHGDLJUHSRĆLYDMXQDXJOHGDQMXLGDLKXSRĆHWNX GRWDGDåQMLKLJDUD
SRNUHĄH2GUDVOLQHRSVLKLĆNLGHRGHWLQMHOLĆQRVWL.DGQDPSRćH]DUXNRPGDREQRYLPRHJR
VWDQMH'HWHWDNRGRGUDVORJLJUDĆDRQGDVHLVSROMDYDQMHJRYDRJURPQDSVLKRORåNDGDURYLWRVW *OHGDQRåLUHLJUHVHXNODSDMXXQHVYHVQLçLYRWQLSODQLOLÅVFHQDULRVYDNRJĆRYHNDL
WRJ2GUDVORJGHOD'HĆMHJHJRVWDQMDLVSUHWQRVWXEDUDWQMXOMXGLPDWDNRGDVPRWRVWDQMHX SUHGVWDYOMDMXQMHJRYSRNUHWDĆNLGHR2QHVOXçHGDRVREDLVSXQLYUHPHGRNĆHNDQDNRQDĆQR
UD]JRYRUXQD]YDOLÅ3URIHVRUSVLKLMDWULMH=ERJWRJDMHXJUXSQRMSVLKRWHUDSLMLNRMX çLYRWQRRVWYDUHQMHWMGRNNDQMHPXSRVWHSHQRQDSUHGXMHL]UD]QLKSUDYDFDLVWRYUHPHQR
NRULVWLPR]DDQDOL]XLJDUDMHGQDRGUD]YLMHQLMLKWHKQLNDWUDJDQMH]DPDOLPÅ3URIHVRURPX 3RåWRSRVOHGQMLĆLQVFHQDULMDRELĆQRWUDçLGDVHGRJRGLĆXGRLOLNDWDVWURID]DYLVQRRG
VYDNRPRGSDFLMHQDWD6YLXJUXSLIDVFLQLUDQRVOXåDMXRUDQLPDYDQWXUDPDÅ3URIHVRUDQHNRJD WRJDNDNYRPçDQUXVFHQDULRSULSDGDNRQVWUXNWLYQRPLOLGHVWUXNWLYQRPLLJUHNRMHVHX
RGQMLKNRMLMHSRNUHWDRQRYHLJUHQDX]UDVWXRGGYHGRRVDPJRGLQDåWRJUXSXGRYRGLGR PHćXYUHPHQXLJUDMXPRJXELWLNRQVWUXNWLYQHLOLGHVWUXNWLYQH6YDNRGQHYQLPMH]LNRPUHĆHQR
YHVHORVWLDSRQHNDGDNRLJUHQLVXWUDJLĆQHLGRSUDYHUD]GUDJDQRVWLXNRMRMX]RSUDYGDQR VDĆRYHNRPNRMLMHVNORQĆHNDQMXÅGDPXQHåWRSDGQHVQHEDPRJXĄHMHOHSRLJUDWLLJUXNDNYD
VDPRSRåWRYDQMHLVDPR]DGRYROMVWYRXĆHVWYXMHLVDPSDFLMHQWRNRPHMHUHĆ MHÅ8IIIEDåVWH9LGLYDQĆRYHNGRNĄHQHNRVDWUDJLĆQLPVFHQDULMRPXNRMHPWUHEDVDPR
ÅĆHNDWLGDVHOHåRKODGLELWLEROMLXQHSULMDWQLPLJUDPDNDRåWRMHÅ'Rå·RVLPLQD]LFHU
$NDGVHMHGQRPRGYDçLLQDWRRQGDMHYHĄGDOHNRRGPDNDRSXWHPRVOREDćDQMDRGMHGQRJ ćXEUH
QH]JRGQRJREOLNDSRQDåDQMDEH]NRMHJPXMHPQRJREROMH
7UHEDSULPHWLWLGDL]UD]LL]VYDNRGQHYQRJJRYRUDNDRåWRVXQHNLXSUHWKRGQRMUHĆHQLFL
7RVXUD]OR]L]ERJNRMLKSULOLNRP]YDQLĆQRJUHJLVWURYDQMDMHGQHLJUHWUHEDWUDJDWL]DQMHQLP SUHGVWDYOMDMXVDVWDYQLGHRDQDOL]HLJDUDLVORERGQRLKNRULVWHVYHWUDQVDNFLRQDOQRRULMHQWLVDQH
SURWRWLSRPXGHWLQMVWYXLOLĆDNEHNVWYX WHUDSLMVNHJUXSHLVHPLQDUL,]UD]ÅĆHNDWLGDVHOHåRKODGLSRWHNDRMHL]VQDMHGQH
SDFLMHQWNLQMHXNRMHPMHRQDELODGRQHODRGOXNXGDSRVYUåDYDQHNHVWYDULSUHQHJRåWRVH
)81.&,-$,*$5$ QMHQÅOHåRKODGL'UXJLSDFLMHQWL]JUXSHNRMDMHRGOLĆQRUDGLODXND]DRMHQDQHåWRåWRMH
*ODYQLGHRYUHPHQDNRMLSURYRGLPRXR]ELOMQRPGUXåWYHQRPçLYRWXRGOD]LQDLJUDQMHLJDUD WHUDSHXWXSURPDNORGDXSUDNVLLVWR]QDĆHQMHLPDMXĆHNDQMHGDQHåWRSDGQHVQHEDLĆHNDQMH
1HåWR]ERJWRJDåWRQLQHPDPQRJRSULOLND]DEOLVNRVWPHćXOMXGLPDXVYDNRGQHYQRPçLYRWXD QDVPUW
QHåWRL]ERJWRJDåWRVXQHNLYLGRYLEOLVNRVWLQDURĆLWRDNRVXLQWHQ]LYQLSVLKRORåNL
QHSRGQRåOMLYL]DYHĄLQXOMXGL=DWRVXLJUHLQHRSKRGQHLSRçHOMQHDMHGLQRSLWDQMHNRMHWUHED =ERJ]QDĆDMDNRMLXWXPDĆHQMXLJDUDLPDXSRWUHEDVYDNRGQHYQRJJRYRUDRQMRMĄHNDVQLMH
SRVWDYLWLXYH]LVDQMLPDRVWDMHGDOLEDåRQHLJUHNRMHQHNRLJUDQXGHQDMEROMDUHåHQMD]D ELWLMRåUHFL
QMHJD8RYRPåWLYXWUHEDSRGVHWLWLGDVXåWLQXLJUHĆLQLQMHQYUKXQDFLOLGRELWDN*ODYQD
QDPHQDSRĆHWQLKSRWH]DMHSULSUHPDVLWXDFLMH]DGRELWDNDOLRQLVXXYHNWDNRSODQLUDQLGD 32'(/$,*$5$
NDRX]SXWSUXçDMXQDMYHĄHGR]YROMHQR]DGRYROMVWYRXVYDNRMID]LLJUH7DNRMHXÅ7UDSDćR]X 9HĄLQXNULWHULMXPDNRMHNRULVWLPRXDQDOL]LLJDUDLUD]RQRGDYHĄVPRSRPHQXOLDVYDNLRGQMLK
SUDYOMHQMHåWHWHD]DWLPL]YLQMDYDQMHGRELWDNDVDPLPWLPLVYUKDLJUHGDSRPRĄX PRJXĄHMHNRULVWLWL]DVLVWHPDWVNRUD]YUVWDYDQMHWUDQVDNFLMD(YRQHNLKSRGHODSUHPD
L]YLQMHQMDEXGHL]QXćHQRSUDåWDQMH3URVLSDQMHSLĄDLSURJRUHYDQMHFLJDUHWRPVDPRVXHWDSH NULWHULMXPLPDNRMLQDMSUHSDGDMXXRĆL
QDSXWXNDWRPFLOMXDOLQLMHGQRPRGRYLKÅ]DEUOMDYDQMDQHPRçHPRSRUHĄLGDLVDPRSRVHEL
SUXçDL]YHVQR]DGRYROMVWYR0HćXWLPXçLYDQMHSULSURVLSDQMXSLĄDQHĆLQLWRSURVLSDQMHLJURP %URMLJUDĆDGYRĆODQH)ULJLGQDçHQDWURĆODQHäWRVHYDVGYRMLFDQHSRELMHWHSHWRĆODQH
SRVHEL,]YLQMHQMHMHNULWLĆQDGUDçNRMDYRGLUDVSOHWX,QDĆHELSUROLYDQMHSLĄDVSDGDORSURVWR $ONRKROLĆDULOLYLåHĆODQHLJUH6WRWLQH'DDOL
XGHVWUXNWLYQHYHåWLQHXQHNXYUVWXÅVODWNLKSUHNUåDMD
0RQHWDUHFL3VLKLMDWULMDQRYDF'XçQLNGHORYLWHOD2SåWDKLUXUJLMD
,JUDÅ$ONRKROLĆDUDMHVOLĆQDWRPHELORNDNYDGDMHIL]LRORåNDRVQRYDDNRXRSåWHLSRVWRML
SRWUHEH]DSLĄHPVDVWDQRYLåWDDQDOL]HLJDUDÅQDVLVDYDQMHMHMHGQRVWDYQRSRWH]XLJULVD .OLQLĆNLWLSRYLKLVWHULĆQH)HPNDQMHRSVHVLYQRNRPSXO]LYQH7UDSDćR]SDUDQRLGQ=DåWR
OMXGLPDL]RNROLQH3LĄHNDRWDNYRPRçHGDSUXçLL]YHVQR]DGRYROMVWYRDOLVXåWLQDLJUHQLMHX XYHNPRUDEDåPHQLGDVHGHVLGHSUHVLYQH2SHWLVWDSULĆD
WRPH7RQDMEROMHSRND]XMHYDULMDQWDÅ6XYRJDONRKROLĆDUDNRMDVDGUçLLVWHSRWH]HLYRGL
LVWRPGRELWNXNDRLPDWLĆQDLJUDÅ$ONRKROLĆDUDLDNRIODåDXRSåWHQLMHSRWUHEQDGDELRYD =RQHRUDOQH$ONRKROLĆDUDQDOQH7UDSDćR]IDOLĆNHäWRVHYDVGYRMLFDQHSRELMHWH
YDULMDQWDELODLJUDQDYLGLYLåHRWRPHNDVQLMH
3VLKRGLQDPLĄNLWLSRYLNRQWUDIRELĆQH'DQLMHELORWHEHSURMHNWLYQH5RGLWHOMVNL
6HPGUXåWYHQHXORJHSULOLNRPUDVSRUHćLYDQMDYUHPHQDQD]DGRYROMDYDMXĄLQDĆLQQHNHLJUH VDVWDQDNLQWURMHNWLYQH3VLKLMDWULMD
QHRSKRGQHVXL]DRĆXYDQMH]GUDYOMDRGUHćHQLKOMXGL7RVXRQHRVREHĆLMDSVLKLĆNDUDYQRWHçD
Å8YUQXWRVWLPD]RKLVWLĆNH'DQLMHELORWHEHVDGLVWLĆNH7UDSDćR]IHWLåLVWLĆNH)ULJLGQL
PXåNDUDF
'UXJLGHR
6HPEURMDLJUDĆDNRULVQRMHLPDWLXYLGXEDUMRåWULPHUOMLYDNULWHULMXPD 5L]QLFDLJDUD
(ODVWLĆQRVW1HNHLJUHNDRåWRVXÅ'XçQLNLOLÅ2SåWDKLUXUJLMDPRJXĄHMHSUDYLOQR 892'
LJUDWLVDPRX]XSRWUHEXRGUHćHQHPRQHWHGRNVXGUXJHHODVWLĆQLMHXWRPSRJOHGXNDRQD 2YD]ELUNDVDGUçLVYHGRVDGRWNULYHQHLJUHDOLQRYHLJUHVHRWNULYDMXQHSUHNLGQR
SULPHUHJ]LELFLRQLVWLĆNHLJUH 3RQHNDGRQRåWRXSRĆHWNXL]JOHGDNDRVDPRMRåMHGDQSULPHUSR]QDWHLJUHPRçHSRVOH
GHWDOMQLMHJSURXĆDYDQMDGDLVSROMLVYRMVWYDVDPRVWDOQHQRYHLJUHNDRåWRVHĆHVWRGRJDćDL
8SRUQRVW1HNLOMXGLODNRQDSXåWDMXLJUXGRNGUXJLXPHMXGDEXGXXSRUQL VXSURWQRRGWRJDGDQHåWROLĆLQDQRYXLJUXDSRVOHXVWDQRYLPRGDMHWRXVWYDULVDPR
MHGQDYDULMDQWDQHNHSR]QDWHLJUH3RMHGLQDĆQLHOHPHQWLDQDOL]HLJDUDWDNRćHSRGOHçX
,QWHQ]LWHW1HNLOMXGLRSXåWHQRLJUDMXVYRMHLJUHGRNVXGUXJLÅPUWYLR]ELOMQLQDSHWLL SURPHQLVDUD]YRMHP]QDQMD1DSULPHUDNRSRVWRMLYLåHPRJXĄQRVWL]DRSLVLYDQMHGLQDPLNH
DJUHVLYQL8SUYRPVOXĆDMXLJUDMHÅQHREDYH]QDDXGUXJRPÅR]ELOMQD LJUHRQRåWRMHXWUHQXWNXSLVDQMDRGDEUDQRPRçHNDVQLMHL]JOHGDWLNDRQHEDåQDMEROMH
UHåHQMH0HćXWLPLLQYHQWDULJDUDLHOHPHQWLQMLKRYRJRSLVDSRJRGQLVX]DNOLQLĆNLUDG
2YDWULNULWHULMXPD]DMHGQLĆNLĆLQHLJUXÅPLUQRPLOLÅJUXERP.RGGXåHYQRSRUHPHĄHQLKOMXGL
SRVWRMLĆHVWR]DNRQLWRÅQDSUHGRYDQMHXSUDYFXYHĄHJUXERVWLWDNRGDPRçHPRJRYRULWLR 1HNHRGLJDUDUD]PRWUHQHVXLQH[WHQVR'UXJHVXVDPRXNUDWNRQD]QDĆHQHELOR]DWRåWR
HWDSDPD WUDçHMRåSURXĆDYDQMDLOLVWRJDåWRQLVXĆHVWHLOL]DWRåWRMHQMLKRY]QDĆDMRĆLJOHGDQ2QDM
NRMLMHÅJODYQLXLJULR]QDĆHQMHNDRÅLQLFLMDWRULOLPXMHGDWRLPHÅ%HOLGRNGUXJXVWUDQX
3DUDQRLGQLåL]RIUHQLĆDUPRçHXSRĆHWNXGDLJUDHODVWLĆQXQH]DLQWHUHVRYDQXPLUQXYDULMDQWX ]RYHPRÅ&UQL
Å6WUDåQRVWUDåQRSUYLVWHSHQGDELNDVQLMHX]QDSUHGRYDRGRMHGQHQHVDYLWOMLYHXSRUQHL
JUXEHYDULMDQWHLVWHLJUHWUHĄLVWHSHQ6WHSHQHUD]YLMHQRVWLMHGQHLJUHRGUHćXMHPRQDVOHGHĄL ,JUHVXVYUVWDQHXIDPLOLMHSUHPDVLWXDFLMDPDXNRMLPDQDMĆHåĄHLSRVWRMHçLYRWQHEUDĆQH
QDĆLQ GUXåWYHQHVHNVXDOQHL]SRG]HPOMDL]RUGLQDFLMH]DVWUXĆQMDNHLNRQDĆQRQHNHGREUHLJUH
D,JUDSUYRJVWHSHQDMHRQDNRMDMHGUXåWYHQRSULKYDWOMLYDXQHSRVUHGQRMRNROLQLLQLFLMDWRUD
E,JUDGUXJRJVWHSHQDMHWDNYDL]NRMHQHQDVWDMXWUDMQHLQHSRSUDYOMLYHåWHWHDOLLJUDĆLLSDN 2]QDNH
YLåHYROHGDVHQMRMQHSULĆDPQRJR 6OHGHĄHR]QDNHELĄHNRULåĄHQHXDQDOLWLĆNLPSURWRNROLPD
F,JUDWUHĄHJVWHSHQDLJUDVHÅQDçLYRWLOLVPUWD]DYUåDYDVHXEROQLFLQDVXGXLOLX
PUWYDĆQLFL 1D]LY$NRLJUDLPDGXJRLPHNRULVWLPRVNUDĄHQLFX3UHSRUXĆOMLYRMHGDSULOLNRPXVPHQRJ
RSåWHQMDNRULVWLPRSXQRLPHLJUHDQHQMHQXVNUDĄHQLFXLOLDNURQLP
,JUHMHPRJXĄHWDNRćHGHOLWLLSUHPDELORNRPRGSRVHEQLKREHOHçMDRNRMLPDMHELORUHFL 7H]D)RUPXOLVDWLMHåWRMHPRJXĄHMH]JURYLWLMH
NDGDVPRDQDOL]LUDOL'1%7FLOMHYLXORJHQDMRĆLJOHGQLMHSUHGQRVWL1DMEOLçDSUDYRMQDXĆQRM &LOM1DRYRPPHVWXWUHEDGDWLQDMVPLVOHQLMLL]ERUSUHPDSLåĆHYRPLVNXVWYX
VLVWHPDWLĆQRVWLELODELYHURYDWQRSRGHOD]DVQRYDQDQDHJ]LVWHQFLMDOQRPVWDQRYLåWXDOLQDåH 8ORJH3UYRGDYDWLXORJXRQRJDNRMLMHÅJODYQLMHUVDQMHJRYRJVWDQRYLåWDLUD]PDWUDPR
]QDQMHRRYLPVWYDULPDQLMHMRåGRYROMQRUD]YLMHQRWHRYDNYDSRGHODPRUDPDORGDSULĆHND$ ĆLWDYXLJUX
GRWOHQDPNDRQDMSUDNWLĆQLMDRVWDMHVRFLRORåNDSRGHODLJDUDNRMXĄHPRLNRULVWLWL 'LQDPLND.DRNRGFLOMD
XVOHGHĄHPSRJODYOMX 3ULPHUL,OXVWUDFLMDLJUHNDNRVHLJUDXGHWLQMVWYXQHåWRNDRODNRSUHSR]QDWOMLYSURWRWLS
,OXVWUDFLMDLJUHL]çLYRWDRGUDVORJ
%HOHåND )RUPXOD3ULND]LYDQMHQDåWRMHPRJXĄHNUDĄLQDĆLQNULWLĆQLKWUDQVDNFLMDQDGUXåWYHQRPL
7UHEDRGDWL]DVOXçHQRSUL]QDQMH6WHIHQX3RWHUX3RWWHU]DQMHJRYDSURGXEOMHQDLGXKRYLWD SVLKRORåNRPSODQX
UD]PDWUDQMDPDQHYDUDLOLÅNRPELQDFLMDXVYDNRGQHYQRPGUXåWYHQLPVLWXDFLMDPDD*+ 3RWH]L'DYDWLPLQLPDODQEURMWUDQVDNFLRQLKGUDçLLWUDQVDNFLRQLKRGJRYRUDRQDNRNDNRVH
0LGX0HDG]DQMHJRYXSLRQLUVNXVWXGLMXXORJHLJDUDXGUXåWYHQRPçLYRWX2QHLJUHNRMHYRGH MDYOMDXSUDNVL8UD]OLĆLWLPVLWXDFLMDPDPRçHGRĄLGRSURåLUHQMDLOLGRVPDQMHQMDQMLKRYRJ
XSVLKLMDWULMVNDREROMHQMDELOHVXVLVWHPDWVNLSURXĆDYDQHQDUHGRYQLPVHPLQDULPDVRFLMDOQH EURMD
SVLKLMDWULMHX6DQ)UDQFLVNXMRåRGJRGLQHDRYLPVHNWRURPDQDOL]HLJDUDSRĆHRMH 3UHGQRVWL8QXWUDåQMHSVLKRORåNH²3RND]DWLNDNRLJUDGRSULQRVLXQXWUDåQMRMSVLKLĆNRM
RGVNRUDGDVHEDYLL76DV6]DV] VWDELOQRVWL
6SROMDåQMHSVLKRORåNH3RND]DWLNRMH]DVWUDåXMXĄHVLWXDFLMHLOLEOLVNRVWLVXSXWHPLJUH
=DYLåHGHWDOMDRXOR]LLJDUDXçLYRWXJUXSHWUHEDSRJOHGDWLLYHĄSRPHQXWRGHORDXWRUDRYH L]EHJQXWH
NQMLJHRJUXSQRMGLQDPLFL 8QXWUDåQMHGUXåWYHQH'DWLNDUDNWHULVWLĆQXIRUPXODFLMXNRMDVHNRULVWLXLJULVDEOLçQMLPD
6SROMDåQMHGUXåWYHQH'DWLNOMXĆQXIRUPXODFLMXNRMDVHNRULVWLXL]YHGHQRMLJULLOLUD]RQRGL
%,%/,2*5$),-$ PHćXPDQMHEOLVNLPOMXGLPD
0DXUHU':7KH%LJ&RQ7KH%REEV0HUULOO&R1HZ<RUN %LRORåNH3RNXåDYDWLGHILQLVDQMHRQLKYUVWDWDSåDQMDNRMDLJUDREH]EHćXMHXNOMXĆHQLP
3RWWHU67KHRU\DQG3UDFWLFHRI*DPHVPDQVKLS5XSHUW+DUW'DYLV VWUDQNDPD
0HDG*+0LQG6HOIDQG6RFLHW\&DPEULGJH8QLYHUVLW\3UHVV6]DV]77KH (J]LVWHQFLMDOQH'HILQLVDWLVWDQRYLåWHVDNRMHJVHLJUDRELĆQRLJUD
0LWKRI0HQWDOOOOQHVV6HFNHU :DUEXUJ )DPLOLMD2YGHWUHEDQDYRGLWLLPHQDNRPSOHPHQWDUQLKVURGQLKLVXSURWVWDYOMHQLKLJDUD
%HUQH(7KH6WUXFWXUHDQG'\QDPLFVRI2UJDQL]DWLRQVDQG*URXSV3LWPDQ0HGLFDO
,VSUDYQRUD]XPHYDQMHLJUHPRJXĄHMHSRVWLĄLVDPRXSVLKRWHUDSHXWVNRMVLWXDFLML/MXGLNRML
LJUDMXGHVWUXNWLYQHLJUHREUDĄDMXVHPQRJRĆHåĄH]DSRPRĄQHJRRQLNRMLLJUDMXNRQVWUXNWLYQH
6WRJDMHYHĄLQDGREURSURXĆHQLKLJDUDXRVQRYLGHVWUXNWLYQDDOLĆLWDODFWUHEDGDLPDQDXPX æ,9271(,*5(
GDSRVWRMHLNRQVWUXNWLYQHLJUHNRMHLJUDMXVUHĄQLMLOMXGL$GDELVPR
åWRVHGHVLORPQRJLPSVLKLMDWULMVNLPLGHMDPDVSUHĆLOLYXOJDUL]DFLMXLGHMHRLJUDPDWUHEDMRå 6YHLJUHSRGXRELĆDMHQLPGUXåWYHQLPRNROQRVWLPDLPDMX]QDĆDMDQDNRQHLRGOXĆXMXĄLXWLFDM
MHGQRPLVWDĄLGDMHWDLGHMDYUORSUHFL]QDLJUHWUHEDMDVQRUD]OLNRYDWLX]SRPRĄUDQLMH QDVXGELQXLJUDĆD$OLQHNHRGQMLKYLåHQHJRGUXJHSUXçDMXPRJXĄQRVWLGDVHRVWYDULçLYRWQD
SRPHQXWLKNULWHULMXPDULWXDODUD]RQRGDUDGQMLPDQHYDUDLVWDYRYDNRMLQDVWDMXL]UD]QLK DPELFLMDLXNOMXĆXMXSULOLĆQRQDLYQHVOXĆDMQHSRVPDWUDĆH2YRMJUXSLLJDUDOHSRSULVWDMHLPH
VWDQRYLåWD6YDNDLJUDVHWDNRćHLJUDVDQHNRJVWDQRYLåWDDOLVDPRWRVWDQRYLåWHLOLVWDY ÅæLYRWQHLJUH7XVSDGDMXÅ$ONRKROLĆDUÅ'XçQLNÅäXWQLPHÅ'Rå·RVLPLQD]LFHUćXEUH
NRMLPXRGJRYDUDQLMHMRåLJUD MHGQRÅ9LGLåOLåWDVDPXUDGLROD]ERJWHEHLQMLKRYHJODYQHYDULMDFLMH2YHLJUHVHQD
MHGQRMVWUDQLGRGLUXMXVDEUDĆQLPDQDGUXJRMVDLJUDPDL]SRG]HPOMD
,]UD]LL]RELĆQRJJRYRUD
0QRJLL]UD]LNRMHRYGHNRULVWLPRGRåOLVXL]XVWDSDFLMHQDWD6YLRQLDNRLKNRULVWLWHVDGREULP $/.2+2/,ą$5
RVHĄDQMHP]DYUHPHLVLWXDFLMXQDLOD]HQDGREDUSULMHPNRGLJUDĆDĆLMHLJUHDQDOL]LUDWHRQL 7H]D8DQDOL]LLJDUDQHSRVWRMLQLDONRKROL]DPQLDONRKROLĆDU3RVWRMLVDPRXORJDNRMDQRVL
LKUD]XPHMXLXçLYDMXXQMLPD$NRVXQHNLRGQMLKSRPDORLXYUHGOMLYLRåWULFDQLMHXSHUHQD LPH$ONRKROLĆDUXMHGQRPWLSXLJUH$NRMHWDĆQRGDMHELRKHPLMVNDLOLIL]LRORåNDDQRPDOLMDX
SURWLYOMXGLQHJRSURWLYLJUH3UYL]DKWHYXRELĆQRPVYDNRGQHYQRPJRYRUXMHGLUHNWQRVWSD SR]DGLQLQHXPHUHQRJåOMHPDQMDDWRMHMRåSRGSLWDQMHP²RQGDSURXĆDYDQMHWRJSUREOHPD
NDGRYLL]UD]LGHOXMX]DEDYQRåWRMHĆHVWRVOXĆDMWRGROD]LEDåRWXGåWRSRJDćDMXXVUFH VSDGDXLQWHUQXPHGLFLQX
VWYDUL.DRåWRVDPSRNXåDRGDSRNDçHPQDGUXJRPPHVWXUDVSUDYOMDMXĄLRJRYRUQLP
HSLWHWLPDQLĄHODVWUDQDXĆHQLKL]UD]DGDSRORPLåMH]LNQHELL]UD]LODRQROLNRNROLNRVWDMHX $QDOL]XLJDUDLQWHUHVXMHQHåWRVDVYLPGUXJRWMNRMHYUVWHGUXåWYHQLKWUDQVDNFLMDVXXYH]LV
MHGQXSURVWXWYUGQMXGDMHQHNDçHQDNXUYDOLGDMHQHNLĆRYHNPXIOMX]3VLKRORåNHLVWLQH WLPSUHWHULYDQMHP2WXGLLJUDÅ$ONRKROLĆDU.DGVHUDVSODPVDRYRMHLJUDVDSHWLJUDĆD
PRçHPR]DQDVWDYQHVYUKHLVND]LYDWLQDXĆQRPWHUPLQRORJLMRPDOLXVSHåQRSUHSR]QDYDQMH PDGDSRĆLQMHL]DYUåDYDRELĆQRWHNVDGYD6UHGLåQMDXORJDMH$ONRKROLĆDUWRMHLJUDĆNRMLMH
HPRFLRQDOQLKWHçQMLXSUDNVLWUDçLGUXNĆLMLSULOD]7DNRYLåHYROLPRGDVHLJUDPRÅ6WUDåQR ÅJODYQLLXYHNMHSUYLQDSRWH]XGUXJLPUHFLPDRQLPDEHOHILJXUH
VWUDåQRQHJRÅSURMHNWRYDQHYHUEDOL]XMXĄHDQDOQHDJUHVLMH3UYDIRUPXODFLMDLPDQHVDPR
GLQDPLĆQLMLVPLVDRLHIHNDWQHJRMHLSUHFL]QLMD$OMXGLSRQHNDGEUçHR]GUDYOMDMXSULSXQRM *ODYQDSRWSRUQDXORJDMH3URJRQLWHOMDQMXREDYH]QRLJUDSULSDGQLNVXSURWQRJSRODQDMĆHåĄH
GQHYQRMVYHWORVWLQHJRXSROXPUDNXL]DWDPQLK]DYHVD EUDĆQLGUXJ7UHĄDXORJD6SDVLODFNRMXRELĆQRLJUDSULSDGQLNLVWRJSRODNDRL$ONRKROLĆDUD
ĆHVWRMHWRSRURGLĆQLOHNDUNRMLMH]DLQWHUHVRYDQL]DSDFLMHQWDL]DSUREOHPHNRMLQDVWDMXL]
%,%/,2*5$),-$ SLMDQVWYD.ODVLĆQDVLWXDFLMDMHNDGDOHNDUVWYDUQRVSDåDYDDONRKROLĆDUDRGQMHJRYHQDYLNH
%HUQH(Å,QWXLWLRQ,93ULPDO,PDJHV 3ULPDO-XGJHPHQWV3V\FKLDWULF4XDUWHUO\ 1MLKGYRMLFDĆHVWLWDMXMHGDQGUXJRPHSRåWR%HOLQHSRSLMHQLNDSĆLWDYLKåHVWPHVHFL
6XWUDGDQ%HORJQDćXXQHNRPMHQGHNX
ąHWYUWDMHXORJD(QJOH]DLOL*OHGDĆDNUR]SUVWH8NQMLçHYQLPGHOLPDRDONRKROLĆDULPDRYX
XORJXRELĆQRLJUDEDNDOLQNRMLGDMH%HORPUREXQDNUHGXDSRQHNDGJDSRQXGLLNDIRPLOLNDG
YLGLGDMHJODGDQĆDNLVHQGYLĆHPDOLVHX]GUçDYDRGRSWXçLYDQMDNDRåWRQHSRNXåDYDQLGD
JDVSDåDYDRGQMHJDVDPRJ8çLYRWXMHĆHåĄHXRYRMXOR]LPDMND%HORJDNRMDPXGDMHQRYDFL
ĆHVWRMHQDQMHJRYRMVWUDQLSURWLYçHQHNRMDJDQHUD]XPH.DGMHORYDXSLWDQMX%HOLPRUDGD
QDćHQHNRSULKYDWOMLYRREMDåQMHQMHåWDĄHPXRQDXYHNMHSULUXFLQHNLSRVDRXNRMLWRERçH
RERMHYHUXMXLDNRVXQDĆLVWRGDĄHJODYQLQDVXPHRWLĄLQDSLĄH3RQHNDGVHGHVLGD(QJOH]
QHSULPHWQRVNOL]QHXQRYXXORJXNRMDMHRGSRPRĄLDOLQLMHELWQD]DRYXLJUXXXORJX
$JLWDWRUDGREULĆLQHNRMLVQDEGHYDSLMDQFDSURYLMDQWRPLNDGPXRYDMQHWUDçLQLåWDÅ'RćLGD
SRSLMHPRSRQHåWRSDGDEUçHXSDGQHåXĆDEDU
3RPRĄQLUDGQLNXVYLPORNDWRUVNLPLJUDPDMH%DUPHQLOL%LIHGçLMD8LJULÅ$ONRKROLĆDURQLJUD
SHWXJODYQXXORJXXORJX9H]HGLUHNWQRJVQDEGHYDĆDNRMLUD]XPHMH]LNSLMDQDFDLNRMLMH
QDMYDçQLMLĆRYHNXçLYRWXVYDNRJQRWRUFD5D]OLNDL]PHćX9H]HLRVWDOLKLJUDĆDVYRGOMLYDMHQD
UD]OLNXNRMDSRVWRMLL]PHćXSURIHVLRQDOFDLDPDWHUDXVYDNRMLJULSURIHVLRQDOFL]QDMXNDGMH
GRVWD8GDWRPWUHQXWNXWDNRELIHGçLMDYLåHQHĄHGDVOXçLSLĄH$ONRKROLĆDUXNRMLRVWDMHEH]
PDWHULMDODVYHGRNQHQDćHQRYX9H]XåLULUXNH
8SRĆHWQLPID]DPDLJUHÅ$ONRKROLĆDUVXSUXJDPRçHGDLJUDVYHWULSRWSRUQHXORJH8SRQRĄMH
SUDYL(QJOH]VYODĆLJDNXYDPXNDIXLSXåWDJDGDVHLVWUHVDQDQMX8MXWUXMH3URJRQLWHOMNRML
JDRåWURRVXćXMH]DQMHJRYRQHGROLĆQRSRQDåDQMH$XYHĆHVHSUHWYDUDX6SDVLRFD
SRNXåDYDMXĄLGD]DMHGQRVQMLPL]PHQLQMLKRYQDĆLQçLYRWD8NDVQLMLPID]DPDLJUHPRJXĄHMH
LEH]3URJRQLWHOMDL6SDVLRFDDOLDNRSULVWDQXGDEXGXL]YRULVQDEGHYDQMDRQLPRJXRVWDWLX
LJUL%HOLĄHRWLĄLXVDYHWRYDOLåWHGDJDVSDåDYDMXLKUDQHDNRVDPREXGXKWHOLLOLĄHRWUSHWL
JUGQMHELORDPDWHUVNHELORSURIHVLRQDOQHDNRYHUXMHGDJDSRVOHWRJDĆHNDPLORVWLQMD
6DGDåQMDLVNXVWYDXND]XMXGDMHGRELWDNXLJULÅ$ONRKROLĆDUåWRMHNDUDNWHULVWLĆQR]DLJUH SUHODVNXL]GHWLQMVWYDXPODGRVW1MLKRKUDEUXMXGDVDVYLPL]DćXL]LJUHDQHVDPRGD
XRSåWHWDPRJGHJDYHĄLQDLVWUDçLYDĆDXRSåWHQHWUDçL$QDOL]DRWNULYDGDMHVDPR ]DPHQMXMXXORJH
NRQ]XPLUDQMHDONRKRODVSRUHGQR]DGRYROMVWYRNRMHSURL]YRGLQHNHGRGDWQHSUHGQRVWLVDPR
WHKQLNDNRMRPRVREDSRVWLçHSUDYLYUKXQDFDWRMHPDPXUOXN,VWRMHWDNRLXLJULÅ7UDSDćR] 3VLKRORåNRL]OHĆHQMHSLMDQFDWDNRćHSRGUD]XPHYDQMHJRYRL]ODçHQMHL]LJUHDQHVDPR
SUDYOMHQMHORPDåWRSULYODĆLQDMYHĄXSDçQMXVDPRMHSXWSRVXWFYHĄHPNRMLYRGL%HORJGR SUHEDFLYDQMHL]MHGQHXORJHXGUXJX8QHNLPVOXĆDMHYLPDWRMHRVWYDUOMLYRPDGDQLMHODNR
çHOMHQRJFLOMDGDGRELMHRSURåWDMRG&UQRJ QDĄLQHåWRGUXJRåWREL$ONRKROLĆDUXELORWDNR]DQLPOMLYRNDRQDVWDYOMDQMH]DSRĆHWHLJUH3RåWR
VHRQSRVORYLĆQRSODåLEOLVNRVWLPRçGDĄHX]DPHQX]DMHGQXLJUXPRUDWLGDSUHćHQDQHNX
=D$ONRKROLĆDUDPDPXUOXNQHSUHGVWDYOMDWROLNRIL]LĆNXNROLNRSVLKLĆNXPXNX'YHRPLOMHQH GUXJXåWR]QDĆLGDQHĄHSUHVWDWLGDLJUDLJUXXVYRMLPRGQRVLPDVOMXGLPDąHVWRW]YL]OHĆHQL
YUVWHUD]RQRGHPHćXOMXGLPDNRMLYROHGDSRSLMXVXÅ0DUWLQLNROLNRSLĄDLNDNRVXELOD DONRKROLĆDULQLVXERJ]QDNDNR]DQLPOMLYL]DGUXåWYRDPRJXĄQRMHGDLVDPLRVHĄDMX
SRPHåDQDLÅ6XWUDGDQXMXWURSXVWLGDWLLVSULĆDPNDNDYPLMHELRPDPXUOXNÅ0DUWLQL QHGRVWDWDNX]EXćHQMDXçLYRWXSDVXVWDOQRXLVNXåHQMXGDRNUHQXQDVWDUR0HULORSUDYRJ
QDMĆHåĄHLJUDMXRQLNRMLYROHGDSRSLMXXGUXåWYXGRNPQRJLSLMDQFLYLåHYROHGDRGLJUDMX ÅYDćHQMDL]LJUHELORELNDGELELYåL$ONRKROLĆDUELRXVWDQMXGDSLMHXGUXåWYXDGDWLPHQH
GREUXSDUWLMXSVLKRORåNHYDULMDQWHUD]RQRGHÅ6XWUDGDQXMXWURDRUJDQL]DFLMHNDNYDMH GRYHGHXSLWDQMHVYRMHL]OHĆHQMH$NRQHVUQHGDRNXVLÅQLNDSQHWUHEDPXVDVWDQRYLåWD
$QRQLPQLDONRKROLĆDUL
SUXçDMXLPQHRJUDQLĆHQHPRJXĄQRVWL]DWR
$$$OFRFKROLF DQDOL]HLJDUDSUL]QDWLL]OHĆHQMH
$QRQ\PRXVRUJDQL]DFLMD]DOHĆHQMHDONRKROLĆDUDX6$'XNRMRMELYåLDONRKROLĆDULSRPDçX
DNWLYQLPDGDVHL]OHĆH3ULPSUHY ,]RSLVDRYHLJUHRĆLJOHGQRMHGDMH6SDVLODFVWDOQRQDLYLFLGD]DLJUDÅ+RĄXVDPRGDWL
SRPRJQHP3URJRQLWHOMÅ9LGLåWDVDPQDSUDYLR]ERJWHEHD(QJOH]Å'REDUVDPN
ROHEDF
-HGDQSDFLMHQWMHLPDRRELĆDMGDNDGJRGGRćHVYRPSVLKLMDWUXSRVOHQDOMRVNDYDQMDREDVLSD äLUHQMHPVSDVLODĆNLKRUJDQL]DFLMDNRMHSRSXODUL]XMXLGHMXGDMHDONRKROL]DPEROHVW
VHEHUD]QLPSRJUGDPD3VLKLMDWDUMHVDPRĄXWDR.DVQLMHNDGDVHSULVHĄDRRYLKSRVHWD DONRKROLĆDULVXREXĆDYDQLGDLJUDMXLJUXÅ'UYHQDQRJD=DNRQNRMLSRND]XMHSRVHEQXEULJX]D
SVLKLMDWUX]DYUHPHJUXSQHWHUDSLMHLVWLSDFLMHQWMHOLNXMXĄLWYUGLRGDPXMHSVLKLMDWDU WDNYHOMXGHNDRGDXGDQDåQMHYUHPHSRGVWLĆHDONRKROLĆDUHQDWDNYRSRQDåDQMH7HçLåWHLJUH
XSXWLRVYHWHSRJUGH2QRRĆHPXPQRJLDONRKROLĆDULQDMYLåHYROHGDUD]JRYDUDMXX MHSUHEDĆHQRVD3URJRQLWHOMDQD6SDVLRFDVDLJUDQMDÅ-DVDPJUHåQLNQDÅäWDELMRåKWHRRG
WHUDSHXWVNRMVLWXDFLMLQLMHSLMHQMHNRMHRQLSRPLQMXL]JOHGDVDPR]DWRåWRVHSULNODQMDMX EROHVQRJĆRYHNDåWRMHGHRNUHWDQMDPRGHUQHPLVOLRGUHOLJLMHNDQDXFL6DHJ]LVWHQFLMDOQRJ
VYRMLP3URJRQLWHOMLPDQHJRSDWQMDNRMDGROD]LSRVOH7UDQVDNFLRQLFLOMSLMHQMDMHSRUHGOLĆQLK VWDQRYLåWDRYRSUHPHåWDQMHMHGLVNXWDELOQRDVDSUDNWLĆQRJMDVQRGDWRQLMHPQRJRXWLFDORQD
]DGRYROMVWDYDNRMHRQRSUXçDVWYDUDQMHVLWXDFLMHXNRMRMĄH'HWHXĆRYHNXGRELWLWHåNH VPDQMHQMHSURGDMHSLĄDWHåNLPSLMDQLFDPD3DLSDN]DYHĄLQXOMXGL$QRQLPQLDONRKROLĆDUL
JUGQMHQHVDPRRGXQXWUDåQMHJURGLWHOMDQHJRLRGVYDNHURGLWHOMVNHILJXUHXRNROLQLNRMD SUHGVWDYOMDMXQDMEROMLQDĆLQXYRćHQMDXWHUDSLMXSUHWHULYDQMHP
EXGHUDVSRORçHQDGDVHSULNOMXĆL=DWROHĆHQMHRGRYHLJUHWUHEDGDEXGHNRQFHQWULVDQRQHQD
VDPRSLMHQMHQHJRQDVXWUDGDQXMXWURQDVDPR]DGRYROMVWYRRGVDPRNDçQMDYDQMD3RVWRML $QWLWH]D.DRåWRMHGREURSR]QDWRÅ$ONRKROLĆDURELĆQRLJUD]DJULçHQRLWHåNRL]OD]LL]LJUH
PHćXWLPMHGQDYUVWDWHåNLKSLMDQLFDNRMLXRSåWHQHPDMXPDPXUOXNLWDNYLQHVSDGDMXXRYX NDGMHGQRP]DSRĆQH8MHGQRPVOXĆDMXçHQDDONRKROLĆDUGUçDODVHSRVWUDQLXJUXSQRM
NDWHJRULMX WHUDSLMLVYHGRNQLMHRFHQLODGDGRYROMQRSR]QDMHRVWDOHĆODQRYHJUXSHNDNRELPRJODGD
NUHQHVDVYRMRPLJURP7DGDMH]DPROLODGDMRMNDçXåWDPLVOHRQMRM3RåWRVHGRWOHQLNRP
3RVWRMLWDNRćHLLJUDÅ$ONRKROLĆDUQDVXYRXNRMRM%HOLSUROD]LSURFHVILQDQVLMVNRJLOL QLMH]DPHULODXJUXSLPQRJLVXOHSRJRYRULOLRQMRMDOLVHRQDSREXQLODÅ1HĄXWR+RĄXGD
GUXåWYHQRJSURSDGDQMDEH]NDSLDONRKRODSRYODĆHĄLSRWH]HLVWLPUHGRVOHGRPLRĆHNXMXĄLRG ]QDPåWDVWYDUQRPLVOLWH%LORMHMDVQRGDRĆHNXMHXYUHGOMLYHRSDVNHQDVYRMUDĆXQ2VWDOH
EOLçQMLKGDLJUDMXLVWHSRWSRUQHXORJH2YGHMHSRQRYRVUçVWYDULXVXWUDåQMHPMXWUX8 çHQHL]JUXSHRGELOHVXGDMHJUGHDRQDMHRWLåODNXĄLLUHNODPXçXGDQHĄHYLåHGDSLMHD
VWYDULVOLĆQRVWL]PHćXÅ$ONRKROLĆDUDQDVXYRLSUDYRJÅ$ONRKROLĆDUDSRND]XMHGDVXXSLWDQMX DNREXGHX]HODPDNDUĆDåLFXGDRQPRUDLOLGDVHUD]YHGHRGQMHLOLGDMHSRåDOMHXEROQLFX
LJUH1DSULPHUXREHPDRVREHNRULVWHLVWLQDĆLQGDSRVWLJQXL]EDFLYDQMHVSRVOD,JUD 2QMHSULVWDRQDWRLRQDVHLVWHYHĆHULÅQDOL]DODWDNRGDMHPRUDRGDMHRGYHGHXEROQLFX
Å1DUNRPDQMHVOLĆQDÅ$ONRKROLĆDUXDOLVHLJUDEUçHLGUDPDWLĆQLMHDSRVOHGLFHVXMRMPQRJR
NREQLMH2YDLJUDMHWDNRćHEDUXDPHULĆNRPGUXåWYXMDĆHRVORQMHQDQDXORJX3URJRQLWHOMD 2SHWMHXSDODXWHUDSHXWVNXJUXSXĆLMLĆODQRYLQLVXKWHOLGDSULKYDWHXORJXQMHQLK
MHUVXSULUXFLPQRJLLJUDĆLçHOMQLGDXVNRĆHXWXXORJXGRNLJUDĆD(QJOH]DL6SDVLRFDQHPRçHå 3URJRQLWHOMDNRMXLPMH%HODSURSLVLYDOD2QDQLMHPRJODGDSRGQHVHRGELMDQMHVYRMHLJUHL
QLVYHĄRPGDQDćHåVHPWRJDXORJD9H]HXRYRMLJULMHPQRJRYDçQLMD SRUHGWRJDåWRVXVYL]DSHOLGDMHRKUDEUHGDLVWUDMHQDDOWHUQDWLYQRPSXWXUHDOQRJXYLGDX
VYRMXVLWXDFLMXNRMLPMHELODNUHQXOD.RGNXĄHMHLPDODQHNRJNRMHELRYROMDQGDLJUDNDNR
,PDGRVWDRUJDQL]DFLMDNRMHVXXNOMXĆHQHXLJUXÅ$ONRKROLĆDURGORNDOQRJGRVDYH]QRJSDL RQDVYLUD
PHćXQDURGQRJQLYRD0QRJHRGQMLKåWDPSDMXSUDYLOD]DRYXLJUX6NRURVYDWDSUDYLODOHSR
REMDåQMDYDMXNDNRVHLJUDXORJD$ONRKROLĆDUDSUYRSLĄHSUHGRUXĆNDQRYDFSUHGYLćHQ]DQHåWR ,PDVOXĆDMHYDPHćXWLPXNRMLPDMHPRJXĄQRSULSUHPLWLSDFLMHQWDGDRVWDYLLJUXGRNUDMDSD
GUXJRWURåLWLQDDONRKROLWG8QMLPDMHWDNRćHREMDåQMHQDLXORJD6SDVLRFD8GUXçHQMH WHUDSHXWQHPRUDGDLJUDQL3URJRQLWHOMDQL6SDVLRFD%LORELVQMHJRYHVWUDQHLVWRWDNR
$QRQLPQLDONRKROLĆDULQDSULPHURUJDQL]XMH]DVYRMHĆODQRYHLJUDQMHLVWHLJUHDOLSRNXåDYD QHSURIHVLRQDOQRLNDGDELSULKYDWLRXORJX(QJOH]DGR]YROMDYDMXĄLSDFLMHQWXGDSUHQHEUHJDYD
GDLKSUHåDOWXMHVDXORJH$ONRKROLĆDUDQDXORJX6SDVLRFD%LYåL$ONRKROLĆDULLPDMXSUHGQRVWMHU VYRMHILQDQVLMVNHREDYH]HLURNRYH,VSUDYDQWHUDSHXWVNLSRVWXSDNELRELVDWUDQVDNFLRQRJ
]QDMXNDNRWHĆHLJUDSDVXVWRJDNYDOLILNRYDQLML]DLJUDQMHSRWSRUQHXORJHQHJRQHNRNRQLMH VWDQRYLåWDSRVOHSDçOMLYRJSULSUHPDQMDWHUHQD]DX]LPDQMHSR]LFLMH2GUDVORJUHFLSURFLWHWDL
QLNDGDUDQLMHLJUDRWXLJUX%LORMHVOXĆDMHYDGDSRMHGLQLRJUDQFL$$RVWDQXEH]$ONRKROLĆDUD RGELMDQMHLJUDQMDELORNRMHXORJHXLJULSDFLMHQWDVQDGRPGDĄHRQELWLXVWDQMXGDSRGQHVH
QDNRMLPDELUDGLOLSDVXĆODQRYLPRUDOLGDVHVDPLYUDWHSLĄXNDNRELLJUDPRJODGDEXGH QHVDPRX]GUçDYDQMHRGSLĄDQHJRLX]GUçDYDQMHRGLJUDQMDVYRMHLJUH$NRQLMHXVWDQMX
QDVWDYOMHQDLXRGVXVWYXOMXGLNRMHWUHEDVSDåDYDWL QDMEROMHMHXSXWLWLJDQHNRP6SDVLRFX
,PDLVWRWDNRLRUJDQL]DFLMDSRVYHĄHQLKGREURELWLGUXJLKLJUDĆDXRYRMLJUL1HNHRGQMLKXWLĆX 3ULPHQLWLDQWLWH]XXLJULÅ$ONRKROLĆDUSRVHEQRMHWHåNR]ERJWRJDåWRMHWHåNDSLMDQLFDYLćHQX
QDEUDĆQHGUXJRYH$ONRKROLĆDUDGD]DPHQHXORJX3URJRQLWHOMDX6SDVLRFD-HGQDRUJDQL]DFLMD YHĄLQL]DSDGQLKGUXåWDYDNDRSRçHOMDQSUHGPHWQDG]RUDEULJHLåLURNRJUXGRVWLWHVYDNRNR
NRMDMHL]JOHGDQDMYLåHSULåODWHRULMVNRPLGHDOXOHĆHQMDEDYLVHGHFRP$ONRKROLĆDUDQD RGELMDGDLJUDSUHPDQMHPXQHNXRGWLKXORJDQDYODĆLQDVHEHJQHYMDYQRVWL5D]XPQR
JOHGDQMHQDVWYDULPRçHYLåHGDX]QHPLUL6SDVLWHOMHQHJRLVDPRJ$ONRKROLĆDUDåWR
SRQHNDGLPDQH]JRGQHSRVOHGLFHSRWHUDSLMX7DNRMHQDMHGQRMNOLQLFLSRNXåDQHNVSHULPHQW NDRYHåWLQD3REXQDVWLFDQMHVDPRSRX]GDQMDL]DGRYROMHQMHçXGQMHEÅ$ONRKROLĆDUNDRLJUH
VDJUXSRP]GUDYLKUDGQLNDNRMLVXGREURYROMQRSULKYDWLOLGDSRPRJQXSULWHUDSLMLDONRKROLĆDUD 6DPRNDçQMDYDQMHYHURYDWQR6SROMDåQMHSVLKRORåNH,]EHJDYDQMHVHNVXDOQHLGUXJLK
%LOLVXYHRPD]DLQWHUHVRYDQL]DLJUXÅ$ONRKROLĆDUWHVXSRNXåDYDOLGDSRWSRPRJQX IRUPLEOLVNRVWL8QXWUDåQMHGUXåWYHQH3UREDMGDPHVSUHĆLå6SROMDåQMHGUXåWYHQH
R]GUDYOMHQMHSUHNLGDQMHPLJUHDQHVDPRLJUDQMHPVSDVLODĆNHXORJHąLPVHWRUDåĆXOR Å6XWUDGDQXMXWURÅ0DUWLQLLGUXJHUD]RQRGH%LRORåNH1DL]PHQLĆQHOMXEDYQHLJQHYQH
SRGSULWLVNRP6DYHWDEROQLFH]DKYDOLOLVXLPLQLVXLKYLåH]YDOLGDSRPDçXXOHĆHQMX UD]PHQH(J]LVWHQFLMDOQHVYDNRELKWHRGDPHSULNUDWL
DONRKROLĆDUD
'8æ1,.
5RGELQD=DQLPOMLYDQXVLJUDÅ$ONRKROLĆDUD]RYHVHÅ+RĄHPROLSRMHGQX1MXMHRWNULRMHGDQ 7H]DÅ'XçQLNMHYLåHRGLJUH8$PHULFLRYDLJUDLPDWHQGHQFLMXSUHWYDUDQMDXçLYRWQL
RåWURXPQLVWXGHQWLQGXVWULMVNHSVLKLMDWULMH%HOLLQMHJRYDVXSUXJDWUH]YHQMDĆNL3URJRQLWHOM VFHQDULRXSURJUDP]DFHRçLYRWQLYHNĆRYHNDVOLĆQRNDRLXGçXQJODPD$IULNHL1RYL*YLQHMH
RGOD]HQDL]OHWVD&UQLPLQMHJRYRPVXSUXJRPRERMH(QJOH]L%HOLNDçH&UQLPDÅ+RĄHPROL 7DPRURćDFLNXSXMXPODGLĄXQHYHVWXSREDVQRVORYQRMFHQLLWLPHJD]DGXçXMX]DFHRçLYRW
SRMHGQX"$NRRQLSULVWDQXQDMHGQXWR%HORPGDMHSUDYRQDĆHWLULSHW,JUDVHGHPDVNLUDDNR 2YGHYODGDLVWLRELĆDMEDUXFLYLOL]RYDQLPGHORYLPD]HPOMHVWRPUD]OLNRPåWRMHFHQD
&UQLRGELMX%HOLĄHRQGDSRSUDYLOLPDSULVWRMQRVWLNRMDUHJXOLåXSLĄHXGUXåWYXELWLSRYUHćHQ QHYHVWHSUHWYRUHQDXFHQXNXĄH$DNRURćDFLQLVXSULSDUDPDWXXORJXSUHX]LPDEDQND
LGUXJLSXWELUDĆHEROMHGUXåWYR]DL]OHW2QRåWRQDGUXåWYHQRPQLYRXL]JOHGDNDR2GUDVOD
åLURNRJUXGRVWSR]LYQDSLĄHQDSVLKRORåNRPQLYRXMHRELĆDQEH]REUD]OXNNRMLP'HWH%HORJ 7DNRLPODGLĄVD1RYH*YLQHMHNRPHVWDULUXĆQLĆDVRYQLNYLVLRXYHWXGDPXREH]EHGLXVSHKX
SRVWLçH5RGLWHOMVNXSRSXVWOMLYRVW&UQRJRWYRUHQRJDSRGPLĄXMXĄLSRGQRVRPJćH%HOLNRMDMH çLYRWXLPODGLĄL]$PHULNHNRPHMHQRYLUXĆQLĆDVRYQLNREDYLMHQRNR]JODYNDGDPXREH]EHGL
QHPRĄQDGDSUHGX]PHELORåWD8VWYDULEDå]ERJWRJDåWRĄHLVSDVWLÅQHPRĄQDGDSUHGX]PH XVSHKXçLYRWXRVHĄDMXNDNRLPDMX]DåWDGDçLYH9HOLNRVODYOMHVYDGEDLOLXVHOMHQMHQH
ELORåWDJćD%HOLMHLSULVWDODQDĆLWDYDUDQçPDQMHURQDMHLVWRWDNRQHVWUSOMLYDGDLJUDEXGH XSULOLĆXMHVHNDGMHGXJLVSODĄHQQHJRNDGMH]DMDPGRELMHQ1LWHOHYL]LMDQDSULPHUQH
QDVWDYOMHQDVDQMRPXXOR]L3URJRQLWHOMDNDRåWRLJ%HOLMHGYDĆHNDGDSRQRYRXVNRĆLXXORJX SULND]XMHVUHGRYHĆQRJĆRYHNDSRåWRMHLVSODWLRVYHRWSODWHNUHGLWDQHJRPODGRJĆRYHNDNRML
$ONRKROLĆDUD1LMHWHåNR]DPLVOLWLåWDĄHPXVYHRQDSUHEDFLYDWLXMXWURSRVOHL]OHWD2YD VHVDSRURGLFRPXVHOMDYDXVYRMXQRYXNXĄXSRQRVQRPDåXĄLSDSLULPDNRMHMHXSUDYRSRWSLVDR
YDULMDQWDPRçHLPDWLGRGDWQHNRPSOLNDFLMHDNRMH%HOLVOXĆDMQRåHI&UQRP LNRMLJDYH]XMX]DYHĄLGHRQMHJRYRJSURGXNWLYQRJYHND$SRåWRYUDWLVYHVYRMHGXJRYH
NUHGLWD]DNXĄXåNRODULQX]DGHFXRVLJXUDQMH²RQSRVWDMHGUXåWYHQLSUREOHPÅRVWDUHOROLFH
(QJOH]LVXĆHVWRRQLXVDPOMHQLFLNRMLPRJXGRVWDGDSURILWLUDMXRGWRJDåWRVXGREULSUHPD NRMHP]DMHGQLFDQHWUHEDGDREH]EHGLVDPRPDWHULMDOQLRSVWDQDNQHJRLQRYÅUD]ORJ]ERJ
$ONRKROLĆDULPD%DNDOLQNRMLL]LJUDYDÅ'REULĆLQXVWLĆHWDNRPQRJREURMQHSR]QDQLNHDXVYRP NRJDYUHGLçLYHWL
GUXåWYHQRPNUXJXXçLYDUHSXWDFLMXQHVDPRåLURNRJUXGRJQHJRL]DQLPOMLYRJĆRYHND
.DRLQD1RYRM*YLQHMLDNRMHĆRYHNSRVHEQRSUHSUHGHQRGQMHJDPRçHGDSRVWDQHYHOLNL
-HGQDYDULMDQWDÅ'REULĆLQHMHåHWDQMHRNRORLUDVSLWLYDQMH]DVDYHWNDNRVHOMXGLPDQDMEROMH ]DMPRGDYDFXPHVWRYHOLNRJGXçQLNDDOLWRVHGRJDćDSULOLĆQRUHWND
PRçHSRPRĄL2YRMHSULPHUYHVHOHLNRQVWUXNWLYQHLJUHDWDNYHWUHEDRKUDEULYDWL1MHQ
QHJDWLYMHÅ*UXELMDQXSLVLYDQMHQDNXUVNDUDWHDLOLWUDçHQMHVDYHWDNDNRQDMHILNDVQLMHNLQMLWL 'RNRYRSLåHPQHNDEXELFDODçLSUHNRSLVDĄHJVWROD$NRMHRNUHQHPQDOHćDSULVXVWYRYDĄX
EOLçQMH0DGDQLNDGDQHGROD]LGRSUDNWLĆQHSULPHQHWRJQDXNDRVDNDĄHQMXLJUDĆEDUGRELMD QMHQRMJUĆHYLWRMERUELGDVWDQHQDQRJH8WRPSHULRGXRQDELÅ]QDOD]DåWRçLYL3RVOH
SULOLNXGDVHEHSRLVWRYHWLVDSUDYLPJUXELMDQLPDNRMLQHL]OD]HL]RYHLJUHLGDVHRJUHMHPDOR XVSHåQRJLVSUDYOMDQMDVNRURGDELKPRJDRGDYLGLPSREHGQLĆNLL]UD]QDQMHQRPOLFX2WLåODEL
QDQMLKRYRMVODYL2YRMHSULPHUDNRQHYUVWHNRMX)UDQFX]LQD]LYDMXÅXQIDQIDURQGH WULMXPIDOQRDPRJXGDMH]DPLVOLPNDNRQDSUYRP]ERUXEXELFDLVSUHGDSULĆXRVYRPSRGYLJX
YLĆH GRNMHPODGDJHQHUDFLMD]DGLYOMHQRJOHGDNDRLQVHNWDNRMLMHXVSHRXçLYRWX
$1$/,=$ 3DLSDNVDQMHQRPVDPRXYHUHQRåĄXPHVDVHLPDORUD]RĆDUDQMD6DGDNDGMHRVWYDULODVYRM
7H]D6WRVDPELRUćDYSUREDMGDPH]DXVWDYLå FLOMçLYRWMRML]JOHGDEHVPLVOHQ0RçGDĄHVHYUDWLWLQDVWRVDQDGRPGDĄHSRQRYLWLVYRM
&LOM6DPRNDçQMDYDQMH SRGYLJ9UHGHORELPDUNLUDWLMHIORPDVWHURPSROHćLPDGDELVPRMHSUHSR]QDOLDNRSRQRYR
8ORJH$ONRKROLĆDU3URJRQLWHOM6SDVLWHOM(QJOH]6QDEGHYDĆ9H]D EXGHUL]LNRYDODçLYRW+UDEUDQHNDçLYRWLQMDRYDEXELFD1LNDNYRĆXGRåWRMHRYDYUVWDLQVHNWD
'LQDPLND8VQDSULNUDĄHQRVW SUHçLYHODWROLNHPLOLRQHJRGLQD
3ULPHUL3UREDMGDPHXKYDWLå7HåNRMHSRYH]DWLSURWRWLSRYHRYHLJUHMHUVXYUORVORçHQL
'HFDPHćXWLPQDURĆLWRGHFDDONRKROLĆDUD²ĆHVWRSUDNWLNXMXPQRJHPDQHYUHNRMLRGOLNXMX 9HĄLQDPODGLK$PHULNDQDFDPHćXWLPVKYDWDVYRMHRWSODWHYUORR]ELOMQRVDPRXVLWXDFLMDPD
$ONRKROLĆDUDÅ3UREDMGDPHVSUHĆLåXNOMXĆXMHLWDNYHVWYDULNDRåWRMHODJDQMHVNULYDQMH QH]JRGH$NRSDGQXXSRWLåWHQRVWLOLLPSRVORYLNUHQXQL]EUGRUDQLMHSUHX]HWHREDYH]HLK
UD]QLKSUHGPHWDL]QXćLYDQMH]YRFDQMDWUDçHQMHMDWDNDXYLGXGREURGXåQLKNRPåLMDNRGNRMLK RGUçDYDMXGDLVWUDMXDQHNHRGQMLKPRçGDRGYUDĄDMXLRGVDPRXELVWYD9HĄLGHRYUHPHQDRQL
VHXYHNPRçHVDNULWLLVOLĆQR6DPRNDçQMDYDQMHVHĆHVWRRGODçH]DSR]QLMHJRGLQH LJUDMXPHNDQXYDULMDQWXLJUHÅ'DQLMHELORGXJRYDDOLLPWRQHVPHWDGDLQDĆHXçLYDMXX
çLYRWX7HNSRQHNLSRVWDMHVODYDQLJUDMXĄLRåWUXYDULMDQWXÅ'XçQLND
$ONRKROLĆDULQMHJRYNUXJ
'UXåWYHQLPRGHO2GUDVOL2GUDVOL Å3UREDMDNRPRç
GDQDSODWLå3$0'1XRELĆDMHQDMHLJUDPODGLKEUDĆQLKSDURYDNRMDOHSR
2GUDVOLÅ5HFLPLåWDVWYDUQRPLVOLåRPHQLLOLPLSRPR]LGDRVWDYLPSLĄH SRND]XMHNDNRMHLJUD]DPLåOMHQDWDNRGDJODYQLLJUDĆÅGRELMDNDNRJRGGDLJUDNUHQH%HOL
2GUDVOLÅ%LĄXRWYRUHQSUHPDWHEL NXSXMXVYHPRJXĄHQDNUHGLWQHSRWUHEQHNDRLOXNVX]QHVWYDUL]DYLVQRRGWRJDL]NDNYHVX
3VLKRORåNLPRGHO5RGLWHOM'HWH NXĄHLNDNRVXLKQDXĆLOLQMLKRYLURGLWHOMLLOLURGLWHOMLQMLKRYLKURGLWHOMD
'HWHÅ3UREDMGDPHVSUHĆLå
5RGLWHOM0RUDåGDSUHVWDQHåGDSLMHå]ERJWRJD $NR]DMPRGDYDFGLJQHUXNHSRVOHQHNROLNREH]XVSHåQLKGLVNUHWQLKSRNXåDMDGDQDSODWLGXJ
3RWH]L,]D]LYDQMHRSWXçLYDQMHLOLSUDåWDQMH RQGD%HOLPRJXQDPLUXLQHNDçQMHQRGDXçLYDMXXRQRPHåWRVXVWHNOLåWR]QDĆLGDGRELMDMX
3RSXVWOMLYRVWOMXWQMDLOLUD]RĆDUHQMH LJUX$NRSRYHULODFSUHGX]PHHQHUJLĆQLMHNRUDNHRQGDĄHRQLSRGMHGQDNRXçLYDWLLXVODVWLPD
3UHGQRVWL8QXWUDåQMHSVLKRORåNHD3LMHQMH L]YUGDYDQMDLXNRULåĄHQMXWDNRVWHĆHQLKVWYDUL2åWUDIRUPDLJUHQDVWDMHDNR]DMPRGDYDF
ĆYUVWRRGOXĆLGDQDSODWLGXJ'DELGRåDRGRVYRJQRYFDRQĄHPRçGDELWLSULQXćHQGD
SUHGX]PHNUDMQMHPHUH7DNYHPHUHRELĆQRVDGUçHLHOHPHQWHSULQXGHRGOD]DNGR 2GJRYDUDMXĄDLJUDPHćXçHQDPDMHÅ2GUSDQLFD0DGDVXĆHVWRRGUDVOHXL]RELOMXRQHXODçX
SRVORGDYDFD%HOLKLOLSRVHĄLYDQMH%HOLKXNRPELMXVDXSDGOMLYRPILUPRPÅ$JHQFLMD]DQDSODWX SRVHEDQQDSRUGDL]JOHGDMXMDGQRRGHYHQH9RGHUDĆXQDGDLPSULKRGLL]ÅREMHNWLYQLK
GXJRYD UD]ORJDQLNDGQHSRUDVWXSUHNRPLQLPXPDQHRSKRGQRJ]DRGUçDYDQMHçLYRWD$NRGRELMX
SUHPLMXQDOXWULMLXYHNQDćXSUHGX]LPOMLYHPODGHOMXGHGDLPSRPRJQXGDVHRWDUDVH
8WRPWUHQXWNXGROD]LGRSUHRNUHWD%HOLVDGDYHĄ]QDGDĄHL]JOHGDPRUDWLGDSODWL$OL]ERJ ERJDWVWYDDX]DPHQXLPRVWDYOMDMXEH]YUHGQHGHRQLFHXÅYHOLNLPSRVORYLPD8
HOHPHQWDSULQXGHNRMHVHYLåHQHVNULYDĆHVWRLXIRUPLÅWUHĄHRSRPHQH]DQDSODWXXVWLOX VYDNRGQHYQRPMH]LNXRYDNYHçHQHQRVHLPHÅ0DMĆLQDSULMDWHOMLFDMHUVXXYHNVSUHPQHGD
Å$NRQHSODWLWHOLĆQRQDQDåHPåDOWHUXLOLSRåWDQVNRPXSODWQLFRPXURNXRGĆDVRYD GHOHPXGUHURGLWHOMVNHVDYHWHDVDPHçLYHRGLVNXVWYDL]GUXJHUXNHSRåWRVYRJQHPDMX2QH
%HOLLPDRSUDYGDQMHGDVHSUHSXVWLSUDYHGQRPJQHYXWHSUHOD]LQDMHGQXYDULMDQWXLJUH ĄXWNHLJUDMX=80'SDMHGLQRVYRMLPERUEHQLPGUçDQMHPNDRGDND]XMXÅ=DåWRRYREDåPHQL
Å'Rå·RVLPLQD]LFHUćXEUH8WRPVOXĆDMXRQWULMXPIXMHNDGGRNDçHNROLNRMHQMHJRY XYHNPRUDGDVHGHVL"
SRYHULODFJUDP]LYEHVNUXSXOR]DQLSUHYUWOMLY'YHQDMXSDGOMLYLMHSUHGQRVWLRYRJDVXXWRPH
åWRMHDRMDĆDQDHJ]LVWHQFLMDOQDSR]LFLMD%HORJNRMDVNULYHQRL]UDçDYDVWDYÅ6YLSRYHULRFLVX =DQLPOMLYDYDULMDQWD=80'GHåDYDVHGREURSULODJRćHQLPOMXGLPDNRML]JUĄXQDJUDGHLXVSHKH
GHULNRçHLåWRESUXçDPRJXĄQRVW]DYHOLNGRELWDNQDGUXåWYHQRPSODQXMHUVDGDMHX SUHNRVYDNRJRĆHNLYDQMD8RYRPVOXĆDMX=80'PRçHGDGRYHGHGRR]ELOMQRJLWYRUDĆNRJ
SRORçDMXGDRWYRUHQREODWL]DMPRGDYFDSUHGQMHJRYLPSULMDWHOMLPDEH]VWUDKDGDĄHL]JXELWL UD]PLåOMDQMDSDLGROLĆQRJUDåĄHQMDXQDMEROMHPVPLVOXUHFLDNRVHSUHWYRULXÅ6WDVDP
VWDWXVÅ'REULĆLQH2QPRçHĆDNGDLVNRULVWLLPRJXĄQRVWGDOMHJXQXWUDåQMHJGRELWNDQD XĆLQLRGD]DVOXçLPVYHRYR
GUXåWYHQRPSODQXVXRĆDYDMXĄLVHGLUHNWQRVD]DMPRGDYFHP.DRGRGDWDNVYLPRYLP
RSUDYGDYDPRQMHJRYRLVNRULåĄDYDQMHVODERVWLVLVWHPDSR]DMPLFDDNRVX]DMPRGDYFLWDNYLNDR '2ä·26,0,1$=,&(5đ8%5(
åWRMHXSUDYRSRND]DQR]DU]DVOXçXMXGDLPYUDWLPRGXJ" 7H]D.ODVLĆDQREOLNRYHLJUHPRçHPRYLGHWLSULSRNHUX%HOLGRELMHQDMMDĆHPRJXĄHNDUWHQD
SULPHUĆHWLULNHFD8WRPWUHQXWNXDNRMHLJUDĆ'601=QMHJDYLåHLQWHUHVXMHĆLQMHQLFDåWRMH
,JUXÅ=DMPRGDYFDXYDULMDQWLÅ8]PLVDGLQHL]OD]LPLQDRĆL86,1,012SRQHNDGLJUDMX &UQLXSRWSXQRVWLSUHSXåWHQQMHPXQDPLORVWLQHPLORVWQHJRåWRĄHGRELWLSDUWLMXLOL]JUQXWL
VLWQLVWDQRGDYFL,JUDĆL3$0'1L86,1,012ODNRSUHSR]QDMXMHGDQGUXJRJSDVH]ERJL]JOHGD ORYX
QDWUDQVDNFLRQHSUHGQRVWLLGREUX]DEDYXSRWDMQRUDGXMXLRUQRXOD]HXLJUX1H]DYLVQRRG
WRJDNRĄHRGQMLKGDGLJQHORYXXVYDNRPVOXĆDMXĄHNDGVYHEXGHJRWRYRRQDMGUXJLLPDWL %HORPMHELORSRWUHEQRGDSRVWDYLQHNHYRGRYRGQHLQVWDODFLMHXNXĄLSDMHVDPDMVWRURP
RGOLĆDQVWDUW]DLJUXÅäWREDåPHQL GHWDOMQRSURåDRNUR]SUHGUDĆXQWURåNRYDSUHQHJRåWRPXMHGDRÅ]HOHQRVYHWLR&HQDMH
GRJRYRUHQDL]DSHĆDĄHQRMHGDQHĄHELWLQLNDNYLKQDNQDGQLKSRYHĄDQMDWURåNRYD.DGMH
,JUHVQRYFHPPRJXGDLPDMXYUORR]ELOMQHSRVOHGLFH$NRRYLRSLVLLJDUDGHOXMXNRPLĆQRNDR YRGRLQVWDODWHUQDNUDMXSRGQHRUDĆXQGRGDRMHQHNROLNRGRODUD]DMHGQXVODYLQXNRMXMH
åWRQHNLPDL]JOHGDRQGDWRQLMH]ERJEH]QDĆDMQRVWLQMLRYRJSUHGPHWDQHJR]ERJ PRUDRSUHNRSODQDGDQDPHVWL²RNRĆHWLULGRODUDQDVXPXRGĆHWLULVWRGRODUD]DFHR
UD]RWNULYDQMDEH]QDĆDMQLKPRWLYDL]DVWYDULNRMHVXOMXGLQDXĆLOLGDX]LPDMXR]ELOMQR SRVDRąLPMHGRELRUDĆXQ%HOLMHWHOHIRQLUDRPDMVWRUXEHVDQNDRULVWUDçHĄLREMDåQMHQMH
0DMVWRUQLMHKWHRGDRGVWXSL%HOLPXMHRQGDQDSLVDRSRGXçHSLVPRXNRMHPMHGRYHRX
$QWLWH]D2ĆLJOHGQDDQWLWH]D]D3$0'1MH]DKWHYGDGXJEXGHLVSODĄHQRGPDKLWRX SLWDQMHQMHJRYRSRåWHQMHLSRVORYQLPRUDORGELMDMXĄLGDPXLVSODWLUDĆXQGRNGRGDWQH
JRWRYRP$OLGREDULJUDĆ3$0'1]QDQDĆLQNDNRGDL]YUGDLRYRVHPNDGQDOHWLQDVXSHU WURåNRYHQHHOLPLQLåH0DMVWRUQLMHLPDRNXGSDMHQDNUDMXSRSXVWLR
SUHYHMDQRJ]DMPRGDYFD3URWLYRWURY]D86,1,012MHWDĆQRVWLSRåWHQMH3RåWRVXYDWUHQLLJUDĆL
3$0'1L86,1,012SUDYLSURIHVLRQDOFLVWRSRVWRåDQVHDPDWHUDNRMLVHXSXVWHXLJUXVQMLPD 1LMHPQRJRWUHEDORGDVHYLGLGDRERMLFDL%HOLLPDMVWRULJUDMXVYRMHLJUH7RNRPSUHWKRGQLK
LVWHVXNDRLVDSURIHVLRQDOQLPNRFNDURP2QUHWNRSREHćXMHDOLPRçHEDUGDXçLYDXLJUL SUHJRYRUDRQLVXLVSLSDOLPRJXĄQRVWLMHGDQGUXJRPH0DMVWRUMHSRYXNDRVYRML]D]LYDĆNLSRWH]
3RåWRREHRYHLJUHSRWUDGLFLMLWUHEDLJUDWLQDPUåWHQLKOLFDQLåWDQHPRçHWDNRGDL]QHUYLUD NDGDMHSRGQHRSUYRELWQLUDĆXQ3RåWRMHYHĄGDRUHĆGDQHĄHELWLSUHNRUDĆHQMDELORMHMDVQR
SURIHVLRQDOFDNDRDPDWHUQDLYQDçUWYDNRMLSRĆLQMHGDVHVPHMHQDNUDMXLJUH8ILQDQVLMVNLP GDQHPDSUDYR7RMHSRGVWDNOR%HORJGDXSUDYHGQRPJQHYXVUXĆLGUYOMHLNDPHQMHQD
NUXJRYLPDRYDNYRSRQDåDQMHREDYH]QRSRYODĆLÅFUYHQLNDUWRQ2VPHKLYDQMHGXçQLNXNDGJD PDMVWRUD8PHVWRGDQDGRVWRMDQVWYHQQDĆLQVWDYLVYRMXSULPHGEXåWRELRGJRYDUDORQMHJRYLP
VUHWQHWHVOXĆDMQRQDXOLFLGHOXMHQDQMHJDSUHPDVYHGRĆHQMLPDNRMDMHSULNXSLRSLVDFRYLK 2GUDVOLPSULQFLSLPDX]LVSROMDYDQMHL]YHVQHGR]HQHSULMDWQRVWL]ERJVYHJDWRJDRQMH
UHGRYDLVWRRQDNRQHSULMDWQRXYUHGOMLYRLUD]MDUXMXĄHNDRåWRQD7UDSDćR]DGHOXMHLJUDQMH LVNRULVWLRSULOLNXGDRSåLUQRLVNULWLNXMHFHORNXSDQPDMVWRURYQDĆLQçLYRWD1DSRYUåLQLQMLKRYD
LJUHDQWLÅ7UDSDćR] UDVSUDYDMHGHORYDODNDRNRQWDNW2GUDVORJVD2GUDVOLPVDVYLPQRUPDOQDSRVORYQDUD]PLULFD
RNRRGUHćHQHVXPHQRYFD1DSVLKRORåNRPQLYRXELORMHWRREUDĄDQMH5RGLWHOMD2GUDVORPH
ä871,0( %HOLMH]ORXSRWUHELRVYRMXEH]QDĆDMQXPDGDGUXåWYHQRRSUDYGDQXSULPHGEXVWDQRYLåWHGD
7H]D2YXLJUXLJUDMXOMXGLNRMLXGUXåWYXL]JOHGDMXNDRGDQRVHEHGçÅ0ROLPQHPRMWHGDPH RWNDĆLVYHåWRPXVHJRGLQDPDQDNXSLORSURWLYWRJJUDP]LYRJPDMVWRUDNDRåWRELYHURYDWQRL
åXWLUDWH,VNXåHQMHMHVNRURQHL]GUçOMLYRDNDGDXVOHGLSULURGQDSRVOHGLFDWDNYRJGUçDQMD%HOL QMHJRYDPDPDXUDGLODXVOLĆQRMVLWXDFLML2QMHXEU]RVKYDWLRVYRMVNULYHQLVWDY'601=L
RQGDX]YLNXMHSODĆOMLYRÅ$OLWXSLåH1(02-7('$0(ä87,5$7(7HNRQGDGRGDMHSRGR]ULYR SUL]QDRVHELNROLNRMHXSRWDMLELRREUDGRYDQPDMVWRURYRPSURYRNDFLMRP2QGDVHSULVHWLR
Å=DåWREDåPHQLXYHNPRUDGDVHGHVL"=80'.OLQLĆNL=80'MHPRJXĄHSRVXYUDWLWLL NDNR]DVOLĆQLPQHSUDYGDPDWUDJDRWNDG]QD]DVHEHNDNRLPVHXYHNREUDGXMHLLVWHUXMHLK
NDPXIOLUDWLSRNDOXSXÅ3VLKLMDWULMHÅ.DGJRGGRçLYLPVWUHVWRPHGREURX]GUPDRGJODYHGR QDĆLVWLQXVDLVWLPRGXåHYOMHQMHP8YHĄLQLVOXĆDMHYDNRMHMHXSDPWLR]DERUDYLRMHRQRåWRJD
SHWH-HGDQVDVWRMDNLJUHX=80'GRELMDPRRGSRQRVDSRVWDYOMHQRJQDJODYFHÅ0RMHQHSULOLNH MHL]D]YDORDOLVHGRGHWDOMDVHĄDRELWNHNRMDELXVOHGLOD$PDMVWRUMHL]JOHGDLJUDRQHNX
VXEROMHRGWYRMLK2YRĆHVWRVUHĄHPRNRGSDUDQRLGQLKOMXGL YDULMDQWXÅ=DåWRRYREDåPHQLXYHNPRUDGDVHGHVL=80'
$NRPHNDQRVUFHSULVWRMQRVWVPLVDR]DGLVFLSOLQXLOLLJUDQMHÅ+RĄXVDPRGDWLSRPRJQHP '601=MHLJUD]DGYDLJUDĆDLWUHEDMHUD]OLNRYDWLRGÅ6WUDåQRVWUDåQR66866LQLFLMDWRU
VSUHĆDYDMXOMXGHL]RNROLQH%HORJGDJDåXWLUDMXRQGDVHRQGRNQHSUHćHVYHJUDQLFHL WUDçLQHSUDYGHGDELPRJDRGDVHçDOLQHNRMWUHĄRMVWUDQNLWDNRGDLJUDLPDWULĆODQD
SULPRUDLKGDPXVHSULNORQHSRQDåDVYHYLåHL]D]LYDĆNL=DWRPHćXQMLPDLPDPQRJRRQLK 1DSDGDĆDæUWYXL3RYHUHQLND66VHLJUDSRGSDURORPÅ1HVUHĄDQLNDGQLMHVDPD3RYHUHQLN
NRMHVXRVWDYLOHçHQHNRMLVXELOLL]EDFLYDQLL]åNROHLGRELMDOLRWND]QDSRVOX
MHRELĆQRQHNRNRWDNRćHLJUD66=80'VHLJUDXWURMHWDNRćHDOLWXLQLFLMDWRUSRNXåDYDGD ODNRGDQDXĆLRYXLJUXWHVHRQDJODWNRSUHQRVLVDJHQHUDFLMHQDJHQHUDFLMX6NULYHQH
XVSRVWDYLSULPDWXQHVUHĄLLQHWUSLNRQNXUHQFLMXGUXJLKQHVUHĄQLND VDWLVIDNFLMHLSUHGQRVWLMDVQLMHVHSRND]XMXNDGVHLJUD]DYRćHQMH
'601=MHNRPHUFLMDOL]RYDQDXWURĆODQRMSURIHVLRQDOQRMYDULMDQWLNDRLJUDÅ-D]DYDFD0RJXĄH 9661=7GUXJRJVWHSHQDNDG9ä61=7SRVWDQHSRGORJDĆLWDYRJQDĆLQDçLYRWDDQLMHVDPR
MXMHLVWRWDNRLJUDWLNDREUDĆQXLJUXXGYRMHQDPDQMHLOLYLåHVXSWLODQQDĆLQ SRYUHPHQLPHKDQL]DPRGEUDQHRQGD%HOLX]LPD]DçHQXRVREXNRMDLJUDÅ+RĄXVDPRGDWL
SRPRJQHPLOLQHNXGUXJXLJUXL]LVWHIDPLOLMH2QGDPXMHODNRGDQMRMSUHQHVHSUDYR
$QWLWH]D1DMEROMDDQWLWH]DMHNRUHNWQRSRQDåDQMH8JRYRUQLRGQRVVLLJUDĆHP'601=WUHED RGOXĆLYDQMD&HVWRMHRYRPRJXĄHL]YHVWLNDRJHVWSDçQMHLOLJDODQWQRVWL7DNRĄHRQELWL
GHWDOMQRIRUPXOLVDWLLVWDYLWLQDSDSLUSULSUYRPGRJRYRUXD]DWLPVWURJRVSURYRGLWLRQRåWR åLURNRJUXGLSUHSXVWLWLQMRMGDRGOXĆLNXGDQDYHĆHUXLOLXELRVNRS$NRVYHVSDGQHGREUR
SLåH8NOLQLĆNRMSUDNVLQDSULPHUSLWDQMHSODĄDQMD]DSURSXåWHQHLOLRGORçHQHWHUDSHXWVNH XçLYDĄHLRQ$NRQHXYHNPRçHGDRNULYLQMXJRYRUHĄLLOLQDJRYHåWDYDMXĄLÅ7LVLPHXYDOLODX
VHDQVHWUHEDUDåĆLVWLWLRGPDKQDSRĆHWNXDNDVQLMHPRUDPRVDPR RYRåWRMHSURVWDYDULMDFLMD9ä61=7,OLPRçHQDQMXGDSUHEDFLWHUHWRGOXĆLYDQMDRGHFLGRN
RWYRULWLĆHWYRUHRĆLGDQHGRćHGRSRJUHåNHXUDĆXQRYRGVWYX$NRLSDNGRćHGRQHSUHGYLćHQRJ MHRQVDPRL]YUåLODFDNRVXGHFDX]QHPLUHQDRQSUHOD]LQDRWYRUHQXLJUX9å61=71DWDM
VSRUDQDMEROMLSURWLYRWURYMHGRNVHWHUDSLMDQHUD]YLMHWROLNRGDWHUDSHXWPRçHGDVHSRVYHWL QDĆLQRQDNRGHFDQHLVSDGQXNDNRYDOMDWRNRPJRGLQDSULSUHPDWHUHQ]DVYDOMLYDQMHNULYLFH
UDåĆODQMDYDQMXVDPHLJUHYHOLNRGXåQRSRSXåWDQMHEH]UHĆL8VYDNRGQHYQRPçLYRWXNDGVH QDPDMNXXWRPVOXĆDMX9ä61=7QLMHFLOMQHJRVUHGVWYRNRMLP%HOLSRVWLçHX]JUHGQX
VNODSDQHNLSRVDRVDLJUDĆHP'601=WUHEDUDĆXQDWLLQDUL]LNNRMLWRVRERPQRVL3UHPD VDWLVIDNFLMXQDSXWXNDÅ-HVDPOLWLUHNDRLOLÅ9LGLåWDVLVDGQDSUDYLOD
VXSUX]LWDNYRJĆRYHNDWUHEDVHRSKRGLWLQDSULVWRMQRMGLVWDQFLL]EHJDYDMXĄLLQDMEODçHDOX]LMH
QDIOHUWVYDNL]QDNSDçQMHLOL]DLQWHUHVRYDQRVWLQDURĆLWRDNRYDPL]JOHGDGDPXçXQLMHXRSåWH 3URIHVLRQDOQLLJUDĆNRULVWLĄH9661=7LQDUDGQRPPHVWX8RYRMYDULMDQWL9ä61=7SDĄHQLĆNL
VWDOR L]UD]OLFD]DPHQMXMHUHFLXSRND]LYDQMXQH]DGRYROMVWYD,JUDĆÅGHPRNUDWVNLLOLXRNYLUX
ÅGREURJUXNRYRćHQMDWUDçLRGVYRMLKVDUDGQLNDSUHGORJH1DWDMQDĆLQRQPRçHGDRVWYDUL
$1$/,=$ QHSURFHQMLYXSR]LFLMX]DWHURULVDQMHVDUDGQLND6YDNXVYRMXJUHåNXPRçHGDRNUHQHSURWLY
7H]D7XVDPWHĆHN
RNXUYLQVLQH QMLKSULSLVXMXĄLMHQMLPD.DGD%HOLRYXLJUXNRULVWLSUHPDKLMHUDUKLMVNLQDGUHćHQLPD
&LOM2SUDYGDQMH SUHEDFLYDQMHQMLPDVRSVWYHQLKJUHåDNDRQDSRVWDMHVDPRXELODĆNDLPRçHGDGRYHGHLJUDĆD
8ORJHæUWYD1DSDGDĆ GRJXELWND]DSRVOHQMDLOLDNRMHUHĆRYRMVFLGRSUHPHåWDMDXGUXJLJDUQL]RQ7DGDRYDLJUD
'LQDPLND/MXERPRUQLJQHY SRVWDMH.DPRVDVWDYQLGHRÅäWREDåPHQLRYRPRUDXYHNGDVHGHVLNRGQDPĄRUDVWLKLOL
3ULPHUL2YRJSXWDVLGROLMDR/MXERPRUQLVXSUXJ Å0HQHQHPRçHGDPLPRLćHNRGWXUREQLKREHLJUHVXL]IDPLOLMHÅäXWQLPH
'UXåWYHQLPRGHO2GUDVOL2GUDVOL
2GUDVOLÅ9LGLåGDVLSRJUHåLR 9ä61=7WUHĄHJVWHSHQD3DUDQRLGQLVXVNORQLJUXERPLJUDQMX9ä61=7VDRQLPDNRMLVX
2GUDVOLÅ3RåWRVLPLVNUHQXRSDçQMXQDWRXYLćDPGDVLXSUDYX GRYROMQRQHRSUH]QLGDVHXSXåWDMXXGDYDQMHVDYHWDYÅ+RĄXVDPRGDWLSRPRJQHP7DGD
3VLKRORåNLPRGHO5RGLWHOM'HWH RYDLJUDPRçHGDSRVWDQHRSDVQDSDSRQHNDGĆDNLVPUWRQRVQD
5RGLWHOMÅ3RVPDWUDRVDPWH]QDMXĄLGDĄHQHåWRGDWLVHRPDNQH
'HWHÅ2YRJSXWDVLPHXKYDWLR Å9LGLåWDVDPQDSUDYLR]ERJWHEH9ä61=7Å7LVLPHXYDORXRYR760882OHSRVH
5RGLWHOMÅ'DLSRND]DĄXWLNDNRXPHPLGDVHOMXWLP QDGRSXQMXMXWDNRGDNRPELQDFLMD9ä61=7760882SUHGVWDYOMDNODVLĆDQWHPHOMPQRJLK
3RWH]L3URYRNDFLMD2SWXçLYDQMH2GEUDQD2SWXçLYDQMH2GEUDQD.D]QD QHSLVDQLKEUDĆQLKXJRYRUD6OHGHĄLUHGRVOHGGRJDćDMDSUHGVWDYOMDLOXVWUDFLMXRYRJXJRYRUD
3UHGQRVWL8QXWUDåQMHSVLKRORåNH2SUDYGDQMHJQHYD6SROMDåQMHSVLKRORåNH² 3UHPDGRJRYRUXJćD%HODMHYRGLODSRURGLĆQRNQMLJRYRGVWYRLSODĄDODUDĆXQHSUHNR
,]EHJDYDQMHVXRĆDYDQMDVDVRSVWYHQLPQHGRVWDFLPD8QXWUDåQMHGUXåWYHQH767&.6 ]DMHGQLĆNHĆHNRYQHNQMLçLFHXEDQFLMHUMHJ%HOLELRÅVODEQDFLIUDPD6YDNLKQHNROLNR
6SROMDåQMHGUXåWYHQH8YHNĄHVHQDĄLQHNRGDWHRWNULMH%LRORåNH5DWRERUQD PHVHFLGRELMDOLVXRSRPHQH]DSUHNRUDĆHQMHXORçHQHVXPHLJ%HOLMHPRUDRWRGDL]UDYQDVD
SUHSXFDYDQMDRELĆQRLSVLVHNVXLOQD(J]LVWHQFLMDOQH8OMXGHVHQHPRçHLPDWLSRYHUHQMD EDQNRP.DGJRGELSRJOHGDOLNDNRMHGRåORGRSUHNRUDĆHQMDLVSRVWDYLORELVHRELĆQRGDMH
JćD%HODQDSUDYLODQHNXVNXSRFHQXNXSRYLQXQHSLWDMXĄLPXçD.DGWRRWNULMHJ%HOLEL
9,',67$6$01$35$9,2=%2*7(%( JQHYQRLJUDRVYRMX760882DRQDELVDVX]DPDSULPDODQMHJRYSUHNRULREHĄDYDODGDWRYLåH
7H]D8VYRPNODVLĆQRPREOLNXRYRMHEUDĆQDLJUDXVWYDULMHÅLGHDODQUD]ELMDĆEUDNRYD QHĄHSRQRYLWL6YHELNUHQXORJODWNR]DQHNRYUHPHDRQGDELVHL]QHQDGDSRMDYLRSUHGVWDYQLN
DOLPRçHVHLJUDWLLL]PHćXURGLWHOMDLGHFHNDRLXUDGQRMVUHGLQL ]DMPRGDYFDWUDçHĄLQDSODWXQHNRJGDYQDåQMHJQHLVSODĄHQRJUDĆXQD*%HOLNRMLQLNDGDQLMH
ĆXR]DWXNXSRYLQXSURYHULREL]DVYDNLVOXĆDMNRGVYRMHçHQH
9661=7SUYRJVWHSHQD%HOLSRåWRVHRVHĄDQHGUXåWYHQLP]DEDGDQRVXQHNLSRVDRNRMLPX
SRPDçHGDVHEHRJUDGLRGGUXJLKOMXGL0RçGDMHGLQRåWRçHOLGDSRVWLJQHXWRPWUHQXWNXMHVWH 7DGDELRQD]DLJUDODVYRMX9661=7JRYRUHĄLGDMHWRQMHJRYDJUHåND3RåWRMRMMH]DEUDQLRGD
GDEXGHRVWDYOMHQQDPLUX$RQGDQHNLQH]YDQLJRVWQSUQMHJRYDVXSUXJDLOLQHNRRGQMLKRYH SUHNRPHUQRWURåLMHGLQLQDĆLQGDVDVWDYLNUDMVNUDMHPELRMHGD]DEDåXULQHNLSRYHĄL
GHFHGROD]LXQDGLGDĄHELWLSRWDSåDQLOLSURVWRGDJDXSLWDQHåWRNDRÅ'DOL]QDåJGHVX L]GDWDN
YHOLNHPDND]H]DEDåWX"2YRX]QHPLULYDQMHÅSURX]URNXMHGDPXGOHWRĆHWNLFDSLVDĄD
PDåLQDLOLXVLMDQLNDODMLVNOL]QXL]UXNHSRVOHĆHJDVHRQRNUHĄHQH]YDQRPJRVWXUD]OMXĄHQL 8RYRPNRQNUHWQRPVOXĆDMXLJUHVXQDVWDYOMDQHL]JRGLQHXJRGLQXĆLWDYXGHFHQLMXVWLPGD
YLĆHÅ9LGLåWDVDPQDSUDYLR]ERJWHEH MHVYDNLSXW]DLVWDSRVOHGQMLSXWLGDĄHSRVOHWRJLJUDQMDVYHELWLGUXNĆLMHåWRVHLGRJDćDOR
DOLQLNDGQLMHSRWUDMDORGXçHRGQHNROLNRPHVHFL8WRNXWHUDSLMHJ%HOLMHYUORRåWURXPQR
3RåWRVHRYRSRQDYOMDL]JRGLQHXJRGLQXQMHJRYLXNXĄDQLVHQDXĆHGDJDRVWDYOMDMXQDPLUX UDåĆODQMDYDRQMLKRYHLJUHEH]SRPRĄLWHUDSHXWDSDMHĆDNSUHGORçLRLHILNDVDQOHN8]
NDGMH]DGXEOMHQXQHåWR5D]XPHVHGDQMHJRYRRPDNQXĄHQLMHSORGWRJDåWRJDMHQHNR RERVWUDQXVDJODVQRVWVDYQRYDFVXSUHQHOLQDQMHJRYRLPH*ćD%HODMHQDVWDYLODGDYRGL
RVORYLRQHJRQMHJRYRJQHUYLUDQMD]ERJÅRPHWDQMD2QMHXVWYDULSUHVUHĄDQNDGPXVH NQMLJRYRGVWYRLSRSXQMDYDĆHNRYHDOLMHJ%HOLPRUDRGDSRWSLVXMHåWRPXMHSUXçDORSULOLNX
WDNRQHåWRGHVLMHULPDGREDUL]JRYRUGDL]EDFLQDPHUQLND1H]JRGDMHåWRLPDORGHWHPRçH GDLVDPEDFLSRJOHGQDVYHLVSODWH
1DWDMQDĆLQQLåWDQLMHPRJORGDRVWDQHYDQQMHJRYRJ]QDQMDDRERMHVXSUHX]HOLSRMHGDQGHR
SRVODRNRLVSODWD.DGDVXLPRYDNR9661=7760882VXSUXçQLFL%HOLELOLVXQDMSUHQDJXELWNX %5$ą1(,*5(
DOLVX]DWLPELOLSULPRUDQLGDSRWUDçHRWYRUHQLMHLNRQVWUXNWLYQLMHQDĆLQHPHćXVREQRJ
SUXçDQMD]DGRYROMVWYD 6NRURVYDNDLJUDPRçHGDSUHGVWDYOMDRVORQDFEUDĆQHLSRURGLĆQHLGLOHDOLQHNHRGQMLKNDR
Å'DQLMHELORWHEHXVSHYDMXQDWRPWOXEROMHLOLNDRÅ)ULJLGQDçHQDELYDMXGXçH
$QWLWH]D$QWLWH]D]D9661=7SUYRJVWHSHQDMHGDLJUDĆDRVWDYLPRQDPLUXD]D9661=7 QHRWNULYHQHSRGRNULOMHP]DNRQVNH]DåWLWHNRMXSUXçDEOLVNRVW]DSHĆDĄHQDXJRYRURP%UDĆQH
GUXJRJVWHSHQDGDORSWLFDRGOXĆLYDQMDEXGHYUDĄHQDQDWUDJ%HORP,JUDĆSUYRJVWHSHQD LJUHMHQDUDYQRVDPRXVORYQRPRJXĄHRGYDMDWLRGVHNVXDOQLKLJDUDNRMLPDVPRSRVYHWLOL
PRçHUHDJRYDWLGDVXJDVYLQDSXVWLOLDOLĄHVHUHWNROMXWLWL]ERJWRJDLJUDĆGUXJRJVWHSHQD SRVHEQRSRJODYOMH6OHGHĄHLJUHGRVWLçXQDMUD]YLMHQLMHIRUPHEDåXEUDĆQLPRGQRVLPD
PRçHSRVWDWLPU]RYROMDQDNRMHQDWHUDQGDSUHX]PHLQLFLMDWLYXWHELVLVWHPDWVNRLJUDQMHDQWL Å+YDWDQMH]DUHĆÅ7XçDNDQMHÅ)ULJLGQDçHQDLÅ)ULJLGQLPXåNDUDFÅ9HĆLWR]DGLKDQD
ä61=7PRJORGDGRYHGHGRQHSRçHOMQLKSRVOHGLFD3URWLYRWURY]D9661=7WUHĄHJVWHSHQDQHEL Å'DQLMHELORWHEHÅ9LGLåGDVDPVHWUXGLRLÅ'UDJDPRMD
WUHEDORSUHSXVWLWLXQHVWUXĆQHUXNH
+9$7$1-(=$5(&
'(/,0,ą1$$1$/,=$ 7H]D0QRJRMDVQLMHRGYHĄLQHGUXJLKLJDUDÅ+YDWDQMH]DUHĆSRND]XMHGDLJUHVOXçH
&LOMRYHLJUHMHSUDYGDQMH'LQDPLĆNLEODçLREOLNPRçHPRSRYH]DWLVDSUHYUHPHQRP VSUHĆDYDQMXEOLVNRVWLLNRULåĄHQMXGUXJLK]DVYRMHFLOMHYH=DGLYQRĆXGRRYXLJUXNDUDNWHULåH
HMDNXODFLMRPDRåWULMLVDJQHYRP]DVQRYDQLPQDVWUDKXRGNDVWUDFLMH/DNRVHOHSL]DGHFX RGELMDQMHGDVHLJUDWXćDLJUD
*ODYQLGRELWDNVSDGDXVSROMDåQMHSVLKRORåNHL]EHJDYDQMHRGJRYRUQRVWLDLJUXĆHVWRSRNUHĄH
RSDVQRVWRGQDVWXSDMXĄHEOLVNRVWLMHUÅSUDYHGDQJQHYSUHGVWDYOMDGREDUL]JRYRU]D *ćD%HODSUHGODçHPXçXGDL]DćXXNLQR*%HOLSULKYDWDD*ćD%HODSUDYLMHGQX
L]EHJDYDQMHSROQLKRGQRVD(J]LVWHQFLMDOQRVWDQRYLåWHJODVLÅ-DVDPQHSRJUHåLY ÅQHVYHVQXRPDåNX2QDWRNRPUD]JRYRUDVDVYLPQRUPDOQRSRPLQMHGDELWUHEDORRPDODWL
NXĄX7RSULOLĆQRNRåWDDJ%HOLMRMMHQHGDYQRUHNDRGDQHVWRMHEDåQDMEROMHL]DPROLRMHGD
%HOHåND VHX]GUçLRGYDQUHGQLKWURåNRYDPDNDUGRSRĆHWNDVOHGHĄHJPHVHFD3UHPDWRPHRYRQLMH
=DKYDOQRVWGXJXMHPGU5RGQL1HUVX1XUVHLJćL)UHQVLV0HWVRQ0DWVRQL]&HQWUD]DWUHWPDQ EDåQDMEROMHRGDEUDQWUHQXWDN]DSRPLQMDQMHGDMHNXĄLSRWUHEQRPDODQMHWH%HOLUHDJXMH
DONROROL]PDLREUD]RYDQMHX2XNOHQGX.DOLIRUQLMDLGU.HQHWX(YHUFX(YHUWVGU5'ç JUXER
6WHUHOVX6WDUUHOVGU5REHUWX*XOGLQJX*RXOGLQJLRVWDOLPDNRMLVXSRVHEQRSRND]DOLLQWHUHV
]DSURXĆDYDQMHÅ$ONRKROLĆDUDNDRLJUH]ERJGRSULQRVDLSULPHGELNRMHVXGDOLRYGHL]QHWRP E$OWHUQDWLYQR%HOLQDYRGLUD]JRYRUQDNXĄXWDNRGDJćD%HODWHåNRPRçHGDRGROL
SULND]XWHLJUH LVNXåHQMXLQHNDçHNDNRMHNXĄLSRWUHEQRPDODQMH.DRLXSUHWKRGQRMYDULMDQWL%HOLUHDJXMH
JUXER
%,%/,2*5$),-$
%HUQH($/D\PDQ
V*XLGHWR3V\FKLDWU\DQG3V\FKRDQDO\VLV6LPRQ 6FKXVWHU1HZ *ćD%HODMHSRVOHWRJDXYUHćHQDLVDRSåWDYDPXçXGDRQDLQHPRUDVQMLPGDLGHXNLQR
<RUNS DNRMHRQWDNRQDNULYRQDVDćHQLGDMHEROMHGDRQLGHVDP*%HOLRGJRYDUDGDLKRĄHGDLGH
0HDG0*URYDLQJ8SLQ1HZ*XLQHD0RUURZ1HZ<RUN VDPDNRRQDPLVOLGDMHWDNRQDMEROMH
%HOLRGOD]LXNLQRLOLXåHWQMXVDGHFRPDJćX%HOXRVWDYOMDNRGNXĄHGDOHFLVYRMD
SRYUHćHQDRVHĄDQMD
8RYRMLJULMHPRJXĄHSULPHQLWLLGYDWULND
$*ćD%HOD]QDL]LVNXVWYDGDRGQMHQLNRQHRĆHNXMHGDR]ELOMQRX]PHNVUFXQMHJRYX
SRYUHćHQRVW1MHPXMHMHGLQRVWDORGRWRJDGDPXRQDRGDSUL]QDQMH]DQDSRUHNRMHXODçHX
]DUDćLYDQMHVUHGVWDYD]DçLYRWDRQGDPRJX]DMHGQRGDL]DćXNDRGDQLåWDQLMHQLELOR$OLRQD
RGELMDGDLJUDWXLJUXWHVHRQRVHĄDRVWDYOMHQQDFHGLOXLGRNRQDRVWDMHNRGNXĄXFYHOMHQRJ
L]JOHGDDOLVDWDMQLPRVHĄDQMHPWULMXPIDXVHELRQRGOD]LLVSXQMHQUD]RĆDUHQMHPL
QH]DGRYROMVWYRP
%%HOLL]LVNXVWYD]QDGDRGQMHJDQLNRQHRĆHNXMHGDR]ELOMQRSULPLNVUFXQMHQRGXUHQMH
1MRMMHVDPRVWDORGDVHPD]LLODNRĄHSULKYDWLWLQMHJRYRL]YLQMHQMHDRQGDPRJX]DMHGQRGD
L]DćXNDRGDQLåWDQLMHQLELOR$OLRQRGELMDGDLJUDWXQMHQXLJUXVYHVWDQGDWRåWRĆLQLQLMH
IHUMHU]QDGDRQDKRĄHGDEXGH]DPROMHQDDOLVHSUDYLGDQH]QD2QRGOD]LRGNXĄHYHVHRL
RSXåWHQPDGDL]JOHGDQDPUJRćHQR$QMXMHRVWDYLRNRGNXĄHUD]RĆDUDQXLQH]DGRYROMQX
8REDVOXĆDMDSREHGQLĆNDSR]LFLMDMHJOHGDQRL]QDLYQRJXJODQHRERULYDMHGLQRåWRRQL
L]JOHGDX]LPDMXMHGQRGUXJRGRVORYQR2YRMHMDVQLMHXGUXJRMYDULMDQWLNDGD%HOLSULPD
RGELMDQMHJćH%HOHGDL]DćHVQMLP]GUDYR]DJRWRYR2ERMH]QDMXGDMHWRYDUDQMHDOLSRåWR
MHRQDWDNRUHNODRQMHKYDWD]DUHĆ
1DMRĆLJOHGQLMLGRELWDNRYGHMHVSROMDåQMHSVLKRORåNL=DRERMHRGOD]DNXNLQRSUHGVWDYOMD 8WHVQRMYH]LVDÅ+YDWDQMHP]DUHĆQDMHGQRMLÅ2GUSDQLFRPQDGUXJRMVWUDQLVWRMLEUDĆQD
L]YHVQRVHNVXDOQRX]EXćHQMHLPHćXQMLPDVHPDQMHYLåHSRGUD]XPHYDGDĄHSRVOHSRYUDWND LJUDÅ.HVDVDXçLQRP0XçNRMLELPLUQHGXåHPRJDRGDMHGHXQHNRPGREURPUHVWRUDQXLSDN
L]NLQDYRGLWLOMXEDY6WRJDRQDMNRçHOLGDL]EHJQHEOLVNRVWSRYODĆLSRWH]DLOLELWLPH VYDNRMXWURSULSUHPDVHELVHQGYLĆHLQRVLLKQDSRVDRXSDSLUQRMNHVL1DWDMQDĆLQNRULVWL
VWDYOMDLJUXXSRNUHW NULåNHKOHEDQDVHĆHQH]DYHĆHUXLRVWDWNHGUXJHKUDQHDVXSUXJDPXRGYDMDSDSLUQHNHVHRG
NXSRYLQHäWRMHMRåYDçQLMHWRPXRPRJXĄXMHGDXSRWSXQRVWLNRQWUROLåHSRURGLĆQLEXGçHW
2YRMHSRVHEQRUD]GUDçXMXĄDYHU]LMDLJUHÅ)UNDYSRJODYOMHÅ8YUHćHQDVWUDQNDPRçH MHUNRMDELVHçHQDXVXGLODGDNXSLYL]RQVNXEXQGXX]PXçDNRMLVHWROLNRçUWYXMH"6XSUXJXELUD
QDUDYQRVSXQLPSUDYRPGDRGELMHYRćHQMHOMXEDYLXVWDQMXSUDYHGQRJJQHYDDEUDĆQLGUXJ LPQRJHGUXJHSUHGQRVWLNDRåWRMHSULYLOHJLMDGDMHGH]DVYRMJURåLOLPRJXĄQRVWGDLWRNRP
NRMLMHXKYDĄHQ]DUHĆQHPDQLNDNYRJL]OD]D SDX]H]DUXĆDNXJUDELQHåWRYUHPHQD]DGRYUåDYDQMH]DSRĆHWLKSRVORYD2YDLJUDMHYLåHVWUXNR
NRQVWUXNWLYQDL%HQGçDPLQ)UDQNOLQELMHVLJXUQRSRGUçDRMHUSRGVWLĆHUD]YLMDQMHYUOLQDNDR
$QWLWH]D9UORMHGQRVWDYQR]DJćX%HOX=DQMXMHGRYROMQRGDVHSUHGRPLVOLX]PHPXçDSRG åWRVXåWHGOMLYRVWPDUOMLYRVWLWDĆQRVW
UXNXQDVPHåLVHLNUHQHVQMLPSUHOD]VD'HĆMHJQD2GUDVORHJRVWDQMH1HåWRMHWHçHJ
%HORPSRåWRMHLQLFLMDWLYDXQMHQLPUXNDPD$OLDNRMHRQXVWDQMXGDVDJOHGDVLWXDFLMXX 78æ$.$1-(
FHOLQLPRçGDĄHXPHWLLGDMHQDPDPLGDNUHQHVQMLPELORNDRQDGXUHQR'HWHNRMHMH 7H]D)RUPDOQRRYDLJUDSULSDGDRQRMYUVWLNRMDQDOD]LQDMEXMQLMHJL]UD]DXREODVWLSUDYDD
SULVWDORQDSRPLUHQMHLOLåWRELELOREROMHNDR2GUDVODRVRED JGHVSDGDMXÅ'UYHQDQRJDYDćHQMHQDOXGLORLÅ'XçQLNJUDćDQVNDSDUQLFD.OLQLĆNLRYX
LJUXQDMĆHåĄHVUHĄHPRSULEUDĆQRPVDYHWRYDQMXLXEUDĆQLPSVLKRWHUDSHXWVNLPJUXSDPD
Å+YDWDQMH]DUHĆVUHĄHPRXQHåWRGUXNĆLMHPREOLNXNDRSRURGLĆQXLJUXXNRMRMXĆHVWYXMXL
GHFDNDGDSRGVHĄDQDÅ'XSORYH]DQRNRMHMHRSLVDR%HMWVRQVDVDUDGQLFLPD2YGHMHGHWH 7DĆQLMHUHĆHQRQHNHRGRYLKJUXSDLQHVDĆLQMDYDQLåWDGUXJRQHJREHVNUDMQRÅ7XçDNDQMH
KYDWDQR]DUHĆSDåWRJRGGDXĆLQLQHYDOMD3UHPD%HMWVRQRYRMåNROLRYRPRçHELWLMHGDQ NRMHQLåWDQHUHåDYDMHUQHPDNRGDSUHNLQHLJUX6DYHWRGDYDFLOLWHUDSHXWVXGRJXåHX
RGYDçQLKĆLQLODFDXHWLRORJLMLVKL]RIUHQLMH*RYRUHĄLMH]LNRPLJDUDVKL]RIUHQLMXMHPRJXĄH LJULDGDWRJDXRSåWHQLVXVYHVQL
X]HWLNDRGHWLQMLSURWLYRWURY]DLJUXÅ+YDWDQMH]DUHĆ7DNRLVSDGDLQDRVQRYXLVNXVWDYDNRMD
LPDPRXUDGXVDåL]RIUHQLĆDULPDX]SRPRĄDQDOL]HLJDUD3DWDNRNDGDSRURGLĆQXYDULMDQWX Å7XçDNDQMHMHPRJXĄHLJUDWLVDELORNRMLPEURMHPLJUDĆDDOLWRMHXVXåWLQLWURĆODQDLJUDVD
Å+YDWDQMH]DUHĆDQDOL]LUDPRGDELVPRSRND]DOLNDNRVXVKL]RIUHQLĆQDSRQDåDQMDXVWYDUL WXçLRFHPRSWXçHQLPLVXGLMRPNRMHLJUDMXPXççHQDLWHUDSHXW.DGVHLJUDXWHUDSHXWVNLP
SUHGX]HWDGDELRVREHSDULUDOHRYRMLJULGROD]LPRGRGHOLPLĆQHLLLSRWSXQHUHPLVLMHNRG JUXSDPDSUHNRUDGLMDLOLWHOHYL]LMHRQGDSXEOLNDLPDXORJXSRURWH6XSUXJSRĆLQM
SDFLMHQDWDNRMLVXQDRGJRYDUDMXĄLQDĆLQSULSUHPOMHQL RSWXçXMXĄLPWRQRPÅ6OXåDMåWDMHçHQLQRLPHXUDGLODMXĆH8]HODMHLWGLWG6XSUXJD
RQGDRGJRYDUDEUDQHĄLVHÅ7RMHXVWYDULELORRYDNR$VHPWRJDQHSRVUHGQRSUHWRJDRQ
6DQDPHWOMLYRWXWRUVNLQDVWURMHQLPURGLWHOMLPDGROD]LGRMHGQRJREOLNDÅ+YDWDQMD]DUHĆX MH0Xç]DWLPSULPHĄXMHJDODQWQRÅ5DGXMHPHåWRVWHPRJOLGDĆXMHWHREHVWUDQH+RĄXGD
NRMHPXĆHVWYXMHĄHODSRURGLFDLNRMLPRçHGDRVWDYLGXERNRJWUDJDQDNDUDNWHUXPODćHGHFH EXGHPIHU7RMHWUHQXWDN]DVDYHWRGDYFDGDPXGURåĄXVXGLMHSURJRYRULÅ0HQLVHĆLQLGD
DNRX]PHPRXRE]LULWGLWG$NRMHSULVXWQDLSXEOLNDWHUDSHXWPRçHGDMRMGREDFLORSWX
2GPDORJGHWHWD5RGLWHOMLQDSULPHUWUDçHGDSRPDçHSRNXĄLDNDGJRGVHRQRSULKYDWL UHFLPDÅ3DGDĆXMHPRåWDLGUXJLLPDMXGDNDçX,OLDNRMHJUXSDYHĄXKRGDQDRVWDOLĄH
QHĆHJDQDOD]HPX]DPHUNHĆLVWLVOXĆDMRQRJÅ8UDGLRQHXUDGLRLVWRWLVHSLåH2YXYUVWX SULKYDWLWLXORJXSRURWHLEH]GLUHNWQRJXSXWVWYDRGVXGLMH
Å'XSORYH]DQRJPRçHPRQD]YDWLÅ+YDWDQMH]DUHĆYDULMDQWDVDGLOHPDPD
$QWLWH]D7HUDSHXWNDçHPXçXÅ9LVWHVDVYLPXSUDYX.DGVHRYDMVDPR]DGRYROMQRLOL
Å+YDWDQMH]DUHĆSRQHNDGVUHĄHPRLNDRHWLRORåNLIDNWRUNRGDVWPDWLĆQHGHFH SREHGQLĆNLRSXVWLWHUDSHXWJDSLWDÅ.DNR9DPL]JOHGDWRåWRVDPUHNDR"6XSUXJRGJRYDUD
'HYRMĆLFDÅ9ROLåOLPHPDPD" Å/HSR$WDGDWHUDSHXWNDçHÅ8VWYDULPLVOLPGDQLVWHQLPDORXSUDYX$NRMHPXçSRåWHQ
0DMNDÅ6WDMHWROMXEDY" RQĄHUHĄLÅ7RPLMHELORMDVQRRGSRĆHWND$NRQLMHSRåWHQXĆLQLĄHQHåWRåWRĄHSRND]DWLGD
2YDNDYRGJRYRUQHRVWDYOMDGHYRMĆLFLQLNDNYXPRJXĄQRVWL]OD]D2QDELKWHODGDUD]JRYDUDR MH]DQMHJDLJUDLGDOMHXWRNX2QGDSRVWDMHPRJXĄQRGDLGXEOMHXćHXVWYDU5HĆMHRLJUL
PDMFLDPDMNDSUHEDFXMHUD]JRYRUQDILOR]RIVNLWHUHQJGHGHYRMĆLFDQHPRçHGDVHVQDćH ]ERJWRJDåWRWXçLODFPDNROLNRGL]DRJDODPXXGQXGXåHYHUXMHGDQHPDSUDYR
=DWRRQDSRĆLQMHWHåNRGDGLåHGDVRSĄHPDMNDVHX]QHPLULLDVWPDMHWX.DGPDMNDSRĆQH
GDVHL]YLQMDYDÅ,JUDDVWPHMHXYHOLNRXWRNX2YXDVWPDWLĆQXYDULMDQWXÅ+YDWDQMD]DUHĆ´ .DGDMHSULNXSOMHQDGRYROMQDNOLQLĆNDJUDćD]DUDåĆLåĄDYDQMHVLWXDFLMHLJUXMHPRJXĄSRNYDULWL
MRåWUHEDSURXĆDYDWL MHGQLPPDQHYURPNRMLVSDGDXQDMHOHJDQWQLMHSUROLYRWURYH]DNRMH]QDPR7HUDSHXWXYRGL
SUDYLORGDXJUXSLQLNRQHVPHXSRWUHEOMDYDWLJUDPDWLĆNRWUHĄHOLFH2GWDGDSDQDGDOMH
3RVWRMLMHGQDHOHJDQWQDYDULMDQWDNRMXELVPRPRJOLQD]YDWLÅ6RNUDWRYVNRPYDULMDQWRP XĆHVQLFLXJUXSQRMWHUDSLMLPRJXRVORYOMDYDWLMHGQLGUXJHVDPRGLUHNWQRÅ9LLOLÅ7LDQD
Å+YDWDQMD]DUHĆLRGLJUDYDVHSRQHNDGXWHUDSHXWVNLPJUXSDPD VHEHVHSR]LYDWLVDPRVDÅ-D
&UQLÅ3DGREURL]JOHGDGDQLNRQHLJUDLJUXGRNĄXWLPR 1LMHGR]YROMHQRUHĄLÅ'R]YROLWHPLGDLVSULĆDPVYHRQMHPXQLWLÅ'R]YROLWHPLGDLVSULĆDP
%HOLÅăXWDQMHPRçHWDNRćHGDEXGHVYRMHYUVQDLJUD VYHRQMRM3RVOHRYRJDEUDĆQLSDULOLVDVYLPSUHVWDMHGDLJUDLJUH]DYUHPHWHUDSLMHXJUXSL
&UQLÅ'DQDVQLNRQLMHLJUDRLJUX LOLSUHOD]LQDLJUXÅ'UDJDPRMDåWRMHL]YHVWDQQDSUHGDNLOL,GHNRUDNGDOMHXLJUXÅäWDYLåH
%HOLÅ$OLLVDPRQHLJUDQMHLJDUDPRçHELWLLJUD åWRQLMHQLPDORGREUR,JUDÅ'UDJDPRMDRSLVDQDMHXGUXJRPRGHOMNXYRGHOMDNXRYRP
SRJODYOMX8LJULÅäWDYLåHWXçLODFL]QRVLRSWXçEX]DRSWXçERP%UDQLODFQDVYDNXRSWXçEX
7HUDSHXWVNLSURWLYRWURYPRçHELWLSRGMHGQDNRHOHJDQWDQ]DEUDQMHQRMHNRULåĄHQMHORJLĆNLK RGJRYDUDVDÅ0RJXWRGDREMDVQLP7XçLODFQHVOXåDRYDREMDåQMHQMDQHJRNRULVWLVYDNL
SDUDGRNVD SUHGDKEUDQLRFDGDXVNRĆLVDQRYRPRSWXçERPNRMDSRĆLQMHVDÅäWDYLåHSRVOHĆHJDGROD]L
QRYRREMDåQMHQMHWLSLĆQDIUNDL]PHćXURGLWHOMDLGHFH
.DGDMH%HORPRGX]HWDPRJXĄQRVWWDNYRJPDQHYUDQMHJRYDSULNULYHQDQHVSRNRMVWYDEU]R
L]ELMDMXQDSRYUåLQX ÅäWDYLåHQDMLQWHQ]LYQLMHLJUDMXSDUDQRLGQLEUDQLRFL3RåWRRQLVYHVKYDWDMXEXNYDOQRXVWDQMX
VXGDNDRRGåDOH]EXQHSURWLYQLNDWXçLRFDNRMLYROLPHWDIRUH8RSåWHX]HYDNRQHåWRWUHED Å9LGLåOLåWDVDPWLMDJRYRULOD6YLVXPXåNDUFLçLYRWLQMH+WHODVDPVDPRPDORWRSOLQHDWHEH
L]EHJDYDWLSULLJULÅäWDYLåHWRVX]DPNHPHWDIRUD LQWHUHVXMHVDPRVHNV,JUDÅ)UNDNRMDĄHXVOHGLWLPRçHGDSUHVNRĆLSUHOLPLQDUQHID]H
QMLKRYLKVNRUDåQMLKSRVWXSDNDLURćDNDLGDSUHćHRGPDKQDILQDQVLMVNHSUREOHPH
6YDNRGQHYQLREOLNLJUHÅ7XçDNDQMDVUHĄHPRNDRWURĆODQXLJUXL]PHćXGYRMHGHFHEUDĄHLOL
VHVWDUDLMHGQRJURGLWHOMDÅ0DPDRQDPLMHX]HODĆRNRODGXÅ'DDOLRQMHPHQLX]HR 7UHEDLPDWLQDXPXGDMHPXçLSRUHGWRJDåWRRVWDYOMDGUXNĆLMLXWLVDNLVWRWROLNRXSODåHQRG
OXWNXDSUHWRJDPHYXNDR]DNRVXLEH]RE]LUDQDVYHWRGRJRYRULOLVPRVHGDĄHPRGHOLWL LQWLPQLKRGQRVDNROLNRLçHQDNDRLGDMHYUORSDçOMLYRELUDRSDUWQHUNXNDNRELQDQDMPDQMX
ĆRNRODGXSRSROD PRJXĄXPHUXVYHRRSDVQRVWRGSUHRSWHUHĄLYDQMDVYRMHQHVLJXUQHSRWHQFFLMHLVWYRULRVHEL
PRJXĄQRVWGDVYXNULYLFXSUHEDFLQDQMX
$1$/,=$
7H]D2QLĄHSRWYUGLWLGDVDPMDXSUDYX 8VYDNRGQHYQRPçLYRWXRYXLJUXLJUDMXQHXGDWHGDPHVYLKX]UDVWD]ERJĆHJDXEU]RVWLĆX
&LOM'RELMDQMHSRWYUGH]DLVSUDYQRVWVYRJVWDYD RGJRYDUDMXĄLQDGLPDNÅ%DEDGHYRMNDÅ8VHGHOLFD6DQMLPDRYDLJUDĆHVWRSUHOD]LXLJUX
8ORJH3RGQRVLODFWXçEH%UDQMHQLN6XGLMD6XGVNRYHĄH LQGLJQDFLMHLOLÅ8SRPRĄKRĄHGDPHVLOXMH
'LQDPLND%UDWVNRVHVWULQVNDVXUHYQMLYRVW
3ULPHUL'HFDVHVYDćDMXURGLWHWOMVHXPHåD $QWLWH]D2YDLJUDMHRSDVQDSDVXLPRJXĄQHDQWLWH]HRSDVQH5LVNDQWQRMHQDĄLOMXEDYQLFX
%UDĆQLSDUWUDçHÅSRPRĄ 6XRĆHQDVDWDNRSRGVWLFDMQRPNRQNXUHQFLMRPçHQDPRçHGDQDSXVWLLJUXLSRNXåDGDRWSRĆQH
'UXåWYHQLPRGHO2GUDVOL2GUDVOL QRUPDODQEUDĆQLçLYRWPRçGDPDORSUHNDVQR6DGUXJHVWUDQHRQDPRçHGDLVNRULVWLĄHOX
2GUDVOLÅ(YRåWDPLMHXUDGLOD VWYDUĆHVWRX]SRPRĄDGYRNDWDNDRRUXçMHSURWLYPXçDXLJULÅ'Rå·RVLPLQD]LFHUćXEUH
2GUDVOLÅ6WYDUQHĆLQMHQLFXVXRYDNYH ,VKRGMHLVWRWDNRQHSUHGYLGOMLYLDNRPXçRGHQDSVLKRWHUDSLMXDçHQDQHæHQLQDLJUDPRçH
3VLKRORåNLPRGHO'HWH5RGLWHOM GDVHUDVSDGQHNDGPXçRMDĆDWHPRJXGDRVWYDUH]GUDYLMHSULODJRćDYDQMHMHGQRGUXJRP$OL
'HWHÅ.DçLPLGDVDPXSUDYX DNRMHRQDJUXELJUDĆQMHJRYRSREROMåDQMHPRçHGDGRYHGHGRUD]YRGD1DMEROMHUHåHQMHMH
5RGLWHOMÅ2QMHXSUDYX,OLÅ2ERMHVWHXSUDYX DNRMHLNDNRPRJXĄQRGDREHVWUDQHRGXQDSVLKRWHUDSLMXXEUDĆQXWUDQVDNFLRQXJUXSX
3RWH]LæDOEDUHJLVWURYDQD2GEUDQDUHJLVWURYDQD3RGQRVLODFWXçEHXQRVLX]DSLVQLN JGHĄHELWLREHORGDQMHQHVNULYHQHSUHGQRVWLRGLJUHLRVQRYQDVHNVXDOQDSDWRORJLMD3RVOH
SURWLYGRND]HXVWXSNHLOLJHVWRYHGREUHYROMH2GOXNDVXGLMHLOLXSXWVWYDSRURWL.RQDĆQD RYDNYHSULSUHPHVHPRçHGHVLWLGDREDEUDĆQDGUXJDEXGX]DLQWHUHVRYDQD]DLQGLYLGXDOQX
SUHVXGDXOD]LX]DSLVQLN SVLKRWHUDSLMX$WRLPPRçHGRQHWLSRQRYQRÅSVLKRORåNRYHQĆDQMH8VYDNRPVOXĆDMXDNRLQH
3UHGQRVWL8QXWUDåQMHSVLKRORåNH3URMHNFLMDNULYLFH6SROMDåQMHSVLKRORåNH2SURåWDM RGXWROLNRGDOHNREDUĄHELWLXVWDQMXGDVHUD]XPQLMHVDREUD]HVLWXDFLMLQHJRLQDĆH
NULYLFH8QXWUDåQMHGUXåWYHQH²Å'UDJDPRMDÅäWDYLåHÅ8SRPRĄLGUXJH6SROMDåQMH
GUXåWYHQHÅ7XçDNDQMH%LRORåNH7DSåDQMHSRUDPHQXRGVWUDQHVXGLMHLSRURWH 3ULVWRMQDDQWLWH]D]DVYDNRGQHYQXYDULMDQWXLJUHMHQDODçHQMHGUXJHGUXçEHQLFH1HNLRG
(J]LVWHQFLMDOQH3RWLåWHQRVWDQRYLåWHQLNDGQLVDPXSUDYX EH]RE]LUQLMLKLOLEUXWDOQLMLKSURWLYRWURYDQLVXEDåĆLVWLDNRQHL
NULPLQDOQL
)5,*,'1$æ(1$ )DPLOLMD6LPHWULĆQDLJUDÅ)ULJLGQLPXåNDUDFQLMHEDåXRELĆDMHQDDOLNDGYHĄGRćHGRQMH
7H]D2YRMHVNRURXYHNEUDĆQDLJUDMHUMHWHåNR]DPLVOLWLQH]YDQLĆQXYH]XNRMDELPRJOD RGYLMDVHLVWLPRSåWLPUHGRPX]L]YHVQHUD]OLNHXGHWDOMLPD.RQDĆQLLVKRG]DYLVLRGçLYRWQLK
GRYROMQRGXJRGDSUXçDXVORYH]DRYXLJUXLOLĆDNGDRSVWDQHSRUHGQMH VFHQDULMDLJUDĆD
0XçSRNXåDYDGDSULćHVYRMRMçHQLLELYDRGELMHQ3RåWRWRSRQRYLQHNROLNRSXWDQMHPXELYD .OMXĆQDWDĆNDLJUHÅ)ULJLGQDçHQDMHQMHQD]DYUåQDID]DNRMDVHSUHWYDUDXÅ)UNX.DGLJUD
VDVXWRXOLFHGDVXVYLPXåNDUFLçLYRWLQMHGDRQQMXXRSåWHQHYROLLOLMHEDUQHYROL]ERJQMH MHGQRPSURćHNUR]VYHID]HYLåHQHPRçHELWLJRYRUDRLQWLPQLPRGQRVLPDMHUREHVWUDQH
GDMH]DLQWHUHVRYDQVDPR]DåHYX2QVHSULYUHPHQRSRYODĆLD]DWLPRSHWSRNXåDYDVDLVWLP L]YODĆHSHUYHU]QR]DGRYROMDYDQMHL]Å)UNHLQHPDMXYLåHQLNDNYXSRWUHEX]DVHNVXDOQLP
UH]XOWDWRP X]EXćLYDQMHP=DWRMHQDMYDçQLMH]DNRQWULUDQMHÅ)ULJLGQRMçHQLVPLULWLLJUXNDGXćHXID]X
Å)UNH7RRVWDYOMDçHQXXVWDQMXWDNYHVHNVXDOQHQH]DGRYROMHQRVWLNRMDPRçHGDMHQDWHUDGD
1DNUDMXSDGDXUH]LJQDFLMXLQHSRNXåDYDYLåH.DNRSUROD]LYUHPHXSLWDQMXVXQHGHOMHLOL RPHNåD.RULåĄHQMHÅ)UNHUD]OLNXMHÅ)ULJLGQXçHQXRGÅ,VWXFLPHWDWDJGHMHÅ)UNDGHR
PHVHFLçHQDVHVYHYLåHUDVNUDYOMXMHLNDRGDSRĆLQMHGDVH]DERUDYOMD.UHĄHVHSRNXĄL SROQHSUHGLJUHXÅ)ULJLGQRMçHQLÅ)UNDMH]DPHQD]DVDPSROQLĆLQ7DNRMHXÅ,VWXFLPH
SROXRGHYHQDXQMHJRYRPSULVXVWYXLOL]DERUDYOMDGDX]PHSHåNLURGOD]HĄLSRGWXåSDPRUDRQ WDWDÅ)UNDSUHGXVORYSROQRJĆLQDQHNDYUVWDIHWLåDNRMLSRYHĄDYDX]EXćHQMHGRNX
GDMRMJDGRGDMH$NRMHRQDJUXELJUDĆLOLDNRYROLGDSRSLMHSRĆLQMHLGDNDGL]DćXXQHNR Å)ULJLGQRMçHQLSRVOH)UNHQHPDYLåHQLåWD
GUXåWYRIOHUWXMHVDGUXJLPPXåNDUFLPD.DGWDGRQSULKYDWDRYRL]D]LYDQMHLSRNXåDYDRSHWGD
MRMSULćH6DPRGDELRSHWELRRGELMHQĆLPHRWSRĆLQMHLJUDÅ)UNDXNRMRMVHSRWHçHQMLKRYR -HGQDGDYQDåQMDDQDORJLMDLJUHÅ)ULJLGQDçHQDNRMXLJUDVLWQLĆDYDGHYRMĆLFDRSLVDQDMHX
VNRUDåQMHSRQDåDQMHGUXJLSDURYLURćDFLILQDQVLMVNHWHåNRĄHLGUXJLQHXVSHVLGDELVYHELOR 'LNHQVRYRPGHOX9HOLNDRĆHNLYDQMD2QDL]OD]LXVYRMRMXåWLUNDQRMKDOMLQLLPROLGHĆDNDGDMRM
RNRQĆDQRWUHVNDQMHPYUDWD QDSUDYLSLWXRGEODWD$NDGVHRQVDYXEODWQMDYLRQDJDJOHGDVYLVLQHLQHĄHVQMLPGDVH
GUXçL
2YRJDSXWDPXç]DNOMXĆXMHGDQHPDåWDGDWUDçLLGDLPQHSUHRVWDMHQLåWDGUXJRQHJRPRGXV
YLYHQGLEH]VHNVD3UROD]HPHVHFL2QRGROHYDSDUDGLUDQMXXQHJOLçHXLPDQHYUXVD $1$/,=$
GRGDYDQMHPSHåNLUDæHQDSRYHĄDYDGR]XRSXåWHQRVWLLL]D]LYDĆNHQHPDUQRVWLDOLRQRGROHYDL 7H]D6DGVDPWHXNHEDODNXUYLQVLQH
WRPH7DGDPXRQDMHGQHYHĆHULGLUHNWQRSULOD]LLSROMXELJD8SRĆHWNXRQMHPUWDYKODGDQ &LOM3UDYGDQMH
LPDMXĄLVWDOQRQDXPXVYRMXRGOXNXDOLXVNRURSULURGDĆLQLVYRMHLQMHPXVHSRVOHWROLNRJ 8ORJH,VSUDYQDVXSUXJD1HEULçOMLYLVXSUXJ
SRVWDXĆLQLGDĄHPXQDM]DGXVSHWL1MHJRYLSRĆHWQLVWLGOMLYLSRNXåDMLQDLOD]HQDGREDU 'LQDPLND=DYLVW]ERJSHQLVD
SULMHP2QELYDVYHRGYDçQLML7HNNDGDGRćHGRNULWLĆQHWDĆNHçHQDVHSRYODĆLLYULåWL 3ULPHUL+YDODWLQDSLWLRGEODWDPXVDYNRMHGDQ,]D]RYQDIULJLGQDçHQD
'UXåWYHQLPRGHO5RGLWHOM'HWH VYRMRMGHFLDOLQLNDNRLMHGQRLGUXJR$NRMHÅ'RPDĄLĆNRNROHQRMHGLQDVWYDUNRMDMHPXĆL
5RGLWHOMÅ'R]YROMDYDPWLGDPLQDSUDYLåSLWXRGEODWDGDPHSROMXELå QDRYDMQDĆLQPRçH]QDWQRVHELGDSRPRJQH
'HWHÅ9ROHRELKWR
5RGLWHOMÅ3RJOHGDMVHVDGQDåWDOLĆLå 0HćXWLPDNRVHXSXVWLODXLJUXÅ9HĆLWR]DGLKDQHWHåNRGDĄHELWLXVWDQMXGDVHSULGUçDYD
3VLKRORåNLPRGHO'HWH5RGLWHOM RYHWHUDSLMH8WRPVOXĆDMXMHLPXçYUORSDçOMLYRRGDEUDQ,DNRYDçL]DUD]XPQRJĆRYHNDRQ
'HWHÅ'DYLGLPRPRçHåOLGDPH]DYHGHå ĄH]DNHUDWLDNRRQDQLMHRQDNRHILNDVQDNDRLåWRQMHPXL]JOHGDGDMHELODHILNDVQDQMHJRYD
5RGLWHOMÅ-DĄXSRNXåDWLDNRPHWLEXGHåVSUHĆDYDOD PDMND8VWYDULRQDVHXGDMHNDRQMHJRYDSUHGVWDYDRPDMFLNRMDVHRGUçDYDXQMHJRYRP
'HWHÅ9LGLåGDVLWLSRĆHRSUYL XQXWUDåQMHP5RGLWHOMXLNRMDMHQDOLNQMHQRMSUHGVWDYLRVRSVWYHQRMPDMFLLOLEDNL
3RWH]L=DYRćHQMH5HDNFLMD2GELMDQMH5H]LJQDFLMD,]D]LYDQMH5HDNFLMD2GELMDQMH
)UND 3RåWRQDćHRGJRYDUDMXĄHJSDUWQHUDQMHQRXQXWUDåQMH'HWHVDGPRçHGDVHVNUDVLXXOR]L
3UHGQRVWL8QXWUDåQMHSVLKRORåNH2VOREDćDQMHRGNULYLFH]ERJVDGLVWLĆNLKPDåWDULMD YHĆQH]DEULQXWRVWLNRMDMRMREH]EHćXMHGXåHYQXUDYQRWHçXWHMHQHĄHODNRQDSXVWLWL8NROLNR
6SROMDåQMHSVLKRORåNH,]EHJDYDL]ODJDQMHL]DYODĆHQMHSHQHWUDFLMXNRMLKVHSODåL QMHQPXçLPDYLåHRGJRYRUQRVWLQDSRVOXXWROLNRĄHLPELWLODNåHGDQDćX2GUDVOHUD]ORJH]D
8QXWUDåQMHGUXåWYHQHÅ)UND6SROMDåQMHGUXåWYHQHäWDUDGLWHVDPXVDYFLPDPXçHYLPD" RĆXYDQMHQH]GUDYLKHOHPHQDWDXVYRMLPRGQRVLPD
%LRORåNH²8]GUçDQDVHNVXDOQDLJUDLUDWRERUQDSUHSXFDYDQMD(J]LVWHQFLMDOQH-DVDP
ĆLVWDĆLVW .DGSRVWDQHQHL]GUçLYRĆHVWRLQWHUYHQFLMRPåNROVNLKYODVWLXRGEUDQXXJURçHQHQHMDĆL
XNOMXĆXMHVHLSVLKLMDWDUNDRWUHĄLLJUDĆ,OLJDPXçSR]LYDGDL]YUåLÅJHQHUDOQXRSUDYNX
9(ą,72=$',+$1$ QMHJRYHVXSUXJHLOLMHçHQLSRWUHEDQNDRVDYH]QLNSURWLYVXSUXJD6WDĄHGDOMHELWL]DYLVLRG
7H]D2YRMHLJUDNRMXLJUD]DGLKDQDGRPDĄLFD6LWXDFLMDWUDçLRGQMHGDEXGHXVSHåQDXGHVHW YHåWLQHLEXGQRVWLSVLKLMDWUD
GRGYDQDHVWUD]OLĆLWLK]DQLPDQMDLOLGDVHL]UD]LPRGUXNĆLMHGDOMXSNRLVODNRĄRPLJUD
LVWRYUHPHQRGHVHWGRGYDQDHVWUD]OLĆLWLKXORJD6YUHPHQDQDYUHPHVHXQRYLQVNLPUXEULNDPD 2ELĆQRSUYDID]DNRMDWUHEDGDXEODçLçHQLQXSRWLåWHQRVWQDVWXSDJODWNR2GOXĆXMXĄDMH
Å]DçHQXLSRURGLFXMDYOMDMXSROXåDOMLYLVSLVNRYLRYLKÅ]DQLPDQMDLOLXORJDOMXEDYQLFDPDMND GUXJDID]DXNRMRMRQDQDSXåWDLJUDQMHÅ9HĆLWR]DGLKDQHGDELVHSRVYHWLODLJULÅ3VLKLMDWULMH
EROQLĆDUNDNXĄQDSRPRĄQLFDEHGLQHUNDLWG3RåWRVHRYHXORJHRELĆQRPHćXVREQR 8WRMID]LREDVXSUXçQLNDVNORQDVXGDVHVYHYLåHVXSURWVWDYOMDMXSVLKLMDWUX3RQHNDGMHWR
LVNOMXĆXMXLYUORVX]DPRUQHQMLKRYRSUDNWLNRYDQMHGRYRGLSRVOHQHNROLNRJRGLQDGREROMNH GREURSULNULYHQRWDNRGDL]QHQDGDSURELMHPDGDQHLQHRĆHNLYDQR]DSVLKLMDWUD$NR
SR]QDWHSRGLPHQRPÅ'RPDĄLĆNRNROHQRMHUEH]NROHQDQHPDOMXOMDQMDJODĆDQMDSRGD SUHJUPLPRRYXID]XRQGDVWYDUQLSRVDRQDDQDOL]LLJUHPRçHGDSRĆQH
SRGL]DQMDYRçQMHLWRPHVOLĆQRĆLMHVLPSWRPHMHPRJXĄHVDçHWLXçDOEXÅ8PRULODVDPVH
1XçQRMHSUHSR]QDWLSUDYRJNULYFDXçHQLQRPXQXWUDåQMHP5RGLWHOMXELORPDMFLLOLEDEL0Xç
0HćXWLPDNRMHGRPDĄLFDXVWDQMXGDQDćHVYRMULWDPLGDXçLYDXOMXEDYLSUHPDPXçXLGHFL MHWXVDPRVOXĆDMQRRGDEUDQDQHVWUXĆQDILJXUDVDMDVQRRGUHćHQRPXORJRPXLJUL7HUDSHXW
RQGDMRMWLKGYDGHVHWSHWJRGLQDQHĄHSURĄLVDPRXURELMDQMXQHJRLX]DGRYROMVWYXSDĄH QHPDSURWLYVHEHVDPRWRJçHQLQRJ5RGLWHOMDLQMHQRJPXçDNRMLMHGRVWDXORçLRXLJUXQHJRL
LVSUDWLWLLQDMPODćHGHWHQDQMHJRYXJUDQXVDMDNLPVWUDKRPRGVDPRĄH$OLDNRVHRQDQD GUXåWYHQXVUHGLQXNRMDRKUDEUXMHçHQLQXSRNRUQRVW1HGHOMXGDQDSRVOHĆODQNDRPQRJLP
MHGQRMVWUDQLUXNRYRGLVYRMLPXQXWUDåQMLP5RGLWHOMHPLMRåVWDOQRWUSLNULWLNHVYRJ]DWDM XORJDPDNRMHGRPDĄLFDPRUDGDREDYOMDLVWHQHGHOMQHQRYLQHREMDYOMXMXSVLKRWHVWÅ.DNR
]DGDWDNVSHFLMDOQRRGDEUDQRJVXSUXJDDQDGUXJRMVWUDQLQLMHXVWDQMXGDSURQDćHGRYROMQR PLSROD]L]DUXNRP"VDGHVHWSLWDQMDSRPRĄXNRMLKMHPRJXĄHXWYUGLWLÅNROLNRVWHGREULNDR
XçLYQMDXOMXEDYLSUHPDVYRMRMSRURGLFLPRçHGDVHRVHĄDVYHYLåHLYLåHQHVUHĄQRP8 GRPDĄLFDVXSUXJDPDMNDNXYDULFDEODJDMQLN=DGRPDĄLFXNRMDLJUDÅ9HĆLWR]DGLKDQXRYR
SRĆHWNXSRNXåDĄHPRçGDGDQDćHXWHKXXSUHGQRVWLPDNRMHVWLĆHLJUDQMHPÅ'DQLMHELOR PXGRćHQHåWRNDRXSXWVWYRNRMHLGHX]GHĆMHLJUHDVDGUçLRVQRYQDSUDYLOD7LPHMHXEU]DQR
WHEHLÅ6ODEDWDĆNDåWRVWYDUQRQLMH]DEDFDQMHNDGGRPDĄLFLSUHNLSL$OLWRQHPRçHGXJR UDVSODPVDYDQMHÅ9HĆLWR]DGLKDQHNRMDDNRQLåWDQHSUHGX]PHPRPRçHODNRGDRNRQĆDXLJUL
GDGUçLYRGX,WDGDWUHEDWUDçLWLQHNLGUXJLL]OD]DWRMHLJUDQMHÅ9HĆLWR]DGLKDQH Å'UçDYQDEROQLFDÅ1LMHPLQLQDNUDMSDPHWLGDLGHPXEROQLFX
6WDUW]DRYXLJUXMHMHGQRVWDYDQ2QDSULKYDWDVYHåWRQDLćHSDĆDNWUDçLLMRå2QDSUL]QDMH 3RVWRMLLMHGQDSUDNWLĆQDWHåNRĄDVDWDNYLPSDURYLPDVXSUXJMHVNORQGDL]EHJDYDGXEOMHOLĆQR
XYHNPXçXGDMHXSUDYXNDGMRMQHåWR]DPHUDLL]OD]LXVXVUHWVYLPGHĆMLPSURKWHYLPD$NR DQJDçRYDQMHXOHĆHQMXLGDQHLGHGDOMHRGLJUDQMDÅ9LGLåGDVDPVHWUXGLRMHURELĆQRMHL
VXSR]YDOLYHOLNRGUXåWYRQDYHĆHUXRQGDQMXQH]DGRYROMDYDVDPRWRGDYRGL]DQLPOMLYH VDPYLåHSRUHPHĄHQQHJRåWRVHXVXćXMHGDSUL]QD8PHVWRWRJDRQåDOMHLQGLUHNWQHSRUXNH
UD]JRYRUH]DVWRORPGRNQHVWDMHKUDQDNRMXMHRQDSULSUHPLODX]SRPRĄQHNHRGEDNDDX çHQLQRPWHUDSHXWXX]SRPRĄSRYUHPHQLKQDSDGDJQHYD]DNRMH]QDGDĄHELWLSRPHQXWL
SULMDWQRMDWPRVIHULVWDQDĆLMHĆLåĄHQMHLXUHćLYDQMHQLMHSURåOREH]QMHQHJRPRUDWHYHĆHUL WRNRPWHUDSHXWVNLKVHDQVL7DNRLJUDÅ9HĆLWR]DGLKDQDODNRQDSUHGXMHGRVYRJWUHĄHJVWXSQMD
MRåLGDL]JOHGDVMDMQRPDGDMHLVWRJMXWUDVWLJODLGDRGYHGHGHWH]XEDUX.DGRVHWLGDMH XNRMHPVHSUHWYDUDXERUEXQDçLYRWLVPUWDQDMĆHåĄHYRGLGRUD]YRGD3VLKLMDWDUVNRUR
SUHWUSDQDSRVORYLPDRQDGRGDMHRGR]JRQRYHLQRYHREDYH]H GDRVWDMHXVDPOMHQQDVWUDQLçLYRWDQDQMHJRYRMVWUDQLMHVDPR2GUDVOLSDFLMHQWNLQMHNRML
YRGLQHUDYQRSUDYQXELWNXL]NRMHWHåNRPRçHGDL]DćHNDRSREHGQLNVDVYDWULQLYRDX
$RQGDXVUHGSRSRGQHYDQMRMVUD]ORJRPSR]OLLVYHRVWDQHQHXUDćHQR2QDWDNRRVWDYOMDQD QMHQRPVXSUXJXNRMLPDSRPDçXLQMHQLVRSVWYHQLXQXWUDåQML5RGLWHOML'HWH7RMHGUDPDWLĆQD
FHGLOXLPXçDLGHFXLJRVWHSDVDPRRSWXçLYDQMXQLNDGNUDMD.DGVYHWRSRQRYLQHNROLNR ELWNDXNRMRMQDMHGQRMVWUDQLXĆHVWYXMXGYRMHDQDGUXJRMSHWRURWHWUDçL
SXWDQMHQEUDNELYDGRYHGHQXSLWDQMHGHFDVX]EXQMHQDDRQDVDPDQDJORPUåDYLNRVDMRM YHOLNXYHåWLQXLRGQDMLVNXVQLMHJRGLJUDQMDLJDUDYDNFLQLVDQRJWHUDSHXWD$NR
SRNOHNQHQD
RVWDMHQHXUHGQDOLFHMRMGHOXMH]DUR]DQRåWNLOHVXMRMXYHNL]OL]DQH7DGDGROD]LXĆHNDRQLFX UDVSRODJDQMXPXMHVSDVRQRVQRUHåHQMHGDçUWYXMHVYRMXSDFLMHQWNLQMXQDROWDUUD]YRGDåWR
SVLKLMDWUDL]UHODMH]DEROQLFX L]OD]LQDLVWRNDRGDMHUHNDRÅ3UHGDMHPVH+DMGHSRELWHVH
$QWLWH]D3RVWRMLMHGQRVWDYDQLORJLĆDQOHNJćD%HODPRçHGDREDYLVYHVYRMHSRVORYHWRNRP '$1,-(%,/27(%(
QHGHOMHMHGDQ]DGUXJLPDOLQHRSKRGQRMHGDSUHVWDQHGDLKUDGLSRGYDLOLYLåHXLVWRYUHPH 7H]D'HWDOMQDDQDOL]DRYHLJUHL]ORçHQDMHYHĄXSRJODYOMX,VWRULMVNLX]HWRWRMHELODGUXJD
.DGSR]LYDGUXåWYRQDYHĆHUXRQGDĄHWRJGDQDLOLSULSUHPDWLKUDQXLOLELWLQHJRYDWHOMLFD SRUHGXRWNULYHQDLJUDRGPDKSRVOHÅ6WRWLQH'DDOLNRMDMHVYHGRWOHVPDWUDQD]DQHåWR
]DQLPOMLYRDOLXVDPOMHQR7HNNDGMHRWNULYHQDL'1%7SRVWDORMHMDVQRGDSRVWRMLĆLWDYVHNWRU
GUXåWYHQHDNFLMH]DVQRYDQQDVNULYHQLPWUDQVDNFLMDPD7RMHGRYHORGRDNWLYQLMHJWUDJDQMD]D QLMHRSUHGHOLR]DLJUXÅ'UYHQDQRJDDQHWUHEDQLQDJUDGDGDJDPLPRLćH]DWRåWRVHQLMH
VOLĆQLPSRMDYDPDDRYD]ELUNDLJDUDMHMHGDQRGUH]XOWDWD RVORERGLRVYRMLKRGJRYRUQRVWLLDNR
MHPRJDR
8NUDWNRUHĆHQRçHQDVHXGDMH]DQDPHWOMLYRJĆRYHND]DWRGDELRQRJUDQLĆLRQMHQRSRQDåDQMH 8WDNYLPVOXĆDMHYLPDWUHEDELWLIHUSDQDÅ9LGLåGDVDPVHWUXGLRRGJRYRULWLVDÅ'DVYLVH
LWDNRMHVSUHĆLRGDXOD]LXVLWXDFLMHNRMHMH]DVWUDåXMX%LORELVYHVXYLåHSURVWRDNRRQD PLGLYLPRWYRMRMĆYUVWLQLLVDYHVQRVWL
MHGQRVWDYQRL]UD]LVYRMX]DKYDOQRVWNDGMRMRQXĆLQLWXXVOXJX8LJUL'1%7QDUDYQRQMHQD
UHNDFLMDMHVDVYLPVXSURWQDRQDNRULVWLVLWXDFLMXGDVHçDOLQDRJUDQLĆHQMD]ERJĆHJDMHPXç 'UXJLVWHSHQĆRYHNVD]QDMHGDLPDĆLUDOLWRĆXYDXWDMQRVWLRGVYRMHVXSUXJHLSULMDWHOMD2Q
XQHSULOLFLSDSRNXåDYDQDVYHQDĆLQHGDMHXPLORVWLYL7DNRRYDLJUDSUXçDXQXWUDåQMH QDVWDYOMDGDUDGLLGDVHNLGDQDSRVOXYLåHQHJRLNDGGRNMHGQRJDGDQDQHSDGQHXVUHGUDGD
GUXåWYHQHSUHGQRVWL6SROMDåQMHGUXåWYHQHSUHGQRVWLSURLVKRGHXYLGXUD]RQRGHÅ'DQLMHELOR ąLPQMHJRYDçHQDVD]QD]DWRMDVQDMRMMHSRUXNDÅ9LGLåNROLNRVDPVHWUXGLR6DGVHRGQMH
QMHJDNRMXRQDLJUDVDVYRMLPSRYHUOMLYLPSULMDWHOMLFDPD RĆHNXMHGDJDSRåWXMHNDRQLNDGUDQLMHLGDMRMEXGHçDR]DVYHåWRPXMHXĆLQLODQDçDRX
SURåORVWL8NUDWNRRGQMHVDGDRĆHNXMHPRGDJDYROLSRåWRVXNUDKLUDOLVYLQMHJRYLUDQLML
9,',ä'$6$06(758',2 SRNXåDMLGD]DGRELMHQMHQXOMXEDY1DPXçHYXQHVUHĄXWRåWRJDRQDVDGDREDVLSDOMXEDYOMXL
7H]D8VYRPXRELĆDMHQRPNOLQLĆNRPREOLNXRYRMHWURĆODQDLJUDNRMXLJUDEUDĆQLSDUVD SDçQMRPYLåHMHSRGVWDNQXWRRVHĄDQMHPNULYLFHQHJRSUDYRPOMXEDYL'XERNRXVHELRQDVH
SVLKLMDWURP0XçRELĆQRLPDQDPHUXGDVHUD]YHGHPDGDWRRGULĆHQDVDYJODVGRNMH RSLUHWRPHMHURQNRULVWLQHĆLVWDVUHGVWYDGDELLVNDPĆLRQHåWRRGQMHDVHPWRJDVWDYOMDMHL
QMHJRYDEUDĆQDGUXJDULFDLVNUHQLMDXçHOMLGDQDVWDYLEUDN2QGROD]LSVLKLMDWUXLSURWLYVYRMH SUHGVYUåHQĆLQWLPHåWRĆXYDVYRMXEROMNXXWDMQRVWL8NUDWNRGLMDPDQWVNDEUD]OHWQDMH
YROMHDXNOMXĆXMHVHWHNWROLNRGDSRNDçHçHQLVYRMXçHOMXGD]DMHGQLĆNLQDćXL]OD] SRåWHQLMHRUXćHXGYDUDQMDQHJRSHUIRULUDQLçHOXGDF7DGDMRMEDURVWDMHPRJXĄQRVWGDJD
JDćDXJODYXWLPLVWLPQDNLWRPSUHGĆLURPVYDNRPRUDGDVHSRNORQL,]QHQDGQRVXRĆDYDQMH
2ELĆQRSULWRPLJUDEODJXYDULMDQWXÅ3VLKLMDWULMHLOLÅ7XçDNDQMD$OLYUHPHQRPSRVWDMHLOLVYH VDR]ELOMQRPEROMNRPSUHĄHXĆLQLWLGDVHRQDRVHWLXKYDĄHQRPXNORSNXQHJRRVYRMHQRP
QDPĄRUDVWLMLLOLVYHVYDćDOLĆNLMHQDVWURMHQSUHPDWHUDSHXWX.RGNXĄHMHXSRĆHWNXSXQ
ÅUD]XPHYDQMDLX]GUçDQRVWLGDELNDVQLMHSRĆHRGDVHSRQDåDJRUHQHJRLNDG9HĄSRVOHSUYH 2YXLJUXĆHVWRPRçHPRRWNULWLRGPDKĆLPSDFLMHQWSRSUYLSXWĆXMHGDLPDQHNXEROHVW]D
SHWHLOLGHVHWHVHDQVH]DYLVQRRGYHåWLQHWHUDSHXWDRQRGELMDGDGROD]LLXPHVWRWRJDLGHQD NRMXMHSR]QDWRGDPRçHGDEXGHVYHJRUDLJRUDDNRRQLPDQDPHUXGDLJUDRYXLJUXFHR
SHFDQMHLOLXORY7DGDMHçHQDSULPRUDQDGDVDPDWUDçLUD]YRG0XçMHĆLVWNDRVX]DMHUMH SODQVHYQXĄHPXQDMYHURYDWQLMHNUR]JODYXXWRPWUHQXWNXåWRPRçHPRUHNDSLWXOLUDWL
çHQDSUHX]HODLQLFLMDWLYXDRQMHSRND]DRVYRMXGREUXYROMXWLPHåWRMHVQMRPRGOD]LR SDçOMLYLPSVLKLMDWULMVNLPLVSLSDYDQMHP7DNRMHPRJXĄHRWNULWLSRWDMQROLNRYDQMHQMHJRYRJ
SVLKLMDWUX2QPLUQHGXåHPRçHGDNDçHELORNRPDGYRNDWXVXGLMLSULMDWHOMXLOLURćDNXÅ9LGLå 'HWHWD]ERJVD]QDQMDGDVHGRNRSDORMHGQRJWDNYRJRUXçMDPDGDMHVYHWROHSR]DPDVNLUDQR
GDVDPVHWUXGLR EULJRP2GUDVORJXQMHPXRSUDNWLĆQLPSUREOHPLPDQDVWDOLPXVOHGSRMDYHEROHVWL
$QWLWH]D.DGVHSRMDYH]DMHGQRRQRJEUDĆQRJGUXJDUHFLPRPXçDNRMLRĆLJOHGQRLJUDRYX 7UHĄLVWHSHQMRå]OREQLMHL]ORNREQLMHMHL]QHQDGQRVDPRXELVWYR]ERJVD]QDQMD]DWHåNX
LJUXQHWUHEDSULPLWLQDWHUDSLMXVDPRWLYDFLMRPGDQMHPXMRåQMHSRWUHEQDDUDGQDVWDYLWL EROMNXąLUSUHćHXUDNLMHGQRJDGDQDVXSUXJDNRMDQLMHLPDODQLSRMPDGDVHELORåWD
LQGLYLGXDOQRVDçHQRP0XçLWDNRPRçHGDGRćHGRUD]YRGDDOLVDPRSRFHQXGDQDSXVWLVWDY R]ELOMQRGHåDYDVDQMHQLPPXçHPGROD]LNXĄLL]DWLĆHJDPUWYRJXNXSDWLOX
NDNRPXMHVWDORGDVDĆXYDEUDN$NRMHQHRSKRGQRçHQDPRçHGDSRNUHQHEUDNRUD]YRGQX
SDUQLFXDOLVDGDMHQMHQDSR]LFLMDPQRJRSRYROMQLMDMHUMHSRNXåDODVYHåWRMHPRJOD ,]RSURåWDMQRJSLVPDRQDGRYROMQRMDVQRUD]DELUHSRUXNXÅ9LGLåNROLNRVDPVHWUXGLR$NRVH
RYDNRQHåWRGYDSXWGRJRGLLVWRMçHQLYUHPHMRMMHGDUD]PLVOLNRMXRQDWRLJUXLJUD
1DMSRYROMQLMLLVKRGNDNYRPVHVDPRPRçHPRQDGDWLMHVWHGDPXçNDGDYLGLGDRGQMHJRYH
LJUHQHPDQLåWDSDGQHXRĆDMWDNRGDPXQHRVWDQHQLåWDGUXJRQHJRGDVDPSRWUDçLSRPRĄ $1$/,=$
QHNRJWHUDSHXWD 7H]D1HPRJXPHQHWDNR
&LOM2SUDYGDQMH
6YDNRGQHYQXYDULMDQWXPRçHPRSRVPDWUDWLNRGGHFHNDRGYRĆODQXLJUXL]PHćXGHWHWDL 8ORJH1HSRSXVWOMLYL3URJRQLWHOM9ODVW
MHGQRJRGURGLWHOMD8LJUXRERMHXOD]HVDMHGQHRGRYLKGYHMXSR]LFLMDÅ-DVDPEHVSRPRĄDQ 'LQDPLND$QDOQDSDVLYQRVW
LOLÅ-DVDPQHSRJUHåLY'HWHSUREDQHåWRSD]DEUOMDLOLSURVWRQHXVSH$NRMH%HVSRPRĄNR 3ULPHUL'HĆMHRGHYDQMH%UDĆQLGUXJNRMLSXFDQDUD]YRG
URGLWHOMPRUDWRGDXUDGLXPHVWRQMHJD$NRMH1HSRJUHåNRURGLWHOMQHPDQLNDNYRUD]XPQR 'UXåWYHQLPRGHO2GUDVOL2GUDVOL2GUDVOLÅ9UHPHMHGDVHREXĆHåGDRGHPRSVLKLMDWUX
RSUDYGDQMHGDJDND]QL7RRWNULYDHOHPHQWHLJUH5RGLWHOMLWUHEDGDLVNRSDMXGYHVWYDULNR 2GUDVOLÅ8UHGXSRNXåDĄX
RGQMLKMHQDXĆLRGHWHGDLJUDRYXLJUXLĆLPHLGDOMHRPRJXĄDYDMXQMHQRQDVWDYOMDQMH 3VLKRORåNLPRGHO5RGLWHOM'HWH
5RGLWHOMÅ-DĄXWHQDWHUDWLGDVHREXĆHåGDRGHåSVLKLMDWUX
=DQLPOMLYDMHPDGDSRQHNDGLNREQDYDULMDQWDÅ9LGLåNROLNRVDPVHWUXGLRNRMDVHRELĆQR 'HWHÅ9LGLåGDQHPRçH
LJUDJUXEOMHXGUXJRPLOLWUHĄHPVWHSHQX2YRPRçHLOXVWURYDWLSULPHUĆRYHNDNRMLPQRJRUDGL 3RWH]L3UHGORJ2SLUDQMH3ULWLVDNSRSXåWDQMH
LLPDĆLUXVWRPDNX1LMHPDOROMXGLVDR]ELOMQLPIL]LĆNLPVPHWQMDPDNRMHVHSRJRUåDYDMXSD 2GDYDQMHSUL]QDQMD3UHGQRVWL8QXWUDåQMHSVLKRORåNH2VOREDćDQMHNULYLFH]ERJ
LSDNXVSHYDMXGDL]DćXQDNUDMVWLPLDNRLPWRQLMHVWYDUQRSRWUHEQRQHWUDçHSRPRĄVYRMLK DJUHVLYQRVWL6SROMDåQMHSVLKRORåNH,]EHJDYDQMHNXĄQLKSRVORYD8QXWUDåQMHGUXåWYHQH
EOLVNLK$OLWDVLWXDFLMDMHSRJRGQDL]DRVWYDULYDQMHQHNLKVNULYHQLKFLOMHYD 9LGLåGDVDPSRNXåDYDR6SROMDåQMHGUXåWYHQH,VWR%LRORåNH5DWRERUQHĆDUNH
(J]LVWHQFLMDOQH-DVDPEHVSRPRĄDQQHSRJUHåLY
3UYLVWHSHQĆRYHNREDYHåWDYDVYRMXVXSUXJXLSULMDWHOMHGDLPDĆLU2QLPWDNRćHVWDYOMDGR
]QDQMDGDĄHQDVWDYLWLQRUPDOQRGDUDGL7RL]D]LYDQMLKRYRGLYOMHQMH0RçGDĆRYHNNRMLPRUD '5$*$02-$
GDWUSLERORYHLQHSULMDWQRVWLQLQHPRçHGDSURćHEH]L]YHVQHGR]HWHDWUDOQRVWLNDRNDNYH 7H]D2YXLJUXPRçHPRQDĄLXSXQRPVMDMXXUDQLPID]DPDJUXSQHSVLKRWHUDSLMHEUDĆQLK
WDNYHQDGRNQDGH]DVYRMHSDWQLåWYR6YDNDNRPXWUHEDRGDWLSUL]QDQMHåWRVHXPHVWRWRJD SDURYDNDGDVXVYLMRå]DWYRUHQLLQHSRYHUOMLYL$OLMDYOMDVHLXQRUPDOQLPGUXåWYHQLP
VLWXDFLMDPD%HOLL]QRVLVXSWLOQR]DSDçDQMHRJćL%HORMNRMHMHSULND]XMHXORåRMVYHWORVWLDOL '58ä79(1(,*5(
MHPDVNLUDQRNDRDQHJGRWDL]DYUåDYDSULĆXUHFLPDÅ=DUQLMHWDNRGUDJDPRMD"
'UXåWYHQDRNXSOMDQMDVXGXåXGDOD]DUD]RQRGHLUD]RQRGH]DRNXSOMDQMDXNOMXĆXMXĄLLRQH
*ćD%LODQHPRçHDGDVHQHVORçLEDUL]GYDWRERçQMDRGUDVODUD]ORJDD]DWRåWRMHVDPD NUDWNHSHULRGHSUHGSRĆHWDN]YDQLĆQLKVNXSRYDDOLNDNRVHSR]QDQVWYDXĆYUåĄXMXWDNRLLJUH
SULĆDXRVQRYLWDĆQRSUHQHWDSDELQHVODJDQMHVDMHGQLPGHWDOMHPNRMLMHL]QHWNDRGDMH X]LPDMXPDKD
VSRUHGQRJ]QDĆDMDPDGDMHXVWYDULNOMXĆDQ]DWUDQVDNFLMXGHORYDORFHSLGODĆNL
E]DWRåWRELRVWDYOMDORXWLVDNĆLVWHPU]RYROMHQHVORçLWLVHVĆRYHNRPNRMLWHSUHGVYLPD 7UDSDćR]LQMHJRYDçUWYDSDGDMXMHGQRGUXJRPXQDUXĆMHNDRL9HOLNL7DWDL0DOHFNL-D
RVORYOMDYDVDÅGUDJDPRMD0HćXWLPSVLKRORåNRREMDåQMHQMHQMHQRJVODJDQMDWUHEDWUDçLWLX 5DVSODPVDYDMXVHVYLRQLSR]QDWLDOL]DQHPDULYDQLSURFHVLPHćXVREQRJSURELUDQMD8RYRP
QMHQRPGHSUHVLYQRPVWDQRYLåWX2QDVH]ERJWRJDLXGDOD]DQMHJDMHUMH]QDODGDĄHMRMRQ RGHOMNXELĄHUD]PDWUDQHĆHWLULLJUHNRMHVHQDMĆHåĄHLJUDMXXVYDNRGQHYQLPGUXåWYHQLP
ĆLQLWLWXXVOXJXUD]RWNULYDQMDQMHQLKVODERVWLWHMRMWDNRSULåWHGHWLQHSULMDWQRVWGDPRUDVDPD VLWXDFLMDPDÅ6WUDåQRVWUDåQRÅ6ODEDWDĆNDÅ7UDSDćR]LÅ6WRWLQH'DDOL
WRGDĆLQL.DGDMHELODPDODURGLWHOMLVXEULQXOLRWRPH
675$ä12675$ä12
3RVOHÅ7XçDNDQMDRYRMHVYDNDNRQDMĆHåĄDLJUDPHćXEUDĆQLPGUXJRYLPD6WRMHVLWXDFLMD 7H]D,JUDVHXĆHWLULYDULMDQWHNDR5RGLWHOMVNDUD]RQRGDNDR2GUDVODUD]RQRGDNDR'HĆMD
]DWHJQXWLMDLLJUD]UHOLMD]DREHORGDQMLYDQMHWRMHVDYLåHJRUĆLQHLQWRQLUDQRRQRÅGUDJD UD]RQRGDLNDRLJUDO/RGUD]RQRGDQHPDQLNDNYRJUD]UHåHQMDQLWLGRELWNDQHJRVDPR
PRMDDQH]DGRYROMVWYRL]SR]DGLQHL]ELMHXSUYLSODQ.DGDSDçOMLYLMHSRJOHGDPRYLGLPRGD EH]YUHGQLKHPRFLMDXL]RELOMX
MHRYDLJUDRGLVWRJURGDNDRLÅ7UDSDćR]MHU]QDĆDMDQSRWH]SUHGVWDYOMDWRåWRV
SRGUD]XPHYDGDJćD%HODRSUDåWD%HORPQMHJRYRQH]DGRYROMVWYRLSUDYLVHNDRGDJDXRSåWHQL Å8GDQDåQMHYUHPHMHVDPRXYHUHQDND]QHQDSDXPHGDEXGHLRWURYQD5RGLWHOMVND
QHSULPHĄXMH=DWRVHDQWLÅ'UDJDPRMDLJUDSRSXWDQWLÅ7UDSDćR]DÅ6ORERGQRSULĆDM UD]RQRGD6RFLRORåNLJRYRUHĄLRYDLJUDRGRPDĄHQDMHNRGVUHGRYHĆQLKçHQDRGUHćHQHYUVWH
RPDORYDçDYDMXĄHSULĆHRPHQLDOLPHPROLPWHQHPRM]YDWLÅ'UDJDPRMD
2YDDQWLWH]D NRMHLPDMXVYRMHPDOHDOLQH]DYLVQHL]YRUHSULKRGD-HGQDWDNYDçHQDQDSXVWLODMHWHUDSHXWVNX
QRVLXVHELLVWHRQHRSDVQRVWLNDRLDQWLÅ7UDSDćR])LQLMLLEH]RSDVQLMLSURWLYRWURYMH JUXSXNDGDMHQMHQSRĆHWQLSRWH]XPHVWRRGXåHYOMHQRJSULKYDWDQMDNRMLPMHGRĆHNLYDQX
RGJRYRULWLMHGQRVWDYQRÅ'DVUFHPRMH QMHQRPGUXåWYDQFHWXQDLåDRQDPXNXJUXSL8RYRMQDSUHGQLMRMJUXSLQDYLNQXWRMQDDQDOL]H
LJDUDELORMHXSDGOMLYRGDVHQLNRQHVROLGDULåHVDVOHGHĄRPSULPHGERP%HOHÅ.DGMHYHĄUHĆ
3RVWRMLLYDULMDQWDXNRMRMçHQDXPHVWRGDVHVORçLMVDSULĆRPRVHELX]YUDĄDVOLĆQRPÅ'UDJL RQHGRVWDWNXSRYHUHQMDPHćXOMXGLPDQLMHQLNDNYRĆXGRåWRXGDQDåQMHYUHPHQHPRçHåYLåH
PRMSULĆRPRPXçXND]XMXĄLÅ1LWLQLVLVDYUåHQGUDJL QLNRPHGDYHUXMHå6OXĆDMQRVDPEDFLODSRJOHGXILRNXMHGQHRGPRMLKFLPHUNLLSRMPD
QHPDWHĆHJDVYHWDPRQHPD
3RQHNDGRQLXRSåWHQHL]JRYDUDMXQHçQRVWLDOLLKSDçOMLYVOXåDODFLSDNPRçHĆXWL$WRMH
WDNRćHÅ'UDJDPRMDVDPRXQHPXåWRMYHU]LML 2QDMHLPDODJRWRYDUHåHQMD]DYHĄLQXVDYUHPHQLKGUXåWYHQLKSUREOHPD]DSUHVWXSQLåWYR
PDOROHWQLNDURGLWHOMLVXVXYLåHSRSXVWOMLYLXGDQDåQMHYUHPH]DUD]YRGHçHQHLPDMXSUHYLåH
%,%/,2*5$),-$ VORERGQRJYUHPHQDSDLPVYDåWDSDGDQDXPXGDQDåQMHYUHPH]DNULPLQDOVYDNRPHVH
%DWHVRQ*Å7RZDUGD7KHRU\RI6FKL]RSKUHQLD%HKDYLRUDO6FLHQFH GR]YROMDYDGDVWDQXMHXEOL]LQLSULVWRMQRJVYHWDXGDQDåQMHYUHPHLOL]DSRUDVWFHQDWUJRYFL
VXSRVWDOLQH]DMDçOMLYLXGDQDåQMHYUHPH
äWRVHQMHWLĆHVWDYLODMHMDVQRGR]QDQMDGDQLMHELODSRSXVWOMLYDQLSUHPDVYRPVLQX
SUHVWXSQLNXQLSUHPDVYRMLPVWDQDULPDNULPLQDOFLPD
Å8GDQDåQMHYUHPHWUHEDUD]OLNRYDWLRGRJRYDUDQMDGDVHSUHNUDWLYUHPHSRSDUROLÅ1LMH
QLNDNYRĆXGR3RĆHWQLSRWH]PRçHGDEXGHLVWLÅ.DçXGDMH*RVSD'HVDDOLÅ8GDQDåQMH
YUHPHLPDMDVQXXVPHUHQRVWL]DYUåQLFXXNRMRMMHPRJXĄHSRQXGLWLQHNRÅREMDåQMHQMH
2JRYDUDQMHSURVWRSOXWDEH]NUPDQRåDVYDNLĆDVPHQMDMXĄLSUDYDF
Å2WYRUHQDUDQDMHGREURQDPHUQLMD2GUDVODYDULMDQWDSRGSDURORPÅ.DNYDåWHWDPDGD
L]DQMHVWRMHSRGMHGQDNRPRUELGQLPRWLYLÅ2WYRUHQXUDQXSUHYDVKRGQR]DQLPDåLNOMDQMHNUYL
7RMHXRVQRYLMHGDQQH]YDQLĆQLNOLQLĆNLVLPSR]LMXP6YDNRLPDSUDYRGDL]ORçLSRQHNLVOXĆDM
åWRJUR]RPRUQLML²WREROMHX]SRWDQNRRSLVLYDQMHGHWDOMD2PLOMHQHWHPHVXXGDUFLSRVUHG
OLFDRSHUDFLMHQDVWRPDNXLOLWHåNLSRURćDML2YGHMHUD]OLNDRGRJRYDUDQMDXWRPH
åWRSRVWRMLQDGPHWDQMHPHćXXĆHVQLFLPDLåWRRQLSRND]XMXYLVRNRSR]QDYDQMHKLUXUJLMH
8ĆHVQLFLVHVLVWHPDWVNLXSXåWDMXXSDWRORåNXDQDWRPLMXGLMDJQR]XSURJQR]XLXSRUHGR
SURXĆDYDQMHVOXĆDMHYD'RNMHGREUDSURJQR]DSULKYDWOMLYDXRELĆQRPRJRYDUDQMXGRWOHX
Å2WYRUHQRMUDQLSULĆDVDRĆHNLYDQMHPRSWLPLVWLĆNRJLVKRGDVHPDNRQLMHRĆLJOHGQRLURQLĆQD
GRYRGLGR]DVHGDQMD9HULILNDFLRQHNRPLVLMHMHUMHWDMLJUDĆQRQSDUWLFHSVFULPLQLV
Å3RKRGQLFLPDLOLÅ8]åROMLFXNDIHMH'HĆMDUD]RQRGDSRGSDURORPÅ9LGLåWDQDPVDG
UDGH2YRMHYDULMDQWD]DUDGQHRUJDQL]DFLMH.DGSDGQHPUDNPRçHVHLJUDWLXMHGQRM
EODçRMSROLWLĆNRMLOLSRVORYQRMIRUPLNRMDVHQD]LYDÅ%DUVNDVWROLFD7RMHXVWYDULWURĆODQD
LJUDXNRMRMMHDGXWXUXNDPDMHGQHILJXUHNRMDĆHVWRGRNUDMDRVWDMHXVHQFLD]RYHVH SUDYRPUD]REOLĆDYDçHQXNRMDQHSUDWLPRGXĆRYHNDNRMLQHXPHGD]DUDćXMHQHNRJDĆLMD
Å2QL UDVDQLMHÅĆLVWDQHåNRORYDQRJLPSRWHQWQRJLOLMHGQRVWDYQRQHVLJXUQRJXVHEH,VWRYUHPHQR
XKRćHQMHRPRJXĄXMHL]YHVQXXQXWUDåQMXGUXåWYHQXDNFLMXNRMDGRQRVLELRORåNXGRELW
.DRLJUDÅ6WUDåQRVWUDåQRGROD]LGRVYRJQDMGUDPDWLĆQLMHJL]UD]DNRGRQLKNRMLçXGH]D
RSHUDFLMDPD1MLKRYHWUDQVDNFLMHQDMEROMHLOXVWUXMXREHOHçMDRYHLJUH2YLOMXGLNXSXMX 6SROMDåQMDGUXåWYHQDSUHGQRVWSULSDGDURGXÅ6WUDåQRVWUDåQRNRPåLMVNLRJUDQDN=DQLPOMLYR
GRNWRUHLJLQX]DVNDOSHORPĆDNLNDGOHNDULHQHUJLĆQRSRNXåDYDMXGDLKRGYUDWH6DPGRçLYOMDM MHGDXRYRMLJUL%HOLQDOD]LGREDUSRYRG]DLJUDQMHVDVYLPQH]DYLVQRRGVYRMLKLQWHOHNWXDOQLK
RGOD]DNXEROQLFXLQDRSHUDFLRQLVWRGRQRVLVYRMHSUHGQRVWL8QXWUDåQMDSVLKRORåND VSRVREQRVWLLVWHSHQDREDYHåWHQRVWL7DNRMHMHGDQĆRYHNSRSRYUDWNXL]GLSORPDWVNHVOXçEH
SUHGQRVWGROD]LRGWRJDåWRMHWHORSRGYUJQXWRPUFYDUHQMX6SROMDåQMDSVLKRORåNDSUHGQRVW JRYRULRR]HPOMLXNRMRMMHELRNDRRPDQMHYUHGQRM]ERJWRJDL]PHćXRVWDORJåWRWDPR
OHçLXL]EHJDYDQMXVYDNHEOLVNRVWLLRGJRYRUQRVWLVHPSRWSXQRJSUHGDYDQMDKLUXUJXQDPLORVWL OMXGLQRVHGRODPHVDVXYLåHGXJLPUXNDYLPD8VYRP2GUDVORPHJRVWDQMXRYDMĆRYHNELRMH
QHPLORVW=DELRORåNHSUHGQRVWLNDUDNWHULVWLĆQDMHPHGLFLQVNDQHJD8QXWUDåQMHGUXåWYHQH SULOLĆQRQDPHVWX7DNYHVSRUHGQHVWYDULL]JOHGDMXPXYDçQHVDPRNDGLJUD5RGLWHOMVNXLJUX
SUHGQRVWLGROD]HRGPHGLFLQVNRJLEROQLĆNRJRVREOMDLRGGUXJLKSDFLMHQDWD3RVOHL]ODVNDL] NDRåWRMHÅ6ODEDWDĆND
EROQLFHL]D]LYDQMHPVDçDOMHQMDLVLPSDWLMDSRVWLçXVHRGUHćHQHVSROMDåQMHGUXåWYHQSUHGQRVWL
75$3$đ2=
8HNVWUHPQLPVOXĆDMHYLPDRYXLJUXLJUDMXSURIHVLRQDOFLSUHYDUDQWLNRMLKRĄHGDGRELMX 7H]D,]UD]Å7UDSDćR]QDMEOLçLMHSRSXODUQRPL]UD]XL]MLGLåDÅåOHPLONRMLMHVDVYRMH
RåWHWX]ERJQDYRGQLKPHGLFLQVNLKSURSXVWDLOLSRJUHåQRJOHĆHQMD1MLPDQLMHVWDORVDPRGR VWUDQHEOL]DNQHPDĆNRMLKRODQGVNRMUHFL]DOXNDYVWYRç
VDRVHĄDQMDNDRDPDWHUVNLPLJUDĆLPDQHJRGRORYH
æUWYDWUDSDćR]DRSLVDQDMHXNQML]L'REULĆLQDRG3RODGH.RNDDQDMLGLåXWDNYRJĆRYHND]RYX
Å6WUDåQRVWUDåQRSRVWDMHGDNOHLJUDRQGDNDGLJUDĆMDYQRL]UDçDYDXJURçHQRVWDNULRPLFH ÅåOHPDFO3RWH]LNRMLNDUDNWHULåXLJUXÅ7UDSDćR]VXVOHGHĄL
XçLYDXLåĆHNLYDQMX]DGRYROMVWDYDNRMDĄHPXGRQHWLQMHJRYDQHVUHĄD %%HOLSURVSHĆDåXFUQRJYLQDQDYHĆHUQMXKDOMLQXGRPDĄLFH
&&UQLGRPDĄLQUHDJXMHXVHELJQHYQRDOLRVHĄDĆHVWRVDPRPDJORYLWRGDEL%HOLRGPDK
8RSåWHX]HYVYHQHVUHĄQLNHPRJXĄHMHSRGHOLWLXWULJUXSH L]LåDRNDRSREHGQLNDNRELRQWRSRND]DR=ERJWRJDVH&UQLSULEHUHåWRPXGDMHLOX]LMXGDMH
2QHĆLMDSDWQMDQLMHQLçHOMHQDQLSUL]LYDQD2QLPRJXDOLQHPRUDMXGDLVNRULVWHVDRVHĄDQMH RQSREHGQLN
NRMLPLKVSUHPQR]DVLSDMX$NRQHåWRLXĄDUHWRMHXJUDQLFDPDQRUPDOHLGRVWRMQRMH %%HOLNDçHÅ,]YLQLWHPROLP9DV
SRåWRYDQMD &&UQLSURPUPOMDLOLSUHQDJODåHQRGRYLNXMHRSURåWDMXĆYUåĄXMXĄLVHEHXLOX]LMLGDMH
SREHGLR
2QHĆLMDSDWQMDQLMHSUL]LYDQDDOLMH]ERJPRJXĄQRVWLLVNRULåĄDYDQMDNRMHSUXçDREHUXĆNH
GRĆHNDQD8RYRPVOXĆDMXLJUDQMHLJUHMHQDNQDGQDLGHMDÅGUXJDçHWYDX)URMGRYRPVPLVOX %%HOL]DWLPQDVWDYOMDGDQDQRVLåWHWHLPRYLQL&UQRJ/RPLVYHĆHJDVHGRWDNQHSURVLSDSR
UHFL VYHPXLXRSåWH]DEUOMDYDVYHåWRVWLJQH3RVOHSURJRUHYDQMDVWROMQMDNDFLJDUHWRP
]DNDĆLQMDQMDĆLSNDQH]DYHVHQRJRPRGVWROLFHLIOHNDQMDWHSLKDSUHOLYRPRGSHĆHQMD'HWH
2QHNRMLçXGH]DSDWQMRPNDRQDSULPHUOMXELWHOMLRSHUDFLMDNRMLRELMDMXSUDJRYH %HORJMHXVKLĄHQRVRERPåWRMHGHPRQVWULUDORRYHYHåWLQHDELORPXMHVYHRSURåWHQRXĆHPX
KLUXUJDVYHGRNQHQDLćXQDQHNRJNRKRĄHGDLKVHĆH.RGQMLKMHLJUDXSUYRPSODQX PXL&UQLQDOD]LVDWLVIDNFLMX]ERJWRJDåWRMHSRND]DREHVNUDMQXVDPRNRQWUROX7DNRLMHGDQL
GUXJLPRJXGDXĄDUHSRQHåWRL]RYHQHSULMDWQHVLWXDFLMHSDVH&UQRPHMRåQHçXULGDSUHVWDQH
6/$%$7$ą.$ GDVHGUXçLVD%HOLP
7H]D2YDLJUDXVYDNRGQHYQRPçLYRWXSURL]YRGLYHĄLGHRVLWQLĆDYLKUD]PLULFD,JUDVHL]
SR]LFLMHSRWLåWHQRJ'HWHWDÅ-DQLVDPQL]DåWDNRMDVHRGEUDPEHQRSUHWYDUDXSR]LFLMX .DRLXYHĄLQLRVWDOLKLJDUD%HOLNRMLYXĆHSUYLSRWH]REDYH]QRGRELMD$NR&UQLLVSROMLVYRMX
5RGLWHOMDÅ2QLQLVXQL]DåWD,JUDĆXRVWDMHVDPRWUDQVDNFLRQL]DGDWDNGDGRNDçHLVWLQLWRVW OMXWLQX%HOLPRçHVSXQLPSUDYRPGDPXX]YUDWLLVWRPPHURP$NRVH&UQLLGDOMHEXGH
SRVOHGQMHWYUGQMH=ERJWRJDLJUDĆLÅ6ODEHWDĆNHQHPRJXXSULVXVWYXQRYRJOLFDGDVHVNUDVH X]GUçDYDR%HOLĄHQDVWDYLWLGDNRULVWLVYDNXSULOLNX]DUåXP3UDYLGRELWDNXRYRMLJULQLMH
VYHGRNPXQHSURQDćXXVODEXWDĆNX8VYRMRMQDMRåWULMRMIRUPLRYRPRçHSRVWDWLWRWDOLWDUQD PHćXWLPX]DGRYROMVWYXRGUXåLODåWYDåWRMHVDPRGRGDWQDQDJUDGD]D%HORJQHJRĆLQMHQLFL
SROLWLĆNDLJUDNRMXLJUDMXÅDXWRULWDUQHRVREHSDL]WRJDPRJXSURLVWHĄLR]ELOMQHLVWRULMVNH GDPXMHVYHRSURåWHQR7DMWUDJYRGLQDVGLUHNWQRGRDQWLWH]H
UHSHUNXVLMH2ĆLJOHGQDMHQMHQDEOLVNDSRYH]DQRVWVDÅ8GDQDåQMHYUHPH'RNÅYLVRNR
GUXåWYRL]OXNVX]QLKYLODQDEUHçXOMFLPDRNRJUDGRYDSR]LWLYQRRKUDEUHQMHSRVWLçHLJUDQMHP $QWLWH]D1DMEROMLSRWH]SURWLYÅ7UDSDćR]DMHGDPXQHSUXçLPRL]QXćHQRRVOREDćDQMHRG
Å.DNRL]OD]LPQDNUDMGRWOHÅ6ODEDWDĆNDGDMHQHNXYUVWXQHJDWLYQRJRKUDEUHQMD,GHOLPLĆQD NULYLFH.DG%HOLNDçHÅ,]YLQLPROLPWH&UQL²XPHVWRGDSURPUPOMD8UHGXMHNDçH
DQDOL]DXĆLQLĄHQHNHHOHPHQWHRYHLJUHMDVQLMLP Å9HĆHUDVWLMHGR]YROMHQRGDSRSUVNDåPRMXçHQXRåWHĄXMHåQDPHåWDMLIOHNDåWHSLKDOL
QHPRMPROLPWHGDVHL]YLQMDYDå7LPHMH&UQLSUHåDOWRYDRVHEHVDXVOXJH5RGLWHOMDNRML
3RYRGYDULUDRGQDMWULYLMDOQLMHJÅ7RYLåHQLNRQHQRVLGRQDMFLQLĆQLMHJÅ1LMHVNXSLRSURåOH RSUDåWDQDXORJXREMHNWLYQRJ2GUDVORJNRMLSUHX]LPDVYXRGJRYRUQRVWMHUMHRQSR]YDR
JRGLQHQDçLURUDĆXQXQL]DSRUH]QDM]OREQLMHJÅ1LMH$ULMHYDFQDMQDĆLWDQLMHJÅ1LMH %HORJXNXĄX
QLSURåDRSRUHG5LONHDQDMLQWLPQLMHJÅ1HVOXçLJDHUHNFLMDLOLQDMSUHIULJDQLMHJÅ6WDEL
KWHRGDGRNDçH" =DJUHMDQRVW%HORJ]DLJUXYLGHĄHPRSRQMHJRYRMUHDNFLMLNRMDPRçHGDLVSDGQHLYUOR
HNVSOR]LYQD2QDMNRSRYXĆHNRQWUDSRWH]UL]LNXMHQHSRVUHGQHUHSUHVDOLMHLOLEDUGRELMDMQHX
3VLKRGLQDPLĆNLRYDLJUDRELĆQRMH]DVQRYDQDQDVHNVXDOQRMQHVLJXUQRVWLDFLOMMRMMH %HORPMHGQRJQHSULMDWHOMDYLåH
RKUDEUHQMH7UDQVDNFLRQRWXVXLXKRćHQMHEROHVQDUDGR]QDORVWLOLVXPQMLĆDYRVWSRQHNDG
SRGILUPRP5RGLWHOMVNHLOL2GUDVOHEULJHNRMDPDVNLUD'HWLQMXVWUDVW2YDLJUDSUXçD 'HFDLJUDMXÅ7UDSDćR]DXQHSRWSXQRPL]GDQMXSULĆHPXQLMHXYHNMDVQRGDYDQMHRSURåWDMD
XQXWUDåQMXSVLKRORåNXSUHGQRVWWLPHåWRXNODQMDSRWLåWHQRVWDVSROMDåQMXSVLKRORåNXSUHGQRVW DOLEDUSUDYHNUåLORPGRPLOHYROMH.DNRVDYODGDYDMXGUXåWYHQHPDQLUHPHćXWLPGHFD
WLPHåWRL]EHJDYDEOLVNRVWSULNRMRMELELORPRJXĄHRWNULWLVODEXWDĆNX%HORJ%HOLVSXQLP
NRULVWHVYRMHQRYRVWHĆHQHNOLNHUH]DL]QXćLYDQMHRSURåWDMDåWRLMHVWHJODYQLFLOMRYHLJUHNDG 'RVORYQLGLMDORJPRçHGD]YXĆL2GUDVORDOLXçLYRPWNLYXPRçHPRSULPHWLWLGD%HODSULND]XMH
VHLJUDXRGUDVORPSULVWRMQRPVYHWX VHEHNDR'HWHNRMHMHQHVSRVREQRGDL]DćHQDNUDMVDVLWXDFLMRPGRNVXRVWDOLSUHWYRUHQLX
PXGUH5RGLWHOMHRUQHGDXWURåHPDORVYRMHUD]ERULWRVWLQDQMHQRGREUR
$1$/,=$
7H]D0HQLVHPRçHLGDSUDYLPORPLGDGRELMHPRSURåWDM 2YRMHSULND]DQRQDVOLFL,JUDPRçHGDVHRGYLMD]DWRåWRVXQDGUXåWYHQRPQLYRXLGUDçL
&LOM2VOREDćDQMHRGNULYLFH RGJRYRU2GUDVOLDQDSVLKRORåNRPQLYRXNRPSOHPHQWDUQLRG5RGLWHOMDND'HWHWXLGHGUDç
8ORJH1DSDVQLNæUWYDQDMLGLåXäOHPLOLäOHPDFO ÅäWRWLQHNRMDL]D]LYDRGJRYRU'HWHWD5RGLWHOMXÅ'DDOL3VLKRORåNLQLYRMHRELĆQR
'LQDPLND$QDOQDDJUHVLYQRVW QHVYHVWDQQDREHVWUDQHDOLSURPHQDHJRVWDQMDRG2GUDVORJQDÅQHVSRVREQR'HWHNRG%HOH
3ULPHUL'HFDNRMDSUDYHNUåLORP7UDSDYLJRVW LRG2GUDVORJQDÅPXGURJ5RGLWHOMDNRGRVWDOLKQHPRJXXYHNGDSURPDNQXLVNXVQRPRNX
'UXåWYHQLPRGHO2GUDVOL2GUDVOL NRMHLKRWNULYDSRSURPHQDPDXGUçDQMXWHODPLåLĄQRPWRQXVXYLVLQLJODVDLUHĆQLNX
2GUDVOLÅ3RåWRVHMDGUçLPSUDYLODSULVWRMQRVWLPRUDåLWLGDEXGHåSULVWRMDQSUHPDPHQL
2GUDVOL8UHGX2SUDåWDPWL 'DELVPROHSRYLGHOLNDNYLVXVYHQDJRYHåWDMLVNULYHQLXRYRMLJULNRULVQRMHGDOMHUD]YLWL
3VLKRORåNLPRGHO'HWH5RGLWHOM SULPHUNRMLVPRYHĄSRĆHOLGDRSLVXMHPR
'HWHÅ0RUDåGDPLRSURVWLåRQRåWRXUDGLPQHKRWLFH 7HUDSHXWÅ'DOLMHELORNRSUHGORçLRQHåWRåWR9DPDGRVDGQLMHSDORQDXP"
5RGLWHOMÅ8SUDYXVL0RUDPGDWLGDPSULPHUSULVWRMQRJSRQDåDQMD %HODÅ1HQLNR8VWYDULMDVDPYHĄLVDPDSUREDODQHNHRGVWYDULNRMHVXRQLSRPHQXOL
3RWH]L,]D]LYDQMHQH]DGRYROMVWYR,]YLQMHQMHSUDåWDQMH .XSLODVDPPXçXDODWLRQMHSRKDćDRMHGDQNXUV]DVLWQHRSUDYNHXNXĄL
3UHGQRVWL8QXWUDåQMHSVLKRORåNH²8çLYDQMHXEUOMDQMX6SROMDåQMHSVLKRORåNH²
,]EHJDYDQMHND]QH8QXWUDåQMHGUXåWYHQHÅ7UDSDćR]6SROMDåQMHGUXåWYHQH 2YLP%HODSRND]XMHGDSRVWRMHEDUGYDUD]ORJD]ERJNRMLKRYXLJUXQHWUHEDX]LPDWLRQDNR
Å7UDSDćR]%LRORåNH3URYRNDWLYQRLQHçQRGDYDQMHSRWYUGDGDSRVWRMLåL(J]LVWHQFLMDOQH NDNRL]JOHGDQDSRYUåLQL3UYRXYHĄLQLVOXĆDMHYD%HODMHVWYDUQRLVWRWROLNRLQWHOLJHQWQDNDRL
-DVDPQHSRJUHåLY ELORNRGUXJLXJUXSLWHMHPDORYHURYDWQRGDELQHNRGUXJLPRJDRGDSUHGORçLELORåWDåWR
QMRMVDPRMYHĄQLMHSDORQDXP.DGELVHWRLSDNGHVLORLQHNRSUHGORçLRVWYDUQRRULJLQDOQR
ä727,1('$$/, UHåHQMHRQGDEL%HODWUHEDORGDPXEXGH]DKYDOQDLGDSULKYDWLDNRLJUDSRåWHQXLJUX'UXJLP
7H]DÅ6WRWLQH'DDOL]ERJWRJDåWRMHWRELRSRĆHWQLLPSXOV]DĆLWDYSRMDPLJUH]DX]LPD UHFLPDQMHQRÅQHVSRVREQR'HWHXVWXNQXORELDNRELQHNRRGSULVXWQLKGDRGRYROMQRGXKRYLWX
SRVHEQRPHVWRXDQDOL]LLJDUD7RMHELODSUYDLJUDNRMDMHL]YDćHQDL]VYRJGUXåWYHQRJPLOMHD LGHMXNRMDELSUREXGLODQMHQRJ2GUDVORJ
$SRåWRMHQDMVWDULMLSUHGPHWDQDOL]HLJDUDQRUPDOQRMHåWRVSDGDLPHćXQDMEROMHSURXĆHQH
7RMHWDNRćHLJUDNRMDVHQMDĆHåĄHLJUDQDVNXSRYLPDLXJUXSDPDVYLKYUVWDXNOMXĆXMXĄLL $OLRQLNRMLLJUDMXL]QDYLNHNDR%HODL]JRUQMHJSULPHUDUHWNRLJUDMXSRåWHQXLJUX=DWRX
WHUDSHXWVNH6OHGHĄLSULPHUPRçHGDSRVOXçL]DLOXVWURYDQMHQMHQLKRVQRYQLKNDUDNWHULVWLND WDNYLPVOXĆDMHYLPDWUHEDELWLQDRSUH]XDNRGRćHGRSUHEU]RJXVYDMDQMDSUHGORçHQLKUHåHQMD
%HODÅ0RMPXçXYHNLQVLVWLUDGDĄHVDPSRSUDYLWLNDGVHQHåWRSRNYDULXNXĄLDOLQLNDGPXQH
SROD]L]DUXNRPGDWRXUDGLNDNRYDOMD 0RçGDLJUDQMHä71'$VOXçLVDPRNDRPDVND]DLJUXÅ*OXSDQDNRMDMHJODYQD3RPHQXWLSULPHU
&UQLÅ6WRQHQDXĆLRGQHNRJD" MHNUDMQMHGUDPDWLĆDQMHUMDVQRSRND]XMHLGUXJXVWYDUąDNLDNRMH%HODRGLVWLQVNLSUREDOD
%HODÅ'DDOLRQQHPDYUHPHQD QHNDRGSRQXćHQLKUHåHQMDRQDĄHLKLSDNRGEDFLWL6YUKDRYHLJUHQLMHGRODçHQMHGRSUHGORJD
3ODYLÅäWRPXWLQHNXSLåNRPSOHWDQDODW" QHJRQMLKRYRRGEDFLYDQMH0DGDVYDNRYROLGDLJUDRYXLJUX]ERJRQRJDåWRSUXçDQDSODQX
%HODÅ'DDOLRQQHELXPHRGDJDNRULVWL VWUXNWXULUDQMDYUHPHQDLSDNMHSULSDçOMLYLMHPSURXĆDYDQMXPRJXĄHRWNULWLL]YHVQH]DQLPOMLYH
&UYHQLÅ6WRQH]RYHWHRQGDPDMVWRUD" RVREHQRVWLRQLKNRMLVXQMHQLQDURĆLWLOMXELWHOML3UHVYHJDRGOLNXMHLKWRåWRVDLVWRPODNRĄRP
%HODÅ'DDOLWRELQDVVXYLåHNRåWDOR PRJXGDLJUDMXLVWYDUQRLJUDMXREHXORJHXLJUL2YDUD]PHQMLYRVWXORJDYDçL]DVYHLJUH
%UDRQÅäWRWLQHSULKYDWLåVYHåWRRQXUDGLNDRQDMEROMHåWRPRçH"
%HODÅ'DDOLåWDELPLWRYUHGHORNDGĄHQDVWDWMRåYHĄDåWHWD ,JUDĆLL]QDYLNHPRJXYLåHGDYROHMHGQXQHJRQHNXGUXJXXORJXXLJULDOLVXXVWDQMXGDVH
WUDPSHLVSUHPQLVXGDDNRGRELMXQHNLQDJRYHåWDMXWRPVPLVOXLJUDMXLVYDNXGUXJXXORJX
3RVOHRYRJDRELĆQRQDVWDMHWDMDF7LåLQXQDNUDMXSUHNLGD=HOHQLNRMLNDçHQHåWRXVPLVOX 6HWLPRVHQDSULPHUåDOWRYDQMDVD3LMDQFDQD6SDVLRFDXLJULÅ$ONRKROLĆDUD
Å7DNYLVXPXåNDUFLXYHNSRNXåDYDMXGDGRNDçXNDNRVXHILNDVQL
=DWLPXNOLQLĆNRMSUDNVLRWNULYHQRMHGDOMXELWHOMLä71'$VSDGDMXXRQXYUVWXSDFLMHQDWD
,JUXä71'$PRçHGDLJUDNROLNRJRGKRĄHLJUDĆD3RNUHWDĆL]QRVLWHåNRĄX2VWDOLSRĆLQMXGD NRMLPDMHQHRSKRGQDKLSQR]DLOLQHåWRVOLĆQRNDRPHWRG]DXEU]DQMHQMLKRYRJL]OHĆHQMD.DG
SUHGODçXUHåHQMDSRĆLQMXĄLXYHNVDÅäWRWLQH1DVYDNLSUHGORJ%HODLPDSULJRYRUNRML LJUDMXVYRMXLJUXRQGDLPMHFLOMGDSRNDçXNDNRLPQLNRQHPRçHGDWLQLNDNDYXSRWUHEOMLY
SRĆLQMHVDÅ'DDOL'REDULJUDĆPRçHGDQDGLJUDYDVYHRVWDOHXEHVNUDMGRNVYLQHGLJQX SUHGORJåWRSUDNWLĆQR]QDĆLGDQLNDGQHĄHRGVWXSLWLRGVYRJD=DWRRGWHUDSHXWDWUDçHGDLK
UXNHĆLPH%HODGRELMD'RJDćDVHGDRQDSUHQHJRåWR]DYODGDRQDPUWYDWLåLQDNRMD VWDYLXVWDQMHSRWSXQHSUHSXåWHQRVWL
R]QDĆDYDQMHQXSREHGXLUDåĆLåĄDYDWHUHQ]DQRYXLJUXSRLVWRMIRUPXOLPRUDGDL]DćHQD
NUDMVDSRGHVHWDNLYLåHSRQXćHQLKUHåHQMD7DGD=HOHQLPRçHGDSUHEDFLÅäWRWLQH'DDOL ,]WRJDMHYLGOMLYRGDä71'$SUHGVWDYOMDGUXåWYHQRSULKYDWOMLYRUHåHQMHXQXWUDåQMHJVXNREDRNR
QDÅ5RGLWHOMVNLVDVWDQDNSRGYUVWXÅ'HOLNYHQWDQPXç SUHGDMH3UHFL]QLMHUHĆHQRNDRåWRSRND]XMHGLMDORJL]MHGQHWHUDSLMHRYDLJUDMHXRELĆDMHQD
PHćXOMXGLPDNRMLLPDMXVWUDKGDĄHSRFUYHQLWL
3RåWRVXVYDUHåHQMDVDUHWNLPL]X]HFLPDRGEDĆHQDRĆLJOHGQRMHGDRYDLJUDPRUDGDVOXçL 7HUDSHXWÅ=DåWRLJUDWHäWRWLQH'DDOL
NDG]QDWHGDMHWRIROLUDQMH"
QHNLPVNULYHQLPVYUKDPD,JUD671'$VHQHLJUD]ERJVYRMHLVND]DQHVYUKH2GUDVOL]DKWHY]D %HODÅ$NRVDQHNLPUD]JRYDUDPRQGDVDP]DRNXSOMHQDRQLPåWRWUHEDGDLVSULĆDP.DGQH
REDYHåWHQMLPDLOLUHåHQMLPDQHJRGDRKUDEULL]DGRYROML'HWH PLVOLPQDWRSRFUYHQLP6HPXPUDNX1HSRGQRVLPPLURYDQMH-DWR]QDPD]QDLPRMPXç
2QPLMHVDPXYHNRWRPHJRYRULR
7HUDSHXWÅ+RĄHWHGDNDçHWHGDXYHNNDGD9Då2GUDVOLQLMH]DRNXSOMHQQHĆLP9DåH'HWH RVWDOLLQHVDPR%HOD3ULWRPELĄHMDVQRGDMHNRQWUDä71'$XVWYDULVDPRGUXJDVWUDQD
LVNRULVWLSULOLNXGDSURPROLJODYXLGRYHGH9DVXVWDQMH]EXQMHQRVWL" LJUDQMDNRQWUD+6'73
%HODÅ7DNRMH3UHPDWRPHDNRMDVWDOQRQHNRPHGDMHPSUHGORJHLOLPXGR]YROMDYDPGDPL
GDMHSUHGORJHRVHĄDPVHGREURRVHĄDPVH]DåWLĄHQR6YHGRNPRJXGDGUçLPVYRJ2GUDVORJ .DGVHRYDLJUDLJUDXGUXåWYXSULMDWHOMVNLLEH]RSDVQRQHPDUD]ORJDGDVHQHXĆHVWYXMH
QDNRUPLOXPRJXLGDRGODçHP]EXQMHQRVW 3URWLYRWURYWUHEDSULPHQLWLWHNDNRGRćHGRSRNXåDMDLVNRULåĄDYDQMDVWUXĆQRJ]QDQMDDOLL
2YGH%HODMDVQRSRND]XMHGDVWUDKXMHRGQHVWUXNWXULUDQRJYUHPHQD1MHQR'HWHVSUHĆHQRMH WDGDMHWRQHSRSXODUQDPHUDMHUGRYRGLGRUD]RWNULYDQMD%HOLQRJ'HWHWD3RGWLPRNROQRVWLPD
GDVHDNWLYLUDVYHGRNMH2GUDVOL]DRNXSOMHQGUXåWYHQRPVLWXDFLMRPDLJUDSUXçDSULKYDWOMLYX QDMXSXWQLMHMHL]YXĄLVHQHNDNRSRVOHXYRGQRJSRWH]DLYUHEDWLSULOLNX]DSRGVWLFDMQXLJUX
VWUXNWXUX]D2GUDVORIXQNFLRQLVDQMH$OLGDEL]DGUçDODQMHQX]DLQWHUHVRYDQRVWO]DLJUDQMHLJUD Å)HPNDQMDXQDMEODçRMIRUPL
PRUDELWLQDSRGHVDQQDĆLQPRWLYLVDQD1MHQL]ERUä71'$L]YUåHQMHSRGXWLFDMHPSULQFLSD
HNRQRPLĆQRVWLRQDSUXçDPDNVLPDOQHXQXWUDåQMHLVSROMDåQMHSUHGQRVWLQMHQRP'HWHWX]D )DPLOLMDÅäWRWLQH'DDOLWUHEDUD]OLNRYDWLRGQMHQHVXSURWQRVWLÅäWRVLWL1HDOL
UHåDYDQMHVXNREDRNRIL]LĆNHSDVLYQRVWL2QDPRçHVDLVWLPRGXåHYOMHQMHPGDLJUDLQHXNURWLYR ä671$XNRMRM5RGLWHOMGRELMDDGHIDQ]LYQR'HWHVHQDNUDMXSRYODĆLXQHUHGXPDGDQD
'HWHNRPHQLåWDQLMHPRJXĄHQDPHWQXWLLPXGURJ5RGLWHOMDNRMLSRNXåDYDGDXNURWL'HWHX ĆLVWRYHUEDOQRPQLYRXVYHGHOXMHVXYRIDNWRJUDIVNLUDFLRQDOQRLNDRRG2GUDVORJ2GUDVORPH
QHNRPGUXJRPDOLPXWRQHSROD]L]DUXNRP3RåWRMHRVQRYQRQDĆHORä71'$GDQLMHGDQ ,JUDä671$MHYUOREOLVNDLJULÅ6WDYLåH
SUHGORJQLNDGDQHEXGHXVYRMHQ5RGLWHOMQLNDGDQHPRçHXVSHWLXVYRPQDXPX0RWRRYHLJUH
MHÅ1HX]QHPLUDYDMVH5RGLWHOMQLNDGQHXVSHYD 2EUQXWDIRUPDä71'$OLĆLXSRĆHWNXQDLJUXÅ6HOMDQND2YGH%HOD]DYRGLWHUDSHXWDGDMRMGD
QHNHSUHGORJH]DUHåHQMDNRMHRQDXPHVWRGDLKRGEDFLRGPDKXVYDMD7HNNDGDMHXYXĆHQGR
8NUDWNRUHĆHQRPDGDELVPRPRJOLUHĄLGDMH%HORMVYDNLSRWH]]DEDYDQMHUMRMSUXçDRQR JXåHWHUDSHXWVKYDWDGDPX%HODUDGLRJODYL2QRåWRMHL]JOHGDORNDRÅ6HOMDQND]DYUåDYDX
VLWQR]DGRYROMVWYRXRGEDFLYDQMXSUHGORJDLSDNMHSUDYLGRELWDNRQDSUDYDLOLPDVNLUDQDWLåLQD MHGQRMLQWHOHNWXDOQRMYHU]LMLLJUHÅ)HPNDQMH.ODVLĆDQSULPHU]DWRQDOD]LPRXSUHRNUHWXVD
NRMDQDVWDMHSRåWRVXVYLEDOGLVDOLWUDçHĄLQHNRSULKYDWOMLYRUHåHQMH7DWLåLQDSRND]XMHL SR]LWLYQRJQDQHJDWLYDQWUDQVIHUXWRNXRUWRGRNVQHSVLKRDQDOL]H
%HORMLRVWDOLPDGDMHRQDL]DåODNDRSREHGQLNMHUMHGRND]DODGDVXRQLXVWYDULQHVSRVREQL
DQHRQD$NRWLåLQDQLMH]DPDVNLUDQDPRçHSRWUDMDWLLQHNROLNRPLQXWD8RVQRYQRPREUDVFX ,JUXä71'$PRJXĄHMHLJUDWLLRåWULMHÅ8ĆLQLQHåWR]DPHQHMHLVWDLJUDVDPR]DVWHSHQ
LJUH=HOHQDVNUDĄXMHWULMXPI%HOH]ERJVYRMHQHVWUSOMLYRVWLGDåWRSUH]DSRĆQHVRSVWYHQX JUXEOMD3DFLMHQWNLQMDRGELMDGDUDGLSRNXĄLQDSULPHULVYDNHYHĆHULNDGVHPXçYUDWLVD
LJUXåWRMHQMXLVSUHĆDYDORGDXĆHVWYXMHXLJUL%HOH.DVQLMHWRNRPVHDQVH%HODQLMH SRVODRWSRĆLQMHLJUXä71'$$OLPRçHRQGDSULĆDåWRJRGKRĄHRQDVHWYUGRJODYRGUçLVYRJD
SULNULYDODVYRMHDQWLSDWLMHSUHPD=HOHQRM]ERJWRJQMHQRJJHVWD 8QHNLPVOXĆDMHYLPDWYUGRJODYRVWPRçHELWLPDOLJQDL]DKWHYDWLSDçOMLYXSVLKLMDWULMVNX
SURFHQX0HćXWLPXVYHPXRYRPHQHWUHED]DQHPDULWLQLHOHPHQDWLJUHMHUVHSRVWDYOMD
-RåMHGQDQHRELĆQDRGOLNDä71'$MHåWRVHVSROMDåQMHLXQXWUDåQMHYDULMDQWHLJUHLJUDMXQD SLWDQMH]DåWRMHPXçL]DEUDRWDNYXçLYRWQXVDSXWQLFXLNDNRRQVDPGRSULQRVLSURGXçDYDQMXWH
SRWSXQRLVWRYHWDQQDĆLQVDPRVD]DPHQMHQLPXORJDPD QHPRJXĄHVLWXDFLMH
8VSROMDåQMRMYDULMDQWLNRMXPRçHPRSRVPDWUDWLQDNOLQLFL'HWH%HOHSRMDYOMXMHVHXXOR]L 7H]D'DYLGLPRPRçHåOLGDSUHGORçLåQHNRUHåHQMHNRMHPQHĄXQDĄL]DPHUNL
QHVSRVREQRJPROLRFD]DSRPRĄDSRUHGQMHJDXĆHVWYXMHLYLåHGUXJLKLJUDĆD8XQXWUDåQMRM &LOM2KUDEUHQMH
YHU]LMLNRMDVHLJUDNRGNXĄHXLQWLPQLMRMDWPRVIHULVDPRVDPXçHPQMHQ5RGLWHOMVWXSDQD 8ORJH%HVSRPRĄQDRVRED6DYHWRGDYFL
SR]RUQLFXNDRPXGDUGHOLWHOMVDYHWD0HćXWLPGRRYRJREUWDGROD]LWHNNDGMH]DYUåHQ 'LQDPLND6XNRESUHGDMHRUDOQR
PHGHQLPHVHFSRåWRSUHWRJDMRåRGYUHPHQDQMLKRYRJ]DEDYOMDQMDSUHEUDNDRQDLJUDXORJX 3ULPHUL'DDOLMDVDGDQHPRJXGDSRVYUåDYDPNXĄQHSRVORYHMHU%HVSRPRĄQD
EHVSRPRĄQRJ'HWHWDäHIRYVNLQDVWURMHQ5RGLWHOMSRĆLQMHNDNRVHYHQĆDQMHSULEOLçDYDV çHQD
YUHPHQDQDYUHPHGDVHSRPDOMDDOLQMHQPODGRçHQMDQHSULGDMHWRPH]QDĆDMDMHGYD 'UXåWYHQLPRGHO2GUDVOL2GUDVOL
ĆHNDMXĄLGDRWSRĆQHQRYçLYRWVDVYRMRPSDçOMLYRRGDEUDQRPPODGRP 2GUDVOLÅ6WHWLUDGLåNDG"
2GUDVOLÅäWDWLQH"
$NRPXSDNWLQDJRYHåWDMLQHSURPDNQXPRçHGRĄLGRRWND]LYDQMDYHQĆDQMDL]ÅR]ELOMQLK 2GUDVOLÅ'DDOL
UD]ORJDD%HODĄHWXçQLMDDOLQHLPXGULMD²QDVWDYLWLVYRMHWUDJDQMH]DRGJRYDUDMXĄLP 3VLKRORåNLPRGHO5RGLWHOM'HWH
çLYRWQLPVDSXWQLNRP 5RGLWHOMÅ0RJXGDWHQDWHUDPGDPLEXGHå]DKYDODQ]DPRMXSRPRĄ
'HWHÅ6DPRL]YROLSUREDM
$QWLWH]D-DVQRMHGDRQLNRMLRGJRYDUDMXQDSUYLSRWH]%HOHQDQMHQRL]ODJDQMHVYRJ 3RWH]L3UREOHP5HåHQMH2GEDFLYDQMH5HåHQMH
ÅSUREOHPDLJUDMXXVWYDULMHGQXYHU]LMXLJUHÅ+RĄXVDPRGDWLSRPRJQHP+6'730RJOL 2GEDFLYDQMH5DVSDGDQMH
ELVPRUHĄLGDMHä71'$VDPRREUQXWD+6'738+6'73SRVWRMLMHGDQWHUDSHXWLPQRJR 3UHGQRVWL8QXWUDåQMHSVLKRORåNH2KUDEUHQMH6SROMDåQMHSVLKRORåNH,]EHJDYDQMH
SDFLMHQDWDDX671'$MHGDQSDFLMHQWLSXQRÅWHUDSHXWD.OLQLĆNLSURWLYRWURY]Dä71'$ SUHGDMH
SUHPDWRPHQHPRçHELWL+6'73 8QXWUDåQMHGUXåWYHQHä71'$XORJD5RGLWHOMD6SROMDåQMHGUXåWYHQHä71'$XORJD'H
OHWD%LRORåNH5D]XPQDUDVSUDYD(J]LVWHQFLMDOQH6YDNRELKWHRGDPLVHQDPHWQH
$NRRWYDUDQMHLPDREOLNÅäWDWLUDGLåNDGRQGDMHQDMEROMLRGJRYRUÅ7RMHVWHWHçDN
SUREOHP.DNRWLPLVOLåGDL]DćHåQDNUDMVDQMLP"$NRMHRWYDUDQMHGUXNĆLMHÅ7RLWRQLMH %,%/,2*5$),-$
XSDOLORRGJRYRURQGDWUHEDGDEXGHÅ7RMHVWYDUQRVWUDåQR2EDRYDRGJRYRUDVXGRYROMQR YRQ&KDPLVVR$GHOEHUW3HWHU6FKOHPLHO&DOGHU
OMXED]QRVURĆHQDWDNRGD%HODPRçHGDSRGQHVHJXELWDNLOLĄHEDUELWLL]D]YDQDXQDNUVQD GH.RFN3DXO-HGQRRGQDMĆLWDQLMLKGHODRYRJOLEUHWLVWHLURPDQVLMHUDL]GHYHWQDHVWRJ
WUDQVDNFLMDSDĄHVHLVSROMLWLQMHQRQH]DGRYROMVWYRSUHNLGRPLJUHDRQGDMHPRJXĄQR YHNDMH'REULĆLQDSULĆDRĆRYHNXNRMLVXYLåHGDMH
SR]DEDYLWLVHQMLP8WHUDSHXWVNRMJUXSLMH]DSRYRGOMLYHSDFLMHQWHSUHSRUXĆOMLYRGDVHX]GUçH
RGLJUDQMD+6'73LDNRGRELMXSR]LY8WRPVOXĆDMXSRXNHRGNRQWUDä71'$PRĄLĄHGDL]YXNXL
6(.68$/1(,*5( $QWLWH]D3ULPHQLWLXRELĆDMHQXSULVWRMQRVWQDVDPRJDVHEHLVYRJSDUWQHUDWMX]GUçDWLVHRG
1HNHLJUHVHLJUDMXGDELVPR]ORXSRWUHELOLLOLRGDJQDOLSROQHLPSXOVH6YHWRVXQDNUDMX YHUEDOQRJLOLIL]LĆNRJNLQMHQMDLRJUDQLĆLWLVHQDNRQYHQFLRQDOQLMHREOLNHVQRåDMD$NRMH%HOL
NUDMHYDL]YLWRSHUHQMDSROQLKLQVWLQNDWDDXQMLPDVH]DGRYROMVWYRSUHPHåWDVDVHNVXDOQRJ SUDYDOXMNDRYLPĄHELWLLVWHUDQQDSRYUåLQXGUXJLHOHPHQDWLJUHNRMLVHĆHVWRMDVQRLVSROMDYD
RGQRVDQDQHNHGUXJHSUHVXGQHWUDQVDNFLMHåWRĆLQLGRELWDNXLJUL7RQLMHPRJXĄHXYHN XQMHJRYLPVQRYLPDGDQMHJDPDORLQWHUHVXMHVDPVQRåDMDSUDYR]DGRYROMVWYRQDOD]LEDåX
XYHUOMLYRSULND]DWLMHUVHRYDNYHLJUHRELĆQRLJUDMXXVWURJRMSULYDWQRVWLWDNRGDNOLQLĆND SRQLçDYDMXĄRMSUHGLJUL7RMHQHåWRåWRRQPRçGDQLMHVPDWUDRGRYROMQRYUHGQLPVYRMHSDçQMH
REDYHåWHQMDRQMLPDVWLçXL]GUXJHUXNHDQLMHEDåXYHNQLPRJXĄQRSRX]GDQRSURFHQLWL DOLVDGDĄHPXSRVWDWLMDVQRåWDPXVPHWDÅ3RVOHRYROLNRJWUXGDPRUDPMRåLVQRåDMGD
YHURGRVWRMQRVWL]YRUD3VLKLMDWULMVNRVKYDWDQMHKRPRVHNVXDOQRVWLQDSULPHUSULOLĆQRMH LPDP8WRPWUHQXWNXVLWXDFLMDMHPQRJRSRYROMQLMD]DSRVHEQXSVLKRWHUDSLMXMHUMHYHĄLGHR
LVNULYOMHQRWLPHåWRDJUHVLYQLMLLXVSHåQLMLÅLJUDĆLQLQHGROD]HĆHVWRGDWUDçHSRPRĄWHVX IROLUDQMDL]DYDUDYDQMDSRQLåWHQ1DUDYQRVYHRYRYDçLVDPR]DRELĆQHÅVHNVXDOQHSVLKRSDWH
GRVWXSQLSRGDFLVDPRRGSDVLYQLKSDUWQHUD NDNYHVUHĄHPRXSUDNVLDQHL]DRNRUHOH]ORĄXGQHVKL]RIUHQLĆDUHLOLNULPLQDOQHSHUYHUWHQLWL
]DRQHNRMLRJUDQLĆDYDMXVYRMXVHNVXDOQXDNWLYQRVWQDWHUHQPDåWH
2YGHVXREXKYDĄHQHVOHGHĄHLJUHÅ+DMGHSRELMWHVHÅ3HUYHU]LMD#)HPNDQMHÅæHQVND
ĆDUDSDLÅ)UND8YHĄLQLVOXĆDMHYDLQLFLMDWRULJUHMHçHQD2YRGROD]LRWXGåWRVHWHçLREOLFL ,JUDÅ+RPRVHNVXDOQRVWLUD]UDćHQDMHNDRSRVHEQDVXENXOWXUDXPQRJLP]HPOMDPDGRNMHX
LJDUDXNRMLPDVXPXåNDUFLLQLFLMDWRULJUDQLĆHVNULPLQDORPLOLSUHOD]HWXJUDQLFXWHLPQLMH GUXJLPDULWXDOL]RYDQD0QRJDRåWHĄHQMDGRNRMLKGROD]LXVOHGKRPRVHNVXDOQRVWLSURLVWLĆXX
PHVWRRYGHQHJRPHćXLJUDPDL]SRG]HPOMD1DGUXJRMVWUDQLLPDSUHNODSDQMDLL]PHćX VWYDULL]WRJDåWRMHWRSUHWYRUHQRXLJUX,]D]LYDĆNRSRQDåDQMHNRMHYRGLXÅ/RSRYDL
VHNVXDOQLKLEUDĆQLKLJDUDWHPRçHPRUHĄLGDVYHLJUHRNRMLPDĄHRYGHELWLJRYRUDXNOMXĆXMX çDQGDUDÅäWRXYHNEDåPHQLPRUDGDVHGHVLÅ.ULYRMHGUXåWYRXNRMHPçLYLPRÅ6YLYHOLNL
EUDĆQHSDURYHXLVWRMPHULNDRLQHYHQĆDQH OMXGLVXELOLLVOLĆQRGRVWXSQRMHGUXåWYHQRMNRQWUROLNRMDVYRGLQDPLQLPXPWHåNRĄHX
IXQNFLRQLVDQMXÅ3URIHVLRQDOQLKRPRVHNVXDODFWURåLPQRJRYUHPHQDLHQHUJLMHåWRELPRJOR
+$-'(32%,-7(6(9$6'92-,&$ ELWLXSRWUHEOMHQR]DGUXJHFLOMHYH$QDOL]DRYLKLJDUDPRçHPXSRPRĄLGDXVSRVWDYLMHGDQ
7H]D2YRPRçHGDEXGHPDQHYDUULWXDOLOLLJUD8VYDNRPVOXĆDMXSVLKRORJLMDRYHLJUHMHX PLUQLDUDQçPDQNRMLĄHPXRVWDYLWLSXQXVORERGXGDXçLYDEODJRGDWLEXUçRDVNRJGUXåWYD
RVQRYLçHQVND=ERJVYRMHGUDPDWLĆQRVWL+369'MHGDODSRGORJXGREURPGHOXVYHWVNH XPHVWRGDVH]DNRSDYDXLJUDQMHQHNHVYRMHYDULMDQWHÅ6WUDåQRVWUDåQR
NQMLçHYQRVWLNDNRGREUHWDNRLORåH
)(0.$1-(
.DRPDQHYDULPDURPDQWLĆDQSUL]YXNæHQDL]PDQHYULåHLOLL]D]RYHGYRMLFXPXåNDUDFDGD 7H]D2YRMHLJUDNRMXLJUDMXPXåNDUDFLçHQDDPRJOLELVPRMHSULVWRMQRQD]YDWLEDUXQHNLP
VHSRELMXX]QDJRYHåWDMLOLREHĄDQMHGDĄHSULSDVWLRQRPHNRSREHGL.DGMHQDGPHWDQMH QMHQLPEODçLPYDULMDQWDPDÅäWD9DPSDGDQDSDPHWLOLÅ,QGLJQDFLMD0RçHVHLJUDWLQD
]DYUåHQRRQDL]YUåDYDSRJRGEX2YRMHSULPHUSRåWHQHWUDQVDNFLMHWHVHSUHWSRVWDYOMDG UD]QLPVWXSQMHYLPDLQWHQ]LYQRVWL
SRVOHWRJDRQDLQMHQçLYRWQLVDSXWQLNQDVWDYOMDMXGDçLYHVUHĄQRLGXJRYHĆQR
Å)HPNDQMHSUYRJVWHSHQDLOLÅäWD9DPSDGDQDSDPHWYUORMHRPLOMHQRQDGUXåWYHQLP
.DRULWXDOLPDWHQGHQFLMXNDWUDJLĆQRVWL2ELĆDM]DKWHYDRGGYRMLFHPXåNDUDFDGDVHSRELMX VNXSRYLPDDVDVWRMLVHXRVQRYLRGEODJRJIOHUWD%HODGDMH]QDNGDMHGRVWXSQDLXçLYDX
RNRQMHPDGDRQDVDPDWRQHWUDçLSDĆDNLRQGDNDGMHYHĄL]DEUDODMHGQRJRGQMLK$NR XGYDUDQMXNRMHMRMSULXåWLPXåNDUDF$OLĆLPRQRWYRULNDUWHLJUDMHJRWRYD$NRMHSULVWRMQD
SRJUHåDQĆRYHNSREHGLRQDPXVYHMHGQRPRUDSULSDVWL8RYRPVOXĆDMXGUXåWYRDQHçHQD RQDPXPRçHSULOLĆQRRWYRUHQRUHĄLÅ+YDOD9DPQDNRPSOLPHQWLPDELORPLMHYHRPD
]DSRGHYDLJUX+369'$NRVHRQDSRPLULVDVXGELQRPRQGDMHWRSRåWHQDWUDQVDNFLMD$NRMH SULMDWQR$]DWLPNUHQXWLXQRYDRVYDMDQMD$NRMHPDQMHGDUHçOMLYDSURVWRĄHRWLĄL
QHUDVSRORçHQDLUD]RĆDUDQDLVKRGRYHLJUHRWYDUDMRMPQRJHPRJXĄQRVWL]DLJUDQMHLJDUDNDR
åWRMHÅ+DMGHGDVHSUDYLPRQDLYQL 9HåWDLJUDĆLFDPRçHGDUDVWHJQHRYXLJUXXQHGRGRJOHGDNRMHVNXSGRYROMQRYHOLNWDNRGD
RQDPRçHGDVHSUHEDFXMHVPHVWDQDPHVWRDPXåNDUDFPRUDGDSUHGX]LPDVORçHQHPDQHYUH
.DRLJUDÅ+DMGHSRELMWHVHYDVGYRMLFDEOLçDMHNRPHGLMLæHQDXSULOLĆLPHJGDQLGRNRQD GDELMHVXVWLJDRDGDWRLSDNQHEXGHVXYLåHXSDGOMLYR
GYRMLFDRGPHUDYDMXVQDJXRQDEHçLVDWUHĄLP8QXWUDåQMHLVSROMDåQMHSVLKRORåNHSUHGQRVWL
]DQMXLQMHQRJL]DEUDQLNDSURLVWLĆXL]VWDQRYLåWDGDMHIHUSOHM]DEXGDOHDNRPHGLMDNRMXVX 8Å)HPNDQMXGUXJRJVWHSHQDLOLÅ,QGLJQDFLML%HODQDOD]LVDPRVSRUHGQR]DGRYROMVWYRX
L]UHçLUDOLSUXçDLPRVQRYX]DXQXWUDåQMHLVSROMDåQMHGUXåWYHQHSUHGQRVWL XGYDUDQMX&UQRJ1MHQRJODYQR]DGRYROMVWYRGROD]LRGRGELMDQMDWRJXGYDUDQMDSDMHRYDLJUD
XVYDNRGQHYQRPJRYRUXSR]QDWDLNDRÅ6MDåLYROLQR2QDGDMH&UQRPHPQRJRYHĄHQDGH
3(59(5=,-$ WDNRGDVHRQPQRJRR]ELOMQLMHXNOMXĆXMHXLJUXQHJRNRGÅ)HPNDQMDSUYRJVWHSHQDDOLMHL
7H]D+HWHURVHNVXDOQHSHUYHU]LMHNDNYHVXIHWLåL]DPVDGL]DPLPD]RKL]DPVLPSWRPDWLĆQH QMHQRXçLYDQMHYHĄHGRNSRVPDWUDXNDNYRPMHĆXGXRQNDGGRçLYOMDYDRGELMDQMH&UQL
VX]D]EXQMHQR'HWHWHLKXVNODGXVWLPLWUHEDOHĆLWL0HćXWLPQMLKRYHWUDQVDNFLRQHVWUDQH QDUDYQRQLVDPQLMHWDNRQDLYDQNDRåWRL]JOHGDWHGRVWDGRSULQRVLLVDPWRPHGDVHXYDOLGR
LVSROMHQHXVWYDUQRPSROQRPSRQDåDQMXPRJXĄHMHREUDćLYDWLX]SRPRĄDQDOL]HLJDUD2YR JXåH2ELĆQRMHWRVDQMHJRYHVWUDQHQHNDYUVWDLJUHÅäXWQLPH
PRçHGDXVSRVWDYLGUXåWYHQXNRQWUROXWDNRGDXYUQXWLVHNVXDOQLSRULYLPDGDRVWDMX
QHSURPHQMHQLPRJXELWLEDUåWRVHWLĆHQMLKRYRJVWYDUQRJLçLYOMDYDQMDQHXWUDOL]RYDQL Å)HPNDQMHWUHĄHJVWHSHQDMHPUDĆQDLJUDNRMDVH]DYUåDYDXELVWYRPVDPRXELVWYRPLOLEDU
VXćHQMHP2YGH%HODQDYODĆL&UQRJQDNRPSURPLWXMXĄLIL]LĆNLNRQWDNWDSRWRPWYUGLGDMXMH
/MXGLNRMLSDWHRGEODçLKIRUPLVDGLVWLĆNLKLOLPD]RKLVWLĆNLKSRUHPHĄDMDVNORQLVXGD]DX]LPDMX ]OLNRYDĆNLQDSDVWYRYDRLOLGDMRMMHQDQHRQHSRSUDYOMLYXåWHWX8QDMFLQLĆQLMRMYDULMDQWL%HOD
VWDQRYLåWHÅPHQWDOQRJ]GUDYOMDXMHGQRMSULPLWLYQRMYDULMDQWL2QLRVHĄDMXGDVXREGDUHQL PRçHGDPXGR]YROLĆDNLGDGRWHUDSROQLĆLQGRNUDMDNDNRELL]YXNODLWRXçLYDQMHRGQMHJD
MDĆLPSROQLPQDJRQRPWHELSURGXçHQRX]GUçDYDQMHRGVHNVDPRJOR]DQMLKGDLPDR]ELOMQH SUHQHJRåWRVHXVNRSLVWL2QDPRçHWRGDSRNDçHRGPDKYLĆXĄLQDVDYJODVGDMHVLORYDQDDOL
SRVOHGLFH1LåWDRGRYRJDQHPRUDGDEXGHWDĆQRDOLVYHMHGQRĆLQLRVQRYLFX]DLJUXÅ'UYHQD LPQRJRNDVQLMHNDRXVOXĆDMHYLPDVDPRXELVWDYDLOLXELVWDYDNRMLPDRNRQĆDYDMXGXJRWUDMQH
QRJDSRGSDURORPÅäWDELVWHGUXJRRĆHNLYDOLRGQHNRJDVDWDNRMDNLPQDJRQRPNDRåWRVDP OMXEDYQHDYDQWXUH$NRRGOXĆLGDLJUDQDVLORYDQMHQHĄHMRMELWLWHåNRGDSRWNXSLODçQH
MD VYHGRNHLOLGDGRELMHSRGUåNXRGEROHVQLKLUDGR]QDOLKSUHGVWDYQLNDåWDPSHSROLFLMH
VDYHWRGDYDFDLOLURGELQH0HćXWLPSRQHNDGVHRYLÅVDYH]QLFLPRJXFLQLĆQRRNUHQXWLSURWLY
QMHSDRQDJXELLQLFLMDWLYXLSRVWDMHRUXćHQMLKRYLKLJDUD
'HWHçHQVNRÅ6DGVDPWHXNHEDODNXUYLQVLQH
8QHNLPVOXĆDMHYLPDWUHĄDOLFDREDYOMDMXGUXNĆLMXIXQNFLMX2QDQDPHĄXLJUX%HORMSURWLY 3RWH]LæHQVNL]DYRćHQMHPXåNLSURWLY]DYRćHQMHæHQVNLSUHGDMDPXåNLSREHGD
QMHQHYROMHMHUKRĄHGDLJUDMXÅ+DMGHSRELWHVHYDVGYRMH2QLMHVWDYOMDMXXWDNDYSRORçDM æHQVNLRVWUYOMLYDQMHPXåNLNDSLWXODFLMD
GDQHPRçHGDVDĆXYDVYRMREUD]DNRQHRSWXçLSDUWQHUD]DVLORYDQMH2YRVHQDURĆLWRGRJDćD 3UHGQRVWL8QXWUDåQMHSVLKRORåNH,]UDçDYDQMHPUçQMHLSURMHNFLMDNULYLFH6SROMDåQMH
GHYRMNDPDSUHSXQROHWVWYD2QHELĆHVWRYROHOHGDQDVWDYH]DSRĆHWXYH]XDOL]DWRåWRMH SVLKRORåNH,]EHJDYDQMHRVHĄDMQHVHNVXDOQHEOLVNRVWL
SXNODEUXNDQHRVWDMHLPQLåWDGUXJRQHJRGDURPDQWLĆQXOMXEDYSUHWYRUHXÅ)HPNDQMHWUHĄHJ 8QXWUDåQMHGUXåWYHQHÅ'Rå·RVLPLQD]LFHUćXEUH6SROMDåQMHGUXåWYHQHÅ6WUDåQR
VWHSHQD VWUDåQRÅ7XçDNDQMHÅ+DMGHSRELMWHVHYDVGYRMLFD
%LRORåNH6HNVXDOQHLUDWRERUQHĆDUNH(J]LVWHQFLMDOQH-DVDPQHSRJUHåLY
8MHGQRMGREURSR]QDWRMSULĆLRQHPRĄDOL-RVLIRGELMDGDXSDGQHXNORSNXÅ)HPNDQMDSUL
ĆHPX3RWLIDURYDçHQDSUDYLNODVLĆDQSUHRNUHWQDÅ+DMGHSRELMWHVHYDVGYRMLFD2GOLĆDQ æ(16.$ą$5$3$
SULPHUNDNRJUXELLJUDĆPRçHGDUHDJXMHQDDQWLWH]XLNDNYHVYHRSDVQRVWLĆHNDMXOMXGHNRML 7H]D2YRMHLJUDL]SRURGLFHÅ)HPNDQMDVDPRåWRMHQMHQDQDMXSDGOMLYLMDNDUDNWHULVWLND
QHçHOHGDLJUDMXLJUH2YHGYHLJUHVHNRPELQXMXXGREURSR]QDWRMÅ,JULODVLFHXNRMRMçHQD HJ]LELFLRQL]DPNRMLMHKLVWHULĆQRJNDUDNWHUDæHQDGROD]LXQRYRGUXåWYRLSRVOHYUORNUDWNRJ
QDMSUH]DYRGL&UQRJ]DWLPJDRSWXçL]DVLORYDQMHDWDGDLQMHQPXçL]OD]LQDVFHQXGD YUHPHQDSRGLçHQRJXRWNULYDMXĄLVHL]D]LYDĆNLLX]YLNXMHÅ2KERçHRSHWPLMHSRåODSHWOMD
XFHQMXMH&UQRJ QDĆDUDSL2YRMHVUDĆXQDWRQDVHNVXDOQRX]EXćLYDQMHPXåNDUDFDLQHUYLUDQMHçHQD6YDNR
QHRGREUDYDQMHRYDNYRJ%HOLQRJSRQDåDQMDELORELQDUDYQRGRĆHNDRGRND]LYDQMHPSRWSXQH
-HGQXRGQDMQHVUHĄQLMLKLQDMRSDVQLMLKYDULMDQWLÅ)HPNDQMDWUHĄHJVWHSHQDRWNULYDPRSULOLĆQR QHGXçQRVWLLOLSURWLYRSWXçEDPDLRWXGVOLĆQRVWVDNODVLĆQLPÅ)HPNDQMHP=QDĆDMQRMH
ĆHVWRPHćXKRPRVHNVXDOFLPDNRMLVHQHSR]QDMXRGUDQLMH=DVDWGYDVXRQLXVWDQMXGD SULPHWLWL%HOLQRRGVXVWYRSULODJRćDYDQMD2QDĄHUHWNRVDĆHNDWLGDYLGLVDNRMRPYUVWRPOMXGL
GRWHUDMXLJUXGRRQHWDĆNHNDGDPRUDNUYGDSDGQH&LQLĆQHL]ORĆLQDĆNHYHU]LMHRYHLJUH LPDSRVODLOLXNRPWUHQXWNXPRçHQDMHILNDVQLMHGDSODVLUDVYRMPDQHYDU6WRJDMHRYDM
VWDOQRSXQHFUQHKURQLNHEXOHYDUVNHåWDPSH PDQHYDUVYLPDNUDMQMHSURYLGDQåWRQHRVWDMHEH]XWLFDMDQDQMHQHRGQRVHVDQRYLP
SR]QDQLFLPD,SRUHGL]YHVQHSRYUåQHÅSURQLFOMLYRVWLRQDQHXVSHYDGDVKYDWLåWDVHVQMRP
3URWRWLSÅ)HPNDQMDL]GHWLQMVWYDLVWLMHNDRLNRGÅ)ULJLGQHçHQHXNRMRMGHYRMĆLFDQDYRGL GRJDćDXçLYRWXMHURFHQMXMHOMXGVNXSULURGXVDVXYLåHFLQLĆQRJVWDQRYLåWD%HOLQFLOMMHGD
GHĆDNDGDVHSRQL]LLOL]DSUOMDDRQGDJDJOHGDVDYLVLQHNDRåWRMHWRNODVLĆQRRSLVDQRNRG GRNDçHNDNRGUXJLOMXGLLPDMXSRNYDUHQXPDåWXDQMHQVRSVWYHQL2GUDVOLMHSUHPXQWDQRG
6RPHUVHWD0RPDX2M+XPDQ%RQGDJHLOLNDRåWRVPRYHĄUHNOLNRG'LNHQVDX9HOLNLP VWUDQHQMHQRJGHWHWDL5RGLWHOMDRELĆQRPDMNDSRNYDUHQHPDåWHGDQHX]PHXRE]LUQLVYRMH
RĆHNLYDQMLPD2YMHGUXJLVWHSHQ2åWULMHYDULMDQWHNRMHVHSULEOLçDYDMXWUHĄHPVWHSHQXLJUDMX L]D]LYDĆNRGUçDQMHQL]GUDYUD]XPYHOLNRJEURMDOMXGLVDNRMLPDGROD]LXGRGLU=DWRRYDLJUD
VHXRSDVQLMLPNUDMHYLPDJUDGD LPDWHQGHQFLMXGDEXGHVDPRXQLåWDYDMXFD
$QWLWH]DąRYHNRYDVSRVREQRVWGDL]EHJQHXYODĆHQMHXRYXLJUXLOLGDGUçLNRQWUROXXVYRMLP 2YRMHYHURYDWQRIDOLĆNDYDULMDQWDLJUHĆLMLVDGUçDM]DYLVLRGGUXåWYHQRJSRUHPHĄDMDNRMLMHX
UXNDPD]DYLVLRGQMHJRYHVSRVREQRVWLGDUD]OLNXMHSUDYHL]UD]HRVHĄDQMDRGSRWH]DXLJUL$NR SR]DGLQL-HGQDÅRUDOQDYDULMDQWDRPLOMHQDMHPHćXçHQDPDVDGXEOMLPSRUHPHĄDMLPDL
SRVHWOXMHWDNYXVSRVREQRVWRQGDPRçHOHSRGDVH]DEDYOMDXODNRPIOHUWXÅ6WD9DPSDGDQD GREURUD]YLMHQLPJUXGLPD7DNYHçHQHRELĆQRVHGHVDUXNDPDL]QDGJODYHNDNRELåWREROMH
SDPHW6DVYLPMHGUXJDSULĆDPHćXWLPVDÅPDQHYURP3RWL
DURYHçHQH]DNRMLMHWHåNRL LVWXULOHVYRMHJUXGLąHVWRLPQLWRQLMHGRYROMQRQHJRVNUHĄXSDçQMXQDVYRMHJUXGLLGRGDWQLP
]DPLVOLWLVLJXUDQSURWLYRWURYVHPGDVHEHçLJODYRPEH]RE]LUDLSUHQHJRåWRRVWDOLJRVWL SULPHGEDPDRQMLKRYRMYHOLĆLQLLOLRQHNLPSUREOHPLPDXYH]LVQMLPDNDRåWRVXNDNYD
SRĆQXGDVHUD]LOD]H3LVDFRYLKUHGRYDMHJRGLQHVUHRX$OHSXQD6HYHUR]DSDGQRP RSHUDFLMDLOLçOMH]GD1HNHYUVWHYUFNDQMDYHURYDWQRSUHGVWDYOMDMXDQDOQXYDULMDQWXLVWHLJUH
NUDMX6LULMHMHGQRJRURQXORJ-RVLIDNRMLMHWULGHVHWGYHJRGLQHUDQLMHQDSXVWLR&DULJUDGSRåWR 1DJRYHåWDMRYHLJUHMHVWHGDMHçHQDVHNVXDOQRGRVWXSQD=DWRMHXQHåWRYLåHVLPEROLĆQRP
JDMHMHGQDRG6XOWDQRYLKGDPDGRYHODXQH]JRGDQSRORçDMWRNRPQMHJRYHSRVORYQHSRVHWH YLGXLJUDMXLXGRYLFHNRMHQDWDMQDĆLQQHGYRVPLVOHQRSRND]XMXGDVXVORERGQH
KDUHPX1LMHLPDRYUHPHQDGDSURGDUDGQMXQHJRMHVDPRSRNXSLRVYRMHQDSROHRQHLRWLåDR
GXVHYLåHQLNDGQHYUDWL $QWLWH]D8]VODERSULODJRćDYDQMHRYHçHQHSRND]XMXLRGVXVWYRVPLVOD]DSULKYDWDQMH
SURWLYSRWH]D$NRXLJUDQDWHUDSHXWVNDJUXSDLJQRULåHQMHQXLJUXLOLMRMVHVXSURWVWDYLRQD
)DPLOLMD0XåNHYHU]LMHÅ)HPNDQMDPRJXĄHMHVUHVWLQDVYDNRPNRUDNXXSRVORYQLPRGQRVLPD MHGQRVWDYQRYLåHQHĄHGROD]LWLXWXJUXSX8RYRMLJULWUHEDSDçOMLYRUD]OLNRYDWLSURWLYRWURYRG
Å.DXĆ]DL]ERUJOXPLFDDSRVOHLSDNQHGRELMHXORJXLÅ6DPRMHGDQSROMXEDFDSRVOHGRELMH RGPD]GHMHURYRSRVOHGQMHMH]QDNGDMH%HODSREHGLODæHQHVHEROMHVQDOD]HVD
RWND] SURWLYSRWH]LPDXLJULÅæHQVNDĆDUDSDQHJRPXåNDUFLNRMLVWYDUQRSRND]XMXYUORPDOR
LQLFLMDWLYH]DL]ODçHQMHL]LJUH=DWRMHQDMEROMHRYDMSRVDRSUHSXVWLWLRVWDOLPSULVXWQLP
$1$/,=$ çHQDPD
$QDOL]DNRMDVOHGLRGQRVLVHQDÅ)HPNDQMHWUHĄHJVWHSHQDMHUVXVYLHOHPHQWLLJUHWX
SULND]DQGUDPDWLĆQR )5.$
&LOM=OREQDRVYHWD 7H]D.ODVLĆDQREOLNRYHLJUHLJUDMXQDPHWOMLYLRĆHYLLQMLKRYH]DGHYRMĆHQHNĄHULDSRVWRMLL
8ORJH=DYRGQLFD-DYRU VHNVXDOQREORNLUDQDPDMND2WDFGROD]LNXĄLVSRVODLSURQDOD]LNĄHUFLQHNXIDOLQNXDRQDPX
'LQDPLNDWUHĄLVWHSHQ=DYLVW]ERJSHQLVDRUDOQRQDVLOMHÅ6WDELVWHKWHOLMHIDOLĆNDLJUD GUVNRRGJRYDUD,OLNĄHUNDSRYODĆLSUYLSRWH]WDNRåWRMHGUVNDSUHPDRFXDRQMRMRQGD
GRNÅ,QGLJQDFLMDLPDMDNHDQDOQHHOHPHQWH SURQDOD]LQHNXIDOLQNX2QLSRGLçXJODVRYHLXUQHEHVSRVWDMHVYHDNWLYQLML,VKRG]DYLVLRGWRJD
3ULPHUL7XçLĄXWHPDPLXSLåDQNRMHGDQ3RJUHåQDçHQD NRLPDLQLFLMDWLYX
'UXåWYHQLPRGHO2GUDVOL2GUDVOL
2GUDVOLPXåNRÅ,]YLQMDYDPVHDNRVDPRWLåDRGDOMHQHJRåWRVWHQDPHUDYDOL 3RVWRMHWULPRJXĄQRVWDRWDFVHSRYODĆLQDVSDYDQMHWUHVNDMXĄLYUDWLPDENĄLVHSRYODĆLQD
2GUDVODçHQVNRÅ,VSDOLVWHQDVLOQLNSUHPDPHQLLPRUDWHVQRVLWLVYHSRVOHGLFH VSDYDQMHWUHVNDMXĄLYUDWLPDFRERMHVHSRYODĆHXVYRMHVSDYDĄHVREHWUHVNDMXĄLVYDNR
3VLKRORåNLPRGHO'HWH'HWH VYRMLPYUDWLPD8VYDNRPVOXĆDMXNUDMLJUHÅ)UNDR]QDĆHQMHWUHVNDQMHPYUDWDÅ)UNDSUXçD
'HWHPXåNRÅ9LGLNDNRVDPQHRGROMLY QDSRUQRDOLHILNDVQRUHåHQMHVHNVXDOQLKSUREOHPDNRMLQDVWDMXL]PHćXRĆHYDL]DGHYRMĆHQLK
NĄHULXQHNLPGRPDĄLQVWYLPDąHVWRQMLKGYRMHPRJX]DMHGQRGDçLYHSRGLVWLPNURYRPVDPR ,*5(,=32'=(0/-$
DNRVXOMXWLMHGQRQDGUXJRDWUHVNDQMHYUDWDSRGYODĆLVYDNRPHRGQMLKĆLQMHQLFXGDLPDMX 6DLQILOWULUDQMHPÅSRPDçXĄLKVWUXNDXVXGRYHFHQWUH]DVRFLMDOQLUDGLND]QHQRSRSUDYQH
RGYRMHQHVREH XVWDQRYHNDRLVDSRUDVWRPSUHIULJDQRVWLNULPLQRORJDLRUJDQDMDYQHEH]EHGQRVWLMDYLODVH
SRWUHEDGD]DLQWHUHVRYDQLSRVWDQXVYHVQLLQHNLKLJDUDNRMHVHQDMĆHåĄHLJUDMXXSRG]HPOMX
8SRUHPHĄHQLPGRPDĄLQVWYLPDRYXLJUXPRJXĄHMHLJUDWLQDSRNYDUHQLMLLSULOLĆQRRGYUDWDQ NDNRX]DWYRUXWDNRLYDQQMHJD0HćXQMLPDVXÅ/RSRYDLçDQGDUDÅ.DNRVHL]OD]LRGDYGHL
QDĆLQ2WDFVDĆHNXMHNĄHUXYHNSRVOHL]ODVNDVDGHĆNRPSDMHSDçOMLYRLVSLWXMHLSURYHUDYDMRM Å+DMGHGDVHSUDYLPRQDLYQL
RGHĄXGDELELRVLJXUDQGDQLMHLPDODVQRåDM$NRQDLćHLQDQDMPDQMLRVQRY]DVXPQMXRWDFVH
WDNRUD]EHVQLGDĆHVWRQHPRçHGDVHVPLULVYHGRNQHL]EDFLNĄHUL]NXĄHXVUHGQRĄL /2329$,æ$1'$5$
9UHPHQRPĄHSULURGDXĆLQLWLVYRMHUD]XPHVHDNRQHWHQRĄLRQGDVOHGHĄHLOLRQHNRMD 3RåWRPQRJLNULPLQDOFLMHGQRVWDYQRPU]HSDMNDQHL]JOHGDGDRQLQDOD]HLVWRWROLNR
GROD]LSRVOHVOHGHĄH2QGDVHSRND]XMHGDVXRĆHYHVXPQMHELOHRGXYHNÅRSUDYGDQHåWRRQV ]DGRYROMVWYDDNRQHLYLåHXWRPHåWRĄHQDGPXGULWLSROLFLMXNDRLXRQRPHåWRVYRMRP
XçLYDQMHPQDELMDQDQRVGHYRMĆLQRMPDMFLNRMDMHVYHWRYUHPHVWDMDODÅEHVSRPRĄQRSR NULPLQDOQRPDNWLYQRåĄXVWLĆX1MLKRYDNULYLĆQDGHODVXQD2GUDVORPQLYRXLJUHNRMHVHLJUDMX
VWUDQL ]DPDWHULMDOQXQDJUDGXSOHQ
8RSåWHX]HYPHćXWLPÅ)UNXPRJXLJUDWLLGYHRVREHNRMHçHOHGDL]EHJQXVHNVXDOQX $OLQDQLYRX'HWHWDJODYQDMHX]EXGOMLYRVWSRWHUHL]PLJROMDYDQMHLSULWDMLYDQMH=DGLYQR
EOLVNRVW7RMHQDSULPHUXRELĆDMHQDID]DLJUHÅ)ULJLGQDçHQD5HODWLYQRMHUHWNDL]PHćX ĆXGRGHWLQMLSURWRWLSÅ/RSRYDLçDQGDUDQLMHGHĆMDLJUDORSRYDLçDQGDUDQHJR
LJUDçPXUNHX
PODGLĄDLQMLKRYLKPDMNLL]SURVWRJUD]ORJDåWRMHPODGLĄLPDODNRGDSREHJQXQHSULPHWQR NRMRMRVQRYQLHOHPHQDWĆLQLXFYHOMHQRVWDNRWHXKYDWH.RGPDQMHGHFHVHWRMDVQLMHYLGL$NR
XYHĆHL]NXĄH1DQLçLPX]UDVWLPDEUDĄDLVHVWUHPRJXMHGQRGUXJRPGDSRVWDYOMDMXXVSHåQH JDRWDFSURQDćHVXYLåHODNRXFYHOMHQRVWMHWXDOLEH]PQRJRXçLYDQMDXLJUL$OLDNRMHRWDF
SUHSUHNHLGDRVWYDUXMXGHOLPLĆQD]DGRYROMHQMDNUR]IL]LĆNXELWNXREOLNSRQDåDQMDNRML GREDULJUDĆRQGD]QDåWDWUHEDGDUDGLRQĆHNDPDORGRNPXGHWHQHGDQHNL]QDNJGHVH
]DGRYROMDYDUD]OLĆLWHPRWLYHQDUD]QLPX]UDVWLPDLSUHGVWDYOMDX$PHULFLSROXULWXDOQLREOLN QDOD]LELORL]YLULYDQMHPLOLSRGYULVNLYDQMHPLOLLVSXåWDQMHPQHĆHJDQDSRG7DNRGHWH
Å)UNHNRMLSRGUçDYDMXWHOHYL]LMDSHGDJRåNLLPHGLFLQVNLDXWRULWHWL8YLåLPVORMHYLPD SULPRUDYDRFDGDJDQDćHDOLLSDNSRND]XMHLGDPXMHçDRåWRMHXKYDĄHQR2YRJDSXWDMH
(QJOHVNHRYDIRUPDLJUHMHLOLMHELODVPDWUDQDRGVXVWYRPGREULKPDQLUDSDMHRGJRYDUDMXĄD GHWHPQRJRYLåHXçLYDORMHUMHVDĆXYDQDQDSHWRVW$NRRWDFXRSåWHQHXVSHGDJDSURQDćH
HQHUJLMDNDQDOLVDQDXGREURRUJDQL]RYDQXÅ)UNXVSRUWVNRJERULOLåWD GHWHVHSUHRVHĄDUD]RĆDUDQRQHJRSREHGQLĆNL3RåWRMHXçLYDQMHXVNULYDQMXSRVWRMDORUD]ORJ
WUHEDWUDçLWLQDGUXJRMVWUDQL'HWHMHUD]RĆDUDQR]ERJWRJDåWRQLMHELORXKYDĄHQR.DGD
$QWLWH]D,JUDQLMHWDNRRJDYQDRFXNDRåWRRQYROLGDPLVOLWHSRSUDYLOXNĄHUNDSRYODĆL GRćHUHGQDRFDGDVHNULMHRQ]QDGDQHVPHVXYLåHGXJRGDRVWDQHQHXKYDWOMLYQHJRVDPR
SURWLYSRWH]WLPHåWR]DVQLYDUDQLĆHVWRSUHYUHPHQLLOLQDPHWQXWLEUDN$NRMHLNDNR RQROLNRNROLNRMHSRWUHEQRGDELGHWHWXELOR]DEDYQR$GHWHMHGRYROMQRPXGURGDQDSUDYL
SVLKRORåNLPRJXĄHPDMNDĄHXSRWUHELWLSURWLYRWURYXRYRMLJULWLPHåWRĄHGLĄLUXNHRGVYRMH çDORVWDQL]JOHGNDGMHXKYDĄHQR8EU]RSRVWDMHMDVQRGDMHELWLXKYDĄHQJODYQLGRELWDNXLJUL
GHOLPLĆQHLOLSRWSXQHIULJLGQRVWL,JUDVHPRçHXJDVLWLLDNRRWDFSRVWDQHVHNVXDOQR 6WRJDLJUDçPXUNHQLMHRELĆQDUD]RQRGDQHJRSUDYDLJUD1DGUXåWYHQRPQLYRXWRMHSUDYR
]DLQWHUHVRYDQQHJGHXVWUDQXDOLWRPRçHGDGRYHGHGRNRPSOLNDFLMDGUXJHYUVWH.DGRYX QDGPXGULYDQMHNRMHSUXçDLJUDĆLPDQDMYLåH]DGRYROMVWYDDNRVH2GUDVOLXVYLPDQMLPDSRWUXGH
LJUXLJUDMXEUDĆQLSDURYLRQGDMHSURWLYRWURYLVWLNDRLNRGÅ)ULJLGQHçHQHRGQÅ)ULJLGQRJ NROLNRJRGPRJX1DSVLKRORåNRPQLYRXPHćXWLPRYDLJUDSRVWDYOMHQDMHNDRNRFNDQMHL]
PXåNDUFD3RGRGJRYDUDMXĄLPXVORYLPDÅ)UNDVDVYLPSULURGQRYRGLXÅ7XçDNDQMH XQXWUDåQMHSULQXGHXNRMHP2GUDVOL%HORJPRUDGDL]JXELGDELQMHJRYR'HWHSREHGLOR1HELWL
XKYDĄHQMHXVWYDULSURWLYRWURY]DRYXLJUX2GUDVOLMDGHFDVPDWUDMXGDXPHGDVHLJUDRQDM
NRVHWDNRXVSHåQRVDNULMHWDNRGDQLNRQHPRçHGDJDQDćH7DNDYLJUDĆRGVWUDQMXMH'HWLQML
HOHPHQDWL]LJUHLSUHEDFXMHMHQDWHUHQ2GUDVOHYHåWLQH2QVHQHLJUDYLåH]DEDYHUDGL2Q
VSDGDXLVWXNDWHJRULMXXNRMXLYODVQLNND]LQDLOLSURIHVLRQDOQLNULPLQDOFLNRMLPDMHVWYDUQRGR
ORYHDQHGRVSRUWD
,]JOHGDGDLPDGYHMDVQRL]GYRMHQHYUVWHNULPLQDODDSRQDYLFLRQLNRMLVHEDYHNULPLQDORPX
YLGXLQDWDSUYHQVWYHQR]ERJGRELWLLRQLNRMLVXWXSUHVYHJDGUXJRJ]ERJLJUHVDYHOLNRP
JUXSRPL]PHćXRGRQLKNRMLVHSRGMHGQDNRGREURVQDOD]HLQDMHGQRMLQDGUXJRMVWUDQL
Å2EDYH]QLGRELWQLNQHSUOMDUXNHVLWQLPÅSRVORYLPDLQMHJRYR'HWHVWYDUQRQHçHOLGDEXGH
XKYDĄHQRSDNDNRVWDWLVWLNHSRND]XMXQDMĆHåĄHLXVSHYDXWRPH2QMHMHGDQRGQHVDORPLYLK
]DNRMHXYHNSRVWRMLQHNLL]OD]1DGUXJRMVWUDQLMHÅREDYH]QLJXELWQLNNRMLLJUDÅ/RSRYD
LçDQGDUD/=LUHWNRMHSULSDUDPD,]X]HFLRGRYRJDVXYLåHSORGVUHĄQLKRNROQRVWLQHJR
YHåWLQH1DGXçXVWD]XJOHGDQRĆDNLVUHĄQLFL]DYUåDYDMXRQDNRNDNR]DKWHYDQMLKRYR'HWH
SUHFPL]GUHĄLQHJRQDYLVRNRMQR]L
,JUDĆ/=SRGVHĄDGRQHNOHQD$ONRKROLĆDUD2QMHXVWDQMXGDVHSUHEDFXMHL]XORJH/RSRYDX
XORJXæDQGDUDLREUDWQR8QHNLPVOXĆDMHYLPDRQPRçHGDEXGH5RGLWHOMVNLæDQGDUGDQMXD
'HWLQML/RSRYNDGSDGQHPUDN$NRVHNULPLQDODFÅSRSUDYLRQPRçHGDLJUDXORJX6SDVLRFD
SRVWDMXĄLVRFLMDOQLUDGQLNLOLDNWLYLVWD&UYHQRJNUVWD$OLXRYRMLJUL6SDVLODFMHPQRJRPDQMH
]QDĆDMDQQHJRXLJULÅ$ONRKROLĆDUD2ELĆQRVXPHćXWLPLJUDĆLVXGELQVNLYH]DQL]DVYRMX
XORJX/RSRYDVWLPåWRVYDNLRGQMLKSUROD]LVYRMVRSVWYHQLPRGXVRSHUDQGLQDNRMLĄHELWL
XKYDĄHQ-HGQLVXODNåL]DORJDM]DæDQGDUHGUXJLWHçL
$QWLWH]D2YRMHEULJDSUH]DVWUXĆQHNULPLQRORJHQHJR]DSVLKLMDWUH3ROLFLMVNLLVXGVNLDSDUDW
6OLĆQDMHVLWXDFLMDVDNRFNDULPD1DGUXåWYHQRPLVRFLRORåNRPQLYRXÅSURIHVLRQDOQLNRFNDUMH QLVX]DLQWHUHVRYDQL]DSDULUDQMHLJULYHĄXQMRMSUHPDSUDYLOLPDNRMHMHSRVWDYLORGUXåWYR
ĆRYHNNRMLXSUDçQMDYDNRFNDQMHÅXYLGX]DQDWDWMNDRRVQRYQLL]YRUSULKRGD]DçLYRW$OL LJUDMXVYRMHXORJH
PHćXSURIHVLRQDOQLPNRFNDULPDSRVWRMHQDSVLKRORåNRPQLYRXGYHYUVWHOMXGL,PDRQLKNRML
VYHYUHPHLJUDMXLJUXWMLJUDMXVHVD6XGELQRP8QMLPDçHOMX2GUDVORJGDSREHGLQDGMDĆDYD 7UHEDPHćXWLPLVWDĄLMHGQXVWYDU1DXĆQLUDGQLFLQDSROMXNULPLQRORJLMHVHPRJXåDOLWLVWLP
SRWUHED'HWHWDGDL]JXEL$WXVXLRQLNRMLGUçHNRFNDUQLFHRPRJXĄXMXĄLOMXELWHOMLPDLJUHGD GDLPDQHNLKNULPLQDODFDĆLMHSRQDåDQMHRWNULYDGDVXXSRWHULQDåOLXçLYDQMHLGDVXLVDPL
LJUDMXD]DUDćXMXĄLSULWRPLVHEL]DçLYRWRELĆQRQHEDåVNURPDQ2QLVDPLQHLJUDMXLWUXGH SRçHOHOLGDEXGXXKYDĄHQL2QLVHĆDNPRJXVWLPLVORçLWLDNRQHJGHSURĆLWDMXDOLVDPR
VHNROLNRJRGPRJXWRGDL]EHJQX XVORYQR-HUWHåNRGDĄHSULKYDWLWLNDR]QDĆDMDQIDNWRUXVYRPÅR]ELOMQRPSRVOXQHåWRRYDNR
ÅLQWHOHNWXDOL]RYDQR7HåNRMHNULYLWLLK]ERJWRJDNDG]QDPRGDMHSULPHQRPXRELĆDMHQLK
0HćXWLPLRQLVHSRQHNDGXQDURĆLWLPXVORYLPDSUHSXåWDMXXçLYDQMXXLJULEDåNDRåWRL PHWRGDSVLKRORåNRJLVWUDçLYDQMDQHPRJXĄHGHPDVNLUDWLRYDMHOHPHQDWLJUH,VWUDçLYDĆXQHPD
SUDYLNULPLQDOFLXPHMXSRQHNDGGDVHSUHSXVWHLJUDQMX/= GUXJRJL]ERUDQHJRGD]DçPXULQDGRGOXĆXMXĄRPWDĆNRP]DWRåWRQLMHXVWDQMXGDMHREUDGL
UDVSRORçLYLPLVWUDçLYDĆNLPDODWNDPDLOLGDSURPHQLDODWNH
8VYHWORVWLWRJDMDVQLMHMH]DåWRVXVWXGLMHSVLKROJLMHLVRFLRORJLMHNULPLQDODFDXRSåWHX]HY
GYRVPLVOHQHLQHSURGXNWLYQHRQHVHEDYHXVWYDULGYHPDUD]OLĆLWLPYUVWDPDOMXGL æLYDMHLVWLQDGDWHDODWNHQLVXGRVDGRWNULOHQLMHGQRMHGLQRUHåHQMH]DELORNRMLSUREOHPX
XRELĆDMHQLWHRULMVNLLLVNXVWYHQLSRMPRYLQLVXXVWDQMXGDLKUD]OLNXMX,VWRYDçLL]D NULPLQRORJLML0RçGDELVHVWRJDLVWUDçLYDĆLPDSR]ODWLORNDGELRGEDFLOLQDVWUDQXVWDURPRGQH
SURXĆDYDQMHNRFNDUD7UDQVDNFLRQDDQDOL]DLDQDOL]DLJDUDSUXçDMXQHSRVUHGQRUHåHQMHRYLK PHWRGHLSULRQXOLQDVYHçQDĆLQ'RNVH/=QHSULKYDWLQHVDPRNDR]DQLPOMLYDDQRPDOLMD
WHåNRĄD'YRVPLVOHQRVWMHXNORQMHQDWUDQVDNFLRQLPUD]GYDMDQMHPLVSRGGUXåWYHQRJQLYRD QHJRLNDRVDPDVUçVWYDULXYHOLNRPEURMXVOXĆDMHYDGREDUGHRLVWUDçLYDQMDXNULPLQRORJLML
ÅLJUDĆDRGÅĆLVWLKSURIHVLRQDODFD EDYLĄHVHLGDOMHRWUFDQLPSLWDQMLPDWHRULMVNLPDSVWUDNFLMDPDSHULIHUQLPVWYDULPDL
EH]YH]QRVWLPD
2NUHQLPRVHVDGDRGRYRJRSåWHJVWDYDUD]PDWUDQMXSRMHGLQLKSULPHUD1HNLSURYDOQLFLNDR
åWRMHSR]QDWRUDGHVYRMSRVDREH]LMHGQRJVXYLåQRJSRNUHWD3URYDOQLNNRMLVHLJUDÅ/RSRYDL $1$/,=$
çDQGDUDRVWDYOMD]DVRERPÅYL]LWNDUWXåLURNRJUXGLKX]JUHGQLKYDQGDOVNLKJHVWRYDNDNDYMH 7H]D'DYLGLPRPRçHåOLGDPHXKYDWLå
QDSULPHUXQHUHGLYDQMHSRVNXSRFHQRMRGHĄLXRELMHQRPVWDQXąLVWLRELMDĆEDQNHNDNR &LOM2KUDEUHQMH
SRND]XMHSROLFLMVNDGRNXPHQWDFLMDSUHGX]LPDVYHPHUHSUHGRVWURçQRVWLNDNRELL]EHJDR 8ORJH/RSRYæDQGDU6XGLMD
SULPHQXQDVLOMD1DVXSURWWRPHRELMDĆEDQNHNRMLVHLJUD/=NRULVWLLQDMPDQMXSULOLNXGD 'LQDPLND)DOLĆNRQDPHWDQMHNDRQDSULPHUçPXUNHLOLåXJHLNULPLQDO
L]OLMHVYRMEHV.DRLVYDNLGUXJLSURIHVLRQDODFĆLVWLNULPLQDODFYROLGDREDYLVYRMHRSHUDFLMHQD 'UXåWYHQLPRGHO5RGLWHOM'HWH
QDMĆLåĄHPRJXĄLQDĆLQ.ULPLQDOFDNRMLLJUD/æQHåWRSURVWRWHUDGD]DEUOMDXVUHGRSHUDFLMH 'HWHÅ'DYLGLPRPRçHåOLGDPHXKYDWLå
=DLVWLQVNRJSURIHVLRQDOFDNDçHPRGDQLNDGQHSUHOD]LQDDNFLMXDNRVWYDUQLMHGREUR 5RGLWHOMÅ7RMHPRMSRVDR
SRGPD]DQDGRNLJUDĆLPDWHQGHQFLMXGDJRORUXNQDVUĄHQD]DNRQ3UDYLSURIHVLRQDOFLVXQD 3VLKRORåNLPRGHO5RGLWHOM'HWH
VYRMQDĆLQVYHVQLNDGVHLJUD/=$NRMHGDQĆODQEDQGHLVSROMLSUHWHUDQRLQWHUHVRYDQMH]D 'HWHÅ0RUDåGDPHXKYDWLå
LJUXåWRELPRJORGDGRYHGHXSLWDQMHXVSHKSRVODDQDURĆLWRNDGQMHJRYDSRWUHEDGDEXGH 5RGLWHOMÅ$KDWXVL
XKYDĄHQSRĆQHGDELYDYLGOMLYDRVWDOLSUHGX]LPDMXGUDVWLĆQHPHUHGDVX]ELMXWDNYHVNORQRVWL 3RWH]L%6XSURWVWDYOMDQMHRVSRUDYDQMHDXWRULWHWD&,QGLJQDFLMD%6DNULYDQMH&
1HUYLUDQMH%,]D]LYDQMH&3REHGD
0RçGDVHEDå]ERJWRJDåWRSUDYLSURIHVLRQDOFLQHLJUDMX/æWDNRUHWNRLGRJDćDGDRQLEXGX 3UHGQRVWL8QXWUDåQMHSVLKRORåNH0DWHULMDOQDQDSODWDRVLJXUDQMD]DVWDUHJUHKH
VWYDUQRLXKYDĄHQLSDVX]DWRRQLLYUORUHWNRSUHGPHWVRFLRORåNRJSVLKRORåNRJL 6SROMDåQMHSVLKRORåNH3URWLYIRELĆQH8QXWUDåQMHGUXåWYHQH'DYLGLPRPRçHåOLGDPH
SVLKLMDWULMVNRJSURXĆDYDQMD7RLVWRYDçLL]DNRFNDUH2WXGMHQDMYHĄLGHRQDåHJNOLQLĆNRJ XKYDWLå6SROMDåQMHGUXåWYHQH8PDORGDSURćHPEH]WRJD5D]RQRGD2QLXPDORGDSURćX
]QDQMDRNULPLQDOFLPDLNRFNDULPD]DVQRYDQQDSRVPDWUDQMXVDPRMHGQHQMLKRYHYUVWH EH]WRJD%LRORåNH3UHSR]QDWOMLYRVW(J]LVWHQFLMDOQH2GXYHNVDPELRQDJXELWNX
LJUDĆDDQHLGUXJHSUDYLKSURIHVLRQDODFD
.$.26(,=/$=,2'$9'(
.OHSWRPDQLVXQDVXSURWSURIHVLRQDOQLPORSRYLPDL]UDGQMLGREDUSULPHUåLURNH 7H]D,VWRULMVNLMHGRND]DQRGDQDMEROMHSRGQRVH]DWYRURQLRVXćHQLFLNRMLVWUXNWXULUDMXVYRMH
UDVSURVWUDQMHQRVWLXWULYLMDOQRMYDULMDQWL9HURYDWQRMHGDRJURPDQEURM]DSDGQMDNDLJUD/= YUHPHQHNRPGHODWQRåĄXUD]RQRGRPLOLLJURP,]JOHGDGDMHRYRYUORGREURSR]QDWR
EDUXPDåWLåWRLSURGDMHQRYLQHQDRYRMSRORYLQL]HPOMLQHNXJOH SROLWLĆNLPSROLFLMDPDNRMLNDçXGDVXXVWDQMXGDVORPHQHNH]DWYRUHQLNHMHGQRVWDYQRWLPH
åWRLKGUçHXSDVLYQRVWLL,]RODFLMLRGNRQWDNWDVDOMXGLPD
2YDPDåWDULMDVHĆHVWRRGLJUDYDXREOLNXVQHYDQMDRÅVDYUåHQRP]ORĆLQXNRMLPELçDFHELOH
SRWSXQRQDGLJUDQH 2PLOMHQDGHODWQRVW]DWYRUHQLNDXVDPLFDPDMHĆLWDQMHLOLSLVDQMHNQMLJDDRPLOMHQDUD]RQRGD
EHNVWYRSRĆHPXVXQHNLRGQMLKNDR.D]DQRYDLOLEDURQ7UHQNSRVWDOLVODYQL
9DULMDFLMH/=VXÅ,QVSHNWRUDLORSRYDSURQHYHULWHOMLMHLJUDMXX]LVWDSUDYLODLQDJUDGH
Å&DULQHLORSRYDåYHUFHULLVL3RVHEQRMH]DQLPOMLYDNULPLQDOQDYDULMDQWDÅ7XçDNDQMD, 2PLOMHQDLJUDMHÅ.DNRVHL]OD]LRGDYGHÅ+RĄXNXĄLNRMDVHWDNRćHLJUDLXGUçDYQLP
SRUHGVYLKPHUDSUHGRVWURçQRVWLSURIHVLRQDODFPRçHQHNDGELWLXKDSåHQLL]YHGHQSUHGVXG EROQLFDPD2YXLJUXWUHEDUD]OLNRYDWLRGUDGQMHLVWRJLPHQDSR]QDWHLNDRÅ'REURSRQDåDQMH
=DQMHJDMHÅ7XçDNDQMHYHåWLQDNRMXXSUDçQMDYDSUHPDXSXWLPDNRMHGRELMDRGVYRMLKSUDYQLK X]DWYRUX2VXćHQLNNRMLVWYDUQRçHOLGDåWRSUHL]DćHQDVORERGXQDĄLĄHQDĆLQDGDVHLVWDNQH
VDYHWQLND=DDGYRNDWHDNRVXÅREDYH]QLGRELWQLFLÅ7XçDNDQMHMHXRVQRYLLJUDVDSRURWRP XRĆLPD]DWYRUVNLKYODVWLNDNRELRVWYDULRVYRMXQDPHUX8GDQDåQMHYUHPHVHWRĆHVWR
XNRMRMMHFLOMGDVHGRELMHDQHGDVHL]JXEL7XQMLKRYXLJUXYHĄLQDXGUXåWYXVPDWUD RVWYDUXMHLLJUDQMHPLJUHÅ3VLKLMDWULMDSRGYUVWDÅ*UXSQDWHUDSLMD,JUXÅ+RĄXNXĄL
NRQVWUXNWLYQRP PHćXWLPLJUDMXRQLSLWRPFLND]QHQRSRSUDYQLK]DYRGDLOLSDFLMHQWLXEROQLFDPDĆLMH'HWHQH
çHOLVWYDUQRGDL]DćHQDVORERGX2QLVLPXOLUDMXÅ'REURSRQDåDQMHDOLXNULWLĆQRPWUHQXWNX SRYHUHQMDGDĄHWRNRPFHOHLJUHVYHGR]DYUåQHID]HNRMDVHSUHWYDUDXLJULÅ/RSRYD
VDERWLUDMXVDPLVHEHLQHELYDMXSXåWHQL7DNRXÅ'REURPSRQDåDQMX]DMHGQLĆNLP]DODJDQMHP LçDQGDUDGREURRGLJUDWLXORJXSULVWRMQRJJUDćDQLQDX+'*61%,VNXVQLYDOMDWRULVWUHSHRGL
5RGLWHOM2GUDVOLL'HWHSRVWLçXRVOREDćDQMHGRNVHXÅ+RĄXNXĄL5RGLWHOML2GUDVOLGUçH OMXGLNRMLSUVQXXVPHKNDGDSULPHWHGDVXSUHYDUHQL
SURSLVDQRJUHGRVOHGDSRWH]DVYHGRNULWLĆQRJWUHQXWNDXNRMHP'HWHNRMHVHXVWYDULXçDVDYD
RGPRJXĄQRVWLL]ODVNDXQHL]YHVQRVWVSROMDåQMHJVYHWDSUHX]LPDVWYDUXVYRMHUXNHLVYH 7UHEDLPDWLXYLGXGDVWYDUQR]H]DQMHQDQHĆLMLUDĆXQQLMHLJUD+'*61%MHUSUHGPHW
NYDULÅ+RĄXNXĄLELODMHĆHVWDLJUDPHćXL]EHJOLFDPDNRMHVXSUHGNUDMWULGHVHWLKJRGLQDRYRJ ]DYLWODYDQMDVWYDUQRSRVWDMHçUWYDGRNVHX+'*61%SUHGPHWSUHYDUHL]YODĆLD%HOLSRVWDMH
YHNDVWL]DOHL]1HPDĆNHX6$'LWXSRVWDMDOHGXåHYQLEROHVQLFL3RVOHL]YHVQRJYUHPHQD çUWYD=H]DQMHMHUD]RQRGDGRNMH+'*61%LJUDXNRMRMMHåDODDUDQçLUDQDWDNRGDSRJDćD
GROD]LORELGRSREROMåDQMDQMLKRYRJ]GUDYVWYHQRJVWDQMDLGRPROELGDLKSXVWHL]EROQLFH$OL RQRJDNRMHKWHRGDSURILWLUDRGQMH
NDNRVHSULEOLçDYDRGDQRWSXVWDWDNRVXVHVYHMDĆHYUDĄDOLVLPSWRPLEROHVWL
2ĆLJOHGQRMHGDVH+'*61%LJUDVDWULLOLĆHWLULLJUDĆDSROLFLMDMHĆHWYUWLLJUDĆ,VWRWDNR
$QWLWH]D,Å'REURSRQDåDQMHLÅ+RĄXNXĄLPRJXODNRRWNULWLLUHåDYDWLQDSURIHVLRQDOQRP RĆHYLGQDMHVOLĆQRVWVDÅ+DMGHSRELWHVHYDVGYRMLFD
QLYRXVOXçEHQDOLFDEXGQRJRND3RĆHWQLFLXJUXSQRMWHUDSLMLPHćXWLPELYDMXĆHVWR]DYHGHQL
,VNXVQLJUXSQLWHUDSHXWNRML]QDGDVXWRQDMĆHåĄLREOLFL]ORXSRWUHEHXSVLKLMDWULMVNL %(/(ä.$
RULMHQWLVDQLPND]QLRQDPDRGVDPRJSRĆHWNDQHĄHGR]YROLWLGDPXSURPDNQXRYDNYHVWYDULL 'XJXMHPR]DKYDOQRVWGU)UDQNOLQX(UQVWXVD.DOLIRUQLMVNRJPHGLFLQVNRJIDNXOWHWDX9DNDYLOX
UHåDYDĄHLKSUHQHJRåWRX]PXPDKD 9LOLMHPX.ROLQVXL].DOLIRUQLMVNRJUHKDELOLWDFLRQRJFHQWUDX1RUNXL/RUHQVX0LQVXL]
.DOLIRUQLMVNRJ]DWYRUD]DPXåNDUFHX7HKDĆDSLMX]DQMLKRYRVLVWHPDWVNREDYOMHQMH
3RåWRMHÅ'REURSRQDåDQMHSRåWHQDUDGQMDNDRWDNYRMMRMLWUHEDSULĄLVWLPåWRQLMHQD SURXĆDYDQMHPLJUHÅ/RSRYDLçDQGDUDL]DNRULVQHSULPHGEHNRMHVXXUD]JRYRUXGDOL
RGPHWUD]JRYDUDWLRWRPHRWYRUHQRXJUXSLÅ+RĄXNXĄLQDGUXJRMVWUDQLDNRSUHSDGQXWRJ
SLWRPFDåWLĄHQLNDWUHEDSRQRYRYUDWLWLXçLYRWQDVORERGL]DKWHYDDNWLYQROHĆHQMH %,%/,2*5$),-$
)UHGHULN9DM]PDQ:LVHPDQXĆODQNXÅ3VLKLMDWULMDLSUDYRXSRWUHEDL]ORXSRWUHED
)DPLOLMD%OLVNLURćDNLJUHÅ+RĄXNXĄLMHUDGQMDSRLPHQXÅ0RUDWHPHVDVOXåDWL2YGH SVLKLMDWULMHXVXGVNLPVOXĆDMHYLPDXELVWYD$PHULFDQ-RXUQDORI3V\FKLDWU\
SLWRPDFQHNRJ]DYRGDLOLNRULVQLNQHNHVRFLMDOQHVOXçEHWUDçLVYRMHSUDYRçDOEH&HVWRVXWH GDMHMDVDQLWUDJLĆDQSULPHUJUXERJLJUDQMDÅ/RSRYDLçDQGDUD3ULPHUVHRGQRVLQD
çDOEHEH]YH]QH6YUKDRYDNYRJXODJDQMDçDOELMHGDĆRYHNXYHULVDPRJVHEHGDĄHJDYODVWL GYDGHVHWWURJRGLåQMHJĆRYHNDNRMLMHXELRVYRMXYHUHQLFXLSUHGDRVHSROLFLML7RPXMHMHGYD
VOXåDWL$NRRQLNRMLPDVXçDOEHXSXĄHQHSRJUHåHLSRPLVOHGDMHLJUDĆXVWDORGRSRVWXSDQMDSR SRåOR]DUXNRPMHUPXSROLFLMDQLMHSRYHURYDODSDMHPRUDRĆHWLULSXWDGDLPSULĆDVY
çDOEDPDSDJDL]ELORNRMLKUD]ORJDRGELMXL]WRJDVHPRçHL]URGLWLVYDåWD$NRLVSXQH LVSRĆHWND
VYHåWRMHWUDçHQREURM]DKWHYDELĄHSRYHĄDQ$NRMHGQRVWDYQRVWUSOMLYRLVDYLGOMLYLP
]QDFLPD]DLQWHUHVRYDQRVWLVDVOXåDMXVYHçDOEHLJUDĆÅ0RUDWHPHVDVOXåDWLELĄH]DGRYROMDQL .DVQLMHMHL]MDYLRÅ,]JOHGDORPLMHNDRGDVDPFHORJçLYRWDWHçLRWRPHGD]DYUåLPQD
VSUHPDQQDVDUDGQMXQHWUDçHĄLQLåWDYLåH6OXçEHQROLFHPRUDGDXSR]QDUD]OLNXL]PHćXLJUH HOHNWULĆQRMVWROLFL$NRMHWDNRELORQHNDWDNRLEXGH$XWRUNDçHGDMHVPHåQRELORRĆHNLYDWL
Å0RUDWHPHVDVOXåDWLLR]ELOMQLK]DKWHYDGDVHQHåWRSREROMåD RGQHVWUXĆQHSRURWHGDVKYDWLVORçHQRSVLKLMDWULMVNRYHåWDĆHQMHNRMHMHL]ORçHQRQDVXćHQMX
YUORVWUXĆQLPWHUPLQLPD
Å2SDQMNDYDQMHMHMRåMHGQDRGLJDUDL]RYHIDPLOLMH=DSUDYRJNULPLQDOFDĄHÅ2SDQMNDYDQMH
ELWLGHRQDSRUDGDVHåWRSUHLVNREHOMDL]PDUGHOMDWHJDPRçHPRVPDWUDWLSUHYHåWLQRPQHJR *OHGDQRVDVWDQRYLåWDLJDUDVYHMHPRJXĄHYUORMHGQRVWDYQRL]ORçLWLGHYHWRJRGLåQMLGHĆDN
LJURP.DçQMHQLNPHćXWLPNRMLLJUDÅ2SDQMNDYDQMHQHNRULVWLJDGDELHILNDVQRVWLJDR
åWR RGOXĆXMHL]UD]ORJDNRMLVXQHGYRVPLVOHQRSRWYUćHQLQDVXGXGDMHQMHPXVXćHQRGD]DYUåLQD
SUHQDVORERGXMHUDNRELVHWRRELVWLQLORQHELYLåHLPDRNRJDGDRSDQMNDYD HOHNWULĆQRMVWROLFL
+$-'('$*$65(',021$%5=$.$ 2QSURYRGLRVWDWDNçLYRWDSRVYHĄHQRVWYDULYDQMXWRJFLOMDLSUHGDMHVHQDNUDMXSRåWRMHVYRMX
7H]D3URWRWLSRYHLJUHMHÅ5REQDNXĄDXNRMRMSURGDYDĆXVSRVWDYOMDODçQXSRYHUOMLYRVWVD GHYRMNXXSRWUHELRNDRPHWX
NXSFHPDOLLPQRJHVLWQHPXĄNHSDĆDNLLJUDODVLFHVSDGDMXXVWYDULX+'*61%1LNRQH
PRçHGDEXGHWXĆHQXLJUL+'*61%DNRPXORSRYOXNQLMHXNUYLMHUVHSUYLSRWH]VDVWRMLL] =DGHWDOMQLMHSRGDWNHRLJULÅ/RSRYDLçDQGDUDLGUXJLPLJUDPDNRMHLJUDMXSLWRPFLSR
WRJDåWR&UQLNDçH%HORPGDMHQHNDRYFDGXåXGDODGDEXGHRSHOMHåHQD.DGEL%HOLELR ]DWYRULPDYLGLĆODQDN)+(UQVWDL9&.LWLQJD.HDWLQJÅ3VLKLMDWULMVNLWUHWPDQ
SRåWHQ]DåWLWLRELLOLXSR]RULRçUWYXDOLQMHPXVHWRQHGRJDćD7DPDQNDGWUHEDGDGRćH NDOLIRUQLMVNRJSUHVWXSQLND$PHULFDQ-RXUQDORI3V\FKLDWU\
GRLVSODWHQHåWRLVNUVQHL%HOLNRQVWDWXMHGDPXMHXORJSURSDR,OLXLJULODVLFHJGHçUWYDXOD]L
EDåXPRPHQWXNDGDMHWUHEDORGDMRMEXGXQDELMHQLURJRYL7DGD%HOLNRMLMHGRWOHLJUDRSR
VYRMLPSUDYLOLPDNRMDVXPXL]JOHGDODSRåWHQRRWNULYDGDMHVDGDSULPRUDQGDSRåWXMHSUDYLOD
çUWYHåWRPXQHSDGDEDåODNR
=DQLPOMLYRMHGDVHRGRYFH%HORJRĆHNXMHGDSR]QDMHSUDYLOD+'*61%LGDLKVHGUçL
3RåWHQRFPL]GUHQMHSUHGVWDYOMDXNDONXOLVDQUL]LN]DYDOMDWRUH&UQLWHRQLQHĄHX]HWL]D]OR
%HORPĆDNLPDOREXGHVODJDRSROLFLMXGDELVHVDPL]YXNDR$OLDNRSUHWHUDXWRPHSD
RSWXçLODçQRVYRMHSDMWDåHYDOMDWRUHQDSULPHU]DNUDćXWRĄHELWLSURWXPDĆHQRNDRYDUDQMH
XLJULLQHĄHQDLĄLQDGREDUSULMHP1DGUXJRMVWUDQLPDORLPDUD]XPHYDQMDL]DRQRJ
YDOMDWRUDNRMLXSDGQHXJXçYXNDGDSRNXåDGDREUDGLRYFXNRMDMHSULSLĄXMHUWLPH
SRND]XMHQHSR]QDYDQMH]DQDWDåWRRGQMHJDQHELWUHEDORRĆHNLYDWL,VWRYDçLL]DRQRJDNRML
QDOHWLQDRYFXVDVPLVORP]DKXPRUMHUMHRSåWHSR]QDWRGDXWDNYHçUWYHQHWUHEDLPDWL
,*5(,=25',1$&,-( 1DMRĆLJOHGQLMDSUHGQRVWRYHLJUHMHVSROMDåQMHSVLKRORåNDSRåWRMHEOLVNRVWL]EHJQXWD
=DSURIHVLRQDOQRJSVLKRWHUDSHXWDNRMLVHEDYLDQDOL]RPLJDUDQDMYDçQLMHVXLJUHNRMHVHXSRUQR SRVWDYOMDQMHPVSHFLMDOQLKXVORYDSRGNRMLPDMHPRJXĄHL]UDçDYDWLRVHĄDQMDLVSHFLMDOQLK
LJUDMXXQMHJRYRMRUGLQDFLMLLNRMLKSUHVYLKRVWDOLKPRUDELWLVYHVWDQ1MLKQLMHWHåNR RJUDQLĆHQMD]DUHDJRYDQMHSULVXWQLKQDQMLK
SURXĆDYDWLL]SUYHUXNHXVRSVWYHQRMRUGLQDFLML0RJXVHSUHPDXOR]LLQLFLMDWRUDSRGHOLWLQDWUL
YUVWH +2ă86$02'$7,3202*1(0
,JUHNRMHLJUDMXWHUDSHXWLLVRFLMDOQLUDGQLFLÅ+RĄXVDPRGDWLSRPRJQHPLÅ3VLKLMDWULMD 7H]D2YXLJUXPRJXĄHMHLJUDWLXVYDNRMVUHGLQLJGHVWUXĆQMDFLGDMXWRQDQHVDPRPHćX
,JUHNRMHLJUDMXVWUXĆQRREUD]RYDQLOMXGLNDGSRVWDQXSDFLMHQWLXJUXSQRMWHUDSLMLNDR SVLKRWHUDSHXWLPDLVRFLMDOQLPUDGQLFLPD0HćXWLPQDMĆHåĄHMHVUHĄHPRLWRXQDMçLYOMH
Å6WDNOHQDEDåWD UDVFYHWDQLPERMDPDEDåXVUHGLQLVRFLMDOQLKUDGQLNDRGUHćHQHYUVWHREUD]RYDQMD3LVDFRYLK
,JUHNRMHLJUDMXRVWDOLSDFLMHQWLÅ6RFLMDOQLVOXĆDM´Å6HOMDQNDÅ*OXSDQLÅ'UYHQDQRJD UHGRYDMHSRG]DQLPOMLYLPRNROQRVWLPDGRåDRGRMDVQRJXYLGDXWRNRYHLJUH8MHGQRMSDUWLML
Å9DćHQMHQDOXGLOR SRNHUDVHPGYRMLFHVYLLJUDĆLELOLVXL]DåOLDLVSDORMHGDVXWRELOLMHGDQSVLKRORJLVWUDçLYDĆL
MHGDQSRVORYQLĆRYHN2YDMGUXJLLPDRMHGREUHNDUWHLVWDYLRMHYHOLNXORJ1DWRMHSVLKRORJ
67$./(1$%$ä7$ NRMLMHLPDRQHRERULYDGXWSRYLVLRXORJ
7H]D2YRMHYDULMDQWDLJUHÅ3VLKLMDWULMDNRMXQDMYDWUHQLMHLJUDMXPODGLVWUXĆQMDFLGUXåWYHQLK
QDXNDDQDURĆLWRNOLQLĆNLSVLKROR]L8GUXåWYXVYRMLKNROHJDRYLPODGLOMXGLYROHGDLJUDMX 7UJRYDFMHQDSUDYLR]EXQMHQXIDFXDSVLKRORJMHVDPRSULWYRUQRSULPHWLRÅ1HX]EXćXMVH
Å3VLKRDQDOL]XĆHVWRYUORGXKRYLWRXSRWUHEOMDYDMXĄLL]UD]HNDRÅ6DGVHLVSROMDYDWYRM KRĄXVDPRGDWLSRPRJQHP7UJRYDFVHMRåPDORSUHPLåOMDRSDMHRQGDRWYRULRNDUWH
KRVWLOLWHWLOLÅ.ROLNRRGEUDPEHQLPHKDQL]DPPRçHGDSRVWDQHPHKDQLĆDQ2YRMHRELĆQR 3VLKRORJMHSRND]DRGDVXQMHJRYHNDUWHMDĆHDSDUWQHUMHSRWRPWUHVQXRVYRMLPNDUWDPD
EH]RSDVQDL]DEDYQDUD]RQRGDQRUPDOQDID]DMDRQHNRMLXQMRMXĆHVWYXMXXSURFHVXXĆHQMD RJRUĆHQ2VWDOLSULVXWQLVHQLVXX]GUçDYDOLRGVPHKDQDSVLKRORJRYXGRVHWNXDSRUDçHQLMH
]DQDWD$DNRVHXGUXåWYXQDćHQHNROLNRRULJLQDOQLKOMXGLPRçHGDSRVWDQHYUORSULMDWQD VDPRSURFHGLRRMDćHQRÅ%DåVLPLSRPRJDR3VLKRORJMHQDPLJQXRSLVFXRYLKUHGRYD
VYLPD3LVFXRYLKUHGRYDQDMRPLOMHQLMDMHÅ9LGLPGDMHRSHWSRĆHOD1HGHOMDERUEHSURWLY QDJRYHåWDYDMXĄLGDVHQMHJRYYLFRGQRVLRQDSVLKLMDWULMVNLFHK8WRPWUHQXWNXVWUXNWXUDRYH
SDUDSUDNVH.DRĆODQRYLWHUDSHXWVNLKJUXSDLSDFLMHQWLQHNLRGRYLKPODGLKOMXGLRUQLVXGD LJUHL]DåODMHSUHGRĆLXSXQRMMDVQRĄL
VHPQRJRR]ELOMQLMHSR]DEDYHRYDNYLPPHćXVREQLPXEDGDQMHP3RåWRXRYRMVLWXDFLMLQHPD
PQRJRYDMGHRGRYDNYHUD]RQRGHWHUDSHXWMHĆHVWRSULQXćHQGDSUHVHĆHVWLP7DGDVHĄHOD 5DGQLNLOLWHUDSHXWELORNRMHSURIHVLMHGDMHSDFLMHQWXLOLQHNRPGUXJRPQHNLVDYHW6DYHWRYDQL
VWYDUPRçHSUHWYRULWLXLJUDQMHÅ6WDNOHQHEDåWH VHYUDĄDGDVDRSåWLNDNRVDYHWQLMHLPDRçHOMHQRJHIHNWD7HUDSHXWVOHçHUDPHQLPDL
UH]LJQLUDQRSRNXåDYDL]SRĆHWND$NRLPDRåWULMHRNRSULPHWLĄHNRGVHEHPDOLQDJRYHåWDM
7HNGLSORPLUDQLVWXGHQWLSRND]XMXYHOLNXVNORQRVWSUHWHUDQRPUHVSHNWRYDQMXQHĆHJDåWRRQL JUL]HVDYHVWLDOLSRNXåDĄHLSDNSRQRYR2ELĆQRRQQHRVHĄDSRWUHEXGDXRYRMVLWXDFLMLGRYRGL
QD]LYDMXÅDXWHQWLĆQLPRVHĄDQMLPD,]UDçDYDQMXQHNRJWDNYRJRVHĄDQMDPRçHGDSUHWKRG XSLWDQMHVYRMHVRSVWYHQHPRWLYHMHU]QDGDELLVWRWDNRSRVWXSLOHLPQRJHGUXJHNROHJHVD
QDMDYDGDMHRQRQDSRPROX3RVOHQDMDYHRSLVXMHVHRVHĄDQMHLOLĆDNLL]ODçHJUXSLQDXYLG VOLĆQLPåNRORYDQMHPLGDĄHJDQMHJRYLSUHWSRVWDYOMHQLSRGUçDWLSRåWRVHSULGUçDYD
NDRGDMHXSLWDQMXQHNLUHGDNFYHWSUHPDNRPHVHWUHEDRGQRVLWLVGXçQLPSRåWRYDQMHP ÅLVSUDYQRJSRVWXSNDSUHGYLćHQRJXWDNYLPVOXĆDMHYLPD
5HDNFLMHRVWDOLKĆODQRYDJUXSHSULPDMXVHYUORVYHĆDQRWHQDVWDMHDWPRVIHUDVOLĆQDRQRMX
ERWDQLĆNRMEDåWLNDGDUD]JRYDUDMXSR]QDYDRFLFYHĄD $NRQDOHWLQDJUXERJLJUDĆDNDRåWRMHNDNDYDJUHVLYDQRSVHVLYDFELĄHPXVYHWHçHLWHçHGD
VHQHRVHWLWUDSDYLP$RQGDMHQDGUOMDRLVLWXDFLMDĄHELWLVYHYLåHSRJRUåDQD8QDMJRUHP
6DPRåWRMHWHPDRYRJUD]JRYRUDJRYRUHĄLMH]LNRPDQDOL]HLJDUDGDOLRYDMSULPHUDN VOXĆDMX]DYUåLĄHVXRĆHQVDQHNLPUD]MDUHQLPSDUDQRLGRPNRMLXSDGDMHGQRJGDQDOMXWNDR
]DVOXçXMHGDEXGHL]ORçHQQDÅ6DYH]QRML]ORçELRVHĄDQMD6NHSWLĆQDLQWHUYHQFLMDWHUDSHXWD ULVYLĆXĄLÅ9LGLååWDVDPXUDGLR]ERJWHEH,WDGDĄHQMHJRYDJUL]DVDYHVWLL]ELWLQDSRYUåLQX
PRçHELWLGRĆHNDQDVQDçQLPRWSRURPNDRGDMHRQQHNLQHRWHVDQNRNRMLVYRMLPQH]JUDSQLP XYLGXL]JRYRUHQHLOLQHL]JRYRUHQHPLVOLÅ$OLMDVDPVDPRKWHRGDWLSRPRJQHP1MHJRYD
SUVWLPDJQMHĆLODWLFHQHNRJHJ]RWLĆQRJFYHWD$WHUDSHXWMHVDVYLPSULURGQRSRåDRRGWRJD UD]OMXĄHQRVW]ERJQH]DKYDOQRVWLNRMXMHGRçLYHRPRçHGDRGYHGHSUHPDR]ELOMQLPXQXWUDåQMLP
GDQHPRçHPRUD]XPHWLDQDWRPLMXLIL]LRORJLMXFYHWDDNRJDQHUDVWDYLPRQDQMHJRYH SDWQMDPDNRMHRWNULYDMXGDLXSR]DGLQLQMHJRYRJSRQDåDQMDOHçHVORçHQLPRWLYL2YDOMXWQMD
VDVWRMNH MH]DQMHJDJODYQLGRELWDNXLJUL
$QWLWH]D1DMEROMLSURWLYRWURYEH]NRJDMHWHåNRL]DPLVOLWLQHNLWHUDSHXWVNLQDSUHGDN 3UDYHSRPDJDĆHQHWUHEDEUNDWLVDLJUDĆLPDÅ+RĄXVDPRGDWLSRPRJQHP+6'73Å0LVOLP
VDGUçDQMHXLURQLMLNRMRPSURYHMDYDSUHWKRGQLRSLVLJUH$NRVHQLåWDQHSUHGX]PHRYDLJUD GDPRçHPRQHåWRGDXĆLQLPRVWLPÅ=QDPåWDWUHEDXUDGLWLÅ0RMH]DGXçHQMHMHGDWL
PRçHQHL]PHQMHQRGDWUDMHJRGLQDPDLGDVHSRVOHWRJDSDFLMHQWRVHĄDNDRGDMHLPDRQHNR SRPRJQHPLOLÅ&HQDPRMHXVOXJHMHVYHMHWRGUXNĆLMHQHJRÅ+RĄXVDPRGDWL
ÅWHUDSHXWVNRLVNXVWYRWRNRPNRMHJMHÅLVSROMLRKRVWLOLWHWLQDXĆLRGDVHÅVXRĆLVDRVHĄDQMLPD SRPRJQHP3UYHĆHWLULYDULMDQWHSUHGVWDYOMDMXEUDWEUDWX2GUDVOHSRQXGHGDVWUXĆQH
QDQDĆLQNRMLPXGDMHRGUHćHQXSUHGQRVWXRGQRVXQDPDQMHVUHĄQHNROHJH$X NYDOLILNDFLMHEXGXVWDYOMHQHQDUDVSRODJDQMHĆRYHNXXQHYROMLGRNX+6'73SRVWRMLVNULYHQL
VWYDULGRJDćDORVHPDORåWDåWRMHPRJORGDLPDQHNLGLQDPLĆNL]QDĆDMWHXORçHQRYUHPHQLMH PRWLYNRMLMH]DNRQDĆDQLVKRGYDçQLMLRGVWUXĆQHYHåWLQH2YDMPRWLY]DVQRYDQMHQD
LVNRULåĄHQR]DRVWYDUHQMHWHUDSHXWVNLKFLOMHYDQDQDMEROMLPRJXĄQDĆLQ VWDQRYLåWXGDVXOMXGLQH]DKYDODQLVWDOQLL]YRUQRYLKUD]RĆDUDQMD,]JOHGLQDXVSHK
X]QHPLUDYDMX5RGLWHOMDXVWUXĆQMDNXLSRGVWLĆXJDQDVDERWDçXSRåWRELXVSHKGRYHRX
,URQLMDXRSLVXRYHLJUHQLMHXSHUHQDSURWLYSDFLMHQWDQHJRSURWLYQMHJRYLKXĆLWHOMDLRQRJ RSDVQRVWQMHJRYRSROD]QRVWDQRYLåWH,JUDĆX+6'73MHSRWUHEQRGDVHSRQRYRXYHULNDNR
NXOWXUQRJPLOMHDNRMLSRGVWLĆHQDWDNYRFHSLGODĆHQMH$NRMHXSXĄHQDXSUDYLĆDVVNHSWLĆQD SRPRĄQHĄHELWLSULKYDĄHQDQH]DYLVQRRGWRJDVDNDNYRPUHYQRåĄXMHSRQXćHQD.RULVQLN
SULPHGEDPRçHXVSHåQRGDRGYRMLRYHOMXGHRGQMLKRYLKVXMHWQLK5RGLWHOMVNLKXWLFDMDLGDLK RGJRYDUDÅ9LGLåGDVDPSRNXåDR,OLÅ1HYUHGLWLGDVHWUXGLåPHQLQHPDSRPRĄL
RNUHQHPDQMHVDPRXYHUHQRPLSUHSRWHQWQRPVWDYXXWUDQVDNFLMDPDVGUXJLPOMXGLPD8PHVWR (ODVWLĆQLMLLJUDĆLPRJXGDVHQDJRGHOMXGLPRJXLGDSULKYDWHSRPRĄVDPRLPWUHEDPDORYLåH
GDQHJXMXVYRMDRVHĄDQMDXNOLPLVWDNOHQHEDåWHVDYHåWDĆNLPJUHMDQMHPRQLSRĆLQMXGDLP YUHPHQD]DWR=ERJWRJDVXWHUDSHXWLVNORQLGD]D]LUXSRPDORRGVYRMLKEU]LKXVSHKDMHU
RPRJXĄDYDMXSULURGQRUDåĄHQMHNDNRELPRJODGDEXGXXEUDQDNDGVHUDVFYHWDMX ]QDMXGDĄHVHQDUHGRYQLPVDVWDQFLPDNROHJLMXPDVLJXUQRQDĄLQHNRGDLP]DPHULQDWRPH
1DVXSURWQRPNUDMXNODFNDOLFHQDMGDOMHRGYDWUHQLKLJUDĆD+6'73QDOD]HVHGREULDGYRNDWL 8ORJH3RPDJDĆ.RULVQLN
NRMLSRPDçXVYRMLPNOLMHQWLPDEH]PQRJRDIHNWDFLMHLVHQWLPHQWDOQRVWL2YGH]DQDWVNR 'LQDPLND0D]RKL]DP
PDMVWRUVWYRSUHX]LPDPHVWRNRMHNRGLJUDĆD+6'73LPDSULWYRUQDUHYQRVW 3ULPHUL'HFDXĆHURGLWHOMVHPHVD6RFLMDOQLUDGQLNLNRULVQLN
'UXåWYHQLPRGHO5RGLWHOM'HWH
1HNHåNROH]DVRFLMDOQHUDGQLNHNDRGDVXREUD]RYQLFHQWUL]DIRUPLUDQMHLJUDĆD+6'73SD 'HWHÅäWDVDGGDUDGLP"
RQLPDNRMLGLSORPLUDMXXWLPåNRODPDQLMHODNRGDVHRWUJQXRGVWUDVWL]DRYRPLJURP'REUX 5RGLWHOMÅ(YRåWDĄHåWLGDUDGLå
LOXVWUDFLMX]DQHNHRGL]QHWLKWYUGQMLQDĄLĄHPRNDVQLMHXRSLVXNRPSOHPHQWDUQHLJUH 3VLKRORåNLPRGHO5RGLWHOM'HWH
Å6RFLMDOQLVOXĆDM 5RGLWHOMÅ9LGLNDNRVDPVSUHWDQ
'HWHÅ3RND]DĄXWLMDGDQLVL
/DNRMHXVYDNRGQHYQRPçLYRWXSUHSR]QDWL+6'73LUD]QHQMHQHRJUDQNH,JUDVHXNUXJX 3RWH]L7UDçHQMHXSXWVWDYD'DYDQMHXSXWVWDYD6PDQGUOMDQVWUXĆQLSRVWXSDN3UHNRU
SRURGLFHLPHćXURćDFLPDQSUÅ1DEDYLĄXWLWRXSRODFHQHLJUDVHPHćXRGUDVOLPDNRML 2ĆLJOHGQRSRND]LYDQMHSURPDåHQRVWLSULPHQMHQRJSRVWXSND3UHĄXWQRL]YLQMDYDQMH
SUHNR&UYHQRJNUVWDUDGHVGHFRP1DURĆLWRMHRPLOMHQDPHćXURGLWHOMLPDDNRPSOHPHQWDUQD 3UHGQRVWL8QXWUDåQMHSVLKRORåNH0XĆHQLåWYR6SROMDåQMHSVLKRORåNH,]EHJDYDQMH
LJUDNRMXLJUDMXGHFDMHRELĆQRÅ9LGLåWDVDPXUDGLR]ERJWHEH8GUXåWYHQRPVPLVOXRYR VXRĆDYDQMDVDVYRMRPQHVSUHPQRåĄX8QXWUDåQMHGUXåWYHQHÅ5RGLWHOMVNLVDVWDQDN
PRçHELWLYDULMDQWDÅ7UDSDćR]DXNRMRMVHåWHWDSUDYLWRNRPSRPDJDQMDDQHQDPDKNDRX SURMHNWLYQDYDULMDQWDQH]DKYDOQRVW6SROMDåQMHGUXåWYHQHÅ3VLKLMDWULMDSURMHNWLYQD
RVQRYQRMIRUPLLJUH.OLMHQWMHçUWYDNRMDVDVYRMHVWUDQHPRçHGDLJUDÅäWRWRXYHNPRUD YDULMDQWD%LRORåNHäDPDULRGNRULVQLNDWDSåDQMHSRUDPHQXRGSUHWSRVWDYOMHQLK
EDåPHQLGDVHGHVLLOLQHNXRGYDULMDQWLWHLJUH (J]LVWHQFLMDOQH6YLVXOMXGLQH]DKYDOQL
$QWLWH]D3RVWRMLQHNROLNRRSUREDQLKQDĆLQDNDNRVWUXĆQMDNGDX]YUDWLQDSR]LY]DLJUDQMHRYH 62&,-$/1,6/8ą$-
LJUH,]ERUMHGQRJDRGQMLK]DYLVLĄHRGWRJDNDNDYMHRGQRVL]PHćXVWUXĆQMDNDL 7H]D3ROD]LåWHRYHLJUHQDMEROMHMHIRUPXOLVDR+HQUL0LOHUX.RORVXL]0DUXVLMDÅ7DMGRJDćDM
SDFLMHQWDSRVHEQRRGVWDYDSDFLMHQWRYRJ'HWHWD PRUDGDVH]ELRRQHJRGLQHNDGVDPMDWUDçLRSRVDRWDNRGDJDQHQDćHP7RPHSRGVHWLORGD
.ODVLĆDQSVLKRDQDOLWLĆNLSURWLYRWURYMHQDMWHPHOMQLMLDOLLQDMWHçL]DSDFLMHQWD3R]LYQDLJUX PLVHQLRQDNRRĆDMQRPNDNDYVDPPLVOLRGDMHVDPQLMHRPDNORGDSRJOHGDPRJODVHNRML
VHSRWSXQRLJQRULåH3DFLMHQWRQGDSRNXåDYDVYHMDĆH.RQDĆQRRQSDGDXVWDQMHRĆDMDNRMH QXGH]DSRVOHQMD
VHLVSROMDYDEHVRPLOLSRWLåWHQRåĄXåWRSRND]XMHGDMHLJUDRVXMHĄHQD2YDVLWXDFLMDPRçHGD
GRYHGHGRNRULVQRJVXSURWVWDYOMDQMDWHUDSHXWX 2YDLJUDMHNDGMHLJUDMXVRFLMDOQLUDGQLFLNRMLçLYHRGWRJDNRPSOHPHQWDUQDVDÅ+RĄXVDPR
1HåWRQHçQLMHDOLQHL]YHåWDĆHQRVXSURWVWDYOMDQMHWHUDSHXWPRçHGDSRNXåDĆLPSUYLSXW GDWLSRPRJQHP+6'73Å6RFLMDOQLVOXĆDMVHLJUDVDLVWLPSURIHVLRQDOL]PRPMHULNRULVQLN
RVHWLSR]LYQDLJUX2QMDVQRVWDYOMDGR]QDQMDSDFLMHQWXGDMHQMHJRYWHUDSHXWDQHGLUHNWRU XVOXJDVRFLMDOQLKVOXçELçLYLRGWHLJUH1HSRVUHGQRLVNXVWYRSLVFDRYLKUHGRYDVDLJURP
-RåQHçQLMLSRVWXSDNMHGDVHSDFLMHQWXYHGHXWHUDSHXWVNXJUXSXLRVWDYLGUXJLP Å6RFLMDOQLVOXĆDMGRVWDMHRJUDQLĆHQRDOLNDRRGOLĆQDLOXVWUDFLMDSULURGHRYHLJUHLQMHQHXORJH
SDFLMHQWLPDGDL]DćXVWLPQDNUDM XQDåHPGUXåWYXPRçHGDSRVOXçLVOHGHĄHVYHGRĆHQMHMHGQRJRGQMHJRYLKQDMGDURYLWLMLK
6DDNXWQRX]QHPLUHQLPSDFLMHQWRPPRçHELWLQHRSKRGQRGDVHXSUYRMID]LSULKYDWLLJUD XĆHQLND
2YDNYHSDFLMHQWHWUHEDGDSUHX]PHSVLKLMDWDUNRMLNDRĆRYHNPHGLFLQVNRJREUD]RYDQMD *ćLFD&UQDMHELODVRFLMDOQLUDGQLNXMHGQRMVOXçEL]DVRFLMDOQRVWDUDQMHNRMDVHVSHFLMDOQR
PRçHGDLPSUHSLåHLOHNRYHLQHNHKLJLMHQVNHPHUHNRMHQLVXL]JXELOHVYDNXYUHGQRVWQLX EDYLODD]DWRMHGRELMDODLGUçDYQHGRWDFLMHHNRQRPVNRPUHKDELOLWDFLMRPVLURWLQMHåWRMHX
RYRMHULVHGDWLYD.DGDOHNDUSUHSLåHKLJLMHQVNLUHçLPVDNXSDQMHPJLPQDVWLNRPLXUHGQLP VWYDULWUHEDORGD]QDĆLSRPDJDWLLPGDQDćXL]DGUçHQHNRNRULVQR]DSRVOHQMH.RULVQLFLRYH
REHGLPDSRUHGOHNRYDSDFLMHQW VOXçEHVXSUHPD]YDQLĆQLPL]YHåWDMLPDVWDOQRÅSRND]LYDOLRGUHćHQLQDSUHGDNDOLMHPDORNR
SRåWXMHWDMUHçLPLRVHĄDVHEROMHVWURJRVHSULGUçDYDUHçLPDDOLVHçDOLGDPXQLåWDQH RGQMLKLGRNUDMDÅUHKDELOLWRYDQ7RPRçHPRUD]XPHWLSRGYODĆHQRMHNDG]QDPRGDMH
SRPDçHX]SXWSRPLQMHGDMH]DERUDYLRQDUHçLPLGDQLMHSRåWRYDRXSXWVWYDMHULRQDNRQLMH YHĄLQDQMLKELODQDEUL]LVRFLMDOQRJVWDUDQMDJRGLQDPDSUHEDFXMXĄLVHVDMHGQHQDGUXJX
RVHWLRQLNDNYRSREROMåDQMH8GUXJRPLWUHĄHPVOXĆDMXRVWDMHQDSVLKLMDWUXGDRGOXĆLGDOLMH LQVWLWXFLMXDSRQHNDGLNRULVWHĄLXVOXJHSHWåHVWLVWRYUHPHQR7RVXELOLRVYHGRĆHQLÅWHåNL
SDFLMHQWXWRMID]LYHĄVSUHPDQ]DDQDOL]XLJDUDLOLPXMHSRWUHEQRMRåQHåWRGDJDSULSUHPL]D VOXĆDMHYL
NDVQLMXSVLKRWHUDSLMX3VLKLMDWDUPRUDSDçOMLYRGDRGPHULYUHGQRVWSURSLVDQRJXRGQRVXQD
VNORQRVWSDFLMHQWDNDLJUDQMXLJUHVDWLPUHçLPRPSDWHNRQGDGDYLGLåWDĄHLNDNRĄHGDOMH *ćLFD&UQDMHXEU]RVKYDWLODMHUMHELODREUD]RYDQD]DDQDOL]XLJDUDGDRVREOMHRYHVOXçEH
GRVOHGQRLJUD+6'73SDMRMMHELOR]DQLPOMLYRNDNRNRULVQLFLWRSULPDMX'DELWRSURYHULODL]
3DFLMHQWXQDGUXJRMVWUDQLVWRMLQDUDVSRODJDQMXVOHGHĄDDQWLWH]DÅ1HSULĆDMWLPHQLåWDG QHGHOMHXQHGHOMXSLWDODMHRQHNRMLVXELOLSRYHUHQLQMRMQDREUDGXNROLNRVXåDQVL]D
UDGLPELKSRPRJDRVHELQHJRĄXMDWHELGDNDçHPåWDWLGDUDGLåGDELPLSRPRJDR$NRMH ]DSRVOHQMHLVSUREDOL%LODMH]DLQWHUHVRYDQDGDRWNULMHGDOLRQLPDGDMHSUHWSRVWDYNDGDL]
WHUDSHXWSR]QDWNDR7UDSDćR]RQGDMHEROMLSURWLYRWURYÅ1HPRMGDSRPDçHåPHQLSRPDçL GDQDXGDQSRPQRWUDçHSRVDRQHXODçXXVWYDULYUORPDORQDSRUDXWRPSUDYFX$LNDGJD
QMHPX$OLQDçDORVWR]ELOMQLLJUDĆLLJUHÅ+RĄXVDPRGDWLSRPRJQHPQHPDMXXRSåWHVPLVOD XODçXWRSRQHNDGGHOXMHNRPLĆQR1DSULPHUMHGDQĆRYHNMHJRYRULRGDVYDNRJGDQDSLåH
]DKXPRU$NRSDFLMHQWSULPHQLSURWLYRWURYWRQHĄHSRQMHJDL]DĄLQDGREURLWHUDSHXWPRçH EDUQDQHNLRJODV]DSRVDRÅ=DNRMXYUVWXSRVODUDVSLWLYDODVHJćLFD&UQD1MHJRYRGJRYRUMH
GDJDX]PHQD]XE]DFHRçLYRW1LXVYDNRGQHYQRPçLYRWXDNRĆRYHNQLMHVSUHPDQGDLGH ELRGDELYROHRSRVDRWUJRYDĆNRJSXWQLNDÅ-HOLWRMHGLQDYUVWDRJODVDQDNRMHVLVHRGD]LYDR
QHPLORVUGQRGRNUDMDLGDSRGQHVHVYHPRJXĄHNRQVHNYHQFHQLMHSUHSRUXĆOMLYRSDULUDWLRYRM SLWDODMHRQD2QMHRGJRYRULRGDMHVWHDOLLGDPXYHURYDWQRGRVWDRWHçDYDWUDJDQMH
LJUL7DNRQDSULPHURGELMDQMHXVOXJHNRMXQXGLQHNLURćDNÅ0RJXWRGDWLQDEDYLPSR ĆLQMHQLFDåWRSULOLĆQR]DPXFNXMH1HNDNRXLVWRYUHPHVWLJORMHYHĄLGRXåLMXQMHQRJ
VQLçHQLPFHQDPDPRçHGDVWYRULR]ELOMQHSRURGLĆQHNRPSOLNDFLMH SUHWSRVWDYOMHQRJNDNYDSLWDQMDRQDSRVWDYOMDWHMHELODXNRUHQDåWRÅYUåLSULWLVDNQD
NRULVQLNH
$1$/,=$
7H]D1LNRQHSRVOXåDåWRPXMDNDçHPGDXUDGL *ćLFD&UQDMHLSDNRGOXĆLODGDQDVWDYLVYRMLPSXWHPLGRYHGHGRNUDMDUHKDELOLWDFLMXQHNLK
&LOM6PLULYDQMHNULYLFH RGQMLK2GDEUDODMHRQHNRMLVXRĆLJOHGQRELOLGREURJ]GUDYOMDLIL]LĆNLVSRVREQLWHQLVXLPDOL
RSUDYGDQMDGDLGDOMHçLYHQDWHUHWVRFLMDOQHSRPRĄL6DRYDNRRGDEUDQRPJUXSRPRQDMH Å6RFLMDOQRJVOXĆDMDLOLÅ%LYåHJERUFDLJUDĆLÅ.OLQLNHQHGRELMDMXQLåWDXQRYFXQHJRLPDMX
UD]JRYDUDODRLJUDPD+6'73LÅ6RFLMDOQLVOXĆDM.DGDVXSRVWDOLVYHVQLSRVWRMDQMDRYLKLJDUD GUXJHYUVWHSRYODVWLFD2QLREDYOMDMXLGUXåWYHQRNRULVQXIXQNFLMXMHUVXVSUHPQLGDXĆHVWYXMX
RQDLPMHUHNODGDĄHLKDNRQHQDćXSRVDRVNLQXWLVDVSLVND]DVRFLMDOQXSRPRĄLSUHEDFLWL XQDVWDYL]DPHGLFLQVNRRVREOMHLXLVWUDçLYDQMLPDSDWRORåNLKSURFHVD,]RYRJDRQPRJXL]YXĄL
QDEULJXGUXJLPVOXçEDPD1HNROLNRQMLKRGPDKMHQDåOR]DSRVOHQMHåWRMH]DQHNHELORSR 2GUDVOR]DGRYROMVWYRNDNYRQHSRVWRMLXLJUDPDÅ6RFLMDOQLVOXĆDMLÅ%LYåLERUDF
SUYLSXWSRVOHJRGLQDSURYHGHQLKXQHUDGX
$OLQHNLPDRGQMLKQLMHELORSUDYRåWRMHRQDWDNRSRVWXSDODVDQMLPDLSLVDOLVXQMHQRP $QWLWH]D8VNUDĄLYDQMHSRYODVWLFHMHQDMEROMLSURWLYRWURYDNRMHPRJXĄQRSULPHQLWLJD2YGH
SUHWSRVWDYOMHQRPçDOHĄLVHQDQMX3UHWSRVWDYOMHQLMXMHSR]YDRLVDGDXNRULRMRåWHçHQHJR UL]LNQHGROD]LRGVDPRJLJUDĆDNDRXGUXJLPLJUDPDQHJRRGWRJDåWRMHRYDLJUDGHR
SUYLSXWWYUGHĄLGDQMHQLVOXĆDMHYLLDNRVXVDGDQDåOL]DSRVOHQMHQLVXÅVWYDUQR GUXåWYHQHNXOWXULSRGUçDYDQDMHRGLJUDĆDNRPSOHPHQWDUQHLJUH+6'732SDVQRVWSUHWLRG
UHKDELOLWRYDQL2QMHĆDNQDJRYHVWLRPRJXĄQRVWRNRMRMMHYHĄELORJRYRUDGDJćLFD&UQD NROHJDL]VWUXNHRGX]QHPLUHQHMDYQRVWLGUçDYQLKVOXçELL]DåWLWQLĆNLKXGUXçHQMD3ULPHGEH
QHRVWDQHYLåHXWRMVOXçEL.ROLNRMHPRJODGDVNXSLKUDEURVWLDGDQHRWHçDMRåYLåHVYRM NRMHGROD]HSRVOHSULPHQHSURWLYSRWH]DXLJULÅ6RFLMDOQLVOXĆDMPRJXGDYRGLJODVQRPSRNOLĆX
SRORçDMXVOXçELJćLFD&UQDMHYUORWDNWLĆQRSRNXåDODGDVD]QDåWDVHSRGUD]XPHYDSRG Å'DGDNDNRYDPVHĆLQLQDNRMLPRçHPRJOHGDWLNDRQD]GUDYXNRQVWUXNWLYQXUDGQMXLOL
ÅVWYDUQRUHKDELOLWRYDQLPXWRMVOXçEL7RMRMQLNDGQLMHSRåOR]DUXNRP5HĆHQRMRMMHVDPR UD]RQRGXĆDNLDNRSRYUHPHQRREHVKUDEUXMHLVNUHQRVW8VWYDULFHRDPHULĆNLSROLWLĆNLVLVWHP
GDRQDÅYUåLSULWLVDNQDOMXGHDĆLQMHQLFDGDLVWLOMXGLVDGDSRSUYLSXWSRVOHGXçHJYUHPHQD GHPRNUDWVNLKVORERGDSRĆLYDQDRYODåĄHQMXNRMHQLMHGRVWXSQRXPQRJLPGUXJLPREOLFLPD
L]GUçDYDMXVYRMHSRURGLFHQLMHMRMSULSLVDQDX]DVOXJH YODGDYLQHGDEXGHSRVWDYOMHQRRYRSLWDQMH%H]WDNYRJRYODåĄHQMDGUXåWYHQLQDSUHGDN]D
GREURĆRYHNDELYDGRYHGHQXSLWDQMH
3RåWRMHQMRMWR]DSRVOHQMHELORSRWUHEQRDVDGDMHSRVWDMDODR]ELOMQDRSDVQRVWGDJDL]JXEL
QHNLQMHQLSULMDWHOMLVXSRNXåDOLGDSRPRJQX8JOHGQLXSUDYQLNMHGQHSVLKLMDWULMVNHNOLQLNH 6(/-$1.$
QDSLVDRMHSLVPRQMHQRPSUHWSRVWDYOMHQRPXNRMHPNDçHNDNRMHĆXRGDJćLFD&UQDLPD 7H]D3URWRWLSVHOMDQNHMHRQDSROMRSULYUHGQLFDL]%XJDUVNHNRMDMHSURGDODNUDYXGDEL
QHNROLNRYUORHILNDVQRUHåHQLKVRFLMDOQLKVOXĆDMHYDSDPROLGDRQDL]ORçLVYRMDLVNXVWYDQD VNXSLODSRWUHEDQQRYDFGDRWSXWXMHX6RILMXQDXQLYHU]LWHWVNXNOLQLNXMHUMHPXĆLDUWULWLV
VDVWDQNXVWUXĆQRJRVREOMDQMHJRYHNOLQLNH1MHQSUHWSRVWDYOMHQLQLMHGLRRGREUHQMH
]DWR 7DPRMXMHSUHJOHGDRSURIHVRUOLĆQRLRWNULRNRGQMHWROLNR]DQLPOMLYVOXĆDMEROHVWLGDMH
PRUDRGDMHSULNDçHVWXGHQWLPD2QQLMHVDPRXWYUGLRVLPSWRPHEROHVWLLGDRGLMDJQR]XQHJR
8RYRMSULOLFLMHGQDVRFLMDOQDVOXçEDSRVWDYLODMHVYRMDSUDYLODLJUHÅ6RFLMDOQLVOXĆDMNDR MHRGUHGLRLWHUDSLMX&HRODMSRVWXSDNLVSXQLRMHVHOMDQNXVWUDKRSRåWRYDQMHP
NRPSOHPHQWDUQDORNDOQLPSUDYLOLPD+6'733RVWRMDRMHSUHĄXWQLVSRUD]XPL]PHćXVRFLMDOQRJ
UDGQLNDLQMHJRYRJNRULVQLNDNRMLMHLåDRRWSULOLNHRYDNR 3UHQHJRåWRMHRWLåODGRELODMHRGSURIHVRUDUHFHSW]DOHNRYHLGHWDOMQDXSXWVWYDNDNRGDLK
XSRWUHELLåWDVYHMRåWUHEDGDUDGLGDELR]GUDYLODELODMHSUHSODYOMHQDRGXåHYOMHQMHP]ERJ
6RFLMDOQLUDGQLNÅ3RNXåDĄXGDWLSRPRJQHPSRGXVORYRPGDWHELQHEXGHQLåWDEROMH QMHJRYHXĆHQRVWLSDMHQDEXJDUVNRPL]JRYRULODQHåWRXVPLVOXÅ+HMEDåVWH9LGLYDQĆRYHN
.RULVQLNÅ7UDçLĄX]DSRVOHQMHSRGXVORYRPGDQHPRUDPLGDJDQDćHP SURIHVRUH
$NRELNRULVQLNSUHNUåLRWDMVSRUD]XPWLPHåWRELPXELOREROMHVOXçEDELL]JXELODVYRJ
NRULVQLNDDNRULVQLNELL]JXELRSRYODVWLFHVRFLMDOQHSRPRĄLSDELVHRERMHRVHĄDOLNDçQMHQLP 0HćXWLPQLMHMRMELORQLQDNUDMSDPHWLGDSRVWXSLSRGRELMHQLPXSXWVWYLPD3UYRXQMHQRP
$NRELVRFLMDOQLUDGQLNSUHNUåLRVSRUD]XPNDRåWRMHWRXĆLQLODJćLFD8UQDLQDWHUDRNRULVQLNH VHOXQHPDDSRWHNH'UXJRLGDLPDRQDQLNDGQHEL,VSXVWLODL]UXNXMHGDQWDNRGUDJRFHQOLVW
GDVWYDUQRQDćXSRVDRVOXçEDELELODNDçQMHQDçDOEDPDNRULVQLNDNRMHPRJXGRĄLGRXåLMX SDSLUD1LWLMHLPDODPRJXĄQRVWL]DSULPHQXRVWDOLKXSXWVWDYDNDRåWRMHKLGURWHUDSLMDGLMHWD
YLåLKLQVWDQFLDNRULVQLNELRSHWJXELRVYRMHSULYLOHJLMH LVL2QDQDVWDYOMDGDçLYLNDRLUDQLMHPXĆHĄLVHVDVYRMRPEROMNRPDOLVUHĄQDåWRPRçH
VYDNRPHGDVHSRKYDOLNDNYRVXSHUOHĆHQMHMRMMHSUHSLVDRYHOLNLSURIHVRUL]6RILMHNRPHRQD
8NROLNRVHRERMHSRNRUDYDMXQHSLVDQLPSUDYLOLPDRERMHGRELMDMXRQRåWRçHOH.RULVQLNGRELMD L]UDçDYDVYRMX]DKYDOQRVWPROHĄLVH]DQMHJDVYDNHYHĆHUL
VYRMHSRYODVWLFHLEU]RXĆLåWDVOXçEDRGQMHJDRĆHNXMH]DX]YUDWPRJXĄQRVWGDPXSUXçLÅUXNX
SRPRĄQLFXNDRGHR+6'73LGDJDÅREUDGLXYLGXÅDQDOL]HVOXĆDMDNRMXPRçHGDL]ORçLQD 1HNROLNRJRGLQDNDVQLMHNDGDMHSURIHVRUGUXJLPSRVORPSUROD]LRNUR]QMHQRVHORSUHSR]QDR
VWUXĆQRPVDVWDQNXRVREOMD.RULVQLNVHUDGRVQRSRNRUDYDRYLP]DKWHYLPDMHUWRQMHPX MHVHOMDQNXNDGMHSULWUĆDODGDPXSROMXELUXNX]ERJQMHJRYRJERçDQVWYHQRJOHNDNRMLMRMMH
GRQRVLLVWRWROLNR]DGRYROMVWDYDNROLNRLVOXçEL7DNRRQLSRVWLçXILQRVODJDQMHLQLMHGQRRGQMLK SUHSLVDRSUHWROLNRYUHPHQD2QYHOLNRGXåQRSULKYDWDQMHQRRERçDYDQMHLSRVHEQRPXMHPLOR
QHPDQLQDMPDQMXçHOMXGDSUHNLGDRYDNR]DGRYROMDYDMXĄLRGQRV*ćLFD&UQDMHXVWYDUL GRNPXSULĆDNROLNRMRMMHGREURĆLQLORSURSLVDQROHĆHQMH8VWYDULRQVHWROLNR]DQHRVYRMLP
ÅGRKYDWLODSUREOHPXPHVWRGDÅSUXçDUXNXSRPRĄQLFXLSUHGODJDODVWUXĆQLVDVWDQDNRVREOMD XVSHKRPGDQLMHQLSULPHWLRNDNRRQDKUDPOMHLVWRRQDNRWHåNRNDRLSUH
QDNRMHPELELORUHFLRXVORYLPDçLYRWDXORNDOQRM]DMHGQLFLDQHRSRMHGLQDĆQLP
ÅVOXĆDMHYLPD2YRMHX]QHPLULORVYHRQHNRMLPDMHELORXSXĄHQRNDRGDVHQLMHXSRWSXQRVWL .DRGUXåWYHQDLJUDÅ6HOMDQNDVHLJUDXQDLYQRMLSUHIULJDQRMYDULMDQWLREHSRGLVWLPPRWRP
SRNODSDORVDXVYRMHQLPFLOMHYLPDVOXçEH Å+HMDODVWH9LGLYDQĆRYHNJ0XGULMDåHYLĄX+'ă08QDLYQRMYDULMDQWL0XGULMDåHYLĄ
VWYDUQRMHVWHVXSHU2QMHVODYQLVOLNDUSHVQLNGREURWYRULOLQDXĆQLNDQDLYQHPODGHçHQH
1DGYHVWYDULRYGHWUHEDVNUHQXWLSDçQMX3UYRÅ6RFLMDOQLVOXĆDMNDRLJUXNRMDQHPDYH]HVD ĆHVWRSUHYDOMXMXYHOLNHUD]GDOMLQHXQDGLGDĄHVHVDVWDWLVDQMLPLPRĄLSXQHRERçDYDQMDGD
VWDQMHPIL]LĆNHPHQWDOQHLOLHNRQRPVNHQHVSRVREQRVWLLJUDVDPRPDOLSURFHQDWNRULVQLND PXVHGHX]VNXWHLODNLUDMXQMHJRYHQHVDYUåHQRVWL3URQLFOMLYDçHQDNRMDVHVYRMHYROMQRRWLVQH
VRFLMDOQHSRPRĄL'UXJRQMXĄHSRGUçDYDWLVDPRRQLVRFLMDOQLUDGQLFLNRMLVXåNRORYDQL]DLJUX XDYDQWXUXLOLEUDNVWDNYLPĆRYHNRPNRJDLVNUHQRRERçDYDLOLFHQLPRçHXSRWSXQRVWLGD
+6'732VWDOLVRFLMDOQLUDGQLFLMHQHĄHWUSHWL EXGHVYHVQDQMHJRYLKVODERVWL2QDPRçHĆDNLGDLKNRULVWLNDNRELSRVWLJODRQRåWRKRĄH
6URGQHLJUHVXÅ%LYåLERUDFLÅ.OLQLNDÅ%LYåLERUDFLVSROMDYDLVWLVLPELRWLĆNLRGQRVDOLRYRJD 6DRYLPGYHPDYUVWDPDçHQDLJUDSURLVWLĆHL]ODNLUDQMDLOLLVNRULåĄDYDQMDQHVDYUåHQRVWLGRN
SXWDL]PHćX6DYH]DERUDFDLGUXJLKRUJDQL]DFLMDQDMHGQRMLL]YHVQRJEURMDÅSURIHVLRQDOQLK QDLYQRVWOHçLXQMLKRYRPLVWLQVNRPSRåWRYDQMXQMHJRYLKGRVWLJQXĄDNRMDVXRQHXVWDQMXGD
ERUDFDNRMLLPDMX]DNRQVNHSRYODVWLFHRQHVSRVREOMHQLKUDWQLNDQDGUXJRMVWUDQLÅ.OLQLNDMH SURFHQMXMXVDGRYROMQRPWDĆQRåĄX
RPLOMHQDNRGL]YHVQRJGHODRQLKNRMLGROD]HXDPEXODQWHYHOLNLKEROQLFD=DUD]OLNXRGLJUDĆD
8SUHSUHGHQRMYDULMDQWL0XGULMDåHYLĄPRçHDOLQHPRUDGDEXGHVXSHUDOLVHXVYDNRPVOXĆDMX 36,+,-$75,-$
VXRĆDYDVDçHQRPNRMDQHXPHGDFHQLRQRåWRMHQDMEROMHXQMHPX=DQMXELVPRPRçGD 7H]D3VLKLMDWULMXNDRYHåWLQXWUHEDUD]JUDQLĆLWLRGÅ3VLKLMDWULMHNDRLJUH6KRGQRRQRPHåWR
PRJOLUHĄLGDMHSURVWLWXWNDYLVRNHNODVH2QDLJUDÅ0DOHFNDMDLNRULVWL+'&0NDRĆLVWR ]QDPRL]SUL]QDWLKL]YRUDREMDYOMHQLKXQDXĆQLPĆDVRSLVLPDLNQMLJDPDVOHGHĄHPHWRGH
ODVNDQMHGDELRVWYDULODVYRMHVHELĆQHFLOMHYH,VSRGSRYUåLQHRQDLOLQHPRçHGDJDSRGQHVH L]PHćXRVWDOLKLPDMXYUHGQRVWL]DOHĆHQMHSVLKLMDWULMVNLKREROMHQMDHOHNWURåRNKLSQR]D
LOLPXVHSRGVPHYD$OLEDåQMXEULJD]DQMHJDRQDMH]DLQWHUHVRYDQDVDPR]DRQDMFXERN PHGLNDPHQWLSVLKRDQDOL]DRUWRSVLKLMDWULMDLJUXSQDSVLKRWHUDSLMD,PDLGUXJLKPHWRGDNRMH
NRMLLGHX]QMHJD VHUHGHNRULVWHWHRQMLPDRYGHQHĄHELWLUHFL6YDNXRGSRPHQXWLKPHWRGDPRçHPR
NRULVWLWLLXLJULÅ3VLKLMDWULMHNRMDSRĆLYDQDVWDQRYLåWXÅ-DVDPLVFHOLWHOMSRWNUHSOMHQRP
.DRNOLQLĆNDLJUDÅ6HOMDQNDVHLJUDXGYHVOLĆQHYDULMDQWHREHSRGLVWLPPRWRPÅ+HMDODVWH GLSORPRPÅ2YGHSLåHGDVDPMDLVFHOLWHOM7UHEDLPDWLQDXPXGDMHRYRGREURĄXGQR
9LGLYDQĆRYHNSURIHVRUH+'ą38QDLYQRMYHU]LMLSDFLMHQWNLQMLĄHELWLGREURGRNOHJRG JUDGLWHOMVNRVWDQRYLåWHLGDOMXGLNRMLLJUDMXÅ3VLKLMDWULMXSRGXVORYRPGDVXVWUXĆQR
PRçHGDYHUXMHX+'3&åWRVWYDUD]DWHUDSHXWDRGUHćHQXREDYH]XGDVHSULVWRMQRSRQDåDL REUD]RYDQLPRJXGDXĆLQHGRVWDGREUD
XVYRPMDYQRPLXVYRPSULYDWQRPçLYRWX8SUHSUHGHQRMYDULMDQWLSDFLMHQWNLQMDYHUXMHGDĄH
WHUDSHXWQDVHVWLQMHQRM+'3ąLSRPLVOLWLXVHELÅ9LLPDWHQHXRELĆDMHQGDU]DSDçDQMD 9HURYDWQRMHPHćXWLPGDELVPRQHåWRLGRELOLQDWHUDSHXWVNRPXĆLQNXNDGDELXVKLĄHQRVW
9,1'=.DGJDMHGQRPXWHUDXWXSR]LFLMXQHĄHMRMELWLWHåNRGDJDQDSUDYLEXGDORPLRQGD WHUDSHXWDELODXPHUHQLMD$QWLWH]XMHGDYQRIRUPXOLVDR$PEURD]3DUH3DUHUHNDYåLQHåWRX
SURPHQLWHUDSHXWD$NRVHRQQHGDWDNRODNRQDYXĄLQDWDQDNOHGPRçGDMRMPRçHLSRPRĄL VPLVOXÅ-DLKOHĆLPDOL%RJLKL]OHĄL6YDNLVWXGHQWPHGLFLQHĆXMHLRYDNYHPXGUHL]UHNH
L]PHćXRVWDOLKNDNYHVXSULPXPQRQQRFHUHLOLYLVPHGLFDWUL[QDWXUDH3VLKRWHUDSHXWLNRML
1DMMHGQRVWDYQLMLQDĆLQGDSDFLMHQWNLQMDGRELMHLJUX+'&3MHVWHGDMRMQHEXGHEROMH$NRMH GROD]HL]QHPHGLFLQVNLK]DQLPDQMDQLVXPHćXWLPL]ORçHQLRYLPXSR]RUHQMLPDL]GDYQLQD
]ORQDPHUQDRQDĄHSUHGX]HWLDNWLYQLMHPHUHGDJDQDVDPDUL-HGQDçHQDMHLJUDOD+'&3VD 6WDQRYLåWHÅ-DVDPLVFHOLWHOM]DWRåWRRYGHSLåHGDVDPLVFHOLWHOMPRçHGDEXGHRSWHUHĄHQMHL
VYRMLPSVLKLMDWURPLVLPSWRPLMRMVHQLVXXEODçDYDOL.RQDĆQRJDMHQDSXVWLODX]PQRJH VPHWQMDDOLJDPRçHPRSUHWYRULWLLXSUHGQRVWDNRJDUHYLGLUDPRXVPLVOXÅ-DĄXSULPHQLWL
]DKYDOQRVWLLL]YLQMHQMD2QGDVHREUDWLODVYRPFHQMHQRPSDURKX]DSRPRĄLLJUDODMH+'&3VD WHUDSHXWVNHYHåWLQHNRMHVDPQDXĆLRVDQDGRPGDĄHWRGRQHWLQHNLEROMLWDN7LPHM
QMLP3RVOHL]YHVQRJYUHPHQDRQDJDMH]DYHODGDLJUDMXÅ)HPNDQMHGUXJRJVWHSHQD=DWLP L]EHJQXWDPRJXĄQRVWLJDUDNRMHELSRĆLQMDOHVDÅ3RåWRVDPMDLVFHOLWHOMVDPVLNULYDNRWLQLMH
MHLVSULĆDODVYRMRMNRPåLQLFLNDGVXVHYLGHOHXGYRULåWXSUHNRSORWDRQDNRÅXSRYHUHQMXGD EROMH7MÅ+RĄXVDPRGDWLSRPRJQHP,OLVDÅ3RåWRVLWLLVFHOLWHOMPHQLĄH]ERJWHEHELWL
VHVWUDåQRUD]RĆDUDODXSRSD&UQRJåLRMHXWUHQXWNXVODERVWLSRĆHRGDVHQDEDFXMHMHGQRM EROMH7MÅ6HOMDQND6YHRYRMHQDUDYQRXQDĆHOXSR]QDWRVYDNRPVDYHVQRP
WDNRQHGXçQRMLVNURPQRMçHQLNDRåWRMHRQD3RåWRPXSR]QDMHVXSUXJXRQDĄHPXWRQD SVLKRWHUDSHXWX$VLJXUQRMHGDMHVYDNLWHUDSHXWNRMLMHLNDGDL]QRVLRQHNLVOXĆDMSUHG
UDYQRRSURVWLWLDOLLSDNLWG2YRSRYHUDYDQMHRPDNORMRMVHQHSODQLUDQRLWHNSRVOHVHQD RVREOMHPQHNHXJOHGQHNOLQLNHSRVWDRVYHVWDQWRJD,REUDWQRGREUDNOLQLNDLMHVWHGREUD
VYRMH]DSUHSDåĄHQMHVHWLODGDMHWDVXVHWNDĆODQFUNYHQRJRGERUD6YRJSVLKLMDWUDMHSREHGLOD ]ERJWRJDåWRĆLQLVYRMHWHUDSHXWHVYHVQLPWRJD
WLPHåWRMRMQLMHELYDOREROMHDVYRJVYHåWHQLNDWLPHåWRJDMH]DYHODPDGDWRQLMHEDåYROHOD
GDSUL]QD 1DGUXJRMVWUDQLLJUDÅ3VLKLMDWULMDEXMDĄHYLåHPHćXSDFLMHQWLPDNRMHVXUDQLMHOHĆLOLPDQMH
VSRVREQLWHUDSHXWL,PDSDFLMHQDWDQDSULPHUNRMLXPHMXGDSUREHUXVODEHSVLKRDQDOLWLĆDUHL
$OLVOHGHĄLSVLKLMDWDUGRYHRMXMHXWHUDSHXWVNX.UXSXJGHQLMHPRJODGDPDQHYULåHQD SUHPHåWDMXVHRGMHGQRJGRGUXJRJSRND]XMXĄLGDVXQHL]OHĆLYLDX]SXWXĆHGDLJUDMX
XRELĆDMHQQDĆLQ$RQGDMHEH]JXEOMHQMDYUHPHQDQDLJUDQMH+'&3L91'=SRĆHODGHWDOMQLMH Å3VLKLMDWULMXVYHRåWULMHWDNRGDMHQDNUDMXWHåNRLSUYRNODVQRPNOLQLĆDUXGDWXRGYRMLçLWRRG
GDLVSLWXMHVYRMHSRQDåDQMHLX]SRPRĄJUXSHXVSHODMHGDVHRGUHNQHREHMXVYRMLKLJDUDL NXNROMD,]SDFLMHQWRYRJXJODGYRVWUXNDWUDQVDNFLMDL]JOHGDRYDNR
+'&3LÅ)HPNDQMD
2GUDVOLÅ'RåDRVDPGDVHOHĆLP
$QWLWH]D7HUDSHXWPRUDSUYRGDSURFHQLGDOL12LJUDQDLYQRSRåWRELXWRPVOXĆDMXWUHEDOR 'HWHÅ7LPHQLNDGQHĄHåL]OHĆLWLDOLĄHåPH]DWRQDXĆLWLNDNRGDEXGHPEROMLQHXURWLĆDU
]DGREURSDFLMHQWNLQMHGR]YROLWLQDVWDYDNLJUHVYHGRNVHQMHQ2GUDVOLQHXĆYUVWLGRYROMQRGD NDNRGDEROMHLJUDP3VLKLMDWULMX
ELVPRPRJOLUL]LNRYDWLSURWLYPHUH$NRLJUDQLMHQDLYQDSURWLYPHUHWUHEDSUHGX]HWLXSUYRM Å'XåHYQR]GUDYOMHVHLJUDQDVOLĆDQQDĆLQ7XMHLVND]2GUDVORJÅ6YHĄHELWLEROMHDNRMD
SRYROMQRMSULOLFLSRåWRSDFLMHQWNLQMDEXGHGRYROMQRSULSUHPOMHQDGDPRçHGDVKYDWLåWDVH SULPHQLPQDĆHODGXåHYQRJ]GUDYOMDRNRMLPDVDPĆLWDRLĆXR-HGQDSDFLMHQWNLQMDMHQDXĆLOD
GRJDćD7HUDSHXWRQGDWYUGRJODYRRGELMDGDGDVDYHWDNDGDSDFLMHQWNLQMDSRĆQHGDVHEXQL GDLJUDÅ3VLKLMDWULMX
RGSUYRJWHUDSHXWDÅ'XåHYQR]GUDYOMHRGGUXJRJDDNRLVKRGMRå
RQMRMMDVQRVWDYOMDGR]QDQMDGDWRQLMHRELĆQDÅNRFNDUVNDSVLKLMDWULMDQHJRQMHJRYD MHGQRJGRGDWQRJQDSRUDSRĆHODMHSULOLĆQRGREURGDLJUDLÅ7UDQVDNFLRQXDQDOL]X.DGDMHR
VPLåOMHQDSROLWLND8VNRURĄHQMHJRYRRGELMDQMHLOLUD]EHVQHWLSDFLMHQWNLQMXLOLXEU]DWL WRPHRWYRUHQRUD]JRYDUDQRVDQMRPSULVWDODMHGDGLJQHUXNHRGÅ'XåHYQRJ]GUDYOMDDOLMH
SRMDYOMLYDQMHVLPSWRPDDNXWQRJXQXWUDåQMHJQHVSRNRMVWYD WUDçLODGR]YROXGDQDVWDYLLJUDQMHÅ3VLKLMDWULMHMHUVHWDNRSULMDWQLMHRVHĄD
6OHGHĄLNRUDN]DYLVLRG]ORĄXGQRVWLSDFLMHQWNLQMLQRJVWDQMD$NRMHSUHYLåHRWNDĆHQDWUHEDVH 7UDQVDNFLRQLWHUDSHXWVHVORçLR,WDNRMHRQDWRNRPVOHGHĄLKPHVHFLQDVWDYLODVYDNHQHGHOMH
QDXRELĆDMHQQDĆLQSR]DEDYLWLQMHQLPDNXWQLPUHDNFLMDPDNDNRELRSHWELOLVWYRUHQL GDGHNODPXMHVYRMHVQRYHLGDLKWXPDĆL.RQDĆQRGHOLPLĆQRLX]QDN]DKYDOQRVWLRGOXĆLODMH
SUHGXVORYL]DQDVWDYDNWHUDSLMH3UYLFLOMXVOXĆDMXSUHSUHGHQHYDULMDQWHMHVWHGDRGYRMLPR GDELPRJORELWL]DQLPOMLYRGDVHLåĆHSUNDåWDMHXVWYDULVDQMRP3RVWDODMHR]ELOMQR
2GUDVORJRGGYROLĆQRJ'HWHWDNDNRELVPRLJUXPRJOLGDDQDOL]LUDPR ]DLQWHUHVRYDQD]DWUDQVDNFLRQXDQDOL]XLLPDODMHXVSHKDXWRPH
8GUXåWYHQRPçLYRWXWUHEDL]EHJDYDWLVYDNRLQWLPQRVSHWOMDYDQMHVDQDLYQLPLJUDĆLPD+'&0 9DULMDQWDÅ3VLKLMDWULMHMHLÅ$UKHRORJLMDRYDMQD]LYGXJXMHPGU1RUPDQX5DMGHUXL]6DQ
NDRåWRVYDNLLQWHOLJHQWQLMLPHQDGçHULWUDçLRGVYRMLKSRSXODUQLK]YH]GD6DGUXJHVWUDQHRQH )UDQFXVNDXNRMRMSDFLMHQWNLQMDSROD]LRGVWDQRYLåWDGDELVDPRNDGELRWNULODNRMHSUYL
çHQHNRMHLJUDMXSUHIULJDQL+'&0YUORVXLQWHOLJHQWQHL]DQLPOMLYHSRQHNDGVDPRNDGELPRJOH SRĆHRVYHRGMHGQRPELORGRYHGHQRXUHG7RYRGLXQHSUHNLGQRSUHELUDQMHSRGRJDćDMLPDL]
GDEXGXL]OHĆHQHRGLJUDQMDWHLJUH2GQMLKMHPRJXĄHQDĆLQLWLSULOLĆQRDWUDNWLYQXSULQRYX GHWLQMVWYD3RQHNDGWHUDSHXWPRçHGDEXGHXYXĆHQXLJUXÅ.ULWLNHJGHSDFLMHQWNLQMDRSLVXMH
SRURGLĆQRPGUXåWYHQRPNUXJX VYRMDRVHĄDQMDXUD]QLPVLWXDFLMDPDDWHUDSHXWMRMJRYRULåWDSULWRPHQLMHYDOMDOR
Å6DPRL]UDçDYDQMHMHXRELĆDMHQDLJUDXQHNLPWHUDSHXWVNLPJUXSDPDLSRĆLYDQDGRJPL
Å2VHĄDQMDVXGREUDVWYDU3DFLMHQWNRMLXSRWUHEOMDYDYXOJDUQHSVRYNHPRçHQDSULPHUGD QDSUHGRYDQMHQDEROMHUDGQRPHVWR2GQDMPDQMLKQRJXQDXĆLRMHGDĄHVYLELWL
GRçLYOMDYDDSODX]HLOLEDUSUHĄXWQRGLYOMHQMH3URPXĄXUQLMRMJUXSLPHćXWLPQHELSURPDNOR QDM]DGRYROMQLMLQMLPHGRJRGMHEXGDODPDNDULJRYRULOLVXSURWQR3DVHVYLPQRJRL]QHQDGH
GDMHXSLWDQMXLJUD NDGVHXQHNRPPRPHQWXQHRĆHNLYDQHRSDVQRVWLSRNDçHDNRRQRGOXĆLGDRWYRULNDUWH
GDRQQLMHXRSåWHJOXSNDRåWRL]JOHGD
1HNLĆODQRYLWHUDSHXWVNLKJUXSDL]RåWUHĆXOD]DLJUHL]IDPLOLMHÅ3VLKLMDWULMHLQHXVWHçXVH
PQRJRGDQRYRPSDFLMHQWXNDçXRWYRUHQRDNRPLVOHGDRQLJUDNODVLĆQXÅ3VLKLMDWULMXLOL $QWLWH]D=DEODçXIRUPXLJUHSRVWRMLMHGQRVWDYDQSURWLYRWURYQHWUHEDLJUDWLQHWUHEDVH
Å7UDQVDNFLRQXDQDOL]XXPHVWRGDPXUDGXJUXSLEXGHSXWGRSUDYRJXYLGDXVHEH-HGQD VUQHMDWLQMHJRYRMWUDSDYRVWLQHQDVHGDWLQDQMHJRYXJOXSRVW
çHQDNRMDMHSUHåODL]JUXSH]DVDPRL]UDçDYDQMHXUD]YLMHQLMXJUXSXLVSULĆDODMHSULĆXR
QHNRPURGRVNUYQRPRGQRVXL]VYRJGHWLQMVWYD8PHVWRVWUDKRSRåWRYDQMDQDNRMHMHQDXĆLOD 7DNRMHXQMHPXPRJXĄHVWHĄLGREURJSULMDWHOMD]DVYDYUHPHQD-HGQDRGILQHVDRYHLJUHMHL
GDQDLOD]LNDGJRGLVSULĆDRYXSULĆXRQDMHELODGRĆHNDQDQH]DLQWHUHVRYDQRåĄXåWRMXMHSUL WRåWRMHĆHVWRLJUDMXFLNORWLPQHLOLPDQLĆQRGHSUHVLYQHRVREH.DGDVXWDNYLOMXGLXID]L
OLĆQRUD]EHVQHOR$RQGDMHELOD]DSUHSDåĄHQDNDGDMHRWNULODGDMHQMHQDQRYDJUXSDELODYLåH UD]JDOMHQRVWLRQGDL]JOHGDNDRGDRQLVWYDUQRXçLYDMXXWRPHåWRVHVYLVPHMXQDQMLKRY
]DLQWHUHVRYDQD]DQMHQWUDQVDNFLRQLJQHYQHJR]DURGRVNUYQMHQMHL]SURåORVWLSDMHWDNR UDĆXQ,ĆHVWRMHWHåNRX]GUçDWLVHMHURQLRVWDYOMDMXXWLVDNNDRGDQHWUSHX]GUçDYDQMHåWR
LULWLUDQDSUHEDFLODJUXSLQHåWRåWRMHSRQMHQRPPLåOMHQMXRĆLJOHGQRELODYUKXQVNDXYUHGD MHGRQHNOHLWDĆQRMHUWRGRYRGLXSLWDQMHQMLKRYRVWDQRYLåWHLNYDULLPLJUX
RSWXçLODLKMHGDQLVXQLNDNYLIURMGLVWL6DP)URMGMHQDUDYQRR]ELOMQLMHVKYDWDRSVLKRDQDOL]XL
L]EHJDYDRMHGDSUDYLRGQMHLJUXWLPHåWRMHJRYRULRGDRQOLĆQRQLMHIURMGLVW $OL]DWRNDGVXXID]LSRWLåWHQRVWLNLYQLVXQDRQHNRMLVXLPVHVPHMDOLDRQLNRMLVXVH
X]GUçDOLXYHUDYDMXVHEHGDVXSUDYLOQRSRVWXSLOL7DGDQHNRRGX]GUçDQLKMHGLQRLPRçHLPDWL
7XVNRURGHPDVNLUDQDMHQRYDYHU]LMDÅ3VLKLMDWULMHSRLPHQXÅ5HFLPLRYRGRQHNOHQDOLNQD SULVWXSXSDFLMHQWRYXVREXLUD]JRYDUDWLVDQMLPWROLNRVHSRYODĆLXVHEHGRNVYLRQL
GUXåWYHQXUD]RQRGXÅ'YDGHVHWSLWDQMD%HOLVHVHWLQHNRJVQDLOLQHNHQH]JRGHDRVWDOL ÅNRPSDQMRQLL]LJUHGRELMDMXVWDWXVQHSULMDWHOMD
ĆODQRYL²ĆHVWRXNOMXĆXMXĄLLWHUDSHXWDSRNXåDYDMXRQGDGDQDćXWRPHQHNRWXPDĆHQMH
SRVWDYOMDMXĄLXPHVQDSLWDQMD'RJRG%HOLRGJRYDUDLVWUDJDVHQDVWDYOMD²VYHGRNQHNRRG 1HPDQLNDNYRJVPLVODXEHćLYDWL%HORJGDQLMHJOXS2QVWYDUQRPRçHELWLSULOLĆQRRJUDQLĆHQH
ĆODQRYDJUXSHQHSRVWDYLSLWDQMHQDNRMH%HOLQHPRçHGDRGJRYRUL7DGDVH&UQL]DYDOL SDPHWLĆHJDMHLVYHVWDQSD]ERJWRJDXRVWDORPLJUDLSRĆLQMH0HćXWLPLVWLQL]DYROMXX
QDQDVORQVYRMHVWROLFHVD]QDĆDMQLPL]UD]RPQDOLFXNRMLNDRGDND]XMHÅ$KD'DVLXPHRGD QHNLPXçLPREODVWLPDRQPRçHELWLL]UD]LWRGDURYLWĆHVWRMHEDåÅSVLKRORåNRĆXORMHGQDRG
RGJRYRULåLQDWRSLWDQMHVLJXUQRELRVHWLRRODNåDQMHåWR]QDĆLGDVDPMDXĆLQLRVYRMH2YR WLKVWYDULXNRMLPDMHOXFLGDQ1LMHQDRGPHWRGDWLPXSUL]QDQMHQDXVSHVLPDNRMHSRVWLçHX
MHGDOMLURćDNLJUHÅäWRWLQH'DDOL1HNHWHUDSHXWVNHJUXSHVXVNRURXSRWSXQRVWL WLPXVNLPREODVWLPDVYRMHQDGDUHQRVWLDOLWRQHPDQLNDNYHYH]HVDQHVSUHWQLPSRNXåDMLPD
L]JUDćHQHQDRYRMLJULWHPRJXGDSRVWRMHJRGLQDPDX]PLQLPDOQHSURPHQHLOLQDSUHGDN QMHJRYRJÅUD]XPHYDQMD2YRPXPRçHSUXçLWLJRUNR]DGRYROMVWYRVD]QDQMHPGDVXGUXJL
MRåJOXSOMLRGQMHJDDOLWRPXMHVODEDXWHKD]DVRSVWYHQXRJUDQLĆHQRVW7DNYR
Å5HFLPLRYRSUXçDSULOLĆDQPDQHYDUVNLSURVWRU%HORPSDFLMHQWXNRMLPRçHQDSULPHUGD ÅUD]XPHYDQMHQLMHEDåQDMSDPHWQLMLWHUDSHXWVNLSRVWXSDNQHJRSUHOLĆLQDSRWH]XLJULÅ+RĄX
LJUDVYRMXSDUDOHOQXLJUXRVHĄDMXĄLVHQHHILNDVQLPLOLPRçHGDMRMSDULUDRGJRYDUDMXĄLQD VDPRGDWLSRPRJQHP
VYDSRVWDYOMHQDSLWDQMDSULĆHPXĄHXVNRURL]ELWLQDYLGHORVDYJQHYLQH]DGRYROMVWYRRVWDOLK
ĆODQRYD]ERJWRJDåWRLPMH%HOLX]YUDWLRNDRGDLPMHUHNDRÅ2GJRYRULRVDPQDVYDYDåD 3URWLYRWURY]DÅ*OXSDQDQLMHGDRYDLJUDEXGH]DPHQMHQDGUXJRPQHJRGDVHX]GUçLRG
SLWDQMDLYLPHQLVWHL]OHĆLOLQDåWDWROLĆL" LJUDQMDELORNRMHLJUH
Å5HFLPLRYRVHWDNRćHLJUDXåNROVNLPXĆLRQLFDPDNDGDXĆHQLFL]QDMXGDÅWDĆDQRGJRYRU $QWLWH]D]DQDPĄRUDVWXYHU]LMXSUHGVWDYOMDQHåWRVORçHQLML]DGDWDNMHUWDNDYLJUDĆQH
RGUHćHQRJWLSDQDQHNRSLWDQMHNRMHSRVWDYOMDQDVWDYQLFDQLMHXRSåWHPRJXĄHQDĄLXRQRPH SRNXåDYDGDL]D]RYHVPHKLOLSUH]LUQHJREHVSRPRĄQRVWLOLUD]GUDçHQRVWDWRVXUHDNFLMHV
åWRVXXĆLOLQHJRWUHEDSRJDćDWLåWDQDVWDYQLFDXWRPWUHQXWNXçHOLGDĆXMH&HSLGODĆND NRMLPDRQXPHGDL]DćHQDNUDMÅ3DXĆLQLPLQHåWR7DNRRQGRELMDELORNDNRELOR$NR&UQL
YHU]LMDRYHLJUHVHRGYLMDQDĆDVRYLPDVWDURJUĆNRJJGHQDVWDYQLFDXYHNEROMH]QDRGVYDNRJ QHXĆLQLQLåWDWRMH]DWRåWRMHEHVSRPRĄDQ$NRSDNXĆLQLWRMHL]UD]GUDçHQRVWL2WXG
XĆHQLNDLPRçHNDGJRGKRĄHGDLKQDSUDYLEXGDODPDGRND]XMXĄLWRQHNLPVNULYHQLP VNORQRVWRYLKOMXGLGDLJUDMXWDNRćHLÅäWRWLQH'DDOLL]ĆHJDPRJXGDL]YODĆHLVWR
RVREHQRVWLPDWHNVWD2YRVHWDNRćHĆHVWRLJUDQDĆDVRYLPDKHEUHMVNRJ ]DGRYROMVWYRXQHåWREODçHPREOLNX1HSRVWRMLODNRUHåHQMH]DRYDMVOXĆDMQLWLĄHJDXVNRUR
ELWLVYHGRNSVLKRGLQDPLNDRYHLJUHQHEXGHUD]MDåQMHQDPQRJREROMH
*/83$1
7H]D8EODçRMYHU]LMLRYHLJUHWH]DÅ*OXSDQDELPRJODGDJODVLÅ+DMGH]DMHGQRGDVH '59(1$12*$
VPHMHPRPRMRMWUDSDYRVWLLJOXSRVWL2]ELOMQRSRUHPHĄHQLOMXGLMHPHćXWLPPRJXLJUDWL 7H]D1DMGUDVWLĆQLMLREOLNÅ'UYHQHQRJHMHÅ9DćHQMHQDOXGLOR8WUDQVDNFLRQRPVPLVOXWR
QDPĄRUDVWRQHåWRNDRÅ*OXSVDPWDNDYVDPLåWDPRJX²RVWDMHMHGLQRGDPLWLQHåWRXĆLQLå ]QDĆLÅäWDVHPRçHRĆHNLYDWLRGQHNRJDNRMHWROLNRSRUHPHĄHQNDRMD]DUGDVHX]GUçLRG
XELVWYD"1DWRSRURWDWUHEDGDRGJRYRULÅ1DUDYQRGDQHWHåNRELVPRPRJOLGD9DP
2EHYHU]LMHVHLJUDMXVDVWDQRYLåWDSRWLåWHQRVWLÅ*OXSDQDWUHEDUD]JUDQLĆLWLRGÅ7UDSDćR]D QDPHWQHPRMHGQRWDNYRRJUDQLĆHQMH
JGHMHVWDQRYLåWHQDSDVQLMHDWUDSDYRVWMHVDPRPDPDF]DRSURåWDM7UHEDMHUD]OLNRYDWLLRG
Å.ORYQDåWRLQLMHLJUDQHJRUD]RQRGDNRMDVOXçLGDSRWNUHSLVWDQRYLåWHÅ%DåVDPVLPSDWLĆDQ Å9DćHQMHQDOXGLORMHNDGVHLJUDQDVXGXSULKYDWOMLYDLJUDXDPHULĆNRMNXOWXULDOLMHLSDN
LEH]RSDVDQ.ULWLĆNDWUDQVDNFLMDXÅ*OXSDQXMHGD%HOLQDWHUD&UQRJGDJDQD]RYHEXGDORP WUHEDUD]OLNRYDWLRGVNRURRSåWHSULKYDĄHQRJSUDYQRJQDĆHODGDRGRVREHNRMXPXĆLWHåND
LOLEDUGDUHDJXMHWDNRNDRGDMHRYDMVWYDUQRJOXS7RĄHUHĄLGDVH%HOLSRQDåDNDR7UDSDćR] GXåHYQDEROMNDQHPRçHPRUD]XPQRRĆHNLYDWLGDEXGHRGJRYRUQD]DVYRMHSRVWXSNH8
DOLQHWUDçLRSURåWDM8VWYDULRSURåWDMXQRVLQHPLUXQMHJRYXGXåXMHUXJURçDYDQMHJRYR -DSDQXMHSLMDQVWYRDX6RYMHWVNRP6DYH]XXĆHåĄHXUDWXXVYRMHQRNDRGRYROMDQUD]ORJ]D
VWDQRYLåWH2QPRçHGDVHSRQDåDLNDRJOXSL$YJXVWDOLQHGDMXĄLGR]QDQMDGDVHåDOL%DåL RVOREDćDQMHRGRGJRYRUQRVWL]DVYHYUVWHQHNRQWUROLVDQRJSRQDåDQMDSUHPDREDYHåWHQMLPD
çHOLGDQMHJRYRSRQDåDQMHX]LPDPRR]ELOMQRNDR]QDNQMHJRYHVWYDUQHJOXSRVWL8WRPHLPD NRMLPDUDVSRODçHSLVDFRYLKUHGRYD
]QDĆDMQHVSROMDåQMHGRELWLMHUXNROLNR%HOLPDQMHXĆLXWROLNRĄHEROMHLJUDWL7DNRXåNROLQH
PRUDGDJUXYDDQDSRVOXQHPRUDGDVH]QRMLGDELVWHNDRGRGDWQHNYDOLILNDFLMHSRWUHEQH]D 6WDUW]DÅ'UYHQXQRJXMHÅäWDRĆHNXMHWHRGĆRYHNDVDGUYHQRPQRJRP"$NRMHYHĄWDNRQD
UDYQRGDVHRGĆRYHNDVDGUYHQRPQRJRPQHRĆHNXMHQLåWDGUXJRGRGDKRGDVDP$OL LPHQRPDONRKROL]DP"$OLVOHGHĄHYDćHQMHMHSUHYUåLORVYDNXPHUXÅ$NRSUHVWDQHPRYRGD
PRçHPRLGUXNĆLMHSULĄLVYHPXWRPH7RNRPGUXJRJVYHWVNRJUDWDELRMHMHGDQĆRYHNVD UDGLPRQGDQHĄXLPDWLåWDGDDQDOL]LUDPLWDNRQHĄXQLNDGDPRĄLGDR]GUDYLP
GUYHQRPQRJRPNRMLMHSREROQLFDPD]DUDQMHQLNHGDYDRSULUHGEHNDRVWHSLJUDĆLWRNDNDY
VWHSLJUDĆ,PDOMXGLNRMLVXL]JXELOLYLGDEDYHVHSUDYQRPSUDNVRPLOL]DX]LPDMXL]ERUQH 1DOLĆMHÅ'UYHQHQRJHMHÅ5LNåDXNRMRMRVREDVWDUWXMHVDÅ'DVXVDPRLPDOLULNåHPRUVNH
SROLWLĆNHIXQNFLMHMHGDQWDNDYMHWUHQXWQRJUDGRQDĆHOQLNXPHVWXERUDYNDSLVFDRYLKUHGRYD ODYRYHGHYRMNHNRMHJRYRUHVWDURHJLSDWVNLXRYRPJUDGXMDQLNDGQHELKXSDRXRYDMVRV
SRWSXQRJOXYLOMXGLVXYUVQLSVLKLMDWULDOMXGLEH]UXNXSLåXQDSLVDĄRMPDåLQL
$QWLWH]D3URWLYÅ'UYHQDQRJDQLMHNRPSOLNRYDQDDNRWHUDSHXWXPHMDVQRGDUD]OLNXMH
6YHGRNMHQHNRNRLPDVWYDUDQSUHXYHOLĆDQLOLL]PLåOMHQWHOHVQLQHGRVWDWDN]DGRYROMDQVYRMRP 5RGLWHOMDL2GUDVORJXVDPRPHVHELLDNRMHFLOMWHUDSLMHVKYDWOMLYREHPDVWUDQDPD
VXGELQRPPRçGDMHQDMEROMHQHPHåDWLVH$OLRQRJWUHQXWNDNDG]DWUDçLSVLKLMDWULMVNX .DR5RGLWHOMWHUDSHXWPRçHGDEXGHLOLÅGREDULOLÅVWURJ$NRMHÅGREDUPRçHGDXVYRML
SRPRĄWUHEDSRVWDYLWLSLWDQMHGDOLRQNRULVWLVYRMçLYRWQD]DVHEHQDMEROMLQDĆLQLPRçHOLGD SDFLMHQWRYRYDćHQMHQDURĆLWRDNRVHRQRVODçHVDQMHJRYLPVRSVWYHQLPVKYDWDQMLPDPRçGDL
SUHYD]LćHVYRMQHGRVWDWDN7HUDSHXWMHXRYRM]HPOMLSULPRUDQGDVHVXSURWVWDYLXYHUHQMLPD X]REUD]ORçHQMHGDOMXGLQHPRJXELWLRGJRYRUQL]DVYRMHSRVWXSNHGRNQH]DYUåHWHUDSLMX$NR
YHOLNRJGHODåNRORYDQRJVYHWD MHÅVWURJPRçHGDRGELMHYDćHQMHLGDXćHXSUHJDQMDQMHVDSDFLMHQWRP2EDRYDVWDYDYHĄ
VXSR]QDWDLJUDĆXÅ'UYHQHQRJHNRML]QDNDNRGDL]YXĆHPDNVLPXP]DVHEHL]VYDNRJ
ąDNLEOLVNLURćDFLNRMLVXELOLQDMJODVQLMLXL]UDçDYDQMXQH]DGRYROMVWYDSRVOHGLFDPDQMHJRYH RGQMLK
RQHPRĄDORVWLPRJXGDVHRNUHQXSURWLYSVLKRWHUDSHXWDDNRNRMLPVOXĆDMHPSDFLMHQWSRĆQHGD
SRND]XMHSDPHWQRSREROMåDQMH=DDQDOLWLĆDUDLJDUDRYRMHODNRUD]XPOMLYRDOL]ERJWRJDQLMHL .DR2GUDVOLWHUDSHXWRGULĆHREHRYHPRJXĄQRVWL.DGDSDFLMHQWSLWDÅäWDVHPRçHRĆHNLYDWL
ODNRUHåLYR6YLRQLOMXGLRNRSDFLMHQWDNRMLVXLJUDOLLJUXÅ+RĄXVDPRGDWLSRPRJQHP RGQHXURWLĆDUDNDRåWRVDPMD"LOLSRWHJQHELORNRMHGUXJRYDćHQMHNRMHPXMHWUHQXWQRSUL
XJURçHQLVXYHURYDWQLPSUHNLGRPLJUHDNRSDFLMHQWSRĆQHGDSRND]XMH]QDNHGDMHVWDRQD UXFLRGJRYRUJODVLÅ-DQHRĆHNXMHPQLåWD3LWDQMHMHåWD9LRĆHNXMHWHRGVDPRJDVHEH
VYRMHQRJHDSRQHNDGVXXVWDQMXGDSUHGX]PXSURVWRQH]DPLVOLYHSURWLYNRUDNHVDPRGDEL -HGLQLQMHJRY]DKWHYMHLODSDFLMHQWSRNORQLR]ELOMQXSDçQMXRYRPSLWDQMXDMHGLQLXVWXSDN
RPHWDOLOHĆHQMH NRMLĆLQLMHGDRVWDYLGRYROMQRYUHPHQDSDFLMHQWXGDQDćHVYRMRGJRYRUVYHRGSROD
PHVHFDGRSRODJRGLQHGROD]LXRE]LU]DYLVQRRGRGQRVDNRMLYODGDPHćXQMLPDLRGUDQLMH
2EHVWUDQHYLGOMLYHVXXSULPHUXRYRJPXFDYFDNRULVQLNDVRFLMDOQHSRPRĄLXVOXçELVRFLMDOQRJ SULSUHPOMHQRVWLSDFLMHQWD
VWDUDQMDJGHMHUDGLODJćLFD&UQDRNRPHVPRJRYRULOLSRYRGRPLJUHÅ6RFLMDOQLVOXĆDM7DM
ĆRYHNLJUDRMHÅ'UYHQXQRJXXNODVLĆQRMYHU]LML1LMHELRXVWDQMXGDQDćHSRVDRLLVSUDYQRMH %,%/,2*5$),-$
]DNOMXĆLRGDWRGROD]LSUYHQVWYHQRRGĆLQMHQLFHåWR]DPXFNXMHSRåWRJDQHLQWHUHVXMHQLMHGQD %HUQH(Å7KH&XOWXUDO3UREOHP3V\FKRSDWRORJ\LQ7DKLWL$PHULFDQ-RXUQDORI
GUXJDSURIHVLMDVHPWUJRYDĆNRJSXWQLNDD]DPXFNLYDQMHWXWHåNRPRçHGDEXGHQHND 3V\FKLDWU\
SUHGQRVW.DRVORERGDQJUDćDQLQRQMHLPDRSUDYRGDWUDçL]DSRVOHQMHXELORNRMRMREODVWLDOL
VRE]LURPGD]DPXFNXMHèQMHJRYL]ERU]DQLPDQMDGRYRGLXVXPQMXĆLVWRWXQMHJRYLKPRWLYD
5HDJRYDQMHVOXçEHVRFLMDOQRJVWDUDQMDQDSRNXåDMJćLFH&UQHGDSUHNLQHWXLJUXELORMHYUOR
QHSRYROMQR]DQMX
Å'UYHQDQRJDMHQDURĆLWRSRJXEQDXNOLQLĆNRPL]GDQMXMHUSDFLMHQWPRçHGDQDćH
WHUDSHXWDNRMLLJUDLVWXLJUXLNRULVWLLVWRÅYDćHQMHWHMHQDSUHGDNQHPRJXĄ
7RMHUHODWLYQRODNRXSULOLĆLWLXVOXĆDMXÅ9DćHQMDQDLGHRORJLMXÅäWDPRçHPRRĆHNLYDWLRG
ĆRYHNDNRMLçLYLXGUXåWYXNDRåWRMHQDåH"-HGDQSDFLMHQWMHNRPELQRYDRRYRVDÅ9DćHQMHP
QDSVLKRVRPDWLNXÅåWDPRçHPRRĆHNLYDWLRGĆRYHNDVDSVLKRVRPDWVNLPWHJREDPD"8YHNMH
QDOD]LRWHUDSHXWDNRMLĄHSUL]QDWLEDUQHNRRGQMHJRYLKYDćHQMDDOLQLMHGDQPXQLMHSUL]QDR
RSUDYGDQRVWREDĆLPHELPXXĆLQLRçLYRWPQRJRODJRGQLMLPQLWLPXMHRGEDFLRREDYDćHQMD
ĆLPHELELRSULPRUDQGDL]PLåOMDQHåWRQRYR7DNRMHGRND]DRGDSVLKLMDWULMDQLMHXVWDQMX
GDSRPDçHOMXGLPD
1HNDRGYDćHQMDNRMDSDFLMHQWLNRULVWHGDELRSUDYGDOLSRUHPHĄHQRSRQDåDQMHVXQD]HEL
SRYUHGHJODYHVWUHVRYLYH]DQLX]SRMHGLQHVLWXDFLMHLVWUHVRYLNRMLSUDWHPRGHUQLçLYRW]DWLP
DPHULĆNDNXOWXUDLHNRQRPVNLVLVWHP6YDNLSLVPHQLLJUDĆPRçHEH]SRPXNHGDSURQDćH
]JRGQHXĆHQHFLWDWHNRMLPDĄHVHSRWSRPRĄLXYDćHQMXÅ3LMHP]DWRåWRVDP,UDF
Å2YRPLVHQLNDGQHELGRJRGLORGDVDPçLYHRX6RYMHWVNRP6DYH]XLOLQD7DKLWLPD$çLYDMH
LVWLQDGDVXSDFLMHQWLXGXåHYQLPEROQLFDPD6RYMHWVNRJ6DYH]DLOL7DKLWLMDYUORVOLĆQLRQLPDL]
DPHULĆNLKGUçDYQLKEROQLFD3RVHEQDYDćHQMDXVWLOXÅ'DQLMHELORQMLKLOLÅ2QLVXPH
L]QHYHULOLWUHEDSDçOMLYRYDJDWLXNOLQLĆNRPPLOMHXDLVWRWDNRLXGUXåWYHQLPLVWUDçLYDQMLPD
1HåWRUD]UHćHQLMDYDćHQMDVXNDRÅäWDPRçHPRRĆHNLYDWLRGĆRYHNDNRMLDSRWLĆHL]
UD]ELMHQHSRURGLFHEQHXURWLĆDQMHFSVLKRDQDOL]LUDVHLOLGSDWLRGEROHVWLSR]QDWHSRG
'2%5(,*5( SURYHQLMHQFLMHWHåNRGDPRçHPRSRUHGLWLSRHOHJDQFLMLVDGHOLPD+HULNDL/DYOHMVDSDĆDNQL
VDFLQLĆQLPDOLPDåWRYLWLPSURL]YRGLPD5RĆHVWHUD5RVNRPDQDL'RUVHWD
3VLKLMDWDULPDQDMEROMLDNRQHLMHGLQRPRJXĄSRORçDM]DSUDYLOQRDQDOL]LUDQMHLJDUDDOLQD
QHVUHĄXRQGROD]LXGRGLUXJODYQRPVDOMXGLPDNRMHVXQMLKRYHLJUHXYDOLOHXQHYROMX7R]QDĆL $QWLWH]DæHQLMHSRWUHEQDL]YHVQDSUHYHMDQRVWGDELGREURRGLJUDODVYRMXUROXDOLLYHĄD
GDVXLJUHGRVWXSQHNOLQLĆNRPSRVPDWUDQMXVYHXL]YHVQRPVPLVOXÅUćDYHLJUH$LSR NROLĆLQDJOXSRVWLLOLPU]RYROMHSDGDWDNYXUROXQHSULKYDWL3UDYLRGJRYRUMHLJUDWLMHGQX
GHILQLFLMLLJUDXYHNVDGUçLVNULYHQHWUDQVDNFLMHWHXQMRMQXçQRSRVWRMLHOHPHQDW YDULMDQWXÅ+HMDODVWH9LGLYDQĆRYHNJ0XGULMDåHYLĄX+'&0QDLPHÅ'LYQRWRL]YRGLWHJ
LVNRULåĄDYDQMD2YDGYDUD]ORJDMHGDQSUDNWLĆDQDGUXJLWHRULMVNLĆLQHWUDJDQMH]DÅGREULP 0$NRMHçHQDXåWRJOMHQDLEH]VOXKDRQDPRçHGDUHDJXMHRELĆQRP+'&0DOLWRQLMHRQR
LJUDPDYUORWHåNLPÅ'REUDLJUDPRçHELWLGHILQLVDQDNDRLJUDĆLMLGUXåWYHQLGRSULQRVSUHWHçH SUDYR%HOLQHQXGLVHEHGLYOMHQMXQHJRVYRMXSRH]LMX%UXWDODQSURWLYRWURYNRMLNRULVWH
QDGVORçHQRåĄXQMHQLKPRWLYDQDURĆLWRDNRMHLJUDĆQDĆLVWRVDWLPPRWLYLPDEH]RVHĄDQMD QDPĄRUDVWHçHQHMHLJUDQMHÅ)HPNDQMDGUXJRJVWHSHQDÅ6MDåLYROLQR
Å)HPNDQMHWUHĄHJ
X]DOXGQRVWLLOLFLQL]PD7RĄHUHĄLGDMHÅGREUDLJUDRQDNRMDGRSULQRVLLVWRYUHPHQRL VWHSHQDNRMHWDNRćHQLMHLVNOMXĆHQRELORELQDUDYQRQHĆXYHQR]OREQDUHDNFLMDXRYLP
GREURELWLLJUDĆDLUD]YRMXRQRJDNRMLQDVHGD3RåWRLXQDMEROMLPIRUPDPDGUXåWYHQHDNFLMHL RNROQRVWLPD
RUJDQL]DFLMHGRVWDYUHPHQDPRUDGDRGHQDLJUDQMHLJDUDWUDJDQMH]DÅGREULPLJUDPD
WUHEDXSRUQRQDVWDYOMDWL2YHMHL]ORçHQRQHNROLNRSULPHUDNRMLVXVNURPQLLNYDOLWHWRPL $NRMHçHQDMHGQRVWDYQRJOXSDLQLåWDYLåHRQDĄHLJUDWLÅ)HPNDQMHSUYRJVWHSHQDX]LPDMXĄL
NYDQWLWHWRP SRKYDOH]DSRGJUHYDQMHVYRMHWDåWLQHLSRWSXQR]DQHPDUXMXĄLPDåWRYLWHQDSRUHLVSRVREQRVWL
%HORJ8RSåWHX]HYPRçHPRUHĄLGDĄHRYDLJUDELWLSRNYDUHQDDNRMHçHQDVKYDWLNDRSRNXåDM
7RVXÅ$NFLMDåÅ.DYDOMHUÅ6UHĄDQåWRPRçHGDSRPRJQHÅ/RNDOQLPXGUDFLÅ2QLĄHVH ]DYRćHQMDXPHVWRNDRRQRåWRLMHVWHVWLOVNDHJ]LELFLMD
UDGRYDWLåWRPHSR]QDMX
)DPLOLMD3RåWRMHÅNDYDOMHULJUDWUHEDMHUD]JUDQLĆLWLRGUDGQMLLYHåWLQDNRMHPXåNDUFL
$.&,-$ä L]YRGHWRNRPSURSLVQRJXGYDUDQMDLSUHGVWDYOMDMXMHGQRVWDYQHWUDQVDNFLMHEH]VNULYHQLK
7H]D6WURJRJOHGDQRRYRMHSUHUD]RQRGDQHJRLJUDLQHVXPQMLYRMHGDGHOXMHJUDGLWHOMVNLQD PRWLYDæHQVNRJSDQGDQDÅ.DYDOMHUXPRJOLELVPRQD]YDWLÅ'REUDPDPDMHUWXLJUXĆHVWR
VYH]DLQWHUHVRYDQH$PHULĆNLSRåWDUNRMLRGOD]LX7RNLRGDSRPRJQHSULUD]QRåHQMXSRåWHLOL LJUDMXJDODQWQHGDPHX]UHOLPJRGLQDPD
DPHULĆNLVSHFLMDOLVWD]DXKRJUORQRVNRMLSURYRGLJRGLåQMLRGPRUUDGHĄLXEROQLFLQD+DLWLPD
QDMYHURYDWQLMHĄHVHLVWRWDNRRVYHçLWLLQDNXSLWL]DQLPOMLYLKGRçLYOMDMD]DSUHSULĆDYDQMHNDG '(/,0,&1$$1$/,=$
VWLJQXNXĄLNDRLGDVXELOLQDVDIDULMXX$IULFLLOLGDVXSURYRGLOLYUHPHYR]HĄLNRODNUR] &LOM0HćXVREQRGLYOMHQMH
NUNOMDQDFWUDQVNRQWLQHQWDOQRJDXWRSXWDÅ.RUSXVPLUDMHXGDQDåQMHYUHPHR]YDQLĆLR]D 8ORJH3HVQLN3RVYHĄHQDVOXåDWHOMND
$PHULNDQFHLJUXÅ$NFLMDåD 'UXåWYHQLPRGHO2GUDVOL2GUDVOL
2GUDVOLPXåNRÅ9LGLNDNRPRJXGDWLEXGHPSULMDWDQ
Å$NFLMDåSRVWDMHPHćXWLPLJUDDNRUDGQLMHFLOMQDPSRVHELQHJRXVWXSDPHVWRQHNRP 2GUDVODçHQVNRÅ+HMEDåXPHåGDPLEXGHåSULMDWDQ
VNULYHQRPPRWLYXDVOXçLVDPRGDĆRYHNVHEHSRNDçHLWDNRRVWYDULQHåWRGUXJR$OLĆDNLSRG 3VLKRORåNLPRGHO'HWH'HWH
WLPXVORYLPDRYDLJUDQHJXELVYRMXJUDGLWHOMVNXSULURGXLVYDNDNRVSDGDXSULKYDWOMLYLMHNDP 'HWHPXåNRÅ9LGLVDPRNDNYHL]UD]HPRJXGDVPLVOLP
XIODçH]DGUXJHGHODWQRVWLNRMHWDNRćHPRJXELWLJUDGLWHOMVNH 'HWHçHQVNRÅ+HMEDåXPHåOHSRGDVPLVOLå
3UHGQRVWL8QXWUDåQMHSVLKRORåNH²0DåWRYLWRVWLSRQRYQRXYHUDYDQMHXVYRMXSULYODĆQRVW
.$9$/-(5 6SR,MDåQMHSVLKRORåNH,]EHJDYDQMHRGELMDQMD]ERJQHSRWUHEQRJÅWU]DQMDVHNVXDOQRJ
7H]D2YXLJUXLJUDMXPXåNDUFLNRMLQLVXVHNVXDOQRXJURçHQLSRQHNDGVXWRLPODćLOMXGL 8QXWUDåQMHGUXåWYHQHÅ.DYDOMHU6SROMDåQMHGUXåWYHQH2GQMLKMHPRJXĄQRRGUHĄLVH
]DGRYROMQLXVYRMLPOMXEDYQLPYH]DPDLOLEUDNRYLPDDĆHåĄHVWDULMDJRVSRGDNRMDVHHOHJDQWQR %LRORåNH0HćXVREQRSRWYUćLYDQMHSRVWRMDQMD(J]LVWHQFLMDOQH8PHPGDçLYLPHOHJDQWQR
SRYXNODXPRQRJDPLMXLOLFHOLEDW3ULVXVUHWXVDRGJRYDUDMXĄLPSULSDGQLNRPçHQVNRJSROD%HOL
QHSURSXåWDQLMHGQXSULOLNXGDLVWDNQHQMHQHL]X]HWQHNYDOLWHWHQLNDGDQHSUHNRUDĆXMXĄL 65(ă$1ä7202æ('$3202*1(
JUDQLFHNRMHRGJRYDUDMXQMHQRPçLYRWQRPGREXLSRORçDMXRNROQRVWLPDVXVUHWDL]DKWHYLPD 7H]D%HOLVH]ERJJUHåNHQDćHVYDNRPHXQHYROMLDOLLPD]DWRQHNLVNULYHQLPRWLY0RçGD
GREURJXNXVD$OLXWLPRNYLULPDRQSXåWDQDYROMXVYRMRMPDåWLRULJLQDOQRVWLLUD]LJUDQRVWL RNDMDYDVWDUHJUHKHLOLSULNULYDVDGDåQMHPRçGDNXSXMHSULMDWHOMVWYRGDELJDNDVQLMH
LVNRULVWLR]DVYRMUDĆXQLOLWLPHSRGLçHVYRMXJOHGXGUXåWYX$OLNRJRGGRYRGLXSLWDQMH
&LOMPXQLMHGD]DYHGHQHJRVDPRGDSRNDçHVYRMXYLUWXR]QRVWXYHåWLQLGDYDQMDSRKYDOD QMHJRYHPRWLYHPRUDSUHWKRGQRGDRGDSUL]QDQMHQMHJRYLPGHOLPD8RVWDORPOMXGL
8QXWUDåQMDGUXåWYHQDSUHGQRVWOHçLX]DGRYROMVWYXNRMHLPDçHQDRGRYRJQHYLQRJXPHĄDLRG PRJXGDVNUHQXSDçQMXVYHWDVDVYRMLKUDQLMLKQHGHODLWLPHåWRĄHNDVQLMHELWLMRåJRULPRJX
SRåWRYDQMDNRMHXND]XMHYHåWLQL%HORJ8SRVHEQRSRJRGQLPVLWXDFLMDPDNDGDRERMHGREUR GDLVNRULåĄDYDMXOMXGH]DVWUDåLYDQMHPDQHYHOLNRGXåQRåĄXGDVWLĆXGUXåWYHQLXJOHG
RVHĄDMXSULURGXLJUHRQLMHPRJXUDVWHJQXWLQDRERVWUDQR]DGRYROMVWYRGRWDĆNHNDGDYHĄ SRNYDUHQLPDQHSRåWHQLPPHWRGDPD1HNLGREURWYRULYLåHVX]DLQWHUHVRYDQL]DQDGPHWDQMH
SUHOD]LXHNVWUDYDJDQWQRVW3UDYLVYHWVNLĆRYHNQDUDYQR]QDĄHNDGDWUHEDGDVH]DXVWDYLL ]DQDGPHWDQMHVDGUXJLPDQHJR]DVDPRGREURĆLQVWYRÅ-DVDPGDRYLåHQRYFDXPHWQLĆNLK
NDGSULPHWLGDQLMHYLåH]DEDYDQL]SDçQMHSUHPDQMRMLOLGDNYDOLWHWRQRJDåWRSUXçD GHODMXWDUD]HPOMHQHJRWL3DRSHWLDNRRSUDYGDQRSRVXPQMDPRXQMLKRYHPRWLYHQH
SRĆLQMHGDRSDGDL]EULJH]DRĆXYDQMHXJOHGDVYRJPDMVWRUVWYDQHĄHQDVWDYLWLGDOMH.DGVX PRçHPRLPRGUHĄLQDGPHWDQMHXJUDGLWHOMVWYXSRUHGWROLNLKGUXJLKNRMLVHQDGPHĄXX
XSLWDQMXSHVQLFLRQGDVHÅ.DYDOMHULJUD]ERJVYRMLKVSROMDåQMLKGUXåWYHQLKSUHGQRVWLMHUVX UXåLODåWYX9HĄLQDOMXGLLOLQDURGDNRMLLJUDMXLJUXÅ6UHĄDQåWRPRçHGDSRPRJQHLPDMXL
RQLSHVQLFLLVWRWROLNRDNRQHLYLåH]DLQWHUHVRYDQL]DSRåWRYDQMHVWUXĆQLKNULWLĆDUDL SULMDWHOMHLQHSULMDWHOMHLWRRERMHVDGRYROMQRRSUDYGDQLKUD]ORJD1HSULMDWHOMLQDSDGDMX
ĆLWDODĆNHSXEOLNHNROLNRL]DUHDJRYDQMHGDPHVYRJDVUFDNRMDLKMHLQVSLULVDOD QMLKRYHPRWLYHXPDQMXMXĄLQMLKRYDGHODGRNVXLPSULMDWHOML]DKYDOQL]DGHODSDJOHGDMX
NUR]SUVWHQDQMLKRYHPRWLYH
,]JOHGDGDVX(YURSOMDQLXRSåWHXLJUDQMXRYHLJUHQDURPDQWLĆQRPSODQXRGXYHNELOLVSUHWQLML
RG-HQNLMDD(QJOH]LSRVHEQRXSRH]LML8QDåRM]HPOMLRYDLJUDMHGRSDODåDNDSLOMDUVNRM =ERJWRJDW]YÅREMHNWLYQHUDVSUDYHRRYRMLJULSUDNWLĆQRQHSRVWRMH2QLNRMLWYUGHGDVX
SRHWVNRMåNROLRĆLVXWLNDRDYRNDGRVLXVQHNDRNUDVWDYĆLĄLLVLÅ.DYDOMHUDSLOMDUVNH QHXWUDOQLXEU]RSRND]XMXQDNRMRMVWUDQLVXQHXWUDOQL2YDLJUDMHNDRYUVWDPDQHYUD]D
LVNRULåĄDYDQMHOMXGLSRGORJDYHĄHJGHODHNRQRPVNHSURSDJDQGHX$PHULFLÅRGQRVLV
MDYQRåĄX$OLSRWURåDĆLYROHGDEXGXXYXĆHQLXWXLJUXLWRSRVWDMHPRçGDQDMSULMDWQLMDLQDM
7UHĄLGHR
NRQVWUXNWLYQLMDRGVYLKWUJRYDĆNLKLJDUD8GUXJRPPLOMHXRYDLJUDLPDMHGQXYDULMDQWX 6218675$18,*$5$
GRVWRMQXVYDNHRVXGHDWRMHSRURGLĆQDLJUDXWURMHJGHVHPDMNDLRWDFRWLPDMXRQDNORQRVW
VYRJSRWRPVWYD$OLĆDNLXWRPVOXĆDMXQHWUHED]DERUDYLWLL]ERULJUHÅ6UHĄDQåWRPRçHGD =1$ą$-,*$5$
SRPRJQHSUHGVWDYOMDRODNåDYDMXĄXRNROQRVWLXEODçDYDRVXGXMHUSRVWRMHWROLNLQHSULMDWQL ,JUHVHSUHQRVHVNROHQDQDNROHQR7UDJRYHQHĆLMHRPLOMHQHLJUHPRJXĄHMHQDĄLXQD]DG
QDĆLQLNRMLVXURGLWHOMLPDSULUXFLQDSULPHUÅ0DPLFDMHEROHVQLMDRGWDWLFHLOLÅ=DUQMHJD NRGQMHJRYLKURGLWHOMDLNRGURGLWHOMDQMHJRYLKURGLWHOMDLXQDSUHGNRGQMHJRYHGHFHNRMD
YROLåYLåHRGPHQH ĄHVDVYRMHVWUDQHDNRVHQHåWRHILNDVQRQHSUHGX]PHQDXĆLWLLVYRMXGHFXGDLJUDMXLVWX
LJUX2WXGVORERGQRPRçHPRUHĄLGDDQDOL]DLJDUD]DKYDWDMHGQXYHOLNXLVWRULMVNX
/2.$/1,08'5$& PDWULFXNRMDVHSURWHçHXQD]DGEDURNRSHGHVHWJRGLQD3UHNLGDQMHRYRJODQFDNRMLREXKYDWD
7H]D7DĆQLMHELELORUHĄLGDMHRYRçLYRWQLVFHQDULRDQHLJUDPDGDLPDLJUROLNDVYRMVWYD SHWLOLYLåHJHQHUDFLMDPRçHLPDWLGHMVWYRJHRPHWULMVNHSURJUHVLMH3RVWRMHPQRJLçLYLOMXGLVD
'REURREUD]RYDQLLVNXVDQĆRYHNQDXĆLWRNRPçLYRWDåWRJRGPRçHYLåHLRGUXJLPVWYDULPD SRYLåHRGGYHVWRWLQHSRWRPDND,JUHVHPRJXL]YLWRSHULWLLOLSURPHQLWLL]JHQHUDFLMHX
RVLPVYRJSRVOD.DGRGHXSHQ]LMXSUHVHOLVHL]YHOLNRJJUDGDJGHMHELRQDRGJRYRUQRP JHQHUDFLMXDOLL]JOHGDGDSRVWRMLMDNDVNORQRVWNDQDVOHćLYDQMXLJDUDXQXWDULVWHSRURGLFH
SRORçDMXXQHNRPDORPHVWR7XVHXEU]RSURĆXMHGDOMXGLPRJXGDPXVHREUDWHVD DNRQHLåLUHJURGD8WRPHMHLVWRULMVNL]QDĆDMLJDUD
QHYROMDPDELORNRMHYUVWHRGNYDUDQDPDåLQLGRVHQLOQRVWLEOLVNRJURćDNDLGDRQVYLPDLOL
SRPRJQHVDPDNRXPHLOLGDVDYHWNRPHVWUXĆQMDNXGDRGX7LPHXEU]RQDOD]LVYRMHPHVWRX Å3RGL]DQMHGHFHMHSUYHQVWYHQRVWYDUSRGXNHRWRPHNRMHLJUHGDLJUDMX5D]QHNXOWXUHL
QRYRMVUHGLQLNDRÅ/RNDOQLPXGUDFNRMLQHGDMHQLNDNYDSUHWHUDQDREHĄDQMDDOLMHXYHN GUXåWYHQHNODVHLPDMXVYRMHRPLOMHQHYUVWHLJDUDDUD]QDSOHPHQDLURGRYLLPDMXVYRMH
VSUHPDQGDVDVOXåDĆRYHND8QDMEROMRMYDULMDQWLRYXLJUXLJUDMXOMXGLNRMLQLVXçDOLOLWUXGDGD RPLOMHQHYDULMDQWHWLKLJDUD8WRPHMHNXOWXUQL]QDĆDMLJDUD
RGXNRGSVLKLMDWUDGDELLVSLWDOLVYRMHPRWLYHLGDELQDXĆLOLNRMHJUHåNHWUHEDGDL]EHJDYDMX
NDGVHXVWROLĆHXWRMXOR]L ,JUHVXWDNRUHĄLXVHQGYLĆXL]PHćXUD]RQRGDLEOLVNRVWL5D]RQRGHSRVWDMXGRVDGQHNDGVH
SRQDYOMDMXNDRLNRNWHOLRUD]QLPJRGLåQMLFDPD
21,ą(6(5$'29$7,ä72680(32=1$9$/,
7H]D2YRMHYUHGQLMDYHU]LMDLJUHÅ3RND]DĄXMDQMLPD8UXåLODĆNRPREOLNXRYHLJUH%HOLÅLP %OLVNRVW]DKWHYDGDVWDOQREXGHPRQDRSUH]XDLSURJRQMHQDMHNDNRRG5RGLWHOMDWDNRLRG
SRND]XMHWDNRåWRLPQDQRVLåWHWX%RULVH]DQDGPRĄQLMLSRORçDMDOLQH]ERJVWLFDQMDYHĄHJ 2GUDVORJL'HWHWD'UXåWYRSRSUHNRJOHGDQDLVNUHQRVWVHPXĆHWLULRND]GUDYUD]XPQDVXĆL
XJOHGDQLWL]ERJVWLFDQMDPDWHULMDOQHNRULVWLQHJRLVNOMXĆLYR]DWRåWRPXWRRPRJXĄXMHGD GDMHLVNUHQRVWXYHNPRJXĄH]ORXSRWUHELWLD'HWHVHERMLQMH]ERJGHPDVNLUDQMDNRMHGRQRVL
QDSDNRVWLNRPHMHQDXPLR8JUDGLODĆNRMYDULMDQWL%HOL]DSRĆLQMHL]VYHVQDJHGDVWHNQH
XJOHGDOLQH]ERJçHOMHGDVHXVDYUåLQDSRVOXQLWLGDQHåWRSRVWLJQHPDGDWHVWYDULPRJXGD =DWRGDELSREHJOLRGJQMDYDçHÅUD]RQRGDLGDQHELELOLL]ORçHQLRSDVQRVWLPDEOLVNRVWL
LPDMXL]YHVQRJXWLFDMDSDQL]DWRGDELQDXGLRVYRMLPQHSULMDWHOMLPDQHJRLVNOMXĆLYR]ERJ YHĄLQDOMXGLSULEHJDYDNRPSURPLVQRPUHåHQMXLJUDPDVDPRDNRVXLPSULUXFL7LPHMH
WRJDåWRĄHVHRQLçLYLSRMHVWLRG]DYLVWLLRGçDORVWLåWRQLVXXVYRMHYUHPHYLåHYRGLOLUDĆXQDR LVSXQMHQYHĄLGHRGUXåWYHQLKRGQRåDMDNRMLVXOMXGLPD]DQLPOMLYL8WRPHMHGUXåWYHQL]QDĆDM
RGQRVLPDVQMLP LJDUD
8Å2QLĄHVHUDGRYDWLåWRVXPHSR]QDYDOL%HOLQHUDGLSURWLYVYRMLKELYåLKVDUDGQLNDQHJR /MXGLELUDMXVHELSULMDWHOMHVDUDGQLNHLOLLQWLPQHSDUWQHUHRQHNRMLLJUDMXLVWHLJUH2WXGVH
QMLPDXNRULVW2QçHOLGDLPSRNDçHNDNRVXLPDOLSUDYRVWRVXVHVYRMHYUHPHQROHSRSRQHOL ÅVYDNRNRMHQHNRXGDWRPGUXåWYHQRPNUXJXDULVWRNUDWL@LPDOROHWQLĆNRMEDQGLHOLWQRP
SUHPDQMHPXSULMDWHOMVNLLVSRåWRYDQMHP'DELREH]EHGLRVLJXUQXSREHGXXRYRMLJUL NOXEXVWXGHQWVNRPGRPXLVLSRQDåDQDQDĆLQNRMLL]JOHGDYUORWXćSULSDGQLFLPDQHNRJ
PRUDMXPXLVUHGVWYDDQHVDPRFLOMHYLELWLSRåWHQDLSRWRPHMHRYDLJUDL]QDGÅ3RND]DĄX GUXJRJNUXJD,REUQXWRVYDNLĆODQMHGQRJNUXJDNRMLSRNXåDGDSURPHQLVYRMHLJUHLPD
MDQMLPD0HćXWLPLÅ3RND]DĄXMDQMLPDLÅ2QLĄHVHUDGRYDWLPRçGDVXVDPRSUDWHĄH YHOLNHåDQVHGDEXGHLVNOMXĆHQVWLPåWRĄHJDXQHNRPGUXJRPNUXJXPRçGDMHGYDGRĆHNDWL
SUHGQRVWLGUXåWYHQRJXVSHKDDQHLJUH2QHSRVWDMXLJUHNDGVH%HOLYLåH]DJUHMH]DHIHNWH 8WRPHMHOLĆQL]QDĆDMLJDUD
NRMHRVWDYOMDQDVYRMHSULMDWHOMHLOLQHSULMDWHOMHQHJR]DVDPXVSHK
%(/(6.$
ąLWDODFELVDGDYHĄWUHEDORGDMHXVWDQMXGDSUDYLUD]OLNXL]PHćXPDWHPDWLĆNHLWUDQVDNFLRQH
DQDOL]HLJDUD0DWHPDWLĆNDDQDOL]DLJDUDSRVWXOLUDLJUDĆHNRMLVXSRWSXQRUDFLRQDOQL
7UDQVDNFLRQXDQDOL]XLJDUD]DQLPDMXLJUHNRMHQLVXUDFLRQDOQHLOLVXĆDNLUDFLRQDOQHSDVX
VDPLPWLPUHDOQLMH
,JUDĆL
02'(/
0QRJHLJUHQDMYDWUHQLMHLJUDMXSRUHPHĄHQLOMXGL8RSåWHX]HYåWRVLYLåHSRUHPHĄHQWRĄHåVH
YLåHSRVYHĄLYDWLLJUL0HćXWLP]DGLYQRĆXGRQHNLåL]RIUHQLĆDULL]JOHGDGDRGEDFXMXLJUDQMH 8]PLPRVOHGHĄLUD]JRYRUL]PHćXSDFLMHQWNLQMH3LWHUDSHXWD7
LJDUDL]DKWHYDMXLVNUHQRVWRGSRĆHWND8VYDNRGQHYQRPçLYRWXVDQDMYLåHXEHćHQMDLJUDMX 3Å,PDPQRYXLGHMXGDVWLçHPQDYUHPH
LJUHGYHYUVWHOMXGL&PL]GUHLäWUHEHULLOLäPLQNHUL 7Å,PDĄXWRXYLGX
3Å%DåPHEULJD]DWHEH-DWRUDGLP]ERJVHEHäWDPLVOLåNROLNRVDPGRELODQDWHVWXL]
&PL]GUDMHĆRYHNNRMLMHOMXWQDVYRMXPDMNX LVWRULMH"
.DGPDORSURĆHSUNDPRLVSRVWDYLVHGDMHRQQDQMXOMXWMRåRGUDQRJGHWLQMVWYD2QĆHVWRLPD 7Å'HYHW
VDVYLPGREUHÅ'HWLQMHUD]ORJH]DVYRMXOMXWQMXRQDJDMHPRçGDÅQDSXVWLODXNULWLĆQRP 3Å2WNXG]QDå"
SHULRGXGĆDåWYDMHUVHUD]EROHODLRWLåODXEROQLFXLOLMHPRçGDGRQHODQDVYHWSUHYLåHGUXJH 7Å=QDPĆRYHNDERMLåVHGHVHWNH
GHFH3RQHNDGMHQDSXåWDQMHVYRMHYROMQLMHRQDJDMHPRçGDSRVODODURGELQLQDVHORGDELVH 3Å8SUDYXVL6YHVDPELODWDĆQRRGJRYRULODDRQGDVDPSURåODFHRWHVWMRåMHGQRPL
SUHXGDOD8VYDNRPVOXĆDMXRGRQGDRQQHSUHVWDQRFPL]GUL2QQHYROLçHQHLDNRPRçHRG ]DEUOMDODWULRGJRYRUDSRSUDYLOD
VDPWDĆQHRGJRYRUH
QMHJDGDLVSDGQHSUDYL'RQçXDQ 7Å6YLćDPLVHRYDMUD]JRYRU3ULOLĆQRMHGHåWUHEHULVDQ
3Å=QDåVLQRĄVDPUD]PLåOMDODNROLNRVDPX]QDSUHGRYDOD,]UDĆXQDODVDPGDVDPVDGDVYHJD
3RåWRMHFPL]GUHQMHRWSRĆHORYROMQRPRGOXNRPRQRVHPRçHYROMQRLSUHNLQXWLXELORNRP SRVWRäWUHEHU
GREXçLYRWDNDRåWRVHXGHWLQMVWYXWRUDGLQHNDNRSUHGUXĆDNNDGVHRJODVLJODG3UHNLG 7Å3DåWRVHWLĆHRYRJDMXWURVQLVL]DUDGLODQLSURFHQWDWHĄHåVOHGHĄHJSXWDPRĄLGDLPDå
FPL]GUHQMDSRVWDYOMDLVWH]DKWHYHRGUDVORP&PL]GULNDRLNOLQFX SRSXVWRGSRVWR
3Å6YHMHWRSRĆHORSUHåHVWPHVHFLNDGVDPSRJOHGDODVYRMXGçH]YX]DNDIXLSRSUYLSXWMH
0RUDPRPXSUXçLWLSULOLNXGDVDĆXYDĆDVWLSRQXGLWLQHåWRYUHGQRX]DPHQX]DSULYLOHJLMX VWYDUQRYLGHOD$]QDåYHĄNDNRMHVDGD²NDNRĆXMHPSWLFHGDSHYDMXLJOHGDPOMXGHDRQLVX
FPL]GUHQMDNRMHWUHEDGDVHRGUHNQH7RWUDçLSDçOMLYXSULSUHPXSDFLMHQWDNDRLL]ERUSUDYRJ VWYDUQRWDPRNDROMXGLLåWRMHQDMOHSåHLMDVDPVWYDUQRWX,QHVDPRGDVDPELODWDPR
WUHQXWNDLSUDYRJSULOD]D1HVSUHPQRVWLOLQDVLOQRVWRGVWUDQHWHUDSHXWDLPDĄHLVWLLVKRGNDRL QHJRVDPLVDGDRYGH3UHQHNLGDQGRNVDPUD]JOHGDODVOLNHXXPHWQLĆNRMJDOHULMLSULćHPL
NRGURGLWHOMDSUHPDFPL]GUDYRPNOLQFXNDGWDGYUDWLĄHSDFLMHQWWHUDSHXWX]DWRNDRåWRL MHGDQĆRYHNLUHĆH*RJHQMHVXSHU]DUQH"$MDVDPRGJRYRULOD,9LVHPHQLVYLćDWH
SD
GHWHYUDĄDQHVSUHWQLPURGLWHOMLPD VPRL]DåOL]DMHGQRQDSLĄHLRQMHLVSDRVWYDUQRVXSHU
6LWXDFLMDMHLVWDLVDçHQVNLP&PL]GUDPD&PL]GUDYLFDPDPXWDWLVPXWDQGLVDNRVXOMXWHQD 2YRåWRVWHSURĆLWDOLELRMHÅGHåWUHEHULVDQRGLJUHRĆLåĄHQUD]JRYRUL]PHćXGYRMHDXWRQRPQLK
VYRMHRĆHYH1MLKRYDLJUDÅ'UYHQDQRJDäWDVHPRçHRĆHNLYDWLRGçHQHNRMDMHLPDODWDNYRJ 2GUDVOLKX]NRMLQLVXQDRGPHWLQHNDREMDåQMHQMD
RFD"WUDçLRGPXåNRJWHUDSHXWDMRåYLåHGLSORPDWVNRJWDNWD,QDĆHUHVNLUDGDVHQDćHXLVWRP Å,PDPQRYXLGHMXGDVWLçHPQDYUHPH2YRQLMHREHĄDQMHQHJRNRQVWDWDFLMDĆLQMHQLFH
NRåXVDRVWDOLPDÅNRMLVXLVWLNDRRWDF NRMDVHYHĄGRJRGLOD1DLPHSDFLMHQWNLQMDMHUDQLMHXYHN]DNDåQMDYDOD2YRJDSXWDQLMH
'DMHWDĆQRVWELODPUWYRVORYRQDSDSLUXRELĆQDGHNODUDFLMDNRMX5RGLWHOMQDPHĄH'HWHWX
,PDSRPDORRGäWUHEHUDXVYDNRPĆRYHNXDOLFLOMDQDOL]HLJDUDMHGDWRRVWDQHQDQDMPDQMRM ]QDNÅMDNHYROMHNRMLVHQHĄHSRåWRYDWLRQGDELSURJODåHQMHGRåORSUHGRJDćDMDÅ2YRMH
PRJXĄRMPHULäWUHEHUMHQHNRNRMHSUHWHUDQRRVHWOMLYQD5RGLWHOMVNHXWLFDMH=DWRĄH SRVOHGQMLSXWNDNR]DNDåQMDYDP7RELELRSRNXåDMGDVH]DSRGHQHLJUD1MHQRSURJODåHQMH
QMHJRYR2GUDVOREDUDWDQMHSRGDFLPDLQMHJRYD'HWLQMDVSRQWDQRVWYHURYDWQRELWLRPHWHQLX PHćXWLPQLMHELORWRQHJRMHGQD2GUDVODRGOXND3URMHNWDQHUH]ROXFLMD3DFLMHQWNLQMDMH
NULWLĆQLPWUHQXFLPDGRYRGHĄLGREH]YH]QRJLOLWUDSDYRJSRQDåDQMD8HNVWUHPQLP SRVOHWRJDWUHEDOLGDGRGDPGROD]LODXYHNQDYUHPH
VOXĆDMHYLPDäWUHEHUVHPHVDVD0DPLQRPPD]RP3XYDQMNRPL9H]DQRPYUHĄRP$OLäWUHEHUD
QLNDNRQHWUHEDSRPHåDWLVDSREHVQHOLPåL]RIUHQLĆDUHPNRPHQHIXQNFLRQLåH5RGLWHOMD Å,PDĄXWRXYLGX7RQLMHELRQLNDNDYL]UD]ÅSRGUåNHQLWLSUYLSRWH]XLJULÅ+RĄXGDWL
VDVYLPMHXWDQMLRL2GUDVOLWDNRGDMHSULPRUDQGDL]OD]LQDNUDMVDVYHWRPXHJRVWDQMX SRPRJQHP9UHPHVHDQVLGROD]LORMHWHUDSHXWXSRVOHSDX]H]DGRUXĆDN3RåWRMHRQDQDYLNOD
'HWHWD=DQLPOMLYRMHGDXVYDNRGQHYQRPJRYRUXL]UD]ÅäWUHEHUNRULVWLPRNDRHSLWHW]D GDNDVQLLRQVHQDYLNDRGDRVWDMHPDORGXçHQDGRUXĆNX.DGMHRQDSURJODVLODVYRMXQRYX
PXåNDUFDDSRQHNDGLPXåNREDQMDVWLKçHQD=DWRMH2åWURNRQćDMRåYHĄLäPLQNHURGäWUHEHUD RGOXNXRQMHVKYDWLRGDRQDWRPLVOLR]ELOMQRSDMHLVDPPRUDRGDGRQHVHMHGQXRGOXNXGD
7RMHLPHQLFDçHQVNRJURGDDOLMHSRQHNDGNRULVWLPRL]DPXåNDUFHNRMLQDJLQMXQHNLP VHXEXGXĄHQHĄH]DGUçDYDWLQDGRUXĆNX7UDQVDNFLMDPHćXQMLPDELODMH2GUDVOLXJRYRUNRMLVX
çHQVNLPRVRELQDPD RERMHDQHVLWXDFLMDXNRMRM'HWH]DĆLNDYD5RGLWHOMVNXILJXUXNRMDVH]ERJVYRMHSR]LFLMH
RVHĄDSULQXćHQRPGDLJUDÅGREURJWDWLFXL]DWRNDçHNDNRĄHLPDWLWRXYLGX
Å%DåPHEULJD]DWHEH2YLPLVWLĆHGDMHQMHQDWDĆQRVWRGOXNDDQHSURJODVNRMLĄHELWL
LVNRULåĄDYDQXLJULNREDMDJLSRVOXåQRVWL
ÅäWDPLVOLåNROLNRVDPGRELOD"2YRMHUD]RQRGDNRMHVXRERMHELOLVYHVQLLRVHĄDOLVH
VORERGQRGDMRMVHSUHSXVWH1LMHELORQLNDNYHSRWUHEHGDRQQMRMVDGDSRND]XMHVYRMXEXGQRVW
WLPHåWRĄHUHĄLGDMHWRUD]RQRGDMHUMHRQDWRLVDPD]QDODWHQLMHVDVYRMHVWUDQHRVHĄDOD
SRWUHEXGDVHX]GUçLRGWRJDVDPR]DWRåWRMHXSLWDQMXQHåWRQHR]ELOMQR
Å'HYHW7HUDSHXWMHQDJDćDRGDELWRXQMHQRPVOXĆDMXPRJODGDEXGHMHGLQDPRJXĄQD
RFHQDSD]DåWRGDWRLQHNDçH"/DçQDVNURPQRVWLOLVWUDKGDQHSRJUHåLPRJOLVXJDQDWHUDWL
GDVHSUDYLNDRWODPXQLåWDQLMHQLSDORQDSDPHW
Å2WNXG]QDå"2YRMHELORRGUDVORSLWDQMHDQRLJUDÅ+HMDODVLVXSHUSDMH]DVOXçLORL $872120,-$
SRåWHQRGJRYRU
3RVWL]DQMHOLĆQHDXWRQRPLMHL]UDçDYDRVOREDćDQMHLOLREQDYOMDQMHWULMXOMXGVNLKPRĄL
Å6YHVDPELODWDĆQRRGJRYRULOD2YGHVHSRND]DODXSUDYRMVYHWORVWLSRORçLODMHSUDYLLVSLW VYHVQRVWLVSRQWDQRVWLLEOLVNRVWL
L]RVORERćHQRVWLRGLJUH1LMHFPL]GULODSUDYGDMXĄLVHLREMDåQMDYDMXĄLQHJRVHVXRĆLODVD
VYRMLP'HWHWRPEH]YUGDQMD 6YHVQRVW7RMHPRĄGDVHYLGLGçH]YD]DNDIXLĆXMXSWLFHNDNRSHYDMXQDVYRMVRSVWYHQL
QDĆLQDQHRQDNRNDNRWHMHQHNRQDXĆLR,PDGRYROMQRRVQRYD]DSUHWSRVWDYNXGDJOHGDQMHL
Å6YLćDPLVHRYDMUD]JRYRU2YDLVOHGHĄDSROXåDOMLYDNRQVWDWDFLMDL]UDçDYDOHVXRERVWUDQR VOXåDQMHLPDMX]DGHFXGUXNĆLMLVPLVDRQHJR]DRGUDVOHLGDVXWRNRPSUYLKJRGLQDçLYRWDWR
2GUDVORSRåWRYDQMHX]PRçGDPDOR5RGLWHOMVNR'HWLQMHUD]RQRGHNRMHVXRSHWRERMHELOL YLåHHVWHWLĆNLQHJRLQWHOHNWXDOQLGRçLYOMDML'HĆDNYLGLLĆXMHSWLFHVDXVKLĄHQMHP2QGDQDLćH
VYHVQLLVORERGQRVHXSXVWLOLXQMX ÅGREULRWDFLXĆLQLPXVHGDELWUHEDORGDÅSRGHOLWDMGRçLYOMDMVDQMLPLGDSRPRJQHVYRP
VLQXXÅUD]YRMX2QPXNDçHÅ7RMHVODYXMDRQRVXYUDSFL2QRJWUHQXWNDNDGGHWHSRĆQH
Å3RSUYLSXWVDPMHVWYDUQRYLGHOD2QDVHQDGDGRNRSDODVYRMHVRSVWYHQHYUVWHVYHVWLL GDPLVOLNRMHMHVODYXMDNRMHYUDEDFRQRYLåHQHPRçHGDYLGLSWLFHQLGDLKĆXMHNDNR
QLMHYLåHREDYH]QDGDYLGLGçH]YHLOLOMXGHRQDNRNDNRVXMRMURGLWHOMLJRYRULOLGDĆLQLÅ,VDGD SHYDMX2QRPRUDGDLKYLGLLĆXMHQDQDĆLQNDNRMHQDXĆLORRGRFD1DRĆHYRMVWUDQLVXGREUL
VDPRYGH UD]OR]LMHUPDOROMXGLPRçHGDSUROD]LNUR]çLYRWVOXåDMXĄLSWLFHNDNRSHYDMXLåWRSUHGHWH
SRĆQHGDVHÅåNROXMHWREROMH0RçGDĄHNOLQDFNDGRGUDVWHSRVWDWLRUQLWRORJ$OLPDORMH
2QDQHçLYLYLåHQLXEXGXĄQRVWLQLXSURåORVWLDOLQHL]EHJDYDQLUD]JRYRURQMLPDDNRWRLPD OMXGLNRMLMRåXYHNPRJXGDYLGHLĆXMXQDVWDULQDĆLQ9HĄLQDSULSDGQLNDOMXGVNHYUVWHL]JXELOL
QHNHVYUKH VXPRĄGDEXGXVOLNDULSHVQLFLLOLPX]LĆDULLQLMHLPRVWDYOMHQDåDQVDGDYLGHLĆXMX
Å2GJRYRULODVDP,9LVHPHQLVYLćDWH
2QDQLMHYLåHREDYH]QDGDJXELYUHPHQDLJUDQMH QHSRVUHGQRĆDNLDNRELWRPRJOLVHELGDSULXåWHRVXćHQLVXQDGRçLYOMDML]GUXJHUXNH
Å8PHWQLĆNHJDOHULMHVDQHSR]QDWLPPDGDMHLWRPRJODGDMHKWHOD 2EQDYOMDQMHWHPRĄLQD]YDQRMHRYGHÅVYHVQRVW8IL]LRORåNRPVPLVOXVYHVQRVWMH
HLGHWVNRRSDçDQMHNRMHMHSRYH]DQRVDHLGHWVNLPSUHGVWDYOMDQMHP0RçGDSRVWRMLHLGHWVNR
7HUDSHXWVDVYRMHVWUDQHQLMHRVHĄDRREDYH]XGDLJUDÅ3VLKLMDWULMX%LORMHQHNROLNRSULOLND RSDçDQMHEDUNRGQHNLKSRMHGLQDFDLXGRPHQLPDXNXVDPLULVDLNLQHVWH]LMHSDRWXGLPDPR
GDSRWHJQHSLWDQMDRQHNLPRGEUDPEHQLPPHKDQL]PLPDWUDQVIHUXLVLPEROLĆNLP XPHWQLNHLQDWLPSRGUXĆMLPDNXYDULSDUILPHULVWNLQMHLEDOHULQHĆLMLYHĆLWLSUREOHPMHVWHGD
WXPDĆHQMLPDDOLLKMHYUORPLUQRSXVWLRGDSURSDGQX7RNRPSUHRVWDORJYUHPHQDXRYRM QDćXSXEOLNXNRMDMHXVWDQMXGDFHQLQMLKRYDL]YRćHQMD
VHDQVLRQLKSRVWRäWUHEHUDåWRMHSUHRVWDORXSDFLMHQWNLQMLLSRVWRXWHUDSHXWX
LVSROMDYDORVHRYGHRQGH6YHXVYHPXRYDM]DSLVQLNRWNULYDOMXGVNRGHODQMHRSOHPHQMHQRVD 6YHVQRVWWUDçLGDVHçLYLVDGDLRYGHDQHQHJGHQDGUXJRPPHVWXLOLXGUXJRPYUHPHQX
PDORUD]RQRGH SURåORPLOLEXGXĄHP'REDUSULPHUPRJXĄQRVWLNRMXSUXçDDPHULĆNLQDĆLQçLYRWDMHMXWDUQMD
YRçQMDQDSRVDRNUR]VDREUDĄDMQXJXçYX2GOXĆXMXĄHSLWDQMHMHÅ*GHVHGHQHXPGRNMHWHOR
RYGH"3RVWRMHWULXRELĆDMHQHYDULMDQWH
ąRYHNREX]HWWLPHGDVWLJQHQDYUHPHVYDNDNRMHQDMGDOMHRWLåDR7HORPXMHXNROLPD]D
YRODQRPXXPMHYHĄSUHGYUDWLPDNDQFHODULMH=DQMHJDQHSRVWRMLRQRåWRJDQHSRVUHGQR
RNUXçXMHVHPDNRQLMHSUHSUHNDQDSXWX8SLWDQMXMHäWUHEHUĆLMDJODYQDEULJDMHXWLVDNNRML
ĄHRVWDYLWLQDVYRJåHID$NRNDVQLSRWUXGLĄHVHGDXćH]DGLKDQ3RVOXåQR'HWHWX
NRPDQGXMHDQMHJRYDLJUDMHÅ9LGLNROLNRVDPVHWUXGLR'RNYR]LRQVNRURGDQHPDQLPDOR
DXWRQRPLMHDNDROMXGVNRELĄHMHXVXåWLQLYLåHPUWDYQHJRçLY1LMHRQGDQLNDNYRĆXGRåWR
MHRYRVWDQMHQDMSRYROMQLMH]DGRELMDQMHSRYLåHQRJNUYQRJSULWLVNDLLQIDUNWD
&PL]GUDQDGUXJRMVWUDQLQLMHWROLNR]DEULQXWRNRVWL]DQMDQDYUHPHNROLNRRNRVPLåOMDQMD
RSUDYGDQMD]D]DNDåQMHQMH6DREUDĄDMQHQH]JRGHQHVLQKURQL]RYDQLVHPDIRULORåDYRçQMD
JOXSRVWGUXJLKXĆHVQLNDXVDREUDĄDMXRGOLĆQRVHXNODSDMXXQMHJRYXåHPXLRQLKMHGYD
GRĆHNXMHNDRSRGUåNXLJULQMHJRYRJEXQWRYQRJ'HWHWDLOLSUDYHGQRJ5RGLWHOMDÅ9LGLåWDVDP
XUDGLR]ERJQMLK1L]DQMHJDQHSRVWRMLRQRåWRJDQHSRVUHGQRRNUXçXMHXNROLNRVHQHXNODSD
XQMHJRYXLJUXWHMHLRQVDPRGRSRODçLY1MHJRYRWHORMHXNROLPDGRNPXXPOXWDQDSROMX
WUDçHĄLJUHåNHLSURSXVWHGUXJLK
5HGLMHÅURćHQLYR]DĆĆRYHN]DNRJDMHXSUDYOMDQMHNROLPDĆLWDYDQDXNDLXPHWQRVW]D
VHEH'RNVHEU]RLYHåWRSURELMDNUR]JXçYXRQMHVMHGLQMHQVDYR]LORP1L]DQMHJDQH
SRVWRMLRQRåWRJDQHSRVUHGQRRNUXçXMHVHPDNRQHRVOREDćDSURVWRU]DQMHJRYRPDMVWRUVWYR
NRMHPXVDPRSRVHELSULĆLQMDYD]DGRYROMVWYRDOLRQMHYUORVYHVWDQLVHEHLPDåLQHNRMRP
WDNRGREURXSUDYOMDWHMHXWROLNRLçLY7DNYDYRçQMDMHXVWYDULMHGDQREOLN2GUDVOH
UD]RQRGHRGNRMHPRJXLQMHJRYR'HWHL5RGLWHOMGDL]YXNXL]YHVQD]DGRYROMVWYD
ąHWYUWDYDULMDQWDMHVOXĆDMRVREHNRMDMHVYHVQDLQHçXULMRMVHMHUçLYLXVDGDåQMRVWL 3267,=$1-($872120,-(
RNUXçHQDVYLPRQLPåWRMHRYGHRNRQMHQHERLGUYHĄHNDRLRVHĄDQMHNUHWDQMDæXULWL]QDĆL
]DQHPDULWLWXRNROLQXLELWLVYHVWDQVDPRQHĆHJDåWRMHMRåXYHNYDQYLGRNUXJDQHJGHQL]SXW 5RGLWHOMLKWHOLQHKWHOLXĆHVYRMXGHFXRGURćHQMDNDNRGDVHSRQDåDMXPLVOHRVHĄDMXL
LOLELWLVYHVWDQVDPRSUHSUHNDQDSXWXLOLELWLVYHVWDQVDPRVDPRJDVHEH-HGDQ.LQH]MHVD RSDçDMX2VOREDćDQMHRGRYLKXWLFDMDQLMHQLPDORODNRMHUVXGXERNRXNRUHQMHQLL
SULMDWHOMHP$PHULNDQFHPXOD]LRXQMXMRUåNXSRG]HPQXçHOH]QLFX$PHULNDQDFMHVDYHWRYDR SUHGVWDYOMDMXWRNRPSUYHGYHLOLWULGHFHQLMHçLYRWDQXçQRVWELRORåNRJLGUXåWYHQRJRSVWDQND
GDX]PXHNVSUHVQLYR]NRMLĄHLPXåWHGHWLGYDGHVHWPLQXWD7DNRVXLXUDGLOL.DGVXL]DåOLQD 8VWYDULWDNYRRVOREDćDQMHQHELQLNDGDQLELORPRJXĄQRGDOMXGVNDMHGLQNDQHSROD]LXçLYRW
3DUNDYHQLML.LQH]MHVHRQDSUYXNOXSXåWRMH]DSDQMLORQMHJRYRJSUDWLRFDÅ3DGREUR RGMHGQRJDXWRQRPQRJVWDQMDWMGDQLMHRGSRĆHWNDVSRVREQD]DVYHVQRVWVSRQWDQRVWL
REMDVQLRMH.LQH]ÅSRåWRVPRXåWHGHOLGYDGHVHWPLQXWDPRçHPRVDGDGDGR]YROLPRVHELGD EOLVNRVWGDQHPDL]YHVQXVORERGXL]ERUDRQRJGHODXĆHQMDVYRMLKURGLWHOMDNRMLĄHXVYRMLWL
SRVHGLPRWROLNRRYGHLXçLYDPRXRNROLQL
8RGUHćHQLPWUHQXFLPDQDSRĆHWNXçLYRWDMHGLQNDRGOXĆXMHNDNRĄHVHSULODJRGLWLWLP
6YHVWDQĆRYHNMHçLYMHU]QDNDNRVHRVHĄDJGHVHQDOD]LLNDGDVHVYHWR]ELYD2Q]QDGDĄH XWLFDMLPD,EDå]ERJWRJDåWRMHQMHQRSULODJRćDYDQMHSRVYRMRMSULURGLMHGQDVHULMDRGOXND
LSRVOHQMHJRYHVPUWLGUYHĄHELWLWDPRJGHLVDGDVDPRåWRQMHJDYLåHQHĄHELWLGDJDJOHGD RQRVHPRçHLUDVWXULWLSRåWRMHRGOXNHPRJXĄHSRGSRYROMQLPXVORYLPDUHYLGLUDWL
SD]DWRLKRĄHVDGDåWREROMHGDQDSDULRĆL
3RVWL]DQMHDXWRQRPLMHVHGDNOHVDVWRMLRGVYUJDYDQMDVYLKRQLKEH]YH]QRVWLNRMHYODGDMX
6SRQWDQRVW6SRQWDQRVW]QDĆLL]ERUVORERGXL]ERUDLL]UDçDYDQMDRVHĄDQMDNRMLPDĆRYH ĆRYHNRPDSRPLQMDQHVXXLSRJODYOMX$OLWRVYUJDYDQMHQLMHQLNDGNRQDĆQR
UDVSRODçH5RGLWHOMVND2GUDVODL'HWLQMDRVHĄDQMD=QDĆLRVOREDćDQMHRVOREDćDQMHRG ĆRYHNVWDOQRPRUDGDVHERULSURWLYSRQRYQRJXSDGDQMDXVWDUHNDOXSH
XQXWUDåQMHSULQXGHQDLJUDQMHLJDUDLQDRVHĄDQMDNRMDVPRQDXĆHQLGDLPDPR
3UYRWUHEDNDRåWRMHUDVSUDYOMHQRXSRJODYOMXVNLQXWLWHUHWFHORNXSQHSOHPHQVNHLOL
%OLVNRVW%OLVNRVW]QDĆLVSRQWDQXRĆLåĄHQXRGLJUDQMDLJDUDLVNUHQRVWVYHVQRJĆRYHND URGRYVNHLVWRULMVNHWUDGLFLMHSRSXWRQRJDåWRVXĆLQLOLVHOMDFLVD1RYH*YLQHMHRNRMLPDMH
RVOREDćDQMHQHLVNYDUHQRJ'HWHWDVSRVREQRJ]DHLGHWVNRRSDçDQMHNRMHVDVYRPVYRMRP SLVDOD0DUJDUHW0LG0HDG=DWLPWUHED]EDFLWLXWLFDMSRMHGLQDĆQLKURGLWHOMDLGUXåWYHQRJL
QDLYQRåĄXçLYLVDGDLRYGH0RJXĄHMHHNVSHULPHQWDOQRSRND]DWLGDHLGHWVNRRSDçDQMHEXGL NXOWXUQRJSRUHNOD,VWRWUHEDXĆLQLWLLVD]DKWHYLPDVDYUHPHQRJJOREDOQRJGUXåWYDDNRQDĆQRL
QDNORQRVWLGDLVNUHQRVWDNWLYLUDSR]LWLYQDRVHĄDQMDWDNRGDSRVWRMLLQHåWRåWRELVPRPRJOL SUHGQRVWLRGSULSDGQRVWLQHSRVUHGQRPGUXåWYHQRPNUXJXPRUDPRGHOLPLĆQRLOLSRWSXQR
QD]YDWLÅMHGQRVWUDQRPEOLVNRåĄXDGREURMHSR]QDWRPDGDQHSRGWLPLPHQRP çUWYRYDWL2QGDWUHEDVHRGUHĄLLVYLKRQLOLNRVWHĆHQLKVODVWLLSRĆDVWLVDPR]DWRåWRVL&PL]GUD
SURIHVLRQDOQLP]DYRGQLFLPDREDSRODNRMLVXXVWDQMXGDREUODWHVYRMHçUWYHEH]LNDNYRJ LOLäWUHEHURĆHPXMHELORUHFLXSRJODYOMX3RVOHVYHJDWRJDMHGLQNDPRUDGDSUHX]PH
R]ELOMQLMHJXNOMXĆLYDQMDVDVYRMHVWUDQH2QLWRSRVWLçXWDNRåWRRKUDEUXMXVYRMHçUWYHGDLK OLĆQXLGUXåWYHQXNRQWUROXNDNRELVYHYUVWHSRQDåDQMDRSLVDQHX'RGDWNXRVLPPRçGD
JOHGDMXSUDYRXRĆLLGDUD]JRYDUDMXVDQMLPDRWYRUHQRGRNVHRQLVDPLVDPRSUDYHGD VQRYDSRVWDOHSUHGPHWVORERGQRJL]ERUDNRML]DYLVLLVNOMXĆLYRRGQMHQHYROMH7HNRQGDM
X]YUDĄDMXLVWRPPHURP MHGLQNDVSUHPQDDRGQRVHRĆLåĄHQHRGLJUDQMDLJDUDNDRåWRVXRQLNRMLPDMHLOXVWURYDQR
SRJODYOMH7HNXRYRMWDĆNLMHGLQNDPRçHELWLXVWDQMXGDUD]YLMHVYRMHPRJXĄQRVWL]D
=DWRåWRMHEOLVNRVWXVXåWLQLMHGQDRGIXQNFLMDSULURGQRJ'HWHWDXĆRYHNXPDGDVHLVSROMDYD DXWRQRPLMX8VXåWLQLFHOXRYXSULSUHPXRGOLNXMHGRELMDQMHÅVSRUD]XPQRJUD]YRGDRGVYRMLK
X]YHOLNHSVLKLĆNHLGUXåWYHQHNRPSOLNDFLMHRQDELL]DåODQDGREURGDQLMHXSOLWDQMDLJDUD URGLWHOMDLGUXJLK5RGLWHOMVNLKXWLFDMDNDNRELLPVHPRJORSRYUHPHQRLSRGRJRYRUXRWLĄLX
2ELĆQRMHSRUHPHWLSULODJRćDYDQMH5RGLWHOMVNLPXWLFDMLPDLåWRMHQDMJRUHWRVHGRJDćD SRVHWXDOLEH]GDOMHJSUL]QDYDQMDQMLKRYHQDGPRĄL
VNRURVYLPD$OLSUHQHJRåWRVHSRNYDUHLOLGRNVHQHSRNYDUHLOLDNRVHQHSRNYDUHGHFD
YHĄLQRPXPHMXGDYROHDXWRPHLMHVWHVXåWLQDEOLVNRVWLNDRåWRMHLHNVSHULPHQWDOQR %,%/,2*5$),-$
SRND]DQR 0HDG01HZ/LYHVIRU2OG*ROODQF]
%,%/,2*5$),-$
%HUQH(Å,QWXLWLRQ,93ULPDO,PDJHV 3ULPDO-XGJHPHQWV3V\FKLDWULF4XDUWHUO\
-DHQVFK(%(LGHWLFOPDJHU\+DUFRXUW%UDFH1HZ<RUN
2YLHNVSHULPHQWLVXMRåXYHNXID]LLVSUREDYDQMDQD6HPLQDULPD]DVRFLMDOQXSVLKLMDWULMXX
6DQ)UDQFLVNX8VSHåQDSULPHQDWUDQVDNFLRQHDQDOL]HXHNVSHULPHQWLPDWUDçLSRVHEQXREXNXL
LVNXVWYRNDRåWRWUDçLLXVSHåQDSULPHQDKURPDWRJUDILMHLOLLQIUDFUYHQHVSHNWURIRWRPHWULMH
5D]OLNRYDWLLJUXRGUD]RQRGHLVWRMHWDNRWHåNRNDRLUD]OLNRYDWL]YH]GXRGSODQHWH9LGL
%HUQH(Å7KH,QWLPDFY([SHULPHQW7UDQVDFWLRQDO$QDO\VLV%XOOHWLQÅ0RUH
$ERXW,QWLPDF\LELG
1HNDGHFDVHSRNYDUHLOLXPRUHJODćXYUORUDQRPDUD]PLQHNHYUVWHNROLNDWHQLNDGQLQH
GRELMXSULOLNXGDSRNDçXRYXVSRVREQRVW
ąLWDODFWUHEDGDGR]YROLVHELVORERGXVWDYOMDQMD]DPHUNLRYDNYRPUD]YUVWDYDQMXSRQDåDQMDDOL
ä7$326/(,*$5$" QHLVORERGXSUDYOMHQMDYLFHYDQDQMHJRYUDĆXQ2QRQLMHXYUåWHQRRYGH]DWRåWRMHSLVD
]DOMXEOMHQXQMHJDQHJR]DWRåWRMHNRULVQLMHUHDOQLMHLSUDNWLĆQLMHRGGUXJLKGHREDNRMHVXX
7PXUQDVOLNDSULND]DQDX,L,,GHOXRYHNQMLJHSRNRMRMMHOMXGVNLçLYRWVYRGOMLYQD XSRWUHELDPRçHGDSRVOXçLLRQLPDNRMLYROHUD]YUVWDYDQMD
SRSXQMDYDQMHYUHPHQDGRGRODVNDVPUWLLOL'HGD0UD]DVDYUORPDORLOLQLPDORL]ERUDRQRJD
åWRĄHĆRYHNUD]PHQMLYDWLVDGUXJLPDWRNRPGXJRJĆHNDQMDMHVWHRSåWHSR]QDWDDOLQ
SUHGVWDYOMDNRQDĆDQRGJRYRU=DL]YHVQHOMXGHREGDUHQHVUHĄRPSRVWRMLQHåWRåWRSUHYD]LOD]L
VYDUD]YUVWDYDQMDSRQDåDQMDDWRMHVYHVQRVWQHåWRåWRVHX]GLçHL]QDGSURJUDPLUDQMD
SURåORVWLDWRMHVSRQWDQRVWLQHåWRåWRPQRJRERJDWLMHQDJUDćXMHRGLJDUDDWRMHEOLVNRVW
$OLVYDNDRGRYLKVWYDULPRçHGDEXGH]DVWUDåXMXĄDSDĆDNLVWYDUQRRSDVQD]DQHVSUHPQH=D
QMLKMHPRçGDEROMHGDRVWDQXRQRåWRVXLGDSRSXODUQLPPHWRGDPDGUXåWYHQRJSRQDåDQMD
NDNYDMHQSUÅ]DMHGQLåWYRWUDçHUHåHQMD2YRPRçHGD]QDĆLGDQHPDQDGH]DOMXGVNXUDVX
DOLGDMHLPD]DSRQHNHQMHQHSULSDGQLNH
'2'$7$.
9567(321$ä$1-$
8VYDNRPWUHQXWNXOMXGVNRELĄHMHXNOMXĆHQRXMHGQXLOLYLåHRGVOHGHĄLKYUVWDSRQDåDQMD
,9UVWD
8QXWUDåQMHSURJUDPLUDQRDUKHRSVLKLĆNR$XWLVWLĆQRSRQDåDQMH
5HGRYLD6QRYL
E0DåWDQMD
)DPLOLMH
,6SROMDåQMHPDåWDQMDLVSXQMHQMHçHOMD
,,$XWLVWLĆQHWUDQVDNFLMHNRMHQLVXSULODJRćHQH
,,,$XWLVWLĆQHWUDQVDNFLMHNRMHVXSULODJRćHQHVDQHRSVLKLĆNLPSURJUDPLUDQMHP
F)XJH
G+DOXFLQDWRUQRSRQDåDQMH
H1HYROMQHUDGQMH
)DPLOLMH,7LNRYL
,,0DQLUL]PL
,,,3DUDSUDNVLMH
I'UXJR
,,9UVWD
3URJUDPLUDQRSRYHURYDWQRĄL3RQDåDQMHSURYHUHQRXVWYDUQRVWL
5HGRYLD'HODWQRVWL
)DPLOLMH,=DQLPDQMDJUDQHGHODWQRVWLLVL
,,6SRUWRYLKRELMLLVL
E9HåWLQH
)DPLOLMH,2EUDGDSRGDWDND,,0HWRGHUDGD
F'UXJR
,,,9UVWD'UXåWYHQRSURJUDPLUDQRGHORPHNVWHURSVLKLĆNR'UXåWYHQRSRQDåDQMH
5HGRYL
D5LWXDOLLFHUHPRQLMH
E5D]RQRGH
F5DGQMHLPDQHYUL
G,JUH
3RGUHGRYL$3URIHVLRQDOQHLJUHXJDRQHWUDQVDNFLMH
%'UXåWYHQHLJUHGYRVWUXNHWUDQVDNFLMH
H%OLVNRVW
(ULNMHYROHRVYRMXXORJXSDWHUIDPLOLDVDDOLXPHRMHGD]DåWLWLVYRMUDGQDUXNRSLVLPD
(5,.%(51 1DSUDYLRMHPDOXUDGQXVREXXMHGQRPXGDOMHQRPXJOXYHOLNHEDåWHXYHQMDNXGRNOHQLVX
%,2*5$)6.$6.,&$ GRSLUDOLUD]GUDJDQLJODVRYLVHGPRUR]GUDYLKPODGXQDFD8WRMUDGQRMVRELFLMHQDVWDRYHĄLGHR
QMHJRYLKVSLVDXSHULRGXRGGRNDGDVXVHRQL'RURWLUD]YHOLQDQDMSULMDWHOMVNLML
'(7,1-6792,ä.2/29$1-( PRJXĄQDĆLQ
5RćHQMHPDMDJRGLQHXNXĄLVYRMLKURGLWHOMDX0RQWUHDOX(ULN%HUQELRMHVLQOHNDUD
RSåWHSUDNVH'U'HMYLGD+LOHOD%HUQVWLQDLSURIHVLRQDOQRJQRYLQVNRJSLVFDLXUHGQLND6DU 7RNRPWLKJRGLQD(ULNMHQDPHWQXRVHELRåWDUWHPSR3UHX]HRMHUDGQRPHVWRSRPRĄQRJSVLKL
*RUGRQ%HUQVWLQ MDWUDX%ROQLFL&LRQVNH*RUHX6DQ)UDQFLVNXJRGLQHUDGHĄLLVWRYUHPHQRLNDRNRQVXOWDQW
SUL9RMQRPVDQLWHWX6OHGHĄHJRGLQHMHGRGDRWRPHLSRVDRVSROMQRJVDUDGQLND.OLQLNH]D
(ULNMHELRYUOREOL]DNVYRPRFXLVDWRSOLQRPVHSULVHĄDRYUHPHQDNDGDMHNDRGHĆDNRELOD]LR PHQWDOQXKLJLMHQXELYåLKERUDFDX6DQ)UDQFLVNX1HWUHED]DERUDYLWLGDMHRYHWULGXçQRVWL
SDFLMHQWH]DMHGQRVDRFHPRGNXĄHGRNXĄHVDQNDPDSRVQHJX.DGDMHGRNWRUXPURRG REDYOMDRSRUHGSULYDWQHSUDNVHNRMXMHLPDRLX.DUPHOXLX6DQ)UDQFLVNX
WXEHUNXOR]HVDJRGLQD(ULNXNRMLMHWDGDLPDRJRGLQDMHWRYUORWHåNRSDOR6DUD
*RUGRQ%HUQVWLQMHSUHX]HODEULJXRPDWHULMDOQRP]EULQMDYDQMXVYRMHGYRMHPDOHGHFHUDGHĄL 3RVOHGLFDWRJDELODMHĆLQMHQLFDGDVH(ULNRYDUDGQDVHGPLFDRGSRĆHWNDçLYRWDX.DUPHOX
NDRXUHGQLNLSLVDFXQRYLQDPD%LODMHYUORDPELFLR]QDRKUDEUXMXĄL(ULNDGDXSLåHPHGLFLQX SURWH]DODRGSRQHGHOMNDGRQHGHOMH(YRNDNRMHWRL]JOHGDOR3RQHGHOMNRPXMXWURMHSULPDR
åWRMHRQLXĆLQLR'LSORPLUDRMHVDDPDJLVWULUDRVDJRGLQDQD0DNJLO SDFLMHQWHXVYRMRMNDUPHOVNRMRUGLQDFLMLDSRSRGQHMHSXWRYDRX6DQ)UDQFLVNR8WRUDNSUH
XQLYHU]LWHWX SRGQHMHSURYRGLRX%ROQLFL6Y0DULMHDSRSRGQHMHSULYDWQRSULPDRSDFLMHQWH3RĆHYRG
YRGLRMHVYRM6HPLQDUXWRUNRPXYHĆH6UHGRPSUHSRGQHMHRSHWELRXEROQLFLLOLMH
35('5$71(*2',1( GUçDRSUHGDYDQMDQD0HGLFLQVNRPIDNXOWHWX.DOLIRUQLMVNRJXQLYHU]LWHWDX/HQJOL3RUWHUXD
3R]DYUåHWNXVWXGLMD(ULNVHRNUHĄH$PHULFLLRGOD]LQDVWDçLUDQMHX(QJOYXGVNXEROQLFX SRSRGQHSULPDRSDFLMHQWH6UHGRPXYHĆHMHSUHGDYDRVYRMNXUVÅ7$ąHWYUWDNSUHSRGQH
(QJOYXG1MXGçHUVL9HĄSRĆLQMHVSHFLMDOL]DFLMXSVLKLMDWULMHQD3VLKLMDWULMVNRMNOLQLFL ELRMHUH]HUYLVDQ]D6WHQIRUGLOL]DSULYDWQHSDFLMHQWHDSRSRGQHVHYUDĄDRNXĄLX.DUPHO
0HGLFLQVNRJIDNXOWHWD-HOVNRJXQLYHU]LWHWDJGHRVWDMHGYHJRGLQH
ąHWYUWNRPXYHĆHMHYRGLR0RQWUHMVNL7$VHPLQDU3HWNRPMHSLVDRDXYHĆHSRĆHYRG
=QDVHGDMHSRVWDRDPHULĆNLGUçDYOMDQLQQHJGHWRNRPJRGLQHLGDMHXEU]R]DWLP RNXSOMDORVHXQMHJRYRMNXĄLGUXåWYR]DSRNHUREDYH]QRVYDNHVHGPLFHEH]L]X]HWND9LNHQGH
VNUDWLRVYRMHLPH(ULN/HQDUG%HUQVWLQ²X(ULN%HUQ MHSRVYHĄLYDRSLVDQMX8]LPXUDGLRMHLVWRYUHPHQRQDåHVWNQMLJD
3VLKRDQDOL]XMHSRĆHRGDVSHFLMDOL]XMHQD1MXMRUåNRPSVLKRDQDOLWLĆNRPLQVWLWXWXNDR 5$6.,'6$36,+2$1$/,=20,679$5$1-(7$
DQDOLWLĆDU3DXOD)HGHUQD7RNRPUDWQLKJRGLQDSRĆHRMHGDPLVOLDQDOLWLĆNLNULWLĆDQSUHPD ,]UDVWDQMH%HUQRYRLNRQRNODVWLĆNRJPLåOMHQMDLUDVNLGVDRUWRGRNVQRPSVLKRDQDOL]RP
SVLKLMDWULMLLSVLKRDQDOL]LLGDSUDYLEHOHåNH]DVYRMXSUYXNQMLJX8PXDNFLMLXNRMRMMHGDR SUHGVWDYOMDIDVFLQDQWQXSULĆX9HURYDWQRQDM]QDĆDMQLMHWUDJRYHWUDQVDNFLRQHDQDOL]HX
NULWLĆNLSUHJOHGRYDGYDSRGUXĆMDREMDYOMHQD QDVWDMDQMXPRçHPRQDĄLXSUYLKSHWGRåHVWĆODQDNDNRMHMH%HUQQDSLVDRRLQWXLFLML%HUQH
$$$L&9LGLWDNRćHLĆODQDNÅ6WXGLMH(ULND%HUQDRLQWXLFLMLRG
6$1,7(76.$6/8æ%$$0(5,ą.($50,-( 'DVHMD3UYLĆODQDNÅ3ULURGDLQWXLFLMHRWNULYDGDMHRWRMWHPLELORJRYRUDMRåGYHJRGLQH
3RWUDçQMD]DYRMQLPSVLKLMDWULPDWRNRP'UXJRJVYHWVNRJUDWDQDWHUDODJDMHGDVWXSLX UDQLMHXMHGQRPVDRSåWHQMXQD]DMHGQLĆNRPJRGLåQMHPVNXSXSVLKRDQDOLWLĆNLKGUXåWDYD6DQ
6DQLWHWVNXVOXçEX$PHULĆNHDUPLMHJGHMHELRRGGRQDSUHGXMXĄLRGĆLQDPODćHJ )UDQFLVNDL/RV$QćHOHVDRNWREUD-RåWDNRUDQRGRNVHMRåXSLQMDRL]VYHVQDJHGD
YRGQLNDGRPDMRUD8WRYUHPHMHRWSRĆHRLVDSULPHQMLYDQMHPJUXSQHWHUDSLMHQHVDPRQD RVYRMLVWDWXVSVLKRDQDOLWLĆDUDRQVHGU]QXRGDRVSRULNUXWXIURMGLVWLĆNXNRQFHSFLMXWYUGHĄLGD
SVLKLMDWULMVNRPRGHOMHQMX%XåQHOVNHRSåWHYRMQHEROQLFHQHJRLVDFLYLOLPDX2JGHQX-XWDK MHÅUHĆSRGVYHVQRSULKYDWOMLYDMHUXNOMXĆXMHXVHEHLSUHGVYHVQRLQHVYHVQR%HUQH
*RGLQDR]QDĆDYDYLåHRGMHGQH]QDĆDMQHSURPHQHYLåHRGMHGQRJNUXSQRJNRUDND .DGDMHSRĆLQMDRVSHFLMDOL]DFLMXSVLKRDQDOL]HQD1MXMRUåNRPSVLKRDQDOLWLĆNRPLQVWLWXWX
QDSUHGXVWUXĆQRMNDULMHUL3RVNLGDQMXXQLIRUPHL]QRYD]DPRPĆHQL%HUQGRQRVLRGOXNXGDVH %HUQPRUDGDMHĆYUVWRYHURYDRNDNRVWLFDQMHWLWXOHÅSVLKRQDOLWLĆDUSUHGVWDYOMDFLOMYUHGDQ
SUHVHOLX.DOLIRUQLMXXSULPRUVNLJUDGLĄ.DUPHOXNRMLVHELR]DOMXELRGRNMHNDRYRMQROLFHELR SDçQMH,SRVOHUDWDNDGDMHQDVWDYLRVYRMHSVLKRDQDOLWLĆNRåNRORYDQMHQD6DQIUDQFLVNDQVNRP
VWDFLRQLUDQXREOLçQMHP)RUW2UGX3UHNUDMDWHJRGLQHGRYUåLRMHUXNRSLVNQMLJH8PXDNFLMLL SVLKRQDOLWLĆNRPLQVWLWXWXRQMHLGDOMHVPDWUDRGDMHWRFLOM]DNRMLVHYUHGL]DODJDWLSDVH
SRWSLVDRXJRYRU]DQMHQRREMDYOMLYDQMHVDL]GDYDĆNRPILUPRPÅ6DMPRQLäXVWHUL]1MXMRUND ERJPHL]DODJDRWRNRPVOHGHĄLKGHVHWJRGLQD3DLSDNPXVHQDNUDMXWDçXćHQDWLWXOD
L]PDNODQMHJRYDSULMDYD]DĆODQVWYRL]ELODMHRGELMHQDX]REUD]ORçHQMHGDNDQGLGDWMRå
7DLVWDJRGLQDREHOHçDYDLQMHJRYRYUDĄDQMHXĆHQMXSVLKRDQDOL]HDOLRYRJDSXWDQD QLMHVSUHPDQDOLGDELPRçGDSRVOHMRåWULĆHWLULJRGLQHåNROVNHDQDOL]HLåHJUWRYDQMDPRJDR
6DQIUDQFLVNDQVNRPSVLKRDQDOLWLĆNRPLQVWLWXWX6OHGHĄHJRGLQHSRVWDMHDQDOL]DQW(ULND(ULNVRQD GDVHSULMDYLSRQRYR
UDGLVDQMLPGYHJRGLQH?
-HGQDRVREDNRMDMHELODL]EOL]DVYHGRN(ULNRYHUHDNFLMHQDRGELMDQMHPROEH]DXĆODQMHQMH
3252',ą1,æ,9278.$/,)251,-, JćD'RURWL%HUQOLĆQRSULĆDODMHRVWUDKRYLWRPDOLLVWRYUHPHQRNDWDUNWLĆNRPHIHNWX
,]ERU(ULNVRQD]DVYRJDQDOLWLĆDUDPDGDSRWSXQR]DGRYROMDYDMXĄLXVWUXĆQRPSRJOHGXQLMH RGELMDQMDNRMHJDMHSRGEUFQXORGDVDMRåYHĄRPHQHUJLMRPRVWYDUXMHVYRMXGDYQDåQMX
LVSDR]D%HUQDEDåQDMSULMDWQLMLXOLĆQRPVPLVOX1HNDNREDåXWRYUHPHNDGMHSRĆHRGDUDGL DPELFLMXGDSULGRGDQHåWRQRYRSVLKRDQDOL]L6PHVWDMHJUR]QLĆDYRSULRQXRQDSRVDRVD
VDVODYQLPPDMVWRURPRQMHXSR]QDROMXSNXUDVSXåWHQLFXSRLPHQX'RURWL'L0DV8HMLVNRURL] ĆYUVWRPQDPHURPGDVDPUD]YLMHQRYLSULOD]SVLKRWHUDSLMLEH]LNDNYLKRODNåLFDNRMHSUXçD
PHVWDRGOXĆLRGDVHçHQLÅ1HND]DRPXMHDQDOLWLĆDUÅQHĄHPRĄLGRNQH]DYUåLWHVYRMX EODJRVORYLOLSRGUåNDSVLKRDQDOLWLĆNRJEUDWVWYD
åNROVNXDQDOL]XVDPQRP7DNRMHLELOR7HNVX(ULNL'RURWLVWDOLSUHGPDWLĆDUDLNXSLOL
SURVWUDQXNXĄXX7HVDUVNRMXOLFLX.DUPHOX =DSDQMXMXĄDMHEU]LQDNRMRPMHXVSHRGDRVWYDULWDMSRGYLJ3UHLVWHNDWHJRGLQHRQMH
YHĄELRQDSLVDRGYDWHPHOMQDĆODQNDQDRVQRYXRQRJDåWRMHUDQLMHLVWHJRGLQHL]ODJDRQD
3VLKLMDWULMVNRMNOLQLFL%ROQLFH&LRQVNH*RUHX6DQ)UDQFLVNXLQD3VLKLMDWULMVNRMNOLQLFLÅ/HQJOL
3RUWHUSUL0HGLFLQVNRPIDNXOWHWX.DOLIRUQLMVNRJXQLYHU]LWHWD3UYRÅ,QWXLFLMD9HJR äLULQD(ULNRYLKLQWHUHVRYDQMDELODMHQHYLćHQD-HGQRRGWLKLQWHUHVRYDQMDNRMHJDQLMH
SUHGVWDYD%HUQH&åWRMHSLVDQRSUH%D]DWLPÅ(JRVWDQMDXSVLKRWHUDSLML RVWDYOMDORWRNRPFHORJçLYRWDRGQRVLORVHQDWRNDNRVHSVLKLMDWULMDSUDNWLNXMHXGUXJLP
%HUQH ]HPOMDPDåLURPVYHWD
2VODQMDMXĄLVHQDWHNVWRYH3DXOD)HGHUQD(XJHQD.DQD.DKQL+6LOEHUHUD(ULNMHXSUYRP 1LMHVOXĆDMQRGDVHQMHJRYSUYLREMDYOMHQLĆODQDNEDYLRVLWXDFLMRPXGXåHYQLPEROQLFDPD6LULMH
ĆODQNXSRND]DRNDNRMHGRåDRGRSRMPDHJRVWDQMDLJGHMHQDåDRLGHMXRRGYDMDQMXÅRGUDVORJ L/LEDQD*RGLQHNUHQXRMHQDSXWRNRVYHWDRELåDYåLGXåHYQLKEROQLFDQD
RGÅGHWHWD8VOHGHĄHPĆODQNXRQMHUD]YLRWULSDUWLWQXVKHPXNRMDVHLGDQDVNRULVWLWM )LOLSLQLPDX+RQNRQJX6LQJDSXUXäUL/DQNL,QGLMLL7XUVNRM,]PHćXLVYDNRJ
5RGLWHOM2GUDVOLL'HWHXYHRMHWURNUXçQLPHWRGQMLKRYRJJUDILĆNRJSUHGVWDYOMDQMDSRND]DR OHWDMHSXWRYDRUDGHĄLQDOLĆQRMVWXGLMLGXåHYQLKREROMHQMDXREODVWL-XçQRJ3DFLILNDXNOMXĆLY
NDNRVHVNLFLUDMXNRQWDPLQDFLMH'2L52LGDRWHRULMLLPHÅVWUXNWXUQDDQDOL]DX] 1RYX*YLQHMX1RYX,UVNX)LGçLL7DKLWL2QMHWDNRćHELRGXERNR]DEULQXW]ERJ
NYDOLILNDFLMXGDMHWRÅMHGDQQRYLSVLKRWHUDSHXWVNLSULVWXS7UHĄLĆODQDNQDSLVDQQHNROLNR UDVQHGLVNULPLQDFLMHLQDSLVDRMHEULOMDQWQXDQDOL]XQDWXWHPXPQRJRSUHQHJRåWRMHRQD
PHVHFLNDVQLMHELRMHSUYLSXWL]ORçHQQD=DSDGQRPUHJLRQDOQRPVNXSX$PHULĆNRJXGUXçHQMD SRVWDODSRSXODUQD1MHJRYR]DQLPDQMH]DSDUDSVLKRORåNRL]ELMDORMHĆHVWRQDSRYUåLQX
]DJUXSQXSVLKRWHUDSLMXQRYHPEUDX/RV$QćHOHVXJGHMHELRSR]YDQGDJRYRULDGDR NDRåWRVHPRçHYLGHWLL]QMHJRYHVHULMHRGåHVWĆODQDNDLQWXLFLMLRGGR3XWRYDR
MHWRPHQDVORYÅ7UDQVDNFLRQDDQDOL]DMHGDQQRYLLGHODWQLPHWRGJUXSQHWHUDSLMH6D MHLQD7ULQLGDGX(YURSXLSR0HGLWHUDQX8%HĆXMHELRQD0HćXQDURGQRPNRQJUHVX
REMDYOMLYDQMHPRYRJĆODQNDRNWREUDX$PHULĆNRPçXUQDOX]DSVLKRWHUDSLMXLPH%HUQRYH ]DJUXSQXSVLKRWHUDSLMXLWDPRL]ODJDRWUDQVDNFLRQXDQDOL]X
PHWRGH]DGLMDJQR]XLOHĆHQMHWUDQVDNFLRQDDQDOL]DSRVWDORMHWUDMQLVDVWDYQLGHR
SVLKRWHUDSHXWVNHOLWHUDWXUH =$'1-(*2',1(
*RGLQHRGGRELOHVXEXUQH]D(ULND/LĆQLçLYRWPXMHSRVWDRSULOLĆQRKDRWLĆDQ
7DNRMH]DQHåWRYLåHRGJRGLQXGDQDRWNDNRMHRGOXĆLRGDVHUDVNDQWDVDSVLKRDQDOL]RP(ULN SRVOHUD]YRGDRG'RURWLGRNMHSRNXåDYDRGDQDćHQRYXGUXçEHQLFX3ULNUDĄHQQDWRPWHUHQX
%HUQELRVWYRULRELWQRQRYXYUVWXDQDOL]HWUDQVDNFLRQXĆLMHVDPRLPHND]XMHRĆHPXVHX RQMHVYHYLåHLYLåHYUHPHQDSURYRGLRSLåXĄLDOLPXçHOMD]DçHQVNLPGUXåWYRPQLMHXPLQXOD
SVLKRWHUDSLMLUDGLRWUDQVDNFLMDPDL]PHćXOMXGL3RUHGWRJDåWRMHSRQRYRL]ORçLRQDQRY 7DNRVHRçHQLRPODGRP7RUL5RX]NUDQVQHQDSXåWDMXĄLQLMHGQXRGVYH]DSHWOMDQLMLK
QDĆLQVYRMHSRMPRYHR52'VWUXNWXUQRMDQDOL]LLHJRVWDQMLPDXRYRPĆODQNXL]QRYHPEUD DXWRUVNLKREDYH]D9HĄVMHVHQLVXRQL7RULGREDUGHRYUHPHQDSURYRGLOLRGYRMHQR
%HUQMHGRGDRLYDçQHQRYHSRVODVWLFHLJUHLVFHQDULMD7DGDMHSUHYLåHRGJRGLQD MHGQRRGGUXJRJGDELVHSRĆHWNRPLIRUPDOQRUD]YHOL
7$ELODVNRURJRWRYD2GWDGDSDGRYHNDQHPDYLåHQLNDNYHRSDVQRVWLRGVXNREDVD
SVLKRDQDOL]RPMHUMHSRVWDORMDVQRGDMH7$åLUDLXVWUXNWXUQRPLXSRMPRYQRPVPLVOX7$ ąXGQRDOL(ULNMHVYLPVYRMLPSULMDWHOMLPDSULĆDRQDGYHQHGHOMHSUHGVUĆDQLQDSDGNDNRVH
QLMHXOD]LODXVYDćXVDSVLKRDQDOL]RPQHJRMHMHGQRVWDYQRSULJUOLOD RGOLĆQRRVHĄD%LRMH]DYUåLRGYHNQMLJH6HNVXOMXGVNRPYROMHQMXLäWDNDçHWHSRåWR
NDçHWHÅ=GUDYR"LELRMH]DGRYROMDQNDNRVXLVSDOH,ELRMHĆDNSRĆHRVHELGDSUXçD
6(0,1$5, SRQHNLYLNHQGĆLVWRJLJUDQMDEH]SLVDQMD$OLXSHWDNMXQDRVHWLRMHSUYR
9UHGLSRGVHWLWLVHGDMH(ULNMRåXUDQLPSHGHVHWLPJRGLQDPDSRĆHRGDNRULVWLYDçQHSROLJRQH XSR]RUHQMHRåWULERORYLVXJDSUREDGDOLNUR]JUXGQLNRå2SUH]DQNDNRJDMHERJGDRNDGVH
]DLVSUREDYDQMH7$XIRUPLNOLQLĆNLKVHPLQDUDNRMHMHQHXPRUQRLSUHGDQRYRGLRVYDNRJ UDGLRVRSVWYHQRP]GUDYOMXGçRJLUDRMHMRåXRQRYUHPHVYDNRJYLNHQGDDĆHVWRMHRGOD]LRL
ĆHWYUWNDXYHĆHX0RQWUHMX2GRWSRĆHRMHMRåMHGDQNOLQLĆNLVHPLQDUXWRUQLNRP QDSOLYDQMHRGPDKMHWUDçLRSULMHPXEROQLFXJGHVXPXXUDćHQLNDUGLRJUDPLUHQWJHQVNL
XYHĆHXVYRMRMNXĄLX6DQ)UDQFLVNXL]ĆHJDVHUD]YLODLQVWLWXFLMDÅ6DQIUDQFLVNDQVNL VQLPDNSOXĄD,]QHSR]QDWLKUD]ORJDVHNULYXOMD(.*DNUHWDODXJUDQLFDPDQRUPDOQRJD
VHPLQDULL]VRFLMDOQHSVLKLMDWULMHNRMDMHVWYRULODILQDQVLMVNXSRGORJX]DL]GDYDQMH%LOWHQD]D UHQWJHQVNLVQLPDNMHELRĆLVW5HĆHQRPXMHGDVHYUDWLNXĄLLGDRNUHWXEULJXQDYHVHOMH8
WUDQVDNFLRQXDQDOL]XNRMLVHSUYLSXWSRMDYLRXMDQXDUXDXUHGQLNPXMHELR%HUQ QHGHOMXSRSRGQHVHRSHWRVHĄDRGREURLEDåVHVSUHPDRGDNUHQHQDSODçXNDGDMHQDLåDR
.XĄXX.ROLQVRYRMXOLFLNXSLRMHJRGLQHLVHPLQDULVXVHRGRQGDSDVYHGRQMHJRYH WHçDNVUĆDQLQDSDG3UHEDĆHQMHKLWQRXMHGLQLFXLQWHQ]LYQHQHJHJGHMHSURYHRWULGDQD
VPUWLWDPRRGUçDYDOL0HćXWLPVHPLQDULVHQLVXXJDVLOLSRVOH%HUQRYHVPUWL8PHVWR SRGMDNLPGR]DPDVHGDWLYD
WRJDLVWDYHRPDDNWLYQDJUXSDNRMDVHVDVWDMDODVD(ULNRPVYDNRJXWRUNDXYHĆHRGOXĆLODMH
GDQDVWDYLVDVDVWDMDQMHPXRUGLQDFLMLLNXĄL'U'çHND'DåHMD'çHNVRQRYDXOLFDX6DQ .UDMHPSUYHQHGHOMHXEROQLFL(ULNMHSRĆHRGDVHRVHĄDEROMHDWRVXSRWYUćLYDOLL
)UDQFLVNX8(ULNRYXĆDVWJUXSDMHSURPHQLODLPHX6HPLQDUÅ(ULN%HUQX6DQ)UDQFLVNX NDUGLRJUDPL/HNDULLPHGLFLQVNRRVREOMHNRMLVXVHVWDUDOLRQMHPXELOLVXLPSUHVLRQLUDQL
SREROMåDQMHPQMHJRYRJVWDQMDLSRĆHOLVXGDNUXçHQH]YDQLĆQLL]YHåWDMLGDĄHVHGREURL]YXĄL
'DMH(ULNYLVRNRYUHGQRYDRVHPLQDUHVDVWDQRYLåWDUD]UDVWDQMDLXQDSUHćLYDQMD7$MDVQRMHL] 8EROQLFXVXVWLJOLåWDPSDUVNLåLIRYLNQMLJH6HNVXOMXGVNRPYROMHQMXLRQMHXVSHRGDVDVWDYLWUL
QMHJRYLKXYRGQLKL]UD]D]DKYDOQRVWLQDSRĆHWNXVYDNHRGQMHJRYLKNQMLJDR7$JGHRQQDYRGL SXQDVDWDUDGDQDNRUHNWXULRWLVDNDVHGHĄLXVYRPEROHVQLĆNRPNUHYHWX
LPHQDRQLKNOLQLĆDUDNRMLVXJDQDMYLåHSRGVWLFDOL2QWDNRćHQLMHSURSXåWDRSULOLNXGDVH
]DKYDOLVYRMLPSDFLMHQWLPDQDRQRPHĆHPXVXJDQDXĆLOL6DQIUDQFLVNDQVNLVHPLQDUMHXEU]R 3REROMåDQMHMHELORWDNRXEHGOMLYRGDPXMHGR]YROMHQRGDSUHćHL]MHGLQLFH]DLQWHQ]LYQX
SRVWDRJODYQLREUD]RYQLFHQWDU]DUHJLRQ=DOLYDJGHVXGROD]LOLVYLNRMLVXSUHWHQGRYDOLQD QHJXXQRUPDOQXEROHVQLĆNXVREX(.*MHLGDOMHL]JOHGDRSLWRPR$OLVDPMHSUL]QDYDRQD
SXQRSUDYQLVWDWXVÅNOLQLĆNRJĆODQDX0HćXQDURGQRM7$DVRFLMDFLML,7$$ QHNROLNRGDQDSUHGVPUWGDVHRVHĄDXPRUDQNDRQLNDGDNDGDMHWHOHIRQLUDRXVHPLQDU
MXODXYHĆHGHORYDRMHSULPHWQRREHVKUDEUHQRJRYRUHĄLNDNRVHÅSUHGQMLPSURVWLUHSXWSXQ
7HLVWHJRGLQHVX(ULNLQMHJRYHNROHJHL]6DQIUDQFLVNDQVNRJVHPLQDUD]DMHGQRVDRQLPD NULYLQD6OHGHĄHJMXWUDXEU]RSRVOHGRUXĆNDSRĆHRMHGDVHJXåLGDJXELGDK2VREOMHQLMH
L]0RQWUHMVNRJ7$VHPLQDUDRGOXĆLOLGDRVQXMX7$XGUXçHQMHSRGLPHQRPÅ0HćXQDURGQD ]QDORNDNRGDPXSRPRJQH$XWRSVLMDMHSRND]DODGDMHSRĆHWQLQDSDGNRURQDUQHWURPER]H
DVRFLMDFLMD]DWUDQVDNFLRQXDQDOL]X,7$$GDELVHLVWDNODĆLQMHQLFDGDMHVYHYHĄLEURM7$ ELRWDNRçHVWRNGDSUDNWLĆQRQLMHGDQGHRVUFDQLMHELRSRåWHćHQRGEH]QDGHçQLKRåWHĄHQMD
VWUXĆQMDNDQDVWDQMHQLKYDQ6$'1RYDRUJDQL]DFLMDMHRQGDSUHX]HODRG6DQIUDQFLVNDQVNRJ %LODMHVUHGDMXO
VHPLQDUDL]VRFLMDOQHSVLKLMDWULMHXORJXL]GDYDĆD7$ELOWHQDD6DQIUDQFLVNDQVNLVHPL
QDUMHSURPHQLRVYRMHLPHXÅ6DQIUDQFLVNDQVNLVHPLQDUL]WUDQVDNFLRQHDQDOL]HNDNREL 9RUHQąLQL
QDGDOMHELORMDVQRGDJDWUHEDVPDWUDWLVDPRMHGQLPRJUDQNRP,7$$
%,%/,2*5$),-$
%HUQH(Å7KH1DWXUHRI,QWXLWLRQ36<&+,$75,&48$57(5/<$
Å&RQWUHQLQJWKH1DWXUHRI'LDJQRVLV,175(&0('Å&RQFHUQLQJWKH
1DWXUHRI&RPPXQLFDWLRQ36<&+,$75,&48$57$Å,QWXLWLRQ,9
3ULPDO,PDJHVDQG3ULPDO-XGJHPHQW36<&+,$75,&48$57$