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RGR¨LYRWQRPL]GU¨DYDQMXEH]L]ULaLWRJXSR]RUHQMD]DVSHFLILaQHUDGQMHYD¨H`H
]D RVQRYQL XJRYRU R GR¨LYRWQRP L]GU¨DYDQMX MHU ]D SXQRYD¨QRVW WDNR ]DN
OMXaHQRJ XJRYRUD R GR¨LYRWQRP L]GU¨DYDQMX QLMH GRYROMQD RELaQD IRUPD RYHUH
SRWSLVDQDSXQRPR`MXSRRGUHGEDPDaODQD=DNRQDRRYHUDYDQMXSRWSLVDUXNR
SLVDLSUHSLVDEXGX`LGDIRUPDSURSLVDQD]DNRQRP]DQHNLXJRYRULOLNRMLGUXJL
SUDYQLSRVDRYD¨LL]DSXQRPR`MH]D]DNOMXaHQMHWRJXJRYRUDRGQRVQR]DSUHGX
]LPDQMHWRJSRVODaODQ=22
3UHPD]DNOMXaNX6DYHWRYDQMDJUD_DQVNLKLJUD_DQVNRSULYUHGQLKRGHOMHQMD
6DYH]QRJVXGD9UKRYQLKVXGRYDL9UKRYQRJYRMQRJVXGDRGL9
JRGLQH8JRYRULRSUHQRVXSUDYDVYRMLQHQDQHSRNUHWQRVWLPDNRMHVHQDOD]HX
-XJRVODYLML D QD NRMLPD VX SRWSLVL XJRYRUQLK VWUDQD RYHUHQL X GLSORPDWVNR

AODQ=DNRQDRSURPHWXQHSRNUHWQRVWL6OXËHQLJODVQLN56

6OXËHQLJODVQLN56AODQRPRYRJ]DNRQDSURSLVDQRMHLGDRYHUDYDQMHSRWSL
VDX]HPOML^QRNQML¨QLPVWYDULPDVXGRYLREDYOMDMXXVNODGXVDRGJRYDUDMX`LPSURSLVLPD

9LGLLSURIGU6ORERGDQ3HURYL`LGU.RPHQWDU=DNRQDRREOLJDFLRQRPRGQRVLPD6D
YUHPHQDDGPLQLVWUDFLMD%HRJUDGVWUDQD

NRQ]XODUQLP SUHGVWDYQL^WYLPD X LQRVWUDQVWYX LVSXQMDYDMX XVORYH ]DNRQRP

SURSLVDQHIRUPH^WR PXWDWLVPXWDQGLVYD¨LL]DIRUPXSXQRPR`MDNRMHVHRYH
UDYD X GLSORPDWVNR ¤ NRQ]XODUQRP SUHGVWDYQL^WYX NDG VX SLWDQMX QHSRNUHWQRVWL
,]REUD]OR¨HQMDRYRJSUDYQRJVWDYDSURL]LOD]LGD
=D SHUIHNWQRVW XJRYRUD NDR XVORY ]D QDVWDMDQMH SUDYQRJ RGQRVD X QHNLP
VOXaDMHYLPDQLMHGRYROMQRVDPRGDVXXJRYRUQHVWUDQNHSRVWLJOHVDJODVQRVWYROMD
]D ]DNOMXaLYDQMH XJRYRUD YH` MH SRWUHEQR L GD XJRYRU EXGH VDVWDYOMHQ X RG
UH_HQRMIRUPL8VXSURWQRPXJRYRUQH`HSURL]YRGLWL¨HOMHQRSUDYQRGHMVWYR7D
NDY MH VOXaDM NRG XJRYRUD NRMLPD VH SUHQRVL SUDYR VYRMLQH QD ]HPOML^WX L
]JUDGDPD QHSRNUHWQRVWLPD 3UDYQR SRVDR WUHED GD LPD IRUPX SURSLVDQX ]D
NRQRP WH UHSXEOLNH 8 VYLP ]DNRQLPD ]D RYX YUVWX SUDYQLK SRVORYD SUHGYL_HQD
MH SLVPHQD IRUPD V WLP ^WR VH X QHNLPD WUD¨L GD SRWSLVL XJRYRUQLK VWUDQD EXGX
RYHUHQL X VXGX 8 VYLP ]DNRQLPD SUHGYL_HQD MH LVWD SRVOHGLFD X VOXaDMX GD QLMH
VDaXYDQDIRUPD8WDNYLPVOXaDMHYLPDSURSLVDQRMHGDSUDYQLSRVDRQHSURL]YRGL
SUDYQR GHMVWYR QH]DYLVQR RG WRJD ^WR VKRGQR aODQX =DNRQD R REOLJDFLRQLP
RGQRVLPD SRG RGUH_HQLPXVORYLPDWDNYLSUDYQL SRVORYL PRJX GDEXGXNRQYDOL
GLUDQL0H_XWLPSUREOHPPR¨HGDQDVWDQHDNRMHSUDYQLSRVDR]DNOMXaHQXLQRV
WUDQVWYX D QHSRNUHWQRVW VH QDOD]L X -XJRVODYLML L SRWSLVL XJRYRUQLK VWUDQD VX
RYHUHQL X GLSORPDWVNRNRQ]XODUQLP SUHGVWDYQL^WYLPD X LQRVWUDQVWYX LDNR MH ]D
NRQRP UHSXEOLNH QD aLMRM VH WHULWRULML QDOD]L QHSRNUHWQRVW ]D SXQRYD¨QRVW LVWRJ
SURSLVDQR GD SRWSLVL XJRYRUQLK VWUDQD PRUDMX GD EXGX RYHUHQL NRG VXGD 3UHPD
MHGQRPPLÔMHQMXQLXNRPVOXaDMXRYDNYLPXJRYRULPDQHELPRJORGDVHSUL]QD
SUDYQR GHMVWYR =DVWXSQLFL RYRJ PLÔMHQMD SROD]H RG VOHGH`HJ SR]LWLYQL SURSLVL
GDMX PRJX`QRVW GD GLSORPDWVNRNRQ]XODUQD SUHGVWDYQL^WYD X LQRVWUDQVWYX YU^H
RYHUX 7DNR SUHPD aODQX =DNRQD R UH^DYDQMX VXNRED ]DNRQD VD SURSLVLPD
GUXJLK]HPDOMDXRGUH_HQLPRGQRVLPD6OXËHQLOLVW6)5-EURMLVSUDYND
XEURMX.RQ]XODUQDSUHGVWDYQL^WYD-XJRVODYLMHLGLSORPDWVNDSUHGVWDY
QL^WYD-XJRVODYLMHXLQRVWUDQVWYXNRMDYU^HNRQ]XODUQHSRVORYHPRJXGDYU^H
RYHUXSRWSLVDUXNRSLVDLSUHSLVDXVDJODVQRVWLVDPH_XQDURGQLPXJRYRULPDL
SURSLVLPD]HPOMHSULMHPD 1DRVQRYXRYOD^`HQMDL]VWDYDLVWRJaODQD6DYH]QL
VHNUHWDULMDW]DVSROMQHSRVORYHSURSLVDRMH3UDYLOQLNRRYHUDYDQMXMDYQLKLVSUDYD
SRWSLVD UXNRSLVD L SUHSLVD X GLSORPDWVNRNRQ]XODUQLP SUHGVWDYQL^WYLPD X LQRV
WUDQVWYXXNRMHP MHaODQVWDYSURSLVDQRGDRYHUDSRWSLVDUXNRSLVDLSUH
SLVD ]D XSRWUHEX X -XJRVODYLML YU^L VH X VDJODVQRVWL VD YD¨H`LP MXJRVORYHQVNLP
SURSLVLPD,]RYLKRGUHGDED]DNRQDL3UDYLOQLNDL]YODaLVH]DNOMXaDNGDXJRYRUL
RSUHQRVXSUDYDVYRMLQHQDQHSRNUHWQRVWLPDWUHEDGDVHRYHUDYDMXSUHPDSURSLVL
PDUHSXEOLNDDWR]QDaLXVOXaDMHYLPDNDGDWLSURSLVLSUHGYL_DMXRYHUDYDQMHSRW
SLVD L XJRYRUD VWUDQDND X VXGX QD aLMHP SRGUXaMX VH QDOD]L QHSRNUHWQRVW
LVNOMXaHQR MH GD RYHUDYDQMH PR¨H GD VH YU^L RG VWUDQH GLSORPDWVNRNRQ]XODUQLK
SUHGVWDYQL^WDYDXLQRVWUDQVWYX

3RGUXJRPPLÔMHQMXLWDNYLXJRYRULELWUHEDORGDVHWUHWLUDMXNDRGDVX
SRWSLVLXJRYRUQLKVWUDQDRYHUHQLRGQDGOH¨QLKRUJDQDWDNR^WRLQMLPDWUHEDGD
VHGDSUDYQDYD¨QRVWDOLVDPRDNRVXLVSXQMHQLXVORYLSUHGYL_HQL]DNRQRPUH
SXEOLNHRGQRVQRXNROLNRX]DNRQXQLMHGUXJDaLMHRGUH_HQR
1DVDYHWRYDQMXMHMHGQRJODVQRSULKYD`HQRGUXJRPLÔMHQMH=DNOMXaHQRMH
GDQDWRXSX`XMHFLWLUDQDRGUHGEDaODQD=DNRQDRUH^DYDQMXVXNRED]DNRQD
VDSURSLVLPDGUXJLK]HPDOMDSRVHEQRDNRVHLPDXYLGXLRGUHGEDaODQDLVWRJ
]DNRQDGDVXGLSORPDWVNRNRQ]XODUQDSUHWVWDYQL^WYDRYOD^`HQDaDNLGDSULPDMX
WHVWDPHQW
.DGMHXSLWDQMX ]DVWXSDQMHSUHG(YURSVNLPVXGRP]DOMXGVNDSUDYDSX
QRPR`MHPRUDLVSXQMDYDWLIRUPXSURSLVDQXaODQRP3RVORYQLNDVXGD2EUD]DF
SXQRPR`MD NRML VH PR¨H SUHX]HWL VD ,QWHUQHW VWUDQLFH RYRJ VXGD SRWSLVXMX
SRGQRVLODF SUHGVWDYNH L DGYRNDW RGQRVQR GUXJL SXQRPR`QLN 6DP REUD]DF
VDGU¨LLPHSUH]LPHLDGUHVXSRGQRVLRFDSUHGVWDYNHLPHSUH]LPHDGUHVXL]DQL
PDQMHSXQRPR`QLNDL]MDYXRRYOD^`HQMX]D]DVWXSDQMHDSOLNDQWDXSRVWXSNXSUHG
WLPVXGRPXVNODGXVDaODQRP(YURSVNHNRQYHQFLMH]D]D^WLWXOMXGVNLKSUDYD
LRVQRYQLKVORERGDR]QDaHQMHGU¨DYHSURWLYNRMHVHSUHGVWDYNDSRGQRVLGDWXP
SRGQR^HQMDSUHGVWDYNHPHVWRLGDWXPL]GDYDQMDSXQRPR`MDSRWSLVDSOLNDQWDL
SRWSLVSXQRPR`QLND¤NRMLLVWRYUHPHQRSRWYU_XMHGDRYRRYOD^`HQMHSULKYDWD
3XQRPR`QLNPR¨HSUHGX]LPDWLVDPRRQHSUDYQHSRVORYH]DaLMHMHSUHGX]L
PDQMHRYOD^`HQ
3XQRPR`QLNNRPHMHGDWRRS^WHSXQRPR`MHPR¨HSUHGX]LPDWLVDPRSUDYQH
SRVORYHNRMLGROD]HXUHGRYQRSRVORYDQMH3RVDRNRMLQHGROD]LXUHGRYQRSRVOR
YDQMHPR¨HSXQRPR`QLNSUHGX]HWLVDPRDNRMHSRVHEQRRYOD^`HQ]DSUHGX]LPD
QMHWRJSRVODRGQRVQRYUVWHSRVORYDPH_XNRMHRQVSDGD
3XQRPR`QLNQHPR¨HEH]SRVHEQRJRYOD^`HQMD]DVYDNLSRMHGLQLVOXaDMSUH
X]HWLPHQLaQXREDYH]X]DNOMXaLWLXJRYRURMHPVWYXRSRUDYQDQMXRL]EUDQRP
VXGXNDRQLRGUH`LVHQHNRJSUDYDEH]QDNQDGH8VOXaDMXSUHGX]LPDQMDRYLKSR
VORYDEH]SRVHEQRJRYOD^`HQMDSUDYQDSRVOHGLFDMHQMLKRYDQL^WDYRVWDSUHGX
]LPDQMHSDUQLaQHUDGQMHRGVWUDQHSXQRPR`QLNDNRMLQDWRQLMHRYOD^`HQRGQRVQR
QH]DNRQLWRJUDVSRODJDQMD¤QH]DNRQLWHGLVSR]LFLMHXSRVWXSNXSUHGVXGRPSUHG
VWDYOMDDSVROXWQRELWQXSRYUHGXRGUHGDEDSDUQLaQRJSRVWXSNDL]aODQDVWDY

ZZZHFKUFRHLQWLOLZZZFRHRUJ\X¤.DQFHODULMD6(X%HRJUDGXQDVUSVNRPMH]LNX

AODQ=22

.DGDMHWX¨LRFDSUHGVXGRP]DVWXSDRQMHJRYVLQSRSXQRPR`MXNRMLMH]DNOMXaLRVXGV
NRSRUDYQDQMHVDWX¨HQLNRPDQDSULOR¨HQRPSXQRPR`MXMHQDNQDGQRWX¨LRaHYVLQGRGDRGDPR¨H
GD]DNOMXaLSRUDYQDQMHDNDNRMHWRXaLQMHQREH]VDJODVQRVWLWX¨LRFDWDGDVHSRUDYQDQMHLPDSR
QL^WLWLMHUSXQRPR`QLNWX¨LRFDQLMHLPDRXUHGQRSXQRPR`MHSUHVXGD2S^WLQVNRJVXGDX8¨LFX3
EURGJRGLQHLSUHVXGD2NUX¨QRJVXGDX8¨LFX*ËURG
JRGLQH

WDaNDXYH]LaODQDVWDY=DNRQDRSDUQLaQRPSRVWXSNXQDNRMXVHSD]LSR
VOXËHQRMGX¨QRVWLXLQVWDQFLRQRPSRVWXSNXVWLP^WRRQDPR¨HELWLLUD]ORJL]MD
YOMLYDQMDYDQUHGQLKSUDYQLKOHNRYDUDGLSRELMDQMDQL¨HVWHSHQLKRGOXNDXNROLNRMH
WDNYDELWQDSRYUHGDSRVWXSNDXaLQMHQD
3UHVWDQDNRWND]RSR]LY
LVX¨DYDQMHSXQRPR`MD
3XQRPR`MHSUHVWDMHVPU`XSXQRPR`QLNDRGQRVQRSUHVWDQNRPSUDYQRJOLFD
NDRSXQRPR`QLNDDNR]DNRQRPQLMHGUXNaLMHRGUH_HQRaODQ=22
3XQRPR`MHSUHVWDMHLSUHVWDQNRPSUDYQRJOLFDRGQRVQRVPU`XOLFDNRMHJD
MHGDORRVLPDNRVH]DSRaHWLSRVDRQHPR¨HSUHNLQXWLEH]^WHWHSRSUDYQHVOHGEH
QLNHLOLDNRSXQRPR`MHYD¨LL]DVOXaDMVPUWLGDYDRFDELORSRQMHJRYRMYROMLELOR
VRE]LURPQDSULURGXSRVOD
2SR]LYDQMH SXQRPR`MD NDR L QMHJRYR VX¨DYDQMH QHPD GHMVWYR SUHPD
WUH`HPOLFXNRMHMH]DNOMXaLORXJRYRUVDSXQRPR`QLNRPLOLREDYLORGUXJLSUDYQL
SRVDR D QLMH ]QDOR QLWL MH PRUDOR ]QDWL GD MH SXQRPR`MH RSR]YDQR RGQRVQR
VX¨HQR8WRPVOXaDMXYODVWRGDYDFLPDSUDYR]DKWHYDWLRGSXQRPR`QLNDQDN
QDGX^WHWHNRMXEL]ERJWRJDSUHWUSHRL]X]HYNDGSXQRPR`QLNQLMH]QDRQLPRUDR
]QDWL ]D RSR]LYDQMH RGQRVQR ]D VX¨DYDQMH SXQRPR`MD 7R YD¨L L X RVWDOLP
VOXaDMHYLPDSUHVWDQNDSXQRPR`MD
2WND]SXQRPR`MDRGVWUDQHDGYRNDWDNDGDMHVWUDQNDXPUODSURL]YRGLSUDY
QRGHMVWYRVDPRDNRMHRWND]XaLQMHQQDVOHGQLFLPDVWUDQNH'RYROMQRMHGDRWND]
EXGHXaLQMHQLVDPRMHGQRPRGQDVOHGQLND

6OXËHQLJODVQLN56

2SR]LYDQMHRGRVQRRWND]SXQRPR`MDGHOXMHRGGDQDNDGDVHRWRPHREDYHVWLVXGSUHG
NRMLPVHYRGLSRVWXSDNUH^HQMH9UKRYQRJVXGD6UELMH5HYRGPDUWDJRGLQH
2EDYH]DDGYRNDWDGDXVOXaDMXRWND]DSXQRPR`MDSUHGX]LPDSDUQLaQHUDGQMHXNRULVWYODVWRGDYFD
MR^PHVHFGDQDPR¨HSUHVWDWLSUHLVWHNDWRJURNDVDPRXVOXaDMXDNRVWUDQNDX]PHGUXJRJSXQR
PR`QLNDLOLDNRL]MDYLGDMRMSRPR`GRWDGD^QMHJSXQRPR`QLNDQLMHSRWUHEQDLRWRPHREDYHVWLVXG
UH^HQMH9UKRYQRJVXGD6UELMH3UHYRGJRGLQH3XQRPR`QLNVWUDQNHNRPH
MHGRVWDYOMHQDSUYRVWHSHQDSUHVXGDGX¨DQMHGDEH]RE]LUDQDWR^WRPXMHRSR]YDQRSXQRPR`MH
L]MDYL¨DOEXSUHLVWHNDURND]D¨DOEXUH^HQMD2NUX¨QRJVXGDX1RYRP6DGX*¨RG
JRGLQH,QWHUPHNV%HRJUDG6XGVNDSUDNVD

AODQ=22

5H^HQMH2NUX¨QRJVXGDX9DOMHYX*ËURG,QWHUPHNV%HRJUDG6XGV
NDSUDNVD

9ODVWRGDYDFPR¨HSRVYRMRMYROMLVX]LWLLOLRSR]YDWLSXQRPR`MHaDNLDNR
VHXJRYRURPRGUHNDRWRJSUDYD2SR]LYDQMHLVX¨DYDQMHVYDNRJSXQRPR`MDPR¨H
VHXaLQLWLL]MDYRPEH]SRVHEQHIRUPH
$NRMHRSR]LYDQMHPLOLVX¨DYDQMHPSXQRPR`MDSRYUH_HQXJRYRURQDORJX
LOLXJRYRURGHOXLOLQHNLGUXJLXJRYRUSXQRPR`QLNLPDSUDYRQDQDNQDGXWLPH
QDVWDOH^WHWH
9UVWHSXQRPR`MD
3XQRPR`MHXJRYRURSXQRPR`VWYXRE]LURPQDIRUPXPR¨HELWL QHIRU
PDODQLOL IRUPDODQSUDYQLSRVDRDSUHPDSUDYQLPSRVORYLPDPR¨HELWLRS^WH
JHQHUDOQRSXQRPR`MHLOLSRVHEQRVSHFLMDOQRSXQRPR`MH
2S^WHJHQHUDOQRSXQRPR`MH¤PDQGDWXPJHQHUDOLVRGQRVLVHQDSUHGX]L
PDQMHVYLKSUDYQLKSRVORYDVWLP^WRVHSUHPDQD^HP=DNRQXRREOLJDFLRQLP
RGQRVLPDQDRVQRYXRYDNYRJSXQRPR`MDPRJXSUHGX]LPDWLVDPRSUDYQLSRVORYL
NRMLVSDGDMXX¤UHGRYQRSRVORYDQMHDSUHPDVYRMLPSUDYQLPNDUDNWHULVWLNDPD
WRVXDNWLXSUDYOMDQMDDGPLQLVWUDFLMHDQHDNWLUDVSRODJDQMDGLVSR]LFLMH
.RG VXGD NRG NRMHJD MH JHQHUDOQR SXQRPR`MH GHSRQRYDQR DGYRNDW QLMH
GX¨DQSULOR¨LWLLSXQRPR`MHQHJRVHVDPRSR]YDWLQDEURMSRGNRMLPMHRQRGHSR
QRYDQR.RGGUXJLKVXGRYDDGYRNDWMHGX¨DQXYHNSULOR¨LWLXUHGQRSXQRPR`MH]D
]DVWXSDQMHLWRSULOLNRPSUHGX]LPDQMDSUYHUDGQMHXSRVWXSNXXLPHVWUDQNHNRMX
]DVWXSD
3RVHEQRVSHFLMDOQRSXQRPR`MH¤PDQGDWXPVSHFLDOLVRGQRVLVHQDSUH
GX]LPDQMHSUDYQLKSRVORYDNRMLSUHOD]HRNYLUHUHGRYQRJUDVSRODJDQMDLYD¨L]D
RGUH_HQX YUVWX SRVORYD$NRVHSXQRPR`MHL]GDMH]DVYDNLSRMHGLQDaQLSUDYQL
SRVDR UDGL VH R SRVHEQRP L]YDQUHGQRP SXQRPR`MX ¤ PDQGDWXP VSHFLDOLV
VLPXV

AODQ=22

'U2EUHQ6WDQNRYL`'U9ODGLPLU9RGLQHOL`8YRGXJUD_DQVNRSUDYR1RPRV
VWUDQD8RGOXFL9UKRYQQRJVXGD6UELMH*]]L]UD¨HQRMHLSUDYQRVWDQRYL^WH3XQR
PR`QLNQHPR¨H]DNOMXaLYDWLSUDYRYDOMDQHXJRYRUHRSRNORQXQDRVQRYXJHQHUDOQRJSXQRPR`MD
=DSXQRYD¨DQXJRYRUSRWUHEQRMHSRVHEQRSXQRPR`MHNRMLPVHSXQRPR`QLNRYOD^`XMHGDPR¨H
]DNOMXaLWLXJRYRURSRNORQXRGUH_HQHVWYDUL6DPRWDNYRSRVHEQRSXQRPR`MHPRJORELREDYH]L
YDWLYODVWRGDYFDLVDPRXWDNYRPVOXaDMX]DNOMXaHQLXJRYRUPRJDRELSURL]YHVWLSUDYQRGHMVWYR

AODQ 6XGVNRJ SRVORYQLND 6OXËHQL JODVQLN 56
.DGVHSXQRPR`QLNVWUDQNHSR]LYDQDJHQHUDOQRSXQRPR`MHNRMHVHQDOD]LXVSLVLPD
VXGVNHXSUDYHSLVDUQLFD`HSUHGRVWDYOMDQMDSUHGPHWDVXGLMLSURYHULWLGDOLMHSUHGPHWXSULOR¨HQ
SUHSLVSXQRPR`MDNDRLGDOLWDNYRSXQRPR`MHSRVWRMLLGDOLQLMHRSR]YDQR7R`HVHNRQVWDWRYDWLX
SUHGPHWXX]QDYR_HQMHSRVORYQRJEURMDSLVPHQDX]NRMHMHSULOR¨HQL]YRUQLNSXQRPR`MDRGQRVQR
UHGQLEURMXSLVQLNDVXGVNHXSUDYHSRGNRMLPMHGHSRQRYDQRJHQHUDOQRSXQRPR`MH

3XQRPR`MHPR¨HELWLL QHRJUDQLaHQR¤SDSXQRPR`QLNSUHGX]LPDSUDYQH
SRVORYHSUHPDVRSVWYHQRP]QDQMXLSURFHQLELWQLKRNROQRVWLLOLRJUDQLaHQR¤ND
GD VDGU¨L XSXWVWYD YODVWRGDYFD NRMD VH LPDMX SR^WRYDWL SULOLNRP SUHGX]LPDQMD
SUDYQLKSRVORYDXQMHJRYRLPH8NROLNRVHXSXWVWYDXVYHPXPRUDMXSR^WRYDWL
RQDVX LPSHUDWLYQDD IDNXOWDWLYQD¤NDGSXQRPR`QLNPR¨HRGVWXSLWLRGGDWLK
XSXWVWDYD SUHPD VRSVWYHQRM SURFHQL DOL UXNRYRGH`L VH LQWHUHVLPD YODVWRGDYFD
2GVWXSDQMHRGGDWLKXSXWVWDYDSURWLYQRL]OR¨HQLPSUDYLOLPDRG]QDaDMDMH]DRG
JRYRUQRVWSXQRPR`QLNDSUHPDYODVWRGDYFXDOLQHYH]XMHWUH`HJDNRMHVDYHVWDQ
WMDNR]DQMLKQLMH]QDRQLWLSUHPDSULOLNDPDPRJDR]QDWL3UHPDaODQXVWDY
=DNRQDRREOLJDFLRQLPRGQRVLPDDNRQDORJRSULPDFRGVWXSLRGGRELMHQLKXSXW
VWDYDYDQVOXaDMDSUHGYL_HQRJXSUYRPVWDYXQH`HVHVPDWUDWL]DQDORJRSULPFD
YH`]DSRVORYR_XEH]QDORJDL]X]HYDNRQDORJRGDYDFQDNQDGQRRGREULRQR^WR
MHXUDGLR0LVOLPRGDVKRGQRRS^WLPSUDYLOLPDR]DVWXSDQMXRYRYD¨L]DVOXaDM
NDGMHWUH`L]QDRLOLPRUDR]QDWL]DXSXWVWYRQHYLGLVHR]ELOMDQUD]ORJGDRYR
RS^WHSUDYLOREXGHGHURJLUDQR
3XQRPR`MHPR¨HELWLGDWRLX HOHNWURQVNRMIRUPLVDJODVQRRGUHGEDPD=D
NRQDRHOHNWURQVNRPSRWSLVXDOLVHQDRVQRYXWDNYRJSXQRPR`MDPRJXSUHGX
]LPDWL QHIRUPDOQL SUDYQL SRVORYL EXGX`L GD MH XSRWUHED HOHNWURQVNRJ SRWSLVD
PRJX`DXWDNYLPSUDYQLPSRVORYLPDDSRWSLVQLNXWRPVOXaDMXMHOLFHNRMHSRVH
GXMHVUHGVWYD]DHOHNWURQVNRSRWSLVLYDQMHLYU^LHOHNWURQVNRSRWSLVLYDQMHXVYRMH
LPHLOLXLPHSUDYQRJLOLIL]LaNRJOLFD3UHPDaODQXRYRJ]DNRQDHOHNWURQVNRP
GRNXPHQWXVHQHPR¨HRVSRULWLSXQRYD¨QRVWLOLGRND]QDVQDJDVDPR]ERJWRJD
^WRMHXHOHNWURQVNRPREOLNXDOLVHRYHRGUHGEHQHSULPHQMXMXQDSUDYQHSRVOR
YHNRMLPDVHYU^LSUHQRVSUDYDVYRMLQHQDQHSRNUHWQRVWLLOLNRMLPDVHXVWDQRYOMD
YDMXGUXJDVWYDUQDSUDYDQDQHSRNUHWQRVWLPDL]MDYHVWUDQDNDLGUXJLKXaHVQLNDX
SRVWXSNX]DUDVSUDYOMDQMH]DRVWDY^WLQHIRUPX]DYH^WDQMDXJRYRUHRXVWXSDQMXL
UDVSRGHOL LPRYLQH ]D ¨LYRWD XJRYRUH R GR¨LYRWQRP L]GU¨DYDQMX L VSRUD]XPH X
YH]LVDQDVOH_LYDQMHPNDRLGUXJHXJRYRUHL]REODVWLQDVOHGQRJSUDYDXJRYRUHR
XUH_LYDQMXLPRYLQVNLKRGQRVDL]PH_XEUDaQLKGUXJRYDXJRYRUHRUDVSRODJDQMX
LPRYLQRPOLFDNRMLPDMHRGX]HWDSRVORYQDVSRVREQRVWXJRYRUHRSRNORQXGUXJH
SUDYQHSRVORYHLOLUDGQMH]DNRMHMHSRVHEQLP]DNRQRPLOLQDRVQRYX]DNRQDGR
QHWLKSURSLVDL]ULaLWRRGUH_HQDXSRWUHEDVYRMHUXaQRJSRWSLVDXGRNXPHQWLPDQD
SDSLUXLOLRYHUDVYRMHUXaQRJSRWSLVD

'U2EUHQ6WDQNRYL`GU9ODGLPLU9RGLQHOL`8YRGXJUD_DQVNRSUDYR1RPRV
VWUDQD

6OXËHQLJODVQLN56

3RVORYQRSXQRPR`MH
3RVORYQRSXQRPR`MHSUHPD=DNRQXRREOLJDFLRQLPRGQRVLPDPR¨HGDWL
XJUDQLFDPD]DNRQDSUHGX]H`HRGQRVQRGUXJRSUDYQROLFHLQMLPHRYODVWLWLSX
QRPR`QLND GD ]DNOMXaXMH XJRYRUH L REDYOMD RVWDOH SRVORYH NRML VX XRELaDMHQLX
YU^HQMXQMLKRYHSRVORYQHGHODWQRVWL
3RVORYQLSXQRPR`QLNQHPR¨HRWX_LWLLOLRSWHUHWLWLQHSRNUHWQRVWLSUHX]HWL
PHQLaQH REDYH]H LOL REDYH]H MHPVWYDX]HWL]DMDPLYRGLWLVSRUDNRQLMHGRELR
SRVHEQRSXQRPR`MH]DVYDNLWDNDYSRVDR3RVORYQRSXQRPR`MHPR¨HELWLRJUD
QLaHQR QD RGUH_HQXYUVWXSRVORYD LOL QDRGUH_HQH SRVORYHDOLRYDRJUDQLaHQMD
LPDMXGHMVWYRSUHPDWUH`HPVDPRDNRMH]DQMLK]QDRLOLPRUDR]QDWL
2GUHGEHRSRVORYQRPSXQRPR`MXVKRGQRVHSULPHQMXMXQDSRVORYQRSXQR
PR`MHLPDRFDUDGQMHVWLP^WRSRVORYQRSXQRPR`MHQHSUHVWDMHVPU`XLPDRFD
UDGQMHNDRQLNDGRQEXGHOL^HQSRVORYQHVSRVREQRVWL3UHPDaODQX=DNRQDR
SULYDWQLPSUHGX]HWQLFLPDRVQLYDaUDGQMHPR¨HSULYUHPHQRSUHVWDWLGDQHSRVUHG
QR YRGL UDGQMX L GD GHODWQRVW UDGQMH QDVWDYL SUHNR ]DSRVOHQRJ LOL aODQD SRUR
GLaQRJGRPD`LQVWYDNDRSRVORYR_HNRPHGDMHSLVPHQRRYOD^`HQMH2YOD^`HQMH
SRVORYR_HGDSUHGVWDYOMDL]DVWXSDUDGQMXXSLVXMHVHXRS^WLQVNLUHJLVWDUVWLP^WR
SRVORYR_D PRUD LVSXQMDYDWL VYH XVORYH SURSLVDQH RYLP ]DNRQRP ]D REDYOMDQMH
RGUH_HQHGHODWQRVWL8VOXaDMHYLPDNDGDRVQLYDaUDGQMHREDYOMDGHODWQRVWSUH
NRSRVORYR_H]DSRVORYDQMHUDGQMHRGJRYRUDQMHSRVORYR_D
2YOD^`HQMDWUJRYLQVNRJSXWQLND
7UJRYLQVNLSXWQLNRYOD^`HQMHSUHGX]LPDWLVDPRRQHSRVORYHNRMLVHRGQRVH
QDSURGDMXUREHLNRMLVXQDYHGHQLXSXQRPR`MXNRMHPXMHSUHGX]H`HGDOR8
VOXaDMXQHL]YHVQRVWLVPDWUDVHGDWUJRYLQVNLSXWQLNQLMHRYOD^`HQGD]DNOMXaXMH
XJRYRUHQHJRVDPRGDSULNXSOMDSRUXGËLQHDOL`HLSDNXJRYRUNRMLMH]DNOMXaLR
RVWDWLQDVQD]LDNRJDYODVWRGDYDFQDNQDGQRRGREUL
7UJRYLQVNLSXWQLNNRMLMHRYOD^`HQGDSURGDMHUREXQLMHRYOD^`HQGDQDSODWL
FHQXNDRQLGDSURGDMHQDNUHGLWRVLPDNRLPDSRVHEQRRYOD^`HQMH]DSURGDMXQD
NUHGLWDOLMHRYOD^`HQGD]DYODVWRGDYFDSULPDUHNODPDFLMH]ERJQHGRVWDWNDUREHL
RVWDOHL]MDYHXYH]LVDL]YU^HQMHPXJRYRUD]DNOMXaHQRJQMHJRYLPSRVUHGRYDQMHP

AODQ=22

AODQ=22

=DNRQRSULYDWQLPSUHGX]HWQLFLPD6OXËHQLJODVQLN6566OXËHQLJODVQLN
56

AODQ=22

NDRLGDXLPHYODVWRGDYFDSUHGX]LPDSRWUHEQHPHUH]DRaXYDQMHQMHJRYLKSUDYD
L]WRJXJRYRUD
2YOD^`HQMDOLFDNRMDREDYOMDMXRGUH_HQHSRVORYH
/LFD NRMD UDGH QD WDNYLP SRVORYLPD aLMH MH REDYOMDQMH YH]DQR ]D ]DN
OMXaHQMHLLVSXQMHQMHRGUH_HQLKXJRYRUDNDR^WRVXSURGDYFLXSURGDYQLFDPDOL
FD NRMD REDYOMDMX RGUH_HQH XVOXJH X XJRVWLWHOMVWYX OLFD QD SRVORYLPD ^DOWHUVNH
VOXËHXSR^WLXEDQFLLVORYOD^`HQLVXVDPLPWLPQD]DNOMXaHQMHLLVSXQMHQMHWLK
XJRYRUD
8JRYRUR]DVWXSDQMXSR]DNRQXRUDGX
3UHPDSRVHEQLPRGUHGEDPD=DNRQDRUDGXaODQXJRYRURPR]DV
WXSDQMXLOLSRVUHGRYDQMX]DNRMLMHSURSLVDQDREDYH]QDSLVDQDIRUPD]DVWXSQLN
REDYOMDSRVORYH]DVWXSDQMDSRVORGDYFDNDRUDGYDQUDGQRJRGQRVDX]QDNQDGX
2YLPXJRYRURPR]DVWXSDQMXXWYU_XMXVHSRUHGSUDYDQDQDNQDGX]D]DVWXSDQMH
REDYH]H L RGJRYRUQRVWL OLFD NRMH REDYOMD SRVORYH ]DVWXSDQMD X VNODGX VD ]D
NRQRP
8PHVWR]DNOMXaND
8JRYRUQRSXQRPR`VWYRSXQRPR`MHMHVDPRVWDODQSUDYQLSRVDRQH]DYLV
WDQRGRVQRYQRJSRVODQDRVQRYXNRJDMHSXQRPR`MHGDWREH]RE]LUDGDOLMHQDV
WDORMHGQRVWUDQRPL]MDYRPYROMHLOLQDRVQRYXXJRYRUD¤NDRGYRVWUDQRJSUDYQRJ
SRVOD
,DNRMHXJRYRUQRSXQRPR`VWYRQHIRUPDODQSUDYQLSRVDRSLVDQDIRUPDL
NDGQLMHSURSLVDQDNDRXVORYQMHJRYHSXQRYD¨QRVWLRODN^DODELGRND]LYDQMHQMH
JRYRJSRVWRMDQMDLRELPDRYOD^`HQMDNRMHLPDSXQRPR`QLNXVOXaDMXVSRUD
(OHNWURQVNDWUJRYLQDLQHNLQHIRUPDOQLSUDYQLSRVORYLYHOLNHYUHGQRVWLNRMH
SUDWLL]GDYDQMH]D^WL`HQLKHOHNWURQVNLKGRNXPHQDWD]DKWHYDMXLLVSXQMDYDQMHGUX
JLKSRVHEQLKXVORYD]DHOHNWURQVNLVDREUD`DMQDJOREDOQRMPUH¨L^WR]DKWHYDQH
VDPRGRQR^HQMHSRVHEQLKSURSLVDYH`LXVDJOD^DYDQMHRGUHGDED=DNRQDRREOLJD
FLRQLP RGQRVLPD VD YD¨H`LP PH_XQDURGQLP VWDQGDUGLPD X REODVWL XJRYRUQRJ
SXQRPR`VWYDX]REDYH]QRRVLJXUDQMHIL]LaNLKLSUDYQLKOLFDNRMDVHEDYH]DVWX
SDQMHP¤RGRGJRYRUQRVWL]DJUH^NXXaLQMHQXYODVWRGDYFXSUHGX]LPDQMHPSUDY
QLKSRVORYDXQMHJRYRLPHL]DQMHJRYUDaXQ

AODQ=22

6OXËHQLJODVQLN56

32./21
2'(/-$.
23>7(2'5('%(
3RMDP
AODQ
8JRYRURPRSRNORQXREDYH]XMHVHSRNORQRGDYDFGDSRNORQRSULPFXSUHQH
VHEH]QDNQDGHSUDYRVYRMLQHLOLQHNRGUXJRSUDYRLOLGDPXQDNRMLGUXJLQDaLQ
XaLQLNDNYXNRULVWQDWHUHWVYRMHLPRYLQH
8JRYRURSRNORQXSUHGVWDYOMDLRGULFDQMHEH]QDNQDGHRGSUDYDNRMHSRNOR
QRGDYDFLPDSUHPDSRNORQRSULPFX
8JRYRU R SRNORQX SUHGVWDYOMD L XJRYRU NRML MH]DNOMXaLRSRNORQRGDYDF L]
]DKYDOQRVWLLOLQHNHGUXJHPRUDOQHREDYH]HDNRSRNORQRSULPDFQLMHLPDRSUDYR
GDWXËRPWR]DKWHYD
)RUPD
AODQ
8JRYRU R SRNORQX MH SXQRYD¨DQ DNR MH ]DNOMXaHQ X SLVPHQRM IRUPL D X
VOXaDMXQHSRNUHWQHVWYDULLRYHUHQRGVWUDQHQDGOH¨QRJRUJDQD
8JRYRU R SRNORQX SRNUHWQLK VWYDUL NRMLQLMH]DNOMXaHQXSLVPHQRMIRUPL
SXQRYD¨DQMHDNRMHVWYDUSUHGDWDSRNORQRSULPFX
$NR QD SLVDQX SRQXGX SRNORQD SRQX_HQL QH L]MDYL SLVPHQR LOL XVPHQR X
RGUH_HQRPLOL]DNRQVNRPURNXGDMHQHSULKYDWDVPDWUD`HVHGDMHSRQXGXSULK
YDWLRL]X]HYDNRJDMHSRQXGLODFREDYHVWLRGD`HQMHJRYR`XWDQMHVPDWUDWLNDR
RGELMDQMHSRQXGH
.DG VH SRNORQ aLQL XJRYRURP X NRULVW WUH`HJ SULKYDWDQMH SRNORQRSULPFD
QHPRUDGDEXGHXSLVPHQRMIRUPL
3RNORQ ]D XaLQMHQH XVOXJH QH PRUD GD EXGH ]DNOMXaHQ X SLVPHQRM IRUPL
XNROLNRQHSUHOD]L]QDWQRYUHGQRVWXaLQMHQLKXVOXJD
6SRVREQRVWSRNORQRGDYFD
AODQ
8JRYRURSRNORQXPR¨HGD]DNOMXaLVDPRSRWSXQRSRVORYQRVSRVREDQSRN
ORQRGDYDF

3RNORQRGDYDFNRMLXaDVX]DNOMXaHQMDXJRYRUDQLMHL]ELORNRJX]URNDPR
JDRGDVKYDWLVPLVDRLOLGRPD^DMVYRJSRVWXSNDPR¨H]DKWHYDWLSRQL^WHQMHXJR
YRUDRSRNORQXXURNXRGJRGLQXGDQDRGGDQDNDGDJDMH]DNOMXaLR
,VWRSUDYRLPDMXLQMHJRYLQDVOHGQLFL
6SRVREQRVWSRNORQRSULPFD
AODQ
8JRYRURSRNORQXPR¨HGD]DNOMXaLLSRVORYQRQHVSRVREQROLFH
=DNRQVNL]DVWXSQLNSRNORQRSULPFDPR¨HL]MDYRPSRNORQRGDYFXGDUDVNLQH
XJRYRURSRNORQXNRMLMH]DNOMXaHQEH]QMHJRYHGR]YROH
3RNORQLSRYUHPHQLKGDYDQMD
AODQ
8JRYRURSRNORQXNRMLPVHSRNORQRGDYDFREDYH]DRQDSRYUHPHQDGDYDQMD
SUHVWDMHVPU`XSRNORQRSULPFD
8VOXaDMXVPUWLSRNORQRGDYFDREDYH]HL]XJRYRUDRSRNORQXSRYUHPHQLK
GDYDQMD SUHOD]H QD QMHJRYH QDVOHGQLNH L]X]HY DNR L] XJRYRUD SURL]LOD]L QH^WR
GUXJR
2'(/-$.
32./216$7(5(720,/,1$/2*20
AODQ
8JRYRURPRSRNORQXSRNORQRGDYDFPR¨HGD]DGU¨L]DVHEHLOL]DQHNRJ
GUXJRJ QHNR SUDYR LOL GD QDOR¨L SRNORQRSULPFX GD QH^WR XaLQL LOL GD VH RG
QHaHJDX]GU¨LLOLGDQH^WRGRSXVWLGUXJRPH
$NRSRNORQRSULPDFQHL]YU^LQDORJQLXQDNQDGQRPSULPHUHQRPURNXSR
NORQRGDYDFPR¨HGDUDVNLQHXJRYRULGD]DKWHYDGDSRNORQRSULPDFYUDWL^WRMH
SULPLRL]X]HYNDGMHQHNRWUH`LVWHNDRSUDYRGD]DKWHYDL]YU^HQMHQDORJD
1DVOHGQLFL SRNORQRGDYFD PRJX UDVNLQXWL XJRYRU R SRNORQX ]ERJ QH
L]YU^HQMDQDORJDVDPRNDGMHWRSUHGYL_HQRXJRYRURPRSRNORQX
3RVOHVPUWLSRNORQRGDYFDL]YU^HQMHQDORJDPRJXGD]DKWHYDMXQMHJRYLQDV
OHGQLFL D NDG MH X SLWDQMX QDORJ NRML VH WLaH MDYQRJLQWHUHVDL]YU^HQMHQDORJD
PR¨H]DKWHYDWLQDGOH¨QLRUJDQ
$NRMH]DL]YU^HQMHQDORJDSRWUHEQRYL^HVUHGVWDYDQHJR^WRL]QRVLYUHGQRVW
SRNORQDLOLDNRMHL]YU^HQMHQDORJDRWH¨DQRL]ELORNRJUD]ORJDSRNORQRSULPDF
VHPR¨HRVORERGLWLQDOR¨HQHGX¨QRVWLYUD`DQMHPSULPOMHQRJ

8]DMDPQLSRNORQL
AODQ
$NRMHXJRYRUHQRGD`HLSRNORQRSULPDFELWLSRNORQRGDYDFSRNORQSRVWRML
VDPRXSRJOHGXYH`HYUHGQRVWLX]DMDPQLKSRNORQD
0H^RYLWLSRNORQ
AODQ
$NRXWHUHWQRPSUDYQRPSRVOXYUHGQRVWX]DMDPQLKGDYDQMDQLMHMHGQDND
UD]OLNDXYUHGQRVWLVPDWUDVHSRNORQRPVDPRDNRMHSRVWRMDODQDPHUDGDVHSRN
ORQXaLQL
7DNDYSRNORQQHPR¨HVHSRELMDWL]ERJSUHNRPHUQRJR^WH`HQMD
2'(/-$.
2'*2925126732./212'$9&$
2GJRYRUQRVW]DQHLVSXQMHQMHLOL]DGRFQMHQMH
AODQ
3RNORQRGDYDFRGJRYDUD]DQHLVSXQMHQMHVYRMHREDYH]HNDRL]D]DGRFQMH
QMHVDLVSXQMHQMHPVDPRDNRMHRQRQDPHUQRLOLSRWLaHRGQMHJRYHNUDMQMHQH
SD¨QMH
8 VOXaDMX ]DGRFQMHQMD VD LVSXQMHQMHP QRYaDQRJ SRNORQD SRNORQRGDYDF
GXJXMH]DNRQVNXNDPDWXRGSRGQR^HQMDWXËH
2GJRYRUQRVW]D^WHWXRGQHGRVWDWNDVWYDUL
AODQ
3RNORQRGDYDFQHRGJRYDUD]DPDWHULMDOQHNDRQL]DSUDYQHQHGRVWDWNHSR
NORQMHQHVWYDUL
,]X]HWQRSRNORQ]DXaLQMHQHXVOXJHNDRLSRNORQVDWHUHWRPLOLQDORJRP
VPDWUDVHXSRJOHGXRYLKQHGRVWDWDNDNDRWHUHWQLSRVDRWHSRNORQRGDYDFRGJRYD
UD]DPDWHULMDOQHLSUDYQHQHGRVWDWNHSRNORQMHQHVWYDULDOLVDPRDNRMHYUHGQRVW
XaLQMHQLKXVOXJDWHUHWDLOLQDORJDYH`DRGYUHGQRVWLSRNORQMHQHVWYDUL
3RNORQRSULPDFLPDSUDYRGD]DKWHYDQDNQDGX^WHWHNRMXMHSUHWUSHRRGQH
NRJQHGRVWDWNDNRMLMHSRNORQRGDYFXELRSR]QDWLOLQLMHPRJDRRVWDWLQHSR]QDWD
RWRPHQLMHREDYHVWLRSRNORQRSULPFD

2'(/-$.
5$6.,'8*2925$,232=,932./21$
2SR]LYDQMHSRNORQD]ERJQH]DKYDOQRVWL
AODQ
3RNORQRGDYDFPR¨HGDUDVNLQHXJRYRULGDRSR]RYHXaLQMHQLSRNORQDNR
SRNORQRSULPDFVYRMLPSRQD^DQMHPSUHPDQMHPXLOLQHNRPQMHPXEOLVNRPOLFX
SRND¨HYHOLNXQH]DKYDOQRVW
9HOLND QH]DKYDOQRVW SRVWRML QDURaLWR DNR MH SRNORQRSULPDF XaLQLR SUHPD
SRNORQRGDYFXLOLQHNRPQMHPXEOLVNRPOLFXEUDaQRPGUXJXURGLWHOMXGHWHWX
NULYLaQR GHOR LOL VH SUHPD QMLPD WH¨H RJUH^LR QHL]YU^HQMHP ]DNRQRP XWYU_HQH
REDYH]HLOLLPMHQDPHUQRSURX]URNRYDRPDWHULMDOQXLOLQHPDWHULMDOQX^WHWX
8JRYRURSRNORQXVHQHPR¨HUDVNLQXWL]ERJYHOLNHQH]DKYDOQRVWLNRMXMH
SRNORQRGDYDFRSURVWLRSRNORQRSULPFX
3UDYRQDUDVNLGLRSR]LYSRNORQDLPDMXLQDVOHGQLFLSRNORQRGDYFD
8VOXaDMXUDVNLGDXJRYRUDLRSR]LYDQMDSRNORQD]ERJQH]DKYDOQRVWLSRNOR
QRSULPDFMHGX¨DQGDYUDWLVYH^WRMHSULPLRQDLPHSRNORQD
)RUPDUDVNLGD
AODQ
8JRYRURSRNORQXVHUDVNLGDSLVDQRPL]MDYRPXSX`HQRPSRNORQRSULPFX
DXVOXaDMXQHSRNUHWQRVWLLRYHUHQLPSRWSLVRPRGVWUDQHQDGOH¨QRJRUJDQD
3UHVWDQDNSUDYDQDUDVNLG
AODQ
3UDYRQDUDVNLGLRSR]LYSRNORQDSUHVWDMHLVWHNRPJRGLQHGDQDRGGDQDNDG
MHOLFHNRMHLPDSUDYRQDRSR]LYVD]QDOR]DUD]ORJRSR]LYDRGQRVQRLVWHNRPGH
VHWJRGLQDRGQDVWDMDQMDUD]ORJD]DUDVNLGDNR]DSRMHGLQHVOXaDMHYHQLMHRYLPLOL
SRVHEQLP]DNRQRPGUXNaLMHRGUH_HQR
'HMVWYRUDVNLGD
AODQ
8VOXaDMXUDVNLGDLRSR]LYDSRNORQDSRNORQRSULPDFMHGX¨DQGDYUDWLSRN
ORQRGQRVQRQMHJRYXYUHGQRVWSUHPDSUDYLOLPDRVWLFDQMXEH]RVQRYD

5DVNLGDQMHSRNORQD]ERJQHPDQMDVUHGVWDYD]D¨LYRW
AODQ
3RNORQRGDYDFNRMLQHPDGRYROMQRVUHGVWDYD]D¨LYRWLOL]DL]GU¨DYDQMHOLFD
NRMD MH SR ]DNRQX GX¨DQ GD L]GU¨DYD PR¨H UDVNLQXWL XJRYRU D DNR MH XJRYRU
L]YU^LRPR¨HSRNORQGDRSR]RYHLGD]DKWHYDGDPXSRNORQRSULPDFYUDWLRQR^WR
VHRGSULPOMHQRJSRNORQDMR^QDOD]LXQMHJRYRMLPRYLQL
8JRYRURSRNORQXVHQH`HUDVNLQXWLDNRVHSRNORQRSULPDFREDYH¨HGD`H
SRNORQRGDYFXLVSOD`LYDWLGRYROMQDVUHGVWYD]D¨LYRW
3RNORQRGDYDFQHPR¨HGDUDVNLQHXJRYRULGD]DKWHYDRSR]LYSRNORQDDNR
MHQDPHUQRLOLJUXERPQHSD¨QMRPGRYHRVHEHXRVNXGLFXLOLDNRMHRGL]YU^HQMD
XJRYRUDRSRNORQXSURWHNORGHVHWJRGLQD
1DSRPHQD7UHEDGRGDWLRGUHGEXL]3RURGLaQRJ]DNRQDRRSR]LYXSRNOR
QDXVOXaDMXUD]YRGDLOLSRQL^WDMDEUDNDNDRLRGUHGEXL]=DNRQDRQDVOH_LYDQMXR
RSR]LYXSRNORQDRGVWUDQHQX¨QLKQDVOHGQLND
2GULFDQMHRGSUDYDQDUDVNLG
AODQ
2GULFDQMHXQDSUHGRGSUDYDGDVHXJRYRUUDVNLQHLSRNORQRSR]RYHQHPD
SUDYQHYD¨QRVWL
8JRYRULRSRNORQXNRMLVHQHPRJXUDVNLQXWL
AODQ
8JRYRULRXRELaDMHQLPSULJRGQLPSRNORQLPDQDJUDGQLPSRNORQLPDSRN
ORQLPDXaLQMHQLPXGREURWYRUQHVYUKHNDRLSRNORQLPDXaLQMHQLPL]]DKYDOQRVWL
QHPRJXVHUDVNLQXWL
8JRYRUQLSRYUD`DMLPRYLQH
AODQ
3XQRYD¨QDMHRGUHGEDXJRYRUDRSRYUD`DMXSRNORQDSRNORQRGDYFXDNRSR
NORQRSULPDFXPUHSUHQMHJD

2'(/-$.
32./21=$6/8A$-6057,
AODQ
8JRYRURSRNORQXXNRPHMHSUHGYL_HQRGD`HVHL]YU^LWLSRVOHVPUWLSRNOR
QRGDYFDPRUDGDEXGHVDVWDYOMHQXSLVDQRMIRUPLX]RYHUXSRWSLVDRGVWUDQHQDG
OH¨QRJRUJDQD
3RNORQRGDYDFPR¨HGDUDVNLQHSRVYRMRMYROMLXJRYRURSRNORQX]DVOXaDM
VPUWL D UDVSRODJDQMH SUHGPHWRP WDNYRJ XJRYRUD ELOR SUDYQLP SRVORP PH_X
¨LYLPDELORSUDYQLPSRVORP]DVOXaDMVPUWLVPDWUDVHUDVNLGDQMHPXJRYRUDX
SRJOHGXSUHGPHWDXJRYRUDREXKYD`HQLKUDVSRODJDQMHP
326/8*$
2'(/-$.
23>7(2'5('%(
3RMDP
AODQ
8JRYRURPRSRVOX]LREDYH]XMHVHSRVOXJRGDYDFGDSUHGDRGUH_HQXVWYDU
SRVOXJRSULPFXGDMHEHVSODWQRXSRWUHEOMDYDDSRVOXJRSULPDFVHREDYH]XMHGDSR
LVWHNXRGUH_HQRJYUHPHQDYUDWLLVWXVWYDUQHR^WH`HQX
7UDMDQMHSRVOXJH
AODQ
$NRMHVWYDUSUHGDWDQDXSRWUHEXUDGLSRVWL]DQMDRGUH_HQHVYUKHDWUDMDQMH
SRVOXJHQLMHRGUH_HQRXJRYRURPVPDWUDVHGDMHSRVOXJDXJRYRUHQD]DXRELaDMH
QRYUHPHSRWUHEQR]DSRVWL]DQMHWHVYUKH
$NRYUHPHSRVOXJHQLMHRGUH_HQRQLWLRGUHGLYRXJRYRURSRVOX]LSUHVWDMH
NDGSRVOXJRGDYDF]DWUD¨LGDPXVHVWYDUYUDWL
6PUWSRVOXJRGDYFDLOLSRVOXJRSULPFD
AODQ
3RVOHVPUWLSRVOXJRGDYFDLOLSRVOXJRSULPFDREDYH]HL]XJRYRUDRSRVOX]L
SUHOD]HQDQMLKRYHQDVOHGQLNH
$NRMHXJRYRURSRVOX]LELR]DNOMXaHQVRE]LURPQDOLaQRVWSRVOXJRSULPFD
XJRYRUSUHVWDMHQMHJRYRPVPU`X

2'(/-$.
2%$9(=(326/8*2'$9&$
3UHGDMDVWYDUL
AODQ
3RVOXJRGDYDFMHGX¨DQGDSUHGDVWYDUSRVOXJRSULPFXXRGUH_HQRYUHPHD
DNRYUHPHQLMHRGUH_HQRNDGWRSRVOXJRSULPDF]DWUD¨L
2GJRYRUQRVW]D^WHWXRGPDWHULMDOQLKQHGRVWDWDND
AODQ
3RVOXJRGDYDFMHGX¨DQGDREDYHVWLSRVOXJRSULPFDRPDWHULMDOQLPQHGRVWD
FLPDVWYDULLQDaH`HRGJRYDUDWL]D^WHWXNRMDELQDVWDODSRVOXJRSULPFXRGQHGRV
WDWDNDNRMLVXPXELOLSR]QDWLLOLPXQLVXPRJOLRVWDWLQHSR]QDWL
2GUHGEDSUHWKRGQRJVWDYDQH`HVHSULPHQMLYDWLDNRMHQHGRVWDWDNELRSR]
QDWSRVOXJRSULPFXLOLPXQLMHPRJDRRVWDWLQHSR]QDW
2'(/-$.
2%$9(=(326/8*235,0&$
AXYDQMHLXSRWUHEDVWYDUL
AODQ
3RVOXJRSULPDF MH GX¨DQ GD VWYDU aXYD L XSRWUHEOMDYD VD SD¨QMRP GREURJ
GRPD`LQD
3RVOXJRSULPDFPR¨HGDXSRWUHEOMDYDVWYDUVDPRNDNRMHXJRYRUHQRDDNR
RWRPHQLMHQL^WDXJRYRUHQRRQGDNDNRRGJRYDUDQMHQRMSULURGLLQDPHQLNRMXMRM
MHRGUHGLRSRVOXJRGDYDFLQDaH`HRGJRYDUDWLL]DVOXaDMQXSURSDVWLOLR^WH`HQMH
VWYDULNRMLELVHGRJRGLOLWRPSULOLNRP
3RVOXJRSULPDFQHRGJRYDUD]DXRELaDMHQRVPDQMHQMHYUHGQRVWLVWYDULNRMH
QDVWDQHQMHQRPGR]YROMHQRPXSRWUHERP
7UR^NRYLRNRVWYDUL
AODQ
3RVOXJRSULPDF VQRVL WUR^NRYH UHGRYQRJ RGU¨DYDQMD aXYDQMD L XSRWUHEH
VWYDUL
8SRJOHGXRVWDOLKWUR^NRYDSULPHQMXMXVHRGUHGEHRSRVORYRGVWYXEH]QD
ORJD

6SD^DYDQMHRGRSDVQRVWL
AODQ
8VOXaDMXRSDVQRVWLNRMDLVWRYUHPHQRSUHWLVWYDULX]HWRMQDSRVOXJXLVWYDUL
PDSRVOXJRSULPFDRQMHGX¨DQGDSUYRVSD^DYDVWYDUX]HWXQDSRVOXJXLQDaH`H
RGJRYDUDWL]DQMHQXSURSDVWLOLR^WH`HQMH
5DVNLGDQMHXJRYRUD]ERJSRYUHGHREDYH]H
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