Motiejus Kazimieras Sarbievijus. Lietuviškos kūrybos knyga

0RWLHMXV.
D]LPLHUDV6DUELHYLMXV
/HPWLHVåDLGLPDL
3,502-,/<5,.26.1<*$
,323,(ä,8,85%218,9,,,
*U¡VPLQJDLWXUNÐNDULXRPHQHLSDVLWUDXNXVLã9HQJULMRV
âWDLåLDXULÐNDUÐMDXJU¡VP¡QXWROR
,ãJXLWDNDGDLVMDX*HURY¡JU³åWD
-DXPLHVWXV7DLNDSDVLNLQNLXVEDOWXV
äLUJXVDSODQN¡
6åLQ¡'RUDLUSXLNLRML/DLP¡
9HåLPXSXRãQLXSHUODXNXVMDXVNULHMD
8S¡PLVVUDXQLRPMDXEUDQJDXVPHWDOR
$PåLXVDWSOÌVWD
âYLHVLRVGLHQRVMDXY¡OVXJU³åRPHWDL
3UDHLWÐODLNÐJHOP¡VHXåJLP

3HUOÐMDXNUXãDLãGDQJDXVLUDXNVR
/LHWÌVSDELUR
.DGDSGDLQDYDXDãWHLVLQJDLWDYR
,ãNLOPHVãLWDVVSDOLQHVLUWDLNDG
*U³åRMDXODLNDLWROLPL6DWXUQR²
3HUPDLQRVURGR
6NDLVWÌVPÌVW¡YÐSDSURþLDLDXNVLQLDL
1XRãLUGXPDVLãWROLPRVLRV7XO¡V
*U³åWLãGU³VWDRLãSXLNDXV2OLPSR
*U³åWDâDXQXPDV
3LHQRLUPHGDXVXSHOLXNDLãQHNÌV
6DXO¡WXRVODXNXRVSUDVLJUDXå¡YDJ
,USDWYLQRLULãVLOLHMRXS¡V
3LOQRVQHNWDUR
9HãOHVQLMDYDLQXVYDULQ
YDUSDV
6XSDVYLOQLPLVLUQHWOLQNVWDGHUOLDXV
3HUWHN
ODXNDLLUQHVNULDXGåLDGLUYÐ
â\NãþLRVLRVNDLWURV
3DVNXLRåLXNXVMÐSLHPXRåLQJVQLXRMD
5XQJLDVãYLOS\QHVXþDLåLRPFLNDGRP
,ãNDOYÐPLãNÐNXUWYDQNXMDXWXNDPV
6NOLQGDEDXELPDV
'åLDXJLDVLWDLNDMDXXRO\QDLQLÌUÌV
âRNDMDXNDOQDLRNDOYDVLUNDLPXV
$QWNDOYÐãODLWÐLUãYHQWHVNDLPLHþLÐ
/DQNR5DP\E¡
WDLNLÐNUDãWÐSUDNLOQXVYDOGRYH
&HUHUDMDYDLVDSVLNDLãLXVJDOY
9DVDUDGRVQLWDXSULHNRMÐYDUSÐ
%DQJDWSOXNGR
0LUWDQXRODQNLDLWDXSDXQNVQ
WHLNLD
7HLNLDODXUDL7DXåXRODLLãODNÌV
6WLHELDVLDXNãW\QRSXãLVWDXOHQNLD
/LDXQYLUãÌQ

9LHãSDWLVåYDLJåGåLÐLUYDOGRYDVåHP¡V
5RPLãGDQJDXVDXNãWXPÐDSåYHOJ
V
/DLWDYHYDOGDVQXUDPLQ
VVNLULD
7¡YXSDVDXOLR
/DXUDLWHSDSXRãWDYRLOJDPåLÐ
/DLWDXEXVOHPWLVSDODQNLR3DUNRV
1HQXNLUSGDPRVWHJXVLÌOYHUSLD
6NLUGDPRVDPåLÐ
âYLHVXOLÐSXLNLÐDSVXSWD0HUJHO¡
7DDSOLQNNXUL³UDWHO³VNDLVWÐ
äYDLJåG¡VVSLHþLDVWDXPDORQLQJRV5RPRV
3DVLJDLO¡MXV
/DLMLLãNODXV\VLUORW\QÐVNXQG
,UPHUJHOLÐLUMDXQLNDLþLÐW\U
*LHVP
WHSDOLNVSDODQNLGLGåLÌQÐ
0DOGDLLUDXNDL
,$85(/,-8,/,.8,
.DGSHUGDXJQHVLVNÐVWÐQHSDODQNLXOLNLPX
/LDXNLV/LNDLWXãþLDLUDXGRW
9\NLãVDYRãLUGLHVOLÌGHV³NXRWROLDX
-XRGXVUÌSHVþLXVQXRNDNWRV
%UDXNLUOLQNVPDVDXNãW\QJDOYSDN¡O
VåYHON
1RUVJLHGUDQHNDVGLHQGLHQD
,UOLNLPDVGDåQDLLãNUHþLDSRNãWPXPV
%HWDXGULQJDQÌQDLEDQJD
5\WQXULPVLUVXMDY¡MDLYDNDULDLåDLV
6DXO¡ãLDQGLHQOLÌGQDEODXVL
9¡OU\WRMQXVLMXRNVVSLQGXOLXVåHUGDPD
7DLSLUåPRJÐQXRSDWPDåHQV
/\GLSDNDLWRPLVDãDURVLUMXRNDL
*LOÐVLHOYDUWãWDLåLÌU¡N
.HLþLDGåLDXJVPDVRM³Y¡OOLÌGHV\VSDNHLV
7RNVOLNLPDVLUMRYDOLD²
1HãDPHWÐVURY¡PXPVYLVQDXMDVJU¡VPHV
7DVNXUVYDNDUUDPLDLODXNXRV
$U¡MDXþLDLVGDEDULPDVNLWXVYDOG\W
-DXþLDPVMXQJQX¡P
VWXRM
'HGDMLVSDYHUJWLHPV.XUDPVLU*DELMDPV
.SDOLNRPXPV9DNDUDV
0HQN5\WDVåLÌU¡NGLG³LãY\VJDOEÌW
-HLOHPWLVSDQRU¡VMXRNDXW
,UJDXV\E
VXSLQVQXRW\NLÐ³YDLULÐ
*DY
VWDXWWUXPSDLYDOG\W
9¡OJDUVXVåHPGLUE\VVDYRWUREHO¡QJU³ã
,UNYDWRMDQWYLVLHPVDSOLQN
0DONDVVNDOG\VNLUYLXSHOQLXVLXãORY
MDP
-HLSULVWLJVSDNXURPVVNDOÐ
5\NãWHVOLNWRULDXVMLVODXå\VLUPHVXJQLQ
,85%218,9,,,
âORYLQDSRSLHåLDXV8UERQR9,,,QXRSHOQXV
9DOGRYHGLGLV8UERQDL8UERQDL
'LG\VLVGDLQLDX$ãMDXVHQLDLHVX
3HJDVYHåLPDQSDNLQN
V
.DGYLUãWDXWÐLUYDOVW\ELÐVNULHWXP
7DGDWVLSO¡ãNLNLONLQXRåHP¡VMDX
,ãSO¡ãNLYDUGLãXåPDUãWLHVPLJOÐ
,ãSO¡ãNLãORY
3DåDG¡WDV
'DQJXLW¡Y\Q¡VGLHYÐUDWHOLXL
(VLVHQLDLMDX1RULXWDYHLãNHOW
'LHYDLSDG¡VPDQYLUãSDJDUV¡MXVLÐ
3ODþLDLNUDãWÐLUYLUãVWDþLÐMÐ
$NURNHUDXQLMÐMÐYLUãÌQ¡V
$XNãWRMSDGDQJ¡MSHUVNURGåLDGHEHVLV
9LUãGLGåLR3LQGR6NULHVLSRNRMRPLV
3DOLNGDPDVPLHVWXVLUåPRQHV
9¡MÐVYHW\QHUHJ¡WDVQLHNDG
,ãWHQJDO¡VLSDVLåYDOJ\WLWX
,U³1HU¡MRGLGåLRSDNUDQWHVLU
²XSHOLXVODXNXVLUNDOQXV
,UVXVNDLþLXRWLNLHNMÌURVEDQJRV
6DOÐVNDODXMD6YHLNLQDãWDLWDYH
8åYHUW
VJDOYEDUEDUÐ+HPDVR
$QWDLSDVYHLNLQWLLãDXNãWR
.UÌSWHOL$NURNRULQWRERNãWDL
,UQXVLOHQNLDWULVNDUWWDX2WULMDV
%DXJãþLRVLRV2VRVãODLWDVWDXWULVNDUWXV
5RGRS¡OLQNWHOLVQLHJXRW
*DOYR3LQGDV²ãYHQWXRVLXVODXUXV
,U)HEXLVNLUWDV.LQWDVWDXOHQNLDVL
,U.LURVVPDLO¡VVWDþLRVLRV0RMDWDX
,U.LWHURQDVDSVLNDLã
V
/DXUDLV$QWDLSODþLDãDN¡VSXã\V
âLOXRV3DQJ¡MÐWLHVLDãDNDVGDQJXQ
9HåLPROLQNXLNHOLQXNORGDPRV
9LUãÌQ¡PRNDOQDLWXRWDUSX
$WNLãDNHWHUVDYRDXNãW
7DGOHLVNå\JLXRWLHLVHQRPVLUSXRãQLDLV
9HåLPDLV0Ì]RPVJUHLWDLNHOLDXWLOHLVN
*LHGUDSDGDQJHVNOLVWLOHLVNL
8UERQDLãORYHLWDYÐMÐå\JLÐ
$UJLUGLW"*DOPDQWDSDO\GDPLHOD9DLGHQDV"
âWDLMDXURGRVJLUGåLXãDXNVPXV
,USORMLPXVJLUGåLXSHUå\GU
'DQJÐDWÌåLDQWEÌULXVWULXNãPLQJXV
âWDLELþLÐVSLHþLXVGÌ]JLDQWLNLUELQ¡
ýLDDWVNUDLGLQWDãLOWRMR$IULNR
6XYLUSLQRVSDUQXVLUWULVNDUW
6XÌå¡8UERQRYDUGãYHOQLDL
$WVDN¡WULVNDUW$LGDVDSVNULHM
VJUHLW
äHPHVLUMÌUDV0Ì]RVSDVNOLGXVLRV
7ULPLWDLVWULVNDUWWULVNDUWO\URP
3DVNHOE¡8UERQRãORY
JDUVL
%HNUDãW¡MÌUDãLWDLLãJLUGXVL
6DODVVXN¡O¡SORMRLUGåLÌJDYR
$PHULNRV(XURSRVãDO\V
$]LMRV$IULNRVNDUDO\VW¡V
7DGDSUDELOR0Ì]RVQXGåLXJXVLRV
6NXE¡NLWDPåLDLVNULHNLWHYDODQGRV
%DOWDLVYHåLPDLVVOLQNLWGLGÌV
âLPWPHþLDLP¡QHVLDLE¡NLWJUHLWDL
7DLSWDU¡0Ì]RV1XVLã\SVRMRWXRM
$XNVLQLDLDPåLDLå¡ULQW\VãLPWPHþLDL
,UVDYRVXQNLDXNVRQDãW
3DYHUW¡VSLQGLQþLDLVSXLNLDLORELDLV
,.5,638,/(9,1,-8,
.DGQHSDVLWLN¡WÐSHUGDXJMDXQ\VWH
.ULVSDLQXRODWRVDWVLPLQNNROJ\YDV
*UHLWDLSDVLEDLJVPDORQLMDXQ\VW¡
*RGÌVMQXQHãYLVQDXMLP¡QXOLDL²
/DLNDVQHVWRYL
1RUVWDYXVUÌEXVEUDQJHQ\E¡VSXRãLD
'LUåDVVXVDJWLPLãJU\QLDXVLRDXNVR
SHþLXVGDLOXVLãWLULHþLÐYLOQRV
*DXELDDSVLDXVWDV
%HW³VLåLÌU¡NEDLOLDLYLUSDSOXQNVQRV
âDOPRYLUãXMHMLVOHQJYDLQXNULQWD
,UåLEVQÌQDL²WLNEDQG\NQXWUDXNWL²
$XNVDVSDEOD
'HãLQHGRVQLDYDODQGDNGDY¡
9¡ONLWDSDJUREVDSJDXOLDNDLULMD
/\JPDPDNXULQHNDOWRPYLOLRQ¡P
9DLNDSJDXQD
.LQWDQWLV¡NP¡QHSDVWRYLRVOHPW\V
6DYRYDOGåLRMHODLNRYDUJãåPRJÐ
3ULHVNLUWRVULERVO\JVUDXWLQJDXS¡
6NXEDPÌVPHWDL
$GULMRMUDPLRMGDXJO¡þLDXSUDSODXNLD
/DLYDVVXPHUNWÐSDVWÌP¡WDVLUNOÐ
.DLEXUHVJOHELDVQHODXNWDL³WHPSLD
9¡MRGYHONLPDV
9DODQGRPVYLVRPVãLRSDVDXOLR9LHãSDWV
8åGHGDVSDUQXVSHUYLVDWVNULVWL
6OHSLDVMRVOL]GHNRODWHLQDODLNDV
$WHLþLDLEU
VWD
,3RSLHåLDXV8UERQR9,,,SDãORYLQLPDV
.DUÐSULHã7LUSHUJDO¡VQHVHQRV
.RYÐVXVHUDLVQHDSGDLQXRVLXDã
-DXSDSÌW¡LãWLNLPDWDX
8UERQDL0Ì]DOXP]GHO³ãYHOQÐ
1HJDLOHVWLQJRSOLHQRLUJHOHåLHV
.LHWRVLRVDPåLÐSDYHUWHLDXNVLQLX
,ãGDELQDLM³EUDQJHQ\E¡P
6XWHLNHLMDPSXUSXULQ
VSDOY
1HNWDUDVVDNRXS¡PLVMDXSODXNLV
6UXYHQWL¡P
VQXRVHSW\QLÐNDOYÐ
%DO]DPDVXSHOLXNDLVUDXQÌV
9\QRLUVN\VWRPHGDXVWHNMDX
,UãYHOQLDYLOQ¡VEDQGRVMDXVNXEDQþLRV
3DUQHãWLY¡OÐYDNDUWHãPHQLV
3ULWYLQNXVLXVLUVLUÐDXNVX
ä¡ULQþLYLOQWYDUWHOLQSDþLRV
.XUWDYRãYHQWRVNRMRVEHåHQJWÐWHQ
7DYH'RU\E¡LU3DPDOGXPDVLU
8ROXVâDXQXPDVLU7\UXPDV
7DV7HLVLQJXPRELþLXOLVO\GL
/DXNXVLUåPRQHVVXWDYLPLGUDXJH
äLUJDLVHLNOLDLVLDLVMDX&HUHUDGRVQL
,U$PDOW¡MDVXJ¡U\ELÐ
3LOQXUDJXDSODQN\WLVNXED
7XRWDUSXMXRGDV*HGXODV3ULHYDUWD
.DUDLLUYDU³åYDQJLQ
V²WÌåLV
,U5ÌSHVþLDLLUEO\ãNLRV/LJRV
,USUDJDLãWLQJLVWDEDLGLGåLXOLDL
,ãQ\NRäHQJLD/DLP¡WDXLãSDVNRV
/DXNDLVWDLNLQJDLVGHUOLÐEUDQGLQDQþLDLV
/DLYDLEHEDLP¡VSHUSODþLRVLRV
.DUSDWRMÌURVEDQJDVNHOLDXMD
7DYHYDOGRYHãORYLQDQXRODWRV
0HUJHO¡VPDUþLRVLUEHVLLOVLQW\V
6HQROLDLLUYDLNDL²DUEÌWÐ
0HWDVWHN¡WLDUOHLVWLVVDXOHL
PHVJLW¡YJDUELQVLPSDNHO¡M
9LVLVXNODXS
7ULVNDUWEDUVW\VLPH
7DXEDOWXVOLJXVWUXVLUWULVNDUW
3XUSXURURå¡PLVDSLEHUVLP
,7(/()8,/,.8,
6NXQGåLDVLOLNLPRLUV¡NP¡VQHSDVWRYXPX
$SJDXOLQJDåPRJDXVOHPWLV
äDLGåLD7HOHIDLMLåDLGåLDPXPLVGHMD
9LVNDVODLNLQDåHP¡MãLRM
.PDWHULMDþLDVXNXULDQHUDQJL
/HPLD³QRULV7XRMQXNULV
7DLNDVN\ODEHWY¡ONLOVLUQXNULVDWJDO
âLWDLSLãOHNLDNDPXRO\V
6YLHVWDVUDQNRVOHQJYRVSDVLãRN¡GDPDV
ýLDMLVVLHNLDGDQJDXVVNOLDXWXV
ýLD³åHP
VNDXGåLDLVVPÌJLDLVDWVLPXãD
9HMDYDNDUDVYDNDU
.DUWDLVEÌQDEORJLDXNDUWDLVLUY¡OJHULDX
/HNLDPHWDLO\JGHEHV\V
6X)DYRQDLVHLNOLDLVWROVWDGHãLPWPHþLDL
$PåLDLSUDOHNLDYLHVXOX
,UDNLPLUNDãLO\JXåEXUWDGDLQRV
7XRMåDLEÐYHåLPXQXVNULHV
$NNDLS1RWXVJUHLWXVUDJLQDYDODQGD
/\URVPX]LNDPDORQL
1HLãYLOS\Q¡JUDXGLQHVXJUåLQVDWJDO
1RUVYDGLQDPDQXRVWDELD
âLGDLQDSDJ\UÐOLQNXVLQHJLUG¡W
-DLEHVNDPEDQWOHPWLHVUDQND
*URELDPLHVWXVWDXWDVLUYDUJDQRMW¡NP¡M
1XJUDP]GLQDMLNDUDOLXV
3XRãQÌVVNHSWUDLãORY¡EXYXVLMÐJDOLD
9LUVWDJUHLWSHOHQÐNUÌYD
$XNVRUÌPXVLUMÐVWXOELQDQþLDVPHQHV
6XYLVDLVåPRQ¡PLVNDUWX
-LSDODLGRVÌPDLERNãWXVVXJULRYXVL
YLUãJULXYHQÐWÐEDLVLÐ
9LUãNDSÐGLGåLÌQXVåHP¡VSULJODXGXVLÐ
6NULHVOHPWLVWULXPIXRGDPD
,UåYDLJåGåLÐRUELWDVMLQXVLQHãNDUWX
6ÌNXU\QHVXYDOGRPDP
.ROGLHQDSRGLHQRVE¡JDJ\YHQLPDV
7ROPXPV7HOHIDLOHPWDNO\VW
äDLGåLDUDWDVOHPWLHVåDLGåLDPXPLVGHMD
*DOPHVNO\VWDPRJDOWLNUDL
7RNVJUDåXVDWVSLQG\VVXSDQþLÐPXVGDLNWÐ"
/LNDLMHLJXåLQDLVDN\N
7DLNPDWRPDSOLQNDULãWLHVÐ\UD
$UDSJDXO¡DNLÐWLNWDL"
$UPDW\WRVHQLDLVDSQRJUDåDXVWVD"
,3DVDNRMDDSLHDPåLQLQNÐOHQJYDEÌGLãNXP
$UPHVVHQROLÐSDSURþLXVSDUGDY¡P
*RGåLDMDP7LUXLDUQHW³7XO
MXRV
7UHPWLQLãYDU¡P"1HEHUÌSL
.RSWL³VWDþLãORY¡VYLUãÌQ

1HL3LURVRVWR³$JDPHPQRQR
/LNLPNHLVWLPHVQHEHQRULPH
1HL.UH]RWXUWÐDUEDSHUVÐ
7LJUR²³9HMÐVNXUGåLXVXRO\QXV
1HP¡O\QXRMDQXRJHOHåLHVNLHWRV
ä\PLÐMDXUDQNRVLUQHEHPRNDMDX
VXWUDPG\WLVXWUDXN
VåVOXV
äLUJRDLNãWLQJRMDXQXROLVELMR
-LVSHUJU¡VPLQJ7LEHU³SODXNWLNDL
7DVDLSULSOÌG
VSRODLGåLRYDQGHQÐ
3ODþLDLLãWYLQ
VDPåLQDMDP
0LHVWXLJUDVLQDVPDUNDXMDã¡OVWD
-HLSDVLEDLG¡åLUJDVQHSDNOXVQXV
-LVYLUSDYLVDVSDNHUWDNRMDVMDP
%HWãRNLQ¡WLVXOXSHUNDLV
*HEDSXLNLDXVLDLWRVSDþLRVNRMRV
,UVLVWUXLWDUãNDQWãRNWL³SUDWXVLRV
0LNOLDLNLOQRMDV/\UQXWLOG\NLW
1XWUDXNLWHVW\JDVQHOHLVNLW
6S\JDXWLPRWHUVEDOVXãYLOS\QHL
$UJLUGLW",VWURNUDQWDVMDXDLGLQXR
7ULPLWÐJDXVPR$OSLÐYLUãXNDOQ¡V
$X]RQLMRVNDOQDLDXNãWLHML
-DXDWVLOLHSLD²QDXMå\J³
,ãPLHVWÐY\UXV0DUVDVMDXãDXNLDY¡O
(LPH*DO.DOÐY\QDVLUVXUHQJWD
,ãLåGRORELÐLUSLOLHþLÐ
'XRNOLÐSXRWDSULHVWDOÐVXODLNR"
-9DNDULQ¡PDW¡NDLOHLGRVL
'DEDU$XãULQ¡UHJLWHN¡GDPD
6XPHUN
VVSLQGXOLXV³Y\Q
*¡ULVLDWVSLQGåLXVDYRP¡QXR
PHVDQWãLWRVWDORNDUDOLãNR
3DOLHM
Y\QSLHãLDPNRYRVYDL]GXV
7YLUWRYHVEUDLåRPHDWVWRMD
*ULRY³)DOHUQRVURYHO¡ãLþLD
7DGNLONLPâWDLYLUãLQGÐ1HU¡MRMDX
$XãUDUDXGRQDãYLQWD-DXYDQGHQ\V
1XRãY\WLQþLÐåLUJÐSUXQNãWLPR
,UMÐNDQRSÐVXUDLEXOLDYR
7DGNLONLPâDXNLD)HEDVLUDXãWDQWL
'LHQDYLVXV%HWSDWHND,QGLMRM
'HMDQHPXPVNYLULWDL)HEDV
%U¡NãWDGLHQDQHORW\QÐåHPHL
1HMDXQXãYLQWDYLUãRWRPDQÐYLHQ
5\WDLVSDGDQJLÐVNOLDXWDV"9DLJ¡GDPXPV
1HMDXORW\QDPVVNLUVSDLOV
V
,UEHVLOHLGåLDQWLV)HEDVYLHQWLN
9DNDU³GDQJÐYDUJDQDVVXWHPDV"
7DGNLONLP(W3DUVXMXQNLPH
6X*DGDLV7LEHU³²VX*DQJX
7DJ²VX%DNWUDLVVXU\WX²WDPV
,0,.$/2-8,9(-(5,8,
.XOPRYDLYDGRVVÌQXL
*U³ãLWX³NDUXRVYDUJVWDQþL/HQNLM
²JLPWXRVLXVNUDãWXVEUDQJLMW¡YLãN

-LWDY
VMDXVHQLDLODXNLDLãVN¡VWRPLV
5DQNRPJU³åWLPDOGDXMDML
âLWDLSPLHORVÌQDXVMHLJUHLWDVODLYDVMR
,ãWXUWLQJÐVDOÐSXþLDQW(WH]LMDPV
9LVQHSOXNGRQDPRMHLSDYLOLRMRM³
$XNVDVWDUWXPHLEDUEDU
²DXGULQJDVPDULDVGDLURVLPRWLQD
2ULRQNXULVQHVNXEDQXVLOHLVW
.HLNLDGÌVDXMDO\JY¡MDPVSULWDUGDPD
/LHMDDãDUDVYDQGHQLQ
*DO(ROSDG¡VUDXGRVVXWUDPG\WL
,U³GHJ
VNDUãWRM,QGLMRVVDXO¡MH
*U³ãVÌQXVLUå\PHVLãVLVN\ULPRWXRM
-RPHLOLEXþLQLDLQXWULQV
7XQHVLNRNVSLUNO\VSHOQRQHUHLNLDWDX
1HJDUELQJRDUEDWXUWÐWRNLÐNDLSWLH
.RNLXV*DQJDVGRVQXVQHãDVHSW\QLRPLV
9DJRPLV³JLOLDVPDULDV
*U³ãLWX³W¡YÐãDO³QHVGDXJPLHOLDX
,HãNDLORELÐJLOLDLGYDVLRMHVO\SLQþLÐ
7XU\åWLQJDVYHLNOXVEHLVXPDQXVHVL
1HVWRNRMLJDEXPÐWX
,ãPLQWLVLUYDOGåLDSXLNLDLSULWLQNDWDX
,UGLGLQJXVå\JLXVJLPGDQWLVU\åWDVLU
äRGåLDLWRNLHNXULHSODXNLD³ãLUGLVO\J
8S¡DXNVLãSODXQDQWL
/DLP¡VQHSDVWRYLRVXåJDLGÐQHåLÌU¡N
,UDWPLQNLMRJWDXWDLWHSULNODXVRN
.XUEHHLWXPQHãLHV²JDXGåLDQþLR%RVSRUR
1HVYHWLQJDSDNUDQWHDU
3HU1HU¡MEDOWDLVSDQþLDLVVXNDXVW\W
$UNDLSSDVLXQWLQ\VY\NWXPHLSDVWUDNXV
1XRODWSXRODQþLXVPXVDUSDVåLDXULXVSHUVXV
$UVNXE¡WXPSDVNRQNDQXV
1HãDåLUJDVNDUWXY\ULUJOÌGLQþL
-RNUÌWLQ¡MWYLUWRMQDUV1HLYDLNãþLRMDQW
3RODXNXVQHO\G¡VO\JSDNHOHLY¡ML
1HLSULHãRQRSULV¡VSXRWRM
/\GL6åLQ¡MO\GLJU\QD7LHVD
,UâORY¡RVXMD²LUSDWDPV¡MXVLÐ
3LQLJÐSDO\GDGLGHO¡LãSDVNRV
6NXED*DQGDVEDOWDLVåLUJDLV
67(3218,3$&8,
9\ULDXVLDP/LHWXYRV'LGåLRVLRV.XQLJDLNãW\VW¡VLåGLQLQNXL
3HLNLDUDLWHOLXVEHVLSXLNXRMDQþLXVSXRãQXPX
0Ìã\DXNVRQHLåYDQJDQþLÐ
3XRãPHQÐQHSULUHLNV.ORVW\WXVDSVLDXVWXV
,UVDJHVLUQHWLQNDQþLXV
-XPVSHUOXVQXRSHþLÐPHVNLWHNDUå\JLDL
.DPJLVSLQGLQþLDPãDOPXLGDU
5HLNLDSOXQNVQÐ²ãLWRVSOD]GDQþLRVSXRãPHQRV"
.DPJLMDPSOHY¡VXRMDQþLÐ
.DUþLÐNXRGDVVPDUNLÐ$IULNÐGUDLNRPDV"
.RJDOYDSULGHQJWDãDOPX
3DXNãW³SULPHQDPDQEDLNãWÐ0LJGRQLMRV
9¡MÐãYLOSLDQþLÐQHãDP
,U=HILURMXRNDLVEODãNRP³ãDOLV"
*UHLWDLSOLHQRNUXãDSDELUV
-DXVWU¡OLÐGHEHVLVOHNLDNDSRGDPDV
âDOPPÌãLXLQHWLQNDQW³
0HGRNDUGDVDQWDLMDXVXåDLEDYRMDX
0DUVRJULDXVPDVDWVLOLHS¡
.XREOL]JXþLDLSDG¡VåYLOJDQWLVãDOPDVDU
.XRGDVSODLNVWRPDVY¡MÐDU
6N\GDVWYLVNDQWLVWDLSWDUVLVSLQG¡MLPX
-LVVXVDXOHYDUå\WÐVL
9HLGRJURåLVSHUGDXJDN³YLOLRMDQWLV
$UVWU¡OLQ¡LãPDUJLQWD"
$XNVLQLXVEOL]JXþLXVPHVNLWHNDUå\JLDL
5HLNLDþLDJHOHåLHVWYLUWRV
5DQNRVEÌGRQDUVDXV-HLJXWXULãLXRVWULV
'DO\NXV*HULRQXLWX
/\JXVLUQHSDUEORNã+HUNXOLVSDWVWDY
V
1HL0LPDQWDVQHEXVEDLVXV
1HL6WHQHODVDUED,GRPHQ¡MDVWDX
7HDWURG\VNDU\VUÌVWXV
,UODXNLQ¡VQDUVRVNXSLQDVYHLGDVEH
1HåDERWRVVDYLYDO¡V
äHQNORLUDSGDUDLEHSXRãPHQÐMRNLÐ
6NUXRVWDLVXDãPHQÐå\P¡P
9DNDU\NãW¡VNRYRVåDL]GRVWHOLXG\VWDL
1HVXWHLNLDQDUVRVNXRGDL
1HLNRUDODLUDXVYLNDNOGDELQDQW\V
6DNREDLP¡VXEDLOXPX
âDUYXVSLUPXWLQLXVNÌMDLVVLNXOLãNDLV
1XNDO¡R.LGRQLMRV
9\UDPVSLUPXVVN\GXVQXNDO¡DQWXROÐ
.YDLOJDOYGDQJVW\GDPL
%DQGRPGLHQPLUWLHVNLHNDWLWROLQWL
7LNMHLNMDXQXRåPLPLUWLV
6DXSDVLUHQNDWDLVDNRQHYLHQDNLV
%HWLUVWU¡O
QXNUHLSV³W²
5DVMLãLPWNHOLÐWÌNVWDQW³SULHJOREVþLÐ
%HWSDURGRNXULHþLDLVPLJW
7DVNXULVQXRVWDLJDXVVPÌJLRQXVLVXND
,UNUÌWLQ
NXULåÌWLHV
1HLãYHQJVGDUVN\GXYLUSDQþLXGDQJVWRYLV
7LNEHãDUYLÐSDEÌJVWDPD
,USDYRMDLNRQHSDW\VQDUVXROLDPVLã
.HOLRWUDXNLDVLSDVNXERP
7DLSJU¡VPLQJXåYLOJVQLX+HNWRUDVJVGLQR
3ULHãXVWDUWXPHLYLHVXODV
0LUW³V¡GDPDVNXUEH³VLVXNGDYR
-LVWDUSJUDLNÐãDUYXRWÐMÐ
.RSDEÌJVWDOHPWLVWMLDSOHQNV.RYRM
-LQDUVXROLÐQHVXYHGD
PLUWLVSDSUDVWDLGLGY\ULÐQHVNXED
9HVWDXNVLQ¡VãORY¡VNHOLX
1DRMHLLãNRYRVODXNRWXWUDXNLHVL²
0LUW³SDVNXLVDYHYHGL
,UWNHOLNXULXRE¡JLSDURGDLMDL
,7$5.9,1,-8,/$9,18,
3DWDULDODLP¡MHLUQHODLP¡MHLãVDXJRWLGYDVLRVSXVLDXVY\U
-HLJXVDXO¡VGDEDUQ¡UD
$UJLU\WQHSDNLOVY¡OMLQXR,QGLMRV"
-HLJXUDWDVOHPWLHVYHUåOXV
äHP¡QåPRJÐSDUEORNãVPDUNLDLULHG¡GDPDV
$UJLY¡OQHSDNHOVþLDSDW"
7RNVMDXEÌGDVOHPWLHV²SRNãWXVPXPVQXRODWNU¡VW
7DGåLQRNL7DUNYLQLMDX
7RNXULDPWXQÌQDLNRMDVEXþLXRWWXUL
,UODQNVW\WLVåHPDL²SDODXN
.DLOLNLPDVDSOLQNUDWOHQJYDLDSVXNV
3XRãQÌVSXUSXURDSGDUDL
.ULVSRNRMRPLVWDXLUVXVLWHSVSXUYH
%HWLãMRQHVLMXRNWDGD
1HLVXEDLPHåLÌU¡NQHLSDW\þLRPNDPXRN
9LVDGWXSULVLPLQWWXUL
äDLVWLP¡JVWDOHPWLVGYLHPNDPXROLDLVLãNDUW
3HLNLDVDYRODLNÐQHYHLNOXP
0HUNXULMDXWXJDOLNLWDURV
6NDPEHVLXY¡OHVSULVLãDXNW².RNLWR
7DPVÌVYDQGHQDLGLGHOLDLQXVWHPED
3ODXNWLSDOLDXQD
0Ì]DJURNLUWXWDUVL/HVERGDLQLDL
7XXåJDXNVW\JDVJURNL'LUN¡VJLHVP

.DGVXJU³åWÐMRVSDãDXNWLLã2UNR
9\UDL.YLULQR
1DUVÌVNDUå\JLDLMÌV3ULDPRDLQLDL
-ÌV$QFKLVRMÌVLU9HQHURVVÌQÌV
.LONLWå\JLQLU$FKHURQWRGDLOÐ
.UDQWDSOHLVNLW
6O¡Q\MHWDPVLDPNDPMXPVSDVLOLNWL
6OHJLDPLHPVPLUWLHVWDUVLNLHWRPLHJR"
$UJLSRåHPHWXRVGLGLQJXVDPåLXV
/DLGRWLYHUWD"
0DULMDXWDYHY¡OVLNDPEUDLNYLHþLD
,UVWU¡OLQ¡PLVQHãLQLQRPDGDL
1XPDQFLMD6FLSLRQDLãDXNLDV
7DYRUÌVW\E¡V
9¡O.DUWDJLQRMUDLWLMDYDULQ¡P
5LWDVLEDQJRPLUS¡VWLMRVDLE¡V
3ULH6DJXQWRLUSULH6LNXOÐYDUWÐ
.DUDWSOXNGR
.HONLV$UãDXNVPÐQHJLUGL"5LNLXRW¡V
'XQGHVLRåHPHYHONDPÐJUDQGLQLÐ"
$UJLQHPDWDLãWDLGDUYLHQDVSXQDV
*ULHELDVLLHWLHV"
âDXNLDVLWDY
VR3RPS¡MDXGLGLV
$]LMRVNDSDL-DXVHQLDLWDXWUDNDL
&H]DULVWU¡O¡PXJQLPLJUDQGLQ¡P
.DUGXJUDVLQD
%DNWUDLN\ODMDXMÐVWRY\NORVEUX]GD
'UHEDMDXGDQJXVQXRWULPLWRJDXVPR
5ÌVWÌVUDLWHOLDLLUåLUJÐSUXQNãWLPDV
/HPLDPXPVSLNWD
8UQNXULRMHWXPLHJLNDQRSD
0HGRDWãLDXUDXVGDXåR.HONLV$UJL
7XJDOLUDPLDLNDSXRVHPLHJRWL
2ULDLLOV¡WLV"
7UDXNLWY¡ONRYRWY¡OODLP¡WLWUDXNLW
5RPRVNDUå\JLDL1XNDELQWQXRVWDNWRV
²SUDVWXVãDUYXVWHEXVPLHODãDOPX
.DNWSULGHQJWL
1DUVÌVQXRVWDELDLVXãDUYDLVSXRãQLDXVLDLV
'HGDP¡VNDULDLVPHV³SUDW
åDLVWL
.RY²QHNRYRWLUWXãþLDLNDUWRWL
äRG³NDXW\Q¡V
$LQLDLWROLPLPHVQDUVLÐMÐERþLÐ
âDOPXåVLG¡WDNNDLSJ¡GDYHQJLDP
,UJUHLWLJLPHVVYHWLPãDOLÐSHUODLV
6PLONLQLXVSXRãWLV
,HWLHVSHUVWRURVQHDSJQLDXåLDUDQNRV
6O\VWDQXRSHþLÐSHUVXQNLVWU¡OLQ¡
.UHQWDODQNDVRPXPVSHULOJDVNDUGDV²
3ULHNDLãWDVJ\YDV
*¡GLQDVLOSQDVPXVUDQNDVVHQLHML
*LQNODL3HUSODWXVW¡YRãDUYDVVÌQXL
.DERDQWSHþLÐLUVHQROLÐVWU¡O¡V
0ÌVÐQHNODXVR
$SLHWDLNDGYDOGRYXVODELDXVLDLSXRãLDQXRVDLNXVEÌGDV
1Hå¡UXRMDQþLRNULãWROR
6LHQRVGXU\VODQJDLDUPDUHRWLãNL
9DUWDLDXNVXLãJUDåLQWL
*DUVLQDYDOGRYXVLUQHPDULRMJLHVP¡M
-XRVLãDXNãWLQDQHãORY¡
3DGDELQDNDSXVODXUDLVVYHþLÐãDOLÐ
UDPLLUJLHGUDNDNWD
9HLGDVãY\WLQWLVO\JVDXO¡YLGXGLHQ³
1LHNDGQHDSVLQLDXNLDQWLV
%HãHã¡OLRUÌVWDXVDQWDNLÐVXUDXNWÐ
0LHORã\SVQLRYDLYRU\NãW¡
/\J$XãULQ¡åYDLJåG¡NWLNVXåLEXVL
6DNRãDO\VSDå³VWDPRV
,ãYDOGRYÐYHLGÐ/HLVNLWYDOGRYDLPXPV
-ÌVÐYHLGXVDNLVLãY\VW²
âWDLSLOLHþLÐDNLVYHLGXVMDXUHJLPH
5ÌVWDXWSUDWLQDåPRQHVWDV
.DVSDQLXU
VEDXVP¡PQXRODWJUDVLQDMLHPV
MHLEDXVWQHVLVNXELQWÐ
-HLQXãYLVWÐODLNXã\SVHQDMRYHLGH
-LVSDãDOLQWÐåXG\QHV
%DLVÐã¡OVPPLQLRVNRYGLGLNÐLU
1HWYDOGRYÐJUDVLQLPXV
-HLPDLãWLQJDPLQLDÌåLDQHYHUWDMRV
$WJUDVLXQLDXUXPXEDXJLQW
.DGSDNHLVWÐYHLGXRV³QLUã³LãJVWLV
äYDLJåGåLDYLOQLVãWDL$YLQDV
.XUVSDGDQJ¡VJLHGURVSLHYRVHJDQRVL
5DNWLQLQNDVSDYDVDULR
9LHãSDWDXMDGDQJDXVNORQLXRVåYDLJåG¡WXRVH
$XNãWRVNOLDXWRSODW\E¡VH
9DOGRORNLXVYLONXVLUNDLUDPXVLUNDL
3\NVWDOLNGDPDVQXRVDLNXV
,UYDOGLQJDLUDJXVSXUW\GDPDVQXRåPLHPV
/LÌWDPVVNHOEL³VDN\PXV
-LVVXGUDXGåLDJULHåWDLLUDSWYDUDQåYDLJåGåLÐ
6XJHQDNODMÌQXVGDQJDXV
ýLDQHSXRODSHVO\VJXOELÐEDOWÐMÐLU
-ÐQHGUDVNREDLVLDLVQDJDLV
.ODXVRåLUJDVHLNOXV%HOHURIRQWRþLD
&KLURQRKHPRQLãNRV
6WU¡O¡VQLHNDGåY¡ULÐãLþLDQHSHUYHULD
/LÌWDVåDLGåLDþLDVX'Y\QLDLV
,UVX-DXþLXGUDXJHNDUþLÐQHãLDXãGDPDV
1HPDXURMDåYDLJåG\QDLLU
âXRQHORMDVNOLDXWÐQLHNDGQHGUHELQD
/LELÐ/LÌWRULDXPRMLPDV
7\OLDLVOHQNDGDQJDXVVNOLDXWDVQHJLUGLPDL
,UYHåLPDVåYDLJåGåLÐSHUQDNW
1HXåPLHJDQþLÐãWDLULHGDSDGDQJ¡PLV
6NOLQGDDLGLGDQJXMWLNWDL
$XNVDYLOQ¡VåYDLJåG¡VPLHODVPHNHQLPDV
.OHVWLPHLO¡WDUSXVDYLR
'DQJXMHýLDQ¡UDVP\ãLÐLUYDLGÐ²
âYLHþLDPHLO¡VWLNURVOLHSVQD
-XRVLD³VþLDVJDPWRVãYLHVXOLXVJLPGDQþLXV
9LVDMXRVWDåYDLJåG\QÐ-
5LHVWDUDJLVWDVDL²$YLQDV²SUDGHGD
-LV²SDVDXOLRWDXULMXQJWLV
3UDGåLMXQJLDãLWRVMXRVWRVLUSDEDLJ
,OJLVLGDQJLãNRVW¡Y\Q¡V
.HULW¡YLãN¡QXRVWDEL
.HULU\ãNLRVåYDLJåGåLÐOLHSVQRVVNOLDXWHGDQJDXV
1XRODWEXGLQþLDPNHULYLV
,UP¡QXOLRãYLHVDLUQHUDPLDLåLE
$XNVRUÌPXRVHIDNHODL
ãRN¡MDLQDNWLHVRUDWHOLXVJUDNãþLXV
/\GLQW\VDPåLQLGHJODL
W¡Y\Q¡VJUDåXVYHLGHLUMÌVPLHOL
6NOLDXWÐGHJDQþLÐYLVVDUJDL
$NNRG¡O³PDQHVYHW³åYDLJåGåLÐãYLHVRV
äYHOJLDWLãWROXPÐGHMD"
3HULOJDPLãGDQJDXVLãWUHPWDNNRG¡O"
.ORNLWSLONYHO¡QPDQ
,UOHOLMRPEDOWRPNORNLWHNDSþLD²
.ÌGLN¡OLRãYLHVDXVQDPXV
3DQþLDLNULQWDPLUWLHVLUSHOHQXRVVDYXRV
7ROVWXQXRSHOHQÐVDYÐ
0HVNLWLãQDUWRNÌQREHMDXVPLRLU
9LVDNRQHEHUHLNLDPDQ
²DXNãW\ELÐHUGYHVN\OXNRNVDLOLNDX
,*LULDSRSLHåLDXV8UERQR9,,,SRH]LM
,ãNXUWDVVUDXWDVåRGåLÐVXGHULQWÐ
7DVDOGåLDEDOV¡XS¡DWLWHND
,ãNXUWRVVUDXQLRVEDQJRVSOÌVWD
7URNãWDQþLXVMÐSDNODXV\WJDLYLQD"
1HMDX(DNUÌVWÐY¡OSDOHQN¡
2UI¡MRJLHVP¡V"3DVNXLM³7UDNLMRV
$XV\ORVXRORVVOLQNROHLGRV
âRNWL+HPRQLMRVDNPHQ\QDL
$UNLWDVGDLQLXVWDUWXP'HGDODVNDL
6W\JDVXåJDY
V3LHULGHVSDþLDV
3DYHUJLDJLHVP¡PLVLUGXRGD
0RN\WÐåRGåLÐXSHOLXLSUDGåL"
6NDLGULRV3HQ¡MRXS¡VþLXUOHQLPDV
7HVDOÐNDOQXVãLWDLSQXVWHELQD
7DLS+HEURWHNDQþLRSURãDO³
.ODXVRVL+HPDVDSVWXOE
VâLWDLS
1XãþLÌYDãQLRNãþLDQWW\UR3DUWHQLMDXV
%DQJDVLãJLUG
GLGÌV3DQJ¡MDLWDLS
.DVWDOLMRVVURY¡VÌåLPR
.XUVLNLSDW+HOLNRQRDLGL
3DUQDVDVNODXVRNDLSDVLLOJXVLHPV
/DXNDPVãLVNHOELDãWDLMDXSDYDVDULV
'åLXJXVDUW¡MDMDXJHJXåLV
äDOLDVLãWROLPRNHOLRJU³åWD
,ãNXUJLWRMLåRGåLÐORW\QLãNÐ
6URY¡"-LN\ODWHNDNDVNDUWYHUåOLDX
6WLSU¡MDVÌNXULQ³WUDXNXV
²NY¡SWDVãLUGLVLUGYDVLQHãD
,UWDLJLOLMDSODXNLDPLQþLÐYDJD
7DLY¡OVUXYHQDLãNDOERVXSHOLX
6LDXUXWDLSHUJDEXPÐSODþL
'LUYYLQJLXRGDPDWHNDQXRODW
%DQJXRMDã¡OVWDOLHMDVLLãNUDQWÐ
7DYDQGHQLQJDXS¡1HSDQþLRMD
9DQGHQVåRO\QDLMRVNODPSXVLV
'XPEODVQHNOLXGRVUDXQLDLMRVW¡NPHL
-LQDLJDUV¡MDDXNVXLU$WLNRV
6PDUDJGDLVåDLGåLDRJLQWDULQ¡VMRV
%DQJHO¡VPHORGLQJDLRãLD
,UDXNVDVSDOY¡VURY¡þLXUOHQD
0DQ
VQHWUDXNLDYDQGHQ\V.LURVQHL
)RNLG¡VYHUVP¡V8UERQDLMDXWDYH
,UNULãWROLQ¡'LUN¡O\GL
,UYDQGHQDLLãRORV0HUJHOLÐ
3DUQDVDVãLWDVYLHQLãDVQXRãDOLDL
'XQNVRM
VNDOQDVGDUGDQÐãDO\MH
1ÌQWDYRSULãDXNWDVVYHþLXRMDV
/DFLMDXVGDLQLDLVHQLHMLJU³åR
3DWVDLGLG\VLV3LQGDUDVVXGåLDXJVPX
7RNLDPYDUåRYXL²WDX²QXVLOHLGåLDR
.DPHQRVVWHELVNDLOLJGXJQR
,ãVHPLYLV3HJDVRYHUVP

$UOHLVWXPåRGåLDPVSODXNWLQHYDUåRPLHPV
-LHPVGDY
VYDOLNDLGLWLUDPEWX
.XULDUY¡OHLVXPDQ\WXP
-XRVVXULNLXRWLJULHåWRQHLOXW¡Q
7DþLDXQHJUDLNÐODXUÐSDJRQLãNÐ
9DLQLNDVWDYRVPLONLQLXVSXRãLDR
0LWUDMXRVYDLQLNXRMD²ãLWDV
7DYRãORY¡VLUGLG\E¡VåHQNODV
,ãVWÌP
VODXUXVSXUSXUDVDQWJDOYRV
7DXWYLVND'DLQLDLMXPVMDXJDQDVDYD
âORYHSXLNXRWLVMDXORW\QÐ
3XUSXUDVSDSXRã¡MÌVÐãORY

,,38%/,-8,0(0,-8,
7UXPSåPRJDXVJ\YHQLPUHLNLDSUDW
VWLJHUDLVGDUEDLV
6QLHJDVNXUVDQWDLODXNXRVHEROXRMD
6DXO¡NDLSDNLOVYLUãNDOQÐDXNãWÐMÐ
9¡OLãWLUSVRWDXNDLDWHLVVHQDWY¡V
/DLNDVOHGLQLV
*DOYQXEDUVW\VVLGDEULQLVãHUNãQDV
,UQHEHLãQ\NVãLGDQJDMDXQLHNDG
9DVDURVUXGHQVLUSDYDVDULQ¡V
3UDOHNLDGLHQRV
7DXWLNWDLLãOLNVDPåLQDLWDVãDOWLV
,USODXNDLåLOL1HSDG¡VEDO]DPDV
1HSDVO¡SVãDUPRVQ¡J¡OLÐYDLQLNDL
*DOYDSMXRV

.WLNYLHQV\NPXPVMDXQ\VW¡GDY¡
7LãSO¡ãDWJDOQHODEDVHQDWY¡
3XEOLMDXJDOLGXNDUWXVSUDW
VWL
1XRSHOQDLVDPåLÐ
7DVNXULRPLUWLHVJDLOHVWDYRåPRQ¡V
'DULOJDLJ\YHQV7HSDOLNVNLHNYLHQDV
âORY
SRVDY
V9LVDNLWDPHWDL
1XQHãDJRGÌV
,,6$9$-$,/<5$,
6NDPELRMLO\UDEXNPHGåLRGXNWHULH
.DERNDQWDXNãWRWRSROLRNROGDQJXM
$XNVLQ¡VDXO¡PHLOLDLMXRNLDV
WDUSãDNÐLãG\NDXMDY¡MDV
/DLOHQJYDV(XUDVVNULVGDPDVSURWDYH
6W\JDVXåJDXQDDãWXRPHWXãDOLD
5DPLDLDQWNULDXãLRLãVLWLHV
V
.UDQWRåDOLRMRMYHMRMXåVQÌVLX
'HMDåLÌU¡NLGHEHV\VMDXMXRGL
8åWUDXN¡GDQJÐWXRMSOLDXSWLLPVOLHWXV
6NXE¡NLP*UHLWQXRPÌVSDE¡JD
'åLDXJVPDVDNLPLUNYRVWHWUXN
V
,,$WVLVDNRåHPLãNRVEÌWLHV
$SOHLGåLXEÌW³åHPLãN1HãNLWH
0DQHVSDUQXRWY¡MDLLUGHEHV\V
.RNLHåHPLNDOQDLQXWRO

$XNãWDVGDQJXVPDQSRNRMRPNORMD
7DXWDVYDOVW\EHVâWDLVSLQGXOLXRMDQþLRV
âYHQW\NORVãWDLLUUÌPDLNDUDOLÐMDX
1XWRORLUåHPDLSDOLN
0LHVWDLPDå\þLDLVWDãNHOLDLVYLUWR
*HQWLVNODMRNOHVNXUEHNHOLDXWÐMRV
5HJLX.DLSEDLVLDLQHSDVWRYLOHPWLV
.DLSYLVNDVNHLþLDVLEHPDWDQW²
ýLDDWVLUDQGDþLDY¡OSUDåÌYD
ýLRQDL³GDQJÐVWLHELDVSUDG¡WDVWLN
6WDW\WLPLHVWDVãLþLDVHQRYLQLDL
1DPDLLUERNãWDLJULÌYDWHQJL
3LO³VXJULXYXVLSO¡Q\VGHQJLD
5DPLSDGDQJ¡ãLþLDEHWYHUåLDVL
.DULQJRVWDXWRVPÌãLQJ\YHQDWHQ
7DLNRMWDþLDXODXNXVQLRNRMD
3RWY\QLDLOLJRVQHJDLOHVWLQJRV
ýLDURGRVåHP¡VQHEHPDW\WL²YLHQ
7LNVSLQGLJLQNODL6WRYLULNLXRW¡VGDU
/HPWLVQHVXGDY¡GDUVPÌJLR
²QLUãLVGHOVLDLUQHVLU\åWD
²PÌã³SXOWLâWDLMDXUHJLXNLWXU
.DLS0DUVDVSULHãXVVXYHG¡MÐJUHWDV
6XPDLã¡NWLNLUSDV¡MR
0LUW³LUNÌQDLNDULÐSODþLDXVLXV
/DXNXVQXNORMR,ã0DUHRWRVãWDL
5DPLDLVDXSUHN¡VSODXNLDSHUYDQGHQLV
'DXJ\E¡MSULHSODXNÐLUXRVWÐ²
3LOQDåPRQLÐGLUELQLÐJDXV\E¡
1HYLHQGLQJVW³0DUVDVVXUDQGDLU
9LVRNLÐJLQNOÐâWDLVYHWLPDXWRMRV
0HLOXVã\SVQ\V³åLHELDNDU
,UG¡O+HOHQRVãDOLVOLHSVQRMD
$QDVG¡OåRGåLÐNDXQDVWDVDL²G¡OãXQV
%HYHUþLRJURELR*LPGREORJ\E¡VPDW
%ORJ\EHVãLRV²SLNWDGDU\E¡PV
²NYHSLDEORJLVQHO\JXEORJLXL
$QWDLYDJRMDYDQGHQLVU\WXRVH
*DXVXVODLY\QDV-ÌURVSODW\E¡PLV
1XVLULWDSDEÌNOÐJDXVPDV
ä\EþLRMDOLHSQRV6XNUÌSVLXRORV
6XNHOWRVEDQJRVULWDVL³ãDOLV
,UNUDQWSODND/LDXNLW¡VEDUEDUDL
1HVNXELQNLWPLUWLHVQHLGXUNOX
1HLXJQLPLQHLODLYXVGDXå\NLW
1HMDXEHNUDãW¡åHP¡PDåDLSURJÐ
6XWHLNLDPLUþLDL"âWDLQHWåLÌU¡WJUDXGX
,ãNOLELQWDPDLãWÐYDOVW\E¡
<UDVLOSQ¡MDJDORSVXJULÌYD
MRVLRVåPRQHVNULVGDPRVQXRODXåRV
3DODLGRMDLUOLHNDJULXY¡VLDLYLHQ
$QWMÐJDOXåUDã\VNHOHLYLV
,OVLVYDOVW\E¡þLRQDLSLOLHþLDL
,UMÐYDOGRYDV.DPJLPLQ¡WLGDU
.DLSSODþLRVXS¡VNDUWDLVSDWYLQVWDLU
0LHVWXVXåOLHMDNDLSãYHQW\NORM
,PDYDQGXRQHWLN¡WDLãQLRNãWL
,UãWDLYDOGRYÐUÌPDLLUOÌãQRVWDUS
%DQJÐSUDQ\NVWD'DUWROXPRMUHJLX
3UHNHVSRMÌULãEODãN\WDV
7XUWDVYLVRNVDQWEDQJÐGDUVXSDV
3DVDXOLVXROLDLWULÌVLDQDLNLQGDPDV
7DLWWDLNLWN.UXYLQUHJLQ³
6XPÌãLDLVVXYDLGDLVJULXY¡VLDLV
/LELWLQDPXPVNDVGLHQURGR
.ROWLNXåWUDXNLDYDNDUDVXåGDQJ
äYDLJåG¡PQXV¡W.RJLGDUODXNLXDã
'DQJDXVVNUDMÌQDVNROLJãLROHL
äHPLãNEÌW³VWHELXMHLPHWDV
.HOLDXW³VDXO¡VQXWYLHNVWXVUÌPXVPDQ"
6SDUQXRWGDLQLÐQHãNLWHGHEHV\V
7HQDLNXUVDXO¡VLUP¡QXOLR
.HOLDVQXW³VWDSHUå\GUGDQJÐ
$UPDQWLNURGRV"$ULãWLHVÐPDQH
$SJO¡E
QHãDY¡MDL"1HMDXWLNUDL
9¡OWROVWDPLHVWDLLUGLGåLXO¡V
âDO\VYLVDLLãDNLÐLãQ\NVWD
,UYLVPDå¡MDåHP¡MRVUXWXO³²
7DãNHO³PHQN²GDURVLYLVVXQNLDX
0DQ³åLÌU¡WL"âWDLWD'LHYR
-ÌUDEHNUDãW¡$QWDLVDODWD
.XULRMQHUDQGDSULHSODXNRVVDXPLUWLV
PDULRVMRNLRNUDQWRQHWXULQþLRV
6DUELHYLMÐSULLPNLWQRULDL
²YDQGHQÐDPåLQÐMÐJO¡E³
,,.DWRQDVSROLWLNDV
MHLLPWÐPDå¡WWXUWDLQDXGRMDPL
-ÐQRU¡þLDXWXU¡WDãGDXJGDXJLDX'HMD
$XNVRJHLVPDVQHWVDXXåJLQDLPWLWDL
,ãNLWÐNSDVLJURE¡
$ãNLWRNLXVORELXVYHUWLQXMXRVGYDVLD
7HLNLDLULãPLQWLVåDUVWROHQJYDUDQND
-LHEHWRQXRODWRVVXJHEDDXJWGLG¡W
1HELMRGDPLSDVLEDLJW
7DVYDOGRYDVNXULVOLNVYLVDGDUDPXV
$UMDPGXRVDUDWLPV'LHYRWHLVLUDQND
-LVGLGHVQLVQHWDSVWXUWÐMHLMDPSULG¡V
-HLDWLPVQHVXPDåLQVMR
0¡JVWDMXRNWLVOHPWLVLãDSJDXOLÐYLOþLÐ
.DUWDLVJUDãLÐVPXONLÐOLDXGåLDLSDåHUGDPD
,UVWHE¡GDPDNDLSSHãDVPLQLDG¡OMÐ²
âDLSRVLãSDVWDQJÐWXãþLÐ
0DQYLVYLHQDNRNLHORELDLJXO¡VãDOLD
/DLMXRVJUREVWRNYDLOLDLDãQHODLNDXYHUWX
7URNãWLWXUWÐãLWÐQHWMHLJXMXRVOHPWLV
0DQWLHVLRJ³UDQNDV³G¡V
-HLOLNLPDVDWQHãYDOGåLSHOQ\WPDQ
,UYDLQLNDLVãORY¡VPDQRQDPXVDSMXRV
$ãSULLPþLDXYDOGåLRVåHQNOXVMHLMÐGUDXJ¡M
1H³åHQJWÐSDY\GDVWXRM
$ãQDXGRVLXRVJHULDXWMDJDUEHNXUL
0DQGRU\E¡LOJDPGDY¡NDLSXåVWDW
%HWMHLOLHSWÐGLHYDLSHUGXRWNLWDPVNHSWUXV
6XGåLDXJVPXDWLGXRþLDXMXRV
%DLJ
VOLDXGåLDLYDLGLQWOLQNVPNRPHGLM
$UYLON¡þLDXWRJDEDOWDDUSXUSXUR
5ÌEDLV/LHSWDVSDOLNWVFHQDãMXRVPLHODL
1XVLYLONVLXNDLSVYHWLPXV
'DUWLNYDNDUPLQLRVVWHELPDVLUYLVXU
6XGåLDXJVPXLUPLHODLMRVLRVVXWLQNDPDV
5\WVWHE¡VLXMDXSDWVEÌGDPDVåLÌURYX
3MHV
VFHQRMYDLGLQDP
,,38%/,-8,0(0,-8,
*DOåPRQLÐQDãWDGDXJOHQJYHVQ¡EÌWÐ
-HLJXNLOWLUNULVWWRSDWLHVSDNDNWÐ
/DLNREHWVWDLJDGLGHOLGDO\NDL
9LUVWDJULXY¡VLDLV
1LHNDVDPåLQDLQHWXU¡MRODLP¡V
0LHVWÐLUåPRQLÐQHUDPXVOLNLPDV
9DODQGDYLHQDNDUDO\VWHVJULDXQD
$XJXVLDVDPåLXV
3HUWROLGHMDODLNRULEVN\U¡
.DVYDOGRPVVXJULDXWUHLNVGLHQRVSDVDN¡
0LUNVQLRWHUHLN¡VNDGWDXWDVQXãOXRWÐ
6PÌJLVOHPWLQJDV
3XEOLMDXGLHYDPV³N\U¡WQHUHLNLD
6NÐVWLVMLHPVG¡OWRNDGQDPXRVNDLP\QÐ
*LUGLVSHUGDåQDLJHGXOLQJRVJLHVP¡V
0LUþLDLDW¡MXV
9DODQGDNXULGDY¡WDXJ\Y\E

'DY¡WDXV\NLXJDOLP\E
PLUWL
7LNGDUEDLVåPRJXVDWPLQW\LãOLHND
$PåLXVJ\YHQD
,,$67(5,-8,
'DåQDLOLNLPDVDSGXPLDPXPVDNLV
7XãþLDLVGDO\NDLV.O\VWDP$VWHULMDX
'UDXJÐãHã¡OLDLPXVDSJDXQD
äRGåLDLNODVWLQJLSDWLQNDNDUWDLV
.YDLOLPHVHVDPPDQRPNDGMLHWLNUL
%HWYRVWLNEXUWDVNLWDVLãNULVOHPWLHV
%LþLXOLDLGåLDXJVLVLUNLWRNLDLV
äRGåLDLVNDOE¡VQXVLJU
åXVODLPHL
$SJDXOÌVEÌQDNDUWDLVåPRQLÐGDUEDL
-LHPXPVSDWLQNDEHWWLNUHWDLNDGD
7LHNJDXQDPNLHNåDG¡WDEXYR
$WSLOGDVSDåDGXLQHSULO\JVWD
,,'RUDLLOV¡GDPDVLVVNHOELDNDUVDYRDPåLDXV\GRPV
6DYLPODLPLQJDVQLHNRGDXJLDXWXU¡W
1HWURNãWX.LWNODLSDVLLPVOHPWLV
,UYDUJãDLåPRQ¡VWHJXWXUL
.SRSDVDXO³ãORY¡SDVNOHLGåLD
.OLJåYDLJåG\QÐLãNHOLDDãYLVDL
äLQRWQHQRULX(OJLDVLãPLQþLDLWDLS
$SLHVDYHVDN\WÐOLDXSVLÐ
5HWNDUþLDLVMLHLãNLWÐLãJLUVWD
6DXJXVMDXþLXRVLYLHQNDPEDU\VDYDP
7DþLDXNDGNDOERVQHSDJU³VWLãPHLåWDL
1HNLOWÐMRJSRVDYRVWRJX
.QRUVJ¡GLQJDVOHSLXDUVDXJDX²
(LQXDãGUVLDLVDXO¡QLUYLHãXPRQ
7DþLDX0LQHUYDLSULHVDLNRVQHGDYLDX
/\G¡WLMNDULQLXRVå\JLXRV
$ã²QHNHQNVPLQJDVNDU\VEHJLQNOLV²
'YDVLDNDULQJDU\åWXRVLWLHVJLQW
âLRDPåLDXV\GDVUDXWLEHJDLOHVþLR
.ODVWDVWLQJXPEHGLHY\VW
$ãHLO¡PLVVDYRUÌVþLDLEDXVLX
1RUVQHSDQRURVNLUWLPDQ
VGLHYDL
5ÌVþLXNDUDOLXPQHSDVODQNLÐWDXWÐ
.DGMDVSDåDGLQþLDXLãPLHJR²
/¡P¡GLHYDL3RHWXPDQWDSWL
,,3$/$,0,17$-$,0(5*(/(,027,1$,
.DL-RQDV.DUROLV.DWNHYLþLXV
UXRãGDPDVLVå\JLXRWLSULHã%L]DQWLMRVLPSHUDWRULÐ2VPDQ
MDLSDVWDW¡EDåQ\þL
0LQLRPVODLPLQJRPVVHNDQWWDYHQXNUHLSN
.DUDOLHQHYLVRSDVDXOLRþLD
äLQJVQLXVåYDLJåG¡WXVXå=HILUXV
6NULHNLJUHLþLDXGHEHVÐNDULHWRP
1XåHQNLãVDYREÌVWÐãYHQWÐMÐþLD
âDOLDDOWRULÐWDXSDãY
VWÐYLVD
äHPDLWLMDVXNOXSRVPLONVWD
7DXXåWDU¡MDQXRODQNÌVGÌPDL
0DOGDV0HUJHOHãDXNLDQþLÐLãNODXV\N
1RUVWDX²åYDLJåG\QXRVåLEDQW\VUÌPDLQRUV
,U5RPRVLU/RUHWREÌVWXV
3XRãLDGDOPDWÐVSLQG³VPHWDODV
1RUV(QLS¡MRãDOWRJ\YHQWRMDV
1Hã\NãWLQLHNDGWDXGRYDQÐSXLNLÐ
VSLQGLQþLDGLGLQJDLVERNãWDLV
6WHELVWDYLPKHQLRFKÐJHQW\V
,UWLHNDPVDXO¡PDWRVLQXRåXOQLDL
äHP\QNDLULHGD²åPRQ¡V$PHULNRV
,UNDVU\WÐNUDãWXRVVXJU³åWDQW
7DUVLLãORSãLRNDVGLHQLãY\VWD
$UPDWRW"0LHODVYHLGDVãYHQþLDXVLRVJDO
0DQHNODLGLQD"5HJLVLNDGJLUGåLX
9HåLPDLSHUGDQJDXVSODW\EHV
'XQGDMXRVO\GLãYHQWLSORMLPDL
,UYHUåLDVVPDUNLDLSURGHEHVÐPLQLDV
3URUÌVþLXVGÌPXVãYLHVÌVJLHGURVEÌULDL
8JQLPLUDXNVXMLHSUDå\VWD
,UVWU¡O¡PLVVSLQGXOLÐVPDLOLRVLRP
âYLHVRVWLUãþLDXVLRVULWDVLGHEHVLV
8åNOLXGåLXVUDWDPVUÌNVWDXJQLHVWDNDL
,UYHULDVLSO\ã\VLOJLDXVLDV
7DUSGHEHVÐLUDXGUÐNDULQJÐ
,ãNULN
JUHWRVEDUVWRVL³YLVDV
3XVHVRåYDLJåG¡VMXRNLDVL³NDQGLQ
'DQJXVVNDLVWXVLVQXVLã\SVR
6DXOHLQXEORãNXVPLJODVQLHNLQJDV
$UJLUGLW".RNLRVJLUGLVLJLHVP¡VPDQ
,UVNDPELRVO\URVSUDOHNLDQWGHEHVLPV
9DOLRWULXPIH²WULVNDUWJULDXG¡
$XGURVLUWULVNDUW²åDLEDLXJQLQLDL
9DOLRWULXPIH6XVNDPEDWULVNDUWLU
$WVDNRDLGDVWULVNDUWäHPDLWLMD
$WVDNRVNDPEDVO¡QLDLNDOYRV
,UQHUDPLHMLPLãNDLVXRãLD
7¡Y\Q¡VPÌVÐåHP
DSVDXJRVML
'DQJDXVYDOGRY¡(LNLWHLUQDXMDV
$XNDVQDXMDVPDOGDVSDVNLUNLW
6DYRãYHQþLDXVLRVJORE¡MRVJDUEHL
,,-8/,-8,52=$,
.YLHþLDM³JLHGRWLãYHQWSRH]LM
3DODLPLQWDMDL0HUJHOHL0RWLQDLQDNWLQLREXG¡MLPRPHWX
.RQHE\OÌVVDUJ\ERMYLV
6WXPLDPODLNO¡WDL"5R]DQXSO¡ãNLQXR
6WDNWRVO\UDUþLDXDWQHãN
0ÌVÐUDQNRVVW\JDVWHLãP¡JLQVVNDPELDV
%XNVSLUãWDLVEDQG\NSULNHOW
)OHLWRPVW\OLQþLRPVY¡OJ\YDVW³VXJUåLQN
1HLDXNVLQLÐåYDLJåGåLÐVDUJÐ
$XNVXå¡ULQþLÐLUVHUJVWLQþLÐLãGDQJDXV
6PDUNÐE¡JVPSDVDXOLRQHL
-ÐUDWHOLÐVPDJLÐQHDSJLHGRVLPPHV
$SJLHGRN.DUDOLHQ
WX
.DLSDQWUDQNÐQXRJÐNUHQWDOHQJYLSODXNDL
,ãGUDLN\WL=HILUÐNDLS
6NODLGRVJDUEDQRVLUOLHMDVLMÐOLHWXV
'DUJLHGRNNDLSJUDåLDLEODX]GDV
3ODXQD.LQWLMDNDLSVXVHJWDVåLEXULDLV
âY\WLDSGDUDVQXRVWDEXV
6WRWJDXELDWRJDVDXO¡VPHLOLRVDXVWD
/DLGÌGHO¡åDY¡VLVWRO
.RO0HUJHOHLVNLUWDJDUELQDQWLJLHVP¡
6DXO
SHUPDOGDXVLUMLQDL
7XRMQXR,QGÐGU¡JQÐJU
ãLVLUJU³ãDWJDO
,,3$/$,0,17$-$,0(5*(/(,027,1$,
-DLSDãY
VWRODLYRLãY\NLPR³,QGLMSURJD
-ÌURVLUDXGUÐWXãYHQWDYDOGRYH
1XRXROÐJLQLSHUYDQGHQVSODW\EHV
6NXEDQþLXVODLYXVLULãPDULÐGXJQR
6N
VWDQþLXVWUDXNL
-HLVXWUDPGDLWXYDQGHQ\QRUÌVW³
²ãYHOQLXVVDSQXVQXUDPLQWDMÌUD
*ULP]WDLUW\OLDQWSDNUDQW¡VVP¡OLR
*XODVLGU¡JQR
7HODLPLQJDVEXVNHO\MHWDYDVLV
/DLYDVNXUVGåLXJLDLDQWEDQJÐVÌSXRMDV
,UNOXVJ¡O¡PLVDSVLNDLã
VPRMD
/DSÐYDLQLNDLV
.DLQXSODXNVMLVDLOLJLVHUÐåHPLÐ
.DL5\WÐãDOLVDSODQN\VWROLDXVLDV
7DYRYDUGVNHOEVNDGYLVDPSDVDXO\
-LVVXVNDPE¡WÐ
,,1$5(98,
.XULRSDNUDQW¡MHYDLNDVEÌGDPDV
SRHWDVSLUPMO\ULQ
GDLQHO
VXNÌU¡
7DUSOHOLMÐEDOWÐåLHGÐ
7DUSåLEXRNOLÐPHOVYÐURåLÐVYDLJLQDQþLÐ
-DXXåPLJRDQDGLHQD
.DLVDYMDO\UDSLUPNDUWJURMDXDã
'DUWLNYDLNDVWDGDEXYDX
,UODLPLQJDVODNVþLDX1DUHYRNUDQWXRVH
'LHQRVWRVOLJLãLROHLPDQ
âYLHþLDVDXOHVNDLVþLDLUDXNVLQHVVW\JDV
/\URVOLHWXVPHORGLMD
1HEDLVLQJXVNDUXVSULPHQDQHåLDXUDXV
0DUVRã¡OVPWDþLDXåDYLXV
.DLPRPDORQXPXVSLHYDVåDOLDVODXNXV
5\WRUDVUDXVYXRVåLHGXRV
$UJOHåQDVåLEXWHVDUQXRWDNLXVNUDQWXV
7LQJLDLSODXNLDQþLRV9LOLMRV
$UGYHONLPSLUPÐY¡MÐSDYDVDULR
7DYR1DUHYHYDQGHQLV
.DLGDUYDLNDVEXYDXDSGDLQDYDXLUþLD
äDOLRåXRORåLHY¡MH
âLXRVLãUDLåLDXåRGåLXVO\URVDãWULXSOHNWUX
8S
ãL)HERP\OLP
3LHULGåLÐGDåQDLVNDPEDQþLGDLQRVH
/DLEDUELWDVSDP¡JVVNDPEXV
/DLPHUJDLW¡VGåLXJLDLãRNVUDWHOLXVSULHMRV
.ROEXVPDWRPLåRGåLDLWLH
,ãSMDXWLåDOLRMHåXRORåLHY¡MH
-XRVEHUQLXNDLWHJXPRN¡V
,UPHUJDLW¡VWHJXMXRVSDW\ORPNDUWRV
NDVPHWNDLãLGLHQãY
V
,USULHXS¡VNUDQWÐUDQNLRVVNDLGULXVODãXV
*HOVYRJLQWDURDUVDNÐ
ýLDMDXQLPREÌULDLDQWDELHMÐNUDQWÐ
/DLGDLQDVSDNDLWRPGDLQXRV
,UPDQXRVLXVåRGåLXVVDYRGDLQRQ³SLQV
,,1LHNRQHUHLNLDNYDLODLELMRWLQHLQRU¡WL
0DQHNDOE¡WLGDXJQH³SUDWXV³
/RW\QÐ0Ì]RVSULYHUW¡MRPVWDUQDXW
'DEDUJDUVDXV2UI¡MRDLQ³
/DXUDLV6DUPDWLMRVMÌVSDSXRãNLW
,USUDQDãLQJRO\URVVNDPE¡MLPR.ODXV\NLW
1RUDPVQHSDWDLNDXWPLQLRV
3HUGDXJQHWURNãWLUQHELMRWL²
7DLSãLRSDVDXOLRJDOLQJLHPVY\UDPV
$ãGUVLDLVNHOELX.DLQHGRUXVJHLVPXV
9DOG\WLãPRNVLLUSDåDERVLMXRV²
²YHLNVLEDLP
LUJDO¡VL
3HUSODXNWSDY\GRJ¡GLQJRMÌUDV
6PÌJLXVOLNLPREÌQDOHQJYLDXSDNHOW
.DGDLãDQNVWRMXRVQXPDWDLVXWLNW
$XGUDVLUW\NDQþLXVSDYRMXV
6WHQNLVQXVS¡WLUDWUHPWLGUVLDL
7DGDQHLMÌUDJULÌYDQWLLãYLUãDXV
1HLJULDXVPDVGDQJÐVNDOGDQWLVLUåDLEDL
7DY
V³YHLNWQHEXVSDM¡JÌV²
7YLUWDVVXWLNVLSDVDXOLRåÌW³
,UVXQHULP
VNDURQHVLELMRN
7HEHVDQWWDLNDL.DVDWHLWLHVNDQþLDV
-DXãLDQGLHQNHQþLDLãVLJDQG
V²
'YLJXEDVYDUJãDVQHVGDUSULHãPÌã³
3UDODLPLSULHãXL%HWLUSHUGDXJGUVRV
1HUHLNLDURG\W.DUWDLVJDUVLDLVãDXNVPDLV
*DOLQHODLP
SULVLãDXNWL
7DG³åÌOLDLVQHVLVYDLG\NåRGåLDLV
3URNXNOLãLUG³QHWQHSDOLHW
VMRV
3UDHLVOLNLPDVEHWMHLSDãDXNVLM³
-HLMDPSULNLãLNDGSDE¡JD
.DXWLVQHEDQG
V²åLQRNVXJU³ãMLV
,UOLJLåHP¡VVLHQDVVXJULDXVNXULDV
$S¡M
VEXYR7LNLãPLQWLHVWDGD
,UYDOLRVJLQNODLJDOLãJHOE¡V
6WU¡O¡VSUDPXãWQHSDM¡JVJXGUXPR
,UNDLOLNLPDVLPV³åÌOLDLJUDVLQW
.DLJDUVLNLOP
WDYREDQG\VSDQHLJW
$UEDQDUVDLPVDEHMRWL²
3\NW³XåJQLDXåNLUãPHLåWXVJ¡GLQJXV
.HUãWLQJDLVåRGåLDLVQHVLWLN¡NDWUHPW
*HULDXVLDVJLQNODVSULHã³åÌOLDVãQHNDV
<UDVXWLNWLMDVMXRNDXMDQW
,UNLOQXPXQXJDO¡WLS\NW³
7HJXNLHNYLHQDVVWHQJLDVSDåLQWVDYH
,UNDLSWHLV¡MDVNDOWLQWDUJLUWãLUG\
äPRQLÐVSUHQGLPDLPDQQHVYDUEÌV
,UQHEDXJLQDSDY\GRVWU¡O¡V
6XSUDW
VãLWDLEDLP¡VQHMDXVLWX
7DþLDXPLHOLDXPXPVVDYRDLVWURPVYHUJDXW
9DLN\WLVVYHWLPRRVDYR
,UQHEUDQJLQWLUYHUW¡VQHSDLV\W
âLVDXNVRSLOQDVEHWQHWXU³VVDY
V
-RODLYDVGÌåWDSULHNLHNYLHQRVVDORV
WDVJ\YHQWJHUDLSDQRU
V
7XUWVDYDPLUWLPL³JLMR
$QDVNROY\NVWDQHW³,EHULM
'DXJSDPDW\WLWURNãGDPDVLUSDåLQW²
6DY
VSDåLQWLQHEHPRND
7UHPWLQLXLUNODMRNOLXMLVWDPSD
ãLVDSWLQJ
VLOVLVGLHQÐGLHQDV
7DUVLODYRQDV1LHNXULãMRQDXGRV
.DUHWDLNRM²PLUWLHVNDLODXNLD
/HLGåLDWXãþLDLMLVJUDåLDXVLPHW
$QDV³UÌPXVYHUåLDVWDþLDXãO\NãþLÐ
6DYÐMÐ\GÐYHQJLDDWVLNUDW\W
,UNXRVXQNLEDXVP¡YHUJ\VW¡V
1HWVXåLQRWLQHQRULYDUJãDV
1RUVãLUG³JHOLDMDPQXREDLVLÐE¡GÐ
9DLGLQDOLQNVPLUQHWLNUXMXRNX
3DVO¡SWLEDQGRVDYRJ¡O
,UOLQNVPXPXSDWLNOLXVDSJDXWL
8åWHPGRGåLDXJVPGHEHV\VUÌSHVþLÐ
1RUVSODXNLDPLQLRVVYHLNLQDQþLÐVYHþLÐ
'UDXJDLNOLHQWDLLUSUDHLYLDL
3OÌVWDEDQJDSREDQJRV³UÌPXV
1RUVYLVDVPLHVWDVVDXJRWÐMRQDPXV
6DYHSUDUDG
VWXãWXPMDXVYLVDG
1HGXRVUDP\E¡VNLWRWXUWDL
6DQWDXSRVMDXGLQVNLWÐSLOLHþLÐ
7URNãWVYDOG\WLYLVDNDVWLN\UD
.LWÐGUDXJ\VW¡VQLHNDGQHSDVLJHV
-LVVDXSULVNLUVWLNWDLNDVJHUD
$ãJLGåLDXJLXRVNDGQHWXUWDVPDQR
1XRDXNVRJHLVPRVDXJRWYLUWDLPDQH
'DXJLDXSDP\QLDXQHL³VLJ\WEDQGåLDX
,UWXRHVXNDUDOLDPVO\JXV
7XRSDVLUHPGDPDVDãYDOG\VLX
9LVLPHVJDOLPYLVNSDQLHNLQWL
7DþLDXWXU¡WLYLVNRQHJDOLPQLHNV
.XULVVDYDYDOGåLDGLGåLXRMDV
1HSDJDOYRMDPDW\WNDGPLUWL
,UMDPEXVOHPWD6NLULDVLWLNJ\YL
1XPLU
²O\JÌV9LHQDXNãWDYLHWD
.LWXV²WULXPIDLLãJDUVLQR
%HWSHOHQDLVYLUVYLVLYLHQRGDL
7LNXUQDPÌVÐSDODLNXVMLSULJODXV²
9LVÐGDO\NÐPDWDV7DGPHVNLWH
âDOLQOLNLPRVXQNLQDãW
6OHJLDQW³DXNVRJUDVDXVVXQNXP
-HLQHDSNUDXWDVPLUVLXEHWSDWVVDYLP
,ãOLNVLXWXRNDUWDPåLQXVVDXWXUWXV
6XNURYLDXQLHNRQHSDQRU
V
,UQHSDEÌJ
VUDGDXUDP\E

,,3$/$,0,17$-$,0(5*(/(,027,1$,
$PåLÐJLHVP¡
.YLQWR+RUDFLMDXV)ODNRSDURGLMD
%(51,8.Ï &+25$6
-ÌVPHUJHO¡VJLHVP¡MãDXNLWãYHOQLDLVEDOVDLV
.DUDOLHQ
NXULVNULHMDGDQJXPUDXVYDLV
5DWDLVNU\SW³QXURGR
-LNDULHWRPVODNLÐåYDLJåGåLÐ
0DORQLQJMYLVãDXNLWNLWDUÐLU
/\UÐVNDPEHVLXNXUVDLGL3LHULMÐ
3OHNWUXLRUXåJDYXV
/LHMDVLãSDOLHVWÐVW\JÐ
0(5*$,ý,Ï &+25$6
-ÌVMDXQXROLDLJLHVPH0DUVRãYLOS\Q¡VLU
%ÌJQÐGXQGHVLXMãDXNLWHODLNDUWRV
1LPIRVYDUGWULPLWDV
.XUV³SUDW
VSUDELOWNRYRM
%(1'5$6 &+25$6
$NOEDLP
YDGÐYDUJLQDQþLXVS\NþLXV
1XRW¡Y\Q¡VQXY\VPÌVÐYDUJLQJRVY\V
/LJLPHGÐLUJHWÐ
6NXQGDLVMÌVÐVXMDXGLQWD
,,,ããYHQWRMR6DOLDPRQR(SLWDODPLMR
0DQRP\OLPDVLVSDQDãXV³VWLUQLU³MDXQHOQL*J
7DUVLVWLUQDEDLNãWLWXQXRPDQ
VVSUXQNL
.DLDXGULQJXJDXVPX$IULNDVEDLGRM
.DLXåJULÌQDVWDLJDãQDEåGHVLXQHUDPLX
-(WH]LMÐVÌNXU\V
$USLUPRMLãDOQDYLUSLQDMDXODSXV
,ULãJVGLQDDUSXUWRXRODVVWU¡O¡P
3DWVYDOGRYDVGLHYÐDLGL.HUDXQLMRV
.UÌSVLOHNLDWRO\QE¡JO¡
$ãLHãNRWLWDY
VQLHNDGQHOLDXVLXYLV
âDXNVLXEHSDOLRYRV.ULVWDXVXJU³åNDWJDO
.DLSDE¡JVLVWDLJDXVJÌVLRSDJDXWDVY¡O
âDXNVLX.ULVWDXVXJU³åNDWJDO
$U/LEDQRåDOLDLVãODLWDLVåLQJVQLXRMLWX
$U-HUX]DO¡VJDOGLUYRPGHUOLQJRPDU
3HU%HWXORVSXLNLDVSLHYDVDUSHUEHUJåGåLXV
.DSDUQDXPRODXNXVVNXEL
-DXSDOLDXNQHUDPLDLNODLGåLRM
V-XNåLQDL
.DGSDE¡JWQHJDOLQLHNXULãGXRVWDYH
%XGULRVXJQ\VGDQJDXVDXNVRUDJDLVVSLQG³V
âDOWDVP¡QXRWDYHLãGXRV
3DVLJHG
WDY
VUDXGDWXãWLNUDQWDL
9¡MDVGÌVDXMDYLVGYHONLDQW)DYRQDPVLU
äYDLJåG¡VVDUJ¡VQDNWLHVNHOLQXãYLHþLDPDQ
/LJWDY
VåLEXULDLVJ\YDLV
,,- =8,78,$1'5,8,58'$0,1$,
.DLMLVLã5RPRVLãNHOLDYR³3RUWXJDOLMNHWLQGDPDVSODXNWL³,QGLM
7DLSDVLNOLRY
VWÌåWDQþLX$IULNX
äDGL³YHLNWLPDUPXULQHVEDQJDV
6PDUNDXV1HU¡MRLU(ROR
8UYRLãG\N¡OLÐ²Y¡MÐSRNãWXV"
1HMDXJLMÌURVã¡OVPDVVPDUNXVWDY
V
1H³EDXJLQRQHLYDQGHQDLNXULXRV
7XU¡VLSHUSODXNWQHLSDGÌN
(XUDLåLUJDLNXULXRVWHNVEDOQRWL"
%HWWXQHSDLVDLQXRODWJUÌPRMDQþLÐ
(ROÐWDLSJLMÌURVUÌVþLRVEDQJÐ
$NLÐQHQXVXNL³ãDO³
SDVLWLNWLHLQLSDYRMÐ
6Xã\SVHQDO\JUHQJWXPHLVSHUEULVWL
7X$QLHQRY¡VLMW¡NP
LU
8åVXNW³7XVNXOSHUãYHQW
$UNXUSULH7LEXURSDVLYDLNãþLRW
1XRWRNLRåYLOJVQLROLDXMDVLã¡OXVLRV
$XGULQJRVEDQJRV$ãMDXUHJLX²DQWDL
3ULHNUDQWRãYHOQLDLSULVLJODXG
9DQGHQ\VVXJXO¡LUXåPLJR
,USDWV1HU¡MDVVQDXVGDPDVMDXUDPLDL
$OVXRMD/\QXVNDXVWDQþLXVSULHNUDQWÐ
*UHLþLDXQXNLUVNLUOHLVNYDU\WL
%XU
LãSÌWXVLHPVY¡MDPVODLY
'LGLYDOGRY¡åHP¡VLUYDQGHQÐ
1XSODXVSDYRMÐVHNOXPDVW\NDQþLDV
7DY
VLUWDYRMROLNLPR
/DLYXLDWVLÐVSDODQNLDXVLY¡M
,,*DOLQJRMRLUQHQXJDOLPRMR/HQNLMRVLUâYHGLMRVNDUDOLDXV
=LJPDQWR,,,SDãORYLQLPDV
.DLS5RGRS¡MHDãÌPDL
$WVLGÌULDX"1HMDXYLHVXOXVNULHMXSUR
.ULãWROLQ
)DVLG
Dã
,UGDNXV³åÌOLXVLUQHVLELMDQþLXV
0LUWLNROFKXVYHUåOLXVVNLWXV"
âWDLSUR7\UOHNLXOHGRVXNDXVW\W
âWDL.DUSDWÐåLOLNDOQDL
âWDLYDL]GLQJLODXNDLSDOHL'UXHQFLM²
3ODXQDEDQJRV+LSDQLRMXRV
-XRVVNDODXMDãDOWL9LVWXORVYDQGHQ\V
.DVPDQHQXVNUDLGLQWÐWHQ
.XU0RUDYRVNUDQWDL9LOLMDNXUVNDLGUL
.XUSHUJLULÌNVPLQJM
7HNDXS¡VUDXQLULHGDO\JDãDUD"
.DOLRSHMXNWXVNODQGDL
7DUSåYDLJåGåLÐGDQJXMHWXGHEHVÐNHOLDLV
6NULHML²QHãNLPDQHWHQDL
.XUSDWYLQ
VNUDXMXJHWLãNX%RVSRUDV
.XQNXOLXRMDULGHQGDPDV
/LQN1LPI¡MREDQJDVEDUEDUÐ7DXULMRV
.UDQWSODNDEHDWYDQJRV
6DOGåLDEDOV¡PJLHVP¡PãDXNVLXXRODVþLRQDL
*UDLNÐIOHLWRVPHORGLMD
.YLHVLXDNPHQLVNDGDXNXUDVDQWXRORV
3DWVLãNLOWÐ'XQG¡VNDOQDL
.DLQXRMÐSDVPDQHOHLVWLVLPVPDUPXUDV
,ULOJLDXVLRPLVYRURPLV
6OLQNV3DUHLãNLUVWLOXLWDLDNPHQVþLRQDL
/HLVLV0Ì]ÐDSWDãRPL
/HLVLVMLHNDODPLVDXJRVR=LJPDQWDL
7DYRYDUGWDYXVå\JLXV
$ãLãNDOVLXWDYHWUDNLãN.LQWLM
3XRODQW³QHODXNWDLUDJXV
/DXåDQW³MDLJHWXVVSUXQNDQþLXVDELHMÐ
0ÌãLÐGLGY\ULXVLUYDL]GXV
,U1HU¡MEDOWÐSDQþLÐVXNDXVW\W
,UULQNWLQLÐPHUJHOLÐþLD
9LVDVSXONDVDWHLVU\WLUYDNDU
,UåLEXRNO¡PLVYLVEDUVW\V
äHP
ODXUDLVGDELQVDXNXURPDUPXU
$XNVDVSDOY¡POHOLMRPLV
$SODQN\VLXLUDãVO¡Q³NDVYDNDU
,UNDVU\WSRWULVNDUWXV
3XRãLXYHUEHQRPLVåDOLYHO¡QDã
,UãYHQWÐDXNXUÐXJQ\
'HJLQVLXþLDNYDSQLXVVPLONDOXVLUSODXãDLV
$SLSLQVLXYDLQLNVDX
7ULVNDUWWDUVLX9DOLR7UDNLMRVNUDQWDVPDQ
7ULVNDUWXVDWVLOLHSV9DOLR
9¡OJLHGRVLXNDLSWXNRQNDQXV³YHLNHL
9¡OSORMLPDLDLG¡VGåLXJLDL
9¡OWULPLWDLVXJDXVEÌJQDLY¡OVXGXQG¡V
,,,ããYHQWRMR6DOLDPRQR(SLWDODPLMR
$SG¡NLWHPDQHJ¡O¡PLVDSNUDXNLWHPDQHYDLVLDLVQHVDãVHUJX
PHLOH8åNHLNLXMXV-HUX]DO¡VGXNURVQHNHONLWHQHåDGLQNLWH
P\OLPRVLRVNROMLSDWLQHSUDEXVâWDLMLVDWHLQDãRNLQ¡GDPDV
SHUNDOQXVSHUãRNGDPDVSHUNDOYDV0DQR0\OLPDVLV
SDQDãXV³VWLUQLU³MDXQHOQL*J
6XSNLWURåLÐåLHGDLVPDQH
$SG¡OLRNLWPDQHSXRNãW¡PåLEXRNOLÐLU
.URNÐLUVYDUDLQLXVJHOVYXV
%HUNLWGUDXJ¡VVNDLVþLDVPHVNLWHOHOLMDV
3HUWODLNNXULXRUHJLX
'LHYVLHODOLHSVQRMGHJDãYHQWRMXJQ\
-XV-HUX]DO¡VGXNWHU\V
0LHVWRGDQJLãNRMXVJDODWLHWHVYDUGDQ
6WLUQÐHOQLÐMDXQÐNXULH
%UDLGRãODLWDLVNDOQÐDãQHSDOLDXVLXPHOVW
,]DRNRVHQDJHQWLH
-ÌV/LEDQRãODLWDLVPRNDWHHLNOLDLO¡NW
6LHNLDWåDOL.DUPHO³MÌV
1LPIRVãORY
VXWHLNWJDOLWJDUVLHPVNDOQDPV
/DLXåPLJXVLWDUSåLHGÐ
'DULOJLDXSDPLHJRVQHLSORMLPXGHOQÐ
1HLWUHSV¡MLPXNRMÐWRO
1HVXGUXPVNLWMDXWUDXVVDSQRUDP\E¡VNRO
6XåDG¡WLQ¡QXRDNLÐ
/HQJYRVDSQRSDWLQHQXVLEUDXNVGHOQDLV
.ROHLPLHJRVDOGDXVQXWUDXNW
$XNVXå¡ULQWLSDVMQHDWO¡NV$XãUD
äHQJLDãWDLNDXEXULDLVVWDþLDLV
,UJUDåLRVLUJDUVLRVPRWLQRVYDLNDVãWDL
äHQJLDW¡YRJUDåDXVVÌQXV
9LUãPLãNLQJÐNDOQÐSHU¡MÐYLUãJDOYRV
,OJDSODXNLR/LEDQRãWDL
3HUYLUãÌQLÐYLVÐVPDLJDOLXVãRNDLU
$XNãWXVJLULÐQDPXVVNXELDLV
âXROLDLVSHUO¡N
VYLVVNULHMDSDOLN
VMXRV
7DUVLVWLUQDJUHLWRMLNDL
3DVWHE¡MXVVWDLJDVO¡Q\åHPDLOLÌWXV
6NXEDSHUWDUSHNOLXVVWDþLXV
/\JVXSDXNãþLRVSDUQDLVNYDSXåJQLDXåXVL
,,3$/$,0,17$-$,0(5*(/(,027,1$,
.DL/HQNLMNDPDYREDGDVNDUDVLUVDXVUD
0DULMDR.DUDOLHQHDXNVX
ä¡ULQþLRGDQJDXVGHEHVÐNDULHWRP
6QLHJRYHåLPXDSODQN\N+LSDQ³
0H]LMRVVO¡QLXV
/DLO\G¡VWDYH.ÌGLN¡OLVDXNVX
6SLQGLQWLVEÌULDLO¡NVVSDUQDLVDXNVXRWDLV
²NDQGLQ7DLND6YHLNDWD*DXV\E¡
5DJDWY¡UXV
,,./$8',-8,58)8,
.DUDOLÐDQWNDSLDLLUNDSDLDWVWRMDPRN\NO
'HPRNULWRãPDLNãWLNDOED
1HL.HNURSRPHQHVVXSDQW\VSRUWLNDL
1HLWULEÌQRVHDLGLQW\V
*LQþDLPRN\WLPDQGåLDXJVPRQHDWQHãD
1HLWULXNãPLQJDPLQLDNXUL
*LULDYLVDNMDLG¡VWR3DQ¡FLMXV
1HLSDPRN\PDLãYRJåGåLDQþLR
3LWDJRURPDQHVQHåDYL0HPI\MH
3LUDPLG¡VPDQHGDXJLDX
0RNRDUXåVSDXVWDDQWNDSLRDãDUD
,UNYLULWÐNDSDYLHW¡V
,ãEDUVW\WRVYLVXUSR³YDLULXVNUDãWXV
,UOHQJYLSHOHQDLNXULDLV
9¡MDVåDLGåLDODXåÐEXYXVLÐOLHNDQRV
$UYDOVW\ELÐNDGDLVGLGåLÐ
1ÌQJULXY¡VLÐNUÌYDOLÌGHV³NHOLDPDQ
5XIDLVDYRJLOLDW\OD
0DQJHUDPRN\NOD²SDPHVWDVSDMÌU\
,USRDWYLUXGDQJXPL
/LN
VNÌQDVJDUVDXVYDGR3RPS¡MDXVMLV
6DNRPDQGDXJGDXJLDXQHJX
,ãNDOELQJLGLGåLDLåRGåLDL3DQ¡FLMDXV
.DLPVWDXDSLHPLUW³MR
1HVLJYLHãLXWXU¡WYDOGåLNDUDOLãN
,UQHWURNãWXSULHNQ\JÐGåLÌW
3HUQDNWLVLãPLQWLHVVLHNGDPDVSDVLVHPW
$U6RNUDWRPLQWLVVXSUDVW
.MRVUHLãNLDMHLDãPLQG\WJDOLXNDSXV
3Då\P¡WXVJDUVLDãORYH
,UVXWU\SWLYDUGXVFH]DULÐ³å\PLÐ
,,*$1'8,
$SLHWDLNDGMLVSULYDORVNHOEWL
/HQNLMRVLUâYHGLMRVNDUDODLþLR9ODGLVORYRãORY
(LGLHYDLWLNXUVYDOGDLSDVDXO³PDUJ
7UHSWHONNRMDOLXODQþLDVPLJODVVXMXGLQN
7HVXNUXVLUWDXSDNOXVQÌVVNDLGULDVSDUQLDL$NYLORQDL
9DåQ\þLRNL*U³åXOR5DWXVãDOWXRVLXV
9LUãWDPVLÐMÐGHEHVÐWXJUHLWDLO¡NL²
-DXWDXUDXVWULPLWRJDUVDV(XUXVLãPLHJÐSULN¡O¡
7DXSORMLPDLãLWDVåHQNODVSDODQNXPR
3DJ\ULPDL²WDYRSXLNÌVSDO\GRYDL²
6HNDNOXVQLDLLãSDVNRVWDXLUYLVLUDWHO³HLQD
7DXDQW7LEHULRNUDQWÐVHSW\QLRVNDOYRV
âRNLQ¡GDPRVUDWHOLQVXVLHLQD
7DXJDXVXVEÌU\VEDNFKDQþLÐãRNDVDXO¡WRMODXN\P¡M
7XOHGLQLÐ*ULJR5DWÐGLGåLãORY
6NHOENLPHGDPVJHOWRQSODXNLDPVDJDWLUVDPV
.LOLNLHþLDPVQDVDPRQDPVQHãLQLHPVVWU¡OLQ¡PVNHOENL
YDOGRYHWDYRGLG³YDUG+HUPR
'RVQÌVYDQGHQ\VUDã\VDXNVLQ¡PVPLOWLP
8åUDã\VLU7DJDVGXJQRDXNVXWDXãORYLQJJLHVP

,,,.$5',12/8,35$1&,â.8,%$5%(5,1,
3RSLHåLDXV8UERQR9,,,VÌQ¡QXL
âDOLQSUDVþLRNDL1HLãYLOS\QHPHQND
1HPLHODJURWLQHLSDP¡JWRPPLQLRV
6W\JRPQHLY¡OSDOLHVWLSLUãWDLV
.XNOLSDLOVXVLRVO\URVVW\J
7DYH3UDQFLãNDXåYDLJåGHãORYLQJRML
,ã9DWLNDQRJDUVLQVLX*XOLQW³
/RSã\SLOQDPEDOWÐOLJXVWUÐ
)HEDVWDYHLU*DUE¡ãDIUDQR
/LHWXPDSãODNVW¡.DLWXJLPHLWXRMDX
1XVLã\SVRM
WDUVLQHNÌGLNLXL
1DUVDLUUDXVWDQWLV'URYXPDV
*XRO³OHOLMRPLVWDXLãNORMR
/LQNVPDLþLDXãN¡MDLWXQHSDOLDXGDPDV
,UURG¡V²SDþLRV0Ì]RVLãPRNLXVLRV
7DYHEXVVPRMXPSLUPXRMX
.DOESDSXRãWLLUNU\NãWLPHLOLDL
7DGDDWURGROHLGRVDQWNÌGLNLR
*OHåQÐOHOLMÐãYHOQLRVLRVVQDLJ¡VLU
äLEXRNOLÐURåLÐVPDUNÌVOLHWÌV
,ãGHEHVÐSDVLS\O¡WV\N
,UURGRV¡P¡XS¡PLVSODXNWLWXRM
6WLSULDXVLDVY\QDVGDUGDQÐNDLPDLVLU
/DXNDLVPHGXVWHN¡MRPLHVW
9DJRVXSHOLÐGRVQLÐLãUDLå¡
3DYDVDULQ¡VGRYDQRV7LEHU³
8åSOÌGR'åLDXJVPRNXSLQDVNLOLPXV
äDOLXVDQWNUDQWRMÐSDNORMR
$QLHQDVEDQJÐRãLPXL
äRGåLXVMRO\GLQWPHLOLDL(QRWU¡MRV
âDOWLQLDPVWDU¡%¡NLWSHUO\JXPDV
ýLXUOHQDQþLRPVURY¡PWHN¡NLW
,ULãG\NDXNLWY¡MHOLXLãYHOQLDL
.YDWRNO
EDQJSODNDQW³J¡O¡PLV
1XV¡WNUDQW<GÐQHGUXPVþLDPDV
9DOGRYDVW\UREÌGRJLP¡
âLWDV(WUXULMRVQXRVWDELRVLRV
8SHOLVWHNDGRURJ\YHQLPR
9DJDLUSOÌVWDLãPLQWLPLJLOLD
'RU\ELÐGHUOLÐLUORW\QÐ
äHP¡VSDV¡OLXVYHãOLXVLãJHOE¡V
,UDXNVRDPåLÐMLVDWSOXNG\VLUGXRV
7RDPåLDXVXS¡PVSUDGåL.DLSNDåNDGD
-XSLWHULRYDLN\VW¡MODXN
,UEHVLLOVLQþLGLUY%DNFKR
,UEDOWRMDYRGHUOLXPDSGRYDQRV
1RUVLUQHODQN¡DUNODVMÐ.UDQWLU
0LãNXVQXVWHEXVLXVXåOLHVMR
/RELÐ+HVSHULMRVSLOQRVXS¡V
,,,3$/$,0,17$-$,0$*'$/,(7(,
$SUDXGDQþLDL.ULVWDXVPLUW³
0DJGDOLHWHNXRPHWEO\ãNLDV
.ULVWDXVJDUEDQDVNDLVY\UDQþLDVMRUDQNDV
7XUHJLãLUG\MHOLHSVQD
'HJDGUDVNRWDYHPHLO¡VGLGåLRVXJQLV
7XNLWRNLDMDXQHLEXYDL
-DXJ\Y\E¡VQHGDXJNÌQHDSPLUXVLDP
,UEDOWXPRãYHOQLRMNDNWRM
-DXQHåDLGåLDYHLGXRVJ\YDVUDXGRQLVMDX
'LQJVWDMÐ³SUDVWDVSDOYD
%HWQXGDåRPLUWLVPDUPXURVNUXRVWXVLU
*\YDVWLHVQHWYLUWDJLMD
'DUDOVXRMDYRVYRVSDVNXWLQLXNYDSX
-HLJDO¡WXPLãJLUVWPDQH
1HUDXGRWXPOLÌGQDLEHSDOLRYRVNXRPHW
%U¡NãWUHþLRVLRVGLHQRVDXãUD
'åLDXJVPRJU³åWDQþLRY¡OGRYDQDVQHãNXUL
6DXO¡VGYLJXEDLLOJLVW
/DLPHGYLJXEDJDXEVVDXO¡WUHþLRMGLHQRM
,,,.$5',12/8,35$1&,â.8,
%$5%(5,1,
$SLHWDLMRJYDOGRYXVODELDXVLDLSXRãLDVDQWÌUXPDV
/DLPLWDVNDVGåLDXJVPHLUE¡GRMHOHPþLDLQXVLOHQN¡
,U-XSLWHULXL-LVVNHSWURQHJQLDXãYLUSDQþLRPUDQNRPLU
1LHNRJRGåLDLQHWURNãEHWSDVLGåLDXJVWXULPXQHGUHE¡V
UDPLDXVLDLYDOG\V,UQXRVDLNLWDYRWHEXVYDOGåLD
3ULWDULPRPLQLRVW\OLQþLRVWXQHVLYDLN\NLUMRV
.LOPLQJÐMÐNUDXMXDãDURPMÐQHVXPDQ\NSDSLUNW
,ULãJDUVLQVåPRQLÐPHLO¡WDYH.LWNDVSUDHLQDJUHLW²
6HPLDPLQXRODWRVWXUWDLYLVLYLHQWLNLããLRVYHUVP¡V
,,,(*1$&,-8,12/,-8,
(VDQWQHSDVWRYLDPOLNLPXL
UHLNLDLãVDXJRWLGYDVLRVUDP\E
LUVWLSUXP
$UWDYHãYHOQXVJODPRQ¡VY¡MHOLV
$UEODãN\VDXGUDSRDXGULQJMÌU
/HPW³1ROLMDXQXJDO¡NLUMRVLRV
3RNãWÐQHSDLV\N
-HLJXMXRNVLVMLQXVLJU
åNLNLOQLDL
-HLJXYHUNVã\SVQLXDWVDN\NPDORQLDL
6WHQNLVEÌWVDYLPYLVDGDQRUVVLDXVWÐ
$XGURVDSOLQNXL
3DWVVDYHYDOG\NWDLSNDLSYDOGRPLHVW
.RQVXODVNDGDJUDVLQVOLNLPDV
6PÌJLDLVDWNDNOLDLVQHODXNWDLVXSXUWR
6LHORVWYLUWRY

-HLWDYXVQDPXVDSODQN\VQHODLP¡V
-DVVXWLNOLQNVPDLSDVLWUDXNXVVNDXVPXL
7XRVSDþLXRVQDPXRVDSVLODQNRODLP¡
6HNDUDP\E¡
7XRV¡NP¡EORJDNDGQHYLHQåPRJÐ
6LOSQGDURMLRQHODLP¡VVNDXGåLRV
*HURVWXRNDGMRVLãWYHUP¡VVXWHLNLD
*UÌGLQDQDUV
/LÌGHV\VNXULVSHULOJDLNDPXRMD
*
VWDSDPDå¡O%XVOHPWLVOHQJYHVQ¡
1HãDQWMWYLUWDLYLVPDåLDXNDVGLHQ
-DXVLMRVQDãW
,,,38%/,-8,081$&,-8,
6LHORVOLÌGHV³UHLNLDPDOãLQWL
SRNDOELDLVLUVXVLWLNLPDLVVXGUDXJDLV
.DPãLUG³VRSDVXåHLVWWDPNDOE¡W
1HGUDXVNLUVNDXVPDV3XEOLMDXMDPDWO¡JV
äDL]GRVJLOLRVQHVO¡SNQXRGUDXJR
5ÌSHVþLÐVLHORMVDYRMQHODLGRN
0HGåLXVJDOLQJXVNLUYLRQHELMDQþLXV
8JQLVQXYHUþLDJUDXåLDQWLMXRVVODSWD
,UJULÌYDQþLÐJDOLÌQÐVYRULV
/DXåRPHGåLXVPDåHVQLXVDSOLQNXL
3DNORMDåHP¡QãORY
åDOLÐPLãNÐ
$XGUÐGDXå\WOLHVWåDLEÐOLHSVQRV²
7DYHW\O¡MLPDVWDLSJUDXåLD
3HUVPHONLDNLDXUDLJ¡ODVNDXVPLQJD
âLUGLQ³VPLJXV%HWMLSUDHLVJUHLþLDX
-HLMDLSDOLHSVLQRUVLUQHQRULQþLDL
'UDXJÐLHãNRWVXMDLVNDOE¡WLV
,UNDOERPLVQXPDOãLQWLS\NW³
3UDG¡M
VNÐVWLVOLDXMDP¡VVNÐVWLVWXRM
'DUWHEHYHUNLDQWEDLJLDVLDãDURV
7DLSãLUGJ¡ODVXQNLDWVOÌJVWD
9LVSDVNLWXVVNULVGDPDNDLSSDXNãWLV
0Då¡MDVNDXVPDVMHLLãVDNDLNLWLHPV
,ãQ\NVWDMHLJXLãGDOLQLGUDXJDPV
âLUGåLÐGDXJ\E¡MSDEXYRM
V
9¡OSDVWDYHQHQRU¡VVXJU³åWL
7DGHLNã³EÌU³SDVELþLXOLXVVDYXV
äRO¡QUDVRWRQQHUÌSHVWLQJDLJULÌN
,ULãVLWLHV
VDQWSDNULDXã¡V
*DXGHVLR+DO¡VJLPWRVNODXV\NLV
,,,0$5.8,6,/,&(51,-8,
7LNULHMLWXUWDLVHPLDPLLãGYDVLRVGRU\ELÐ
%XUWDLVNULQWDQþLDLVDãQHWLNLXQLHNDGRV
,UOLNLPXLJRGåLRVUDQNRVQHLãWLHVLDX
.DGQXWUDXN
VNRYDVMLVVXPDQLPWDLNRM
,UUDP\E¡MLOV¡WÐVL
.U\WRMXVDWQHãDãQHEDQGDX³VS¡W
3DWVVDXSRQDVHVX9¡OQXVLQHãOHPWLV
7DLNGDY¡WDþLDXWXUWÐMLQHDWLPV
3DVO¡SWÐQXRYLVÐJLOLDL
.SUDUDVWLJDOLXWDLQHSULNODXVRPDQ
$ãQHWDSVLXYDUJãXNROEXVVYHLNDGYDVLD
0DQRYDOGRVMHLDã0DUNDLJHUDLYHGX
6DYR³SODXNÐDSVNDLW
6O\SLPDQRYLGXM6LHORVHUGYLGDOLV
6OHSLDWXUWÐGDXJLDXQHLåHP¡,QGLMRV
.XUQHUHLNLDWUHMXVDUGDUGDXJLDXPHWXV
1HLODLYDLVQHLDUNOLDLVNHOLDXW
6DYRVLHORVNUDãWXVDãDSODQNDXNDVGLHQ²
3DWVVDXVYHþLDV7DþLDXQHGUDPEOLRNDXORWHQ
,HãNDXQHSXRãPHQÐORELV²MLQDLSDWL
-HLVDYHWLN³YHUWLQD
,,,*¡GLQJDPDPåLDXVJREãXPXL
7XãþLDLGHMXRMDPVNXQGåLDP¡V³N\ULDL
7XãþLDLSUDOLHMDPDãDUÐXSHOLXV
.DGPLHVWÐVLHQRVLUWYLUWRY¡V
.ULWRQXRSULHãRJDOLQJRJLQNOR
1HNDUGDVNDOWDVG¡OSUDåÌWLHVãLWRV
1HMLVVXJULRY¡PLHVWÐVWLSULDVSLOLV
3DSLUNXVDXNVXJULÌYDVLHQRV
3DPDWXVWYLUWXVMLVDLSDJUDXåLD
'HMDQHNDULXLWHQNDSLUPDYLHWD
3ULHYDLãLÐVWDOR8åLPDMJXYXV
1HPRNãDDUJ¡GLQJDVVXNþLXV
âY\WLQþLXYHLGXWYLHVNLVO\JVDXO¡
,UYLVOLQNVPHVQLVSRNLHNYLHQRVWDXU¡V
8åOHLGRYLHWDUNOXLNRYRVNDUGDL
,UNÌMXLSDSUDVWDPRYDUJH
5LWHULRLHWLVDWVWRMRNRW
7DLNDDW¡MREHWGDUEORJHVQ¡ML
8åNDU$XNVRJHLVPDVEHSUDVPLãNDV
3\NþLXVNDULQJXVQXPDOãLQR
3LQLJRGDYXVQXWLORPÌãLDL
9DGXVJDUELQJXVå\JLÐJDUVLÐYHUWXV
1HODLVY¡MODLNRDXNVREDLVLJDOLD
7DPVLXRVXUYXRVMLHUDXVLDåHP

.ROQHSUDG¡MRNDOQDLGUHE¡WL
,ãJUDXåXVYLGÐDQWSDPDWÐVLOSQÐ
1HVWRYLERNãWDL,ãPHWDNDLPLHþLXV
%HJ¡GåLXVåHP¡MLJULXY¡VLDLV
9LUWRODXNXVGXRE¡PLVLãUDXVXV
/DXNDLDSOHLGåLDåHPGLUELXVQHGRUXV
1XRPLHVWÐJRGåLDLWURNãWDQþLÐSUDWXUW¡W
1XWRORNUDQWDVLUJ¡GLQJXV
8RVWXVSDOLNRSXWRWRVMÌURV
3DWLJDPWDMXNODLGRGDPDEDLVLDV
.DOWHVJULXY¡VLXRVXåWHUã¡ãDOWLQLXV
8SHVQRU¡GDPDQXEDXVWL
3OXNGDQþLDVGDXJHOSHOQLQJÐSUHNLÐ
äLÌU¡N²$XILGDVXS¡$SXOLMRV
6DXQDXMYDJLãUDXV¡ODXNXRVH
-RVHQW¡NP
VXWXU¡MR
âRYXVNDåNDPXåPDþLDQHWLNXV
6XJ¡U¡OLÌW³ORPRVNDGDDXGUD
8åJULXYRåHP
WYLQG\GDPDXSHV
/\JSHUPDOGDXWGLHYXVQRU¡MR
8åEHJ¡G\VW
åPRQLÐLUEORJ³
,,,3DQHJLULND2QDL5DGYLOLHQHL
7UDNÐNDãWHOLRQRLU1HVY\åLDXVNXQLJDLNãþLRåPRQDL
.XULDLãGHLYLÐPDQSDYDGLQWWDYH
3ULH%RULVWHQRJLPXVLQLPID"
*DO(VL7HPLG¡LãWULMXO¡V
*UDFLMÐJDOWXYLHQDJDOWLNVWDX
'ULDG¡VYDUGDV".UHWDSOHLGXVL
âWDL.LWHULHW¡JXOELÐVNUDLGLQDPD
7DYHDSODQNRLUSDOLHND
3ODXNLRWLSRYDQGHQ\Q'HO
QXR$OJLGRQLÌULRMRDWVNXED
.LQWLHW¡EODQNLDLãY\WLQþLXSMDXWXYX
1RUVQLUãWDVNDOLMDMRVãXQ\V
8åGXVGDPLRVWLUQHO¡VJUDNãþLRV
ËJOLXVVDXVNDER%HWPLHOHVQLNXUNDV
3DODG¡VWDLNÌVUÌSHVþLDLURGRVWDX
7DLP¡QXRQHMXþLRPSUDE¡JD
9\UÐNRYDVWDXDXNVLQ¡PJLMRP
%HDXGåLDQWWDLWDXGLQJWHOLY¡OPLQWLV
$SGHQJWDOWRULXVVNOLDXWRJ\YHQWRMÐ
3DSXRãWMXRVEHWXUþLXVãYHQWXRVLXV
3XUSXUXLUNLOLPDLVSUDGåLXJLQW
1HYHOWXLVNHOELD*DQGRWULPLWDVMRJ
7X³åYDOJLRMLVXJHELDWHLW³
$ãWULXSURWXLOJDLQHVYDUVþLXV
*UHLWDL³åYHOJWLDUEDQXVS¡WL
1XOLÌVWDJURåLVLUVNDLVþLDPHYHLGH
/\JSDWVVDXãYLHþLDQLHNDGQHEO¡VGDPDV
,UQRUVWDXJDUEDQDVGDELQD
ä¡ULQWLVDXNVDVEHWSURJDUELQJ
.XNOXPRVNUDLVW
DXNVRVSLQG¡MLPDV
%ODXVHVQLVURGRVLUQHEHWRNVEUDQJXV
DN³YHULDQþLXVSHUOXVWX
,ãPLQWLPLJHUXPXXåWHPGDL
ýLDUDXGRQLHML.UHWRVNRUDODLWHQ
$QWDLVPDUDJGDL,QGLMRVEO\NþLRMD
NXUJU\QDGRU\E¡å¡UL
7XUWDLEUDQJLDXVLãHã¡O\OLHND
,,,0Ë=$,
/HQNLMRVLUâYHGLMRVNDUDODLþLR9ODGLVORYRSDãORYLQLPDV
6HUJVWLQWLJLHVPHVLUNLWDU.OLR
3DVDN\NPDQNXUQXRNDOEÐDSVXQN
V
*DQGDVRORMHLãGDELQWRMJXOL
²YHLNWDVPLHJR
3DVDN\NåLQDLMXNWYLHWNDLMLV

6QDXGXOLRWLQJDXVDWVLNUDWRVDSQ
3LUãWDLVMLVEDOWDLVWHQXEUDXNVQXRLOJR
0LHJRVXJOHE
V
3DVDN\NMDPODL³YHåLP6DXO¡V
3DDXNVXRWNRSVYDGHOHVMR0Ì]RV
/DLNRWHSDVNHOEVMLVDELHPVSDVDXOLDPV
*DUVÐWULXPI
7HDSVDNRMLVNDLSãDUPRWåLHP
%DUEDUDLNUDXMXQÌQVXãLOG¡âLDXU

.DLSSDUDXGRQXRãLDXU¡VY\UÐNUDXMR
-ÌUDåLORML
7HJXOLHMDVWDXSDJ\ULPDL,QGR
äLRWLPVHSW\QLRPWHYDULQJDV/LGDV
âORYLQDWDYHWDYRYDUGGLGLV
*DQJDVWHSOXNGR
/DLDSLHWDYHJDUDPDQWDLJLHGD
/DLDSLHWDYHVXåLQRVYDOGRYH
'DNDLPDXUDLWLHNDVLã.LGQRJHULD
,U(QLS¡MR
,,,.DUGLQROR3UDQFLãNDXV%DUEHULQLSDãORYLQLPDV
,ãNXUWDVGYDVLRVSRO¡NLVQHãDQWLV
0DQH³WLUãWPLJO³VXS
VNDG
$ãY¡WUÐåLUJXVVXVWDEG\þLDX
*UHLWDLSHUGHEHVLVNDGQXVNULHþLDX
$XNãWDLSDNLE
VGåLDXJþLDXVUHJ¡GDPDV
/DXNXVO\JLXRVLXVOÌãQQHWXUW¡OLÐ
.DUDOLÐUÌPXVVDXSRNRMRP
.DGYHåLPHYLUãSDVDXOLRO¡NþLDX
*DOWDLDSJDXO¡WXãþLDVUHJ¡MLPDV"
$UYLUãSDVDXOLRPDUJRWLNUDLVNUHQGX
3HUVSLQGXOLQJVNOLDXWLUSUR
6NDLVþLMVDXO
NXULXJQLQLV
9DLQLNDVJDXELD"7¡YLãN¡ãYLHVXOLÐ
'DQJDXVDXNVLQLRMXRVWDVNDLVþLRMLþLD
äYDLJåGåLÐODXNDLþLDGHãLPWUÌPÐ
$PåLQUDWSDGDQJHVXND
NXUJLDXNVXPDQ³UDã\WVNOLDXWH
'LGåLÌQRãORY
"ýLDQHPLUWLQJDVLV
3OLHQXãDUYXRWDV2ULRQDV
.DVWRURåYDLJåG¡VJUHWDGYLNYLHþLD
1DUVXRO³7HQJL+HUNXOLVGLGLVY¡O
âORYHVDXO\JÐ+HUNXO³ãDXNLDVL
$QWDLVHQLHML*ULJR5DWDL
.YLHþLDVLWNDVãYLHVXVLUQDNW³
*DOM³U\åWLQJLUQHSDEÌJVWDQW³
0DQSDWLN¡WL/LÌWXLJORERMDQþLDP
8JQLQ
9DVDUSDV¡OLXV
âXQVLU&HUHURVYDOGDVJHOVYVLDV"
.XRPHWWHLVLQJDLUDWNDNOLM¡JD
3DGDQJLÐVNOLDXWXLå¡ULQþLDPDWLWHNV
0HUJHO¡UXGHQLQ¡ODXNLD
-L6YDUVW\NOHVQHNODLGLQJDVODLNR
-LPHWÐåLUJXVYDODQGDVMLHLNOLDV
6XWUDPGRâLþLDDã3OHMDGHVUHJLX
,U+LDGHVNXULRVXåOHLGåLD
7DXR3UDQFLãNDX2OLPSJLPW
$QWDLVYHWLQJXVGHEHVLV)RVIRUDV
3UDVNLUWLEDQGR7HQ6NRUSLRQDVY¡O
6XVWRWP¡JLQDNDGWDY
VWLN
äQ\SO¡PLVLUJHOXRQLPQHOLHVWÐ
DXNVDNDUWLV/LÌWDV0DUPDULNRV
.DUþLXVLUYLOQãY\WLQþLNHUSDVL
-LVQRULSULJHVLQWLVDYR
/LHSVQNXUSODLNVWRVLWDUWXPNDUþLDL
3DGDQJLÐVNOLDXWDVãORY
³DPåLQW
,ãVDXJR.LWNPHWDLQXVLQHãD
'YDUDPVLUVNHSWUDPVLUNRORQRPV
3UDåÌW³OHPLDVHQDWY¡VGLHQRV
,,,%$5%(5,1,%,7 06
$SLHWDLMRJSUDVLG¡MRPHGDXVDPåLXV
6NUDMÌQ¡V0Ì]ÐJHOVYRVLRVSDYDVDULR
'XNURV+LPHWRSXONDL
âYLHVLJURå\EH$WLNRV
ýLREUHO³GRVQÐQXRODWODQNDQWLVEÌU\
*HURVLRVYLHãQLRVODXNÐ
0HGDXVQHã¡MRVXROLRVLRV
.DPUÌSHVWLQJDLWULÌVWLMXPVODXNXVODQN\W
.DPMXPVVNUDMRWSRODQNDV²
7¡Y\Q
MÌVÐåDOLM
-HL%DUEHULQLYLHãSDWDXMDQWWDVWDXUXV
$PåLXVSDVUXY
VPHGXP
$W¡MR²DPåLXVVNLUWDVMXPV"
,,,3$ý,$06$8
.DLSLOJDLWXãþLXVWURãNLPXVYDLN\VLXRV
/\JãDXO\VNXULVYLHQ³RUãDXGR"
.RPDQUHLNNDLNRQVXODVSDWVHVXVDX
3DWVLUVHQDWDV"
(LNLWHãDOLQJUDXåXOLDL³N\UÌV
.YLHþLDVLPDQH+HOLNRQRNDOYRV
.YLHþLDVLJLULDSDãY
VWDLUVNDUGåLRV
2ORV)RNLG¡V
.XUJLWDÌNVP¡+HOLNRQRJRMÐ"
.LGQDVNXU"0HOVYÐMÐNDOQÐSDS¡G¡M
7HVSLMÐXROD"$UVNDPELHML3LQGR
*DLYÌVãDOWLQLDL"
$NYLORQDVNRNVSULHYHUVPLÐMÌVLãNLÐ
$UVSDUQXRWMDNYDGULJD=HILUDV
1XODNLQVPDQHLUSDG¡VSULHãDOWR
.LURVãDOWLQLR"
3ULPHQDWMÌVPDQãLPWDERNãW
5RP
)ULJÐDNPHQLPMRVQDPXVLãSXRãWXV
.DSLWROLMDXVMÌVPDQPHQDWNDOY
,U$YHQWLQR
6PDQDVãYHOQLDVþLDVNDODXMDW\OLDL
9DQGHQ\VW\ULþLDVNDLGUXV.OLWXPQDV
0XUPDSDW\ORPþLDVUDXQXVEHJDOR
7HND$OPRQDV²
7U\NãWDVNDLGULRVþLD+LSRNU¡Q¡VYHUVP¡V
0Ì]RPVSDãY
VWLDWYLULãDOWLQLDL
.OHJDLUDSOLQNJDXGHV\VMÐVNOLQGD
9DQGHQLXLDOPDQW
7HND/\ULVþLDLU8IHQWDVDQWUDV
7UD]LPHQDVþLDLãJHOPLÐVNDLGULÐMÐ
*LQWDUXVEDUVWV3LDYRVEDQJHO¡V
5LHGDDXNVLQ¡V
,U(PSÌ]DLþLDSDãY
VWDJLUDLW¡
7DUSåDOLÐNUDQWÐVUXYHQV(]DUDV
âRNþLRMDOHQJYDLMREDQJHO¡VJUHLWRV
äDLGåLDVXY¡MX
*ORVWRãYHOQÌVþLDãLOWRY¡MRJÌVLDL
6SLQGLþLDGDQJXVLUJDPWDYLOLRMD
*URåLRQXRVWDEDXVNXSLQDSDNUDQW¡
'åLXJLQDãLUG³
6NDPEDþLDMXRNDLQHNDOWLLUSRNãWDL
âQHNRVSDãDLSÐLUãPDLNãWXPÐSLOQRV
ýLDJ¡OLÐJUDåLÐNUHSãHOLXVSULVNLQWXV
*UDFLMRVQHãD
â\SVRVLOLQNVPLDXþLDVHSW\QLRVNDOYRV²
5RPXORORSã\VLUPDORQÌVY¡MDL
*ORVWRãYHOQLDLþLDLãNLOLXVLUãDOWXV
7LEXURERNãWXV
ãYHQWRVNDOYRVQXRVWDELJURå\EH
3UDQDãHWLHVRV'DLQLDXJUDLNÐO\URV
)HEDLMHLSDOLNWSDQRU¡WXPNDUWDLV
$XNãWM³.LQW²
ýLDDWHLNNDUWXPXGXOHLVLPODLN
%HWSLUPLDXDWQHãNNDVXåGUDXVPDQ")XVNDL
8åPLUãWDVHLOHVPDQRãLUGåLDLPLHODV
*DUVLRMR)ODNR
,,,&(=$5,8,3$8=,/,3,-8,
.DGQHSDVLWLN¡WÐSHUGDXJMDXQ\VWH
7XMDXQ\VW¡VGåLDXJVPDLVQHDSVLJDXNWXãþLDLV
3DX]LOLSLMDXJUHLWUDWDVOHPWLHVQXVNULHV
.SDJURELDMLVDLOHNLDJUHLþLDXQHJX
1HåDERWDVVPDJLDLVNUHQGDQWLV$IULNDV
$SJDXOLQJDVGHMDJURåLVMDXQÐGLHQÐ
(LQDQWPHWDPVMLVDLQ\NVWDLUJDOLJUHLW
7DUVLVWLNODVVXGXåWVDXO¡MYDãNXLãWLUSW
âLWDLSURå
NXULU\WSDNLUGXVL
*ODPRQ¡MRãLOWLY¡MDL)DYRQLMDL
1XGU¡VN¡YDNDUHDXGUÌV(WH]LMDL
3DUNRVSLUãWDLJUHLWLSLQDOHPWLHVJLMDV
,UMDXMÐQLHNDGDMLLãDUG\WQHOHLV
/DLNRXS¡YHUåOLQHWHNDDWJDOLRV
7DVODLPLQJDVNXULVWUXPSRDNLPLUNVQLR
1HEUDQJLQDSHUGDXJNDVMDXQXVLPHW¡
/DLNRMXQJNXULVåYHOJLDVXMDXGLQWDV
²SDGDQJHVãYLHVLDVPDWRåYDLJåGåLÐXJQLV
/\JJLPWÐMÐQDPÐåLEXULXVODQJXRVH
,,,-8/,-8,$5,0,18,
7LNGYDVLRVWXUWDLVHVDPHSUDQDãHVQLXååY¡ULV
/DLP¡VWDXWLNUDL$ULPLQDLPLHODV
3HUODLQHDWQHãLãJDUVDXV+LGDVSR
1HLQDPDLNHGUXLãSXRãWLQHLDXNV
3OXNGDQWLV+HUPDV
1HLHãNRNWXãþLDLNXUSDVDXO\WHND
8S¡SHUODQNDVQHãGDPDGDXJDXNVR
/DLGRU\E¡WDXEXVGLGåLDXVLDVWXUWDV
'LHYLãNDODLP¡
7HJXYLHQDVNHOVNXRDXNãþLDXVLDVVLHQDV
'HLPDQWXUHPWDVLãDNPHQV
6LSLOR.RORQDVVWDW\VNDGSDVLHN
V6WLNV
.LWDVVXJULDXWÐ
%HWXåM³WLNUDLWXUWLQJHVQLVSDXNãWLV
6DERVPLãNXRVHSDU\þLDLVSDEXG
V
$UåXYLVUXVYDPYDQGHQ\+LGDVSR
1DUGDQWLJUHLWDL
.LWDVWHLãSXRãVDYRSDOSHUODLV
$SVLMXRVGLUåXLãEUDQJDXVPHWDOR
.LWDVODLSHþLXVDSVLVLDXVWLULHþLÐ
3XUSXURUÌEDLV
%HWYLVWLHNJUDåLDXVSDUQHOLXVPDUJXRVLXV
3DSXRã¡JDPWD)LORPHOHLSLONDL
*UDåHVQLãODNDLJLQWDULQ³NDLO³
/ÌãLPVQXEDUVW

5HQJLDPXVDYLÐLãDXJLQWDYLOQD
6DXJRSHUãDOþLXVãLOWDVYLONRNDLOLV
3XRãLDGUDEXåLXVUXGDSODXN¡VODS¡V
.DLOLVDUEHEUR
äPRQHVQXRåY¡ULÐYLHQGRU\E¡VNLULD
,ãNHOLDDXNãWDLPXVGYDVLDVNUDMÌQ¡
-RVVSDUQDLJUHLWLPXVQXQHãWLJDOL
/LJLåYDLJåG\QÐ
,,,-218,58'$0,1$,
0LUXVMREUROLXL-XUJLXL5XGDPLQDL
7DLSåDLEDVNDUWDLVWDUSGHEHVÐMXRGÐ
.LUþLXWULãDNLXVNHOLDGDQJDXVVNOLDXWXV
,UYLUãWLQJLRVGHUOLQJRVåHP¡V
-R³QLUWLQJDOLHSVQDVXEO\NVL
7DU\WXPEÌWÐODLVY¡QLãWUÌN
VMLV
3DOLN
VEÌVWPXUPDQþLÐGHEHVÐ
3HUY¡MDPVDWYLUDVSODW\EHV
3HU$NYLORQRLãJULDXWPLãN
3HUSODWÐODXNNDOQXVLUWDUSHNOLXV
8JQLPJUHLWMDSHUVNULHMDMLVLUãWDL
,U+HPDVSULWUHQNWDVLU.DOS¡
*DOYDVDXNãWVLDVSULHãM³QXOHQNLD
/LHSVQÐEDLVLÐMÐDSVXSWDVOHNLDMLV
,UNHOLDVLDXEYDUJãDPVYLVLHPVåPRQ¡PV
8åJULÌYDMXRVGDQJDXVJDO\E¡V
.UÌYRVJULXY¡VLÐJULDXVPXVSDO\GL
.DOQDLYDLWRMDLUVNLOGDPLSHUSXV
%DLVLQJJULÌW³VXNHOLDVXWUHQNVPX
7GXQGHV³SDGDQJ¡PQHãD
â¡OVWDQþLR1RWRDXGULQJLãXRUDL²
7DLSSULHãXVSXROD5XGDPLQDQDUVXV
0LUWLHVJDUELQJRPGXON¡PQXNORWDVMLV
*UHWDVSUDODXå¡PXVXOPRQÐ
,U³QLUWLQJSUDG¡MRPÌã³
âORY¡VGLGåLDXVLRVODXUXVåDG¡GDPD
,UGLG³JDUVVLHOÐYDOG\WRMD
*DUE¡GDåQDPLUWLHVELþLXO¡
9HG¡M³WHQNXUGDXJLDXJHORQÐ
1DUVD'RU\E¡LU3DPDOGXPDVM
/\G¡MR6HN¡QDUVÐNDUHLY³MRV
0LUWLVNXUVLDXW¡SUDåÌWLQJD
0XODLPDXURMRLU]YLPE¡VWU¡O¡V
/HPWLHVVXWLNWLYHUå¡VLGUVLDLMLV
,ãN¡O
VJDOYSULHãXVNDSRGDPDV
0LUWLHV5XGDPLQDQHSDLV¡
,UQHLHãNRMRSLJDXVWULXPIR
6¡NPLQJDPPÌã\VDYRãYLWULXNDUGX
-LVEDXG¡SULHãÐLãSXROLXVLUVNULDXGDV
,UEDUEDUÐNRKRUWRVJDXVLRV
-RQHJDO¡MR³YHLNWLQLHNDLS
.ROSULHãRNDUGDVNOLXG¡VWDLJDLUM³
*DOYDQXVYLUR.ULWRQXRåLUJRMLV
7DþLDXYRVJ\YM³SDN¡O¡
-RSDO\GRY¡V²âORY¡'RU\E¡
5DQNDVLãWLHVXVVNXEDVXWLNWLMR
äYDLJåGåLÐYDOGRY¡DPåLDLVJ\YD
*DUE¡.DULHWRQDXNVR³VRGLQXV
/LHSLDMDPNLOW³GDQJDXVDXNãW\EHV
*DQGDVVNOLQGDO\JWULPLWXJDUVLX
-LVVNHOELDDPåLDPVåLQLãORYLQJM
9DOLRWULXPIH7DUSåYDLJåG\QÐ
5XGDPLQDDPåLQDLJ\YHQD
,,,-218,58'$0,1$,
0LUXVMRW¡YXL-RQXL5XGDPLQDL
1RUVNDUWDLVEÌQDMRJDSJDXOLãORY¡
.YLULWVXSDODQNVWRVLMDPPLQLD
.OLHQWÐLUYLVXUM³O\GL
3ULHVDLNGDY
EÌULDLNDUHLYLÐ
1RUVMDPSRNRMÐWYLVNDQW\VNLOLPDL
$QWåHP¡VJXOLGåLXJLQDMRDNLV
1RUVJLQDM³NRKRUWRVVWLSULRV
6N\GDLVLULHWLPLVDSJLQNOXRWRV
%HWDWNDNOLRVLRVGHLY¡VNDQGåLÐMXRNÐ
.ODVWÐQLHNLQJÐMLVQHLãYHQJVWDLSSDW
,UQXRVYHþLÐVXNHOWRWULXNãPR
-LVQHSDE¡JVLãQDPÐVDYÐMÐ
8åPLUã
VYLVNMLVQHSDM¡JVLãHLW
âLUGLVNXUãDXNLDYHUåLDVLNXUGYDVLD
1LHNLQJDVåHP¡VãLRVYDOGRYDV
-LVQHSDNLOV³GDQJDXVP¡O\Q

'DUEÐNDVGLHQLÐGXON¡VQXV¡GDM³
9DUJDLNDPXRMDVOHJLDOHPWLHVNDLWD
,UVXQNÌVUÌSHVþLDLXåJULXY
'YDVLRVVSDUQDPVLãVLVNOHLVWQHOHLGåLD
%HWN³DXNãWVRVWGDQJDXVQDPÐ
0LUWLVLãN¡O¡åHP
SDOLNXV³
7DVDLO\JSDXNãWLVYHUåLDVDXNãWLQ²
7HQGDEDUPÌV5XGDPLQRVNHOLDV
NDLSMLVVNULHMDWDUSGHEHVÐUÌVþLÐ
/HQJYÐY¡MHOLÐQHãDPDVLUGåLXJXV
3HUVXQNLDLSHUHLQDPNUDãW
9HUåLDVMLVDL³SLOLVDXNãWVLDV
'DUQHSDWLUWRVNU\GåLRSDJDXWDVMLV
3UDVNULGRåHP¡MGXQNVDQþLDVWUREHOHV
äPRQLÐEÌULXVLU³ODLPLQJXV
5ÌPXVGDQJDXVNDLSVYHW\V³¡MR
-³þLDSDJDUELDLYHG¡5HOLJLMD
9HåLPSXRãQÐ²VLHORVWDXULRVQDPXV²
'RU\E¡MDPSHOQ\WDLVN\U¡
,USHUDXNãW\ELÐHUGYHVO\G¡MR
%DåQ\þLRVDXNãWRVåHP¡MHPHQDM³
1HV'LHYXLUHPLDQWGRVQLDLJORERMRMDV
7RG¡OGDEDUGLHYÐEXYHLQ¡V
$XNãWDVGDQJXVMDPXåWDLDWO\JLQV
ýLRQDLåYDLJåG\QÐVSLQGLQþLDPYHåLPH
$UEDSULH'LHYRVRVWRYLVDLDUWL
/HQJYDLDQWGHEHVLHVSDULP
V
äHPLãNEÌW³VWHE¡VSRNRMRP
.DUDOLÐNDUGXVMLVWHQPDW\VåHPDL
äYDLJåGHVNDUDOLÐSXRãLDQþLDVMÐNDNWDV
,UIDVFLMXVPDW\VWLURQÐ
6SLQGLQþLXVJDOQXRSUDOLHWRNUDXMR
0DW\VNDLSPLUNVLåYDLJåG¡VYLVDLãDOLD
.DLSVOHQNDWDQNÌVGHEHV\VGDQJXPL
$SåYHOJVSODþLXVGLGLQJXVPLHVWXV
*ULÌVLDQþLXVWXRMNDLSOLNLPROHPWD
,,,3LUPRMRDNPHQVG¡MLPDV
.DL-RQDV.DUROLV.DWNHYLþLXVUXRãGDPDVLV³å\J³
SULHãWXUNÐLPSHUDWRULÐ2VPDQSUDG¡MRVWDW\WL
0HUJHO¡V0DULMRVEDåQ\þLSULH.UDåLÐ-¡]DXVGUDXJLMRVNROHJLMRV
$QWDLNDLSVDXO¡MEO\NþLRMDGHGDPDV
'DQJDXVYDOLD³SDPDWEÌVLPR
âYHQWÐMÐUÌPR³NXU³MLH
/HLVLVLãVNOLDXWRDNPXRNHUWLQLV
1¡ROLPSLHþLÐQHãXUPXOLXRGDYR
7RNLDJDXV\E¡NDLVXVLULQNGDYR
3DJHUEW.RULQWR*ULDXVPDYDOGåLR
,USDVLUXQJWL³,VWPJUDLNDL
PDUPXULQLVEÌVWHJ\YHQWRMDPV
'DQJDXVDXNãW\ELÐVNLUWDVHVL7DY\
*\YHQVLU0RWLQDGLGåLRML
,UYLVDVSXONDVãYHQWÐMÐDPåLDLV
5LHG¡NODLPLQJDLLUQXVLOHLVN³SDW
*HOPHVWDPVLVLDVåHP¡VQHV³WDYH
7XU¡VNRORQRPLVWYLUWRVLRP
5HPWLVYLVDãYHQW\NODGLGLQJD
$WHLVGLHQD²þLDSULHãDWQDãDXGDPDV
$XNDV³ãY
VWYDQGHQ³SDQDUGLQV
5DQNDVLUQHJDLO¡VQHLGDQJXL
1HLDXNXUDPVDWQDãÐãYHQWÐMÐ
.RNVQRUVJDUELQJROXRPRJDUEXVQDU\V
'åLDXJVPLQJGLHQYHLGQXãYLWXV³
$WJU
ã³DOWRULXVDSåYHOJVLU
0LQLGLGåLXO
JLHGUXåYLOJVQLXMLV
3RWRSDNLO
VYLUãSDSUDVWÐåPRQLÐ
,ãNHOV³GDQJÐãYHQWMGRYDQ
.XULDLLUVDXVXPDLUMÌURV
â¡OWLSDOLRYXVLRVQXVLOHQNLD
ä\QLDLVXWYLVN
SXUSXURDSGDUX
äYDLJåG\QDLMÌVÐPDOGDLQHOLNVNXUWL
.DLPHOVLW¡VXåNDURYDG
.DURO³LUMRNDULXVXåMXRVNDL
âYHQWLHVLHPVPLHODXNDXNRVLWH
1HVVDYRYLOW³SDWLNLMXPVMLVDL
,UMÌVÐOÌSRPVMLVW¡Y\QHL
,U*ULDXPVYDOGåLXLJLQNOXVDXNRMD
7HMÌVÐPDOGRVNDUNXUVDWVOHQND
1XR3URSRQWLG¡VSDGHGDVXVWDEG\W
.ODVWLQJ,VWULUJHORQ
%DLVÐWDU\WXPDQJLVQXRGLQJD
LNLWROWH.DUROLVYHåLPX
*UHLWXRMX0DUVRPÌãLQVNXE¡VWHJX
3XONXVEHODLVYLÐPDVDJHWÐ
-LVSDUVLYHVSUDEDQJLDPWULXPIXL
7HJXO\G¡Vã³NDUYHG³SDJDUELÐ
.YLULWÐ0HLO¡1XRSHOQÐGLGHOLV
%ÌU\VLUDSãODNVW\WDLVNUDXMR
3XUSXUXJLQNODLVãORY¡LU'åLDXJVPDV
,,,%,ý,8/,$06%(/*$06
$ãDSODQN\WLWROLP%HOJLM
âLUGLQJDLWURNãWX9HVNLWH*UDFLMRV
3HJDVLã3HUPHVRVO¡QLR
.DPDQDVMDPLããYHQWÐJLUOLDQGÐ
8åPDXNLW.DLSMLVNDUSRDXVLPLUNDLS
3DåLQ
VGDLQLDXVP\OLPREDOVWXRM
6XåYHQJLD.DLSMLVQHULPDXMD
.DPDQÐSUDãRVLLUåYDQJXþLR
,ãULHW
VVSUDQG5DLWDVDQWMRLUDã
*DOLXYDQJLXRVLXVGHEHVLVSHUVNURVWL
9LUãXPåHP\QÐVNULHWLSDW³
%HOHURIRQWGDQJXMSUDOHQNWL
âWDLMDX.DUSDWDLOLNRWROLDQWDL
6QLHJXRW.UDNRJDOYUHJLXåHPDL
-DXYLUã.DUNLQRVERNãWÐVNULHMX
,UYLUãNDOYÐ.DURGÌQRVHQR
9LUãXPåLORVLRV3HXN¡V/HNLXDXNãþLDX
8å.DODLG=HWLUW¡YMÐ
1RUV2ULWLM(UHFKW¡MR
'XNWHU³QHã¡VSDUQXRWDVY\UDV
6NUDLGLQDåLUJDV(OE¡VQHL5HLQRQHL
6NDLGULRVLRV0R]RVNRMRPQHOLHVGDPDV
0DQH3XRãQLXRVLXV$QGRYHUS¡V
5ÌPXVUHJLXLUYDOGRY6NDOG³
%RODQGDLSLUPDVPDQRELþLXOLEÌN
3DVYHLNLQWDV$ãSXROX³JO¡E³WDX
*ODXGåLXRVLSULHNDUãWRVNUÌWLQ¡V
.DNODSVLNDELQX0DQJHUD
äLÌU¡W³ãYHQWYHLGUHJ¡WLMRJ
'LHY\E¡JOÌGLMRãYLHVLRMHãLUG\
,ãJLUVWLNDOEDQW³MROÌSRP
'LHY3RWR³DNLVPDQNULQWD
.LOQDXV+DEHNYR0Ì]ÐSDåHQNOLQWD
.DNWDLUO\UJODXGåLDQWLWDLSGDåQDL
.UÌWLQ¡'DLQLDXYHUWDVOLQNVPLQW
'DQJLãNSXRWGLHYÐQHNWDU
*LHVPHSDVDOGLQWOHLVN6DUELHYLMXL
$QWWDYRNHOLÐJDOYSDG¡MXVLDP
3RJXUNãQ³JHUWLLãWDYRVLRV
,ãNDOERVLULãJLHVPLÐãDOWLQLR
.XULVJLãLþLDSUDQDãDVDWVNXED
5DQNDVLãVN¡W
V"$ã7ROHQDULMÐ
-RVSLQGLQþLDVDNLVSDå³VWX
'YDVLNXULWLNWUXPSDPDSOHLGåLD
âYHQWÐMÐGUDXJ
7¡YHDWVNOHLVNLWX
0DQ'LHYRYDOLRVSDVODSWLVDXNVLQHV
'LGLQJÐåRGåLÐSDNODXV\WL
/HLVNLUSDåLQWLYLVDVWDYRVLRV
âLUGLHVGRU\EHV.DVJL+RUWHQ]LMDXV
1HDWSDåLQWÐMRLãPLQWLHVãYLHVLRV"
.DVQHSDåLQWÐ'LHULNVR
,UDWVLVSLQGLQþLÐåYLOJVQ\GYDVLRV
3XLNLÐMÐORELÐ".DLSJLPDQ+RVFKLMÐ
'DUDSNDELQWLNDLSGDUSULJODXVWLPDQ
,U0RUWLHU³LU/LEHQW
9DOLMÐ+H]LMÐãLUGåLDLPLHO"
GLGåLDY\ULDLDPåLÐYHUWLVHQÐ
.DLSVSLQGLNLOQÌVXåPRMDLYHLGXRVH
ã\SVHQDJLHGUDGåLDXJVPLQJD
6NOHLGåLDPDORQLGRU\E¡VãYLHV
.DLSSXLNLDLå¡ULSXUSXUXMÐYHLGDL
7RNVDLVNDLVWXPDV²WDLSULJLPWLHVWDXULRV
7LNULDXVLDVåHQNODVSULHGLG\E¡V
7LQNDPHLOXPDVNDOERVLUEÌGR
.DLDWJDLYLQWLåXYXVLSDGHUP
'HXNDOLRQDV¡P¡VLåHP¡MH
1XVOÌJXVMÌUDLLULãP¡W
V
$NPHQLVSDYHUW¡åPRQ¡PLVMXRV
3ULH0R]RV6NDOGLHVSDWVQHåLQRGDPDV
/LNLPXLO¡PXVPHW
VSHUSHW³MLV
*U\QXRO³DXNVRVNOLQGDJDQGDV²
8åJLP¡WDLSSDGHUP¡DXNVLQ¡
5ÌVWXPRå\P
QXRPDORQLÐYHLGÐ
1XWU\Q¡S\NW³³YHLN¡ã\SVHQD
0HLOLDLUWXRMSDOHL5RGDQ
,USDOHL5HLQWDXUDXVPHWDOR
âYLHVDVDYDLPHVSLQGLQþLXVSDSURþLXV
-LHSDVNOHLG¡LUWUDXNWLVLãWRVãDOLHV
6XVNDWRNODVWRVRSDY\GDV
7XRM³DWRNLM7XO
VSUXNR
,ãOLNRãLWDVDXNVRãY\W¡MLPDV
9HLGXRVLUåRGåLXRVEHOJÐLUVNOLQGDMLV
9LVXUVDYDLPH%HWQHWUXNXV
,ãJHOHåLHVSUDJDLãWLQJRVNLOR
.LWRNLHåPRQ¡V P
PDLãWDXWLMLH
3ULSUDWLQRSULHå\JLÐåLDXULDXVLÐWXRM
6DYXVYDGXV,UNXUMXVYDUJãDL
$PåLQDVNDURYHUSHWDVQHãD"
1DUVLHMLY\UDL%HOJLMRVOLÌWDLMÌV
,ãJLPWROL]GRYHVNLWNDULXVJLQNOXV
*DEHQNLWQHVSDJLPG¡ãLWDV
.UDãWDVQHVDQWDUY
LUMNXUVWR
7¡Y\Q¡MYHOWXLWLNLW¡VMÌVVXODXNW
5DPHVQLRPHWR'XQGDVHQLDLNDUDL
,UJULDXGLEDUEDUÐ*UDG\YDV
âDO³XåSXRO¡MDXWUHþLDVSULHãDV
.DSXVVHQROLÐSULGHUDSDGDELQW
1DXMDLVWURI¡MDLVSULGHUDDSVWDW\W
'HãLPWLPLVODLYÐDFKDMÐ
.DUSDWR-RQLMRVMÌURVNUDQW
2MHLSDVN
VWÐMÌURMHSODþLRMH
7LQJXPDVPÌVÐLUQHãORY¡YLVD
.LHNå\JLÐNLOGDPDVLãY\VWXP
.LHN²QXVLOHLVGDPDVPLHODV)HEDL
7X3XWHDQDLWV\N$W¡QXRVH
7XRMNDUDOLMVHQMLãPLQWLHV
3DQ¡FLMDXVDWNXUWXP0Ì]RPV
,U3DGRUXPXLãYHQW\NOVNLUWXP
'LGåLDP6RNUDWXLQHQXVLOHLGåLDQWLV
7LHVRVVNOHLG¡MDX.LHNWDYRSRUWLNDQ
8RODXVMDXQLPRVXJXå¡WÐ
.RNLRVNODXV\WRMÐPLQLRVSODXNWÐ
.LHNGLGåLDY\ULÐG¡WÐVWDYXVåRGåLXV
âLUGLQMHLãDXNWXPO\J'HPRVWHQDVMXRV
.RYRQ.LHNVFHQÐO\J6RIRNOLV
,PWXP0HOLW¡VNRWXUQDLVGUHELQW
%RHOPDQREDOVJULDXVPLQJLU
-RLãNDOELQJåRG³LãJLUG
VDã
6NXE¡þLDXSHUOHOHJÐGDNÐ
(GRQÐWUDNÐåHPHVMROLQNXL
7DGNXUSHUHUGY
QHãDPDQHYLOWLV
,UPDQRåLUJDV"$ãSUDQDãDXMXMRJ
-DXJUHLWQHVDQWDUY
SDPLUã

%HOJDLVXODXNVODLPLQJHVQLRPHWR
,,,.9,178,$5,67,-8,
0DWDLELþLXOLPRNDPHWLNVYDMRW
$SLHGLGLQJXVGDUEXV7DþLDXNXULV
,ãGU³VSLUPDVLVNDUXLNLOXV
3HUSODXNW(J¡MRDUNLWMÌU"
/DLNDLãORYLQJLEDLJ¡VLSUDHLW\
9LOWLVLUEDLP¡DXNãWLQDMXRVQÌQDL
0LQWLPYLHQVLHNLDPHU\WRMDXV
5DQNRPVXþLXSWMRGHMDQHPRNDP
.DLODLNRE¡JVPDVMDXQDVGLHQDVQXQHã
.DULDXWLLPVLPVHQLDLSDWDULPX
1HSDY\]GåLXLUWHPSVLPSDVNXL
6DYREDLVDXVLãWLåLPRSDQþLXV
7DGVDYRDPåLÐWRN³DSWLQJXV³
.DUXLUå\JLDLVQHVLELMRNVXNU¡VW
'LHYDLMXNWDXWURãNLPGDY¡
9DUGRNLOQDXVLUGDUEÐãORYLQJÐ
,,,%$/7$=$58,025(78,
/\ULQ¡SDQHJLULND
ãORYH0Ì]DVP\OLQþLRV%HOJLMRV
âYLHVLRMLåYDLJåGH/LSVLMDXVSDåLED
0RUHWDLWDXDQWåDOLR6NDOGLHV
.UDQWRVWDWDXDãNRORQDXNãW
&LWUDVXãDXN
VDNPHQLVLUXRODV
1HL³VLã¡O
V$XVWUDVMRVQH³YHLNV
1HL2NHDQDVLãSDWGXJQR
9HUVGDPDVYDQGHQLVQHQXSODXVMRV
-SXRãLDURå¡VYRVSUDVLVNOHLGXVLRV
äLEXRNO¡VNLWRVNYDSQLRVLRVGRYDQRV
$SOLQNXLMY\QXRJLHQRMDV
1LHNDGQHY\VWDQWLVDSVLYLMR
/LDXQRPãDNRP-DLOHQNLDVLUVYHLNLQD
,ãWRORDXNãWRVXRORV.HUDXQLMÐ
.DUSDWDLVLHNLDQW\VVHSW\QLDV
*U³åXOR5DWÐåYDLJåGHV5RGRS¡²
'DQJDXVVQLHJXRWDVUDPVWLV6XGUHELQR
6NOLDXWXVSUDDXJXVGHEHVLVNRORQD
äYDLJåGåLÐYHåLPLUJULDXVWLQLR
äLUJXVVXVWDEG¡LNLåYDLJåG\QÐ
,ãNLORML²QHWWUHMHWRWÌNVWDQþLÐ
3¡GÐDXNãWXPR$OS¡VORW\QÐGDXJ
äHPHVQ¡VLUåLOD3LU¡Q¡
$IULNRV/XQRVNDOQDLDXNãWLHML
.PDQLãNDOWLDNPHQ\MHNMLV
%\ORWLWXUL"9HQJLDPDQLVSDUQDL
âORY¡VWDYRVLRVYDQGHQ\QR
,ULãJDUELQJRMRYDUGRXRVWR
1HUDQGDNHOLR7DLNDVGLGXSXLNLRP
'RU\E¡På¡UL-RPVQHSULO\JVãORY¡
.XULNLOPLQJLUEHNLOQ³
*DUVLQDQRUVMLLUãY\WLVNDLVþLDL
.DSXRVHWUXVNÐFH]DULÐSDPLUãWL
9DUGDLVXGÌOLâORY
NXULYDOGåLD
,USDJDUEDGLGåLDXVLDWHLN¡
%DXJÌVãHã¡OLDLÌPDLDSWHPGR
'DåQDLQXRDXNVRDXNXURQXWULQD
9DUGXVSDY\GDV%HWQHDSJDXEVWDY
V
0RUHWDLMXRGDV$FKHURQWR
9DNDUDVVXWHPRPLVSDJLHåRV
SDWHN¡MXVWDYDMDLãORYHLSDWV
3DY\GDVåXV0DWWX²ãHLPLQLQNDVVDX
7XUWXROLVWXQHVWUXPSDDPå¡V
'HLY¡VSDW\þLÐJDOLLãYHQJWL
.DLPDORQLQJR/LSVLMDXVPRNRPDV
6RNUDWRåRGåLDLVDLGLQW³SRUWLN
/DQNHLMDXQ\VW¡MWHQJDUELQJDL
$PåLQãORY
SHOQ\WLãPRNDL
%UDQJLDXVLDNDLQD²PRNVOXLUåLQLRPLV
7XSDWVSULHGDUERPLHORGLHYDPVYDUJVWL
,UELþLXOLDXMLHVLVXVYHþLR
.UDãWRLãPLQþLDLVRWDYRDPåLÐ
3UDW
VYDLNDLþLDL5DPLVHQDWY
WX
3DVN\UHLNQ\JRPV-DXQDVWXWDUQDYDL
0HUNXULMXLLU$SRORQXL
0Ì]RPVLU*UDFLMRPVYLVDPåLÐ
.DLWLN3ODQWHQÐXS¡VSODþLDYDJD
7XPRN\WXPRVDYRMRYDQGHQLV
PHLSOXNG\WL$WPLQWLQWDX
'LHYLãNÐGDLQLÐ³VWULJRGDXJHO
.OXVQLDLYDJRMDSRSLHULDXVEDOWM³
'LUYRQSOXQNVQDNRNLEHSDLPL
7DUQDXMDLUEXGUXVP¡QXOLV
7DXLU8UDQLMRVW\OLRVQDNW\V
7DþLDXNSOXQNVQDVXNXULDWOHQJYDL
$XGULQJLPHWÐY¡MDLQXVLQHãD
-HLWRQHSULVOHJLDPHWDOR
6YRULVLUãYLQDVVSDUQÐJUHLWÐMÐ
1HNDXVWRNROLãSXVODSLÐ³VSUDXVWÐ
5¡PHOLQ¡PXVSRSLHULXLSRSUHVX
6XQNLXRMXDLPDQXRWLJDUVLDL
*LPVWDNQ\JHO¡SORQDLãO¡WR
6XG¡WLYHUWDGDXJDSLHWDLJLHVPLÐ
7DþLDXQXNO\VWXå3LQGDUR*DGÐPDQ
.DPHQRVGUDXGåLDLUSUDG¡W
$XNãWWDU\WXP+HUDNOLRVWXOSDV
.RORQOLHSLDWUDXNLDQWVNDPELDVJLHVPHV
3DEDLJWL7DXJLGDXJDWYLUÐNHOLÐ
,USDVWDYHLãMÐQHYLHQX
*UHLWRVãORY¡VNHWXUNLQN¡VVNULHMD
0DWSDJDUV¡MDLWDOHQWDLVWXSXLNLDLV
$WPLQWLPLGDXJãLPWPHþLÐJHEDQþLD
$SU¡SWLäLQRPRVWDXYLVRV
7LHVRVNXULÐNLWDGRV6RNUDWR
5DWHOLVPRN¡LUNLãPLQþLXVLã
6WDJLURVWHLJLD1HLJUDåE\O\VW¡VWDX
1HVWLQJDQHLOHQJYXPRSOXQNVQDL
/LNWLQHåLQRPDPDUSUDVþLRNÐ
7HSDP¡JWDPWDXQHGHUDYHUWDVWX
9LVÐGLGåLÌQÐSULSDåLQLPR1HW
9DOGVLU5RPLU(XURS
8UERQDV/DFLMDXVW¡YDVWHLN¡V
7DYH³EÌU³PRN\WÐYDOGLQLÐ
3ULLPW.RORQDãSDVWDþLDX-RMH
,ãNDOVLX7X²åYDLJåG¡YDOGRYDPV
/\JLDLPLHODLUYLVLHPVSLOLHþLDPV
,,,'5$8*$06
.HWLQDSDVLãY
VWLWHRORJLMRVVWXGLMRPV
6NDPELÐ.DPHQÐP¡JVWDPDVQHVHQLDL
%XYDXMÐGDLQLXVQÌQXåGUDXVWDGDLQD
1XWLORVNDPEHV\VNLWDURV
,OVLVO\UDQHXåEDLJXVSRVPÐ
)OHLWDEHGDUE¡LUXåPLUãWDO\UD
$QWYDJLRNDER²JDOLWQXWUDXNWVW\JDV
6LGDEULQHVGUDXJDLPDQLHML
1HUHLNDOLQJRVPDQãLWRVVW\JRV
WX7HPLGHVDXJDQWLDXNVLQHV
0HQHVåYDLJåG\QÐYDLNãWDQWLSRãYLHVLXV
3DVDXOLRUÌPXVWXQXWUDXNL
0RNVOXVNXNOLRVVDQWÌULRV0LQHUYRV
,9&(=$5,8,3$8=,/,3,-8,
,ãPLQþLDXVYDOGRV
.DGSODþLRVYDOGRVWUDNÐJU¡VPLQJÐMÐ
%DXJXPXPVOHQNDL9DOGRNXUNDVGDXJLDX
7DVDLNDVYLHQDVDWVLVN\U
V
6DYMYDOLNDLSJLQNOJQLDXåLD
6LOSQRVNUÌWLQ¡VVN\GDLVSDWLNLPDLV
7XQHGDQJVW\NLãRQRQHSUDWLQNL
3ULHVXYHUåWÐãDUYÐRPLHOR
.DNOR²SULHODQNRLUSULHVWU¡OLQ¡V
$UVXSWÐNLPEUDLJHWDLDUGDUNRNVQRUV
5LQNWLQLVSXONDVQHWLã%ULWDQLMRV
1¡UDNRVWHQJWLVSDWV²NDUHLYLV
3DWVVDXNRYRWRMDVWXSDWV²YDGDV
9DOVW\E¡VPDåRVPHV3DX]LOLSLMDX
%HWNDVSDNOÌVWDVDXWDVLãWLHV\UD
'LGLQJDVMHLJXMLVWLNSDWVVDX
/HLGåLD³VWDW\PXVSDWVLUY\NGR
9DOGRYDLVGDURQHSDO\GDNDULÐ
1HSXUSXULQLVDSGDUDVVXWHSWDV
.UDXMXLUQHNDNWDVXåLEXV
$XNVXWDXULXLUJORWQLDLVLDLVSHUODLV
9DOGRYDV²NYDLOEDLP
NDV³YHLN¡
.DVOLN
VYLHQDVLPDVWRY\NOUHQJW
.DVQXRODWGYLNRYRQJDUELQJRQ
1HJDQGDVLUVDYROHPW³NYLHþLD
1HSDWDLNDXMDYHLGXMLVQHGRURV
0LQLRVVSUHQGLPDPV-RQHSDYHLNLDQHL
äLÌURYÐPLQLRVQHLWURI¡MDL
1HLWUXPSDODLN¡VãORY¡VãHã¡OLV
/DLPLQJDVWDVNRQLHNDGQHSULYHUW¡
6XQNXPDLWDUWLåRG³QXRODQNÐDU
âORY¡²LãGLGÐW\ORPLVNDV
%DQGDQþLDLOHPþLDL³YHLGåYHOJLD
.DVQHYDLWRMDSLUPNDUWVXåHLVWDV
7DVDLNRYRMDYLVDGW\O¡GDPDV
.DVPRNDQHV¡NP
QXVO¡SWL
7DVLUQHODLP
LãN
VJDUELQJDL
1RUVUHPWÐYLOQ\VJULÌYDQW³GDQJÐNXU
7LNEHSDåYHOJVLQRUVYLHQDQWMROLHSVQDV
%DQJDVLUQXRODXåDVSDVDXOLR
-ÌUDVYLVDV³VLÌEDY
V$XVWUDV
6XYHUVWÐMLVYLVLãLãPLQWLHVDXNãWRV
7YLUWRY¡VERNãWROLQNVPDVVWHE¡WÐWDL
MHLGDQJXVLPVJULÌWLMLVWXRM
.ULQWDQW³VNOLDXWSHþLDLVSDUHPVLU
3DVDXO³JHOE¡VVPÌJ³DWUHPGDPDV
6XVWRVSULHåHP¡VNDSRDSYHUNWLQR
7DUSVNOLDXWRQXRODXåÐMLV²J\YDV
'LQJXVLRDPåLDXVMLVSDOLNXRQLV
,ULãDXNãW\ELÐåYHOJGDPDVSDPDW\V
.DLSWDLGLGLQJDNMLV³JLMRLU
.DLSPHQNDNDSOHLGR-LVMDX
%HDEHMRQ¡V2OLPSULQNVLV
7HQDLNXUJU³åWLWURNãWDM³VXJUåLQV
/HPWLVNDLSULHãRNDUGDVDUEDOLJD
-³SDVWÌP¡V³SDVNXWLQ³
.HOL$WSODXNLDPHYLHQV\N³
6DORQNXULRVOLQNLULDP¡VYLVODLN
$UNDLSYDOGRYDLYDQGHQLVVNURVWXPH
/DLYDLVGLGLQJDLVDUSOXNG\WÐ
0XVNYLULWXVWLNPHQNDYDOWHO¡
0DQHODLPLQJODLDQDPHNUDQWH
3DOLNVQHãWXYDL7DLNDVPLUWLQJDMDX
$SOHLGåLX.RJLPDQELMRWLV
$PåLQRNUDQWRLUMRUDP\E¡V"
,9*DUVLRMLOHQNÐSHUJDO¡
VXWULXãNLQXV7XUNLMRVLPSHUDWRULÐ2VPDQPÌã\MHSULH&KRWLQR
PHWÐUXJV¡MRGLHQ
*DOH]R'DNLMRVåHPGLUELRGDLQD
*DUEXV*DOH]DV'DNLMRVåHPGLUE\V
âDOLDGHUOLQJR,VWURJ\YHQDQWLV
/DXNXVEHDUGDPDVVDYXRVLXV
,ãYHUW¡VN\GÐãDOPÐLUNDXOÐ
.UÌYDVGLGåLDXVLDVOLNXVLDVQXRNDUÐ
7DGVDXOHLVOHQNDQWOLQNYDNDUÐY¡ODL
3DYDUJ
VMDXþLXVMLVLãNLQN¡
,UDWVLV¡G
VMLHPVWDLSGDLQDYR
-DXWHOLDLPDQRSDVLJDQ\NLWþLD
.ROOHLGåLDODLNDVNROHLDSOLQNUDPX
äRO¡VåDOLRVLRVSDNUDPVQRNLW
5ÌSHVWLPDQRMDXWHOLDLWLQJÌV
.ROQXJDO¡M
VOHQNÐNDU\VQDUVXV
3DULP
VLOVLVUÌVWDXMVLUEXGUXV
$NOHQNHNLHNPROGDYÐåHP¡M
7XSDJXOGHLQXJDO¡WÐWUDNÐ
äÌWLHVELVWRQÐSDVWHELXGDUYLHWDV
7HQJXOLVN\GDLåXYXVLÐSDPHVWL
3DNHO¡VHLUDQWNDOYHOLÐ
0¡WRVLJLQNODLEROXRMDNDXODL
5ÌVWXVVDUPDWDV¡MRSHUãLXRVODXNXV
0HQXEHODLVYLVWXUNÐEXYDXWDGD
ýLDDXNVXLUYDULXåY\QXRWDV
6DYRSXONXVLãULNLDYRWXUNDV
$NNRN³PÌã³WHNRPDW\WWDGD
.DLLHW\VãYLOS¡'DNLMRVODXNXRVH
,U0DUVDVO\JDXGUDJUXP¡MR
.LQWDQþLV¡NP
åDG¡MRJLQNODL
7UXPSDPVXVWRMRWDUVLYHUåOLDXGUD
3OLHQLQ¡VJUHWRVSXOWSDVLUHQJXVLRV
.ROGHEHV\VVLHURVXJQLQLDL
'DQJÐDSWUDXN¡VXJULDXGXVJLQNODPV
7DGDWLNSXRO¡SXONDVYLHQÐ²NLWXV
,UY\UDVY\UUDQNRPVXVLU¡P¡
$WVLPXã¡³NDUGNDUGDV
,UVXåYDQJ¡MR³VN\GVN\GDV
1HWDLSãLDXULQLVY¡MDVOHGÐNUXãD
/DXNXVQXVLDXELDJULDXVPDVNDOQÐQHWRNV
.DL$XVWUDVã¡OVWDQWLVDWÌå
V
5DXQDLãåHP¡VJDOLQJXVXRVLXV
.RNLDXåJULXYRPÌãLRODXNHNDULXV
/LÌWLVYDULQ¡9LVNDVVXPLãRþLD
1DUVXPDV³QLUãLVLUS\NWLV²
9HG¡³PLUW³ãORY¡VWURãNLPDV
,OJDLGYHMRMRODLP¡ãLWDPNDUH
.DPOHPWLV¡NP
WXUNÐNDULÐGDXJLDX
%HWOHQNÐSDM¡JRVQHJDXVLRV
6DYRQDUVD³EDXJLQDSULHãXV
%HWNRNLGRQDLWUDXNLDV".RG¡OVWDLJD
,ãPÌãLRE¡JDGDKÐEDLOLJHQWLV"
$WJDOSDVXNRDUNOLXVVHUDL
,UNLOLNLHþLÐSXONDLUDLWLHML
-DXQH³VWHQJLDYDUJãDLE¡JOLDLDWUHPW
1DUVLÐVDUPDWÐ/HQNDVLãþLDPLWUXV
,ãWHQOLHWXYLVYHUåLDVãLWDLS
'YLJXEDVåDLEDV³WDPVWUHQNLD
$UEDGYLXS¡VQXRLãNLOLÐNDOQÐ
äHP\QWDLSVUÌYDQHãGDPRVVXVDYLP
0LãNXVLUYLVJ\YÌQLM
9HUVGDPRVåHP¡QPHGåLXVDXNãWXRVLXV
.DLSV¡MDPLUW³SUÌVDVåLDXUXVXJQLP
9DULQLÐJLQNOÐ$UJLSUDOHLVWJDOLX
/LYRQÐQDUVDUEDUXVÐ
9HGDQþLÐPÌãLQSXONXVEHEDLP¡V"
0DþLDXNDLSE¡JRMÌVÐLãJVGLQWL
%LVWRQDLPHW
SXVP¡QXOLXVVDYXV
,ãSULHãÐY¡OLDYDVLãSO¡ãWDV
'HEHV³NRMÐåLUJÐVXNHOW
1DUVDNRYRMRY\UDLQHVNDLþLXPL
,UYLHQDVNLUYLVLãNHUWDMXNPLãNXV
,UYRVNHOLHUHOLDLNDUWDLV
%ÌU³EDODQGåLÐOHQJYDLLãJDXGR
$NNLHNODYRQÐOLNRJXO¡WLþLD
,UNLHNHGRQÐE¡JDQþLÐSDVNXERP
/DXNXVQXNORMR2WRPDQDV
*UDXåLDOLJãLROOHQNÐLHW³DãWUL
ýLDNULWRWXUNDVLHW\VþLDSHUY¡U¡
$UDEÐSXONþLDSRWLQNODLVVXQNLDLV
.DUDNDVJXOLQHEHJ\YDV
6DYRWLURQXLåDG¡M
VNHOWL
'åLDXJVPLQJSXRW9LOWLVSHUGLGHOHV
1XEDXGåLD'LHYDVSUDåÌWLPLEDLVLD
-LVSDJ\UDVWXãþLDVLãMXRNLD
,UQHLãSLOGREHVDLNLÐQRUÐ
7DLNXUJLWUDXNLDSRVPDLãLWLHPDQH"
äLUJDLQHMDXþLDLQHãWLWXU¡WÐMXRV
1XWLONLWHSUDVWXRO¡V0Ì]RV
.RYDLãLWDLDSGDLQXRWLUHLNLD
6NDPEDXVWULPLWRLUJHUHVQ¡VGDLQRV
.XULJDODLQLDLPÌVWROLPLVXG¡V
0DQHSULHMDXþLÐYHUþLDJU³åWL
,USULHDULPRWDPVDYDNDU¡
,9&(=$5,8,3$8=,/,3,-8,
.DUDOLDXVLUSUDQDãR'RY\GRSRH]LMDL
ORW\QLãNRMLSRH]LMDQHSULO\JVWDQWL
-HLNDVLãGU³VWÐ-HV¡VJLHVPHVãYHQWDV
.DUWRWORW\QÐO\URVULWPXWDVDL
'LGLQJR%DELORQRERNãWÐ
$XNãWDVYLUãÌQHVDUG\WLãGU³VWÐ
.DLSSOÌVWD9\VOD/HQNLMRMNDLãODLWDLV
.DUSDWRJULÌYDYDQGHQ\VãQLRNãGDPL
7DLS,]DRNRGDLQLDXVOÌSRP
/LHMDVLåRGåLÐYHUVP¡EHULE¡
.DLSYHG¡VDYREDQG³QXRãDOLXV
6O¡QLXVSLHPXRYLUããDOWR-RUGDQRDU
9LUãXP%HWOLHMDXVVDPDQRWR
$U$NDURQREDQJÐVNDLGULÐMÐ
*LHVPHVDOGåLMDDPåLXVJUåLQVVHQXV
0HGDXVãDOWLQLDLVVUÌYDQþLXVDWJDOLRV
,UY\QRXSHOLXVLUQDXMR
3LHQRVNDODXMDPVHQNUDQW
$UO\UDLOLHSLDQWLHWLVNDULQJDVY¡O
.DU\VLãWUDXNLDGHGDVLãDUYXVY¡O
6N\GXNDUDOLXVãYHQWDVGHQJLDV
,UNDODYLMGLGåLXO³VHJDV
3ULHVDYRãRQRJDOLXåGHJWEO\ãNLDV
äYDLJåGHVJU¡VPLQJXVSLQGHVLXNDUGDVLU
7DXWDVYDOGRYXVNDUDO\VWHV
3OLHQREDLVDXVDãPHQLPNDSRWL
JDOGLGLQJDWYHULDDPåLÐSULHã
.ULNãþLRQLVDLQLXVDUVSUHQGLPXVNXULH
'DQJDXVGLGLQJXRVYDUWXRVNDER
$UEDåPRQLÐLUDXNãW\ELÐ7¡Y
3DVDXOLRUÌPHURGRåYDLJåG¡WDPNDL
5ÌVWXVDQWDXNãWRGHEHVLRVWRYLLU
3DVLWDULPXLYDGRYDXMD
3DWVWDUSWHLV¡MÐGLHYÐYLUãLDXVLDV
âDOLDãWDL²%DLP¡DXNVRUÌEX
/HPWLV7LHVDO\J\E¡VVLHNLDQWLRJUHWD
$QWVXRORWRSDWLHV6NDLVW\E¡
6¡GL²VWDW\PDLWHLVLQJLHML
.DVDSVDN\WÐULWPDLVGDUQLDLVLDLVLã
âYLHVRVQXDXVWPDQWLM".DVGDQJDXV
ä\GURMRMSDODSLQ¡MV¡GLQW
-³SDYDL]GXRVGLDGHPU\ãNL
äYDLJåG¡PQXV¡W".DLSGUDEXåLXSODþLX
3DVDXOLRDVOEUDXNLDDXNVLQ
LU
äYDLJåG\QXVDSYDGDLVQXãOXRMD
'LHYDV²NDVWDLVXJHE¡VSDURG\W"
6XYLOJRO\U1LOREDQJRMNXRPHW
,ã)DURYHGD0R]
LUMREÌULXV
'RUXRVLXV²DLQLXV,]DRNR²
9DQGHQLPLV(ULWU¡MRVMÌURV
âWDLYHULDVMÌUD²PHLVWULãNDO\UDM
3UDVN\U¡²VOÌJVWDYDQGHQ\VLUWYLUWDL
6XVWLQJVWDDXNãWRVPDULÐEDQJRV
(LQDQþLXVPDUPXURVLHQRPVXSD
7DYHLãY\G
'LHYHQXULPRLU
3HUSXV
VN\U¡VYDQGHQ\V³ãDOLV
1XVOÌJREDLP¡VXUDNLQR
$XNãWDVEDQJDVLUVXVWLQJWLOLHS¡
'LGLQJDVJULDXVPDVVXNU¡W¡LUåHPHV
,UDXNãWVNOLDXWWUHQNGDPDVLãGDQJDXV
*LQNOXRWRM³SO\ãLXUDXGRQX
3HUVNURG¡NLDXUDLJDOLQJDVåDLEDV
,UNUXãDLE\UDQWEHSDOLRYRVEDQJRPV
,UOLHSVQDLVLDXþLDQWJUXPLDQWLVQHUDPLRPV
$XGURPVVXY¡MDLVIDUDRQR
'LGåLRMRUDLWHOLXVMRYHå¡þLDV
*LQNOXVSDþLXSRMÌUDJDXVLRPEDQJRP
8åOLHMR²YDUGNUXYLQQHEHUJåGåLDL
1HãLRMDMLNUDXMXRWSO\ã³
0HQDYDQGXROLJLãLROHLVDXJR
9LUãNHWXUNLQNLÐY¡MÐYHåLPÐWXRM
,ãNLOR'LHYDVSDWVQXJDO¡WRMDV
=HILUXV1RWXVSDåDERM
V
²WHPS¡YDGåLÐGLUåXVãYHQWXRVLXV
NULãWROLQLDLVSORMRDSOLQNGHOQDLV
/LQNVPLXSHOLDLLUWDUVLDYLQDL
9LUãÌQ¡VDXNãWRVãRNLQ¡MR
MRUXQJþLÐQHWPLãNXVDSYHUW

0HVQHPRN¡VLPR3DX]LOLSLMDX
âLXUNãþLDLVEDOVDLVWDLSSXLNLDLJLHGRWLQHL
6DUPDWÐPÌ]RVþLDQHJHOE¡V
'DUGDQRPHQDVSDOLNVEHM¡JLV
*DOSDEDQG\NLPO\U6DOLDPRQR
1RUVLUVLOSQRNLHVDPSUDNDOELQWLU
6NDLVþLDXVLNYLHVNLP6XODPLW
7\UMXJQ³JLHVPH³åLHENLP
,9ä<*,0$178,/(78,
3DWDULDQLHNLQWLWXãþLJDUE
LUW\O¡WL
/HWDLNDPE¡JOLRVPXPVãORY¡VYDLN\WLV"
-LSDE¡JDO\JPDXUDVDUEDSDUWDV
,UXåQXJDURVNDLNDGDXå¡MXV
6PRJLDQHODXNLDQW
9LHQXRVHQDPXRVQHLOJDLVYHþLXRMDV
âQHNRPLVåPRQLÐ³VLJ\WDVJDUVDV
6XUHQNDJDQGXVMLVYLVXVVXPDLã
V
7LHVLUPHO
7DLQXO¡NVNLWXULUQXWÌSVO\JSDXNãWLV
/L]GNHWLQVVXVLVXNWEHWYRVWLN
-LWXãþLRPãQHNRPXåOLÌOLXRMDãLUG³²
.\ODSDGDQJ¡Q
7DãORY¡WLNUDNXULYHQJLDJDUVR
6DXO¡³VDYHPXPVåLÌU¡WQHOHLGåLD
.DVSDVO¡SWVDYHQXRNLWÐ³VWHQJLD
7DPSDGLGHVQLV
.DVãLUGLHVWXUWXVSDVODSW\LãODLNR
%XVWLNUDLVDXJXVPLQLRMHWULXNãPLQJRM
5ÌPXRVHQRUVWHQ³WDUXPDVNOHVWL
9DOGRMLVSXLNLDL
3URW\OLXVNUDQWXVEHSDYRMDXVSODXNLD
/DLYDVEHWYRVWLNLPVGXQG¡WLXRORV
9DLUãRQDQVXNNDGVDXJXVSDVLHNWXP
6DYM³XRVW
,9-$18,/,%,1,-8,
7HLVLQDVDYRYLHQLãXP
.RDãVOHSLXRVLNODXVL/LELQLMDX
0HQNRMWUREHO¡MGHOVGDPDVMSDOLNW
.DLPDQYLVLGXULVDWY¡U

.YLHþLDXåHLWL³VDYRUÌPXV"
6DY
VDãSLOQDV.RPDQGDXJLDXQRU¡W"
6DY\VOHSLXRVLLUDWVLVN\UXVLRV
6WHELXVDYRVLRVVLHORVVFHQ
$SåYHOJLXWXãþLEÌWLHVWHDWU
0DQHWLNYLHQDMDXGLQDNDLSDãSDWV
$WOLNVLXVDYRYDLGPHQ³GUDPRMãLRM
$UEXVSDWHQNLQWD'LHY\E¡
$USDVLWLNVM³NDUãWDLVSORMLPDLV
/HPWLVNLHNYLHQYHLNVPMXNYHUWLQD
-LYLHQJLULDNLW²DSNDOWLQD
7DGMHLPDQHJHUDL³YHUWLQV
%ÌVLXODLPLQJDVQRUVQLHNVQHPDWR
âORY¡VWULXNãPLQJRVDãQHNHQþLXNHOLÐ
,ãPLQWÐ*DQGDVLãNHOLDNDUWDLVM
6XY¡MDLVSDODQNLDLVDXNãW\E¡Q
%HWSDVLYLM
SDY\GRVWU¡O¡V
$USDY\GXROLÐWÌåPRSLOQLEDOVDL
6SDUQXVQHWYLUWXVLUQHXåJUÌGLQWXV
-DLSDNHUWD³QXRJåHP
.ULQWDMLQDLLUVNDXVPLQJDLWUHQNLDV
²NLHWXRO7DGODLSDVO¡SVPDQH
0DQDGRU\E¡3RSXOLDULãORY¡
,ãOÌSÐVNULVGDPD³OÌSDV
7HQHVLODQNRSRPDQRVWRJX
'RU\E¡YHQJLDQHWMHLYHUWD\UD
âORYLQJRJDUVR.XRQXRåPRQLÐWROLDX
7XRPXVUHþLDXSDVLHNVSDY\GDV
0¡JVWDPDWMLVVXGUDXJDLVDWHLWL
,9&(=$5,8,3$8=,/,3,-8,
1HV¡NPHVUHLNLDLãWYHUPLQJDLSDNHOWL
-HLEORJ\EHVSDãDOLQWÐ
*UDXGåLRVDãDURVDãXåVLGRQLHWLãNXV
'HLPDQWXVQXVLSLUNþLDXMDV
,UEUDQJLÐY¡ULQLÐQHSDJDLO¡þLDXMRPV
%HWNDLSNHOLDMDYXVUDVD
7DLSLUYHUNVPDVJDLOXVGLGLQDOLÌGHV³
6SDXGåLDDãDUDDãDU
,USDþLXVDYLPLVNDXVPDVPDLWLQDVL
-HLOLNLPDVQRUVYLHQV\N
6LOSQY\UNDGDPDW¡GU¡JQRPDNLP
7EHJDLOHVþLRMLVGDXå\V
9LHQEHåRG¡VW\ORVELMREORJDOHPWLV
7DGQHYHUNLQHYHUNG¡OWR
.QHODLPHODLNDLR3DX]LOLSLMDX
/HPW³ODLVWDQþLRVDãDURV
-WLNXJGRDNPHQVQHVXGDXå\WUDQND
-HLJXVNUXRVWXVVDXVXVPDW\V
7UDXNVLVE¡GRVWRO\QMDVLãWYHUP¡³YHLNV
,9.5,638,/(9,1,-8,
3DNODXVWDVNRG¡ONHOLDXGDPDVGDLQXRMDDWVDNR
.DLPDQÐSHþLÐU\ãXOLDLQHVSDXGåLD
.DLJU³åWXQDPR³NUDãWXVJLPWXRVLXV
,UODLPLQJDVWXRNWXULXGDLQXRMX
/LQNVPGDLQHO
²
7XOLÌGQDLW\OL³NY¡SLPWDYR
%ODãNRUÌSHVWLVVXQNLDLVOHJLDDXNVDV
,UGUDXJDLNXULHQXVLVXNVQHWUXNXV
/LQN
LãGXRWL
7DVWXUWLQJDVYLHQNDVQHWXULQLHNR
.DVWXUWXVVDYXVVXWDOSLQDVDXMRM
6XVDYLPWDVDLWDLNWXULQHãD
.XUWLNEHHLQD
.RPDQJDOLWUÌNWMHLQHWURNãWXQLHNR"
0DQSDWLQNDYLHQåDYÌV3LQGRVO¡QLDL
ãYHQWDJLULDODLPLQJDVVRGåLDX
/LQNVPRV.DPHQRV
.XUWLNEHHLQXNXUQXNO\VWDNHOLDV
6XPDQLPLUMÌV'HOIÐNDOYRVHLQDW
-ÌVSDYDUJXV³Y¡VXPDJDLYLQDW
7HLNLDWSDY¡V³
-HLJXJUDQGLQHVPDQXåG¡WÐJRWDV
-HLVDYXYHUJXSDGDU\WÐVNLWDV
/LNVGYDVLDODLVYDLUQHNHOVPDQEDLP¡V
%DLVÌVNDUDOLDL
,9081$&,-8,
9LVNDVSDVDXO\MHNHOLDQHSDVLWHQNLQLP
1¡UDSDVDXO\QLHNR0XQDFLMDX
1¡UDNDUWRMXQLHNRPLUWLQJRNDV
1HMDXVWÐJUDXåDWLHVVNDXVPLQJRV
6DXO¡VHQROLDPVVNDLVWLDWURG¡
PXPVSHUPDåDMRVãLOXPRVG¡PLÐ
1HYLHQUDQGDP.WLNWDLDPåLQR
$XNãWDMDPH2OLPSHPDWRP
0HVPLUWLQJLHMLWXRMDXSDY\GR
âHã¡OLDLVWHPGRP1HEHSDWLQNDPXPV
.RNLDSDN\ODVDXO¡LãXåNDOQÐ
$UEDNRNVDLP¡QXOLVVHQDV
âYLHþLDW¡YÐQDPXRVHSURODQJ
.DVPHWSDOLHNDPVDYRJLPWXVODXNXV
3DGDQJ
JLPWYLHQNHOLDXWRM
%DWDYÐãLOWRVåLHPRVãDXNLD
.LW,WDOLMRVVDXO¡JXQGR
%HWYHOWXLE¡JDPVHNDYLVXUNDUWX
,UPÌVÐOLJRVLUQHE\OLJ¡OD
$U9HMXRVNDULHWDYDåLXRVLP
$USR9HQHFLMSODXNVLPODLY¡P
7DþLDXJDOLDXVLDLPXPVWUHPWLQLDPVSDWLNV
7DLNSDOLNRP*U³ãLPY¡O³QDPXV
.XULDPGRU\E¡MXRVSDVWDW¡
'ÌPDLJLPWLQ¡VDNLÐQHJUDXãWDP
'RU\E¡WDUSVWDNDLPLãNDPSRLOV\
6DYHXåGDURMLWDUSVDYÐULEÐ
,UVRVWWDLNÐQHNDOWDMDP
6WDWRGDåQDLDQWãLDXGÐSDãLÌU¡M
,9ä,%82./(,
.DVPHWJHJXå¡VSLUPM
.ÌGLN¡OLR-¡]DXVJDOYNHWLQDSDSXRãWL
3DYDVDULQHDXãUDJ¡OLÐODXNÐ
*DLYLYDOGRYHNDNWPHOGåLXSDSXRãN
9DLNHOLRPDQR/DLQHVSDXGåLD
-RWRNLRPDåRVXQNXVLVDXNVDV
%UDQJLDXVLSHUODLSXUSXURSXRãPHQRV
/DLMRQHYDUJLQV6XWHLN¡JDOLWDX
0DQDVLVVNXUGDVSLQNYDLQLN
'¡NGLDGHPNDUDOLXLPDQR
$XNDPDå\WH'LHYDVVDYHSDSXRã
/DELDXVLDLMHLJXUDQNRVVNXUGåLRVDXNRM²
7XUWLQJDVVLHNLVGLGåLDLVLHODL
'RYDQRVPDåRVODELDXSDWLQND
,952ä(,
.DVPHWELUåHOLRSLUPM
3DODLPLQWRVLRV0HUJHO¡VJDOYNHWLQDSDSXRãWL
7XNXULåYDLJåGåLÐDWNDUWRMLãYHQW
äYLOJVQ³NRVOHSLHVYLVGDUURåH".HONL
âLOWRMRGDQJDXVGXNWHULHQXRåHP¡V
'DLOLJDOYHO

'HEHVLVOLHWDXVQXRWDY
V=HILUDL
9DLNRMDXEDOWRPVNULHGDPLNDULHWRP
-DX%RU¡MWDXQXUDPLQDOLQNVPDV
'YHONVPDV)DYRQR
.HONLVLUQHNODXVNSULHNRNLÐXåJLPXV
7LNWXPHLSODXNÐQXRG¡PLQJDLNDNWDL
1HGHULYLVDLRJULHåWRVVNDLVW\E¡V
7\UDVYDLQLNH
*DUEDQÐSUDVWÐQHQRU¡NSDSXRãWL
3ULHDOWRULÐWDXWLNVYLHWD0HUJHO¡V
7DXSODXNDLVNLUWLMLHSODþLDLEDQJXRMD
%ODãNRPLY¡MÐ
,9*(5,$86,$0*$/,1*,$86,$0- =8,
,ããYHQWRMR6DOLDPRQR(SLWDODPLMR
3DVDN\NPDQWXNXU³P\OLPDQRãLUGLV
NXUJDQDLVLNXUYLGXUGLHQ³LOVLHVL*JL
/LNVYHLNDSDVDNHL1XRWDNDLUåHQJHL
äLQJVQLDLVGDXJOHQJYHVQLDLVQHLGHEHVLVWRO\Q
,OJODLNR-¡]DX
%HVLLOJLQWUHLN¡VSUDOHLVW
-DXGDQJDXVYLGXU\GHJDNDUãWDGLHQD
-DXODXNHãLHQSMRY\VLOVLVLLUãDOWÐ
6O¡QLÐLHãNRPDUJLHML
3DXNãþLDLSLHPHQ\VVXEDQGRP
NRNLDJLãDOLV-¡]DXWDYHW\OLX
*ORELDSRLOVLX".DVVDXJRSDY\GåLDLYLV
*DXELDMXRGXãHã¡OLX
$UJLUDLþLÐWDQNLDLVSODXNDLV"
.DGåLQRþLDXNRNLRMSLHYRMLOVLHVLWX
9¡MDVNRNVYLUãWDY
VGYHONLDOHQJYXNY¡SVPX
.RNVXSHOLVDWDLGL
7DXEHPLHJDQWVNDLGULXEDOVX
.DGQHGUXPVWÐVPDUNLXãQDEåGHVLXPLHJRWDX
/DLDWVNOHLGåLDXSHVDãDURVPDQRODL
0DQRDWGÌVLDLMXQJLDV
6X(WH]LMDLVDWãLDXULDLV
,93$/$,0,17$-$,0(5*(/(,
,ãNLOPLÐJLHVP¡
.DUDOLHQHWXQXRVWDELXEÌGX
*LPGHLãLDLäHPHL'LHYãLPWDLOLHSVQÐ
7DXåLEDSODXNXRVHRJDOY
äYDLJåG¡VDSMXRVLDUDWXãYLHVLXRMX
.DLQXRDXNVLQLRåYLOJþLRMLGHEHVLHV
²PHQNåHP
QHQXVLJU
åNLãJLUVN
0HLOLQJDLPDQRO\URVEDOV
.DLVXVNDPELRVLRP.DPHQRPãQHND
5ÌVWL0DO¡MDJDOLDSOLQNPDQH
9DLWRWLMÌUDVLDXW¡WSUDU\WEDLVL
&KDULEG¡SHUPLUWLHVSDYRMXV
3ODXNLDQW³WDYRUDQNDLãJHOEVWL
3ODW\E¡MPDULÐWX²ãYLHVXO\VU\ãNXV
-ÌUHLYLDPVNHOLURGDLNODLGåLRMQDNW\
JDOODELDXYDGLQWLVP¡JVWL
âY\WXULX)DURåYDLJåG\QXMÌUÐ
JDOODLYXNXUVDPåLÐSRYDQGHQLX
*UDP]GLQWVDNRJHOE¡M
VNLWDGRV
.DL7¡YDVQHGRUXV*LJDQWXV
%DXG¡WYDQXLãGDQJDXVXåJULXY
V
1XRGLQJDVNDUãWLV6LULMDXVJDOLPDQ
-¡JDVDWLPWLWDYRJORERMPDQH
%HM¡J³GHQJVY¡VXVãHã¡OLV
*DOWHUSHQWLQRPHGåLXSDYLUWXV
9HãOLDLåDOLXRMLDXNãWXNHGUXVWLHELHV
âODLWH6LQDMDXVO\JNLSDULVDVYLUã
/LEDQRN\OLDULãWROR
7RSROLX.DGÐODXNXRVOLQJXRML
*LHGRVLXVDYRO\URVPHQNXEDOVX
$SLHOHOLMNLOQLMWDUSVS\JOLÐ
$ãWULÐSUDå\VWDMLãDNHO¡
/HQNLDVåLHGDLVDSVLNDLãLXV'LHYXL
1RUVSULHãÐJUHWRVVXSWÐPDQHEDLVLX
7ULXNãPXXåJULXY
GULHNWÐVLSHUO\JLXV
/DXNXVEÌULDLGLGåLXOLDLWDQNLDL
,ãVLULNLDY
HLO¡PLOJLDXVLRP
7DYHYDGLQDERNãWX0HUJHOHWX
%DOþLDXVLDVERNãWDVMRQHVXJULDXVOLHWXV
9DULQLÐLHþLÐQHLDSOLQNXL
1HãDQþLRVSUDåÌW³ãYLQROLHSVQRV
-HLUDJLQV0Ì]RVSDXNãþLRVNDPELDJLHVPH
,OJDLQHGHOVWL,QGLMRVJXRO\MDX
3DNLOWLLUåHPHVWDPVLVLDV
9¡ODWJDLYLQWLãYLHVDQDXMMD²
$XãULQ¡VYDUGDVWDYRPHLOLRVNODXVRV
1HåHLGåLDQDNW³XåWHNLO\JVNDLVWXV
0¡QXOLVRU\WHWULXPIXL
/\GLQWOHNL$SRORQRUDWDLV
NDLGåLDXJLHVLY¡OSDãDXNWDYDUGX
1DXMXR0RWLQJORVWDLåYLOJVQLXPDQH
0HLOLQJXQXRDOWRULÐWDYR
äLHGODSLXVEHULDSDODLPRVOLHWÌV
/\UDMDXPDQRLOVWDEDLJWDJLHVP¡
.DELQVLXODXUDLV9DWLNDQHNDGDLV
'DELQWEXNV²OHQNÐå\JLXV
-LNDåNDGD³NY¡SWDLJLHGRMR
,9,ããYHQWRMR6DOLDPRQR(SLWDODPLMR
âWDLPDQRP\OLPDVLVPDQVDNR.HONLVVNXE¡NPDQRGUDXJH
PDQREDODQG¡OHPDQRJUDNãþLRMLDWHLNäLHPDMDXSUD¡MROLÌWLV
DSULPRLUOLRY¡VL0XVÐåHP¡MHSDVLURG¡J¡O¡VDWHLQDJHQ¡MLPR
PHWDV0ÌVÐåHP¡MHJLUGLVLSXUSOHOLREDOVDVILJPHGLVNHOLD
DXNãW\QSXPSXUXVå\GLQþLRVY\QXRJ¡VVNOHLGåLDNYDS.HONLV
PDQRGUDXJHPDQRJUDåLRMLLUDWHLN
*J
.O\VWX"$UãDXNLDPDQHWLNUDVLVJ\YHQLPDVPDQR
1XR(OL]LHMDXVãYLHVDXV"
.HONVHVHULHNLQN\N³UDWXVEDODQG¡OHVJUDåLVLDV
/LSN³YHåLPSDWL
'DUJUDåHVQ¡³ãLXRVQDPXVQXR/LEDQRYLUãÌQ¡V
.UHLSNLYHå¡þLDVOHQJYDV
7DXSDOHLNRMDVåHPDLDXGULQJLGHEHV\VOHNLD
7ROVWDSDã¡OXVOLÌWLV
5LPVWDQHWVPDUNÌVåDLEDLSRS¡GRPW\URVLRPGUDEXå³
äDOLM³YHONDVåLHPD
9HULDVLWDXSULHãDNLVO\JXPDWLHVLDåDOXPãYHQW
ä\GLSRNRMRPWDYRP
äHP¡NLWRNLDåYDLJåGHVNODMRMDQþLDVWROLDLVEHULELDLV
*DQRNLWRNLHODXNDL
ýLDVWULNLQ¡MDXROÐãODLWDLVQXWUÌNWJDOY¡VVWLUQDLW¡V
%DLNãWÌVRåLXNDLMDXQL
(OQLDLãRNXRMDEDQJDVWDãN\GDPLNXUEHSDåYHOJWXP
9DQGHQLVVUÌYDQWUHJL
âWDLQXR6DQLURåDOLXãODLWXOHRSDUGDVLUOLÌWDV
/HLGåLDV²NDUDOLDXVWDUQDL
.OXVQÌVVXDYLQ¡OLXGUDXJHLãG\NDXMDSRNDOQXV
6LHNLDYLUãÌQLÐDXNãWÐ
6XSDMXRVXS¡W\OLDSOLQNQHVNXE¡GDPDWHND
9DQGHQ\VSOÌVWDWRO\Q
3HUDN\WDVXRODVKLDFLQWÐSDOLQNXVLXVåLHGXV
*LUGRåLEXRNOHVãYHOQLDV
,UXSHOLÌNãþLDLO¡WDLþLXUOHQDXRORPVDPDQRWRP
6OHQNDUDPXVNXåGHV\V
äDLGåLDåXYHO¡VOLQNVPDLYDQGHQ\NULãWROLQLDPPDORQLDL
6NXQGåLDVLSDXNãþLRJLHVP¡
MHLJXãLUG³OLÌGQDPHORGLMDJXRGåLD²JUDXGRNX
*DXGHVLXYLUSDGDQJXV
.DLEDODQGåLDLVNOLDXWHMÌVLãNLDPHYLUNDXMDJDLOLDL
*DUVDVDWVNOLQGDOLJþLD
,UNDLYLHQLãLDXVJLHVPHSXUSOHOLVVDYHSDWVSDJXRGåLD
'åLDXJLDP¡VODLPHVDYD
1LHNRQHWUÌNVWDDSOLQN3DNLEXVLRVY\QXRJLÐNHN¡V
6Y\UDYLOLRMDNYDSDLV
9HULDDN³YLVXUåLEXRNO¡VEDOWLHMLOLJXVWUDL
6NLQWLVNLHNWURNãWLJDOL
9DLVLDLPLQNãWXþLDLPLUWLHVDQNVWHVQ
NDUW\E
SDPLUã

3DW\VQXRPHGåLÐåHP\Q
%\UDQHUDãNRPLãWDLSULQRNXVLRVILJRVSDWDLNR
7LHVLDLQXNULVWLJO¡ELQ
9\QXRJ¡VSHLOLRDãWUDXVQHSDå³VWDRåHP¡VGDUQLHNDG
1HåHLG¡SOÌJDVäDOL
'ULHNLDVSDV¡OLDLåPRJDXVQHSDOLHVWDVODXNDVEROXRMD
1LHNDGQHPDW
VSMÌWLHV
.YLHþLDSODWDQDLJDLYLDQSDY¡VLQ³JXRO³QXRVWDEÐ
.YLHþLDVYHWLQJDYHMD
/LHMDV3DQFK¡MRVOLÌWLPLãQHQXNLUVWRPHGåLREDO]DPDV
,UDURPDWDVSXLNXV
'YHONLDNDVNDUWNXRPHWãDNDVSDOLQJXRMDY¡MHOLV
/HQJYDVDSOLQNXLSOD]GV
.HONLVNDPOHLGLWXãþLDLGLHQDVQHYHUWDVQ¡VNDWLNR"
.HONLVEUDQJLVHVHULH
âWDLQHEHJDOLQXVW\JWSDåDERWRVEDODQG¡VLUVNXQGåLDV
.DPXåWUXNDLWDLSLOJDL
.UHLSNEDODQG¡OHVJUDNãþLDVþLRQDLRJUDNãþLDXVLRMLYLHãQLD
-DXSDVNXE¡NVHVHULH
,90(5*(/(,027,1$,
7DUVLWHNDQWLDXãUDJUDåLO\JP¡QXOLVULQNWLQ¡NDLSVDXO¡EDLVLNDLSLãULNLXRWDNDULXRPHQ¡V
HLO¡*J
.DLYLHQDHVLWDYLPLåDYLXRVL
/\JDXãUDNXRPHWLã$XURURVJXROLR
*U³åGDPDOLÌWLPDXNVDVSDOYHYLV
'DQJÐQXWDãNR
.DLUHJLXWDYHVX6ÌQXPO\JSLOQDV
0¡QXRURGRVPDQO\JJORE¡MD6DXO¡
âYLHVÐYHLGMDPVSLQGXOLQJåYLOJVQ³
%ÌWÐVXWHLNXV
0RWLQWXDSVXSN.ÌGLN¡O³UDQNRP
%ÌVLVDXO¡DUDWLGLVDUJ\ED
3HUQDNWLVEXGULDLYRURPLVåYDLJåG\QÐ
-XRVLDQWLUÌPXV
,9ä,2*8,
7XQXWÌS
VDXNãWDLWRSROLXLDQWãDNRV
,USULJ¡U
VUDVÐGDQJLãNÐDãDUÐ
6DXåLRJHOLVPXLNXRML
,UW\OLXVJDLYLQLãLOXV
3RLOJRVLRVåLHPRVYDVDUDVHNVWUXPSD
6DYRUDWDLVOHQJYDLVMLQXGDUG¡VEHPDW
7DGVNXE¡NLVPXLNXRWL
.ROOLQNVPDLãYLHþLDVDXO¡GDU
-HLDWHLQDNDGDGåLDXJVPRSLOQDGLHQD
9¡OSUDHLQDWXRMDXãLUGåLDLNDVPDORQX
*UHLWGHMDSDVLEDLJLD²
9LHQNDQþLDDPåLQD\UD
,9.ÌGLN¡OLR-¡]DXVLU0HUJHO¡V0DULMRVSDVLNDOE¡MLPDV
,ãNLOPLÐJLHVP¡
,ã*LHVPLÐJLHVP¡VLUVN\ULÐ
.Ë',. /,6
0HUJHOHåYDLJåGåLÐVSLQGHV³WXVWHOEL
$XNVRåLEHV³LUNULãWRORãYLHVWX
%DOWURå
XåWHPGDL
%ODQNVWDSXUSXUDVSULHãWDYH
0(5*(/
8åP¡QXO³VNDLVþLDX-¡]DXåLELãYLHVLDX
1HJXVDXO¡U\ãNLDXQHLYDNDUHåYDLJåG¡
/\JSDYDVDULVPLHODV
7\UDVWDUVLåLHPRVVQLHJDL
.Ë',. /,6
+H]HERQRODXNXRVåDLGåLDãDOWLQLVNDL
6WRMDVSRLOVLRLUDWYDL]GXVDYRMLV
7\OLDLåDYLVLãLWDLS
7U\NãWDWDXLãDNLÐãYLHVD
0(5*(/
.DLSEDODQG¡V²VSDUQXVSLHQHQXSUDXV
MRV
7XSLDVSRLOVLRSULHXS¡VRJDOJUHWD
9DQGHQLQJÐNDQDOÐ²
6SLQGLWDXDN\VHãYLHVD
.Ë',. /,6
7DXEDQJXRMDDSOLQNNDNOOHQJYLSODXNDL²
9HUVP¡VPDUPXURWDLSSXUSXUSODXQDWDLS
1XRYLUãDXV*DODDGR
/HLGåLDVVWLUQRVVWDþLDLVãODLWDLV
0(5*(/
6XSDVNUXRVWXVWDYXVJDUEDQRVSXLNLRVWDLS
3DOP¡ODSÐåDOLÐDSGDUXGHQJLDVDU
9DUQDVåLEDMXRGåLDXVLÐ
3OXQNVQÐJDXELDPDVLãGLGåLDL
.Ë',. /,6
0HUJHOHOHQJYDLVUÌYDNDOEDWDYRP
/ÌSRPWDUVLPHGXV+LEORVNRULDLVSOÌVWV
7DUVLQXRWDNRVã\GR
9¡M\SOD]GDQW\VNDVSLQDL
0(5*(/
-¡]DXOLHMDVVDOGåLDLWDXLãEXUQRVJDUVDL
7DUVL&HNXEDVNDLVUÌYDLãWDXULÐWDLS
'U¡NVWDåLHGDVOHOLMRV
,UVXPLUJDUDVRVODãDLV
.Ë',. /,6
7DYRNUÌW\VO\JGXHOQLDLMDXQXþLDLNDL
6NDERMLHOHOLMDVãYHOQLDLMDVNDQGDNRO
6LOSVWDSRLOVLRLHãNR
1XNDPXRWDNDLWURMGLHQD
0(5*(/
6ÌQDXQHSULO\JVWDYRNUÌWLQHLQHW
.HN¡VY\QXRJLÐLãåDOLRMR.LSURDU
,ãDXJLQWRV(QJDGR
9\QXRJ\QÐJDLYLDPJO¡E\
.Ë',. /,6
-HL0HUJHOHNDVQRUVVNUXRVWXVWDYXVLãY\V
7DVLãY\VNDLSUDXVYLYDLVLDLJUDQDWRDQW
0HGåLRã\SVRVJ¡U\EHV
6O¡SGDPLYLGXMHJLOLDL
0(5*(/
.DVDSVWXOE
VVWHE¡VVNUXRVWXVWDYXV6ÌQDX
7DVåDY¡VLVPHQXPHLVWULãNRVUDQNRVNDL
/HOLMDVMLLãSDLãR
'UDXJVXURå¡PVXPDLãLXVMDV
.Ë',. /,6
.DVQHP\OLWDY
VWDVO\JåY¡ULVåLDXUXV
7DUVLWLJUDVãLXUNãWXVO\JSDQWHUDDUãXV
0DLãWLQJHVQLVXåORN³
8åJ\YDW
JHOLVSLNþLDX
0(5*(/
.DVQHP\OLWDY
V²NLHWDVWDVO\JDNPXR
7DUVLXRORVJUXEXVNXUþLDVO\JMÌUDWDV
/HQJYDEÌGLVO\JY¡MDV
1HåDERMDPDVO\JXJQLV
,99 -8,
9¡MDXãLOXPRVSUDQDãLQJDVåHQNOH
7UDNLãNDVYLHVLDNYDGULJDDWVNULHM
V
ýLDDWHLNWDYH³SDY¡V³NYLHþLD
7RSROLVVHQDV
ýLD=HILUDVWDXWHJXJORVWRSODXNXV
7DUSãDNÐWHJXãRNLQ¡MDOLQNVPDV
/DSXRVHåDOLXRVSDVLNO\G
VRãLD
3LHYRMHåDLGåLD
.RONODMRVLWXWDUSJ¡OLÐPDUJÐMÐ
0LHJPDQDWQHãþLXUOHQVXSHOLV
3DVÌSXRNWDGDSDNDELQWDONVQ\
0DQMO\U
7DXWHJXGDQJXVVSLQGXOLQJXYHLGX
-XRNLDVRQDNþLDWHJXE\UDUDVRV
3¡GVDNXVNDLGULXNDLSDOLHVLãYHOQLDL
7\OLQþLåRO

6HUÐWDXODXNDLLUNLOLNÐåHP¡V
7HQHãDNYDSXVQXRVWDELÐåRO\QÐ
/¡NGDPDVSURãDOWXSDJORVW\NåLHGXV
5RåLÐUDXGRQÐ
,UNDLDãVW\JDVQHE\OLDVXåJDXVLX
âYLOSLPXOHQJYXWXSULWDUNLY¡MDX
'UDXJDVMXNHVLSDSUDVWÐSRHWÐ
,USDO\GRYDV
,912-$8635$1$â<67
$SYHUNLDSUD¡MXVLRDPåLDXVLãWYLUNLP
LUEÌVLPRMR²OHQNLPVLVWDEDPV
.DLSODXN¡1RMXVWYDQXLQXãODYXVMDX
7RDPåLDXVYLVNDUWLãODLYRMLV
5HJ¡MRNDLSYDOVW\E¡VJULP]WD
0DW¡NDLSMÌUDåHPHVXåOLHMD
,UWDLSUDXGRMRDNQHGRUÐDLVWUÐ
*DãO\E¡YLVDPåLÐVNDQGLQDJUHLW
,ãQ\NVSDVDXOLV2NHDQR
8åYHUVWDVQHVQXRG¡PLQJRMYLVDV
8JQ\OLHSVQRMD5\ãLDLJ¡GLQJLQHW
.DUDOLÐUÌPXVWHUãLD²QHMDXVWRY¡W
*DO¡WÐQHVXJULXY
VDXOHL
6WHELQWEHUJåGåLDL",ãWYLUNLPDVJ¡GD
âLRQDXMRDPåLDXVDLVWURVJ¡GLQJRVMDX
8åYDOG¡YLVNODXNLDVXQNLEDXVP¡
*DPWRVQRUVMLNDOW¡VQHWXUL²
6XWHS¡MQHGRULÐMÐNDOW¡V
0HVYLVNGDU¡PNDVQXVLSHOQ¡åÌW²
7DLNDVQHGRUD.XUGDEDUPLHVWDLNXU
-XRVSXRã
PDUPXURNRORVDL"
.XUJLJDOLQJÐ*LJDQWÐSLO\V
,ãN¡O
ERNãWXV"*DWY¡VHSRNXULDV
/LQNVPRMPLQLRMPHVãRNGDYRPO\JYDLNDL
'DEDUMDXãRNDWLNGHOILQDL
/LQNVPLQDVPHQ¡MWXãþLRMGLGåLXOLV
5\NO\VRORYDVUXRQLDLQXWXN
MDX
3ULVSDXG¡DXNVDVSXRã
VGDLOLDVOXEDV
%DQJRPQXSODXNLDE\UDSHUODL
*U³åWD³JLPWM³MÌURVGXJQ
-DXGLGLQJLDXVLÐQ¡USDVWDWÐNXULH
3XLNDYRVVHQRPHQRUDLå\EDR
1XRSURW¡YLÐNDSÐDXNVLQLÐ
,ãUDãLQ¡WRVQXJULÌYDXRORV
.RNLDQHODLP¡DN²SUDSXOWLVYLVRPV
*¡U\E¡PVYDUJH²J¡GDGLGåLXO¡DN
.DLSVLDXELDåHP
QHODLPLQJ
'LHYRãYHQW\NORVDOWRULDLåÌVWD
âLRDPåLDXVNDUWDLQLHNRSDOLNWQHOHLV
5ÌVWXVLV9LHãSDWVDLQLDPVQHWHNVVXQNLD
%DXVPHXåQXRG¡PHVPRN¡WL
9¡OYDQGHQ\QNUDQWDL³U¡PLQV
$WJLVY¡OåHP¡VY¡OåRO¡PLVDSDXJV
,UY¡O7LWDQDVåHP¡VODXNXVQXWYLHNV
8åJLPVWDQWGLHQDLLUQXVSDOYLQV
$XNVXNQLEåG¡VSRSDVDXO³SODWÐ
7DXWÐGDXJ\E¡$PåLÐYLVDPåLXVNHLV
6LGDEUDVDXNVXLMDXQHSULO\JVWVNDOV
'LHQDVVNDPELXYDULXNRYLQJDV
/DLNDVåYDQJ¡VWDUSNDUÐVXVSDXVWDV
*DOLDXVLDLDPåLDLJULXVQXRåLDXULÐJLQNOÐ
8åPLUãXV'LHYåHP¡SUDG¡VNÌUHQW
8JQLVãYHQWYDJLãNDVLUJDUELQW
7NDVVXNÌU¡GLGåLDXVLEORJ³
'LHYXYDGLQWLVJ¡GDPDQ1RUVWRNLX
/DLN\VSDVDXOLVWDUVLVXãLXRODLYX
,ãNLO
VEÌþLDXLã&KDRVR
9LVSDVDXO³QDXMDLVXNÌU
V
7XRMDXSDOLHS
VåHP¡PVLãMÌURVNLOW
7HN¡WLXS¡PVGLUYRPVåDOLXRWPLãNDPV
/DSRWLRODXNDPVJDXVLQJ
'HUOLÐDXJLQWLLUGULHNWLVWROLDLV
'DQJXVDã%DNWUDPV6X]DPVDã²6DXO¡R
$X]RQDPV²-DQDVGYLJXEDV(JLSWH
(VX2]LULV%DELORQDV
9DUG-XSLWHULRPDQVXWHLNLD
9DOGRYH7¡YH7¡YHJDO\ELÐNXUV
6NHSWUXJDOLQJXGUHELQLGDQJÐYHUVN
äHPHVLUMÌUDVLUWULãDN
,HW³³PDQMJDOYVYLHVNL
/DLåÌVWDQWDPåLXLMÌUDXåYHUVNDSX
0DQHQHGRU$UHLWXULXLãOLNW
9LHQWDPNDGSULHåDVW³LUYDUG
7HLNþLDXEHGLHYLÐPDOGRPVQLHNLQJRPV"
,9-218â8,6.80,18,7,â.(9,ý,8,
7UDNÐYDLYDGDL
.DLEUDQJLåPRQ%DUERU1DUXVHYLþLÌW
SDODLGRMR
-HLJXEÌWÐOHPWLVDUGLHY\E¡WDXSDåDG¡MXV
.DGåPRQDJ\YHQVþLDSHUDPåLXV
%ÌWXPWHLVXVQXRODWRVDLPDQXRGDPDVMRVLRVQHWHN
V
-RQXãDLLãGLGåLÌQÐWYLUþLDXVLDV
.RQHVXMDXGLQWÐMRVSDPDOGXPDVMRVGYDVLRVWYLUW\E¡
1H³YHLNWDQ¡DXGUÐSUDåÌWLQJÐ
,UGURYXPDVLUMRVãLUGLHVW\URVLRVJHUXPDV
,UVDQWÌUXPDVYLVXUMO\G¡M
V
,UXROXPDVåDYXVLUDãWUXVMRVSURWDVPRN¡MR
$WHLW³MLQXVS¡WLWHLVLQJDL"
%HW³åYDOJLRMLOHPWLVGLGåLRVLRPVGRU\E¡PVQHGU³VWD
1LHNDGLOJRDPåLDXVåDG¡WL
äHPHL\GLQJDLLOJDPSDWLN¡WLåYDLJåG¡VQHJDOL
7RNDVGDQJXL\UDMDXSULEUHQG
V
7DLJLOLDXNLVQÌQDLEHJDOLQ¡PDLPDQRPWHPG
V
$WPLQLPGLGLQJYHOLRQ¡V
'YDVLRVORELXVGLGåLXOLXVLUWYLUWXPDXNVLQ¡VGRU\E¡V
8JQLPLVXOLHSVQRMXVLãLUG³
âLWDLS.ODXGLMDMLQHSDVODQNL.LEHO
VNDLVþLDLVLDLV
7HPS¡SHþLDLVãLWDLSLU7DQDNYLO¡
,UWHVDOLHW¡NXULYLHWRMY\URQXPLUWLVXWLNR
.O¡OLMDE¡JXVORW\QÐSDNUDQW¡P²
9LVRVMRVSHUDQNVWLPLUWLHVSDJUREWRVEHWJ\YRV
/LNRGDLQLÐJLHVP¡MSHUDPåLXV
1HWMHL2UI¡MRO\UDDãSDOHQNþLDXY¡OHVQRUVMRVNXUþLRV
*LHVPHLMLQDLYLVYLHQDMDXQLHNDG
1HLãVLYHUãSURYDUWXVQXNDOWXVLãSOLHQRNLHþLDXVLR
3UR(OL]LHMDXVVLHQYDULQ

,UQHVXJU³ãSDVWDYH8åGDU\WLYDUWDL1HLGDLQLDL
1HLPDOGDYLPDLMÐQHDWYHUVMDX
%HWVLDXUXþLÐSO\ãLÐSURNXULXRVSDVODSWLQJÐGDO\NÐ
*DOLPLãY\VWLHVDPDYDUWXRV
-HLWLNPDQY¡O¡VVDSQXRVDSJDXOLQJXRVHQHSDVLURG¡
*DOPDþLDXRJDOPDW
VWDULDXVL
-YDLNãWLQ¡MDQWSODþLDPODXNH6XNUDXWRVLãSHUOÐ
6LHQRVVXYDUWDLVVNDLGULDLVM³MXRVLD
$XNVXåDOLXRMDODQNDLUPHGLVDXNVXODSRMD
DQWåLEXRNOLÐGHLPDQWDLEO\NVL
-ÐQHL$SHOLRGDåDLSDYDL]GXRWQLHNDGDQHJDO¡WÐ
1HLSDP¡JGåLRWLVWLNODVWULEULDXQLV
$PåLQKLPQWHQDLGDLOLXRVLXRVHVO¡QLXRVHJLHGD
âLPWDVPRWHUÐ²ãLPWDVKHURMÐ
äDOVYRVåYDLJåG¡VODXNXVWHQGDELQDLUå\EVLUDVRWRV
8JQ\VåYDLJåG\QÐYLVDLSPLUJXOLXRMD
WDUSåYDLJåGåLÐLUMLQDLYDLNãWLQ¡MR-DXQDVLUUDXVYDV
%XYRMRVYHLGDV.DUWXLUYDLNDLWLV
%¡JRPDåXWLVMLLãåLHGÐYDLQLNXVQXRVWDELDXVLXV
3\Q¡QXGåLXJXVLVDXLUYDLNDLþLXL
.LWNRPLUWLQJXåYLOJVQLXDSåYHOJWLDãQHJDO¡MDX
$NLQRWDãYLHVDEHJDOLQ¡
7XLUQHJHLVNLGDXJLDX3DNDNVNDGOLNLPDVMDLOHLGR
7UXPSDPåLÐSDNHLVWDPåLQ\EH
,9),/,',-8,0$5$%27,18,
äLÌU¡NNDLSåDLGåLDXS¡VW\OLEDQJD
.LHNDWVLVSLQGLMRVJHOP¡MHGDLNWÐ
0¡QXO³VDXO
LUSDGDQJLÐ
âYLHVÐM³UDãWMLQDLQXSLHãLD
7RNLRVUDP\E¡VWXVDYRãLUGåLDLVLHN
6DLNXJULHåþLDXVLXWUDPG\GDPDVVDYH
$UVLDXVOLNLPREDLVLRVEDQJRV
$UJODPRQ¡VPDORQXVY¡MHOLV
âLUG\WDYRMRMODLEXVYLVDGJLHGUD
7HMRVQHJDXELDGHEHV\VLUWDPVD
.DGMLJDO¡WÐDWVSLQG¡WL
'LGÐSDYHLNVO*DPWRVLU'LHYR
*UDåXUDP\E
VDXJDQWJLOLDLãLUG\
6NUDMÌQ
WLHVY\WLVLUQHSDEÌJW
9DOG\WLSULJLPW³LUQLHNDG
1HVLEODãN\WWDUSVXQNLÐGYHMRQLÐ
%HWVDYRGYDVLRVQHGUXPVþLDPRMULPW\
$WNXUWSDVDXOLRVWHQNLVãYLHVLDVVSDOYDV
,ULãDXNãW\ELÐVDYRSURWR
äYHOJWL³WLHVåRGåLXVLUGDUEXV
%HWYHOWXLåY¡ULVWUDPGRPHODXNLQLXV
-HLQHVXYDOGRPVDYRåHPÐDLVWUÐ
3XLN\E¡RQHYDGåLRVNDOWRV
.DG)DHWRQW³åHP
VYLHG¡
9HåLPDVW¡YR.DVVXYDOG\WVDY
V
1HPRNDNLWRWDVQHYDOG\VWDLSSDW
.DVPRNDEÌWLVDXWHLV¡MDV
7DVLUNLWXVVXJHE¡VYDOG\WL
-HLYLVåHP
QRULSDMXQJWLVDX
6DYHSLUPLDXVLDG¡VQLDLVJULHåWDLVYDUå\N
7DLSWXGRUDLVGDUEDLVWDUQDXVL
$ã²DWVLGDY
VNÌU¡MDVEÌVLX
,9$/%(578,7856&,-8,
$SLHVDYRVDSQXVLUHLO¡UDãþLXV
$UÌPXVVQDXGXO\VDSLPV
$UJLOLDXVLXPLHJXQDNW³PLHJRVLXDã
7XRMVSDUQXVOHQJYXþLXVXåG¡V
6DSQDVPDQDQWSHþLÐLUMDXåLÌU¡NVNUHQGX
9LUãJDQ\NOÐåDOLÐGåLXJLDL
.XUPLãNDLWDUSODXNÐSO\WLWDPVLDLVJÌEULDLV
.XUYHãOLåDOXPDDNLV
'åLXJLQDLUSODþLDLGULHNLDVLO\JXPRV
âWDLYLUãXPGHEHVÐDXNãWDL
7DUVLSDXNãWLVVNUHQGXJXOELÐEDOWÐSXONH
$SåYHOJLXHåHUÐEDQJDV
,UGåLDXJVPLQJDGDLQDP¡JGåLRMXDãSDXNãþLXV
8åVLNODXV
GDLQRVJDUVÐ
6NODLGRVGHEHV\VWXRMWROVWDWDPVLDXGUD
,UVSDOYRWDYDLYRU\NãW¡
0DUJDMXRVWDþLDSDWNDNODSMXRVLDPDQ
%HWVWDLJDSDEXQGXLUWXRM
6NODLGRVVDSQRåDYDXVYLVGDUJ\YLYDL]GDL
3LUãWDLVVDYRMXGULDLVLPX
%UDXNWLO\URVVW\JDVYLVNXåPLUãGDPDV
,USDP¡JGåLRW+RUDFLMDXV
1HEDQGDXEHWYHUåLXRVSDWV³GDQJDXVHUGYHV
3HUVDO\QXVNUDQWXVPDULDV
3HUVNUHQGXLUQHUHLNNRMÐVXãODSWLPDQ
.DVPLUWLQJDQHVLQHãX
,UQHULPVWDQþLRYLVNÌQRQHEHMDXþLX
%HWWXSULPHQL7XUVFLMDX
.DGQRU¡GDPDVVHNW,NDURS¡GRPLV
1HQXNULVþLDXNDLSMLVNDGDLV
%DOWLMRVPDORQLRVYDUGSDNHLVGDPDV
9HOWXL,NDUDãPHQX
,UÌPLDVNYDLO\VWHVQXPDOãLQVLXSURWX
6WLSULDLODLNRYLVDGPDQH
/RYDMHLJXPLHJXNU¡VODV²NDGDUDãDX
,9.9,178,7,%(5,18,
1LHNDGQHYDGLQN7LEHULQDLPLHODV
7XUWXROLXNXULRYHUWLQJHVQ¡VåHP¡V
1HLU\WÐNUDãWXRVMDVGU¡NLQDXS¡V
6SLQGLQþLRVDXNVX
1HYDGLQNLUWRNSDGDU¡JDUVÐ
3URW¡YLÐGDUEDLSDYHOG¡WLKHUEDL
.ãORY¡VDYXYHåLPXãYLHVLXRMX
9Hå¡SHUåPRQHV
.DPSDWLHVVDY
VQHSDNDQND²YDUJãDV
9HOWXLLãGLGåLDL³VYDUVW\NOLÐO¡NãW
-LVVXG¡VVDYXVNDLPXVSDQRU¡M
V
$XNVXQXVYHUWL
0HQNDVMLVNLWLHPVVDXYLHQDPGLGåLÌQDV
7LNLNPLQLDSDWDLNÌQ¡ãQHND
0DWRQHVDYHEHWãHã¡O³VDYR
-XRVXåDY¡WDV
/RELÐVSLQGLQþLÐDSJDXOLQJJURå³
9DUGWXãþLRYLHQLãGLGXPRSLOQ
6WXPNãDOLQVDYLP7LEHULQDLVWHQNLV
%ÌWLODLPLQJDV
,93$8/,8,.2=/29,-8,
-DXãLOWXGYHONLPXY¡MDLSDYDVDULR
*U³å
JORVWRODXNXVLUDULPXVQDXMXV
9¡OSUDå\GXVLRVJ¡O¡V
3XRãLDSLHYDVåLHGDLVPDUJDLV
3OXNGR9LOLMDY¡OGHUOLDQHãLXVODLYXV
3URVRG\EDVODXNXVSUDSODXNGDPDW\ORM
1RUVEHSHUVWRMRNOHJD
3DXNãþLDLDQWJUHWLPÐNDOYÐ
7HQSLHPXRQHWROLDQWSDN\ORVåDOLRV
1HQGULQHGÌGHOHãYLOSDXMDGDLQHOHV
,UXSHLYLVãWDLLOVLV
%XULÐQHãDPDVSDNHOWÐ
'XRN3DODG¡VGDUEDPV3DXOLDXDWRNY¡S³
,UU\WRMNDLSDNLOVVDXO¡YLUãXPNDOQÐ
$XNVLQLXVDYRYHLGX
.DLWLNåHP
MLQDLQXãYLHV²
0HV³NDOQåDOLÐ/XNLãNLÐNRSVLPH
.XUDXNãWLåXRODLRãLDLUGHQJLDM³
²VLNODXV
NDLSJXUJD
9DQGHQ\VSODXNGDPLSURãDO
ýLDVXVWRM
SDþLRMNDOQRYLUãÌQ¡MH
9LV9LOQLÐDSåYHOJWPXGXJDO¡VLPH
.DLSDSVXSXVM³ODLNR
9LOLMDVDYDPHJO¡E\
ýLDPDW\VLPJHUDLVSLQGLQþLXVLãWROL
.XSROXVãYHQW\NODVGYLLãNLOLDVSLOLV
'LGåLRMR3DOHPRQR
.DUDO\VW
WXU¡WM
.DLSDWJ\MDOHQJYDLWDXWRVWDLNRVPHWX
'DUWUHMLSRNDUÐPHWDLQHVLEDLJ¡
VHQLHMLNYLULWDL
7XULWULVãYHQW\NODVQDXMDV
ýLDJDO¡VLPVWHE¡WNDLSDQWDXNãWÐNDOYÐ
*HGLPLQRSLOLVO\J.DSLWROLMXV
6WÌNVRLU³SDGDQJ
%RNãWDLVUHPLDVLLãGLGåLDLV
äPRJXLUHLNDWJDLYRVQHWLUPHQNLGDUEDL
9LUVWDWXRMGLGHOLDLVMHLSDLOV¡WJDOL
äYHONLãþLDNDLSEDQJXRMD
.DOYRVVDYRåDOLDLVJÌEULDLV
7RSRO³QHVHQLDLEXYXV³SRVQLHJX
*ÌVLDLVQHSDVWRYLDLVJORVWR(WH]LMDL
,UQHNOLXGRPDLSODXNLD
8S¡OHGSUDODXåXVL
/DXNURå¡PUDXVYRPãLDQGLHQSUDå\GXV³
9DNDUVQLHJRGDQJDODLN¡DSNORMXVGDU
3DXNãþLDLJDUVLDLVXþLXOER
,ãW\O¡M
åLHPRVGLHQDV
7DGQHGHOVGDPDVY\NUÌSHVþLXVWXRVãDOLQ
,UDWRNY¡SLXLVNLUNGLHQNXULãYLHVXV
äDGD9DNDUDV+RURV
-EDOWDLVLDLVåLUJDLVDWYHã
,9/(1.,-26,5/,(78926%$-25$06
$PILRQDVDUED*HUDLWYDUNRPDYDOVW\E¡
9HQNLWVYHWLPÐSDSURþLÐWHELHþLDL
-ÌV³VWDW\PÐVDYRJLPWRNUDãWR
3DSURþLÐGRUÐLUWLN\ERVERþLÐ
0RN\NLWVÌQXV
7HODQN\V'RUDãYHQW\NODVRWHLVP²
7HLVLQJXPDVWHYDLNãWLQ¡VSRNDLPXV
0HLO¡LU7DLNDLU7LHVDR
.DOW
9\NLWLãPLHVWR
3ULHJOREVþLR.DOW¡QHVXUDQGDQLHNXU
3URWUHMXVYDUWXVSHUDXNãþLDXVLDVVLHQDV
²VLYHUãEDXVP¡LUSDVHUJ¡VåDLEDV
1XVLNDOWLP
7HEÌQLHNODVWDSDQDãL³WLHV
,ãY\WDYDOGåLRVLãGLGXVWURãNLPDV
3HUWHNOLXVWLQJXVQHXåGLUEWRWXUWR
*HLVPDVGLGåLXOLV
6NXUGRQHELMRWLUYDOVW\E
WXUWLQW
äPRQ¡VWH³SUDV*HOHåLHVWRJLQNODPV
%XVJDQDNDU\VDSVLNDXVW
VDXNVX²
3UDVWDVNDUHLYLV
$UUHLN¡VNDULDXWDUJ\YHQWLWDLNLDL
7HONLWHM¡JDVLUYLHQLQJLEÌNLW
3DUHPLDWYLUþLDXãYHQW\NODVDXNãWVLDV
âLPWDVNRORQÐ
.HOLODLYXLNXUVWDUSXROÐNODMRMD
-XNGDXJLDXåYDLJåGåLÐGDXJWLNULDXSDURGR
,UGXLQNDUDLGDXJVWLSULDXMXNODLY
/DLNR³NLE

6XWHONWDM¡JDVOHQNDQWDPåLDPVDXJD
QHVDQWDLNDVXNHOWDWXUWXROLÐ
-ÐVODSWÐNRYÐQHUHWDLGLGåLXO³
0LHVWSUDåXGR
.ROJLHGRMRWDLSVDOGåLDEDOV¡PVW\JRP
6DXSULWDUGDPDV$PILRQDV'LUN¡
/LRY¡VLVUXYHQW.LWHURQDVWULVNDUW
.HWHUSXUW¡
6OLQNRXRORVLUDNPHQLQLDLOXLWDL
âOLDXå¡O\JXPRQQXRãDOLDLVWDUSHNOLDLV
0LãNDVLUDNPXRQXRNDOQÐDXNãWÐMÐ
/HLVWLVVNXE¡MR
'DLQLXVEDLJ¡ãWDLLUDWJXO
VVLHQRQ
%DUEDUÐDNPXRSULHDNPHQVSULJOXGR
6XVHSW\QHULDLVYDULRYDUWDLV7HEDL
âLWDLSLãNLOR
9,(182/,â.232,/6,23$â/29,1,0$6
3DOLQRGLMDSDJDO+RUDFLMDXVHSRG
%HDWXVLOOHTXLSURFXOQHJRWLLV
.DLåDYLQJ9LOQLDXV-¡]DXVGUDXJLMRVNROHJLMRVYLO
1HPHQþLQ¡MHSHUUXJSMÌþLRDWRVWRJDVDSODQN¡
7DVDLR)ODNDLODLPLQJLDXJ\YHQVNXULV
7ROLQXRUÌSHVþLÐQDãWRV
3DOLN
VSURW¡YLÐODXNXVLUWDLSYLVÐ
,ãYHQJ
VEDUQLÐLUYDLGÐ
1HLVDXOHLSOLHVNLDQWQHGUHEDG¡OGHUOLDXVMLV
1HLãDOþLDPVDWVOHQNDQWåLHPRV
1XRJLQþÐE¡JDNXULMRVJRGåLRVVOHQNVþLXV
,ãWROROHQNLDQHGRUXV
$UYHUNLDWROLPÐåYDLJåGåLÐNXULDVOLJãLRO
9LVJRå¡UÌSHVþLDLPHQNL
$UVLHORVNO\VWDQþLRVLãNULNXVLDVEDQGDV
%XYHLQ¡QUHQNDQXRãDOLRQ
3DVY¡U
VWXRVWXUWXVNXULXRVWLNWDLJU\QD
*DO¡WÐVåLQ¡VXWHLNW
.DLDUWLQDVQDNWLVLUYDNDUDVGDQJXM
3DULP
VXåGHJDGHJOXV
.DLSGåLDXJLDVDPåLQXPLUJ¡MLPXåYDLJåGåLÐ
8ååHP
GLGHVQLÐMLVDL
3URDãDUDVJDXVLDVMDPSULHDQJLDLVSLQG³
âYLHVLÐMÐPDWRVLQDPÐ
,ULOJRDPåLDXVDLQLVPHOVLVMLHPVV\NLX
7DX.ULVWDXLU0HUJHOHWDX
9LVULWDVãYLHVXOLDLDXNVLQLDLVUDWDLVYLV
6WRY¡WLOLHNDWUHPWLQ\V
,UQHSDOLDXQDSODXWMRVNUXRVWÐDãDURV
6DSQXVQXYDLNDQþLRVVXQNLXV
9RVLPDJDOYNHOWL)HEDV*DQJHM
1XSUDXV
V,QGREDQJRVH
7XRMDXJLO\E¡MVLHORVQXRODQNLDPDOGD
5ÌVW\E
ãYHOQLQDGDQJDXV
$UVNDLVþLDLVDXOHLãY\WLQWGDQJXMHJLHGUDP
%DODQGåLRãYHQþLÐGLHQRPLV
$NLV³SUDWXVLDVGDQJDXVãYLHVDVVWHE¡W
²åHP¡VWROLXVQXNUHLSLD
$SåYHOJLDO\JXPDVLUVFHQRMHWRMH
9LVVWHELVVSLQGLQþLX'LHYX
âWDL²VDNR²NLHNYLHQDåRO¡EHSDOLRYRV
9LVVWLHELDV³åYDLJåGHVDXNãW\Q
,UYHUNLDQXRDXNãW\ELÐDWVNLUWDãYHQWRP
5DXGRPGU¡NLQGDPDGLUYDV
5DXVYDLVGHOQDLVGDQJXQP¡JLQDURå¡VãOLDXåW
/LJXVWUDLWLHVLDVLEDOWL
,UNXåGDNDåLQNåYDLJåG\QDPVOHOLMD
,ãOHQNXVOÌSXWHVEO\ãNLDV
,UVLXQþLDYDNDUDLVDWRGÌVLXVOHQJYXV
5DVRMDDãDURPU\WDLV
$UWLNPDQHYLHQXå³VOHJLDQWLQDãWD
3ULHåHP¡VVSDXGåLDQXRODWRV"
7DLSNDOEDåXRODPVåDOLXRMDQWLHPVDSOLQN
3DVLãQHNDVXãDOWLQLX
8SHOLDLV²LUSDåLQWLãNÌULQLÐJUDåLÐ
.ÌU¡M'LHYEDQGRMLV
VLHORVUÌSHVþLXVVXQNLXVYLVDGSDG¡V
3DOHQJYLQWXåPLHVþLRYLOD
*DO1HPHQþLQ¡VRJDO/XNLãNLÐQDPDL
%H]GRQLÐJDOGU¡JQDJLULD
5XJSMÌþLRNDUãWGLHQNDLPLãNXVVWDOXV
/DLGHQJLDYDLã¡PSDSUDVWRP
9RVVOHQNVW³SHUåHQJXVDUSULHQDPÐJDLYLDP
3DY¡V\WRSROLRWLQJDXV
.XUODXNLDVDYRVYHþLRPDLVWDVPDORQXV
,UGUXVNLQ¡YLVDGSLOQD
,UãYLHåLDVVÌULVW\URJ¡ULPRWDXU¡
VRWLVNYLHþLDQWLVUDJDXW
,UåHPXRJHVDQNVW\YDVWDQNP¡VHULQNWDV
6XGXRQDYDOJ\WLVNDQX
1HEÌWÐJDUGÌVPDQSDWLHNDODLUHWÐ
äXYÐ/XNULQRDXVWULÐGDXJ
6NDQHVQLVPDQSXUSO\VNDUYHOLVDUJUHWD
8SHOLRYDLNãWDQWLåVLV
$UPRN\WRVJHUNO¡VSULYHQJLDQWLSXSD
6NDQLPLãUDLQ¡³YDLULÐ
'DUåRYLÐNHSDPDVNHSWXY¡MEO\QDVNXUV
.LOPLQJDPVWDOXLQHSULWLNV
3DVNXLJLUDLW¡MWDUSÌNVPLQJÐåXROÐ
$USULHXSHOLRPDORQX
3DYDNDU¡MQXR1RWÐVO¡SWLVDWãLDXULÐ
3DXQNVP¡MåXRORVWLSUDXV
.HOLDXWNUDQWDLVWDPVLDLVDUYDOW\MHOHQJYRM
3DSODXNLRWYDQGHQ\UDPLDP
,UMDXNYDQGHQLQXåPHWXVWUDXNWåXYLV
$QWVLÌORYLUSDQþLDVOLQNVPDL
0ÌNLPDVMDXþLÐVNOLQGDJLULRVSDNUDãþLDLV
9LUãXSLÐãHã¡OLQJÐLã
/L]GÐGDJLOLDLþLDXãNDQHQXVWRGDPL
7DUSJHUYXRJLÐ²ODNãWLQJDORV
3LHPXRSRNUÌPXVLãVLEDUVþLXVLDVRåNDV
6NDPELMDãDXNLDGÌGHOH
,ããHLPLQLQNRODXNR³QDPXVJU³åWV
3MRY¡MDVSULWDULDJLHVPH
9HåLPDLVXQNÌVVXGHMXRMDQXSMDXWRP
9DJRPNU\SXRM³VYLUQXV
,UPHVVPDJXVEÌU\VELþLXOLÐW\ORPLV
1HV¡GLPVXVLULQN
þLD
1HWUXQNDODLNDVNDLQHQXRERGåLRPãQHNRP
-³VWXPLDPRMXRNDLVJXYLDLV
,UE\UDQWVPRMXLJDXVLDPEHWQHNDOWDP
*UHLWEDLJLDVLVNDLVWLGLHQD
-HLSDPDW\WÐWDLOXSLNDV$OILMXV
1RU¡M
VWDSWLNDLPLHþLX
1HEHQRU¡WÐSHU,GDVJDXWÐVXPÐ
3HU.DOHQGDVY¡OLãPDLQ\W
$SLHNÌGLN¡O³-¡]Ð0HUJHO¡V0RWLQRVJO¡E\MH
0\O¡NLP1HJL$OSLÐDU0DVLOLMRV
8RODVQHãLRMDP¡VVDY\"
0\O¡NLPâWDLLãJO¡ELR0RWLQRVåHP\Q
3DOLQN
VãYHOQLDLPRMDPXPV
*HORQÐãLUGLVNLHWDVJDOLVXJUDXGLQW
0HLOXVLV.ÌGLNLRã\SVQ\V
.DLSãY\WLYHLGDVMRNDLSVNUXRVWDLVSLQGLNDLS
'YLåYDLJåG¡VåLEDNDNWRMH
/\JVQLHJDV²NDNODVMRW\ULDXVLRML$XãUD
1XGDå¡SODXNXVDXNVLQH
6SDOYDRNDVSULO\JVMRUDQNRPVEDOWXPX
.DLWLHVLDOLQNGDPDVDUW\Q
.DLSWURNãWDSULVLJODXVWVYHWLQJDPHJO¡E\
.DLSSUDãRDSNDELQNPDQH
0\O¡NLPMHLGDEDUQHJDOLPHP\O¡W
1XPLUWLJDOLPQHODXNWDL
$XWRULXVSXRODSRNRMRP.ULVWXLPLUãWDQþLDPDQWNU\åLDXV
1RUVJLQNODLVPDQJUDVLQVåLDXULRMLJHOHåLV
/DXNLQ³VLDXENHOVNDUGDL
1XRWDYRNU\åLDXVQLHNVDWSO¡ãWLQHJDO¡V
-¡]DXYHUNLDQþLRNDUþLDL
/DLJULXVWDUSPÌVÐåHP¡LUGDQJXVV\NLX
/DLVLDXW¡VMÌURMHDXGUD
äDLEDLVGHEHV\VHWUDQN\VLVWULVNDUWVNURV
(UGYHVOLHSVQRMDQWLOLÌWLV
*XO¡VLXSULHQDãWRVSULNDOWDVPLUWWXU³V
1RUVQLHNDGQHQHãLDXVDYRV
,UP\OLQþLDVUDQNDVWYLUWDLSULULã
VSULH
7DYÐMÐS¡GÐLUYLQLÐ
7X-¡]DXåYLOJVQ³JLHGU²MXNJDOL²DWJU
åN
²NOÌSDQW³SRNRMRPWDX
3DV7¡YJU³å
VGYDVLRVDPåLQRVGYHONVPX
3DOLHW
VDWJDLYLQNPDQH
$PåLÐJLHVP¡'LHYLãNDMDL,ãPLQþLDL
MXELOLHMLQLDLVPHWDLV
.DLSRSLHåLXV8UERQDV9,,,9\ULDXVLDVLV*DQ\WRMDV
DWLGDU¡DXNVLQLXVYDUWXV
3DG¡ND3DXOLXL)ULJHULMXL5RPLHþLXL
YLHãDLNDOE¡VLDQþLDPDSLHILORVRILM
äHPLÐLUYDQGHQVWXãYHQWDYDOGRYH
6DNRNDGEODXVLRMGHEHVÐEXYHLQ¡M
*\YHQLSXRãQLDLVSDåDERMLåVODLV
3ORWXVåYDLJåG\QÐ
$PåLQRPOLHSVQRPåLEXULXRML7¡YR
*LHGURMRGDQJDXVGXNWHULHW\URML
6LHORVVO¡SLQLÐDWVSLQG\ãYLHV\ELÐ
äLEDQþLÐYDLNH
'YDVLDLO\JLWXSDJLPG\WDL'LHYR
7X7LHVRVãYLHVDEHG¡P¡VPHQNLDXVLRV
,ãPLQWLHVGXNUDGRVQLRMHNUÌWLQ¡M
'HJDQWLVNDUãWLV
ãYHQþLDXVLDVWXãLRSDVDXOLRJURåL
SXLNLRVJDPWRVWREXODVLVYHLGH
7¡YLãNRVPLQWLHVSDY\]G\ãDOWLQL
6DXO¡VVNDLVþLRVLRV
7¡YLãNDNDOEDWDXLãOÌSÐOLHMDV
-RSDVLXQWLQ¡WXHVLYHUWRML
0RWLQDNLOQLSDGRUXPRãYHQWR
,QGDVGRU\ELÐ
-DXJXO¡MDLWXORSã\MHSLUPRML
*LPXVL²SXLNLDPGDQJXMHGDUåYDLJåG¡V
1HNODMRMRGDUQHJLUG¡MRQLHNDV
-ÌURVGHMRQLÐ
9DNDURåYDLJåG¡GDU0¡QXOLRJUHLWR
1HNYLHW¡GDQJXQQHLãYLHVLDXVLR)HER
1HLNDOQDLDXNãW\QQHLãODLWDLVÌNVPLQJDV
1HNRS¡PHGLV
äHP¡LUYDQGHQVVNOLGLQD7HWLG¡
-XQJ¡VGDUYDOGÐQHLãVN\U
VDYR
'DUDSOLQNXSHVQHDLG¡MRWXãþLRV
8RORVSDNUDQþLÐ
3DJLPG\WDWXYLHQXLYLHQR7¡YR
7XULQWLXåJLPWWLNLãYLHQR7¡YR
$PåLQDãYLHVDLU7LHVRVWLNV\N³
.DOEDQþLRVWXUWDV
.HWXULDVPD]JDLVVXULãWDLVVXMXQJL
6WLFKLMDVOHQJYDLLUJDPWRVGLGLQJRV
0DOãLQLNRYDVNHWXULÐQXWLOG\W
5LHWHQDVPRNL
6DYRYHLGWXGDOLQLSDVDXO\
9LVDPHQDXMDLNXULDPLHPVSDYHLNVODPV
0RO\MHSUDVWDP³UDã\WLPRNL
$WYDL]G'LHYR
.DLãYHQWDXJQLPDSY\QLRMR7¡YDV
*DUEDQDVåYDLJåGåLÐLUãYHOQLRVLRVVDXO¡V
.DLP¡QXOLRMLVSDGDELQRSODXNXV
$XNVXNLOQLXRMX
.ÌULQLDPVYLVLHPVGRYDQRMDLYHUW

.ÌUHLWDLV\NOHVWDXSULNODXVRG¡VQLDL
5HLãNLQLÐGHUP¡LUWYDUNDLUPHQDV²
7DYRVXNXUWDV
*LPVWDQW³GDQJXMSDåDERMDL)HE
,UåYDLJåGHVNODLGåLDVVXWXU¡MDLMXRVWD
äHPHLJLPVWDQWMGHEHVÐPLJORWÐ
$SJDXEHLVNUDLVW¡P
²VDNHLLãDXJWWXEHNUDãWHLåHPHL
'HUOLDLVGLGHOLDLVJ\YXOLDLVWXUWLQJDL
²VDNHLODXNDPVWDUSNDOQÐLUNORQLÐ
'ULHNWLVSODþLDXVLDL
²VDNHLLãDXJWWXRMLãN¡O¡JDOY
6NHQGXVLJHOP¡MYDQGHQ\QRVOÌJR
9DQGHQ\VDXNãW\QNLORNDOYRVSLHYRV
6WRMRVMÐWDUSH
-XRN¡VWDXOLQNVPDLVXåDOLDY
åRO¡V
'åLDXJ¡VLDXNãWDLVXVLUDG
EÌVWXV
7XVLHNHLODNLÐGHEHVÐNRORQRP
6WDWÐM³VNOLDXW
6DNRNDGVNULGDLYLUã1HU¡MRSORWÐ
$SOHLVWÐJUHLWDOHQNGDPDYHåLP
$IULNRYHUåODXVLUUDWXV)DYRQR
$SOHQNHLJUHLWDL
*U³åWDQþLDLDWJDOWDXULHG¡MRUDWDL
,ãOHQNWLEDQJRPSDWVQXVNULHMRODLYDV
1XULHG¡MRJUHLWSHUODXNXVYHåLPDV
.HWYHUWXLWUDXNLDQW
0RNL³HUGYHVSUDVLVNYHUEWDXNãþLDXVLDV
0RNLLUVS\QDVDWUDNLQWLåHP¡V
1XJDO¡WFKDRVULEÐSDVDXOLR
6LHNWLVODSþLDXVLÐ
0¡QXR³VWDEXVQHEHWHQNDåDGR
.DLVYHLNDåHQJLWDUSXJQLHVYHUSHWÐ
7DUSOLHSVQÐDXGUÐ3URPHW¡MRNDUãWR
'HJDQþLRPåHP¡P
.ODXVRQHVXQNLÐWDYRYDGåLÐY¡MDV
.ODXVRLUXJQLVLUSDNOÌVWDULPEXL
-ÌUDEHNODVWRVSDåDERWDåHP¡
3DYDGåLRNODXVR
,USDYDVDULVLUUXGXRLUåLHPRV
9DVDURVGLHQDVXQDNWLPLUOHQJYRV
9DODQGRVUDWXWDXDSOLQNXLULHGD
0¡QHVLDLDPåLDL
*U³åXORãYLHVLDLVYDåLQ¡MLUDWDLV
3ULHãWDYHEDQJÐQHEHãLDXãLDPDULRV
/LDXMDVUÌVWDXWLUDWNDNOXVLV(XUDV
$XVWUDVEHEDLPLV
.DXURDWJUDVXVLU=HILUREUROLV
â¡OVWDQþLRPOLÌWLPNDL³WÌå
VYHUåLDV
$UQXVWÌP
VDQWVHNOXPRVVP¡O¡WRV
3XROD%RU¡M
äYHOJLD³WDYHNDLSDN\OD)HEDV
.DVSLQDVMRNXUVSDODLGRPEDQJXRMD
-XRVWRPJLUGLNDLS³,EHUÐMÌU
.UHQWDYHåLPDV
-LVåYDLJåGHVã\GXQHSDOLDXMDGHQJWL
*U³åXORSLOLHVSDãLDXãWXRVLXVERNãWXV
$XNãWXVVWHELLUQHVYHWLQJåLHP
/\GLQW³ãHUNãQ
'HULQLHVLSULHPLUWLQJÐMÐEÌGR
%ÌULXRVHåPRQLÐSDVLURGDLDLãNLDL
,UGåLDXJLHVOLQNVPLHPVNYLHVGDPDåDLGLPDPV
%DUEDUÐPLQL
,UULPWLHPVåPRQ¡PVVXVLULQNXVP¡JVWL
9LUãJDOYÐODLVYDLVNULHGDPDSOHYHQWL
(LWSHUNDLPXVHLWSHUåPRQLÐGDXJ\E

.QLEåGDQþLXVPLHVWXV
1DXGSDSURþLDPVWHLNWSDG¡W7HLV\E¡V
3ULHVDNXVWLNUXV³J\YHQGLQWPRNL
,ãPLQW³åYDLJåG¡PVGDOLQLLUSURW
7¡YLãNDPGDQJXL
7XO\JNHGUDVNXUVÌNVP¡MH/LEDQR
2ãLDDUWDPVXVSULHXSHOLROLQNVPR
.LSDULVDVDUVXåDOLDY
V.DGÐ
7ROLXRVHPLãNDV
.DLS5\WÐVRGHNDUDOLDXMDURå¡
$UNDVPHWGHUOL,GXP¡MRVSDOP¡
%¡JDQþLRVSURãDOMJDLYLQDEDQJRV
9DQGHQLXOLHMD
1HSULO\JVWDWDXYDVDULQ¡VJ¡O¡V
1HSULO\JVWDWDXUXGHQLQLDLYDLVLDL
1HSULO\JVWDWDXDURPDWDVPHGÐ
0HGåLRåDL]GRWR
1HSULO\JVWDWDXLUNYDSQLRVLRVPLURV
$ãDURVUDVDLãOLHWDEDO]DPR
&LQDPRQDVMRQHVNODLG\WLODNãWDL
.YHSLDQþLRVåLHY¡V
9\QXRJ¡VÌJOLXVWXSUDQRNVWLXRJRP
7HUHELQWJLWXOHQNLãHã¡OLDLV
9DVDUDGUDXJHLUUXGXRNDLVDYR
,ãNHOLDJURå³
6NHSWUÐDSVXSWDWXSXLNLÐWUDE¡MÐ
7XUWÐGLGHOLÐWDXVLGDEUDVVUÌYD
1XRODQNXVEÌULDLVVXVLULQN
JDUE¡V
.OHJDLUÌåLD
3ULHãWDYHåHPDLNDUDO\VW¡VSXROD
3HUåHQJLå\PLXVLUPHQNXVYLHQRGDL
3DN\OLDXNãWDLYLUãJU¡VOLÐNDUDOLÐ
5ÌPÐWLURQÐ
3RVDYLPPDWDLQHWXUWLQJXVåPRQHV
(OJHWÐSHþLXVDIULNLHWLVOLQNVPDV
0DXUDVSRWDYLPLUVN\GXVVDYXRVLXV
.ORMDVDUPDWDL
.LQLMRVNUDãWÐQHVHQLDLGDUQLHNDP
1HJLUG¡WÐãWDLQXVLOHQNLDYDGDV
,UDUDEDVLUDWãLDXUXVMDSRQDV
7DYRDOWRULDPV
/DLVDYXVLVWUXWDXGHUOLQJDV1LODV
3ULWDULDWHJXVNDPED$ULPDVSDV
/LNRLUVNDLGUDXV(QLS¡MRåPRQ¡V
6XGHGDDXN
äLRWLPVHSW\QLRPWDYRJDUEHL,VWUDV
/LHMDVLJDXVXVLUSODWXVLV7LEUDV
'ULHNLDVLVURY¡PEHJDOLQ¡PãQLRNãþLD
'XRNO
JDEHQD
7XNXULWDXWÐDSOHLVWÐJDLOLHVL
.DåNDGD²DLPDQ²LãYDU\WDEDUQLÐ
1HJDUELQJÐ²DN²VXJUåLQNLWDLN
äHPHLQLHNLQJDL
9\NVWDPQXRODQNLDLSULHWDY
VãWDLUHQNDV
(XURSDYLVDMDX³WDYRPLHVW
/DFLMXMYDUWXVSDJDUELDLEXþLXRMDP
äHP¡QSDUNOXS

äXG\QHVEDLVLDVVXVWDEG\NâYHQWRML
1HWROLHVNDUDLQHVLOLDXMDDPåLXV
'UDVNRPDVNRYÐJHOHåLPåLDXULMD
'DXåRPDVåYDQJD
$NQHEDXVNGDXJLDXXåNDOW\EHVPÌVÐ
3DåLÌU¡NPHLOL³YDOGRY
5RP
6QLHJRYHåLPXGHEHVÐNDULHWRP
-DSODQN\NL
9(6789,1 65$'9,/Ï(5(/,2,â.,/0 6
'LWLUDPEDV9LOQLDXVY\VNXSXL
.LONL0Ì]DLUYHVWXYLÐ
âXUPXOLXLJLHVPHSULWDUNL
7XGHUOLQJR9LOQLDXVåHP¡M
6NLQNLåLHGXVUDXNåRO\QXV
7ÌNVWDQþLXVJLHVPLÐWXPRNL
*DOYSDVLSXRãNåLHGDLVLUUDVRPLVDSVLãODNVW\N
7LNQHMXQNLãLDQGLHQåRGåLÐ
7X+RUDFLMDXVHLOXW¡Q
7LNQHMXQNL7XãYHOQHVQLR
.ODXGLDQRSOHNWURLPNLV
1HPLQ¡NJLQNOÐLUPÌãLÐ²
1HJLUG¡WRGLWLUDPEROHLVNL9LOQLXLSDNODXV\W
5DGYLOÐWXKHUERåHQNO
7-XSLWHULRVNUDMÌQ
.XUVSHUGDQJÐWDUSåYDLJåG\QÐ
7ÌNVWDQþLDLVNHOLÐLUYLQJLÐ
,ULDVLVSDUQXVLãVNOHLG
V
*LHVP¡PLVO\UDVNDPELMDLãSDGDQJLÐSDVLãDXN
$UH*ULDXVPDYDOGåLRSDXNãWL
7XåDLEDQHã\PLHODVLV
7XWDLNXVOLHSVQÐYDOGRYH
3DVLVNXELQNLDSOHLVWL
'HEHVÐLUY¡WUÐNDOY

âDNHOHVVNLQNLUVXVXNLOL]GKHUEXL5DGYLOÐ
6NLQNJ¡OHVNXULRVSUDå\GR
6XWXRNWLQLR$OERVSLHYRM
/DXåNãDNDVNXULDVLãXJG¡
&KURQRYDQGHQ\VJLPWLQ¡M
7DVNXULã9LOQHO¡VJ¡U¡$UED
9LOLMJLUG¡MRãYHOQLDLãQDUDQWãDOLPDLV
-DXJ¡OLÐNYDSXVY¡MHOLV
1HãDLãSDGDQJ¡VNULQWD
-DXOHOLMRVLUDNDQWDL
.DLSOLHWXVNDLSWLUãWRVPLJORV
âLHSDYDVDULRåDLVPLQJR
/LHWÌVãODNVWRODXNPLHVWãODNVWRUÌPXVãYHQW\NODV
7DLSDGHEHVLÐNODMÌQDV
²VWDEXVLVDUDVEDUVWR
,ãGDQJDXVåRO\QÐVQLHJ
-LVYLVDLQHVNDXGåLNUXã
äHULDROLJXVWUÐOLHWÐ
,UURåHVUDXGRQDVVYDLGR²QHSDUDXGXVLXVåDLEXV
%DUVWRMLVåRO\QXVWDUSMÐ
9¡MRJÌVLDLåDLGåLDã¡OVWD
-ÐOLJãLROHLQHSDNDQGR
3UDJDLãWLQJLãDOþLRGDQW\V
7LNYDNDULRãLOWDVNYDSDV
-XRVVXãLOG¡WLN(RODVMRDWRGÌVLDLGU¡JQL
²WÌåLãDOLQ3UDQ\NLW
.UXYLQRVNDUÐULNLXRW¡V
7HSDYDVDULXYHVWXYLÐ
/DSNULWLVSUDå\VWD)ORURV
.DUDOLMRMHåDOLRMRM
.XUMDXQLNLVNXUMDXQRMLåHQJVSHUEDOWDVOHOLMDV
7HQHSLNWDV(XUDVãLDXãLD
$ULPXVDXGULQJRVMÌURV
7HY¡MHOLXLSDO\W¡MXV
9DQGHQLVVUDXQLXVNYDWRNO¡V
%DQJRVSODNDVL³NUDQW
7H(WH]LMDLLãG\N
ãYLOSDXMDYLUãYDQGHQÐ
7DUNLWXRVåRGåLXVNXULXRVPHV
.XNOÌVGDLQLDLSUDQDãDYRP
/DLP
OHPLDQþLXVåRGåLXVWX
7DUNLY\VNXSHGLG\VLV
/LHWXYRVYDLQLNRSHUOH
/LHWXYRVVHQDWRåYDLJåGHSDåLED9DODYLþLÐ
7HJXDPåLDLVSODXNVãLXS¡
âLVURY¡LãJU\QRDXNVR
âLWDVLãNDOELQJÐåRGåLÐ
6UDXWDVWHJDLYLQVVHQDW
7HJHURY
LUUDP\E
äDGDQW\VNOXVQLHPVNYLULWDPVåRGåLDLãLHLOJDLVNDPE¡V
-218â8,6.80,18,7,â.(9,ý,8,
7UDNÐYDLYDGDL-XUEDUNR1RYRYRO¡V%UDVODYR
LUWWVHQLÌQXL
.(785,260(5*(/ 6027,1260</,26
DUED9LHãDLãNLOPLQJDSURFHVLMD
³GLHYLãNRVLRV0HUJHO¡V0RWLQRV7UDNÐEDåQ\þL
3,502-,0</,$$5%$3$1(5,$,
(LQDP"$UWLNUDLSDVLEDLJXVåLHPDL
â\SVRVSDNHO¡PåDOXPDEDODQGåLR
.ORQLÐGDXERVHLUODXNXRVåRO\QDL
âY\WLGåLDXJVPLQJDL"
(LQDP-DXOHQJYLSDVLþLXSRY¡MDL
9¡OLDYÐNORVWHV'LHYLãNLDXVLDLVNLUWDV
$XGHNORãLONÐSDVLJUREWQHOHLGåLD
²WHPSWRVYLUY¡V
3RPDUJDLVãLONDLVQHQXW\ODQLHNDLS
(LVHQDLOJD-LWDYH0HUJHOH
-ÌUÐåYDLJåG
LUYLUãEDQJÐDXGULQJÐ
âY\WXU³U\ãNÐ
0RWLQWDYHMLDSJLHGDDPåLDPV
/LNXVLVNDLVþLDLUYDUWXVDXNãW\ELÐ
*DOLQþLDWYHUW7DXVSDUQXRWDVYDLNDV
$XNãWR2OLPSR
0RGDPDVVSDUQDLVSDJDUELDLDSOLQNXL
1HãDWDLN2JHUHVQLRML,HYD
*U³åXVLSDVPXVWDXWHOLNVXåWDLN
äHP¡VNROLQJD
7XVXQNLDVWDXWRVJUDQGLQHVVXWUDXNDL
'LHQJUåLQLVWXPGDPDãHã¡OLXV
1XYDLNDLE¡GDVQXRGRUÐOLÌGQLHVLHPV
3DUYHGLODLP

6XåLQRVLPPHVNDGJDOLQJR'LHYR
0RWLQDHVL²QHVDWVWXPWQHJDOL
9LHãSDWVWÐNXULHWDXWDUSLQLQNDXMDQW
3UDã\PXVVLXQþLD
5DPLQLYLVXVLãJLUVWLPDOGDXMDQW
7DLNDLPXVNDOWHVDSYDODL0HUJHOH
6LHODVQXREDXVP¡VLãYDGXRMLOHLGL
.UHLSWLV³GDQJÐ
/HLVNLPXPVGRUDLQXJ\YHQWEHJ¡GRV
/HLVNLPXPVJUDåLDLEHQHODLP¡VPLUWL
/HLVN6ÌQDXVNXU³SDJLPGHLãYHQþLDXVL
9HLGUHJ¡WL
0HVPLQLDNXULWDXULWPLQJDLJLHGDP
3DNDLWRPJLHVPHV3DQHULÐUDVRWDLV
6O¡QLDLVYLVWRO\QEULVGDPLNHOLDXVLP
ä\GLQþLRPSLHYRP
$1752-,0</,$$5%$92.
9¡O0HUJHOHWDXQXVLGULHNLDWROLQ
(LVHQDLOJDOLQNWHDWURåDOLR
6FHQRV²MODQNXDSNDELQDNDOYRV
.LOSDDSUDL]JR
7XRMLãJLUVNDOQDLSXãLPLVDSå¡O

0RWLQRVYDUGXVJDUELQJLDXVLXVWULVNDUW
9LOLMRVNUDQWXRVQXDLG¡V0DULMDL
$LGDVVNDPEXVLV
.DOYRVWXRMLãJLUVWXRMSDVLÐVÌNVPLQJRV
.HWHURVWRO\QVXYLUS¡M
SXã\V
$WVLOLHSVDSOLQNLUSDUNOXS
VPDOGDL
7XRSRVãHã¡OLV
%HWSLUPLDXVLDPHVPHOVGDPL
$XNãþLDXVL7ULJXEXEDOVXPDORQLQJ
.ULVWDXVâLUG³LUDXVLVPÌVJDLOLQJLHPVVNXQGDPV
$WYLUDVãDXNLDP
9¡OSDVNXLWDYHWULVNDUWXVãYHQWRML
âDXNVãYHQWDJLHVP¡MJUåLQVJLUDLþLÐ
âQDEåGHV\VWRO\QQHã0DULMRVYDUG
6LOSVWDQWLVDLGDV
0RWLQ'LHYR-RLãULQNWDPHUJHOLÐ
7X0HUJHOHMXNLãVLULQNRWDYR
0RWLQ\VW
WDVSULHNXULRDOVXRML
2UXDXNãW\ELÐ
0RWLQDW\UDQXRVWDELDXVLRVPHLO¡V
0RWLQDYLOWLHVWDXJDLYDXV(GHQR
/\JXPRVåLHGDLJ\Y\ELQJRPHGåLR
$WåDORVVWLHELDV
7X7LHVRVQDPDLWDXGDQJXVWLNYLHQDL
6XGåLDXJVPXVNOVþLXVDXNVLQLXVDWãDXWL
3DVLU\å
VWDXQHPLUWLQJRVNDOYRV
$WGÌVLXVVLXQþLD
ãDOLHNXULQHYDUDLNDOWÐMÐ
,ãWUHPWÐNDGDLV6LRQRJURåL
9LHãSDWLHVQDPXVWXYDOGDLVODSWRVLRV
6DQGRURVVNU\QLD
7DLVHPLHVVNDLVWDXVQHNODVWLQJRJURåLR
.ULãWRORãYLHVDXVJDLYLQLHVLYHLG
7DUSOLÌGQÐVS\JOLÐVXåLPELO\JPLHODV
9HLGDVOHOLMRV
7DLJDQ\NORMWXSUDQDãLQJRMMRNLX
1HOLHWLODãX*HGHRQRYLOQRV
1RUVDSOLQNODXNDLPLUNGDPLNDQNLQDV
'DQJXLSUDNLXUXV
7DLQHOHLGLNDGOLHSVQRMHSUDåÌWÐ
*HUYXRJ¡JUDåLQRUVDSOLQNOLHSVQRMD
9LVNDVLUåDLGLWDUSXJQLÐGåLDXJVPLQJÐ
/DSDLVãDNHO¡P
6SLQGLSULHãWDYHWHQ0HUJHOH
-HV¡V$LQLRVRVWDVWDXYLVDXNVNORMD
.\ODWDXLãþLD³HUGYHVDXNãW\ELÐ
%RNãWDVEDOþLDXVLDV
6WHQJLDV² WDYHEÌWSDQDãÌVPHGÌV
6UÌYDQW\VNRULDLVLUåDYLQJLVRGåLDL²
6RGÐVLHQRVMXRVLUOHGLQ¡VYHUVP¡V
/DLNRDSMXRV

1HE\OLXVODSXVWDXOHQJYDLVLÌEXRMD
(XUDVNDLGU¡JP¡YDQGHQ¡OLRW\UR
²VODSWDVHUGYHVSUDVLVNYHUEXVW\OLDL
.XåGDJLUDLW¡M
7HNDWDXVURY¡SODXNGDPDPDORQLDL
6O¡QLDLVSHUSODþLDVQXYLQJLXRMDSLHYDV
äLEXRNOHVMXRNXNXUVLOJDLQHW\OD
8åNUHþLDY¡MDV
7LHN0HUJHOHWDXLãGDQJDXVJ¡U\ELÐ
/LHMDVLGRVQDXVWRNLXWDXDQWåHP¡V
6UÌYDXSHOLXG¡NLQJXPDVQLHNDG
/LDXWLVQHQRUL
6LÐVWDVLãGDQJDXVWROLPDPSUHNHLYLXL
*DEHQLMDYXVODLYHOLXãYHQWXRMX
0DORQLDãYLHVDPXPVã\SVDLVLãU\WR
'LHQDWYHGXV
.DLS$XãURVåYDLJåG¡NLOGDPDLãMÌURV
5\WRYHåLPXSDYDGåLDLVEDQJXRMD
5RåLQLDLVå\GUDPYDQGHQ\LãG\N
.ODLGåLRMDOLHSVQRV
$UNDLSVLGDEUXLãWLVDLVXPLUJD
)HERVSLQGXOLXRVNDLS³MÌUåHQJLD
)HEDVNDLSGLHQRVDSVLWDLV
VDXNVX
.\ODLãMÌURV²
âLWDLSNROJLHGUDPGDQJXMHYLVVNULHMD
1HE\OLÐåYDLJåGåLÐNDUHLYLMRVU\ãNLDL
3UROLHSVQÐDQJDVVSLQGXOLXRMDãYLHVÌV
'DQJLãNLUÌPDL
.RN³YDUGWDXPHVãYHQWD0HUJHOH
'DUVXWHLNVLP"7XXå2OLPSGLG³
'DXJVPDUNLDXåLEL9LVDJDOLR'LHYR
6RVWH²JLHGRVLP
.LHNODLPLQJDWXEÌGDPDJHUMD
0RWLQDJLHVPLÐJLULDPDXåWDUNL
0XVSULHãWNXU³JO¡E\MHQHãLRML²
'DQJLãN6ÌQÐ
.ÌGLNLVVYHLNXVPXVODLN\VWDXPHOGåLDQW
-HLQXRSULJLPWRVMLVWDYHYDGDYR
1XRG¡P¡VSLUPRVSRåYDLJåGHUDPLMD
/¡P¡XåJLPWL
-HLVSDUQXRWDVWDXSUDQDãDYRYDLNDV
.DGGDQJDXVPDUWLSULYDO¡VLEÌWL
9LHQDLLãYLVÐWDXSDJLPGåLXVOLNR
äLHGDVVNDLVW\E¡V
-HLQHSDYDOGLWXPLUWLHVãDOWRVLRV
'¡VQLDPVMHLåYDLJåGåLÐVLHNGDPDWULXPIX
$WVLOLHSLMXRODLPLQJÐMÐFKRUDPV
âRNLDPVGåLDXJVPLQJLHPV
7DVNXULVOHQJYDLE¡JLQ¡MDSLHYRP
'HEHVÐDXNãWÐLUåYDLJåGåLÐåLHG\QDLV
äDLGåLDWDUSãYLHVRVVSLQGXOLÐU\ãNLDXVLÐ
7DUSHOHOLMÐ
$YLQ¡OLV²ODLDWLWLHVLUPÌVÐ
1XJDUDVNDOþLÐSULVO¡JWVLDVåPRQHV
²PDOGDVSDOHQNVSDåDG¡VUDP\E
äHPHLYDUJLQJDL
7ULVNDUWWDU
WDLSODXNXRVHVXVWRWL
9¡OLDYRPVãYHQWRPVSDVDN\VLP²ãYHQWRV
9¡OLDYRVVXVWRVRSDVNXL²ãDOWRVLRV
9DQGHQ\V9RN¡V
9¡OLDYDVSDJULHEVOHQJYDVGYHONVPDVY¡MR
0HV²NXNOLHPVSLHWXPVSDVLUXRãLP
6WDO$QWåDOLRVYHMRVGHQJGDPLXåWLHVLDP
6WDOWLHVHOLQR
7UDXNLDPDVNXNOXVLãSLQWLQ¡VYDOJLV
'UXVNP¡SLOQDOLJNUDãWÐLUEXNR
,QGDVãDOLPDLV²QHNHQVPLQJR%DNFKR
²UDQNLVGDåQDV
%¡JGDPDSURãDOãDOWRPLVY¡VLQD
6URY¡PLVWDXUHVSDVWDW\WDV9RN¡
DSOLQNXLMDVVLGDEUXVHQXRMX
äRO¡VVXPLUJD
3XRãLDLUVWDOXVLUWDXUHVYDLQLNDL
6XSLQWÐåROLÐXåSLOWDDOLHMXP
7UÌNåRO¡ãYHOQLPDQQXRVDXO¡VNDUãþLR
/HLVDWVLJDXWL
75(ý,2-,0</,$$5%$*$,'ä,2.$,0$6
/DLNDVãDXNLDNLOWNXRJUHLþLDXQXRVWDOR
.LONLPMDXåHP\QSDVLOHQN
VULHGD
9DNDUDVNDLWULXGDQJXPLLUUDJLQW
3DGHGDNLONLW
.\ODP9¡OODXNDLVWDX0HUJHOHSODLNVWRV
9¡OLDYRVJUDåLDLVDSVLXYDLVY¡MHOLV
äDLGåLDLUJUDNãWXVSDVLþLXPSD$XVWUDV
$WYDL]GXVãLONR
9¡OEDOVDLVNXULÐQHQXWLOG¡PHQNDV
9DOJLVPHVPLQLDDWVLGDYXVJLHGDP
0RWLQEÌNVYHLNDWXJLPGHLSHQ¡MDL
9LHãSDW³PÌVÐ
9LOLMDLYDQGHQVGDXJVNROLQJD9RN¡
$NPHQXRWDWDXRGLGåLRML0RWLQ
3DJ\ULPÐGDXJLUJLHVPLÐVNROLQJRV
9RN¡VSDNUDQW¡V
*HWÐNDLPDLDQWJUHWLPÐNDOYHOLÐ
7DUVLGY\Q¡VMRVVXVRGLQWLJDXVLDL²
7DLSDPLQNODVWDXRâYHQþLDXVLDPÌã\
*DXWRWULXPIR
.DLSNRNLXEDOVXDSVDN\WOLHWXYLÐ
*DUVÐJURE³NDLSVXLPWLJHORQDL
MR²SXRãPHQDJURELRLUNLOQLDXVLR
3\NþLRWURI¡MXV"
7ULVNDUWNDUGWDXYDGRYDXMDQWWUDXN¡
9\WDXWDVQDUVXVNRYRMHNDL5\WXV
1XJDO¡MRMLVNDLUDJXVSXLN\E¡V
-ÌUDLDSODXå¡
.DLS(XURSMLVSRãHã¡OLXVN\GR
3DVO¡S¡NDGDXUDJDQDVO¡N¡
$]LMRVEDLVLRVLULãYLVR,VWUR
7YLQRJDOLQJDL
6WRMRVLWLHVXVSULHãU\WLQ
DXGU
7DUVL.DOS¡NDLSDVLGXRWQHQRUL
-ÌUDLLUOLÌWLPVNDULQJLDXVLRPVODLN¡V
1HQXJDO¡WDV
²YLVDVSXVHVMLVSODþLXRMXNDUGX
.HUWDWDNLUNHOLDEDLP
PÌã\
1XRVWDELDPJUDåXVãORY¡MHSHOQ\WRM
²QLUãLXGHJD
'HJDSDQDãLDL2ULRQDVåLHP
7DUSHGHEHVÐNDLLãWUDXN
VNDUG
,ãPDNãþLÐOLHSVQRPO\JåYDLJåG¡PåDLEXRMD
$XNVXVXVSLQG
V
âDOW9ROJLUNODVWLQJÐMÐEHVÐ
3HU¡M
VODXNXVSULHDOWRULÐ3HORV
1XNHOLDY
VMLVLãGLGåLRV)DVLG¡V
9DQGHQ³J¡U¡
%DUEDUÐODQNXVWDXãYHQWRY¡MNORMR
6NLWÐMXRVWDVWDXSDOHLNRMDVWLHV¡
6N\GÐVWLUWRVWDXXJQ\MHãYHQþLDXVLRM
'HJ¡0HUJHOH
7DXURUÌPDLLUVXJULDXWLHMLERNãWDL
6DUEDNRVWLSUDXVGDUXåPLUãWQHJDOL
.DLSEDLVLXWULXNãPXVWRY\NODVXåSXRO
V
*VGLQRWUDNXV
.DLWLUãWXVWU¡OLÐOLHWXPLDQWSULHãÐ
.UHQWDQþLXGDKXVJHORQXVLãYDU¡
7XSDWLDXGUÐDSVXSWDULNLXRW¡P
6DXJRPDJULDXVPR
5RGHLVLU\ãNLGDQJXMHDXGULQJDP
9HåLPXXJQLHVO¡NGDPDUDXGRQX
'HEHVLXåDLEXVLãDXNãW\ELÐVDYR
7ULJXEXVVYDLGHL
(XNVLQRNDLU\VVXGUHE¡MRNUDQWDV
8RORVVXWULXNãPXVXMXG¡MRåLDXULDL
âYLHVDLWULVNDUWXVDWLGHQJXVWDPVL
-ÌUPHRWÐ
%DLP¡VJHQDPD7DQDLG¡E¡JR
,ãWDNÐLHãNRWVXGUHE¡MXVNUDQWXL
6WRMRDSLPWDQHUHJ¡WRVLDXER
%O\ãNR)DVLG¡
0DW¡SULHãDLRQXRVWDEL0HUJHOH
7DYRPHLO
PXPVLU/LHWXYLRDLQLDL
9LOLMRVNUDQWXRVWDXG¡NLQJLQHãD
'RYDQDVVDYR
7DLS9ODGLVORYDVQXRWROLDXVLRV2NRV
/DLWDXQHãJLQNOXVSULHãVYDQXVODLP¡M
V
²åDGXVQDXMXVSULHQDXMÐDOWRULÐ
/DLMLVLãSLOG\V
'DXJHOV\NLÐMDXQXRNDLWURVLãVHN

6YDMRQHVJLHVPHSDNDLWRPNDUWRMDP
.ROJLUDLW¡PXV³SDY¡V³VDYR
3ULLPDPHLOLDL
3DVLJLUGRPDQ"DUOHQJYXþLDPY¡MXL
/LHþLDQWODSHOLXVVNDUGåLDEDOVLDLDONVQLDL
$WVLOLHSLDLUSDW\ORPþLXUOHQD
9LQJUÌVXSHOLDL"
7DX0HUJHOHSDWVXåGDLQXRMDDONVQLV
,UEDQJDMXGULWDYRJDUEHLãRND
.ODXVRVLULOJDLDWNDUWRMDPLãNDV
7DYM³YDUG
.(79,572-,0</,$$5%$75$.$,
3DVNXWLQLVMDXPXPVEHOLNRGDUEDV
(LWDXNãWDLVPLãNDLVHåHUÐSDNUDQW¡P
.ODLGåLRWLãYLHVLRPNDOQHOLXV³YHLNWL
*LHGDQWLãO¡WR
ýLD6DOLDPRQRKLPHQ¡MDVVNDLVþLRV
/ÌSRVNDåNDGDM³ãYHQWRPVYHVWXY¡PV
6N\U¡WDXVNDPE¡VåDGLQVMLVJLUDLW¡M
$ONVQ³QHE\OÐ
0LHJDQW³VDOGåLDLWDXDQWUDQNÐ'LHY
7LNYLHQDEXþLXRWWHJDOL0HUJHOH
äDGLQWLOLHSVQDVãLUG\MHãYHQþLDXVL
*ORVW\WLåLHG
7XYLHQDWLHVLMDPVDOGåLVLDVNUÌWLV
.YHSLDQþLDVSXLNLDXQHL)DOHUQRPHGÌV
.DLDOVXRMDMLVLãJHOPLÐNUÌWLQ¡V
'LHYLãNNYDS
7DXãLPWDLEUDQJLÐNYHSDOÐIHDNÐ
,U.LOLNLMRVYLUãJDOYRVSODVQRMD
.RVWRPDORQXVDURPDWDVVNOLQGD
/LHMDVEDO]DPDV
'åLXJLQDWDYHYLHQDVW\UDVNYDSDV
'YHONLDQWLVVDOGåLRP.ÌGLN¡OLROÌSRP²
7DL6ÌQDXVãYHOQXVYLVVUXYHQDYDUGDV
7\UXDOLHMXP
1RUVNDUDOLDXVWDXSDVODSWLQJRVPHQ¡V
%DNFKRGRYDQÐSULVLSLOG
Y¡U¡V
7XWLHVLNUÌWLVSXLNHVQHVXåVODSW
9\QNDUDOLDXV
1RUVNDUDOLDXVWDXVXUXRãWLHMLYDOJLDL
'YHON¡QXRVWDELDLVDURPDWDLVQDUGR
7URNãWDPXVNYDSXVWDXWLNYLHQDVVNOHLGåLD
1DUGDVNDUDOLDXV
1RUVUHQNLåDOLRM3DOHVWLQRVSLHYRM
0LURVåLHGXVWDXWDUSNUÌWÐWLNYLHQDV
0D]JDVNXULDPH³Y\QLRWDPLUD
3DULãWDVEÌQD
1RUVSDWLQNDWDXãDNHOHVVDOGåLVLDV
.LSURPHGåLRNLUVWSXPSXUDLVDSNUDXWDV
,ãYLVÐãDNÐWLNYLHQD0HUJHOHL
â\SVRVLPHLOLDL
6DXO¡VVSLQGXOLDPVNDUãWGLHQSOLHVNLDQW
âHQEHLWHQSXãLVYDLQLNXSODþLXRMX
0RMDLUODSXVSDVLOHQN
VWLHVLD
åXRODVåDOLDV
'åLXJLQDWDYHNDLWURMHQXRYLHQR
0HGåLRåDOXPRVEHNUHQWVãHã¡OLV
-RãDNÐG\JOLDLNDåNDGD²RYDUJH²
6ÌQÐNDQNLQR
1HEDLJ¡PJLHGRWãWDLLãQ\UD7UDNÐ
%RNãWDLLUNDOYDP\OLPD0HUJHO¡V
0LHVWRYLGXU\SDVLURGRDXNãWDV
%RNãWDVEDåQ\þLRV
âDXNVLPH6YHLND²QXRODQNLDLSDUSXRO

.HWXULVNDUWXVPHOVGDPL0HUJHO

.HWXULVNDUWXVVXMXG¡VDOWRULDL
$WVDNDVMRVLRV
-DXPHUJDLW¡VLUMÌVEHUQLXNDLMXRVNLW
3DPDOGåLXYDãNX'LHYLãNLDXVLRVYHLG
*LQþDVPDORQXVVNHOEV0HUJHO¡VJDUE
,U.ÌGLN¡OLR
0(5*$,7 6
$QWNLWÐJDOYÐQHLOJDLYDLQLNDL
ä\GLQLHNDGRVQHQXY\V.DUPHOLR
*¡O¡VNXULRPLVGDELQLHV0HUJHOH²
äDOLRVSHUDPåLXV
%(51,8.$,
*DOYDVDXNVXNXUVJUHLWQXEOXNWLJDOL
3XRãLDVLNLWLWDXãYLHVDYLHQRGD
-¡]DXDQWJDOYRVQHSDOLDXMDå\EþLRW
²JLPWDVDXNVDV
0(5*$,7 6
.DVUHJ¡MRNDLSDQWEDOþLDXVLRNDNOR
3ODLNVWRVLSODXNDLSDODLGL0HUJHOH
0DW¡NDLSUDXVYDQXVLGDåREURQ]D
5ÌEDVNDUDOLDXV
%(51,8.$,
.DVUHJ¡MRNDLSDQWSHþLÐXåVQLHJ
%DOWHVQLÐSODXNDLWDXSDE\UD-¡]DX
0DW¡YLUãNDOYÐ,GXP¡MRVN\ODQW
3DOPHVDXNãWVLDV
0(5*$,7 6
.DLSGDQJXMUDPLDLEHVLã\SVDQWJLHGUDL
9DQGHQ\VW\UL+H]HERQRPLUJD²
âLWDLSPLUNVLWXDNLPLVNDLMXRNLDV
.ÌGLNLVWDYR
%(51,8.$,
.DLSVSDUQXVEDOWDPVXGU¡NLQ
SLHQH
.ULãWROREDQJDVEDODQG¡O¡VVWHEL
7DLSåYDOJDLVLWX³DNLVW\UVLDV
0RWLQRV-¡]DX
0(5*$,7 6
.JDO¡VLPPHVVX0HUJHO¡VVNUXRVWDLV
/\JLQWMRVYHLGDLV"7LNJUDQDWRYDLVLÐ
äLEDQW³YLVDLVWUXSLQ¡OLDLVVDYR
*DOLPSDO\JLQW
%(51,8.$,
.JDO¡VLPPHVVXPDå\þLRVNUXRVWDLV
/\JLQWMRYHLGDLV"7LNODXNXVJDO¡VLP
7XRVNXULXRVJ¡O¡PLãGDELQDYLVRV
+RURVLUVDXO¡
0(5*$,7 6
$WLNRVJDLYLÐQHVLVNODLGRVXOþLÐ
.YDSDVGDULOJDLNDL0HUJHOHVUÌYD
3XLNÌVPHGÌVWDXEHVLMXRNLDQWãYHOQLDL
%HãQHNDQWãYHOQLDL
%(51,8.$,
6DNRP-¡]DXNDGVDYREDOWDVOÌSDV
9HULDOHOLMDNDLSDVNOHLGåLDSXLNÐ
.YDSPLUDWDXEHVLMXRNLDQWPHLOLDL
%HãQHNDQWPHLOLDL
0(5*$,7 6
.DLSSLOLVVWU¡OLÐSULGHQJWDLUVN\GÐ
7ÌNVWDQþLDLVYLVDåLEXULXRMDVDXO¡M
äLEXULXRMDWDLS.ÌGLN¡OLXLSULHãDLV
0RWLQRVNDNODV
%(51,8.$,
.DLS7HUDSQXRVDU+LPHWHJHJXåLV
.YHSLDNDLSYDQGXR3DOHVWLQRMGYHONLD
.YHSLDNDNODVWDLS.ÌGLN¡OLRNDNO
0RWLQRVOLHþLD
0(5*$,7 6
0HUJLãNDLVGHOQDLVWDX0HUJHOHNRNLRV
6XOW\VVUÌYD"-XRVVXGU¡NLQDVXOW\V
.RNLRVODãD³LãGåLRYLQWåRO

0LUDLSUDYLUNXV
%(51,8.$,
.ÌGLN¡OLNRNVKLDFLQWDVU\ãNLDL
äLEDWDXGHOQXRV"+LDFLQWDVåLED
7RNVNRNVDLVNHSWUXVSDGDELQDSXRãLD
%UDQJLNDUÌQ
0(5*$,7 6
.UHWRVNHWHURPDUQXR.LSURåDOLR
/HVERãDNRPLVNLHNJ¡U\ELÐVUÌYD²
âLWRNLDJDXVDLãNUÌWÐ0HUJHOH
/LHMDVWDYÐMÐ
%(51,8.$,
NRNLHNYDSDLYLUãåROHOLÐ+LEORV
'YHONLDDUYLUãXPNLOLNLHþLÐVRGåLÐ²
7DUSWDYÐNUÌWÐWRNVVDOGXVLVNYDSDV
.\ODR-¡]DX
0(5*$,7 6
5ÌEXLSDODLGDLNULVWQHOHLGåLDGLUåDV
/\JJHOVYLMDYDLMLV0HUJHO
MXRVLD
VNDLVW\E¡M³LUOHOLMRVVXSD
3\OLPXEDOWX
%(51,8.$,
6O\VWDQW³åHP\QVXJUåLQDWDYR
5ÌEGLUåDVNXUV²SDVO¡SWÐVDI\UÐ
%DOWDVVDUJDVMLVXJQLPLW\OLMD
-XRVLDNUÌWLQ

0(5*$,7 6
6DQGDOXOHQJYXDSY\QLRMXVS¡GDV
0HQ¡PLVåYDLJåGåLÐNDL0HUJHO¡åHQJLD
5RGRVNDGGDQJDXVNDULDXQDå\JLXRMD
*ULDXGåLDQWWULXPIXL
%(51,8.$,
.DLEODX]GDVSXRãQLDLVDSY\QLRM
VUDLãþLDLV
*DOYDLãNHOWD.ÌGLN¡OLVVWRMRV
5RGRVLNDGGYLDSWDLV\WRVDXNVX
6WRMRNRORQRV
-RQXL.DUROLXL.DWNHYLþLXL9LOQLDXVYDLYDGDL
LU/LHWXYRV'LGåLRVLRV.XQLJDLNãW\VW¡VNDULXRPHQ¡VYDGXL
NRYRMHSULHãWXUNXVJHULDXVLRMRLUJDOLQJLDXVLRMR'LHYR
LU3DODLPLQWRVLRV0HUJHO¡V0DULMRVSDJDOEåDGD
7XNXUVOLNLPVLOSVWDQþLRV/HQNLMRV
/HPLULNLXRML³Y\NLXVLUVWHEL
3DWHQNLQWDVNDLSNDUDVãDO³
$OLQDLU³VLã¡O
V0DUVDV
3LOLHþLDPVåÌW³UHQJGDPDVVLDXW¡MD
7DY
VW¡Y\Q¡VN
VWDQWLNUDXM\MH
9DUGDQEDåQ\þLÐWRãYHQWÐMÐ
3ULHJOREVþLREHSDOLRYRVPDOGDXMD
%HWWXYLVYLHQDQHJUåLQLWDLNRV
3LOLHþLDPVNDURGXON¡PLVDSQHãWLHPV
QXVLNDOW¡OLÐEDXG¡MDX
WHLVLQJXPRJ\Q¡MDXNRWX
.DUÐWYLUþLDXVLDLVVNOVþLDLVQHXåVNOHQGL
,U³EHODQJ
WDPVLQHXåGDUDL
6XNDXVW
VEDLP¡V"1HUHJ¡W
%DXVP
NDOWLHVLHPVWXVLÐVNL.DPJL
'XULVDWY¡U
VSUDåÌW³PXPVVLXQWL"
'¡OWRLUSULHãDLåYDQJLQDJHOHå³
'¡OWRãYDLVW\GDPLHVLJLQNODLV
7UDNÐSXONDLLWJULDXVWLQLDLGXQGD
$SJLQN0HUJHOHPHOGåLDQþLRV/HQNLMRV
'LGLJORE¡MDPXVQXRXåJULXYXVLÐ
1HODLPLÐ7XMXN*ULDXVPDYDOGåLR
%DXGåLDQþLOLHSVQGDåQDLVXWUDPGDL
,ULãXJQLQ¡VUDQNRVHVLQHNDUW
1HJDLOHVWLQJåDLELãWUDXNXVL
,UMRQ³G¡MXVLãDNHO
3DOP¡VLUSHUJDO¡VåHQNO²ODXUXV
7DYH³QDXMUÌPWDLS.DUROLV
²åHQJWLNYLHþLD1ÌQNDLLãJLUGRPH
.DLSRWRPDQÐNDULDXQDO\J
3RWY\QLRYDQGHQ\VMDXDWÌåLD
.DLLãVLWUDXN
VGXUNOMRDãPHQLV
1XRåPXVJHORQDV³U¡P¡/HQNLMDL
3DUSXROXVLDLJHUNO¡QVDUPDWÐ
.DURVWRY\NOJORERN0HUJHOH
.DL³JDUELQJPÌã³QDUVXROLVVWRV
3ULHãYDULRLHW³DWODSDNUÌWLQH
.DLHLVLUNDLQHSULVLGHQJ
V
.DNORSDOHLVWDVVWU¡OHVVXWLNVMLV
6XWHLNVWLSU\E¡VNDUå\JLXLRNDULÐ
*UHWRPVQXRSULHãÐVPÌJLÐUHW¡MDQþLRPV²
-¡JÐNDGSDODQNDXVO¡PLPR
/\GLPDV.DUROLV³VLYHUåWÐ
äDLEX³SULHãÐWÐNUDXJHULÐJUHWDV
.DLM³W¡Y\Q¡VPHLO¡YHUåOLQXVYLHV
7HQDLNXUJULDXGLQW\VSHUNÌQDLV
3ULHãÐSXONDLWHQNXULãJDOVWDV
6WU¡OHV³QLUã
VNRQNDQDVODLGRYLV
0HUJHOHWDYRVN\GDVWHJXSULGHQJV
*UXPW\Q¡VHã³NDURYDG
7HM³DSVDXJRVGDQJDXVPDORQ¡
3$0$/'86,61(78572²ä$'$6
-HLåPRJXVDWLGXRVXåPHLO
YLVVDYRQDPÐWXUW
M³SDQLHNLQVWDU\WXPQLHN*J
0HLO
SDUGXRGDPDãGDQJXMHP¡JLQDXQXVLSLUNWL
.DVSDWLN¡WÐ"3DWLSDUGDYLQ¡MRVDYH
$XNVRVLÌOLDXWDþLDXEÌWXåDXNVSLUNWDQHQRU¡MR
'RVQLDLVLÌOLDXWXUWXVEHWJLSDQLHNLQRMXRV
9LVNVLÌOLDXWDþLDXQHQRU¡MRQLHNRML9LVD
.DVGDUOLNRVDNDX0HLOHSDLPNLMHLWLNV
-XRN¡VLNDPEDQGDLVXQHULP
VGDQJLãNDL0HLOHL
.DLQQHWLNXVLUDVW"1LHNRQHGXRNL²LUSLUN
7HDWHLQDPDQR0\OLPDVLV³VDYRVRG*J
0HLO¡JUDåLRMLJUXEDXVYDOVWLHþLRSDGDUJXVSDJULHEXV
)DNHOXVPHWDãDOLQPHWD³ãDO³VWU¡OHV
ýLXPSDQRUDJMLQDL³VDYM³DUNOSDNLQNLXV
.DLPLãNXVMDXþLXVSDWLLPDVLGDUERVNDLVWDXV
9RVWLNOHQJYXQRUDJXMLãLUGLVSUDG¡MRSXUHQWL
7XRM'¡NLQJXPDVVNDLVWXVDXJDW\UXRVLXRVODXNXRV
7DULDãLPWDLþLDåLHGÐYLHQLQWHOLRåLHGRWHWUÌNVWD
.DGVXVLULQNWÐYLVL.ULVWDXDWHLNLLUWX
$SLHSDODLPLQWM0DULM0DJGDOLHW
3RJDWYHVLUSRDLNãWHVLHãNRVLXWRNXU³P\OLPDQRVLHOD*J
$LPDQDVVLXQþLDJDLOLDVOLJåYDLJåGåLÐQHSDOLDXMDUDXGRWL
,UGU¡NLQDãYHOQLXVVNUXRVWXVVÌULXXSHOLX
,USHUGDXEDVGLGåLXOHVSHUVNDUGåLXVSHUSDYRMXVYLVE¡JD
9HUåLDVSO\QDLVLDLVODXNDLVO¡NWQHSDOLDXMDNDOYRP
.JLE¡JLPXLWRNLDPJDXV\E¡MRVDãDUÐWHLNLD"
0DJGDOLHW¡VDYÐDãDUÐSODXNLDXSH
3DNLON$NYLORQHLUDWHLN$XVWUHSHUSÌVNPDQRVRG
LUWHVUÌYDMRDURPDWDL*J
0HOGåLDOHOLMRVåYDLJåGHVOLHWDXVMDXLãNDUãþLRVXJOHE
5Rå¡VSRVDXOHNDLWULDW\OLDLPDOGDXMDYDQGHQV
.GDU\WL"/LHWDXVãDXNLDV0HLO¡LUNYLHþLDVLY¡MXV
/DXNDVDWJ\MDEHPDWQXRLãJDQLQJRVUDVRV
NRNLHJUDåÌVåLHGDL1XLOVXVMDLVUÌSLQDVåHP¡
9¡MDLVJDLYLQDOLHWXPODLVWR2OLPSDVY¡VLX
-RVãYLHVD²XJQLHVãYLHVD*J
MHLJXWDSþLDXåHPHMHLYHUWÐDãLVPDQRãLUG³
$ã6XåDG¡WLQLWDXVYLUþLDXQXRUDQNRVOHQJYD
2MHLJDO¡þLDXSDYLUVWYLNUHVQHQHLVUDXQXVLVXSHOLV
'DYXVWDXåHQNOVNXELDXO¡NþLDXQHLXS¡VVURY¡
2MHLJXEÌþLDXODELDXSDã¡OXVQHL(XUDLVPDUNLHML
7DLSQXRODQNXPRJUHLþLDXWDYRMRPRN\þLDXVDã
SDJDOLDXQHWJLMHLYHUåOHVQ¡WDSþLDXXåXJQ³
7URNãþLDXEÌWQLHNDVMHLQH²QLHNXRQHEÌWLYLVDL
7UDXNPDQHSDVNXLVDYHE¡JVLPH*JL
0DQR-¡]DXYHMXRVWDYHSHUWDQNPHVSHUEUÌ]J\QXV
.DLSJLJDO¡VLXSDNHOWLOJDVGLHQDVEHWDY
V"
ODLPLQJDWDYD0DJGDOLHW¡NDGDLVSULVLULãXV
3ULHWDYÐMÐEODX]GÐMDVDSY\QLRMXVSODXNDLV
7DYRPHLO¡VãLWDSDO\GRY¡Q¡V\NQHSOHLGR
7XMRVEHODLVYLVEXYDLWDYRQHODLVY¡MH²ML
$ã6XåDG¡WLQLWDXDQWURMLHVX0DJGDOLHW¡
7UDXNPDQHSDVNXLVDYH.ULVWDXDUSDWVSDVLOLN
3$/$,0,172-,0$*'$/,(7
9(5.,$17,32.5<ä,80,
$NDãWURNãWX²ãDXNLEHWYDQGXRLãXROÐQHLãWU\NãWD
6UÌYDWLNWDLLãDNLÐXS¡V²LãMÐDWVLJHUN
6XJU³åN6XODPLWD*J
6XJU³åN0\OLPDVLV*J
%¡JX²WX-¡]DXYHMLHVVXJU³åNL²JLUGåLXWDYHãDXNLDQW
,USDVXNWLDWJDOVDYM³NHOLVNXEX
%¡JLPDQYHMDQWLVSDWVVXJU³åNL²JLUGLPDQHãDXNLDQW
,URGUDXJHVNXELNHOLSDVXNWOLQNPDQ
V
%¡JXWDXVHNDQWRWX²VHNDQWPDQQXRVWDELRMLNODMRQ¡
7DVODLPLQJDVNXULVE¡JGDPDVPHLOHLSDNOXV
7DYRNODMRQ¡SDG¡VPDQUDVWLWDYHNDGQHGLQJWXP
0DQRNODMRQ¡WDYH.ULVWDXDWYHVSULHPDQ
V
3UDQHãNLWHMDPNDGVLOSVWXLãPHLO¡V*J
.DLWLNåHP¡VNODXVDXVNDLGDQJXLDWJU
åLXDãDXV³
äHP¡PDQãDXNLDP\O¡NãDXNLD2OLPSDVP\O¡N
-ÌUDãDOWDQHWDXGURM³VLã¡OXVLNYLHþLDP\O¡WL
0HLOHãY\WUXRMDåDLEDLPHLO¡²SHUNÌQÐJULDXVPH
7DYMPHLO
XJQLVPDQDWQHãDDWQHãDY¡MDV
$LGDVOHNLVQXRXROÐNDLDWVLWUHQNLDEDQJD
0XPVQHEHUHLNLDQXRãLRONDOE¡WLVWDUSXVDY\.ULVWDX
0ÌVÐPHLO
SDVNHOEVYLVRSDVDXOLRNDOED
7HEXþLXRMDPDQHVDYREXUQRVSDEXþLDYLPX*J
.DVSDEXþLXRWLJDO¡VLãVLLOJXVLDVOÌSDVLHãNRMDX
.RO6XåDG¡WLQLR²DN²EDLVLDLLOJDLQHPDWDX
'DQJÐSUDãLDXEXþLQLÐ²GDQJXVEXþLQLDLVDSLS\O¡
%HWQHSDM¡J¡PDQÐVNUXRVWÐSDVRWLQWLMLH
äHP
SUDãLDXEXþLQLÐ²EXþLQLDLVDSLS\O¡LUåHP¡
%XYRMLHPDQãLXUNãWHVQLXåSDO\W¡WDVXRODV
äHPHVXGLHLUGDQJDX6XåDG¡WLQLRODXNLXEXþLXRMDQW
NDGWXU¡þLDXEXUQÐWLHNNLHNWURãNLPÐWXULX
7DYRNUÌW\V\UDSXLNHVQ¡V*J
äHP¡V\N³VDYHSDG¡MXVLYLVDQWVWDOR
âQDEåGHVLXNYLHW¡W\OLX6¡VN6XåDG¡WLQHV¡VN
.LWV\NMÌUDVDYHVXS\OXVLYLV³WDXU

âQLRNãW¡GXVOLXYHUSHWX*HUN6XåDG¡WLQHJHUN
äHPHQHQRULXWDY
VYDQGHQÐWDYRMÌUDQHQRULX
7X6XåDG¡WLQLPDQ²DONLVWXPDQ²WURãNXO\V
7DLLãJLUG
VDEL6XåDG¡WLQLVSDGDY¡NUÌWLV²
7X6XåDG¡WLQLPDQPDLVWDVWXJ¡ULPDVPDQ
0(,/ 60('ä,2./
0HLO¡Lã¡MRPHGåLRW³SLHYDVGDQJDXVJHOWRQVLDV
0HLO¡ãYHQWRMLNXULVXJHEDãLUGLVXåJUREW
3ULHNLQLãE¡JRYLONDLLUOLÌWDLLUPHLO¡Lã¡MR
3ULHNLQMLåHQJ¡VWU¡O¡PVVW\UDQWJDXVLRPVXåSHþLÐ
âWDLYRVLãVLYHUå¡VNULVWSDVLUHQJXVLRVVWU¡O¡VLãODQNR
äY¡U\VODXNLQLDLGDQJDXVJUHLWDLSDOLQNRSLUP\Q
.DPWRNLHåLDXUÌVVDUJDLXåGDU\WDQGDQJXQQH³OHLGåLD"
$WYHULDPHLO¡NHOLXVQHWWDUSODXNLQLÐåY¡ULÐ
0(,/ 6,5- =$860('ä,2./
0HLOHSDNLONLSDOHLVNVWU¡OHVSDVLUXRãXVLDVVNULVWL
'LHYHWXPDQWDLNLQ\V'LHYHDãWDXWDLNLQ\V
.ULVWDXWXãLUG³DWYHUNVWU¡O¡PVNXULRVJDOLVXNUXYLQW
.DGPDQRLHWLPVJURELXVXåHLVWXWDSWXPHLWX
.ULVWDXDWYHUVLXVWU¡O¡PVNXULRVJDOLVXNUXYLQWLãLUG³
.DGWDYRLHWLPVJURELXVXåHLVWXWDSþLDXLUDã
.ULVWDXSDWLQNDWDXEÌWPHGåLRMDPDPPDQJL²PHGåLRWL
.DLSWDXSDWLQNDPHGåLRWPDQ²EÌWSDJDXWDLVDOGX
',(9,â.26,260(,/ 6675 /
6XåHLGHLPDQRãLUG³*J
$ã²VWU¡O¡LãWUDXNWDLãåYDLJåG¡PQXVDJVW\WÐVWU¡OLQLÐ
7DNXULVYDLGRGLHYDPV0HLO¡VãYHQWRVLRVUDQND
6DYRMRWDLNLQLRDãåDL]GRVQHWXULQþLRLHãNDX
1HVPDQRMLUDQNDQLHNRQHPRNDVXåHLVW
.DVSDWLN¡VNDGVWU¡O¡JDO¡WÐNOLXG\WQHVXåHLGXV"
.ULVWXVSDVDN¡JDOLPDQRåDL]GRMSDLOV¡W
6NXELQXWDLNLQ³DãP¡JLQXEHåDL]GRVXåNOLXG\WL
-DXQHJDO¡þLDXVXåHLVWV\N³MDXEXYRåDL]GD
.ROHLGLHQDDWY¡VLUSDVLVOLQNVãHã¡OLDL*J
,HãNRPHQDNW³ãYLHVRVVDXOHLãYLHþLDQW²ãHã¡OLRNRG¡OJL"
1DNW³PXPVPHLO¡²GLHQDGLHQ²ãHã¡OLVY¡VXV
0HLO¡VWLSULNDLSPLUWLV*J
0HLO¡NDUWXVX0LUWLPG¡OGYLJXERNDXQDVWULXPIR
9DOGRVDLGRN0LUWLVDWJU
åWDV
0HLO¡QMLVDL6DNR0LUWLVWDLNOLRPVWU¡O¡PDãQXJDOLXNÌQXV
0HLO¡DWVDNRRDãQXJDOLXãLUGLVOLHSVQRP
6DNR0LUWLVPDQHGLGHVQ¡SHUJDO¡O\GL
0HLO¡DWVDNRPDQHO\GLGLGHVQ¡ãORY¡
*LQNOÐJDOJULHEWÐVLMHLO\JLRPLVQHODLN\WÐMÐ'LHYDV
1XJDOL'LHYDELQXJDOL'LHYDVDEL
.RNV\UDWDYR0\OLPDVLV"*J
.RNVJL-LVEXYR".RNVDL-LVEXYRJUDåLDXVLDVLVWDYR"
âLWDLSNDOE¡MRNDGDLVPDQVYHWLPãDO¡PLQLD
'HãLQHSOXQNVQLPXUDQNDRNDLULMD²OHQWHO

7DYRSDVDXOLRSXLNDXV.ULVWDXJURå\EHVSLHãLX
5RåHVLUDXNVSLHãLXEUDQJDNPHQLXVVRGXVJLUDLWHV
(åHUXVSLHYDVåYDLJåGHVVNULHMDQþLDSOXQNVQDSLHãLX
5RGDXOHQWHO
VDNDXQRU¡MRWåLQRWLNRNVEXYR
0ÌVÐ*UDåLDXVLDVLV"âWDLSDVLåLÌU¡NLWHNRNV
-RJDOYD²JHULDXVLDVLVDXNVDV*J
-RUDQNRV²DXNVLQLDLODQNDL*J
0HVNLWJLUOLDQGDVãDOLQåDOLXRMDQþLDVSHUODLVEUDQJLDXVLDLV
,UDWLG¡NLWãDOLQVNHSWUXVWULXPIRSXLNDXV
-¡]XV²NDUDOLXV\UDPDQDVLV*UDåLDXVLDVNDUDOLDX
&H]DULXPDQRWLNWXEÌVLYDOGRYX²WLNWX
7DVNXUVQHWXULU\ãNLRVNDUÌQRVQHLVSLQGLQþLRVNHSWUR²
7DYRNDUDOLXV"7LNMLVPDQRNDUDOLXPLEXV
-RJDOYD²JU\QRDXNVRUDQND²WDUVLODQNDVDXNVLQLV
6NHSWUDV²SDWLGHãLQ¡MRRNDUÌQD²JDOYD
7RVSDþLRV*LHVPLÐJLHVP¡VPRW\YDLV
9\QPHGLVDãEXYDXEHWQLHNDVQHVNLQGDYRNHNLÐ
8S¡EXYDXLãYHUVP¡VPDQRQHJHUGDYRQLHNV
0HGLVEXYDXMRNVåPRJXVQHV¡VGDYRPDQRãHã¡OLQ
9DGDVEXYDXWDþLDXQLHNVQHåHQJ¡PDQRNHOLX
6DXO¡EXYDXEHWãYLHVDPDQDQHDSãYLHVGDYRQLHNR
1HVHN¡PDQRDYLÐQLHNVNDLEXYDXDãSLHPXR
.JL-¡]XVGDU\V".LHNYLHQDPJDOLDXNVDVSDWLNWL
$XNVXNDGWLNþLDXYLVLHPVEÌVLX²SDVDN¡MLVDL
6.$,67<% 6879,57,1$',(920(,/
1XRWDNDNDUWLHãNRW6XåDG¡WLQLR¡MRSHUVRGXV
äLHGXVOHOLMÐVNDLVþLXVUDQNRPãYHOQLRPVNLQGDPD
âWDLWDUSURå\QÐSXLNLÐMLGDQJLãN0HLO
LãY\GR
'DQJLãNXVIDNHOXVãLQHã¡VLLUOHOLMDV
1XRWDNDHLQDDUW\QLUIDNHOXVOLHþLDãY\W¡MR
8JQ\VJUDåLDXXåURåHVLUPDORQLDXQHLPHGXV
0HLOHPHOGåLXLãEDUVW\NGRVQLDXWDVOLHSVQDV³NY¡SWVLDV
0ÌVÐOHOLMRVå\G¡VJDXELDPRVWDYRXJQLÐ
182/$1.,3$' .$
â9,(6,$86,$03218,
3-218,.$52/,8,
.$7.(9,ý,8,
9,/1,$869$,9$'$,/'..$5,820(1 6
9$'8,/,921,-26*8%(51$725,8,â./292
0<â2%<&+292*5$)8,'253$72
@9(/,821266(1,Ë18,,577,577,577
.5$ä,Ï$32/212
68.857$,5.5$ä,Ï- =$86'5$8*,-26
.$7.(9,ý,$86.2/(*,-266$92
'261,$86,$067$7<72-8,
,â6$.<7$
9,/1,8-(- =$86'5$8*,-26
$.$'(0,-2663$86789 -(
0'&;,;9,(â3$7,(60(7$,6
.DLXåNORMRODXNXVSXUSXULQ¡SDYDVDULRVNUDLVW¡
*UDFLMDWNDUWPHLOL$SRORQR.UDåLXVDSODQN¡
7DULDML)HEXLWDVDLSDYDUJ
VãLþLDV¡G¡MR
6O¡Q\åHPDLLUVNDPELMDO\UDSUDVþLRNLãNPLãN'åLXJLQR
$UQLHNDGD.DWNHYLþLDXV0DUVRQDUV\E¡V
1LHNDGNRYÐNXULRVHMLVJUÌP¡VLQHDSJLHGRVL"
$UDSGDLQXRWLJHULDXQHEÌWDVSLOLV3DQGLRQR
,U(QNHODGRNRYDVDUEDSUDPDQ\WXVJLJDQWXV
1XRåPÐ+LO¡MDUED7LIR¡MRåHEHUNOWULãDN³"
1HG¡NLQJDVLV1HMDX/LF¡MDXVMDXGHQJLDPVWRJ
1HJLGRYDQDVWDVNXULDVUDQNDWDXGRVQLQJD
6XWHLN¡MDXSDPLUãDL"7DLSWDULDDQW(XURXåãRND
1HSUDPLQWDLVGHEHVÐWDNDLVSDVNXERPLãNHOLDXMD
)HEDVQXVW¡URÌPDLMRSLUãWDLãYLOS\Q
SDOHLGR
7\OLDLDQWåHP¡VMLQDLLãVO\GXVLãUDQNÐQXNULWR
6XEOL]JDDN\VJ\YDLRVNUXRVWXVãYHOQLXVMDPXåSOÌVWD
7DLUDXGRQLVWDLY¡OEDOWXPDVVQLHJR/LHSVQRMD
9HLGDVGURYXPRXJQLPQHWLN¡WD'YHMRMDLUVYDUVWR
.DLS.DWNHYLþLÐMLVGHUDPDLSDãORYLQWJDO¡WÐ
.DLSDWVLO\JLQWLMDPXåQXRSHOQXVVWDWDQW/LF¡MÐ
*ULIDVWXRPHWRORMHSRXUYRVNOLDXWDLVJDXEWDLVLDLV
7HQNXU³NÌU¡JDPWDNDOQHGYHMRSEXYHLQ
.DOQDVWDPWLNRVDYRPVJHQWLPVVXVLULQNWL³VDN
V
6XHLJRQVRVWHGDLOLDPDWVLORã
VEÌULÐNHWXUNRMÐ
,UVSDUQXRþLÐE\ODVNDLSWHLV¡MDVYLHQLQWHOLVVSUHQG¡
DSOLQNXLPLQLDDQWVXROÐ³VLWDLVLXVLEXYR
9LHQRVSULHãDLVNLWDVSDVNLUWRVJDUELQJRVLRVYLHWRV
ýLDGXVHQDWDLLUUÌPÐGYLHMÐGYDULãNLDLVXV¡GR
âWDLPDUJDSOXQNVQLÐJDXVLRVSDO\GRVDSVXSWDVWXSL
3DXNãþLÐYDOGRYDVþLRQDLNXULDPDS\NDNO¡SOXQNVQÐ
âLDXãLDVDQWNDNORUXVYDJDOYDYDLQLNXSDGDELQWD
3ULHãDLVPLQLUDJDLVSDVLSXRãXVLLUNLOPLQJXRVLXV
,ãNDOQÐLãNUDãWÐWROLPLDXVLÐVXãDXNWXVEUROLXV
6XVRGLQDHLO¡P0DUPDULNRVNUDãWRYDOGRYDV
*HQW\VDWVNLUWRVþLRQDLJUHLWLHVLHPVOHLVWDNDLSGHUD
%ÌWLSULHN\WROLDXNHWXUNRMDLQHUDQJÌVXå¡P
$QWUMHLO

%UDQJDXVPHWDORUDLå\WDPHVRVWH
*ULIDVQXWÌS
VSDWVDLDQWXåWLHVWRSXUSXURVWLSULDL
9LUãMXGULRVLRVPLQLRVLãNLO
VNDUGXPRVXRMD
-LVLãNODXVRWXRPHWJLQþXV³YDLULDXVLXVVSDUQXRþLÐ
6NXQGXVåY¡ULÐ8åODXNXRVVYHWLPXRVSDVLJDXWODLPLN³
8åSDJUREWXVYDLNXVXåQXQLRNRWJLPWEXYHLQ

1XVLDXEWJLULLUXåLãWXãW¡MXVLROL]GRW\OXP
7HLVLD.DOWLQDþLDSLNWDLWDUãN¡GDPRVãDUNRV
,UOLHåXYLDLVãPDLNãþLDLVQHGHOVGDPRVSULHNDLãWXVEHULD
,PDVLJLQWSDSÌJDLãNDOELQJDLVåRGåLDLVNDOWXRVLXV
.ULQWDQXRNDUGRWDVDLNQXRVSUHQGåLXSDVPHUN¡YLHãSDWV
.ULQWDYLONDVYDJLVQXRNDUGRLUUXRQLVSO¡ãLNDV
.HUWDNDUGDVSDXNãþLXVSUDVLNDOWXVLXV0HWDVMDXEXYR
6XHLJEDLJWLUYLVDPLQLDLãVLVNLUVW\WLãWHLVPR
-DXSDJHLGDYRNXRPHWSDVLURG¡)HEDVGDLOXVLV
äHQJ¡³EÌU³.OXVQLXSOHNWUXSUDG¡GDPDVJLHVP

äY¡ULVMLVODXNLQLXVSDVYHLNLQRVW\JRPãYHOQLRVLRP
âLDXãWLVQXVWRMRNXRGDLLUNDUþLDLJU¡VPLQJLDQWVSUDQGR
6XJXO¡*ULIDVWDGDMDPOLQNWHOLNDUGQXOHLG
V
-HLNNHWLQDVDN\WSDSDVDNRWYLVNEHEDLP¡V
/LHSLDRSDXNãþLÐVSDUQDPVW\ORVODLN\WLV³VDNR
/\URVSDOHLG
VVW\JDV$SRORQDVãLWDLSSUDE\OD
GLG\VLVåY¡ULÐNDUDOLDXLUSDXNãþLÐYDOGRYH
.DUROLRWXãORY¡QHEO¡VWDQWLDWYDL]GXWDYR
+HUEDVJDUVLRVJLPLQ¡VLUDQWVSDXGDVVSLQGLãORYLQJDV
,UDQWãDOPRSXLNDXVVPDLO¡VWDXOHLVWDOLQJXRWL
,UDQWVN\GRå¡U¡WDUEDLãGLGLQJRVDXNãW\E¡V
.DUYHGåLRãDOPRDSåYHOJWPLQLDVNXULRVVYHLNLQDMXGX
,USRNDURNDGDPHQNHVQLVãDOPDVRGLQLV
9LHãSDW³SXRãLDLãOLNWDQWJDOYRV-HLWLNG¡NLQJXPR
1HSDPLUãDLLUãORY¡DPåLQD.DWNHYLþLDXVMHLJX
'DUQHDSOHLGRãLUGLHVWDLLPNLVJORERWLã³GLG³
8åPRM³SDVODXJPDQSDGDU\N²SDVLUÌSLQNNDLSGHUD
5RGRVåLQDLNRNLXVMLVSDVWDW¡$RQLMRVVHV¡PV
5ÌPXVWHQNXUW\ULãDOWLQLDL³WDXUL.UDåDQW¡V
7¡NP
OLHMDVRãLVUXYHQGDPDDXNVRWULPLWDLV
*DXGåLDNLPLDLLUSDWLPDQRO\URVPHORGLMÐPRNRV
6UDXQÌVMRVYDQGHQDLPRN\WXPRåLHGXVSDODLVWR
1HEUDQJLQXDãODELDXQHL.ODUREDQJÐQHLãDOWLQLR
7\UR.DVWDOLMRVQHL+HOLNRQRVURY¡VLU3HJDVR
.UDQWR%HWDWVLG¡NRWXåãLWRNLJHUDGDU\VW
'HUDQH³SUDVWRPGRYDQRPLUSXLNLDLVSDJ\ULPDLV
$ãMDXVHQLDLNHWLQXSDVWDW\WQHPLUWLQJDLMRãORYHL
$XNãWSDPLQNOLUWDLS³DPåLQWLMRDWPLQLP
%HWPDQVNXUGDVã\NãWXVVXODLNRUDQNRNDSãDV
1XRYDULRNÐPHQNÐQHDSVXQN
VOLHþLDPDVUDXGD
7DXVDUPDWÐãDOLHVãDOWÐ*ULJR5DWÐLUâLDXU¡V/RELDLSULNODXVR
7DGOHLVNLãNLOWLGLGLQJDPSDPLQNOXL
.XUVYDOGRYRãORY¡VEÌWÐYHUWDVSDSXRãNSUDEDQJLDLM³
/HLVNLYLUãÌQ¡PVMRWULPVSDVLHNWLSDW³2OLPS
0HGåLDJOLHSNLVXQHãWJUHLWLHVLHPVåY¡ULPVLUVSDUQXRþLDPV
3DNOXVQLHPVQHVSDNDNVMHLDWQHãNLHNYLHQDVLãVDYR
.UDãWRNYDQGHQDLDUåHP¡VJHOP¡VSDJLPGR
7DYRSDXNãþLDLLãþLD³SXQÐJLUDLWHVQXVNULHMD
,UãYHOQLDXVLDLVãLONDLVPLQNãWDLOL]GXVLãVLNORMD
7LJUDL.DXND]RVDYXRVXUYXRVH³VLNÌU¡WDUSPHOVYR
3HUVÐPDUPXURRSRGDQJDXVVXGU¡NXVLRVNOLDXWDLV
$QWDXNVLQLÐVPLOþLÐOHRSDUGDLSULHJOREVW³UDGR
ä¡ULQþLXRVYDQGHQXRVYLHQDUDJLVNLWXUQHPDW\WDV
3ODXNLRMDLUNDUþLXVDSVLWDãNRDXNVXVN\VWXRMX
1XRDUP¡QÐNDOQÐWDXOÌã\VNULãWROQHãD
.ORGÐPHWDORJLOLDLSDVO¡SWÐWDXKLSHUERU¡MÐ
*ULIDLLHãNROHQNWDLVQDJDLVMLHDNPHQLVEUDQJLXV
,ãNDVDLUSDþLDVJHOPHVDWVLY¡UXVLRVåHP¡V
3O¡ãLDEHLPDJQHWXVLãGLUYRVNLHWRVOXSLQ¡MD
,UNLHNNDUWÐPÌãLXVVXSLJP¡MDLVSDEDLJXVLRVJHUY¡V
*U³åWD7HVDOLMRQLUVSDUQDLVWUDQN\GDPRV1RW
6XSD3DQJ¡MXVVNXUGåLXVUDWXWULPLWXRMDWULXPI
7LHNV\NLÐJURELVSXLNXVWDXWHQNDQHWUÌNVWDEUDQJLÐMÐ
7HQDNPHQÐQXSO¡ãWÐQXRSULHãRYLUãXJDOYLRSHUOÐ
1HLSDJUREWÐY¡ULQLÐ3DODPHGRSDXNãþLDPVDQWNDNOR
1HL-XQRQRVGLGåLRVQHL0LQHUYRVPRN\WRVSDXNãþLXL
'XRNO
QHJ¡GDPRN¡WQHLNROFKÐSDXNãWLVDWQHãWL
7XUWÐQHWLQJLWDLSSDW+HOLDGåLÐDãDUÐJXOE¡V
1HSDQLHNLQVLUULQNVSULHåDOLRMR3DGRSDNUDQþLÐ
/DãDQW³JLQWDUMXRWHQNYDSQLRVåDL]GRVUDVRMD
,USXLNLXVYDLQLNXVQXVLLPVSDOHQNXVLRVJDOYDV
)HQLNVDVSDWVLããDOLHVWDPVLDYHLGåLÐLQGÐDWNO\G
V
.MLV*DQJHVDYDPNMLV+LGDVSHVXåYHMRMR
1HãDVNLULDMLVWDXLUGDO³$VLULMRVORELÐ
.DPGDUSULPLQWLNRNLDVSDSÌJDWDXGRYDQDVGXRGD
.DOEDQWLVGåLDXJVPDVPLãNÐåDOLDLSDVLSXRãXVYDOGRY¡
1RWRLU$XVWURNXULDLDWVLYHULDNUDQWDV$QWDUNWLHV
9DQGHQ\QHORELXVMDLDQRDãLJDOLRVSHLJDV
'DULVSDQÐODLYÐQHQXVNXUGLQWRMåHP¡MHVHUJVWL
1DJLPLQLSDOHLVNLãVNODLG\NYLUãSDVDXOLRSODW\ELÐ
.DGLãGDXJ\E¡VãDOLÐSXLNLDXVLRVGRYDQRVSODXNWÐ
7HSDGDELQVMRVSXLNLXVSDPLQNOXVEHVLVWLHELDQþLXVDXNãWLQ
7U\VSLUDPLG¡VLãDXJV²SDPLQNODLSHUJDOLÐSXRãQÌV²
ýLDNXUâDOWLQLVåDYXVVNDODXMDEDQJRPNULãWROLQ¡P
äHP
LUãQLRNãþLDãQHNXVSHUVDXO¡V³NDLWLQWåRO

ýLDLãNLOVSUDNLOQXV.DWNHYLþLXVLãVYHWLPãDOLR
0DUPXURLUSDGDELQVSDPLQNODPåLQãYHGÐ
3UDåÌWLHVYDL]GDLLUPÌãLDLVXEDUEDUDLVåLDXUÌV
5DLWDVDQWåLUJRVPDUNDXVVN\GXWDUWXPåDLEDVVXWYLVN
V
7DUSSDYRMÐNUDXMXSDå\P¡WNHOLVDXVNLQVLV
NDODYLMDVVXQNXVLãJXOG\VYLVYLUWLQ
ãYHGÐ
<SDþDãSUDEDQJLDLGUDPEOLRNDXOXLUDXNVXLãSXRãLX
.DXW\QHVVXPDVNY¡QDLVLUMDXXåYDOG\WR6PROHQVNR
%RNãWXVVXJULDXWXVRWDUSNDULÐSDYDL]GXRVLXM³SDW³
.DLSPDVNY¡QÐNUDXMXDSVLWDãN
VSHUJDO
ãYHQþLD
-HLJXVWHEXNOXLWRNLDPEHN\ODQþLDPSDUDPWHLNVL
'LGLVYDOGRYHPDQDXQHDWURG\VLWXQHG¡NLQJDV
6DYRJORE¡MXLRDãSRWRQHSULNDLãLRVLXQLHNDG
3DXNãþLDLLUåY¡U\VNDGMÌVSDPLUãRWHNDLSDãJLHGRMDX
7UDNÐåHP¡MH-XNMÌVPRN\WRSOHNWURNDGDLVH
7HLNWSDJXRGVNDPELRVNLWDURVPHORGLMPHQDW
.DLVDOGåLDEDOV¡PJLHVP¡PEUÌ]J\QXV3DWDUÐJORVþLDX
6HN¡OLNÐODXNDLVPDQLãSDVNRV$FKHORMDV
,U(XURWDVUÌVWXVDNDUQLHWLVSLUPM³OHG
1XVLPHW
VDWJDOSDVXN
V3HUPHVDV/LNRUPDV
*U³åWDQWLVY¡O³YHUVPHV(åHUDLLUXåXWHNLDLVQDXG¡
,UQXULPXVDXGURPVEDQJHO¡VRãWLSDOLRY¡
6NODQG¡SDXNãþLDLDSOLQNYLVRNLHQHãLRMDPL(XUÐ
0LãNRPHGåLDLNLWXVDQWãDNÐVXWÌSXVLXVQHã¡V
,UJDOYLMÐEDQGDVNXE¡MRVXGLHQGDUåLXVDYR
0HWDVDWHLVNDGDSULHSXLNDXV.UDåDQW¡VXSHOLR
3HUEUDXN
VSHUVNDPELDVVW\JDVSOHNWUXDãVXãDXNVLX
-XVVXMÌVÐJULIXODXNLQLDLåY¡U\VLUSDXNãþLDL
,UVDYRPLVJLHVP¡PLVDXNãWDL³SDGDQJHVLãNHOVLX
.DURO³LUQXRåPLDVNRYDVO\UDMXPVSULPLQVLX
âRNWSDJDOPDQRJLHVPHVWDGDåXRODLLPVQXGåLXJ
,UJDOYLMDLVNXE¡VXåGDU\WLVDYRWYDUWHOLXRV
3LHYRVSDþLRVWDGDDWJDEHQVQXVWHEXVLXVHOQLXV
LãSDVNRVJUHLWDVVWLUQHOHVDWVLQHãLUJDQ\NORV
*XOE
OL]GDVSDWVDLDWSOXNG\VSDWLNDUYHOLG¡
$WJDEHQVEDODQGåLXVE¡JVMDXWLVDUNOLãWUDXN
V
7XRV\NYLUãXNDOQ¡VLUQLÌULDXVLRVRORVLãWDUWL
.DUROLRYDUGLãPRNVDLG¡VLãNUDQWR³NUDQW
âLWDVYDUGDV²PLãNDLM³NDUWRVLUSUDWLQVLVWDUWL
.DURO³XRORVPLQ¡VLUJDUVLQV.DUROLRYDUG
6O¡QLDL.DURO³ãDXNVXSHOLDLãORYLQVMRQDUV
8RORVLU³ORPRVJLUVMRWYLUW\E
XS¡V²GRVQXP
0RN\WRV0Ì]RVWXRPHWLU3DODG¡VXMRPGHãLPWRML²
3ULHâDOWLQLRYHUVP¡VDSOLQNXLåDOL5LPDQW
9DLNãþLRVNDLã\VJ¡O¡PLVQHPDW\WRPNYDSQLDLVLDLVþLREUHOLDLV
5DLå\WDVNRORQDVLUJLUOLDQGRPSXRãQLRPDSLSLQVMDV
3ULHSLUDPLGåLÐSDþLÐVXVWRVULQNWLQLVMDXQLPDV
,UVWHE¡VLVEÌULDLVNDULÐLãUDLå\WDLVLDLVYDU\
,UPÌãLXVURGRVSHUNHOWXVþLDUHJ¡VLULãNDOWXV
äLUJXVURG\VLUJLUVNDURYDGLãDXNVRJU\QLDXVLR
,UYLHQVSHUNLWJLHGRVSDO\G¡GDPLJLHVP
SORMLPDLV
3XLNÌVGLGåLÌQDLMÌVãLDPSDPLQNOXLSDVNLUNLWHGDO³
6DYRWXUWÐWULÌVXSULVLG¡NLWSULHMRMRVWDW\ERV
3DXNãþLÐYDOGRYHNXULDPYLHQDPSDWLN¡WDYDOG\WL
.XRGLGåLDXVLXVWXUWXVLUORELXVYLVXVNLHNMÐåHP¡M
6O\SLVDXJRWLEHLQDXGRWLNSRåHPLDLVOHSLD
6LÐVNLSDGDQJLÐSXONXVWHSDSXRãLDPDQYDULRSDPLQNO
7XRNLEHUÐNUDQWDQSDDXNVXRWDQEDQJDLãULGHQD
.XRå¡UL$OSLÐNDOQDLLUNGRYDQRMDVNDLGULHML
9DQGHQ\VNãYHOQXV)DYRQLMDXVGYHONVPDVLãXJGR
$U%RU¡MDV5\WÐVP¡O\QXRVN(XUDVSDJLPGR
7DU¡3DUDJLQDWDVSDXNãþLXVUDLEXRVLXVLUåY¡ULV
âLHPVJDEHQWLORELXVLããLDXU¡VNUDãWR³VDNR
6HUÐPLãNXVMLVOLHSLDQLRNRWLUNDLPXVPDVLOÐ
.DUGXNHOLWUHWLHPV³$OSHVVXNDXVW\WDVOHGR
5RGRWLHVLDL.LWLHPVDSODQN\WL/LELMRVãDO³
3DWDULDDUEDSDVXNW³ãRQLUSHUNLUVW0HURM

6LXQþLDMLVGDUNLWXVSULH3LJPDOLRQRSDNUDQþLÐ
$XURURVQDPXVLU1LIDW¡VNUDãWXVQHVYHWLQJXV
,UWHQDLNXUVNOLDXWDQNHOLD$NURNHUDXQLMRVJDOY
/HGRVPLHVWNLWL²$PLNOXV²SODþLDLLãVLVNODLG
3O¡ãLDDUDEÐNUDQWXVLURODV$WODQWRNDOQ\QH
DSVLODQNLXVNLWLHPVQXVNXUVWD7HPHV¡VXRO\QDL
7DVDV'RGRQ¡YDULXSUDE\ODQWLLU2UFKRPHQ¡V
.UDQWDVLUPHWDOXQXRVHQRåYDQJDQW\V%DNWUDL
-DXVHSWLQWRMLGLHQDSULN¡O¡7LWDQLãJXROLR
5\WPHWLQLÐEDQJÐ7LN¡GDPDVWXRNDVåDG¡WD
)HEDVåLQJVQLDLVJUHLWDLV³YLUãÌQ
0HGåLRNDOQLRNRSLD
9HULDVLVO¡QÌVODXNDLLUNUDQWDVåDOLRVLRV.UDåDQW¡V
3HUÌNVPLQJDVGDXEDVVPDJLDLVUXYHQDQþLRVEDQJRV
,UNXRåDOLDXVLDODQNDDSOLQNXLPHOGDLVDSDXJXV
,PDGDLU\WLVSRWR³GHEHVLVåYDOJRVSRYLV
(UGY
EHSDOLRYRV²LUãWDLMDXGDQJÐEHNUDãW³
3DXNãþLÐXåVWRMREÌULDLLUDXNãWDVVNOLDXWDVDSWHPR
1XRVNUDMÌQÐVSDUQÐSODVQRMDQþLÐYLHQDVSULHNLWR
/HQNLDYDNDU³YLHQLLUYDQJLDLGYHONVQRMDQWY¡MHOLXL
.HOLSDPHW
SXONDLSRå\GUM³GDQJÐã¡OLRMD
.\ODOLJLGHEHVÐNLWLLUMDLVDSVLJDXE

7XRMGDQJDXVYDQGHQXRVSDQ\UDGLGåLXRMDVLUGåLDXJLDV
3OXNGRPL1RWÐGU¡JQÐ3DWVJULIDVVNLQDVLNHOL
8åYLVXVMXRVDXNãþLDXLUVNOHQGåLDVXY¡MDLVNODMÌQDLV
.ÌQDVGYHMRSDVVSDUQDLLãVNOHLVWLJLGHEHVLVãOXRMD
$N\VVYDLGRåDLEXVLU³NYHSLDEDLP
MROHQNWDV
6QDSDVYLUSþLRMDWU\VOLHåXYLDLYHãOÌVLãGULN
.DUþLDLSODLNVWRVLMDPDQWVSUDQGRãLDXãLDVLNXRGDV
$QWJDOYRVLãNHOWRVJDOLQJDLVVSDUQDLVSHUSDGDQJ
5DPLLULDVNLWDGDOLPLVDYRNÌQRMLV²OLÌWDV
*VGLQD(XUXVQDJDLVLUXRGHJDSDQþLRMDY¡MXV
äLEDLUSULHãDN\QHPHQNHVQLVSDYRMXVMLVNDUGX
äHLGåLD=HILUXVEDXJãþLXVLUåDL]GÐWLNGDUSDGDXJ¡MD
/\GLM³SDXNãþLÐEÌULDLQHVXVNDLWRPL3DVNXLYDOGRY
-RVSDUQXRWLNDULDLSDNOXVQLDLLUGDUQLDLSODVQRMD
9LHãSDþLXLNHOLRSDVWRWQHGU³VWDLãWÌNVWDQþLÐSDXNãþLÐ
1LHNDVãYHQWLHVLHPVVSDUQDPVQHSDOLHVWGDQJÐXåOHLGåLD
,UWLNVHNDWDNXSDVNXLSXUSXUG¡YLQW³YDG
*LHGDKLPQXVGåLXJLXVLUJLHVPHQXRODQNLDLYDOGRY
/LQNVPãORYLQDNDLSJUHLWDLVLDLVVSDUQDLVDWVNXE¡M
V
3XROD³WDUSNDULÐVWDLJDNDLSULNLXRW
LãVNODLGR
.DLSMLVNDODYLMXSDDXNVXRWXåYDQJLQDDUNDLS
ä¡ULDQWVN\GRMLVDLNDURYDGXLDUEDDQWDXNVLQLÐ
9¡OLDYÐVNOHLGåLDVSDUQXVDQWãDUYÐNDLSVSLQGLJDUELQJDL
.DLSMLVLãWLNLPDLåDLEXRMDJORE¡MXLDQWãDOPR
NDLLãY\VWDJDORSWROXPRMãYHQW\NODVLU.UDåDQW¡V
.UDQWEHLPÌUXVNDGDLVþLDEXYRVHQR5¡NXþLR
5ÌPDLQXRãDOÌVLUVURYHVNXULRVYLGXULXXS¡V
âQLRNãþLDGåLXJLDLNU\NãGDPLWXRMDXSDVYHLNLQD.UDåLXV
3DXNãþLDPVLãWROXPRVDWVLOLHSLDDLGåLRVLRVRORV
.UDåLDL²DWVDNRWXRMDXMLHPVDNPHQ\V.UDåLDL²EUÌ]J\QDL
8S¡V.UDåLDL/LQNVPÐEDOVÐVNDUGHQDPDJDXGåLD
3DXNãþLÐJLPWLQ¡²JLULD²LUDLGDVWDQNP
XåJDXQD
âWDLMDXEÌULRVYHþLÐSDVLWLNWLLU$SRORQDV
$WVNXEDO\GLJLM³$RQLGåLÐMDXQLPRSXONHOLV
NDUDOLXVåY¡ULÐLUVSDUQXRþLÐYDOGRYDVWXRWDUSX
6XULQNWDVLãYLVÐNUDãWÐEUDQJHQ\EHVLãG¡VWR
,USDVDXOLRSODWDXVWXUWXV³NUÌYDVNXRGLGåLDXVLDV
.UDXQDâLþLDJHOVYDLGRYDQRWDVPHWDODVåLRUXRMD
7YLVNDVLGDEUDVWHQDLWHQ²YDULRVXYHUVWDVNDOQDV
6NDLVWYDULVQLÌNVRDQWDLLãUÌGRVXJQLPLQHLãJDXWDV
EHWRGDUYLVDLSåLEXULXRMDQþLÐPDUPXUROXLWÐ
-LVGRYDQRMDXROÐDWQHãWÐLãGYLMÌULR.RULQWR
,UPDUJÐDNPHQÐLUXROLHQÐG¡P¡PPDUJDVSDOY¡P
âY\WLQþLÐNXUJ¡O¡PLVDNPHQLQ¡PSUDå\VWDGDUåHOLV
,UDSJDYLNDVDNPXRQHPDW\WDLVåRO\QDLVGDELQDV
WDUSWLNUÐMRYDJÐåDOLXRMDWDULDPRVSLHYRV
,UEUDQJLÐDNPHQÐSDVODSWLQJDLåLEDQþLÐJDXVLDL
.UDXQDODãXVQXRãDNÐVHVHUÐ+HVSHULGåLÐ7HWLG¡V
$ãDUDVGDULU5\WÐNUDãWÐNUXãRVYLVNUÌY
3ULGHGDNULQWDVDXVXOLHWXPLLUåDUVWRPDVMDVSLV
6WHELVLWXUWDLVWRNLDLV&KDULW¡VLU$SRORQDV
6WHELVSULHORELÐNUÌYÐMLVDLSDOLQNVWDQXGåLXJ
V
äYHOJLD³MXRVOLQNVPDLDNLPLVWXRMSHUPHWDYLVN
*ORVWRãYHQWXRVLXVWXUWXVDXNVLQ
GRYDQPLHOD
,UGUDPEOLRNDXODUEDEUDQJÐSHUOSLUãWDLVSDOLHVWL
.YLHþLD,VWRULMWXRMLU³MSUDE\ODPDORQLDL
'XNUDNXULDLå\JLXVSDWLN¡WDVDXJRWVHQRY¡V
,UQDUVLXRVLXVYDGXVLUNDUXVNXUJUÌP¡VNDGDLVH
9\UDL7DLNWDPVDDSJDXELDVWLQJGDQWLVODLNDV
,UDQWNRXåPDUãWLHVXåVOLQNRWLUãWRVLRVPLJORV
7XSDVLLOJXVLDPWRSDVDXOLXLDWYHULO\JLDL
7DLSVHQÐMÐå\JLXVNDLSMDXQLPRSLUPM³åLQJVQ³
7RNLSDVODXJPDQ3DUQDVRPHUJHOHVXWHLNL
7DLSSDJHOE¡NWHJXLãNLHWRYDULRGLGåLXOLDL
.\ODSDPLQNODLNXULHVHUJ¡VPDQRMR.DUROLRãORY
,UDWPLQLPNRYÐ$QWDLYLVRVåDOLDYRVJXOL
6WDWLQLXLYHUWRVLãWLHVNDGãLWLHNGDUER³G¡WXP
âWDL3LHULGåLÐEÌU\VSDVLUHQJ
VDWVNXED3DVNXL
0DUPXUDVåHQJVQHJDLãXRVMHLDãVDOGåLDEDOV¡PLVWUDNÐ
6W\JRPSDUDJLQVLXNLOWSDPLQNO$NPHQ\VSDW\V
*XOVJLHVP¡VSDOHQNWLSDYLGDODLVGDUQHUHJ¡WDLV
/HLVLVVNDSWXRMDPLRPLQNãWDXROLHQD³JDXVWXRM
9HLGREUXRåXVåPRQLÐLUYHLNMÐEÌG7LNXROLDL
,PNLVGDUERSDNOXVNQHJLUG¡WDPSUDã\PXLU\åNLV
7HEDLNLORO¡þLDX$PILRQJURMDQWLãJLUG

,UPDQÐMÐVW\JÐVXãDXNWLNDGDLVH3ULDPR
0ÌUDLNDLSDW\VNDOQDLSHUODXNXVNLWDUDLSDNYLHWXV
6OLQNRNDLåHQJ¡SLUP\QSULH,GRVVDYRVLRVSULJOXG
V
'LQGLPDVLULãWLVLPLãNDL³3HUJDPNRS¡
âLWDLSWDU
VNDLU¡QSDOHQNLDEDOWM³NDNO
3DNHOLDO\UNLWDUDQNDODLN\GDPDVSOHNWU
9LUSDQþLÐVW\JÐJDUVÐSULSLOGRYDLVNÐM³RU
,U=HILUXVãQDU¡WSDVNDWLQD6W\JRVNDLSOLHSWD
,PDJDXVWLRMRPVGUDPEOLRNDXODVXåJDXWDVUHLNOLÐMÐ
3LUãWÐSULWDULD7XRMPLãNDLDWVLOLHSLD³YLVN
1HWNDOQDLOLJåYDLJåGåLÐGåLDXJVPXQHWY¡U
SDãRND
'LGÌVJU¡VPLQJLNDOQDL-DXJLHVP¡VNORQLXVVNDUGHQD
$LGLJLUDLW¡VJLHVP¡PR)HEDVVXJU³å
VDSJLHGD
9DGRNRYDVRWDLSSDWLUSHOQ\WXVSRPÌãLÐWULXPIXV
'åLÌJDXMDQW\VSXONDLLU*ULIDV²MÐMÐYDOGRYDV
7XRPHWXDQWNDOYÐODXNXRVHLUåDOLXRMDQþLRMSLHYRM
/HLGRãRNWLVPDJXSDåLÌU¡WLRSDXNãþLDLWXRWDUSX
6NODQG¡UDWXVVXNGDPLLUQDUG¡SRJLHGUM³GDQJÐ
'åLXJLQDGDUEDVWRNVDLLU,VWRULM6HNDQþLXVSDVNXL
$NPHQLVYHGDSDWLSDWL³SDPDWXVNORMD
0DUPXUNOXVQÐDXNãW\QSDPLQNODPVSDGHGDNLOWL
3DGHGDLUSDO\GDYDOGRYHLâORY¡LU'LG\E¡
6WRYLãDOLDRDSOLQNVXVLEÌUXVLRV3DUHLJRV.RYRV
3HUJDO¡ãLþLD²GDåQDYLHãQLDVXVSDUQDLVSXUSXULQLDLV²
6WRYLWDLSSDWLUWDXULDãYLHVDVXåLE
7ULXPIDL
5DJLQDSDWDULDMLHYLVLLãV\NLR3DPRNR
0DUVR'UVD3DJ\UDGDELQDQWLVPLONLQLXVODXUDLV
âLWRN³GDUEUHJ¡WQHJDQD,VWRULMDLPLHOD
6DYRSDODQNLUDQNSULG¡W3HUNODLGåLVLDVSODW\EHV
6NOLQGDEHSDOLRYRVELOGHV\VQXRVWDWLQLRGLGåLR
äHP¡Q$LGDVJDUVXVDWVLPXã
V³GDQJÐVXJU³åWD
/DXNWLQHWHNRLOJDLYRVJDXEWXRMXVNOLDXWXQXVLOHLGXV
%DOWYHåLP'LHQD³MÌURVSXV
SDVXNR
7XRMSDPLQNODVGLGXVSDNLOR³GDQJÐDXNVLQ³
9RVDNLPLVLUPHQXSDWLN¡WXPäLÌULDSVWXOE
V
9DNDUDVLU9DODQGÐSUDE¡JXVLÐGY\OLNDVWHELV
äYHOJGDPRV³NRORQDVSRYLHQDJLPXVLDVVDXOH
âWDLVNDPELVLDVVW\JDVYLHQDSHUNLWXåJDXQD
.ODURVHVHU\VLUYLQJLXRMDPHORGLMNDLSWLN
*HEDO\UDRNLWRVåDOLXVYDLQLNXVLãåRO\QÐ
3LQDLUVXVNLQWDLVNXNOLDLVVDOLHUDLVOLJXVWUDLV
.DLãRSXUSXULQHVXRODVOHOLMRPLVSXRãLD
,PDNDOELQWâORY¡SDODQNLRMLQXGåLXJXV³)HE
7DULD0DWDLWULVGLGLQJDVXRODVSDVLHNXVLDVGDQJÐ"
ä\JGDUELDLVSLQGLþLRQDL.DWNHYLþLDXVLãQHWDã\WR
0DUPXURLUNUXYLQLNDUDLLãPHWDORNXUVLUJL
1HSUDVWHVQLV-HLWXSDQÌGDLYDL]GXVãLRSDPLQNOR
3HUSUDVWLWDLDWLGåLDLSDNODXV\NWUXPSDLDSVDN\VLX
âWDLSLUDPLG¡SLUPDNXULRVDãWXRQLRVSDNRSRV
.\ODLNLGHEHVÐYDL]GXRMD.DURO³²YDLN
$UQHPDWDLNDLSMLVDLGDUNÌGLNLVãOLDXåLDSULHNDUGR"
âDOPGLGåLXO³UDQNDNDLSOLHþLDLUSOXQNVQDVNXUVY\UD
1XRYLUãXJDOYLR".DLSURGRVYHOWXLVWHQJLDVSDNHOWL
-LVGHãLQLMDJOHåQDGHãLPWVOXRNVQ³VNULWXO³VN\GR
1HW³VLUHå
VLUNDLSQH³VWHQJ
VSDNHOWLSDOLHND
-³QXVLPLQ
V"7DþLDXVWU¡OHVMDPGXRWDVEXþLXRMD
)HEDLWLNSDåLÌU¡NLUGDUODELDXWXQXVWHEVL²
-LVGLGåLXOLXRVãDUYXRVLãVLWLHV
VJXOLRPLHJ
3DWLNLVN\GXLVXQNLDPLUVDYRJOHåQNÌQHO³
9DUJLQDORSã³MLVDLWDUSLHþLÐVDXVXVLUDQGD
ýLDMLVY¡OSRQXRåPLÐNDXW\QLÐW¡YJU¡VPLQJ
*ODXGåLDSLUPDVJO¡E\UHLNDODXMDå¡ULQþLRVMXRVWRV
,UXåVLVS\U
VODQNÐDWLPWÐLãSULHãRPDOGDXMD
7¡YDVWRWURNãWDQW³SDWVYLUãYDULRå¡ULQþLRNHOLD
*LULDNDLGåLDXJLDVLWDVJHOVYDLåLEXULXRMDQþLDLHWLP
,UNDLJORVWRNDUþLXVNDLYDULQ³EOL]JLQDVN\G
3DWVMRGåLDXJVPXLNXRGXQXSO¡ãWXQXRãDOPRPRVXRMD
âWDL³åHQJLDMLVDL³PÌVÐNDOQRãYHQWRY
,UMDXWDS
VVDYX$RQLGåLÐJLUDLW
DSODQNR
3URWDV)HERPHQDPVLPOXVLUOLQN
VSULH0DUVR
5HQNDV.DVWDOLMRVVDXORELXVPÌãLXVSULH/DXUHQWR
,U+DQLEDORNODVWDVLUJLQNOXVMDSLJÐYDOGRYR
,UDX]RQÐYDGXVYLVLãQDXMRãLUG\DWJDLYLQD
.\ODDXNãW\Q³åYDLJåGHVJUDNãWXVSDPLQNODV²DQWURML
3LUDPLG¡NXULDWVNOHLGåLDEHEDLP¡VMDXQ\VW¡V
3UDGåLLUG¡OSLUPÐWURI¡MÐDWPLQWLQNRY
1HVNDLMDXQ\VW¡VJOHåQRVJHOVYLåHQNODLSDVLURG¡
-DPDQWVNUXRVWÐLUNDLEDU]GRVDQNVW\YDVãHã¡OLV
9HLGDSWHPG¡ãLUGLHVQH³VWHQJ¡JO¡ELWLQJLQ\VW¡
3UDEDQJDSULVLYLOLRW²XåYDOG\WDYLVDNDURGLHYR
%XYRNLOQLRMLGYDVLD0DWDLNDLSLHW³SD¡P
V
'åLÌJDXMD.RNVLãGLGXVDQWWUDNÐåLUJRXåV¡GD
6XQDXMDLVLDLVãDUYDLV.DLSJUHLWDLåLHGDSYDOÐ
3HUYHULDLHWLVWDLNOLWDLNLQ\SDVWDW\WDPYDUå\ERPV
ýLDLUMDXQ\VW¡VNRYDVSDPDW\VLLUSLUPDVãORYLQJDV
0DUVRSDPRNDVþLDMDXQÐGLHQÐNDURå\JLDL
âY\WL.DUROLVþLD²DUWLOHULMRVYDGDVSDEÌNODLV
6YDLGRåDLEXVNUDXMXDSVLWDãN
VâDUYDLMRåY\QXRWL
ä¡ULDXNVX8JQLPQXãYLHþLDVN\GDVNDXW\QLÐ
/DXNLUDWNLãWDMRLHWLVå\EVLJU¡VPLQJDL
7LNSDåLÌU¡N²YLHQ0DUVRXJQLPãLUGLVXåVLGHJXV
3LUPDVSUDNDLWDVM³XåYDOGåLXV³GLHYLãGXRGD
²QLUãLVVNUXRVWXVNUDXMXQXGDå¡VDXO¡MHYDULV
%O\NVLLUXJQLPLSUDåÌWLQJDNDUGDVOLHSVQRMD
âWDLMLVY¡ONRYRVVXPDLãW\³VLVPDJLQ
VãYDLVWRV
-DXSDUDXGRãDUYDLLUDXNVDVNUDXMXDSãODNVW\WDV
%HWJDUVXVNDUYHG\VM³å\JLDLãORYLQJLDSVXS

3ULHãÐQHLMÐVWU¡OLÐQHSDVWHELãLþLDNDSRMD
*DOYDVãDOPXRWDVYHUåOXVLU³ã¡O
VWHQ²SXRODEDLOLXRVLXV
,PDQHODLVY¡QWROLDX²JDWYHSHUYLGXU³SULHãÐ
9HUåLDVLNDODYLMXLãNORMDVSUXQNDQþLPLQL
.RO³YHLN
VSXONXVSULYHUW
V0\NROE¡JWL
-LVVXVWRMDJLQNOXVVXG¡M
VLUåYHOJLD³GDQJÐ
%¡JDQW³.DURO³LUJRWÐåÌW³DWVNOHLGåLDWUHþLRML
3LUDPLG¡,UM.DWNHYLþLDXV²NDULRSDYHLNVODV
3XRãLDSXRODMLVDL³SDW³YLGXU³SULHãÐ
*ULDXG¡MDJLQNODLVãLXUSLDLVLUSURDSQXRJLQWXVNDUGXV
äLUJXVLHWLVãDOPXVEHLSHUYDLWRMDQþLÐNUÌY
3HUODYRQDLVQXNORWXVODXNXVSHUOHLVJ\YLÐNUDXM
9HUåLDVLWåDLEDV*ORWQLMRLHWLVSULHãÐGDXJ\E
3HUY¡U¡NUDXMROLHWXVSXUSXULQLVMRNDUGY¡VLQD
3LUPDVSDVSUXN
VEDLOLDLEÌULXV³SDNUDQW
VXãDXNLD
.DUROLVMÌUJUHLWXODLYXLPDVNURVWLSDEÌJ
V
3DNHOLDJ¡GDEXUHVREDLP¡VXVWLSULQDY¡M
ýLD³%DOWR$NPHQVåXG\QHVLUDXGUNDXW\QLÐ
.OLRNLDQþLXJRWÐNUDXMXSODþLDLSDVUXYXVLDVSLHYDV
5HYHOLRWXSDåLÌU¡NLU³.RNHQKDX]HQR0DUV
âLDVWYLUWRYHVNXULDVþLDPDWDLDNPHQ\SDYDL]GXRWDV
,U+YRQÐODXNXVQHVYHWLPXVNUDãWXLJLPWDMDP
7LN.DWNHYLþLXVLUMRSHUJDO¡VSXLNLRVJUåLQR
0DUVDVPDVNY¡QÐDXNãWDLSDþLDPHYLUãXMHSLUDPLG¡V
ä¡ULåLEDWHQDL6PROHQVNR³YHLNWRVVLHQRV
,UWYLUWRY¡VLUMÐVXJULDXWLVXWUXSLQWLERNãWDL
3HUJDO¡VSLQGLSXLNLSULHãPDVNY¡QXVNRYRMLãNDSRWXV
7DU¡3UDE\ODWDGD.LQWLHWLVGLHYLãNDLVåRGåLDLV
7HNRODLPLQJDGDOLDSDJDOLDXPDQDMDP/LF¡MXL
âLDQGLHQQHVãDOLPDLVVWRY¡WLLUVDXJRWMDPOHLVWD
.DURå\JLXV³VWDELXVLUYDGRãORY
QHPDUL
'U¡JQRMR.RURPLJOÐQHVLELMRãLWDVSDPLQNODV
1HLOLHWLQJÐåLHPÐQHLåDLEÐLãSDGDQJLÐDXNãW\E¡V
6YDLGRPÐQHLEÌULÐSDOHLVWÐLãWHVDOÐQHODLVY¡V
1HWJLODLNRW¡NP¡V²VWRY¡VNROVXNDVåYDLJåG\QDL´
9(6789, Ï (,6(1$
.85,
â9,(6,$86,$0.81,*$,.âý,8,
$/%(578,9/$',6/298,
5$'9,/$,
2/<.26,51(69<ä,$869$/'<72-8,
â9(1726,2652026,03(5,-26.81,*$,.6ý,8,
â<'/29(&2,50<52*5$)8,75$.Ï.$â7(/,218,
â(5(â(92,577,5776(1,Ë18,-81*789(6
â9(1ý,$1ý,$0
68
â9,(6,$86,-$3$1(/(
21$=(1$9,ý,Ë7(
32/2&.2.$â7(/,212'8.5$,577
9,/1,$86- =$86'5$8*,-26$.$'(0,-26,5
81,9(56,7(72678'(17$,
685(1*
0'&;;9,,,9,(â3$7,(60(7$,6
9(6789,1(,',/,-$â9,(6,$86,$0 .81,*$,.âý,8,
7HDSVQÌGXVO\UDLOJLDXQHVLGåLDXJLDUDP\EH
*DUVXLLãEO¡VXV7HJXYLUS¡WLSDOLRYXVLRVVW\JRV
&LWURVVNDPELRVQHQXWLOV,ãNLOPLQJDLSLUãWDLVWHJORVWR
'UDPEOLRNDXOJLHVP¡LUVW\JDVEHVLLOVLQþLDVSOHNWUDV
7HSDUDJLQVSULWDUWQHUHJ¡WRPV9LOQLDXVOLQNVP\E¡PV
*U³åWDMDXLãODXNÐ5XGXRVXåHP¡VQDãLRVLRV
'HUOLXPLU³PLHVWXVOLHWXYLÐ³åHQJLDLUWHLNLD
'åLDXJVPEHLGRYDQDVMLHPV'LGåLDVSDUQLV-XSLWHULRSDXNãWLV
3DNHOLDM³YDGHOHVDSUDL]J\WDVJHEHQ¡P³WHPS
V
.XUWLNSDGDQJHJLHGUDSHUQXRODWVOHQNDQW³VNOLDXW
5LHGDYHåLPDVWDVDLQXRQHDWPLHãWRY\QRDSVYDLJXV
*DXGåLDåHP¡JLUG¡WLãWROLLUQXVWHEXVLDVQLPIDV
.YLHþLDWDXU
SDNHOWLãNUDQWÐLãVLOLHM
V,DNFKDV
0RWLQD9LOLMDNXUSULHSDNUDQW¡VåRO¡PDSUDL]J\WRV
,OVLVYLUãXPEDQJÐP¡O\QSODXN
JDOYLãN¡O¡
,UVXYDGLQRPHOVYXVVDYRYDOGLQLXV0RWLQDLãDXNLDQW
7XRMåDOLDDNLÐEÌU\VVXE¡JD9LHQLLãMÐãYHOQLDL
2ãLDGDLQDVRNLWL³JDXGåLDQþLXVDNPHQLVGDXåR
9DQGHQLVVDYRVNDLGULXVLUY¡MDLMÐÌåHV³QHãD
6XNDVPDJLDLYHUSHWXVWUHWL³VÌNXU³YHUåOÐ
'ÌåWDQþLDVWUDXNLDEDQJDVLUGåLDXJVPLQJDLãRNDUDWHO³
$NQHYHOWXL.LHQRJLãLUGLHVQHSDJORVW\WÐW\OLDL
'åLDXJVPDVNDVJLPLQþLÐQHUDPLÐLUVORJLÐQHQXY\WÐ
.DLLãYLVÐNUDãWÐQHUHJ¡WRV/LQNVP\E¡VVXSOÌVWD
.DLSXLNLRMLâORY¡QXRUÌPÐSULHUÌPÐSHUPLHVW
6NXEDNDLWHLNLDVYLHã¡WþLRQDLLU3DUHLJRVDXNãWRV
,U/LHWXYRVSDUHLJÌQÐJDUVLÐYDUGDLVLUVHQROLDLV
.XRJDXVLDXVLDPLQLD-RJDLORVEXYHLQ
SULSLOGR
0Ì]RVLãNXUWDVEÌU\VSRPLHVWSDVNOLG
VLãNXUJL
7DJDXV\E¡WDXULÐGLGåLDY\ULÐPÌUXVVYHWLQJXV
*ORVWDQþLÐåYLOJVQLDLVNLOQLDLV"$UþLDWRNVVDPEÌULVY\UÐ
.DLSGHEHV\(OLG¡VVPLOþLÐNDLVNHOELDWULPLWDV
7HQåDLG\QHVLUSUDG¡WLNRYDVNDLSDFKDMDL³SUDW

5DJLQD"-LHPVVQDULÐQHVXNDXVW¡GDUNUDXMDVDSWLQJ
V
NUÌWLQ¡MNLOQLRMWYLUW\E¡LUM¡JRVNHURMD
6NDWLQDY\UXVQDUVDSDå³VWDQWLVDYRGLG\E

%XULDVLMLHLUYDUGDQãORY¡VGLGLQJRVSDYRMÐ
5\åWDVSDWLUWL7DþLDXDWNDNOLNRYDQHSDOLNR
3¡GVDNÐþLDGDUNDUãWÐEDOWDMDPVP¡O\³VSDXGXV
3DOP¡VãDNHO¡VâORY¡EÌVLPRVLRPVOHQNWLPVQHLãN¡O¡
NHWXUNLQNLÐYHUåOLÐQ¡YLHQDVVWXOSDVQHW\NR
%HWOHQNW\Q¡PVNLWRPV5DGYLOÐ+LPHQ¡MDVSDVWDW¡
*DLUHVUHQJLDVGDEDUNLWRNLHLVHQYHVWL
,USULHWLNVORDWVNULHWNLWRNLHPVDLGLQWSORMLPDPV
6NULHNLWHO\JÌVDEXVNXE¡NLW³WLNVOåDG¡W
6XWDUWLQDLLUãORYLQJLHPVGDUEDPVDWVLG¡NLWHXROLDL
/¡NLWSODþLXRMXNHOLXSHUYLOQLMDQW³ODXNOHQNW\QLÐ
.XU+LPHQ¡MDVSDãDXNVNXUMXGXEHQGUDVWURãNLPDV
1HãDLUWLHVNLWUDQNDV³WDLSWURNãWDPSDOP¡VãDNHO

/HPLDMXPVV¡NP
GLHYDLMXPVSORMDåLÌURYDL²KHURMDL
,ãVYHWXU²LUV¡NPLQJXVå\JLXVMÐãÌNVQLDLSDO\GL
LãNUDãWÐWROLPÐVXSOÌVWDLUGåLÌJDXMDQDUVÌV
.DURYDGDLLUNUDXMXEHLSXUSXUXJDUVÌVGLGLNDL
6NULHNLWHMDXQDYHGåLDLODLPLQJLåYHOJLDW¡Y\Q¡V
$N\V³MXVãLUGLVMXVODLPLQDO\GLSORMLPDL
âLþLDSO\WLGLUYDSUDQDãHVQ¡XåGXONHV(OLG¡V
.ÌQXQXYDUJXVLXþLDãORYLQJHVQLVSUDNDLWDVVUÌYD
,UNLOQRMDVVPDUNLDXNUÌWLQ¡DOVXRMDQWLVXQNLDL
ýLDQHJ¡GDNDUãWDLDWVLGXVWLãNUÌWLQ¡VNXULYRV
.YDSDWJDXQDDUEDLãGåLRYLQWLVPHJHQLVNDXOÐ
1XRYDUJLR³YHLNWDVLUXåOLHWLVNUXRVWXVGDLOLXRVLXV
²JLPWXSXUSXUXODLPLQJRVãLUG\VLãWLNUR
9DUJVWDWODLPLQJRMNRYRM7DþLDXNRNV3LQGDUDVLPWÐV
âLDVåDLG\QHVDSGDLQXRWSDVLNOLRY
VSOHNWUX$RQLGåLÐ
'UDPEOLRNDXORFLWUD".DVUHJLQ³ã³DSJLHGRM
V
,ãXåPDUãWLHVLãYDGXRVLUSHUDPåLXVSHUåLORSDVDXOLR
0HWÐYLUWLQHVM³YLVJDUVLQVLUãORYLQVSHOQ\WDL"
1HVNãYHQWRMRMJLHVP¡MãL.DGPRJXOE¡DSJLHGD
.DLMLVNOHQGåLDGDQJXPVXY¡MDLVWÐDWPLQLPR
,ãDPåLQ\E¡VLãWULQWQHSDM¡JVMDXGLHQDQHG¡NLQJD
/LNVJ\YLRãORY¡DQWVSDUQÐQHSDLOVWDQþLÐQLHNDG
*DUVÐYDUGMÐQHã$NNRN³SDPDWJLHVPHL
%ÌWÐMLUDGXVLþLDNDLVWRMRYLHQDVSULHãNLW
5DGYLODLUJDUVDXV=HQDYLþLÐNUDXMRPHUJHO¡
NXQLJDLNãWLNRNLDJLHVPHãLVSDXNãWLV,VPHQR
äHP
SDQLHNLQ
VLUGDQJDXVDXNãW\E¡QSDNLO
V
%ÌWÐDSVDN
VWDYXVå\JLXVMÐGLG\E
LUJDUV
3UDHLW³ãLRVSUDNLOQLRVJLPLQ¡VLUãORY
WYLUWHVQ
8åHLNOLXRVLXVPHWXV.DLS$XãULQ¡åLED²ãYLHVLDXVLD
,ãåYDLJåGåLÐ²SXONHOLXVåYDLJåGåLÐDXNVDVSDOYLÐSUDOHQNXV
3XUSXUXURåLÐVSDOYRVQXGDåLXVVSLQGXOLXVVDYR
-LOLHSVQRMDU\ãNLDXJQLPLLUãYLHþLDLãWROR
0DåRVåYDLJåGXW¡VYLHQDSRNLWRVLãNHOLRMDLWUDXNLDV
NXSLQLSDJDUERVåYDLJåG\QDLOLHSVQDVSULJHVLQD
ä\EþLRMDMLLUGRVQLDãYLHVDXåOLHMDSDGDQJHV
9HLGXMRVSXUSXULQLXQXãþLXY
VVWHELV2OLPSDV
7DLS5DGYLOÐSDGHUP¡SULO\JVWDQWLVNOLDXWRGLHY\E¡PV
6SLQGXOLXVåHULDVDYXVVDUPDWÐSDGDQJ¡M
LUVNOHLGåLD
âYLHVQDUVLRVJLPLQ¡VEHNUDãW¡MSDVDXOLRSODW\E¡M
ýLDQXOHLGåLDâORY¡VXåDY¡WåYLOJVQ³LULPD
5ÌSHVWLQJDLPDWXRW5DGYLORPVOHPWLHVGRYDQRWXV
1XRSHOQXVå\JLÐVYDULXVSDUHLJÐJDUELQJXPLUVYDUE
âWDLJLPLQ¡NXULDVXVY\UDYXVLU¡P¡VW¡Y\Q¡
,USDNLORLUGDUJUDåHVQ¡³PHWMDXQ\VW¡V
²åHQJ¡ýLD/LHWXYDQXVLPHWXVQLÌULVLDVVHQDWY¡V
6XWHPDV³åLHE¡Y¡OEHJ
VWDQþLãYLHVVWLSUHVQ¡
8åQHODLPHVSLNWDVLUMXRGRMR2UNRSDY\G
.DLS7LWDQDVNXULVYDåQ\þLRMDSDGDQJHYHåLP
*U³åWDQW³QXRODWNDLWLNåLUJÐVSDUQXRWÐMÐãLUGLV
0DWRXJQLP³SUDVWDQXVWRMXVOLHSVQRWLUDWãDOXV
3DVXNDWXRMSULHYHUVPLÐ.DVWDOLMRVDU³PDORQL
2O'RULG¡VåDOVYRV³SDå³VWDPXVYDQGHQLVQHULD
,UQDXMDXJQLPLSDVLLOJXVLDLåHPHLQXãYLQWD
7DLSQHNDUW/LHWXYDNDGDQXVLPLQXVLåYHOJ¡
.XSLQXEDLP¡VåYLOJVQLX³VXWHPDVMXRGDV³VDYR
3UDåÌW³SULH5DGYLOÐWXRMNUDXMRYHUVPLÐMLVNXE¡MR
NDLWLN³EDQJDVSDVLQHUGDYRQRUVLUMXRGåLDXVLDV
.LOWÐDXGURVGHEHVLVRVNLWÐ(XUDLM³QHãWÐ
,USDGDQJLÐVNOLDXWXVVXNUXYLQ
VEÌWÐP¡QXOLV
*VGLQVWUDNÐVLDXVPXQRUVEUDXWÐVLãEDUEDUÐNUDãWR
,USUDåÌWLHVãLXUSXJUDVLQWÐ³QLUãLVSULHãÐ
0DUVRSDYRMXVQXRåPXVSDVLWLNGDYRã\SVDQþLXYHLGX
*DOYLãN¡O
VDXNãþLDXLUEDLP¡QHWHPG¡MRVåYLOJVQLR
.LORLããLRVJLPLQ¡VOLHWXYLÐ$ONLGDLW¡Y\QHL
*DOLRVQHWHNXV7LNMLHQHLãVN\U¡ODQNX6LPSOHJDGåLÐ
7DLSDYRMDLNXULXRVSDJLPG¡GDLQLÐYDL]GXRW¡
1HLUDQNDEHJLQNOHåLHGDLVEHVLUDQJDQþLRNÌQR
âQ\SãþLDQþLRVEDLVLDLJDOYRVQHVXJQLDXå¡LUQHSDNORMR
+LGURVãLPWXPLUþLÐJLQNOXRWRV³VQDXGåLDQþLXVSHON¡V
9DQGHQLVQHVLXQW¡MRV³SDå³VWDPãDO³ãHã¡OLÐ
%HW5DGYLOÐQDUVDNLWRNLÐSLNWåDL]GåLÐUDQGD
(UHERMXRGXVSDXNãþLXVNXULXRVDXJLQDLUNODVW
²NYHSLDMLHPVQHOHPWD(ULQLMDVW\URDWãLDXULDL
.UDXSÌVVQDSDLRJ\VORPOLHSVQD²QHNUDXMDV²VUXYHQD
6XNWDVMÐSURWDVNODVWDVYLVUH]JDLUSUDåÌW³UHQJLD
'LGåLDMDL/HQNLMDLMHL5DGYLOÐOHPWLQJDVQDUVXPDV
-LHPVQHSDVWRWÐNHOLÐGHãLQLMDMHLQHLãQDLNLQWÐ
1HJDQGÐMHLJXWROLXåW¡Y\Q¡VULEÐQHDWUHPWÐ
.¡VOÐJ¡GLQJÐ.LHNNDUWLããLDXU¡VNLORPDVNY¡QÐ
1XRåPLRVDXGURV/DXNXVPLHVWXVLUåHPGLUELREÌVW
-RVNHWLQRQXVLDXEWLUSDOLNWLWXãþLJLPWLQ

-HLJXEXGUXV5DGYLOÐ(UHOLVSULHãQHJDQGDVWRNLDV
6DYRJ\Y\E¡VEUDQJLRVQHJDLO¡GDPDVEÌWÐQHNLO
V
6XJLQNOXJLPLQ¡VJDXV\E¡VSULHãÐDWUHPWL
-ÌVSDVODQNLXRMXGDQJXQSUDVNULHMDQW\VâLPWPHþLDL0HWDL
%¡JDQW\VEHSDOLRYRV²MXN$PåLXVWDPMXVLãXJGR
.DGEODQNXVSUDHLWLHVDWVSLQG\VLãOLNWÐLUEODãNR
-XVWDLDXNãW\QWDLåHP\QO\JUDQJ\WÐVLVOLELQRNÌQDV²
äYLOJVQLDLVEXGULDLVDNLPLVNXULÐVQDXGXO\VQHXåPHUNLD
âHQSDåYHONLWPHOGåLXGDUEÐNXULXRVãLPWPHþLDLPDW¡
1XYHLNWXVY\UÐãDXQLÐSUDHLW\LUWRNLãY\VLW
-ÌVEÌVLPVLDVNDUWDVEHY\NGDQWDWHLQDQW\VDPåLDL
ä\JLÐWRNLÐ5DGYLOÐJLPLQ¡MDXJDXV\E
³Y\NG¡
'HFLMÐãLRVJLPLQ¡V5RPDVDXOLQN¡WÐLUWURNãWÐ
.XUFLMXVNLO
VLãþLDEHGXJQ¡QEDXJLQDQþLRQEÌWÐ
3XRO
VGUVLDXVXVDYLPQXVLQHãGDPDVPLUWLQJU¡VP

6OLQNXVLOLQNSULVO¡JWRV,WDOLMRVãLWRNLRNUDXMR
)DELMÐEÌU³WXU¡WVDXJLDXEÌWÐEXY
URP¡QDPV
-HLJXWDLSO¡P¡OHPWLVãLR2OLPSRSHOQLXVQHEÌWÐ
/HQNLMDMHLJXãORYHQHSUDQRNWÐML5RPXORPLHVWR
.DVDSU¡SWÐSURWXWLHNY\UÐNLOQLÐLUJDUELQJÐ
,ãGDXJ\E¡VGYDUÐNXULHPV3DODG¡VYDLQLNDV
3XRãLDJDOYDVãYLHVLDVNXULHPVQHLãVHQNDQþLVURY
,ãNDOERVGDY¡SDWLSULJLPWLVLULãPLQW³JLOL
5DVWLVSUHQGLPNDGDEHVLãDXNWÐQXVLOSXVW¡Y\Q¡
-ÐXåWDULPRNLHNWÐNXULHPVLãGDQJDXVQXVLOHLGR
$WO\JLVXåLãW¡YÐSDYHOG¡WGRU²DXNVLQLV
/DXUÐYDLQLNDVNXULHPVãYHQWDVSXUSXUDVDSJDXE¡SODXNXV
.LHNGDUY\UÐQDUVLRVJLPLQ¡VLUMDXQXROLÐNXUPÌã\
1HSDVNXWLQLDLãDOPDLVJDXEWXRVLXVVPLONLQLXVGHQJLD
%HWQXRU\ãNLÐVSLQGXOLÐGDEDUMDXUDLEVWDPDQDN\V
ä¡ULWDU\WXPOLHSVQDJU\QLDXVLXSXUSXUX7LUR
6WRWRGDLODXVMDXQXROLVNDåNRNVRDQWãDOPRMDP²SOXQNVQRV
7DL²SDåLED5DGYLOÐãHLPRVãLRVSHUJDOLÐåHQNODV
-DPLãSDVNRVJDXVXVEÌU\V3DUHLJÐJDUELQJLDXVLÐ
6HNDR0DUVRãDXNOLDLMRãORY
VNHOELDNDLSGHUD
6DXJRDXNVRãDUYDLDSJO¡E
MRQDUVLNUÌWLQ

0ÌãLRGLGLQJDLVYDL]GDLVVXPDQLDLLãNDOWDLVSDGDELQWL
.DUGDVDSQXRJLQWDVMRâXLVNLRNUDXMRLãWURãN
VOLHSVQRMD²
âWDLNRNVMLVDLNDU\VLUNRNVSDQDãXVMLV³W¡Y
.DLGHãLQLMDVWLSULDMLHWÌNVWDQþLXVSULHãÐLãEODãNR
.DLVXNWXVPRGRNXVOLYRQXVJHORQXVLãNDSRMD
,USDVSUXQNDQþLXVJUHLWLãPÌãLRVNLWXVVXåDY¡WD
²NDUãþLRWRNLRâORY¡³UDãR³DPåLQNQ\J
-ÐJDUELQJXVYDUGXVLUSDWLNLDPåLDPVåLOLHVLHPV
%HWJLNDPDãPLQLXJLHGRGDPDVãLWRNLãORY

3ULJLPW³O\JLGLHYDPVPHQNRMãLUG\NDPVYDUVWDXYLV"
äHP¡MDLSHUPDåDMRVSDVDXOLVQXRNUDãWROLJNUDãWR
1HVXWDOSLQD.XULãDOLV5DGYLOÐQHJLUG¡MXV"
GDEDU/LHWXYDMDXåLHELDYHVWXYLÐåLELQW
,UODLPLQJRVGDOLRVO¡P¡MDLåYDLJåG\QDLMDXPLUNVL
7LHPVLãNXULÐXåJLPVYDLNDLþLDLSURW¡YLDPVO\JÌV
NDGDQJLUDQNDVVXMXQJ¡VDQWXRNRVVDLWDLV
,UDWLWHNRGXNUD=HQDYLþLDXV5DGYLODLãLDQGLHQ
.LHNM¡JÐSDVLVHPVLãGYLHMÐJLPLQLÐSDOLNXRQ\V
.LHNGDEDUV\NLÐXåGHJVWDLGLGåLRW¡YRQDUVXPDV
6ÌQXVVLHNWLJDUE¡VWDLJDUVXVMÐPRWLQRVYDUGDV
1HVMRV0DUVRãORY¡QHPHQNHVQ¡JDUV¡MDQXRVHQR
âLJLPLQ¡ãDXQXPX6HQDWHQ¡UDMDLSULWUÌN
1LHNDGSXLNLÐSDåLEÐQHLGLGLQJDPDQWVSDXGXLKHUEÐ
5DVGDYRãLþLDQDUVLÐYDGÐNDURå\JLDLVHQDWDV²
6DXSDUHLJÌQÐãORY¡²YDLYDGLMYDOGDQþLÐY\UÐ
%HWMDXSDNDQNDQHVSDWV2OLPSDVãLGLHQSDVN\U¡
7DX5DGYLOÐãYLHVXO\/LHWXYDMXPVYHVWXYLÐåLELQW
äLHELDLUGåLDXJLDV$XãUDNXULYDOGDV3DOHPRQR
1XEDUVW\VNDGDQRUVåYDLJåG¡PLVSDOLNXRQLÐU\ãNLRVLRP
7DLJLGDEDUNDLSDODQNÌVGLHYDL³MXGYLHMÐSRU
äYHOJLDLUVXWDUWLQDLSDOLQNVWDPHLOÌVåYDLJåG\QDL
6DXJRNLWVDQWXRNãLNDGMÌVÐYHUWLSDOLNXRQ\V
3XRãWÐMLUNDGYLVNLWLLãMÐJDUVLQWÐDPåLDLV
9DUGãORYLQJW¡YÐLUVHQROLÐNDG0DUVRVWRY\NORM
²VDNLQ¡WÐLUOHLVW³VWDW\PXVWDLNDLJHE¡WÐ
.DGVXWHLNWÐNOXVQXVMLHPVSXUSXUDVSURW¡YLÐYDOGåL
.DGãLUGLPLãGLGåLRPLUJDO\EHJDUV¡WÐWDUSOHQNÐ
/LÌWDLãLH5DGYLOÐNDGVNOHLVWÐWDYMãORY
3HUODLNXVQHPDUãLXVMÐå\JLDLNXUWXEHEÌWXP
7HJXOLHMDVODLVYDLãDXQXV5DGYLOÐLãNDOEXPDV
.DGSDOLHSLPDLVPLQLDVNDOERPLV²VHQDWSDOHQNWÐ
LUWXLãYLVÐOLHWXYDLþLÐJUDåLDXVLDPHUJHOH
äYDLJåGH=HQDYLþLÐVXWXRNWLQLXLWRNLDPDWLWHNXV
5ÌSLQNLVWXRNDGWDYLYDLNDLþLDLSHUDPåLXVJDUV¡WÐ
7DLSNDLSYHLGRGURYDXV.LQWLHW¡SDNLOXVLSODXNLD
7DUSQDNWLHVåLEXULÐLUVPDJLDLQXVLWHLNXVDSåYHOJLD
6NDLVWÐEÌU³åYDLJåGåLÐWDPVLXRVLXRVVNOLDXWXRV2OLPSR
7DLSLUWX5DGYLOÐåYDLJåG¡PLVQXEDUVW\NLSDGDQJHV
,UVDYREÌULRJDXVDXVVSLQGXOLDLVW¡Y\Q
XåOLHNL
7HSULHãW¡Y\Q¡VYDUJXVXåVLPRMDEDXGåLDQþLXNDUGX
-ÌVÐ3HUV¡MDVDXNãþLDXNDODYLMWHNHOV2ULRQDV
.LO
VLããLRVJLPLQ¡V7DWDLSUDQDãDXMDåYDLJåG\QDL

Motiejus Kazimieras Sarbievijus. Lietuviškos kūrybos knyga

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Motiejus Kazimieras Sarbievijus. Lietuviškos kūrybos knyga

Uploaded by

Copyright:

Available Formats

0RWLHMXV.

3DVDN\NåLQDLMXNWYLHWNDLMLV

You might also like

Motiejus Kazimieras Sarbievijus. Lietuviškos kūrybos knyga

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Motiejus Kazimieras Sarbievijus. Lietuviškos kūrybos knyga

Uploaded by

Copyright:

Available Formats

0RWLHMXV.

3DVDN\N åLQDLMXNWYLHW NDLMLV

You might also like

3DVDN\NåLQDLMXNWYLHWNDLMLV