3RQHGMHOMDNJRG 6/8ä%(1(129,1(78=/$16.2*.

$1721$ %URM6WUDQD

NVYDNRQHSRãWRYDQMH3UDYLOQLNDRãNROVNRPNXüQRP
134 UHGX
1DWHPHOMXþODQNDVWDYDN=DNRQDRRVQRYQRP
RGJRMX L QDREUD]EL Ä6OXåEHQH QRYLQH 7X]ODQVNRJ ýODQDN
NDQWRQD´ EU  L  PLQLVWDU QDREUD]EH ]QDQRVWL 2GJRMQRGLVFLSOLQVNHPMHUH]DODNãHSRYUHGH
NXOWXUHLãSRUWD7X]ODQVNRJNDQWRQDGRQRVL GLVFLSOLQH
 =D ODNãX SRYUHGX GLVFLSOLQH  XþHQLNX VH PRJX
P R A V I L N I K L]UHüLVOMHGHüHRGJRMQRGLVFLSOLQVNHPMHUH
DXNRUUD]UHGQLNDL
RSRYUHGDPDGLVFLSOLQHSRVWXSNX]DXWYUÿLYDQMH EXNRUUD]UHGQRJYLMHüD
GLVFLSOLQVNHRGJRYRUQRVWLXþHQLNDQDNQDGLSULþLQMHQH 2GJRMQRGLVFLSOLQVNXPMHUXXNRUUD]UHGQLNDL]ULþH
PDWHULMDOQHãWHWHWUDMDQMXL]UHþHQHRGJRMQR UD]UHGQLN D RGJRMQRGLVFLSOLQVNX PMHUX XNRU UD]UHGQRJ
GLVFLSOLQVNHPMHUHXEODåDYDQMXLXNLGDQMXWH YLMHüDL]ULþHUD]UHGQRYLMHüH
SRVOMHGLþQRPRGQRVXQDRFMHQHL]YODGDQMDXþHQLNDX  2 XþLQMHQRM ODNãRM SRYUHGL GLVFLSOLQH RG VWUDQH
RVQRYQRMãNROL XþHQLNDLRL]UHþHQRMRGJRMQRGLVFLSOLQVNRMPMHULãNRODMH
GXåQDREDYLMHVWLWLURGLWHOMDXþHQLND
,23û(2'5('%( 6DXþHQLNRPNRMLXþLQLODNãXSRYUHGXãNRODMHGXåQD
XQDSULMHGLWLRGJRMQLUDGDNWLYQRVWLPDXRNYLUXRGMHOMHQVNH
ýODQDN ]DMHGQLFH VWUXþQLP UDGRP UD]UHGQLND SHGDJRJD ãNROH
3UHGPHW3UDYLOQLND SRVHEQLK VWUXþQLK WLPRYD X FLOMX RVWYDULYDQMD RGJRMQH
2YLP SUDYLOQLNRP XUHÿXMX VH SRYUHGD GLVFLSOLQH VYUKH
SRVWXSDN]DXWYUÿLYDQMHGLVFLSOLQVNHRGJRYRUQRVWLXþHQLND
QDNQDGL SULþLQMHQH PDWHULMDOQH ãWHWH WUDMDQMX L]UHþHQH ýODQDN
RGJRMQRGLVFLSOLQVNH PMHUH XEODåDYDQMX L XNLGDQMX WH 7HåHSRYUHGHGLVFLSOLQH
SRVOMHGLþQRP RGQRVX QD RFMHQH L] YODGDQMD XþHQLND X 7HåHSRYUHGHGLVFLSOLQHXþHQLNDVX
RVQRYQRMãNROLXGDOMHPWHNVWXãNROD DVDPRYROMQRQDSXãWDQMHVDWL
EXþHVWDORSRQDYOMDQMHODNãLKSRYUHGDGLVFLSOLQH
,,3295('(',6&,3/,1( FIDOVL¿FLUDQMHVYMHGRGåEHXþHQLþNHNQMLåLFHSLVPHQLK
LNRQWUROQLKUDGRYDWHXYMHUHQMDLSRWYUGDL]GDWLKRGVWUDQH
ýODQDN ãNROH
,]ULFDQMHRGJRMQRGLVFLSOLQVNLKPMHUD GIDOVL¿FLUDQMHOMHNDUVNLKRSUDYGDQMD
3UHPD XþHQLNX NRML QHUHGRYQR SRKDÿD QDVWDYX H¿]LþNRQDVLOMHWXþDSURX]URNRYDQMHSRYUHGDLVO
QHPDUQRVHRGQRVLSUHPDUDGXLXþHQMXUD]QLPDNWLYQRVWLPD I ]DVWUDãLYDQMH XFMHQMLYDQMH X] R]ELOMQX SULMHWQMX
X ãNROL NDR L SUHPD XþHQLNX NRML LPD QHGROLþDQ RGQRV L]QXÿLYDQMH QRYFD LOL VWYDUL RJUDQLþDYDQMH NUHWDQMD
SUHPDGUXJLPXþHQLFLPDXãNROLQDVWDYQLFLPDLVWUXþQLP XNOMXþLYDQMHXGHVWUXNWLYQHJUXSHLRUJDQL]DFLMH
VXUDGQLFLPD RVWDOLP ]DSRVOHQLFLPD L SUHPD ãNROVNRM J SULMHWQMD L]RODFLMD PDOWUHWLUDQMH RUJDQL]LUDQMH
LPRYLQLL]ULþXVHRGJRMQRGLVFLSOLQVNHPMHUH JUXSD L VXGMHORYDQMH X LVWLP NRMH LPD ]D SRVOMHGLFX
SRYULMHÿLYDQMHGUXJLK
ýODQDN K SULVYDMDQMH ãNROVNH LPRYLQH L LPRYLQH GUXJLK
6YUKDRGJRMQRGLVFLSOLQVNLKPMHUD XþHQLND
2GJRMQRGLVFLSOLQVND PMHUD LPD SHGDJRãNL RGQRVQR L SRVMHGRYDQMH  LOL XSRUDED DONRKROD FLJDUHWD L
RGJRMQL NDUDNWHU L L]ULþH VH X VOXþDMHYLPD NDGD VH PRåH QDUNRWLþNLK VUHGVWDYD L SVLKRDNWLYQLK VXSVWDQFL X ãNROL
RþHNLYDWL GD üH VH QMHQLP L]ULFDQMHP RVWYDULWL RGJRMQD LOL X ãNROVNRP GYRULãWX NDR L SRGVWUHNDYDQMH QD QMLKRYX
VYUKD XSRUDEX
M RPDORYDåDYDQMH QDVWDYQLND L RVWDOLK ]DSRVOHQLND
ýODQDN ãNROH
9UVWHSRYUHGDGLVFLSOLQH NSRVMHGRYDQMHRUXåMDLGUXJLKRSDVQLKSUHGPHWD
3RYUHGHGLVFLSOLQHPRJXELWLODNãHLWHåH OL]UDåDYDQMHQDFLRQDOQHYMHUVNHUDVQHLQHNHGUXJH
QHWUSHOMLYRVWL
ýODQDN PQHRSUDYGDQRL]RVWDMDQMHVDQDVWDYHLGUXJLKREOLND
/DNãHSRYUHGHGLVFLSOLQH RGJRMQRJREUD]RYQRJUDGDLYLãHVDWLXWLMHNXãNROVNH
/DNãHSRYUHGHGLVFLSOLQHXþHQLNDVX JRGLQH
D QHRSUDYGDQRL]RVWDMDQMHVDQDVWDYHLGUXJLKREOLND Q ]ORXSRUDED PRELOQRJ WHOHIRQD LOL GUXJLK
RGJRMQRJREUD]RYQRJ  UDGD GR  VDWL X WLMHNX ãNROVNH HOHNWURQLþNLKXUHÿDMDXWLMHNXQDVWDYQRJSURFHVD
JRGLQH R ]ORXSRUDED LQIRUPDFLMVNLK WHKQRORJLMD L]YDQ
ERPHWDQMHRGJRMQRREUD]RYQRJUDGD QDVWDYQRJ SURFHVD X ãNROL VQLPDQMH QDVLOQLK VFHQD
FQHSULPMHUHQRSRQDãDQMHSUHPDGUXJLPXþHQLFLPD GLVWULEXLUDQMH VQLPDND L VOLND VD QDVLOQLP VDGUåDMLPD
QDVWDYQLFLPD VWUXþQLP VXUDGQLFLPD L GUXJLP ]DSRVOHQLP SRUQRJUD¿MDLVO
XãNROL SQDPMHUQRRãWHüHQMHLOLXQLãWHQMHãNROVNHLPRYLQH
GQHSULPMHUHQRRGLMHYDQMH U ODåQH GRMDYH R  SRGPHWQXWLP HNVSOR]LYQLP
HQHSRãWRYDQMHRGOXNDQDGOHåQLKRUJDQDãNROHLWLMHOD VUHGVWYLPDXSURVWRUXãNROH
IQHLQIRUPLUDQMHURGLWHOMDVWDUDWHOMDXGDOMHPWHNVWX VLGUXJLVOXþDMHYLSURSLVDQL3UDYLOLPDãNROH
URGLWHOMRUH]XOWDWLPDXþHQMDLYODGDQMD
JQHQDPMHUQRRãWHüHQMHãNROVNHLPRYLQH ýODQDN
K RãWHüHQMH LOL XQLãWHQMH RVREQLK VWYDUL L SULERUD 2GJRMQRGLVFLSOLQVNHPMHUH]DWHåHSRYUHGHGLVFLSOLQH
XþHQLNDL]DSRVOHQLKXãNROL  =D WHåX SRYUHGX GLVFLSOLQH  XþHQLNX VH L]ULþX
LL]EMHJDYDQMHXþHãüDXãNROVNLPPDQLIHVWDFLMDPDL VOMHGHüHRGJRMQRGLVFLSOLQVNHPMHUH
GUXJLPSODQLUDQLPDNWLYQRVWLPDãNROH  D XNRU UDYQDWHOMD ]D WHåH SRYUHGH GLVFLSOLQH  L]
MXSRUDEDPRELOQRJWHOHIRQDLOLGUXJLKHOHNWURQLþNLK þODQNDVWDYDNWRþNHDEMLQ
XUHÿDMDXWLMHNXQDVWDYHEH]RGREUHQMDQDVWDYQLND
%URM6WUDQD 6/8ä%(1(129,1(78=/$16.2*.$1721$ 3RQHGMHOMDNJRG

EXNRUQDVWDYQLþNRJYLMHüD]DWHåHSRYUHGHGLVFLSOLQH ,,,326783$.=$8795Ĉ,9$1-(
L]þODQNDVWDYDNWRþNHGIJLS 2'*29251267,8ý(1,.$
F SUHPMHãWDQMH X GUXJR RGMHOMHQMH ]D WHåH  SRYUHGH
GLVFLSOLQHL]þODQNDVWDYDNWRþNHKLO ýODQDN
GSUHPMHãWDMXGUXJXQDMEOLåXãNROXQDSRGUXþMXLVWH 3RVWXSDN]DXWYUÿLYDQMHWHåHSRYUHGHGLVFLSOLQH
RSüLQH]DWHåHSRYUHGHGLVFLSOLQHL]þODQNDVWDYDN =DWHåHSRYUHGHGLVFLSOLQHXþHQLNDãNRODMHGXåQD
WRþNHFHLNPRLU YRGLWLSRVWXSDN]DXWYUÿLYDQMHRGJRYRUQRVWLRþHPXPRUD
 .RG L]ULFDQMD RGJRMQRGLVFLSOLQVNH PMHUH ]ERJ ELWLREDYLMHãWHQURGLWHOMXþHQLND
L]RVWDMDQMD XþHQLND VD QDVWDYH L GUXJLK REOLND RGJRMQR  8 SRVWXSNX XWYUÿLYDQMD RGJRYRUQRVWL XþHQLND
REUD]RYQRJUDGDYLãHRGVDWLXWLMHNXãNROVNHJRGLQH X GDOMHP WHNVWX SRVWXSDN SRUHG X]LPDQMD  L]MDYD
REYH]QDMHSRVWXSQRVWXL]ULFDQMXPMHUD RG  XþHQLND PRUDMX VH X]HWL L]MDYH L RVWDOLK XþHVQLND LOL
 ,]QLPQR NDGD QDVWDYQLþNR YLMHüH RFLMHQL GD VYMHGRNDþLMHVYMHGRþHQMHPRåHELWLRGYDåQRVWL]DYRÿHQMH
XþLQMHQD WHåD SRYUHGD  GLVFLSOLQH QHJDWLYQR XWMHþH SRVWXSND
QD SRQDãDQMH XþHQLND LOL QMLKRYX VLJXUQRVW RGJRMQR  3RVWXSDN  SRNUHüH UD]UHGQLN  QDMNDVQLMH X URNX
GLVFLSOLQVNDPMHUDVHPRåHL]UHüLLEH]YRÿHQMDSRVWXSND RG  GDQD  ]D XþLQMHQX WHåX SRYUHGX  REYH]D XþHQLND  L
2GJRMQRGLVFLSOLQVNXPMHUXXNRUUDYQDWHOMDGRQRVL RNRQþDYDVHGRQRãHQMHPUMHãHQMD
UDYQDWHOMRþHPXGRQRVLUMHãHQMH  3ULMHGORJ ]D SRNUHWDQMH SRVWXSND PRåH SRGQLMHWL
 2GJRMQRGLVFLSOLQVNH PMHUH XNRU QDVWDYQLþNRJ SUHGPHWQLQDVWDYQLNUD]UHGQRYLMHüHLOLQDVWDYQLþNRYLMHüH
YLMHüDSUHPMHãWDQMHXGUXJRRGMHOMHQMHLSUHPMHãWDMXGUXJX 3RSULMHPXSULMHGORJDQDGOHåQLRUJDQ]DL]ULFDQMH
QDMEOLåX ãNROX QD SRGUXþMX LVWH RSüLQH L]ULþH QDVWDYQLþNR RGJRMQRGLVFLSOLQVNH PMHUH GXåDQ MH XSR]QDWL VH VD VYLP
YLMHüHRþHPXãNRODGRQRVLUMHãHQMHNRMHSRWSLVXMHXLPH QDYRGLPD X SULMHGORJX NDR L RPRJXüLWL XþHQLNX GD VH
QDVWDYQLþNRJYLMHüDUDYQDWHOMãNROH L]MDVQLRQDYRGLPDNRMLJDWHUHWH]DXþLQMHQXSRYUHGX
3UHPMHãWDMXGUXJXQDMEOLåXãNROXQDSRGUXþMXLVWH  3ULMH GRQRãHQMD UMHãHQMD PRUDMX VH XWYUGLWL VYH
RSüLQH SRGUD]XPLMHYD GUXJX QDMEOLåX ãNROX QD SRGUXþMX þLQMHQLFHNRMHVXRG]QDþDMD]DGRQRãHQMHUMHãHQMD
LVWHRSüLQHXRGQRVXQDPMHVWRERUDYLãWDXþHQLND  3RVWXSDN  YRGL  WURþODQD NRPLVLMD NRMX IRUPLUD
6DXþHQLNRPNRMLXþLQLWHåXSRYUHGXãNRODMHGXåQD UDYQDWHOMãNROHXþLMHPMHVDVWDYXLUD]UHGQLNXþHQLND
GDXQDSULMHGLRGJRMQLUDGDNWLYQRVWLPDXRNYLUXRGMHOMHQVNH  .DGD XþHQLN XþLQL WHåX SRYUHGX GLVFLSOLQH ãNROD
]DMHGQLFH VWUXþQLP UDGRP  UD]UHGQLND SHGDJRJD ãNROH RGPDK R WRPH REDYMHãWDYD URGLWHOMD L XNOMXþXMH JD X
SRVHEQLKVWUXþQLKWLPRYDXFLOMXSRVWL]DQMDRGJRMQHVYUKH SRVWXSDN
 8NROLNR X ãNROL SRVWRML VDPR MHGQR RGMHOMHQMH  .RPLVLMD SLVPHQLP SXWHP REDYMHãWDYD URGLWHOMD
UD]UHGDRGJRMQRGLVFLSOLQVNDPMHUDL]VWDYNDWRþNDF XþHQLNDRGDQXX]LPDQMDL]MDYDRGXþHQLNDQDMNDVQLMHWUL
RYRJ þODQND XþHQLNX VH L]ULþH DOL XþHQLN L GDOMH RVWDMH X GDQDSULMHGDQDRGUHÿHQRJ]DX]LPDQMHL]MDYD
LVWRPRGMHOMHQMX 8þHQLNRXþLQMHQRMSRYUHGLGDMHL]MDYXXSULVXVWYX
 1DNRQ L]ULFDQMD RGJRMQRGLVFLSOLQVNH PMHUH URGLWHOMDLOLRUJDQDVWDUDWHOMVWYD
L] VWDYND  WRþND G RYRJ þODQND ãNROD NRMD MH L]UHNOD =DSLVQLNRGDYDQMXL]MDYHXþHQLNDSRWSLVXMXVYL
PMHUXGXåQDMHãNROLXNRMXMHXþHQLNSUHPMHãWHQGRVWDYLWLL þODQRYLNRPLVLMHNRMDYRGLSRVWXSDN
LQIRUPDFLMHRSRGX]HWLPSHGDJRãNLPPMHUDPD 3ULOLNRPGRQRãHQMDRGOXNHRL]ULFDQMXRGJRMQR
GLVFLSOLQVNH PMHUH RUJDQ NRML RGOXþXMH R PMHUL LPDW üH X
ýODQDN YLGX WHåLQX XþLQMHQH SRYUHGH L QMHQH SRVOMHGLFH VWXSDQM
6PDQMHQMHYODGDQMDNDRSRVOMHGLFDL]ULFDQMDRGJRMQR RGJRYRUQRVWL XþHQLND RNROQRVWL SRG NRMLPD MH SRYUHGD
GLVFLSOLQVNLKPMHUD XþLQMHQD UDQLMH SRQDãDQMH XþHQLND SRQDãDQMH SRVOLMH
 =D SRYUHGX GLVFLSOLQH L] þODQND  VWDYDN  XþLQMHQH SRYUHGH X]UDVW XþHQLND L GUXJH RODNãDYDMXüH L
WRþNDDLþODQNDVWDYDNWRþNDPXþHQLFLPDVHL]ULþX RWHåDYDMXüHRNROQRVWL
VOMHGHüHRGJRMQRGLVFLSOLQVNHPMHUH 3ULOLNRPGRQRãHQMDRGOXNHRL]ULFDQMXRGJRMQR
D RG  GR  QHRSUDYGDQLK L]RVWDQDND L]ULþH VH GLVFLSOLQVNHPMHUHSRWUHEQRMHRVLJXUDWLGDL]UHþHQDPMHUD
RGJRMQRGLVFLSOLQVND PMHUD XNRU UD]UHGQLND L YODGDQMH RVWYDUL RGJRMQL FLOM NDR L GD RGJRMQR XWMHþH QD XþHQLND
ÄYUORGREUR³ NDNR EL VYRMH SRQDãDQMH XVNODGLR VD QRUPDPD SRQDãDQMD
E RG  GR  QHRSUDYGDQLK L]RVWDQDND L]ULþH XWYUÿHQLP3UDYLOLPDãNROH
VH RGJRMQRGLVFLSOLQVND PMHUD XNRU UD]UHGQRJ YLMHüD L  3ULMH L]ULFDQMD RGJRMQRGLVFLSOLQVNLK PMHUD L]
YODGDQMHÄGREUR³ VWDYNDWRþNHHIJLNRLURYRJþODQNDãNROD
F RG  GR  QHRSUDYGDQLK L]RVWDQDND L]ULþH VH MHGXåQDRGURGLWHOMDXþHQLND]DWUDåLWLGDSULEDYLPLãOMHQMH
RGJRMQRGLVFLSOLQVND PMHUD XNRU UDYQDWHOMD L YODGDQMH OMHNDUD VSHFLMDOLVWH SVLKLMDWUD LOL GMHþLMHJ SVLKRORJD
Ä]DGRYROMDYD³ QDGOHåQH]GUDYVWYHQHXVWDQRYHRXþHQLNXXURNXRGGDQD
G RG  GR  QHRSUDYGDQLK L]RVWDQDND L]ULþH VH RGXþLQMHQHSRYUHGHGLVFLSOLQH8NROLNRURGLWHOMXþHQLNDQH
RGJRMQRGLVFLSOLQVND PMHUD XNRU QDVWDYQLþNRJ YLMHüD L GRVWDYL ãNROL PLãOMHQMH OMHNDUD VSHFLMDOLVWH X QDYHGHQRP
YODGDQMHÄORãH³ URNX RUJDQ üH L]UHüL RGJRMQRGLVFLSOLQVNX PMHUX EH]
H  L YLãH QHRSUDYGDQLK L]RVWDQDND L]ULþH VH QDYHGHQRJPLãOMHQMD
RGJRMQRGLVFLSOLQVND PMHUD SUHPMHãWDM X GUXJX QDMEOLåX  2GOXND QDVWDYQLþNRJ YLMHüD R RGJRMQR
ãNROXQDSRGUXþMXLVWHRSüLQHLYODGDQMHÄORãH³ GLVFLSOLQVNRM PMHUL GRQRVL VH YHüLQRP JODVRYD XNXSQRJ
 =ERJ VDPRYROMQRJ QDSXãWDQMD QDVWDYH L]UHþHQD EURMDþODQRYDSULVXWQLKQDVMHGQLFL
PMHUD PRåH ELWL L VWURåLMD SRJRWRYX XNROLNR MH XþHQLN
SRGVWUHNDYDRGUXJHXþHQLNHGDQDSXVWHQDVWDYXLOLMHVYRMLP ,9326783$.32ä$/%,
SRVWXSFLPDRQHPRJXüLRRGUåDYDQMHQDVWDYHXRGMHOMHQMXLOL
ãNROL ýODQDN
,]QLPQRQDSULMHGORJQDVWDYQLþNRJYLMHüDXþHQLNX 5MHãDYDQMHSRåDOEL
VH]DSRYUHGHGLVFLSOLQHPRJXL]UHüLRGJRMQRGLVFLSOLQVNH  8þHQLN L URGLWHOM XþHQLND PRJX SRGQLMHWL åDOEX
PMHUH L X VLWXDFLMDPD NDGD MH XþHQLN XþLQLR YLãH SRYUHGD GUXJRVWXSDQMVNRPRUJDQXQDL]UHþHQXRGJRMQRGLVFLSOLQVNX
GLVFLSOLQHNRMHVDPH]DVHEHQLVXGRYROMQHGDELVH]DVYDNX PMHUX
RGQMLKVDPRVWDOQRL]UHNODRGJRMQRGLVFLSOLQVNDPMHUD
3RQHGMHOMDNJRG 6/8ä%(1(129,1(78=/$16.2*.$1721$ %URM6WUDQD

 1DPMHUXL]UHþHQXRGUD]UHGQLNDåDOEDVHSRGQRVL  2GOXND GUXJRVWXSDQMVNRJ RUJDQD SR åDOEL MH

UD]UHGQRPYLMHüX NRQDþQD
 1D PMHUX L]UHþHQX RG UD]UHGQRJ YLMHüD åDOED VH
SRGQRVLQDVWDYQLþNRPYLMHüX 9,326/-(',&(,=5,&$1-$2'*2-12
 1D PMHUX L]UHþHQX RG QDVWDYQLþNRJ YLMHüD åDOED ',6&,3/,16.(0-(5(1$
VHSRGQRVLãNROVNRPRGERUX 9/$'$1-(8ý(1,.$,92Ĉ(1-(
 1DL]UHþHQXRGJRMQRGLVFLSOLQVNXPMHUXL]þODQND (9,'(1&,-(2,=5(ý(1,00-(5$0$
VWDYDNåDOEDVHSRGQRVLQDVWDYQLþNRPYLMHüXãNROH
D QD L]UHþHQX RGJRMQRGLVFLSOLQVNX PMHUX L]  þODQND  ýODQDN
VWDYFLLRYRJSUDYLOQLNDåDOEDVHSRGQRVLãNROVNRP 6QLåDYDQMHRFMHQHL]YODGDQMDNDRSRVOMHGLFDL]UHþHQH
RGERUXãNROHXURNXRGGDQDRGGDQDL]ULFDQMDRGJRMQR RGJRMQRGLVFLSOLQVNHPMHUH
GLVFLSOLQVNHPMHUHRGQRVQRGDQDGRQRãHQMDUMHãHQMD  ,]UHþHQD RGJRMQRGLVFLSOLQVND PMHUD SRYODþL
 äDOED QD RGOXNX R SUHPMHãWDMX X GUXJX QDMEOLåX VQLåDYDQMHRFMHQHL]YODGDQMDXþHQLNDLWR
ãNROXQDSRGUXþMXLVWHRSüLQHRGODåHL]YUãHQMHUMHãHQMDGR DXNRUUD]UHGQLNDRFMHQD³YUORGREUR´
GRQRãHQMDGUXJRVWXSDQMVNHRGOXNH EXNRUUD]UHGQRJYLMHüDRFMHQD³GREUR´
 ,]QLPQR XþHQLN NRPH MH L]UHþHQD RGJRMQR FXNRUUDYQDWHOMDRFMHQD³]DGRYROMDYD´
GLVFLSOLQVND PMHUD SUHPMHãDM X GUXJX QDMEOLåX ãNROX QD GXNRUQDVWDYQLþNRJYLMHüDLSUHPMHãWDMXRGMHOMHQMH
SRGUXþMX LVWH RSüLQH PRåH ELWL XGDOMHQ L] ãNROH L SULMH LOLGUXJXQDMEOLåXãNROXRFMHQD³ORãH´
GRQRãHQMDGUXJRVWXSDQMVNHRGOXNHDNRQHJDWLYQRXWMHþHQD  6PDQMHQMH RFMHQH L] YODGDQMD YUãL VH SRVOLMH
RVWDOHXþHQLNHLRPHWDRGJRMQRREUD]RYQLUDGXãNROL NRQDþQRVWLL]UHþHQHRGJRMQRGLVFLSOLQVNHPMHUH

ýODQDN ýODQDN
5RN]DGRQRãHQMDUMHãHQMDSRåDOEL 9RÿHQMHHYLGHQFLMHRL]UHþHQLPRGJRMQRGLVFLSOLQVNLP
 'UXJRVWXSDQMVNL RUJDQ MH GXåDQ GRQLMHWL RGOXNX PMHUDPD
SRåDOELXURNXRGGDQDRGGDQDSULMHPDåDOEH  2 L]UHþHQLP RGJRMQRGLVFLSOLQVNLP PMHUDPD
 2GOXNDGUXJRVWXSDQMVNRJRUJDQDMHNRQDþQD HYLGHQFLMX YRGL ãNROD X] SRãWLYDQMH QDþHOD SURSLVDQLK
]DNRQRPNRMLPVHXUHÿXMH]DãWLWDRVREQLKSRGDWDND
9'8ä,1$75$-$1-$8%/$ä$9$1-(,  ,]UHþHQD NRQDþQD RGJRMQRGLVFLSOLQVND PMHUD
8.,'$1-(2'*2-12',6&,3/,16.(0-(5( HYLGHQWLUDVHXXþHQLþNXNQMLåLFXLUD]UHGQXNQMLJX

ýODQDN 9,,0$7(5,-$/1$2'*292512678ý(1,.$
'XåLQDWUDMDQMDRGJRMQRGLVFLSOLQVNLKPMHUD
 2GJRMQRGLVFLSOLQVNH PMHUH ]D ODNãH SRYUHGH ýODQDN
GLVFLSOLQH  L]ULþX VH XþHQLNX EH] YRÿHQMD SRVWXSND X 3URYRÿHQMHSRVWXSNDLXWYUÿLYDQMHRGJRYRUQRVWL]D
ãNROVNRMJRGLQLXNRMRMMHXþLQMHQDSRYUHGDGLVFLSOLQHLYDåL SULþLQMHQXPDWHULMDOQXãWHWX
]DãNROVNXJRGLQXXNRMRMMHL]UHþHQD  5RGLWHOM XþHQLND RGJRYDUD ]D PDWHULMDOQX ãWHWX
 2GJRMQRGLVFLSOLQVNH PMHUH ]D WHåH SRYUHGH NRMXXþHQLNXþLQLXãNROLQDPMHUQRLOLNUDMQMRPQHSDåQMRP
GLVFLSOLQH  L]ULþX VH XþHQLNX X ãNROVNRM JRGLQL X NRMRM  MH VXNODGQR]DNRQX
XþLQLRWHåXSRYUHGXGLVFLSOLQHLYDåL]DãNROVNXJRGLQXX  =D ãWHWX NRMX MH SURX]URNRYDOR YLãH XþHQLND
NRMRMMHL]UHþHQD RGJRYRUQRVW MH VROLGDUQD XNROLNR QLMH PRJXüH XWYUGLWL
VWXSDQMRGJRYRUQRVWL]DãWHWXVYDNRJXþHQLND
ýODQDN =DXWYUÿLYDQMHPDWHULMDOQHãWHWHPDQMHYULMHGQRVWL
8EODåDYDQMHLOLXNLGDQMHL]UHþHQH GR  .0 VWRWLQX  NRQYHUWLELOQLK PDUDND QDGOHåDQ
RGJRMQRGLVFLSOLQVNHPMHUH MH UD]UHGQLN D ]D XWYUÿLYDQMH ãWHWH YHüH YULMHGQRVWL SUHNR
2GOXNXRXEODåDYDQMXRGQRVQRXNLGDQMXRGJRMQR  .0 VWRWLQX NRQYHUWLELOQLK PDUDND QDGOHåQD MH
GLVFLSOLQVNH PMHUH GRQRVL RUJDQ NRMX MH WX RGJRMQR WURþODQDNRPLVLMDNRMXIRUPLUDUDYQDWHOMãNROH
GLVFLSOLQVNXPMHUXL]UHNDRNDGDVHXWYUGLGDMHSRVWLJQXWD  5D]UHGQLN  MH þODQ NRPLVLMH L] VWDYND  RYRJ
RGJRMQDVYUKD þODQND
 3ULMHGORJ ]D XEODåDYDQMH RGQRVQR XNLGDQMH  9LVLQD PDWHULMDOQH ãWHWH XWYUÿXMH VH SUHPD
RGJRMQRGLVFLSOLQVNH PMHUH PRåH SRGQLMHWL UD]UHGQLN NQMLJRYRGVWYHQRMYULMHGQRVWLRãWHüHQHLOLXQLãWHQHVWYDUL
UD]UHGQRYLMHüHLOLUDYQDWHOMãNROH  $NR VH QDVWDOD ãWHWD QH PRåH XWYUGLWL SUHPD
2UJDQQDGOHåDQ]DXEODåDYDQMHRGQRVQRXNLGDQMH NQMLJRYRGVWYHQRM YULMHGQRVWL RQGD NRPLVLMD L] VWDYND 
RGJRMQRGLVFLSOLQVNHPMHUHGXåDQMHRGOXNXRSULMHGORJX]D RYRJ þODQND SUHGODåH YLVLQX ãWHWH X SDXãDOQRP L]QRVX
XEODåDYDQMHRGQRVQRXNLGDQMHRGJRMQRGLVFLSOLQVNHPMHUH UXNRYRGHüLVHWUåLãQRPFLMHQRPRãWHüHQHLOLXQLãWHQHVWYDUL
GRQLMHWLXURNXRGGDQDRGGDQDSULMHPDSULMHGORJD  5DYQDWHOM QD WHPHOMX SULMHGORJD UD]UHGQLND
2GOXNDRXEODåDYDQMXRGQRVQRXNLGDQMXRGJRMQR RGQRVQR NRPLVLMH GRQRVL UMHãHQMH R PDWHULMDOQRM
GLVFLSOLQVNHPMHUHL]þODQNDVWDYDNRYRJSUDYLOQLND RGJRYRUQRVWLXþHQLNDYLVLQLãWHWHLURNX]DQDNQDGXãWHWH
XþHQLNXVHVDRSüDYDLSLVPHQRREDYMHãWDYDURGLWHOMXþHQLND  5DYQDWHOM PRåH GRQLMHWL RGOXNX R RVOREDÿDQMX
 1D WHPHOMX RGOXNH R XEODåDYDQMX RGQRVQR XþHQLND L QMHJRYRJ URGLWHOMD PDWHULMDOQH RGJRYRUQRVWL ]D
XNLGDQMXRGJRMQRGLVFLSOLQVNHPMHUHL]þODQNDVWDYFL ãWHWX]ERJWHãNHPDWHULMDOQHVLWXDFLMHXRELWHOML
LRYRJSUDYLOQLNDGRQRVLVHUMHãHQMHLGRVWDYOMDURGLWHOMX 1DUMHãHQMHUDYQDWHOMDRPDWHULMDOQRMRGJRYRUQRVWL
XþHQLND URGLWHOM XþHQLND PRåH L]MDYLWL åDOEX ãNROVNRP RGERUX X
 1D UMHãHQMH L] VWDYND  RYRJ þODQND PRåH VH URNXRGGDQDRGGDQDSULMHPDUMHãHQMD
L]MDYLWL åDOED X URNX RG  GDQD RG GDQD SULMHPD UMHãHQMD âNROVNLRGERUGRQRVLRGOXNXXURNXRGGDQD
QHSRVUHGQR YLãHP QDGOHåQRP RUJDQX RG RUJDQD NRML MH RGGDQDSULMHPDåDOEH
RGOXþLYDR R XEODåDYDQMX RGQRVQR XNLGDQMX RGJRMQR 2GOXNDãNROVNRJRGERUDMHNRQDþDQDNW
GLVFLSOLQVNHPMHUH $NRURGLWHOMXþHQLNDQHQDGRNQDGLãWHWXXWYUÿHQX
UMHãHQMHP ãNROD MH GXåQD SRNUHQXWL SRVWXSDN SURWLY
URGLWHOMD]DQDNQDGXãWHWHSUHGQDGOHåQLPVXGRP
%URM6WUDQD 6/8ä%(1(129,1(78=/$16.2*.$1721$ 3RQHGMHOMDNJRG

,;=$95â1(2'5('%( ýODQDN
&LOMHYLSURGXåHQRJERUDYND
ýODQDN  3ULOLNRP RVWYDULYDQMD SURGXåHQRJ ERUDYND WUHED
3UHVWDQDNYDåHQMDUDQLMHJSUDYLOQLND YRGLWLUDþXQDR
6WXSDQMHP QD VQDJX RYRJ SUDYLOQLND SUHVWDMH GD DRGJRMXLQDREUD]ELXþHQLND
YDåL 3UDYLOQLN R GLVFLSOLQVNRM L PDWHULMDOQRM RGJRYRUQRVWL E SRGX]LPDQMX SUHYHQWLYQLK PMHUD UDGL RþXYDQMD
XþHQLND RVQRYQLK ãNROD Ä6OXåEHQH  QRYLQH 7X]ODQVNR ]GUDYOMDXþHQLND
SRGULQMVNRJNDQWRQD³EURM FSRPDJDQMXXXþHQMXLL]UDGLGRPDüLK]DGDWDND
GSRGVWLFDQMXXþHQLNDQDVDPRVWDOQLUDGLVWMHFDQMH
ýODQDN UDGQLKQDYLND
6WXSDQMHQDVQDJXSUDYLOQLND HUD]YRMXVRFLMDOQLKLNRPXQLNDFLMVNLKYMHãWLQD
2YDMSUDYLOQLNVWXSDQDVQDJXGDQRPREMDYOMLYDQMDX IVXUDGQMLVDURGLWHOMLPD
³6OXåEHQLPQRYLQDPD7X]ODQVNRJNDQWRQD´DSULPMHQMLYDW JVXUDGQMLVDORNDOQRP]DMHGQLFRP
üHVHRGãNROVNHJRGLQH KVXUDGQMLVDXVWDQRYDPDNXOWXUH
LNDRLVDVYLPGUXJLPXVWDQRYDPDNRMHVHL]UDYQRLOL
%RVQDL+HUFHJRYLQD0,1,67$5 QHL]UDYQRXNOMXþXMXXUDGãNROH
)HGHUDFLMD%RVQHL+HUFHJRYLQH
78=/$16.,.$17210UVFL=ODWDQ0XUDWRYLüYU
0LQLVWDUVWYRQDREUD]EH
]QDQRVWLNXOWXUHLãSRUWD   
%URM
7X]ODJRGLQH
&LOMHYLSURGXåHQRJERUDYNDLVWUXNWXUDDNWLYQRVWL
X SURGXåHQRP ERUDYNX  EOLåH VH XUHÿXMX  3URJUDPRP
SURGXåHQRJ ERUDYND NRML GRQRVL 3HGDJRãNL ]DYRG
7X]ODQVNRJNDQWRQD
,,25*$1,=,5$1-(352'8ä(12*%25$9.$
ýODQDN
135 8YMHWL]DRUJDQL]LUDQMHSURGXåHQRJERUDYND
1DWHPHOMXþODQNDVWDYDN=DNRQDRRVQRYQRP  =DRUJDQL]LUDQMHSURGXåHQRJERUDYNDãNRODPRUD
RGJRMX L QDREUD]EL  Ä6OXåEHQH  QRYLQH   7X]ODQVNRJ LVSXQMDYDWLVOMHGHüHXYMHWH
NDQWRQD ³ EU  L   PLQLVWDU QDREUD]EH ]QDQRVWL D GRYROMDQ EURM XþHQLND XWYUÿHQ 3HGDJRãNLP
NXOWXUH  L ãSRUWD 7X]ODQVNRJ  NDQWRQD X] VXJODVQRVW VWDQGDGULPD L RSüLP QRUPDWLYLPD  ]D RVQRYQL RGJRM L
9ODGH 7X]ODQVNRJ NDQWRQD EURM  RG QDREUD]EXXGDOMHPWHNVWX3HGDJRãNLVWDQGDUGL
JRGLQHGRQRVL E RGJRYDUDMXüHSURVWRULMH]DUHDOL]DFLMXSURGXåHQRJ
ERUDYNDRSUHPXQDVWDYQDVUHGVWYDLXþLOD
F RVLJXUDQ VWUXþQL  NDGDU VXNODGQR 3HGDJRãNLP
P R A V I L N I K VWDQGDUGLPDLSURJUDPXSURGXåHQRJERUDYND
21$ý,1825*$1,=$&,-(,5($/,=$&,-(  8NROLNR ãNROD LVSXQMDYD XYMHWH L] VWDYND 
352'8ä(12*%25$9.$,/,&-(/2'1(912* RYRJ þODQND L GUXJH XYMHWH SURSLVDQH RYLP SUDYLOQLNRP
%25$9.$8ý(1,.$82612912-â.2/, SRGQRVL0LQLVWDUVWYXQDREUD]EH]QDQRVWLNXOWXUHLãSRUWD
7X]ODQVNRJ NDQWRQD X GDOMHP WHNVWX 0LQLVWDUVWYR
,23û(2'5('%( ]DKWMHY]DRUJDQL]LUDQMHSURGXåHQRJERUDYND
 8]]DKWMHYL]VWDYNDRYRJþODQNDãNRODSULODåH
ýODQDN VOMHGHüXGRNXPHQWDFLMX
3UHGPHW3UDYLOQLND D LQLFLMDWLYXURGLWHOMD
 3UDYLOQLNRP R QDþLQX RUJDQL]DFLMH L UHDOL]DFLMH E VXJODVQRVWQDVWDYQLþNRJYLMHüD
SURGXåHQRJERUDYNDLOLFMHORGQHYQRJERUDYNDXRVQRYQRM F RGOXNXãNROVNRJRGERUDL
ãNROL X GDOMHP WHNVWX 3UDYLOQLN VH EOLåH XUHÿXMX XYMHWL G HODERUDWRRGJRMQR±REUD]RYQRPUDGXSURGXåHQRJ
]D RUJDQL]LUDQMH SURGXåHQRJ LOL FMHORGQHYQRJ  ERUDYND L ERUDYND
WR RUJDQL]DFLMD RGJRMQRREUD]RYQRJ UDGD QDþLQ YULMHPH  ,VSXQMHQRVW XYMHWD L] VWDYND  RYRJ þODQND YUãL
L PMHVWR RVWYDULYDQMD  WH  XYMHWL L SRVWXSDN ]D IRUPLUDQMH .RPLVLMD NRMX UMHãHQMHP LPHQXMH PLQLVWDU QDREUD]EH
JUXSD L RGMHOMHQMD SURGXåHQRJ LOL FMHORGQHYQRJ ERUDYND ]QDQRVWL NXOWXUH L ãSRUWD 7X]ODQVNRJ NDQWRQD X GDOMHP
XþHQLND WHNVWXPLQLVWDU
1DWHPHOMXPLãOMHQMD.RPLVLMHL]VWDYNDRYRJ
ýODQDN þODQND0LQLVWDUVWYRGRQRVLUMHãHQMHRLVSXQMHQRVWLXYMHWD]D
'H¿QLFLMDSURGXåHQRJLOLFMHORGQHYQRJERUDYND RUJDQL]LUDQMHSURGXåHQRJERUDYND
3URGXåHQLERUDYDNLOLFMHORGQHYQLERUDYDNXGDOMHP
WHNVWX SURGXåHQL ERUDYDN XþHQLND MH SRVHEDQ REOLN ýODQDN
RGJRMQRREUD]RYQRJ UDGD VD XþHQLFLPD NRML VH UHDOL]LUD X 3URVWRU
UHGRYQRMRVQRYQRMãNROLXGDOMHPWHNVWXãNRODSULMHL =D RUJDQL]LUDQMH  SURGXåHQRJ  ERUDYND ãNROD PRUD
SRVOLMHVDWLUHGRYQHQDVWDYHLXRNYLUXNRJDXþHQLFLLPDMX RVLJXUDWL
VDPRVWDODQUDGLQL]UD]OLþLWLKREOLNDVORERGQLKDNWLYQRVWLL D  SURVWRU  ]D GQHYQL ERUDYDN XþHQLND L L]UDGX
]GUDYXLVKUDQX GRPDüLK]DGDWDNDLGUXJLKREOLNDRGJRMQRREUD]RYQRJUDGD
XWYUÿHQ3URJUDPRPL]þODQNDVWDYDNRYRJSUDYLOQLND
ýODQDN E WUSH]DULMXVDNXKLQMRP
2EXKYDWXþHQLNDSURGXåHQLPERUDYNRP F SURVWRU]DþXYDQMHGMHþLMHRSUHPHVDRUPDULüLPDL
3URGXåHQLERUDYDNPRåHVHRUJDQL]LUDWL]DXþHQLNH G VDQLWDUQHþYRURYH
RG,GR,9UD]UHGDãNROH
,]QLPQRSURGXåHQLERUDYDNPRåHVHRUJDQL]LUDWL ýODQDN
L]DXþHQLNH9UD]UHGDXNROLNRQHPDGRYROMQRXþHQLND]D 2SUHPDQDVWDYQDVUHGVWYDLXþLOD
RUJDQL]LUDQMHJUXSHL]VWDYNDRYRJþODQND =D RUJDQL]LUDQMH  SURGXåHQRJ  ERUDYND ãNROD PRUD
2EXKYDWXþHQLNDXSURGXåHQRPERUDYNXXVNODÿXMH RVLJXUDWLRGJRYDUDMXüXRSUHPXQDVWDYQDVUHGVWDYDLXþLOD
VH VD LVND]DQLP SRWUHEDPD URGLWHOMDVWDUDWHOMD X GDOMHP SUHPD3URJUDPXL]þODQNDVWDYDNRYRJSUDYLOQLND
WHNVWXURGLWHOMLPRJXüQRVWLPDãNROH
3RQHGMHOMDNJRG 6/8ä%(1(129,1(78=/$16.2*.$1721$ %URM6WUDQD

ýODQDN UDGD X ãNROL L URGLWHOMH SULND]XMH UH]XOWDWH UDGD QDVWDOH X

)RUPLUDQMHJUXSD RNYLUXVORERGQLKDNWLYQRVWLLOLUDGLRQLFDSXWHPWHPDWVNRJ
 *UXSH L EURM XþHQLND X JUXSL  ]D RUJDQL]LUDQMH XUHÿHQMDãNROVNRJSURVWRUDMDYQLKVDWLSULUHGELLVOLþQR
SURGXåHQRJ  ERUDYND IRUPLUDMX VH VXNODGQR 3HGDJRãNLP
VWDQGDUGLPD ýODQDN
 *UXSH SURGXåHQRJ ERUDYND PRJX GD EXGX 5DVSRUHGDNWLYQRVWLSURGXåHQRJERUDYND
KRPRJHQH IRUPLUDQH RG XþHQLND MHGQRJ UD]UHGD L 5DGL XQDSUHÿLYDQMD WMHOHVQRJ LQWHOHNWXDOQRJ L
KHWHURJHQHIRUPLUDQHRGXþHQLNDUD]OLþLWLKUD]UHGD HPRFLRQDOQRJ UD]YRMD XþHQLND L ]DãWLWH QMLKRYRJ ]GUDYOMD
ãNRODWUHEDGDRPRJXüL
ýODQDN DSHGDJRãNLLSVLKRORãNLULWPLþNLUDVSRUHGVDWLNRMLP
8SLVXþHQLND VH XYDåDYD VORåHQRVW VDGUåDMD SURJUDPD L SRWUHED ]D
 8SLV XþHQLND X SURGXåHQL ERUDYDN X SUDYLOX VH VPMHQMLYDQMHPPLURYDQMDLNUHWDQMD
UHDOL]LUDGRNUDMDOLSQMDWHNXüHJRGLQH]DQDUHGQXJRGLQX E LVWRYUHPHQR RUJDQL]LUDQMH VORERGQLK DNWLYQRVWL VD
8SLVXþHQLNDL]VWDYNDRYRJþODQNDYUãLVHQD JUXSDPDXþHQLND
WHPHOMX .ULWHULMD ]D SULMHP XþHQLND NRML XWYUÿXMH ãNROVNL FRVLJXUDYDQMHNRUHODFLMHXVYLPREODVWLPDUDGD
RGERUVYRMRPRGOXNRP GVYDNRGQHYQRRUJDQL]LUDQMHNUDWNLKRGPRUDXþHQLND
 8SLV  XþHQLND X SURGXåHQL ERUDYDN YUãL VH QD H SRGVWLFDQMH XþHQLND QD VDPRRUJDQL]LUDQMH
WHPHOMX]DKWMHYDURGLWHOMD VDPRSRVOXåLYDQMHLVDPRSURYMHUDYDQMH
 5DYQDWHOM ãNROH L URGLWHOM XþHQLND ]DNOMXþXMX I DQJDåLUDQMH URGLWHOMD L RVWDOLK XþHQLND L GUXJLK
XJRYRU NRMLP VH XUHÿXMX SUDYD L REYH]H ãNROH L URGLWHOMD VXUDGQLND X RVWYDULYDQMX RGUHÿHQLK SURJUDPVNLK L GUXJLK
YH]DQR]DUHDOL]LUDQMHSURGXåHQRJERUDYNDXþHQLND RGDEUDQLK]DGDWDNDXåLYRWXLUDGXãNROH
J VWDOQR QDVWRMDQMH GD YLãH RG SRORYLQH YUHPHQD
ýODQDN SURYHGHQRJXãNROLEXGHLVSXQMHQRDNWLYQRVWLPDLQDþLQLPD
)LQDQFLUDQMHSURGXåHQRJERUDYND UDGDNRMLRVLJXUDYDMXNUHWDQMHLNRPXQLNDFLMX
 3URGXåHQL  ERUDYDN XþHQLND  ¿QDQFLUDMX URGLWHOML
XþHQLND ýODQDN
2GOXNXRFLMHQLLNRUHNFLMDPDFLMHQHGRQRVLãNROVNL 6DPRVWDOQLUDGXþHQLNDXSURGXåHQRPERUDYNX
RGERUãNROH 8RNYLUXVDPRVWDOQRJUDGDXþHQLNDXSURGXåHQRP
 3ULKRGL VWHþHQL SUXåDQMHP XVOXJD SURGXåHQRJ ERUDYNX XþHQLFL RUJDQL]LUDQR L SODQVNL X] VWUXþQR
ERUDYNDVXYODVWLWLSULKRGLãNROHLSULMHVYHJDVHXVPMHUDYDMX SHGDJRãNXSRPRüLVXUDGQMXVDRGJDMDWHOMHPXSURGXåHQRP
QDLVKUDQXGMHFHSODüDQMHEUXWRSODüDLQDNQDGDRGJDMDWHOMD ERUDYNX XWYUÿXMX SURãLUXMX SULPMHQMXMX L XVYDMDMX QRYD
X SURGXåHQRP ERUDYNX L SRPRüQRJ RVREOMD  DQJDåLUDQLK ]QDQMDYMHãWLQHLQDYLNH
QD UHDOL]DFLML  SURGXåHQRJ ERUDYND  X  ãNROL QDEDYH  8 SURGXåHQRP ERUDYNX VH X RNYLUX DNWLYQRVWL
GLGDNWLþNRJ PDWHULMDOD QDVWDYQLK VUHGVWDYD L VUHGVWDYD ]D VDPRVWDOQRJUDGDUHDOL]LUDMXDNWLYQRVWLNRMHELLQDþHXþHQLN
RGUåDYDQMHKLJLMHQH UDGLRXYLGXGRPDüLK]DGDWDND
3RVHEQRPRGOXNRPãNROVNRJRGERUDPRåHVHGDWL  1D VDWLPD VDPRVWDOQRJ UDGD XþHQLNX VH PRJX
SRSXVWURGLWHOMLPDXþHQLNDNRMLVXXVWDQMXVRFLMDOQHSRWUHEH ]DGDYDWL VOMHGHüH DNWLYQRVWL þLWDQMH REYH]QH ãNROVNH L
URGLWHOMLPDYLãHGMHFHNRMLVXNRULVQLFLXVOXJDSURGXåHQRJ GRPDüH OHNWLUH þLWDQMH OLVWRYD L þDVRSLVD ]D GMHFX YMHåEH
ERUDYNDLURGLWHOMLPDXþHQLNDURPVNHSRSXODFLMH SUDYRSLVD OHNVLNRQD HQFLNORSHGLMD NDR L VXYUHPHQLK
 1DYHGHQL SRSXVW PRåH LüL PDNVLPDOQR GR FLMHQH HOHNWURQLþNLK L PXOWLPHGLMDOQLK QDVWDYQLK VUHGVWDYD NDR
SRNULYHQRVWL WURãNRYD LVKUDQH XþHQLND X SURGXåHQRP L]YRUDLQIRUPDFLMDL]YRÿHQMHLL]UDGDUD]OLþLWLKSUDNWLþQLK
ERUDYNX UDGRYDUDGQDSURMHNWLPDLGUXJR
 8 SURGXåHQRP ERUDYNX  VDPRVWDOQL UDG XþHQLND
ýODQDN UHDOL]LUDVHVXNODGQR3URJUDPXUDGDL]þODQNDVWDYDN
3URJUDPUDGDSURGXåHQRJERUDYND RYRJSUDYLOQLND
 6YL REOLFL L YLGRYL RGJRMQRREUD]RYQRJ UDGD VD .RGVDPRVWDOQRJUDGDXþHQLND]DGDWDNRGJDMDWHOMD
XþHQLFLPD X SURGXåHQRP ERUDYNX  RVWYDUXMX VH VXNODGQR X SURGXåHQRP ERUDYNX  MH GD LK XYRGL X UD]OLþLWH
3URJUDPX UDGD SURGXåHQRJ ERUDYND QDVWDYQRP SODQX PHWRGH L WHKQLNH XþHQMD NRMH RGJRYDUDMX LQGLYLGXDOQLP
L SURJUDPX JRGLãQMHP SURJUDPX UDGD ãNROH L UD]YRMQRP NDUDNWHULVWLNDPDLSRWHQFLMDOLPDXþHQLND
SODQXãNROH  =DGDFL XUDÿHQL QD VDWLPD VDPRVWDOQRJ UDGD VH
 2VWYDULYDQMH FLOMHYD L UHDOL]DFLMX SURYRÿHQMD DQDOL]LUDMXLVSUDYOMDMXLYUHGQXMXDOLVHQHRFMHQMXMX
3URJUDPDUDGDL]VWDYNDRYRJþODQNDSUDWLQDVWDYQLþNR
YLMHüHãNROH ýODQDN
 ,]YMHãüH R UHDOL]DFLML SURJUDPD UDGD SURGXåHQRJ 6ORERGQHDNWLYQRVWLXþHQLND
ERUDYNDSRGQRVLRGJDMDWHOMQDVWDYQLþNRPYLMHüXãNROH  $NWLYQRVWL X VORERGQRP YUHPHQX XþHQLND LPDMX
SUYHQVWYHQR UHNUHDWLYQR]DEDYQL L VWYDUDODþNL NDUDNWHU L
ýODQDN RQH PRJX ELWL HGXNDWLYQH UDGQH NXOWXUQRXPMHWQLþNH
6WUXNWXUDDNWLYQRVWLXSURGXåHQRPERUDYNX L ãSRUWVNH WH VH RUJDQL]LUDMX QD SULQFLSX SRWSXQH VORERGH
6WUXNWXUDDNWLYQRVWLXSURGXåHQRPERUDYNXVDGUåL L]ERUD GREURYROMQRVWL VDPRRUJDQL]LUDQRVWL XþHQLND X
RUJDQL]LUDQL  SULKYDW XþHQLND VDPRVWDOQL UDG XþHQLND L RNYLUX UD]OLþLWLK JUXSD L NROHNWLYD NDNR EL RPRJXüLOH
UD]OLþLWHDNWLYQRVWLXVORERGQRPYUHPHQX GD X QMLPD XþHQLFL VWYDUDMX RWNULYDMX SUHGVWDYOMDMX
 6 RE]LURP QD YULMHPH NRMH GMHFD SURYHGX X XYMHåEDYDMX RGPMHUDYDMX L]UDåDYDMX ULMHþLPD ]YXFLPD
ãNROL SODQLUDQMHP GQHYQRJ UDVSRUHGD WUHED GD VH YRGL SRNUHWLPD ERMDPD L GUXJLP UD]QRYUVQLP REOLFLPD L
UDþXQD R RSWHUHüHQMX XþHQLND  VD REYH]QLP  L VORERGQLP VUHGVWYLPD
DNWLYQRVWLPD SHULRGD RGJRMQRREUD]RYQRJ UDGD L SHULRGD 8DNWLYQRVWLPDL]VWDYNDRYRJþODQNDXþHQLFL
RUJDQL]LUDQRJRGPRUD]DXþHQLNH XþHVWYXMXEH]RE]LUDQDX]UDVWDXRYLVQRVWLRGLQWHUHVLUDQMD
8WLMHNXãNROVNHJRGLQHVYDNDJUXSDL]SURGXåHQRJ ]DVDGUåDMHNRMLVHRUJDQL]LUDQRLSODQVNLQXGH
ERUDYNDMHGQRPXWLMHNXSROXJRGLãWDXRNYLUXRWYRUHQRJ  $NWLYQRVWL L] VWDYND  RYRJ þODQND SODQLUDMX
GDQD ]D ]DLQWHUHVLUDQH XþHVQLNH RGJRMQRREUD]RYQRJ VHLSURJUDPLUDMX3URJUDPRPUDGDL]þODQNDVWDYDN
%URM6WUDQD 6/8ä%(1(129,1(78=/$16.2*.$1721$ 3RQHGMHOMDNJRG

RYRJSUDYLOQLNDDXQMLKRYRMUHDOL]DFLMLPRJXXþHVWYRYDWLL ýODQDN
VXUDGQLFLNRMLVXL]UDYQRLOLQHL]UDYQRXNOMXþHQLXRGJRMQR 5DYQRPMHUQDRSWHUHüHQRVWNRGSURGXåHQRJERUDYND
REUD]RYQLSURFHV  .RG RUJDQL]DFLMH SURGXåHQRJ ERUDYND ãNROD
 $NWLYQRVWL X VORERGQRP YUHPHQX RUJDQL]XMX VH RPRJXüDYD
QDQDþLQGDXþHQLFLQDNUHDWLYDQL]DEDYDQQDþLQSURYRGH D SUDYLOQX L H¿NDVQX SRGMHOX SRVORYD RGJDMDWHOMD X
YULMHPHL]DGRYROMDYDMXVYRMDLQWHUHVLUDQMDDLVWRYUHPHQR SURGXåHQRP ERUDYNX ãWR SRGUD]XPLMHYD SRGMHGQDN EURM
LPDMXLGRYROMQRYUHPHQD]DRGPRU VDWLXVYLPYLGRYLPDUDGDVDXþHQLFLPD
 $NWLYQRVWL X VORERGQRP YUHPHQX PRJX E SUDYLOQX L H¿NDVQX VPMHQX VDWL UHGRYQH QDVWDYH L
VH RUJDQL]LUDWL X SURVWRULMDPD SURGXåHQRJ ERUDYND UD]OLþLWLKREOLNDVORERGQLKDNWLYQRVWL
XþLRQLFDPD ãNROH D PRJX VH RUJDQL]LUDWL L YDQ XþLRQLFH 2GJDMDWHOMLXSURGXåHQRPERUDYNXRUJDQL]LUDMX
DNRWRãNRODPRåHRVLJXUDWL VH QD UD]LQL ãNROH L ãLUH UDGL VWUXþQRSHGDJRãNRJ
0RJXüHMHRUJDQL]LUDWLYLãHDNWLYQRVWLLVWRYUHPHQR XVDYUãDYDQMD L UD]PMHQH LVNXVWDYD L XþHVWYXMX X UDGX
X JUXSDPD D XþHQLFL VH XNOMXþXMX X WH DNWLYQRVWL SUHPD VMHGQLFDRGMHOMHQMVNLKYLMHüDQDVWDYQLþNRJYLMHüDVWUXþQLK
D¿QLWHWLPD YLMHüDLWLPRYDãNROH
$NWLYQRVWL X VORERGQRP YUHPHQX VH RUJDQL]LUDMX
WDNR GD RPRJXüDYDMX DNWLYQR DQJDåLUDQMH XþHQLND L ýODQDN
NUHWDQMHDPRJXELWL 3UR¿OLVWUXþQDVSUHPDRVWDOLK]DSRVOHQLNDX
DãSRUWVNHDNWLYQRVWL±PRJXVHUHDOL]LUDWLXSURVWRUX SURGXåHQRPERUDYNX
¿VNXOWXUQHVDOHVYHþDQHVDOHãNROVNRJGYRULãWDLSDUNRYD  =D SRVORYH  SULSUHPDQMD JRWRYLK MHOD X ãNROVNRM
XEOL]LQLãNROH NXKLQMLXþHQLFLPDXSURGXåHQRPERUDYNXãNRODSULPDX
E GUXåHQMH X RNYLUX UD]UHGD ± XþLWHOML VD XþHQLFLPD UDGQLRGQRVNXKDUDX]VXJODVQRVW0LQLVWDUVWYD
LVWRJ UD]UHGD SODQLUDMX DNWLYQRVWL VKRGQR LQWHUHVLUDQMX  8NROLNR ãNROD RVLJXUDYD LVKUDQX XþHQLND SXWHP
XþHQLNDLPRJXVHUHDOL]LUDWLXSURVWRUXXþLRQLFHVYHþDQH GRVWDYH  ãNROD SULPD X UDGQL RGQRV NXKDUVHUYLUNX X]
VDOHPDOHVDOHãNROVNRJGYRULãWDLSDUNRYDXEOL]LQLãNROH VXJODVQRVW0LQLVWDUVWYD
F NUHDWLYQH UDGLRQLFH ± NRMH VH RUJDQL]LUDMX QD  3UR¿OLVWUXþQDVSUHPDNXKDUDNXKDU±VHUYLUNHMH
UD]LQLãNROHPRJXELWLL]UD]OLþLWLKREODVWLJOD]EDOLNRYQD 666±XJRVWLWHOMVNHVWUXNH
XPMHWQRVW VFHQVNL SULND] L GUDPD UHFLWLUDQMH ULWPLND
OLWHUDUQHDNWLYQRVWLHNRORJLMDQMHJRYDQMHQDURGQHWUDGLFLMH ,9,6+5$1$8ý(1,.$
ãNROVNDUDGLRLWHOHYL]LMVNDVWDQLFDãNROVNHQRYLQHLGUXJR
VXNODGQRRVREQLPLQWHUHVLUDQMHPXþHQLNDNDRLQDWHPHOMX ýODQDN
SRVHEQLKVSRVREQRVWLSRMHGLQLKXþHQLND ,VKUDQDXþHQLND
G GUXãWYHQH DNWLYQRVWL ± RUJDQL]LUDMX VH X RNYLUX ,VKUDQDXþHQLNDED]LUDVHQD]GUDYLPQDPLUQLFDPD
VYDNRJ RGMHOMHQMD 5HDOL]DFLMD GUXãWYHQLK DNWLYQRVWL LXUDYQRWHåHQRMLVKUDQLSULODJRÿHQRMX]UDVWXXþHQLND
VH RGYLMD X SURVWRULMDPD ãNROH NXOWXUQLP XVWDQRYDPD  8 WLMHNX SURGXåHQRJ  ERUDYND ãNROD MH GXåQD
ND]DOLãWDPX]HMLNLQRELEOLRWHNHLSURVWRULPDQDNRMLPD RVLJXUDWLXþHQLNXQDMPDQMHMHGDQWRSOLREURNREURNLGYD
VHRGYLMDMXNXOWXUQHPDQLIHVWDFLMHWLMHNRPãNROVNHJRGLQH PHÿXREURND
8RNYLUXGUXãWYHQLKDNWLYQRVWLNRMHVHRUJDQL]LUDMXXãNROL
XþHQLFLPRJXLJUDWLGUXãWYHQHLJUH ýODQDN
HNXOWXUQHDNWLYQRVWL±SODQLUDMXVHSRVMHWHUD]OLþLWLP 1DþLQRVLJXUDYDQMDLVKUDQH
NXOWXUQLP XVWDQRYDPD SRYLMHVQLP REMHNWLPD L VOLþQR  âNROD RVLJXUDYD LVKUDQX XþHQLND X SURGXåHQRP
VXNODGQRPRJXüQRVWLPDNRMHSUXåDORNDOQD]DMHGQLFD ERUDYNXSXWHP
I JOHGDQMH ND]DOLãQLK L ¿OPVNLK SUHGVWDYD RGQRVQR D GRVWDYH KUDQH VD FHUWL¿FLUDQLP L]YRÿDþHP QDNRQ
WHOHYL]LMVNLKHPLVLMDSULPMHUHQLKXþHQLFLPDWRJX]UDVWD SURYHGHQHSURFHGXUHSRVWXSNDMDYQHQDEDYHLOL
JSUDüHQMHL]ORåELLXþHVWYRYDQMHXPDQLIHVWDFLMDPD ESULSUHPHJRWRYLKMHODXãNROVNRMNXKLQML
KXþHVWYRYDQMHXKXPDQLWDUQLPDNFLMDPD  'REDYOMDþ KUDQH LOL KUDQDQDPLUQLFH NRMD VH
LXþHVWYRYDQMHXHNRORãNLPDNFLMDPD QDEDYOMDMX ]D LVKUDQX X SURGXåHQRP ERUDYNX PRUDMX
MSULSUHPDQMHNXOWXUQRXPMHWQLþNLKSURJUDPD ]DGRYROMDYDWL VYH KLJLMHQVNRVDQLWDUQH SUHGXYMHWH L LPDMX
NXUHÿHQMHSURGXåHQRJERUDYNDLOLXþLRQLFHVXNODGQR UHOHYDQWQH FHUWL¿NDWH YH]DQH ]D NRQWUROX NYDOLWHWH KUDQH L
PRJXüQRVWLPDLåHOMDPDXþHQLND QDPLUQLFD
ORELOMHåDYDQMHSUD]QLNDEODJGDQDLWHPDWVNLKGDQD 8VOXþDMXGRVWDYHKUDQHREMHNWLLNXKLQMHXNRMLPD
PL]UDGDWHPDWVNLKSDQRD VH KUDQD SULSUDYOMD PRUDMX ]DGRYROMDYDWL VYH VDQLWHWVNR
Q DNWLYQRVWL NRMH üH RPRJXüLWL LQWHUGLVFLSOLQDUQL KLJLMHQVNHXYMHWHWHKQLþNXLVSUDYQRVWVWURMHYD]DSULSUHPX
SULVWXSLRVLJXUDWLNRUHODFLMXQDVWDYQLKVDGUåDMDDVXNODGQR KUDQH KLJLMHQVNRVDQLWDUQX þLVWRüX PDãLQD L SURVWRULMD
X]UDVWXXþHQLND ]D SURL]YRGQMX KUDQH VWUXþQRVW NDGUD L RUJDQL]DFLMVNH
RGUXJHDNWLYQRVWLVXNODGQRLQWHUHVLUDQMLPDXþHQLND VSRVREQRVWL SRWUHEQH ]D EHVSULMHNRUQX GRVWDYX JRWRYLK
REURND
,,,352),/=$326/(1,.$=$5$'8
352'8ä(120%25$9.8 ýODQDN
6HUYLUDQMHKUDQH
ýODQDN 6HUYLUDQMHKUDQHYUãLNXKDUVHUYLUNDX]DVLVWHQFLMX
3UR¿OLVWUXþQDVSUHPDRGJDMDWHOMDXSURGXåHQRP RGJDMDWHOMDXSURGXåHQRPERUDYNXLOLGHåXUQLKQDVWDYQLND
ERUDYNX ãNROH
3URGXåHQLERUDYDNPRJXUHDOL]LUDWL 2GOXNRPUDYQDWHOMDPRJXüHMHDQJDåLUDWLLGUXJR
DSURIHVRUQDVWDYQLNUD]UHGQHQDVWDYH RVREOMH ãNROH NDR LVSRPRü X VHUYLUDQMX LOL SULSUHPDQMX
ESURIHVRUSHGDJRJLMHSHGDJRJLMHSVLKRORJLMH KUDQHX]SUHGXYMHWSRVMHGRYDQMHVDQLWDUQHNQMLåLFH
SHGDJRJ±SVLKRORJ
F RVWDOL QDVWDYQLFL UD]OLþLWRJ VPMHUD L ]DQLPDQMD
VD ]DVQRYDQLP UDGQLP RGQRVRP X ãNROL QD QHRGUHÿHQR
YULMHPH
3RQHGMHOMDNJRG 6/8ä%(1(129,1(78=/$16.2*.$1721$ %URM6WUDQD

9'2.80(17$&,-$,(9,'(1&,-$5$'$8 O D L U K U
352'8ä(120%25$9.8
2,=0-(1$0$,'2381$0$67$787$
.$1721$/1(35,95('1(.2025(78=/$
ýODQDN
'RNXPHQWDFLMDLHYLGHQFLMD ýODQDN
'RNXPHQWDFLMDLHYLGHQFLMDNRMXYRGHRGJDMDWHOMLX
8þODQNXDOLQHMDVHEULãHLQRYLWHNVWJODVL
SURGXåHQRPERUDYNXVX
D SRGDFL R XþHQLNX LPH L SUH]LPH XþHQLND LPH
³GRQRVL 3UDYLOQLN R UDGX .DQWRQDOQH SULYUHGQH
SUH]LPH L ]DQLPDQMH URGLWHOMD DGUHVD VWDQRYDQMD XþHQLND
.RPRUH7X]OD´
EURMHYHWHOHIRQDURGLWHOMD
E VSLVNRYL VYLK XþHQLND NRML SRKDÿDMX SURGXåHQL
8þODQNXDOLQHMDVHEULãHLQRYLWHNVWJODVL
ERUDYDN
FGQHYQLNUDGDXNRMLVHXSLVXMXDNWLYQRVWLSURJUDPD
³ELUD L UD]UMHãDYD UXNRYRGLWHOMH VHNWRUD .RPRUH QD
RGJRMQRREUD]RYQRJUDGDSURGXåHQRJERUDYND
SULMHGORJSUHGVMHGQLND.RPRUH³
GGQHYQLNYDQQDVWDYQLKVORERGQLKDNWLYQRVWLXþHQLND
H JRGLãQML SODQ L SURJUDP UDGD SURGXåHQRJ ERUDYND ýODQDN
SRPMHVHFLPD
8þODQNXGRGDMHVHQRYDDOLQHMDNRMDJODVL
IGQHYQLSODQLSURJUDPUDGDSURGXåHQRJERUDYND
J GQHYQLN VXUDGQMH RGJDMDWHOMD X SURGXåHQRP
³GRQRVL VYH QRUPDWLYQH DNWH .RPRUH NRML QLVX X
ERUDYNXLXþLWHOMDXþHQLNDXUHGRYQRMQDVWDYL
QDGOHåQRVWL6NXSãWLQHL8SUDYQRJRGERUD´
K GQHYQH SULSUHPH ]D RGJRMQRREUD]RYQL UDG L
VORERGQRYULMHPH ýODQDN
L HYLGHQFLMD R SULVXWQRVWL XþHQLND X SURGXåHQRP
8þODQNXVHEULãHULMHþ³SRWSUHGVMHGQLN´DXQRVH
ERUDYNX
ULMHþL³UXNRYRGLWHOMLVHNWRUD´
MHYLGHQFLMDVXUDGQMHURGLWHOMDLYRGLWHOMDSURGXåHQRJ
ERUDYND ýODQDN
N L]YMHãüD L RSLVH SRVWLJQXüD XþHQLND NRML SRKDÿDMX
8 þODQNX  X VWDYFLPD    L  EULãH VH ULMHþ
VDWH NDGD ]DRVWDMX X XVYDMDQMX RGUHÿHQLK SURJUDPVNLK
ÄSRWSUHGVMHGQLN´DXQRVHVHULMHþLÄUXNRYRGLWHOMLVHNWRUD´
VDGUåDMD
OL]YMHãüDLRSLVSRVWLJQXüDXþHQLND]DSROXJRGLãWHL ýODQDN
NUDMãNROVNHJRGLQH
8þODQNXPLMHQMDVHEURMLGDWXP
'RNXPHQWDFLMXLHYLGHQFLMXL]VWDYNDWRþNHF
GHIJLLMRYRJþODQNDSURSLVDWüHVH3URJUDPRP ýODQDN
UDGDL]þODQNDVWDYDNRYRJSUDYLOQLND
2YDRGOXNDVWXSDQDVQDJXGDQRPGRQRãHQMDDREMDYLW
 =D XUHGQRVW L SUHFL]QRVW YRÿHQMD  GRNXPHQWDFLMH
üHVHXÄ6OXåEHQLPQRYLQDPD7X]ODQVNRJNDQWRQD´
L HYLGHQFLMH L] VWDYND  RYRJ þODQND  RGJRYRUQL VX
RGJDMDWHOMLNRMLL]YRGHSRVHEQHREOLNHRGJRMQRREUD]RYQRJ
=DGXåXMH VH 6WUXþQD VOXåED .RPRUH GD L]UDGL
UDGDXSURGXåHQRPERUDYNX
SUHþLãüHQLWHNVW6WDWXWDXURNXRGGDQDRGGDQDVWXSDQMD
QDVQDJX
9,35,-(/$=1(,=$95â1(2'5('%(
.DQWRQDOQDSULYUHGQD35('6-('1,.6.83â7,1(
ýODQDN
NRPRUD7X]OD
6WXSDQMHQDVQDJX3UDYLOQLND
6NXSãWLQD.RPRUHGUVF2VPDQ%OHNRYLü
2YDM SUDYLOQLN VWXSD QD VQDJX QDNRQ GRELYDQMD
GLSOLQJUXGYU
VXJODVQRVWL9ODGH7X]ODQVNRJNDQWRQDLELWüHREMDYOMHQX
%URM,
³6OXåEHQLPQRYLQDPD7X]ODQVNRJNDQWRQD´DSULPMHQMLYDW
'DWXPJRGLQH
üHVHRGãNROVNHJRGLQH

%RVQDL+HUFHJRYLQD0,1,67$5
)HGHUDFLMD%RVQHL+HUFHJRYLQH
137
.RPLVLMD ]D NRQFHVLMH 7X]ODQVNRJ NDQWRQD QD 
78=/$16.,.$17210UVFL=ODWDQ0XUDWRYLüYU
VMHGQLFL RGUåDQRM GDQD  JRGLQH UD]PDWUDMXüL
0LQLVWDUVWYRQDREUD]EH
SULMHGORJ$QHNVD,,,8JRYRUDRNRQFHVLML]DNRULãWHQMHYRGH
]QDQRVWLNXOWXUHLãSRUWD   
YRGRWRND ULMHNH 6SUHþH ]D REMHNDW PLQLKLGURHOHNWUDQD QD
%URM
ULMHFL6SUHþLXQDVHOMX'RQMD2UDKRYLFDRSüLQD*UDþDQLFD
7X]ODJRGLQH
NRML WUHED GD ]DNOMXþH 0LQLVWDUVWYR SROMRSULYUHGH
ãXPDUVWYD L YRGRSULYUHGH 7. L SULYUHGQR GUXãWYR Ä((+
+,'52(1(5*,-$¶¶ GRR *UDþDQLFD QD WHPHOMX þODQND
136  D X VYH]L V þODQNRP   =DNRQD R NRQFHVLMDPD
1DWHPHOMXþODQND=DNRQDRNRPRUDPDX)HGHUDFLML
Ä6OXåEHQH QRYLQH 7X]ODQVNRJ NDQWRQD³ EU  
%RVQHL+HUFHJRYLQHÄ6OXåEHQHQRYLQH)%L+´EUL
  L  þODQDND  L  3UDYLOD
 L þODQND  6WDWXWD .DQWRQDOQH SULYUHGQH NRPRUH
.RPLVLMH]DNRQFHVLMH7X]ODQVNRJNDQWRQDLWRþNHJODYH
7X]OD6NXSãWLQD.RPRUHQDVMHGQLFLRGUåDQRM
,,  'RNXPHQWD R SROLWLFL GRGMHOH NRQFHVLMD QD SRGUXþMX
JRGLQHGRQLMHODMH
7X]ODQVNRJ NDQWRQD Ä6OXåEHQH QRYLQH 7X]ODQVNRJ
NDQWRQD³EURMGRQRVLVOMHGHüX
%URM6WUDQD 6/8ä%(1(129,1(78=/$16.2*.$1721$
,9
2YR UMHãHQMH VWXSD QD VQDJX GDQRP GRQRãHQMD D
REMDYLWüHVHX´6OXåEHQLPQRYLQDPD7X]ODQVNRJNDQWRQD´
%RVQDL+HUFHJRYLQD0,1,67$5
)HGHUDFLMD%RVQHL+HUFHJRYLQH
78=/$16.,.$1721-DNXE6XOMNDQRYLü
0,1,67$56792),1$16,-$GLSOHFFYU
%URM
7X]ODJRGLQH
3HWDNJRG
%RVQDL+HUFHJRYLQD0,1,67$5
)HGHUDFLMD%RVQHL+HUFHJRYLQH
78=/$16.,.$17210UVFL=ODWDQ0XUDWRYLüYU
0LQLVWDUVWYRREUD]RYDQMD
QDXNHNXOWXUHLVSRUWD   
%URM
7X]ODJRGLQH
212
1DWHPHOMXþODQNDVWDYDN=DNRQDRRVQRYQRP
RGJRMX L QDREUD]EL Ä6OXåEHQH QRYLQH 7X]ODQVNRJ
210 NDQWRQD´ EU  L  PLQLVWDU QDREUD]EH ]QDQRVWL
1DWHPHOMXþODQNDVWDYDN=DNRQDRRVQRYQRP NXOWXUHLãSRUWD7X]ODQVNRJNDQWRQDGRQRVL
RGJRMX L QDREUD]EL  Ä6OXåEHQH QRYLQH 7X]ODQVNRJ
NDQWRQD³ EU   L  PLQLVWDU QDREUD]EH ]QDQRVWL
NXOWXUHLãSRUWD7X]ODQVNRJNDQWRQDGRQRVL
P R A V I L N I K
RL]PMHQL3UDYLOQLNDRSRVWXSNXRVQLYDQMDVDVWDYXL
QDþLQXUDGDYLMHüDURGLWHOMDXRVQRYQLPãNRODPD
ýODQDN
83UDYLOQLNXRSRVWXSNXRVQLYDQMDVDVWDYXLQDþLQX
UDGD YLMHüD URGLWHOMD X RVQRYQLP ãNRODPD Ä6OXåEHQH
P R A V I L N I K
RL]PMHQLLGRSXQL3UDYLOQLNDRSRYUHGDPDGLVFLSOLQH
SRVWXSNX]DXWYUÿLYDQMHGLVFLSOLQVNHRGJRYRUQRVWL
XþHQLNDQDNQDGLSULþLQMHQHQHPDWHULMDOQHãWHWH
WUDMDQMXL]UHþHQHRGJRMQRGLVFLSOLQVNHPMHUH
XEODåDYDQMXLXNLGDQMXWHSRVOMHGLþQRPRGQRVXQD
RFMHQHL]YODGDQMDXþHQLNDXRVQRYQRMãNROL
ýODQDN
8 3UDYLOQLNX R SRYUHGDPD GLVFLSOLQH SRVWXSNX ]D
QRYLQH7X]ODQVNRJ NDQWRQD³ EURM  X þODQNX  L]D XWYUÿLYDQMH GLVFLSOLQVNH RGJRYRUQRVWL XþHQLND QDNQDGL
ULMHþLÄ6OXåEHQLPQRYLQDPD7X]ODQVNRJNDQWRQD³VWDYOMDVH SULþLQMHQH QHPDWHULMDOQH ãWHWH WUDMDQMX L]UHþHQH RGJRMQR
WRþNDDRVWDOLGLRWHNVWDEULãHVH GLVFLSOLQVNHPMHUHXEODåDYDQMXLXNLGDQMXWHSRVOMHGLþQRP
RGQRVX QD RFMHQH L] YODGDQMD XþHQLND X RVQRYQRM ãNROL
ýODQDN ³6OXåEHQHQRYLQH7X]ODQVNRJNDQWRQD´EURMþODQDN
6WXSDQMHQDVQDJX3UDYLOQLND PLMHQMDVHLJODVL
2YDM SUDYLOQLN VWXSD QD VQDJX GDQRP GRQRãHQMD L ³ýODQDN
REMDYLWüHVHXÄ6OXåEHQLPQRYLQDPD7X]ODQVNRJNDQWRQD³ 3UHVWDQDNYDåHQMDUDQLMHJSUDYLOQLNDLRNRQþDQMH
]DSRþHWLKSRVWXSDND
%RVQDL+HUFHJRYLQD0,1,67$5  6WXSDQMHP QD VQDJX RYRJ SUDYLOQLND SUHVWDMH
)HGHUDFLMD%RVQHL+HUFHJRYLQH YDåLWL3UDYLOQLNRGLVFLSOLQVNRMLPDWHULMDOQRMRGJRYRUQRVWL
78=/$16.,.$17210UVFL=ODWDQ0XUDWRYLüYU XþHQLND RVQRYQLK ãNROD ³6OXåEHQH QRYLQH 7X]ODQVNR
0LQLVWDUVWYRREUD]RYDQMD SRGULQMVNRJNDQWRQD´EURM
QDXNHNXOWXUHLVSRUWD     3RVWXSFL ]DSRþHWL SR RGUHGEDPD 3UDYLOQLND L]
%URM VWDYNDRYRJþODQNDRNRQþDWüHVHSRRGUHGEDPDWRJ
7X]ODJRGLQH 3UDYLOQLND
ýODQDN
211 8 þODQNX  L]D ULMHþL  ³6OXåEHQLP QRYLQDPD
1DWHPHOMXþODQNDVWDYDN=DNRQDRVUHGQMRM 7X]ODQVNRJ NDQWRQD´ VWDYOMD  VH WRþND  D RVWDOL GLR WHNVWD
QDREUD]ELLRGJRMXÄ6OXåEHQHQRYLQH7X]ODQVNRJNDQWRQD³ EULãHVH
EULPLQLVWDUQDREUD]EH]QDQRVWLNXOWXUH
LãSRUWD7X]ODQVNRJNDQWRQDGRQRVL
P R A V I L N I K
RL]PMHQL3UDYLOQLNDRSRVWXSNXRVQLYDQMDLQDþLQX
UDGDYLMHüDURGLWHOMDXVUHGQMLPãNRODPD
ýODQDN
83UDYLOQLNXRSRVWXSNXRVQLYDQMDLQDþLQXUDGDYLMHüD
URGLWHOMDXVUHGQMLPãNRODPDÄ6OXåEHQHQRYLQH7X]ODQVNRJ
ýODQDN
2YDM SUDYLOQLN  VWXSD QD VQDJX GDQRP GRQRãHQMD L
REMDYLWüHVHX³6OXåEHQLPQRYLQDPD7X]ODQVNRJNDQWRQD´
%RVQDL+HUFHJRYLQD0,1,67$5
)HGHUDFLMD%RVQHL+HUFHJRYLQH
78=/$16.,.$17210UVFL=ODWDQ0XUDWRYLüYU
0LQLVWDUVWYRREUD]RYDQMD
QDXNHNXOWXUHLVSRUWD   
%URM
NDQWRQD³ EURM  X þODQNX  L]D ULMHþL Ä6OXåEHQLP 7X]ODJRGLQH
QRYLQDPD7X]ODQVNRJNDQWRQD³VWDYOMDVHWRþNDDRVWDOLGLR
WHNVWDEULãHVH
213
ýODQDN 1DWHPHOMXþODQNDVWDYDN=DNRQDRRVQRYQRP
2YDM SUDYLOQLN VWXSD QD VQDJX GDQRP GRQRãHQMD L RGJRMXLQDREUD]ELÄ6OXåEHQHQRYLQH7X]ODQVNRJNDQRWQD³
REMDYLWüHVHXÄ6OXåEHQLPQRYLQDPD7X]ODQVNRJNDQWRQD³ EUL0LQLVWDUVWYRQDREUD]EH]QDQRVWLNXOWXUHL
ãSRUWD7X]ODQVNRJNDQWRQDGRQRVL