Professional Documents
Culture Documents
5$&
0LUDo·DLONDGLP
hPPL+DQLVHYJLOL3H\JDPEHULPL]LLoHULDOLSELUKDVLUOHJHQYHLEUHNYHUGL*HOHQPLVDILUH
LNUDPHWPHNRQXGVPDQGDQNRUXPDN$UDSODULoLQHQVHUHIOLYD]LIHVD\LOLUGL%LUHYGHNL
PLVDILUH]DUDUJHOPHVLHYVDKLELLoLQE\N\]NDUDVLROXUGX
hPPL+DQL
%XQXQ0HNNH
GHGVPDQODULoRN+DWWD|OGUPHNLVWH\HQOHUYDU6HUHILPLNRUXPDNLoLQVDEDKD
NDGDU2
QXJ|]HWH\LPGL\HGVQG
%DEDVLQLQNLOLFLQLDOLSHYLQHWUDILQGDGRODVPD\DEDVODGL
5HVXOXOODKRJQoRNLQFLQPLVWL
$EGHVWDOLS5DEELQH\DOYDUPD\DDIGLOHPH\HNXOODULQLPDQDJHOLSVDDGHWHNDYXVPDODULLoLQ
GXD\DEDVODGL
dRN\RUJXQDoYH]QWOLGL
+DVLU]HULQHX]DQLSX\X\XYHUGL
2 DQGD$OODKWHkOk&HEUDLODOH\KLVVHODPD
6HYJLOL3H\JDPEHULPLoRN]GP0EDUHNEHGHQLQLQD]LNNDOELQLoRNLQFLWWLP
%XKDOGH\LQHEDQD\DOYDUL\RU
%HQGHQEDVNDKLoELUVH\GVQP\RU
*LW+DELELPLJHWLU&HQQHWLPL&HKHQQHPLPLJ|VWHU2
QDYH2
QXVHYHQOHUHKD]LUODGLJLP
QLPHWOHULJ|UVQ
2
QDLQDQPL\DQODUDV|]OHUL\D]LODULYHKDUHNHWOHULLOH2
QXLQFLWHQOHUHKD]LUODGLJLPD]DEODUL
J|UVQ2
QXEHQWHVHOOLHGHFHJLP2
QXQQD]LNNDOELQLQ\DUDODULQLEHQVDUDFDJLP
EX\XUGX
&HEUDLODOH\KLVVHODP5HVXOXOODKLQ\DQLQDJHOLQFH2
QXPLVLOPLVLOX\XUEXOGX8\DQGLUPDJD
NL\DPDGL,QVDQVHNOLQGHLGL0EDUHND\DJLQLQDOWLQL|SW.DOELNDQLROPDGLJLLoLQVRJXN
GXGDNODUL5HVXOXOODKLX\DQGLUGL
&HEUDLODOH\KLVVHODPLKHPHQWDQLGLYH
(\&HEUDLONDUGHVLP%|\OHYDNLWVL]QLoLQJHOGLQ
<RNVDELUKDWDPLHWWLP
5DEELPLJFHQGLUGLPPL"
%DQDDFLKDEHUPLJHWLUGLQ"
EX\XUGXYH5DEELQLQGDULODFDJLQGDQoRNNRUNWX
&HEUDLODOH\KLVVHODP
(\EWQ\DUDWLOPLVODULQHQVWQ
(\<DUDWDQLQKDELELH\3H\JDPEHUOHULQHIHQGLVLL\LOLNOHUPHQEDLVWQONOHUND\QDJLRODQ
VHUHIOLYHE\N3H\JDPEHU5DEELQVDQD6HODPHGL\RUYHVHQLNHQGLVLQHoDJLUL\RU
/WIHQNDONJLGHOLPGHGL
0LUDF\ROFXOXJXE|\OHFHEDVODPLVROGX
(\+DELELP6HQ]OPH
0LUDF(IHQGLPL]LQ\NVHNOLNOHUDOHPLQHXUXFHWPHVL'HUHFHGHUHFH|WHOHULQVLUODULQD
HUPHVL
%XHPLUOHJHOHQ&HEUDLODOH\KLVVHODP6HYJLOL3H\JDPEHULPL]L0LUDFDKD]LUODPD\DEDVODGL
gQFHDEGHVWDOGLUGL0EDUHNEDVLQDQXUGDQELULPDPHNR\GX
h]HULQHQXUGDQELUHOELVHJL\GLUGL0EDUHNEHOLQH\DNXWWDQELUNHPHUWDNWL0EDUHNHOLQHG|UW
\]LQFLLOHVVO]PUWWHQELUDVDYHUGL
+HULQFL=KUH\LOGL]LJLELSDUODUGL0EDUHND\DJLQD\HVLO]PUWWHQQDOLQJL\GLUGL6RQUDHOHOH
WXWXVXS.DEH
\HJHOGLOHU
%XUDGD&HEUDLO$OH\KLVVHODP6HYJLOL3H\JDPEHULPL]LQPEDUHNJ|JVQ\DUGL
.DOELQLo×NDUG×
=HP]HPVX\XLOH\×NDG×
6RQUDKLNPHWYHLPDQGROXELUWDVJHWLULSLoLQHER DOWW×YHJ| VQNDSDWW×
6RQUD&HEUDLODOH\KLVVHODP&HQQHW
WHQJHWLUGL L %XUDNDG×QGDNLEH\D]KD\YDQLL DUHWHGHUHN
<D5HVXODOODK
%XQDELQ%WQ0HOHNOHU\ROXQXEHNOL\RUODUGHGL
%XV×UDGD3H\JDPEHU(IHQGLPL]HELUK]Qo|NWYHWHIHNNUHGDOG×
2 DQGD$OODKWHkOk&HEUDLO$OH\KLVVHODPD
(\&HEUDLO
6XDOH\OH
+DELELPQLoLQPDK]XQGXUX\RU"GL\HVXDOHGLQFH(IHQGLPL]FHYDSYHUGL
%HQEXNDGDUL]]HWYHLNUDPJ|UGP+DW×U×PDJHOGLNLN×\DPHWJQ]D\×IRODQPPHWLPLQ
KDOLQDV×OROXU"
(OOLELQ\×O$UDVDWPH\GDQ×QGD\D\DRODUDNEXQFDJQDKODU×Q×QDV×OoHNHUOHUYHRWX]ELQ\×OO×N\RO
RODQ6×UDW×QDV×OJHoHUOHU"
)HUPDQLLODKLJHOGLNL
(\+DELELP
+DW×U×Q×KR WXW
6HQLQPPHWLQHHOOLELQ\×OO×NYDNWLELUDQJLELHGHULP
h]OPH
EX\XUGX
3H\JDPEHUHIHQGLPL]%XUDN
DELQGL%XUDNoRNKL]OLJLGL\RUELUDGLPGDJ|]QJ|UGJ\HULQ
|WHVLQHXODVL\RUGX
<ROFXOXNHVQDVLQGD&HEUDLODOH\KLVVHODPVHYJLOL3H\JDPEHULPL]HED]LNRQDN\HUOHULQGHLQLS
QDPD]NLOPDVLQLV|\OHGL
$OHPOHULQHIHQGLVLEXQXQ]HULQHWDPoGHIDLQHUHNQDPD]NLOGL
&HEUDLO$OH\KLVVHODPGD1DPD]NLOGLJL\HUOHULELOLSELOPHGLJLQLVRUGX
&HYDELQLNHQGLVLYHUHUHNLONLQGLJL\HULQ0HGLQHROGXJXQXYHEXVHKUHKLFUHWHGHFHJLQLKDEHU
YHUGL
gWHNL\HUOHULQGHVLUDLOH+D]UHWL0XVD
QLQ$OODKWHkOkLOHFLKHWVL]YHELOLQPH\HQELUVHNLOGH
NRQXVWXJX7XUL6LQDROGXJXQXVRQRODUDNGD,VDDOH\KLVVHODPLQGRJGXJX%H\WL/DKP
GD1DPD]
NLOGLJLQLKDEHUYHUGL
6RQUD.XGV
WHNL0HVFLGL$NVD
\DJHOGLOHU
0HVFLGL$NVD
GD&HEUDLO$OH\KLVVHODPELUND\D\LSDUPDJLLOHGHOHUHN%XUDN
LEDJODGL*HoPLV
3H\JDPEHUOHUGHQED]LVLQLQUXKODULLQVDQVHNOLQGHWRSODQPLVODUGL
&HPDDWOH1DPD]LoLQ
ÇGHP1XKYH,EUDKLP3H\JDPEHUOHUHDOH\KLPVVHODP,PDPROPDODULVLUDLOHV|\OHQGL
g]UGLOH\HUHNNDEXOHWPHGLOHU
+D]UHWL&HEUDLO
6HQYDUNHQEDVNDVL,PDPRODPD]
GL\HUHN+DELEXOODK
LLOHULVUG
3H\JDPEHU(IHQGLPL]3H\JDPEHUOHUH,PDPROXSLNL5HN
DW1DPD]NLOGLUGLODU
0LUDF3H\JDPEHULPL]LQ0HGLQH
\HKLFUHWOHULQGHQRQGRNX]D\|QFH0LODGL\LOLQGD
JHFHOH\LQYXNX
EXOPXVWXU
6HYJLOL3H\JDPEHULPL]LQEXLNLPDKDODUDVLQGDNLVH\DKDWOHULJHFHOH\LQYXNX
EXOGXJXLoLQJHFH
\ROFXOXJXPDQDVLQGD,VUDGHQPLVEXPEDUHNNHOLPHD\QLROD\LDQODWDQD\HWOHEDVOD\DQ,VUD
VXUHVLQLQGHDGLROPXVWXU
%XJHOHQQHJ]HO\ROFX
6HYJLOL3H\JDPEHULPL]0LUDFROD\LQLQ.XGV
WHQVRQUDVLQLV|\OHDQODWLU
&HEUDLO$OH\KLVVHODPEDQDELUNDSLoLQGH&HQQHWVXUXEXELUNDSGDVWJHWLUGL6WDOGLP
'DKDVRQUDLNLEDUGDNGDKDVXQGXODU
%LULVXELUEDOLNLVLQGHQGHLoWLP
+D]UHWL&HEUDLO
%DOhPPHWLQLQ.L\DPHWHNDGDUGHYDPHGHFHJLQHVXGDhPPHWLQLQ*QDKODULQGDQ
WHPL]OHQPHVLQHLVDUHWWLUGHGL
6RQUDEHUDEHUFH*|JH\NVHOGLN
&HEUDLO$OH\KLVVHODPELULQFLNDWJ|JQNDSLVLQLoDOGL
6RUGXODU
6HQNLPVLQ"
%HQ&HEUDLO
LP
3HNL\DQLQGDNLNLP"
2GD0XKDPPHG
GLU
2
QDJ|JHoLNPDNLoLQYDK\YH0LUDFGDYHWLJ|QGHULOGLPL"
(YHWJ|QGHULOGL
0HUKDEDJHOHQ]DWD%XJHOHQQHJ]HO\ROFX
GHGLOHUYHKHPHQNDSLDoLOGLYHNHQGLPLÇGHP
LQ$OH\KLVVHODPNDUVLVLQGDEXOGXP
%DQD0HUKDEDGHGLYHGXDHWWL
%XUDGDoRN0HOHNJ|UGP
+HSVL.L\DPGD+XVXYH+XGXLOHGXUPXVODU
6XEEXKQNXGGXVQ5DEEOPHODLNHWLYHUUXK
]LNUL\OHPHVJXOGOHU
&HEUDLO
HVRUGXP
%X0HOHNOHULQLEDGHWLEXPXGXU"
(YHW
%XQODU\DUDWLODOLGDQEHULWD.L\DPHWHNDGDU.L\DP]HUHROXUODU
+DNWHkOkGDQGLOHGLPNLEXLEDGHWLhPPHWLPHQDVLSHWVLQ
'XDPLNDEXOHWWL
1DPD]GDRODQ.L\DPRGXU
2UDGDELU&HPDDWHXJUDGLP
0HOHNOHURQODULQEDVODULQLH]HUOHUWHNUDUHVNLKDOLQLDOLU
<LQHG|YHUOHU\LQHHVNLVLJLELROXUGX
%XQODUNLPOHUGLU"GHGLP
&XPD
\LYH&HPDDWLWHUNHGHQOHUGLU5NXYH6HFGHOHULWDPDP\DSPD\DQODUGLUGHGL
%LU&HPDDWJ|UGP$oYHoLSODNLGLOHU
%XQODUNLPOHUGLU"GHGLP
)DNLUOHUHPHUKDPHWHWPL\HQOHUYH=HNDWYHUPL\HQOHUGLUGHGL
%LU&HPDDWHXJUDGLPgQOHULQHQHILV\HPHNOHUNR\PXVODU%LU\DQGDGDOHVGXUX\RU2QHILV
\HPHNOHULELUDNPLVOHVL\HUOHUGL
%XQODUNLPOHUGLU"GHGLP
%XQODU+HODOLWHUNHGLS+DUDPDPH\OHGHQOHUGLU+HODOPDOODULYDUNHQKDUDP\L\HQ
NLPVHOHUGLUGHGL
$UNDVLQGDNL\NQoRNOXJXQGDQKDUHNHWHPHFDOLNDOPDPLVRODQELUWDNLPNLPVHOHUJ|UGP2
KDOL\OHKDONDVHVOHQLS]HULQHELUD]GDKD\NNR\PDODULQLLVWL\RUODUGL
%XQODUNLPOHUGLU"GHGLP
%XNLPVHOHUHPDQHWHKL\DQHWHGHQOHUGLU,QVDQODULQKDNNLQLDOPLVLNHQ\LQH]XOPHGHQOHUGLU
GHGL
.HQGLHWOHULQLNHVLS\L\HQELUJUXSLQVDQDXJUDGLN
%XQODUNLPOHUGLU"GHGLP
&HEUDLODOH\KLVVHODP%XQODUJL\EHWHGHQOHUYHV|]WDVL\DQODUGLUGHGL
%LUJUXSLQVDQDUDVWODGLNGLOOHULNDIDODULQGDQoHNLOPLVVHNLOOHULGHJLVWLULOLSKLQ]LUGRPX]
VXUHWLQHWHEGLOROPXVRODUDND]DEROXQXUODU
&HEUDLODOH\KLVVHODP%XQODU\DODQ\HUHVDKLGOLN\DSDQODUGLUGHGL
%LUNLVLPNDGLQODUDUDVWODGLN<]OHULVL\DKJ|]OHULJ|NW$WHVWHQHOELVHOHUJL\GLUPLVOHU
0HOHNOHURQODUDDWHVWHQJU]OHUOHYXUXUODU
%XQODUNLPOHUGLU"GHGLP
+D]UHWL&LEULO%XQODU]LQDHGHQOHUYHNRFDODULQLLQFLWHQNDGLQODUGLUGHGL
%LU&HPDDWGDKDJ|UGP$WHVRQODUL\DNDUWHNUDUGLULOLUOHUWHNUDU\DNDUGL
%XQODUNLPOHUGLU"GHGLP
%XQODUEDEDODULQDDVLRODQODUGLUGHGL
,NLQFLNDWJ|JHoLNWLN
&HEUDLODOH\KLVVHODPNDSL\LoDOGL
.DSLDoLOGLJLQGDNHQGLPLWH\]HoRFXNODUL,VDLOH<DK\DELQ=HNHUL\\D
QLQ$OH\KLPHVVHODP
\DQLQGDEXOGXP
%DQD0HUKDEDGHGLOHU
9H'XDGDEXOXQGXODU
0HOHNOHUGHQELU&HPDDWHUDVWODGLP6DIEDJOD\LSGXUPXVODUFPOHVLUNXGDLGL.HQGLOHULQH
PDKVXVELUWHVELKOHULYDUGL
'HYDPOLRODUDNUNXGDGXUXUODUEDVODULQLNDOGLULS\XNDULEDNPD]ODU
&HEUDLODOH\KLVVHODP
%X0HOHNOHULQLEDGHWLE|\OHGLU+DNWHkOkGDQLVWHGHhPPHWLQHQDVLEROVXQGHGL
'XDHWWLP.DEXOEX\XUXS1DPD]GDUNXXLKVDQH\OHGL
6RQUDoQFNDWJ|JHoLNWLN
$\QLVXDOYHFHYDSWDQVRQUDNDSLDoLOGLYHNHQGLPL<XVXI$OH\KLVVHODPLQ\DQLQGDEXOGXP
%DNWLPNLNHQGLVLQHJ]HOOLJLQ\DULVLYHULOPLV
%DQD0HUKDEDGHGLYHGXDHWWL
dRN0HOHNJ|UGP
6DIKDOLQGHFPOHVL6HFGHGHLGLOHU
<DUDWLODOLGDQEHUL6HFGHGHROXSNHQGLOHULQHPDKVXVWHVELKLOHWHVELKHGHUOHU
&HEUDLODOH\KLVVHODP
%X0HOHNOHULQ,EDGHWLE|\OHGLU$OODKWHkOkGDQLVWHNLEXDPHOLPPHWLQHP\HVVHUH\OHVLQ
GHGL
+DNWHkOkGDQGLOHGLP.DEXOHGLSQDPD]GDVL]HQDVLEH\OHGL
'|UGQFNDWJ|JHHULVWLP6DIJPVWHQ\DSLOPLVQXUGDQELUNDSLVLYDU
1XUGDQELUNLOLWYXUPXVODU
.LOLGLQ]HULQGH
/DLODKHLOODOODK0XKDPPHGQUHVXOXOODK
\D]LOLLGL
6XDOYHFHYDSWDQVRQUDNHQGLPL,GULV$OH\KLVVHODPLQ\DQLQGDEXOGXP
%DQD0HUKDEDGHGLYH'XDGDEXOXQGX
$OODKWHkOkRQXQKDNNLQGDPHDOHQ
%L]RQX\NVHNELUPHNDQDUHI
HWWLNEX\XUPXVWXU0HU\HPVXUHVL
%LU0HOHNJ|UGP%LUNUVL]HULQHRWXUPXVJDPOLYH]QWOLGL
(WUDILQGDRNDGDUoRNPHOHNYDUGLNLVD\LVLQLDQFDN&HQDEL+DNELOLU
6DJLQGD1XUDQL0HOHNOHUJ|UGP<HVLOOHUJL\PLVOHUoRNJ]HONRNXODULYDU+HUELULQLQ
J]HOOLJLQGHQ\]OHULQHEDNLODPD]
6ROWDUDILQGDDJL]ODULQGDDWHVOHUVDoDQ0HOHNOHUYDUGLgQOHULQGHDWHVWHQPL]UDNYHNDPoLODUYDU
g\OHJ|]OHULYDUNLEDNPDJDWDNDWJHWLULOPH]
7DKW]HULQGHRWXUDQ0HOHJLQEDVLQGDQD\DJLQDNDGDUJ|]OHULYDU
'DLPD|QQGHNLGHIWHUHEDNDUELUDQJ|]QRQGDQD\LUPD]GL
gQQGHELUDJDoYDUGL.DKVDJHOL\OHRQGDQELUVH\DOLSVDJLQGDNL1XUDQL0HOHNOHUHWHVOLPHGHU
NDKVROHOL\OHELUVH\DOLSVROXQGDNL]XOPDQL0HOHNOHUHYHULUGL
%X0HOHJHQD]DUHGLQFHNDOELPHELUNRUNXJHOGL
+D]UHWL&HEUDLO
H
%XPHOHNNLPGLU"GHGLP
$]UDLO
GLU
%XQXQ\]QJ|UPHJHNLPVHQLQWDNDWL\HWPH]GHGL
<DQLQDYDULS
(\$]UDLO
%XDKLU]DPDQ3H\JDPEHULGLUYH$OODKWHkOkQLQKDELELVHYJLOLVLGLUGHGL
$]UDLO$OH\KLVVHODPNDONLSEDQDWD]LPHWWL
0HUKDED+DNWHkOkVHQGHQGDKDVHUHIOLELUNLPVH\DUDWPDGL
hPPHWLQGHFPOHhPPHWOHUGHQVWQGU
%HQVHQLQhPPHWLQHEDEDYHDQDODULQGDQGDKDoRNDFLULPGHGL
6HQGHQELUULFDPYDUGLU
hPPHWLP]D\LIWLU
2QODUD\XPXVDNGDUYDQDVLQ
5XKODULQL\XPXVDNOLNODDODVLQGHGLP
6HQLHQVRQ3H\JDPEHURODUDNJ|QGHUHQYHNHQGLQH+DELENLODQ$OODKWHkOkQLQKDNNLLoLQ
$OODKWHkOkJHFHYHJQG]GH\HWPLVNHUH
hPPHWL0XKDPPHG
LQUXKODULQL\XPXVDNOLNODYHNROD\OLNODDOYHLVOHULQLOWILOHJ|U
GL\HHPUHGHU
%XQXQLoLQEHQGHVHQLQhPPHWLQHDQDYHEDEDODULQGDQGDKDoRNVHINDWHGHULPGHGL
%HVLQFLNDWJ|JHoLNWLNRUDGD+DUXQ$OH\KLVVHODPODNDUVLODVWLN
%DQD0HUKDEDGHGLYHKD\LUGXDGDEXOXQGX
%HVLQFLNDWJ|N0HOHNOHULQLQLEDGHWOHULQLJ|UGP
&POHVLD\DNWDGXUX\RUYHD\DNODULQLQSDUPDNODULQDQD]DUHGL\RUDVODEDVND\HUHEDNPL\RU
\NVHNVHVOHWHVELKHGL\RUODUGL
+D]UHWL&HEUDLO
GHQ
%XPHOHNOHULQLEDGHWLE|\OHPLGLU"GL\HVRUGXP
(YHW+DNWHkOkGDQGLOHGHEXLEDGHWLPPHWLQHQDVLEH\OHVLQGHGL
'XDHWWLP&HQDEL+DNLKVDQHWWL
6RQUDDOWLQFDNDWJ|JHoLNWLN
2UDGD0XVDDOH\KLVVHODPLOHNDUVLODVWLN
%DQD0HUKDEDGHGLYHKD\LU'XDGDEXOXQGX
6RQUD\HGLQFLNDWJ|JH\NVHOGLND\QLVRUXFHYDSWDQVRQUD,EUDKLPDOH\KLVVHODPL%H\WL
0D
PXU
DDUNDVLQLGD\DPLVRODUDNEXOGXP
2 %H\WL0D
PXUNLKHUJQRUD\D\HWPLVELQ0HOHNJLUL\RUELUGDKDVLUDODULJHOPL\RU
,EUDKLPDOH\KLVVHODPDVHODPYHUGLP
6HODPLPLDOGL
0HUKDEDVDOLK3H\JDPEHUVDOLKRJOXPGHGL
6RQUD
<D0XKDPPHG
&HQQHW
LQ\HULJD\HWODWLIYHWRSUDJLWHPL]GLU
hPPHWLQHV|\OHRUD\DoRNDJDoGLNVLQOHUGHGL
&HQQHW
HDJDoQDVLOGLNLOLU"GHGLP
/DKDYOHYHODNXYYHWHLOODELOODKYH6EKDQHOODKLYHOKDPGOLOODKLYHODLODKHLOODOODKYDOODK
HNEHUWHVELKLQLRNX\DUDNGHGL
&HEUDLO$OH\KLVVHODPVRQUDEHQL6LGUHWO0QWHKD
\DJ|WUG
6DQNLRQXQ\DSUDNODULILONXODNODULJLELPH\YHOHULGHNXOHOHUJLELLGL
2$OODKWHkOkQLQHPLUOHULQGHQKHUKDQJLELULVL\OHNDUVLODVWLJLQGD|\OHVLQHGHJLVL\RUGXYH
J]HOOHVL\RUGXNL$OODKWHkOkQLQ\DUDWPLVROGXJXPDKOXNDWLQGDQKLoNLPVHRQXQJ]HOOLJLQL
DQODWDPD]
&HEUDLODOH\KLVVHODP6LGUHWO0QWHKD
QLQLOHULVLQHLOHWWLYHEDQDYHGDH\OHGL
'HGLPNL
(\&HEUDLO%HQL\DOQL]PLELUDNL\RUVXQ"
&HEUDLO$OH\KLVVHODPLVWLUDEDGVW
+DNWHkOkQLQKH\EHWLQGHQWLWUHPHJHEDVODGLYH
(JHUELUDGLPGDKDDWDUVDP$OODKWHkOkQLQD]DPHWLQGHQKHODNROXUXP%WQYFXGXP\DQDU
\RNROXUGHGL
$OHPOHULQ(IHQGLVLEXUD\DNDGDU&HEUDLO$OH\KLVVHODPLOHJHOPLVWL
&HEUDLO$OH\KLVVHODPEXUDGDNHQGLVLQL\DUDWLOPLVROGXJXVXUHW]HUHNDQDWODULQLDoPLVKHUELU
NDQDGLQGDQLQFLOHU\DNXWODUVDoLOLUELUKDOGH5HVXOXOODK
DJ|VWHUGL
6RQUD]L\DVLJQHVWHQGDKDSDUODN5HIUHIDGLQGD\HVLOELU&HQQHW\D\JLVLJHOGL
'XUPDGDQ$OODKWHkOkQLQ]LNUL\OHPHVJXOROX\RUEXOXQGXJXDOHPLWHVELKVDGDVLGROGXUX\RUGX
3H\JDPEHU(IHQGLPL]H6HODPYHUGL
5HVXOXOODK(IHQGLPL]5HIUHI
LQ]HULQHRWXUGX
%LUDQGDoRN\NVHNOHUHoLNWLODU+LFDEGHQLOHQ\HWPLVELQSHUGHGHQJHoWLOHU
+HU+LFDEDUDVLoRNX]DNLGL
+HUSHUGHGHYD]LIHOL0HOHNOHUYDUGL
5HIUHI3H\JDPEHUHIHQGLPL]LELUHUELUHURSHUGHOHUGHQJHoLUGL
%|\OHFH.UVL$UVYHUXKDOHPOHULQLDVWLODU
+DELEL(NUHP(IHQGLPL]KHUELUSHUGHGHQJHoHUNHQ
.RUNPD\D0XKDPPHG<DNODV\DNODV
GL\HHPUHGLOGLJLQLGX\X\RUGX
%LOLQPH\HQDQODVLODPD\DQDQODWLODPD\DQVHNLOGH$OODKWHkOkQLQGLOHGLJL\NVHNOLNOHUHXODVWL
0HNDQVL]
=DPDQVL]
&LKHWVL]
6LIDWVL]RODUDNU
\HWKDVLOROGX\DQL$OODKWHkOk\LJ|UG
*|]V]NXODNVL]YDVLWDVL]RUWDPVL]RODUDN5DEELLOHNRQXVWX
+LoELUPDKOXNXQELOHPL\HFHJLDQOL\DPL\DFDJLQLPHWOHUHNDYXVWX
hPPHWLPLLVWHULP
,PDPL5DEEDQLKD]UHWOHUL(IHQGLPL]LQ0LUDFLQLV|\OHDQODWLU
2VHUYHU$OH\KLVVDODW9HVVHODP0LUDFJHFHVLQGH5DEELQLGQ\DGDJ|UPHGL$KLUHWWHJ|UG
dQN5HVXO$OH\KLVVHODPRJHFH]DPDQYHPHNDQoHYUHVLQGHQGLVDULoLNWL
(]HOLYHHEHGLELUDQEXOGX
%DVODQJLFLYHVRQXELUQRNWDRODUDNJ|UG
&HQQHW
HJLGHFHNOHULQELQOHUFHVHQHVRQUD&HQQHW
HJLGLVOHULQLYH&HQQHW
WHROXVODULQLRJHFH
J|UG
,VWHRPDNDPGDNLJ|UPHNGQ\DGDJ|UPHNGHJLOGLU$KLUHWJ|UPHVLLOHJ|UPHNWLU
3H\JDPEHU(IHQGLPL]H
5DEELQLVHQDH\OH
EX\UXOGXJXQGD
2 KHPHQ
(WWHKL\\DWOLOODKLYHVVDOHYDWYHWWD\\LEDW
\DQLEWQOLVDQODULOHRODQPHGKOHU|YJOHUYHVHQDODUEHGHQLOHRODQKL]PHWOHUYHWDDWOHU
PDOLOHRODQL\LOLNOHUYHLKVDQODU$OODKWHkOkLoLQROVXQGHGL
gQFH$OODKWHkOk+DELELQHJ|]V]NXODNVL]YDVLWDVL]PHNDQVL]RODUDN
(VVHODPDOH\NHH\\KHQQHEL\\YHUDKPHWXOODKLYHEHUHNDWK
(\5HVXOP6HODPLPEHUHNHWLPYHUDKPHWLPVHQLQ]HULQHROVXQEX\XUDUDNVHODPYHUGL
3H\JDPEHUHIHQGLPL]
(VVHODPDOH\QDYHDODLEDGLOODKLVVDOLKLQ
<D5DEEL%L]HYHVDOLKNXOODULQDGDVHODPROVXQGL\HFHYDSYHUGLOHU
%XQXLVLWHQ0HOHNOHUKHSELUDJL]GDQ
(VKHGHQODLODKHLOODOODKYHHVKHGHQQH0XKDPPHGHQDEGKXYHUHVXOK
*|]POHJ|UPVJLELELOLUYHLQDQLULPNL$OODKWHkOkGDQEDVNDLODK\RNWXU0XKDPPHG
$OH\KLVVHODP2
QXQ.XOXYH5HVXOGUGHGLOHU
$OODKWHkOkEX\XUGXNL
(\+DELELP%HQLPPLVDILULPVLQ,VWHEHQGHQQHLVWHUVHQ
5HVXOXOODKHIHQGLPL]
hPPHWLPLLVWHULP\D5DEELGHGL
+DNWHkOkEXVXDOL\HGL\]GHIDWHNUDUODGL
5HVXOXOODKHIHQGLPL]KHSVLQGH
hPPHWLPLLVWHULP
GL\HFHYDSYHUGL
$OODKWHkOk
+HShPPHWLQLLVWHUVLQEX\XUXQFD
2
(\5DEELP
'LOH\HQEHQLPYHUHQVHQVLQ
&POHhPPHWLPLEDQDEDJLVODGL\HWDOHEHWWL
&HQDEL+DN
(JHUPPHWLQLQKHSVLQLVLPGLVDQDEDJLVODUVDPEHQLPUDKPHWLPYHVHQLQL]]HWLQ]DKLUROPD]
%LUNLVPLQLVLPGLVDQDEDJLVODGLP
,NLNLVPLQLWHKLUHWWLP
.L\DPHWJQVHQGLOH\HVLQEHQEDJLVOL\D\LP
7DNLEHQLPUDKPHWLPYHVHQLQL]]HWLQVHUHILQEHOOLROVXQEX\XUGX
6HYJLOL3H\JDPEHULPL]ELUKDGLVLVHULIOHULQGHEX\XUGXODUNL
2JHFH0LUDFJHFHVL$OODKWHkOkGDQFPOHhPPHWLPLQKHVDELQLEDQDLVPDUODPDVLQLLVWHGLP
+DNWHkOkEX\XUGXNL
<D0XKDPPHG
%XQGDQPXUDGLQRGXUNLKLoNLPVHPPHWLQLQNDEDKDWOHULQHPXWWDOLROPDVLQ
%HQLPPXUDGLPRGXUNLVHQVHINDWOL3H\JDPEHUVLQ\DEDQFLODUDROGXJXJLELVHQGHQGDKL
NDEDKDWOHULYHoLUNLQLVOHUL|UWOROVXQ
<D0XKDPPHG
6HQRQODULQ\ROJ|VWHULFLVLVLQ
%HQRQODULQ5DEEL\LP
6HQRQODUL\HQLJ|UGQ
%HQHYYHOGHQHEHGHRQODUDQD]DUHWWLPYHQD]DUHGHULP
<D0XKDPPHG
(JHUVHQLQhPPHWLQLOHV|\OHVPHJLVHYPHVH\GLPNL\DPHWJQRQODULKHVDEDoHNPH]GLP
%\NYHNoNKLoELUJQDKODULQLVRUPD]GLP
5HVXOXOODKLQVXDOOHUL
3H\JDPEHU(IHQGLPL]0LUDFGD&HQDEL+DNNDVRUGXJXVXDOOHULYHDOGLJLFHYDSODULELU+DGLVL
6HULIOHULQGHV|\OHDQODWLU
'HGLPNL
<D5DEEL&HEUDLO
HDOWL\]ELQNDQDWYHUGLQ%XQDNDUVLEDQDRODQLKVDQLQQHGLU"
+DNWHkOkEX\XUGXNL
6HQLQELUNLOLQEDQD&HEUDLO
LQDOWL\]ELQNDQDGLQGDQVHYJLOLGLU
6HQLQELUNLOLQVHEHEL\OHELQOHUFHDVLJQDKNDUL.L\DPHWJQ$]DGHGHULP
<D+DELELP
&HEUDLONDQDGLQLDoVDGRJXLOHEDWLDUDVLQLGROGXUXU
6HQVHIDDWHWVHQGRJXLOHEDWLDUDVLDVLGROXROVDKHSVLQLVDQDEDJLVODULP
'HGLPNL
3HGHULPÇGHP
HDOH\KLVVHODPNDUVL0HOHNOHUL6HFGHHWWLUGLQ%XQDNDUVLEDQDRODQLNUDPLQ
QHGLU"
+DNWHkOkEX\XUGXNL
0HOHNOHULQÇGHP
LQ|QQGH6HFGHHWPHOHULVHQLQ1XUXQXQRQXQDOQLQGDROPDVLVHEHEL\OHGLU
<D+DELELP
6DQDRQGDQVWQVH\YHUGLP,VPLQLLVPLPH\DNLQH\OHGLPYH$UVLDODVWQH\D]GLP
2 ]DPDQÇGHP\DUDWLOPDPLVLGLQDPLYHQLVDQL\RNLGL6HQLQLVPLQLJ|NOHUNDSLVLQGDKLFDEODU
]HULQGH&HQQHWOHUNDSLVLQGDN|VNOHUYHDJDoODUGD&HQQHW
LQKHU\HULQGH\D]GLP
&HQQHW
WH]HULQGH
/DLODKHLOODOODK0XKDPPHGQUHVXOXOODK
\D]LOPLVROPD\DQKLoELUVH\\RNLGL
%XPHUWHEHÇGHP
HYHULOHQPHUWHEHGHQGDKDVWQGU
'HGLPNL
<D5DEEL
1XK
DDOH\KLVVHODPJHPLYHUGLQ%XQDNDUVLEDQDQHLKVDQH\OHGLQ"
%X\XUGXNL
6DQD%XUDNYHUGLPNLELUJHFHGH\HUGHQ$UV
DHULVWLUGLP
&HQQHWYH&HKHQQHP
LJ|UGQ
hPPHWLQHGH0HVFLGOHUYHUGLPNL.L\DPHWJQJHPLOHUHELQHUJLELPPHWLQR0HVFLGOHUH
ELQLS6LUDW
LJ|]DoLS\XPDFDNNDGDU]DPDQGDJHoLS&HKHQQHP
GHQKDODVROXUODU
'HGLPNL
<D5DEEL
,VUDLORJXOODULQDNXGUHWKHOYDVLLOHELOGLUFLQDEHQ]HUNXVHWLLQGLUGLQ
+DNWHkOkEX\XUGXNL
6DQDYHhPPHWLQHGQ\DYHDKLUHWQLPHWLQLLKVDQHWWLP
<D+DELELP
6DQDELU6XUHYHUGLPNLRQDEHQ]HUELUVXUH7HYUDW
WDYH,QFLO
GH\RNWXU
2 VXUH)DWLKD
GLU
+HUNLPRVXUH\LRNXVDYFXGX&HKQQHP
H+DUDPROXU
2 RNX\DQNLPVHQLQDQDYHEDEDVLQLQD]DELQLKDILIOHWLULP
<D+DELELP
%|\OHRODQhPPHWLQH&HKHQQHP
LKDUDPHWWLP
hPPHWLQHNDUVLUDKPHWLPJDGDELPLDVPLVWLU
<D+DELELP
%HQLPNDWLPGDFPOHNDONWDQHNUHPVLQVHUHIOLVLQ
.L\DPHWJQVDQDRNDGDULNUDPODU\DSDULPNLFPOHDOHPKD\UHWHGHU
(\+DELELP
6HQ&HQQHW
HJLUPH\LQFHGLJHUHQEL\DJLUHPH]
6HQLQPPHWLQJLUPH\LQFHJD\ULPPHWJLUHPH]
<D+DELELP
,VWHUPLVLQNLVHQLQYHPPHWLQLoLQQHOHUKD]LUODGLPJ|UHVLQ"
,VWHULP\D5DEEL
GHGLP
,VUDILO
HKLWDEHGLS
(\,VUDILO
.XOXPYH(PLQLPYH5HVXOP&HEUDLO
HGHNL
+DELELPL&HQQHW
HLOHWLS+DELELPYHhPPHWLLoLQ&HQQHW
WHQHOHUKD]LUODGLPLVHJ|VWHUVLQ
7DNLPEDUHNKDWLULHQGLVHGHQKDODVRODEX\XUGX
&HQQHWWHJ|UGNOHUL
$OHPOHULQ(IHQGLVLRODQ6HYJLOL3H\JDPEHULPL],VUDILO$OH\KLVVHODPLOHELUOLNWH&HEUDLO
$OH\KLVVHODPLQ\DQLQDJHOGLOHU
$OODKWHkOkQLQHPULQL\HULQHJHWLUPHNLoLQ&HEUDLODOH\KLVVHODP3H\JDPEHU(IHQGLPL]L
&HQQHW
HJ|WUG
0HOHNOHUHOOHULQGHQXUGROXWDEDNODUODEHNOL\RUODUGL
&HEUDLODOH\KLVVHODP
<D5HVXODOODK
%XQODUÇGHPDOH\KLVVHODPGDQVHNVHQELQ\LO|QFH\DUDWLOGL
%XPDNDPGDWDEDNWDNLOHULVDQDYHhPPHWLQHVDoPDNLoLQVDELUVL]ODQLUODU
.L\DPHWJQ+D]UHWLQYHhPPHWLQ$OODKWHkOkQLQHPUL\OH&HQQHW
LQHVLJLQHD\DNEDVLQFDEX
0HOHNOHUWDEDNODUGDNLFHYDKLUL]HULQL]HVDoDFDNODUGLUGHGL
&HQQHW
WHYD]LIHOLRODQ5LGYDQLVPLQGHNL0HOHNRQODULNDUVLODGL
3H\JDPEHUHIHQGLPL]HPMGHOHUYHUGLYH
+DNWHkOkLNLVLQLVHQLQhPPHWLQHELULQLGHGLJHUhPPHWOHUHYHUPHNLoLQ&HQQHW
LoNLVLP
HWWL
GHGLYH&HQQHW
LQKHUWDUDILQLJH]GLUGL
+DELEL(NUHP(IHQGLPL]EX\XUGXODUNL
&HQQHWRUWDVLQGDELULUPDNJ|UGP$UV
LQ\XNDULVLQGDDNDU
%LU\HUGHQVXVWYHEDOoLNDU$VODELUELULQHNDULVPD]
2 LUPDJLQNHQDUL]HEHUFHGGHQLGL,oLQGHNLWDVODUFHYDKLUEDOoLJLDQEHURWODUL]D
IHUDQLGL
(WUDILQDJPVEDUGDNODUNR\PXVODUVD\LODULJ|NWHNL\LOGL]ODUGDQ]L\DGHLGL
dHYUHVLQGHNXVODUROXSER\XQODULGHYHER\QXJLELLGL
+HUNLPRQODULQHWLQGHQ\HVHYHRLUPDNWDQLoVH+DNWHkOkQLQUL]DVLQDPD]KDUROXU
&HEUDLO
H
%XLUPDNQHGLU"
GL\HVRUGXP
.HYVHU
GLU
+DNWHkOkRQXVDQDYHUPLVWLU
6HNL]&HQQHWWHRODQERVWDQODUDEX.HYVHUGHQDNDUGHGL
,UPDJLQNHQDULQGDoDGLUODUJ|UGP
&POHVLLQFLYH\DNXWWDQLGL
2 oDGLUODUGD+XULOHUJ|UGP<]OHULJQHVJLELSDUODULGL
'HUOHUGLNL
%L]VHYLQoOLYHQHV
HOL\L]
%L]HKLo]QWJHOPH]
%L]JHQoOHUL]KLo\DVODQPD\L]
%L]L\LKX\OX\X]KLoNL]PD\L]
%L]KHSE|\OH\L]KLo|OPH\L]
6DDGHWN|VNOHULQHYHDJDoODULQDHULVLSRQODULQQDJPHYHVHGDODULKHU\HULNDSODU
g\OHKRVVHVOHULYDUGLNLRQDJPHOHUGQ\D\DJHOVH\GL|OPYHPLKQHWGQ\DGDROPD]GL
&HEUDLO
%XQODULQ\]OHULQLJ|UPHNLVWHUPLVLQ"GHGL
,VWHULPGHGLP
%LUoDGLULQNDSLVLQLDoWL%DNWLPg\OHJ]HOVXUHWOHUJ|UGPNLHJHUEWQ|PUPFHRQODULQ
J]HOOLJLQLDQODWVDPELWLUHPHP
<]OHULVWWHQEH\D]\DQDNODUL\DNXWWDQNLUPL]LYHJQHVWHQSDUODNWL
'HULOHULLSHNWHQ\XPXVDNYHD\JLELLVLNOLNRNXODULPLVNWHQGDKDJ]HOGL
6DoODULJD\HWVL\DKNLPL|UOPVNLPLWRSODQPLVNLPLVDOLYHULOPLVRWXUVDHWUDILQGDoDGLUJLEL
ROXUNDONVDD\DJLQDNDGDUX]DQLUGL
+HUELULQLQ|QQGHELUKL]PHWoLGXUXUGX
3H\JDPEHUHIHQGLPL]EX\XUGXNL
6HNL]&HQQHW
LQEDJYHERVWDQLQLYHWUOQLPHWOHULQLJ|UGP
&HKHQQHP
LYHGHUHFHOHULQLGHJ|UVHPGL\HKDWLULPDJHOGL
&HEUDLOHOLPLWXWXS&HKHQQHP
LQHQE\NPHOHJL0DOLN
HJ|WUG
(\0DOLN
0XKDPPHG$OH\KLVVHODPDVLOHULQ&HKHQQHP
GHNL\HUOHULQLJ|UPHNLVWHU2
QD&HKHQQHP
L
J|VWHUGHGL
0DOLN&HKHQQHP
LQWDEDNDODULQLDoWL<HGLWDEDNDQLQKHSVLQLJ|UGP
(IHQGLPL]&HKHQQHPGHNLOHULQKDOLQLJ|UQFHoRN]OG
0HUKDPHWLQGHQoRNDJODGL
%WQ0HOHNOHUGHDJODVWLODU
2V|\OHGLLVHGRJUXGXU
$OHPOHULQ(IHQGLVL&HKHQQHPGHNLOHULQKDOLQLJ|UQFHDJODPD\DEDVODGL
$OODKWHkOk\D\DOYDUGL
hPPHWLQLQ]D\LIOLJLQLYHE|\OHD]DEDWDNDWJHWLUHPH\HFHNOHULQLV|\OH\HUHNRNDGDUoRNDJODGL
NL&HEUDLO$OH\KLVVHODPYHFPOH0HOHNOHUGHEHUDEHUDJODVWLODU
$OODKWHkOkGDQKLWDSJHOGLNL
(\+DELELP
6HQLQKUPHWLQYHNL\PHWLQEHQLPNDWLPGDE\NWU'XDQNDEXOROXQPXVWXU
+DWLULQLKRVWXW
6HQLPXUDGLQDHULVWLULULP
6DQD|\OHELUPDNDPYHULULPNLSHNoRNVD\LGDDVLOHULVHQLQVHIDDWLQLOHEDJLVODULP
7DNLVHQ\HWHUGL\HQHNDGDU
3H\JDPEHU(IHQGLPL]J|UGNOHULQLDQODWPD\DGHYDPHGHUHNEX\XUGXNL
'DKDVRQUD6HPDYDWWDQJHoLS0XVD
QLQDOH\KLVVHODPEXOXQGXJXPDNDPDJHOGLP
%DQD
+DNWHkOkVDQDYHhPPHWLQHQH)DU]H\OHGLGHGL
%HQGH
+HUJQYHJHFHLoLQHOOLYDNLW1DPD]NLOLQPDVLQLEDQD)DU]NLOGLGHGLP
5DEELQHG|QELUD]KDILIOHWPHVLQLGLOHdQNPPHWLQEXQXQDOWLQGDQNDONDPD]GHGL
%XQXQ]HULQH5DEELPHG|QGPYHGHGLPNL
<D5DEELhPPHWLPGHQEXHPULELUD]KDILIH\OH
%XQXQ]HULQHHOOLYDNLWWHQVDGHFHEHVYDNLWLQGLUGL
0XVD
\DDOH\KLVVHODPG|QGPYHEHVYDNLWLQGLUGLGHGLP
'HGLNL
5DEELQHG|Q
%LUD]GDKDKDILIOHWPHVLQLGLOHdQNPPHWLQEXQXQDOWLQGDQGDNDONDPD]
%|\OHFH0XVDDOH\KLVVHODPLOH5DEELPLQDUDVLQGDJLGLSJHOGLPYHQLKD\HW$OODKWHkOkV|\OH
EX\XUGX
%X1DPD]LEHVYDNWHLQGLUGLP
+HUQDPD]LoLQRQVHYDEYDUGLU
%XEDNLPGDQVRQXQGD\LQHHOOL1DPD]ROXU
=LUDKHUNLPELUVHYDELNDVWHGLSGH\DSDPD]VDRQXQLoLQELUVHYDE\D]LOLU
)DNDW\DSDUVDELUHNDUVLOLNWDPRQVHYDE\D]LOLU
)DNDWELUJQDKDNDVGHGLSGH\DSPD]VDKLoELUVH\\D]LOPD]
<DSDUVDDQFDNRELUJQDKRODUDNND\GDJHoHU
$OODKWHkOkE|\OHFHVHYJLOL3H\JDPEHULPL]LQoHNWLJLVLNLQWLODUOD\DUDODQDQPEDUHNNDOELQL
WHVHOOLH\OHGL
+LoELUPDKOXNXQDYHUPHGLJLNLPVHQLQELOHPL\HFHJLDQOD\DPL\DFDJLQLPHWOHUL2
QDLKVDQ
H\OHGL
$OHPOHULQ(IHQGLVLVRQUDELUDQGD.XGV
HYHRUDGDQ0HNNHLPNHUUHPH\HhPPL+DQL
QLQ
HYLQHJHOGLOHU
<DWWLJL\HUKHQ]VRJXPDPLVOHJHQGHNLDEGHVWVX\XQXQKDUHNHWLGXUPDPLVLGL
'LVDUGDGRODVDQhPPL+DQLX\XNODPLVELUVH\GHQKDEHULROPDPLVWL
3H\JDPEHU(IHQGLPL].XGV
WHQ0HNNH
\HJHOLUNHQ.XUH\V
LQNHUYDQLQDUDVWODGL.HUYDQGDNLELU
GHYHUNW\LNLOGL
6DEDKROXQFD.DEH\DQLQDJLGLS0LUDFLQLDQODWWL
.DILUOHUDOD\HWWLOHU
0VOPDQROPD\DQL\HWOLRODQODUGDWHUHGGGHGVWOHU
0VULNOHUGHQED]LODULVHYLQHUHN(EX%HNLU
LQHYLQHJHOGLOHUdQNRQXQDNLOOLWHFUEHOL
KHVDSOLELUWFFDUROGXJXQXJD\HWL\LELOL\RUODUGL
.DSL\DoLNLQFD
(\(EX%HNLU
,\LELOLUVLQ0HNNH
GHQ.XGV
HJLGLSJHOPHNQHNDGDU]DPDQVUHU"GL\HVRUGXODU
+D]UHWL(EX%HNLU
,\LELOL\RUXP%LUD\GDQID]ODVUHUGHGL
%XV|]HVHYLQHQNDILUJUXKX
$NLOOLWHFUEHOLDGDPLQV|]E|\OHROXUGHGLOHU*OSDOD\HGHUHNYH+D]UHWL(EX%HNLU
LQGH
NHQGLOHULJLELGVQHFHJLQLXPDUDN
6HQLQ(IHQGLQ.XGV
HELUJHFHGHJLGLSJHOGLJLQLV|\O\RUDUWLNL\LFHVDSLWWLGHGLOHU
+D]UHWL(EX%HNLU
HVHYJLVD\JLJ|VWHULSEHOEDJODGLODU
+D]UHWL(EX%HNLU5HVXOXOODK(IHQGLPL]LQ0EDUHNDGLQLLVLWLQFH
(JHU2V|\OHGLLVHGRJUXGXU
%LUDQGDJLGLSJHOGLJLQHEHQGHLQDQGLPGH\LSLoHULJLUGL
&DQLPIHGDROVXQ
5HVXOXOODKLQ0LUDFDoLNWLJLQL|JUHQHQ+D]UHWL(EX%HNLUKHPHQ5HVXOXOODK(IHQGLPL]LQ\DQLQD
JHOGL
%\NNDODEDOLNDUDVLQGD\NVHNVHVOH
<D5HVXODOODK
0LUDFLQL]PEDUHNROVXQ
%L]OHULVHQLQJLELE\N3H\JDPEHUHKL]PHWoL\DSPDNODVHUHIOHQGLUGLJLYHPEDUHN\]Q
J|UPHNOHNDOEOHULDODQUXKODULoHNHQWDWOLV|]OHULQLLVLWPHNOHQLPHWOHQGLUGLJLLoLQ$OODKWHkOk\D
VRQVX]VNUOHUHGHULP
<D5HVXODOODK
6HQLQKHUV|]QGRJUXGXU
,QDQGLP
&DQLPVDQDIHGDROVXQGHGL
+D]UHWL(EX%HNLU
LQV|]OHULNDILUOHULVDVLUWWL'L\HFHNVH\EXODPD\LSGDJLOGLODU
6SKH\HGVHQ,PDQL]D\LIELUNDoNLVLQLQGHNDOELQHNXYYHWJHOGL
5HVXOXOODK(IHQGLPL]RJQ(EX%HNLU
H6LGGLNGHGL%XDGLDOPDNODGHUHFHVLELUNDWGDKD
\NVHOGL
%XKDOHoRNNL]DQNDILUOHU0
PLQOHULQNXYYHWOL,PDQLQD3H\JDPEHULPL]LQKHUV|]QHKHPHQ
LQDQPDODULQD2
QXQoHYUHVLQGHSHUYDQHJLELG|QPHOHULQOHGD\DQDPDGLODU
5HVXOXOODK(IHQGLPL]LPDKFXSYHPDJOXEHWPHNLoLQLPWLKDQHWPHJH0HVFLGL$NVDKDNNLQGD
VRUXODUVRUPD\DEDVODGLODU
5HVXOXOODKHIHQGLPL]KHSVLQHELUHUELUHUFHYDSYHUGLOHU
(IHQGLPL]FHYDSYHULUNHQKD]UHWL(EX%HNLU
g\OHGLU\D5HVXODOODKGHUGL
+DOEXNL5HVXOXOODK(IHQGLPL]HGHELQGHQKD\DVLQGDQNDUVLVLQGDNLQLQ\]QHELOHEDNPD]GL
%X\XUGXNL
0HVFLGL$NVD
GDHWUDILPDEDNPDPLVWLP6RUGXNODULQLJ|UPHPLVWLP2DQGDKD]UHWL&HEUDLO
0HVFLGL$NVD
\LJ|]PQ|QQHJHWLUGL3HQFHUHOHULQLJ|USVD\L\RUYHVRUXODULQDKHPHQFHYDS
YHUL\RUGXP
5HVXOXOODK(IHQGLPL]\ROGDGHYHOL\ROFXODUJ|UGJQV|\OHGL
,QVDDOODKdDUVDPEDJQJHOLUOHUEX\XUGX
dDUVDPEDJQJQHVEDWDUNHQNHUYDQ0HNNH
\HXODVWL.HUYDQGDNLOHUHVRUGXNODULQGDILUWLQD
HVHUJLELROGXJXQXYHELUGHYHQLQ\LNLOGLJLQLV|\OHGLOHU%XKDO0
PLQOHULQ,PDQLQL
NXYYHWOHQGLUGL
.DILUOHULQGVPDQOLJLGDJLWWLNoHDUWWL
+LFUHWWHQELU\LO|QFH5HFHED\LQLQ
VLQGH&XPDJHFHVLYXNXEXODQEXPXFL]H\H0LUDFGHQLU
5HVXOXOODK0LUDFDUXKYHEHGHQLLOHX\DQLNELUKDOGHoLNWL
0LUDFJHFHVLQGH2
QDQLFHLODKLKDNLNDWOHUJ|VWHULOGLYHEHVYDNLW1DPD]EXJHFHGH)DU]NLOLQGL
$\ULFD%HNDUD6XUHVLQLQVRQLNL$\HWL.HULPHVLLKVDQHGLOGL
0LUDF.XU
DQL.HULPGH,VUDYH1HFPVXUHVLLOHED]L+DGLVL6HULIOHUGHELOGLULOPHNWHGLU
6HYJLOL3H\JDPEHULPL]0LUDFGDQVRQUDG|UWE\NKDOLIHVLQH&HQQHW
LDQODWLUNHQEX\XUGXODUNL
<D(ED%HNLU
6HQLQN|VNQJ|UGP
.L]LODOWLQGDQLGL
6HQLQLoLQKD]LUODQDQQLPHWOHULPVDKHGHHWWLP
<DgPHU
6HQLQN|VNQJ|UGP
<DNXWWDQLGL
)DNDWLoHULJLUPHGLP
6HQLQJD\UHWLQLGVQGP
<D2VPDQ
6HQLKHUJ|NWHJ|UGP
&HQQHW
WHN|VNQJ|USVHQLGVQGP
<D$OL
6HQLQVXUHWLQLG|UGQFVHPDGDJ|UGP
&HEUDLO
HVXDOHWWLP
'HGLNL
<D5HVXODOODK
0HOHNOHU+D]UHWL$OL
\LJ|UPHGHQGXUDPD]ODU
+DNWHkOkRQXQVXUHWLQGHELU0HOHN\DUDWWL
'|UGQFJ|NWHGXUXUPHOHNOHURQX]L\DUHWHGHUEHUHNHWOHQLUOHU
0LUDFJHFHVLQLQVDEDKLQGD&HEUDLO$OH\KLVVHODPJHOHUHN5HVXOXOODK(IHQGLPL]HEHVYDNLW1DPD]L
YDNLWOHULQGH,PDPRODUDNNLOGLUGL
0LUDFKDGLVHVLQLQ.XGV
HNDGDURODQNLVPL$\HWL.HULPHLOHVDELWROGXJXQGDQEXQDLQDQPD\DQ
'LQGHQoLNDU
+DGLVLVHULIOHUOHELOGLULOHQJ|NOHUH\NVHOPHVLNLVPDLQDQPD\DQELG
DWHKOL\DQLVDSLNER]XN
LWLNDWOLROXU
65Ç9(0
5$&
(X]ELOOkKLPLQH H\WjQLUUDFvP
%LVPLOOkKLUUDKPkQLUUDKvP
5DEEL UDKOvVDGUvYH\HVVLUOvHPUvYHKOOXNGHWHQPLQOLVkQv\HINDKNDYOv9HIHYYLGXHPUv
LODOOjKLQQDOOjKHEDVvUXQELOLEkG
(OKDPGOLOOkKLKDNNDKDPGLKvYHVVjOkWYHVVHOkPDOkKD\ULKDON×KvVH\\LGLQkPXKDPPHGLQ
YHkOLKvYHVDKELKvYHPHQWHELDKELLKVkQLQHFPDvQHWWD\\LEvQHWWjKLUvQ(PPkED
G
dRND]L]YHVHYJLOLFHPDDWLPVOLPvQ
$OODKX7HjOk+D]UHWOHUL0L
UDF.DQGLOLJHFHQL]LKHSLQL]LoLQKD\×UO×YHPEDUHNHFLUOLYHVHYDSO×
NkUO×YHND]DQoO×H\OHVLQ%XPEDUHNJQQPkQHYvLNUkPkW×QD$OODKX7HjOk+D]UHWOHUL
QLQ
PD ILUHWLQHUDKPHWLQHFPOHQL]LQkLOH\OHVLQ NLFLKDQVDDGHWLQHPD]KDUH\OHVLQ
&HQQHWL\OHFHPkOL\OHP HUUHIH\OHVLQ
%XJHFH3H\JDPEHU6$6(IHQGLPL]0L
UDFDo×NP× GDKDED NDKLoELUEH HUHQDVLEROPD\DFDN
oRNE\NLOWLIDW×LOkKL\H\HPD]KDUROPX RKDGLVHQLQVHQHLGHYUL\HVLGLU%XQXELUDFL]EH HU
DQODWDPD]=kWHQHPVkOVL]KDGLVHOHULQDV×ODQODWDFD ×]PLVkOL\RNNL XQDEHQ]L\RUGL\H
DQODWDO×P0LVkOLROPD\DQ H\LDQODWPDNPPNQGH LO]RU
+LoJ|]J|UPH\HQELUD
Pk]DYDOO×G QQ$QDV×QGDQGR GX X ]DPDQJ|]OHULJ|UP\RULGL
%XQDN×UP×]×LOH\H LOLQIDUN×Q×QDV×ODQODW×UV×Q×]"$QODWDPD]V×Q×]PPNQGH LO
%LUGHJ|UHQELULQVDQROVDJ|UG QDQODW×UDPDJ|UPH\HQELULQVDQQDV×ODQODWV×Q"%LUGHR
PkQHYvOH]]HWOHULRKDYDODU×ELOPH\HQLQVDQODUQDV×ODQODV×QGDRDQODW×ODQODU×Q XXUXQD
]HYNLQHYDUV×Q"
0L
UDFD+D]×UO×N
3H\JDPEHU6$6+D]UHWOHUL.kEHL0 HUUHIH
QLQ |\OH\DU×PGDLUH HNOLQGHoHYULOPL RODQ+LFUL
VPkLOGHQLOHQ+DWvPGHQLOHQELUN×VP×YDURUDGDEXOXQX\RUPX %XN×V×P.kEH
QLQLoLQGHQ
VD\×OG× × KDOGHPDO]HPH\HWPHGL L LoLQRWDUDI×Q×ELQk\DSPDP× ODU.kEH
QLQ LPGLNLELQDV×
ROPX RWDUDI× |\OHEHOOLROVXQGL\HELUGXYDUODoHYLUPL OHU<DU×PGDLUH HNOLQGHELUGXYDU
KDFFDJLGHQOHULQJ|]QQ|QQHJHOLUDOW×QROX XQNDU ×V×QDUDVWOD\DQN×V×P
.kEH
QLQGXYDU×\ODDUDV×QGDPHVDIHYDUG×ULoLQHLNLWDUDI×QGDQJLUPHNPPNQROXU2UDV×
NDSDQPDP× RQGDGDKLNPHWYDU$OODKX7HkOk+D]UHWOHUL
QLQKHUL L KLNPHWOLKHUL L J]HO
KHU H\LJ]HOJ]HOOHUJ]HOL0HYOkJ|UHOLPQH\OHUQH\OHUVHJ]HOH\OHUGHGL L JLELKHSVL
J]HOROPX dQNKHP.kEH
QLQLoLKHPGHIXNDUDQ×QQDPD]N×ODELOHFH L ELU\HU
2 .kEH
QLQPEDUHNVVODOW×QNDS×V×NLPHDo×O×U"%L]LPJLELIDNLUOHUHDo×O×UP×"6HQHGHELU
NHUHKNPGDUODUDDo×O×\RUGHYOHWUHLVOHULQHDo×O×\RU<NVHNPHUGLYHQLWHNHUOHNOHUL\OH
VUNOH\LSJHWLUL\RUODUNDS×\DGD\×\RUODU.kEHL0 HUUHIH
QLQVWD\HWOHUOHL OHQPL VRP
DOW×QGDQNDS×V×VDOWDQDWODDo×O×\RU6XXGv$UDELVWDQ
×QKNPGDU×PHOLNLLoLQHJLUL\RU
VSUPHNOH HUHIEXOX\RUg\OHELU\HURUDV×
3H\JDPEHU6$6EX+DWvPGHQLOHQ\HUGH\kQLDo×NRODQ\HUGHRWXUX\RUPX 2UDV×.XUH\
LQ
H UDI×Q×QRWXUGXNODU×\HUN×\PHWOL\HUROGX X LoLQ\NVHN DK×VODU×QRWXUGX X \HU2]DPDQ
0HVFLGL+DUDPGHQLOHQN×V×PGD LPGLWDYDIPDKDOOLRODQ\HUNDGDUP× <kQL LPGLNLJLELE|\OH
R WDUDIDRWDUDIDE\NUHYDNODU\RNPX HVNLGHQ%H\WXOODK
×QoHYUHVLQGHWDYDIHGLOHQ\HUNDGDU
N×V×PGXYDUODoHYULOL\PL HWUDI×QGDED NDELQDODUYDUP×
2UDGDELUPkQHYvKDOROX\RU3H\JDPEHU6$6(IHQGLPL]
LQNDOELNHQGLVLQLQLIDGHVLQHJ|UH
o×NDUW×O×S]HP]HPVX\X\OD\×NDQG×NWDQVRQUDLoLQHLPDQQXUXGROGXUXOX\RU%XQDV×OELU
KDGLVHGLUDUW×NDN×OLGUDNHGHPH]DPDLQVDQELU H\OHUKLVVHGL\RUED]×]HYNOHUGX\X\RU%X
V|]OHULQDOW×QGD\DWDQWDWO×PkQkODU×VH]L\RU
0HVFLGL+DUDP
GDQ0HVFLGL$NVj
\D
1DV×OJ|WUOU"(VNLLQVDQODUNLWDSODUGDoRNX]XQV|]OHUV|\OHPL OHUEHQWHEHVVPOH
RNX\RUXP%XJQQLQVDQODU×NDUGH OHULPLQKLoWHUHGGWHWWL LQL]DQQHWPL\RUXP+LoWHUHGGW
HWPH]OHU<kQL$OODKX7HjOk+D]UHWOHUL
QLQNXGUHWLQLQNDU ×V×QGDELU H\PLEX"$OODKX7HjOk
+D]UHWOHULNXOXQXDO×S0HNNHL0NHUUHPH
GHQ.XGV HULI
HJHWLUPHNWHQDFL]PL"
$NODNDOPDHUWHFHOOvQUXQD
HP
DKkFHWNDOPD]HUGLNWHVDEDK
2 ]DPDQDN×OELUPXPJLELGLUD\G×QODW×\RUNDUDQO×NODU×+HUWDUDI×GDD\G×QODWDP×\RU+DVWD
ROX\RUVXQGRNWRUODUDJLGL\RUVXQRNDGDULKWLVDVGDOODU×YDUKDVWDO× ×Q×ELOHPL\RUODULQVDQ×Q
WHGDYLHGHPL\RUODU%LUPHVHOH]LKQLQHWDN×O×\RUJLGL\RUVXQDOLPOHUHVRUX\RUVXQoDUHVLQL
EXODP×\RUODU%LUoRNHVUkU×YDUNkLQkW×Qo|]PHNPPNQGH LO
<NVHNPHVHOHOHUEXWHUD]LGHWDUW×ODPD]%XWHUD]LQLQELUNDSDVLWHVLYDUdRNX]XQER\OX H\OHU
EXQXQVWQGHWDUW×ODPD]%DNNDOWHUD]LVLQLQNDSDVLWHVLNLORNDGDUG×U2QDJHWLULSELUEXoXN
WRQOXNELU H\LNR\DFDNROXUVDQWHUD]LGHYULOLU'HYULOPH]VHH]LOLU\DP\DVV×ROXU7HUk]LQLQELU
WkNDWLYDU$N×OGD|\OH
( HULQVDQQUXWHFHOOv\HHUHUVH$OODKX7HjOk+D]UHWOHULR]DPDQJ|VWHULUDQODW×UDQODU
%LUJHFHGH0HVFLGL+DUDP
GDQEL]LP.kEHGHGL LPL]PEDUHNELQDQ×QEXOXQGX X \HUGHQ
EXJQEL]LP.XGVGHGL LPL]0HVFLGL$NVj
Q×QEXOXQGX X HKUH$OODKX7HjOk+D]UHWOHUL
3H\JDPEHU(IHQGLPL]
LJ|WUG
%X\XUPX NL$OODKX7HjOk+D]UHWOHUL3H\JDPEHULPL]LQEXVH\DKDWLKDNN×QGDELVPLOOkKLU
UDKPkQLUUDKvP
6EKjQHOOH]vHVUkELDEGLKvOH\OHQPLQHOPHVFLGLOKDUkPLLOHOPHVFLGLODNVDOOH]vEkUHNQk
KDYOHKOLQUL\HKPLQk\kWLQkLQQHKKYHVVHPvXOEDVvU$OODKX7HjOk+D]UHWOHUL
QLQKHU
WUOQRNVDQGDQPQH]]HKROGX XQXKHUWUONHPDOV×IDW×LOHPXWWDV×IROGX XQXELU H\L
ROGXUPDNLVWHGL L ]DPDQ.Q2OGHGL LQLYHR H\LQROGX XQXEHOLUWPHNLoLQ6EKkQHOOH]v
GL\HED O×\RU kQ×KHUWUOQRNVDQGDQPQH]]HKWLUR]kW×FHOvOLQR$OODKX7HjOk
+D]UHWOHUL
QLQGL\HKHUWUOQRNVDQGDQRQXWHQ]LKHGHQVEKDQV|]\OHED O×\RUD\HWL
NHULPH
<DSDUP×"+HU H\HJF\HWHUQHGLOHUVH|\OH\DSDUgOGHQGLULo×NDUW×UGLULGHQ|Oo×NDUW×U
2OGHGLELUNHUUHYDUROGXFLKkQ
2OPDGHUVHPDKYROXUROGHPKHPkQ
.kLQDWQDV×OROGX"2OGHGLROGXROGXUPX 2OPDGHUVH<RNROGHUVHELUDQGDPDKYROXU
+HU H\HNjGLU<kQLEL]LP]kWHQQDV×OROX\RUGDJ|N\]QGHEXNDGDUGROD ×SGXUDQ
\×OG×]ODU×QRUWDV×QGDEXYDNWHNDGDUVD VDOLPNDODELOPL ROGX XPX]D D PDNOk]×P%XPDK]k
$OODKX7HjOk+D]UHWOHUL
QLQNXGUHWLQLQLVEDW×G×U QVDQ×QHOLQLNDOELQHNR\XS QDQG×PVDQD\k
5DEELGHPHVLLoLQELUVHEHSWLU
$OODKX7HjOk+D]UHWOHULKHUWUOQRNVDQGDQPQH]]HKWLU%XNkLQDW×QVDKLELGLU%XHVUDU×
NR\DQ]kW×FHOLOGLU1HGLOHUVH|\OH\DSDU+HPKHU H\LELOLUKHU H\LLVWHGL L HNLOGHWDQ]LP
HGHU
.XOXQXELUJHFHGHJ|WUG(VUk\VUvLVUkHQJHFHOH\LQVH\DKDWHWPHNGHPHN$UDSODU
JHFHOH\LQVH\DKDWHGHUOHU$FDEDQHGHQ"*QG]GHUHFHV×FD ×QDOW×QGDJLGLOPH]NLoDW×U
oDW×UV×FDNNXPYDUJQH YDUVX\RNJ|OJH\RN1H\DSDUODU"*HFHOH\LQo×NW×P×
$UDSJHFH\LoRNVHYHU2QXQLoLQ$UDE×Q\kOH\O
LGHUOHU\D(\JHFHGL\HRQODUJHFH\H
PHGKL\HOHU\D]P× ODULOkKLOHURNXPX ODU LLUOHU\D]P× ODU
*HFHOH\LQVH\DKDWHGHUOHUJHFHVH\DKDWLoRNELOLQHQELU H\GLU%XJHFHVH\DKDWHWPH\HHVUk
GHUOHU(VUkELDEGLKv.XOXQXJHFHOH\LQJ|WUGGHPHN%LUJHFHGHJHFHOH\LQNXOXQX
0HVFLGL+DUDP
GDQ0HVFLGL$NVj
\DJ|WUHQ$OODKX7HjOk+D]UHWOHUL
QLQ kQ×KHUWUO
QRNVDQGDQPQH]]HKWLU
0HVFLGL+DUDP
×Q0XKWHUHPOL L
0HVFLGL+DUDPQHUHVL"0HVFLGL+DUDP.kEH
QLQROGX X PHVFLG1L\H0HVFLGL+DUDP
GHPL OHU"2UDGDKHUWUOHGHSVL]OLNKDUDPRUD\DKHUWUOLKWLUDPYDFLEGLUGHRQXQLoLQ
2UD\DKUPHWHWPHNOk]×P
g\OHPEDUHNELUPDKDONL0HNNH
QLQP ULNOHULELOHRQXQKUPHWLQLELOLUOHUGL2QD
KUPHWVL]OLNHWPHNWHQWLUWLUWLWUHUOHUGL+UPHWVL]OLNHGHFHNJLELROVDODUED ODU×QDVDEDKD
NDGDUQHEHOkJHOHFHNGL\HEHNOHUOHUGL7D ×QDELUND]PDYXUPDNLVWHVHOHU0HNNHL
0NHUUHPH
QLQDUD]LVL]HO]HOH\HX UDUG×VDUV×O×UG×NRUNDUODUG×
+DEH LVWDQ
×QNRPXWDQODU×QGDQ(EUHKH
QLQKLNk\HVLQLELOLUVLQL](EUHKH+DEH NRPXWDQ×%X
$UDSODUQL\HEX.kEH
\L]L\DUHWHGL\RUODUGL\HDNO×QDWHUVJHOPL <HPHQGHWXWPX ELUNLOLVHELQk
HWPL DOW×QODUOD\DOG×]ODUODJ]HOFHVVOHPL *HOLS.kEH
\L\×NDFDN0HNNH
QLQ]L\DUHWDGHWLQL
6DQ
D HKULQGHNLNHQGL\DSW× × PkEHGHG|QGUHFHN
.kEH
\L\×NPDNLoLQELURUGXWDQ]LPHWPL o×NP× \ROD7DLIWDUDI×QGDQJHOPL LPGL
ELOL\RUVXQX]7DLI\ROX$UDIDW0]GHOLIHWDUDI×QGDQJHOL\RU$UDIDWWDUDI×QGDQ0]GHOLIH
GHQ
JHOHFHN.kEH
\L\×NDFDNGPG]HGHFHNELUGDKDRUD\×NLPVH]L\DUHWHGHPHVLQGL\HRUD\×
\×NDFDN$PDQH]DPDQROX\RU"3H\JDPEHU(IHQGLPL]
LQ3H\JDPEHUOL LQGHQ|QFHROX\RUEX
GHGHVLQLQ]DPDQ×QGDROX\RU
$EGOPXWWDOLENDONP× 0HNNHL0NHUUHPH
GHQ(EUHKH
QLQ\DQ×QDoDG×U×QDJHOL\RU ]LQLVWL\RU
GL\RUNL
(\NRPXWDQVHQLQDVNHUOHULQEHQLPEXUGDNL\]WDQHGHYHPLDOG×RQODU×EDQDJHULYHU
(EUHKH |\OHWHSHGHQEDN×\RUGL\RUNL
<kKXEHQGHVDQDN×\PHWYHUL\RUGXPN×\PHWOLELULQVDQVDQ×\RUGXP LPGLVHQEHQLP
J|]PGHQoRNG WQ%HQLQVHQLQ HKULQL\DNPD D\×NPD D JHOL\RUXP6HQLQLEDGHWKDQHQL
\DN×SKDUDEHWPH H JHOL\RUXP6HQ
$PDQHWPHH\OHPHEHQLPEXPkEHGLPL\×NPD
GL\HFHNVLQEHQLPHOLPHD\D ×PDG HFHNVLQEDQD\DOYDUDFDNV×QGL\HEHNOHUNHQVHQKLoRUDO×
ROPX\RUVXQJHOPL VLQ
<]WDQHGHYHPLEDQDJHULYHU
GL\HNHQGLPDO×Q×QWDVDV×QDG P VQ
GL\HLWDEHWPL
$EGOPXWWDOLE+D]UHWOHUL
QLQFHYDE×ND\DJLELRWXUPX NDIDV×QD'L\RUNL
%HQGHYHOHULQVDKLEL\LPR%H\WXOODK
×QVDKLEL$OODK
W×U2EH\WLQLNRUXPDV×Q×ELOLU
&HYDEDYHWHVOLPL\HWHEDN1HUGHQELOL\RUODUGDKD3H\JDPEHU(IHQGLPL]SH\JDPEHU
ROPDP× W×3H\JDPEHU(IHQGLPL]
LQGHGHVL\GL"<kQLGDKDR]DPDQDKDOLP ULNWHYKLGGLQL
JHOPHPL QHUGHQELOL\RUODU"7HFUEH\OHELOL\RUODU%DNWHVOLPL\HWHQDV×ONXYYHWOHLQDQ×\RUODU
2EH\WXOODK×QVDKLEL$OODK
W×URRQXNRUXU2QGDQKLoWDVDHWPL\RUXPVHQEHQLPGHYHOHULPL
YHUGL\RU
( QHROGX"
)HFHDOHKPNHDVILQPH
NO<HQLNHNLQOHUHEHQ]HGLOHURRUGXQXQHIHQGLOHUL$OODKHEkELO
NX ODU×Q×J|QGHUGL]HUOHULQHWD ODUDWW×ODU9HRQODULoOHUL\HQLOPL \HQLOPL NDOP× HNLQ
WDQHOHULJLELROGXODU0DKYROGXODUSHUL DQROGXODUGHIROXSJLWWLOHU.kEH
\L\×NW×UWPDG×$OODKX
7HjOk+D]UHWOHUL
1HGHQ"%H\WXOOjK1HGHPHNEH\WXOODK"$OODKX7HjOk+D]UHWOHUL
QLQHYL$OODKX7HjOk
+D]UHWOHUL
QHLEDGHWHGLOHQPEDUHNHY$OODKX7HjOkPHNkQGDQPQH]]HKGH$OODK
DLEDGHW
HGLOHQ\HU
0HNNH
QLQDKDOLVLGHJLGL\RUODUGL\RUODUNL
0kGHPEXEXUD\DEDWW×SDUoDODQG×EL]HEXPDO]HPH\LVDWGL\RUODU
*HPLQLQNDSWDQ×\ODSD]DUO×N\DS×\RUODURGDVDW×\RU*HPLQLQNDSWDQ×D\Q×]DPDQGDPLPDUP×
LQ DDW×\DSPDN]HUHRPDO]HPH\OHEHUDEHURQX0HNNHL0NHUUHPH
\HJHWLUL\RUODU
6HOOHUGHQ.kEHL0 HUUHIH
QLQGXYDUODU×]HGHOHQPL WHPHOHNDGDULQGLULS\HQLGHQ\DSDFDNODU
DPDRUDGDD Do\RNWDKWD\RNPDO]HPH\RNXVWDO×NGDHNVLN%DN×Q$OODK|EUWDUDIWD
NLOLVHQLQ\DS×OPDV×LoLQPDO]HPH\L\RODo×NDUWW×U×\RUDPD&LGGH
GH\ROXQXNHVL\RU2UD\D
JLWPH\HFHNEXUD\DJLGHFHN%H\WXOODKWDPLURODFDNGL\RU9HR]DPDQ%H\WXOODK
×WHPHOLQH
NDGDULQGLULS\HQLGHQ\DS×\RUODU
+D]UHWL EUkKLP$6
×QNR\GX X WHPHOHGRNXQGXUPX\RU$OODKX7HjOk+D]UHWOHULdDWOD\DQ\HUL
G]HOWLQRQXQKHVDE×\DS×OG×RWHPHO|\OHNDODFDNGL\HGRNXQGXUWPX\RU2QODUGDP ULN
ROGXNODU×KDOGHEXWHFUEHOHUGHQELOL\RUODU0HNNH
QLQKDOLQLg\OHPEDUHN\HURUDV×
2UDV×SH\JDPEHUOHU\DWD ×+D]UHWL$GHP$6
×QRWD ×Q×QROGX X \HU1XK$6
×QROGX X \HU
EUkKLP$6
×QJH]GL L \HU0Vk$6
×QJH]GL L \HU3H\JDPEHUOHULQFLOYHJkK×JH]GL L GROD W× ×
\HUPEDUHN\HU$OODKX7HjOk+D]UHWOHULPEDUHNH\OHPL 2QXQLoLQ0HVFLGL+DUDP
2UDGDNDYJDROPD]G| ROPD]
2UD\DJD\ULPVOLPJLUHPH]%XJQELOHKDFFDJLGHQOHUELOLUOHU*D\ULPVOLPOHUH\DVDNRQODU
EXUGDQJLWVLQGL\H\DU×\ROGDELUOHYKDYDUG×U2QODU×ED ND\ROD7DLI\ROXQDYHULUOHU$QFDN
PVOPDQRODQODUJLUHU0HNNH
QLQDUD]LVLQH
QQHPHOP ULNQHQHFHVQIHOk\DNUDEOPHVFLGHOKDUkPHED
GHjPLKLPKk]k>0 ULNOHU
DQFDNELUSLVOLNWLU2QXQLoLQEX\×OODU×QGDQVRQUD0HVFLGL+DUDP
D\DNOD PDV×QODU@D\HWL
NHULPHVLQHJ|UHP ULNJLUHPH]RUD\Dg\OHPEDUHNELU\HU
2UDV×PEDUHN3H\JDPEHU6$6+D]UHWOHUL$OODK
×QVHYJLOLNXOX2PEDUHN\HUGHQ0HVFLGL
$NVj
\DJ|WUOG
0HVFLGL$NVj
Q×Q0EDUHNOL L
0HVFLGL$NVjQHGHPHN"8]DNWDNLPHVFLGGHPHN0HNNH
\HJ|UHX]DNWDROGX X LoLQ
.XGV
WHNLPHVFLGH0HVFLGL$NVjGHQPL 3H\JDPEHU(IHQGLPL]KDGLVL HULILQGH%HQ%H\WO
0DNGLV
HJLWWLPGHGL L LoLQELOL\RUX]NL.XGV
WHNL0HVFLGL$NVjFDPLL
OHOPHVFLGLODNVDOOH]vEkUHNQkKDYOHK0HVFLGL+DUDP
GDQDOG×NNXOXPX]XELUJHFHGH
0HVFLGL$NVj
\DJ|WUGN1DV×O0HVFLGL$NVj"%kUHNQkKDYOHKdHSHoHYUHHWUDI×Q×PEDUHN
N×OG× ×P×]0HVFLGL$NVj
\DJ|WUGN2UDV×GDPEDUHNELU\HU
0kQHYvEDN×PGDQPEDUHN2UDV×GDSH\JDPEHUOHULQFLOYHJkK×GROD W×NODU×\HUOHU.XGV
HULI%L]LPFDQ×P×]JLGL\RU LPGLRUDV×EL]LPHOLPL]GHGH LOGL\H2UDV×GDPEDUHNELU\HU
3H\JDPEHUOHULQoR X RUDODUGD\D DP× ODUoR X RoHYUHGHPHGIXQ2UDV×YHoHYUHVLELUoRN
SH\JDPEHUOHULQPHGIXQEXOXQGX X ELU\HU
(WUDI×QGDELUGHPDGGvEHUHNHWYDU%D ODUEDKoHOHUVXODUWDWO×RYDODU0DGGvEDN×PGDQ
GDIHYNDOkGHKR QLPHWOHULQWRSODQP× ROGX X ELUPEDUHNDUD]L
%|\OHPEDUHNN×OG× ×P×]EXDUD]L\HNXOXQXELUJHFHGHJ|WUHQ$OODKX7HjOk+D]UHWOHULKHU
WUOQRNVDQGDQPQH]]HKWLU+HUWUONHPkOkWLOHPXWWDV×IW×U1HGLOHUVH|\OH\DSDUKHU H\H
JF\HWHUKLoDFL]OLNJHWLUPH]1HLVWHUVHRQX\DSPD D JF\HWHU
1HGHQEXVH\DKDWL\DSW×UP× $OODKX7HjOk+D]UHWOHUL"
$\HWE\NDOkPHWLQVDQ×QLPDQ×Q×DUWW×UDQE\NKDGLVHE\NL GHPHN1HOHUJ|UGQHOHU
3H\JDPEHU(IHQGLPL]%LUNHUH.XGV HULI
WHEWQSH\JDPEHUOHUHLPDPO×NH\OHGL2QGDQ
VRQUD.XGV HULI
WHQ0L
UDF×J|UG0L
UDFH\OHGL6RQUDJ|NOHUGH\HGLNDWVHPkQ×QEHNoLOHULQL
J|UGNDS×ODU×Q×J|UG2VHPDGDNLSH\JDPEHUOHUOHJ|U W&HKHQQHPLJ|UGFHQQHWLD
Ok\×
J|UG6LGUHWO0QWHKk
\DHUL WL&HEUkLO$6ER\QXQXENW
%HQLP\ROXPEXUD\DNDGDUEHQEXUGDQ|WH\HJHoHPHP%LUSDUPDNGDKDLOHULJLWVHP
\DQDU×PGHGL
<kQL&HEUkLO$6GD|WH\HJHoHPHGL L oL]JLGHQ$OODKX7HjOk+D]UHWOHUL3H\JDPEHU(IHQGLPL]
L
DOG×D
Ok\×LOOL\\vQHKDFHUHLNXGVQHPDNDP×QDKX]XUX5DEELOjOHPvQHFHOEH\OHGLQHOHU
YDK\H\OHGL\VHYDK\H\OHGLdRN H\OHUJ|VWHUGLoRNOWXIODUGDLKVDQODUGDEXOXQGX/LQUL\HK
PLQk\kWLQk$\HWOHULPL]LJ|VWHUHOLPGL\HE|\OHH\OHGLNEX\XUX\RU.XU
DQ×.HULP
.XUH\
LQ WLUD]ODU×YH'HOLOOHU
3H\JDPEHU(IHQGLPL]GHELOGLUGL.XUH\
H
%HQEXJHFH0HVFLGL+DUDP
GDQ0HVFLGL$NVj
\DJ|WUOGPGHGL
'HGLOHUNL
6|\OHEDNDO×P.XGVQDV×O".DoWDQHNDS×V×YDUNDoWDQHSHQFHUHVLYDU"3HQFHUHOHULQLQ
VWQGHQHYDUDOW×QGDQHYDU"
dRNV×N×OG×PGL\RU3H\JDPEHU(IHQGLPL]dQNRVH\DKDWWHFDPDSHQFHUH\HPLEDNDULQVDQ"
+X]XUX5DEELOjOHPvQHJLGHUNHQNDS×P×VD\DU"
.DoWDQHNDS×V×YDU"
'L\RUNL3H\JDPEHU6$61LKD\HW.XGVLOHDUDPGDNLPHVDIH\L$OODKNDOG×UG×J|UHUHNFHYDS
YHUGLPVD\DUDNFHYDSYHUGLP
.XGV
J|UHQOHUKHSVLGHPL OHUNL
3HNL\LED NDGHOLOLQYDUP×"GL\RUODU
(YHWYDU<ROGDJLGHUNHQVL]LQNHUYDQODU×Q×]GDQELUNHUYDQJ|UGPKD\YDQODU×Q×
ND\EHWPL OHUGLKD\YDQODU×Q×RQODUDEXOGXUWWXP
%XWDUDIWD%XWDUDIWD
GL\HRQODU×NHQGL
WDUDI×PDoHNHoHNHKD\YDQODU×Q×Q\DQ×QDNDGDJHWLUWWLPKD\YDQODU×Q×EXOGXUWWXP*HOLQFH
VRUXQGL\RU
.HUYDQJHOGL L ]DPDQVRUX\RUODU.HUYDQGDNLOHU
%D NDGHOLOLQYDUP×"GL\H\LQHVRUX\RUODU
(YHWYDU6L]LQELUNHUYDQ×Q×]JHOL\RU0HNNH
\HGR UX2QODU×QGHYHOHULQLQELUWDQHVLQLQ
VWQGHVXNDE×YDUG×X]XQFD6XVDP× W×PRVX\XLoWLPRVXNDE×ER DOG×RQXVRUXQGL\RU
%DNEXQODUPDGGvGHOLOE×UDN×\RUNLLQVDQODULWLUD]HGHPHVLQOHUGL\H
'L\RUODUNL
.DoWDQHKD\YDQYDU"gQGHNLGHYHQLQFLQVLQHVWQGHNL\NQFLQVLQH"
<LQHED O×\RUODUWHIHUUXDWO×WHIHUUXDWO×VRUPD\D'L\RUNL3H\JDPEHU6$6(IHQGLPL]2GD
J|]PQ|QQHJHWLULOGLEHQGHJ|UHUHN|\OHFHYDSYHUPH H ED ODG×PGL\RU
$OODKJ|VWHULQFHJ|UU+DGLVL HULILELOPL\RUPXVXQX]"+DGLVLNXGVvGH$OODKX7HjOk+D]UHWOHUL
.XOXPEDQDQDILOHLEDGHWOHUOH\DNOD ×UGXUXU1LKD\HWEHQRQXQJ|UHQJ|]ROXUXPL LWHQ
NXOD × ROXUXPV|\OH\HQGLOLROXUXPWXWDQHOLROXUXP\U\HQD\D × ROXUXPEX\XUPX\RUPX"
WH$OODKJ|UHQJ|]ROGXPX0HNNH
GHQ.XGV
J|VWHUWLU2X]DNWDNLHUWHVLJQJHOHFHN
NHUYDQ×J|VWHUWLU$OODKX7HjOk+D]UHWOHUL\U\HQD\D × ROGXPXLQVDQ×QELUJHFHGH0HNNHL
0NHUUHPH
GHQ0HVFLGL$NVj
\DJ|WUU$OODKKHU H\HNjGLUGLU
'L\RUNL
2RRJQH GR X\RU
gEUWDUDIWDQGDED NDV×
.HUYDQGDJ|UQGGL\RU
*LGLSVRUX\RUODU
6L]LQVXNDE×Q×]×QGXUXPXQDV×O"
0L
UDF6HPk\D<NVHOL
2UGDQ|WHVL.XEEHWV6DKUkGL\RUX]DOW×QO×NXEEHVLYDU VOkPPHFPXDV×Q×QJHoHQVD\×V×QGDR
ER\QXENN\HULQUHVPLYDUG× WHRUGDELUND\DYDUNDON×NRUDGDSH\JDPEHUOHUHLPDPO×N
HWWLNWHQVRQUDVHPk\Do×N×\RU3H\JDPEHU6$6(IHQGLPL]
6HPk\Do×NDUP×" QVDQODUo×N×\RU\D<LUPLQFL<]\×O
GDVDWHOOLWOHUOHo×N×\RUODUX\GXODUOD
o×N×\RUODUMHWXoDNODU×\ODo×N×\RUODU.kLQDW×QVDKLELDFL]PL"
%DQD0L
UDFJHWLULOGLGL\RU0L
UDFoRNJ]HOELU H\RQXQNDGDUJ]HOELU H\J|UPHGLP
GL\RU LPGLDQODWDQEL]LPGLQNLWDSODU×QGDGL\RUODUDVDQV|U%DQDoRNVR XNJHOL\RUDVDQV|U
QH0L
UDFQH"<kQLN×\DVHGLOLUPLELULVL|WHNLVLQH"$VDQV|ULoLQ\DQ×QGDKDODWODUOk]×PPRWRU
Ok]×P%HOOLELU\NVHNOL H NDGDUo×NDELOLULNLWDUDI×QGDGXYDUROPD]VDo×NDPD]1HDVDQV|U
DVDQV|UP0L
UDF"
0L
UDFoRNJ]HOELU H\J| H o×N× YDV×WDV×DPDQH"d×NDUVDELOLULQVDQo×NPD\DQQHUGHQ
ELOHFHN"3H\JDPEHUHIHQGLPL]GL\RUNL)HYNDOkGHJ]HOELU H\RQXQNDGDUJ]HOELU H\
J|UPHGLPGL\RU+DWWkLQVDQYHIDWHGHFH L ]DPDQR0L
UDF
DJ|]QGLNHUGL\RU5KX
EHGHQGHQJ|NOHUHo×NDFDN\DRQDJ|]QGLNHUGL\RU
6HPDQ×QNDS×V×P×ROXUJ|N\]QHEDNW× ×P×]]DPDQRUWDO×NPDVPDYLJ|UQ\RU
(YHWD\HWLNHULPHOHUGHJHoL\RUVHPkQ×QNDS×ODU×YDU
9HNkQHWHEYkEHQGL\H$PPH6UHVL
QGHJHoPL\RUPX"'DKDED NDD\HWOHUGHYDU
.LPGLU"
%HQ&HEUkLOLP\DQ×PGDNLGH+D]UHWL0XKDPPHG
GLUGL\RU3H\JDPEHU(IHQGLPL]
LWDQ×W×\RU
.HQGLVLQH0L
UDFLoLQPVDDGHGkYHWROGXPX"GL\HVRUX\RUODU
WH|\OHEXUDV×ELULQFLVHPk%XQXQDUNDV×QGDGDKDDOW×NDWVHPkYDU QVDQEXUGDQRUD\DQDV×O
JLGHU"
%LULQFLVHPkGDQLQVDQODUJHoHPHGL L JLELDPHOOHUELOHJHoHPL\RU6HPkQ×QPYHNNHOPHOHNOHUL
PHOHNOHUWDUDI×QGDQJ|N\]QHo×NDUW×ODQQDPD]ODU×QRUXoODU×QKDFODU×Q]HNkWODU×Q]LNLUOHULQ
WHVELKOHULQ|QQNHVL\RUODU'L\RUODUNL
%XDPHOLJ|WUVDKLELQLQ\]QHoDUSoQNEXQXUL\kLOH\DSW×$OODKEDQDHPUH\OHGLUL\D
LOH\DS×ODQDPHOLEHQEXUGDQ|EUWDUDIDJHoLUPHPGL\RU
6HPkODUGD3H\JDPEHUOHUOH*|U PH
3H\JDPEHU(IHQGLPL]ELULQFLVHPk\DJHOGLRUGDELU\D O×]kWJ|UG
%XNLPGLU"GL\HVRUXQFD
&HEUkLO$6
%X+D]UHWL$GHPDWDQG×UGHGL
%LULQFLVHPkGD$GHP$WDP×]×J|UG3H\JDPEHU6$6(IHQGLPL]2PEDUHN$GHP$WDP×]$6VD
WDUDI×QDEDN×QFDJOHUPL VROWDUDI×QDEDN×QFDD ODUP× 6D ×QGDP
PLQHYODWODU×Q×J|UU
VHYLQLUPL VROXQGDNkILUOHULJ|US]OUP .HQGLHYOkG×\D]OPH]PLEDED"
%DNNkILULQJQDKNkU×Q]DUDU×QHUHOHUHGRNXQX\RU$GHP$WDP×]×QJ|]Q\D ODQG×U×\RU2QXQ
LoLQ3H\JDPEHU6$6(IHQGLPL]ELUKDGLVL HULILQGHEX\XUPX NL
NLQFLVHPkGD<DK\k$6LOH Vk$6
×J|UP hoQFVHPkGD<XVXI$6
×J|UP '|UGQFVHPkGD
GULV$6
×J|UP %H LQFLVHPkGD+kUXQ$6
×J|UP DOW×QF×VHPkGD0Vk$6
×J|UP 0Vk$6
GL\RUNL
%HQGHQVRQUDJHQoELUNLPVHRODUDNJHOGLPPHWLEHQGHQoRNGL\RU
%XGDGLNNDWLPLoHNWL1H\DSDO×PJHQoROXU+k]kPLQIDGOLUDEEvGLOHGL LQHLKVkQHGHU<kQL
3H\JDPEHU(IHQGLPL]
HLPUHQPL %HQGHQVRQUDJHOPL JHQoNLPVHDPDPPHWLEHQLP
PPHWLPGHQoRNGL\RU3H\JDPEHU(IHQGLPL]
LQPPHWLQLQoRNOX X GLNNDWLQLoHNPL
%L]LP3H\JDPEHU(IHQGLPL]GH
2QXQLoLQ3H\JDPEHU(IHQGLPL]
HL\LPPHWROPD D oDO× DO×P
6RQUD\HGLQFLVHPkGD EUkKLP$6
×J|U\RU EUkKLP$6KDNN×QGDGL\RUNL
EUkKLP$6WDELLPHPQXQROX\RUKHUELUSH\JDPEHUPHPQXQROX\RU0HUKDEkH\VjOLK
SH\JDPEHUKR JHOGLQGL\HJ]HOV|]OHUOHLOWLIDWHGL\RUODU
6LGUHL0QWHKk
GDQ6RQUDV×
2QGDQVRQUDELU\NVHNIH]k\Do×N×\RURQGDQVRQUD6LGUHWO0QWHKk
\DJHOL\RU26LGUHWO
0QWHKkKDNN×QGDEXUGDoRN H\V|\OH\HPH\HFH LP2UDGD&HEUkLO$6GDNDO×\RU2QGDQVRQUD
5HIUHILOH3H\JDPEHU(IHQGLPL]GDKD|WHOHUHJLGL\RU
6OH\PDQdHOHEL
\H$OODKUDKPHWH\OHVLQQHNDGDUJ]HOV|\OHPL %X0L
UDFKDGLVHVLQLHQJ]HO
DQODWDQPEDUHNOHUGHQELULVL'L\RUNL
H FLKHWWHQROPQH]]HK]OFHOkO
%vNHPNH\IDQDJ|VWHUGLFHPkO
1HGLU$OODKX7HjOk+D]UHWOHUL"=O&HOkOGLUFHOkOYHFHPkOVDKLELGLU H FLKHWWHQDOW×
FLKHWWHQPQH]]HKWLUVD GDGL\HPH]VLQVROGDGL\HPH]VLQ|QGHDUNDGDGL\HPH]VLQ\XNDU×GD
D D ×GDGL\HPH]VLQ+HU\HUGHKj]×UYHQk]×UG×U
)HH\QHPkWYHOOIHVHPPHYHFKXOOjK*|QOQQHUH\HG|QVHQ$OODKX7HjOk+D]UHWOHUL
QLQ
]kW× HULILRUGDG×U
9HKYHPHDNPH\QHPkNQWP1HUHGHROXUVDQ×]ROXQRVL]LQOHEHUDEHUGLU8]DNROVD
UXEEL\HWLFkUvROXUPX"2QXQNXGUHWLQLQHUPHGL LLOPLQLQHUPHGL LHUL PHGL L \HUROVD
UXEEL\HWLQRNVDQROXU+HUWUOQRNVDQGDQPQH]]HKWLU+HU\HUGHKj]×UYHQk]×UG×U$PHQQk
YHVDGGDNQk
H FLKHWWHQROPQH]]HK=OFHOkOGL\RU$OODKX7HjOk+D]UHWOHUL
QLE|\OHJ]HODQODWP×
6OH\PDQdHOHEL2QGDQVRQUDGDGL\RUNL%vNHPNH\IDQDJ|VWHUGLFHPkO
%vNHPQHGHPHNPLNWDUV|\OHQHPH\HFHNELUWDU]GD%vNH\IQHGHPHNNH\IL\HW
DQODWDPD\DFDNWDU]GDGHPHN<kQLGLOOHLIDGHHGLOHPH\HFHNV×IDWEXOXQDPD\DFDNELU HNLOGHYH
PLNWDURODUDNDQODW×ODPD\DFDNELUWDU]GDRQDFHPkOLQLJ|VWHUGL
$OODKX7HjOk+D]UHWOHUL
QLQNQKQDQOD\DPD\DFD ×Q×LQVDQ×QLGUDNHWPHVL$OODK
×LGUDN
HWPHVLGLU%HQLPDNO×P×QHUHFH L ELU H\GH LORQXJ|]OHULGUDNHGHPH]RJ|]OHULLGUDNHGHU
%H HULQNXYkV×KDGLVHOHUL$OODKX7HjOk+D]UHWOHUL
QLLKDWDHGHPH]RQDV×OGLOHUVH|\OHWHFHOOv
HGHU2QXDQOD\DPD\DFD ×Q×LQVDQDQODG×P×L WHRDQOD\× W×U9HOYDVILDQYDVIL]kWLOOkKL
L UkNLKv$OODK
×Q]kW× |\OH\GLE|\OH\GLWDU]×QGDPFHVVLPHJLELGDKDED NDELU HNLOGH$OODK
KDNN×QGDELU H\OHUV|\OHUVHR LUNROXU$QOD\DPDG×PWDPDPGL\HER\QXQXENHUVH
DQOD\× R L WH
5DVOOODK
DhPPHW2OPD HUHIL
2 JHFHQLQEHUHNHWLLOH LPGLEL]NHQGLPL]HG|QHOLPEL]RQODU×DQOD\DP×\RUX]ER\QXPX]
ENNDPDELU H\GHQLIWLKDUGX\X\RUX]NLR5DVOQPPHWL\L](OKDPGOLOOkKHOOH]v
FHDOHQkPLQPPHWLKv EL]LRQXQPPHWLQGHQ\DSDQ$OODK
DVRQVX]KDPGVHQkODUROVXQ
2QXQPPHWLQGHQROPDNHQE\N HUHI$OODKX7HkOk+D]UHWOHULEL]LRQXQVQQHWL
VHQL\\HVLQL| UHQLSL]LQGHQN×ONDGDUD\U×OPDGDQ HIDDWLQHHUHFHNELUWDU]GD\D D\×SRQXQ
LOWLIDW×QDPD]KDURODQODUGDQH\OHVLQ
3H\JDPEHU6$6EX\XUPX NL
+DF\DSW× × ]DPDQ$UDIDW
WDPPHWLQHWDYVL\HOHUGHEXOXQPX EXOXQPX HOLQLNDOG×UP×
$OOjKPPHKHOEHOOD W"GHPL
%LOGLUGLQ\k5DVODOODK$PDEL]GHRKD]LQHQLQN×\PHWLQELOHFHNNDIDOk]×P ]
DQOk]×PLUIDQ
Ok]×P
2QXQLoLQ3H\JDPEHU(IHQGLPL]
LQKDGLVOHULQLRNX\XQKD\DW×Q×RNX\XQ%DN$V×P.|NVDO
GRVWXPX]XQJ]HONLWDE×3DNLVWDQ
GDQELOHPNkIkWDOG×3H\JDPEHU(IHQGLPL]
LQKD\DW×Q×
DQODW×\RU6D\IDVD\IDRNX\XQ
5DVOOODK
×| UHQLQL]LQGHQD\U×OPD\×Q2QXQPPHWLROPDNHQE\N HUHIWLU%|\OH0L
UDFD
PD]KDUROPX ELUSH\JDPEHULQPPHWL\L]HOKDPGOLOOkK%XDN DPEL]LPLoLPL]LQLIWLKDUOD
GROPDV×Ok]×P%XELU
0
PLQLQ0L
UDF×1DPD]
NLQFLVL6OH\PDQdHOHELLIDGHHWPL DODFD ×P×]GHUVL%X\XUPX NLUDKPHWXOOjKLDOH\K
UDKPHWHQYkVLDWHQQHPEDUHN]kWLPL QHWDWO×V|\OHPL
6HQNL0L
UDFH\OH\LSN×OG×QQL\k]
hPPHWLQ0L
UDF×Q×N×OG×PQDPD]
$OODKX7HkOk+D]UHWOHULE|\OHEX\XUGXGL\RU6OH\PDQdHOHEL3H\JDPEHU(IHQGLPL]RKX]XU
X 5DEEO ]]HW
GHQD\U×OPDNLVWHUPL" VWHPH]DPD
$YGHWLGSGD
YHWHWNXOODU×P×
7kJHOEHQJ|UHOHUGvGkU×P×
0
5$&1$0$=9(6,''Í.,<<(7
%LVPLOOkKLUUDKPkQLUUDKvP
(OKDPGOLOOkKLUDEELOjOHPvQ+DPGHQNHVvUHQWD\\LEHQPEkUHNHQIvK$OkNOOLKjOLQYHIv
NOOLKvQ+DPGHQNHPk\HQED v OLFHOkOLYHFKLKvYHOLD]vPLVXOWjQLK9HVVDOkWYHVVHOkP
DOkVH\\LGLQkYHVHQHGLQkYHPHGHGLQkYHVYHWQHOKDVHQHWLPXKDPPHGLQLOPXVWDIk9HDOk
kOLKvYHVDKELKvYHPHQWHELDKELLKVkQLQLOk\HYPLOFH]k(PPkED
G
$]L]YHPXKWHUHPNDUGH OHULP
5HFHED\×$OODK
×QD\×G×UGL\HEX\XUPX 3H\JDPEHU6$6(IHQGLPL]$\ODUGD\×OODUGD\HUOHU
GH]DPDQODUGDPHNkQODUGDYDUO×NGDLQVDQGDLQVGHFLQGHKHSVL$OODK
×QKHU H\
$OODK
×Q
%XD\×Q$OODK
×QD\×ROPDV×QHGLU\k5DVODOODK"GL\HVRUXOGX X ]DPDQ
$OODK
×QJQDKNkUNXVXUOXNXOODU×DIIHWWL L D\G×UGL\H(IHQGLPL]Do×NODP×
%XJQ\LUPLDOW×V×\G×\DU×QD\×Q\LUPL\HGLVL5HFHED\×Q×Q\LUPL\HGLVLQGHNLPRUXoWXWDULVH
EXQDDOWP× D\O×NRUXoVHYDE×YHULOLU%XJHFH&HEUkLO$6
×Q3H\JDPEHU6$6(IHQGLPL]
HLONLQGL L
JHFHGLU
'HPHNNL3H\JDPEHU6$6(IHQGLPL]
H\DOQ×]O×NVHYGLULOGLKDOYHWVHYGLULOGL<DOQ×]NDOPDN
LQVDQODUGDQX]DNROPDNVDNLQELU\HUGHJUOWQQROPDG× ×PH J OL\HWLQROPDG× ×
PH JDOHQLQROPDG× ×LQVDQODU×UDKDWV×]HGHQDNO×Q×ED NDWDUDIODUDoHNHQROD\ODU×QROPDG× ×
VDNLQ\HUGH(IHQGLPL]JQOHUFHLQVDQODU×QDUDV×QDLQPHGHQLEDGHWHGL\RUGX
2 +×UD0D DUDV×
QGDRJ]HOSIUSIUHVLQWLOL\HUGHJHFHOHUL kKkQHJQG]OHULVR XNWDQ
PDKIX]ND\DQ×QDUDV×QGDQHVUkUHQJL]LOkKvELUVHULQOLNJHOL\RUYDQWLODW|UoDO× ×\RUPX JLEL
VDQNLRUDGD\DOQ×]RODUDNJQOHUFH$OODKX7HjOk+D]UHWOHUL
QHLEDGHWHGHUNHQ&HEUkLO$6
×Q
3H\JDPEHU6$6
HLONJ|UQPHVLGHE|\OHELUUHFHED\×Q×Q\LUPL\HGLQFLJHFHVLQGHROPX
3H\JDPEHU6$6(IHQGLPL]+D]UHWOHUL
QLQ$OODKX7HjOk+D]UHWOHUL
QLQKX]XUXL]]HWLQHKD\DW×
GQ\DGDLNHQDKLUHWHJ|oPHPL NHQYDU×SR HUHIHQDLOROPDV×ED NDKLoELUEH HUH
DGHPR OXQDQDVLEROPDP× ELUGHYOHWHHUPHVLGH\kQL0L
UDFKDGLVHVLGH\LQHE|\OHELUJQGH
ROPX
'HPHN$OODK
×QUDKPHWLD\×PD ILUHWLD\×ROGX XQXQ3H\JDPEHU6$6(IHQGLPL]]HULQGHNL
WH]kKUOHULWHFHOOvOHULPXKWH HP9DKL\JHOL\RUPHOHNOHUJ|UQ\RUJ|]QHYHEXUDODUGDQ
VHPkODUDVHPkODUGDQ$U ×$
Ok
\D&HEUkLO$6
×QJHoHPHGL L \HUOHUH%LUDG×PGDKDDWVDP
\DQDUPDKYROXUXPGHGL L \HUOHUHYkV×OROPDNNDEXOROPDNRLOWLIDWDQkLOROPDN HUHIL
3H\JDPEHU6$6(IHQGLPL]
HRPHUKDPHWLoRNRODQUH
IHWLoRNRODQ HINDWLPPHWLQHRODQ
LOJLVLDF×PDV×LWLQkV×oRNRODQ3H\JDPEHU(IHQGLPL]
HEXWHFHOOvOHUEXD\GDROPX
(IHQGLPL]GHEX\XUX\RUNL
5HFHED\×$OODK
×QPD ILUHWLD\×G×U6L]GHEXPD ILUHWWHQKLVVHQL]LDOPD D oDO× ×Q
1DV×ORODFDN"dRNRUXoWXWDUV×Q×]QHIVLQL]HKDNLPROXUVXQX]VkKLEROXUVXQX] H\WDQD
X\PDPD\×| UHQLUVLQL]KDUDPDEDNPDPD\×| UHQLUVLQL]*QDKODUGDQ\DVDNODUGDQ
KDUDPODUGDQNHQGLQL]LWXWPD\×| UHQLUVLQL]
7DELL*QDKWDPXNLPLNHQJQDK×\DSPDNWDLNHQJQDKDPGkYLPLNHQLV\DQGDGHYDP
HGHUNHQ
(VWD ILUXOODK
GL\HQNLPVHNHOPVWHK]vELUDEELKv5DEEL\OHDOD\HGHQLQVDQJLELGLU
EX\XUX\RU3H\JDPEHU(IHQGLPL]+HPJQDKDGHYDPHGL\RUKHPGH7HYEH\k5DEEL
(VWD ILUXOODK\k5DEELGL\RU \LFHNHVLOHFHN
.HVLOPHQDV×OROXU"2UXoODEHOOLROXU2UXoWDLQVDQKHOkOOHUGHQELOHNHVLOL\RU6XLoPHNKDUDP
P×"'H LO\DVDNGH LOVX<HPHN\HPHNKDUDPP×"'H LOVHUEHVW(WKDUDPP×HNPHN
KDUDPP×PH\YDKDUDPP×VHE]HKDUDPP×"+HOkODPDRQODUGDQGDNHVLOPH\L| UHQL\RUX]
2QODUE\NLKWL\DoLQVDQDVXVX]GXUXOPD]DoGXUXOPD]2OVXQ%DNRLKWL\DoRODQ H\OHUL
\DSPD\D\DSPD\DKLoLKWL\DoROPD\DQ H\OHUL\DSPDPD\×| UHQVLQGL\HRUXoELULGPDQ
LEDGHWL
%L]LPJQDKDLKWL\DF×P×]YDUP×PXKWDoP×\×]JQDKD"%LUD\DLoNL\HEXLQVDQR OXQXQLKWL\DF×
YDUP×"+LoELULKWL\DF×\RN2QGDQDOkQLFHQLFHPH UEDWODUYDUQLFHQLFHID\GDO×LoHFHNOHU
YDU2JHULGHGXUVXQHNVLNROVXQROPD]ROVXQ=kWHQROPX\RUGDEL]LPKD\DW×P×]DJLUPHPL
GHEL]]DUDUP×HWPL L]"(OKDPGOLOOkKEL]NkUGD\×]
(OKDPGOLOOkKEXKDUDPODUDLKWL\DF×P×]\RN%LUD\DLKWL\DF×P×]\RN=DUDUO×PX]×ULQVDQ×Q
FL HULQLSDUoDO×\RUNDUDFL HULQLPDKYHGL\RUPLGHVLQLGHOL\RU1HVOLQLER]X\RUNDIDV×Q×
ER]X\RUEH\QLQLVXODQG×U×\RUPHOHNHOHULQLGXPXUDX UDW×\RU KWL\DF×P×]\RN
+HOHNHOPVHYYLIQ OHULQLWH
KLUHGHQOHULOHUL\HDWDQODUKHOkNROGXODUPDKYROGXODU
$FFLOELWWHYEHWLNDEOHOPHYW>gOPJHOPHGHQHYYHOWHYEHHWPHNWHDFHOHHGLQL]@gOYHULUVLQ
KDELUGHQ|OPJHOLYHULU
&DPLGHQDG×P×Q×DWDUNHQIHQkOD W×
1HGHQ"gOPHWUDI×P×]GD
+DON×ERVWDQHGLQPL WLU
'LOHGL LQ]HU|OP
7HYEHHWWLNPLoRNRUXoWXWWXNPXJQDKODUGDQNHVLOGLNPLKDUDPODU×E×UDNW×NP×LEDGHWH
\|QHOGLNPL"$OODK
×QVHYGL L ELUKDOHEUQGNP0L
UDFDo×NDFDNKDOHJHOGLNPL"
LPGH1DPD]P
PLQLQ0L
UkF×G×UGHQLOGL L ]DPDQLQVDQ×QW\OHULGLNHQGLNHQROX\RU1DPD]
P
PLQLQ0L
UkF×7\OHULKDYD\DNDON×\RULQVDQ×Q5DEEOjOHPvQ
LQKX]XUX\kQL$OODKX
HNEHUGHGL LQ]DPDQELUNDS×Do×O×\RUDOHPOHULQ\DUDGDQ×Q×QNkLQDW×QVDKLELQLQKX]XUXQD
GLYkQDGXUPX VXQ0XD]]DPELU H\\kQL\HWHULQVDQD
1DPD]×VHYPHNLoLQ\HWHU\RODJHOPHVLLoLQ\HWHULVODKROPDV×LoLQ\HWHUJDIOHWLJQDK×
E×UDNPDV×LoLQ\HWHU1DPD]QHJ]HOLEDGHW
0L
UDFJHFHVL(IHQGLPL]
LQ HUHILQLQ]HULQHELUNDWPHUOL HUHIGDKD7kF×Q×QVWQHELUWDF
GDKD+DEvEXOODKWkF×Q×QVWQHELUWDFGDKD6DKLEO0L
UDF|\OHELUSH\JDPEHUNL0L
UDF
VDKLELELUSH\JDPEHU<HGLNDWJ|NOHULJHoPL 5DEEOjOHPvQ
LQKX]XUXQDJLUPL EvKXUXIX
ODI]XVDYW5DEEOjOHPvQLOHV|\OH PL $OODKX7HkOk+D]UHWOHUL
QLQLNUDP×QDHUPL
$OODKNkLQDW×Q\DUDW×F×V×G×U<DUDWDQ\DUDWW× ×QGDQE\NWUGL\RU
%X\XUo×NDYOX\D\DPDFDRWXUGHQL]HEDNGD ODUDEDNVHPk\DEDN\×OG×]ODUDEDN X
NkLQDW×QHE^DG×Q×ER\XWODU×Q×EXXGODU×Q×GHULQOL LQL|OoPHNPPNQGH LO<×OG×]SDUODP×
RUGDQPLO\DUODUFDVHQHGHEXWDUDID× × × JHOL\RUGDEL]H\HQLXOD P× , ×NK×]×\ODJHOL\RU
PLO\DUODUFDVHQHJHoL\RURQGDQVRQUD× × × EL]HJHOL\RU
7D
UXFOPHOkLNHWLYHUUKXLOH\KLIv\HYPLQNkQHPLNGkUXKKDPVvQHHOIHVHQHK0HOHNOHUYH
5K$6\kQL&HEUkLO$6$OODKX7HjOk
Q×QGHUJkK×QD|\OHELUJQGHXUXFHGL\RUODU
\NVHOL\RUODUPL
UDFHGL\RUODUNLPLNGkUXKKDPVvQHHOIHVHQHKELUJQHOOLELQ\×ODGHQN
<kQLPHVDIHOHUDUW×N\×OO×NKHVDSODUOD× ×NK×]ODU×\OD|OoOHQELUNkLQDW×QNDU ×V×QGD\×]YHEX
NkLQkW×Q\DUDGDQ×Q×QNXOODU×\×]YH\DUDGDQ×Q×QVHYGL L ELU]PUHGHQL]6HYGL L ]PUHQLQLoLQGH
GR PX X]$OODKEL]LGHVHYGL L NXOHWVLQ
6HYGL L ]PUHGHQL]dQN
9DOOjKXYHOL\\OP
PLQvQ$OODKP
PLQOHULQYHOvVLGLUGRVWXGXUVHYHU6HYL\RUELOL\RUX]
P
PLQRODQODU×$OODKVHYL\RU
%X3H\JDPEHULQPPHWLROPDNWDQEL]LKDWkODUODNXVXUODUODJQDKODUODD\×UPDV×Q2QXQ
KX]XUXQDYDU×UNHQ\ROGDPHOHNOHULQ\ROXNHVLSGH6HQGXUVHQRWDUDIDJLGHPH]VLQGL\H
D\×UG× × EHGEDKWODUGDQHWPHVLQ
LPGL0L
UDF
GDELU H\GDKDEHQLoRNKH\HFDQODQG×U×\RUPXKWHUHPNDUGH OHULP0L
UDF
NDU ×V×QGD(EEHNUL6×GGvN(IHQGLPL]
LQKDUHNHWYHGDYUDQ× ×NDQkDWLYHG QFHWDU]×
J|]P]Q|QQHVHULOL\RUV×GGvNOLNQHGHPHNPL V×GGvN×\\HWQHGHPHNPL LQVDQRQXDQO×\RU
%LULQVDQELUJHUoH L EXOPDNLoLQELU]DPDQSD\×LVWHPH\HKDNO×G×U0VDDGHHWELU
G QH\LPGL\HELOLU' QULVWLKjUH\DSDULVWL kUH\DSDUNDUDUYHULU.DUDUYHUGLNWHQVRQUD
GDELU\ROWXWWXUXU
'L\RUODUNL
%XV|]OHULRV|\OHGLPL"<kQLVL]PLX\XGXUX\RUVXQX]DW×SWXWX\RUVXQX]\RNVDV|\OHGL
PL"
6|\OHGLKDNvNDWHQGX\GXNL WH
2V|\OHGL\VHGR UXGXUGL\RU
2 EL]LPE\NOHULPL]LQ]LQFLULPL]LQKDONDV×Q×QED ×DOW×QKDONDQ×QHQ\XNDU×V×%L]EX
E\NOHULPL]GHQQH]DPDQLEUHWDODFD ×]"%L]QH]DPDQLVODKRODFD ×]"
$OODKX7HjOk+D]UHWOHULQDPD]ODU×P×]×0L
UDFH\OHVLQ=LNLUOHULPL]LKDNvNvX\DQ×NO× D YHVLOH
H\OHVLQ*|QOOHULPL]LX\DQG×UV×QNDOEJ|]OHULPL]LJ kGHH\OHVLQ*DIOHWWHQvND]H\OHVLQ
gPUP]ILWQHOHUGHQX]DNJHoLUPH\LQDVLEH\OHVLQ1HIVH H\WDQDX\GXUPDV×Q$KLU
]DPDQ×QILWQHOHULQGHKHOkNH\OHPHVLQ
0
PLQLNkPLORODUDN\D DPDP×]×QDVvEH\OHVLQ0
PLQLNkPLORODUDN3H\JDPEHU
(IHQGLPL]
LQFHPkOLQLJ|UHJ|UHFHQQHWWHNLPDNDPODU×P×]×J|UHJ|UHYHGLOLPL]GHRONHOLPHL
WD\\LEHLPQFL\HLPEkUHNHNLEX\XUXQ( KHGHQOkLOkKHLOODOODKYHH KHGHQQH
PXKDPPHGHQDEGKYHUDVOKGL\HGL\HLPDQ×NkPLOLOHUXKWHVOLPHWPHPL]LQDVvE
H\OHVLQ
%LKUPHWLHVUkULVUHWLOIkWLKDK
(X]ELOOkKLPLQH H\WjQLUUDFvP
%LVPLOOkKLUUDKPkQLUUDKvP
(OKDPGOLOOkKLKDNNDKDPGLKvYHVVDOkWYHVVHOkPDOkKD\UDKDON×KvVH\\LGLQkPXKDPPHGLQ
YHDOkkOLKvYHVDKELKvYHPHQWHELDKELLKVkQLQHFPDvQ(PPkED
G
*HFHOHULQ+D\×UO×VL
%XDN DPELUoRNPXWOXOXNODUELUDUDGDEXOXQDFDN5HFHE
LQ
V×Q×
VLQHED OD\DQDN DP
ROGX X LoLQ0L
UDFNDQGLOLGLUNDQGLOJHFHVLGLUPEDUHNWLU3HU HPEH\LFXPD\DED OD\DQJHFH
ROGX X LoLQ]DWHQKHUKDIWDPEDUHNWLU3HU HPEH\LFXPD\DED OD\DQJHFHLoLQ3H\JDPEHU6$6
(IHQGLPL]EX\XUX\RUNL
*HFHOHULQHQKD\×UO×V×FXPDJHFHVLGLUJQOHULQHQKD\×UO×V×FXPDJQG]GU
&XPDP
PLQLQED\UDP×G×UNHVLQOLNOHoRNGH HUOLGLUQXUOXGXU&XPDJHFHOHULYHJQG]OHUL
oRNIH\L]OHULQLNUDPODU×QLoLQGH\HUDOG× × JHFHOHUYHJQG]OHUGLU+HUQHNDGDUV×UIFXPD
JQOHULQLLK\kHGH\LPGL\HELUoDO× PDGR UXROPD]VDGDEWQJHFHOHULGHUOLWRSOXJHoLUPH H
oDO× PDNODEHUDEHU|]HOOLNOHFXPDJHFHOHULQGHRQXQFXPDJHFHVLROGX XQXXQXWPDPDNFXPD
JQG]ROGX XQXXQXWPDPDNOk]×PG×U
&XPDJHFHVLWHKHFFGHNDONPD D oRNJD\UHWHGLQoQNKDGLVLNXGVvYDUG×U*HFHQLQoWHLNLVL
JHoWL L ]DPDQVDKXUYDNLWOHULJHOGL L ]DPDQ$OODKX7HkOk+D]UHWOHULNXOODU×QDJHFHOH\LQNHQGLVL
VHVOHQLU*| QNDS×ODU×Do×O×U$OODKX7HkOk+D]UHWOHULNXOODU×Q×NHQGLVLQHGDYHWHGHU
&XPDQ×QJQG]OHULQGHGHVDOkWVHOkP×oRNHWPH\L3H\JDPEHU(IHQGLPL]
HoRNVDODYDW
JHWLUPH\L3H\JDPEHU(IHQGLPL]KDGLVL HULIOHULQGHEX\XUPX ODUG×U
LPGLEXPEDUHNJHFHEXJ]HOJHFHEXUDGDWRSOXFDHOLPL]HJHoPL EXOXQX\RU$OODK
DKDPG
VHQDODUROVXQ*QDKODUGDQKDUDPODUGDQX]DNNHQGLED ×P×]DWRSODQG× ×P×] X \HUGHEX
JHFH\LKD\×UO×IH\L]OLYHULPOLVHYDSO×JHoLUPH\L$OODKEL]OHUHQDVLEH\OHVLQ)×UVDWYDUG×U
HOLPL]GHWDWLOGHJLEL\L]KD]×UO×NO×\×]HOLPL]GHLPNkQODUJ]HOGLUJHQL WLU
$OODKX7HkOk+D]UHWOHULEL]LJjILOOHUGHQLVWLIDGHHWPHVLQLELOHPH\HQOHUGHQPDKUXP
E×UDN×ODQODUGDQH\OHPHVLQdQN5DPD]DQJHOLUJHoHUED]×LQVDQODUPDKUXPROXUFXPDODU
JHOLUJHoHUED]×LQVDQODUPDKUXPROXU|PUJHOLUJHoHUED]×LQVDQODUPDKUXPROXU<kQLR
DKLUHWPDKUXPL\HWLoRNN|WELUPDKUXPL\HWWLU$OODKEL]L|\OHPDKUXPRODQODUGDQH\OHPHVLQ
*HFHPL]YHJHFHQL]0L
UDF×Q×]NXWOXROVXQPEDUHNROVXQ$OODKVHYGLNOHULQL]OHEHUDEHU\kQL
HYOkWODUODDQQHEDEDODUODGRVWODUODDKEDEODUODEHUDEHUQLFHQLFHPEDUHNJQOHUHJHFHOHUH
V×KKDWYHVDDGHWOHXOD PD\×QDVLEH\OHVLQ
$EGXOODKLEQL$EEDVPPHWLQIDNLKOHULQGHQE\NDOLPOHULQGHQELUE\N]DW2QDoVRUX
VRUXOPX oFHYDSYHUPL %XQXQDNOHWPL OHU+D]UHWL$OL(IHQGLPL]
H EQL$EEDV5$
D
VRUXOPX
*QOHULQHQKD\×UO×V×KDQJLVLGLU"GL\H
2 GDEX\XUPX NL
&XPDJQGU
7DPDPGHPLQV|\OHGLN
$\ODU×QHQKD\×UO×V×KDQJLVLGLU"GL\HVRUPX ODU
5DPD]DQD\×G×UGHPL
$PHOOHULQKD\×UO×V×KDQJLVLGLU"GHPL OHU
9DNWLQGHN×O×QDQEH YDNLWQDPD]G×UGHPL
$EGXOODKLEQL$EEDVEXoVRUX\DE|\OHFHYDSYHUGLGL\H+D]UHWL$OL(IHQGLPL]
HDQODWP× ODU2
GHGHPL NL
VUk0HNNH
GHQ.XGV
H*LGL
LPGLEXJHFH0L
UDFNDQGLOLROGX X LoLQEXJQVL]HEX0L
UDFNDQGLOLLOHLOJLOLELOJLOHUYHUPH\L
G QGPHVNLSODQODG× ×P H\OHULE×UDNDUDN%LUWDQHVLHOLPGHNL X DQGDPHYFXWNLWDSODUGDQ
VHoHUHNEXOGX XPKDGLVL HULIOHUGHQELUWDQHVL6DKvKL0VOLP
GHPHYFXWRODQX]XQELUKDGLVL
HULIWLUhoVD\IDVUHQVDKLKELUKDGLVL HULIWLU6DKLKGHPHNV×KKDWOLGHPHN\kQLKDVWDO×NO×
GH LONXVXUOXGH LO6×KKDWOLROPDV×oRN|QHPOLGLUV×KKDWOLROPD\DQV|]OHULV|\OHPHNYHEDOGLU
VOkP
GD'R UX\XV|\OHPHNOk]×PV×KKDWOLV|]V|\OHPHNOk]×PV×KKDWVL]KDVWD\DPXN
ER]XNV|]V|\OHPHPHNOk]×P5LYD\HW\ROX\ODGDROVDV|]QGR UXVXQXV|\OHPHNOk]×P
2QXQLoLQEXNLWDSODU×EX\D PXUOXKDYDGDVHYHUHNWD ×G×PdQN3H\JDPEHU(IHQGLPL]
LQ
KDGLVL HULIOHULGLU%X5kP]O(KkGvVEL]LP7HNNHPL]LQKDGLVNLWDE×*P KDQHOL(IHQGLPL]
LQ
LNLFLOWRUDGDoWDQHKDGLVYDUELUWDQHGHEXUGDKDGLVYDU LPGLEXN×VDODUGDQ|QFH
ED OD\DO×PRQGDQVRQUDX]XQODU×DQODWPD D JHoHUL]
%LOL\RUVXQX]EX0L
UDFKDGLVHVLDVO×QGD VUkYH0L
UDFKDGLVHVLGLU.XU
DQ×.HULP
GHQEXL LQGHOLOL
VUk6UHVL
QGHYDUG×U1HFP6UHVL
QGHYDUG×U
VUk6UHVL
QGHWDUIHWOD\Q
GHELUJ|]\XPXSDo×QFD\DNDGDUNLN×VDELU]DPDQGDLNUkP×LOkKv
RODUDNPXFL]HLQHEHYL\HRODUDN0HNNH
GHQ.XGV HULI
HJLWPHVLYDUG×U$\HWLNHULPHGH
EX\XUX\RUNL5DEELPL]ELVPLOOkKLUUDKPkQLUUDKvP
6EKjQHOOH]v2$OODKNLKHUWUOQRNVDQGDQPQH]]HKWLUKHUWUONHPkOkW×QNXGUHWLQ
J]HOOL LQVDKLELGLUHVUkELDEGLKvOH\OHQ*HFHOH\LQNXOXQXJ|WUG1HUGHQ"PLQHOPHVFLGLO
KDUkP0HVFLGL+DUDP
GDQJ|WUG
0HVFLGL+DUDPQHUHVLGLU"(O0HVFLGLO+DUDP.kEH
QLQHWUDI×QGDNLPHVFLGGLU2UWDV×QGD.kEH
RODQRE\NPHVFLGGLUPEDUHNPHVFLGGLU+DF×ODU×QXPUHFLOHULQJLWWLNOHULPHVFLGGLU
0HVFLGL+DUDP
GDQLOHOPHVFLGLODNVk0HVFLGL$NVk
\D%LUJHFHGH0HVFLGL+DUDP
GDQ
0HVFLGL$NVk
\DNXOXQXJ|WUHQ$OODKKHUWUOQRNVDQGDQPQH]]HKKHUWUONHPkOkWD
VDKLSWLU<DSW× ×J|VWHUGL L EXE\NKDGLVHGH k\kQ×WDDFFEKD\UHWHGLOHFHNELUKDGLVHGLU
dQNVEKDQV|]KD\UHWHGLOHFHNROD\ODUGDV|\OHQLOLU6EKkQDOODK D W×P\kKXPkQkV×QD
JHOLU
7DELLJ|UOHFHN H\OHUELWPH]VRQVX]GXU0LQk\kWLQkD\HWOHULQGHQELUPLNWDU×GHPHN7DELL
KHSVLGH LOoQN$OODK
×QD\HWOHULQLQKHSVL]DWHQELWPH]WNHQPH]VRQVX]DPD0L
UDF
JHFHVLQGH3H\JDPEHU(IHQGLPL]SHNoRNROD DQVWKDOOHUJ|UP WU'HPHNNLRJ|UG
D\HWOHUROD DQVWROD\ODU0L
UDFG×UDPDELUJHFHGH0HNNH
GHQ.XGV
HJLWPHNRGDoRNROD DQ
VWELUPXFL]HGLU
LPGLEXD\HWLNHULPH\OHE|\OHFHDQODW×OG× × LoLQLQDQPDNIDU]G×ULQNkUHGHQNkILUROXU%XQXQ
E|\OHROGX XQDED WDGLQHYH3H\JDPEHU(IHQGLPL]
HHQoRNLWLUD]HGHQP ULNOHU DKLWWLU
$OODK$OODKP ULNQDV×O DKLWROX\RUEXL H".HQGLOHULQHDQODW×OG× × ]DPDQLWLUD]HWWLNOHULQGHQ
DKLWROX\RUODULVWHPH\HUHN DKLGROX\RUODU*HOPL OHU(EXEHNUL6×GGvN(IHQGLPL]
H
*|UGQPVHQLQDUNDGD ×Q×QEXVHIHUGHGL LQL"
1HGHPL "
*\DEXJHFHOH\LQ\kQLJHoWL LPL]JHFH0HVFLGL+DUDP
GDQ.XGV
HJLWPL RUGDQGDJ|NOHUH
o×NP× J|UGQPV|\OHGL L VDoPD H\L LPGL"GL\HV|\OHGLOHU
%LUJQ3H\JDPEHU(IHQGLPL]EX\XUGXNL
LPGLKR XPDJLGL\RU(EEHNUL6×GGvN(IHQGLPL]
LQGDYUDQ× ×LON|QFHVRUGX
<kKXEXV|]OHUL0XKDPPHGL0XVWDID6$6KDNvNDWHQV|\OHGLPLVL]JHQHELUR\XQPX
oHYLUL\RUVXQX]"%|\OHELU H\V|\OHGLPLKDNvNDWHQ"
9DOODKV|\OHGL
+DDEDNGHPHNNL DKLGROX\RUODU'HPHNNL3H\JDPEHU(IHQGLPL]
LQE|\OHELU H\LRQODUD
DQODWW× ×QDLVWHULVWHPH]IDUN×QDYDUPDGDQ DKLWROX\RUODU\DNDODQG×ODU DKLWOLNHGL\RUODU(EX
%HNUL6×GG×N(IHQGLPL]JD\HWVDNLQGHGLNL
2V|\OHGLPLJHUoHNWHQ"
6|\OHGLGHGLOHU
2V|\OHGL\VHGR UXGXUGHGL
<kQLVL]\DODQN×Y×UWP×\RUVDQ×]ELUR\XQ\DSP×\RUVDQ×]H\P ULNOHUNkILUOHUKDNLNDWHQ
V|\OHPL VH|\OHGLUdQNEL]RQGDQ]DWHQKHU]DPDQQLFH|\OHROD DQVWROD\ODUJ|U\RUX]
6DGHFHVL]LQEXV|\OHGL LQL]GH LONL5DVOOODK(IHQGLPL]
LQKHUKDOLPXFL]HGHGL
3DUPD ×Q×VXWDV×Q×QLoLQHNR\X\RURUGXQXQLoLQGHNLKHUNHVVXWDV×QGDQVXDO×\RUVXELWPL\RU
DEGHVWDO×\RUODUKD\YDQODU×Q×VXOX\RUODULoL\RUODU%LUWDVWDQELURUGX\XVXOX\RUELURQNL LOLN
\HPHNWHQ X NDGDU\]LQVDQ×GR\XUX\RU$OODKRQDEXNDELOL\HWLYHUPL
*HOHQOHUN×]G×UG×ODUELUNHUHVLQGH3H\JDPEHU(IHQGLPL]
L)DODQFDNDELOHGHQJUXSKDOLQGH
JHOPL OHUHGHEHD\N×U×WDY×UODULoLQGHNDU ×V×QDJHOGLOHU3H\JDPEHU(IHQGLPL]
LQ2QODU×Q
HGHSVL]OL LQHVLQLUOHQGL VWHUVHQL]VL]H\ROGDQHOHUNRQX WX XQX]XELUELUV|\OH\H\LP"GHGL
6HQ XQDV|\OHGHGLQVHQRQD|\OHGHGLQVHQRQDE|\OHGHGLQVHQRQD|\OHGHGLQGHGL
+DGLDS× ×SNDOG×ODU D ×U×SNDOG×ODU<ROGDGDKD0HNNH
\HJHOPHGHQNRQX WXNODU×Q×ELUELU
V|\OHGL1HGHQ"5DVOOODK(IHQGLPL]ROGX XQGDQ$OODK
×QHOoLVLROGX XQGDQ
3H\JDPEHU6$6
LQHWUDI×QDWRSODQG×ODU<kQLLQNkUWDELDWODU×QGDYDUDPDEXQGDGDKLNPHWYDU
RQODU×QLQNkUODU×EL]HLPDQROX\RU%L]LP\DQ×P×]DJHOL\RUEL]LPLPDQ×P×]×NXYYHWOHQGLUL\RU
HOKDPGOLOOkK2QODU×QLQNkUODU×QGDQEL]LPLPDQ×P×]EHVOHQL\RU
6HQ\kQLEXUGDQ.XGV
HPLJLWWLQ"6|\OHEDNDO×P0HVFLGL$NVk
Q×QNDoWDQHNDS×V×YDUNDo
WDQHSHQFHUHVLYDU"GL\HED ODG×ODUV×N× W×UPD D
( 5DVOOODK(IHQGLPL]G QQNLELUJHFHGH0HNNH
GHQNDOG×U×OP× .XGV HULI
HJ|WUOP
R LQVDQ×QGX\JXODU×Q×ELUD]DQODPD D oDO× ×Q<kQLNDS×\DSHQFHUH\HPLEDNDUNDS×SHQFHUHPL
VD\DU|\OHELULQVDQ" QVDQ×QJ|]ELU H\LJ|UPH]\DKXHWUDI×J|UPH]KH\HFDQGDQ
VHYLQFLQGHQXoDUQH\DSDFD ×Q× D ×U×U
7DELL]OG6RUXVRUGXODU LPGLFHYDSGDYHUHPL\RU\DODQVDQDFDNODU$OODKX7HkOk
+D]UHWOHULJ|]QQ|QQH0HVFLGL$NVk
\×JHWLUGL X NDGDUNDS×V×YDUEXNDGDUSHQFHUHVL
YDUGL\HED ODG×V|\OHPH H
*|]QQ|QQHJHWLUGL$OODKX7HkOk+D]UHWOHUL1HGHQ"dQN$OODKELUNXOXVHYGLPLRNXO
$OODK
ODJ|UU+DGLVLNXGVvGHE|\OHELOGLULOL\RU%HQLPOHJ|UUGL\RU$OODK
ODJ|UPHNL WH|\OH
ROXU0HNNH
GHQ.XGV
QSHQFHUHOHULQLVD\DU
6RQUD%D NDGHOLOLQYDUP×"GHGLOHU9DUGHGL3H\JDPEHU(IHQGLPL].XGV HULI
H
JLGHUNHQD D ×GDELUNHUYDQJLGL\RUPX NLPLQNHUYDQ×ROGX XQXJ|U\RU3H\JDPEHU(IHQGLPL]
.HUYDQJLGL\RUNHUYDQGDQGHYHOHULQELUWDQHVLD\U×OP× RQXDU×\RUODU5DVOOODK(IHQGLPL]
\XNDUGDQGHYHQLQQHUGHROGX XQXNX EDN× × J|U\RU$ D ×GDNLOHUJ|UP\RUODULQL OHUo×N× ODU
NXPODUYDGLOHUo|OYH\DGD O×NDUD]L X WDUDIDJLGLQ X WDUDIWDGL\HRQODUDGHYHQLQ\HULQL
J|VWHUWWL
7DPDPYDUGHOLOLP)LODQFDQ×QNHUYDQ×JHOL\RU0HNNH
\HGR UXGHYHOHULND\EROPX WX%HQ
\XNDU×GDQGHYHQLQQHUGHROGX XQXJ|UG PGHQRQODUD XUDV×G×U XUDV×G×UGL\HGHYHQLQ\HULQL
J|VWHUGLPEXOGXODUGHYHOHULQL
7DPDPJHOVLQNHUYDQVRUDU×]GHGLOHU
.D\GHWWLOHU|\OH.HUYDQNDoJQVRQUDJHOGL0HNNHL0NHUUHPH
\H'HGLOHUNL
<ROGDGHYHQL]ND\EROGXPX"
.D\EROGX
1DV×OEXOGXQX]"
9DOODKELUVHVGX\GXN XUDGDG×UGHGLOHUJLWWLNRUDGDGHYH\LEXOGXNGHGLOHU
+D\URODJHoPL ROVXQQHROGXKDVWDP×V×Q"
.DO×UV×Q\D5\DV×QGDQNDQWHULoLQGHNDO×UVDQKDNLNLVLQGHNLPELOLUQHRODFDN"$OODKKHVDE×
NROD\RODQODUGDQELJD\ULKLVDEFHQQHWHJLUHQOHUGHQH\OHVLQ
*|UYHUGLDPD3H\JDPEHU6$6(IHQGLPL]
LQ0HNNH
GHQ.XGV
HJLWWL L D\HWOHVDELW$OODK DKLG
NkIL
9HNHIkELOOkKL HKvGk$OODKV|\OHGLNWHQVRQUDEL]ED ND DKLGDUDPD\×]DPDNkILUOHUKHU H\L
LQNkUHWWL LQGHQ$OODKED NDGHOLOOHUGHNR\X\RURUWD\D
(VNLGHQLQNkUF×ODUDGHKUL\\XQGHUOHUGL'HKUv\kQLDWHLVWLQNkUF×GHPHNEL]LPHVNLNLWDSODUGD
%L]LPDFHPLPROODODUGDQELULVL\OHNDS× P× ODUGHKUL\XQGDQE|\OHKHU H\LLQNkUHGHQD\\D
VDUKR ELULVL9DUE|\OHILOR]RIWLSOLLQNkUHGHQLQVDQODUKHUGHYLUGHYDULQNkUHGL\RUODU2GD
GL\RUPX NL
<kKXPHQ|]QLQNkUHGLUHPVHQEDQDV|]QGLUVHQ
<kQL%HQ$OODK
×QNHQGLVLQLLQNkUHGL\RUXPVHQEDQDLNLGHELUGHV|]QV|\O\RUVXQGHPL
7DELLEXJLELLQVDQODUDED NDGHOLOOHUOHFHYDSYHUPHNOk]×PLQNkUHGL\RUoQN2QXQLoLQ$OODK
ED NDGHOLOOHUOHJ|VWHUL\RUL D LNkUHROX\RU
&HQQHWWHNL.| NOHU
.XOW\kFLEUvO<DQ×QGD&HEUkLO$6YDUN×ODYX]XPLKPDQGDU×&HEUkLO$6<k&HEUkLO
NDUGH LP.DUGH LPGL\HKLWDEHGL\RU3H\JDPEHU(IHQGLPL]&HEUkLO
HEL]GH$6GL\RUX]0HOHN
$OODK
×QE\NPHOH LRQDVHOkPROVXQ
(\&HEUkLO/LPHQKk]kNLPLQEXN| NOHU"%|\OH\NVHNOHUHPDQ]DUDO×\HUHGL]LOPL
PXWHVkYL\HQH LWELUELULQHD\Q×WLSWHDPDoRNJ]HON| NOHUNLPLQ"
%D ND KDGLVL HULIOHUGHQELOL\RUX]EXQXRNXGXNPFHYKHUDWODVVOGXYDUODU×PFHYKHUDWWDQ
\DS×OP× \kQL.LPLQEXQODUEXN| NOHUGL\HPHUDNHWPL 3H\JDPEHU(IHQGLPL]dRNJ]HOKDQL
ED]HQELU\HUGHQJHoL\RUX]$PDQQHJ]HOEDKoHQHNDGDURUMLQDOELWNLOHUYDU1HJ]HO
oLoHNOHU\HWL WLULOPL QHNDGDUNRFDPDQELUELQDDFDEDNDoG|QPDUD]LVLYDUDFDEDEXQXQ
IL\DW×QHNDGDUVDW×O×NP×"GL\RUX]%D]DQEL]E|\OHE\N\HUOHUGHQJHoHUNHQJ|]P]
WDN×O×\RUEDN×\RUX]<kQLNLPLQEXQODU"
(EXQHKDO"
%LOL\RUVXQX]EXUDGDGLQJ|UHYOLVLELULVLYDUG×VHQHOHUFH|QFHEHQWDQ×PDPKLoGH\]Q
J|UPHGLP%HQJHOPHGHQEL]LPDUNDGD ODUGHPL OHUNL
+RFDP×]JHOHFHN%URDGPHDGRZV&DPLVL
QGH+RFDP×]NRQX PD\DSV×Q
<RNROPD]
1L\HROPD]"
2OPD]
%H\LQHOLQGHVHODKL\HWYDU\DVDOWDQDWYDU\DROPD](QL\HROPD]\DKX"2OPD]%HQLWDQ×PD]
EHQRQXWDQ×PDPDPDROPD]
NLNXOPDKNHPHLNEUkGDGL]o|NP OHU$OODK
×QGLYDQ×QGDED ODU×\HUGH+DGLEDNDO×PNDOG×U
ED ×Q×GDJ|UH\LPVHQL"$OODK
×QGLYDQ×EXUDV×E|\OHHWUDIDEDNEDNDO×P"
LPGL 6.
QLQPGUELOPHPQH*|NQHOWHOHYL]\RQGDJ|U\RUVXQVDQ×NVDQGDO\HVLQGH
RWXUX\RUELURUD\DEDN×\RUJO\RUELUEXWDUDIDEDN×\RUJO\RUNDU ×V×QDL DUHWHGL\RU
ELOPHPQH\DS×\RU+DGLEDNDO×P$OODK
×QGLYDQ×QGDED ×Q×NDOG×UGDJ|UH\LPVHQL"
+DGLVL HULIgPHU5$
GHQULYD\HWHGLOPL WL NLNL L GL]o|NP WLUWLUWLWUL\RUPXKDNHPH
ROX\RU%D ODU×GD\HUGHHWUDI×J|UHPL\RU%LULVL|WHNLVLQGHQKDNLVWL\RUGL\RUNL
(HYHUEXQDKDNN×Q×GL\RU$OODKX7HkOk+D]UHWOHUL
(\NXOXPNDOG×UED ×Q×EDN
<k5DEELEXN| NOHUNLPLQE|\OH"
$OODKX7HkOk+D]UHWOHULELUGHQFHYDSYHUPL\RU
%HGHOLQLYHUHQLQ.LPSDUDV×Q×YHULUVHRQXQEXN| NOHU
'L\RUNL
'L\RUNL
<k5DEELNLPEXQXQSDUDV×QDJo\HWLUHELOLU"
&HQQHWN| NEX0HOERXUQ
GDGHQL]NHQDU×QGDELU H\DOP×\RUVXQNLELQDDOP×\RUVXQNL
FHQQHWLQN| N%|\OHPFHYKHUOH\DS×OP× ELOPHPNDoELQRGDV×RODQNDoELQEXUFXRODQ
KHUEXUFXQGDNDoELQWDQH XVXRODQEXVXRODQFHQQHWN| NEXR\XQFDNP×".LPEXQDJo
\HWLUHELOLUNLPDODELOLUEXN| N"
'L\RUNL
6HQDODELOLUVLQ
1DV×ODODELOLULP\D5DEEL"
'L\RUNL
<kQLEHQEXNDUGH LPLDIIHWVHPEHQGHDODFDNP×\×P"
$ODELOLUVLQ
$IIHWWLP\k5DEELGL\RU
'XUQHUH\HJLGL\RUVXQ"
'L\RUNL
(OLQGHQWXWX\RUGRVWROX\RUODUEHUDEHUFHQQHWHJLUL\RUODU
%XKDGLVL HULILDQODWW×NWDQVRQUD3H\JDPEHU(IHQGLPL]EX\XUX\RUNL
(\PVOPDQODU$OODK
WDQNRUNXQDUDQ×]×LVODKH\OHVLQDUDQ×]GDNLN×UJ×QO×NODU×L]kOHH\OH\LQ
G]HOWLQ%R YHULQEXIkQLGQ\DQ×QXIDNWHIHNN×UJ×QO×NODU×Q×oHNL PHOHULQLdQNEDN$OODK
ELOHLNLNXOXQXQDUDV×Q×G]HOWPHNLoLQQHOHU\DS×\RU.| NJ|VWHUL\RURQXVHYGLUWL\RURQXQ
D N×QDDIIHWWLUWL\RURQXGDNXUWDU×\RUFHQQHWHVRNX\RU
LPGLEXKDGLVL HULIOHULQKHSVLQLWRSODVDNNRFDPDQELU0L
UDFNLWDE×ROXUQHOHUJ|UGYVKHSVL
WHIHUUXDW×LOHo×NDUNDU ×P×]D7DPDP
0Vk$6YH.DYPL
6RQUDLNLQFLKDGLVL HULIHJHoL\RUXP%XGD EQL$EEDV5$
GDQ$KPHGLEQL+DQEHO%XKkUvYH
0VOLP
GHULYD\HWHGLOL\RU%XKkUvN×\PHWOLNLWDS0VOLP
LQHVHULN×\PHWOLHVHUYH$KPHGLEQL
+DQEHOGH+DQEHOvPH]KHELQLQLPDP×E\NKDGLVDOLPL.D\QDNODUJ]HO
3H\JDPEHU6$6(IHQGLPL]EX\XUX\RU
QQHONDYPHVWDG
DIQv%XNDYLPEXDKDOLGLQOHPHGLEHQLV|]PGLQOHPHGLOHUYHNkG
\DNWOQHQv1HUGH\VHEHQL|OGUPH H NDONW×ODULV\DQROGXGLQOHWHPHGLPV|]PGL\RU
+k]kLOkKNPYHLOkKPVk WHWDQU×Q×]0Vk
Q×QGDWDQU×V×EX
%LOL\RUVXQX]0×V×UO×ODUDKPDNDGDPODUHVNL)LUDYXQ]DPDQ×Q×QLQVDQODU×ELUoRN H\OHUH
WDSDUODUG×GDWDSW×NODU×QGDQELUWDQHVLGH|N]G|N]HGHWDSDUODUG×$OW×QGDQEX]D × KH\NHOL
\DS×SWDS×Q×\RUODUG×
%D NDWDS×QG×NODU× H\OHUQHGLU"0×V×U+DYD<ROODU×
\ODKLoXoWXQX]PX0×V×U+DYD<ROODU×
Q×Q
DPEOHPLQGHELUKRUR]ED × YDUG×U |\OHPDYLN×UP×]×UHQNOHULRODQDUND\DGR UXELUKRUR]
NDIDV×YDUG×U7D\\kUkQ×0×V×U0×V×U+DYD<ROODU×
Q×QDPEOHPLQGH1HGLUEXKRUR]ED ×"2
DKPDNODU×Q)LUDYXQ]DPDQ×QGDNLNDYPLQWDS×QG×NODU×+RUXVLVLPOLSXWODU×YDU%L]LPKRUR]
GHGL LPL]+RUXVGL\HELUWDQU×ODU×YDU1H\PL DKPDNODU×QSXWODU×"%D × KRUR]ED ×YFXGX
LQVDQYFXGXUHVLPOHULILOkQYDU QVDQYFXWOXKRUR]ED O×ELUWDQU×3DODYUDQ×QSDODYUDV×
DKPDNO× ×QGDQLVNDV×
LPGLWXWPX ODURQX0×V×U+DYD<ROODU×
Q×QDPEOHPL\DSP× ODU\XKROVXQ0×V×UO×ELUWDQHVLQH
GHGLPNL
6L]LQEX+DYD<ROODU×Q×QDPEOHPLQH"
(VNLSXWODUGDQELULVLQLQNDO×QNDIDV×
0×V×U
GDPVOPDQNDUGH OHULPL]KDNLPROVDP
PLQNDUGH OHULPL]RQXRUD\DNR\PD]ODU
0×V×U
GDNDU× ×NDKDOL%L]GHGH|\OH'× × P
PLQLoLNkILUDQoRNWXUGHGL L JLELLOkKLGH
NkILUOHUYDUN×SWvOHUYDUGLQVL]OHUYDU%XQODU×QYD]LIHVL VOkP
GDQ|QFHNLGHYLUOHULVHYGLULS
VOkP
×N|WJ|VWHUPHN7UNL\HGH
GH+LWLWOLOHU$VXUOXODUELOPHP/LG\DO×ODU)ULN\DO×ODU'R X
$QDGROX
GDELOPHP8UDUWXODUELOPHPQHOHU%L]LPdDQDNNDOH
GH7UXYDKDUDEHOHUL<XQDQ
PLWRORMLVL2QODU×PHGKHGHUOHU VOkP
×QJ]HOOLNOHULQLV|\OHPH]OHUGH VOkP
GDQ|QFHNLGHYULQ
VDoPDODU×Q×V|\OHUOHUEXDGDPODU×QL L EXGXU
0×V×U
GD)LUDYXQODU×| PHN7UNL\H
GH VOkP
GDQ|QFHNLoD GDNLNDYLPOHUL|YPHN2UWD$V\D
GD
2UWD$V\D
\D VOkPJHOPHGHQ|QFHNL DPDQL]PL|YPHN+LQGLVWDQ
GDELOPHP |\OH\DSPDN
E|\OH\DSPDN)LWQH\kQLJ]HOLVDNODPDNoLUNLQL| PHN
%X$YXVWUDO\DO×\HUOLOHULQKLoWDKPLQHGHUPL\GLQL]ERRPHUDQJ
×EXODFDNODU×Q×"+D\YDQD
ERRPHUDQJDW×\RUWDNGL\HYXUX\RUERRPHUDQJG|Q\RUDWDQ×QHOLQHJHOL\RU$IHULQEHDIHULQ
$ERUMLQOHUHE|\OHELUDOHW\DSP× ODU%L]LPDWDODU×P×]\DSDPDP× |\OHNDVJLELELU H\VRSD
\DVV×$W×\RUG|Q\RUG|Q\RUWDNoDUS×\RUDYDRQGDQVRQUDKRRSDGDP×QHOLQHJHULJHOL\RU
WXWX\RU$OODK$OODKDIHULQ\DKXEDNDGDPODULSWLGkLLONHONDYLPDPDRQXEXOPX ODU
2QODUGDEXL LQXVWDV×SXWoXDGDPODU2UGDQKDYDJLULSEXUGDQo×NDUNHQ0|||GL\HVHV
o×N×\RU7DPDPKH\NHOQHWLFHLWLEDUL\OH+HU H\GHQVHVo×N×\RUJHPLQLQGLUHNOHULQGHQGHVHV
JHOLUHOHNWULNWHOOHULQGHQGHVHVJHOL\RUKDYDLKDWWHOOHULQGHQGHVHVJHOL\RU1HYDU\kQL"2QD
WDS×QPD D NDONW×ODU1HGHQ"0×V×UO×ODU×Q|UIOHULDGHWOHULEXQODU×HWNLOHPH H GHYDPHGL\RU
NXUWXODP×\RUODU
0XVD$6
×J|UGOHUPXFL]HOHULQLJ|UGOHULPDQHWWLOHU)LUDYXQ
GDQNXUWXOGXODU)LUDYXQ
J|]OHULQLQ|QQGHER XOGXKHOkNROGXNHQGLOHULNXUWXOGXODU$OODKEXQODU×Qo|OGHQJHoHUNHQ
E×OG×UF×QHWL\OHNXGUHWKHOYDV×\D G×UG×WHSHOHULQH
0Vk$6N×UNJQONELUVUHLoLQ7XU'D ×
QDJLWWL(N×UNJQD]ELU]DPDQGH LO H\WDQ
ED ODG×EXQODU×QLoLQGHQR\PD DDOGDWPD D D ×UWPD D6kPLUvEXQODUDE|\OHE| UWo×NDUWDQ
ELUDOW×QEX]D × \DS×QFD WHEXVL]LQWDQU×Q×]0XVD$6GDEXQDWDS×\RUGL\HNDQG×UG×RQODU×
2QODURQDWDS×QPD D NDON×QFD+DUXQ$6<DSPD\×QE|\OHH\NDYPLPEXNIUGUGHGLDPD
GLQOHPHGLOHU|OGUPH H NDONW×ODU+DUXQ$6
×*DOH\DQKDOLQGH XXUVX]KDON×QWRSOX
UHDNVL\RQX%LU H\GL\HPHGL+kUXQ$6
$PD0XVD$6D D × LQLQFH
0XVD$6$OODKLoLQVLQLUOHQHQELULQVDQ'QGHRNXGXP$]UkLO$6JHOGL L ]DPDQRQDGDELUWDQH
SDWODWP× ULYD\HWOHUGHYDU<kQLFHOkOOLELULQVDQ7DELLXOOD]PSH\JDPEHUOHUGHQE\N
SH\JDPEHUDPD$]UkLO
HELOHVHUWo×NP× 8]XQFDER\OX\PX N×Y×UF×NVDoO×\P× HQXDNDELOHVL
DKDOLVLQLQWLSLQHEHQ]H\HQELUWLSLYDUP× VL\DKWHQOL\PL HVPHUFH\PL
0L
UDF
GD*|UOHQOHU
9HUHH\WvVkUDFOHQPHUEDOKDON Vk$6
×J|UGP |\OHRUWDER\OXRUWD\DS×GDELUDGDP
HNOLQGHLOHOKXPUDWLYHOEH\D]N×UP×]×EH\D]WHQOLVHEHW×UUH
VVDo×G] Vk$6
×GDVDo×
X]XQFDG]N×UP×]×EH\D]WHQOLRUWDER\OXELUNLPVHRODUDNJ|UP
'HPHNNLD\HWLNHULPHGH
8ULFHEvKDWWk]DKDUWXELPVWHYHQVPLDIvKLVDUvIHODNOkP0L
UDF
GD\NVHOWLOGLPELUG]
\HUHXOD W×PNLELUPHUWHEH\HXOD W×PNLRUDGDNDGHULQNDOHPOHULQLQ\D]× ×Q×QF×]×UW×V×Q×
L LWWLP
8ULFHEvLOHVVHPk
0L
UDF
GDJ|JH\NVHOWLOGLPIHPkPHPHUHUWELVHPkLQ+DQJLVHPkGDQ
JHoHUVHPLOOkYHFHGWIvKkLVPvLVPLPLRUGD\D]×OP× J|UGPPHNWEHQPXKDPPHGQ
UDVOOODKYHHEEHNULQLVV×GGvNKDOHIv(EEHNUL6×GGvNGDEHQGHQVRQUDKDOLIHRODFDNGL\H
\D]×O×J|UGPGL\RUEXKDGLVL HULIWH
%XUDN
0L
UDFLQVDQ×\NVHOWHQDOHWGHPHN1HGLULQVDQ×\NVHOWHQDOHW"$VDQV|U$VDQV|UHELQHUVLQDOW
NDWWDQRQGDQVRQUDG PH\LEDVDUV×Q9XXXXXS\NVHOLUVLQ0L
UDFEXPkQk\DJHOL\RU\kQL
NHOLPHPkQkV×RODUDNE|\OH
&HEUkLO$6
3(<*$0%(5 0 =
1 ' / 1'(10
5$&
(VVHOkPDOH\NPYHUDKPHWXOOjKLYHEHUHNkWK
$OODK
×Q]HULPL]GHOWIXoRNQLPHWOHULVRQVX]QLPHWOHULQH NUHGHUL]KDPGVHQkODUROVXQ
(OLPL]HLPNkQODUEDK HWWL$YUXSD
GDQ.DINDV\D
\D2UWD$V\D
\DNDGDUNDUGH OHULPL]HE|\OH
J]HOJQOHUGHJ]HOGX\JXODU×P×]×LOHWPHLPNkQ×P×]ROX\RU$NUDYDV×WDV×\OD$OODKX7HjOk
+D]UHWOHULEL]LQLPHWOHULQGHQD\×UPDV×QUDKPHWLQHPD]KDUH\OHVLQLNLFLKDQVDDGHWLQH
HUGLUVLQ3H\JDPEHU6$6(IHQGLPL]
LQVQQHWLVHQL\\HVLQHKVQLWWLEkQDVLEH\OHVLQ
&HQQHWWHGH3H\JDPEHU6$6(IHQGLPL]
HNRP X H\OHVLQVHYJLOL$NUDGLQOH\LFLOHUL
%HQEX0L
UDFNDQGLOLPQDVHEHWL\OH%XKkUv
GHQYH0VOLP
GHQULYk\HWHGLOPL RODQX]XQELU
KDGLVL HULILELUD]K×]O×ELU HNLOGHRNXPDNLVWL\RUXP5kYLVL0kOLNLEQL6D
VDD5$
VUkYH0L
UDF
7DELL|QFH0L
UDFKDNN×QGDELOJLYHUPHNOk]×P'LQOH\LFLOHULQVHYL\HVLIDUNO×G×U VOkP
×oRN
GHULQGHQ\DN×QGDQELOHQOHUROGX X JLEL VOkP
DPXKDEEHWHGLSELOJLVLD]RODQLQVDQODU\HQL\HQL
ELOJLOHQHQJHQoOHURODELOLUKDQ×PODURODELOLU
%LOL\RUVXQX] VUkYH0L
UDFLNLNHOLPH3H\JDPEHU6$6(IHQGLPL]
H$UDEvD\ODUGDQ5HFHE
D\×Q×Q
V×Q×
VLQHED OD\DQELUPEDUHNJHFHGHKLFUHWWHQo\×O|QFH0HNNHL
0NHUUHPH
GH$OODKX7HjOk+D]UHWOHULQDVLEEX\XUPX 0HNNHL0NHUUHPH
GHQ0HVFLGL
$NVj
\DNDGDUELU\HU\]\ROFXOX XEXQD VUkGHQLOL\RU2QGDQVRQUDGD.XGV HULI
WHQ\HGL
NDWVHPk\×6LGUHWO0QWHKk
\×JHoLS$OODKX7HjOk+D]UHWOHUL
QHNDYX XS$OODKX7HjOk
+D]UHWOHUL
\OHPOkNvROXSRQGDQHPLUOHUDOPDV×$OODK
ODEXOX PDV×ROD\×EXQDGD0L
UDF
GHQLOL\RU
<kQLLNLWUOROD\YDULNLE|OPOROD\YDU%LULVL VUk3H\JDPEHU(IHQGLPL]
LQKLFUHWLQGHQo
\×O|QFH\D DPDNWDROGX X 0HNNHL0NHUUHPH
GHQ5HFHED\×Q×Q
V×Q×
VLQHED OD\DQJHFH
.XGV HULI
HYDUPDV× NLQFLVL0L
UDF.XGV HULI
WHQGHVHPkYkW×JHoHUHN6LGUHWO
0QWHKk
\×JHoHUHN$OODKX7HjOk+D]UHWOHUL
QLQKX]XUXQDYDUPDV×$OODKX7HjOk+D]UHWOHUL
QLQ
NHQGLVLQHQLFHLNUDPODUYHLOWLIDWODUGDEXOXQPDV×
VUk$UDSoD
GDJHFHOH\LQ\ROFXOXN\DSPDNGHPHN$UDELVWDQJQG]OHULoRNJQH OLoRNV×FDN
WDKDPPOHGLOPH\HFHNWDKDPPOIHUVkPH DNNDWOLROGX X LoLQ$UDSODUXPPL\HWOH
\ROFXOXNODU×QGDJHFHOHULGH HUOHQGLULUOHUGLJHFHOH\LQ\RODo×NDUODUG×$\ROVXQROPDV×QJHFH
\ROFXOX X J]HOROXUGXVHULQROXUGX.HUYDQODU\ROFXODUJQG]OHULGLQOHQLUJHFHOH\LQ
YDUDFDNODU×\HUHJLGHUOHUGL*HFH\ROFXOX XQDLVUkGHQLOL\RULVUk\VUvLVUkHQJHFH\ROFXOXN
\DSPDNPkQkV×QDJHOHQELUNHOLPH$UDSODU×QVHYGL L ELU\ROFXOXN]DPDQ×JHFH3H\JDPEHU6$6
(IHQGLPL]0HVFLGL+DUDP
GDQ\kQL.kEH
QLQHWUkI×Q×WH NLOHGHQPEDUHNPDKDOGHQ
PHVFLGGHQ0HVFLGL$NVk
\DRJHFHJLWWL
2UGDQVRQUDGDJ|NOHUHo×NPDV×ROD\×QD0L
UDFGHQLOL\RU0L
UDFGDNHOLPHRODUDNXUF\NVHOPHN
NHOLPHVLQGHQo×NP× RODQELUWkELURGDLVPLDOHWVLJDV×\OD0HVHOkIHWHKDDoPDNN|NQGHQ
PLIWDKDoPDDOHWL\kQLDQDKWDUPkQkV×QDJHOL\RUVD0L
UDFGDXUXF\NVHOPHNPkQkV×QGDQ
\NVHOPH\H\DUD\DQYDV×WDDOHW\kQLPHUGLYHQYH\DED]×ODU×GD\DN× W×U×\RUODUDVDQV|UGL\RUODU
7DELLR]DPDQDVDQV|U\RNWXVRQUDGDQRGD\NVHOPH\NVHNNDWODUDo×NPDYDV×WDV×RODUDN
NXOODQ×OG×$UDSODUPHV
DGGL\RUODU\kQLVXXGVDGODNXOODQ×ODQELUNHOLPH(YHW0L
UDFPHUGLYHQ
JLELELU H\DPDVUDWOHo×N×O×\RU
3H\JDPEHU(IHQGLPL] VUkH\OHPL RQGDQVRQUDXUFH\OHPL VHPkODUDKDGLVL HULIOHUGHXULFH
EvGL\HJHoHU%HQo×NDUW×OG×PJ|NOHUH\NVHOWLOGLPPkQkV×LOH VUkN×VP×3H\JDPEHU
(IHQGLPL]
LQ0HNNHL0NHUUHPH
GHQ0HGLQHL0QHYYHUH
\HYDUPDV×N×VP×.XU
DQ×.HULP
GH
VUk6UHVLGL\HELUVUHYDUF]ED ×RUDGDDo×NoDJHoL\RU$OODKX7HjOk+D]UHWOHUL
6EKjQHOOH]vHVUkELDEGLKvOH\OHQPLQHOPHVFLGLOKDUkPLLOHOPHVFLGLODNVDOOH]vEkUHNQk
KDYOHKOLQUL\HKPLQk\kWLQkLQQHKKYHVVHPvXOEDVvUÇ\HWLNHULPHVLQGHDo×NoDEXQX
EH\DQHGL\RU
$OODKX7HjOk+D]UHWOHULE|\OHELUWDN×PROD DQVWROD\ODU×\HUOHULELOJLOHULVDKQHOHUL
P DKHGHHWVLQGL\H5DVOQ0HVFLGL+DUDP
GDQ0HVFLGL$NVk
\DJ|WUG QEXk\HWL
NHULPHGHELOGLUL\RU
$OODKX7HjOk+D]UHWOHULNXOXQXELUJHFHGH0HVFLGL+DUDP
GDQ0HVFLGL$NVk
\DJ|WUG QYH
EXQXQE\NELUNXGUHWYH D\kQ×KD\UHWELU H\ROGX XQXGDEH\DQHGHUHN2QXRUGDQRUD\D
J|WUHQ$OODK
×Q DQ×KHUWUOQRNVDQGDQPQH]]HKWLUKHUWUONHPkOkWDVDKLSWLUGL\Hk\HWL
NHULPHGHELOGLUL\RU.ROD\ELU H\GH LO=DWHQNROD\ROPDG× × LoLQ k\kQ×WDDFFEKD\UHW
HGLOHFHNELU H\ROGX X LoLQPXFL]H VUkYH0L
UDFPXFL]HVLNROD\ELUL GH LO.LPVHQLQ
\DSDPD\DFD × ELU H\DPD$OODKQDVLEHWPL
1RUPDORODUDNROPD]DPDSH\JDPEHUROXQFDROXU<kQLNHQGLQJLWPH H NDONVDQVHQ
JLGHPH]VLQ$PPDKDEvELHGvEL0XKDPPHGL0XVWDIk
V×Q×J|WUG$PHQQkYHVDGGDNQkNHVLQ
oRNDo×NELUELOJL7DELL3H\JDPEHU(IHQGLPL]$OODKELOGLUGL\HHPUHWWL L LoLQEXROD\×ELOGLUGL
0HNNH
QLQP ULNOHULKRSRWXUGXODUKRSNDONW×ODU
2OPD]E|\OH H\LQDQPD\×]GHGLOHU
+DWWk(EXEHNUL6×GGuN(IHQGLPL]
HNR DUDNJHOGLOHU
3H\JDPEHU(IHQGLPL]
LNDVGHGL\RUODUDUNDGD × GL\H
(QHV|\OHPL "
*\k0HNNH
GHQNDONP× .XGV HULI
HJLWPL RUGDQGDJ|NOHUHo×NP×
g\OHV|\OHGLPL"6L]X\GXUPX\RUVXQX]V|\OHGLGH LOPL"
(YHWRV|\OHGLNXODNODU×P×]ODGX\GXN
<kQL(EXEHNUL6×GGuN(IHQGLPL]FHYDSYHUGLRV×GGvNO×NODNDE×Q×RUGDQDOG×V×GGvNO×NV×IDW×Q×
QQND]DQG×7HUHGGWV]NDEXOHWWL
7DELLEL]P
PLQOHUGHELOL\RUX]NLROGX5DVOXOODK6$6(IHQGLPL].XGV HULI
HYDUG×(UWHVL
JQLQNkUHWPL OHU
6|\OHEDNDO×P0HVFLGL$NVj
Q×QNDoNDS×V×YDUG×NDoSHQFHUHVLYDUG×"+DGLEDNDO×PGR UX
PXJ|UGQ\DQO× P×J|UGQ"GL\HED ODP× ODULPWLKDQ\ROX\OD3H\JDPEHU6$6(IHQGLPL]
H
VRUXVRUPD D
3H\JDPEHU(IHQGLPL]GL\RUNL7HUOHGLPRQODU×QEXLQNkUODU×QGDQLQDWODU×QGDQV×N×OG×PDPD
$OODKR]DPDQGDOWIH\OHGLJ|]PGHQSHUGHOHULNDOG×UG×0HVFLGL$NVkJ|]PQ|QQH
JHWLULOGLRGDELUED NDROD DQVWGXUXP$OODK.XGV HULI
WHNL0HVFLGL$NVj
\×0HNNH
GH
RWXUDQNXOXQXQJ|]|QQHJHWLULUJ|VWHUHELOLU
5DVOXOODK(IHQGLPL]
1HVRUX\RUVXQX]VRUXQEDNDO×P
.DoNDS×V×YDU"
.DoSHQFHUHVLYDU"
%LULNLoG|UWEH
6|\OHGL1HVRUGXODUVDGHWD\×Q×V|\OHGL2]DPDQWDELLVXVWXODUNDOG×ODU
+DWWk$OODK
WDQELUROD\PH\GDQDJHOPL %X.XGV HULI
HJLGHUNHQE|\OHK×]O×ELUVUDWOH
JLWWL LQLV|\O\RU3H\JDPEHU(IHQGLPL]%LUNHUYDQJHOL\RUPX 0HNNH
L0NHUUHPH
\HGR UX2
NHUYDQ×QGDELUGHYHVLND\EROPX EXODP×\RUODU$UDGDWHSHOHUYDUGD ODUYDUJ|UHPL\RUODU
3H\JDPEHU(IHQGLPL]\XNDUGDQJLGHUNHQJ|UG LoLQRDUD\DQODUDVHVOHQLSL DUHWHGLS
XUDGDG×UGL\HGHYHQLQ\HULQLELOGLUPL 2QODUGDJLGLSEXOPX ODU LPGLEXGDWDELL$OODK
×QELU
KLNPHWL
0HNNHL0NHUUHPH
\HG|QG ]DPDQ
6|\OHEDNDO×PVHQE|\OHLGGLDHGL\RUVXQ VUkYH0L
UDPXFL]HVLROGXGL\RUVXQDPDGHOLOLQQH"
GHPL OHU
3H\JDPEHU(IHQGLPL]GHPL NL
%HQJLGHUNHQ\ROGDIDODQFDNHUYDQGHYHVLQLND\EHWPL WLGHYH\LDU×\RUODUG×
XUDGDG×U
GL\H
VHVOHQGLPLVWHUVHQL]JLGLQVRUXQ
+DNvNDWHQVRQUDGDQRNHUYDQDVRUPX ODU2QODUGD
%LUVHVJHOGLJ|NWHQ
'HYHQL] X WDUDIWDG×U
GL\HJLWWLNEXOGXN
WHEXGDEXL LQPDGGHWHQROGX XQXJ|VWHUL\RU
.XGV HULI
LJ|UG QLIkGHHGL\RU3H\JDPEHU6$6
LQ2QGDQVRQUDGD.XGV HULI
WHQ
SH\JDPEHUOHULQKHSVL\OHEXOX XSRQODUDLPDPO×NHGLSRPDQHYv0L
UDFGHQLOHQPHUGLYHQ
DVDQV|UJ| H \NVHOPHYDV×WDV×KHUQHLVHWDELL3H\JDPEHU(IHQGLPL]
LQELOGL LELOPH\HQLQGH
KDYVDODV×QDDNO×QDV× PD\DFDNELU H\$PDoRNJ]HOELU H\PL 3H\JDPEHU(IHQGLPL]ELU
ED NDKDGLVL HULILQGHR0L
UDF
×QoRNJ|UNHPOLoRNJ]HOELU H\ROGX XQXGDV|\O\RUdRNKR
ELU H\GHPHNNL2UGDQJ|NOHUHo×NW× ×Q×ELOGLUL\RU
*| VQQ<DU×OPDV×
LPGLEL]%XKDUvYH0VOLP
LQKDGLVL HULILQLWHEEHUUNHQRNX\DO×PYDNWLQN×VDO× × QLVEHWLQGH
ELUD]GDK×]O×JHoHOLP7DELL%XKDUvYH0VOLPEL]LPLoLQKDGLVND\QDNODU×Q×QHQ
N×\PHWOLOHULQGHQELULVLHQN×\PHWOLHQVDKLKKDGLVOHULLKWLYkHGHQLNLPEDUHNKDGLVNLWDE×
3H\JDPEHU(IHQGLPL]
LQLIDGHOHULQL%XKDUvYH0VOLP
LQULYk\HWLQGHQVL]HRNX\RUXP
%H\QHPkHQHILOKDWvPLPXGWDFLDQ%HQ+DWvP
GH |\OH\DVODQP× LNHQGL\RU3H\JDPEHU
(IHQGLPL]+DWvPGHGL L \HUQHUHVLGLU".kEH
GH\DU×PGDLUH HNOLQGHDWQDO× HNOLQGHoHYULOLELU
DOoDNGXYDUYDU NLWDUDI×QGDQJLULOHELOL\RU*QH\LQGH.kEHYDU2UDV× |\OHELUVDORQNDGDU
PHNkQ WHRUDQ×QDG×+DWvP%HQRUDGD\DVODQP× LNHQL]kHWkQvkWLQELUGHQEDQDJHOHQELU
H\JHOGL<kQLELUPHOHNIH DNNDPkEH\QHKk]LKvLOkKk]LKvIHVWDKUDFDNDOEv%HQLP
J| VP XUDGDQ XUD\DNDGDU\DUG×DoW×YHNDOELPLo×NDUG×VPPHWvWELWDVWLQPLQ]HKHELQ
PHPOHWLQvPkQHQVRQUD|QPHLoLvPDQGROXELUOH HQJHWLULOGLIHJXVLOHNDOEvELPkL]HP]HP
NDOELPRUDGD]HP]HPVX\XLOH\×NDQG×6PPHKX L\HVPPHvGH6RQUDWHNUDUGROGXUXOGX
\HULQHNRQXOGX
'HPHNNL5DVOXOODK(IHQGLPL]PkQHYvELUPXDPHOHGHQJHoL\RU VUkYH0L
UDFPXFL]HVLQGHQ
|QFH |\OH+DWvP
GHX]DQP× NHQPHOHNJHOL\RUJ| VQ\DU×\RUNDOELQLvPDQGROXDOW×QGDQELU
WDVWD]HP]HPVX\XLOH\×N×\RU PDQ×VDSDVD ODPGRSGROX6RQUDNDOELQL\HULQH\HUOH WLUL\RU
(Q<DN×Q6HPkYH$GHP$6
(Q\DN×QVHPk\D&HEUkLO
OHJHOGLP)HVWHKWHKD6HPkQ×QDo×OPDV×Q×LVWHGL
%LOL\RUVXQX]
)HNkQHWHEYkEk6HPDQ×QNDS×ODU×YDUG×U0DQHYvNDS×ODU×YDUG×U
LPGLEL]EXUGDQH\LDQO×\RUX]QH\LGLQOL\RUX]QH\LDQODW×\RUX]"%L]LP LPGL\HNDGDU
J|UPHGL LPL]ELOPHGL LPL] H\OHULJ|UHQELOHQ5DVOXOODK
×QOLVDQ×QGDQDQODPD D oDO× ×\RUX]
2OD\×QHVUkUHQJL]OL LQLPDQHYvOL LQLLKWL kP×Q×VH]PH\HoDO× ×\RUX]]HYNLQHYDUPD D
oDO× ×\RUX]
&HEUkLO$6
OD3H\JDPEHULPL]JHOGLOHUHQ\DN×QVHPkQ×QNDS×V×QD'HPHNNLJHoL \RNNDS×V×
YDU%LULQFLVHPkGDNDS×V×Q×QDo×OPDV×LVWHGL&HEUkLO$6
)HNvOH0HQKk]k"'HQLOGLNL
.LPR"
+DQLNDS×YXUXOXQFDLoHUGHQGHQLOLU\D.LPR"GL\H
.jOH&LEUvO&HEUkLOGHGLNL
&HEUkLO
%HQ&HEUkLOLPGHPHNLVWL\RU\kQL.vOH9HPHQPHDNH"<LQHRUGDQ&HEUkLO
HVRUXOGX
3HNLVHQL\DQ×QGDNLNLP"
7DELLVRUDQELULQFLVHPkQ×Q\kQLHQ\DN×QVHPkQ×QNDS×V×Q×EHNoLVLRODQPHOHN%XVHPkQ×Q
NDS×ODU×QHGLUQDV×OG×U"0HOHNOHUQDV×OG×U"*|UPH\HQELOPH]DQODPD D oDO× ×QRNDGDU
<DQ×QGDNLNLP"
.jOH0XKDPPHGQ&HEUkLOGHGLNL
0XKDPPHG\DQ×PGDNLGH
.vOH.DGUVLOHLOH\KL
2QDGDYHWJ|QGHULOGLPLJHOPHVLQHJHoPHVLQHPVkDGHYDUP×"
.jOH1HDP&HEUkLO$6
(YHWGHGL
.vOH0HUKDEHQELKv0HOHNR]DPDQ
2QDVHOkPROVXQPHUKDEDGHGL
0HUKDEDKR JHOGLQVHIkJHOGLQPkQkV×QD$UDSoDELUWkELU
)HQL
PHOPHFvFkH<kQL
)HOHPPkKDODVWIHL]kIvKkkGHP.DS×Do×O×QFDRUGDQJHoLQFHELUGHEDNW×PNLGL\RU
3H\JDPEHU(IHQGLPL].DU ×PGDÇGHPDWDP×]$6(EXOEH HULQVDQO× ×QEDEDV×+]ÇGHP
DWDP×]×J|UGELULQFLVHPkQ×QNDS×V×Do×O×QFD
)HNjOH&HEUkLOGL\RUNL
<kQLLQVDQODU×QKHSVLQLQEDEDV×ROGX X LoLQ%XVHQLQEDEDQÇGHPGL\RU3H\JDPEHU
(IHQGLPL]
H
)HVHOOLPDOH\KL2QDVHOkPYHU
)HVHOOHPWDOH\KLIHUHGGHVVHOkP%HQÇGHP$6
DVHOkPYHUGLPRGDVHOkP×P×DOG×6PPH
NjOHGHGLNL3H\JDPEHU(IHQGLPL]
H
NLQFL6HPk
GD<DK\k$6YH Vk$6
6PPHVDLGHKDWWkHWHVVHPkHVVkQL\HK6RQUDEHQLWHNUDU\NVHOWWL<kQLNHQGLVL%XUDN
WD
&HEUkLO\DQ×QGDELULQFLVHPkGDÇGHP$6
ODJ|U WNWHQVRQUDJHoWLOHU
0XKWHUHPGLQOH\LFLOHUQHJ]HOGH LOPL"6DKQHOHUJ|]Q]Q|QQHJHOL\RUPXELOPL\RUXP
)HNvOH0HQKk]k"<LQHVRUXOGX
.LPR"
.jOH&LEUvO'HGLNL
%HQ&HEUkLO
LP
.vOH9HPHQPHDN"
<DQ×QGDNLNLP"
.jOH0XKDPPHGQ
<DQ×PGDNLGH0XKDPPHGL0XVWDIk$OODK
×Q5DVO
.vOH9HNDGUVLOHLOH\KL"
2QDGDYHWJ|QGHULOGLPLJHOPHVLQHPVDDGHROXQGXPXL]LQJ|QGHULOGLPL"
.jOH1HDP
(YHW
.vOH0HUKDEHQELKvIHQL
PHOPHFvFkH
)HIWLKD NLQFLVHPkQ×QNDS×V×GDDo×OG×
.jOH+k]k\DK\kYHvVkIHVHOOLPDOH\KLPk&HEUkLO$6\LQHKDW×UODW×\RU3H\JDPEHU
(IHQGLPL]
H
%DNEX<DK\kYH Vk
G×UEXQODUDVHOkPYHU
)HVHOOHPWIHUHGGk%HQRQODUDVHOkPYHUGLPRQODUGDVHOkP×P×DOG×ODULDGHHWWLOHU
0HUKDEDODUROVXQEXVDOLKNDUGH HPHUKDEDODUROVXQEXVDOLKSH\JDPEHUHGHGLOHU
hoQF6HPk
GD<XVXI$6
6PPHVDLGHEvLOHVVHPkLVVkOLVHK NLQFLVHPk\×GDJHoLQFH&HEUkLO$6EHQLoQFVHPk\D
JHWLUGL)HVWHIWHKD.DS×V×Q×QDo×OPDV×Q×LVWHGL
.vOH0HQKk]k"
.LP"GL\HVRUXOGX
.jOH&LEUvO
%HQ&HEUkLOLPGHGL
.vOH9HPHQPHDN"0HOHNWHNUDU
<DQ×QGDNLNLPGL\HVRUGX&HEUkLO
.jOH0XKDPPHGQ
<DQ×PGDNL0XKDPPHGGLUGHGL
.vOH9HNDGUVLOHLOH\KL"
2QDL]LQJ|QGHULOGLPLJHOPHVLQHPVDDGHYDUP×"
.jOH1HDP
(YHWGH\LQFH
.vOH0HUKDEHQELKvIHQL
PHOPHFvFkH
.jOH+k]k\VIIHVHOOLPDOH\KL&HEUkLO$6
%X<XVXIWXURQDVHOkPYHUGHGL
0HUKDEDODUROVXQVDOLKNDUGH HPHUKDEDODUROVXQVDOLKSH\JDPEHUHGL\H3H\JDPEHU
(IHQGLPL]
HE|\OHPHUKDEDH\OHGL<XVXI$6GD
'|UGQF6HPk
GD GUvV$6
6PPHVDLGHEvKDWWkHWHVVHPkUUkELDK6RQUDEHQLWHNUDUDOG×J|WU\RUGHYDPHGL\RU
G|UGQFVHPk\DJHWLUGLIHVWHIWHKDVHPkQ×QNDS×V×Q×QDo×OPDV×Q×LVWHGL
.vOH0HQKk]k"2UGDQ
.LPR"GHQGL
.jOH&LEUvO
%HQ&HEUkLOGHGL
.vOH9HPHQPHDNH"
<DQ×QGDNLNLP"GL\HVRUXOGX
.jOH0XKDPPHGQ&HEUkLO$6
<DQ×QGDNLGH0XKDPPHGGHGL
.vOH9HNDGUVLOHLOH\KL
2QDL]LQJ|QGHULOPL PL\GL"
.jOH1HDP&HEUkLO$6
(YHWJ|QGHULOPL WLGHGL
.vOH0HUKDEHQELKvIHQL
PHOPHFvFkHIHIWLKD
'HYDPHGHOLP
)HOHPPkKDODVWL]kLGUvV'|UGQFVHPkGDNLPLQOHNDU ×OD W×3H\JDPEHU(IHQGLPL]" GULV
$6
OD&HEUkLO$6WDQ×W×\RU
.jOH+k]kLGUvVIHVHOOLPDOH\KL
%X GULV
WLUVHODPYHUGHGL
0HUKDEDROVXQVDOLKNDUGH HVDOLKSH\JDPEHUHGHGL
%H LQFL6HPk
GD+kUQ$6
6PPHVDLGHEvKDWWkHWHVVHPkHOKjPLVHK%|\OHVDPkODU×o×N×\RUX]PXKWHUHPGLQOH\LFLOHU
6RQUDEH LQFLVHPk\Do×NW×PIHVWHIWHKDNDS×Q×QDo×OPDV×LVWHGL&HEUkLO
.vOH0HQKk]k"
6HQNLPVLQ"GL\HVRUXOGX
.jOH&LEUvO
%HQ&HEUkLOLPGHGL
.vOH9HPHQPHDNH"
<DQ×QGDNLNLP"GL\HVRUXOGX
.jOH0XKDPPHGQ
2GD0XKDPPHG
GLUGHGL&HEUkLO$6
.vOH9HNDGUVLOHLOH\KL
.jOH1HDP
(YHWJLWPL
.vOH0HUKDEHQELKvIHQL
PHOPHFvFkH<LQHPHOHNWDUDI×QGDQ
0HUKDEDQHKR JHOGLVHIDJHWLUGLGHQLOGL
.jOH+k]kKkUQIHVHOOLPDOH\KL&HEUkLO
%X+DUXQGXUEXQDVHOkPYHUGHGL| UHWWL
)HVHOOHPWDOH\KL%HQGH+DUXQ$6
DVHOkPYHUGLPIHUHGGHVVHOkPRGDVHOkP×DOG×\kQL
$OH\NPVHOkPGHGL6PPHNjOH0HUKDEHQELODKLVVjOLKLYHQQHEL\\LVVjOLK6RQUD
$OW×QF×6HPk
GD0Vk$6
.vOH0HQKk]k"
.LPR"GHQGL
.jOH&LEUvO
%HQ&HEUkLOLPGHGL
.vOH9HPHQPHDNH"
<DQ×QGDNLNLP"GHQGL
.jOH0XKDPPHGQ
0XKDPPHG
.vOH9HNDGUVLOHLOH\KL'HQLOGLNL
.jOH1HDP
(YHW
.jOH0HUKDEHQELKvIHQL
PHOPHFvFkH
0HUKDEDQHKR JHOGLVHIDJHWLUGLGHQLOGL
7HNUDUN×VDV|\OHVHROPD]P×"
$OW×QF×VHPkGDGDPHOHNWDUI×QGDQ+R JHOGLQGHQGL
)HOHPPkKDODVWIHL]kPVk.DS×GDQJHoLOLQFHRUDGD0XVD$6
ODNDU ×OD W×
.jOH+k]kPVkIHVHOOLPDOH\KL
%X0XVD$6
G×URQDVHOkPYHUGHGL&HEUkLO
6HOkP×QLDGHVLQHGHPHN"<kQL(VVHOkPDOH\NPGH\LQFH9HDOH\NPVHOkPGHPHN
6HOkPDNDU ×O×NYHUPHNGHPHN<kQL.DEXOHWPL\RUXPDOJHULGHPHNGH LO\DQO×
DQOD ×OPDV×Q
6PPHNjOH0HUKDEHQELODKLVVjOLKLYHQQHEL\\LVVjOLK2GD
6DOLKNDUGH HVDOLK3H\JDPEHUHVHOkPODUROVXQPHUKDEDODUROVXQGL\H3H\JDPEHU
(IHQGLPL]
HPHUKDEDH\OHGL
0XKWHUHPNDUGH OHULPVDOLKQHGHPHN"6DOLKL\LGHPHNKHUEDN×PGDQX\JXQPVkLGGHPHN
)HOHPPkWHFkYH]WEHNk%DN×Q LPGLELUROD\ROX\RU3H\JDPEHU(IHQGLPL]0XVD$6
×
JHoHUNHQD ODG×0XVD$6.vOHOHK0k\ENvNH"6RUXOGX
.jOH(ENvOLHQQHJXOkPHQEXLVHED
Gv\HGKXOOFHQQHWHPLQPPHWLKvHNVHUXPLPPHQ
\HGKXOKkPLQPPHWv'HGLNL
<kQLPPHWLQHDF×\RURQGDQD O×\RU0VD$67DELLKHUSH\JDPEHUNHQGLPPHWLQLHYOkWODU×
JLELVHYL\RUKLoELULVLQLQFHKHQQHPGH\DQPDV×QDJ|QOOHULUD]×GH LOKHSVLFHQQHWHJLUVLQGL\H
LVWL\RUODU+D\$OODK<LQHEHFHUHPHGLOHUKHSVLFHKHQQHPOLNROGXODUGL\H]O\RU
SH\JDPEHUOHU
<HGLQFL6HPk
GD EUkKLP$6
6PPHVDLGHEvLOHVVHPkLVVkELDK6RQVHPk\DJHOGLN&HEUkLO$6EHQLDOG×\HGLQFLVHPkQ×Q
NDS×V×QDJHWLUGLIHVWHIWHKDDo×OPDV×Q×LVWHGL
.vOH0HQKk]k"
.LPR"GHQGL
.jOH&LEUvO
%HQ&HEUkLOLPGHGL
.vOH9HPHQPHDNH"
<DQ×QGDNLNLP"GHQGLPHOHNVRUX\RUWDELL
.jOH0XKDPPHGQ
20XKDPPHGGLUGHGL
.vOH9HNDGEXLVHLOH\KL
2QDHOoLJ|QGHULOPL PL\GL"
%XUGDEXLVHLOH\KLGL\RUGDKD|QFHNLFPOHOHUGHXUVLOHJHoL\RUGX%DN×QD\QHQNRUX\RUODUKDGLV
UDYvOHUL+LoNHOLPHVLQLELOHGH L WLUPL\RUODU
.jOH1HDP
(YHWGH\LQFH
.jOH0HUKDEHQELKvIHQL
PHOPHFvFkH
1HJ]HOJHOL OHJHOGLPHUKDEDODUROVXQRQDGHQGL
.jOH+k]kHENHLEUkKvPIHVHOOLPDOH\KL&HEUkLOGHGLNL
%XVHQLQGHGHQEDEDQ<kQLEDEDGHUOHUDPDoRNHVNLEDEDV×Q×QEDEDV×Q×QEDEDV×Q×Q
EDEDV×oRNHVNLVL]HJ|UHGHGHGHPHN%XVHQLQHFGDG×QGDQFHGGLQ EUkKLP$6RQDVHOkP
YHUGHGL&HEUkLOWDNGLPHWWLWDQ×WW×3H\JDPEHU(IHQGLPL]H
)HNjOH0HUKDEHQELOLEQLVVjOLKYHQQHEL\\LVVjOLK
(\VDOLKR XOPHUKDEDVDQD(\VDOLKSH\JDPEHUPHUKDEDVDQDGHGL
6LGUHWO0QWHKk
6PPHUXILDWOvVLGUHWOPQWHKk6RQUDEDQD6LGUHWO0QWHKk
Q×Q|QQGHNLSHUGHOHU
NDOG×U×OG×RJ|VWHULOGL
6LGUHWO0QWHKk
\×J|UG6LGUH$UDSoDGHPHNVHGLUD DF×GHGL LPL]E|\OHER\OXSRVOXE\N
D DoGHPHN6LGUHWO0QWHKk\kQLHQX]DNPHNDQGDNLVLGUHGHPHN7DELLRD DoQDV×OELU
D DoVDJ|NWHQDV×OELUPDKL\HWLYDUVD\DSUDNODU×E|\OHGDOODU×E|\OHGL\HoRNWDULIHGLOPL
6LGUHWO0QWHKkJ|VWHULOGL
)HL]kQHELNXKkPLVON×OkOLOKHFHUDYHL]kYHUDNXKkPLVOk]kQLOIvOHK<DSUDNODU×ILOLQ
NXODNODU×NDGDUGL\HE|\OHWDULIHWWL3H\JDPEHU(IHQGLPL]&HEUkLO$6GL\RUNL
.jOH+k]kVLGUHWOPQWHKk
%X6LGUHL0QWHKkG×U
)HNXOW0kKk]kQL\kFLEUvO"'HGLPNL
%XLONLNLVLQHEXQODUQDV×OQHKLUOHU\k&HEUkLO"
%H\WO0D
PXU
6PPHUXILDOL\HOEH\WOPD
PU6RQUDEDQD%H\WO0D
PXUJ|VWHULOGLSHUGHOHULNDONW×
*|N\]QGH%H\WO0D
PXUQHUGHGLU".kEH
QLQWj\XNDU×V×QDUDVWOD\DQ\HGLNDWVHPkGDQ
\XNDUGD%H\WO0D
PXU0HOHNOHULQ$OODK
DWHVELKHGHUHNHWUDI×QGDGHYUHWWLNOHULELUJLUHQ
PHOH LQELUGDKDJLUPHVLQHV×UDROPD\DFDN HNLOGHPHOHNOHULQJLUGL L]L\DUHWHWWLOHULHO%H\WO
0D
PXUPDQHYvELUPHNDQ
.XOW<kFLEUvOPDKk]k"
%XQHGLU"GHGLPGL\RU3H\JDPEHU(IHQGLPL]
.jOH+k]HOEH\WOPD
PU
%XHO%H\WO0D
PXUGXU)HL]kKYH\HGKXOKNOOH\HYPLQVHE
QHHOIHPHOHNLQ%XHYH
KHUJQ\HWPL ELQPHOHNJLUHUL]kKDUDFPLQKXG× DU×o×NW×NODU×]DPDQOHP\H GLOH\KL
VRQUDELUGDKDRQDJLUHPH]OHU
0
5$&'$+,=9(=$0$1
(X]ELOOkKLPLQH H\WjQLUUDFvP
%LVPLOOkKLUUDKPkQLUUDKvP
(OKDPGOLOOkKLKDNNDKDPGLKvYHVVjOkWYHVVHOkPDOkKD\ULKDON×KvVH\\LGLQkPXKDPPHGLQ
YHkOLKvYHVDKELKvYHPHQWHELDKELLKVkQLQHFPDvQHWWD\\LEvQHWWjKLUvQ(PPkED
G
dRND]L]YHVHYJLOLNDUGH OHULP
$OODKX7HjOk+D]UHWOHUL0L
UDFNDQGLOLJHFHQL]LKHSLQL]LoLQKD\×UO×YHPEDUHNHFLUOLYHVHYDSO×
NkUO×YHND]DQoO×H\OHVLQ%XPEDUHNJQQPkQHYvLNUkPkW×QD$OODKX7HjOk+D]UHWOHUL
QLQ
PD ILUHWLQHUDKPHWLQHFPOHQL]LQkLOH\OHVLQ NLFLKDQVDDGHWLQHPD]KDUH\OHVLQ
&HQQHWL\OHFHPkOL\OHP HUUHIH\OHVLQ
&HPDDWLQ%HUHNHWL
$OODK
DKDPGVHQkODUROVXQ1LPHWOHULQLVD\PD\DNDONVDNVD\×SWNHWHPH\L] QVDQODUWRSODQW×
\DSW× × ]DPDQ$OODKX7HjOk+D]UHWOHULWRSODQPD\×VHYL\RU'LQLPL]WRSODPD\DE\NGH HU
HUL\RU$OODKX7HjOk+D]UHWOHULGHWRSODQDQP
PLQOHUHE\NVHYDSODULKVDQHGL\RU
7RSODQPDNELUDUD\DJHOPHND\U×FDPNkIkWDOPD\DVHEHSROX\RU<kQLLQVDQEXPEDUHN
\HUGHEXPEDUHNJHFHGHEXFXPDJHFHVLQGHWHNED ×QDELU\HUGHGXUVD\G×ELU H\GL$PD
EHUDEHUROPDNFHPDDWKDOLQGHROPDNFHPL\HWROPDNLKYkQROPDNNDUGH ROPDNRGDKD
E\NPNkIkWJHWLUL\RUYHVHYDSODUNDWNDWDUW×\RU
QVDQELUQDPD]×\DOQ×]N×OG× × ]DPDQELUVHYDSDO×\RUPDKDOOHPHVFLGLQGHN×OG× × ]DPDQNDW
VHYDSDO×\RUFXPDQDPD]×N×O×QDQELUFDPLGHN×ODUVDHOOLNDWVHYDSDO×\RU0HGLQHL
0QHYYHUH
GH3H\JDPEHU(IHQGLPL]
LQPHVFLGLQGHN×OVDELQNDWVHYDSDO×\RU.XGV HULI
WH
N×OVDEH \]NDWVHYDSDO×\RUdREDQYH\D\ROFXVDKUDGDH]DQRNX\XSGDQDPD]N×ODUVDHOOLNDW
VHYDSDO×\RUdQNVDKUkGDER GH LO3H\JDPEHU(IHQGLPL]KDGLVL HULIWHEX\XUX\RUNL
)HLQQHOLOOkKLLEkGHQOk\HUkKP$OODK
×QHUHQOHULYDUG×UHYOL\kV×YDUG×U+HUNHVRQODU×J|UPH]
DPDYDUG×U(]DQRNXQGX X ]DPDQRQODUWRSODQ×\RUODU'D ODUGDNLWD ODUGDNLYD]LIHOLOHU
WRSODQ×SJHOL\RU2]DPDQ\LQHELUFHPDDWROX\RUHOOLNDWVHYDSYHULOL\RU
%X0HVFLGL+DUDP
GD.kEHL0 HUUHIH
QLQROGX X \HUGHVHYDS\]ELQPLVOL*QDKGD|\OH
<kQLEXUDGDVHYDSODUYHJQDKODUID]OD*QDKL OHPHPH HKDWDL OHPHPH H GLNNDWHWPHN
Ok]×PVHYDSND]DQPD D GLNNDWHWPHNOk]×P
%LUGHEXUDQ×QELU|]HOOL L GDKDYDU$OODKX7HjOk+D]UHWOHUL0HNNH
QLQG× ×QGDNL\HUOHUGH
LQVDQODU×QJ|QOQGHQJHoHQOHUHKDWDYHJQDK\D]PD]*|QOQGHQKDWDO× H\OHUJHoLUVHVL]DQ
YH\D]FV×N×QW×O×JQDKO× H\OHU VWHPHGHQDNO×PDJHOL\RU7DPQDPD]DGXUX\RUXP
DNO×PD |\OHJHOL\RUE|\OHJHOL\RUJLELED]× LNk\HWOHUGX\DU×]PHVHOkDUNDGD ODU×P×]GDQ
%XQODU×QED NDGL\DUODUGDKHVDEYHFH]DV×\RNWXUEXUDGDYDUG×U%XUGDLQVDQ×QJ|QOQHGHVDKLE
ROPDV×Ok]×P%XUDGDLQVDQ×QJ|QOQQGHS×U×OS×U×OWHUWHPL]\XQPX \×NDQP× ROPDV×Ok]×P
*|QOQGHQN|W H\ELOHJHoLUPHPHVLOk]×P
7RSODQW×EHUHNHWVHYDS%|\OHWRSODQW×ODUGDHQVHYDSO×L HQVHYDSO×LEDGHWLOLPGLU(QVHYDSO×
LEDGHW]LNLUGLUGL\HGHKDGLVL HULIYDUDPPDLNLVLELUELULQH]×WGH LOdQNLOLPGH]LNLUGLU
=LNLUGHGL LPL] H\LQLoLQHLOLPGHJLUHU.XU
DQ×.HULPGHJLUHUQDPD]GDJLUHU%LULQVDQ
+DUHPL HULI
WHQDPD]N×O×\RUVD]LNLU\DS×\RUGHPHNWLU+DUHPL HULI
WH.XU
DQ×NHULP
RNX\RUVD]LNLU\DS×\RUGHPHNWLU7HVELKL\OH$OODK$OODK6EKjQDOODK$OOjKXHNEHU
/kLOkKHLOODOODK+DVEQDOODK$OOjKPPHVDOOLDOkVH\\LGLQkPXKDPPHG<kKD\\\k
ND\\PYVoHNL\RUVDRGD]LNLUGLU
.LWDS VPkLO+DNN×%XUVHYv+D]UHWOHUL
QLQ5KO%H\DQWHIVLULGLU$PDVWDG6jEQvG|UWFLOW
KDOLQGH|]HWOHPL ELUD]%XELUKD]LQHGLULoLQGH$UDSoD)DUVoDSHNoRNPkOXPDWYHIHYkLG
YDUG×UhVWDGEXQXRNXPX ED WDQVRQDG|UWFLOOGHLQGLUPL .LWDSoRNGDKDE\NWU
)DUVoDODU×Q×ILOkQDWP× \DU×V×JLWPL \kQL)HYkLGLQELUN×VP×RUGDNDOP× $VO×Q×RNXPDNGDKD
L\LNH NHDVO×\DQ×P×]GDROVD\G×
)DNDWEXGDG|UWFLOWKDOLQGH%LU$UDSVWDG×Q0XKDPPHG6jVXQv
QLQE|\OHELUHVHUL
EH HQPHVLYHHOHDOPDV×YHEXQXLQFHOHPHVLEHQLPKD\UHWLPLPFLEROGX+D\UHWHWWLPYH1L\H
EXHVHULVHoWLQL]"GL\HNHQGLVLQHVRUGXP$PDJ]HOELU H\
5XK0HDO&HVHG<ROFXOXN
%LOL\RUVXQX].XU
DQ×.HULP
GH0L
UDFODLOJLOLEXJHFHWHV
LGHWWL LPL]NXWOXYHPXWOXKDGLVHLOH
LOJLOLD\HWOHUYDU(Qk LNkUHQ]DKLUHQNHVLQD\HWOHUGHQELULVL VUk6UHVL
QLQED ×QGDNL
6EKjQHOOH]vHVUkD\HWLNHULPHVLGLU%XD\HW3H\JDPEHU(IHQGLPL]
LQ0L
UDFJHFHVLQGH X
0HNNHL0NHUUHPH
GHQDO×Q×S.XGV HULI
HJ|WUOG QQNHVLQLIDGHHGLOGL L ELUD\HWL
NHULPHGLU2QXQLoLQVRKEHWLPL]GH|QFH$OODKNHOkP×ROVXQGL\HRQXRNX\DFD ×P%LVPLOOkKLU
UDKPkQLUUDKvP
6EKjQHOOH]vHVUkELDEGLKvOH\OHQPLQHOPHVFLGLOKDUkPLLOHOPHVFLGLODNVDOOH]vEkUHNQk
KDYOHKOLQUL\HKPLQk\kWLQkLQQHKKYHVVHPvXOEDVvU6DGDNDOOjKXOD]vP
6EKjQHGHPHNVHEELKXGHPHNWLU\kQL%HQWHVELKHGL\RUXPGHPHNWLU7HVELKHGL\RUXP
GHPHNGH kQ×Q×| \RUXPKLoELUQRNVDQ×ROPDG× ×Q×LIDGHHGL\RUXPGHPHNWLU kQ×\FH
QRNVDQ×\RNKHUL L J]HOQH\OHUVHJ]HOH\OHUGHPHN\kQL EUkKLP+DNN×(U]XUPv
+D]UHWOHUL
QLQLIDGHVL\OH
0HYOkJ|UHOLPQH\OHU
1H\OHUVHJ]HOH\OHU
+HU H\LJ]HOGHPHN6EKkQH
QLQ7UNoHVLQLRGD|\OHV|\OHPL RGX\JX\X|\OHLIDGHHWPL
(YHW0HYOkP×]×QKHUV×IDW×J]HOGLUKHPGHHQJ]HOGLU(O(VPkO+VQkQHGHPHNHQJ]HO
LVLPOHUGHPHNg\OHV×UDGDQELUV×IDWGH LOV×IDW×QHQ\NVH L 0HYOkQ×Q0HVHOk$OODKX7HjOk
+D]UHWOHULF|PHUWLVHRV×IDWHQ\NVHNHQJ]HOGHUHFHGH$OODK
×QG×U<kQLF|PHUWOL LQHQ
J]HOLHQE\ HQVRQVX]XED NDODU×LOHPXND\HVHHGLOHPH\HFHNNDGDUPNHPPHORODQ×
$OODK
×QG×U
$OODKX7HjOk+D]UHWOHULHNEHULVHRHQE\NONRQDDLWWLU2V×IDW×QRNDGDUE\
PDKONDWWD\RNWXU0DKONDWODPXND\HVHHGLOPH\HFHNNDGDUE\NWU
$OODKX7HjOk+D]UHWOHULFHPvOLVHNL
6EKjQH+HUWUOQRNVDQGDQPQH]]HKVLQ\k5DEELVHQLWHVELKHGHULP6HQLQKHU H\LQHQ
J]HOHQPNHPPHOHQ\NVHNHQPXD]]DPHQXOXGHPHNROX\RU
(VUkYHVHUkJHFHOH\LQJLWPHNILLOLQGHQIL
OLPk]vELU\|QHGR UXJHFHOH\LQ\ROODQPDNGHPHN
%XQXQJLELED ND$UDSoDGDNHOLPHOHUYDUG×U0HVHOk(\PHQH<HPHQ
HGR UXJLWPHNGHPHN
H
HPH DP
DGR UXJLWPHNGHPHN
6EKjQHOOH]vHVUkELDEGLKv.XOXQXJHFHOH\LQVH\DKDWHWWLUHQ$OODK
×Q DQ×KHUWUOQRNVDQGDQ
PQH]]HKWLU1HJ]HO\DSP× W×UKHU H\LQHNDGDUJ]HOGLUQHNDGDUKD\UHWHGLOHFHNQH
NDGDUKD\UDQNDO×QDFDNQHNDGDUGLNNDWoHNLFLWDDFFEoHNLFLELUROD\G×U
%LULQVDQ×QUXKX\ODEHGHQL\OHHWUDI×J|UHJ|UHJHFHOH\LQXoDNV×]PXKDID]DV×]FDPGDQELU
WSQLoLQGHILOkQGH LO0HNNH
GHQ.XGV
HE|\OHELUN×VD]DPDQLoLQGHXIXNWDJ|UG \HUHELU
OkK]DGDYDUDFDNNDGDUK×]ODJLWPHVL LPGLNLI]HOHUOHXoDNODUODJLWPHVLQGHQGDKDWDDFFE
HGLOHFHNELUROD\G×U3URIHV|UNDUGH OHULPL]ELOLUOHUEXL L2NDGDUVU
DWHRNDGDUDo×NO× D
KHUNHVGD\DQDPD]0RWRVLNOHWOHELOHELUD]ID]ODJLWWLPLLQVDQKDVWDROX\RU2QGDQVRQUDFL HU
ILOLPOHULYHVkLUHOHU]DWUUHROPX
( RNDGDUK×]O×JLWPHVH\GLQ"0RWRVLNOHWOHNPK×]ODJLGLOPH]NL"$OPDQODUILOkQELQL\RUODU
DPDGHULOHUGDOJ×oJLELHOELVHOHUJL\L\RUODU2WRPRELOOHUW×NDQ×\RU\ROODUGDRUDODUGDQJHoPHN
LoLQoRNJoOPRWRVLNOHWNXOODQ×\RUODU
.XOXQ|\OHELUDWDELQHUJLELELQHUHNELUJHFHGH.XGV
HJLWPHVL LPGLNLDV×UGDNLJLWPHNWHQ
GDKD k\kQ×WDDFFEELUKDOGLU6EKjQDOODK%L]GH$OODKX7HjOk+D]UHWOHUL
QLWHVELKYHWHQ]LK
HGHUL]%XL HEXROD\×QFHUH\DQ×QDKD\UkQ×]0HYOkP×]QDV×OKLPk\HHWWLQDV×OYLNj\HHWWLQDV×O
J|WUG\VHJ|WUP
*HFHOH\LQVH\DKDWHWPHNLoLQNXOODQ×ODQELUNHOLPHEXLVUkNHOLPHVL*QG]VH\DKDWHGHUVH
JQH DOW×QGDVH\DKDWHGHUVHHVUkGHQPH]
3HNL$UDSODUQLoLQJHFHVH\DKDWHGHU"
%XUDGDJHFHoRNWDWO×G×UGDRQGDQ*QG]oRNV×FDNW×ULQVDQ×QLIOkK×NHVLOLUhoDG×PDWW×P×
NXPODUDVHULOLUGRNWRUOXNGXUXPDG HUEX]D\DW×U×OPDV×JHUHNLU.ROD\GH LO|\OHJQH LQ
DOW×QGDNXPGD\UPHN$PDJHFHOH\LQJ]HOROXU*HFHOH\LQVH\DKDWHo×NDUODUS×U×OS×U×O
WHUWHPL]HQGVWULGHQNLUOHQPHPL ELUKDYDGD kKkQHELU\ROFXOXN\DSDUODU<×OG×]ODUDE|\OH
X]DQVDQWXWDFDNP× V×QJLELJ]HOELUJ|N\]1HGHQVHEXUGDJ|N\]ELUD]GDKDFDQO×G×U
GDKDJ]HOGLU%XUDODUGDJHFHVH\DKDWHGHQOHUN×UODUGD\DWDQODUELOLU
$OODKX7HjOk+D]UHWOHUL
QLQ HUvNLQD]vUL\RN(QPKLP H\RROGX XQGDQDEGLKvGHGL
QHEL\\LKvGHPHGL2QXQLoLQEXV×IDW×QoRN|QHPOLROGX XQXV|\OHPL OHUGLU3H\JDPEHU
(IHQGLPL]
LQDEGL\HWPDNjP×XEGL\\HWPDNDP×ULVkOHWPDNDP×QGDQGDGDKD|QHPOLELU
PDNDPG×UGL\HNLWDSODU\D]P× ODU
%XUGDDEGLKvGHPHVLDEGUXKYHEHGHQGHQPWH HNNLOGLU%|\OHFH0L
UDF×QUXKPHDOFHVHG
ROGX X\kQL0L
UDFDEHGHQL\OHYHUXKX\ODJLWWL L DQOD ×O×\RUdQNEHGHQYHUXKLNLVLELU
DUDGDG×U6DGHFHUXKROVD\G×DEGGHQPH]GL
5XKLOHROVD\G×LNL HNLOGHRODELOLUGL<DX\NXGDROXUGX\DGDLQVLOkKKDOLQGHROXUGX2]DPDQ
P ULNOHUELU H\GL\HPH]OHUGLU\DJ|UP GHUOHUGL+HUNHVU\DGDXoDELOLUELU\HUOHUH
JLGHELOLUGHUOHUGL
QVLOkKQHGHPHN"(YOL\kXOODK×QUXKX|OPHGHQKDOLKD\DW×QGDLNHQEHGHQLQGHQD\U×O×UJLGHU
JH]HUJHOLUEXQDLQVLOkKGHUOHU<kQLEHGHQLEXUGDGXUXUUXKXJH]HUJHOLU
2QODUGDGHPL OHUNL
<DQO× J|UPHGLPWDPNHQGLVLQLJ|UGP
(IHQGLPDUNDGD VL]L%H\D]×W
WDJ|UG QV|\O\RUEL]GHEXUGDRWXUGX XQX]XV|\OHGLN
+RFDHIHQGL
$EGO(KDGL1Uv+D]UHWOHUL
QLQPULGOHULKDFFDJHOPL OHU7DYDIWDNDoGHID$EGO(KDGL1Uv
+D]UHWOHUL
QLJ|UP OHU*LGLQFHGHVRUPX ODUGHPL OHUNL(IHQGLPVL]KDFFDJHOPHGLQL]
VWDQEXO
GDNDOG×Q×]$PPDKDFFDJLGHQDUNDGD ODUGD]DPDQ]DPDQVL]LRUGDWDYDIWD
J|UP OHUGHPL
2 PEDUHNGHGHPL NL
+RFDP×]QDILOHQDPD]N×ODUG×HYGH=kWHQVQQHWOHULHYGHN×ODUG×FDPL\HIDU]×N×OPD\D
JLGHUGL&HPDDWEHNOHUGLPH]]LQFDPGDQ+RFDP×]
×QJHOGL LQLJ|UQFHNDPHWLR]DPDQ
JHWLULUGL
%D]DQ+RFDP×]QDPD]GDLNHQ\]QHEDNDUG×NYHNRUNDUG×NdQN\]YHJ|]OHULER DO×UG×
6DQNLEHGHQLRUGDGDNHQGLVL\RNJLELROXUGX%LOL\RUXPE|\OHROGX XQX
WHLQVDQ×QJ|QOQQUXKXQXQEHGHQLQGHQD\U×O×SGDELU\HUOHULGROD ×SJHOPHVLQHLQVLOkK
GHUOHU(YOL\kXOODKDPDKVXVELU H\GLU
g\OHROVD\G×YH\DX\NXGDU\DROVD\G×P ULNOHUEXL L DFDLEEXOPD]ODUG×JDULSVHPH]OHUGL
'HPHNNLUXKPHDOFHVHG0L
UDFDJLWPL NLEXQXE|\OHV|\OHPL NLP ULNOHUKRSRWXUXSKRS
NDONP× ODU \L NLKRSRWXUXSKRSNDONP× ODUGDEXL LQ E\NO DQOD ×OP× <RNVD+DKD
WDPDPEXVHIHUGHE|\OHELUU\DJ|UP GHUJHoHUOHUGL.HVLQ\kQL
<RNKHSVLQLLVWHPL\RUXP\DU×V×VHQLQ\DU×V×EHQLP
(IHQGLPQHGHPHNEHQGQ\DPDO×QGDGH LOLPJ|]PGQ\DPDO×Q×ILOkQJ|UP\RUKHSVL
VL]LQROVXQ
<RNKD\×U\DU×V×VHQLQ\DU×V×EHQLPRODFDN7DPDPP×"
(KHPUHGHUVLQL]HIHQGLPQDV×OLVWHUVHQL]|\OHROVXQ0kGHP|\OHLVWL\RUVXQX]\DU×V×VL]LQ
ROVXQGHPL
7HNNHWHUEL\HVLWHUEL\HOHULQHQ\NVH LGLU%LOHQELOLUELOPH\HQLQNkUHGHUDPDL\LELUWHNNH
WHUEL\HVLJ|UP RODQELUKDQ×PHIHQGLPHOHNJLELROXU \LELUWHNNHWHUEL\HVLJ|UP ELU
EH\HIHQGLPHOHNJLELROXU+HUNHVVHYHURQXEDOJLELROXU+HUNHV UED ×QDVRKEHWLWDWO×
ROXUL L J]HOROXU
$OPDQ\D
\DELU0HYOHYv H\KLJLWPL \D O×$OPDQODU×IHWKHWPL KD\UDQROPX ODU$OPDQODUGDQ
0HYOHYvPULGOHUYDU$GDPPVOPDQROX\RU0HYOHYvROX\RU1HGHQ"7DVDYYXIWHUEL\HVL
J|UP GHRQGDQ2WXUX X ED NDG×UNRQX PDV×ED NDG×UIHUkJDW×ED NDG×UVHOkP×ED NDG×U
KHU H\LJ]HOGLU7DULNDWWHUEL\HVLJ|UPHPL LQVDQGDEXoDQWDQ×QNDSD ×Q×ELUELULQH
\DS× W×UPDNLoLQELU H\OHUYDUSDEXoODUGDGDYDUoHNWL LQ]DPDQoDW×UoDW×UNDON×\RU7HNNH
WHUEL\HVLJ|UPHPL LQVDQ|\OHoDW×UoDW×UROXUVHUWROXUVLYULROXU
7UNL\H
GHED]×LQVDQODUYDUG×UWHNNHWHUEL\HVLLOHH LWLOGL LQLQIDUN×QGDGH LOGLU2WXUX XQGDQ
NRQX PDV×QGDQDQOD ×O×U%HQGHQL]GHUPHVHOkEHQGHQL]GHPHNN|OHQL]GHPHNWLU2WHNNH
WHUEL\HVLGLURQX LPGLNLHKOLGQ\DGHPH]0kQkV×Q×ELOVH\LQHGHPH]QH]DNHWVDQ×\RURQGDQ
V|\O\RU+DOEXNLWDVDYYXIvGLUR
<RNHVWD ILUXOODK
6HQEXL L L\L\DSDUV×Q$OODK
WDQNRUNDUV×QKDUDP\HPH]VLQ]XOP\DSPD]V×QYHUJL\LNHQGL
VDUD\×QDKDUFDPD]V×QKDONDKL]PHWL$OODKU×]DV×LoLQGUVW\DSDUV×QVHQUHLVROGHPL OHU
]RUODP× ODU
VWHQPHGHQROGXPXE|\OH H\OHUGDKDL\LROXU7DOLEROGXPXLQVDQWHYILNjW×VDPHGkQL\\H
NHVLOLU0DWOXEROGXPXR]DPDQWHYILNjW×VDPHGkQL\\HLOHGHVWHNOHQLULQVDQ'HVWHNOHQPL
KNPGDUROPX oRNGDJ]HOKNPGDUO×N\DSP× <ROODUN|SUOHUoH PHOHUKD\×UEHUHNHW
LOLPLUIDQEHOGHPD
PXUROPX dRNJ]HOKHUNHVPHPQXQEXL WHQ
(QH\DS×\RUVXQ\kKX"
%XEHQLP H\KLP
(HHVHQLEXUD\DJ|QGHULUNHQQHNRQX PX WXN"
(IHQGLPL WHEDQDQDVLKDWHWPL WLQL]
+DOND |\OHGDYUDQE|\OHGDYUDQ
GHPL WLQL]
7DPDPRQODU×JHo1HNRQX PX WXNVRQUD"
+DW×UOD\DPDG×PHIHQGLP
(IHQGLPKHSVLVL]LQROVXQ
H\KOHULNLPVHDQOD\DPD]+UUL\HWJD]HWHVL0LOOL\HWJD]HWHVLILOkQKLoDQOD\DPD]LOHULFLOHUKLo
DQOD\DPD]5DGLNDOPVOPDQODUKLoDQOD\DPD]%D]×GHYOHWOHULQPVOPDQODU×KLo
DQOD\DPD]+LoDQOD\DPD]ODUKHSVL]DQHGHUOHU
(ED ND"
+HU H\LPLRUWD\DNR\GXPQH\LPYDUVDV|\OHGLPHIHQGLP
(IHQGLPL WHEXQODU
<RNGDKDYDU
1HYDUHIHQGLP"
6HQEXUD\DQDV×OJHOGLQ"%HNkUNHQHYOHQGLQEXUGDoROXNoRFX XQROGX%XUGDROPDG×P×EX
oRFXNODU"
'R UXHIHQGLPEXUGDROGXEXoRFXNODU
3HNLHIHQGLPHPUHGHUVLQL]GHPL
.DoWDQHoRFX XQYDU"
hoWDQH
%LULVLVHQLQELULVLEHQLPEXoQFVQHRODFDN"
%XGDVL]LQROVXQHIHQGLP
<RNQHODIDQODPD]PULGVLQ\DU×\DU×\DRODFDN
%X\DU×\DU×\DROXUPXHIHQGLP"
1L\HROPDV×QRUWDV×QGDQNHVHUL]\DU×\DU×\DROXU6DW×UJHWLULQGHPL