Moc Misli

Karlo otari
ISBN: 953-98297-1-2
Mo misli
Svi imamo isto nebo - moda su ponekad obzorja

razliita. Ako je pisana rije most izmeu ljudi,
ako je ovjek ovjeku most, a ne otok, ako je poezija
bolest due, ako je ljubav bolest srca, ako je
stvaralatvo bolest uma, tada su sakupljene misli
i oko petsto savjeta, razvrstani u pojmove, apel
svim ljudima dobre volje, tada je i biser bolest
koljke. Moda e ova knjiga pridonijeti
prepoznavanju istinskih vrednote, a tada je samo
korak da shvatimo kako smo nuno upueni jedni
na druge, da se pribliimo jedni drugima - izmeu
nas postoji vie slinosti nego suprotnosti...
.DUORRWDUL020,6/,
GUXJRL]PLMHQMHQRLGRSXQMHQRL]GDQMH
.DUORRWDUL020,6/,
.DUORRWDUL020,6/,
.DUORRWDUL020,6/,
VLPEROLLQDSRPHQH
=QDNRPoR]QDHQMHGLRNRMLXSXXMHQDSRMDPL]SRGQDVORYDD]QDNRP
pR]QDHQMHGLRNRMLXSXXMHQDSRHWDNVNXSLQHPLVOLRMHGQRPSRMPXL]
SRGQDVORYD

6DYMHWLVXLVSLVDQLNXU]LYRPXNRHQLPVORYLPD
,PHQD DXWRUD ]D SRMHGLQH L]ULDMH QD NUDMX UHHQLFH QDOD]H VH QD GLVNHWL
NRMDMHVDVWDYQLGLRNQMLJH=DSLVMHXW[WIRUPDWX
,6%1
1D SRVHEDQ ]DKWMHY LVSRUXXMH VH GRGDWQD GLVNHWD X GRF IRUPDWX ]D

SURJUDP2IILFH2E]LURPQDYHOLLQX]DSLVDSRWUHEDQMHL:LQ=LS
SURJUDP
.RWDUL
0RPLVOL.DUORRWDUL=DJUHE
27$5,.DUOR
8'.
1DFLRQDOQDLVYHXLOLQDNQMLQLFD=DJUHE
&,3.DWDORJL]DFLMDXSXEOLNDFLML
8'.
27$5,.DUOR
.RWDUL
SURJUDP
,6%1

SRGQDVORYD
VLPEROLLQDSRPHQH
VLPEROLLQDSRPHQH
SRGQDVORYD

,6%1

SURJUDP
.RWDUL
27$5,.DUOR
8'.
8'.
27$5,.DUOR
.RWDUL
SURJUDP
,6%1
SRGQDVORYD
VLPEROLLQDSRPHQH

9ODVWLWDQDNODGDDXWRUD
.DUORRWDUL
020,6/,
020,6/,
.DUORRWDUL
.DUORRWDUL
020,6/,
020,6/,
.DUORRWDUL
20,6/,0$
20,6/,0$

20,6/,0$
20,6/,0$

p'DOLPLVDRPRHLYMHWLXRYLPSXVWLQMDPD"
'REUDPLVDRPRHSRVOXLWLNDRQHNDYUVWDGXKRYQHVWHQRJUDILMHRQDMHOHG
]DVYDNXDWPRVIHUX
'RGXERNHPLVOLWUHEDVHX]GLL
'REULPPLVOLPDWUHEDPDORULMHL
,OMXGVNDPLVDRLYLNDRVYHOMXGVNRRNUXKX
-HGQXPLVDRSUHRNUHHPRNDRRGLMHORGDELVPRVHQMRPHSRVOXLOLYLHSXWD
.DRWRMHRLPDSRWUHEQRVYMHWORGDELYLGMHOHWDNRVXGXKXSRWUHEQHPLVOL
GDELVKYDDR
.ROLNRJODYDWROLNRPLVOL
0LVDRLQLULMHQXQRP
0LVDRLGHXGXELQXLLULQXDRVMHDMLXLULQX
0LVDRMHHVWRRULJLQDOQDSUHPGDVLMHL]XVWLRVWRWLQXSXWD
0LVDRMHUHYROXFLMDLNDGGRQRVLPLU
0LVDRMHWHNLVNUDRGNXFDMDQDHJDVUFD
0LVDRMHGQRJRYMHNDSULMHVYHJDMHQMHJRYDQRVWDOJLMD
0LVDRXSUDYOMHQDXSURVWRULYULMHPHXEHVNUDMQRPDOHQRLEHVNUDMQRYHOLNR
LPDDQVXGDSRVWDQHVORERGQLMRPGDRGEDFLPQRJHVNXHQH]DVDGHLGD
SULMHHGRVDGDQMHJUDQLFH
0LVOLQHSRGOLMHXFDULQLDOL]ERJQMLKRYMHNLSDNLPDQHXJRGQRVWL
0LVOLRQHHPYDOMDQRP
0LVOLXYLMHNQDFMHOLQX3RQHNLSURSXVWXSRMHGLQDQRPQHPRUD]QDLWL
PQRJR
0LVOLWLWRMHQDXLWLVHQRYRPYLHQMXELWLSDOMLYWRMHXSUDYOMDWLVYRMX
VYLMHVWXLQLWLRGVYDNHVOLNHSRYODWHQRPMHVWR
1,MWLHPLVOLGRQRVHEXUX0LVOLNRMHGROD]HQHXMQDNRUDNDXSUDYOMDMX
VYLMHWRP
1DHVXPLVOLVORERGQH
1HPDPLVOLQDNRMXQHELSROLFLMDSD]LOD
1HRYLVQRVWPLVOLQDMSRQRVQLMHMHSOHPVWYR
1LMHGRYROMQRGDPLVDRVWUHPLN]ELOMLVDPD]ELOMDPRUDVWUHPLWLSUHPDPLVOL
2QRWRRSUDYGDYDPPLVDRMHQMHQDNUDMQMDVYLMHVW
6DPRNDGRYMHNDXELMHXELRVLQMHJRYHPLVOL
6UHGLVYRMHPLVOLSDHYLGMHWLGDQHPDWRVUHLYDWL
]DVYDNXDWPRVIHUX
GDELVKYDDR
0LVDRLQLULMHQXQRP
0LVOLRQHHPYDOMDQRP
PQRJR
VYLMHWRP
1DHVXPLVOLVORERGQH

]DVYDNXDWPRVIHUX
GDELVKYDDR
0LVDRLQLULMHQXQRP
0LVOLRQHHPYDOMDQRP
PQRJR
VYLMHWRP
1DHVXPLVOLVORERGQH
]DVYDNXDWPRVIHUX
GDELVKYDDR
0LVDRLQLULMHQXQRP
0LVOLRQHHPYDOMDQRP
PQRJR
VYLMHWRP
1DHVXPLVOLVORERGQH
6YDNDMHPLVDRQDOLNQDWLMHVWRYDOMDMHGREURL]PLMHDWLLVYHPRHRGQMH
QDSUDYLWL
7UHEDGDVHWROLNRSRYHDYDEURMPLVOLNDNRQHELGRVWDMDOR]DQMLKXYDUD
8VXXMHPVHSULSUHPLWLWHUHQQDNRPHHQLNQXWLQRYDEROMDPLVDR
=DLVWDYODVWLWDPLVDRMRMHXYLMHNMHGQDNRULMHWNDNDRL]ODWQLNXVOLYQLNX
QDSUDYLWL

QDSUDYLWL
QDSUDYLWL

832=1$-6(%(
p.DNRVHPRHNXSLWLLOLSURGDWLQHERLWRSOLQD
]HPOMH"7DNYRWRVDVYLPQDPMHVWUDQR0LQH
SRVMHGXMHPRVYMHLQX]UDNDLELVWULQXYRGHSD
NDNRLKPRHWHNXSLWL"=HPOMDQHSULSDGD
RYMHNXRYMHNSULSDGD]HPOML7RGREUR]QDPR
6YHMHXPHXVREQRMVYH]LNDRWRMHSRURGLFD
VMHGLQMHQDNUYOMX6YHMHSRYH]DQR1LMHRYMHN
WYRUDFWNDRQLFHLYRWDYHVDPRYODNQRXQMRMWR
XUDGLVWNDRQLFRPLQLLVDVRERP1H
UD]XPLMHPR]DWRVHXELMDEXIDOR]DWRVHNURWH
GLYOMLNRQML]DWRMHXGXELQLXPHWROLNROMXGVNRJ
YRQMD]DWRMHSRJOHGQD]HOHQHEUHJRYHUDVWU]DQ
LFDPDWRJRYRUH*GMHVXJXWLFL1HPDLKYLH
*GMHMHRUDR"2WLDR3UDYRPLYOMHQMXMHNUDM
1DVWXSDERUED]DRSVWDQDN
832=1$-6(%(

832=1$-6(%(
832=1$-6(%(

RYMHNMHELHPRJXQRVWLVORERGHLRVREQHRGJRYRUQRVWL]DYODVWLWX
VXGELQX1MHJRYMHLQGLYLGXDOQLRSVWDQDNL]X]HWDNNRMLVHQHGDQLNDNYRP
VKHPRPQLRSLPSODQRPUDFLRQDOQRGRNUDMDSURQLNQXWLLVFUSLWLLOL
SUHGYLGMHWL
LQLVHGDVPRVYHGDOMHRGWRJDGDLVWLQVNROMXGVNRELHEXGHRQDMNRMLMHVW
PQRJRXPMHVWRGDLPDPQRJR
RYMHNMHELHNRMHVHQHXNODSD
RYMHNMHRYMHNXVYHWLQMD
RYMHNMHPLVDRQRELH
RYMHNMHQDMYLHELH]DRYMHND
RYMHNMHRQRWRLQLDQHRQRWRPLVOLLOLMHRQRWRQHPLVOL
RYMHNMHRQRWRRGVHEHLQLXNXSQRVWVYRMLKLQD
RYMHNMHSROLWLNDLYRWLQMD
RYMHNMHVXVWDYHQHUJLMDNRMLGMHOXMHXVNODGXVQDHORPSRWNUMHSOMLYDQMDLX
VPMHUXUHGXNFLMHQDSHWRVWL
RYMHNMHLYRWLQMDVWDGD
RYMHNNRMLLGHSRSUDYOMDWLGUXJHJXELWDNRVYRMHYULMHPHDNRQH]DSRQH
NRGVHEH
RYMHNPRUDELWLVDPVDVRERPLVWRYMHWDQRQQLNDGDQHVPLMHVHEL
SURWLYUMHLWL
RYMHNPRHSXQRSRGQLMHWLDNRSRGQRVLVDPRJDVHEH
RYMHNQDGVRERPQHPRHLPDWLQLWDJRUHRGGUXJRJDRYMHND
RYMHNQHSR]QDVDPRJDVHEHMHUMHVHELSUHEOL]X
RYMHNQLMHQLWDGUXJDQHJRQMHJRYQDFUWSRVWRMLVDPRXRQRMPMHULXNRMRM
VHUD]YLMD
RYMHNSUHNR7LSRVWDMH
RYMHNUDVWHVDVYRMLPVYUKDPD
RYMHNVDPVHEHQDMPDQMHSR]QDMH
RYMHNVHPRHXVSHWLQDYUKDOLSRHWDNSXWDMHXYLMHNQDGQX
RYMHNWUHEDRGVHEHVWYRULWLRYMHNDDQHGDEXGHWXDVSXYD
RYMHNX]DOXGSXQRSULDNDNRELRGELRGUXJLRGVYHJDXMHVDPRQH
RYMHNDNRMLPHUD]XPLMHQLNDGDQHPRJXL]JXELWL
RYMHNDXLVWLQXXSR]QDWHNSRVOLMH
'DQDV]QDPRGDMHVYDNLMHRYMHNXELWLMHGDQMHGLQLLQH]DPMHQMLY
SUHGYLGMHWL
RYMHNMHPLVDRQRELH
NRGVHEH
SURWLYUMHLWL
VHUD]YLMD
RYMHNSUHNR7LSRVWDMH

SUHGYLGMHWL
RYMHNMHPLVDRQRELH
NRGVHEH
SURWLYUMHLWL
VHUD]YLMD
RYMHNSUHNR7LSRVWDMH
SUHGYLGMHWL
RYMHNMHPLVDRQRELH
NRGVHEH
SURWLYUMHLWL
VHUD]YLMD
RYMHNSUHNR7LSRVWDMH

.DGRYMHNXSHULSUVWXQHNRJDQHNDVHVMHWLGDVXHWLULSUHRVWDODSUVWD
XSHUHQDXQMHJD
.DGRYMHN]DYULWHNMH]DSRHRLNDGSUHVWDQH]EXQMHQMHNDRLXYLMHN
1DVWDMHRYMHNNRMLHSRODNRSRSUDYLWLSULURGXLSRELMHGLWLXVHELEUHPHQD
VYRMHGDYQHSURORVWL9HOLNMHPXDQQMHJRYSXWDOLYHQHJGMHVYLX
QMHJRYH]RUH2GOD]HERJRYLLXYLKRULPDLEOMHVFLPDSULVWLHRYMHN
EXGXQRVWL
1HWUHEDXRSHJOHGDWLQHJRYLGMHWLXWRPHOHLLWDYDWDMQDRYMHND
1HPDGDQDVQLHJQDVYLMHWXQLHJWRVHWLHRYMHNDGDQLMHL]REOLHQR
1LMHOLMDVQRGDRYMHNQLMHQLWDREYH]DQSUHPDRQRPXRGNRJDPRHVYH
WUDLWL"
2GVYLKUXHYLQDRYMHNRYXMHQDMWHHJOHGDWL
2QRWRMHYHOLNRXRYMHNDWRMHGDMHRQPRVWDQHRWRN
3LWDQMHMHMHOLRYMHNSR]QDMHRYMHND1DMYHHMHSLWDQMHMHOLRYMHN
SR]QDMHVHEH
3RVWDWLRYMHNMHXPLMHH
3URWLYVHEHQLWNRQLMHMDN
6MHWLVHGDVLRYMHND]DUMHWRPDORELWLRYMHN"
6WXGLMRYMHDQVWYDMH]DSUDYRRYMHN
6YDNLMHRYMHNSRQRU
6YDNLMHRYMHNXELWLMHGDQMHGLQLLQH]DPMHQMLY
WRMHRYMHNXQHL]PMHUQRVWL"
WRQLMHXRYMHNXQHHQLL]YDQDXLXQMHJD7HNNDGVH]QDQDMJRUHR
RYMHNXRQGDVHSR]QDMXLQMHJRYHQDMEROMHVWUDQH
7ROLNRVPRPLPDORRQRWRELVPRKWMHOLGDEXGHPR
8GDQDQMHPYUHPHQVNRPRE]RUMXLYLKLEULGQLRYMHN
=DRRYMHNQHPDEXGXQRVWL
27,-(/8
JODYDJODGNUYOLFHQDVOMHHRNR
p*ODYDVHPRHUD]ELWLLNRGRWYRUHQLKYUDWD
1DMRSDVQLMLOMXGVNLRUJDQMHJODYD*RVSRGRVNUDWLPR=DJODYX
RYMHNQHLYLVDPRRGVYRMHJNUXKD
27,-(/8
XSHUHQDXQMHJD
EXGXQRVWL
WUDLWL"
SR]QDMHVHEH
6YDNLMHRYMHNSRQRU

XSHUHQDXQMHJD
EXGXQRVWL
WUDLWL"
SR]QDMHVHEH
6YDNLMHRYMHNSRQRU
27,-(/8

27,-(/8
XSHUHQDXQMHJD
EXGXQRVWL
WUDLWL"
SR]QDMHVHEH
6YDNLMHRYMHNSRQRU

'HEHOLOMXGLLYHNUDH$OL]DWRGXHMHGX
'XKMHSRGORDQLVWRP]DNRQXNDRLWLMHORREDVHPRJXRGUDWLVDPR
SRPRXNRQWLQXLUDQRJKUDQMHQMD
*ODGMHQDMEROMHSUHGMHOR
*ODGOMXGLXUD]QLPGLMHORYLPDVYLMHWDXYMHWRYDQDMHWLPHGDPQRJLRGQDV
X]LPDMXSXQRYLHQHJRWRLPWUHED
*ODGVHPRHULMHLWLDNRSRPRJQHPRVLURPDQLPQDURGLPDGDVDPLVHEL
SRPRJQX*ODGQLRYMHHSULPLVHNQMLJHRQDMHRUXMH
*ODGDQQLWDQHSUH]LUH
+UDEULMLMHSUD]DQWUEXKQHJRSXQDJODYD
.DGMHNUXKDLWXJDMHODND
.DGDMHGHSORGRYHVMHWLVHRQRJDNRMLMHVDGLRVWDEOR
0LVOLQDJODGXYULMHPHRELOMDLQDVLURPDWYRLRVNXGQRVWXGDQHERJDWVWYD
1HLYLRYMHNVDPRRNUXKX
1HNDWLVHWLMHORXPRULVDPRQHNDVHVUFHWYRMHUDGXMH
1LWNRQHPRHELWLSDPHWDQDNRPXMHSUD]DQHOXGDF
2QRWROMXGHLVWDVUFDSUHPDUDWRMHXSUYRPUHGXSLWDQMHNUXKD1HGDVH
QHPRHDOLMHQHSULMDWQRLYMHWLRGPLORVWL
3RORYLFDOMXGLQDVYLMHWXJODGXMHGUXJDSRORYLFDGULGLMHWX
6YHVXJOMLYHMHVWLYHDQHNHVDPRMHGDQSXW
7DPRJGMHJODGSRLQMH]DYUDYDUD]XP
7HNGROD]LVMHORPDOLMRHHVSRVWRP7HNLPDWRVYRMVWYRGDXYLMHN
]DUD]LHOXGDFVHQHGDSUHYDULWL
8PMHUHQREURNGREDUVDQ
p.UYMHJXDRGYRGH
.UYMHVDVYLPSRVHEDQVRN
2VWDMX]QRMLVX]HNUYVXQDPYHSRSLOL
p/LFHMH]DSLVQLNNDUDNWHUD
1DMUDILQLUDQLMDPDVNDMHJROROLFH
1DOLFXVYDNRJRYMHNDLVSLVDQDMHQMHJRYDSRYLMHVW
7HNROLFXPHXPDVNDPD
p'RNVLLYNXDMQDUDYVYRMXYLGLWRMRWHWLLWRMRMXVNUDWL-HUQLMH
VYLPDVYHSURELWDQRQLWLMHVYDNRPHVYHSRYROML
p.UYMHJXDRGYRGH
7HNROLFXPHXPDVNDPD
*ODGDQQLWDQHSUH]LUH

*ODGDQQLWDQHSUH]LUH
p.UYMHJXDRGYRGH
7HNROLFXPHXPDVNDPD
p.UYMHJXDRGYRGH
7HNROLFXPHXPDVNDPD
*ODGDQQLWDQHSUH]LUH

1DUDYPRHREX]GDWLDOLSRELMHGLWLQLNDGD
1HRNULYOMXMVYRMHQDJRQH
3RVOXDMVYRMHQDJRQHLLQVWLQNWHWRQLMHLVWR3UHYLHLYRWLQMVNRJVSXWDYD
NXOWXUQRJRYMHNDSUHYLHNXOWXUHVWYDUDEROHVQXLYRWLQMX
o2LVXLXLOMXGLPD]OLVYMHGRFLDNRLPDMXEDUEDUVNHGXH
p2NRMHVYMHWLOMNDWLMHOX
LYRWURHQMHVHNVVWDURVWGREVPUW
p$ILUPDFLMDRYMHNRYDYODVWLWRJLYRWDVUHHUDVWDVORERGHNRULMHQLVXX
RYMHNRYRMVSRVREQRVWLGDYROL%HVNRULVWDQLYRWLVWRMHWRLUDQDVPUW
6DPRDNRVYRMLYRWSRVYHWLPRGUXJLPDGRELWHLQDLYRWQHNXXQXWDUQMX
YULMHGQRVW
$NRMHLYRWELRGREUR]DWRVXQDPJDRGX]HOL"$NRMHELR]OR]DWRQDPMH
XRSHELRGDURYDQ"
$NRHOLGREURPLVOLRVDYUHQVWYXLYRWDQDXLVHQDGVYDNRPVWYDUL
RWYRULWLRLDQDGVDPLPVRERPLK]DWYRUL
LWDYDWDMQDNDNRRYMHNPRHSURGXLWLVYRMLYRWMHWRPHGDJDQHVNUDXMH
XGQDMHORNRPRWLYDWDMLYRW0LVOLSREMHJDRVLQDSULMHGVLRWLDRDNDG
WDPRL]WLKHWHLGLOHSURPDWUDWYRMHGMHWLQMVWYR
'DQLMHPRGDLLWDYLYRWVDPRMHGDQVDQ"
+RHOLVWYRULWLQHWRYHOLNRXORLXWRVYRMLYRW
+YDOLPRVWDUHDOLLYLPRSRVYRMLPJRGLQDPD
,PDVLWXDFLMDXLYRWXNDGD]DXQLFDSDGDSRGXEOMHP]DNRQXNRQWUDSXQNWD
,]YRUQLLYRWMHVWYDUDODNLLQVORERGD
-HGDQRG]DNRQDLYRWDMH.DGDQDPVHMHGQDYUDWD]DWYRUHGUXJDQDPVH
RWYDUDMX7UDJLNDMHPHXWLPXWRPHGDRYMHNJOHGDX]DWYRUHQDYUDWDD
RWYRUHQLPDQHSRNODQMDSR]RUQRVW
-HULYRWQDNDRVMHQDRGPLHL]QDHVPUWLQHPDSRYUDWND]DSHDHQRMHL
QLWNRVHQHYUDD
.DGVLVSUHPDQSULMHXPULMHWLQHJRVUDPRWQRLYMHWL"
.UDMGREUDLYRWDQHYLGHVHJRGLQH
/DNHMHXPULMHWLQHJRPXNRWUSDQLYRWRGYDQRSRGQRVLWL
/MXGLNDXGDMHLYRWNUDWDNDYLGLPGDVHVYRMVNLWUXGHGDJDWDNYLPXLQH
0UWYLQHHRLYMHWLVMHQHQHHXVNUVQXWL
0XGDURYMHNQHPLVOLQDVPUWQHJRQDLYRW
YULMHGQRVW
XRSHELRGDURYDQ"
QLWNRVHQHYUDD

YULMHGQRVW
XRSHELRGDURYDQ"
QLWNRVHQHYUDD

YULMHGQRVW
XRSHELRGDURYDQ"
QLWNRVHQHYUDD

1DXLOLVPRNDNROHWHSWLFHNDNRSOLYDMXULEHQR]DERUDYLOLVPRMHGQRVWDYQR
XPLMHHGDLYLPRNDREUDD
1HSLWDMWRWLLYRWGDMHSLWDMWRWLGDMH
1H]QDOLSUDYRLYMHWLGDMPMHVWDLVNXVQLPD
1HNDWLWHDNLYRWQHEXGHRSUDYGDQMH]DORHYODGDQMH
1LMHRQDMRYMHNQDMGXHLYLRNRMLLPDQDMYHLEURMJRGLQDYHRQDMNRMLMH
VYRMLYRWQDMEROMHRVMHWLR1LWDQHXELMDWDNRVLJXUQRNDRLYRW
1LWDQLVPRGRQLMHOLQDRYDMVYLMHWWDNRGDQLWDQHPRHPRL]QMHJDL]QLMHWL
1LWNRVHQHEULQHNDNRELGREURLYLRYHNDNRGXJR
2ERHLYLQDRYRPVYLMHWXMHGQDYUVWDQDLYQLKLGLRWD]DSUDYREXGDODNRMH
VYLPDUJXPHQWLPD]GUDYHSDPHWLXVSUNRVMRXYLMHNJDMHQHNRSRYMHUHQMH
VSUDPSRMHGLQLKRVREDLVNOMXLYRSRWRPHGDOLVQHNLPVLPSDWL]LUDMXLOLQH
2QRWRMHRG]QDDMDWRQLMHLYRWYHLYRVW
2]ELOMDQMHLYRWDYHGUDXPMHWQRVW
3RWRYDQMHSUHPDLYRWXSUHQHVHQRQDLYRWLQMHJODVLXELMDQMHLYRWLQMDQLMH
]DEDYDQLWLVSRUW
3UDYRXPLMHHLYOMHQMDVDVWRMLVHXWRPHGDVHVYDNRGQHYQHVWYDUL
GRLYOMDYDMXNDRQHWRSRVHEQR6DPRMHRQDMVWYDUQRLYLRWNRMHXSR]QDR
VYLMHWOHLWDPQHVWUDQHLYRWDXVSRQHLSDGRYH
WRMHRYMHNLOLHPXVOXL"WRMHQMHJRYRGREURDWRQMHJRYR]OR"
7UDMQRVWQMHJRYDLYRWD"6WRJRGLQDYUORMHGXJRDSUHPDYMHQRVWLWHVX
JRGLQHNDRNDSPRUVNHYRGHLOL]UQRSLMHVNDLYRWRYMHNDQHHQLNDGD
XYHQXWLNDRWRYHQHOLHQDGLYRWRPRYMHNDSRVWRMDQRVYLMHWOLEOLVWDYD
3XQR]QDDNR]QDLYMHWL6MHDWLVH]QDLLYMHWL
6DPRMH]DEOXGDLYRWD]QDQMHMHVPUW
6DPRWLPRHLPRUDYODVWLWLPVQDJDPDGDWLVPLVDRVYRMHPLYRWXLDNR
WHQMD]DVLJXUQRXEORNLUDWUDHQMHVPLVOD
6UHGLWLOMXGVNLVYLMHWWRMHWDNRGDLYRWEXGHSMHVPD
6WDURSDGDYUHPHQDVHPLMHQMDMXDQRYLLYRWFYDWHL]UXHYLQD
6WUDKRSRWRYDQMHSUHPDLYRWXQDMYLDMHLQVWDQFD2QRWRRGUHGLLPDVYRM
]QDDMLRQGDNDGDVHLQLJOXSLPLOLX]DOXGQLP
6YDNLWUHQXWDNXLYRWXMHNRUDNSUHPDVPUWL6YHWRRYMHNLPDGDWH]D
VYRMLYRW
6YLPLPRUDPRL]DLQDNUDMVDLYRWRP$OLMHGLQLQDLQGDVQMLPL]DHPR
QDNUDMMHYROMHWLJD
VYRMLYRW
QDNUDMMHYROMHWLJD
]DEDYDQLWLVSRUW

]DEDYDQLWLVSRUW
VYRMLYRW
QDNUDMMHYROMHWLJD
VYRMLYRW
QDNUDMMHYROMHWLJD
]DEDYDQLWLVSRUW

VYMHWLOMNDWRMHQMHJRYPR]DNWUHEDYMHURYDWLXPR]DNRYMHNDWUHEDKRGDWL
NUHWDWLVHPLVOLWLERULWLVHWRMHMHGLQLOMXGVNLQDLQDVYHRVWDORMHGLP
7DMQDSURGXDYDQMDLYRWDXWRPHMHGDJDQHVNUDXMHPR
7DMQDWYRMHJLYRWDQLMHXWRPHGDVDPRLYLYHXWRPH]DWRLYL
7DMQDLYRWDQHPRHVHVDVYLPRGJRQHWQXWL
7LLVYLMHWVHX]DMDPQRXYMHWXMHWHLYRWQHPDGUXJRJVPLVODRVLPRQRJNRML
PXWLGDMH
7NRQHFLMHQLLYRWQH]DVOXXMHJD
7NRVHERULVDPR]DGRELWQHGRELYDQLWD]DWRELVHLVSODWLORLYMHWL
7NRVHLJUDLYRWRPQLNDGDQHHL]DLQDNUDM
7UDJHGLMDLYRWDQLMHXWRPHWROMXGLSURSDWHNROLNRXWRPHWRSURPDH
8LVWLQXGDVHQLWDXLYRWQHPRHQDGRNQDGLWLVYDWNRVHWUHEDWRSULMH
XYMHULWL
8NROLNRMHLYRW]DQRVQLMLXWROLNRMHDSVXUGQLMDLGHMDRQMHJRYRPJXELWNX
8YLMHNPHQDQRYRL]QHQDXMHPRMHSRVWRMDQMH$WRMHLYRW
9ODVWLWLVHLYRWVPLMHULVNLUDWL]DQHNXVWYDUDOLQLNDGDLYRWGUXJRJD
=DURHQMHLVPUWQHPDOLMHNDRVLPGDVHRYMHNUDGXMHLQWHUYDOX
=DSLWDKLYRWWRMHXQMHPXSUDVWDUR
LYLRQDNRNDNRELSULOLNRPVYRMHVPUWLHOLRGDVLLYLR
LYLPELHPHXSUDYOMDGXKYHSUDYLODQRSWRNNUYL
LYLPRQDWDNROXGRMSR]RUQLFLJGMHVHYHRPDHVWRQH]QDWNRMHJOXPDFD
WNRSXEOLNDDQDNUDMXSLWDPRVHWRMH]DSUDYRSRHWDNDWRVYUHWDN
LYMHWLWRQH]QDLGLVDWLQHJRUDGLWL
LYMHWLXLGHML]QDLEDYLWLVHQHLPQHPRJXLPNDRGDMHPRJXH
LYMHWL]DGUXJHQLMHVDPR]DNRQGXQRVWLQHJRL]DNRQVUHH
LYMHWL]QDLERULWLVH
LYMHWLQDUDYQRQLNDGDQLMHODNRRYMHNVHSRQDDNDNRPXLYRWQDODHL]
PQRJLKUD]ORJDRGNRMLKMHJODYQLQDYLND0LVHQDYLNDYDPRLYMHWLSULMH
QHJRWRVWHNQHPRQDYLNXPLVOLWL
LYRWEH]QDHODMHVWEURGEH]NRUPLODUD
LYRWEH]VODYOMDMHGDOHNLSXWEH]JRVWLRQLFH
LYRWLWUDMDQMHL]PLHLQWHOLJHQFLML
LYRWMHERUED
PXWLGDMH
XYMHULWL
LYMHWL]QDLERULWLVH
LYRWMHERUED

PXWLGDMH
XYMHULWL
LYMHWL]QDLERULWLVH
LYRWMHERUED
PXWLGDMH
XYMHULWL
LYMHWL]QDLERULWLVH
LYRWMHERUED

LYRWMHGMHODWQRVWNRMHMHXVPMHUHQDSUHPDQDSULMHG
LYRWMHNUDWDN]DWRJDLVNRULVWL
LYRWMHQHSRQRYOMLYRMHGLQVWYR
LYRWMHRQRWRWLMHYDQR7RMHSUYLODQDNRYMHNRYHYMHUH
LYRWMHSRHWDNVPUWL
LYRWPRUDLYMHWLDQHJRPLODWL8LVWRMPMHULXNRMRMKRHSULPDWLPRUD
GDYDWLHOLOLLWDYRVUFHGDMLWDYLYRW
LYRWQHNLQD]LYDMXQHVYUHQLPSRNXVRP
LYRWQHPDGUXJRJVPLVODRVLPRQRJNRMLPXWLGDMH
LYRWQLMHQLWDGUXJRRGRSKRHQMDVDVYLMHWRPLYRWQRVLXVHELQHNL
GXEOML]DJRQHWQLMLVPLVDRLMDVHWDMQDNULMHVRQXVWUDQXOMXGVNLKYULMHGQRVWL
LYRWSRVWDYOMDFLOMHYH]QDQRVWL]QDQRVWRVYMHWOMXMHSXWLYRWDLYRWWHN
NRPELQDFLMRPRELMXNRPSRQHQDWDSRVWDQHSRGQROMLY
LYRWVYDNRJRYMHNDMHSXWNVHELVDPRPHSRNXDMSXWDQDJRYMHWDMQHNH
VWD]H6YDWNRQRVLVDVRERPRVWDWNHVYRJURHQMDVOX]LMDMDQHOMXVNHMHGQRJ
SUDVYLMHWDVYHGRNUDMD6YDWNRMHGMHORSULURGHXVPMHUXRYMHND$VYLPDVX
SRGULMHWOD]DMHGQLNDPDMNHLVWHVYLPLGROD]LPRL]LVWRJGULMHODDOLVYDWNR
NDRSRNXDML]DPDKL]GXELQHWHLYODVWLWXFLOMX0RHPRVHPHXVREQR
UD]XPMHWLDOLVYDWNRPRHWXPDLWLVDPRVHEH
LYRWWLSUROD]LXHOML]DRQLPWRQHPDLRSODNLYDQMXRQRJDWRYLH
QHPD
LYRWWUHEDSRVYHWLWLLVWLQL
LYRWYHLQHMHEMHDQMHRGVDPLKVHEH
LYRWEDUHPOMXGVNLQLMHPRJXEH]LGHDODLOLGUXNLMHUHHQRLGHDOMH
RUJDQVNLVDVWDYQLGLRLYRWD6YHWRWLMHGREURXLYRWXLOLMHQH]DNRQLWRLOL
QHPRUDOQRLOLSDNGHEOMD
o1LMHQDVEULJDWRWDPRQLVPRELOLSULMHURHQMD=DWRVHRQGDEULQXWLWR
WXYLHQHHPRELWLQDNRQVPUWL"1LVPRURHQLVDPR]DVHEH
p%HVNRULVQRMHVWDURVWLSURGXDYDWLLYRWPODGRVWWUHEDSURGXDYDWL
'REDMHXNRMHPSURGXHQDVWDURVWSUHGVWDYOMDDJRQLMX]DYHLQXOMXGL7UHD
LYRWQDGREQLMHND]QDYHRQRDUREQRUD]GREOMHNDGDVHRVWDYOMDMX
SOHPHQLWLWUDJRYL]DQDGROD]HHJHQHUDFLMHGREDXNRMHPYLHQRYDFQLMH
SUHVXGDQPRWLYYHVDPRSRWYULYDQMHUD]PMHQDLVNXVWDYDLNULWLNR
SUHLVSLWLYDQMHSURORVWLNDRQD]QDNX]DEXGXQRVW8RVWDORPVDPRVH
NUHDWLYQRXLQHSUHVWDQRPGXKRYQRPEXGQRXPRHSURGXDYDWLYLWDOQRVW
XPMHVWRGDVHL]PLHVPUWLLQLVHGDVXNRQ]HUYDWLYQRVWVWDULMLKOMXGL
LYRWMHSRHWDNVPUWL
QHPD

LYRWMHSRHWDNVPUWL
QHPD
LYRWMHSRHWDNVPUWL
QHPD

QHUD]XPLMHYDQMHQRYLKLGHMDVWHUHRWLSQRVWXPLOMHQMXLNRQIRUPL]DPX
]QDQMXEDUGMHORPLQRSRVOMHGLFDGXHYQLKVKHPDLRNYLUDNRMLQH]DGULYRP
VQDJRPDVLPLOLUDMXQRYDLVNXVWYDLSULODJRDYDMXLK
'XJRLYMHWLELKWMHORVYHDOLVWDUMHWLQLMHGDQRYMHN
'XOMLQDGDQDQHLQLVWDURVWDVQRP
-HGQDMHRGQDMYHLK]DODVWDURVWLWRYLHQHPDSRYMHUHQMDXVHEH
-HGQDRGWHRULMDVWDUHQMDGULGDMHSRYHDQDNROLLQDNDOFLMDXVWDQLFL
RVQRYQLX]URNGHJHQHUDWLYQLKSURPMHQDLNRQDQHVPUWLVWDQLFH
.ROLNRMHRYMHNVWDUYLGLSROLFLPDRQLKNRMHMHSR]QDYDRXPODGRVWL
0QRJLELKWMHOLLYMHWLDGDQHVWDUHD]DSUDYRVWDUHGDLQHLYH
0XGURVWVWDURVWLMHSUHWHQRXVSRVREQRVWLGDREQDYOMDXWYUHQHLLVSUDYQH
X]URNHGDVHUD]XPLMHXGREURSR]QDWDSLWDQMDLVQMLPDXLQNRYLWREDUDWD
1DVXSURWUDVSUDYOMDNRPDUXPODGHLVWDULMLVXDVWRKOHSQL
2VWDUMHWLQLMHXPLMHHYHSRGQLMHWLVWDURVW
2VWDUMHWL]QDLGDRYMHNSRLQMHYLGMHWL
3RVOLMHRQLKYUORPODGLKQDMVHELQLMLVXRQLYHRPDVWDUL
3UHGQRVWVWDUHQMDMHXWRPHGDRYMHNSRVWDQHRWSRUDQQDPUQMXXYUHGH
NOHYHWDQMHDSULMHPOMLYLMLQDOMXEDYLGREURKRWQRVW
6DVWDURXGROD]LLVNXVWYR
6DPRQHNLOMXGL]QDMXELWLVWDUL
6LMHGHVXNRVHSUHNUDVQDNUXQD
6WDUMHRQDMWNRSUHVWDQHXLWL%H]RE]LUDMHOLGYDGHVHWLOLRVDPGHVHWJRGLQD
VWDU
6WDUMHVDPRRQDMWNRQHPDYLHHOMHGDQHWRQDXLQDYXNDRMHSODKWXSUHNR
OLFDLNDRGDMHPUWDY
6WDUFLUDGRGDMXGREUHVDYMHWHNDNRELVHXWMHLOLWRYLHQHPRJXGDYDWLORH
SULPMHUH
6WDUFLVXGUXJLSXWGMHFD
6WDULOMXGLPRJXELWLRSDVQLMHULPQLMHVWDORGREXGXQRVWL
6WDULOMXGLQHPDMXSRWRYDQMDSUHPDGUXJLPDRQLVXXSR]QDOLLYRW
6WDULVHGUHREUD]DFDYHRWUFDQLKLEDQDOQLK0HXWLPPUWYLRNDPHQMHQL
REOLFLXSRWULMHEOMHQLQDLQLVWYDUDQMDQHPRQLVXLQH]DQLPOMLYLEH]GXKDNRML
RLYOMDYDDSURJUDPVNHUHYROXFLMHLRGMHFLQHVWDORHQRVWLQLVXXYMHUHQLEH]
XQXWUDQMHJGRJDDMDEH]SURLYOMDYDQMDEH]WHGQMHXUL]QLFLNRMD
GR]YROMDYDQHWRUHL
GR]YROMDYDQHWRUHL
SULPMHUH
VWDU
OLFDLNDRGDMHPUWDY

VWDU
OLFDLNDRGDMHPUWDY
SULPMHUH
GR]YROMDYDQHWRUHL

GR]YROMDYDQHWRUHL
SULPMHUH
VWDU
OLFDLNDRGDMHPUWDY

6WDULMLOMXGLXSUDYLOX
x SRWDMQRFLMHQHOMXGHNRMLVXXVWDQMXYLGMHWLLUHLLVWLQX
x RELQRVHSURWLYHQRYRWDULMDPDMHUVXLPVHQD]RULGXJRWUDMQRP
SUDNVRPXVWDOLOL
x HVWRQDVLOQRXWXYOMXMXGLVFLSOLQX1MLKVHSRQHNDGPRUDPRERMDWL
6WDULOMXGLSUHYLH]DPMHUDMXSUHGXJRUD]PLOMDMXSUHPDORULVNLUDMXSUHEU]R
VHNDMXDULMHWNRWMHUDMXVWYDUGRNUDMDYHVH]DGRYROMDYDMXRVUHGQMLP
XVSMHKRP
6WDURVWMHQHNDGDELODSULYLOHJLMDERJDWLMLKVORMHYDGUXWYD
WDULMDJHQHUDFLMDLPDVYRMHXKRGDQHQRUPHLQMLKRYDVWDURVWQHGR]YROMDYD
6
PODGHLGDVXYLHODNRRVORERGHVYRMPRUDOQLNRGHNV1DYLGLNXMHQRYLMDN
VXNREWRHVHGRJRGLWLXEXGXQRVWL"
6WDULPRNDGDQDVVMHDQMHSRLQMHUDGRYDWLDVWDULVPRNDGDQDVRQREROL
6WDUMHWLMHORDQDYLNDNRMX]DSRVOHQRYMHNQHPRHQLVWHL
6WDURVWMHGLYQDVWYDUDNRQLVWH]DERUDYLOLWR]QDL]DSRHWL
6WDURVWMHQDSRUQDQDMYLH]DPODHNRMLVQMRPLPDMXSRVOD
6WDURVWMHQHL]OMHLYDEROHVW
6WDURVWMHRGSULURGHGRVWDEUEOMDYDLQLVHNDRGDVYLVWDUFLUDGRJRYRUH
6WDURVWMHRVPDWUDQLFD
6WDURVWQHXYDRGJOXSRVWL
6WDURVWVPDWUDWLSDGRPMHGQDNRMHQHGROLQRNDRLGDVHXPODGRVWLYLGLVDPR
REHDQMH6YDNDMHGREVSRVREQD]DSRVHEQRVDYUHQVWYR
WRMHRYMHNVWDULMLWRSRVWDMHVOLQLMLVHEL
8VWDURVWLXORJXJUDRVMHDMVLJXUQRVWLXLYRWXSDVWDULMDRVREDXVWDMHSURWLY
VYDNRJDWNRUHPHWLQMHJRYPLUWRMHVWWNRQDRYDMLOLRQDMQDLQWUDLQHNL
GUXJLVPLVDRSRVWRMHHJD1XQRMHGDRQGROD]LXVXNREVPODGHLNRG
NRMLKMHHOMD]DQRYLPMDDRGSRWUHEH]DVLJXUQRX7RPHVHVGUXJHVWUDQH
SULGUXXMHRNROQRVWWRVHPODGHSRSULURGLVWYDULQDMWHHPLULVDVLWXDFLMRP
UXWLQVNRJSURJUDPLUDQMDRSHJSRRVWYDUHQMDLHNVSORDWDFLMHNRMXQDPHHL
XYUXMHVYHREXKYDWQDELURNUDWL]DFLMDLQGXVWULMVNRJGUXWYD
6WYDUDODNLQHPLULWUDHQMHQRYRJSUDYDVXVXSURWQRVWHWDEOLUDQRJ
ELURNUDWVNRJHWRVD0ODGLOMXGLUHGRYLWRWYRUHSUYHUHGRYHRQLKVQDJDNRMH
GROD]HVQRYLPSRWUHEDPDDXVPMHUHQHVXSURWLYSRVWRMHLKNRQVWHODFLMD
NRMHXREUDQLVYRMLKNXOWXUQLKREUD]DFDYUHSURSDJDQGXLLQGRNWULQDFLMX
QHSRVOXQLKQDWDMQDLQWRLVWLXVWDOQRVWVWDELOQRVWLQHSURPMHQMLYRVWLGHMD
QDNRMLPDVHSRVWRMHLVXVWDY]DVQLYD'RNMHDYDQJDUGQDNXOWXUD
VXEYHU]LYQDXRGQRVXQDSRVWRMHLVXVWDYLQMHJRYHYUHGQRWHGRWOHMH
6WDULMDJHQHUDFLMDLPDVYRMHXKRGDQHQRUPHLQMLKRYDVWDURVWQHGR]YROMDYD
SUDNVRPXVWDOLOL
XVSMHKRP

SUDNVRPXVWDOLOL
XVSMHKRP
WDURVWMHQHNDGDELODSULYLOHJLMDERJDWLMLKVORMHYDGUXWYD
6
SUDNVRPXVWDOLOL
XVSMHKRP

UHSHWLWLYQDNXOWXUDUHSUHVLYQDMHUOMXGHSUHWYDUDXSRGDQLNHVOXEHQLNH
GUDYOMDQH
8VWDURVWLQHPDOMHSHXWMHKHRGRQHDNRMHRYMHNVQDJXVYRMHPODGRVWLXQLR
XGMHODNRMDQHVWDUH8VWDURVWLVHRYMHNSULMHVYHJDSRNDMH]DJULMHKHNRMH
QLMHQDSUDYLR
p8VYDNXLYRWQXGREXOD]LPRNDRSRHWQLFLLVWRJDQDPXWRPHQHGRVWDMH
LVNXVWYD
pLQLVHGDVHVHNVXDOQDHOMDODNRVSDMDVDVYDNRPMDNRPHPRFLMRPD
OMXEDYMHVDPRMHGQDRGHPRFLMD%XGXLGDYHLQDOMXGLVHNVXDOQXHOMX
SRLVWRYMHXMHVLGHMRPOMXEDYLRQLVHODNRGDGX]DYHVWLQD]DNOMXDNGDVH
PHXVREQRYROHDNRVHHOHIL]LNL
(URVMHYHOLNLGHPRQDOMXEDYMHMHGQDYUVWDSULYMHVNDHURVDLOLVUHGVWYR]D
SRVWL]DYDQMHGRPLQDFLMH7DPRJGMHYODGDOMXEDYQHPDYROMH]DPR
(URWLNDMHSUHEURLYDQMHSUHSUHND1DML]D]RYQLMDLQDMSRSXODUQLMDSUHSUHNDMH
PRUDO
(URWLNDMHVRFLMDOL]LUDQDVHNVXDOQRVW
.DRPHXOMXGVNLRGQRVVHNVXDOQRVWOMXGH]EOLDYDNDRELDDQHVDPRNDR
VWYDUL%OLVNRVWVGUXJLPSRVWDMHXYMHWRPYODVWLWHVUHH
0RHOL]DJRYDUDQDPDVWXUEDFLMDXVDPRLQDGRPMHVWLWLVWYDUQRVWVHNVXDOQH
EOL]LQH"
3ULVLOQDHUHNFLMDQLMHPRJXD'RUDGRVWLXVHNVXGROD]LMHGLQRDNRMHIL]LND
LQWLPQRVWLVWRGREQRLOMXEDYQD
3UYRLMHGLQRQDHORVHNVXDOQHHWLNHJODVLWXLWHOMMHXYLMHNXNULYX
5D]ORJ]DRFUQMLYDQMHVHNVDQLMHVHNVVDPYHVODPDQMHOMXGVNHYROMH
6HNVXDOQDVORERGDQHGRYRGLGRVHNVXDOQHSRKOHSH
6DPRMHLVWLQVNDOMXEDYSRWSXQDSULHPXMHHURWVNRVMHGLQMHQHLVSXQMHQR
QMHQRX
6HNVMHNUHPHQQDNRMHPXSRNXDYDPR]DSDOLWLYDWUXOMXEDYL
6HNVXRSHQLMHNRPSOLFLUDQDNRQDVXPMHVWRNRPSOHNVDYRGHSRWUHEH
6HNVXDOQDHOMDWHL]DVWDSDQMHPDQLNDNRQLMHVDPRVHNVXDOQLDSHWLW
RVORERHQMHRGEROQHQDSHWRVWL0HXWLPVHNVXDOQXHOMXPRHLVWRWDNR
SRGVWLFDWLWMHVNREDRVDPOMHQRVWLHOMDGDVHRVYRMLLOLEXGHRVYRMHQWDWLQD
WHQMDGDVHSRYULMHGLLOLDNUD]RULWHOMXEDY
6HNVXDOQLDNWEH]OMXEDYLQLNDGQHSUHPRXMHSURYDOLMXL]PHXGYDOMXGVND
ELDRVLPWUHQXWQR
=DPQRJHVHNVSUHGVWDYOMDQDGRPMHVWDN]DVPLVDRLYRWD
=DKYDOMXMXLVHNVXELWHPR]GUDYLMLVUHWQLMLPXGULMLLNUHDWLYQLML
PRUDO
EOL]LQH"
QMHQRX
ELDRVLPWUHQXWQR
GUDYOMDQH
QLMHQDSUDYLR
LVNXVWYD

GUDYOMDQH
QLMHQDSUDYLR
LVNXVWYD
PRUDO
EOL]LQH"
QMHQRX
ELDRVLPWUHQXWQR

PRUDO
EOL]LQH"
QMHQRX
ELDRVLPWUHQXWQR
GUDYOMDQH
QLMHQDSUDYLR
LVNXVWYD

oRYMHNMHMHGLQROMXGVNRELHNRMH]QDGDHXPULMHWL=DWRPOMLYDQMHRYH
VSR]QDMHMHGLQDMHOMXGVNDGUDPD
RYMHNMHWDNRSUROD]DQGDDNLWDPRJGMHMHSRWSXQRQDLVWXVVYRMLP
RSVWDQNRPWDPRJGMHRQRVWDYOMDMHGLQLSUDYLXWLVDNRVYRMHPVWYDUQRP
SULVXVWYXXVMHDQMXLXGXLVYRMLKPLOLKLGUDJLKHWRDNVHLWDPRPRUD
XJDVLWLLH]QXWLLWRMRWDNREU]R
'RVDGDMHRYMHNPRUDRLYMHWLVPLVOLPDRVYRMRMVLJXUQRMRVREQRMVPUWL$
VDGDVHPRUDMRSRPLULWLLVPLVOLPDRPRJXRMSURSDVWLLWDYRJ
RYMHDQVWYD
.DGRYMHNRVMHDGDELEOLQMHJPRJODXGDULWLNDSWDMPXMHNDQGLGDWVPUWL
XYLMHNQHNDNRGUDJ
.DNROLMHXGQRYDWDVLWXDFLMDQDVVPUWQLND6YDWNRMHRYGMHXNUDWNRP
SRVMHWX1H]QD]DWRDOLNDGLNDGYMHUXMHGDWRRVMHD6JOHGLWD
VYDNRGQHYQRJLYRWDEH]GXEOMHJUD]PLOMDQMD]QDVHSDNRYMHNMHWX]D
GUXJHOMXGH8SUYRPUHGX]DRQHRGLMHJRVPMHKDLGREURELWLSRWSXQR]DYLVL
QMHJRYDYODVWLWDVUHDDRQGDL]DPQRJHQHSR]QDWHVLMRPQDVVXGELQRP
SRYH]XMHYODVWLWDSXSDQDYUSFDVXRVMHDQMD6YDNRJGDQDWDNREH]EURMSXWD
SRPLVOLPQDWRNDNRPRMYDQMVNLLXQXWDUQMLLYRWSRLYDQDUDGXVDGDQMLKL
YHXPUOLKOMXGLGDVHPRUDPQDSUHJQXWLLGDYDWLLVWRPPMHURPNDNRVDP
SULPDRLNDNRMRSULPDP
1HNROLNRVDPRJUXGD]HPOMHSRWUHEQRMHRYMHNXQHYLHQDQMLPDGDXLYD
DMRPXPDQMHWUHEDGDSRGQMLPDSRLYD
/MXGVNLMHLYRWSRSXWOHGHQMDNDYLGLPRVDPRPDQMLGLRVYMHVQRJDVNULYHQ
MHYHLGLRQHVYMHVQR
1HERMVHVPUWL
2QMHPXVXVYHUHNOLPLQXWRPXWQMH
2VPUWLNDNRMHJRUNDSRPLVDRQDWH
3RPLVDRQDVPUW]DJOXSOMXMH
3ULYLNDYDMVHQDVKYDDQMHGDQDVVHVPUWQLWDQHWLHMHUMHVYHGREURLORH
XRVMHDQMXDVPUWMHJXELWDNRVMHDMD6PUWVHGDNOHQHWLHQLLYLKQL
PUWYLKMHUVHQDSUYHQHRGQRVLDRQLKGUXJLKYLHQHPD
3XQDVXJUREOMDQH]DPMHQMLYLK
6PUWGROD]LVDPRMHGQRPQRRVMHDPRMHXVYDNRPWUHQXWNXVYRJLYRWD
6WUDKRGVPUWLJRULMHRGQMHVDPH6PUWLGHGYDNRUDND]DWRERP,VNRULVWL
SUHGQRVWLLYL
6PUWMHLVSUD]QDVWYDU
6PUWMHPLUSRPLVDRQDVPUWUHPHWLVYDNLPLU6PUWMHQHXVSMHKPHWDEROL]PD
GDQDVWDYLVYRMHFLNOXVH
RYMHDQVWYD
XYLMHNQHNDNRGUDJ
SULPDRLNDNRMRSULPDP
MHYHLGLRQHVYMHVQR
1HERMVHVPUWL
SUHGQRVWLLYL
6PUWMHLVSUD]QDVWYDU

RYMHDQVWYD
XYLMHNQHNDNRGUDJ
SULPDRLNDNRMRSULPDP
MHYHLGLRQHVYMHVQR
1HERMVHVPUWL
SUHGQRVWLLYL
6PUWMHLVSUD]QDVWYDU
RYMHDQVWYD
XYLMHNQHNDNRGUDJ
SULPDRLNDNRMRSULPDP
MHYHLGLRQHVYMHVQR
1HERMVHVPUWL
SUHGQRVWLLYL
6PUWMHLVSUD]QDVWYDU

6PUWMHSUHPDQDPDRNUHQXWDVWUDQDRQRJMHGLQVWYDLMDVHGUXJDVWUDQD
QD]LYDXVNUVQXH
6PUWMHVDQEH]VQRYD
6PUWMH]DGQMLUD]ORJ
6WUDKRGVPUWLMHQHUD]XPDQ
6YLVPRPLNDQGLGDWLVPUWL
6YLVPRVHPLURGLOLVNOLFDPDVPUWLNRMHVHKUDQHQHNLPXQXWDUQMLP]ORP
7DMQDRYMHMHJLYRWDQLMHXWRPHGDVDPRLYLYHXWRPH]DWRLYL
7HQMD]DVPUXMHXURHQDRYMHNX
7NRVHERMLVPUWLSURSXVWLRMHLYRW8PLUDQMHMHJDHQMHVYMHWLOMNHXRVYLWD
QHJDHQMHVXQFD
%2/(67,='5$9/-(
]GUDYOMHEROHVWOLMHQLNGLMDJQR]DSVLKRDQDOL]DOLMHNRYLQRUPDOQRVW
GLMHWD
RYMHNMHRGXYLMHNELRGXHYQREROHVWDQ0QRJHYMHUHLGUXWYDVPDWUDOHVX
p
GXHYQHVPHWQMHQHNLPREOLNRPRSVMHGQXWRVWLGREULPLOL]OLPERJRYLPD7R
MHQHNDG]QDLORGDMHGXHYQDEROHVWERMHQDGDKQXHWRMHSUHGVWDYOMDOR
YHOLNXDVW0RQLSURURFLX*UNRML5LPXNRULVWLOLVXVHUHGRYQLFDPDNRMH
VXPRJOHSDGDWLXVWDQMH]DQHVHQRVWLLSULWRPHGDYDOHXGQHLWHNR
UD]XPOMLYHQDMDYH
.DGDELVHVYRP]GUDYOMXPRJOLUDGRYDWLVDPRXSRODWROLNRNROLNR]ERJ
VYDNHEROHVWLWXJXMHPRLEULQHPRVHELOLELVPREHVNUDMQRVUHWQL
WRELVYHRYMHNGDR]DVYRMH]GUDYOMH
p%ROHVWQDNRQMXGROD]LDQDSXXRGOD]L
6YDNDEROHVWLPDVPLVOD$NRQHNRULVWLRQRPHNRMLRGQMHEROXMHRQGD
NRULVWLRQRPHNRMLMHOLMHL
5DQDNRMDVHNULMHVSRURLWHNR]DFMHOMXMH
p-DGDQRYMHNMHRQDMNRMLMHRYLVDQRSRPRLOLMHQLND
/LMHQLFLQDPSUDWDMXVYDNLQDLQLYOMHQMDNRMLQDVGRYRGLXQMLKRYX
HNDRQLFX
/LMHQLNPRHSRPRLNRGEROHVWLDOLQHPRHSRSUDYLWLQHLMXVXGELQX
0HGLFLQDMH]DRQRJDNRMLMHSRWUHEXMHWDMQDJRWRYRVDUROLMDPDSRYH]DQD
XPMHWQRVW1DWRPYMHURYDQMXWHPHOMLVHGREDUGLRQMH]LQHVQDJH
pRYMHNMHRGXYLMHNELRGXHYQREROHVWDQ0QRJHYMHUHLGUXWYDVPDWUDOHVX
UD]XPOMLYHQDMDYH
HNDRQLFX
GLMHWD
%2/(67,='5$9/-(
QHJDHQMHVXQFD
QD]LYDXVNUVQXH
6PUWMHVDQEH]VQRYD
6PUWMH]DGQMLUD]ORJ
YLVPRPLNDQGLGDWLVPUWL
6

QD]LYDXVNUVQXH
6PUWMHVDQEH]VQRYD
6PUWMH]DGQMLUD]ORJ
6YLVPRPLNDQGLGDWLVPUWL
QHJDHQMHVXQFD
%2/(67,='5$9/-(
GLMHWD
RYMHNMHRGXYLMHNELRGXHYQREROHVWDQ0QRJHYMHUHLGUXWYDVPDWUDOHVX
p
UD]XPOMLYHQDMDYH
HNDRQLFX

pRYMHNMHRGXYLMHNELRGXHYQREROHVWDQ0QRJHYMHUHLGUXWYDVPDWUDOHVX
UD]XPOMLYHQDMDYH
HNDRQLFX
GLMHWD
%2/(67,='5$9/-(
QHJDHQMHVXQFD
QD]LYDXVNUVQXH
6PUWMHVDQEH]VQRYD
6PUWMH]DGQMLUD]ORJ
YLVPRPLNDQGLGDWLVPUWL
6

7ULGHVHWLQHOLMHLPHGLFLQDDVHGDPGHVHWLQDGLMHWD
p-HGQDRGQDMUDVSURVWUDQMHQLMLKEROHVWLMHGLMDJQR]D
p3VLKRDQDOL]DMHRQDEROHVWLMRPVHWHUDSLMRPVPDWUD3VLKRDQDOL]DRYMHN
SRVOLMHQHVKYDDVYRMHSUREOHPHEROMHDOL]QD]DWR
p/LMHNRYLVXVSRULMLQHJR]OD
7NRMHQDNUDMXQRUPDODQRNRQDV"
6YLVPRPLSRPDORXGDUHQL
o'DQNDGD]DSRLQMHYHLQDGLMHWDMHVXWUD
MHFDVXRYMHNRYDNULOD
'
'MHFDVXQDGHNRMHVHJXEHLVWUDKRYLNRMLKVHQLNDGDQHPRHRVORERGLWL
'MHFDWRVXQDLVXWUDQMLVXFL
'MHFLVHGDMHSUHYLHVXYLHUDQR2QDVX]DVLHQD]DEDYDPDXLQMHQL
QHRVMHWOMLYLPSUHPDVYLPUDGRVWLPDVLWLVXVYLMHWDSULMHQHJRWRSRVWDQX
SXQROMHWQL
'MHFXLVDWRYHQHVPLMHPRVWDOQRQDYLMDWL3RQHNDGLKWUHEDSXVWLWLGD
LGX
'RNVPRPODGLVYRMHGXHMDDPRQDGRPVQDJDNRMXWDNRVWMHHPR
RPRJXXMHQDPGDNDVQLMHSRGQHVHPRRDMDYDQMH
)DQWD]LMDMH]DGMHFXRUXHNRMLPVHKYDWDMXXNRWDFVPQRJLPWHNRDPD
HVWR]DPMHQMXMXXORJHNDGVXQHVLJXUQLLOLNDGLKMHVWUDK
/MXGLVXVDPRGMHFDYHHJUDVWD
22%,7(/-,
RYMHNRYLQDMVWURLVXFLVXQMHJRYDGMHFD
p
'LMHWHNRMHMRQHPDVPLVOD]DUHGSDWL]ERJRSVMHGQXWRVWLRGUDVOLK]DUHGRP
'MHFDLEXGDOHQH]QDMXODJDWL
'MHFDNRMDVHQHYROHSRVWDMXRGUDVOLNRMLQHYROH'MHFDQDOD]HVYHX
QLHPXDOMXGLQLWDXVYHPX
'MHFDQLVXURHQD]ERJWRJDGDPLEXGHPRVUHWQL1DDVHUDGRVWWUHED
VDVWRMDWLXWRPXGDLPMHGREURQD]HPOMLLGDLVSXQHVYRMLYRW
'MHFDSUYRYROHVYRMHURGLWHOMH1DNRQQHNRJYUHPHQDGRQRVHVYRMVXGR
QMLPD$ULMHWNRLPSUDWDMXDNRXRSH
GMHFDRELWHOMRWDFURGLWHOMLHQDPDMND
pRYMHNRYLQDMVWURLVXFLVXQMHJRYDGMHFD
22%,7(/-,
'MHFDVXRYMHNRYDNULOD
SXQROMHWQL
LGX
MXGLVXVDPRGMHFDYHHJUDVWD
/
ULGHVHWLQHOLMHLPHGLFLQDDVHGDPGHVHWLQDGLMHWD
7

SXQROMHWQL
LGX
/MXGLVXVDPRGMHFDYHHJUDVWD
22%,7(/-,
RYMHNRYLQDMVWURLVXFLVXQMHJRYDGMHFD
p
pRYMHNRYLQDMVWURLVXFLVXQMHJRYDGMHFD
22%,7(/-,
SXQROMHWQL
LGX
MXGLVXVDPRGMHFDYHHJUDVWD
/
-HGQDRGQDMUDVSURVWUDQMHQLMLKEROHVWLMHGLMDJQR]D
p

0LVOLPGDVHQDDPODGHXNRODPD]DJOXSOMXMH7DPRQHXMXLQHYLGH
QLWDVWYDUQRJD
0ODGHMHQDGDGUDYH
0ODGHMHRGXHYOMHQDNDGDMRMQHWNRNDHGDVHVYLMHWPRHXLQLWLOLMHSLPL
SUDYHGQLP1RWRMHLOX]LMD7NRPODGHLNDHGDVWYDULGULSRGNRQWURORP
YDUDMX1LWNRQHPRHGUDWLSRGNRQWURORPGUXJHOMXGHLQMLKRYHHOMH
0ODGHMHXQDWRVYRMRMGUVNRVWLVUDPHOMLYLMDDVWDULOMXGLXQDWRVYRP
GRVWRMDQVWYXGUVNLMLQHJRWRVHPLVOL
0ODGLPLVOHGDMHVYDNDDQDUKLMDYHSRVHELGREUD
0ODGLQHPDMX]DGDXSUDYGDWLQDVVYRMHSUHWKRGQLNHYHSURELWLVHL
RVORERGLWLVHVYHJDVWDURJDOLMHQRJDRPHWDMXHJD
0ODGRVWMHQHWRMDNRYULMHGQRVDPRWRRYMHNQH]QDNDGDMHPODG
0ODGRVWMHSLMDQVWYREH]YLQD
0ODGRVWVHQHRVYUHQDSRVOMHGLFHXWRPHMHQMH]LQDSUHGQRVW
0ODGRVWHOLGDMRMVH]DSRYLMHGDNDNRELLPDODPRJXQRVWGDVHQH
SRNRUDYD
0XGURVWPODGRVWLMHSULMHVYHJDXVSRVREQRVWLGDL]UD]LQRYHSUREOHPHL
SUHREOLNXMHSRVWRMHHPRGHOHYMHURYDQMDLQWHOLJHQWQRPGRPLOMDWRX
1DMYHLRYMHNRVWDMHXYLMHNGLMHWH
1HSRVWRMLSUREOHPDWLQRGLMHWHYHVDPRSUREOHPDWLQLURGLWHOML
1LMHGDQSDPHWDQRYMHNQLMHHOLRELWLPODL1LWDQDGMHFXQHGMHOXMHVODELMH
RGSULMHWQMHLQDGDNRMHVHQHLVSXQHGRYHHUL
2GJRMGMHFHMH]DQLPDQMHXNRMHPWUHED]QDWLL]JXELWLYULMHPHNDNRELVH
GRELORQDYUHPHQX
2GJRMLWLGLMHWHMHMHGQRVWDYQR7HNRMHVDPRYROMHWLWDMUH]XOWDW
3RQDLQXLJUHGMHWHWDPRHPRQDVOXWLWLNDNRHVHNDRRGUDVODRVRED
RGQRVLWLSUHPDLYRWQLP]DGDDPD
3UYRWRVHNRGGLMHWHL]JXELMHGREURUDVSRORHQMH
5D]XPGMHFHJXLPRWHUHWRPQHSRWUHEQRJ]QDQMD
6GMHWLQMVWYRPSXQLPOMXEDYLSRODVHLYRWDPRHSUHLYMHWLKODGQLVYLMHW
6DPRRQDMWNRRGUDVWHDRVWDQHGLMHWHMHRYMHN6YDNRPDORGLMHWHPRH
]JD]LWLNXNFD$OLVYLSURIHVRULRYRJVYLMHWD]DMHGQRQHPRJXVWYRULWL
QRYRJD
WRKRH"RYMHNNRMLWXHVYRMHGLMHWHNDHGUXJRPHNRMLJDXWRPH
SRNXDYDVSULMHLWL6DPRYMHEDPVDPRNULWLNX"
WRNRGPODGHLGMHOXMHNDRRNUXWQRVWRELQRMHLVNUHQRVW
QLWDVWYDUQRJD
0ODGHMHQDGDGUDYH
SRNRUDYD
GRELORQDYUHPHQX
QRYRJD

QLWDVWYDUQRJD
0ODGHMHQDGDGUDYH
SRNRUDYD
GRELORQDYUHPHQX
QRYRJD

QLWDVWYDUQRJD
0ODGHMHQDGDGUDYH
SRNRUDYD
GRELORQDYUHPHQX
QRYRJD

7HNNDGDRYMHN]QDNDNYDVXPXXQXDGPRHSURFLMHQLWLMHOLVYRMXGMHFX
GREURRGJRMLR7NRDNQLNDRGLMHWHQLMHELRVDYUHQWHNRHSRVWDWLVDYUHQ
RYMHN
7NRGMHFLQHWRREHDLJUXGDULOLSDNLEXQHNDVHWRJDGULNDR]DNOHWYH
0QRJLVXPLVOLOLGDMHSROLWLNDHQDVDPRSDFLILFLVWLNDLOLKXPDQLWDUQDLOL
VHQWLPHQWDOQD6WYDUQDRSDVQRVWHQVNHSROLWLNHMHWRLPDSUHYLHOMXEDYL]D
PXNXSROLWLNX0QRJLPMHHQDPDGUDJLVDPR]UFDORXNRPVHGLYHVDPH
VHEL
9HOLNLEURMGDQDQMHGMHFHVXVLURDGVURGLWHOMLPD
0QRJHVHHQHXGDMXMHULPMHGRVWDVDPRH,PQRJHVHHQHUDVWDMXMHULP
MHGRVWDVDPRH
=DPDORMHGLMHWHYDQLMDSRVOMHGLFDQHNRJLQDQHJRPRUDOQDRVXGD
0DMNDMHJHQLMGMHWHWD
p2ELWHOMXNRMRMYODGDMXVNODGQLPHXVREQLRGQRVLNRMDVHRVQLYDQDOMXEDYL
SRYMHUHQMXLUD]XPLMHYDQMXXMHGQRMHLQDMSRJRGQLMDVUHGLQD]DUD]YRM
RVQRYQLKRVRELQDOLQRVWLNRMHHGMHWHWXRPRJXLWLGDVHODNHXNORSLXLUX
GUXWYHQXVUHGLQX3UDYLOQRRUJDQL]LUDQLYRWXSRURGLFLRVQRYDMHXVSMHQRJ
RGJRMD
.RGHQHMHVUFHVYHDNLJODYD
2GVYLKYHOLNLKRJUDQLHQMDLRNYLUQLKXYMHWDNRMLVWYDUDMXSRH]LMXL
UD]QROLNRVWLYRWDQDMELWQLMDLQDMYDQLMDMHRELWHOM
.DNRGDUD]XPLMHPRYRXELWLVH]ERJMHGQHHQH"$JGMHVXRVWDOH"
6DVYLPVHXNORSLWLXRELWHOM]QDLQHVWDWL
.DGHQDLOLPXNDUDFX]LPDMXVWDULMXRVREX]ERJQRYFDYMHDMXVHXQDGLGD
HLPQHWNRSUHNLQXWLNRQRSDF
8LPHRELWHOMLUDGHVHQDMYHHSRGORVWL2QDQDPGDMHPDVRYQDRSUDYGDQMD
-HGQRMHVDPRQD]HPOMLOMHSHLEROMHRGHQHPDMND
p6YDWNRPRUDMHGQRPXLQLWLNRUDNNRMLJDGLMHOLRGRFD
*RYRULOLHQDORHROMXEDYLSUH]LUHOLNQMLHYQLNMDYQRPQLMHQMH]QDNMHGD
RQDJXELDUDRQWDOHQW
p$NRXUODPXNDUDFRQMHGLQDPLDQ$NRXUODHQDRQDMHKLVWHULQD
'RNPXNDUFLHOHGDLVWLQDEXGHQDQMLKRYRMVWUDQLHQHHOHELWLQDVWUDQL
LVWLQH
RYMHNVHHQLGDELVHSRYXNDRL]VYLMHWDDHQDGDELXQMHJDXOD
LVWLQH
RQDJXELDUDRQWDOHQW
RGJRMD
0DMNDMHJHQLMGMHWHWD
MHGRVWDVDPRH
VHEL
RYMHN

RYMHN
VHEL
MHGRVWDVDPRH
0DMNDMHJHQLMGMHWHWD
RGJRMD
RQDJXELDUDRQWDOHQW
LVWLQH
LVWLQH
RQDJXELDUDRQWDOHQW
RGJRMD
0DMNDMHJHQLMGMHWHWD
MHGRVWDVDPRH
VHEL
RYMHN

0RJXHMHXVYDNHHQHQDLQHWRQHRELQRQHWR]DQLPOMLYRWRVHQH
PRHQLXMHGQHGUXJHHQHQDLVDPRWUHEDXPMHWLQDLDWRMHYMHWLQD=D
WRWUHEDGDUD
DVYLMHWXQHPDQLNRJWNRPDWHULQHELYLHGXJRYDR
1
1HWUHEDYMHURYDWLHQLNRMDRGDMHVYRMHSUDYHJRGLQHHQDNRMDWRVYHNDH
LVSULDODELLVYHRVWDOR
1HYMHUXMHPGDVXPXNDUFLSRSULURGLDJUHVLYQL2QRWRLKLQLDJUHVLYQLPD
MHPRSUHYLHPRL7DPRNRUXPSLUDDQHVSRO
1LMHVYHWRYHOLNLPXNDUDFLQLYHOLNR
3RUHGWMHOHVQHOMHSRWHWUDLPRXHQL'XXWRMHVWGDQDVUD]XPLMHGD
VXRVMHDVQDPDGDQLMHWXDQDHPXQXWUDQMHPLYRWX'DNDNRWRYULMHGLL
]DPXNDUFD7UDLPRVURGQRVWVUFDLGXKDLVWLQVNRSULMDWHOMVWYR1HWRWR
QDVYHHL]YDQVYLKXOQLKVSRQD-HGDQUD]XP$OLXSUYRPUHGXWUDLPRX
HQLMHGDQGLRVHEHNRMLHQDPGRSXVWLWLGDGRHPRGRVYRJSRWSXQRJ
REOLNDGDEXGHPR]DMHGQRMHGQD&MHOLQD,RQGDGDRWYRULPRYUDWDQDVYH
VYHPLUHLQDVYHQHL]PMHUQRVWL
3RVWRMLOLMHSDL]UHND,]DVYDNRJXVSMHQRJPXNDUFDVWRMLHQDNRMDJD
SRGUDYD$L]DVYDNHXVSMHQHHQHVWRMHWULPXNDUFDNRMLMHHOHVSULMHLWL
3RWXMPDMNXVDPRMHPDMNDRQDNRMDGDMHERDQVNL]QDDMHQL
3RWXMHQXRQDMHNUDOMLFDLYRWD1HGRSXWDPGDNOHYHXHQHDNL
RQLNRMLVX]DERUDYLOLGDVXLPDOLPDMNX8VYDNRPVOXDMXSRWXMWHHQXMHU
WRMHELODLYDDPDMND
3ULURGDHQDMHXVNRSRYH]DQDVXPMHWQRX
6ODERVWHQHVDPRMHSULYLGL]DNRMHVWRMLPXGURVWLVQDJD3R]QDWLVXJRYRUL
PQRJLKPXNDUDFDDOLQLNDGQDPQLMHGRORGRXLMXWRPLVOHQMLKRYH
VXSUXJH'DVXVHYLHXSOLWDOHXLYRWLRGOXNHVYRMLKPXNDUDFDGDLKVH
NRMLSXWSRVOXDORPRJOHVXVSULMHLWLPQRJD]ODQDSULPMHUUDWLOLLYRWEH]
OMXEDYL
6PLMHDNHQVNRJPODGHQDNRJWLMHOD]DSUDYRMHMHGLQLERDQVNLL]XP
6UHDMHNDGYDVYROLHQDNRMXYROLWH
6WDOQDYH]DQRVWPXNDUFD]DMHGQXHQXPRJXDMHVDPRRQGDNDGDVHX
ND]DOLWXVPLMXLVWRMVWYDULNDGDPRJX]DMHGQRXWMHWLNDGD]DMHGQRDOH
,QDHHNUHQXWLQDRSDNR6WYDUQHYUOLQHHQLQHVXSUXJRELQRSRVOMHGQML
XRL
6YLVXDIRUL]PLRHQDPDVLORPSULOLND]OREQL.DNRELRSLVDOLRQRGREURNRG
HQDSRWUHEQRMHSXQRVWUDQLFD
HSXUHQMHMHNR]PHWLNDPXNDUFD
1DVYLMHWXQHPDQLNRJWNRPDWHULQHELYLHGXJRYDR
WRMHELODLYDDPDMND
OMXEDYL
XRL
WRWUHEDGDUD

WRWUHEDGDUD
DVYLMHWXQHPDQLNRJWNRPDWHULQHELYLHGXJRYDR
1
WRMHELODLYDDPDMND
OMXEDYL
XRL

1DVYLMHWXQHPDQLNRJWNRPDWHULQHELYLHGXJRYDR
WRMHELODLYDDPDMND
OMXEDYL
XRL
WRWUHEDGDUD
7DMQDSUDYHFLYLOL]DFLMHOHLXXWMHFDMXGREULKPDMNL
7DMQDVHVDVWRMLXWRPHGDSULDHQLRQMRMVDPRM7RYULMHGLL]DPXNDUFH
7NRMHQDDRHQXQDDRMHVUHX
7NRVXPQMDXLVNUHQXHQXLQLMHQHLVNUHQRP
7UHEDL]DEUDWL]DEUDQXGUXLFXHQXNRMLELL]DEUDOL]DSULMDWHOMDNDGELELOD
PXNDUDF
8LYRWXPXNDUFDOMXEDYMHSRVHEQDVWYDUDOLXHQLRQDMHLWDYLYRW
8LYRWXVYDNHHQHSRVWRMHGYDPXNDUFDRQDM]DNRMHJVHXGDODLRQDM]D
NRMHJVHQLMHXGDOD
9HLQDPXNDUDFDNRMLVXUHNOLSDPHWQHVWYDULRHQDPDELOLVXORL
OMXEDYQLFL9HOLNLSUDNWLDULQHSULDMXYHGMHOXMX
=DVLJXUQRQHNLPLOLMXQHULVYRMXVSMHK]DKYDOMXMXHQDPD$OLYHLQDVYRMH
HQHLPD]DKYDOMXMXLXVSMHKX
=UFDORNRMHPHQHQDMYLHYMHUXMXVXRLPXNDUDFD
HQDJOHGDXGXELQXRYMHNXLULQX0XNDUFXMHVYLMHWVUFHDHQLVUFH
VYLMHW
HQDMHDQHRRELWHOMLELODRQDPDMNDVXSUXJDLOLVHVWUDRQDMHPLORYDQMH
LYRWDEODJRVWOMXEDYLXOLYHQDXQDSRUHRGEOMHVDNGREURWHQDSRMHGLQFXNRMD
XMHGQREGLMHQDGRYMHDQVWYRP
HQDMHRYMHNRYDEXGXQRVW
HQDMHLVWRWROLNRMDNDNDRLPXNDUDFHVWRLMDD
HQDMHQDMEROMDSUDWLOMD]DLYRW
HQDMHVUHGLWHVYLMHWD
HQDMHVXSUXJXRQRWRRQL]QMHXLQL
HQDMHXGDYQRMNDRLEOLRMSURORVWLHHQHJRPXNDUDFELODSURGDYDQD
NDRURELQMDLOLUD]PMHQMLYDQD]DVWYDULLOLQRYDF
HQDMHXSULYLGQRMHPDQFLSDFLMLRVLPNXKDHGRELODLORSDWX
HQDMH]DJRQHWNDLMHVHUMHHQMH]RYHPDWHULQVWYR
HQDSRVOMHGQMDQDSXWDPXNDUFDDNLSRVOLMHQDGH
HQDVHNRPSOLPHQWLPDPRHREUDGRYDWLDOLQHL]QHQDGLWL
HQHNRMHWUDHLVWDSUDYDNDRLPXNDUFLXVYDNRPVXVOXDMXL]QHQDXMXH
VNURPQH
HQHRELQRLPDMX]DGQMXULMHMHUVHPXNDUFLQLHJDYLHQHPRJXVMHWLWL
HQHSULYODHOMXGLNRMLUD]PLOMDMXDOLMRYLHRQLNRMLPLVOLSURYRGHX
GMHOR

PXNDUDF
NRMHJVHQLMHXGDOD
VYLMHW
HQDMHVUHGLWHVYLMHWD
VNURPQH
GMHOR

PXNDUDF
NRMHJVHQLMHXGDOD
VYLMHW
HQDMHVUHGLWHVYLMHWD
VNURPQH
GMHOR
DMQDSUDYHFLYLOL]DFLMHOHLXXWMHFDMXGREULKPDMNL
7
PXNDUDF
NRMHJVHQLMHXGDOD
VYLMHW
HQDMHVUHGLWHVYLMHWD
VNURPQH
GMHOR

HQHVHHVWRXGHWRPXNDUFLVYH]DERUDYHDPXNDUFLVHXGHHJDVH
HQHVMHDMX
HQHVXOMXEDYQLFH]DPODGHPXHYHSULMDWHOMLFH]D]UHOHEROQLDUNH]DVWDUH
HQHYROHNROLNRPRJXPXNDUFLNROLNRKRH
HQHYROHSRELMHHQHDOLLKYDUDMXVSREMHGQLFLPD
HQVWYHQRVWMHRVRELQDNRMXNRGHQDQDMYLHFLMHQLP
p0XNDUDFNUDOMXMHHQDYODGD
0XNDUDFVHODNRPRHGRNXLWLDHQDVYRMXWDMQXQHRWNULYD
0XNDUDFYROLPDORLXHVWRHQDPQRJRLULMHWNR
0XNDUFLNRMLWYUGHGDVXQHSULNRVQRYHQHJD]GHXNXLODXLXGUXJLP
SULOLNDPD
0XNDUFLNRML]QDMXVDHQDPDRQLVXLVWLNRML]QDMXNDNRLYMHWLEH]QMLK
0XNDUFLPRUDMXLPDWLRNRVHEHHQHXSURWLYQRPQHPLQRYQRSRVWDMX
EDUEDUL
0XNDUFLVWYDUDMX]DNRQHDHQHRELDMH
0XNDUFLVXXWXLPDHQHXVYRMLPVWYDULPDQDMEROMLGLSORPDWL
1DMOMHSLKUDPRYMHDQVWYDMHVUFHMHGQHHQH
1HSUDYLPUD]OLNXL]PHXPXNDUDFDLHQDHQDVHWUHEDRVMHDWLQHRYLVQR
NDRLPXNDUDF
=DPXNDUFDOMXEDYMHVDPRID]DXUD]YRMXQMHJRYDELD]DHQXMHELW
LYRWDQHERLSDNDR
HQHVMHDMX
SULOLNDPD
EDUEDUL
NDRLPXNDUDF
LYRWDQHERLSDNDR

HQHVMHDMX
SULOLNDPD
EDUEDUL
NDRLPXNDUDF
LYRWDQHERLSDNDR

HQHVMHDMX
SULOLNDPD
EDUEDUL
NDRLPXNDUDF
LYRWDQHERLSDNDR

29-(..$2'5879(12%,(

'RPRLHVHOMXGLVYHPLUVNLKPHWD
,XVSRVWDYLWLSXWRYHRGSODQHWDGRSODQHWD
6DPRHMRSUHRVWDWLGDVHXVSRVWDYL
1DMGDOMLSXWRYRJYLMHND
GRYMHNDGRRYMHND
2
8MHYL

2GRYMHNDGRRYMHND
8MHYL
29-(..$2'5879(12%,(

29-(..$2'5879(12%,(

GRYMHNDGRRYMHND
2
8MHYL

2GRYMHNDGRRYMHND
8MHYL
29-(..$2'5879(12%,(

RYMHDQVWYROMXGLPDVDQDURG
p$NROMXGHHOLWHSURPLMHQLWLPRUDWHLKYROMHWL
NROMXGLQHHOHSRVWDWLUWYDVYRMHYODVWLWHGMHMHSDPHWLPRUDWHXVYLP
$
PRQLP]HPOMDPDVYLMHWDQDXLWLGDQHPLVOHQDSRMHGLQHVNXSLQHOMXGLYH
QDRYMHND
$NR]QDGDMHMDRYMHNXVYHQH]DGDMPXQLNDGDEROL
%XGLPREDUHPWDNRGXJROMXGLGRN]QDQRVWQHRWNULMHGDVPRQHWRGUXJR
RYMHDQVWYRMHLSDNMRMHGQRPVSDHQR1HXNOMXXMXLUWYH
RYMHDQVWYRMHRGXYLMHNELOROXGRLOLEDUHPQHNRYULMHPH
RYMHDQVWYRMHRGXYLMHNWHLOR]DMHGLQVWYHQLPXUHHQMHP
RYMHDQVWYRQHGRSXWDGDPXVHRGX]PHLMHGQD]DEOXGDNRMDPXMH
NRULVQD2QRELYMHURYDORLXEHVPUWQRVWDNRELL]QDORGDMHQHPD
RYMHDQVWYRQLMHWUHEDORSDVWLXVXPQMXGDVXQMHJRYLOXRQRHLVWRGREQRL
QMHJRYL]DJOXSOMLYDL
RYMHDQVWYRSRMHGLQFDRVXXMHQDVPUWQXND]QXLWLPHLQLJRUL]ORLQRG
RQRJDNRMLMHSRLQMHQSURWLYQMHJDWDNRWRRQHPRJXXMHSRSUDYDN
RYMHNVHPRHPQRJRWRJDRGUHLVDPRQHOMXGL,GRNMHVYHSXQRVXPQMH
VDPRVHOMXGLGUHLQHHGDVHVORPH
)LQLOMXGLVXRQLNRMLSRVWDMXSURVWLVDPRXILQRMRNROLQL
*RVSRGDUVNXGMHODWQRVWPRHPRVYHVWLQDWULULMHLOMXGLSURL]YRGLGRELW
/MXGLVWRMHQDSUYRPPMHVWX$NRQLVXXGREURPWLPXRGSUHRVWDODGYD
LPEHQLNDQHPDSXQRNRULVWL
.DGRYMHDQVWYRQH]QDWRHVXWUDSULKYDDVHRLYOMDYDQMDPUWYLK
.DNRELELORODNRYODGDWLVYLMHWRPGDVHQHVDVWRMLRG
.DNRPDOLVYLVLQHJOHGDMXQDYHOLNHNDGDLPVMHGH]DYUDWRP
.RGOMXGLQLWDQLMHQHPRJXHNDNRXGREUXWDNRLX]OX
.RGYHOLNLKVHVWYDULOMXGLSRND]XMXRQDNYLPDNDNRVHRGQMLKRHNXMHDNRG
PDOLKVWYDULRQDNYLPDNDNYLMHVX
.ROLNRJRGVDPSXWD]DDRPHXOMXGHXYLMHNVDPRVMHWLRGDVDPSRQHWR
L]JXELRRGVYRMHOLQRVWL
/DNHVHQDOD]HOMXGLNRMLVHGUDJRYROMQRL]YUJDYDMXVPUWLQHJRNRMLVWUSOMLYR
SRGQRVHERO
/MXGHQLMHMHGQRVWDYQRPLMHQMDWL1HSUHSLULVHLQHSULJRYDUDMSULJRYRU
MHNDRNREULQXJUL]
/MXGHRFMHQMXMSUHPDQMLKRYXXVSMHKXDQHSUHPD]DVOX]L
$NROMXGLQHHOHSRVWDWLUWYDVYRMHYODVWLWHGMHMHSDPHWLPRUDWHXVYLP
QDRYMHND
QMHJRYL]DJOXSOMLYDL
SRGQRVHERO
MHNDRNREULQXJUL]

$NROMXGHHOLWHSURPLMHQLWLPRUDWHLKYROMHWL
p
QDRYMHND
QMHJRYL]DJOXSOMLYDL
SRGQRVHERO
MHNDRNREULQXJUL]
QDRYMHND
QMHJRYL]DJOXSOMLYDL
SRGQRVHERO
MHNDRNREULQXJUL]

/MXGLEH]]DKWMHYDVXQHWRVWUDQRMHURQLNRMLQLWDQHWUDHQLWDQLQH
GDMX
/MXGLEMHHMHGQLGUXJLPDMHUVHERMHMHGQLGUXJLK
/MXGLJOHGDMXUD]OLLWRQDSLWDQMDSRVWRMHOLVWYDUDQDLDSVROXWQDPMHULOD]D
PXGURVW6YDNRGUXWYRLPDRGUHHQDPMHULODRWRPHWRPXVHLQL
QRUPDOQLPUD]XPQLPLOLPRUDOQLP7DVHPMHULODPRJXUD]OLNRYDWLRG
PMHULODQHNRJGUXWYD
/MXGLLPDMXMHGQXPDQXNRMDLKVSUHDYDGDGMHOXMXQHRVMHDMX]DWRVX
VSRVREQL
/MXGLNRMLLPDMXKUDEURVWLLNDUDNWHUDGUXJLPVXOMXGLPDXYLMHNQHXJRGQL
/MXGLNRMLHOHYULWLXWMHFDMQDGUXJHPRUDMXVHSREULQXWL]DWRGDLKVHQH
PRHSUHHVWRYLGMHWL
/MXGLQHELWROLNRPLVOLWLRWRPHWRLPMHLQLWLNROLNRRWRPHWRMHVX
/MXGLQLVXPXGULXRGQRVXQDVYRMHLVNXVWYRYHXRGQRVXQDVYRMX
VSRVREQRVWGDXHL]LVNXVWYD
/MXGLRGUHXMXVYRMLGHQWLWHWSRRQRPHWRQLVX
/MXGLSUHGVWDYOMDMXOMXGH
/MXGLVHGDMXWDNRODNRSUHYDULWL
/MXGLVHVXVUHXDQHSODQLQH
/MXGLVXERJRYLX]DPHWNX
/MXGLVXRGUDVOLGDREUDXQDMXVGXJLPOMXGLPDDOLQHLVSUREOHPLPD
/MXGLVXURHQLMHGQL]DGUXJHSDLK]DWRSRXLLOLLKSRGQRVL
/MXGLVXVDPRYLHLOLPDQMHUD]XPQLWMUD]XPQLXQHNLPSRJOHGLPDD
QHUD]XPQLXGUXJLPD
/MXGLVXVYHYLHLQGLIHUHQWQLMHGQLSUHPDGUXJLPDLSUHPD]DMHGQLFL
/MXGLVXWROLNRSULSURVWLLWROLNRRYLVHRGRMPXWUHQXWNDGDHQHWNRWNRLK
HOLSUHYDULWLXYLMHNQDLQHNRJDWNRVHGDSUHYDULWL
/MXGLYLHYROHEXGXXNDWDVWURIXQRUWYHNRMHELWUHEDORRGPDKSRGQLMHWL
/MXGLPDQHSRPDHPRDNR]DQMLKLQLPRRQRWRPRJXVDPLXLQLWL
/MXGLPDVHRGDMHSUHYHOLNDDVWNDGDLKVHXVSRUHXMHVDHWYHURQRFLPD
/MXGLPDVX]DVDPRRGUHHQMHLPRWLYDFLMXSRWUHEQLQHSULMDWHOMLWDNPDFLX
SRVOXVXSDUQLFLXSRVWLJQXLPDSURWLYQLFLXSROLWLFL3ULURGQRQHYMHUXMX
RQLPDNRMLVXGUXNLMLLNRMLLPWRERHPRJXQDQLMHWLWHWXYLGHLKNDR
SULMHWQMX
/MXGVNDSULURGDLPDVYRMHJUDQLFHRQDMHNDGUDSRGQLMHWLUDGRVWMDGERORYH
VDPRGRRGUHHQRJVWXSQMD
GDMX
PMHULODQHNRJGUXWYD
VSRVREQL
PRHSUHHVWRYLGMHWL
QHUD]XPQLXGUXJLPD
SULMHWQMX

GDMX
PMHULODQHNRJGUXWYD
VSRVREQL
PRHSUHHVWRYLGMHWL
QHUD]XPQLXGUXJLPD
SULMHWQMX

GDMX
PMHULODQHNRJGUXWYD
VSRVREQL
PRHSUHHVWRYLGMHWL
QHUD]XPQLXGUXJLPD
SULMHWQMX

0HXVREQRVHXSR]QDWL]QDLVSR]QDWLNROLNRVPRMHGQLGUXJLPDVWUDQL
0LVPRQLWD2QRWRWUDLPRMHVYH
0QRJRWRJDPRHPRSURLWDWLQDOMXGVNRPOLFX
1DMEROMHVUHGVWYR]DRVOREDDQMHVWUDKDRGOMXGLMHSR]QDYDQMHOMXGL
1DMEROMLQDLQGDOMXGH]DLQWHUHVLUDPR]DVHEHMHELWL]DLQWHUHVLUDQ]DQMLK
1DMEROMLREQRYLWHOMLNRMHMHVYLMHWLNDGDYLGLRVXRQLNRMLSRLQMXNRGVDPLK
VHEH
1DMYHDNULYLFDOMXGLMHXWRPHWRVHXVYDNRPWUHQXWNXPRJXLQHPRUDMX
RNUHQXWL1DMYHDQHVUHDOMXGL]DSUDYRVHVDVWRMLXWRPHWRVHQRJDPDL
UXNDPDPRUDMXRSLUDWLLRGXSLUDWLRNULNRMLQRVH
1DPDVXGDQDVYLHQRLNDGDSRWUHEQLUD]XPQLOMXGLOMXGLNRMLYLHQH
YMHUXMXXDUREQXPROMXGVNRJEDMDQMDWRMHVWEUEOMDQMDLOLNDNRGDVH
L]UD]LPUHWRULNHGDNOHWDNYLOMXGLNRMLLPDMXVPLRQRVWLGDEXGXGRVOMHGQLSR
VYDNXFLMHQXNRML]QDMXWRKRH
1DHRYMHDQVWYRQLMHXRSHWDNRPDWHULMDOLVWLNRNDNRVHWRVWDOQRWYUGLX
QHUD]XPQLPQDNODSDQMLPD3UHPDRQRPHNDNRVDPXSR]QDROMXGHMDVQRPL
MHGDPHXQMLPDLPDSXQRYLHLGHDOQRJKWLMHQMDQHJRWRGROD]LGR
L]UDDMD
1HHPRVHQLNDGGRYROMQRQDXLWLGDVYLOMXGLLYHNDRGDQLWNRQH]QD
1HNXM]ODVYRPEOLQMHPXGRNRQEH]VWUDKDERUDYLNRGWHEHLVDXYDM
UD]ERULRSUH]
1HPRHELWLWDNRUDYLKLUXQLKVWDEDODLOLLYRWLQMDNDRWRPRHELWLUDYLK
LUXQLKOMXGL
1HPRHSRSUDYLWLOMXGHGUXJDLMHQHJRLKGDLKSULNDHRQDNYLPDNDNYL
MHVX
1HNDWHERJXYD]OLKDGREULKVHVDPXYDM
1HNLOMXGLHOHXYLMHNEOLVWDWLLDNRQHPDMXSRMPD
1HNLVHOMXGLSUHGGUXJLPDSUDYHWRMHPRJXHPDQMLPDNDNRELRVWDOLYHL
RGQMLK
1HNLVXOMXGLNDRYRHXSRHWNXVXVODWNLSRVOLMHVHSRNYDUH
1HPDQLMHGQRJVWYRUHQMDNRMHQLMHLURGXVWRERP
1LMHGRYROMQRJRYRULWLRVWYDULWUHEDJRYRULWLOMXGLPD
1LVDPXVWDQMXVKYDWLWLURGOMXGVNLRWNXGPXWDNRPDOR]GUDYDUDVXLYDQMD
GDVHWDNREOHVDYRMDYQRVUDPRWL'RGXHVYDNLPGDQRPSULPMHXMHPVYH
MDVQLMHNROLNRMHEXGDODVWRGUXJHVRERPPMHULWL2QRWRPHQDMYLHSHHWR
VXJUDDQVNLRGQRVL
VHEH
L]UDDMD
UD]ERULRSUH]
LUXQLKOMXGL
MHVX
RGQMLK
VXJUDDQVNLRGQRVL

VHEH
L]UDDMD
UD]ERULRSUH]
LUXQLKOMXGL
MHVX
RGQMLK
VXJUDDQVNLRGQRVL
VHEH
L]UDDMD
UD]ERULRSUH]
LUXQLKOMXGL
MHVX
RGQMLK
VXJUDDQVNLRGQRVL

1LWDWROMXGLSURQDOD]HQLMHORHVDPRRQRWRRQLRGWRJDQDSUDYH
2OMXGLPDPLVOLPQDMJRUHSDWDNRLRVHELDMDVHULMHWNRYDUDP
2QRWRLYRWLQLYULMHGQLPLYOMHQMDVXVUHWLVXVOMXGLPD
3RH]LMDYMHUDXOMHSRWXYMHUDXOHJHQGXRSWLFLNRMDQDVPRHSUHQLMHWLX
GDOHNHQHSR]QDWH]HPOMHJGMHVXOMXGLVUHWQLLPXGULJGMHVXVYODGDOLVXURYX
GLYOMLQXQDUDYLJGMHVXVSR]QDOLWR]QDLRYMHQRVWJGMHSRWXMXPLULPU]H
RUXMHJGMHWUDMHRQDMWUHQXWDN]DNRMLELVHYULMHGLORURGLWLL]DNRMLELRYMHN
SRHOLRGDSRWUDMHXYMHQRVW
3RQHNDGPRHELWLOMXGLPD]DLVWDGREDUSDLSDNRGQMLKSULPLWLPDOR
3RVWRMHGYLMHRVQRYQHYUVWHSR]QDWLKOMXGLRQLNRMH]QDPRLRQLNRMHEL
WUHEDOL]QDWL3RVWRMHOMXGLNRMLVXWDNREH]QDDMQLGDQHPDMXQLORLKQL
GREULKVWUDQD
3RVWRMLHWLULYUVWHOMXGL
x SUYLNDXPRMHMHPRMHDWYRMHMHWYRMHWRVXSURVMHQL
x GUXJLNDXPRMHMHWYRMHDWYRMHMHWYRMHWRVXQHXNL
x WUHLNDXPRMHMHWYRMHDWYRMHMHPRMHWRVXSRERQLL
x HWYUWLNDXWYRMHMHPRMHDPRMHMHPRMHWRVX]ORWYRUL
3RVWRMHVLJXUQROMXGLNRMLVXVUHWQLWRQLVXVYRMLYODVWLWLYMHURYQLFL
3RWLLOMXGHQDYUOLQHPRGDHLKVWYDUQRSURQDLXVHEL
3RWUHEQLMHMHSURXDYDWLOMXGHQHJRNQMLJH
3UHYHOLNLEURMOMXGLQHHOLVKYDWLWLGDVHVWYDUQDNRPXQLNDFLMDWHPHOMLQD
UHFLSURFLWHWX3UYRVXOMXGLUDVWDYOMDOLDWRPVDGDDWRPUDVWDYOMDOMXGH
6DGDQMHVWDQMHRYMHDQVWYDDSVROXWQRQHPRJX]DPLVOLWLNDRRQRSUL
NRMHPXELPRJORRVWDWLDSVROXWQRJDQHPRJX]DPLVOLWLNDRFLMHORL
SRVOMHGQMHQMHJRYRRGUHHQMH8VDGDQMHPPRMDGXDQHPRHXKYDWLWL
PMHVWDQLWLPRHMHGDQDVPLURYDWLRQRMHQHRGROMLYRRGELMD]DEXGXLPL
EROMLPQH]DXVWDYOMLYRLGHFLMHOLPRMLYRW
6DPRGUXJLOMXGLPRJXLVSXQLWLQDLYRW$NRVPRPXPLMHGLQLVDGUDMRQ
RVWDMHSUD]DQ
6DPRNRGLYRWLQMDPRHPRELWLVLJXUQLGDHELWLEROMHWRVPRPLEROML
SUHPDQMLPD.RGOMXGLWRQLMHVOXDMYHHVWRREUQXWR
6DPRPDOLEURMOMXGLLYL]DSUDYRXVDGDQMRVWLYHLPDVDPRLPDQDPMHUX
MHGQRPLVWLQVNLLYMHWL
6PHWDOLVXPHPRMLEOLQMLJRGLQDPD'ROD]HLSRVMHXMXRYMHNNDGDWR
QMLPDQDMEROMHRGJRYDUD
RVWDMHSUD]DQ
GREULKVWUDQD

GREULKVWUDQD
RVWDMHSUD]DQ

RVWDMHSUD]DQ
GREULKVWUDQD

6YLELUDGLMHSUHREUDWLOLGLRVYLMHWDQHJRVDPLVHEH
6YLVXOMXGLGRQHNOHVNORQLVPDWUDWLL]RSDHQRVWRQRWRQHUD]XPLMX
6YLVXOMXGLMHGQDNLSRVYRMLPGDURYLPDVDPRXYMHWLLQHUD]OLNX
6YLVXOMXGLVDPRSUDKLSHSHR
6YLVXOMXGLVSUHPQLXLQLWLQHYMHURMDWQRDNRVXXJURHQLQMLKRYLLGHDOL
WROMXGLYLHSODQVNLSRVWXSDMXWRLKVOXDMQRVWHILNDVQLMHPRHSRJRGLWL
7NRMHRGOXLRLQLWLGREURQHVPLMHRHNLYDWLGDHPXOMXGL]ERJWRJD
VNODQMDWLNDPHQMHVSXWDYHPRUDELWLVSUHPDQQDWRGDHPXSRVWDYOMDWL
GRGDWQR
8SR]QDMOMXGH=QDOLXRSHNDNRXVWYDULL]JOHGDOLFHWYRMHJEOLQMHJ"
9HLQDOMXGLMHORD
9HLQDOMXGLQHSR]QDMHVHEHQLWLQH]QD]DVYRMHVNULYHQHPRJXQRVWL
8]URFLWDNYRPRGQRVXSUHPDVHELVDPRPHQDOD]HVH]DRELODHQMXGUXWYHQLK
QDJUDGDLSUL]QDQMDGUXWYHQLPSUHGUDVXGDPDLGUXWYHQLPVWHUHRWLSLPD
6WRJDPQRJLRGXVWDMXRGSXWDNDNWXDOL]DFLMLPLUHVHVDVXGELQRPL
GR]YROMDYDMXGDSURSDGDQMLKRYWDOHQWLGRPHWL
9HOHJUDDQLVXOMXGLNRMLVXVHVDVHODSUHVHOLOLXJUDGNDNRELWHNRUDGLOLGD
VHMHGQRPL]JUDGDPRJXYUDWLWLQDVHOR
9HOLNLPOMXGLPDVXGLYULMHPHSURVMHQLPDRNROLQD
9LGLPQHNHOMXGHQHJRYRUHPLQLWD1HSUDYHPL]QDNRYH3RUHGRLMX
NRMHQLWDQHNDXMDLKUD]XPLMHP
=DSUDYRPLQHNRULVWLQLWDWRNRULVWLVDPRPHQLYHRQRWRNRULVWLGUXJLP
OMXGLPD]DMHGQLFLGUXWYX
LYLPRXYUHPHQXXNRPOMXGLQH]QDMXWRKRHDOLLQHVYHGDWRGRELMX
p'REURMHNDGQDURGSUHGVWDYOMDMXSRMHGLQFLDQHREUDWQR
,]QDGQDURGDMHOMXGVNRVW
.DGDVHQDURGQRVWYHX]GLJODQDUDQJERDQVWYDRQGDMHQDVDWXOMXGVNH
SDPHWLRWNXFDODSRQR
1DGQDURGRPQHLPDVXYHUHQD
1DURGMHYHLRG$ODKD
1DURGMHYHOLNNDGGDMHYHOLNHOMXGH
1HPD]HPOMHEH]QDFLRQDOQHRVQRYHEH]L]UD]LWHGXHEH]]DMHGQLNRJ
PRUDOQRJSHDWDLWUDGLFLMH
2GQDMYHHJVYRJVLQDQDURGMHMRYHL3RQHNDGVHXJODVXQDURGDXMH
JUPOMDYLQDQHEHVDXWQMDQDURGDMHRSRPHQDNUDOMHYLPD
YLELUDGLMHSUHREUDWLOLGLRVYLMHWDQHJRVDPLVHEH
6
GRGDWQR
9HLQDOMXGLMHORD
SDPHWLRWNXFDODSRQR
1DURGMHYHLRG$ODKD

GRGDWQR
9HLQDOMXGLMHORD
SDPHWLRWNXFDODSRQR
1DURGMHYHLRG$ODKD
GRGDWQR
9HLQDOMXGLMHORD
SDPHWLRWNXFDODSRQR
1DURGMHYHLRG$ODKD

RPRYLQDURGROMXEOMH
G
p'RPRYLQDQLMHWDPRJGMHVHVWDQXMHYHWDPRJGMHVHYROLLJGMHMHRYMHN
YROMHQ,QDM]DVOXQLML]DKYDOMXMHGRPRYLQLYLHQHJRRQDQMHPX
2QDMMHXGXELQLGXHYMHUDQNRMLGRPRYLQXYROLNDRWL
9HVHVURHQMHPLPDGXJSUHPDGRPRYLQLNRMHJVHRYMHNQLNDGDQHPRH
RVORERGLWLXSRWSXQRVWL
oXYDMVHRQLKNRMLPDMHURGROMXEOMH]DQDW
GRPGUXWYHQRVWGUXWYRGUXJL
p1HNDWYRMGRPEXGHVDVWDMDOLWHPXGULK
=DPDK]ERJNRMHJOHWLPRWRMHQDYHOLNLSRVMHGRYMHDQVWYDNRMLVYDWNR
LPD
'UXWYRL]RELOMDMHGQLLPDMXSUHYLHDGUXJLPDMHVYHJDGRVWD
9LLGUXWYHQLXUHDML]JOHGDPLRQDMXRNYLUXNRMHJDQHHELWLJOXSRVWL
6YDNDGUXWYHQDIXQNFLMDLVWRGREQRMHGUXWYHQDILNFLMD
6DPRRQDMSRMHGLQDFVDPRRQDVWUDQNDLOLVDPRRQRGUXWYRNRMHMHGR
VYRMLKL]ERUDGRORSURPLOMDQMHPUD]OLLWLKJOHGLWDLNRMHQHRGEDFXMH
VOLMHSRVYHGUXJHPRJXQRVWLPRHVHRVMHDWLVLJXUQLPLVQDQLP
3RWURDNRGUXWYR]QDLRGUHLVHRGULFDQMD
pRYMHNMHRQDNDYNDNYRMHGUXWYRXNRPHVHNUHH
2QDMWNRHOLSRSUDYLWLWUHEDSRHWLRGVHEH
%H]GUXWYDLVGUXWYRPOMXGLQLVXQLNDG]DGRYROMQL
.DGDQHNLSRMHGLQFLXGUXWYXVWMHXQHNXSUHGQRVWGRELYDMXPRJXQRVWGD
SURLUHSURVWRUVYRMHUDVSURVWUDQMHQRVWL
'DQDQMHSVLKLNHLIL]LNHWRUWXUHQDGPDXMXLQDMPDWRYLWLMH%RULMH
'UXWYHQRVWOMXGLQH]DVQLYDVHQDOMXEDYLSUHPDGUXWYXQHJRQDVWUDKXRG
XVDPOMHQRVWL
'UXWYRNRMHFLMHQLQHVODJDQMHPRUDSUXLWL]DWLWQHPMHUHRQLPDNRMLJD
L]UDDYDMX
'UXWYRMHYHLQDSRYH]DQDLQWHUHVLPDNRMLLGXLSURWLYVDYMHVWL
'UXWYRELELORQHWRSUHNUDVQRNDGELVHOMXGLLVNUHQR]DQLPDOLMHGQL]D
GUXJH
'UXWYRMHXYLMHNGLQDPLNDFMHOLQDGYDMXLPEHQLNDHOLWHLPDVH
GUXJH
L]UDDYDMX
XVDPOMHQRVWL
DPRRQDMSRMHGLQDFVDPRRQDVWUDQNDLOLVDPRRQRGUXWYRNRMHMHGR
6
GRPRYLQDURGROMXEOMH
QDMMHXGXELQLGXHYMHUDQNRMLGRPRYLQXYROLNDRWL
2
LPD

GRPRYLQDURGROMXEOMH
2QDMMHXGXELQLGXHYMHUDQNRMLGRPRYLQXYROLNDRWL
LPD
6DPRRQDMSRMHGLQDFVDPRRQDVWUDQNDLOLVDPRRQRGUXWYRNRMHMHGR
XVDPOMHQRVWL
L]UDDYDMX
GUXJH
GUXJH
L]UDDYDMX
XVDPOMHQRVWL
DPRRQDMSRMHGLQDFVDPRRQDVWUDQNDLOLVDPRRQRGUXWYRNRMHMHGR
6
GRPRYLQDURGROMXEOMH
QDMMHXGXELQLGXHYMHUDQNRMLGRPRYLQXYROLNDRWL
2
LPD

p%XGLGUXWYHQDOLLPDMXYLGXGRNMHGQLVPDWUDMXGDVHXOMXGVNRM
SRYLMHVWLQLWLMHGQDMHGLQDLGHMDQLMHPRJODRVWYDULWLEH]VQDQHGUXWYHQH
NRKH]LMHGUXJLVXPLOMHQMDGDVRFLMDOQHVNXSLQHQHSRVMHGXMXQLNDNYH
]DMHGQLNH]QDDMNHQDJRQHVPHWQMHSRXGHVQRYHRVMHDMHLOLVWYDUDODNH
VSRVREQRVWLWHGDVDPRSRMHGLQDFPRHXGMHWLSRWLVNLYDWLVQLYDWLPLVOLWL
RVMHDWLMHGQRPULMHMXL]UDDYDWLXDUWLNXOLUDQLPREOLFLPD
p%H]GUXJLKQLWLWLQHSRVWRML7LQLVLQLWDEDQLWDEH]GUXJLK
3RVWRMLPVDPRVGUXJLPDVDPQLVDPQLWD

-DYQRVWQHPDQLVUDPDQL]DKYDOQRVWL
-DYQRPLOMHQMHMHXYLMHNLVSUHG]DNRQD
-DYQRPQLMHQMHVOLQRMHGXKXQLWNRJDQLMHYLGLRDOLVYLGRSXWDMXGDLK
WLUDQL]LUD
p-DYQRPQLMHQMHDSDWXVWDGRXVWD
-RQLWNRQLMHXVSLRRWNULWLRQXLVWLQLWXULMHNRMDEL]DVYLMHWOLODQDSRJUHEX
VYHJDWRVPRPLVOLOLGDMHXQDPDOMXGVNR
EDWLQDJHQHUDFLMDJRVSRGDULQWHOHNWXDOFLMDYQRPLOMHQMHPDMVWRU
2GQHNLKVHW]YLQWHOHNWXDODFDPRHNDNRVHLQLWUDLWLGDXLQHPRUDOQR
VDPRXERMVWYR
p0DVDMHGUXWYRVGRVWDRJUDQLHQRPRGJRYRUQRX
o,PDPGDWLEDWLQXOMXEOMHQLPVYRMLPDUL]QLFXXLPQDSXQLWL
p6YDNHVHPLQXWHUDDMHGQDQRYDJHQHUDFLMD
6YDNDJHQHUDFLMDVPLMXOMLVHRHYLPDVPLMHVHGMHGRYLPDDGLYLVH
SUDGMHGRYLPD6YDNRMJHQHUDFLMLSRWUHEQDMHQRYDJHQHUDFLMD
p1DMMHGQRVWDYQLMHMHGUXJRPHELWLJRVSRGDULOLVOXJDGUXJRPHDQDMWHH
EUDWLOLSULMDWHOM
'DQDVLQWHOHNWXDOFLQDUDYQRXUD]YLMHQLP]HPOMDPDLPDMXJODYQXULMHX
p
VYLPSRGUXMLPDLYRWDXJRVSRGDUVWYXNROVWYX]QDQRVWLNXOWXUL
XPMHWQRVWLSROLWLFL
+RHOLLNDGQHWNRSURJRYRULWLRSHUYHU]QLPSDWQMDPDQDLKGDQD
,QWHOHNWXDODFMHRVREDNRMDMHGRELODQDREUD]EXYHXRGVYRMHLQWHOLJHQFLMH
,QWHOHNWXDODFQLMHLQWHOHNWXDODFDNRQHL]QRVLMDYQRVYRMHPLOMHQMHLPVH
QDXLXWMHWLLOLODJDWLL]GDRMHLQWHOHNWXDOFDXVHEL
,QWHOHNWXDOFLVXMHGQLGUXJLPDPDQMHVNORQLQHJRGRPDLVWUDQFLPD
p'DQDVLQWHOHNWXDOFLQDUDYQRXUD]YLMHQLP]HPOMDPDLPDMXJODYQXULMHX
XPMHWQRVWLSROLWLFL
EUDWLOLSULMDWHOM
VDPRXERMVWYR
WLUDQL]LUD

WLUDQL]LUD
VDPRXERMVWYR
EUDWLOLSULMDWHOM
'DQDVLQWHOHNWXDOFLQDUDYQRXUD]YLMHQLP]HPOMDPDLPDMXJODYQXULMHX
p
XPMHWQRVWLSROLWLFL
p'DQDVLQWHOHNWXDOFLQDUDYQRXUD]YLMHQLP]HPOMDPDLPDMXJODYQXULMHX
XPMHWQRVWLSROLWLFL
EUDWLOLSULMDWHOM
VDPRXERMVWYR
WLUDQL]LUD

0RMHMHVNURPQRPLOMHQMHGDMDYQRVWQHPDSUDYDGDVHEDYLSLHYLP
LYRWRPQHJRVDPRQMHJRYLPGMHORP
7NRL]DHXMDYQRVWQHVPLMHRHNLYDWLL]DKWLMHYDWLRE]LU
oLPQHWNRXQHHPXSRVWDQHPDMVWRURPWUHEDRELXQHHPGUXJRPSRVWDWL
XHQLNRP
NROHNFLRQDULQDVOMHGQLFLVDVWDQFLVURGQLFLHIWLWXOH
o6DNXSOMDLVXOMXGLNRMLVNXSOMDMXULMHWNHVWYDULXQDGLGDHSRVWDWLMR
UMHH
p2GUHGLWLWNRMHELRGREDUEXU]RYQLPHHWDUPRJXVDPRQDVOMHGQLFL
oWRPDQMHWLRGJRYDUDGDEXGHQDVDVWDQFLPDWRHWHYMHURMDWQLMH
YRDQDWRYLHSULPRUDYDWL1DUDYQRGXOMLQDVDVWDQNDUDVWHVNYDGUDWRP
EURMDQD]RQLK
p-DVHJQXDPVYRMLKVURGQLND7RMHYMHURMDWQR]ERJWRJDGDQHPRHPR
SRGQLMHWLGDQHWNRLPDLVWHPDQHNDRLPL
o$NRVHRYMHNDHOLLVSUDYQRSURFLMHQLWLWUHEDVHXYLMHNSLWDWLHOLOL
RYRJD]DVYRJSUHWSRVWDYOMHQRJD"
oRYMHNMHQDGREURPJODVXDNRLVSXVWLVYRMHWLWXOH]DWRWRELJDXLQLOH
PDQMLP
PDQMLP
EURMDQD]RQLK
UMHH
XHQLNRP

XHQLNRP
UMHH
EURMDQD]RQLK
PDQMLP
PDQMLP
EURMDQD]RQLK
UMHH
XHQLNRP

29-(..$2(7,.2025$/12,632=1$-12%,(
29-(..$2(7,.2025$/12,632=1$-12%,(

29-(..$2(7,.2025$/12,632=1$-12%,(
29-(..$2(7,.2025$/12,632=1$-12%,(

DUJXPHQWLDVWLQGYRMED
p$NRLQMHQLFHQLVXXVNODGXVWHRULMRPPRUDMXVHRGVWUDQLWL
6WUDVW]DLVWLQRPQHLVNOMXXMHVSRVREQRVWGDRGODHVXGGRNVHQHSULNXSL
GRYROMDQEURMLQMHQLFD
p%ROMHMH]DVOXLWLSRDVWLDQHGRELWLLKQHJRGRELWLSRDVWLDQH]DVOXLWL
LK
DVWLNRQYHQFLMDVXHOHPHQWLRGNRMLKMHVD]LGDQRGUXWYRDODVOXLNDR
PRUW
p1DSRHWNXELMDHLQ
7NRL]EMHJDYDLQQLXNRMHPVOXDMXQLMHRVORERHQRGNULYQMH1LWNR
LVWRXQHSRVWLHUDYQRGXQRX
p$NRVLXGYRMELPXPOMDM.DGVLXQHYROMLQDLVH]DPMHQX
$NRVLXGYRMELX]GULVHLOLUHFLLVWLQX%XGLREMHNWLYDQXWUDHQMX
LVWLQH6XPQMDMXLGROD]LGRLVWUDLYDQMDLVWUDXMXLVSR]QDMHLVWLQX
'DRQRQDMVLJXUQLMHWUHEDL]OD]LL]VXPQMHWRMHQDMYLHWRVHRGVXPQMH
PRHWUDLWL
'YRMEDMHLVWRGREQRPXHQMHXPDLPDMND]QDQRVWL
'YRMEDMHSRWUHEQDSUDWLOLFDGRVLJXUQRVWL
'YRMEDNDGVHMHGQRPURGLQHSR]QDMHJUDQLFD
/XWDQMHMHVYRMVWYHQRRYMHNXQRVXPQMDPXMHMRVYRMVWYHQLMDMHURQD
QDVWXSDSURWLYOXWDQMDNRMHYUOXGD
0DQMHMH]ORVXPQMDWLQHJRXVSDYOMLYDWLVH]DEOXGRP
0L]DSUDYR]QDPRDNRPDOR]QDPR
6D]QDQMHPUDVWHLVXPQMD
6NHSWLFL]DPMHSRODJDQRVDPRXERMVWYR
6NHSWLNMHRYMHNNRMLVYRMLPRGJRYRULPDSRVWDYOMDSLWDQMD
6XPQMDMHSRWUHEQDSUDWLOLFDQDSXWXGRVLJXUQRVWL6XPQMDMHYUORHVWR
EHVNRULVQDSDWQMD
6XPQMDMHVRQGDYMHUH
6XPQMDPRUDELWLVDPREXGQRVWMHULQDHPRHSRVWDWLRSDVQRVW
6XPQMDMDOL]QDMJGMHGYRMEDJODGXMHYUDJMRMSUXLQHNL]DORJDM6XPQMD
MHRWURYSULMDWHOMVWYD*GMHYODGDGYRMEDWDPRMHLQHVLJXUQRVW
6XPQMDWLXVHEHSUYLMH]QDNLQWHOLJHQFLMH
6YHRQRRHPXSXQRUD]PLOMDSRVWDMHGYRMEHQR
LK
PRUW
p1DSRHWNXELMDHLQ
PRHWUDLWL
EHVNRULVQDSDWQMD
6XPQMDMHVRQGDYMHUH

LK
PRUW
p1DSRHWNXELMDHLQ
PRHWUDLWL
EHVNRULVQDSDWQMD
6XPQMDMHVRQGDYMHUH
$NRLQMHQLFHQLVXXVNODGXVWHRULMRPPRUDMXVHRGVWUDQLWL
p
LK
PRUW
p1DSRHWNXELMDHLQ
PRHWUDLWL
EHVNRULVQDSDWQMD
6XPQMDMHVRQGDYMHUH

HOMDGDVHRSHUHPRRGQHSUDYHGQHVXPQMHMHVWLOLVXYLQDLOLX]DOXGQD
o.DGDPLNROHJHGDMXNRPSOLPHQWHXYLMHNLPDPRVMHDMGDVDPQHJGMH
SRJULMHLR
p.UHSRVWMHVDPDVHELQDMOMHSDQDJUDGD
.UHSRVWVMDXWDPL
1HPDWHNUHSRVWLNRMXELMHGDQHNYDUL
WRNUHSRVWURGLWRSRURNXJXL
p6YLNULWHULMLYULMHGLVDPRX]QHNDRJUDQLHQMD
9HOLLQDSLVFDMHXNULWHULMX
p$NRMHOMHSRWDXQDPDOMHSRWDMHLVYXGDRNRQDV
NRPSOLPHQWNUHSRVWNULWHULMLOMHSRWD
$NROMHSRWXVKYDWL]QDLSRVMHGXMHMH
p
(WLNDMHEHVNRQDQRSURLUHQDRGJRYRUQRVWSUHPDVYHPXWRLYL
=QDQRVWLVND]XMHWRMHVWDHWLNDWRWUHEDLQLWL%H]VORERGHNRMDMH
VSR]QDMDQXQRVWLQHPDQLHWLNH
p,GHDOL]DPMHVSRVREQRVWYLGMHWLOMXGHRQDNYLPDNDNYLELPRJOLELWLNDGDQH
ELELOLWDNYLNDNYLMHVX
3RVWRMLQHWRWXQLMHRGUXHQMDYODVWLWLKLGHDODGDVPRLKGRVWLJOL
9HLQDMHOMXGLVSUHPQDXLQLWLQHYMHURMDWQRDNRVXXJURHQLQMLKRYLLGHDOL
p'REURMHLPHEROMHRGYHOLNRJERJDWVWYD
,PHHQDPVHVYUHPHQRP]DERUDYLWLLQLWNRVHQHHVMHDWLGMHODQDLK
,PHMHGLRELDLGXH
.DGDQHWNRMHGQRPVWHNQHLPHVDVYLPMHVYHMHGQRNDNRVH]RYH
6MHQDQDMYHHJLPHQDRVWDMHMRXYLMHNVDPRVMHQND
6YDNRPMHRYMHNXQMHJRYRLPHL]QLPQR]QDDMQR
p,PLGMHSRPMHULNURMHQDOXDNDNRXOMD
p,URQLMDQLMHRUXMHQHJRXWMHKDEHVSRPRQLK
o7NRVHLVSULDYDRSWXXMHVH
o7NRHOLQHWRXLQLWLQDLHQDLQD7NRQHHOLQDLHL]OLNX
o,]YMHVQRMHVYHRHPXMHUD]XPQRQHVXPQMDWL
HVWHWLNDHWLNDLGHDOLGHDOL]DPLPHLPLGLURQLMDLVSULNDL]OLND
L]YMHVQRVW
L]YMHVQRVW
p$NROMHSRWXVKYDWL]QDLSRVMHGXMHMH
,PHMHGLRELDLGXH
,]YMHVQRMHVYHRHPXMHUD]XPQRQHVXPQMDWL
o
.DGDPLNROHJHGDMXNRPSOLPHQWHXYLMHNLPDPRVMHDMGDVDPQHJGMH
o
SRJULMHLR
.UHSRVWVMDXWDPL

o.DGDPLNROHJHGDMXNRPSOLPHQWHXYLMHNLPDPRVMHDMGDVDPQHJGMH
SRJULMHLR
.UHSRVWVMDXWDPL
$NROMHSRWXVKYDWL]QDLSRVMHGXMHMH
p
,PHMHGLRELDLGXH
o,]YMHVQRMHVYHRHPXMHUD]XPQRQHVXPQMDWL
L]YMHVQRVW
L]YMHVQRVW
p$NROMHSRWXVKYDWL]QDLSRVMHGXMHMH
,PHMHGLRELDLGXH
,]YMHVQRMHVYHRHPXMHUD]XPQRQHVXPQMDWL
o
.DGDPLNROHJHGDMXNRPSOLPHQWHXYLMHNLPDPRVMHDMGDVDPQHJGMH
o
SRJULMHLR
.UHSRVWVMDXWDPL

,XGLMHOXOMHSRWHQDOD]LVHVYDOMHSRWD
/LMHSLPGMHYRMNDPDMHGRSXWHQRGDEXGXSRQRVQHQDVYRMGDU
/MHSRWDLVSXQMDYDVPLVDR2QDMHVPLVDR
/MHSRWDL]D]LYDGLYOMHQMH
/MHSRWDMHGXELQDSRYULQH
MHSRWDMHREHDQMHVUHH
/
/MHSRWDMHRVMHDMHPSRWHQFLUDQDLVWLQD
/MHSRWDMHXRGVXVWYXVXYLQRJ
/MHSRWDMHXQXWUDQML]DNRQSULURGH
/MHSRWDQLMHXGRDOLLQLXGD
/MHSRWDREX]GDYDVYDNXVUGEX

p%H]VORERGHQHPDPRUDOD9LHQDPQHGRVWDMHPRUDOQHKUDEURVWLQHJR
LQWHOLJHQFLMH1HPRUDOQRVWLQHSUHVWDOQD]DSRVOHQRVWQHLPGRYRGHGR
EHVPLVOHQRVWLGXHYQHEROHVWL
'YLMHVWYDULLVSXQMDYDMXGXXXYLMHNQRYLPLVYHYHLPXGLYOMHQMHPL
VWUDKRSRWRYDQMHPWRVHYLHLXVWUDMQLMHUD]PLOMDQMHEDYLQMLPD]YMH]GDQR
QHERQDGDPQRPLPRUDOQL]DNRQXPHQL
*GMHLPDPRUDODVYHMHMHGQDNRYDQR
+WMHOLVXRGELMHGHQDSUDYLWLYUOLQX7DNRMHQDVWDRPRUDO
,]PRUDODHQDVWDWLSROLFLMD
.UDMVYDNHXGRUHGQRVWLMHVWVDPRVYODGDYDQMH
0RUDOEUQMLFD]DYROMX
o0HGLWLUDQMHWUHEDSUDWLWLVYDNRLWDQMHLXHQMH3RGPHGLWLUDQMHPWUHED
VKYDWLWLXPRYDQMHLOLPHWRGLNRPLOMHQMH
WRMHOLMHSRVHELSRND]XMHVHJROR
o7NRMHPMHURGDYDQDQHPDDXWRULWHWDLVWRMHWDNRQHPRDQNDRLRQDMNRML
LPDDXWRULWHWDDQLMHPMHURGDYDQ
1DMYHDMDVQRDELODPLMHXYLMHNQDMYHDOMHSRWD
6YDNDMHOMHSRWDGRJDDM
WROLMHSR]YXLVXSURWVWDYOMDVHVYLPSUDYLOLPDJUDPDWLNHDWROLMHSR
L]JOHGDVYLP]DNRQLPDHVWHWLNH7DNRMHULMHWNDVORJDOMHSRWHLVWLGD
PHGLWLUDQMHPLVDRPMHURGDYQRVWPRUDO
RUDOEUQMLFD]DYROMX
0
/MHSRWDMHREHDQMHVUHH

MHSRWDMHREHDQMHVUHH
/
0RUDOEUQMLFD]DYROMX
RUDOEUQMLFD]DYROMX
0
, XGLMHOXOMHSRWHQDOD]LVHVYDOMHSRWD
/MHSRWDMHREHDQMHVUHH

0RUDOMHGQRJGUXWYDMHREUQXWRSURSRUFLRQDODQQMHJRYRMYHOLLQL6WRJDMH
VYDNLSRMHGLQDFNDGMHX]DMHGQLFLXL]YMHVQRPVPLVOXORLMLRYMHNQHJR
NDGDRGOXXMHVDP]DVHEHMHUQMHJDQRVL]DMHGQLFDXWROLNRMPMHULGDJD
RVOREDDQMHJRYHLQGLYLGXDOQHRGJRYRUQRVWLWRVXRUJDQL]DFLMHYHHWLPMH
QHL]EMHQLMDQMLKRYDQHPRUDOQRVWLVOLMHSDJOXSRVWSUHPDODWLQVNRM-DYOMDVH
QDJUDLYDQMHSURVMHQRVWL1DMJRUHMHSRGUDYDQMH,QWHJULWHWWDGDSRVWDMH
VWHULODQ
0RUDOVHQHQDPHHGUXJLPDRQMHXWHELDOLQHNDR]DNRQYHNDR
PRUDOQRELHEH]NRMHJDMHQHPRJX]DMHGQLNLLYRWXGUXWYX2QMH
LQVWLQNWLYQLUHJXODWLYSRVWXSDND0RUDOQL]DNRQLYDHPHXWLPVDPRXQXWDU
MHGQHOMXGVNHJUXSHNRMDLYL]DMHGQR
0RUDOLVWLPLVOLODFLGXUXNXSRGUXNX
0RUDOLVWLNRMLQHWRYULMHGLWRQLVXWRVYHVHOMHPMHUELWLPRUDOLVWNYDUL
NDUDNWHU,VWLVHNYDULMRYLHPRUDORPLMXQHLVNUHQRVWPRUDOLVWLPRUDMX
RWNULWL
0RUDOLVWLVXOMXGLNRMLVHHXWDPRJGMHGUXJHVYUEL
0RUDOQDVHSUDYLODVPDWUDMXVYHWLPDLRQMLPDVHQHUDVSUDYOMD8QMLPDMH
VDGUDQDQHSULNRVQRYHQRVWURGLWHOMDVWDULMHGMHFHLOLRGUDVOLKYHOLLQD
0RUDOQHVSRVREQRVWLRELQRVHFLMHQHLVSUDYRPYLHQHJRLQWHOHNWXDOQH
0RUDOQLVHLYRWQHPRHREMDVQLWLXPRP
0RUDOQRL]JUDHQRYMHNLVDPRWDMVDVYLPMHVORERGDQ
0RUDOQRMHELHRQRNRMHMHVSRVREQRUD]PLOMDWLRVYRMLPSUROLPUDGQMDPDL
QMLKRYLPSREXGDPDRGREUDYDMXLMHGQHLRVXXMXLGUXJHLEXGXLGDMH
VWYDUQRRYMHNMHGLQRELHNRMHPRGD]DVOXXMHWDMQD]LYXWRPHMHQDMYHD
UD]OLNDL]PHXQMHJDLQLLKLYRWLQMD
0RUDOQRQHJRGRYDQMHMHDXUHRODODQLKVYHWDFD2PRUDOX]QDPVDPRWROLNR
GDMHPRUDOQRRQRSRVOLMHHJDVHRVMHDWHDQHPRUDOQRRQRSRVOLMHHJDVH
RVMHDWHORH
2VREDVDVYRMRPYODVWLWRPPRUDOQRXQHWUHEDSRGUNXDXWRULWHWDQL
VXJODVQRVWGUXJLK,DNRMHWDNYDRVREDPRUDOQDQMHQHRFMHQHQLVX
RUWRGRNVQH=QDDMQRMHRVWYDUHQMHYUHGQRWD
3RHWDNMHPRUDOQHVQDJHXSUH]LUDQMXVPUWL
3URSRYLMHGDWLPRUDOMHMHGQRVWDYQRDOLREUD]ORLWLMHWHNR
5D]ELWLNRQYHQFLMHPRUDOD]QDLRVORERGLWLELHRGSULVLOQLKQRUPLYUHPHQD
6DPRPRUDOQLVDGUDMPRHMHGDQLQX]GLLGRR]ELOMQRVWL
0RUDOMHQDVLOMHDNDGQLMHRQGDMHKLSRNUL]LMD
0RUDOMHREUDPEHQDNDWHJRULMD
RUDOMHQDVLOMHDNDGQLMHRQGDMHKLSRNUL]LMD
0
RUDOMHREUDPEHQDNDWHJRULMD
0
VWHULODQ
RWNULWL
RVMHDWHORH
DPRPRUDOQLVDGUDMPRHMHGDQLQX]GLLGRR]ELOMQRVWL
6

VWHULODQ
RWNULWL
RVMHDWHORH
6DPRPRUDOQLVDGUDMPRHMHGDQLQX]GLLGRR]ELOMQRVWL
0RUDOMHQDVLOMHDNDGQLMHRQGDMHKLSRNUL]LMD
0RUDOMHREUDPEHQDNDWHJRULMD
RUDOMHQDVLOMHDNDGQLMHRQGDMHKLSRNUL]LMD
0
RUDOMHREUDPEHQDNDWHJRULMD
0
VWHULODQ
RWNULWL
RVMHDWHORH
DPRPRUDOQLVDGUDMPRHMHGDQLQX]GLLGRR]ELOMQRVWL
6

6DYMHVWDQRYMHNVHPRHRGXSULMHWLLVNXHQMXWHVHRVMHDNULYLPNDGD
SRJULMHL0RUDOQDSUDYLODMHXVPMHULRSUHPDVHELLQLMHVNORQRSWXLYDQMX
GUXJLK1MHJRYDVDYMHVWMHWDNRVQDQRUD]YLMHQDGD]ERJWRJDSRQHNDGWUSH
QMHJRYQDJRQVNLLYRWLVWYDUDODNDVQDJD
6WYDUQDVORERGDPRUDODSRVOMHGQMLMHSXWYODGDOD]DYULMHPH6SDUWHMHUVXELOH
QHSR]QDWHSRMDYHNDRVWYDUQLSUHOMXELQHYMHUDHQHL]DOHDPXX
p1LVLREYH]DQLQLWLQHPRJXH
RYMHNPRUDVDPVWMHLVYRMHSUDYRDNRQHHGDJDVPUYLJRPLODREYH]D
QDHODQDJDDQMHQDJRYRUQD]RULQHNRQYHQFLRQDOQRVWQXGD
REYH]HRGOXNHRGQRVLRGREUDYDQMHRIHQ]LYQRVWRSDVQRVWRVREQRVW
p8SRYLMHVWLRYMHDQVWYDYLHMHOMXGLXPUOR]DWRWRVXLPDOLQDHODQHJR
]DWRWRVXLPQDHODQHGRVWDMDOD
.DGDRYMHNNDHGDVHQDHOQRVQHLPVODHWR]QDLGDQHPDQLQDMPDQMX
QDPMHUXRVWYDULWLWRXSUDNVL1DHODVHPRJXSRVWDYLWLNDRSXWRND]L,OLNDR
YMHDOD
1DHORMHVWUDVW]DLVWLQRP
1HGRVWDWDNQDHODMHVWPR
2WNULYDQMHQRYLKQDHODGDNOHQHRPRJXDYDLVWRGREQRL]YRHQMHVYLK
PRJXQRVWLSULPMHQHNDNRSR]LWLYQHWDNRL]ORXSRWUHEH2VLPWRJDYHOLND
GMHODPRJXQDVWDWLVDPRWDGDDNRGRHGRQMLKRYHGLIX]LMHQDLUHPSODQX
3ULQFLSGRWMHUDQGRNUDMDSRVWDMHGRJPD
7NRLPDQDHODVPLMHSRQHNDGMHGQRL]DERUDYLWL8REUDQLQHNLKQDHODWUHED
WUDLWLGDVHSRWXMXQHNLGREULRELDML7UDLWLGDVHSRWXMXQHNHQRUPHWR
MRQH]QDLGDRYMHNSULMHWL
=DNUDMQMDQDHODQHSRVWRMHUD]OR]LRQRWRQLMH]DVQRYDQRQLQDMHGQRP
UD]ORJXQLMHGDQUD]ORJQHPRHX]GUPDWL
o0LMHGYDQDJDDPRWRMHQD]HPOMLLVPXNRPVSR]QDMHPRLRQRWRMHX
QDLPUXNDPD
p.DNRYDWUXXJDVLWLQDJRYDUDQMHP"
p/MXGLQLVXQLNDGWDNRGREULLOLWDNRORLNDRQMLKRYLQD]RUL
o1H]QDLGDMHQHWNRQHVWYDUDQVDPR]DWRWRSURPDWUDQHNRQYHQFLRQDOQR
VWYDULWDNRNDNRRQHGRLVWDL]JOHGDMXDQHNDNRVHSULLQMDMX
p1XGDMHLVSUHGUD]XPD
1XGDQHPD]DNRQD
1XGLVHYDOMDSRNRULWL
YMHDOD
QDLPUXNDPD
p1XGDMHLVSUHGUD]XPD
1XGDQHPD]DNRQD
1XGLVHYDOMDSRNRULWL

1LVLREYH]DQLQLWLQHPRJXH
p
YMHDOD
QDLPUXNDPD
p1XGDMHLVSUHGUD]XPD
1XGDQHPD]DNRQD
1XGLVHYDOMDSRNRULWL
YMHDOD
QDLPUXNDPD
p1XGDMHLVSUHGUD]XPD
1XGDQHPD]DNRQD
1XGLVHYDOMDSRNRULWL

2GOXNHOHHQDGQXWYRMLKPHQWDOQLKSURFHVD
p
.DGVHQDHPXQHPRJXRMVLWXDFLMLMDRQGDGRQRVLPRGOXNXGDMHEROMH
XLQLWLELORWRQHJRQLWD
2GOXDQRYMHNHVNOMXHPQD]DYUWDQMDXLQLWLYLHQHJRQHRGOXDQV
LWDYRPNXWLMRP]DDODW
2GOXQRVWXQHVUHLMHXYLMHNSRODSXWDGRVSDVD
p'REUHRGQRVHSRVWLHQDMEUHDNRVHJUDGLNDRGDLKYHLPD
p1HPRMPLVDPRRGREUDYDWLPLVOLVYRMRPJODYRP
p2IHQ]LYQRVWGDDJUHVLYQRVWQH
2IHQ]LYQRVWXYDDYDVXSDUQLND
o0RGDHWHNRXRLWLRSDVQRVWRVLPDNRQLVLRVREQRRWHHQ
p6YLMHWXVYRMRMLYRMVWYDUQRVWLMHFDUVWYROMXGVNHRVREQRVWLDQHUD]XPD
NRMLPDNROLNRJRGRQELRNRULVWDQLSDNQLMHVDPRYMHN
SUDNVDSULOLNHVMHQDVQRYLVWDYVWLGVXGELQD
p3UDNVDMHSRVOMHGQMLNULWHULMLVWLQH
UDNVDPRUDELWLJUDHQDQDGREURMWHRULML
3
8SUDNVLMHVWDOQL]DGDWDNRQDMNRMLVHVWDOQRQHREDYOMD
8YLGRGYRMHQRGSUDNVHRVWDMHQHGMHORWYRUDQ
p1HRSWXXMSULOLNHNDGVLVDPX]URNRPVYRMHEROL
p'DQHPDVMHQHWNRELPXELRSUDWLODF"
p*GMHVX]ODWQHSWLFHOMXGVNLKVQRYDSUHNRNRMLKVHWREH]EURMQLKPRUDL
YUOHWQLKSODQLQDGRQMLKGROD]L"
0LVPRJUDDRGNRMHVHSUDYHVQRYLLQDPDOLLYRWQDPMHVQRP
]DRNUXHQ
1HPRHVHRHNLYDWLGDYHLPDPRVOLNXXSDPHQMXNRMDELQDPRPRJXLOD
GDVDVWDYLPRGRJRGRYWLQHL]VQRYD6QRYLVHUD]YLMDMX]DYULMHPH
VD]ULMHYDQMD
1HPRMPLVOLWLGDVLVLURPDDQ]DWRWRWLVHQLVXRVWYDULOLVQRYLXLVWLQX
VLURPDDQMHRQDMWNRQLNDGDQLMHLPDRVQRYH
1LWNRQHVDQMDRQRWRJDVHQHWLH
2QRRHPXQHPRHPRVDQMDWLQLMHVWYDUQR2QRWRVDQMDPRVDPLRVWDMH
VDQ2QRWRVDQMDPR]DMHGQRSRVWDMHVWYDUQRVW
3RND]LYDQMHSXWDNRMLPGROD]LPRGRQHNHVSR]QDMHGRYROMQRMHGDGRNDH
NDNRRQDQLMHXURHQD
3UDNVDPRUDELWLJUDHQDQDGREURMWHRULML
]DRNUXHQ
VD]ULMHYDQMD
NDNRRQDQLMHXURHQD
p2GOXNHOHHQDGQXWYRMLKPHQWDOQLKSURFHVD
LWDYRPNXWLMRP]DDODW

2GOXNHOHHQDGQXWYRMLKPHQWDOQLKSURFHVD
p
LWDYRPNXWLMRP]DDODW
3UDNVDMHSRVOMHGQMLNULWHULMLVWLQH
p
]DRNUXHQ
VD]ULMHYDQMD
NDNRRQDQLMHXURHQD

]DRNUXHQ
VD]ULMHYDQMD
NDNRRQDQLMHXURHQD
p2GOXNHOHHQDGQXWYRMLKPHQWDOQLKSURFHVD
LWDYRPNXWLMRP]DDODW

6DQMHSXSDQDYUSFDVNRMRPMHLQGLYLGXDSRYH]DQDVDVYHPLURP
6DQMHVOLNDVPUWL
6DQMH]DRYMHNDLVWRNDRLQDYLMDQMH]DVDW
6DQQDGRNQDXMHVXNREHVYMHVWL
6QRYLVXVWYDUQRVWLNRMHQHHOH]DYULWLDVWYDUQRVWLVXVQRYLNRMLVX]DYULOL
6YRMHHPRVQRYHPRLRVWYDULWWHNNDGDVHRGOXLPRSUREXGLWL
WRVHQHPRHVDQMDWLQHVDGUDYDVWYDUQRVW8]DOXGVHERMLPRVQRYD
QDMJRULVDQQLMHQLWDXXVSRUHGELVDLYRWRP
pDUPMHQHYLGOMLYGLROMHSRWHEH]NRMHJQLWNRQHPRHELWL]DLVWDOLMHS
DUPQDLQNDNRRYMHNNDHGDDGDPXQLMHSRVWDYOMHQRRGUHHQRSLWDQMH
DUPMHQHVYMHVQRREHDQMH
p'RND]XMDOLDNRWYUGLPRUDLGRND]DWL
p$NRMDWHQHXLQLPWNRH$NRWRQHXLQLPRGPDKNDGX"
RYMHNQLMHVYMHVQRELHVDVORERGQRPYROMRPPRJXQRXVORERGQRJ
RGOXLYDQMDLRGJRYRUQR]DVYRMHSRVWXSNHGUXJLQHGLMHOHWDNYRPLOMHQMDL
VPDWUDMXGDRYMHNSRVMHGXMHSRVHEQDVYRMVWYRKWLMHQMHLOLYROMX0HXWLP
VYDWHRULMDJRYRULSURWLYVORERGQHYROMHVYDLVNXVWYDSRND]XMHGDRQD
SRVWRML1DDMHOLQRVWXPQRJRHPXXQDPDYHXQDSULMHGRGUHHQD
*HQHWVNRQDVOMHHREDMXURGLWHOMDLRGJRMNRMLVPRSULPLOLSDLQDDSRVHEQD
GUXWYHQDLNXOWXUQDRNROLQDVYHWRREOLNXMHQDNDUDNWHUWHXPQRJRHPXL
QDXEXGXQRVW9HOLNLGLRVYDNLGDQMLKDNWLYQRVWLQDHJLYRWDXYMHWRYDQMH
LREDYOMDQDXWRPDWVNLSXWHPQLLKPRGDQLKVUHGLWDWHEH]VYMHVQLKRGOXNDV
QDHVWUDQHEH]QDG]RUDLOLXVPMHUDYDQMDRYMHNRYDERUED]DRVORERHQMH
QHSURL]OD]LL]QMHJRYHYROMHGDEXGHVORERGDQYHRQDSUHGVWDYOMDWHQGHQFLMX
GDL]EMHJQHLOLSREMHJQHRGDYHU]LYQLKSRGUDDMDRNROLQHLOLLGDYHU]LYQH
p6WDYVHRVODQMDQDQDMPDQMDPRJXDVD]QDQMDLVNXVWYRQDHORLDIHNWH
DUPWYUGQMDYROMD]DGDD
6WDYLUDVSRORHQMHQLVXXYLMHNSURGXNWLWYRMHYROMH3ULPMHU]DWRMHPDVRYQD
VXJHVWLMD
6WDYRPR]QDDYDPRSVLKLNHVDGUDMHXVPMHUHQHFLOMX1DLQD]RULSRVWDMX
XQLIRUPLUDQL9HLQDVWDYRYDMHVYMHVQRLOLQHVYMHVQRVDJUDHQDQDQHNRM
VHQWHQFL
o1HERMVHQHXWHSRVWLGMHWL
p,OLVWYDUDMVYRMXVXGELQXLOLHMHGRELWLJRWRYX
2VXGELQLQHJRYRUHQLNDGRQLNRMLPDMHGREUR
VHQWHQFL
VXJHVWLMD
6DQMHVOLNDVPUWL

6DQMHVOLNDVPUWL
DUPMHQHYLGOMLYGLROMHSRWHEH]NRMHJQLWNRQHPRHELWL]DLVWDOLMHS
p
VXJHVWLMD
VHQWHQFL
VHQWHQFL
VXJHVWLMD
6DQMHVOLNDVPUWL

RNROLQH%RUEDSURWLYYODGDRUJDQL]LUDQLKUHOLJLMDHNRQRPVNLKVXVWDYD
IRUPDOQRJRGJRMDLREUD]RYDQMDURGLWHOMDLLGHRORJLMDXVWYDULMHERUEDSURWLY
DYHU]LYQHRNROLQHLNRQWUROLUDQMDRYMHNDWDNYRPRNROLQRP
RYMHNVYHPRHVDPRDNRKRH
RYMHNDQMHJRYDYROMDLQLYHOLNLPLPDOLP
YUVWRPYROMRPVYHVHPRHSRVWLL
'REUDYROMDMHYUHGQLMDRGVYDNRJXVSMHKD
'REUDYROMDVDLQMDYDSULMHNRSRWUHEDQXYMHWVDPHGRVWRMQRVWLGDRYMHN
EXGHVUHWDQ
*GMHSRVWRMLYROMDSRVWRMLLSXW
+WMHWLXWRPHMHLVWDXPMHWQRVW
.DGLPDYROMHLPDLQDLQD
.DRWRVHQHNROLNRPLOLJUDPDLVWRJDGUDJRFMHQDUDGLXPDGRELYD
QDMVORHQLMRPPHKDQLNRPLNHPLMVNRPSUHUDGRPVWRWLQDWRQDVLURYHUXGH
WDNRVHSRVOLMHRJURPQRJQDSRUQRJVWYDUDODNRJOLWHUDUQRJUDGDNULVWDOL]LUDMX
LVWHPLVOLLIRUPXODFLMH
1DMYDQLMLNRWDMHYROMD
1HSRVWRMHNUDGOMLYFLYROMH
1HPDWDMQHXOMXGVNRPVWYDUDQMX9ROMDSUDYLRYRXGR1RLSDNQHSRVWRML
LVWLQVNRVWYDUDQMHEH]WDMQH$NRVYLSRUD]LMHGQDNRRGMHNXMXVWYDUDODFMH
]QDRSRQRYLWLVOLNXVYRMHJYODVWLWRJLYRWDRPRJXLYLGDRGMHNQHMDORYD
WDMQDNRMDMHXQMHPX
2GMHGQHLVNUHQDVWDMXSRDULQDVYHVWUDQH
2QRWRMH]DYROMXWRSORWDWRMH]DVD]QDQMHVYMHWORVW
3RUD]QRMHNDGXLYRWXSRMHGLQFDSULMHNORQHGXKQHJRWLMHOR
3UDYDMHRYMHNRYDYULMHGQRVWQH]DYLVLRGVQDJHQMHJRYDUD]XPDYHRG
VQDJHQMHJRYHYROMH
3UHPDPRMHPPLOMHQMXHQHUJLMDMHSUYDLMHGLQDOMXGVNDYUOLQD
3XWRGWLVXXPLOMDSRLQMHSUYLPNRUDNRP
6QDJDQHSURL]OD]LL]WMHOHVQLKVSRVREQRVWL2QDSRWMHHRGQHVORPOMLYHYROMH
6QDJXYROMHVODELKQD]LYDPRVYRMHJODYRVW
6YDNLMHSRHWDNODJDQDQDSRVOMHGQMHVHVWHSHQLFHQDMWHHLYUORULMHWNR
SHQMHPR
6YDNLMHYHOLNLXVSMHKWULMXPIXSRUQRVWL
6YDNRJGDQDSRQHVLNRWDULFX]HPOMHQDMHGQRPMHVWRLVDJUDGLWHSODQLQX
EXGHVUHWDQ
WDMQDNRMDMHXQMHPX
VQDJHQMHJRYHYROMH
SHQMHPR

EXGHVUHWDQ
WDMQDNRMDMHXQMHPX
VQDJHQMHJRYHYROMH
SHQMHPR

EXGHVUHWDQ
WDMQDNRMDMHXQMHPX
VQDJHQMHJRYHYROMH
SHQMHPR

6YDWNRLPDVYRMXYROMX
6YLPRHPRNRULVWLWLVYRMXSVLKXLVYRMHWLMHORNDNRELVPRSRVWLJOLRQRWR
HOLPRQRSUYLMHXYMHWGDEULQRRGDEHUHPRVYRMHFLOMHYHLVKYDWLPRFLMHQX
NRMRPHPRSODWLWLXVSMHKRYMHNRYDMHYROMDPRQDSDLDNRQHPRH
SRPDLEUGDPQRJHMRMVHVWYDULYDQMVNRJVYLMHWDQHPRJXRGXSULMHWL
7DMQDMHPRLXVDPRMYROML
7HNRMHXOLWLSDPHWRQRPHNRMLQHPDYROMHDOLMRMHWHHXOLWLYROMXRQRPH
NRMLQHPDSDPHWL
7HDNMHSRHWDNSRQDMHHGHVHWSXWDNRULVQLMLRGODNRJSRHWND
7NRKRHPRHWNRQHHPRUD
8VYDNXMHQDNDQXXVDHQNRPDGLUDGRVWLVYRMVWYHQHELLPDEH]NRMHYROML
QHUDVWXNULOD
9ODVWVHLVWLQDPRHSUHQLMHWLDOLQHLYROMD
9ROMDMHQDSUHGDNLQWHOHNWD
9ROMDMHVWYDUMDNLKHOMDVWYDUVODELK
9ROMDMHWDNRMDSRNUHHVYMHWRYHRQDMHQDMYLLREOLNPHQWDOQHHQHUJLMH
9ROMDMHWHQMDJGMHMHL]YMHVQRQHVDPRRQR]DLPVHWHLQHJRMHL]YMHVQR
LWRGDHVHWRPRLSRVWLL
9ROMDRVOREDD
9ROMDSURWMHHNUR]OMXGVNRKWLMHQMHLQDSODYOMXMHJDNDR1LOSXVWLQMX
9ROMDVHSURVWLUHLUHQHJRUD]XPSDMH]DWRX]URNSRJUHDND
pRYMHNSRVMHGXMHSRVHEQRVYRMVWYRYROMX0HXWLPVYDWHRULMDJRYRUL
SURWLYVORERGQHYROMHPHXWLPVYDLVNXVWYDSRND]XMHGDRQDSRVWRML
.DNRMHPRJDR".DNRMHVPLR".DNRMH]QDR"
p3RMDP]DGDHMHELWDQVDVWDYQLGLRRYMHNRYRJELWNDMHURYMHNEH]]DGDH
QHSRVWRML
6YDND]DGDDNRMXRYMHNPRHLPDWLXRNYLUX]DMHGQLFH]DSUDYRMH
VOXERYDQMH
7NRVHRVMHDSUHYHOLNLPREDYLWLQHNXPDOX]DGDXSUHPDOHQMHGDELVH
]DGXLRYHOLNLP]DGDFLPD
YDWNRLPDVYRMXYROMX
6
NRMLQHPDSDPHWL
7NRKRHPRHWNRQHHPRUD
QHUDVWXNULOD
LWRGDHVHWRPRLSRVWLL
9ROMDRVOREDD
QHSRVWRML
VOXERYDQMH

6YDWNRLPDVYRMXYROMX
NRMLQHPDSDPHWL
7NRKRHPRHWNRQHHPRUD
QHUDVWXNULOD
LWRGDHVHWRPRLSRVWLL
9ROMDRVOREDD
QHSRVWRML
VOXERYDQMH
6YDWNRLPDVYRMXYROMX
YLPRHPRNRULVWLWLVYRMXSVLKXLVYRMHWLMHORNDNRELVPRSRVWLJOLRQRWR
6
NRMLQHPDSDPHWL
7NRKRHPRHWNRQHHPRUD
QHUDVWXNULOD
LWRGDHVHWRPRLSRVWLL
9ROMDRVOREDD
QHSRVWRML
VOXERYDQMH

69,-(7/$,7$01$675$1$80$
69,-(7/$,7$01$675$1$80$

69,-(7/$,7$01$675$1$80$
69,-(7/$,7$01$675$1$80$

.216758.7,91267,'(6758.7,91267
%RJRYLSRPDXUDGQLPD
DNWLYQRVWDPELFLR]QRVW
%OMHVQLDQHNDGUXJLJUPH
p$NRDVQRUDGLQHNDVYL]QDMX
$NRLYLVDPR]DVYRMUDGLOLVDPR]DVYRMXRELWHOMGRVDGDQVLLUDQMLY
$NRQDSUDYLJUHNXLQHLVSUDYLMHUDGLGUXJXJUHNX
$NRHOLQHWRMHPRJXHRVWYDULWLDQLWDQHSRGX]LPDUDDRWURY
$NRQHJULMHLRELQRQHUDGL
$NRHOLQDSUHGRYDWLVODLVH
$NRQHPRHRGEDFLWLRQRWRQHYDOMDSRNXDMEDURGYRMLWLRGRQRJWR
YDOMD
$NRHOLLPDWLXVSMHKDXELORNRMHPSRVOXPRUDXQMHJDYMHURYDWLLVKYDDWL
JDR]ELOMQR
$NRQHHWLVHELWNRHWLLDNRQHVDGDDNDGD"
$NRWRUDGLUD]ERULWRUDGLLSD]LQDVYUHWDN
$NRQHNXVWYDUNRMDQHYRGLQHNRMPDWHULMDOQRMNRULVWLX]LPDR]ELOMQRL
QMRPHVHEDYLQHVPLMHUDXQDWLQDQDNORQRVWVYRMLKVXYUHPHQLND
$NRVLXQHHPXPDMVWRUPRHSRQHNDGEH]WHWH]DERUDYLWLSUDYLOD
$NRQHWRSUHNRYROMHUDGLQLWDQLMHWDNRODNRGDQHELELORWHNR
$NRVLSDOMLYQDNUDMXNDRQDSRHWNXVSULMHLWHQHXVSMHK
$NRVLVSRVREDQQHRHNXMNUHDWLYDQSRVDR
$NRQHWRHOLWRMHPRJXHRVWYDULWLDQLWDQHSRGX]LPDUDDRWURY
$NRUDGQHEXGHOMXGLPD]DQLPOMLYLL]YRUUDGRVWLLERJDWVWYDQLNDNYD
LQGXVWULMDUD]RQRGHQHHUDVWMHUDWLVLYXLGRVDGQXGRNROLFX
$NRVHEDYLVDPRVLWQLFDPDQLNDGDQHHRVWYDULWLYHOLNDGMHOD
$NRUDGLQHWRNRULVQRQDNUDMXLPDSUDYRGDVHWLPHLSRKYDOL
$NRVDPQHJRULQHPRHGUXJHXSDOLWL
$NRUDGLSUDYRQHEULQLVH]DULMHL]OLK
JDR]ELOMQR
YDOMD
%RJRYLSRPDXUDGQLPD
.216758.7,91267,'(6758.7,91267

.216758.7,91267,'(6758.7,91267
%RJRYLSRPDXUDGQLPD
YDOMD
JDR]ELOMQR
JDR]ELOMQR
YDOMD
%RJRYLSRPDXUDGQLPD
.216758.7,91267,'(6758.7,91267

,PDOHVWYDULUDGLNDRLYHOLNHXWLRRQRPHWRQDPMHUDYDUDGLWLSDWHQLWNR
QHHVSULMHLWL
,RQRWRQLVLXLQLRLPDQHNL]QDDM
,OLQHSRNXDYDMLOLGRYUL
,]YDQDNFLMHPLVPRL]YDQGUXWYD
-HGLQRWRRYMHNPRHVSDVLWLMHVXUDGQMDDSXWNDVXUDGQML]DSRLQMHX
VUFLPDSRMHGLQDFD
.DGDELOMXGLVDPREMHVRPXQRUDGLOLSROXGMHOLELLVWRWDNRNDRLGDQLWDQH
UDGH.DNRELRYMHNVDPVHEHVSR]QDRPRUDGMHORYDWL
.DPHQDNRMLVHYDOMDQHKYDWDVHPDKRYLQD
.ROLNRVWYDULVPDWUDPRQHPRJXLPSULMHQHJRWRLKXUDGLPR"
0QRJRWRJDMHUXQRGRNVHUDGLDOLVHUDGXMHPRNDGMHGRYUHQR
1DMHGQRJL]XPLWHOMDSRWUHEQDVXGHVHWRULFDNRMLUD]PLOMDMXRQDLQX
LVNRULWDYDQMDQMHJRYH]DPLVOLDVWRWLQHGDEL]DYULOLSURJUDPLUDQMH]DQHNX
RGUHHQXVWUXNXDUD]ORJ]ERJHJDQHL]PMHUQLSORGQLLYRWQLLPDJLQDWLYQL
LLQYHQWLYQLPR]JRYLSRSXW/HRQDUGRYDQLVXXVSMHOLL]YULWLQLNDNDYXWMHFDM
QDFMHOLQX]QDQRVWLOHLXWRPHWRQLVXLPDOLNROHJD
1DNRQWREH]XVSMHQRLVFUSLVYHPRJXQRVWLRVWDWHMHGQRUMHHQMH
MHGQRVWDYQRLRLWRMDVQRYLGOMLYRVYLPDGUXJLPD
1HLQLGREUDGMHODMDYQRQHJRVNURYLWRMHUVHSOHPHQLWRVWJQXD
KYDOLVDQMD
%URMRQLKNRMLVYRMLPUDGRP]DGRYROMDYDMXVYHSRWUHEHOMXGLPQRJRMHPDQML
QRWRVWHUD]PLOMDOL
%XGXQRVWUDGDOHLXQMHJRYRPYUHPHQVNRPVNUDLYDQMX
HVWRELVPRVHVUDPLOLQDLKQDMOMHSLKGMHODNDGDELVYLMHW]QDRVYHSREXGH
L]NRMLKVXSURL]DOL
'MHODVXRYMHNXSRGXNDLXWMHKD'MHODWQRVWMHSUDYLXLWDNLYRWDVDPD
QMHJRYDELW
'MHORYDWLMDYQRQDRYLPQDLPPMHVWLPDEH]RE]LUDGDOLVHWR]RYHVDERULOL
NRMHXUHGQLWYRLOLNRMDVWUDQNDQLMHGRND]SUHWMHUDQHSDPHWLRYMHND
L]JUL]X]DSUOMDMXSRSOMXMXLXQLWH
'MHORYDWL]QDLXVPMHULWLVXGELQX
'MHOXMLQSUHWKRGLLQMHQLFL7YRMHGMHORYDQMHLVDPRWYRMHGMHORYDQMH
RGUHXMHWYRMXYULMHGQRVW6DPRXVYRMLPGMHOLPDPRHRYMHNRWNULWLVHEH
6YRMLPGMHOLPDRYMHNVOLNDVHEH
'RYUHQLVXSRVORYLXJRGQL
QRWRVWHUD]PLOMDOL
L]NRMLKVXSURL]DOL
QMHJRYDELW
RYUHQLVXSRVORYLXJRGQL
'
QHHVSULMHLWL
VUFLPDSRMHGLQDFD
KYDOLVDQMD

QHHVSULMHLWL
VUFLPDSRMHGLQDFD
KYDOLVDQMD
QRWRVWHUD]PLOMDOL
L]NRMLKVXSURL]DOL
QMHJRYDELW
QRWRVWHUD]PLOMDOL
L]NRMLKVXSURL]DOL
QMHJRYDELW
QHHVSULMHLWL
VUFLPDSRMHGLQDFD
KYDOLVDQMD

1HGLLRQRWRWLMHSUHWHNR
1HSUHX]LPDMSUHYLHSRVORYDPDNROLNRXULRQHHVWLL
1HUDGMHXQLWLRLVUHWQHJUDGRYH
1LMHGDQGDQEH]SRWH]DNLVWRP6YDNLGDQWUHEDQHWRUDGLWL
1LMHJULMHKRQRWRNYDULRYMHNDYHQHDNWLYQRVW
1LMHGQRGMHORQHSRVWRMLXVYRP]QDHQMXJRWRYRLGRYUHQRRGVYRJ
SRHWNDQLMHGQRQHPDNRQDQLQHSURPMHQMLYLVPLVDR
2GPRULVHSULMHQHJRWRRVMHWLXPRUNRULVWLDNWLYDQRGPRUPLMHQMDMVYRMH
DNWLYQRVWL
2QHPRJXLWLRYMHNXGD]DUDXMHVYRMNUXKLVWRMHWRLVWDYLWLJDX]DWYRU
2QRWRQHXUDGLXYLMHNMHYDQLMHRGRQRJDWRVLXUDGLR
2QRPXNRMLQLWDQHUDGLGDQMHGXJ
2VYUQLVHQDXLQMHQRWNRSXQRUDGLJXELSUHJOHG
3RHWDNMHSRORYLFDVYDNRJSRVOD
3RVWRMHGMHODNRMDQDGPDXMXPDMVWRUH
3UDYDMHRNROLFDVDPRRQDNRMDWHXSXXMHQDNRULVWDQLVPLVOHQUDGQDUDG
NRMHJYROL]ERJNRMHJFLMHQLLVDPLYRW
3URNOHWVWYRUDGDSUHGVWDYOMDORMHVWYDUQXQHVUHXNRMLVXSDOLSRGYODVW
DXWRULWDUQHWHKQLNH$OLLGHMDRXNLGDQMXVYDNRJUDGDRSUHQRHQMXYMHWLQH
OMXGVNHUXNHQDVWURMDOLEH]LPDJLQDFLMHLXPDWDLGHMDELODMHVDPRVDQ
URED-HURQDMH]DQHPDULODLQMHQLFXGDUDGNRMLQLMHRJUDQLHQVDPRQD
PLLHQHJRXNOMXXMHLVYHIXQNFLMHXPDQLMHSURNOHWVWYRQHJREODJRVORY
7NRMHMHGQRPQDDRSRVDRVYRJLYRWDLRNXVLRQDJUDGXNRMXSUXDQHH
QLNDGDJDMLWLWDNYHIDQWD]LMHMHUELWR]QDLORVDPRXERMVWYR
5DGMHLVWLQLWLXLWDNLYRWDSDDNLVDPLYRW5DGMHSRPRPPLOMHQMX]D
OMXGHMHGQDNDSRWUHEDNDRLMHORLVSDYDQMH
5DGMHSUHPDWRPHQHL]RVWDYQDREYH]DRYMHNDNRMLVHNUHHXGUXWYX%LOR
GDMHERJDWLOLVLURPDDQPRDQLOLVODEVYDNLMHEHVSRVOHQRYMHN
REMHHQMDN
5DGMH]DQHNRJDVWUDQRMHGQRVWDYDQD]DGUXJRJDMHGQRVWDYQRVWUDDQ
5DGQDVRVOREDDWULMXYHOLNLK]DODGRVDGHSRURNDLRVNXGLFH
5DGVDPRUDGL]DSROMDYDQMDELRELVDPRUDGUDGLUDGD8]SRVDRMHSRWUHEDQ
VPLVDRLOLFLOMUDGLNRMHJVHUDGL8SURWLYQRPWRQLMHUDG
5DGPDUOMLYLQWHQ]LYDQUDGNRML]DRNXSOMDRYMHNRYXPLLYFHQDMYHLMH
XLWDNXLYRWX
REMHHQMDN
XLWDNXLYRWX
HGLLRQRWRWLMHSUHWHNR
1
DNWLYQRVWL

DNWLYQRVWL
REMHHQMDN
XLWDNXLYRWX
REMHHQMDN
XLWDNXLYRWX
DNWLYQRVWL

DGLWL]DPHQH]QDLGLVDWLNDGDQHPRJXUDGLWLQHPRJXGLVDWL
5
5LWXDOXPMHWQRVWSRH]LMDJOD]EDSOHVILOR]RILMD]QDQRVWPLWUHOLJLMDVYH
MHWR]DRYMHNDQDVXQRNDRLQMHJRYNUXKVYDNGDQMLRYMHNRYSUDYLLYRWQH
VDVWRMLVHMHGLQRRGUDGDLGMHODWQRVWLNRMHJDL]UDYQRKUDQHQHJRRG
VLPEROLNLKDNWLYQRVWLNRMLSRGDUXMXVPLVDRSURFHVDUDGDLNRQDQR
QMHJRYRPSURL]YRGXLSRWURQML
6DPRXVYRMHPVWYDUDODNRPGMHOXXSR]QDMHVHEHNDRFMHOLQX
6PDWUDVHGDVXLLPEHQLFLVDGUDMDLNRQWHNVWDSRVOD]QDDMQL]D
]DGRYROMVWYR2GJRYDUDMXDUDGQDVUHGLQDPRHRPRJXLWL]DGRYROMHQMHVYLK
SRWUHEDLREUDWQR
6WYDUQRDNRMHUDGQHWRGREUR]DWRSOMXMHPRXGODQRYH"
6YDNLRYMHNNRMLVH]DQHWRDQJDLUDLPDEROMXNYDOLWHWXLYOMHQMDRGRQLK
NRMLVDPRYHJHWLUDMX
6YDNLSRVDRWUDLLWDYDRYMHND
6YHWLMHWHNRVDPRQDSRHWNX7YRMHVXGREUHQDPMHUHYHSRORYLFDVUHH
WRLQLLQLEUHWRUDGLUDGLWMQHGDMVHUDVWUHVWL
WRJRGLQLRUD]PLVOLRVYUHWNXWRMHXLQMHQRQHPRHSRVWDWL
QHXLQMHQR
WRSURGXNWLYQLMHLYLWRMDDWYRMDVDYMHVWLVDVYRMHVWUDQHXQDSUHXMH
WYRMXSURGXNWLYQRVWQDWDMQDLQWYRMHPHQWDOQHLHPRFLRQDOQHVQDJHQH
XVDKQMXMXYHGDOMHUDVWX
WRWLYULMHGLDNRSXQRWRJD]DSRLQMHDQLWDQHGRYUDYD"%RJDWVL
PLVOLPDDVLURPDDQGMHOLPD]DSUDYRVLQHSORGDQMDORY/DNHWLMHUXSH
SURQDLQHJRLK]DNUSDWL
7HNRMHXYLMHNLYMHWLQDLVWRPPMHVWX0DORWRJDVD]QD
7LLQLFLUDLVWYDUD=DWDNYRJRYMHNDNDHPRGDMHRQDXWRQRPDQDWRVH
WLH]QDQRVWLRSRQDDQMX]QDLGDMHXGHVDQ7LQHHELWLLVWL6YDNLGDQ
VYDNLVDWWHPLMHQMD7LMHGQRVWDYQRQHPDRELOMHMDMHGQRJVWURMDWL
MHGQRVWDYQRQLVLXDFLQHVYMHVQLKPRWLYDWLVLRVREDXSURFHVXVWYDUDQMD
VDPRJVHEHRVREDNRMDXLYRWXVWYDUD]QDHQMHRVREDNRMDXWMHORYOMXMH
MHGQXGLPHQ]LMXVXEMHNWLYQHVORERGH7LQLVLSRVUHGQLNL]PHXSURORVWLL
VDGDQMHJSRQDDQMDWLVLVUHGLWHL]NRMHJSRQDDQMHHPDQLUD]UDL
7NRUDGLJXELSUHJOHG
7NRVHQHSRNUHQHQHHQLWDSRNUHQXWL
7NRVYRMLYRWWHPHOMLQDVOXERYDQMXQLNDGDQLMHLYLRX]DOXGQR
7NRHOLVWYDUDWLPRUDELWLYHVHR
8NOMXLVHXQHIRUPDOQHJUXSHXNRMLPDVXXORJHL]PMHQMLYH
5DGLWL]DPHQH]QDLGLVDWLNDGDQHPRJXUDGLWLQHPRJXGLVDWL
SRWUHEDLREUDWQR
NRMLVDPRYHJHWLUDMX
QHXLQMHQR
7NRUDGLJXELSUHJOHG

DGLWL]DPHQH]QDLGLVDWLNDGDQHPRJXUDGLWLQHPRJXGLVDWL
5
SRWUHEDLREUDWQR
NRMLVDPRYHJHWLUDMX
QHXLQMHQR
7NRUDGLJXELSUHJOHG

5DGLWL]DPHQH]QDLGLVDWLNDGDQHPRJXUDGLWLQHPRJXGLVDWL
SRWUHEDLREUDWQR
NRMLVDPRYHJHWLUDMX
QHXLQMHQR
7NRUDGLJXELSUHJOHG

8YMHUHQVDPGDVXOMXGLSUHRSWHUHHQLUH]XOWDWLPDVYRJUDGQRJXLQND
9HOLNDGMHODQDVWDODVXSRPRXJHQLMDOQRVWLDGRYUHQDVXPDUOMLYRX
9LHYULMHGLRQRWRMHXLQMHQRQHJRWRMHQDSLVDQR
9ULMHGQRVWUDGDRYMHNQDMEROMHRVMHDRQGDNDGDMHOLHQVORERGHGDUDGL
=DVYRMDGMHODVDPVQRVLWLRGJRYRUQRVWNDRLSRVOMHGLFHSDLRQHQDMWHHWR
LQLRVREX
HOLOLL]PLMHQLWLRYMHNDSURQDLXQMHPXRQRWRMHGREURSRWDNQLJD
QDRVWYDULYDQMHSOHPHQLWLKFLOMHYD
HOLOLSRWDNQXWLOMXGHQDUDGSREXGLXQMLPDHOMX]DWDNPLHQMHPDOL
QHRQLPRNUXWQLPQHJRRQLPNRMLWHHLVWLFDQMX
LYRWWLQLWDQHGDUXMHEH]YHOLNRJWUXGD
p$PELFLR]QRVWHVWRQDYRGLOMXGHQDQDMQLHUDGRYHVWRJDVHSHQMDQMH
REDYOMDXLVWRPSRORDMXNDRLSX]DQMH
$PELFLR]QRVWPRUDELWLXVNODGXVSULURGQRPVSRVREQRXXSURWLYQRPMH
VWUDYLQD
1DLSODQRYLSURSDGDMXMHUQHPDPRFLOM
EDUEDUVWYRFHUHPRQLMHFLOMFLQL]DP
0XWQLFLOMHYLSURMHNWDNRULVWHVHGDELVHL]EMHJODQHXJRGQRVWSURFMHQH
RGJRYDUDMXLKWURNRYD
p.XOWXUDUXQRJDQD]LYDVHEDUEDUVWYR
p&HUHPRQLMHVXOMXGLVWYRULOLGDVMDMDGDGXEOLMHGLPGMHOLPDLXSOMRP
JRVWRSULPVWYXWDPRJGMHSULMDWHOMVWYRSUDYRYODGDQHWUHEDLK
2GXYLMHNVHQDFHUHPRQLMXJOHGDORNDRQDPRQRVUHGVWYR]DRGUDYDQMH
GUXWYHQRJSRUHWND&HUHPRQLMDSURJODDYDX]YLHQRVWLYUVWLQXGUXWYHQRJ
SRUHWNDSURL]YRGLGLVWDQFXLSRYODVWLFXDWLPHQHL]D]LYDSRYMHUHQMHX
NULWLNXLXRGVXVWYRSRWRYDQMD
p$NRLPDFLOMQDLHLSXW
RYMHNMHVYRMMHGLQLFLOM$NRRQHOLELWLQHWRRQGDMHWRXRYRPLYRWX
0XGURVWVHVDVWRMLXWRPHGDQDMEROMHFLOMHYHSRVWLHPRQDMEROMLP
VUHGVWYLPD
'RFLOMDPRHPRGRLSRGSUHWSRVWDYNRPGDMHUHDODQSRMDDQLPQDSRURP
SURPMHQRPVUHGVWDYDLUHGHILQLUDQMHPVLWXDFLMHLOLPLMHQMDPRFLOM
.DGDRYMHNQH]QDXNRMXOXNXSORYLQLWLMHGDQYMHWDUQLMHRQDMSUDYL
,PDVYHYLHXOLFDDVYHPDQMHFLOMHYD
VUHGVWYLPD
.XOWXUDUXQRJDQD]LYDVHEDUEDUVWYR
p
p$NRLPDFLOMQDLHLSXW
RGJRYDUDMXLKWURNRYD
YMHUHQVDPGDVXOMXGLSUHRSWHUHHQLUH]XOWDWLPDVYRJUDGQRJXLQND
8
LQLRVREX
VWUDYLQD

LQLRVREX
VWUDYLQD
RGJRYDUDMXLKWURNRYD
p$NRLPDFLOMQDLHLSXW
VUHGVWYLPD
VUHGVWYLPD
p$NRLPDFLOMQDLHLSXW
RGJRYDUDMXLKWURNRYD
HOLNDGMHODQDVWDODVXSRPRXJHQLMDOQRVWLDGRYUHQDVXPDUOMLYRX
9
LQLRVREX
VWUDYLQD

1HMDVQRDFLOMHYDGRYRGLGRRVMHDMDQHVLJXUQRVWL]EXQMHQRVWLLGR]DSOHWD
1LNDGDRYMHNQHVWLHWDNRGDOHNRNDRRQGDNDG]DSUDYRQH]QDNDPRLGH
p6YDWNRQRVLXVHELSRQHWRRGSUHVWXSQLNDJHQLMDLVYHFD*HQLMDULMHWNR
NDGDSUHSR]QDMHQMHJRYDJHQHUDFLMD
9HOLNDMHRVRELQDJHQLMDGDVHSULKYDWLQHHJDWRGUXJLPDL]JOHGDQHPRJXH
LXVWUDMHXWRPH8SUDYRWDUDGR]QDORVWUD]XPDWDRGOXQRVWUD]UMHDYDWL
QHUMHLYDSLWDQMDSRYH]DQDVXSRUQRXLNRQFHQWUDFLMRPRPRJXDYD
JHQLMLPDGDSURPLXVYLMHWQDSULMHGLQWHOHNWXDOQRWHKQLNLLHVWHWVNL
%ULQRUDODQMLYDQMHVSRVREQRVWLJHQLMDPHXWLPQHRWNULYDNRGQMLKQHNH
ELWQRQRYHSRMDYH9HNUDWNRLQHSULVWUDQRWUDHQMHRWNULYDXUD]OLLWLP
OMXGLPDPHXVWXSQMHYHXVYHWULWHPHOMQHVSRVREQRVWL3RVHEQDQDGDUHQRVWL
VWYDUDODNHVQDJHJHQLMDSRVWRMHGDNOHXVYDNRPRGQDVSDPDNDUNUDMQMH
VODEDQH
HVWRVHJHQLMDOQLPRVREDPDSULSLVLYDODQDUDYQRVDVYLPQHSUDYHGQR
DVRFLMDWLYQRVW$OHNVDQGDU3RSHMHVPDWUDRGDMHJHQLMHEOL]DNOXGLOX0QRJL
VXVHJHQLMLWHNRSULODJRGLOLGUXWYXNRMHMHRGUD]QRUPDOQRJRYMHNDL
QMHJRYLKSRWUHED6ODEDSULODJRHQRVWMHVDPRSRVUHGQDSRVOMHGLFDDQH
X]URNJHQLMDOQRVWL
1LWNRQHVPLMHELWLVUHGVWYR]DFLOMHYHGUXJRJRYMHNDLVYLVXOMXGL
L]MHGQDHQLNDRFLOMHYL
2SDVQRVWRGQHXVSMHKDQDMYHDMHQDSRHWNXSRGXKYDWDNDGDVPRMRGDOHNR
RGFLOMD%URGRORPLVHGRJDDMXXEOL]LQLREDOH
3RWHNRHUDVWXWRVHYLHSULEOLDYDPRNUDMX
3UDYLSXWMHQDMNUDLDOLQDMHHWUDMHQDMGXHGDVHSRQMHPXGRVSLMHGR
FLOMD
6DYUHQVWYRVUHGVWDYDL]EUNDFLOMHYDLQLVHSRPRPPLOMHQMXRELOMHDYDMX
QDHGRED
7NRLGHXSRJUHQRPVPMHUXQHSRPDHPXQLJDORSLUDQMH
p&LQL]DPFLQLNDQHVDVWRMLVHXWRPHGDNDXWRPLVOHYHXWRPHGDPLVOH
WRMHFLQLN"2VREDNRMD]QDFLMHQXVYHJDDOLQHLYULMHGQRVW
oRYMHNMH]DWDMLRLOLMHSDVLYQRUH]LVWHQWDQLOLVDERWLUD
p'RJPDWL]DPQH]QDLRGVXWQRVWPLVOLQHJRQMH]LQNUDM
0XGDURYMHNQDHOQRQHYMHUXMHQLXNDNYHGRJPH
6YDNDYUVWGRPLOMDWRVWLL]UDVWHL]GDQHSRWUHEH
p
'RJPDWL]DPQH]QDLRGVXWQRVWPLVOLQHJRQMH]LQNUDM
p
p6YDNDYUVWGRPLOMDWRVWLL]UDVWHL]GDQHSRWUHEH
GHVWUXNWLYQRVWGRJPDWL]DPGRPLOMDWRVWJHQLMDOQRVWJUXERVW
VODEDQH
X]URNJHQLMDOQRVWL
FLOMD
QDHGRED

VODEDQH
X]URNJHQLMDOQRVWL
FLOMD
QDHGRED
p'RJPDWL]DPQH]QDLRGVXWQRVWPLVOLQHJRQMH]LQNUDM
6YDNDYUVWGRPLOMDWRVWLL]UDVWHL]GDQHSRWUHEH
p
'RJPDWL]DPQH]QDLRGVXWQRVWPLVOLQHJRQMH]LQNUDM
p
p6YDNDYUVWGRPLOMDWRVWLL]UDVWHL]GDQHSRWUHEH
VODEDQH
X]URNJHQLMDOQRVWL
FLOMD
QDHGRED

*HQLMHVWRMLEOLHOXGLOXQHJRRYMHNSURVMHQHLQWHOLJHQFLMH
*HQLMVHVDVWRMLRGMHGDQSRVWRLQVSLUDFLMHLGHYHGHVHWGHYHWSRVWR
WUDQVSLUDFLMH
*HQLMLQHSURL]OD]HMHGQLL]GUXJRJDJHQLMLVXMHGDQRGGUXJRJDQH]DYLVQL
*HQLMRWNULYDSLWDQMH7DOHQWGDMHRGJRYRU*HQLMSRND]XMHSXWWDOHQWWDMSXW
VOLMHGL
-HOLUHDODQRSWLPL]DPGDHOMXGLXVNRURPRLXOMHNDUQLNXSLWLJHQLMDOQRVWLOL
NUHSRVWRE]LURPQDVYHYHXPRLQWHUYHQFLMHXIXQNFLMDPDPR]JD"
*HQLMMHVDPRYHOLNDERO
.DUDNWHULVWLNHJHQLMDOQRVWLVXXVWUDMQRVWLQWHOHNWXDOQDDNWLYQRVWYUVWRD
NDUDNWHUDXUDYQRWHHQRVWQH]DYLVQRVWJRYRUQDIOXHQWQRVWODNRD
L]UDDYDQMDUD]PLOMDQMHRILOR]RIVNLPSUREOHPLPDYLVRNDUD]LQDDVSLUDFLMH
HWLNDVWDELOQRVWHPRFLRQDOQRVWSRWUHED]DVDPRGRYROMQRVWLYLVRNVWXSDQM
VDPRNRQWUROHVNORQRVWDSVWUDNWQRVWLGRPLQDQWQRVW]DQLPDQMH]DQHSR]QDWR
QHSRVWRMDQMHVWUDKDRGVPUWLLGU
'RNMHRELQRPRYMHNXQMHJRYDVD]QDMQDPRVYMHWLOMNDNRMDPXRVYMHWOMDYD
SXWJHQLMDOQRPMHRQDVXQFHNRMHPXRWYDUDVYLMHW2QRWRMH]DYROMX
WRSORWDWRMH]DVD]QDQMHVYMHWORVW
0DWHPDWLNLJHQLMLXJODYQRPQHPDMXYHOLNLNYRFLMHQWLQWHOLJHQFLMHNDRWRMH
WRVOXDMNRGPX]LNLKLOLNRYQLKVWYDUDODFD
HNLVXVWYDUDRFLXNDVQLMHPLYRWXELOLSVLKRQHXURWLDUL'DQDV]QDPRGDVH
1
NDRX]URNSVLKLNLPSRUHPHDMLPDQDMYLHMDYOMDODNDRSRVOMHGLFDQDSRUQRJ
UDGDLVWYDUDQMD
0LVHGDQDVQHPRHPRQDXGLWLJHQLMDOQRVWLDUKLWHNWDDOLGXEOMLP
SURPLOMDQMHPGROD]LPRGR]DNOMXNDGDMHWDLVOLQHWYRUHYLQHQHUDFLRQDOQL
SRGXKYDWLNRMHVXSURX]URLOHVPUWWLVXHOMXGHGDELMHGDQQHUD]XPDQ
WLUDQLQLQVDPLOLQDMHHXGUXWYXQHGXQRUWYRYDQLKRVREDGRELR
DVXSURWPLOMHQMXGDVXYHOLNLGXKRYLQHNDNRQDUXEXEROHVQLKVWDQMD
1
YHOLNHWDOHQWHLSDNVHPRHRSLVDWLVDPRNDRQDM]GUDYLMHOMXGH/XGRJD
/HRQDUGDQLSRWRQHELVPRPRJOL]DPLVOLWL6OLQRJMHVWDMDOLWDLSVLKRORJ
3HOPDQNRMLMHVPDWUDRGDMHEURMEROHVQLKJHQLMDQHXVSRUHGLYRPDQMLRG
EURMDRQLKNRMLQHSRND]XMX]QDNRYHEROHVWL6SRWSXQRPVLJXUQRX
PRHPRNRQVWDWLUDWLGDQLMHGDQJHQLMQLMHELRGXHYQREROHVWDQDNRVH
GXHYQDEROHVWGRLVWDSRMDYLODSRSXVWLOHVXVWYDUDODNHVSRVREQRVWL
*HQLMDODQRYMHNMHRQDMWNRLPDRL]DRQRWRPXMHSRGQRJDPD
*HQLMDOQRVWMHPDUOMLYRVW
*HQLMDOQRVWMHKUDEURVW]DVDPRJDVHEH
WUDQVSLUDFLMH
1DVXSURWPLOMHQMXGDVXYHOLNLGXKRYLQHNDNRQDUXEXEROHVQLKVWDQMD
1HNLVXVWYDUDRFLXNDVQLMHPLYRWXELOLSVLKRQHXURWLDUL'DQDV]QDPRGDVH
UDGDLVWYDUDQMD
RNMHRELQRPRYMHNXQMHJRYDVD]QDMQDPRVYMHWLOMNDNRMDPXRVYMHWOMDYD
'
VOLMHGL

WUDQVSLUDFLMH
VOLMHGL
'RNMHRELQRPRYMHNXQMHJRYDVD]QDMQDPRVYMHWLOMNDNRMDPXRVYMHWOMDYD
HNLVXVWYDUDRFLXNDVQLMHPLYRWXELOLSVLKRQHXURWLDUL'DQDV]QDPRGDVH
1
UDGDLVWYDUDQMD
DVXSURWPLOMHQMXGDVXYHOLNLGXKRYLQHNDNRQDUXEXEROHVQLKVWDQMD
1
WUDQVSLUDFLMH

1DVXSURWPLOMHQMXGDVXYHOLNLGXKRYLQHNDNRQDUXEXEROHVQLKVWDQMD
1HNLVXVWYDUDRFLXNDVQLMHPLYRWXELOLSVLKRQHXURWLDUL'DQDV]QDPRGDVH
UDGDLVWYDUDQMD
RNMHRELQRPRYMHNXQMHJRYDVD]QDMQDPRVYMHWLOMNDNRMDPXRVYMHWOMDYD
'
VOLMHGL

]DVOXDQRWSUDDMQDQHNLLPDJLQDUQLVYLMHW3RYLMHVWFLYLOL]DFLMHMHSUHSXQD
SULPMHUDQHUDFLRQDOQLKSRNXVDNRMLWUDMXGRGDQDQMHJGDQD
2EDYOMDWLODNRRPRQRWRMHGUXJLPDWHNRXWRPHMHWDOHQWXLQLWLRQRWR
MHWDOHQWXQHPRJXHXWRPHMHJHQLMDOQRVW
3RGJHQLMDOQRXSRGUD]XPLMHYDPRVWYDUDODNXGXKRYQDVQDJXQDMYLL
VWXSDQMXPQHQDGDUHQRVWLYHOHXPQRVW
3RQHNDGVPRVNORQLQHNULWLNLSURFMHQMLYDWLGRPHWHQHNLKYHOLNLKOMXGL=ERJ
VYRMLKVSRVREQRVWLJHQLMMDHRVMHDVODERVWLLQHSUDYGXGUXWYDWHMH
SRGYUJQXWHPRWLYQRMREUDQLLUDVWUJDQRVWL2ELQLOMXGLHVWRJOHGDMXQD
JHQLMHNDRQDOXDNHVYHGRNUH]XOWDWLQMLKRYDUDGDQHSRVWDQXRLWL
0R]DNJHQLMDVHQLXHPXQHUD]OLNXMHRGPR]JDRVWDOLKOMXGLDNQLWLRG
GHELOD
5D]OLNDL]PHXJHQLMDOQRVWLLJOXSRVWLMHWRJHQLMDOQRVWLPDJUDQLFH
6DPDSULURGDMHXLWHOMSUDYRJJHQLMD
6WYDUDODNHVQDJHNRGRVREDNRMHSDWHRGSVLKLNHQHVUHHQRVWLMDNRQDJOR
XVDKQX9DQ*RJKMHELRJHQLMHXVSUNRVVYRPOXGLOXDQH]ERJQMHJD
6YDNRRSUHGMHOMHQMHJHQLMDWDNRMHWLMHVQRSRYH]DQRVSRVHEQRPNXOWXUQRP
RNROLQRPGDMHUDVSUDYOMDQMHRSRMHGLQFXL]YDQYUHPHQDLSURVWRUDSRWSXQR
DUWLILFLMHOQR
6YHXLOLWHLPDWRYHLXJOHGWRYLHVWXGHQDWDQHVOLMHGLVDPRSODQ
VWXGLUDQMDYHLVYRMJHQLMNRMLLPSRND]XMHSXW
8VWDURPVXYLMHNXJHQLMDOQRVWOMXGLRELQRSRYH]LYDOLVERDQVWYLPDOMXGL
VXRGXYLMHNSUHPDJHQLMLPDRVMHDOLVWUDKRSRWRYDQMH
.DNRYULMHPHGDOMHRGPLH]DEOXGHXWLXDNQDRWNULHLVWLQH=DOLVXQD
NULYLSXWLQDMYHLVWDULILOR]RILSRJULMHLRMHLVDPDOLQMLKRYDVODYDQLMHELOD
RNUQMHQD
8PQRVXQH]DYLVQLMHGLQRJOXSDQLLJHQLML
9HOLNDQMHEOL]XOXGLOXWDQNHVXJUDQLFHWRLKGLMHOH
9HOLNDQLVXQDMHHL]ROLUDQLLXVDPOMHQLXRGQRVXQDPDMVWRUHNRML
VDLQMDYDMXNRPSDNWQXVNXSLQX
8YLMHNVHQDNRQMHGQRJJHQLMDPLVOLORGDMHQHPRJXHGDOMH
p.ORQLVHJUXERVWLSUHPDQDMEOLLPD7YRMLWHEOLQMLLRQDNRSR]QDMX
EROMHRGWHEHVDPRJD
KXOMHLGHMHLQLFLMDWLYDLQVSLUDFLMDLQWHOLJHQFLMDLVNXVWYRL]D]RY
L]GUOMLYRVW
p1LMHYDQRWRKXOMDPLVOLYDQRMHWRUDGL
L]GUOMLYRVW
GHELOD
DUWLILFLMHOQR
RNUQMHQD
EROMHRGWHEHVDPRJD

GHELOD
DUWLILFLMHOQR
RNUQMHQD
EROMHRGWHEHVDPRJD
L]GUOMLYRVW

L]GUOMLYRVW
GHELOD
DUWLILFLMHOQR
RNUQMHQD
EROMHRGWHEHVDPRJD

p,JUDMVHVLGHMDPD
2FMHQMXMLGHMHSUHPDIXQNFLRQDOQRVWLQHSUHPDL]YRUX
DGDVD]ULMHYULMHPH]DQHNXLGHMXRQGDVHRQDSRMDYOMXMHVYXGD
.
1LVPRGRUDVOLQRYLPLGHMDPDGDQDPL]PLXQDPQHNHVSR]QDMH]ERJHJD
VHMDYOMDRVMHDMEHVSRPRQRVWLGUXJLVPDWUDMXGDVHLGHMHQDOD]HXVYLPD
QDPDLSUHGVWDYOMDMXPRUDOQHHQHUJLMH
,DNRGMHORYDQMHLGHMHSRLYDQDQMH]LQRPQHVYMHVQRPVDGUDMXDXSLWQRMHGD
DSHOLUDQDRGUHHQHQDJRQVNHVDGUDMHSURL]YRGQMDLGHMDSUHGRGELVYLMHVWL
SULMHVYHJDVHQHSRVUHGQRSUHSOHHVPDWHULMDOQRPGMHODWQRXLPDWHULMDOQLP
RGQRVRPOMXGLMH]LNRPVWYDUQRJLYRWD7DSURL]YRGQMDLGHMDYULMHGLL]D
RVWDODSRGUXMDGXKRYQLKGRVWLJQXDNDRWRVXMH]LNJRYRUXPMHWQRVW
]QDQRVWSROLWLND]DNRQPRUDOUHOLJLMDLJUHLGU
,GHMDNRMDQLMHRSDVQDXRSHQH]DVOXXMHGDVHQD]LYDLGHMRP
,GHMHL]UDDYDPRLQMHQMHPLQHLQMHQMHPSLVPRPLJRYRURP
,GHMHQLVXOHSWLULRQHVXUH]XOWDWWHNRJUDGD,GHMHSUHREOLNXMXVYLMHWDQH
QMHQDPHKDQLNDSRVWLJQXD
,GHMHVXVUHGVWYR]DSUHREUD]EXVYLMHWDDQHXNUDVLQLWDQLMHXQRVQLMHRG
MHGQHGREUHLGHMH
,GHMHYMHURYDQMDLSRQDDQMDDXWHQWLQLKRVREDXYLMHNHQDLOD]LWLQDRWSRUX
GUXWYXPDNROLNRELOHRSUDYGDQHLUDFLRQDOQHMHURQHXQRVHQHPLUXGREUR
DGDSWLUDQHLULJLGQHXNRHQHVWURJHRVREH
,QIRUPDFLMDXSURL]YRGQRPODQFXRGSUYHLGHMHVYHGRUHDOL]DFLMHXSUDNVLL
GRNRULWHQMDSRVWRMLQHRYLVQRRVWDQMXUDGRYD%H]LGHMHQHELVHPRJORQLWD
UHDOL]LUDWL5D]PMHQDWLKREDYLMHVWLMHGDQDVQDUD]LQLSLVDQLKLFUWDQLK
GRNXPHQDWDRELQRMRXYLMHNSLVDQLKQDSDSLULPDDOLVHVYHYLHNRULVWH
HOHNWURQVNHUD]PMHQHREDYLMHVWL
-DVDPGREUDVSXYDMHUXSLMDPLGHMHLLQLPLKXSRWUHEOMLYLPD9HLQD
PRMLKLGHMDSUYRELWQRMHSULSDGDODGUXJLPOMXGLPDNRMLVHQLVXWUXGLOLGDOMHLK
UD]YLMDWL
.DGMHRYMHN]DOMXEOMHQXQHNXLGHMXYUORJDMHWHNRXYMHULWLXQMH]LQX
QHRVQRYDQRVW
.DNRPRHELWLYHOLNDSURYDOLMDNRMDQXQRRVWDMHL]PHXLGHMHLQMH]LQD
RVWYDUHQMDQHPRHQLWNRRGUHGLWL
.DNRVHJHQHULUDMXLGHMHGUXJRPXSRWUHERPDGDSWDFLMRPPRGLILNDFLMRP
XYHDQMHPVPDQMLYDQMHP]DPMHQRPSUHXUHHQMHPWHSUHRNUHWDQMHP
WUDQVIRUPDFLMRP
0HWRGHWUDHQMDLGHMDUD]UDGLOLVXPQRJLDXWRUL]DYLVQRRSULVWXSXLVNXVWYR
VWXSQMDXUD]XPLMHYDQMDMHGQRPULMHMXSRJOHGXQDVYLMHW$NRPHWRGRORJLMX
.DGDVD]ULMHYULMHPH]DQHNXLGHMXRQGDVHRQDSRMDYOMXMHVYXGD
MHGQHGREUHLGHMH
UD]YLMDWL
QHRVQRYDQRVW
WUDQVIRUPDFLMRP
,JUDMVHVLGHMDPD
p
FMHQMXMLGHMHSUHPDIXQNFLRQDOQRVWLQHSUHPDL]YRUX
2

p,JUDMVHVLGHMDPD
DGDVD]ULMHYULMHPH]DQHNXLGHMXRQGDVHRQDSRMDYOMXMHVYXGD
.
MHGQHGREUHLGHMH
UD]YLMDWL
QHRVQRYDQRVW
WUDQVIRUPDFLMRP
.DGDVD]ULMHYULMHPH]DQHNXLGHMXRQGDVHRQDSRMDYOMXMHVYXGD
MHGQHGREUHLGHMH
UD]YLMDWL
QHRVQRYDQRVW
WUDQVIRUPDFLMRP
p,JUDMVHVLGHMDPD

VKYDWLPRNDRVNXS]QDQMDGREURHGRLVYDNLSULVWXSNRMLVHPRH
SULPLMHQLWLQDRGUHHQXVUHGLQXDNWLYDQSULVWXSVWYDUDQMHLGHMDSDVLYDQ
SULVWXSSULNXSOMDQMHLSUHX]LPDQMHLGHMDLQWHUQRUD]PDWUDQMHL]YMHWDMD
DQNHWDXSLWDRSLLSR]LYQLQDWMHDMLUD]QLSULMHGOR]LHNVWHUQRVDMPRYL
OLWHUDWXUDSURVSHNWLNRQWDNWLVDNXSFLPDVHPLQDULVDYMHWRYDQMDLGUXJR
0ODGRYMHNQHWUHEDDOLWLWRQHPDPLOLMXQHGDUD]YLMHQHNXLGHMX
5D]PLOMDQMHQHVWRMLPLOLMXQHDUD]PLOMDQMHPVHVWYDUDLGHMD
0QRJHLGHMHXPLUXYHXVDPRPQDVWDMDQMXLQHSUHOD]HVWXSDQMSULYLHQMD
,QNXEDFLMDLSURYMHUDYDQMHPRHVHQDVWDYLWLLXQHNRMGUXJRMRVREL
1LLGHMDQLOMXGVNDHQHUJLMDQLYMHWLQDQHPDMXSURPHWQXYULMHGQRVWDNR]D
QMLPDQHPDSRWUDQMHQDSRVWRMHLPWULQLPXYMHWLPD
1LWDQLMHWDNRYDQR]DGREUXLGHMXQHJRNDGRQDGRHXSUDYRYULMHPH
1LWLMHGQDLGHMDQLMH]DSRGFMHQMLYDQMH
2QRWRNUHDWLYQXOLQRVWRGYDMDRGSURVMHQLKRVREDVXLGHMH,GHMDMHULMH
JUNRJSRGULMHWODLSUHGVWDYOMDPQRJR]QDDQSRMDPPLVDR]DPLVDR
SUHGRGEXSRMDPVKYDDQMH,GHMDMHSURL]YRGOMXGVNHVYLMHVWLLUD]XPDQH
XYLMHNDUD]XPMHVYRMVWYRYLVRNRRUJDQL]LUDQHPDWHULMHVSHFLILQHVWUXNWXUH
LYLKELD
1HPDORJLNHPHWRGH]DQRYHLGHMH6YRMHQD]RUHELKQDMODNHL]UD]LRNDGD
ELKUHNDRGDMHXVYDNRPRWNULXQHUD]XPVNLGLRLOLVWYDUDODNRQDGDKQXH
1HPDORJLQRJSXWDNRMLELGRYHRGRRSLK]DNRQD'RQMLKVHGROD]LVDPR
QDGDKQXHPNRMLVHWHPHOMLQDQHHPXWRMHQDOLNQDUD]XPQXOMXEDYSUHPD
SUHGPHWXVYRMLKLVNXVWDYD7HVQDJHVXQHWRNDRHVWRXOR2QHVXUH]XOWDW
UD]XPVNRJLVNXVWYDLRVMHWOMLYRVWLRVREHNRMD]QDVDNXSOMDWLLVDXYDWLVYRMD
LVNXVWYDWHLKNDVQLMHSRQRYRUDVWXPDLWLHVWRXORMHGDULSDNXWRPHQHPD
QLHJWDMDQVWYHQRJLOLQDWSULURGQRJD1DGDKQXHPHXWLPMRXYLMHNQH
VKYDDPRXSRWSXQRVWL
6YHGRNSRMHGLQDFLJUXSDPRHUMHDYDWLVYRMHLQGLYLGXDOQHLOLNROHNWLYQH
SUREOHPHQDXVWDOMHQQDYLNQXWLVWDQGDUGL]LUDQLLVYDNRPHSR]QDWLQDLQQL
SRMHGLQDFQLJUXSDQHRVMHDMXSRWUHEX]DVWYDUDQMHPWMUHPHHQMHPVYRMH
DGDSWDFLMH$OLRQRJWUHQXWNDNDGDVHSRMHGLQDFLOLJUXSDQDXSUHGMHGQRP
QRYRPVLWXDFLMRPLOLSUREOHPRPNRMLVHQHPRHUD]ULMHLWLQDVWDULQDLQ
RQLVXL]QHQDHQLLL]JXEOMHQL7HNWDGDSRVWDMXVYMHVQLNROLNRMHYDQR
SURQDLQRYLNOMX]DQRYXVLWXDFLMXLWHNWDGDVHRWYDUDMXSUHPDOMXGLPDNRML
PLVOHLSUHGYLDMXSUHPDVWYDUDRFLPDLGHMD
6YHWRGXKRSDDXVHELLOLWRMHSRVUHGDQSUHGPHWRSDDQMDPLOMHQMDLOL
UD]XPD]RYHPLGHMRP
6YHYHOLNHLGHMHSUHWYDUDPRXSRJUHQRVYHSHUYHUWLUDPRNUDQVWYR
MHGQDNRNDRLPDUNVL]DP
LYLKELD
VKYDDPRXSRWSXQRVWL
UD]XPD]RYHPLGHMRP

LYLKELD
VKYDDPRXSRWSXQRVWL
UD]XPD]RYHPLGHMRP

LYLKELD
VKYDDPRXSRWSXQRVWL
UD]XPD]RYHPLGHMRP

p3RWXMLVNXVQHDOL,VNXVWYRMHWROLNRSRGVYMHVQRWDNRGDL]JOHGD
JRWRYRQDJRQVNR.DGDVSR]QDNDNRELWUHEDORSRVWXSLWLYHVL]DDR
,QWHOLJHQFLMDMHRQRVYRMVWYRGXKDSRPRXNRMHJDNRQDQRVKYDDPRGDMH
VYHQHVKYDWOMLYR
,QWHOLJHQWQDQHSULMDWHOMVNDOMXEDYSROD]LRGWRJDGDVHPLUPRHRXYDWLVDPR
]DMHGQRVQHSULMDWHOMHP
p,QWHOLJHQFLMDMHVSRVREQRVWGDVHSULKYDWLVYRMDRNROLQD
3RVWRMHHWLULSVLKLNHGMHODWQRVWLPLOMHQMHRVMHDMRVMHWLQDGDKQXHNRML
VXQD]RQLXVYLPOMXGLPDQDUD]LQLVYLMHVWLSUHGVYMHVWLLSRGVYLMHVWL
8LVWLQXPRWLYLUDVDPRRQDLQVSLUDFLMDWRSROD]LRGSRGX]HWQLNDNRMLVDPD
VHEHLWRYHLGLRRQLKNRMLGMHOXMX]DMHGQRVQMLPHLGHQWLILFLUDVDVPLVORPL
FLOMHPRQRJDWR]DMHGQRSRGX]LPDMX
x DNLYLGRYLWRVW
x L]YDQUHGQHVLQWHWLNHXVWURMHQRVWL
x ODNRVDJOHGDYDQMHFMHOLQH
UHEDQDUDYQRUD]OLNRYDWLLQMHQLFHRGLGHMH
7
9HOLNDVHQDNDQDGRLPDXSRHWNXNDROXGRVW
pRYMHNVHQHPRHUD]YLMDWLDNRVDPQHPDLQLFLMDWLYXGMHORYDQMD
5DVSRQOMXGVNHLQLFLMDWLYHGDQDVSRVWDMHRSDVDQNRQNXUHQWVXVWDYXPRLSD
QLMHXGQRGDVHVYDNLSRNXDMVDPRRUJDQL]LUDQMDRJUDQLDYDVXYLQLPL
NRPSOLFLUDQLPSURSLVLPDL]DNRQLPD
6PUW]DNUHDWLYQRVWXQXWDUQHNHWYUWNHMHVWDYUXNRYRGLRFDNRMLVYDNRMQRYRM
]DPLVOLDSULRULNDHQHLWDNRJXLLQLFLMDWLYXYHX]DHWNX
=DEXGXHRGUDVORLRGJRYRUQRELHSLWDQMHUD]YLMDQMDLQLFLMDWLYHMHQHRELQR
YDQRMHUSRMDPLQLFLMDWLYHSUHGVWDYOMDVORERGQRGHPRNUDWVNRL]MDQMDYDQMH
RVYLPDNWXDOQLPSLWDQMLPDSRVHELFHGUXWYHQRSROLWLNLPLJRVSRGDUVNLP
SUREOHPLPD6WDOQRGMHWHWXJRYRUHQMHQHMHGDQMHRGREOLNDJXHQMD
LQLFLMDWLYH
p'RLNQDPDVLLQDQDVL]DSRVMHGQL6YHWD,QVSLUDFLMR
1DGDKQXHVHVDVWRMLXWRPHGDRYMHNVMHGQH]DUDGQLVWROVYDNLGDQXLVWR
YULMHPH
,QVSLUDFLMDMHNDRERDQVNDPX]DQDGDKQXD1HMDVQLVXSXWRYLQMHQRJ
QDVWDMDQMD
1DGDKQXHQRVL
x GR]XSRMDDQHMDVQRHLRWULQHRSDDQMD
1DGDKQXHQRVL
7UHEDQDUDYQRUD]OLNRYDWLLQMHQLFHRGLGHMH
LQLFLMDWLYH
YULMHPH
QDVWDMDQMD
x DNLYLGRYLWRVW
VYHQHVKYDWOMLYR

VYHQHVKYDWOMLYR
x DNLYLGRYLWRVW
HOLNDVHQDNDQDGRLPDXSRHWNXNDROXGRVW
9
LQLFLMDWLYH
YULMHPH
QDVWDMDQMD
1DGDKQXHQRVL
1DGDKQXHQRVL
LQLFLMDWLYH
YULMHPH
QDVWDMDQMD
x DNLYLGRYLWRVW
VYHQHVKYDWOMLYR

SUHGXERNRXJRGLQHGDELPRJDRLWDXLQLWL9ODVWLWRLVNXVWYRNDRL]YRU
LQIRUPDFLMDEXGXLGDVHQDOD]LXNDRWLQRPVWDQMXRELQRQLMH
QDMSRX]GDQLMHYUHOR7HNRMHXVHELPDNDNRERJDWXQXWUDQMLLYRWLPDPR
QDLVYXSRWUHEQXJUDX]DREUDGXQHNHWHPHLMHGQRVWDYQRUHHQR
SRMHGLQDFXUHODWLYQRNUDWNRPYUHPHQXPDORWRJDVDPGRLYOMDYDYHVH
RELQRNRULVWLWXLPLVNXVWYRPLVSR]QDMDPD=QDQMHWUHEDVWMHFDWLJGMHJRG
VHRQRQDOD]LOR
%ROMHMHJUDPLVNXVWYDQHJRWRYDUWHRULMD
,VNXVWYDVHQHQDVOMHXMXVYDWNRLKPRUDVDPSURL
,VNXVWYRMHQDMEROMLVDYMHWQLNDOLQMHJRYLVDYMHWLXYLMHNGROD]HSUHNDVQR
,VNXVWYRMHQDMEROMLXLWHOMDOLMHNRODULQDYLVRND
,VNXVWYRMHQD]LYNRMLOMXGLGDMXVYRMLP]DEOXGDPD
,VNXVWYRMH]EURMQDLKUD]RDUHQMD
,VNXVWYRQHPDHWLNHYULMHGQRVWL2QRMHVDPRLPHNRMLPVXOMXGLQD]YDOL
VYRMHJUHNH
,VNXVWYRQLMHRQRWRVHRYMHNXGRJDD,VNXVWYRMHRQRWRXLQLPRRG
RQRJDWRQDPVHGRJDD
,VNXVWYRSUYRELWQR]QDLORHLVNXVWYR
0XGDUQLMHRQDMWNRVNXSLPQRJRLVNXVWDYDYHRQDMWNRL]PDORLVNXVWDYD
QDXLGDLKQHPRUDVNXSLWLPQRJR1HPDQHNRULVQLKLVNXVWDYDYHVDPRQH
NRULWHQLK
3RWYUHQRPLMHLVNXVWYRGDEH]QDGQLKVLWXDFLMDJRWRYRQHPDDNRLKVHNDR
WDNYHQHSULKYDWL
6NXSDMHPXGURVWNRMDVHSODDLVNXVWYRP
9HOLNLXPMHWQLNVLQWHWL]LUDLWDYRLVNXVWYR
,VNXVWYRMHL]UDYQRRYLVQRRXQLWHQRMRSUHPL
p6YHWRL]D]RYGRQRVLWUHEDL]YULWLGRNUDMD1HWRWRMHQHRGULYRWUHED
ELWLRERUHQRLQHWRWRMHRVXHQRNDR]OLNRYDNDSRMDYDWUHEDVHXNORQLWL
SDLSRFLMHQXYODVWLWRJLYRWD
p,]GUOMLYRVWMHSOHPHQLWLMDRGVQDJH
MDVQRDMHGQRVWDYQRVWNDULMHUDNUDDNULPLQDOFLNUDWNRD
p1LWDQLMHWHHQHJRGXERNHPLVOLL]UD]LWLWDNRGDLKVYDWNRPRHUD]XPMHWL
2GELMDPGDPLVYHEXGHMDVQR
2VRELQDMHGXERNLKPLVOLGDL]JOHGDMXWDNRMHGQRVWDYQHGDQDPVHLQLNDRGD
VXQDHYODVWLWH
VXQDHYODVWLWH
VHRQRQDOD]LOR
VYRMHJUHNH
RQRJDWRQDPVHGRJDD
NRULWHQLK
WDNYHQHSULKYDWL

VHRQRQDOD]LOR
VYRMHJUHNH
RQRJDWRQDPVHGRJDD
NRULWHQLK
WDNYHQHSULKYDWL
VXQDHYODVWLWH

VXQDHYODVWLWH
VHRQRQDOD]LOR
VYRMHJUHNH
RQRJDWRQDPVHGRJDD
NRULWHQLK
WDNYHQHSULKYDWL

6SRVREQRVWMDVQRJL]UDDYDQMDSUHGXYMHWMH]DYUHQMHXWMHFDMDQDGUXJH
7UVLPVHGDEXGHPNUDWDNDSRVWDMHPQHMDVDQ
p'RND]YLVRNRJREUD]RYDQMDMHL]QRHQMHYHOLNLKVWYDULQDMHGQRVWDYDQ
QDLQ
-HGQRVWDYQDUMHHQMDQHPRUDMXELWLQXQRRJROMHQDPDGDMHLVWLQDGDMHGR
QMLKQDMWHHGRL
-HGQRVWDYQRVWMHSHDWLVWLQH
6YHELWUHEDORXLQLWLWRMHPRJXHMHGQRVWDYQLMHDOLVHQHVPLMH
SRMHGQRVWDYLWLELW
6YHPLVOLNRMHLPDMXYHOLNHSRVOMHGLFHXYLMHNVXMHGQRVWDYQH
$NRL]JOHGDODNRIUNDMH$NRVHLQLGDMHIUNDRQGDMHYUDNLQHPRJXH
1LWDQLMHWDNRODNRNDRWRL]JOHGD
p.DGDNDULMHUHGRVHJQXYUWRJODYHYLVLQHSUHYDUDVHYLHQHPRHGRND]DWL
.DULMHUDMHNRQMNRMLEH]MDKDDGRVSLMHYDSUHGYUDWDYMHQRVWL
/MXGLVXPHXVRERPL]JUDGLOLSUHSUHNXNRMDVH]RYHNDULMHUD
3RVWRMHGYLMHPRJXQRVWLNDNRVHPRHQDSUDYLWLNDULMHUDLOLVHVWYDUQRQHWR
UDGLLOLVHWYUGLGDVHQHWRUDGL3UHSRUXDPSUYXPHWRGXMHUMHWX
NRQNXUHQFLMDSXQRPDQMD
p1HXNUDGL1HX]GDMVHXEODJRNULYRVWHHQR
o9HWULGHVHWJRGLQDSRNXDYDPGRND]DWLGDQHSRVWRMHNULPLQDOFLYH
VDPRQRUPDOQLOMXGLNRMLVXSRLQLOLNDQMLYDGMHOD
p7NRKRHSLVDWL]DVYDYUHPHQDQHNDEXGHNUDWDN
.UDWNRDMHGXDGXKRYLWRVWLLVHVWUDWDOHQWDDOLLQDMYHLWDOHQWLJXEHVHX
QHUDGX
WRVHVYHNULMHLVSRGSODWDNROHNWLYQHIDQWD]LMH"
p
,DNRMHPDWDNUXKJODGQLKGR]YROLWYRMRMPDWLGDVHLJUD'LQDPLNR
QDHORPDWHMHLJUD
7HRULMDLJDUDXPDWHPDWLFLEDYLVHDQDOL]RPGRQRHQMDRGOXNHXQHNLP
SUREOHPVNLPVLWXDFLMDPD,JUDMHVYRMHYUVQDWHUDSLMD
RYMHNQHPRHVWYDUDWLYHOLNDGMHODEH]XSRUQDUDGDDOLLEH]X]OHWDPDWH
NRMD]QDLRGYDMDQMHRGVYDNRJDQHSRVUHGQRJD]DGDWDND
OXFLGQRVWPDWDPHWRGH
o/XFLGDQRYMHNQLMHLVSUHGVYRJYUHPHQDQHJRMHSURVMHDQRYMHNL]D
QMHJD
QMHJD
OXFLGQRVWPDWDPHWRGH
pWRVHVYHNULMHLVSRGSODWDNROHNWLYQHIDQWD]LMH"
QDHORPDWHMHLJUD
QDLQ
QMLKQDMWHHGRL
SRMHGQRVWDYLWLELW
QHUDGX

QDLQ
QMLKQDMWHHGRL
SRMHGQRVWDYLWLELW
QHUDGX
QDHORPDWHMHLJUD
OXFLGQRVWPDWDPHWRGH
QMHJD
QMHJD
OXFLGQRVWPDWDPHWRGH
QDHORPDWHMHLJUD
QDLQ
QMLKQDMWHHGRL
SRMHGQRVWDYLWLELW
QHUDGX

,PDWLPDWXQH]QDLQHWRL]PLOMDWLWR]QDLGDPDUH]DVWYDUL
0DWDMHQHWRWRQHNLOMXGLQHPRJXQL]DPLVOLWL
0DWDMHRQDXPMHWQRVWNRMDPLVOLPDGDMHWLMHOR0DWDMHRQRVWYDUDODNRX
RYMHNXRQRRELOMHNRMHLQLOMHSRWXLYRWD
0DWDMHXJRGQLMDRGVWYDUQRVWL
0DWDWMHLOMXGHUDGLRQRJDWRQHPRJXELWLDKXPRUUDGLRQRJDWR]DLVWD
MHVX
0DWRPVHGRSLUHGDOHNRSUHNRGRVHJDYODVWLWLKXODLX]GLHGRRQRJ
YLGRNUXJDJGMHQLWDOMXGVNRQHPRHELWLWXH
1HNHVXUHOLJLMHPQRJRR]ELOMQLMHSRYH]DOHPDWXVJULMHKRPL]DEUDQLOH
NRULWHQMHVOLNDNDRVUHGVWYR]DWRYDQMHDWRVXLGDQDV0RGDMHWR
XNRULMHQMHQRXVXPQMLGDMHPDWDLVNOMXLYRERMHSUDYRLGDELNRGRYMHND
SRWDNODRSDVQXRKRORVWGXKD,]DVYHJDVHQDOD]LRXVWYDULVWUDKSUHG
QDYRGQLPRSDVQRVWLPDPDWRYLWLKLVWYDUDODNLKQHXPMHUHQRVWL
2QRWRMHVDGDGRND]DQRELORMHMHGQRP]DPLOMHQR
3RPRXPDWHGRSLUHVHGDOHNRSUHNRGRVHJDYODVWLWLKXOD
3ULURGDMHPRQVWUXR]QRQHSUDYHGQD1HSRVWRML]DPMHQD]DWDOHQW0DUOMLYRVW
LNUHSRVWQLWDQHNRULVWH
6DPRPDWRYLWDRVRED]QDGDVXLGHMHPHQWDOQHHQHUJLMH
DWDMHRVQRYQLNUHDWLYQLHOHPHQWX]QDQRVWLLXPMHWQRVWLPDWDMH
0
XNRULMHQMHQDXVDPRPQDHPPLOMHQMX6YHGRNSUREOHPGUXWYHQH
UHNRQVWUXNFLMHQHSRVWDQHSUHRNXSDFLMDSDPDNDULGMHORPLQDQDMEROMLK
XPRYD]QDQRVWLLWHKQLNHPDWLQHHXVSMHWLVDJOHGDWLQRYHLUHDOQH
DOWHUQDWLYH6UHWQLNQLNDGQHPDWDPDWDVDPRRQDMNRMLQLMH]DGRYROMDQ
6YDNDL]PLOMRWLQDLPDL]YMHVQXYULMHGQRVW]DGLMHWHNRMHMXMHL]PLVOLOR
)DQWD]LMRPGLMHWHSUHYRGL]DPUHQRVWLVYLMHWDRGUDVOLKXL]UD]HNRMHUD]XPLMH
8VYLMHWXXNRMHPVXRGUDVOLGRPDLGMHFDVXWXLQFLWHLPDMXSRVYXGDNULYH
SUHGRGEHRGMHORYDQMXVYRMHRNROLQH%RMHVHVWYDULNRMHQHSR]QDMXDUDGL
ELQDXLOLVYHLELOLSULKYDHQL'DELVHPRJOLXKYDWLWLXNRWDFVQRYLP
LVNXHQMLPDHVWRPRUDMXVHELWXPDLWLLYRWQDQDLQNRMLLPMHUD]XPOMLY
6YDNLYHOLNLQDSUHGDNX]QDQRVWLSRWMHHRGQRYHVPMHORVWLLPDJLQDFLMH
o/RHPHWRGHLQHGDLGREUHNQMLJHLGREULXLWHOMLSRVWDMXEHVNRULVQL
QDSDGQDVLOMHQHQDVLOMHRNUXWQRVWRWNULH
o3URPLOMHQLSODQQDSDGDSUHGYLDLPRJXQRVWSRYODHQMD
p.ORQLVHGHVWUXNWLYQLKRVRED3RGWLPSRMPRPSRGUD]XPLMHYDPR
QHSURGXNWLYQHLQHVWYDUDODNHLVWHULOQHRVREHNRMHLYHVDPR]DVYRMH
0DWDMHRVQRYQLNUHDWLYQLHOHPHQWX]QDQRVWLLXPMHWQRVWLPDWDMH
MHVX

MHVX
DWDMHRVQRYQLNUHDWLYQLHOHPHQWX]QDQRVWLLXPMHWQRVWLPDWDMH
0

0DWDMHRVQRYQLNUHDWLYQLHOHPHQWX]QDQRVWLLXPMHWQRVWLPDWDMH
MHVX

]DGRYROMVWYRLXJRGX1MLKRYMHLYRWLVSXQMHQDSDWLMRPEH]QDGQRXL
EHVPLVOHQRX
p1LNDGDQHRGROLMHYDMQDSDVWLSURYMHULVYHL]DGULWRMHGREUR
1DVLOMHMH]DLVWDXURGXVDVWUDKRP1LNDGDVHQDVLOMHPQHSRVWLHQHQDVLOMH
7DPRJGMHVHPRUDELUDWLL]PHXNXNDYLOXNDLQDVLOMDMDVDP]DQDVLOMH
8QXWDUVYDNRJNUXSQRJSUREOHPDQDOD]LVHPDOLSUREOHPNRMLVHERULGD
L]DHYDQ.DGUDGLQDUMHHQMXQHNRJSUREOHPDXYLMHNSRPDHDNR]QD
RGJRYRU5MHHQMHSUREOHPDPLMHQMDQDUDYSUREOHPD'RVYLKYHOLNLKRWNULD
QDNUDMXVHGROD]LJUHNRP
o,]YUDYDQMHQHQDVLOMD]DKWLMHYDSXQRYLHKUDEURVWLQHJRWRMHERUDFLPD
.XNDYLOXNLQHQDVLOMHQHLGX]DMHGQR
$NRSUREOHPL]LVNXMHEURMQHVDVWDQNHQDNUDMXVDVWDQFLSRVWDMXYDQLMLRG
SUREOHPD
p1LWDQLMHNRULVQRWRMHRNUXWQR2NUXWQRVWMHXLYDQMHXSDWQMDPD
PXHQRJD2NUXWQRVWX]QHPLUDYDJOXSRVWREHVKUDEUXMH
1DQHSR]QDWDSLWDQMDVOLMHGLQHUD]XPOMLYRGJRYRU
7NRMHWROLNRREUD]RYDQGDVYRMHSUHGQRVWLQDVSUDPGUXJLKSRQHNDGQH
RVWYDUXMHQDRNUXWDQQDLQ"
SUHSUHNHSUREOHPSURYMHUDYDQMHSURQLFOMLYRVWVDYUHQVWYR
VYHVWUDQRVWVSRVREQRVWLVWYDUDODWYRWUDJXVSMHK
p1LMHSUREOHPXWRPHNDGQHYLGLUMHHQMH3UREOHPMHNDGQHYLGL
SUREOHP
o6YDNLVXSWLODQYLFMH]OREQRRWNULHDPQRJDYHOLNDRWNULD]QDQRVWL
GRHNDQDVXYHOLNLPVPLMHKRP
2E]LURPQDSUHSUHNHQDMNUDDFUWDL]PHXGYLMHWRNHPRHELWLLVNULYOMHQD
p$NRQHPDVPHWQMHQHWNRHWLYHSULVNUELWL
SUREOHP
SUREOHPD
-HGLQLQDLQGDVHRGUHNQHPRQDVLOMDVXSUD]QHYRMDUQH1DVLOMHMHRGNRULVWL
VDPRRQLPDNRMLQHPDMXWRL]JXELWL
LODYRVWLSURQLFOMLYRVWVXSURPDWUDLQHOMXGVNHLJUHXNRMRMDSVXUGQDGDL
VPUWL]PMHQMXMXVYRMHUHSOLNH
.ORQLVHQDVLOMD=ELMHQRVWSRJRGXMHUDVWXDJUHVLMH
p1HWHLVDYUHQVWYXFLOMPRHSRVWDWLMDORY'RNGRWMHUDLL]JODGL
UHHQLFHMHGDQHVYHPLUSDVWLXUXHYLQH
LYRWLQMDQLNDGQHHSURWLYRYMHNDSURWLYRYMHNDLGHVDPRRYMHN
EHVPLVOHQRX

EHVPLVOHQRX
SUREOHPD
SUREOHP
SUREOHP
SUREOHPD
EHVPLVOHQRX

-HGDQRGJODYQLKPRPHQDWDSUDYRJDLQWHOHNWXDOQRJDL]REUDHQMDMHVW
VYHVWUDQRVW
p3URQDLVYRMHVSRVREQRVWL
x DNREU]RVKYDDSUREOHPHLQHSUHVWDQRVHRERJDXMHQRYLP
LVNXVWYLPD
x DNREU]RXVYDMDQRYHSRMPRYH
x DNREU]R]DPMHXMHDNRLPDIOXHQWQRVWLGHMDLVWYDUDQRYH
RULJLQDOQHLGHMH
x DNRLPDVOLNXRVDPRPHVHELLXQXWDUQMXPRWLYDFLMX
x DNRNRULVWLVLPEROH
x DNRODNRNRQ]XPLUDQRYR]QDQMH
x DNRSODQLUDLIOHNVLELODQVLXPLMHQMDQMXSODQD
x DNRSRND]XMHSRWSXQXSUHGDQRVWVYDNRM]DGDL
x DNRSUHSR]QDMHVYRMHLQWHOHNWXDOQRWMHOHVQRLGUXWYHQR
x DNRSURYMHUDYDLNRQWUROLUD
x DNRVH]DQHWR]DQHVHHQWX]LMDVWDLQHLPHIDVFLQLUDQ
x DNRVH]DQLPD]DQRYDSRGUXMDLSRYH]XMHLKPHXVREQRL
UD]PLOMDGLYHUJHQWQR
x DNRVLVHOHNWLYDQQDELWQHSRGDWNHVWYDUDVYRMXYODVWLWXED]X]QDQMD
x DNRNRULVWLXYLGDQDORJLMHLPHWDIRUH
x DNR]DPMHXMHELWQHSRMDYHLRGQRVH
WDGDXWHELSRVWRMHMDVQL]QDFLLVLJQDOLVSRVREQRVWLWRSRWKUDEULKL
EHVNRPSURPLVQLKWDGDEU]RQDSUHGXMHXVYDNRPQRYRPSRGUXMXWDGDVL
SRVWLJDRVYRMRVMHDMLGHQWLWHWDLQHRYLVQRVWLLRGJRYRUQRVWLDQHSULSLVXMH
WRVUHLVXGELQLLOLVOXDMXWDGDSRVMHGXMHVDPRSRX]GDQMHLNRPSHWHQWQRVW
WDGDVLVDPRHILNDVDQSURGXNWLYDQRUJDQL]DWRUDPRHELWLLGREDU
UXNRYRGLWHOMWDGDVLYLHVWUXNRQDGDUHQLURHQ]DVWYDUDODWYR1HGR]YROL
VHELGDWLWHVSRVREQRVWLXJDVQX0RGDSRVMHGXMHPHWDPHPRULMXL
PHWDNRJQLFLMXHPRFLRQDOQXORJLQRPDWHPDWLNXYHUEDOQXSURVWRUQX
PX]LNXNLQHVWHWNXLOLVRFLMDOQXLQWHOLJHQFLMX7LWRPRH6$08VWDQLLOL
RGXVWDQL
p7LVDPL]DELUHVDPVWYDUDODNLNDRXPMHWQLNL]QDOD]LLSRVWDYOMD
YULMHGQRVWL
$NRKRHVDGLWL]DYMHQRVWVDGLXGXERNHEH]JUDQLQHVSRVREQRVWL
RYMHND
%XGLJRVSRGDUDQHUREVYRMLKVSRVREQRVWL
VYHVWUDQRVW
LVNXVWYLPD
RULJLQDOQHLGHMH
x DNRNRULVWLVLPEROH
UD]PLOMDGLYHUJHQWQR
RGXVWDQL
YULMHGQRVWL
RYMHND

VYHVWUDQRVW
LVNXVWYLPD
RULJLQDOQHLGHMH
x DNRNRULVWLVLPEROH
UD]PLOMDGLYHUJHQWQR
RGXVWDQL
YULMHGQRVWL
RYMHND

VYHVWUDQRVW
LVNXVWYLPD
RULJLQDOQHLGHMH
x DNRNRULVWLVLPEROH
UD]PLOMDGLYHUJHQWQR
RGXVWDQL
YULMHGQRVWL
RYMHND

%XGLNUHDWLYDQVWYDUDM
'RNVWYDUDGYDSXWDLYL6WYDUDWLWR]QDLGDWLQHNLREOLNVYRMRM
VXGELQL
1LVLVWYDUDRFDNRGREUR]DSRQHQHJRDNRQDYULMHPH]DYUL
6YMHVQLPLWUDMQLPRGOXLYDQMHPRVYRMHPGMHORYDQMXRVWYDUXMHVYRMX
VWYDUDODNXSUHGRGUHHQRVW
$ULVWRWHORYHSUHWSRVWDYNHRVWYDUDODWYXWHPHOMLOHVXVHQDHWLULVXSURWQRVWL
KODGQRJYUXHJYODQRJLVXKRJ2QMHYMHURYDRGDVXWHVXSURWQRVWLX
QHSUHVWDQRPVWDQMXQHUDYQRWHHLGDVHQHSUHVWDQRSRNXDYDMXXVNODGLWL
'DQDVPRHPRJRYRULWLRUDVSRORHQMLPDSULPMHULFHRVWUDKX
1LWDQLMHWDNRQHSUHGYLGLYRL]DLVWDWDNRVWDELOQRNDRNDRVMHU]DQMHJD
QRYRVWLVWYDUDODWYRVXQHUDVSR]QDWOMLYHVYHGRNVHQHSRMDYHL]UHGD
%LWLNUHDWLYDQ]QDLL]UDDYDWLVYRMHVSRVREQRVWLWDOHQWHERJDWVWYRVYRMH
SULURGQHQDGDUHQRVWLNRMHJLPDQHQWQRLPDVYDNROMXGVNRELH
1HNLVPDWUDMXGDMHVWYDUDODWYRSURQDODHQMHUHGDXQHUHGX
RYMHNELKWLRLVXYLHPQRJR2QELYDOMGDKWLR6YH1DSURVWRVYHGDEXGH
ERJLOLJHQLMHLOLYLHRGWRJDMHUELKWLRXOMHSDWLLGRWMHUDWLRQRWRMHPDMND
SULURGDSRQMHJRYXQDLQXJOHGDQMDSURSXVWLODLOL]DQHPDULODRYMHNELKWLR
ELWLQHQDVLURYQHJRQDEODJLSOHPHQLWQDLQ1DWRYMHN'DEXGHQRYL
LPHQRYDWHOMSUHNUVWLWHOMLGRQRVLWHOMSORDEXGLWHOMXVWURMLWHOMLSUHXVWURMLWHOM
MHGQRPULMHMX6WYDUDODF
'RNMHGQLVPDWUDMXGDVHXOMXGVNRMSRYLMHVWLQLWLMHGQDMHGLQDLGHMDQLMH
PRJODRVWYDULWLEH]VQDQHGUXWYHQHNRKH]LMHGUXJLVXPLOMHQMDGDVRFLMDOQH
VNXSLQHQHSRVMHGXMXQLNDNYH]DMHGQLNH]QDDMNHQDJRQHVPHWQMHSRXGH
VQRYHRVMHDMHLOLVWYDUDODNHVSRVREQRVWLWHGDVDPRSRMHGLQDFPRH
XGMHWLSRWLVNLYDWLVQLYDWLPLVOLWLRVMHDWLMHGQRPULMHMXL]UDDYDWLX
DUWLNXOLUDQLPREOLFLPD
RYMHNMHLQWHJULUDQLLVWYDUDODNRELH6WYDUDODWYRMHLVNOMXLYROMXGVNR
RELOMHMH
'LQDPLQDLLQYHQWLYQDGUXWYDNRMDVXXVSMHODXSUHJQXWLVWYDUDODNH
SRWHQFLMDOHLRNUHQXWLVHWHKQRORJLMDPDEXGXQRVWLVLORYLWRQDSUHGXMX
RYMHNSRVWDMHNUHDWLYDQNDGRWNULMHQRYRMHGLQVWYRXUD]QROLNRVWLSULURGH
RYMHNYLHFLMHQLVORERGQRYULMHPHQHJRUDGVDPRRQGDDNRJDRVMHD
]DQLPOMLYLP
RYMHNVYRMLPVWYDUDODWYRPWUDQVFHQGHQWLUDYHVWYRUHQRXNOMXXMXLLVHEH
VDPRJ
VDPRJ
]DQLPOMLYLP
RELOMHMH
XGLNUHDWLYDQVWYDUDM
%
VXGELQL

VXGELQL
RELOMHMH
]DQLPOMLYLP
VDPRJ
VDPRJ
]DQLPOMLYLP
RELOMHMH
VXGELQL

.UHDWLYQDMHRVREDVNORQDUL]LQLPSRGXKYDWLPD1HNLVH]QDQVWYHQLFLLSDN
SLWDMX'DOLMHRYMHNNRMLQLWDQHULVNLUDNRMLMHVWDOQRQDRSUH]XGDVHQH
XPLMHDXELORWRNRMHJYDUOMLYDVUHDLOLRGQRVLOMXGLXQMHJRYRMRNROLQL
QLNDGDQHL]EDFHL]NRORWHLQH]UHOLMDOLQRVWRGXPMHWQLND"
8EXGXQRVWLHVYHRYMHNRYHIXQNFLMHVWYDUDODNHVSRVREQRVWL
PRJXQRVWLELWLXQLWHQHXPMHWQRVWYRUHQLPQHVWDLFDPDORH
UDVSRGLMHOMHQRJRELOMDVYHGRNWULQLVXVWDYMRMHGQRPQHEXGHSRWNRSDQ
VYRMLPYODVWLWLPNUDMQRVWLPDXPQRDYDQMHPODQLKSRWUHEDLOLHLKX
SURSLVQRVWHULOL]LUDQRPREOLNXLIULUDQH]DJRWRYXXSRWUHEXSUHX]HWL
VDPRGRYROMQDPHJDPDLQDHOLPLQLUDMXLWDNRVYDNXPRJXQRVWUD]YRMD
.UHDWLYQDMHRVREDRWYRUHQDSUHPDNULWLNDPD
'XKPRHVWYDUDWLGMHODVDPRNUR]WHPSHUDPHQW
.DGDELRYMHNPRJDRVWYRULWLVDPRMHGQXUXXWUHEDORELPXSRNORQLWL
FDUVWYR
*DMHQMH]QDQRVWLLGXEOMLVWXGLMRYMHNDQHELELRQDRGPHWWYRUFLPDNRML
KRHSRVWLLDPSOLWXGXVWYDUDQMDGDELWDNRL]DOLL]SRQDYOMDQMDLXNUXHQLK
SR]DNRMHODNRPRJXL]JOHGDWLL]YMHWDHQH,VWLQVNHLQWXLFLMHREDVMDYDMX
VDPRGR]UHOHL]UDHQH6DYMHVWL
*GMHJRGRYMHNLYLVYXGDSRND]XMHVYRMXGXKRYLWRVWLVQDODOMLYRVW
1MHJRYDMHSORGDSVLKDVWYRULODXPMHWQLNDGMHODGLYQH]JUDGHYHOLNDGMHOD
SXQDPDWRYLWRVWLL]QDQMDSRHRMHVSUHVDLYDQMHPVUFDRWNULRSHQLFLOLQ
ODVHUVNH]UDNHRVWYDULRSXWRYDQMHQD0MHVHFVDVWDYLRVORHQHUDXQDUVNH
VWURMHYHNRML]DQHNROLNRVHNXQGLL]UDXQDYDMXRQRWRELRYMHNXWUHEDOR
YLHJRGLQD7DMVSLVDNMHVDPRVLWDQGMHOLYHOLNHUL]QLFH]QDQMDNRMHMH
VDEUDRRYMHNQRXSUDYRMHXWRPHSDUDGRNV
,GHQWLWHWGXKDWUHEDORELQHLP]DVOXLWL
,]PHX]QDQMDLVWYDUDQMDSRVWRMLJROHPSRQRUSUHNRNRMHJDVHHVWRWHN
SRVOLMHWHNLKERUELL]JUDXMHPRVW
-HGQDQLVNDRNROLFDXLYDXWRPHGDXQLWDYDQDHUDGQHVSRVREQRVWLLOLGDLK
SULPMHQMXMHQLQDNDNYHLOLQLWDYQHLOLQHGRVWRMQHVYUKH3UDYDMHRNROLFD
VDPRRQDNRMDXSXXMHRYMHNDQDNRULVWDQLVPLVOHQUDGQDUDGNRMLRQYROL
]ERJNRMHJFLMHQLLVDPLYRW
-HGQDYLDGXDVWURSRWDQDXSRQRUHQDHVYDNLGDQMRVWLRDMDODELLQDUXLOD
VHELOLFHNDGDQHELLPDODSUHGVRERPL]ERUVYRJ]DGDWNDLGRVOMHGQRJDUDGD
-RXHVKYDDQMHSUL]QDMHVWYDUDODWYRVDPRL]XPLWHOMLPDLXPMHWQLFLPDDOL
QHL]QDQVWYHQLFLPDNRMLRWNULYDMXLVWLQXRQDNYXNDNYDRQDMHVWWH]DWRX
UMHHQMDQHXQRVHQLWDVYRJD
FDUVWYR
UHDWLYQDMHRVREDVNORQDUL]LQLPSRGXKYDWLPD1HNLVH]QDQVWYHQLFLLSDN
.

.UHDWLYQDMHRVREDVNORQDUL]LQLPSRGXKYDWLPD1HNLVH]QDQVWYHQLFLLSDN
FDUVWYR
FDUVWYR
UHDWLYQDMHRVREDVNORQDUL]LQLPSRGXKYDWLPD1HNLVH]QDQVWYHQLFLLSDN
.

.UHDWLYQRSURPLOMDQMHWHPHOMLVHQDSUDYLOQRPPLOMHQMXLSRQDDQMX
1HNDGDVXSRVWRMDOHSUHWSRVWDYNHRSRYH]DQRVWLL]PHXVWYDUDODNH
GMHODWQRVWLGXHYQLKEROHVQLNDLGXHYQHVWDELOQRVWL6WYDUDODNDVSRVREQRVW
X]QDQRVWLNRMDL]LVNXMHSURXDYDQMDLWHDNUDGVLJXUQRMHWMHQMHSRYH]DQD
VYHOLNRPLQWHOLJHQFLMRPQHJRVQHVWDELOQRX
.UHDWLYQRXLVDPRVWYDUHQMHPVHSRVHEQREDYLKXPDQLVWLNDSVLKRORJLMD
1DVWYDUDODWYRGMHOXMXYDQMVNLLXQXWDUQMLLPEHQLFL3RGYDQMVNLP
LPEHQLFLPDPLVOLPRQDGUXWYHQRLSULURGQRRNUXHQMHSRNXV
PRJXQRVWLGRNXQXWDUQMLLPEHQLFLREXKYDDMXQL]SRMPRYDNRMLRGUHXMX
VWYDUDODNXOLQRVWQDUDYLNDUDNWHU'DNDNRGDVHNUHDWLYQRVWPRHLQDXLWL
/MXGVNDELDPRUDMXELWLVORERGQDGDPLVOHLSRQDDMXVHVWYDUDODNL
0RXPDOMXEDYLVWYDUDODWYDVYHELWQHPRLUDVWXSURFHVRPL]UDDYDQMD
YODVWLWLKPLVOL
0QRJLVXOMXGLWLMHNRPVYRMHJLYRWDL]JXELOLVYRMVWYDUDODNLSRWHQFLMDOL
SRVWDOLLOLRVWDOLQHNUHDWLYQL7RMHUH]XOWDWLYRWDXGUXWYXLSURFHV
IRUPDOQRJRGJRMDLREUD]RYDQMD0HXWLPQHNHRVREHXVSLMHYDMXGDYH
L]JXEOMHQXLOLRVODEOMHQXVWYDUDODWYRSRQRYRVWHNQXLOLRMDDMXXNDVQLMHP
LYRWX
0QRJRMHEROMHXLQLWLPDORDOLGREURDRVWDORSUHSXVWLWLGUXJLPDNRMLGROD]H
L]DQDV
L]DQDV
LYRWX
YODVWLWLKPLVOL
.UHDWLYQRVWVHNDNRNDXGRJDDXGHVQRMKHPLVIHULPR]JDNRMDMH
VSHFLMDOL]LUDQD]DQHYHUEDODQNRQNUHWDQYL]XDOQDHPRFLRQDODQLHVWHWVNL
PDWHULMDONRMDREUDXMHQHOLQHDUQRLFMHORYLWRLVWRGREQREDYHLVHUD]OLLWLP
YUVWDPDLQIRUPDFLMD
/MXGLVHUD]YUVWDYDMXQDPDQLQHQDSHWHLRSXWHQH3RVHEQRVX]DQLPOMLYL
SUYLPDQLQDRVREDMHRELQRQDGDUHQDLVWYDUDODNDLSDNMHRQDVDPDVHEL
QHSULMDWHOMLLYRWVQMRPQLMHXJRGDQ6WDOQRMHXSRNUHWXSRVWXSFLVXMRM
QHSUHGYLGOMLYLQHVWUSOMLYDMHLQDJORPLMHQMDUDVSRORHQMDLQLVHGDVH
QLNDGDQHRSXWDLSDNVXQMHQHVWYDUDODNHVQDJHGUDJRFMHQHRYMHNNRML
LYLVDPR]DVYRMUDGLOLVDPR]DVYRMXRELWHOMGRVDGDQMHLUDQMLY
.UHDWLYQRVWMHVSRVREQRVWYLHQMDVWYDULXQRYRPVYLMHWOXLUMHDYDQMX
SUREOHPDQDQRYRULJLQDODQLQHRELDQQDLQ
-HOLMHRYMHNXPRJXHXPMHWQRVRSRMQLPVUHGVWYLPDLOLQDGUXJLQDLQ
SRYHDWLGRPLOMDWRVWLVWYDUDODWYR.ROLNRRSLMDWLVWYDUQRSRGVWLXRYMHND
XVWYDUDODWYX"
0LOMHQMHLVYDNRSRQDDQMHVXVDVWDYOMHQLRGXYMHWQLKUHIOHNVDNRMLVH
XYUXMXXPRGDQRMNRUL=DELKHYLRULVWHMH]QDDMQLMHXHQMHRGPLOMHQMD
MHUXHQMHVWYDUQRODNHSURXDYDMX
YUVWDPDLQIRUPDFLMD
XVWYDUDODWYX"

YODVWLWLKPLVOL
LYRWX
L]DQDV
L]DQDV
LYRWX
YODVWLWLKPLVOL
YUVWDPDLQIRUPDFLMD
XVWYDUDODWYX"
YUVWDPDLQIRUPDFLMD
XVWYDUDODWYX"

3RWLFDQMHPDWHRSRMQLPVUHGVWYLPDVWDURMHNROLNRLRYMHNDOLMRXYLMHN
RVWDMHQHULMHHQRSLWDQMHGDOLRSRMQDVUHGVWYDSRGVWLXRYMHNDX
VWYDUDODWYX
1HPDVWYDUDODWYDEH]YMHUHLQDGH
LMHGQHJRGLQHGDQDQLWUHQXWNDQHELKWLRELWLLVWLVWDWLQHJRXYLMHNX
1
GXHYQRMVWUXMLQDHPDVNHLHWLNHWHQDMPDQMHVXYDQH$WRELKMHGLQR
SRWRPFLPDKWLRQDPULMHWLXEDWLQXELODEL9('5,1$.ULVWDOQDNRFND
YHGULQH
2GX]HWLRYMHNXPRJXQRVWVORERGQRJL]ERUDUDGDVSULMHLWLPXGDVH
SRVYHWLSRVYRMLPVNORQRVWLPD]QDLRGX]HWLPXQDMOMHSHOLFHLYRWDL
YUKRYQXUDGRVW-HUUDGSRVYRMRMVNORQRVWLMHOLMHSOMHSLQHJRLVDPUDG]D
UDG
2QRWRGDQDVQHWNR]DSRQHNDRQDXQRIDQWDVWLQXSULXVXWUDHPRGD
PRUDWL]DYULWLNDRUHSRUWDX2QRWRMHL]UD]VWYDUDODNLKWHQGHQFLMDX
RUJDQL]PXLXOMXGVNRMSVLKLMHVWGDQDJRQVNLSRULYLLHOMHVWDOQRSURGLUXX
YLHSVLKLNHLQVWDQFLMHXVYLMHVWGDXQRVHQRYLQHSUHGYLGLYHOHPHQWX
PLOMHQMHLSDPHQMHGDWLPQRYLPHOHPHQWLPDSRWLVNXMXYHVWYRUHQH
QDYLNHSRQDDQMDMHUSDPHQMHMHXVOXELSURORJDDHOMDXVOXEL
EXGXHJD
3RQMLKRYLPSORGRYLPDHWHLKSUHSR]QDWL
3RGVWYDUDODWYRPPRHPRREXKYDWLWLVYDNLVXVWDYPLVOLLGMHORYDQMDJUXSH
NRMLSRMHGLQFXSUXDRNYLURULMHQWDFLMHLSUHGPHWSRWRYDQMDLRERDYDQMD0L
VPRRQRWRSRWXMHPRDRQRWRSRWXMHPRMHRQRWRPRWLYLUDQDH
SRQDDQMH1DPDMHSRWUHEDQWDNDYSUHGPHWSRWRYDQMDGDELVPRREMHGLQLOL
QDXHQHUJLMXXMHGQRPSUDYFXGDELVPRSUHYODGDOLQDXL]ROLUDQX
HJ]LVWHQFLMXVDVYLPQMHQLPVXPQMDPDLQHL]YMHVQRVWLPDWHGDRGJRYRULPR
QDQDXSRWUHEX]DVPLVORPLYRWD
3RNDLPLNDNRJUDGLDMDXWLUHLWNRVL
3RVWRMLRJURPDQQDLQDLSXWRYDNRMLPDVHL]UDDYDVWYDUDODWYR6YDNL
SRMHGLQDFPRHELWLNUHDWLYDQQDVYRMQDLQ
3RYLMHVWVWYDUDODWYDMHSRYLMHVWOMXGVNRJGXKD
3UHWSRVWDYLPRWRVHVYHPRHXLQLWLVDVHGDPQRWDWULERMHWULGHVHWVORYD
5D]XPMHWLVWYDUDODWYR]QDLSUR]UHWLSRYH]DQRVWVYLKVDGUDMQLKLPEHQLNDL
SURFHVDLRVMHWLWLMHNDRQHWRWRELWUHEDORVDPRSRVHELELWLUD]XPOMLYR
5HGRYQLFLVXMRXMHGDQDHVWRPVWROMHXRWNULOLGDMHUMHHQMH]DUDGX
LQYHQFLMLLLURNRMSULPMHQLVWURMHYD]DXWHGXUDGD
6UR]DYDQMHNXOWXUQLKVWYDUDODFDQDUD]LQXFLUNXVDQDWDXGDNDLQHRGJRYRUQLK
LQGLYLGXDSRVWDORMHQDDORVWPDQLUDMHGQHSULPLWLYLVWLNHSROLWLNH
UDG
EXGXHJD
1LMHGQHJRGLQHGDQDQLWUHQXWNDQHELKWLRELWLLVWLVWDWLQHJRXYLMHNX
YHGULQH
VWYDUDODWYX

VWYDUDODWYX
YHGULQH
UDG
EXGXHJD

UDG
EXGXHJD
YHGULQH
VWYDUDODWYX

6WYDUDODFPRHLPRUDVYRMHPRJXQRVWLRSWLPDOQRUD]YLMDWLEH]NRULWHQMD
QDVLOMDLLVNRULWDYDQMDGUXJLKOMXGL
6WYDUDODFVHEHGRLYOMDYDNDRUD]OLLWRJ
6WYDUDODFMHGUXWYHQLEXQWRYQLNLERUDF]DGRVWRMDQVWYRLSRVMHGXMHVSR]QDMX
NDRRGUD]REMHNWLYQLKRGQRVDVYLMHVWNDRYLLREOLNSULURGQRJSRVWRMDQMD
1MHPXVHPRHVYHRGX]HWLRVLPSUDYDGDVORERGQRPLVOLDMHGLQRMHPXGDU
RYMHNVORERGDQ6ORERGDXNXVPRGDHVWHWVNLNULWHULMLDQDURLWRSRMDP
VWYDUDQMDQLVXNRQVWDQWHWHVHWDNRLSUHGRGEDRVORERGLVWYDUDQMDLL]UD]D
WUDMQRPLMHQMD
6WYDUDODFVPDWUDGDMHVYLMHW]UHR]DSURPMHQXDVHEHLQVWUXPHQWRPWH
SURPMHQH6WYDUDODNDOLQRVWPLVOLRVYLMHWXNDRRVOLFLNRMXWUHEDPLMHQMDWL
6WYDUDODFLVSLWXMHOLMHSRLOLYULMHGQRXSULURGLLXPMHWQRVWLWHLVWUDXMH
RVQRYQHSUHGXYMHWHLNULWHULMHSURVXLYDQMDVWYDUDQMDLGRLYOMDYDQMDWH
LVWUDXMHVNXSQDYLNDYODGDQMDVPRUDOQHWRNHJOHGLWD
6WYDUDODFVYRMLYRWXUHXMHSODQVNLXPQRLDNWLYQRDQDMYHHYUOLQHVPDWUD
RGYDQRVW]DVUHXLSREMHGXQDGVXGELQRPDQHWUSOMHQMHKUDEURVWL
EH]XYMHWQXSRGORQRVWLSRNRUQRVW2QPRHLPRUDVYRMHPRJXQRVWL
RSWLPDOQRUD]YLMDWLEH]NRULWHQMDQDVLOMDLLVNRULWDYDQMDGUXJLKOMXGL
6WYDUDODFLPDVYRMDYODVWLWDSUDYLOD
6WYDUDODFWUHEDXVYRMLPWHQMDPDNDRLXVYRMLPRVMHDMLPDXYLMHNYLH
FLMHQLWLGREURWXRGVSRVREQRVWL
6WYDUDODFHYROXLUDLGHMHSUHPDYULMHGQRVWLQHSRVWDWXVXWNRLKMHL]QLR
2EDYOMDL]ERULXQDSUHHQMHLVNOMXLYRQDWHPHOMXVSRVREQRVWLLUH]XOWDWD
UDGD
6WYDUDODNDVLODQHNRJDXWRUDQHVOXDQDDORVWXYLMHNQMHJRYXYROMXGMHOR
LVSDGDQDMEROMHNDNR]QDLHVWRVHVXSURWVWDYOMDDXWRUXNDRQHRYLVQRWD
YLHNDRWXH8PMHWQLNDGMHODLXPMHWQLNRVWYDUDODWYRSUHGVWDYOMDMXMDYQH
QHXURWLNHVLPSWRPHWRMHQHNRXPMHWQLNRGMHORVORHQLMHLWRMHQHNL
XPMHWQLNVDYUHQLMLWRVXQMHJRYHQHVYMHVQHWHQGHQFLMHLWUHQGRYLYLH
SUHUXHQLL]DPDVNLUDQLML
6WYDUDODFGMHOXMXLQDSULURGXPLMHQMDLVHEHVDPRJDPLMHQMDLRERJDXMH
VYRMXVSR]QDMQXVWYDUQRVWLQHSUL]QDMHQLNDNYHSULQFLSLMHOQHJUDQLFHOMXGVNRM
VSR]QDML
6WYDUDODFQHSUL]QDMHDXWRULWHWVXPQMDRYHVD]QDWLPLVWLQDPDQHSULGUXXMH
VHPLOMHQMXGUXJLKLRGXSLUHVHRSRQDDQMX1HVPLMHVHGRJRGLWLGDVH
DUJXPHQWQHNRJDXWRULWHWDVXSURWVWDYLQDSUHWNXPLVOLWHGDQHNULWLNL
SULKYDDPRWXDPLOMHQMD
UDGD
VSR]QDML
WUDMQRPLMHQMD

WUDMQRPLMHQMD
UDGD
VSR]QDML
VSR]QDML

UDGD
WUDMQRPLMHQMD

6WYDUDODNLDVSHNWRYMHNDREXKYDDLQRYDWLYQRVWLLQYHQFLMX7HVH
RVRELWRVWLRLWXMXSULMHVYHJDNUR]L]XPLWHOMVWYR]QDQRVW]QDQVWYHQD
RWNULDWHKQLNXDUKLWHNWXUXVOLNDUVWYRNQMLHYQRVWND]DOLWHLJOXPX
JOD]EXILOR]RILMXLGUXJHYLGRYHFLYLOL]DFLMHLNXOWXUH
6WYDUDODNLUDGMHGRND]DQDJHQHULNDVXWLQDRYMHNDDNWUDDQMDVHEH
UDVFYDWRYMHNRYLKPRJXQRVWLLPRLRYMHNSRGUHXMHLJUXQMHQLKVLOD
VYRMRMYODVWLWRMPRLWNRVHYLHQHUDGXMHWRPHGDRGRQRJDWRPRH
L]JUDGLWLLWDYVYLMHWGDEXGHWYRUDFVYLMHWDQHJRVDPRWRPHGDLGDOMHOXWD
QDRNRORRQDNDYNDNDYMHQDGWLPMHGXKL]UHNDRVYRMHSURNOHWVWYR
6WYDUDODWYRMHGDSDUDIUD]LUDPR.UOHXSLWDQMHOMXGVNHYROMHSUHPDWRPHL
SLWDQMHOMXGVNRJPRUDODGDNOHSRVYHORJLQRSLWDQMHOMXGVNRJDVWDYDSUHG
RWYRUHQLPSUREOHPRPGREUDL]ODOLMHSRJLUXQRJSUDYHGQRJL
QHSUDYHGQRJLVWLQLWRJLODQRJ
6WYDUDODWYRMHLYRWQLVWDYNRMHPMHJODYQLSUHGPHWXQDSUHHQMHLUD]YLMDQMH
RYMHNDVDPRJ
6WYDUDODWYRMHYHOLNLSRGYLJDSRGYLJWUDLUWYH
6WYDUDODWYRMHNUHDWLYQLLQSUHWYDUDQMDRGUD]DXL]UD]
6WYDUDODNLUDGXYHOLNRMPMHULSUHWSRVWDYOMDPQRJDRGULFDQMDQDSRUQD
LVWUDLYDQMDXHQMHSURYMHUDYDQMHLYLVRNXUD]LQXVWUSOMHQMD2GSUYRELWQH
]DPLVOLLSUHWSRVWDYNHGRNRQDQRJREMDYOMHQRJGMHODLOLSURWRWLSDGXJMHL
LVFUSOMXMXLSXWUDDQMDLQWHOHNWXDOQRJSURGXNWD7DNDYUDGWUDLLWDYR
OMXGVNRELHLQWHQ]LYQXSR]RUQRVWGXERNXNRQFHQWUDFLMXLLURNXNXOWXUX
1LMHVOXDMQRGDVWRJDNDHPRGDVWYDUDODWYRVSDGDPHXQDMX]YLHQLMH
SR]LYHLMH]UQFHVSR]QDMHRERJDXMXLWDYVYLMHWVDGDQMHLEXGXH
JHQHUDFLMH
6WYDUDODNRMHGMHORNULWLNDLNRUHNWXUDLYRWDSRNXDMGDVHLYRWRVORERGL
QMHJRYHEH]REOLQRVWLGDPXVHGDGHMDVQLMLPDGDQHLSRWSXQLMLREOLN9H
WLVXOMHLPDVWYDUDODFRVMHDGDQHVWRMLSUHGSULMDWHOMVNLPPHFHQRPQHJR
SUHGQHSUDYHGQRPUDYQRGXQRPLHVWRQHSULMDWHOMVNRPMDYQRX2Q]XULX
EH]L]UDDMQXPDVNXLQDVWRMLGDQHJGMHL]DQMHXGDOHNRMEXGXQRVWL]DPLVOL
SXEOLNXVYLHUD]XPLMHYDQMD
JHQHUDFLMH
6WYDUDODWYRMHRGUD]GXKRYQHVXSHULRUQRVWLEH]REYH]LYDQMDQDELORNDNYX
QRUPX
6WYDUDODWYRMHSURFHVXNRMHPWHQMD]DQRYLPLRVREQLPPDORSRPDOR
SURLUXMHLRGYUHPHQDGRYUHPHQDUXLJUDQLFHNRQYHQFLMD
6WYDUDODWYRMHUDGQDWHUDSLMD]DUD]OLNXRGRELQRJUDGDNRMLQLMHYUOLQDVDPD
SRVHELMHUOHLXQXWDUVWUDKDSULVLOHLRWXHQMD
RYMHNDVDPRJ
QRUPX

RYMHNDVDPRJ
JHQHUDFLMH
JHQHUDFLMH
QRUPX
RYMHNDVDPRJ

QRUPX

6WYDUDODWYRNRGQDURGDNDRLNRGGMHWHWDLGMHODWQDRYMHNDL]YLUHL]
WMHVNREH
6WYDUDODWYRUD]YLMDLQWHJUDWLYQHVSRVREQRVWLOMXGLSUYHQVWYHQRQMLKRYXP
SREXXMHSURGXNWLYQXDNWLYQRVWNRMDMHSRGXGDUQDVOMXEDYOMXSUHPDLYRWX
NDRQHLPELRORNLGDQLP
6WYDUDQMHWUHEDELWLSURL]YRGSOD]PDWRUVNHVQDJHGXKDDQHSDVLYQR
NRPELQLUDQMHUXGQLKLODL]RUPDUD]QDQMD
6WYDUDRFHHVWRQD]LYDPRHQWX]LMDVWLPD=DUD]OLNXRGRVWDOLKOMXGL
HQWX]LMDVWMHVYRMHYUVQR]DOMXEOMHQRELHNRMHVXL]RWUHQDVYDRVMHWLODRQ
YLGLLRVMHDVYHMDVQLMH=DQMHJDMHVYLMHWVYHERJDWLMLLRQJDQDVWRML
SURGXELWLLQDLVYRML]UD]XVWYDUDODNRPLYRWX
6WYDUDRFLQLVXSR]YDQLVDVWUDKRSRWRYDQMHPSULKYDDMX]QDQMDQHJRGDX
QMLKVXPQMDMXMHUVXL]QDQMDVDPDSRVHELRJUDQLHQD
6YDNDVHQDNDQDVDVWRMLRGPDORNUHDWLYQRJXLYDQMDEH]NRMHJYROMLQHEL
QDUDVODNULOD
6YDNLMHRYMHNVYRMHYUVQRNUHDWLYQRELHQHRWNULYHQLXPMHWQLNLOL
VWYDUDRFQHHJQRYRJ7RMHGDNOHRVREDNRMDQDELORNRMRMUD]LQLRWNULMHLOL
VWYRULQHWRQRYRRULJLQDOQRHVWHWVNRMHGQRVWDYQRQHWRWRRSOHPHQMXMH
EOLQMHSULGRQRVLSRMHGLQFXLOLDNLWDYRPRYMHDQVWYX.UHDWLYQDMH
RVRED]QDWLHOMQDLQWHOHNWXDOQRUD]LJUDQDVLJXUQDXVHEHVSUHPQDQDUL]LNL
RGVXWQRVWVWUDKDRGQHXVSMHKDLSRJUHDNDRWYRUHQD]DQRYDLVNXVWYDL
WROHUDQWQD
6YDNLMHVWYDUDODNLXVSMHKUH]XOWDWERUEHL]PHXKWMHQMDLVWYDUDODNRJ
WDOHQWDVMHGQHVWUDQHLSRVWRMHLKXYMHWDL]UDDMQLKVUHGVWDYDLNRQYHQFLMDV
GUXJHVWUDQH8PQLUDGVWYDUDQMDLGHMHMHVWVWYDUDODNLDNWXSXQRPVPLVOX
ULMHL
6YDWNRMHSR]YDQGDQDRYRPVYLMHWXQHWRGRYUL
6YMHVQLPLWUDMQLPRGOXLYDQMHPRVYRMHPGMHORYDQMXRYMHNRVWYDUXMHVYRMX
7NRQHWUDLXVNRURYLHQHHELWLWUDHQ
6WYDUDODWYRQHRVWDYOMDLVNOMXLYRSORGRYHXVDPOMHQLNLKVDQMDULMDQHJR
SR]LWLYQXPXGURVW]DPQRJDSRNROMHQMD2QRGUXJHSRNUHHQDDNWLYQRVWLQD
REQRYXQDSURPLOMDQMHQDSRNUHWPDQXDOQXYMHWLQXLUXNRYDQMH
SRMPRYLPD
6WYDUDODWYRSUHWSRVWDYOMDNUHWDQMHQDSULMHGXQHL]YMHVQR1RNDNRVYDNL
QRYLNRUDNVDGULRSDVQRVWRGQHXVSMHKDWRMHMHGDQRGUD]ORJD]DWRVHOMXGL
ERMHVORERGH
6WYDUDODWYRQLMHQLGHVQRQLOLMHYRYHXYLMHNXVUHGLQL
ERMHVORERGH
SRMPRYLPD
NDRQHLPELRORNLGDQLP
QDUDVODNULOD
WROHUDQWQD
ULMHL
WMHVNREH

WMHVNREH
NDRQHLPELRORNLGDQLP
QDUDVODNULOD
WROHUDQWQD
ULMHL
SRMPRYLPD
ERMHVORERGH
ERMHVORERGH
SRMPRYLPD
NDRQHLPELRORNLGDQLP
QDUDVODNULOD
WROHUDQWQD
ULMHL
WMHVNREH

7NRSUHNDVQRPLVOLQDWURNRYHXQLWLWHVYRMHSRGX]HH$WNRSUHUDQR
PLVOLQDWURNRYHXQLWDYDNUHDWLYQRVW
8QDVQDNUHDWLYQLPSRVORYLPDUDGHVWDUHRVREHEH]LGHMDLHPRWLYQLKQDERMD
RWYRUHQL]DVYHQRYRLQDSUHGQR
8VWYDUDODWYXRYMHNRVWYDUXMHMHGLQVWYRELRORNLKLGXKRYQLKVQDJD
LQJHQLR]QRVWLOLL]XPLWHOMVNLGXKLPXGURVW
8VYDNRGQHYQRPLYRWXQDLOD]LPRQDOMXGHNRMLNUHDWLYQRVWSRLVWRYMHXMXV
VYRMHYUVQRPQDVWUDQRXHWLNHWLUDMXLRODNRVYHOMXGHNRMLRGVNDXSR
VYRMLP]DPLVOLPDDWLPHLGMHOLPDRGSURVMHQLK7DMHWHPDQD]RQDMR
RGYUHPHQDVWDULK*UND3ODWRQMHSULPMHULFHNDRWHRUHWLDUHQWX]LMD]PD
UD]OLNRYDRNOLQLNHLW]YVWYDUDODNHEROHVWL2YLPSRWRQMLPDVXELOL
SRGORQLYLGRYQMDFLLSMHVQLFLDNDVQLMHVXXWDMNUXJXOLLXPMHWQLFL
8VYDNRMYUVWLVWYDUDODNHDNWLYQRVWLNUHDWLYQDVHOLQRVWVMHGLQMXMHV
PDWHULMDORPNRMLSUHGVWDYOMDVYLMHWL]YDQQMH0HXWLPWRYULMHGLVDPR]D
SURGXNWLYQLUDG]DUDGXNRMHPXMDSODQLUDPSURL]YRGLPLYLGLPUH]XOWDW
VYRMHJDSRVOD8PRGHUQRPUDGQRPSURFHVXLQRYQLNDUDGQLNDQDWHNXRM
YUSFLPDORMHRVWDORRGWHNYDOLWHWHUDGDNRMLVMHGLQMXMH
8YULMHPHNDGDVHRYMHNSULSUHPDGDELVHRWLVQXRVRYHSODQHWHXVYHPLUVND
SURVWUDQVWYDELORELGREURNDGELJDSRYLMHVWQDYHODQDUD]PLOMDQMHR
YODVWLWRMSXWDQMLNUR]YMHNRYHRYMHN]DLVWDQLMHQLNDGDSULMHSRND]LYDR
WROLNRUDGR]QDORVWL]DLVWUDLYDQMHVYRMHSURORVWLDQLWROLNXEULJXGDELVHVYL
WLWUDJRYLLVDXYDOL1RELORNDNRELORQLNDGQLMHNDRXSUDYRVDGDNDGD
RYMHNMXULYUWRJODYRPEU]LQRPSUHPDL]YDQUHGQRMEXGXQRVWLSRVWRMDOD
WROLNDSRWUHEDGDSDPHQMHRVLJXUDRYMHDQVWYXGDRQRGXKRYQRSULVYRML
VYRMXNUHDWLYQXVWYDUQRVW.DGVDYMHVWQHELELODWDNRXNRULMHQMHQDX
RYDNYRPUD]PLOMDQMXRSURFHVXVYRJYODVWLWRJQDVWDMDQMDPQRJLL]XPLNRMH
SR]GUDYOMDPRNDRSREMHGHLQDSUHGRYDQMDQHELELOLGUXJRGRQHNRQWUROLUDQD
GMHORYDQMDQHNHRWXHQHVXGELQH.XOWXUQHL]QDQVWYHQHLQMHQLFHXELWLVX
PLVOLROMXGLPD2YRMHSRWSXQRMDVQRXNXOWXUQRMVIHULEXGXLGDMHVYDND
YULMHGQRVWNXOWXUQLLGHDOPHXWLPPDQMHWRQRX]QDQRVWLMHUQH]DYLVQRRG
LQMHQLFHGDMHLVWLQDWDNRHUYULMHGQRVWELW]QDQRVWLQLMH]QDQMHQHJRPHWRGD
NRMRPVH]QDQMHPRHSRVWLLSUDYLORNRMHMHGXKSURSLVDRGDELWR]QDQMH
SRVWLJDRDVYDNRMHSUDYLORQHNLREOLNUD]PDWUDQMDLVDPRGLVFLSOLQHRQRMH
]DSUDYRXGYRVWUXHQDVYLMHVW
8PMHWQLNDGMHODLXPMHWQLNRVWYDUDODWYRSUHGVWDYOMDMXMDYQHQHXURWLNH
VLPSWRPHWRMHQHNRXPMHWQLNRGMHORVORHQLMHLWRMHQHNLXPMHWQLN
VDYUHQLMLWRVXQMHJRYHQHVYMHVQHWHQGHQFLMHLWUHQGRYLYLHSUHUXHQLL
]DPDVNLUDQLML
8YLMHNSULGMHOX
8YLMHNSULGMHOX
]DPDVNLUDQLML

]DPDVNLUDQLML
8YLMHNSULGMHOX
8YLMHNSULGMHOX
]DPDVNLUDQLML

9HWLVXOMHLPDVWYDUDODFRVMHDGDQHVWRMLSUHGSULMDWHOMVNLPPHFHQRP
QHJRSUHGQHSUDYHGQRPUDYQRGXQRPLHVWRQHSULMDWHOMVNRPMDYQRX2Q
]XULXEH]L]UDDMQXPDVNXLQDVWRMLGDQHJGMHL]DQMHXGDOHNRMEXGXQRVWL
]DPLVOLSXEOLNXVYLHUD]XPLMHYDQMD
.DNYLVXELOLIDQDWLFLYHOLNLYRMVNRYRH1DSROHRQ+LWOHU0XVROLQL"%LOLVX
OMXGLPDORJUDVWDDPELYDOHQWQLXVYRMLPRGQRVLPDSUHPDGUXJLPRVREDPDL
9HXVDPRPHSURPDWUDQMXVYLMHWDNDNDYRQMHVWEH]RE]LUDQD]DSRYLMHG
PDQLIHVWLUDVHXPRMRMXQXWUDQMRVWLHOMDHQMDQHQLNDNYDSXWDHQMD
DSVROXWQR]DKWLMHYDQMHEROMHJDVYLMHWD8PRMRMXQXWUDQMRVWLQHRGROMLYR
]YXL1HPRJXHMHGDWDNRWUHEDRVWDWLVYHWRPRUDRPRUDSRVWDWL
GUXJDLMHLEROMH
*GMHYODGDIDQDWL]DPQHPDYHVHOMD(YHQWXDOQRVDPRSURVWDEXNDFLQL]PD
DOLQHPDVPLMHKD
9HOLNLMHPLVOLODFRYMHNNRMLJOHGDQDVYLMHWLURPRWYRUHQLPRLPDL
SR]RUQRSUDWLQDSUHGDN]QDQRVWLNDRLQMHJRYHSRVOMHGLFHQDLQWHOHNWXDOQRP
JRVSRGDUVNRPLGUXWYHQRPSODQX=DVWYDUDRFDMHQXGDSULMHVYHJDMHGQR
VORERGQRRGVWRMDQMHUD]PDNRGVWYDULVYMHLQDGXKDXSXHQDQDVWURJRVWL
LVWRX
)DQDWL]DPVHVDVWRMLRGXGYRVWUXDYDQMDQDSRUDNDGDMHFLOMYH]DERUDYOMHQ
LYDQDJRQVNDVLODGROD]LVDPRVRQHVWUDQHQHVYMHVQRJ'DELQHNRELH
SRVWDORVWYDUDODNRPRUDVHRVORERGLWLVSRQDVYMHVQRJDMHUVYMHVQRMRMVDPR
VWDYOMDQDSXWSUHSUHNH
p)DQDWL]DPPRHPRSURQDLVDPRNRGRQLKNRMLSRNXDYDMXSULNULWL
XQXWDUQMHQHGRXPLFH
o6DPRWXLPWUDJRPPRHQDSULMHGVYRMLPQDWUDJ
IDQDWL]DPJDWDQMHLOX]LMHOHJHQGHPLWRELDMSUHGUDVXGHWUDGLFLMD
XWRSLMDXWYDUH]DEOXGD]DNOHWYH
p7YRMXVSMHK]DYLVLRGHPRFLRQDOQHUDYQRWHHYROMHPRWLYDFLMHUD]LQH
DVSLUDFLMHLLQWHOHNWXDOQH]UHORVWLVWDELOQRVWLLQWHUHVLUDQMDKXPDQH
XVPMHUHQRVWLVWDYRYDLXYMHUHQMDUHDOQRVWLXRFMHQMLYDQMXVHEHLGUXJLKLVO
2=$%/8'$0$
1HJRYRULRVYRPXVSMHKXSUHGRVRERPNRMDQLMHXVSMHOD
7HLXVSMHKXDOLQHSRGVYDNXFLMHQX.DGKRHSRWRSRWRSRVWLL
QHNLRGUHHQLXVSMHKYMHURMDWQRHJDLGRVWLL
3RWUHEQRWLMHGYDGHVHWJRGLQDGDELSRVWLJDRXVSMHKSUHNRQRL
2=$%/8'$0$
7YRMXVSMHK]DYLVLRGHPRFLRQDOQHUDYQRWHHYROMHPRWLYDFLMHUD]LQH
p
XQXWDUQMHQHGRXPLFH
LVWRX
DOLQHPDVPLMHKD
GUXJDLMHLEROMH

GUXJDLMHLEROMH
DOLQHPDVPLMHKD
LVWRX
XQXWDUQMHQHGRXPLFH
p7YRMXVSMHK]DYLVLRGHPRFLRQDOQHUDYQRWHHYROMHPRWLYDFLMHUD]LQH
2=$%/8'$0$
2=$%/8'$0$
7YRMXVSMHK]DYLVLRGHPRFLRQDOQHUDYQRWHHYROMHPRWLYDFLMHUD]LQH
p
XQXWDUQMHQHGRXPLFH
LVWRX
DOLQHPDVPLMHKD
GUXJDLMHLEROMH

%LWLVORERGDQRGSUHGUDVXGDSUYLMHXYMHWOMXEDYLSUHPDEOLQMHPX
$UJXPHQWLNRULVWHSURWLYSUHGUDVXGDMHGQDNRPDORNDRLRNRODGQLNHNVL
SURWLY]DWYRUD
pRYMHNWUHEDLYMHWL]GUDYVQDDQLSRWSXQRVORERGDQRGVYLKSUHGUDVXGD
pWROMXGLQD]LYDMXFLYLOL]DFLMRPMHVWVWDQMHVDGDQMLKRELDMD
6WDULVXVHPLWRYLLVFUSMHOL
6YDNLPLWRWNULYDWRVHQHJGMHLQHNRPH]ELORDWDVHLVWLQDQHPRHVWDYLWL
QDVXG
0LWRYLVXVWYRUHQLGDLKPDWDRLYOMDYD
p0LWRYLSRQHNDGQRVHXVHELYLHRSDVQRVWLQHJRVWYDUQRVW
p/HJHQGHVXODLVDXUHRORP
1DMEROMLOLMHNSURWLYLOX]LMDSRJOHGMHXRJOHGDOR
6YHPRHRSURVWLWLRVLPRGVXWQRVWLQRGREURMHGDQHWNRLPDLOX]LMD
p3URPLVOLRLOX]LML2QRWRQD]LYDPRLOX]LMRPPRGDMHGXHYQDLQMHQLWRVW
RGRJURPQRJ]QDDMD
p*DWDQMHLSURULFDQMHVYHLVSUD]QRVWL
=QDQVWYHQLFLVPDWUDMXGDIDQDWLFLQLVXOXDFLXSVLKLMDWULMVNRPVPLVOX.RG
IDQDWLNDVHQMLKRYHILNVQHLGHMHL]DEOXGHPRJXHVWRREMDVQLWLDNRVH
SRWDQNRSURXLQMLKRYRGJRMLRNROLQD
8YMHUHQMDVXSURWQDVXYUHPHQLFLPDQLVXELODXYLMHNGREURGROD7DNDYVH
RGQRVXGXERNRMPMHUL]DGUDRGRGDQDVLWRPRGDDNXMRJRUHPREOLNX
1DMEROMLSULPMHU]DWRVXUD]OLLWLIDQDWL]PLYMHUVNLLSROLWLNL6SDOMLYDQMH
NQMLJDUHSUHVLMD]DEUDQDLWDQMDXQRHQMDLWLVNDQMDVWYRULODVXQHVDPR
FHQ]XUXYHLDXWRFHQ]XUX7HPHWRGHXQLMHWHVXLX]DNRQNDRNULYLQR
GMHOR1HNHNQMLJHL]D]LYDMXPDOHUDWRYHLXFMHQHSULPMHULFH6RWRQVNL
VWLKRYL
8SURORVWLDOLLVDGDQMRVWLDJUHVLYQLPVXOMXGLPDQHNHVXOXGHLGHMHELOH
XYLMHNPQRJRYDQLMHRGOMXGVNLKLYRWDNRMHQLVXWHGMHOL
WRMHPDQMHSUD]QRYMHUMDWRMHPDQMHIDQDWL]PDDWRMHPDQMHIDQDWL]PDWR
MHPDQMHQHVUHD
2GIDQDWL]PDGREDUEDUVWYDVDPRMHMHGDQNRUDN5DVSUDYOMDWLVIDQDWLFLPD
]QDLYXLNRQRSDFVSURWLYQLNRPPRPDGLNRMDMHVYRMNUDMNRQRSFD
]DYH]DOD]DGHEHORVWDEOR
LGHMDPDEH]RE]LUQLSUHPDVXGELQLVYRMLKYODVWLWLKPUWYLKYRMQLNDD
VDGLVWLNLVXVHQDVODLYDOLPXNDPDLSRNROMLPDQHGXQLK
GIDQDWL]PDGREDUEDUVWYDVDPRMHMHGDQNRUDN5DVSUDYOMDWLVIDQDWLFLPD
2
MHPDQMHQHVUHD
VWLKRYL
QDQVWYHQLFLVPDWUDMXGDIDQDWLFLQLVXOXDFLXSVLKLMDWULMVNRPVPLVOX.RG
=
RGRJURPQRJ]QDDMD
QDVXG
SURWLY]DWYRUD

SURWLY]DWYRUD
QDVXG
RGRJURPQRJ]QDDMD
=QDQVWYHQLFLVPDWUDMXGDIDQDWLFLQLVXOXDFLXSVLKLMDWULMVNRPVPLVOX.RG
VWLKRYL
MHPDQMHQHVUHD
2GIDQDWL]PDGREDUEDUVWYDVDPRMHMHGDQNRUDN5DVSUDYOMDWLVIDQDWLFLPD
GIDQDWL]PDGREDUEDUVWYDVDPRMHMHGDQNRUDN5DVSUDYOMDWLVIDQDWLFLPD
2
MHPDQMHQHVUHD
VWLKRYL
QDQVWYHQLFLVPDWUDMXGDIDQDWLFLQLVXOXDFLXSVLKLMDWULMVNRPVPLVOX.RG
=
RGRJURPQRJ]QDDMD
QDVXG
SURWLY]DWYRUD

%RUED]DVORERGXRYMHNDLQLMHQLWDGUXJRQHJRERUED]DRVORERHQMHRG
SUHGUDVXGD
*ODYQLVXX]URFLSUHGUDVXGDRSRQDDQMHQDYLNDLVNORQRVW
,PDOMXGLNRMLVXSUHJOXSLDNL]DSUHGUDVXGX.DNYDOLMHWRDORVQDHSRKDX
NRMRMMHODNHUD]ELWLDWRPQHJRSUHGUDVXGX
1DLVXVXGRYLSXQLSUHGUDVXGDMHULYLPRXGUXWYXNRMHSRLYDQD
VWXSRYLPDSULYDWQRJYODVQLWYDSURILWDLVLOH6WMHFDWLSRVMHGRYDWLLVWYDUDWL
SURILWVXVYHWDLQHRWXLYDSUDYDSRMHGLQFDXLQGXVWULMVNRPGUXWYXEH]
RE]LUDRGDNOHGRYODVQLWYRSRWMHH3LWDQMHMHPHXWLPNDNRLYMHWLEH]
VWMHFDQMDLNDNYRJSRVMHGRYDQMD
1LNDGQLMHNDVQRQDSXVWLWLSUHGUDVXGH
2VORERGLVHSUHGUDVXGDLSUD]QRYMHUMD
3UHGUDVXGDL]YLUHL]RVREQLKQHGRVWDWDNDWHNUXWRJRGJRMDDRGUDYDVHX
SUHWMHUDQRPSRWRYDQMXDXWRULWHWXLQHSULMDWHOMVWYDSUHPDVYLPDNRMLVX
GUXJDLMLLVODELMLSD]DWRLLGHDOQLNULYFL]DVYH
3UHGUDVXGDMHGLMHWHQH]QDQMD
3UHGUDVXGDMHXQDSULMHGGRQRHQVXGNRMLQDNRQVDVYLPVXSURWQLKLVNXVWDYD
QLVPRXVWDQMXL]PLMHQLWLRVRELWRHOMXGLNRMLVXELOLRGJDMDQLVWURJR
SUHWMHUDQRXYDDYDWLXJOHGQHRVREHLSULPDWLVYHWRVPDWUDMXQMLKRYLP
VWDYRYLPDLYUHGQRWDPD1HNULWLQRHVHRGQRVLWLSUHPDRVREDPDNRMH
LPDMXPR6YLMHWLPVHLQLGLYOMLLRSDVDQ=DWRVXQHWUSHOMLYLSUHPD
SRMHGLQFLPDLVNXSLQDPDNRMHVHQHSRQDDMXXVNODGXVSULKYDHQLP
SUDYLOLPDWHXJURDYDMXQMLKRYRVMHDM]DUHGLLVSUDYQRVW.UXWL]DWLUDODNLL
DXWRULWDUDQRGJRMXFMHSOMXMHYHUDQRXGMHWHWXXYMHUHQMHGDVXYDQLMHGLQR
PRLSRORDMWHGDVXUD]XPLXYMHUDYDQMHPDQMHYULMHGQLRGXSRWUHEHVLOH
7DNYDLQGLYLGXDVXPQMDVDVWUDKRPMHUMHQHVLJXUQDLLPDVXSURWQHSRJOHGH
]ERJVWUDKDRGND]QH3RVOMHGLFDMHGDWDNDYRYMHNQHUD]UMHDYDVXPQMHLQH
XNODQMDRSDVQRVW1DVWDMHWUDMDQRVMHDMQHVLJXUQRVWLWRVHRGUDYDNDR
QHWUSHOMLYRVWSUHPDVODELPD
3UHGUDVXGHVHXJODYDPDOMXGLMDYOMDMXNDRUHDNFLMHQDXQXWUDQMHLYDQMVNH
NRQIOLNWH
6XGMHPRJXHRERULWLDOLQHLSUHGUDVXGX
6YLOMXGLLPDMXVYRMXVODEXVWUDQXVYRMHSUHGUDVXGH
7NRYMHUXMHGDFUSLL]XGLFUSLSRYUHPHQRL]PXWQRJL]YRUDSUHGUDVXGH
8NRULMHQXSUHGUDVXGDVXQHVLJXUQRVWSRWLWHQRVWLVWUDKSUHGQHLP
UD]OLLWLP
9HLQDOMXGLPQRJRODNHVKYDDQHGRVWDWNHGUXJLKOMXGLQHJROLVYRMH
YODVWLWH6YDNRRSUHGMHOMHQMHNRMHELRYLVLORRQDLPSUHGUDVXGDPDLOL
SRVHEQLPVNORQRVWLPDVLJXUQRVHQHELPRJORRGUDWL
SUHGUDVXGD
NRQIOLNWH
UD]OLLWLP

SUHGUDVXGD
NRQIOLNWH
UD]OLLWLP
SUHGUDVXGD
NRQIOLNWH
UD]OLLWLP

.RULVWQHOHLXRSRQDDQMXYHWXPDHQMXWUDGLFLMH
p
6KYDWLPRYHMHGQRPGDMHHPRFLRQDOQLNXOWWUDGLFLMHVDPRREOLNQDH
GXKRYQHOLMHQRVWL
7UDGLFLMDMHQDVLOQLQDVWDYDN]DYUHQHSULH7UDGLFLMDMHSRWSRUDQMPRL
UDVXLYDQMD
7UDGLFLMDMHSURLUHQMHL]ERUQRJSUDYD7UDGLFLMD]QDLJODVRYDWL]D
QDMQHSR]QDWLMXRGVYLKNODVDQDHSUHWNH7UDGLFLMDMHGHPRNUDFLMDPUWYLK
7UDGLFLMDMHVDXYDQLQDSUHGDNQDSUHGDNMHQDVWDYDNWUDGLFLMH
7UDGLFLMDQLMHXYDQMHSHSHODYHUDVSLULYDQMHSODPHQD
7UDGLFLMHVXNDRNDPHQRNRYUDWD
9HOLNDMHLNRQ]HUYDWLYQDPRWUDGLFLMHQDVYLPLGHRORNLPSRGUXMLPD
p'DQDVMHGYDGDMHQHWRUHDOLVWLQLMHQHJRXWRSLMD
o8WYDUHVXGDOHL]JRYRU]DQHNHRGQDMSUHLKWHPDOMXGVNLKUD]PLOMDQMD
p%H]XYMHWDLRJUDQLHQMDLVSRYLMHGDPSRX]GDQRVWXPLOMHQMXLGMHORYDQMX
GREUR]QDMXLGDSULWRPQHXELWLSRWHHQ]DEOXGDLSURWXUMHMD
HVWRYLHNRULVWLLWDQMHGREURSLVDQLK]DEOXGDQHJRORHEH]OLQRL]UDHQLK
LVWLQD
1HPD]DEOXGDNRMHVXEH]RSDVQHEXGXLGDVYDND]DEOXGDQRVLXVHELRWURY
=DEOXGDELVHPRJODGHILQLUDWLNDRQHSRWSXQDLVWLQD,]DVYDNH]DEOXGHVWRML
RYMHN
-HGLQRVUHGVWYR]DL]EMHJDYDQMH]DEOXGHMH]QDQMH.DGQHPDNRQDQRJUHGD
QHPDGHILQLWLYQRJXNODQMDQMDVSR]QDWLK]DEOXGD
.RMDMHWUDJLQD]DEOXGDXPULMHWL]DQHNXVWYDUXPMHVWR]DQMXLYMHWL
0RGHUQDMH]DEOXGDGDRGJRMHPQHNRPGUXJRPHPRHPRGDWLRQRWRPL
QHPDPR
1DMHDLQDMRSDVQLMD]DEOXGDMHPLVOLWLGDXYLMHNMHGLQRPLSULPMHXMHPR
QHNHVWYDUL
1DVXSURWLVWLQLVWRML]DEOXGDNDRLOX]LMDXPDQDVXSURWUHDOQRVWQDOD]LVH
SULYLGNDRLOX]LMDUD]XPD
1LQDMWHH]DEOXGHQLVXX]DOXGQHRQHVYHVOXHSURLDYDQMXLVWLQH
2GVYLK]DPLVOLYLK]DEOXGDXYLMHNMHQDMODNHRERULWLLVWLQX
2QDMWNRMHX]DEOXGLXVWULQRP]DPMHQMXMHLVWLQXLVQDJXNRMHPXQHGRVWDMX
2QDMWNRPLVOLGDMHL]GLJQXWL]QDGVLWXDFLMHHVWRXVWYDUQRVWLVWRMLVDVWUDQH
2QRPHWNRHVWRXND]XMHQHSURPLOMHQRSRWRYDQMHSUHPDVWDULP]DNRQLPD
RELDMLPDLUHOLJLMDPDPRHPR]DKYDOLWLVYH]ORRYRJDVYLMHWD
p.RULVWQHOHLXRSRQDDQMXYHWXPDHQMXWUDGLFLMH
GXKRYQHOLMHQRVWL
UDVXLYDQMD
LVWLQD
RYMHN
QHPDPR
QHNHVWYDUL
QRPHWNRHVWRXND]XMHQHSURPLOMHQRSRWRYDQMHSUHPDVWDULP]DNRQLPD
2

.RULVWQHOHLXRSRQDDQMXYHWXPDHQMXWUDGLFLMH
p
GXKRYQHOLMHQRVWL
UDVXLYDQMD
LVWLQD
RYMHN
QHPDPR
QHNHVWYDUL
2QRPHWNRHVWRXND]XMHQHSURPLOMHQRSRWRYDQMHSUHPDVWDULP]DNRQLPD

p.RULVWQHOHLXRSRQDDQMXYHWXPDHQMXWUDGLFLMH
GXKRYQHOLMHQRVWL
UDVXLYDQMD
LVWLQD
RYMHN
QHPDPR
QHNHVWYDUL
QRPHWNRHVWRXND]XMHQHSURPLOMHQRSRWRYDQMHSUHPDVWDULP]DNRQLPD
2

3RVWRMLOLVMHQD]DEOXGH"
3RWRMHQHVWDORMHGQH]DEOXGHOMXGLXVNRURYLHQHVKYDDMXNDNRVHPRJORX
QMXYMHURYDWL
6YDQDMYLDGRVWLJQXDYUOLQHNDRLQDMYHD]ORGMHODVXLQGLYLGXDOQLWRMH
]DMHGQLFDYHDWRYLHLGHQDWHWXLQGLYLGXDOQRVWLSRPRXNRQ]HUYDWLYQRVWLL
SUHGUDVXGDDWLPHVHJXLMHGLQLL]YRUPRUDOQRJLGXKRYQRJQDSUHWND
]DMHGQLFH1DVWXSDPRUDOQRSURSDGDQMHGUXWYD
RYMHNNRMLQHPDYUOLQDQHPRHGXJRSDWLWLQHPRHVHGXJRUDGRYDWL
0RUDODQRYMHNQDOD]L]DGRYROMVWYRXVYRMRMYUOLQL0XGUDFVPDWUDYUOLQX
MHGLQRPQDJUDGRP
'MHORYDWLDSVROXWQRL]YUOLQHQLMHXQDPDQLWDGUXJRQHJRSRGYRGVWYRP
UD]XPDGMHORYDWLLYMHWLLRGUDYDWLVYRMHELH
,]VWYDUDODWYDL]UDVWDYUOLQDRVMHDMEULJHGDMHQHWNRLOLQHWRYDQR7DNYD
DNWLYQRVWRVLJXUDYDUD]YRMLNRQWLQXLWHWNXOWXUHLFLYLOL]DFLMH
.DGSODQLUDPRSRWRPVWYRPRUDPRLPDWLQDXPXGDYUOLQDQLMHQDVOMHGQD
.DGYODGDMXRSDNLLQH]QDOLFHRQGDQLMHXGRGDYUOLQDLGREURWDQLVXQD
FLMHQLMHUMHSUYLPU]HDGUXJLMHQHSR]QDMX
.DRWRMHYUOLQDVDPDVHELQDJUDGDWDNRMHSRURNVDPVHELND]QD
6WDUD]DEOXGDLPDYLHSULMDWHOMDQHJRQRYDLVWLQD
6YHRQRWRVHQD]LYDVWUDKRPSUHG]DEOXGRPSRND]XMHVHVYHYLHNDRVWUDK
SUHGLVWLQRP
7HPHOMQDMH]DEOXGDQDJORVWLWYUGRNRUQRVWQD]YDWLYUOLQDPD
9HOLNLVHEURMLVWLQDWHPHOMLRQD]DEOXGL
=DEOXGLYRGLVWUDKRGSRJUHNH
RYMHNWROLNRSUHWUSLGDLYLX]DEOXGLNDNRVYHPRHSUHWUSMHWL
p*GMHQHPDGRND]DQHQDGRNQDXM]DNOHWYDPD
HNXQLVHQLNDNR
1
p9UOLQRPL]QXXMHSUL]QDQMHGUXJLK
1HUD]PHLVHYUOLQRP
LVLVOXDMQRGREDUYUOLQXWUHEDQDXLWL
1
295/,1$0$
YUOLQH
YUOLQH
295/,1$0$
1HUD]PHLVHYUOLQRP
1LVLVOXDMQRGREDUYUOLQXWUHEDQDXLWL
WDUD]DEOXGDLPDYLHSULMDWHOMDQHJRQRYDLVWLQD
6
SUHGLVWLQRP
1HNXQLVHQLNDNR
MHGLQRPQDJUDGRP
RVWRMLOLVMHQD]DEOXGH"
3
QMXYMHURYDWL

QMXYMHURYDWL
MHGLQRPQDJUDGRP
SUHGLVWLQRP
*GMHQHPDGRND]DQHQDGRNQDXM]DNOHWYDPD
p
1HNXQLVHQLNDNR
1HUD]PHLVHYUOLQRP
LVLVOXDMQRGREDUYUOLQXWUHEDQDXLWL
1
295/,1$0$
YUOLQH
YUOLQH
295/,1$0$
1HUD]PHLVHYUOLQRP
1LVLVOXDMQRGREDUYUOLQXWUHEDQDXLWL
SUHGLVWLQRP
1HNXQLVHQLNDNR
MHGLQRPQDJUDGRP
QMXYMHURYDWL

MXGLPU]HQHWDNQXWXYUOLQX
/
0QRJHVXVHYUOLQHSRND]DOHRELQRPQHYROMNRX
0XGURVWXYLMHNYLHYULMHGLQHJRYUOLQD
1DMVLJXUQLMLMH]QDNGDMHQHWNRURHQVYHOLNLPYUOLQDPDDNRMHURHQEH]
RVMHDMD]DYLVWL
1DMYHHYUOLQHVHRGYDQRVW]DVUHXLSREMHGXQDGVXGELQRPDQHWUSOMHQMH
KUDEURVWLEH]XYMHWQXSRGORQRVWLSRNRUQRVW
1DHVXYUOLQHXJODYQRPVDPRSULNULYHQLSRURFL
1HPRHELWLVODYHJGMHQHPDYUOLQH
1HVWMHHVHYUOLQDERJDWVWYRPQHJRERJDWVWYRYUOLQRP
1HPDVSDVDEH]YUOLQHQLYUOLQHEH]UDGD
1LMHGDQSXWQLMHQHSULVWXSDDQYUOLQL
1LNDGVHQHVPLMH]DERUDYLWLGDMHGUXWYXGUDHDNRJD]DEDYOMDPRQHJRDNR
JDSRXDYDPR
1LWDQLMHOMXSNLMHRGYUOLQH
1LWNRQLMHEH]PDQH
3RGYRGVWYRPYUOLQHDX]SUDWQMXVUHH
3UYDMHYUOLQDELWLEH]PDQH
6DYUHQMHRYMHNQXQRRGYDDQDOLRGYDDQRYMHNQLMHQXQRVDYUHQ
7NRSRVMHGXMHYUOLQXQXQRUDVSRODHULMHLPDDOLWNRUDVSRODHULMHLPDQH
SRVMHGXMHQXQRYUOLQX
7ULQDMYHHYUOLQHVXQH]DYLGQRVWQHXVWUDLYRVWLVWUSOMHQMH2QDMWNRLK
SRVMHGXMHQDSUDYRPMHSXWXSUHPDPXGURVWL
9HOLNLRYMHNYDVVXGLSRYDLPYUOLQDPDDPDOLYDVRYMHNVXGLSRYDLP
PDQDPD
9UOLQDMHLGHQWLQDVXSRWUHERPRYMHNRYLKPRLDSRURNMHQHXVSMHKGDLK
XSRWULMHEL
9UOLQDMHPRUDOQDVQDJDXREDYOMDQMXVYRMHGXQRVWLNRMDQLNDGQHWUHED
SRVWDWLQDYLNRPYHGDXYLMHNVDVYLPQRYDLL]YRUQDSURL]OD]LL]QDLQD
PLOMHQMD
9UOLQDMHRGJRYRUQRVWSUHPDYODVWLWRPSRVWRMDQMX
9UOLQDMHRUXMHNRMHVHQHPRHRGX]HWL
9UOLQDMHUD]YLMDQMHVSHFLILQLKPRJXQRVWLVYDNRJRUJDQL]PD]DRYMHND
WRMHVWDQMHXNRMHPXMHRQQDMKXPDQLML
9UOLQDNRMXVWDOQRWUHEDXYDWLMHGYDGDMHLYULMHGQDGDMHXYDPR
/MXGLPU]HQHWDNQXWXYUOLQX
RVMHDMD]DYLVWL
JDSRXDYDPR
1LWNRQLMHEH]PDQH
SRVMHGXMHQXQRYUOLQX
PDQDPD
XSRWULMHEL
PLOMHQMD

MXGLPU]HQHWDNQXWXYUOLQX
/
RVMHDMD]DYLVWL
JDSRXDYDPR
1LWNRQLMHEH]PDQH
SRVMHGXMHQXQRYUOLQX
PDQDPD
XSRWULMHEL
PLOMHQMD

/MXGLPU]HQHWDNQXWXYUOLQX
RVMHDMD]DYLVWL
JDSRXDYDPR
1LWNRQLMHEH]PDQH
SRVMHGXMHQXQRYUOLQX
PDQDPD
XSRWULMHEL
PLOMHQMD
UOLQDQLMHXNDMDQMX]ERJSRLQMHQLKSRJUHDNDYHXQMLKRYRP
9
L]EMHJDYDQMX
9UOLQDRPOLWDYLEH]SURWLYQLND
9UOLQDRSOHPHQMXMH
9UOLQDUDVWHXQHYROML
9UOLQDVHQHGD]DURELWL
9UOLQDWUDMH]DYMHQRVW
9UOLQD]DEUDQMXMHQLWDYQRVW
9UOLQLQLMHQLMHGDQSXWQHSURKRGDQ

p0LVPRVYL-HGQRDLSDNVYDWNRRGQDVMHMHGLQVWYHQRQHSRQRYOMLYRELH
3RMHGLQDFMHNDRSRMHGLQDFEH]QDDMDQ3RMHGLQDFLGUXWYRPRJXVH]DPLVOLWL
VDPRXX]DMDPQRPRGQRVX
6YDNLMHRYMHNMHGLQVWYHQRELHNR]PRV]DVHEH
8RYRPNROHNWLYLVWLNRPVYLMHWXLYMHWLWRMHYLHPRJXHLQGLYLGXDOLVWLNL
MHGLQLMHSUDYLOXNVX]NRMLMRSRVWRML
p,QGLYLGXDOQRVWMHRQRWRPHRGYDMDRGVYLMHWDDOMXEDYRQRWRPHVQMLP
SRYH]XMHWRMHYHDLQGLYLGXDOQRVWWRMHYLHOMXEDYLSRWUHEQR
5DGQLNPRUDL]YULWLVYRMXGXQRVWSRVORGDYDFPRUDQDSUDYLWLLYLHRGWRJD
p'RNVLLYLGRNMHGDKDXWHELQHGDMQLNRPXYODVWLQDGVRERP,QHGDWLVH
RNDOMDDVW
p6MHWLVHVYRMHKXPDQRVWLL]DERUDYLVYHRVWDOR$NRWLWRXVSLMHRWYRUHQMH
SXWGRQRYRJUDMDXSURWLYQRPHNDVDPRRSHXPLUDQMH
DVWGRVOMHGQRVWGXQRVWKXPDQRVWLQGLYLGXDOQRVWLQWHJULWHW
LVNXHQMHOMXED]QRVWOMXGVNRVW
.DGQHNLPOMXGLPDLVND]XMHDVWEH]VWYDUQHRVQRYHVDPVHEHSRQL]XMH
5XNDVDPLORVQDRYMHNDXYLMHNWLRGX]LPDDVW
p2VWDQLGRVOMHGDQSURVWRSROLQLML]GUDYHSDPHWL
p$NRSRVWRMLQHNDGXQRVWNRMDELELODGXQRVWDNWXDOL]LUDQHOLQRVWL
LVWLQVNRJVWYDUDRFDRQGDMHWRPLVLMDGDJRYRULXLPHXPDLGDEXGHEUDQLODF
XQLYHU]DOQLKYULMHGQRVWL]DNRMHVHVPDWUDGDYULMHGH]DVYHOMXGH
2VQRYQDMHGXQRVWSMHVQLNDDWRYULMHGL]DVYHOMXGHGDSRPLUXMXQDURGHD
QHGDLKUD]GYDMDMX
3RMDPGXQRVWLVDGULSRMDPYROMH
QHGDLKUD]GYDMDMX
RNDOMDDVW
9UOLQDQLMHXNDMDQMX]ERJSRLQMHQLKSRJUHDNDYHXQMLKRYRP
L]EMHJDYDQMX
9UOLQDRSOHPHQMXMH
9UOLQDUDVWHXQHYROML

UOLQDQLMHXNDMDQMX]ERJSRLQMHQLKSRJUHDNDYHXQMLKRYRP
9
L]EMHJDYDQMX
9UOLQDRSOHPHQMXMH
9UOLQDUDVWHXQHYROML
RNDOMDDVW
QHGDLKUD]GYDMDMX
QHGDLKUD]GYDMDMX
RNDOMDDVW
9UOLQDQLMHXNDMDQMX]ERJSRLQMHQLKSRJUHDNDYHXQMLKRYRP
L]EMHJDYDQMX
9UOLQDRSOHPHQMXMH
9UOLQDUDVWHXQHYROML

,SDNMHSRHWDNQHHJDRGXYLMHNELRSULNODGDQ]DLVNXHQMHNDRPDORWR
GUXJR2QMHVDPSRVHELREHDQMHLXWMHKDSURWLYXVWDMDORVWLGDRQDQHPRUD
RVWDWL
p%ODHQRQDMWNRNDHQHWROMXED]QRWULSXWEODHQRQDMWNRWRSRQRYL
/MXED]QDULMHXYLMHNQDHSORGQRWOR
%RUED]DRQROMXGVNRQLNDGDQLMHX]DOXGQDLDNRL]JOHGDGDPXSREMHGDQLMH
VXHQD
8OMXGLPDMHRWXSMHODPRUDOQDVPLRQRVWGDUHDJLUDMXRQDNRNDNRELSR
LVWRPLMHGQRVWDYQRPQDJRQXWUHEDORUHDJLUDWLOMXGVNL
REHDQMHRE]LURGULFDQMHRSUDWDQMHRSUH]RVMHDMPMHUH
o2EHDQMHMHSRWSXQRLVSODHQRREHDQMHP
1DMYLHRE]LUDLPDRQDMNRMLJDQDMPDQMHWUHED
p
p1HRGULLVHRQRJWRMHGRVWXSQRLVWYDUQLKSRWUHED
7DMQDVUHWQRJLYRWDMHXRGULFDQMX
p*ULMHLWLMHOMXGVNLRSUDWDWLERDQVNL
,]GUDWLLRSURVWLWLRQRWRQDPLQHQDLSULMDWHOMLWRHVWRNRWDYLHVQDJH
QHJRVYDNDERUEDVQHSRPLUOMLYLPQHSULMDWHOMLPD
2SUDWDPVYRMLPSULMDWHOMLPDNRMLRPHQLJRYRUHORHDOLQHSUDWDPRQLPD
NRMLPLWRSUHQRVH
2SUDWDPRVYHGRNYROLPR
2SUDWDQMHQLMHEXGDODWLQDVDPREXGDODQHPRHRSURVWLWL
2SURVWLWLL]DERUDYLWL]QDLEDFLWLNUR]SUR]RUGUDJRFMHQDLVNXVWYD
3UDWDMXLRYMHNVHX]GLHL]QDGRQLKNRMLJDYULMHDMX
3UDWDQMHMHSRQRYQRQDODHQMHRWXHQRJYODVQLWYD
6YHUD]XPMHWL]QDLRSURVWLWL
7NRVYRJEOLQMHJDRVXXMHPRHLSRJULMHLWL7NRPXRSURVWLQHJULMHL
QLNDGD2SURVWLWLVYLPDLVWRMHWDNRSRJUHQRNDRLQHRSURVWLWLQLNRPH
2SURVWLWL]QDLSRELMHGLWLVHEHLSURWLYQLND
p%XGLRSUH]DQLSULODNRM]DSRYLMHVWLLSULWHNRM
%XGLRSUH]DQSUHPDYODVWLPDLQHVHSULMD]QHGRNLPMHGREURDQHVWRMH
X]RYMHNDNDGMHXVWLVFL
%XGLRSUH]DQDOLDNRVLRSUH]DQSUHNRPMHUHL]JOHGDVWUDOMLY2GYLH
SRYMHUHQMDHVWRMHJOXSRVWRGYLHQHSRYMHUHQMDXYLMHNMHQHVUHD
p$NRVLXOMXGDQSUHNRPMHUHSRVWDMHGRVDGDQ
p1DMYLHRE]LUDLPDRQDMNRMLJDQDMPDQMHWUHED
NRMLPLWRSUHQRVH
$NRVLXOMXGDQSUHNRPMHUHSRVWDMHGRVDGDQ
p
RVWDWL
VXHQD

RVWDWL
VXHQD
2EHDQMHMHSRWSXQRLVSODHQRREHDQMHP
o
NRMLPLWRSUHQRVH
p$NRVLXOMXGDQSUHNRPMHUHSRVWDMHGRVDGDQ

NRMLPLWRSUHQRVH
$NRVLXOMXGDQSUHNRPMHUHSRVWDMHGRVDGDQ
p
RVWDWL
VXHQD

%XGLKUDEDUDOLDNRVLRGYDDQSUHNRPMHUHX]URNXMHQHUHG
%XGLNUDWDNDOLSD]LGDQHEXGHQHMDVDQ$NRHOLVD]QDWLPLVOLOLWYRM
VXUDGQLNMDVQR]DWUDLL]YMHWDMQDMHGQRMVWUDQLFL
p3R]LYDMVHQDSRWHQMHLSOHPHQLWRVWOMXGL
$NRSOHPHQLWRVWWUHEDELWLVDYUHQDPRUDVDGUDYDWLPDOXNROLLQX
ODNRXPQRVWL
3OHPHQLWRVWLVHXYLMHNGLYHDOLMHULMHWNRRSRQDDMXMHUMHSUHVNXSDYUOLQD
o3RSXVWOMLYRVWVWMHHSULMDWHOMHDLVWLQDPUQMX
p0DQMHXLYDPRXRQRPHWRVPRSRVWLJOLQHJRXRQRPHHPXVHQDGDPR
p3RWHQLVHOMXGL]LPLVPU]DYDMX
3RNYDUHQMDFLVHXYLMHNXGHNDGYLGHGDLSRWHQLPRJXELWLVSUHWQL
WRJRGGDMHSRWHQLPDRGX]LPDQHSRWHQLPD
p'UDJRFMHQLMHMHGDYDVOMXGLXVYDNRGREDSRWXMXQHJRGDYDPVH
SRYUHPHQRGLYH
p1HUD]QRVLRQRWRWLMHSRYMHUHQR
%XGLXPMHUHQXSLX8YLQXMHLVWLQD8]QMHJDMHEROMHSLWLQHJRSRVORYH
YRGLWL
SOHPHQLWRVWSRSXVWOMLYRVWSRVWLJQXHSRWHQMHSRWRYDQMHSRYMHUHQMH
SUDWDQMHSULSUDYQRVWSULVWRMQRVWSUL]QDQMHSURVYMHHQRVW
%XGLXPMHUHQLXRQRPHWRMHVYLPDGRSXWHQR
6YDJGDMHSRJUHQRWRMHVXYLH
'YDSXWPMHULMHGQRPVLMHFL
6PMHURPWHGLLWURL
.ROLNRSXWDRODNRSUHOD]LPRSUHNRRVMHDMDGUXJLKXEH]RE]LUQRMHOML]D
LVWMHULYDQMHPSUDYGH
3UHYLHQHNRGL5DGLMHSUHYLHQHJRSUHPDOR
0MHUDXVYHPX"
2VRELQDMHPXGUDFDGDEXGHXPMHUHQLXRQRPHWRMHVYLPDGRSXWHQR
1HEXGLPXGDUXQHYULMHPH
1LWDRGYLH
1HVXVWHLVYRMHULMHLXSUDYRYULMHPH
1LWDRGYLH
0MHUDXVYHPX"
LVWMHULYDQMHPSUDYGH
6PMHURPWHGLLWURL
YRGLWL
ODNRXPQRVWL
SRYUHPHQRGLYH
XGLKUDEDUDOLDNRVLRGYDDQSUHNRPMHUHX]URNXMHQHUHG
%

3R]LYDMVHQDSRWHQMHLSOHPHQLWRVWOMXGL
p
ODNRXPQRVWL
SRYUHPHQRGLYH
YRGLWL
6PMHURPWHGLLWURL
LVWMHULYDQMHPSUDYGH
0MHUDXVYHPX"
1LWDRGYLH
1LWDRGYLH
0MHUDXVYHPX"
LVWMHULYDQMHPSUDYGH
6PMHURPWHGLLWURL
YRGLWL
ODNRXPQRVWL
SRYUHPHQRGLYH

LMHPLDRWRVLPHSUHYDULRYHWRWRVDPWLSUHVWDODYMHURYDWL
1
2GYLHSRYMHUHQMDHVWRMHJOXSRVWRGYLHQHSRYMHUHQMDXYLMHNMHQHVUHD
3RYMHUHQMHGDMHKUDEURVWYMHUQRVWVQDJX
3RYMHUHQMHMHQDMOMHSLFYLMHWOMXEDYL
o-DVDPSURXLRVDPDVHEH
3RYMHUHQMHMHQDMYHHVDPRSRUWYRYDQMH3RYMHUHQMHMHRVMHDMGDELVPR
QHNRPRYMHNXPRJOLSRYMHURYDWLDNLRQGDNDGD]QDPRGDELVPRQD
QMHJRYXPMHVWXODJDOL
7NRHOLSURQDLSXWGRVDPRJDVHEHQHVPLMHGUXJHSLWDWL]DVPMHU
p3UDWDMDOLGUXJLPDSUDWDMVHELQLNDGD
WRYLHOMXELVDPRJDVHEHWRVHELSRVWDMHYHLQHSULMDWHOM
p1DMVLJXUQLMLVLDNRVLQDVYHSULSUDYDQ
6DPRSRX]GDQMHL]YRUMHYMHUHXGUXJH
p2GVYLKSRURNDSULVWRMQRVWMHQDMVNXSOMDSUL]QDQMH
p0LVHLOLSUHYLHLOLSUHPDORX]GDMHPRXVDPHVHEH
3UL]QDQMHMHIRUPDOQRVWXNRMXQLWNRQHYMHUXMH
o7RQRMHGDQDXJOHGSRLQMHRGQDVVDPLKMHURQDMNRMLHOLGDJDGUXJL
SRWXMXWUHEDQDMSULMHVDPVHEHSRWRYDWL
0DNVLPDGDRYMHNXVYDNRGREDPRUDVDPPLVOLWLMHSURVYMHHQRVW
o$NRQHXMDVHELWNRHPL,DNRVDPMDVDPWRVDP,DNRQHVDGDD
NDGD"
p2QDMWNRQHGULGRVDPRJDVHEHJXELVHXSULPMHUXGUXJLK
2QDMWNRQHYODGDVDPLPVRERPQLMHVORERGDQ6DPRRQRWRVDPL
YMHUXMHPRYMHURYDWHQDPLGUXJL
6DPRNULWLNDMHGYRMEHQDNDRLVYHWRLQLPR1MH]LQDDUOHLXWRPHWR
QDPQDRNRRPRJXXMHGDVHX]GLJQHPRL]QDGYODVWLWLKPDQDWDNRGDLK
L]JRYRULPRWHLPWLPHRGX]PHPRVQDJXNRMDELQDVLQDHQDWMHUDODGDVH
SURPLMHQLPR
o1DMYHDMHSREMHGDSRELMHGLWLVDPDVHEH
SURPLMHQLPR
NDGD"
QMHJRYXPMHVWXODJDOL
1LMHPLDRWRVLPHSUHYDULRYHWRWRVDPWLSUHVWDODYMHURYDWL
RYMHUHQMHMHQDMOMHSLFYLMHWOMXEDYL
3

LMHPLDRWRVLPHSUHYDULRYHWRWRVDPWLSUHVWDODYMHURYDWL
1
QMHJRYXPMHVWXODJDOL
NDGD"
SURPLMHQLPR
SURPLMHQLPR
NDGD"
QMHJRYXPMHVWXODJDOL
1LMHPLDRWRVLPHSUHYDULRYHWRWRVDPWLSUHVWDODYMHURYDWL
RYMHUHQMHGDMHKUDEURVWYMHUQRVWVQDJX
3

VDPRELWQRVWVDPRNULWLNDVDPRSREMHLYDQMHVDPRSRWRYDQMH
VDPRSRX]GDQMHVDPRSURXDYDQMHVDPRUD]XPLMHYDQMHVDPRVSR]QDMD
VDPRVYLMHVWVDPRVYODGDYDQMHVDYMHVWVKYDDQMHVLJXUQRVWVNURPQRVW
VQDJDVROLGDUQRVWVSUHWQRVWXHQMHXVSRUHLYDQMHXYMHUDYDQMH
]DKYDOQRVW]UHORVW
o%H]SRWSXQRJVDPRUD]XPLMHYDQMDQLNDGDQHHPRQDXLWLLVWLQVNLUD]XPMHWL
GUXJH
p6SR]QDWLGUXJHMHPXGUR6SR]QDWLVHEHVDPDMHSURVYMHWOMHQMH
6YHWRQDPVHQHVYLDQDGUXJLPDPRHQDPSRPRLSULVDPRVSR]QDML
pRYMHNSRVMHGXMHVDPRVYLMHVWLVYLMHVWRVHELNDR]DVHEQRPELX
VSRVREQRVWSDPHQMDSURORVWLVSRVREQRVWSUHGRLYDQMDEXGXQRVWLL
QD]QDLYDQMHSUHGPHWDLSRVWXSNDVLPEROLPDRYMHNSUHGRXMHVPUWNDRVYRM
YODVWLWL]DYUHWDNLYRWDDOLVYHWRRYMHNLPDGDWH]DVYRMLYRW
6NURPQLPRJXELWLVDPRRQLOMXGLNRMLSRVMHGXMXGRYROMQRVDPRVYLMHVWL
pWRMHRVYDMDQMHQDMYLLKYUKXQDFDXSRUHHQMXVRYMHNRPNRMLMHXVSLR
SRELMHGLWLVDPRJVHEH"
p%XGLVDYMHVWDQ7YRMDMHVDYMHVWVMHGLWHPRUDOQLKSREXGD$NRWHXP
YDUDVDYMHVWWRPRGDQHLQL
o1HSODLQHOMXWLVHQHJRVKYDDM
1HPRMWHPHPROLP9DVSRJUHQRVKYDWLWLNDHPRXEODDYDMXHLP
SULPLMHWLPRGDMHGUXJLSRHRWRQRVKYDDWL
7NRPLVOLGDMHVYHVKYDWLRYLHQHILOR]RILUD7UXGLRVDPVHXVUGQRGDVH
OMXGVNRPGMHORYDQMXQHVPLMHPGDJDQHRSODNXMHPLGDJDQHSUH]LUHP
QHJRGDJDVKYDWLP
p1LWDRYMHNXQLMHVLJXUQR
6LJXUQRMHMHUMHQHPRJXH
7NRPRHVDVYLPVLJXUQRUHLGDHGRHNDWLMXWUR"
8VYDNRPVXLYRPELXGXERNRXVDHQHIL]LRORNHSRWUHEHVDVLJXUQRX
OMXEDYOMXL]DVDPRVWYDUHQMHP,]UD]LWLVYRMXRVREQRVWLXWYUGLWLVYRMYODVWLWL
UD]YRMPRJXVDPRRQLSRMHGLQFLNRMLVXSRGPLULOLVYHVYRMHSRWUHEH
p%XGLVNURPDQDOLXYDMVHVNURPQLK7LQHVOXWLVNDNYLPRQL
JDQXWOMLYLPSRQRVRPWHWRHVYRMHVODERVWL
,QDMVNURPQLMLRYMHNRVHELLPDEROMHPLOMHQMHQHJRQMHJRYQDMEROML
SULMDWHOM
0HXNRULVQLPYUOLQDPDSULVDPRPYUKXVWRMLVNURPQRVW
RQHNDGMHQHVNURPQRQHJRYRULWLRVHEL
3

GUXJH
QHJRGDJDVKYDWLP
SULMDWHOM
3RQHNDGMHQHVNURPQRQHJRYRULWLRVHEL
]DKYDOQRVW]UHORVW

]DKYDOQRVW]UHORVW
GUXJH
QHJRGDJDVKYDWLP
SULMDWHOM
RQHNDGMHQHVNURPQRQHJRYRULWLRVHEL
3
GUXJH
QHJRGDJDVKYDWLP
SULMDWHOM
3RQHNDGMHQHVNURPQRQHJRYRULWLRVHEL
]DKYDOQRVW]UHORVW

6DPRMHPDOLEURMOMXGLGRYROMQRVNURPDQNDNRELSRGQLRGDLKVHLVSUDYQR
SURFLMHQL
6NURPDQRYMHNPRHGRELWLVYHGRELWLDRKROLFDVYHL]JXELWLMHUVNURPQRVW
XYLMHNQDLOD]LQDYHOLNRGXQRVWDRKRORVWQD]DYLVW
6NURPDQMHXYLMHNYHGDUDXVUFXRKRORJDRYMHNDMH]DYLVWLJQMHY
6NURPQRVWMHRVRELQDNRMDSRWMHHRGVYLMHVWLRYODVWLWRMPRL
6NURPQRVWMHSRHWDNUD]XPD
6NURPQRVWMHYUOLQDPODNRQMD8RYMHNDQLMHQLWDNUKNLMHRGQMHJRYH
VNURPQRVWLLGREURQDPMHUQRVWL
6NURPQRVWOMXGHSRQHNDGGRYRGLGRYUKRYDQDNRMHLKGUVNRVWQLNDGDQHEL
X]GLJOD
6NURPQRVWQLMHSRGFMHQMLYDQMHQDVVDPLKYHSRWRYDQMHGUXJLK6NURPQD
RVREDMHSXQDSRWRYDQMD
6YLYHOLNLOMXGLVXVNURPQL
p%ODJRRQRPHWNRMHPDORMDLPHXVODELPD7RPMDHPSRPDJDWHVYL
VODELLGDEXGHMRMDL
1HWUXGLVHRNRRQRJWRMHL]QDGWYRMHVQDJHMHULRQRHPXVXWHXLOL
YHMHSUHJROHPR]DXPOMXGVNL6ODERVWMHVQDJHWRYMHUXMHMHGLQRXVQDJX
6YLMHVWRVQD]LSRYHDYDQDXVQDJX
LYLLPDMXGRYROMQRVQDJHGDRGVLMHNXVYRMXVQDJH
p6ROLGDUQRVWMHVYMHVQDVSUHPQRVWRJUDQLDYDQMHPYODVWLWHVORERGHSURLULWL
VORERGXGUXJLKVROLGDUQRVWVHQHPRHQDUHLYDWLDOLMXMHSRWUHEQR
SUREXGLWLLPRWLYLUDWL
6YLOMXGLWUHEDMXSRPRL]DYLVHMHGQLRGGUXJLK/MXGVNDMHVROLGDUQRVWQXDQ
XYMHWGDVHELORNRMLSRMHGLQDFRVWYDUL
p9UKXQDFMHVSUHWQRVWLXWRPHGDMH]QDPRVDNULWL
p$NRQLWDQH]QDPRUDVYHPXYMHURYDWL
$NRHOLQHWRQDXLWLQLNDGDQLVLQH]DSRVOHQ
'DQDQMLGDQXHQLNMHMXHUDQMHJGDQD
1H]JRGQRMHNRGXHQMDWRVD]QDQMHPUDVWHLGDVNDNRMXLPDPRSUHG
JODYRP
1LVLVHQDXHQURGLR
2QDMWNRSUHVWDQHXLWLMHVWDUELRRQGYDGHVHWLOLRVDPGHVHWJRGLQD2QDMWNR
QDVWDYLXLWLMHPODGELRRQGYDGHVHWLOLRVDPGHVHWJRGLQD
2QLNRML]QDMXGREURMHGDVHVMHWHRQLNRMHQH]QDMXQHNDXH
SURFLMHQL
X]GLJOD
VODELLGDEXGHMRMDL
JODYRP
1LVLVHQDXHQURGLR

SURFLMHQL
X]GLJOD
VODELLGDEXGHMRMDL
JODYRP
1LVLVHQDXHQURGLR

SURFLMHQL
X]GLJOD
VODELLGDEXGHMRMDL
JODYRP
1LVLVHQDXHQURGLR

3RHWDNVYDNRJXHQMDMHSURPDWUDQMHDFLOMMDVDQSRMDP
7UHEDXLWLGRNVLLY
7UHEDLYMHWLWDNRGDELVYDNLSURLYOMHQGDQL]JOHGDRQRY
7XDQHELWLDNREXGHVDP
7YRMVHRSWLPL]DPQHRVQLYDQDQLMHNDQMX]ODQHJRQDYHGURMYMHULGDGREUR
SUHYODGDYDLQDVQDQRMYROMLGDXYLMHNUDGLVGREULPUXNXSRGUXNX
7UHEDWDNRLYMHWLNDNRELPRJDRVDPVHEHSRWRYDWL
7YRMHVUFHQLMHNROMHQRGDELVHPRJORVDYLWL
7UHEDWRYLHRSUDWDWLDL]OLNX]DWRHODNRQDL
7YRMLPGREULPPLVOLPDWUHEDPDORULMHL
7UHEDVYLPOMXGLPDUHLGDVXGREULNDNRELVHWRJDVMHWLOL
8LQXOMXEDYLXGDYDQMXVHEHXLQXSURGLUDQMDXGUXJXRVREXSURQDOD]L
VHEHRWNULYDVHEHRWNULYDQDVRERMHRWNULYDRYMHND
7ROLNR]QDNROLNRXSDPHWLLPD
8LVWRMPMHULXNRMRMKRHSULPDWLPRUDGDYDWLHOLOLLWDYRVUFHGDM
LWDYLYRW
7RWR]QDMHNDSOMLFDWRWRQH]QDMHPRUH
8QHYROMLQHSODLQHJRWUDLOLMHN
7LRVWDMHPODGGRNMRPRHXLWLLSRGQLMHWLSULJRYRU
8QHYROMLVXWLSULMDWHOMLYHOLNDSRWSRUD
6YLOMXGLSRSULURGLWHH]QDQMX
8RQRWRYMHUXMHWRLSRVWRML
6YHVHPRHQDXLWLDNLYUOLQD
8VYHPXWRUDGLPMHUXVDXYDWL]QDM
3UDYDMHQDVWDYDRJUDQLHQDVDPRQDRQHNRML]DLVWDHOHQHWRQDXLWLRVWDOR
MHVDPRWMHUDQMHVWRNH
8VYRMLPWHQMDPDNDRLXVYRMLPRVMHDMLPDXYLMHNYLHFLMHQLGREURWXRG
VSRVREQRVWL
3RGXLGUXJH
7YRMNDUDNWHUMHWYRMDVXGELQD
7YRMSXWLGHXNUXJXLOLSRHOLSVLLOLSRVSLUDOLVDPRQHUDYQRMHUUDYQR
RLJOHGQRSULSDGDJHRPHWULMLQHSULURGLLOLLYRWX
7XDQHELWLDNREXGHVDP
7UHEDXLWLGRNVLLY
MHVDPRWMHUDQMHVWRNH
3RGXLGUXJH
VSRVREQRVWL
LWDYLYRW

7UHEDXLWLGRNVLLY
7XDQHELWLDNREXGHVDP
LWDYLYRW
MHVDPRWMHUDQMHVWRNH
VSRVREQRVWL
3RGXLGUXJH
7XDQHELWLDNREXGHVDP
7UHEDXLWLGRNVLLY
MHVDPRWMHUDQMHVWRNH
3RGXLGUXJH
VSRVREQRVWL
LWDYLYRW

WHELMHMHGQDVLODNRMDWHMHQDSUDYLODRULMDHPXSULURGLDWRMHWYRM
8
XP8PWLMHVWYRULRXYVWYRLPDWXRVMHDQMH]DOMHSRWXLSRQRV
8WHELPRUDJRUMHWLRQRWRHOL]DSDOLWLXGUXJLPD
8WHELSRVWRMHYODVWLWDSUDYLOD
8LQLOLQHWR]DWRVLVLJXUDQGDHQDLLQDVYDLMHRGREUDYDQMH
QHNRPHVHWRQHHVYLGMHWL
8SR]QDMVYRMHGXHYQHVSRVREQRVWLVYRMHGRPHWH6KYDDQMHWYRMLK
PRJXQRVWLMHVWOLMHNSURWLYVNHSWLFL]PDLQHDNWLYQRVWL
8SUDYRRQDNRNDNRWYRMH]QDQMHUDVWHWDNRVHWYRMDYMHUDVPDQMXMH
8VSMHKXWYRMHPLYRWXQHRYLVLRWRPHGDGRELMHGREUHNDUWHQHJRR
WRPHGD]QDGREURRGLJUDWLVDVODELPNDUWDPD
8VXGLVHWRMHFLMHQDQDSUHWND
8WURLGRYROMQRYUHPHQD]DSURYMHUDYDQMHSRWUHEHLSRWUHEDHQHVWDWL
8YLMHNHVHUDGRYDWLQDYHHUDNRNRULVQRLVNRULVWLGDQ
8YLMHNQHWRQDHQD]DGQMHPPMHVWXQDNRMHPVLWUDLR
8YLMHNVXPQMDMXSRGUHHQRJDNRMLQLNDGQH]DPMHUDVYRP
SUHWSRVWDYOMHQRP
8YMHULOMXGHGDHEH]PQRJRWUXGDPRLLVSUDYLWLVYRMHJUHNH3RNDLLP
GDRQRWRRGQMLKWUDLQLMHWHNRNROLNRVHLQL
8LYDMGRNPRHWRWLNRULVWLJOHGDWLNDGDQHVPLMHXLYDWL"
9HVDPRPXQRSURELMDQMHNDYUKRYLPDGRYROMQRMHGDLVSXQLWYRMHVUFH
9MHUXMSRQHNDGLVNXVQRPH,VNXVWYRMHXLWHOMVYHJD
9MHUXMVHEL
9MHUXMDOLQHYMHUXMULMHLPDQLVYRMLPDQLWXLPDYMHUXMVDPRGMHOLPD
LVYRMLPDLWXLPD
9RGLUDXQDRHPXVHJRYRULDPDQMHRWRPHWNRJRYRUL
9RDRGNRMHJ]DWUDLSRPRQHHWRXRLWLDOLWLXSUROD]XGDMHVDYMHWH
NRMHQLVLWUDLR
9ROLOLLYRW"2QGDQHPRMWUDWLWLYULMHPHMHUMHRGQMHJDVDVWDYOMHQLYRW
9ROMDQLMHDSVWUDNWQDVQDJDNRMXWLSRVMHGXMHRGYRMHQRRGQMHQD
NDUDNWHUDYHMHQMH]LQL]UD]
9ROMDVDPRWYRMDWHYROMDLQLYHOLNLP
9UHPHQDVHPLMHQMDMXLWLVHPLMHQMDXQMLPD
=DGREURGMHORWUHEDYUHPHQD
8WHELMHMHGQDVLODNRMDWHMHQDSUDYLODRULMDHPXSULURGLDWRMHWYRM
SUHWSRVWDYOMHQRP
9MHUXMVHEL
LVYRMLPDLWXLPD
NRMHQLVLWUDLR
DGREURGMHORWUHEDYUHPHQD
=

WHELMHMHGQDVLODNRMDWHMHQDSUDYLODRULMDHPXSULURGLDWRMHWYRM
8
SUHWSRVWDYOMHQRP
9MHUXMVHEL
LVYRMLPDLWXLPD
NRMHQLVLWUDLR
=DGREURGMHORWUHEDYUHPHQD

8WHELMHMHGQDVLODNRMDWHMHQDSUDYLODRULMDHPXSULURGLDWRMHWYRM
SUHWSRVWDYOMHQRP
9MHUXMVHEL
LVYRMLPDLWXLPD
NRMHQLVLWUDLR
DGREURGMHORWUHEDYUHPHQD
=

=DSLVXMSLVDQDMHULMHWUDMQLMDRGSDPHQMD
p8HQMHMHNDRYHVODQMHX]VWUXMXLPRYMHNVWDQHELYDYUDHQ
pHVWRVHVDPR]DWRQHRGDMHPRMHGQRPMHGLQRPSRURNXWRLKLPDPRSXQR
RPLOMHQMXVRFLMDOLVWDRVWYDULYDQMHGRELWLMHSRURN-DPHXWLPVPDWUDPGD
3
MHSRURNRVWYDULYDWLJXELWDN6DPRVXGYDL]YRUDOMXGVNLKSRURNDOLMHQRVWL
SUD]QRYMHUMHLVDPRVXGYDGREURLQLWHOMDUDGLXP
8HQMHMHVMHPH]QDQMDD]QDQMHVMHPHVUHH0XGULXHQDWXLPDEXGDOD
QDYODVWLWLPJUHNDPD
RYMHNRVWDMHPODGVYHGRNMRPRHXLWLSULKYDDWLQRYHQDYLNHLSRGQLMHWL
SURWLYOMHQMH
RYMHNWUHEDXLWL6DPRYRORYLWUHEDMX
8LQDWXLPXVSMHVLPDNDRLQDWXLPSRJUHNDPD
8L7LSRVMHGXMHVLVWHPHRUJDQL]LUDQRJ]QDQMDVSR]QDMDLYMHWLQD7L
VWYDUDYODVWLWXPUHXSRGXKYDWD8SDPWL]QDQRVWMHVXVWDYVSR]QDMD
/MXGVNRVH]QDQMHXGYRVWUXXMHVYDNLKSHWGRVHGDPJRGLQD
o1HVPLMHPRVHXVSRUHLYDWLVGUXJLPD
p2QDMNRMLWHQHPRHXYMHULWLQDVWRMLWH]DSDQMLWL
p+YDODPUWYLKPUWYDMHNDRGDLKQHPD
.DGDXLYDVODWNLSORGWUHEDRELVHVD]DKYDOQRXVMHWLWLLRQRJDWNRMH
]DVDGLRYRNX
/DNHMHYUDWLWLXYUHGXQHJRGREURLQVWYRMHUVH]DKYDOQRVWVPDWUDWHUHWRPD
RVYHWDNRULX
1DMEUH]DVWDULMHYD]DKYDOQRVW
1H]DKYDOQRVWMHSRPDQMNDQMHNXOWXUH
1H]DKYDOQRVWQHREHVKUDEUXMHGREURLQVWYRDOLVOXLNDRL]YRUHJRL]PX
=DKYDOQRVWMHODNDRGSHUD
=DKYDOQRVWMHXGQRYDWDELOMNDLPMHRYMHNHOLSULVLOLWLQDUDVWRQDVHVXL
=DQLWDQLVPRWDNR]DKYDOQLNDR]D]DKYDOQRVW
=UHRMHRQDMNRMLVDPVHELYLHQHQDVMHGD
p
PDQHSRURFLDSVXUGEDQDOQRVWHNVKLELFLRQL]DPHWLNHWDIMDNDIUD]D
L]JRYRU
20$1$0$
20$1$0$
L]JRYRU
QDYODVWLWLPJUHNDPD
SURWLYOMHQMH
]DVDGLRYRNX
RVYHWDNRULX
p=UHRMHRQDMNRMLVDPVHELYLHQHQDVMHGD
3RPLOMHQMXVRFLMDOLVWDRVWYDULYDQMHGRELWLMHSRURN-DPHXWLPVPDWUDPGD
DSLVXMSLVDQDMHULMHWUDMQLMDRGSDPHQMD
=
8HQMHMHNDRYHVODQMHX]VWUXMXLPRYMHNVWDQHELYDYUDHQ
p

HVWRVHVDPR]DWRQHRGDMHPRMHGQRPMHGLQRPSRURNXWRLKLPDPRSXQR
p
QDYODVWLWLPJUHNDPD
SURWLYOMHQMH
]DVDGLRYRNX
RVYHWDNRULX
=UHRMHRQDMNRMLVDPVHELYLHQHQDVMHGD
p
L]JRYRU
20$1$0$
20$1$0$
L]JRYRU
QDYODVWLWLPJUHNDPD
SURWLYOMHQMH
]DVDGLRYRNX
RVYHWDNRULX
p=UHRMHRQDMNRMLVDPVHELYLHQHQDVMHGD

ODERVWLWRLKLPDSRMHGLQDF]RYXVHSRURNRP6ODERVWLNRMHLPDMHGDQLWDYL
6
QDURG]RYXVHPHQWDOLWHWRP9UOLQDVHQHVDVWRMLXRGULFDQMXRGSRURNDYHX
WRPHGDLKQHHOL
=ORGRYRGLGRRVDNDHQMDRYMHNRYLKVQDJDSRURNMHQHRGJRYRUQRVWSUHPD
VHEL
o1HXOMHSDYDMQLNDGDVYRMHPDQHLQDHVHQHHRGQMLKQLNDGD
RVORERGLWL
6OXDMRQRJDNRMLWHMHXSR]RULRQDWYRMHPDQHNDRGDWLMHRWNULRQDMYHH
EODJR
$NR]DWYRULWHYUDWDVYLPPDQDPDLLVWLQDHRVWDWLQDSROMX
%ODJRVWDQMHQDMEROMHRWNULYDSRURNDQHYROMDQDMEROMHRWNULYDYUOLQX
.DGDQHELVPRVDPLLPDOLPDQHQHELQDPSULLQMDYDORWROLNR]DGRYROMVWYD
LVWHXRDYDWLNRGGUXJLK
0DQXWUHEDLOLXNORQLWLLOLSRGQRVLWL
1DMJRUHQLMHLPDWLPDQHDNQLERUEDSURWLYQLMHORD/RHMHVNULYDWLLK
1HPDQLMHGQHPDQHNRMDQHELLPDODSULYLGQHVOLQRVWLVQHNRPYUOLQRPL
NRMDWXVOLQRVWQHELLVNRULWDYD
5DGRSUL]QDMHPRPDOHPDQHNDNRELVPRRVWDYLOLGRMDPGDQHPDPRYHOLNLK
6NORQRVWGDSULDPRRVHELLGDQDHPDQHSULND]XMHPRQDQDLQNRMLQDPVH
LQLSRHOMQLPLQLMHGDQGLRQDHLVNUHQRVWL
6YDWNRYROLGDVHNRUHWXHPDQHDQHQMHJRYH
6YHOMXGVNHPDQHRNDMDYDLVWLQLWDOMXGVNRVW
6YRMHPDQHSUL]QDWLMHSRWHQR
0DQHVXVMHQHYUOLQD
o$SVXUGQLRYMHNPRHMHGLQRVYHLVFUSVWLLVHEHVDPRJD
p%DQDOQRVWMHVPUWXPMHWQRVWL0RGDJRUHRGWRJDWUDHQDRULJLQDOQRVW
p,VWLQLWLVHHNVKLELFLRQL]DPVDVWRMLXSRND]LYDQMXRQRJDWRVHQHSRVMHGXMH
o1DSROHLQLQDLKSR]LWLYQLKRVRELQDQDOD]LVHHWLNHWDVDFLMHQRP1DQMRM
SLHVNRMLPVPRLKQHJDWLYLPDSODWLOL
p)MDNDMH]DUD]QD
p1DSRHWNXELMDHULMHQDNUDMXIUD]D)UD]DJXWDVYHRVLPVHEHVDPX
0HQWDOQD]DJDHQMDSUHGVWDYOMDMXNRQLFHVWYDUDODWYD1HNHL]ULDMH
QD]LYDPRXELWDQHIUD]H
x WRVHVYDWNRPRJDRVMHWLWL
x WRVXYHGUXJLL]PLVOLOL
6ODERVWLWRLKLPDSRMHGLQDF]RYXVHSRURNRP6ODERVWLNRMHLPDMHGDQLWDYL
WRPHGDLKQHHOL
VHEL
RVORERGLWL
EODJR
0DQHVXVMHQHYUOLQD
p)MDNDMH]DUD]QD

ODERVWLWRLKLPDSRMHGLQDF]RYXVHSRURNRP6ODERVWLNRMHLPDMHGDQLWDYL
6
WRPHGDLKQHHOL
VHEL
RVORERGLWL
EODJR
0DQHVXVMHQHYUOLQD
p)MDNDMH]DUD]QD

6ODERVWLWRLKLPDSRMHGLQDF]RYXVHSRURNRP6ODERVWLNRMHLPDMHGDQLWDYL
WRPHGDLKQHHOL
VHEL
RVORERGLWL
EODJR
0DQHVXVMHQHYUOLQD
p)MDNDMH]DUD]QD

x QHPRMILOR]RILUDWL
x WDNRVPRGRVDGDUDGLOLLWG
p%ROMHHWHRYMHNDXSR]QDWLSRQMHJRYLPL]JRYRULPDQHJRSRQMHJRYLP
JRYRULPD
,]JRYRULVXJRULRGQHGRXPLFD1HKWMHWLQHWRMHUD]ORJDQHPRLMH
L]JRYRU
1HL]JRYDUDMVHDNRQLMHQHRSKRGQR
p1HMDGLNXMQDGELMHGRPVYLMHWDQHJRJD1DVWRMLXLQLWLEROMLP
p.ORQLVHNOHYHWH%XGLRQDMNRJDNOHYHXDOLQLNDGDNOHYHWQLN
*GMHVHNOHYHHWXQHPDOMXGVNRJGRVWRMDQVWYD
p.RPSURPLVMHUMHHQMH]DSURVMHQH
.RPSURPLVMHXPLMHHSRGLMHOLWLNRODWDNRGDVYDWNRPLVOLGDMHGRELR
QDMYHLNRPDG
.RPSURPLVVXMHGLQHGYLMHSRORYLQHNRMHQHGDMXMHGQXFMHOLQX0DWHPDWLNL
MHWRQHPRJXHDOLMHGHPRNUDWVNL3RORYLQRJNRPSURPLVDQHSULPDP
RYMHNSOLYDQL]VWUXMXLOLSURWLYVWUXMHDDNRMRMVHSUHSXVWLRQGDVHRGOXLR
]DSDVLYQRVWLOLSUHXWQLNRQIRUPL]DP
o%LODELQDMYHDODNRPLVOHQRVW]DGXLWLVHDNRELVPRLKQDPMHUDYDOLYUDWLWL
p.ORQLVHODNRPRVWLRQDMHNRULMHQVYLK]DODQMRMQHGRVWDMHVYH
p.ORQLVHODNRYMHUQRVWLPDNDUMHRQDMHGLQDPDQDSRWHQRJVUFD
.ORQLVHRSWXLYDQMDSULMHQHJRWRLVWUDLSUYRSURPLVOLSDRQGDXNRUL
1DMSR]LWLYQLMLOMXGLVXLQDMODNRYMHUQLML
p.ORQLVHODVNDQMDWRYLHQHNRJYROLWRPXPDQMHWUHEDODVNDWL
/DNHMHOMXGHODVNRPQDWMHUDWLXYUOLQXQHJRLVWMHUDWLL]SRURND
/DVNDQMHMHSUDWLODFYHOLNHVUHHL]DYRHQMHODQRPSRKYDORP
/DVNDQMHMH]DYRHQMHODQRPSRKYDORP
/DVNDQMHQLMHQLWDGUXJRGRWUJRYLQDODL]DVQRYDQDVMHGQHVWUDQHQDNRULVWL
DVGUXJHVWUDQHQDWDWLQL
/DVNDYDFMHVMHQDEXGDOH
1LWDQDVYLMHWXQLMHWHHRGLVNUHQRVWLLQHPDODNHRGODVNDQMD
1RYRPGUXWYXQLVXSRWUHEQLVWYDUDRFLNRMLHPXODVNDWLYHRQLNRMLH
VYRMLPVWYDUDODWYRPGRSULQRVLWLQMHJRYRMDILUPDFLML
MDGLNRYDQMHNOHYHWDNRPSURPLVNRQIRUPL]DPODNRPLVOHQRVW
ODNRPRVWODNRYMHUQRVWODVNDQMHOLFHPMHUMHOLFHPMHUOXNDYRVWOXWDQMH
QDMYHLNRPDG
x QHPRMILOR]RILUDWL
JRYRULPD
L]JRYRU

x QHPRMILOR]RILUDWL
JRYRULPD
L]JRYRU
QDMYHLNRPDG
QDMYHLNRPDG
x QHPRMILOR]RILUDWL
JRYRULPD
L]JRYRU

UQMHL]DYLVWSURLUXMXSDNDR0UQMDMHPDMNDQHSUDYGH
0
1DMGLYOMDPUQMDQLNDGDQLMHWDNRUXQDNDRLYRWEH]PUQMH
p0DORGXQLPDLVYH]QDLQLWDRGYDQLPDLPDORPQRJR
0DORGXQRVWMHQDMYHDRSDVQRVW
p0DVNDMHMHGLQLGLROLFDNRMLRYMHNPRHVDPL]DEUDWL
6YLMHWVHVDVWRMLVDPRRGPDVNL
p.ORQLVHPD]RKL]PD=DPD]RKLVWXLNRSULYHVXSHUMH
p0L]DQWURSLMDMHSURGXHQRVDPRXERMVWYR
p$NRXVHELVDPRPYLGLVYDELDLVHEHVDPDXVYLPELLPDXLVWLQXQH
PRHQLNRJDPU]LWL
%RUEXMHVWYRULODSULURGDPUQMXMHL]PLVOLRRYMHN
'RYROMQRVDPLYLRGDELKYLGLRNDNRUD]OLNHPHXOMXGLPDUDDMXPUQMX
*DHQMHPUQMDLRGERMQRVWVXVDPRQDLQLREUDQHRGVWYDULNRMLPD
SRMHGLQDFQHVYMHVQRWHL
,VUGEDLPUQMDSRGLXXOMXGVNLPVUFLPDYHOLNHYDORYH
.DGDPUQMDSRVWDQHNXNDYLFDLGHPDVNLUDQDXGUXWYRLQD]LYDVHSUDYGD
0UQMDMHDNWLYQRQH]DGRYROMVWYRD]DYLVWSDVLYQRQHVPLMHPRVHVWRJD
XGLWLWR]DYLVWWDNREU]RSUHOD]LXPUQMX
0UQMDMHSURSDODOMXEDY
PDORGXQRVWPDVNDPD]RKL]DPPL]DQWURSLMDPUQMD
7NRYROLGDPXVHODVNDGRVWRMDQMHODVNDYFD
7NR]QDODVNDWL]QDLNOHYHWDWL
9ODGDULVHPRUDMXXYDWLODVNDYDFDNDRNXJH'DELVHOMXGLRGQMLKREUDQLOL
QHNDL]DEHUXXPQHOMXGHLRQGDLKRYODVWHGDLPVORERGQRJRYRUHLVWLQX
p/LFHPMHUMHMHSRWRYDQMHWRJDSRURNLVND]XMHYUOLQL
/LFHPMHUVWYRMHQDMWHLLQDMQDSRUQLMLRGVYLKSRURNDRYMHNPXVHQHPRH
RGDWLVDPRSRYUHPHQRNDRSULPMHULFHQHYMHULLOLSURGUOMLYRVWLWRMHVWDOQL
]DGDWDN1DMJRULLQDMRSDVQLMLOLFHPMHUQLMHRQDMNRMLJOXPLQHRPLOMHQXYUOLQX
YHRPLOMHQHSRURNH
2WPMHQROLFHPMHUVWYRMHXRSHQHJRYRULWLRVHEL
WRQHXVSLMHWYRMLPSURWLYQLFLPDXVSMHWHRQLPDNRMLWLWDSDMXSRUDPHQX
p1DMOMHSDOXNDYRVWVRWRQHMHXYMHULWLQDVGDJDQHPD
o8OXWDQMXVYLVXYRGLL
YHRPLOMHQHSRURNH
8OXWDQMXVYLVXYRGLL
o
PRHQLNRJDPU]LWL
UQMDMHSURSDODOMXEDY
0
0UQMHL]DYLVWSURLUXMXSDNDR0UQMDMHPDMNDQHSUDYGH

UQMHL]DYLVWSURLUXMXSDNDR0UQMDMHPDMNDQHSUDYGH
0
PRHQLNRJDPU]LWL
YHRPLOMHQHSRURNH
o8OXWDQMXVYLVXYRGLL
YHRPLOMHQHSRURNH
8OXWDQMXVYLVXYRGLL
o
PRHQLNRJDPU]LWL
0UQMHL]DYLVWSURLUXMXSDNDR0UQMDMHPDMNDQHSUDYGH

1DMRGYUDWQLMDRYMHNRYDRVRELQDMHVWVNORQRVWNDRRNUXWQRVWLVNORSQRVW
NRMX]UDLPUQMD1LMHPHXWLPGRND]DQRGDXRYMHNXSRVWRMLQDJRQ
XQLWDYDQMD
1DMHVYLMHWYHXPRUDQRGPUQMH
2KXJDVLPUQMX.DGDPU]LRGX]LPDVHELQHWRNDGDYROLSRVWDMH
ERJDWLML]DRQRWRYROL
2QLNRMLYDPSURSRYLMHGDMXPUQMXQHHYDVVSDVLWL
8PUQMLMHVWUDK
o.ORQLVHQDPHWDQMDGDQHEXGHRGEDHQLQHXGDOMXMVHGDQHEXGH
]DERUDYOMHQ
p0RJXRGROMHWLVYHPXRVLPQDSDVWL
p$KQDYLNDMHQH]JRGQDVWYDU2QDQDVYHHDNLX]QHWRRPU]QXWR
-HURYMHNMHVWYRUHQRGSURVWLKVWYDULDQDYLNXQD]LYDVYRMRPGDGLOMRP
.DGVHRVWDULQDYLNHSRVWDMXWLUDQL
.DNROLVXVPLMHQHWXHQDYLNH
1DSRQDDQMHXLYRWXYLHXWMHXQDYLNHQHJRQDHOD
1DYLNDMHQDVLOQLNLGUXJDQDUDY
1DYLNDMHVOXDYNDNRMDVHQDSRNRQXGD]DJRVSRGDUD
1DYLNDMHWLUDQLQ
1DYLNDMHXH6YDNLGDQSOHWHPRMHGQXQLWLQDNRQFXJDYLHQHPRHPR
UDVWUJDWL
1DYLNDNDRGDMHGUXJDSULURGD
1HUREXMQDYLNDPD
1LWDQLMHMDHRGQDYLNH
8MHGQRPQHSRNUHWQRPGUXWYXVWHHQHQDYLNHLQDURLWRRJUDQLHQMDWR
PXVHQDPHXL]YDQDRGOXXMXRVYHPX
9HOLNDMHPRQDYLNH
LYRWMHVDPRVSOHWQDYLND
p.DNRQHOMXGVNHVQDJHUDVWXNDRWUDMQDRSDVQRVWNDNRREHDXMXRYMHND
NDNRXQLWDYDMXXQDPDVYHWRMHGREURLLVWRNDNRQDVRGYDMDMXRG
SOHPHQLWLKVSR]QDMD
QDPHWOMLYRVWQDSDVWQDYLNHQHJRGRYDQMHQHPLORVUGQRVWQHSRYMHUHQMH
QHSURPLOMHQRVWQHUD]ERULWRVWQHUD]XPQRVWQHVWUSOMHQMH
QRQNRQIRUPL]DP
QRQNRQIRUPL]DP
]DERUDYOMHQ
1DYLNDMHWLUDQLQ
UDVWUJDWL
1HUREXMQDYLNDPD
1LWDQLMHMDHRGQDYLNH
9HOLNDMHPRQDYLNH
SOHPHQLWLKVSR]QDMD
DMRGYUDWQLMDRYMHNRYDRVRELQDMHVWVNORQRVWNDRRNUXWQRVWLVNORSQRVW
1
XQLWDYDQMD
ERJDWLML]DRQRWRYROL
8PUQMLMHVWUDK

1DMRGYUDWQLMDRYMHNRYDRVRELQDMHVWVNORQRVWNDRRNUXWQRVWLVNORSQRVW
XQLWDYDQMD
ERJDWLML]DRQRWRYROL
PUQMLMHVWUDK
8
]DERUDYOMHQ
1DYLNDMHWLUDQLQ
UDVWUJDWL
1HUREXMQDYLNDPD
1LWDQLMHMDHRGQDYLNH
9HOLNDMHPRQDYLNH
SOHPHQLWLKVSR]QDMD
QRQNRQIRUPL]DP
QRQNRQIRUPL]DP
]DERUDYOMHQ
1DYLNDMHWLUDQLQ
UDVWUJDWL
1HUREXMQDYLNDPD
1LWDQLMHMDHRGQDYLNH
9HOLNDMHPRQDYLNH
SOHPHQLWLKVSR]QDMD
DMRGYUDWQLMDRYMHNRYDRVRELQDMHVWVNORQRVWNDRRNUXWQRVWLVNORSQRVW
1
XQLWDYDQMD
ERJDWLML]DRQRWRYROL
8PUQMLMHVWUDK

HJRGRYDQMHMHSUL]QDYDQMHEHVSRPRQRVWLQHPLORVUGQRVW
1
1HPLORVUGDQMHRYMHNSUHVORERGDQXULMHLPDWDMWHQHHSRWHGMHWLXGDUDFD
p1HSRYMHUHQMHVHQLNDGDQHMDYOMDSUHUDQRDOLHVWRSUHNDVQR
3UHYLHQHSRYMHUHQMDHVWRMHJOXSRVWSUHYLHQHSRYMHUHQMDXYLMHNMHQHVUHD
p1LWDQLMHWDNRRSDVQRNDRPLVDRL]X]HYQHSURPLOMHQRVWL
6ODEQHSULMDWHOMXWYUDYLJRULMHRGQDMMDHJL]YDQD
p/MXGVNDQHUD]ERULWRVWGRGXHQLMHSRUDVOD1RSRUD]QRMHSRUDVWDREURM
QHUD]ERULWLK
o1HUD]XPQRVWMHXQDMYHRMPMHULQHSREMHGLYDVLODQDNXJOL]HPDOMVNRM
p1HVWUSOMHQMHMHMHGLQDRVRELQDPODGRVWL]DLMLPJXELWNRPQHDOLPRX
VWDURVWL
1HVWUSOMHQMHMHVWUDK
o1RQNRQIRUPL]DPMHJXQDMXDRYLVQRVWRYODGDMXRMWH]L
p,VNXVQLRSRUWXQLVWLSOLYDMXWDNRVULMHNRPGDNDVQLMHPRJXUHLGDLKMH
VWUXMDRGQLMHODRSWXLYDQMH
,NRGRNOLMHYDQMDPRUDVHRGOXLWL
2SDVQRMHRNOLMHYDQMHLVWDMDQMH
1HYDOMDSUHYLHRNOLMHYDWL
p%ROMHMHRNOLMHYDWLQHJRSRJULMHLWL
3RYULMHHQDRKRORVWPQRJRMHRSDVQLMDRGXJURHQRJLQWHUHVD
2QDMWNRVHX]RKROLRRWNULYDGDMRQLMHGRYROMQRUD]PLOMDR
2KRORVWPDOLKMHXWRPHWRQHSUHVWDQRJRYRUHRVHELDRKRORVWYHOLNLKMHX
WRPHWRRVHELQLNDGQHJRYRUH
2KRORVWGROD]LSULMHSDGD
2KRORJDHXQLWLWLQMHJRYSRQRV
1HEXGLRKROQLSUHGPDOLPDQLSUHGYHOLNLPD
RJRYDUDQMHRJUDQLHQRVWRKRORVWRNOLMHYDQMHRSRUWXQLVWRSWXLYDQMH
RVUHGQMRVWRVYHWDRYLVQRVW
p.ORQLVHRKRORVWLRQDSRQL]XMHRYMHNDLUDDVDPRVYDX
p.DNRQLNDGQLMHPRJDRXVSMHWLXRWPMHQXGUXWYXL]RVYHWHJDMHRJRYDUDR
oRYMHDQVWYRELLPDORQHRJUDQLHQHPRJXQRVWLNDGDELLPDORPRJXQRVW
GDRJUDQLLPRRJUDQLHQLK
1HJRGRYDQMHMHSUL]QDYDQMHEHVSRPRQRVWLQHPLORVUGQRVW
QHUD]ERULWLK
VWDURVWL
1HVWUSOMHQMHMHVWUDK

HJRGRYDQMHMHSUL]QDYDQMHEHVSRPRQRVWLQHPLORVUGQRVW
1
QHUD]ERULWLK
VWDURVWL
1HVWUSOMHQMHMHVWUDK
1HJRGRYDQMHMHSUL]QDYDQMHEHVSRPRQRVWLQHPLORVUGQRVW
QHUD]ERULWLK
VWDURVWL
1HVWUSOMHQMHMHVWUDK

.ORQLVHRSWXLYDQMDSULMHQHJRWRLVWUDLSUYRSURPLVOLSDRQGD
XNRUL
p0RGHUQRGREDR]QDXMHWULMXPINROHNWLYQHRVUHGQMRVWL
2VUHGQMLGXKRYLRELQRRVXXMXVYHRQRWRSUHOD]LQMLKRYGRPHW
p.ORQLVHRVYHWHRQDMHQHNDYUVWDGLYOMHSUDYGH
1HRVYHXMVH$NRVHRVYHXMH]DMHGQXSRGORVWSRLQMDHGUXJX
1HRVYHXMVHRVYHWDMHQRYDQHSUDYGD$OLRGJRHQDSUDYGDLVWRWDNR
SRVWDMHQHSUDYGD
2VYHWDMHLSDNQDMVLJXUQLMLQDLQGDVHSRVWLJQHSUDYGD
2VYHWDMHQHNDYUVWDGLYOMHSUDYGH
2VYHWDMHVODVWNRMDPRGDWUDMHMHGDQGDQYHOLNRGXQRVWRVMHDMNRMHPVH
PRHUDGRYDWLYMHQR
2VYHWDMHVWURJDND]QDEH]SUHYHQWLYQHIXQNFLMH
2VYHWDMHXYLMHNSRVOMHGLFDVODERVWLGXHNRMDQHPRHSRGQLMHWLQHSUDYGX
p.DGDMHGQRPVD]QDPRRHPXVYHRYLVLPRSUHVWDQHPRELWLNRPXQLNDWLYQL
3DPHWQRJDOXODNRQFHQWULUDEXGDOLRPRJXXMHGDVLQHWRVWUSDXXVWD
3XDLQDVPRJXQDXLWLWROHUDQFLML-RVHQLMHGDQSXDQLMHDOLRQD
QHSXDD
SDVLYQRVWSHGDQWHULMDSOLWNRVWSRGLQMDYDQMHSRGLODHQMHSRGORVW
SRKOHSDSROWURQSROXEXGQRVWSRQL]QRVWSRWLVNLYDQMHSUHEDFLYDQMHL
SULJRYDUDQMHSUHVHGDQSUHVWLSUHWYDUDQMHSUHYDUDSUH]LU
SULJRYDUDQMHSULMHNRUSULNULYDQMHSULPLWLYL]DPSULVOXNLYDQMH
SURVMHQRVW
p2QDMWNRGDQDVVDPRSURPDWUDSRND]XMHQHOMXGVNXILOR]RILMXLOL
QHYMHURMDWQXVOMHSRX
9HLQDRVREDMHSDVLYQDMHUMHXSODHQDGDQHXJUR]LVYRMSRORDMRQDQLMHX
VWDQMXGDVHL]GLJQHL]QDGXVWDOMHQLKGUXWYHQLKRGQRVDMHUMHMRXYLMHN
RJUDQLHQDQMLKRYLPRNYLULPD2QDQHSR]QDMHVHEHQLWLQH]QD]DVYRMH
VNULYHQHPRJXQRVWL8]URFLWDNYRPRGQRVXSUHPDVHELVDPRPHQDOD]HVHX
]DRELODHQMXGUXWYHQLKQDJUDGDLSUL]QDQMDGUXWYHQLPSUHGUDVXGDPDL
GUXWYHQLPVWHUHRWLSLPD6WRJDPQRJLRGXVWDMXRGSXWDNDNWXDOL]DFLMLPLUH
VHVDVXGELQRPLGR]YROMDYDMXGDSURSDGDQMLKRYWDOHQWLGRPHWL
o2GQDMYHHJVPLVOD]DUHGGRSHGDQWHULMHMHVDPRMHGDQNRUDN
o7NRVWDOQRQDVWRMLUHLQHWRNRQDQRQHGRVSLMHYDGDOMHRGSOLWNRVWL

QHYMHURMDWQXVOMHSRX
SURVMHQRVW
QHSXDD
PRHUDGRYDWLYMHQR
SRVWDMHQHSUDYGD
XNRUL

XNRUL
.ORQLVHRVYHWHRQDMHQHNDYUVWDGLYOMHSUDYGH
p
SRVWDMHQHSUDYGD
PRHUDGRYDWLYMHQR
QHSXDD
SURVMHQRVW
QHYMHURMDWQXVOMHSRX
QHYMHURMDWQXVOMHSRX
SURVMHQRVW
QHSXDD
PRHUDGRYDWLYMHQR
SRVWDMHQHSUDYGD
XNRUL

.ORQLVHVXEPLVLYQRVWLSULNODQMDQMDLSRWLQMDYDQMD
o
p1HPRJXWLGDWLUHFHSW]DXVSMHKDOLWLPRJXUHLIRUPXOX]DQHXVSMHK
1DVWRMLVYDNRPHXJRGLWL
1HSRYLQXMVHVDVYDNLPYMHWURPLQHLGLSRVYDNRMVWD]L
p1HNDMHSURNOHWDQDGPRNRMDVHXSRWUHEOMDYD]DSRGODGMHOD=QDQRVWEH]
UD]XPDGYRVWUXNDMHOXGRVW
1HPRJXHMH]DPLVOLWLSRGORVW]DNRMXNUWDFQHELELRVSRVREDQ
6PMHUQRVWMHSUYDVWHSHQLFDGRSRGORVWL
3RKOHSQRPHLXJUREXMHWLMHVQR
p
3RKOHSDLPLUX]DMDPQRVHLVNOMXXMX
3RKOHSDMHQDMYHHVLURPDWYRNDRWRMH]DGRYROMVWYRVRQLPWRLPD
QDMYHH]DGRYROMVWYR
3RKOHSDMHSRQRUEH]GQDLLGHMDRVORERHQMDNRMXGRELYDPRRGQMH]LQRJ
RVORERHQMDMHVWLOX]LMD
3RKOHSDMHSULURGQDLPHQWDOQDSRVOMHGLFDRULMHQWDFLMHQDLPDQMH3RKOHSQLN
PDWRELRVDGUDMQMHJRYHSRKOHSHQLNDGDQHHLPDWLGRYROMQRQLWLELWL
]DGRYROMDQ2QDQHPDWRNH]DVLHQMDMHUXQXWUDQMDSUD]QLQDGRVDGD
XVDPOMHQRVWLSRWLWHQRVWNRMHELWUHEDORSUHYODGDYDWLQHPRJXELWL
XNORQMHQH]DGRYROMDYDQMHPGRWLQHSRKOHSH
3RKOHSD]DQRYFHPQH]QD]DJUDQLFH
p1HPDWURQDEH]SROWURQD
pLWDQMH]DJOXSOMXMXLKWHNVWRYDLQLRYMHNDGDKRGDMXLVSDYDRQRJD
GHIRUPLUD9HLQDOMXGLMHSROXEXGQDLOLSROXXVSDYDQD
3LVPHQRVWQLMHEODJRGDWXNROLNROMXGLLWDMXPDWHULMDOHNRMLRVLURPDXMX
QMLKRYXVSRVREQRVWGRLYOMDYDQMDLPDWDQMD
p.ORQLVHSRQL]QRVWLRQDMHVPLFDOLFDRKRORVWL
,VWLQVNHMHSRQL]DQVDPRRQDMNRMLQHWHLGDVDPXWMHHQDVYRMXVXGELQXYH
MHSULKYDDRQDNYXNDNYDMHVW
1LWNRVHWDNRJUXERQHRGQRVLSUHPDSRGUHHQLPDNDRRQLNRMLVHSRQL]XMX
SUHGSUHWSRVWDYOMHQLPD
3RQL]QRVWMHVPLFDOLFDRKRORVWL
6SRVREQRVWREMHNWLYQRJPLOMHQMDMHXPHPRFLRQDOQRVWDQRYLWHL]DXPDMH
SRQL]QRVW
p3RWLVNLYDQMHVDGUDMDGRLYOMDMDLLVNXVWYDL]VYLMHVWLXSRGVYLMHVWLQH
JODYQLREUDPEHQLPHKDQL]DPOLQRVWL3ULWRPHLVWLQDSRMHGLQDFVHRVOREDD
WMHVNREHDOLVHQHVPDQMXMHQDSHWRVWXRUJDQL]PX
p3RKOHSQRPHLXJUREXMHWLMHVQR
QDMYHH]DGRYROMVWYR
SRQL]QRVW
o.ORQLVHVXEPLVLYQRVWLSULNODQMDQMDLSRWLQMDYDQMD
PMHUQRVWMHSUYDVWHSHQLFDGRSRGORVWL
6

.ORQLVHVXEPLVLYQRVWLSULNODQMDQMDLSRWLQMDYDQMD
o
RKOHSDLPLUX]DMDPQRVHLVNOMXXMX
3
QDMYHH]DGRYROMVWYR
SRQL]QRVW

QDMYHH]DGRYROMVWYR
SRQL]QRVW
o.ORQLVHVXEPLVLYQRVWLSULNODQMDQMDLSRWLQMDYDQMD

o3OHPHQLWRYMHNSUHEDFXMHVHELDSURVWDNSUHEDFXMHGUXJLPD
p0LVHWROLNRQDYLNDYDPRGDVHSUHWYDUDPRSUHGGUXJLPDGDVHQDSRNRQ
SUHWYDUDPRSUHGQDPDVDPLPD
p1HWUHEDPQRJRGRVMHWOMLYRVWLGDSUHYDULPRRYMHNDNRMLQDPYMHUXMH
p1HPDWRJRYMHNDNRMLELLPDRSUDYRSUH]LUDWLOMXGH
3UH]LUWRMHRVMHDMRSUH]QDPXNDUFDSUHPDSURWLYQLNXNRMLMHSUHYLH
PRDQGDELPXVHPRJORVXSURWVWDYLWLEH]RSDVQRVWL
3UH]LU]DVOXXMHVDPRRQDMWNR]QDEROMHDLQLJRUH
p1DMEROMHHLYMHWLDNRQHEXGHUDGLORRQRWRGUXJLPDSULJRYDUD
1DVWRMLXSXWLWLSULJRYRU]DRELOD]QLPSXWHP
1HNRULQLWDWRMHOMXGVNR6YHMHGREURDOLQHVYXJGMHDOLQHXYLMHNLQH
]DVYH
p,PDSULMHNRUNRMLQLMH]JRGDQUD]XPQRJDMHSRQHNDGSUHXWMHWL
pHQMD]DSULPLWLYQRXMHEROHVWNXOWXUH
p1HWHLSUHVWLX6DPRVHPDOLOMXGLERUH]DSUHVWLYHOLNLJDLPDMX
'DQDQMHSULPLWLYQHJUXSHVXGDOHNRRGVYDNHVHELQRVWLLVWLHQLXMHGQRM
SULPLWLYQRMGUXELQLNRPHVHQHRVSRUDYDSULVWXSERJDWVWYLPDSULURGHQLWL
MHGDQSRMHGLQDFQHSRVMHGXMHWDERJDWVWYD3ULURGQDERJDWVWYDRNRMLPD
GUXEDRYLVL]DMHGQLNRVXYODVQLWYR
1DVLOMHMHELWQDRGOLNDSULPLWLYQLKRVRED
9HLQDOMXGLHPRFLRQDOQRMRLYLXNDPHQRPGREXXNOMXXMHYHLQXRQLK
NRMLVXQDYODVWL
o2QDMNRMLSULVOXNXMHWXHUD]JRYRUHQHXMHRVHELQLNDGQLWDGREUR
p-HGQRRGRELOMHMDXPQHSURVMHQRVWLMHVNORQRVWSULDQMXQHLVWLQLWLKVWYDUL
2GSURVMHQRVWQLMHGQDYHOLLQDQLMHVLJXUQD
3URVMHQLOMXGLPLVOHJRWRYLPPLVOLPDSDDNLRVMHDMXJRWRYLPRVMHDMLPD
3URVMHQLOMXGLQLWDQHPU]HNDRQDGPRGXKD
3URVMHQRVWXSUDYLOXRVXXMHVYHWRSUHOD]LQMH]LQHJUDQLFH
6YHYHOLNHVWYDULWUHEDMXSUHYRGLWHOMD]DPDVXSURVMHQRVWVHRGPDKVKYDD
o.ORQLVHDNRMHPRJXHSUHVHGDQDRQLEDO]DPLUDMXQDHOR
,QDMRWULMLSULMHNRUMHSRGQROMLYDNRRVMHWLPRGDELQDVRQDMNRMLNRULUDGLMH
KYDOLR
p2WNULYDWLSXQRRVHELPRHELWLLVUHGVWYRSULNULYDQMD
KYDOLR
]DVYH
DQDQMHSULPLWLYQHJUXSHVXGDOHNRRGVYDNHVHELQRVWLLVWLHQLXMHGQRM
'
NRMLVXQDYODVWL

]DVYH
'DQDQMHSULPLWLYQHJUXSHVXGDOHNRRGVYDNHVHELQRVWLLVWLHQLXMHGQRM
NRMLVXQDYODVWL
KYDOLR
KYDOLR
]DVYH
DQDQMHSULPLWLYQHJUXSHVXGDOHNRRGVYDNHVHELQRVWLLVWLHQLXMHGQRM
'
NRMLVXQDYODVWL

VDPRGRYROMQRVWVDPROMXEOMHVDPRRJUDQLHQMHVDPRVDDOMHQMH
VDPRXERMVWYRVDPRYROMDVLWQLDYRVWVQRERYL
p2QLNRMLVXGRYROMQLVDPLVHELQHRVMHWOMLYLVX]DSULMDWHOMVWYR
p6DPROMXEOMHMHQDMJRULVDYMHWQLN
6DPROMXEOMHMHQDMYHLRGVYLKODVNDYDFD6YHVWUDVWLVDVWDURXVHJDVHDOL
VDPROMXEOMHQHXPLUHQLNDGD
o6DPRRJUDQLDYDQMHLPDPD]RKLVWLNRRELOMHMH
p0LVHSRQHNDGVDDOLPRQDVDPHVHEH7RMHMHGLQDVDPLORVWNRMDQDP
L]JOHGDSULKYDWOMLYDRVMHDQMHNRMHYLPRGDQHVKYDDWHLNRMHYDP
L]JOHGDMXQHPXHYQR3DLSDNQDMVPLRQLMLPHXQDPDJDRVMHDMX$OLPL
PXHYQLPVWYDULPDQD]LYDPROXFLGQHLQHHOLPRVQDJXNRMDVHRGYDMDRG
SURQLFOMLYRVWL
7NRVHEHXLQLFUYRPQHPRHVHNDVQLMHDOLWLGDJDJD]H
pUWYRYDQMHLYRWDPRGDMHQDMODNDRGVYLKUWDYD
oWRMHRYMHNQDYLHPSRORDMXWRPXWUHEDMXYHHRJUDGHNRMHHXNURWLWL
VDPRYROMXQMHJRYRJELD
3RVWRMHOMXGLNRMLHVDPRL]MHGQRJUD]ORJDXVYRMRMMXKLXYLMHNQDLGODNX
p
MHUNDGDVMHGHSUHGWDQMXURPWDNRGXJRYUWHJODYRPGRNLPMHGQDQHXSDGQH
XQXWUD
o*RVSRGDJOXSDQLLVQRERYLVYLRQLLPDMXVYRMHRGUHHQRPLOMHQMHR
QHHPXLPLVOHGDMHWDNRNDNRRQLPLVOHLUD]PLOMDMXLWRELGDNDNRWUHEDOR
GDEXGH]DVYHQDV
WDMQRYLWRVWWULYLMDOQRVWXOL]LFDXOMXGQRVW]DGXLYDQMH]DYDUDYDQMH
p.ORQLVHWDMQRYLWRVWL2WNULMVYRMXWDMQXMHGQRPRGWLVXH
p.ORQLVHWULYLMDOQLKUD]JRYRUDLWUDHYD
7ULYLMDOQRVWMHWDNRSULYODQD
p,DNRQHYMHUXMHPRXXODJLYDQMDXOL]LFDQDVLSDNRVYDMD
p.ORQLVHODQHLSURYLGQHXOMXGQRVWLSUHPDVWUDQFLPD
,VWLQLWDVHXOMXGQRVWVDVWRMLXWRPHGDOMXGLMHGQLGUXJLPDEODJRQDNORQRL]OD]H
XVXVUHWLPQDPWRJDQHQHGRVWDMHRQDEH]QDSRUDGROD]LGRL]UDDMD
,VWLQLWDVQDJDMHQHXVSRUHGLYRWUDMQLMDRGVLOHLSUHSUHGHQRVWL$OLLVWLQLWD
VQDJDVD]ULMHYDXERUEL1DMXOMXGQLMLOMXGLVXXSUDYLOXQDMKODGQLMLL
QDMEH]RE]LUQLML
p3RQDDMVHNUR]VDPRUHDOL]DFLMXLVDPRLVSXQMHQMHSHUPLVLYQRQH]DEUDQMXM
LQHWUDLSRNRUQRVW
QDMEH]RE]LUQLML
LQHWUDLSRNRUQRVW
GDEXGH]DVYHQDV
p3RVWRMHOMXGLNRMLHVDPRL]MHGQRJUD]ORJDXVYRMRMMXKLXYLMHNQDLGODNX
XQXWUD
SURQLFOMLYRVWL

SURQLFOMLYRVWL
3RVWRMHOMXGLNRMLHVDPRL]MHGQRJUD]ORJDXVYRMRMMXKLXYLMHNQDLGODNX
p
XQXWUD
GDEXGH]DVYHQDV
QDMEH]RE]LUQLML
LQHWUDLSRNRUQRVW

QDMEH]RE]LUQLML
LQHWUDLSRNRUQRVW
GDEXGH]DVYHQDV
p3RVWRMHOMXGLNRMLHVDPRL]MHGQRJUD]ORJDXVYRMRMMXKLXYLMHNQDLGODNX
XQXWUD
SURQLFOMLYRVWL

1H]DGXXMVH'XQLNMHVOXJDYMHURYQLNX
p
o2SDVQRMH]DYDUDYDWLGUXJHHVWRQDNUDMXLVSDGQHGDVPR]DYDUDOLVDPL
VHEH
p1H]DGXXMVH'XQLNMHVOXJDYMHURYQLNX
VHEH

VHEH
VHEH

2=1$1267,
=QDQRVWMHRUJDQL]LUDQR]QDQMHDSRVOMHGQMLFLOM
]QDQRVWLMHLVWLQD
]QDQRVWLMHLVWLQD
2=1$1267,

2=1$1267,
]QDQRVWLMHLVWLQD
]QDQRVWLMHLVWLQD
2=1$1267,

2),/2=2),-,,36,+2/2*,-,
YUHGQRWHYULMHGQRVQLVXVWDYLREMHNWLYQRVWRGJRYRUQRVW
p'XKRYQHYUHGQRWHSRVWRMHLYDHLRQGDDNRLKQLWNRQHSUL]QDMHQH
SRWYUXMHLOLDNLQH]DPLOMD
,PDWLYULMHGQRVWLQMXXPMHWLSRND]DWL]QDLLPDWLGYRVWUXNXYULMHGQRVWWRVH
QHYLGLWRMHNDRGDJDLQHPD
.DNRELVHWXHYULMHGQRVWLVSUHPQRLVORERGQRSULKYDWLOHLSUL]QDYDOHWUHED
LPDWLYODVWLWH
1DMYLHYUHGQRWHFLMHQLPRWHNWDGDNDGDLKL]JXELPR
2EMHNWLYQRDVWMHPLOMHQMHGUXJLKRQDRMYULMHGQRVWLDVXEMHNWLYQRQDD
ERMD]DQRGWRJPLOMHQMD
2QLPLVWLQVNLYULMHGQLPXOMXGVNRPSRJRQXQHVPDWUDPGUDYXYH
VWYDUDODNLLQGLYLGXXPNRMLRVMHDRVREXRQDVDPDVWYDUDRQRSOHPHQLWRL
X]YLHQR
2SWRDYDQMHPGUDJRJNDPHQMDSRYHDYDVHQMLKRYDFLMHQDDOLQHL
YULMHGQRVW
3UHSR]QDWLLVWLQVNXYULMHGQRVWGUXJLK]QDLL]UHLVYRMXYODVWLWXMHUVDPR
GRVWRMQLXGRVWRMDYD
5D]OLNXMHPRSHWUD]LQDYUHGQRWD
x SRMHGLQDQDVHOIRULHQWHGYDOXHVVWDQGDUGSRWURQMHLERJDHQMH
x GUXWYHQDVRFLHW\RULHQWHGYDOXHV
x QDFLRQDOQDQDWLRQRULHQWHGYDOXHVERUEHQRVWKHURMVNLNRGHNV
x RSHOMXGVNDPDQNLQGRULHQWHGYDOXHVL
x HNRORNDHQYLURQPHQWRULHQWHGYDOXHV
6YHYHOLNHVWYDULPRHPRVSR]QDWLVDPRVRGUHHQHXGDOMHQRVWL7NRVHEUGX
SULEOLDYDVSRYHDORPSULPLMHWLWHVDPR]UQDSLMHVNDLLQVHNWH
WRVMDMLQHPDYODVWLWHVYMHWORVWL8MHGQRPVYLMHWXJGMHMHVYHGDQRDQLWD
QLMHREMDQMHQRSORGQRVWQHNHYULMHGQRVWLSRMDPMHOLHQVPLVOD
8RGUHHQRMVWDURVQRMGRELSRVWDMHQXQRSUHLVSLWLYDQMHYULMHGQRVWLQR
SRWUHEQDMHSRVHEQDGXKRYQDVORERGD]DRVORERHQMHRGSUL]QDWRJ
8VYDNRPVHQDOD]LQHWRVNXSRFMHQRWRQHPDQLWNRGUXJL
9ULMHGQRVWRYMHNDRGUHXMHVHSUHPDQMHJRYRMVORERGLSUHPDRQRMNRMX
LPDLSUHPDRQRMNRMXGDMHGUXJLPD
p9ULMHGQRVQLVXGRYLQDVWXSDMXVDPRWDPRJGMH]QDQRVWSUHVWDMH
pHQMD]DREMHNWLYQRXMHVWDQMHXNRMHPVHRYMHNXQL]XMHGRVOXJH
LPDWLYODVWLWH
X]YLHQR
YULMHGQRVW
GRVWRMQLXGRVWRMDYD
2),/2=2),-,,36,+2/2*,-,

2),/2=2),-,,36,+2/2*,-,
LPDWLYODVWLWH
X]YLHQR
YULMHGQRVW
GRVWRMQLXGRVWRMDYD
LPDWLYODVWLWH
X]YLHQR
YULMHGQRVW
GRVWRMQLXGRVWRMDYD
2),/2=2),-,,36,+2/2*,-,

2EMHNWLYQRVWMHRQRWRHOLPRGDGUXJLOMXGLSUDNWLFLUDMXXRGQRVXQDGUXJH
OMXGH
p%XGLRGJRYRUDQ6DPRWLPRUDELWLYROMDQLVSRVREDQSULPLWL
RGJRYRUQRVWGD]DUDXMH]DVYRMLYRWNDRL]DLYRWRQLKNRMLRWHELRYLVH
=ERJWRJDMHL]QLPQR]QDDMQRGDRVWYDUXMHVYRMXVDPRELWQRVWGDVL
GMHODWDQDQHRYLVDQRGUXWYHQRMPLORVWLQMLNRMDWHGHJUDGLUDLRVLURPDXMH
NDROLQRVW7LPRHQDQLMHWL]ORGUXJLPDQHVDPRVYRMRPDNWLYQRXQHJRL
QHDNWLYQRXLXREDVLVOXDMDRGJRYRUDQ
&LMHQDYHOLLQHMHRGJRYRUQRVW
RYMHNMHRGJRYRUDQ]DRQRWRRQMHVW
RYMHNMHVDPRRQGDSRVYHPDRGJRYRUDQ]DVYRMHLQHDNRLKMHSRLQLR
SXQRPVORERGRPYROMH
RYMHNPRHQDQLMHWL]ORGUXJLPDQHVDPRVYRMRPDNWLYQRXQHJRL
QHDNWLYQRXLXREDMHVOXDMDRGJRYRUDQ
-H]JUDIRUPLUDQMDRVREQRVWLMHVWRGJDMDQMHVPLVOD]DRGJRYRUQRVW
1LNDNYDVLODNRMDQDGLOD]LRYMHNDQHPRHPXSRVWDYOMDWLPRUDOQL]DKWMHY
RYMHNRGJRYRUDVHEL]DRVWYDUHQMHLOLJXEOMHQMHVYRJLYRWD
2GJRYRUQRVWMHGREURYROMDQLQRQDMHRGJRYRUQDSRWUHEHL]UDHQHLOL
QHL]UDHQHGUXJRJOMXGVNRJELD2QDMWNRYROLRVMHDVHRGJRYRUQLP]D
GUXJHNDRL]DVHEH8OMXEDYLPHXRGUDVOLPRVREDPDRQDVHSUHWHLWR
RGQRVLQDSVLKLNHSRWUHEHGUXJHRVREH
DNWLYQRVWDSVROXWLDXWRQRPQRVW
RYMHNXVHQHPRJXSRYMHULWLDSVROXWL
o
oRYMHNQLMHSRVUHGQLNL]PHXSURORVWLLVDGDQMHJSRQDDQMDRQMH
VUHGLWHL]NRMHJSRQDDQMHHPDQLUD]UDL2QLQLFLUDLVWYDUD.DHPRGDMH
RQDXWRQRPDQDWRVHWLH]QDQRVWLRSRQDDQMX]QDLGDMHXGHVDQ
DOLMHQDFLMDXGXHQMHGRMPRYLGXDLVNUHQRVWLVNXVWYRL]QHQDHQMHMD
.ORQLVHWMHVNREHQHPDVHHJDERMDWL
p
2VORERGLVHGXKRYQHSDUDOL]HRSVHVLMHRWXHQRVWLQHODJRGHLRVMHDMD
EHVSRPRQRVWLGHOX]LMDLEROHVQLKLGHMDNRMHVXRWSRUQHQDVYHLQMHQLFHNRMH
JRYRUHSURWLYQMLK
p1DGNRQIHVLRQDOQLGLRGXHQD]LYDPRXG1LWDQDVQHRPHWDYLHGD
EXGHPRSULURGQLRGQDVWRMDQMDGDWDNRL]JOHGDPR
pXHQMHMHPDMND]QDQMD
-HGQDRGDULLYRWDMHGDVHVYHQHVPDWUDVDPRSRVHELUD]XPOMLYLPYHGD
MHRYMHNVSUHPDQLQDGDOMHVHXGLWL
p.ORQLVHWMHVNREHQHPDVHHJDERMDWL
JRYRUHSURWLYQMLK
pXHQMHMHPDMND]QDQMD
oRYMHNXVHQHPRJXSRYMHULWLDSVROXWL
OMXGH
SXQRPVORERGRPYROMH

OMXGH
SXQRPVORERGRPYROMH
RYMHNXVHQHPRJXSRYMHULWLDSVROXWL
o
.ORQLVHWMHVNREHQHPDVHHJDERMDWL
p
JRYRUHSURWLYQMLK
pXHQMHMHPDMND]QDQMD

p.ORQLVHWMHVNREHQHPDVHHJDERMDWL
JRYRUHSURWLYQMLK
pXHQMHMHPDMND]QDQMD
oRYMHNXVHQHPRJXSRYMHULWLDSVROXWL
OMXGH
SXQRPVORERGRPYROMH
p1LWNRVHQHWUXGLWROLNRVNXSLWLQRYHGRMPRYHNDRRQDMWNRQH]QDREUDGLWL
VWDUH
p$NRHOLWHVD]QDWLQHWRDSVROXWQRPRUDWHVHRVORERGLWLWLMHODL
SRJOHGDWLXSUDYXUHDOQRVWGXH
$NWLYQRVWGXHMHGLQRMHPRJXDWXXVOXDMXNDGDSRVWRMLXQXWDUQMDVORERGD
LQH]DYLVQRVW
RYMHNRYDGXDQLMHRGLVWRJVWDNODSULMHMHVOLQDXGRWYRUQRPRJOHGDOX
SXQRPSUHGUDVXGDLSUHYDUDRYMHNRYRWLMHORXWMHHQDQMHJRYGXKDIL]LNR
LGUXWYHQRSRVWRMDQMHQDQMHJRYRGXKRYQRVWDQMH
'DELREMDVQLOLSRGULMHWORSVLKHXHQMDFLVXGRVDGL]PLOMDOLERJRYH
LQVWLQNWHNR]PLNHSVLKHDPLVPRSRGULMHWORRYMHNDVYHOLQDSXNH
PDWHULMDOQHELRORNHWHPHOMH3RNXDWHPRYDPWRREMDVQLWLQDSULPMHUX
VWUDKDLJODGL*ODGMHVLJQDOQLPHKDQL]DPVPDQMHQMDREUDPEHQLKUH]HUYLX
RUJDQL]PXWMSRHWQHXJURHQRVWLHJ]LVWHQFLMH0QRJRSXWDMHWDNRMHGLQND
MHGYDXVSMHODSUHLYMHWLGRDYLGRKUDQHX]DGQMLWUHQ7DMGRMDPVNRUH
SURSDVWLRVWDYLRMHVYLPEXGXLPQDUDWDMLPDRLOMDNQDWDODPXVXNRMLVH
LVND]XMHNDRDQNVLR]QRVWWMHVNRED6DGDYHGDELVHGRLYMHOHSRSUDWQH
SRMDYHVPDQMHQMDJOXNR]HWMJODGLGUKWDQMHVNXSOMDQMHLLUHQMH]MHQLFD
MHHQMHGODNHLWGQLMHQXQRGDVHUD]LQDJOXNR]HVPDQML'RYROMQDMHLVDPD
SRPLVDRGDELHJ]LVWHQFLMDPRJODELWLXJURHQDSDGDVHPDQLIHVWLUDMXLVWH
SRMDYHNRMHYLHQHR]QDDYDMXVDPRJODGQHJRLVWUDK'DNOHMHGQDSRVYH
IL]LNDUHDNFLMDSUHODMHXSRGUXMHSVLKLNLKSRMDYD%DWDMRGQRVJODGLL
VWUDKDRGQRVQRSRGXGDUQRVWQMLKRYDL]UDDYDQMDSRPRJDRQDPMHX
SURQDODHQMXRGQRVDL]PHXIL]LNLKLSVLKLNLKSRMDYD7UHEDORMHVLLX
VDPRSRGULMHWORRYMHNDGRRQHWRNHJGMHMHRERMHELORMHGLQVWYHQDELRORND
UHDNFLMD
'DOLQDVSRVWRMDQMHVYLMHVWLRVOREDDRGQDLKWUDJDQMDLXVPMHUDYDN
]DGRYROMHQMXOMXGVNRJGXKD"
'XKVHELVWYDUDWLMHOR
'XDWYRMDLWRPRHXGYRMH
'XLWUHEDNDWNDGGDWLLJUH1HYDOMDXYLMHNELWLR]ELOMDQ
,DNRMHLVDPDULMHSVLKRORJLMDNRYDQLFDRGJUNHULMHLGXDL]QDQRVW
GDNOH]QDQRVWRGXLULMHGXDMHSULMHVYHJDUHOLJLMVNLLVSHNXODWLYQR
ILOR]RIVNLSRMDPLNDRWDNDYMHQDSXWHQLPVHSVLKRORJLMDSRHODUD]YLMDWL
NDR]QDQRVWXWHPHOMHQDQDLVNXVWYHQLPPHWRGDPD
,PDWLGXKDMHHVWRLVWRWRLQHPDWLSDUD
.DNRELVHQDSUDYLOHYHOLNHVWYDULGXKPRUDELWLLURNLRSXWHQ
.ROLNRMHVDPRSRWUHEQRGXKDGDRYMHNQLNDGDQHLVSDGQHVPLMHDQ
MXGHEH]GXKDQHPRHPRRGXHYLWLDOLLKPRHPRIDQDWL]LUDWL
/

VWDUH
LQH]DYLVQRVW
UHDNFLMD
'XKVHELVWYDUDWLMHOR
/MXGHEH]GXKDQHPRHPRRGXHYLWLDOLLKPRHPRIDQDWL]LUDWL

VWDUH
LQH]DYLVQRVW
UHDNFLMD
'XKVHELVWYDUDWLMHOR
VWDUH
LQH]DYLVQRVW
UHDNFLMD
'XKVHELVWYDUDWLMHOR

MXGVNDMHGXDQHGRVHQD
/
1DSODQXHNVSHULPHQWDOQLK]QDQRVWLRLWRVHQHPRH]DKWLMHYDWLGRND]R
SRVWRMDQMXGXH
1H]QDLUD]YHVHOLWLGXX]QDLSURGDWLMH
2GXRPRMDEHVPUWQRPLYRWXWLQHWHLYHSROMHPRJXHJWLLVFUSL
2QLNRMLVHQDGDMXULMHLWLSUREOHPQHXURIL]LRORJLMHGXKDVXNDROMXGLQD
SRGQRMXSODQLQH2QLVWRMHQDLVWLQLNRMLVXQDSUDYLOLQDSRGQRMXLJOHGDMX
QDSODQLQXQDNRMXVHHOHSRSHWL$OLYUKMHVNULYHQXYMHQLPREODFLPDL
PQRJLYMHUXMXGDQHPRHELWLQLNDGDRVYRMHQ6LJXUQRMHDNRGRHGDNDGD
HRYMHNSRVWLLSRWSXQRUD]XPLMHYDQMHVYRJYODVWLWRJPR]JDLGXKDGDH
WRELWLQMHJRYQDMYHLXVSMHKQMHJRYRNRQDQRGRVWLJQXH
2YRMHVWUDQRSRJUHQLPRGHUQLQDXNPLMHQMDWLOMXGVNXGXXNDNRELMXVH
SULODJRGLORXYMHWLPDXPMHVWRPLMHQMDWLXYMHWHNDNRELLKVHSULODJRGLOR
OMXGVNRMGXL
3RGVYLMHVWLPDGYDOLFDXQMRMMHVQDJDNRMDPRHQDHWLQDXSDPHWDOLRQD
MHLL]YRUVWYDUDODNLKPLVOL
3UDYDVQDQDL]GUDYDSVLKDPRHVKYDWLWLYHOLNHLPDOHVWYDUL
'XKMHQHGRKYDWQLHQWLWHWDQMHJRYRGMHORYDQMHQLMHVDVYLPRJUDQLHQRQD
SRGUXMHXPR]JX
3URNOHWVWYRORLKSULOLNDMHGDLGXDSRVWDQHORD
3URSULXPSUHGVWDYOMD]DPMHQX]DUDQLMHHVWRXSRWUHEOMDYDQL]UD]GXDLOLVWLO
LYRWDDQMLPHVHR]QDDYDVYHIXQNFLMHYODVWLWRJMDXVYDMDQMHRGUHHQLK
FLOMHYDNRMLPDSRMHGLQDFWHLLNRMLXVPMHUDYDMXQMHJRYGDOMQMLLYRWQLWRN
3URXDYDQMHVQRYDMHMDVQRSRND]DORGDSRGVYLMHVWPLVOLXVOLNDPDDQHX
DSVWUDNWQLPLGHMDPD=DWRQMHQRUMHHQMHLPDHVWRREOLNGXHYQHVOLNH
.ROLNR]QDPRRRGQRVLPDWLMHODLGXKD"WRWLMHORJXELGXDGRELYD
(QHUJLMDVWUDVWLSRNUHHLGXX
6DVYDNRPYHOLNRPPLVOLNRMXQDXLRVOREDDSRMHGDQGRWDGXVHELMHGDQ
VSXWDQLGXK
6UHWQDMHVDPRGXDNRMDYROL
6YDNLNRPDGLOMXGVNHGXHVSRPHQLNMHSRYLMHVWLQDURGDXNRMHPVHRYD
GXDURGLOD
7LMHODEH]SVLKHVXNDRNLSRYLQDMDYQRPWUJX
7LMHORLGXDQLVXGYLMHVXSVWDQFHYHMHGQD2QHLQHRYMHNDNRMLVDPVHEH
XSR]QDMHQDUD]OLLWQDLQ7LMHORMHSUHYRGLWHOMGXHXYLGOMLYR7NRPLVOLGD
MHQHWNRYLHWRQHPRHSRVWDWL7NRRGOMXGL]QDRYMHNRYHWDMQHRVLP
RYMHMHJDGXKDNRMLMHXQMHPX"
/MXGVNDMHGXDQHGRVHQD
SRVWRMDQMXGXH
OMXGVNRMGXL
SRGUXMHXPR]JX
VSXWDQLGXK
GXDURGLOD

MXGVNDMHGXDQHGRVHQD
/
SRVWRMDQMXGXH
OMXGVNRMGXL
SRGUXMHXPR]JX
VSXWDQLGXK
GXDURGLOD

/MXGVNDMHGXDQHGRVHQD
SRVWRMDQMXGXH
OMXGVNRMGXL
SRGUXMHXPR]JX
VSXWDQLGXK
GXDURGLOD

9HOLNHGXHWLKRSDWH
LYRWLGXDQHSRMDYOMXMXVHXDWRPVNRMIL]LFLLQHPRJXVHL]YHVWLQLL]
MHGQRJSULURGQRJ]DNRQD
p$NRGUXJRQHSUHRVWDMHEXGLLVNUHQ
8JUXSL-DLH]DYD]ERJWHQMHSULSDGDQMDJRPLOL$NRVDPSRSXWRVWDOLK
DNRQHPDRVMHDMDLOLPLVOLSRNRMLPDVHUD]OLNXMHPRGRVWDOLKDNRXVNODGLP
RELDMHRGLMHORLGHMHVJUXSRPMDVDPVSDHQVSDHQRG]DVWUDXMXHJ
GRLYOMDMDVDPRH'DSURX]URHWDMNRQIRUPL]DPGLNWDWRUVNLVLVWHPLVH
p8WHELVXVNXSOMHQDWROLNDLVNXVWYDVNLQLYHRGXH7NRGDQDVVDVYLP
VLJXUQRQLMHQHXURWLDU"3URQDLLYRWQLL]YRULVYRMXLQGLYLGXDOQRVWVDPR
VUHGLWHVYRMHOLQRVWL.DRVYMHVQDOLQRVWWLVLVDPRYROMQLLVMHDNL]
NROHNWLYQHSVLKH
7UDLRVDPVDPRVYRMHYODVWLWR-D
p3UL]QDMPRGDVPRVSUHPQLQDVYDNRL]QHQDHQMHVDPRWRQDV
VYDNRGQHYQHVWYDULL]QHQDGHSRSXWNDWDVWURID
6DVRERP]DSRHWLDOLNRGVHEHQH]DYULWLNRGVHEHSRHWLDOLQHLPDWLVHEH
]DFLOM
WRVHYLHEXGHRGULFDRVYRMHJDWRHYHDLLVWLQLWLMDELWLWYRMDOMXEDY
3UYLUD]JRYRU]QDLL]DLL]QDHJ-DLSRNXFDWLQDYUDWDQDHJ7L
8QDMUDQLMHPGMHWLQMVWYXQMHJRYRMDVHVODERUD]YLORGLMHWHVHMRXYLMHN
RVMHDLVWRYMHWQRVPDMNRPLQHPDRGYRMHQRVWLGRNMHVPDMNRP1MHJRY
RVMHDMXVDPOMHQRVWLXNODQMDIL]LNDQD]RQRVWPDMNH
3LWDQMHMHGDOLPLRVREQRSRVWRMLPR
-DMHVUHGLWHQDHJNRRUGLQDWQRJVXVWDYD7UHEDELWLR]QDHQQLWLFRP
1DHVWYDUQRSRVWRMDQMHQHRGUHXMHQLWNR
-HGLQLUD]ORJ]DWRVHXYLMHNPLVOLQDYODVWLWR-DMHVWWRWRVQDLP-DPRUDPR
LYMHWLSXQRGXHQHJRVELORNLPGUXJLP
/DNHMHSURELWLVHGR0DUVDQHJRGRVDPRJDVHEH1DMEROMLSXWGRVHEHWRMH
QDGPDLWLVH
-HGQDRGQDMRGDEUDQLMLKXYUHGDMHUHLPLDPLVOLWLMD
/DNRMHUHLRVYUQLVHQDVHEH1RWRLXLQLWLMHYHWHHMHUMHSURVWRU
VNXHQ
.DNRMHWRODNRUHLSURQDLVDPRJDVHEH$NDNRVHSUHSODLPRNDGDVHWR
GRLVWDLGRJRGL
.RGPQRJLKOMXGLMHEH]REUD]OXNYHLWRNDGDNDXMD
GRLVWDLGRJRGL
VNXHQ
QDGPDLWLVH
]DFLOM
NROHNWLYQHSVLKH
HOLNHGXHWLKRSDWH
9

9HOLNHGXHWLKRSDWH
NROHNWLYQHSVLKH
]DFLOM
QDGPDLWLVH
VNXHQ
GRLVWDLGRJRGL
GRLVWDLGRJRGL
VNXHQ
QDGPDLWLVH
]DFLOM
NROHNWLYQHSVLKH
9HOLNHGXHWLKRSDWH

NRULVWH]DVWUDLYDQMHPLWHURURPDGHPRNUDWVNH]HPOMHVXJHVWLMRPL
SURSDJDQGRP
p&MHOLQDQDGLOD]LSXNL]EURMGLMHORYD8]HWH]DMHGQRVWYDULSRSULPDMX
VYRMVWYDNRMDSRMHGLQDQRQHPRUDMXLPDWL
FMHOLQDGLMDOHNWLNDILOR]RILMDORJLND]QDQRVWVOXDM
pLWDYVHQDLYRWNUHHL]PHXRQRJDWRKRHPRLRQRJDWRPRUDPR
'YLMHSRWSXQRVXSURWQHVWYDULYROLPRSRGMHGQDNRQDYLNXLQRYR
3DUDGRNVMHOMXGVNRJSRVWRMDQMDGDRYMHNLVWRGREQRWHL]DEOLVNRXL
QH]DYLVQRXSRVHEQRX
8RYMHNXMHWUDMDQVXNREL]PHXVWUDVWYHQRJ]DQRVDLKODGQRJUD]XPD
p8QHSULMDWHOMVNRMVHDWPRVIHULPRHLYMHWLQHGRVWDWDNEODJRQDNORQRVWLMH
JRUH
pDVWRKOHSOMHMHPQRJHOMXGHSULVLOLORGDEXGXQHLVNUHQL
HVWLWRYMHNWHNQDNRQFXPLVOLQDVHEH
1LMHVYHDVQRWRMHGRSXWHQR
6ODYRKOHSDQMHRYMHNXYLMHNUDY
p*GMHMHHQMDWXVYHFYDWHJGMHMHSRVMHGWXVYHOHLXSUDLQL
.ROLNRJRGRYMHNH]QH]DGDOMLQRPXYLMHNPXVHSRGQRVJXUQHRQR
QDMEOLH
1DNRQFXMHELWQRVDPRWRVPRXLQLOLLNDNRVPRLYMHOLDQH]DLPVPR
H]QXOL
6YLRQLNRMLQHSULURGQR]DQHLPH]QXHVWRL]JXEHLRQRWRSRVMHGXMX
7DNROLNRLPDVWYDUL]DNRMLPDQHH]QHP
DPELYDOHQWQRVWLOLSRGYRMHQRVWEODJRQDNORQRVWDVWRKOHSOMHHQMD
p/MXGLVXWMHVNREQLEH]SULQFLSDLOLYMHUHLRVMHDMXGDQHPDMXFLOMDRVLP
MHGQRJGDLGXQDSULMHG
p2EYH]HQDVWDMXWDNRGDVHQDYULMHPHQHNDHQH
WMHVNREDREYH]H
9UHEDQMDWXLKQD]OREQLKRLMXQDMYLHVXQDPVPHWDOD]DRLWRYDQMHQDHJD
SUDYRJD-DNRMHLQLQDXXQXWUDQMXVORERGX%ROMHOLVXQDVLQGLVNUHWQL
SRJOHGLVYLKRQLKNRMLVXVDUDGR]QDORXLGUVNRX]XULOLSLOMLOLXQDX
GXXQHGR]YROMDYDMXLMRMQLMHGQRJDQHRSDHQDQHSURPRWUHQDQHSURXHQD
SRNUHWD6DSLQMDODQDVMHXYLMHNWDLQGLVNUHWQDNRQWUROD
WMHVNREDREYH]H
/MXGLVXWMHVNREQLEH]SULQFLSDLOLYMHUHLRVMHDMXGDQHPDMXFLOMDRVLP
p
MHGQRJGDLGXQDSULMHG
QH]DYLVQRXSRVHEQRX
JRUH
QDMEOLH
H]QXOL
DNROLNRLPDVWYDUL]DNRMLPDQHH]QHP
7
SURSDJDQGRP

SURSDJDQGRP
QH]DYLVQRXSRVHEQRX
JRUH
QDMEOLH
H]QXOL
7DNROLNRLPDVWYDUL]DNRMLPDQHH]QHP
p/MXGLVXWMHVNREQLEH]SULQFLSDLOLYMHUHLRVMHDMXGDQHPDMXFLOMDRVLP
MHGQRJGDLGXQDSULMHG
WMHVNREDREYH]H
WMHVNREDREYH]H
/MXGLVXWMHVNREQLEH]SULQFLSDLOLYMHUHLRVMHDMXGDQHPDMXFLOMDRVLP
p
MHGQRJGDLGXQDSULMHG
QH]DYLVQRXSRVHEQRX
JRUH
QDMEOLH
H]QXOL
DNROLNRLPDVWYDUL]DNRMLPDQHH]QHP
7
SURSDJDQGRP

o'LMDOHNWLNDMHXPLMHHLOLWULNGDVHX]GYLMHVWUDQHL]PLVOLVWYDUNRMXLPD

p)LOR]RILMDSUXDPRJXQRVWGDVHGUXLVDPVDVRERP.DGELVOXDRPDVX
QHELSRVWDRILOR]RI
)LOR]RILUDMWR]QDLGDOMXEL]QDQMH
,]YRUILOR]RILMHOHLXGLYOMHQMXXGYRMELXVYLMHVWLRL]JXEOMHQRVWL8VYDNRP
'DELELRGRVWRMDQSRWRYDQMDILOR]RIWUHEDSURSRYLMHGDWLSULPMHURP
+UDEURVW]DLVWLQXYMHUDXPR'XKDMHVXSUYLXYMHWLILOR]RILMH
'DOLMHNUR]LWDYXSRYLMHVWQDHYUVWHPHX]QDPHQLWLPILOR]RILPDELOR
YLHRQLKNRMLVXELOLSURJDQMDQL]ERJVYRMLKLGHMDLOLRQLKNRMLVXLYMHOL
PLUQR"LQLVHGDMHRQRSUYREOLHLVWLQL,XUD]YLMHQLPGUXWYLPDGDQDVLPD
PQRJRVOXDMHYDSURJRQDLSUHVLMHQDLQWHOHNWXDOFHNRMLQLVXSRYROMLHOLWQLP
DXWRULWDUQLPVQDJDPDGUXWYD
*ODYQDMHVWYDUQDVWDMXHILOR]RILMHRWNULYDQMHSULURGH
)LOR]RILVXVYLMHWVDPRUD]OLLWRWXPDLOLELWQRMHPHXWLPGDJDVH
SURPLMHQL
)LOR]RILUDWL]QDLVXPQMDWL
)LOR]RIL]DUD]OLNXRGXYULMHHQRJPLOMHQMDQLVXYDWURJDVFLNRMLJDVHJRUXH
SUREOHPHYHVDPLSRGPHXSRDUH
)LOR]RILMD]QDLELWLQDSXWX1MHQDVXSLWDQMDELWQLMDRGQMHQLKRGJRYRUDD
VYDNLVHRGJRYRUSRQRYRSUHWYDUDXQRYRSLWDQMH
)LOR]RILMDEH]HWLNHMHEHVPLVDR)LOR]RIVNDHWLNDQHPRHELWLGUXJDLMDQHJR
XQLYHU]DOQD3RVYRMHPSODPHQXILOR]RILMDMHVURHQDVXPMHWQRX0RGD
HILOR]RILMDLVDVYLPXWRQXWLXYHOLNXEXGXXXPMHWQRVWPRGDHL]LJDUD
SODQXWLQRYLVYMHWRYLGDQDVVDXYDMPRVYHPRVWRYH
)LOR]RILMD]DKWMHYDGUXJDLMHPLOMHQMHPLOMHQMHNRMHPHXVSR]QDML
LVWRYUHPHQRSRGVMHDNRMHPHEXGLNRMHPHGRYRGLNVHELVDPRPNRMHPH
SUHREUDDYD
)LOR]RILMDMHRYMHNVDPNRMLSRVWDMHSUREOHPRPVDPVHELLWUDLUD]ORJHL
RVQRYHVYRJELWND
)LOR]RILMDVHMDYOMDXHQMHPGLYOMHQMHPXGLYOMHQMHP,]GLYOMHQMDSURL]OD]L
SLWDQMHLVSR]QDMD
)LOR]RILMDMHLVWUDLYDQMH2QDQLMHSURL]YRGLQGLYLGXDOQRJVWYDUDQMDQHJR
UH]XOWDWUDGDSRMHGLQDQLKLVWUDLYDQMDJHQHUDFLMDPLVOLODFD)LOR]RILMDMH
QDMYLLREOLNDSVROXWQRJGXKD
)LOR]RILMDQLMHVDPRXULMHLPDYHXGMHOLPD
SLWDQMHLVSR]QDMD
RVQRYHVYRJELWND
SUHREUDDYD
SURPLMHQL
DOLMHNUR]LWDYXSRYLMHVWQDHYUVWHPHX]QDPHQLWLPILOR]RILPDELOR
'
'LMDOHNWLNDMHXPLMHHLOLWULNGDVHX]GYLMHVWUDQHL]PLVOLVWYDUNRMXLPD

o
QHELSRVWDRILOR]RI

o'LMDOHNWLNDMHXPLMHHLOLWULNGDVHX]GYLMHVWUDQHL]PLVOLVWYDUNRMXLPD

QHELSRVWDRILOR]RI
'DOLMHNUR]LWDYXSRYLMHVWQDHYUVWHPHX]QDPHQLWLPILOR]RILPDELOR
SURPLMHQL
SUHREUDDYD
RVQRYHVYRJELWND
SLWDQMHLVSR]QDMD
SLWDQMHLVSR]QDMD
RVQRYHVYRJELWND
SUHREUDDYD
SURPLMHQL
DOLMHNUR]LWDYXSRYLMHVWQDHYUVWHPHX]QDPHQLWLPILOR]RILPDELOR
'
'LMDOHNWLNDMHXPLMHHLOLWULNGDVHX]GYLMHVWUDQHL]PLVOLVWYDUNRMXLPD

o
QHELSRVWDRILOR]RI

VOXDMXRQR]DSRLQMHSRWUHVHQRXWRVSRSDGDRYMHNDLXYLMHNL]
]EXQMHQRVWLWUDLL]OD]XNDNYXFLOMX
-HGQDRGMHGLQRVPLVDRQLKILOR]RIVNLKSR]LFLMDMHUHYROW2QMHYMHLWR
VXRDYDQMHRYMHNDLQMHJRYHYODVWLWHWDPH2QVWDYOMDSRQRYQRVYLMHWX
SLWDQMHXVYDNRPRGQMHJRYLKWUHQXWDND
.RULMHQILOR]RILMHQDVWXSDWDPRJGMHVHOMXGLEXGH)LOR]RILMDGDQDVWRMH
SLVPREXGXQRVWLNRMDVHGXHQDUXEXEH]GDQD
/MXGLLYHVDPRXVQXMHGLQRILOR]RIQDVWRMLGDEXGHEXGDQ
0RJXVDVYLPSRX]GDQRUHLGDMHQDDSROLWLNDHNRQRPLMDQDD
SROLWRORJLMDVRFLRORJLMDLILOR]RILMDDQWLWHKQLNLRULMHQWLUDQD,]UHGRYDSROLW
HNRQRPLVWDSROLWRORJDVRFLRORJDLILOR]RIDPLQHPDPRQLMHGDQUDGNRMLEL
SRNXDRDQDOL]LUDWLVWXSDQMQDHJUD]YRMDVJOHGLWDSURL]YRGQLKVQDJDRG
UDWDQDRYDPR7LPHVHQLWNRQHEDYL1DMYDQLMHGUXWYHQHSURPMHQH
GRQRHQHVXEH]LNDNYRJLVWUDLYDQMDNROLNRMHGUXWYHQLUD]YRMUH]XOWDW
UD]YRMDSURL]YRGQLKVQDJDDNROLNRUH]XOWDWQDLKSROLWLNLKLGHMQLKLGUXJLK
RSUHGMHOMHQMD
1HPRHELWLSRWHQHILOR]RILMHQHPRHELWLDNQLSRWHQH]QDQRVWLEH]
KXPDQRVWL
=D3ODWRQDMHILOR]RILMDELODX]VYXQMHQXGXELQXWHNSOHPHQLWDLJUD
9MHURYDWLXILOR]RILMX]QDLQHGR]YROLWLVWUDKXGDQDELORNRMLQDLQ]DJXL
VSRVREQRVWPLOMHQMD
9MHULMHVDPRVYHWRLVWLQLWRILOR]RILMLMHVDPRLVWLQLWRVYHWR
9HLQDVWDMDOLWDLSLWDQMDNRMDVXELOLQDSLVDQRILOR]RIVNLPVWYDULPDQLVX
ODQDQHJREHVPLVOHQD,]DWRQLMHXGQRYDWRWRQDMGXEOMLSUREOHPL]DSUDYR
QLVXQLNDNYLSUREOHPL
7NRVXRQGDLVWLQLWLILOR]RIL"2QLNRMLYROHVYMHWORLVWLQH
7NRMHX]QDQRVWLWUDLRRVQRYXVYRJLYRWDYRGVWYR]DVYRMHSRVWXSNHVDP
ELWDNPRUDRVHUD]RDUDWL7UHEDORMHSURQDLSXWSRYUDWNDNILOR]RILML
6YDNDMHILOR]RILMDSUDNWLQDDNLRQDWRVHLVSRHWNDLQLGDMH
QDMNRQWHPSODWLYQLMD
3XNLSDUWLMVNLFLOMHYLWDNRVLORYLWRSRNUHXPQRJDSHUDWRERQMLKILOR]RID
'DNOHQDPMHUDDQHXYLG]YLMH]GHVXYRGLOMHWLKJDODPGLMDDOLLVWLQDMH
MDPDQRSRVOMHGQMDVWYDUQDNRMXVHSULWRPPLVOL
3ULURGDLVORERGDVXVWRHULILOR]RILMH
3RHWDNLNUDMVYDNHILOR]RILMHMHVWVORERGD
3UDYDILOR]RILMDMHVYMHWORVWXPD
KXPDQRVWL
XNLSDUWLMVNLFLOMHYLWDNRVLORYLWRSRNUHXPQRJDSHUDWRERQMLKILOR]RID
3
QDMNRQWHPSODWLYQLMD
QLVXQLNDNYLSUREOHPL
VSRVREQRVWPLOMHQMD
RSUHGMHOMHQMD

RSUHGMHOMHQMD
KXPDQRVWL
VSRVREQRVWPLOMHQMD
QLVXQLNDNYLSUREOHPL
QDMNRQWHPSODWLYQLMD
3XNLSDUWLMVNLFLOMHYLWDNRVLORYLWRSRNUHXPQRJDSHUDWRERQMLKILOR]RID
KXPDQRVWL
XNLSDUWLMVNLFLOMHYLWDNRVLORYLWRSRNUHXPQRJDSHUDWRERQMLKILOR]RID
3
QDMNRQWHPSODWLYQLMD
QLVXQLNDNYLSUREOHPL
VSRVREQRVWPLOMHQMD

RSUHGMHOMHQMD

=DGDDMHILOR]RILMHGDSRQHVQHLPWDNRMHGQRVWDYQLPGDVHQHLQL
YULMHGQLPXVWYUGLWLD]DYULWDNRSDUDGRNVDOQLPGDWRQLWNRQHHSRYMHURYDWL
VLKRORJLMDHSURJXWDWLILOR]RILMX
3
p/RJLQRUD]PLOMDQMHMHX]RUDNSRWSXQHILNFLMH
3ULPLMHWLRVDPGDOMXGHQDURLWRGUDLORJLND6SUDPORJLNHVYLVXDOHUJLQL
'RGDMPRWRPHQHNLOMXGLGRELYDMX]ERJORJLNHDOHUJLMXSRWLMHOXLSRRGLMHOX
'DNDNRWUHEDRVWDWLORJLDQMHUELORNDNRELORORJLNDQLNDGDQLMHELOD
QHSRX]GDQYRGL
8YLMHNMHODNRELWLORJLDQ$OLMHJRWRYRQHPRJXHELWLORJLDQGRNUDMD
o1LMHSRWUHEQDQLNDNYD]QDQRVWLILOR]RILMDGDEL]QDRWRWUHEDXLQLWLGD
EXGHSRWHQLGREDUWRYLHDNPXGDULNUHSRVWDQ
.XGLNDPRMHEROMH]QDWLRVYDNRMVWYDULSRQHWRQHJRRMHGQRMVYH
.RULMHQMH]QDQRVWLMHJRUNRSORGRYLVXVODWNL
/HJLWLPDFLMD]QDQRVWLYH]DQDMHX]OHJLWLPDFLMX]DNRQRGDYFD
/MXEDYSUHPD]QDQMXVURGQDMHPXGURVWL
/XNDYLOMXGLSUH]LUX]QDQRVWSULSURVWLMRMVHGLYHDPXGULVHQMRPHNRULVWH
0LVOLGDVHMHGLQLFLOM]QDQRVWLVDVWRMLXWRPHGDRODNDWHNRXOMXGVNRJ
LYRWD
1HPDLURNDSXWDNRMLYRGLX]QDQRVWLVDPRRQLLPDMXL]JOHGDGDHVH
SRSHWLQDQMHQHVYLMHWOHYLVRYHNRMLVHQHSODHXPRUDSULYHUDQMXQMHQLP
VWUPLPVWD]DPD
1LMHGQD]QDQRVWQLMHLPXQDQD]DUDHQRVWSROLWLNRPLQDNYDUHQMHRGVWUDQH
PRL
1LNDGDQLMH]QDQRVWELODWDNR]DYLVQDNDRXGREDW]YGHPRNUDFLMH
2SHMHSR]QDWRGDMHWHPHOMVYDNRJGUXWYD]QDQMHDRQRVHVWLHVYXJGMH
RGRELWHOMLGRREUD]RYDQMDDLQDNRQWRJD=DGDWDNMHVYDNHSDLQDH
GUXWYHQH]DMHGQLFHGDVWYRULWDNYHXLQNRYLWHPHKDQL]PHNRMHHSURPLFDWL
LQLFLMDWLYXLXSUHJQXWLNUHDWLYQHVQDJHQDVYLPUD]LQDPDSRVHELFHX
REUD]RYQLPLQVWLWXFLMDPD
3UDYLLYDOMDQLFLOM]QDQRVWLQLMHQLWDGUXJRQHJRGDVHOMXGVNLLYRWRSVNUEL
QRYLPL]XPLPDLGREULPD
3ULURGQD]QDQRVWEH]UHOLJLMHMHVSRUDDUHOLJLMDMHEH]SULURGQLK]QDQRVWL
VOLMHSD3ULURGQX]QDQRVWRYMHNWUHED]DVSR]QDYDQMHDYMHUX]DGMHORYDQMH
5RJHUVVPDWUDGDSRVWRMHWULYUVWH]QDQMDLOLVSR]QDMDVXEMHNWLYQR]QDQMHLOL
VXEMHNWLYQHVSR]QDMHREMHNWLYQR]QDQMHLLQWHUSHUVRQDOQR]QDQMH
6YD]QDQRVWNDRLVKRGLWHLPDVXPQMXSURWLYNRMHVHGLHYMHUD
3VLKRORJLMDHSURJXWDWLILOR]RILMX
QHSRX]GDQYRGL
LYRWD
VWUPLPVWD]DPD
PRL
YD]QDQRVWNDRLVKRGLWHLPDVXPQMXSURWLYNRMHVHGLHYMHUD
6

VLKRORJLMDHSURJXWDWLILOR]RILMX
3
QHSRX]GDQYRGL
LYRWD
VWUPLPVWD]DPD
PRL
6YD]QDQRVWNDRLVKRGLWHLPDVXPQMXSURWLYNRMHVHGLHYMHUD
3VLKRORJLMDHSURJXWDWLILOR]RILMX
QHSRX]GDQYRGL
LYRWD
VWUPLPVWD]DPD
PRL
YD]QDQRVWNDRLVKRGLWHLPDVXPQMXSURWLYNRMHVHGLHYMHUD
6

WRMHXVWYDUL]QDQRVW"%DYOMHQMH]QDQRVWLQDOLNMHVDVWDYOMDQMXPR]DLND
WUXGXNRMLPVHVODJDQMHPPDOLKNDPHQLDQDNUDMXGRELYDMHGQDYHOLNDL
VYHREXKYDWQDVOLND
9HOLNDWUDJHGLMD]QDQRVWLSRELMDQMHOLMHSHKLSRWH]HWXQRPLQMHQLFRP
9LGHLWXNUYQLNXXORJX]QDQRVWLPQRJLVXXVWUREDFLOLNOHWYXQDPRGHUQX
DWRPLVWLNX,RVXXMXLGDQDVSUHUDQR]QDQRVWQHSRNDSDPROLPRGDLQDX
QDMYHXX]GDQLFXMHGQXRGSRVOMHGQMLKQDGD"6WROMHLPDQDVLOMDL
SUD]QRYMHUMDELODMH]QDQRVWVYMHWLRQLNSURJUHVD9LGMHOLVPRKXOMHLOXDNHQD
]HQLWXYODVWLNULYRWYRUHQXLVWLQXSUHGVXGRPQDMX]YLHQLMHLGHMHXPRYDUL
PDNLMDYHOL]PD.DGPRGXKDWUQHLYRWSDGQHQDQLHUD]LQH5DGNRMLQDV
MHSRGLJDRGRRVYDMDDVYHPLUDGRQLRMHVDVRERPL'DPRNORYPD$NREL
VHPQRJLPDGDQDVSRYUDWDNXNDPHQRGREDLLQLRSUDYRPLGLORPHYROXFLMD
QHLGHQDWUDNH8WRMLGHMQRMSRUHPHWQMLLVXWRQXGLHVHVXYUHPHQD
]QDQVWYHQDPLVDRSRSXWOXRQRH6YHWHSUHGUDVXGHWUHEDUDVNULWLGDELVPR
]DNRUDLOLVYLMHWOLPPDJLVWUDODPDEXGXQRVWL
=QDQRVWEH]VDYMHVWLLNXOWXUHMHUD]YDOLQDGXH
=QDQRVWMHNDSHWDQDSUDNVDYRMQLFLWRJRGSRVWRML]DVOXXMHLGDVHXSR]QD
=QDQRVWMHRUJDQL]LUDQR]QDQMHDSRVOMHGQMLFLOM]QDQRVWLMHLVWLQD
=QDQRVWMHSROHPLQDDOLNDGDXOD]LXQHNXLJUXXQHNXWUNXLQDGPHWDQMH
RQDSRVWDMHJXELVYRMVPLVDR
=QDQRVWMHSRSLVVYLKLVWLQD
=QDQRVWMHVDPRL]REOLHQDVOLNDLVWLQH
=QDQRVWMHVDPRMHGQDSRORYLFD9MHURYDQMHMHGUXJD
=QDQRVWQHPDGRPRYLQH
=QDQRVWQLMHQLWDGUXJRQHJRVOLNDLVWLQH
=QDQRVWSRLQMHRQNUDMLQMHQLFD1LWNRQHH]DPMHULWLNHPLDULPDWRYRGX
UDVWYDUDMXXQMH]LQHHOHPHQWHPDGDRQLQLVXQLQDMPDQMHVOLQLYRGL
=QDQRVWSRWLHL]WUDJDQMD]DLVWLQRP
=QDQRVWVDPD]DVHEHQHPRHULMHLWLSULMHSRUQDSLWDQMDVXYUHPHQH
FLYLOL]DFLMHSRVHEQRMHSUREOHPHKXPDQRJVDGUDMDOMXGVNRJLYOMHQMD
=QDQRVWVOXLVDPRWRPHGDQDPSUHGRLNDNRMHJROHPRQDHQH]QDQMH
=QDQRVWGREURVKYDHQDLVFMHOMXMHRYMHNDRGQMHJRYDSRQRVDMHUPX
SRND]XMHJUDQLFH
=QDQRVWNDNRVHLQLQLMHSR]LYVDPRQHNLPDQHNHOLMHSHRULJLQDOQHL
VYMHHPLVOLQDOD]HVHXPQRJLPD7UHEDVHVDPRVMHWLWLNROLNRVX]D]QDQRVW
GDOLODLFL=QDQRVWMHRWYRUHQDLOLELWUHEDODELWL]DVYHNULWLNHRQDNDRWR
SRND]XMHJUDQLFH
=QDQRVWQHPDGRPRYLQH
VYHREXKYDWQDVOLND

VYHREXKYDWQDVOLND
=QDQRVWQHPDGRPRYLQH
SRND]XMHJUDQLFH

SRND]XMHJUDQLFH
=QDQRVWQHPDGRPRYLQH
VYHREXKYDWQDVOLND

MHSR]QDWRSRLYDQDLQMHQLFDPDNRMHQHULMHWNRGROD]HL]RULJLQDOQLKL
QHVSXWDQLKL]YRUDRQDPRUDNDWNDGD]DURQLWLXILNFLMXREXKYDWLWLUXEQD
SRGUXMDNDRLXPMHWQRVWLREUDWQR
p,]UD]LVYRMHVSRVREQRVWLERJDWVWYRVYRMHSULURGQHQDGDUHQRVWLNRMHJ
LPDQHQWQRLPDVYDNROMXGVNRELH%XGLOXFLGDQ7DNDYRYMHNQLMHLVSUHG
VYRJYUHPHQDQHJRMHSURVMHDQRYMHNL]DQMHJD
QDQRVWLMHSRWUHEQDVXUDGQMDXNRMRMVH]QDQMHMHGQRJDRERJDXMHRWNULLPD
=
GUXJRJD=QDQRVWLVHVDPHGYRMDNRXQLWDYDMXLULQRPXNRMXXOD]HL
GXELQRPXNRMXXUDQMDMX
9MHUXMHPGDVYDNLRYMHNSUHGVWDYOMDRYMHDQVWYR9MHUXMHPXXVDYULYRVW
RYMHNDRYDXVDYULYRVW]QDLGDRYMHNPRHGRNXLWLVYRMFLOMQRWRQH
]QDLGDJDPRUDGRKYDWLWL
=QDQVWYHQDNXOWXUDSUHOD]LLVDPHSROLWLNHJUDQLFHUD]QLKQDURGDLXVSUNRV
VYLP]DSUHNDPDGDSDHDNLJUDQLFHWDMQLNRMHNDWNDGDSRVWDYOMDMXYODGHL
YRMQHYODVWL=QDQVWYHQLVYLMHWXLVWLQXSULGRQRVLMHGLQVWYXOMXGVNHRELWHOML
=QDQVWYHQDVOLNDVYLMHWDMHRJUDQLHQDVOLNDVYLMHWD
=QDQVWYHQDVXGRVWLJQXDQDWDNRYLVRNRPVWXSQMXGDVHSRPRXQMLK
RYMHDQVWYRPRHXVUHLWLLOLXQLWLWL
=QDQVWYHQLNQLNDGQLWDQHGRND]XMH2QVDPRSRNXDYDXWYUGLWLLQMHQLFH
RYMHNQLMHVYMHVWDQVYRMLKVNULYHQLKSRWHQFLMDOD8SUDYRQDWHPHOMXRQRJD
WRMHWLSLQROMXGVNRRYMHNRVWDMHXVSMHORDOLPRQVWUXR]QRLRPHWDMXH
VWYRUHQMH
o6OXDMMHQXQRVWNRMDQDVMHL]QHQDGLOD
RYMHNQHPDJUDQLFHNRMXQHPRHSULMHL
GREURWDGRPHWLGUXWYRGXQRVW
RYMHNPRUDELWLMDNRVSRVREDQNDNRELSULPLMHWLRNROLNRPDORPRH
pRYMHNSRVWDMHEROMLDNRVH]QDLVNUHQRGLYLWLGREURWL
RYMHNMHXVYRMRMELWLUDFLRQDOQRELHGDNOHUD]XPQRPXGUREH]RE]LUD
QDWRWRMHRYMHDQVWYRLPDORQDVYRMHPGUXJRPUD]YRMQRPSXWXXVSRQHL
SDGRYHUHQHVDQVXLGHNDGHQFLMX2QQHVDPRGDSRVWRMLQHJRMHLVYMHVWDQ
VYRJDSRVWRMDQMDLQDVWRMLGDVYRMHSRVWRMDQMHL]PLMHQLGDRVWDYOMDWUDJRYH
'REDURYMHNMHQDMERJDWLMLLQDMVUHWQLML'REDURYMHNXYLMHNRVWDMHSRHWQLN
pRYMHNMHELHQHL]PMHUQLKPRJXQRVWLLQHL]PMHUQHSURPMHQMLYRVWLL
SODVWLQRVWL
WRMHJRUDVLWXDFLMDWRVHEROMHGRND]XMHGREDURYMHN
SODVWLQRVWL
VWYRUHQMH
QDQVWYHQDNXOWXUDSUHOD]LLVDPHSROLWLNHJUDQLFHUD]QLKQDURGDLXVSUNRV
=
=QDQRVWLMHSRWUHEQDVXUDGQMDXNRMRMVH]QDQMHMHGQRJDRERJDXMHRWNULLPD

QDQRVWLMHSRWUHEQDVXUDGQMDXNRMRMVH]QDQMHMHGQRJDRERJDXMHRWNULLPD
=
=QDQVWYHQDNXOWXUDSUHOD]LLVDPHSROLWLNHJUDQLFHUD]QLKQDURGDLXVSUNRV
VWYRUHQMH
SODVWLQRVWL
SODVWLQRVWL
VWYRUHQMH
QDQVWYHQDNXOWXUDSUHOD]LLVDPHSROLWLNHJUDQLFHUD]QLKQDURGDLXVSUNRV
=
=QDQRVWLMHSRWUHEQDVXUDGQMDXNRMRMVH]QDQMHMHGQRJDRERJDXMHRWNULLPD

.ROLNRPRHWROLNRVHXVXGL
3RNDLOMXGLPDGDYMHUXMHXQMLKRYHVSRVREQRVWL2QLHSRNXDWL
RSUDYGDWLWYRMHSRYMHUHQMH
3RQHNDSULPLWLYQDRNROLFDXLYDXWRPHGDXQLWDYDWYRMHUDGQH
VSRVREQRVWLLOLGDLKSULPMHQMXMHQLQDNDNYHLOLQLWDYQHLOLQHGRVWRMQH
VYUKH2SUH]QRVWPDELODLSUHWMHUDQDXYLMHN]DYUHXMHSDQMXMHU
SUHWMHUDQDVPLRQRVWPRHQDQLMHWLYLHWHWHQHJRSUHWMHUDQRSUH]
.DRRVQRYQLXYMHW]DVWYDUDODNLUD]YRMSRMHGLQFDSRWUHEDQMHSUHGXYMHWQD
UHODFLMLNDUDNWHUQDRVRELQDWDOHQW
0DORSRPDHDNRVHQHWNRURGLVSULURHQLPVSRVREQRVWLPD]D]QDQRVW
QHJGMHJGMHQHPDPRJXQRVWLRGJRYDUDMXHJNRORYDQMD
0LXYLMHNSUHXVNRSRYODLPRJUDQLFHVYRMHVSRVREQRVWL
1DMLVWDNQXWLMLWDOHQWLJXEHVHXQHUDGX
1HNDVYDWNRXSR]QDVYRMHGXHYQHVSRVREQRVWL
1HNDWHQH]DEULQMDYDWRVYLMHWQH]QD]DWYRMHVSRVREQRVWLDOLPRHELWL
]DEULQXWDNRLKQHPD
2VODQMDWLVHQDWDOHQW]QDLQHPDWLPDWH
5D]QLWDOHQWLGXKDVYRMVWYDWHPSHUDPHQWQLGDURYLVUHHQLVXGREULEH]
RJUDQLHQMDQHJRVXRYLVQLXSUDYRRWRPHSUDWLOLLKGREUDYROMD
6SRVREQRVWMHVWHSHQLFDNRMDQDVYRGLXYLHVIHUHDOLVQMRPVHQHGRGLUXMH
QHER=DWRVXSRWUHEQDNULODYROMHDWRSURQDLXVHEL
6SRVREQRVWQDGDUHQRVWLPRJXQRVWQHPRJXVHMHGQRVWDYQRREMDVQLWLLOL
PMHULWL.DHPRGDLYRELHLPDVSRVREQRVWVDPRNDGDUDGLQHWRWRX
SRHWNXQLMH]QDORUDGLWLDNDVQLMHWRQDXL3RWHQFLMDOVHRWNULYDPQRJRWHH
LWHHVHRFMHQMXMHQHJROLOLVSRVREQRVWL
6YDNLMHWDOHQWLPDRXVHELSRQHWROXGLOD
6YDNLSXWVHUDVWXLPNDGDXPUHWDOHQWLUDQRYMHNMHUNDRWDNDYMHSRWUHEQLML
QD]HPOMLQHJRQDQHEX6YLMHWMHSXQXSRWUHEOMLYLKOMXGLDOLRVNXGLMHYD
WDNYLPDNRMLELXSRWUHEOMLYDRYMHNDVWDYLOLQDSUDYRPMHVWR
7DOHQWPQRJLKOMXGLLQLVHPDQMLPQHJRWRMHVWMHUMHVHEHVWDYOMDRSUHG
SUHYHOLNH]DGDWNH
7DOHQWRG]UQDSLMHVNDPRHQDSUDYLWLSODQLQXQHVSRVREQRVWRGSODQLQH]UQR
SLMHVND7DOHQWUDGLJHQLMVWYDUD
7DOHQWVHGDNDNRQHQDVOMHXMH
]DEULQXWDNRLKQHPD
]DEULQXWDNRLKQHPD
]DEULQXWDNRLKQHPD
SUHYHOLNH]DGDWNH
DOHQWVHGDNDNRQHQDVOMHXMH
7

]DEULQXWDNRLKQHPD
SUHYHOLNH]DGDWNH
7DOHQWVHGDNDNRQHQDVOMHXMH
]DEULQXWDNRLKQHPD
]DEULQXWDNRLKQHPD
]DEULQXWDNRLKQHPD
SUHYHOLNH]DGDWNH
DOHQWVHGDNDNRQHQDVOMHXMH
7

7DOHQWLQHXOD]HVDPLSRVHELNUR]RWYRUHQHYUDWDNXOWXUH8NXVQLMHNRULMHQ
QHJRSORGNXOWXUH
7DOHQWLVXJHQLMLNRMLVHRSORXMXL]YDQDDJHQLMLWDOHQWLNRMLSORGRYHQRVHX
VHEL
7NRVHSUHYLHEDYLPDOLPVWYDULPDRELQRSRVWDMHQHVSRVREDQ]DYHOLNH
=DVSRVREQRVWSRVWRMLVDPRMHGDQGRND]GMHOR
=DVWYDUDODWYRQLVXSRWUHEQLQLNDNYLSRVHEQLWDOHQWLLOLSRVHEQHVSRVREQRVWL
7DOHQWMHWNRYLHPRHQHJRWR]QD
p1HVSRVREQRVWVHLULXNRQFHQWULQLPNUXJRYLPD7NRMHNRGQDVXNORQLR
QHVSRVREQHDXQDSULMHGLRVSRVREQH1HVSRVREQLVXVWDYQRXELMDMXVYDNX
XQXWDUQMXLYDQMVNXLQLFLMDWLYX2VOREDDQMHLQLFLMDWLYHMHGDQMHRGRQLK
SUREOHPDRNRMLPDVYLL]ERUQLSURJUDPLQHUDGRJRYRUH
6YHWRQLMHVSRVREQROHEGLQDSRYULQL
p'XQRVWMHVYDNRJRYMHNDLL]DYHOLNLPLWHNLPFLOMHYLPDGDVHGRVWLJQH
GRVWRMQDVYUKDLOLEDUHPGROLDQVWDY,ELWLRYMHNMHGXQRVW
p$NRVH]DPLMHQLOLFHXEDVQLEDVQDSULDRWHEL
XGLVSRVREDQL]PLMHQLWLLXWMHFDWLQDVLOHXQXWDULL]YDQVHEH
%
.DUDNWHUQHNRJRYMHNDXSR]QDWHWHNNDGWLSRVWDQHSUHWSRVWDYOMHQL
%H]YHOLNRJNDUDNWHUDQHPDQLYHOLNRJRYMHNDDNQLYHOLNRJXPMHWQLNDQL
YHOLNRJRYMHNDRGDNFLMHPRJXELWLMHGLQRXSOMLLGROL]DQLWDYQXJRPLOX
NRMHYULMHPHUXLVYH]DMHGQR
HJ]LVWHQFLMDLOX]LMDLPLGLVWUDLYDQMHNRQWUROD
NDUDNWHUOLQRVWQDGDREYH]HRHNLYDQMHRPLOMHQRVWRVMHDML
pRYMHNMHELHXNRMHJHJ]LVWHQFLMDSUHWKRGLHVHQFLML
RYMHNMHHJ]LVWHQFLMDVORERGH
RYMHNMHGLQLHJ]LVWLUD
oRYMHNRYLQEH]PLVOLRVWDMHQDUD]LQLDXWRPDWL]PD=DNRQLQDL]UDDYD
VHXPLVOL-HOLRYMHNVDPRDXWRPDWVLOX]LMRPVYRMHOLQRVWL"-HOLRYMHN
]DGDYLRVYRMXSRVOMHGQMXLOX]LMXRVUHL"
oRYMHNQDYRGQRRGUHXMHVYRMLPLG$]DSUDYRMHREUDWQRLPLGYODGD
GDQHNDHPRWLUDQL]LUDYHLQXOMXGL
pRYMHNSURGLUHNUR]SRYULQXGRVXWLQHLOLELWLVWYDULLSURFHVDSULHPXMH
QXDQRVMHDMX]EXHQRVWLL]DRNXSOMHQRVWLDQHLQGLIHUHQWQRVWL
$NRMHRYMHNXXVSMHORGDVYODGDSULURGQHVLOHGDQDVWUHEDL]ERULWLNRQWUROX
QDGVYRMLPGMHORP6YHWRELYDPRJXHELWHRNXDQR
%XGLVSRVREDQL]PLMHQLWLLXWMHFDWLQDVLOHXQXWDULL]YDQVHEH
QHJRSORGNXOWXUH
VHEL

QHJRSORGNXOWXUH
VHEL
$NRVH]DPLMHQLOLFHXEDVQLEDVQDSULDRWHEL
p
QHJRSORGNXOWXUH
VHEL

REDUNDUDNWHUYULMHGLYLHQHJRQDMOMHSHOLFH
'
.DNRVHLQLOMXGLNRMLVXVPLRQLLNDUDNWHUQLGUXJLPDVXXYLMHNQHXJRGQL
.DUDNWHURYMHNDMHQMHJRYDVXGELQD
.DUDNWHUIRUPLUDQL]GRJDDMDLXWMHFDMD
.DUDNWHUOMXGLQDMEROMHVHRGUDDYDXRQRPHHPXVHVPLMX
/MXGLRGNDUDNWHUDHVWRVXSULNUDHQL
1LWDQLMHWHHLQLWDQH]DKWLMHYDYLHNDUDNWHUDQHJRQDLVHXRWYRUHQRM
VXSURWQRVWLVDVYRMLPYUHPHQRPLJODVQRUHL1H
3RQHNDVLWQLFDRWNULYDYLHRNDUDNWHUXRVREHQHJRYHOLNRGMHOR
3RVWRMHOMXGLNRMHVHVPDWUDNDUDNWHUQLPDVDPR]DWRWRVXSUHNRPRWQL
SURPLMHQLWLVYRMDVKYDDQMD
3RVWRMHYLVRNLSRORDMLNRMLVHODNHSRVWLXSRJQXWLKOHD
5DGLNDOQDDVNH]D]QDLXYLMHNLVYXGDVDPRVODERVWNDUDNWHUD
6QDJDNDUDNWHUDHVWRQLMHQLWDGUXJRQHJRVODERVWRVMHDMD
6WDEODXPLUXXVSUDYQR
7DNRVPRVHQDYLNOLVNULYDWLRGGUXJLKGDVHQDNRQFXVNULYDPRRGVDPLK
VHEH
8QXWDUQMLJODVPRUDSRVWDWLGU]DNGDELVPRJDVOLMHGLOL
9HOLNDNULYQMDRYMHNDVDVWRMLVHXWRPHGDVHXVYDNRPWUHQXWNXPRH
RNUHQXWLDGDRQWRLSDNQHLQL
%XGXLGDMHOLQRVWL]YDQUHGQRYDQD]DLYRW]DMHGQLFHVYHHVHRQRWR
RPHWDQMHQUD]YLWDNRVMHDWLNDRRSDVQRVW%H]XYMHWQRXYDQMHWDMQHMHGQRMH
RGQDMSR]QDWLMLKSULPLWLYQLKVUHGVWDYD
XGQRMHJRVSRGLQHVNDNRPDORSUDYHLQWHOHNWXDOQHVXSHULRUQRVWLOMXGL
PRJXSRVWDWLVODYQHOLQRVWLXMDYQRPLYRWX
%LWLMHEURGLPDWLMHVLGUR
3RGYRMHQDOLQRVW1LWNRL1LWD
p%LWQRMHQDXLWLVHQDGDQMX
'RNGLHPQDGDPVH
1DGDMHVSRUL]PHXLYRWQHUDGRVWLLLVNXVWDYD1DGDMHVWDUDYDUDOLFD
1DGDMHVWYDUDODNRQDHOROMXGVNLKVWYDULDQHVWUDK
1DMYHLVXOMXGLRQLNRMLGUXJLPDPRJXGDWLQDGX6YLVHOMXGLYDUDMXX
VYRMLPQDGDPDREPDQMXMXXVYRMLPRHNLYDQMLPD
'RNGLHPQDGDPVH
VHEH
6WDEODXPLUXXVSUDYQR
'REDUNDUDNWHUYULMHGLYLHQHJRQDMOMHSHOLFH

REDUNDUDNWHUYULMHGLYLHQHJRQDMOMHSHOLFH
'
6WDEODXPLUXXVSUDYQR
VHEH
'RNGLHPQDGDPVH

'RNGLHPQDGDPVH
VHEH
6WDEODXPLUXXVSUDYQR
'REDUNDUDNWHUYULMHGLYLHQHJRQDMOMHSHOLFH

RYMHNMHYLHRGVYLKGUXJLKVWYRUHQMDXVPMHUHQQDQDGX-HOLPRGHUQL
RYMHNL]JXELRQDGXGDXWMHHQDUD]YRMGRJDDMD"
3XWNRYMHNRYXUD]XPXYRGLSUHNRQMHJRYDVUFD
o7UDLQDMEROMHRHNXMQDMJRUHDSULPLWRGRELMHXYDMVHRQRJDNRML
QHPDWRL]JXELWL
p0QRJLPLVOHGDVXRPLOMHQLQROMXGLVXVH]DSUDYRVDPRSULYLNQXOLQDQMLK
pRYMHNSRQHNDGPLVOLDRVMHDXYLMHNXYVWYDPRJXELWL]DGRYROMVWYR
QH]DGRYROMVWYRX]EXHQMHVPLUHQMHQDSHWRVWRSXWHQRVW(PRFLMHGROD]HRG
ODWLQVNRJHPRYHUHSRNUHWDQMHPRWLY
9HOLNHVXHPRFLMHRGXYLMHNELOHVPUWRQRVQH
p$NRVYDNRPHVOXLQLNRPHQLVLREYH]DQ
DNRMHUHLGDXYVWYHQDVWDQMDVODERJLQWHQ]LWHWDDGXHJWUDMDQMDQD]LYDPR
/
UDVSRORHQMDDNUDWNRWUDMQDXYVWYDMDNRJLQWHQ]LWHWDDIHNWLPDGDSRG
RVMHDMLPDSRGUD]XPLMHYDPR
x LQGLIHUHQFLMXQH]DX]LPDQMHSULYUHPHQRJVWDMDOLWD
x KHGRQL]DPHPRFLMDXJRGHRGQRVQRQHXJRGHRGQDSHWRVWLGR
SRSXWDQMD
x DIHNWHVQDQDLNUDWNDHPRFLRQDOQDVWDQMD
x VWUDVWLMDNDLGXJDHPRFLRQDOQDVWDQMD
x UDVSRORHQMDNRMDLPDMXNUDHLOLGXHWUDMDQMH
x NRPSOHNVLHPRFLRQDOQRVQDQRRERMHQHPLVOLLGHMHXVSRPHQHNRMH
GXHYUHPHQDQHJDWLYQRXWMHXQDLWDYXDNWLYQRVWLQGLYLGXXPDGXEOML
]QDDMLIXQNFLRQLUDQMHQDHSVLKHMRXYLMHNL]PLHVSR]QDML
$NRQHWRQHRVMHDWHQHHWHWRQLXORYLWL
,PDPRSUHPDORJULPDVD]DL]UDDYDQMHRVMHDMD
.DGDMHRYMHNSRGGRMPRPVYRMLKRVMHDMDGRL]UDDMDGROD]LQMHJRYR
SUDYROLFH
/LVWDSULPDUQLKXYVWDYDVDVWRMLVHSRPLOMHQMXQHNLKSVLKRORJDVDPRRG
HWLULXYVWYDUDGRVWLDORVWLVUGEHLVWUDKD
1DMWHHMHYODGDWLXVWLPDNRMDVHWU]DMXRGRVMHDMD
3ODWRQMHSUHGORLRGDVHHPRFLMHPRJXRLVWLWLVDPLORXLJUR]RPX
XPMHWQRVWLWHMHVSRPHQXRPRJXQRVWGDELWRELOROMHNRYLWR
2VMHDMLPRJXELWLMHGQDNRNRQYHQFLRQDOQLNDRLNDUDNWHULVLWXDFLMHLOL]DSOHWL
UDGQMH
SUDYROLFH
SRSXWDQMD
/DNRMHUHLGDXYVWYHQDVWDQMDVODERJLQWHQ]LWHWDDGXHJWUDMDQMDQD]LYDPR
QHPDWRL]JXELWL
UDGQMH

QHPDWRL]JXELWL
DNRMHUHLGDXYVWYHQDVWDQMDVODERJLQWHQ]LWHWDDGXHJWUDMDQMDQD]LYDPR
/
SRSXWDQMD
SUDYROLFH
UDGQMH
SUDYROLFH
SRSXWDQMD
/DNRMHUHLGDXYVWYHQDVWDQMDVODERJLQWHQ]LWHWDDGXHJWUDMDQMDQD]LYDPR
QHPDWRL]JXELWL
UDGQMH

PLORVUHQHVODJDQMHRVMHDMPDQMHYULMHGQRVWLRWXHQRVW
o0LORVUHMHEROHVWGXH
p1HVODJDQMHMHLQVWUXPHQWLQWHOHNWXDOQHHYROXFLMH
6YHGRNQHVODJDQMHQLMH]DEUDQMHQRXYLMHNHVHQDLQHWNRWNRHGRYHVWLX
VXPQMXLGHMHNRMHYODGDMXQMHJRYLPVXYUHPHQLFLPDLNRMLHVWDYLWLQRYH
LGHMHQDUDVSUDYXLSURSDJDQGX
o0UQMDLRVMHDMPDQMHYULMHGQRVWLXGMHWLQMVWYXPRJXXWMHFDWLQDSRQDDQMH
RGUDVORJRYMHNDXNDVQLMHPLYRWX7DNDYRYMHNMHXQHSUHVWDQRP
NRQIOLNWXVDVYRMRPRNROLQRP
o1HSRVWRMLQLWDWDNRRNUXWQRNDRRWXHQRVWRQLKNRMLVHSR]QDMX
SRWUHEHQDSUHGRYDQMHQDYLNHQHKXPDQRVWQHXVSMHK
$NRWLQLWNRQHNRULVWL]DWRSRVWRMLUD]ORJ1DMYLHGRELYDRGRQRJWR
p
QDMPDQMHWUHED%ROHVWQDLKGDQDQMLKJUDGRYDLQDVHOMDMHDORVWDQ
UH]XOWDWQDHJSURSXVWDGDRVQRYQHOMXGVNHSRWUHEHVWDYLPRL]QDG
HNRQRPVNLKLLQGXVWULMVNLK]DKWMHYD
%XGLRWSRUDQQDLVNXHQMDDOLQHRGODL]DGRYROMHQMHVYRMLKSRWUHED
.RMLK"
'DQDVVHVPDWUDGDELRRNRGHYHGHVHWSRVWR]DVWRMDXSURL]YRGQMLPRJOL
ULMHLWLVDPLUDGQLFLNRMLWRQHLQH]ERJQHGRYROMQHPRWLYLUDQRVWL5D]ORJ]D
WRQDOD]LVHXVWDMDOLWXXSUDYQLKVWUXNWXUD
'RJDDVHGDRQLNRMLH]QX]DEHVNRULVQLPLWUDHVDPRRQRWRMHVXYLQR
RELQRQHSRVWLJQXQLRQRWRLPMHSRWUHEQR
,]RVWDQDNVWYDUQHLPDWHULMDOQHLPRUDOQHNYDOLILNDFLMHVX]ELMDSRMHGLQDQX
VWYDUDODWYRLLQYHQFLMX
/MXGVNHVXSRWUHEHSULPDUQRELRORNHDVRFLMDOQHVHNXQGDUQHSRWUHEH
1DMGXEOMDMHRYMHNRYDSRWUHEDGDSUHYODGDVYRMXRGYRMHQRVWGDQDSXVWL
]DWYRUVYRMHRVDPOMHQRVWL$SVROXWQLQHXVSMHKGDVHSRVWLJQHWDMFLOMGRYRGL
GROXGLOD
VQRYQHOMXGVNHSRWUHEHL]YRGHVHQDRVQRYXSURXDYDQMDOMXGVNLKLGHDOD
2
SULMHVYHJDUHOLJLR]QLKLUHYROXFLRQDUQLKLNRQNUHWL]LUDRLKNDRSRWUHEH]D
SULSDGQRXLOLXGUXLYDQMHPSUHPRHQMHLOLVWYDUDODWYRPXNRULMHQMHQRVW
LOLEUDWVWYRPLGHQWLWHWRPLOLLQGLYLGXDOQRVWLRULMHQWDFLMRPLOLUD]XPQRVWL$OL
RWNULWLFUWHNDUDNWHUDNDRWRVXQDUFLVRLGQRVWVDGL]DPVYHPRSRGORQRVW
RWXHQMHLQGLIHUHQWQRVWQHVYMHVQDSUHYDUDYODVWLWRJLQWHJULWHWDLOX]RUQD
SULURGDYODVWLWRJVKYDDQMDVWYDUQRVWLRWNULWLVYHWRXVDPRPVHELX
GUXWYHQRPWNLYXXYRDPDNRMHVOLMHGLPRWRMHGUXWYHQLGLQDPLW
2VQRYQHOMXGVNHSRWUHEHL]YRGHVHQDRVQRYXSURXDYDQMDOMXGVNLKLGHDOD
GROXGLOD
.RMLK"
p$NRWLQLWNRQHNRULVWL]DWRSRVWRMLUD]ORJ1DMYLHGRELYDRGRQRJWR
o0LORVUHMHEROHVWGXH

o0LORVUHMHEROHVWGXH
$NRWLQLWNRQHNRULVWL]DWRSRVWRMLUD]ORJ1DMYLHGRELYDRGRQRJWR
p
.RMLK"
GROXGLOD
VQRYQHOMXGVNHSRWUHEHL]YRGHVHQDRVQRYXSURXDYDQMDOMXGVNLKLGHDOD
2
2VQRYQHOMXGVNHSRWUHEHL]YRGHVHQDRVQRYXSURXDYDQMDOMXGVNLKLGHDOD
GROXGLOD
.RMLK"
p$NRWLQLWNRQHNRULVWL]DWRSRVWRMLUD]ORJ1DMYLHGRELYDRGRQRJWR
o0LORVUHMHEROHVWGXH

3RVWRMLGYDQDHVWIL]LRORNLKLOLYLVFHURJHQLKLGYDGHVHWLRVDPSVLKRJHQLK
SRWUHED1MLKRYDPHXVREQDQD]RQRVWLOLRGVXVWYRRGUHXMXUD]OLNHPHX
OLQRVWLPDSRMHGLQDFD
6YDNDOLQRVWQDVWRMLGRYHVWLRUJDQL]DPXVWDQMHSRWSXQHQHQDSHWRVWL
RERDYDQMHREUDQDRGJRYRUQRVWRGPRURGQRVLRNROLQDRSDVQRVW
RULJLQDOQRVW
oRYMHNQHPRHSRVWRMDWLDGDQHWRQHRERDYD
oRYMHNVHQHEUDQLRG]ODVDPRPDHP
o%LWLRYMHN]QDLLPDWLRVMHDM]DRGJRYRUQRVWVUDPLWLVHNRGSUL]RUD
ELMHGHLDNRRLWRQLMHVXNULYDF]DQMXELWLSRQRVDQQDXVSMHKGUXJRYD
GRSULQLMHWLVYRMNDPHQVYLMHVWLVXGMHORYDWLNRGL]JUDGQMHVYLMHWD
oRYMHNVHQLJGMHQHXPRULWDNRNDRXSRWUD]L]DRGPRURPRYMHNWHL]D
SRVORPNDNRELLPDRSUDYRRGPDUDWLVH
o=DRYMHNDSRVWRMLVDPRMHGQDMHGLQDUDVNRDWRMHUDVNROMXGVNLKRGQRVD
oRYMHNUD]YLMDJROHPXPRNDNRELSURPLMHQLRYODVWLWXRNROLQX8QDWR
WRPHSRVWRMLGREDUUD]ORJGDVHLVNOMXHSURPLMHQHQDWHPHOMXRYMHNRYD
L]ERUD8VYRMRMXPMHWQRMRNROLQLLGUXWYXGDQDQMLFLYLOL]LUDQLRYMHNQLMH
XYLMHNGRUDVDR3ULURGXMHWROLNRL]PLMHQLRGDPXRQDQHSUXDVDPR
EODJRGDWLDXGUXWYXNRMHMHVDPL]JUDGLRRVMHDVHXVDPOMHQLNRP
oRYMHNXVYDNLGDQSULMHWLSRJLEDRRGRYMHND
oRYMHNVHUDDNDRRULJLQDODXPLUHNDRNRSLMD
oRYMHNQLMHPMHUDVYLKVWYDUL1LWDRGYLH
WRJRGEXGHWHLPDOLPDQMHSRWUHEDELWLHWHVORERGQLML
7HNNDGDRYMHNXWDLJODGLHPRHNUHQXWLXSRWUDJX]DVUHRP
=DNRQMHPRDQDOLSRWUHEDMHMRPRQLMD
oRYMHNQDMODNHQDSUHGXMHDNRNRGGUXJLKRVWDYLGRMDPGDMH]DQMLK
NRULVQRSRPRLPX
o'DELRYMHNPRJDRQHWRQDXLWLSRWUHEQRMHGDVHRGXDYDRG
QDXHQRJD
oRYMHNNRMLVHEDYLQHKXPDQLPVWYDULPDLVDPSRVWDMHQHKXPDQ
o6DGDMHRYMHNRQDMNRMLGRLYOMDYDQHXVSMHKMHUQHPRHLLXNRUDNV
YODVWLWRPFLYLOL]DFLMRP6DPMHRYMHNQHVDYUHQDVWYDUPRUDQDLGUXJRJD
GDELELRVUHWDQ
NRULVQRSRPRLPX
QDXHQRJD
GDELELRVUHWDQ
RULJLQDOQRVW
OLQRVWLPDSRMHGLQDFD

OLQRVWLPDSRMHGLQDFD
RULJLQDOQRVW
NRULVQRSRPRLPX
QDXHQRJD
GDELELRVUHWDQ
NRULVQRSRPRLPX
QDXHQRJD
GDELELRVUHWDQ
RULJLQDOQRVW
OLQRVWLPDSRMHGLQDFD

SDGSDPHQMHSODSRQLDYDQMHSRURFLSR]RUQRVWSUDNVDSRWRPFL
SUHFLSUHFMHQMLYDQMHSUHYDUDSULJRYDUDQMHSULMHWQMHSUL]QDQMD
SUREOHPSURPLOMDQMHSURPMHQH
oRYMHNVHQDMVWUDQLMHUXLNDGVHL]QXWUDUXL
o.DGRYMHNQHELWDNRWUDMQRJXELRSDPHQMHXYLMHNEL]QDRWRWUHED
UDGLWL$NRQLSRHPXDRQRSRVMHDQMXQDEDWLQH
o%LWLRYMHNMHJODYQDVWYDU$WR]QDLELWLYUVWLMDVDQLYHGDUGDYHGDU
XQDWRVYHPXMHUSODNDQMHMHRGUD]VODERVWL
oRYMHHVMHWLVHGDVLUDYDQRQRPHSUHGNRMLPVHSRQL]XMHQHSRQL]XMVH
oRYMHNHOLGDJDVHVDXYDSRVOMHGLFDQMHJRYLKSRURNDDOLQHLQMLKVDPLK
o3URPDWUDMQHNRJRYMHNDGRYROMQRSR]RUQRL]QDWHRQMHPXYLHQHJRRQ
VDP
o1DLHSRWRPFLELWLVYHRYMHMLDPDWHULVDVSRQWDQLP]DQRVRPX
RWNULYDQMXEHVNUDMQRJVYLMHWDRNRVHEHLXVHEL
p$NRVHQLNDGQHRVYUQHQDVYRMHSUHWNHQHHVHUDGRYDWLVYRMLP
SRWRPFLPD
1RSRWRVDPUHNDRGDQDPSUHFLWUHEDMXVOXLWLNDRX]RUQHNDNDRSUYL
L]X]HWDNYULMHGLGDQHPRUDPRLPLWLUDWLQMLKRYHJUHNH
oRYMHNMHELHSUDNVH
oRYMHNSUHFMHQMXMHVHEH
oRYMHNQLNDGDQHYDUDMXGUXJLRQVHYDUDVDP
o'REDUQDLQGDVHQHWRQDSUDYLEH]UD]PLOMDQMDLEH]LMHGQHULMHL
SULJRYRUDMHDNRWRRYMHNXLQLVDP
oRYMHNVHERMLVDPRSULMHWQMLVJRWRYLPLQMHQLFDPDEU]RL]OD]LQDNUDM
oRYMHNDLWDYLYRWPXLJODG]DSUL]QDQMHP.DNRELRYMHNXGUXWYXELR
SUL]QDWLQLVYHNDNRELL]JOHGDORNDRGDMHYHSUL]QDW
o'RNLPDRYMHNDLPDLSUREOHPD
oRYMHNNRMLSXQRUD]PLOMDXVWDQMXMHLYMHWLXYLHHSRKD
pRYMHNVHPRUDQHSUHVWDQRPLMHQMDWLREQDYOMDWLSRPODLYDWLGDQHEL
RNRULR
RYMHNQHSUHNLGQRSRVWDMHLOLVHPLMHQMDXQHWRGUXJRRQQLNDGDQLMHLVWL
2GYLHVHEU]RPLMHQMDPRGDELVPRVHXSR]QDOL
2GOXLVHMHGQRP]DVNRNXQHSR]QDWR%XGLVNORQSURPMHQDPDRSWLPLVWLNL
RULMHQWLUDQDOLQDRVQRYLNULWLQRVWLEH]SUHFMHQMLYDQMDSUHXYHOLDYDQMD
XOMHSDYDQMDLLVNULYOMDYDQMD
.DGLVWUDXMHQHSR]QDWRQH]QDWRHQDL1HNDVHVWRJDYHHRQDM
WNRQHHOLYMHQRLVWUDLYDWL
VDP
SRWRPFLPD
oRYMHNMHELHSUDNVH
RNRULR

VDP
SRWRPFLPD
oRYMHNMHELHSUDNVH
RNRULR

VDP
SRWRPFLPD
oRYMHNMHELHSUDNVH
RNRULR

%H]QRYRJDQHPDL]XPLWHOMDQHPDILOR]RIDQHPDPLVOLODFDQHPDYHOLNLK
XHQMDND
oRYMHNVHXRYMHNXSUHSR]QDMHSRSDWQMDPDNRMHSRGQRVL
p'REURSRQDDQMHWRMHXSUDYLOXXYLMHNRSRQDDQMH
p7LVHQHYDUDMHGLQRRQGDNDGSUDWD
-HVLOLSURXLRVDPDVHEH"WRMHRVYDMDQMHQDMYLLKYUKXQDFDXSRUHHQMXV
RYMHNRPNRMLMHXVSLRSRELMHGLWLVDPRJVHEH"
,VWLQDYHOLNDVHQDNDQDGRLPDXSRHWNXNDROXGRVW
SDWQMDSRQDDQMHSUDWDQMHUDQMLYRVWVDPLORVWVDPRSRYMHUHQMH
VUDPRWDVWLGVWUDKRSRWRYDQMHWHPSHUDPHQWWUSOMHQMHXJODHQRVW
HOMDUWYDXUED
-HOLLVWLQDGDVYHQRYRRYLVLRVWDURPGDVYDNDID]DVDGULXQHNXUXNX
VYHNROLNHYHSRVWLJQXWHUD]YRMQHVWDGLMHXVYDNRMVXID]LQD]RQHVYH
SUHWKRGQHID]HDOLVYDNDQRYDID]DPRGLILFLUD]QDHQMHRVWDOLKXXNXSQRP
VDVWDYX-HVXOLVYHRNROQRVWLVOXDMQH"1RYRVWVDPDSRVHELWHNRL
]DEULQMDYDMXHGMHOXMHQDQHREUD]RYDQXSXEOLNX
.RQ]HUYDWL]DPMHLOX]LMDGDVHSURORVWPRHGRDUDWLXEXGXQRVW
1RYRMHSUDYLOXVDPRRQRWRVHQHNRMJHQHUDFLMLLQLQRYLP
p.RQ]HUYDWLYDQRYMHNMHGUDYQLNNRMLMH]DOMXEOMHQXSRVWRMHHORHSULOLNH
]DUD]OLNXRGOLEHUDODNRMLLKHOL]DPLMHQLWLQRYLPD
1LNDGDVHQH]QDWRHLVSDVWLDNRVHVWYDULPLMHQMDMX1R]QDOLVHWRH
LVSDVWLDNRVHVWYDULQHPLMHQMDMX3ULURGQDMHGRYLWOMLYRVWRYMHNDGDWDNR
PLMHQMDVWYDULWRLPPLMHQMDLPH
7NRQLWDQHHOLPLMHQMDWLL]JXELWHLRQRWRHOLVDXYDWL1LMHXYLMHN
GREURVYHWRMHQRYRDOLMHXYLMHNQRYRVYHWRMHGREUR
3URPMHQDMHXJRGQD
6YHWHHLQLWDQHRVWDMH
3URPMHQHNRMHVXGRVDGGDOHUH]XOWDWDLNRMHLPDMXL]JOHGDQDGDOMQMLXVSMHK
LQLFLUDOLVXLYLSRMHGLQDQLXPRYLPDOHJUXSHLORNDOQH]DMHGQLFHNRMH
QDJUL]DMXUXERYHVXVWDYDPRLORPHLPXUXWLQXLRSLUXLVHSURSLVLPDNRML
LQHRELOMHMHPODHJSDSLUQDWRJLELURNUDWL]LUDQRJGRED.DGVHWDNYH
]DMHGQLFHMHGQRPUDLUHWRHYUDWLWLPRLVDPRVYMHVQLDXWRULWHWQMLKRYRP
SUDYRPL]YRUXOMXGVNRMOLQRVWLLPDORM]DMHGQLFLNRMDLYLOLFHPXOLFHEH]
SRVUHGQLNDLWXWRUD7HNWDGDMHPRJXHQMHJRYDQMHLQWLPQLKOMXGVNLKRGQRVD
LVORERGQRJL]ERUDVYLKDNWLYQRVWLEH]SUHVLMHLQHL]YMHVQRVWL]DVXWUDQMLFX
6WDURVHVDPRQDJRUHODNRPLMHQMD
6YHWHHLQLWDQHRVWDMH
3URPMHQDMHXJRGQD
LNDGDVHQH]QDWRHLVSDVWLDNRVHVWYDULPLMHQMDMX1R]QDOLVHWRH
1
- HOLLVWLQDGDVYHQRYRRYLVLRVWDURPGDVYDNDID]DVDGULXQHNXUXNX
HOMDUWYDXUED
XHQMDND

XHQMDND
HOMDUWYDXUED
-HOLLVWLQDGDVYHQRYRRYLVLRVWDURPGDVYDNDID]DVDGULXQHNXUXNX
1LNDGDVHQH]QDWRHLVSDVWLDNRVHVWYDULPLMHQMDMX1R]QDOLVHWRH
3URPMHQDMHXJRGQD
6YHWHHLQLWDQHRVWDMH
6YHWHHLQLWDQHRVWDMH
3URPMHQDMHXJRGQD
LNDGDVHQH]QDWRHLVSDVWLDNRVHVWYDULPLMHQMDMX1R]QDOLVHWRH
1
- HOLLVWLQDGDVYHQRYRRYLVLRVWDURPGDVYDNDID]DVDGULXQHNXUXNX
HOMDUWYDXUED
XHQMDND

p6PLORYDQMHPRHELWLRNUXWQR
$NRLPDSRYMHUHQMDXVDPDVHEHRQGDMHNUDWDNSXWGRHVWLWDLVUHWQD
LYRWD
p1HVUDPRWLVHQHHWHVUDPRWLWLRVXGDYHX]URN
=DWRQHPRHPRLYMHWLLYRWRPGRVWRMQRJRYMHND"6WLGLPVHVYRMLK
VUDPRWD1HPDPRGRYROMQRUD]ORJD]DUDGRYDQMH
p1HPDOLXVYLPDQDPD]DLVWDEDQLQDMPDQMHPUYLFHVWLGDWROLNRSRWUHEQH
]DXYDQMHQDMVYDNRGQHYQLMHUDYQRWHHVYRJYODVWLWRJGRVWRMDQVWYD
6WLGQLMHLVNRQVNLRQMHQHWRVWHHQRQDQDPMHUDQQDLQ7RMHNUDQVNLL]XP
p,VWLQLWRVWUDKRSRWRYDQMHQLNDGDQHSURL]OD]LL]VWUDKD
1HVUHDYODGDWDPRJGMHQHPDVWUDKRSRWRYDQMD
p$OLL]DVYDNRJWHPSHUDPHQWDLPDSURYDOLMDXNRMRMYUHEDMXX]DVMHGL
SUHGUDVXGHQDJRQLUDQLMH]DHWHLGHMH
p$NRMHPXNDWUSMHWLQLMHSDPWLWL
8JODHQLOMXGLVXRQLNRMLVDPRXXJODHQRPGUXWYXSRVWDMXRELQL
8OMXGQRVWMHPXGURVWQHXOMXGQRVWVKRGQRWRPHJOXSRVW
pRYMHNMHVYHDQMHOMD6XRVMHDMVDHOMDPDLPLOMHQMLPDGUXJLK
6YDNRPHGDMSULOLNXGDL]QHVHVYRMHPLOMHQMH
$NRYHQHPRHELWLRQRWRKRHHOLRQRWRPRHELWL
DNLQDMYHDSURL]YRGQMDQHPRHLLXNRUDNVSRVWRMHLPHOMDPDPDWH
VYDNRJDGDLPDYLHQRQMHJRYVXVMHG.ROLNRYLHLPDPRWROLNRYLH
HOLPR/MXGLQLNDGDQHHELWLSRWSXQR]DGRYROMQLMHUQMLKRYLPHOMDPD
QHPDNUDMD2QLVXVYMHVQLVYRMHYODVWLWHHOMHDOLQHSR]QDMXX]URNHNRMLPD
MHWDHOMDRGUHHQD
RYMHNMHRGJODYHGRSHWHVWYRUHQRGVYRMLKHOMD
RYMHNQHPRHHOMHWLRQRWRQHSR]QDMH
,]PHXHOMHLSRNDMDQMDXYLMHNLPDPMHVWD]DNDNRYXEHGDVWRX
,]RVWDQDN]DGRYROMHQMDVWYDUDSDWQMXDL]RVWDQDNQRYHHOMHL]D]LYDSUD]QX
HQMX
.DGDELSRVWRMDODELDNRMDHOMXGLPDLVSXQLWLVYHHOMHWRQHELELOLERJRYL
YHGHPRQL
/DNHMHSUYXHOMXSRWLVQXWXQHJROLVOMHGHHHOMHLVSXQLWL
/MXGLGDQDVVOXDMXLVWH]DSRYLMHGLDVYDWNRMHXYMHUHQNDNRVOLMHGLYODVWLWH
HOMH
1LWDQHELVPRDUNRHOMHOLNDGELVPRWRQR]QDOLWR]DSUDYRHOLPR
LYRWD
MHWDHOMDRGUHHQD
HQMX
YHGHPRQL
HOMH

LYRWD
MHWDHOMDRGUHHQD
HQMX
YHGHPRQL
HOMH
LYRWD
MHWDHOMDRGUHHQD
HQMX
YHGHPRQL
HOMH

3RODMHLYRWDHOMDDSRODQH]DGRYROMVWYR
3RXGD]DVYDLPPDMNDMHQLHJD
3UYDMHPXGURVWXLYRWXXPMHWLVHEH]DGRYROMLWLLXNURWLWLYODVWLWHHOMH
6YHQDVYLMHWXL]YLUHL]HOMH
9DOMGDMHMDVQRGDQDPQLNDGDQHELSDORQDSDPHWVXSURWVWDYLWLGREURL]OR
NDGDQHELVPRLPDOLHOMH=DEUDQMLYDWLQDPQHWR]QDLSREXLYDWLXQDPD
HOMX]DWLP
HOMDMHLVKRGLWHSDDNLSUDYDELWYMHUH.DGRYMHNQHELLPDRHOMDQHEL
LPDRQLERJRYD
HOMDQDPSULMHLGDXLYDPRRQRWRSRVMHGXMHPR
HOMHWLMHSUHG]QDNRSRUDYNDLOLSREROMDQMD
p1H]DERUDYLGDMHEROMHELWLUWYDQHJRNUYQLN$QWRQHKRY
2GYLHGXJRWUDMQDUWYDNDGUDWLMHQDSUDYLWLNDPHQRGVUFD
.ROLNRMHQMLKPROLORSUHGROWDULPDQDNRMLPDVXUWYRYDQL
p1LMHVYHXWUDQMXWUHEDNUHQXWLQDYULMHPH$NREU]RRGOXXMHEU]R
VHNDMH
)HVWLQDOHQWHXULSRODNR$OLQHXULV]DNOMXFLPDQLWLQHRNOLMHYDM
RSDVQRVWMHXRGJDDQMX
9HOLNGLROMXGLL]SXNHXUEHOLDYDVHEHQDMOMHSLKLYRWQLKUDGRVWL
oRYMHNVHPRUDSUREXGLWLL]VYRJDPLOLMXQJRGLQDGXJRJVQDGDELRWNULR
NDNRMHXRVQRYLWXLQDF2QVDGD]QDGDVHQDOD]LQDJUDQLFLVYLMHWDXNRMHP
WUHEDLYMHWLVYLMHWDJOXKRJ]DQMHJRYXPX]LNXUDYQRGXQRJSUHPD
QMHJRYLPQDGDPDLSUHPDQMHJRYLPSDWQMDPDLOLQMHJRYLP]ORLQLPD
pRYMHNSRVMHGXMHUD]XPNRMLPVH]DKYDDLUD]XPLMHYDVYLMHWDOLLXPNRML
MHLEODJRVORYLSURNOHWVWYR
7NRQHPDUD]XPDGDGHVH]DYHVWL]DVOLMHSLWLLRGGUXJLKXSRWULMHELWLNDR
VUHGVWYR
pRYMHNMHVSRMERDQVNRJLYUDMHJ6WYDUQRDNRMH%RJVYHVWYRULRRQMHL
VDPRJYUDJD
RYMHNPRHVWYRULWLVYRMYODVWLWLOMXGVNLLYRWDNRMHRYMHNDNRQHYMHUXMH
XERJDNUDOMHYHLNDUGLQDOHXEDQNHLGLYLGHQGH9MHUXMXLXWHVDEODVWLRQ
MRXYLMHNQLMHRYMHNLQHPDVPLVODGDRVYDMDQRYDNRSQDLGDVHWDPR
LVNUFDYDVDVYRMLPEDODVWRP8WDNYRJRYMHND1DURGHMDQHYMHUXMHPXM
PH1DURGHWRWLJRYRULPNUR]YMHNRYH7LHVHRVORERGLWLRYLKVDEODVWLWL
UDYQRGXQRVWUD]XPVDPRELWQRVWVDPRDVDYUHQRVWVLJXUQRVW
VORERGDVQDJDVQRYLVWDYVXGELQDVXHQMH
VUHGVWYR
VDPRJYUDJD
HOMX]DWLP
LPDRQLERJRYD
VHNDMH
RSDVQRVWMHXRGJDDQMX

HOMX]DWLP
LPDRQLERJRYD
VHNDMH
RSDVQRVWMHXRGJDDQMX
VUHGVWYR
VDPRJYUDJD
VUHGVWYR
VDPRJYUDJD
HOMX]DWLP
LPDRQLERJRYD
VHNDMH
RSDVQRVWMHXRGJDDQMX

HSUHSOLYDWLQDGUXJXREDOXWLHRWNULWLQRYDNRSQDWLHSRELMHGLWLRYX
SODQHWXLWLHRWSXWRYDWLQD]YLMH]GHXNRMHMDYMHUXMHP8WUHQXWNXNDGVX
XJOHGDRSODYXMXWDUQMXNRSUHQXNRSQDWRVDPJDRWNULRXVQXRSREMHGL
RYMHNDSRG]YLMH]GDPDMDYMHUXMHP1DURGHGDHSRELMHGLWLERJRYHL
NUYQLNHDOLRYRXWRYMHUXMX7YRMLDGPLUDOLXWRMDQHYMHUXMHP1DURGH
RYMHN1DURGHPRHSRG]YLMH]GDPDRRYMHLWLVYRMLYRWLGDWLPXOMXGVNL
VPLVDR
oRYMHNPRUDELWLYROMDQLVSRVREDQSULPLWLRGJRYRUQRVWGD]DUDXMH]D
VYRMLYRWNDRL]DLYRWRQLKNRMLRQMHPXRYLVH=ERJWRJDMHL]QLPQR
]QDDMQRGDVYDNLRYMHNLPDSUDYRGDRVWYDUXMHVYRMXVDPRELWQRVWGDMH
GMHODWDQDQHRYLVDQRGUXWYHQRMPLORVWLQMLNRMDJDGHJUDGLUDLRVLURPDXMH
NDROLQRVW
oRYMHNVDP]DVHEHQHPRHSXQRQDSUDYLWLLQDSXWHQMHNDR5RELQVRQ
VDPRX]DMHGQLFLVGUXJLPDRQSRVWRMLLPRHSXQRQDSUDYLWL
oRYMHNPRUDELWLEHVSULMHNRUDQDVWYDUEH]JUHNH0HXWLP
EHVSULMHNRUQDMHVDPRMDVQDRNUXJODQLWLFDEH]JUHNH
oRYMHNPRHLPRUDVDPRYODVWLWLPVQDJDPDGDWLVPLVDRVYRMHPLYRWX
LDNRWHQMD]DVLJXUQRXEORNLUDWUDHQMHVPLVOD
pRYMHNLPDVYHWRSUDYRGDL]ERULVYRMXGUXWYHQXQH]DYLVQRVWELORNDNYLP
VUHGVWYLPDQHLGHOLPLORPDRQRVLORPLQDVLOMHP
6ORERGDQMHLQH]DYLVDQVDPRRQDMNRMLPLVOL
RYMHNMHURHQVORERGDQQRLSDNMHVYXJGMHXODQFLPDRYMHNMHVORERGD
-HGLQLSXWNRMLYRGLGRL]OD]DMHVWSXWNRMLPVHL]JUDXMHVORERGDQ
VXYUHPHQRYMHN
p1LWNRQLMHREYH]DQLQLWLRQRWRMHL]QDGQMHJRYLKVQDJD
RYMHNWUHEDQDLVYRMVDQRQGDSXWSRVWDMHSXQRODNL
oRYMHNPRUD]DX]HWLVWDY1HXWUDOQRVWSRPDHWODLWHOMXDQLNDGDUWYL
XWQMDMDDPXLWHOMDQLNDGDPXHQLND
pRYMHNMHELHPRJXQRVWLVORERGHLRVREQHRGJRYRUQRVWL]DYODVWLWX
SUHGYLGMHWL
RYMHNRYDVXGELQDMHRYMHN6XGELQDQDVREUDXMHVYHGRNQHSRVWDQHPR
PHNLLOLWYUGLRYLVQRRPDWHULMDOX6YDNLRYMHNLPDGDVNXSUHGJODYRP
%LWQDMHVDPRXGDOMHQRVW
p6XGLVYDNRJRYMHNDSUHPDQMHJRYRMEROMRMVWUDQL
VPLVDR
NDROLQRVW
VXYUHPHQRYMHN
SUHGYLGMHWL

VPLVDR
NDROLQRVW
VXYUHPHQRYMHN
SUHGYLGMHWL

VPLVDR
NDROLQRVW
VXYUHPHQRYMHN
SUHGYLGMHWL

XODJLYDQMHXXWNDYDQMHYDQRVW
oRYMHNSRQHNDGPLVOLGDPU]LXODJLYDQMDD]DSUDYRPU]LVDPRQDLQ
o1LVLREUDWLRRYMHNDDNRVLJDXXWNDR
o3REXGLXRYMHNDRVMHDMYODVWLWHYDQRVWL
*GMHLPDPQRJR]QDQMDLPDLEROL
]DEUDQMLYDQMHQH]DGRYROMVWYRQH]QDQMH
'XKRYQXVXSHULRUQRVWRYMHNDQHRGUHXMHWRNROLNRVXPX]QDQMDXWXYLOLX
JODYXYHWRGDOLXPLMHELVWURUD]PLOMDWL
,GRPRYLQDVHEUDQL]QDQMHP
'REUR]QDQMH]DYUDYDXYMHURYDQMXDORHYMHURYDQMHXQH]QDQMX
%ROMHMH]QDWLPDORDOLWRPDORWHPHOMLWRQHJRSXQRLSRYUQR
pRYMHNNDRPLVDRQRELHWHL]D]QDQMHPLXWRMMHWHQMLQH]DVLWDQ
p/MXGHNRMLVX]DGRYROMQLVDVYRMLPQH]DGRYROMVWYRPQD]LYDPR]DQRYLMHWDOD
=DGRYROMVWYRVHULMHWNRQDOD]LWDPRJGMHVHWUDL
2GDNOHRYMHNDWROLNRXGQMD]D]DEUDQMHQLP"
p
p%LWL]DGRYROMDQVPDORMHWHNRDELWL]DGRYROMDQVSXQRMHQHPRJXH
%LWL]DGRYROMDQ]QDLXGDQLPSULOLNDPDELWLVSRUD]XPDQLSUHGVWDYOMD
EH]D]OHQREOLNQLMHNDQMDLOLIDOVLILFLUDQMDVWYDUQRVWLUDVWDSDWLVHRGJDQXD
PQRJRMHRSDVQLMH
-HOLVHX]DGRYROMVWYXNULMHNRULMHQSDWQMH"
.DGDLPDQHNROLNROMXGLNRMLVXSULOLQR]DGRYROMQLMHGQLVGUXJLPDRQGD
QDMHHPRHPRELWLVLJXUQLGDVHYDUDMX
6YLGDURYLVYHOMXED]QRVWLVYLMHWDQHPRJX]DPLMHQLWLMHGDQWUHQXWDN
]DGRYROMVWYD
1HELWLQLNDG]DGRYROMDQXWRPHMHVYDXPMHWQRVW
3RGRVWD]DGRYROMVWDYDVDVWRMLVHXWRPHGDLKVHVD]DGRYROMVWYRPRGULHPR
6DPLPVRERPEXGL]DGRYROMDQVDPRSRYUHPHQRWDNRGDWYRMH]DGRYROMVWYR
SRVOXLVDPRWRPHGDWHRMDD]DQRYDQH]DGRYROMVWYD
RGRVWD]DGRYROMVWDYDVDVWRMLVHXWRPHGDLKVHVD]DGRYROMVWYRPRGULHPR
3
1HL]XPOMXMHVHQRYLVLVWHPVYLMHWDDNRVWH]DGRYROMQLRQLPWRVXYDPGUXJL
LVSULDOLRWRPHNDNRVYLMHWIXQNFLRQLUD
1LVNLVWXSDQM]DGRYROMVWYDQHHELWLSRWLFDMDQ]DSURPMHQX
1H]DGRYROMVWYRMHSUYLNRUDNNQDSUHWNXQHNRJRYMHNDLOLQDURGD
]DGRYROMVWYD
p2GDNOHRYMHNDWROLNRXGQMD]D]DEUDQMHQLP"
PQRJRMHRSDVQLMH
RYMHNSRQHNDGPLVOLGDPU]LXODJLYDQMDD]DSUDYRPU]LVDPRQDLQ
o

oRYMHNSRQHNDGPLVOLGDPU]LXODJLYDQMDD]DSUDYRPU]LVDPRQDLQ
2GDNOHRYMHNDWROLNRXGQMD]D]DEUDQMHQLP"
p
PQRJRMHRSDVQLMH
]DGRYROMVWYD
3RGRVWD]DGRYROMVWDYDVDVWRMLVHXWRPHGDLKVHVD]DGRYROMVWYRPRGULHPR
RGRVWD]DGRYROMVWDYDVDVWRMLVHXWRPHGDLKVHVD]DGRYROMVWYRPRGULHPR
3
]DGRYROMVWYD
p2GDNOHRYMHNDWROLNRXGQMD]D]DEUDQMHQLP"
PQRJRMHRSDVQLMH
RYMHNSRQHNDGPLVOLGDPU]LXODJLYDQMDD]DSUDYRPU]LVDPRQDLQ
o

,XKRPXGULKWUDL]QDQMH
-DYMHUXMHPMHU]QDGHP,]PHXYMHUHLXYMHUHQRJ]QDQMDQHPD]DSUDYR
QLNDNYHUD]OLNH
-HGDQRYMHNQHPRHVYH]QDWLDOLVYDWNRPRUDLPDWLQHWRWRUD]XPLMH
NDNRYDOMD-HGLQLSXWNRMLYRGLGR]QDQMDMHGMHORYDQMH
.DGELVPRSRVXPQMDOLXVYHWR]QDPRWRELELORVODERXPQRVDPRXERMVWYR
.DGDEL]QDQMHRGODJDOLSRSROLFDPDXYLGXSDSLUDRQRELVHXGDOMDYDORRG
QDVEU]LQRPVYMHWORVWL
.DNDYMHWDMLYRWXNRPHPRJXLPDWLPLUDMHGLQRDNRRGEDFLP]QDQMHL
LYOMHQMH"
.ROLNR]QDWROLNRYULMHGL
0DOROMXGLPDOR]QD
0QRJL]QDMXPQRJRQLWNRVYH
0QRJR]QDWL]QDLRVWDULWLSULMHYUHPHQD
0RUDVHPQRJRVWXGLUDWLGDELVH]QDORPDOR
1HYDOMDQLVYH]QDWL
1LMHGRSXWHQRVYH]QDWLLQHYDOMDQLVYH]QDWL
1LMHGRYROMQRGDVWHNQH]QDQMHWUHEDJDXSRWULMHELWL
1LMHGRYROMQRLPDWL]GUDYUD]XPWUHEDJD]QDWLSULPLMHQLWL
1LMHGRYROMQRVDPR]QDWLUDGLWLWUHEDWDNRHULUDGLWL1LMHGRYROMQRUDGLWL
WUHEDWDNRHU]QDWLUDGLWL1LMHGRYROMQR]QDWLPRUDVHLSULPMHQMLYDWL
1LMHWROLNRYDQRWRVHPRHL]QDQHJRGDVHWRLVWRKRHLXVXXMH
1LMH]QDQMH]QDQMH]QDWLYHMH]QDQMH]QDQMHGDWL
1LWNRQHPRHVYH]QDWL
1LWNRQHSRND]XMHVYRMHQH]QDQMHNDRRQDMWNRSRLQMHJRYRULWLSULMHQHJR
GUXJLVYUL
1RYR]QDQMHSRVWDMH]DVWDUMHOR]ERJVWDOQLKSURPMHQD
3ULJQLXKRVYRMHLXMULMHLPRMHXVSUDYLVYRMHVUFH]QDQMX
6DPRVHQH]QDOLFDVWLGLULMHLQH]QDP
6YLPL]QDPRYLHRGRQRJD]DWR]QDPRGDRWRPX]QDPR
WRMHPQRJRVWUDQLMH]QDQMHWRMHPQRJRVWUDQLMHL]DQLPDQMH
WRYLH]QDWRVLMDLXVYRPL]ERUX
7NRQRVLVYMHWLOMNXODNHSDGQHRGRQRJDNRMLJDVOLMHGL
LYOMHQMH"
0DOROMXGLPDOR]QD
1HYDOMDQLVYH]QDWL
1LWNRQHPRHVYH]QDWL
GUXJLVYUL
QLNDNYHUD]OLNH

QLNDNYHUD]OLNH
LYOMHQMH"
0DOROMXGLPDOR]QD
1HYDOMDQLVYH]QDWL
1LWNRQHPRHVYH]QDWL
GUXJLVYUL
LYOMHQMH"
0DOROMXGLPDOR]QD
1HYDOMDQLVYH]QDWL
1LWNRQHPRHVYH]QDWL
GUXJLVYUL
QLNDNYHUD]OLNH

7NRHOLELWLRVORERHQVYLKEULJDQHNDVHRNDQL]QDQRVWL
7UHEDXLWLSXQRGDELVH]QDORPDOR
8VWYDULPD]QDQMDQHPRHSRVWRMDWLXYMHUHQMD
9HOLNLFLOMREUD]RYDQMDQLMH]QDQMHQHJRDNFLMD
9LHVHYROLRQRRHPXVH]QD
=DSUDYRVH]QDVDPRRQGDNDGDVHQH]QD6D]QDQMHPUDVWHLVXPQMD
=QDQMHLYROMDREUDQDVXQDMEROMD
=QDQMHLPDJUDQLFDGRNQH]QDQMHLKQHPD
=QDQMHMHEODJRKUDQDGXHPR
=QDQMHMHRUXHDQHFLOM
=QDQMHMHYUOLQDNRMDXMHGLQMDYDGYLMHQDMOMHSHOMXGVNHRVRELQHSUDYHGQRVWL
PR
=QDQMHPRHPRQDXLWLRGGUXJLKPXGURVWLPRUDPRQDXLWLVDPLVHEH
=QDQMHQDVWDMHRG]UQFDVYDNRGQHYQRJLVNXVWYDLLQLRYMHNDVORERGQLPL
YHOLNLP
=QDQMHQHVPDQMXMHYULMHGQRVW
=QDQMHQH]DKWMHYDYHOLNHNROLLQHSULURGQLKUHVXUVDLOLHQHUJLMHLQH]DJDXMH
RNROLQX
=QDWLDQHKWMHWLLVWRMHWRLPRLDQH]QDWL
LYRWEH]]QDQMDMHJRWRYDVPUW
p%LWLVYMHVWDQVYRJQH]QDQMDYHOLNMHNRUDNN]QDQMX
1H]QDOLFDQHHQLWLQDPXNDPDSUL]QDWL
1H]QDOLFDQLMHVDPREDODVWQHJRLRSDVQRVW]DGUXWYHQLEURG
1H]QDOLFXMHQHPRJXHXYMHULWLGRND]LPD
1H]QDQMHMHEOLHLVWLQLQHJRSUHGUDVXGD
1H]QDQMHMHQHVYMHVQREODHQVWYR
1H]QDQMHMHXYLMHNVSUHPQRGDVHVDPRVHELGLYL
1LWDQLMHVNXSOMHRGEHVSXDQH]QDQMD
1LWDQLMHWDNRRSDVQRNDRSULMDWHOMQH]QDOLFDYLHELYULMHGLRSDPHWDQ
QHSULMDWHOM
2GQRVL]PHXLYRWQHGRELLQH]QDQMDNDNYDPXMHPDWHPDWLNDNULYXOMD"
8VSUNRVSRUDVWX]QDQMDNULYXOMDQDJORUDVWHVDLYRWQRPGRELQH]QDQMH
SRVWDMHEHVNRQDQR
7DNYDMHVXGELQDQH]QDOLFDVYHMHRQRQDWSULURGQRHPXQH]QDPRX]URND
=QDQMHMHRUXHDQHFLOM
PR
YHOLNLP
RNROLQX
QHSULMDWHOM
SRVWDMHEHVNRQDQR

=QDQMHMHRUXHDQHFLOM
PR
YHOLNLP
RNROLQX
QHSULMDWHOM
SRVWDMHEHVNRQDQR
=QDQMHMHRUXHDQHFLOM
PR
YHOLNLP
RNROLQX
QHSULMDWHOM
SRVWDMHEHVNRQDQR

7NRQH]QDLPDKUDEURVWLWNR]QDLPDVWUDK
7NRQLWDQH]QDPRUDVYHYMHURYDWL
VYRMHPQH]QDQMXJXELVHRVWDODQHSUHJOHGQDPDVDRYMHDQVWYD
8
295(0(18,35267258
Y ULMHPHPLMHQDSURORVWVDGDQMRVWEXGXQRVWJRGLQHWUDMDQMH
WUHQXWDNYMHQRVWVYLMHWVYHPLUQHERGDOMLQDSURYLQFLMDWLLQD
SULURGDHYROXFLMDSULODJRDYDQMHSUHLYOMDYDQMHRNROL]HPOMD
p'DQQHPRH]DGUDWLDOLJDQHPRUDL]JXELWL1DGXJRPSXWXQHPD
ODNRJWHUHWDJRGLQHVXQDMWHLWHUHW
3RWXMREHDQMH5RNRYLLPDMXEU]HNRUDNHDVWUDKGXJH
7LVLYUHPHQRPSURHWDRQRWHNSRWHELLPDVYRMVPLVDR
$NRQHSDPWLSURORVWRVXHQVLGDMHSRQDYOMD
$NR]QDL]DEUDWLYULMHPH]QDLGD]QDXWHGMHWLYULMHPH
$NR]QDNXGDLGHSURWLYWHEHUDGLYULMHPH$NRQH]QDNXGDLGH
WDPRHVLJXUQRVWLL
,YULMHPHMHWYRMWLUDQLQ
1DYULMHPHXVWDQLLQHEXGLSRVOMHGQML
1DMYHDWLMHPXGURVWXSRWULMHELWLSUDYRYULMHPH
1HEULQL]DRQRWRMHSURORMHULPDWROLNRVWYDULRNRWHEHNRMHVHXSUDYR
GRJDDMXDWHVX]DWHEHYDQH
1HPRHQDWUDJGR]YDWLGDQHNRMLVXSUROL
1HUHFLNDGEXGHPLPDRYUHPHQDXLQLWXMHUPRGDQLNDGDQHHLPDWL
YUHPHQD
2NUHQLVHEXGXQRVWLDQHSURORVWL.DGWRQR]QDVDGDQMRVWPRH
SURUDXQDWLEXGXQRVW
6YHWLQLMHPRJXHXVYDNRYULMHPH
%ODJRVWDQMHMHNDGDRYMHNLPDYLHVDWRYDQHJRYUHPHQD
%OL]XMHGRORNDMMHGDONRELOR
'DQDVMHVYHXLYRWXQDSUDYOMHQRGDRYMHNXRGX]PHYULMHPHQRYDFLSUDYX
VSRVREQRVWGDUDGLNRMDMHVYUHPHQRPL]YRUQRYFD
'XKYUHPHQDMHVWXWYDUDGRWLQHVDGDQMRVWL,PDWLYUHPHQD]QDL]QDWL]D
WRVHHOLLPDWLYUHPHQDD]DWRQH
SURUDXQDWLEXGXQRVW
YUHPHQD
YULMHPHPLMHQDSURORVWVDGDQMRVWEXGXQRVWJRGLQHWUDMDQMH
WDPRHVLJXUQRVWLL
295(0(18,35267258
8VYRMHPQH]QDQMXJXELVHRVWDODQHSUHJOHGQDPDVDRYMHDQVWYD

VYRMHPQH]QDQMXJXELVHRVWDODQHSUHJOHGQDPDVDRYMHDQVWYD
8
295(0(18,35267258
Y ULMHPHPLMHQDSURORVWVDGDQMRVWEXGXQRVWJRGLQHWUDMDQMH
WDPRHVLJXUQRVWLL
YUHPHQD
SURUDXQDWLEXGXQRVW

SURUDXQDWLEXGXQRVW
YUHPHQD
WDPRHVLJXUQRVWLL
295(0(18,35267258
8VYRMHPQH]QDQMXJXELVHRVWDODQHSUHJOHGQDPDVDRYMHDQVWYD

,]DEUDWLYULMHPH]QDLXWHGMHWLYULMHPH
0LVPRYUHPHQRPSURHWLDRQRWHNSRQDPDLPDVYRMVPLVDR
1DMYHHSRQLHQMHRYMHNDMHVWSRWURLWLVYRMHYULMHPHLMRXYLMHNLYMHWL
1DMYLHVHYUHPHQDJXELQDWRWRVHHOLGRELWLQDYUHPHQX
1HPRJXHMH]DPLVOLWLSRMDYHL]YDQYUHPHQDDOLMHPRJXHX]HWLSRMDYHL]
YUHPHQD
1LMHLVWLQDGDVHPRHSURSXVWLWLVYRMHYULMHPH=DRQRJDWNRXLVWLQXLPDWR
UHLXYLMHNMHYULMHPH7NRQHPDYUHPHQDQHHQLVD]ULMHWL8YLMHNVHDOLPR
GDVXQDPGDQLNUDWNLDSRQDDPRVHNDRGDLPQLNDGDQHHGRLNUDM
9ULMHPHMHYHOLNXLWHOM-HGLQRMHWHWDWRVYRMHXHQLNHXELMD
9ULMHPHMHYHOLNLVDPRXERMLFD
9ULMHPHMHVWVDPR]ERJWRJDWRVHQHWRGRJDDLVDPRWDPRJGMHVHQHWR
GRJDD
9ULMHPHOHWL
9ULMHPHVYHPLMHQMDLVYHRWNULYD
9ULMHPHRGJRYDUDMPL]DQHSRSUDYOMLYR]DQHQDGRNQDGLYR
p-HGLQRMHPLMHQDSRVWRMDQD
1LWDQLMHWUDMQRRVLPPLMHQH
6DPRMHPLMHQDGREURWYRUQD1HSUHVWDQRGQHYQRVYMHWOR]DPDUD
6DPRMHSURPMHQDSRVWRMDQD
6DPRRQDMWNRVHPLMHQMDRVWDMHYMHUDQVDPRPHVHEL
p%LWLVYMHVWDQVYRMHSURORVWL]QDLLPDWLEXGXQRVW1DMYHDMHPXGURVW
XSRWULMHELWLSUDYRYULMHPH
2QLNRMLQHSDPWHSURORVWRVXHQLVXGDMHSRQDYOMDMX
3DWRORND]DRNXSOMHQRVWSURORXQXQRNRLGXKRYQLUD]YRM
3URORVWELWUHEDODELWLRGVNRQDGDVNDDQHSRLYDOMND
3URORVWQDPQHPRHUHLWRYDOMDLQLWLDOLQDPPRHUHLHJDVHYDOMD
RNDQLWL
3URORVWRGEXGXQRVWL]DKWMHYDFLMHQXNRMDSRQL]XMH
6YHSUROD]L6DPRQHSURORVW
6YHDULSURORVWLQHPRJX]DPLMHQLWLGRGLUVDVDGDQMRX
NR]DWYDUDRL]DSURORVWSRVWDMHVOLMHS]DVDGDQMRVW
7
YUHPHQD
GRJDD
9ULMHPHOHWL
RNDQLWL
7NR]DWYDUDRL]DSURORVWSRVWDMHVOLMHS]DVDGDQMRVW

YUHPHQD
GRJDD
9ULMHPHOHWL
RNDQLWL
NR]DWYDUDRL]DSURORVWSRVWDMHVOLMHS]DVDGDQMRVW
7
YUHPHQD
GRJDD
9ULMHPHOHWL
RNDQLWL
7NR]DWYDUDRL]DSURORVWSRVWDMHVOLMHS]DVDGDQMRVW

8SURORVWLVPRLPDOLVYMHWORVWWRMHVYMHWOXFDODGDQDVLPDPRVYMHWORVWNRMD
SODPWLDXEXGXQRVWLVYMHWORVWHVMDWLSUHNR]HPOMHLPRUD
HOMDGD]DGUHSURORVW]DRNXSOMDRQHNRMLVHVXYLHYRHQLRGJRMHPL]
PODGRVWLQHJRQDGRP]DVWYDUDQMHEXGXQRVWL
p1HPDMHGQRVWDYQHVDGDQMRVWL6DGDQMRVWQHL]QRVLQDYLGMHORVDPR
VNULYHQHVWUDQHSURORVWLQHJRLQHWRWRMRQLMHSRVWRMDORVDGDQMRVW
SURORVWQHVDPRGDRWNULYDQHJRMHLVWYDUD
6DGDQMRVWMHVDPRSULMHOD]LSLWDQMHMHMHGLQRXWRPHNDPRYRGL
6DGDQMRVWMHWRNDXNRMRMVHGRGLUXMXSURORVWLVDGDQMRVW6WYDUDODNLLQ
QMLKRYDYL]LMDRQRJDWRXSUDYRVWYDUDMXWUDQFHQGLUDYULMHPH
6DGDQMRVWXYODLXVHEHEXGXQRVW
6DGDQMRVWQHSRVWRML2QRWRWLPLPHQRPQD]LYDPRVDPRMHVSDMDQMH
SURORVWLVEXGXQRX
p%XGXQRVWGROD]LQDUDWHWRMHRQRSRGQROMLYRNRGQMH
%XGXQRVWMHRYMHNDQDNRFNLRQDHELWLRVLJXUDQDLPGRYROMQROMXGLQH
EXGH]DWYDUDORRLSUHGWRPVSR]QDMRP
%XGXQRVWMHNDRSURVWRUPRJXQRVWLSURVWRUQDHVORERGH
%XGXQRVWVHQHSUHSR]QDMHQMXVHVWYDUD1DMXGQLMHNRGEXGXQRVWLMH
YMHURMDWQRSUHGRGEDGDHVHQDHYULMHPHNDVQLMHQD]LYDWLGREULPVWDULP
YUHPHQRP
1HPRHPRVHELYLHGRSXVWLWLGDVYRMXEXGXQRVWSUHSXWDPRVWUXQMDFLPD
LQDHELVPRVWYDUQRPRJOLGRLYMHWLQHXJRGQRL]QHQDHQMHGDVHVWYDUQR
XJDVHVYMHWOD
7NRVHHOLSREULQXWL]DEXGXQRVWSURORVWPRUDSULKYDDWLVD
VWUDKRSRWRYDQMHPDVDGDQMRVWVQHSRYMHUHQMHP
8SURORVWLMHSRVWRMDODRSDVQRVWGDOMXGLSRVWDQXURERYL2SDVQRVW
EXGXQRVWLMHGDOMXGLQHSRVWDQXURERWL
pHWUGHVHWMHGREDPODGRVWLDSHGHVHWMHPODGRVWVWDURVWL
*RGLQHQHVWYDUDMXPXGUDFHVWYDUDMXVDPRVWDUFH
1LWDQLMHEUHRGJRGLQD
6GYDGHVHWVYDWNRLPDOLFHNRMHPXMHGDR%RJVHWUGHVHWOLFHNRMHPXMH
GDORLYRWDVDH]GHVHWOLFHNRMHMH]DVOXLR
6YDNRRYMHNRYRGHVHWOMHHLPDVYRMXYODVWLWXVUHXVYRMHYODVWLWHQDGHL
SHUVSHNWLYH
8GYDGHVWRMJRGLQLLYRWDYODGDYROMDXWULGHVHWRM]QDQMHDXHWUGHVHWRM
SURVXLYDQMH
SURORVWLVEXGXQRX
YUHPHQRP
XJDVHVYMHWOD
1LWDQLMHEUHRGJRGLQD
SHUVSHNWLYH
SURVXLYDQMH

SURORVWLVEXGXQRX
YUHPHQRP
XJDVHVYMHWOD
1LWDQLMHEUHRGJRGLQD
SHUVSHNWLYH
SURVXLYDQMH

SURORVWLVEXGXQRX
YUHPHQRP
XJDVHVYMHWOD
1LWDQLMHEUHRGJRGLQD
SHUVSHNWLYH
SURVXLYDQMH

p%LORMHVXYLHOLMHSRGDELGXJRWUDMDOR
p7UHQXFLVXPMHVWDJGMHVHVSDMDMXSURORVWLEXGXQRVW-HGDQMHGLQLWUHQXWDN
PRHSURPLMHQLWLVYH
pWRRGELVPRRGPLQXWHQHYUDDQDPYMHQRVW
p6YLMHWHWHNRYLGMHWWXLPRLPD
$NRMHVYLMHWMHGQDFMHOLQDQXQRMHLSDNGDLVWUDXMHXQMHPXSRMHGLQH
VWYDULSULHPXQDUDYQRQHVPLMHL]JXELWLL]YLGDUHODWLYQRVWQDLKLVWLQD
1LWDQLVLGRQLRQDRYDMVYLMHWWDNRGDQLWDQHPRHL]QMHJDL]QLMHWL
LWDYMHVYLMHWOXGQLFD
RYMHNLVYLMHWVHX]JDMDPRXYMHWXMX
,GDVNHNRMHLPDPRSUHGJODYRPPRJX]QDLWLLWDYVYLMHW
.DGDELK]QDRGDHVXWUDSURSDVWLVYLMHWMRGDQDVELKSRVDGLRMDEXNRYR
GUYFH
/MXGLVYLMHWXYLMHNSURPDWUDMXQDWULQDLQDSRHWVNLRSWLPLVWLNLNDRGMHFD
LOLSULPLWLYQLQDURGLVNHSWLQRVPLUHQMHPSUHPDRVUHGQMRXLGXKRYQLP
VLURPDWYRPYL]LRQDUVNLVGXKRPNRMLMHL]PLMHDQVRDMDQMHP
LVSUD]QRXLOXFLGQRX
0RGDMHSRWUHEQRELWLXGDOMHQRGVYLMHWDGDELVHPRJORSUDYLOQRYLGMHWL
VYLMHW7NRQHNRMVWYDULVWRMLSUHEOL]XRQMRMLPDLVNULYOMHQXVOLNX
1DVYLMHWXLPDGRYROMQRVPLRQLKGDVLJQDOL]LUDMXNDWDVWURIX
1LMHOLPRGDLWDYVYLMHWMHGDQVDQ%RJD"
2YDMVYLMHWVDPRSRVHELQLMHUD]ERULWWRMHVYHWRVHRQMHPXPRHUHL
2YDNRMHXVYLPVOXDMHYLPDSULURGRVORYQLKRWNULDPLMHQMDMXQDLQQDNRML
VHVYLMHWRGUDDYDXQDLPJODYDPD
LWDYVYLMHWQLMHQLWDGUXJRQHJRKLMHUDUKLMDREOLNDRGQRVQRYMHQRNUHWDQMH
UD]YRMXVDYUDYDQMHREOLND
3ULMHQHJROLSURPLMHQLPRVYLMHWPRGDELLSDNELORYDQLMHGDJDQHXQLWLPR
3UHPD3DVFDOXVDYYLGLYLVYLHWMHQH]DPMHWOMLYSRWH]XLURNRPQDUXMX
SULURGH2NUXJMHWRQHL]PMHUDQNRPHMHVUHGLWHVYXGDRSVHJQLJGMH
6NUDMQRVWLVHGRWLXLVMHGLQMXMXWRMDHWRVXVHYHPDRGDOMLOH9LGLY
SURVWRUVYLHWDRLWRQDVSUHPDXMHDSRWRPLVLWQLMHVWYDULSUHPDXMHPRWR
PLVOLPRGDVPRVSRVREQLMLSRVMHGRYDWLLKDPHXWLPQHWUHEDPDQMH
VSRVREQRVWLGDGRQLWRVWLGRVHJQHPRQHJRMHWUHEDGRVYHJD7UHED
QHL]PMHUQRVWLGRMHGQRJDLGUXJRJDWHPLVHLQLGDNRMLELGRNUDMQDSRHOD
VWYDULGRNXLRWDMELLGRSR]DQMDQHL]PMHUQRVWLGRVSLR-HGQRRYLVLR
GUXJRPMHGQRGRYRGLGUXJRPX-HUNDNRELPRQRELORGDHVWSR]QDMH
FMHOLQX"3RWRVXGDNOHVYHVWYDULX]URNRYDQHLX]URNXMXHSRPDJDQHL
%LORMHVXYLHOLMHSRGDELGXJRWUDMDOR
p
PRHSURPLMHQLWLVYH
LWDYMHVYLMHWOXGQLFD
GUYFH
LVSUD]QRXLOXFLGQRX

PRHSURPLMHQLWLVYH
LWDYMHVYLMHWOXGQLFD
GUYFH
LVSUD]QRXLOXFLGQRX
PRHSURPLMHQLWLVYH
LWDYMHVYLMHWOXGQLFD
GUYFH
LVSUD]QRXLOXFLGQRX

SRPDJDMXHSRVUHGQHLQHSRVUHGQHWHPHXVRERPVSRMHQHVSRQRP
QDUDYQRPQH]DPMHWOMLYRPNRMDLKLQDMXGDOMHQLMHLQDMUD]OLLWLMHVNXSDYHH
WRGULPGDVHQHGDSR]QDYDWLHVWLEH]SR]QDYDQMDFLHORVWLNDNRJRGQL
SR]QDYDWLFLHORVWLQHSR]QDYDMXSRMHGLQHHVWL1LWDQLMHEH]XPQRNDRUHL
GDVWYDUVDPDVHEHSR]QDMH1HVWDQRVWSULYLGQRVWLXYLMHNQDPUD]XP
REPDQMXMHWHQLWDQHPRHXYUVWLWLRJUDQLHQRELHL]PHXGYLMH
EHVNUDMQRVWLNRMHJDGUHLL]PLXPXLQLPLVHGDVQLYDQMHULLYRWMHVDQ
VDPRQHWDNRQHVWDODQ1DUDYQRGDVHX]GDPRGDVPRVSRVREQLMLGRVUHGLWD
VWYDULGRVHLQHJRLPRSVHJREXKYDWLWL6YHVX]QDQRVWLQHL]PMHUQHJOHGH
RSVHJDQMLKRYDLVSLWLYDQMDMHUWNRGYRMLQDQDSULPMHUGDJHRPHWULMDMR
QHEURMHQLKSLWDQMDUMHLWLLPD"2VYHPXWRVHWUHED]QDWLWUHEDLSLVDWL1H
WUDLPRYHMHGQRL]YMHVWQRVWLXVWDOQRVWL9MHQDVDPRPMHQDMHVW
6YLMHWMHGREURUD]YLMHQPHXQDURGQLVXVWDYQRLXQDMEROMHPVOXDMXWHN
YUORSULPLWLYQDPHXQDURGQD]DMHGQLFD
6YLMHWMHLVSXQMHQELMHGRPSDWQMDPDEROHVWLPDPRUDOQLPUDQDPDL
SULVLODPD
6YLMHWMHLVWLQVNDNRODMHUVHWXVYHXLVDPRSRVHEL
6YLMHWMHOXGQLFDSHUYHU]QLKSXQERMLKVQRERYD
6YLMHWMHRJOHGDORXNRPVYDWNRYLGLVYRMXGXX6YLMHWMHRQDSUDYDNRODMHU
VHWXVYHXLVDPRSRVHEL
6YLMHWMHRYRMJODYLGUXNLMLQHJRXRVWDOLPOMXGVNLPJODYDPD
6YLMHWQLMHNRPSOHNVVWYDULQHJRNRPSOHNVSURFHVD
6YLMHWVHGDYLXNUHWHQVNLPUD]PMHULPD
6YLMHWVHPRHVKYDWLWLNDRQHEURMHQRPQRWYRSRUXND
6YLMHWRPXRSHQHYODGDORJRVQHJRNDRV
7NRHOLGDVYLMHWRVWDQHRQDNDYNDNDYMHQHHOLGDVYLMHWRVWDQH
8VYLMHWXVHXYLMHNODNHXMHMHNDQHJRRGJRYRU
.DGDELOMXGLSULDOLVDPRRRQRPWRUD]XPLMXLVKYDDMXQDVYLMHWXELELOR
YUORWLKR
2VQRYQDVLWXDFLMDRYMHNDMHGDVHQDOD]LPRXVYLMHWXDGDQH]QDPRRGDNOHL
NDPR
p0RJXOLNRPSDVRPGXKDSURQDLIRUPXOXVYHPLUD"
6YHPLUMHNUXJNRMHPMHVUHGLWHSRVYXGDDSHULIHULMDQLJGMH
p1DQHEXDQHRQLMHJODYQLOLN
1HERMHOMXGLPDNDRSURWXWHX]DVYHQDSRUQHVWYDULXLYRWXGDORWULVWYDUL
QDGXVDQLVPLMHK
QDGXVDQLVPLMHK
SULVLODPD
VHWXVYHXLVDPRSRVHEL
YUORWLKR
NDPR

SULVLODPD
VHWXVYHXLVDPRSRVHEL
YUORWLKR
NDPR
QDGXVDQLVPLMHK

QDGXVDQLVPLMHK
SULVLODPD
VHWXVYHXLVDPRSRVHEL
YUORWLKR
NDPR

1HERQDPVHLQLOLMHSLPMHUSRVWRMHUXQHVWYDUL'REURQDPVHLQLGREULP
MHUSRVWRML]OR
p'DOMLQDNRMDRNXXPDQMXMHSUHGPHWHSRYHDYDLKPLVOLPD
3ULURGQH]DNRQLWRVWLVXVWDWLVWLNHLVWLQH6NXSRVHSODDWULMXPIQDG
SULURGRP
3ULURGDVHEULQH]DYUVWXDQH]DSRMHGLQFD
$NRVHSULURGDSURWLYLX]DOXGDQMHWUXG
'REURMHWRMHSUHPDSULURGL
0LVPRGLRXQLYHU]DOQHSULURGHWHVHSRNRUDYDPRQMHQXUHGX
1DWHPHOMXVYDNRJ]DNRQDSULURGHNRMLVHRLWXMHSURPDWUDXPRHVH
]DNOMXLWLGDSRVWRMHMRVWYDULNRMHQLVPRVSR]QDOL
2QRWRRGX]LPDMHGQRPSULURGDGDMHGUXJRP
3ULURGDLQLVWYDULQDQDMMHGQRVWDYQLMLQDLQ
3ULURGDMHEHVNRQDQRGLMHOMHQ%RJ
3ULURGDMHL]MHGQDHQDV%RJRP
3ULURGDMHPDOLP]DGRYROMQD
3ULURGDMHVDYUHQDNDNRELQDPSRND]DODGDMHVOLNDERMDDQHGRVWDWNHNDNR
ELQDPSRND]DODGDMHVDPRVOLND
3ULURGDMHVOLMHSDMHUNDGEL]QDODWRUDGL]DWRELRYMHNELRRNUXHQ
JRULODPDLEDUEDULPD
o3URYLQFLMDQLMHSRGUXMHYHVWDQMH
LYDELDXOD]HXUH]RQDQFXVDVYRMRPRNROLQRP
p,WLVLGLRSULURGH
8RYMHNXHYROXFLMDSRVWDMHVYMHVQDVDPDVHEH7HNVWRPVYLMHXLQDVWDMH
NDRSUDYRLGXQRVWPRJXQRVWGDYDQMDVPLVOD]DRYMHNDQDVWDMHVYLMHW
YULMHGQRVWLLWHUHWRGJRYRUQRVWLQHVDPR]DYODVWLWLURGYH]DXNXSQR
RUJDQVNRGRJDDQMHXXNXSQRPSRGUXMXQMHJRYHRSDVQRQDUDVOHPRL.DR
LXHYROXFLMLRUJDQVNRJVYLMHWDLXHYROXFLMLVSR]QDMHQDVWYDUDODNLQDLQ
GMHOXMXVOXDML]DNRQL
1HPRHHNDWLPLORVWRGSULURGHX]HWLMHRGQMHWYRMMH]DGDWDN
3ULURGDWLMHRVLJXUDODGYLMHVWYDULMHGQXGDQDQMRMVMHGLLGUXJXGDV
QMRPPLVOL2GWDGDRYMHNRYXVSMHKLOLQHXVSMHKRYLVLRWRPHNRMXYLHUDEL
3ULURGDQHLQLVNRNRYH3URPDWUDMSULURGXSRYRGLVH]DQMRP
GMHOXMXVOXDML]DNRQL
p,WLVLGLRSULURGH
SULURGRP
JRULODPDLEDUEDULPD
MHUSRVWRML]OR

MHUSRVWRML]OR
SULURGRP
JRULODPDLEDUEDULPD
p,WLVLGLRSULURGH
GMHOXMXVOXDML]DNRQL
GMHOXMXVOXDML]DNRQL
p,WLVLGLRSULURGH
SULURGRP
JRULODPDLEDUEDULPD
MHUSRVWRML]OR

ULURGDMHXQDMPDQMLPVWYDULPDQDMYHOLDQVWYHQLMD
3
3ULURGDQLMH%RJMHURQDQHQDODHGREURQHJRVDPRUHSURGXNWLYQR
XVSMHQR'DNOHHWLNHLPRUDOLWHWDWXQHPDDOLMH]DWRYDQRGDOMXGLQH
SRGXSLUDMXVXYUHPHQLUDVL]DPLVHNVL]DP
3ULURGDVHYROLRNUXLWLWDMQDPD
3ULURGDVHDFDSUHGSUD]QLQRP
3ULURGDXGUXXMHMHGQDNH
6YHWRSRGUD]XPLMHYDPRSRGSULURGRPMHYHOLNDVQLPNDWUDWLQLFH
WRSULURGDGDMHQLWNRQHPRHX]HWL
WRSULURGDXVNUDWLQLWNRQHPRHSRYUDWLWLPRGDPHGLFLQD"
7RMHVSR]QDMDRSULURGLVWYDUvPHNRVODERWUDMDWHGXOMHQHJRWYUGRLMDNR
=DNRQLSULURGHPRJXVHRWNULWLVDPRLVSLWLYDQMHPDQHWHRORNLPGRJPDPDL
ILOR]RIVNLPL]UHNDPD
=DNRQLSULURGHVXQHSURPMHQMLYLDOLQHSRVWRMLQLMHGQDOMXGVNDLQVWLWXFLMD
QLWDRSHQLWROMXGVNRWRVHQHELPRJORSURPLMHQLWLSRHYLRGLOLEROMH
UHHQR]DYUDYDMXLNRGVDPRJRYMHND
3ULURGDMHSRJULMHLOD,XLPDWUHEDODGDWLNDSNH
p3ULODJRDYDQMHMHVQDJDVODELK
9ROMD]DSUHLYOMDYDQMHPWLUDQLQMHQDGWLUDQLPD
p(NRORNDMHUD]OLLWRVWLYRWLQMDSRYH]DQDVUD]OLNDPDXSUHKUDQL
3RSLWDQMX]DWLWHRNROLDPQRJHVXYODGHNULPLQDOQHRUJDQL]DFLMH
3URL]YRGLWLSODVWLQXPDWHULMXYLHQLMHXPLMHHDOL]EULQXWLPDWHULMXMH
XPLMHHMHUSODVWLNDQLMHOMHSHQND
pRYMHNELWUHEDRELWLYLHJUDDQLQVYHPLUDQHJRJUDDQLQ=HPOMH
RYMHNQLMHSDVLYQLPRWULWHOMMHGQRJNR]PLNRJUHGD
2NDNRMHOLMHSD%RMD]HPOMDLGRVWRMQDWRJDGDQDQMRMEXGHPRYHVHOL
3ORGRYLSULSDGDMXVYLPDD]HPOMDQLMHQLLMD
6YLVPRPLSXWQLFLQDEURGX=HPOMDWH]DWRQHVPLMHPRGRSXVWLWLQMHJRYR
XQLWHQMH'UXJH1RLQHDUNHQHHELWL
2=%,/-122'8+29,7267,
p%UDQLVHVPLVORP]DKXPRU
%XGLGXKRYLWDOLX]RVMHDMPMHUH+XPRUHVWRPRHSRVOXLWLNDR
VUHGVWYR]DQHVYMHVQRL]UDDYDQMHVHNVXDOQLKLDJUHVLYQLKPLVOL
2=%,/-122'8+29,7267,
XGLGXKRYLWDOLX]RVMHDMPMHUH+XPRUHVWRPRHSRVOXLWLNDR
%
3ULURGDMHXQDMPDQMLPVWYDULPDQDMYHOLDQVWYHQLMD
ILOR]RIVNLPL]UHNDPD

ULURGDMHXQDMPDQMLPVWYDULPDQDMYHOLDQVWYHQLMD
3
ILOR]RIVNLPL]UHNDPD
2=%,/-122'8+29,7267,
%XGLGXKRYLWDOLX]RVMHDMPMHUH+XPRUHVWRPRHSRVOXLWLNDR

2=%,/-122'8+29,7267,
XGLGXKRYLWDOLX]RVMHDMPMHUH+XPRUHVWRPRHSRVOXLWLNDR
%
3ULURGDMHXQDMPDQMLPVWYDULPDQDMYHOLDQVWYHQLMD
ILOR]RIVNLPL]UHNDPD
'RVMHWNDMHQDGPXGUHQDERO
'XKRYLWLRGJRYRULVXQDMEUDSRWYUGDVDPRVYLMHVWL+XPRUHVWRPRH
SRVOXLWLNDRVUHGVWYR]DQHVYMHVQRL]UDDYDQMHVHNVXDOQLKLDJUHVLYQLKPLVOL
+XPRUMHQDSUDYDNRMDSRPDHGDQDPQHSXNQHILOP
+XPRUMHSRMDV]DSOLYDQMHULMHNRPLYRWD$OLWNRWUL]DGXKRYLWRX
XKYDWLJOXSRVW
+XPRUQLMHGDUGXKDYHMHGDUVUFD
.RPHQWLUDWLGXKRYLWHL]MDYH]QDLORELOHSWLUHRSWHUHWLWLSRWNRYLFDPD
.RULMHQLKXPRUDVXXEROX&UQLKXPRUVHHMRGXEOMH
1LWDWDNRQHXPDUDNDRQHGXKRYLWDSDPHW
3DURGLMHLNDULNDWXUHVXQDMVWUDQLMHNULWLNH
NRWUL]DGXKRYLWRXXKYDWLJOXSRVW
7
'8+29,7222=%,/-120
p%RJPLMHVYMHGRNGDVDPDWHLVW
RYMHNMHNUXQDVWYDUDQMDWHWDWRVHUDGLRWUQRYLWRMNUXQL
RYMHNQLMHGQXJOXSRVWQHWUHEDSRLQLWLGYDSXWDL]ERUMHQDNRQFXGRYROMQR
YHOLN
RYMHNVHUDDVOLMHSDXPLUHNUDWNRYLGDQ
'RRKYLGMHKSUREOLMHGLK
*ODYDMHRQDMGLRQDHJWLMHODNRMLQDPQDMHHVWRMLQDSXWX7HNRMHLYMHWL
X]HPOMLXNRMRMQHPDKXPRUD$OLMRJRUHMHLYMHWLX]HPOMLXNRMRMMH
KXPRUSRWUHEDQ
-HGLQLNRMLWUHEDWLJURYRNU]QRMHWLJDU
-HGLQRWRPLMHXLYRWXNDNRWDNRLVSDORVX]XEL
.DGSDPHWVWDQHJOXSRVWMHYHGDOHNRRGPDNOD
.DGVHVDPRVMHWLPGRHPLGDVYH]DERUDYLP
/DNRWLMHSOLWNXYRGX]DPXWLWLLEXGDOXUD]OMXWLWL
/MXGLVHGLMHOHQDRQHNRMLQLVXQLWDLNRMLMHVXQLWD
/MXGLVXSULODJRGOMLYLDOLQLVXSRX]GDQL.RGUDXQDODMHREUDWQR
0DNDXUXNDYLFDPDQHPRHORYLWLPLHYH0DJDUDFUXLQRPJUPXQLNDGD
QHHRSURVWLWLWRQHPDLNH
HXYXNRYLPDWUHED]DYLMDWL
0

'8+29,7222=%,/-120
YHOLN
KXPRUSRWUHEDQ
0HXYXNRYLPDWUHED]DYLMDWL
XKRYLWLRGJRYRULVXQDMEUDSRWYUGDVDPRVYLMHVWL+XPRUHVWRPRH
'
XKYDWLJOXSRVW
7NRWUL]DGXKRYLWRXXKYDWLJOXSRVW

XKYDWLJOXSRVW
DURGLMHLNDULNDWXUHVXQDMVWUDQLMHNULWLNH
3
'8+29,7222=%,/-120
YHOLN
KXPRUSRWUHEDQ
HXYXNRYLPDWUHED]DYLMDWL
0
'8+29,7222=%,/-120
YHOLN
KXPRUSRWUHEDQ
0HXYXNRYLPDWUHED]DYLMDWL
RVMHWNDMHQDGPXGUHQDERO
'
XKYDWLJOXSRVW

L+UYDWLYD]GDGREURSDPWLPRWRVPR]DERUDYLOL
0
0XGURJDSRWHNDUDLELMHORPDJDUHWHNRMHRWNULWLXLWDYRM.LQL
1DMRSDVQLMHRUXMHVXOMXGLPDORJNDOLEUD
1HPRHMHGQRPVWUDQMLFRPMDKDWLQDGYDNRQMD
1HNLELOMXGLUDGLMHXPUOLQHJRUD]PLOMDOL$WRRQGDLLQH
1HNLSLMHWORYLPLVOHGDVXQFHL]OD]L]ERJQMLK1HPDLYRWDEH]SMHYDQMDNDR
WRQHPDQLLYRWDEH]VXQFD
1LNDGQHUDVSUDYOMDMVEXGDORPOMXGLPRGDQHHXRLWLUD]OLNX
1LNRJDVHQHPD]LWDNRNDRUWYHQRMDQMHQDSXWXGRPHVDUVNRJSDQMD
2VMHDVHGREURQHEULQL3URLHWH
3DPHWDQPXNDUDFQHSURWXUMHLHQL2QHNDGRNRQDWRVDPDXLQL
3DPHWQDHQDLPDPLOLMXQURHQLKQHSULMDWHOMDVYHJOXSHPXNDUFH
3RQHNHHQHSODXMHUQLVXGRELOHPXNDUFDVYRMLKVQRYDDQHNHSODXMHU
VXJDGRELOH
3RVWRMLXYMHWRYDQLRSWLPL]DPGDMHSURPMHQDPRJXDEURMHNRQRPLVWDUDVWH
EUHRGVYMHWVNRJVWDQRYQLWYD
6QDLPVXGRYLPDMHGQDNRMHNDRLVQDLPVDWRYLPDLGXJRWRYRMHGQDNRDOL
LSDNVYDWNRYMHUXMHYODVWLWRP
6LWVDPJODGL
6YDNDVHSRJUHNDLQLQHYMHURMDWQRJOXSRPNDGHMHXLQHGUXJL
6YDNLRYMHNLPDGREUHVWUDQHXNROLNRORHSUHOLVWD
6YDNLRYMHNMHNODXQVDPRPDOLEURMOMXGLMHGRYROMQRKUDEDUGDWRSRNDH
6YDNLPODGLRYMHNGRHSULMHLOLNDVQLMHGRL]QHQDXMXHVSR]QDMHGDL
URGLWHOMLSRQHNDGLPDMXSUDYR
6YHMHRLWLMHGDRYMHNQLMHVLDRVJUDQHYHGDMHVQMHSDR
WRRQGDDNRDONRKROVNUDXMHLYRWLRQDNRVYHYLGLPGYRVWUXNR
7NRHOLLVXLWLPRYDUXQHHSLWDWLDEHSDDNQLQDMPRQLMHGRSXWDMXOL
RQHWR
7UXQXWYRPRNXQDMEROMHMHSRYHDOR
8GREDURPDQWLDUDFYLMHWVHMHYROLRUDGLPLULVDXQDHGREDVHYROLUDGL
SORGDNRMLQLH
8LYRWXRYMHNSUYRXLKRGDWLLJRYRULWL.DVQLMHQDXLPLUQRVMHGLWLL
XWMHWL
8VLMDQDJODYDMHNUHPDWRULM]DPR]DN
0L+UYDWLYD]GDGREURSDPWLPRWRVPR]DERUDYLOL
VXJDGRELOH
6LWVDPJODGL
RQHWR
SORGDNRMLQLH
XWMHWL

L+UYDWLYD]GDGREURSDPWLPRWRVPR]DERUDYLOL
0
VXJDGRELOH
6LWVDPJODGL
RQHWR
SORGDNRMLQLH
XWMHWL

0L+UYDWLYD]GDGREURSDPWLPRWRVPR]DERUDYLOL
VXJDGRELOH
6LWVDPJODGL
RQHWR
SORGDNRMLQLH
XWMHWL

9HOLNDVUHDMHRYMHNRYRLVSLWLYDQMHYDWURPDYHOLNDQHVUHDVDPR
LVSLWLYDQMHYRGRP
9HOLNHULMHNHWUHEDMXPDOHYRGH
9MHWURPNRMLVDPLSURL]YRGLPDQHPRJXVHQDSXQLWLMHGUD
9ODVWLWLSDVQHEXLRQVDPRODMH
9UKXQDFJOXSRVWLJOXSRVWQDYUKXQFX
=DPDOHVYDNRGQHYQHVWYDULSRWUHEQRMHSXQRYLHHQHUJLMHQHJR]DULMHWND
MXQDNDGMHOD
=XELVXGREDUVDYMHWQLNMH]LND2GVYLKMH]LNDQDMWHHMHQDXLWLGUDWLJD]D
]XELPD
HPXVNULYDWLERJXRQRWR]QDMXVYHFL"
,SDNGREURMHGDXQHWRYMHUXMHWUHEDYMHURYDWLXQHNLLGHDOSDELRRQ
NDNDYPXGUDJRLGHDOGRPRYLQHFLYLOL]DFLMHRYMHDQVWYD
.ORQLVHDQLPL]PDRQVHMDYOMDL]QH]QDQMDLSUHGVWDYOMDVDPRMH]JUR
UHOLJLMH
/MXGLUDGRYMHUXMXRQRWRHOH
0RGDWUHEDVYLPDYMHURYDWLLQDHVHQHPRHLYMHWL
1HYMHUXMGRNUDMDQLXRLJOHGQR
1HYMHUXMVYHWRWLVHJRYRULRRQLPDNRMLQHPLVOHNDRWL
1HYMHUXMVYHPXWRXMH3RVWRMLOXNDYDXPMHQRVWXVOXELQHSUDYGH
1HYMHUXMXXGD6YDXGDERMDQLVXQDMHGQRPHSODQX
1HYMHUXMYHPLVOL
1LMHELWQRWRVHYMHUXMHYHNDNRVHYMHUXMH
1LNDGQHHSUDYRXUDGLWLDNREU]RYMHUXMH
3D]LNRPHYMHUXMH
6DPRMHRVREDNRMDYMHUXMHXVHEHVSRVREQDELWLYMHUQDGUXJLPD
25(/,*,-,,9-(529$1-8
p$NRKRHQDL%RJDVOXLRYMHNX
%RDQVNRMHXWHELDQHXSRMPRYLPDLNQMLJDPD
YMHUDLYMHURYDQMHUHOLJLMDDQLPL]DPEH]ERQLNERJXGD
SUD]QRYMHUMHUDMSDNDRSURSRYLMHGLYUDHYL
25(/,*,-,,9-(529$1-8
UHOLJLMH
1HYMHUXMYHPLVOL
3D]LNRPHYMHUXMH
LVSLWLYDQMHYRGRP
MXQDNDGMHOD
]XELPD

LVSLWLYDQMHYRGRP
MXQDNDGMHOD
]XELPD
UHOLJLMH
1HYMHUXMYHPLVOL
3D]LNRPHYMHUXMH
25(/,*,-,,9-(529$1-8
$NRKRHQDL%RJDVOXLRYMHNX
p
RDQVNRMHXWHELDQHXSRMPRYLPDLNQMLJDPD
%
25(/,*,-,,9-(529$1-8
UHOLJLMH
1HYMHUXMYHPLVOL
3D]LNRPHYMHUXMH
LVSLWLYDQMHYRGRP
MXQDNDGMHOD
]XELPD

WRMHYLHOMXGLNRMLQHWRYMHUXMXWRMHYHDYMHURMDWQRVWGDMHWRPLOMHQMH
SRJUHQR/MXGLNRMLVXXSUDYXQDMHHVXVDPL
7NRHOLRVWDWLYMHUDQVDPRPHVHELQHPRHXYLMHNRVWDWLYMHUDQGUXJLPD
7RFTXHYLOOHMHVPDWUDRGDVYDNR]QDQMHSURL]OD]LL]VXPQMHDVYUDYDX
YMHURYDQMX
9MHURYDQMHL]QDQMHVHSRQDDMXNDRGYLMHSOLWLFHMHGQHYDJHXRQRPRPMHUX
XNRMHPMHGQDUDVWHGUXJDSDGD
9MHURYDWLXQDSUHGDNQH]QDLYMHURYDWLGDMHYHGRORGRQDSUHWND7RQHEL
ELODYMHUD
=DSUDYRYLGLPRVDPRRQRXWRPRHPRYMHURYDWLVDPRRQRWRQHSUHOD]L
SUHYLHJUDQLFHQDHYODVWLWHSULURGH
=DUMH%RJVWYRULRRYMHNDGDEXGHKUDQDSVLPD"
p$NRMHUHOLJLMDRSLMXP]DQDURGWDGDMHLRSLMXPUHOLJLMD]DQDURG
$NRPLQHWNRNDHGDMHMDNRSRERDQRGPDKVHXYDPQMHJRYH
EH]ERQRVWL$NRSRVWRMLYMHUDNRMDPRHSRPLFDWLSODQLQHRQGDMHWRYMHUDX
YODVWLWXVQDJX
%H]OMXGVNHUDGR]QDORVWLVWDUHELYMHUHWUDMDOHMRJHQHUDFLMDPD
%ODJRRQLPDNRMLHYMHURYDWLDGDQLVXYLGMHOL
%RJRYLKHURMLLGRJPHVHQDPHXDQHSUHWUHVDMXVHRQLVHJXEHLPVH
X]PXXSUHWUHV
%ROMHMHYMHURYDWLVYRMLPRLPDQHJRWXLPULMHLPD
&UNYDMHVWDOQRXLVNXHQMXSULODJRGLWLVHVYLMHWXWHLWL]DXWMHFDMHPNRMLVH
WHPHOMLQDPRLSRYODVWLFDPDLSUHVWLXD]DERUDYOMDGDMHQMH]LQJRVSRGLQL
XLWHOMURHQXWDOL
LQLVHGDYMHUXMHPRXVHEHGDVPRVYMHVQLSRVWRMDQMDQDHJMDMH]JUHQDH
OLQRVWL$NRQHYMHUXMHPRXQDHMDQDHMHRVMHDQMHLGHQWLWHWDXJURHQRL
PLSRVWDMHPR]DYLVQLRGUXJLPOMXGLPDLMHRGREUDYDQMHWDGDSRVWDMH
RVQRYRPQDHJYODVWLWRJLGHQWLWHWD6DPRMHRVREDNRMDYMHUXMHXVHEH
VSRVREQDELWLYMHUQDGUXJLPDMHUMHGLQRRQDPRHELWLVLJXUQDGDHX
EXGXQRVWLELWLLVWDNDRLGDQDVLGDH]DWRRVMHDWLLGMHORYDWLNDNRVHVDGD
RHNXMHRGQMH
RYMHNMHERJ2QWUHEDXSR]QDWLVDPRVHEHGDVYHLYRWQHRGQRVHPMHUL
SUHPDVHELGDVXGLSUHPDVYRMRMELWLGDVYLMHWXUHGLXLVWLQXSUHPD
]DKWMHYLPDVYRMHSULURGHLRQGDMHULMHLR]DJRQHWNXQDHJYUHPHQD
RYMHNMHSRVWDYLRJUDQLFHVSR]QDMLGDELXLQLRPMHVWD]DYMHUX
RYMHNMRQLMHXVSLRL]JUDGLWLWDNDYSRUHGDNL]DWRXYMHUHQMHGDRQWRPRH
]DKWLMHYDYMHUXLYMHWLXYODVWLWRMYMHUL]QDLLYMHWLSURGXNWLYQR
YMHURYDQMX
ELODYMHUD
YODVWLWXVQDJX
X]PXXSUHWUHV
XLWHOMURHQXWDOL
RHNXMHRGQMH

YMHURYDQMX
ELODYMHUD
YODVWLWXVQDJX
X]PXXSUHWUHV
XLWHOMURHQXWDOL
RHNXMHRGQMH

YMHURYDQMX
ELODYMHUD
YODVWLWXVQDJX
X]PXXSUHWUHV
XLWHOMURHQXWDOL
RHNXMHRGQMH

RYMHNQHPRHELWLEH]YMHUH
'DQDVMHRLWRGDPRUDOSRVWRMLQHRYLVQRRUHOLJLR]QLPLGHMDPD
'DQDQMLOMXGLVHGLMHOHQDWHLVWHGHLVWHLDWHLVWHLRQHNRMLWRXRSHQLVX
'RNVXVHMHGQLREUDWLOLUHOLJLMLGDLPSRGDXWMHKH]DQHGRXPLFHQMLKRYD
GXKDGUXJLVXVHREUDWLOLYLGOMLYRMOMHSRWLHQVNLKREOLND
'RDRVDPRGR]DNOMXNDGDRQDMWNRVSRWRYDQMHPSURXDYDGUXJHUHOLJLMH
EH]RE]LUDNRMHMHYMHUHVYRMHVUFHLULDQHVXDYD'UXWYRQHLQHVDPR
KHURML6YHGRNVXVWRORYLSRVWDYOMHQLVDPR]DPDQMLQXLGRNYHLQDWUHED
VOXLWLVDPRSRWUHEDPDPDQMLQHL]DGRYROMDYDWLVHQMLKRYLPRVWDFLPDQMHJXMH
VHRVMHDMGDMHQHSRVOXQRVWJULMHK1HNDGDNDRLGDQDVWDMVXRVMHDM
QMHJRYHLFUNYDLGUDYDGMHOXMXL]DMHGQRMHUREMHXQMLPDWLWHSRVWRMHH
KLMHUDUKLMH
'UDYDMHQHXWUDOQDL]DWRQHVPLMHJUDDQLQDVLOLWLQLQDQMH]LQXILOR]RILMXQL
QDQMH]LQXUHOLJLMX'UDYLMHSRWUHEQDUHOLJLMDNDRLGHRORJLMDNRMDWLWLRG
QHSRVOXQRVWLLJULMHKDDFUNYLVXSRWUHEQLYMHUQLFLNRMHGUDYDREXDYD
YUOLQDPDLSRVOXQRVWL2EMHVHNRULVWHLQVWLWXFLMRPRELWHOMLDVYHXFLOMX
VODPDQMDYROMHLSULSUHPH]DIXQNFLRQLUDQMHXVYRMVWYXJUDDQLQD1DWDMVH
QDLQQDHOMXGVNRMDVHOLL]QDVSUHPDDXWRULWHWXNRMHPVHSRNRUDYDPR,DNR
QDV]DVOMHSOMXMHWDSRNRUQRVWNDRWDNYDQHPRUDQXQRELWLVYMHVQD
*GMHMHYMHUDWXMHLVPLMHK
+RHOLVHRYMHNLNDGDRVORERGLWLNOHDQMDSUHGGUYHQLPVYHFLPD"
,GHRORNLYMHUVNLLOLQDFLRQDOQLWRWDOLWDUL]DPSULMHWQMDVXPLUXLVSRUD]XPX
,PDPRGRYROMQRUHOLJLMHGDMHGQLGUXJHPU]LPRDOLQHPDPRGRYROMQRGDEL
MHGQLGUXJHYROMHOL
,QGXVWULMVNDUHOLJLMDOMXGHVYRGLQDVOXJHHNRQRPLMHLPDLQHULMHNRMHVX
VWYRULOHQMLKRYHUXNH
,VODPVHLULREUDDQMHPLUD]PQRDYDQMHPDNUDQVWYRREUDDQMHP1D
GXXVWD]X0XKDPHGSREMHXMHDNUDQVWYRMHXRSDGDQMX
,VXV.ULVWDQDNULQLVXSULELOLEH]ERQLFLYHSRERQLFLRQRJYUHPHQD
,]ODQFDYMHURYDQMDVSDVLWHVDPRUD]XP
,]PHXYMHUHLSUDYH]QDQRVWLQHSRVWRMLVURGVWYRQLSULMDWHOMVWYRRQHLYHQD
UD]OLLWLP]YLMH]GDPD
.DGJRGVHUHOLJLMDXGUXLODVDVYMHWRYQRPYODXQXQRMHSRVWDMDOD
DXWRULWDUQD6WYDUQLSDGRYMHNDMHXSUDYRQMHJRYRRWXHQMHRGVDPRJDVHEH
QMHJRYRSRGYUJDYDQMHVLOLRNUHWDQMHRYMHNDSURWLYVHEHSDPDNDUWRELOR
SRGPDVNRPRERDYDQMD%RJD
.UDMGYDGHVHWRJVWROMHDMHYULMHPHVYHNROLNRJSUHSRURGDUHOLJLMDGLOMHP
VYLMHWD
KLMHUDUKLMH
MHGQLGUXJHYROMHOL
VWYRULOHQMLKRYHUXNH
UD]OLLWLP]YLMH]GDPD
VYLMHWD

KLMHUDUKLMH
MHGQLGUXJHYROMHOL
VWYRULOHQMLKRYHUXNH
UD]OLLWLP]YLMH]GDPD
VYLMHWD
DQDVMHRLWRGDPRUDOSRVWRMLQHRYLVQRRUHOLJLR]QLPLGHMDPD
'
KLMHUDUKLMH
MHGQLGUXJHYROMHOL
VWYRULOHQMLKRYHUXNH
UD]OLLWLP]YLMH]GDPD
VYLMHWD

ULWLMHMHPLVOLRGDMHUHOLJLMDVUHGVWYRGDVHPDVHGUHXSRNRUQRVWL
.
.ULQLMHVLPEROVYHXNXSQHLGHRORJLMHVUHGLQHWRVXYMHDODQDPLMHQMHQD
RQLPDNRMLRGVWXSDMXSREXQMHQLFLPDGUDYQLPQHSULMDWHOMLPDL
ERJRKXOQLFLPD
.UDQVWYRQDVMHXLQLOREDUEDULPDGXHDVDGDQDV]QDQRVWLQLEDUEDULPD
LQWHOHNWD
/MXGHPRHPRUD]OLNRYDWLRGLYRWLQMDSRVYLMHVWLLUHOLJLMLRGWUHQXWNDNDGD
SRQXSURL]YRGLWLVUHGVWYD]DLYRW
/MXGLPDXSUDYOMDMXLYRGHLKRELDMLNRMLSRWLXL]YMHURYDQMDLWUDGLFLMD
0LXSUDYRLPDPRGRYROMQRUHOLJLMDGDELVPRVHPU]LOLDOLQHGRYROMQRGD
ELVPRYROMHOLMHGDQGUXJRJD
0LVWLNL]DRJUQXWDNDWROLNDYODVWXYLMHNMHVWUDKRYDODSUHG]QDQVWYHQLP
QDSUHWNRP
0RHPROLLYMHWLEH]YMHUHXYDOMDQRVWQRUPL]DQDLYRW"=DLVWDEH]YMHUH
RYMHNSRVWDMHVWHULODQEH]QDGHDQLSUHVWUDHQGRVDPHMH]JUHVYRJDELD
9MHUDXGUXJHLPDVYRMXNXOPLQDFLMXXYHULXRYMHDQVWYR2QDVH]DVQLYD
QDLGHMLGDVXRYMHNRYHPRJXQRVWLWDNYHGDHRQHX]RGJRYDUDMXHXYMHWH
ELWLVSRVREQHL]JUDGLWLVRFLMDOQLSRUHGDNWRVHUDYQDSUHPDQDHOLPD
MHGQDNRVWLSUDYGHLOMXEDYL
0UWYDMHYMHUDRQDYMHUDNRMDQHVXPQMD
1DVYLMHWXSRVWRMHGYLMHYUVWHOMXGLLQWHOLJHQWQLEH]UHOLJLMHLUHOLJLR]QLEH]
LQWHOLJHQFLMH
1DMYHLSR]QDYDRFLSULURGHELOLVXSRERQL
1HRVMHDPSRWUHEXQL]DNDNYRPYMHURPRVLP]DYMHURPXOMXGVNDXELD
3RSXWGUHYQRJ.RQIXFLMDWROLNRVDP]DRNXSOMHQDXGLPD]HPOMHLLYRWDQD
QMRMGDQHPRJXPLVOLWLRQHEXLDQHOLPD
1HNLVXUHOLJLMVNLVXVWDYLQHSULMDWHOMVNLUDVSRORHQLSUHPDLQRYDWLYQRVWL
1HNULWLQRUDGRYDQMH]QDQRVWLLYMHUDX]QDQRVWMHYHRPDRSDVQDVWYDU$NR
]QDQRVWQDVWDYLVYRMWULMXPIDOQLSRKRGNUHLVHELSXWQHVDPRX
PDWHULMDOQRPQHJRLGXKRYQRPLYUHGQRVQRPLYRWXRYMHNDPRJORELVH
GHVLWLGDRYMHNRVWDQHEH]DOWHUQDWLYHLGDVHRNDPHQLXMHGQRMMHGLQRMVOLFL
VYLMHWDVOLFLSR]LWLYQH]QDQRVWL0LVPRQDYLNOLGDPLVOLPRRWRPHNDNR
QDHPLVOLVOXHGDVHSULODJRGLPRXQDXSULURGQXLGUXWYHQXVUHGLQX1H
SULODJRDYDVHVDPRWLMHORQHJRLGXK2YRSULODJRDYDQMHPRHLLWDNR
GDOHNRGDRYMHNSRLQMHJXELWLVSRVREQRVW]DVWYDUDQMHQRYLKRGJRYRUDQD
QRYHLSURPMHQMLYHL]D]RYHVUHGLQH6XVWDYLLGHMDNDRWRVXPLWUHOLJLMD
LGHRORJLMDLWGVOXHNDRVUHGVWYD]DDGDSWDFLMXXERUEL]DRSVWDQDNDOLX
NUDMQMRMOLQLMLSRWNRSDYDMXVDPXRVQRYXWRJDRSVWDQNDWUDHLRGRYMHNDGD
VHRGUHNQHGUXJDLMLKLXLQNRYLWLMLKPHWRGD]DRSVWDQDNL]DKWLMHYDMXLRG
.ULWLMHMHPLVOLRGDMHUHOLJLMDVUHGVWYRGDVHPDVHGUHXSRNRUQRVWL
ERJRKXOQLFLPD
LQWHOHNWD
QDSUHWNRP
LQWHOLJHQFLMH

ULWLMHMHPLVOLRGDMHUHOLJLMDVUHGVWYRGDVHPDVHGUHXSRNRUQRVWL
.
ERJRKXOQLFLPD
LQWHOHNWD
QDSUHWNRP
LQWHOLJHQFLMH

.ULWLMHMHPLVOLRGDMHUHOLJLMDVUHGVWYRGDVHPDVHGUHXSRNRUQRVWL
ERJRKXOQLFLPD
LQWHOHNWD
QDSUHWNRP
LQWHOLJHQFLMH

QMHJDGDXYLMHNMHGQDNRRGJRYDUDQDSURPMHQMLYHVLWXDFLMHXSULURGQRML
GUXWYHQRMVUHGLQLWRMHUDYQRVPUWL
1HPDQLNDNYHGYRMEHGDVHXYULMHPHQHROLWVNHUHYROXFLMHX]UHOLJLMXSRMDYLOD
QRYDYUVWDGUXWYHQHRUJDQL]DFLMH]DSRHORMHGREDDXWRULWDWLYQLK
FHQWUDOL]LUDQLKPDQMLQDNRMHVXSRGLQLOHEHVSRPRQHOMXGHGDELXSUDYOMDOH
LVNXSOMDOHSRUH]SXWHPSULVLOH$NRVHX]WRX]PHXRE]LUYUOREU]RVWYDUDQMH
L]XPDSOXJDLNRWDDLNHPLMVNLKSURFHVDWRSOMHQMHEDNUHQLKUXGDSRMDYD
SLVPDVXQHYDNDOHQGDUDLVXVWDYDPMHUDNRULWHQMHHQHUJLMHYMHWUDSORYLOD
QDMHGUDVKYDWLWHPRPRWHKQRORJLMHXQRYRPVYLMHWOXWNRMHELRQMHQ
YODVQLN3ULVLODMHELODMHGQDRGRVQRYDQDNRMRMMHSRLYDODYODVWNUDOMHYD
VYHHQLNDLYODGDMXHHOLWH1LXMHGQRPSHULRGXXKLVWRULMLGR*DOLOHMDQLMH
]QDQVWYHQLQDSUHGDNELRWDNREU]LOLRWNULDWDNRGDOHNRVHQDLHVWD=DMHGQR
VWLPGUXWYHQLPLSROLWLNLPSURPMHQDPDGRORMHLGRWHPHOMLWHSURPMHQHR
XOR]LHQHXGUXWYXLHQHNDRPDMNHXUHOLJLML3ORGQRVW]HPOMHYLHQLMHELOD
L]YRULYRWDLVWYDUDODWYDYHMHWRELRLQWHOHNWNRMLMHGRYHRGRQRYLK
L]XPDWHKQLNHDSVWUDNWQRJPLOMHQMDLGUDYHVQMHQLP]DNRQLPD8WUREDMH
SUHVWDODELWLVWYDUDODNDVQDJDWRMHSRVWDRXPLWLPHVXPXNDUFLSUHX]HOL
GRPLQDQWQXXORJXXGUXWYX'DELVHRVWYDULOLFLOMHYLRYRJQRYRJGUXWYD
RYMHNLSULURGDVYHMHPRUDOLYODGDWLLOLVWUDKRYDWLRGYODVWL'DELVHQMLPD
PRJORXSUDYOMDWLOMXGHVHPRUDORQDXLWLGDVOXDMXLGDVHSRNRUDYDMXDGD
ELVHSRNRUDYDOLPRUDOLVXYMHURYDWLXYUKRYQXPRIL]LNXLLOLDUREQX
QMLKRYLKYODGDUD9ODVWQRYRJSDWULMDKDOQRJVXVWDYDELODMH]DVQLYDQDQD
SULQXGLLPRLELODMHLVNRULWDYDODNDLL]PHXQMHLOMXGLSRVUHGRYDRMH
PHKDQL]DPVWUDKDVWUDKRSRWRYDQMDLSRGORQRVW7RMHELODLUDFLRQDOQD
YODVW3RVWRMLLUDFLRQDOQDLUDFLRQDOQDYMHUD3UYDSRLYDQDSRGYUJDYDQMX
LUDFLRQDOQRPDXWRULWHWXGUXJDQDYMHUXXNYDOLWHWL]YMHVQRVWLLYUVWLQHNRMH
LPDMXQDDXYMHUHQMD7DNYDMHYMHUDNDUDNWHUQDRVRELQDWRSURLPDFLMHOX
QDXOLQRVWDQMHQLVXNRULMHQLXLQWHOHNWXDOQRMLHPRFLRQDOQRMNRPSRQHQWL
1LMHOLXGQRWRVHOMXGLWDNRUDGRERUH]DVYRMXYMHUXDWDNRQHUDGRLYHSR
QMHQLP]DNRQLPD"
1LMHGQRYMHURYDQMHQHSRVMHGXMHPRQRSROQDLVWLQX
1LVPRVLJXUQLRGNDGDVXQDLGDYQLSUHFLSRHOLVYRMHEOLQMHVDKUDQMLYDWLLOL
VSDOMLYDWLYMHURMDWQRVWLPLQRP]DSRLQMHSUYRSUDVNR]RUMHUHOLJLMHL
YMHURYDQMD
1LVXOLVYHUHOLJLMH]DEOXGHLSUHGUDVXGHXVWYDULLVNRQVNL]DWDPQMHQLSRJOHG
QDVYLMHWRGUDVOLK"
1LWNRVMDNLPYMHUVNLPXYMHUHQMHPQLMHSUL]GUDYRMSDPHWL
1RYDXWRSLMDNRMDSRLYDQDWLVXOMHWQLPLGHRORJLMDPDLUHOLJLMDPDMHGQRP
]DPLOMHQDQHGDGRQHVHQDJUDGXQDRYRPVYLMHWXQHJRGDYMHUQLND
]DGRYROMHXVSUNRVWRPHWRQDJUDGDL]RVWDMHLOLGDVHUDGXMHQDJUDGLNRMXH
SUHPD]DVOX]LQDUDYQRGRELWLVNDPDWDPDLQHNRP]DPLOMHQRP
QMHQLP]DNRQLPD"
YMHURYDQMD
QDVYLMHWRGUDVOLK"

QMHQLP]DNRQLPD"
YMHURYDQMD
QDVYLMHWRGUDVOLK"
QMHQLP]DNRQLPD"
YMHURYDQMD
QDVYLMHWRGUDVOLK"

SUHNRJUREQRPLYMHQRPLYRWXGHIDFWRQXGLXOD]XSDNDRNUR]UDMVNDYUDWD
.RPH"LQLVHYHHPEURMXOMXGLQHJRWRVXLRQLVDPRWRVSUHPQLSUL]QDWL
2ERMHMH]ORLVYLPDYMHURYDWLLQLNRPX
2QLNRMLQLVXUHOLJLR]QL]DSUDYRVXUHOLJLR]QLMLQHJRWRWRVDPL]QDMXD
UHOLJLR]QLVXPDQMHUHOLJLR]QLQHJRWRPLVOH
2QRWRYULMHGL]DNUDQVWYRYULMHGLL]DVWRLNHVORERGQXRYMHNXQH
GROLNXMHGDEXGHNUDQLQLOLVWRLN
2QRXWRYMHUXMXVYLXVYDNRYULMHPHLSRVYXGDQDMYMHURMDWQLMHMHNULYR
2SDVQRMHYMHURYDWLSUHYLHNDRLSUHPDOR
2VYDMDQMHVYLMHWDSUDVWDULMHVDQLVYDNDUHOLJLMHKRHGDRVYRMLVYLMHWPDX]
RSDVQRVWGDVHSUHWYRULXVDPRVUHGVWYR]DRVYDMDQMHVYLMHWD
3RERQRVWMHMHGQDYUVWDPXGURVWLRQDMH%RMDPXGURVW
3RVWRMLVDPRMHGQDNXOWXUDGDFULMHYLPDSRVOMHGQMHJODQDGUXWYD5XHL
NULDEXGHREMHHQLSRVOMHGQMLSRS
3RVWRMLXYMHUHQMHGDUD]XPQHPRHELWLGMHORWYRUDQDNRRYMHNQHPDQDGHL
YMHUH
3UHVXGQRSLWDQMH]DQDXLQDUHGQHJHQHUDFLMHMHVWGDOLHWDYMHUDELWL
LUDFLRQDOQDYMHUDXYRHVWURMHYHXVSMHKLOLUDFLRQDOQDYMHUDXRYMHND
]DVQRYDQDQDGRLYOMDMXYODVWLWHSURGXNWLYQHGMHODWQRVWL3ULGUDYDWLVHVYRJD
VXGDRQHNRPHDNDNRJDMDYQRPQLMHQMHLOLQHNHQHSUHGYLHQHLQMHQLFH
RSRYUJDYDMXSULGUDYDWLVHYODVWLWLKPLOMHQMDDNDNRVXLQHSRSXODUQDVYH
WR]DKWLMHYDYMHUXLKUDEURVW
ULPLWLYQRPMHRYMHNXVYHSRMPRYHRYMHULXOLRVWUDKRGVPUWL3UHPD
3
QMHPXNDWROLNDMHVNRODVWLNDMHGQRWLVXOMHH]DWYDUDODOMXGVNLGXKX
PLVWLQXOMXVNXDNUDQVWYRMHOMXGVNHQDGHL]GDORQHEHVLPDGRNLK
ILOR]RILMDYUDD]HPOML3UHPGDMRLGDQDVYMHUQLFLRELOD]HFUNYHLJURERYH
QMLKRYDYMHUDLSDNQHPDQHJGDQMHLVNUHQRVWL3RJOHGMHQRYRJYLMHNDSRVWDR
GHILQLWLYQRPDWHULMDOLVWLNLLWHNRVHQDHPVXYUHPHQLNXYUDWLWLXGROLQX
ERJRYD7NRHGDQDVLVWLQVNLSRYMHURYDWLGDMHQHNLNLSVYHWLOLGDNUXK
SULQHVHQQDJUREGRLVWDRGUDYDSRNRMQLNDQDGUXJRPVYLMHWX".DNRVXOMXGL
SRGYUJDYDOLSULURGQHVLOHVYRMRMPRLWDNRVHVSULURGHVNLGDRPLVWLDQSODW
NRMLPVXMHRYLOHVWDUHUHOLJLMH
5HFLPLNRPHVHPROLNDGDWLMHGREURLMDXWLUHLNROLNRVLSRERDQ
5HOLJLMDLPDWURVWUXNXIXQNFLMX]DFLMHORRYMHDQVWYRXWMHKX]DOLDYDQMD
NRMDL]LVNXMHLYRW]DYHOLNXYHLQXOMXGLRKUDEUHQMHGDHPRFLRQDOQRSULKYDWL
VYRMNODVQLSRORDMD]DYODGDMXXPDQMLQXRVORERHQMHRGNULYQMHNRMDMH
SURX]URNRYDQDSDWQMRPRQLKNRMHRQLWODH
3ULPLWLYQRPMHRYMHNXVYHSRMPRYHRYMHULXOLRVWUDKRGVPUWL3UHPD
YMHUH

YMHUH
ULPLWLYQRPMHRYMHNXVYHSRMPRYHRYMHULXOLRVWUDKRGVPUWL3UHPD
3

3ULPLWLYQRPMHRYMHNXVYHSRMPRYHRYMHULXOLRVWUDKRGVPUWL3UHPD
YMHUH

5HOLJLMDMHQDVWDODL]QH]QDQMDLVWUDKDSUHGELMHVQLPSULURGQLPSRMDYDPD
YMHUDMHQXVSURGXNWVWUDKDDVWUDKYRGLXRNUXWQRVW
5HOLJLMDMHREOLNQHXUR]H
5HOLJLMDMHRGJRYRUQD]DSRYHDQMHSUHGUDVXGD
5HOLJLMDMHSUL]PDVDVHGDPERMDDVYDNDUHOLJLMDPRHL]DEUDWLVYRMXERMX
MHUVYHSRWMHXRGMHGQHVXQHYH]UDNH
5HOLJLMDMHXVYRMLPSRHFLPDLPDOD]DGDWDNGDRXYDLYRWXVYLPQMHJRYLP
REOLFLPDQMHJRYRQDVWDYOMDQMHLWDMQHULWXDODSRYH]DQLKVDLYRWRPLVPUX
UDDQMHPLXVNUVQXHP2QDMHRLWRELODGLRGMHORYDQMDHQHLQLVHYHRPD
YMHURMDWQLPGDVXNXOWRPERJLQMDUXNRYRGLOHXJODYQRPHQHDNDNRL
QD]RQRVWVYHHQLNDQLMHELODLVNOMXHQD0QRJREURMQLPLWRYLQLVXPDQMH
VWYDUQLRGDUWHIDNDWDLOLLVNRSLQDNDRWRVXNRVWXULRUXDLOLRUXMD6DPRVX
SURQLFOMLYLOMXGLXVWDQMXL]QMLKVD]QDWLYLHQHJRWRWRSRQHNDGJRYRUH
PDWHULMDOQLGRND]L
5HOLJLMDMHX]GDKQDSDHQRJVWYRUHQMDXGVYLMHWDEH]VUFDWHXPEH]XPQLK
SULOLND2QDMHRSLMXPQDURGD
5HOLJLMDMH]DVODERXPQLNH
5HOLJLMDNRMDEH]UD]PLOMDQMDUD]XPXQDMDYOMXMHUDWQHHGXJRYUHPHQD
PRLRSVWDWLSURWLYQMHJD
5HOLJLMDNRMDRYMHNDLQLWPXUQLPMHSRJUHQDMHURQD%RJXPRUDVORLWL
YHVHORJVUFDDQHSRGSULVLORP
5HOLJLMDQHPRHQLNDGSDVWLQLHQHJRNDGMHX]GLJQXGRGUDYQHUHOLJLMH
5HOLJLMDRWNULYDVYLMHWSUHPDVYHWRM]DPLVOLQMHJRYDWYRUFD
5HOLJLMDVOXLVDPRGDRODNDPDVDPDGDVHSRPLUHVPQRJLPIUXVWUDFLMDPD
NRMHUHDOQRVWGRQRVL
5HOLJLMDX]MH]LNVXVUHGLQMH]QDDMNHFLYLOL]DFLMH
5HOLJLMHVXHVWRGMHFDQH]QDQMDNRMLVYRMXPDMNXQHQDGLYHGXJR
5HOLJLMHVXL]UD]YMHQHLQHUD]RULYHPHWDIL]LNHSRWUHEHOMXGVNHSULURGH
5HOLJLMHVXPRQWDQHNXH]DMDGQLNH
5HOLJLMHVXRGUD]OMXGVNHELMHGHXWRPHMHQDGDVYHQMLKRYDLVWLQDLVQDJD
5HOLJLMH]ERJLGHRORNLKUD]OLNDSUHGVWDYOMDMXVWDOQXSULMHWQMXJOREDOQRP
PLUX
5HOLJLMLVHSULSLVXMHGMHORYDQMHQDUNRWLNDVSRVREQRJGDGRQHVHXWMHKX
RYMHNXXQMHJRYRMQHPRLLEHVSRPRQRVWL7HUHOLJLR]QHLGHMHNRMHVH
REMDYOMXMXNDRXHQMHQLVXSRVOMHGLFDLVNXVWYDQLWLNRQDQLUH]XOWDWPLOMHQMD
RQHVXLOX]LMHLVSXQMHQMDQDMVWDULMLKQDMQHRELQLMLKLQDMSUHLKHOMD
RYMHDQVWYD
PDWHULMDOQLGRND]L
NRMHUHDOQRVWGRQRVL
PLUX
RYMHDQVWYD

PDWHULMDOQLGRND]L
NRMHUHDOQRVWGRQRVL
PLUX
RYMHDQVWYD
PDWHULMDOQLGRND]L
NRMHUHDOQRVWGRQRVL
PLUX
RYMHDQVWYD

HOLJLR]QDPLVDRMHQDVOMHGQLFDSULPLWLYQHPLVOL
5
5XVNLQMHPLVOLRGDMHPQRJRYMHUDDOLGDMHVDPRMHGDQPRUDO
6DPRVHQHSR]QDWRPRHRERDYDWLJGMHQHPDWDMQHQHPDQLYMHUH
6YDNLMHRYMHNXL]YMHVQLPWUHQXFLPDUDYDQQHNRPERJX
6YDNLYODGDUNRMLXVYRPUDGXWUDLSRPRYMHUHMHRELDQVODEL$VODEL
QLMHGRVWRMDQGDEXGHQDHOXGUDYH
WRQDVMHRGYHORGRERMQRJSROMDYMHUDLOL]DSUDYRVNHSVD"
7DPRJGMHMHYMHUDJRVSRGDUWDPRMHUD]XPVOXJDLMDMHGXQRVWGDXWL
7DPRJGMHYMHUDYDLRGOXQRPSROXJRPVYMHWVNHSRYLMHVWLPRUDNRQDQR
]DYULWLXLVWRPPLVWLFL]PX
7HPHOMUHOLJLMHMHRVMHDM]DYLVQRVWL
7HRORJLMDMHDUREQDVYMHWLOMNDSULYLHQMD1HSRWLHPEHVPUWQRVWGXHDOLMH
LQHSRWYUXMHPQHYLGLPUD]ORJD]DWRELXQMXYMHURYDRDOLQH]QDPQLWR
NDNRELKMHPRJDRRVSRULWL0RMMH]DGDWDNGDVYRMXHQMXSULXLPQD
UDVSRODJDQMHLQMHQLFDPDDQHGDLQMHQLFHXVNODXMHPVDVYRMLPHOMDPD
3RNORQLVHSUHGQHNRPLQMHQLFRPNDRPDORGLMHWHEXGLVSUHPDQQDSXVWLWL
VYDNRDSULRUQRPLOMHQMH
7NRLPD]QDQRVWLXPMHWQRVWLPDLUHOLJLMX7NRQHPDQMLKGYLMHWDMLPD
UHOLJLMX
7NRVSRURYMHUXMHSRND]XMH]UHRXP
7NRYMHUXMHGDMHNUDQLQ]DWRWRLGHXFUNYXYDUDVH
8SUYLKVWRJRGLQDNUDQVNXUHOLJLMXSULJUOLODMHVDPRQDMQLDUXOMD
8VUHGQMRYMHNRYQRM(XURSLMHFUNYDGXHYQHEROHVQLNHSURJODDYDOD
YMHWLFDPDLVSDOMLYDODLKQDORPDDPD
8LYRWXLVWYDUDODWYXQHRSKRGQDMHYMHUDXYL]LMXKLSRWH]XDOLLSURPMHQD
PLOMHQMDDNRVHSRMDYHQHNLQRYLMDNLUD]OR]L
8PMHWQRVW]QDQRVWLUHOLJLMDWULVXUD]OLLWDL]UD]D]DMHGQHLVWHLVWLQH
9HLQDUHOLJLR]QLKLSROLWLNLKVXVWDYDXSRYLMHVWLRYMHNDPRJODELSRVOXLWL
NDRLOXVWUDFLMDDXWRULWDUQHVDYMHVWL
9MHUDLKUDEURVWVXSRWUHEQLGDVHWHNRHXGDUFLLQHVUHHLYRWDVKYDWHNDR
L]D]RYNRMLPVYODGDYDMXLJDMDDPRVHEHDQHNDRQHSUDYHGQDND]QDNRMD
VHQLMHPRUDODQDPDGRJRGLWL3VLKRDQDOLWLNLSULVWXSUHOLJLMLXSUDYOMHQMHQD
UD]XPLMHYDQMHUHDOQRVWLL]DVXVWDYDPLVOL
9MHUDLQHYLQRVWUDVWXMRVDPRQDVWDEOXGMHWLQMVWYDDOLQHWUDMX
9MHUDLVLODVHPHXVREQRLVNOMXXMX
UHOLJLMX
5HOLJLR]QDPLVDRMHQDVOMHGQLFDSULPLWLYQHPLVOL

HOLJLR]QDPLVDRMHQDVOMHGQLFDSULPLWLYQHPLVOL
5
UHOLJLMX

UHOLJLMX
5HOLJLR]QDPLVDRMHQDVOMHGQLFDSULPLWLYQHPLVOL

9MHUDMHL]YMHVQRVWEH]GRND]D9MHUDMHMH]HURLVWRHNRMHVHVWDOQR
SRYHDYDDNRMHVHKUDQLL]YRULPDNRMLL]YLUXVRQHVWUDQHVYLMHVWL6YLPL
]QDPRYLHRGRQRJD]DWR]QDPRGD]QDPR
9MHUDMHQXVSURGXNWVWUDKDDVWUDKYRGLXRNUXWQRVW
9MHUDMHSREMHGDWHRORJLMHQDGOMXGVNRPVODERX.DHWHGDQDURGSRVWDMH
VYHPDQMHLPDQMHSRERDQ7RMH]ELOMDQHXJRGQRMHUNRPHHPRVHRQGD
UXJDWL"$NRPHQLRGJRYDUDGDXQHWRYMHUXMHPWRMRQLMHGRND]GDWRQHWR
GRLVWDLSRVWRML
9MHUDMHVWDQMHXNRMHPRYMHNSDVLYQRHNDQDRVWYDUHQMHVYRMHQDGH
9MHUDMHVXSURWQRRGVLJXUQRVWLRQDMHHQLJPDSDUDGRNVLDSVXUG9MHUVNDVH
LVWLQDPRHVKYDWLWLXPRP
9MHUDPRWLYLUDLSRNUHHOMXGH'REDMHXNRMHPUHYLWDOL]DFLMDUHOLJLMHX
YHOLNRPGLMHOXVYLMHWDGRGDWQRSRMDYDPDNXOWXUQHUD]OLNH8MH]JULVYLK
UHOLJLMDQDOD]LVHSUD]QRYMHUMHPLWRYLLUDFLRQDOQRVWLLULWXDOL9MHUVNHVNXSLQH
SUXDMXPDOHGUXWYHQH]DMHGQLFHX]DPMHQX]DL]JXEOMHQRPXUEDQL]DFLMRP
9MHUVNHVNXSLQH]DGRYROMDYDMXGUXWYHQHSRWUHEHNRMHGUDYQHELURNUDFLMH
QLVXSRNULOHPHGLFLQVNHEROQLNHYUWLLLNROHQMHJDVWDULMLKSUYDSRPR
QDNRQSULURGQLKLGUXJLKNDWDVWURIDVRFLMDOQDVNUELSRPRXYUHPHQLPD
JRVSRGDUVNHRVNXGLFH=DQMHJDXPXVOLPDQVNLPRLPDVX]DSDGQD
QHUHOLJLR]QRVWLQHPRUDOYHD]ODRG]DSDGQRJNUDQVWYDNRMHLKMHVWYRULOR
5DWRYLQDUD]GMHOQLFDPDL]ELMDMXL]PHXQDURGDUD]OLLWLKUHOLJLMD7LVXOMHD
OMXGVNHSRYLMHVWLSRND]DODVXGDYMHUDQLMHPDODUD]OLNDYHPRGDQDMGXEOMD
UD]OLNDNRMDPRHSRVWRMDWLPHXOMXGLPD6YHPDQMLEURM(XURSOMDQD
L]UDDYDUHOLJLMVNDXYMHUHQMDSRWXMHYMHUVNHRELDMHLVXGMHOXMHXYMHUVNLP
DNWLYQRVWLPD,]X]HWDN]HPOMHXWUDQ]LFLMLREQDYOMDMXYMHUVNHRELDMH
9MHUDQLMHMHGDQRGSRMPRYDNRMLSULVWDMXXLQWHOHNWXDOQXNOLPXGDQDQMHJ
VYLMHWD$OLLVWRGREQRGDQDVMHQHGRVWDWDNYMHUHL]UD]GXERNH]EUNHLRDMD
9MHUDQLMHRSLMXP]DQDURGQHJRYLWDPLQ]DVODEH
9MHUDSUDYLRGOMXGLVMDMQHEXGDOH:KDWH[FHOOHQWIRROVUHOLJLRQPDNHVRI
PHQ
9MHUDSUHPMHWDEUGDDVXPQMDVHSHQMHSRQMLPD
9MHUDVHNDRLOMXEDYQHGDQDPHWQXWL6WRJDLMHVWX]DOXGDQVYDNLWUXGGDVH
RQDGUDYQLPPMHUDPDXYHGHLOLXYUVWLQDGDOMHGDVXYMHUHNDRNULMHVQLFH
QMLPDMHGDELVYLMHWOLOHSRWUHEDQPUDN
9MHUDVHPRHNUDWNRGHILQLUDWLNDRQHORJLQRYMHURYDQMHXGRJDDM
QHYMHURMDWQRJD
9MHUDXVHEHMHXYMHWQDHVSRVREQRVWLGDQHWRREHDPRDEXGXLGDVH
RYMHNNDRWRMHLVWDNQXRPRHRGUHGLWLVSRPRXQMHJRYHVSRVREQRVWLGD
REHDYDWRMHMHGDQRGXYMHWDOMXGVNRJSRVWRMDQMD
GRLVWDLSRVWRML
PHQ
QHYMHURMDWQRJD

GRLVWDLSRVWRML
PHQ
QHYMHURMDWQRJD
GRLVWDLSRVWRML
PHQ
QHYMHURMDWQRJD

9MHUQLFLLJHQLMDOFLLPDMXMHGQR]DMHGQLNR]QDMXPQRJHVWYDUL]DNRMHQLVX
QLVYMHVQLGDLK]QDMX
9MHUQRVWQHJLUDERJRYHWRGROD]LRWXGDWRMHRYMHNXVYRMHPPDWDQMX
RVMHWLRXGHVQXYHOLLQXOMXGVNRJGXKDRYMHNREDYOMDUD]PMHQXVYRJD
ERDQVWYD]DVUHX
9MHUQRVWLYRWLQMDQHELELODWDNRGLUOMLYDNDGDELYMHUQRVWPHXOMXGLPDELOD
XHVWDOLMD
9MHURYDQMHMHMDHRGUD]XPD
9MHURYDQMHVHQHVWMHHQDED]LQDVOMHD
9MHURYDQMHXQDGQDUDYQLL]YRU]ODQLMHSRWUHEQROMXGLVX]DLVWDVDPLNDGUL
XLQLWLVYDNR]OR
9MHURYDQMH]DKWLMHYDKUDEURVWVSRVREQRVWGDVHSUHX]PHUL]LNVSUHPQRVW
DNGDVHSULKYDWLEROLUD]RDUDQMH7NRJRGVH]DWYRULXVXVWDYREUDQH
VOXHLVHL]GUOMLYRXLSRVMHGRYDQMHPNDRVUHGVWYLPD]DVYRMXVLJXUQRVW
VWYDUDRGVHEH]DWYRUHQLND
9MHUXMHPGDUD]XPQHPRHELWLGMHORWYRUDQDNRRYMHNQHPDQDGHLYMHUH
9RMQLFLVYHHQLFLLSOHPLLQLNDGQH]DOD]HXGRPUD]XPD
=DGDDFUNYHQLMHSURPLMHQLWLVYLMHW$OLDNRLVSXQLVYRMX]DGDXVYLMHWHVH
SURPLMHQLWL=DUQLMHXGQRGDVHOMXGLWDNRUDGRERUH]DVYRMXYMHUXDWDNR
QHUDGRLYHSUHPDQMH]LQLPSURSLVLPD"
=QDQRVWQLMHQLWDPDQMHXVNRJUXGQDRGPLOLWDQWQHUHOLJLMH
=QDQRVWDQHQHNDUHOLJLMDLOLQHNDGUXJDYUVWDQDXDYDQMDWUHEDXWYULYDWL
LVWLQXRRYMHNX
=QDQRVWILOR]RILMXXPMHWQRVWLUHOLJLMXVWYRULOLVXOMXGL]DWRGDELQHNDNR
L]DOLQDNUDMVDRQLPVWUDQLPLPXQLPWHNRDPDNRMHVXVUHXQDVYRP
LYRWQRPSXWX%H]YMHUHSRVWDMHVWHULOQLEH]QDGQL]DSODHQLGRVDPHVUL
QDHJELD
p$QLPL]DPVHMDYOMDL]QH]QDQMDLSUHGVWDYOMDVDPRMH]JURUHOLJLMH
p-RQLNDGDQLVDPYLGLREH]ERQLNDVXVUHWDRVDPVDPRQHPLUQH
p$NRERJSRVWRMLRQPRUDGDMHJOXK]DNULNRYHVYRMLKYODVWLWLKVWYRUHQMD
$NRMHYMHURYDWLNUDQVNRMUHOLJLMLVYLVPRPLNORQLUDQLVWYRUHQLQDVOLNXL
SULOLNX*RVSRGQMXEUDDLVHVWUHSDSUHPDWRPHVYLLYLPRXLQFHVWX
$NRSUL]QDMHPRERJDRQGDPRUDPRSUL]QDWLLVYLMHWNRMHJMHVWYRULR$
NDNDYMHWDMVYLMHW"
%RJMHRYMHNDNRVDQMDSURVMDNDNRUD]PLOMD
%RJMHMHGLQLJRVSRGDUQDVYLMHWXNRMLLPDPDQMH]DUHLRGVYRMLKVOXJX
QLVYMHVQLGDLK]QDMX
ERDQVWYD]DVUHX
XHVWDOLMD
XLQLWLVYDNR]OR
LVWLQXRRYMHNX
QDHJELD
NDNDYMHWDMVYLMHW"

QLVYMHVQLGDLK]QDMX
ERDQVWYD]DVUHX
XHVWDOLMD
XLQLWLVYDNR]OR
LVWLQXRRYMHNX
QDHJELD
NDNDYMHWDMVYLMHW"

QLVYMHVQLGDLK]QDMX
ERDQVWYD]DVUHX
XHVWDOLMD
XLQLWLVYDNR]OR
LVWLQXRRYMHNX
QDHJELD
NDNDYMHWDMVYLMHW"
%RJMHQDOLNQDYMHWDUWRSUROD]LSRVYXGDJDRVMHDPRDQLJGMHJDQH
YLGLPR
%RJMHVWYRULRRYMHNDMHUMHELRUD]RDUDQPDMPXQRP1DNRQWRJDMH
RGXVWDRRGGDOMQMLKHNVSHULPHQDWD
%RJMHXVUFLPDRQLKNRMLJDWUDH
%RJPLVOLXJHQLMLPDVQLYDXSMHVQLFLPDLVSDYDXRVWDOLPOMXGLPD
%RJQLMHPRJDRELWLQDVYDNRPPMHVWXSDMH]DWRVWYRULRPDMNH
%RJQLMHVWYRULRVPUWQLWLVHUDGXMHSURSDVWLLYLK
%RJQLMHXVLOLQHJRXLVWLQL
%RJSUHGVWDYOMDMHGDQRGPQRJLKSRHWVNLKL]UD]DQDMYLHYULMHGQRVWL
KXPDQL]PDDQHVWYDUQRVWSRVHEL
%RJVHQHNDUWD
%RJ"2QDMYHOLNLOXGLNRMLMRXYLMHNYMHUXMHXOMXGH
%RJDQLWNRQLNDGDQLMHYLGLR
%RJRYLQHSR]QDMXVDPLORVWL
%RJRYLXLYDMXXOMXGVNRPPHVX6YMHHSHHQRERJRYLPDMHQDMPLOLMD
SHHQND
RYMHNHLPRGEDFLXGRRGPDKRGEDFLWLLERJDMHURYMHNQHWUDLWROLNR
ERJDNROLNRXGHVD
RYMHNMHL]PLVOLRERJDMHGLQR]DWRGDVHQHELXELR
RYMHNMHL]PLVOLRERJDDVDGDNOHLSUHGQMLPVWROMHLPD
RYMHNMHXLJULQDMYLHQDOLN%RJX
RYMHN]DSUDYRHOLELWL%RJ
'DQHPD%RJDWUHEDORELJDL]PLVOLWL
,QLWDQHQHVWDMHSULMHQHJRWRGUXJRXPUH,]QLWDQHQDVWDMHQHWRQLNDNDY
ERJWRQHPRHSURPLMHQLWL
-DYMHUXMHPSRSXWGMHWHWDGDHVHSDWQMHL]OLMHLWLLQHVWDWLGDHVYD
XYUHGOMLYDNRPLQRVWOMXGVNRJSURWXUMHMDLH]QXWLNDRELMHGQRSULYLHQMH
NDRRJDYQDL]PLOMRWLQDQHPRQRJXPDLGDHVHQDNUDMXXVYMHWVNRP
ILQDOXXWUHQXWNXYMHQRJVNODGDGHVLWLLSRMDYLWLQHWRWROLNRGUDJRFMHQRWR
HGRWHLVYLPVUFLPDWRHXQLWLWLVYDQHJRGRYDQMDLVNXSLWLVYH]ORLQH
OMXGVNHVYXNUYWRMHRQLSUROLH
-HGDQRGSXWRYDGDVHXSR]QD%RJMHVWGDJDVHSRUHNQH
-HGQRPSRNDMQLNXYLHVHUDGXMXQDQHEHVLPDQHJRGHVHWRULFLSUDYHGQLND
DGERJDQHELELORRQGDELJDWUHEDORL]PLVOLWL
.

YLGLPR
%RJVHQHNDUWD
SHHQND
ERJDNROLNRXGHVD
.DGERJDQHELELORRQGDELJDWUHEDORL]PLVOLWL

YLGLPR
%RJVHQHNDUWD
SHHQND
ERJDNROLNRXGHVD
DGERJDQHELELORRQGDELJDWUHEDORL]PLVOLWL
.
YLGLPR
%RJVHQHNDUWD
SHHQND
ERJDNROLNRXGHVD
.DGERJDQHELELORRQGDELJDWUHEDORL]PLVOLWL

.DGRYMHNVDPRSRPLVOLQDNROLNRMHRYMHNGDYMHULNROLNRMHX]DOXG
XWURLRNRMHNDNYHVQDJHQDWXPDWXLWRYHWLVXHJRGLQD
6DPRXMHGQRPRHPRELWLVLJXUQLDNRHRYMHDQVWYRL]EMHLYH
SURJUDPLUDQRERJNRMLHJDVSDVLWLQHHELWLGHXVH[PDFKLQDRQHRSHW
XVWDWLXGXLRYMHND
6UFHRVMHDERJDDQHUD]XP
6WUDKMHVWYRULRERJRYH
6YDWNRPRUDSURQDLERJDXVDPRPVHEL
6YLERJRYLLYUDJRYLNRMLVXLNDGDELOLVYLVXXQDPD
WRYLH]QDPRRQRPWRERJQLMHWRYLH]QDPRERJX
WR]JUDEHERJRYLQHPRJXYRORYL
7NRGHILQLUD%RJDYHMHDWHLVW
8YLMHNSULURGDVWYDUDL]MHGQRJRSHWGUXJR
9MHUDXERJRYHMHL]PLOMRWLQDPXGUHGUDYQHYMHWLQH
=DQLPOMLYRMHNDNYHVXVYHERJRYHOMXGLL]PLVOLOL
6DPRRYMHNPRHVMHGLQLWRQRERMHLRQRYUDMH
3UDYLERJPRQLERJWRMHERJPLVOL
3R]LWLYQD]QDQRVWPRUDXJODYLWLGDERJRYLPLMHQMDMXSRVWRMELQXSXWXMXL]
UDVHXUDVXL]QDURGDXQDURG1DERJRYLPDVHYUHSODJLMDWL%RJRYLVH
SRVXXMXGDMXQDRWSODWX3RVWRMLVHOLGEDERJRYDLVQMRPXVYH]L
SRQDYOMDQMHNRODLVXVWDYD$SULWRPDFLQLVXXYLMHN]DKYDOQLVYRMLP
XLWHOMLPDWHGRGDQDQMHJGDQDSURYRGHSUDNVXGDLKSUHXXMX
2ERJRYLPDQLWDQH]QDPQLWLGDLKLPDQLWLGDLKQHPD
1RYDPLVDRXELMDVWDUHERJRYH
1LMHGDQRYMHNQHPRHQDLQLWLERJDVHELVOLQD
1H]QDPWRELKXUDGLRVRQLPNRMLMHSUYLL]PLVOLRERJDREMHVLRELKJDQD
SUYXMDVLNX
1HSRVWRMLQLWDWRQHSULSDGDERJX
1HNODQMDWLVHFHUHPRQLMDOQRRILFLMHOQLPERJRYLPD]QDLQHSRWRYDWL
]HPDOMVNHDXWRULWHWHD]HPDOMVNLDXWRULWHWLQLVXVDPRERJRYLL]QDGERJRYD
YLHRGWRJDRQLVXXSUDYOMDMXL]DLVWDNREQRVXGELQRPOMXGVNRPQHNDYUVWD
VDVYLPQDLYQRJPHKDQL]PD]DRSVMHQXSURVWRWH
.DGDQHPDERJDWDGDQHPDQLQDWSULURGQRJVPLVODLYRWD
SUYXMDVLNX
XVWDWLXGXLRYMHND
DQLPOMLYRMHNDNYHVXVYHERJRYHOMXGLL]PLVOLOL
=

XVWDWLXGXLRYMHND
SUYXMDVLNX
SUYXMDVLNX
XVWDWLXGXLRYMHND

=DWRWRQLVXXVYRMHPRVREQRPUD]GREOMXSUHYODGDOLLQIDQWLOQXID]X
YMHURYDQMHXERJD]DYHLQXMHOMXGLYMHUDXRFDNRMLSRPDHGMHWLQMDLOX]LMD
pRYMHNQHWUDLWROLNR%RJDNROLNRXGR
XGRMHQDMPLOLMHGLMHWHYMHUH
XGRPRHELWLVDPRGRVDGDQHSR]QDWDSULURGQDLQMHQLFD1HUDDYMHUX
XGRQHJRYMHUDXGR
1HYMHUXMXXGDRVORQLVHQDQMLK
6MHQHMRXYLMHNQLVXXGD
9HOLNRQHXQLWLYRXGRMHVWOMXGVNDYMHUDXXGR
p-HGLQRVUHGVWYRSURWLYSUD]QRYMHUMDMH]QDQRVW3UD]QRYMHUMHMHXGQDVWYDU
-RQLVDPVUHRRYMHNDNRMLMHYUDWLRVYRMXPMHVHQXSODX
3UD]QRYMHUMHXNRMHPVPRRGUDVOLQHJXELVYRMXPRQDGQDPDDNQLRQGD
NDGDJDSUHSR]QDMHPR8VYDNRPSUD]QRYMHUMXPXGUDFLVOLMHGHEXGDOH
=DSUDYRVHSUD]QRYMHUMHVDPRVOXLSRJUHQLPVUHGVWYRPNDNREL]DGRYROMLOR
LVWLQLWXSRWUHEX
=XUHDJRPLODSULKYDDSRKOHSQRLEH]LVSLWLYDQMDVYHWRJRGLSUD]QRYMHUMXL
LULXHQMH
pRYMHNUDYQRGXQRSUROD]LSRNUDMRWYRUHQRJUDMVNRJYUWDDWXDQSRVWDMH
WHNNDGDMH]DWYRUHQ
5DMVHRELQRWHNRQGDRWNULMHNDRUDMNDGDVPRL]QMHJDRWMHUDQL
p3DNDRMHSRSORHQGREULPQDPMHUDPD
3DNDRMHVYLMHWXNRMHPVHQLNDGDQHSUDWD3DNDRWRVXGUXJL
p2PUDHQHVXPLGXJHSURSRYLMHGL
o8(XURSLMHSRMDYDYUDHYDLYMHURYDQMHXPRQDGQDUDYQLKVLOD]DSRHODX
GREDWRYDQMDVSLOMVNRJPHGYMHGD
p$NRSRVWRMLQDLQGDVHRGORLYDQDRGOXNDGREUDHJDELURNUDFLMDXYLMHN
SURQDL
232/,7,&,
ELURNUDFLMDFHQ]XUDMHGQDNRVWHOLWDGLSORPDFLMDLGROLLLGHRORJLMH
NRDOLFLMDNRORQL]DFLMDNRPXQL]DPNRQIHUHQFLMDNRQYHQFLMHNUDOMHYL
PDUNVL]DPPDWHULMDOL]DPQDFLMDQDFLRQDOL]DPSROLWLNDSROLWLDU
KLMHUDUKLMDSROLFLMDSXULWDQFLVWUDQNDWLWXOHYRMVNDVORERGDURERYL
UDGLNDOQRVWYODGDYODGDYLQDYODVWYRD]ORLQND]QDVPUWQDND]QD
232/,7,&,
SURQDL
XGRQHJRYMHUDXGR
LVWLQLWXSRWUHEX
LULXHQMH
WHNNDGDMH]DWYRUHQ

XGRQHJRYMHUDXGR
LVWLQLWXSRWUHEX
LULXHQMH
WHNNDGDMH]DWYRUHQ
SURQDL
232/,7,&,
232/,7,&,
SURQDL
XGRQHJRYMHUDXGR
LVWLQLWXSRWUHEX
LULXHQMH
WHNNDGDMH]DWYRUHQ

7UHEDPRELURNUDFLMH]DUMHDYDQMHVYRMLKSUREOHPD$NDGDLKGRELMHPR
VSUHDYDMXQDVLQLWLRQR]DWRLKWUHEDPR
p&HQ]XUDMHPODDRGGYLMXVUDPRWQLKVHVWDUDVWDULMDVH]RYHLQNYL]LFLMD
&HQ]XUDMHWDMQDSUHSRUXNDSXWHPMDYQH]DEUDQH
.UDMQMLMHFLOMVYDNHFHQ]XUHGR]YROLWLVDPRRQDNYHNQMLJHNRMHLRQDNRQLWNR
QHLWD
-HVPROLXVWDQMXL]EMHJDYDWLPRUDOQXFHQ]XUX"
&HQ]XUDMHNDGPDOLRFMHQMXMXPLVOLYHOLNLK
p+REEHVMHRGDYQRWYUGLRGDVXOMXGLSRSULURGLMHGQDNL6OLQRMHUD]PLOMDR
L/LFKWHQEHUJ/MXGLVXSRVYRMLPVNORQRVWLPDVYLMHGQDNLUD]OLNXLQH
RNROQRVWL
-HGQDNRVWMHXNLGDQMHLVNRULWDYDQMDRYMHNDRGRYMHND
-HGQDNRVWMHXYLMHNSRNXVQLNDPHQSUDYHGQRVWLD]DMHGQRLQHVORERGX
7DPRJGMHMHMHGQDNRVWQHRVSRUHQDWXMHLSRGUHHQRVWQHRVSRUHQD
2UZHOMHSULPLMHWLRGDHXYLMHNQHWNRXYLMHNELWLMHGQDNLMLRGGUXJLK
LQLVHGDOMXGLXNLGDMXMHGQDNRVWNDGDQLVXNDGULRGUDWLOMXGVNRVW
p(OLWD]DVQLYDVYRMHSUDYRLOLEROMHUHLVYRMHSULYLOHJLMHQDSUHWSRVWDYFLGD
VXOMXGLQHVSRVREQLLGDQLWDQHPRHL]EULVDWLQHMHGQDNRVWLPHXQMLPD
3RVWRMHVDPRGYLMHNODVHHOLWHYODGDMXDLQHYODGDMXD
p'LSORPDFLMDMHLJUDDKDXNRMRMVHQDURGLPDWLUDMX'LSORPDFLMDMHXPLMHH
GDVHVDVWRULMHLSUHXWLRQRWRELVHPRJOLUHLMHGQRPULMHMX
'LSORPDWMHRYMHNNRMLRWYRUHQRNDHWRQHPLVOL
'LSORPDWMHRYMHNNRMLXGDUFHSROLWLDUDXEXEDQMWUHEDSUHWYRULWLX]YXNH
KDUIH
,VWLQLWLGLSORPDWMHRYMHNNRMLGYDSXWDUD]PLVOLSULMHQHJRQLWDQHNDH
.DGDEDQNDUQDQHNLSULMHGORJNDHQHPLVOLPRGDNDGDNDHPRGDPLVOL
GDDDNRVSRQWDQRNDHGDRQGDQLMHGREDUEDQNDU
3RGGHPDQWRPVHXGLSORPDFLMLSRGUD]XPLMHYDQLMHQDSRWYUGDYLMHVWLNRMDMH
GRWDGELODVDPRJODVLQD
p,GROLVHSULMHLOLNDVQLMHSUHWYDUDMXXERDQVWYRNRMHYDSL]DOMXGVNLP
UWYDPD
,GHRORJLMDLGHMDXUDWQRPVWDQMX
,GHRORJLMHVXPRQRNXOWXUHWULWHPYODGDMXQDRGUHHQRYULMHPHD
]DNUOMDYDMXNDGDVHWORLVFUSL
,GHRORJLMDLVWLHNDNRVHVYLMHWPRHWXPDLWLLPLMHQMDWLXVNODGXVD
QHLWD
RNROQRVWL
KDUIH
UWYDPD

QHLWD
RNROQRVWL
KDUIH
UWYDPD

QHLWD
RNROQRVWL
KDUIH
UWYDPD
LQWHUHVLPDQHNHJUXSH]DPRLRGOXQRVWGDVHGRQHVXLVSURYHGXYDQH
RGOXNH
2YRLGRSRNORQVWYROXWNDPDFH]DURPDQVNLPSUHGVWDYOMDVUDPRWQRSRQLHQMH
OMXGVNRJGXKD
6YDNDJHQHUDFLMDLPDVYRMHMXQDNHNRMLVXMRMSRWUHEQL7NRMHMXQDN"2VRED
NRMRMVHGLYLPR=DMHGQRVWDYQRJRYMHNDVWYDUDQMHMXQDNDELODMHRGYDMNDGD
RPLOMHQD]DEDYD8GXJLPVWROMHLPDFLYLOL]DFLMHSRVWRMLSOHMDGDWDNYLK
MXQDND]QDNXNXVDYUHPHQD,GHDOQHNHJHQHUDFLMHHYMHURMDWQRVOLMHGHD
JHQHUDFLMDRGEDFLWLLLVPLMDWL.DGDQHNLMXQDNYLHQH]DGRYROMDYDOMXGL
VWYDUDMXQRYRJD
9MHNRYQRQHSRYMHUHQMHLPUQMDL]PHXNODVDQDFLMDLERMDGLXVYRMVWLMHJL
XVUHGGDQDQMLKWDERUD2VLPWLKWUDGLFLRQDOQLKDQWDJRQL]DPDXQXWDUQMD
ERUED]DYODVWXYLMHNL]QRYDUDVSLUXMHLGHRORNLDU+XNDQMHQDQHSULMDWHOMD
L]YDQDHVWRMHQDMYHHVYMHGRDQVWYRURGROMXED
p8NRDOLFLMLMHSULURGQRGDUHSSRNXDYDPDKDWLSVRP%LWQRMHVDPRKRHOL
SDVWRGR]YROLWL
o3RVWRMHHWLULYUVWHNRORQL]DFLMHRVYDMDNDWUJRYDNDQDVHOMHQLNDL
WHKQRORND
p.RPXQL]DPMHVDYUHQLREOLNYODGDQMDSULPMHQMLYMHVDPR]DNXNFHL
URERWH,,UHGD
p.RQIHUHQFLMDMHVMHGQLFDNRGNRMHPQRJLXOD]HDOLVHPDORGRELYDYDQ
p6YDNRYLHLOLPDQMHXVWDOMHQRGUXWYRUD]YLMDVYRMHNRQYHQFLMH
p$NRVHXNORQLSUDYHGQRVWWRVXNUDOMHYVWYDQHJRYHOLNDUD]ERMVWYD"
+RHOLVHQHWNRQDLWNRHNRQDQRVSDOLWLVYHQHSRXGQHNQMLJHLPLVOLRFH
NRMHLQLVHNYDUHPODGH"
)RUPXODQDSUHWNDMHVDGLVWLNDDOLQHGYRVPLVOHQD]DGDYLWLSRVOMHGQMHJNUDOMD
FULMHYLPDSRVOMHGQMHJSRSD
.UDOMHYLVHQHUDDMXQMLKVWYDUDVYHRSDKDOXFLQDFLMD
1HNDGDMHVOXLWLNUDOMDELODSUYDGXQRVWNRMDRHNXMHSRGDQLND-HVPROLVH
SURPLMHQLOL"
6YLNUDOMHYLVXXJODYQRPOXSHL
p0DUNVL]DPQLMHQLWLQHWRNRQDQRQLWLQHGRGLUOMLYR
p=DGDWDNSRYLMHVQRJPDWHULMDOL]PDMHSRND]DWLNDNRPRUDELWLDDNRWDNRQH
EXGHSRND]DWL]DWRWDNRQLMHPRJORELWL
p0DKDQMHVSRYLMHVQLPSUDYRPHVWRMHVOXLORXJQMHWDYDQMXGUXJLKQDURGD
GVYLKX]URNDQDFLRQDOL]PDQH]QDQMHMHQDMPRQLML.DGDVHSURPHW
2
SRYHDYDQH]QDQMHVHVPDQMXMHDWDNRVHVPDQMXMHLPUQMD

RGOXNH
OMXGVNRJGXKD
VWYDUDMXQRYRJD
SDVWRGR]YROLWL
WHKQRORND
URERWH,,UHGD
SURPLMHQLOL"
2GVYLKX]URNDQDFLRQDOL]PDQH]QDQMHMHQDMPRQLML.DGDVHSURPHW

RGOXNH
OMXGVNRJGXKD
VWYDUDMXQRYRJD
SDVWRGR]YROLWL
WHKQRORND
URERWH,,UHGD
SURPLMHQLOL"
GVYLKX]URNDQDFLRQDOL]PDQH]QDQMHMHQDMPRQLML.DGDVHSURPHW
2
RGOXNH
OMXGVNRJGXKD
VWYDUDMXQRYRJD
SDVWRGR]YROLWL
WHKQRORND
URERWH,,UHGD
SURPLMHQLOL"
2GVYLKX]URNDQDFLRQDOL]PDQH]QDQMHMHQDMPRQLML.DGDVHSURPHW

YDNDMHQDFLMDXLQR]HPVWYXXJODYQRPSR]QDWDSRVYRMLPPDQDPD
6
6YLQDFLRQDOL]PLVXVOLMHSHXOLFH3RNXDMPRLKSUHQLMHWLXEXGXQRVWLRVMHWLW
HPRRWSRU1HYRGHQLNDPR
p%LWQHVWYDULVXMDVQHLMHGQRVWDYQHDLUMHHQMDELELODMDVQDLMHGQRVWDYQD
$OLSROLWLDULUDGLMHRNUHXJODYHLRQGDJRYRUHGDVHVYHPRHJOHGDWLL]
UD]OLLWLKSHUVSHNWLYD
LQLVHGDQHPDSRWHQLKSROLWLDUDRQLVXQDMHHQDMYHL]ORLQFL
*ODVRYDQMHPRGOXHQDSURPMHQDSRVWRMHHJREOLNDYODGDYLQHMHQXQR
LOHJDOQDMHULYLOMXGLXRGQRVXSUHPDSULMDQMLPLEXGXLPJHQHUDFLMDPD
SUHGVWDYOMDMXVDPRPDQMLQX
,PDJOXSLKSROLWLDUDNRMLVYRMPDQGDW]DKYDOMXMXSDPHWQLPOMXGLPDNRMLVX
QDL]ERUQLGDQRVWDOLNRGNXH-HGQDMHVWYDUNDSLWDOLVWLPDLNRPXQLVWLPD
XYLMHNELOD]DMHGQLNDSUHYHQWLYQDRVXGDWUHHJSXWD
.DGDELSROLWLNDYODGDODSULURGRPNRSULYHELLVWULMHELOHUXH
.DGDVDPELRPODLPLVOLRVDPGDSROLWLDUPRUDELWLLQWHOLJHQWDQ6DGD
EDUHP]QDPGDLQWHOLJHQFLMDQHNRGL.RMDMHWRVQDJDNRMDPRHSUHYODGDWL
VYHWHSROLWLNHNUHWHQL]PHSLWDPRVHLWNRHLKSUHYODGDWL"
.XSRYDWLSROLWLDUDMHVWDURPRGQRXPRGHUQRMGHPRNUDFLMLNXSXMXVH
JODVDL
/LEHUDOL]DPMHRSUH]RPXEODHQRSRYMHUHQMHDNRQ]HUYDWLYQRVWMHVWUDKRP
XEODHQRQHSRYMHUHQMHOMXGL/MXGLNRMLVHEDYHSROLWLNRPPRUDOL]LUDMXWDNR
GXJRGRNVHQLVXGRNRSDOLYODVWLDRQGD]QDPRQDSDPHWNDNRVHWDMPRUDO
UD]YLMDGDOMH
3ROLWLNDMHUDWEH]SUROLMHYDQMDNUYLDUDWMHNUYDYDSROLWLND1DSROHRQMH
VPDWUDRGDVUFHMHGQRJSROLWLDUDWUHEDELWLXJODYLD]D3HUURX[DSROLWLND
SRLQMHWDPRJGMHSUHVWDMHQDVLOMH
0QRJLSROLWLNLUHYROXFLRQDULYMHUXMXGDSUYRWUHEDUDGLNDOQRSURPLMHQLWL
SROLWLNXLHNRQRPVNXVWUXNWXUXLGDHVHWDGDSURPLMHQLWLLOMXGVNLGXK3UL
WRPH]DERUDYOMDMXGDHQRYDHOLWDNRMDMHPRWLYLUDQDLVWLPNDUDNWHURPNDRL
VWDUDQDVWRMDWLSRQRYRXVSRVWDYLWLXYMHWHVWDURJGUXWYDXQRYLP
LQVWLWXFLMDPD
0RHOLVHSXFDWLXLGHMH"
1LNDGDVHQHVPLMHUHLSUHNDVQR,XSROLWLFLQLNDGDQLMHSUHNDVQR8YLMHN
LPDYUHPHQD]DQRYLSRHWDN3RGSROLWLNRPVHRGOXNRPGDQDVXSUDYLOX
SRGUD]XPLMHYDSULNOMXLYDQMHMHGQRMVNXSLQL
3ROLWLDUUD]PLOMDRQDGROD]HLPL]ERULPDGUDYQLNRQDGROD]HLP
JHQHUDFLMDPD
3ROLWLDULWROLNRUDXQDMXVJODVRYLPDELUDDGDLKXRSHYLHQHVWLJQX
VOXDWL
6YDNDMHQDFLMDXLQR]HPVWYXXJODYQRPSR]QDWDSRVYRMLPPDQDPD
JODVDL
UD]YLMDGDOMH
LQVWLWXFLMDPD
JHQHUDFLMDPD
VOXDWL

YDNDMHQDFLMDXLQR]HPVWYXXJODYQRPSR]QDWDSRVYRMLPPDQDPD
6
JODVDL
UD]YLMDGDOMH
LQVWLWXFLMDPD
JHQHUDFLMDPD
VOXDWL

6YDNDMHQDFLMDXLQR]HPVWYXXJODYQRPSR]QDWDSRVYRMLPPDQDPD
JODVDL
UD]YLMDGDOMH
LQVWLWXFLMDPD
JHQHUDFLMDPD
VOXDWL

3ROLWLNDVQDJDYROMHLGMHORYDQMDGRLHGRL]UDDMDWHNNDGSRVOMHGLFH
SRVWDQXRLWH
3ROLWLNDELWUHEDODELWLVWYDUQDMEROMLK9HMRMGUXJDJDUQLWXUDYLHQLMH
GRUDVOD
3ROLWLNDLHQVNDPRGDVWDUHVXNXUWL]DQHNRGNRMLKVPLMHQHLQDSUYLSRJOHG
QH]QDWQHVLWQLFHLJUDMXPQRJRYHXXORJXQHJRWRVHWRRELQRPLVOL6YHVH
PRHSRVWLLLGRDUDWLXSROLWLFLNDRLQDSR]RUQLFLVDPRSUHGVWDYDQHVPLMH
ELWLGRVDGQD
3ROLWLNDMHERUEDSURWLYLYRWLQMHXRYMHNX
3ROLWLNDMHRGUHLYDQMHRGQRVDOMXGLSUHPDGUDYL$OLSROLWLNDMHLVWR
LVSUDYQRNRULWHQMHPRLLQVSLULUDQRRGVSR]QDMQRJUD]XPDLEULJH]DOMXGH
]DNRMHVHWUHEDEULQXWL3ROLWLNDMHXPMHWQRVWYRHQMDPDVHQHNDPRELRQD
KWMHODLLYHWDPRNDPRWUHEDLL
3ROLWLNDMHYMHWLQDNRMRPVHVOXLPROMXGLPDXYMHUDYDMXLLKGDLPVOXLPR
3ROLWLNDQLMH]QDQRVWNDRWRVLWRYHOLNLEURMSURIHVRUD]DPLOMDYH
XPMHWQRVW
3ROLWLNRPVHQHPRHVWYDUDWLNXOWXUDDOLVHPRGDNXOWXURPPRHVWYDUDWL
SROLWLND
3RVWRMHSROLWLDULNRMLYMHUXMXXRQRWRVXUHNOL$SRVWRMHLRQLNRMLQH
YMHUXMXXWRWRJRYRUH2YLSUYLVXRSDVQL
3RVWRMHDSROLWLNRILQDQFLMVNDVUHGLWD]DVLJXUQRQHHQLWROHULUDWLQL
QH]DLQWHUHVLUDQRSURPDWUDWLSRNUHWHNRMLELXJURDYDOLQMLKRYRSVWDQDN
3RWSXQDSROLWLNDSULYUHQRVWSURL]OD]LL]QHSRWSXQHREDYLMHWHQRVWLNDRWR
UHODWLYQDVLJXUQRVWSURL]OD]LL]QH]QDQMD
3URPHWQDSROLWLNDGRYHODMHGRWRJDGDVXJXYHQDFHVWDPDLJXELFL
HOMH]QLFHWDNRYHOLNLNDRQLNDGDDWRVHQD]LYDXVSMHQRPSURPHWQRP
SROLWLNRP
5HFLNDNRVH]HPOMDRSKRGLVDVYRMLPSROLWLNLPSURWLYQLFLPDLMDXWLUHL
NRMLVWDQGDUGNXOWXUHLPD6DPROMXGLNRMLVXVDPLSRVHELPLUROMXELYLPRJX
XYMHWRYDWLSROLWLNLPLU
6DPRVHRQDMSROLWLDUSURVODYLRXSRYLMHVWLNRMLMHXPLRRWYRULWLSHUVSHNWLYH
GHSRYLPD
6DPRWDPRJGMHVHQDMSULYDWQLMLGLRLGUXWYRLYRWQRLEROQRSUHVLMHFDMX
RYMHNPRHSRVWDWLSROLWLNLSURGXNWLYDQ
6DPRWNRMHVLJXUDQGDJDQHHVORPLWLDNRMHVYLMHWVQMHJRYRJVWDMDOLWD
SUHJOXSLOLSULSURVW]DRQRWRPXRQHOLSRQXGLWLLDNRXQDWRVYHPXWRPH
]QDUHL,SDNVDPRMHRQSR]YDQ]DSROLWLNX
6YDNLSROLWLDU]QDMHGQRJQRYLQDUDXLMXVHLQGLVNUHFLMXPRHSRX]GDWL
SRVWDQXRLWH
GRUDVOD
ELWLGRVDGQD
XPMHWQRVW
SROLWLND
SROLWLNRP
GHSRYLPD

SRVWDQXRLWH
GRUDVOD
ELWLGRVDGQD
XPMHWQRVW
SROLWLND
SROLWLNRP
GHSRYLPD
SRVWDQXRLWH
GRUDVOD
ELWLGRVDGQD
XPMHWQRVW
SROLWLND
SROLWLNRP
GHSRYLPD

7DMQDDJLWDWRUDMHSULND]DWLVHMHGQDNRJOXSLPNDRWRVXQMHJRYLVOXDWHOML
NDNRELRQLYMHURYDOLGDVXMHGQDNRSDPHWQLNDRLRQ
7HNNDGDRYMHNVSR]QDLRUJDQL]LUDVYRMHYODVWLWHVQDJHLVWRJDQHEXGHRG
VHEHGLMHOLRGUXWYHQXVQDJXXREOLNXSROLWLNHVQDJHWHNWDGDHRYMHNRYD
HPDQFLSDFLMDELWLGRYUHQD
7NRMHODQQHNHVWUDQNHLPDVDPRGYLMHPRJXQRVWLGDEXGHRSRUWXQLVWLOL
GDRQHLVWLJQLMH]GR
7NRVHQHEDYLSROLWLNRPXQDWRVYRMRMHOMLMH]DSUDYRYHRGDEUDR
SROLWLNXVWUDQNXVOXLYODGDMXRMVWUDQFL7NRHOLGDVHXODVNDPDVLQD]LYD
MHQDURGRP7NRHOLYODGDWLQDURGRPWDMSURPDWUDQDURGNDRPDVX
7UHEDORELGDSROLWLNDEXGHEULJD]DGREURQDURGD3UHPDRQRPHWR
SURPDWUDPRL]GDQDXGDQSROLWLNDMHEULJD]DGREURQDURGQLKSDUD]LWD
8SROLWLFLHNVSHULPHQWL]QDHUHYROXFLMX
8SROLWLFLVXQDMVODELMLGRND]LXSUDYRRQLNRMLVHSR]LYDMXQDSURORVW
8ELWLLOLVHGDWLXELWL"7RVH]RYHSROLWLND"
8PMHWQRVWSROLWLNHVDVWRMLVHXWRPHGDVHYUXLNHVWHQLYDGHWXRPUXNRP
9HLQDSUREOHPDQDVWDMHNDRL]UD]SRJUHQHSROLWLNHNUDWNRYLGQRVWLLOL
SRNYDUHQRVWLSROLWLDUD
9RMQLFLPRUDMXRGJRYDUDWL]DJUHNHSROLWLDUD1LMHOLSROLWLND]DSUDYRVDPR
YMHWLQDGDVHODHXSUDYLDV"
p8KLMHUDUKLMVNLPVWUXNWXUDPDGREURQLNDGDQHGROD]LRGR]JR*RUHSOLYD
RWSDG$RQRYULMHGQRVHQDOD]LXWDORJX
+LMHUDUKLMDRPRJXDYDGDSODD]DRGUHHQLSRVDRUDVWHXREUQXWRPRPMHUXV
QHXJRGQRXLWHLQRPSRVOD
+LMHUDUKLMDVHLULGRNQHSRMHGHGUDYQXSRWSRUX,QLNRPQLWD
+LMHUDUKLMDYRGVWYDMHSRSXWVHSWLNHMDPHQDMEROMHVHYLGHYHOLNLNRPDGL
LULQDQHVSRVREQRVWLXSUDYQRMHSURSRUFLRQDOQRX]YLHQRVWLXKLMHUDUKLML
3UHNRPMHUQDVSRVREQRVWQHSRHOMQLMDMHRGQHVSRVREQRVWL8KLMHUDUKLMLVH
VYDNLYRDQDVWRMLX]GLLGRVYRMHQHVSRVREQRVWL3RVDRREDYOMDMXRQL
QDPMHWHQLFLNRMLMRQLVXGRVHJOLVYRMXUD]LQXQHVSRVREQRVWL*UDPODQRJ
LPLGDYULMHGLNLOXVWYDUQLKVSRVREQRVWL
+LMHUDUKLMRPGRPLQLUDMXGYLMHYUVWHOMXGHRQLNRMLVKYDDMXLPHQH
XSUDYOMDMXLLOLRQLNRMLXSUDYOMDMXRQLPWRQHVKYDDMX
WRMHYHDKLMHUDUKLMDYHDMHL]EUND
o'DQHPDSROLFLMHRYMHNDQHELLPDRWNRVDVOXDWL
p3XULWDQFLLPDMXSUOMDYXPDWX
GDRQHLVWLJQLMH]GR

GDRQHLVWLJQLMH]GR
GDRQHLVWLJQLMH]GR
3XULWDQFLLPDMXSUOMDYXPDWX
p

p6WUDQNDMHRUJDQL]LUDQRPLOMHQMH
p7LWXOHVXRGOLNRYDQMH]DRVUHGQMHQHXJRGD]DYHOLNHDSUHGPHWSRUXJH]D
PDOHOMXGH
7LWXOHVXGXERNLMDUFLRNRWYUDYHRYMHN
p6YHGRNQHPDJUDQDWDNRMHHNVSORGLUDMXQDGYODVWLWRP]HPOMRPYRMQLNMH
MDPDF]DVLJXUQRVWMHGQDNRNDRL]DQHVLJXUQRVW
9RMVNDMHPLVWLNDXERMVWYD
7NRHRVQRYDWLGUXWYR]DVX]ELMDQMHVWDULKJHQHUDOD"
pRYMHNQLMHVORERGDQQLXMHGQRPWUHQXWNXVYRJLYRWDLYMHWL]QDLQXQR
RSVWRMDWLWRNRPWRDNDWUDMDQMDNRMHQXQRVOLMHGHMHGQH]DGUXJRKWMHWL
]QDLSULVWDWLLOLQHSULVWDWLGDRVWDQHPRRQRWRMHVPRELWLVORERGDQ]QDL
VOLMHGLWLQXQHSREXGHNRMHQRVLPRXVHELVDPLPD
'DOLVDPRRQDMLQWHOHNWXDODFNRMLNULWLNLPLVOLLNRML]DWRLYLVDQHPLURPL
QHL]YMHVQRXLPDWRRVREQR]DGRYROMVWYRGDVHEHGRLYOMDYDNDRVORERGQR
ELH"
'XKVORERGHLLVWLQHHWRWRVXVWXSRYLGUXWYD
,DNRVORERGDLGHPRNUDFLMDQLVXHNYLYDOHQWQLSRMPRYLLSDNVX
NRPSOHPHQWDUQLEH]VORERGHMHGHPRNUDFLMDGHVSRWL]DPDEH]GHPRNUDFLMH
MHVORERGDREPDQD
,]PHXVORERGHSULMDWHOMDL]GUDYOMDVOLQRVWMHXWRPHWRQMLKRYXSUDYX
YULMHGQRVWVSR]QDMHPRWHNNDGRVWDQHPREH]QMLK
.DGXKYDWLNRULMHQVORERGDMHELOMNDNRMDEU]RUDVWH
/RJLQDJUDQLFDVORERGHVYDNRJRYMHNDMHVORERGDGUXJLK
/MXGLVHUD]OLNXMXSUHPDVYRMLP]DPLVOLPDVUHHLRQRJDRGHJDVHRQD
VDVWRMLSDVHXWRPSRJOHGXQMLKRYDYROMDQHPRHVYHVWLQLSRGNRMH
]DMHGQLNRSUDYLORDWLPHXMHGQRQLSRGNRMLYDQMVNL]DNRQNRMLQHEL
XJUR]LRLQGLYLGXDOQHVORERGH
/MXGVNDSRYLMHVWSRLQMHLQRPSREXQHRYMHNDWRMHXLVWRYULMHPHL
SRHWDNQMHJRYHVORERGHLUD]YLWNDQMHJRYDXPD
/MXGVNDVHVORERGDVDVWRMLXVSR]QDMLSULURGHLLYRWDXVNODGXVQMRP
/MXGVNDVORERGDSRQDMSULMH]QDLSUHYODVWYLLKNXOWXUQLKPRWLYDQDG
ELRORNLPLHNRQRPVNLPLQHUFLMDPD6ORERGLMHGLMDOHNWLNLSROXQXQRVWL
7RGLMDOHNWLQRMHGLQVWYRQRVLOMXGVNRVWYDUDODWYR
/MXGVNHQHYROMHVXEURMQH1RQDMJRUDRGVYLKMHJXELWDNVORERGH
/MXGVNRPELXMHSRVWLLQHRYLVQRVWDNR]DQMRPLGHXSRUQRLGRYROMQR
GUXJR
6WUDQNDMHRUJDQL]LUDQRPLOMHQMH
p
PDOHOMXGH
ELH"
MHVORERGDREPDQD
GUXJR

PDOHOMXGH
ELH"
MHVORERGDREPDQD
GUXJR
PDOHOMXGH
ELH"
MHVORERGDREPDQD
GUXJR

HQLMHQDMRSDVQLMDVORERGDGUDDRGPLUQRJURSVWYD
0
0LVOLORVHGDVPRVORERGQL]DWRWRLPDPRYROMXLPRL]ERUDDOLVHQLMH
REUDWLODSR]RUQRVWQDWRGDVHQDDYROMDNUHHSRGXWMHFDMHPX]URNDNRMLVX
QH]DYLVQLRGQDV
0LVOLWLQDVXWUDWR]QDLSRVWDYLWLVHELFLOMLPDWLVYRMHQDNORQRVWLVYHRYR
SUHWSRVWDYOMDYMHUXXVORERGXDNDNRVHSRQHNDGXYMHULPRGDMHQH
RVMHDPR
0RUDPRELWLVORERGQLQH]DWRWRWUDLPRVORERGXYH]DWRWRMHSURYRGLPR
XGMHOR
1DERJDWVWYXLVLURPDWYXOHL]DMHGQLNRSURNOHWVWYRRERMHLQHRYMHND
URERP
1DMOMHSLVQLRVORERGLVQLYDMXVHXWDPQLFL
1HVPLMHSRVWRMDWLVORERGD]DXQLWDYDQMHVORERGH1H]DYLVQRVWQLMHX
RGELMDQMXRQDMHXL]ERUX
1LMHOLQDVVWLGWRVPRQDVORERGLDQHPLVOLPRQDRQHWRVXXWDPQLFLWR
VPRGDURYLWLDQHSORGQL"
1LNDNDYWHKQLNLQDSUHGDNQHPRH]DPLMHQLWLRYMHNRYXVORERGXMHUELWR
]QDLOR]DPLMHQLWLRYMHND1LWDODNHQHJRXLPHYDQMVNHVORERGHXQLWLWL
XQXWUDQMXVORERGXRYMHND
1LWDSDDNQLQDMPRGHUQLMHRUXMHQLQDMRNUXWQLMDSROLFLMDQLWDOMXGHQHH
PRL]DXVWDYLWLNDGDMHGQRPRGOXHVWHLVYRMXVORERGXLVYRMHOMXGVNR
SUDYR
1LWNRQHPRHVOXLWLGYRMLFLJRVSRGDUDMHUHLOLMHGQRJDPU]LWLDGUXJRJD
OMXELWLLOLHX]MHGQRJDSULVWDMDWLDGUXJRJDSUH]LUDWL1HPRHVOXLWL%RJXL
ERJDWVWYX
1LWNRWNRQLMHVYRMJRVSRGDUQLMHVORERGDQ2GOXXMXDQHVORERGDVORERGD
RGOXLYDQMD2GUHLVHVYRMHVORERGH]QDLRGUHLVHVYRJRYMHWYDOMXGVNLK
SUDYDSDHLVYRMLKGXQRVWL
2QLNRMLSR]QDMXRELDQLYRWVLURPDKDXYLGMHWHGDEH]HNRQRPVNH
VLJXUQRVWLVORERGDQHYULMHGLQLWD
3OHPHQLWGXKVHQH]DGRYROMDYDWLPHWRMHVkPVORERGDQRQPRUDVYHGUXJR
RNRVHEHSDLEHLYRWQRRVORERGLWL
3RORLWL]DYMHWSRVOXQRVWL]QDLRGUHLVHQHRWXLYRJSUDYDRYMHND
VORERGH
3RUDVWVORERGHGRYHRMHGRSURPMHQHNDUDNWHUDVORERGH1DDMHVSRQWDQRVW
]DPLMHQMHQDRNYLURPVYLMHVWLNRMLQDVSULVLOMDYDGDRGEDFLPRVYDNXHPRFLMX
LOLLGHMXNRMDELPRJODRVODELWLQDXRSUH]QRVWSUHPDEH]OLQLP]DKWMHYLPD
NRMLQDQDVQDYDOMXMX
0HQLMHQDMRSDVQLMDVORERGDGUDDRGPLUQRJURSVWYD
QH]DYLVQLRGQDV
RVMHDPR
XGMHOR
URERP
SUDYR
ERJDWVWYX
VORERGH
NRMLQDQDVQDYDOMXMX

HQLMHQDMRSDVQLMDVORERGDGUDDRGPLUQRJURSVWYD
0
QH]DYLVQLRGQDV
RVMHDPR
XGMHOR
URERP
SUDYR
ERJDWVWYX
VORERGH
NRMLQDQDVQDYDOMXMX

0HQLMHQDMRSDVQLMDVORERGDGUDDRGPLUQRJURSVWYD
QH]DYLVQLRGQDV
RVMHDPR
XGMHOR
URERP
SUDYR
ERJDWVWYX
VORERGH
NRMLQDQDVQDYDOMXMX

3RVWRMHGYLMHGREUHVWYDULXLYRWXVORERGDPLVOLLVORERGDDNFLMH
3RWSXQDVORERGDXL]ERUXNRGOMXGLQHSRVWRML
3UDYHGDQRYMHNWUDLVORERGX]DVYHDQHSUDYHGDQVDPR]DVHEH
5DGLVHRQHVSRUD]XPXDNRVHVORERGDPLVOLHOLGRYHVWLGRQHRYLVQRVWLRG
UD]XPD
5HNRKGDMHVORERGDLOX]LMDILNFLMD1LNDGVHQLMHUDGLORRVORERGL8YLMHNVH
UDGLORRYODVWLR]HPOMLRNUXKXRUDGX-RQLMHGQRGUXWYRQLMHPRJOR
VYLPDSUXLWLMHGQDNDSUDYD6ORERGDMHMHGLQR]QDQVWYHQLSRMDPLSMHVQLNL
1RVYDNRMMHSROLWLFLSRWUHEQDSMHVPD
6PLURPMHNDRLVDVORERGRPNDRWRMHVORERGDXYLMHNLVORERGDGUXJLK
WDNRMHLPLUXYLMHNPLUGUXJLK
6DPRMHVORERGDQUDFLRQDODQLDNWLYDQNRQWHPSODWLYDQRYMHNGREUDLSUHPD
WRPHVUHWQDRVRED
6DPRRQDM]DVOXXMHVORERGXNDRLLYRWNRMLLKVYDNRGQHYQRPRUDVWMHFDWL
6DPRRQRWRLQLPRL]OMXEDYLLQLPRVORERGQRPDNROLNRSDWQMHL]WRJD
SURL]DOR
6ORERGDEH]SUDYGHMHVDPRYROMD
6ORERGDHXYLMHNELWLNUKNDELOMNDSUHPGDVXGHPRNUDFLMDLOLEHUDOQHLGHMH
SRVWLJOHYHOLNHSREMHGH$SROLFLMDQLNDGDQLMHVYHPRQDQLXWRWDOLWDUQLP
GUDYDPDDNDPROLXGHPRNUDWVNLP
6ORERGDLEODHQVWYRVDVWRMHVHXRYMHNRYXUD]XPLMHYDQMXVDPRJVHEHLX
QMHJRYXQDVWRMDQMXGDSRVWDQHRQRWRSRWHQFLMDOQRMHVWGDVHSULEOLLVYH
YLHLEOLHPRGHOXOMXGVNHSULURGH
3UDYLODQRGJRMMHRGJRYRUDQ]DHPRFLRQDODQLLQWHOHNWXDODQUD]YRMOLQRVWL
9DOMDVHLVWRGREQRXSLWDWLMHOLSRWUHEQRRGEDFLWLYULMHGQRVWLQWHOHNWXDOQH
VORERGHMHURQDQLNDGDQHH]QDLWL]DVYDNRJDLVWXPRJXQRVWQH]DYLVQRJ
PLOMHQMDDWR]QDLNRPSOHWQRQHUD]XPLMHYDQMHUD]ORJDNRMLLQWHOHNWXDOQRM
VORERGLGDMXYULMHGQRVW'DELRQDREDYOMDODVYRMXIXQNFLMXSUYRJSRNUHWDD
LQWHOHNWXDOQRJSURJUHVDRVQRYQRMHQHGDMHVYDWNRVSRVREDQGDPLVOLLSLH
ELORWRYHGDELORNRMLLGHDOLOLLGHMXPRHGDEUDQLELORWNR6YHGRN
QHVODJDQMHQLMH]DEUDQMHQRXYLMHNHVHQDLQHWNRWNRHGRYHVWLXVXPQMX
LGHMHNRMHYODGDMXQMHJRYLPVXYUHPHQLFLPDLNRMLHVWDYLWLQRYHLGHMHQD
UDVSUDYXLSURSDJDQGX
3UREOHPVORERGHSRVHELQHPDVPLVOD-HURQMHYH]DQQDMHGDQVDVYLPGUXJL
QDLQVSUREOHPRPERJD5HHQMHSLWDQMDMHOLRYMHNVORERGDQWUDLGDVH
]QDGDOLRQPRHLPDWLJRVSRGDUDLOLPLQLVPRVORERGQLLVYHPRJXLERJ
MHRGJRYRUDQ]D]ORLOLVPRVYLPLVORERGQLLRGJRYRUQLDOLERJWDGDQLMH
VYHPRDQ
VYHPRDQ
UDVSUDYXLSURSDJDQGX
UD]XPD
WRPHVUHWQDRVRED
SURL]DOR

UD]XPD
WRPHVUHWQDRVRED
SURL]DOR
UDVSUDYXLSURSDJDQGX
VYHPRDQ
VYHPRDQ
UDVSUDYXLSURSDJDQGX
UD]XPD
WRPHVUHWQDRVRED
SURL]DOR

6ORERGDMHGREURNRMHUDVWHXSRWUHERPDQHVWDMHDNRVHQHNRULVWL
6ORERGDMHMHGLQRPRJXDXSRGUXMXVYLMHVWL
ORERGDMHMHGQRRQDMYUHGQLMLKGREDUDPDWH6ORERGDMHPRJXDVDPRDNR
6
MHRYMHNVSUHPDQQDUL]LNDEH]WRJUL]LNDVORERGHQHPDLYHGHPRNUDFLMH
6ORERGDMHPRJXQRVWLQLWLRQRWRVPLMHELWLSRSUDYX
6PDWUDPGDMHGDQDVSUYDGXQRVWVYLKNRMLXLYDMXVORERGXJRYRUDGDX]PX
ULMHXLPHPLOLMXQDLPLOLMXQDNRMLYLHQHPRJXJRYRULWLMHULPMHWR
6ORHQRVWPHXOMXGVNLKRGQRVDLRYMHNRYDQHVLJXUQRVWXVYLMHWXSRVHEQR
]DRWUDYDMXSLWDQMDRGJRYRUQRVWLLVORERGH
6ORERGXQHPRHPRRWNULYDWLQHJRVWYDUDWL
6ORERGDMHSUDYRQDOMXGVNLSRQRV
6ORERGQLVWHDNRYDPMHVDYMHVWLVWD
6ORERGDMHUDYQRWHDL]PHXSUDYDLGXQRVWL
6ORERGQLVPRWRYLHWRUD]ERULWLMHGMHOXMHPRDVOXJHWRWRYLHQH
GRSXWDPRGDQDPDYODGDMXVWUDVWL
6ORERGDMHVDPDELWLYRWD
6ORERGDMHVSR]QDWDQXQRVW
6ORERGDMHXYLGXQXQRVW
6ORERGDMHYUHORXPMHWQRVWL
6ORERGDPLVOLNRGQHVORERGQRJUDGDVORERGXSUHWYDUDXSDUDGRNV
6ORERGDQLMHGRODQDVYLMHWNDNRELXELOD]GUDYUD]XP
6ORERGDQLMHVDPRLGHMDDSVWUDNWQRQDHOR7RMHPR
6ORERGDVDPR]DSULVWDOLFHYODGHVDPR]DODQRYHVWUDQNHEH]RE]LUDQD
QMLKRYEURMQLMHVORERGD6ORERGDMHXYLMHNVORERGDRQLKNRMLGUXNLMHPLVOH
6ORERGDVHQHPRHVSXVWLWLGROMXGLOMXGLVHPRUDMXX]GLJQXWLGRQMHWRMH
EODJRVORYNRMLQDMSULMHWUHED]DVOXLWLDRQGDXQMHPXXLYDWL
6ORERGDWLVNDPRUDODELELWLXYMHWRYDQDQDMVWURRP]DEUDQRPDQRQLPQRVWL
6ORERGD]QDLRGJRYRUQRVWVWRJDMHVHYHLQDOMXGLERML
6ORERGDQGXKMHQDGPRDQMHUQHHOLVDPR]DVHEH]DGUDWLULMH
6ORERGDQMHRQDMNRMLHOLRQRWRPRUD
6ORERGQDYROMDQLMHQLWDGUXJRQHJRVSRVREQRVWL]ERUD
6ORERGQLGXKRYLQHHOHSREMHLRGVYLMHWD2QLSRNXDYDMXGDJDSRSUDYH
6

6
6

QHRWXLYRSUDYRRGX]HWR,]DPHQHLYRWYLHQHELQLWD]QDLRNDGQHEL
ELRQHSRNROHEOMLYRXYMHUHQGDHYMHQDSUDYHGQRVWXVOLDWLQMLKRYX
RSWXXMXXXWQMX
8VORERGQRMGUDYLVYDNRPHMHGRSXWHQRPLVOLWLWRKRHLJRYRULWLWRKRH
8VSRVWDYOMDQMHFDUVWYDVORERGHVPLVDRMHOMXGVNHSRYLMHVWLNRMLMHSULVXWDQ
YHQDQMHQXSRHWNX
9MHUXMHPGDMHJODYQLRYMHNRY]DGDWDNSRYHDYDWLJUDQLFHVORERGHMDDWL
XYMHWHNRMLVOXHRYMHNXWRMH]DGDWDNXVPLVOXUD]YLMDQMDVYLKSR]LWLYQLK
WHKQRORJLMD
9MHUXMHPXVORERGXXRYMHNRYRSUDYRGDEXGHVYRM6ORERGDMHYLHRG
QHSRVWDMDQMDXJQMHWDYDQMD2QDMHVORERGD=$VORERGD]DSRVWDMDQMH
QH]DYLVQLKVORERGD]DELWLPQRJRDQHLPDWLPQRJRLOLXSRWUHEOMDYDWLVWYDUL
LOMXGH
6PLVDRMHOMXGVNHSRYLMHVWLXVSRVWDYOMDQMHFDUVWYDVORERGHKXPDQXPGD
RYMHNEXGHRYMHNRYMHNX
6PLVDRUD]YRMDLQDSUHWNDSUHGVWDYOMDVWDOQRSRPLFDQMHJUDQLFDQXQRJL
LUHQMHSURVWRUDVORERGH
6YDNLMHRYMHNURHQVORERGDQDSRVYXGDMHXRNRYLPD
SRYLMHVWLOMXGVNRJURGDVWDODQMHVXNREVORERGHLVLJXUQRVWL/MXGLVXHVWR
8
VSUHPQLUWYRYDWLVORERGXLOLQHNHVORERGH]DVLJXUQRVWLOLYLHVLJXUQRVWLX
WRMVHSRWUHELGXERNRXNRULMHQLODWRWDOLWDUQDQDSDVW
6YDWNRLPDSUDYRQDLYRWVORERGXLRVREQXVLJXUQRVWLQLWNRQHVPLMHELWL
SRGYUJQXWPXHQMXRNUXWQRPQHOMXGVNRPLOLSRQLDYDMXHPSRVWXSNXVYD
OMXGVNDELDUDDMXVHVORERGQDLMHGQDNDXGRVWRMDQVWYXLSUDYLPD9DOMDVH
SULVMHWLWL8JRGLQLREDYOMHQRMHXFLMHORPVYLMHWXVPDNQXHRG
WRJDX1DURGQRMUHSXEOLFL.LQL$VYHVHWRGRJDDQDSUDJX
GYDGHVHWLSUYRJVWROMHD
ROLNRMHOLMHSLKULMHLUHHQRRVORERGLDOLQLWDQDVYLMHWXRYMHNDQHLQL
7
WDNRQHVORERGQLPNDRVLURPDWYR7RWDOQLMHRYMHNVORERGDQSRMHGLQDFX
VORERGQRM]DMHGQLFLJUDQLFDXEHVNRQDQRP
6YLMHWQLNDGDQLMHLPDRGREURGHILQLUDQXULMHVORERGD
WRMHVORERGD"-HOLVORERGDRGVXWQRVWSUHSUHNDLOLVSR]QDMDQXQRVWLLOL
PRJXQRVWL]ERUDLOLVDPRRGUHHQMHRGUHHQMHVYRMHSULURGHLSRYLMHVWLLOL"
0RHOLLXQHVORERGQXGUXWYXRYMHNELWLVORERGDQLREUDWQR",PDOL
VORERGHEH]RGJRYRUQRVWL
7NRVORERGXQHPDXNUYLWNRQHRVMHDWRMHVORERGDWDMMHQLNDGDQHH
VWHL
YLMHWQLNDGDQLMHLPDRGREURGHILQLUDQXULMHVORERGD
6
VWHL
7ROLNRMHOLMHSLKULMHLUHHQRRVORERGLDOLQLWDQDVYLMHWXRYMHNDQHLQL
8SRYLMHVWLOMXGVNRJURGDVWDODQMHVXNREVORERGHLVLJXUQRVWL/MXGLVXHVWR
YHQDQMHQXSRHWNX
WHKQRORJLMD
LOMXGH
RSWXXMXXXWQMX

RSWXXMXXXWQMX
YHQDQMHQXSRHWNX
WHKQRORJLMD
LOMXGH
SRYLMHVWLOMXGVNRJURGDVWDODQMHVXNREVORERGHLVLJXUQRVWL/MXGLVXHVWR
8
ROLNRMHOLMHSLKULMHLUHHQRRVORERGLDOLQLWDQDVYLMHWXRYMHNDQHLQL
7
6YLMHWQLNDGDQLMHLPDRGREURGHILQLUDQXULMHVORERGD
VWHL
YLMHWQLNDGDQLMHLPDRGREURGHILQLUDQXULMHVORERGD
6
VWHL
7ROLNRMHOLMHSLKULMHLUHHQRRVORERGLDOLQLWDQDVYLMHWXRYMHNDQHLQL
8SRYLMHVWLOMXGVNRJURGDVWDODQMHVXNREVORERGHLVLJXUQRVWL/MXGLVXHVWR
YHQDQMHQXSRHWNX
WHKQRORJLMD
LOMXGH
RSWXXMXXXWQMX

DORHVUFHVORERGDQHPD]QDHQMD
=
=DEUDQMLYDWLELXGDVORERGQRPLVOLLVORERGQRVHL]UDDYDLVWRMHWRLYH]DWL
PXRLDWUDLWLRGQMHJDGD]QDNXGDLGHLWRUDGL
=DUMHSURORVWQXQLMDRGEXGXQRVWL"1XQRVWLVNOMXXMHVORERGX
3UL]QDMHPVORERGDQVDP
p3URGDMDGMHFHMHSUYLSORGRLQVNRJSUDYDLPRQRJDPLMH
5RERYHVXQHNDGDQD]LYDOLOMXGVNRPVWRNRPLJDMLOLVXLK]DUDVSORGNDRL
VDPXVWRNX
5RERYLVHEH]YRHQHPRJXSREXQLWLDOLMHURSVWYRORDNROD]DYRGVWYR
5RSVWYRQLMHSUDYQRQHJRGXKRYQRVWDQMH
6ORERGQLL]ERUJRVSRGDUDQHHXNLQXWLJRVSRGDUHLOLURERYH
6UHWQLURERYLVXQDMHLQHSULMDWHOMLVORERGH
8SUDYRRQRWRVPRQDMYLHSULHOMNLYDOLLQLQDVQDNRQFXURERYLPD
o%LWLUDGLNDO]QDLVWYDUXKYDWLWL]DNRULMHQ
p%LWYODGDYLQHMHVWXXPLMHXGDVHEXGHSRWHQ
%URMOMXGLNRMHYRGLQHVSRVREDQ9RDLPDWHQGHQFLMXSRUDVWDEH]RE]LUDQD
NROLLQXUDGDNRMLWUHEDL]YULWL
*GMHMHYODGDYLQDWDPRMHLQHXJRGD.DGDELVYLKWMHOLELWLSUYDYLROLQD
QLNDGDQHELVPRXVSMHOLVDVWDYLWLRUNHVWDU
.DNRELQHNLPRJOLYODGDWLGXJRYUHPHQDLEH]XYMHWQRPRUDLKVHYRGLWL
ODJDQRPUXNRPLQDVWRMDWLGDWRPDQMHRVMHWHVYRMXRYLVQRVW
.RMDMHYODGDQDMEROMD"2QDNRMDQDVXLGDYODGDPRVDPLVRERP
0HXRGOLNDPDNRMLPDYODGDULVWMHXQDNORQRVWQDURGDQDSUYRPVXPMHVWX
SULPMHULQHVHELQRVWLLSUDYGH
0LVOLYODGDMXHNODVHXVYDNRMVXHSRKLYODGDMXHPLVOL
0RUDGDMHYHOLNXLWDNELWLQDYODVWLNDGMHVHWROLNROMXGLHOLGRHNDWL
1DG]LUDWLWUHEDYODGDMXHDQHRQHNRMLPDVHYODGD
1HSURSDGDPRMHUQHPDPRYODGHQHJRMHUQHPDPRRSR]LFLMH
1HSRELWQRMHSUDYLORYODGDUDNRMLLVDPQLMHPXGDUQHPRJXHMHVDYMHWRYDWL
1LMHGDQRYMHNQLMHGRYROMQRGREDUGDYODGDGUXJLPRYMHNRPEH]QMHJRYRJ
SULVWDQND
2XYDQMHSRVWRMHHJVWDQMDLGREURXSUDYOMDQMHSRVWDMXQHL]EMHQR
SURWXULMHLYL
2QDMNRMLYODGDXYLMHNPRUDSD]LWLQD]DMHGQLNRGREURYLHQHJRQDVYRMH
=DORHVUFHVORERGDQHPD]QDHQMD
VDPXVWRNX
SULVWDQND
SURWXULMHLYL

DORHVUFHVORERGDQHPD]QDHQMD
=
VDPXVWRNX
SULVWDQND
SURWXULMHLYL

=DORHVUFHVORERGDQHPD]QDHQMD
VDPXVWRNX
SULVWDQND
SURWXULMHLYL
2QRWRVYDNLRYMHN]QDMHVWLQMHQLFDGDUD]YLWDNQDHJVYLMHWDRGUHXMH
ERUED]DSUHYODVW/MXGLVXJRQMHQLSRKOHSRP]DYODVWLRWLPDWHVH]D
VYMHWVNRH]ORPDNDUWRLELRXSDOMDRSHNDWDVWURIH
2VYRMLWLMHODNHQHJRYODGDWL
3RJODYDUVHWUHEDUDYQDWLSRQDURGXDQHREUDWQR
3RVOLMHVDPROMXEOMDRGVYLKMHOMXGVNLKVWUDVWLQDMVQDQLMDLQDMVXURYLMD
YODVWROMXEOMH
3RVWRMHOMXGLNRMLVHXYLMHNRVMHDMXQDSDGQXWLPDNDGDQHWNRNDHVYRMH
PLOMHQMH
3RVWRMLFHPHQWLUDQDVLODYODGDMXLKQDGPRQLKLVLODSRWODHQLKNRMLVHSURWLY
WRJDEXQH
6ODERPRHYODGDWLYHOLNLPDRQDMNRMLQHPRHVKYDWLWLPDOH
6WUDQHVXPDVHDNRLKYRGHORHYRH
6YDLMDYODVWGRQHNLKJUDQLFD
6YDNDYODVWSRVWDYOMD]DNRQH]DVYRMXNRULVW
WRMHYHDYODVWWRMHVWUDQLMDQMHQDXSRWUHED
8QDWRJODVQLPIUD]DPDRGHPRNUDFLMLQDYODVWXJODYQRPGROD]HQRYL
GLNWDWRUL
ODGDMXDNODVDXYLMHNMHEXGQRSD]LODQDPLOMHQMHVYRMLKXHQMDND2QDLK
9
MHSRGORLODVHELVYRMRPHNRQRPVNRPLSROLWLNRPPRLWUDGLFLMRPL
UHOLJLMRP
9ODGDMXHJHQHUDFLMHQLVXQLNDGDLPDOHJODYQXXORJXXRVWYDULYDQMX
PDWHULMDOQLKGMHODNRMHVXXWMHORYOMLYDOHQMLKRYHYULMHGQRVWL8WRPVH
SRJOHGXGRGDQDVQLMHQLWDL]PLMHQLOR
9ODGDMXHLGHMHMHGQRJYUHPHQDXYLMHNVXELOHLGHMHYODGDMXHNODVH
9ODGDWLMHXPLMHHVWYDUDQMDSUREOHPDDVQMLKRYLPVHUMHHQMLPDQDURGGUL
XQDSHWRVWL
9ODGDWL]QDLXPMHWLSUHGYLDWL
9ODGHVYRMVWYHQHVHELSRGFMHQMXMXVYRMHQDURGHNDGQDVWXSLNUL]DOMXGLH
SULKYDWLWLSURPMHQHXVYRPSRQDDQMX
9ODVWVHNXQHXQDURGQDURGNXQHYODVW
=QDDMNDMHYHOLNLKOMXGLGDGUXJLPDSRVWDYOMDMXPQRJRPDQMH]DKWMHYHQHJR
VDPLPDVHEL
DORVQR-HOLYUOLQDVOLMHSRYMHURYDQMHYODVWLPD"

XQDSHWRVWL
VDPLPDVHEL
9ODGDMXDNODVDXYLMHNMHEXGQRSD]LODQDPLOMHQMHVYRMLKXHQMDND2QDLK
UHOLJLMRP
GLNWDWRUL
WRJDEXQH
PLOMHQMH
YODVWROMXEOMH

YODVWROMXEOMH
PLOMHQMH
WRJDEXQH
GLNWDWRUL
ODGDMXDNODVDXYLMHNMHEXGQRSD]LODQDPLOMHQMHVYRMLKXHQMDND2QDLK
9
UHOLJLMRP
XQDSHWRVWL
VDPLPDVHEL
XQDSHWRVWL
VDPLPDVHEL
9ODGDMXDNODVDXYLMHNMHEXGQRSD]LODQDPLOMHQMHVYRMLKXHQMDND2QDLK
UHOLJLMRP
GLNWDWRUL
WRJDEXQH
PLOMHQMH
YODVWROMXEOMH

p.DGJRGVLVWHPSRVWDQHSRWSXQRGHILQLUDQQHNLSURNOHWLYRDRWNULMHQHWR
WRGRNLQHVLVWHPLOLJDSURLULWDNRGDVHYLHQHPRHSUHSR]QDWL
.DGMHYRLGRVDGQRDNDGWRQLMH"VPHWD]DSRVOHQLPVDPR]DWRMHUYROL
GUXWYR2QVHQH]QDGRVDLYDWLVDPYHWLPH]DJDXMHLGUXJH
8REYH]HYRDQHVSDGDVDPRVDYMHVQRL]YUDYDQMH]DSRYMHGQHPRLYHL
SUDYRGREQRSRYODHQMHVSRORDMD
9HOLNLYRHOMXGVNHUDVHMHVXRQLNRMLVXSUREXGLOLRYMHNDL]QMHJRYD
GULMHPHD
9RDEDQDOQHVWYDULUMHDYDRGPDKYDQHVWYDULQLNDG
9RDXYDQRYFHNRGVHEHQRYDFNYDULOMXGH
9RDLPDSULURGQRMHGDGRELYD
9RDLPDYODVWSULURGQRMHGDRGUHXMHSUDYLOD
9RDMHEHVNUYDQNDNRWRGDRQGDNUYDUL"
9RDMHHOHPHQWDUQDQHSRJRGD
9RDMHJUR]QDVOLNDQH]DSRVOHQRVWL]DSRVOHQLK
9RDMHNDRGLRGDLQIRUPDFLMHSULPDVDPRXMHGQRPVPMHUXDNRMHXRSH
UDVSRORHQ
9RDMHQHWNRNRPHEHVNUDMQRWUHEDMXGUXJL9RDMHRVREDNRMDL]EMHJDYD
VLWQHSRJUHNHGRNVUOMDXJROHPX]DEOXGX
9RDMHXYLMHNXSUDYX
9RDNRMLQHPRHXYMHULWLQDVWRML]EXQLWL
9RDNRMLQHWRQHUD]XPLMHRVLPVYRMLKSUD]QLKXYMHUHQMDVYDNRR]ELOMQR
VWDMDOLWHVYRMLKSRGDQLNDSURJODDYDPLVWLILNDFLMRP
9RDPRH]DXWLWLMHGLQRDNRPXVHRGUHHMH]LNDOLQLWRQLMHVLJXUQR
9RDQDMJODVQLMHYLHRQXYLMHNGRELYDULMH
9RDQDVWDMHVDPRDNRYHSRVWRMHVOMHGEHQLFL9RDQDVWRMLXPQRLWL
SRGDQLNHDQHVXSDUQLNH6DPRHSRGUHHQLUDGLWLSRVDRMHGQLGUXJLPD
9RDQHLWDQRYLQHRQVHLQIRUPLUD
9RDQHVSDYDRQNRQWHPSOLUD1HSULMDWHOMMHXYLMHNEXGDQVYLLPDMX
SRGRQMDNH
9RDQHWHLERJDWVWYXVYHGRNPRHLYMHWLXGREQRLLPDWLVYHWRSRHOL
9RDQHWXJXMHRQNUYDUL=DQMHJDMHQHPRUDOQRGR]YROLWLQDLYLQDPDGD
]DGUHVYRMQRYDF
9RDQH]QDRQSRXDYD2QDMNRML]QDLQL2QDMNRMLQH]QDSRXDYDWL
XSUDYOMD=QDVHWNRXSUDYOMD
GULMHPHD
UDVSRORHQ
9RDMHXYLMHNXSUDYX
SRGRQMDNH
]DGUHVYRMQRYDF

GULMHPHD
UDVSRORHQ
9RDMHXYLMHNXSUDYX
SRGRQMDNH
]DGUHVYRMQRYDF

GULMHPHD
UDVSRORHQ
9RDMHXYLMHNXSUDYX
SRGRQMDNH
]DGUHVYRMQRYDF

9RDQHHSRVWXSLWLUD]XPQRDNDNRLVFUSLVYHGUXJHPRJXQRVWL$NR
GUXJDLMHQHLGHRQGDLGHSRWHQRPDORPRUJHQ
9RDQHPDYUHPHQD]DWHPHOMLWXUDVSUDYXDOLVH]DWRKYDWD]DQHNXRIXFDQX
WYUGQMXLQMRPHSRWNRSDYDVYDNXQRYLLGHMX$NRPXVHSRVWDYLQHNR
NDWHJRULQRSLWDQMHRQJOHGDSRGUHHQRJNDRGDMHVLDRVXPD
9RDQLMHSROWURQWDNYLPJDLQHSRGDQLFL
9RDQLNDGQHPDYUHPHQDGDQHWRXLQLNDNRYDOMDDOLXYLMHNLPDYUHPHQD
GDWRXLQLSRQRYR
9RDUDGLQDYLHUD]ERMD2QQLMHUD]ERMQLN
9RDVHWUXGLGDL]JOHGDVWUDQRYDQR2QQHXOD]LXUDVSUDYHLOLXOD]LXRQH
NRMHVXWULYLMDOQHLOLPLMHQMDWHPX
9RDVYDNLSULMHGORJJOHGD]ORQDPMHUQRLRGPDKWUDLRVREXQDNRMXPRH
VYDOLWLNULYQMX2VLPVHEH6DYMHW]DSROWURQHNDGLPDRULJLQDOQXLGHMX
XYDOLMH9RLNDRQMHJRYXYODVWLWXLRQDNRVLMHYHUDQLMHXRRGQMHJDDOL
QLVLELRNRQFHQWULUDQ
9RDVYHQDUHGEHL]GDMHXVPHQRDWUDLSLVPHQDL]YMHD
9RDXYLMHNLPDRGJRYRUWRMHQHPRJXHQHWUDWLPRMHYULMHPHPRJXHMH
DOLQHYULMHGLWUXGDFLMHORYULMHPHVDPJRYRULRGDMHWRGREUDLGHMD$NR
9RDXVWYUGLGDMHQHWRPRJXHJRWRYRGDMHXSUDYX$NRL]MDYLGDMH
QHWRQHPRJXHYUORMHYMHURMDWQRMHXNULYX
9RDXYLMHN]DWYDUDYUDWDNDGREDYOMDSULYDWQHUD]JRYRUHDGULLKNDG
QDGJOHGDSRGLQMHQHLOLVHGHUHQDVDYJODVXLPHILUPHLOLMHVQLVKRGOMLYNDG
SURVMDL6DYMHWXYLMHNGULYUDWDXUHGD]DWYRUHQD7RNRGSRVMHWLODFDVWYDUD
REUDPEHQLVWDYDWDNRHURVWDYOMDGRMDPGDVWDOQRLPDYDQHVDVWDQNH
9RD]QDVYHMHGLQRWUDLGDJDGUXJLSRGVMHWHQDWR
9RHVHJRPLODMXSULMDWHOMLGROD]HLRGOD]H
9RHVXLOLJOXSLLOLPUWYL7UHLKQHPD
9RLMHEROMLQMHJRYGREDUSODQGDQDVQHJRWXLVDYUHQSODQVXWUD
9RLMHLPH]DLQMHQLFHYDQLMHRGLQMHQLFHVDPH
9RLMHVYDNDWXDLVNUHQRVW]ORHVWRDLOLXQDMEROMHPVOXDMXSDPIOHW
9RLNRVOXLVDPR]DRGODJDQMHNRQVWUXNWLYQLKSULMHGORJD
9RLQLWDQLMHQHPRJXHXLQLWLRVLPDNRWRQHPRUDXLQLWLVDP
9RLQVYLQMDFQDVWROXGRND]MHVWYDUDODNRJQHUHGD$NRMHVWROVWHULOQRLVW
QHUDGLQLWD
9RLQRMHSULURGQRSUDYRGDMHGQRVWDYQHVWYDULNRPSOLFLUDQDQDMJRULPRJXL
QDLQ
GDWRXLQLSRQRYR
QLVLELRNRQFHQWULUDQ
QHUDGLQLWD
QDLQ

GDWRXLQLSRQRYR
QLVLELRNRQFHQWULUDQ
QHUDGLQLWD
QDLQ
GDWRXLQLSRQRYR
QLVLELRNRQFHQWULUDQ
QHUDGLQLWD
QDLQ

-HGDQMH]ERJ]ORLQD]DVOXLRYMHDODGUXJLRGOLNRYDQMH
p
.ROLNRLPDQDVORERGL]ORLQDFDLMDVXQHGMHODRSHSR]QDWD
6YDNL]ORLQLPDGYLMHRVQRYHELRORNXVNORQRVWRYMHNDLGUXWYHQLPLOMHX
NRPLYL
=ORLQMHGUXWYHQRVMHPH*ODGQLSULMHNUDHQLVXPDQMHVLWLQDNRQQMH
=ORLQMHLRGREUDYDQMH]ORLQDGDNOHSULNULYDQMH]DWDNDYDQMH
=ORLQLSRVWDMXXJRYRULGRJRYRULNUDHXSRUH]HLSULUH]HLQLVHGDVH
SRGMHGQDNRXGLPRLOLGLYLPROXNDYWLQLORSRYDLOLDOLPRQHPRUDOQX
NXNDYWLQXRQRJDNRMLQDWRVWDQMHSULVWDMX=DWYRULL]JOHGDVOXH]DWRGD
OMXGHXYMHUHXSRWHQMHRQLKNRMLVXQDVORERGL
'RNEXGHSRVWRMDODVPUWQDND]QDL]LWDYRJHVHND]QHQRJSUDYDLULWLPLULV
VPUWLEXGHOLLWDYRND]QHQRSUDYRQRVLORELOMHJRNUXWQRVWLELWLHRELOMHHQR
OMDJRPRGPD]GH
.DGDELVHVXFLYHMHGQRPXSR]QDOLVWDMQRPVDPLFHNDNRELGUXNLMH
L]JOHGDOHSUHVXGHXVSRURYLPD
.D]QDNRMDNDQMDYDDSULWRPQHVSUHDYDQD]LYDVHRVYHWRP
.D]QHVOXH]D]DVWUDLYDQMHRQLKNRMLQHHOHSRLQLWLJULMHK
.D]QHVXPDQMHXLQNRYLWHRGQDJUDGD
.D]QLWLXJQMHYXQH]QDLND]QLWLQHJRRVYHWLWLVH
0DNDULNDVQRND]QDLSDNGROD]LWLKLPNRUDNRP
0DOHQDVHQHGMHODNDQMDYDMXYHOLNDSURQRVHXVODYOMX
1DJUDGRPLND]QRPOMXGHVHPRHSULQXGLWLGDL]MDYHLOLVH]DNXQXGDYMHUXMX
LGDGMHOXMXNDRGDYMHUXMXYLHVHQHPRHSRVWLL
1HNDND]QDQHEXGHYHDRGNULYQMH
6ODERVWLUHLPDSUHSR]QDMXVHSRMDLQLND]QL
7RWRSRVWRMLVPUWQDND]QDPDQMHMH]QDNRYLWR]DQDPRUDORGLQMHQLFHGD
SRVWRMHNUYQLFL
'UXWYRVPLMHND]QLWLLOLQDJUDGLWLSRMHGLQFD]DVWDQRYLWDGMHODDOLRGUHGLWL
NRPHVPUWLOLGRLYRWDQSRORDMQDGLOD]LOMXGVNXPMHUX
20$7(0$7,&,
PDWHPDWLNDEURMVWDWLVWLND
o0DWHPDWLNDMHMHGDQRGQDLQDLVND]LYDQMDOMXGVNRJUD]XPDNRMLQDMPDQMH
RYLVHRNOLPLMH]LNXLOLWUDGLFLMDPD
20$7(0$7,&,
p-HGDQMH]ERJ]ORLQD]DVOXLRYMHDODGUXJLRGOLNRYDQMH
NRPLYL
OMDJRPRGPD]GH
SRVWRMHNUYQLFL

-HGDQMH]ERJ]ORLQD]DVOXLRYMHDODGUXJLRGOLNRYDQMH
p
NRPLYL
OMDJRPRGPD]GH
SRVWRMHNUYQLFL
20$7(0$7,&,

20$7(0$7,&,
p-HGDQMH]ERJ]ORLQD]DVOXLRYMHDODGUXJLRGOLNRYDQMH
NRPLYL
OMDJRPRGPD]GH
SRVWRMHNUYQLFL

p%URMMHQDMSULPLWLYQLMLLQHVYMHVQLREOLNUHGDRYMHMHJGXKD*HRPHWULMVNL
NYDGUDWVHQHVUHHXSULURGLDGLMHORPXNULVWDOQLPSRYULQDPD
1HVODHPVHVPDWHPDWLNRP6PDWUDPGDMHVXPDQLWLFDRSDVDQEURM
2GQL]DQLWLFDODNRVHPRHQDSUDYLWLODQDF
%URMMHVPUWGXKD
p$NRVHVNXSLGRYROMQRSRGDWDNDPRHVHVWDWLVWLNLPSRGDFLPDGRND]DWL
ELORWR8YLMHNHVHQDLQHWNRNRPHWRWUHED
p%H]SRVWL]DYDQMDVWDQRYLWRJPDWHULMDOQRJEODJRVWDQMDXOMXGVNRPGUXWYX
MHQHPRJXHNUDOMHYVWYRGXKD
%LWLVLURPDKLQH]DYLVDQJRWRYRMHQHPRJXH
%ODJRERJDWLPD2QLEDUHPLPDMXLPHWMHLWLOMXGH
%RJDWRYMHNMHHVWRVDPRMDGQLNVSXQRQRYDFD
%RJDWLPVHQD]LYDRQDMNRMLMHVYRMRPVXGELQRP]DGRYROMDQ
%RJDWQLMHRQDMNRMLSXQRLPDYHRQDMNRMLSXQRGDMH
%RJDWVWYRMHSRSXWJUXGHVQLMHJDWRVHSRYHDYDDRVWDYOMD]DVRERPDNL
QDQDMQDSUHGQLMRM]HPOMLQDVYLMHWXQHSULKYDWOMLYHPUOMHELMHGH
.DGVHERJDWDVSRWDNQHPQRJHJDUXNHGRHNXMXDDNRLJOXSRVWJRYRUL
HVWLWDMXPX
1HPDHNRQRPVNLLVSUDYQHUDVSRGMHOH
1LMHERJDWRQDMWNRLPDPQRJRYHRQDMWNRGDMHPQRJR3ULWRPHVHQH
PLVOLLVNOMXLYRQDSRGUXMHPDWHULMDOQLKGREDUDYHQDGDYDQMHVDPRJD
VHEHVYRMXUDGRVWLQWHUHVUD]XPLMHYDQMH]QDQMHKXPRUDORVWVYHL]UD]HL
PDQLIHVWDFLMHRQRJDWRXQMRMLYL7DNYLPGDYDQMHPRGVYRJLYRWDRQD
RERJDXMHGUXJXRVREXRQDSRVSMHXMHLYRWQRVWGUXJRJDSRVSMHXMXLL
YODVWLWX8LVWLQVNRPGDYDQMXRQDQHPRHDGDQHSULPLRQRWRMRMMH
X]YUDHQR
1LMHQHNRQWUROLUDQRUDDQMHL]YRUVLURPDWYDLJODGLYHMHWRQHMHGQDND
UDVSRGMHODERJDWVWYDXVYLPQMHJRYLPREOLFLPD
p$NRVORERGQRGUXWYRQHPRHSRPRLRQRPYHOLNRPEURMXVLURPDQLK
RQGDQHPRHVSDVLWLQLWLRQDMPDOLEURMERJDWLK
'LVWDQFDMHMHGLQRWRVLURPDQLSUHPDYROMLERJDWLKVPLMXLPDWLLWUHEDMX
GUDWL
2*2632'$56798
ERJDWVWYRERJDWDVLURPDWYR
2*2632'$56798
HVWLWDMXPX
X]YUDHQR
GUDWL
%URMMHVPUWGXKD

%URMMHVPUWGXKD
HVWLWDMXPX
X]YUDHQR
GUDWL
2*2632'$56798
2*2632'$56798
HVWLWDMXPX
X]YUDHQR
GUDWL
%URMMHVPUWGXKD

.DNRSUHLYMHWLRGSODHGRSODH"/MXGLODNHSRGQRVHVLURPDWYRQHJR
PRUDOQLQHUHGLFLQL]DP
1HLPDQMHMHSRHWDNVYDNRJUD]PLOMDQMD
6LURPDKMHQRXLGDQMXVYDJGMHVLJXUDQ
6LURPDQLPDVHQHPRHSRPRLWDNRGDVHXQLWHERJDWL
6LURPDWYRMHNRULMHQVYLK]DOD
6LURPDWYRQDVGRYRGLXQDMEOLLGRGLUVDLYRWRPLVYLMHWRPMHULYMHWLNDR
ERJDWDRELQR]QDLLYMHWLSUHNR]DPMHQLNDDXVOLMHGWRJDVHLYLLXPDQMH
UHDOQRPVYLMHWX
8ELMHGQRMVHXOLFLQHVUHDQHPRHVDNULWL
8VLURPDQRMNXLLERJMHJODGDQ
8YLMHNVHSRVWDYOMDSLWDQMHMHOLLVSUDYQRGDVXQHNLOMXGLYUORERJDWLDPQRJL
GUXJLYUORVLURPDQL"
9HOLNRMHERJDWVWYRL]YUJQXWRSRJLEOL
GXJNRQNXUHQFLMDNUHGLWLNUL]DPDQDJHUQRYDFRVLJXUDQMDSRVDR
SDUWQHUSODQSRJUHNDSRVMHGSRWURQMDSRWURDSURILWSURSDJDQGD
SURSDVWSURUDXQUD]YRMSUHLFDUHNODPDUL]LNVOXEDVWUXQMDFLHI
WUJRYLQDWULWHYMHURYQLNYODVQLWYR
'XQLNMHVOXJDYMHURYQLNX
p
p.RQNXUHQWQRVWQHNH]HPOMHQHSRLQMHXWYRUQLNRMVDOLLOLLVWUDLYDNRP
ODERUDWRULML2QD]DSRLQMHXNROVNRPUD]UHGX
DOMHQMHQDRWUXNRQNXUHQFLMXXVWYDUQRVWLMHQDMHHDOMHQMHQDPDQMDN
LGHMD
o.UHGLWLGMHOXMXNDRGURJH'R]HVHSRYHDYDMXDGMHORYDQMHSRSXWD
7HNRVHMHRVORERGLWLWRJD$RGYLNDYDQMHMHEROQR
p6DGDQMDNUL]DQLMHSUROD]QLSUHNLGJRVSRGDUVNRJUDVWDYHQMHJRYUH]XOWDW
8NUL]DPDNRMHWMHUDMXOMXGHGDELUDMXL]PHXDOWHUQDWLYQLKVPMHURYD
GMHORYDQMD9HLQDOMXGLL]DEUDWHRQDMQDMJRULPRJXL
p,GHDOPHQDGHUDMHRYMHNNRMLWRQR]QDWRQHPRHLNRMLVHEL]DWRWUDL
RGJRYDUDMXHOMXGH
0HQDGHULQHPRUDMXVDPRGRQRVLWLRGOXNHYHLPRWLYLUDWLGUXJH
1DMEROMLMHPDQDJHURQDMNRMLLPDGRYROMQRUD]XPDGDL]DEHUHGREUHOMXGHGD
XUDGHRQRWRRQHOLDRQGDGRYROMQRVDPRNRQWUROHGDLPVHQHSHWOMDX
SRVDR
p$NRQRYFHOMXELQLNDGLKGRVWDQHPD
p'XQLNMHVOXJDYMHURYQLNX
LGHMD
RGJRYDUDMXHOMXGH
SRVDR
UHDOQRPVYLMHWX
GUXJLYUORVLURPDQL"

UHDOQRPVYLMHWX
GUXJLYUORVLURPDQL"
'XQLNMHVOXJDYMHURYQLNX
p
LGHMD
RGJRYDUDMXHOMXGH
SRVDR

p'XQLNMHVOXJDYMHURYQLNX
LGHMD
RGJRYDUDMXHOMXGH
SRVDR
UHDOQRPVYLMHWX
GUXJLYUORVLURPDQL"

$NRSRVWRMLGRYROMQRQRYDFDVYUHWDNMHRELQRVUHWDQ
$NRVHLVSUDYQRSRQDDWHSUHPDQRYFXWUDWH]DYDPDSRSXWSRVOXQRJ
SVD
$NRHOLXSR]QDWLYULMHGQRVWQRYFDSRNXDMJDSRVXGLWL
%DQNDUMHRYMHNNRMLHYDPSRVXGLWLVYRMNLREUDQGRNVXQFHVMDDXRQRP
WUHQXWNXNDGDSRQHNLD]DKWLMHYDWHGDPXJDYUDWLWH
%RJYODGDQDQHEXDQRYDFQD]HPOML
HPXQRYDFXUXFLEH]XPQRM"
'REUHVXQDPMHUHHNRYLNRMHQHWNRL]GDQDEDQNXNRGNRMHQHPDRWYRUHQ
UDXQ
-HGLQRWRVHPRHUDGLWLEH]QRYFDVXGXJRYL0QRJLOMXGLNRULVWHQRYDFNRML
QHPDMX]DNXSRYLQXVWYDULNRMHQHWUHEDMXNDNRELWLPHLPSRQLUDOLOMXGLPD
NRMHQHYROH
1RYDFLOLKYDVXJODYQDVUHGVWYD]DJXHQMHRSHVORERGH
1RYDFMHLSDNQRYDF1DMYHLQDMMDLLQDMVDYUHQLMLJRVSRGDUQDVYLMHWX
1RYDFMHNRULMHQ]OD
1RYDFMHQRYLREOLNURSVWYD
1RYDFNRMLVHSRVMHGXMHVUHGVWYRMH]DVORERGXDRQDM]DNRMLPVHMXUL
VUHGVWYRMH]DURSVWYR
1RYDFPRHXLQLRYMHNDKUDEULPLVDPRSRX]GDQLP
1RYDFQHVPUGL
1RYDFVWYDUDQHNXYUVWXJDQJUHQR]QHRWXSMHORVWL
1RYDFYODGDVYLMHWRPSRSXWKDOXFLQDFLMH
1RYDFGDNDNRVDPSRVHELQLWDQHYULMHGL-HGLQDMHQMHJRYDYULMHGQRVWX
DVXNDGVHRGQMHJDGLMHOLPR
3RVWRMLVDPRMHGQDGUXWYHQDNODVDNRMDYLHRGERJDWLKPLVOLQDQRYDFDWR
VXVLURPDQL
6SRVREQRVWNRMDMHYHLQLOMXGLQDMELWQLMDMHVWVSRVREQRVWSODDQMD
6YDNRJRVSRGDUVWYRSRLYDQDNUHGLWQRPVXVWDYXWRMHVWQDSRJUHQRM
SUHWSRVWDYFLGDHGUXJLYUDWLWLSRVXHQQRYDF
6YHWRQDP]DLVWDNRULVWLPRHVHGRELWL]DPDORQRYDFD6DPRRQRWRQDP
QHWUHEDVWRMLSXQR
6YLMHWVHELQRVWLLIRUPDOQLKULWXDODVWYRULRMHQRYDFNRMLMHRYMHNXRWXHQR
ELHQMHJRYDUDGDLQMHJRYDSRVWRMDQMDLWRWXHELHQMLPHYODGDDRQPXVH
PROL
UDXQ
NRMHQHYROH
1RYDFMHNRULMHQ]OD
VUHGVWYRMH]DURSVWYR
1RYDFQHVPUGL
VXVLURPDQL
QHWUHEDVWRMLSXQR
PROL
NRSRVWRMLGRYROMQRQRYDFDVYUHWDNMHRELQRVUHWDQ
$
SVD

SVD
UDXQ
NRMHQHYROH
1RYDFMHNRULMHQ]OD
VUHGVWYRMH]DURSVWYR
1RYDFQHVPUGL
VXVLURPDQL
QHWUHEDVWRMLSXQR
PROL
UDXQ
NRMHQHYROH
1RYDFMHNRULMHQ]OD
VUHGVWYRMH]DURSVWYR
1RYDFQHVPUGL
VXVLURPDQL
QHWUHEDVWRMLSXQR
PROL
SVD

NRQRYFHOMXELQLNDGLKGRVWDQHPD
7
=DQRYDFMHLERJDPRJXHNXSLWL=DQRYFHPVHQHVPLMHWUDWL7UHEDPXLL
XVXVUHW
=DSRVOHQLNXMHSODDWRMHGRPDRMLYRWLQMLKUDQD
RYMHNDQLWDQHLQLVYDGOMLYLMLPRGVSR]QDMHGDLPDGRYROMQRQRYFD]D
GREURJRGYMHWQLND
o=DRVLJXUDQMDMHYDQRGDMHVWUDKRGWHWHYHLRGYMHURMDWQRVWLGDHWHWD
QDVWDWL
p$NRQHWRPRHSRLQDRSDNRSRLHQDRSDNR$NRSRVWRMLPRJXQRVWGD
YLHVWYDULSRHQDRSDNRSRLHQDRSDNRRQDNRMDHSURX]URLWLQDMYHX
WHWX%H]RE]LUDWRSRORQDRSDNRYMHURMDWQRHVHEDWRLQLWLLVSUDYQLP
.DGVHJUHNDRWNULMHD]DWLPLVSUDYLXVWDQRYLWHVHGDMH]DSUDYRQD
SRHWNXVYHELORWRQR1DNRQWRVHLVSRVWDYLGDMHLVSUDYNDELODSRJUHQD
ELWHQHPRJXHL]YRUQXYHOLLQXYUDWLWLXMHGQDGEX%H]RE]LUDNDNDYELR
GRELYHQLUH]XOWDWXYLMHNHVHQHWNRQDLVSUHPDQGDJDSRJUHQR
LQWHUSUHWLUDNULYRWYRULLOLYMHUXMHGDMHGRELYHQSUHPDQMHJRYRMRPLOMHQRM
WHRULML
.DGJRGNRMDPHKDQLNDQDSUDYD]DNDHWRHVHGRJRGLWLXQDMQHSRYROMQLMH
PRJXHYULMHPH
0ROL%RMLEODJRVORY]DVYRMSRVDRDOLQHPRM]DKWLMHYDWLLGDJDRQXLQL
1DSUDYLWLSRVDRXPLUXMHVWGRELWDNYUHPHQD1HJDWLYQDRHNLYDQMDGDMX
QHJDWLYQHUH]XOWDWHXRVWDORPNDRLSR]LWLYQDRHNLYDQMD
3RVDRMHYLHRGQRYFD3RVDRNRMLGRQRVLVDPRQRYDFQLMHGREDUSRVDR
3RVWRMHWULYUVWHOMXGLRQLNRMLWLKRVMHGHLQHUDGHQLWDRQLNRMLJRYRUHR
UDGXLRQLNRMLUDGH
3RVWRMLWHQGHQFLMDGDRVREDNRMDVHODNWRYLPDGRJXUDODGRXWMHFDMQRJ
SRORDMDVYHVYRMHYULMHPHSURYRGLQDVDVWDQFLPDLXSRWSLVLYDQMXWXLK
UH]XOWDWDUDGD
3ULMHLOLNDVQLMHPRUDVH]ELWLQDMJRULPRJXLVWLFDMRNROQRVWL
6YHLGHQDRSDNRRGMHGQRP
6YHWRSRLQMHORH]DYUDYDMRORLMH
p8YLMHNMHSDUWQHUWDMNRMLJULMHL
p6YDNRLPDSODQNRMLQHSDOL
p$NRMHYLHRGMHGQHRVREHRGJRYRUQR]DSRJUHNXWUDLWHVHRQDQHYLQD
NRMDVHXSUDYLOXQHPRHEUDQLWL
o6DYSRVMHGMHSRVXHQRGVXGELQH
7NRQRYFHOMXELQLNDGLKGRVWDQHPD
XVXVUHW
GREURJRGYMHWQLND
QDVWDWL
WHRULML
PRJXHYULMHPH
UDGXLRQLNRMLUDGH
UH]XOWDWDUDGD

NRQRYFHOMXELQLNDGLKGRVWDQHPD
7
XVXVUHW
GREURJRGYMHWQLND
QDVWDWL
WHRULML
PRJXHYULMHPH
UDGXLRQLNRMLUDGH
UH]XOWDWDUDGD

7NRQRYFHOMXELQLNDGLKGRVWDQHPD
XVXVUHW
GREURJRGYMHWQLND
QDVWDWL
WHRULML
PRJXHYULMHPH
UDGXLRQLNRMLUDGH
UH]XOWDWDUDGD

p1DMYDQLMLSURL]YRGVYDNHWULQHSULYUHGHMHSRWURD
1HVSRUQRMHGDLYLPRQDUDXQQHUD]YLMHQLKQDURGDGDQDDSUHYHOLND
SRWURQMDVPDQMXMHQMLKRYHPRJXQRVWLSRWURQMHMHUVHRQROLNRNROLNRPL
]DKWLMHYDPR]DVHEHQHPRHXLQLWLUDVSRORLYLP]DVYH
p$NRMHPDORXODJDQMHGXHMHYULMHPHSURL]YRGQMHPDQMLMHEURM]DSRVOHQLK
LPDOLMHSURILWDNRMHYHHXODJDQMHNUDHMHYULMHPHSURL]YRGQMHDSURILW
]DGRYROMDYDDNRMHVX]QDWQDXODJDQMDSRWUHEQRMHNUDWNRYULMHPMHMHGLQLFL
SURL]YRGDDSURILWMHYLVRN
.DGSURILWSRVWDQHJODYQLFLOMDQHRSHGREUROMXGLRQGDVXRWYRUHQDYUDWD
L]UDEOMLYDQMXLVRFLMDOQRMQHSUDYGL
p'REDUSURSDJDQGLVWPRHXYMHULWLLSRPRXLVWLQH
o.DGDSURSDGQHNXDYHOLNDDWRSRJDDSXQRRELQLKOMXGL
p8VYDNRPSURUDXQXVYDNDJUHNDNRMDVHPRHSRWNUDVWLWRHLXLQLWL
6YDNDJUHNDPDXNRMHPSURUDXQXYRGLWHNQDMYHRMWHWL
p$OLPDNDNYHELOHWHWHSRYH]DQHVWHKQLNLPQDSUHWNRPUD]YRMVHQHPRH
]DXVWDYLWL
5D]YRMSUHWSRVWDYOMDVXSVWLWXFLMXOMXGVNLKPLLDL]QRMDVURERWLPDLVLYRP
PDWHULMRPRVWYDUHQXNUR]DGDSWLUDQXWHKQRORJLMX
o3UHLFDMHQDMYHDXGDOMHQRVWL]PHXGYLMXWRDND
o5HNODPDMHXPLMHHGDVHQDQLDQLJODYDDSRJRGLQRYDUND
p-HOLMHRYMHNNRMLQLWDQHULVNLUDNRMLMHVWDOQRQDRSUH]XGDVHQHXPLMHD
XELORWRNRMHJYDUOMLYDVUHDLOLRGQRVLOMXGLXQMHJRYRMRNROLQLQLNDGDQH
L]EDFHL]NRORWHLQH]UHOLMDOLQRVWRGXPMHWQLND"
1LWNRQLNDGDQLMHSRVWLJDRQHWRYHOLNRDGDVHQLMHL]ORLRUL]LNX
1LWDVHXLYRWXQHSRVWLHEH]QDSRUDVPMHORVWLGDVHSUHX]PHUL]LNLHVWR
SRQHWRSDWQMH
3ULKYDDMUL]LNDOLYRGLUDXQDRVYRMLPPRJXQRVWLPDLSULOLNDPD
p-DRYGMHVDPRVOXEXMHPDOLQHPLVOLP
o1HPDPQLWDSURWLYVWUXQMDND2QLHXYLMHNSRVWRMDWL8YLMHNHQD
SULPMHUSRVWRMDWLNLUXU]L3RWUHEQRMHVDPRVSULMHLWLGDVHQHXGUXHXNODVX
LOLNDVWXWMPRQRSROL]LUDMXVYRMXNRPSHWHQFLMXLL]QMHVWYRUHL]YRUPRL
p6SRVREQRVWHIDSUHSR]QDMHVHSRQMHJRYRMVSRVREQRVWLGDSUHSR]QD
VSRVREQRVWLVYRMLKVXUDGQLND
p7UJRYFLVYHJVYLMHWDSULSDGDMXLVWRMUHOLJLML
UJRYLQDFLYLOL]LUDDOLLNYDULQDURGH
7
7UJRYLQDMHNRODYDUDQMD
1DMYDQLMLSURL]YRGVYDNHWULQHSULYUHGHMHSRWURD
p
]DXVWDYLWL
SRQHWRSDWQMH
7UJRYLQDFLYLOL]LUDDOLLNYDULQDURGH

]DXVWDYLWL
SRQHWRSDWQMH
UJRYLQDFLYLOL]LUDDOLLNYDULQDURGH
7
HVSRUQRMHGDLYLPRQDUDXQQHUD]YLMHQLKQDURGDGDQDDSUHYHOLND
1
]DXVWDYLWL
SRQHWRSDWQMH
7UJRYLQDFLYLOL]LUDDOLLNYDULQDURGH

,QIRUPDFLMDQLMHYLHVWYDUUDXQDODWRMHQDLQLYRWD
p
1DMEROMLL]YRULQIRUPDFLMDVXOMXGLNRMLVXREHDOLGDWRQHHGDOMHSULDWL
8ELORNRMHPVNXSXSRGDWDNDRQDMSRGDWDNNRMLMHQDMRLJOHGQLMHLVSUDYDQ
EH]LNDNYHSRWUHEH]DSURYMHURPMHVWJUHND
p6YDNLGDOMQMLSURJUDPLULWHVHGRNQHLVSXQLVYHUDVSRORLYHPHPRULMH
6YHGRNSURJUDPQHSURYHGHXUDGXEDUHVWPMHVHFLQDMSRJXEQLMDJUHND
QHHVHRWNULWL$NRQRYLSURJUDPSRMDDGRGDWQLPOMXGLPDNDVQLWH
NRQDDQSURJUDP
6YDNLMHSURJUDPGREDUNDGMHXGREULPUXNDPD
p1DMRSDVQLMLQHSULMDWHOMLVORERGHWLVNDVXQRYLQDULNRMLMH]ORUDEH
1HNDGDVXOMXGLLPDOLPXLODVDGDLPDPRQRYLQVWYR
1RYLQDUMHRYMHNNRMLMHSURPDLRVYRMH]YDQMH
LQIRUPDFLMDSURJUDPQRYLQHQRYLQDUWLVDNYLMHVWL
2,1)250$7,&,,129,1$56798
p'UXWYHQLQDSUHGDNPRJXMHVDPRSRPRXPDQMLQDYHLQDFHPHQWLUD
SRVWRMHH
.DGDYHLQDOMXGLXMHULMHQDSUHGDNPLVOLQDPDQMHSRVOD
1DSUHGDNMHRVWYDUHQMHXWRSLMD
1DSUHGDN]QDLGDVYHYLH]QDPRDVYHPDQMHLPDPRRGWRJD
1HQDSUHGRYDWL]QDLQD]DGRYDWL
2VQRYQLMHSUHGXYMHW]DVYDNLQDSUHGDNMHXYMHUHQMHGDMHQXQRPRJXH
p1LMHVUDPRWDSDVWLVUDPRWDMHRVWDWLOHDWL
6SRGDQHPRHSDVWL/HLLGDOMH
'RNPRHSDGDWLQLVLSURSDR
QDSUHGDNLSDG
p6ORERGQRWULWHNRMHUDVSRUHXMHQDFLRQDOQLSULKRGMHQDUDYQRQHSUDYHGQR
$OLWDMHQHSUDYGDLVWRYUHPHQR]DGUXJHOMXGHSRWLFDMGDXRSHRVWYDUXMX
QDFLRQDOQLSULKRG.DGDQHELELORUD]OLNDXGRKRWNXWNRELVHWUXGLR
L]MHGQDLWLLK"
o9MHURYQLFLLPDMXERMHSDPHQMHRGGXQLND
o9ODVQLWYRMHNUDD
6ORERGQRWULWHNRMHUDVSRUHXMHQDFLRQDOQLSULKRGMHQDUDYQRQHSUDYHGQR
p
L]MHGQDLWLLK"
9ODVQLWYRMHNUDD
o
QDSUHGDNLSDG
SRVWRMHH
RNPRHSDGDWLQLVLSURSDR
'
2,1)250$7,&,,129,1$56798
p,QIRUPDFLMDQLMHYLHVWYDUUDXQDODWRMHQDLQLYRWD
NRQDDQSURJUDP
RYLQDUMHRYMHNNRMLMHSURPDLRVYRMH]YDQMH
1

,QIRUPDFLMDQLMHYLHVWYDUUDXQDODWRMHQDLQLYRWD
p
NRQDDQSURJUDP
2,1)250$7,&,,129,1$56798
SRVWRMHH
'RNPRHSDGDWLQLVLSURSDR
QDSUHGDNLSDG
p6ORERGQRWULWHNRMHUDVSRUHXMHQDFLRQDOQLSULKRGMHQDUDYQRQHSUDYHGQR
L]MHGQDLWLLK"
o9ODVQLWYRMHNUDD
6ORERGQRWULWHNRMHUDVSRUHXMHQDFLRQDOQLSULKRGMHQDUDYQRQHSUDYHGQR
p
L]MHGQDLWLLK"
9ODVQLWYRMHNUDD
o
QDSUHGDNLSDG
SRVWRMHH
RNPRHSDGDWLQLVLSURSDR
'
2,1)250$7,&,,129,1$56798
p,QIRUPDFLMDQLMHYLHVWYDUUDXQDODWRMHQDLQLYRWD
NRQDDQSURJUDP
HNDGDVXOMXGLLPDOLPXLODVDGDLPDPRQRYLQVWYR
1

1RYLQDUMHXYLMHNMHGDQRGRQLKNRMLVXSRVOLMHVYHRGPDK]QDOL
1RYLQDUVHSRVWDMHWRODNHWRVHODNHSLHDSMHVQLNWRVHWHHSLH
1RYLQDUVOLLDUWLVWXNRMLVDVPLMHNRPKRGDSRYLVRNRPXHWXDGDSULWRP
QHVPLMHPLVOLWLQDGXELQX
1RYLQDULOMXGHVWDOQRWDSDMXSRUDPHQLPDXSRWUD]L]DPMHVWRPJGMH
QDMODNHPRJX]DELWLQR
1RYLQDUVWYRMHNQMLHYQRVWQDEU]XUXNX
1RYLQHVXNRQ]HUYDYUHPHQD
6ORERGDWLVNDVYDNLQRYLQDUVPLMHSLVDWLWRKRH$OLWRQH]QDLGDHVHWRL
WLVNDWL
7LVDNMHPRJXQRVWGDVHVWYDULSUHXWHWDNRWRVHWLVNDMXGUXJH
7LVDNMHWRSQLWYRVORERGH
8QRYLQDPDSLHVYH6DPRLKYDOMDLWDWLVGRYROMQRPUQMH
8SULMDQMLPYUHPHQLPDNRULVWLOHVXVHVSUDYH]DPXHQMH'DQDVVHNRULVWL
WLVDN
7LVDNMHRJQMHQRGULMHOR*GMHQHGRVWDMXYLMHVWLUDVWXJODVLQH
$NRLPDSUDYGHQHNDRGPDKVLQH
p
$NRLPDPSUDYRWR]QDLGDLPDPQHWR]ERJHJDPHGUXWYRPRUDEUDQLWL
7RMHQMHJRYDQDMYDQLMDREYH]DEXGXLGDMHPRM]DKWMHYDSVROXWDQ
QHRJUDQLHQLQHXVSRUHGLYVELORNRMLPGUXJLP]DKWMHYRP'UXWYRVHPRUD
VXRLWLVWRPREYH]RPQL]ERJHJDGUXJRJDQHJR]ERJRSHNRULVWL
$NRQHPDSUDYRSUL]QDMWRJODVQRLEH]RNOLMHYDQMD
$NRQHVWDQHSUDYGHWRVXRQGDNUDOMHYVWYDQHJRYHOLNDUD]ERMVWYD
$NRVHRGOMXGL]DKWLMHYDMXGXQRVWLDQHGDMXLPVHSUDYDPRUDLKVHGREUR
SODWLWL
%DGDYDVXQDMEROML]DNRQLDNRVHQHRGUDYDMX
%H]SRVUHGRYDQMDQDHODSUDYGHL]YDQUHGQDHNVSDQ]LMDPRJODELGRYHVWLGR
VWYDUDQMDRNUXWQRJGUXWYD1HPDQDSUHWNDEH]RGULFDQMDRGVWHHQLKSUDYD
EH]RGEDFLYDQMDIRVLOL]LUDQRJVXVWDYDREUD]RYDQMDXNUXHQLKL]DVWDUMHOLK
RUXDNRQFHSDWDLNYDOLILNDFLMD
%ROMHMHSRYXLVHLDNRVLXSUDYXQHJRQDVWDYLWLDNRVLNULY
235$98
SUDYRSUDYGDQHSUDYGD
SUDYRSUDYGDQHSUDYGD
235$98
p$NRLPDSUDYGHQHNDRGPDKVLQH
SODWLWL
RYLQDUMHXYLMHNMHGDQRGRQLKNRMLVXSRVOLMHVYHRGPDK]QDOL
1
QDMODNHPRJX]DELWLQR
WLVNDWL
WLVDN

QDMODNHPRJX]DELWLQR
WLVNDWL
WLVDN
$NRLPDSUDYGHQHNDRGPDKVLQH
p
SODWLWL
235$98
SUDYRSUDYGDQHSUDYGD
SUDYRSUDYGDQHSUDYGD
235$98
p$NRLPDSUDYGHQHNDRGPDKVLQH
SODWLWL
RYLQDUVHSRVWDMHWRODNHWRVHODNHSLHDSMHVQLNWRVHWHHSLH
1
QDMODNHPRJX]DELWLQR
WLVNDWL
WLVDN

%XGLSUDYHGDQ1HLQLVHELQHSUDYGXXHOMLGDGUXJLPDXLQLQHWR
SUDYHGQR
HVWRQDV]DYRGLWRERQMHSUDYR
LQLRQRWRMHSUDYRLGREUR
'DMHRYMHDQVWYRHOMHORSUDYGXPRJORMXMHRGDYQDLPDWL
LMHWHYUORUDQRRVMHDWRMHSUDYHGQRDOLJDHVWR]DYRGLWRERQMHSUDYR
'
'MHOXMWDNRGDVHPDNVLPDWYRMHYROMHXVYDNRGREDPRHVPDWUDWLXMHGQRL
QDHORPRSHJ]DNRQRGDYVWYD.RULPHDOLEXGLSUDYHGDQ
*GMHMH]DNRQWXMHLND]QH
*GMHQHPDSUDYGHQHPDQLVORERGHDJGMHQHPDVORERGHQHPDQLSUDYGH
*GMHVHMDYOMDSRJLEDRWXQDVWDMHL]DNRQ
,PDWROLNRSUDYDNROLNRLPDPRL
.DGELSULURGDLPDODWROLNR]DNRQDNROLNRLGUDYDQMRPHQLVDPERJQHEL
]QDRYODGDWL
.DGMHGUDYDQDMSRNYDUHQLMDLPDQDMYLH]DNRQD
.DGDELVHPRUDOLVWXGLUDWLVYL]DNRQLQHELVHLPDORYUHPHQD]DSULMHVWXSH
.RGSUDYHGQRVWLNRMXGUXJLPDGXJXMHPRELWQDMHRNROQRVWXWRPHGDMH
L]YULPREU]RLEH]NDQMHQMDDNRVHPRUDHNDWLRQGDMHWRYHQHSUDYGD
/RL]DNRQLVXQDMJRUDYUVWWLUDQLMH
/MXEDYSUHPDSUDYGLNRGYHLQHMHOMXGLVDPRVWUDKGDQHELSUHWUSMHOL
QHSUDYGX
/MXGLELELOLYHOLNL]ORLQFLNDGELWUHEDOLWROLNR]DNRQDNROLNRLKVWYDUDMX
0DSUDYGHQHPDNRULFD
0XGUL]DNRQLQDVWDMXL]]OLKRELDMD
1DMYHHMHSUDYRHVWRQDMYHD]ORD
1DHNULYLQRSUDYRMHGXJLSRSLVRNUXWQRVWLNRMHVXSULNULYHQHNDR
SUDYHGQRVW
1DHSUDYRMHSUDYRQDPRJXQRVWLVSXQMHQMDREYH]DSUDYRGDL]YULPRQDH
REYH]HLVWRJDMHREUDWQRQDDREYH]DWLWLWLQDHSUDYR
1HERUDYLXNUDMXXNRPHVH]DNRQLQHSRWXMX
1HPRHELWLSUDYHGDQWNRQLMHRYMHDQ
1HWDNRGDYQR]DNRQLVXVHSURPDWUDOLNDR]DWLWQDPMHUDRQLKNRMLSRVMHGXMX
SURWLYRQLKEH]SRVMHGD
1HND]DNRQLEXGXVWURJLDOMXGLPLORVWLYL
]QDRYODGDWL
QHSUDYGX
0DSUDYGHQHPDNRULFD
SUDYHGQRVW
SUDYHGQR
'LMHWHYUORUDQRRVMHDWRMHSUDYHGQRDOLJDHVWR]DYRGLWRERQMHSUDYR

SUDYHGQR
LMHWHYUORUDQRRVMHDWRMHSUDYHGQRDOLJDHVWR]DYRGLWRERQMHSUDYR
'
]QDRYODGDWL
QHSUDYGX
0DSUDYGHQHPDNRULFD
SUDYHGQRVW

]QDRYODGDWL
QHSUDYGX
0DSUDYGHQHPDNRULFD
SUDYHGQRVW
SUDYHGQR
'LMHWHYUORUDQRRVMHDWRMHSUDYHGQRDOLJDHVWR]DYRGLWRERQMHSUDYR
1HNHMHVWYDULPQRJRODNHR]DNRQLWLQHJRRSUDYGDWL
1HPDQLNRJDNRMLQHELMHGQRPVLDRVD]DNRQLWHVWUDQH
1HPDSUDYLODEH]L]X]HWDND
1HPDVWDOQLKLQHSURPMHQMLYLKSURSLVD
1HPDYHHQHSUDYGHQHJRNDGSUDYGD]DNDVQL
1HPD]ELOMVNRJNUDMDL]UDEOMLYDQMDEH]XVSRVWDYOMDQMDOMXGVNLKSUDYD
1HSR]QDYDQMH]DNRQDQHRVOREDDRGJRYRUQRVWL$OLSR]QDYDQMHWRHVWR
LQL
1HSR]QDYDQMH]DNRQDQLMHQLNDNYDLVSULND
1LMHGDQQDURGQHELUDVYRMHXUHGEHSRYROMLRQHVXNDRLYODGDYLQH
SURGXNWLSOHPHQD
1LMHXSRYLMHVWLELORMRNUYQLNDNRMLQLMHLPDRSXQXWRUEXVYRMLKGRND]D
1LMHGQDYODGDLQLMHGDQEDWDOMXQQHPRJXWLWLWLSUDYGXLVORERGXWDPRJGMH
JUDDQLQQLMHXVWDQMXVDPL]DLSUHGYUDWDGDYLGLWRVHGRJDD
2GVYLKYUOLQDSUDYHGQRVWMHQDMWHDLQDMUMHD1DMHGQRJSUDYHGQRJQDL
HPRGHVHWYHOLNRGXQLK2QDMWNRMHSUYLLPDRPLVDRSUDYHGQRVWLELRMH
ERDQVWYHQRYMHNDOLMRERDQVWYHQLMLHELWLRQDMWNRMH]DLVWDEXGH
SURYHR
2YRVXSURSLVLSUDYDSRWHQRLYMHWLGUXJRJDQHYULMHDWLVYDNRPHVYRMH
SUDYRGDWL
3UDYDQDVYLMHWXRYMHNLPDWDNRPDORGD]DLVWDQHPRHWHNRQDNRGRSXVWLWL
GDPXPDWNRMRLQMLKRGX]PH
3UDYGDEH]PRLLPREH]SUDYGHNRMHOLVWUDQHQHVUHH
3UDYGDMHLVWLQDXDNFLML
3UDYGDMHQDMYLLSRMDPGXH
3UDYGDMHRGEOMHVDNVYMHWORVWLL]GYDJRURVWDVQDLYDYXONDQDVORERGHLLVWLQH
3UDYGDMHXXHPVPLVOXYDQLMDRGVYHNROLNRJPRUDODQH]ERJVYRMHJ
DSVROXWQRJNDUDNWHUDQHJR]ERJWRJDWRVXQMH]LQL]DKWMHYLVPMHWHQLQD
YUKXOMHVWYLFHGUXWYHQHNRULVWLLVDPRLKWRLQLWROLNRYDQLPGDSRVWDMX
QHGYRMEHQRPREYH]RP
3UDYGDMHXQLYHU]DOQDVDVYHNXOWXUH2QDMHQDSHWRXHSRNRMHPRYMHN
KRGDL]PHXSRULYDGDLVSXQLVYRMHHOMHLVYLMHVWLRVYRMRMGUXWYHQRM
RGJRYRUQRVWL
3UDYGDPRHELWLJDHQDDOLVDPRSULYUHPHQR
UDYGDQLMHQLWDDNRQHSRVMHGXMHPR
3

LQL
SURGXNWLSOHPHQD
SURYHR
SUDYRGDWL
QHGYRMEHQRPREYH]RP
RGJRYRUQRVWL
3UDYGDQLMHQLWDDNRQHSRVMHGXMHPR

LQL
SURGXNWLSOHPHQD
SURYHR
SUDYRGDWL
QHGYRMEHQRPREYH]RP
RGJRYRUQRVWL
UDYGDQLMHQLWDDNRQHSRVMHGXMHPR
3
HNHMHVWYDULPQRJRODNHR]DNRQLWLQHJRRSUDYGDWL
1
LQL
SURGXNWLSOHPHQD
SURYHR
SUDYRGDWL
QHGYRMEHQRPREYH]RP
RGJRYRUQRVWL
3UDYGDQLMHQLWDDNRQHSRVMHGXMHPR

3UDYHGQRVWEH]PLORVWLQLMHSXQRYLHRGQHRYMHQRVWL
3UDYHGQRVWMHEHVPUWQD
3UDYHGQRVWMHYUOLQDYHOLNLKGXKRP
3UDYRLGXQRVWVXNDRSDOPHNRMHQHGRQRVHSORGRYHDNRQHUDVWXMHGQDNUDM
GUXJH
3UDYRMHSULPLMHQMHQDPR
3UDYRMHUDYQRWHDGREURWHLKDUPRQLMH
3UDYRMHUH]XOWDWREYH]D2EYH]DMHSUDYRGUXJLKQDQDV
3UDYRMHVLODNRMDVLOLRVSRUDYDSUDYR
3UDYRVHQLNDGDQHPRUDSULODJRDYDWLSROLWLFLDOLVHSROLWLNDXVYDNRGRED
PRUDSULODJRDYDWLSUDYX
3UDYRVHXQLWDYDVLORP
3UYLXYMHWSUDYLQRVWLSRVWXSDWLVJUDDQLPDSUHPD]DNRQXQDUXDYDQMH
EDKDWRXVDPRYROMRPRNUXWQRXNRUXSFLMDPDSULMHYDUDPDL
JUDP]OMLYRX1LMHGRYROMQRXQRVLWLKXPDQLVWLNDQDHODXOHJDOQHQRUPH
WUHEDLKVWDOQRRLYRWYRULWL
6LODEH]SUDYGHMHQDVLOMH
6LOXODNHSRGQRVLPRNDGVHUDGLRSUDYGLQHJRNDGVHUDGLRLVWLQLMHUSUDYGD
VHPRHRVWYDULWLVLORPDLVWLQDQLNDGD
6YDNLRYMHNNRMLSROD]LRGSUHWSRVWDYNHGD]DNRQLNRMLVXQMHPXGREUL
PRUDMXYULMHGLWLL]DGUXJHMHILOLVWDU7NRVWYDUD]DNRQHPRUDELWLVWURJDWNR
QMLPDUXNXMHEODJ
6YHGUDYHNRMHVXVHGUDOHQDHODGDMHVLODMDDRGSUDYDSURSDOHVX
6YLOMXGLLPDMXSUDYRQDVORERGXPLOMHQMDLL]UDDYDQMD
WRYLHSUDYGHWRYLHPLUD
7HPHOMSUDYDMHKXPDQRVW
8SUDYHGQRVWLMH]EURMVYLKYUOLQD
8WROLNRPLMHWHHGDWLVDVYLPNULYRMHGQRPRYMHNXNDGDSRWSXQR]DSUDYR
QHGDMHPQLNRPX
8YLMHNVDPVPDWUDRGDVHVRFLMDOQDSUDYGDVYHGR]DGQMHJLQDMQLHJQH
PRHRVWYDULWLSULPMHQRPVLOH=DSUHND]DSRVWL]DYDQMHRSHVSRVREQRVWLQH
OHLXOMXGVNRPNDUDNWHUXQHJRSULMHVYHJDXPDVLHOLPLQLUDMXLKREUD]RYQLK
LSURIHVLRQDOQLKRJUDQLHQMDWRLKQDPHHVYDNDSULYLOHJLUDQDJUXSDNDNREL
RXYDODVYRMSRVHEDQVWDWXVSULKRGHLSRYODVWLFH
=DMHGQDNHGXQRVWLSUDYRMHGDVHXLYDMXLMHGQDNDSUDYD
GUXJH
3UDYRVHXQLWDYDVLORP
QMLPDUXNXMHEODJ
QHGDMHPQLNRPX

GUXJH
3UDYRVHXQLWDYDVLORP
QMLPDUXNXMHEODJ
QHGDMHPQLNRPX

GUXJH
3UDYRVHXQLWDYDVLORP
QMLPDUXNXMHEODJ
QHGDMHPQLNRPX

=DNRQMHVLOQLNQDGSULURGRPRYMHND
=DNRQVHVWYDUD]DVYHDOLVHSULPMHQMXMHVDPR]DVLURPDKH
=DNRQYLGLVUGLWRJDVUGLWLQHYLGL]DNRQD
=DNRQLVXXYLMHNNRULVQLRQLPDNRMLLPDMXDWHWQLRQLPDNRMLQHPDMXQLWD
=DNRQLWUHEDMXELWLMHGQDNL]DVYHLNDGWLWHLNDGNDQMDYDMX
p%ROMHGDVHQHSUDYGHGRJDDMXQHJRGDVHQDQHSUDYHGDQQDLQSRSUDYOMDMX
,VWLQLWLMXQDFLSRYLMHVWLQLVXELOLYHOLNLRVYDMDLYHRQLNRMLVXVHERULOLSURWLY
QHSUDYGH
1DMYHDMHRSDVQRVW]DOMXGHXQMLKRYXPHXVREQXRGQRVXGDGUXJRPHQH
QDQRVHQHSUDYGX
1DMYHHSUL]QDQMHGXJXMHPRRQLPDNRMLSURWHVWLUDMXSURWLYQHSUDYGH
1HSUDYGDL]D]LYDQHSUDYGXQDVLOMHUDDQDVLOMHP
1HSUDYGHVHQHWROMHSHVYODGDYDMXGREURLQVWYLPDQHJRWRVHL]UDYQDYDMX
XSRUQRXX]DMDPQHPUQMH
1LNDGQLWDQHL]D]LYDSREXQXYLHRGQHSUDYGHVYDGUXJD]ODNRMDWUSLPR
QLVXQLWDSUHPDRYRP
6YRMVWYRMHYHOLNRJGXKDSUH]LUDWLQHSUDYGH
7HNRMHELWLXVWDQMXSRGQRVLWLQHSUDYGXXYDWLWDMQXLGREURUDVSRODJDWL
VYRMLPVORERGQLPYUHPHQRP
7NRRODNRSULKYDDQHSUDYGXLVDPMHQDQRVL8EH]GDQXQHSUDYGHXYLMHNVH
QDOD]LQDMYHDEULJDRNRSULYLGDSUDYD8QHSUDYHGQRXUHHQRPGUXWYX
RYMHNSDWL
'DQHPDORLKOMXGLQHELELORGREULKSUDYQLND
p
3UDYQLFLVXOMXGLNRMLSUDYHGQRVWYDUDMXVD]DNRQRP
o8SUDYRVXXXYLMHNSRVWRMLQHNDRSDVQRVW$NRWRQLMHVDP]DNRQRQGDVX
VXFL
o9HLVDP]QDN]DSDUDJUDIHL]JOHGDNDRVSUDYD]DPXHQMH
p1D]HPOMLQHPDSUDYHGQLNDNRMLLQHLGREURQHELQLNDGVDJULMHLR
3UDYHGQLFLREHDYDMXPDORDLQHPQRJR]OLREHDYDMXSUHYLHDQHLQH
QLWD
3UDYHGQLNUD]XPLMHSUDYRPDOHQLKDQDURGVHYHVHOLNDGVHPQRH
SUDYHGQLFL
p1DMYHLQHSULMDWHOMSUDYDMHVWSULYLOHJLMD
SUDYQLFLSUDYRVXHSDUDJUDISUDYHGQLNSULYLOHJLMD]DWYRUEH]DNRQMH
p'DQHPDORLKOMXGLQHELELORGREULKSUDYQLND
VXFL
QLWD
SUDYHGQLFL
DNRQMHVLOQLNQDGSULURGRPRYMHND
=
QHSUDYGH
QDQRVHQHSUDYGX
QLVXQLWDSUHPDRYRP
RYMHNSDWL

QHSUDYGH
QDQRVHQHSUDYGX
QLVXQLWDSUHPDRYRP
RYMHNSDWL
'DQHPDORLKOMXGLQHELELORGREULKSUDYQLND
p
VXFL
QLWD
SUDYHGQLFL
p'DQHPDORLKOMXGLQHELELORGREULKSUDYQLND
VXFL
QLWD
SUDYHGQLFL
QHSUDYGH
QDQRVHQHSUDYGX
QLVXQLWDSUHPDRYRP
RYMHNSDWL

ULYLOHJLMLVYLKYUVWDVXJUREVORERGHLSUDYHGQRVWL
3
3RVOMHGLFDQMHJRYDQMHPUQMHMHPDVRYQLQDUFL]DPLSULYLOHJLMDQHUD]YLMHQLKL
QHGRYROMQRSRWYUHQLKNXOWXUD'RYROMQRVHVDPRVMHWLWLNROLNRVXNQMLJD
SURLWDOLWDNRYLGXKRYLYRHWLMHNRPVYRJUDGQRJLLYRWQRJYLMHND
$NRVXNQMLQLFHSUD]QHD]DWYRULSXQLWRLKSRYH]XMH"
p
.RGYHLQH]DWYRUDQHYLGHVHUHHWNH6YDNRXWRLWHSURORVWLMHVW]DWYRU
7NRVHHOLRVLJXUDWLSURWLYVYHJDGRSULQRVLLUHQMX]DWYRUD
=DSURFMHQXGUDYHWUHEDYLGMHWLQMH]LQH]DWYRUHL]QXWUD
=DNRQMDHJDMHQDMYHHEH]DNRQMH
GHPRNUDFLMDGUDYDGXPDQGLNWDWXUDWLUDQLMDRSR]LFLMD
WRWDOLWDUL]DPFHQWUDOL]DFLMDSUHVLMHVLODWHURUDXWRULWDUQRVW
p$NRSUHGVWDYQLFLRYHGUDYHQDSUDYHQHWRJOXSRLPHNDRQMHQJUDDQLQ
QHXELWLSRJRHQWR]QDLGDQHLYLPXGHPRNUDWLQRMGUDYL
LPQHWNRRGUDYQLPSRVORYLPDNDHWRVHWRPHQHWLH"PRHPR
RHNLYDWLGDVHGUDYLVSUHPD]OR'HPRNUDFLMDLQH]DYLVQRVWSUHGVWDYOMDMX
NRPSOHPHQWDUQHLQHRGYRMLYHVWYDUQRVWLL]JXELWLSUYX]QDLORELL]JXELWL
GUXJLLREUQXWR
'HPRNUDFLMDMHSRKOHSDSRMHGLQFDNRMXQDG]LUHGUXWYRQRQHEDSUHYLH
UHYQDYODGD
'HPRNUDFLMDMHSRVWXSDNNRMLMDPLGDVHQDPDQHYODGDEROMHQHJRWRVPR
]DVOXLOL
'HPRNUDFLMDMHXPLMHHGDVHQDURGVYHDQRYDUDXLPHQDURGD
'HPRNUDFLMDQLMHSLWDQMHVYUVLVKRGQRVWLYHPRUDOD
'HPRNUDFLMDSRLYDQDWULQDHODQDVORERGLVDYMHVWLQDVORERGLJRYRUDLQD
UD]ERULWRVWLGDQLMHGQXRGQMLKQHNRULVWL
'HPRNUDFLMDRQDNRNDNRMHMDYLGLPPRUDQDMVODELMHP]DMDPLWLLVWHSULOLNH
NDRLQDMMDHP
'HPRNUDWVNDVYLMHVWJUDDQDXVSLMHYDVDPRXGUXWYXXNRPQDVYLP
]QDDMQLPSRGUXMLPDYULMHGHVORERGQDYODVWLWDRGJRYRUQRVWLGUXWYHQD
GXQRVW
p'UDYDELVHSUYHQVWYHQRWUHEDODVNUELWLRVLURPDQLPD%RJDWLVHQDDORVW
SUHYLHVNUEHRVHELVDPLPD'UDYDMHL]XPNRMDFLMHSDGUXWYRQDNODVH
'UDYDMHL]YDQUHGQDPMHUDSURWLYNDRVD'UDYDMHSRMDYOMLYDQMH%RJD
'UDYDNRMDHOL]GUDYRGUXWYRPRUDXORLWLSXQRYLHUDGLNDOQLKPMHUDX
SRGUXMXVRFLRHNRQRPVNLKUHIRUPLDNRHOLVRFLMDOQREODJRVWDQMHVYRMHJ
SXDQVWYD
GUXJLLREUQXWR
UHYQDYODGD
]DVOXLOL
NDRLQDMMDHP
GXQRVW
SXDQVWYD
p$NRVXNQMLQLFHSUD]QHD]DWYRULSXQLWRLKSRYH]XMH"
DNRQMDHJDMHQDMYHHEH]DNRQMH
=
3ULYLOHJLMLVYLKYUVWDVXJUREVORERGHLSUDYHGQRVWL

ULYLOHJLMLVYLKYUVWDVXJUREVORERGHLSUDYHGQRVWL
3
=DNRQMDHJDMHQDMYHHEH]DNRQMH
GUXJLLREUQXWR
UHYQDYODGD
]DVOXLOL
NDRLQDMMDHP
GXQRVW
SXDQVWYD

GUXJLLREUQXWR
UHYQDYODGD
]DVOXLOL
NDRLQDMMDHP
GXQRVW
SXDQVWYD
DNRQMDHJDMHQDMYHHEH]DNRQMH
=
3ULYLOHJLMLVYLKYUVWDVXJUREVORERGHLSUDYHGQRVWL

'UDYDQLNDGDQLMHXUHHQMH]DVQRYDQRVDPRQDNRULVWLSURILWXLSURELWNX
1D]UFDOXYUHPHQDRQDVHREOLNXMHSRSXWOHGHQRJFYLMHWDQDSUR]RUVNRP
RNQXLWRMHGQDNRQHSURUDXQDWRMHGQDNRSUROD]QR8QDJRPLODQRMPRL
NRMXQD]LYDPRGUDYRPXWMHORYOMXMXVHSREXGHQDNXOWXUXDQDVWDMX
PHXVREQLPGMHORYDQMHPVQDJDQDMUD]OLLWLMHJSRGULMHWOD7DX]UDVODELOMND
GUDYDUD]ORJVYRJSRVWRMDQMDNDVQLMHWUDLXVHELVDPRM
'UDYQLFLREMHPDQRJDPDYUVWROHEGHL]QDGLQMHQLFD
-DYQLLYRWGUDYDVRJUDQLHQRPVORERGRPXSUDYRMH]DWRWDNRVNURPDQ
WDNRMDGDQWDNRVKHPDWL]LUDQWDNRQHSORGDQMHULVNOMXLYDQMHPGHPRNUDFLMH
]DWYDUDLYHL]YRUHXPQRJERJDWVWYDLQDSUHWND
.DNRMHVORERGDSUHGXYMHW]DGHPRNUDFLMXWDNRYLHGHPRNUDFLMHWHNVWYDUD
SURVWRUXNRMHPVHVORERGDPRHSUDNWLFLUDWL
1DMEROMDRGVYLKGHPRNUDFLMDMHGHPRNUDFLMDVPUW6RFLMDOL]DPEH]
GHPRNUDFLMHMHEHVPLVOHQWHQHPRHIXQNFLRQLUDWL6RFLMDOL]DPLVORERGDVH
LVNOMXXMXSRGHILQLFLML
6UHWDQWUHQXWDNGHPRNUDFLMHNDGDVHYODGDPRUDSRNRULWLGREURMYROML
QDURGD
6WRSRVWRWQDGHPRNUDFLMDQLWNRQLMHWDNREH]QDDMDQGDQHELPRJDR
QDNRGLWLQHNRPGUXJRPH
6XRGOXLYDQMHGDMHRGDEUDQLPODQRYLPD]DSRVOHQLNRJYLMHDSUDYRGD
VXUDXMXNRGRGDELUDMHODXNDQWLQLLGDPRJXL]UD]LWLVYRMHHOMHKRHOL
]DKRGLELWLSRVWDYOMHQLQDSUYRPLOLGUXJRPNDWX
6YDNRGHPRNUDWVNRGUXWYRNRMHVYRMHNRQIOLNWHQHUMHDYDYHLK
NRQ]HUYLUD]DEUDQDPDSUHVWDMHELWLGHPRNUDWVNRSULMHQHJRWRSRQH
VKYDDWLGHPRNUDFLMX
7NRQDHORYHLQHHOLXNLQXWLL]DPLMHQLWLJDYODGDYLQRPDSVROXWQHLVWLQHWDM
XNLGDGHPRNUDFLMXVORERGH
7NRXORLPYUHPHQLPDGUDYXSULPDXVYRMEURGXGREULPMHYUHPHQLPD
YLHQHHPRLRWMHUDWLVNRUPLOD
o%ROMHMHWLVXXGXPDQDL]YDQNXHQHJRMHGDQXNXL
p'LNWDWXUDMHGUDYDXNRMRMVHVYLERMHMHGQRJDLMHGDQVYLK
0QRJLPLVOHGDVXVORERGQLMHUPRJXUDGLWLWRHOHDQHSULPMHXMXGDX
VHELQRVHVYRMXGLNWDWXUX
8NRMHPJRGVPMHUXJOHGDOLVYXJGMHGRLYOMDYDPRGLNWDWXUXVWYDUL$RQR
OMXGVNRVHPRUDVQDLNDNRELRSVWDOR
p*GMH]DYUDYD]DNRQSRLQMHWLUDQLMD
7LUDQLQMHVPMHVDNXNDYLOXNDRJUDQLHQRVWLVDPRYROMHQHRGJRYRUQRVWLL
VDPRGRSDGQRVWL2QGDNOHGRLVWDSUHGVWDYOMDYHLQX
QDURGD
VKYDDWLGHPRNUDFLMX

QDURGD
VKYDDWLGHPRNUDFLMX
QDURGD
VKYDDWLGHPRNUDFLMX

p2SR]LFLMDMHXPMHWQRVWREHDWLQHWRWRYODGDQHPRHLVSXQLWL
2SR]LFLMLWUHEDXYLMHNRVWDYLWLNRVW]DJORGDQMH
p.DRSULMHWQMDPLUXLVSRUD]XPXMDYOMDVHLGHRORNLYMHUVNLLOLQDFLRQDOQL
WRWDOLWDUL]DP
o'UDYHXNRMLPDMH]DYODGDORQDHORFHQWUDOL]DFLMHQDOLNVXEROHVQLNX
NRMHPQHSUHVWDQRXGDUDNUYXJODYX
p1HSUHNLGQHSUHVLMHL]DEUDQHVORERGQRJL]UDDYDQMDRVREHXDXWRULWDUQRM
NOLPLLPDMX]DSRVOMHGLFXSRWLVNLYDQMHOMXGVNLKSRWHQFLMDODSULHPXMH
QHJLUDQMHLQGLYLGXDOQRVWLXYMHWRSVWDQNDDXWRULWDUQRJGUXWYD
p'RSXWHQRMHVLOXRGELWLVLORP
.DNRHVWRSRODJDQRL]JDUDMXQDMYHHVLOHMHUQHPDYMHWUDNRMLELLKUDVSLULR
0DNDUELODRGNUHPHQDVYDNDVLOD]DYUHPHQD
1DPHWDWLVYRMXYROMXGUXJLPDMHQDVLOMHDQDPHWDWLVHEHVDPDYUKXQDFMH
QDVLOMD
3UDYRMDHJDMHQDMYHDQHSUDYGD
6LODMHRGXYLMHNSULYODLODOMXGHQLVNDPRUDODLYMHUXMHPGDEH]L]X]HWND
JHQLMDOQHWLUDQHQDVOMHXMXQLWNRYL
6LODMRQLNDGQLMHELODPLOD
WRMHVLORPGRELYHQRVDPRVHVLORPPRH]DGUDWL
8VYLMHWXXNRMHPYODGDVLODQHWNRWNRHOLGDGRYHGHGRSREMHGHLQWHOHNW
ORJLNXLPRUDORQWUHEDVWYRULWLPDWHULMDOQHSUHGXYMHWHNRMHELELOHXVWDQMX
UD]YLWLRWSRUJOXSRVWLPDODLPDL]ORLQXWRMHVWQHPRUDOXLVOLMHSRP
JRULOL]PX
p1DPMHUDWHURUDLSULVLOHPDQLSXODFLMHGHPDJRJLMHLLQGRNWULQDFLMHMHGD
XYMHUHQDURGNDNRWUHEDSULKYDWLWLQHVORERGX
p$XWRULWDWLYQDYODGDYLQDSRYH]XMHSUHYODVWHNVNOX]LYQRJYRGHHJVORMDV
QHVXGMHORYDQMHPPQRJLK
%LWVWYDULMHGDOLRYMHNLPDDXWRULWHWLOLMHVWDXWRULWHW
.5,91-$,1('81267
NULYQMDQHGXQRVWQHYLQRVWJULMHKNDMDQMH
$NRVYHIXQNFLRQLUDQLWNRQLMHNULY
p
RYMHNQRVLXNUYLWRWRPLVOLGDPXMHQHWNRVNULYLRXWRPHMHNREQRVWVYLK
JULMHKD
p$NRVYHIXQNFLRQLUDQLWNRQLMHNULY
JULMHKD
.5,91-$,1('81267
QDVLOMD
JRULOL]PX
WRWDOLWDUL]DP

WRWDOLWDUL]DP
QDVLOMD
JRULOL]PX
.5,91-$,1('81267
$NRVYHIXQNFLRQLUDQLWNRQLMHNULY
p
JULMHKD

p$NRVYHIXQNFLRQLUDQLWNRQLMHNULY
JULMHKD
.5,91-$,1('81267
QDVLOMD
JRULOL]PX
WRWDOLWDUL]DP

.D]QDVHPRHXNLQXWLNULYQMDMHWUDMQD
.ULYLFDLOLQHGXQRVWLWDYRJQDURGDQHSRVWRML.ULYQMDNDRLQHGXQRVWQLVX
NROHNWLYQLYHRVREQL
.ULYLFDVHQHPRHL]EULVDWLDOLVHRVMHDMNULYLFHPRHSUHUDGLWL
1LWDQHQDXLPRWDNRNDVQRD]DERUDYLPRWDNREU]RRGSUL]QDQMDGDVPRX
NULYX
2VORERGLVHRVMHDMDNULYQMHND]QDMHLRQDNRYHQDVWXSLOD
0RGDNULYLFDLQLMHGUXJRQHJRQHYLQRVWNRMXQHPRHGRND]DWL
%ROMHMHL]YUJQXWLVHRSDVQRVWLGDSRWHGLPRNULYFDQHJRGDRVXGLPR
QHGXQRJD
p1HYLQRVWMHYHOLND]DWLWD
pHVWRMHWHHREMDVQLWLQDDGREUDGMHODQHJRQDHJULMHKH
-HOLWHQMD]DVSR]QDMRPJULMHK"
p.DMDQMHMHUD]XPNRMLVWLHSUHNDVQR.DMDQMHMHULMHWNRYLHRGXYLDQMDGD
QHNDSREMHGDQLMHELODYULMHGQDFLMHQHNRMDVH]DQMXWUHEDODSODWLWL2SURVWLW
HVHVDPRRQRPHWNRVHNDMH
2329,-(67,
$NRSRYLMHVWLOLKLVWRULMXSULKYDWLPRNDRREMHNWLYQXGDNOH]QDQVWYHQX
p
GLVFLSOLQXNRMDLVWUDXMHXWYUXMHDQDOL]LUDLSULND]XMHVYDNR]ELYDQMHX
SURORVWLLGDELRQDLPDODNDUDNWHU]QDQRVWLRUD]YLWNXOMXGVNRJGUXWYDX
SURORVWLSRWUHEQRMHGDRQDRGJRYRULQHVDPRQDSLWDQMHNDGDLNDNRVH
QHWRGRJRGLORQHJRL]DWRVHQHWRGRJRGLORGDRWNULMH]DNRQLWRVWLUD]YLWND
SULURGHLGUXWYDNDRMHGLQVWYHQL]DNRQRPMHUQLSURFHV3RYLMHVWGDNOHPRH
LVSXQLWLVYRMX]DGDXVDPRDNRSULJRGRPLVWUDLYDQMDLQMHQLFDL]OMXGVNH
SURORVWLNRULVWH]QDQVWYHQLSRVWXSFL
$NRVHSRYLMHVWSRQDYOMDDXYLMHNVHGRJDDQHWRQHRHNLYDQRNROLNR
RYMHNPRUDELWLQHVSRVREDQGDLVNXVWYRPSRVWDQHSDPHWDQ
,]SURORVWLQHWUHED]DNOMXLYDWLQDEXGXQRVWMHUSRYLMHVWQLMHXLWHOMLFD
LYRWD
SUDYLODLL]X]HFL
p8VYDNRPRGQDVSRVWRMHYODVWLWDSUDYLOD
ODWQRSUDYLORJODVLGDQHPD]ODWQLKSUDYLOD
=
p,]X]HFLQLVXXYLMHNSRWYUGDVWDURJSUDYLOD2QLPRJXELWLLYMHVQLFLQRYRJ
SUDYLOD
=ODWQRSUDYLORJODVLGDQHPD]ODWQLKSUDYLOD
SUDYLOD
SUDYLODLL]X]HFL
2329,-(67,
p$NRSRYLMHVWLOLKLVWRULMXSULKYDWLPRNDRREMHNWLYQXGDNOH]QDQVWYHQX
LYRWD
D]QDVHPRHXNLQXWLNULYQMDMHWUDMQD
.
NROHNWLYQLYHRVREQL
NULYX
QHGXQRJD

NROHNWLYQLYHRVREQL
NULYX
QHGXQRJD
329,-(67,
2
LYRWD
SUDYLODLL]X]HFL
8VYDNRPRGQDVSRVWRMHYODVWLWDSUDYLOD
p
SUDYLOD
SUDYLOD
SUDYLODLL]X]HFL
2329,-(67,
LYRWD
NROHNWLYQLYHRVREQL
NULYX
QHGXQRJD

.DNRSRYLMHVWQDL]PMHQFHL]D]LYDJUR]XLVPLMHK
.QMLHYQDSRYLMHVWMHSUDQMHQRJXVWDUFLPD
0RGDELVHPRJORUHLGDMHNQMLHYQRVWQDMYMHURGRVWRMQLMDLQDMSRX]GDQLMD
SRYLMHVWQDURGD
0XHQMHNODQMHORPDH7RMHSRYLMHVW3RYLMHVWMHNRVWXUQLFD1HWUXGLWHVH
GDXYLMHNGDLVSLWDWHRYXSURORVWQRLLNUYL6YMHWORWUHEDWUDLWLX
EXGXQRVWL
1HNLOMXGLVPDWUDMXGDPDKDQMHVSRYLMHVQLPSUDYRPHVWRVOXLXJQMHWDYDQMX
GUXJLKQDURGD
2VYMHWVNRMSRYLMHVWLVYHVHPRHUHLVYHWRPRHQDSDPHWSDVWLL
QDMSHUYHU]QLMHPXPXDOLVDPRMHGQRQHGDMHUD]XPQD
3RYLMHVWRYMHDQVWYDWRMHMHGQDYHOLNDWUDJHGLMDXNRMRMVXQDMYHLMXQDFL
VYLMHVWLVDYMHVWSUDYGDL]DNRQLWRVWSOHPHQLWRVWLOMXEDY
3RYLMHVWMHGLMDOHNWLNDERUEDL]PHXLGHRORJLMHLLGHMHLVWLQHL]PHXHOMHGD
VYRMLYRWL]PLMHQLPRLWURPRVWLWRJDLYRWD
3RYLMHVWMHGRLVWDPDORYLHRGSRSLVD]ORLQDOXGRVWLLQHVUHDOMXGVNRJ
URGD
3RYLMHVWMHGRND]DODGDRWSRUYMHUVNLKSROLWLNLKYRDQLMHPRJD]DXVWDYLWL
QRYHSRJOHGHQDSRULMHNORLYRWDQD]HPOMLLOLRQHNLPGUXJLPVRFLRORNLP
SUREOHPLPD1DVUHXGREDLQNYL]LFLMHMH]DQDPDDWH]DRQHGRGLUOMLYRVWL
GRJPLMHSURORVW]ERJRP
3RYLMHVWMHNDWDVWURID2QDMHNULYRWYRULODYHOLNDQHSURORVWLRNRMLPDVH
VXPQMDRQDRVDNDXMHRQHEXGXH]DNRMHVHSULERMDYDP
3RYLMHVWMHQDMRSDVQLMLSURL]YRGWRJDMHVWYRULODNHPLMDLQWHOHNWD
3RYLMHVWMHRQRWRSRYMHVQLDULQDSUDYH1HRVSRUQRKLVWRULRJUDILMDVDPD]D
VHSUHGVWDYOMDFUQXNQMLJXREPDQMLYDQMDODNDMVWYDRYLQL]PDLLGHRORNH
PDQLSXODFLMH
3RYLMHVWMHSXQDVDEODVQLKPRUDRGNRMLKVXQHNHSULURGQHDQHNHGMHOR
OMXGVNLKUXNX
3RYLMHVWMHVDPRSRSLV]ORLQDLQHVUHD
3RYLMHVWMHVYMHWORLVWLQH
3RYLMHVWMH]ELUNDLQMHQLFDNRMHVXVHPRJOHL]EMHL
3RYLMHVWQDVQHXLPXGURVWL
3RYLMHVWQDVRSHQLWRVDPRREDYMHWDYDWRMHWRORDYODGDYLQD
3RYLMHVWQHSR]QDMH]DGQMXULMH
3RYLMHVWQHVWYDUDMXSXDQLPHFLLJHQHUDOLYHPDVH
SRYLMHVWQDURGD
EXGXQRVWL
GUXJLKQDURGD
URGD
PDQLSXODFLMH
OMXGVNLKUXNX

SRYLMHVWQDURGD
EXGXQRVWL
GUXJLKQDURGD
URGD
PDQLSXODFLMH
OMXGVNLKUXNX

SRYLMHVWQDURGD
EXGXQRVWL
GUXJLKQDURGD
URGD
PDQLSXODFLMH
OMXGVNLKUXNX

3RYLMHVWQLMHKHJHORYVNRQDVWDMDQMHRQDVHQHPRHXVSRUHGLWLVULMHNRPNRMD
SUHGVRERPQRVLGRJDDMHLQMLKRYHRVWDWNHLVWRPEU]LQRPLLVWLPVPMHURP
2QRWRQD]LYDPRSRYLMHXVDVWRMLVHEDXUD]QROLNRVWLVWUXMDQMD
3RYLMHVWQLMHQLWDGUXJRQHVOLNDRVYDMDQMDL]UDEOMLYDQMDQDVLOMDL
SRGUHLYDQMD
3RYLMHVWQLMHQLWDGUXJRQHJRMDGQRRJOHGDORQDLKYODVWLWLKEULJD
3RYLMHVWVHSRSXWNDNYRJLGLRWDPHKDQLNLSRQDYOMD
3RYLMHVWVORERGHMHVWSRYLMHVWSURWXUMHMD
3RYLMHVWVYLMHWDMHQDSUHGRYDQMHXVYLMHVWLRVORERGL
3RYLMHVWVYLMHWDMHVDPRELRJUDILMDYHOLNLKOMXGL
3RYMHVQLDUMHXQDWUDJRNUHQXWSURURN3RYMHVQLDULVXUDNRYLPHX
DNDGHPLFLPD2QLXQDWUDNHLGXQDSULMHG
3RYMHVQLDUL]QDMXNROLNRVHMXQDNLKGMHODWHPHOMLQDQHGRVWDWNXDOWHUQDWLYD
6WRJDSRYLMHVQDLVWLQDQDQHNLQDLQVOLLREODFLPDNRMLVHWHNXGDOMLQL
REOLNXMX
6YMHWVNDMHSRYLMHVWEHVFLOMQROXWDQMHQL]SRUD]DLUD]RDUHQMD
6YMHWVNDMHSRYLMHVW]ELURQRJDWRVHPRJORVSULMHLWL
7DPRJGMHSUHVWDMHSRYLMHVWSRLQMXOHJHQGH
7NRHOLSURVXGLWLVNXHQRVWVYRMHGRPRYLQHQHNDSXWXMH7NRHOLSURVXGLWL
VNXHQRVWVYRJYUHPHQDQHNDVWXGLUDSRYLMHVW
8LVNXVWYRSRYLMHVWLVSDGDL]DERUDYQRVWQDVSUDPLVNXVWYD
=DGDDMHSRYLMHVWLGDSULNDHSRMDYOMLYDQMHWRMHVWSRVWHSHQRVWYDUDQMHELD
LMDHSOHPHQLWDRVWYDUHQMDLXDVQHJUR]RWHELWLSUHGPHWRPQDHJD
JODYQRJD]DGDWND7UDJWRJDMHWRVWYRUHQMHPRJORRVWDYLWLQDGMHYLDQVNRP
SODQHWXWDNRERJDWLPREOLFLPDLYRWDELRMHMHGYD]QDWQLMLQRWRJDRVWDYOMD
]HFNDGSURWULOLYDGRP
RYMHNSRGQRVLEH]WHWHVDPRRGUHHQXPMHUXNXOWXUH
-HGLQLVPLVDR]DNXOWXUXMHVWLVSXQMHQMHRYMHNDNDRYUORSRVHEQHLQDGDUHQH
MHGLQVWYHQHLYRWLQMHGUXWYHQRJRVDPOMHQLND
2.8/785,
o6YDNLQHNXOWXUDQRYMHNMHNDULNDWXUDVDPRJDVHEH
pRYMHNNRMLELPRJDRLYMHWLVDPEH]WXHOMXGVNHNXOWXUHWDNRVHPXQR
PRH]DPLVOLWLNDRLRYMHNNRMLELVDPVHEHVWYRULRNRMLELELRVDPVHEL
RFHPLPDWHURP
.8/785,
2
RFHPLPDWHURP
SRGUHLYDQMD
REOLNXMX
]HFNDGSURWULOLYDGRP

SRGUHLYDQMD
REOLNXMX
]HFNDGSURWULOLYDGRP
2.8/785,
RFHPLPDWHURP
.8/785,
2
RFHPLPDWHURP
SRGUHLYDQMD
REOLNXMX
]HFNDGSURWULOLYDGRP

.DGQHNDNXOWXUDLVFUSL]HPOMDQHVRNRYHWUHEDMHPLMHQMDWL
.XOWXUDMHRQRWRRVWDQHNDGDVHVYH]DERUDYL
.XOWXUDMHGQHQDFLMHMHRJOHGDORXNRMHPVHRGUD]XMHQMH]LQDVYLMHVW
YMHURYDQMHLWUDGLFLMD8NUDWNRWRMHNOMXSRPRXNRMHJDVHPRJXRWYRULWL
YUDWDVYLMHVWLMHGQRJQDURGDLQMHJRYLKLQVWLWXFLMD
.XOWXUDNDRQDLQLYOMHQMDMHPRGDQDMYMHURGRVWRMQLMDSROLWLND
3LVDFQDMYHLGLRVYRJDYUHPHQDSURYHGHXLWDQMXGDELPRJDRSLVDWL
RYMHNSUHYUQHSRODNQMLQLFHGDELQDSLVDRMHGQXNQMLJX
3LVDFMHXYLMHNL]YDQ]DNRQDXVYLPGUXWYLPDLSRGELORNRMLPLGHRORNLP
]QDNRP2QMHYMHLWLQH]DGRYROMQLNYMHQLRSRUEHQMDN8SLWQRMHWDNYR
JOHGLWH2VLPWRJDSRVWRMHLLGHRORNLSLVFLLOLRSHUDWHULVXVWDYDSD
3LVDFELWUHEDRVWYDUDWLQHWRHELWLWDNRQDSLVDQRGDPRHSRVWDWLGLR
LVNXVWDYDQMHJRYLKLWDODFD
.XOWXUDPRHL]UDVWLLSURFYMHWDWLVDPRL]LYRWD
1DMYHLMHXVSMHKSLVFDDNRSRWLHQDUD]PLOMDQMHRQHNRMLVXVSRVREQLGD
UD]PLOMDMX
.XOWXUDVOXLGUXWYXNDR]DWLWD
.XOWXUDQLMHQDGRPMHVWDNQHJRNOMXLYRWD
.XOWXUD]DKWLMHYDGDVHOMHSRWDXGUXLVLVWLQRP
.XOWXUHVHQLNDGDQHUD]YLMDMXDNXPXODFLMRPWUDGLFLRQDOQLKYULMHGQRVWL
SREMHGDXYLMHNSULSDGDRQLPNRMLVHQDVWRMHRVORERGLWLWHUHWDWUDGLFLMHSUHPD
QRYRPSRQDDQMXGUXWYD
8QDMEROMHPVOXDMXMHNXOWXUDXSXWD]DKDUPRQL]LUDQMHQDLKSRWUHED
8WYRUHYLQLVDPHNXOWXUHLPDVWUDQLKSXNRWLQD
.DGDSLVFXSRQHVWDQHGDKDUHHQLFHQHHSRVWDWLNUDHYHGXH
p'REURPSLVFXQHWUHEDRGYMHWQLND
SLVDFWHNVWSLVDQMHNQMLHYQLNVDWLUDGLOHWDQWSMHVQLNSRH]LMD
OLWHUDWXUDNQMLJDSULMHYRGLDXWRELRJUDILMDNULWLDUNULWLNDL]GDYD
2.1-,(91267,
8VSRQMHNXOWXUHSRODJDQSDGVWUP
LYDNXOWXUDREXKYDDVDYLYRW6YHWRLYRWVWYDUDUDGLLYRWDWRMH
NXOWXUD
NXOWXUD
2.1-,(91267,
UD]PLOMDMX
QRYRPSRQDDQMXGUXWYD

UD]PLOMDMX
QRYRPSRQDDQMXGUXWYD
2.1-,(91267,
NXOWXUD
NXOWXUD
2.1-,(91267,
UD]PLOMDMX
QRYRPSRQDDQMXGUXWYD

3LVDFQLMHVWURM]DSURL]YRGQMX]DQLPOMLYLKSULDRQMHLYRYMHNNRMLRVMHD
SDWQMHEOLQMLKNDRVYRMXSDWQMXSUREOHPHGUXJLKOMXGLNDRVYRMRVREQL
SUREOHP
7HRUHWVNLSLVDFGREUHNQMLJHWUHEDRELRVWDWLDQRQLPDQMHUGLYOMHQMHSULSDGD
GMHOXDQHSLVFX
9HLQDSLVDFDVWYDUDMXULMHLDOLQHLPLVOL
o7HNVWQLMHVDYUHQNDGDVHQLWDYLHQHPRHGRGDWLYHNDGDVHQLWDYLH
QHPRHL]RVWDYLWL
p3LVDWLPLVOLMHVYDNDNRELOMHQHJRVDPRPLVOLWLPLVOL
/DNRQDSLVDQRDWHNRLWDQRLREUDWQR
2ORYRMHYMHUQLSUDWLODFRORYNHRYMHNQHPRHELWLQHVUHWDQGRNSLH
NQMLJX
RYMHNXMHODNHSLVDWLOLMHSRQHJRVHL]UDDYDWLWRQR
'REUDVHNQMLJDSLHL]VUFD
.DGDQHELKSLVDRMRELKYLHSRYUHLYDRGUXJH0RHQHWNRPLVOLWLNULYRD
SLVDWLVDYUHQRLVWRWDNRNDRWRPRHPLVOLWLLVSUDYQRXQXWDUMHGQRJ
NRQYHQFLRQDOQRJVLVWHPDDSLVDWLYHRPDVODER
2ORYRMHXVYLMHWXL]PLMHQLORYLHVWYDULQHJR]ODWRDXVODJDUVNRPVDQGXNX
YLHQHJRXSXFL
2QRWRVHXVPHQRL]UHNQHPRUDELWLSRVYHHQRVDGDQMRVWLMHGQRP
WUHQXWNXRQRWRVHQDSLHQHNDMHQDPLMHQMHQRGDOMLQLEXGXQRVWL
3LVDQMHMHNQMLJDMHGLQR]ORGMHORJGMHVHSRLQLWHOMWUXGLRVWDYLWLWUDJRYH
3LVDQMHVHSRQHNDG]ORXSRWUHEOMDYDXIXQNFLMLSURSDJDQGHDXFLOMXUD]DUDQMD
NULWLNRJPLOMHQMDRQRVOXL]DVWYDUDQMHREUD]DFDSRGUHLYDQMDXPDL
QDLQDQMLKRYRJWUDMQRJXVSDYOMLYDQMD]DJOXSOMLYDQMDLVWYDUDQMDRYLVQRVWLWH
QDNUDMXJXELWNDVSRVREQRVWLSRYMHUHQMDXYODVWLWHRLLPRVXHQMD
3LVDWLMHOLMHSRMHUXVHELVDGULREMHUDGRVWLVDPRJRYRULWLLJRYRULWL
PQRWYX
3LVDWL]QDLVXGLWLVDPRPHVHEL
3LWDVHRYMHNNDGDYHSLHNRPHSLH"
6SLVDQMHPNRPXQLNDFLMDVHPRHRVORERGLWLYUHPHQDLPLQXORLVNXVWYR
VYDNHLQGLYLGXHVHQDJRPLODYDXNROHNWLYQXPHPRULMX6DSRMDYRP
HOHNWURQLNHVDPRJXQRXGDVHVDXYDMXVOLNHL]YXFLGDVHSUHQHVXX
LVWRPWUHQXWNXQDELORNRMXWRNX]HPDOMVNHNXJOHVYDNRRJUDQLHQMH
YUHPHQDLSURVWRUDLH]DYD
7DNRMHMHGQRVWDYQRQDSLVDWLVYRMHXVSRPHQHDNRVHQHPDGREURSDPHQMH
SUREOHP
GMHOXDQHSLVFX
QHPRHL]RVWDYLWL
NQMLJX
YLHQHJRXSXFL
PQRWYX

SUREOHP
GMHOXDQHSLVFX
QHPRHL]RVWDYLWL
NQMLJX
YLHQHJRXSXFL
PQRWYX
SUREOHP
GMHOXDQHSLVFX
QHPRHL]RVWDYLWL
NQMLJX
YLHQHJRXSXFL
PQRWYX

6UHWQLL]DGRYROMQLOMXGLQHSLXQLNDNRLOLYHRPDNUDWNR
=DSLVXMSHURLWLQWDSOXJRYLVXGXKD
$NRKRHSLVDWL]DVYDYUHPHQDEXGLNUDWDN
p$QJDLUDQNQMLHYQLNYMHUXMHGDMHOLWHUDWXUDLVWLQLWRXWRLWHDNRWDNR
QHWRMRXRSHSRVWRML
,VWLQLWLNQMLHYQLFLVXJULQMDVDYMHVWLRYMHDQVWYD
.QMLHYQLNPRUD]QDWLRWYRUHQRJRYRULWLRLQMHQLFDPDLVWLQXPDNDNRJRUND
RQDELOD
0LVOLPGDMHNQMLHYQLNW]YVORERGQLNQMLHYQLNMHGQDRGSRVOMHGQMLKXWYUGD
VORERGH
3UYRWRSUDYLNQMLHYQLNLQLMHVXPQMDWLXYODVWLWXHJ]LVWHQFLMX
p)LQDVDWLUDMHQHVSRUQRRQDLMDMHSRUXJDSRYH]DQDVWDNRPDOR]OREHLV
WROLNRXYMHUHQMDGDQDVPMHKWMHUDLRQHQDNRMHVHRGQRVL
6DWLUDPRUDLVNRSDWLWRMHSDWHWLND]DNRSDOD6DWLUDQLMHQHSULMDWHOMYUORJ
VYLMHWDYH]DKWMHY]DLVWLP
6DWLULDUMHSRYULMHHQLGHDOLVWRQHOLGREDUVYLMHWDOLVYLMHWMHORLVDGDVH
RQERULSURWLYORHJD
6DWLULDUQLMHVLJXUDQ]DVYRMLYRWMHUGDMHLVWLQXQDYLGMHOR
o%LWLGLOHWDQW]QDLELWLQHGRVWRMDQVYRMLK]DPLVOLDOLSRQRVDQQDQMLK
p$NRSMHVQLNHOLGMHORYDWLSROLWLNLPRUDVHSUHGDWLQHNRMVWUDQFLDLPWR
XLQLL]JXEOMHQMHNDRSMHVQLN
1DLQDMEROMLLQWXLWLYQLGLMDJQRVWLDULSMHVQLFLRGXYLMHNVXXND]LYDOLQDWR
GDMHRYMHNGXHYQREROHVWDQLGDMHWRRGXYLMHNELRDOLDQWURSROR]L
SVLKLMDWULLLVWUDLYDLHYROXFLMHSMHVQLNHQHVKYDDMXR]ELOMQRWHQDGDOMH
LJQRULUDMXLQGLFLMHNRMHLPJOHGDMXXOLFH
1HEHVNHHVHVYMHWLOMNHXJDVLWLVSRVOMHGQMLPSMHVQLNRP
1LWNRQLMHELRYHOLNLSMHVQLNDGDQLMHELRYHOLNLILOR]RI
3MHVQLFLGRSLUXJGMHVXQDQH]UDNHQHPRJX
3MHVQLFLVXXHQMHXVYLMHWX
3MHVQLFLVXSURURFLNRMLQDPSULDMXRPRJXHP
3MHVQLFLPDMHWRWDGRSXWHQR
3MHVQLNDGMHODQHSREROMDYDMXDOLLQHQHWRSXQRELWQLMHRQDPLMHQMDMX
3MHVQLNDGMHODVWYDUDMXPDJLQLSURVWRUXNRMHPVHVSDMDLQDHQHVSRMLYRD
QHPRJXHSRVWDMHPRJXH
3MHVQLNDGMHODVXXYLMHNVDPRHNVSHGLFLMD]DLVWLQRP
QHWRMRXRSHSRVWRML
RQDELOD
VORERGH
RQERULSURWLYORHJD
QHPRJXHSRVWDMHPRJXH

QHWRMRXRSHSRVWRML
RQDELOD
VORERGH
RQERULSURWLYORHJD
QHPRJXHSRVWDMHPRJXH

QHWRMRXRSHSRVWRML
RQDELOD
VORERGH
RQERULSURWLYORHJD
QHPRJXHSRVWDMHPRJXH
3MHVQLNLPGMHOLPDQDMVOLQLMLVXNUXKLOLJOLQHQLWDQMXULOLNRPDGGUYHWDNRML
MHPDNDULQHVSUHWQRREUDHQVSXQROMXEDYL
3MHVQLNMHQDYLGLNRYFXNRMLMHYLLRGNUXQLWDVWUDQNH
3MHVQLNMHRJOHGDORRYMHDQVWYDRQOMXGVNRPURGXRPRJXXMHGDEXGH
VYMHVWDQVYRJRVMHDQMDLGMHORYDQMD
3MHVQLNMHRNRRYMHDQVWYDSULSURPDWUDQMXPDOLKVWYDUL
3MHVQLNPRUDVWDWLQDSLMHGHVWDOWYRUFDSURNODPDWRUDYL]LRQDUDDNRXWRM
LPSHUDWRUVNRMYDWULQHVDJRULQMHJRYRQDGDKQXHQLWDLVWLQVNRQHHL]DL
3MHVQLNQHQDVWDMHRQVHUDD
3MHVQLNSHFDXULMHFLNRMDWHHNUR]QMHJD3MHVQLNRPVHWUHEDURGLWL
JRYRUQLNRPVHSRVWDMH3MHVQLNRYDMH]DGDDWUDHQMH$VSRVREQRVWYHOLNLK
SMHVQLNDQDODHQMH
3MHVQLWYRQLMHSRVDRX]LYRWYHYLGLYRWD6WYDUDQMHSMHVQLNLKGMHODMH
JUDGQMDPRVWDL]PHXRQRJDNRMLSLHLRQRJDNRMLLWD6WYDUDWLSMHVQLND
GMHOD]QDLRGUDDYDQMHVYLMHWDQDLQGLYLGXDOQRMRVQRYL
6YDVXYHOLNDSMHVQLNDGMHODSORGSDWQMH
8SMHVQLFLPDVDQMDRYMHDQVWYR
9HLQDVHSMHVQLNDUDDWHNQDNRQVYRMHVPUWL
p.DGDSRLQMHUDGLWLPR]DNXSRH]LMLVHSUHOD]LQDNRPSLODFLMHVDVXHQD
XREUD]LOMDVUHXMHQDVOLMHHQR]QDQMHRQDUD]DVWLUHVWDULSDSLULVSLWXMXX
XVSRUHXMXLLSUHSLVXMXLRQDSUHWYDUDSMHVQLNHXVDOGDNRQWLVWH6WLJORMH
YULMHPHGRVDGQHXHQRVWLVDMHGLQLPPMHULORPQD]RYL]QDQMDLPDUOMLYRVWL
2SRH]LMRVODWNDXWMHKRXWX]L
3RHWVNDYL]LMDGXEOMHRGXHQMDNDSR]QDMHVYLMHW
3RHWVNRVWYDUDQMHMHQHREMDQMLYDWDMQDNDRWDMQDUDDQMDRYMHND
3RH]LMDMHEDUXW]DVYDXUHHQMDRYRJDVYLMHWD3RH]LMDMHEROHVWRYMHNDNDR
WRMHLELVHUEROHVWNROMNH3ULWRPHPLVOLPRSRGEROHXQDVYMHWOXFDQMH
ELVHUDDQHQDERORYDQMHNROMNH
3RH]LMDMHPDWHULQMLMH]LNOMXGVNRJDURGD3RH]LMDMHQDMYHLVWXSDQMOMXGVNRJ
JRYRUD
3RH]LMDMHUHOLJLMDEH]QDGH
3RH]LMDMH]DSLVQDMEROMLKLQDMVUHWQLMLKDVRYDQDMVUHWQLMLKLQDMEROMLKXPRYD
3RH]LMDOLMHLUDQHWRLK]DGDMHUD]XP
3RH]LMDQHVPLMHSURSDVWL-HUJGMHELWDGDELODQDGDVYLMHWD"
RH]LMLVHQHSRVYHXMHPRYHMRMVHUWYXMHPR
3

SMHVQLNDQDODHQMH
JRYRUD
3RH]LMLVHQHSRVYHXMHPRYHMRMVHUWYXMHPR

SMHVQLNDQDODHQMH
JRYRUD
RH]LMLVHQHSRVYHXMHPRYHMRMVHUWYXMHPR
3
SMHVQLNDQDODHQMH
JRYRUD
3RH]LMLVHQHSRVYHXMHPRYHMRMVHUWYXMHPR

RH]LMRVODWNDXWMHKRXWX]L
3
6YDNLRYMHNELREL]DSUDYRSRQDMGXEOMLPLYRWQLPQDHOLPDXSUDYRGXDQ
GDRGVYRMHJLYRWDVWYRULSMHVPX
p/LWHUDWXUDMHQRYDVWYDUNRMDRVWDMHQRYD
/LWHUDWXUDMHSULYDWQDSRERQRVW
/LWHUDWXUDSRLQMHNDGDVHQHWNRSLWD7NRJRYRULXPHQLNDGDJRYRULP
/LWHUDWXUQDVXGMHODERJDWRYUHORVSR]QDMH
1HSRVWRMLVWDUDLPRGHUQDOLWHUDWXUDYHVDPRYMHQDLSUROD]QD
1HL]PMHUQRMHPQRJRWUXGDQDSLVDWLGREUXNQMLJX
6XGELQDVYLKOLWHUDWXUDMHGDMHGQRPEXGXLYDGMHODSLVDQDQDPUWYLP
MH]LFLPD
p.QMLJDNRMDELVHQDVYLMHWXSUYDWUHEDOD]DEUDQLWLELRELNDWDORJ]DEUDQMHQLK
NQMLJD
.QMLJDNRMDQLMHYULMHGQDGDMHVHGYDSXWDSURLWDQLMHYULMHGQDQLGDMHVH
MHGQRPSURLWD
.QMLJDPRUDELWLVMHNLUD]D]DPU]QXWRPRUHXQDPD
.QMLJD]DUD]OLNXRGRYMHNDRVWDMHWLSULMDWHOMLQDNRQLWDQMD
.QMLJHLPDMXRVMHDMDVWL.DGDLKRYMHNSRVXGLYLHVHQHYUDDMX
.QMLJHVX]YMH]GDQLSXWRND]L
1HSRVWRMHPRUDOQHLOLQHPRUDOQHNQMLJH.QMLJHVXGREURLOLORHSLVDQH
1LWDGUXJR
6YDNDVHGREUDNQMLJDVDPDSLHVDPRMHSULWRPQHVPLMHPRVPHWDWL
7DPRJGMHVHVSDOMXMXNQMLJHQDNRQFXVHVSDOMXMXLOMXGL
=DGQMHWRVHSURQDHNDGDVHSLHGMHORMHVWRQRWRWUHEDVWDMDWLQDSRHWNX
p3ULMHYRGLVXNDRLHQHNDGDVXOLMHSLQLVXYMHUQLDNDGVXYMHUQLQLVX
OLMHSL
p,]GDYDQMHPDXWRELRJUDILMHRELQRVHL]JXELLRVWDWDNSULMDWHOMD
p%XGLRWYRUHQSUHPDGREURQDPMHUQLPNULWLNDPD
-HVLOLVSUHPDQPLVOLWLQDVDPRVWDODQVORERGDQLNULWLNLQDLQ"
.ULWLDQLQWHOHNWXDODFVWRMLQDUXEXVYRJDGUXWYDDOLRVWDMHXQMHPX%LW
QMHJRYHNULWLNHMHQMHJRYDSULSDGQRVWXNRMRMSRLYDLQDGDGDHNULWLNRP
QHWRSRVWLL.ULWLDUMHRYMHNNRMLSUYRXSDNRURYNDNRELRQGDWRODNH
PRJDR]JD]LWLFYLMHH2QMHNRNRNRMDNRNRGDHNDGDGUXJHQRVH
.ULWLDUWUHEDUHLVDPRLVWLQX0HXWLPRQMHPRUDLSR]QDYDWL
3RH]LMRVODWNDXWMHKRXWX]L
MH]LFLPD
NQMLJD
MHGQRPSURLWD
1LWDGUXJR
OLMHSL
ULWLDUWUHEDUHLVDPRLVWLQX0HXWLPRQMHPRUDLSR]QDYDWL
.

RH]LMRVODWNDXWMHKRXWX]L
3
MH]LFLPD
NQMLJD
MHGQRPSURLWD
1LWDGUXJR
OLMHSL
.ULWLDUWUHEDUHLVDPRLVWLQX0HXWLPRQMHPRUDLSR]QDYDWL

3RH]LMRVODWNDXWMHKRXWX]L
MH]LFLPD
NQMLJD
MHGQRPSURLWD
1LWDGUXJR
OLMHSL
ULWLDUWUHEDUHLVDPRLVWLQX0HXWLPRQMHPRUDLSR]QDYDWL
.

.ULWLDUHQHWUHEDVPDWUDWLXERMLFDPDRQLVDPRL]GDMXVPUWRYQLFX
.ULWLNDPRHELWLRNUHQXWDSURORVWLGHVQRRULMHQWLUDQDRNUHQXWDEXGXQRVWL
OLMHYRRULMHQWLUDQDRNUHQXWDVDGDQMRVWLELURNUDWVNDNULWLND'DNDNRPRJXD
MHLNULWLNDL]QDGYUHPHQDVWYDUDODND
.ULWLNHVXHVWRSRNXDMGDVHNULYXOMHL]PMHUHUDYQDORP
.ULWL]LUDQMHPDUNVL]PDNDRLGHRORJLMHMHQHRSKRGDQSUHGXYMHW]DSUHSRURG
PDUNVLVWLNRJUD]PLOMDQMD
.ULWL]LUDWLWR]QDLGRND]DWLDXWRUXGDQHUDGLRQDNRNDNRELMDUDGLRNDGD
EL]QDR
/MXGLRGYDVWUDHNULWLNXDOLHOHVDPRKYDOX
0LVOLPGDELNULWLDULVYRMH]DVLJXUQRSRWUHEQHUDVSUDYHWUHEDOLYMHEDWLQD
YODVWLWRPPDWHULMDOXDQHQDWHUHWDXWRUD
1HPRJX]DPLVOLWLGHPRNUDFLMXEH]NULWLNHMHURQDWLPHSRLQMH
3RVWRMHND]DOLQLNULWLDULNRMLVHRGSXEOLNHUD]OLNXMXVDPRSRWRPHWR
PRJXL]UD]LWLRQRWRQLRQLQLVXYLGMHOL
3ULMHQHJRSRQHNULWL]LUDWLSR]RYLVHQDYODVWLWHJUHNH
8YLMHNELMDHODJOMHRQRWRGUXJLXLQLHNRULWLQHJRVDPRPXVWYRULWL
=DSRVDRNULWLDUDSRWUHEQDMHKUDEURVWSRVHELFHKUDEURVW]DSRLQLWLJUHNH
$WNRQHPDKUDEURVWLEROMHPXMHGDSRVWDQHNQMLJRYRDLOLSRUH]QLVDYMHWQLN
=QDQVWYHQDVHNULWLND]DVQLYDQDLQMHQLFDPD
p,]GDYDMHGQLPRNRPNLOMLSUHPDSLVFXDGUXJLPSUHPDSXEOLFL$WUHH
RNRRNRPXGURVWLEH]]DEXQHJOHGDXQRYDUNX
$NRMHVPLVDRXPMHWQRVWLGDRSHSRYHHVSRVHEQLPSUROD]QXYMHQRVW
p
MHGQHYRGHQHNDSLLJUDPDQMHQLKVYMHWORVWLMRMHWRQLMHFLMHQLWLYHOLLQX
DSVXUGQRJSLVFDSRUDVWRMDQMXNRMHRQ]QDXQHVWLL]PHXRYDGYDVYLMHWD
1MHJRYDWDMQDMHXWRPHGD]QDSURQDLSUDYRPMHVWRJGMHVHRQLVDVWDMXX
VYRPQDMYHHPQHVUD]PMHUX
$NRMHXPMHWQRVWLSUDYRVYDNRJRYMHNDLPDOLQHWNRSUDYRGDJDXWRPH
VSUHDYD"
$OEHUWLWDOLMDQVNLWHRUHWLDUXPMHWQRVWLXVSRUHLYDRMHXPMHWQLNHV%RJRP
RGDWOHL]UD]DOWHUGHXV3LVDFMHRLJOHGQRUD]OLNRYDRXPMHWQLNHRGRVWDOLK
OMXGL
280-(71267,.$=$/,78,*/$=%,
XPMHWQLNXPLMHHND]DOLWHJOXPDFNDEDUHJOD]EDNRPLDUXNXV
VOLNDUVWYR
VOLNDUVWYR
280-(71267,.$=$/,78,*/$=%,
p$NRMHVPLVDRXPMHWQRVWLGDRSHSRYHHVSRVHEQLPSUROD]QXYMHQRVW
VSUHDYD"
OMXGL
ULWLDUHQHWUHEDVPDWUDWLXERMLFDPDRQLVDPRL]GDMXVPUWRYQLFX
.
EL]QDR

EL]QDR
$NRMHVPLVDRXPMHWQRVWLGDRSHSRYHHVSRVHEQLPSUROD]QXYMHQRVW
p
VSUHDYD"
OMXGL
280-(71267,.$=$/,78,*/$=%,
VOLNDUVWYR
VOLNDUVWYR
280-(71267,.$=$/,78,*/$=%,
p$NRMHVPLVDRXPMHWQRVWLGDRSHSRYHHVSRVHEQLPSUROD]QXYMHQRVW
VSUHDYD"
OMXGL
ULWLNDPRHELWLRNUHQXWDSURORVWLGHVQRRULMHQWLUDQDRNUHQXWDEXGXQRVWL
.
EL]QDR

'UXWYRMHQDMPDQMHHVWHWVNLIHQRPHQDXPMHWQRVWMHQDSURWLYHPLQHQWQR
VRFLMDOQRRVWYDUHQMHRQDMHSURGXNWVRFLMDOQLKVLODLLVKRGLWHVRFLMDOQLK
XLQDND2VLODPDNRMHVXXQMRMGMHORWYRUQHLRXLQFLPDNRMLL]QMHSURL]OD]H
PRHVHNRQVWDWLUDWLPQRJRWRJDYULMHGQDDGDVHLSDNQHGRNXLQMH]LQDELW
LOLQHXQLWLQMHQDU
'XKRYQHVXYUHGQRWHSROLWLNRRUXMH
*RVSRGDUVNLRGQRVLHVWRRGOXQRXWMHXQDREOLNRYDQMHGXKRYQLKWYRUHYLQD
8PMHWQLNVWYDUDRQDNRNDNRKRHLRQRWRKRHVDPRMHSLWDQMHRGNDNYLK
VHHOHPHQDWDVDVWRMLQHNDYROMD
,XXPMHWQRVWLVWMHFDQMDSURWLYQLNDRYMHNPRHSRVWDWLYLUWXR]
,GHMDGDXPMHWQRVWPRHXEODLWLRVMHDMVWUDKDQLMHQRYDNDWDU]DX$ULVWRWHOD
MHQMH]LQDNODVLQDIRUPXODFLMD
,]PHXXPMHWQRVWLLWHKQLNHQHSRVWDYOMDVHSLWDQMHRERVWUDQRJQDGPHWDQMD
MHGLQD]DMHGQLNDVWYDUQRVWMHOMXGVNLGXK
,]YDQXPMHWQRVWLPLVPRL]YDQPXGURVWLL]YDQNRULVWL
.DGELVYLMHWELRMDVDQXPMHWQRVWLQHELELOR
.DGDPR]JRYLSRLQMXVWUDKRYDWLGDVHQHELNRPSURPLWLUDOLXRLPD
SRPRGDUVNHVYMHWLQHRGSDQLNHGDSOHEVQHELSRPLVOLRGDQLVXVQRERYLNRML
LGXXNRUDNVDPRGRPSRVOMHGQMHJNULNDNDGVHQHRVMHDMXYLHVLJXUQLX
VYRMLPNULWHULMLPDLXVYRPHXNXVXNDRDUELWULNDGDVHSRYRGH]DXNXVRP
YHLQHNDGDQHPRJXYLHVSRQWDQRJOXPLWLVWUHSHLGDQHHELWLGRYROMQR
PRGHUQLGDLPWDOHQWQHH]DEOLVWDWLXRLPDVXYUHPHQLNDNDRQRYDWRUVNR
REMDYOMHQMHRQGDL]SRYMHVQLDUDLSMHVQLNDSURJRYDUDDPELFLMDDDPELFLMD
QH]QDSLVDWLRQDQHPLVOLQLWLGMHOXMHORJLQRMHUDPELFLMDMHRGSDPWLYLMHND
]DYLGOMLYLFDXPMHWQRVWLQDM]DQLPOMLYLMHLVNXHQMH]DWDOHQWHRQDMHHVWR
QMLKRYDWUDMQDRSDVQRVWDMRHHSURSDVWLVPUW
.UR]SMHVQLNDSURJRYDUDQHXNURWLYDSULURGDNRMDVHQHGDVDSHWLQLNDNYLP
VSRQDPDL]DWRVXSMHVQLFLYHRPDHVWRQHJDWRULVYRMHYODVWLWHRNROLQHMHUVH
QLVXGDOLVDYODGDWJOXSRXWHJOXSHVUHGLQH.RMHVXWHVQDJHNRMHVWDNYRP
QHRGROMLYRXSURJRYDUDMXGDVHXPMHWQRVWXVSUNRVVYLPSURWXVQDJDPD
SURELMDSRFUWLQDMYHHJRWSRUDWRMRQLMHSRVYHPDMDVQRLVSLWDQRGDMH
XPMHWQRVWGUXWYHQRXYMHWRYDQDWRMHMDYQDWDMQDRNRMRMVXQDSLVDQHLWDYH
ELEOLRWHNHDGDWRSLWDQMHRNRPHMHULMHLSDNQLSULEOLQRQLMHUD]ELVWUHQR
XVSUNRVWRPHWRVHXPMHWQLFLEXQHSURWLYVYDNHORJLNHGUXWYHQLK]DNRQD
.XOWXUQD]DGDDGDQDQMLFHVDVWRMLVHXWRPHGDRYMHNYODGDVWURMHPDQH
REUDWQRGDVHVWURMXSRWUHEOMDYDNDRLQVWUXPHQWDQHGDVHRERDYDNDRQHNL
IHWL
0RHPROLYMHURYDWLNULWLDUXGDEROMHSR]QDMHXPMHWQLNDRGQMHJDVDPRJ"
1DMUDQLMLVSRPHQLFLXPMHWQRVWLSULSDGDMXVOLNDUVWYX
LOLQHXQLWLQMHQDU
IHWL
DMUDQLMLVSRPHQLFLXPMHWQRVWLSULSDGDMXVOLNDUVWYX
1

LOLQHXQLWLQMHQDU
IHWL
LOLQHXQLWLQMHQDU
IHWL

1HSRVWRMLOMXEDYSUHPDXPMHWQRVWLEH]OMXEDYLSUHPDRYMHDQVWYX
1RYHPRLGRQLMHOHVXXWDGDYQDYUHPHQDPDORSRPDORMHGDQ]DGUXJLP
QRYDNXOWXUQDLWHKQLNDGRVWLJQXD5DVODMHLVSR]QDMDRYUHPHQXL
SURVWRUX6WYRUHQDMHXPMHWQRVWNDRMHGQDRGXVDPOMHQLKLQLNDGDGRNUDMD
REMDQMHQLKEULOMDQWQLKL]UD]DOMXGVNRJXPD1LMHQLNDNYRXGRGDMHPHX
SUYLPOLNRYLPDXNOHVDQDQDFUWDQDLOLL]NRVWLL]UDHQDHQD7DMHPRWLY
RVWDWLQH]DPMHQMLYGRGDQDQMHJGRED
3MHVQLNDOMHSRWDMHYMHQRUHYROXFLRQDUQLHOHPHQWXJUDHQMXEXGXQRVWL
3OLYDMXLVXWLVFLPDVYLVPR]DURQMHQLXSOLPLLRVHFLGRMPRYD5RGLOLVPRVH
XVUHGEXMLFHXWLVDNDX]EXHQMDSRWLFDMDQDJRQDVWUDVWLLYROMH6YLPL
SOLYDPRVRJURPQRPSRSODYRPWDMDQVWYHQLKSRMDYDRQDQDVQRVLPLMH
VYODGDYDPRVQDJRPVYRJDWLMHODVYRMLKXODVYRJDPR]JDLVYRMLKVOXWQMD
RVMHDMXLNDNRQDVQRVLNDRVODPLFXRYMHNMHRGURHQMDXPMHWQLN
3RVDRXPMHWQLNDMHSRVODWLVYMHWORVWXGXELQXOMXGVNRJDVUFD
3RVOMHGQMLFLOMXPMHWQRVWLMHXLWDN
3RVWRMHVOLNDULNRMLVXQFHSUHWYDUDMXXXWXPUOMX$OLSRVWRMHLGUXJLNRML
]DKYDOMXMXLXPMHWQRVWLLLQWHOLJHQFLMLXWXPUOMXSUHWYDUDMXXVXQFH
3RWUHED]DXPMHWQLNLPL]UD]RPVWDUDMHNROLNRLOMXGVNLURG9HMH
SUHWKLVWRULMVNLORYDFFUWDMXLSRVWLMHQDPDSHLQDLVSLOMDOLNRYHLYRWLQMD
RVWDYOMDRGRND]HVYRMHXPMHWQLNHGMHODWQRVWL$OLGXKRYQLVYLMHWWRJORYFD
VOLNDUDELRMHYHRPDX]DNDVD]QDQMHLLVNXVWYRRJUDQLHQR
3UDYDXPMHWQRVWRVWDMH]DYMHQRVW
3UDYLXPMHWQLNVWYDUDRSRQDDMXL
3UDYLLYRWQLXPMHWQLFLVXYHRQGDVUHWQLDNRQLVXQHVUHWQL
3UHGXYMHWXPMHWQRVWLMHGDSURL]YRD]QDWRPRHDWRQHPRH
3UYDVYHRSD]QDDMNDVYDNHYHOLNHXPMHWQRVWLMHQMHQRVWNDRWRMHGUXJD
LVWLQD7RPLVYDNRJGDQDELYDVYHLVWLQLMHEHVNUDMQMHQRVWLMHHPLQHQWQLGDU
LEDWLQDVYLKXLVWLQXYHOLNLKOMXGL
6NRNRGGXKRYQRJGRPDWHULMDOQRJMHQHL]PMHUOMLY
6OLNDQMHQLMHWHNRVYHGRNVHRWRPHQLWDQH]QD$OLNDGDVHRYDXPMHWQRVW
VKYDWLRQGDMH]DKWMHYQD
6WYDUDODNRGMHORPRHELWLREUDQDRGVWUDKDSUHGJXELWNRPYODVWLQDLYRWRP
LQDGVDPLPVRERPDOLMHPRGDLVUHGVWYRSUHGDQRVWLVYLMHWXLMHGDQREOLN
VDPR]DWDMH
6XGELQDXPMHWQLNRJGMHODMHKODGQDYMHQRVWPX]HMDDVXGELQD
LQGXVWULMVNRJSUHGPHWDMHVPHWOLWH
6YDXPMHWQRVWMHSURHWDOMHSRWRPLYHOLDQVWYHQRXSULURGH8PMHWQRVWMH
SRNORQVWYROMHSRWL
HSRVWRMLOMXEDYSUHPDXPMHWQRVWLEH]OMXEDYLSUHPDRYMHDQVWYX
1
VDPR]DWDMH
SRNORQVWYROMHSRWL

VDPR]DWDMH
SRNORQVWYROMHSRWL
VDPR]DWDMH
SRNORQVWYROMHSRWL

YDNLMHXPMHWQLNQHXURWLN
6
6YDNLSRUWUHWNRMLMHVOLNDQRVMHDMLPDSRUWUHWMHXPMHWQLNDDQHRQRJDNRMLVX
MH]DWRSR]LUDR
6YDNLYHOLNLXPMHWQLNLPDLQHNHRVRELQHLVWUDLYDD
6YDNRMHVWYDUDODNRGMHORERUEDSURWLYRSDVQRVWLNRMDSRMHGLQFXSULMHWL
L]YDQDLOLL]QXWUD
6YDNRXPMHWQLNRGMHORMH]DSUDYRVNLFDNRMXWHNQDDPDWDGRYUDYD
6YHPLVHLQLGDMHXPMHWQRVWQHNDVDYUHQLMD]QDQRVWWRQHPRHSRVWLL
XHQMDNYLGLXPMHWQLN
6YHYHOLNHHSRKHOMXGVNRJQDSUHWNDSRGXGDUDMXVHPDQMHLOLYLHVWHKQLNLP
GRVWLJQXLPD
WRMHXPMHWQLNLLVWLQLWR"8PMHWQLNHLVWLQHQHSRGXGDUDMXVHXYLMHNV
LVWLQLWRXYMHUVNLKVRFLMDOQLKLOLELORNDNYLKGUXJLKLVWLQD
WRRYMHNPRHXLQLWLGRLYOMDYDPRQDMGXEOMHXXPMHWQRVWLQDMMDVQLMHX
WHKQLFLLQDMVUDPRWQLMHXSROLWLFL
WRMHRGREUDYDQMHSRPRGQHJRPLOHSUHPDWLHPRGREUDYDQMXLVWLQLWRJ
XPMHWQLND
7DMQDMHXPMHWQRVWLXWRPHGDLVSUDYOMDSULURGX
7DMQDLYRWDMHXXPMHWQRVWL
7DPRJGMHVD]ULMHYDMXYHOLNHVQDJHNRMHVHRLWXMXYHOLNRPPRLWXVX
YUHPHQDXPMHWQRVWL
7HKQL]LUDQMHXPMHWQRVWLVWDURMHGDNDNRNROLNRLVDPDXPMHWQRVWYH]DQD]D
QHNXQDSUDYXLOLSRVWXSDN7HKQLNLMHSURFHVLQWHJULUDMXLGLRLGHMHQMHQD
SUHWSRVWDYNDDQHQDNQDGQDGRSXQD
8XPMHWQLNDQLMHQLWDEH]D]OHQRLYHOLNRGXQRNDRWRQLWLXXPMHWQRVWL
QHPDQLWDQDLYQRLSULURGQR8PMHWQRVWMHHVWRVDPRREOLNRVYHWHLOLRGWHWH
]DQHSUDYGXNRMDMHQDQHVHQDXPMHWQLNX
8XPMHWQRVWLVHHVWRPHXVREQRGREURSRGQRVHQDMRDMQLNLMDERUED]D
VPLVDRLYRWDLQDMEH]RE]LUQLMDNULWLNDVQDMIULYROQLMRPUD]RQRGRPL
QDMVDPR]DGRYROMQLMRPEROHLYRX
8XPMHWQRVWLQLMHYDQRWRQHJRNDNR
8PMHWQRVWMHQDJRYMHWDMDQHJRWRYDLVWLQD
8PMHWQRVWWUDLYMHWLQXDOLYMHWLQDMRQLMHXPMHWQRVW
8XPMHWQRVWLVHSRVWLHSRWSXQRVWVYLMHWD
8HQMDFLVXNUR]LWDYVUHGQMLYLMHNXWDPDQWUDLOLWDMQXYMHQRJDLYRWD
8PMHWQLFLVXMHRGDYQRSURQDOL
6YDNLMHXPMHWQLNQHXURWLN
MH]DWRSR]LUDR
L]YDQDLOLL]QXWUD
XHQMDNYLGLXPMHWQLN
GRVWLJQXLPD
XPMHWQLND
YUHPHQDXPMHWQRVWL

YDNLMHXPMHWQLNQHXURWLN
6
MH]DWRSR]LUDR
L]YDQDLOLL]QXWUD
XHQMDNYLGLXPMHWQLN
GRVWLJQXLPD
XPMHWQLND
YUHPHQDXPMHWQRVWL

6YDNLMHXPMHWQLNQHXURWLN
MH]DWRSR]LUDR
L]YDQDLOLL]QXWUD
XHQMDNYLGLXPMHWQLN
GRVWLJQXLPD
XPMHWQLND
YUHPHQDXPMHWQRVWL

8LWHOMXPMHWQRVWLMHHOXGDF
8PMHWQLNDGMHODVXIHQRPHQDOQDSRYLMHVQRQHGMHORWYRUQDSUDNWLNLEH]
SRVOMHGLFD8WRPHMHQMLKRYDYHOLLQD
8PMHWQLNRGMHORMHREOLNLVDGUDMLVSRYLMHGLREPDQDLJUDLSRUXNDRQRMH
EOLVNRSULURGLLGDOHNRVYUKRYLWRLQHVYUKRYLWRSRYLMHVQRLQDGSRYLMHVQR
RVREQRLQDGRVREQRXLVWLPDK2QRWRJDLQLSRVHEQLPMHVWL]YRUQRVWL
VSRQWDQRVWERUEDSURWLYNRQYHQFLMDDQHHOMDGDQHWRQHEXGHUD]XPOMLYR
8PMHWQLNRGMHORNDRSUHGPHWQLMHYMHQR$OLXPMHWQLFLHVWR]DERUDYOMDMX
GDQMLKRYRGMHORSRVMHGXMHWDMQXVWYDUQRJYUHPHQDQHSUD]QXYMHQRVWYH
LYRVWWUHQXWND
8PMHWQLNRMHGMHORNRQVWUXNFLMDDVYDWNR]QDNROLNRYHOLNLVWYDUDRFLPRJX
ELWLMHGQROLQL8PMHWQLNNDRLPLVOLODFDQJDLUDVHLRVWYDUXMHXVYRMHPGMHOX
2YRSURLPDQMHSRNUHHMHGDQRGQDMYDQLMLKHVWHWLNLKSUREOHPD8RVWDORP
QLWDQLMHQHNRULVQLMHRGRYLKUD]GYDMDQMDSRPHWRGLLSUHGPHWX]DRQRJDNRML
YMHUXMHXMHGLQVWYRFLOMDGXKD1HSRVWRMHJUDQLFHL]PHXGLVFLSOLQDNRMH
RYMHNVHELSRVWDYOMDGDELVKYDWLRLYROLR2QHVHX]DMDPQRSURLPDMXLLVWD
WMHVNREDLK]EXQMXMH
8PMHWQLNRMHGMHORVRFLMDOQRGMHORXVDPOMHQDRYMHND
8PMHWQLNRMHRQRGMHORXNRMHPUXNDJODYDLVUFHLGX]DMHGQR
8PMHWQLNMHSRVWDRXRYRPVYLMHWXVODELQHVLJXUDQ
8PMHWQLNMHSURURNQDGDKQXWQHEHVNLPERDQVNLPSRUXNDPD
8PMHWQLNMHVOXJDULMHL
8PMHWQLNMHXYLMHNXSRWSXQRVWLELRLQWHJULUDQXGUXWYRDOLQHXGUXWYR
VYRJYUHPHQDYHXEXGXH
8PMHWQLNPRGDLMHVWQHXURWLDQDOLXPMHWQRVWQLNDGQLMHSURGXNWQHXUR]H
OXGLODLOLSULPLWLYQRJVNORSD8PMHWQLNPRHELWLLEROHVWDQDOLQMHJRYD
GDURYLWRVWQLMHXL]UDYQRPRGQRVXQLVQMHJRYRPEROHXQLVQMHJRYLP
]GUDYOMHP%ROHVWPRHQMHJRYHVLOHQDSHWLLXVPMHULWLSUHPDQHNRP
RGUHHQRPFLOMXDOLEROHVWQLMHL]YRUQMHJRYHVWYDUDODNHPRLEDNDRQL
GRLYOMDMOMXEDYLNRMLPXGDMHXUXNHVDPRQRYHPRWLYHDQLSRWRVUHGVWYD]D
QMLKRYRSULND]LYDQMH
8PMHWQLNQHRWNULYDRQVWYDUD
8PMHWQLNQLMH]DGRYROMDQVYRMLPLYRWRP=DGRYROMQLOMXGLQDYRGQRQDMHH
QHJRYRUHRVYRMLPRVMHDMLPDRQLVXEH]ULMHL
8PMHWQLNDSXWQMHJRYDGMHODYRGLVDPRSUHNRJXELWNDUHDOQRVWL
8PMHWQRVWLPDIXQNFLMXNDWDU]HRQDRVOREDD
8PMHWQRVWLVSLUHVGXHSUDLQXVYDNRGQHYLFH8PMHWQRVWMHGHVQDUXND
SULURGH3ULURGDMHVWYRULODELDDXPMHWQRVWOMXGH
LWHOMXPMHWQRVWLMHHOXGDF
8
LYRVWWUHQXWND
WMHVNREDLK]EXQMXMH
VYRJYUHPHQDYHXEXGXH
QMLKRYRSULND]LYDQMH

LYRVWWUHQXWND
WMHVNREDLK]EXQMXMH
VYRJYUHPHQDYHXEXGXH
QMLKRYRSULND]LYDQMH
LYRVWWUHQXWND
WMHVNREDLK]EXQMXMH
VYRJYUHPHQDYHXEXGXH
QMLKRYRSULND]LYDQMH

8PMHWQRVWMHLVSUYDRPRWPDJLMHVUHGVWYR]DRGUDYDQMHLYRWDSULPLWLYQH
ORYDNHKRUGHGRLYOMDYDQMHVDPRQLNORL]JRYDUDQMHVSR]QDMDQDMSULNODGQLMLP
L]UDDMQLPVUHGVWYLPDNRMHQRVHR]QDNXRWNULD
8PMHWQRVWMHMHGLQRR]ELOMQRQDRYRPVYLMHWX$XPMHWQLNMHMHGLQLRYMHN
NRMLWRQLMH
8PMHWQRVWMHMH]LNNRMLPPQRJLJRYRUHLNRMLPQRJLUD]XPLMX
8PMHWQRVWMHNULWLNDVWYDUQRVWL
8PMHWQRVWMHOMXERPRUQDRQDHOLGDMRMRYMHNSRWSXQRSULSDGD
8PMHWQRVWMHRQRWRQHPRHVYDWNR
8PMHWQRVWMHRQRWRSUHRVWDMHDQHVWDUL8PMHWQRVWMHRSRQDDQMHDOL
VWYDUDODNRLLGHDOL]LUDQR
8PMHWQRVWMHVWYDUDODNDGMHODWQRVWOMXGVNRJGXKDDGDQMHQLSRHFLVHXX
QDMGDOMXSURORVW=DQMHJDQHPD]DMHGQLFHLOLGUXWYHQHIRUPDFLMHXSRYLMHVWL
HSRKHXFLYLOL]DFLMLNRMDQLMHRVWDYLODVSRPHQDLWUDJDVYRMHXPMHWQLNH
DNWLYQRVWLLVWYDUDODNRJQDGDKQXDNLSDUVWYRVOLNDUVWYRFUWHLJUDYXUH
UHOMHILSXQDSODVWLNDXNRVWLNUHPHQXLSHHQRM]HPOMLVSLOMVNRVOLNDUVWYRVD
VFHQDPDORYDUDWRYDQMDLFHUHPRQLMD$OLRQLVWRGREQRVPDWUD.DG
VSRPLQMHPR]QDQRVWLWHKQLNXXVYH]LVXPMHWQRXPRUDPRRGPDKUHLGD
VXRYHGYLMHJUDQHPDNROLNRELOHSRQHHPXVXSURWQHRGXYLMHNELOHX
QDMXRMLQDMWMHQMRMVYH]L,VWLQDXPMHWQRVWVH]DVQLYDQDLQVWLQNWXLLQWXLFLML
QDQHSRVUHGQRPRSDDQMXLQDRVMHDQMXRQDSULSDGDVIHULHPRWLYQRVWLD
]QDQRVWVHWHPHOMLQDUD]XPXLLQWHOLJHQFLMLQDHNVSHULPHQWXLSURYMHUDYDQMX
LQMHQLFDQDUDFLRQDOQRVW,SDNRVWDYOMDMXLSRVWUDQLGDMHL]D]QDQVWYHQR
8PMHWQRVWMHVUHGVWYRNRMLPVHSULVYDMDMXVWYDULVYLMHWDELORPLORPELOR
VLORPNROVNLSULPMHU]DWRVXVSLOMVNHVOLNDULMHVWDULMHJNDPHQRJGREDX
QMLPDVHSUHVOLNDYDGDELVHXELMDORLSRVMHGRYDOR
8PMHWQRVWMHRVMHDQMHOMXGVNRJXMHGLQMHQRVSUHGRVMHDMHPERDQVNRJ
8PMHWQRVWMHVORHQRMHGQRVWDYQD
8PMHWQRVWMHSRQRYQRUDDQMH
8PMHWQRVWMHVDYMHVWRYMHDQVWYD
8PMHWQRVWMHSRVHEQRVWYDUDODWYRNRMHVHQHL]MHGQDXMHVDVYLMHWRPQHJRL]
QMHJRYLKNOLFDXSMHVQLNXUD]YLMDYL]LMHQRYLKVYMHWRYD
8PMHWQRVWMHRWYRUHQDLOLSULNULYHQDSURSDJDQGD
8PMHWQRVWMHSRVUHGQLFDQHL]UHFLYRJD
8PMHWQRVWMHVDPRQLLVWXSDQMVSR]QDMH
NRMLWRQLMH

NRMLWRQLMH

NRMLWRQLMH

RWNULHSRWUHEQDLQWXLFLMDNDRWRMH]DXPMHWQLNRVWYDUDQMHSRWUHEQD
LQWHOLJHQFLMD]QDQRVWMHRGXYLMHNLULODLNULODSXWRYHXPMHWQRVWLLWRQDGYD
SRGUXMDQDVSR]QDMQRPLQDSUDNWLQRWHKQLNRPWRVHWLHRYRJ
SRVOMHGQMHJSUDNWLQRWHKQLNRJ]QDHQMDRWNULDLL]XPD]DXPMHWQRVWX
PX]LFLVHRQRRLWXMHQDL]YDQUHGQRSORGRQRVDQQDLQ.DGDMHMRX
SUDKLVWRULMLRYMHNQDLQLRVYLUDOXRGXSOMHEDPEXVRYHWUVWLNHRYDMVHREOLN
VYLUDOH]DGUDRYHRPDGXJRX]UHODWLYQRPDOHL]PMHQHVDPRWRMHNDVQLMH
WDNYDVYLUDODSRVWDODGUYHQDIODXWDDYRORYVNLVHURJSUHWYRULRXLQVWUXPHQW
RGNRYLQH1DRYDMQDLQWHKQLNDLWHKQLNLL]XPLGLUHNWQRXQDSUHXMX
L]UDDMQDVUHGVWYD7HKQLNDPLMHQMDMXLVYLMHWRNRRYMHNDSDLRYMHND
VDPRJPLMHQMDLXYMHWHXPMHWQRVWLXRSHPVPLVOXXVPLVOXPHGLMDXNRPH
XPMHWQRVWQDVWDMHLXNRPHVHRVWYDUXMH
8PMHWQRVWMHXYLMHNKWMHODGDVHVYLGLDQDMHHGDL]DEDYOMD
8PMHWQRVWMH]DYUQLREOLNVD]QDQMD
8PMHWQRVWQDPGDMHSXQLNXFDMQDHJYUHPHQDLEXGXQRVWVDVYLP
VWUDYDPDSDWQMDPDXVMHNOLQDPDQDGDPDLPRJXQRVWLPD
8PMHWQRVWQHRSRQDDRQDWXPDL2QDWUDLLGHMXNRMDMHVNULYHQDX
VLPEROX
8PMHWQRVWQHSRWMHHL]PUDQRJNULODGXHQHJRL]VDPRJDNWDUDDQMDRG
ID]HWHSDQMDGRID]HDUWLNXOLUDQMD
8PMHWQRVWQHSULND]XMHYLGOMLYRYHLQLVWYDULYLGOMLYLPD
8PMHWQRVWQHPDGRPRYLQH
8PMHWQRVWQLMHNUXKDOLMHYLQRLYRWD
8PMHWQRVWSRWLHL]WUDJDQMD]DOMHSRWRP
8PMHWQRVWXNRMRMLPDLYRWDQHSULND]XMHSURORVWRQDMHQDVWDYOMD
8PMHWQRVW]DFLMHORQLMHPDWHULQMLMH]LNRYMHDQVWYD2QDMHWRYLHQDGDVYH
XPMHWDQGYRVPLVOHQQHVSRQWDQQDLQL]UDDYDQMD1RUPDOQLOMXGLULMHWNRNDG
RVMHDMXVNORQRVWGDVHSRVOXHXPMHWQRX0RGDMHSLVDWLSMHVPHLOLVOLNDWL
VOLNHUDGLWXHJ]DGRYROMVWYDLOLUDGLRGUDYDQMDVYRMHJDLYRWDSRVYH
QHGXQDWRYLH]DVOXQDDNWLYQRVWDOLEDYLWLVHWDNYLPVWYDULPDL]SXNH
QDYLNHLOLVWUDVWLWRMHXGQDVWUDVW=DWRGDVHRYMHNSRQDDNDRGDMHLYRW
GUXNLMLQHJRWRQDL]JOHGMHVW"
8PMHWQRVWDWRYULMHGLL]DVWYDUDODWYRXFMHOLQLQHRELDQMHLXGHVDQ
SRVDR
9HOLNDXPMHWQLNDGMHODVDPRVX]DWRYHOLNDWRVXGRVWXSQDLUD]XPOMLYD
VYLPD
9UORHVWRSURPDWUDPRMHGQRJVWYDUDRFDNDRQL]L]GYRMHQLKRYMHDQVWDYD
%UNDPRWDGDXPMHWQLNDLNQMLHYQLND'XERNDPLVDRMHXVWDOQRPSRVWRMDQMX
RQDSUHX]LPDLVNXVWYRLYRWDLSRQMHPXVHREOLNXMH
VLPEROX
SRVDR
VYLPD

VLPEROX
SRVDR
VYLPD
VLPEROX
SRVDR
VYLPD

p8PLMHHQDVWDMHNDGL]PQRJLKSURPDWUDQMDLLVNXVWYXQDVWDMHMHGDQRSL
VXGRLVWRYUVQRP
8PLMHHQLNDGQHXPLUH
8PLMHHMHQHWRL]RVWDYLWL
8PLMHHMHNDGDRYMHNQHWRQHPRHMHUDNRWRPRHRQGDYLHQLMH
XPLMHH
p.D]DOLWHMHPRUDOQDNRODQDURGD
.D]DOLWHMHRJOHGDORLYRWD
.D]DOLWHVHQHVPLMHVXGLWLSRWRPHGDOL]DGRYROMDYDQDYLNHVYRMHSXEOLNH
YHSRWRPHGDOLLKPRHSURPLMHQLWL
p*OXPDFLGHXWULVDWDGRNUDMDEH]L]OD]QRJSXWD]DNRMLMHRYMHNXL]
JOHGDOLWDSRWUHEDQFLMHOLMHGDQLYRWGDELJDQDDR
*OXPDFELRQGDWUHEDRLPDWLQHWR]DUHLNDGDQMHJRYDXORJDQLWDQH
SUHGYLDUHL
*OXPDFQDVMHQDXLRQHPDJUDQLFHL]PHXL]JOHGDWLLELWL
,VWLQLWJOXPDFWMHUDQMHQHRJUDQLHQRPHOMRPGDVHVWDOQRSUHWYDUDXGUXJH
OMXGHNDNRELQDNRQFXXGUXJLPDRWNULRVHEH
p.DEDUHMHNDRLJLFDQHPRHVH]DSDOLWLDNRQHSRVWRMLSRYULQD]DWUHQMH
p*OD]EDL]UDDYDRQRWRVHQHPRHUHLDRHPXVHQHPRHXWMHWL
*OD]EDMHYHHRLWRYDQMHRGVYLKPXGURVWLLILOR]RILMH
*GMHSUHVWDMHJRYRUSRLQMHPX]LND
*OD]EDMHMH]LNRVMHDMDLVWUDVWLNDRWRMHJRYRUMH]LNXPD
*OD]EDMHNXSHOMGXH
*OD]EDMHOLUVNDSDXLQDL]PHXVUFDLPR]JD
*OD]EDMHQHVYMHVQDILOR]RILMD
*OD]EDSRLYDQDQDGPRQRVWLQDGVOLMHSLPVOXDMHP3RHYLVULWPRP
SOMHVNDQMHXGDUDQMHWDNWDQRJRPXGDUDQMHGUYFLPDJOD]EDMHX
SUHWSRYLMHVQLPYUHPHQLPDELODDUROLMDMHGQRRGGUHYQLKLSUL]QDWLK
VUHGVWDYDPDJLMH
*OD]EDSRLYDQDVNODGXL]PHXQHEDL]HPOMHQDVXJODVMXL]PHXWPLQHL
VYMHWOD
0HXXPMHWQRVWLPDPX]LNDMHQDMERDQVWYHQLMDMHUMHRGVYLKQMLKQDMPDQMH
RGUHHQDJUDQLFDPD
2JOD]ELVHPRHJRYRULWLVDPRVRYMHNRPNRMLMHVSR]QDRVPLVDRVYLMHWD
o.RPLDUMHRYMHNNRMLRVLPVDPRJDVHEHQLWDQHVKYDDR]ELOMQR
VXGRLVWRYUVQRP
8PLMHHQLNDGQHXPLUH
XPLMHH
SUHGYLDUHL
*OD]EDMHNXSHOMGXH
VUHGVWDYDPDJLMH
VYMHWOD
RGUHHQDJUDQLFDPD
.RPLDUMHRYMHNNRMLRVLPVDPRJDVHEHQLWDQHVKYDDR]ELOMQR
o

VXGRLVWRYUVQRP
8PLMHHQLNDGQHXPLUH
XPLMHH
SUHGYLDUHL
*OD]EDMHNXSHOMGXH
VUHGVWDYDPDJLMH
VYMHWOD
RGUHHQDJUDQLFDPD
VXGRLVWRYUVQRP
8PLMHHQLNDGQHXPLUH
XPLMHH
SUHGYLDUHL
*OD]EDMHNXSHOMGXH
VUHGVWDYDPDJLMH
VYMHWOD
RGUHHQDJUDQLFDPD

'REDUXNXVMHYUORMHGQRVWDYDQRGVYHJDVHWUHEDX]HWLVDPRQDMEROMH
p
-HGLQLXNXVNRMLRYMHND]DLVWDPRH]DGRYROMLWLMHQMHJRYYODVWLWL
3RPDQMNDQMHMHXNXVDSRPDQMNDQMHSDPHWL
,]JUDXMVYRMXNXVLPDXNXVDNRML]DVOXXMXEDWLQH
p6OLNDXSUYRPUHGXPRUDELWLVYHDQRVW]DRL
6OLNDUNRMLQHVXPQMDXVYRMXVSRVREQRVWPDORSRVWLH
6OLNDUVWYRMHQLMHPRSMHVQLWYRDSMHVQLWYRVOLNDUVWYRNRMHJRYRUL
p%LWLXLWHOMWRQH]QDLVMHLNDRQDSDQMXWYUGQMDPDQLGDYDWLOHNFLMHGDVH
QDXHLWG
6OLNDMHQLMHPDSMHVPD
REUD]RYDQMHRGJRMSRGXDYDQMHQDVWDYDLWDQMH
202',
22%5$=29$1-8
PRGDWUHQGVWLOXQLIRUPLUDQMH
p0RGDMHXQLIRUPDFLYLOD
RGDMHUHJHQHUDFLMDSRPRXSURPMHQH
0
2GPRGHVHQHPRHSREMHL-HUDNLNDGDMHPRGDL]YDQPRGHRQGDMHWR
RSHWPRGD
WRVLYLHQDUD]LQLRYRJRGLQMHPRGHWRVLYLHX]DRVWDWNXQDPRGX
VOMHGHHJRGLQH
0RGDYLHVDNULYDJUGREXQHJRRWNULYDOMHSRWX
o2QRWRMHXWUHQGXQHSURQDOD]LVYRMHSULVWDHWROLNR]ERJLQMHQLFHWRMH
WRPRGHUQRNROLNR]ERJWRJDWRGRQRVLRGUHHQHSUHGQRVWL
p6WLOMHRGMHDPLVOL
6WLO]QDLXSUYRPUHGXQLWDVXYLQRLVYHELWQR
3UDYHULMHLQDSUDYLPPMHVWLPDWRLQLSUDYXGHILQLFLMXVWLOD
6WLOMHIL]LRQRPLMDGXKD
6WLO]DPHQHSUHGVWDYOMDVSRVREQRVWL]UDDYDQMDNRPSOLFLUDQLKVWYDUL
MHGQRVWDYQLPULMHLPDQHREUQXWR
o6YDNRXQLIRUPLUDQMHRVDNDXMHWNLYROMXGVNLKPRJXQRVWLLWLPHXQLWDYD
VUMHGQDNRVWL
0RGDMHUHJHQHUDFLMDSRPRXSURPMHQH
RSHWPRGD
VOMHGHHJRGLQH
p6WLOMHRGMHDPLVOL
VUMHGQDNRVWL
22%5$=29$1-8
202',
6OLNDMHQLMHPDSMHVPD
QDXHLWG
p'REDUXNXVMHYUORMHGQRVWDYDQRGVYHJDVHWUHEDX]HWLVDPRQDMEROMH

'REDUXNXVMHYUORMHGQRVWDYDQRGVYHJDVHWUHEDX]HWLVDPRQDMEROMH
p
QDXHLWG
6OLNDMHQLMHPDSMHVPD
202',
22%5$=29$1-8
0RGDMHXQLIRUPDFLYLOD
p
RSHWPRGD
VOMHGHHJRGLQH
p6WLOMHRGMHDPLVOL
VUMHGQDNRVWL
RSHWPRGD
VOMHGHHJRGLQH
p6WLOMHRGMHDPLVOL
VUMHGQDNRVWL
22%5$=29$1-8
202',
6OLNDMHQLMHPDSMHVPD
QDXHLWG
p'REDUXNXVMHYUORMHGQRVWDYDQRGVYHJDVHWUHEDX]HWLVDPRQDMEROMH

%LWLXLWHOMWR]QDL]DLVWDELWLXHQLN8HQMHSRLQMHNDGDWLXLWHOMXXL
RGXHQLNDNDGDVHWLVPMHVWLXRQRWRMHRQUD]XPLRSULKYDWLQDLQQD
NRMLMHRQUD]XPLRNDGDVHSUHWYDUDNDRGDSRODHLVSLWRVWDYOMDMXLVYRP
VXJRYRUQLNXGDVHXYMHULGDWL]QDVYRMXOHNFLMXWDNDYMHXYRGLWHNRQGD
PRHSULVWXSLWLNDNYXGUXJRPSLWDQMX
%ROMHMHELWLSURVMDNQHJRQHREUD]RYDQ
LQLVHGDMHYHLQDOMXGLPDQMHQHREUD]RYDQDYHMHSRJUHQRREUD]RYDQD
LOLSROXREUD]RYDQD
'DQDVMHREUD]RYDQMHDSVROXWQDQXQRVWXVYLP]YDQMLPD3ROLWLNDSURIHVLMD
QHSUHGVWDYOMDL]QLPNXRGWRJSUDYLOD
'DQDVVPRXVLWXDFLMLNDGDRSDGDEURMVWXGHQDWDQDWHKQLNLPIDNXOWHWLPD
3LWDPRVH]DWR"8REUD]RYQLVHVXVWDYXYXNODUHOLJLMDQDUDXQWHKQLNRJ
RGJRMD7DNYDMHSROLWLNDVYRMHYUVQLVDOWRPRUWDOHVGXJRJRGLQMLP
SRVOMHGLFDPD3ULVMHWLPRVH/H%RQMHVPDWUDRGDMHQDVWDYDPQRJRYLH
WHWQDQHJROLNRULVQDLDNRRYMHNDQHLQLQLVUHWQLMLPQLPRUDOQLMLPX
QDVWDYXMHWHNRGLUDWLNDRQHNDGDXFUNYHQHGRJPH.ULPLQDOQRVWUDVWHV
JHQHUDOL]DFLMRPQDVWDYH6XYUHPHQLVHRGJRMSUHWYDUDXQHSULMDWHOMHGUXWYD
MHULYLPRX]DEOXGLGDVHLQWHOLJHQFLMDUD]YLMDXHQMHPQDL]XVWLWDYLK
NQMLJD6YDNLLQNODQMDQMDQHSRJUHLYRVWLXLWHOMLPDLQLQDVPDQMLPDL
VODELMLPD0MHVWRGDSULSUDYOMDOMXGH]DLYRWSULSUDYOMDLKNROD]DMDYQH
VOXEHXNRMLPDVHPRHXVSMHWLEH]LNDNYHVDPRVWDOQRVWLLYODVWLWH
LQLFLMDWLYH0RHOLVHWRSULPLMHQLWLQDQDVXVWDY"
'REDUVHRGJRMVDVWRMLXWRPHGDVHVNULYDYLVRNRPLOMHQMHRVDPRPHVHELL
QLVNRPLOMHQMHRGUXJLPD)RUPDOQRMHNRORYDQMHRGXYLMHNELOR
QDPLMHQMHQRVDPRPDORPEURMXOMXGLRQRMHVDPRMHGDQLWRQHXYLMHN
]DVWXSOMHQRGHOHPHQDWDSULREOLNRYDQMXVXGLRQLNDNXOWXUQRJLYRWD
*ODYQDPDQDPRGHUQRJREUD]RYDQMDMHWRVHSUHYLHVYRGLQDVNXSOMDQMH
]QDQMDDSUHPDORQDSURLUHQMHPLVOLLVUFDRYMHNXLMLPVHPLVOLPDRJOHGD
FMHOLQDVYLMHWDSRVWDMHXL]YMHVQRPVPLVOXWROLNRYHOLNNROLNRMHYHOLNL
VYLMHW
-RQLVDPVUHRRYMHNDRGNRMHJVHQHELPRJORQHWRQDXLWL
.DGDGMHGRYLLEDNHVPDWUDMXGDVHPRUDMXXPLMHDWLXRGJRMXQXDGLWR
VDPRSRND]XMHGDNRGRGJRMDVYRMHGMHFHQLVXELOLMDNRXVSMHQL
0ODGLQDXHRQRWRVXVWDULMLSMHYDOL
1DSULPMHULPDVHXLPR
1DMEROMHRGJRMHQDGMHFDVXRQDNRMDVXQDXLODYLGMHWLURGLWHOMHRQDNYLPD
NDNYLMHVXOLFHPMHUVWYRQLMHVYHWDGXQRVWURGLWHOMD
1HPRHVHGRYROMQRUDQRXND]DWLQDLQMHQLFXGDVHGMHFDVDPRRQGDPRJX
LVSUDYQRRGJRMLWLDNRVXXLWHOMLSULMHWRJDLVSUDYQRRGJRMHQL
LOLSROXREUD]RYDQD
VYLMHW
1DSULPMHULPDVHXLPR

LOLSROXREUD]RYDQD
VYLMHW
1DSULPMHULPDVHXLPR

LOLSROXREUD]RYDQD
VYLMHW
1DSULPMHULPDVHXLPR

1HNLURGLWHOMLLNROHSRNXDYDMXGMHFXQDXLWLSRWSXQRMSRVOXQRVWLSRNXDM
NRMLPRUDSURL]YHVWLLOLUREDLOLEXQWRYQLND
1HPDQLHJDWRELELORYUHGQLMHSURXLWLRGSULURGH
1HPDVXPQMHGDMH]DUD]YRMPRUDODPQRJRYDQLMLRGJRMRGQDVOMHD
1LMHYDQRXHQMHQHJRGMHOR
2EUD]RYDQMHMHQHWRSUHNUDVQRDOLVHWUHEDVYUHPHQDQDYULMHPHSRGVMHWLWL
GDVHVWYDULNRMH]DLVWDWUHED]QDWLQHSRGXDYDMX
2EUD]RYDQMHMHRQRWRYHLQDGRELYDPQRJLSURVOMHXMXDPDOLEURMLPD
2EUD]RYDQMHMHSURFHVXPQRJSUHUDLYDQMDLGXHYQRJVDYODGDYDQMDLYRWQH
VWYDUQRVWLXQDPDLL]YDQQDVWHREOLNRYDQMHLRULMHQWDFLMDVSRVREQRVWLGDVH
WDMSURFHVSRNUHQHLRNRQD
2GJRMMHGLYQDVWYDUDOLVHRYMHNSRQHNDGPRUDVMHWLWLGDVHQLWDRGRQRJD
WRMH]DLVWDYULMHGQRQHPRHSRXLWL
2GJRMMHRUJDQL]LUDQDREUDQDRGUDVOLKRGPODGHL2GJRMUD]YLMDVSRVREQRVWL
DOLLKQHVWYDUD
2GJRMVKYDDQMDLUD]XPXWMHXQDRVMHWOMLYRVWSUHPDGRVDLYDQMX
2GJRMLWHOMVHUDDLVWRNDRLXPMHWQLN
2GJRYDUDMXDLVKUDQDVRFLMDOQDVLJXUQRVWLSVLKRORNDKDUPRQLMDXRELWHOML
NRMDMHELODLRVWDODQDMSULURGQLMLVRFLMDOQLLHPRFLRQDOQLSRVUHGQLNL]PHX
GMHWHWDLGUXWYDWHSUHGNROVNRLNROVNRRGJRMQRREUD]RYQRUD]GREOMHD
SUHPDQHNLPDXWRULPDRGJRMQR]GUDYVWYHQRNUHDWLYQRUD]GREOMHVYDNDNRVX
RGL]QLPQRJ]QDDMD]DIRUPLUDQMHNUHDWLYQLKGRVH]DGMHWHWDNDREXGXH
NUHDWLYQHOLQRVWL
3RVWDWHVWDULVWRPRQGDNDGDWHYLHQLMHPRJXHRGJDMDWL
3UDYLODQRGJRMVDVWRMLVHXWRPHGDL]YXHL]VYDNRJDRQRWRMHQDMEROMH
6ORERGQRSRVWDYOMDQMHSLWDQMDRQHPRJXDYDVHWDNRGXJRGRNMHFLOMRGJRMD
SURL]YHVWLXYMHUHQMDXPMHVWRUD]PLOMDQMD
6WLGOMLYDFQHPRHXLWLQLQHVWUSOMLYDFSRGXDYDWL6YDNLVHRYMHNWUHED
RGJDMDWLGRSRVOMHGQMHJGDQD
WRVLEOLHNROLWRVLGDOMHRGERJD2GJRMMHQDMEROMHQDVOMHGVWYR
8RGJRMXELORNRGNXHLSXWHPRGJRMQRREUD]RYQRJVXVWDYDSRWUHEQRMH
GHPRNUDWVNRDQHDXWRULWDUQRNRPXQLFLUDQMH3UYRRPRJXXMHPODGRMRVREL
VWMHFDQMHQDYLNDXYDDYDQMDGUXJLKRVREDWROHUDQFLMDRVQRYX]DRWYRUHQRVW
GXKDSUHPDQRYLPLGHMDPDLVHELVDPRPSRYMHUHQMDXGUXJHSULKYDDQMH
VWYDUQRVWLLRVMHDMSUDYHGQRVWLEH]HJDELELORL]X]HWQRWHNRSUHX]HWL
QHNXSRVORYQXLOLGMHODWQXIXQNFLMXIXQNFLRQLUDWLXVORHQLPGUXWYHQLP
RGQRVLPD2YRGUXJRELUD]YLMDORXEXGXRMOLQRVWLVHUYLOQRVW
DOLLKQHVWYDUD
NUHDWLYQHOLQRVWL

DOLLKQHVWYDUD
NUHDWLYQHOLQRVWL
DOLLKQHVWYDUD
NUHDWLYQHOLQRVWL

NRQIRUPL]DPXPDQMHQXNUHDWLYQRVWLNRRSHUDWLYQRVWQHSULMDWHOMVWYRWH
VNORQRVWLVSDGLPDDJUHVLYQRVWL
8HLOMXGL]DSUDYR]DERUDYOMDMXJOHGDWLVORERGQRMHUOMXGHQHSRGXDYDMX
SRNRODPDGDELSURJOHGDOLQHJRGDELLKRVOLMHSLOL
8LPR]DLYRWQH]DNROX
9HOLNLVHUH]XOWDWULMHWNRSRVWLJQHMHUPRGHUDQRGJRMQHQRVLQDGD
9HOLNRGXDQRGJRMWUHEDRELXNOMXLYDWLSRQL]QRSURXDYDQMHVYLKYMHUD
=DSUDYLODQRGJRMGMHWHWD]QDDMQLMDMHOMXEDYGLYOMHQMHLVWUDKRSRWRYDQMH
QHJRVWUDK
LYRWPRUDELWLQHSUHNLGQRRGJDMDQMH
o1DMEROMHLQDMEUHVHXLNDGDVHGUXJDSRGXDYD
o1DMYHLJULMHKQDVWDYHMHGRVDGD
pLWDQMHNQMLJHMH]DPHQHLVWUDLYDQMHVYHPLUD
RYMHNQLNDGDQHELVPLRLWDWLNQMLJXVDPR]DWRWRMHRQDQDSRSLVX
QDMLWDQLMLKNQMLJDLOL]DWRWRWRRGJRYDUDQHNRPVXYUHPHQRPWUHQGX3UDYR
LWDQMHMHHWNDQMHX]GODNX
.ODVLNMHGDQDVRYMHNNRMHJPRHPRKYDOLWLDGDJDQLVPRSURLWDOL
.ODVLNRQDMWNRQDVYLHQHPRHREDYLMHVWLWLGDMHRGDYQRYHSURPLMHQLR
VYRMDVKYDDQMDQDNRMDVHPLSR]LYDPR7HNVHLWDQMHPQDXLNROLNRVH
WRJDPRHRVWDYLWLQHSURLWDQR
2,*5,632578,=$%$9,
QRJRPHW]DEDYHDQVRQMLHU
p-HGDQMHRGSUREOHPDNRGQRJRPHWDGDMHGLQLOMXGLNRML]QDMXNDNRELVH
WUHEDORLJUDWLVMHGH]DPLNURIRQRP1RJRPHWQLIDQDWL]DPMHHXURSVNDSDDN
LVYMHWVNDGXHYQDEROHVW
/RSWDMHSRVWDODNRFND
p=DEDYHVXJXELWDNYUHPHQD
=DEDYDMHVUHDRQLKNRMLQHPRJXPLVOLWL
pDQVRQMLHUMH]DNUXJNXOWXUQLKSRPRGDUDQHWNRWNRGRGXHORHVYLUD
JLWDUXDOL]DWRQHPDQLJODVD
/RSWDMHSRVWDODNRFND
2,*5,632578,=$%$9,
8LPR]DLYRWQH]DNROX
QHJRVWUDK

8LPR]DLYRWQH]DNROX
QHJRVWUDK
2,*5,632578,=$%$9,
/RSWDMHSRVWDODNRFND

/RSWDMHSRVWDODNRFND
2,*5,632578,=$%$9,
8LPR]DLYRWQH]DNROX
QHJRVWUDK

27(+1,&,,$5+,7(.785,
WHKQLNDDUKLWHNWXUDVSRPHQLFL
p,]XPMH]ELUUDGDLLVNXVWYDUD]XPDSDDNLSRJUHDNDPQRJREURMQLK
SUHWKRGQLKOMXGL
3ULURGQRMHGDGYDRYMHNDGRXGRLVWLK]DPLVOL
6YHMHPRJXHDNLGUYHQDSHJRULVDPRMHGDQSXW
p$XWRPRELOMHXUHDMNRMLRYMHNXRPRJXXMHGDEUHGRHGRSRVODLMLPX
SULKRGRSHWRPRJXXMHNXSRYLQXDXWRPRELOD
HVWRMHQDMVODELMDWRNDDXWRPRELODQMHJRYYR]D
.RGDXWRPRELODVHPRHYLGMHWLNDNRVH]DVYDNRVNDQGDOR]QRVWDQMH
p1DYLNOLVPRVHQDL]MDYXROMXGVNRMJUHNLXVYH]LVSURPHWQLPQHVUHDPD
7RMHLVWDJOXSRVW3URPHWQRVUHGVWYRNRMHJRGLQMHXELMDWLVXDOMXGLWH
L]DVHEHRVWDYOMDPLOLMXQLQYDOLGDLVLURDGLMHGQRVWDYQRWHKQLNLQLMH
SULODJRHQROMXGLPD
5D]YRMWHKQLNHGRDRMHGRVWXSQMDNDGDVHYLHRGWHKQLNHQHPRHPR
REUDQLWL
6XRHQVDYHOLNLPWHKQLNLPSUHRNUHWLPDRYMHNQLMHXVSLRRGUDWLNRUDNVD
VYRMLPXQXWUDQMLPUD]YRMHPSDJDVWRJDQHPRHGXKRYQRVYODGDWL
7HKQLDULPDQD]LYDPROMXGHNRMLHOHYLGMHWLVDPRGREUHVWUDQHQHNRJL]XPD
7HKQLNDMHMHGQDPDVNDNDWDVWURIH
L]XPLDXWRPRELOVWURMHYLVWYDULWHOHYL]LMD
p$UKLWHNWXUDMHRNDPHQMHQDPX]LND
p.DPHQRYDOLVXJDVSRPHQLNRP
0QRJLVXVSRPHQLFLIDOVLILNDWLSRYLMHVWLNRMLVXVHSUHWYRULOLXNDPHQ
WRNRULVWHSRJLQXOLPDVSRPHQLFLQHSR]QDWRPYRMQLNX"3UYRRYMHNPRUD
LYMHWLRQGDVHPRHXYDWLQMHJRYDDVW7NRLPDVPLVOD]DLVWLQXQHYMHUXMH
VSRPHQLFLPDDWNRQHYMHUXMHVSRPHQLFLPDRQLPDSURWLYVHEHVYHRQH
PDORJUDDQHNRMLPDMHMHGLQDUD]ELEULJDGDL]PHXMHGQRJLGUXJRJ
SROLWLQRJVORPDVDNXSOMDMXSULORJH]DVSRPHQLNHXSUDYRRQLKQDURGQLK
YHOLNDQDNRMLVXYLHVLPEROQDURGQHVUDPRWHQHJRVODYH
7NRXELMHVYRMXSXQLFXQMHPXVHRGUXEOMXMHJODYD7RMHSUDVWDULLUD]XPOMLY
RELDM$OLRQRPHNRMLMHXELRVWRWLQHWLVXDOMXGLGLHVHVSRPHQLN
2,=80,0$,679$5,0$
2,=80,0$,679$5,0$
SULODJRHQROMXGLPD
REUDQLWL
SUHWKRGQLKOMXGL
27(+1,&,,$5+,7(.785,

27(+1,&,,$5+,7(.785,
SUHWKRGQLKOMXGL
SULODJRHQROMXGLPD
REUDQLWL
2,=80,0$,679$5,0$
2,=80,0$,679$5,0$
SULODJRHQROMXGLPD
REUDQLWL
SUHWKRGQLKOMXGL
27(+1,&,,$5+,7(.785,

SURQDOD]LULMHNRMDJDXOMHSDYDOLPHQXODYLQXNRMDXQLWDYDQDHJUDGRYHD
FHVWHSUHWYDUDXFHVWHVPUWLQD]LYDPRLQGLYLGXDOQLSURPHW
1DMYHDRSDVQRVWXSURPHWXVXDXWRPRELOLNRMLYR]HEUHQHJRWRQMLKRY
YR]DPRHPLVOLWL
6WDEODVXSULURGQLQHSULMDWHOMLDXWRPRELOD
pRYMHNMHL]PLVOLRVWURMHYHDGDQDVVWURMHYLYODGDMXRYMHNRPXPMHVWRGD
MHREUDWQR
6WURMHYLPLVOHDOMXGLUDGHLOLREUDWQRNDNRNDG
RYMHNMHL]REOLHQXSUDYR]ERJWRJDWRLYLXMHGQRPSULYUHGQRPVWURMX
NRMLJDMHVLORPSULOLNDL]REOLLRLPRUDOQR,]PLMHQLPRX]URNHWRJ
L]REOLHQMDL]PLMHQLWHVHLRYMHNXVYRPPRUDOQRPVXVWDYX
pRYMHNVOXLVYRPSURL]YRGXLVWYDULPDPMHVWRGDVWYDULVOXHQMHPX
'DQDVMHRYMHNSRVWDRSUHGPHW
0QRJHVWYDULJXELVDPR]DWRWRLKQHWUDL
$NRVHVQHNRPVWYDULSHWOMDGRYROMQRGXJRVORPLWHVH$NRVH]DJODYL
SULPMHQLVLOX1HPRMVLORPX]PLYHLHNL$NRVHVORPLLRQDNRJDMH
WUHEDOR]DPLMHQLWL.DRVYHRVWDOR]DNDHSURLWDMXSXWVWYR
XYDOLQHWRGRYROMQRGXJRPRHWREDFLWL%DFLOLELORWR]DWUHEDW
HWLLPWLYLHQHEXGHSULUXFL
1DMSULMHSURPLVOLRSUHGPHWXSDWHNRQGDUHFLLVSHFLSDUHFL
'HYHGHVHWSRVWRVWYDULMHVXYLQR
.DGVWYDULLGXGREURQHWRHSRLORH
1DMSRWUHEQLMDVWYDULOLLQIRUPDFLMDELWHQDMPDQMHGRVWXSQD
3RGQDMULJRUR]QLMHNRQWUROLUDQLPXYMHWLPDUD]OLLWLKYDULMDEOLVXVWDYHVH
LSDNSRQDDWLNDNRPXVHVSUGL
3RGSULWLVNRPVWYDULSRVWDMXMRJRUH
3UHGPHWHSDVWLWDNRGDSURX]URLQDMYHXWHWX3RVHEQRHXYLMHNSDVWL
QDMNUKNLMLGLR
3UHSXWHQHVHELVWYDULLPDMXVNORQRVWGDVHNUHXRG]ODQDJRUH
5DXQDODVXPDQMHQHSRX]GDQLMDRGOMXGL8RVWDORPVYDNLVXVWDYNRMLRYLVLR
OMXGVNRMSRX]GDQRVWLMHQHSRX]GDQ
6WYDULQLNDGDQLVXWDNYHNDNYHMHVX2QHVXXYLMHNVDPRWRWRVHRGQMLK
QDSUDYL
7NRNDHGDHNUHQXWLQDEROMH"6WYDULHRWLLQDJRUHSULMHQHJRNUHQX
QDEROMH9HLQDVWYDULVWDOQRLGHQDJRUH
YR]DPRHPLVOLWL
MHREUDWQR
QDMNUKNLMLGLR
QDSUDYL

YR]DPRHPLVOLWL
MHREUDWQR
QDMNUKNLMLGLR
QDSUDYL

YR]DPRHPLVOLWL
MHREUDWQR
QDMNUKNLMLGLR
QDSUDYL

8YLMHNSRVWRMLODNLQDLQGDVHWRL]UDGL
p*UDPSULPMHQHYULMHGLWRQXDSVWUDNFLMH
pDVWL]X]HWQLPHPLVLMDPDDOLPRHPROLSUHGYLGMHWLYULMHPHNDGHVH
]DKWLMHYDWLQHVDPRGDMHGDQGDQEXGHVORERGDQRGWHOHYL]LMVNRJSURJUDPD
QHJRGDWRSRVWDQHLQXGRP"
'REDMHEHVPLVOHQRJEXOMHQMDXDJUHVLYQH]DJOXSOMXMXHLWULYLMDOQH79
SURJUDPH
1DMJRUHVPHHQDVWRMLV79HNUDQDLVWLVQXWLRELQRVPHH
3RVWRMLRSUDYGDQVWUDKRGEDUEDUVNHEXGXQRVWLXNRMRMHWHOHYL]LMDSOHV
HJRL]DPLLVSUD]QRXLYDQMHL]EULVDWLVYHWHNRYLQHVWROMHDKXPDQL]PD
3XNDMHLVWLQDGDVPRPLVQDLPWHOHYL]RULPDLPODQMDFLPDXGDOMHQLMLRG
VWYDUQRJLYRWDQHJRGRPRURFLX$IULFL
7HOHYL]LMDMHL]XPOMHQD]DWRGDELLQHSLVPHQLLPDOLUD]ORJDQRVLWLQDRDOH
7HOHYL]LMDMHSRVWDODJRVWNRMLRGVYLKGUXJLKJRVWLMX]DKWLMHYDGDPXVH
SRGUHGHLOLQHGROD]H
7HOHYL]LMDSUHWYDUDGRPXSURVWRU]DSUHGVWDYHRELWHOMXSXEOLNXDYHHUQML
UD]JRYRUEUDQLKGUXJRYDXIDUVX2QDYMHURMDWQROMXGLPDQHHGRQLMHWL
WROLNRNXOWXUHNROLNRHMHXLVWLPDKXQLWLWL
8OMXGVNRMMHSULURGLGDRWNULYDVYLMHWRNRVHEHGDRSDDQMHJRYXOMHSRWX
NDRL]DPNHQMHJRYXXGHVQXL]JUDHQRVWLRUJDQL]DFLMXNDRLQMHJRYH
RWYRUHQHSULMHWQMHDRQHQLVXEH]D]OHQH1HNDGDVPRJRYRULOLR
LQIRUPDFLMVNRMJODGLGDQDVX]SRPRWHOHYL]LMHJRYRULPRRLQIRUPDFLMVNRP
QDVLOMX'RYROMQRMHGDXNOMXLPRUDGLRWHOHYL]RUGDSRJOHGDPRQDVORYH
VWUDQLFHQDNLRVNXSRUHGNRMHJVYDNRGQHYQRJSUROD]LPRGDELVPRVKYDWLOL
NDNRQDV]DVLSDMXLQIRUPDFLMHRQHELWQLPGRJDDMLPDSRMDYDPD
SUREOHPLPDLGRVWLJQXLPDNRGQDVLXVYLMHWX
8WMHFDMWHOHYL]LMHQDQDXNXOWXUXXSUDYRMHQHRSLVLY8L]YMHVQRPVPLVOXRQD
MHJRWRYRLVWRWROLNRYDQDNDRL]XPWLVND
=DKYDOMXMXLWHOHYL]LMLSRVWRMLIHQRPHQGDVHEH]EURMOMXGLQDYHHUSUREXGL
SULMHQHJRWRLGXXNUHYHW
$NRVHHOLRVWDYLWLSLDWULMH]QLPRLPDSRJOHGDMSLMDQFD
p
$ONRKRONRQ]HUYLUDVYHRVLPGRVWRMDQVWYDLWDMQL$ONRKROUD]UMHXMHMH]LNDOL
QHUMHDYDSUREOHPH
$ONRKROVXDYDRE]RUQDYHOLLQXSRGPHWDD]DSLYR
3LMNDGDVLVUHWDQQLNDGDQHPRMSLWLDNRVLQHVUHWDQ
RYLQX
RYLQX
p$NRVHHOLRVWDYLWLSLDWULMH]QLPRLPDSRJOHGDMSLMDQFD
QHUMHDYDSUREOHPH
YLMHNSRVWRMLODNLQDLQGDVHWRL]UDGL
8
SURJUDPH
SRGUHGHLOLQHGROD]H

SURJUDPH
SRGUHGHLOLQHGROD]H
$NRVHHOLRVWDYLWLSLDWULMH]QLPRLPDSRJOHGDMSLMDQFD
p
QHUMHDYDSUREOHPH
RYLQX
RYLQX
p$NRVHHOLRVWDYLWLSLDWULMH]QLPRLPDSRJOHGDMSLMDQFD
QHUMHDYDSUREOHPH
*UDPSULPMHQHYULMHGLWRQXDSVWUDNFLMH
p
SURJUDPH
SRGUHGHLOLQHGROD]H

3URWLYYLQDQDYRGHVHVDPR]ODGMHODQDNRMDRQRQDYHGHVDPRRQRQDYRGLL
QDVWRWLQXGREULKGMHODNRMDVHQHVD]QDMX
6YLMHWMHSXQOMXGLNRMLSURSRYLMHGDMXYRGXDSLMXYLQR
6YRMHSULMDWHOMHLRQRWRMHLYH]LVOMXEDYLPRUDVHSRJOHGDWLXYLQXQLWDQH
YULMHGLWRVHQHPRHSRJOHGDWLWDNR
R]ODWX
p*GMHJRYRUL]ODWRQLMHGDQJRYRUQHYDOMD'DMH]HPOMDVYDRG]ODWDOMXGL
ELVHJUDELOL]DDNXEODWD1LMHVYHWRVMD]ODWR$OLLQHVMDVYHWRMH]ODWR
RYMHNMHLHSUNDRL]EODWD]ODWRDVDGDWDEHVSUHGPHWQDNRYLQDYODGD
QMHJRYLPQD]RULPDLXYMHUHQMLPD
=ODWRVHXYDWULNXDDGREULOMXGLXQHYROML
R]ODWX

R]ODWX
R]ODWX

26835271267,0$,6/,1267,0$
26835271267,0$,6/,1267,0$

26835271267,0$,6/,1267,0$
26835271267,0$,6/,1267,0$

$/758,=$0,6(%,1267
$NRLPDPDORPRHGRELWLSXQR$NRLPDSXQR]EXQMHQVL
p
$NRPLHOLGDWLQHSXVWLPHHNDWL%XGLQLMHPNDGGDMHJRYRULNDG
SULPD$NRVLGREDUSRVWDMHRSHGREUR'REUDVXGMHODQDMOMHSDPROLWYD
$NRVLXLQLRGREURLQVWYR]DERUDYL$NRVLSRSULURGLOMXED]DQRQGD
SULYODLPQRJHOMXGHNRMHQHYROL
$NR]DPODGRVWLQLVLQLWDVDELUDRNDNRHLWDQDLXVWDURVWL"
$NRHOLSRVWDWLGREDUQDSRODVLGREDU
$OWUXL]DPMHSRWSXQVDPRNDGDMHREMHNWLYDQ
$OWUXL]DPYHOLNLKOMXGLSRLYDQDVNURPQRVWL
%LWLVYMHVWDQGDNDGYMHUXMHPLVOL]QDLOLKRHGDWRNUR]WHEH
YMHUXMHKRHLOL]QDGHMHGQDVQDJDNRMDMHVYHPLVOLLRVMHDMHLYMHUHLYROMHL
]QDQMDSRNUHQXODNUR]WHEHSRPRXWHEHDOLQH]ERJWHEHVQDJDNRMXVX
]YDOLERJRPLOLYMHURPXERJDDGDQDMH]RYXYMHURPXRYMHDQVWYRYMHURP
XQDSUHGDNOMXGVNLYMHURPXOMXGVNX]DMHGQLFXYMHURPXOMXGVNXGUXWYHQRVW
YMHURPXPHXQDURGQXEROMXEXGXQRVWWRQH]QDLYMHURYDWLWR]QDLELWL
PLVDRQLRYMHN
%ULQLVH]DWUDMQRGREURDQH]DNUDWNXQDVODGX
%XGLQDMEOLLGREULPDDNRQHPRHELWLQDMEROML
LPQHWRVSRPHQHDNRMHGREURQHVWDQHDNRMHORHGRJRGLVH
RYMHNMHEH]QDGQRVDPRVLPXNROLNRQHSRPDHGUXJRPH
RYMHNPRHELWLOMXGLPD]DLVWDGREDUSDLSDNRGQMLKSULPLWLPDOR
XYDMRQRWRLPDDOLYLHWHLWRPHGDEXGH
'DELND]QLRRQHNRMLWLLQH]ORSRVWLGLLKGREULPGMHORP]DX]YUDW
'DQDVPLMHGREURVDPR]DWRWRPLMHMXHUELORRGOLQR
'DUMHDUREQLNDPHQXRLPDRQRJDNRMLJDGDMH
'DURYLLSRNORQL]DVOMHSOMXMXRLPXGUDFLPDLNDREUQMLFDQDXVWLPD
]DXVWDYOMDMXXNRUH
'DYDWLMHERDQVNLSULPDWLMHOMXGVNL'DUMHDUREQLNDPHQXRLPDRQRJD
NRMLJDGDMH
'REURQLMHXVQD]LYHMHVQDJDXGREURP
DOWUXL]DPVHELQRVWXVNUDLYDQMHNUWRVW
p$NRLPDPDORPRHGRELWLSXQR$NRLPDSXQR]EXQMHQVL
PLVDRQLRYMHN
]DXVWDYOMDMXXNRUH
NRMLJDGDMH
$/758,=$0,6(%,1267

$/758,=$0,6(%,1267
$NRLPDPDORPRHGRELWLSXQR$NRLPDSXQR]EXQMHQVL
p
PLVDRQLRYMHN
]DXVWDYOMDMXXNRUH
NRMLJDGDMH
p$NRLPDPDORPRHGRELWLSXQR$NRLPDSXQR]EXQMHQVL
PLVDRQLRYMHN
]DXVWDYOMDMXXNRUH
NRMLJDGDMH
$/758,=$0,6(%,1267

REURLQVWYDVHQHQDPHX
'
'REURLQVWYRMHMHGLQREODJRNRMHVHSRYHDYDVGLMHOMHQMHP
'REURLQVWYRVHLVND]XMHVYHVHOMHP
'REURXGQRVWLPDVYRMHJUDQLFHSRWRPHVHUD]OLNXMHRGGREURWH
'REURWDGXHYQRVWVDPLORVWSUYDMHOMXGVNDYUOLQD
-HGQRMHGLQRHYRWLYULMHGLYLHQHJRGHVHWQHNDWLQHERSRPRJQH
.DGDVHQHPRHXLQLWLGREURGRVWDMHGDVHQHXLQL]OR
.RULVW]DVYHYDQLMDMHRGVHELQRVWL
/LMHSRMHWDPRSRNORQLWLJGMHQLWNRQHPROL$OLLGDULYDQMHPPRHRYMHN
SRQL]LWLRYMHND
1DLQQDNRMLVHGDMHELWQLMLMHRGRQRJDWRVHGDMH
1HPRMNXGLWLQDNRQGDULYDQMD
1LMHGRYROMQRGDVLVDPRGREDUQDURLWRXRYRYULMHPH7UHEDXLQLWLL
RVWDOHWDNYLPD
1LMHGRYROMQRSR]QDYDWLGREURDNRVHXMHGQRQHSULYRGLXGMHOR
1LMHWHNRELWLGREDUWHNRMHELWLSUDYHGDQ
1LNDGQLMHNDVQRGDSRVWDQHPRGREUL
1LNRPHQLMHRGYLHGREUR
3RMDPGREUDQDOD]LVHL]QDG]DNRQD
5D]XPDQMHDOWUXL]DPYUHGQLMLRGEH]XPQRJVDPRUWYRYDQMD
6DPRDNRVLGREDU]DQHWRRQGDQLSRGULMHWORQLMHYDQR
6DPRGREURWDYRGLNLVWLQL
6YDVYRMDGREUDQRVLVDVRERP
6YDNLMHSRMHGLQDFSRVYRMRMSULURGLGREDUDQH]DR
6YDNRJMXWUDQRYLQHQDPXOLFHGREDFXMXYLMHVWLRUDWXRXERMVWYLPDL
]ORLQLPDSROLWLNROXGLORSUHSODYOMXMHQDHPLVOLDOLRRQRGREURPWRVH
]ELYDXWLLQLULMHWNRNDGVD]QDMHPRQHWR$XSUDYRELWRELORSULMHSRWUHEQR
XYUHPHQLPDNDNYRMHQDHMHUVYDNLPRUDOQLLQVYRMLPSULPMHURPSRVWDMH
EROMLDNRVH]QDLVNUHQRGLYLWLGREURWL
6YHHGREURGRLXVYRMHYULMHPH
6YHGREUHVWYDULVXMDNRMHIWLQHVYHORHVXMDNRVNXSH
6YHGREUHVXYHSREUDOL
6YHLPDVYRMHOLFHLQDOLMH8GREURPLPDORHJXORHPGREURJ
6YHMHGREURVDPRQHSRVYXGVDPRQHXYLMHNVDPRQH]DVYH
'REURLQVWYDVHQHQDPHX
SRQL]LWLRYMHND
RVWDOHWDNYLPD
6YHGREUHVXYHSREUDOL
YHMHGREURVDPRQHSRVYXGVDPRQHXYLMHNVDPRQH]DVYH
6

REURLQVWYDVHQHQDPHX
'
SRQL]LWLRYMHND
RVWDOHWDNYLPD
6YHGREUHVXYHSREUDOL
6YHMHGREURVDPRQHSRVYXGVDPRQHXYLMHNVDPRQH]DVYH

'REURLQVWYDVHQHQDPHX
SRQL]LWLRYMHND
RVWDOHWDNYLPD
6YHGREUHVXYHSREUDOL
YHMHGREURVDPRQHSRVYXGVDPRQHXYLMHNVDPRQH]DVYH
6

6YHWRGDUXMHSRVMHGXMH
6YHX]YLHQHVWYDULLVWRVXWDNRWHNHNDRWRVXLULMHWNH
6YHYHOLNHDNFLMHLVYHYHOLNHPLVOLLPDMXVPLMHQHSRHWNH
7LPHWRGREURWXLULRNRVHEHLVWRGREQRMHXYUXMHLXVHELVDPRPH
7NRSUHVWDQHSRVWDMDWLEROMLSUHVWDRMHELWLGREDU8GREURYMHUXMHVDPRRQR
PDORQMLKNRMLJDLLQH
9DOMDQRYMHNLXQDMQH]QDWLMLPVWYDULPDQDVWRMLELWLWREROML
9HLQDMHOMXGLVSRVREQLMD]DYHOLNDGMHODQHJR]DGREURLQVWYD9HOLNL
VWYDUDMXYHOLNRGREULWUDMQR
9HOLNLVXOMXGLSRQHNDGYHOLNLDNLXPDOLPVWYDULPD
p1LWNRWHQHHYROMHWLDNREXGHVDPRQDVHEHPLVOLR
RYMHNNRMLYROLMHGLQRVDPRJDVHEHQLWDQHPU]LWROLNRNROLNRGDEXGHVDP
RYMHNNRMLVHEHQDVLOQRSUHGVWDYOMDNDRYHOLNDQDSXLHNDRPMHKXUQHNH
LYRWLQMH6YLVPRPL]DSRYLMHVWYUORPDOLD]DYMHQRVWPRGDQXOD
(JRLVWMHRVREDORHJXNXVDNRMDMHYLH]DLQWHUHVLUDQD]DVHEHQHJR]DPHQH
(JRLVWLDQLYRWGRELYDWRHOLL]EMHLVDPRXLSUD]QLQX
(JRL]DPWUHEDPGUXJRJD]DVHEH]DVYRMXVUHXMHVWVQDJDHURVD
VSR]QDMDGDVHPRJXXVUHLWLVDPRQDWHPHOMXVUHHGUXJRJDMHPXGURVW
HURVD
(JRL]DPQDMYHDELMHGDMHGQRJVWYRUHQMD
(JRL]DPVHQHVDVWRMLXWRPHGDVHLYRWLYLSUHPDVYRMLPHOMDPDYHX
WRPHGDVHRGGUXJLK]DKWLMHYDGDLYHRQDNRNDNRPLWRHOLPR
1HRYLVLOLQHVHELQRVWROMXGVNRMVDPRVYLMHVWLLQHXURIL]LRORNRMVWUXNWXULQD
NRMRMSRLYD
,VHELQRVWSRNUHH
,VXEMHNWLYQRVWMHREOLNHJRL]PD
-HGLQLNRWDLNRMLSRNUHXSROLWLNXHNRQRPLMXRGQRVQRNRMHRQDVWDYOMDX
SRNUHWMHVXSRKOHSQRVW
.DGVH]DSRVWDYOMDGXKRYQDNXOWXUDNXOWXUDXQXWUDQMHJRYMHNDWDGD
VHELQRVWRVWDMHGRPLQDQWQDPRXRYMHNXDVXVWDYVHELQRVWLRGJRYDUDWRM
RULMHQWDFLMLEROMHRGVXVWDYDOMXEDYL]DVYRMHEOLQMH
2YHGYLMHULMHLVXNREQH0RMHL7YRMH
3RKOHSDNDRLSRGUHLYDQMH]DJOXSOMXMHOMXGH
3RWUHEQRMHSRQDMSULMHGDVHRGJRYRUQLOMXGLVDPLRVORERGHVNHSWLFL]PDLOL
MREROMHUHHQRVHELQRVWL
YHWRGDUXMHSRVMHGXMH
6
PDORQMLKNRMLJDLLQH
HURVD
NRMRMSRLYD
,VHELQRVWSRNUHH

PDORQMLKNRMLJDLLQH
HURVD
NRMRMSRLYD
,VHELQRVWSRNUHH
YHX]YLHQHVWYDULLVWRVXWDNRWHNHNDRWRVXLULMHWNH
6
PDORQMLKNRMLJDLLQH
HURVD
NRMRMSRLYD
,VHELQRVWSRNUHH

GLVFLSOLQDLSRYUQRVWGLVFLSOLQDSDQMDSRWSXQRVWSRYUQRVWWURPRVW
XSRUQRVWXVWUDMQRVWQDSRUSRVOXQRVWUHVSHNW
p%H]PLVDRQHGLVFLSOLQHQHPDSUDYRJVWYDUDODWYD
p,VND]XMVLWQHSDQMH1HWHGLKYDOH]DQDRNRQHYDQHVLWQLFH$OLQHPRM
XWRPHSUHWMHULYDWL
2QRLPHHOLSULYXLSR]RUQRVWPRUDLPDWLQHNL]QDDM]DLYRWLUDG
OMXGL
o3OHPHQLWLXPRYLQLWDQHLQHSRORYLQR
p3RYUQLYMHUXMXXVUHXSULJRGH-DNLYMHUXMXXX]URNHLSRVOMHGLFH
6DPRSRYUQLSR]QDMXVDPRJDVHEH6YHWRMHVDPRGMHORPLQRVKYDHQRQH
VWDSDVHVRQLPNRMLXLYHRVWDMH]DRJUQXWSODWEH]VWYDUQHREUD]RYQH
YULMHGQRVWL
o1DMYHLQHSULMDWHOMQDSUHWNDQLMH]DEOXGDYHWURPRVW
p0XGURVWMHXXVWUDMQRVWLQHXVQD]LYHXWUDMDQMXX]YLHQLKRVMHDMDNRMD
WHLQLX]YLHQLP8SRUQRVWMHYUOLQDSRNRMRMVYHGUXJHYUOLQHSRVWDMX
SORGQH
1HVQDJDYHWUDMDQMHX]YLHQLKRVMHDMDLQLOMXGHYLLPD
6DPRXSRUQRVWGRYRGLGRFLOMD
',6&,3/,1$,32951267
3UDYLHJRLVWSULVWDMHDNLQDWRGDGUXJLEXGXVUHWQLDNRMHWR]ERJQMHJD
6HELQRVWGRYRGLGR]ORLQD
6HELQRVWNRMXUDDVXVWDYVWDYOMDYULMHGQRVWRVREQRJXVSMHKDYRDQDYLH
PMHVWRRGGUXWYHQHRGJRYRUQRVWL
6HELQRVWLJUGHPUVNHOLULMHLRPUDHQDOLSRMPD
6YDNDGMHODWQRVWQDHJGXKDXYLMHNLPDVWDODQLQHL]EMHDQL]YRUXHJRL]PX
9ODVWLWLHJRL]DPURHQLMHRWDFSRGORVWL
o7NRXVNUDXMHVHELVDELUHGUXJRPH
pNUFDQLWNRQHVDDOLMHYD
NUWDFQHLQLQLNDGQLWDSUDYRRVLPNDGXPLUH
NUWRVWMHRELOMHMHJOXSDQD
NUWRVWMHVLURPDWYRERJDWLK
NUWRVWMHMHGQDNRNDRLUDVLSQLWYRRNUXWQRVWSUHPDVLURPDQLPD
',6&,3/,1$,32951267
XWRPHSUHWMHULYDWL
OMXGL
YULMHGQRVWL
SORGQH
DPRXSRUQRVWGRYRGLGRFLOMD
6

XWRPHSUHWMHULYDWL
OMXGL
YULMHGQRVWL
SORGQH
6DPRXSRUQRVWGRYRGLGRFLOMD
',6&,3/,1$,32951267
',6&,3/,1$,32951267
XWRPHSUHWMHULYDWL
OMXGL
YULMHGQRVWL
SORGQH
DPRXSRUQRVWGRYRGLGRFLOMD
6

p1DSRUHWUHEDGRNUDMDSRGQLMHWL
1DSRULSODQLQDVXL]DQDV3UHGQDPDVHQDOD]HQDSRULGROLQD
3ULMHXVSMHKDERJRYLRGUHGLHGDVHRYMHNR]QRML
6QDSRURPWRWDEH]]QRMDQLWD
6YDNLMHQDSRUODNRQRPXNRMLJDUDGRLQL
p$NRVHVDPRMRWUDLSRVOXQRVWDQHNDUDNWHURQGDRGOD]LLVWLQDDGROD]L
OD
p2EUD]DFMHX]DOWHUQDMHILNDVQLMHVUHGVWYRNDNRELVHRGJUDDQDLVKRGLR
UHVSHNW
5HVSHNWMHRVMHDMNRMLVH]DVQLYDQDQDM]GUDYLMHPRVMHDMXSRWRYDQMD
YODVWLWRJLOLWXHJMDSRVWLJQXWUDGRPDQHQDRVQRYLVWDWXVDSRORDMDLOL
RERDYDQMD
5HVSHNWMHVSRVREQRVWGDRVREXYLGLPRRQDNYXNDNYDMHVWGDVPRVYMHVQL
QMH]LQHMHGLQVWYHQHLQGLYLGXDOQRVWL
5HVSHNWR]QDDYDRGVXWQRVWL]UDEOMLYDQMD
5RGLWHOMLNRMLWUDHUHVSHNWQLVXQLWDYLHQL]DVOXLOL
178=,-$=$0,5$912'81267
(
p%H]HQWX]LMD]PDVHXXPMHWQRVWLQLWDQHPRHSRVWLL
%H]RGXHYOMHQMDQHPDVWYDUDODNRJUDGDDQDHQDMEROMHVQDJHGXHVX
XVSDYDQH8QDPDSRVWRMLILWLOMNRMLWUDLLVNUX
1LWDVHYHOLNRQLMHSRVWLJOREH]RGXHYOMHQMD
2GXHYOMHQMHMHJHQLMLVNUHQRVWLLEH]QMHJDLVWLQDQHPRHSRELMHGLWL
=DUD]OLNXRGRVWDOLKOMXGLHQWX]LMDVWMHVYRMHYUVQR]DOMXEOMHQRELHNRMHVX
L]RWUHQDVYDRVMHWLODRQYLGLLRVMHDVYHMDVQLMH=DQMHJDMHVYLMHWVYH
ERJDWLMLLRQJDQDVWRMLSURGXELWLLQDLVYRML]UD]XVWYDUDODNRPLYRWX
,VWLQDWDNYDMHRVREDSRQHNDGVNORQDGDVWYDULLSRMDYHLGHDOL]LUD
,VNUHQRRGXHYOMHQMHRGVUFDMHGDQMHRGQDMGMHORWYRUQLMLKIDNWRUDXVSMHKD
2GXHYOMHQMHMHVYDJGDQMLNUXKPODGHLDVNHSVDVYDJGDQMHYLQRVWDURVWL
2GXHYOMHQMHMHPDMNDVYHJDYHOLNRJD
6YDNLVHHQWX]LMD]DPPRHXPDQLMXL]RSDLWL
p%XGLSURGRUDQDOLQHLDJUHVLYDQ3RQHNDGMHWYRMDSULVWRMQRVWL
RED]ULYRVWGYRMEHQDLRSDVQRSDVLYQD2QDMHXVWYDUL]DPU]QXWD
UDYQRGXQRVWXYDMVHRYMHNDNRMHPVHVYHVYLDVYHVHLQLORHLOLMH
SUHPDVYHPXUDYQRGXDQ
(178=,-$=$0,5$912'81267
SUHPDVYHPXUDYQRGXDQ
1DSRUHWUHEDGRNUDMDSRGQLMHWL
p
OD
UHVSHNW
RERDYDQMD

OD
UHVSHNW
RERDYDQMD
(178=,-$=$0,5$912'81267
%H]HQWX]LMD]PDVHXXPMHWQRVWLQLWDQHPRHSRVWLL
p
SUHPDVYHPXUDYQRGXDQ
(178=,-$=$0,5$912'81267
SUHPDVYHPXUDYQRGXDQ
OD
UHVSHNW
RERDYDQMD

1HEXGLLQGLIHUHQWDQSUHPDGUXJLPDLSUHPD]DMHGQLFL
'RNKODGQHPLVOLGRSUXGRVUFDSUHWYRUHVHXOHG
1DMYHH]ORNRMHPRHPRSRLQLWLSUHPDQDLPEOLQMLPDQLMHPUQMDYHGD
VPRUDYQRGXQLSUHPDQMLPD7RMHDSVROXWQDQHRYMHQRVW
3UREOHPLNRMLX]EXXMXMHGQXJHQHUDFLMXQHQHVWDMX]DVOMHGHXJHQHUDFLMX
]DWRMHUVXULMHHQLYHVWRJDWRRSDUDYQRGXQRVWQDQMLKQHREUDD
SR]RUQRVW
5DYQRGXQRVWELORNRMHYUVWHMH]DRVXGXDNLUDYQRGXQRVWSUHPDQDPD
VDPLPD
5DYQRGXQRVWMHQDMEOLLREOLNQHWROHUDQWQRVWL5DYQRGXQRVWMHQDMEROML
]DLQXEULJDPD
5DYQRGXQRVWMHREOLNVXPQMHXNRMHPMHVYHPRJXHDQLWDQLMHVLJXUQR
RQDMHSDUDOL]DGXHSULMHYUHPHQDVPUW
7DUDYQRGXQRVWSUHPDSDWQMDPDNRMHVPRX]URNRYDOLLNRMDHPDNDNYLP
MHLPHQRPQD]YDOLXYLMHNELWLVWUDDQLWUDMDQREOLNRNUXWQRVWL
1HPDQLWDMDGQLMHRGUH]LJQDFLMHNRMDVWLHSUHUDQR
*2925,871-$
JRYRUUD]JRYRUMH]LNULMHUMHQLNXWQMD
$NRJRYRUQLFLPDQHGRVWDMHGXELQDRQLMH]DPMHQMXMXGXOMLQRP
p
$NRMHGQRVWDYQLPULMHLPDQHPRHREMDVQLWLWRUDGLWLYMHURMDWQR
UDGLQHWRSRJUHQR
$NRQLNDGQHRSR]LYDVYRMHULMHLYLHYROLVHEHQHJRLVWLQX
$NRXWLLQLVHGDSULVWDMH
$NRWHPXGUDFNXGL]ORMHDNRWLEXGDODRGREUDYDMRMHJRUH
$NRHOLVD]QDWLWROMXGLPLVOHVOXDMWRJRYRUHDOLMRYLHSD]LQDRQR
WRLQH
$NRHOLVPDQMLWLVYRMXSULVWUDQRVWX]DNOMXLYDQMXSRNXDMVHRLYLWLX
VXSURWQRVWDMDOLWH
%ODJGRJRYRUXWLDYDJQMHYRSRUDULMHSRWLHVUGEX
%ODJDMHEHVMHGDGUYRLYRWD
%ROMHMHSRVUQXWLQRJDPDQHJRMH]LNRP
%ROMHMHXWMHWLLELWLVPDWUDPEXGDORPQHJRSURJRYRULWLLRGVWUDQLWLVYDNX
VXPQMX
p$NRJRYRUQLFLPDQHGRVWDMHGXELQDRQLMH]DPMHQMXMXGXOMLQRP
UDGLQHWRSRJUHQR
WRLQH
VXSURWQRVWDMDOLWH
VXPQMX
*2925,871-$
SR]RUQRVW
VDPLPD
]DLQXEULJDPD
HPDQLWDMDGQLMHRGUH]LJQDFLMHNRMDVWLHSUHUDQR
1

RNKODGQHPLVOLGRSUXGRVUFDSUHWYRUHVHXOHG
'
SR]RUQRVW
VDPLPD
]DLQXEULJDPD
1HPDQLWDMDGQLMHRGUH]LJQDFLMHNRMDVWLHSUHUDQR
*2925,871-$
$NRJRYRUQLFLPDQHGRVWDMHGXELQDRQLMH]DPMHQMXMXGXOMLQRP
p
UDGLQHWRSRJUHQR
WRLQH
VXSURWQRVWDMDOLWH
VXPQMX
p$NRJRYRUQLFLPDQHGRVWDMHGXELQDRQLMH]DPMHQMXMXGXOMLQRP
UDGLQHWRSRJUHQR
WRLQH
VXSURWQRVWDMDOLWH
VXPQMX
*2925,871-$
SR]RUQRVW
VDPLPD
]DLQXEULJDPD
HPDQLWDMDGQLMHRGUH]LJQDFLMHNRMDVWLHSUHUDQR
1

%XGLEU]LSULSUDYDQVDVOXDWLDVSRURGJRYDUDWL
%XGLGREDUVOXDWHOMLQDYHGLGUXJHGDJRYRUHRVHEL
RYMHNMHGRELRGDUJRYRUD]DWRGDELPRJDRSULNULWLVYRMHPLVOL
RYMHNWUHEDGYLMHJRGLQHGDELQDXLRJRYRULWLDSHGHVHWNDNRELQDXLR
XWMHWL
XYDMVHOMXGLNRMLJRYRUHSUHYLHLOLSUHPDOR
'DELRGUDRVYRMXULMHQDMEROMHMHGDMHQLNDGDQHGDMH
'LVNXVLMDMHQDLQGDVHGUXJHXYUVWLXQMLKRYLP]DEOXGDPD
'REDUJRYRULPDGREDUSRHWDNLGREDUNUDMDRQLQHELVPMHOLELWLSUHYLH
XGDOMHQL
'REDUJRYRUWUHEDLVFUSLWLWHPXDQHVOXDWHOMH
'REUHULMHLPDORVWRMHDPQRJRYULMHGH
'XKQHNRJMH]LNDQDMEROMHVHRLWXMHXULMHLPDNRMHVHQHPRJXSUHYHVWL
'XQRVWLOLRELOMHMHGREURJJRYRUQLNDMHVWWRGDSUHVWDQHJRYRULWLNDGELVPR
JDQDMUDGLMHVOXDOL
)LNFLMDMHGDVHVYHPRHL]UHLULMHLPD
*GMHVXULMHLULMHWNHLPDMXWHLQX
*ODVLQDLUHLVHUDVWH
*ODYQXULMHQDVWRMLSUHSXVWLWLVXJRYRUQLNX
*RYRUMHGDUVYLMXPLVDRVDPRQHNLK
*RYRUMH]DPMHQMLYPHGLM2QDQDVMHXLQLROMXGLPDLWDNYLPDQDVRGUDYDL
]DSUDYRXVHELVDGULGHILQLFLMXRQRJDWRRYMHNMHVW
*RYRUSRELMHGLXWQMRPDXWQMXYUHPHQRP
*RYRUSRND]XMHXGLSULWDMHQLGXK
*RYRULPDORDLQLPQRJR
*RYRULQDMSULMHRRQRPHWR]DQLPDWYRMHJVXJRYRUQLND
*RYRULVDHWRLPQRJRUHFLXPDORULMHLRVWDYLGRMDPRYMHNDNRML]QD
DOLQHHOLJRYRULWL
*RYRULDNRWLMHSRWUHEQRDOLWHNSRWRWHGYDSXW]DPROH
*RYRULDOLDNRSXQRJRYRULLPDPDORYUHPHQD]DUD]PLOMDQMH
*RYRUQLNPRUDELWLSRPDORLSMHVQLNGDNOHQHVPLMHVHSUHPDLVWLQLRGQRVLWL
SUHYLHPDWHPDWLNLWRQR*RYRUQLNQLMHOHNVLNRQ1MHJDOMXGLLPDMXNRG
NXH
*ULMVHQDYDWULPXGUDFDDOLEXGLRSUH]DQVDHUDYNRPQMLKRYRP
XGLEU]LSULSUDYDQVDVOXDWLDVSRURGJRYDUDWL
%
XWMHWL
XGDOMHQL
JDQDMUDGLMHVOXDOL
*ODVLQDLUHLVHUDVWH
*RYRULPDORDLQLPQRJR
DOLQHHOLJRYRULWL
NXH

XWMHWL
XGDOMHQL
JDQDMUDGLMHVOXDOL
*ODVLQDLUHLVHUDVWH
*RYRULPDORDLQLPQRJR
DOLQHHOLJRYRULWL
NXH
XGLGREDUVOXDWHOMLQDYHGLGUXJHGDJRYRUHRVHEL
%
XWMHWL
XGDOMHQL
JDQDMUDGLMHVOXDOL
*ODVLQDLUHLVHUDVWH
*RYRULPDORDLQLPQRJR
DOLQHHOLJRYRULWL
NXH

+RHOLGDVHGREURPLVOLRWHELQHPRMVDPRVHELGREURJRYRULWL
,OXDNVHVPDWUDPXGULPGRNXWL
,PDOMXGLNRMLSULDMX]DWRWRQHPRJXPLVOLWL
,PDGYDXKDDMHGQDXVWD]DWRYLHVOXDMDPDQMHJRYRUL
,VWLQDMHGDVHGDQDVOMXGLYLHQMXHQHJRVSRUD]XPLMHYDMXULMHLPD
,]EMHJDYDMMHGQRPLVOLWLDGUXJRJRYRULWL
,]JRYRUHQXULMHQHPRHVHYUDWLWL
,]QHVLVORERGQRVYRMHSULMHGORJH8VORERGQRPGUXWYXQHSRVWRMLVDPR
MHGDQSXW
,]UDDYDMPLVOL]RUQRLGUDPDWLQR
-HGQRMHSULNULYDWLGUXJRXWMHWL
-HGQRPL]JRYRUHQDULMHOHWLEH]RSR]LYD
-HVLOLGRELRGDUJRYRUDVDPR]DWRGDELPRJDRSULNULWLVYRMHPLVOL"
-H]LNMHPDMNDQHVOXDYNDPLVOL
-H]LNMHRGMHDPLVOL
-H]LNQLMHVDPRRGMHDLPDVNDPLVOLRQXMHGQRGMHOXMHLQDQHNLPLVDRQL
VDGUDM
.DGDQDHRYMHNDVNRMLPYULMHGLJRYRULWLLQHJRYRULL]JXELRVL
RYMHND.DGDQDHRYMHNDVNRMLPQHYULMHGLJRYRULWLLJRYRULL]JXELRVL
ULMHL0XGDURYMHNQHJXELQLRYMHNDQLULMHL
.DRWRMHXUHVRYMHNDXPWDNRMHVYMHWORVDPRJXPDUMHLWRVW
.ROLNRMH]LND]QDWROLNROMXGLYULMHGL/DNHMHUHLQHJRXLQLWL
.UDWNDULMHGXJLPPLVOLPDSRYRGGDMH
/MXGLHVWRL]ULXLVWHULMHLDGDLPSRJOHGLOXWDMXVXSURWQLPVWUDQDPD
/MXGLQHHOHGDLPVHJRYRUL2QLHOHGDVHVQMLPDUD]JRYDUD
/MXGLVXNDNRVHLQLMH]LNSULPLOLQHGDELVDNULOLVYRMHPLVOLYH]DWRWR
PLVOLXRSHQHPDMX
/MXGLYUORUDGRVOXDMXRQRWRVDPLQHELKWMHOLUHL
0DJLMDMH]LNDQDMRSDVQLMDMHRGVYLKDUROLMD
0HNMH]LNLNRVWLORPL
0LVOLPDQLNDGDQHX]PDQMNDMXULMHLYHULMHLPDPLVOL
0XGUDFXWLGR]JRGQRJDVD
1DMJRUHODLHVWRVXL]UHHQHXWQMRP
MHGDQSXW
-H]LNMHRGMHDPLVOL
VDGUDM
PLVOLXRSHQHPDMX
0HNMH]LNLNRVWLORPL

MHGDQSXW
-H]LNMHRGMHDPLVOL
VDGUDM
PLVOLXRSHQHPDMX
0HNMH]LNLNRVWLORPL

MHGDQSXW
-H]LNMHRGMHDPLVOL
VDGUDM
PLVOLXRSHQHPDMX
0HNMH]LNLNRVWLORPL

1DMYLHSULSUHPDRGX]LPDMXPLPRMLVSRQWDQLLPSURYL]LUDQLJRYRUL
1DDVHJHQHUDFLMDQHHWROLNRWXLWL]ERJ]ORGMHOD]OLKOMXGLNROLNR]ERJ
]DVWUDXMXHXWQMHGREULK
1HEXGLVLORYLWQDMH]LNXDOLMHQLPOLWDYQDGMHOX
1HJRYRULQLNDGDORHRQHNRPRYMHNXDNRQLVLVDVYLPVLJXUDQXWR$
DNRVLVDVYLPVLJXUDQXSLWDMVH=DWRWRSULDP"
1HRGJRYDUDMSULMHQHJRWRVLXRLQHPLMHDMVHXVUHGJRYRUD
1HXNDOMDRYMHNDRQRWRQDXVWDXOD]LQHJRRQRWRL]XVWDL]OD]L
1HYROLPUD]JRYDUDWLVOMXGLPDNRMLVXPRJPLOMHQMD-HGQRYULMHPHMH
]DEDYQRLJUDWLVHVMHNRPDOLVYUHPHQRPWR]DPDUD
1HSRVUHGQDVWYDUQRVWPLVOLMHMH]LN
1LMHGRVWDJRYRULWLSDPHWQRQHJRMHSRWUHEQRLJRYRULWLQDYULMHPH
1LMHUHHQRQLMH]DSLVDQR
LNDGQHVOXDMRQHNRMLORHJRYRUHRGUXJLPDDGREURRWHEL
1
1LVXXYLMHNRQLNRMLXWHLPXGUL3RVWRMH]DNOMXDQHNULQMHNRMHVXSUD]QH
1HPDGLMDORJDEH]SULYLGQRJQHVSRUD]XPD'LVNXVLMDMHQHPRJXDVQHNLP
WNRWYUGLGDQHWUDLLVWLQXQHJRGDMHYHSRVMHGXMH2WNDNRVPRVXGLRQLFL
GLMDORJDPRHPRXWLMHGQLGUXJH7DNRGXJRGRNULMHLQLVXNRQDQR
L]JRYRUHQHXYLMHNSRVWRMLPRJXQRVWGDVHRQHPRGDQHPRUDMXWLKR
SRGUD]XPLMHYDWL
1LWNRQLMHVDVYLPREUD]RYDQSULMHQHJRWRQDXLXWMHWL
2ERJDXMVYRMSRMPRYQLUMHQLN%H]SRMPRYDQHPDDSVWUDNWQRJPLOMHQMD
2QDMWNRJRYRUQLNLYMHWRL]ODHLYRGLUD]JRYRUQHLQLWRXYLMHNXVOXEL
REMHNWLYQHLVWLQH8HQLJRYRUQLNQHYMHUXMHGDQMHJRYHULMHLLPDMXVQDJX
YMHQHLVWLQH2QWRYLHSROD]LRGWRJDGDMHQMHJRYJRYRUSUROD]DQWHX
RE]LUX]LPDPRJXQRVWQMHJRYHSURPMHQHQHNRPGUXJRPSULJRGRP*RYRUL
VXHVWRVDPRSURL]YRGLWUHQXWND
2QDMWNRSRVMHGXMHPXGURVWL]QDQMHJRYRULWDGDNDGDVYLRNRQMHJDXWH
2SUH]QDXWQMDVYHWLQMDMHPXGURVWL
3D]LWRJRYRUL
3LXLQDXLWHSLVDWLJRYRUHLJRYRULWL
3RMHGLQDQLLWDWHOMRELQRMHVLURPDQLMLQDULMHLPDDOLMHSDPHWQLMLRGRQRJ
MDYQRJPLMHQMDNRMHLQLRQDMVORMEH]VXSVWDQFHLQWHOHNWXDOQRVWLDNRMLQD
VYXVUHXQLMHRQROLNRPRDQNDNRPLVOLGDMH
3RVWRMLWROLNRYHOLNLKSUD]QLKULMHLGDELVHXQMLPDPRJOLGUDWLLWDYL
QDURGL
1LNDGQHVOXDMRQHNRMLORHJRYRUHRGUXJLPDDGREURRWHEL
SRGUD]XPLMHYDWL
3D]LWRJRYRUL
QDURGL
DMYLHSULSUHPDRGX]LPDMXPLPRMLVSRQWDQLLPSURYL]LUDQLJRYRUL
1

LMHUHHQRQLMH]DSLVDQR
1
SRGUD]XPLMHYDWL
3D]LWRJRYRUL
QDURGL
SRGUD]XPLMHYDWL
3D]LWRJRYRUL
QDURGL

3RWUHEQRMHSULSD]LWLGDQHSRVWDQHPRSUHYLHJRYRUOMLYLLOLSRQHPRPLVOLWL
GDXVYDNRMSULJRGLPRUDPRQHWRUHL
3RWYUGLULMHLLQMHQLFDPD,]DULMHLVOLMHGLLQ
3URSRYMHGQLNQHNDVWXSLQDSURSRYMHGDRQLFXRWYRULVYRMDXVWDDOLQHNDL
SUHVWDQH
5DQDNRMX]DGDULMHJRUDMHRGUDQH]DGDQHPDHP
5D]JRYDUDMUMHLWRVWMHMHGQDRGSULPDUQLKPHQWDOQLKVSRVREQRVWL3RYHDM
VYRMXWROHUDQFLMXQDIUXVWUDFLMXWRMH]QDNPHQWDOQRJ]GUDYOMD3UDYDMH
PXNDNDGQHPDGXKD]DJRYRUQLGRYROMQRSDPHWLGDELXWLR
5D]PLVOLSULMHQHJRWRHSURJRYRULWLRWNULWHGDLPDPQRJRPDQMH
WRJDUHL
5HFLSUYLSXWQHWRWRVHVDPRSRVHELUD]XPLMHLELWHEHVPUWDQ
5HFLXYLMHNGD]DVYHRQRWRGUXJLHOHRGWHEHGDELQDNUDMXPRJOL
UDGLRRQRWRHOL
5LMHXWHELMHURERQDNRMDWLL]PDNQHWYRMMHJRVSRGDU
5LMHLSRNUHXSULPMHULSRYODH]DVRERP
5LMHLVXDYOLNRMLPDVHSULYUXMXPLVOL
5LMHLVXSRVXGHLVSXQMHQHLVNXVWYRPRQHVSDMDMXOMXGHNDRPRVWRYL
VWYDUDMXLXLVWRYULMHPHL]PHXRYMHNDLRYMHNDQHSUHPRVWLYHYUORHVWR
GXEOMHRGQDMPUDQLMHJDSRQRUD
5LMHNDVHXSR]QDSOLYDQMHPDRYMHNXUD]JRYRUX1HJRYRULVYHWR]QDDOL
]QDMXYLMHNWRJRYRUL
5MHLWRVW]QDLPRMHUMHSULYLGQDSDPHW5MHQLNMHSRYLMHVWRYMHND3UDYD
VHUMHLWRVWVDVWRMLXWRPHGDVHNDHRQRWRMHQDVWYDULLXSUDYRVDPRWR
6WUDQLMH]LNPRHVHQDXLWLXHVWWMHGDQD]DXHQMHYODVWLWRJMH]LNDFLMHOL
LYRWQLMHGRYROMDQ2QDMWNRXYMHUOMLYRJRYRULL]QDVSUHWQRL]QRVLWL
DUJXPHQWHQH]UDLVDPRVDPRSRX]GDQMHP1MHPXVHHVWRSULSLVXMHL
RGUHHQDVLJXUQRVWLXRSKRHQMXVOMXGLPDLRVRELQHYRH2SUDYGDQRLOL
QHRSUDYGDQRQMHPXVHXND]XMHSRYMHUHQMH
PMHURPXWLLJRYRUL
6
6DVYDNLPL]XPLUXLPMH]LNRPJDVLVHMHGQDVOLNDRYMHND
6OXDMXRFHDQLPDDJRYRULXNDSOMLFDPD
6YHRQRWRMHQHNRGREURUHNDRQLMHWXHYHSULSDGDWHEL
WHGLULMHLEHVSODWQHVX
WRYULMHGHQDMEROMHULMHLNDGDQDPGDMXYDUOMLYXVOLNXRVWYDUQRVWL"
XWQMDMHLQLVHSUL]QDQMH
6PMHURPXWLLJRYRUL
SUHVWDQH
WRJDUHL
UDGLRRQRWRHOL
]QDMXYLMHNWRJRYRUL

SUHVWDQH
WRJDUHL
UDGLRRQRWRHOL
]QDMXYLMHNWRJRYRUL
PMHURPXWLLJRYRUL
6

6PMHURPXWLLJRYRUL
SUHVWDQH
WRJDUHL
UDGLRRQRWRHOL
]QDMXYLMHNWRJRYRUL

XWQMDMHL]DULMHLGUXJDPRVYLMHWD
7LVLYLHRYMHNSRVWYDULPDNRMHSUHXXMHQHJRSRRQLPNRMHNDH
7NRMH]LNSURLDYDDGDJDSULWRPQHRERJDXMHVODELQMHJRYXVQDJX
8ODELULQWXGXHULMHMHMHGLQRVYLMHWOR
8SRHWNXELMDHULMH
8KRMHSXWGRVUFD
8SUDYRWDPRJGMHQHGRVWDMHSRMDPXSUDYRVHYULMHPHSRMDYLULMH
9HOLNHVWYDULLPDMXMHGQRJVPUWQRJQHSULMDWHOMDYHOLNHULMHL
9LHMHUQHPDWRUHL
9LHYULMHGLMHGQDGREURXLQMHQDQHJRVWRGREULKULMHL
9LHYULMHGLXWQMDPXGUDFDQHJRJDODPDEXGDOD$OLRQRVWUDQRQLMHXWQMD
PXGULKYHJDODPDEXGDOD
9ODGDMSUHGPHWRPRNRMHPJRYRULULMHLHGROD]LWLVDPHRGVHEH
=D]QDQRVWQHSRVWRMLQLWDRHPXELRQDPRUDODXWMHWL
LYDULMHSRXDYD
p,VWLQVNDXWQMDMHLYDSURWXLJUDJRYRUHQMX2QDMHQMH]LQVDVWDYQLGLRNDRL
GLVDQMH
/LMHSRMHVQHNLPPRLXWMHWL
XWQMDMHDUJXPHQWNRMLVHJRWRYRQHPRHSRELWL
XWQMDMHNRULVQRRUXMH
XWQMDMHQDMQHSRGQROMLYLMLRGJRYRU
XWQMDMHRGJRYRUQDQHL]UHFLYR
XWQMDPRHELWLQDMRNUXWQLMDODXWQMDRQHNRMRVRELMHUMHLWR
VYMHGRDQVWYRXWQMDLYLXNXOL
7NRXWLLQLVHGDSULVWDMHXWQMDQHNDGLWXWQML
1HVUHWQDMH]HPOMDNRMDWUHEDMXQDNH
p
3UDYLKHURMLVXRQLNRMLVHERUH]DQDMYLHLGHDOHRYMHDQVWYD
8QDFLMDPDVHSRMDYOMXMXGLYRYLVDPRXWUHQXFLPDNUL]H
+5$%5267,.8.$9,/8.
GLYRYLKHURMLMXQDFLKUDEURVWNXNDYLOXNNXNDYLFDWMHVNREDVWUDK
VODELL
VODELL
+5$%5267,.8.$9,/8.
p1HVUHWQDMH]HPOMDNRMDWUHEDMXQDNH
QDFLMDPDVHSRMDYOMXMXGLYRYLVDPRXWUHQXFLPDNUL]H
8
8SRHWNXELMDHULMH
8KRMHSXWGRVUFD
9LHMHUQHPDWRUHL
LYDULMHSRXDYD
GLVDQMH
XWQMDMHNRULVQRRUXMH

8SRHWNXELMDHULMH
8KRMHSXWGRVUFD
9LHMHUQHPDWRUHL
LYDULMHSRXDYD
GLVDQMH
XWQMDMHNRULVQRRUXMH
8QDFLMDPDVHSRMDYOMXMXGLYRYLVDPRXWUHQXFLPDNUL]H
+5$%5267,.8.$9,/8.
VODELL
VODELL
+5$%5267,.8.$9,/8.
QDFLMDPDVHSRMDYOMXMXGLYRYLVDPRXWUHQXFLPDNUL]H
8
LVLYLHRYMHNSRVWYDULPDNRMHSUHXXMHQHJRSRRQLPNRMHNDH
7
8SRHWNXELMDHULMH
8KRMHSXWGRVUFD
9LHMHUQHPDWRUHL
LYDULMHSRXDYD
GLVDQMH
XWQMDMHNRULVQRRUXMH

p+UDEULOMXGH+YDOLLQDMPDQMDGRVWLJQXDGUXJLK3RKYDODMHYUMHGQLMD
RGSULMHNRUD
%H]KUDEURVWLVDYMHWMHDORVWDQJRVW
*GMHJUDDQVNDKUDEURVWQHPDGRPRYLQHVORERGDQHVHHGDOHNR
+UDEURVWWRMHGRNUDMDVSR]QDQDRGJRYRUQRVWNXNDYLFDMHRYMHNNRMLX
RSDVQLPVLWXDFLMDPDPLVOLQRJDPD
+UDEURVWMHHVWRQHGRVWDWDNXYLGDGRNVHNXNDYLOXNHVWRWHPHOMLQD
GREULPLQIRUPDFLMDPD
+UDEURVWMHGREUD8VWUDMQRVWMHEROMD
+UDEURVWMHRWSDGQLSURL]YRGVWUDKD
+UDEURVWMHSRWUHEQDL]DWRGDELRYMHNXRSHPRJDRSRVWRMDWL
+UDEURVWMHVWYRULODMXQDNH
+UDEURVWVHQHGRND]XMHVDPRDNDPDSRWUHEQDMHLJODYD
+UDEURVWVHQHVDVWRMLXWRPHGDMHVOLMHSRSUHYLGLRSDVQRVWYHGDVH
SUHEURGLJOHGDMXL
.DGJRYRULLOLSLHQHNDWYRMLPULMHLPDWUHEDELWLXVNRDPLVOLPD
SURVWUDQR
.DNRELVHQHNDVWYDUSURPLVOLODGRGQDHVWRMHSRWUHEQRYLHKUDEURVWLQHJR
UD]XPD
/DNHMHELWLMXQDNQHJRHVWLWRYMHN-XQDNVHPRUDELWLVDPRMHGQRPD
HVWLWRYMHNXYLMHN
0RJXVDPRRQGDELWLKUDEDUDNRVHQHPRUDPRSULGUDYDWLSURSLVDQRJ
KUDEURJSRQDDQMD
0XGDULOLKUDEDUPXNDUDFQHHOHLQDWUDQLFHSRYLMHVWLLHNDWLGDJD
SUHJD]LYODN
1HNORQLGXKRPLDNRWHVQDHQHYROMD,]GULLX]GULVH
1HRWNULYDMXVHQRYLNRQWLQHQWLDNRQHPDKUDEURVWLGDVHVWDUHREDOHL]JXEH
L]YLGD
1HX]PLLSUHG]ORPYHPXVHMRKUDEULMHRGXSUL
2QRWRMHELWQRMHQDDKUDEURVW]DLYOMHQMH6PLRQLPDSRPDX%RJ
9HQHUDVUHDLVOXDM
6MHWLVHGDXYLMHNEXGHRGYDDQ
6PLRQRVWVHVPDWUDEHGHPRP
WRMH]DSUDYRRQRSVLKLNRVWDQMHVPQRJLPOLFLPDNRMHPRHGRYHVWLGR
LQDPXHQMDLOLKUDEURVWLGRRSVMHGQXWRVWLNRMDWUDMHLWDYRJLYRWDWH
SRQHNDGLGRGXHYQHLOLWMHOHVQHEROHVWLSDLGRVWYDUDODNLKGMHODWQRVWL"
RGSULMHNRUD
GREULPLQIRUPDFLMDPD
SUHEURGLJOHGDMXL
SURVWUDQR
UD]XPD
HVWLWRYMHNXYLMHN
KUDEURJSRQDDQMD
SUHJD]LYODN
L]YLGD
9HQHUDVUHDLVOXDM

RGSULMHNRUD
GREULPLQIRUPDFLMDPD
SUHEURGLJOHGDMXL
SURVWUDQR
UD]XPD
HVWLWRYMHNXYLMHN
KUDEURJSRQDDQMD
SUHJD]LYODN
L]YLGD
9HQHUDVUHDLVOXDM

RGSULMHNRUD
GREULPLQIRUPDFLMDPD
SUHEURGLJOHGDMXL
SURVWUDQR
UD]XPD
HVWLWRYMHNXYLMHN
KUDEURJSRQDDQMD
SUHJD]LYODN
L]YLGD
9HQHUDVUHDLVOXDM

p.XNDYLFDMHRYMHNNRMLXRSDVQLPVLWXDFLMDPDPLVOLQRJDPD
.XNDYLFHLSULMHVPUWLPQRJRSXWDPUXDMXQDNVDPRMHGQRPNXDVPUW
.XNDYLFDSUDYDNXNDYLFDMHVDPRRQDMWNRVHERMLVYRMLKXVSRPHQD
.XNDYLOXNMHQDMGMHORWYRUQLMD]DWLWDSURWLYQDSDVWL
.XNDYLOXNVHQDMUDGLMHSRNULYDPDVNRPRSUH]DLOLRE]LUD
/LMHQRVWLNXNDYLOXNVXJODYQLX]URFL]ERJNRMLKYHOLNLEURMOMXGLXQDWR
WRPXWRLKMHSULURGDGDYQRYHRVORERGLODWXHJYRGVWYDLSDNWLMHNRP
LWDYRJLYRWDUDGRRVWDMXQHGRUDVOLLWRMHGUXJLPDWDNRMHGQRVWDYQR
QDPHWQXWLLPVHNDRVWDUDWHOM7DNRMHOLMHSRELWLQHGRUDVWDR
1LWDQDVQHLQLNXNDYLNLMLPDLEH]RE]LUQLMLPDRGHOMHGDQDVVYLYROH
7NRVHSUHGDMHRGQMHJDLGUXJLGLXUXNH
1HGLLUXNHRGVHEHWRMHNDRGDLKGLHQDVHEH
p$NRVHQHNRJDERMLWDGDMHWR]DWRWRVLQHNRPHGDRPRQDGVRERP
%RMDWLVHWUHEDRQLKNRMLQHNDXWRPLVOHLNRMLQHPLVOHWRNDX
RYMHNPRHRGVWUDKDDNLSDPHWL]JXELWL
RYMHNVHPRGDQDMYLHERMLRQGDNDGDVHVDPVDVRERPQHVODH
RYMHNRYRGQRVSUHPDVYLMHWXRGUHXMXLGYLMHDPELYDOHQWQHRSUHQHWHQMH
GDEXGHXNOMXHQXGUXWYHQHRGQRVHGDEXGHQMLKRYGLRVMHGQHVWUDQHL
GDVDXYDVYRMXLQGLYLGXDOQRVWGDVHQHSRGUHGLGUXWYHQLPREUDVFLPD
SRQDDQMDLPLOMHQMDVGUXJH3RMHGLQDFVHPRUDRVMHDWLNDRGLRRGUHHQH
GUXWYHQHRUJDQL]DFLMHXYMHWQRUHHQRVXVWDYDMHUWRRVLJXUDYDQMHJRYD
HJ]LVWHQFLMDOQDSRWUHEDDLVNOMXHQRVWL]QMHL]D]LYDVWUDK6WUDKMHMHGQDRG
NRQVWDQWLOMXGVNHSULURGHQH]DRELOD]QDSVLKRORNDWYRUHYLQDXWXPDHQMLPD
RGUDYDQMDDXWRULWDUQLKYODGDYLQD$XWRULWDUQHYODGHPDQLSXOLUDMXVWUDKRPL
NRULVWHQDMHHPRUDOQRGLVNUHGLWLUDQMHNDQMDYDQMHLXQLWDYDQMH
LVWRPLOMHQLNDX]VWDOQRLVND]LYDQMHQDYDQMVNRJLOLXQXWUDQMHJQHSULMDWHOMD
'DVXVYLEH]VWUDKDNDNRELVHPRJOR]DEUDQLWL]OR"
,VWUDKVHPRHRVORERGLWLSULHPXSRVWDMHYLGOMLYRGDVHRQNULMHXRQLPD
NRMLVXSRWODHQL
-HGQRVWDYQLPWHKQLNDPDVWYDUDWHVHQRYHNULWLQHVLWXDFLMHL]D]LYDQMHP
QRYLKVWUDKRYDXSLUDQMHPSUVWDXQRYHQHSULMDWHOMH
.RGRGUDVORJRYMHNDMHQMHJRYDGUXWYHQDXORJDYHXYUHQDVWUDKRYL
SUDWHQDMHHPRJXHRSDVQRVWLNRMHVXXJODYQRPSRYH]DQHVXVSMHKRPLOL
QHXVSMHKRPXUDGXLXGUXWYHQRPLYRWX$NDGDVWUDKRYLSRVWDQX
SUHWMHUDQLLQHUD]XPQLSUHWYDUDMXVHXIRELMHLPRJXRYMHNXRGUHGLWLQHNH
REOLNHQMHJRYDSRQDDQMD
0DORVWUDKDRGQHHJRGUHHQRJDMHGREUR2QJXLSXQRYHLVWUDKRGQHHJ
QHRGUHHQRJD
.XNDYLFDMHRYMHNNRMLXRSDVQLPVLWXDFLMDPDPLVOLQRJDPD
p
NRMLVXSRWODHQL
QHRGUHHQRJD

NRMLVXSRWODHQL
QHRGUHHQRJD
NRMLVXSRWODHQL
QHRGUHHQRJD

1DMYHDVUHDRYMHNDMHRVOREDDQMHRGVWUDKD1HSRVWRMHJUDQLFHQLWL]D
PLVOLQLWL]DRVMHDMH6WUDKRGUHXMHJUDQLFH
1HSODLVHLQHEMHLL]YLDDFWLYDXYLDFRQWHPSODWLYDQLREUDWQRNUHLVH
L]PHXMHGQRJLGUXJRJQDL]PMHQFHSUHELYDMXLLVXGMHOXMXLXMHGQRPHL
GUXJRPH
1LQHXJRGQRVWLWHQH]DVWUDXMX
1LHJDVHQHPRUDPRERMDWLRVLPVWUDKD
2QDMNRMLWHVHERMLNDGVLQD]RDQPU]LWHNDGVLRGVXWDQ
3REMHGDQDGVWUDKRPMHSRHWDNPXGURVWL
3UYDGXQRVWRYMHNDMHVWGDSRNRULVWUDK
3XQLVPRVWUDKDDOLRGSRJUHQLKSUREOHPD6QDQHSREMHXMHVWLKDVODEH
VWUDK
6WUDKRYMHNXSRVWDYOMD]DPNX
6WUDKLQLMHGUXJRQHJRL]GDMDSRPDJDODWRLKUD]XPGDMH
6WUDKMHJODYQLL]YRUSUD]QRYMHUMDLMHGDQRGJODYQLKL]YRUDRNUXWQRVWL
6WUDKMHPRQDVWYDU
6WUDKMHSUDWLODFVODELK
6WUDKMHSURNOHWVWYRRYMHND
6WUDKMHUHDODQMHUVXVWDYUHGRYQRNDQMDYDRQHNRMLQDSXWDMXQMHJRYH
RVQRYQHSUHPLVH1HSULKYDDQMHX]VXVWDYQDMHHQRVLR]ELOMQHSRVOMHGLFH
6WUDKMHRVWDWDNLVNRQVNHSULURGHRYMHNDQDMMDLQDJRQ
6WUDKMHVWDQMHNRMHGRNLGDRYMHND
6WUDKSUHGLYRWRPDWRDNRMHVYHWRXQDPDLQDGQDPDNRQDQRLSUD]QR
WRMHSLWDQMHQDNUDMXLSDNSLWDQMHSDPHWL
6WUDKVYODGDYDYLHOMXGLQHJRELORWRGUXJRQDVYLMHWX
6WUDKRDMLQHPRVSUHDYDMXOMXGHGDELORWRXLQH
6XEOLPLUDMLVXSVWLWXLUDM2VORERGLVHWMHVNREHUHJUHVLMRPLOLDJUHVLMRP
UDFLRQDOL]DFLMRPILNVDFLMRPLOLNRPSHQ]DFLMRP
6YLMHWQDVSULVLOMDYDQDVWUDK6WUDKQLMHVODERVWSURVXLYDQMDYHSULNODGQD
VSR]QDMD7DPRJGMHLYRWQHSR]QDMHGUXJLVDGUDMRVLPRWXHQRJUDGD
VWMHFDQMDLSRWURQMHGDNOHWDPRJGMHVHVWDOQRSURPDXMHQXQRVH
SRYHDYDMXLNROHNWLYQLVWUDKRYLRGSURPDLYDQMDLMLMHHNVWUHPDQREOLN
VPUWQLVWUDK
7NRSUHGVWUDKRPSUR]RU]DWYDUDRWYDUDPXYUDWD
7NRVHQLHJDQHERMLODNRPRHSRVWDWL]ORLQDFDOLWNRVHSUHYLHERML
SRVWDWHVLJXUQRURE
GUXJRPH
VWUDK
6WUDKMHPRQDVWYDU
VPUWQLVWUDK
SRVWDWHVLJXUQRURE

GUXJRPH
VWUDK
6WUDKMHPRQDVWYDU
VPUWQLVWUDK
SRVWDWHVLJXUQRURE

GUXJRPH
VWUDK
6WUDKMHPRQDVWYDU
VPUWQLVWUDK
SRVWDWHVLJXUQRURE

LVWLQDGYROLQRVWOD
, 6.5(1267,1(,6.5(1267
p,VNUHQRVWMHPRUDOQDDQHHVWHWVNDNYDOLWHWD
,VNUHQRVWMHYMHURMDWQRQDMVPLRQLMLREOLNKUDEURVWL
,VNUHQRVWQDPQLMHXYLMHNXJRGQD
,VNUHQRVWRELQRGRYRGLGRSURSDVWL
/MXGLSUDWDMXVYHRVLPLVNUHQRVWL
/MXGVNDLVNUHQRVWQLMHXYLMHNQDMNUDLSXWGRFLOMD
3RSXVWLSDHSRELMHGLWL6DYLMVHDOLEXGLLVNUHQ7NRMHLVNUHQSUHNRPMHUH
GMHOXMHRNUXWQR
p-HGLQRLVWLQLWRNRGQHNLKOMXGLMHQMLKRYDQHLVNUHQRVW
1DQHLVNUHQRVWQHRGJRYRULWLOXNDYRXQLMHDVQRYHODNRXPQR
p$NRQHLVWLQDLPDGREUXVYUKXHVWRMHYUHGQLMDRGVDPHLVWLQH
$NRQLMHLVWLQDDOLMHGREURL]PLOMHQR
$NRVWHVODJDOLULMHMXLSLVPRPWRMHRWURYL]DGUXJHL]DYDV
%HVNRPSURPLVQDYMHUDXLVWLQXSUHGVWDYOMDVSRVREQRVWGDVHVORPHRNRYL
LOX]LMD
%H]LVWLQHMHQHPRJXHXLYRWXVOLMHGLWLELORNRMHSULQFLSHLOLSUDYLOD
%LORJGMHGDVHREMDYLVSR]QDMDLVWLQHYULMHGQDMH
%XMLFDLVWLQHWHHNUR]NDQDOH]DEOXGD
&LMHQLLVWLQXLEXGLLVNUHQDOLVMHWLVHOMXGLVX]DLVWLQRPUDVSLVDOL
SRWMHUQLFX
LQLVHGDVHQDMHGQRVWDYQLMLPLQDMSRWUHEQLMLPLVWLQDPDQDMNDVQLMHYMHUXMH
RYMHNNRMLWUDLLVWLQXPRUDELWLQHRYLVDQ
'DELVHL]EMHJOH]DEOXGHPRUDVHQMLKRYL]YRUSULYLGRWNULWLLQDVWRMDWL
REMDVQLWL
DWROMXGLWDNRSDVMLVWUDKXMXMHGQLSUHGGUXJLPD"
=
p6ODELLDNRVXSRVWDYOMHQLYLVRNRODNRSRVWDMX]ORWYRUL
DMYHDVQDJDVODELMDMHRGHQHUJLMHNRMRPSRQHNLEUDQLVYRMXVODERVW
1
,67,1$,/$
,67,1$,/$
=DWROMXGLWDNRSDVMLVWUDKXMXMHGQLSUHGGUXJLPD"
1DMYHDVQDJDVODELMDMHRGHQHUJLMHNRMRPSRQHNLEUDQLVYRMXVODERVW
LOX]LMD
SRWMHUQLFX
REMDVQLWL
,6.5(1267,1(,6.5(1267
GMHOXMHRNUXWQR
LVWLQDGYROLQRVWOD

LVWLQDGYROLQRVWOD
, 6.5(1267,1(,6.5(1267
GMHOXMHRNUXWQR
LOX]LMD
SRWMHUQLFX
REMDVQLWL
6ODELLDNRVXSRVWDYOMHQLYLVRNRODNRSRVWDMX]ORWYRUL
p
,67,1$,/$
,67,1$,/$

LOX]LMD
SRWMHUQLFX
REMDVQLWL
,6.5(1267,1(,6.5(1267
GMHOXMHRNUXWQR
LVWLQDGYROLQRVWOD

'RLVWLQHPRHPRGRSULMHWLVDPRRQGDDNRQDPMHGDQDVORERGDGD
JULMHLPR,VWLQDVHQHQDOD]LXLQMHQLFLYHXVNODGXL]PHXLQMHQLFD
'RQDMYLLKLVWLQDGROD]LVHSULMHRVMHDMHPQHJRXPRYDQMHP
'RVPUWLVHERUL]DLVWLQX
'UDJPLMH3ODWRQDOLPLMHGUDDLVWLQD
*RWRYRLQHSRVWRMLWDNDYRYMHNNRMLVHQHELPDORXGDOMLRRGLVWLQHNDGDVH
PRUDLVSULDWL
*RYRULVWLQHQLMHNLHQYHMHGQRVWDYDQ
*RYRULWLLVWLQXWRPRHNRULVWLWLRQRPHNRPHVHJRYRULDOLMHWHWQR]DRQH
NRMLMHJRYRUHMHUWLPHQDYODHPUQMXQDVHEH
,SRVOMHGQMLXHQLNGDQDV]QDLVWLQH]DNRMHEL$UKLPHGUWYRYDRVYRMLYRW
,VWLQDLSUDYGDLPDVWDMDWLQDGVYDNLPVXVWDYRP
,VWLQDLGHSURVMDLWL
,VWLQDMHXGQDLOLVPLMHQD
,VWLQDMHNHUNDYUHPHQD
,VWLQDMHQDMGXEOMHRVMHDQMHVUFD
,VWLQDMHQHXQLWLYDELOMND0RHVHPLUQR]DNRSDWLLVSRGVWLMHQHDOLLSDNH
L]ELWLNDGDGRHYULMHPH
,VWLQDMHRELQRQDVWUDQLRQRJNRMLQHSRVMHGXMHPR
,VWLQDMHRELQRUXQDL]DWRQHPD]DVRERPJRPLOXRERDYDWHOMD
,VWLQDMHSRGXGDUDQMHSRMPDVODJDQMHPLVOLLVWYDUL
,VWLQDMHXYLMHNRWYRUHQD]DPRJXHUHYL]LMH
,VWLQDNRMDQLMHL]UHHQDXSUDYRYULMHPHJRUDMHRGODL
,VWLQDQLMHNXUYDWRVHEDFDRNRYUDWDRQLPDNRML]DQMRPXGH
,VWLQDQLMHXVNODGXVQDRPSULURGRP]DEOXGDMHVWLWRL]MHGQRJYUOR
MHGQRVWDYQRJUD]ORJDLVWLQD]DKWMHYDGDSUL]QDMHPRVYRMXRJUDQLHQRVW
]DEOXGDQDPODVNDGDVPRQDRYDMLOLRQDMQDLQQHRJUDQLHQL0QRJRMH
ODNHUD]DEUDWL]DEOXGXQHJRRWNULWLLVWLQX=DEOXGDVHRGQRVLSUHPD
LVWLQLWRPHNDRVDQSUHPDEXGQRVWL3ULPLMHWLRVDPGDVHRYMHNNDRRVYMHHQ
YUDDL]]DEOXGHXLVWLQX
,VWLQDSRLQMHXGYRMH
,VWLQDSRVWRML,]PLOMDWLVHPRHVDPROD
,VWLQDUDDPUQMX
,VWLQDUDDPUQMX
,VWLQDSRLQMHXGYRMH
PRUDLVSULDWL
,VWLQDLGHSURVMDLWL

PRUDLVSULDWL
,VWLQDLGHSURVMDLWL
,VWLQDSRLQMHXGYRMH
,VWLQDUDDPUQMX

,VWLQDUDDPUQMX
,VWLQDSRLQMHXGYRMH
PRUDLVSULDWL
,VWLQDLGHSURVMDLWL

,VWLQDVHNYDULL]YUWDQMHPLOLSULNULYDQMHP
,VWLQHVXVOXDMQHQMLKRYDMHVXSURWQRVWPRJXDMHURQHQHQRVHXVHELVYRMX
QXQRVWQHJRMHVYDNDXWHPHOMHQDQDGUXJRM
, VWLQROMXELYRVWMHVUFHPRUDOQRVWL
,VWLQXHWHYUORODNRSUHSR]QDWLSRWRPHWRYDPQHHELWLXJRGQD
,]RVWDYOMDQMHMHQDMSRGOLMDOD-HGQDMHGLQDRLWDODXLWHOMDQMHJRYRP
WLHQLNXPRHXQLWLWLLWDYRGJRM-HGQDLYRWQDPXGURVWJODVLGDEH]
LYRWQHODLQHPRHPRLYMHWL
-HGLQDVWYDUNRMDVHQHPRHXOMHSDWLDGDSULWRPHQHVWUDGDWRMHLVWLQD
-HGQRVWDYDQMHJRYRULVWLQH
.DGDELOMXGLL]QHQDGDSUHVWDOLODJDWLELODELWRQMLKRYDQDMYHDL
QDMVXGERQRVQLMDUHYROXFLMD
.DGDMHLVWLQDSUHVODEDGDELVHEUDQLODPRUDSULMHLXQDSDG
.DGDVHGYRMHVYDDMXLVWLQDVHVPLMH
.DNRRYMHNQHELQHVWDRSRWUHEQLVXOMXGLNRMLQLVXNROHNWLYLUDQLLLVWLQD
NRMDQLMHSROLWL]LUDQD
.DNRELVHLQDHPRJORODJDWLQHJRGDVHVYMHVQRQHJRYRULLVWLQD"
.D]QD]DODFDQHVDVWRMLVHXWRPHGDPXVHQHYMHUXMHYHXWRPHGDRQ
QLNRPHYLHQHPRHYMHURYDWL
/DMHUHOLJLMDURERYDLJRVSRGDUD,VWLQDMHERJVORERGQDRYMHND
/DMHNDRVQMHQDJUXGDWRVHGXHYDOMDWRMHYHD
/DSURJOHGDXLVWLQLDLVWLQDYLGLXODL
/DVHJXWDSXQLPXVWLPDDLVWLQDSLMHNDSSRNDS
/DDFPRUDLPDWLGREURSDPHQMH/DOMLYFXRELQRQHYMHUXMHPRQLNDGD
JRYRULLVWLQX/DLVXWDNRSORGQHGDVDPRMHGQD]QDURGLWLWLVXHGUXJLK
/MXELLVWLQXDOLSUDWDM]DEOXGX
/MXGLPDDSRVHELFHGMHFLSRWUHEQDMHLVWLQD%ROMHMHGDLPWLVXXLVWLQD
RVWDQHQHRWNULYHQRQHJRGDLPXVUFHXHLMHGQDMHGLQDOD
0DOREURMQLPDMHSR]QDWSXWLVWLQH
0LWUDLPRLVWLQXDOLHOLPRMHQDLVDPRWDPRJGMHQDPRGJRYDUD
0LYROLPRLVNUHQRVWVDPRNRGRVREDNRMHQDVYROH,VNUHQRVWRVWDOLK
QD]LYDPREH]REUD]OXNRP
,VWLQLMHVXHQRGDVHERULSURWLYODL,VWLQDHSREMHLYDWLDOLHVHODXYLMHN
YUDDWLWHHVHLVWLQDXYLMHNL]QRYDPRUDWLERULWLVQMRP$NRWRQHEXGH
LQLODELWH]DXYLMHNL]JXEOMHQD
,VWLQROMXELYRVWMHVUFHPRUDOQRVWL
LYROLPRLVNUHQRVWVDPRNRGRVREDNRMHQDVYROH,VNUHQRVWRVWDOLK
0

, VWLQXHWHYUORODNRSUHSR]QDWLSRWRPHWRYDPQHHELWLXJRGQD
0LYROLPRLVNUHQRVWVDPRNRGRVREDNRMHQDVYROH,VNUHQRVWRVWDOLK
LYROLPRLVNUHQRVWVDPRNRGRVREDNRMHQDVYROH,VNUHQRVWRVWDOLK
0

QRJHVX]DEOXGHQDVWDOHL]LVWLQHNRMHOMXGL]ORXSRWUHEOMDYDMX
0
1DMGXEOMHLVWLQHLSDNVHQDMEROMHLWDMXL]PHXUHGDNDLQDMYHLPVHGLMHORP
QHGDMXQDSLVDWL
1DMJRUDLVWLQDEROMDMHRGQDMVODH]DEOXGH
1DMMHGQRVWDYQLMHVXRQHLVWLQHGRNRMLKVHQDMNDVQLMHGROD]L
1DMRSDVQLMHQHLVWLQHVXLVWLQHNRMHVXXPMHUHQRLVNULYOMHQH
1DMSRJXEQLMLVXRQLODFLNRMLNOL]HQDUXEXLVWLQH
1DMYHDSRYUHGDGXQRVWLRYMHNDSUHPDVHELVDPRPHMHVWVXSURWQRVW
LVWLQROMXEOMXOD
1DMYHLSULMDWHOMLVWLQHMH9ULMHPHQMHQQDMYHLQHSULMDWHOMMHSUHGUDVXGDD
QMHQVWDOQLSUDWLODFMH3RQL]QRVW
1HNROLNRLVWLQDPRUDVHUHLGDELVHPRJORLYMHWLQHNROLNRLKVHPRUD
SUHXWMHWLL]LVWRJDUD]ORJD
1HPDYLHVLJXUQHLVWLQH
1L]QDQMHQLPLOMHQMHQLNDGDQHSRLQMXRGSRWSXQHLVWLQHRQDMHQMLKRY
FLOM
1LNDNDYORSULPMHUQHPRHELWLWHWDQNDRLYRWQDODPDNDNRXGREQR
RGUDYDODSDNWVDLYRWRP
1LWDQHPRMPRSULKYDDWLNDRLVWLQLWRRVLPRQRJDWRVSR]QDMHPRMDVQRL
UD]JRYLMHWQR
1LWDQLMHVDVYLPLVWLQLWRDLWRQLMHLVWLQD
1LWDWRQLMHLVWLQLWRQLMHQLYHOLNR1LWNRRGQDVQHPDGRYROMQRGXKDGDEL
VDJOHGDRLVWLQXXFMHOLQLLGRYROMQRYUHPHQDGDMHSUHSULDQLWLWDNR
ODNRYMHUQXSXEOLNXNRMDELVYHPXSRYMHURYDOD
1LWNRWNRMHELRNDQMHQ]ERJODLL]WRJDQLMHQDXLRYROMHWLLVWLQX
1RSRWRMHLVWLQDELVHUQHEDFDMMHSUHGVYLQMH
2EMHNWLYQLNULWHULMLLVWLQHVXPHXOMXGVNHDQHQDGOMXGVNHSULURGH
2GYDQRVWLVWLQHSUYLMHSUHGXYMHWILOR]RIVNRJUD]PLOMDQMD
2QDMNRMLVDPVHELODHLVOXDODVYRMXGRWMHUDWHGRWOHGDQHHYLH
SR]QDWLQLNDNYHLVWLQHQLXVHELQLRNRVHEHQHJRHGRVOMHGQRSUHVWDWL
SRWRYDWLLVHEHLGUXJH
2QLNRMLQLNDGQHRSR]LYDMXVYRMHULMHLYLHYROHVHEHQHJRLVWLQX
2VLJXUDMVLOHDSD]DJXGLLVWLQXVYLPD
3REMHGDLVWLQHMHWHNDLPXNRWUSQDDOLMRMVH]DWRNDGMHMHGQRPL]ERULQH
PRHYLHRGX]HWL
SRWRYDWLLVHEHLGUXJH
PRHYLHRGX]HWL
0QRJHVX]DEOXGHQDVWDOHL]LVWLQHNRMHOMXGL]ORXSRWUHEOMDYDMX
QHGDMXQDSLVDWL
LVWLQROMXEOMXOD
FLOM
UD]JRYLMHWQR

QRJHVX]DEOXGHQDVWDOHL]LVWLQHNRMHOMXGL]ORXSRWUHEOMDYDMX
0
QHGDMXQDSLVDWL
LVWLQROMXEOMXOD
FLOM
UD]JRYLMHWQR
SRWRYDWLLVHEHLGUXJH
PRHYLHRGX]HWL

SRWRYDWLLVHEHLGUXJH
PRHYLHRGX]HWL
0QRJHVX]DEOXGHQDVWDOHL]LVWLQHNRMHOMXGL]ORXSRWUHEOMDYDMX
QHGDMXQDSLVDWL
LVWLQROMXEOMXOD
FLOM
UD]JRYLMHWQR

3RODLVWLQHQLNDGDQLMHSRORYLFDLWDYH3ROXLVWLQLWRMHRSDVQLMHRGODQRJD
3ROXSUD]QDDDMHGRGXHLSROXSXQDDOLSRODODLQLSRWRQLMHSRODLVWLQH
3RVOMHGQMDMHVYUKD]QDQRVWLLVWLQDSRVOMHGQMDVYUKDXPMHWQRVWLQDSURWLY
]DGRYROMVWYR
3RVWRMHGYLMHYUVWHLVWLQDLVWLQHXPDLLVWLQHLVNXVWYD,VWLQHVXXPDQXQHL
QMLKRYDMHVXSURWQRVWQHPRJXDLVWLQHVXLVNXVWYDVOXDMQHLQMLKRYDMH
VXSURWQRVWPRJXD
3RVWRMHLVWLQHXNRMHVYLVXPQMDMXLODLRNRMLPDVYLXWH
3RVWRMLMHGQRRUXMHNRMHMHPQRJRVWUDQLMHRGNOHYHWHWRMHLVWLQD
3UDYDWHQMD]DVSR]QDMRPLVWLQHSRGFMHQMXMHWULMXPIQDGSURWLYQLNRP
3UDYLOLNXNRMHPHJ]LVWLUDLVWLQDPRHELWLVDPRQMH]LQ]QDQVWYHQLVXVWDY
3UHGREURMHGDELELORLVWLQLWR
3UYLNRUDNGXKDMHUD]OLNRYDWLRQRWRMHLVWLQLWRRGRQRJWRMHODQR3DLSDN
RGWUHQXWNDNDRPLVDRUD]PLOMDRVDPRMVHELRQRWRQDMSULMHRWNULYDWRMH
SURWXUMHQRVW6WYDULQLVXUD]XPOMLYHVDPHSRVHELQHJRSRSRVOMHGLFDPD
NRMHPRHPRL]QMLKL]YXL
6DPRMHPDOROMXGLGRYROMQRVQDQRGDNDHLVWLQXLGDXMHLVWLQX
6DPRRQDMRYMHN]DVOXXMHGDJDVOXDPRNRPHULMHLVOXHMHGLQR]DWRGD
ELL]UD]LRPLVDRDPLVDRGDELUHNDRLVWLQX
6DPRUD]XPPRHRGUHGLWLWRMHLVWLQLWR
6YDNDLVWLQDNRMDQDPVHLQLSRWSXQDSRND]DWHVHQHLVWLQLWDXPRPHQWX
EURGRORPD
6YDNDMH]DEOXGDWROLNRRSDVQLMDNROLNRXQMRMLPDYLHLVWLQH
6YDNDODNRMDVHPRHGRND]DWLSRYMHURGRVWRMQLPVYMHGRFLPDSDELODRQD
QH]QDPNDNRJOXSDSUHWYDUDVHXLVWLQX
6YDNLVSRUD]XPL]PHXODLLLVWLQHXYLMHNMHQDWHWXLVWLQH
6YHMHWRQRDNLVXSURWQR6DPR'RGXHDOLQLNDGDQLMHWRQR
WRMHLVWLQD"2EMDQMHQMHULMHLLVWLQDMHVNODGVSR]QDMHVQMH]LQLP
SUHGPHWRP
WRPRHELWLQHPRUDOQRQDSRGOR]LLVWLQH"
7HNRHPRSRYMHURYDWLQHNRPRYMHNXNDGD]QDPRGDELVPRQDQMHJRYX
PMHVWXODJDOL
7NRODHWDMLNUDGH
7NRQH]QDLVWLQXWDMMHVDPREXGDOD$OLWNRMH]QDLQD]LYDMHODLWDMMH
]ORLQDF
]DGRYROMVWYR
VXSURWQRVWPRJXD
EURGRORPD
SUHGPHWRP
PMHVWXODJDOL
7NRODHWDMLNUDGH
]ORLQDF

]DGRYROMVWYR
VXSURWQRVWPRJXD
EURGRORPD
SUHGPHWRP
PMHVWXODJDOL
7NRODHWDMLNUDGH
]ORLQDF
]DGRYROMVWYR
VXSURWQRVWPRJXD
EURGRORPD
SUHGPHWRP
PMHVWXODJDOL
7NRODHWDMLNUDGH
]ORLQDF

NRXSRJUHQRPWUHQXWNXNDHLVWLQXVPDWUDVHFLQLNRP
7
7NRXYLMHNJRYRULLVWLQXWDMVHELPRHSULXWLWLORHSDPHQMH
7UDHQMHLVWLQHPRUDELWLSODPHQXRYRPSRPUDHQRPVYLMHWX$LVWLQDELWH
SRWSXQLMDNDGVH]GUXLVDVYLPOMXGLPD%LWLGREDUQDMYLHQDPMDPL
R]ELOMHQMHKXPDQLVWLNLKQDHOD'REDURYMHNHXVYRMLPSRVOMHGLFDPD
VMHGLQMDYDWLLVXXWLSRPLVDRLSRVOMHGLFH
7UDLRLVWLQXPDWNRPXGUDJRL]ORLWHVHRSDVQRVWLGDEXGHSURJRQMHQ
7UHEDOLXWRPHPUDNXRVWDWLGRNRQ",OLWUHED]DSDOLWLVYMHWORVWQDNRMRMH
]DYLVWLNOHYHWDRSHW]DSDOLWLVYRMHEDNOMH"
7UHEDQDSXVWLWLQDGXGDHPRLNDGDVDVWDYLWLEOLVWDYXLVSRNRMQXSRYULQX
NRMDELGDODPLUQDHPVUFX1DNRQWROLNLKYMHNRYDLVWUDLYDQMDQDNRQWROLNR
RGXVWDMDQMDPHXPLVOLRFLPDPLGREUR]QDPRGDMHLVWLQD]DVYHQDH
VD]QDQMH$NRELWUHEDORQDSLVDWLMHGQX]QDDMQXSRYLMHVWOMXGVNHPLVOL
WUHEDORELMHQDSUDYLWLRGQMHQLKVXNFHVLYQLKSRNDMDQMDLQMHQLKQHPRL
8SURVMHNXVHRWNULMHWHNVYDNDSHWDOD
6XGHVRPLVWLQRPLSRWUHERPQHPDFMHQMNDQMD
8LYRWXQDPMHLVWLQDGYDSXWNRULVQDXPODGRVWLGDELQDVSRXLODLX
VWDURVWLGDELQDVXWMHLOD
8JDDQMHVWYDUDSULMDWHOMHLVWLQDPUQMX
8QLYHU]DOQDYULMHGQRVWNRMXSULGDMHPRLVWLQLJODYQRMHOMXGVNRRWNULH
8YLMHNL]QRYDL]JRYDUDQHQHLVWLQHQHSRVWDMXLVWLQDPDYHDWRMHSXQRJRUH
QDYLNDPD$NRRYMHNQHPDSRYRGD]DODWRMRXYLMHNQH]QDLGDMH
LVNUHQ
8YMHULPRVHXLVWLQLWRVWLQMHQLFDSULMHQHJRWRVHSULKYDWLPRQMHQLKX]URND
9MHUXMHPGDVSR]QDMDLVWLQHQLMHXSUYRPHUHGXVWYDULQWHOLJHQFLMHQHJRVWYDU
NDUDNWHUD
9ULMHPHRWNULYDLVWLQX
=DEOXGDWHHSRSXWULMHNHLVWLQDNDSOMH3DWLPRRGLVWLQDDOLWMHLPRVH
ODLPD
o1HSODLPVHMDNLKYHGYRMDNLK
p1LNDGQHPRMODJDWLDXQDMWHLPVOXDMHYLPDQDXLVHXWMHWL
.DGVHQHELYMHURYDORODLPDQHELLKQLSURL]YRGLOL
7NRXSRJUHQRPWUHQXWNXNDHLVWLQXVPDWUDVHFLQLNRP
LVNUHQ
NDUDNWHUD
ODLPD
DGVHQHELYMHURYDORODLPDQHELLKQLSURL]YRGLOL
.

NRXSRJUHQRPWUHQXWNXNDHLVWLQXVPDWUDVHFLQLNRP
7
LVNUHQ
NDUDNWHUD
ODLPD

7NRXSRJUHQRPWUHQXWNXNDHLVWLQXVPDWUDVHFLQLNRP
LVNUHQ
NDUDNWHUD
ODLPD

/-8%$9,/-8%2025$
/-8%$9,/-8%2025$

/-8%$9,/-8%2025$
/-8%$9,/-8%2025$

2/-8%$9,
EUDNOMXEDYOMXEDYQLNQDNORQRVWQMHQRVWRGDQRVWSROMXEDF
3DNDRXNXL"=DWRVLSXVWLRYUDJD"
p
%UDQHNDWDVWURIH]DSRLQMXNDGDPXNDUDFRWNULMHVYRMDQMHQDRVMHDQMDD
HQDVYRMXP
%ROMHMHELWLGREURREMHHQQHJRORHRHQMHQ
$NRHOLPRVDXYDWLVYMHWORVWXEUDNXPRUDPRSULKYDWLWLLVMHQX
%LORELYLHGREULKEUDNRYDNDGDVXSUXQLFLQHELVWDOQRELOL]DMHGQR
%UDNEXGXQRVWL]DVQLYDWHVHLVNOMXLYRQDPHXVREQRPUD]XPLMHYDQMXL
X]DMDPQRMQDNORQRVWL
%UDNMHJUDHYLQDNRMDVHVYDNLGDQPRUDQDQRYRJUDGLWL
%UDNMHOXWULMDXNRMRMPXNDUDFVWDYOMDQDNRFNXVYRMXVORERGXDHQDVYRMX
VUHX
%UDNMHSRNXDMGDVHXGYRMHULMHHSUREOHPLNRMHRYMHNVDPQLNDGDQHEL
LPDR
%UDNRVWDMHWDNRRPLOMHQMHUSRYH]XMHPDNVLPXPLVNXHQMDVPDNVLPXPRP
SULOLND
%UDNRYLVH]DNOMXXMXQDQHEXDOLWDPRQLWNRQHREUDDSR]RUQRVWMHVXOL
GREURRGDEUDQL
'DQDVMHEUDNYHVUHWDQDNRMHUD]YRGWULSXWDRGJRHQ
'REDUEUDNMHNDRYMHQRPODGRYDQMH
'REDUEUDNSRLYDQDWDOHQWX]DSULMDWHOMVWYR
'UDPDMHGQRJEUDNDQHVDVWRMLVHXYHOLNRPSRWUHVXYHXPQRJLPPDOLP
LULWDFLMDPDNRMHVH]EUDMDMX
,VSUDYQRRHQMHQMHRQDMPXNDUDFNRMLUD]XPLMHVYDNXULMHNRMXQMHJRYD
HQDQLMHUHNOD
-HGQDRGYL]LMDEUDNDVDVYLPVLJXUQRLPDHNRQRPVNRLSVLKRORNRRELOMHMH
7DGDEUDNSUHGVWDYOMDSURQDODHQMD]DNORQDVNORQLWDRGLQDHQHL]GULYD
RVMHDMDRVDPOMHQRVWL7DMVDYH]GYRMHSURWLYVYLMHWDDNRQLMHXWHPHOMHQQD
OMXEDYLYUHPHQRPPRHSRVWDWL]DMHGQLNDWUDJHGLMD
0QRJL]DNRMHVHPLVOLGDVXXPUOLVDPRVXRHQMHQL
0XNDUDFSRGQRVLEUDNL]OMXEDYLSUHPDHQLHQDSRGQRVLPXNDUFDL]
OMXEDYLSUHPDEUDNX
1HNLEUDNRYLVHGUHVDPRNDRLYRWLQMHNRMHVXVH]DJUL]OHMHGQDXGUXJX
1HVUHWQHEUDNRYHQHLQLQHGRVWDWDNOMXEDYLYHQHGRVWDWDNSULMDWHOMVWYD
p3DNDRXNXL"=DWRVLSXVWLRYUDJD"
HQDVYRMXP
X]DMDPQRMQDNORQRVWL
VUHX
LPDR
SULOLND
GREURRGDEUDQL
HQDQLMHUHNOD
OMXEDYLSUHPDEUDNX
HVUHWQHEUDNRYHQHLQLQHGRVWDWDNOMXEDYLYHQHGRVWDWDNSULMDWHOMVWYD
1
2/-8%$9,

2/-8%$9,
3DNDRXNXL"=DWRVLSXVWLRYUDJD"
p
HQDVYRMXP
X]DMDPQRMQDNORQRVWL
VUHX
LPDR
SULOLND
GREURRGDEUDQL
HQDQLMHUHNOD
OMXEDYLSUHPDEUDNX
1HVUHWQHEUDNRYHQHLQLQHGRVWDWDNOMXEDYLYHQHGRVWDWDNSULMDWHOMVWYD
p3DNDRXNXL"=DWRVLSXVWLRYUDJD"
HQDVYRMXP
X]DMDPQRMQDNORQRVWL
VUHX
LPDR
SULOLND
GREURRGDEUDQL
HQDQLMHUHNOD
OMXEDYLSUHPDEUDNX
HVUHWQHEUDNRYHQHLQLQHGRVWDWDNOMXEDYLYHQHGRVWDWDNSULMDWHOMVWYD
1
2/-8%$9,

1HHQMHEUDNVKYDDMXR]ELOMQLMHRGRHQMHQLK6YD]DMHGQLNDYHVHOMDLQH
EUDNYULPDSRMHGLQDQDODEDYLMLP
7NRVHERMLVDPRHQHELVHWUHEDRHQLWL
8QDMYHHPEURMXVOXDMHYDLQLVHGDMHEUDNSXQRORYQHGRVDGHNRMDVH
R]QDXMHLPHQRPSRURGLQDVUHD
8QDHPPRQRJDPQRPGUXWYXYMHQDQMH]QDLSUHSRORYLWLVYRMDSUDYDL
XGYRVWUXLWLVYRMHREYH]H
9HLQDSUREOHPDXEUDNX]DSRLQMHWLPHGDHQDSUHYLHJRYRULDPX
SUHPDORVOXD
9HVHOLEUDQLSDUMHQDMEROMHWRVHXOMXEDYLPRHSRVWLL
9MHQDQMHMHMHGLQDGRLYRWQDND]QDJGMHVHQDWHPHOMXORHJYODGDQMDPRH
GRELWLSRPLORYDQMH
=DGREDUEUDNSRVWRMLMHGQRVWDYQRPMHULORRYMHNMHRQGDVUHWQRRHQMHQDNR
UDGLMHGROD]LNXLQHJRRGOD]L,GHMDRYH]LNRMDVHPRHODNRUD]ULMHLWLDNR
QLMHXVSMHQDLVWRMHWDNRSRJUHQDNDRLLGHMDGDVHQLXNRMHPVOXDMXWD
YH]DQHVPLMHUD]ULMHLWL
p$VORERGQDOMXEDY"/MXEDYQLMHQLNDGVORERGQDRQDMHURSVWYRSR
GHILQLFLML
$NRLVWLQVNLYROLPQHNRJRYMHNDYROLPVYHOMXGHYROLPVYLMHWYROLPLYRW
$NRMHYUOLQDYROMHWLVYRJDEOLQMHJDNDROMXGVNRELHPRUDELWLYUOLQDDQH
SRURNYROMHWLVHEHMHUMDVDPWDNRHUOMXGVNRELH/MXEDY]DPRMXYODVWLWX
OLQRVWQHUD]GYRMQRMHSRYH]DQDVOMXEDYL]DELORNRMXOLQRVW
$NRSUHWSRVWDYLRYMHNDNDRRYMHNDDQMHJRYRGQRVSUHPDVYLMHWXNDR
OMXGVNLRGQRVRQGDPRHOMXEDY]DPLMHQLWLVDPR]DOMXEDYSRYMHUHQMHVDPR
]DSRYMHUHQMH$NRWLYROLDQHL]D]LYDVXSURWQXOMXEDYRQGDNUR]LYRWQR
RLWRYDQMHNDRRYMHNNRMLYROLQHSRVWDQHYROMHQLRYMHNRQGDMHWYRMD
OMXEDYQHPRQDRQDMHQHVUHD
$NRYROLVHEHWLYROLVYDNRJGUXJRJNDRVDPRJDVHEHLPYROLGUXJH
RVREHPDQMHQHJRVHEHWLQHHXVSMHWLYROMHWLVHEH
%H]OMXEDYLWLMHORMHWDPQLFDXNRMRMGXDLVSDWDVYRMHSULVXVWYR
%H]SRWRYDQMDQHPDLVWLQVNHOMXEDYL
%LWLYROMHQPRHELWLND]QD$QH]QDWLGDOLVLYROMHQPXHQMH
%XGLVLJXUDQXVHEHDOLHVWRJXELVLJXUQRGRNLGH]DQHVLJXUQLP
7YRMDVLJXUQRVWSRLYDQDWHPHOMLWRPSR]QDYDQMXGUXJRJDLQDWYRMHP
YODVWLWRPGRLYOMDYDQMXOMXEDYLLLQWHJULWHWD
RYMHNYROLRQRRNRHJDVHWUXGLLWUXGLVHRNRRQRJDWRYROL
GHILQLFLML
SUHPDORVOXD
GRELWLSRPLORYDQMH

SUHPDORVOXD
GRELWLSRPLORYDQMH
GHILQLFLML

GHILQLFLML
SUHPDORVOXD
GRELWLSRPLORYDQMH

'DELVPRQHWRPRJOLLVSUDYQRSURFLMHQLWLPRUDPRVHRGWRJDPDOR
GLVWDQFLUDWLQDNRQWRVPRWRYROMHOL7RYULMHGL]D]HPOMH]DLYDELDL]D
QDVVDPH
'DUOMXEDYLQHPRHVHGDWL2QHNDGDEXGHSULKYDHQ
,XQDMPDQMRMMHNROLELGRYROMQRSURVWRUD]DVUHWQR]DOMXEOMHQLSDU
,PDRQLKNRMLVXVWYRUHQLGDLYHLRQLKNRMLVXVWYRUHQLGDYROH
,PDWHOL]DREDYLWLSXQRYDQLMLKVWYDULQHJRWRMHOMXEDY"
,URQLMDMHQHVUHWQDOMXEDYSUHPDLYRWXSRNXDMJODYHGDVHREUDQLRGVUFD
,VWLQLWDVHXQLYHU]DOQRVWQHVDVWRMLXWRPHGDVHSXQRWRJD]QDYHGDVHSXQR
WRJDYROL
-DGQDMHOMXEDYNRMXPDWDQHSUDWL
-DRPHQLNRMLWHQHPRJX]DERUDYLWL
-HUYLGLVYHWHYLHYROLPVYDNRJGDQDVYDNRJMXWUDGDQDVYLHQHJR
MXHUDPQRJRPDQMHQHJRVXWUD
.DGELELORGRYROMQRVDPRYROMHWLVWYDULELELOHVXYLHMHGQRVWDYQH
.DGELLPDRGDUSURULFDQMDL]QDRVYHWDMQHLVYH]QDQMHNDGELKLPDRSXQLQX
YMHUHWDNRGDELKEUGDSUHPMHWDRDOMXEDYLQHELLPDRELRELKQLWD6DGD
RVWDMHYMHUDXIDQMHLOMXEDYWRWURMHDOLMHQDMYHDPHXQMLPDOMXEDY
.DGQHPDWRYROLYROLRQRWRLPD
.DGVHYROLSULURGDSUHVWDMHELWLWDMQRP
.DGDQHELVPROMXELOLQHELVPRXPMHOLQLPLVOLWLQLJRYRULWL2GRLVWDEROHVW
OMXEDYLLWUDHQMHVPLVODWRMHQHRVSRUQREROHVWRGGXH
.DGDVHUDDVPUWOMXEDYL"7DGDNDGDVHSDUWQHULSUHVWDMXWUXGLWLGDEXGX
SULYODQLLGDSREXXMXOMXEDYSDVWRJDSRVWDMXGRVDGQLL]ERJWRJDQMLKRYD
OMHSRWDQHVWDMH%UDNVHSRLQMHSUHWYDUDWLXSULMDWHOMVNRYODVQLWYRX
NRUSRUDFLMXXNRMRMVHGYDHJRL]PDVWDSDMXXMHGDQHJRL]DPRELWHOML9LH
OMXEDYLLOLOMXEDYQLNDRGQRVQROMXEDYQLFDXPMHVWRMHGQHRVREHQHUMHDYD
SUREOHPVSRVREQRVWLYROMHQMD
.DNRGRELWLQHWR]DQLWD"
.DNR"/MXEDYELWUHEDODELWLQHWRQHVHELQR"
.DUDNWHULVWLNDOMXEDYLVXDNWLYQRVWDQHVWUDVWEULJDRGJRYRUQRVWUHVSHNWL
]QDQMH
.DXGDVHOMXEDYLYMHUQRVWYHRPDULMHWNRVXVUHXDDNRVHLVUHWQXQH
PRJXVHODNRSUHSR]QDWL
.RMHVXWRVLOHWRGUHQDRNXSXWHPDOH]YLMH]GHQDQHEXLWHYHOLNHOMXGHQD
=HPOML"
QDVVDPH
WRJDYROL
]QDQMH
=HPOML"

QDVVDPH
WRJDYROL
]QDQMH
=HPOML"
QDVVDPH
WRJDYROL
]QDQMH
=HPOML"

ROLNRLPDQDDOXNROMNLWROLNRMHXOMXEDYLEROL
.
/MXEDYLSMHVQLWYRVX]DSUDYRMHGQRWHLVWRHOMD]DL]UDDYDQMHP
/MXEDYLSULMDWHOMVWYRVHLVNOMXXMX/MXEDYLPDVX]DLPRHVX]HUD]XPMHWL
/MXEDYMHEROHVWEH]XPOMHNRMHMHVWYRULORXPMHWQRVWOMXEDYMHKWMHODELWL
OLMHSDWHGDWXOMHSRWXSUHQHVHQDVYHRNRVHEH6QMRPVHURGLRSOHVJOD]EDL
SRH]LMD/MXEDYQDYRGLQDNRQWHPSODFLMXEDFDXHNVWD]XLVLOLQDL]UD]2YD
VOLMHSDVLODRGYRGLRGLYRWDVYDNRGQHYQRVWLRGEDFXMHRGVWYDUQRVWLLVYHWR
MRMQHL]JOHGDSULNODGQR
/MXEDYMHGUDPDSRYLMHVWLQDRVREQRPSODQX
/MXEDYMHLQWHUSHUVRQDOQLRGQRVQDMWHPHOMLWLMDVWUDVWWRMHVLODNRMDSRYH]XMH
OMXGVNXYUVWX1HXVSMHKGDVHRQRSRVWLJQHGRYRGLGROXGLODGRXQLWHQMD
VDPDVHEHLOLGUXJLK%H]OMXEDYLOMXGVNLURGQHELPRJDRRSVWDWLQLMHGDQ
GDQ
/MXEDYMHL]UD]QHLMHPRLGDYROLDYROMHWLQHNRJDDNWXDOL]DFLMDMHL
NRQFHQWUDFLMDPRLXRGQRVXQDMHGQXRVREX1LMHLVWLQDNDRWRELWRKWMHOD
LGHMDURPDQWLQHOMXEDYLGDSRVWRMLVDPRMHGQDRVREDXVYLMHWXNRMXQHWNR
PRHYROMHWLLGDMHYHOLNDVUHDQHLMHJLYRWDGDQDHWXRVREX
/MXEDYMHMHGLQDEDMNDNRMDQH]DSRLQMH%LORMHGQRPDOLWLPH]DYUDYD
/MXEDYMHMHGLQDVWYDUNRMDQHQHVWDMHXVOLMHGUDVLSDYDQMD
/MXEDYMHNDRYDWUDQHNRJDJULMHQHNRJDSDOL
/MXEDYMHQDMERJDWLMDNDGMHVYHGDOD
/MXEDYMHQDMEROMLXLWHOM
/MXEDYMHQLMHPDLVDPRSRH]LMDPRHJRYRULWLXQMHQRLPH
/MXEDYMHRVMHDQMHOLHQRPUQMHLJDHQMD6YDNROMXGVNRELHSRVMHGXMH
VSRVREQRVWGDYROLDOLMHQMH]LQRRVWYDUHQMHMHGQRRGQDMYHLKGRVWLJQXD
/MXEDYMHSDWQMDLYRWEH]OMXEDYLMHVPUW
/MXEDYMHSRH]LMDUD]XPD
/MXEDYMHSRNXDMSULURGHGDXNORQLUD]XP/MXEDYMHSXQRDRYMHND
/MXEDYMHVDWNDQDLVNOMXLYRRGVORERGHQDPHWDQMHWXQHSRPDH
/MXEDYMHXYLMHNSRHWDN]QDQMDNDRWRMHYDWUDSRHWDNVYMHWOD
/MXEDYMHX]YLHQDGREURWD
/MXEDYMHHOMD]DGDYDQMHPDQH]DGRELYDQMHP/MXEDYPRUDLPDWLVQDJHGD
XVXVHELVDPRMGRHGRVLJXUQRVWL
/MXEDYPRHSUHWYRULWLWMHOHVQXHOMXXGXKRYQXDWLMHORXGXX
/MXEDYQDSUYLSRJOHGMHMHGQDNRSRX]GDQDNDRGLMDJQR]DQDSUYLGRGLU
UXNRP
.ROLNRLPDQDDOXNROMNLWROLNRMHXOMXEDYLEROL
GDQ
UXNRP

ROLNRLPDQDDOXNROMNLWROLNRMHXOMXEDYLEROL
.
GDQ
UXNRP

.ROLNRLPDQDDOXNROMNLWROLNRMHXOMXEDYLEROL
GDQ
UXNRP

/MXEDYQHPRUDPROLWLQL]DKWLMHYDWL
/MXEDYQHPRHELWLGXERNDDNRQLMHLVWD
/MXEDYQLMHXGRDOLLQLXGHVD
/MXEDYQLMHVROR/MXEDYMHGXHW$NRNRGMHGQRJQHVWDQHSMHVPDXWLKQH
MXEDYRSUDYGDYDVYHWRLQL
/
/MXEDYSREMHXMHJRGLQH0ROLWYDMH]DPHQHNDGWLRLJOHGDP3ROMXEDFMH
YMHVQLNOMXEDYL
/MXEDYSRLYDQDYHOLNRPSUHWMHULYDQMXUD]OLNHL]PHXMHGQHRVREHLVYLK
GUXJLK
/MXEDYSRGUD]XPLMHYDHOMXGDLGUXJDRVREDUDVWHLQDSUHGXMH2QDMHL]UD]
LQWLPQRVWLGYRMHOMXGVNLKELDSRGXYMHWLPDRXYDQMDX]DMDPQRJLQWHJULWHWD
/MXEDYSRPDHRYMHNXGDSUHYODGDRVMHDMXVDPOMHQRVWLDLSDNPXGRSXWD
GDEXGHVYRMGD]DGULVYRMLQWHJULWHW8OMXEDYLVH]ELYDSDUDGRNVGDGYD
ELDSRVWDMXMHGQRDGDLSDNRVWDMXGYRMH
/MXEDYSR]QDVDPRRQDMWNREH]QDGHOMXEL
/MXEDYSUHPDMHGQRMRVRELLPSOLFLUDOMXEDYSUHPDRYMHNXXRSH
/MXEDYSUHWMHUXMHXWRPHMHQMH]LQDVQDJDLVODERVWX]URNQMH]LQLKLOX]LMDL
UD]RDUDQMD
/MXEDYSUHYODGDYDQDUFL]DPL]UDEOMLYDQMHLJRPLODQMHDL]UDDYDVHYMHURPX
YODVWLWHVQDJHLKUDEURVWGDVHRVORQLQDYODVWLWXPRXSRVWL]DYDQMXYODVWLWLK
FLOMHYD
/MXEDYUXLLREDUD
/MXEDYVDPDLRQDEDQDMYLHSULVDPRMVYRMRMSRMDYLUD]GLUHRYMHND
WMHOHVQRPPXNRPLQHODJRGQRXQHNLPQHPLURPWRQHGR]YROMDYDGDVH
VMHGLGDVHVMHGLLOLVWRMLGDVHUDGLQRJRQLRYMHNDSRSROMLPDSROLYDGDPD
GDOHNRRGVHEHXQHPLUWRNLGDLORPL
/MXEDYVHEU]R]DERUDYOMDNDRLVPUW
/MXEDYVHLVSUYDQD]LYDSRYMHUHQMHP
/MXEDYVHQLNDGDQHUDDX]ORMGXL
/MXEDYVHUDDLYLLXPLUHXRLPD
/MXEDYVYHSREMHXMH/MXEDYWUDLSUD]QLQXNRMXELPRJODSRSXQLWLL]ORGD
ELJDPRJODSUHWYRULWLXGREUR1HWUHEDGDNOHRDMDYDWL/MXEDYRHNXMHVYRM
WUHQXWDN
/MXEDYSRSXWYDWUHPRUDVWDOQRELWLXSRNUHWX
/MXEDYLQLMHQLWDWDNREOL]XNDRVPUW
YMHVQLNOMXEDYL
GUXJLK
UD]RDUDQMD
FLOMHYD
/MXEDYUXLLREDUD
WUHQXWDN
MXEDYQHPRUDPROLWLQL]DKWLMHYDWL
/
/MXEDYRSUDYGDYDVYHWRLQL

YMHVQLNOMXEDYL
GUXJLK
UD]RDUDQMD
FLOMHYD
/MXEDYUXLLREDUD
WUHQXWDN
YMHVQLNOMXEDYL
GUXJLK
UD]RDUDQMD
FLOMHYD
/MXEDYUXLLREDUD
WUHQXWDN

MXEDYOMXVHVYHNXSXMHVYHVSDDYD
/
/MXEDYQDRSLQMHQRVWMHLVNOMXLYDQMHL]YUHPHQD/MXEDYQDVSRVREQRVW
]DYLVLRGSR]LWLYQLKNDUDNWHUQLKRVRELQD$NWLYQLHOHPHQWLOMXEDYLVXEULJD
RGJRYRUQRVWUHVSHNWL]QDQMHDWRVXRVRELQH]UHOHRVREHWMRVREHNRMD
UD]YLMDYODVWLWHVQDJHSURGXNWLYQRNRMDHOLLPDWLMHGLQRRQR]DWRVH
WUXGLODNRMDMHRGEDFLODQDUFLVRLGQHVQRYHVYH]QDQMDLVYHPRL
/MXEDYQLFLVXYLUWXDOQL]ORLQFLMHUMHOMXEDYIDQDWL]DPLWRWDNDYNRMLVH
PRHVDGLVWLNLRNUHQXWLSURWLYVYRMHJSUHGPHWD
/MXEDYQLFLPDRGYRMHQRVWQHSDGDWHNRDNRLKGLMHOH]HPOMHLPRUHSXQRMH
JRUHDNRVXRGYRMHQL]LGRPLOLYUDWLPDVREH
/MXGLLPDMXLOLQHPDMXGRGLUDXOMXEDYLWRMHSRVYRMSULOLFLYLHVWYDUPLULVD
DYRELJD]QDRNDNYLKPDJQHWVNLKVYRMVWDYDQHJRLQGLYLGXDOQHYROMHLOL
XNXVD
0DMLQDOMXEDYQHVSUHDYDGLMHWHGDVHUD]YLMHLQHSRNXDYDLVNRULVWLWL
QMHJRYXEHVSRPRQRVWL8QMH]LQLYRWPRUDELWLXWNDQDHOMDGDGLMHWH
SRVWDQHQHRYLVQRLGDVHQDNUDMXRGYRMLRGQMH
0DMLQDVHOMXEDYVPDWUD]DQDMYLXYUVWOMXEDYLL]DQDMVYHWLMXRGVYLK
HPRFLRQDOQLKYH]DXNROLNRMHULMHROMXEDYL]DGLMHWHNRMHVD]ULMHYDDQHR
PDOHQRPELXNRMHMHSRWSXQRRYLVQRRQMRM
0LVOLPGDFLOMRGJRMDWUHEDELWLOMXEDYQDNORQRVW
0QRJRPRHGXQRVWEHVNUDMQRYLHOMXEDY
0QRJRYRGHQHPRJXXJDVLWLOMXEDYQLWLMHULMHNHSRWRSLWL
0RHOLVH]ODWRP]DGRELWLLOMXEDY"
0UQMXLQH]DGRYROMVWYRXVUFLPDEOLQMLKQHPRHPRLVWMHUDWLQLNDNYRP
ORJLNRP
1DSRHWNXVXVYHPLVOLSRVYHHQHOMXEDYL$NDVQLMHVYDOMXEDYPLVOLPD
1DGDOMHYROMHWLQHNRJDMHDNWXDOL]DFLMDLNRQFHQWUDFLMDOMXEDYQHPRL
1DMQLLPQLWLPDQDMYUHVPRSRYH]DQL
1DMUMHLWLMLJRYRUOMXEDYLMHXWQMD
1DMYHHWROMXGLPRJXGDWLMHGQLGUXJLPDMHSRYRG]DOMXEDYLSRWRYDQMH
1DXLOMXGHGDYROHRQRWRMHQDMX]YLHQLMH
1HVPLMHPROMXEDYNRMXVPUWYLPDSRODHPRXJURERGX]HWLLYLPD
1HXGDULYDWLKRXELWLGRELYHQ
1HNDOMXEDYWYRMDSUHSODYLVYDLYDELD
1HNDVHSRNUHQXSODQLQHLSRWUHVXEULMH]LDOLVHOMXEDYPRMDQHHRGPDLRG
WHEH
/MXEDYOMXVHVYHNXSXMHVYHVSDDYD
XNXVD
ORJLNRP
WHEH

MXEDYOMXVHVYHNXSXMHVYHVSDDYD
/
XNXVD
ORJLNRP
WHEH

/MXEDYOMXVHVYHNXSXMHVYHVSDDYD
XNXVD
ORJLNRP
WHEH

1HPDOMXEDYLEH]LVNUHQRVWL
1HPDOMXEDYLNRMDQHL]D]LYDQDHLOLWXHSDWQMH
1LSRUHGVYLKPUQMDSRUHGGUXWYHQLKODQDFDLURELMDSRUHGQHL]PMHUQH
SDWQMHRYMHDQVWYDOMXEDYQLMHXPUOD
1LMHQHPRJXHLQHXJRGQRLVWRGREQRYROMHWLYLHRVRED
1LMH]ORWRVHPU]LQHNROLNRQHSULMDWHOMDYHWRVYRJEOLQMHJDGRYROMQRQH
YROLPR
1LVPRQDVYLMHWGROLVDPRGDELVPRJDXSR]QDOLYHGDJDYROLPR
1LWNRQLMHREYH]DQGDGUXJRJYROLYLHQHJRVDPDVHEH
2E]LURPQDYHOLNXVORHQRVWLYRWDVQMHJRYLP]DKWMHYLPD]DOMXEDYL
VXRVMHDQMHNRMLVXXQHSUHVWDQRMVXSURWQRVWLRYMHNVSR]QDMHGDMHLYRW
QHWRODNLLGDMHPXGULMHDNRQDYHLQXOMXGLJOHGDQHJDWLYQR
2QLNRMLYROHVD]ULMHYDMXXMHGDQGDQ
3ODWRQVNDPLOMXEDYGMHOXMHNDRGDRYMHNYMHQRQLDQLDQLNDGQHSULWLVQH
RNLGD
3ORGQDMHOMXEDYMHGLQLL]D]RYNRMLPRHPRXSXWLWLVPUWL
3RVWRML]HPOMDLYLKLPUWYLKDPRVWMHOMXEDYMHGLQRXQMRMPRHPR
SUHLYMHWLLMHGLQRRQDLYRWXGDMHVPLVDR
3RYMHUHQMHLWRYDQMHXGYDRVQRYQDVWXSDOMXEDYL
3RYXHQRVWRGYDQMVNRJVYLMHWDLPDEURMQHSRVOMHGLFH.DGMHQDXQXWDUQML
LYRW]DWLHQRGRSDVQRVWLOMXEDYLLPUQMHQHL]RVWDYQRMHRVLURPDHQ
2VLURPDHQLQLVHSUD]QLPYDNXXPRP7DNRRGYRMHQPRGDRVMHDGD
WLMHORXVWYDULQLMHRQQHJRVDPRSUHGPHWPHXSUHGPHWLPD7LMHORQLMH
OMXVNDQMHJRYHELWLQHJRVDPRNRUDNRMXSURPDWUDRGYRMHQRSUDYLRQVDP
SUHWMHUDQRSRGUREQRLNULWLNL
3UDYHLWUDMQHOMXEDYLQHPRHELWLEH]WRYDQMD
3ULMDWHOMVWYRLOMXEDYVXGYLMHELOMNHQDMHGQRPNRULMHQX7HNOMXEDYLPD
QHNROLNRFYMHWRYDYLH
3URGXNWLYQLUDGOMXEDYLPLOMHQMHPRJXLVXMHGLQRDNRRVREDPRHELWLNDG
MHWRQXQRVPLUHQDLVDPDVDVRERP
5DGRVWLOMXEDYVXNULOD]DYHOLNHSRGXKYDWH
6WRERPSRQHNDGQHPRJXLYMHWLDQHPRJXSRQHNDGLYMHWLQLEH]
WHEH
6SRVREQRVW]DOMXEDYRYLVLR]UHORPUD]YRMXNDUDNWHUD6YDWNRVHEH]
VXPQMHUDDVDVSRVREQRX]DOMXEDYDOLMHSRWUHEDQVLJXUDQLRVMHDMDQ
RGJRMGDELVHWDMSRWHQFLMDORVWYDULRLXYUVWLR
HPDOMXEDYLEH]LVNUHQRVWL
1
YROLPR
RNLGD
QHNROLNRFYMHWRYDYLH
WHEH

YROLPR
RNLGD
QHNROLNRFYMHWRYDYLH
WHEH
HPDOMXEDYLNRMDQHL]D]LYDQDHLOLWXHSDWQMH
1
YROLPR
RNLGD
QHNROLNRFYMHWRYDYLH
WHEH

WMHFDQMHPRLLVNOMXXMHOMXEDY
6
6WUDKLOMXEDYXYLMHNLGXVNXSD
6YDD]DOMXEOMHQLKMHREQDYOMDQMHOMXEDYL
6YDNLMHOMXEOMHQLSUHGPHWVUHGLWHMHGQRJUDMD
6YDNRPMHVWRNRMHOMXEDYQDSXVWLRVYDMDPUQMD
6YDNRMOMXEDYLNRULVWLNUDWNLUDVWDQDNLOLRGYRMHQRVW6YHPLVOLLVYHVWUDVWL
NRMHSRNUHXVUFHVPUWQLNRYRURERYLVXOMXEDYL
6YHWROMXEDYWYRMDWDNQHRXYDQRMHRGVPUWL
6YHYHOLNHOMXEDYLOMXGVNHSRYLMHVWLSURSDOHVXSRHOMLVYLMHWDLPHVHVYLMHW
PRHWMHLWL
6YMHVQRVWMHSURL]YRGRGJRMDLVSXQMHQRJEOL]LQRPLOMXEDYOMX6DYMHVWDQ
RYMHNVHPRHRGXSULMHWLLVNXHQMXWHVHRVMHDNULYLPNDGDSRJULMHL
0RUDOQDSUDYLODMHXVPMHULRSUHPDVHELLQLMHVNORQRSWXLYDQMXGUXJLK
1MHJRYDVDYMHVWMHWDNRVQDQRUD]YLMHQDGD]ERJWRJDSRQHNDGWUSHQMHJRY
QDJRQVNLLYRWLVWYDUDODNDVQDJD
WRELVYLMHWELRVUFXQDHPEH]OMXEDYL"2QRWRMHDUREQDODPSDEH]
VYLMHWORVWL
WRMHOMXEDYYHDRSUH]MHPDQML
WRMHLYRWEH]VMDMDOMXEDYL"
7HNRMHRGMHGQRPVHRGUHLGXJHOMXEDYL
7HNRRQRPYHOLNRPRYMHNXNRMHPXVHPRHPRVDPRGLYLWLDOLJDQH
PRHPRYROMHWL/MXEDYMHYMHQDNDRERJGLYOMHQMHSUROD]QRNDRVYLMHW
7NRYROLPRUDXSUDYOMDWLYHOLNLPSRNORQRP7ROHUDQFLMDQLMHPRJXDEH]
OMXEDYL
7UDJHGLMDVYDNHOMXEDYLMHUDYQRGXQRVW
7UHEDORELOMXGHQDXLWLGDQHJRYRUHRSUDYHGQRVWLYHROMXEDYLSUHPD
EOLQMHPX
8GQXVYDNHGXHLPD]DNRSDQRJEODJDNRMHMHGLQROMXEDYRWNULYD
8OMXEDYLQHPDVWUDKDQDSURWLYVDYUHQDOMXEDYLVNOMXXMHVWUDKMHUVWUDK
SUHWSRVWDYOMDND]QX$WNRVHERMLQLMHVDYUHQXOMXEDYL
8OMXEDYLVDPLORVWMHVDPRGUXJLREOLNSUH]LUD
8VIHULOMXGVNLKRGQRVDYMHUDMHSULMHNRSRWUHEQDNYDOLWHWDVYDNRJ
]QDDMQLMHJSULMDWHOMVWYDLOLOMXEDYL9MHURYDWLXQHNXRVREX]QDLELWLVLJXUDQ
XSRX]GDQRVWXQHSURPMHQMLYRVWQMH]LQLKIXQGDPHQWDOQLKVWDQRYLWDLVUL
QMH]LQHOLQRVWL3RGWLPQHPLVOLPGDQHNDRVREDQHVPLMHPLMHQMDWLVYRMD
PLOMHQMDYHGDQMH]LQHRVQRYQHPRWLYDFLMHRVWDMXLVWHGDMHQDSULPMHU
6WMHFDQMHPRLLVNOMXXMHOMXEDY
PRHWMHLWL
VYLMHWORVWL
OMXEDYL
EOLQMHPX

WMHFDQMHPRLLVNOMXXMHOMXEDY
6
PRHWMHLWL
VYLMHWORVWL
OMXEDYL
EOLQMHPX

6WMHFDQMHPRLLVNOMXXMHOMXEDY
PRHWMHLWL
VYLMHWORVWL
OMXEDYL
EOLQMHPX

QMH]LQDVSRVREQRVWLOLUHVSHNW]DOMXGVNRGRVWRMDQVWYRGLRQMH]LQHOLQRVWLLGD
QLMHSRGORQDSURPLMHQL
8JRDMOMXEDYLWDNRWLMHVQRSRYH]DQVQHJDWLYQLPSRJOHGLPDQDVLOMDGRQHNOH
REMDQMDYD]DWRJDMHWROLNRWHNRVDYODGDWL
8PLMHHWUHEDUDYQDWLLOMXEDY
8QDWRGXERNRXNRULMHQMHQRMXGQML]DOMXEDYOMXJRWRYRVHVYHGUXJRVPDWUD
YDQLMLPRGOMXEDYLXVSMHKSUHVWLQRYDFYODVWJRWRYRVYXHQHUJLMX
XSRWUHEOMDYDPRGDVD]QDPRNDNRGDSRVWLJQHPRWHFLOMHYHDYUORVHPDOR
WUXGLPRGDRYODGDPRXPLMHHPOMXEDYL
8]DMDPQRSULYODHQMHOMXEDYLMDHMHRGVYLKVLODNRMHSRVWRMHXQDHP
VYHPLUX
8LWDNVWYDUDUDGRVWWDUDGRVWVWYDUDOMXEDYWDOMXEDYVWYDUDODOLFD
9HOLLQDOMXEDYLQHOHLXMHGQDNRVWLQHJRXVUHWQRPSUHODHQMXSUHNR
QHMHGQDNRVWL
9LVRNDLQWHOHNWXDOQRVWLGHSRGUXNXVQLVNLPVHQ]LELOLWHWRP
9MHQDOMXEDYMHYMHQRVWXVYRPQDMSUROD]QLMHPREOLNX
9ROMHQVLMHGLQRWDPRJGMHVHPRHSRND]DWLVODELPDGDWLPHQHL]D]LYD
VQDJX
9ROMHQMHMHSURGXNWLYQDGMHODWQRVW2QRLPSOLFLUDEULJXSR]QDYDQMH
UHDJLUDQMHDILUPLUDQMHXLYDQMHSUHPDRVRELVWYDULLOLLGHML7RMHSURFHV
VDPRREQDYOMDQMDLVDPRXYHDYDQMD
9ROMHWLRYMHND]QDLSULVWDWLVQMLPRVWDUMHWL
9ROMHWLQHNRJDQLMHVDPRMDNRRVMHDQMHRQRMHRGOXNDVXGREHDQMH.DG
ELOMXEDYELODVDPRRVMHDMQHELSRVWRMDRUD]ORJ]DREHDQMHRVMHDMVH
UDDDOLLXPLUH.DNRPRJXSURVXGLWLGDHRQSRVWRMDWL]DXYLMHNDNRPRM
LQQHXNOMXXMHSURVXLYDQMHLRGOXNX"
=DOMXEDYMHYDQDYMHUDXYODVWLWXOMXEDYXQMH]LQXVSRVREQRVWGDSURL]YHGH
OMXEDYXGUXJLKXQMH]LQXSRX]GDQRVW
=DOMXEDYQLVPRQLWDXLQLOLDNR]DQMXVYHQHXLQLPR
=DPHXVREQRVKYDDQMHSRWUHEQRMHPDORVOLQRVWL]DPHXVREQXOMXEDY
SRWUHEQRMHPDORUD]OLNRYDQMD
=DVYDNXOMXEDYNRMDRYLVLRQHNRMVWYDULQHVWDQHOLWDVWYDUQHVWDGHL
OMXEDYDNRMDQHRYLVLRQHNRMVWYDULRVWDMHYMHQR
=DKWLMHYDWLGDQDVVHYROLQDMYHDMHGUVNRVW
=DOMXELWLVHQH]QDLOMXELWL=DOMXELWLVHPRHVYDNLRYMHNLNDGPU]L
=DOMXEOMHQRPQLWDQLMHWHNR
VYHPLUX
QHMHGQDNRVWL
VQDJX

VYHPLUX
QHMHGQDNRVWL
VQDJX
VYHPLUX
QHMHGQDNRVWL
VQDJX

'YDVUFDUD]XPLMXVHODNHQHJRGYLMHJODYH
p
,PDOLLMHGDQUD]ORJXSULURGL]DWRVHUDDMXWDNRWYUGDVUFD"
.DGDNRGQHNRJRYMHNDVUFHMHGQRPRWYUGQHJRWRYRMH%H]RE]LUDNROLNR
GUXJLKGREULKVWUDQDLPDRQDQMHJDVHYLHQHPRHUDXQDWL
1HNDWHQHRVWDYOMDMXGREURWDLYMHUQRVWREMHVLLKVHELRNRYUDWDXSLLLK
QDSORXVUFDVYRJD
2GVYLKLVWLQDQDMGXEOMHVXLQDMWUDMQLMHLVWLQHVUFD
3XQRVUFHQH]QDYDJDWLULMHL
3XWNDWYRMHPUD]XPXYRGLSUHNRWYRMHJDVUFD%ODJRWHELDNRWLUD]XP
XYLMHNXVUFXSRLYD
6DPRVHRLPDVUFDGREURYLGL%LWQHVXVWYDUL]DRLQHYLGOMLYH
6SR]QDMVUFHVYRMH
6UFHEXGDOHMHXXVWLPDXVWDSDPHWQDRYMHNDQDOD]HVHXVUFX)UDQNOLQ
6UFHGDMHERMXVYHPXWRRYMHNYLGLXMHL]QD
VUFHYMHUQRVW]DOMXEOMHQRVW
=DUSRVWRMLEROMLREOLNNDNRVHVDLYRWRPPRHL]DLQDNUDMRVLPV
OMXEDYOMXLKXPRURP"
=DWRELWUHEDORYROMHWLULMHWNRGDELVHPQRJRYROMHOR"
=UHODMHOMXEDYVMHGLQMHQMHSRGXYMHWRPRXYDQMDYODVWLWRJLQWHJULWHWDYODVWLWH
LQGLYLGXDOQRVWLRQDMHDNWLYQDRYMHMDVQDJDVQDJDNRMDSURELMD]LGRYHWR
UD]GYDMDMXRYMHNDRGQMHJRYLKEOLQMLK
=UHODOMXEDYVOLMHGLQDHOD9ROMHQVDPMHUYROLPLWUHEDPWHMHUWHYROLPD
QH]UHODOMXEDYQDHOD9ROLPMHUVDPYROMHQL9ROLPWHMHUWHWUHEDP
HOLOLGUXJHVKYDWLWLSURYLULXYODVWLWRVUFH
HOMDLOMXEDYVXNULOD]DYHOLNDGMHOD
HOMDLQMHQRVWVXSULMDWHOMLLQHSULMDWHOML
p$NRLPDPRMHGQRJOMXEDYQLNDLPDPRLKLYLH
p1DNORQRVWMHYUVWDVODERVWL
6YDNRJYXHYODVWLWDQDNORQRVW6YDWNRLGH]DRQLPWRPXVHVYLD
o1MHQRVWMHSRLQDNVWUDVWL
p1HPDVXPQMHGDMHSDVRGDQDLYRWLQMD$OL]DUQDP]ERJWRJDPRUD
SRVOXLWLNDRSULPMHU"3DRQMHLSDNRGDQRYMHNXDQHSVX
p'HVHWVHSROMXEDFDEUH]DERUDYOMDRGMHGQRJD
=DSROMXEDFVXSRWUHEQHREMHUXNH
OMXEDYOMXLKXPRURP"
DSROMXEDFVXSRWUHEQHREMHUXNH
=
p'YDVUFDUD]XPLMXVHODNHQHJRGYLMHJODYH
QDSORXVUFDVYRJD
XYLMHNXVUFXSRLYD
6SR]QDMVUFHVYRMH
UFHGDMHERMXVYHPXWRRYMHNYLGLXMHL]QD
6

'YDVUFDUD]XPLMXVHODNHQHJRGYLMHJODYH
p
QDSORXVUFDVYRJD
XYLMHNXVUFXSRLYD
6SR]QDMVUFHVYRMH
6UFHGDMHERMXVYHPXWRRYMHNYLGLXMHL]QD
OMXEDYOMXLKXPRURP"
OMXEDYOMXLKXPRURP"
'HVHWVHSROMXEDFDEUH]DERUDYOMDRGMHGQRJD
p
p'YDVUFDUD]XPLMXVHODNHQHJRGYLMHJODYH
QDSORXVUFDVYRJD
XYLMHNXVUFXSRLYD
6SR]QDMVUFHVYRMH
UFHGDMHERMXVYHPXWRRYMHNYLGLXMHL]QD
6

6UFHLVQDJDSDPHWLVWYDUDMXJRYRUQLND
6UFHLPDVYRMHUD]ORJHNRMHUD]XPQHSR]QDMH
6UFHMHERJDWVWYRNRMHVHQHSURGDMHLQHNXSXMHQHJRVHSRNODQMD
6UFHMHNOMXVYLMHWDLLYRWD
6UFHQHPDVWDUDNLKERUD
6UFHVHYDUDNDRLUD]XP]DEOXGHVUFDQLVXPDQMHNREQHRG]DEOXGHUD]XPD
6UFXQHWUHEDYMHURYDWL6UFXEDQDMPDQMH
6WDYLPHNDR]QDNQDVUFHMHUOMXEDYMHMDNDNDRVPUWDOMXERPRUDWYUGD
NDRJURE
p3URWLYSUHOMXEDNDRQLSURWLYVPUWLQHPDOLMHND
6X]HGROD]HL]VUFD2QHVXELVHULSDWQMH3R]QDMXOLVX]HVDYMHVW"
SUHOMXEUDVWDQDNVWUDVWWDWLQD]DYLVW]OREDXGQMD
6YDNLUD]XPDQRYMHNPLVOLVUFHP
6YDNR]ORGMHORRWYUGQMXMHOMXGVNRVUFHGRNJDGREURGMHORRLYOMDYD
6YMHVQLVPRGDVHLQWHOHNWPRUDSRQHNDGSRQL]LWLSUHG]DKWMHYLPDVUFD
WRVHXPXLQLGDMHVUDPRWDWRMH]DVUFHVDPDOMHSRWD
7DNWMHUD]XPVUFD7DNWMHVSRVREQRVWSRPRLGUXJLPDGDVHRVRYHQDQRJH
DGDLPSULWRPQHVWDQHPRQDSUVWH8PLVUFHLPDMXUD]OLLWHWHQMH
9HOLNHPLVOLGROD]HL]VUFD
p6YDJGDQMHMHLPHSULMDWHOMDDOLULMHWNDMHYMHUQRVW
9MHUQRVWMHVSRVREQRVWGDVHRGULVORERGQRREHDQDORMDOQRVWXVSUNRV
QHPLQRYQLPNRQWUDGLNFLMDPDXVXVWDYLPDYULMHGQRVWL
9DUDOLFHYDUDMXGUXJH=DOMXEOMHQLVDPLVHEH
p
$17,3$7,-$,/-8%2025$
$QWLSDWLMDRVMHDMNRMLLPDPRSUHPDSULMDWHOMXSULMDWHOMD
o
p/MXERPRUDMHODYHSDVDNRMLSULYODLORSRYH/MXERPRUDMHRVMHDMNRMLVH
XHYROXFLMLMDYOMDUHODWLYQRNDVQR
/MXERPRUDMHVWUDKRGXVSRUHGEH
/MXERPRUDMHVWUDVWNRMDPDUOMLYRWUDLSDWQMH/MXERPRUDVDGULYLH
VDPROMXEOMDQHJROMXEDYL
3RVWRMLVYLMHWOMXERPRUHDPELFLMHVHELQRVWLLOLYHOLNRGXQRVWL
$17,3$7,-$,/-8%2025$
o$QWLSDWLMDRVMHDMNRMLLPDPRSUHPDSULMDWHOMXSULMDWHOMD
YDNLUD]XPDQRYMHNPLVOLVUFHP
6
p9DUDOLFHYDUDMXGUXJH=DOMXEOMHQLVDPLVHEH
UFHLVQDJDSDPHWLVWYDUDMXJRYRUQLND
6
NDRJURE

NDRJURE
9DUDOLFHYDUDMXGUXJH=DOMXEOMHQLVDPLVHEH
p
17,3$7,-$,/-8%2025$
$
$17,3$7,-$,/-8%2025$
YDNR]ORGMHORRWYUGQMXMHOMXGVNRVUFHGRNJDGREURGMHORRLYOMDYD
6
p9DUDOLFHYDUDMXGUXJH=DOMXEOMHQLVDPLVHEH
UFHLPDVYRMHUD]ORJHNRMHUD]XPQHSR]QDMH
6
NDRJURE

p5DVWDQFLVXXYLMHNR]ELOMQL6YDNRSUDWDQMHEXGLXVSRPHQH
5DVWDQDNXYLMHN]QDLSRPDORXPULMHWL
6YDNLUDVWDQDNEROLSDDNLDNRPXVHYHGXJRYHVHOLPR
pRYMHNDQMHJRYHVWUDVWLOLDYDMXPLUQRJUDVXLYDQMDVYHGRNJDQHGRYHGX
GRSURSDVWL
.ROLNRVLYHLWROLNRVXMDHWYRMHVWUDVWL
/MXGVNDGXDVDPDVHEHYULMHDDNRGRSXVWLGDMHVDYODGDQDVODGDLOLERO
1HNHVWUDVWLSUHWYDUDMXRYMHNDXURED0RWLYDFLMHNDRWRVXQHUHDOQD
DPELFLMDQHSUHVWDODQUDG]ERJQRYFDLOLSRKOHSHSRVOMHGLFHVXGXERNH
QHVLJXUQRVWLLRVDPOMHQRVWL
1HPRMVYRMHVODERVWLVPDWUDWLVWUDVWLPD
1H]DGRYROMHQHVWUDVWLSUHWYDUDMXVHXSRWUHEX
6SR]QDMVWUDVWLDOLSD]LGRNUREXMHVWUDVWLRQDSRVWDMHWYRMDQDYLNDD
DNRVHQHRGXSUHQDYLFLRQDSRVWDMHQXQRVW
6WUDVWRQDMHXGQXVYLKIDQDWL]DPDLSRPRQLFDIDQWD]LMH
6WUDVWMHXGQXVYLKIDQDWL]DPDLSRPRQLFDIDQWD]LMH2QDRPRJXXMH
QDMEROMD]DSDDQMDLQDMEMHGQLMH]DNOMXNH
6WUDVWMHXPRUDOQRPVYLMHWXRQRWRMHSRNUHWXIL]LNRP
6WUDVWRPRJXXMHQDMEROMD]DSDDQMDLQDMEMHGQLMH]DNOMXNH
6WUDVWLNRMHQDV]DWYDUDMXXQDVVDPHSUHGVWDYOMDMXQDMJRUXYUVWX]DWYRUD
0HXWDNYHVWUDVWLPRJXVHXEURMLWLVWUDK]DYLVWRVMHDQMHJULMHKD
VDPRVDDOMHQMHLVDPRGLYOMHQMH1DYLNDGDVHLYRWSURPDWUDNDRFMHOLQD
QHRSKRGDQMHGLRLPXGURVWLLSUDYRJPRUDOD7XQDYLNXWUHEDORELSRGVWLFDWL
XREUD]RYDQMX*ODYQDPDQDPRGHUQRJREUD]RYDQMDMHWRVHSUHYLHVYRGL
QDVNXSOMDQMH]QDQMDDSUHPDORQDSURLUHQMHPLVOLLVUFD
6WUDVWLNRMLPDQHSR]QDMHPRX]URNHPRUHQDVQDMYLH
6WUDVWLSUHWYDUDMXRYMHNDXURED0RWLYDFLMHNDRWRVXQHUHDOQDDPELFLMD
QHSUHVWDODQUDG]ERJQRYFDLOLSRKOHSHSRVOMHGLFHVXGXERNHQHVLJXUQRVWLL
RVDPOMHQRVWL
6WUDVWLVWYDUDMXQHYROMHLVWRWDNRNDRLXLWNH
6WUDVWLVXMHGLQLJRYRUQLFLNRMLXYLMHNXVSLMXXYMHULWL
6WUDVWLVXSUHWMHUDQHPDQHLOLSUHWMHUDQHYUOLQH
6WUDVWLVXVQDQLMHRGQDJRQD6WUDVWLL]JOHGDRGUHXMXQDLYRWQDHPLVOL
QDHVQRYHMHGQRPULMHMXVYHWRLYRWLQLYULMHGQLP=QDQVWYHQLFLQDV
XYMHUDYDMXD]DWRGDLPQHYMHUXMHPRGDQDMQLHLQDMYLHVWUDVWLRGUHXMX
OMXGVNRSRQDDQMHRQDMNRMLQLMHRYODGDRVWUDVWLPDVWUDVWLVXRYODGDOHQMLPH
GRSURSDVWL
RVDPOMHQRVWL

GRSURSDVWL
RVDPOMHQRVWL

GRSURSDVWL
RVDPOMHQRVWL

6WRJDLQLMHXGQRGDMHRYMHNPRGDLQHVYMHVQRHVWRVSUHPDQUWYRYDWL
QHNHRGQDMYLLKYUHGQRWDSULPMHULFHLYRWLVORERGXXWUDHQMXOMXEDYL
LVWLQHLVOLQRDOLLSRKOHSHPUQMHVDGL]PDLGHVWUXNWLYQRVWL,VWLQVNH
NUHDWLYQHRVREHQLNDGDQLVXGHVWUXNWLYQHPDGDLPVHWRNDNRVHLQL
QHSUDYHGQRSULSLVXMHSULPMHULFHWYRUFDGLQDPLWDLOLQXNOHDUQHIX]LMH
6WUDVWLVXVRNRYLGXKDLDNRLKMHSUHYLHRGQMLKRVODELPXGURVW
6WUDVWLVXYHRPDSRJXEQH
6WUDVWLVX]DUD]XPUDNUDQD
6WUDVWLHPRFLMHPRUDOQRRVMHDQMHMHVXWRWRPRHPRWLYLUDWLWYRMX
DNWLYQRVW
6WUDVWLSUHGUDVXGHVWUDKRYDQMDLQHXUR]H3URXVWMHYMHURYDRGDVYHYHOLNR
SRWMHHRGQHXURWLDUDSRWMHXRGQH]QDQMDLSRSULPDMXREOLNPLWRYDL
LOX]LMD
6WUDVWYHQRYMHNQLMHGXHYQRVORERGDQ
7DWLQDLVWUDVWLVXJRVSRGDULVYLMHWD
6WUDVWLSUHGUDVXGHVWUDKRYDQMDLQHXUR]HSRWMHXRGQH]QDQMDLSRSULPDMX
REOLNPLWRYDLLOX]LMD
6YHVWUDVWLSUHWMHUXMXDOLRQHQHELELOHVWUDVWLGDQHSUHWMHUXMX
WRELVYHRYMHNLPDRNDGDELVWUDVWLLPDOHRVMHDMPMHUH
7NRQHNXVWYDUNRMDQHYRGLQHNRMPDWHULMDOQRMNRULVWLX]LPDR]ELOMQRL
QMRPHVHEDYLWDMQHVPLMHUDXQDWLQDQDNORQRVWVYRMLKVXYUHPHQLND
7NRVWUDVWVPDWUDJULMHKRPPODGRVWLGHJUDGLUDUD]XPXVLPSWRPVWDURVWL
7NRVYRMXSRXGXPRH]DGRYROMLWLSDPHWDQMHWNRMH]QDREX]GDWLPXGDU
MH
7NRHOLSRGXDYDWLLOLQDGQMLPDYODGDWLQHNDSUYRVHEHVYODGDVHEHVDPDL
]DJRVSRGDULQDGYODVWLWLPVWUDVWLPD
8GREDVWUDVWLLVWLQDQDVQDSXWD
8PMHWQRVWSROD]LRGLVWLQHVWUDVWL
8YLMHNHELWLVWUDQLKSRVOMHGLFDNDGQLVNLSRURFLSRNXDMXRSRQDDWLYHOLNH
VWUDVWL
p.DGVXRVQRYQHSRWUHEH]DGRYROMHQHR]ELOMQDVUHDQDMYHHJEURMDOMXGL
]DYLVLRGGYLMXVWYDULQMLKRYDUDGDLQMLKRYLKOMXGVNLKRGQRVD
RYMHNXLMLPVHPLVOLPDRJOHGDFMHOLQDVYLMHWDSRVWDMHXL]YMHVQRPVPLVOX
WROLNRYHOLNNROLNRMHYHOLNLVYLMHW
p+YDOLVDYDRVREDVYH]QDDOLMHVWHULOQDLQHVSRVREQD]DSURGXNWLYQR
PLOMHQMHQHPRHUD]XPMHWLVDPRREQRYLWHOMVNXIXQNFLMX
DNWLYQRVW
LOX]LMD
REOLNPLWRYDLLOX]LMD
MH
VWUDVWL

DNWLYQRVW
LOX]LMD
REOLNPLWRYDLLOX]LMD
MH
VWUDVWL
DNWLYQRVW
LOX]LMD
REOLNPLWRYDLLOX]LMD
MH
VWUDVWL

p/MXGHKYDOLPRMHULKVPDWUDPRWDWLPDDPROLPRNDGLKVPDWUDPRVODELPD
1DMYLLREOLNWDWLQHMHXGQMD]DVODYRP
6YDWNRSRVMHGXMHXSUDYRWROLNRWDWLQHNROLNRPXQHGRVWDMHUD]XPD
7DWLQDJRYRULRYMHNXRSRDVWLPDVDYMHVWRSUDYGL
7DWLQDQDGWDWLQDPDLVYHMHWDWLQD
7ROLNRVPRWDWLGDQDPMHELWQRDNLPLOMHQMHOMXGLGRNRMLKQDPQLMHVWDOR
8OMXGLPDVHQDOD]LL]GDMQLNNRMLVH]RYHWDWLQDDNRMLRGDMHWDMQRPDNRPX
VHXODJXMH
9HLQDOMXGLPU]LWDWLQXGUXJLKEH]RE]LUDNROLNRVXVDPLWDWL
p%XGL]DGRYROMDQL]DYLVWHSXNQXWL=DGRYROMQRPL]GUDYRPVYDNLGDQ
SUD]QLN=DYLVWMHEROEXGDOD
%ROMHGDWL]DYLGHQHJRGDWHVDDOLMHYDMX.ORQLVH]DYLVWLVHEHPXLWNR
VUHWQLPD]DYLGL=DYLVWLQLRYMHNDPHQWDOQLPERJDOMHPLQDJUL]DOMXGVNR
VUFH
.DGQDVRQLNRMLLGX]DQDPDQHPRJXVWLL]DNOLQMXVHGDVPR]DOXWDWL
/MXGLXYLMHNQDMYLHPU]HRQRHPXQDMYLH]DYLGH
1DD]DYLVWWUDMHXYLMHNGXHRGVUHHRQLKNRMLPDVPR]DYLGQL=DYLVWMH
QHSRPLUOMLYDRGPUQMH
1HPDQLWDSUDYHGQLMHRG]DYLVWLRGVDPRJ]DHWQLNDL]MHGDLPXLPXGXX
3UHGYHOLNLPD]DYLVWHVWRJPLH
6HEHPXLWNRVUHWQLPD]DYLGL
6YDNLQDXVSMHKVWYDUDQDPMHGQRJQHSULMDWHOMD.DNRELELRRPLOMHQRYMHN
PRUDELWLEH]QDDMDQ
7DNDYMHRYMHNVDPRRQLPDQDMYLH]DYLDNRMLPDQDMYLHGXJXMH
=DYLGQLNVHVXLDNREOLQMHPXGREURLGHRQL]JDUDL]QXWUDLL]YDQD
=DYLVWLQLRYMHNDPHQWDOQLPERJDOMHP
=DYLVWLVUGEDVNUDXMXGDQH
=DYLVWMHQHPLORVUGQLMDRGPUQMHWRMHLVWLQDYHDWRMHYHDNOHYHWDNRMD
VHSURWLYQMHJRYRUL
=DYLVWMHSOLMHVDQGXH
=DYLVWMHSUDWLOLFDVODYHLX]QHPLUXMHERJDWVWYR
=DYLVWMHYUVWDSRKYDOH
=DYLVWPLRGX]LPDEOLQMHJDDVUGEDPHQHVDPRJD
=DYLVWQLMHQLWDGUXJRQHJRPUQMDQDWXXVXSHULRUQRVW
VHXODJXMH
VUFH
QHSRPLUOMLYDRGPUQMH
PRUDELWLEH]QDDMDQ
VHSURWLYQMHJRYRUL
=DYLVWMHSOLMHVDQGXH

VHXODJXMH
VUFH
QHSRPLUOMLYDRGPUQMH
PRUDELWLEH]QDDMDQ
VHSURWLYQMHJRYRUL
=DYLVWMHSOLMHVDQGXH

VHXODJXMH
VUFH
QHSRPLUOMLYDRGPUQMH
PRUDELWLEH]QDDMDQ
VHSURWLYQMHJRYRUL
=DYLVWMHSOLMHVDQGXH

$NRQHPRLPDVYRMHPMHVWRXUDYQRGXQLPSHM]DLPDSRYLMHVWLRQRJDQH
p
PRHQDLXUD]PLOMDQMXLML]DKWMHYVDGDSR]QDMHPR
1HPRMHELW]OD
6WYDUQRVWMH]DNRQWUSMHWLLXWMHWL1DEH]LPHQD]ORLQVWYDPRHVHVDPR
DNDJULWLSUHPDQHEXLWXSUHVWDMHVYH
QHPRQDGPRPRPRQLFL
DYLVWSURSDGDRGVYRJ]DPHWND
=
p.ORQLVH]OREHRQDVDPDLVSLMDQDMYHLGLRVYRJDRWURYD
2G]OREHVHQLMHPRJXHEUDQLWL
=DYHLQXOMXGL]OREDMHPDMNDQHYROMD
=OREDVHGMHORPWHNXSRWSXQRVWLREOLNXMH
oXGQMDLQLGDVYHVWYDULSURFYMHWDMXSRVMHGRYDQMHVYHVWYDULEDFDX
SUDLQX
02,1(02
0$5/-,9267,/,-(1267
p.ORQLVHOLMHQRVWLQMXEU]RVWLHVLURPDWYR
%H]OLMHQRVWLQHPDQDSUHWND%XGXLGDMHRYMHNELRSUHOLMHQYHVODWLL]XPLR
MHSDUREURGMHUMHELRSUHOLMHQLLSMHLFHL]XPLRMHDXWRPRELOMHUMHELR
SUHOLMHQQDYHHU]DWYRULWLRLL]XPLRMHWHOHYL]LMX
RYMHNMHSRSULURGLOLMHQ
/LMHQRVWMHQDNRYDQMQDNRMHPVHNXMXVYHPDQH
/LMHQLQDMHVDPVHELQDSXWXRQQDOLLVDWXEH]ND]DOMNHVYHMHGQRMHGDOL
KRGDLOLVWRML
.RMLMHYHL]ORLQRGJXELWNDYUHPHQD"
/LMHQRVWMHSRHWDNVYDNRJ]OD
/LMHQRVWMHX]JODYOMHVRWRQH
/MHQLQDQDOLLVDWXEH]ND]DOMNHVYHMHGQRMHGDOLKRGDLOLVWRML
6QDJDNRMDQHPDFLOMDPDMNDMHOLMHQRVWL
p0DUOMLYRVWMHPDMNDGREUHVUHH
6YRMRPPDUOMLYRXVPLMHVHVYDWNRKYDOLWL
$5/-,9267,/,-(1267
0
KRGDLOLVWRML
02,1(02
p$NRQHPRLPDVYRMHPMHVWRXUDYQRGXQLPSHM]DLPDSRYLMHVWLRQRJDQH
1HPRMHELW]OD
=DYLVWSURSDGDRGVYRJ]DPHWND
SUDLQX
QHPRQDGPRPRPRQLFL

$NRQHPRLPDVYRMHPMHVWRXUDYQRGXQLPSHM]DLPDSRYLMHVWLRQRJDQH
p
1HPRMHELW]OD
QHPRQDGPRPRPRQLFL
SUDLQX
02,1(02
0$5/-,9267,/,-(1267
KRGDLOLVWRML
$5/-,9267,/,-(1267
0
KRGDLOLVWRML
02,1(02
p$NRQHPRLPDVYRMHPMHVWRXUDYQRGXQLPSHM]DLPDSRYLMHVWLRQRJDQH
1HPRMHELW]OD

SUDLQX
QHPRQDGPRPRPRQLFL

6YDNDMHQDGPRURERYDQMH
o
p.ORQLVHPRQLK1LNDGQLMHSRX]GDQRGUXWYRVPRQLP
1HEXGLSULVWUDQSUHGPRJXQLFLPD
WRVLYUHSULYUHQVXVWDYXPRLWRRWXHQSRVWDMHRGRQLKYLWDOQLK
L]YRUDNRMLVXELOLELWQL]DGDOMQMLRYMHNRYUD]YLWDN
1LNDGQHPRHLPDWLYUVWRSRYMHUHQMHXYODVWSUHYHOLNLKRYODVWL
$NRPRLSDGQXVPUYHQDVDNRSRUDVWX]DJXHQDV
DNMHLGDQDVQHGRYROMQDVSR]QDMDGDXVOXDMXUDWDVYDNDVWUDQDSUHPD
GRJRYRUXXELMDGMHFXGUXJHVWUDQHDRQLNRMLVXRGJRYRUQLL]QDMXWRHVH
GRJRGLWLRELQRRVWDMXQHNDQMHQL0RLGRODQH]QDQMHLOLSULVLOD",]JOHGDGD
VXMDHRGPRLOMXEDYLSUHPDYODVWLWRMGMHFL
HVWRMHNRULVQLMHQDSXVWLWLPRQLNHQHJRVHQDQMLKDOLWL
,]JOHGDGDMHVXVWDYPRLPDQMHXLQNRYLWGDSRWSRPDHLURNXREUD]RYDQRVW
NROLNRGDSXDQVWYRQDLURNR]DJOXSOMXMHDVYRMDQDGPRQDGRVWLJQXD
QDMEROMHLVND]XMHXVWYDUDQMXORPRYDLNDWDVWURIDXSUHYUDWLPDUDWRYLPDL
JHQRFLGX
,]YUDYDQMHPRLMHGLUHNWQDVXSURWQRVWSURQDODHQMXLVWLQH
-RVHQDMODNHSRGQRVLPR]DNRMXVHQDGDPRGDHPRMHVDPLMHGQRJGDQD
LPDWL
.DGDUHYROXFLRQDUSUHX]PHPRSUHX]LPDLQMH]LQXQHSUDYHGQRVW
0RLPDRQDMNRMHPPQRWYRYMHUXMH
0RMHGREURSRNULYHQDVODERVW
0RMHOHJLWLPQDVDPRXVOXELUD]XPD6DPRWDNRLPDVPLVOD-HUVDPDSR
VHELMH]OD
0RMHWDNRSULYODQDQDURLWRDNRMHRYMHNQHPD
0RMH]ODQDSLVDRMHMHGDQILOR]RILYUOLQDMHYMHUXMXLSDODXQHVYLMHVW
XPMHVWRGDPRELOL]LUDPLVOLSURWLYVLOH0RPRHPRVWHL]QDQMHPDOLGR
VDYUHQVWYDGROD]LPRVDPRSRPRXOMXEDYL
0RSRGNRMRPVHOMXGLQDMEROMHRVMHDMXMHPRQDYLNH
0RSUHSR]QDMHPRSRXGDUFLPDNRMLPDXGDUD
0RWURLRQRJDNRMLMHQHPD
0RSRSXWNXQHEROHVWLNDGKDUDRNXLVYHWRGLUQHDSRNRUQRVWRWUXMH
JHQLMNULMHSRVWLVWLQXVORERGXRGOMXGLLQLUREOMHDRGOMXGVNRJOLND
PHKDQLNLDXWRPDW
1DDMHPRUD]RUQD0RHPRGRGXHRNRQDWLVWYDUDQMHLXELWLVYHOMXGHDOL
QHPRHPRVWYRULWLQLMHGQRJRYMHND
o6YDNDMHQDGPRURERYDQMH
JHQRFLGX
LPDWL
VHELMH]OD
PHKDQLNLDXWRPDW

6YDNDMHQDGPRURERYDQMH
o
JHQRFLGX
LPDWL
VHELMH]OD
PHKDQLNLDXWRPDW

o6YDNDMHQDGPRURERYDQMH
JHQRFLGX
LPDWL
VHELMH]OD
PHKDQLNLDXWRPDW

1LMHGDQUDVWDQDNQLMHWDNRWHDNNDRUDVWDQDNRGPRL
1LWNRQH]QDWRVHXQMHPXVNULYDVYHGRNQHRNXVLPR
2GSDPWLYLMHNDMHSR]QDWRGDMHVYDNLRYMHNNRMLXVYRMLPUXNDPDGULPR
VNORQ]ORXSRWULMHELWLMH2QLGHWDNRGDOHNRGRNQHQDLHQDSUHSUHNH
2GVYLKX]URNDNRMLGHJUDGLUDMXLGHPRUDOL]LUDMXOMXGHPRMHQDMSRVWRMDQLMD
LQDMDNWLYQLMD
2QDMWNRMHOMXELWHOMPRLVODEMHOMXELWHOMOMHSRWH
3ROXJDPRLMHYHOLNDNROLLQDQRYFD
3UDYDYHOLLQDMHSRVMHGRYDWLPRDOLMHQHNRULVWLWL
3UHPRHVWRELYDXQLWHQDDNRMHOMXGLQHSUL]QDMXLOLQHXLQNRYLWDDNRMHQH
SULPMHXMX
6YDNDPRJXQRVWGDQHWNRLOLQHWRSRVWDQHVUHGLWHPRLPRUDL]D]LYDWL
]DEULQXWRVW1RVLRFLPRLDXSUDYRRQLPRJXQDMYLHLQLFLUDWLSURPMHQH
RELQRVX]DGRYROMQLVWDQMHPVWYDULNRMHLKMHGRYHORQDELORNRMLQDLQQD
YLVRNLSRORDMSDQHVDPRGDQHHLPDWLSRWUHEX]DSURPMHQDPD]ERJ
QDYRGQHLOLVWYDUQHSULMHWQMHSURPMHQHPLUDLVLJXUQRVWLQHJRHLPVH
QDMHHRSLUDWL
6YDNLRGQDVVYHGRNVHXQMHPXPLHLYRWPRHLJUDWLXORJXXWRPHGDVH
L]X]PHL]VXVWDYDPRLSRWYUXMXLVYRMSULPDWNDRRVREDWLKLPLQRP
PHQWDOQRJLOLIL]LNRJSRYODHQMD
6YDWNRLPDWROLNRSUDYDNROLNRLPDPRL
6YHMHYHLEURMSRUDVWDPHKDQL]PDSULVLOHLXSOLWDQMDGUDYHXRVREQLLYRW
SRMHGLQDFD
6YLMHWELLPDRQHRJUDQLHQHPRJXQRVWLNDGDELPRJDRRJUDQLLWLPR
RJUDQLHQLK
WRMHRYMHNQDYLRMUD]LQLWRVXPXSRWUHEQLMHMDHRJUDGHNRMHH
REX]GDYDWLQMHJRYXVDPRYROMX
WRVHYLHOMXGVNDPRQDGSULURGRPSRYHDYDODSRVWDMDODMHLRLWLMD
QMH]LQDSUREOHPDWLQRVWRYMHNMHVYHYLHXYLDRQHVDPRSR]LWLYQHQHJRL
QHJDWLYQHSRVOMHGLFH]QDQVWYHQRWHKQLNRJRYODGDYDQMDSULURGHNDRLVYRMX
QHPRGDLKNRQWUROLUD
7HQMD]DPRQLMHQLWDGUXJRQHJRVXURJDW]DXVSMHQRVWYDUDODWYR
8SRWUHEDPRLXVYDNRPREOLNXELODMHELWFLYLOL]DFLMHJUDGMHSURQDDR
PQRWYRQDLQDGDL]UD]LERUEXDJUHVLMXGRPLQDFLMXRVYDMDQMHL
SRLQMHQRVWDQDLQLGMHORYDQMDVXELOLULJRUR]QLXLQNRYLWLHVWRRWULDNL
VDGLVWLNL
8NRMRMPMHULPRVPHWDLVWLQLYLGLVHYHSRWRPHGDX]PRLGHLVWUDK
LMHGDQUDVWDQDNQLMHWDNRWHDNNDRUDVWDQDNRGPRL
1
LQDMDNWLYQLMD
SULPMHXMX
QDMHHRSLUDWL
SRMHGLQDFD
RJUDQLHQLK
QHPRGDLKNRQWUROLUD
VDGLVWLNL

LQDMDNWLYQLMD
SULPMHXMX
QDMHHRSLUDWL
SRMHGLQDFD
RJUDQLHQLK
QHPRGDLKNRQWUROLUD
VDGLVWLNL
LWNRQH]QDWRVHXQMHPXVNULYDVYHGRNQHRNXVLPR
1
LQDMDNWLYQLMD
SULPMHXMX
QDMHHRSLUDWL
SRMHGLQDFD
RJUDQLHQLK
QHPRGDLKNRQWUROLUD
VDGLVWLNL

XGQMD]DPRLQHPDNRULMHQXVQD]LQHJRXVODERVWL
pRYMHNSRVMHGXMHPRLNRMHQDGLOD]HQMHJRYHPRUDOQHQRUPH
'DQDQMDJRUXDOMXGVND]DGDDQHVDVWRMLVHXL]GUOMLYRVWLSUHGGDOMQMLP
]ORXSRWUHEDPDVXVWDYDPRLQHJRRRGYDMDQMXRGQMHJDLNXOWLYLUDQMXQDLK
VXEMHNWLYQLKUH]HUYLNDRQLNDGSULMH
08'5267,/8'267
PLOMHQMHSURPLOMDQMHSURVXGEDSURVXLYDQMHXSRUHLYDQMHPXGURVW
SDPHWUD]XPSDPHWEXGDODJOXSRVWOXGRVWOXDFL
p$NRQHPRHXYLMHNELWLSDPHWDQEXGLEDUHPGREDU9DOMDQRYMHNLX
QDMQH]QDWLMLPVWYDULPDQDVWRMLELWLWREROML
'UXJHQHSURVXXMHPRWDNRSRJUHQRNDRVDPHVHEH
,DNRVXVYLLVWRJPLOMHQMDPRJXLSDNELWLXNULYX
0LVOLWLWRQLMHYLHVMHGLQLWLXLQLWLEOLVNLPSULYLGXOLNXQHNRJYHOLNRJ
QDHOD
0LVOLWLMHMHGQDRGQDMYHLK]DEDYDOMXGVNHUDVH0LVOLWLMHQDSRUYMHURYDWL
NRPIRU
0LVOLWLMHSRURNNRMLVHWHNRPRHL]OLMHLWLDGPLQLVWUDWLYQLPVUHGVWYLPD
0LVOLWLMHUD]JRYDUDWLVDVDPLPVRERP
0LVOLWLVORERGQRWR]QDLQHWRYHOLNRDOLPLVOLWLWRQR]QDLMRYLH
0LVOLWL]QDLNUHWDWLVHSREHVNRQDQRVWL
0LOMHQMHMHNUDOMLFDVYLMHWDMHUMHJOXSRVWNUDOMLFDEXGDOD
0LOMHQMHMHRGXDNRGSULWLVNDLYRWDQDVLOMDQHSUDYGHPUDND
0LOMHQMHMHUHDJLUDQMHQDSRGUDDMHNRMLQLVXQD]RQL6YDNRMHPLOMHQMH
VYRMHYUVQRUMHDYDQMHSUREOHPD
0LOMHQMHMHWHPHOMVYHJD
0LOMHQMHMHWRNVYLMHVWLLLGHMDVDVLPEROLQLPVDGUDMHPWRJDSURX]URNXMH
SUREOHPLOL]DGDWDNNRMLYRGLNDUMHHQMXRGQRVQRSURFHVUMHDYDQMD
SUREOHPDSRMPRYLPDLOLRSLPQDHOLPD
0LOMHQMHQDVPRHGRYHVWLMHGLQRGRVSR]QDMHGDQDPQHPRHGDWL
SRVOMHGQMLRGJRYRU
0LOMHQMHSRLQMHVXHQMHP
0LOMHQMHPRWNULYDPRSURFMHQMXMHPRJUDGLPRVXGRYHLSUHGYLDPR
,QWHOHNWXDOQDSHUIRUPDQVDXVSMHKGRVWLJQXHUH]XOWDWVWYDUD]DGRYROMVWYR
WH]QDLSR]LWLYQHHPRFLMHDRQHVXSRNUHWDLPLOMHQMD
QDHOD
NRPIRU
SRVOMHGQMLRGJRYRU
08'5267,/8'267

08'5267,/8'267
QDHOD
NRPIRU
SRVOMHGQMLRGJRYRU

QDHOD
NRPIRU
SRVOMHGQMLRGJRYRU
08'5267,/8'267

0QRJLQHPLVOHQLQDWRGUXJRRVLPQDWRWRGUXJLPLVOHRQMLPD1R
PXGURVWMHNDGDVHVDPRJDVHEHQLRHPQH]DYDUDYD
1DHPMHPLOMHQXVDGUDMPDWHULMD
1HSRVWRMDQMHPLOMHQMDLQLYLH]ODQHJRVYDSRJUHQDPLOMHQMDMHU
HYHQWXDOQRQDMRSDVQLMHPPRHSRPRLGDL]QHQDGDVWHNQHSRJXEQXYHLQX
2GUHLVHPLOMHQMD]QDLREMDYLWLGXKRYQLEDQNURW
3RVWRMHYDQLMHVWYDULQDRYRPVYLMHWXQHJRQDYHVWLOMXGHQDUD]PLOMDQMH
3URPLMHQLWLPLOMHQMHPRHELWLQHSRNROHEOMLYLMHQHJRXVWUDMDWLQDVWDURP
3URPLOMDQMHQDVPRHGRYHVWLGRVSR]QDMHGDQDPUD]XPQHPRHGDWL
SRVOMHGQMLRGJRYRUVYLMHWPLVOLRVWDMHXSDUDGRNVX
3URVXLYDWLRVREH]QDLULVDWLJURWHVNQHVOLNHRQMLPD
3URVYMHHQRVW5D]XPQDPXYLMHNSRND]XMHXNRMHPPUDNXLYLPR
6DPRRQDMNRMLPLVOLGRLYOMDYDVYRMLYRWLYRWPLPRLOD]LRQRJDNRMLQH
PLVOL
6NODGQRVWXPLOMHQMXVWYDUDSULMDWHOMVWYR
6XGLWLORJLQRLVXGLWLLVWLQLWRGYLMHVXUD]OLLWHVWYDUL
6YDNDMHRSHQLWDL]MDYDNDRHNNRMLVHL]GDQDQHNXEDQNX1MHJRYD
YULMHGQRVWRYLVLRWRPHNROLNRLPDSRNULD6YDNRPSULSDGDSUDYRGDLPD
VYRMHPLOMHQMHLGDJDL]UDDYDXWRPSUDYXMHVDGUDQRGDWUDLSULPDL
GDMHLQIRUPDFLMHLLGHMHSRPRXELORNRMHJVUHGVWYDEH]RE]LUDQDJUDQLFH
6YDWNRLPDSUDYRQDYODVWLWRPLOMHQMHDOLQHPDSUDYRQDWRGDGUXJLPRUDMX
LVWRWDNRPLVOLWL
.RULVQRMHLPDWLNRMHPLOMHQMHXSULXYL
6YHWRMHVPRSRVOMHGLFDMHRQRJDWRVPRPLVOLOL
WRGUXJRPRHELWLX]ORPYUHPHQXQHJRGREUDPLVDR
WRMHQDMEUHQDVYLMHWX"0LVDR
7NRMHSUHYLHNRPRWDQGDVDPPLVOLLEXGHVDPVYRMVXGDFXNODSDVHX
]DEUDQHNDNYHMHVX
7NRQHHUDVXLYDWLWDMMHIDQDWLNWNRQH]QDUDVXLYDWLWDMMHEXGDODWNRVH
QHRVXXMHUDVXLYDWLWDMMHURE
8OMXGVNRMMHSULURGLUD]XPQRUD]PLOMDWLDQHUD]XPQRGMHORYDWL
8WHNLPYUHPHQLPDVXRQLNRMLPLVOHOMXGLGUXJRJDPLOMHQMD
8VOLMHGPLVDRQHGLMHWHQDVWXSDGXKRYQLVNRUEXW
8LFLPDPLVOLOLMHHVHUDQHVUFD
9ROLPROMXGHNRMLJRYRUHRQRWRPLVOH3RGXYMHWRPGDPLVOHLVWRWRLPL
PLVOL
LVWRWDNRPLVOLWL
]DEUDQHNDNYHMHVX

PLVOL
LVWRWDNRPLVOLWL
]DEUDQHNDNYHMHVX
PLVOL
LVWRWDNRPLVOLWL
]DEUDQHNDNYHMHVX

=DYHOLNHPLVOLWUHEDELWLKHURMLLGHDOLVW
o6YDSRUHHQMDKUDPOMX
p$NRGYDRYMHNDRLVWRMVWYDULGRQRVHVXSURWDQVXGPRJXHMHGDVHMHGDQ
RGQMLKYDUD8YMHUHQMHPLMHQMDMXMDNLUD]OR]L6YDUDFLRQDOQDELDNRMD
LVWLQLWRVXGHPRGDPRUDMXQDLVWLQDLQLOLVOLDQSURVXLYDWL
$NRL]X]PHPRSDWQMHEROHVWNDRSXWRND]MH]GUDYD
$NRMHVORERGDPRJXQRVWL]ERUDRGDEHULRQRQDMEROMH
$NRQLMHPRJXHRGEDFLWLRQRWRQHYDOMDWUHEDORELJDEDURGYRMLWLRGRQRJ
WRYDOMD
$NRSXQRUD]PLOMDXVWDQMXVLLYMHWLXYLHHSRKD
$NRUD]XPLQLRYMHNDUD]XPJDYRGL
$NRVDP]DVHEHQHPDULHPXVHQDGDRGGUXJLK"
$NRVHEU]RSRYMHUDYDSRVWDMHODNRPLVOHQ
$NRVHRGULHVORERGQRJUD]PLOMDQMD]QDLGDVLREMDYLRGXKRYQL
EDQNURW
$NRVHULMHPXGUDFSULPLMHQLQDRYMHNDNRMLLYLRGRQRJDWRLPDDGDQH
PLVOLQDRQRWRQHPDRQGDVXVYLRYLPXGUDFL
$NRVLQHNXGDSR]YDQDHOLWRRWNORQLWLL]UD]LGRDOMHQMHPDQH
SURYLGQRPL]OLNRPGDQHPDYUHPHQDNDRGDJDGUXJLLPDMXRGYLH
3RNXDMSUHGORLWLGUXJRJVXJRYRUQLNDNRMLLPDSRWYRMHPLVNUHQRP
PLOMHQMXEROMDVWDMDOLWDRGWHEH$NRVL]DGRYROMDQVQLLPLPDVYHWRWL
WUHED
$NRXPRPULMHLWLHOLRQGDRWRPHUD]PLOMDMSRQRL
$NRXVSLMHPRSURQDLNROLNRGDOHNRPRHUD]XPSURLULWLVYRMYLGRNUXJX
NRMRMMHPMHULVSRVREDQGDGRHGRL]YMHVQRVWLDXNDNYLPVOXDMHYLPDPRH
VDPRVXGLWLLSRJDDWLWDGDHPRPRGDQDXLWLGDVH]DGRYROMLPRRQLPHWR
QDPMHXWRPVWDQMXGRVWXSQR6SR]QDMDQDLKPRJXQRVWLMHVWOLMHNSURWLY
VNHSWLFL]PDLQHDNWLYQRVWL
$NRHOLVD]QDWLQHWRDSVROXWQRPRUDVHRVORERGLWLWLMHODLSRJOHGDWLX
SUDYXUHDOQRVWGXH
%LVWUDJODYDMHQDMEROMDGURJD
%LWLPXGDU]QDLQHVWLGMHWLVH]ERJWRJDWRVHQLWDQH]QDQHERMDWLVHWRJD
GDVHQLWDQH]QDLQHELWLSRQRVDQ]ERJWRJDWRVHQLWDQH]QD
%LWLVSUHPDQMHSXQR]QDWLHNDWLMHYLHDOLWHNLVNRULVWLWLSUDYLWUHQXWDNMH
VYH
%ODJRRYMHNXNRMLMHVWHNDRPXGURVWRRYMHNXNRMLMH]DGRELRUD]ERULWRVW
MHUEROMHMHQMXVWMHLQHJRVUHEUR
o6YDSRUHHQMDKUDPOMX
WRYDOMD
EDQNURW
WUHED
SUDYXUHDOQRVWGXH
VYH

6YDSRUHHQMDKUDPOMX
o
WRYDOMD
EDQNURW
WUHED
SUDYXUHDOQRVWGXH
VYH
o6YDSRUHHQMDKUDPOMX
WRYDOMD
EDQNURW
WUHED
SUDYXUHDOQRVWGXH
VYH

%ODJRRYMHNXNRMLUD]PLOMDRPXGURVWLLXPXMHUD]ERULWRNRMLXVUFXVYRMHP
SURXDYDQMH]LQHSXWRYHLSRVYHXMHVHXQMH]LQHWDMQH
%ROMHMHELWLEHVSRVOHQQHJRUDGLWLQHNRULVQHSRVORYH
%ROMHMHELWLXJODVWRQHWRQHJRRNUXJORQLWD%ROMHMHPDORUD]XPMHWLQHJR
UD]XPMHWLNULYR
%ROMHMHQHSULMDWHOMGREURJD
%ROMHMHRLPDYLGMHWLQHJRGXKRPOXWDWL
%ROMHMHSRNOL]QXWLVHQDFHVWLQHJRQDMH]LNX
%ROMHMHVOXDWLXNRUPXGUDRYMHNDQHJRVOXDWLKYDORVSMHYOXDND
%ROMHMHWRUDQLMHVSR]QDWLNROLNRVPRQHSRWUHEQLQDRYRPHVYLMHWX
%ROMHMHLYMHWLPDNDULMHGDQGDQNDRODYQHJRVWRWLQXJRGLQDNDRRYFD
%XGLVDPRVWDODQXRFMHQMLYDQMX
%XGLVDHWDOLYRGLUDXQDGRNQDVWRMLGDEXGHVDHWGDQHSRVWDMH
QHMDVDQ
%XGLXYMHUOMLY1DMEROMHHQHNRJDSULGRELWL]DWYRMQDXPDNRJDXYMHUL
GDJDMHEDRQ]DPLVOLRLGDMHRQWDNRUHLQMHJRYDXWRU
HVWRMHNRULVQLMHSR]QDYDWLPQRJHQHJRPQRJR]QDWL
HVWRMHQHVQRVDQRYMHNNRMLMHXYLMHNSDPHWDQ
HVWRWLNRULVWLSRJUHQRQDJDDQMHQHJRXRSHQLNDNYRQDJDDQMH
'DOLMHQDDSDPHW]DLVWDQHMDVQDIRUPXODVNULYHQRJVPLVOD"
'DUD]XPGROD]LWHNVJRGLQDPDQHXYLDVHSULMHQHJROLGRXLUD]XPL
JRGLQH
'RELOLELVPRSXQRYLHNDGDELVHSULND]LYDOLRQDNYLPDNDNYLMHVPRQHJR
NRGSRNXDMDGDL]JOHGDPRRQDNYLPDNDNYLQLVPR
'R]YROLVHELSRQHNXHNVFHQWULQRVW
'UXLVHVPXGULPLSRVWDWHPXGDU
*GMHMHUD]XPDODNRMHGRLGRVSRUD]XPD
*UDQHSRND]XMXNDNDYMHNRULMHQ
*UNLVWRLFLVXVPDWUDOLGDVYLPDYODGDORJRVVYMHWVNLXPVWYDUDODNDYDWUD
,WRXPUD]XPQLKQHYLGLWRWXVYRMRM]DRVWDORVWLYLGHGMHMDXOD
,LUDQRQDVSDYDQMHLUDQRXVWDMDWLLQL]GUDYLPERJDWLPLSDPHWQLP
,PDMVUDQRVWLVOXLWLVHYODVWLWLPUD]XPRP
, PDPRVDPRRQRWRQHGULPR

,PDPRVDPRRQRWRQHGULPR
UD]XPMHWLNULYR
QHMDVDQ
JRGLQH

UD]XPMHWLNULYR
QHMDVDQ
JRGLQH
, PDPRVDPRRQRWRQHGULPR
,PDPRVDPRRQRWRQHGULPR
UD]XPMHWLNULYR
QHMDVDQ
JRGLQH

- HGQDMHSDPHWGREUDDGYLMHVXEROMH
.DGXMHPXGUXULMHSRKYDOLMHLGRGDMGUXJX
.DGVLPHXEH]XPQLFLPDSD]LQDYULMHPHDVOMXGLPDPXGULPERUDYL
EH]VWUDKD
.DGDVHSRMDYL]DLVWDYHOLNLXPQHGYRMEHQRJDPRHPRSUHSR]QDWLSRWRPX
WRVHVYHEXGDOHXGUXXMXSURWLYQMHJD
.DNRELPRJOLYROMHWLOHSWLUDPRUDPRYROMHWLLQHNROLNRJXVMHQLFD
.DNRELVHXLQLORPRJXHWUHEDXYLMHNQDQRYRSRNXDYDWLQHPRJXH
.DNRELVHEHPRJOLSRVWDYLOLXSUDYLSRORDMGUXJHPRUDPRRVWDYLWLXVMHQL
.DPRELVPRGRVSMHOLNDGDELVYLUHNOLNDPRELVPRGRVSMHOLDQLWNRQHEL
RWLDRSRJOHGDWLNDPRELVPRGRVSMHOLDNRELVPRNUHQXOL
.RJD%RJKRHXQLWLWLRGX]PHPXSDPHW
.ROLNRPRUDELWLPXGDUGDELXYLMHNELRGREDU"
/XNSRND]XMHVYRMXVQDJXWHNNDGDVHVDYLQH/MXGVNLMHUD]XPSRSXW
QHUDYQD]UFDOD]D]UDNHVWYDULNRMHVYRMXSULURGXPLMHDVSULURGRPVWYDULSD
LKLVNULYOMXMHLNYDUL
0QRJLVXSR]YDQLDOLVDPRQHNLRGDEUDQL
0QRJRMHODNHELWLPXGDU]DGUXJHQHJR]DVHEH
0QRJRPXGURVWLPQRJRMDGDWRYLH]QDQMDWRYLHEROL
0RJOLELVPRQDLL]OD]DNRLPSRNDHPRYUDWD
0R]DNLQLRYMHNDVYHRVWDORVXWULFH
0R]DNUDGLEROMHDNRJDXNOMXL
0RHMHUPRUD
0XGDUMHRYMHNVPLUHQ
0XGUDFQLWDQHWYUGLWRQHELGRND]DR
0XGUDFRQRWRKRHWUDLXVHEL3URVWRYMHNWRWUDLXGUXJLPD
0XGUDFVHPRHELWLVDPRSRGXYMHWRPGDVHLYLXVYLMHWXSXQRPEXGDOD
0XGUDFVHQHPRHUDVSR]QDWLSRPDOLPVWYDULPDDOLMHVSRVREDQSRGX]LPDWL
YHOLNHSRGXKYDWH=DMHGQRVWDYQRJRYMHNYULMHGLREUQXWR
0XGUDFVYHVYRMHVDVRERPQRVL
0XGUDF]QDDOLQHGDELEULOMLUDR,PDVDPRSRWRYDQMHDOLQHDURJDQFLMX
0XGUDFLYLMHGQRVWDYQRLSULPMHUMHPQRJLPD2QQHHOLVDPVMDWL]DWR
ELYDSURVYLMHWOMHQ
0XGUDFLL]PLOMDMXQRYHPLVOLEXGDOHLKUDVSURVWUDQMXMX
-HGQDMHSDPHWGREUDDGYLMHVXEROMH
EH]VWUDKD
LKLVNULYOMXMHLNYDUL
0RHMHUPRUD
0XGDUMHRYMHNVPLUHQ
ELYDSURVYLMHWOMHQ

- HGQDMHSDPHWGREUDDGYLMHVXEROMH
EH]VWUDKD
LKLVNULYOMXMHLNYDUL
0RHMHUPRUD
0XGDUMHRYMHNVPLUHQ
ELYDSURVYLMHWOMHQ

-HGQDMHSDPHWGREUDDGYLMHVXEROMH
EH]VWUDKD
LKLVNULYOMXMHLNYDUL
0RHMHUPRUD
0XGDUMHRYMHNVPLUHQ
ELYDSURVYLMHWOMHQ

0XGUDFLWDMHVYRMHSRUD]H
0XGUDFXVXRLXJODYLDEH]XPQLNOXWDXWDPL
0XGULOMXGLQHJRYRUHVYHWRPLVOHDOLPLVOHVYHWRJRYRUH
0XGURQHSRYMHUHQMHMHRWURXPQRVWQRUPDOQLKOMXGL
0XGURPHYLHNRULVWHQHSULMDWHOMLQHJROXGRPHSULMDWHOML
0XGURVWMHNLLVNXVWYD
0XGURVWMHPDMNDVYLKSOHPHQLWLKYMHWLQD0XGURVWMHVMDMQDLRQDQHWDPQL
-HGQDMHDPRHVYHVYHREQDYOMDWRMHERJDWLMHRGPXGURVWLNRMDVYH
VWYDUD"$NROLWNRH]QH]DYHLP]QDQMHPRQSR]QDMHSURORVWLSURULH
EXGXQRVW
0XGURVWMHXYLMHNMHGQRVWDYQDDOLMHGQRVWDYQRVWLQLVHQLMHXYLMHNPMHUD
NRMDELEH]RVWDWNDLODXVORHQLQD]LYQLNVYLMHWD
0XGURVWQHXOD]LXGXXRSDNX
0XGURVWQLMHVDVYLPVLJXUQRVDPRVWYDULVNXVWYDNRMHVPRVWHNOL.DGEL
WRPHELORWDNRRQGDELELOLPXGULVDPRVWDULOMXGLLVYLMHWNRMLVWDULELREL
GDQDVPRGDPXGULMLQRWRXVWYDULMHVW
0XGURVWRGJDMDVLQRYHVYRMH
0XGURVWLYRWDXYLMHNMHGXEOMDLYHDRGOMXGVNHPXGURVWL
1DMEROMHMHSRGQRVLWLWRVHQHPRHSRSUDYLWL
1DMEROMH]DWYRUHQDYUDWDVXRQDVXRQDNRMDVHPRJXRVWDYLWLRWYRUHQLPD
1DMQHVQRVQLMHMHNDGMHMHGQRVWUDQLOLGRVDGDQRYMHNXSUDYX
1DMWHDJLPQDVWLNDYMHEDMHYXLVDPRJDVHEH]DQRV
1DMYLHWUHEDWUDLWLRQRWRHYDOMDWLXYLMHN]DGUDWL
1DVWRMLSURPDWUDWLVWYDULRLPDGUXJLK
1DXLJGMHMHPXGURVWJGMHMHVQDJDJGMHMHUD]ERULWRVWLXHPXMH
GXJRYMHQRVWLLYRWLJGMHMHVYMHWORVWSRLQMHLPLU
1HGR]YROLGDWHVMDM]DVOLMHSL-HOLELVHULNDGDSURL]YHRNROMNX"
1HPRHVHQLNRJDSUHWHLWDNRGDVHVWDQHXQMHJRYHVWRSH
1LMHLVWLQDGDMHQDMNUDDFUWDXYLMHNUDYQD
1LMHVUFHYHUD]XPVXGDFLVWLQL
1LWDQHEROLWDNRNDRSURSDODRHNLYDQMDDOLLQLWDGUXJRQHPRHWDNR
VQDQRSRWDNQXWL]DUD]PLOMDQMHVSRVREDQXP
1LWNRRGVPUWQLNDQLMHXVYDNRGREDSDPHWDQ
LWNRVHQLMHQDXHQURGLR
1
XGUDFLWDMHVYRMHSRUD]H
0
0XGURVWMHNLLVNXVWYD
EXGXQRVW
1LWNRVHQLMHQDXHQURGLR

0XGURVWMHNLLVNXVWYD
EXGXQRVW
LWNRVHQLMHQDXHQURGLR
1
XGUDFXVXRLXJODYLDEH]XPQLNOXWDXWDPL
0
0XGURVWMHNLLVNXVWYD
EXGXQRVW
1LWNRVHQLMHQDXHQURGLR

1RNDGDVLODNRMDRGUHXMHOMXGVNXDNWLYQRVWQLMHUD]XPRYMHNRVWDMHLVSRG
UD]LQHVYRMLKYODVWLWLKPRJXQRVWL2QDMWNRSRVWXSDNDRVDYRVWDOLVYLMHWOMXWL
VHQDRQRJDNRMLQHSRVWXSDNDRRQ
2QDMWNRSUHGGUXJHVWDYOMDRJOHGDORVDPQHPRUDJOHGDWLXQMHJD
2QLNRMLQHRVMHDMXWDPXQLNDGDVHQHHRVYUQXWL]DVYMHWORP
2QRWRMHVLSURL]YRGMHWYRMHJYODVWLWRJUD]PLOMDQMD
2QRWRQDPSDGDXNULORHVWRSDGQHLSRGVWRO2QRWRQDVLQLVUHGLWHP
VYLMHWDWRQDVLQLRYMHNRPMHVWRQDMSHDWERDQVWYHQDGXKDUD]XP
5D]XPMHYROMDNRUPLODUQDHJLYRWD5D]XPSURGLUHXSURORVWL]DYLUXMHX
EXGXQRVW
3DPHWDQRYMHNSULPMHXMHVYH*OXSRYMHNQDVYHVWDYOMDSULPMHGEX
3DPHWQLMHMHVSULMHLWLQHJRQDMEROMHOLMHLWL
3DPHWQLMLSRSXWD$OLQHRGXVWDMH
3REULQLVH]DEXKHVORQRYLHVHSREULQXWLVDPL]DVHEH
3ROXGMHWHVDPRRQDMWNRLPD]GUDYOMXGVNLUD]XP
3RQHNDGVHGUXJDRVREDPRUDQDSXVWLWLNDNRELMHSURQDOL
3RVOMHGQMLMHNRUDNXPDXVSR]QDMLGDSRVWRMLEH]EURMVWYDULNRMHJD
QDGLOD]H
3RVWRMHVDPRHWLULYLGDNRQWDNWDVRNROLQRP$FLMHQLQDVVHSRWRPHNDNR
NRULVWLPRWDHWLULYLGDNRQWDNWDWRUDGLPRNDNRL]JOHGDPRWRJRYRULPRL
NDNRWRNDHPR3RVWRMLSUDYRPXGULMHJDDOLQHSUDYRMDHJD3UHSR]QDWL
WDMQR]QDLLPDWLXYLG3UHSR]QDWLYMHQRSURLDYDXP
3ULMHQHJRSRNXDPRXYMHULWLGUXJHPRUDPRXYMHULWLVDPLVHEH
3XQRPRHL]JXELWLRQDMNRMLGRELYD5DGLMHPDQMHDOLEROMH
5D]OXLELWQRRGQHELWQRJLELWQRRGKLWQRJ
5D]PLOMDMLDNRQLVLSODHQ]DWR
5D]XPRYMHNDQLMHSULURHQYHVWHHQ
5D]XPRYMHNDREOLNXMHDRVMHDMJDYRGL5D]XPMHRUXHPLVOLDQHVDPD
PLVDR
5D]XPMHVSRVREQRVWGDJDVHNRULVWLWRVXGYLMHUD]OLLWHVWYDUL
5D]XPNRMLQDVQHVSUHDYDGDWXLWDPRQDSUDYLPRYHOLNRGXQXJOXSRVW
GREDUMHUD]XP5D]XPQDPPRHUHLWRQHVPLMHPRLQLWL$VUFHQDP
PRHUHLWRPRUDPRLQLWL
5D]XPPRUDELWLWYRMQDMYLLVXGDFLYRGLXVYHPX2QWLPRHND]DWLWR
WUHEDL]EMHJDYDWLDOLMHGLQRWLVUFHJRYRULWRWUHEDUDGLWL
EXGXQRVW
QDGLOD]H
PLVDR
PRHUHLWRPRUDPRLQLWL

EXGXQRVW
QDGLOD]H
PLVDR
PRHUHLWRPRUDPRLQLWL

EXGXQRVW
QDGLOD]H
PLVDR
PRHUHLWRPRUDPRLQLWL

5D]XPQHPDVYRMOREL
5D]XPYLGLLX]URNHVWYDULLSRVOMHGLFH
5D]XPYLGLVYDNLEHVPLVDRDUD]ERULWRVWQDPVDYMHWXMHGDSRQHNLPHX
QMLPDSUHYLGLPR
5LMHSUHNDVQRSRJUHEQRMH]YRQRSRYLMHVWL6DPRLYDELDSOLYDMXX]VWUXMX
6YUHPHQRPSRVWDMHSDPHWQLML
6ODPXNRQDQRPRHQDSUDYLWLVYDWNRDNRQHERRPRJXXMHUDVWWUDYH
6PDWUDOLVHSUHPDOLPJD]LWHWLSRJODYL
6SR]QDMDMDDRYMHNRYXVDPRVYLMHVWLSRND]XMHSXWVUHL
6YDWNRVHDOLQDVYRMHSDPHQMHDQLWNRQDVYRMUD]XP
6YHWRMHX]YLHQRLPXGURUDDORVHSRWDMQRXVMHQLNUYQLNHVMHNLUH
3DPHWVHNUHWDODSRGNULQNRP
6YHYHOLNHVWYDULXQDHPVYLMHWXGRJDDMXVHMHUQHWNRLQLYLHQHJRWR
PRH
7NRMHJRWRYQMHPXVHQHPRHXGRYROMLWL
7NRQHHOLVDPRPHVHELSRPRLWRPHQLWNRQHPRHSRPRL
7NRQLMHSDPHWDQWRPHMHVUFHQDMH]LNXDWNRMHSDPHWDQWRPHMHMH]LNX
VUFX
7NRQRVLVYMHWLOMNXSRVUQHODNHRGRQRJDNRMLJDVOLMHGL
7NRSOLYDVDVWUXMRPQLNDGDQHHGRVSMHWLGRL]YRUD
7NRSRVMHGXMHQHNDQDXLJXELWL
7NRVDPRUD]XPQRLYLQLMHVKYDWLRLYRW7NR]DURQLLVSRGSRYULQHLQLWR
QDYODVWLWXRGJRYRUQRVW
7ULSXWDYRGHGRPXGURVWLUD]PLOMDQMHRQRMHQDMSOHPHQLWLMHRGJRMRQMH
QDMODNLLLVNXVWYRRQRMHQDMQHXJRGQLMH
7ULSXWVHOLWLLVWRMHNDRMHGDQSXWL]JXELWLVYHXSRDUX
8RYMHNXREGDUHQRPUD]XPRPUD]YLMDVHPLVDRQDLJUDSRWDNQXWD
]QDWLHOMRP
7YRMDSDPHWQLMHXJRGLQDPDQHJRXJODYL3DPHWQRPHMHFLMHOLVYLMHW
GRPRYLQD1LWDQDVYLMHWXQLMHWDNRGREURUDVSRUHHQRNDRUD]XPMHU
VYDWNRPLVOLGDJDLPDGRYROMQR
LYRWQDPXGURVW]QDLVYHVWYDULVPDWUDWLWRMHPRJXHELWQLMLPDDOL
QLMHGQXSRWSXQRR]ELOMQRVKYDDWL
p$SVXUGVHUDDL]VXHOMDYDQMDOMXGVNRJSR]LYDLEH]XPQHWLLQHVYLMHWD
$SVXUG]DYLVLNROLNRRGRYMHNDWROLNRLRGVYLMHWDLOLXQMLKRYRM]DMHGQLNRM
SULVXWQRVWL
D]XPQHPDVYRMOREL
5
QMLPDSUHYLGLPR
PRH
VUFX
]QDWLHOMRP
SULVXWQRVWL

5D]XPQHPDVYRMOREL
QMLPDSUHYLGLPR
PRH
VUFX
]QDWLHOMRP
SULVXWQRVWL
5D]XPQHPDVYRMOREL
D]XPYLGLLX]URNHVWYDULLSRVOMHGLFH
5
QMLPDSUHYLGLPR
PRH
VUFX
]QDWLHOMRP
SULVXWQRVWL

$SVXUGQRVWMHVWUDVWQDMEROQLMDRGVYLK$OL]QDWLGDOLVHPRHLYMHWLVD
VYRMLPVWUDVWLPD]QDWLGDOLVHPRHSULKYDWLWLQMLKRYXQXWDUQML]DNRQDWDMMH
VSDOLWLVUFHNRMHXLVWRYULMHPHRQHYHOLDMXHYRFLMHORJSLWDQMD
%LODGDNOHOMXGVNDJOXSRVWERMHGMHORLOLQHRQDVHJXELXVYRPHGMHORYDQMX
2GMHGQHJOXSRVWLGRGUXJHSXWHVWRWUDMHVWROMHLPDNDRVYMHWORVWSRJDVOH
]YLMH]GHJOXSRVWMRQLMHSURSXVWLODGDQHGRSXWXMHQDNUDMVYRJDRGUHHQMD
3RVODQVWYRMHJOXSRVWSRVYRMSULOLFLVYHPLUVNR*OXSRVWMHVDPDXVHEH
]DOMXEOMHQDLQMHQRMHVDPROMXEOMHEH]JUDQLQR*OXSRVWMH]DRJUQXOD
GRVWRMDQVWYRPLSR]LYLPD]YDQMLPDLLQRYLPD
%XGDODPDQLMHXLWHOMULMHQHJRQHVUHD
%XGDOHLSDPHWQLMHGQDNRVXQHRSDVQL1DMRSDVQLMLVXSROXOXGLLSROXPXGUL
DNLDNRSHGHVHWPLOLMXQDOMXGLNDHQHWRJOXSRRQRLSDNRVWDMHJOXSRVW
'DMHRYMHDQVWYRRGYDMNDGDELORUD]XPQRLPXGURSRYLMHVWQHELELODGXJD
NURQLNDJOXSRVWLL]ORLQD1HVWDQHPROLVYLXRSHPQXNOHDUQRPUD]DUDQMX
QHHWRELWL]ERJWRJDWRRYMHNQLMHELRVSRVREDQSRVWDWLOMXGVNLPLOLWRMH
QDVOMHGQR]DRELWHWR]ERJWRJDWRJDMHMHGQRGXQRVWJOXSRVWLVSULMHLODGD
YLGLVWYDUQRVWLGMHOXMHQDWHPHOMXLVWLQH
'RNOHHPRUD]ERMQLFLPDUD]YH]LYDWLVDQGDOH1DLVXHSRYLEH]
SHUVSHNWLYH-DQHVSDGDPPHXRQHNRMHVXQDYLQXOLVOLMHSDVQDJDJOXSRVWL
WRMHPDJQHWVNDVQDJDPDVRYQRJ]DPUDHQMDSDPHWL6DGDVHXNODQMDWL
RGJRYRUQRVWLQLMHGRVWRMQRRYMHNDQLSUHGYODVWLWRPVDYMHVWL
'YLMHVXVWYDULEHVNRQDQHVYHPLULOMXGVNDJOXSRVWDOLWRVHVYHPLUDWLH
QLVDPEDSRVYHVLJXUDQ
'YRUVNHOXGHVXRGXYLMHNVMHGLOHXSRGQRMXSULMHVWROMD=DWRVXSUYHPRJOH
YLGMHWLNDGDVHSULMHVWROMHSRHORNOLPDWL
*GMHQHPDODLGYRMEHQDMHLLVWLQD
*OXSRYMHNPLVOLGDMHPXGDUPXGDURYMHN]QDGDMHJOXS
*OXSDFLEDWLQHOXGRVWDPXGUHRYMHQDYD]QDQMH
*OXSDQQLMHVSUHPDQQDSURPMHQH]DQMHJDMHVYLMHWWDNDYNDNDYMHVWLQH
WUHEDJDPLMHQMDWL
*OXSDQYMHUXMHVYDNRMULMHL
*OXSHPLVOLLPDVYDWNRDOLLKPXGUDFSUHXXMH
*OXSLXVWUDQRM]HPOMLSRVMHXMXPX]HMHPXGULJRVWLRQLFH,REUDWQR
*OXSRPHQLERJQHPRHSRPRL
*OXSRVWMHGDUSULURGH
*OXSRVWMHQDMXGQLMDRGVYLKEROHVWL%ROHVQLN]ERJQMHQLNDGDQHSDWL$OL
]DWRSDWHGUXJL
QLVDPEDSRVYHVLJXUDQ
WUHEDJDPLMHQMDWL
*OXSRVWMHGDUSULURGH
]DWRSDWHGUXJL

QLVDPEDSRVYHVLJXUDQ
WUHEDJDPLMHQMDWL
*OXSRVWMHGDUSULURGH
]DWRSDWHGUXJL

QLVDPEDSRVYHVLJXUDQ
WUHEDJDPLMHQMDWL
*OXSRVWMHGDUSULURGH
]DWRSDWHGUXJL

*OXSRVWMHVYHPLUVNDVLODRQDMHMHGLQDNRMDSRVWRMLSRG]YLMH]GDPDRQDLK
SRNUHHL]DWRSULURGDQHPDLQHPRHLPDWLSODQD-HUNDGELWDJOXSRVWELOD
QDVWDODSRSODQXRQGDQLWDQHELELORVOXDMQRDNRQDRYRPVYLMHWXQLWD
QLMHVOXDMQRRQGDVYHVWRMLXX]URQRMYH]L
*OXSRVWMHYMHQD
*OXSRVWLSULSDGDLFMHSLGODWYR
*OXSRVWLVXQDMEROMLWHPHOM]DEXGXXPXGURVW*RGLQDPDVDPUD]PLOMDRR
JOXSRVWLOMXGVNRMRVMHDMXLPXWQRNDNRL]UD]QLKOMXGVNLKSRVWXSDNDL]ELMD
XGQDPUDQDXQXWUDQMDVQDJDNRMDOMXGHVPHWDVYDNHNUHWQMHNRMDOMXGLPD
QLNDNRQHGDSRLYHSRWSXQRLQHSRVUHGQRMHGQDRSDVQDVQDJD]DSUDYRNRMD
OMXGHWUXMHLUDVWYDUDMDVDPWXVYDNRGQHYQXSRMDYXOMXGVNHJOXSRVWLWXPDLR
NDRSULURGQXVWYDU2VRYLRVHRYMHNQDVWUDQMHQRJHSURKRGDRMHNDR
GYRQRDFDJOXSRVWVHYXH]DQMLPNDRVMHQND*OXSRVWMHVHVWUDPUDND
JOXSRVWELKWMHODGDGYRQRFDSRQRYQRYUDWLQMHJRYLPHWYHURQRQLP
URDFLPDXSULURGLJOXSRVWQHGDRYMHNXGDRWSXWXMHQD]YLMH]GHNDRWR
PXQLVLODWHDQHGDOHWL
,ERJRYLVXYRGLOLELWNHVDEXGDODPDX]DOXGQR
,EXGDODUDGLSRVYRPXYMHUHQMX
,VPLMHKRGPXGUDFDLQLOXDND
,]JOXSDQDQHPRHSURJRYRULWLGRVWRMDQVWYR
-RQLWNRQLMHRWNULROMXGVNRMJOXSRVWLOLMHND
.DGJOXSRVWSRLYDQDGREULPQDPMHUDPDWDG]DEOXGDGDMHYHHPEURMX
OMXGLGDRGQMHLYLQHJRWRRGQMHVWUDGD
.ROLNRJRGQHWNRELRSDPHWDQHVWRLSDNQLMHGRYROMQRSDPHWDQGDVKYDWL
JOXSRJ
.RJDVUHDHOLXQLWLWLXLQLJDOXGLP
/DNRMHUD]DEUDWLGDVHSUHPDJOXSDFLPDLOXDFLPDPRHSRND]LUD]ERULWRVW
VDPRQDMHGDQQDLQGDVHVQMLPDQHUD]JRYDUD
/XGRVWQHPDLVSULNH
/XDNRGPDKRGDMHVYRMELMHV
/XDNDQHSLWDM]DVDYMHW
/MXGHWUHEDYROMHWLMHUVXYLHJOXSLQHJR]OL
/MXGLVHQDMRLWLMHUD]OLNXMXSRWRPHWRQHUD]XPQLXYLMHNQDQRYRSRLQH
LVWXJOXSRVWDSDPHWQLXYLMHNQRYH
/MXGVNDMHJOXSRVWPUDQDVQDJDSRGQDPD
0RJXHGUDWLEXGDORPVYHOMXGHQHNRYULMHPHLQHNHOMXGHLWDYRYULMHPH
DOLMHQHPRJXHGUDWLEXGDORPVYHOMXGHLWDYRYULMHPH
*OXSRVWMHYMHQD
PXQLVLODWHDQHGDOHWL
JOXSRJ
/XGRVWQHPDLVSULNH

*OXSRVWMHYMHQD
PXQLVLODWHDQHGDOHWL
JOXSRJ
/XGRVWQHPDLVSULNH
*OXSRVWMHYMHQD
PXQLVLODWHDQHGDOHWL
JOXSRJ
/XGRVWQHPDLVSULNH

1DJOXSRVWLPDVWRMLVYLMHWLEH]QMLKVHPRGDQHELQLWDGHVLOR0L]QDPR
WR]QDPR
1DGXWRVWLQLRYMHNDOXGLP
1DJDRRYMHNLQLOXGRVWLDUD]ERULWLKSRGQRVL
1DMILOR]RIVNLMDMHVWUDQDSRYLMHVWLXWRPHWRQDVXSR]QDMHVOMXGVNRP
JOXSRX
1DMQHVQRVQLMHRVREHVXOMXGLNRMLPLVOHGDVXJHQLMDOQLLHQHNRMHVHEL
XPLOMDMXGDVXQHRGROMLYH
1DMRSDVQLMDMHJOXSRVWNRMDQLMHRGUD]QHREUD]RYDQMDYHREUD]RYDQMD
1DMWHHMHRYMHNXXUD]JRYRUXVJOXSDQLPD*OXSDQLQHHSRMPLWLGDMHVWYDU
R]ELOMQD*OXSDQLQDVGDNDNRQHPRJXSUDWLWLXPLVOLPD
1DSUDYLVLVWHPNRMLLEXGDODPRHNRULVWLWLSDHJDQHVDPREXGDODL
KWMHWLNRULVWLWL
1HSRQL]XMVHSUHGEXGDORP
1HNLVHOMXGLYLHWUXGHVNULWLVYRMXSDPHWQHJRVYRMXJOXSRVW
1HPRJXHMHELORWRXLQLWLRWSRUQLPDQDEXGDOHMHUVXEXGDOHWDNR
LQYHQWLYQH
1HRJUDQLHQMHEURMOXDND
1H]JRGDOXDNDMHRSRPHQD]DSDPHWQRJD
1LVXOMXGLWDNRJOXSLGDQHEL]QDOLWRVHVPLMHDWRQHDOLQLWNRRGQDVQLMH
WDNROXGRLOLQDLYQRVPLRQGDWRMDYQRLVSRYLMHGD
1LWNRQLMHRWNULROMXGVNRMJOXSRVWLOLMHND
1LWNRQLMHWROLNRVOLMHSNDRRQLNRMLQHHYLGMHWL
2EUD]RYDQMHRQDMNRMLPRHYLGMHWLSDUDOHOH%XGDOHXYLMHNYLGHQHWRQRYR
2QDMWNRVHQDYLNDRQDDSVXUGQHVWYDULGREURVHVQDOD]LXQDHPYUHPHQX
2QLNRMLVHSUDYHJOXSLPDRSDVQLMLVXRGRQLKNRMLVXJOXSL
3DPHWQLMLSRSXWD%HVPUWQDSRVORYLFDNRMDXWHPHOMXMHYODGDYLQXJOXSRVWL
VYLMHWRP
3RVWRMHVDPRGYDQDLQDGDVHRYMHNX]GLJQHLOLVYRMRPYODVWLWRP
YMHWLQRPLOLJOXSRXGUXJLK
3UDYRQDJOXSRVWMHGLRJDUDQFLMHVORERGQRJUD]YRMDOLQRVWL
3UD]QRMMHYUHLWHNRVWDMDWLXVSUDYQR3UHGQRVWSDPHWLMHXWRPHGDVH
RYMHNPRHSUDYLWLJOXSLP2EUDWQRMHYHWHH
6DPRJOXSDQEUDQLSRWSXQREH]LGHMQHVWYDULLRGQRVHNRMLQLVXVSRMLYLV
GREULPRELDMLPDRYMHNQDNUDMXRWXSOMXMH]DJOXSOMXMHVHEHLGUXJH
WR]QDPR
JOXSRX
KWMHWLNRULVWLWL
LQYHQWLYQH
VYLMHWRP
DPRJOXSDQEUDQLSRWSXQREH]LGHMQHVWYDULLRGQRVHNRMLQLVXVSRMLYLV
6

WR]QDPR
JOXSRX
KWMHWLNRULVWLWL
LQYHQWLYQH
VYLMHWRP
6DPRJOXSDQEUDQLSRWSXQREH]LGHMQHVWYDULLRGQRVHNRMLQLVXVSRMLYLV
WR]QDPR
JOXSRX
KWMHWLNRULVWLWL
LQYHQWLYQH
VYLMHWRP
DPRJOXSDQEUDQLSRWSXQREH]LGHMQHVWYDULLRGQRVHNRMLQLVXVSRMLYLV
6

6DPRMHEXGDODVDPVDVRERP]DGRYROMDQ
6LURPDQDMHEXGDODERJDWDEXGDODMHERJDWD
6WUHOLFDPDDSVXUGDWUHEDRGX]HWLFLOM
6WXSDQMSRMHGLQLKFLYLOL]DFLMDVWRMLXREUDWQRPRPMHUXVDOMXGVNRPSDPHWL
6YDNDEXGDOD]QDGHWUDLWLL]OLNH]DYODVWLWHSRJUHNH
6YDWNRPLVOLGDMHQDMYDQLMLQDMEROMLVDPROXDNLJOXSDQLPDKUDEURVWLWRL
UHL
6YLVPRPLPDVNHLVYLVPRPL]DNULQNDQLLVYDNLRYMHNRVMHDSRWUHEXGD
VNLQHVYRMXPDVNXQDMHGDQWUHQGDUDVNULQNDGDSURJRYRULSRFUWLVYRJ
LQWLPQRJUDVSRORHQMD
WRMHYHDLQWHOLJHQFLMDWRYLHQMH]LQDJOXSRVWPRHNRGLWL
WROMXGLQDMUDGLMHQD]LYDMXJOXSLP"3DPHWQHVWYDULNRMHQHVKYDDMX
8LQWHUHVXMHVYDNRJGUXWYDGDVHERULSURWLYJOXSRVWLSURWLYVQDJDNRMH
REOLNXMXRVREHNRMLPDVYHWRMHQHSR]QDWRL]JOHGDWDMDQVWYHQRLSULMHWHH
YLGMHWHNROLNRVHJOXSRVWLLNROLNRNXNDYLOXNDSDLDORVWLNDWNDGD
8
VNULYDSRGPDVNRP]GUDYDUD]XPD
237,0,=$0,3(6,0,=$0
pLPRSWLPLVWXJOHGDVYMHWORNRMHXRSHQHSRVWRMLSRMDYOMXMHVHSHVLPLVW
NRMLJDJDVL
1RYDMHYL]LMDWRMHGXJXMHPR]QDQRVWLYL]LMDVWYDUQRJSUHPGDXPMHUHQRJ
RSWLPL]PD2QQDPGDMHQHNXPMHUX]QDHQMDLUDFLRQDOQHQDGHXVYLMHWXNRML
MHL]JOHGDRLUDFLRQDODQLEHVPLVOHQ2QQDPSRND]XMHRYMHNRYRPMHVWRR
QMHJRYLXORJXXVYHPLUX2QDMH]HPDOMVND]DOLKDHYROXFLMVNLKPRJXQRVWL
VOXJDHYROXFLMHDXLVWRYULMHPHLQMH]LQPODGHQDNLJRVSRGDU
2SWLPLVWJRYRULGDLYLPRXQDMEROMHPPRJXHPVYLMHWXDSHVLPLVWVHERML
GDMHWRLVWLQD
2SWLPLVWDQLNDGDQHHL]DEUDWLOXGQLFXNDRMHGLQRJGRVWRMQRJVNORQLWD
QHSRGPLWOMLYHOLQRVWL
6EH]QDGQRXSRLQMHRSWLPL]DP
6WYDUDRFLYLXVNODGXVSULURGRPWR]QDLELWLLXVNODGXVUD]XPRPMHU
SRVMHGXMHYHGULLYRWQLRSWLPL]DPLR]QDDYDXVSUDYQXOLQRVW1MHJRYMHXP
RGVMDMQHEHVNRJVYLMHWOD
8]EURMPRJDLYRWDVSDGDL]PHXRVWDORJLWRGDQHSRVWRMLEH]L]OD]QRVW
DRSWLPLVWDLYRWQLMHSUREOHPYHUMHHQMH
=

237,0,=$0,3(6,0,=$0
NRMLJDJDVL
GDMHWRLVWLQD
=DRSWLPLVWDLYRWQLMHSUREOHPYHUMHHQMH
UHL
LQWLPQRJUDVSRORHQMD
8YLGMHWHNROLNRVHJOXSRVWLLNROLNRNXNDYLOXNDSDLDORVWLNDWNDGD

UHL
LQWLPQRJUDVSRORHQMD
YLGMHWHNROLNRVHJOXSRVWLLNROLNRNXNDYLOXNDSDLDORVWLNDWNDGD
8
237,0,=$0,3(6,0,=$0
NRMLJDJDVL
GDMHWRLVWLQD
DRSWLPLVWDLYRWQLMHSUREOHPYHUMHHQMH
=
37,0,=$0,3(6,0,=$0
2
NRMLJDJDVL
GDMHWRLVWLQD
=DRSWLPLVWDLYRWQLMHSUREOHPYHUMHHQMH
DPRMHEXGDODVDPVDVRERP]DGRYROMDQ
6
UHL
LQWLPQRJUDVSRORHQMD
8YLGMHWHNROLNRVHJOXSRVWLLNROLNRNXNDYLOXNDSDLDORVWLNDWNDGD

p%XGLRULJLQDODQ$NRYHHOLQHNRJRSRQDDWLRSRQDDMJDXRQRPH
WRMHQDMEROMH2ULJLQDOQRVWVHQHVDVWRMLXWRPHGDNDHWRQLWNRSULMHQLMH
UHNDRYHXWRPHGDWRQRNDHRQRWRPLVOL
2ULJLQDOQRVWWUHEDFLMHQLWLYLHRGRSVHQRVWL
2ULJLQDOQRVWVHQHXL
p)DOVLILNDWVHRGRULJLQDODUD]OLNXMHSRWRPXGDL]JOHGDRULJLQDOQLMH
0HXOMXGLPDLPDSXQRYLHNRSLMDQHJRRULJLQDOD
=ERJSODJLMDWDVHQHELWUHEDOLOMXWLWL2QLVXYMHURMDWQRQDMLVNUHQLMLRGVYLK
NRPSOLPHQDWD
p/MXGLNUDGXMHGQLGUXJLPDPLVOLLQRYDF
/MXGLVHXHRSRQDDWLRWRMVSRVREQRVWLRYLVLQMLKRYRSVWDQDN1XQRVW
VNXSOMDQMDXJUXSHLVWYDUDQMHRGQRVHL]YLUHYMHURMDWQRL]WRJSURFHVD
XHQMD*UXSDSUHQRVLQDVYRMHODQRYHVYDLVNXVWYDSRWUHEQD]DRSVWDQDN
2SRQDDQMHMHQDMLVNUHQLMLREOLNODVNDQMD3LVDORVHLSLHXJODYQRPLGDQDV
SRFUWLSRPRGQRJSUHSLVLYDQMDDSLWDPRVHNDNRWRGDOMXGLPDMRXYLMHNQLMH
GRVDGLORPDMPXQLUDWLWXHJULPDVH
6WDWLWRELELODVPUWRSRQDDWLWRMHYHMHGQDYUVWDURSVWYDYODVWLWR
REUD]RYDQMHLUD]YRMWRVXLYRWLVORERGD
8VSMHKSRGXKYDWDMHXYLMHNQDNRFNLYULMHGQRVWLVHVWYDUDMXVSRVWHSHQLP
UD]OLNDPD'MHORMHXYLMHNL]YUJQXWRRSDVQRVWLL]RSDHQMDLNULYRWYRUHQMD
RULJLQDOQRVWIDOVLILNDWSODJLMDWRSRQDDQMHUXWLQD
25,*,1$/1267,2321$$1-(
SWLPLVWLVXORHREDYLMHWHQL
2
p3HVLPL]DPMHGXHYQDEROHVW2QMHJULMHK
3HVLPL]DPXELMDXOMXGLPDWHQMXGDVHERUHSURWLYVLURPDWYDQH]QDQMDL
]ORLQDLLVXXMHVYDYUHODUDGRVWLXVYLMHWX
3HVLPLVWMHRYMHNNRMLVHYHVHOLORLPLVNXVWYLPDMHUPXGDMX]DSUDYR
3HVLPLVWLLPDMXWXSUHGQRVWGDUMHHELYDMXUD]RDUDQL
3HVLPLVWLVXLVWLQVNLLYRWQLXPMHWQLFLMHUGRLYOMDYDMXVDPRXJRGQD
L]QHQDHQMD
3HVLPLVWLDQMH]QDNWRVXVYHXWRSLMHQRYLMHJGREDSHVLPLVWLQH
1HPRJXVLSRPRLDSRNDOLSWLDULVWUEXVLPDQLVXXYMHUOMLYL
3HVLPLVWQHPRHELWLJRUH2SWLPLVWPRHPRH
2SWLPLVWLVXORHREDYLMHWHQL
L]QHQDHQMD
HVLPLVWQHPRHELWLJRUH2SWLPLVWPRHPRH
3
25,*,1$/1267,2321$$1-(
2ULJLQDOQRVWVHQHXL
NRPSOLPHQDWD
VSMHKSRGXKYDWDMHXYLMHNQDNRFNLYULMHGQRVWLVHVWYDUDMXVSRVWHSHQLP
8

2ULJLQDOQRVWVHQHXL
NRPSOLPHQDWD
8VSMHKSRGXKYDWDMHXYLMHNQDNRFNLYULMHGQRVWLVHVWYDUDMXVSRVWHSHQLP
25,*,1$/1267,2321$$1-(
SWLPLVWLVXORHREDYLMHWHQL
2
L]QHQDHQMD
2SWLPLVWLVXORHREDYLMHWHQL
L]QHQDHQMD
HPRJXVLSRPRLDSRNDOLSWLDULVWUEXVLPDQLVXXYMHUOMLYL
1
25,*,1$/1267,2321$$1-(
2ULJLQDOQRVWVHQHXL
NRPSOLPHQDWD
VSMHKSRGXKYDWDMHXYLMHNQDNRFNLYULMHGQRVWLVHVWYDUDMXVSRVWHSHQLP
8

p.ORQLVHUXWLQHRQDMHXERMLFDLQYHQFLMH
$NRQHWRUDGLRQDNRNDNRWRYHGHVHWJRGLQDUDGLRQGDVXYHOLNH
DQVHGDUDGLSRJUHQR
RYMHNLPDGDQDVYUORPDOHLQLFLMDWLYHQMHJRYH]DGDWNHSURSLVXMH
RUJDQL]DFLMDDNVXLRVMHDMLSURSLVDQLD]DEDYDLRVWDOHDNWLYQRVWLVX
UXWLQLUDQH
.UHDWLYQDRVREDQDUXWLQVNRPSRVOX UDVLSDQMHERMHJGDUD
0RHOLRYMHNXKYDHQXWXPUHXUXWLQHQH]DERUDYLWLGDMHRYMHN
MHGLQVWYHQLLQGLYLGXXPELHNRMHPXMHGDQDVDPRRYDMHGLQDDQVDLYRWDV
QDGDQMLPDLUD]RDUDQMLPDVDDORXLVWUDKRPVHQMRP]DOMXEDYOMXL
JUR]RPSUHGQLWDYLORPLRGYRMHQRX
1HNLOMXGLLYHVWDNRL]QHQDXMXRPUXWLQRPGDMHWHNRYMHURYDWLGDLYH
SUYLSXW
6YDYHOLNDLVNXVWYDVYDYHOLNDGMHODUH]XOWDWVXRVORERHQMDRVORERHQMDRG
UXWLQHUD]PLOMDQMDLGMHORYDQMD
8KRGDQHQDPUDGQMHRODNDYDMXGDVHXVUHGRWRXMHPRQDQHWRQRYR
$0(1-(6-($1-(,=$%25$9/-$1-(
3
p7HNNDGDVPRQHNRJDRYMHND]DERUDYLOLRQMHVWYDUQRPUWDY
=DERUDYMHQDL]UD]LWLMDOMXGVNDPDQDLOLYUOLQD
=DERUDYMHQHVUDQMLYRVSDVRQRVQLMDRYMHNRYDVSRVREQRVWQHJRVMHDQMH
=ORMH]DERUDYLWLRGMHGQRPEROMHMH]DERUDYOMDWLSRPDOR
=DERUDYOMDQMHPRHELWLYHOLNRSURGXNWLYQRGMHOR
=DEUDQMHQRQLMHYMHQRRQRVHPRHPLMHQMDWL
HOMHWLQHNRJD]DERUDYLWL]QDLPLVOLWLQDQMHJD
p'REURSDPHQMHMHSURNOHWVWYRNRMHVOLLEODJRVORYX
3DPHQMHVODELDNRJDQHYMHED
1LWDQLMHWDNR]DVOXQR]DGREUDVWDUDYUHPHQDNDRORHSDPHQMH
WRWHMHXLQLORRYMHNDDNRQLMHSDPHQMH"3DPHQMHMHXGQRYDWRFMHGLOR
]DGUDYDVYHQDHGREUHVWUDQHLVYHORHVWUDQHGUXJLK3DPHQMHMHVOXJD
QDLKLQWHUHVD3RPR]DSDPHQMHMHLGHDOQDYH]DL]PHXGYLMHUXSHX
SDPHQMX
p.ULYRWYRUHQMHVMHDQMDMHQHPRQDRVYHWDQDHJSDPHQMDSUHPD
QHSRYUDWQRVWLVYHJDWRVHGRJRGLOR
6MHDQMDVX]ODWQLRNYLUNRMLVYDNXVOLNXLQLOMHSRP
3$0(1-(6-($1-(,=$%25$9/-$1-(
SDPHQMX
.ORQLVHUXWLQHRQDMHXERMLFDLQYHQFLMH
p
DQVHGDUDGLSRJUHQR
UXWLQLUDQH
SUYLSXW

DQVHGDUDGLSRJUHQR
UXWLQLUDQH
SUYLSXW
3$0(1-(6-($1-(,=$%25$9/-$1-(
SDPHQMX
3$0(1-(6-($1-(,=$%25$9/-$1-(
SDPHQMX
DQVHGDUDGLSRJUHQR
UXWLQLUDQH
SUYLSXW

6MHDQMHMHMHGLQLUDML]NRMHJDQDVQHPRJXLVWMHUDWL
6MHDWLVH]QDLRGDEUDWL
3,7$1-$,2'*2925,
pRYMHNQLNDGDQHHSUHVWDWLELWL]EXQMHQGDVHXGLLGDSRVWDYOMDQRYD
SLWDQMD
%XGDOHSRVWDYOMDMXSLWDQMDQDNRMHPXGULQH]QDMXRGJRYRULWL
3LWDQMDQLVXLQGLVNUHWQD7DNYLVXMHGLQRNDWNDGDRGJRYRUL
3LWDQMHNRMHQLMHSRVWDYOMHQRXSUDYRPWUHQXWNXVDPRVPHWDLVWYDUD]EUNX
3LWDWLSUDYDSLWDQMD]DKWMHYDMHGQDNXYMHWLQXNDRLGDYDWLSUDYHRGJRYRUH
7DEXLUDQMHRGJRYRUDQLMHWDNRVWUDQRNDRWDEXLUDQMHSLWDQMD
7DPRJGMHSRVWRMLSUHYLHRGJRYRUDQHWRQLMHXUHGXVDSLWDQMLPD
7DPRJGMHVHQHSRVWDYOMDMXSLWDQMDSRLQMHQHRGJRYRUQRVW
7NRSLWDSHWMHPLQXWDEXGDODDWNRQHSLWDRVWDMH]DXYLMHNEXGDOD6YLMHWMH
]DQDVXYLMHNRGJRYRUNRMLRYLVLRSLWDQMXNRMHPXSRVWDYOMDPR
9HMHYHOLNLQXDQGRND]UD]ERULWRVWLLOLUD]XPLMHYDQMDNDGRYMHN]QDSLWDWL
SDPHWQR
,VWLQVNLRGJRYRUMH]DSUDYRXYLMHNVPUW
3/(0(1,7267,'56.267
SOHPHQLWRVWLGUVNRVWGLYOMHQMHXPMHUHQRVWX]YLHQRVWYHOLLQD
YHOLNRGXQRVWEHXWQRVWGUVNRVWVXURYRVW
p'LYOMHQMHMHQDHXJODHQRSUL]QDQMHGDQDPMHQHWNRGUXJLVOLDQ
LYOMHQMHMHVUHWQRJXEOMHQMHVDPRJDVHEHD]DYLVWQHVUHWQRGRND]LYDQMH
'
VDPRJVHEHWRJRGMHNRULVQRRYMHDQVWYXWRMHLSOHPHQLWR3OHPHQLWH
GXHGUXJHOMXGHXYLMHNEODHQHJRVHEHVXGH
p$OLVYHX]YLHQRLVWRMHWDNRWHNRNDRWRMHULMHWNR
2GX]YLHQRJGRVPLMHQRJVDPRMHMHGDQNRUDN
1HLMDVHYHOLLQDQHPMHULSRQMHJRYLPL]YDQUHGQLPQDSRULPDYHSR
QMHJRYRPVYDNRGQHYQRPSRQDDQMX
p1HPDYHOLLQHWDPRJGMHQHPDMHGQRVWDYQRVWLGREURWHLSUDYGH
6DPRPDOLGXKRYLUD]OLNXMXVYRMHLWXH9HOLNRGXDQRYMHNYLGLLWDYVYLMHW
NDRVYRMXSRURGLFX
'LYOMHQMHMHVUHWQRJXEOMHQMHVDPRJDVHEHD]DYLVWQHVUHWQRGRND]LYDQMH
NDRVYRMXSRURGLFX
3/(0(1,7267,'56.267
3,7$1-$,2'*2925,
SLWDQMD
SDPHWQR
MHDWLVH]QDLRGDEUDWL
6

6MHDWLVH]QDLRGDEUDWL
,7$1-$,2'*2925,
3
SLWDQMD
SDPHWQR
3/(0(1,7267,'56.267
LYOMHQMHMHVUHWQRJXEOMHQMHVDPRJDVHEHD]DYLVWQHVUHWQRGRND]LYDQMH
'
NDRVYRMXSRURGLFX

'LYOMHQMHMHVUHWQRJXEOMHQMHVDPRJDVHEHD]DYLVWQHVUHWQRGRND]LYDQMH
NDRVYRMXSRURGLFX
3/(0(1,7267,'56.267
3,7$1-$,2'*2925,
SLWDQMD
SDPHWQR
MHDWLVH]QDLRGDEUDWL
6

2(7$.,.5$3
p7NRQLNDGQHSRQHQLNDGQHPRH]DYULWL
p.UDMQRVWLVHGRGLUXMX
6WYDULSRVWRMHMHGLQRXREOLNXVYRMLKVXSURWQRVWLDYRXNOMXXMH%RJD
6YDNDMHNUDMQRVWURHQDVHVWUDRJUDQLHQRVWL
p$NRNRQDFLPDMHGDQNUDMRQGDLPDLGUXJL
%ROMHMHNUDMVHPDORPXNHQHJRPXNDEH]NUDMD
p%ROMHWLMHSDPHWQDSRNXGDQHJRJOXSDSRKYDOD
+YDOLOLWHSURWLYQLNRQGDMHWRVXPQMLYRSVXMHOLWHRQGDVLXSUDYLOXQD
SUDYRPSXWX
+YDOLOLPHXOLFH7RWLQHX]DERUDYLWL
-HOLXPMHUHQDSRKYDODR]QDNDRJUDQLHQRVWL"
-HGDQGLRKYDOHSRKYDOLSULMDWHOMDXOLFHGUXJLPXGLRL]DOHDL]UHFL
.DGQHWNRQHNRJDKYDOLRQVHVQMLPL]MHGQDXMH
.DGDRSUDYGDQRNRULPRLVWRGREQRELWUHEDORWUDLWLQHNXRVRELQX]ERJNRMH
RVREXNRMXNRULPRPRHPRLSRKYDOLWL/MXGLRELQRKYDOHNDNRELELOL
KYDOMHQL
0DNROLNRQDVOMXGLKYDOLOLQLNDGQDPQHHUHLQLWDQRYR
1HKYDOLRYMHNDSRREOLMXQMHJRYXLQHSUH]LULQLNRJD]ERJQMHJRYD
L]JOHGD
1LNRJDQHKYDOLSULMHQRWRSURJRYRULMHUJRYRUMHNXQMDOMXGL
ELQRKYDOLPR]DWRGDELVPRLVDPLELOLKYDOMHQL
2
6DPRVHXQXGLYLGLRWPMHQRVWYHOLNHGXH
9HOLNRGXQRVWQLMH]DUD]QD
p6YDNDMHQHQDUDYQDEHXWQRVWQHVQRVQDDGRQHNOHLRSDVQD
p.RGQHNLKOMXGLGUVNRVWPRUD]DPLMHQLWLYHOLLQXQHOMXGVNRVWYUVWRX
NDUDNWHUDOXNDYRVWGXK
p3URWLYVXURYRVWLOLMHNMHEODJRVW
32+9$/$,3258*$
SRKYDODSRUXJDLVPLMDYDQMHL]UXJLYDQMHKYDOLVDYFLVDPRKYDOD
32+9$/$,3258*$
32(7$.,.5$p7NRQLNDGQHSRQHQLNDGQHPRH]DYULWL
%ROMHWLMHSDPHWQDSRNXGDQHJRJOXSDSRKYDOD
p
SUDYRPSXWX
KYDOMHQL
L]JOHGD
2ELQRKYDOLPR]DWRGDELVPRLVDPLELOLKYDOMHQL

2(7$.,.5$3
p7NRQLNDGQHSRQHQLNDGQHPRH]DYULWL
p%ROMHWLMHSDPHWQDSRNXGDQHJRJOXSDSRKYDOD
SUDYRPSXWX
KYDOMHQL
L]JOHGD
ELQRKYDOLPR]DWRGDELVPRLVDPLELOLKYDOMHQL
2
32+9$/$,3258*$
32+9$/$,3258*$

32(7$.,.5$p7NRQLNDGQHSRQHQLNDGQHPRH]DYULWL
%ROMHWLMHSDPHWQDSRNXGDQHJRJOXSDSRKYDOD
p
SUDYRPSXWX
KYDOMHQL
L]JOHGD
2ELQRKYDOLPR]DWRGDELVPRLVDPLELOLKYDOMHQL

GELMDWLSRKYDOH]QDLHOMHWLGDQDVGYDSXWDSRKYDOH
2
3RKYDODMHXYLMHNHGQDVDPRODVNDQMH]DXGDUDODNHMVWYRP
3RKYDODNRULVWLPXGURPDPQRJRNRGLOXGRP
5HFLPLWNRWHKYDOLDMDXWLUHLXHPXJULMHL
7NRQDVKYDOLMHUQHWRHOLWDMHQDVNXGLWLDNRQLWDQHGRELMH
7NRRGELMDSRKYDOXHOLGDJDVHMRMHGQRPSRKYDOL
=DSRQLUD]JRYRUSRKYDORPLSUL]QDYDQMHPVXJRYRUQLNRYLKYUOLQD
HOLOLVWHLQHSULMDWHOMDKYDOLVHSUHGSULMDWHOMHPHOLOLVWHLSULMDWHOMD
GRSXVWLGDVHRQKYDOLSUHGWRERP
LYHKYDOLWLWRMHL]UXJLYDQMH
o3RUXJDMHHVWRRGUD]GXKRYQRJVLURPDWYDLVPLMDYDQMH
p1HLVPLMDYDMVHGUXJLPDLQHEXGL]DMHGOMLYWRVXSULNULYHQHDJUHVLMH
,]UXJLYDQMHMHQDMHHGRND]VLURPDWYDGXKD
,]UXJLYDQMHMHVQDJDRQRJDNRMLQHPDNDUDNWHUD
3RQHNDGGXKRYLWRDOLQDMHHSRGUXJOMLYRWYRUFLPDQRYLKLGHMD
SULSLVXMHPRILOR]RILUDQMHQD]LYDPRLKXGDFLPDXPMHVWRGDX]SXQX
SR]RUQRVWSRNXDPRSURQLNQXWLXELWQMLKRYLK]DPLVOL8WDNRQHSUDYHGQR
XUHHQRPVYLMHWXVWYDUDRFSDWLSRQDMYLH]ERJGXKRYQHWURPRVWLVYRMHJD
QHSRVUHGQRJRNUXHQMD
6OLNDNRMXLPDPRVDPLRVHELRYLVLRQDLPUDQLPLVNXVWYLPDNDRLRQDHP
YODVWLWRPWXPDHQMXWLKLVNXVWDYD$NRQDVSUHNRUDYDMXLOLQDPVHXYULMHPH
X]UDVWDSRGVPLMHYDMXWHQDPGDMXQDVOXWLWLGDQLVPRLVSXQLOLRQRWRVHRGQDV
RHNLYDORXEU]RHPRYMHURYDWLGDVPR]DLVWDQHVSRVREQLWHHPRXVYLP
VYRMLPGMHOLPDYHXQDSULMHGRHNLYDWLQHXVSMHK7RQDPXYMHUHQMHSRQHNDG
QHHLVNRULMHQLWLQLLVWLQVNLXVSMHK
o+YDOLVDYFLVXMH]LQLGLYRYLXNRMLPDVHVNULYDMXPLVDRQLSDWXOMFL
pRYMHNNRMLUDGLQHWRNRULVQRQDNUDMXLSDNLPDSUDYRGDVHWLPHLSRKYDOL
+YDOLWLVHEHRVRELWRVWMHLVSUD]QRJDNXGLWLVHEHRVRELWRVWMHOXGRJD
32.86,32*5(.$
SRNXVSRJUHNDYMHEDQMH
p1HX]GDMVHXGUXJH3RLQLVDPVYRMHJUHNH1LMHGDQSRNXVQLMH
SRWSXQLSURPDDMXYLMHNPRHSRVOXLWLNDRQHJDWLYDQSULPMHU
DOHJUHNHUDGRSUL]QDMHPRNDNRELRVWDYLOLGRMDPNDRGDQHPDPRYHOLNLK
0
0DOHJUHNHUDGRSUL]QDMHPRNDNRELRVWDYLOLGRMDPNDRGDQHPDPRYHOLNLK
32.86,32*5(.$
2GELMDWLSRKYDOH]QDLHOMHWLGDQDVGYDSXWDSRKYDOH
QHSRVUHGQRJRNUXHQMD
YDOLWLVHEHRVRELWRVWMHLVSUD]QRJDNXGLWLVHEHRVRELWRVWMHOXGRJD
+

GELMDWLSRKYDOH]QDLHOMHWLGDQDVGYDSXWDSRKYDOH
2
QHSRVUHGQRJRNUXHQMD
32.86,32*5(.$
DOHJUHNHUDGRSUL]QDMHPRNDNRELRVWDYLOLGRMDPNDRGDQHPDPRYHOLNLK
0

0DOHJUHNHUDGRSUL]QDMHPRNDNRELRVWDYLOLGRMDPNDRGDQHPDPRYHOLNLK
32.86,32*5(.$
2GELMDWLSRKYDOH]QDLHOMHWLGDQDVGYDSXWDSRKYDOH
QHSRVUHGQRJRNUXHQMD
HSDGDPRSUHNRVYRMLKJUHDND8YLMHNSDGDPRSUHNRQHSULMDWHOMDNRMLWH
1
JUHNHNRULVWH
p,]YMHEDMVHGR]DPRUHQRVWLXNURWLDPELFLR]QH]DVHSULGREL
QHRSUHGLMHOMHQH]DGLYLRKROH9MHEDM.DRWRHOMH]R]DUDDNRVHQH
XSRWUHEOMDYDWDNRVHLWYRMDVSRVREQRVWXQLWLEH]YMHEH
9MHEDXYUXMHYMHWLQH6WYDUDODNHVHVSRVREQRVWLPRJXXWYUGLWLL
YMHEDWL
32126,68='5$1267
SRQRVVX]GUDQRVWVUDPVUDPHOMLYRVWDSVWLQHQWSUNRVGRVWRMDQVWYR
p%XGLSRQRVDQ$NRWLQHWNRNDHQHWDGDMHRQ]ERJSRQRVDLOL
WYUGRJODYRVWLSULVLOMHQRVWDWLGRVOMHGDQVDPRPHVHEL
'RSXVWLGUXJRPHGDVDXYDYODVWLWLSRQRV$NRMHQHWRRYMHNDGRVWRMQR
WRMHQMHJRYRVMHDMOMXGVNRJSRQRVDNDRWDNYRJDWDMMHMDLRGJOXSRVWL
LWDYRJVYLMHWD7UHEDSULMHVYHJDELWLSUDYHGDQWUHED]DWLP]QDWLWRMH
LVWLQDDOMXGLVXELMHGDSULOLNHXNRMLPDLYHVXQHGRVWRMQHRYMHNDWHQLMH
XGRGDVHOMXGVNDVDYMHVWL]JXELODNDRPDJOD3DPHWMHXVDPOMHQDSRMDYD
3RVWRMLPXND]ERJNRMHVPRSRQRVQL
3RQRVMHGDNOHL]QXWUDSRWHNORSUHPDWRPHLL]UDYQRVDPRSRWRYDQMHD
WDWLQDQDSURWLYWHQMDGDVHRQRSRVWLJQHL]YDQDWRMHVWQHL]UDYQR
'RVOMHGQRWRPHLQLWDWLQDRYMHNDJRYRUOMLYLPDSRQRVXWOMLYLP
3RQRVDQRYMHNRGVHEHWUDLQDMEROMHRKRORYMHNVLWRSULSLVXMH
3ULMHELWUHEDORGDXPUHPRQDQRJDPDQHJRGDLYLPRQDNROMHQLPD
3UL]RUOMXGVNRJSRQRVDMHQHXVSRUHGLY
3RGODFDQDMYLHYULMHDSRQRV
p$NRMHX]GUOMLYRVWSRJUHNDUDYQRGXQRVWMH]ORLQ
,SDNSRVWRMLJUDQLFDJGMHX]GUOMLYRVWSUHVWDMHELWLYUOLQD
6X]GUDYDQMHMHXLYDQMHXVWYDULPDNRMHVHQHPRJXGRELWL
6X]GUDQRVWRVLURPDXMHXSXHQRJ
WRVHYLHVWYDULRYMHNVUDPLWRMHXJOHGQLML
6UDPHOMLYRVWGDMHGXLSRVHEQXOMHSRWXNRMDVHHVWRRGUDDYDQDLWDYR
WLMHOR
p$SVWLQHQWRYMHNVODEHYROMHNRMLSRGOLMHHLVNXHQMXGDVDPVHELXVNUDWL
]DGRYROMVWYR

WLMHOR
]DGRYROMVWYR
32126,68='5$1267
1HSDGDPRSUHNRVYRMLKJUHDND8YLMHNSDGDPRSUHNRQHSULMDWHOMDNRMLWH
JUHNHNRULVWH
YMHEDWL

HSDGDPRSUHNRVYRMLKJUHDND8YLMHNSDGDPRSUHNRQHSULMDWHOMDNRMLWH
1
JUHNHNRULVWH
YMHEDWL
32126,68='5$1267
WLMHOR
]DGRYROMVWYR
WLMHOR
]DGRYROMVWYR
32126,68='5$1267
1HSDGDPRSUHNRVYRMLKJUHDND8YLMHNSDGDPRSUHNRQHSULMDWHOMDNRMLWH
JUHNHNRULVWH
YMHEDWL

p$NRH]QH]DEHVNRULVQLPLWUDLVDPRRQRWRMHVXYLQRRELQRL
QHELWQRQHSRVWLHQLRQRWRWLMHSRWUHEQR
$NRQHPDQLMHGQRJGREURJSULMDWHOMDQLVLYULMHGDQLYMHWL
$NRSULVYDNRMSULMDWHOMVNRMXVOX]LRGPDKPLVOLQD]DKYDOQRVWRQGDQLVL
GDURYDRYHSURGDR
$NRSULMDWHOMDSRVWLGL]QDLSULMDWHOMDJXEL
$NRVHL]GLJQHXVXFDVYRMLKSULMDWHOMDPRHODNRSRVWDWLNUYQLNRP
VYRMLKSULMDWHOMVWDYD
%H]SULMDWHOMDMHLQDMMDLRYMHNQHVLJXUDQ
HVWRQLMHRYMHNXQLWDQHSULMDWHOMVNLMHQHJRRQVDPVHELRYMHNNRG
RGDELUDQHSULMDWHOMDQHPRHQLNDGDELWLGRYROMQRRSUH]DQ
XYDMSULMDWHOMHLGUHYQHVWD]H$NRLPDSUDYRJSULMDWHOMDPRHUHL
GDSRVMHGXMHGYLMHGXH
SULMDWHOMVWYRQHSULMDWHOMVWYRL]GDMDSURWLYQLFLVXVMHG
35,-$7(/-6792,1(35,-$7(/-6792
5(7-(5,9$1-(,327&-(1-,9$1-(
3
p1HSUHWMHUXMXULMHLPD3UHWMHULYDQMDQHGRGDMXQHJRRGX]LPDMXYMHUX
XLVWLQX3UHWMHULYDQMHMHODSRWHQLKOMXGL
LPVHMHGDQRVMHDMSUHXYHOLDQHVWDMHVSRVREQRVWLUDVXLYDQMD
p3RGFMHQMXMHPRRQRWRLPDPRDSUHFMHQMXMHPRRQRWRMHVPR
p3UNRVMHMHGLQRRUXMHVODELKLMRMHGQDVODERVWYLH
p'RVWRMDQVWYRRYMHNDSRLYDQDRGDELUX
'RVWRMDQVWYRRYMHNDVDVWRMLVHPRGDMHGLQRXQMHJRYRMVSRVREQRVWLGD
SRWXMHVHEHVDPRJD
-HGQRVWDYQLMHMHL]JOHGDWLGRVWRMDQVOXELNRMHRYMHNQHPDQHJRRQLKNRMH
RYMHNL]YUDYD
0RGDMHMHGLQRGRVWRMDQVWYRRYMHNDXQMHJRYRMVSRVREQRVWLGDVHPRH
FLMHQLWL
6YODGDYDQMHQDJRQkSRPRXPRUDOQHVQDJHGXKRYQDMHVORERGDD
GRVWRMDQVWYRR]QDDYDQMHQL]UD]XSRMDYL
7NRVHGRVDXMHGRVDGDQMHVYLPD
SRWXMHVHEHVDPRJD
RYMHNL]YUDYD
FLMHQLWL
NRVHGRVDXMHGRVDGDQMHVYLPD
7
35(7-(5,9$1-(,327&-(1-,9$1-(
35,-$7(/-6792,1(35,-$7(/-6792
GDURYDRYHSURGDR
GDSRVMHGXMHGYLMHGXH

GDURYDRYHSURGDR
GDSRVMHGXMHGYLMHGXH
35,-$7(/-6792,1(35,-$7(/-6792
5(7-(5,9$1-(,327&-(1-,9$1-(
3
SRWXMHVHEHVDPRJD
RYMHNL]YUDYD
FLMHQLWL
SRWXMHVHEHVDPRJD
RYMHNL]YUDYD
FLMHQLWL
35(7-(5,9$1-(,327&-(1-,9$1-(
3RGFMHQMXMHPRRQRWRLPDPRDSUHFMHQMXMHPRRQRWRMHVPR
p
35,-$7(/-6792,1(35,-$7(/-6792
GDURYDRYHSURGDR
GDSRVMHGXMHGYLMHGXH

'REDUWLMHVXVMHGQDMEROMDRJUDGD
-H]LNSULMDWHOMVWYDQLVXULMHLQHJR]QDHQMD
DGWHSULMDWHOMPROLRQGDQHPDVXWUD
.
/DQLSULMDWHOMQDOLLVMHQLNRMDWHVOLMHGLGRNLPDVXQFD
1HHNDMGDSULMDWHOMLXLQHRQRWRELPRJDRWL
1HRGEDFXMVWDURJSULMDWHOMDMHUPXQRYLQHHELWLMHGQDN
1HSRYMHUDYDMQLSULMDWHOMXQLQHSULMDWHOMX
1HVWYDUDMQHSULMDWHOMDRGRQRJDNRMLQHELELRGRVWRMDQELWLWYRMSULMDWHOM
1HNDWLDVWWYRJDSULMDWHOMDEXGHPLODNDRWYRMD
1HSULMDWHOMMHQHWRPQRJREDQDOQLMHQHJRWRVHPLVOL'RYROMQRJDMH
XVWULMHOLWL
1HSULMDWHOMLPRJDQHSULMDWHOMDVXPRMLSULMDWHOML
2GVYHJDWRPXGURVWSULSUHPD]DEODHQVWYRLWDYDLYRWDNXGLNDPRMH
QDMYUHGQLMHSRVMHGRYDWLSULMDWHOMVWYD
3UDYDVXSULMDWHOMVWYDYMHQD
3UDYLMHSULMDWHOMEDO]DPLYRWDLQHPRHVHL]PMHULWLQMHJRYDYULMHGQRVW
.DNDYMHRYMHNWDNDYPXMHLSULMDWHOM
3UDYLSULMDWHOMMHRQDMWNRWHSRGUDYDLNDGQLVLXSUDYX.DGDVLXSUDYX
VYLVXQDWYRMRMVWUDQL
3UDYLVHSULMDWHOMXSR]QDMHXQHYROML
3ULMDWHOMMHRYMHNNRMLHWLQHVHELQRQDNRGLWL
3ULMDWHOMMHRYMHNNRMLWHYROLLDNRWHSR]QDMHXGQRGXH
3ULMDWHOMMHNDRGUXJRMD
3ULMDWHOMMHQDMEROMDLPRYLQDXLYRWX
3ULMDWHOMWLMHRQDMNRMLXYLMHNRVMHWLNDGDMHSRWUHEDQ
3ULMDWHOMDQDVDPRNRULDMDYQRJDKYDOL
3ULMDWHOMDXSR]QDPRWHNNDGJDL]JXELPR
3ULMDWHOMLVXNUDGOMLYFLYUHPHQD
3ULMDWHOMVWYDWUHEDMXELWLEHVPUWQDQHSULMDWHOMVWYDVPUWQD
3ULMDWHOMVWYRMHDWULEXWVORERGH
3ULMDWHOMVWYRMHVDVWDYQLGLROMXGVNHVUHH
3ULMDWHOMVWYRMHXPLMHHGLVWDQFHNDRWRMHOMXEDYXPLMHHEOL]LQH
3ULMDWHOMVWYRYHOLNRJRYMHNDMHVWGREURLQVWYRERJRYD
.DGWHSULMDWHOMPROLRQGDQHPDVXWUD
XVWULMHOLWL
VYLVXQDWYRMRMVWUDQL
ULMDWHOMVWYRYHOLNRJRYMHNDMHVWGREURLQVWYRERJRYD
3
REDUWLMHVXVMHGQDMEROMDRJUDGD
'

DGWHSULMDWHOMPROLRQGDQHPDVXWUD
.
XVWULMHOLWL
VYLVXQDWYRMRMVWUDQL
3ULMDWHOMVWYRYHOLNRJRYMHNDMHVWGREURLQVWYRERJRYD
.DGWHSULMDWHOMPROLRQGDQHPDVXWUD
XVWULMHOLWL
VYLVXQDWYRMRMVWUDQL
ULMDWHOMVWYRYHOLNRJRYMHNDMHVWGREURLQVWYRERJRYD
3

5DGLMHSUDYRQHSULMDWHOMVWYRQHJRQHLVNUHQRSULMDWHOMVWYR
6DPRMHPDORLVNUHQLKSULMDWHOMDDOLLSRWUDQMDMHPDOD
6UHDVWYDUDSULMDWHOMHQHVUHDLKQDMVLJXUQLMHLVNXD
6YHYHOLLQHRYRJVYLMHWDQHYULMHGHNROLNRMHGDQGREDUSULMDWHOM
9HLQDSULMDWHOMD]DJRUDYDSULMDWHOMVWYRDYHLQDYMHUQLNDYMHUX
9MHUDQMHSULMDWHOMULMHGDN
=DGDDSUDYRJSULMDWHOMDMHSRPRLDNRQLVLXSUDYX6YDWNRMHQDWYRMRM
VWUDQLDNRVLXSUDYX
p,]GDMDMHORHJQRMLYR
p.DNRELVPRRVWDOLQHMDNLGDQDPLYRWQLNDGQLMHSRNORQLRQHNRJ
SURWLYQLND
5$'2=1$/267,'26$'$
UDGR]QDORVWGRVDGDLJQRUDQFLMD
p'RNMHRYMHN]QDWLHOMDQVWDURVWPXQHPRHQLWD.DGDMH]QDWLHOMD
XVPMHUHQDSUHPDR]ELOMQLPVWYDULPDQD]LYDPRMHHOMRP]D]QDQMHP
5DGR]QDORVWMHSUHGXYMHWNUHDWLYQRVWL
5DGR]QDORVWMH]YHNLUQDYUDWLPDPXGURVWL
p.ORQLVHGRVDGH$OLDNRVHGRVDXMHWRMRQH]QDLGDWLMHSRWUHEDQ
SVLKLMDWDU
/DNHMHLYMHWLXVWDQMXNUHWDQMDMHUXUDYQRWHHQRPLURYDQMHSULMHWL
]DJXHQMHPXQHSRGQROMLYRMGRVDGL
RYMHNMHMHGLQDLYRWLQMDNRMDVHPRHGRVDLYDWLNRMDPRHELWL
QH]DGRYROMQD
RYMHNNRPHMHGRVDGQRLPDRVMHDMNULYQMHLVXYLQRVWL
'RVDGDL]QDWLHOMDGYDEXGQDSRNUHWDDOMXGVNRJURGD
'RVDGDMHSROXVHVWUDRDMDQMD6WHULODQMHRQDMNRMLVHQLHPXQHGRPLOMD
GRVDGDQMHRQDMWNRLPDQHNROLNRVWDULKPLVOLNRMHPXVYDNLGDQL]QRYD
SDGDMXQDSDPHW.DGMHRYMHNXMHGQDVWYDUGRVDGQDLVDPSRVWDMHGRVDGDQ
'RVDGDMHSURL]YRGQDHJQHPLUQRJ]DVHQ]DFLMDPDJODGQRJJUDGVNRJ
QDLQDLYRWD.RMHJOLDSVXUGDQDMYLHVORERGQRJYUHPHQDLPDMX
QH]DSRVOHQLVYRMRPLOLWXRPNULYQMRP
'RVDGDMHSXVWRGXH2GJRMVKYDDQMDLUD]XPXWMHXQDRVMHWOMLYRVWSUHPD
GRVDLYDQMX
QH]DGRYROMQD
GRVDLYDQMX
SVLKLMDWDU
5$'2=1$/267,'26$'$
VWUDQLDNRVLXSUDYX
p,]GDMDMHORHJQRMLYR
SURWLYQLND

VWUDQLDNRVLXSUDYX
p,]GDMDMHORHJQRMLYR
SURWLYQLND
5$'2=1$/267,'26$'$
SVLKLMDWDU
QH]DGRYROMQD
GRVDLYDQMX

QH]DGRYROMQD
GRVDLYDQMX
SVLKLMDWDU
5$'2=1$/267,'26$'$
VWUDQLDNRVLXSUDYX
p,]GDMDMHORHJQRMLYR
SURWLYQLND

,PDOLVPLVODWRLYLPRXVUHGL]RELOMDDLPDPRPDORUDGRVWL",PDOLVPLVOD
GDVPRVYLSLVPHQLDNURQLQRVHGRVDXMHPR"
,PDOMXGLNRMLQH]QDMXJXELWLYULMHPHSRVYHVDPLRQLVXSUDYDQDSDVW]D
]DSRVOHQH1DMQHVUHWQLMLVXRQLNRMLVHXVHELGRVDXMX
.DGMHGMHWHWXMHGQDVWYDUGRVDGQDLVDPRSRVWDMHGRVDGQR
7DMQDGDVHEXGHGRVDGDQOHLXWRPHGDVHVYHNDH
p,JQRUDQFLMDQH]DRVWDMH]D]QDQRX2QDUDVWHLVWRPEH]JODYRPEU]LQRP
NDRLSRWRQMD
,JQRULUDQMHMHILQLQDLQWDEXLUDQMD,JQRULUDQMHQLMHLVWRWRLWROHUDQFLMD7NR
NRGGUXJRJRYMHNDLJQRULUDGDMHRYMHNQLMHHGDMHRQRYMHN
'RUHYROXFLMHPRHGRLVDPRRQGMHJGMHLPDVYLMHVWL
p
'XELR]QDYUOLQDVYLKUHYROXFLRQDUDLPDMXWROLNRRVMHDMD]DRYMHDQVWYRGD
LPYLHQLMHGDQQHRVWDMH]DRYMHND
5HYROXFLMDGRYRGLQDYODVWNULYHOMXGH1DMJRUHMHRGVYHJDWRVXQMLKRYD
REHDQMDVXSURWQDRGRGOXNDNRMHSURYRGH
5HYROXFLMDSRLQMHXJODYL3REXQLRUXMHPSUHWKRGLSREXQDXJODYL
5HYROXFLMDVHRVWYDUXMHXYLMHNSURWLYERJRYDSRHYLRGRQH3URPHWHMHYH
SUYRJRGPRGHUQLKRVYDMDD7RMHRYMHNRY]DKWMHYSURWLYVYRMHVXGELQH
]DKWMHYVLURPDKDVDPRMHL]JRYRU
5HYROXFLMHGROD]HWLKRDQRYHVHQHSRMDYOMXMXVYXJGMHLVWRPMDLQRPL
MHGQDNRYLGOMLYR
5HYROXFLMHQHUXHWDPQLFHVWDURJUHLPDYHLKSURLUXMX
5HYROXFLMHVHQHVWYDUDMXQDSORDPDYHXVUFLPDLJODYDPDNRQWUDGLNWRUQLK
OMXGL
6RFLMDOQDUHYROXFLMD]DSRHODMHVHREDPD
6YDNDUHYROXFLMDMHPDQMHJUDGLOLWHEXGXQRVWLDYLHDXNFLMDSURORVWL
7NRVSULMHLPLUQXUHYROXFLMXLQLQDVLOQXUHYROXFLMXQHPLQRYQRP
8UHYROXFLMDPDSRVWRMHGYLMHYUVWHOMXGLRQLNRMLLKGLXLRQLNRMLVHQMLPD
RNRULVWH
p0RHPRELUDWLMHGLQRKRHPROLXVOMHGHHPUDWXSRJLQXWLNDRVXNULYFLLOL
NDRQHGXQL.RPHMHWHNRRGOXLWLVHQHNDVYRMXJOXSXQDGXJUDGLQD
5$7,0,5
UHYROXFLMDUDWRUXMHPLUUD]RUXDQMHSREXQDERUED
5$7,0,5
p'RUHYROXFLMHPRHGRLVDPRRQGMHJGMHLPDVYLMHVWL
MHGQDNRYLGOMLYR
OMXGL
RNRULVWH
NDRLSRWRQMD

NDRLSRWRQMD
MHGQDNRYLGOMLYR
OMXGL
RNRULVWH
5$7,0,5
5$7,0,5
MHGQDNRYLGOMLYR
OMXGL
RNRULVWH
NDRLSRWRQMD

QXNOHDUQRPRUXMX1HWUHEDQDPWUHLVYMHWVNLUDW,PDPRNDSLWDOL]DP
NRPXQL]DPLWXUL]DP
5DWMHQDVWDYDNSROLWLNHGUXJLPVUHGVWYLPD5DWQHPDRLDYROLNUYRQMH
SUD]QLNVPUWLSUD]QLNROHLSXQLJUREOMD
5DWQRRUXMHSRVWDMHVYHNRPSOLFLUDQLMHDUDWVHVYHYLHSRMHGQRVWDYOMXMH
LGHQDLPHSUHPDLVWUHEOMHQMX
5DWRYLVXSRYUDWDNNDQLEDOVWYD
WRSUYRWUHEDL]RSLWLVXSUDYHGQLUDWRYLQMLKGRGXHQHPDDOLVXLSDN
UD]ORJ]DXYLMHNQRYHUDWRYH
0LUMHQDVWDYDNUDWDGUXJLPVUHGVWYLPD0LUXQHVYMHVQRPL]MHGQDHQMX]QDL
SUYRELWQRSHUPDQHQWQRRGULFDQMHRGDJUHVLMHXVYUKX]DWLWHVDPRJVHEH
SHUPDQHQWQRSRWLVNLYDQMHWDNYLKRVMHDMD1LQDMSRERQLMLRYMHNQHPRH
LYMHWLXPLUXDNRWR]ORHVWLVXVMHGQHHOL
1LMHUDWUHYROXFLRQDUDQYHPLU
6ODYDLPLUVXVWYDULNRMHQHPRJX]DMHGQRLYMHWL1DQDRMSODQHWLLPD
GRYROMQRRUXMDGD]EULXWULVWDPLOLMDUGLVWDQRYQLND
5D]RUXDQMXPRUDSUHWKRGLWLUD]RUXDQMHXPRYD
p3REXQDPLVOLXYLMHNSUHWKRGLSREXQLRUXMD
3REXQDQLMHVDPDSRVHELSOHPHQLWDYHSRRQRPHWRWUDL
3RNRUQRVWLGLVFLSOLQDSRND]XMXWRVHGRJDDNDGDRYMHNKRWLPLFHLOL
QHKRWLFHSUHSXWDWLMHNVYRMHJSRQDDQMDLYODVWQDGVYRMRPGMHODWQRX
GUXJLPOMXGLPD*XHQMHYROMHEH]SULJRYRUDSXWHPWYUGRNRUQHGLVFLSOLQHL
EH]EURMQLKSUDYLOLPDNUQMHVORERGXLRWXSOMXMXNUHDWLYQHGRPHWH
3RYLMHVWRYMHNDSRLQMHRYMHNRYLPQHSRVOXKRPNRMLMHXLVWRYULMHPHL
SRHWDNQMHJRYHVORERGHLUD]YRMDQMHJRYDXPD
3ULWLVDNSRVWRMHLKXYMHWDQDLYRWSURVMHQRJRYMHNDWDNDYMHGDSRNRUQLWLS
VYHYLHSUHYODGDYD
p$NRVHQHHOLERULWLPRHSREMHL9UDWDVXRWYRUHQD,GL
1HXPRUQDERUEDVYLKOMXGLSRVHELFHVLURPDQLKLSRWODHQLK]DVORERGX
PLUSUDYRGUXWYRL]DVNODGVSULURGRPGDMHGRYROMQRSULPMHUD]DKUDEURVW
VQDJXLKHURL]DP
5(',1(5('
UHGQHUHG]EUNDNDRVNDWDVWURID
p%XGLXUHGDQUHGWHGLYULMHPH
5(',1(5('
VYHYLHSUHYODGDYD
VQDJXLKHURL]DP
NRPXQL]DPLWXUL]DP

NRPXQL]DPLWXUL]DP
VYHYLHSUHYODGDYD
VQDJXLKHURL]DP
5(',1(5('

5(',1(5('
VYHYLHSUHYODGDYD
VQDJXLKHURL]DP
NRPXQL]DPLWXUL]DP

p*GMHMHVORJDWXMHLSREMHGD
.DGDVXVORQLLVODELPRJXSRVWDWLMDNL
6ORJDLQLVQDQLPDOLRELQRLVOLMHSLP
8GUXHQLLVODELSRVWDMXVQDQL
8MHGLQMHQRWUDMH
o'H]LQWHJUDFLMDHSRELMHGLWLLQWHJUDFLMX
o.RKH]LMDVYDNRJGUXWYDSRLYDXSUDYRQDLQMHQLFLGDJRWRYRQHPD
DNWLYQRVWLNRMDVHQHPRHXLQLWLXJRGQRP
p.ROHNWLYQRVWQLMHSRYH]LYDQMHYHXVQRSOMDYDQMHMHGQDRVREDXSDNLUDQDX]
GUXJX]DMHGQLNLRSUHPOMHQH]DMHGQLNLXVPMHUHQHRGRYMHNDGRRYMHND
VDPRRQROLNRLYRWDNROLNRMHSRWUHEQRGDELVHRGUDODEU]LQDPDULUDQMD
p1DMWHHMHLQDMYUHGQLMHVORLWLOMXGH1HVORJRPVHLQDMYHHVWYDULUD]DUDMX
2QRWRQD]LYDPRRUJDQL]DFLMRPXYLMHNMHSRVOMHGLFDQHNHDSVWUDNFLMH
p
VORJDNRKH]LMDNROHNWLYQRVWRUJDQL]DFLMDGH]LQWHJUDFLMDLQHVORJD
XDVYDNRJUHGDMHYHOLNLNR]DSDSLU
'
.DGX]HPOMLSRVWRMLUHGELMHGDLSRQLHQMHVXVUDPRWD.DGX]HPOMLYODGD
QHUHGRQGDVXERJDWVWYRLXJOHGVUDPRWD
5HFLWHQDLPPLQLVWULPDGDXRYRM]HPOMLQHHWDNRGXJRELWLUHGDGRNVH
QHNROLNRNUHDWXUDQHEXGH]DQMLKDORQDVYMHWLOMNDPDDYHQLMD
5HGMH]EUNDQDNRMXVHRYMHNQDYLNDR
6YDNRUD]YUVWDYDQMHEROMHMHRGQHUHGD
8QLMHWLUHGXVYRMHPLVOLGDDOLWDNRYDPQHEDQHLVXVWDY
p1HUHGXJODYLQHUHGXGMHOLPD
o=EUNDVHXGUXWYXVWDOQRSRYHDYD6DPRDNRQHWNRLOLQHWRXSUHVYRP
VQDJRPPRHWD]EUNDELWLVYHGHQDQDUHGXRJUDQLHPSRGUXMX
RYMHDQVWYXXYLMHNL]QRYDSULMHWLPRJXQRVWNDRVD
1LWDQLMHXVWDQMXL]D]YDWLWDNDYNDRVNDRVNXSLQDSHGDQDWD
6XSURWQRVWKLMHUDUKLMLQLMHNDRVYHDXWRQRPLMD
=EURMSRMHGLQDQLKLQWHUHVDQHGDMH]DMHGQLNRGREURYHNDRV
p-HGLQLOLMHN]DPQRJHMHNDWDVWURID
6/2*$,1(6/2*$
6/2*$,1(6/2*$
*GMHMHVORJDWXMHLSREMHGD
p
8MHGLQMHQRWUDMH
p2QRWRQD]LYDPRRUJDQL]DFLMRPXYLMHNMHSRVOMHGLFDQHNHDSVWUDNFLMH
'XDVYDNRJUHGDMHYHOLNLNR]DSDSLU

p*GMHMHVORJDWXMHLSREMHGD
8MHGLQMHQRWUDMH
2QRWRQD]LYDPRRUJDQL]DFLMRPXYLMHNMHSRVOMHGLFDQHNHDSVWUDNFLMH
p
6/2*$,1(6/2*$
6/2*$,1(6/2*$
*GMHMHVORJDWXMHLSREMHGD
p
8MHGLQMHQRWUDMH
p2QRWRQD]LYDPRRUJDQL]DFLMRPXYLMHNMHSRVOMHGLFDQHNHDSVWUDNFLMH

-HGLQLOLMHN]DPQRJHMHNDWDVWURID
p

60,5(1267,/-871-$
p$NRRYMHNPLUQHSURQDHXVHELQHPDVPLVODWUDLWLJDQHJGMHGUXJGMH
.DGDVLXSUDYXPRHVHELGRSXVWLWLVDXYDWLPLUDNDGDVLXNULYXQH
PRHGRSXVWLWLGDJDL]JXEL9ODVWLWLPLUMHYHOLNDUDVNRLNRMLNRWD
p$NRWHMHXYULMHGLRVODELWHGLQMHJDDNROLPRQLMLWHGLVHEH7NR
GUXJHYULMHDVHEHQH]DWLXMH%XGLVPLUHQ1DMEROMLOLMHN]DVUGEXMH
RGJRGD$NRVDYODGDVUGEXSREMHXMHQDMYHHJQHSULMDWHOMD
$NRVHODNRSRVYDDODNRQDHSRYRG
%LWLOMXW]QDLRVYHLYDWLQDVDPRPVHELJUHNXGUXJLK
%ROMHMHNRULWLQHJRVHJQMHYLWL
XYDMVHELMHVDVWUSOMLYDRYMHND
'XHYQRVSRNRMVWYRYHOLDQVWYHQDMHVWYDUDL]DGRYROMVWYRVDPLPVRERP
VDPRMRGDWDMGUDJXOMQLMHWDNRORPDQNDRWRMHOLMHSLVNXSRFMHQ
.DGVHGYRMHQDLVWRPSRVOXXYLMHNVODXMHGQRMHQHSRWUHEQR$NRVHXYLMHN
VYDDMXRERMHVXQHSRWUHEQL
.DGDVHPXGULOMXGLQHELSUHYDULOLEXGDOHELRDMDYDOH
.DNRVHRYMHNOMXWLWDNDYMH
.ORQLVHJQMHYDLOMXWQMH-HGDQVDWOMXWQMHVWRMLWROLNRQDSRUDNDRRVDP
VDWLUDGD
.ORQLVHRJRUHQRVWLDNNDGDMHLRSUDYGDQD
/MXWLJUDDQLMRXYLMHNQLVXUHYROXFLRQDUL/MXWQMDMHQHVSRVREQRVW
SUHWYDUDQMDELMHVDXDNFLMX
/MXWQMDMHVODEVDYMHWQLN
1DMEROMLOLMHN]DVUGEXMHRGJRGD
1HOMXWLVH1HNDWLQHEXGHODJRGQRVUGLWLVH
1HSUHSLULLQHSUDYGDMVHQLVNLPEH]UD]ORJD
1HSUHSLULVHRRQRPHWRWHVHQHWLH
1HSUHSLULVHVRYMHNRPKLWUDMH]LND
1HWUHEDVHERMDWLRQLKNRMLVHVYDDMXYHRQLKNRMLX]PLX
2JRUHQRVWPRHELWLLRSUDYGDQD
3RVWRMHYHOLNHUD]OLNHXNYDOLWHWLLMDLQLVUGEHNRMXSRMHGLQDFRVMHDNDRL
XSRQDDQMXNRMHMHSRVOMHGLFDWDNYLKRVMHDMD1DMLQWHQ]LYQLMDSVLKRORNR
VPLUHQRVWJQMHYOMXWQMDRJRUHQRVWVUGEDVYDDVWUSOMHQMH
VWUSOMLYRVW
VWUSOMLYRVW
VDWLUDGD
RVWRMHYHOLNHUD]OLNHXNYDOLWHWLLMDLQLVUGEHNRMXSRMHGLQDFRVMHDNDRL
3
60,5(1267,/-871-$

60,5(1267,/-871-$
VDWLUDGD
3RVWRMHYHOLNHUD]OLNHXNYDOLWHWLLMDLQLVUGEHNRMXSRMHGLQDFRVMHDNDRL
VWUSOMLYRVW
VWUSOMLYRVW
VDWLUDGD
RVWRMHYHOLNHUD]OLNHXNYDOLWHWLLMDLQLVUGEHNRMXSRMHGLQDFRVMHDNDRL
3
60,5(1267,/-871-$

LVWUDLYDNDWHRULMDRL]YRUXVUGEHLDJUHVLYQRVWLMHIUXVWUDFLMVNRDJUHVLYQD
KLSRWH]D0QRJH]DSUHNHXLYRWXPRJXNRGRYMHNDL]D]YDWLHPRWLYQR
VWDQMHVUGEHDWLPHVSRYHDYDPRJXQRVWGDHXVOLMHGLWLDJUHVLYQR
SRQDDQMH'DOLHXVOLMHGLWLDJUHVLYQRVWLXNDNYRPREOLNXRYLVLRPQRJLP
LVNXVWYLPDL]RNROLQHNRMLHVWRVHXXGMHWLQMVWYR1DYLNHNRMHMHRYMHN
VWHNDRXYULMHPHRGJRMD]QDDMQHRVRELQHNRMHVXVHREOLNRYDOHXJRGLQDPD
IRUPLUDQMDL]ORHQRVWQDVLOQLPX]RULPDNDRWRVXSULPMHULFHQDVLOQL
URGLWHOMLND]QDDNRRYMHNL]UD]LVYRMXPUQMXVYHWRRGOXXMHNDNRH
RYMHNSRVWXSLWLXWUHQXWNXVUGEH
6RYMHNRPJQMHYQLPQH]DPHLVYDH1HNDJQMHYEXGHGDOHNRRGWYRMH
GXH
6DPRVODELOMXGLVDPRJDVHEHMDNLQRVLXVYRPHVUFXLWDYHQDFLMH
6UGEDMHRVMHDMNRMLRELQRSUDWLQHSULMDWHOMVNRXQLWDYDMXHLOL
RVYHWROMXELYRSRQDDQMH
6UGEDMHSRHWDNOXGRVWL
6UGEDL]JOHGDLPDYLHL]UDDMD2SUDYGDQDMHNDNRNDXSVLKROR]LVUGED
RYMHNDNRPHVXXVUHHQDRVQRYQDOMXGVNDSUDYDDQHUD]XPQDMHVUGED
RYMHNDVQHRSUDYGDQLPRVMHDMHPGDMHSURJRYRUL1RUPDOQDMHLSUROD]QD
VUGEDNRMXL]D]LYDMXUD]RDUDQMD
6YDDUDDJOXKRVW
6YDHELGXJRWUDMDOHNDGDELNULYLFDELODVDPRQDMHGQRMVWUDQL
6YDNLMHQDSUHGDNSUDHQQHPLURPDEH]QDSUHWNDQHPD]DGRYROMVWYD=DWR
QLNDGDQHHSRVWLLVUHHRQDMNRMLMHWUDLXVPLUHQRVWL
6YLVPRPLQDMRJRUHQLMLRQGDNDGDEUDQLPRQHYULMHGQRVWLXQDPD
7NRVDYODGDVUGEXSREMHXMHQDMYHHJQHSULMDWHOMD
8PRYMHNDXVWHHRGVUGEH
=DVXWUDRGJRGLVDPRJQMHY
p1DRYRPVYLMHWXRYMHNPRUDLOLEU]RXPULMHWLLOLVWUSOMLYRLYMHWL
6DPRSURSRYLMHGDMWHVWUSOMLYRVWRQGDMHURSVWYRXVNRURJRWRYR-HURG
VWUSOMLYRVWLGRGRND]DGDVYHPRUDWHWUSMHWLOXSHWYRLPDMHGQRVWDYDQ
SULMHOD]
6WUSOMLYRVWMHSOHPHQLWLMDRGOMHSRWH
6WUSOMLYRVWMHVQDJDQDMYLHSRWHQFLMH9HOLNDMHVWUSOMLYRVWSRWUHEQDNDNREL
VHRYMHNQDXLRVWUSOMLYRVWL
GXH
6YDDUDDJOXKRVW
SULMHOD]

GXH
6YDDUDDJOXKRVW
SULMHOD]
GXH
6YDDUDDJOXKRVW
SULMHOD]

65($,1(65($
EROQHVUHDQHYROMDQRVWDOJLMDRDMRVDPOMHQRVWSDWQMD
oRYMHNSUHVWDQHELWLPODGNDGDVKYDWLGDL]UHLEROQLWDQHPLMHQMD
RYMHNVXGERQRVQRWUDLHOMXNRMDHPXREMDVQLWLNROLNRMHQHVUHWDQ
p
'ULPGDHRVWDOHQHYROMHXNRMLPDVHQDOD]LQDSODQHWSLWDQMHDWRPVNRJ
RUXMDEDFLWLXVMHQX
.DGDELREMHVLOLQD]LGVYDWNRELSUXLRUXNX]DVYRMRP
1DRYRPVYLMHWXSRVWRMHVDPRGYLMHWUDJHGLMH-HGQDMHGDVHQHPRHGRELWL
RQRWRVHHOLDGUXJDMHNDGDVHWRGRELMH
1DVODLYDWLVHWXLPQHYROMDPDQHOMXGVNDMHQDVODGD
1HVUHDHVWRSRVWDMHWHRPNDGDMHQHWNREODJRQD]RYHSHKRP
1HVUHDMHLVSLWRYMHNRYHSRX]GDQRVWL
1HVUHDMHXWRPHGDVYDWNRPLVOLGDMHGUXJLNDRLRQLGDSULWRPSUHYLGLGD
SRVWRMHLSRWHQLOMXGL
1HVUHDXYLMHNGROD]LRGSURWLYQLND
1HYROMDMHSULJRGD]DKUDEURVW
6QHVUHRPVHPRUDPRXKYDWLWLXNRWDFUXNDPDLQRJDPDQHMH]LNRP
6QHYROMRPVHERULSDPHXDQHVX]DPD
6ODEDWLMHXWMHKDRGWXLKQHYROMD
7UDJHGLMHGUXJLKXYLMHNVXWDNRRDMQREDQDOQH
8QDHOXMHVYDNDQHVUHDXSUDYRRQROLNRWHND]DNROLNXMHX]PHPR
8QHYROMLQDMYLHEROLSULVMHDQMHQDVUHWQHGDQH
p1RVWDOJLMDMHVSRVREQRVWDOMHQMDWRQLWDYLHQLMHRQDNRNDNRMHSULMHELOR
p.DGDVXOMXGLRDMQL]DSURYHGEXVYRMLKFLOMHYDSULPLMHQLWHRDMQD
VUHGVWYD
2DMMHKLMHQDNRMDVHKUDQLVWUYLQRPYMHURYDQMD
2DMDQMHMHEROVODELD
pRYMHNQHPRHLYMHWLSRWSXQRVDP
,VWLQDMHELRVDPSULOLQRVDPDOLRVDPOMHQRVWMRXYLMHNQLMHGRND]GD
RYMHNQHPDSUDYR
.DGDMHRYMHNVDPRQMHQHSRWSXQPRUDQDLGUXJRJDNDNRELELRVUHWDQ
1DMWHHMHDNRQHWNRPRUDELWLVDPDQDMOMHSHDNRPRHELWLVDP1HYDOMD
WUDLWLQLVDPRXQLYUHYX
pRYMHNVXGERQRVQRWUDLHOMXNRMDHPXREMDVQLWLNROLNRMHQHVUHWDQ
RUXMDEDFLWLXVMHQX
SRVWRMHLSRWHQLOMXGL
VUHGVWYD
2DMDQMHMHEROVODELD
RYMHNQHPDSUDYR
DMWHHMHDNRQHWNRPRUDELWLVDPDQDMOMHSHDNRPRHELWLVDP1HYDOMD
1
65($,1(65($

65($,1(65($
RYMHNSUHVWDQHELWLPODGNDGDVKYDWLGDL]UHLEROQLWDQHPLMHQMD
o
RUXMDEDFLWLXVMHQX
SRVWRMHLSRWHQLOMXGL
VUHGVWYD
2DMDQMHMHEROVODELD
RYMHNQHPDSUDYR
1DMWHHMHDNRQHWNRPRUDELWLVDPDQDMOMHSHDNRPRHELWLVDP1HYDOMD
RUXMDEDFLWLXVMHQX
SRVWRMHLSRWHQLOMXGL
VUHGVWYD
2DMDQMHMHEROVODELD
RYMHNQHPDSUDYR
DMWHHMHDNRQHWNRPRUDELWLVDPDQDMOMHSHDNRPRHELWLVDP1HYDOMD
1
65($,1(65($

2VDPOMHQRVWMHVUDPRWD
2VDPOMHQRVWMHXGHVLVWDNQXWLKGXKRYD
6DPRGDXVSLMHPELWLVDPSRPR]LWHPLGUDJLPUWYLLLYLSULMDWHOMLQDURLWR
YLPUWYL
6DPRDGRQRVLVYHRVLPNDUDNWHUD
6DPRDMHNDGNDWQDMEROMHGUXWYR
6DPRDUD]YLMDYHOLNHD]DWXSOMXMHRVUHGQMHGXKRYH
6YDWNRPRUDRVMHWLWLQHWRRGWHLQHXVDPOMHQRVWLLDNRYHLQDOMXGLPDORWRJD
PRHSRGQLMHWLSDVHXVNRURRSHWVNODQMD
7NRVHSUHSXVWLVDPRLWDMMHXVNRURVDP
8YLMHNH]QHP]DRVDPOMHQRXDOLNDGDVDPXYLMHNVDPQDMQHVUHWQLMLRYMHN
QDVYLMHWX
6YHQDHQHGDHGROD]HRGDWOHWRQHPRHPRELWLVDPL
LYRWMHYHSRVWDYLRWROLNDSLWDQMDQDNRMDH6DPRDRGJRYRULWLXVYRMRM
WLLQLLYRWMHQDJRPLODRKLOMDGHXYUHGDLR]OMHGDD6DPRDHXPMHWLGDLK
L]OLMHLLXEODLVDVYRMLPGDURPOMXEDYLLPLORVWLVX]DXYDVDPRDVYRMD
RWNXSOMHQD]DVYHQDVSDPDNDUQDVRQDHNDODVDPRPRGDXJUREX
2SURVWLWHQHNHULMHLGHWRQLUDMX
p*RUHVHXYLMHNYRGLDGROMHVHRELQRSDWL-DQH]QDPNDNRYHPHMR
SDWQMHHNDMXXLYRWXDOLWNRWRPRH]QDWL0RHELWLGDMHQDDVSRVREQRVW
]DSDWQMXDOLPLQLVPRVODELNDRYRORYLQHJRMDNLNDROMXGLQHL]PMHUQD,X
WRPHMHEDXGQRRYMHNVMHGQHVWUDQHLPDYLHSDWQMHVGUXJHVWUDQHMH
ODNHSRGQRVLQHJRPDNRMDGUXJDLYRWLQMDRQDNQDOD]LOMHSRWXXWRPHGD
VDPVHEHGRYRGLXRDMWHGDXYHDYDLXOMHSDYDVYRMHSDWQMH1LVXOLWRVYH
WUDJRYLPD]RKL]PD"
p5DGXMVHWDMQDMHUDGRVWNDRXJDHQDVYLMHD5DGRVWDQMHNDRVXQFH
NXGDJRGLGHRVYMHWOMDYD
$NRWLMHQHWRSULLQMDYDORUDGRVWSR]GUDYLVH1LNDGDVHYLHQHH
SRQRYLWL
1DMOMHSLMHXLWDNLQDMYHDUDGRVWLYRWDRVMHDWLGDVLOMXGLPDSRWUHEDQL
GUDJ
5DGXMVHRQLPDNRMLVHUDGXMX
5DGXMVHLYRWXLYRWMHMHGDQMHGLQVWYHQLQHSRQRYOMLYSRNORQ
3RGLMHOMHQDUDGRVWMHGYRVWUXNDUDGRVW3UDYDUDGRVWMHR]ELOMQD
UDGRVWVDPRDVDDOMHQMHVPLMHKVUHDVWUHVVXXWVX]HWXJDXDV
XLWDNYHGULQDYHVHOMH]OR]ORYROMD
SRQRYLWL
GUDJ
VDPOMHQRVWMHVUDPRWD
2
YLPUWYL
QDVYLMHWX
WUDJRYLPD]RKL]PD"

YLPUWYL
QDVYLMHWX
WUDJRYLPD]RKL]PD"
SRQRYLWL
GUDJ
SRQRYLWL
GUDJ
VDPOMHQRVWMHXGHVLVWDNQXWLKGXKRYD
2
YLPUWYL
QDVYLMHWX
WUDJRYLPD]RKL]PD"

5DGRVWMHRYMHNRYSULMHOD]RGPDQMHJDYHHPVDYUHQVWYXDORVWMH
RYMHNRYSULMHOD]RGYHHJDPDQMHPVDYUHQVWYX
5DGRVWMHSUDWLODFSURGXNWLYQHGMHODWQRVWL
5DGRVWMHYUOLQD
5DGRVWMHDUNRMLSUDWLELYVWYRYDQMH
6YDNRSRYHDQMHUDGRVWLNRMHPGUXWYRPRHSULGRQLMHWLXLQLWHYLH]D
RGJRMVYRMLKODQRYDQHJRWRVYHSULMHWQMHNDQMDYDQMHPLOLSURSRYLMHGLR
YUOLQLPRJXXLQLWL
7NRVHYHVHOLNDGDMHGUXJLDORVWDQSRVWDMHXJODYQRPQHRPLOMHQ
8QHSRPXHQXUDGRVWYMHUXMHVDPR]DYLGQLN9HGULQLELNDGVHJRGSRMDYL
YDOMDORRWYRULWLSUR]RUHLYUDWDRQDQDPQDLPHQHGROD]LQLNDGXQH]JRGDQ
DV
9HGURMHOLFH]QDNYHVHODVUFD
9HVHOMHSURGXXMHGDQHLYRWQH
p.DGVLVDPPRGDVLXORHPDPRGDXGREURPGUXWYX
.ORQLVHVDPRHDOLEROMHWLMHELWLXVDPRLQHJRXGUXWYXEXGDOD
DMJRUDMHVDPRDXGYRMH
1
p1LMHGDQRVMHDMRYMHNQHSRGQRVLWDNRWHNRNDRVDDOMHQMHSRJRWRYXDNR
JD]DVOXXMH
1DMOMHSDOMXGVNDVODERVWMHVDDOMHQMH6DDOMHQMHVHGRELYDQDSRNORQ]DYLVW
VHPRUD]DVOXLWL
p$NRRYMHNXQDNUDMXQMHJRYRJLYRWDSUHRVWDQHVPLMHDNWRMHVDVYLP
SULVWRMQDLVWDGRELW
$NRVHSUHVWDQHPRVPLMDWLRVWDWLHVDPRVX]H
%RUHELWUHEDOHVDXYDWLVDPRQDHRVPLMHKH
,]JXEOMHQMHRQDMGDQNDGDVHRYMHNQLMHVPLMDR
/XDNVHVPLMHSXQLPJUORPDXPDQVHRYMHNWLKRRVPMHKQH
1DVPLMHLVHWRHHDNRVHSUHVWDQHVPLMDWLRVWDWLHVDPRVX]H
6RQLPDNRMLVHVPLMXQHPRMVHXYLMHNVPLMDWL
6PLMHKMHPMHULORVYDNHVORERGH
6PLMHDNMHQDMHOHJDQWQLMLQDLQNDNRVYRMLPSURWLYQLFLPDSRND]DWL]XEH
6PLMHDNRERJDXMHRQHNRMLJDSULPDMXDQHRVLURPDXMHRQHNRMLJDGDMX
2QMHRGPRUXPRUQLPDVYMHWORVWPDORGXQLPDVXQFHDORVQLPDLOLMHN
VKUYDQLPD1HPRJXHJDMHNXSLWLLVSURVLWLSRVXGLWLLOLXNUDVWLMHUL]YLUH
VDPRL]VUFD
1DMJRUDMHVDPRDXGYRMH
JD]DVOXXMH
VHPRUD]DVOXLWL
SULVWRMQDLVWDGRELW
VDPRL]VUFD
5DGRVWMHYUOLQD
YUOLQLPRJXXLQLWL
DV

5DGRVWMHYUOLQD
YUOLQLPRJXXLQLWL
DV
JD]DVOXXMH
VHPRUD]DVOXLWL
SULVWRMQDLVWDGRELW
VDPRL]VUFD

JD]DVOXXMH
VHPRUD]DVOXLWL
SULVWRMQDLVWDGRELW
VDPRL]VUFD
5DGRVWMHYUOLQD
YUOLQLPRJXXLQLWL
DV
6PLMHLVHVXWUDHELWLJRUH
8VPLMHKXVHQDOD]LNOMXSRPRXNRMHJPRHPRGHLIULUDWLLWDYRJRYMHND
1LNDGDVHQHSRX]GDMXVUHXQHJRXVDPDVHEH
p
6UHDGDMHSULMDWHOMHQHVUHDLKSURYMHUDYD
$NRQHSRVWLJQHWHVUHXXYLMHNVHVMHDMWHGDVWHQDGREURPSXWXLSRWUXGLWH
VHGDVQMHJDQHVNUHQHWH
LQLGDQHPDXSXWVWYDNRMHELVHPRJODQDLXQHNROLNRNQMLJDRLVSUDYQRP
LYOMHQMXLOLRSXWXNVUHL
RYMHNHNDMXLYHOLNXVUHXYHOLNL]JRGLWDNNRMLQLNDGDQHGROD]LSURSXWD
VLWQXVUHX
XGQRMHNDNRMHPDORSRWUHEQRGDEXGHPRVUHWQLLMRMHXGQLMHNDNRQDP
EDWRPDORQHGRVWDMH
,VWLQLWDVUHDMHVNURPQRVW
/MXGLYHLQRPLOLQLVXGRYROMQRSDPHWQLLOLGRYROMQRJOXSLGDELELOLVUHWQL
0RGDMHEROMHELWLQHUD]XPDQLVUHWDQQHJRUD]XPDQLQHVUHWDQ'DNDNR
QDMEROMHMHELWLUD]XPDQLVUHWDQ
1HSRUHFLYRMHSUDYRSRMHGLQFDQDVUHXL]DGRYROMVWYRRQRMHL]YDQJUDQLFD
NRMHSRVWDYOMDMXPRUDOLUHOLJLMD
3URQDLUDGRVWXUDGRVWLGUXJLKWRMHWDMQDVUHH6UGEDNRMDVHQH
]DWRPOMXMHYHVHUHJXOLUDXSULKYDWOMLYHWLMHNRYHQLMHXYLMHNWHWQDHVWD
VWUDKRYDQMDLEULJH]ERJVWYDUQLKLOLL]PLOMHQLKVLWXDFLMDX]URNXMXSRWLWHQRVW
NRMDPRHLPDWLSRVOMHGLFH
6UHDMHMHGLQDVWYDUNRMDVHXGYRVWUXXMHNDGDVHGLMHOL
6UHDQLMHXSRVMHGRYDQMXVUHHYHXWUDHQMX
6UHDQLNDGDQLMHXSUDYRRQRWRVPRPL]DPLOMDOL
6UHDVHVDVWRMLXWRPHGDRYMHNLYLNDRLVDYRVWDOLVYLMHWDGDMHLSDN
MHGLQVWYHQ
6UHWDQL]DGRYROMDQMHRQDMNRML]QDWRQHWUHED
6UHWQLNMHRQDMNRMHJYLOHGDULYDMXDERJRYLPD]H
7DNRHULPDVYHYLHOMXGLNRMLVYRMXVUHXJOHGDMXXGREURELWLRYMHDQVWYD
NDRFMHOLQH
7NRMHVUHWDQQHELWUHEDRQDVWRMDWLELWLMRVUHWQLML
7NRQHELUDGLMHQDWHPHOMXVUHHSRVWDRJOXSQHJRQDWHPHOMXWHWHSDPHWDQ"
NRVHQH]QDRGUHLXGREQRVWLQLNDGQHHQDLVUHX
7
8YHLQLVOXDMHYDVUHDQLMHSRNORQYH]DMDP

VLWQXVUHX
EDWRPDORQHGRVWDMH
MHGLQVWYHQ
NDRFMHOLQH
7NRVHQH]QDRGUHLXGREQRVWLQLNDGQHHQDLVUHX
p1LNDGDVHQHSRX]GDMXVUHXQHJRXVDPDVHEH

1LNDGDVHQHSRX]GDMXVUHXQHJRXVDPDVHEH
p
VLWQXVUHX
EDWRPDORQHGRVWDMH
MHGLQVWYHQ
NDRFMHOLQH
NRVHQH]QDRGUHLXGREQRVWLQLNDGQHHQDLVUHX
7
UHDGDMHSULMDWHOMHQHVUHDLKSURYMHUDYD
6
VLWQXVUHX
EDWRPDORQHGRVWDMH
MHGLQVWYHQ
NDRFMHOLQH
7NRVHQH]QDRGUHLXGREQRVWLQLNDGQHHQDLVUHX
PLMHLVHVXWUDHELWLJRUH
6
p1LNDGDVHQHSRX]GDMXVUHXQHJRXVDPDVHEH

UHDQLNRPHQHGDVYHSHUMHL]VYRMHJNULOD
6
'DMHVUHDEHVNUDMQDRYMHNELH]QXR]DQHVUHRP
$NRVUHXHOLVDXYDWLQHJRYRULRQMRM
p6WUHVMHYLUXVNRMLQDUDGQLNHSUHQRVHQHVLJXUQLQDYRGHLPSRORDMLPD
6WUHVWRVXRNRYLRNRVUFD
p6XXWMHGUXWYHQLREOLNQDVUWOMLYRVWL.DNYDJRGVLWQLFDGRQRVLQDPXWMHKX
]DWRWRQDVNDNYDJRGVLWQLFDLUDVWXXMH
8WMHKDLVDYMHWHVWRVXREUDQDRVREHNRMDQLMHSRJRHQDSDWQMRPRVREHNRMD
MHWLPHSRJRHQD8WMHKDLVDYMHWVXRVLPWRJDLPDVNDGLVWDQFH
p,VX]HVXSODD
6X]HVXQLMHPDDEHFHGDEROD
p%ROMLMHXDVDQNUDMQHJRXDVEH]NUDMD
RYMHNEUH]DERUDYOMDEROQHJRUDGRVW
RYMHNNRMHJEROQHRGJDMDRVWDMHXYLMHNGLMHWH
0RMHQDMJRUHLVNXVWYRMHGDEROYHLQXOMXGLQHLQLYHOLNLPDQHJRPDOLPD
1HSUHSXWDMVUFHVYRMHDORVWL
1HXGDOMXMVHRGRQLKNRMLSODXYHVWXQLPDWXJXM
1HDOL]DRQLPHJDYLHQHPDMHUNDGVHQLWDQHELPLMHQMDORXEU]R
ELVYHSRVWDORGRVDGQR
1HPDYHHEROLRGVMHDQMDQDVUHXXWUHQXWNXELMHGH
1HWNRGDYQLRGJRYRULPLEROMHSUDVWDUD
1LMHVDPRGMHORYHMHLEROSXWNDVORERGL
1LWNRQHSODHWDNRJRUNRNDRRQLNRMLXLYRWXQDMUMHHRVMHDMXVDPLORVW
3ODQLMH]QDNVODERVWL
3ODXLRL]ERJVX]DQHYLGHMDVQRVPLMXLVHQD]LUXVODER3ODQLMH
YUHGQLMLRGVPLMHKD
3ODLVRQLPWNRSODH
6DPRRQDM]DLVWDWXJXMHWNRWXJXMHEH]VYMHGRND
6X]DPDRYODHQRRNRYLGLQHMDVQR
6X]HQDVXPODGRVWLLQHMDNLPD
WRMHWRWRLQLWHRYMHNKRHGDWXJXMHLGDSDWLNDGDJOHGDQHLMXPUDQX
VXGELQXNRMXVDPWMHOHVQRQHELKWLRGDSUHSDWL"3URPDWUDMXLWUDJHGLMX
RYMHNL]WHND]DOLQHLJUHFUSHERODWDMHEROXLWDN1LMHOLWROXGLOR
VDDOMHQMDGRVWRMQR"
6UHDQLNRPHQHGDVYHSHUMHL]VYRMHJNULOD
p,VX]HVXSODD
ELVYHSRVWDORGRVDGQR
3ODQLMH]QDNVODERVWL
YUHGQLMLRGVPLMHKD
3ODLVRQLPWNRSODH
VDDOMHQMDGRVWRMQR"

UHDQLNRPHQHGDVYHSHUMHL]VYRMHJNULOD
6
p,VX]HVXSODD
ELVYHSRVWDORGRVDGQR
3ODQLMH]QDNVODERVWL
YUHGQLMLRGVPLMHKD
3ODLVRQLPWNRSODH
VDDOMHQMDGRVWRMQR"

6UHDQLNRPHQHGDVYHSHUMHL]VYRMHJNULOD
p,VX]HVXSODD
ELVYHSRVWDORGRVDGQR
3ODQLMH]QDNVODERVWL
YUHGQLMLRGVPLMHKD
3ODLVRQLPWNRSODH
VDDOMHQMDGRVWRMQR"
7NREL]QDR]DELMHGQLNDGDEROQHPDULMHL"
7NRQH]QDSRGQLMHWLPDOLEROPRUDUDXQDWLVWLPGDHSUHWUSMHWLSXQREROL
8RJRUHQRVWLVNULYHQDWLQMDERO]ERJQDHJQHXVSMHKD
7NRVHYROLDOLWLXYLMHNHQDLQHWR]DDOMHQMH
7XJDHVWRSXWD]QDELWLODQDGRNUDGRVWULMHWNRNDG
7XJDMHJULMHK
8PRUXWXJHQHYLGHVHQLNDGREDOH
8YHOLNRMVXGXLYHOLNHQLMHPHEROL6YHEROLVNUXKRPVXPDQMH
=DRQLPWRQDPX]PXQHWUHEDSODNDWLWRMHL]JXEOMHQR]DXYLMHN6DPRRQR
WRGDPRSRQHNDGHPRGRELWLQDWUDJ
DORVWMHSULMHOD]RYMHNDL]YHHJXPDQMHVDYUHQVWYR
p8LWDNNXSXMVWUSOMLYRX
,DNRMHVYDNLXLWDNSRVHELGREDUQHWUHEDVYHXLWNHKWMHWL
,VWLQVNLXLWDNVDVWRMLVHXYHGULQLGXKDLRGVXWQRVWLVWUDKDLPRHJDSRVWLL
UD]ERULWRXLGDOHNRYLGQRX
3UREDXLWNDMHQMHJRYRVMHDQMH3URELUDQMHPRHGMHORYDWLVDPRDNR
]DSRLQMHRGR]GR
8LWDNQHPRHELWLFLOMLYRWD8LWDNEH]QHHJYLHJMHSULSURVWDVWYDU7NR
QHXLYDSRVWDMHQHSRGQROMLY
8LWDNNRMLVHVXYLHHVWRSRQDYOMDVWYDUDRWXSMHORVW
8LYDMXDULEH]GDMH]DKWLMHYDRQGDHQMRPHYODGDWL
8LYDQMHSRYHDYDXLYDQMH
=DVYDNLXLWDNSRWUHEQDVXGYDVUFDNRMDVHYROH
p9HGULQDMHXYLMHNQD]QDNDVORERGH
p9HVHORVWMHSRGQHEOMHSRGNRMLPXVSLMHYDVYHGROLRWURYD
p-DNRELVHPDOR]ODGRJDDORQDVYLMHWXNDGDVH]ORQHELPRJORLQLWLXLPH
GREURJD
.DNRELL]EMHJOLYHD]ODPRUDPRVHVXRLWLVPDQMLPD
0DQMD]ODRELQRGXOMHWUDMX
1DMEROMLQDLQGDVHLQLGREURMHVWYUVWDRGOXNDGDVHVX]ELMD]OR
1DMJRUH]ORRGNRMHJVYLMHWSDWLQLMHMDLQD]OLKYHVODERVWGREULK
1HVPLMHVHLQL]ORGDQDVWDQHGREUR
1H]QDMXLJGMH]OROHLQHPRHPRJDQLWLLVWMHUDWL
HPDYHHJ]ODRG]OHSDPHWL
1

7XJDMHJULMHK
]DSRLQMHRGR]GR
GREURJD
1HPDYHHJ]ODRG]OHSDPHWL

7XJDMHJULMHK
]DSRLQMHRGR]GR
GREURJD
HPDYHHJ]ODRG]OHSDPHWL
1
NREL]QDR]DELMHGQLNDGDEROQHPDULMHL"
7
7XJDMHJULMHK
]DSRLQMHRGR]GR
GREURJD
1HPDYHHJ]ODRG]OHSDPHWL

LNDGVH]ORQHOLMHL]OLP
1
7NRQHLQL]ORWLPHMRQLMHXLQLRGREUR7NRHOL]ORUDGLWLXYLMHNQDH
UD]ORJ
8]ORVHYMHUXMHWHNQDNQDGQR
=ORGROD]LRGRQRJDWNRQH]QDDXLWLVHQHGD
=ORLPDNULODDGREURHSD
=ORMHQHGRVWDWDNGREURJD
=ORQDMQHSULPMHWQLMHLQDMHHSRWSRPDXEODJLOMXGLWDNRWRVHSUDYHGDJD
QLWLYLGHQLWLXMX
=ORQDLOD]LXYDORYLPD
ORMHNDRYDWUDDNRQHRSULRFUQL
=
p=ORYROMDMHLVWRWRLWURPRVWRQDLMHVWHMHGQDYUVWDOLMHQRVWLVDPDQDD
SULURGDWRPHQDJLQMH
721267,.$1-(1-(
7RQRVWMHXOMXGQRVWNUDOMHYD
o
p1HGRSXVWLGDLWNRHNDQDWHEHWRMH]QDNEH]RE]LUQRVWLSUHPD
EOLQMLPD
%ROMHNDVQRQHJRQLNDGD1DMEROMHMHXSUDYRPWUHQXWNX
7NR]DNDVQLQMHJDND]QLLYRW
72/(5$1&,-$,1(612/-,9267
NRQIOLNWQHVQROMLYRVWQHWROHUDQFLMDWYUGRJODYRVWWROHUDQFLMDXYUHGDL
YULMHDQMH]DSRYLMHGDQMH
p$NRXSULURGQRPVWDQMXGYDRYMHNDHOHLVWXVWYDURQLVHXVYRMHPQDJRQX
]DVDPRRGUDQMHPQXQRVXNREOMDYDMX,]VWUDKDVYDWNRRQGDQDVWRML
SUHGXKLWULWLGUXJHLLPDSULURGQRSUDYRQDWR
p2QLOMXGLNRMLPDVHQLNDGDQHSURWXUMHLVXLOLRQLNRMHVHQDMYLHYROLLOLRQL
NRMHVHQDMPDQMHFLMHQL
3RQHNDGMH]DEDYQRQHNRJRYMHNDL]QHQDGLWLWLPHGDPXVHQHVOLLLGDVH
LPDGUXJRPLOMHQMH
p/RLOMXGLNDGVXVUHWQLSRVWDMXQHSRGQROMLYL
LPDGUXJRPLOMHQMH
72/(5$1&,-$,1(612/-,9267
721267,.$1-(1-(
o7RQRVWMHXOMXGQRVWNUDOMHYD
EOLQMLPD
NR]DNDVQLQMHJDND]QLLYRW
7
=ORMHNDRYDWUDDNRQHRSULRFUQL
SULURGDWRPHQDJLQMH
1LNDGVH]ORQHOLMHL]OLP
UD]ORJ
QLWLYLGHQLWLXMX
=ORQDLOD]LXYDORYLPD

LNDGVH]ORQHOLMHL]OLP
1
UD]ORJ
QLWLYLGHQLWLXMX
=ORQDLOD]LXYDORYLPD
ORMHNDRYDWUDDNRQHRSULRFUQL
=
SULURGDWRPHQDJLQMH
21267,.$1-(1-(
7
EOLQMLPD
72/(5$1&,-$,1(612/-,9267
LPDGUXJRPLOMHQMH

LPDGUXJRPLOMHQMH
72/(5$1&,-$,1(612/-,9267
721267,.$1-(1-(
EOLQMLPD
=ORMHNDRYDWUDDNRQHRSULRFUQL
SULURGDWRPHQDJLQMH
1LNDGVH]ORQHOLMHL]OLP
UD]ORJ
QLWLYLGHQLWLXMX
=ORQDLOD]LXYDORYLPD

2WSRUNRMLSRMHGLQDFSUXDSRMHGLQLPWHPDPDXUD]JRYRUXRGQRVQRWHPH
NRMHL]EMHJDYDLQGLNDWLYQHVX]DQMHJRYXSRGVYLMHVWLVDGUHVLPSWRPH
QHUD]XPLMHYDQMD
o9HLQDDQWLVHPLWLVWDNDHSXQRYLHRVHELQHJRRVYRPSURWLYQLNXNRMHJD
QHSR]QDMX
p1HEXGLWYUGRJODYNDGUD]ORJQLMHGREDU
7YUGRJODYRVWMHQDMMHIWLQLMLVXURJDW]DNDUDNWHU
7YUGRJODYRVWMHR]QDNDJOXSDQDLQDMMHIWLQLMLVXURJDW]DNDUDNWHU
p'DELRYMHNELREODJWROHUDQWDQPXGDULUD]XPDQPRUDUDVSRODJDWL
YHOLNRPNROLLQRPYUVWRH
$NRHOLGDWHGUXJLSRGQRVHSRGQRVLLWLGUXJHDOLQHSUHNRJUDQLFH
PD]RKL]PD
%XGLWROHUDQWDQ7ROHULUDMDOLQHSUHNRJUDQLFHPD]RKL]PD
1DDWROHUDQFLMDMHYLLREOLNKXPDQL]PD
1H]QDPGDOLQDHJRGLQHXWMHXGDMHVYHPDQMHOMXGLNRMHFLMHQLPRDVYH
YLHRQLKNRMHSRGQRVLPR
1LVDPVLJXUDQGDOLMHVQROMLYRVWVDPRSORGUD]XPDLOL]DPRUDYMHURMDWQR
MHGQRJDLGUXJRJD
2VWDYLRQRPHNRMLYROLRQRWRYROLMHUDNRPXNDHQHNDRVWDYLRQRWR
YROLRQHLGDOMHYROMHWLRQRWRYROLDWHEHHPU]LWL
3RQHNLPLVOLGDVXSRVWDOLOLEHUDOQLVDPR]DWRWRVXSURPLMHQLOLVPMHUVYRMH
QHWROHUDQFLMH
6YDNDPHRVREDNRMXVXVUHHPXSRQHHPQDGPDXMH
7ROHUDQFLMDMHGRND]QHSRYMHUHQMDSUHPDYODVWLWRPLGHDOX
7ROHUDQFLMDMHRQDMQHXJRGDQRVMHDMGDHPRQDNUDMXPRGDLSDNPRUDWL
SUL]QDWLGDVXGUXJLELOLXSUDYX
7ROHUDQFLMDMHXYLMHN]QDNGDVHYODVWVPDWUDRVLJXUDQRP
7ROHUDQFLMDQHVPLMHVWDMDWLQDVSUDPQHWROHUDQFLMHXNROLNRVHRYD]DGQMDQH
VPDWUDEH]RSDVQRPSULYDWQRPPDQRP1HVPLMHSRVWRMDWLVORERGD
XQLWDYDQMDVORERGH
7ROHUDQFLMDVHHVWREUNDVDQHGRVWDWNRPRVREQRJPLOMHQMD0HXWLP
WROHUDQWDQQLMHRQDMNRMLQHPDRVREQRPLOMHQMHYHRQDMNRMLJDLPDL
GUXJLPDGRSXWDSUDYRQDL]UDDYDQMHGUXJDLMHJPLOMHQMD
7ROHUDQFLMDYHLQHQHPDWHQLWDSURWLYDNRYDPQDSXWVWDQHPUDY
7ROHUDQFLMD]QDLRSUDWDWLWXHJUHNH7DNWLQRVW]QDLQHSULPMHLYDWLLK
8YDDYDQMHVWXSDQMOMXED]QRJSRWRYDQMDNRMH]DVOXXMHRVREDNRMDELQDP
QHUD]XPLMHYDQMD
QHSR]QDMX
PD]RKL]PD
MHGQRJDLGUXJRJD
QHWROHUDQFLMH
XQLWDYDQMDVORERGH

QHUD]XPLMHYDQMD
QHSR]QDMX
PD]RKL]PD
MHGQRJDLGUXJRJD
QHWROHUDQFLMH
XQLWDYDQMDVORERGH
QHUD]XPLMHYDQMD
QHSR]QDMX
PD]RKL]PD
MHGQRJDLGUXJRJD
QHWROHUDQFLMH
XQLWDYDQMDVORERGH

PRJODXLQLWLXVOXJXDMRQDVQLMHRGELOD
9LGLRVDPGDOMHMHUVDPVWDMDRQDUDPHQLPDVYRMLKSUHWKRGQLND
=DWYRUHQDVUHGLQDPRUDNRULVWLWLQDVLOMHGDELVHRGUDOD1HWUSHOMLYRVWMH
LQVWUXPHQWWRJQDVLOMD$OLWDNYLVXVWDYLSURSDGDMXSRORJLFLVWYDUL2VRED
NRMDMH]DWYRUHQVXVWDYDWURILUDGUXWYRNRMHMH]DWYRUHQRQXQRVWDJQLUD
]ERJQHGRVWDWNDLQWHUDNFLMHVDGUXJLPSURJUHVLYQLPGUXWYLPD0RQRSRO
MHGQRJXRVQRYLSULPLWLYQRJJOHGLWDQXQRGRYRGLVODEOMHQMXVXVWDYD
p=QDNSDPHWLMHDNROMXGLSUHJRYDUDMXXPMHVWRGDVHERUH
p,YULMHDQMHWUHEDXLWLWRMHOMXED]QLMHWRGXEOMHSRJDD
1HYUDDM]OR]D]ORQLXYUHGX]DXYUHGX
1LWDVHQH]DERUDYOMDVSRULMHRGXYUHGHDQLWDEUHRGGREURLQVWYD
2QDMNRMLVDPVHELODHQDMODNHVHYULMHD
3RVWRMHJUDQLFHXYUHGDPDLQHSUDYGDPD
6DPVHEHYULMHDWNRHOLGUXJRJDYULMHDWL
7NRGUXJHYULMHDVHEHQH]DWLXMH
7NRODNRYULMHDWHNRRSUDWD
8YUHGHVXDUJXPHQWLRQLKNRMLQHUDVSRODXDUJXPHQWLPD
p1HPRM]DSRYLMHGDWLSULMHQHJRQDXLVOXDWL
1HPRM]DSRYLMHGDWLSULMHQHJRQDXLVOXDWL
p

p1HPRM]DSRYLMHGDWLSULMHQHJRQDXLVOXDWL
1HPRM]DSRYLMHGDWLSULMHQHJRQDXLVOXDWL
p

2328.$0$

0DNVLPDMHQDMYHHEODJRDNRXSUDYLDV
SDGQHQDSDPHW
*RHWKH

SDGQHQDSDPHW
*RHWKH
2328.$0$

2328.$0$

SDGQHQDSDPHW
*RHWKH

SDGQHQDSDPHW
*RHWKH
2328.$0$

SRXNHDIRUL]PLL]UHNHNULODWLFHSRVORYLFH
p$NRRGEDFXMHSRXNXSUH]LUHYODVWLWXGXX3RXNHWHYRGHDSULPMHUL
YXNX
p$IRUL]DPMH
x URPDQOLMHQLQH
x QDDPLVDRNRMXXMHPRRGGUXJRJDLVNUDVYRJGREDLSRNXDMGDVH
GUXJDLMHPLVOL
x UDNNRMLL]D]LYDPHWDVWD]HUD]PLOMDQMD
x WRWDODQXWRPVPLVOXWRMHVYHXPMHWQLNRSUHORXILOR]RILMVNRLVYH
ILOR]RILMVNRXXPMHWQLNR
0XGUDL]UHNDQHYULMHGLXXVWLPDOXDNDMHUMXQHND]XMHXSUDYRYULMHPH
6UFHUD]ERULWDRYMHNDUD]PLOMDRL]UHNDPDSDOMLYRMHXKRVDQPXGUDFX
0XDQMHSRVDRVPLOMDWLL]UHNH
p.ULODWLFDMHLGHMDQDSXWXGRIUD]H
WRRVWDMHRGYHOLNLKPLVOLRFDGDQDQMLFH".ULODWLFHVXWUDQMLFH
p3RVORYLFDMHRSHSR]QDWDPXGURVWNRMHVHQLWNRQHSULGUDYD
3RVORYLFDGROD]LRGUD]XPD2QDMHXUD]JRYRUXNDREDNOMDXPUDNXVYDNRP
SRVOXSRPRQLFDL]YRUPXGURVWL
YXNX
p$IRUL]DPMH
x URPDQOLMHQLQH
GUXJDLMHPLVOL

YXNX
p$IRUL]DPMH
x URPDQOLMHQLQH
GUXJDLMHPLVOL
YXNX
p$IRUL]DPMH
x URPDQOLMHQLQH
GUXJDLMHPLVOL

32*2925
LVDQDMHULMHWUDMQLMDRGSDPHQMD
3
2YDNQMLLFDVDGULUL]QLFXPXGURVWL]DQDGROD]HHOMXGHWUHHJWLVXOMHD
RQD MH RVWDYWLQD SR]QDWLK L QHSR]QDWLK PLVOLODFD 6WDUL L 1RYL ]DYMHW
7DOPXG]QDQRVWQDURGQDPXGURVWDIRUL]PLILOR]RIDSMHVQLNDNQMLHYQLND
QRYLQDUDXPMHWQLNDJHQLMDOQLKLRELQLKOMXGLL]GDOMQMHLEOLHSURORVWL
7HSRUXNHVQDQRRGMHNXMXQDSRVHEDQRVHEXMDQVOLNRYLWLGXKRYLW QDLQ
RVOLNDYDMXRYMHNDOMXGHVYLMHW]QDQRVWVWYDULSRMDYHLRGQRVH0QRJHRG
QMLK VHX X GDYQLQX SURKXMDOLK YUHPHQD DOL L GDQDV ]DXXMH QMLKRYD
VYMHLQDQMLKRYDDNWXDOQRVW3RPLVOLRELRYMHNGDWRSLXGDQDQMLQDMEROML
XPRYLD]DSUDYRMRPRUDPRSXQRWRJDQDXLWLRGQDLKSUHWKRGQLND
.QMLLFDJRYRUL
x R QDPD VDPLPD R RYMHNX NDR ELRORNRP HWLNRP VSR]QDMRP
SURWXULMHQRP VWYDUDODNRP GHVWUXNWLYQRP GUXWYHQRP SROLWLNRP
RWXHQRP L RVMHDQRP ELX R PDQDPD L YUOLQDPD R YMHURYDQMX
]DEOXGDPDMHGQRPUMHMXRVYLMHWOLPLWDPQLPVWUDQDPDXPD
x RPLVOLPDL]VYLMHWD]QDQRVWLSVLKRORJLMHLILOR]RILMH
3RUXNH L] QDUHGQLK WHNVWRYD L]YXHQH VX L] NRQWHNVWD D GLMHORP LPDMX
NDUDNWHUDSHOD&LOMQDSLVDMHGDQDMHGQRPPMHVWX]DELOMHHQHPLVOLLVXVWDYL
YUHGQRWDVYRMRPOMHSRWRPLVNUHQRXLSRQHNRPDRNRPSUREXGHQDXDOL
LEXGXXVYLMHVWQDXVDYMHVWLOLXREUD]LOMX
3ULOLNRPXUHLYDQMDSRMPRYDLPDRVDPXYLGXGDMHLQDMPDQMLUHGEROMLRG
QHUHGD DOL WR QLMH XYLMHN MHGQRVWDYQR 3ULPMHULFH SRG NRMH SRMPRYH
XNOMXLWLPLVOLHQHWUHEDGDULYDWLUXDPDGRNQHXYHQXRYMHNQLNDGD
QLMHGRYROMQRRSUH]DQNRGL]ERUDVYRMLKURGLWHOMDL1HPDWHPLVOLQDNRMX
SROLFLMDQHELSD]LOD"0RGDXSRGQDVORY2GXKRYLWRVWL"
'REURM VH PLVOL WUHED HVWR YUDDWL 2QD MH VYMHWLRQLN SXWRND] VMHDQMH ]D
EXGXQRVW SURORVW ]D SDPHQMH LWDQMH GREUH NQMLJH RYMHND WLWL RG
SRWSXQHVDPRH1DNUDMXLWDWHOMXMHGREURPRHVDPL]DEUDWLVYRMHSLVFH
/LMHSD MH PLVDR SRH]LMD X SUR]L NULVWDOQL VWDODJPLW LVNXVWYHQRJ GXKD
.UOHDRQDVHMDYOMDNDREULWNDVDEOMDNRMDVNDOSHORPVYRMLKVSR]QDMDUHH
WNLYR QDLK SUHGRGEL UXHL GRVDGDQMH RNYLUH VKYDDQMD GRQRVHL QRYH
GLPHQ]LMHSRQLUDQMD99XHWL
3RNXDMPR ]DMHGQLNL GRL GR LVWLQH 7MHLPR VH VSR]QDMRP GD L PDNDU
3LVDQDMHULMHWUDMQLMDRGSDPHQMD
.QMLLFDJRYRUL
32*2925

32*2925
LVDQDMHULMHWUDMQLMDRGSDPHQMD
3
.QMLLFDJRYRUL

3LVDQDMHULMHWUDMQLMDRGSDPHQMD
.QMLLFDJRYRUL
32*2925

RJUDQLHQRSULEOLDYDQMHLVWLQLPRHELWLNRULVQR8RVWDORPWRPRHKODGQD
LJRODLVWLQDSURWLYEOLVWDYLKDULODL"
.QMLLFD H PRGD GREUR GRL L SLVFLPD NRML WUDH PRWLYH ]D VYRMD GMHOD
VFHQDULVWLPD L GUXJLP NUHDWLYQLP RVREDPD ,]ERU VNUDLYDQMD REUDGD
SUHUDGDLVORERGQDLQWHUSUHWDFLMDPLVOLLGXQDGXXXUHGQLND1HNDPLEXGH
RSURWHQR L]RVWDYOMDQMH DXWRUD X VDPRM NQML]L ELOD PL MH YDQLMD OMHSRWD
L]ULDMDQHJRVMHQDWYRUFD}
0HXWLPLPHQDYHLQHDXWRUDVDGUDQDVXQDGLVNHWLNRMDVDGULLDEHFHGQL
SRMPRYQLN &LOM HOHNWURQLNRJ ]DSLVD MH X SUHWUDLYDQMX NOMXQLK ULMHL L
VWYDUDQMX YODVWLWH ED]H SRGDWDND SR YODVWLWRP QDKRHQMX D XMHGQR VH
L]EMHJDYDSRQRYQRPXNRWUSQRSUHSLVLYDQMH
6YDNL SRNXDM WH YUVWH L]LVNXMH RJURPDQ QDSRU SULMH VYHJD SLVFD .ULWHULML L
VWLOQLVXRYLPHGRYUHQLNDRQLWLGMHORMHUWRQLMHQLWLRYMHNVDP
5DGXMH PH RGD]LY WRYDWHOMD SLVDQH ULMHL NRML VX PL XND]DOL QD VWLOVNH L
JUDPDWLNHSURSXVWHXSUYRPL]GDQMX'XDQVDPVHLVSULDWLVYLPLWDWHOMLPD
QD VLWQLP VORYLPD SRJUHNDPD L VWYDUDODNRP VOMHSLOX MHU VX QHNH PLVOL
SRQRYOMHQHSRGGUXJLPSRMPRYLPDXLVWRMNQML]L7RMHRYGMHLVSUDYOMHQR3UL
WRPPRUDPQDJODVLWLGDVDPELRSULVLOMHQVDPXUHGLWLPXNRWUSQRSUHSLVLYDWL
WHNVWRYH WHKQLNL XUHGLWL VORJRYH L X YODVWLWRM QDNODGL WLVNDWL RED L]GDQMD
3RQHJGMH VH XND]DOD DYHW X YLGX SURJUDPVNH WYUGRJODYRVWL PHQL WHNR
UD]XPOMLYHLQDMODNHPLMHELORSULSLVDWLWRRVYHWLPUWYHPDWHULMH
0RMDSRGYRMHQRVWL]PHXDXWRUDXUHGQLNDLL]GDYDDXMHGQRMRVRELVWYRULOD
MH SRYHL KLEULG L VWLOVNX QHXMHGQDHQRVW NDR DXWRU QLVDP GR]YROLR ]QDWQD
VNUDLYDQMD NDR XUHGQLN PLMHQMDR VDP NRQFHSFLMX X YLH QDYUDWD NDR
WHKQLNLXUHGQLNSODDPFLMHQX QH]QDQMD D QH]QDOLFD QHH QLWL QD PXNDPD
SUL]QDWL D NDR L]GDYD JXELR VDP GUDJRFMHQH WUHQXWNH QD ]DWYDUDQMH
ILQDQFLMVNHNRQVWUXNFLMH.UDMQMDMHRFMHQDQDLWDWHOMXRGNRMHJDRHNXMHPL
SULKYDDPNULWLNXLGREURQDPMHUHQHSULPMHGEHRQHVXQXQHLGREURGROH
,]RVWDYLRVDPLQGHNVHLOLWHUDWXUXRFMHQMXMHPGDELWR]QDWQRRSWHUHWLORRSVHJ
NQMLJH 9ROMDQ VDP LSDN KYDOD UDXQDOX GRVWDYLWL MH QD GLVNHWL VYDNRP
LWDWHOMXQDQMHJRY]DKWMHY
-HGDQ 3DVFDORY FLWDW VDY YLGLYL VYLHW MH QH]DPMHWOMLY SRWH] X LURNRP
QDUXMXSULURGHRVWDMHLVWLNDRLXSUYRPL]GDQMXGULPGDMHL]ULDML]
NUDMDGHYHWQDHVWRJVWROMHDLGDQDVOLMHSLUD]XPOMLY
.QMLLFDRVLPXUHHQLKPLVOLVDGULLJRWRYRSHWVWRVDYMHWDUDVSRUHHQLKX]
SULSDGDMXH SRMPRYH 6YH MH WR VWLOVNL L]UDHQR VX NDR VYRMHYUVQD SRH]LMD X
SUR]LEH]RE]LUDQDGXLQXWHNVWD
2EMDYRP RYH NQMLLFH ELWL H ]D QHNH ]QDOFH SLVDQH ULMHL X VYRMRM RVQRYL
XSLWDQ SULQRV NQMLHYQRVWL LOL ]QDQRVWL ]D PHQH DNR QLWD GUXJR RVWDMH
GRSULQRV VDNXSOMHQ L SR RGUHHQLP SRMPRYLPD XUHHQH VORHQH JUDH ]D


VWUXQMDNH LOL RVREH NRMH LPDMX VPLVDR ]D YODVWLWH L]ULDMH D SRQHNDG LP
X]PDQMNDMX RVQRYQH WH]H ]D SULX LOL VX DN QMLKRYL WHNVWRYL EH] MDVQH
SRUXNH
1DPMHUDPLMHELODREXKYDWLWLWRLUDRE]RUMDOMXGVNRJGXKDSURQDLGXEOMH
LOL GXKRYLWH SRUXNH WR MH SMHVQLN KWLR WLPH UHL ,DNR MH YHLQD WHNVWRYD
L]YRUQD GXERNR YMHUXMHP VDPR SLVDQMH RYDNYH NQMLJH MH GDOHNR RG SXNRJ
SUHSLVLYDQMD
3ULPMHULFHSRVWRMHH5,=1,&(VOXLOHVXPLNDRL]YRUJUDHDQHNDRX]RU
6WRJD VDP VNORQ XYMHUHQMX GD MH NRULWHQMH WXLK FLWDWD X FMHORVWL LOL
GMHORPLQR PDQMH LOXVWUDWLYQRJ D YLH LOXPLQDWLYQRJ NDUDNWHUD 3RQHJGMH
VDPSUHX]LPDQMHPMH]LQLKVNORSRYDPRGDXPDQMLR]QDDMYODVWLWHSRUXNH
QHNDPLEXGHRSURWHQDWDVORERGD7RVHSRVHEQRRGQRVLQDPLVOLL]YDHQH
L]NRQWHNVWDNRMHVDPGRLYLRNDRQHWROLMHSRDOLQHLPRMHVDPRSRVHEL1D
NUDMX VDP RGXVWDR RG WRJD GD SRG VYDNX FLMHQX PLMHQMDP VYDNX ULMH VDPR
]DWR WR MH WXD MHU EL WDNDY SULVWXS ]DKWLMHYDR QHSRWUHEDQ QDSRU L SXQR
YUHPHQD.RPHELWRWUHEDOR"0RMDVHDPELFLMDLUD]LQDDVSLUDFLMH]DXVWDYLOD
QD XRDYDQMX SRUXND QD RVOREDDQMX RG VXYLQRJ NDR SUHGXYMHWD YODVWLWRJ
RVMHDMD OMHSRWH X L]ULDMX D QH X LHQMX VDNDHQMX LOL MDORYRP
GRWMHULYDQMXWXLKPLVOL
0RMHVXPLVOLELOHXSUDYOMHQHSUHPDLWDWHOMXVMDVQRPQD]QDNRPWDPRJGMH
SRVWRML SUHYLH RGJRYRUD QD ]QDDM QHNRJ SRMPD PRGD QHWR QLMH ELOR X
UHGX V SLWDQMHP NRMH XSXXMHPR WRP SRMPX 8VWYDUL QDMOMHSL VX PL ELOL
NUDWNLMH]LQLVNORSRYLSRSXW]ELUNHYHOLNLKJRYRUDNRMLPDVHQHPRHQLWD
GRGDWLQLWLRGX]HWL$OLOMHSRWXVDPSURQDDRLXRQLPSRUXNDPDNRMHVDGUH
YLH UD]OLLWLK SRMPRYD V YLH]QDQRP SRUXNRP WR SRVHEQR YULMHGL DNR VH

&LWDWQRVW MH HNVSOLFLWQR SDPHQMH NXOWXUH 8 VYRMD GYD RVQRYQD WLSD LOXVWUDWLYQRP L
LOXPLQDWLYQRP VXVUHWX L]PHX YODVWLWRJD L WXHJD WHNVWD FLWDWQRVW XYD NXOWXUX RG ]DERUDYD L
VDPRXQLWHQMD2QDWRSRGMHGQDNRLQLNDGDVWXLPWHNVWRYLPDSRVWXSDNDRV5,=1,&20NDRL
RQGDNDGDRGUL]QLFHSRNXDYDDQHPRHQDSUDYLWL35$=183/28
,]SHUVSHNWLYHLOXVWUDWLYQHFLWDWQRVWLLOXPLQDWLYQDMHFLWDQRVWQLKLOLVWLQDDYODVWLWDNRQVWUXNWLYQD
,] SHUVSHNWLYH LOXPLQDWLYQH FLWDWQRVWL LOXVWUDWLYQD MH FLWDWQRVW NRQ]HUYDWLYQD D YODVWLWD
SURJUHVLYQD ,] SHUVSHNWLYQH QDH QHXWUDOQH WLSRORJLMH RED VX WLSD FLWDWQRVWL MHGQDNR YDQD L
MHGQDNRNRULVQDSUYLVWRJDWRVWYDUDLMDDNXOWXUQLNDQRQDGUXJLVWRJDWRWRPXNDQRQXNDGD
RQRNRWDL]DSULMHWLSUHHVWRNRPVHPLRWL]DFLMRPSRND]XMHGDQLMHQLMHGLQLQLYMHDQ
,OXVWUDWLYQD MH FLWDWQRVWXVYDMDQMH WXLK WHNVWRYD L NXOWXUQH WUDGLFLMH LOXPLQDWLYQD MH QMLKRYR
QHSUHGYLGLYRNUHDWLYQRRVYDMDQMH3UYDMH]UHORVWLVWDURVWNXOWXUHGUXJDQHREX]GDQDNXOWXUQD
PODGRVWNRMRMHVWRQLWDQLMHVYHWRLNRMDVDPDPRUDMHGQRPVD]UHWLLRVWDUMHWLSRVWDWLNDQRQ]D
QRYH MR PODH WHNVWRYH ,]YRU 'XEUDYND 2UDL 7ROL 7HRULMD FLWDWQRVWL *UDILNL ]DYRG
+UYDWVNH=DJUHEVWU
+UYDWVNH=DJUHEVWU

SRUXNH
SUHSLVLYDQMD

SRUXNH
SUHSLVLYDQMD

+UYDWVNH=DJUHEVWU

+UYDWVNH=DJUHEVWU

SRUXNH
SUHSLVLYDQMD

L]YXNX L] VOLMHGD PLVOL R QHNRM WHPL LWDYR VDP YULMHPH XVWYDULR JUDGLR X
VHELQHNXQHQDSLVDQXGUDPXLOLNRPHGLMXGRLYLRVDPVFHQXVMHGQLPLOLYLH
OLNRYD LML XQXWDUQML LOL PHXVREQL GLMDORJ JRYRUL QHNLP QRYLP MH]LNRP
LVWLP NULVWDOLPD PLVOL NRMLPD QLVX SRWUHEQL XYRG JUDGDFLMH SDUDEROH LOL
GUDPVNL ]DSOHW X NRMHP MH SXQR YDQLMD SDX]D LOL LQWRQDFLMD DOX]LMH
PHWDIRUHGYRVPLVOLFHSRODUHHQLFHSRUXNHL]PHXUHGDND
LWDQMH SULPMHULFH +HVVHD 8MHYLD 3URXVWD .UOHX 6Y $XJXVWLQD
'HPDQD -XQJD 6HQHFX 3ODWRQD )URPPD )XOJR]LMD +DXVHUD 1HUYLD
$VLPRYD 'LOWDMD %URQRZVNRJ 'REDQVNRJ 'DUZLQD (QJHOVD *RHWKHD
6NDNHVSHDUD (LQVWHQD LOL &DPXVD GHVHWLQH SMHVQLND LOL ]QDQVWYHQLND
ULMHQLNDQRYLQVNLKWHNVWRYDVHSDUDWDLOLSULUXQLND]DPHQHMHLPDORLVWX
WHLQX'XERNRVDPVYMHVWDQGDQLVDPQLWLL]GDOHNDGLUQXRQDMOMHSHPLVOLL]
DQWRORJLMHVYMHWVNHNQMLHYQRVWLDSRVHEQRVDPVHXVWUXDYDRVXVWDYQRYDGLWL
SRUXNHL]NRQWHNVWDNRMHVXVDGUDQHXSMHVPDPD7DPRJGMHQLVDPPRJDR
RGROMHWLQDGDPVHGDQLVDPXQDND]LRFMHOLQXSMHVPH.DGDELKLNDGDPRJDR
REXKYDWLWL RQR QDMOMHSH WD EL NQMLJD LSDN ELOD QHGRYUHQD NULWHULM ]D WR QH
PRH ELWL MHGDQ RYMHN 2VLP WRJD NQMLJH LPDMX VYRMH GXEOMH ]DNRQLWRVWL
LMLPNDQRQLPDQLVDPGRUDVWDRXPMHVWRSUHPDXQLYHU]DOQRVWLXKYDWLRVDP
VHXPUHXSRYUQRVWL
=DXGLOD PH L RGXHYLOD PQRLQD SRUXND R QHNLP PLVOLPD D QD JUGQH PH
PXNH VWDYOMDOD RGJRYRUQRVW NXGD WDNYX PLVDR VWDYLWL 3UHSR]QDR VDP X
QMLPD JRWRY PRWWR LOL QHWR WR PRH ELWL FMHOLQD VDPD ]D VHEH DOL VDP
YUHPHQRPSURQDDRQRYHRGJRYRUHQDLVWRSLWDQMH3ULPMHULFHUD]YUVWDYDQMH
SR DEHFHGQRP UHGX XRSH QLVDP X]HR X RE]LU 6UHGLQMD PMHVWD X NQML]L
]DX]LPDQMXQDUHGQLSRMPRYLRYMHNPXNDUDFRWDFHQDPDMNDVUHD
YROMD%RJUHOLJLMDXPMHWQRVWVWYDUDODWYRPDWDOMXEDYPUQMDSLVDQMH
PLVOLUD]XPXPSDPHWSURVXGEDUDVXLYDQMH$OLNDGDELKVDPRSUHPD
NROLLQLWHNVWDRGUHLYDR]QDDMWDGDELKXSDRX]DPNXGDVHSRWFLMHQLVDPR
MHGQD MHGLQD PLVDR V QHNRP ]D PHQH ]QDDMQRP SRUXNRP 2SVHQRVW
GDNOHQLMHELODMHGLQLNULWHULM
6YDNDMHULMHVQRSLVPLVDRL]QMHJDVWULQDVYHVWUDQHDQHVWUHPLXMHGQX
VOXEHQXWRNX
LVWRVWU
LVWRVWU
VHXPUHXSRYUQRVWL
VOXEHQXWRNX

VHXPUHXSRYUQRVWL
VOXEHQXWRNX
LVWRVWU
LVWRVWU
VHXPUHXSRYUQRVWL
VOXEHQXWRNX

]DKYDOD
=DKYDOMXMHP VH ]DVWXSQLFL &(//(*,80 +(5*(, L] =DJUHED JRVSRL
0DULML%XNRYDFQDVYHVUGQRMSRPRLXSUHGVWDYOMDQMXRYHNQMLJHLJOD]EHQRM
WRFLWHJRVSRGLQX-RVLSXRVLXQDWRSOLPXYRGQLPULMHLPD8]QMHJRYR
RGREUHQMH REMDYOMXMHP GLR WRJ L]ODJDQMD X RYRP SRQRYOMHQRP L]GDQMX X
SRGQDVORYX2GMHFL1LMHODQDVNURPQRVWDNRSULPMHWLPGDPLVHSRQHND
L]UHHQDSRKYDODLQLSUHWMHUDQRP
1DGDOMH L]UDDYDP EHVNUDMQX ]DKYDOQRVW GXJRJRGLQMHP SULMDWHOMX
L]XPLWHOMX YUVQRP JOD]EHQLNX =RUDQX RQFX QD RUJDQL]DFLML L JOD]EHQLP
LQWHUSUHWDFLMDPDXYODVWLWRPDUDQPDQXSULJRGRPSURPRFLMHWH0LUQL5XL
VRSUDQ7LKDQL-RNLPH]RVRSUDQ
,VWR WDNR ]DKYDOMXMHP JRVSRGL 9RMLVODYX 5DXHYLX L =YRQNX +ODGQLNX QD
EH]UH]HUYQRM SRGUFL VYLP VXUDGQLFLPD L ODQRYLPD ,]YUQRJ RGERUD
+UYDWVNRJ VDYH]D LQRYDWRUD L +UYDWVNH ]DMHGQLFH WHKQLNH NXOWXUH
L]GDYDNLP WYUWNDPD 1RYD VWYDUQRVWL %LO &RPPHUFH XUHGQLWYLPD
0RGUH ODVWH *D]RSKLODFLXPD $%& WHKQLNH L NROVNH NQMLJH 6LOYDQL
6YLODU3DYOX+DYOLHNX/D]L6WDUHYLX1HGL(UJRWL6WDQLVODYXDMDYFX
+UYRMX 0D]LML %RUNLFL 3DYHF %UDQLPLUX 0RODNX HOMNX 2UHNRYLX
DQLMX 3LQFDQX .D]LPLUX 0LNLX 'DYRUX $QGUHLVX 0DUWLMDQX *RULX
6WDQNX=PD]HNX$QWL%HNLX6WMHSDQX2]LPHFXL+LQNX%RKUXJRVSRDPD
1DGL %RKU L 0LUL .RYDL PRMRM RELWHOML WH PDPL 6LGRQLML RG NRMH VDP
SRVXGLR SUYH L]ULDMH %H] QMLKRYRJ SRWLFDQMD PRML EL GXKRYQL GRPHWL ELOL
EHVNUDMQRVLURPDQLML
=DJUHEVWXGHQRJJRG
DXWRU
=DJUHEVWXGHQRJJRG
DXWRU

EHVNUDMQRVLURPDQLML
]DKYDOD

]DKYDOD
EHVNUDMQRVLURPDQLML
=DJUHEVWXGHQRJJRG
=DJUHEVWXGHQRJJRG
DXWRU

EHVNUDMQRVLURPDQLML
]DKYDOD

DXWRU

RGMHFL
6LOQDPLMHUDGRVWLYHOLNDDVWWRSUHGVWDYOMDPRYXMHGLQVWYHQXNQMLJX
XQDVLWREDXRYRM(85236.2-.8,MHULPDWDNDYUDQJ1LNDGDQLVDP
XUXFLGUDRLLWDRWDNYXMHGLQVWYHQXNQMLJXWDNRERJDWXUL]QLFDPLVOLJHQLMD
ILOR]RID XHQMDND L]XPLWHOMD SVLKRORJD SMHVQLND XPMHWQLND VYLK SURILOD L
VYLKYUHPHQD7RHWHLVDPLXYLGMHWL0LVOLVDEUDQH]DVYHNDWHJRULMHOMXGL
GRELVSROD]DQLPDQMDLXVPMHUHQMD
0LVOL L]UHHQH QDSLVDQH L XNRULHQH X RYX NQMLJX X]PLWH X VYRMH UXNH L
LWDMWHLWDMWHMHVYDNLGDQXVYDNRMSULOLFLLQHSULOLFLPRHYDPSRVOXLWLNDR
MHGLQVWYHQLPLVDRQLYRGL X YDHP VYDNLGDQMHP LYRWX 9MHUXMWH WDNYR WR
MRQLVDPLWDRXPRMHPH]GHVHWMHGQRJRGLQMHPLYRWX
*RVSRGLQ .DUOR RWDUL MH 9,=,21$5 NRMHJ SRNUHH SRUXND *OHGDP X
GDOHNR]RU D QH X UHWURYL]RU L YODVWLWL PRWWR 1HWR PL GXERNR OMXGVNR
QDODH GD XYLMHN EUDQLP LVWLQVNH YUHGQRWH L EXGHP SURWLY DXWRULWDUQRVWL L
JOXSRVWL RYMHN ]D GYDGHVHWLSUYR VWROMHH SUDYL JHQLM X SXQRP VPLVOX WH
ULMHL YLVRNR REUD]RYDQ LQWHOHNWXDODF 121 3/86 8/75$ +202
81,9(56$/,6 NRML MH LWDR L VDPR LWDR UD]QRUD]QH NQMLJH YMHLWL
]DOMXEOMHQLNXNQMLJHYMHURMDWQRQDMQDLWDQLMLQDRYMHNNRMHJVDPVXVUHRX
LYRWX
SURI-RVLSRVLL]XYRGQRJL]ODJDQMDQDSURPRFLMLNQMLJH0RPLVOLX
(85236.20'208=DJUHEOLVWRSDGDJ
LYRWX
RGMHFL

RGMHFL
LYRWX
LYRWX
RGMHFL

,]PHXPLOLMDUGLQDPDVOLQLKELDL]URGD+RPRVDSLHQVDQDVWDMHSRODNRL
PXQRQRYRYMHNNRMLHSUHREOLNRYDWLVYRMVYLMHWLPXQRVYMHLWLP
QDVWRMDQMHPIRUPLUDWLQRYHVUHWQHXYMHWHVYRJDRSVWDQND-RVHL]DPDVNL
EH]EURMQLKOLFDVNULYDMXOMXGVNLYXNRYLMRQDVERGXOMXGLVWMHQLFHMRVWXSD
WPLQDPDOMXGVNLKVXSURWQRVWLODE
WHKXPDLQH
3RRYMHLYDQMHRYMHNDGXJRMHLPXQR1RL]VYHJDRYMHMHJDYHL]UDVWD
RYMHNUDVWHL]QHJDFLMHVYRMHNUYDYHSURORVWLUDVWHL]SUDVWDULK]DPHWDND
VYRMLKVODERVWLL]DEOXGDNDRWRVHL]FUYDUD]YLMDOLMHSOHSWLUGDSROHWLX
VXQDQRMXWUR-RQLMHL]ERUHQDQMHJRYDSREMHGD-RHVHGXJRERULWL
RYMHNVRYMHNRP$OLMRQLNDGDQLMHELORVSUHPQLKWROLNRFHVWD]DRYMHND
EXGXQRVWLNDRGDQDV
2VOXKQLSRODNRVHYHRJODDYDWRSRWRQLKNRMLGROD]H
WHKXPDLQH
EXGXQRVWLNDRGDQDV

WHKXPDLQH
EXGXQRVWLNDRGDQDV
WHKXPDLQH
EXGXQRVWLNDRGDQDV

VDGUDM
20,6/,0$
NRQVWUXNWLYQRVWLGHVWUXNWLYQRVW
L]GUOMLYRVW
OXFLGQRVWPDWDPHWRGH
832=1$-6(%(
69,-(7/$,7$01$675$1$80$
RWLMHOX
29-(..$2(7,.2025$/12,632=1$-12%,(
L]YMHVQRVW
REYH]HRGOXNHRGQRVLRGREUDYDQMHRIHQ]LYQRVWRSDVQRVW
RVREQRVW
EROHVWL]GUDYOMH
]GUDYOMHEROHVWOLMHQLNGLMDJQR]DSVLKRDQDOL]DOLMHNRYL
QRUPDOQRVWGLMHWD
29-(..$2'5879(12%,(
GRPRYLQDURGROMXEOMH
EDWLQDJHQHUDFLMDJRVSRGDULQWHOHNWXDOFLMDYQR
PLOMHQMHPDMVWRU
RRELWHOML
RRELWHOML
29-(..$2'5879(12%,(
GRPRYLQDURGROMXEOMH
PLOMHQMHPDMVWRU
EROHVWL]GUDYOMH
QRUPDOQRVWGLMHWD
29-(..$2(7,.2025$/12,632=1$-12%,(
L]YMHVQRVW
RVREQRVW
RWLMHOX
69,-(7/$,7$01$675$1$80$
832=1$-6(%(
L]GUOMLYRVW
OXFLGQRVWPDWDPHWRGH
20,6/,0$
VDGUDM

VDGUDM
20,6/,0$
L]GUOMLYRVW
OXFLGQRVWPDWDPHWRGH
832=1$-6(%(
69,-(7/$,7$01$675$1$80$
RWLMHOX
29-(..$2(7,.2025$/12,632=1$-12%,(
L]YMHVQRVW
RVREQRVW
EROHVWL]GUDYOMH
QRUPDOQRVWGLMHWD
29-(..$2'5879(12%,(
GRPRYLQDURGROMXEOMH
PLOMHQMHPDMVWRU
RRELWHOML
RRELWHOML
29-(..$2'5879(12%,(
GRPRYLQDURGROMXEOMH
PLOMHQMHPDMVWRU
EROHVWL]GUDYOMH
QRUPDOQRVWGLMHWD
29-(..$2(7,.2025$/12,632=1$-12%,(
L]YMHVQRVW
RVREQRVW
RWLMHOX
69,-(7/$,7$01$675$1$80$
832=1$-6(%(
L]GUOMLYRVW
OXFLGQRVWPDWDPHWRGH
20,6/,0$
VDGUDM

R]DEOXGDPD
IDQDWL]DPJDWDQMHLOX]LMHOHJHQGHPLWRELDMSUHGUDVXGH
WUDGLFLMDXWRSLMDXWYDUH]DEOXGD]DNOHWYH
RYUOLQDPD
YUOLQH
SOHPHQLWRVWSRSXVWOMLYRVWSRVWLJQXHSRWHQMHSRWRYDQMH
SRYMHUHQMHSUDWDQMHSULSUDYQRVWSULVWRMQRVWSUL]QDQMH
SURVYMHHQRVW
VDPRSRX]GDQMHVDPRSURXDYDQMHVDPRUD]XPLMHYDQMH
VDPRVSR]QDMDVDPRVYLMHVWVDPRVYODGDYDQMHVDYMHVWVKYDDQMH
VLJXUQRVWVNURPQRVWVQDJDVROLGDUQRVWVSUHWQRVWXHQMH
XVSRUHLYDQMHXYMHUDYDQMH]DKYDOQRVW]UHORVW
RPDQDPD
PDQHSRURFLDSVXUGEDQDOQRVWHNVKLELFLRQL]DPHWLNHWDIMDND
IUD]DL]JRYRU
ODNRPRVWODNRYMHUQRVWODVNDQMHOLFHPMHUMHOLFHPMHUOXNDYRVW
OXWDQMH
QDPHWOMLYRVWQDSDVWQDYLNHQHJRGRYDQMHQHPLORVUGQRVW
QHSRYMHUHQMHQHSURPLOMHQRVWQHUD]ERULWRVWQHUD]XPQRVW
QHVWUSOMHQMHQRQNRQIRUPL]DP
RJRYDUDQMHRJUDQLHQRVWRKRORVWRNOLMHYDQMHRSRUWXQLVW
RSWXLYDQMHRVUHGQMRVWRVYHWDRYLVQRVW
SDVLYQRVWSHGDQWHULMDSOLWNRVWSRGLQMDYDQMHSRGLODHQMH
SRGORVWSRKOHSDSROWURQSROXEXGQRVWSRQL]QRVWSRWLVNLYDQMH
SUHEDFLYDQMHLSULJRYDUDQMHSUHVHGDQSUHVWLSUHWYDUDQMH
SUHYDUDSUH]LUSULJRYDUDQMHSULMHNRUSULNULYDQMHSULPLWLYL]DP
SULVOXNLYDQMHSURVMHQRVW
WDMQRYLWRVWWULYLMDOQRVWXOL]LFDXOMXGQRVW]DGXLYDQMH
]DYDUDYDQMH
2=1$1267,
RILOR]RILMLLSVLKRORJLML

2=1$1267,
RPDQDPD
IUD]DL]JRYRU
OXWDQMH
]DYDUDYDQMH
R]DEOXGDPD
RYUOLQDPD
YUOLQH
SURVYMHHQRVW

R]DEOXGDPD
RYUOLQDPD
YUOLQH
SURVYMHHQRVW
RPDQDPD
IUD]DL]JRYRU
OXWDQMH
]DYDUDYDQMH
2=1$1267,


2=1$1267,
RPDQDPD
IUD]DL]JRYRU
OXWDQMH
]DYDUDYDQMH
R]DEOXGDPD
RYUOLQDPD
YUOLQH
SURVYMHHQRVW

DOLMHQDFLMDXGXHQMHGRMPRYLGXDLVNUHQRVWLVNXVWYR
L]QHQDHQMHMD
WMHVNREDREYH]H
DPELYDOHQWQRVWLOLSRGYRMHQRVWEODJRQDNORQRVW
DVWRKOHSOMHHQMD
RERDYDQMHREUDQDRGJRYRUQRVWRGPRURGQRVLRNROLQD
RSDVQRVWRULJLQDOQRVW
SDGSDPHQMHSODSRQLDYDQMHSRURFLSR]RUQRVWSUDNVD
SRWRPFLSUHFLSUHFMHQMLYDQMHSUHYDUDSULJRYDUDQMHSULMHWQMH
SUL]QDQMDSUREOHPSURPLOMDQMHSURPMHQH
SDWQMDSRQDDQMHSUDWDQMHUDQMLYRVWVDPLORVW
VDPRSRYMHUHQMHVUDPRWDVWLGVWUDKRSRWRYDQMH
WHPSHUDPHQWWUSOMHQMHXJODHQRVWHOMDUWYDXUED
UDYQRGXQRVWUD]XPVDPRELWQRVWVDPRDVDYUHQRVW
VLJXUQRVWVORERGDVQDJDVQRYLVWDYVXGELQDVXHQMH
RYUHPHQXLSURVWRUX
RSROLWLFL
ELURNUDFLMDFHQ]XUDMHGQDNRVWHOLWDGLSORPDFLMDLGROLL
LGHRORJLMHNRDOLFLMDNRORQL]DFLMDNRPXQL]DPNRQIHUHQFLMD
NRQYHQFLMHNUDOMHYLPDUNVL]DPPDWHULMDOL]DPQDFLMD
QDFLRQDOL]DPSROLWLNDSROLWLDUKLMHUDUKLMDSROLFLMDSXULWDQFL
VWUDQNDWLWXOHYRMVNDVORERGDURERYLUDGLNDOQRVWYODGD
YODGDYLQDYODVWYRD]ORLQND]QDVPUWQDND]QD
R]ELOMQRRGXKRYLWRVWL
RUHOLJLMLLYMHURYDQMX

GXKRYLWRRR]ELOMQRP
GXKRYLWRRR]ELOMQRP

RSROLWLFL
L]QHQDHQMHMD
WMHVNREDREYH]H
DVWRKOHSOMHHQMD
RYUHPHQXLSURVWRUX

L]QHQDHQMHMD
WMHVNREDREYH]H
DVWRKOHSOMHHQMD
RYUHPHQXLSURVWRUX
RSROLWLFL

GXKRYLWRRR]ELOMQRP
GXKRYLWRRR]ELOMQRP

RSROLWLFL
L]QHQDHQMHMD
WMHVNREDREYH]H
DVWRKOHSOMHHQMD
RYUHPHQXLSURVWRUX

RPDWHPDWLFL

RJRVSRGDUVWYX
GXJNRQNXUHQFLMDNUHGLWLNUL]DPDQDJHUQRYDFRVLJXUDQMD
SRVDRSDUWQHUSODQSRJUHNDSRVMHGSRWURQMDSRWURD
SURILWSURSDJDQGDSURSDVWSURUDXQUD]YRMSUHLFDUHNODPD
UL]LNVOXEDVWUXQMDFLHIWUJRYLQDWULWHYMHURYQLN
YODVQLWYR
QDSUHGDNLSDG
RLQIRUPDWLFLLQRYLQDUVWYX
RSUDYX
SUDYRSUDYGDQHSUDYGD
SUDYQLFLSUDYRVXHSDUDJUDISUDYHGQLNSULYLOHJLMD]DWYRU
EH]DNRQMH
NULYQMDLQHGXQRVW
SUDYLODLL]X]HFL
RSRYLMHVWL
RNXOWXUL
RNQMLHYQRVWL
OLWHUDWXUDNQMLJDSULMHYRGLDXWRELRJUDILMDNULWLDUNULWLND
L]GDYD
RXPMHWQRVWLND]DOLWXLJOD]EL
VOLNDUVWYR
RPRGL
RREUD]RYDQMX
RLJULVSRUWXL]DEDYL
RWHKQLFLLDUKLWHNWXUL
RL]XPLPDLVWYDULPD

RL]XPLPDLVWYDULPD
RNXOWXUL
RNQMLHYQRVWL
L]GDYD
VOLNDUVWYR
RPRGL
RREUD]RYDQMX
RLJULVSRUWXL]DEDYL
RSRYLMHVWL
RSUDYX
SUDYRSUDYGDQHSUDYGD
EH]DNRQMH
NULYQMDLQHGXQRVW
SUDYLODLL]X]HFL
RJRVSRGDUVWYX
YODVQLWYR
QDSUHGDNLSDG
RPDWHPDWLFL

RPDWHPDWLFL

RJRVSRGDUVWYX
YODVQLWYR
QDSUHGDNLSDG
RSUDYX
SUDYRSUDYGDQHSUDYGD
EH]DNRQMH
NULYQMDLQHGXQRVW
SUDYLODLL]X]HFL
RSRYLMHVWL
RNXOWXUL
RNQMLHYQRVWL
L]GDYD
VOLNDUVWYR
RPRGL
RREUD]RYDQMX
RLJULVSRUWXL]DEDYL
RL]XPLPDLVWYDULPD


RL]XPLPDLVWYDULPD
RNXOWXUL
RNQMLHYQRVWL
L]GDYD
VOLNDUVWYR
RPRGL
RREUD]RYDQMX
RLJULVSRUWXL]DEDYL
RSRYLMHVWL
RSUDYX
SUDYRSUDYGDQHSUDYGD
EH]DNRQMH
NULYQMDLQHGXQRVW
SUDYLODLL]X]HFL
RJRVSRGDUVWYX
YODVQLWYR
QDSUHGDNLSDG
RPDWHPDWLFL

RYLQX

R]ODWX
26835271267,0$,6/,1267,0$
SLWDQMDLRGJRYRUL
DOWUXL]DPLVHELQRVW

SDPHQMHVMHDQMHL]DERUDYOMDQMH
GLVFLSOLQDLSRYUQRVW
GLVFLSOLQDLSRYUQRVWGLVFLSOLQDSDQMDSRWSXQRVWSRYUQRVW
WURPRVWXSRUQRVWXVWUDMQRVWQDSRUSRVOXQRVWUHVSHNW
RULJLQDOQRVWLRSRQDDQMH
HQWX]LMD]DPLUDYQRGXQRVW
RSWLPL]DPLSHVLPL]DP
JRYRULXWQMD

PXGURVWLOXGRVW
PLOMHQMHSURPLOMDQMHSURVXGEDSURVXLYDQMHXSRUHLYDQMH
PXGURVWSDPHWUD]XPSDPHWEXGDODJOXSRVWOXGRVWOXDFL
KUDEURVWLNXNDYLOXN

GLYRYLKHURMLMXQDFLKUDEURVWNXNDYLOXNNXNDYLFDWMHVNRED
VWUDKVODELL
PRLQHPR

QHPRQDGPRPRPRQLFL
LVNUHQRVWLQHLVNUHQRVW
PDUOMLYRVWLOLMHQRVW
LVWLQDLOD

LVWLQDGYROLQRVWOD
/-8%$9,/-8%2025$

ROMXEDYL
DQWLSDWLMDLOMXERPRUD
/-8%$9,/-8%2025$

ROMXEDYL
LVWLQDLOD

LVWLQDGYROLQRVWOD
PDUOMLYRVWLOLMHQRVW
PRLQHPR

QHPRQDGPRPRPRQLFL
KUDEURVWLNXNDYLOXN

VWUDKVODELL
PXGURVWLOXGRVW
JRYRULXWQMD

RSWLPL]DPLSHVLPL]DP
GLVFLSOLQDLSRYUQRVW

DOWUXL]DPLVHELQRVW

SLWDQMDLRGJRYRUL
26835271267,0$,6/,1267,0$

RYLQX
R]ODWX

RYLQX

R]ODWX
26835271267,0$,6/,1267,0$
SLWDQMDLRGJRYRUL
DOWUXL]DPLVHELQRVW

GLVFLSOLQDLSRYUQRVW
RSWLPL]DPLSHVLPL]DP
JRYRULXWQMD

PXGURVWLOXGRVW
KUDEURVWLNXNDYLOXN

VWUDKVODELL
PRLQHPR

QHPRQDGPRPRPRQLFL
PDUOMLYRVWLOLMHQRVW
LVWLQDLOD

LVWLQDGYROLQRVWOD
/-8%$9,/-8%2025$

ROMXEDYL
/-8%$9,/-8%2025$

ROMXEDYL
LVWLQDLOD

LVWLQDGYROLQRVWOD
PDUOMLYRVWLOLMHQRVW
PRLQHPR

QHPRQDGPRPRPRQLFL
KUDEURVWLNXNDYLOXN

VWUDKVODELL
PXGURVWLOXGRVW
JRYRULXWQMD

RSWLPL]DPLSHVLPL]DP
GLVFLSOLQDLSRYUQRVW

DOWUXL]DPLVHELQRVW

SLWDQMDLRGJRYRUL
26835271267,0$,6/,1267,0$

RYLQX
R]ODWX

SOHPHQLWRVWLGUVNRVW

SRHWDNLNUDM
SRKYDODLSRUXJD
SRNXVLSRJUHND
SRQRVLVX]GUDQRVW
SRQRVVX]GUDQRVWVUDPVUDPHOMLYRVWDSVWLQHQWSUNRV
GRVWRMDQVWYR
SUHWMHULYDQMHLSRWFMHQMLYDQMH
SULMDWHOMVWYRLQHSULMDWHOMVWYR
UDGR]QDORVWLGRVDGD
UDWLPLU
UHGLQHUHG
VORJDLQHVORJD
VORJDNRKH]LMDNROHNWLYQRVWRUJDQL]DFLMDGH]LQWHJUDFLMDL
QHVORJD
VPLUHQRVWLOMXWQMD
VWUSOMLYRVW
VUHDLQHVUHD
UDGRVWVDPRDVDDOMHQMHVPLMHKVUHDVWUHVVXXWVX]H
WXJDXDVXLWDNYHGULQDYHVHOMH]OR]ORYROMD
WRQRVWLNDQMHQMH
WROHUDQFLMDLQHVQROMLYRVW
NRQIOLNWQHVQROMLYRVWQHWROHUDQFLMDWYUGRJODYRVWWROHUDQFLMD
XYUHGDLYULMHDQMH]DSRYLMHGDQMH
2328.$0$
SRJRYRU
SRJRYRU

VORJDLQHVORJD
QHVORJD
VPLUHQRVWLOMXWQMD
VWUSOMLYRVW
VUHDLQHVUHD
WRQRVWLNDQMHQMH
2328.$0$
UHGLQHUHG
UDWLPLU
UDGR]QDORVWLGRVDGD
SRQRVLVX]GUDQRVW
GRVWRMDQVWYR
SRNXVLSRJUHND
SRKYDODLSRUXJD
SRHWDNLNUDM
SOHPHQLWRVWLGUVNRVW

SOHPHQLWRVWLGUVNRVW

SRHWDNLNUDM
SRKYDODLSRUXJD
SRNXVLSRJUHND
SRQRVLVX]GUDQRVW
GRVWRMDQVWYR
UDGR]QDORVWLGRVDGD
UDWLPLU
UHGLQHUHG
VORJDLQHVORJD
QHVORJD
VPLUHQRVWLOMXWQMD
VWUSOMLYRVW
VUHDLQHVUHD
WRQRVWLNDQMHQMH
2328.$0$
SRJRYRU

SRJRYRU

VORJDLQHVORJD
QHVORJD
VPLUHQRVWLOMXWQMD
VWUSOMLYRVW
VUHDLQHVUHD
WRQRVWLNDQMHQMH
2328.$0$
UHGLQHUHG
UDWLPLU
UDGR]QDORVWLGRVDGD
SRQRVLVX]GUDQRVW
GRVWRMDQVWYR
SRNXVLSRJUHND
SRKYDODLSRUXJD
SRHWDNLNUDM
SOHPHQLWRVWLGUVNRVW
VUKPLAST I.G.
VUKPLAST I.G.
Vl. Vladimir Kruh-Vuk

IVANI-GRAD, Savska 103
Tel.: + Fax: 01/2888-258
iro r.: 32710-685-30164
JMBG 0410941340028
Prerada
plastinih masa,
izrada i tisak
Pe. ambalae
vrhunska tehnologija
reciklaa
reciklaa
Prerada
plastinih masa,
izrada i tisak
Pe. ambalae
Tel.: + Fax: 01/2888-258
iro r.: 32710-685-30164
JMBG 0410941340028
VUKPLAST I.G.
VUKPLAST I.G.
VUKPLAST I.G.
VUKPLAST I.G.

Tel.: + Fax: 01/2888-258
iro r.: 32710-685-30164
JMBG 0410941340028
Prerada
plastinih masa,
izrada i tisak
Pe. ambalae
reciklaa
reciklaa
Prerada
plastinih masa,
izrada i tisak
Pe. ambalae
Tel.: + Fax: 01/2888-258
iro r.: 32710-685-30164
JMBG 0410941340028
VUKPLAST I.G.
VUKPLAST I.G.
VOLNH
$XJXVW52',1
IRWRJUDILMDDXWRUDQDSROHLQLRPRWD
0LOLFD0$5$9,
WLVDN
,7*=DJUHE
WLVDN
,7*=DJUHE
0LOLFD0$5$9,
VOLNH
$XJXVW52',1
VOLNH
$XJXVW52',1
0LOLFD0$5$9,
WLVDN
,7*=DJUHE
0LOLFD0$5$9,
VOLNH
$XJXVW52',1
WLVDN
,7*=DJUHE
Karlo otari
ISBN: 953-98297-1-2
Mo misli
Svi imamo isto nebo - moda su ponekad obzorja

razliita. Ako je pisana rije most izmeu ljudi,
ako je ovjek ovjeku most, a ne otok, ako je poezija
bolest due, ako je ljubav bolest srca, ako je
stvaralatvo bolest uma, tada su sakupljene misli
i oko petsto savjeta, razvrstani u pojmove, apel
svim ljudima dobre volje, tada je i biser bolest
koljke. Moda e ova knjiga pridonijeti
prepoznavanju istinskih vrednote, a tada je samo
korak da shvatimo kako smo nuno upueni jedni
na druge, da se pribliimo jedni drugima - izmeu
nas postoji vie slinosti nego suprotnosti...

Moc Misli

Uploaded by

Copyright:

Available Formats

You might also like

Moc Misli

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Moc Misli

Uploaded by

Copyright:

Available Formats

Karlo otari

Svi imamo isto nebo - moda su ponekad obzorja

1D SRVHEDQ ]DKWMHY LVSRUXXMH VH GRGDWQD GLVNHWD X GRF IRUPDWX ]D

1D SRVHEDQ ]DKWMHY LVSRUXXMH VH GRGDWQD GLVNHWD X GRF IRUPDWX ]D

o'LMDOHNWLNDMHXPLMHH LOLWULN GDVHX]GYLMHVWUDQHL]PLVOLVWYDUNRMXLPD

)LOR]RILMDQLMH VDPR XULMHLPDYHXGMHOLPD

)LOR]RILMDQLMH VDPR XULMHLPDYHXGMHOLPD

'LMDOHNWLNDMHXPLMHH LOLWULN GDVHX]GYLMHVWUDQHL]PLVOLVWYDUNRMXLPD

o'LMDOHNWLNDMHXPLMHH LOLWULN GDVHX]GYLMHVWUDQHL]PLVOLVWYDUNRMXLPD

)LOR]RILMDQLMH VDPR XULMHLPDYHXGMHOLPD

)LOR]RILMDQLMH VDPR XULMHLPDYHXGMHOLPD

'LMDOHNWLNDMHXPLMHH LOLWULN GDVHX]GYLMHVWUDQHL]PLVOLVWYDUNRMXLPD

]DEUDQMLYDQMH QH ]DGRYROMVWYR QH ]QDQMH

]DEUDQMLYDQMH QH ]DGRYROMVWYR QH ]QDQMH

]DEUDQMLYDQMH QH ]DGRYROMVWYR QH ]QDQMH

]DEUDQMLYDQMH QH ]DGRYROMVWYR QH ]QDQMH

=DKYDOMXMHP VH ]DVWXSQLFL &(//(*,80 +(5*(, L] =DJUHED JRVSRL

=DKYDOMXMHP VH ]DVWXSQLFL &(//(*,80 +(5*(, L] =DJUHED JRVSRL

RILOR]RILMLLSVLKRORJLML  

RILOR]RILMLLSVLKRORJLML  

RUHOLJLMLLYMHURYDQMX  

GXKRYLWRRR]ELOMQRP  

GXKRYLWRRR]ELOMQRP  

RUHOLJLMLLYMHURYDQMX  

RUHOLJLMLLYMHURYDQMX  

GXKRYLWRRR]ELOMQRP  

GXKRYLWRRR]ELOMQRP  

RUHOLJLMLLYMHURYDQMX  

RPDWHPDWLFL  

RWHKQLFLLDUKLWHNWXUL  

RPDWHPDWLFL  

RWHKQLFLLDUKLWHNWXUL  

RYLQX  

SLWDQMDLRGJRYRUL  

DOWUXL]DPLVHELQRVW  

RSWLPL]DPLSHVLPL]DP  

JRYRULXWQMD  

KUDEURVWLNXNDYLOXN  

PRLQHPR  

LVNUHQRVWLQHLVNUHQRVW  

PDUOMLYRVWLOLMHQRVW  

LVWLQDLOD  

/-8%$9,/-8%2025$  

/-8%$9,/-8%2025$  

LVWLQDLOD  

PDUOMLYRVWLOLMHQRVW  

LVNUHQRVWLQHLVNUHQRVW  

PRLQHPR  

KUDEURVWLNXNDYLOXN  

JRYRULXWQMD  

RSWLPL]DPLSHVLPL]DP  

GLVFLSOLQDLSRYUQRVW  

DOWUXL]DPLVHELQRVW  

SLWDQMDLRGJRYRUL  

26835271267,0$,6/,1267,0$  

RYLQX  

SLWDQMDLRGJRYRUL  

DOWUXL]DPLVHELQRVW  

1D SRVHEDQ ]DKWMHY LVSRUXXMH VH GRGDWQD GLVNHWD X GRF IRUPDWX ]D

1D SRVHEDQ ]DKWMHY LVSRUXXMH VH GRGDWQD GLVNHWD X GRF IRUPDWX ]D

o'LMDOHNWLNDMHXPLMHHLOLWULNGDVHX]GYLMHVWUDQHL]PLVOLVWYDUNRMXLPD

)LOR]RILMDQLMHVDPRXULMHLPDYHXGMHOLPD

)LOR]RILMDQLMHVDPRXULMHLPDYHXGMHOLPD

'LMDOHNWLNDMHXPLMHHLOLWULNGDVHX]GYLMHVWUDQHL]PLVOLVWYDUNRMXLPD

o'LMDOHNWLNDMHXPLMHHLOLWULNGDVHX]GYLMHVWUDQHL]PLVOLVWYDUNRMXLPD

)LOR]RILMDQLMHVDPRXULMHLPDYHXGMHOLPD

)LOR]RILMDQLMHVDPRXULMHLPDYHXGMHOLPD

'LMDOHNWLNDMHXPLMHHLOLWULNGDVHX]GYLMHVWUDQHL]PLVOLVWYDUNRMXLPD

]DEUDQMLYDQMHQH]DGRYROMVWYRQH]QDQMH

]DEUDQMLYDQMHQH]DGRYROMVWYRQH]QDQMH

]DEUDQMLYDQMHQH]DGRYROMVWYRQH]QDQMH

]DEUDQMLYDQMHQH]DGRYROMVWYRQH]QDQMH

=DKYDOMXMHP VH ]DVWXSQLFL &(//(,80 +(5(, L] =DJUHED JRVSRL

=DKYDOMXMHP VH ]DVWXSQLFL &(//(,80 +(5(, L] =DJUHED JRVSRL

RILOR]RILMLLSVLKRORJLML

RILOR]RILMLLSVLKRORJLML

RUHOLJLMLLYMHURYDQMX

GXKRYLWRRR]ELOMQRP

GXKRYLWRRR]ELOMQRP

RUHOLJLMLLYMHURYDQMX

RUHOLJLMLLYMHURYDQMX

GXKRYLWRRR]ELOMQRP

GXKRYLWRRR]ELOMQRP

RUHOLJLMLLYMHURYDQMX

RPDWHPDWLFL

RWHKQLFLLDUKLWHNWXUL

RPDWHPDWLFL

RWHKQLFLLDUKLWHNWXUL

RYLQX

SLWDQMDLRGJRYRUL

DOWUXL]DPLVHELQRVW

RSWLPL]DPLSHVLPL]DP

JRYRULXWQMD

KUDEURVWLNXNDYLOXN

PRLQHPR

LVNUHQRVWLQHLVNUHQRVW

PDUOMLYRVWLOLMHQRVW

LVWLQDLOD

/-8%$9,/-8%2025$

/-8%$9,/-8%2025$

LVWLQDLOD

PDUOMLYRVWLOLMHQRVW

LVNUHQRVWLQHLVNUHQRVW

PRLQHPR

KUDEURVWLNXNDYLOXN

JRYRULXWQMD

RSWLPL]DPLSHVLPL]DP

GLVFLSOLQDLSRYUQRVW

DOWUXL]DPLVHELQRVW

SLWDQMDLRGJRYRUL

26835271267,0$,6/,1267,0$

RYLQX

SLWDQMDLRGJRYRUL

DOWUXL]DPLVHELQRVW

RSWLPL]DPLSHVLPL]DP

JRYRULXWQMD

KUDEURVWLNXNDYLOXN

PRLQHPR

LVNUHQRVWLQHLVNUHQRVW

PDUOMLYRVWLOLMHQRVW

LVWLQDLOD

/-8%$9,/-8%2025$

/-8%$9,/-8%2025$

LVWLQDLOD

PDUOMLYRVWLOLMHQRVW

LVNUHQRVWLQHLVNUHQRVW

PRLQHPR

KUDEURVWLNXNDYLOXN

JRYRULXWQMD

RSWLPL]DPLSHVLPL]DP

GLVFLSOLQDLSRYUQRVW

DOWUXL]DPLVHELQRVW

SLWDQMDLRGJRYRUL

26835271267,0$,6/,1267,0$

SOHPHQLWRVWLGUVNRVW

SRJRYRU

SOHPHQLWRVWLGUVNRVW

SRJRYRU