+(YS+(YS 6W90YS
('86.811$19$67$86YS
+DOOLWXNVHQHVLW\VODLNVLDONRKROLODLQPXXWWDPL VHVWD
+DOOLWXNVHQ HVLW\V DONRKROLODLQ PXXWWDPLVWD NRVNHYDQKDOOLWXNVHQHVLW\NVHQ+(YS Wl\GHQWlPLVHVWl
$VLD
+DOOLWXV RQ YXRGHQ YDOWLRSlLYLOOl DQWDQXW HGXVNXQQDOOH HVLW\NVHQVl ODLNVL DONRKROLODLQ PXXWWDPLVHVWD +( YS 9XRGHQ YDOWLRSlLYLOOl KDOOLWXV RQ DQWDQXW HGXVNXQQDOOH HVLW\NVHQVl DONRKROLODLQ PXXWWDPLVWD NRVNHYDQ KDOOLWXNVHQ HVLW\NVHQ Wl\GHQWlPLVHVWl +(
YS
9DOLRNXQWDNlVLWWHO\
6RVLDDOLMDWHUYH\VYDOLRNXQWDRQDQWDQXWDVLRLV WD\KWHLVHQPLHWLQQ|Q6W90YS 3llW|V
1\WNRROODROHYDHGXVNXQWDRQK\YlNV\Q\WVHX UDDYDQODLQ
/DNL
DONRKROLODLQPXXWWDPLVHVWD (GXVNXQQDQSllW|NVHQPXNDLVHVWL
PXXWHWDDQSlLYlQlMRXOXNXXWDDQQHWXQDONRKROLODLQQPRPHQWWLVHNl
²MDVHOODLVLQDNXLQQLLVWlRYDWMDRVDNVLODLVVDMDRVDNVLODHLVVDMD VHNlOLVlWllQODNLLQXXVLD²GVHXUDDYDVWL
$ONRKROL\KWL|QYlKLWWlLVP\\QWL
²²²²²²²²²²²²²²
$ONRKROL\KWL| VDD KDUMRLWWDD PRPHQWLVVD WDUNRLWHWWXMHQDONRKROLMXRPLHQYlKLWWlLVP\\QWLl
YDLQ OXSDYLUDQRPDLVHQ K\YlNV\PlVVl DONRKROL MXRPDP\\PlOlVVl MRND RQ VLMDLQQLOWDDQ DVLDQ PXNDLQHQMDMRVVDYDOYRQWDYRLGDDQWHKRNNDDVWL MlUMHVWll
²²²²²²²²²²²²²²
9lKLWWlLVP\\QWLOXSD
.l\PLVWHLWVH YDOPLVWHWXQ HQLQWllQ WLOD YXXVSURVHQWWLD HW\\OLDONRKROLD VLVlOWlYlQ DONR KROLMXRPDQYlKLWWlLVP\\QWLlVDDDONRKROL\KWL|Q OLVlNVLKDUMRLWWDD VHMROOHOXSDYLUDQRPDLQHQRQ P\|QWlQ\WWlWlNRVNHYDQYlKLWWlLVP\\QWLOXYDQ
.l\PLVWHLWVH YDOPLVWHWXQ HQLQWllQ WLOD YXXVSURVHQWWLD HW\\OLDONRKROLD VLVlOWlYlQ DONR KROLMXRPDQYlKLWWlLVP\\QWLlVDDDONRKROL\KWL|Q OLVlNVL VRVLDDOL MD WHUYH\VPLQLVWHUL|Q PllUll PLQHKGRLQOXSDYLUDQRPDLVHQOXYDOODKDUMRLWWDD VH MROOH RQ P\|QQHWW\ OXSD N\VHLVHQ WXRWWHHQ YDOPLVWDPLVHHQ
$ONRKROLMXRPDQYlKLWWlLVP\\QWLOXSDYRLGDDQ P\|QWllVLOOHMROODKDUNLWDDQROHYDQWlKlQWRL PLQWDDQ WDUYLWWDYDW HGHOO\W\NVHW MD YDDGLWWDYD OXRWHWWDYXXV
(GHOOl MD PRPHQWLVVD WDUNRLWHWWXD YlKLW WlLVP\\QWLl VDD KDUMRLWWDD YDLQ OXSDYLUDQRPDL VHQK\YlNV\PlVVlP\\QWLSDLNDVVDMRNDSDLNDQ VLMDLQQLQMDP\\QWLWLORMHQVHNlWRLPLQQDQRVDOWD RQDVLDQPXNDLQHQMDMRVVDP\\QWLRQMlUMHVWHWW\
QLLQHWWlWHKRNDVYDOYRQWDRQPDKGROOLQHQ
6HXUDDPXNVHWULNNRPXNVLVWD
/XSDYLUDQRPDLQHQYRLDQWDDQMDPR PHQWLVVDWDUNRLWHWXQYlKLWWlLVP\\QWLOXYDQKDOWL MDOOH KXRPDXWXNVHQ WDL NLUMDOOLVHQ YDURLWXNVHQ WDLNND VXSLVWDD P\\QWLDLNRMD WDL NRUYDXNVHWWD SHUXXWWDDP\\QWLOXYDQMRNRPllUlDMDNVLWDLS\
V\YlVWLMRV
HOLQNHLQRWRLPLQQDVVD RQ ULNRWWX WlWl ODNLD WDLVHQQRMDOODDQQHWWXMDVllQQ|NVLlMDPllUl\N VLl OXYDQVDDMDQNDWVRWDDQPHQHWWlQHHQOXYDQ VDDPLVHQHGHOO\W\NVHWWDLOXRWHWWDYXXWHQVDWDL
P\\QWLSDLNDVVD RQ LOPHQQ\W MlUMHVW\VKlL UL|LWlWDLPXLWDYllULQNl\W|NVLl
/XSDYLUDQRPDLQHQYRLDQWDDDONRKROL\KWL|OOH KXRPDXWXNVHQ NLUMDOOLVHQ YDURLWXNVHQ WDL NRU YDXNVHWWD NLHOWll P\\QQLQ DONRKROLMXRPDP\\
PlOlVVlMRNRPllUlDMDNVLWDLS\V\YlVWLMRVP\\
PlOlVVl
RQULNRWWXWlWlODNLDWDLVHQQRMDOODDQQHWWX MDVllQQ|NVLlMDPllUl\NVLlWDL
RQ LOPHQQ\W MlUMHVW\VKlLUL|LWl WDL PXLWD YllULQNl\W|NVLl
3ROLLVL YRL PLOORLQ MlUMHVW\NVHQ \OOlSLWlPL QHQDONRKROLMXRPDP\\PlOlVVlWDLQPR PHQWLVVDWDUNRLWHWXVVDP\\QWLSDLNDVVDQLLQYDD WLLNHVNH\WWllP\\QQLQVLHOOlWLODSlLVHVWLHQLQ WllQ YXRURNDXGHQ DMDNVL .HVNH\WWlPLVHVWl RQ YLLS\PlWWlLOPRLWHWWDYDOXSDYLUDQRPDLVHOOH
/llQLQKDOOLWXVYRLDQWDDMRVULNRWDDQQ PRPHQWLVVD VllGHWW\l NLHOWRD DVLDQRPDLVHOOH HOLQNHLQRQKDUMRLWWDMDOOH WDL \KWHLV|OOH KXRPDX WXNVHQWDLNLUMDOOLVHQYDURLWXNVHQWDLNNDNLHOWll VDQRWXVVD VllQQ|NVHVVl WDUNRLWHWWXMHQ MXRPLHQ P\\QQLQ PllUlDMDNVL HQLQWllQ NXXGHNVL NXX NDXGHNVL
9lKLWWlLVP\\QWLlNRVNHYDWWDUNHPPDWVllQ Q|NVHW
$ONRKROLMXRPLHQ YlKLWWlLVP\\QQLQ OXSDYL UDQRPDLVLVWD YlKLWWlLVP\\QWLDMRLVWD YlKLWWlLV P\\QQLVVlK\YlNV\WWlYLVWlPDNVXWDYRLVWDMDYl KLWWlLVP\\QWLKHQNLO|NXQQDQ LNlUDMRLVWD VllGH WllQYDOWLRQHXYRVWRQDVHWXNVHOOD
$QQLVNHOXOXSD
$ONRKROLMXRPLHQ DQQLVNHOXD VDD KDUMRLWWDD YDLQ VH MROOH OXSDYLUDQRPDLQHQ RQ P\|QWlQ\W DQQLVNHOXOXYDQ $QQLVNHOXOXSD P\|QQHWllQ WRLVWDLVHNVLPllUlDMDNVL WDLWLODSlLVHVWL$QQLV NHOXOXSDRQDQQLVNHOXSDLNNDNRKWDLQHQ
0llUlDLNDLVHQDDQQLVNHOXOXSDYRLGDDQP\|Q Wll VLOORLQ NXQ DQQLVNHOXSDLNDQ WRLPLQWD RQ OXRQWHHOWDDQ PllUlDLNDLVWD WDLNND NXQ KDNLMDQ HGHOO\W\NVLlWDLDQQLVNHOXWRLPLQWDDRQHULW\LQHQ V\\VHXUDWD0llUlDLNDLQHQOXSDYRLGDDQP\|Q WllHQLQWllQ\KGHQYXRGHQDMDNVL
7LODSlLQHQ DQQLVNHOXOXSD P\|QQHWllQ WLODL
VXXNVLLQMDWDSDKWXPLLQHQLQWllQ\KGHQNXXNDX GHQDMDNVL
D
$QQLVNHOXOXYDQKDNLMDDNRVNHYDWHGHOO\W\NVHW
$QQLVNHOXOXSDP\|QQHWllQWl\VLLNlLVHOOHKD NLMDOOHMRNDHLROHNRQNXUVVLVVDMDMRQNDWRLPLQ WDNHOSRLVXXWWDHLROHUDMRLWHWWXVHNlMROODRQDONR KROLMXRPLHQ DQQLVNHOXXQ YDDGLWWDYD OXRWHWWD YXXVVDPRLQNXLQWDUYLWWDYDWWDORXGHOOLVHWMDDP PDWLOOLVHWHGHOO\W\NVHW
9DDGLWWDYDOXRWHWWDYXXVWDLWDORXGHOOLVHWHGHO O\W\NVHWSXXWWXYDWMRV
KDNLMDNl\WWllYllULQSlLKG\WWlYLlDLQHLWD KDNLMD RQ XORVPLWWDXNVHQ WDL PXXQ VHOYL W\NVHQPXNDDQN\NHQHPlW|QYDVWDDPDDQYHORLV WDDQ KDNLMDRQYLLPHNVLNXOXQHLGHQYLLGHQYXR GHQDLNDQDDPPDWWLDDQKDUMRLWWDHVVDDQWDLPXX WRLQ V\\OOLVW\Q\W ULNRNVHHQ MRVWD YRL VHXUDWD YDQNHXWWD
KDNLMDOWD WDL \KWHLV|OWl MRVVD KDNLMD RQ Nl\WWlQ\WPllUllPLVYDOWDDRQYLLPHNVLNXOXQHL GHQ YLLGHQ YXRGHQ DLNDQD SHUXXWHWWX S\V\YlVWL DQQLVNHOXOXSD
KDNLMD RQ WRLVWXYDVWL WDL KXRPDWWDYDVVD PllULQ ODLPLQO\|Q\W YHURMHQ WDL PXLGHQ MXONLV WHQPDNVXMHQVXRULWWDPLVHQWDL
KDNLMDRQNl\WWlQ\WPllUllPLVYDOWDD\KWHL V|VVlMRNDRQYLLPHNVLNXOXQHLGHQYLLGHQYXR GHQ DLNDQD DVHWHWWX NRQNXUVVLLQ WDL MRQND NRQ NXUVVL PDLQLWWXQD DLNDQD RQ UDXHQQXW YDURMHQ SXXWWHHVVD
MD KDNLMDQ HGHOOl PDLQLWWX WDL VLLKHQ YlOLWW|
PlVWL YHUUDWWDYLVVD ROHYD DLNDLVHPSL WRLPLQWD RVRLWWDDKlQHWLOPHLVHQVRSLPDWWRPDNVLKDUMRLW WDPDDQDQQLVNHOXWRLPLQWDD
$PPDWLOOLVHW HGHOO\W\NVHW SXXWWXYDW KDNLMDO WD MRND HL ROH LOPRLWWDQXW DQQLVNHOXSDLNNDDQ E VVl VllGHW\W HGHOO\W\NVHW Wl\WWlYll YDV WDDYDDKRLWDMDDMDWlPlQVLMDLVLD
0LWlHGHOOlVllGHWllQKDNLMDVWDNRVNHHP\|V VLWlMRNDRPLVWXNVHQVRSLPXNVHQWDLPXXQMlU
MHVWHO\QSHUXVWHHOODNl\WWllPllUllPLVYDOWDDKD NLMDQSXROHVWD
E
9DVWDDYDDKRLWDMDDMDWlPlQVLMDLVLDNRVNHYDW HGHOO\W\NVHW
$QQLVNHOXSDLNDVVDWXOHHROODYDVWDDYDKRLWDMD MDKlQHOOlWDUSHHOOLQHQPllUlVLMDLVLDMRWNDDQ QLVNHOXOXYDQKDOWLMDPllUll9DVWDDYDQKRLWDMDQ MDKlQHQVLMDLVWHQVDWXOHHROODVRSLYLDWHKWlYllQ MDKHLOOlWXOHHROODNRXOXWXNVHQWDLNRNHPXNVHQ NDXWWD KDQNLWWX ULLWWlYl DPPDWWLWDLWR 9DVWDDYD KRLWDMDMDKlQHQ VLMDLVHQVDRYDWDQQLVNHOXOXYDQ KDOWLMDQ RKHOOD YHOYROOLVLD KXROHKWLPDDQ VLLWl HWWl DQQLVNHOXSDLNDVVD QRXGDWHWDDQ WlPlQ ODLQ VllQQ|NVLl
6RSLPDWRQYDVWDDYDQKRLWDMDQMDKlQHQVLMDL VHQVD WHKWlYllQ RQ KHQNLO| MRND SlLKG\WWlYLHQ DLQHLGHQ YllULQNl\W|Q WDLNND DLNDLVHPSLHQ ULN NRPXVWHQWDLODLPLQO\|QWLHQSHUXVWHHOODHLLOPHL VHVWLN\NHQHKRLWDPDDQWHKWlYLllQ
.RXOXWXNVHQNDXWWDKDQNLWWXULLWWlYlDPPDWWL WDLWRHGHOO\WWllYlKLQWllQ\KGHQYXRGHQSllWRL PLVWD UDYLWVHPLVDODQ NRXOXWXVWD MRV RSHWXVRK MHOPDDQ VLVlOW\\ DONRKROLMXRPLHQ DQQLVNHOXXQ OLLWW\YllRSHWXVWDMDNl\WlQQ|QKDUMRLWWHOXD.R NHPXNVHQ NDXWWD KDQNLWWX ULLWWlYl DPPDWWLWDLWR HGHOO\WWllYlKLQWllQNDKGHQYXRGHQSllWRLPLVWD W\|VNHQWHO\l DONRKROLMXRPLHQ DQQLVNHOXVVD MD UDYLWVHPLVDODQRSSLODLWRNVHQDQWDPDDWRGLVWXVWD VLLWlHWWlKHQNLO|KDOOLWVHHDONRKROLMXRPLHQDQ QLVNHOXDNRVNHYDWVllQQ|NVHW
$QQLVNHOXSDLNDVVDMRVVDDQQLVNHOODDQ\NVLQ RPDDQ Nl\PLVWHLWVH YDOPLVWHWWXMD HQLQWllQ WLODYXXVSURVHQWWLD HW\\OLDONRKROLD VLVlOWlYLl DO NRKROLMXRPLD ULLWWlYl DPPDWWLWDLWR YRLGDDQ PRPHQWLVWDSRLNHWHQWRGHWDUDYLWVHPLVDODQRS SLODLWRNVHQ DQWDPDOOD WRGLVWXNVHOOD VLLWl HWWl KHQNLO| KDOOLWVHH DONRKROLMXRPLHQ DQQLVNHOXD NRVNHYDWVllQQ|NVHW
(GHOOlMD PRPHQWLVVDWDUNRLWHWXVWDUDYLW VHPLVDODQ NRXOXWXNVHQ RSHWXVVXXQQLWHOPDVWD MD RSSLODLWRNVHQDQWDPDVWDWRGLVWXNVHVWDVllGHWllQ WDUNHPPLQ VRVLDDOL MD WHUYH\VPLQLVWHUL|Q DVH WXNVHOOD
F
$QQLVNHOXSDLNNDDMDDQQLVNHOXDOXHWWDNRVNHYDW YDDWLPXNVHW
$QQLVNHOXSDLNDQWXOHHVRYHOWXDUDYLWVHPLVOLL NHNl\WW||Q $QQLVNHOXSDLNDQ WLORLQHHQ WXOHH Wl\WWllQHYDDWLPXNVHWMRWNDQLLGHQNl\W|OOHUD YLWVHPLVOLLNHWDUNRLWXNVHHQ RQ ODLQVllGlQQ|VVl DVHWHWWX $QQLVNHOXSDLNDQ WXOHH ROOD \NVLQ RPDDQKDNLMDQWRVLDVLDOOLVHVVDKDOOLQQDVVDMDYL UDQRPDLVWHQYDOYRWWDYLVVD
$QQLVNHOXSDLNDVVDWXOHHWRLPLQQDQODDMXXVMD ODDWX KXRPLRRQ RWWDHQ ROOD ULLWWlYlVWL KHQNLO|
NXQWDD WHKRNNDDQ YDOYRQQDQ MD MlUMHVW\NVHQSL GRQ WRWHXWWDPLVHNVL /XSDYLUDQRPDLVHOOH WXOHH HVLWWllKHQNLO|NXQQDQPllUllMDWHKWlYLlNRVNH YDVXXQQLWHOPD
$QQLVNHOXSDLNDVVDDONRKROLMXRPLDVDDDQQLV NHOODDLQRDVWDDQOXSDYLUDQRPDLVHQK\YlNV\PlO OlDQQLVNHOXDOXHHOODMRVVDYDOYRQWDYRLGDDQWH KRNNDDVWLMlUMHVWll$QQLVNHOXDOXHHNVLHLVDDK\
YlNV\l XUKHLOX OLLNXQWD PXVLLNNL WDL PXXQ QLLKLQYHUUDWWDYDQWDSDKWXPDQ\OHLVWlNDWVRPRWL ODD$QQLVNHOXDOXHWXOHHUDMDWDWDLPHUNLWlQLLQ HWWl UDMD RQ DVLDNNDLGHQ VHOYlVWL KDYDLWWDYLVVD MROOHLDQQLVNHOXDOXHWWDYRLGDPXXWHQVHOYlVWLWR GHWD.XONHPLVWDDQQLVNHOXDOXHHOOHMDVLHOWlSRLV RQYRLWDYDWHKRNNDDVWLYDOYRD/XSDYLUDQRPDL VHOOH WXOHH HVLWWll DQQLVNHOXDOXHHQ UDMDDPLVWD NRVNHYDVXXQQLWHOPD
$QQLVNHOXDOXHWWDYRLGDDQPXXWWDDOXYDQKDOWL MDQ LOPRLWXNVHQ SHUXVWHHOOD $QQLVNHOXDOXHHQ PXXWWDPLQHQ HGHOO\WWll NXLWHQNLQ OXSDYLUDQ RPDLVHQ OXYDQ MRV PXXWRV RQ DQQLVNHOXQ YDO YRQQDQ NDQQDOWD PHUNLWWlYl $QQLVNHOXDOXHHQ PXXWWDPLVHVWD VllGHWllQ WDUNHPPLQ YDOWLRQHX YRVWRQDVHWXNVHOOD
G
$QQLVNHOXOXYDQUDMRLWWDPLQHQWDLP\|QWlPlWWl MlWWlPLQHQHUlLVVlWDSDXNVLVVD
/XSDYLUDQRPDLQHQ YRL UDMRLWWDD DQQLVNHOXDL NDD DQQLVNHOXDOXHWWD DQQLVNHOWDYLHQ DONRKROL MXRPLHQODMHMDWDLDVLDNDVSDLNNRMHQOXNXPllUll WDLNNDDVHWWDDDQQLVNHOXQYDOYRQQDQMDMlUMHVW\N
VHQSLGRQNDQQDOWDWDUSHHOOLVLDHKWRMDMRVOXYDQ P\|QWlPLVHQ HGHOO\W\NVHW PXXWRLQ Wl\WW\LVLYlW PXWWDDQQLVNHOXSDLNDQVLMDLQQLQWDLPXLGHQHUL W\LVWHQRORVXKWHLGHQVHNlOXYDQKDOWLMDQ F Q PXNDLVHVWLHVLWWlPLHQVXXQQLWHOPLHQSHUXVWHHOOD RQLOPHLVWlHWWlDQQLVNHOXDHLYRLGDNRKWXXGHOOD YDOYRD
$QQLVNHOXOXSDYRLGDDQMlWWllP\|QWlPlWWlWDL OXSDYLUDQRPDLQHQ YRL UDMRLWWDD DQQLVNHOXDLNDD DQQLVNHOXDOXHWWD DQQLVNHOWDYLHQ DONRKROLMXR PLHQ ODMHMD WDL DVLDNDVSDLNNRMHQ OXNXPllUll WDLNNDDVHWWDDDQQLVNHOXQYDOYRQQDQMDMlUMHVW\N VHQSLGRQNDQQDOWDWDUSHHOOLVLDHKWRMDMRV
DQQLVNHOXOXSDDKDHWDDQSllRVLQODSVLOOHWDL QXRULOOH WDUNRLWHWWXMHQ WDL KHLGlQ Nl\WWlPLHQVl WLORMHQ\KWH\WHHQWDLYlOLWW|PllQOlKHLV\\WHHQWDL SDLNNDDQMRVVDHOLQNHLQRWRLPLQQDQRQNDWVRWWD YDNRKGLVWXYDQSllRVLQODSVLLQMDQXRULLQ
DQQLVNHOXOXSDD KDHWDDQ XUKHLOXWDSDKWX PDDQWDLWLODLVXXWHHQMRNDRQOXRQWHHOWDDQSHU KHWDSDKWXPD WDL MRKRQ PXXWHQ RVDOOLVWXX UXQ VDDVWLODSVLDMDQXRULD
DQQLVNHOXOXSDD KDHWDDQ W\|QDQWDMDQ W\|Q WHNLM|LOOHMlUMHVWlPllQORXQDVUXRNDLOXXQWDL
DQQLVNHOXSDLNDQ VLMDLQWL RQ VHOODLQHQ HWWl OXSDYLUDQRPDLVHOOD RQ VDDWXMHQ VHOYLW\VWHQ MD ODXVXQWRMHQSHUXVWHHOODV\\WlHSlLOOlHWWlDQQLV NHOXWRLPLQQDVWD DLKHXWXX DVXLQ\PSlULVW|OOH
\OHLVHOOHMlUMHVW\NVHOOHMDWXUYDOOLVXXGHOOHWDL\K G\VNXQQDQ SDOYHOXLOOH MD WRLPLQQRLOOH KlLUL|LWl WDLPXLWDNLHOWHLVLlVHXUDXNVLD
6HXUDDPXNVHWULNNRPXNVLVWD
/XSDYLUDQRPDLQHQ YRL DQWDD OXYDQKDOWLMDOOH KXRPDXWXNVHQ NLUMDOOLVHQ YDURLWXNVHQ DVHWWDD DQQLVNHOXQYDOYRQQDQNDQQDOWDWDUSHHOOLVLDHKWR MD WDL NRUYDXNVHWWD UDMRLWWDD P\|QWlPllQVl OX SDD VXSLVWDPDOOD DQQLVNHOXDLNDD DQQLVNHOX DOXHWWDWDLDQQLVNHOWDYLHQDONRKROLMXRPLHQODMHMD WDLNNDNRUYDXNVHWWDSHUXXWWDDP\|QWlPlQVlOX YDQMRNRPllUlDMDNVLWDLS\V\YlVWLMRV
HOLQNHLQRWRLPLQQDVVD RQ ULNRWWX WlWl ODNLD WDLVHQQRMDOODDQQHWWXMDVllQQ|NVLlMDPllUl\N VLl
OXYDQVDDMDQNDWVRWDDQPHQHWWlQHHQOXYDQ
VDDPLVHQHGHOO\W\NVHWWDLOXRWHWWDYXXWHQVDWDL DQQLVNHOXSDLNDVVD RQ LOPHQQ\W MlUMHVW\V KlLUL|LWlWDLPXLWDYllULQNl\W|NVLl
3ROLLVL YRL PLOORLQ MlUMHVW\NVHQ \OOlSLWlPL QHQDQQLVNHOXSDLNDVVDQLLQYDDWLLNHVNH\WWllDQ QLVNHOXQ VLHOOl WLODSlLVHVWL HQLQWllQ YXRURNDX GHQ DMDNVL .HVNH\WWlPLVHVWl RQ YLLS\PlWWl LO PRLWHWWDYDOXSDYLUDQRPDLVHOOH
/llQLQKDOOLWXVYRLDQWDDMRVULNRWDDQQ PRPHQWLVVD VllGHWW\l NLHOWRD DVLDQRPDLVHOOH HOLQNHLQRQKDUMRLWWDMDOOH WDL \KWHLV|OOH KXRPDX WXNVHQWDLNLUMDOOLVHQ YDURLWXNVHQWDLNNDNLHOWll VDQRWXVVD VllQQ|NVHVVl WDUNRLWHWWXMHQ MXRPLHQ DQQLVNHOXQPllUlDMDNVLHQLQWllQNXXGHNVLNXX NDXGHNVL
$QQLVNHOXSDLNDQMlUMHVW\V
3lLKW\Q\WWlHLVDDSllVWllDQQLVNHOXSDLNNDDQ
$VLDNDV MRNDNl\WWl\W\\KlLULWVHYlVWLWDLMRQND SlLKW\P\VRQVHOYlVWLKDYDLWWDYLVVDRQSRLVWHW WDYDDQQLVNHOXSDLNDVWD
$QQLVNHOWX DONRKROLMXRPD RQ QDXWLWWDYD DQ QLVNHOXDOXHHOOD$QQLVNHOOXQWDLDQQLVNHOXDYDU WHQUDYLQWRODDQWRLPLWHWXQDONRKROLMXRPDQYlKLW WlLVP\\QWLWDLPXXSRLVNXOMHWWDPLQHQDQQLVNH OXSDLNDVWDRQNLHOOHWW\
$QQLVNHOXDNRVNHYDWWDUNHPPDWVllQQ|NVHW
$QQLVNHOXQ OXSDYLUDQRPDLVLVWD DQQLVNHOX DMRLVWDDQQLVNHOXPllULVWlPDNVXWDYRLVWDMDODV NXQDQWRYHOYROOLVXXGHVWD DQQLVNHOXVVD DQQLVNH OXKHQNLO|NXQQDQ LNlUDMRLVWD VHNl DONRKROLMXR PDYDUDVWRQ OXRYXWWDPLVHVWD OLLNNHHQ WRLPLQQDQ ORSSXHVVD WDL VHQ VLLUW\HVVl WRLVHOOH RPLVWDMDOOH VllGHWllQYDOWLRQHXYRVWRQDVHWXNVHOOD
7XRWHYDOYRQWDNHVNXNVHQWRLPLYDOWD
$ONRKROLMXRPLHQ YlKLWWlLVP\\QQLQ MD DQQLV NHOXQOXSDKDOOLQWRMDYDOYRQWDDONRKROLMXRPLHQ
PDLQRQQDQ MD P\\QQLQHGLVWlPLVHQ YDOYRQWD VHNlQLLGHQRKMDXVNXXOXYDWVRVLDDOLMDWHUYH\V PLQLVWHUL|Q DODLVHQD WXRWHYDOYRQWDNHVNXNVHOOH VHQ PXNDDQ NXLQ YDOWLRQHXYRVWRQ DVHWXNVHOOD VllGHWllQ
/LVlNVLWXRWHYDOYRQWDNHVNXVYDOYRR
DONRKROLSLWRLVWHQ DLQHLGHQ YDOPLVWXVWD PDDKDQWXRQWLDMDPDDVWDYLHQWLl
DONRKROLMXRPLHQWXNNXP\\QWLl
DONRKROLMXRPLHQ P\\QWLl MD PXXWD OXRYX WXVWD YHURWWDPDWWRPLHQ DONRKROLMXRPLHQ YDUDV WRLVWD
YlNLYLLQDQP\\QWLlMDDONRKROLMXRPLHQHUL W\LVP\\QWLl VHNl QlLGHQ Nl\WW|OXSLLQ SHUXVWX YDDNl\WW|l
DONRKROLMXRPDQMDYlNLYLLQDQOXYDWWRPDDQ YDOPLVWXNVHHQ VRYHOLDLGHQ NRMHLGHQ WDL QLLGHQ RVLHQPDDKDQWXRQWLDYDOPLVWXVWDMDP\\QWLl
DONRKROLMXRPDQ NRWLYDOPLVWXNVHHQ WDUNRL WHWWXMHQ DLQHLGHQ WXRWWHLGHQ MD YDOPLVWHLGHQ PDDKDQWXRQWLDYDOPLVWXVWDMDP\\QWLlMD
6XRPHQMDXONRPDLGHQYlOLOOlOLLNHQWHHVVl NXONHYLHQ OLLNHQQHYlOLQHLGHQ DONRKROLMXRPLHQ P\\QWLl
/llQLQKDOOLWXNVHQWRLPLYDOWD
$ONRKROLMXRPLHQ YlKLWWlLVP\\QQLQ MD DQQLV NHOXQOXSDKDOOLQWRMDYDOYRQWDVHNlDONRKROLMXR PLHQPDLQRQQDQMDP\\QQLQHGLVWlPLVHQYDOYRQ WD NXXOXYDW DOXHHOODDQ OllQLQKDOOLWXNVHOOH VHQ PXNDDQNXLQYDOWLRQHXYRVWRQDVHWXNVHOODVllGH WllQ/llQLQKDOOLWXVYDOYRRP\|VDOXHHOODDQYlKLQ WllQMDHQLQWllQWLODYXXVSURVHQWWLDHW\\
OLDONRKROLDVLVlOWlYLHQMXRPLHQYlKLWWlLVP\\QWLl MDDQQLVNHOXD
7DUNDVWXVWLHGRQVDDQWLRLNHXVMDUHNLVWHULQSLWR RLNHXV
7XRWHYDOYRQWDNHVNXNVHOOD MD OllQLQKDOOLWXN VHOOD RQ WlPlQ ODLQ MD VHQ QRMDOOD DQQHWWXMHQ
VllQQ|VWHQ MD PllUl\VWHQ YDOYRQWDD YDUWHQ RL NHXV SllVWlWDUNDVWDPDDQOXYDQKDOWLMDQWLORMDMD WRLPLQWDD DONRKROLSLWRLVHQ DLQHHQ NXOMHWXNVLD VHNlYDOYRQQDVVDWDUYLWWDYLDDVLDNLUMRMD
RWWDDMDVDDGDNRUYDXNVHWWDYDOYRQWDDYDU WHQWDUYLWWDYDWQl\WWHHWMD
VDDGD YDOYRQQDQ NDQQDOWD WDUSHHOOLVHW LO PRLWXNVHWWLHGRWMDDVLDNLUMDW
7XRWHYDOYRQWDNHVNXV MD OllQLQKDOOLWXNVHW SL WlYlWWlVVlODLVVDWDUNRLWHWWXMHQOXSDDVLRLGHQNl VLWWHO\l MD YDOYRQWDD VHNl DONRKROLWLODVWRLQWLD YDUWHQ DONRKROLHOLQNHLQRUHNLVWHULl HOLQNHLQRQ KDUMRLWWDMLVWD MRLOOH RQ P\|QQHWW\ WlVVl ODLVVD WDUNRLWHWWXOXSDWDLMRWNDRYDWKDNHQHHWWlOODLVWD OXSDD 9DVWXXOOLVHQD UHNLVWHULQSLWlMlQl WRLPLL WXRWHYDOYRQWDNHVNXV
5HNLVWHU|LWlYLlWLHWRMDRYDW
QLPLMDWRLPLQLPLVHNlKHQNLO|WDL\ULW\V MD\KWHLV|WXQQXV VHNlRVRLWHSXKHOLQQXPHURMD PXXWRVRLWHWLHGRW
NRKGDVVDPDLQLWXWWLHGRW\KWHLV|QKDOOL WXNVHQ MlVHQLVWl WRLPLWXVMRKWDMDVWD VHNl KXR PDWWDYLVWD RVDNNHHQRPLVWDMLVWD YDVWXXQDODLVLV WDMDllQHWW|PLVWl\KWL|PLHKLVWlVHNlQlLGHQVL MRLWWDPLVWDSDQRNVLVWD
SROLLVLWXWNLQWDD HVLWXWNLQWDD V\\WHKDUNLQ WDDMDV\\WHWWlVHNlULNRVWXRPLRWDMDULNRVDVLDQ WXRPLRLVWXLQNlVLWWHO\l NRVNHYDW WLHGRW HOLQNHL QRQKDUMRLWWDMLVWDMDNRKGDVVDPDLQLWXLVWDKHQ NLO|LVWl
WLHWRUHNLVWHU|LW\PLVHVWlDUYRQOLVlYHURYHO YROOLVHNVL HQQDNNRSHULQWlUHNLVWHULLQ MD PXLKLQ YHURKDOOLQQRQ UHNLVWHUHLKLQ VHNl WLHWR HUllQW\
QHLVWlYHURYHORLVWD
WLHGRW XORVRWRQ NRKWHHQD ROHYLVWD YHOYRLW WHLVWD
WLHGRW\ULW\VVDQHHUDXNVLVWDMDNRQNXUVVHLV WD VHNl PXLVWD HUllQW\Q\WWl YHONDD NRVNHYLVWD WXRPLRLVWXLPHQSllW|NVLVWl
WLHGRWYDOYRWWDYDQ\NVLW\LVKHQNLO|QYHOND MlUMHVWHO\LVWl
WLHGRWWlPlQODLQQRMDOODP\|QQHW\QOXYDQ SHUXVWHHOODWDSDKWXYDVWDWRLPLQQDVWDVHNlWlPlQ ODLQMDVHQ QRMDOODDQQHWWXMHQVllQQ|VWHQPll Ul\VWHQMDNLHOWRMHQULNNRPLVHVWDMDWlOODLVHQULN NRPXNVHQVHXUDDPXNVHVWDVHNlWLHGRWYDOYRQWD
YLUDQRPDLVWHQ VXRULWWDPLVWD WDUNDVWXNVLVWD MD QlLGHQWXORNVLVWDVHNl
PXXWOXSDDVLRLGHQNlVLWWHO\lYDOYRQWDDMD WLODVWRLQWLDYDUWHQWDUSHHOOLVHWWLHGRWMRWNDHLYlW VLVlOOlKHQNLO|WLHWRODLQVVlWDU NRLWHWWXMDDUNDOXRQWHLVLDWLHWRMD
(GHOOl PRPHQWLVVD WDUNRLWHWXQ YDOYRQQDQ NRKGHWWDNRVNHYLHQWLHWRMHQWDUNDVWXVRLNHXGHVWD MDYLUKHHQRLNDLVXVWDRQYRLPDVVDPLWlKHQNLO|
WLHWRODLVVD VllGHWllQ (OLQNHLQRQKDUMRLWWDMDD MD PXLWDPRPHQWLQNRKGDVVDPDLQLWWXMDKHQNL O|LWlNRVNHYDWWLHGRWVlLO\WHWllQDONRKROLHOLQNHL QRUHNLVWHULVVl QLLQ HWWl QH SRLVWHWDDQ YLLGHQ YXRGHQ NXOXWWXD YLLPHLVHQ WLHGRQ PHUNLWVHPL VHVWl
0XXWRNVHQKDNXWXRWHYDOYRQWDNHVNXNVHQOllQLQ KDOOLWXNVHQMDDONRKROL\KWL|QSllW|NVHHQ 7XRWHYDOYRQWDNHVNXNVHQMDOllQLQKDOOLWXNVHQ SllW|NVHHQMRKRQHLVVlROHVllGHWW\YDOL WXVNLHOWRDKDHWDDQPXXWRVWDVLWHQNXLQKDOOLQWR ODLQNl\WW|ODLVVD VllGHWllQ 0\|V WXRWHYDOYRQWDNHVNXNVHOOD MD OllQLQKDOOLWXNVHOOD VLLQlWDSDXNVHVVDHWWlOllQLQKDOOLWXVRQUDWNDLV VXW PXXWRNVHQKDXQ NRKWHHQD ROHYDQ DVLDQ RQ RLNHXV KDNHD PXXWRVWD KDOOLQWRRLNHXGHQ PXX WRNVHQKDXQMRKGRVWDWHNHPllQSllW|NVHHQ
7XRWHYDOYRQWDNHVNXNVHQMDOllQLQKDOOLWXNVHQ SllW|VWlRQPXXWRNVHQKDXVWDKXROLPDWWDQRXGD WHWWDYD MROOHL YDOLWXVYLUDQRPDLQHQ WRLVLQ Pll Ull$ONRKROL\KWL|Q SllW|NVHHQ DONRKROLMXRPLHQ RWWDPLVHVWD YlKLWWlLVP\\QWLLQ QLLGHQ SRLVWDPL VHVWDYlKLWWlLVP\\QQLVWlVHNlYlKLWWlLVP\\QQLQ KLQQRLWWHOXSHUXVWHLVWD KDHWDDQ PXXWRVWD WXRWH YDOYRQWDNHVNXNVHOWDVLWHQNXLQKDOOLQWRODLQNl\W W|ODLVVDVllGHWllQ
7lPlODNLWXOHHYRLPDDQSlLYlQlNXXWD /DLQ E ll VRYHOOHWDDQ NXLWHQNLQ Wl
PlQ ODLQNRKGDQ YRLPDDQ WXOOHVVD WRLPLQQDVVD
ROHYLLQ DQQLVNHOXSDLNNRLKLQ VHNl YLUHLOOl ROH YLLQ DQQLVNHOXOXSDKDNHPXNVLLQ SlLYlVWl WDP PLNXXWD
+HOVLQJLVVlSlLYlQlNHVlNXXWD
